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The
oninuttial
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 121.
financial
lirtintrie
Public Utility Compendium
Railway Earnings Section
SATURDAY,JULY 11 1925.
Bank and Quotation Section
Bankers' Convention Section
NO.3133,
with a liberality,'not to say recklessness, which itself
furnishes occasion for most serious reflection, if not
PUBLISHED WEEKLY
apprehension. These specialties are often sent travTerms of Subscription—Payable in Advance
Including Postage—
12 Mos. 6 Mos. eling skyward in a single week over a distance that
Within Continental United States except Alaska
$10.00
$6.00 it takes the standard
stocks years to travel. It is
In Dominion of Canada
11.50
6.75
Other foreign countries, U. S. Possessions and territories
13.50
7.75
here that the Dean, Onativia & Co.failure comes in as
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for European subscriptions and advertisements must be made a warning. All the accounts
agree in saying that the
in New York Funds.
failure was precipitated because the banks found
Subscription includes following Supplements—
COMPENDIUMS —
SECTIONS —
that collateral that had been represented as worth 50
PUBLIC UTILITY (semi-annually)
BANE AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL (semi-ann.)
RAILWAY EARNINGS (monthly)
was found to be worth only 5. This fact should be
STATE AND MUNICIPAL (semi-annually) BANKERS' CONVENTION (yearly)
blazoned far and wide. When the present speculaTerms of Advertising
Transient display matter per agate llne
45 cents
Contract and Card rates
On request tive furore subsides, is there not danger that other
CutcAoo Orricz—In charge of Fred H. Gray, Western Representative,
similar cases will come to light unless precaution is
208 South La Salle Street, Telephone Harrison 5616.
LONDON Orator—Edwards & Smith, 1 Drapers' Gardens, London. E. C. taken in time? It behooves every financial
instituWILLIAM B. DANA COMPANY, Publishers,
tion in the country, therefore, closed to scrutinize
Front, Pine and Depeyster Streets, New York
its loans to avoid anything of the kind. Obviously,
Published every Saturday morning by WILLIAM 13. DANA COMPANY. if things are allowed to drift until disclosure comes
President and Editor, Jacob Seibert; Business Manager, William I). Rises:
Treas. William Dana Seibert; Sec.Herbert D.Seibert. Addressesof all. Office of Co. in the ordinary course, such good luck as has attended the Dean, Onativia & Co. disaster can not
The Financial Situation.
always be counted upon.
No ill effects have followed the failure last week
of Dean, Onativia & Co., said to be the largest in
In some respects the July crop report issued by
Stock Exchange history, and the indications are that the Department of Agriculture, is the most importhe firm will presently be able to resume business, tant of the year, and this year is no exception. It is
with relatively small financial assistance from its the first authentic statement regarding the corn
creditors. Stock Exchange speculation has never- crop, and in the report issued on Thursday of the
theless been more restrained and sober the present present week the story that is told is a pleasing one.
week. Many of the specialties, however, have been A yield of 3,095,000,000 bushels of corn, the third
whirled further upward and have established new largest in the country's history, is indicated; and
high records.
while the plant has the greater part of the growing,
It should be understood that speculation has not and all of the maturing season ahead of it, corn is a
as a rule been rampant in the case of the standard crop that usually makes good progress if it has a
stocks, but that speculators for higher prices have good start. There was further slight deterioration
concentrated their attention, and their manipulative in the winter wheat crop during June, and the inditactics, mainly on new candidates for public favor— cations as to yield are now somewhat smaller even
not, perhaps, devoid of bright prospects, and yet than a month ago, but the condition of spring wheat
lacking an established record. In the case of Penn- has improved and a yield larger than in six of the
sylvania R.R. shares the price fluctuations of the preceding ten years is promised.
whole of the last eighteen months have been conThe area planted to corn this year is 106,621,000
fined within the narrow range of 421 4 and 50. The acres, which is over 1,000,000 acres in excess of last
/
dealings in New York Central stock have been within year, and third from the highest area planted to
a somewhat wider range during these same eighteen corn, according to the records of the Department.
months, and yet have been encompassed between The high price of corn, due to the crop failure last
99 and 1243 , the Central shares having a par year, and the inclination shown by farmers to pro/
1
2
/
4
value of $100, while the Pennsylvania stock is in vide additional feed for live stock, are assigned as
$50 shares. Similarly, United States Steel common the reasons for the increased area. The July 1 con.
during the last year and a half has covered a range dition was 86.4% of normal, which is very high; a
of only 9414 to 129%.
/
year ago it was 72%, and the ten-year average is
Now, contrast with this the pyrotechnics in nu- 83.6%. The condition is very high in all of the immerous of the specialties. It is not necessary to portant corn States—in Iowa 95%, Nebraska and
particularize, and to mention any of them by name Illinois 93%, Indiana and Ohio 92%. Owing to
might really be individious, since it is not possible drought in parts of Kansas, in Oklahoma and Texas,
to affirm positively in any case that present values conditions are spotted—in Kansas the general permay not be justified at some date in the future. The centage is 81%, but in Oklahoma it is only 61% and
fact is, however, that this future is being discounted Texas 40%. Wheat prospects are 19,000,000 bush-
The Thronicle.
116
els larger now than a month ago, owing to the improvement in spring wheat, for which the condition
on July 1 was 88.1% of normal, against 87.1% at the
earlier date. The yield of spring wheat is now estimated at 276,000,000 bushels, against 254,000,000
bushels June 1, and a production last year of 282,636,000 bushels. Winter wheat is not so good, the
July 1 condition of 65.9% of normal, contrasting
with 66.5% a month earlier and 77.9% a year ago.
There is no other record of a condition of winter
wheat under 70% on July 1 in the past 35 years.
The yield of this year's crop is now estimated at
404,000,000 bushels, which contrasts with the harvest of 590,037,000 bushels last year, and is very
much less than in any year since 1912. The losses
this year have been heavy in practically all of the
important winter wheat States, the July 1 condition in Kansas being only 53%,in Nebraska 63%,in
Illinois 68%, in Indiana 67%, while the yield per
2
1
/
acre in Oklahoma is put at only 8 bushels and in
Texas at 6 bushels. For the entire crop, the average
is only 12.3 bushels per acre, as against 14.7 bushels
in 1924. The July 1 estimate of winter wheat is the
final estimate of yield for this year until the official
report in December, and must therefore stand. The
total yield of wheat this year, winter and spring, is
now placed at 680,000,000 bushels, and contrasts
with 872,673,000 bushels last year, much the lowest
of any year back to 1917. Supplies of wheat are also
deficient. The Government estimates wheat remaining in farmers' hands July 1 this year at 3.4% of
last year's crop, or about 29,705,000 bushels, which
compares with 30,980,000 bushels a year ago, and a
five-year average of 41,097,000 bushels.
Oath, likewise, lost somewhat during June, the
July 1 estimate of 1,292,000,000 bushels comparing
with 1,295,000,000 bushels a month earlier and
1,541,900,000 bushels, the harvest last year. Rye,
flaxseed and hay also promise a smaller yield than
last year, but an increase is indicated for barley,
rice, sweet potatoes and tobacco. The important
potato crop promises to be considerably reduced, the
July report estimating production at 350,000,000
bushels this year, which would be 105,000,000 bushels less than the large crop of last year. A condition
of 84.1% of normal on July 1 is indicated for this
year. There is a large reduction in acreage this
year, which is only 3,453,000 acres, the smallest
since 1907.
The petroleum stocks at preseirt form an interesting subject of study if for no other reason than that
conditions for these stocks are apparently just now
changing from unfavorable to favorable. The general picture seems to be that the oil companies having expended hundreds of millions of dollars in recent years in developing production, building pipe
lines, refineries and storage tanks, procuring tank
cars and tank steamers, and equipping the highways
with adequate gasoline stations, have been confronted with flush production, producing accumulating surpluses and rather inadequate prices. A
period of great development has been one of lean
profits. But if present indications are not misleading, we are at the flood tide of oil and the ebb tide
of profits, though it is too early to be absolutely
sure of this.
When an investor considers these stocks he has
behind his thought a number of contrasting backgrounds. Back as far as 1882 a group of the keenest
[Vol. 121.
THE 'OHRONICLE
business men of the past generation had had the
good sense and good fortune to assemble some $70,000,000 which they used to develop the oil industry.
When their Standard Oil Co. was broken up by Federal decree in 1911 into 34 separate entities it had
distributed approximately $750,000,000 cash dividends and it represented a market value of $600,000,000. In the next ten years those companies paid cash
dividends of approximately $900,000,000 and increased in market value through reinvestment of
surplus earnings by $1,700,000,000. Through these
millions education and religion have been advanced,
Florida has been opened up and most of the business
interests of the country have been stimulated.
By reason of the oil made available the automobile
has been possible and the world's transportation has
been revolutionized. Almost no limit can be placed
on the constructive consequences that can be traced
to the development of oil. The investor may also
think of the thousands of farmers, Indians, speculators and wildcatters, who have been made rich
overnight by the striking of oil. Or he may think of
the shameful flood of worthless oil stocks that have
been issued by the knaves and charlatans that have
followed in the wake of this wonderful development.
Then there are the frauds, scandals and investigations. But from a more practical point of view the
investor is compelled to consider that petroleum is
an inexhaustible resource; the product of a well is
not earned profit, but exhaustion of capital, so much
so that the geologists predict that our total supply
is good for only twenty years. On the other hand,
as though to confound the geologists there has been
a veritable flood of oil during the past few years,
so that notwithstanding consumption has doubled
since 1918 the reserve supply in storage has risen
from 126,000,000 barrels on Dec. 31 1918 to 353,000,000 on April 30 1925. In a world of supposedly vanishing supplies the petroleum market has been abundantly supplied with crude petroleum and many of
its products. However, gasoline, the principal product, has hardly been in over-supply. The following
table shows production in the United States, imports
from Mexico and other countries, and consumption
during the past seven years and four months to
April 30, also the average yearly or monthly price of
Kansas-Oklahoma crude.
1918
1919
1920
1921
1922
1923
1924
Production.
0355,000,000
378,000,000
442.000,000
472,000.000
557,000,000
732,000,000
707,000,000
CRUDE PETROLEUM.
Consumption.
ports.
036,000,000 a367,000,000
52,000,000 420,000,000
108,000,000 530,000,000
125,000,000 526,000,000
127,000,000 592,000,000
82,000,000 714,000,000
77,000,000 751,000,000
On Hand Average Price
End Year. Kan.-Okla.Cr.•
$220
a126,000.000
2 28
129,000,000
124,000,000
3 40
185,000,000
1 70
264,000,000
1 81
1 44
325,000,000
353,000,000
1 45
7,000,000 66.000,000 352,000,000
59,000,000
Jan. 1925
5,000,000 58,000,000 353,000,000
54,000.000
Feb. 1925
6,000,000 65,000,000 353,000,000
60,000,000
Mar.1925
5,000,000 65,000,000 353,000,000
61,000,000
Apr. 1925
Source: Geological Survey, U. S. Dept. of Interior.
-gallon barrels.
•"011. Paint and Drug Reporter." a 42
$1 29
1 74
1 80
1 80
The United States produces a large part of the
world's petroleum and uses a still larger part. It
imports crude, but exports gasoline, kerosene and
other refined products. The figures showing the
production indicate rapid increase, but of more significance are the figures of consumption. Production has doubled since 1918, but consumption has
more than doubled, and imports have fallen off since
1921. Stocks on hand have increased, but not much in
proportion to consumption. The surplus in 1918
amounted to 126 days'supply,that on April 30 to 163
days'. The significant thing is that there are now
THE CHRONICLE
JULY 11 1925.]
probably in excess of 18,000,000 automobiles,
whereas there were only 6,146,000 in 1918. In the
same period shipping has become increasingly oil
burning, and the use of oil has equally increased for
household heating and other purposes.
Gasoline is the big money maker in the oil industry. It is produced most easily from light oils, but
by means of modern cracking processes can be made
also in quantities from heavier grades. It is of interest to see comparative figures of production, consumption, export, surplus and price, for several
years.
1918
1919
1920
1921
1922
1923
1924
Production.
3 570,000,000
3 958,000,000
4 882,000,000
5 153,000,000
6,202,000,000
7,556,000,000
8,960,000,000
GASOLINE.
Avg. Price
Stocks
ConErN. T.*
gumption.
ports.
on Hand.
297,000,000 24.2c.
3,129,000,000
569,000,000
382,000,000
446,000,000 24.50.
3,435,000,000
4,251,000,000
636,000,000
462,000,000 29.0c.
586,000,000 26.3c.
552,000,000
4,516,000,000
594,000,000
883,000,000 25.1c.
5,372,000,000
6,685,000,000
871,000,000 1,075,000,000 20.7c.
7,780,000,000 1,219,000,000 1,179,000,000 18.0c.
Jan. 1925
831,000,000
596,000,000
99,000,000
Feb. 1925._ 790,000,000
103.000,000
542,000,000
Mar. 1925
853,000,000
124,000,000
620,000,000
860,000,000
110,000,000
Apr. 1925
810,000,000
Source: Geological Survey, U. S. Dept. of Interior.
•"Oil. Paint and Drug Reporter."
1.330,000.000
1,487,000,000
1,611,000,000
1,561.000,000
17.00.
21.0c.
20.50.
20.00.
117
No one can judge the future, especially as to the
possibility of oil discoveries, but obviously the most
certain element in the whole oil situation is the very
rapid increase in rate of consumption. At no period
has this increase been more rapid than at present.
Therefore, it may well be that the petroleum situation may change from a buyer's market, as it has
been for some five years, to a seller's market.
Very little progress appears to have been made as
to negotiations between France and Germany over a
security agreement. In a special Berlin cablegram
to the New York "Herald Tribune" on July 3 it was
stated that "Germany's 'preliminary reply' to the
French security pact note will go forward about
July 12, it was learned semi-officially to-day. As a
result of Chancellor Luther's efforts to keep Nationalists from 'rocking the boat,' the proposed debate
in the Reichstag on this question will be postponed,
it is understood, until after Germany's reply has
been dispatched. To calm Nationalist opposition,
Foreign Minister Stresemann's People's Party has
issued a statement embodying conditions on which
Germany can conclude the pact." The correspondent
added that "these conditions include one rejecting
the French demand for military advance through
Germany to aid Poland and Czechoslovakia, independent of any action by the League of Nations.
Another condition insists that the conclusion of the
pact shall not involve the acceptance of obligations
by Germany which go beyond those already imposed
on her by the Versailles Treaty. Germany's entrance into the League is again made conditional on
the evacuation of both the Ruhr and Cologne zones.
A fourth condition provides that arbitration treaties
must follow along the lines of the original German
proposal instead of the Briand note. The People's
Party declaration also stresses the fact that the conclusion of the pact will not imply the weakening of
Germany's Rapallo Treaty with Russia. Luther's
intervention in the conflict between the extreme Nationalists and Foreign Minister Stresemann, which
expressed itself in a stormy encounter between
Stresemann and Count von Reventlow and other extremists before the Reichstag Foreign Relations
Committee on Wednesday, has resulted in the postponement of the Reichstag battle for a fortnight."
Here, again, production has increased, being 150%
greater than in 1918, with rate of increase going on,
but consumption has increased correspondingly and
exports almost as much. Stocks on hand have increased from 297,000,000 gallons in 1918 to 1,561,000,000 on April 30 this year, a five-fold increase,
but in 1918 surplus amounted to only 29 days' supply, a rather thin reserve, whereas the surplus April
30 constituted a supply for 51 days, a more nearly
ample reserve but hardly as yet adequate. The oil
companies are still straining to keep up an adequate
supply of gasoline.
The tables given above show the latest official figures published by the Geological Survey. They indicate maximum production of crude in 1923 at 732,000,000 barrels, or a monthly average of 61,000,000,
with a production of just this amount in April of the
present year. May production probably topped all
records at about 70,000,000 barrels, or a daily average of 2,300,000 barrels. Of more immediate importance are the estimates of daily production by the
American Petroleum Institute, which we publish
each week. The following table gives a summary of
these estimates for May and June, showing how
within this period total production has quickly risen
Negotiations between the two Governments relaand as quickly fallen, the variation being largely
fall of flush production in the tive to a commercial treaty were said to have struck
due to the rise and
a more or less serious snag. The Paris correspondSmackover field in Texas.
ent of the New York "Times" cabled on July 5 that
DAILY AVERAGE CRUDE OIL PRODUCTION-BARRELS,
"after conferences which have continued through
EastOklahoma
Gulf
Rocky
CaliWeek Ended ern.
Total.
Mountain. fornia.
and Kansas. states.
nine months the Germans have broken off the negoMay 2
103,000
855,000
2,183,000
537,000
92,000
596,000
May 9
2,238,000 tiations for a commercial treaty with France. It is
103,000
541.000
905,000
91,000
598,000
May 16
104,000
90,000
603,000
2,305,000
545,000
963,000
quite apparent from this action that they are reMay 23
103,000
550,000
953,000
92,000
618,000
2,314,000
May 30
103,000
623,000
2,346,000 serving a card to play in the security negotiations,
552,000
980,000
88.000
June 6
104,000
509,000
83.000
635,000
2.329,000
948,000
June 13
104,000
557,000
878,000
92,000
629,000
2,280,000 which is what they accused the Allies of doing in
June 20
104,000
555,000
807,000
635,000
2.197,000
96,000
the severe disarmament note last month. Especial
June 27
104,000
549,000
773,000
93,000
855,000
2,174,000
July 4
104.000
515,000
749,000
92,000
662,000
2,152,000 importance attaches to this German move because
Source: American Petroleum Institute.
several weeks ago the iron and coal interests of
At present production is probably not in excess of France and Germany reached a complete accord for
consumption, and in view of the continued increase a two-nation cartel; but the Germans had inserted a
in the latter it now seems likely that surplus stocks clause stating that it became effective only on ratiwill be heavily drawn down this summer, almost cer- fication of the proposed commercial treaty. The
tainly so unless there is some new flush field discov- holding up the commercial treaty with its various
ered. The new Smackover field is declining rapidly customs arrangements naturally holds up the iron
and Teapot Dome production is also falling off. In and coal agreement." Commenting on this situation,
fact, the tendency is downward in practically all the correspondent said in part : "While on the one
fields excepting California.
hand this is harmful to French interests, the Ger-
118
T1=1F1 CHRONICLE
mans know perfectly well that the English are none
too anxious to see a Franco-German steel combination: There is good reason to believe that the Germans will ask in exchange for consummation of a
commercial treaty with France the evacuation of
Coblenz and the Rhine bridgeheads as part of the
Rhine treaty, on the argument that if the Rhine compact is to be made to repose on mutual good faith,
one of the parties should no longer occupy territory
of another party."
According to an Associated Press dispatch from
Paris on July 7, "negotiations for a Franco-German
commercial treaty, which seemed broken Saturday
night, will be resumed Sept. 15, it was announced
to-day." It was stated that "the German delegation
headed by Dr. Trendelenburg refused to accept
French demand for certain customs duties, including Germany's admission of French wines upon as
low duties as are given Spanish and Italian wines.
The French said they would not modify their proposals and the Germans with equal firmness said
they could not accept." The correspondent added:
"However, each side seemed unwilling to permit the
disagreement to constitute abandonment of negotiations and the French Ministry of Commerce has issued a long note intended to give the best possible
appearance to the situation. Pending the resumption of discussions in September, the delegates have
signed an agreement pledging each country to refrain from economic measures directed exclusively
against the other."
Upon his return to Berlin from attending a recent
meeting of the International Chamber of Commerce,
S. Parker Gilbert Jr., Agent-General for Reparations
Payments, was quoted as saying that "there is no
occasion for pessimism as to the successful operation of the Dawes plan." He was reported to have
said, also that "the experts themselves pointed out
that the plan had the virtue of adjusting itself to
realities, and it is a fact of the highest significance
to its future. As supplemented by the London agreement, the plan recognized in the most practical way
the principle of arbitration and provides its own
machinery, not merely for administration but also
for adjustment and the settlement of such difficulties and differences as may arise. It is thus a living
thing and it carries within itrelf the best protection
against future deadlocks on the reparations questions."
The attitude of the British House of Lords towards
the security pact was outlined in part as follows in
a special cable message to the New York "Times" on
July 6: "In the House of Lords this evening Lord
Oxford and Lord Grey of Falloden, speaking for the
Liberals, and Lord Haldane for the Labor Party,
gave a general blessing to the idea of a compact between Germany and France, and insisted on the need
of doing everything to strengthen the cause of arbitration." It was explained that "the debate was
initiated by Lord Oxford, who asked information as
to the date of the evacuation of Cologne and expressed the opinion that prima fade this was already overdue. This led him to speak on the question of security and he insisted on the necessity of
filling the gap left by the failure of the tripartite
agreement between the United States, England and
France, which never came into effective existence, as
[VOL 121.
the first and governing duty of European statesmanship."
Foreign Minister Chamberlain stated the position
of the British Government the very next day. The
London correspondent of the New York "Times"
cabled that "Foreign Minister Austen Chamberlain
has sent Foreign Minister Stresemann a note couched
in emphatic terms, in which it is stated that the
British Government expects Berlin to make an early
favorable reply to the French security note." It was
explained that "Mr. Chamberlain informs the German Government that his statement in the House of
Commons relative to the evident good faith of Germany was based on the belief that Berlin would
meet the Allies at least half way for opening negotiations in time to provide for the entry of Germany
into the League of Nations during the Assembly
meeting at Geneva in September." Continuing, he
said: "It is understood to be the inference of the
note that if recent pessimistic reports concerning the
German attitude toward the Allied conditions are
exact the British Foreign Secretary will not be able
in his appearances before the Commons to continue
to exalt German good faith. It is understood that
Mr. Chamberlain suggests that Dr. Stresemann show
his note to President Hindenburg. Back of this action by London lies the fact that between the dispatch of M. Briand's note and Mr. Chamberlain's
speech in the Commons on security, the indications
sent to London by the British Embassy in Berlin
were very optimistic. Mr. Chamberlain evidently
expected quick favorable action by Germany. Later
indications from Berlin were not favorable to the
continuation of optimism as to Berlin's attitude."
Quite likely the most striking or sensational development in Germany that was made known in this
country through cable dispatches to the newspapers
was the closing of the principal Exchanges on Wednesday. It was stated that "Berlin and other German cities witnessed to-day the strange spectacle of
a strike of the Stock Exchange. The Exchange directors ordered it as a protest against the decision of
the Reichstag 'Revalorization' Committee that 'new
owners of the Government's State communal pre-war
2
1
/
bonds shall receive only 2 % on the face value of
their holdings instead of 5%,the amount allowed to
those who acquired these bonds before 1920.'" According to a Berlin cable message to the New York
"Times" that evening, "similar strike action was
taken on the important Exchanges at Hamburg, Hanover, Cologne, Dresden and Frankfort-on-Main. The
Stock Exchange strike consisted of dropping out
during to-day in the posting of all quotations except
those of foreign currencies. To-morrow, it is announced, stock and bond quotations will be resumed,
but not the pre-war loan quotations, which will be
dropped out until the Government definitely settles
thc revalorization question." It was explained that
"one of the main reasons for to-day's strike action
was the fear that something approaching a catastrophe might result if the 'new' holders of the prewar loans began selling ou their holdings. Another
reason was that the pre-war loan bonds have long
been a source of serious trouble in the German Exchanges owing to their wild fluctuations—sometimes
they have doubled and halved in price in a few hours,
creating unhealthy markets."
JULY 11 1925.]
THE CHRONICLE
On Thursday, the day following the strike, the situation was described as follows in a special Berlin
wireless message to the New York "Times" under
date of July 9: "After yesterday's flurry on Germany's most important Stock Exchanges caused by
a strike, the Exchanges opened slightly weak this
morning, but soon regained strength. The Exchange
directors stuck to their decision not to give pre-war
loan bond quotations until the Reichstag finally decides upon the revalorization of these bonds, concerning whether the Government will differentiate
between new and old bondholders. The Revalorization Bill passed its third reading to-day, the Reichstag making changes giving all holders 5% of the
face value on National, State and Communal prewar bonds. The Reichstag Committee recommendation which caused the strike yesterday on the Berlin
Boerse and the Exchanges at Hamburg, Hanover,
Cologne, Dresden and Frankfort-on-Main, was to
allow only 2 % on the face value of the loans to
/
1
2
those who had acquired these bonds since 1920. The
quotations of other stocks and bonds did not suffer
from yesterday's strike and there are no signs of
panic on the Exchange. Curb trading on the pre-war
loan bonds began soon after the Exchange opened,
with quotations only slightly lower than the official
quotations on Tuesday. The bears actively continued to make deliveries. The banks have refused to
mix up in the free markets for loan bonds. The closing hour found the markets firm and confident."
While a definite date has not been mentioned, it
seems probable that negotiations relative to a settlement of France's war debt to the United States will
start some time next month. In fact, the Washington correspondent of the New York "Herald Tribune," in a dispatch on July 6, said that,"following a
conversation to-day between Secretary Mellon and
the French Ambassador, M. Daeschner, the Treasury
Department announced that formal debt settlement
negotiations probably will be opened during August
between the American commission and representati es of the Paris Government." It was added that,
,
"acting on instructions from Premier Painleve, Ambassador Daeschner asked Mr. Mellon to suggest a
satisfactory date for the arrival of the French mission. He was told that the commission could receive
the French either before Aug.5 or after Aug.16. The
period between Aug. 5 and 16 will be consumed, it is
expected, by the discussions with the Belgian comnuissioners, who will leave Brussels for Washington
July 29." The correspondent further stated that
"the Italian delegates, with whom two discussions
have taken place, will return some time next month
to resume. About $7,000,000,000 is involved in this
series of negotiations."
It became known here through Paris cable advices
bearing the date of July 3 that "Foreign Minister
B ci and announced to-day at a luncheon given at the
Quai d'Orsay in honor of the American delegation to
the Decorative Arts Exposition that the Cabinet this
morning had approved in principle the project of
sending to Washington some time this summer a
French delegation to study ways and means for arriving at a settlement of the French debt to the
United States. Briand repeated the assurances
which he said he had already given from the rostrum
of the Senate that France wants to pay her debts,
but within the limits allowed by the state of the
French Treasury."
119
The Associated Press correspondent in the French
capital said that probably the Cabinet would soon
take up the necessary details relative to sending the
commission. He also said that "the Government's
decision to send a mission has revived expressions of
hope that the United States will be generous enough
in its terms so that France can really begin to pay
idler a reasonable moratorium. The magnitude of
the burden is emphasized by the newspapers, which
eJ1('F late that the debt, including $400,000,000 for
army stocks on which France is paying $20,000,000 in
annual interest, amounts with accrued interest at
5% to 91,000,0000,000 paper francs. Lately the payment of the debt has come to be accepted as inevitable
and as absolutely necessary for French credit. So
the discussion centres on how it can be done instead
of, as formerly, on whether it ought to be done.
There are still notes of regret, however, that Great
Britain and the United States, Allies of France in
the war, are presenting their bills."
Word came from Washington on Wednesday,
through an Associated Press dispatch, that "Czechoslovakia has joined France, Belgium, Italy and Esthonia in assuring the United States of its willingness to refund its debt." It was added that "the
State Department has been informally advised by the
legation here that in a few days an official note
would be dispatched by the Prague Government announcing full acknowledgment of its post-war reconstruction obligations and its readiness to enter into
immediate negotiations for a settlement." The correspondentfurther explained that "in addition to the
acknowledged debt, amounting to about $80,000,000,
a further amount of about $11,000,000 is due the
United States for expenses incurred by this Government in the transportation of Czechoslovak troops
from Siberia to their country in 1919 and 1920. The
amount of the latter debt has not been definitely
agreed upon, but the Czechoslovak Government is
understood to be ready to negotiate a settlement for
the larger amount now and apply the same terms to
the small sum as soon as its amount is fixed."
In a special message to his paper on July 9 the
Paris representative of the New York "Evening
Post" claimed that "Ambassador Myron T. Herrick,
who is on the liner 'Paris' en route for his annual
vacation in the United States, is taking important
information to the State Department concerning the
1.opes and plans of the Painleve Government regarding the funding of France's debt. Following a final
conference with Finance Minister Caillaux, Mr. Hertick will enlighten Washington on the proposed personnel of the French debt funding commission and
also will present complete details of the negotiations
which he has been conducting."
The State Department at Washington was officially advised on July 9 that the Government of Latvia desired "to pay the $6,000,000 borrowed by the
war-born Republic." It was added that,"with interest to date, the debt amounts to approximately
$6,352,000."
The terms of Finance Minister Caillaux's proposed
interior loan were approved by the Cabinet on the
morning of July 4 and made public. The New York
"Times" representative in Paris cabled that, "in
brief, the measure provides for conversion of the
floating debt in the form of national defense bonds
120
THE CHRONICLE
into a 4% perpetual loan issued at par. Subscriptions will be opened on July 20 and will remain open
until Sept. 5." The terms were further outlined as
follows: "Interest on the new loan will be guaranteed against depreciation by the fixation of the exchange rate of the franc at 95 to the pound sterling.
The interest will be fixed by Ministerial decision 15
days before half-yearly payment date on the basis
that if during the previous six months the franc has
not fallen below 95 to the pound the bondholder will
receive as his half-yearly interest two francs per cent
of his investment. If the pound exceeds 95 francs on
the average over six months, the half-yearly interest
will be equivalent to two ninety-fifths of a pound for
each 100-franc bond. The figure of 95 to the pound as
the value of the franc makes the dollar worth about
19.55 francs, or one franc worth 5.12 cents. Interest
attaches to this figure because it is believed to be the
figure at which the Finance Minister hopes to stabilize the franc. Although somewhat above the figure
of 25 centimes gold supposed to be the base at which
Caillaux is aiming, it is not far from it. With the
franc to-day at between 102 and 103 to the pound,
apparently the French Government believes the good
effects of the new loan will enable the franc to return to 95 to the pound."
Com-menting upon the plan, the correspondent
said: "While there is nothing in the project to prevent the franc from going higher, opinion prevails
in Paris that in naming the figure 95 as the point
which would determine interest payments of the new
loan, he sought to notify the country indirectly of
the probable future value of the paper franc. Politically something is to be said for the indirect notification instead of direct, for there exist 2,000,000
holders of French Government securities, most of
whom still nurse the hope that one day their franc
seeurities will be worth gold francs. M. Caillaux
project serves to break the news gently that one may
consider francs for some time to be worth no more
than 95 to the pound, or 19.55 to the dollar." As to
the manner in which the loan was received, he said
that "prevailing opinion here seems to be that the
figure is well chosen, although a figure of 100 to the
pound was expected. If the Government can do
without further printing of paper money, it appears
likely, so far as present indications go, that M. Caillaux can stabilize the franc at the figure set to-day
in his new loan plan."
It became known here a week ago this morning
that "the Chamber of Deputies to-night, after an allnight session, finally passed the 1925 budget by a
vote of 410 to 31. It was approved in the Lower
House for the second time and is again in the hands
of the Senate, which is expected to vote the provisions with little modification by the end of next
week." It was explained that,"as passed to-day, the
budget provides for 33,175,000,000 francs of revenue,
as against 33,164,000,000 for expenditures, thus leaving a surplus of 11,000,000 francs."
[Vol, 121.
a more thorough examination of the British note on
the question of inter-Allied debts, the French Foreign
Office has decided that the communication was not
intended to be treated as a mere formality, but really
contained a definite request for immediate consideration of France's obligations to Great Britain."
The note and the French position were further outlined as follows: "For this reason M. Briand to-day
forwarded a reply to the French Ambassador in London, with instructions that it was to be transmitted
at once to Mr. Chamberlain. In this reply M. Briand
points out that the French Government since February last has been in constant touch with the British
Treasury, and that with every change of Ministry
the Government has not failed to reiterate its intention to take up the matter of the debts. The British
note appears to have been much more decisive in content than the French Foreign Office yesterday was
willing to confess. The British frankly complain
that since the conversations which took place between M. Clementel and Mr. Churchill, France has
done nothing toward liquidation of her debt. The
note calls the attention of France to the fact that
England during the last few years has paid to the
United States £85,000,000 and from Germany has received in the same period of time not more than £20,000,000. In accordance with the Balfour stipulations deducting receipts from Germany, Great Britain should have received from her debtors £65,000,000. In view of these conditions, the note calls upon
France to take some definite action with reference
to her obligations, and specifically insiits that if
payments are to be made to other creditors at least
the equivalent thereof must first be made to Great
Britain. This stipulation the French Foreign Office
feels specifically directed against any disposition on
the part of the French Government to begin negotiations at Washington for the settlement of its debt to
the United States."
It was stated by the London correspondent of the
New York "Herald Tribune," in a cable message on
July 5, that "France will be called on to pay her debt
to Great Britain in annual payments of £10,000,000,
which will be equivalent to a two-thirds cancellation
of her total obligation, experts here reckon, assuming that Foreign Minister Briand's reply to Foreign
Secretary Chamberlain's note implies that the negotations will be taken up at the point where they
were suspended when the Herriot Ministry fell last
April." It was explained that "this figure is reached
by scaling down the annual cost of the unpaid French
debt to the British taxpayer, which is £30,000,000,
not only by possible payments from Italy and other
Allied debtors and the direct German reparations
payments, but also the claim upon the French share
of the Dawes annuities, as outlined in Winston
Churchill's note last February. If the German reparations payments go through according to plan, the
sum mentioned will meet France's share in making
up the £33,0000,000 which this country has to pay
the United States annually, it is estimated. Britain,
as has been stated before, will ask from all her debtors, including'Germany, only a sum sufficient to
meet her payments to America."
It seems that with the lapse of a few days the request made by the British Government of the French
Government for a statement of the latter's intentions
The Moroccan campaign has continued more or
regarding her war debts to the former, which was
noted in the "Chronicle" last week, was regarded less of a see-saw between the two sides. For instance,
more seriously than when first received. According it was stated in an Associated Press dispatch on
to a Paris dispatch under date of July 3, "following July 5 that "the Ministry of War in an official note
JULY 11 1925.]
THE CHRONICLE
issued to-night admits what is considered a serious
setback on the Moroccan front near Taza. Some of
the loyal tribes have seceded and the Riffians have
succeeded in carrying out attacks on the French
troops through the breach thus caused." The very
next day announcement was made in a dispatch from
Fez, French Morocco; that "the French have defeated
Abd-el-Krim's tribesmen severely in two engagements. The Riffs attacked near Ain Matouf and Kiffane. They lost heavily at the first and were ;outed
at the second place. The French captured all the
arms and munitions of the attacking tribesmen.
These successes, French officials said, have produced
an excellent effect on some of the Moroccan tribes
whose loyalty to the French has been doubtful of
late."
121
returned to France to take command of the Thirtieth
Corps of the Rhine Army."
Although the new Commander will not take up
his duties for a few days, the situation in Morocco
appears to be improving from the French point of
view. On July 7 "Gen. Stanislas Naulin, the new
Commander-in-Chief of the French forces in Morocco,
announced after a conference with Premier Painleve that he would take up his new duties within ten
days." From Fez, French Morocco, cathe a special
cablegram to the New York "Herald Tribune" under
the same date that "the French forces have won their
first success in the newly launched offensive by repulsing the enemy in the Taza sector and also on the
upper Lieben front. A flying column, first using
hand grenades and then cavalry forces, put to flight
a large Riffian force, the enemy leaving several hundred dead on the field."
This was followed by a special Paris cablegram to
the New York "Times" under date of July 8 in which
it was stated that "the anxiety in Government circles over the situation in Morocco was relieved to
some extent to-night by news of the practical conclusion of the Franco-Spanish negotiations in Madrid with two agreements. One signed to-day provides for collaboration in a land blockade of the Riff
frontiers and the other, to be signed to-morrow, provides for effective 'political' collaboration between
France and Spain in Morocco." The correspondent
noted that "the convention which is to be signed tomorrow is regarded as the most important result of
the conference. It is expected to contain terms on
which the two Powers will agree to make a peace
offer to Abd-el-Krim."
In a special cable message from the Paris correspondent of the New York "Times" under the same
date as the dispatch from Fez, it was stated that,
"although official news from the front is more reassuring, the admission is made in all dispatches that
for a time during the last week the whole Taza district was in danger of falling into enemy hands.
There and all along the line the battle has been of
the fiercest. For the first time in almost two months
the French have advanced and held their ground,
and for the first time the Riffians have been driven
back without being able to remove even their own
munitions and supplies. The battle was fought
through a night with a full moon and all day under
a burning sun. The enemy, reinforced by dissident
tribesmen, fully equipped with French rifles, concentrated a greater number of men than at any other
time since the fighting began and for once it was possible to use French artillery with effect."
Announcement likewise was made in Paris, also on
On the other hand, the Associated Press correJuly 6, that "Gen. Stanislas Naulin was appointed spondent at Fez cabled
the same day that "to-day's
by the French Cabinet this evening to take over the French official communique
says 10,000 of Abd-elmilitary command in Morocco, while Marshal Ly- Krim's Riffians and
tribesmen, hostile to the French,
autey will remain Resident Agent of the Government are pressing forward
along the Cuergha River and
for civil and political matters. This appointment seem determined to strike
south for Fez. Some of
was not made without considerabledifficulty. Sev- the tribes are falling
back before the advance of
eral names had been proposed, and among them Gen- Abd-el-Krim's forces.
His leaders are attempting to
eral Guillaumat, present Commander-in-Chief of the turn all the tribes
against the French." According
French troops on the Rhine." It was explained that to a Berlin cable
message to the New York "Evening
the latter informed M. Painleve and President Dou- Post" the next day, July 9,
"some 10,000 German
mergue that "he considered it unwise for him to leave members of the Spanish Legion,
who recently were
his present post at the time when the Ruhr was being paid off as a result of
Spain's limiting her activities
evacuated and the whole Rhineland situation in- in Morocco, have joined the
Riffian forces, it is
volved in discussion. M. Painleve and President learned from official
sources. Virtually none reDoumergue accepted this argument, and after sev- turned to Germany."
eral other possible names were discussed a choice
was made of General Naulin, who accepted." The
The Painleve Ministry encountered fresh opposifollowing information was given regarding General tion in
the Chamber of Deputies from the CommuNaulin: "The new Commander-in-Chief of opera- nists
on Thursday. The Paris representative of the
tions against the Riff, with military power over all Associated
Press cabled that "Communist Deputies,
Morocco, is 55 years old. He is thoroughly con- led by Marcel
Cachin, began an attack upon the
versant with Morocco, having served there as Lieu- French Government
for conducting warfare in Motenant and as Captain, and after the Great War as rocco
against the invading Riffians under Abd-elGeneral of Division at Oran. During the war he took Krim,
when debate commenced to-day upon Premier
part in nearly all the great fighting, being promoted Painleve's bill for
an appropriation of 183,000,000
Colonel in 1915, when he commanded the 170th Regi- francs for the
Moroccan operations." He added that
ment in a brilliant engagement in Artois. At Ver- "M. Painleve told the
Chamber that 'nothing could
dun he was in command of a brigade, and in July be further from the
truth than rumors that Abd-el1918 took part in the offensive of the Fourth Army as Krim has captured Taza.'
He said he could not unhead of the Twenty-first Corps. For a time after the derstand what interest
would be served by the diswar he commanded Allied forces in Silesia, and re- semination of such false
reports. M. Cachin threatcently has been assistant to the Commander of ened the Government with the possibility
of a genFrench troops in the Near East, from which post he eral strike of all French factory workers
to compel
122
THE CHRONICLE
France to cease the Moroccan war and offer peace to
Abd-el-Krim."
Later in the evening the Paris correspondent of
the New York "Times" sent word that,"with Abd-elKrim pushing his attacks nearer and nearer Taza
and Fez, the French Chamber of Deputies, after discussing Communist sympathies with the Riffians today voted the Government a credit of 183,000,000
francs for carrying on the war in Morocco. The
Chamber divided, 411 to 29."
Premier Mussolini of Italy has found it necessary
to make still other appointments to fill vacancies in
his Cabinet. According to a special wireless message to the New York "Times" on July 8, "two Ministers, De Stefani, head of the Finance Department,
and Nava, head of the National Economy Department, presented their resignations to-day to Premier
Mussolini and he accepted them." It was added that,
"with Stefani's withdrawal only one member of Mussolini's original Cabinet, Federzoni, Minister of Internal Affairs, is now left. Nava, who belongs to the
Popular Party, was the last non-Fascist Minister."
Explaining the situation still further, the Rome correspondent of the "Times" said that "the resign..tion
of De Stefani, who gained credit by ridding Italian
finances of a chronic deficit of several billion lire
yearly, is attributed chiefly to the loss of prestige
through the unhappy results of his decrees on Stock
Exchanges and the recent depreciation of the lira.
He has been the object of violent attacks by the extreme wing of Fascismo and also responsible financial circles. Nava's resignation is attributed to bad
health, but may have been influenced by Mussolini's
swing toward intransigeance which has led him gradually to rid himself of all non-Fascist Ministers. It
is stated that the resignation is devoid of political
significance as the National Popular Party, which he
leads, will continue to support the Fascist Cabinet."
He further stated that "both resignations had been
expected, but they created much comment, especially
that of De Stefani."
Announcement was made in Rome the very next
day, July 9, that "the Cabinet crisis has been solved
within twenty-four hours with the appointment of
Count Giuseppe Volpi to succeed De Stefani as Minister of Finance, and Deputy Giuseppe Belluzzo to
succeed Signor Nava as Minister of National Economy. Premier Mussolini's selections have created
an excellent impression, not a single word of criticism being heard even in the Opposition camp. Official news of the appointments had a strong reaction
on the Stock Exchanges, a considerable hardening of
prices being the most notable feature of to-day's trading."
Keen interest in future European financing was
aroused by reports from Melbourne and London that
the Australian Government would soon float a loan
in the United States, probably for $100,000,000. According to an Associated Press cable dispatch from
London on July 8, "the Australian Government recently asked Great Britain whether there was any
objection to borrowing in New York to meet these
requirements. The British reply, according to the
Associated Press cable, was that there was no particular objection, especially since it was not likely
that sufficient money would be available in London
to meet Australia's needs." According to that dispatch also, the Australian Government has L120,000,-
[Vor. 121.
000 in loans maturing this year." It was further
pointed out that "the Australian Government by
Dec.15 must provide for the payment of £70,000,000,
/
or almost $350,000,000, of 41 2% bonds, issued in
1915, 1916 and 1917, constituting the outstanding balance of the first,second, third and fourth war loans."
It was claimed in local banking circles that "nothing
tangible has developed so far in the negotiations."
Evidence continues to come to hand from many
sources that there has been little or no improvement
in the way that the Soviet Government of Russia is
doing things. London cable advices have made it
clear that the British Government feels uneasy and
disturbed over the policy and acts of the Soviet. In
a special London cable dispatch to the New York
"Times" on July 4 it was stated that "the Cabinet,
according to the 'Sunday Times,' is becoming deeply
incensed over the policy of the Soviet Government,
particularly its part in stirring up the Chinese troubles, and is even considering the possibility of breaking off diplomatic relations with it. The matter, it
says, was actually discussed at Friday's emergency
Cabinet meeting, and even if such a strong step is not
taken it is likely that a stern note will be sent to
Moscow warning the Russian Government of the
inevitable result of the course it is following." The
correspondent added that"such a warning would call
attention to the undertaking the Soviet entered into
under the trade agreement to refrain from propaganda against Great Britain and would quote the
evidence from cases in which it has been flagrantly
violated. Some such step as this, it is stated, has the
support of the Earl of Birkenhead and Sir Douglas
Hogg, the Attorney-General, while the statements of
Austen Chamberlain in Parliament show that he is
fully alive to the gravity of the situation."
According to a special London cable dispatch to
the New York "Evening Post" about the same time,
"the news that M. Rakovsky will return as the Soviet
Charge d'Affaires in London is being interpreted
here as meaning that a final effort will be made to
avoid a diplomatic rupture between Great Britain
and Russia. Rakovsky belongs to a moderate faction •
of the Communist Party and is a devout follower of
Trotzky. When he was summoned to Moscow recently, it was assumed the Extremists finally had
succeeded in getting his head. Diplomatic relations
with Russia are in a state of unusual tensitY, due to
two Ministerial speeches, one by Sir Douglas Hogg
and the other by Lord Birkenhead, denouncing Soviet interference in China."
In view of the foregoing statements, the following
excerpt from a special cable ei!spatch to "The Sun" a
few days later were rather surprising: "Following
protracted negotiations, Soviet Russia has, according to information obtained by'The Sun' correspondent in financial quarters,established new credits here
running into millions of pounds. It is understood
that grain and lumber exports figure largely in this
new deal." It was added,"but this belated establishment of large credits in London comes at the very
moment when it is known that the Government, under strong pressure from the right wing Tories, is
seriously debating the advisability of severing diplomatic relations with Moscow, largely because of
anti-British propaganda in China by the Bolsheviks."
JULY 11 1925.]
THE CHRONICLE
It was reported that the British Government took
the Russian situation up with the French Government. According to a special cable message from
Paris to the New York "Times" on July 5, "a suggestion by Foreign Secretary Chamberlain of England to the French Government that the two capitals
consider the possibility of breaking off relations with
Moscow is receiving considerable attention in
France." The correspondent added that, "while, as
matters stand, it is doubtful if the French Government, so long as it depends on the Left majority,
would take this step, there is a possibility that a
swing by the Government away from the Left might
bring serious consideration of whether the general
trouble making by the Soviets, which is harming the
French especially in Morocco, ought not to call for
retaliatory measures. It is r.o secret at the Foreign
Offices of Europe that the situation is getting more
and more strained between London and Moscow.
There are British business interests which oppose
breaking off with the Bolsheviki, especially as long
as the French, Germans and Italians maintain diplomatic relations, but it remains true more and more
that the Soviets loom up as the biggest enemies of
the British Empire, since Britain, being the greatest
colonizer in the world, faces most difficulties from
agitation by the Soviets among the natives of her
colonies, and in addition there is the British belief,
voiced by Mr. Chamberlain in the House of Commons, that the Russians are in part responsible for
the anti-British agitation in China."
123
changed from a week earlier. In Paris the open
market discount rate remains at 578% and in Switz/
erland at 2/
18%, unchanged.
Another substantial addition was made to the
Bank of England's stock of gold, namely £1,259,128,
according to its statement for the week ended July 8,
while reserve expanded no less than £2,683,000, as a
result of a simultaneous contraction in note circulation of £1,424,000. Furthermore, the proportion of
reserve to liabilities advanced to 25.70%, as compared with 19.74% a week ago, 171 8% last year and
/
17 % in 1923. Public deposits declined £409,000.
/
1
2
"Other" deposits, which expanded heavily last week,
were reduced £25,299,000. There were likewise large
reductions in the Bank's temporary loans to the Government and in loans on other securities, totaling
£4,060,000 and £24,286,000, respectively. Gold holdings aggregate £158,861,736, in comparison with
£128,269,317 in 1924 (before the transfer to the Bank
of England of the £27,000,000 gold formerly held by
the Redemption Account of the currency note issue),
and £127,622,694 the year prior to that. Reserve
amounts to £33,399,000, as against £20,749,417 last
year and £20,963,059 in 1923. Note circulation
stands at £145,204,000, as compared with £127,269,900 last year and £126,409,635 a year earlierovhile
the loan total is £71,992,000, in contrast with £69,950,129 and £69,702,107 one and two years ago, respectively. The official discount rate of the institution remains at 5%, unchanged. Clearings through
the London banks for the week were £811,476,000, as
against £942,336,000 a week ago and £776,272,000 last
year. We append herewith comparisons of the several items of the Bank of England return for a series
of years.
The position .of the British Government was outlined the following day. The London representative
of the New York "Herald Tribune" cabled that "Foreign Secretary Chamberlain to-day declared that it
would be wrong to assume that the Government had
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1925.
1924.
1923.
under consideration any change in policy toward
1922.
1921.
July 8.
July 9.
July 11.
July 12.
July 13,
Russia, but insisted that it must reserve full liberty
Circulation
to take whatever action is necessary. Simultane- Public deposits b145,204,000 127,269,900 126,409,635 124,248,705 127,995,565
11,249,000
9,928,000 11,597,431 12,612,045 19,664,910
Other deposits
118,654,000 110,875,468 107,981.750 112,375,059 134,964,309
ously, Premier Baldwin told the House of Commons
Governm't securities 42,515,000 48,057,467 46,838,731 47,103,552 76,003,078
that he was not willing td allot a day for debate on Other securities._ _ _ 71,992,000 69,950,129 69,702,107 73,663,109 77.612,637
Reserve
the Anglo-Soviet relations." According to a special Coin notes & coin 33,399,000 20,749,417 20,963,059 22,101,993 18,868,096
and bullion8158,861,736 128,269,317 127,622,694 127,900,698 128.373,661
wireless message to the New York "Times" the same Proportion of reserve
to
25.70%
1734%
1734%
1734%
12.20%
day, "the British Government will not avail itself Bank liabilities
rate
5%
4%
4%
3%'
6%
of the offer made by M. Tchitcherin, Commissar for a Includes, beginning with April 29
1925, £27,000,000 gold coin and bullion
Foreign Affairs in Moscow, to discuss the questions previously held as security for currency note issues and which was transferred to
at issue between the two countries, particularly as to the Bank of England on the British Government's decision to return to gold standard.
• is Beginning with the statement for April 1925, includes £27,000,000
of Bank
notes issued
China, declared Austen Chamberlain, the Foreign of Englandthat time In in return for the same amount of gold coin and bullion
held up to
redemption account of currency note issue.
Secretary,in the Commons to-day. Mr. Chamberlain
made this announcement after admitting that his atThe Bank of France in its weekly statement this
tention had been called to a categorical denial by M. week reports a further
small gain in its gold item,
Tchitcherin that the Soviet Government had done namely 50,425
francs. Total gold holdings now aganything to damage British trade in China."
gregate 5,546,771,975 francs, which compares with
5,543,283,675 francs in 1924 and 5,537,784,379 for
The Bank of France, on July 9, lowered its disthe year previous; of the foregoing amounts 1,864,count rate from 7 to 6%. The former rate had been
320,907 francs were held abroad in both 1925 and
in effect since Dec. 11 1924. The rate for loans on
1924 and 1,864,344,927 francs in 1923. A further
securities remains at 8%, acording to an Associated
expansion of 694,223,000 francs occurred in note
Press dispatch from Paris on July 9. Otherwise
circulation. The total of notes in circulation is thus
official discount rates at leading European centres
brought up to a new high level of 44,394,750,840
have not been changed from 9% in Berlin; 7% in
francs. The previous high record was 43,700,527,840
Italy and Denmark;
in Norway; 512% in Bel- francs, reached last
/
week, July 2. For the corregium and Sweden; 5% in London and Madrid and
sponding date last year the amount was 40,224,978,4% in Holland and Switzerland. Open market dis- 825
francs and in 1923 37,400,059,525 francs. Adcount rates in London were steady, without quotable vances during
the week rose 44,092,000 francs. On
change, at 4 7-16@4 % for short bills, against the
/
1
2
other hand, silver decreased 855,000 francs, bills
4 7-16%, and three months' bills at 41 2@49-16%, discounted were
/
reduced 974,947,000 francs, Treasthe same as last week. Money on call was strong ury deposits fell
1,574,000 francs and general deposits
and advanced to 378%, but closed at 3 4%, un- were diminished
/
1
/
603,918,000 francs. Comparisons
124
THE CHRONICLE
[VoL 121.
of the:jariouslitems of this week's return with the deposits totaling $139,601,000 and an expansion in
statement of last week and with corresponding dates loans of $52,641,000. Time deposits fell off $23,307,000, to $576,894,000. The total of net demand deposin both 1924 and 1923 are as follows:
its is $4,533,726,000, which is exclusive of GovernBANK OF FRANCE'S COMPARATIVE STATEMENT.
&anis as o
Changes
ment deposits to the amount of $11,318,000. An inJuly 9 1925. July 10 1924. July 12 1923.
for Week.
crease was shown in cash in own vaults of members
Francs.
Francs.
Francs.
Francs.
Cold Holdings—
50.425 3.682.451.068 3.678,962,768 3.673,439,452
Inc.
In France
of the Federal Reserve Bank of $7,087,000, to $52,Unchanged
1.864.320,907 1,884.320,907 1,864,344,927
Abroad
257,000, although this amount is not counted as reInc.
50,425 5.546,771,975 5,543.283.675 5,537,784,379
Tota
293,517,729 serve. Other lesser changes included a gain of $429,299,869,771
311,416,498
855,000
Dec.
Silver
Bills discounted__ _Dec. 974,947,000 3,353,037,936 4,884,021,212 2,311,797,440
Inc. 44.092.000 3,057.163,969 2,772.985,073 2,175,135,314 000 in the reserves of State banks and trust comAdvances
Note circu1ation_ _Inc. 694,223,000 44,394,750,840 40,224,978,825 37.400,059,525 panies in own vaults and a decrease of $436,000 in
25.747.169
15,235,570
28.264,498
'Treasury deposIts_Dec. 1,574,000
General deposits_ _Dec.603.918.000 2,473,875,529 2,200,241,984 2,049,592,599 the reserves of these institutions in other depositories. An increase of $36,347,000 in the reserves
The weekly statement of the Imperial Bank of Ger- of member banks at the Reserve institution was sufmany, issued as of June 30, showed the usual end-of- ficient to offset the effect of larger deposits and
the-month addition to note circulation, amounting bring about an addition to surplus reserve of $18,this time to 235,844,000 marks, although there was 787,870; thus bringing total excess reserves up to
an equally large reduction in other maturing obliga- $41,270,850, as compared with $22,482,980 last week.
tions, which fell 237,764,000 marks, while loans from These figures for surplus are on the basis of 13%
the Rentenbank were reduced 62,000 marks and other legal reserve for member banks of the Federal Reliabilities declined 26,810,000 marks. As to assets, serve System, but not including cash to the amount
holdings of bills of exchange and checksshowed record of $52,257,000 held by these member banks on Satexpansion, namely 325,441,000 marks, and advances urday last.
increased 39,385,000 marks. There were declines in
deposits held abroad of 5,086,000 marks, and in silCall money reacted more rapidly and to a lower
ver and other coins of 4,754,000 marks. Reserve in level than had been expected. In the regular loan
2
1
/
foreign currencies showed a itominal increase of 25,- market a quotation of 3 % was reported on Wednes000 marks. Notes on other banks declined 18,649,000 day, while in the so-called outside market it was
/
marks, while investments expanded 51,000 marks. claimed that funds were obtainable at 314% the same
- day. The July 1 disbursements were unusually
Gold and bullion holdings increased moderately
76,000 marks, which brought the Bank's total of gold large. As this money was released it did not meet
up to 1,061,717,000 marks, in comparison with 462,- with a specially increased demand from industrial
187,000 marks last year and 716,912,000 marks in and general business circles. Although the stock
1923. Note circulation now stands at 2,474,416,000 market was active and some large offerings of new
securities were made, it was evident that the supply
marks.
was in excess of the demand. Otherwise the rate
The Federal Reserve Bank's weekly statements would not have declined so rapidly and so far. On
issued Thursday afternoon showed substantial re- Thursday the Government withdrew $2,600,000 from
duction in the volume of bills discounted. Gold depositories in this Federal Reserve district, but
holdings were only slightly changed. At New York, otherwise was not a big factor in the local money
however, there was an increase in gold of $6,000,000. market. One of the largest domestic offerings of new
Rediscounting of Government secured paper at the securities was that of $40,000,000 Central Pacific
local institution declined $17,800,000 and "other" Railway 35-year 5% bonds, guaranteed by the Southbills $9,500,000, so that total bills discounted fell ern Pacific. The Street was much interested in re$27,300;000. Open market purchases were reduced ports from London and within its own limits that
$8,500,000. Shrinkage in total earning assets was the Australian Government was seeking to float a
$50,900,000 and in deposits $24,500,000, while the loan for about $100,000,000 in the American market.
amount of Federal Reserve notes in actual circula- Such a loan would be the first to be offered in this
tion declined $4,800,000. For the System as a whole, country. There appears to be little probability of a
gold reserve diminished $1,300,000. Rediscounts of radical change in our money market soon. Yesterall classes of bills declined 461,300,000, with the re- day afternoon, however, call money advanced to
2
1
/
suit that total bills discounted now aggregate $450,- 4 %, after renewing and loaning at 3%%. With331,000, as compared with $310,713,000 a year ago. drawal of out-of-town funds because of the low rates
Holdings of bills bought in the open market dropped that had been reached was given as the principal rea$8,300,000. Total earning assets show the large re- son for the advance. The latter will bring the money
duction of $84,300,000, while there was a loss in de- back again.
Referring to specific rates for money, loans on call
posits of $64,600,000. The amount of Federal Reserve notes remained almost stationary. Member this week ranged between 33/i and 4
in combank reserve accounts sharp:y diminished for the parison with 4@6% last week. Monday and Tuesbanks as a group—$51,500,000. Locally there was day a flat rate of 4% was quoted, this being the
a decrease of $17,500,000. Reserve ratios were up high, the low and the ruling figure on both days.
this week, mainly, of course, in response to the con- On Wednesday renewals continued to be negotiated
traction in deposits. For the System there was an at 4%, which was the high, but before the close
advance of 1.2%,to 76.1%,and at New York of 2.6%, there was a decline to 3%%. All loans on call were
4
made at 33 % on Thursday, the only rate named.
to 81.4%.
On Friday heavy withdrawals of funds by interior
Last Saturday's New York Clearing House bank banks caused a small flurry and the call rate advanced
and trust company statement reflected the strain of to 432%; although 3%% was again the renewal
took
meeting the heavy half-yearly disbursements on basis, while before the close a decline to 3
July 1, and was featured by an increase in demand place. For fixed date maturities the market was
JULY 11 1925.]
THE CHRONICLE
quiet and unchanged until the latter part of the
week, then quotations advanced for the longer
periods. Four, five and six months' money closed
at 4@4%%,against 3%@4% last week. Sixty and
ninety days remained at 3%@4%. A better demand was noted, while offerings were somewhat
smaller.
Commercial paper was rather more active and the
volume of business transacted increased. Dealings
were reported as more diversified than of late; both
country and local institutions were included among
the buyers. Quotations were not changed from 33
4
@4% for four to six months' names of choice character, with names less well known still requiring
4@4%%. New England mill paper and the shorter
choice names are still being dealt in at 33 %.
4
Banks' and bankers' acceptances ruled at the
levels previously current, but trading was dull and
restricted and the aggregate turnover small. Interior banks were the principal buyers. The under
tone was steady. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council is now 33/2%, as against 4%% last
week. The Acceptance Council makes the discount
rate on prime bankers' acceptances eligible for purchase by the Federal Reserve banks, 3%% bid and
3% asked for bills running 30 days, 334% bid and
VA% asked for bills running 60 days, 3/% bid
and 334% asked for bills running for 90 days, 3
bid and 3%% asked for bills running for 120 days,
and 3%% bid and 3
asked for bills running 150
and 180 days. Open market quotations were as
follows:
SPOT DELIVERY.
90 Days.
3%6433
Prime eligible bills
60 Days.
33463334
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days
33403
334 bid
334 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JULY 10 1925.
Paper Maturing—
After 90 After 6
Days. but
but
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial Secured
Ariel & by U. S. Bankers' Trade Agricul.. Agricul
Livestock Covern't Accep- Accepand
and
Paper. Obliga- lances. lances. Livestock Livestock
n.e.s.
lions.
Paper. Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
MInneapolki
Kansas City
Dallas
San Francisco
3%
3%
3%
3%
4
4
4
4
4
4
4
3%
334
3%
334
3%
4
4
4
4
4
4
4
3%
3%
3%
3%
3%
4
4
4
4
4
4
4
335
3%
3%
3%
3%
4
4
4
4
4
4
4
3%
3%
3%
3%
334
4
4
4
4
4
4
4
334
3%
3%
3%
3%
4
4
4
4
4
4
4
3%
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts. &c.
Sterling exchange continues to move listlessly at
within a fraction of par, and business this week was
again dull to the point of absolute stagnation. The
bulk of the limited business passing was negotiated
at 4 85% for demand, while cable transfers ruled at
from 4 86 1-16 to 4 86%. In the early part of the
week intervention of the Independence Day celebrations served to accentuate, if that were possible, the
inactivity, and later on attention once more turned
to the stirring developments in the so-called reparation currencies. As a matter of fact, with the excep-
125
tion of the war period, when sterling for many months
was artificially controlled, the present probably constitutes the longest uninterrupted period of practically unchanged quotations on record. For nearly
a month rates have varied slightly over an eighth of
a cent, a fact which testifies eloquently to the entire
lack of either speculative or straight commercial activity. While much of this is to a certain extent explained by absence of export movement of commodities, it is also regarded as reflecting a marked falling
off in inter-bank dealings. In a "controlled" market
the chance of trading profits is very small, and when
a bank does sell a large amount of sterling it no longer,
as formerly, promptly enters the market to replenish its London balances by buying exchange from another institution. It should, however, be noted
that when the rate has fluctuated as much as an
eighth of a cent, buying or selling, as the case may be,
promptly develops. In the opinion of the banking
fraternity these transactions are the work of the
Bank of England, although not officially reported as
such. The speculative element, while holding rigidly
aloof, are said to be evincing considerable curiosity
as to how the sterling market is going to act once the
cotton and grain export movement gets under way.
An influence which has greatly helped stabilize rates
this summer has been the unusually heavy tourist
inquiry, that as yet shows no sign of abatement and
has been responsible for occasional brisk buying during the last two months or'more.
As to quotations in greater detail, sterling exchange
on Monday (Saturday of last week was a holiday—
Independence Day) was steady at the levels prevailing on Friday, namely 4 85%@4 85% for demand,
4 86 1-16@4 86% for cable transfers and 4 82 7-16
@4 825i for sixty days. Tuesday's market was
/
quiet but firm and a shade higher, at 4 85%@
4 85 13-16 for demand, 4 863/@4 86 3-16 for cable
8
2
transfers and 4 823/@4 82 9-16 for sixty days. On
Wednesday inactivity predominated and demand
ruled all day at 4 853 (one rate), cable transfers at
4 861i and sixty days at 4 823/ Dulness con2
.
/
tinued to characterize dealings on Thursday, when
quotations were slightly easier at 4 85/@4 859
A
for demand, 4 86@4 861 for cable transfers and
2
4 82%@4 823/ for sixty days. Friday's trading
was very quiet, and rates remained without alteration; the range for demand was 4 85%@4 853 ,
4
for cable transfers 4 86@4 861 8, and for sixty days
/
4 82%@4 82. Closing quotations were 4 82 for
sixty days, 4 85% for demand and 4 861 for cable
A
transfers. Commercial sight bills finished at 4 8588,
/
sixty days at 4 80%, ninety days at 4 79%, documents for payment (sixty days) at 4 815i and seven/
day grain bills at 4 843. Cotton and grain for payment closed at 4 85 8.
No gold was reported this week either for export
or import. The Bank of England continues to add
to its gold holdings and reported the purchase of
£405,000 in bullion bars, also the receipt of £1,000,000
in gold sovereigns from Holland, making the third
million received from that source since the re-establishment of free gold movements.
As to Continental exchange, the week just closed
has again proved to be one of mixed movements and
active, excited trading operations. The trend, however, notwithstanding sundry setbacks, was towards
improvement and both francs and lire regained some
of the ground lost a week earlier. Developments in
124
UTE CHRONICLE
France over the week-end were favorable to francs
and the quotation rushed up more than 7 points, to
4.773/ on intimations that French investors were
taking kindly to Finance Minister Caillaux's new
bond issues, thus ensuring to the Government its
immediate financial requirements. Talk persists of
a serious attempt in the near future to permanently
stabilize the franc, at about $.0512, or slightly less,
but nothing definite has been decided on this important point as yet. Rumors that M. Caillaux
and certain members of a commission are coming
here to arrange for the funding of the French war
debt to the United States, also that attempts are to
be made to float another .French loan appeared to
have a cheering influence, so that the pressure of
"distress" and speculative selling abated somewhat.
Elements of uncertainty, however, are contained in
the fact that no successful loan negotiations can be
made until action has been taken on the budgets for
1925 and 1926 and it is felt that a plain statement
of the currency program would greatly aid in clearing
up the situation at this time. One of the strengthening influences of the week was the vote of confidence
given by the Chamber of Deputies to Premier
Painleve on his Moroccan policy, which thus relieved
fears that the Riffian campaign was about to cause
a political upheaval in France. Toward the latter
part of the week francs dipped somewhat on announcement of a poor Bank of France statement,
showing another large expansion in note circulation,
2
and the closing range was 467 3-4 ® 4713/.
Lire recovered sharply on what was regarded as
belated intervention on the part of Italian Government agents, which had the inevitable effect of bringing about a rush to cover by short interests. On
Monday the rate was forced up to 3.78, a gain of 21
points from the close of last week. This quotation,
however, was not maintained and as soon as the buying movement had culminated fresh political difficulties at Rome caused weakness and there was a
2
decline to 3.613/,although before the close some of the
loss was regained and the final quotation was 3.68.
Most of the activity this week was on the London and
Continental markets, and quoted rates, locally, were
largely a reflex of what is going on abroad. Operators on this side took a comparatively small part in
the trading. Official statements of the action to be
taken by the Italian Government to protect exchange
and punish speculative manipulation had a salutary
effect in halting the speculative activity that has been
so much in evidence during the last week or two.
Financial authorities in this market who have been
seeking for some really tangible reason for the erratic
action of the French and Italian currencies lately are
more and more of the opinion that the underlying reason is the determined attitude of the United States
Government in demanding some basis of settlement
for its war debts, which has dispelled the seemingly
prevalent idea that the day of reckoning was still a
great way off. The collapse, although undoubtedly
painful, may have beneficial effects if it can stir up
Europe to take a definite stand on the debt funding
question. Belgian exchange has also suffered severely,
despite the fact that its financial position is far
stronger than either France or Italy, and this is explained by the fact that its internal finances are too
closely bound up with those of France to permit of independent movement. It seems improbable that any
attempt will be made to restore Belgian currency to a
stable basis until French francs have been stabilized.
[Vol, 121.
German and Austrian exchanges remain without
change at nominal levels. Greek drachma were
slightly easier, but without specific activity. Of the
minor Central European group, Rumanian lei attracted some attention by an advance of about 434
points to 0.50 as a result of an agreement between the
Rumanian Government and the Bank of Rumania for
the re-payment of the Government's indebtedness to
the Bank. It was reported that lei were not on offer
in this market.
The London check rate on Paris finished at 103.60,
as against 102.80 a week ago. In New York, sight
bills on the French centre closed at 4.683/2, against
2
4.69; cable transfers at 4.693/, against 4.70; commer2
cial sight bills at 4.673/,against 4.68, and commercial
sixty days at 4.6134, against 4.623 last week.
Closing rates on Antwerp francs were 4.61% for
checks and 4.62% for cable transfers, in comparison
with 4.64 and 4.65 the preceding week. Reichsmarks
closed at 23.80 (one rate) for both ckecks and cable
.
2
transfers, against 23.803/ Austrian kronen continued
to rule unchanged at 0.0014%. Lire finished the
week at 3.73 for bankers' sight bills and at 3.74
for cable transfers. A week ago the close was 3.57
and 3.58. Exchange on Czechoslovakia closed at
2.9634, against 2.969's; on Bucharest at 0.4934,
against 0.46%; on Poland at 19.20 (unchanged), and
on Finland at 2.53 (unchanged). Greek exchange
finished at 1.613/ for checks and at 1.62 for cable
transfers, which compares with 1.643/ and 1.65 the
week previous.
Neutral exchange, formerly so-called, after a sustained advance lasting for weeks-that is, in the
Scandinavian currencies-the present week suffered
a setback. Following early firmness which carried
Danish kronen to a new high level of 20.77, reaction
set in and the quotation dropped back to 20.44, a
loss of 33 points. Norwegian krone moved in sympathy and slumped about 45 points to 17.44. The
Movement, however, was regarded as a healthy one,
reflecting the usual "natural reaction" that so frequently follows a too violent rise. It was reported that
much of the selling emanated from trade interests
abroad who were endeavoring to force the rates down
for the purpose of counteracting the upswing here and
in London. Local dealers took a relatively small part
in the trading, and rate variations reflected selling in
London and on the Continent. Swedish exchange
was steady but not changed. Guilders ruled easy
but Swiss francs were firmly held. Spanish pesetas
were dull but firm; all on a narrow volume of trading.
,
2
Bankers' sight on Amsterdam finished at 40.043/
40.04; cable transfers at 40.063/2, against
against
40.06; commercial sight at 39.963/2, against 39.96, and
2
commercial sixty days at 39.603/, against 39.60 a
week ago. Swiss francs closed at 19.4134 for bankers'
sight bills and at 19.4234 for cable transfers, in comparison with 19.39 and 19.40 the previous week.
Copenhagen checks finished at 20.44 and cable transfers at 20.48, against 20.36 and 20.40. Checks on Sweden closed at 26.81 and cable transfers at 26.48,
against 26.76 and 26.80, while checks on Norway
finished at 17.44 and cable remittances at 17.48,
2
against 18.083/ and 18.123/ the week before. Spanish pesetas closed the week at 14.503/2 for checks
and at 14.523/b for cable transfers. Last week the
.
close was 14.543/i and 14 563/2.
Concerning South American exchange, very little
change was noted. Rates were firmly held on less
JULY 111925.]
active trading and Argentine checks closed at 40.45
and cable transfers at 40.50, against 40.40 and
40.45. Brazilian milreis finished at 11.07 for checks
and at 11.25 for cable transfers, as contrasted with
10.80 and 10.85 a week ago. Chilean exchange
continues to move upward and closed at 11.63,
against 11.54 a week earlier; but Peru was not
changed from 4 13.
In the Far Eastern exchanges active and erratic
price movements in the silver market were reflected, at least in the case of the Chinese
currencies, which moved irregularly but closed firm.
.(4)
Hong Kong finished at 57%@58, against 5734
573/2; Shanghai at 78@783.i, against 773.@,784;
Yokohama at 413/@413 , against 403 @41; Manila
2
%
4
at 493/2@50, against 499@50; Singapore at 57/@
573/i (unchanged); Bombay, 373/@37/, against
2
5
3734@373 , and Calcutta, 373/@37%, against
A
37y
4.@371.4.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JULY 4 1925 TO JULY 10 1925, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York
Value in United States Money
Country and Monetary
Unit.
July 4.
July 6.
EUROPE$
$
Austria,schilling
.14051
Belgium, franc
.0470
Bulgaria. lev
.007338
Czechoslovakia, krone
.029618
Denmark, krone
.2070
England, pound s
4.8612
ling
.025218
Finland, markka
.0473
France,franc
.2380
Germany, relchsmark.
Greece, drachma
.016418
Holland, guilder
.4008
Hungary, krone
.000014
Italy, lira
.0376
.1821
Norway, krone
Poland, zloty
.1918
Portugal, escudo
.0508
Rumania,leu
.004596
Spain, peseta
.1454
Sweden,krona
.2680
.1941
Switzerland, franc
Yugoslavia, dinar_ _
.017458
•
ASIAHOLIChinaDAY
Chefoo, tael
.7938
Hankow.tael
.7813
Shanghai, tael
.7634
Tientsin, tael
.8046
Hong Kong, dollar_
.5686
Mexican dollar_
.5633
Tientsin or Pelyang,
.5642
dollar
.5746
Yuan, dollar
.3664
India, rupee
.4089
Japan, yen
.5663
Elingapore(8.03.). dolla
NORTH AMER.1.000010
Canada, dollar
.999219
Cuba, peso
.496833
Mexico, peso
.997281
Newfoundland, dollar
SOUTH AMER..9175
Argentina, peso (gold)
.1100
Brazil, milreis
.1158
Chile, peso (paper)
.9749
Uruguay, peso__
•One schilling
is
127
THE CHRONICLE
July 7.
July 8.
July 9.
July 10.1
$
.14041
.0460
.007372
.029617
.2057
$
.14043
.0463
.007361
.029616
.2051
$
.14039
.0461
.007363
.029610
.2045
$
.14043
.0462
.007361
.029615
.2052
4.8604
4.8607
4.8603
4.8609
.025214 .025208 .025202 .025214
.0469
.0470
.0469
.0464
.2380
.2380
.2380
.2380
.016187 .016069 .016181 .016189
.4005
.4008
.4006
.4006
.000014 .000014 .000014 .000014
.0370
.0364
.0369
.0368
.1752
.1805
.1781
.1756
.1919
.1917
.1920
.1919
.0510
.0510
.0510
.0510
.004591 .004673 .004823 .004825
.1452
.1454
.1454
.1453
.2681
.2681
.2682
.2683
.1941
.1941
.1941
.1941
.017484 .017566 .017557 .017552
.7888
.7784
.7621
.7992
.5666
.5604
.7896
.7797
.7644
.8000
.5677
.5595
.7900
.7794
.7638
.8004
.5681
.5605
.7921
.7813
.7650
.8033
.5684
.5623
.5592
.5696
.3663
.4087
.5663
.5608
.5717
.3663
.4087
.5663
.5625
.5733
.3664
.4095
.5663
.5629
.5738
.3667
.4105
.5663
1.000029 1.000063 1.000042 1.000098
.999583 .999583 .999531 .999271
.497375 .497188 .495833 .497167
.997313 .997719 .997688 .997719
.9165
.1094
.1160
.9745
.9167
.1099
.1164
.9736
.9167
.1105
.1160
.9742
.9178
.1109
.1167
.9744
equivalent to 10.000 paper crowns.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $6,021,317 net in cash as a result of the currency movements for the week ended July 9.
Their receipts from the interior have aggregated
$6,592,017, while the shipments have reached $570,700, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSfiTUTIONS.
Week Ended July 9.
Banks'Interior movement
Into
Banks.
$6,592,017
Out of
Banks.
Gain or Lou
to Banks.
$570.700 Gain $6,921.317
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 opera-
tions on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday.
July 6.
July 4.
Tuesday, Wednesd'y, Thursday
July 7.
July 8.
July 9.
Friday.
July 10.
Aggregate
for Week.
$
Holiday. 120,000,000 70,000,000 81,000,000 84,000,000 84.000.000 Cr. 439.000,000
-The foregoing heavy credits reflect the huge mass of checks which come
Note.
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
July 9 1925.
Banks of
Gold.
Silver.
I
July 10 1924.
Total.
Gold.
Total.
I
L
England __158,881.736
158,861,736 128,269,317
128,269,317
France a_ 147,298,043 12,440,000 159,738,043 147,157.37 11,960,000159,117.370
Germany
53,266,20s
d994,600, 54,260.800 23,109,350 1,171,650 24.281,000
b
Aus.-Hun. b2.000.000
b2,000,000 b2,000.000
b2,000,000
Spain _ ___ 101,464,000 26.256.000127.720,000 101,366,000 26,457,000127.823,000
35,589,000 3,349,000 38,938,000 35,417,000 3,416,000 38,833,000
Italy
Netherl'ds. 36.970,000 1.853,000, 38,823.000 44.300,000
836,000i 45,136,000
Nat. Belg_ 10,891,000 3,217,000' 14,108,000 10,819,000 2,681.0
13,500.000
Switzerrd_ 19,932,000 3,572,000 23,504,000 20,223,000 3,967.
24,194,000
Sweden.__ 13,045,000
13,045,000 13,740,000
13,740,000
Denmark _ 11,636,000 1,137,000 12,773,006 11,642,000
898,000 12.540,000
Norway___ 8,180,000
8,180,000, 8,182,000
8,182,000
Total week 599,132.97
Prey. week 592,948.83
52,818,600 651,951,579546.225,037 51,386,650 597,611,687
52,770,600 645,719,434546,517,620 50.810.740597,328.360
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £4,819,650 held abroad. d As of Oct. 7 1924.
M. Caillaux's Financial Program.
The confidence which was expressed when the selection of M.Joseph Caillaux as Minister of Finance was
announced, in the ability of the new Minister to pull
France out of its financial hole has apparently been
justified by the general approval with which the first
part of his financial program has been received, and
the public response which is reported to have been
made to it. Difficult as the financial situation of
France still is, it is better than it was a few weeks
ago, and with that improvement M. Caillaux and
his "daring policy," as he has called it, are mainly
to be credited.
In two respects the problem which confronted M.
Caillaux resembled that with which Alexander Hamilton was faced when he became the first American
Secretary of the Treasury. It was necessary to restore confidence in the ability of the Government to
meet its financial obligations, while at the same time
taking specific and prompt measures to meet immediate contingencies. The main facts of the situation
were summarized by M. Caillaux in the preamble to
the bill which he presented in the Chamber of Deputies on June 26. Of the 4,000,000,000 francs which
the Bank of France had advanced to the Treasury
just before M. Caillaux took office, 2,300,000,000
had been used for immediate necessities, and the
remaining 1,700,000,000, notwithstanding large increases from taxation, had since been practically
exhausted. With the Treasury practically drained
of cash, it was necessary to provide for the payment
of 1,800,000,000 francs of national bonds falling due
in July and 3,800,000,000 francs of similar bonds due
in September. It was obvious that failure to pay
the bonds, in addition to impairing the credit of
France, would add to the burden of debt already
resting upon the Treasury. Public opinion on the
whole seemed to be adverse to anything that could
be construed as an inflation of the currency, and an
important minority in the Chamber of Deputies still
favored a capital levy. It was matter of common
128
TH W. CHRONICLE
[VOL 121.
knowledge that the willingness of the French peo- nish Government supplies, no substantial opposition
ple to invest in the short-term national defense to the general plan has been reported.
bonds, which for some years had been issued in a
For the success of his plan M. Caillaux declared
continuous stream, was due to the ability of the that he relied upon the patriotism of the French peoholders to cash their bonds promptly when due, and ple, and upon the appeal to voluntary co-operation
while a certain percentage of bondholders could al- as opposed to compulsion. Back of those arguments,
way be counted upon to accept new bonds for old, of course, lies the undoubted prosperity of the counany wholesale attempt to replace the short-term in- try. It is, indeed, a curious anomaly that while the
debtedness by new issues would, it was feared, be Government of France has apparently been headed
only a transparent device for concealing the actual for bankruptcy, the French people have been enjoyshortage of cash.
ing one of the most prosperous periods in the nation's
M. Caillaux's program boldly contemplated both history. What M. Caillaux now proposes, however,
an increase in the volume of currency and a replac- is only a first step in a program of thoroughgoing
ing of the short-term national defense bonds with a financial reorganization. A further step is intended
new issue, but with safeguards and advantages de- to be the imposition of additional taxes sufficient to
signed to protect the country from the evils of infla- balance the 1926 budget; when this is done it is hoped
tion, on the one hand, and of impairment of confi- to close the "era of loans." In addition, the bill opens
dence on the other. The bill which he introduced on the way to much-needed economies by transferring
June 26 provided, in the first place, for an increase to the Minister of Finance the powers over the creaof the note issues of the Bank of France from 45,- tion or abolition of offices and the appointment or
000,000,000 francs to 51,000,000,000 francs, the addi- dismissal of officials which have been vested in certional 6,000,000,000,000 francs being, it was believed, tain Parliamentary committees. The first fruit of
sufficient for the needs of the Treasury until the this new arrangement was the announcement on
end of the year. With this went a provision for the June 29 that 100 registration offices, with an averissuance of a new series of bonds, exchangeable for age of five employees each, had been suppressed, and
the outstanding bonds which mature in July and that 134 similar offices had bemi notified that they
September, and available only to bondholders, the would shortly be discontinued. The Caillaux plan
interest on the new bonds being payable at a parity will be complete when, with the limit of the floating
with gold and without diminution in the event of a "debt fixed as provided by the bill, all public expendifurther decline of the franc. The details of the loan, tures will be covered by taxation. Then, and not
as is usual in France, were left to be determined by until then, M. Caillaux believes, will the finances of
decree, but it is understood that the bonds will carry France be upon an entirely healthy basis.
4% interest, and that for the purpose of interest payTwo obstacles to the accomplishment of all that
ments the valuation of the franc will be fixed at a M. Caillaux desires are not to be overlooked. One is
figure considerably higher than the recent rates of the Moroccan war, the other is the French foreign
exchange. The exchange of the old bonds for the debt. The war with the Riffs is certainly not one
new is not compulsory, but it is M. Caillaux's belief which France has provoked, and presumably it must
that the advantages offered by the new loan are such be fought through to some kind of settlement, but it
as will lead to the exchange of far the larger part is proving unexpectedly serious and costly, and the
of the old bonds outstanding, thereby relieving the new credit of 183,000,000 francs which Parliament
Treasury from the necessity of more or less constant has just granted will make itself felt in M. Caillaux's
redemption of short-term securities, which has been program of all-round economy. The question of the
one of its greatest sources of embarrassment. It is foreign debt, apparently in the way of adjustment,
reported that the new bonds will be ready for issue as far as the United States is concerned, by the reon Bastille Day, July 14, the great national holiday, cent decision of the French Government to send a
and the bill provides that the maximum amount of debt commission to Washington next month, has
floating debt, not including advances by the Bank of been complicated by the pointed request of Austen
France,shall be fixed at the sum which is reached on Chamberlain for a definite proposal by France for
the date of the closing of the subscription.
the settlement of its debt to Great Britain. The fact
The speed with which the bill was acted upon by that a similar request has been made of all the other
Parliament was a striking tribute to M. Caillaux's debtor Governments, or that the £60,000,000 which
skill and persistency and to the convincing force of Great Britain is willing to accept from them collechis proposals. Within twenty-four hours of its pres- tively is less than the amount which it still owes
entation the bill had been considered by committee, to the United States, does not lessen the obligapassed in the Chamber of Deputies, and approved tion of France to pay its share or make the task of
by the Senate. Discussion of the bill in the Chamber payment easier. It is this problem that M. Caillaux
was notable for the emphatic rejection of an amend- must now attack while putting through his domestic
ment proposing a capital levy, although the vote in program. If his initial success in his negotiations
the two houses showed a considerable division in the abroad shall be as successful as his initial steps at
Government support, and in the Senate the Poincare home have apparently been, the outlook for an adfollowing abstained from voting. Public opinion of justment of a vexatious international situation will
the measure was apparently indicated by the prompt indeed be hopeful.
purchase of a greater volume of national defense
bonds than was presented for redemption. The wisThe Problem of the Automobile.
dom of increasing the note circulation appears to
generally approved in financial circles,
have been
Those who are dogmatic in their opinions and beand while the fear has been expressed that the sin- liefs as to our economics and trade must find themgling out of one class of Government indebtedness to selves somewhat jarred by a report on the automobe paid at a definite ratio to gold may lead to a de- bile in industry that has been made by the "American
mand for contracts on a gold basis by those who fur- Committee on Highway Transport" and submitted to.
JULY 11 1925.]
rrtiE CHRONICLE
129
the Third Biennial Conference of the International In 1924, as this report itself shows, there were in
Chamber of Commerce, which opened at Brussels on use "in the 6,500,000 farms of the United States,"
June 21. In a summary of this report, sent out from 4,200,000 automobiles,"with 370,000 motor trucks in
Washington, we learn that "the American people use." And it is no doubt true, as contended, that in
are spending about $8,000,000,000 annually in the centres like "Indianapolis and St. Paul more than
purchase and maintenance of automobiles. Of this 90% of the milk is handled direct from producer to
amount $2,000,000,000 goes for new machines and the city distributer by motor truck and from 10 to
the remaining $6,000,000,000 represents accessories, 95% of the country's total production of butter, eggs,
gasoline, tires, repairs and garage charges. There fruit, potatoes and hogs are being delivered by moare now in use in the United States 17,500,000 pas- tor." But, allowing for growth, this was all delivsenger cars and trucks, or one to every seven persons ered by other methods before the recent rapid adin the country." These figures are so enormous as to vance of the automobile, and it remains to be shown
be startling. And to the thinking mind they must in what way this new transport has increased proarouse a deeper questioning into effects than seems duction; 370,000 trucks do not go very far in 6,500,
to have been the province of this committee. We take 000 farms. As to the conclusion reached by this rethe following from this summary of the report:"The port that the automobile, or motor vehicle, "as a
widespread use of the motor car is beleved respon- feeder, a supplement to the main lines of railway
sible by the committee for an increase of billions of transportation . . . exercise their greatest usedollars in the country's wealth and resources." Al- fulness," it cannot be claimed that the co-ordination
ter declaring that the motor car is not a luxury, but is direct or profitable, since the short haul is serian economic necessity, the committee says: "During ously impaired thereby.
the period of the motor car's advance in America,
As to "notable extension of educational facilities
savings bank deposits have nearly doubled; individ- available for rural populations," it may be granted,
ual bank deposits have more than tripled; assets of but is a minor consideration in the financial probbuilding and loan associations have tripled, and life lem. As to extending the "economic range" of the
insurance in force has increased two and one-half farmer's "choice of markets," this is true as far as it
times. This would seem to prove that development goes, as far as the 370,000 motor trucks in use by
of the automobile as a basic element of transporta- farmers will aid him in his marketing, but the more
tion has been a vital part of the increased efficiency than four million farmers' automobiles left, save in a
and productive capacity of all interests."
very small way, are not trucking machines. As to
It is captious to say, but certainly not irrelevant, motor truck lines for freight, they often parallel
that it is easy to understand the influence of .the steam trunk lines, for they run from town to town.
"motor car's advance in America" upon "life insur- And after all this we have nearly thirteen million
ance in force," but that is one of the "interests" we machines used by urban dwellers that practically
do not particularly care to realize upon. As to the earn nothing. What the automobile has done is to
effect on bank deposits, we are inclined to believe foster, even compel, the building of "good roads,"
that the case is not proven. As we said in the begin- concreted highways; and under the taxing system
fling, these colossal figures startle the complacency they have paid for a portion of these. But the inof our dogmatism. How a people can spend six bil- creasing long hauls of road materialsand of autos and
lions a year for operating expenses of automobiles parts accruing to the railroads cannot compensate
and put more money in the bank, and still not de- for the losses by reason of auto competition—rememcrease the returns of other older and well-established bering that the railways also are heavily taxed to
transportation factors, is more than we can under- build highways for autos to run over to compete
stand offhand. But let the committee enlighten us with the railways in so far as they do. And nearly
upon this point. The report says: "Obviously, it is every railway manager can testify to the fact that
as a unit of transportation that the motor passenger passenger traffic has been materially diminished by
vehicle and the motor truck assume their greatest travel in privately owned machines.
importance. One of the lessons that Americans have
To repeat the second time, here is an "advance,"
learned after some bitter experience is that the trans- an "improvement" that it is not wise to dogmatize
portation problem is of dual nature; its major or about. One of the wonders to the common-sense
trunk line functions and its minor or local distribu- mind is how a people can grow rich by the process
tion functions. The tying-in of individual transpor- of spending $6,000,000,000 a year with very little
tation to water, steam and electric railways systems, that is permanent in value to show for it when it is
presents a major problem, since no one form of trans- done. Perhaps they have grown rich in other ways!
portation can either reach its greatest state of use- Money spent for gasoline, tires, repairs and garage
fulness to the community unless all other agents are charges cannot go directly into savings banks, if as
duly weighted. Out of the welter of conflicting inter- a matter of economics it can be said ever to go there.
est and active opposition there is developing in the Yet the auto is here and a very present problem. In
United States a definite understanding of the rela- our large cities they are so thick as to be in each
tion between motor and other transportation, and we other's way. They are so congesting streets as to
are now able to avoid many of the losses and the cause serious consideration of three street levels,
conflicts in which railways and motors previously which, when it comes, will entail enormous expense.
competed for service for which they were economic- As it is, taxis are buzzing like bees swarming in the
ally unfitted."
downtown sections, and in at least one city the horseNow, it is not worth while to try to make a ease drawn vehicle has been banished from the central
for or against the automobile. It is here to stay and section. The philosophic question involved is this:
we must make the best of it. But it is not out of Considering the cost of roads and schools, and the
place to point out that this "tying-in" process the waste of the auto not used as a business economy,
committee refers to is one of the most imperfect has not this machine hurried us into complications
developments of the time as matters stand to-day. that would not have followed the slower improve.
130
THE CHRONICLE
[VOL 121.
ments by other methods? II so, where lies the fault original conceptions, and the modifications
have
save in the people themselves? And can another grown into fixed traditions; witness, for
example,
equal, and at all similar, national expense be pointed the Monroe Doctrine as now interpreted
, and the
out? What would have been said ten years ago idea of provisional control or government,
as in
about an annual expense of $6,000,000,000 princi- Cuba, Haiti and the Philippines. Within
the nation
pally for pleasure riding? What is to be said of the great increase of wealth, the extension
of every
this expense of $6,000,000,000 in the face of the fact form of business and industry, and close
contacts
that we are trying by every means to reduce the an- with other nations, have all united to
affect the charnual cost of the Federal Government to $3,000,000,- acter and the institutions of the
American people.
400? Yes, thousands are well employed in the in- Civilization itself is undergoing constant
change,
dustry itself. True, that bringing the city to the and ideas resulting from modern
conditions and difcountry and the reverse is educative, improving, cul- ferent ways of life find
expression in new philosturing. But man has still two legs that will carry ophies, both individualistic
and social. These all
him to the heart of nature if he really will go—and have to fall into the alembic of
daily life for testing,
when he rides he too often sees nothing. Well— compelling the review of long
accepted views, and
those who do not dogmatize are tolerant. And tol- their re-statement, or a contest
for their preservaeration teaches that those who "go slow and com- tion. There is, however, in the
American tradition
prehend" are wise. And the moral is, if there is one, in its application a substance of
truth which will not
that all that is named progress is not always so; and be abandoned and cannot be adequately
expressed in
"advance" according to our means is the best ad- the slogans that from time to time are
for party purvance for us all!
poses set forth in its behalf.
Two special contributions to political science were
The Essential American Tradition.
made at the outset, one in the realm of ideas, the
A book of exceptional value has just been issued other in the organs of State designed to secure the
under the above title.* It brings together in briefest functioning of representative democracy. The one
form the original statements of the ideas and senti- was to free the individual from other authority than
ments of the early leaders in the making of America, that of laws made and administered by men whom
which embody the essential political doctrines and he had a hand in choosing, and who are themselves
held in check by those laws. The individual as a
principles held by the people of the United States.
It is not an attempt to restate those principles or conscious factor in every department of the common
to trace their authoritative interpretation and de- life was a new contribution to human society. It
velopment; much less to attach labels to them, as is was but slowly apprehended and was much affected
done in support of every new attempt at political or by the environment in which the new settlers found
Governmental control. Here in connection with the themselves. Once grasped it became fixed and charoriginal statements is a succinct account of the sur- acteristic. It crystallized the conception of Natrounding conditions which affected the minds of the ural Law and Natural Rights, served to interpret
founders of the nation and indicate the origin of past human experience and as the new life developed
their political ideas, and also of the contemporary took root in Church and State. It had been present
criticism under which these were wrought into form as a conception in the mind of Europe for generain the Federal Constitution, and, as subsequently tions, but had not taken root or found acceptance.
affected by the habits and customs of the people, they There under the impulse of the Treaty of Peace peowere embodied in the Constitutions of the United ple to-day are finding it a method of government far
States and of the Union. All this has especial value more difficult to apply than they expected. The inin the face of the constant attempts that are made dividual with them is not as free to think and act as
to enlarge the scope of government or to change es- he was in quieter times; life has become more complex. America's method is still a great laboratory
tablished methods.
The American system of government was a depar- experiment; its permanent place and value are yet
ture from the systems of the past, and as an experi- to be determined.
The other contribution is the new organs of Govment in self-government has for nearly a century
and a half held the attention of the world and had an ernment designed to carry out representative democimportant part in shaping modern history. Its racy. The breach with England was largely the regrowth and strength make it a distinct contribution sult of unwise acts of the British monarchy at the
to modern civilization and justify faith in its per- time, aimed chiefly at securing financial revenue.
manency without substantial change. In this book There was as yet no compelling democratic impulse
will be found material for knowing exactly what the forcing an issue. The Rebellion gave new ideas an
essential American idea is and how it is to be justly opportunity here as it did soon after in France, and
later in Central Europe. These ideas were shaped
regarded in the subsequent life of the nation.
Unquestionably at every stage the nation has in the Constitution and taken up by the States, but
sought to respect it. A rapidly increasing mass of had, and still have, to be fought for. The Declaramen, with many interests and great variety of per- tion of Independence was aptly described in modern
sonal traditions, as well as diversity of speech, were times as "not a theory, but a program of action."
to be fused into a whole; and a vast territory was to It was not wholly approved even among the men of
be subdued and occupied. From time to time contro- the day. The path to a settled form of government
versy with other nations and occasional wars created was thorny. The Federation proved weak and was
abiding antagonisms, even though they resulted in little trusted. At one time the Continental Congress
enlargement of territory and increase of national had only 15 members, representing but seven States.
self-consciousness and intensified patriotism. This Washington said of it: "We are fast verging into
has been a positive influence in modifying the anarchy." The men who met in 1787 to form the
Constitution felt it necessary to conduct their de."The Eeeential American Tradition," by Jesse Lee Bennett. Geo. H.
bates in secret. The written Constitution was in
Doran & Co.
JULY 111925.]
THE CHRONICLE
131
itself an experiment, but hesitatingly and slowly can be subverted only by a
pretense of adhering to all
adopted. It had to hold the people together, to main- the forms of law and
yet by breaking down all the
tain the social order and to establish a financial sys- substance of our liberties."
tem. It was planned to work as a machine and at the
Though in the past, administrative officers, from
same time respect the sovereignty of the individual Mayors to Presidents, have
been accused of exceeding
States on which it rested and from which it grew. It their powers, and Senators of the
United States have
must connect known methods of government with from the beginning been
tempted to extend theirs,
new devices. It was a new society in an old shell, as and ex-members of the
Cabinet were but now before
found in the habits and traditions of the people. the courts for questionable
official conduct, and the
Three divisions of Government were to be created Supreme Court has just
declared the action of a
that would co-operate effectively and yet keep within State Legislature illegal and
void in depriving its
definitely prescribed lines. Old folkways had to be citizens of the right to
educate their children as they
inserted to satisfy one group of statesmen who laid may think best, this is
not exactly the danger
stress upon machinery, while another group required to our institutions uppermos
t in the mind of the
emphasis upon the inherent power of noble principles public.
and high ideals of human character. All know the
It is one, however, that was prominent in the
result. It had to be soon amended in a dozen ways thoughts of the fathers
of the country and has not
and has been further expanded since.
disappeared. A very small minority of the dominant
The two conceptions, of the value of the experience party can completely control
legislation and leave
of the past, and the strength of the aspiration seek- to the common will of the
people slight opportunity
ing to shape the future, are embodied in it. The one, of expression at the critical
hour. In the opinion of
strictly practical, tends to become static; the other is our author, as the result of
his
ideal and more positively dynamic. Meanwhile the pends when instrumentalities survey, the time imwill need to be estabworld has changed its attitude. New nations assume lished that will secure the
conscious expression of
new positions; and new political theories are in- that will.
evitable. Our Government has to maintain its naEconomic realities affecting the lives of the cititional position and accept the new and inevitable re- zens of any and every class
must find expression in
sponsibility, while it remains true to itself. In its the law, and there must
be in Congress that care for
free and effective action it must hold the respect and the interests of the people
that is now used in the
support of the people and at the same time it must interest of blocs and
classes. Such instrumentalities
not fail to enlighten and lead them. Its abiding task need not involve any basic change
in the form of govas in face of recurring conditions is thus summed up ernment, but they will equalize
it in case this should
by the historian: "It would be unconsciously altered fail to be remedied by a larger
intelligence and a
as a form of government should it remain so inflexi- truer sense of responsibility on
the part of the presble as not to change with changing conditions when ent representatives. Meanwhi
le new agencies creit has to protect the rights of the individual citizen ated from time to time by the
Government cannot be
or to prevent the growth of dominant groups pervert- too carefully kept by their
officers within the lines
ing the organic law of the nation."
of their charter or too watchfully held to a stricter
This is the outline of the story as told by our au- accountability.
thor; to which is added a host of brief and pregnant
Organizations created by the Government on the
quotations from the men who have fashioned the na- one hand, and the Governm
ent itself in its various
tion. From among them he quotes at the end Alexan- branches on the other, will
always be in need of this
der Hamilton, saying "The liberty of the country reminder.
Railroad Gross and Net Earnings for May
Comparisons with a year ago of the earnings of
United States railroads are now rapidly improving.
Exaggerated importance, however, should not be
attached to the fact. Comparisons are getting better simply because a year ago they were steadily
growing worse. The present improvement, therefore,
represents merely recovery, and only partial recovery at that, of what the carriers lost in earnings,
gross and net, a year ago. However, the improvement is satisfactory and encouraging as far as it
goes. What makes it particularly gratifying is that
no matter what the present trade situation or the
present volume of business, things at all events are
not so intolerably bad as they were at the corresponding time in 1924, when, however, they were so
bad that they could not conceivably have been much
worse.
Trade the present year has been far from what had
been counted upon. The revival of activity, which
came last November with the election of Mr. Coolidge by such a decisive vote, lasted scarcely more
than three months, and since then the volume of
trade has been slowly and gradually declining, but
at least there has been no such profound slump in
business as occurred in the spring and sumer of last
year, when business all of a sudden fell away In a
manner and to an extent that has no parallel except
in the collapse which developed the latter part of
1920 following the war period of inflation in 19191920. Stated in brief, the trade situation the present
year is better than it was last year, even though it
may not be up to that of 1923. The railroads are
reflecting that fact in their returns and are showing,
as already stated, larger earnings, both gross and
net, than in 1924, but below those of 1923.
Our compilations this time cover the month of
May,and they register substantial gains in gross and
net earnings alike. In the gross earnings, while the
increase in amount is $11,114,584, in ratio it is, after
all, only very moderate, being no more than 2.33%.
But May is the first month in 1925 since January
when there has been any increase in gross earnings
at all, and therefore in that particular marks a decided change. In the net earnings the improvement
is of much greater extent, both in amount and in
ratio, the gain in the gross having been attended by
132
THE CHRONICLE
a reduction in expenses; in other words, the addition
/
to the net is $16,805,030, or nearly 171 2%. Contrasted, however, with the losses recorded in May
1924, the present gains do not look particularly impressive, for while, as just stated, the increase in the
gross is $11,114,584, and in the net $16,805,030, the
loss in gross in May last year (as compared with the
year preceding) amounted to no less than $70,476,133 and the loss in net to $30,448,063. The satisfactory feature, of course, is the saving in expenses, reflecting increasing operating efficiency. For May
1925 the ratio of expenses to earnings (exclusive of
taxes) figures out only 76.85%, as against 79.74% in
May last year. The comparative totals for the two
years are as follows:
Month of May (190 Roads)
1925.
1924.
.
Inc. (-I-) or Dec.(—).
Miles of road
[VOL 121.
that through control of their expense accounts,
which was destroyed during the period of Government operation, the carriers had vastly improved
their position over 1920, when they were still suffering so seriously from the demoralization produced
by Government control of their affairs. In brief,
they kept enlarging their net year by year and the
1923 gains which were almost entirely lost in 1924
were simply the topmost of a series of improvements
that had been in progress for some time. Thus in
May 1922, when business revival had already begun,
but when the carriers suffered a very notable reduction of their coal tonnage by reason of the strike at
the unionized coal mines then prevailing throughout
the country (coal loadings then having fallen off
47.4% as compared with May of the year before)
236,663
236,098
+0.24
+565
Gross earnings
8487,664.385 $476.549.801 +511.114.584
+2.33 there was only a very small improvement in the
Operating expenses
374,804.861
—5,690.446
380.495.307
—1.50
Ratio of expenses to earnings
76.85
79.74
gross earnings—only $4,069,751, or less than 17
0—
Net earnings
5112,859,524
+16,805,030 +17.49 but there was at the same time a contraction in ex596,054.494
The reduction in erpenses appears the more signi- penses of $23,995,177, and this brought about an augficant when it is noted that, according to the Bu- mentation in the net in amount of $28,064,928, or
reau of Railway Economics at Washington, the rail- roughly 43%. There was improvement also in the
roads in May this year carried approximately 10% net in the year preceding (1921), though gross at
more freight traffic than they did in May 1924. In that time was declining, owing to the collapse in
amount total operating expenses were roughly trade. The decrease in the gross then was $13,214,$5,700,000 less (or 11 2%) than in the same month 331, but it was accompanied by a reduction in ex/
last year. Of the total reduction in expenses just penses of $58,054,141 (the situation of the roads havabout half, or $2,857,669, was in the maintenance ing been so desperate as to compel the most rigid reaccount, but that still leaves about an equal reduc- trenchment and economy), thus leaving a gain of
tion in transportation costs and in miscellaneous ex- $44,839,810 in the net earnings. The loss in the gross
penses. With reference to the improvement in the at that time was only 2.89%, which, of course, failed
volume of traffic, it is of interest to observe that in to reflect either the great falling off in traffic or the
what is called the Eastern District, covering New extent and magnitude of the depression in trade
England and the Middle and Middle Western States, under which the country was then laboring, the reafreight traffic, according to the Bureau of Railway son being that railroad rates, both passenger and
Economics, was nearly 12% above that for May last freight, had been advanced and the added revenue
year. That part of the country embraces the great from the higher rates served to that extent to offset
manufacturing industries in which the falling off in the loss in earnings resulting from the shrinkage in
business last year was especially pronounced. In the volume of traffic. Contrariwise, the saving in
the Southern District the increase in freight traffic expenses then achieved was effected in face of higher
is put at about 10%, while in the 'Western District, wage scales, the Railroad Labor Board having the
embracing substantially the Western half of the coun- previous summer awarded a 20% increase to the emtry, the increase in freight traffic is estimated to ployees, at the same time that the Inter-State Comhave been only slightly over 4%.
merce Commission granted the carriers authority to
With reference to the big losses in earnings sus- put into effect higher rate schedules for passengers
tained in 1924, of which only a portion has now been and freight. Had business and traffic remained
recovered in 1925, it seems proper to recall for the normal, the higher rate schedules would, according
benefit of the reader that these losses followed pro- to the computations made at the time, have added
digious gains in the year preceding—that is in May $125,000,000 a month to the gross revenues, and the
1923, when the totals were of exceptional size. In higher wage schedules would have added $50,000,000
May of that year the roads were in enjoyment of an a month to the payroll of the carriers, as was pointed
unexampled volume of traffic, as has been many out by us at the time.
times related in these columns. Our compilations
On the other hand,in any attempt to appraise corof earnings for May 1923 reflected this tremendous rectly the big reduction in expenses effected in 1922
expansion in trade and in traffic, there having been and 1921, the fact should not be overlooked that, as a
vn addition to the gross (as compared with the pre- result of the antecedent prodigious increases in the
ceding year) of no less than $97,510,054, or 21.77%, expenses, net earnings in 1920 had been reduced to
and an addition to the net in the sum of $32,573,715, very low levels. In May 1920 our compilation of
or nearly 35%. But admitting the existence of ex- earnings was a very unfavorable one by reason of
ceptional prosperity at that time, it is equally plain great augmentation in operating expenses disclosed,
• that in 1924 the roads once more passed to the other and as a matter of fact these high operating costs
extreme, and had to sacrifice practically all they had been a feature of the returns for many previous
had then gained. Of the $97,510,054 increase in years, too. Railroad operating conditions in May
gross in May 1923, $70,476,133 was lost in May 1924, 1920 had been such as to render out of the question
and of the $32,573,715 improvement in net no less any other than an unfavorable result. The so-called
than $30,448,063 was lost. In the net, however, "outlaw" strike, which had served so seriously to inthe roads had been steadily improving their position terfere with railroad operations the previous month,
prior to the setback which came in 1924.
continued with greatly aggravated consequences in
The course of gross and net earnings in these ear- May. In these circumstances, railroad operations
lier years is always worth tracing and study reveals not only were difficult, but costly, and accordingly
JULY
11 1925.]
THE CHRONICLE
it was no surprise to find that although gross earnings increased $38,629,073 over the amount for May
of the previous year, the augmentation in expenses
reached no less than $61,001,464, leaving a loss in
net of $22,372,391.
As a matter of fact, however, as already stated,
the 1920 decrease in net was merely one of a series
of. losses in net that had been continuing through
successive years. As indicating how expenses had
been mounting up, it is only necessary to note that in
May 1919, though gross earnings increased as compared with 1918 in amount of $35,132,305, the augmentation in expenses reached $69,091,093, leaving
a diminution in the net of $33,958,788. Similarly for May 1918 our compilations registered-$31,773,655 increase in gross, but $14,459,024 decrease in
net, owing to an increase of $46,232,679 in expenses.
For the three years combined, therefore, the loss in
net for this single month was $70,790,203, in face of
an increase in gross earnings of $105,535,033. Expenses in the three years for this month increased
$176,325,236. Even prior to 1918 rising expenses
were a feature of the returns, though, not, of course,
to anywhere near the extent which subsequently developed. In the following we show the May comparisons for each year back to 1906. We give the
results just as registered by our own tables each
year, though in 1908 and prior years a portion of the
railroad mileage of the country was unrepresented
in the totals, owing to the refusal at that time of
some of the roads to furnish monthly figures for
publication.
Gross Earnings.
Year.
Year
Year
I Increase or
Net Earnings.
Year
Year
I Increase or
133
entire system, including all roads owned and controlled, reports an increase in gross of $2,671,741
and an increase in net of $1,795,530. However, this
follows a loss of no less than $13,310,431 in gross and
of $2,812,329 in net in May last year on the same
system. The New York Central the present year
reports $1,058,910 addition to gross and $514,413 to
net following $8,245,828 loss in gross and $3,241,187
loss in net in May 1924. For all the New York Central lines combined the showing the present year is
$1,891,285 increase in gross and $1,382,590 increase
in net,following $13,036,282 loss,in gross and $6,762,511 loss in net in the same month last year. The
Baltimore & Ohio the present year has added $327,389 to gross, but falls $81,921 behind in net. Last
year in the same month this road reported $5,249,822
decrease in gross and $1,064,631 decrease in net. In
the following we show all changes for the separate
roads for amounts in excess of $100,000, whether increases or decreases, and in both gross and net:
PRINCIPAL CHANGES IN GROSS EARNINGS FOR MAY.
Increase.
Increase.
Pennsylvania
a$2,385,965 Erie (3)
$137.491
sT i Jers ,aci c
i st
Chesapeake & Ohio
1,548,951 i'V: h l& ra Shore_
111
7
.
ern
New York Central
b1,058,910
,077
Norfolk & Western
860,287 Chicago & Eastern Ill_ _ _
125,874
Duluth Missabe dr Nor
619,143 Bangor & Aroostook_.
114,143
Seaboard Air Line
602.122 Central Georgia
110.684
516.576 Grand Trunk Western_
Wabash
108.448
480.058 Duluth & Iron Range...
Florida East Coast
107,509
441,159 NYNH& Hartford
C C C dr St Louis
101,042
429,342
Great Northern
-San Fran (3)„
416,824
St Louis
Total (38 roads)
$14.203,675
Missouri Pacific
413.765
388,262
Lehigh Valley
Decrease.
328,888 Chicago Burl & Quincy- $862.382
Michigan Central
327,389 Union Pacific (4)
Baltimore & Ohio
738,893
, 304,678 Chicago Milw & St Paul
Louisville & Nashville_ _
631.705
279,138 Reading
Detroit Toledo & Ironton
325,996
268,023 Atch Topeka & S Fe (3)
Wheeling & Lake Erie__ _
318,840
.
264,868 Chicago & North West
Hocking Valley
265,622
257,910 Southern Pacific (7)
Elgin Joliet & Eastern_ _
251,098
248,942 Mobile & Ohio
Central New Jersey
247,684
225,215 Southern Railway
Delaware & Hudson__
226,743
172,000 Chicago St P Minn & Om
Long Island
150.272
158.824
Atlantic Coast Line
142,922
Total (21 roads)
N Y Chicago & St Louis
84.019.235
Note.
-All the figures in the above are on the basis of the returns field
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
3
I
$
1906 ___ 115,304,508 105,787,062 +9,517.444 34,414,213 30,946,848. +3,487,365 returns so as to make the results conform as nearly as possible to those given
1907 ___ 144,267,760 121,074,984 +23.192,776 43,765,836 37,319,290 +6,446,548 In the statements furnished by the companies themselves.
1908 ___ 133,680,555 172,218.497-38,537,942 38,076,927 50.922,678-12,845,751
a This is the result for the Pennsylvania RR. (including the former
1909 ___ 196,826,686 170,600,041 +26,226,645 64,690,920 49,789 800 +14,901.120 Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis and
1910 _ _ 230,033,384 198,049,990 +31,983,394 70,084.170 64.857.343' +5,226,827 the Grand Rapids & Indiana), the Pennsylvania RR. reporting $2,385,965
1911 ___ 226,442,818231,066,896 -4.624,078 69,173,574 70.868,645 -1,695,071 increase. For the entire Pennsylvania System, including all roads owned
1912 ___ 232,229,364 226.184,666 +6,044,698 66,035.597 68.488,263 -2,452.666 and controlled, the result is an increase in gross of $2,671,741.
1913 --_ 263,498,033232,879,970 +30,616,063 73,672,313 66,499.916 +7,172,397
b The New York Central proper shows $1,058,910 increase. Including
1914 ___ 239,427,102265.435 022-26 007 920 57.628,765 73.385,635-15.756.870
auxiliary and controlled roads, like the Michigan Central, the
1915 -.244.892,738243,367,953 +1,324,785 71,958,563 57,339,166 +14.619,397 the various
Four," &c., the whole going to form the New York Central System,
1916
308,029,096244,580,685 +63,448.411106,598.255 71,791,320 +33.806,935 "Big
the result is an increase of $1,891,285.
1917 ___ 353,825,032308,132,969 +45.692,063109.307,435105,782,717 +3,524,718
1918 ___ 374.237,097 342,463,442 +31.773,655 91.995,194 106,454,218-14,459,024
PRINCIPAL CHANGES IN NET EARNINGS FOR MAY.
1919 ___ 413,190,468378,058,163 +35,132,305 58,293,249 92,252,037-33,958,788
1920 ___ 387,330,487348,701,41 +33,629,073 28,684,058 51,056,449-22,372,391
Increase.
Increase.
1921 ___ 444.028,885457,243,216 -13,214,331 64.882,813 20,043,003 +44,839,810 Chicago & North Western $1,675,841 Detroit Toledo & Ironton
$199,707
1922 ___ 447,299,150443,229,399 +4,069,751 92,931,565 64,868,637 +28,064,928 Pennsylvania
198,671
a1,516,861 Elgin Joliet & Eastern_ _
1923 ___ 545,503,898447.993,844 +97,510,054126,173,540 93,599,825 +32,573.715 Chesapeake & Ohio
196.568
828,776 Minn St P & S S M___ _
1924 __ 476,458,749548.934 882-70,476,133 98,048,087126,496,150-30.448.063 Lehigh Valley
173.646
828,659 Seaboard Air Line
1925 _.487,664,385478,549,801 +11.114,584112.859,524 96.054.494+16.805,030 Norfolk & Western
173,304
757,051 Long Island
May.
Note -Includes for May 96 roads In 190C, 92 in 1907; in 1908 the returns were
based on 153,310 ml es of road; In 1909. 220,514; in 1910, 229,345;in 1911, 236,230;
In 1912, 235,410;In 1913,239.445;In 1914,246.070;In 1915.247.747; In 1916,248.006
In 1917, 248,312; In 1918. 230,355; in 1919. 233,931: In 1920, 213,206; In 1921,
235,333; In 1922, 234,931: In 1923. 235,186 In 1924, 235,894; In 1925, 236,683.
With the roads as a whole showing the present
year fair-sized recovery of what had been lost in May
last year, it follows as a matter of course that the
character of the exhibits of the separate roads is of
much the same nature. In other words, gains in
earnings, gross and net, are the rule. Losses, however, are by no means lacking, either in the gross or
the net, and some of these are contributed by important systems. Thus the Southern Pacific, the Burlington & Quincy and the Milwaukee & St. Paul, all
belong in that category, having sustained losses in
gross and net alike, and a number of other Western
roads, like the Union Pacific, the Chicago & North
-Western and the Atchison, have fallen behind in the
gross, but have managed to enlarge their net through
reductions'in expenses. The Chicago & North Wester, is perhaps the most conspicuous instance of the
latter kind, having enlarged its net by $1,675,841,
though the gross decreased $265,622. The great East
and West trunk lines, as well as Southern and Southwestern roads, as a rule give very good accounts of
themselves. Thus the Pennsylvania Railroad for its
Atch Topeka & S Fe (3)
Northern Pacific
Duluth Missabe & Nor
New York Central
Wabash
St Louis-San Fran (3)
Louisville & NashvilleErie (3)
Union Pacific (4)
C C C & St Louis
Michigan Central
Union RR
Illinois Central
Great Northern
Delaware & Hudson_ _ _ _
N Y Chicago & St Louis_
Central of New JerseyTexas & Pacific
Wheeling & Lake Erie_ _ _
Grand Trunk Western.
Bessemer & Lake Erie_ _ _
Missouri Pacific
Denver & Rio Gr West
N Y N H & Hartford_
686,534
596.277
565,060
b514,413
451,886
445,731
440,004
419.548
418.916
400.660
394,326
379,911
370,691
365.622
356,651
320,496
280,250
251,844
250,266
242.982
241,486
233,682
231,090
225,719
Hocking Valley
Chic R I & Pacific (2)__
Boston & Maine
Minneapolis & St Louis_
West Jersey & Seashore_
Bangor & Aroostook_ _ _ _
Duluth & Iron Range_ _ _
Chicago & Eastern Ill_ _
Western Pacific
Pere Marquette
Pittsburgh & West Va__
Mo-Kan-Texas (3)
168.512
167,981
166,175
163,361
140,136
137.297
133,665
129,042
116,692
112.585
103,592
100,901
$17.273.068
Total(59 roads)
Decrease.
Southern Pacific (7)____. $1.007,156
546.201
Chicago Milw & St Paul
259,058
Chicago Burl & Quincy__
198,602
Mobile & Ohio
161.713
Southern Railway
154,471
Central Vermont
103,206
Buffalo Rochester & Pitts
Total (13 roads)
•$2.430,407
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR.reporting $1,516,861
increase. For the entire Pennsylvania system, including all roads owned
and controlled, the result is an increase of $1,795,530.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c.,the result loan increase of $1,382,590.
When the roads are arranged in groups, or geographical divisions, according to their location, it is
found that two of the geographical sections, the least
favored ones, namely the Northwest and the Pacific
Coast, show losses in gross, but only one, namely the
Pacific Coast, a loss in net. In the Northwest, as
already indicated, the falling off in the gross was
offset by reductions in expenses. Our summary by
groups is as follows:
[Vol. 121.
THE CHRONICLE
134
SUMMA KY BY GROUPS.
Gross Earning
Inc.(+) or Dec.( )•
1924.
-
1925.
Seaton or Group.
May
Group 1(9 roads), New England__ _ _ 21,085,404
158,004,634
Group 2(33 roads), East Middle
Group 3(27 loads), Middle West__ _ _ 45,573,120
Groups 4 & 5(34 roads), Southern_ _ _ 74,116,877
Groups6 & 7(29 roads), Northwest_ _ 92,871,586
Groups 8 & 9(48 roads), Southwest_ _ 71,045,014
Group 10(10 roads); Pacific Coast _ 24,967.750
20,899,630
152,733,910
42,734,129
70,438,564
93,544,955
70,655,999
25,542,614
grain movement,in our usual form, are shown i the
table we now present:
+185,774 +0.89
+5,270,724 +3.44
+2,838,991 +6.64
+3,678,313 +5.22
-673,369 -0.72
+389,015 +0.55
-574,864 -2.25
WESTERN FLOUR AND GRAIN RECEIPTS.
4 Weeks End. Flour
Barley
Wheat
Corn
Oats
(bush.)
May 30.
(bbls.)
(bush.)
(bush.)
(bush.)
Chicago
1925
813,000 3,190,000 3,352,000 2,642,000
293,000
1924
497,000
799,000 1,106,000 4,319,000 4,040,000
Milwaukee
1925
220,000
103,000
676,000
487,664,385 476,549,801 +11.114.584 +2.33
224.000 1,001,000
Total(190 roads)
1924
170,000
44,000
389,000
496,000
486,000
Na Earnings
St. Louis
-Mileage1925.
1924.
Inc.(+) or Dec.( )•
1925
324,000 1,718,000 1,769,000 2,596,000
1925. 1924.
$
$
1924
364,000 1,584,000 2,723,000 3,056,000
36,000
7,310 7,369 4,364,377 3,893,962
+470.415 +12.08 Toledo
Group 1
34,704 34,709 38,312.753 33,312,879 +4,999,874 +15.00
Group 2
1925
392,000
136,000
615,000
15,988 16,000 12.855 975 9.619,184 +3.236,791 +33.64
Group 3
1924
1,202,000
339,000
295,000
39,141 38,993 19,132,312 16,730,392 +2,401,920 +14.36
Groups 4 & 5
67,151 66,960 19,057,128 14,841,641 +4,215,487 +28.41 Detroit
Groups 6 & 7
62,000
1925
24,000
15,000
76,000
55,299 55,113 14.037,874 11,644,337 +2,393,537 +20.55
Groups 8 & 9
1924
63,000
44,000
124,000
17,070 16,954 5,099,105 6,012,099
15.18
912,994
Group 10
Peoria
100,000 1.291,000
1925
136,000
Total
236,663 236,098 112,859,524 96,054,494 +16.805.030 +17.49
474,000
41,000
1924
157,000
75,000
937,000
673,000
35,000
NOTE.
-Group I. includes all of the New England States.
DuZeahGroup II. includes all of New York and Pennsylvania except that portion west
1925,,
4,355,000
40,000
88,000
476,000
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
1924
1.517,000
484,000
291,000
150,000
the extreme northern portion of West Virginia.
Minneapolis
2,843,000
1925
302,000 1,351,000
785,000
Group III, includes all of Ohio and Indiana, all of Michigan except the northern
1924
3,928,000
384,000
677,000
650,000
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Kansas City
1925
1,776,000
955,000
366,000
6,000
Groups IV. and V. combined include the Southern States south o the Ohio and
1924
2,241,000 1,260,000
400,000
east of the Mississippi River.
Omaha & Indianapolis
Groups VI. and VII. combined include the northern peninsula of Michigan, all o
1925
1,033.000 1,783,000 1,490,000
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
1924
1,479,000 1,929,000 1,654,000
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming Sioux City
and Nebraska, together with Colorado north of a line parallel to the State line
1925
102,000
173.000
184,000
1,000
passing through Denver.
1924
129,000
335,000
234,000
Groups VIII. and IX. combined include all of Kansas. Oklahoma, Arkansas and St. Joseph
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
1925
519,000
558,000
88,000
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
1924
622,000
651.000
96,000
Mexico north of a line ninning from the northwest corner of the State through Wichita
Santa Fe and east of a line running from Santa Fe to El Paso.
517,000
1925
200,000
16,000
X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
Group
1924
and Arizona. and the western part of New Mexico.
Total All
1925
1,517,000 16,710,000 10,798,000 10,977,000 2,278,000
1924
1,490,000 13,990,000 13,794,000 12,026,000 1,864,000
When we come to examine the Western live stock
movement, it does not seem strange that some of the
Western roads should have suffered losses in gross
revenue, inasmuch as this live stock movement fell
very much below that of the same month in 1924. For
instance, at Chicago the live stock receipts comprised
only 18,554 carloads, against 21,102 cars in May
1924; at Kansas City, only 7,394 cars, against 9,669,
and at Omaha only 8,143 cars, against 10,465. This
shrinkage the present year merits the more notice,
as it follows a contraction in May 1924 as compared
with May 1923.
The Western grain movement, also, ran only about
the same as in May last year. The wheat receipts at
the Western primary markets for the four weeks
ending May 30 1925 were 16,710,000 bushels, as
against 13,990,000 bushels in the same four weeks
of last year, and the barley receipts and the rye
receipts were also somewhat larger the present year,
but the corn receipts and the oats receipts fell substantially below the figures of 1924. For the five
cereals combined the receipts for the four weeks the
present year were 44,014,000 bushels, as against 43,911,000 bushels in 1924. The details of the Western
Rye
(bush.)
1.548.000
89,000
68,000
45,000
7,000
22,000
238,000
7,000
8.000
2,000
1.440,000
1,635,000
156,000
218,000
2,000
3,000
3,251,000
2,237,000
As to the Southern cotton movement, the shipments overland in May 1925 were 29,004 bales,
against 40,534 bales in May 1924 and 65,395 bales in
May 1923; 139,348 bales in May 1922; 224,354 bales
in May 1921; 184,436 bales in May 1920; 211,617
bales in May 1919, and 285,394 bales in May 1918,
while the receipts at the Southern outports in May
the present year were only 188,024 bales, as against
209,540 bales in May last year, but comparing with
only 130,291 bales in May 1923. The complete details
of the receipts of cotton at the Southern ports are
shown in the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN MAY AND FROM
JAN. 1 TO MAY 31 1925, 1924 AND 1923.
May.
Since Jan. 1.
Ports.
1925.
Galveston
Texas City, art
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
1924.
52,528
62,302
38,146
1,579
600
6,901
37,902
19,593
89,617
12,193
288
27,161
12,385
517
13,068
5,871
5,575
11,340
188,024
209,540
1923.
39,490
14,457
37,422
4,160
14,722
108
12,782
897
6,253
1925.
1924.
909,663
763,010
593,345
44,951
2,831
179,589
350
115,186
47,149
136,074
573,566
244.058
499,926
33,107
4,777
137,902
43,533
23,239
91,823
1923.
450,483
190.814
455,850
17,268
3,276
151,891
2,947
62,262
19,296
71,720
130,291 2,792,128 1,651,731 1,425,807
National Capacity to Pay-the Influences Affecting It.
By HARTLEY WITHERS.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
On the occasion of the opening of negotiations between
the United States and Italy concerning the funding of the
latter's debt to the former, it was announced that "capacity
to pay" had been carefully considered by Italy, and that the
basic principle, that debt payment should be limited on
these lines, was put forward as recommending itself to the
practical mentality of the American people. The acceptance
and discussion of this principle is said to have occupied most
of the attentions of the delegates of the two peoples at the
first conference, and was hailed by the "Times" Correspondent as a "far cry from the uncompromising American insistence of a few years ago."
Unfortunately, the acceptance of this principle does not
really take us very far towards a practical solution of the
questions Involved. In the first place the principle merely
states a truism, since it is obvious that no nation can be
made to pay more than is within its capacity. If it be true
that American opinion has moved a long way in order to
arrive at the conclusion that no one can draw more than a
pint out of a pint pot, it is a good deal less alert than it is
usually believed to be. In fact, American opinion probably
did not concern itself very closely, with the question of the
amounts that America's European debtors would finally be
able to pay. It had a sound and sensible prejudice in favor
of the view that debts between nations ought to be observed
as carefully as debts between man and man, but it would
certainly have admitted that national, like individual debtors, have to be handled with consideration for the facts of
the case; and that if a debtor who owes £1,000 has assets
worth MOO attempts to exact payment in full are unprofitable to both parties. Recognition of this principle does not,
therefore, throw a very large flood of new light on the broad
issue involved, and as a help towards arriving at a practical
figure it is still less illuminating; because when we have
JULY 11 1925.]
THE CHRONICLE
got it we are still a very long way from knowing what is the
capacity of any people to make payments. We all remember
with how much hope and enthusiasm the appointment of
the Dawes Commission was received, because it was expected
that from its labors the world would at last be enlightened
as to the real facts concerning Germany's capacity to pay
reparations. The Commission did work that will entitle it
and its efforts to an honorable place in history. But we do
not yet know how much Germany is going to pay to her
creditors; and when that is known there will certainly be
plenty of people who will argue from the fact that she has
paid so much, she could, and ought to, have paid more.
Even the actual physical facts of a people's capacity to
pay are only capable of measurement within limits that leave
plenty of room for error. By means of a Census of Production carried out with scientific thoroughness that is rarely
applied to such investigations, it might be possible to know
the value of the total productions of goods and services of
any country in a stated period previous to the inquiry. But
even when we have got thus far, there is still plenty of
room for doubt as to how far this production might be increased by better organization and more scientific methods.
As was shown at the time of the war, all the countries involved had reserves of productive power such as had never
been suspected and only came into practical use because a
great national emergency discovered their existence. To use
his lawn tennis court for feeding his family with a potato
crop did not occur to the average middle-class Briton of
1913 as an economic proposition to be seriously considered.
In 1917 he was doing it.
Capacity to produce thus depends not only on the physical
and material plant at the disposal of a people, which can be
measured with some approach to accuracy, but also on the
quite imponderable question of the extent to which it is prepared to make use of it. The tennis court is there, visible.
But no one can guess how much patriotic or other pressure is
135
required before its owner will set about digging it up and
planting it with potatoes.
And from capacity to produce it is a long step to capacity
to pay; for the latter implies that part of the production is
to be used for the benefit not of the producer but of some
other party—a creditor or a tax-gatherer; and so we come
to the still more unanswerable question of the point at
which the energy of production will be checked by the
thought, that so much of each man's work will be devoted
to somebody else's benefit. In these psychological matters
each nation can only make guesses from its own experience;
and there is no doubt that we in England, at the time when
Income tax and super-tax was at their maximum, were
checked in our readiness to work and to take economic risks
by the thought that something like half the reward of effort
would go into the maw of the tax collector. As long as the
war lasted, this feeling had little if any effect; afterwards,
It was certainly a factor to be reckoned with.
All these uncertainties have to be cleared up before we
can know the facts about the power of a people to make
payments to its own Government; and when the question is
still further expanded by trying to reckon its power to make
payments abroad, a new set of complications arises. One of
the most important services rendered by the Dawes Commission was the emphasis that it laid on a fact—recognized
by economists and business men, but obscure to the general
public—that a people can only transfer money across its
frontiers by means of an excess of exports, using the word
exports in its widest sense. With regard to Germany the
Dawes Commission left this problem to be settled in the
light of experience. It decided how much could be collected
In Germany towards reparations payments, but left the
amount to be transferred to the Allies to be settled by the
exchange value of the mark, payments being limited to the
amount of marks that can be sold abroad without breaking
their price.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 10 1925.
Naturally, business at this time of year is at a rather
moderate pace, although it is noticeable that the effects of
the habit for many months past of buying from hand to
mouth are seen in a more active demand in some trades
than might be expected, if only for the moment. For instance, there is quite a good demand for "filling in" in the
clothing business. And it is noticeable that business in June
showed a tendency to improve, probably for the very reason
that buyers had been drawing it too fine. They had been
buying too little, relying on quick deliveries and comparatively stationary prices. Now it develops that consumption
is to all appearances increasing in this country. The coffee
dealers find that consumption of that beverage goes on and
prices have further advanced. Brazil seems, to all intents
and purposes, still to be in control of the market, partly for
the reason that roasters, jobbers and others had for too long
a period abstained from buying except on a small scale. And
now the quantity of coffee in sight for the United States is
something less than it was a year ago. Sugar has declined
somewhat. Refiners' business has on the whole been rather
disappointing and granulated to-day was down to 5.35 cents,
with raw a little under 2% cents. Evidently production the
world over has outrun consumption. The grain markets
have all advanced during the week. The wheat crop is
estimated at a total of 680,000,000 bushels, against 872,000,000 last year, and prices of wheat are some 3 to 5 cents
higher than a week ago. Corn has advanced, although the
crop is estimated at some 3,100,000,000 bushels, or 650,000,000
bushels more than last year. Oats are higher, with the crop
1,292,000,000 bushels, or roughly 250,000,000 bushels less
than a year ago. There has been fair export demand for
wheat, oats and rye. Cotton has advancd sharply, mainly
because of the persistent Texas drought and the scarcity of
contracts here. Moreover, spinning interests may be on the
eve of better times. Fall River shows signs of more activity.
Instead of weekly sales, as for many weeks recently, of only
30,000 pieces of print cloth, they are 100,000 pieces this week
and reached, it turns out, some 200,000 last week. The feeling there is more cheerful. And at Manchester, N. H., the
big Amoskeag Co. will put on 2,000 more hands in the gingham department on Monday. At the South there is less
talk of curtailment among the cotton mills. There is no
disguising the fact that the cotton goods manufacturing in
this country is not in really satisfactory shape; far from it.
Profits are slim, where there are any at all, and in many
cases the mills are kept going rather than suffer losses from
the overhead charges and the loss probably, too, of labor
which would drift away to other parts of the country. But
the trend is towards improvement. Wool sales in London
are turning out better than expected, particularly on the fine
grades, though the lower grades are dull and selling at less
satisfactory prices. The woolen goods industry in this
country, however, is still quiet.
Building is active where it is not interfered with by the
exactions of labor or quarreling among labor unions. It
now turns out that an arrangement will be made whereby
some $25,000,000 of work will be proceeded with here. But
there is still a question whether there may not be a countrywide hold-up of construction simply because of a quarrel
between bricklayers' and plasterers' unions. It is a curious
commentary on the times when a thing of this kind can
occur in a civilized country. The supply of housing is still
short, rents are high and the people suffer, yet it seems
nothing can be done. Permit values for the second quarter
of 1925 make a high record. Rubber has advanced to-day
to $1 a pound, the highest in nearly ten years, and the only
comfort the rubber consumer has is that the tire manufacturers are resorting to a campaign to save rubber. Fifteen
years ago the price was treble the present quotation, or
$305. Then over-production brought prices down to 17
cents a year ago. From this price there has been a rebound
to $1 because of artificial restriction of output by British
136
THE CHRONICLE
[Vol, 121.
interests. It ought to be possible to introduce economies in gamated Clothing Workers of America. This strike is but
the manufacture of rubber goods, that is by eliminating one of a large number now in effect in cities in which the
waste, to partly meet the situation. In time, of course, it Amalgamated is established, called in the effort of the
will cure itself by the increase of production in other coun- Amalgamated to bring about a 100% organization in memtries. Economic law provides for such things. The remedy bership in all its branches. At nresent strikes are in effect
in Chicago, Buffalo and New York and may be called at a
Is as sure as the fact that the need exists.
One of the most prosperous branches of business is the later date in Philadelphia.
silk industry, as has been the case all along. In the iron and
Chain store sales in June increased in some cases 12% to
steel trade the feeling is hopeful, but as a matter of fact, 23%. The June sales of F. W. Woolworth Co., compared
Just now business Is not at all brisk and there are intima- with the same month last year, showed the largest gain
tions that prices are shaded from time to time, not only on reported for any month thus far this year, according to a
pig iron, but on steel. Whether there is to be a coal strike statement issued by the company. The gain reported was
or not, the operators have refused to advance wages. As the about $1,000,000 larger than the increase reported in May
case stands, the available stocks of bituminous coal are small. and $400,000 larger than the January gain, which was the
Copper had advanced with an expanding demand. This may previous record for the current year. Based upon the sales
be taken as a sign of the times. The automobile industry is for June and for the first six months of 1925, it is estimated
unusually active for this time of the year, although naturally that the current year's business will establish a new high
the sales are smaller than in May and April. The output of record.
The weather was for the most part warm until the aftercars in June was 396,000, against 404,500 in May and 421,878
In April. Brass manufacturers are doing a good business at noon of the 8th inst., when rains lowered the temperature.
higher prices. Mail order and chain store sales in June were At the beginning of the week it was 86 to 90 degrees. On
larger than in May. The stock market has been active and the 8th it was 100 at Kansas City and 92 at Cincinnati, but
in the main firm, though for a couple of days the tone has the temperature had fallen to 76 at Chicago and 72 at Clevebeen more reactionary, as might have been expected, after land, and it was only 80 at St. Paul. It has been up to 110
the recent advance. Many stocks have reached new high in Texas and 100 to 105 in some other parts of the South.
levels, and naturally, there was a good deal of profit taking. The great Texas drought is unbroken. There were heavy
Money has been irregular, but on the whole easier for call thunder showers here to-day, after which, however, the
loans. Time money has been firmer. It is noticed that com- weather became sultry.
mercial paper Is in better demand. This surely is a good
sign. It is regrettable that Italian and French exchange
has been irregular and more or less depressed, but sterling
Increase in Retail Food Prices by Cities.
has been steady. The latest Bank of England statement was
The U. S. Department of Labor, through the Bureau of
the strongest in nine years, and money is easier in London, Labor Statistics, has completed the compilations showing
owing to the large influx of gold. A feature of the London changes in the retail cost of food in 23 of the 51 cities included
business situation is the active, excited and rapidly rising in the Bureau's report, and under date of July 9, says:
prices for rubber. There is distinctly a more cheerful tone
During the month from May 15 to June 15 1925, all of the 23 cities showed
in London. And the French bank rate has been reduced to Increases as follows: Detroit 4%, Cincinnati, Kansas City, Milwaukee,
Mobile, Omaha, Philadelphia and St Louis 3%;
6%. Altogether, the general trend of things in Europe seems Jacksonville, Manchester, Memphis, Peoria and Bridgeport, Fall River.
Portland, Me., 2%; and
to be toward improvement. The closing of the Berlin Stock Baltimore, Boston, Charleston, S. C., Dallas, Little Rock, New York.
Exchange the other day in connection with the bond con- St. Paul and Savannah, 1%•
For the year period, June 15 1924 to June 15 1925, all of the 23
troversy was merely a passing incident. President Cool- showed increases as follows: Mobile, 13%; Memphis and Savannah. cities
12%;
idge has let Europe distinctly understand that the United Little Rock, 11%; Baltimore, Cincinnati, Detroit, Kansas City, Omaha
Peoria and St. Louis, 10%; Charleston, S. C., Dallas, Jacksonville and
States is its friend, but expects European Powers to get toPhiladelphia, 9%; Milwaukee and St. Paul, 7%; Bridgeport, New York
gether in the matter of preserving the peace and take such and Portland. Me.,6%; Boston and Fall River, 5%,and Manchester, 4%.
As compared with the average cost in the year 1913, the retail cost of
beyond question. Then, and
measures that it will be insured
1925 was
then only, will this country be ready to lend its aid to the food on June 15 and St. 66% higher in Detroit, 63% in Baltimore, 58%
in Philadelphia
Louis, 57% in Cincinnati, 56% in Charleston,
peoples across the sea. And in this position the President S. C., 55% in Milwaukee, New York and Omaha, 54% in Dallas, 53%
in Kansas City, 51% in Boston, 48% In Memphis, 47% in Fall River,
will have the backing of the American people, irrespective
Jacksonville and Manchester, and 46% in Little Rock. Prices were not
of party.
obtained from Bridgeport, Mobile, Peoria, Portland, Me., and Savannah
its worst. in 1913. hence no comparison for the 12-year period can be given for those
Pall River, Mass., it is now declared, has seen
For the first time in two years manufacturers there are be- cities.
ginning to be hopeful. They are more so than for many
months past. They think next winter will see a noteworthy Seasonal Changes Important in Factory Employment
in New York State During June Smallest
improvement. Talk of moving to other places has died out.
Decrease Since Curtailment of Operations.
As already stated, last week's total sales there were 200,000
Stating that factory employment in New York State went
pieces, being five times as large as the average for any
week in the last 90 days. Mills are either closed or are not down less than one per cent from May to June, State
running on full time there, however, because raw cotton is Industrial Commissioner James A. Hamilton, in his review
too high and too scarce and cotton goods too low in price. just made public says that this is the smallest decrease
Profits are small, where there are any at all. But the better which has been reported since manufacturers began to curtail
demand recently for mill shares is a straw showing the hope- operations after the early spring gain. Commissioner
ful trend of feeling at Fall River. Many mills are running Hamilton continues:
During June it is estimated almost 1,300,000 workers were engaged in
at least on short time because it is cheaper to do so than to
manufacturing throughout the
close down. Mill owners meanwhile are biding their time. employed a year ago when the State. This is about equal to the number
depression was nearing its low point. Higher
Sales in the past week were 100,000 pieces at firmer prices. payrolls, however, indicate that plants are running closer to full time
schedules than in 1924.
A big demand is said to be developing. The resumption of
The analysis
oprations after holidays has benefited 6,500 workers in tex- one-third of all is based on reports covering 430,000 employees or over
the factory employees of the State. These reports are
tile mills in Holyoke and South Hadley Falls, Mass. A Man- received from a list of firms which has remained practically unchanged for
chester, N. H., wire says that a better business in Amos- a period of over ten years.
Although the June decrease was not large, the
keag's gingham line is indicated in notices posted by the involved probably exceeded previous months whennumber of employees
the total volume of
company calling in nearly 2,000 employees next Monday employment fluctuated more sharply. June is a month when the seasonal
factory in employment is strikingly evident. Summer activity in canning,
morning. Weave rooms closed for three weeks will start
building supplies and men's clothing meant the absorption of
up. Looms which were shut down indefinitely have been men and women into these industries. At the same timethousands of
contraction
ordered opened. The company resumed operations on July 6 continued in other trades as the summer dullness came on. And reductions
with all departments in the worsted section of the mill in began in the automobile factories following the high production of May.
While seasonal movements explained the largest changes in employment
operation. A number of the rooms in the cotton section during June, the downward tendency of the last few months was still la
evidence in some of the metals and textiles.
were still closed.
The Cherokee Falls Manufacturing Co., at Cherokee Falls,
General Tendency of Textiles is Downward.
S. C., has elosed down for a week to give the machinery a
Over a thousand operatives were released from the textile mills reporting
thorough tiVerhauling. The Union Buffalo Mills Co. of Buf- to the State during June and several hundred more were out as the result
of a strike. The most consistent reductions appeared in the carpet mills
falo, S. C., is giving its operatives a two-weeks holiday.
which are beginning to slow up after an unusually active spring. Knit
At Rochester, N. Y., a strike affecting 150 clothing work- goods—silk, cotton and woolen—showed hardly more than the usual
ers has been called on the Aaron Silverstein clothing firm, reductions but the factories are running below last year. The situation in
cotton was not encouraging as part time was instituted in some of the mills.
and contract shops manufacturing for them, by the Amal- Woolens Improved somewhat and several companies reported they were
JULY 11 1925.]
THE CHRONICLE
working longer hours. Those employed at finishing textiles were affected
by the dullness in cotton goods.
The importance of the automobile industry is seen in the wide range of
manufactures affected as the peak of activity was passed. Batteries.
bolts, hardware, castings, upholstery, brass and copper accessories were
all pulled downward. Manufacturers of automobiles and parts reporting
to the State let over a thousand employees go in June, although not all
factories began to curtail operations. June also brought further reductions
in iron and steel mills. Copper was uneven. While railroad equipment
factories were employing as many men as in May,employees in the several
equipment districts were seriously affected by the changes that occurred
within the plants. There were fewer engaged in railroad repair work.
Typewriter factories were busier but instruments of precision and lenses
went down during June.
137
Enormous Building VolumeTinTJune—F. W. Dodge
Corporation's Review of Building Activity.
June was another month of enormous building volume,
according to F. W. Dodge Corporation. Contracts awarded
last month in the 36 Eastern States (which include about
'Hi of the total construction volume of the country) amounted
to $540,609,600. This was only 7 million dollars less than
the highest record figure, which was reached last April.
The increase over May was 9%; over June of last year,
nearly 40%. It is rather unusual for the June building
volume to exceed that of May. The statement goes on to
say:
Large Seasonal Gains in June.
While over a hundred employees were taken on in the brick yards reporting to the State, the stimulus of the demand for materials was reflected in
Each month of the past quarter has had a larger building total than that
higher wages rather than in increased employment. Seasonal wage rate of any month previous to April. The first quarter of 1925 increased $44,increases were granted. Employment is now about 20% under last year 000.090 over the first quarter of 1924; the second quarter of this year
but part of this is due to the introduction of machinery in the Hudson increased $294,000,000 over the second quarter of last year. The total
River district. There were small gains in cement and plaster and a decided increase during the past six months has been over $338,000,000; which is
improvement in some of the mills making house trim.
nearly 15%. This increase has brought the total construction of the first
The warm weather early in June and sufficient rain resulted in an early half of 1925 up to $2,660,173,700.
the canning factories and rushed the beverage industry. Forces
start for
The June record included the following important items: $208,582.500.
in the canneries almost doubled. Other seasonal increases appeared in or 39% of all construction, for residential buildings; $92,915,700, or 17%,
baked goods, ice cream and candy. Cigar manufacturers are still cutting for public works and utilities; $92,151,900, or 17%. for commercial buildforces.
ings; $64.584,800, or 12%, for educational buildings; and $25,161,400, or
Over 2,000 workers were added to the payrolls of the men's clothing 5%, for industrial buildings.
factories making a monthly report, as both the up-State and New York
Contemplated new work reported in June amounted to $667,876,600.
City seasons progressed. Shirt and collar factories operated at a lower This was 6% less than the amount reported in May, but 54% greater than
rate than in May and manufacturers of all kinds of women's clothing the amount reported in June of last year.
reported the usual dullness at this time. Conditions in the shoe industry
New England.
were uneven. Heavy seasonal reductions appeared side by side with
increases after the recent depression.
June building contracts in New England amounted to $42.963.200. This
Changes within the chemical industries included losses in soap and drugs was 15% under the May figure, but 26% over the total for June of last
and a seasonal gain in petroleum products. There was a severe curtailment year. New construction started during the first half of this year has
in one or two of the industrial chemical factories. Paper goods and print- amounted to $212,387,400. an increase of 19% over the first half of 1924.
ing plants had slightly fewer employees at work in June.
Last month's record included: $16,653,300, or 39% of all construction,
Poor market conditions and the approach of summer made furniture for residential buildings; $11,293,900, or 26%. for commercial buildings;
manufacturers slow up further and pianos tended downward.
$4.487.000. or 10%, for industrial buildings; $4,334,600, or 10%, for
educational buildings; and $2,975,300. or 7%,for public works and utilities.
Small Decrease in New York Gity.
Contemplated new work reported in June amounted to $42,219,600.
The course of employment in New York City from May to June closely This was a decrease of 24% from the amount reported in May, but an
followed that of the whole State. However, the absence of heavier metal increase of 10% over June of last year.
manufactures, particularly automobiles, made the decrease for this city
New York Stale and Northern New Jersey.
slightly less. There Were 170,000 enlployees in the reporting factories.
about the number at work a year ago.
Contracts awarded last month in New York State and Northern New
Hundreds of workers were taken on in the food plants reporting to the Jersey amounted to $121.996,500. This was an increase of 8% over May
State, particularly in the biscuit factories after recent reductions and there and of 33% over June 1924. Total new construction started in this district
were one or two large gains in the candy factories.
during the first half of this year has amounted to $625,056,300, which is
All the sewing trades, with the exception of men's clothing, moved 17% less than the total volume of the first half of last year.
downward because of the slack season. Straw hat manufacturers let more
Last month's record included: $54,870,000. or 45% of all construction,
employees go and labor troubles in some of the factories meant additional for residential buildings; $35.462,600, or 29% for commercial buildings,
reporting to $8.023,200, or 7%, for public works and utilities; $7,096,300, or 6%, for
workers were temporarily unemployed. Men's clothing shops
the State had over 1,000 more at work than in May and they are running religious and memorial buildings; $6,017.500, or 5%,for social and recreaabove last year. Shoe factories were irregular.
tional projects; and $5,364,000, or 4%,for educational buildings.
Other seasonal reductions were found in Jewelry, smoking...pipes and
Contemplated new work reported in June amounted to $161.119,800,
consist which was only 9% under the May figure and was nearly double that of
leather and paper goods. Building materials in New York City
mainly of plaster, house trim, cut stone and paints. The first two made June 1924.
good gains. Lumber for the furniture industry declined from May.
Middle Atlantic Sieves.
A large part of the decrease in the metals was seasonal and employment
Construction started last month in the Middle Atlantic States (Eastern
shops were
for this group of industries is still above 1924. Railroad repair
Pennsylvania, Southern New Jersey, Maryland, Delaware, District cf
less busy but the automobile factories, doing repair work, stayed even
and Virginia) amounted to $44.804,700. This was a decrease
with May. There were a few losses in machine shops. Summer dullness Columbia,
of 14% from May and an increase of 11% over June of last year. The
accounted for the lowered employment in instrument, cutlery and hardware
June record brought the total construction volume for this district during
factories.
the first half of 1925 up to $276,799,400. This is 21% more than the
Seasonal Gains in Rochester and Syracuse.
volume of the first half of last year.
As the emphasis in the June labor market was on seasonal industries,
Included in last month's record were: $21,481.000. or 48% of all conit followed that Rochester was the only city to show a decided increase struction, for residential buildings; $7,350.300, or 16%, for public works
from May. The presence of canning and men's clothing industries sent and utilities: $4,744,000. or 11%,for commercial buildings; and $4,040,400.
employment up about 2% for the city. However, employment here is or 9%. for educational buildings.
still below last year because of the metals and chemicals. These two
Contemplated new work reported in June amounted to $70.215.700, a
groups of industries made little change in June. Shoe manufacturers on deorrase of 39% from the amount reported in May and an increase of 18%
reduced forces.
the whole
over the amount reported in June of last year.
Syracuse also reported a small gain which was limited almost entirely
Another Record Month in the Southeast.
to the clothing industry. Employees released from men's clothing shops
last month were taken back on the payrolls. The activity in the autoLast month's contract total in the Southeastern States (the Carolinas,
which has been responsible for the improvement in this Georgia, Florida, Tennessee, Alabama, Mississippi, Arkansas, and Louisimobile industry
district recently lasted well through June. The manufacture of office ana) was $74,265,800. This was an increase of 3% over May, which was
equipment improved during the month but some of the other metal industries itself the record month to date. The June record was also 32% over that
curtailed production somewhat
of June 1924. New construction started in these states during the first
half of 1925 amounted to $335.122,400, an increase of 12% over the first
Further Loss in Capital District.
half of last year.
The 2% reduction In June brings employment in the Capitol District
Included in the June record were: $24,401,300. or 33% of all construction,
to about where it was in the midst of the 1924 depression. Reductions in for residential buildings; $21,622,900. or 29%,for public works and utilities
some of the important metal industries were supplemented by serious $9,638,500. or 13%, for commercial buildings; $6.706,000, or 9%, for
losses in the textile mills and to a smaller extent in the collar factories. industrial buildings: and $4.384.300. or 6%, for educational buildings.
Railroad equipment gained after reaching a new low point last month but
Contemplated new work reported last month amounted to $125,986,600.
steel and machinery continued to move downward. Printing and paper This was slightly lass than the amount reported in May and more than
goods stayed fairly even.
double the amount reported in June of last year.
Automobiles Important In Buffalo Loss.
While the Syracuse district reported that the automobile and accessories
factories were running close to the May schedule, Buffalo plants showed
a decided loss in June. About 700 em-loyees were released from the
reporting factories. The Buffalo district, however, led in the early spring
increases. This loss and a decrease in drugs and household chemicals
brought employment for this area a little below May. The advance of the
season for men's clothing meant that about 500 workers were added to the
payrolls of the shops on the State's list
Utica Even with May.
Utica reported little change in June after the May decrease. All of the
metal industries in this district with the exception of the copper mills were
slightly less active than the preceding month but there were few large
changes. Textiles were running a little below May but cotton goods
stayed fairly even. Seasonal gains in food products and men's clothing
tended to offset these losses. The recovery in leather products, which
was begun last month, extended into June and a large number of employees
were taken back on the payroll; after several months absence.
Highly seasonal industries are not found in Binghamton so that the sharp
gains of other cities did not appear here. Metals lost slightly during June
and there were severe reductions in one or two of the furniture tactories
A few more workers were released from cigar plants.
Pittsburgh District.
Last month's building contracts in the Pittsburgh district (Western
Pennsylvania, West Virginia, Ohio and Kentucky) amounted to $62,983,100. This was an increase of 3% over May and of 22% over June 1924.
It brought the total building volume for the first half of this year up to
$413,407,500, an inrrease of nearly 13% over the first half of last year.
The Juno record included: $24,792,300, or 39% of all construction, for
residential buildings; $14.777,000, or 23%, for public works and utilities:
$7,372,300. or 12%, for commercial buildings; $5,685,500, or 9%, for
educational buildings; and $3.331,000, or 5%, for Industrial buildings.
Contemplated new work reported last month amounted to $72.121,300.
a slight increase over the amount reported in May and 61% over the amount
reported in June of last year.
The Central West Again Breaks Record.
June building contracts in the Central West (Illinois, Indiana, Iowa,.
Wisconsin, Southern Michigan, Missouri, Kansas, Oklahoma and Nebraska)
reached the enormous total of $181.129,900, the highest monthly figure on
record for the district. The previous top record was that of last April.
with a total of $157,668,200. June's increase over May was 30%;over the
previous June. 77%. New construction started in this d'strict during the
first half of 1925 has amounted to $746.344,800, an increase of 39% over
the first half of 1924.
138
THE CHRONICLE
Included in the June record were: $62721,500,or 35% of all construction,
for residential buildings; 539.762.500. or 22%, for educational buildings Five weeks in January
-million dollar group of buildings for the University of Four weeks in February
(including a 25
Chicago); $34,076,400. or 19%, for public works and utilities: $21,568,600. Four weeks in March
12%. for commercial buildings: $9,457,300. or 5%,for social and recrea- Four weeks in April
or
tional projects; and $6,300,300. or 3%, for industrial buildings.
Five weeks in May
Contemplated new work reported in June amounted to $185.486,800. Four weeks in June
Although this was only slightly over the amount of work actually started,
it was considerably greater than the amount of contemplated Work reported
Total
In May or in June of last year.
The Northwest.
Contracts awarded during June in Minnesota, the Dakotas and Northern
Michigan amounted to $12,466,400. This was only 1% under the May
figure and it was 13% over June of last year. The June record put this
district definitely ahead of last year in building volume. New construction
started during the past six months, amounted to $51,055.900, has increased
nearly 3% over the first half of 1924.
Included in the June record were the following important items: $4.090.600. or 33% of all construction for public works and utilities; $3,663,100.
or 29%, for residential buildings; $2.072,000, or 17%, for commercial
buildings: and $1,013,500. or 8%, for educational buildings.
Contemplated new work reported in June amounted to $10,726,800.
This figure is only slightly over that of June 1924 and is slightly under that
of May 1925.
Texas.
June building contracts in Texas (which is not included in the 36 Eastern
States) amounted to $20.442.200. This was an increase of 61% over May
and also 50% over the average for the five earlier months of this year.
However, it was 27% under the total for June 1924. New construction
started in Texas during the past six months has amounted to $88,521,100.
which is 25% more than in the preceding six months.
Last month's record included: $10,295,300, or 50% of all construction,
for residential buildings: 54,747,100, or 23%,for commercial buildings, and
12.976.600. or 15%, for educational buildings.
Contemplated new work reported in June amounted to 326,088,600.
Although this was an increase of 48% over the amount reported in May.
It was 35% less than the amount reported in June of last year.
Increased Building Volume in New York.
June building contracts in the five boroughs of New York City amounted
to 176.173,000. according to F. W. Dodge Corporation. This was a
26%
Increase over May and a 51% increase over June of last year. It is rather
unusual it is stated for that June volume to exceed that of the previous
month. Last month's record was characterized by an increase in commercial buildings contracted for, and a slight decrease in residential buildings. Residential contracts reached a total of $35,103,100. which was 46%
of all construction. Commercial buildings amounted to $24,875,100, which
was 33% of the total. Public works and utilities amounted
to $4,984,300,
or 7%: religious and memorial buildings. $4861000. or 6%; social and
recreational projects, 53,040,000, or 4%;educational buildings, $2,178,000.
or 3 •
%
Total new construction started in New York during the first half of the
year according to the Dodge Corporation has amounted to $370,275,800,
compared with $514.489,500. a decrease of 28%. However, this year's
building volume to date it is pointed out is considerably greater than that
of any previous year except 1924. There has been a considerable recovery
in building activity during the second quarter of 1925, which ran only 13%
behind the second quarter of last year; whereas, the first quarter of this
year was nearly 41% under the first quarter of 1924.
[Vol, 121.
1925.
4,450,993
3,619,326
3.694.916
3.721,662
4,854,720
3,956.011
1924.
4,294,270
3.631.819
3.661,922
3.498.230
4,473,729
3,625,182
1923.
4,239,379
3.414,809
3,662,552
3.764,266
4,876.893
4,047.603
24.297,628
23,185,152
24,005.502
Increase in Postal Receipts at Fifty Selected Cities in
June This Year Compared With Last Year.
In making public on July 8 a statement giving the posta
receipts at fifty selected cities throughout the country for
the month of June 1925, which showed an increase of 14.72%
over the same month for 1924, Postmaster-General New
observed that it is impossible to say what percentage is due
to the newly adopted postal rates. The total receipts for
June 1925 were $26,986,519, while those for the corresponding month last year were but $23,523,748. The city of
Jacksonville, Fla., led in the percentage of increased postal
receipts for June 1925, amounting to 29.11%. Jersey City,
N. J., came next with an increase of 27.73%, while Cincinnati, Ohio, was third with an increase of 22.32%. The
comments of Postmaster-General New follow:
Although the receipts for June 1925 show an increase of
14.72% over
June 1924, it is fair to state that June 1924, with which the
comparison Is
made, was a very poor month and showed a loss of 1.17%
in receipts over
June 1923. In contemplating the increase, this fact must
be taken into
consideration as well as the further fact that in June
1925 there was one
more business day than in June 1924.
Therefore, the increase of 14.72% is, to that extent. abnormal. It
is
impossible to say what percentage of this increase is due to normal increase
of business and what percentage of it is due to the new postal rates
prescribed by the Act of Feb. 28 1925.
However, all things considered, the month's business is about what the
Department had anticipated and is reasonably satisfactory.
We annex herewith the summary for the month:
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF JUNE 1925.
P. C. P. C. P. C.
1925 1924 1923
over over Over
June 1925.
OfficesJune 1924.
Increase. 1924. 1923. 1922.
New York, N. Y._ $5,506,082 18 $4,818,132 68 $687,949 48 14.28 +2.07 6.35
Chicago, III
4,577.90506 3,843,501 32
734.403 74 19.11 *2.99 5.90
Philadelphia, Pa
1,476,446 45 1,236,901 95
239,544 50 19.37 *5.88 2.52
Boston, Mass_
1,211,469 38 1,086,414 50
125.054 88 11.51 *3.18 6.59
Louis. Mo
963,603 99
St.
868,751 54
94,852 45 10.92 .20 7.54
Kansas City, Mo.
753,346 53
658,778 44
94,568 09 14.36 *4.40 9.90
Cleveland. Ohio
688,574 58
814,931 07
73,643 51 11.98 .52 8.92
San Francisco, Cal.
666,645 95
570,897 88
95,948 09 16.81 *3.55 9.20
Brooklyn. N.Y.._ _
617,668 49
562,663 59
55,004 90 9.78 2.04 7.31
Detroit, Mich
735,721 51
805,681 80
130,059 71 21.47 +2.78 20.89
Los Angeles, Cal
647,073 34
585,626 61
81,446 73 10.49 8.83 19.37
Pittsburgh, Pa
551,224 02
492,007 83
59,216 19 10.04 *2.01 8.93
Minneapolis. Minn
487.602 45
469.654 97
17.947 48 3.82 *4.50 10.22
Cincinnati, Ohio
589,994 32
485,999 58
103,994 74 22.32 2.60 6.39
Baltimore, Md.._ _
457,915 95
395,909 86
82,006 29 15.68+12.32 5.08
Continued Large Revenue Freight Tonnage.
Washington, D. C
373,598 02
337,194 36
36,403 66 10.80 13.25 +1.21
Buffalo, N.
346,547 30
305,395 22
41.152 08 13.48 *3.85 11.04
Loading of revenue freight for the week ended on June 27 Milwaukee, Y
W1s._
403,988 16
365,561 42
38,424 74 10.51 6.52 8.49
310,941 77
totaled 991,341 cars, according to reports filed to-day by St. Paul, Minn.__ 339,206 25
28,264 48 9.09 3.63 13.26
Indianapolis, Ind_
379,478 27
318,066 40
61,411 87 19.31 3.30 8.97
the carriers with the Car Service Division of the American Atlanta, Ga
285,980 23
249,512 68
36,467 55 14.62 1.19 8.90
282,693 84
281,798 23
897 61 .32 .68 24.29
Railway Association. Compared with the corresponding Denver, Colo
Omaha, Neb
235,939 95
218,821 24
19,118 71 8.82 +4.50 •.71
Newark, N. J....
301,305 24
248,451 60
52,85384 21.27 4.27 7.80
week last year, this was an increase of 83,090 cars but a Dallas, Texas.... 284.010 62
236,959 56
27.05106 11.42 1.00 3.03
decrease of 30,130 cars under the corresponding week in Seattle, Wash_ _ _ _ 253,907 15
217,142 27
36,764 88 18.93 *1.83 12.33
Des Moines, Iowa_
236,823 31
197,381 52
39,241 79 19.88 +2.80 8.80
1923. The total for the week of June 27 was an increase Portland. Oregon. 227,648 43
213,849 51
13,798 92 8.45 .66 14.88
New Orleans, La
218,808
190,001 41
28,806 99 15.16 .39 4.60
of 8,741 cars over the preceding week, grain and grain Rochester, N. Y._ 220,919 40
13
191,167 47
29,751 66 15.58 *4.00 3.90
Louisville,Hy
216,846 91
197,83780
products, live stock, coal, miscellaneous freight and ore
19,009 11 9.81 9.10 +.89
Columbus. Ohio
215,598 14
189,133 08
26,485 06 13.99 6.33 3.79
being the only commodities to show an increase over the Toledo, Ohio
168,658 88
149,834 15
18,82473 12.58 *2.12 6.99
Richmond, Vs.__
188.437 35
141,008 77
27,428 58 19.45 2.54 2.94
week before. Further particulars follow:
Providence, R. I
150.335 28
131,497 68
18,837 60 14.33 .21 4.09
Memphis, Tenn
146,482 67
130,584 14
15.898 53 12.17 1.01 15.18
Loading of merchandise and less than carload lot freight amounted to Hartford, Conn....
156,028 19
137,243 61
18,784 58 13.69 3.54 6.25
255.807 cars, a decrease of 1,907 cars under the week before, but 15,715 Nashville, Tenn_
143.25460
126,489 05
18,765 55 13.25 4.92 9.06
cars above the corresponding week last year as well as 10,699 cars over Dayton, Ohio....
147,897 50
138,505 44
11,392 06 8.35 20.91 2.53
Fort Worth. Tex
104,068 58
88,631 84
17,434 94 20.12 *9.47 36.61
the same week two years ago.
Syracuse, N. Y
123,283 41
108,351 80
16,931 61 15.92 +7.98 6.17
Miscellaneous freight loading totaled 369,057 cars, an increase of 1.564 Houston,Texas
127.874 16
113,349 16
14,525 00 12.81 7.87 3.48
cars above the week before and 45.858 cars above the same week last year. New Haven.Conn.
124.185 82
109,040 69
15,145 13 13.89 2.38 10.58
Rapids, Mich
Gr'd
127,541 19
107,338 29
It also was an increase of 20.166 cars above the same week two years ago.
20,202 90 18.82 +.51 7.43
108.709 72
85,104 99
23.604 73 27.73+17.12 10.79
Grain and grain products loading amounted to 36,414 cars, an increase Jersey City, N.J_.
Akron, Ohio
109.470 87
95,330 83
14,140 04 14.83 *7.82 5.43
of 1,129 cars over the week before but 1.907 cars below the same week S. L. City. Utah._
105,566 51
94,768 05
10,798 48 11.39 *3.51 14.31
last year and 703 cars under the same week in 1923. In the western Springfield, Mass_
93,504 03
87.44200
6,06203 6.93 3.60 3.24
Worcester, Mass._
90.27220
83,087 18
7,20504 8.67 .97 .88
districts alone, grain and grain products loading totaled 23.460 cars, a
Jacksonville, Fla
76,578 23
59.313 91
17,264 32 29.11 .5.97 7.22
decrease of 1.565 cars under the corresponding week last year.
Coal loading totaled 159.473 cars, an increase of 5,810 cars over the
Total
526,988.518 72 $23,523,748 30 $3,462,770 42 14.72
'Decrease. March 1925 over March 1924, 5.91, April 1925 over +1.17 7.07
preceding week and 14,720 cars above the same week last year. Compared
April 1924.
with the corresponding week two years ago, however, it was a decrease of 8.04, May 1925 over May 1924, 5.94.
25.851 cars.
Ore loading totaled 63,026 cars, an increase of 1.369 cars over the preced- Increase in Postal Receipts at
Fifty Industrial Cities
ing week and 3.828 cars above the same week last year. It was, however,
in June as Compared With Year Ago.
a decrease of 17,765 cars under the same period two years ago.
Live stock loading for the week totaled 27,150 cars, an increase of 1,569
Although the receipts of the 50 selected post offices for
cars over the week before, but a decrease of 701 cars below the corresponding
week last year as well as 3,048 cars under the same week two years ago. the month of June 1925 show an increase of 14.72% over
In the western districts alone. 20,593 cars were loaded with live stock during June 1924, and those of 50 industrial cities, with 16.45%
the week. 486 cars below last year.
show even a better average, it is fair to state, says the stateForest products loading totaled 71,267 cars. 750 cars below the week
before but 3,416 cars above last year. Compared with the same week ment of the Post Office Department July 8, that June 1924,
with which the comparison was made, was a very poor
two years ago, it was a decrease of 8,030 cars.
Coke leading totaled 9,147 cars, a decrease of 43 cars below the preceding month and
showed a loss of 1.17% in receipts of June 1923.
week but 2.161 cars above the corresponding period in 1924. Compared
In contemplating the increase this fact must be taken into
with the same period in 1923, it was a decrease of 5,598 cars.
Compared with the preceding week this year, increases in the total consideration as well as the further fact that in June 1925
loading of all commodities were reported in all districts except the North- there was one more
business day than in June 1924. Postwestern. All districts reported increases over the corresponding period
last year while all reported increases over the same week two years ago master-General New in his comments states:
except the Eastern, Allegheny, Northwestern and Central western.
There are two most gratifying circumstances in connection with these
Loading of revenue freight this year compared with the two previous figures, the first of which is the fact that every one of the larger cities shows
years follows:
an increase, and the same is true of all but one of the 50 industrial towns.
JULY 111925.]
THE CHRONICLE
The month's business is, therefore, quite satisfactory from the standpoint
of the post office.
Of course any estimate based on these figures as to how nearly the postal
receipts will balance expenditures for the current year is the merest guess.
But the figures quoted would indicate a deficit of something like $40,000,000
which is due, of course, to the legislation passed by the last Congress
affecting both pay and rates.
"Sioux Falls, S. D., led all the industrial cities with 41%
increase, Tampa, Fla., closely following with 40.35%.
The summary for the industrial cities follows:
Lumber Production and Shipments During May.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on July 7 1925 reported
May production and shipments as follows:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MAY 1925.
May 1925.
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL CITIES
FOR THE MONTH OF JUNE 1925.
P.C. P.C.
1925 1924
OM'
OfficesSpringfield. Ohio
Oklahoma. Okla
Albany. N. Y
Scranton, Pa
Harrisburg,Pa
San Antonio, Texas
Spokane, Wash
Oakiam., Calif
Birmingham,Ala
Topeka, Kan
Peoria. III
Norfolk, Va
Tampa, Fla
Fort Wayne, Ind
Lincoln, Neb
Duluth, Minn
Little Rock, Ark
Sioux City, Iowa
Bridgeport, Conn
Portland, Me
St.Joseph. Mo
Springfield, III
Trenton, N.J
Wilmington, Del
Madison, Wls
South Bend. Ind
Charlotte, N.C
Savannah. Ga
Cedar Rapids. Iowa
Charleston, W. Va
Chattanooga,Tenn
Schenectady, N. Y
Lynn. Mass
Shreveport,La
Columbia, S. C
Fargo. No.Dak
Sioux Falls, So. Dak
Waterbury. Conn
Pueblo, Colo
Manchester. N.H
Lexington, Ky
Phoenix, Ariz
Butte, Mont
Jackson. Miss
Boise, Idaho
Burlington, Vt
Cumberland,Md
Reno, Nev
Albuquerque, N.Mex
Cheyenne, Wyo
June 1925.
5145,817 20
126,445 43
118,668 09
88,539 63
99,545 21
83,667 14
80,140 52
132,501 99
111.712 42
81,511 83
79,213 09
62.550 46
77,570 03
77.911 47
65.37383
63,261 96
65,430 63
65,706 79
70.622 00
76.510 60
51,565 62
51,427 40
60,156 54
.57,01221
58,474 56
63,442 63
56,463 02
41,152 17
41,081 61
42.45384
58,168 76
43,053 21
34,315 52
37,613 53
30,332 67
28.477 54
35,438 47
32,171 64
26.841 67
23,583 17
31,556 39
26,31400
18,682 95
24.83647
17.35800
19,84642
13,463 91
13.182 52
12,874 94
8.63804
139
Association.
Production.
June 1924.
Increase. 1924. 1923.
8115,117 19 830,700 01 26.67 34.98
101,106 94
25,338 49 25.06
5.87
106,538 00
12,130 09 11.39 14.59
83,20745
5,332 18 6.41
8.41
79.34570
20,199 51 25.46 .4.61
77,983 31
5,68383 7.29 6.10
71,513 52
8.62700 12.06 *9.46
101,037 92 31.464 07 31.14 12.27
92.088 40
19,624 02 21.31
8.73
73.399 24
8,11239 11.05
4.09
70,467 51
8.74558 12.41 *8.69
60.417 63
2,13283 3.53 4.55
55.267 57
22,302 46 40.35 8.11
66,392 41
31.51906 17.35 *1.89
58,324 44
7.04939 12.09 *6.72
59,461 82
3,800 14 6.39 *234
56,669 77
8,760 86 15.46 *2.87
59,962 62
5,744 17
9.58
1.27
58,873 .56
11,748 44 19.95 *8.00
82,643 51
13,867 09 22.14 14.53
47,729 06
3,83656
8.04
.56
46,046 62
5,38078 11.68 *27.17
49,363 27
10,793 27 21.86
8.30
48,256 18
8.75603 18.14
4.71
45,846 21
12,628 35 27.54 *1.96
48,353 23 15.08940 31.21 *5.52
50,096 33
6.36669 12.71 *2.69
40.022 86
1,12931
2.82
7.47
36.784 71
4,29600 11.68 *4.79
35,690 21
6,76563 18.95 *11.78
.54.97827
3.19049 5.80
.34
36,557 09
6,49612 17.77 *1.29
30.183 57
4,131 95 13.69 *9.12
32,017 79
5,59574 17.48
3.62
27,011 80
3,32087 12.29 *3.40
24,6C5 57
3,871 97 15.73 *4.82
25.13410
10.30437 41.00 *8.42
29.58.581
2.58583 8.74
2.27
26,264 63
577 04 2.20 3.06
22,136 16
1,44701
6.54 8.08
24,601 56
6,95483 25.27
.42
22,853 16
3,461 74 15.14 *5.99
17,137 58
1,54537 9.02 *15.81
10.8177.5
5.01872 25.32
1.30
19.91900 '2,58100 *12.86
1.65
18.0237.5
1.82267 10.11
7.13
11,989 13
1,47478 12.29 *4.73
12,84081
2.66 *1.54
341 71
10.78004
2.09490 19.42 *3.34
8,188 72
449 32 5.48 *11.83
Total
82,832,682 44 82,432,633 48 $400,048 96 16.45
1.50
•Decrease. March 1925 over March 1924, 5.13; April 1925 over April 1924.
11.02; May 1925 over May 1924, 8.40.
Automobile Models and New Prices.
Price reductions on the Rickenbacker vertical eight,
ranging from $200 to $600 have been announced effective
as of July 1. The coupe and sedan have each been reduced
$600; the brougham $400 and the sport phaeton $200.
Dodge Brothers dealers are offering a sedan which, to all
outward appearances, is of standard construction but which
will it is stated ride through a fusillade of 45 calibre bullets,
with safety to the driver and other occupants, according to
press dispatches. The body, mounted on a regular production Dodge Brothers passenger car chassis, is manufactured
by the American Armor Corp., and "Bovite," a 16-gauge
bullet proof metal is used in the body construction. The
windshield and windows are of bullet proof glass. Automobiles of this type are particularly useful to police, for
patroling streets at night, as riot wagons, for use of banks
and for carrying valuables. Equipment with the car includes
tear gas grenades, sawed-off shot-guns, bullet proof vests,
a pulmotor, first aid kit and fire extinguisher. In addition
the seats are so arranged that those on the right hand side
of the car fold back in pullman fashion into a cot of the usual
ambulance proportions.
Reports from Detroit on July 7 state that the Durant
Motor Co. has reduced the prices on its various models,
ranging from $20 to $75 a car. New price list compares
as follows:
Shipments.
Milts
Hardwds. &flu*. Hardwds. Softteds.
M ft.
Afft.
MIS.
M ft.
Ora
California Redwood
15
California White & Sugar Pine Mfrs_
27
Georgia-Florida Saw Mill
4
North Carolina Pine
60
North'n Hemlock dr Hardw'd Mfrs
40
Northern Pine Mfrs
10
Southern Cypress Mfrs
11
Southern Pine
178
West Coast Lumbermen's
108
Western Pine Mfrs
36
Michigan Manufacturers
10
Non-members
27
Total
41,443
3.174
6,674
9,50.5
526
33,127
133,818
2,992
47,224
12,338
61,460
12,409
409,619
479,861
161,905
2.459
45,720
60.796 1,402,932
20.884
2.139
3,023
9.860
31,594
107,745
2,802
43.949.
21,323.
44,895
12,726
407,529.
512,856
136,544
3,150
41.315
35,906 1,366.431
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR MAY 1924.
May 1924.
Association.
Production.
Mills.
Shipments.
Hardwds. Softwds. Hardwds Softrods.
MI:.
M ft.
M ft.
MIS.
California Redwood
15
California White& Sugar Pine Mfrs_
27
Georgia-Florida Saw Mill
North Carolina Pine
49
North'n Hemlock & Hardw'd Mfrs_ 49
Northern Pine Mfrs
11
Southern Cypress Mfrs
10
Southern Pine
182
West Coast Lumbermen's
113
Western Pine Mfrs
41
Michigan Manufacturers
10
Non-members
27
37,642
2,859
8,019
10,221
48,586
131,127
7,288
39,357
22,794
55.021
12,476
422,900
451,896
157,163
3,216
55,400
24,730
1,555
4,788
9,087
33,857
60,362
6,973
41.825
20,951
37,200
9.754
424,628
466.576.
112,019
2,845
44,154
Total
542
58,741 1,407,224
40,160 1,261,141
Total production: May 1925, 1,463,728 M feet; May 1924, 1,465,965 M feet.
Total shipments: May 1925, 1,402,337 M feet; May 1924, 1,301,301 M feet.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
May 1925
Production.
ShIpntootts.
Mills.
SIft.
Alft.
Alabama
22
33,408
33.524
Arkansas
21
45,587
43.794
California
35
136,725
119.793
Florida
13
26,459
25,890
Georgia
7
4,028
4,747
Idaho
15
75.675
57.279
Louisiana
53
126.229
124,974
Michigan
19
19,810
14,815
Minnesota
6
44,173
33.840
Mississippi
43
113,694
114,303
Montana
10
29.597
25,162
North Carolina
14
7,783
6.535
Oklahoma
3
7,992
9,313
Oregon
53
258,160
259.673
South Carolina
22
15,040
12,006
Texas
37
72,701
71,812
Virginia
18
22,517
22,444
Washington
73
308,554
326,832
Wisconsin
32
44.180
34.991
Others •
so
71.436
60,807
Total
526
1,463,728
1,402,337
• Includes mostly non-member mills, not distributed.
Holiday Lull Affects Lumber Industry.
With the usual Fourth of July holiday and suspension of
many mills for repairs, reports to the National Lumber
Manufacturers Association for the week ending July 4 from
352 of the principal softwood mills of the country, with 29
fewer mills reporting than for the week before, indicate
noticeable reductions in new business, shipments, and
production. Comparing the reports received for last week
a year ago, these three items are well ahead of 1924.
The report from the Southern Pine Association for unfilled
orders was not received in time for publication. For 112
West Coast mills the unfilled orders were 380,415,853 feet
as against 365,536,146 feet for 115 mills a week earlier.
Altogether the 352 comparably reporting mills had shipments 110% and orders 110% of actual production. For the
New
Old
Southern Pine mills these percentages were respectively 105
Model
Price.
Price.
Chassis
$710
and 99; and for the West Coast mills 133 and 137.
$720
Standard touring
810
830
Of the comparably reporting mills 331 (having a normal
Standard coupe
1,090
1,160
Standard sedan
production for the week of 213,190,937 feet) reported
1,150
1,190
Special touring
930
950
production 84% of normal, shipments 94%, and orders
Special coupe
1,160
1,235
95% thereof...*
Special sedan
1.280
1,310
The following table compares the national lumber moveBalloon tires were made standard equipment on all Durant
ment as reflected by the reporting mills of seven regional
models. All prices quoted are f. o. b. Lansing.
The Paige-Detroit Motor Car Co. on July 9 announced a associations for the three weeks indicated:
Corresponding Preceding Week
-passenger sedan priced at $2,395 f. o. b.
new de luxe 5
Past Week.
Week 1924. 1925 (Revised).
Mills
352
350
381
Detroit. Chassis is 131 inches, same as furnished with Production
191.722.514
140,006,537
248,800.540
210,849,740
-door type, 109 inches over all. Shipments
164,672,815
other Paige types. Body is 4
243.766.404
.
Orders (New Bus.)
210,397,575
160,958.533
228,145.211
140
THE CHRONICLE
[Vol, 121.
• 4
The following revised figures compare the lumber move- over heavy, decreased 3,650 barrels. The daily average proment for the first twenty-seven weeks of 1925 with the same duction east of California was 1,491,850 barrels, as compared
period of 1924:
with 1,519,350 barrels, a decrease of 28,500 barrels.
Production.
Shipments.
Orders.
California production was 661,500 barrels, as compared
1925
6,527.450,171 6,456,375,255 6,283,546.035
1924
6.357,699,787 6.288,119,274 5,913.553,893 with 654,500 barrels for the preceding week, an increase of
1925 Increase
169,750,384
168,255,981
369,992,142 7,000 barrels; Santa Fe Springs is reported at 51,500 barrels,
The mills of the California White & Sugar Pine Manu- against 52,000; Long Beach, 107,500 barrels, against 108,facturers Association make weekly reports, but for a consider- 000; Huntington Beath, 45,000 barrels, against 44,000; Torable period they have not been comparable in respect to rance, 36,000 barrels, against 35,500; Dominguez, 31,000
orders with those of other mills. Consequently, the former barrels, no change; Rosecrans, 22,000 barrels, against 22,500,
are not represented in any of the foregoing figures. Nine and Inglewood, 85,500 barrels, against 77,500.
of these mills reported a cut of 9,139,000 feet, shipments
The estimated daily average gross production of the Mid6,374,000 feet, and orders 4,978,000 feet. The reported cut Continent field, including Oklahoma, Kansas, north, east
represents 23% of the total of the California Pine region. central and west central Texas, north Louisiana and ArkanAs compared with the preceding week, from reports of the sas, for the week ended July 4 was 1,144,900 barrels, as comsame number of mills, decrease is shown in all three items. pared with 1,171.100 barrels for the preceding week, a decrease of 26,200 barrels. The Mid-Continent production,
Weekly Lumber Review of West Coast Lumbermen's excluding Smackover, Ark., heavy oil, was 924,500 barrels,
against 932,850 barrels, a decrease of 8,350 barrels. The folAssociation.
One hundred and fifteen mills reporting to West Coast lowing are estimates of daily average gross production for
Lumbermen's Association for the week ending June 27 the weeks indicated:
manufactured 102,950,030 feet of lumber; sold 98,527,268
DAILY AVERAGE PRODUCTION.
(In Barrels.)
July 4 '25. June 27 '25. June 20 '25. July 5 '24.
feet; and shipped 110,886,599 feet. New business was 4% Oklahoma
445,100
447.900
451,700
476,950
below production. Shipments were 123/2% above new Kansas
100,100
101,300
103,750
76,500
North Texas
86,300
87,200
88,900
78.850
business.
East Central Texas
107,600
110,000
113,300
120,400
Crude Oil Prices Rise-Gasoline Unchanged.
Advances in the price of crude oil during the past week,
while not numerous, tend to show the trend of the markets.
The Ohio Oil Co. on July 6 announced an advance of 10c.
a barrel in the price of Wooster crude oil, marking that product up to $2 25 a barrel. On July 8 the Joseph Seep Agency
advanced Corning crude oil 20c. a barrel to $2 25. The
Humble Oil & Refining raised the price of high-gravity crude
in Currie pool, Texas, effective July 9, to bring it in line with
adjustment made by Texas Co. two weeks ago. This brings
Currie crude 42 gravity and above to $2 25 a barrel; under
42 remains at $2. Previously all grades of Currie were
posted at $2 a barrel. Effective July 10 the Prairie Oil &
Gas Co. posted higher prices for crude oil in Oklahoma,
Kansas and north Texas, resulting in increasing prices from
5 to 33c. a barrel. The increaed prices posted for MidContinent crude oil by Prairie Oil & Gas Co. divide the crude
into 17 gradings, compared with six gradings previously.
The new and old prices per barrel are as follows:
New Prices.
28 to 28.9 gravity
29 to 29.9
30 to 30.9
31 to 31.9
32 to 32.9
33 to 33.9
34 to 34.9
35 to 35.9
36 to 36.9
37 to 37.9
38 to 38.9
39 to 39.9
40 to 40.9 "
41 to 41.9 "
42 to 42.9 "
43 to 43.9 "
44 and above
$I 40
1 48
1 56
164
1 72
180
188
1 96
2 04
2 12
2 20
2 28
2 36
2 44
2 52
2 60
2 68
Old Prices.
Below 30 degrees
30 to 32.9
33 to 35.9
36 to 38.9
39 to 41.9
42 and above
$1 35
1 55
180
200
225
2 35
These prices were followed by the Sinclair Crude Oil
Purchasing Co.
The wholesale market for Mid-Continent gasoline has been
advanced to 13c. a gallon, following the higher crude oil
prices. Refiners have withdrawn all offerings, which up
%
to that time were up to 123 and 123.c. a gallon, according to
July 10 press dispatches.
Crude Oil Production Again Declines.
The American Petroleum Institute this week estimates
that the daily average gross crude oil production in the
Smackover heavy oil field was 220,400 barrels, a decrease of
17,850 barrels for the week ending July 4. The daily average
production in the United States for the week ended July 4
was 2,152,350 barrels, as compared with 2,173,850 barrels for
the preceding week, a decrease of 21,500 barrels. The daily
average production in the United States, excluding Smack-
West Central Texas..__ _
North Louisiana
Arkansas
Gulf Coast
Southwest Texas
Eastern
Rocky Mountain
California
94,500
51,100
279,100
103,450
46,900
104,500
93,400
654,500
96,600
51,250
302,250
104,350
49,600
104,500
95,750
635,500
48,950
54,100
149,950
71,250
44,400
107,500
120.200
619,500
2,152.350
Total
92,900
51,850
261,050
101,250
48,100
104,000
92,000
661,500
2,173,850
2,197,450
1,968,550
Raw Silk Imports, Stocks, Deliveries, &c.
Under date of July 6 the Silk Association of America makes
public the following statistics relative to raw silk imports,
stocks on hand June 1 1925, &c.:
RAW SILK IN STORAGE JULY 1 1925.
(As reported by the principal warehouses in New York City.)
Figures in Bales.
European.
AU
Japan. Other.
Total,
Stocks June 1 1925
Imports month of June 1925...6
1,430 32,105
1,171 34,403
Total amount available during June
Stocks July 1 1925_6
2,601 66,508 14.482 83,591
1,295 34,823 7,898 44,016
Approx. deliveries to American mills during June _ a
1.306 31.685
8,982 42,517
5,500 41.074
6.584 39.57g
SUMMARY.
Imports During Month.' Storage at End of Month.
1925.
January
February
March
April
May
June
July
August
September
October
November
December
Total
Average monthly
1924.
1923.
1925.
1924.
1923.
37,084
39,046
31,571
32,648
41,512
41,074
36,364
25,632
16,692
21,272
29,684
20,933
29.322
36,380
48,551
37,646
44.057
39,978
32,592
33,759
28,336
27,414
25,814
23,727
25,622
36,092
28,837
31,229
27.944
28.835
58,732
60,249
46,663
39,271
42,517
44,016
mo.p.a,c4bammt.Doaa
.aawowo...4oclo
0..0.10lobk0'b0'00i000
weemomwwAwaom
Forty per cent of all new business taken during the week was for future
water delivery. This amounted to 38,869.343 feet, of which 23,369,403
feet was for domestic cargo delivery; and 15,499.940 feet export. New
business by rail amounted to 1,792 cars.
Forty-one per cent of the lumber shipments moved by water. This
amounted to 45.708,674 feet. of which 31.045,542 feet moved coastwise
and intercoastal; and 14,663,132 feet export. Rail shipments totaled
1,976 cars.
• Local auto and team deliveries totaled 5,897,925 feet.
Unfilled domestic cargb orders totaled 148,456,020 feet. Unfilled
export orders 75,900.126 feet. Unfilled rail trade orders 4,706 cars.
In the first twenty-six weeks of the year, production reported to West
Coast Lumbermen's Association has been 2,622.935,624 feet; new business
2,673,775,956 feet; and shipments 2,722.372.758 feet.
47,087
44,615
39,438
28,657
29.962
25,865
22,914
25,459
27,387
32,679
35,398
40,959
222,935 386,511 350.202
37.156 32.209 29.184 48.575 37.464 33.367
Approximate Deliveries
In Transit Between
to
Yokohama, Kobe and
American Mills.a
New York, End of Month
1925.
January
February
March
April
May
June
July
August
September
October
November
December
1924.
1923.
1925.
1924.
1923.
39.885
37,529
45,157
40,040
38,266
39,575
32,925
29,804
26,543
25,985
28,272
23,164
30,982
29,888
38,658
35,794
33,125
33,961
34,680
36,231
33,515
38,193
24,509
27,824
28,573
33,547
26,929
25.917
25,225
23,274
18,900
12,400
12,705
16,969
19,100
15,000
13,700
8,700
9,600
12,400
13,100
14,000
18,700
30,000
12,000
19,200
21,200
24,000
16,200
12,300
11,300
13,900
11,400
11,000
16,400
16,500
5,200
14,400
15,000
22,800
240,452 367,101 358,417
40.075 30.592 29.868 15,848 16,383 13,867
*Imports at New York during cunent month and at Pacific ports pi evious to the
time allowed in transit across the continent. a Includes re-expo to.. b Includes
goods held at railroad terminals on „Tune 20.
Total
Average monthly
Transactions in Grain Futures During June on Chicago
Board of Trade and Other Contract Markets.
The revised figures showing the daily volume of trading
in grain futures on the Board of Trade of the City of Chicago
during the month of June 1925, together with monthly totals
for all "contract markets," as repotted by the Grain Futures
Administration of the U. S. Department of Agriculture,
were made public on July 7 by J. W. T. Duvel, in charge
of the Chicago office of the Grain Futures Administration.
Total transactions during the month at all the markets aggregated 2,677,958,000 bushels, as compared with 1,443,067,000
bushels in the same month last year. On the Chicago
Board of Trade transactions in June were 2,413,613,000
bushels, this contrasting with 1,260,644,000 bushels a year
ago. In the summary given below the figures listed represent sales only, there being an equal volume of purchases.
Expressed in Thousand Bushels. i. e. 000 Omitted.
Rye. Barley. Flax.
Oats.
Corn.
Wheal.
Date June 192560,701 22,079 9,190 1,533
1
89,696 24,675 6,276 1.802
2
59,510 17,502 3,380 1,263
3
84,291 23,850 12,984 2,283
4
73.578 19,930 16,153 2.927
5
37,626 14,113 15,414 1,345
6
7 Sunday
64,334 16,060 15.697 1,221
8
43,433 15.120 20,436 1,277
9
83,115 22.990 20,687 2.029
10
60,681 15,781 8,645 1,322
11
79.101 20,781 12,651 1,427
12
36,565 13,680 6.124 1,083
13
14 Sunday
77,369 34,919 13,254 2,778
15
83,603 25,057 11,793 2,133
16
60,047 19,214 9.102 1,993
17
62,482 16,906 7,363 2,427
18
971
50,994 12.429 5.816
19
29,972 11,220 4.107 1,085
20
Sunday
21
45,950 27,322 7,529 1,711
22
44,863 18,991 6.870 1,401
23
47,067 18,796 3,922 1,569
24
74.107 27,959 8,970 1,628
25
7,079 1,323
53.954 20,111
26
45,774 16.758 7,118 1,425
27
28 Sunday
76,613 28,783 10,159 2,918
29
52.014 26,016 10,938 3.262
30
Total.
93,553
122,349
81,655
123,408
112,588
88.498
97,312
80,266
128.821
86,409
113,960
57,452
128,318
122.046
90.356
89.178
70,210
46,384
82,512
72,125
71,354
112.664
82.467
71,075
116.473
92,230
Total Chic. B. of T__1,576,880 528.942 261.657 46,134 --------2,413.613
57.167
Chicago Open Board__ 45,596 10,024 1,54732,221 2.899 1:919 -789 107,193
69,365
Minneapolis C. of C
68.779
112
45,845 22.822
Kansas City B.of T
15,825
.
2,501 _ _ 1,228
12,096
Duluth B. of T
9,718
7,125 2,593
St. Louis Mer.Ex
5.651
1,973 1.535 1,900
Milwaukee C.of C
8
8
243San Francisco C. of C.
4
4
Los Angeles Or. Ex
Baltimore C.cd C
Total all markets
1 758.880 565,916 297,437 51,777 1,931 2,017 2,677.958
Tot,all markets year ago. 850,055 426,320 89,435 75,407 884 966 1,443,067
Chic. Bd.of Tr. year ago- 734,527 394,376 84,166 47,575 --------1.260,644
•Durum wheat with exception of 4.316 spring wheat.
"OPEN CONTRACTS" IN FUTURES ON THE CHICAGO BOARD OF
TRADE FOR JUNE 1925.
("Short"side of contracts only, there being an equal volume open on the "long"side.)
Total.
Bye.
Oats.
Corn.
Date June 1925- Wheat,
99,513,000 57,227.000 38,617,000 b7,118,000 202.475.000
1
106,982,000 56,530,000 38.541,000 7,365,000 209,418,000
2
3
109,238,000 57,070,000 38,628,000 7,590,000 21,252,600
4
a109,413.000 56,738.000 39,800,000 7,774.000 213,725,000
107,456,000 56,851,000 40.788,000 8,111.000 213,206,000
5
8,139,000 213,878,000
107,449,000 57,032,000 41.258.000
6
7 Sunday
105,852,000 57.660,000 43,177,000 8,096,000 214,785,000
8
105,477,000 58,384,000 44,964,000 7,938.000 216,763,000
9
107,362,000 59,430,000 45,249.000 8,181.000 220,222,000
10
106,569,000 a59,450,000 45,099,000 8,431,000 219,549,000
11
107,847,000 58.903,000 n45,467,000 8,602,000 220.819,000
12
108,648,000 59,115,000 45,238,000 8,879,000 a221,880,000
13
14 Sunday
103,951,000 57,575,000 44,611,000 8,779,000 214,916,000
15
101,107.000 57,209,000 44,090,000 8,665,000 211,071,000
16
103,464,000 56,242,000 44,308,000 8.777,000 212,791,000
17
103,401.000 55,064,000 43,671,000 9,144,000 211.280.000
18
97,991,000 55,650.000 44,057,000 a9,169,000 206,467,000
19
104,805,000 55.227,000 43,534,000 9,094,000 212.660.000
20
21 Sunday
103,688,000 53,599,000 42,499,000 8,936.000 208,722,000
22
103,502,000 52.810,000 41,458,000 8,893,000 206,663,000
23
102,816,000 52,148,000 41,210,000 8,946,000 205,120.000
24
100,504,000 50,828,000 40,538,000 8,856.000 200.726,000
25
99,394.000 51,143,000 39,407,000 9,046,000 198,990.000
26
97,219.000 50,050.000 38,565.000 9,107,000 194,921.000
27
28 Sunday
93,922,000 48,279,000 38,801.000 8,913,000 189,915,000
29
893,179,000 b48.885,000 837,807.000 8,840,000 6186,691,000
30
Averages
103.475,000 55,271.000 41,976,000 8,515,000 209,237,000
June 1925
87,483,000 54,477,000 42,860,000 10,230,000 195,050.000
May 1925
90,729,000 65,755,000 56,556,000 17,838,000 240,878,000
1925
April
111,991,000 83,546,000 96,067,000 19,805.000 311.409,000
Mar.1925
114,181,000 81,782,000 110,530,000 22,886,000 329,379.000
Feb. 1925
117,119,000 73,860.000 103,716,000 22,363.000 317,058,000
Jan. 1925
124,209,000 74.800.000 91,413,000 23,889,000 314,311,000
Dec. 1924
119,173,000 67,044.000 76.459,000 29,116.000 291,794.000
1924
Nov.
110,719,000 63.703,000 74,227,000 24,196,000 272,846,000
Oct. 1924
a High. b. LOW.
Steel Corporation's Unfilled Orders Show Further
Decrease.
The United States Steel Corporation issued yesterday
(July 10) its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
June 30 1925 to the amount of 3,710,458 tons. This is a
decrease of 339,342 tons from the orders on hand May 31
and of 736,110 tons from the unfilled tonnage on April 30.
Last year, however, on June 30 the total of unfilled tonnage
stood at only 3,262,505 tons, though on June 30 1923 the
total was 6,386,261 tons. In the following we show the
figures back to the beginning of 1921. Figures for earlier
dates may be found in the issue of the "Chronicle" for April
14 1923, page 1617.
January
February
March
April
May
June
July
August
September
October
November
December
1925.
5,037,323
5,284,771
4,863,564
4,446.568
4.049,800
3,710.458
141
THE CHRONICLE
JULY 11 1925.]
1924.
4,798,429
4,912,901
4,782,807
4.208,447
3.828.089
3.262,505
3,187,072
3,289.577
3,473.780
3,525,270
4,031,969
4.816.676
1923.
6,910,778
7,283,989
7.403.332
7,288,509
6,981,851
6,386,261
5,910,763
5,414,663
5.035.750
4,672,825
4,368,584
4.445.339
1922.
4,241,678
4,141,069
4,494,148
5,096,917
5,254,228
5,835,531
5,776.161
5,950,105
6.691.607
6,902.287
6,840.242
8,745,703
1921.
7,573,164
6,933,887
6.284,765
5,845,224
5.482,487
5,117,888
4,830,324
4.531,926
4,560.670
4,286,829
4,250,542
4,268,414
Further Decline in Steel Production.
A further reduction occurred during June in the production
of steel bringing the output down to the lowest level since
November last. The American Iron & Steel Institute in
its regular monthly statement issued July 9 puts the production of steel ingots in June 1925 by companies, which in
1924 made 94.43% of the steel ingot production in that
year, at 3,028,423 tons, of which 2,538,988 tons were openhearth, 476,945 tons Bessemer and 12,490 tons all other
grades. The calculated production for all companies on
this basis during June 1925 was 3,207,056 tons, which
compares with 3,458,253 tons in May, 3,587,524 tons in
April and 4,198,520 tons in March, but with only 2,065,676
tons in June 1924. The average daily output during June
1925 was 123,348 tons, which contrasts with 133,01n tons
in May and 137,982 tons in April. In March 1925 the
daily output was as high as 161,482 tons. In June last
year, however, the daily average production was only 82,627
tons, which was the lowest figure for that year. In the
following we show the details of production back to Jan. 1924:
MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1924 TO DEC. 1924.
Reported for 1924 by companies which made 94.43% of the steel ingot production
in that year.
Months
1924.
January....
February.
March _April
May
June
OpenHearth. Bessemer.
Approximate
Calculated
Daily ProMonthly
Monthly No
AU Production Production Wor,k- ductton AU
All Corn- Inc Companies.
Other. Companies
Reporting. panics. Days. Gross Tons.
27
25
26
26
27
25
135,182
153,050
161,796
128,787
97,779
82,627
6 months. 15,193,302 3,378,288 63,548 18.635,138 19,737,034 156
126,519
26
28
26
27
25
26
72.223
98,188
108,755
115,756
124,846
137.279
28,811,331 5,836,194 108,506 34,758,031 36,811,157 312
Total
1925.
889,996 11,960 3.964,704 4.198,584 27
January.. 3,262,748
602,042 13,014 3,547.020 3,756,243 24
February. 2,931.964
614,860 13,633 3.964.662 4,198,520 26
3,336.169
March
515,715 14,182 3,387,699 3.587.524 28
2,857,802
April
497.708 13,790 3.265.828 3,458.253 26
2.754,130
May
476,945 12,490 3,028,423 3,207,056 26
2,538,988
June
117,984
6 months_ 17.681.801 3.397.266 79M60 21 158 138 22 46.1 Ian 155
144.556
July
August
September
October..
November
December
2.766,534
2,902,641
3,249,783
2,575,788
2,080.896
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
12,577
16,085
15.260
12,358
8,648
2,622
241,880 5,162
361,781 5,764
409,922 6.864
438,468 7,058
459,349 8.403
546,506 11.707
3,446,143
3.612.631
3,971,844
3.181.525
2.492.643
1,950,352
1.772,954
2.410,365
2.669,762
2,950,929
2.946,899
3,369.984
3,649,913
3.826,246
4,206,699
3,348,466
2,840,034
2,065,676
1,877,789
2.552,891
2.827,625
3.125,418
3,121,149
3.569.251
155,502
156,510
161,482
137,982
133.010
123,348
Steel and Iron Markets Steady-Pig Iron Price Falls.
That consumption will continue through July and August
on a scale well above that of the summer of 1924 is indicated
as the steel trade enters on the second half of the year, according to the opinion of the "Iron Age" this week. Today's mill operations are slightly below those of the week
beiore the holiday. However, the number of new orders
and the firmer attitude of some leading producers in respect
to prices are taken as favorable signs, together with the fact
that in the heavier products June business showed an improvement over May, even though small, adds the "Age,"
giving further details as follows:
Estimates of June production of steel by the larger companies bear out
the week-to-week statements in this review, that operations last month
averaged 70%. Counting the country's capacity at 54,000,000 tons, this
would mean tver 3,100,000 tons of ingots for June and a total of more than
22( million tons for the first half of the year.
In only two other six-month periods has the country produced more
steel than in the first six months of 1925. One of these was the first half
of 1923, with its high record of 23,327,000 tons, and the other was the
second half of 1918, with 22,531,000 tons.
Now that mill schedules have been more closely gaged to the country's
actual consumption of steel,the extent to which buyers can count on prompt
shipment is getting more attention in connection with the depletion of consumers'stocks. July developments on this point will be closely watched.
Some access of strength is seen in the sheet market from the efforts of
manufacturers to get 4.20c. for galvanized. 3.15c. for black and 2.30c. for
blue annealed: but 3.10c. for black sheets is still being done.
Cold rolled strip steel is the other product on which attempts at price
betterment are being concentrated.
In the Pittsburgh district tin plate and pipe mills still lead in activity,
current operations being estimated above 85%. The Southern Natural
-in. pipe (7,400 tons), and the Empire
Gas Co. is inquiring for 70 miles of 12
Gas & Fuel Co. of Oklahoma for 60 miles (6,400 tons).
Inquiries from the Central Railroad of Georgia for 1,000 freight cars and
from the Texas & Pacific for 750,and the ordering of 367 passenger and baggage cars by the Pennsylvania represent the chief activity in railroad equipment. The Southern Pacific, which was reported to be considering a
purchase of new cars, will repair 1,000 in its own shops.
Track supplies lately closed include 12,500 kegs of spikes and bolts and
there is inquiry for 20,000 kegs. That the railroads are running close
on their stocks of steel appears from various orders ranging from 300 to
1,000 tons of plates, shapes and bars.
Structural steel work, both in awards and inquiries, was the smallest in
months in the holiday week. The largest inquiry is for 7,700 tons for a
pier for the Erie RR. on the Hudson River.
At Cleveland, with six Lake vessels recently under inquiry. the Canadian
National By. has asked bids on two barges calling for 6,000 tons of steel.
A third-quarter contract price below $35 at Youngstown for sheet bars
seems less likely now than a fortnight ago, when sheet producers were seeking a reduction to $33.
142
THE CHRONTCLE
[VOL 121.
The production for the half year has been 19.011.948 tons, which comPig iron business in all selling centres has dropped off in the past fortnight. The good buying movement of May and early June did not help pares with 17.434,492 tons for the first half of 1924 and with 20,841.534
factors in the situation since May 1 are re- tons for the first half of 1923.
prices. Statistically, the main
duced production, increase in sales and unfilled tonnage, but no marked
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
change in shipments or in stocks at furnaces.
1925.
Midsummer iron ore buying is rare, but a Pittsburgh district consumer January
3,229,804
3,370.336
3,018,890
3,214.143
2,994,187
3,074,757
has contracted for upward of 100,000 tons in the past week, and sales of February
March
3.564,247
3,523,868
3,466,086
low-grade ore amounted to 24,000 tons.
April
3,258,958
3,549,736
3,233,428
The German Raw Steel Association has been extended until October 1929. May
3,867.694
2,930,807
2,615,110
The proposed international rail syndicate is still under discussion. Mean- June
2,673,457
3,676,445
2,026,221
while, Belgium and France are considering the taking of round lots of
Half year
19,011,948
20,841,534
17,434,492
German rails on reparations account.
3,678,334
1,784,899
Pig iron, according to the "Iron Age" composite price, is down to 818 96 July
August
3,449,493
1,887,145
a ton, from $19 13 last week, the change being entirely in the Southern September
3,125,612
2,053,264
market. This lathe first dip below $19 since early April of 1922-39 months October
3,149,158
2,477,127
November
2,894,295
ago.
2,509,673
2,920,982
2,961,702
Finished steel remains at 2.431c. per lb., the "Iron Age" composite price December
showing no change. It has been within 2% of that figure for about three
Years
40,059,308
31,108,302
months.
•
*These totals do not include charcoal pig iron. The 1924 production of thishon
was 212,710 tons.
The usual comparative price table follows:
July 7 1925, Finished Steel, 2.431c. perPound.
2.4310•
Based on prices of steel bars, beams, tank One week ago,
2.446e.
plates, plain wire, open-hearth rails, One month ago,
2.589c.
black pipe and black sheets, constitut- One year ago,
-year pre-war average, 1.689c.
10
lag 88% of the U. S. output
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
Steel Works.
Total.
Merchant.
62,176
84,358
22,182
50,237
67.541
17,304
43,353
57,577
14.224
45,591
60,875
15,284
50,312
68,442
18,130
59,952
79,907
19,955
63.230
20,426
83,656
76.682
18,857
95,539
88,856
21,864
108,720
90,707
24,084
114,791
90,741
24,234
114.975
83,827
24,805
108,632
74.415
20,127
94,542
70.452
18.663
89,115
-May
1924
June
July
August
July 7 1925, Pig Iron, $18.96 per Gross Ton.
September
$19.13
Based on average of basic and foundry One week ago,
October
19.21
irons, the basic being Valley quotation, One month ago,
November
the foundry an average of Chicago, One year ago.
19.29
December
10
-year prevar average, 15.72 1925
Philadelphia and Birmingham
-January
February
1923- -1924- -1925--March
Finished steel-High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan. 6
April
Low 2.446c. Jan. 2 2.460c. Oct. 14 2.424c. June 23
May
Pig iron
High $30.86 Mar. 20 $22.88 Feb. 26 $22.50 Jan. 13
Low $20.77 Nov.20 $19.21 Nov. 3 $18.96 July 7 June
PRODUCTION OF STEEL COMPANIES
Whether July will be a turning point in the iron and steel
-GROSS TONS.
-Total Production 5- -Spiegeleisen and Ferromanganece*
situation, after three months of steady retrenchment,
1924- -19251924.
Fermin. Spiegel. Perrom. Spiegel.
1925.
remains an open question, declares the July 8 "Iron Trade
2,274,005 2,692,537 20,735
7,948 23,578
5,418
Review." All indications are that the process of cur- January
February
2,410,658 2,539,785 22,405
9,870 18,184
4,910
2,674,565
2.812,995 22,351 13,796 20,062
5,449
tailment is nearly spent and that supply and demand have March
April
2,463,027 2,514,828 23,580
4,240 21,448
5,341
May
1,927,461 2,306,887 14,993
9,336 22,679
5,294
been brought close to a balancing position. The movement June
1,507,110 2.113,566 20.049
9.405 19,836
4,972
material, while well sustained, is yet to show any trustof
Half
13,256,826 14,980,598 124,113 54,595 125.787 31,384
worthy signs of an early expansion. In all events, however, July year
1,343,952
14,367 15,328
1,413,314
the record is decidedly better than a year ago, when a August
10,718
8,010
September
13.263
1.509,360
5,033
condition of heavy production in the early months followed October
7,780 10,047
1,858,502
November
13,448
1,896,886
8,835
by a sharp decline by midyear prevailed. Sixty to 65% December
21,220
2,377,141
5,284
operations of the steel works to-clay are fully 20% above
Year
23,656.981
204.909 107,132
the rate this time in 1924 and which was lowest in July.
Includes output
The steadiness of the present situation is more and more •Ferromanganese of merchant furnaces.
S
and splegeleisen included.
cause for hopeful sentiment and increasing expectations that
subsequent changes will be for the better, continues this
Coal Production Gains a Trifle, but Prices Remain
trade journal, adding:
Practically Unchanged.
Bookings at the Chicago mills during the past six weeks are fully 25%
The production in the majority of the producing districts
In excess of last year. In sheets and tin plate a margin gain of 10 to 15%
is reported by leading producers. Tubular goods demand for the first has increased during the past week, but prices
are still at
half was uniformly large with some mills reporting June business as the
the same low level, observes the "Coal Trade Journal's"
best in their history
Complete returns for June pig iron production show changes over May Eastern market review this week. In the central Pennsyleven more moderate than the preliminary returns had indicated. Loss vania section the usual
midsummer dulness prevails but
In the average daily output was 5.6% against shrinkage of 11.7 and 20%,
respectively, in the two preceding months. The net decline of five shown loadings are ahead of last month and of June 1924. In the
as the list of furnaces in blast at the end of June compared with 24 in May Pittsburgh unionized district production is low and spot
and 25 in April. The total in blast represented 47.9% of the total workable trading is the
dominant feature of the market. Prices are
list of the country.
Actual production of coke and anthracite pig iron for the first half of unchanged though some cars have had to be moved at
1925 was 19,981,830 tons, a gain of 1.558,413 tons, or 8.94% over 1924.
slightly under the market prices in order to avoid demurrage.
That railroads will prove heavier buyers during the last half than during
the first six months, especially of equipment, is the view generally held. Industrial demand has increased slightly and by-product
With reports new models embracing important changes soon to appear, coke sales are steady. Slack is a trifle easier. Foundry
the automobile industry entered the fag-end of its season with the July coke in the Connellsville district is
steady and in better
rate of activity beyond the most sanguine predictions.
State subsidies to revive languishing British pig iron conditions are being condition than the furnace, continues the report, from which
talked of now that manufacturers realize there is small chance of their we quote further as follows:
obtaining the tariff protection which they had petitioned.
The composite this week on 14 representative iron and steel products
is $37 45. This compares with 837 45 last week and $37 33 the preceding week.
June Pig Iron Output.
Actual returns for the pig iron production in June show
that the estimate quoted from the "Iron Age" of last week,
July 2, was close to the real output. Final figures place
the total at 2,673,457 gross tons, or 89,115 tons per day.
This is 243 tons in excess of the daily rate published last
week, when the output for the last two days was estimated
by the companies reporting. The June output at 89,115
tons per day was 5,427 tons less than the daily rate in May,
a decrease of 5.7%. The net loss of furnaces was 7 instead
of 5, as estimated last week, 2 having been blown out on
June 30,adds the "Iron Age,"giving further details as follows:
The production of coke pig iron for the 30 days in June amounted to
2,673.457 tons, or 89,115 tons per day, as compared with 2,930,807 tons,
or 94,542 tons per day for the 31 days in May. The June output is the
lowest for the year, but is still considerably higher than that of last year
at this time.
There were 10 furnaces blown out or banked and 3 blown in, a net loss
of 7, bringing the number of furnaces active on July 1 to 189. The daily
capacity of these 189 stacks on July 1 is estimated at about 86,250 tons,
compared with 89,550 tons per day for the 196 furnaces active on June 1.
Of the 10 furnaces shut down last month,5 were Steel Corporation stacks,
4 were independent steel company furnaces and one was a merchant furnace.
One Steel Corporation and 2 independent steel company furnaces were
blown in.
In the Fairmont field of northern West Virginia the cement mills are
contracting for slack at 10 cents under the price prevailing during June.
Demand for mine-run has decreased slightly as has that for prepared,
except for shipments to the Lakes. Railroads are expected to contract
soon. The non-union tonnage is 86% of the total for the district. In
southern West Virginia production is still increasing in both high and low
volatile fields and prices have not receded. Smokeless quotations are
unchanged with the exception of lump, which is lower in inland eastern
markets. High volatile lump prices are softer in the west but egg in in
better position. Slack is weak. Large shipments are going to the Lakes
and to tidewater. In the Upper Potomac and Georges Creek fields contracting is practically absent and, with production increasing, prices are
held at an extremely low level. In Virginia, however, conditions are unchanged with production at two-thirds capacity, most of the movement
being on contract. Coke in this section is still sluggish.
Increased inquiry for export is the feature of the Baltimore coal market.
On account of the predicted strike of the miners in Great Britain, foreign
consumers are getting anxious about their fuel supplies and inquiries for
American coals have increased greatly during the past week. Prices,
however, remain unchanged. The anthracite market is dull and prices are
the same as prevailed in June.
Last week started out to be dull in the Philadelphia market, but, on
account of the anthracite conference, finished with the trade showing considerably more interest. Retailers have advanced their prices from 15 to
25 cents a ton to take care of the raises in the wholesale prices since April 1.
Bituminous prices show little change. The New York market is unchanged
in spite of all the tale of strikes. The line companies raised the prices the
usual 10 cents on July 1 and some of the independent companies followed
their lead. This motion did not mean very much, however, as good coal
can be bought now at practically the same prices ruling during the past few
weeks. There was no improvement in the situation at Providence last
week, prices being a shade softer if anything. At Boston the market
declined 5 cents, due to greater arrivals at the piers and slightly lower
prices granted to Boston shippers at southern loading piers during the past
week. The New England slack market is good and sales of all-rail coal
JULY
11 1925.]
143
T1TE CHRONICLE
have increased slightly. The anthracite situation in New England is practically unchanged and no advance in retail prices has taken place.
slightly
Taken as a whole, the tone of the coal market in the east is
better than in the past few weeks.
Coal Production Slightly Larger.
The weekly report on the production of bituminous and
anthracite coal and beehive coke, issued by the Department
While actual conditions in the marketing of coal showed of Commerce, through the Bureau of Min.es, July 3 1925.
little discernible difference-during the past week from recent shows increases in the production of the first two fuels but
preceding weeks, nevertheless two recent developments are a decrease in the output of coke. The report follows:
The total output of bituminous coal during the week ended June 27, infraught with far-reaching possibilities to the trade—the
is estimated at. 8,679,000 net
threat of a nationwide strike by John L. Lewis and the cluding lignite and coal coked at the mines,279,000 tons, or 3.3%.
tons, an increase over the preceding week of
report of coal stocks by the Geological Survey, declares the
Estimated United States Production of Bitutninous Coal(Net Tons).(a)
"Coal Age" on July 9. The industry as a whole will take
Total Bituminous, Including Coal Coked.
calmly, knowing the size of the job the
1924
1925-the Lewis threat
Cal. Year
Cal. Year
union leader already has on his hands in West Virginia and
to Date (b)
Week.
to Date.
Week.
8,622,000 214,716,000 7,385,000 214,730.000
that the Government would quickly step in in the June 13 c
confident
1,546,000
1,543,000 1.231,000
1.437,000
Daily average
8,400,000 223,116,000 7,434,000 222,164,000
event of dangerous tie-up at the mines. Realization of the June 20 c
1.533,000
1,537.000 1,239.000
1.400,000
Daily average
extent of the shrinkage in reserve coal stocks, as revealed in June 27 d
8,679.000 231,795,000 7,608,000 229,772,000
1.523.000
1,533,000 1.268.000
1,447,000
Daily average
report, may be a different story. Whether it
this week's
a Original estimates corrected for usual error, which in past has averaged
will prove to be the needed impetus that the market lacked,
2%. b Minus 2 days' production first week in January to equalize number
the next few weeks will show, adds the "Age" summary, of days in the two years. c Revised from last report. d Subject to revision.
are quoted herewith:
from which further details
-run that sold in Chicago
A shipment of western Kentucky strip mine
last week on the basis of 95c. per ton f. o. b. mine gave the Midwest market
another bump, shaking the confidence of Illinois and Indiana producers
-inch screenings. Western Kenwho were trying to maintain prices on 2
tucky is in poor shape and eastern Kentucky is dissatisfied with prices, a
plentiful car supply and many mines running full, making coal too plentiful.
Business at the head of th) Lakes is at a standstill. Conditions are somewhat steadier in the Southwest. the situation being practically unchanged in
Colorado and Utah.
Lake buying has been heavier during the last week, and as a result the
Cincinnati market has stiffened. A slight pick-up Is in evidence in southern
Ohio also, but there is no change in eastern Ohio. Demand continues light
at Pittsburgh. The depression in New England shows no signs of lifting.
enAt New York and Philadelphia sales have not picked up much, but
couraging signs are not lacking. Little change is observable at Baltimore
and Birmingham.
Anthracite consumers display nothing but indifference despite the nearness of the wage parley, but it is not unlikely that a change of front will be
in evidence when news from the scene of hostilities begins to spread. Stove
continues to lead in demand, with egg close up. Chestnut, however, is
causing nearly as much difficulty as pea. The steam sizes are quiet. As
expected, the companies tacked 10c.to the prices of domestic sizes on July 1.
The "Coal Age" index of spot prices of bituminous coal remained stationary during the past week, standing on July 6 at 160, the corresponding
price being $1 94.
Dumpings at Lake Erie ports during the week ended July 5, according
fuel,
to the Ore & Coal Exchange, were: Cargo, 733,042 net tons: steamship
tons in
47,258 tons—a total of 780.300 net tons, compared with 912.945
week ended July 2
the preceding week. Hampton Roads dumpings in the
week.
totaled 401.083 net tons, compared with 447.290 tons in the previous
The total output for the calendar year 1925 to June 27 is 231,795,000
net tons. Corresponding figures for recent years are given below:
Years of Depression.
Years of Activity.
215,525,000 net tons
277,876,000 net tons 1919
1918
195.395,000 net tow,
257,178,000 net tons 1921
1920
229.772.000 net tons
net tons 1924
275,881.000
1923
Estimated United States Production of Anthracite (Net Tons).
1924
1925
Cal. Year
Cat. Year
to Date (a)
Week.
to Date.
Week.
Week Ended—
40.803,000 1,823.000 41,404,000
1,870,000
June 13
1,788,000 42,591.000 1.823,000 43,227,000
June 20
1,844,000 44,435,000 1,918,000 45,145,000
June 27
a Less 2 days' production in January to equalize number of days in the
2 years.
Estimated Production of Beehive Coke (Net Tons).
1924
1925
Week Ended
'to
to
June 27 June 20 June 28
Date.(a)
Date.
1924.
1925.(b) 1925.(c)
Pennsylvania and Ohio.. 91,000 93,000 85,000 3,984.000 4,728.000
316.000
311.000
6,000
9,000
9.000
West Virginia
512.000
512.000
18.000
15.000
Ala., Ky., Tenn. & Ga- 15,000
209,000
198,000
7.000
4,000
4,000
Virginia
135,000
116,000
5,000
5,000
5.000
New Mex
Colorado &
104.000
109,000
4.000
3,000
Washington and Utah_ - 3,000
United States total
Daily average
127,000
21,000
129,000 125,000 5,230,000 6.004.000
22,000
21,000
34,000
39,000
a Adjusted to make comparable the number of days covered in both
b Subject to revision. c Revised since last report.
years.
Current Events and Discussions
With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 8, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows a decline of $61,300,000 in holdings of discounted bills, of $14,600,000 in
Government securities, and of $8,400,000 in acceptances
purchased in open market, with the result that total earning
assets went down $84,300,000 to $1,042,800,000. Federal
Reserve note circulation declined $700,000 and cash reserves
$3,100,000, while non-reserve cash increased $2,300,000.
All Federal Reserve banks report smaller holdings of discounted bills, with the exception of San Francisco and
Dallas, which show increases of ,600,000 and $1,400,000,
respectively. The principal decreases were: New York,
$27,300,000; Chicago, $16,000,100; Cleveland, $6,500,000;
Boston, $6,300,000; Philadelphia, $5,900,000, and Richmond, $4,300,000. After noting these facts, the Federal
Reserve Board proceeds as follows:
The Week
The Federal Reserve Bank of New York shows a decrease of $8,500,000
in holdings of acceptances purchased in open market, and Philadelphia a
decline of $2,100,000, while the Boston bank reports an increase of $1,900,000 and Dallas of $1,500,000. The system's holdings of Treasury notes
went down $7,900,000 and of Treasury certificates $7,000,000, while
holdings of United states bonds increased $300,000.
The principal changes in Federal Reserve note circulation during the
week comprise a decrease of $4,800,000 reported by the New York bank,
$2,900,000 by Boston and $2,700,000 by Philadelphia, and increases of
$4,700,000 and $2,900.000, respectively, reported by the Cleveland and
San Francisco banks.
• 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 143 and 144. A
summary of changes in the principal assets and liabilities
of' the Reserve banks during the week and the year ending
July 8 1925 follows:
Increase(+)or Decrease(—)
During
Year.
Week.
—$3,100.000 —$321,600,000
Total reserves
—1,300,000-359.100.000
Gold reserves
+221.800,000
—84,300.000
Total earning assets
+139.600.000
—61,300.000
Bills discounted, total
+135,700,000
Secured by U. S. Govt. obligations_ _ —38.700.000
+3.900,000
—22,600,000
discounted
Other bills
+182,200,000
—8,400,000
Bills bought in open market
—111,500.000
S. Government securities, total_ __ _ —14,600,000
U.
+47,700,000
+300,000
Bonds
—88.300.000
—7,900.000
Treasury notes
—70,900,000
—7,000,000
of indebtedness
Certificates
—202,700,000
—700.000
Federal Reserve notes in circulation
+108,800,000
—64,600,000
Total deposits
+110,200,000
—51,500,000
deposits
Members' reserve
—5,900,000
—10,000,000
Government deposits
+4.500.000
—3,100.000
deposits
Other
The Week With the Member Banks of the Federal
Reserve System.
The principal changes in the condition of 733 reporting
member banks in leading cities during the week ending
July 1, as shown in the statement issued by the Federal
Reserve Board, comprise increases of $170,000,000 in loans
and discounts, $12,000,000 in investments, $329,000,000 in
net demand deposits, and of $52,000,000 in borrowings from
the Federal Reserve banks. It should be noted that the
figures for these member banks are always a week behind
those of the Reserve banks themselves. The New York
City members reported increases of $137,000,000 in loans
and discounts, $12,000,000 in investments, $194,000,000 in
net demand deposits, and of $24,000,000 in borrowings from
the Federal Reserve Bank.
Loans on stocks and bonds went up $134,000,000, the
principal increases being $119,000,000 in the New York
district and $14,000,000 in the Boston district. "All other"
loans and discounts, largely commercial, increased $30,000,000, the New York district reporting an increase of $20,000,000 and the Chicago district of $8,000,000. Further
144
THi4.1 CHRONICLE
comments regarding the changes shown by these member
banks are as follows:
Investments in United States securities show a reduction of $5,000.000.
[vol. 121.
retroactive and this might disturb the Parliamentary program.
Therefore he had decided to follow the ordinary practice.
the decrease of $13,000.000 in Treasury certificates being partly offset by
an increase of $8,000,000 in United States bonds and Treasury notes. One-Day Suspension of Berlin Bourse in Protest
Holdings of other bonds, stocks and securities went up $10,000,000 and
Against Change in Revaluation of Pre-War Bonds.
Holdings of other bonds, stocks and securities went up $10,000.000 and
The closing on July 8 of the Berlin Bourse and the Stock
$9,000,000 in the Chicago and New York districts, respectively, while
banks in the Cleveland district reported a decline of $5,000,000 in this item. Exchanges at Berlin, Hamburg,
Frankfort, Cologne and
Net demand deposits show an increase of $329,000,000, of which $211,- Dresden,
was of one day's duration, the reopening occurring
000,000 was in the New York district, $28,000,000 in the Boston district.
$27,000,000 in the Chicago district. $22,000,000 in the San Francisco on the succeeding day. As to the reason therefor, we quote
district and 315,000,000 and $13,000,000, respectively, in the Cleveland the following from Berlin Associated
Press cablegrams July 8:
and Kansas City districts.
German exchanges ceased to operate to-day by reason
of the action
Borrowings from the Federal Reserve banks increased $52,000,000. the taken by the Bourse Committee
in protest against the Government's
New York district reporting an increase of $29,000,000 and Chicago an delay in enacting a definite
revaluation program and also against the
increase of $15,000,000, while a reduction of $12,000,000 was reported by decision of the Revaluation
Committee of the Reichstag to differentiate
the San Francisco district.
between old and new holders of paper mark State loans.
The committee was further prompted to close the
On a subsequent page—that is, on page 144—we give the
Berlin exchange by
the
figures in full contained in this latest weekly return of the the consideration that thereby wholesale dumping of pre-war securities on
market would be stopped, a movement in this direction
member banks of the Reserve System. In the following is as soon as the Reichstag committee's action became known.having begun
Frankfort, Cologne, Hamburg, Dresden and
furnished a summary of the changes in the principal items
Hanover followed Berlin's
lead in closing their exchanges.
as compared with a week ago and with last year:
The Bourse Committee decided to make representati
ons at once to the
Cabinet. It is authoritatively stated in financial
Increase(+) or Decrease(—)
circles that the committee
During
will make plain to the Government that it must not
continue to bend to
Week.
Year.
Loans and discounts, total
+$170,000,000 +$1,225,000,000 political parties, but must formulate definite proposals and adhere to them.
Secured by U. S. Govt. obllgations_ _
The Reichstag committee's plan allows new holders
—37,000,000
+6,000,000
of paper mark State
Secured by stocks and bonds
+134,000,000 +1,055,000,000 loan securities a revaluation of only 2%%,and old
All other
subscribers 5%,and it is
+207,000,000 asserted that this differentiati
,
on is opposed by the members of the exchange
Investments, total
+610.000,000
+12,000.000
U. S. bonds
+456,000,000 as well as by experts. The argument is offered that the parties behind the
+4,000,000
U. S. Treasury notes
—274,000,000 Government are trying to force concessions in revaluation
+4,000,000
incompatible
U. S. Treasury certificates
—13,000,000
—7.000,000 with sound economics.
Other bonds, stocks and securities
+435,000,000
+17,000,000
The "Boersen Zeitung," pro-Government financial
Reserve balances with Fed. Reserve banks +58,000,000
+141,000,000
organ, berates the
Cash in vault
—14.000,000 political parties, declaring:"The Reichstag parties no longer deem it necesNet demand deposits
+329.000,000 +1.059,000,000 sary to respect the Government set up by themselves as
Time deposits
the authority. In
+754,000,000 recent times cases have recurred
—16,000,000
again and again of the Government
Government deposits
—17,000,000
—4.000,000
parties changing Government bills, the Government's
Total accommodation at Fed. Res. banks_ +52,000.000
+174,000.000
economic policy."
The closing of the Bourse and other exchanges has no
trials and other stocks. The Bourse will resume to bearing on Indus-morrow.
The Bourse committee expressed the belief that
Reports of Floating of $100,000,000 Australian Loan
confidence in German
loans and in official Government declarations
regarding them would be
by J. P. Morgan & Co.
shaken if the distinction proposed by the Reichstag's
revaluation committee
Reports of the proposed floating of a loan of $100,000,000 between old and new holders of paper mark State loans should prevail.
The Bourse
by J. P. Morgan & Co. for the Australian Commonwealth quotations committee decided that until further notice it will not carry
on German municipal bonds and bonds of States of
the German
Government were current this week,
Federation.
but no authoritative
statement has been available. One of the reports from
While reopening on the 9th, the exchange directors, says
London July 8, (Associated Press) said:
a copyright message to the New York "Times," stuck
to
An Exchange Telegraph Agency message from Melbourne says the Aus- their decision not
to give pre-war loan bond quotations until
tralian Government has confirmed the New York report that Australia
the Reichstag finally decides upon the revalorization of these
will float a loan in the United States soon.
With £120.000,000 in loans maturing this year, the Australian Govern- bonds, concerning whether the Governme
nt will differentiate
ment recently asked Great Britain whether there was any objection to
between new and old bondholders. The same account states:
borrowing in New York to meet these requirements. The British reply
The Revalorizati
was that there was no particular objection,especially since it was not likely
that sufficient money would be available in London to meet Australia's
needs.
It is expected that the American loan to Australia will total 3100,000.000.
The New York "Herald Tribune" of July 10 stated that
it is understood that J. P. Morgan & Co. and Nevinson &
Co. will handle the loan in America and England, respectively. From the New York "Times" of July 9 we take the
following:
• All Australian financing heretofore has been done in London, but a number of New York banking houses have been angling for a new issue during
the last year. In the last day or two there have been reports in Wall Street
that the American efforts were nearing a successful conclusion, and last
night an Associated Press dispatch from London said that confirmation
had been received from Melbourne of Australia's intention of floating a
loan in the United States.
This dispatch said that with £120.000,000 in loans maturing this year,
the, Australian Government recently asked Great Britain whether there
was any objection to borrowing in New York to meet these requirements.
The British reply, according to the Associated Press cable, was that there
was no particular objection, especially since it was not likely that sufficient
money would be available in London to meet Australia's needs.
The Australian Government by Dec. 15 must provide for the payment of
/10,000,000, or almost $350,000,000, of4% bonds, issued in 1915, 1916
and 1917, constituting the outstanding balance of the first, second, third
and fourth war loans.
Australian credit standing is of the highest, and NewlYork bankers would
welcome the opportunity of handling a new issue, as the large volume of
funds pressing for investment here has led to keen competition for desirable
foreign offerings.
on Bill passed its third reading to-day, the Reichstag
making changes giving all holders 5% of the face value
on national. State
and communal pre-war bonds.
The Associated Press advices of that day (July 9)stated:
While the Berlin Bourse resumed quotations of pre-war
loan bonds to-day
after yesterday's closure, financial circles continued
to protest the action
of the Reichstag's revaluation committee in
differentiating between old
and new holders of paper mark State loans.
A memorial submitted by the Bankers' Association
to the Finance
Ministry says the future placing of loans by the German
Reich and the
German provinces will encounter great difficulties if
the revaluation committee's proposal prevails. The Bankers' Association
says the situation
is so grave it is compelled to protest, although
ordinarily its business is not
to safeguard the interests of any particular
group of bondholders.
The Bankers' memorial says the plan of the
Reichstag revaluation committee would undermine public confidence in the
Government's guarantees
of its bonds and charges that "purely
political motives" underlie the
committee's action.
It is said in financial circles that as soon as the
Government's original
program for the revaluation of German paper
mark State loans was submitted to the Reichstag many people, trusting in the Government'
s promise,
bought these loans as a permanent investment
on the basis of quotations
calculated upon this revaluation plan. These holders now
find the value
of their investments in the paper mark loans reduced by
half if the Reichstag
revaluation committee's figures stand.
Progress of Hungary's Reconstruction.
The results achieved by Jeremiah Smith Jr., the Commissioner-General of the League of Nations for Hungary,
was one of the outstanding topics of interest in the
34th
session of the Council of the League, held in Geneva in
June.
Reimposed McKenna Duties (Great Britain) Not
It is stated that the progress of reconstruction in
Hungary
Retroactive.
has been more than encouraging. At a public
meeting of
Th reimposed McKenna duties, which became effective the Council of the League, which was held on
June 9 of
Julv 1, levying among other schedules a 33 1-3% import this year, these results were summarized before
the Council
automobiles, will not be retroactive, Chancellor of as follows:
ax on
Among the principal questions dealt with by
the Exchequer Churchill announced in Commons on July 7,
the Council were those
concerning the
said Associated Press cablegrams from London, which added: The Hungarianfinancial reconstruction schemes in Austria and Hungary.
scheme has so far succeeded
This will mean a saving to the importers or purchasers of American automobiles rushed into England since April 28, when it was announced the
McKenna duties would be revived.
During the few days preceding July 1, when the duties became effective,
there was a rush into England of motor cars, silks, musical instruments,
docks and watches. These carry increased duties under the McKenna
schedules and traders made every effort to enter large supplies before the
higher rates became effective.
Mr. Churchill told Commons the British Government would lose £1,000,000 sterling by the "dumping" into England before the McKenna duties
became operative of the goods dutiable under its schedules.
Duties to that amount would have been collected had the law been in
operation and now would be collected if the duties were made retroactive.
He explained, however, that a special bill would be required to make them
that for the first financial
year since the reconstruction period began in May
1924 there will be a substantial surplus instead of a deficit, for which 100
million gold crowns were
allowed for in the original plan. It is estimated,
also, that the budget
for the next financial year will also have a surplus,
and in addition to this
the currency has been stabilized and the volume
of trade increased. The
Council was therefore able to meet the request
of the Hungarian Government for a necessary increase in the salaries of
State officials, and gave
authority for 30 million gold crowns to be
released from the reconstruction
loan of 233 million gold crowns (two-thirds of which
still remain in hand)
for productive capital investment, with the
approval of the CommissionerGeneral. The Council at the same time expressed
the earnest hope that
the efforts of Hungary and the other countries
concerned would result in
the rapid progress in the negotiation of commercial
treaties and in the
reduction of barriers which impede the flow of both exports
and Imports.
JULY 11 1925.]
THE CHRONICLE
Finance Minister de Stefani of Italy Resigns With
Signor Nava—Count Giuseppe Volpi New
Finance Minister.
The resignations of Minister of Finance de Stefani of Italy
and Minister of Economy de Nava were presented to and
accepted by Premier Mussolini on July 8. A copyright
cablegram to the New York "Times" from Rome, July 8,
said:
The resignation of De Stefan', who gained credit by ridding Italian
fnances of a chronic deficit of several billion lire yearly, is attributed chiefly
to loss of prestige through the unhappy results of his decrees on Stock Exchanges and the recent depreciation of the lira. He has been the object
of violent attacks by the extreme wing of Fascismo and also responsible
financial circles.
Nava's resignation is attributed to bad health, but may have been influenced by Mussolini's swing toward intransigence which has led him
gradually to rid himself of all non-Fascist Ministers. It is stated that the
resignation is devoid of political significance as the National Popular Party,
which he leads, will continue to support the Fascist Cabinet.
The same paper in further copyright advices July 9 said
in part:
The Cabinet crisis has been solved within 24 hours with the appointment
of Count Giuseppe Volpi to succeed De Stefan' as Minister of Finance,
and Deputy Giuseppe Belluzzo to succeed Signor Nava as Minister of
National Economy.
Premier Mussolini's selections have created an excellent impression, not
a single word of criticism being heard even in the Opposition camp. Official
news of the appointments had a strong reaction on the Stock Exchanges,
a considerable hardening of prices being the most notable feature of today's trading.
Both Count Volpi and Signor Belluzzo are Fascisti and therefore Premier
Mussolini now heads a Cabinet all the Ministers of which are blackshirts.
They, however, joined the movement comparatively recently and are exponents of the moderate wing.
145
$3,200,000,000 drachmae for 1922-1923. The ordinary revenue amounted to 4,180,536,948 drachmae and ordinary expenditures to 3,727,626,691 drachmae, leaving a surplus of
452,910,257 drachmae, while the extraordinary revenue and
extraordinary expenditures amounted to 599,938,750 and
$2,043,439,615, respectively, or a deficit of 1,443,500,865,
which shows that the deficit is entirely due to extraordinary
expenditures. Continuing, the trust company says:
To further improve the financial situation, the Government which has
just been overturned, recently drafted a bill imposing additional taxes.
It is difficult to determine now whether the new Government will carry
on this plan or perhaps devise even a better one.
The national debt of Greece as of March 31 1924 amounted to 9,287,680,181 drachmae, as compared with 8,413,975,843 drachmae for 1923. The
only important modification from April 1 to December 31 1924 was brought
about by the conclusion of the Refugee Loan, which increased the national
debt by £12,300,000, of which, however, £1,000,000 had been advanced
already and taken into consideration in the figure for March, so that the
net increase is £11,300,000, equivalent at par of exchange to 284,986,000
drachmae, thus making the total debt as of Dec. 31 1924 9,572,666,181
drachmae.
The note issues which in 1913 amounted to 234,476,000 drachmae increased to 5,292,064,230 at the end of 1924, with a corresponding depreciation in value as shown by the rates of exchange, which from a par value
of 19.3 cents in 1913, fell to an average of $0.01709 in 1923. During 1924
the Government took every possible step to maintain the exchange at a
workable level, resorting to artificial measures by means of Government
purchase or sales of sterling and dollars. The measures adopted proved to
a certain extent successful and the exchange rose to $0.0182 at the end of
1924, with a temporary stabilization of the drachma, which, however, has
again depreciated this year and is now, at the end of June, quoted at
$0.0173.
Soviet Seeks Private Capital to Move Great Grain
Harvest.
From the New York "Journal of Commerce" we quote the
following Associated Press advices from Moscow, July 5:
Economic Situation in Greece.
The economic situation in Greece was profoundly affected
Such an abundant harvest is expected by the authorities as to necessitate
during the past two years by the arrangement entered into the mobilization of large amounts of State funds for gathering it. Anticibank directors has been
pating a
between the Greek and Turkish Governments at the Lausanne held, at shortage in capital, a conference of Sovietcapital for realizing the
which it was decided to attract private
interchange of grain harvest. Recommendations were sent to the Government that It
Convention in January 1923, for the mutual
their respective nationals. This condition was brought about create normal conditions for private contractors.
The conference also recommended increased importation of certain
as a climax of the unsuccessful war with Turkey and the articles which, it was pointed out, are badly needed by the peasantry.
determination of Turkey as a result of her victory to drive
The same time the same paper printed the following from
from her territory all people of Greek origin, although these Washington:
people had resided in Turkey for centuries and were as much
Russian grain crops are expected to total 63,540,000 short tons for the
indigenous to the soil as any of the other peoples making up 1925 season, according to information received here. Stocks of grain from
last season amounted to 2,880,000 short tons, making a total available for
the Turkish Empire, according to advices received by Bank- the current season of 66,420,000 short tons. Deterioration of crops, due
ers Trust Co. of New York from its Foreign Information Ser- to unfavorable weather conditions in parts of ten central districts, had
caused some reduction in the grain estimate. It is figured, however, that
vice, which under date of July 7 says:
will not only be sufficient to cover domestic requirements but
In the two years which have elapsed since the arrangement at Lausanne, it production
surplus of some 7,650.000 short tons for export.
has been necessary for the Greek Government to .find homes for upwards leave a
of 1,300,000 refugees from East Thrace and Anatolia. On the other hand,
under the terms of the agreement, approximately 300,000 Turks have gone
Rumania to Remove Ban on Grain Exports. '
from Greece to Turkey. The net increase in the population of Greece
Bucharest (Rumania) Associated Press cablegrams,
brought about by these events has been 18%. The immediate effect of the
influx of the refugees on the internal conditions of Greece was very serious, June 21, said:
the destitute condition of the greater number of them adding a further bur.
Although a crop failure throughout Bessarabia is admitted, reports from
den to the already depleted finances of the country. Imports of foodstuffs other parts of Rumania have been so encouraging the Council of Ministers
and clothing had to be paid for to a great extent out of the national Treasury. announces that the present ban on the exportation of wheat, rye and oats
However, with the aid of the Refugees Settlement Commission and the will be removed before harvest. It is also announced that adequate railRefugee Loan, which was concluded at the end of 1924 under the auspices of road facilities are being provided to move the crop surplus available for
the League of Nations, most of the refugees have been settled on farms and export to the seaboard. Estimates of the probable surplus of wheat for
in industries and have been transformed into a productive factor. The Com- export bary from 500,000 to 1.000,000 metric tons.
mission reports them as having proved to be laborious, intelligent and honest, and their contribution to the prosperity of the country is felt already in
the increased industrial activity.
Italy Admits Cereals Free—Prohibition on Exports
Bankers Trust Co. points out that it seems as if the industrial conditions in Greece might be as greatly affected by
these refugees from Turkey as industrial conditions in England were affected in the 16th century by the incoming of the
Huguenot refugees from France. One of the most important
Industries brought to Greece by the Greeks from Turkey is
that of carpet weaving and rug making. Besides the rugs
and carpets being manufactured in the homes of the people
on hand looms, carpet factories which amounted to only
seven in 1922 had by the end of 1924 increased to 28. There
are now over 2,500 looms in the country, employing over
13,000 workers, and the production of the industry is estimated to have an annual value of $3,500,000. Another transplanted industry is the manufacture of attar of roses, which
has heretofore been one of the most important industries of
Bulgaria. The necessity of providing shelter for the newcomers has brought about a veritable building boom in
Greece and the added distribution of materials and supplies
has helped the finances of the railways to such an extent
that a deficit of five and a quarter million drachmae in the
fiscal year 1922-1923 was turned into a surplus of 38% million drachmae in the year 1923-1924. Another indication of
improved conditions in Greece in 1924 was the fact that only
2% of her shipping tonnage was idle.
Turning to the Government finances, Bankers Trust Co.
notes some improvement in the budget, which shows a deficit
for the year 1924-1925 of 990,590,608 drachmae, as compared
with a deficit of 2,900,000,000 drachmae in 1923-1924 and
•
Extended to End of December 1925—Wheat
Flour Dutiable.
From the "Wall Street Journal" of July 2 we take the following Washington advices:
Italy has extended the duty-free admission of cereals and the prohibit/on
on their exportation until Dec. 311925, according to Commercial Attache
Osborne at Rome. Exemption of duty on wheat and macaroni is extended
Indefinitely from July I but wheat
-flour, until recently free of duty, becomes dutiable at the rate of 0.65 gold lira per 100 kilos.
Urge Aid to Polish Farmer—British Committee Want
Half of Loan to Poland Spent on Agriculture.
From the New York "Times" we take the following cablegram (copyright) from London June 29:
The British Parliamentary Committee which recently returned from
Poland has recommended to the Government that of the guaranteed shortterm loan to Poland of £25,000,000, half be spent on agriculture.
Walter Raine, Member of Parliament, announcing the recommendation
to-night, said that in addition to a probable yield of 8%. Britian might receive half a million tons of grain, which should fill the gap left by Russia.
and be free from the vagaries of the Chicago wheat pit.
Americans and Brazilians Agree on Coffee Marketing
Program.
The following advices from Rio Janiero (Associated Press)
July 8 are from the New York "Journal of Commerce":
The United States Coffee Mission to-day returned to Rio Janiero after
several weeks in the interior of Sao Paulo inspecting coffee plantations.
The members announced complete satisfaction over the outcome of their
negotiations to obtain a mutual and agreeable marketing system for coffee
between Brazil and the United States, and to guarantee plantation owners
satisfactory profits, at the same time holding prices low enough to avoid
146
Trm
CHRONICLE
a decrease in consumption of aoffee in the United States,. which is Brazil's
principal customer.
Felix Coste, one of the members and representative of the National
Coffee Roasters' Association, told the Associated Press that the conference
with the Sao Paulo Institute for the permanent defense of coffee had been
very satisfactory.
"The spirit in which we were met," Mr. Coste added, "was wonderful
and their sincerity and willingness to co-operate impressed us deeply.
We went to Sao Paulo with the idea of talking over coffee problems as a
group of mutual directors of a business organization. The mission, consisting of F. J. Ach of Dayton, Ohio, representing the National Coffee
Roasters' Association, and myself, sat at a table with five men of the
governing board of the institute and discussed lengthily the coffee problems
of each country.
"They now have a new viewpoint regarding distribution," concluded
Mr. Coste, "and we have new ideas on production problems."
Rumania to Permit Exports of Oil.
Bucharest, Rumania, Associated Press cablegrams July 8
•said:
The Cabinet has finally agreed to permit Rumanian refineries to export
;fuel oil, the export tax being provisionally fixed at the equivalent of $5
a metric ton. Stocks of fuel oil on hand at present approximate 250,000
'tons, having increased nearly 200.000 tons during the last year.
[Vor. 121.
Senator Henry Berenger, reporting the Cailluax project for the Senate,
declared it was certain that It' the deficit in the circulation, due to the
national defense bonds, was not checked, the newly authorized 6,000,000,000 francs would be rapidly absorbed.
After the inflation feature had been voted 226 to 29, the Opposition.
led by M. Oberon, former Minister of Agriculture under Poincare. decided
not to abstain from voting on the financial projects as a whore, thus re
spending to Premier Painleve's appeal for the largest possible majority
from the Senate in order to reassure the country.
Speaking in the Senate to-day M.Caillaux declared:
"This project is a liquidation of the past. No other Government in our
place could do otherwise. We are in the presence of peril. I do not
like inflation any more than you do. but I felt when the first 4,000.000,000
francs of additional issue were authorized a few months ago we should
then have made the amount 10,000,000,000."
Senator Berenger, presenting the report to the Senate, said the French
Treasury had at the Bank of France a balance of only 40,000,000 francs.
The Chamber of Deputies to-day voted provisional credits of 3,229,000,000 francs to carry on the business of the country during July, M.
Caillaux admitting the impossibility of having the 1925 budget voted
before the beginning of next month.
The credits include 59,000,000 francs for the upkeep of French troops
in foreign countries.
The following regarding the gold bond provisions of the
bill is from the Associated Press cablegrams from Paris
June 26:
The preamble of the
says the
'French Government's Gold Basis Consolidation Loan "continued repayment bill national Treasury's shortage is partly due to the
of
defense bonds."
It says the maturing bonds for which the holders demand payment
to Be Floated July 20—Increase in Limit of
total
1,800,000,000 francs for July and 3.800.000,000 for September.
Circulation of Bank of France.
The new issue of gold parity bonds will be offered only in exchange for
On July 4 the French Council of Ministers approved the the maturing defense bonds, but the exchange will not be obligatory, the
terms of the new gold basis consolidation loan, proposed by bill says. It is thus hoped to consolidate the greater part of this floating
debt.
Finance Minister Caillaux, which is to be issued in exchange
On June 29 an Associated Press account from Paris had
for national defense bonds falling due this year. Accord- the following to say:
ing to Associated Press cablegrams, the decree authorizing
Financial experts in general give favorable reception to the gold loan
the loan fixes interest at 4% on the basis of sterling exchange plan, although agreeing with M.Caillaux that it is a bold measure. Some,
criticize it on
at 95 francs to the pound, with a proportionate increase however,pay one class ofthe ground it is a dangerous innovation for the
State to
debts in gold and the rest in paper
if the franc averages below that figure during the six-month
These critics point out that it may be seized upon by manufacturers
periods preceding the interest dates, which are March 5 and dealing in Government supplies and others as a precedent in demanding
Sept. 5. The bonds are perpetual and can be redeemed only payments calculated on a gold basis.
The wisdom of increasing the note circulation is generally indorsed,
at par on the basis of sterling exchange at 95. The Govern- it is again remarked that the new issue will not constitute inflation, asand
the
ment's savings of interest on the national defense bonds, notes will not be used to cover budget expenditures but legitimate needs
of commerce.
for which the new issue alone can be exchanged, will be used
Economists hold the note circulation ought to amount to one and a half
to buy in bonds at the market price. In a copyright cable- times the budget total, and the figure authorized by Parliament will correspond to this ratio.
gram July 4, the New York "Herald-Tribune" gave the following information regarding the loan:
Finance Minister Catllaux's new gold-guaranteed consolidation loan France Replies to Great Britain's Note Seeking Settlewill be launched July 20 with an interest rate of 4% and a guaranty of exment of War Debt.
change based on the value of the franc at a fixed rate of 95 francs to Ll.
A reply by French Foreign Minister Briand to the British
This was announced to-day following the submission of the decree author• &zing the loan for President Doumergue's signature after it had been adopted note to France, seeking a settlement of the latter's war debt
by the Council of Ministers.
was handed to the Foreign Office on July 4 by M.de Fleuriau,
The only surprise seen in the details of the loan was the fixing of the franc
considerably higher than it now stands on the exchange. It is understood the French Ambassador at London. The British note was
that this was due to pressure from bankers, who felt that the popularity of referred to in our issue of a week ago, page 30. In a Paris
the bonds, which are an innovation in French finance, would be greatly Cablegram (copyright) July
3 the New York "Times"
increased with the guaranty against the gold value fixed at a value high
enough for the franc to hold out hope to the subscribers that their interest reported the following regarding the French Government's
would increase.
reply:
With the franc as now at approximately 103. the initial interest for example would have to be something like 4 1-3%. This rate will be fixed
fifteen days before each semi-annual payment of interest.
Another feature attracted attention. It is guaranteed that the capital
never will be repaid at a rate less than fifty times the latest semi-annual
payment of interest. In ether words, with the fall of the franc and the increase of the rate of interest, no depreciation of the capital would be allowed, for with the interest at 5%,twelve francs would have to be paid for
each one hundred francs investment. According to the previous announcement, the bonds will be perpetual, however, and reserved for holders of national defense bonds. The subscriptions will remain open until Sept. 5.
Treasury officials to-night expressed confidence that the loan would be
generously subscribed, and it is hoped that at least half of the outstanding
nstional defense bonds, or approximately 28,000.000,000 francs, will be
exchanged for the now bonds, thus assuring the success of the first step of
the consolidation of France's huge floating debt.
Following a more thorough examination of the British note on the question
of inter-Allied debts, the French Foreign Office has decided that
the communication was not intended to be treated as a mere formality, but
really
contained a definite request for immediate consideration of France's obligations to Great Britain.
For this reason M. Briand to-day forwarded a reply to the French Ambassador in London, with instructions that It was to be transmitted at once
to Mr. Chamberlain.
In this reply M. Briand points out that the French Government since
February last has been in constant touch with the British Treasury and that,
with every change of Ministry the Government has not failed to reiterate
its intention to take up the matter of the debts.
The British note appears to have been much more decisive in content
than the French Foreign Office yesterday was willing to confess. The
British frankly complain that since the conversations which took place
between M. Clementel and Mr. Churchill, France has done nothing toward
liquidation of her debt. The note calls the attention of France to the
fact that England during the last few years has paid to the United States
£85,000,000 and that from Germany she has received in the same period
not more than £20,000,000. In accordance with the Balfour stipulations
deducting receipts from Germany, Great Britain should have received from
her debtors £65,000,000.
Finance Minister Caillaux's bill which also provides for
increase of 6,000,000,000 francs in circulation of the
Bank of France, was introduced in the Chamber of Deputies
on June 26,and was passed by that body in the early morning
(6 o'clock a. m.) of June 27; the vote on bill as a whole was
The same paper had the following to say in a London cable330 to 34. Article II, increasing the circulation by 6,000,- gram (copyright) July
4:
000,000 francs, was adopted by a vote of 328 to 119.
It (the reply) is expected to be the prelude to a return in the next
Article III, authorizing a gold basis loan in exchange for weeks to England of French experts to resume at the British Treasury few
the
national defense bonds, was passed by a vote of 373 to 36, discussions of Winston Churchill's note of February, which were broken
off by the fall of the Herriot Ministry
and the remaining articles were adopted, said the Associated
M. Clementel, the Finance Minister of that Cabinet, favored as
Press, by a show of hands. The Senate adopted the financial action as possible on the debt question. but his successor, M. de sppeedy
Monzie,
was in office only a short while, and since then M. Calllaux
measure in the afternoon of June 27 by a vote of 273 to 11, busy with domestic financial
has been too
affairs to take up discussions with England.
the bill becoming a law upon its publication in the official But it is hoped here that the experts will be able to continue them now very
journal on the succeeding day. Under the new legislation much where they were broken off.
The British position
the maximum total issue of bank notes by the Bank of Churchill still remain a has not changed and the terms advanced by Mr.
firm offer, and sufficient
been
branches, which on April 15 1925 was increased In debating them for the French to have realizedprogress has the made
France and
fully what
British
from 41,000,000,000 francs to 45,000,000,000 francs, is Interpretation of them is. It is hoped the French experts have been considering them
increased to 51,000,000,000 francs. The earlier sidered answerduring the interval and will now be prepared to give a confurther
without further delay.
The point which came out In the spring discussion was that France was
increase was noted in these columns April 18, pages 1957more inclined to consider
1961. In its account of the Senate action on June 27 the thought she should pay, the capital value of the sums which Great Britain
while the British experts were much more interAssociated Press advices from Paris stated:
ested in annual payments.
an
This inflation of the currency was scored by all the Opposition speakers
In the Senate,and even by Premier Painleve himself, who, however,excused
It as a measure to avert national peril
Making the French debt to England, in round figures, £800,000,000
that means that the British taxpayer is paying annually £30,000,000 inter:
eat upon it, as the British Treasury had to borrow the money at 5%.
JULY 11 1925.]
THE CHRONICLE
Great Britain, however, is not asking annual payment by France of anything like as large a figure. Under the Balfour principle it was merely
stipulated that she get out of reparations and the Allies together enough
to reimburse her for her annual payment on the American debt, which is
now £33,000,000. Reparations, it is hoped, will produce £9,000,000.
leaving £24,000,000 to come from the Allies.
So, even if France were to take £20,000,000 as her share, that would be
considerably less than the full amount of the burden Britain bears as the
result of her loan to her. If the Dawes scheme works out according to
plan, that payment may well be reduced before long to about one-half.
Belgian Debt Mission to Sail for United States July 29
—Pressure by United States Blamed by Finance
Minister Janssen for Exchange Crisis.
The mision which the Belgian Government will send to the
United States to undertake negotiations for the funding
of its war debt will depart from Brussels on July 29. According to Associated Press cablegrams from Brussels,
July 8, pressure by the American Government for inauguration of debt funding negotiations was partly blamed for
Belgium's exchange crisis during the last two months by
Finance Minister Albert Janssen, discussing the country's
financial situation before the Senate on the 8th. The
accounts added:
He said the crisis was "caused chiefly by lack of confidence during the
Ministerial crisis, by difficulties in France, and also by the American
claims, which profoundly moved all Belgians to ask themselves how the
country is going to meet the demands.
The Belgian Government hopes its American friends will not paralyze
Belgium's superhuman effort in repairing the havoc of the great war,"
said the Finance Minister.
Under date of July 5 the Associated Press advices from
Brussels had the following to say:
The United States is being violently attacked by the Brussels newspapers
147
The books were closed on July 9, the bonds, it is announced,.
having been oversubscribed. Regarding the purpose of the'
loan the offering circular says:
These bonds are a direct obligation of the Saar Basin Consolidated
Counties, as well as a joint and several obligation of each of the seven
constituent counties, and are payable, principal and interest, from taxes,
duties and general revenues. Proceeds of this loan will be devoted primarily for income-producing municipal improvements such as water works,
electric light and power plants, spur railroad trackage and housing. Approximately 25% of the proceeds will be used for the retirement of the entire
franc debt now outstanding. All utilities are operated at a substantial
profit, and it is expected that it will therefore be unnecnsoary to levy additional taxes to meet the service of this loan. There is no limitation, however, on the amount of taxes which may be levied for loan services.
A sinking fund is provided to retire entire issue by maturity
at 102, as to which we quote the following:
The sinking fund contract provides for the call by lot at 102 beginning
Nov. 1 1925 of $80,000, and each six months beginning April 1 1926 of
$146,000 to be increased semi-annually by the interest on bonds previously
retired. These bonds are also redeemable as a whole at 105.
The bonds will be dated April 1 1925 and will become due
March 31 1935. Principal and semi-annual interest (April 1
and Oct. 1) will be payable in gold coin of the United States
of the present standard of weight and fineness at the office
40 Ames, Emerich & Co., fiscal agents, in New York, or,
at the option of the holder, at Saar Handelsbank, A. G.
City of Saarbruecken, or at Amsterdamsche Bank, Amsterdam, without deduction for any taxes or duties, present or
future, levied by any authority within the Saar Territory.
The bonds will be in denomination of $1,000 and $500.
It is stated that:
The issuance and terms of this loan, as well as the right of the Consolidated Counties, to meet the service thereof in United States gold dollars
have been approved by the Saar Basin Governing Commission appointed
by the League of Nations.
In a series of editorials for "cornering Belgium," as the papers allege, "into
recognizing the war debt in order to float a $100,000,000 loan," and also
The following information from official sources is also
for "trying to collect a debt which the Belgians expected to be charged to
Germany under the Versailles Treaty."
supplied:
Comparing the failure of the United States to ratify this treaty with the
The Saar Basin Consolidated Counties, which include the entire Saar
German "scrap of paper" repudiation of Belgian neutrality, the "Nation
Beige" asks: "Are we vassals?" and continues: "To recognize—because Basin,except the city of Saarbruecken,consist of 283 Incorporated communities with a population of 636,972. The Basin contains the valuable coal
one is little, because one is poor and because one needs money—a debt that
the creditor contracted to cancel and to collect from a third party (Ger- and iron area, formerly a part of southwestern Germany with its worldfamous smelters, foundries, steel mills and factories producing pottery,
many) is to become a vassal."
The "Vingtieme Steele," Catholic organ, commenting on President glassware, textiles and various other products. Coal mines of the region
Coolidge's reference to security in his recent speech at Cambridge, asks: which were awarded to France by the Treaty of Versailles have reserves
"After such statements is it unreasonable to think that the United States estimated as sufficient to last 1,000 years.
Under the Treaty the Territory is administered by the League of Nations
entered the war solely to help its debtors to win and thereby protect its
ending in 1935; at the termination of this period it
accounts?" and cnocludes: "Do not let us speak any more about American as trustee for 15 years
will indicate by a plebiscite whether It desires to return to Germany, be
philanthropy."
ceded to France or remain under the League of Nations.
Under Secretary Winston of the Treasury, as Secretary of
The advantages of the Saar Territory, reflected in its steady expansion,
the World War Debt Commission, has announced that the are numerous:
(1) It has no war debts, reparations payments or liability under the
Belgian debt is to be discussed between Aug. 5 and 16.
Dawes plan.
(2) It has no national debt.
(3) There can be no military service, compulsory or voluntary.
Latvia Indicates Readiness to Begin Debt Funding
(4) No foreign taxes of any nature may be imposed and proceeds of all
Negotiations.
levies may be spent only for territorial purposes.
(5) The budget has been balanced every year under the League of Nations.
Dr. Charles L. Seya, Minister of Latvia on July 9 called
The financial status of the Saar Basin Consolidated Counties is indiupon Under-Secretary Winston,of the Treasury Department, cated by three important facts:
(1) Total taxable value of real property is over $330,000,000, or more than
and indicated the desire of his Government to adjust its
total debt of $4,500,000 to be outstanding, for all counties
war debt, to the United States, amounting with interest to 73 times the
and municipalities. This debt includes this issue and $500,000 owed by
$6,352,139. The New York "Times" account from Wash- Saarbruecken-Land, one of the counties; the only other obligations are
payable in the old. German mark andat less than one cent at the
ington July 9 said:
eschange The totarebt per capita will therefore be
c
i
The discussions, it is understood, were of a preliminary nature, and did stabilized rate of
not progress to the stage of definite terms. The American officials were only about $7.
cotmtiep and the communities are valued at
(2) Net assets owned by the
Informed that the Latvian budget is balanced and that her currency is in a
more than 7 2;times the total funded debt to be
fairly satisfactory condition, though it was pointed out that Latvia suffered over $32,775,000, or
outstanding.
.
a 40% population loss through the war, or relatively a greater loss than any
(3) Service charges on the total debt will be equal to less than 8% of total
other European country. This consideration is expected to be given weight
revenues, since the budget for the current fiscal year, which ends April I
In discussions of paying capacity.
1926, is expected to balance at about $8,100,000. The budget for the lase
fiscal year was balanced at about $6,790,000.
Czecho-Slovakia Ready for Parleys on Debt Funding.
The State Department was formally advised on July 9
by the Czecho-Slovakian legation that its Government had
acknowledged its war indebtedness to the United States
and that an official note outlining its desires would be forthcoming. The Associated Press advices from Washington
on July 7 stated:
The Czech reconstruction debt is about $80,000,000, the amount having
been agreed upon by a Czecho-Slovak mission sent here in June 1923. In
addition, about $11,000,000 is due for expenses incurred by American for
the transportation from Siberia to Czecho-Slovakia of Czecho-Slovak troops
in 1919 and 1920.
Should the United States desire a debt COMMISSion be sent to this country,
legation officials said this undoubtedly would be done. Otherwise, settlement may be reached by exchange through the legation as was done in
the cases of Poland and Lithuania.
Offering of $4,000,000 Bonds of Saar Basin Consolidated Counties—Books Closed—Issue
Oversubscribed.
The $4,000,000 Saar Basin Consolidated Counties external
7% sinking fund gold bonds, referred to in these columns
last week (page 28), were publicly offered on July 8 by
Ames, Emerich & Co., the Central Trust Co. of Illinois, at
Chicago; the Federal Securities Corporation and Strupp &
Co. at 97 and accrued interest, to yield a minimum of 7.58%.
All conversions, it is stated, have been made on a basis
of 4.50 cents to the French franc. The bonds were offered
when, as and if issued, and subject to approval as to their
legality. Pending delivery of definitive bonds, interim receipts countersigned by the Central Trust Co. of Illinois,
trustee, will be delivered. As we indicated in our item of
a week ago, a part of this loan will be distributed in Europe
by the Amsterdamsche Bank aid the Internationale Bank,
Amsterdam.
Offering of $3,000,000 43./7 Farm Loan Bonds of Lin0
coln (Neb.) Joint Stock Land Bank.
On July 9 an issue of $3,000,000 43270 Farm Loan bonds
of the Lincoln Joint Stock Land Bank of Lincoln, Neb., was
offered at 1013/i and interest, to yield 4.31% to the optional
date in 1935 and 432% thereafter. The offering was made
by a syndicate composed of the Equitable Trust Co. of New
York; First National Corporation of Boston; Old Colony
Trust Co., Boston; First Trust & Savings Bank, Chicago;
Central Trust Co. of Illinois, Chicago, and Brooke, Stokes
& Co., Philadelphia. The bonds will be dated July 1 1925
and will run until July 1 1965. They will not be callable
before July 1 1935. In denominations of $1,000, $5,000
and $10,000, they will be in the form of coupon and fully
148
THE CHRONICLE
registered bonds, interchangeable. Interest will be payable
Jan. 1 and July 1 and principal and interest will be payable
at the offices of the bank and at the Equitable Trust Co. of
New York, New York, and Central Trust Co. of Illinois,
Chicago. The purpose of the issue is to refund two issues of
5% bonds of the bank dated respectively May 1 1919 and
Nov. 1 1919, which are now callable. The Lincoln Joint
Stock Land Bank was chartered in 1918. It operates in
the States of Iowa and Nebraska. The capital stock of the
bank is $2,033,700, on which dividends have been paid regularly at the rate of 9% per year. The bank has accumulated
surplus and undivided profits amounting to $273,860.
The following is the bank's statement of condition as of
June 30 1925:
Assets—
Mortgage loans
U. S. Government bonds
Notes receivable and contracts
Accounts receivable
Deposits with banks
Accrued interest on loans and securities
Furniture and fbctures
Other assets
$30,709,500 00
1.159,46875
45,662 26
58.132 33
665.458 88
524,153 03
5,559 70
290,869 53
$33,458,804 48
Liabilities—
Capital stock paid in
Surplus from earnings
Undivided profits
Farm Loan bonds issued
Payments on principal of loans
Advance payments on principal and interest
Reserved for unpaid bond coupons
Accrued interest on Farm Loan bonds
Accounts payable (due on incomplete loans)
Bills payable
$2,033,700 00
210,400 00
63,460 07
29,713,000 00
874.773 44
42,546 07
53.022 50
311,058 61
90,843 79
66,000 00
$33,458,80448
(Vol, 121.
bonds fully registerable and interchangeable in denom. of
$1,000. Principal and semi-annual interest (June 1 and
December 1) will be payable in San Francisco, Los Angeles,
Salt Lake City, New York or Chicago. The bonds are
issued under the Federal Farm Loan Act, and are exempt
from Federal, State, Municipal and local taxation. The
Pacific Coast Joint Stock Land Bank of San Francisco
operates in California and Nevada. According to the
Official Statement of the Bank as of May 31 1925, it has first
mortgages on farm property amounting to $5,782,596
secured by property appraised at $14,296,702. The Bank
has a paid in capital of $400,000, surplus and reserves of
$44,100 and undivided profits of $42,151. The liability of
the shareholders is double the amount of their stock. Dividends are paid at the rate of 6% per annum. Including this
issue there will be $7,848,000 of bonds outstanding.
Offering of Farm Loan Bonds of Fletcher Joint Stock
Land Bank.
In addition to the $100,000 4
farm loan bonds of the
Fletcher Joint Stock Land Bank, offered in May, and
referred to in these columns May 30,(page 2755) the Fletcher
Savings & Trust Company of Indianapolis offered on June 24
an issue of $250,000 43'% bonds of the Fletcher Joint Stock
Land Bank, at 1023i yielding about 4.18%. The bonds are
apparently part of an issue of $500,000; they are dated
May 1 1925, will become due May 1 1955 and are callable
May 1 1935 or at any interest date thereafter at par. They
are in denominations of $1,000, $500 and $100. Interest is
payable May 1 and November 1. The bonds are exempt
from Federal, State, Municipal and local taxation.
Loan statistics as of March 31 1925 follow:
Number of loans in force
2,870
Total acres of real estate security loaned upon
812,310
Total amountloaned
$30,086,100 00
Appraised value of real estate security
$77,056,688 90
Appraised value per acre, land and buildings
$94 86
Average amount loaned per acre,land and buildings
537 01
Percentage of loans to appraised value of security
39%
A number of farms have changed ownership since the loans were made.
The following is a summary of such sales:
Total acres ofland sold on which bank has loans
106,339
Total consideration
$14,568,667 00
Appraised value of real estate sold
$14,487,474 00
Total amount loaned on real estate sold
$6,169,283 00
Average sale price per acre
$136 90
Average amount loaned per acre on real estate sold
$58 02
Percentage of loans to selling price
42.35%
Developments in the Dean, Onativia & Co. Failure.
Creditors and customers, both here and in Chicago, of
the New York Stock Exchange house of Dean, Onativia
Co., which failed on Friday of last week (July 3) with
liabilities estimated at $36,000,000 and assets at $35,000,000
(making it the biggest brokerage failure in the history of
the Stock Exchange),have come to the aid of the firm during
the past week, and creditors' committees, members of the
firm and the receivers, at a series of meetings held in both
cities, have been working on plans to raise $2,500,000 new
capital and permit the brokerage house to resume business.
In regard to the progress being made in the raising of the
money, the New York "Evening Post" of last evening
Offering of $1,000,000 5% Bonds of First Carolinas
(July 10) had the following to say:
Joint Stock Land Bank.
With New York and Chicago banks granting time extensions to creditors
At 1033 and interest, to yield over 4.50 to the redeemable of Dean, Onativia 3: Co., brokerage firm, which failed with liabilities
%
of $36,000,000, and with more than $2,000,000 of the $2,500.000 new
date (1935) and 5% thereafter to redemption or maturity. cash sought by the firm already in, strenuous efforts
were bent to-day
50% bonds of the First Carolinas Joint Stock Land Bank, to to get remaining creditors to sign on the dotted line.
The entire amount needed to lift the receivership has been promised
the amount of $1,000,000, was offered on July 9 by Harris,
verbally, according to William F. Unger, attorney for the firm, and the
Forbes & Co., Halsey, Stuart & Co., Inc., and William R. largest creditors, under the leadership of William F. McGuire, Chairman
Compton Co. The bonds will bear date July 1 1925, will of the creditors' committee, already have turned over part of their equities
become due July 1 1955 and will be redeemable at par and to the company. small
Lining up the
customers and
interest on any interest date after ten years from date of must precede presentation of the firm's obtaining their signatures, which
case to the courts, is the pressing
issue. Issued under the Federal Farm Loan Act, the bonds, problem of to-day, Mr. Unger said.
In Chicago, banks granted a third extension of 24 hours to creditors of
coupon, fully registerable and interchangeable, will be in the firm, having been
persuaded that it was merely a question of time
denomination of $1,000. Interest will be payable semi- and effort before the smaller creditors followed in the track of the larger
annually, January 1st and July 1st; Principal and interest customers. The extension followed a conference between Chicago and
will be payable at the Chemical National Bank, New York New York creditors, represented by Benjamin V. Becker.
Irving L. Ernst, attorney for receiver Cannon, has indicated a willingness
City, or at the First Carolinas Joint Stock Land Bank, to stave off all but necessary action, in view of the optimistic tone which
Columbia South Carolina. The bonds are exempt from colors the present situation. He pointed out however, that he was obliged
Federal, State, Municipal and local taxation and are accept- to carry on with the receiver's work in accord with precautions designed
by law to protect creditors of the bankrupt firm.
able as security for postal savings and other deposits of
"As far as I can do so," said Mr.Ernst,"without prejudice to the interests
of creditors and the demands made by the law upon the receiver, the
government funds. The First Carolinas Joint Stock Land
status quo is being maintained, in the hope that creditors soon
Bank reports a paid-in capital of $700,000, surplus $70,000 to the help of the firm and snake possible reorganization plans," will come
and reserves $20,000. Bonds outstanding including this
The extraordinary friendliness displayed by former customers has made
issue amount to $10,500,000. The following is the state- possible the progress in reorganizing the firm, according to Alexander S.
Banks of Leslie, Banks & Co., accountants for Receiver Cannon.
ment of the bank (as officially reported July 3 1925):
"Like most plans put forward." Mr. Banks said, "it offers a share in
Acres of real estate security loaned upon
Total amount loaned
Appraised value of real estate security
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value of security
473.588
59.813.600
$25,223.095
$53.25
$20.72
38%
future profits to those creditors who accede to it. Many such plans have,
of course, been tried without success, but there has not been in my experience a case in which the failed firm enjoyed such loyal support from
former customers.
"The unfortunate situation in which the members of Dean, Onativia
& Co. find themselves probably was beyond their control."
Offering of $1,500,000 5% Bonds of Pacific Coast Joint
Stock Land Bank of San Francisco.
Harris, Forbes & Co. and the bond department of the
Harris Trust and Savings Bank of Chicago are offering at
104.25 and interest, to yield over 4.45% to the optional date
and 5% thereafter, $1,500,000 5% bonds of the Pacific
Coast Joint Stock Land Bank of San Francisco. The issue
will be dated June 1 1925, will mature June 1 1955 and will
be redeemable at par and accrued interest on any interest
date after ten years from date of issue. They will be coupon
The failure of Dean, Onativia & Co. was reported in
the "Chronicle" last week, July 4, page 33.
New York Stock Exchange Expels R. A. Kohloss, Jr.
of Joslin & Kohloss, Springfield, Mass.
Robert A. Kohloss, Jr., of the New York Stock Exchange
firm of Joslin & Kohloss, Springfield, Mass., was expelled
from membership in the Exchange on July 9. This action
was taken under Section 3, Article XVII of the Constitution
which was in effect prior to June 25, of this year. The
JULY 111925.]
THE CHRONICLE
149
announcement was made from the rostrum by Vice-President war, his retirement to Mt. Vernon, Va., had been as "a
man of peace." He described "the vigor with which WashWalter L. Johnson and was as follows:
"The committee on business conduct having reported to the governing ington insisted upon the prosecution of war" as "no less than
committee, under Section 3, Paragraph (a) of Article 17 of the constitution the vigor with which he insisted on the observance of peace."
of the exchange that a misstatement upon a material point had been made
Washington "demto it by Robert A. Kohloss, Jr., a member of the exchange and a member President Coolidge likewise declared that
ofthe firm of Joslin & Kohloss, a copy of said report was furnished to said onstrated by his arguments and our country has demonRobert A. Kohloss, Jr., said report was considered by the governing strated by experience that more progress can be made by
committee at a meeting held on July 8 1925, at which meeting said Robert
A. Kohloss, Jr., was notified to be present, but did not appear, submitting co-operation than by conflict." Expressing the desire "to
a letter admitting that he had made such a misstatement, and the governing see America assume a leadership among the nations in the
committee having so determined,said Robert A. Kohloss, Jr., was expelled."
reliance upon the good faith of mankind," the President
It is understood, that the Section of the Constitution averred that "I do not see how civilization can expect perreferred to in the announcement to the Board, as it existed manent progress on any other theory." The President went
prior to June 25 1925, provided that "whenever it shall on to say:
appear to a majority of a standing or special committee of
If the people of the Old World are mutually distrustful of each other let
when
the exchange, or to a majority of the executive committee them enter into mutual covenants for their mutual security. Andmatter
made let them be solemnly observed, no
or the board of directors of the Stock Clearing Corporation, such covenants have been .
what the sacrifice. . .
that a misstatement upon a material point has been made
If there be differences which cannot be adjusted at the moment, if there
to it by a member of the exchange, said committee, or be conditions which cannot be foreseen, let them be resolved in the future
by methods of arbitration and by the forms of judicial determination.
executive committee or board of directors, may report the
While our own country should refrain from making political commitments
same to the governing committee, who may expel or suspend where it does not have political interests, such covenants would always have
said member, as the governing committee may determine." the moral support of our Government and could not fail to have the com. .
of the public opinion of the world.
The misstatements which were referred to in the com- mendation has tried war with force and has utterly failed. The only hope
The world
mittee on business conduct it is said, were in connection of success lies in peace with justice. No other principle conforms to the
no other standard is worthy of the spirit of
with the answer to the questionnaire filed by said firm with teaching of Washington;makes so much promise for the regeneration of the
America; no other course
said committee.
world.
The President spoke as follows:
Commonwealth Finance Corporation, New York, in
After 150 anniversaries repeatedly observed, followed during the last
Bankruptcy.
three months by intensive celebration, in this neighborhood where it had its
well understood. If it
the American Revolution should be
On Monday of this week (July 6) a petition in bankruptcy beginning, justification, if it needs any praise,fairly enough to say that its
it is
needs any
was filed in the Federal District Court against the Common- product is America.
It ought to be unnecessary on this occasion to dwell very much on that
wealth Finance Corporation of 100 Broadway, this city, a
remarkable results. But no great movement in the
South Dakota corporation. The petition was filed by the event and its yet more ever been accomplished without the guidance of
progress of mankind has
American Surety Co. with a claim of $124,000 due on an inspired leadership. Of this accepted truth there is no more pre-eminent
promissory notes and $16,000 for rent; the Kraft-Murphy example than that which was revealed by the war which made this country
independent.
Co. of Washington, D. C., with a claim of $18,000 due on
Wherever men love liberty, wherever they believe in patriotism, wherever
promissory notes, and Ferdinand Bruyninok, a creditor to they exalt high character, by universal consent they turn to the name of
conceived
the extent of $6,000 due on notes. The business of the George Washington. No occasion could be that which more worthy, more
is chosen to comtruly and comprehensively American, than
Commonwealth Finance Corporation is described in the memorate this divinely appointed captain. The contemplation of his life
petition as lending money, secured by mortgages or other and work will forever strengthen our faith in our country and in our counliens on real and personal property and underwriting, pur- try's God.
Washington First Lay Citizen of World.
chasing and investing in bonds, mortgages and stocks.
Those men who have taken great parts in the world are commonly ranked
The petition alleges, it is said, that the corporation owes a by posterity according to their accomplishments while living, and the pertheir achievements which
the monuments
number of other creditors and that it had made preferential manent worth of are gone. By thisrepresentingthink we may regard George
standard I
remain after they
payments to creditors of various sums aggregating more than Washington as the first lay citizen of the world of all time. Be was one in
$80,000. The amount of assets was not stated. The whom the elements of greatness were so evenly blended, so accurately prothat his character has well-nigh
following Associated Press dispatch from Pierre, S. D., on portioned,have created wider commotion anddefied analysis.
deeper impression in the hour
Others
July 6 with regard to the failed corporation appeared in of their eminence. But we shall hardly find one who in his own day achieved
so much as Washington and left his work so firmly established that posterity,
the New York daily papers of July 7:
its tributes to his ability, his
generation after generation, can only increase
wisdom, his patriotism and his rounded perfection in the character of a
Christian citizen.
No figure in profane history has inspired so many testimonies of admiration. The highest eloquence, the most profound sincerity, have been invoked
to picture him as the very sum of public capacities and civic virtues. No
pride of race or country has even attempted to set up rivals to him. Envy
and malice have stood rebuked in the presence of his towering form.
There is no language of literature and culture which does not boast among
its adornments noble eulogies of the work and character of Washington.
Although, as history reckons its periods, it is but a little time since he
passed from the stage of life, he has been claimed, wherever men struggle
and aspire, as the possession of all humanity, the first citizen of all the ages.
So he must be a strangely bold and self-confidence eulogist who would atF. W. Mondell Resigns as Member oflWar Finance tempt even on such an occasion as this to add anything to the total of affection, admiration and reverence which has been reared as the true memorial
Corporation.
to Washington. It is impossible for us to add to or take from the estimate
A Swampscott (Mass.) Associated Press dispatch July 7 which has been fixed by the generations of the world.
But if the pre-eminent place of Washington is thus established beyond
states that Frank W. Mondell that day submitted his resigis
the more desirable that on this
our
possibility
nation to President Coolidge as a member of the War Finance anniversaryof change atcome hands, itdo onlyreverence and to seek replenishhere to
our
we should
Corporation.
ment of the inspiration which is always to be drawn from consideration of
his life and works.
Governor Strong of New York Federal Reserve Bank, To the people of the Republic whose existence is due to his leadership, his
life is the full and finished teaching of citizenship. To others, who may
Montagu Norman and President Schacht of
claim him only by virtue of the right of humanity to be heir to all the ages,
his story is replete with example and admonition peculiarly applicable to the
Reichsbank to Confer.
these times.
and its peoples
the
Yesterday's (July 10) Associated Press cablegrams from problems ofcome world because this day in century and a half ago, and in this
here
a
We have
Berlin stated:
place, Washington formally assumed command of the armies of the Colonies.
Benjamin Strong Jr., Governor of the Federal Reserve Bank of New His feet trod this soil. Here was his headquarters. Our first view, therefore,
York, and Montagu Norman, Governor of the Bank of England, arrived is of Washington the soldier.
But he was indeed so much more than the soldier; his talents were so
here to-day to discuss with Dr. Hjalmar Schacht, President of the Reichsmany and so perfectly proportioned that it is impossible to study him in
bank, the business relations of the three banks.
any one of his capacities to the exclusion of the others. In him we find
also a marvelous instinct for statecraft, supporting and sustaining an equal
President Coolidge in Celebration Commemorating genius for camp and field.
Assumption of Command of Army by George WashWe see, moreover, the qualities of a great man of business, which he
brings to serve the vast task of organizing and equipping his armies. We
ington Urges Mutual Covenants by European
find him on one day writing a noble and eloquent rebuke to a commander
Nations for Mutual Security, to Which
of the King's forces who was bent on waiving the laws of civilized warfare;
and on another, addressing compelling counsels of patriotism, energy and
United States Would Accord
executive sense to the Continental Congress and the provincial legislatures.
The Commonwealth Finance Corporation against which bankruptcy
proceedings were filed to-day in New York, was organized under the laws
of South Dakota, but never transacted business in this State.
The organization was incorporated June 24 1916 as the Metropolitan
Finance Corporation and authorized a capital stock of $17,500,000, of
which 810.000,000 was preferred. On Dec. 27 1916 the incorporators
made an organization agreement with Sargent & Co., of Minnesota, by
which the finance company's common stock was turned over to Sargent to
be given gratis with the sale of preferred stock. Sargent & Co.turned back
$5,000,000 to the finance company's treasurer as a result ofthe stock sale.
More recently the original incorporators are understood here to have sold
their interests to a combination of New Jersey financiers.
Moral Support.
Speaking on July 3 at Cambridge, Mass., where, 150 years
before, George Washington had formally assumed command
of the armies of the Colonies, President Coolidge paid tribute to the qualifications of the nation's first President as fi
soldier and statesman, noting that while he had won the
Leadership Which Wrought Results.
In everything he was called to be the leader. In everything his leadership wrought results which completely vindicated the confidence reposed in
him.
The complaint has been many times uttered that Washington was so nearly
a paragon of abilities and virtues that it is impossible to see through the
aura of perfection to the real, simple, human man. But there is a phase of
150
THE CHRONICLE
(VOL 121.
•
Washington's career which, fully studied and understood, will give us the felt that the troubles of the Massachusetts Bay Colony had small concern
of him as one of the most human men in history. To inform our- for him.
picture
selves of this human side, we need only to know of the long years of arduous
High churchman, conformist in most things, enjoying excellent repute in
preparation which preceded the historic event which took place here 150 England and with English officials in America, his influence might logically
years ago to-day.
enough have been thrown to the royalists. Yet, as early as the spring of
From his earliest manhood, Washington's life had been a part of great 1769, he wrote, declaring, "Our lordly masters in Great Britain will be sataffairs. Many of those affairs were vastly greater and more significant isfied with nothing less than the deprivation of American freedom . . ."
than he himself, or indeed anybody else, could possibly have realized at
And, inquiring what could be done to avert such a calamity, he added
the time.
"that no man should scruple or hesitate a moment to use arias in defense of
He had come up through a schooling of strangely mingled adversities and so valuable a blessing is clearly my opinion. Yet, arms, I would beg to
successes. He had devoted hard and disappointing years to activities which add, should be the last resource." A little later, in that same year, Washresulted, aside from the training which he derived, in little more than hope- ington, at a public meeting, offered a non-importation resolution and
less futilities.
secured its adoption.
Nobody can know the real Washington, the man Washington, without
In short, it is plain that he was anxious to keep the sentiment of the
studying closely his services ta the Virginia colony and the British crown, Southern Colonies fully in step and sympathy with the attitude of the New
during the years immediately preceding and covering the old French War. England patriots who at the moment were bearing the brunt of the struggle
Here we see him as a young man, in whom the combination of rare and re- for Colonial rights. Seemingly, the Boston Port Bill convinced him that
markable parts is most easily discerned. We find him, at times, hot-headed the Colonies must prepare for the harshest eventualities. At a meeting of
and impetuous, always intensely impatient with incompetency in places of the citizens of his county he helped draft a petition and remonstrance to
authority.
the King, which concluded with the ominous words: "From our Sovereign
First Bloodshed in Series of Wars Which Ended With Downfall of Napoleon. there can be but one appeal."
Such a declaration, coming from one whose repute was high in all the
From the beginning we discover a special genius for commanding the Colonies, and who was beginning
to speak with the voice of something like
respect and attention of older men. When hardly more than a boy he was authority for the Southern
communities, could not fail to strengthen the
chosen for a responsible and difficult mission to the French on the Western arm and purpose of the New Englanders.
frontier.
This mission brought him in contact with an important French officer who
Selection of Washington to Command Continental Armies.
seported to his Government that this young man was likely to make more
The selection of Washington to command the Continental armies has,
trouble for French interests in America than any fifty other people. That I think, been too much attributed to his high military repute and too little
observation was more profound than its maker could have realized.
to the fact that he had long taken the view of a true statesman regarding
Washington had been seat with a small force, as the emissary of Gov- the impending crisis. The fact is that he had all along seen the struggle as
ernor Dinwiddie of Virginia, to notify the French their aggressions in the a continental and national one. He realized that Massachusetts could not
upper Ohio territory were occasion of deep concern to the British colonies, win alone, nor could New England.
and must cease. It was the wish of Washington and his superiors that the
In helping to set up the Committee of Correspondence, in molding the
message be delivered without bringing about any clash at arms. But events sentiment of Virginia, in his service as member of the Continental Condecreed otherwise, and a skirmish took place in the wilderness in which a gress, the ideal of a firm and whole-hearted union of all the Colonies was
number of men were killed and wounded, among them a French officer of plainly fundamental.
some rank and importance.
Repeatedly in his writings, even long before the struggle had seriously
It is deeply suggestive of the destiny which had marked Washington that suggested the possibility of war, he used the phrase, "Our country," giving
this backwoods brush at arms should have occasioned the first bloodshed in it an application vastly broader than the domain or concerns of any single
that long series of wars which was to drench the Western World for near colony. He was among the first to see the vision of an American nation.
two generations, and did not end until the downfall of Napoleon.
No other man so early grasped certain physical and geographic arguments
From the day of that clash in the western forests of Pennsylvania, pre- which urged nationality as inevitable.
cipitated by the determination of Washington to execute his mission, the
In this his engineering training, together with his intimate knowledge
Seven Years' War was a foregone conclusion.
of the topography of the Ohio and Potomac valleys, had an important part.
Washington was denounced in France as a murderer, a man-eating free- As a young surveyor he realized the importance of that break through the
booter of the wilds. In England his boldness and determination won him Allegheny system which these two valleys mark. Many years later he
a good deal of reputation. In the colonies there was much difference of pointed out its strategic importance in connection with the defense and
opinion, for the time being, whether his course was justified or had brought unity of the Colonies fronting the Atlantic. Before the Ohio was much
the country face to face with the possibility of a disastrous struggle.
more than a myth to most people, even in Virginia, Washington saw that the
At any rate, from that day until the downfall of Napoleon at Waterloo, Ohio basin must be controlled by the Colonies if they were to be secure.
there was no peace in either Europe or America, save for brief periods which
Thus it was that a complete and clear vision of all the arguments for
represented little more than temporary truces. Doubtless that long and national unity was due to the many-sidedness of the Washington mind. He
fearful series of conflicts was inevitable. Whether it was or not, the facts saw it as politician, as statesman, as military man, as engineer.
of history show Washington, a youth of 22, as the commander whose order
Without such a grasp of all the elements, he could not have taken the
proved the torch to set the world on fire.
statesmanly and essentially national view of the problem before hostilities
From that hour, responsible men in both Britain and France realized that began. Nor could he have dealt effectively with its military aspects during
there could be no lasting peace until those countries had fought the duel the war. He possessed one of those rarely endowed minds which not only
which should determine the supremacy of one or the other in the New World. recognize all the factors, but assign to each its proper weight.
There was not room for both.
He was in truth a consummate politician. When he went to the sittings
So came the Seven Years' War and the establishment of British domina- of the Continental Congress, wearing his Virginia uniform of buff and blue,
tion in North America. A little later came the American Revolution, the some were inclined to ridicule the display of military predilection. They
French Revolution and the Napoleonic wars.
accused him of swashbuckling, and pointed to his uniform as equivalent to
One can but wonder what might have been the reflections of Washington announcement of his candidacy for Commander-in-Chief.
If he could have imagined on that July morning of 1754, when he resolved
In the first, they were utterly wrong; in the second, quite probably right.
that he must fight, if he could have known the train of events that would That uniform, when he presided over the committees on military preparafollow upon his determination. But such conjecture is of little value. To tion, could hardly have been construed as meaning anything other than that
us there is more of immediate interest in the curious coincidence that the its wearer realized what was ahead and was willing to force some part of
skirmish for possession of Fort Necessity took place on July 3 1754, exactly that realization on others.
21 years before the day when Washington in this place assumed command of
I suppose if we were to pick any two men out of that gathering, to be set
the Continental Army.
down as something other than politicians, Washington and sturdy old John
And those 21 years:, as Washington lived them, constituted a -fitting pro- Adams would be well toward the top in the polling. Though they apbation for the career that awaited him. The echoes of the little battle of proached the matter from utterly different angles, they were both led by
Fort Necessity reverberated throughout the American colonies and the Euro- the sagacity of great politicians to the Commander-in-Chief.
pean courts as if it had been an engagement of Titans. Its political effects
To both, the crisis was essentially national. A nation must be created te
were tremendous. It made Washington a marked man throughout the colo- deal with it. The army before Boston must be taken over by the Congress
nies that gave him a real European reputation.
as a national army. There must be a Commander-in-Chief, supreme in the
military field All this we look back upon as illumined statesmanship.
Part in Braddock Expedition.
But statesmanship is nothing more than good, sound politics, tested and
His part in the Braddock expedition, though vastly better known, probably proved. That is what it was when John Adams conceived the great strategy
had less effect in forming his character or directing his career than this of calling a man of the South to the chief command. A more previncial man
expedition to Fort Necessity. Nevertheless, his reputation was further in- might have dreamed of Massachusetts, aided by the other Colonies, taking
creased by his conduct in the Braddock campaign. But that heroic episode and holding the lead and garnering the lion's share of glory. But Adams
was followed by a long and disappointing experience as head of the Vir- was planning in terms of a nation, not of provinces; and Washington had
ginia forces defending the Western frontier. He saw little of satisfying for years been writing of "Our Country." So Washington put on his uniform
service during this period.
in testimony of his readiness for whatever might happen, and Adams, after
But he learned the supreme importance of organization and preparation some period of misgivings, set about convincing the delegates from New
In connection with military operations. In the end it was his privilege to England and the middle Colonies that there must be a nation, and a national
lead his Virginians to the occupation of Fort Pitt, when it was finally sur- army, with a Commander-in-Chief, and that must be Washington.
rendered by the French. But the real campaign for control of the Ohio
Adams's Description of Washington Prophetic.
Valley was made from the North by General Wolfe on the Plains of Abraham
rather than from Virginia, and Washington found his part in it disappointIt was a stroke of political genius that Adams, soul of Puritanic idealism,
ingly small.
should have moved the adoption of the army by Congress and the selection
Not only the Braddock campaign of 1755, but his earlier operations, both of Washington as Commander-in-Chief. The selection was made without a
diplomatic and military, on the upper Ohio, marked him as a man of caution, dissenting vote, though it is not true to say that Washington was unanimously
sagacity and wisdom in planning and conducting military operations. At preferred. Already there were clashing ambitions and divergent community
the same time they showed him as the intrepid and fearless fighting soldier interests. But Adams saw, and made others see, the peculiar reasons that
In the hours of action.
urged Washington. /
One thing that Washington learned during the French War must have
The middle Colonies, dominated by their landed aristrocrats, had much
greatly to form his opinions about relations between Britain in common with the social and economic system of the South. To them
contributed
and the Colonies. He was brought to realize that the form of Colonial Gov- Washington meant the enlistment of property, substance and eminent
ernment, with which bitter experience made him so familiar, could not long respectability.
satisfy the people of the larger,. wealthier and fast-growing Colonies.
In presenting his name to the Congress Adams described him in terms
With Washington the idea of substantial freedom long preceded that of which seem prophetic, and which we can hardly improve: "A gentleman,
independence. Like most of the Colonial youth, he hoped that a more en- whose skill and experience as an officer, whose independent fortune, great
lightened policy in London and a more sympathetic execution of it by the talents and excellent universal character would command the approbation
mpg Governors might compose the growing differences. During the of all America and unite the cordial exertions of all the Colonies better
troublous epoch between the French war and the Revolution he thought than any other person in the Union."
Let it ever be set down to the glory of Massachusetts that John Adams
deeply of these matters, and his correspondence gives evidence of the growing
impression that a contest must come. He followed the development of events made George Washington Commander-in-Chief of the Continental Armies
in Massachustts with a dose and understanding concern.
and John Marshall Chief Justice of the United States. Destiny could have
His writings and occasional public pronouncements during this period done no more.
show him acutely anxious that the Colonies should present a united front
Immediately after his selection Washington set out from Philadelphia for
when the test came. One in his position of leadership, authority and inde- Boston. On the way he received first tidings of the Battle of Bunker Hill,
pendent fortnne, living as a Virginia gentleman, might easily enough have which had been fought two days after he was named for Commander. He
JULY 11 1925.]
THE CHRONICLE
151
of the
when he utterly impossible, because he could not count on the co-operation
inquired eagerly about the behavior of the Continental troops, and
regulars he French for a longer period. All these things he accomplished.
learned how splendidly they had fought against the British
of Trenton and
Accomplishing them, he won the war, as in the campaign
quietly declared that the liberties of the country were safe. Pennsylvania Princeton he had saved the Revolution. No man could have rendered his
In that anxious hour the battle of 20 years earlier in the
statesman. He
regulars from service to the Revolution who was not both a soldier and
woods, wherein his Virginia militia had saved Braddock's
the understood, and he never underestimated, the political bearings of every
destruction, no doubt was near the top of his mind. To be assured that
well in 1775 move.
raw levies of New England were capable of behaving just as
Retired to Mt. Vernon as Man of Peace.
reassuring.
as his Virginians had done in 1755 must have been intensely
the
When he retired to Mount Vernon, Washington entered upon a new phase
Knowing the story of the Revolution as we do, we cannot doubt that
crises. of his career. He had won the war, but he was a man of peace. His expehistoric event which took place 150 years ago to-day marked one of its
several periods. rience as Commander-in-Chief had completely convinced him that the form
Even with Washington, the struggle was well-nigh lost at
mother country of government under the Confederation could not possibly serve the necessiOf course, the ultimate separation of the Colonies from the
failed ties of the country.
was inevitable. Had the Revolution of 1775 failed, as it must have
It is not possible here to outline the dircouragements which threatened
without Washington, there would have been harsh and vindictive reprisals.
the country with all manner of disasters. Washington, as the most influenlinporiance to World of Victory of Colonies.
tial citizen, was the inevitable leader in preparing for the Constitutional
of a real nation. That task he
Nobody can read the arrogant pronouncement of Lord North's Government Convention of 1887 and the establishment
avoid took up early, and to it he devoted an energy and a wisdom that were alike
or the still more arrogant letters of General Gage to Washington and
conviction that the British Government and its American military repre- amazing.
It was quite natural that he should be chosen to preside over the Constisentatives would have vied with each other in efforts to estrange the Cob When its work was done, his influence was one of the
flies. Such a policy would have established traditions of animosity that tutional Convention.
chief forces to bring about ratification. After that, there was none to
would have kept the struggle alive even after a nominal peace.
be the first President under the new regime.
In the end separation would have come. But it might have been delayed question that he must
Perhaps no character in history has been subjected to more close study or
through many recurrences of turbulence and struggle. It was vastly to the
than that of Washington. The volume of his writings
good of both the mother country and the Colonies that, the conflict being sympathetic analysis
which have been left to us is enormous. Moreover, from earliest manhood
once begun, it was brought to a decisive conclusion.
under intense public observation.
There is another reason why the final victory of the Colonies was impor- his life was lived almost continuously
It is therefore remarkable that biographers and eulogists should be so
tant to the world. It was just as necessary for the maintenance of the British
to give us a satisfying picture of him. The
Empire as for the proper development of the American community. I be- generally accused of failing
theirs. The explanation is that no biographer
lieve this view is now generally accepted by British students as well as fault, however, is not his, but
none ever will possess, the full-rounded measure
Americans. We may be sure that it was in the mind of the great Chatham, has possessed, and probably
of qualification to appreciate, to understand, to apportion and to weigh all
who laid the foundations of the British Empire in the Seven Years' War.
man.
If there was a man in all that realm who might well have been given the elements that made this
Unfortunately, a vast myth was early built around Washington, difficult
attention when the American crisis was developing, that man was Chatham.
his biographers and
He had found Britain weak and had built it into strength. Ile had well- to avoid, and not even yet entirely dissipated. Among
and most admiringly the great soldier. Some
nigh made the whole North American Continent British. He had re-estab- eulogists some have seen first
-politician, dealing with
lished the empire and extended it in many directions. Yet Chatham knew have been most engaged with him as the statesman
day as circumstances demanded. Others have
that Lord North's policies would surely cost the loss of the American do- great affairs from day to
to portraying him as the constructive studevoted themselves particularly
minion.
others have found
Emerging from a long political retirement, defying the doctors he hated dent of government and builder of institutions. Still discriminating adold man hurried down to the House their first inspiration in his work as a wise, firm and
and the King he had served, the grand
of Lords to pronounce his allegiance to the cause of the Colonies. "When ministrator.
Volumes have been written, and they are exceedingly interesting volumes,
your Lordships," said he, "look at the papers transmitted to us from Ameragriculture. It is interica; when you consider their decency, their firmness, their wisdom, you can- on Washington as a pioneer of modern scientific
for agriculture Washington and his
not but respect their cause and wish to make it your own." That decency, esting to recall that in their tastes
great antagonist, King George III, stood on a common ground.
firmness and wisdom were in no small part George Washington.
Whoever cares to familiarize himself with this particular detail in the
Chatham knew what it had been to build an empire; he would not see it
voice of lib- careers of Washington and the King will find that these two might, in other
thrown away without having his protest heard. He spoke the
devoted admirers
eralism in England; but the King and his Ministers had no ear for such circumstances, been the best of friends. For both were and agricultural
and supporters of Arthur Young, the famous English traveler
counsels. They had fixed their course and could not be swerved.
last year or two before the beginning of the French
Washington's assumption of the command gave the Colonial cause an authority. In the
France. He kept
effective national character. Had he not possessed the genius and the power Revolution, Young traveled extensively throughout
and experiences that has since been invaluable
to impress others with that conception, It is hardly conceivable that disaster journal of his observations
conditions in France of that time.
could long have been postponed. He found himself in command of an un- to whoever wished to know
Besides all this Arthur Young was almost the founder of the modern
organized, undisciplined, unprovieioned and unmunitioned body of some
Boston and science and technic of advanced agriculture. Ile wrote and published volu14,000 militia, opposing an army of 11,000 regulars shut up in
minously an such subjects as rotation of crops, scientific fertilization, farm
supported by a naval power that completely commanded the seas.
stock, the growing of plants, and many other
Washington was called first to make an army, then to drive his enemy drainage, the breeding of live
commonplaces. King George became interested in
out of Boston, and then to meet attack at whatever point along the coast the suilects which are now
over to him some farms of the royal domain to be conenemy might choose. Where many others, quite as sincere in their patriot- his work and turned
stations.
ism, fondly imagined that the evacuation of Boston would move the London ducted as the earliest agricultural experiment
Young published an agricultural journal devoted to his theories and exGovernment to make peace, he was convinced that it would be little more
became a subscriber. This led him into a
than the beginning. For the long struggle he foresaw he had to prepare, periments, and to it Washington
have been quite extended. Connot only for creating an army, but by convincing the civil authority and the correspondence with Young, which seems to
much of value to American agripeople that he must have the utmost measure of their support and co-opera. vinced that the Young program represented
culture, Washington offered to set aside one of his farms, to be managed
Mon.
Apparently nothing finally
So we find him, immediatley upon assuming his command, dividing his by English experts, if Young would enlist them.
made, and seriously considtime between military tasks and the writing of endless letters to the leaders came of this proposal, but the fact that it was
came to an intimate
of the Congress, to the provincial assemblies, to men of importance every- ered, shows how near Washington and King George
association for the betterment of agriculture.
where, designed to impress them with the enormity of the coming struggle.
of the Revolution, Washington
Indeed, inside of two years after the end
This is not the time or place for a review of Washington's military
of agricultural implecareer. Yet there are phases of that career which I am never able to pass appealed to Young to buy and ship to him an invoice
of some of the ex- ments and seeds with which Washington desired to experiment.
over without a word of wonder and admiration because
On investigation, Young discovered that British law forbade these exports.
ploits which it includes.
and pleaded
It is recorded that a few evening after the surrender of Lord Cornwallis So he went to the Minister for Home Affairs, Lord Grenville,
and by the courat Yorktown a banquet was given by Washington and his staff to the British for permission to send them. It was immediately granted,
The incident is
commander and his staff. One likes to contemplate the sportsmanship of tesy of the British Government the entire order was filled.
an interesting indication of the liberal disposition manifested, so soon after
that function.
Amiabilities and good wishes were duly exchanged, and finally Lord the war, by leading men of both countries.
Cornwallis rose to present his compliments to Washington. There had been
Peace Result Only of Mutual Forbearance and Good Will.
much talk of past campaigning experiences, and Cornwallis, turning to WashIt is a pleasant thing to be privileged to recall on an occasion like this
the judgment that when history's verdict was made up
ington, expressed
underlying community of interest be"the brightest garlands for your Excellency will be gathered, not from the such a bit of evidence touching the
contween the old Kingdom and the new Republic in matters of common
shores of the Chesapeake, but from the banks of the Delaware."
last person to harbor
We may fairly assume that Cornwallis, in the fullness of a very personal cern and human advancement. Washington was the
found his
than once
experience, was qualified to judge. Washington had outgeneraled and de' resentments; and in this and other instances he more
back now on a cen• tested him both on the banks of the Delaware and the shores of the Chesa- former enemies ready to meet him half way. As we look
peace between the two nations, we cannot
peake. In giving the laurels to the Trenton-Princeton campaign lie ex- tury and more of uninterrupted
co-operation
pressed not only his own judgment but the estimate which was afterward but feel that such peace and the long period of international
testimony to the
pronounced by Frederick the Great, who declared that the Trenton-Princeton which it has made possible have been in no small part a
generous willingness of all men everywhere to recognize as the first citizen
campaign was the most brilliant military performance of the century.
For myself, without pretense of military wisdom, the lighting-like stroke of the world him who has been so long acclaimed as the first American.
It had been my expectation to confine my address to General Washington
of Trenton and Princeton, in its supreme audacity and ideal execution, has
sole
always seemed the most perfectly timed combination of military genius and leave the stately and solemn grandeur of this great figure as the
subject for the thought of those who might hear me. I shall not enter into
and political wisdom that we find in the records of warfare.
to-day. Yet his
On the other hand, much can be urged to support the claim that Yorktown the vain speculation of what he might do if he were living
was the most brilliant campaign of Washington. With an army on the Farewell Address shows conclusively that he hoped to be able to lay down
point ot disintegration, he was almost utterly unable to get supplies and certain principles of conduct for his fellow-countrymen which would be of
transport. Yet he managed to withdraw his forces from before New York advantage to them so long as the nation into which he had wrought his
and get them well on the way to Virginia before his enemy seriously sus- life might endure.
No doubt he knew the whole world would hear him. He had seen the life
pected his design.
It was a miracle of military skill, diplomacy and determination to effect of the soldier in time of war and after that of the statesman in time of peace.
on the Virginia peninsula that consolidation of forces from south and north, He had an abiding faith in honesty. He believed mightly in his fellow-men.
along with the French army and fleet, at precisely the right moment. The The vigor with which he insisted on the prosecution of war was no less than
essence of strategy is to divide the forces of the enemy and defeat them in the vigor with which he insisted on the observance of peace.
He cherished no resentments, he harbored no hatreds, he forgave his enedetail; and there are few campaigns which show a commander accomplishing this through operations covering so extended a territory and involving mies. He felt the same obligation to execute the terms of a treaty made for
the benefit of a former foe that he felt to require the observance of those
so many difficulties.
In the Yorktown campaign we see all the varied elements of Washington's made for the benefit of his own country. He realized that peace could be
genius at work. He had to deal at once with an inert Congress that was the result only of mutual forbearance and mutual good faith.
Ile harmonized the divergent and conflicting interests of different nathreatening at this critical moment actually to reduce the army. He had
and agreement.
to find supplies and money or get along without them. In part he did one, tionalities and different Colonial Governments by conference
demonstrated by
In part the other. He had to effect a junction of widely separated forces He demonstrated by his arguments, and our country has
than by conflict.
and to maintain secrecy to the last moment. Everything must be done experience, that more progress can be made by co-operating
within a period of time so short that it might well have made success appear To agree quickly with your adversary always pays.
152
THE CHRONICLE
The world has not outgrown, it can never outgrow, the absolute necessity
for conformity to these eternal principles. I want to see America
assume
a leadership among the nations in the reliance upon the good faith
of mankind. I do not see how civilization can expect permanent progress
on any
other theory.
If what is saved in the productive peace of to-day is to be
lost in the
destructive war of to-morrow, the people of this earth can look
forward to
nothing but everlasting servitude. There is no justification
for hope. This
was not the conception which Washington had of life.
Mutual Covenants for Mutual Security.
If the people of the Old World are mutually distrustful of
each other let
them enter into mutual covenants for their mutual security,
and when such
covenants have been made let them be solemnly observed, no
matter what the
sacrifice. They have settled the far more difficult problems
of reparations,
they are in process of funding their debts to us, why can 'they
not agree on
permanent terms of peace and fully re-establish international
faith and
credit?
If there be differences which cannot be adjusted at the moment,
if there
be conditions which cannot be foreseen, let them be resolved
in the future
by methods of arbitration and by the forms of judicial determinatio
n.
While our own country should refrain from making political commitments
where it does not have political interests, such covenants would
always have
the moral support of our Government ani could not
fail to have the commendation of the public opinion of the world. Such a course would
be sure
to endow the participating nations with an abundant material
and spiritual
reward.
On what other basis can there be any encouragement for a disposition
to attempt to finance a revival of Europe? The world has
tried war with
force and has utterly failed. The only hope of success
lies in peace with
justice. No other principle conforms to the teaching of Washington;
no
other standard is worthy of the spirit of America; no other course
makes
so much promise for the regeneration of the world.
The celebration was marked by the presentation to the
President by Mayor Quinn of Cambridge on behalf of the
pupils of the Cambridge schools, of a memorial scroll on
parchment, written by the Rev. John A. Butler of the Blessed
Sacrament parish, designed and illumined by Ralph M.
Folkins of Arlington. The scroll reads:
[Vol, 121.
Recalling that 1,000 miners were killed and
40,000 maimed since the
last wage conference in 1923, Mr. Lewis said that
an arbitration commission virtually determines what price a miner may
die for. Arbitration
is demanded only ofthe man who works with his
hands, he said, and neither
the professions nor capital surrenders to others the
right to fix what fees
or profits should be. He defended only arbitration
of disputed interpretations of contracts already signed.
Mr. Warriner said inroads on the hard coal market
by oil, gas, electricity
and bituminous coal had so imperiled the industry
that a reduction of labor
costs is needed. The miners'demands,he declared,
would add $100,000,000
to the existing labor bill of $300,000,000,
an increase which operators
cannot afford to absorb, even in part, and which
cannot be passed on to
consumers without curtailing the demand for anthracite
already selling at
peak prices.
According to the New York "Times" inroads made on
the hard coal markets by oil, gas, electric power, the use
of
prepared sizes of coke and competition from bituminous coal
were such, said Mr. Warriner, that the needs of the situation
required a reduction in labor costs. He mentioned, says
the "Times" account, no specific decrease in wages,
but
hoped that if joint efforts to increase production were
successful wage costs would not be cut.
He warned the miners' representatives that
insistence on the wage
increase would force the same conditions that
exist in bituminous fields,
where non-union operators have taken over 70%
of the production.
The average miner's annual wage of $2,000 or
more, he said is $700
above the average for all industries. He rejected
demands for retention of
the checkoff.
Other union demands are a two-year contract and
improvements in
working conditions. Alvin Markle of the Jeddo Highland
Coal Company
of Hazelton, Pa., was named chairman of the Joint
sub-committee. The
Department of Labor and the Pennsylvania Labor
Department had
observers at the conference.
Mr. Warriner is quoted as saying:
"When the present wages in that industry were agreed
to, some 68% of
all bituminous coal was produced by union miners and
33% by the nonunion fields. Today I am informed about 70% of all
bituminous coal is
produced in the non-union fields and only about 30% in
the unionized fields;
1775-1925.
that large union operations are entirely shut down and
that more than
To Calvin Coolidge, President of the United States of
200,000 union miners are out of regular employment. There
America.
is no escaping
Greeting: Assembled at the historic site where flourished
the famous elm, from the meaning of these facts. The unionized mines cannot survive
under whose sheltering branches General George
Washington first took com- under the scale of wages attempted to be imposed upon them and the
mand of the Continental Army, to commemorate
the 150th anniversary of. non-union operators are taking the business.
this event, the pupils of the schools of Cambridge,
"We agree to the proposition that anthracite workers should
Mass., give glad welcome
be well paid,
to Calvin Coolidge, President of the United States of
America, and inspired and in asking for wage reductions we are not departing from that proposiby his presence among them pledge anew allegiance
tion. Just what the amount of such reductions should be
to the flag of the
we leave for
United States and to the Republic for which it
stands, and knowing discussion by the negotiating committees."
that liberty, bought at a price, can be preserved only
The demands of the miners were referred to in our issue
by vigilance and
obedience to law, reaffirm their loyalty to the Constitution
of the United of last week, page 35.
States and their firm resolve to promote peace and
concord by a generous
submission to lawful authority and a patriotic service
of country.
This day shall be for a memorial.
Text of Wage Demands of Anthracite Miners—AssessJuly 3 1925.
ment on Miners to Assist Bituminous Coal
Miners on Strike.
Incident to the new wage demands of anthracite miners,
formulated in Scranton last week at the Tr -District Convention of the United Mine Workers of America a per
capita assessment on 158,000 anthracite miners during
July and August of possibly at least $200,000 to assist bituminous coal miners on strike and otherwise unemployed,
Anthracite Coal Operators Reject Demands of Miners was recommended to the executive boards of Districts
1,
for 10% Wage Increase—Propose Arbitra7 and 9, by the Anthracite Tr -District Scale Convention.
The exact amount was left to the boards to decide. The
tion, Which Miners Reject.
Rejecting, in behalf of the anthracite coal operators, the Associated Press dispatches from Scranton on July 1 also
demands of the miners for a 10% increase in wages for con- stated:
Other resolutions adopted by the convention favored moral and financial
tract men, an advance of $1 a day for day men, and the
adoption of the "check-off" system, Samuel D. Warriner, support of bituminous coal strikers in West Virginia and other sections;
repeal of such sedition laws as that of Pennsylvania, abolition
at the joint conference of miners and operators at Atlantic labor, and nationalization of coal mines, which, however, wasof child
passed
City on July 9 urged the arbitration of the disputed issues. by a light vote.
The resolution urging assessments for the benefit of the soft coal fields
and asked that there be no suspension at the mines Sept. 1 was worded as a request upon the
three district boards to consider the
in the event that issues at that date were still awaiting ad- matter.
justment. A sub-committee of six from the operators'
Details of the demands of the anthracite miners, which
ranks and a similar number representing the miners were involve a two-year agreement with the operators to replace
named at the conclusion of the conference on the 9th to the present agreement expiring Aug. 31, uinformity and
consider the issues in executive session yesterday (the 10th). equalization of all day rates, complete recognition of
the
In reporting the developments the Associated Press advices union, this having for its aim the adoption of the "check-off"
from Atlantic City last night stated:
system; an increase in the contract wage of 10%;an advance
The anthracite miners will not listen at this time to the proposals of of $1 a
day for all day men; the establishment of a five-hour
operators for arbitration in the event of a deadlock in the coming scale
negotiations or to agree to remain at work after Sept. whether contract day; that coal be paid for by the companies on the tonnage
1
a
has been signed or not.
basis instead of by the car, &c., were given in these columns
The miners' sub-committee of six reached this decision to-day. No a
week ago, page 35. Lack of space prevented our giving
official statement was made, but it was learned objection to the proposals
the full text of the demands and we accordingly make room
was based on two grounds.
First, the miners were said to feel that with seven weeks until Sept. 1 for the same herewith.
The exercises on the Common included a pageant of Washington taking command of the army. Many old Massachusetts families participated in clothes worn by their ancestors. Lieut.-Col. Melvin H. Leonard of the 101st Engineers
took the part of Washington and Captain Robert R. Langley
represented General Artemas Ward.
there was plenty of time to reach an agreement if one were possible.
Second, according to this information the miners frowned upon arbitration in a belief that operators would try to make It the substitute for the
present negotiations.
Operators to-day declined to discuss this disclosure other than to say they
stood upon the proposals made by Samuel D. Warriner, Chairman of the
Anthracite Operators' Conference. Arbitration and a non-strike pledge
were simply measures calculated to serve the public interest, they said.
As to the presentments at the conference on July 9th we
give the following from Associated Press advices:
John L. Lewis, president of the United Mine Workers, denied at an open
conference yesterday the existence of justification for arbitration. Samuel
D. Warriner, president of the Lehigh Coal and Navigation Company and
chairman of the operators' general committee, suggested arbitration to
prevent injury to the industry by suspension of work.
1. We demand the next contract be for a period of two years,
with
complete recognition of the United Mine Workers of America,
Districts I.
7 and 9.
2. We demand that the contract wage scale shall he increased
10%;
all day men shall be granted an increase of $1 per day: that
the contract
laborers' increase now being paid by the operators shall be
added to the
contract rates; that the differential in cents per day between classification
s
of labor previous to the award of the United States Anthracite Coal
Commission shall be restored.
3. We demand uniformity and equalization of all day rates and that the
consideration rate of each colliery shall be equivalent to the average daily
earnings of contract miners under normal conditions and that for dead
work performed by the contract miners he shall be paid this consideration
rate; and that skilled mechanics, such as carpenters, blacksmiths, Sr.c., shall
be paid the recognized standard rates existing in the region; and that engineers and pumpmen who do repair work on their engines and pumps shall
JULY
11 1925.]
THE CHRONICLE
be paid the recognized mechanic's rate for this repair work; that first-class
hoisting engineers shall be paid a more substantial rate of wages in keeping
with the responsibilities and nature of the work; and that all day men shall
be paid time and one-half for overtime and double time for Sundays and
holidays.
4. We demand that where coal is paid for by the car it shall be charged
and payment shall be made on the ton basis of 2.240 pounds, and where
dockage and penalties are now imposed for refuse that the amount of refuse
to be permitted in any car shall be fixed by the mine committee and colliery
officials in conformity with the agreement, and that the present unreasonable penalties and dockage shall be abolished.
5. We demand payment for all sheet iron props, timber, forepolling,
extra and abnormal shoveling where such is not now paid for; and that the
same full rates shall be paid for skipping as for splitting pillars, both advancing and retreating; advanced openings driven for development purposes
shall be paid for on the proper basis covering such work; that in thin veins,
where the pitch is not sufficient to carry the coal on the bottom,the distance
of the working places shall not exceed 150 feet; and that jack-hammers and
air necessary for their operation shall be supplied to miners free of charge,
and that company workers shall be supplied with tools for use in their
work free of charge; and that electric lamps and batteries where used shall
be supplied free of charge.
6. We demand that a uniform rate of twenty (20) cents per inch be paid
for refuse in all kinds of mining up to ten (10) feet wide, and that the rate
for blasting top and bottom rock shall not be less than thirty (30) cents per
inch with the understanding that these rates are to be the minimum not
affecting higher rates that exist.
7. On the general improvement of conditions, looking toward greater
efficiency in operation and as an evidence of simple justice to those affected.
we demand that the account of all cars loaded by the miner shall be credited
at the working place; that maintenance men shall be continued at their
regular necessary continuous occupations and not be replaced by others
during broken time; that a five-day work week be established, which
would permit of the working of the usual average number of days per year
and provide for greater efficiency in operation and the elimination of the
haphazard system of enforced idleness on different days as is now the practice; that contract miners shall be provided with work at the consideration
rate when, through no fault of their own, they are not permitted to work
at the face of their regular working place; that all drivers should receive
consideration for handling mules before and after quitting time; that in the
laying off of men that the older men in point of service shall have seniority
rights and likewise the older men in point of service, who shall be out of
employment, shall be returned to such occupations available in conformity
with the principle of seniority; that in the adjustment of grievances every
possible improvement in the present system shall be made so as to provide
for a more prompt and satisfactory determination of such grievances under
the contract; that a more comprehensive method be outlined to protect
the miners in having them placed on consideration work when through
abnormal conditions they are unable to make wages; that employees of
rock and stripping contractors be brought under the terms of the general
agreement with the mine privileges and rights of all other employees; that
all employers of diamond drill contractors be brought under the agreement
and that their rates shall be uniform and standardized on a basis in keeping
with the skill and knowledge required in the work.
Supplementary recommendation:
Repairs, rebuilding and erections of new buildings are necessary to relieve
the housing situation in many sections of the anthracite region; and we.
therefore, recommend thatfour scale committee use every effort to have
the general housing and sanitary conditions of the coal companies' property
improved upon as much as possible.
A number of coal companies who operate one or more collieries at times
When market conditions are dull shut down some collieries completely and
keep others in operation. We consider this most unfair and recommend
that our scale committee use every effort to bring about an equal division
off work at all collieries under any given company.
The convention also adopted the following recommendation of the scale committee:
The committee recommends that the scale committee to negotiate the
contract shall be composed of the officers, the executive board members
of the three districts, together with the resident international officers and
three mine workers from each district affected, the district presidents to
select the three mine workers in each district, subject to the approval of
the executive board. We further recommend that this committee thus
constituted shall decide as to whether their report shall be submitted to the
rank and file by referendum vote or to a tri-district convention, with the
further understanding that copies of the report of the scale committee shall
be forwarded to all.
John D. Rockefeller Jr., Answering Charges of John L.
Lewis, Makes Public Data in Support of Consolidation Coal Company's Action in
Closing Mines in 1924.
Last week (page 35) we quoted what John L. Lewis,
International President of the United Mine Workers', had
to say in his allegations against the coal companies, in which
he declared that the Consolidation Coal Co. had repudiated
its agreement, having informed Mr. Lewis that it was no
longer bound thereby and would pay any wages that it saw
fit. Mr. Lewis, in noting that Col. C. W. Watson was
President of the company, said that associated with the latter in the company was John D. Rockefeller Jr., a large
stockholder. According to data made public by the latter,
"the union contract relationship has been specifically repudiated by an overwhelming majority of the union members." We give herewith this data as it appeared in the
"Herald-Tribune":
Replying to charges by John L. Lewis, President of theU nit ed Mine
153
Mr. Watson said that after the company found that its cost of producing
coal in its West Virginia mines was far in excess of the best price obtainable,
it notified Mr. Lewis that the mines would have to be closed indefinitely,
but this action was taken only after months of effort to avoid it. He continued:
"A state of widespread suffering, due to idle mines and idle men, did not
disturb the officers of the United Mine Workers, nor was any criticism forthcoming on that score. On the contrary,they have insisted that the Consolidation Coal Co.should continue to enforce, by the duress of unemployment,
conditions of work and wages which the union itself has been unable to
maintain over its own members. In other words, it has seemed to be Mr.
Lewis's contention that either our men should work under conditions of his
choice or they must not be allowed to work at all."
Mr. Watson then quoted a series of telegrams from Mr. Lewis charging
the company with violating its contract and his replies. On June 5 Mr.
Watson sent the union official the following memorandum covering the
northern West Virginia conditions and outlining the company's attitude:
"The collapse of the so-called 'Baltimore Agreement,' entered into he
tween the Northern West Virginia Coal Operators' Association and th•
subdistrict organization of District No. 17 of the United Mine Workers
may be briefly summarized as follows:
Non-Union Production.
"(1) At the time of the negotiations it was informally agreed between
representatives of the two parties that at least 20% of the production in
the region was being produced under non-union conditions. Subsequent
investigation showed that this was, if anything, an underestimate. It was
also agreed that this situation offered a distinct menace to the stability of
the union agreement, and that its spread, to any appreciable extent, could
only destroy it.
"(2) During subsequent months regular and careful surveys of the situation revealed steady growth of non-union production and an equally steady
ecline of tonnage produced under the Baltimore agreement.
[The statement shows that the cars produced in June, 1924. were 763
union and 438 non-union, while in March, 1925, the cars produced were
601 union and 939 non-union.]
"(3) When the sales contracts secured prior to the Baltimore agreement expired with the beginning of the new coal year, April 1 1925. practically every union operation of any size, with one exception, suspended.
The exception was the Consolidation Coal Co., which, with a greatly
reduced number of mines, continued its efforts to operate for another
month or more. This company then likewise came to a practically complete shutdown, forced by heavy losses and by its practical isolation in the
matter of labor costs.
"(4) In recent weeks almost the entire output of the region, totaling
nearly 1,200 cars daily, has been produced by operators and mine employees working together under non-union conditions of wages and employment. From whatever motive or cause, the essential fact is now the almost complete repudiation of the Baltimore wage contract by both sides.
As a working reality, it no longer exists.
Union Near Receivership.
"5. During these months the affairs of District No. 17 of the United Mine
Workers had been put into a state equivalent to a receivership. The duly
elected district officials were supplanted by personal representatives of the
President of the national organization and local autonomy and control were
suspended. Thousands of the union members openly withdrew from the
wage contract as individuals by seeking employment wherever it could be
obtained under the terms available. Briefly, the situation now consists of
outside officials, neither chosen by nor accountable to the rank and file of the
district membership, and who supervise a body that is only a fraction of
the original organization in this field. In other wards, so far as their individual economic action is concerned,the union contract relationship has been
specifically repudiated by an overwhelming majority of the union members.
M. for the officials, there are none who can speak for the district, but
only for the national body.
"(6) The alternative now facing both the union operator and the union
employee are, therefore, not the choice between both working under the
contract and either breaking it. The contract, being in its essence a collective agreement, is already broken and gone. Neither side has been able
cope with the forces which brought this about. The present alternatives,
and the only ones, are those between sharing idle mines and unemployment on the one hand and sharing competitive production and prevailing
wages on the other.
"(7) Essentially this is a choice which now rests solely upon the individual employee, Just as it has already been decided by thousands of them.
If an employee of a company, both hitherto bound by the union contract,
prefers to endure months of unemployment, throughout the remaining term
of the contract, in order to maintain his union membership, that is his
privilege. If, on the contrary, he prefers not to assess this penalty upon
himself and his family, as the price of his union affiliation, but decides
rather to exchange a printed scale for actual earnings, that also is his right.
The company can neither compel the one nor deny the other.
"(5) Under such conditions the issue to be decided is not the technicalities
of a document which exists only in the files of the operator and employee
but their mutual decision on the obligations which they owe to the families
and to the properties intrusted to their care. These obligations existed
prior to and independent of the relationship to the third part of the union.''•
League for Industrial Democracy Proposes Nationalization of Coal Mining Industry.
At the June conference of the League for Industrial
Democracy a resolution was adopted, proposing, says the
Associated Press accounts from Stroudsburg, Pa., June 28,
that the League make an effort to set up a commission of
experts to bring about the nationalization of the coal industry
and correlate it with the nationalized super-power concerns.
Norman Thomas, executive director, was in charge of the
final session. The conference was devoted to a discussion
of public ownership of public utilities.
Secretary of Labor Davis in Urging Stabilization of
Coal Industry, Advocates Operation of Fewer .
Mines.
The operation of fewer mines to the end that coal miner's
would be employed 300 days a year was recommended by
Secretary of Labor Davis in an address at the Pennsylvania
Military College at Philadelphia on June 17, at which time
he received the degree'of LL.D. Secretary Davis declared
that the entire country is suffering from an over-development of the coal industry, it is learned from a Philadelphia
dispatch to the New York "Times," which reported him ab
saying further:.
Workers of America, that the Consolidation Coal Co. has violated the 1924
wage agreement with the union, John D. Rockefeller Jr., a stockholder in
All the coal in the country is produced by men who work no more than
the company, yesterday released a series of telegrams between Mr. Lewis
and C. W. Watson, Chairman of the company, covering the dispute in 234 days a week.
This makes the purchasing power low ad does not argue well for prosquestion.
Mr. Rockefeller, who was named specifically by Mr. Lewis in his charges, perity. Some one must step into the coal business and stabilize it. I
wrote to Mr. Watson yesterday and asked for the facts in the matter. In would recommend that these men wor 300 days each year and operae!)
his reply Mr. Watson sent the exchanges between himself and the union fewer mines, ratherlthan work but tw days a week and operate all the
• mines.
official.
154
THE CHRONICLE
[Vol, 121.
Report of Federal Trade Commission on Premium Prices not only practicable in the anthracite industry in the opinion of this Commission, but, also, is preferable to price regulation which has often been
of Anthracite Coal.
advocated with respect to this industry.
7. Among the most promising constructive measures to prevent frequently
A report to Congress by the Federal Trade Commission
recurring shortages in the anthracite trade (apart from the education of the
dealing with the premium prices of anthracite charged by consumer in the possible use of economical substitutes) are
a further and
certain mine operators and the premium prices and gross more effective development of price reductions in the late spring and summer
to induce earlier and more regular buying by the private consumers; the deprofits of anthracite wholesalers in the latter part of 1923
velopment of a public statistical organization of information, either through
and early in 1924, was made public at Washington on July 6. the present wholesale-retail chain of marketing or through consumers' coIn explanation of the conditions disclosed the report also operative buying associations, through which the total demand would be
definitely determined and translated into firm contracts and prompt car
discusses the development of the anthracite combination movements; the
systematic development of an earlier and more rational buy•
and the results of the Government's efforts to dissolve it. log program by municipalities and other public agencies; an increase in
"A long period of monopolitistic combination in the anthra- storage equipment of mining and distributing companies; and the enlargement of mine capacity to meet periods of extraordinary demand.
cite industry (now largely abated by recent judicial decrees)
8. The greatest obstacle to intelligent action on the part of the public
has." says the report, "resulted in concentration in the own- and the Government in the frequently recurring emergencies in the coal
ership of coal lands, in the failure to increase mining ca- trade is the lack of adequate current information, particularly with regard
to prices. costs of production and profits.
pacity adequately so that production has not developed with the result of an anticipated shortage and a The premium prices of 1923 were
panic demand due largely to gendemand, in the establishment of an unduly high general eral ignorance of the real conditions. The publication of the facts by this
price level, and, in times of temporary or apparent shortage. Commission assisted in restoring normal conditions in inter-State trade.
Shortly after tihs Commission began its hi-weekly publication of the facts,
In high premium prices at the mine, which have encouraged premium prices at the mine and excessive profit taking and speculation by
and facilitated the taking of excessive profits both by wholesalers began steadily to decline. The Commission believes, therefore,
if the
wholesalers and retailers." Stating that "premium prices some matter is found to be within the legislative power of Congress, that
Federal agency should secure and publish currently data on production,
of anthracite occur in times of actual or anticipated shortage, prices, costs and profits in the coal industry.
and especially when there is a panic demand," the Commission in its letter submitted to Congress says:
This Commission first inquired into the problem in 1916-17 and by the
collection currently of data on anthracite prices aided in reducing speculaton and panic buying. More recently, in the panic market of August 1923,
the United States Coal Commission initiated a somewhat similar activity,
which on the termination of all of the Coal Commission work in September of the same year, was taken up by the Federal Trade Commission as the
result of a conference with the Coal Commission. Thus this Commission
undertook to gather and publish currently from week to week data showing
the extent to which the premium prices of anthracite were due to profittaking by the wholesalers intervening between the mine and the retailer or
consumer. Current monthly data were also secured from mine operators
covering the quantities of anthracite sold in inter-State commerce and the
prices received therefor. The current publication of this information had
•restraining influence on speculation.
Of the total annual anthracite production, which averaged over 88,000,000
net tons for the period 1914-1923, more than 70% is produced by eight large
companies which, because they are, or until recently, have been owned by,
or more or less closely affiliated with, the railroads tapping the anthracite
territory, are known in the trade as "Railroad Coal Companies." The remainder of the annual output, constituting less than 30% of the total, is
produced by over 100 companies, known as "independent coal companies,"
or "independents."
The prices charged by the different railroad coal companies for domestic
sizes of anthracite, although not identical in amount, do not vary widely.
These prices are announced periodically, usually about the 1st of April of
each year, and do not fluctuate with the current changes in supply and
demand. A few of the larger independents similarly announce prices, which
In recent years have been about 75 cents per ton higher than those of the
railroad companies, except when a slump in demand has induced them to
sell at lower prices. The majority of the independents, however, do not
announce their prices, but sell at the highest prices obtainable.
The report also considers in some detail the large degree of success which
has accompanied the persistent efforts of the Department of Justice to disintegrate the anthracite combination, and points out additional steps which
would apparently tend to restore the industry to a normal competitive basis,
as well as certain constructive measures which would aid in preventing the
recurrence of high premium prices.
A summary of the principal points developed in the report
on premium prices of anthracite, states, in addition to the
quotation above regarding monopolistic combination:
2. In such times of temporary or anticipated shortage, the independent
companies have sold at prices higher by widely varying amounts or premiums
than those announced by the railroad coal companies, while at other times,
especially in the dull late spring season, the independents have sold for less
than the railroad companies. The causes of the high premium prices which
were charged the anthracite consumer in 1922 and 1923 was an actual shortage of coal in 1922 and a merely anticipated shortage in 1923, which, aggravated by the panic fear of buyers, gave the opportunity for the high premium prices, charged by independent operators for a small proportion of the
total output. During August 1923, for example, when the highest railroad coal
company price was $8 35 per gross ton, wholesalers reported purchases from
independent operators of a considerable tonnage at $14 or more per ton at
the mine.
3. These high mine prices have sometimes been alleged to be justifled
by high mine costs, but such very high costs would indicate either that production policies were arbitrarily conducted to give that result or that the
mining conditions were so unfavorable that production should have been
discontinued and mining labor diverted to less expensive workings.
4. The existence of a wide range in the mine prices charged for anthracite in the fall of 1923 enabled wholesalers to exact very large gross profits.
In September and October 1923, after the brief strike in September, the
gross profits realized by wholesalers reporting to the Commission ranged as
-high as $1 75 per ton and amounted to $1 or more per ton on about 4 to
11% of their reported weekly sales. In August, immediately preceding the
strike, gross profits ranging as high as $3 65 per ton were reported. The
exorbitant character of such profits is evident when it is realized that these
wholesalers sell in carload lots without physically handling the coal, and
that even the gross profit allowed during the war was only 20 cents per ton
in the Eastern States.
5. The existence of high premium prices at the mine has also led to
speculative sales among wholesalers, thereby further enhancing the price
paid by the retailer. During August and September 1923 from one-third to
more than two-fifths of the reported sales of premium anthracite was handled by two or more wholesalers before being sold to a retailer.
8. The production of anthracite has not developed with demand. In spite
of steadily increasing prices and large untouched coal land reserves of the
railroad coal companies, some of which at the present rate of production
Would last more than a hundred years, the output has remained comparatively
stationary for a number of years. In order that the present generation may
have an adequate supply of anthracite at a reasonable price, more effective
competition must be re-established. Complete restoration of competition is
Advances in Wages of Anthracite Miners During Past
Ten Years Greater than Those in Manufacturing
Industries, Railroad or Public Utility Workers.
Wages of anthracite miners, whose present wage contract with the operators expires on Aug. 31 this year, have
risen considerably more during the past ten years than those
of workers in the manufacturing industries, on railroads or
in public utilities, according to a survey of wages in the
anthracite coal mining field just completed by the National
Industrial Conference Board, Nw York. Reference to the
new demands of the anthracite miners appeared in these
columns last week, page 35. Average hourly earnings of
workers in the anthracite mines (according to the Conference Board's analysis, made public July 2), from June 1914
until December 1924 rose 192%, while hourly wages in 25
basic industies during the same period increased only 129%,
hourly earnings of workers on Class I railroads 141%, those
of workers in illuminating gas plants 111%, and in electric
light and power establishments, 121%. The Board's statement also says:
Average daily earnings, or earnings per "start" of contract miners do not
show as large an increase for the ten-year period since pre-war days, owing
to the shortened working day. However, contract miners, who in June 1914
drew an average of $3 46 per day, when the day averaged nine hours, in
December 1924 were drawing an average of $9 11 for a day averaging 7.6
hours, representing a gain of 163% in earnings per start Average earnings
per start from December 1923 to December 1924 increased from $9 05 to
$9 11.
Increase in "real" earnings of anthracite workers, that is of wages in terms
of purchasing power, owing to the general increase in the cost of living, is
somewhat lees, of course, than the increase in money, or actual wages.
Average "real" hourly earnings of all anthracite mine workers, provided
they spend their money in the same manner as they did in 1914, show an
increas eof 76% over those of pre-war days, as against an increase of 45%
in "real" hourly earnings of railroad workers and a 38% increase in "real"
hourly earnings of wage earners in manufacturing industries. "Real" earnings per day, or start, of contract miners were 58% higher in December
1924 than in June 1914.
While other industrial wages as a whole decreased somewhat since the
peak year 1920, wages in the anthractie mines show practically no recessions, increasing steadily from pre-war days, when the average hourly wage
was 28.4 cents, to December 1924—the month upon which the present study
is based—when average hourly earnings per worker averaged 82.9 cents.
Hourly earnings of contract miners, however, who make up by far the greatest single group, show an even greater proportional increase, reaching $1 20
in December 1924, a total net gain of 194% in money wages over June 1914.
With the exception of contract miners, a slight decrease was suffered by
anthracite workers between December 1923 and December 1924, the composite figure for all anthracite wage earners other than contract miners' laborers dropping from 83.2 cents to 82.9 cents per hour during the year.
The wage study of the Conference Board covers 140 collieries employing 96,226 wage earners, representing about
90% of the total commercial production of anthracite, and
62% of the total number of workers in the anthracite field.
It is the latest of a series of anthracite mining wage studies
made by the Conference Board, the first of which covered
wages as of June 1914, followed by other surveys of anthracite wages as of October 1920, March, June and October 1921,
am! of July and December 1923.
Secretary of Agriculture Jardine Says Grain Exchange
Can Themselves Correct Violent Price Fluctuations
—Importance of Co-operative Marketing in
Solving Farmers' Problems.
In an address at Mandan, N. D., on July 4, Secretary of
Agriculture W. M. Jardine referred to the investigation carried on by his department to determine the causes of violent
fluctuations of grain prices during recent months and noted
that he had made "certain suggestions to representatives of
JULY 11 19251
THE CHRONICLE
the Chicago Board of Trade and called upon them to consider constructive measures to prevent a similar situation in
the future." "As I see it," said Secretary Jardine, "the
grain exchanges of this country perform a useful function
at least; we have perfected no better system of marketing.
But when the price of wheat fluctuates 12 or 13 cents in a
day it indicates to me that there is something wrong. There
is no agency that can bring about more effectively a correction of this situation than the grain exchanges themselves.
They must realize that they have to a large extent lost the
confidence of the people and can regain this only by thoroughly putting their house in order. If they fail voluntarily
to take appropriate action, it is my purpose to exercise to
the fullest extent such power as the existing law gives me
to require them to do so."
In the course of his remarks Secretary Jardine states that
he is "one of those who believe that co-operative marketing
will be an important factor in the solution of many of our
production and marketing problems." He added:
I do not by any means regard it as a "cure all" for the troubles of the
farmer, but it has real possibilities. I wonder if you fully appreciate the
extent to which co-operative marketing activities in this country have
been developed. The first farmers' co-operative in this country was
organized shortly before the Civil War. To-day there are over twelve
thousand farmers' co-operative organizations, with a membership of about
two and one-half million farmers and doing an annual business of approximately two and a half billion dollars. While this development is remarkable, there is nothing mysterious about it. It is merely common sense
applied to the marketing problems of the farmer. At the present time I
am more interested in the question of making these farmers' co-operative
organizations highly efficient than I am in organizing new associations.
For, after all, the success of the co-operative movement will depend very
much upon the success of the organizations already established.
The co-operative marketing association will succeed only if it performs
the functions required in the marketing processes as efficiently and as
economically as others can perform these services. There are a number
of things which farmers should be able to do better through their co-operative organizations, than as individuals. I have, time and again, emphasized the importance of adjusting production to the market demands. To
my mind one of the greatest services that the co-operative association can
render its members is to supply crop and market information which will
help them make such adjustments.
Through the efforts of the Danish co-operatives, the Danish farmer
discarded the old lard type of hog for which there was a market in Germany
and developed the more profitable bacon type hog, which is peculiarly
fitted to the desires of British consumers.
Co-operative marketing among the orange and lemon growers of California reaches away back to bud selection. By organizing co-operatively in
the marketing of their products the California orange and lemon growers
have successfully solved many of their marketing problems by adjusting
and improving their production methods and practices.
The standardized grading of products, of course, can be performed more
efficiently by farmers when organized into groups. The grading of the
product near the source of production makes it possible to reduce the cost
of getting the product through the marketing channel to the market.
Perhaps I can illustrate a little more fully the advantage of grading the
product before shipment. A large number of producers of lambs in certain
sections of the country had been in the habit of shipping their lambs to
market without having them docked. At present the co-operative livestock shipping association is marketing these lambs and it knows full well
that a carlot of lambs with long, dirty tails will not bring as much money
as a well-finished carlot of lambs that are properly docked. The association has succeeded, in a very short time, in getting this information back
to growers and shipments are now made of properly docked lambs that
command better prices.
The co-operative association has still another important function to perform, namely, that of feeding the product to the market at the time and in
the place where needed. Co-operative associations can be very helpful in
avoiding the glutting of markets at harvest time, in obtaining a wider
distribution of the product and in elevating the general average price received for the product as a whole.
The success of co-operative associations hinges upon a number of factors.
First of all, I should say they must have honest and efficient management.
If you will carefully scan the co-operatives that have been most successful,
you will find that invariably they have been fortunate in having efficient
managers. It is equally important that the farmer members of the cooperative take a personal and active part in the activities of their organization and co-operate with the management in solving its many problems.
If the members have the feeling of responsibility for the success of the
association, they will see to it that their association is honestly and efficiently managed.
The successful co-operative association will have the viewpoint of the
farmer. It will be responsive to the interests and welfare of the farmer.
The farmer is not investing his money in the stock of the co-operative, but
he is putting into the association his entire year's work and probably that
of his whole family. The things he can buy during the year, the education
he can give his boys and his girls, are all wrapped up in the success of the
organization. The co-operative association touches the daily life of the
farm man, woman and child, and it must be operated in a manner that
makes the farmer feel that he is getting a square deal. The more he knows
about the details of the operation and the management of his organization,
the greater will be his satisfaction. I am not urging the idea that farmers
break in on management questions indiscriminately, but I am saying that
good management of a co-operative will recognize in the highest degree
the point of view of the farmer.
The co-operative movement, in my opinion, has a real mission to perform
in the solution of the farmers' problems. It can be an effective factor in
helping farmers only if it is conducted along the most efficient lines, and
I can not too strongly urge upon farmers that they take a personal and
direct interest in the activities of their own organizations.
The question of efficient farming was also brought before
the convention by Secretary Jardine, who emphasized "the
fitting of production to the needs of the market," and said:
Farming is a business. It is a highly specialized and complicated business. As a business it must be conducted along efficient lines, if it is to
succeed. Wasteful methods will result in loss, and perhaps in failure,
in farming as surely as in other business. I believe that the farmer who
155
fully reckons with all the factors that may influence his business and who
conducts his farming along the most efficient lines will succeed. On the
other hand, I also believe that the inefficient farmer will fail.
At Ames,Iowa, on July 10 Secretary Jardine, while stating
that he recognized "the plight of agriculture to-day, even
in the face of material improvement," said he knows of
"no practical short cut remedy for these troubles." In
pare he continued:
I cannot offer you a single "cure-all" for the difficulties of the farmer.
The solution, it seems to me, must be found in a number of directions.
The present troubles of agriculture, in no small measure, have grown out
of excessive production and the loss of foreign markets, a situation that
was brought on by the World War. Surely, then, one of our most knportant jobs must be to restore a proper balance between the prices of farm
products and the prices of other commodities by a better adjustment of the
volume of production to the needs of the market. I believe also that it is
possible to increase farm incomes materially through more efficient organization and management of our farms. We need to have more sound business principles injected into agriculture. Many of us can more wisely
utilize our land, labor and capital in reducing farm costs and in increasing
net farm incomes. This is an aspect of the subject that I have discussed
at some length on other occasions. I shall not dwell on it here.
Despite our best efforts, there will be times when abnormal surpluses
will depress prices below profitable levels. No one wishes more ardently
than I to find a workable solution for this problem. It should be possible
to find some practical means of preventing abnormal surpluses of farm
products from having their demoralizing effects.
Largely through their own efforts, farmers in recent years have made
adjustments in production that have helped to reduce for the time being
the influence of this depressing factor in American agriculture.
During the past two years I have differed with a large number of honest
Iowa farmers as to the best means of solving the agricultural problem. we
have heard a great deal of discussion about what Congress could or should
do in the way of legislative assistance to agriculture.
Congress has passed a large number of agricultural bills in recent years
which have been of material assistance to farmers. There is the Agricultural Credits Act of 1923, the Packers and Stockyards Act, the Grain
Futures Act, the War Finance Corporation—to mention a few of them.
I further believe that Congress is ready and willing to give consideration
to other helpful measures.
But too few people stop to consider that legislation cannot accomplish
everything. There is no magic power in legislation as a panacea for agricultural difficulties. The many constructive acts now on our statute books
have not solved the fundamental agricultural problems. They have been
shock absorbers—a helping hand. I am one who firmly believes that the
farmer cannot be legislated out of his difficulties.
While considering the problem of surpluses, I should add a word in regard
to the need of exercising a better control over the expansion of our farm
land area. We of the West have grown up in an atmosphere of expansion
—more people, more land under cultivation and a larger crop production.
But in the last few years we have had forced upon us the fact that more
expansion in agriculture is not necessarily good. Putting people on land
where they cannot make a living and where their products not only bring
them no profit but force down the prices for others does not benefit any
farmer.
We have reached the point where we cannot expand our production
indefinitely and expect to find profitable markets. We must consider
before expanding our agricultural areas what we are going to raise on the
new land and what we are going to do with the products after we have
raised them.
President Frank L. Carey of Chicago Board of Trade on
Plans of Board to Prevent "Wide Price Swings."
Steps to permanently end criticism of the grain-marketing
system are now being taken by the exchange, President
Frank L. Carey of the Chicago Board of Trade declared in,
an address at Michigan City, Ind., June 26. Guided by
suggestions of the Department of Agriculture, a close study
of means to prevent wide price swings is now in progress,
President Carey told the Indiana Grain Dealers' Convention, adding that the Department and the Exchange are
working in closest co-operation. A new, modern clearing
house, suggested by Secretary Jardine in a recent conference, as a means of reducing price swings, may be effected in
the near future, Mr. Carey stated. He added:
This is no small task, nor has it the unanimous approval of Exchange
members. But nevertheless they are determined to carry out suggestions
that may solve the problem regardless of personal views.
Several other steps are being taken. We do not know that any single
measure will be a complete solution. But each will help. And we intend
to do our own correcting rather than submit further to the blunders of politicians. The administration desires to protect honest business[rpm those
political crusaders who have kept the channels of commerce churned with
uncertainty. The grain exchange will do its full part by first inaugurating
every reasonable policy toward higher efficiency in the hope of forever
ending criticism both deserved and undeserved. The Exchange is here to
stay. Many years will elapse before any new system will replace the ,
present one, which markets the farmers' grain at a lower toll than exists
in marketing of other stable food products.
Reviewing the period of wide price swings, Mr. Carey
said when a world wheat famine seemed probable the situation was at once registered in the futures and speculative
market. During the high price period, he added, farmers
rushed their grain to market, benefitting by the high prices.
Mr. Carey continued:
In five months the farmer dumped on the market 141.000,000 bushels
of wheat in excess of the normal flow. These enormous receipts were
absorbed without a break in price. Without the futures market with its
speculative support the serious situation as to supplies would not have been
made known so soon and the farmer would have marketed his crap at a
much lower figure. Therefore the speculative market served the farmer in
a highly efficient manner, despite the later wide price swings.
Mr. Carey traced the course of wheat prices, declaring
they were carried above actual value by a great wave of
156
THE CHRONICLE
public speculation when a serious world shortage seemed
probable, and that they later dropped below actual value by
heavy liquidation when it was found supply would meet
demand. He said no man or group of men "could tell to a
nicety in the face of an unprecedented world situation"
whet)ler prices were in line with actual value Nor could
it be determined, he said, whether individuals were indulging
in what might be deemed excessive speculation. Mr Carey
also noted:
A law was enacted placing exchanges under. Government supervision.
One purpose was to prevent over-speculation by individuals. The Government has access to all information and is now trying to learn whether
the law was violated. So far, it has been stated, evidence found does not
warrant criminal prosecution. It will be seen that it is no easy task even
for the Government to determine what is and what is not an excessive
speculative line of wheat. But the Government and the grain exchange
are determined to work the problem out together, just as they are working
out other difficult problems.
Mr. Carey said the condition of the grain farmer had steadily improved, that his outlook is far better than at any time
since the war, and that agriculture as a whole "is swinging
into a period of well-deserved prosperity."
[VOL 121.
Judge Kennedy near the end of the decision said:
"In reaching a conclusion in this case, we fully realize the degree of
unpopularity with which it will be received. This is true in the nature of
things, because the great general public is reached only with the sensational
features surrounding the transactions involved and being largely in the dark
as to all the other multitude of circumstances with which the case is
surrounded and knowing perhaps less of the great legal principles which the
experience of the ages has taught mankind must control in dealing with
the rights of persons and property.
"The fact that this appears to be a good contract for the Government, as
testified to by those witnesses who are qualified to speak of its character.
coupled with the fact that the courts should be concerned in sustaining
formal grants upon which the rights and welfare of many depend. impels
the conclusion that such contracts should not be set aside for light or
frivolous reasons, unless fraud in connection with this execution is clearly
Shown.
"We have no quarrel with the theory that the Congress should have and
has the constitutional power to regulate the manner in which the property
of the United States shall be handled by the executive branch." said the
conclusion of the decision. "but we do maintain that in the exercise of that
power t may by appropriate legislative authority delegate officers of that
department to handle Government property in an unrestricted way, and in
accordance with a vested discretion.
"Therefore, it is not only possible, but very probable in this case that the
action taken by the Secretary of the Navy, lithe contracts are fairly and
honestly carried out, will actually conserve oil which would otherwise have
been lost had not such action been taken,for,as to how far reaching drainage
may be and how far oil pools extend under ground,is at present little known,
even by geologists themselves."
Commenting on the Government's charge of fraud, Judge Kennedy said
"There is a significant lack of material damage to the Government which
usually attends allegations of fraud, for in the case at the bar, no attempt
has been made to show that the lease in controversy was in itself a had lease
for the Government, except perhaps theoretically by counsel, but on the
other hand, testimony of the plaintiff's own witnesses who are competent
to speak on the subject, tends to show that it is a lease much more favorable
to the Government than they as oil operators would be willing to assume."
The ruling held, that since there was no allegation of a violation of the
law, and since Government counsel had "virtually abandoned any discussion of the invalidity" of President Harding's order, the charge could
not be sustained.
Cheyenne Court Which Upheld Validity of Teapot
Dome Naval Oil Lease Denies Government Petition for Reopening of Proceedings.
A motion in behalf of the Government for the reopening
of the proceedings for the annulment of the lease of the
A detailed account of the decision was given in the New
Teapot Dome Naval Oil Reserve to Harry F. Sinclair and
the Mammoth Oil Company was denied on July 6 by U. S. York "Times" of June 20. Regarding the action of Judge
District Judge T. Blake Kennedy in the Federal Court for Kennedy on July 6 we quote the following Associated Press
Wyoming at Cheyenne. On June 19 a decision upholding accounts from Cheyenne.
Federal Judge T. Blake Kennedy late today denied the motion of Governthe validity of the lease was handed down by Judge Kennedy.
ment counsel Atlee Pomerene and
A contrary decision in the care of the lease, to the Pan Teapot Dome lease annulment suit Owen J. Roberts for a rehearing of the
on the ground that additional testimony
American Petroleum Company, of the Naval Oil Reservation for the Government was available. •
Judge Kennedy also signed a decree dismissing the lease annulment suit
No. 1, Elk Hills, Calif., was rendered on May 29 by Paul
against the Mammoth
J. McCormick in the U. S. District Court at Los Angeles, the date of his decision011 Company, entering the dismissal as of June 19,
in the case.
Judge McCormick having ordered the Petroleum Company, Judge Kennedy in his decree of dismissal provided for the continuance of
of which Edward L. Doheny is President to surrender for the Teapot Dome receivership until further order while the appeal from the
being taken by the Government to the Eighth Circuit Court of
cancellation their Elk Hills leases as well as contracts for decision isThe Government is given forty-five days from June 19 to file its
Appeals.
the construction of oil storage facilities at Pearl Harbor, petition for appeal.
The Government counsel sought to reopen the case to present additional
Hawaii. This decision was referred to in our issue of May 30,
testimony on the
Continental
page 2765. At the time Judge Kennedy on June 19 rendered Trading Companyalleged transfer of Liberty bonds from the Fall, former
of Canada for Harry F.Sinclair to Albert B.
his dicision in the Teapot Dome proceedings the Associated Secretary of the Interior, who negotiated the lease for the Government.
Their motion requested that depositions in connection with the alleged
Press reported as follows his conclusions:
transfer of Liberty bonds be
taken in Toronto, Canada, and filed with
Government charges of collusion, scandal and fraud in the leasing of the the court.
Dome by former Secretary of the Interior Albert B. Fall to the Mammoth
Before the trial of the Teapot Dome case Government counsel endeavored
oompany was buried deep under a voluminous legal decision when Judge to secure these depositions in regard to the alleged Liberty
bond transfer.
Kennedy completely upheld every act in the process which resulted in the Judge Kennedy granted the Government a
continuance of the trial from
granting of the big Wyoming oil field concession to Sinclair.
Feb. 26 to March 9 for the obtaining of this evidence. The refusal of H.S.
Beaten, but not ready toquit counsel for the Government, Albert D. Osier, the trading company's President, to
answer part of the questions
Walton, United States District Attorney, announced after the decision that put to him defeated the Government's
move. The Canadian courts have
an appeal would be taken.
since ruled that he must answer all the questions.
Judge Kennedy's decision contained the following rulings: That the
Judge Kennedy in his order dismissing the lease annulment suit against
executive order signed May 31 1921, by President Harding, transferring the Harry F. Sinclair's Mammoth 011 Company
stated that the question of the
Naval 011 Reserve from the jurisdiction of the Navy Department to that validity or invalidity of the
executive order of May 30 1921, transferring
of the Interior Department, was legal and not obtained from the Chief the jurisdiction of all naval
reserves from the Navy Department to the
Executive by fraud.
Interior Department was immaterial.
That an act of Congress of June 4 1920, under which the lease and other
In the evidence presented by the Government in seeking the lease annulnegotiations were consummated, clothed the Secretary of the Navy with ment, Judge Kennedy finds
"nothing to show irregularity or fraud surroundfull power to do everything that was done in negotiating the naval oil leases. ing the transaction or execution
of the lease."
That the "loan" of $25,000 by Sinclair to Fall in June, 1923. was a
The negotiation and manner of executing the lease, Judge Kennedy
"suspicious circumstance." but that the ready explanation given by stated in his dismissal order,
show that it was "entirely immaterial so far
Sinclair's attorney, I. W. Zevely, to a Senate investigating committee and as the lease annulment case is
concerned whether the executive order of
the lack of evidence that any attempt at secrecy was made over the trans- 1921 was ever made or not."
action gave it the badge of a legitimate transaction.
That the Government's allegation of fraud had not been sustained.
Commenting on the Cheyenne decision, Frank J. Hogan,
That the "collateral transaction" involved in the case—the mysterious chief counsel for E. L.
Doheny was quoted in the "Wall
high financing carried on by the Continental Trading Company of Toronto,
headed by J. H. Osier, with certain American oil companies, including the Street Journal" of June 20 as saying:
Midwest Oil Company, the Sinclair Crude 011 Purchasing Company. the
"We are naturally gratified by the decision of Judge Kennedy. On every
Prairie Oil Company and A. E. Humphreys, independent operator, could legal point common to both the Pan-American and Sinclair cases, he upholds
the evidence, be stamped judicially as evidence of conspiracy our contention. Speaking for myself personally, I would say that this
not, from
involving Fall.
decision increases and confirms my judgment that the Circuit Court of
That in carrying out the provisions of the act of June, 1920, the then Appeals will uphold the men in the government and in the Pan-American
Secretary of the Navy. Edwin Denby,did not usurp the powers of Congress. Co., who, for patriotic purposes, responded to the call of the Navy Departas alleged by the Government.
ment which resulted in the completion of the greatest naval base in the world
a That the evidence introduced regarding Fall's bank accounts in the Gov- at Pearl Harbor.
ernment's attempt to prove conspiracy and fraud did not link the former
"Judge Kennedy rightly holds that the secrecy maintained by the governInterior Secretary with any unlawful dealings with Sinclair. This evidence ment was for military purposes having to do with the security of the nation,
and that Admiral Robinson of the Navy, Dr. H. Foster Bain, director of
Was stricken from the record.
That Congress may delegate power to executive branches of the Govern- the Bureau of Mines, A. W. Andrews, chief of the Petroleum Division of
ment to handle Government property "in an unrestricted way, and in the Interior Department, E. C. Finney, assistant secretary of the Interior,
accordance with a vested discretion."
and Secretary Denby of the Navy, all acted legitimately, in good faith and
t= That former Secretary Denby, former Assistant Secretary of the Navy for the best interests of the government.
Roosevelt, Rear Admiral J. K. Robison, chief of Navy engineering, who
"It will not be forgotten that these are the men who negotiated the Panacted as Denby's agent; E. C. Finney, former Assistant Secretary of the American contracts and leases. Their motives in the Sinclair case were
Interior, and H. Foster Bain and A. W. Ambrose, of the Federal Bureau precisely the same as the motives in the Pan-American case. There is no
of Mines, "must be considered as absolved from any incriminating fault distinguishing the two cases. On the real facts either Judge McCormick or
as to fraudulent motive"in their actionsin connection with the negotiations. Judge Kennedy is wrong. Every member of the Doheny legal staff believes
Nik That there was no undue secrecy in concealing the fact that a lease had beyond question that the Court of Appeals will follow Judge Kennedy and
been granted to Sinclair, and that the Government's charge that oppor- that the decision which we have always counted on when these cases got
tunities were not given persons other than Sinclair to negotiate leases, were into court will be handed down in San Francisco next fall.
"We repeat there is no escaping from this conclusion—either United
not borne out by the evidence.
Persons who held mineral leases in Teapot Dome were absolved of blame States District Judge Kennedy is wrong or U. S. District Judge McCormick
for demanding compensation for vacating their holdings, Judge Kennedy is wrong. These two cases will go to two United States Circuit Courts of
ruled, setting forth that Fall's requirement that Sinclair acquire quit claim Appeal. One will be heard in San Francisco and the other will be held in
deeds to all these claims as a prerequisite to getting a lease probably was the Denver. It is our prediction that in both cases the final decision will show
that Mr. Doheny was right when he said on the day these suits were filed
best way of definitely settling the matter of such ownership.
major allegation made by the Government was crushed under the that he thanked God they had been transferred from the forum of partisan
politics into the forum of the American Courts."
decision.
nEvery
JULY 111925.]
THE CHRONICLE
The same paper said:
The appeal from Judge McCormick's decision will be prosecuted by the
Pan-American Petroleum Co. The appeal from Judge Kennedy's decision
will be prosecuted by the United States Government. Neither decision is
final at this moment.
157
These two items I regard as of very particular consequence. In the one
case, the statement of Mr. Doheny, if true, involves every member of the
Cabinet in some measure of responsibility for the odious transaction.
In the second, there is a complete refutation of the view that it was either
necessary or advisable to lease the reserves in order to avert loss of oil
through drainage.
Frederic R. Kellogg, of Kellogg, Emery, Inness-Brown
According to the New York "World" Senator Walsh also
Cuthell, chief counsel for the Pan-American Petroleum &
Transport Company,in a statement issued on June 20 said said:
"An amazing part of Mr. Doheny's ex-parte statement is that which
in part:
carries an intimation that important letters
were suppressed
"It is our confident belief that the Appellate Court that hears the Doheny
case will reach the same conclusion concerning Secretary Denby's attitude
and action in this matter that has now been reached by Judge Kennedy,
who not only had before him the evidence in the Sinclair case, but who, of
course, was fully informed as to the conclusions which had previously been
reached by Judge McCormick in the Doheny case.
"The importance of this point is evident when it is remembered that there
never has been a suggestion in any litigation or investigation that Secretary
Denby had been either a party to any alleged conspiracy or had been guilty
of the slightest dishonorable or wrongful act in connection with any of
these transactions.
"Nor has there been any proof or even suggestion that Secretary Fall or
any other person had made any false representations to Secretary Denby,
had deceived him in any way or had induced him surreptitiously to sign any
contract which he ought not to have signed.
"With these two points clearly in mind it would seem that the only way
by which Judge McCormick could reach a conclusion adverse to the defendants in the Doheny case was to brush away and disregard everything
that Secretary Denby had done upon the theory of 'misapprehension' and
'passivity.'
"But Judge Kennedy has positively refused to adopt any such theory.
although the facts are practically identical, and it is our belief that the Circuit Court of Appeals will likewise perceive the impossibility of affirming
the conclusion of Judge McCormick upon this point."
The minimum estimate on the time that will elapse before the oil lease
cases are decided finally will be a year, it was said yesterday. Counsel for
the Pan-American interests already have taken steps to appeal the decision
against them. Whatever the decision ofthe Federal Circuit Court of Appeals
may be, it is expected that an appeal will be taken.
Whether the suit reaches the United States Supreme Court will depend
on that body's decision, under the new rules of procedure, after issuing a
writ of certiorari, as to whether the case is admissible to appeal. Similar
procedure is expected in the Sinclair Teapot Dome suit.
or telegrams
by the committee of the Senate or some member thereof.
"It will be recalled that the Secretary of the Interior was ordered by the
resolution pursuant to which the inquiry took place to send to the committee copies of all papers in relation to the leases, in compliance with which
direction a whole cartload of photostatic copies of documents was transmitted, many of which had only the most remote relation to the subject
of the inquiry.
"A representative of the department listed every document that came,
before they were touched by any member of the committee. If anything
was spirited away, the charge must be laid at the doors of some one in the
Department of the Interior.
"The Doheny statement does'not assert that copies of the letters or
telegrams to which so much importance is attached were not among those
sent in obedience to the resolution of the Senate. So the insinuation is
obvious.
"Perhaps there is no more direct charge in the statement that the letters
and telegrams were not offered in evidence. I have no recollection about
this and the record not being available to me I am unable to say. No
attempt was made to submit every paper. If the letters and telegrams set
out in the statement were not introduced it was probably because their
importance if they had any was not appreciated by any one concerned.
No Suppression.
"It is needless to say that, lest any indirect statement on my part might
be misconstrued, I am moved to say there was no suppression by myself or
under my direction or, so far as I know, by any member or clerk or assistant of the committee, of any evidence, relevant or otherwise."
Distribution to Growers by Burley Tobacco Growers'
Association—Sale to Japanese Government.
From the June 1 issue of the "Monthly Business Review"
Mr. Doheny's version of the Naval oil leases was given of the Federal Reserve Bank of Cleveland, we take the
extended space in the New York "Times" of July 1, the following:
"Wall Street Journal" in summarizing the story stating that
The Burley Tobacco Growers' Association announces the distribution
to growers of 1923 crop of $12,419,440 to be made early in June. and also
Mr. Doheny makes six principal points, viz.:
announces that a recent sale has been made to
Japanese Government
the
(1) There would not have been an Elk Hills Naval Reserve oil lease nor monopoly. This is of more than ordinary interest in view of the fact
would the Pan-American Petroleum & Transport Co. have undertaken tank that it is the first on record to that country.
construction at Pearl Harbor had not Rear Admiral J. K.Robison convinced
The distribution of more than $6,000,000 to members of
Doheny great war in the Pacific threatened United States in 1921; (2)
naval lease policy of the Harding administration originated, not with Sec- the Burley Tobacco Growers' Association on the 1922 crop
retary Fall, but in the brains of high officers of the Navy; (3) the executive was noted in our issue of April 4, page 1684.
order of President Harding, giving the Department of the Interior administrative powers involving the naval oil reserves, was suggested not by
Mr. Fall, but by Secretary of the Navy Denby; (4) Admiral Robison asked
Pool Law Declared Valid by Kansas Court—
Mr. Doheny, not as an oil man, but as a citizen, to come to the aid of his Wheat
Does Not Contravene Constitution and Is Not
country, and for this reason alone Mr. Doheny pledged his support; (5)
the "Pacific crisis" in 1921 was the real reason for calling of the Washington
Combination in Restraint of Trade,
conference for the Limitation of Armament, to avoid by diplomacy, if
Court Holds.
possible, the threatened conflict in the Pacific; (6) certain important
telegrams which Mr. Doheny said mysteriously disappeared from the files
Validity of the Co-operative Marketing Law under which
of the Interior Department would, if read into the Senate investigating
Association is organized, was
committee record, have disclosed to the country that Secretary Fall had no the Kansas Wheat Growers'
part in making the contracts with the Doheny interests, but that they were upheld on June 6 by the Kansas Supreme Court, it is learned
supervised by Assistant Secretary of the Interior Finney, Secretary Denby, from the Topeka "Capital" of June 7,from which the followand Admiral Robison.
Senator Thomas J. Walsh, of Montana, Chairman of the
Senate Committee on Public Lands, which conducted the
Senate investigation into the leases, in a statement on July 3
regarding Mr. Doheny's assertions had the following to say
in part:
ing information is taken:
In its opinion, written by Justice
Rousseau Burch. the Court holds
that the Act does not contravene the Constitution of the State or the
United States, that the association is not a combination in restraint of
trade, nor organized to create a monopoly.
The Supreme Court affirmed the decision of the Edwards County District
Court in an action brought by Ed Charlet to test the constitutionality
under the
There are two features of Mr. Doheny's interview that ought to awaken of the Act. It was urged that the association is a monopoly
terms of the Anti-Trust Act, and that the Co-operative Marketing Law
more than usual public interest.
engage in anything,
discriminatory in that it allows an association to
In the first place, Mr. Doheny asserts that the subject of the Executive Is
order transferring the control of the oil reserves from the Navy to the except banking, directly or indirectly connected with agriculture.
"One flaw in the contention," Justice Burch says, "consists in the
Interior Department was discussed at least two Cabinet meetings at which
monopoly
Secretary Denby expressed his desire to have the transfer made. It is fact that the Co-operative Marketing Act does not create a
-Trust Act. . . . If the question
specifically stated in the Doheny interview that Secretary Denby inquired of the kind denounced in the Anti
properly be raised, it will doubtless be held that only those activities
of the Attorney-General whether the duties could legally be devolved upon should
the Secretary of the Interior, to which inquiry Attorney-General Daugherty which are germane to the purposes of the Act are permissible, and that
banking is not such an activity."
replied, ''Certainly."
The source of Mr. Doheny's information on the subject is not disclosed,
but presumably it came from Secretary Denby. although it is inconsistent
with the testimony given by that gentleman before the Public Lands
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Committee.
The New York Stock Exchange membership of Herbert H.
According to my recollection, Secretary Hughes and Secretary Hoover,
.at least, were asked if the subject was ever considered at a Cabinet meeting. Knox was reported posted for transfer this week, the conBoth replied it was not or, at least, that neither of them had any recollec- sideration being
stated as $120,000. Two other membertion of such an event.
It will be interesting now to learn what they have to say about the matter ships were reported transferred, that of John M. Cates to
In view of the Doheny statement.
Frederic W. Kreiner and that of Edwin W. Orvis to Warner
If Mr. Doheny is correct about the matter, the responsibility for the
D. Orvis, the consideration in the case of the last two
Executive order is shared by every member of the Cabinet.
In the second place, Mr. Doheny asserts that when the plan was under being nominal.
•consideration of constructing the Pearl Harbor tanks and of paying for them
in oil,to quote from his statement. "Mr. Fall said that if my company, or
Two New York Cotton Exchange memberships were
any other, would undertake the work contemplated (construction of the
Mike S.
tanks), leases would be made for the drilling of such additional wells as reported sold this week, each for $31,500. That of
would be required to supply the crude oil with which the navy would pay Hart to Thomas F. Cahill for another, and that held by the
for fuel oil in storage."
estate of Henry Rentz to Norris Sellar. The last previous
This is in entire harmony with the testimony of Admiral Robison before
the committee. Doheny was given the lease which he secured on the entire sale was for $30,000.
reserve that there might be oil enough accruing to the Government to meet
The New York Coffee and Sugar Exchange membership
the obligations incurred by the construction of the tanks as they were being
constructed.
of F. G. Browne was reported sold this week to Friend
effectually disposes of the contention that the Doheny lease on
This
December 12 1922. (that is, the lease which covered practically the entire Fuerst & Co. for ad consideration stated to be $13,250.
reserve) was made because the reserve was being drained by wells outside The last previous sale was at $13,000.
.and to protect the Government from loss from drainage so set up.
158
THE CHRONICLE
[Vol. 121.
James Speyer sailed yesterday (July 10) on the Olympic Was. H. Goadby & Co. With advancing age, Mr. Goadby had
for his usual holiday trip to Europe. He expects to return relinquished active duties and of late years had been identified with the firm as special partner. At the time of his
the first week in September.
death he was a director of the Lanston Monotype Machine
At an election held under the new constitution of the Co., the Sheffield Co. of Alabama, the Sloss-Sheffield Steel
New York Stock Exchange, the Governors on July 8 re- & Iron Co.
named Edgar Boody as Assistant Treasurer. Mr. Boody
At the regular meeting this week of the directors of the
has held this position heretofore as an appointee of the
finance committee. Under the new constitution the Assist- Continental Bank of New York, Andre de Coppet was elected
a director and Walter Frederichs was appointed an Assistant
ant Treasurer is appointed by the governing committee.
Cashier.
On July 6, Francis Halpin, formerly Vice-President of
Herbert L. Pratt, President of the Standard Oil Co. of New
the Chemical National Bank of this city, died at the age York was on July 8 elected a
trustee of the New York Proof seventy-one. After entering the Chemical National Bank duce Exchange Safe Deposit
and Storage Co.
as a messenger at the age of sixteen, Mr. Halpin rose to the
position of discount clerk in 1890, Assistant Cashier in 1892,
The statement of condition of the New York Trust Co. as
Cashier in 1898 and became Vice-President a few years of June 30 shows total resources of $314,905,000, as against
later. After fifty-two years of service with the bank he $201,916,000 on June 30 a year ago, an increase of $112,857,retired on July 2 1921.
000. Deposits were $225,857,000, an increase of $23,941,000
over a year ago. Acceptances and letters of credit were $26,At a meeting this week of the directors of the American 129,000, an
increase of $10,137,000 during the year, and unExchange National Bank of New York, Byron M. Huyler divided
profits were increased by $828,000 to $9,145,000.
and Harold D. Pennington were appointed Assistant Cashiers and Edwin L. Moran Assistant Trust Officer. As stated
The increasing use of the services of corporations as
in our issue of last week, on page 38, the stockholders of the executor and trustee and in other fiduciary capacities has
American Exchange National Bank and the Pacific National prompted the preparation of a booklet by the Farmers' Loan
Bank ratified on July 2 the plans to consolidate under the & Trust Co. of this city, showing briefly but in detail how the
name of the American Exchange-Pacific National Bank, with company acts in carrying \ out its duties in a fiduciary caa capital of $7,500,000 and a surplus of $8,500,000. The pacity. The booklet is issued under the title ,"The Farmers'
merger will become effective Aug. 1 and stockholders will Loan & Trust Co. Plan for the Care of Estates and Trust
have the right to subscribe on or before July 28 at $200 per Funds." A paragraph therein says:
share of $100 par, to the extent of 30% of their holdings.
The Farmers' Loan & Trust Co. has never had a bond department, due to
The bank will have total assets of about $235,000,000. The the company's policy and firm conviction that as executor and trustee it
should not
placed in the
consolidation plans'were further referred to in our issues of same time. beThe company's position of a buyer and seller of securities at the
security department is organized for the imparMay 16, page 2505, May 23, page 2646 and June 13, page 3025. tial study of securities and not for the sale of bonds to its customers or the
public.
Officers of the consolidated institution are:
The feature of the booklet is its presentation of two charts,
President, Lewis L. Clarke; Vice-Presidents, Walter H. Bennett, Theodore
H. Banks, 0. H. Cheney, George C. Haigh, Louis S. Tiemann, Mercer P. made to render easily understandable the nature and extent
Moseley, William P. Malburn, Thomas L. Robinson, Howard Marshall and of the care of an estate by the company both as
executor and
John S. Hamilton; Assistant Vice-Presidents, Arthur P. Lee, Charles E.
Meek, Joseph D. Higgins and F. E. Goldman; Cashier, Walter B. Tallman; as trustee. The matter is presented in such a way as to furAssistant Cashiers, A. G. Armstrong, Arthur D. Bright, VillIazn G. Clinkun- nish a convincing demonstration going to show the imporbroomer, Luke D. Doyle Byron H. Huyler, A. G. Irvine, F. L. Kerr, J. W. tance of having an executor or trustee
who not only knows
Konvalinka, Frederic V. Langdon, J. C. Lawrence, John J. Martin Jr.,
Hugh S. McClure, John P. G. Moran, Harold D. Pennington, George A. Pol. what to do, but who is at all times in a position to carry out
sey, Henry P. Seibert, B. D. Swain, Harry Van Brunt and Knight Woolley; the duties assumed.
Assistant Trust Officers, George IV. Giddings, J. S. Roberts and Edwin L.
Moran; Auditor, C. V. A. Walsh; Assistant Auditors, Jesse T. Godfrey and
L. A. Mignot.
On Saturday and Sunday last the safe removal of over 225
millions of dollars in securities and two millions in cash was
accomplished when the Bank of America of New York took
possession of its new offices and banking room in the first
section of the 23
-story building at Pine and William streets.
Although the greater part of the transfer of assets was done
through the novel use of an opening cut in the wall separating the old building from the new, nevertheless a squad of
policemen guarded the premises. With the opening of the
first section of the Bank of America building this week the
bank occupies its fourth home on the same historic site,
where it has been located for 113 years. The Bank of
America succeeded the first Bank of the United States in
1812. Many interesting financial events have been chronicled in the intervening years, and the modern bank building
now occupied is a far cry from the original small dwelling
first rented by the bank, lighted by candles, and in which
all the work was done with quill pens. The demolition of
the old building at Wall and William streets is proceeding
rapidly. It was erected in 1889.
J. L. Cleveland Jr., formerly Assistant Secretary of the
Guaranty Trust Co. of New York, has been appointed an
Assistant Vice-President of the company.
The condensed statement of condition of the Guaranty
Trust Co. of New York as of June 30 1925 shows total resources of $716,681,182, as compared with a total of $628,091,397 at the time of the last published statement, March 25
1925 and of $650,427,127 as of June 30 1924. The company's
deposits total $577,221,465, as compared with $531,495,382 a
year ago. Surplus and undivided profits of $20,369,141
show a gain of $809,679 since the issuance of the last statement, and of $1,605,648 since June 30 1924.
The Trust Co. of New Jers-ey, located at Journal Square,
Jersey City, N. J., and maintaining four branches in Hudson
• County, reports a gain in six months of over $6,500,000.
Deposits have increased over the same period from $49,717,140 to $56,347,000. Total resources have increased from
$54,742,086 to $61,502,210.
On recommendation of the P- resident of the National Bank
of America of Paterson, N. J., William E. Walter, a dividend
of 4% was declared by the board of directors at the last
monthly meeting, held June 9, on stock outstanding as of
June 9, payable quarterly beginning July 1. The bank is
just two years old, has purchased its own home and is now
remodeling the new building to meet its requirements. A
display appropriate to the celebration of Independence Day
was the exhibition of old letters and documents in the window of the National Bank of America. These interesting
souvenirs of Colonial days were loaned by Albert H. Hensser, historian of the Captain Abraham Godwin Chapter, Sons
of the American Revolution. Among the rare papers shown
there were two bank notes, one signed by Daniel Webster in
1834 and the other by President James Madison in 1814.
Silas Shoemaker, Vice-Pre- sident of the Atlantic Safe
Deposit & Trust Co. of Atlantic City, N. J., died at the
age of fifty-seven on June 30. Mr Shoemaker had been in
the banking business in Atlantic City for 35 years.
The Atco National Bank of A- tco, N. J., opened for business
on June 27 at West Front Street and Atco Avenue. The
bank, which has been organized by business men in the section, has elected John H. Schleinkofer, President, and Richard C. Ewan, Cashier. The following are Vice-Presidents:
Bartram A. Hand, Henry K. Winter and Caleb B. Githens.
The bank starts with a capital of $25,000 and surplus of
$5,000. On the opening day its deposits amounted to $40,000 and in a week's time it reported deposits of $65,000.
William H. Goadby, founder of the New York Stock ExEffective July 1, the Buffalo Trust Co. of Buffalo, N. Y.,
change firm of Wm. H. Goadby & Co. and the third oldest
member of the Exchange, died on July 4 at the age of 75. increased its capital from $2,000,000 to $2,500,000. On May
Mr. Goadby became a member of the Stock Exchange in 12, the 44th aniversary of the incorporation of the trust com1870, at the age of 21, and in 1876 he formed the firm of pany, the directors unanimously adopted a resolution recom-
ITIlLY
11 1925.]
THE CHRONICLE
mending the increase. This action was ratified by the stockholders at a special meeting on May 27. The increase in
capital was effected through the issuance of 5,000 shares of
new stock offered to existing stockholders at $250 a share,
each stockholder having the right to subscribe to one share
of the new stock for every four shares which he now holds.
Subscription warrants representing the right to purchase
new stock at $250 a share were issued June 15 to stockholders of record as of the close of business that day. Through
the sale of the additional stock the company has a combined
capital and surplus of $5,000,000.
John W.DeKay, who for 12 years has been avoiding prosecution by the United States for alleged aiding and abetting in
the misapplication of $200,000 of the funds of the defunct
Atlantic National Bank of Providence, arrived in this city
from London on June 21 in the custody of an agent of the
Department of Justice and was taken at once to Provide
nce.
On Monday, June 22, he was arraigned before Federal Judge
Arthur A. Brown in Providence; pleaded "not guilty,"
and
was released in $25,000 bail for trial in the fall. In our issue
of Apvil 26 1024, page 2025, reference was made to the arrest
in London of DeKay on April 10 of that year upon his arrival
at Southampton from Hamburg, Germany. Since that time
he has been fighting extradition, It is understood. In commenting on the bringing back of the fugitive, the
Providence
"Journal" of June 22 said in part:
On April 15 1913 the Atlantic National Bank, then
in the Banigan Build.
ing, which is now the Grosvenor Buildinz, closed
its doors. It was discovered that $200,000 of the institution's funds had been misapprop
riated.
The Government investigated. On Oct. 9 1913 Henry
E. and John W.
DeKay, brothers, and others, were indicted for
aiding and abetting.
From that date until the present, John W.
DeKay has been frequently in
the newspapers, always dodging the United States Governme
nt, sometimes in
trouble with European Governments, figuring
at tirnes as a pacifist, at
others as an arms runner.
DeKay's brother, Henry, indicted with him, was
arrested in Yonkers,
N. Y., Oct. 14 1913. lie was convicted after a trial
that lasted four months.
He fought stubbornly to retain his freedom, carrying
the case to the Circuit
Court of Appeals and spending more than $35,000.
He failed, and on May 1
1923 began a five-year sentence at Howard. After
serving 20 months he
was paroled Jill. 2 last.
Randolph S. Meek, President of the Reading
Clearing
House Association of Reading, Pa., announces the
resignation of Carl M. Sisk as National Bank Examiner. Mr.
Sisk,
in point of service, is the oldest National Bank
Examiner in
the Third Federal Reserve Distriet. His ability
as an examiner and accountant was so highly regarded by
many of
the leading bankers in the district in which he
was employed
that he was urged to enter the auditing and examini
ng field
in the interest of directors and officers of
banks. With a
corps of trained men he will specialize in
bank audits and
the examination of defunct or embarrassed
creditors of
banks. The new firm will be known as
the Carl M. Sisk Co.,
with offices in Reading, Pa.
The Union Trust Co. of Cleveland opened its new
office at
Euclid Avenue and Taylor Road on Wednesday,
July 1—its
eleventh office in Greater Cleveland. Open house
was held
at the new office all day on July 1. There were souveni
rs
for the grownups and toy balloons for the children
.
During the week of June 22 one of the largest
assemblages
of bank stockholders ever held in the city of
Cleveland was
entertained at dinner in the new building of the
United
Banking & Trust Co. The purpose of
the banquet
was a preliminary showing of the beautiful
new banking
quarters. At this time tributes were paid to
the bank by
the speakers. William R. Hopkins, City Manage
r of Cleveland, congratulated the institution upon its
enterprise in
presenting to the city such a splendid
structure. William
Ganson Rose, President of William Ganson
Rose, Inc., publicity counsel to the bank, presented the possibil
ities of the
future to the bank and to its section of the
city through the
slogan which the bank has adopted, "United with
Progress."
Reference to the new building was made in
these columns
last week, page 38.
Ethan B. Stanley, Vice-President and Secretary of
the
American Laundry Machinery C3., has been elected a
director of the Fifth-Third National Bank of Cincinnati, to
fill
the vacancy caused by the death of A. L. Whitaker, President of the Whitaker Paper Co.
According to F. E. Gunter, President of the Liberty
Central Trust Co. of St. Louis, the board of directors have
elected J. N. Sommer, Vice-President of the institution. Mr.
Sommer entered the employ of the bank on Aug. 14 1890
as
159
a messenger boy. Since that time he has served in various
capacities, being appointed Assistant Cashier in 1921. R.
P.
Titus has resigned as Vice-President of the Liberty Central
Trust Co. to take the position of Vice-President and Directo
r
of the Magnus Chemical Co. of New York. Mr. Titus is
returning to New York, where he received his educati
on, and
Joining a company headed by his former classmate, William
Campbell, President of the company. Mr. Titus had
been
with the Liberty Central Trust Co. eleven years and
is to
handle the finances of the Chemical Co. The election of
Mr.
Gunter as President of the Liberty Central Trust Co.
was
noted in our issue of June 20, page 3151.
An Associated Press dispatch from Topeka on
July 6,
which appeared in the New York "Times" of the
following
day, stated that a shortage of $55,000 in the Scranton
(Kan.)
State Bank, whose Cashier, C. F. Bolton, committed
suicide
last week, was reported on that day to Roy Bone, State
Bank
Commissioner, by N. R. Oberwortman, an examine
r. The
Commissioner was reported as saying: "There
is no hope
for reorganizing the bank." The institution was a
small
one, capitalized at $10,000, with surplus of $12,000.
The Comptroller of the Currency has approved an application to organize the American National Bank of
Santa
Monica, Cal., with a capital of $100,000. The officers
are:
N. S. Gandy, President; E. S. Welch, Vice-President
and
Cashier. The officials expect to open the bank about
Sept. 1.
The par value of the stock is $100 and its selling
price was
fixed at $120.
Total resources of Barclays Bank, Ltd., of
London
amounted at the close of business on June 30 1925
to $1,668,849,860, representing an increase as compared with
$1,643,964,118 on the corresponding date of last year. The
figures
covering the bank's condition were received this
week by
cable at the New York office of the bank at 60
Wall St., the
changes reflecting the improvement in British trade
over the
last 12 months' period. Advances to customers
and other
accounts are reported as $748,015,165, an increas
e from
$711,692,455 a year ago, while the investment
account
shows a decline from $317,499,776 to $292,761,278
current,
deposits and other accounts rose from $1,478,490,528
to
$1,494,736,350.
THE CURB MARKET.
While the general trend of prices in the Curb Market
this
Week was upward, profit-taking at times served to impart
an irregular appearance to movements. Public
utilities
attracted attention. Adirondack Power & Light corn.
rose
from 84 to 87. Amer. Power & Light com, sold up
from
5984 to 643/2 and reacted finally to 613 . Amer. Super%
power Class A advanced from 353 to 3934, declined
4
to
and closed to-day at 383/2. The Class B stock gained 383/2
four
points to 403 and finished to-day at 40. Associa
4
ted Gas
& Elec. Class A was conspicuous for an advance
5
from 34%
to 423 . It sold at the close to-day at
4
4034 ex-dividend.
General Gas & Elec. corn. was another feature, jumpin
g from
176 to 2083/2 with the final figure to-day 207.
The convertible pref. rose from 173 to 209. Southeastern
Power & Light
gained 123/2 points to 112 and closed to-day
at 109. United
Light & Power Class A sold up from
1033/3 to 1143/2 and
down finally to 1123g. Trading in industri
als was light
with activity confined to a few issues.
Chapin Tacks improved from 44 to 463/2 and ends the week
at 45. Fox Film
gained about 5 points to 573/2 and sold finally
at 56. H. H.
Franklin Mfg. advanced from 34 to 42 and
ends the week at
4134. Pathe Exchange "A" stock moved up
8
from 84% to
9334 and reacted to 853/2 finally. Oil
shares were quiet
and with small price changes. Humble
Oil & Ref. rose from
6634 to 693 and reacted finally to 673/2.
%
Prairie Oil & Gas
improved from 583/2 to 613/2, reacting finally
to 59. In
mining shares Engineers Gold Mining
made a sensational
advance from 5534 to 100, with a final reactio
n to 85.
A complete record of Curb Market prices
for the week will
be found on page 187.
DAILY TRANSACTIONS AT THE NEW
YORK CURB MARKET
STOCKS (No. Shares).
Week Ended July 10
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Ind.:Lad U.
BONDS (Par Value).
04.
AI Mtn° Domestic. For'n
.
251,088
294,340
263,350
263,625
198,440
81,990
72,480
82,170
79,320
70,590
HOLIDA
40,820 8786,000
51,680
739,000
74,600
771,000
204,700 1,014,000
102,100
860,000
832,000
64.000
28,000
50.000
16,000
1,270,843
386,550
473,900 84,170,000
$190.000
[Vora 121.
TILE OHRONICLE
160
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The New York market has displayed more or less irregularity the present week. Trading has been generally brisk
and a substantial number of new high levels have been recorded by many of the more active speculative stocks. Motor
shares, railroad issues and specialties were the strong features as the market again took up its activity after the twoday holiday, and nearly 20 new highs were recorded during
the day. Mack Trucks spurted forward to a new top at 188,
though it receded to 185% in the closing hour, and PierceArrow pref. and prior pref. both registered substantial gains.
Railroad shares were in good demand at improving prices.
Motor shares reached their top prices in the final hour, Gen
eral Motors closing at 86 and Studebaker again crossing 50.
Hudson, Moon and Hupp were also in brisk demand at improving prices. In the late afternoon railroad shares were
particularly prominent, New York Central going through
118, followed by Wheeling & Lake Erie, Wabash and St.
Louis-San Francisco, all of which hung up new high records
for, the year. Industrial stocks were in good demand, Baldwin Locomotive crossing 117 with a 2 point advance over
its low of last week. Copper stocks also participated in the
improvement, Utah Copper going forward nearly 3 points.
The market was uneven on Wednesday, though the general
trend was upward and over 30 stocks registered new high
records as the session drew to a close. Copper shares continued their upward climb, Utah Copper again reaching a
new high level, followed by Kennecott, Anaconda and Inspiration, with from 1 to 3 points advance. New high records
were also recorded by General Motors, Continental Can and
Woolworth. Steel shares advanced moderately, U. S. Steel
corn. going forward a point or more and Colorado Fuel &
Iron and Sloss-Sheffield doing equally well. Price movements were again irregular on Thursday, though 30 or more
Issues recorded new high levels in the first hour. Motor
shares continued prominently in the foreground, the principal interest centring around the Dodge Brothers issues,
which were especially active and strong, due to favorable
reports regarding the net earnings to June 30. Copper
stocks maintained their advance with Inspiration and Ana-
conda up a point or more. The downward reaction that
developed after midday carried numerous active stocks below
the morning levels. Dodge Brothers was the outstanding
feature of the opening hour on Friday, the "A" stock reaching new high ground at 29%. As the day advanced the
market sagged and many of the stocks that had displayed
conspicuous strength during the earlier part of the week
closed below their high levels. Rock Island was the feature
of the railroad stocks and advanced to 46%. Industrial
shares improved under the late spurt and General Electric
moved brisky forward 3 points to 288%.
TRANSACTIONS AT THE NEW YORK STOCK =CHANGE.
DAILY. WEEKLY AND YEARLY.
Railroad.
dbc.
Bonds.
1,102,391
1,364,051
1,496,550
1,377,336
1,275,300
HOLT- DAY
51,994,000
55,971,000
8,366,000
2,460,500
8,873,000
7,089,000
2,276,000
6,786,000
7,373,000
1,787,000
8551,850
802,150
1,558,500
1,816,550
729,000
817.390.500
25.458.050
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
6,615,628
Total
State.
Municipal db
Foreign Bonds.
835.585.000
Week Ended July 10
Sales at
New York Stock
Exchange.
Jan. 1 to July 10
1925.
-No. shares___
Stocks
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
United
States
Bonds.
Stouts.
Number or
Shares.
Week Ended July 10
1924.
6,615,628
4,368,875
215,846,025
121,343.467
$5,458,050 $13,408,000
17,390,500 10,112,000
35.585,000 43,898,000
$211,045,610
388,718,400
1,950,055,575
8542,703,000
217,219,000
1,135,148,000
1924.
1925.
558,433,550 867,418,000 $2,549,819,585 51,895,070,000
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
Boston,
Week Ending
July 10 1925
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey, week revised
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales Shares. Bond Sales
.
16,909
28,383
27,264
31,536
18,804
511,000
36,500
14,000
23,000
33,000
HOLI DAY
5,427
$26,100
11,581
51,400
14,829
27,200
14,000
48,500
8,591
28,000
3,899
2,983
4,852
4,116
4,465
$15,000
32,000
46,000
46,100
25,000
122.896
$117,500
54,428
5181,200
20,315
$164,100
99.307
5188.400
69.766
8136.200
201153
5180600
•In addition, sa es of rights were: Saturday, 802. Monday, 1,082, Tuesday, 900.
Wednesday, 1.600. Thursday, 170.
Coarse of Bank Clearings .
BaniCclearings for the-Present week for the country as a
whole will show a satisfactory increase as compared with a
year ago. This is the nineteenth consecutive week that our
weekly totals have shown gains over the corresponding period
last year. 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, July 11),
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will run 19.4%
larger than for the corresponding week last year. The total
stands at $10,051,543,248, against $8,415,514,753 for the
same week in 1924. At this centre the increase is 23.0%.
Our comparative summary for the week is as follows:
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
WO
k,
. 'Thirteen cities, 5 days
Other cities, 5 days
$4.640,000,000
637,978,221
486,000,000
367,000,000
128,038,030
127,100,000
161,782,000
138,582.000
148,700,252
141,552,403
106,723,591
110,802,614
47,760,000
$3,771,248,782
811,845,778
412,000,000
305.000,000
122,000,000
117,500,000
144.100,000
113,015,000
121,433,852
114,694.337
82,296,249
95,488,660
37,888,687
+23.0
+24.6
+18.0
+20.3
+5.0
+8.2
+12.3
+22.6
+22.4
+23.4
+29.6
+16.0
+26.1
57,242,019,111
1,134,266,929
$5,948,511,345
1,064,417,616
+21.7
+6.6
Total all cities, 5 days
All cities, 1 day
$8,376,286,040
1,675,257,208
57,012,928.961
1,402,585,792
+19.4
+19.4
tin nicl KA, OAC
...tic Mid 702
-1.10 A
clearings
-Returns by Telegraph.
Week Ended July 11.
Tat., all al.laa fr.. tortalr
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 July 4. For
that week there is an increase of 10.8%, the 1925 aggregate
of the clearings being $9,537,727,466 and the 1924 aggregate
38,606,736,669. Outside of New York City, however, the
increase is only 8.0%, the bank exchanges at this centre recording a gain of 12.9%. 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 gain of 1.2%, in the New York Reserve District
(including this city) of 12.9%, and in the Philadelphia Reserve District of 7.1%. In the Cleveland Reserve District
the totals are better by 6.8%,in the Richmond Reserve District by 24.5% and in the Atlanta Reserve District by 31.4%.
The Chicago Reserve District has a gain of 6.5%. the St.
Louis Reserve District of 2.8% and the Minneapolis Reserve
District of 3.0%. In the Kansas City Reserve District
there is an increase of 7.1% and in the San Francisco Reserve
District of 11.1%. The Dallas Reserve District suffers a
loss of 12.9%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended July 4 1925.
1925.
1924.
$
$
Federal Reserve Districts.
11 cities 442,960,213 437,839,526
let) Boston
11 " 5,752,188,571 5,094,056,489
Ind) New York
549,573,085 513,292,055
10 "
Brd) Plilladelpti1a
360,245,528 337,420,480
8 "
6th) Cleveland
207,996,669 167,103,334
6 "
55h) Richmond
197,938,638 150,618,232
13 "
8th) Atlanta
987,363,499 927,417,681
20 "
rth) Chicago
8 194,113,563 188,835,225
St. Louis
8th)
pth) minneapow_
7 "
112,610,735 109,383,709
225,550,977 210,636,734
10M)Kansas CIty__12 "
8 "
54,961,504 63,078,046
11th) Dallas
452,224,484 407,025,158
17 "
12510 San Franelseo
Ine.or
Dec.
1923.
1922.
%
S
$
+1.2 448,205,667 330,468,178
+12.9 4,719,867,535 4,172,060,601
+7.1 520,210,289 412,065,440
+6.8 360,738,658 290,150,253
+28.5 180,030,956 136,935,448
+31.4 147,811,488 128,205,641
+6.5 868,949,639 694,270,543
+2.8 62,565,283 60 664,248
+3.0 113,531,671 107,761,330
+7.1 221,997,750 208,763,648
-12.9 44,972,733 47,677,711
+11.1 427,175,003 341,054,838
127 cities 9,537,727,466 8,606,736,669 +10.8 8,116,056,712 6,920,077,879
Grand total
3,925,672,724 3,635,174,916 +8.0 3,524,177,333 2,849,379,347
IntaldeNew York City
mad*
29 cities 273.849.515
341.382.547
-19.8 921.757.811 318.993.597
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of June. For that
month there is an increase of 19.7%, the 1925 aggregate
of the clearings being $43,150,263,754 and the 1924 aggregate $36,059,911,877. As in March, April and May, when
new high totals were recorded for the respective months, the
June total of $43,150,263,754 also establishes a new high
record for that month. Outside of New York City the increase is 18.8%, the bank exchanges at this centre showing a
JULY 11 1925.]
THE CHRONICLE
161
gain of 20.3%. In the Boston Reserve District there is an
The course of bank clearings at leading cities of the country
improvement of 15.0%, in the New York Reserve District for the month of June
and since Jan. 1 in each of the last
(including this city) of 20.3%, and in the Philadelphia Re- four years is shown
in the subjoined statement:
serve District of 20.0%. In the Cleveland Reserve District
BANK CLEARINGS AT LEADING CITIES.
the totals are better by 17.8%, in the Richmond Reserve
June
Jan. 110 June 30-District by 19.6% and in the Atlanta Reserve District by
(000,000$
1925. 1924. 1923. 1922. 1925.
1924. 1923. 1922.
omitted).
$
$
$
$
27.4%. The Chicago Reserve District has again of 20.2%, New York
$
$
$
$
24,019 19,959 18,675 20,111 141,842 119,465 112,228 109,441
the St. Louis Reserve District of 14.4% and the Minneapolis Chicago
3,165 2,617 2,655 2,481 17,743 15,543 16,070 13,578
1,804 1.570 1,725 1,459 10,909 10.339 10,013
Reserve District of 24.5%. In the Kansas City Reserve Boston
7.812
Philadelphia
2,576 2,143 2,201 1,954 14.284 12,520 12,536 10,595
District there is an increase of 19.1%, in the Dallas Reserve St. Louis
654
682
602
567 3,734
3,562
3,697
4,470
748
650
District of 18.9% and in the San Francisco Reserve District Pittsburgh
737
552
4,363
4,029
4,156
3,099
San Francisco
757
658
670
593 4,468
4,089
3,978
3,440
of 16.4%.
Cincinnati
320
259
295
June
1925.
Federal Reserve Dists.
1st Boston_ ___13 cities
2nd New York_14 "
grd Phliadelphial4 "
Atli Cleveland 15 "
ilth Richmond 10 "
flth Atlanta ___17 "
7th Chicago ___29 "
ilth St. Louls__10 "
Dth Minneapolls13 "
10th KansaaCity15 "
11th Dallas ____12 "
1265 Ban Fran--27 "
June
1924.
Inc.or
Dec.
$
$
%
2,056,671,081 1,788,969,314 +15.0
24,666,980,349 20,510,071,564 +20.3
2,805,686,117 2,338,964,168 +20.0
1,780,886,675 1,511,240,581 +17.8
940,012,676
785,816,681 +19.6
913,133,768
716,743,492 +27.4
4,524,051,982 3,764,998,540 +20.2
980,873,716
857,719,768 +14.4
591,472,100
475,237,182 +24.5
1,199,320,455 1,006,710,421 +19.1
460,376,507
387,269,326 +18.9
2,230,798,328 1,916,170,840 +16.4
June
1923.
June
1922.
S
$
1,946,570,956 1,657,716,695
19,098,287,485 20,395,109,326
2,407,122,658 2,121,649,839
1,727,803,427 1,381,679,525
817,107,596
684,906,583
624,034,944
753,828,388
3,871,462,756 3,465,938,661
905,150,060
818,303,558
491,525,455
555,382,107
1,131,786,311 1,101,325,165
355,068,327
324,710,076
1,963,910,472 1,617,202,097
Total
189 cities 43,150,263,754 36,059,911,877 +19.7 35,533,480,543 34,684,101,924
Outside N. Y. City
19,131,420,039 16,101,362,823 +18.8 16,868,002,893 14,573,205,174
Canada
1.237691 901 1 057501 101 --1 A 1 166 mo A19 1_192.480.401
We append another table showing the clearings by Federal Reserve districts for the six months back to 1922:
Six months.
1925.
Federal Reserve Diets.
lit Boston- ---13 cities 12,361,952,968
Sad New York,14 " 145,397,059,417
3rd PlilladelphIal4 " 15,584,117,302
dth Cleveland 15 " 10,176,525,745
165 Richmond 10
5,208,115,877
Oth Atlanta __-17
5,692,660,798
7th Chicago_ _ _29
25,421,776,930
8th Bt. Louis...10
5,755,121,270
••
Oth M1nneapoUs13
3,422,766,027
1065 KaneasCity15
6,965,399,823
1165 Dallas
3,047,521,167
1265 Ban Fran-_27
12,874,092,703
Inc.or
Dec.
1924.
11,672,864,376
22,824,823,851
13,742,974,139
9,4114,899,456
4,858,263,707
5,057,327,894
22,694,925,780
5,386,934,067
2,850,146,662
6,265,794,002
2,586,701,373
12,151,252,823
+5.9
+18.3
+13.4
+7.5
+7.2
+12.6
+12.0
+6.8
+20.1
+11.2
+17.8
+5.9
1923.
1922.
11,320,127,978 8,933,114,010
14,586,099,814 111,032,942,789
13,722,450,064 11,532,447,746
9,883,393,373 7,655,558,624
4,725,331,254 3,748,985,159
4,908,846,799 3,745,761,283
72,851,428,183 18,720,669,439
5,595,511,332 5,957,762,370
3,158,822,142 2,672,674,025
6,841,111,557 6,239,127,218
2,337,776,178 2,009,951,559
11,405,634,807 9,216,252,832
Total
189 cities 251,907,110,027 219,556,498,130 +14.7 211,336,533,481 191,465,247,054
Outride N. Y. City
110,065,183,300 100,091,017,738 +10.0 99,108,609,700 82,024,403,326
Canada
7,462,340,870
7,785,907,442 -4.2 7,764,492,413
7,980,491,061
The following compilation covers the clearings by months
since Jan. 1 in 1925 and 1924:
Clearings, Total All.
t
1925.
1924.
1925.
1,663
2,495
3,037
2,691
1.441
1.642
795
3,658
949
3,713
306
954
1.131
806
492
763
1,328
496
1,034
328
377
39,429 32,946 32.449 32,139 229,977 199,646 182,848
3,721 3.114 3,084 2,545 21.930 19,910 28,509
Total all
43,150 36,060 35,533 34,684 251.907 219.556 211,337
Outside New York_19,131 16,101 16,858 14,573 110,065 100,091
99.109
176,844
14,621
526
575
528
223
360
155
737
176
675
59
188
234
137
64
137
215
78
185
63
71
401
490
432
192
279
128
596
153
560
47
156
180
123
80
124
211
65
173
52
66
435
578
500
201
310
139
604
162
594
52
184
199
155
92
130
201
76
164
49
64
Total
Other cities
191,465
82,024
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
June and the six months of 1925 and 1924 are given below:
Description.
Month of June.
1925.
Six Months.
1924.
1925.
1924.
Stock, number of shares_
30,750,768 17,003,140
204,902,127
114,518,794
Railroad & mIscell. bonds $177,123,600 $229,405,000 $1,334.812,875
51,076.443,000
U.S.Government bonds_
33,394,350 105,039,000
235,337,850
515,098,000
State,foreign; &c., bonds 72,129,100 49,967,000
328,593,260
201,498,000
Total bonds
$282,647,050 $384,411,000 $1,898,743,985 $1,793,039,000
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.
1922.
No. Shares. No. Shares. No. Sharu. No. Shares.
Clearings Outside New York.
%
1,818
2,743
3,345
2,887
1,485
2,154
883
3,981
1,020
3,878
349
1,088
1,301
785
424
815
1,331
543
1,039
363
402
1,438
1,832
3,267
2,134
1,106
1,514
647
2,477
753
2,435
274
950
942
739
406
685
1,040
432
801
239
298
MONTHLY CLEARINGS.
If
254
336
564
401
187
272
113
524
130
434
50
172
168
137
64
126
188
67
141
42
52
1.777
2,420
3,494
2,798
1,360
1,791
814
3,305
933
3,353
317
1,122
1,156
882
520
721
1,267
553
946
286
368
Baltimore
Kansas City
Cleveland
New Orleans
Minneapolis
Louisville
Detroit
Milwaukee
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City_ ___
1924.
%
JanFeb:I
Marc h.4194637928833656140245 +14.418597;36853917005913083
: , ,
: , :
;
:,M,
_- 7.:M.12EC +20.019.434.762,882II. .MN
1 1
gLIE
I.
a1
+9.4
156(31 i_ 125543815,316 108807911,271 +15.454,417,051,32850,348,445,79
1
+8.1
Month of January
February
March
Total first quarter
AMU ... 41,406,313,79337,218,375,765 +11.3 18,557,429,18816,892,514.650 +9.9
May - 41.806,717,16437,470,299,217 +11.6 17,959,282,744 18,748,684,474,
+7.2
June .
43,150.263,75436,059,911,877 +19.719.131.420,03916,101,362,823 +18.8
2d 0. 1_ 126363294,711 110748586,859 +14.155,648.131.97149.742,571,946 +11.9
6 m 3- 251907110,027 219556498.130 +14.7 110065183,299 100091017,737 +10.0
Month of April
May
June
Total first quarter
41,570,543
32.794.456
38,294.393
26,857,356
20,721,562
18,315,911
19,914,827
22.979,487
25,964,666
16,472,377
16,175.095
22,820,173
112.659,392
65.894.859
68.858.982
55,467,646
24,844,207
36,647,760
30,750,768
18,116.828
13,513,967
17,003,140
20,091,986
23.155,730
19,754,197
30.634,353
28.921,124
24,080,787
102,242,677
48,633,935
63,001.913
83,636.264
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ending July 4th for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING
JULY 4.
Month of June.
Since January 1.
Clearings at
Inc. or
Dec.
Week Ending July 4.
100.0?
Dec.
Inc. or
1925.
1924.
1925.
1924.
Dec.
1923.
1922.
$
$
%
$
$
%
$
$
First Federal Rose rye District- Boston
%
5
$
Maine-Bangor
3,232,953 - 3,377,528 -4.3
18.637,865
20,064,906 -7.1
711,455
889,447 -20.0
Portland
821,863
866.601
15.083,883
12.021.892 +25.5
82,119,017
73,958,455 +11.0
3,318,481
3,783,353 -12.3
Ma99.-Boston
3,720,268
3,847,911
1,803,765,501 1,570,000,000 +14.9 10,909,227,855 10,339,000,000 +5.5 384.000,000
382,000.000 +0.5 395,000,000 284,000,000
Fall River
9,141,135
7,852,135 +16.4
69,283,413
53,778,509 +10.2
1,909,479
1,847,646 +3.3
Holyoke
2,248,408
2,050,235
4,338,563
3,706,718 +17.0
25,054,225
23,262,455 +7.7
a
a
Lowell
a
a
a
5.194,426
5,568,540
+7.2
29.106,214
30.062,837 -3.2
1,084.428
1,273,307 -14.8
Lynn
1,387,866
1,027,924
a
a
a
a
a
a
a
a
New Bedford
a
a
a
6,213,250
4,924,070 +26.2
38,594,485
34,432,448 +2.1
1,195,394
983,724 +21.5
Springfield
26,432,715
1,415,843
1,317,897
23,289,445 +13.5
150,677.542
137,255,403 +9.8
6,783,733
5,672,013 +19.6
Wortester
5,955,184
5,035,420
15,962,058
5,921,000 +0.3
93,800,342
91,783,375 +2.2
4,275,370
4,259,000 +0.4
-Hartford
Conn.
4,172,000
3,754,555
62,501,836
32,223,082 +19.7
362,528,995
328,125,182 +10.5
16,296,512
14,656,875 +11.2
New Haven
12,958,380
32,346,647
10,500,248
34,155,018 -5.3
181,785,815
180,661,606
+0.6
7,810,461
8,493,461 -8.0
Waterbury
8,139,855
7,067,387
13,459,700
9,613,000 +39.9
62,188,500
54,469,000 +14.2
-Providence._ _
R. 1.
58,624,200
46,691,000 +25.6
348,948,700
306,010,200 +14.0
15,574,900
-Manchester
13,980,700 +11.4
N. H.
12,386.000
3,152,233 Not Included in total
11,000.000
19,922,695 Not included in total
b
b
b
b
b
Total(13 cities)
2,056,671,081 1,788,969,314 +15.0 12,361,952,968 11,672,864,376
+5.9 442,960.213 437,839,526 +1.2 448,205,667 330,468,178
Second Federal Re serve District -New York-Albany
26,561,254
N. Y.
24,162,207 +9.9
171,099,385
145,524,600 +17.6
6,827,954
7,219,179 -5.4
Binghamton
6,271,644
5,009,900
6,526.056
4,243,000 +18.1
29.388.300
26.053,100 +12.8
1.513,862
1,341,700 +12.8
Buffalo
1,353.238
233,501,967
1,535,097
179,772,093 +29.9 1,300,724,374 1,131,436,866 +15.0 d56,403,609
47.023.898 +19.9
36,399,274
4,536,072
42,990,155
Elmira
3,558.748 +27.5
24,392,008
20,951,893 +16.4
1,323,690
975,316 +35.7
Jamestown
872,064
891,715
6,622,470
5,114,356 +29.5
36,027,074
30,273.432 +19.0
c1,376,413
1,328,652
24.018,843,715 19,958,549,054 +20.3 141,841,926,727 119,465,480,392
+3.6
1,096,238
1,048,463
New York
+18.7 5,612,054.742 4,971,561.753 +12.9 4,591,879.379 4,070,698,532
4.730,900
Niagara Faits
4,054,382 +16.7
24,897,661
26,518,334 -6.1
64,349,012
Rochester
53,502,423 +20.3
329,501,635
298,690,983 +10.3
17,767,347
16.993,475 +4.6
11,849,394
5,918.096
25.580,742
Syracuse
24,574,474 +4.1
140,783.856
129,080,698 +9.1
7.898,426
6,787,422 +16.4
7,673.269
18,817,561
Conn.
5,549 34
. 0
-Stamford...13,655,433 +37.8
83,234,199
79,425,747 +4.8
c4.114,233
4,176,407 -1.5
2,730,974
3,243.593
3,329,717
-Montclair.....
3,887,548 -14.3
N. 1.
15,295,876
15,461,963 -1.1
1,402,208
695.171 +101.7
489,210
431,674
102,468,656
88,100.186 +16.3
Newark
525,539,638
482,913,306 +8.0
146,200,315
141,935,599 +3.0
Nor. New Jersey
840,785 480
944 712,636 -11.0
41.506,087
35,983,516 +15.3
47,692,153
34,788,578
6,428,068
4,962,061 +29.5
33,463,204
Oranges
28,299,901 +18.2
,
r,0,0 tl, n1 LIAM _ 24.666.980.349 20.510.071.564' +20.3 145.397.059.417 122.824.823.851 +18.3
1
5.752.1118.571 5 on4 ARA 4R9 +12 CI 4 710 RR7 515 4 172 nun AM
1925.
1924.
[Vol. 121.
TT-TE CHRONICLE
162
CLEARINGS-(Oontinued.)
192.5.
1924.
IVeek Ending July 4.
Since January 1.
Month of June.
Clearings at-
Inc. or
Dec.
1925.
1924.
_
Inc. or
Dec.
$
%
$
$
3
%
Third Federal Res erve District -Philadelph la
35,224,089 +3.6
38,577,052
8.189.075 +8.5
6,715.458
-Altoona
Pa.
+1.5
103,141,345
104,652,888
17.253.978
14,993,999 +15.1
Bethlehem
+9.2
33,208,787
38,426,339
5.457,404 +27.3
8,948,940
Cheater
110,380,457 +14.1
125,920,604
17,647,846 +25.7
22.178,031
Harrisburg
80,572,542 -5.8
75,911,121
11,745,622 +3.4
12,135,581
Lancaster
+9.6
14,686,204
18,109,889
2,508,697 +11.0
2,798,800
Lebanon
23,087,971 +15.1
26,644,079
5,920,094
3,872,285 +61.2
Norristown
2,576,000,000 2,143,000,000 +20.2 14,283,855,000 12,519,546,006 +14.1
Philadelphia
+4.3
90,774,675
94,720,301
13,998,740 +18.6
16,315,194
Reading
146,597.323 +9.7
160,759,576
27,557,070
24,468,592 +12.7
Scranton
97,949,965 +1.7
105,544,196
17,078.059 +10.3
18,840,555
Wilkes-Barre
44,094,477 +10.1
48,623,314
8.618,970 -4.1
8,256,510
York
+2.7
305,783.796
314,034,026
48,385,605 +22.6
59,289,389
-Camden
N.3.
137,966,526 +11.9
154,438,923
+20.0
21,239,261
25,478.509
Trenton
a
a
a
a
a
a
-Wilmington _
Del.
Total(14 cities)._
2.005,886317 2,338,964.188 +20.0 15,584,117.302 13,742,974,135 +13.4
Fourth Federal RE serve District -Cleveland30,877,000
28,057,000
Ohio-Akron
18,750,199
18,242,235
Canton
259,001,843
320.208.441
Cincinnati
431,768,405
528.453,891
Cleveland
51,114,900
66,383,800
Columbus
a
a
Dayton
2,987,716
3,290,741
Hamilton
a
a
.Lima
2,390,495
1,882,500
Lorain
7,288,719
9,157,661
Mansfield
a
a
Springfield
a
a
Toledo
22,127,746
17,639,794
Youngstown
3,200,125
3,259,765
-Beaver County_
Pa.
a
a
Elie
1,175,104
1,328,112
Franklin
6,388,098
6,430,041,
Greensburg
850,027,314
748,105,195
Pittsburgh
13.203,086
7,327,700
Ky.-Lexington
17,158,530
18,758,492
W. Va.-Wbeeling_
(15 cities) _ _... 1,780,886.675 1,511,240,581
Teta'
Fifth Federal Rase eve District- Richmond
7,266,499
8,557,590
W. Va.-Huntington_
a
a
Va.-Newport News_
29,1513,507
33,182.826
Norfolk
210,882,487
215,177,000
Richmond
a
a
-Asheville--.
C.
N.
12,969,964
9,756,228
Raleigh
a
a
Wilmington
10,622.055
9.644,656
3. C.-Charlestort
6,105,435
7,020,268
Columbia
401,424,529
525,967.893
-Baltimore
566.
1.603,914
1,935,945
Frederick
3.089,983
3,396,691
Hagerstown
103,703.090
124,368,759
_
-Washington.
D. C,
13,644,538
2
49,911.432
a
a
128,992,158
18,981,257
a
9,032.245
40,003,110
4,382,557,680
55,354,110
111,246.87.
190,894,006
121,741.636
1,662,517,433
2,691,188,330
355,992,000
a
20,697,187
a
9,916,110
47,280,102
a
a
114,935,868
19,258,464
a
7,098,538
38,103.405
4,028,876,732
51,518,137
105,577.514
-17.6
-1.1
+9.4
+7.2
+7.1
a
+7.0
a
+37.6
+5.6
a
a
+12.2
-1.5
a
+13.0
+10.8
+8.3
+7.4
+5.5
+17.8 10,176,525.795
9,464,489,456
-16.9
-2.7
+23.0
+22.4
+113.2
a
+10.1
a
+42.1
+25.7
a
a
+25.4
-1.8
a
-11.5
+1.0
+15.1
+18.1
+9.3
-15.1
a
+13.8
+2.1
a
+32.9
a
157,359,000
120,377,081
1,818,116,923
2,887,074,909
381,767,000
a
22,137,625
42,352,385
a
208,504,810
1.331.321,000
a
69,729,049
a
1925.
1924.
Inc. or
Dec.
1923.
3
$
%
$
1922.
$
1,404,442
4,885,597
1,594.696
1,513.029 -7.2
3.519.084 +38.8
1,621,302 -27.3
1,439.480
4.908,588
1,518,813
1.030,29
3,088.58
1,015,84
1,884,330
2,591,739
--27:5
2,978.312
__
2,356,95
7:6
479,000,000 +7
3,956,149 +4.3
7,494,429 -2.6
4,737,992 -6.2
1,732,778 +11.5
488,000,0135
4,130,538
8,856.211
3,985,785
1,798,724
515,000,006
4,126,806
7.297,722
d4,442,785
1,932,709
7,004,014
a
7,125,579
a
-1.7
a
549,573,085
513,292,055
+7.1
d5,587,000
3,712,806
64,002,471
114,030,866
13,932,800
a
a
d2,100,884
a
a
5,877,976
a
8,773,000 -38.3
3,194,076 +16.2
+6.2
80,274.676
98,446,946 +18.2
14.271,700 -2.4
a
a
a
a
1,900,276 +10.6
a
a
a
a
+4.1
5,848,817
a
a
389,000,0013
3,016,5713
4,399,98:
3,148,291
1,497,801
3,635,321
4,595,8/1
' a
a
520,210.289 412,065,44(
6,905,000
5,472,039
69,459,583
106,935,179
14,830,300
a
__
a
5.898,006
3,589,581
53,085.533
91,598,077
12,983,606
a
1,730.52E
a
a
4,517,488
__
a
1,213,702
a
a 4,081,755
a
a
151,000,741
146,911,190
+2.8
150,888,623
0
116,800.00
+7.5
380,245,528
337,420.480
+8.8
3130,738,698
290,150,253
50,780,420 -16.8
a
a
+3.4
199,775,914
+0.3
1.327.810,841
a
a
82,079.753 +12.3
1,410,854
1,919,365 -26.5
2,138,562
1.705,684
d9,182,012
44.587,000
7,684,225 +19.8
45,510,006 -2.1
8,542,483
44,851.000
7,265,574
38.431.008
a
a
d2,072,435
2,878,282 -28.0
2,519,408
2,630,067
121,388,388
86,181,590 +40.8
100,427,525
88,901,881
-9.2.
-13.0
+31.0
+20.7
+9.9
+19.9
87,920.384
51,378,076
2,742,870,918
10,923,734
19,587,181
665,528.342
63,754,023 +6.5
49,749,003 +3.3
+9.9
2,495,116,217
10,575,583 +3.3
+3.9
18,844,034
579,968,911 +14.8
d29,378,000
22,949,868 +28.0
21,552,000
18,001,258
785,816,681 +19.6
5,208,115,877
4,858,263,707
+7.2
207,996,689
167.103,334 +24.5
180,030,958
136,935,448
+18.1
+8.2
+19.4
+27.0
+18.7
+72.3
+12.1
a
+83.5
+420.2
+148.9
+11.7
+20.1
+2.9
+29.6
+14.4
-3.7
+3.1
+16.2
178,370,925
81,343,634
551.484,777
1,819,553,836
51,881,999
26,740.798
38,917,588
a
601,192,937
9380,841.073
180.853,951
875,399,702
51.934,456
43,009,122
39.288,911
34,766,047
22,028.859
10,879,97/
1,485,015,50t
183,988.947
81,509,439
498,107,298
1,368,495,829
46,565,073
21,099,265
34,500,370
•
424,507,385
9101,897,632
95,831,521
1385,778.886
48,039.605
43,822,314
39,737,833
31,558,759
23,356,253
9,738,231
1,440,915.085
+8.8
-0.2
+10.7
+18.3
+11.4
+28.7
+12.8
a
+41.13
+274.3
+88.7
-1.5
+8.1
-1.9
-1.1
+10.2
-5.7
+11.7
+3.1
d8,037.225
b
18,885,654
49.981,116
b
+9.0
5,539,381
b
b
18,404,633 +13.9
39,106,000 +27.8
b
13
5,413.487
b
15.887,087
41,737,853
h
4,880,653
13
15,280,910
34,591,281
b
1,304,1396
•
20,800,972
17.384,882
1,304,970 -0.0
•
•
11,714,758 +75.6
3,338,415 +420.5
1,883,187
a
12,042,030
1,358,922
a
8,304,291
22.221,884
1,626,391
21.408,180
1,747,590
+3.5
-8.6
18,334,172
2.058,042
18,552,411
1,632,309
1,422,674
1,704,000 -181
1,202,218
948.052
275,791
58,417,584
377,1370 -27.6
47,972,857 +21.1
382,746
49,270.908
290,719
42,368,093
718.743,491 +27.4
5,692,860,791
5.057,327.894 +12.8
197,938,834
150,818,232 +31.4
147,811,488
128,205,841
+8.1
6,740,28.
8,234,348
-7.3
24.795,29i
22,078,887 +12.3
+16.2
+8.9
3,980,724,471 3,657,816,007
+23.6
81,221.982
58,820,882 +4.4
+31.7
175,795,035 +11.4
195,843.121
+20.8
46,592,878 -3.4
44.992.707
+8.7
+3.8
65,258,526
82,857,093
+33.4
82.287,074 +13.9
70,962,673
+31.2
102.533,281 +23.3
128,437,904
+42.6
491,673,006 -13.7
424,288,000
-19.2
82,222,433 +18.2
72,310.149
+41.1
+2.8
149,487,981
153,312,254
+15.5
72,282,885 +14.7
82,877.876
+22.3
+7.9
948,814,341
+14.15 1.019,600,298
9
21,807,889
18,329,687 +17.
+14.8
83,139,889 +11.3
70,301,797
+9.4
309,587,725
277,864,480 +11.5
+18.4
286,480,819 +3.1
295.279.237
+8.3
12,834,218 -10.9
11.254,722
-14.3
13,140,460
13,408,425 -2.0
-313.6
186,955,533 +15.5
192,755,112
+19.7
38,507,025
37,801,678 -3.4
-12.4
38,824.007
31.542,148 +16.1
+34.7
38,075,8.53 +14.7
43,699,746
+21.0
+21.0 17,743,251.384 15,542,813,752 +14.2
a
a
a
a
34,148,946 +15.3
39,365.384
+8.6
132.148,133
118,658,351 +11.9
+31.5
74.520,182
67,292,897 +10.7
+24.5
66,887,220 +8.2
72,392,665
+18.4
1131.371
1,293,731
148,081,277
218,738 -25.1
+9.1
1,183,431
142.193,578 +4.1
208,933
792,316
122,998.023
198,7313
878,979
93,322,337
+8.0
6,152,415
5,342,780
2.985,982
2,958,294
2,885.780 +11.2
3,189.153 -7.3
2.655,000
2,842,501
2,522,000
3.010,481
18,633,000
4,600,000
7.471,429
21,086,000 -11.8
1,958,178 +134.9
8,304,237 +18.5
24.663,000
3.010.600
7,117,811
18,335,000
2.399,828
37.821,716
34,596,880
+9.3
38.345.430
30,842,884
2.552.595
2,829.102
-2.9
2,138,809
2,387,982
10,337,853
10,703,480
-3.4
11,320,857
11,878.324
8,311.029
1,230,302
+7.5
5,872,851
1,593,840 -22.8
8,090.539
1,738,283
5,549,909
1,447,000
1.508,778
722.557,749
a
1,428,614
4,788.403
2,970,770
2.807,826
1.14900 +11.5
874,025,790 +7.2
a
a
1,328,357 +7.4
+5.5
4,5113.980
3,016,023 -1.5
2,260.837 +15.4
1,447,943
825,827.028
a
1,177,037
4,555,717
3,556,289
2,513,353
1,181,349
505,445,125
a
1,388.655
4,012.312
2,178,770
2,178,312
+12.0
Total(20 cities)._ _ _ 4,524,051.982 3,764,998,540 +20.2 25,421,778.930 22.694.925,780
987.383.499
927.417,881
+6.5
868,049,839
694,270.543
4,979.986 +14.9
5,727,339
4,460,842
Total(10 cities) _
_
940,012,676
Sixth Federal Rase rve District- Atlanta24,074.552
28,428,226
renn.-Chattanooga _
12,271,541
13,281,131
Knoxville
78,923,299
91,860,67o
Nashville
197,741,413
251,071,226
leorgia-Atlanta.._
8.486,002
7,587.000
Augusta
2.897,452
4,992,442
Columbus
5.622,158
8,305,176
Macon
a
a
Savannah
59,898,081
.
9
10 ,587 1393
-Jacksonville
la.
g15,244,921
979,309,836
Miami
15,803.280
38,522,000
Tampa
98,209,222
107,538,813
-Birmingham.
11a.
7,244,246
8,699,345
Mobile
5,718,846
5,880,8443
Montgomery
5,229,164
6,773.804
g
diss.-Hattiesbur
4.805.006
5.498,536
Jackson
3.110,795
2,994,396
Meridian
1,314,382
1.355,756
Vicksburg
222.798.897
191,798,089
Av.-New Orleans_.
Total (17 cities,.
5.3.133.768
Seventh Federal 1 .,'serve Maria t-Chicago1,050,226
973.442
dich.-Adrian
3,887,880
4,492,570
Ann Arbor
596,354,26.
738,944,181
Detroit
8,271,000
10,893,197
2lint
29,099.927
35,169,490
Grand Rapids
8,981,076
7.588.833
Jackson
9,387,156
12,499,300
Lansing
13,030,825
9,925,895
nd.-1.ort Ve ayne_ _ _
18.169.065
23,083,000
Gary
79,513,000
64.288,000
Indianapolis
10,470,000
14,788,500
South Bend
20,476,864
23,659,219
Terre Haute
10,974,002
13,418,754
Vis.-Madison
175.888,834
153,038.882
Milwaukee
3,105,391
3,563,824,
Oshkosh
10,595,334
11,592,047
owa-Cedar Rapids.
41,839,824
49,555,493
Davenport
45,357.549
49,143.135
Des Molnar
2,051,210
1,758,425
Iowa City
2,141,975
1,358,400
Mason City
30,725,586
25,875,901
Sioux City
5.577,416
6,365.170
Waterloo
5,143,803
8,927,103
illnola---Aurora
5,934,480
7,181,272
Bloomington
1
3,164,971,940 2,316.571.283
Chicago
a
a
Danville
8,212.819
6,749.737
Decatur
17,826,210
23,446,24/
Peoria
10,384,244
12,899,124
Rockford
10.278,546
12.168.272
Springfield
LoutsEighth Federal RE serve Dist rict -St.
19.473.461
24.328.482
Id.-Evansv llle
885,405
827.205
New Albany
581.800,000
653,500.000
to -SO- Louis
a
a
Springfield
128,428,708
155.443.393
y.-LoulsvIlle
1,834,964
1.533.735
Owensboro
10,903.849
7,540,017
Paducah
85.164.100
78,408,700
„..__mempprs_ _
en .
42,115,637
50,332,817
A rk.-Little Rock _ _
1,401,078
1,882,189
-Jacksonville-_
11I.
8.112.759
7.277.170
QulnOY
857,719.789
980.873.716
Total(10 cities) _ _ _ _
+24.5
+20.7
+12.2
a
+21.0
-8.2
-30.9
+20.3
+19.5
+20.1
+19.0
140,713.883
4,368,831
3,733,728.4133
a
883,245,424
11,848,804
81,949,907
542,942,956
323,852,121
10,175.178
42.496,705
125,524,377
4.098.883
3,561,739,850
a
794,800,849
11.703,981
65,278,876
495,766,937
282,049,424
8,612,558
37,370,733
+12.1
+0.6
+4.E
a
+11.1
+1.2
-5.1
+9.5
+14.8
+18.1
+13.7
+14.4
5.755.121,270
5,388,934.067
+6.8
7,108,794
5.722,974
130,700,000
8,704,1813
129,200,000
+1.2
33,003,355
341,494
29,433,097 +12.1
490.851 -30.4
28,685,996
434,146
23,953,880
397.277
14,149.182
8,472,533
391,756
1,332.285
14,067,077 +0.6
8,830,814 -4.1
341.044 +14.9
1,492,776 -10.8
17,272,547
8,801,812
315.418
1,328,023
13,332,233
6,837,307
335,928
1,340,781
+2.8
82.565,283
50.884,248
194.113.583
188.835.225
JULY 11 1925.]
THE CHRONICLE
163
CLEARINGS-(Concluded.)
Month of June.
Since January 1.
Clearings at
1924.
S
S
Ninth Federal Res erve District -Minneapolis
48,361,216
-Duluth
Minn.
35,846.968
360,280,138
Minneapolis
278,800,611
Rochester
2,066,078
1,732,000
137,196.277
St. PAU'
122,795.867
Dak.-Fargo___.
7,041.949
No.
6,243,284
Grand Forks
6,486,000
4,931,000
Minot
1,030,371
871,426
So. Dak.-Abercieen_
5,854,144
4,806,283
Sioux Falls
5,323,148
3,961,309
Mont.
-Billings
2,464,475
2,182,888
Great Falls
3,668,635
2,472,851
Helena
11.785,122
10.592.695
Lewiston
514,547
f
Total(13 cities) _ _ _ _
591,472,100
1925.
%
S
Week Ending July 4.
1924.
Inc. or
Dec.
1925.
1924.
Inc. or
Dec.
1923.
S
%
S
S
%
$
+34.9
+29.2
+19.3
+11.6
+12.8
+31.5
+18.2
+21.8
+34.4
+12.9
+24.1
+11.3
214.137.120
2.154,174.166
10.621.005
785,410,947
46,582,284
37.906,000
5,824,347
35,539',107
28,810,960
14,932,506
16,764,139
69,432,956
2,630,495
167,918,039
1,642,413,084
9,993,772
805,912,734
42,096,625
30,830.694
5,141,084
29,607.115
28,210,240
12,091,478
13,428,367
62,503,430
f
475,237,182 +24.5
+27.5
+31.2
+6.2
-2.5
+10.7
+23.0
+13.3
+20.0
+2.1
+23.5
+24.8
+11.1
13
,
0
1925.
Inc. or
Dec.
3,422,766.027
2,850,146,662
y+13.1
+24.8
+24.9
+20.7
+17.4
a
a
+23.6
+22.3
+35.3
+17.2
+27.7
a
+11.2
a
+27.3
+33.2
+28.3
+10.8
+28.7
11,623.611
16.573,517
128,800,547
1,087,612,997
106.677,245
a
a
88,883,155
194.774,074
42,840,699
3,344,814,952
204.324,056
a
6,607,571
a
654,747,337
202,416,697
30,625.076
814,798.954
29,279,335
10,949,012
12,764,752
103,534,442
954,221,385
127.018,665
a
a
76,963,767
180,594,400
37.847,000
3,037,063,745
178,633,008
a
7,460,718
a
541,790,917
182,192,576
27,237,231
763,199,084
24,323,300
1,199,320,455 1,006,710,421
+19.1
6,965,399,823
6,265,794,002 +11.2
Eleventh Federal Reserve Mar ict-DallasTexas-Au.stin
8.526,599
6,145.564
Beaumont
5,973,605
5.897,562
Dallas
177,510.437
148,763.351
El Paso
20,121,183
18,704,494
Fort Worth
43,244.089
40.860,107
Galveston
31,539,500
22,337,461
Houston
126,073,090
104,394,000
Port Arthur
2.209,595
2,070.563
Texarkana
2,838,638
2,306,513
Waco
8.787,099
8,353,833
Wichita Falls
14,418,005
9,062,654
La.
-Shreveport
19,134,667
18,373,224
+38.7
+1.3
+19.3
+7.6
+5.8
+41.2
+20.8
+6.7
+23.1
+5.2
+59.1
+4.1
56,625,869
37,203,383
1,169,383,726
119,256.932
291,781,265
247,947,904
818,289,674
12.684,476
18,184,871
64,319,688
84,175,826
127,667,553
387,269.326 +18.9
3.047,521,167
2.586,701,373 +17.8
Twelfth Federal R eserve Distric t
-San Franc limoWash.-13ellingham __
3,000,000
3,565,000 +9.4
Seattle
185,397,844
172,805,187
+7.2
Spokane
51,059,000
45,155,000 +13.1
Tacoma
a
a
a
Yakima
6,348,463
4,662,549 +36.1
Idaho-Boise
4,940,611
4,526,172
+9.2
Oregon-Eugene
2,149,281
1.963,926
+9.4
Portland
173,759,571
149,150,945 +16.5
Utah-Ogden
5,368.000
5,428.000 -1.1
Salt Lake City
70,749,268
65,655.757 +7.8
Nev-Reno
3,076,949
2,597,766 +18.4
Ariz.-Phoenix
9,400,000
8,385,000 +12.1
Callf.-Bakersfield....
4,802,612
3,870,751 +24.1
Berkeley
17,070,133
16,109,272 +6.0
Fresno
12,424,858
12,581,012 -1.2
Long Beach
27.980,699
28,041.047 -0.2
Los Angeles
675,229,000
560.288,000 +20.5
Modesto
3,209,198
2,698,010 +18.9
Oakland
91,734,538
65.279,487 +40.5
Pasadena
25,382,697
22.230,223 +14.2
Riverside
3,701,682
3,337,533 +10.9
Sacramento
35,857,589
30,562.061 +17.3
San Diego
23.091.280
16,803,260 +39.1
San Francisco
756,600,105
657,600.000 +15.1
San Jose
10,184,988
8,566,087 +18.9
Santa Barbara
5,017,072
4,647.780 +7.9
Santa Monica
8.788,231
8,860.828 +1.5
Banta R0841
2,194,659
1,806,187 +21.5
Stockton
11,382,900
9,394.000 +21.1
20,555,000
1,038,904,813
283,981,000
a
36,198,867
24,955,046
12,500,094
943,447,161
33,155,000
401,673,828
16,554,137
58,958,000
27.719,407
108,568.384
74,911,155
176,225,739
3,877,992.000
19,100,747
509,121,720
160,116,690
22.909,125
201,894,374
129.926,548
4.468.123.050
62,885,831
32,931,962
50.628,171
12,077,354
68,081,500
19,573,000
1,033.599,585
274,933,000
a
30,867,710
26,028,127
10,475,095
928,558,282
33,803,000
377.012.012
14,901,358
53,364,149
23,911,623
105.719.149
86,386,835
202,683.889
3,713,426,000
17,270.563
412,321,878
155,580,665
20.974,124
199,095,186
105.834,016
4,088,900,000
54,678,492
31,064,878
57.460.213
11,784,087
61,046,107
Total(16 cities)
Total(12 citiee)__ _ _
460,376,507
41,682,922
37,522,523
977,080,828
126.435.010
267.386,972
191,880,712
668,779,099
13,015.376
15,122,232
66,920,404
57,505,128
123.390.167
7,873,535
68,410,447
-7.2
+7.1
7,295,014
66,744.908
5,537,408
60,650.107
27,065,911
1,381,000
27,457,950
1,421.274
-1.4
-2.8
32,998,522
1.814.242
35.133,351
1,822,862
1.068,453
1,069,177
-0.3
1,251,880
1.258.513
442,746
418.828
+5.7
456,072
519,539
2,732,498 -23.2
2,971.033
2.839,550
+3.0
113,531,671
107,761.330
d456,558
522,015
4.775,014
37,186,503
378.744 +20.5
543,405 -3.9
4,821,754 -1.0
34.157,779 +8.9
395.010
515,501
4,670,478
37,265,219
383,251
538,471
4,238,116
35,694,370
3,957.064
d9.758,130
3.663.957 +8.0
7,880,012 +23.8
3,632.250
7.278,475
3,196,642
9,846,090
115,542,239
d7,351,963
111,980,549 +3.2
6,408.310 +14.7
119,489,005
6,375.294
115,081.202
a
+10.8
a
-27.9
+17.1
+17.3
a
20,006,815
a
1,246,159
20,208.33.5
915,209
a
17,825,742
a
1,074.530
20,040.716
844,518
+7.1
221,997,750
208,637,648
2,099,031
1+++,_
0W4.00
109,383.709
OCON. 0
,
a 4a -
a
bio4Cok
.POW-.110
4... N0G.
,
$
d7.308,076
73,247,518
112.610,735
++++I++++
Tenth Federal Res erve District -Kansas Cit
Neb.-Fremont
2,270,686
2,007.406
Hastings
2,616,951
2,096,468
Lincoln
21,579,929
17,272,504
Omaha
187.886,619
155,641,913
-Kansas City
Kan.
17,085,942
15,321,039
Lawrence
a
a
Pittsburgh
a
a
Topeka
16.094,660
13,019,281
Wichita
35,849,882
29,309,149
Mo.-Joplin
7,320,314
5,410,000
Kansas City
574,584,126
490,398.236
St. Joseph
34.770,270
27,218,780
Okla.-Lawtoe
a
. a
McAlester
1,023,184
920,085
Muskogee
a
a
Oklahoma City__
107,642,288
84,543,975
Tulsa
41,723,422
31,326,911
-Colorado Spgs
Colo.
5,721,624
4,458,307
Denver
136,973,185
123,666.678
Pueblo
5,277.373
4,099,700
1922.
+35.8
-0.8
+19.6
-5.7
+9.1
+29.2
+22.4
-2.5
+20.2
-3.9
+46.4
+3.5
+5.0
+0.4
+3.3
•
+17.3
-4.1
+19.3
+1.6
-1.9
+6.5
+11.1
+10.5
+15.9
+2.7
-13.3
-13.1
4-4.4
+10.6
+23.5
+2.9
+9.2
+1.4
+22.8
+9.3
+15.0
+6.0
-11.9
+2.5
+11.5
aa
24,625,955
22.223,074
a
a
608.006
843,531
19,648,306
16,781,858
el.119,224
953,761
225,550,977
210.636,734
1,714,294
1,009,465 +69.8
1,310,304
1,337,349
32.487,594
40,906.809 -20.6
23,338.000
26,658.000
10,733,165
5.504,929
•
11,538,871
5,193.275
a
-7.0
+6.0
a
10,729,330
4,861,350
•
10,015.182
5,203,8.52
•
4,429,626
4,521,522
+2.1
4,733.749
4,463.328
54,961.504
63,078,046 -12.9
44,972.733
47.677,711
36,276,083
9.664,000
a
1,159,360
26.218,554 +38.4
7.386.000 +30.8
a
•
768,957 +50.7
34,048.231
10.029,000
•
1.224.602
27,944,738
9,413.000
•
1.233,111
21,608,258
31.177,782 -30.7
31,787.348
28,285,059
13,620,017
•
a
15,320,401 -11.2
•
a
•
•
14.060,543
a
•
12.672.830
a
a
3,018.819
5,996,837
145,198,000
2.984.195 +1.2
6.286.734 -4.6
120.545,000 +20.4
3,049.883
8,474.005
132,590,000
3.254.923
5,036.687
93,791.000
18,189,214
5,048.768
15,075.574 +20.6
5,324,234 -5.2
16,418.077
5,252.196
11,805.074
3,840,732
d8,426,245
5.659.361
171,426,990
2,714,516
8.747,368 -3.7
4,521.954 +25.2
154,300,000 +11.1
2,752,997 -1.4
1.350,426
____
7,366.949
4,815,112
152,000,000
2,876,825
1,103,232
6.077.320
3,338.888
128,800.000
2,537,828
933,868
c2,382,300
2,362,000 +0.9
2,079,000
2.089,800
1,835,716
1.893,982 -3.1
2,230,798,328 1,916,170,840 +16.4 12,874,092,703
12,151,252,823 +5.9 452,224,484 407,025,158 +11.1 427,175,003 341,054,838
Gra”d total(189 cities) 43,150,263,754 36,059,911.877 +19.7 251,907,110,027
219.556,498,130 +14.7 9,537,727,466 5,606,736,669 +10.8 8,116,056,712 6,920,077.879
Outside New York_
19,131.420.039 16,101.362.823 +18.8 110.065,183,300
160,091.017.73R +10.0 3,925.672,724 3.635.174.916 +8.0 3.524.177.333 2,848,379.347
Total(28 cities)._
CANADIAN CLEARINGS FOR JUNE, SINCE JANUARY
1, AND FOR WEEK ENDING JULY 2.
Month of June.
Since January I.
Clearings al
1925.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster_ __ _
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
$
379,018,987
382,860,525
172,404.747
64,195,550
28,519,167
24,064,424
11,750,839
21,256,529
25,428,832
11,590,253
8,742,805
12,754.998
18,722,450
13,770.078
2,472.928
2,420.948
6,336,446
4,524,532
4,369,415
3,590 225
2 833.199
1,154.998
3,423,634
3,408,733
4,494,750
15.619,878
1,331.133
3,411,441
3.148,757
1924.
$
394,298,102
371,087,843
202,333.440
60,712.329
28,445.553
22,579,349
11,456.560
20,788,788
26.433.928
10,774,393
8,097,722
12,927,355
16,951,560
12,400,916
2,015,437
1,913,219
6,297,569
4,272,034
3,748,804
3 363 145
2,630,431
1.362,477
3,203,453
4,341,546
3,972,664
13,730,587
1,230,036
3.192,087
2,960,064
Inc. or
Dec.
%
-3.9
+3.2
-14.8
+5.7
+0.3
+8.6
+2.6
+2.3
-3.8
+7.6
+8.0
-1.3
+10.4
+11.0
+22.7
+26.5
+0.6
+5.9
+16.8
+6.8
+7.7
-15.2
+6.9
-21.5
+13.1
+13.7
+8.2
+6.9
+6.4
1925.
$
2,342,438,688
2,277,871.589
1,108,225,277
377,887.737
158,085.459
140.364.808
72,203,661
115,081,314
159.244.917
63,783,154
47,937,980
66.811,938
115,219,125
80.576.884
13,823,879
12,363,813
35,935,810
26,423,019
23.096.994
19 332 672
14,894,877
6.891,393
20.048,585
19,214,030
23,500,137
77,673,640
7,944,320
19,152,549
18.312.641
1924,
Week Ended July 2.
Inc.or
Dec.
$
%
2,502,943,471 -6.4
2,442,037,832 -8.7
1,090.571,244
+1.6
382,675,699 -1.3
162,387,546 -2.6
134.684,687
+4.2
68,607,530 +5.2
123.869,389 -6.9
168,138,248 -5.3
65,680,869 -2.9
49,161360 -2.5
69.493.255 -3.9
106,708,740 +8.0
77,172,004 +4.4
12,133,683 +13.9
12.861,739 -3.9
38,477,466 ---6.6
26,102,373 +1.2
22,384,385 +3.2
20 345 790 -5.0
14,956,728 -0.4
7.993,252 -13.8
19.210,942
+4.4
21,347,399 -10.0
24,114,192 -2.5
78,150,869 -0.6
8,236,804 -3.6
19,702,834 -2.8
15,957,312 +2.3
1925.
$
92.928,607
77,500.450
39,226,239
13,795,747
4,997,763
5,745.661
2,586,055
4,323,392
5,944,113
2,043,942
1,907,401
2,597.907
3,791,209
3,009,868
569,914
595,567
1.263,925
1,014,763
973,338
691.945
603,825
225.469
658,815
699,862
1.006,931
.3,300,000
263,068
695,081
688,655
1924,
$
107.757,959
111.847,351
51.104.020
15,338,438
5,090,283
8,472,352
2,601,119
4,964,078
5,890,809
1.983.211
1,917,394
2,784.688
4,309,267
3,054,137
559.615
444,465
1,426,430
1.088,334
554.500
639,802
732.280
365.469
823,227
948,801
723,926
3.014.523
350,637
776.195
899.237
Inc. or
Dec.
%
-13.8
-35.6
-23.2
-10.0
-16.6
-32.2
-0.6
-10.9
+0.9
+3.1
-0.5
-6.7
-12.0
-1.5
+1.8
+34.0
-11.5
-6.8
+75.5
+8.2
-17.5
-38.3
-20.0
-26.2
+38.9
+9.5
-25.0
-10.4
-23.4
1923.
$
113,595.044
95.327.939
35,626,388
16,934,836
7,608,498
6,678,162
3.229.891
6,680,970
4.126,213
2.720.629
2.087,393
3,375,979
5,478,252
3,236,621
609,626
861.645
1,383,925
1.413.926
1,170,995
941,269
685,992
423,548
803.946
883,584
983,056
2,879,956
337,419
770.541
901.568
1922.
$
97.860,388
103.098,189
39,048,511
14,126,143
7,910,831
.6,000,000
3,959,679
6,356.737
5,244,506
3,014,008
2,513.168
3,427.255
4.168,307
3.768.857
654,695
535,039
1,222,312
1,453.011
1,228,614
761,663
589,848
398,741
888,809
934,237
1.147.581
3,952.177
408,671
1,218,994
1,057.646
Total Canada (29). 1,237.821,201 1.257.521,391 -1.6 7,462.340.870 7.785.907,442
-4.2 273.649.515 341.362.547 -19.8 321,757.811 316.993,597
. -- U UO
No a -- longer repor creanugs. 0 ---- --- - - - to r000eaesor flgsjree, c Week ended
resIsoRu
July 1. d Week ended July 2. e Week ended July 3. •Estimated.
IN° clearings; all banks closed.
g Not included in total.
inlJ UtiltUN rtiLE
164
t V UL 11.A.
-The statement of condition of the national banks under the Comptroller's
Condition of National Banks April 6.
call of April 6 1925 has been issued and is summarized below. For purposes of comparison, like details for previous calls
back to and including Dec. 31 1923 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON DECEMBER 31 1923 AND MARCH 31,
JUNE 30, OCT. 10 AND DEC. 31 1924 AND APRIL 6 1925 (in Thousands of Dollars).
Figures are given in thousands of dollars.
ResourcesLoans and discounts (including rediscounts)_a
Overdrafts
Customers' liability account of acceptances
United States Government securities owned
Other bonds, stocks, securities, ezc
Banking house, furniture and fixtures
Other real estate owned
Lawful reserve with Federal Reserve banks
Items with Federal Reserve banks in process of collection
Cash in vault
&mount due from national banks
Amount due from other banks, bankers and trust companies
Exchanges for clearing house
Checks on other banks in the same place
Outside checks and other cash Items
Redemption fund and due from United States Treasurer
Other assets
Total
Dec. 31 '23. Mar.31'24. June 30'24. Oct. 10 '24. Dec. 31 '24. April 6'25.
8,184 banks. 8,115 banks. 8,085banks. 8,074banta. 8,049 banks. 8,016 banks.
$
$
$
$
$
$
11,876,562 11,952,287 11,978.728 12,210,148 12.319,680 12,468,836
11.410
9.802
10,075
10.470
12,242
10,815
240,962
244,728
145,686
202,572
135,890
207,438
2,566.851 2,494,313 2,481,778 2,579,190 2.586,697 2,614,185
2,477.843 2,511,637 2,660,550 2,897,040 3,075.999 3,139,255
564,103
551.371
512,910
541,852
525,335
532.728
112,481
108.966
93,881
107,459
100,098
104,630
1.180.838 1.160,766 1,198,670 1.303,631 1,394,386 1,273,274
411,539
486,933
460.173
379,307
397.340
427,894
361,671
409.566
345.219
386,428
342,969
360,101
1.029.342
938,804 1,099,763 1.412,807 1.349.859 1.192.049
395,655
431,043
319.992
283,386
345,020
439,356
665.288
996,615
925.979
842,719
925,568
575.360
67,708
85,225
75,925
85.079
53,871
67,083
54,541
70.635
69,687
73,658
52,898
56,420
33,120
36,310
37,129
36,746
36,726
37,167
226,386
223,466
161.940
157,210
167,280
166,820
22,406.128 22,062,888 22,565,919 23,323,061 24,381,281 23,832,463
Liabilities
1,325.825 1,335,572 1,334.011 1,332,527 1,334,836 1,361,444
Capital stock paid in
1.068.359 1,073.363 1.080,578 1,074,268 1,088,880 1,106,544
3urplus fund
490,457
442,484
501.656
473.979
558,792
507,905
Undivided profits, less expenses and taxes paid
60.224
60,784
Reserved for taxes, interest, Sze., accrued
649,447
714,844
725,949
723,530
726.483
729.686
National bank notes outstanding
29,323
33,188
26.445
26,965
27,342
25,328
Due to Federal Reserve banks
920,239
886,435 1.035,000 1,338,309 1.239,923 1,147,628
Amount due to national banks
1,759,556 1,933.857 2,029,671 1.839,935
1.648.607 1,653.347
Amount due to other banks, bankers and trust companies
197,508
184,363
186.434
147,404
187.704
226.714
Certified checks outstanding
204.447
415,260
323,621
347.629
217.231
261,785
Cashiers' checks outstanding
9.593,119 9,292,127 9,593.250 9.795,580 10.363,250 9,923.243
Demand deposits
4.948,019 5,108,970 5,259,933 5,460,677 5,581.287 5,785,211
Time deposits (inclu7:1ini f.3sfil si,iiiiEfs5
255,652
15.3,266
157,849
188,398
183,000
123.318
United States dep_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _osits
17,828,861 17,598,696 18,347,837 19,108,798 20,000,208 19,382,947
Total deposits_ _
21,747
28.930
28,729
35.684
32,542
38,287
United States Government securities borrowed
3,821
3,405
2,532
3,038
3,581
2.565
Bonds and securities (other than United States) borrowed
Bills payable (includin all obliations reresentin borrowed money other than
219,198
202.304
123,611
238,888
143.847
324,186_
_
rediscounts)
Notes and bills rediseounted (________ acceptances o oler baks and foreign
226,597
196.396
333,896
170,419
196,778
271,645
bills of exchange or drafts sold with indorsement)
6,537
6,124
5,475
6.135
6,225
9.456
Letters of credit and travelers' checks outstanding
Acceptances executed for customers and to furnish dollar exchange less those
232,761
235,232
204.432
140.574
193,240
131.411
purchased or discounted
29.502
26,564
17.630
18,435
25,455
17,381
Acceptances executed by other banks
41,237
40.290
56.231
35.662
47.200
38,171
Liabilities other than those stated above
22,406.128 22,062,888 22,565.919 23.323,061 24.381,281 23,832,463
Total
Details of Cash in Vault
Gold coin ___ _
__ _
___ - - _ -Gold certificates _ _ ___
Clearing house certificates based on ______and-gold Certificates
Clearing house certificates based on other spade and lawful money
Standard silver dollars
Subsidiary silver and minor coin
Silver certificates _____________________ _
Legal tender notes - ______________________
National bank notes
e
Federal Reserve and liciaial ifeseive Bank tiol- i
Details of Demand Deposits
Individual subject to check
Certificates due in less than 30 days
State and municipal
Deposits subject to less than 30 days' notice
Dividends unpaid
Other demand deposits
Details of Time Deposits
Certificates due on or about 30 days
State and municipal
Postal savings_ __ _ ___________________________________
Other time deposits
percentages of Reserve
Central Reserve cities
Other Reserve cities
All Reserve cities
Country banks_ __
m.....
1 TT..If
•
Cl.e. _________________
19,678
36,988
381
19.368
41,787
50
19,246
35,880
8
35,293
40.123
35.334
267,761
308,238
271.203
8,636,595
248,293
548,074
20.243
34,335
105.710
8,998,738
240.176
442,375
22,166
2,650
89.475
9.508.771
263,832
431,822
28,009
37.553
93.263
9,001.022
252,144
543.752
19,426
4,256
102,643
1,142,545
93,968
54,359
3.818.098
1,161.704
100,708
65,064
3,932,457
1,212.080
90,937
71,517
4.086.143
1.221,302
88.454
68,067
4.203,464
1,274,894
114,399
70.285
4,325.633
13.10%
9.78%
11.230
7.38 0
9.42%
12.07%
9.88%
10.90%
7.55
9.3fil.
13.03%
10.18
11.48
7.54
9.72
13.84i
10.53
12.02
7.64%
10.07%
12.66
9.95
11.12
7.45
9.44%
18.169
23,787
5
39.002
35,629
305.465
261,119
8,790.864
259,255
403.985
30,237
37.767
71.011
8,418,168
247,639
512,554
28,517
16,675
68.574
1.129,946
74,202
45.768
3.698.103
12.77%
10.08%
11'26 0
7.58
9.49
I
19,121
27,095
5
19.253
37,484
11
27
7.254
28,277
26,662
23,879
68,152
134,121
a Includes customers' liability under letters of credit.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 24 1925:
GOLD.
The Bank of England gold reserve against notes on the 17th inst.
amounted to £155,803,610 as compared with £155,229,875 on the previous
Wednesday. The following movements of gold to and from the Bank of
England have been announced since our last letter:
Received. Withdrawn.
Received. Withdrawn.
£22,000
nil
nil
£173,000 June 22
June 18
15.000
nil
nil
June 19
15,000 June 23
199.000
nil
nil
nil June 24
June20
withdrawn were as follows:
The destinations of the £167,000 sovereigns
£152,000 to India, E10,000 to the Argentine and £5,000 to South America.
During the week under review a net amount of £424,000 has been withdrawn, reducing the net influx since the resumption of an effective gold
standard to £1,454,000. The following figures (in lacs of rupees) show
India's foreign trade during May last:
Imports, private merchandise___________________________________ 18,92
33,48
Exports, private merchandise, including re-exports
Movement of private treasure:
3,16
Net imports of gold
1,07
Net imports of silver
2
Net imports of currency notes
The total visible balance of trade in merchandise and treasure was
Rs. 10.53 lacs in favor of India. The balance of Government transfers
of funds was Rs. 1,27 lacs against India. The Imperial Bank of India
lowered its official rate of discount on the 18th inst. from 6 to 5%. It is
officially stated from Calcutta that both monsoon branches were normally
active over the country on June 21. The State Bank of the Union of Soviet
Socialist Republics has placed platinum valued at 2.479,038 chervonetz
In its reserves against notes, in addition to gold coin and bars valued at
16,797.766 chervonetz. The gold, calculated at the current exchange of
about 945 to the pound sterling, is equivalent to about 77s. 1034d. the
standard ounce. The platinum equals about £20 I ls. the fine ounce,
several pounds below the quotation now ruling in this Country. Considering
the great variations which have taken place in the worth of platinum,
ranging within the last 40 years from under £1 the ounce to nearly £39
(soon after the war), the valuation needs to be conservative.
SILVER.
The market has been dominated by the increasing gravity of news from
China and a disposition set in to cover bear commitments, both of China
and India Supplies were not readily forthcoming to satisfy the persistent
demand, and prices rose substantially. The rise yesterday of ;id. in the
quotation for two months' delivery is the largest movement since Dec. 29
1924, when the price fell 9-16d. The cash quotation yesterday and to-day
-is the highest since Jan 31 last. Though the position in
-168.
-32 7
Shanghai and in Hongkong is reported to be well in hand (the native banks
in the former place are expected to reopen after to-morrow), Canton and
other Chinese cities are still centres of trouble, and the anti-foreign agitation
continues. Like some sporadic diseases, the solution may lie in the malady
running its course, probably of some duration. In the meantime there
-many of
have been heavy withdrawals of cash from the native banks
which have had to close, and the Chinese have been transferring their
deposits to foreign banks, a queer commentary upon the movement against
foreigners. Indeed, it is not unlikely that the notes of foreign institutions
may at any moment command a premium over cash, as they have done on
previous occasions. The condition of the silver market just now is so
closely linked with the situation in China that no clear view can be taken
of its future until the Eastern horizon has cleared. America has not been
inclined to sell here, and the Continent is not a factor of importance.
INDIAN CURRENCY RETURNS
June 13.
In Lacs of RupeesJune 7.
May 31.
17492
Notes in circulation
17369
17323
7542
Silver coin and bullion in India
7420
7375
-- _ Silver coin and bullion out of India ______
___
2232
2232
Gold coin and bullion in India
2232
_ --coin and bullion out of India ______
Gold
5718
Securities (Indian Government)
5718
5716
2000
Securities (British Government)
1999
2000
No silver coinage was reported during the week ending 15th inst. The
stock in Shanghai on the 20th inst. consisted of about 62,600.000 ounoes
In sycee, $41,500.000 and 3,510 silver bars, as compared with about 62,600.000 ounces in sycee, $41.500,000 and 2,880 silver bars on the 13th inst.
JULY 11 1925.1
THE CHRONICLE
165
Wheat.
Corn.
1925.
Week
July 3.
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Week Ending July 10July 4. July 6. July 7. July 8. July 9. July 10.
Silver, per oz
d 32
31%
3234
3134
32
32
Gold, per fine ounce
845. 11d. 845.11d.845.10%d845.10%d845.1034(1845.10%d
Consols, 234 per cents
56%
5634
5634
5634
5634
British, 5 per cents
9934
9934
100
100
100
British, 434 per cents
94
9434
9434
9434
9434
French Rentes (in Paris), fr_
42.90
42.80
42.65
42.55
42.55
French War Loan(in Paris),fr
52.95
52.95
53.25
53.60
53.65
The price of silver in New York on the same day has been:
Silver in N.Y., per oz.(cts.):
Foreign
6834
6934
6934
6934
6934
Zoinnurcial and41tscellanconsgems
Breadstuffs figures brought from page 223.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.1981bs bush.60 lbs bush.56 tbs bush.32 Ws bush.481bs.bush.581bs.
Chicago
229,000
' 203,000
571,000
588,000 107,000
7,000
Minneapolis_
1,049,000
98,000
507,000
143,000
35,000
Duluth
430,000
10.000
349,000
239,000
83,000
Milwaukee _ _
.
65,000
62,000
60.000
175,000
81,000
22,000
Toledo
36,000
30,000
24,000
2,000
Detroit
4,000
4,000
10,000
2,000
Indianapolis14,000
126,000
124,000
St. Louis_ _
82,000
342,000
304,000
458,000
Peoria
34,000
20,000
168.000
105,000
16,000
Kansas City_
1.541,000
154,000
47,000
Omaha
72.000
57,000
164,000
St. .Joseph....
61,000
99,000
18,000
Wichita
1,099,000
24.000
2.000
Sioux City_ ...
19,000
44,000
70,000
Total wk. '25
410,000 4,952,000 1,749.000 2,641,000
588,000
151,000
Same wk. '24
310,000 1,463,000 2,145,000 1,503,000
260.000
860,000
Same wk. '23
312,000 3,691,000 4,350,000 3,205,000
448,000
303.000
Since Aug.11924
21,569,000 486,032,000 232,098,000255.226,00062.161,00055,941,000
1923
9,919,000 215.674,000276,176,000219,331.00038,957,00029,893.000
1922
22 227 MO 21715 R40 1100 251 002 nnngs4 050 nnn 27 170 win 40 220 000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, July 4, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barrels.
Bushels.
Bushels.
New York_ _ _
200,000
934,000
8,000
Philadelphia_
27,000
99,000
2.000
Baltimore_ _ _ _
17.000
87,000
8,000
New Orleans *
36,000
39,000
83,000
Galveston__
11,000
Montreal
__
40,000 2,768,000
6,000
Boston
46,000
1,000
Total wk. '25
366,000 3,938,000
Since Jan.1'25 13,179,000 95,154,000
Barley.
114,000
17,001
New York
Beaton
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels.
1,621,786
Barrels. Bushels, Bushels. Bushels.
124.782 386,681
54,170 221,668
20,000
94,000
90,000
61,000
1,000
50,000
51,000
93,000
5,000
98,000
47,000
27,000
7.000
280,000
108,000
377,000
64,000
1,412,000
Total week 1925._ 3,862,786
Same week 1924._ __ 5.024.750
121,000 1,378,000
108,000
100 000
674,000
106,000
278,782 1,841.681
111 550 525 255
971,170
270 am
510,660
157 0512
The destination of these exports for the week and since
July 1 1924 is as below:
Flour.
Exports for Week
and Since
July 1 to-
Week
July 4
1925.
Barrels.
United Kingdom_ 74,575
Continent
181,743
So.& Cent. Amer_ 6,064
West Indies
16,400
Brit.No.Am.Cols.
Other Countries
Total 1925
'twat 1024
278.782
111 550
Since
July 1
1925.
United StatesNew York
Boaton_
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
5t.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Wheat.
Week
July 4
1925.
Barrels.
Bushels.
74,575 1,594,010
181,743 2,231,776
6,064
37,000
16,400
278,782 3,862.786
111.880 5.024.786
Since
July 1
1925.
Corn.
Week
July 4
1925.
Bushels.
Bushels.
1,594,010
2,231,776
61,000
37,000
47,000
3,862,786
5.024.786
108,000
1000(81
Since
July 1.
uly
Bushels.
4.653,000
Bushels.
Bushels.
Bushels.
6,690,000
26,000
304,000 1.139.000
4,951,000 3,648,000
1,352,000
1,160.000
1,421,000
776,000
696,000
Week
July 3.
1924.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
26,000
24,000
1,139,000 1,020.000
1,020.000
3,648.000 7,260.000
95.000
7,546.000 14.457,000 4.813.000
4,813,000
8,399,000
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
bush.
bush.
bush.
bush.
232,000
43,000
570.000
79,000
1,000
181,000
160,000
416,000
85,000
170,000
7,000
3,611,000
68,000
105,000
207,000
38,000
196,000
79,000
96,000
2,000
362,000
17.000
3,3E0,000 1,346,000 3,022,000
524,000
404,000
340,000
151,000
433,000
11,000
140,000
20,000
150,000
10,000
2,658,000 7,039,000 7,610.000 4,006,000
70,000
43,000
175,000
252,000
24,000
5,970.000
23,000 4,484.000 1,141,000
5,001,000
272,000 13,702,000
495,000
153,000
118,000
195,000
167,000
542,000
264,000
2,000
1,477,000 1,920,000
671,000
81,000
653,000
242,000
290,000
18,000
1,000
35.000
125.000
101,000
515,000
89,000
229,000
366,000
478.000
5,000
520,000
527,000
251,000
375,000
12,000
137,000
Bartell.
bush.
87,000
73,000
24,000
55,000
174,000
75,000
2,000
150.000
59,000
415.000
112.000
4,000
16,000
12,000
2,000
1,000
75,000
48,000
Total July 4 1925____26,670,000 13,094,000 33.263,000
Total June 27 1925-29,146,000 15,021,000 35,268.000 7.160,000 1,384,000
Total July 5 1924-34,519,000 7,142,000 4,741,000 8,706,000 1,646,000
17,399,000
392.000
-Bonded grain not included above: Oats. New York,
Note.
bushels;
Boston, 30,000: Baltimore, 1,000; Buffalo, 146,000; Buffalo afloat, 230.000
249,000; Duluth,
3,000; On Lakes, 88,000: total, 747,000 bushels, against 1,555.000
Barley, New York, 157,000 bushels; Baltimore, 9,000; Buffalo. bushels in 1924.
137,000: Buffalo,
afloat, 85,000: Duluth, 14,000; On Canal. 153,000; total, 555,000 bushels,
against
360,000 bushels in 1924. Wheat, New York, 505,000 bushels;
Boston,
Philadelphia, 456,000; Baltimore, 60,000; Buffalo, 1,497,000: Buffalo, 39.000;
afloat,
497,000; Duluth, 116,000; Toledo, 50,000; On Canal, 642.000; On Lakes,
281,000;
total, 4,243,000 bushels, against 5.487,000 bushels
in 1924.
Canadian
Montreal
2,564.000
219,000 1.052,000
136.000
498.000
Ft. William & Pt. Arthur_18,099,000
3,498,000 1,393,000 1,225,000
Other Canadian
2,209,000
2,707,000
29,000
132,000
Total July- 4 1925_ -.22,872,000
219,000 7,257.000 1,558,000
Total June 27 1925_ --.24,425,000
38,000 5,766.000 1,907,000
Total July 5 1924_ _ _ _20,815.000
61,000 11,239,000 1,854,000
Summary
American
26,670,000 13,094,000 33.263,000 7,160,000
Canadian
22,872,000
219.000 7.257,000 1,558,000
1,855,000
1,963,000
1,013,000
1,384,000
1.855.000
Total July 4 1925---49,542,000 13.313,000 40.520,000 8,718,000
3.239,000
Total June 27 1925.._ _53,571,000 15.059.000 41,034,000 10,613,000 3,609.000
Total July 5 1924.. _55.334,000 7,203,000 15,980,000 19,253,000 1.405.000
BANK NOTES
-CHANGES IN TOTALS OF, AND
IN DEPOSITED BONDS, &c.
-We give below tables
which show all the monthly changes in national bank notes
and in bonds and legal tenders on deposit therefor:
859,000
The exports from the several seaboard ports for the week
ending Saturday, July 4 1925, are shown in the annexed
statement:
Wheal.
7,546.000
Since
July 1.
The visible .
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 4, were as follows:
Amt. Bds. on Deposit to
Secure Circulationfor
-
108,000 1,544,000
618,000 1,050,000
3,521,000 33,522,00015,915,00021,350,000
Same wk. '24
275,000 3.701,000
103,000
322,000
411,000
759,000
Since Jan.1'24 13.308.000115.087.000 13.166.000 22.559.000 0475000 0.505.000
•Receipts do not include grain passing through New Orleans for
foreign ports
on through b Ils of lading.
Exports from-
Total
1925.
Rye.
Bushels.
Bushels. Bushels.
354,000
449,000
150,000
120,000
20,000
15,000
18,000
41,000
12,000
1,023,000
20,000
Bushels.
North Amer_ 4,653,000
Black Sea
Argentina_ _ 1,421.000
Australia
776,000
India
696,000
Oth.Countr_
1924.
National
Fed. Res.
Bank Notes. Bank Notes.
Legal
Tenders.
Total.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on June 30:
U. S. Bonds Held June 30 to Secure
Bonds on Deposit
June 30 1925.
Bushels.
61,000
108,000
100 000
Bonds.
June 30 1925._ 665,061.330
660,501,393 72,864,681 733,366,074
May 31 1925
665,502,880
661,293,895 78,275,574 739,569.469
AM, 30 1925._ 666,010,330
661,397,558 86,028,261 747,425,818
Mar.31 l92&_ 665,608,330
661,613,281 93,597,406 755.210,687
Feb. 28 1925-- 666.943.330
663.324,911 100,532,366 763,857.277
Jan. 31 1925-- 725,171,780
722,092,263 47,748,139 769.840,402
Dec. 30 1924- 731.613.630
727,175,641 44,871,176 772.046.817
Nev.30 1924 _ 737,635.790
733,995,581 40,152,976 774,148,557
Oct. 31 1924_ 739,842,890
735,602,435 38,679,189 774,281,624
eept.30 1924- 741,239,890
736,557.660 39,269,184 775,826,844
Aug.30 1924_ 742,462.390
737,141,058 40,052,136 777,193,194
July 31 1924_ 746,811,640
740,549.740 36,537,849 777,087,589
June 30 1924_ 750,858.930
744.953.710 33,058,069 778,011,779
May 81 1924-- 750,113,480
545.900 745.029,518 32,460,609 777.490.127
April 30 1924-- 750,676,680
545,900 745,795,653 31,611.339 777,406,992
Mar.31 1924_ 749,974,180
545,900 745,171,676 31,162,366 776,334,042
Feb. 29 1924. 748,875.180
545,900 743,454,758 30.964,444 774.419.202
Jan. 31 1924- 747,256,230
545.900 742,670,537 30,126,232 772.796.769
Dec. 31 1923_ 746,577,780
545,900 740,521,752 31,045.227 771,566.979
Nov.80 1923__ 746,778,030
545.900 743,984,275 29,450,769 773.435,044
746,662.330
545,900 743.808,385 28,799,884 772.606,269
Otspi.29
1928-- 746,780,830
545,900 742,184.915 28.137.092 770.322.007
67,176,033 Federal Reserve bank notes outstanding June 30 1925 secured by
lawfu
money, against 810,596,170 June 30 1924.
Since
July 1
1925.
47,000
National Barg Circulation
Alto= on
-
25, U. S. Consols of 1930
4s, T.J. S. Loan of 1925
25, U. S. Panama of 1936
25. U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
Total
Held
591,157,950
5,000
48,128,060
25,770.320
591.157.950
5,000
48.128.060
25,770,320
665.061.330
665.061.330
The world's shipments of wheat and corn, as furnished by
The following shows the
Broomhall to the New York Produce Exchange,for the week afloat and the amount of amount of national bank notes
legal tender deposits June 1 1925
ending Friday, July 4, and since July 1 1925 and 1924, and July 1 1925 and their
increase or decrease during the
are shown in the following:
month of June:
National Bank Notes-Total Afloat
Amount afloat June 1 192.5
Net decrease during June
$739.569,469
6,203.395
5733,366.074
Amount of bank notes afloat July I 1925
Legal-Tender Notes
Amount on deposit to redeem national bank notes June 1 1925
Net amount of bank notes redeemed in June
578,275,574
5,410,893
Amount on deposit to redeem national bank notes July 1 1925.... $72,864,681
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange July 6 to July 10, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Par. Price. Low. High. Shares
Am Vitrified Prod corn-50
Am Wind Glass Mach_ .100
Arkansas Nat Gas corn. _10
Byers(A M)Co pref _100
Carnegie Lead & Zinc_
Consolidated Ice pref
Duquesne Light pref _100
Jones & Laughlin pref. _100
25
Lone Star Gas
Nat Fireproofing corn. .50
Preferred
ao
25
Ohio Fuel Corp
1
Ohio Fuel Oil
Oklahoma Natural Gas._25
Pittsburgh Brew corn_ .50
_100
Pittsburgh Coal pref. .100
Pittsb Az Mt Shaqta Cop_ _1
5
Pittsburgh Oil & Gas
Pittsburgh Plate Glass_100
Rich & Boynton partic Pf.•
10
Salt Creek Con 011
Stand Sant Mfg corn--- _25
50
Superior Fire In
10
Tidal-Osage 011
WeePhouse Air Brake...50
BondsIndep Brewing 61
•No par value.
1955
7%
111
11431
3731
32%
8531
50
6
104
10
103
23
24%
90
90
634 6%
94
94
731
7
13
13
111 111
114% 11431
3731 38
13% 13%
35
3531
32
3234
1334 14%
28% 29
2% 3
8531 85%
Sc
Sc
6
6
285 287%
40
40
731 731
104 10431
10231 102%
10
10
101 103
75
75
Range Since Jan. 1.
High.
Low.
325
135
390
35
2.089
110
25
94
2,020
200
230
1,869
450
326
80
50
3,500
220
176
22
220
74
10
300
72
1931
88
5%
94
4
12
105%
111%
32
114
31%
31
12
26
131
8331
Sc
6
257
3734
7
100
102
8%
97
14.000
75
Jan
Jan
Apr
,
Jul
Jar
June
Jan
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Mar
June
Apr
May
Jan
Feb
July
June
July
Jan
Apr
Jan
2631 June
Mar
110
834 Feb
9431 June
8% Mar
Feb
15
III June
11431 June
Feb
40
14% June
36 June
34% Feb
16% Mar
3131 Feb
4 May
9934 Jan
9c Feb
8% Feb
Feb
295
40 July
Feb
9
Jan
136
11034 Jan
13% Feb
Jan
113
75
Jan
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE APPROVED.
Ca
$60,000
-The Seneca National Bank of West Seneca, N.Y
3
Correspondent, Edward A. Duerr, 2221 Seneca St.,
N. Y.
Buffalo,
APPLICATIONS TO CONVERT APPROVED.
July 1-The City National Bank of Muskegon Heights, Mich $100.000
Conversion of the First State Savings Bank, Muskegon,
Heights, Mich.
50.000
-First National Bank In Conroe. Texas
July 3
Conversion of the Conroe State Bank, Conroe, Texas.
100.000
July 3
-First National Bank in South Pasadena, Calif
Conversion of the Home Commercial & Savings Bank
of South Pasadena, Calif.
CHARTERS ISSUED.
25,000
June 29
-First National Bank in Lidgerwood, No.Dak
-12776
President, 8. 0. Quammen; Cashier, C. A. Boozer.
25.000
June 30
-The Onlda National Bank, Onida. So. Dak
-12777
President, Chas. L. Hyde; Cashier, Arthur J. Owens.
July 1-12778
-The Citizens National Bank of Commerce,Tex- 50,000
Conversion of the Citizens State Bank of Commerce,
Texas.
President J. G. Allen; Cashier, H. D. Wynn.
200,000
July 1-12779
-First National Bank of Blue Island, Ill
Conversion of the Commercial Bank of Blue Island, Ill.
President, John L. Zacharias; Cashier, Christian
Krueger.
July 1-12780
-The Mt. Vernon National Bank & Trust Co.,
50,000
Mt. Vernon, Ind
President. Eugene H. Fuhrer: Cashier, Otto C. Klein.
Succeeds the Mt. Vernon National Bank, Mt. Vernon.
Ind.
July 1-12781-The First National Bank in Webster Groves,
100,000
Mo
Conversion of the State Bank of Webster GrOV08, Mo.
President, W. Vincent Brennan; Cashier, John W.
Wenom.
25,000
July 3
-The Nixon National Bank. Nixon, Texas
-12782
President, S. A. Brown; Cashier, Ellen Weber.
July
July
July
July
July
July
July
CHANGE OF TITLE.
I-10114
-The Red Bluff National Bank, Red Bluff. Calif., to
The First National Bank of Red Bluff."
CHANGE OF TITLE AND LOCATION.
1
-The First National Bank of Roberts, Idaho, to
-11600
"The Rigby National Bank," Rigby,Idaho.
VOLUNTARY LIQUIDATIONS.
$50.000
-The First National Bank of Scottsbluff, Neb..
1-6240
Effective July 1 1925. Liquidating agent, S. K.
Warrick. Scottsbluff, Neb.
Absorbed by the Scottsbluff National Bank,Scottsbluff,
Neb.. No. 9581.
-The Glenside National Bank. Glenfdde, Pa_ - - 125,000
1-9668
Effective at close of business June 30 1925. Liquidating
agent, Edynard 12. Ming, Glenside, Pa.
de Bank & Trust Co., Glenside, Pa.
Absorbed by
rs & Merchants National Bank of
2
-The Fa
-9538
50.000
Fullerton,
Effective June 15 1925. Liquidating agent, E. C.
Aldwell, San Francisco,
Calif'
Absorbed by Bank of America. Los Angeles, Calif.
-The Gotham National Bank of New York, N.Y-1,600,000
-9717
2
Effective May 29 1925. Liquidating committee:
Charles A. Frank, Charles R. Saul, William B.
Lewis, Ernest H. Miller and Henry Bizallion, New
York, N.Y.
Absorbed by Manufacturers Trust Co.,New York,N.Y.
-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:
P' By Messrs. Adrian H. Muller & Sons, New York:
1.asart•Psoabilal.• 3 per oh.
Shares. Stock.
1.078 N.Y.Sanitary Utillzation Co. 600.
Bermuda Bunkering Co., Ltd.,
600
Sc.
common
550 Bermuda Bunkering Co., Ltd.,
Sc.
I* common
550 Bermuda Bunkering Co., Ltd.,
Sc.
...common
[vol. 121.
THE CHRONICLE
166
Shares. Stocks, WI Omar '1 i Per oh.
217 Community Trust Co. of
$6,000 lot
Phila., par 850
Per Cent.
Bonds.
15.000 Forest Holding Co. 4e, due
75
1942
$5,000 Phoenix Iron Works 6%
serial gold bonds, ott, of deft-65001ot
By Messrs. Wise, Hobbs & Arnold, Boston:
8 per oh.
Shares. Stocks.
23031
4 Atlantic National Bank
100 Old Colony Woolen Mills, pref.,
2
Par 510
21134
10 Bates Manufacturing Co
20 B. B.& It. Knight, Inc., pref.__ 154
5 Boston Woven Hose & Rubber,
82
common
5 Lowell Gas Light. full paid reefs. 5834
76 Collyer Insulated Wire Co._112-11334
$ per oh.
Shares. Stocks.
51
2 Hotel Bellevue Trust
7334
3 Real Estate Associates
20 No.Boston Ltg.Prop..com_84,'ex-cliv
30 Boston RR.Holding Co., pref.. 5134
6715
2 Barristers' Hall Trust
25 State Theatre, corn- pat CO.__ 734
7534
30 units First Peoples Trust
73
2 University Associates
40 No.Boston Ltg. Prop., cOm.84,ex-div
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares. Stocks.
2 Atlantic National Bank
23034
77
20 York Manufacturing Co
5 Naumkeag Steam Cotton Co_ _ _.195
50 West Boylston Mfg Co., pref._ 9531
20 Dartmouth Mfg. Co., common_143
5 Lawrence Manufacturing Co__ __ 5034
124%
4 Lyman Mills
4014
64 Manomet Mills
1 Worce.,ter Cons.St.Ky.,lot pref.,
40
Par 180
7531
2 units First Peoples Trust
10 Lawrence G.& E.Co.. par $25._ 4331
15634
17 Jacobs Lumber Co.,corn
5 lot
50 Jacobs Lumber Co., pref
$ per eh.
Shares. Stocks.
10 Montpelier & Barre L.& P.,com. 7034
7531
6 units First Peoples Trust
150 Bourns Dairy Appliance Co.,
150
Par 15
1 unit F.F.Dailey Corp.(N.H.)_172
70 & die.
5 Union Twist Drill, pref
Per cent.
Bonds.
51,000 Scranton & WilkesZarre
True. 15t & ref. 5s. Aug. 1951_ _ _ 79
8235 50-100 U. S. Worsted Corp.1
440 lot
dividend scrip July 1923
5235 50-100 U.S. Worsted Corp.,'
)
dividend scrip Oct. 1923
By Messrs. Barnes & Lofland, Philadelphia:
8 per oh.
$ per oh. Shares. Stocks.
Shares. Stocks.
8034
22 Southern Transp. Co.. corn.... 35 5 Autocar Co., pref
4 Phila. Bourse, pref., par 525_ 24
1 warrant United Gas Impt. Co._ 36
5
903 60 Octavia Hill Association
20 Eighth National Bank
9531
1100
10 Hare & Chase, Inc., met
3 Girard Trust Co
95
691
8 Hare & Chase, Inc., pre(
4 Northern Trust Co
4934
100 5 Phila. Rapid Transit, pref
4 Theodore Presser Co., pref
340 40 Keystone Telephone, pref
5334
3 First National Bank
5
27734 87 Warwick Iron & Steel
5 Northern National Bank
10 Philadelphia National Bank..415
810
16 Franklin National Bank
610 20 Hare & Chase,Inc., corn., no par 27
1 Franklin National Bank
19 Northern Liberties Gas, par $25 3334
30 West Phila. Title & Trust Co.,
22534 100 Phila. & Camden Fy., par 150.13934
Par $50
18 H.K. Mulford Co.. par $50._ 4034
16 Peoples Bank & Tr. Co., par 350.125
625
8 Provident Trust Co
Rights.
Byer Right.
625
4 Provident Trust Co
25
715 28 Mutual Trust Co
0 Land Title & Trust Co
2131
Dep. Co-170 160 Mutual Trust Co
4 Guarantee Tr. & Safe
Bonds.
Per Cent.
5 Manheim Trust Co., par $50_ _ _. 60
11 Mutual Trust Co., par 850.115 ex-rts. 51.000 Manufacturers Club of Phil.
2d (is. 1940
913.4
5 Honey Brook (Pa.) Trust Co.,
2731 $600 Benevolent Protective Order
par $25
of Elks (Philadelphia Lodge No.
74
Pass. Ry. Co
10 Germantown
2) gen. 6s, 1942
29
85
6 Midland Valley RR.,cem
5500 Brookline Square Club 30
-year
16 Fairm. Park & Hadd. Pass By. 40
68, 1959
95
3 Little Schuylkill Nay.. RR.& Co. 40
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not vet been paid.
The dividends announced this week are:
Name of companV•
Railroads (Steam).
Chicago & Western Indiana (guar.).Cuba RR.. preferred
Preferred
Internat. Rys. of Cent. Amer., M.(qu.).
When
Be?
Cent. Payable
134
3
3
134
Public Utilities.
American Light & Traction, corn. (qu.). 134
134
Preferred (guar.)
3
Eastern Mass. St. Ry., lot pref
3
Preferred B
*3
Edison Elec. III., Boston (guar.)
Electric Investors, Inc.. pref. (guar.).- 11.75
._ 134
Ft. Worth Power & Light, pref. (qu.)
49.34
Idaho Power. pref. (guar.)
•25c.
Interstate Itys., corn. (guar.)
Knoxville Power & Light, Prof. (guar.). •134
56340
New Orleans Public Service, corn
Newport News & Hampton Ky. Gas &
0131
Co.,corn.(guar.)
Electric
•134
Northern N. Y. Utilities, pref.(guar.)
Northwestern Electric,6% Pref.(guar.). 131
134
First preferred (quar.)
Public Service Investment,com.(guar.). $1.75
51.50
Preferred (guar.)
Sierra Pacific Elec. Co.. pref.(quar.)._ 134
131
Spring Valley Water (guar.)
134
Texas Power & Light, pref.(guar.)
*22
Utica Gas dr Electric, corn.(guar.)
Banks.
Globe Exchange
Fire Insurance.
National Liberty
3
10
Books Closed.
Days Inclusive.
July 1
Aug. 1 Holders of rec. July 15a
Febl'28 Holders of rec. Jan. 150
Aug. 14 Holders of rec. July 31
Aug. 1 July 17 to July 29
Aug. 1 July 17 to July 29
Aug. 15 Holders of rec. July 31
Aug. 1 Holders of rec. July 16
Aug. 1 *Holders of rec. July 15
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 15
Aug. 1 *Holders of rec. July 15
Aug. 1 *July 17 to Aug. 1
Aug. 3 *Holders of rec. July 20
July 1 Holders of rec. June 20
Aug. 1 *Holders of rec. July
Aug. 1 *Holders of rec. July
July 1 Holders of rec. June
July 1 Holders of rec. June
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
June 30 Holders of rec. June
Aug. 1 Holders of rec. July
July 15 *Holders of rec. July
15
15
I80
180
15
15
150
16a
16
5
Aug. 1 July 21
to
July 31
2
to
July
July 11 July
10
Miscellaneous.
*I% Aug. 1 *Holders 01 100. July 15
American Sales Book, pref.(guar.)
$2.2S Aug. 3 Holders of rec. July 80
Amoskeag Mtg.. preferred
50c. July 31 Holders of rec. July 17a
Arizona Commercial Mining
134 Aug. 1 Holders of rec. July 20
Brown Shoe, pref.(guar.)
0134 Aug. 1 *Holders of rec. July 25
Bunte Bros., pref.(quar.)
*$1.50 ept.15 *Holders of rec. Aug. 31
S
California Packing. com. (guar.)
Century Ribbon Mills, corn.(guar.)._ •50c. July 31 *Holders of rec. July 20
134 Sept. 1 *Holders of rec. Aug. 21
•
Preferred (guar.)
*31
Aug. 1 *Holders ot rec. July 16
Corrode Pasco Copper (guar.)
.14 68340 Aug. 1 Holders of rec. July 15
Cities Service, bankers shares
Cluett, Peabody & Co., corn.(quar.)... lg Aug. 1 Holders of rec. July 21
2
July lb July 2 to July 14
Collins Co.(guar.)
*51
Aug. 1 *Holders of rec. July 20
Columbian Carbon (quar.)
Invest.Tr.Corp..coin.(qu) 62c. Aug. 15 Holders of rec. July 316
Commercial
*50c. July 30 *Holders of rec. July 20
Congoleum-Nairn, Inc. (guar.)
$1
Aug. 1 Holders of rec. Aug. 56
Continental Can, corn.(guar.)
Holders of rec. July lger
335 Aug.
Cuba Co.. preferred
Exchange Buffet Corp.(guar.)
3734c July 3 *Holders of rec. July 18
•
20c. Sept. *Holders of rec. Aug. 20
Fair (The), common (monthly)
20c. Oct.
Holders of rec. sect. 20
Common (monthly)
20c. Nov.
Holders of rec. Oct. 20
Common (monthly)
Holders of rec. July 20
134 Aug.
Preferred (Qum.)
Holders of rec. July 18a
*24 Aug.
Fajardo Sugar ((War.)
Holders of ree. July 22a
Aug.
General Cigar Co., Inc., corn. (guar.).- 2
Holders ot rec. Aug. 24a
154 Sept.
Preferred (guar.)
Holders of rec. Sept. 24a
Debenture preferred (guar.)
14 Oct.
25e. Aug. 20 Holders of rec. Aug. 10a
General Development(guar.)
*750. Sept. *Holders of rec. Aug. 1
Gillette Safety Razor (guar.)
*25e. Sept. *Holders 01 rec. Aug. 1
Extra
June 23 to June 30
Goodyear Tire & Rubber of Calif.,pf.(qu) 134 July
Gossard (H. W.) Co.. prof. (guar.).- 0134 Aug. 'Holders of rec. July 20
Aug. 1 *Holders of rec. Aug. 5
Hercules Powder. pref.(guar.)
'1 34
*Holders of rec. July 15
'154 Aug.
Holly Sugar, pref.(guar.)
'5154 Aug. 'Holders of rec. July 16
Preferred (acct. mem.dIv.)
JULY 11 1925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Homestuke Mining (monthly)
50c. July 25 Holders of rec. July 20
International Nickel, pref.(guar.)
1% Aug. 1 Holders of rec. July 18
Iron Products Corp., corn
75c. July 36 Holders of rec. July 16a
K.0.Clay Cods St Joseph Co.,pf (Ou.) 1% July 1 Holders of rec. June 200
Kress (S. H.) & Co., corn. (guar.)
*1
Aug. 1 *Holders of rec. July 20
Lanston Monotype Machine (guar.). _ *156 Aug. 31 *Holders of rec. Aug. 21
Louisville Provision, preferred
356 July 1 Holders of rec. June 30
Miami Copper Co. (guar.)
250. Aug. 15 Holders of rec. Aug. la
Moore Drop Forging, Class A (guar.)_ _ $1.50 Aug. 1 Holders of rec. July 200
Pacific Coast Co.. let preferred
2)6 Aug. 1 Holders of rec. July 240
Penmans, Limited, corn. (Qua?.)
2
Aug. 15 Holders ol rec. Aug. 5
Preferred (guar.)
1% Aug. 1 Holders of rec. July 21
Producers& Refiners Corp., pre!,
(guar.) *8756c Aug. 3 *Holders of rec. July 17
Pullman Company (guar.)
*2
Aug. 15 *Holders of rec. July
Savannah Sugar Refg., corn. (guar.)_ _ _ $1.50 Aug. 1 Holders of rm. July 31
15
Preferred (guar.)
1% Aug. 1 Holders of rec. July 15
Scott Paper. pref. (guar.)
*1% Aug. 1 *Holders of rec. July 24
Shell Tramp. & Trading (Amer. eh.).
*51.21 July 25 *Holders of rec. July 16
Traylor Engineering & Mfg., pref.(qu.). 2
July 1 Holders of rec. June 27a
Union Oil of California (guar.)
.45c. Aug. 10 *Holders of rec. July 18
Universal Pipe & Radiator,pref.(quar.). 1% Aug. 1 Holders of rec.
July 180
Wilcox Oil & Gas, new stk. no par (qu.). *50c. Aug. 5 *Holders of rec. July 15
Par value $5 stock
*100. Aug. 5 *Holders 01 000. July 15
Woolworth (F. W.) Co.(guar.)
*75c. Sept. 1 *Holders of rec. Aug. 10
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends anno unced this week, these being given in the preceding table.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
151
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Detroit Edison Co.(quar.)
2
July 15 Holders of rec. June 200
Dominion Power & Transmission (guar.) 154 July 15 June 22 to June 30
East Bay Water, pref., Clam A (quar.)_
134 July 15 Holders of rec. June 30
Preferred. Class B (guar.)
154 July 15 Holders of rec. June 30
Edison Elec. Ill. of Brockton (quar.)_ _ 82550. Aug. 1 Holders of rec. July 15a
Electric Bond & Share Co., prof.(guar.) 1% Aug. 1 Holders of rec. July 15
Elec. Bond & Share Sec. Corp.(guar.)- 250. July 15 Holders of rec. June 18
Elec. Pow. dr Lt. 2d pt. (qu.)(No. 1). _ *$1.75 Aug. 1 *Holders of rec. June 30
El Paso Electric Co.. pref. A (quar.)... 134 July 15 Holders of rec. July la
Preferred, Series B (guar.)
134 July 15 Holders of rec. July la
Georgia Ry. & Power, 2nd pref. (guar.)
Sept. I Holders of rec. Aug. 20
Second preferred (guar.)
.....
1
Dec. 1 Holders of rec. Nov.20
Illinois Northern Utilities, pref. (guar.). •154 Aug. 1 *Holders of rec. July 15
Illuminating & Power Scour., corn.
(qu.) 45c. Aug. 10 Holders of rec. July 31
Preferred (guar.)
131 Aug. 15 Holders of rec. July 31
International Telep. & Teleg.(guar.)... 1% July 15 Holders of rec. June 276
Kaministiquia Power (guar.)
Aug. 15 Holders of rec. July 31
2
Kentucky Securities, pref. (quar.)
155 July 15 Holders of rec. June 22a
Kentucky Utilities Co.. pref. (quar.)
154 July 15 June 28 to June 30
Kkdoch-BloomIngton Telco., common__
2
July 15 July 11 to July 14
Preferred
354 July 15 July 11 to July 1,4
Laurentide Power (guar.)
134 July 15 Holders of rec. June 30
Louisville Gas Jr Elec. of Ky., pt.(qu.). 154 July 15 Holders of rec. July la
Lowell Elec. Light Corp.(guar.)
6254e Aug. 1 Holders of rec. July 146
Manchester Tr., L. & Pow.(guar.).
2
July 15 Holders of rec. July 1
Massachusetts Gas Cos., corn. (guar.).- $1.25 Aug. 1 Holders of rec. July 15
Massachusetts Ltg. Cos., 6% pf. (qu.). 1% July 15 Holders of rec. June 25
.
8% preferred (guar.)
July 15 Holders of rec. June 35
2
Michigan G.& El. Co., pr.lien (quar.)
134 July 15 Holders of rec. June 306
Preferred (qua?.)
1% July 20 Holders of rm. June 300
Middle West Utilities, pref. (guar.).
154 July 15 Holders of rec. June 30a
Mllwaukee Elec. Ry.& Lt.,6% Pl.(qu.) 1% July 31 Holders of rm. July 200
Missouri Gas & Elec.. prior lien (qu.)._ *$1.75 July 15 *Holders of rec. June 30
Montreal Lt., Ht.& Pow.Consol.(qu.)- 2
Aug. 15 Holders of coup. No.36r
MontrealLight. Heat&Pow.Co.(guar.) 2
Aug. 15 Holders of rec. July 31
Montreal Telegraph (guar.
p2
July 15 Holders of rec. June 306
Mountain States Power, pref.(quar.)
1% July 20 Holders of rec. June Ma
National Fuel Gas(guar.)
134 July 15 Holders of rec. June 300
Nevada-Calif. Elec. Corp.. pref.(guar.). 1% Aug. 1 Holders of rec. Jane 30
New York Telephone, pref. (quar)..... 1% July 15 Holders of rec June 200
Niagara Falls Power, pref. (guar.)
43%c.July 15 Holders of rec. June 300
Northern Indiana Gas & El , pf. A (gm.) 134 July 14 Holders of rec. June 30a
Nor.StatesPow.of Del., com.,A (guar.)
Aug. 1 Holders of rec. June 300
Preferred (guar.)
154 July 20 Holders of rec. June 304
Ohio Edison,6.5% pref.(guar.)
$1.65 Sept. 1 Holders of rec. Aug. 15
Six per cent preferred (guar.)
154 Sept. I Holders of rm. Aug. 15
Seven per cent preferred (guar.)
1% Sept. 1 Holders of rm. Aug. 15
8.6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 15
Oklahoma Natural Gas Co.(guar.)
50c. July 20 Holders of rec. J11110 286
Pacific Gas & Elec.. common (guar.)... 2
July 15 Holders of rec. June 300
Pacific Teleph. & Teleg.. pref.
__
154 July 15 Holders of rec. June 300
Penn-Ohio Power & Lt.,7% pref. (qu.)_
154 Aug. 1 Holders of roe. July 22
8% preferred (qua?.)
2
Aug. 1 Holders of rec. July 22
Peoples Gas Light & Coke (quar.)
2
July 17 Holders of rec. July 3
6
Philadelphia Company, common (guar.) $1
July 31 Holders of rec. July 1
Philadelphia Rapid Transit (guar.)._
$1 July 31 Holders of rec. July 150
Philadelphia & Western Hy., prof.(qu.). 62)4c July 15 Holders of rec. June 300
Power Corporation, pref. (guar.)
14 Aug. 1 Holders of rec. July 150
Public Buy. Elec. Pow., pref. (guar.)._ 14 Aug. 1 Holders of rec. July 150
Pub. Berv. of N.Ill., corn.(no par)(qu.) $2
Aug. 1 Holders of rec. July 15
Common ($100 par) (guar.)
Aug. 1 Holders of rec. July 15
Puget Sound Power & Light,corn.(qu.). 1
July 15 Holders of rec. June 206
Prior preferred (guar.)
131 July 15 Holders of rec. June 200
Preferred (guar.)
14 July 15 Holders of rec. June 200
Quebec Power, common (gear.)
194 July 15 Holders of rec. June 30
Preferred (quar.)
14 July 15 Holders of rec. June 30
Railway Ss Light Securities, corn.& pref.
3 Aug. 1 Holders of rec. July 15
Ban Diego Consol. G.& E., pref.(go.).. 134 July 15 Holders of rec. June 30
Sayre Electric Co.. pref. (guar.)
134 July 15 Holders of rm. June 2e6
South Pittsburgh Water, corn. (quar.)_. 1)4 July 20 Holders of rec. July 166
Preferred (guar.)
14 July 15 Holders of rec. July 1
Seven per cent preferred (guar.)
14 July 15 Holders of rec. July la
Five per cent preferred
234 Aug. 19 Holders of rec. July 34
Southern Canada Power. pref. (quar.)
14 July 15 Holders of roe. June 250
Southern New Eng. Telep (quar.)
July 15 Holders of rec. June 300
2
Southern Wisconsin Elec. Co., prof.(qu.) 14 July 15...Holders of rec. June 30.
Standard Gas & Electric, corn.(qua?.).. 750. July 25 Holders of rec. June 30a
Seven per cent preferred (guar.)
134 July 25 Holders of rec. June 300
Tennessee Elec. Power 2d pref.(guar.) _ $1.50 Aug. 1 Holders of rec. July 13
Texas Electric Ry., common (guar.)... 1
Sept. 1 Holders of rec. Aug. 15
Second preferred (guar.)
14 July 15 Holders of rec. Aug. 1
Tel-City Ry.& Light.common (guar.)
234 Oct. 1 Holders of rec. Sept.20
Common (guar.)
24 Jan1'26 Holders of rec. Doe. 20
United Gas & Electric Company, pref__ _
24 July 15 Holders of rec. June 30
United Gas Improvement,corn.(guar.)_ $1
July 15 Holders of rec. June 20a
Common (extra)
$1.50 July 15 Holders of rec. June 300
United Light & Power, corn. A & B (qu.) 50c. Aug. 1 Holders of rec. July 15
United Light & Rys., corn. (guar.)
2
Aug. 1 Holders of rec. July 15
Prior preferred (guar.)
1.624 Aug. 1 Holders of rec. July 156
Virginia Ry. & Power, pref. (guar.)... _
14 July 20 Holders of rec. June 300
Washington Water Power,Spokane (qu.) 2
July 15 Holders of rm. June 256
Western Power Corp.. pref. (guar.)._
144 July 15 Holders of rec. June 300
Western States Gas Sr El.of Del.,pf.(qu.) 14 July 15 Holders of rec. June 300
Western Union Telegraph (guar.)
14 July 15 Holders of rec. June 250
West Penn Company,common (quar.)_
$1 Sept.30 Holders of rec. Sept.154
Preferred (quar.)
134 Aug. 15 Holders of rec. Aug. la
West Penn Power Co..7% prof.(guar.). 134 Aug. 1 Holders of rec. July 15
West Penn Rye.. pref. (guar.)
14 Sept.15 Holders of rec. Sept. 1
Winnipeg Elec. Ry.,common
1
Aug. 1 Holders of rec. July 10
Wisconsin River Power. pref. (qua?.).. *El .75 Aug. 20 *Holders of rec. July 31
Banks.
Commonwealth
5
July 15 Holders of rec. June 304
Corn Exchange (guar.)
5
Aug. 1 Holders of rec. July 310
Railroads (Steam).
Alabama Great Southern, preferred _ _ _ _
351 Aug. 17 Holders of rec. July 13
Atch. Topeka & Santa Fe. corn. (qu.)__
Sept. 1 Holders of rec. July 240
Preferred
256 Aug. 1 Holders of rec. June 26a
Baltimore Jr Ohio, corn. (qua?.)
154 Sept. 1 Holders of rec. July 18a
Preferred (guar.)
1
Sept. 1 Holders of rec. July 18a
Canada Southern
154 Aug. 1 Holders of rec. June 260
Central RR. of N.J. (guar.)
2
Aug. 15 Holders of rm. Aug. 5a
Extra
2
July 15 Holders of rec. July 70
Cincinnati Northern
5
Aug. 1 Holders of rec. July 24a
Clev. Gin. Chic.& St. L..corn.& Pf.(qu-) 154 July 20 Holders of
rec. June 280
Delaware & Hudson Co.(guar.)
251 Sept.21 Holders of rec. Aug. 28a
Delaware Lackawanna & Western (qu.). $1.50 July 20 Holders
of reo. July 6a
Detroit River Tunnel
3
July 15 Holders of rec. July 8a
Great Northern, preferred
256 Aug. 1 Holders of rec.
Gulf Mobile & Northern, pref.(guar.).- 156 Aug. 15 Holders of rec. June 26a
Aug. la
Illinois Central,common (guar.)
Sept. 1 Holders of rec. Aug. 6a
Preferred (guar.)
3
Sept. 1 Holders of rec. Aug. 5a
Kansas City Southern, preferred (guar.). 1
July 15 Holders of rec. June 30a
Little Schuylkill Nay., RR.& Coal
$1.25 July 15 June 20 to July 16
Louisville & Nashville
3
Aug. 10 Holders of rec. July 15.
MahonIng Coal RR., common
$12.50 Aug. 1 Holders of rec. July 15a
Michigan Central
10
July 29 Holders of rec. June 266
Missouri-Kansas-Texas, pref. A (Quar.)- 1 54 Aug. 1 Holders
of rec. July 15a
New York Central RR.(guar.)
144 Aug. 1 Holders of rec. June 26a
Norfolk & Western, corn. (guar.
154 Sept.19 Holders of rec. Aug. 310
Adjustment preferred (guar.)
1
Aug. 19 Holders of rec. July 3I0
Northern Central
$2
July 15 Holders of rec. June 30a
Northern Pacific (guar.)
154 Aug. 1 Holders of rec. June 30a
Pennsylvania RR.(guar.)
75c. Aug. 31 Holders of rec. Aug. la
Pere Marquette, prior pref. (guar.)_ _
154 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
151 Aug. 1 Holders of rec. July 15a
Pitts. Gin. Chlo.& St. Louis. pref
2
July 20 Holders of rec. JulydlOa
Pittsburgh & Lake Erie
$2.50 Aug. 1 Holders of rec. July 170
Reading Company,common (quar.).... 21
Aug. 13 Holders of rec. July 20a
First preferred (guar.)
50c. Sept.10 Holders of rec. Aug. 296
Second preferred (guar.)
500. Oct. 8 Holders of rec. Sept.220
St. Louis-San Fran., pref., Ser. A.(qu.). 156 Aug. 1 Holders
of rec. July 15a
Preferred, Series A (guar.)
151 Nov.
Holders
Southern Railway, common (guar.)--- 154 Aug. 2 Holders of rec. Oct. 156
1
of rec. July 100
Preferred (guar.)
151 July 15 Holders of rec. June 25a
Wabash Ry., preferred A (guar.)
134 Aug. 25 Aug. 11 to Aug. 24
Western Pacific RR. Corp.. corn
5
July 15
Corn.(payable In com,and Prof.stock) (0 July 15 Holders of rec. June 300
Holders of rec. June
Preferred (account accum. dividends). 51.558 July 15 Holders of rec. June 300
300
Preferred (payable in corn. dr Prof.stk.) (f) July 15 Holders of rec.
June 30a
Public Utilities.
All America Cables (guar.)
134 July 14 Holders of rec. June 30a
Amer. Electric Power, prof. (guar.)... _
151 Aug. 15 Holders of rec. Aug. 5a
American Gas & Electric Co.
Preferred (unstamped non-par stock)_ 21.50 Aug. 1 Holders of
rec. July 10
Preferred ($50 par stock)
156 Aug. 1 Holders of rec. July 10
American Gas of New Jersey (quar.)_
134 July 15 Holders of rec. June 30a
American Gas of Pennsylvania (guar.)
The. July 15 Holders of
Amer. Superpower Corp., part. pf.(qu.) 131 Aug. 15 Holders of rec. June 30a
rec. July 3Ia
American Telephone & Telegraph (on.). 251 July 15 Holders of res. June 200
Amer. Water Works & Elec., corn.
Common (altar.)
30e. Aug. 15 Holders of rec. Aug. la
Seven per cent first pref.(glum)
151 Aug. 15 Holders of rec. Aug. la
Six per cent partic. pref. (guar.)
134 Aug. 15 Holders of rec. Aug. la
Appalachian Power, pref. (guar.)
*151 July 15 *Holders of rec. July 1
First preferred (guar.)
*151 Aug. 1 *Holders of rec. July 15
Associated Gas & Elec.Co., pref.(extra) 1254c Oct. 1 Heiden) of roe.Sept. 10a
Preferred (extra)
1254c Jan 1'28 Holders of rec. Doe. 100
Class A (guar.)
6254c Aug. 1 Holders of rec. July 106
Clam A (guar.)
6256c Nov. 1 Holders of rec. Oct. 9a
Bell Telephone of Canada (guar.)
2
July 15 Holders of rec. June 23
Bell Telephone of Pa., corn. (quar.).
*2
July 30 *Holders of rec. June 29
Preferred (guar.)
14 July 15 June 21 to July 21
Boston Consolidated Gas, preferred...
334 Aug. 1 Holders of rec. July
Bklyn.-Manhatran 'Fran., prof. (quar.). $1.50 July 15 Holders of rec. July 15
Trust Companies.
California-Oregon Power, pref. (guar.). 154 July 30 Holders of rec. July la
15a Title Guarantee & Trust (extra)
Carolina Power & Light, common (qu.)- $1.50 Aug. 1 Holders of rec.
July 15
Cedar Rapids Mtg. & Power (guar.) -.% Aug. 15 Holders of rec. July 31
Fire Insurance.
Central Ill. Public Sem.. pref. (guar.).- $1.50 July 15 Holders
American Alliance
Central Power Co.(Neb.), pref.(guar.). I% July 15 Holders of rec. June 30
of rec.
Great American
Central Power & Light, preferred (guar.) 151 Aug. 1 Holders of rec. June 30
July 15
Niagara
Ches. & Potomac Telep., pref. (qu.)-- I% July 15 Holders of rec.
June 30
Chicago Rap. Tr., pr. pf. A (mthly.).._
.
85c, Aug. 1 Holders of rec. July 216
Miscellaneous.
Prior preferred (monthly)
65e. Sept. 1 Holders of rec.
Clue. Newport& Coy. L.& Tr.,com.(qu) 134 July 15 July 1 to Aug. 180 Abitibi Power dr Paoer, corn. (quar.).._
July 15
Aeolian, Weber Plano & Plano's, pf.(qu.)
Preferred (guar.)
134 July 15 July 1 to July 15
Mr Reduction (guar.)
Cleveland Elec. Illuminating, corn.(qu.) 234 July 15 Holders of rec.
Columbia Gas .4 Elec., common (on.).. 135c. Aug. 15 Holders of rec. July la Alliance Realty (guar.)
July 310 Allied Chemical & Dye, corn. (guar.)._ _
Preferred. Series A (quar.)
154 Aug. 15 Holders of rec. July 31a Allis-Chalmers
Mfg.. common (qua?.)..
Commonwealth-Edson Co. (guar.)...- *2
Aug. 1 *Holders of rec. July 15
Preferred (guar.)
Commonwealth Gab & Elec., pref.(qu.). $1.50 July 15 Holders
rec.
Commonwealth Pow.Corp.,corn. (qtr.). $1.50 July 21. Holders of rec. July la Aluminum Manufactures. Inc.,com.(qu)
of
July 1
Co-ninon (guar.)
Preferred (guar)
154 Aug. 1 Holders of rec. July 13
Preferred (qua?.)
Consolidated Tree. of N.J
2
July 16 Holders of rec. June 30a
Preferred (guar.)
Consumers Power
Amalgamated Sugar, 1st pref. (guar.)
6% pref .
(guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
American Art Works, corn.& prof.(gu.).
6.6% preferred (guar.)
$1.65 Oct. 1 Holders of rec. Sept. 15
American Bank Note, corn. (quar.)...
_
7% preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
American Beet Sugar,common (2uar.)._
6% preferred (monthly)
60e. Aug. I Holders of rec. July 15
Common (guar.)
6% preferred (monthly)
50e. Sept. 1 Holders of rec. Aug. 15
Common (guar.)
6% preferred (monthly)
50c. Oct. 1 Holders of rec. Sept. 15
American Can, corn. (guar.)
BSc. Aug. 1 Holders of rec. July 15
6.6% Preferred (monthly)
American Cigar, corn. (guar.)
6.6% preferred (monthly)
550. Sept. 1 Holders of roe. Aug. 15
American Glue, pref. (guar.)
550. Oct. 1 Holders of rect. Sent. 15
6.6% preferred (monthly)
American Ice, corn.(guar.)
Continental Gas & Elec., corn.(quar.).. $1.10 Oct. 1
Preferred (guar.)
Prior preference (guar.)
1.54 Oct. 1
Amer.Laundry Machinery, corn.(qu.)..
Participating preferred (guar.)
156 Oct. 1
Common (guar.)
Participating preferred (extra)
54 Oct. 1
Preferred (guar.)
154 Oct. 1
Preferred (quar.)
Preferred (guar.)
131
167
4
Sept.30 Holders of rec. Sept. 22
4
July 15 Holders of rec. June 300
4
July 15 Holders of rec. June 300
52.50 July 13 Holders of rec. July sa
51 July 20 Holders of rec. July lea
14 July 15 Holders of rec. July 100
El
July 15 Holders of rec. June 306
2
July 17 Holders of reg. July 1011
$1 Aug. 1 Holders of rec. July 150
14 Aug. 15 Holders of roe. July 240
14 July 15 Holders of rec. June 240
37540. Sept.30 Holders et rec. Sept.156
374e. Dec. 31 Holders of rec. Doe. 156
1
1 u j.26 Holde of rec. Sept.20a
154 Oct.Holders
Holders of rec. Dec. 200
2
Aug. I Holders of rec. July 176
1.25 July 15 Holders of rec. June 3
131
0a
$
Aug. 15 Holders of rec. Aug. la
1
July 31 Holders of roe. July Ila
1
Oct. 31 Holders of rec. Oct. 100
1
Jantillt Holders of rec. Jan.() 264
14 Aug. 15 Holders of rot. July 810
14 Aug. 1 Holders of rec. July 16
2
1u Aug. I Holders or rec. July 15
July 25 Holdersof rec. July 100
1
July 25 Holders of rec. July 10a
750. Sept. 1 Aug. 23 to Sept. I
75c.Dec.Deo. I Nov.23 to Dec. 1
134 July 15 July 5 to July 15
134 Oct. 15 Oct. 6 to Oct. 15
Name of Company.
[VOL 121.
THE CHRONICLE
168
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued.)
July 15 Holders of rec. June 30
2
Am La France Fire Eng.,Inc., com.(qu) 250. Aug. 15 Holders of rec. Aug. la General Electric, common (guar.)
15o. July 15 Holders of rec. June 3a
Special stock
1,4 Oct. 1 Holders of rec. Sept. Ifla
American Linseed, pref.(guar.)
75e. July 31 Holders of rec. July 16
American Locomotive, common (extra). $2.50 Sept.30 Holders of rec. Sept.14a Gilchrist Co
134 Aug. 1 Holders of rec. July 15a
82.50 Dec. 31 Holders of rec. Dec. 140 Gimbel Bros..pref.(guar.)
Common (extra)
3734e. July 20 Holders of rec. July 106
Ginter Company, corn, (guar.)
Amer. Manufacturing. corn.(quar.)..... 134 Oct. 1 Sept. 16 to Sept.30
Rubber, pref.(quar.)_ _
Goodyear Tire &
134 Dec. 31 Dec. 16 to Dec. 30
134 July 15 Holders of rec. June 20a
Common (guar.)
20e. Aug. 1 Holders of rec. July 21a
134 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
Gossard (H. W.)Co.(monthly)
25c. Sept. 1 Holders of rec. Aug. 216
134 Dec. 31 Dec. 16 to Dec. 30
Monthly
Preferred (guar.)
250. Oct. 1 Holders of rec. Sept 19a
Monthly
American Rolling Mill, corn.(guar.)_ _ _ 50o. July 15 Holders of rec. June 30
250. Nov. 2 Holders of rec. Oct. 210
Monthly
July 15 Holders of roe. July 1
Common (payable in common stock). 5
June 300
25e. Doe. 1 Holders of rec. Nov.200
Monthly
Amer. Seeding Machine, pref. (quar.)-- 131 July 15 Holders of rec.
134 Oct. 1 Holders of rec. Sept. I56
American Shipbuilding, corn. (guar.).
- 2
Aug. 1 Holders of rec. JU11 15a Gulf States Steel, 1st pref. (guar.)
134 Jan3'26 Holders of rec. Dec. 150
First preferred (guar.)
Nov. 2 Holders of rec. Oct. 150
Common (guar.)
2
250, Sept.15 Holders of rec. Sept.100
154 Aug. 1 Holders of rec. July 150 Hall (C. M.) LOME)
Preferred (mar.)
25e. Dec. 15 Holders of rec. Dec. 106
Amer.Smelting & Refg.,common (guar.) 134 Aug. 1 Holders of rec. July 100 Hall (C. M.) Lamp
134 July 31 July 25 to July 31
Preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 7a Halle Bros., preferred (guar.)
750. July 15 Holders of rec. July la Happiness Candy Stores, Inc.(No. 1)._ 25e. July 15 Holders of rec. July 3
Amer. Steel Foundries, corn. (quar.)
American Type Founders, corn.(guar.). 2
July 15 Holders of rec. July 3a Harbison-Walker Refract..Pref. (guar.) 134 July 20 Holders of rec. July 1041
*134 Aug. 1 5Holdors of rec. July 20
134 July 15 Holders of rec. July 3a Harris Bros., Preferred (guar.)
Preferred (quar.)
Hibbard.Spencer,Bartiett dc Co.,(mthly) 35e. July 31 Holders of rec. July 24
American Woolen, pref.(guar.)
134 July 15 June 16 to June 25
35e. Aug. 28 Holders of rec. Aug. 21
Anaconda Cooper Mining (guar.)
76e. Aug. 24 Holders of rec. July 180
Monthly
350. Sept.25 Holders of rec. Sept. 18
Archer-Daniels-Midland Co., pf. (g11.)-- 31.75 Aug. 1 Holders of rec. Julyd2la
Monthly
20c, Sept.25 Holders of rec. Sept. 18
Art Metal Construction (guar.)
Extra
25c. July 31 Holders of rec. July 180
Asbestos Corp. of Canada, COM.(QUM%) 1
July 15 Holders of rec. July 20 Hillcrest Collieries, common (quar.)
134 July 15 Holders of rec. June 30
Preferred (quar.)
1M July 15 Holders of rec. June 30
Preferred (guar.)
134 July 15 Holders of rec. July 20
51
July 15 Holders of rec. July 60
Associated Dry Goods Corp., coin.(qu.) 63c Aug. 1 Holders of rec. July 110 Hoe (R.) Jr Co., class A (guar.)
1.6 July 15 Holders of rec. June 29
Hollinger Consul. Gold Mines
let pref.(guar.)
134 Sept. 1 Holders of rec. Aug. 15
134 Aug. 1 Holders of rec. July 15
Second preferred (guar.)
Holly Sugar Corp., pref. (guar.)
134 Sept. I Holders of rec. Aug. 15
July15 Holders of rec. July 140
Associated Industrials, lot pref.(guar.). 2
Preferred (sect, accumulated divs.)„ 5134 Aug. 1 Holders of rec. July 15
4,134 Aug. 1 *Holders of rec. July 20
Associated 011 ((Man)
500. July 25 Holders of rec. June 300 Hood Rubber Co., pref. (guar.)
a
140
150
25o.
75c. S:g. 21 Holdersof frecoo..
p.
ut
e
Atlantic Refining, Pref. (guar.)
134 Aug. 1 Holders of rec. July 150 Household Products, Inc., (guar.)
July
250.
ALMS Powder, pref.(guar.)
134 Aug. 1 Holders of rec. July 200 Hupp Motor Car, common (guar.)
July 17 Holders of rec. July 10
51
0
Austin, Nichols & Co., Inc., pref. (qu.)_ 13‘ Aug. 1 Holders of rec. July 150 Hurley Machine (guar.)
1)4 Oct. 1 Holders of rec. Sept. 21
Hydraulic Press Brick, preferred (quar.)_
Babcock & Wilcox Co.(guar.)
11‘ Oct. 1 Holders of rec. Sept.20
2.40 July 15 July 4 to July 15
Illinois Brick (guar.)
Quarterly
1,i sal'26 Holders of rec. Dec. 20
2.40 Oct. 15 Oct. 4 to Oct. 15
Quarterly
Quarterly
134 Aprl'26 Holders rec. Mar 20'260
61 Aug. 15 Holders of rec. July 17
Indiana Pipe Line (guar.)
Balaban & Katz, common (monthly)- .250. Aug. 1 *Holders of rec. July 20
234 Sept.20 Holders of rec. Sept. 156
Common (monthly)
Int. Concrete Industries(guar.)
.25c. Sept. 1 *Holders of rec. Aug. 20
134 July 15 Holders of rec. June 256
International Harvester. corn. (guar.)._
Oct. 1 *Holders of rec. Sept. 20
Common (monthly)
*250.
,
4 131 Oct. 1 *Holders of rec. Sept. 20
Internet. Match Corp.. partic. p1.(cm.). 65c. July 15 Holders of rec. June 256
Preferred (guar.)
134 July 15 Holders of rec. July 76
International Paper,6% prof. (quar.)
Barnhart Bros. & Spindler
134 July 15 Holders of rec. July 70
Stamped preferred(guar.)
First and second preferred (qum%)
134 Aug. 1 Holders of rec. July 250
134 July 15 Holders of rec. July 7a
Seven per cent pref.(No. 1)(guar.)._
Bayuk Cigars,first Prof.& cony;
1)4 July 15 Holders of rec. June •30a
Pi
Second preferred (guar.)
July15 Holders of rec. June 30a International Shoe, pref. (monthly)._ 50e. Aug. 1 Holders of rec. July 156
2
hl
•8 1.8734 Aug. 15 *Holders of rec. Aug. 1
July 15 July 7 to July 14
Interstate Iron St Steel, preferred
Beacon 011, preferred (guar.)
250. Aug. 15 Holders of rec. Aug. 3
3
Beech Nut Packing, pref., cl. B (guar.)_
134 July 15 Holders of rec. July la Intertype Corporation, corn.(quar,)
25e. Aug. 15 Holders of roe. Aug. 36
of rec June 30
Common (mare)
Belgo-Canadlan Paper, corn. (guar.) -- 134 July 11 Holders
Aug. 1 Holders of rec. July 20
Big Store Realty Corp
Kaufmann Dept. Stores, corn. (guar.)._ $2
25c. July 15 Holders of rec. July 1
134 Aug. 1 Holders of rec. July 200
Blaw-Knox Co.,corn.(guar.)
Kelsey Wheel, pref. (guar.)
Aug. 1 *Holders of rec. July 21
.2
734c Aug. 26 Aug. 12 to Aug. 26
Preferred (mar.)
Keystone Mining
Aug. 1 *Holders of rec. July 21
$IM July 15 Holders of rec. July 56
Borden Company, common (guar.)--- SI
Sept. 1 Holders of rec. Aug. 15a Lakewood Engineering Con
El Aug. 31 Holders of rec. July 3I0
Preferred (guar.)
1;4 Sept.15 Holders of rec. Sept. la Lehigh Coal & Navigation (quar.)
*31.25 Aug. 1 *Holders of rec. July 11
Briggs Manufacturing (guar.)
8734e. July 25 Holders of rec. July 100 Lehigh Valley Coal
*50c. July 27 *Holders of rec. June 30
Bush Terminal,6% preferred (quar.)
134 July 15 Holders of rec. June 220 Lion Oil Refining (guar.)
134 Aug. 1 Holders of rec. July 150
New 7% debenture (quar.)
134 July 15 Holders of rec. June 22a Loew's Boston Theatre, corn. (quar.)
Canada Cement, Ltd. (guar.)
134 July 16 Holders of rec. June 300 Loew's London Theatres(Canada). KM- 334 July 15 Holders of rec. June 30
Canada Dry Ginger Ale. Inc., Clam A
(Marcus)Theatres, Canada, pref. 334 July 15 Holders of rec. June 30
Loew's
134 Aug. 1 Holders of rec. June 180
& B (guar.)
75c. July 15 Holders of rec. July la Loose-Wiles Biscuit, 2d pref. (quar.)
2
Aug. 1 Holders of rec. July 160
Class A & B (extra)
50c. July 15 Holders of rec. July la Lord dc Taylor, 2d pref. (quar.)
5e. July 15 July 2 to July 14
Ltd
rec. Sept. 25
Canadian Car & Fdy., corn. & pf. (qu.) 134 Oct. 9 Holders of
Lorrain Trout Lake Mines,
Canadian Explosives, Ltd., corn.(qu.).- 2
July 31 Holders of rec. June 300 NiacAndrews & Forbes, corn.(quar.)_... 234 July 15 Holders of rec. June 300
1M July 15 Holders of rec. June 300
Preferred (quar.)
Preferred (guar.)
134 July 15 Holders of rec. June 30a
July 25 Holders of rec. June 25
3
Canadian Industrial Alcohol (quer.). _ 32c. July 15 Holders of rec. June 300 Macfadden Publications, Inc
134 Aug. 1 Holders of roe. July 180
Cartier, Inc., pref. (quar.)
134 July 31 Holders of rec. July 15a Macy (R. H.) & Co., pref. (guar.)
75c, July 15 Holders of rec. June 150
rec. Aug. 1
Casey-Hedges Co.. common (guar.)..._ 234 Aug. 15 Holders of
Magma Copper
Oct. 5
1
Common (guar.)
Magnolia Petroleum, stock dividend_
234 Nov.15 Holders of roe. Nov. 1
Preferred (guar.)
Mailinson(H.R.) dc Co..Inc., pf.(Gu.). 114 Oct. 1 Holders of rec. Sept.226
134 Oct. 1
150 Manati Sugar.common (guar.)
134 Sept. 1 Holders of rec. Aug. lbe
Chicago Pneumatic Tool (guar.)
134 July 25 Holders of rec. July
154 July 18 Holders of rec. July 3
Chicago Yellow Cab (monthly)
331-3e. Aug. I Holders of-rec. July 200 Maple Leaf Milling, preferred (quar.)_ _
134 Oct. 1 Holders of rec. Sept.150
Monthly
331-3c. Sept. 1 Holders of rec. Aug. 20a Marland 011, preferred (guar.)
Childs Co.. corn.(no par) (extra)
(5) Oct. 1 Holders of roe. Aug 284 Marlin-Rockwell Corp.. corn.(quar.)--- 25e, Aug. 1 Holders of rec. July 206
134 Aug. 1 Holders of reo. July 20a
Common (no par value)(extra)
(e) Dec. 80 Holders of roe. Nov 28a McCrory Stores, preferred (guar.)
154 Nov. 1 Holders of reo. Oct. 200
Preferred (guar.)
Chrysler Corp., pref. series A
July 25 Holders of rec. July 100
4
July 20 Holders of rec. June 300
3
C.0 Spring & Bumper, common
.20c. July 15 *Holders of rec. July 7
Mexican Petroleum, corn. (guar.)
July 20 Holders of rec. June 306
2
Aug. 1 Holders of rec. July 15
Cities Service,common (montlY)
Preferred (qui%)
*34
Aug. 1 *Holders of rec. July 15
Preferred and preferred B (monthly).Michigan Limestone & Chem., pf.(qu.)_ 134 July 15 Holders of rec. June 300
12Mo. July 30 July 16 to July 29
City Ice dr Fuel of Cleveland, corn.(qu.) 50e. Sept. 1 Holders of rec. Aug. 12
Mining Corn. of Canada
*Holders of rec. July 15
*75e. Aug.
Common (guar)
Moon Motor Car (guar.)
500. Dec. 1 Holders of rec. Nov.11
July 15 Holders of rec. July la
Cleveland Stone (guar.)
134 Sept. 1 Holders of rec. Aug. 15a Motion Picture Capital Corp., pref.... 4
2c July 15 Holders of rec. July la
Consolidated Car Heating (quar.)
15 Holders of rec. June 30a Mountain & Gulf 011 (guar.)
134 July
lc July 15 Holders of reo. July la
Extra
July 15 Holders of rec. June 30a
Extra
2
Aug. 1 Holders of rec. July 156
Consolidated Cigar Corp.. pref. (gtmr4- 134 Sept. 1 Holders of roe. Aug. 15a Mullins Body Corp., preferred (qua?.)... 2
Prof. (acct. accumulated dividends)._ 51M Sept. 1 Holders of roe. Aug. 15a Murray Body Corp.
.. (134 Oct. 1 Holders of rec. Sept. 160
Common (payable in common stock)
Consolidated Royalty Oil(quar.)
3e. July 20 July 16 to July 20
166
Consol. Mining & Smelting of Canada.. 75c. July 15 Holders of roe. June 300
Common(payable in common stock)__ /134 an.I'26 Holders of rec. Dec. 300
75e. July 15 Holders of rec. June
Continental Motor Corp. (guar.)
20e. July 30 Holders of rec. July 15a National Biscuit, corn.(guar.)
750. Oct. 15 Holders of rec. Sept. 306
Corn Products Refg., corn. (quar.)..,. 50e. July 20 Holders of rec. July 60
Common (guar.)
134 Aug. 31 Holders of rec. Aug. 170
Preferred (guar.)
Preferred (guar.)
134 July 15 Holders of rec. July 6a
Aug. 1 Holders of rec. July 20
*2
Craddock-Terry CO., COMMOD (quar.)- 3
Sept.30 Holders of rec. Sept.15
National Carbon. pref. (guar.)
July 15 Holders of rec. July 96
Common (guar.)
National Cloak St SUR. corn. (qua?.),.. SI
Dec. 31 Holders of rec. Dec. 16
3
11%
Holders of rec. July 15
First and second preferred
Dec. 31 Holders of rec. Dec. 15
Nat. Dept. Stores, preferred (quay.).
3
Class C preferred
Nat. Enameling dc Stamping. pref.(qu.). 1)4 Seim 30 Holders of rec. Sept.10
334 Dec. 31 Holders of rec. Doe. 15
134 Dec. 31 Holders of ree. Dec. 11
Crex Carpet (guar.)
(guar.)
15 Holders of rec. June 300
July
Preferred
SI
1
134 July 15 Holders of rec. July 306
Crucible Steel. common (guar.)
July 31 Holders of rec. July 15a National Fireproofing, preferred (guar.)_
1
Cudahy Packing,corn.(guar.)
July 15 Holders of rec. June 5a
2
National Paper as Type. prof.
134 July 16 July 7 to July 6
Holders of rec. Aug.
Common (guar.)
750. Aug. 15
161 Oct. 16 Oct. 8 to Oct. 15
National Supply of Del.(guar.)
1234e. July 16 Holders 01 rec. July la
Cuyamel Frult.(quar.)
New Medford 011 (guar.)(No. 1)
Aug. 1 Holders of rec. July 15
$1
Aug. 1 Holders of rec. July 8a
Davis Coal dr Coke
$1
July la Holders of rec. June 30a New York Air Brake. corn. (guar.)
3
Oct. 1 Holders of roe. Sept. 96
Delaware Lack. & West. Coal(guar.)_ _ _ $1.25 July 15 Holders of rec. July la
$1
Class A (guar.)
234 July 15 Holders of toe. July 3a
Detroit Motor Bus (quar.)
New York Dock, preferred
July 15 Holders of rec. June 30
*2
•1
50e. July 15 June 2 to July 15
Extra
July 15 Holders of roe. June 30
New York Mortgage. common (guar.)
134 July 15 June 2 to July 15
Diamond Match (guar.)
2
Sept.15 Holders of rec. Aug 3I0
Preferred (guar.)
75e. July 15 Holders of rec. June 19
DietograPh Products Corp., pref. (qu.).. 2
July 15 Holders of rec. June 300 New York Transit (guar.)
du Pont(E. I.) de Nemours & Co.
50e. July 15 Holders of roe. July la
New York Transportation (guar.)
Common (payable in common stock)_ 5
15e. July 20 July 1 to July 19
140 Aug. 10 5Holdors of rec. July 27
Nivissing Mines Co.(guar.)
$3 July 15 Holders of rec. June 250
stock (guar.)
of rec. July 100 Ohio Brass, Class B (guar.)
Debenture
134 July 25 Holders
134 July 15 Holders of rec. June 250
du Pont(E.I.) de Nem.Powd..com.(qu.) 134 Aug. 1 Holders of rec. July 20a , Preferred (guar.)
•500. July 15 *Holders of rec. June 30
Preferred (guar.)
Aug. 1 Holders of rec. July 20a Ohio Fuel Corp. (guar.)
134
500. July 15 Holders of ree. July la
Dodge Bros., pref. (guar.)
$1.76 July 15 Holders of rec. July la Olympia Theatres, coin. (guar.)
134 July 15 Holders of rec. July la
Dome Mines. Ltd.. (quar.)
Preferred (guar.)
500. July 20 Holders of roe. June 30a
Aug. 1 *Holders of rec. July 15
Biscuit, common (guar.)(No. 1)•81
July 15 July 1 to July 2
Dominion Canners,common
Ontario
334
411
Aug. 1 *Holders of rec. July 15
Common (extra)
Preferred (guar.)
134 July 15 Holders of rec. June 30a
.15
Aug. 1 *Holders of rec. July.
*2
Dominion Textile, preferred (guar.)....
134 July 15 Holders of rec. June 30a
Preferred (guar.)
2
Aug. 1 Holders of rec. July 21
Oppenheimer (S.) at Co., pref. (quar.)
Eagle-Plcher Lead, pref. (guar.)
134 July 15 Holders of rec. July 3
Eastern Steamship Lines, Inc, Pt.(qu.) 134 July 15 Holders of rec. June 24a Orpheum Circuit, common (monthly).- 150. Aug. 1 Holders of rec. July 206
15c. Sept. 1 Holders of rec Aug. 200
No Par preferred ((Mar.)
Common (monthly)
87)4c July 16 Holders of rec. July 80
2
Oct. 1 Holders of rec. Sept. 150
Eaton Axle & Spring (guar.)
Aug. 1 Holders of rec. July 15a
Preferred (quar.)
$1.50 July 15 Holders of rec. June 300
*234 Aug. 1 *Holders of rec. July 20
Elgin National Watch (guar.)
Otis Elevator. corn. (guar.)
31
134 July 15 Holders of rec. June 300
Ely-Walker Dry Goods, com.(guar.)... 25e. Sept. 1 Aug. 22 to Aug.
Preferred (guar.)
First preferred
333 July 15 July 4 to July 14
Overman Cushion Tire.com.cl.A&B(gu.) 134 July 20 Holders of rec. June 306
Bottle. common Muer.)
July 15 July 4 to July 14
750. Oct. 1 Holders of rec. Sept. 150
Second Preferred
Owens
3
134 Oct 1 Holders of rec. Sept. 156
Preferred (qua?.)
Aug. 1 Holders of rec. July 15
1
Eureka Pipe Line (guar.)
$1.50 July 20 Holders of rec. June 150
Pacific 011
20e. Aug. 1 Holders of rec. July 20
Fair (The), common (monthly)
July I5a Packard Motor Car, corn.(guar.)
30o. July 31 Holders of rec. July 150
Aug. 1 Holders or rec.
Famous Players-Lasky Corp., pref.(cm.) 2
Common (extra)
50o. July 31 Holders of rec. July 150
160. July 16 Holders of rec. July 2a
Fifth Ave. Bus Securities (guar.)
July 15 July 3 to July 15
Preferred (guar.)
134 Sept. 15 Holders of reg. Aug. 31
Finance Co.of Amer.(Bait.), cons.(qu.)6234e.
Paige-Detroit Motor Car
433(c. July 15 July 3 to July 15
Seven per cent preferred (guar.)
Common (Payable in common stock)_ /10 July 15 Holders of rec. June 300
500. July 15 July 3 to July 15
Eight per cent preferred (quer)
306
Firestone Tire & Rubber, corn,(guar.)._ $1.50 July 20 Holders of rec. July 100 Pan-Am.PeLat Trans..corn.at com.B(4u) $1.50 July 20 Holders of rec. June 150
134 July 15 Holders of rec. July la Penn Traffic
3
Aug. 1 Holders of roe. July 15a
Six per cent preferred (guar.)
Aug. 15 Holders of rec. Aug. 1
Pennock 011 Corp. (guar.)
3734e. Sept.25 Holders of rec. Sept. 300
(guar.)
134
Seven per cent preferred
$1.25 July 16 Holders of rec. June
$1.25 Aug. 1 Holders of rec. July 210 Pennsylvania Salt Mfg.(ause.)
Sieber Body Corp.. corn. (guar.)
Oct. 1 Holders of rec. Sept. 16a Perdigo-Weber Shoe (guar.)
8734c. July 15 Holdets of rec. June 25a
Fisher Body Ohio Co., pref.(guar.)._ 2
June 15a Philadelphia Insulated Wire
July 14 Holders Of roe.
Aug. 1 Holders of rec. July 156
52
S1
Flelehmann Co. (guar.)
Phillips-Jones Corp., preferred (guar.)._ 114 Aug. 1 Holders of rec. July 206
Foot Bros. Gear & Machine. corn.(WO_ 250. Oct. 1 Sept. 1 to Sept.30
(qu
Pierce. Butler & Pierce Mfg.,corn. .)_ I
250. Jan1'26 Dec. 21 to Dec. 31
Jule 15 Holders of rec. July 56
Common (quarterly)
Common (extra)
31.50 Oct. 1 Holders of rec. Sept 210
1
July 15 Holders of rec. July 56
Francisco Sugar(guar.)
134 July 25 Holders of rec. July 106
50c. July 15 Holders of rec. July 70 Pittsburgh Coal, preferred (guar.)
General Refractories (quar.)
July 13a Pittsburgh Plate Glass. common (qua?.) 2
Oct. 1 Holders of rec. Sept.15a
134 Aug. 1 Holders of rec.
General Motors, 7% preferred (quar.)
Oct. 1 Holders of roe. Sept.15a
Common (extra)
5
134 Aug. 1 Holders of rec. July 13a
Six per cent preferred (guar.)
134 Sept. 1 Holders of roe. Aug. 15
134 Aug. I Holders of rec. July 180 Pittsburgh Steel, preferred (guar.)
Six per cent debenture stock (guar.).-
JULY 11 19251
Name of Company.
T1TE CHRONICLE
Per
When
Cent. Payable.
- Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Plymouth Cordage, common (guar.)
132 July 20 Holders of rec. July la
Employees stock (guar.)
132 July 20 Holders of rec. July la
Plymouth 011(No.1)
*250. July 31 *Holders of rec. July 15
Postum Cereal (guar.)
051
Aug. 1 *Holders of rec. July 21
Prairie Oil& Gas (guar.)
50e. July 31 Holders of rec. June 300
Prairie Pipe Line (guar.)
2
July 31 Holders of rec. June 300
Pressed Steel Car. pref.(guar.)
131 Sept. 8 Holders of rec. Aug. 18a
Preferred (guar.)
1M Dee. 8 Holders of rec. Nov. I7o
Procter & Gamble,com.(guar.)
5
Aug. 15 July 16 to Aug. 16
Cora. (extra)(pay.In new com. stk.)_ f4
Aug. 15 July 16 to Aug. 16
Eight per cent preferred (quar.)
2
July 15 Holders of rec. June 25a
Producers Oil Corp., pref. (quar.)
2
Aug. 15 Holders of rec. July 31
Pro-phy-lac-tic Brush (guar.)
*50c. July 15 *Holders of rec. July 1
Extra
025c. July 15 *Holders of rec. July 1
Quaker Oats, com.(guar.)
75e. July 15 Holders of rec. July la
Preferred (quar.)
132 Aug. 31 Holders of rec. Aug. la
Realty Associates, 1st preferred
3
July 15 Holders of rec. July 6
Remington Noiseless Typew.. Pf. Wu.).
July 15 Holders of roe. JUly 3
Remington Typewriter
Second pref.(account accum. dlv.)
82
July 14 July 4 to July 14
Second nref.(account accum. d1v.)..
82
Aug. 14 Aug. 5 to Aug. 14
Richmond Radiator. pref.(quar.)
July 15 Holders of rec. June 300
Preferred (guar.)
131 Oct. 15 Holders of rec. Sept.300
Preferred (fluor.)
134 Jsnil'25 Holders of ree. Deo. 310
River Resin Paper
15c July 15 Holders of rec.
3
Rockland dr Rockport Lime, com.(qu.)_ •133 Aug. 1 *Holders of rec. July 15
July
First preferred
*332 Aug. 1 *Holders of rec. July 15
Second preferred
*3
Aug. 1 *Holders of rec. July 15
Royal Typewriter, com.(guar.)
51
July 17 Holders of rec. July 100
Preferred (guar.)
131 July 17 Holders of roe. July 160
'St. Joseph Lead (quar.)
50c. Sept. 21 Sept. 10 to Sept.21
Quarterly
50e. Dec. 21 Dec. 10 to Dec. 21
Salt Creek Producers Assn. (guar.)
20
Aug. 1 Holders of rec. July 150
Extra
4233c Aug. 1 Holders of rec. July 150
Savage Arms corp., 2d pref. (quar.)
1 33 Aug. 15 Holders of rec. Aug. la
Seagrove Corp., common (guar.)
(9) July 20 Holders of rec. July la
Preferred (guar.)
131
Sears. Roebuck & Co., common (guar.). *$1.50 July 20 Holders of rec. July la
Aug. 1 *Holders of rec. July 15
Securities Company
234 July 15 Holders of rec. June 30a
Simmons Co.. preferred (guar.)
Aug. 1 *Holders of rec. July 15
Smith (Howard) Paper Mills. ord.(qu.) 2
July 20 Holders of red. July 10a
Spalding (A. G.) & Bros., corn. (guar.). $2
July 15 Holders of rec. July 3
First preferred (quar.)
Sept. 1 Holders of rec. Aug. 18a
Second preferred (quar.)
2
Sept. 1 Holders of rec. Aug. 18
Spanish River Pulp & Paper Mills
common and preferred (guar.)
131 July 15 Holders of rec. June 30a
Steel Co.of Canada,corn.& pref.(quar.)
Aug. 1 Holders of rec. July 8
Sterling Products(guar.)
51
Aug. 1 Holders of rec. July 15a
Stetson (John B.) Co..common
$2.50 July 15 Holders of rec. July la
Preferred
$1
July 15 Holders of rec. July la
Sullivan Machinery (quar.)
51
July 15 July 1 to July 14
Superheater Co
51.50 July 15 Holders of rec. July 3
Swift Internacimutl
90e. Aug. 15 Holders often. July 150
Thompson (John R.) Co.. com.(m'thly)
25c. Aug. 1 Holders of rec. July 23a
Common (monthly)
25e. Sept. 1 Holders of rec. Aug. 240
Tobacco Products Corp.. common (qu.). $1.50 July
Transue & Williams Steel Fore.(guar.)_ 50c, July 15 Holders of ice June 30
15 Holders of rec. June 300
Tuckett Tobacoo, common (guar.)
1
July 15 Holders of rec. June 30
Preferred (guar.)
131 July 15 Holders of rec. June 30
Underwood Computing Mach.. pr. (qu.)
Oct. 1 Holders of rec. Sept. 19
Underwood Typewriter, coin.(quar.)
756. Oct. 1 Holders of rec. Sept. la
Preferred (guar.)
131 Oct. 1 Holders of rec. Sept. la
Union Storage (quar.)
• 233 Aug. 11 Holders of rec. Aug. 1
Quarterly
232 Nov.11 Holders of rec. Nov. I
United Drug, first preferred (guar.).
Aug. 1 Holders of rec. July 150
Second preferred (quar.)
134 Sept. 1 Holders of rec. Aug. 156
United Dyewood. Prof. (guar.)
151 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
134. an 1'26 Holders of rec. Dec. 15a
1
United Fruit foliar.1.
231
United Verde Extension Mining (guar.)- 50e. Oct. 1 Holders of rec. Sept. 50
Aug. 1 Holders of rec. June 16
"United States Can. common (quar.)
75e. July 15 Holders of rec. June 30
Preferred (guar.)
.
July 15 Holders of rec. June 30
U.S.Cast Iron Pipe & Fdy., pref.(qu.)_
134 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
131 Dec. 16 Holders of rec. Dec. la
U.S.Industrial Alcohol, pref.(guar.). _
131 July 15 Holders of rec. June 300
U. S. Radiator,common (guar.)
1
July 1.5 Holders of rec. July 1
Preferred (guar.)
151 July 15 Holders of rec. July 1
U. S. Realty a Improvement
Common (payable In common stock). /10
July 15 Holders of rec. June ba
Preferred (quar.)
131 Aug. 1 Holders of rec. June 5a
U.S. Rubber, let pref.(quar.)
2
U.S. Smelt. Ref. & Min., com.(quar.) 75e. Aug. 15 Holders of rec. July 200
July 15 Holders of rec. July 64:
Preferred (guar.)
8734c July 15 Holders of rec. July fla
Utah Apex Mining (guar.)
350. July 15 Holders of rec. July 3
Ventura Consol. Oil Fields (guar.)
50c. Aug.
Warner (Chas.) Co. 1st & 2d pref. (qu.) 131 July 1 Holders of rec. July 15
23 Holders of rec. June 300
Weber dr lielibronerCommon (guar.)
$1
Sept.30 Holders of rec. Sept.150
Common(ow.)
• 51
Dec. 30 Holders of rec. Dec. 15
Preferred (guar.)
151 Sept. 1 Holders of rec. Aug. 17
Preferred (guar.)
131 Dec. 1 Holders of rec. Nov.16
Western Grocer. preferred
334 Jan1'26 Dec. 20 to Jan.1'26
Westinghouse Air Brake (guar.)
21.50 July 31 Holders of rec. June 300
Westinghouse Elec. & Mfg., corn.(qu.). 51
July 31 Holders of rec. June 300
Preferred (guar.)
51
July 15 Holders of rec. June 300
White Eagle Oil & Ref. (quar.)
50a. July 20 Holders of rec. June 30a
White ROcK Mineral Sags.. corn.
-- 30c. Oct. 1 Holders of rec. Sept. 220
Common (extra)
20c. Oct. I Holders of rec. Sept. 22
Common (guar.)
30e. Dec. 31 Holders of rec. Dec.
22
Common re afar
20c. Dec. 31 Holders of rec. Dec. 22
First preferred (Guar.)
Oct. I Holders of rec.
First preferred (quar.)
IM Dee. 31 Holders of rec. Sept. 22
Dec. 22
Second preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 22
Second preferred (extra)
1
Oct. 1 Holders of rec. Sept. 220
Second preferred (quar.)
132 Dec. 31 Holders of rec. Dec. 22a
Second preferred (extra)
1
Dec. 31 Holders of rec. Dec. 220
Woodley Petroleum (guar.)
15c. July 20 Holders of rec. July 50
Wrigley (Wm.) Jr., &
Monthly
25e. Aug. 1 Holders of rec. July 200
Monthly
25e. Sept. 1 Holders of rec. Aug. 20a
Monthly
25c. Oct. 1 Holders of rec. Septd19a
Monthly
25C Nov.d2 Holders of rec. Oct. 200
Monthly
250 Dec. 1 Holders of rec. Nov.200
Yale & Towne Manufacturing (quar.)
$1
Oct. 1 Holders of rec. Sept. 7
Yellow Cab Mfg., Class B
(mouthlY)--- 21e. Aug. 1 Holders of rec. July 20a
Class B (monthly)
21c, Sept I Holders of rec. Aug. 200
Yellow Taxi of Detroit. pref. (guar.)._ _
131 July 15 July 2 to July 15
•From unofficial sources. t The New
will not be quoted ex-dividend on this York Stock Exchange has ruled that stock
date and
New York Curb Market Association has ruled not until further notice. a The
that stock will not be quoted exdividend on this date and not until further
notice.
2 Annual dividend for 1925, all payable in equal
July 1, Oct. I 1925 and Jan. 1 1926. have been quarterly installments on Aprll 1,
declared as follows: On the common
Stock 8440,quarterly installment$1 10;prior preference.
7%.quarterly
151%;participating preferred. 7% regular, quarterly installment 151%; installment
participating
Preferred,2% extra, quarterly Installment )4%;preferred,
6%,quarterly installment
133%•
131
131
*131
131
134
131
134
131
131
a Transfer books not closed for this dividend. d Correction.
e
Payable in common stock. ir Payable in scrip. h On accountPayable in stock.
of accumulated
dividends. m Payable in preferred stock
n Payable in Canadian funds.
p Less Income tax.
r Payable to holders of record July 31,
I The stock dividends declared by Western Pacific RR. are one share of
and one share of preferred for every six shares of stock now outstanding, common
whether
oom. or preferred, and were ratified at a special stockholders' meeting held May 11.
e Childs Company stock dividends are one share of no par value common stock
for each 100 shares no par value common stock held.
Dividend is 30 Cents In cash or 234% in common stock.
169
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 July 3. 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 dollars
-that O. three ciphers (000) mina.)
New
Capital, Profits. Loans,
Resort
,
Week Endln
Discount Cash
with
Net
Time Bale
July 3 1925 Nat'l, Apr. 6 /neat
in
Legal Demand
De- Mar
,
State, Mar.25 M81341, Vault. Dspoil Deposits. posits. la
&c.
(000 omitted.) Tr.Cos.Mar.2
tortes.
Nos
Members of F d. Res. Bank.
Bank of N Y
Trust Co____ 4.000 12,448
Bk of Manhat' 10,000 14,303
Mech & Met Bk 10,000 16,383
6,500 5,243
Bank of Amer(
Nat City Bank_ 50.000 60.552
Chemical Nat__ 4,500 17,228
Amer Exch Nat 5,000 8,383
Nat Bk of Com_ 25,000 39,979
Pacific Bank... 1,000 1,710
Chat&PhenNa 13,500 12,548
Hanover Nat'l_ 5.000 23.827
Corn Exchange_ 10,000 13,995
National Park__ 10,000 23,786
East River Nat'l 2.500 2,240
First National__ 10.000 68,011
Irving Bk-ColT 17,500 12.536
Continental_
1,000 1,066
Chase National_ 20,000 26,015
500 3,016
Fifth
Commonwealii
600 1,047
Garfield Nat'l__ 1,000 1,657
Seaboard Nat'l_ 5.000 8,263
Coal & Iron Nat 1,500 1,424
Bankers Trust_ 20.000 28,131
US Mtge & Tr_ 3,000 4.589
Guaranty Trust 25,000 19,559
Fidelity-InterTr 2,000 2,171
10,000 19,292
NY Trust
Farmers'Ln&Tr 10,000 17,674
Equitable Trust; 23,000 12.201
Average Averag Averag
69,670
$
891
163,240 2.5
177,006 3,502
84,874 1,64
598,210 4,399
124,093 1,441
111,104
922
354,233 1,097
31,124 1,051
218,635 2,309
116.385
58
204,778 6,59
185,561
889
37,82
1,32
319,57
484
282,261 2,889
7,82
173
357.51
4,415
24,71
800
13,59
420
16,74
447
109,09
925
20,86
363
335.18
792
59,48
779
456,94
1,267
21,463
430
173,058
778
151,025
435
264,605 1,475
Total of averages307,100 479,2896.090,68
7,094
19.087
22,572
12,614
70,579
15,048
13,416
40,360
4,369
23,482
14,186
26,575
18,115
4.096
26.817
37,904
906
44,124
3,128
1,303
2,576
13,871
2,465
38.791
7,005
51.858
2,588
20,943
15,723
32.179
Average Away Wes
$
$
53,775 7,493 _
135,130 24.819
167.435 11,0
93,946 3,946 _ _ _ _
*648.936 85,052 850
112,120 6 327 4. 48
386
8
7:478
101,112
311.073 17,655
29,987 3.417
166,40 40,390 5.964
102,223
181,126 29,834
135,690 10,058 3,535
27,98 10,016
516
209,87 22,790 4,451
282.571 28,452
___
6,18
408 __ _4
*351,85 18,923 984
23,24
9,13
3.504
16,480
396
104,36
3,167
49
17,34
1,924 413
*297,44 40,351 ,
53,72
892
*460,10 49,158 ---19,12
1,812 -157,31 26,090
O121.31 25,940 -*294,16 31,610
_8:6
46.079593,774 64.380,718516,775.22,957
Totals, actual colndition July 36,096,412 52,257630,232 e4,415.298507.484.22,952
Totals, actual condition June 275,045,922 45.170 593,885 e4,279,677530.55023,519
Totals, actual co ndition June 205,013.514 43.809616,182 C4,279,246543,42623,433
State Banks Noe M- sabers of Fed 1 Res've Bank.
22,190 1,701 1,963
Greenwich Bank 1,000 2,480
21,422 1.429
906
250
5,325
Bowery Bank__
351
284
2,757 1,904
State Bank__ 3.500 5,396 101,384 4,168 2,221
34,942 63,028
Total of averages
4,750
8,782
128,899
6,220
4,468
59,121 66,361
Totals, actual condition July 3 128,604 6.388 4,055
Totals, actual cdition tine 27 128,394 6.394 4,748
Tota,actual co ndition June 20 129,558 6.241 4.513
ls
Trust Companies Not Membe rs of Fed 'I Res'v e Bank
62,617 1,387 4,829
Title Guar & Tr 10,000 16,501
Lawyers Trust. 3.000 3.031
21,523
846 1,619
58,823 66,267
58.277 66,458
59,812 66.337
41.179
16,840
2,125
1.054
Total of averages 13,000 19,532
84,140
2,233
6,448
58,019
3,179
Totals, actual condition July 3
Totals, actual condition June 27
Totals, actual condition June 20
84,921
82,980
83,372
2,627
2,192
2,147
6,711
6.454
6,507
59.605
56.171
56,842
3,143 -3.193
3,142 ----
Gr'd aggr.,am_ 324,850 507,5845,303,726 54,532604,690 4,497.858586,315 22,957
Comparison with prey. week_ _ +61,826 +953 +16546 +99.280-16.152 --463
Gr'd aggr., act' cond'n June 275.309,937 61,272640.998 4,533,726 576.89422.952
Comparison with prey week.. +52,642 +7,516 +35,911 +139.601 -23,307 -567
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr., cru'l cond'n
aggr., acY1 cond'n
aggr.. actleond'n
aggr., act'l cond'n
aggr., oatcond'n
after., nal cond'n
June 275,257,296
June 205,226.444
June 135,268,830
June 65,236,636
May 29 5,274,289i
May 225,223,6211
53,756 605,087 4,394,125600,201 23.519
52,197627,202 4.395.900612,905 23.433
4,430,109604,596.280
64,068616,311 4,399,270606,347 23,348
62,698841.038 4,458,660624,33323.472
54,606623,901 4.389,695625,971 23,462
Note.
-U. S. deposits deducted from net demand deposits in the general total
above, were as follows: Average total July 3, 512,861,000. Actual totals, July 3.
$11,318,000; June 27, 513,193,000; June 20, 513,196,000; June 13, 519,321,000;
June 6, $19,326,000. Bills payable, rediscounts, acceptances and other liabilities,
average for the week July 3, 5524,696,000; June 27, 5538,162,000; June 20, $542,184.000; June 13, 5551,357,000; June 6, 5539,792,000. Actual totals July 3.
$537,418,000; June 27. $572,577,000; June 20, 5559,866,000; June 13, 5588,412,000;
June 6, $571,002,000.
•
Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $139,536,000; Chase National Bank, 511,481,000; Bankers
Trust Co., $8,053,000; Guaranty Trust Co., 373.378,000; Farmers' Loan & Trust
Co., $8,053,000; Equitable Trust Co., $61,382,000. Balances carried In banks in
foreign countries as reserve for such deposits were: National City, 523.1880,00)
Chase National Bank, $2,121,000; Bankers Trust Co., $5.350.000; Guaranty Trust
Co.. $4,159,000; Farmers' Loan & Trust Co., 52,053,000; Equitable Trust Co..
58.840,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank
State Banks*
Trust companies*._ _
Totals July 3._ _ _
Total June 27....
Total June 20...
Total June 13....
6,220,000
2,233,000
Total
Reserve.
Reserve
Required,
$ .
5
593,774,000 593,774,000 584,996,590
4,468.000 10,688.000 10,641,780
6,448,000 8,681,000 8,702,850
Surplus
Reserve.
8,777.410
46,220
-21,850
8.453.000604.690.000 613,143,000604,341,220 8,801,780
8,450,000 588,144,000 696.594,000591.883,560 4,708,440
8,514,000 600,759,000 609,273,000 596.233,850 13,039.150
8,658,000 588,992.000 597,650,000 592.700,700 4.949.300
• Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposit, which was as follows;
July 3, 515,503.250; June 27. 315,986,220; June 20, 516,139,310; June 13.
516,050,600; June 6, 516,164,060.
170
THE
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank
State Banks*
Trust companies*_ _ _
Total July
Total June 27
Total June 20
Total June 13
a
Reserve
Required.
Total
Reserve.
I
$
[Vor. 121.
CHRONICLE
Surplus
Reserve.
-In the folBoston Clearing House Weekly Returns.
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
s
630,232,000 630,232,000,589,213,260 41,018,740
6,388,000 4,055,000 10,443,0001 10,588,140 -145,140
397,250
2,627,000 6,711,000 9,338,000, 8.940,750
9,015,000 640,998,000 650,013,000 608,742,150
8,586,000 605.087,000 613,673,000 591,190,020
8,388,000 627,202,000 635,590,000 591,897.220
8,640,000 629,200,000 637,840.000 598,075,620
41,270,850
22,482,980
43,692.780
41,764,380
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank Includes
also amount of reserve required on net time deposits, which was as follows: July 3,
$15,224,520; June 27, $15,916,500; June 20, $16,302,780: June 13, 516,057.140:
June 6, 816,112,610.
July 8
1925.
June 24
1926.
July 1
1925.
Changes from
previous week.
$
$
$
$
66,800,000 66,800,000
68,800,000 Unchanged
Capital
Surplus and profits
89,885.000 Inc.
291,000 89,594,000 89,532,000
Loans, disets & investments_ 975,154,000 Inc. 21,533,000 953.621,000 954,031,000
Individual deposits,Incl. U.S.676,058.000 Dec. 3,312,000 679,370.000 677,385.000
147,158,000 Inc. 12,810,000 134,548,000 129,723,000
Due to banks
Time deposits
205,701.000 Dee. 3.731,000 209,432,000 207,853,000
7,946,000 Dee.
985,000 8,941,000 9,937,000
United States deposits
Exchanges for Clearing House 33,212,000 Inc.
112,000 33,100,000 29,210,000
Due from other banks
98,977,000 Inc. 8,315,000 90,662,000 97,329,000
Reserve in Fed. Res. Bank- 80,565,000 Inc. 1,268,000 79,297,000 78,334.000
Cash in bank and F. R.Bank 9,505,000 Dec.
492,000 9,997,000 10,324,000
Reserve excess in bank and
454.000
393.000
1.435,000 Inc.
981.000
Federal Reserve Bank
State Banks and Trust Companies Not in Clearing
-The State Banking Department reports weekly
House.
Philadelphia Banks.
Clearing House
-The
figures showing the condition of State banks and trust com- return for the week ending July Philadelphia
3, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by State Banking Department.)
Previous Week. is not a part of legal reserve. For trust companies not memJuly 3.
Loans and investments
$1,099,386,800 Inc.$29,799,600 bers of the Federal Reserve System the reserve required is
Gold
Currency notes
:
22 125:800 Dec. 915,900 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York
100,584,600 Inc. 1,871,000 depositaries" and "Cash in vaults."
Inc. 42,285,400
deposits
Total
1 164,654,000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchanges it U.S. deposits.1,100,751,700 Inc. 30.104,100
172,676,500 Inc. 8,185.000
Reserve on deposits
Percentage of reserve, 21.4%.
RESERVE.
-That Companies
State Banks
$96,687,500 16.12%
Cash in vault*
$30,732,200 14.97%
34,940,700 05.82%
Deposits in banks and trust cos_ _ _ _ 10,316,100 05.02%
Total
$41,048.300 19.99%
$131,828,200 21.94%
*Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on July 3 was $100,584,600.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City- outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
*Total Cash
in Vaults.
Loans and
Investments.
Week EndedMar. 7
Mar.14
Mar.21
Mar.28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
June 27
July 3
Demand
Deposits.
$
6,344,910,100
6,339,319,300
6,282,558,300
6,238,906,800
8,283,140,300
6,247,899,000
6,267,964,100
6,346,753,200
6,405,646,100
6,427,995,400
6.333,256,700
6.257,736,200
8.285,428,000
6.329,320,400
6,319,885,700
6,336.178,900
6,311,487,200
6.403.112.800
$
5,524,285,800
5,525.702,500
5,452,289,100
5,349,637,400
5,422,329,800
5,359,115,500
5,402,569,400
5,519,884,000
5,610,150,900
5,604,043,500
5,523.581,000
5,452,014,500
5,439,376,100
5,508,073.800
5,471,996,200
5.502.440.100
5,469,225,600
5.598.609.700
Reserve in
Depositaries.
$
81,257.500
83,304,800
80,044,200
81,472,700
80,546,900
83,581,500
81,882,200
81,268,000
90.497,700
81,204,700
82,201,400
80,842,200
83,550,000
81,243,900
83,427,400
81,037,200
81,431,500
81.367.100
$
726.004,500
733,263.600
725,251,500
707.162,000
722,108,500
708,755,700
722,428,700
728,551,900
749,032,400
742,781,100
729,894,500
720,787,700
719,708,300
732,827,700
726,011,100
741,188,800
724,783,000
750,531.400
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing House
panies.
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is. three ciphers [000] omitted.)
Loans,
Na
DieCapital.' Profits.
CLEARING
unnUs,I Cash
NON-MEMBERS.
Nat. bks. Dec. 31 Investin
Week Ending State bks. Nov.15 meats, Vault.
&c.
July 3 1925. ITv. cos. Dec. 31
Net
Net
Reserve
with Demand Time
Legal DeposUs. Deposits.
Deposiwrits.
Members of
I
Fed'I Res've Bank
Grace Nat Bankj
Average Average Average Average Average.
$
$
a
3
$
8
$
4.358
5,827
875
1,736 11,142
44
1,000
Total
State Banks
Not Members of
Fed'i Res've Bank
Bank of Wash'n H
Colonial Bank
1
1,736
11.142
44
875
5,627
4.358
1,2
512
2,44
8,487
28,200
775
2,963
365
1,3.1
6,093
24.500
2,444
3,912
1,400
2,96'
36,687
3,73
1,755
30.593
6,356
532
9,102
128
3.202
6,061
128
3,202
16,775
70
Trust
Membersof
F.R.Systern Companies
Capital
Surplus and profits
Loans, disc'ts & investm'ts
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. & cash in vault
$41,875,0
125,509,0
809,959,0
46,369,0
116,725.0
145,518,0
611,105,0
92,198,0
848,821,0
$5,000,0
16,703,0
48,169,0
951,0
20,0
969.0
29,450.0
1,995,0
32,414,0
3,778,0
68,354,0
9,460.0
75,814.0
64,863,0
10,951,0
1,487,0
5,245,0
4,516,0
729,0
June 27
1925.
1925
Total.
146,875,0
142,212,0
858,128,0
47,320,0
116,745,0
146,487,0
640,555,0
94,193,0
881,235.0
7.990,0
3,778,0
68,354,0
10,927,0
81,059,0
69,379,0
11,680,0
June 20
1926.
848,875,0
142,279,0
880,401,0
39,748,0
102,392.0
141,249,0
620,101.0
96,723,0
857.073,0
8.558,0
3,072,
62,200,0
11,453,0
75.725,0
68,183,0
8,542,0
$46,875.0
142,279,0
861,267,0
42.213.0
112,783,0
147,851,0
635.282,0
98,291,0
881,424,0
7,967,0
5.579,0
65,553,0
11,508,0
82,640,0
69,565,0
13,075,0
•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 July 8 1925 in
comparison with the previous week and the corresponding
date last year:
July 8 1925. July 1 1925. July 9 1924.
3
356,159,000 595,201.000
6,541,000
9,057,000
356,047,000
Gold with Federal Reserve Agent
7,174,000
Gold redemp. fund with U. S. Treasury..
Gold held exclusively mist. F.R.notes_ 364,021,000
Gold settlement fund with F. R. Board_ 223.098,000
336,059.000
Gold and gold certificates held by bank
385.216,000
221,702,000
330,222,000
601.742.000
151.897,000
196,081,000
923,178,000
36,189,000
917,140,000
35,178,000
949,720,000
29,134,000
959,387,000
Total reserves
17,179,000
Non-reservs cash
Bills discounted
Secured by U. S. Govt. obligations._ ,91,634,000
32,149,000
Other bills discounted
952,318,000
14,658,000
978,854,000
17,660,000
109,440,000
41,671,000
17,096,000
16,708,000
123,783,000
38,453,000
151,111,000
46,991,000
33,804,000
26,332.000
4,912,000
64,054,000
2,258,000
4,912,000
73,136,000
8,178.000
1.202,000
112,571,000
34,245,000
71,222,000
2,835.000
86,226,000
2,835,000
148,018,000
Total earning assets
236,293.000
287,163.000
208,154,000
Uncollected Items
Bank premises
All other resources
181,244,000
16,981,000
0,083,000
173,388,000
16,898,000
6350.000
138,421,000
15,551,000
8,107,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
Total U.S. Government securities
Foreign loans on gold
1,317,147.000 1,450,575.000 1,366,747,000
Total resources
Liabilities
Fall Reserve notes in actual circulation. 332,978,000
-Member bank, reserve acel..- 826.458,000
Deposits
3,416,000
Government
16,244,000
Other deposits
337,789,000
843,935,000
7,238,000
19,497,000
340,993,000
808,159,000
3,976,000
13,833,000
6,061
2,758 a39,422
706
76
Week Ended July 3 1925.
Two Ciphers (00)
(milted.
Total
Trust Company
Not Member of
Fed'I Res've Bank
MechanTr,Bayonne
354
500
532
9,102
354
2,900
Grand aggregate- - _
Gomparison with prey, week
5,229
56,931
431
4,136
10
Total
Gr'd aggr., Juue 27
3,r'd aggr., June 20
3r'd aggr., June 131
-.____ •. T...... A
2.900
2,900
2,900
9 OM
5,2051
5,205
5.205
A 911k
56,500
56,836
56,787
4,239
4.235
4,405
2,682 838,716
2.790 a39,665
2,737 a39,754
16,705
16,645
18,580
SOAR,
5210'o am, .2051R
lA Alit
a United States deposits deducted, $55,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,604,000.
Excess reserve, $123,790 decrease.
846,118,000
124.890,000
31,604,000
58.749,000
2,808,000
Total deposits
Deterred availability Items
Capital paid In
Surplus
All other liablUties
Total liabilities
870,670,000 825,968,000
149.034,000 108,545,000
31,690,000
29,978,000
58,749,000
59,929,000
2,643,000
1,334,000
1,397,147,000 1.450,575,000 1,366,747,000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondents
81.4%
78.8%
83.9%
10,731,000
9,873,000
11,101,000
CURRENT NOTICES.
G. L. Miller & Co., Inc.. of New York and Atlanta, announce that
they are ready to exchange the definitive bonds of the $425.000 1st Mtge.
7% Real Estate Gold bond issue secured by the New Albany Hotel. Albany,
Ga.. for the outstanding interim certificates of that issue.
Eastman, Dillon & Co. announce the opening of a branch office located
In the Transportation Building, 17th and H streets, Washington. D. 0.
In charge of Mr. Leon Shore.
JULY 11 1925.]
THE CHRONICLE
171
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday
afternoon,July 9, 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 142, being the first item in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF
THE FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS
JULY 8,1925.
July 8 1925. July 1 1925. June 24 1925. June 17 1925. June 10
1925. June 3 1925. May 27 1925. May 20 1925 July 9
1924.
RESOURCES.
$
$
5
$
$
$
$
Sold with Federal Reserve agents
$
1,461,028,000 1.459.127.000 1,473,117.000 1,500,333.000 1,516,627,000
5
1,504,694.000 1,521.237.000 1,531,216,000 2,099,835,000
Sold redemption fund with U.S. Treas.
47,706,000
58,141,000
53,819.000
38,082,000
65.861.000
62.312,000
62,460,000
50,679.000
37,433,000
Gold held exclusively eget. F.R.notes_ 1,508,734,000 1,517.268.000
Sold settlement fund with F. R. Board- 678,327,000 680,503,000 1.526,936,000 1,538,395,000 1.582.488,000 1.567,006,000 1,583,697.000 1,581,895,000 2,137,268,000
674,499,000 678,157,000 637,899.000 657,496.000 651.885.000
Sold and gold certificates held by banks_ 597,200,000 587,791.000
609.329.000 604,515.000 600.706,000 593,638,000 602.429.000 654,157,000 595,604,000
598.569.000 410,530,000
Total gold reserves
2,784,261,000 2.785,562.000 2,810,764.000 2,821,067,000 2,821,093,000
Reserves other than gold
139,493,000 141,306.000 148,049,000 146,659,000 144,159,000 2.818,140.000 2,838,811.000 2,834.621,000 3343,402,000
139.397.000 143.814,000 145,974,000 101,904.000
Total reserves
2,923.754,000 2,926,868,000 2,958,813.000 2,967,726,000 2,965,252,000
2,957.537,000 2,981,825,000 2,980,595,000 3,245.306.000
Non-reeerve cash
49,699,000
47,429,000
55,739,000
54,613,000
54,903.000
48.557.000
Bills discounted:
52,450,000
56,665,000
54,574,000
Secured by U. S. Govt. obligations
230,270,000 268,937,000 249,914.000 248,122,000 222,808,000
Other bills discounted
94,607,000
220,061,000 242,688,000 205,531,000 193,842,000 194,326.000 207,758,000 216,007,000 160,854,000
204,584,000 197,992,000 177,548,000 216,106.000
Total bills discounted
450,331.000 511,625,000 455,445,000 441.964,000 417.134.000
Bills bought in open market
240,711,000 249,090.000 241,656.000 246,083.000 274.952,000 412.342,000 413,999,000 338.402,000 310,713,000
284.954.000 278,413,000 276,026,000
U. S. Government securities:
58,509,000
Bonds
68,556.000
68,247.000
72,297,000
83,366.000
83,900,000
84,338.000
85,012,000
Treasury notes
85,529.000
20,862,000
241,683.000 249,551,000 226,083,000 191,151.000 254,030,000
218,200,000 241,904,000 251308,000 330,051,000
Certificates of Indebtedness
28,722,000
35,777,000
26,229,000
31,882,000
21,918.000
21,567,000
22,298,000
21,745,000
99,587,000
Total U. S. Government securities.-- 338,961,000 353,575,000 324.609,000
306,399,000 359,848.000 354.105.000 349,214.000 358.382,000 450,500,000
Foreign loans on gold
10,500,000
10,500,000
10,500,000
10,500,000
10,500,000
10.500,000
10,500,000 10,500,000
All other earning assets
2,250,000
2,250,000
2,250,000
2,250.000
2,250.000
2,250.000
2,250,000
2,250,000
1,250,000
Total earnings assets
1,042,753,000 1,127.040.000 1.034,470,000 1,007,195,000 1,064,684.000 1,064,151,000
Uncollected items
683,338.000 270,084.000 619.112.000 811,856,000 618,656,000 683,820,000 1.054,376,000 985,560,000 820,972.000
584,282,000 674.761,000 604,433,000
Bank premises
60,326,000
60,180,000
60,173.000
60,162,000
59,976.000
59,874,000
59.867,000
All other resources
59,701,000
57,907,000
21,618,000
21,456,000
21.152.000
21,138.000
23,949,000
23,518,000
23,792.000
23.199,000
26,412,000
Total resources
4,781,488,000 4,853.057.000 4,749,459,000 4,922,689,000 4,787,480.000 4,837.457.000
LIABILITIES.
4.756,592,000 1,780,481.000 4,809,604.000
F. R. notes In actual circulation
1,652,290,000 1,653,006,000 1,634.235,000 1,643,047,003 1,659,673,000 1,674.686,000
1.670.635,000 1.656,474,000 1,855,005,000
Deposits
-Member banks--reserve account
2,147,100,000 2,198,629,000 2,139,779,000 2.212,772,000 2.156,090,000 2,146,921.000
Government
2,138,174.000 2,118,163,000 2,036,852,000
13,282,000
23,330,000
46,207,000
5,364.000
44,404,000
39,032,000
38,624.000
Other deposits
32.732.000
19,151,000
27,366,000
30,426.000
24.428,000
26,466,000
25,112,000
36,192,000
25.076.000
25,527,000
22,907,000
Total deposits
2,187,748,000 2,252,385,000 2,210,414,000 2,244,602.000 2,225,606.000 2,222,145,000
Deferred availability items
596,809,000 603,527,000 557,073,000 887,156,000 554,517,000 593,749,000 2.201.874.000 2,176,422,000 2,078,910,000
Capital paid in
115,617,000 115,704.000 116,561,000 115,543,000 115,527,000 115,539,000 537,025,000 601,151.000 531,328,000
Surplus
115,525,000 115,448.000 111,400,000
217,837,000 217,837,000 217,837.000 217,837,000 217,837,000
217,837.000 217,837,000 217,837.000 220,915,000
All other liabilities
11,187,000
10,598,000
14,339,000 14,504,000
14,320.000
13,501,000
13,696,000
13,149.000
12,046,000
Total liabilities
4,781,488,000 4,853,057,000 4,749.459,000 4.922,689.000 4.787.480.000
4.837,457,000 4,756,592,000 4,780,481.000 4,809,604,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
72.5%
71.3%
73.1%
72.5%
72.5%
72.2%
Ratio of total reserves to deposit and
73.2%
73.9%
79.9%
F. R. note liabilities combined
76.1%
74.9%
77.0%
76.3%
76.3%
75.9%
Contingent liability on bills purchased
77.0%
77.8%
82.5%
for foreign correspondents
37.829,000
36.971.000
37,105.000
33.482,000
34,034,000
35.069.000
35.780,000
39,007.000
38,587,000
Distribtaion by Maturities$
5
3
8
$
$
$
1-15 day bills bought In open market
$
82,609.000
5
90,113,000
86,317,000
86.923.000 106,694,000
1-15 days bills discounted
33,118,000
322,798,000 381,904.000 330,416,000 330,730.000 303.262,000 101,805,000 105,406.000 109,929.000
295,716.000 302,955.000 226,929,000 142,880.000
1-15 days U. S. certif. of indebtedness_
1,860.000
7,984.000
967,000
184,000
8,034,000
1,000
50,000
1-15 days municipal warrants
77.000
16-30 days bills bought in open market_
25,661,000
54,345,000
47,746,000
45,275,000
50,124,000
61,614,000
56,877,000
15-30 days bills discounted
60,153,000
10,405.000
54,451.000
26,381,000
28,148,000
23,860,000
26,274,000
27,948,000
22.653,000
16-30 days U. S. certif. of indebtedness
25.151,000
34,589,000
16-30 days municipal warrants
31-60 days bills bought In open market_
62,894.000
67,302,000
72.665,000
65.788,000
65,730.000
63.887.000
64.199.000
31-60 days bills discounted
63,360,000
10,210,000
41,464,000
41,279,000
39,472.000
34,825,000
35,885,000
37,611,000
31-60 days U. S. certif. of indebtedness_
37,938,000
39,329,000
51,289,000
31-60 days municipal warrants
51-90 days bills bought in open market_
32,453,000
28,392,000
29,858.000
41.417.000
44,696,000
50,804,000
48,181,000
51-90 days bills discounted
38,381,000
2,834,000
33,204.000
31,565,000
26,718,000
23,488,000
22,580,000
23,093,000
23,386,000
31-90 days U. S. certif. of indebtedness_
22,131,000
43,752,000
19,210.000
90,237,000
15.814.000
10,805,000
51-90 days municipal warrants
Dyer 90 days bills bought in open market
8.304,000
8,938,000
5,080,000
6.680,000
7,708.000
6,844,000
3,750,000
Over 90 days bills discounted
27,204,000
4,203,000
1,942,000
30,496,000
30,421.000
29,061,000
29.133,000
27,974,000
27,067.000
Over 90 days certif. of Indebtedness._ _
.
25.782,000
7,652,000
38,203,000
8,556,000
9.448,000
12,983,000
21,734,000
21,566,000
22.248.000
Over 90 days municipal warrants
21,668,000
99,587,000
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
Sold redemption fund
Sold fund-Federal Reserve Board
By eligible paper
Total
2.937,365,000 2,946,248,000 2,945,097,000
1,001,026,000 1,011.137,000 1.003,586,000 2,963.134.000 2,974,405,000 2,955,645,000 2,958,665.000 2,980.208,000 3,256,108.000
1,007,826,000 1,004,597,000 992,007,000 985,572,000 995,197,000
915,356,000
1,936,339,000 1.935,111.000 1,941,511,000
1,955,308,000 1,969.808.000 1,963,638,000 1,973,093,000 1,985,011,000
2,340,752,000
287,191,000 287.591,000 286,016,000 2
86,016,000 287,686,000 287,666,000 288,566000 289,011,000
100.560,000 102,093.000 106,255.000
333,604,000
98,032.000 105,154,000 110.224,000 120,299,000
1,073,277,000 1,069,443,000 1,080,846,000 104,643,000 110,983,000
656,210.000 717,052,000 667.202,000 1,109,674,000 1,117,978,000 1,118.996,000 1,127,517,000 1,131,981.000 1.645.932,000
659,395,000 671.638.000 675,772,000 668,350,000 579,198,000
361,690,000
2,117,238,000 2.176,179,000 2.140,319.000 2.159.728
(inn 2l98.285000 2.1f10 466 non 2 1R0 AR7 non 9 sin Al A non 1 sr., n9k non
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
Two ciphers (00) omitted.
Federal Reserve Bank of-
Boston.
New York.
Phila.
OF THE 12 FEDERAL RESERVE BANKS
AT CLOSE OF BUSINESS JULY 8 1925
Cleveland. Richmond Atlanta. Chicago. St.
Louis. Minneap. Kan. City Dallas. San Fran.
Total.
RESOURCES.
$
$
$
$
$
3010 with Federal Reserve Agents 147,295,0 35e
$
$
$
$
$
,047.0 142,547,0 180.266,0 29.114,0 110,611,0
$
$
$
Sold redo fund with U.S.Treas. 13,174,0
7,974,0 5,577,0 2,808,0 2,205.0 2.391.0 135,348,0 22,661.0 53,306,0 54.109,0 25,960,0 203,764,0 1,461,028,0
4,957,0 2.425,0 1 121 0 1,448,0 1,911,0
1,715.0
47,706.0
Gold held excl agst. F. R.notes 160,469,0
364,021,0 148,124,0 183.074,0
Sold settle't fund with F.R. Wrd 57,440,0 223,098.0 55,009,0 69,376,0 31,319,0 113,002,0 140405,0 25,086,0 54.427,0 55,557,0 27,871,0
205,479,0
501d and gold ctfs. held by banks 23,655,0 336,059.0 20,618,0 40,848,0 21,437,0 16,101.0 113,931.0 15,540,0 20,711,0 35.444,0 10,692,0 39,548,0 1,508,734,0
678,327.0
23.201,0 4,464,0 95.026,0 10,364,0
7,218,0 3,738,0 7,683,0 24,326,0 597.200,0
Total gold reserves
241,564,0 923,178,0 223,751,0 293,298,0 75,957,0
133,567,0 349,262,0 50,990.0 82,356,0 94,739,0
Reserves other than gold
13,874,0
36,189,0 6.816,0 7,158,0 4,619,0
13,519,0 17.632,0 19,559,0 1,118,0 3,880,0 46,246.0 269,353,0 2,784,261,0
8,930,0 6,199,0 139.493,0
Total reserves
255,438,0 959.367,0 230,567.0 300,456,0 80,576,0
147,086,0 366.894,0 70,549,0 83,474,0 98,619,0
Kon-reserve cask
4,111,0
17,179,0 1304,0 2,380.0 2,629,0
55,176,0 275,552,0 2,923,754.0
3,787,0 6,356.0 3,683,0
Sills discounted:
826,0 2,150,0
2,416,0
2,778,0 49.699,0
Sec. by U.S. Govt. obligations 15,007,0
91,634,0 22,838,0 27,755,0 16,803.0
828,0 29,062,0 6,698,0
Other bills discounted
22,762,0
440,0 1,075,0
32,149,0 16,539,0 14,462,0 33,497.0
21,387,0 25,838,0 12,311,0 4,615,0 5,779.0 1,414,0 16,716,0 230,270,0
6,742,0 23.980,0 220,061,0
Total bills discounted
7,769,0 123,783,0 39,377,0 42.217,0 50,300,0
Bills bought In open market
36,886,0
38.4530 13 002 0 21,717,0 9,750,0 22,215,0 54,900,0 19,009,0 5.055,0 6,854,0 8.156,0 40,696,0 450,331,0
16.693,0 30.460,0 10,647,0 15,362,0 12,650,0
8. Government seourIties:
S.
14,025,0 21,069,0 240,711.0
Bonds
559.0
4.912,0
610,0 8,746,0 1,486.0 1,715,0
Treasury notes
2,395.0
64,054,0 17,207,0 11,571,0 4,019,0 11,293,0 20,217,0 2,803,0 8.150,0 9,572,0 7,327,0 2,459,0
68,556.0
19,118,0 27,227,0 7.751,0 20,293,0 20,521,0
Certificates of indebtedness_ 4,668,0
2,256.0
57.0 9,547,0
36.234,0 241,683,0
64,0 1,389,0 1,744,0
544.0
128,0 2,830.0
447,0 5,048,0
28,722,0
Total U.S. Govt.securities
7.622,0
71,222,0 17,874,0 29,864.0 5.569,0
14.397.0 41.079.0 30.574.0 16 029 0 32 AAA n 25t 90k n TAR lei n 9952 001
n
[Vol, 121.
THE CHRONICLE
172
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
$
777,0
Foreign loans on gold
All other earning assets
Phila.
New York.
$
2,835,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneay. Kan City Dallas. San Fran.
$
976,0
2,250,0
$
1,124.0
$
430,0
$
557,0
$
483,0
8
1.449,0
$
346,0
$
420,0
$
735.0
$
368,0
Togas.
8
10,500,0
2,250,0
1,042,753,0
236,293,0 73,479,0 94.922,0 66,176,0 53,735,0 127,888.0 60,713,0 36,792,0 52,619.0 50,841.0 106,241.0 683,338,0
161.244,0 63,869,0 63,655,0 57,036,0 30,897,0 85,010.0 34,956,0 16,156,0 42,737,0 24,611,0 39,810,0
60,326,0
2,780,0 8,099.0 4,568,0 3,049,0 4,386,0 1,833,0 3,282,0
16,981.0 1,139.0 7,573,0 2,446,0
21,618,0
328,0 3,160,0
851,0 1,594,0 4,445,0
775,0 2,556,0 1,332,0
331,0
198.0
6.083,0
174,437,0 143,457,0 201.162,0 136,471,0 432,108,0 4,781,488,0
410,675,0 1,397,147.0 370,656,0 469,317.0 209,638,0 240,841,0 595.579,0
83,054,0
63.717,0
4,190,0
165,0
Total earning assets
Uncollected items
Bank premises
All other resources
Total resources
LIABILITIES.
F.R.notes In actual circulation
Deposits:
Member bank-reserve sect
Government
Other deposits
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
181,522,0
142.070.0
941,0
397,0
1,652,290,0
332,978,0 153,208,0 208.432,0 70.150,0134,912,0 154,904,0 44,222,0 63,952,0 63,852,0 39,474,0 204,884,0
129,0070 168 521,0 65,578,0 88,138,0 317,360,0 78,626,0 53,034,0 83,360,0 57,263,0 157,685,0 2,147,100,0
826.458,0
13,282,0
812,0
564,0
874,0
465,0 2,237,0
837,0 1,175,0
938,0
549,0
474,0
3,416,0
27,366,0
185,0 4.731,0
945,0
299,0
433,0
173,0 1,436,0
190,0
545,0 1,788,0
16,244,0
2,187.748,0
846,118,0 130,026,0 170,858,0 66,706,0 69,148,0 319,971,0 80,445,0 53,798.0 86,030,0 58,012.0 163,228,0 596,809,0
124.890,0 55,871,0 53,645,0 54,301,0 22,533,0 73,239,0 34,209,0 14,011,0 37,714.0 26,398,0 39,586,0 115,617.0
0 5 996 0 4,583,0 15,565,0 5,103,0 3,240,0 4,355,0 4,314,0 8,191,0
31.6040 11 223 0 12 977
217,837,0
58,749.0 20.059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971.0 7,497.0 8,977.0 7,592,0 15,071,0
11,187,0
487,0
959,0
683.0 1,148,0
454,0
715,0 1,474,0
784.0
943,0
269,0
2,808,0
4.781,488,0
410,675,0 1.397,147,0 370,656,0 469,317,0 209.638,0 240,841,0 595,579,0 174,437,0 143,457.0 201.162,0 136,471.0 432,108.0
143,408,0
60,414,0
8,486,0
16,382,0
463.0
Total liabilities
Memoranda.
78.6
Reserve ratio (per cent)
Contingent liability on bills purchased for foreign correspond'ts 2,747,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes In
19,710,0
circulation
77.3
56.6
70.9
65.9
56.6
74.9
76.1
1,522,0
5,123.0
1,708,0
1,225.0
1,485,0
1,299,0
2,598,0
37,829.0
122,292.0 33,887,0 16,446,0 14.188,0 13,684,0
9,028,0
4,548,0
4,219,0
6,941,0
5,002.0 34.124.0
284.049,0
81.4
10,731.0
79.2
3 452 0
72.1
58.9
3,972,0
81.9
1,987.0
AT CLOSE OF BUSINESS JULY 8 1925.
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
Federal Reserve Agent at-
Boston
$
(Two Ciphers (00) Omitted.)
F.R. notes rec'd from Comptrol'r 290,932,0
.
F.R. notes held to F R. Agent-- 89,700,0
F.R. notes issued by F.R.bank 201,232,0
Collateral held as security for
F.R. notes issued to F.R. Bk.
Gold and gold certificates.... 32,550,0
10,745,0
Gold redemption fund
104,000,0
Gold fund-F.R.Board
74,655,0
Eligible paper
221.950,0
Total collateral
New York
Phila.
Chicago
Cleveland Richmond Atlanta
St. Louis
Minn. Kan. City
San Fr.
Dallas
Total
s
$
s
s
$
$
$
$
$
$
$
$
2,937,365,0
73,730,0
769,890,0 222,075,0 274,378.0 108,333.0 212,990,0 430,188,0 24,960,0 86.287,0 99,326,0 65,748,0 303,508,0 1,001,026.0
18,096,0 28,733.0 21,272,0 64,500,0
23,995,0 64,394,0 286,256,0
314,620,0 35,000,0 49,500,0
-1,936,339,0
455,270,0 187,075,0 224,878,0 84,338,0 148,596,0 163,932,0 48,770,0 68,171,0 70.593,0 44,476,0 239,008,0
287,191,0
___
17,136,0
12,375.0 13,052,0
186.898,0 5,600.0 8,780,0 2,000,0 9,000,0
100,580,0
4,749.0
28,349,0 11,058.0 11,486,0 3,819,0 4,611,0 4,703,0 1.286,0 1.254.0 49,360,0 3.324,0 15,176,0 1,073,277,0
5,500,0 188,588,0
125,889,0 160,000,0 23,295,0 97,000.0 130,645.0 9.000,0 39,000,0
141,000,0
57.322,0 38,843,0 85,251,0 29,624,0 20,303,0 19.417,0 22,177,0 61,174,0 658,210,0
139,038,0 45,454,0 62,952.0
73.609,0 73,526,0 48.137.0 264.938.0 2.117.238.0
495.085.0 188.001,0 243,218,0 86.436,0 149,454.0 220,599.0 52.285.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
liabilities of the 733 member banks from which weekly returns are obtained. These figures are always a week behind
the
were given in the statement
those for the Reserve banks themselves. Definitions of the different items in the statement
The comment of the Reserve Board upon the figure&
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523.
" on page 142.
for the latest week appears in our Department of "Current Events and Discussions,
Reserve District at close of business July 1 1925. Three c phers (000) omitted.
1. Data for all reporting member banks In each Federal
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. 11inneap. Kan. City Dallas. San Fran.
76
73
38
100
33
25
71
49
Total.
733
$
$
178,572
9,376
241,265 5,167,857
858.278 8.029,008
700
Number of reporting banks
Loans and discounts, gross:
Secured by U.S. Gov't obligations
Secured by stocks and bonds
All other loans and discounts
103
42
4
$
62,876
12,290
330,627 2,402,521
641,019 2.461,815
55
$
13,408
329,804
365,744
$
18.342
478,718
743,777
$
6,210
131,345
358,969
$
$
30,035
7.045
85,283 751,874
379,457 1,221,451
9,711
168.823
295,315
$
2,795
66,848
164,136
$
3,539
106,854
325.334
$
2,945
73,897
213,713
Total loans and discounts
Investments:
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds,stocks and securities
983,9384,927,212
708,956 1,240,835
496,524
471.7852,003.360
473,849
233,779
435,727
290,555 1.108,919 13,375,437
39,787
9,814
78,848 603.311
20.867 196,947
6,152 175,729
52,174
5,310
203,861 1,164,733
31,811
167,059
32,579
38.943
12,948
346,950
25,338
35,705
7,287
984
3,631
62,855
17,624
174,597
62,518
79.163
8,812
436,784
12,707
21,022
12.240
7,046
2,537
113,965
6,811
25.210
12,453
18.132
4,060
42,560
9,332
51,106
14,655
16,088
3,474
74.797
9,654
49,217
19,014
9.229
8,652
261,485
14,880
13,335
5,881
2,471
2,222
45,222
s
17,187
17,971
7.635
7,783
3.501
18,649
218,945
24,001
142,94: 1,380,329
438,850
46,774
388.897
25.177
124,084
16,763
195,596 2,967,457
72.726 451.258 5.516,562
84,011 779,498 169,517 109,226 169,452
324,852 2,232,681 357,251 830.290 135.800
-643,366 343,005 605,179 363,281 1,560,177 18,891,999
1,308,788 7,159,893 1,066,207 1,871,125 632,324 555,796 2,782,858
Total loans and investments__
28,508 102,193 1,662,068
54,322
41,834
26,624
37,969 267,235
39,556
127,797
82,624
93.628 759.776
278,125
Reserve balances with F.R. Bank__
22,306
10,133
12.478
49,451
8,209
5,837
11,043
13,808
29,624
15.432
79,658
20.146
Cash in vault
491,900 257.217 775,435 13,053.739
905,613 5,790,661 769,361 1,018,244 349,631 321,615 1,766.272 379,954 227,746 138,340
Net demand deposits
95,039 781,279 5,172,152
737.191 205,351 204,887 980,031 207,384 101,657
366.585 1,173,648 180,765
112,855
8,971
Time deposits
4,144
1.431
22,148
1,736
7,532
3.656
4,317
19.737
11.482
19,108
8,593
Government deposits
185,714
9,790
Bills pay led, redisc. with F.R.Bk.:
120
278
600
36,214
2,933
875
6,892
20,054
9,492
91,516
6,950
Secured by U.S. Gov't obligations
121,395
8,770
929
721
6.427
360
10.705
6.446
16,717
8,888
9.386
31,607
20,439
Ali other
BanIsecs balances of reporting member banks in F. R.Bank cities:
27,869 106,498 2,375,289
81,365
50,026 105,507
17,933 412,061
28,231
52,929
135,467 1,176,573 180,830
49,717
21,888
Due to banks
659,645
42,488
21,974
35,266
11.021 187.286
15,483
31,339
76,881
43,394 122.928
6_
Due from banks
Total investments
Chicago, and for whole country.
2. Data of reporting member banks In New York City.
All Reporting Member Banks.
July 1 1925. June 241925. July 2 1924.
Reporting Member Banks In N. F. City.
Reporting Member Basks in Chicago.
July 11925. Jude 24 1925 July 2 1924. July 11925. June 24 1925 July 2 1924.
46
48
67
46
62
62
748
733
733
$
$
$
$
15
$
s
$
$
25,074,000
22,973,000
56.798,000 86,266,000
21,287,000
57,898,000
215,936,000
172,145,000
178,572,000
2,036.274,000 1,683,381,000 560,653,000 569,498,000 446,144,000
5,167,857,000 5.033,600.000 4,112,881,000 2,156,973,000 2.137.446,000 2,194,368,000 683,255,000 685,851,000 684,995,000
8,029,008,000 7.999,077,000 7,821,389,000 2,152,715,000
4,230,518,000 3.964,015,000 1,266,881,000 1.278.636.000 1,156,213,000
13.375,437,000 13,204.831.000 12,150,206,000 4,387,586,000
Tots)loans and discounts
Lnyestments:
4,136.000
'29,012,000
40,025,000
1,933,000
1,933,000
29,000,000
271,403,000
219,321,00
218,945,000
67,773,000
U.S. pre-war bonds
84,863.000
89,315,000
1.240,026,000 508,261,000 509,859.000 523,302.000
1,380,329,000 1,375,518,
4,008,000
U. S. Liberty bonds
15,777,000
26,577,000
25,787,000
70,055.000 182,917.000 180.708.000
439,977,000
438.850,000
U.S. Treasury bonds
55,380,000 101,516,000
59,201,000
660,999,000 163,696,000 161,402,000 304,466,000
383,251,000
386,897,000
6,664,000
U. B. Treasury notes
51,970,000
6,882,000
55,765,000
3,631,000
50,113,000
131.048,000
138,613,000
124,084,000
certificates
176,080.000
IL S. Treasury
2,950,719,000 2,532,722,000 876,783,000 866.323,000 752,333,000 206,788,000 199,264,000
Other bonds, stocks and securities. 2,967,457,000
1,799,274,000 1,691,668,000 388,655,000 374.899,000 360,175.000
5,516,562.000 5,505,399,000 4,906,253,000 1.810,770.000
Total Investments
17,056,459,000 6,178,356,000 6,029,792,000 5,655,683,000 1,653,536,000 1,651.535,000 1,516,388,000
Total loans and investments_ 18,891.999,000 18,710,230,000 1,520.871,000 702,711,000 646.156,000 646.352,000 181,013,000 167,583,000 162,928,000
1,662,066,000 1,603.827,000
29,080,000
24,132,000
Reserve balances with F. It. banks
61,811,000
71.117,000
23.973,000
63,198,000
292,001,000
278.189.000
278,125,000
1,150,582,000 1,113,000,000
Cash In vault
13,053,739,000 12,724,742,000 11,994.330,000 5.215,561,000 5,021,755,000 4,855,415,000 1,173,348,000 482,655.000 391,606,000
Net demand deposits
4,418,377,000 796,780,000 819,086,000 661,934,000 478,422.000
5.172,152,000 5,188,308.000
8,082.000
11,625,000
11,625,000
Time deposits
14,966,000
23,814.000
14,966,000
129,415,000
116,639,000
112.855,000
Government deposits
with
Bills payable and rediscount')
340,000
4,316,000
9,962,000
Federal Reserve Banks:
57.930.000
35,534,000
88,595,000
70.478,000
169,168,000
185.714.000
1.439,000
1,005,000
4,075,000
2329,000
14.940,000
Secured by U.S. Govt. obligations
28.066,000
62,588,000
85,581,000
121,395,000
other
All
1,779.000
5,321,000
14,037,000
37,663,000
72.870,000
9e,681.000
13,064,000
254,749,000
307.109.000
Total borrowings from F.R.bks.
NUM* td reporting banks
Loana'and discounts, gross:
Secured by U.S. Govt. obligatio
Secured by stocks and bonds
All other loans and discounts
JULY 11 1925.]
THE CHRONICLE
fankers'
antic
Low
Wall Street, Friday Night, July 10 1925.
Railroad and Miscellaneous Stocks.—The review
of the
Stock Market is given this week on page 160.
The following are sales made at the Stock Exchan
ge this
week of shares not represented in our detailed list on
the
,dges which follow:
STOCKS.
Week Ended July 10.
Sales
for
Week.
Range for Week.
173
Paris Bankers' Francs—
High for the week
4.
70%
4.77%
4.78%
for the week
4.
56%
4.62%
4.63H
Germany Bankers' Marks—
High for the week
23.80%
23.80%
Low for the week
23.80
23.80
Amsterdam Bankers' Guilders—
High for the week
39.
64
40.08
40.10
Low for the week
39.
603.4
40.0434
40.0634
Domestic Exchange.
--Chicago, par. St. Louis, 15(4)25c. per
$1.000
discount. Boston. par. San Francisco, par.
Montreal, 80.1562 per
31.000 premuum. Cincinnati par.
Range Since Jan. 1.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York
Stock
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Lowest.
Highest.
Lowest.
Highest.
Par. Shares 8 Per share.
$ per share.
Per share.$ per share.
'
Railroads.
Cleve & Pittsburgh_ _50
100 7051 July
70% July 6 70
AD 7134 Apr
Erie ctfs
100 300 2751 July 6
273. July
254 July 2774 July
lat pref°Us
100
100 36% July 6 364 July 6
6 3631 July 3651 July
Morris dr Essex
50
20 804 July 6 803 July
7754 Jan 8034 July Daily Record of U. S. Bond Prices. July 4 July 6 July 7 July 8 July 9 July
Nashv Chatt & St L.100
100 148 July 9148 July 9 43
10
Apr 155
Mar
N Y Chic dr St L eta_ _100
100 8931 July
8931 July 7 894 Julyi 8931 July First Liberty Loan
(High
1013,, 1013,1 101,
NY Lack dr West_ _100
:s 100142 10024,2
20 1024 July 610234 July 6 100
336% bonds of 1932-47—)LowJan
1013,2 100"n 101.00 10032,, 100
May
N Y State Rys
100
100 35 July 6 35 July 6 33 June 104
,32,
(First 33610
(Close
4451 Apr
10138, 10034: 101.00 100331, 10031,1
N Y Rye pref ctfs
• 300 104 July 6 1034
Total sales in $1,000 units__
July 9 931 May 12 June
Part certifs
70
25
314
15 282 July 7282 July
233
137
Converted 4% bonds of !High
278 May1294
May
Pitts Ft W & Chi pref 100
50 141 51 July
14151 July 7
1932-47 (First 4s).___ Low_
Jan 142 May
Reading rights
2,500 1734 July 8 18 July 6 139
1734 July 2434 Jan
Close
Twin City R T pref_ _100
------100 100 July 10 110 July 10 944
-- ----Total sales in $1,000 units__
Jan 100
May
Converted 454% bonds (High
Industrial & Misc.—
103:68 1035s, 1035s, 1031ss 102331,
of 1932-47 (First 431s) Low_
(
10250
Am Chicle prior pref._• 800 8934 July
0 102510 10250,2 10255
,, 10253n
7 92 July
8974 July 92
(Close
July
Amer La France Fire E
10230s 1033,2 1033
,2 10233
,, 100271,
Total sales in $1,000 units_ _ _
7% cum pref
19
66
100
100 97%
3
125
13
Second Converted 431%(High
9531 Feb 100 June
Amer Metal pref _ _ _ _100 400 115 July 8 9731 July
------_
-____
-July 9 115 July
bonds of 1932-47 (First( Low.
111
Marlin%
Amer Piano pref _ _ _ _10
------___300 95 July .6 96 July
-----8
Second 454s
9131 May) 96
(Close__
July
Amer Republics
• 500 63 July
65 July
Total sales in $1,000 units_ -48
Jan)
June
American Snuff
100
10014234 July 6114234 July
1384 Apr 1504 Feb Second Liberty Loan
(High HOLTAm Type Found, pf_wo
--------100.00 100",, 100.00
400 109 July 7 110 July
4% bonds of 1927-42_ ...4 Low_ DAY
10534 MaY 110
Jan
Am Writ Paper °Us_ _100
--------100.00 1000 100.00
100 2 July 10 2 July
0
(Second 4s)
2
(Close
July 4
Jan
Atlas Powder
---- 100.00 10015,, 100.00
• 200 4934 July 8 50 July 2
Total sales in $1,000 unit -- 45 Jun 5234 Feb
Auto Sales, prof
s__I
50 100 1531 July 6 154 July
1
1
Converted 434% bonds (High
13
Apr 1631 Feb
Barnet Leather, pref-100
101151, 10115 10114
0
100 99 July 1 99 July 1 93%
0 101",1 1015s:
of 192742 (Second (Low..
Ja 99
July
British Empire Steel_100
10115
0 10115,, 10111,2 1015
100 1% July 9 134 July
0 101In
43fs)
1m May 354 Jan
[Close
2d preferred
10113
,, 101,, 1011 n 1013
100
,,
100 651 July 7 654 July
,2 1013
,s
Total sales in $1,000 units__
651 July 114 Feb
Botany Cons Mills A__ _
16
120
121
400 45 July
270
56
4534 July 9 45
(High
July 454 July Third Liberty Loan
Burns Bros, pref--...100
101251, 10155
0 10155
300 92 July 7 94 JULY
0 10154
0 1015511
434% bonds of 1928_ _ _ _ Low_
(
93
July 9731 Apr
Bush Term Bldg. Pf-100
10154
0 10125
0 10152
200 9854
0 10115
0 10115
0
(Third 434,)
964 Jan 101
(Close
May
Cert-Teed Prod,Istpf 100 400 96 July 7 99% July
101551, 10155
0 10155
0 101550 10125/
11
July 7 97 July
Total sales in $1,000 units__
8931 Jan 98 June
Chrysler Corp etre
99
205
* 2,700 1134 July 10,11774
83
408
186
1134 JulY 117% July Fourth Liberty Loan
July
(High
Preferred
1033
,2 1033s, 103,1,s 1033
• 100103% July 10,10331
,2 10230,1
431% bonds of 1933-38_ _(Low..
July 1 1034 July 10334 July
Crex Carpet
1035,1 1033,2 1033
100
,1 1022
300 46
% 10231
,1
(Fourth 431s)
36
(Close
Mar 51
May
Cudahy Packing _ _ _100 7,300 102 July 81 46 July
1033
,, 1033,2 1033st 102311, 102wn
July 10106 July
Total sales in $1.000 units__
9551 June 1064 July
Deere & Co, pref_ _100 400
213
302
530
408
178
964 July 101 9674 July
Treasury
8
8231 Jan 984 June
[High
Elec Pow & Lt, prof ctfs_ 4,000
1083
,2 10811,1 1083
,, 1083
,, 10723n
91 July 8 9151 July
43(o, 1047-52
90 Jul 94 June
(Low_
Emerson-Brant pref_10
1081,1 1083,1 1081,2 10733,1 1073311
200
851 July
[Close
8 May) 15
Fam Players-Lasky rts__ 25,600 84 July
Jan
1085
0 108510 10850 10733
,, 107ws,
54 July 10 054 July
Total sales in $1,000 units_ _ _
431 Jun
First Nat Pic, lst pref1
634 July
2
21
174
200 101 July 8 101 July
131
13
4s, 1944-1954
100 June 1014 June
(High
Franklin Simon, pref _100
10434
,, 10431,2 10410,1 1043
200 105 July 6 105 July
,, 103uu
10151 Mar1054 June
(Low_
Gen Railway Signal_ _100
1044, 1043,, 1043
,1 103w,, 103wn
1,8814170 July 8 175 July 1 44 June
[Close
Preferred
1041,t 10431,2 1045
17874 June
100
2
0 10331,2 10338,1
76,,,
.m. ta II nnn Um/Le
,
,
•51
A
ILO
Great West Sugar,pf.100 600 904 July 1 9034 July 10 9034 July1 9331 June
,,,
..
Guantanamo Sugar_ __ _• 600114 July 1011434 July 1 1014 May 11534 June
451 July 1
5 July 1
434 May 654 Jan
Hanna, lot pref c a_l
Note.—The above table includes only sales
300 50 July 6 504 July
50
July 89
Feb
Heime(G W)
of coupon
25 300 7031 July
704 July 6 66
May 83
Apr bonds. Transactions in
Howe Sound
• 2,600
registered bonds were:
19 July
1634 June 1934 June
Indep Oil & Gas rights_ 11,10 18 July
.
51 July
4 July
4 June 131 June
3 1st 4s
100.00 to 100.00 86 4th 434s
Ingersoll Rand
100
128220 July 222 July
10233,2 to 1023
,1
24 1st 431s
18
May 249
lot Agric prior pret_ _100
10214,to 102331, 3 Treasury 436s
Jan
100
10733 to 108.00
,2
Aprl 72
e
1013u to 10131,2 7 Treasury 4s
Internat Cementrights_ _ 7,800 72 July 18) 72 July 1 40
July 126 2d 431s
104.00 to 104.00
334 July
37-4 July
14 3d 431s
251 Jun
10113,1 to 10133n
Internat Paper. pf (7)100
334 July
700 87 July 71 8974 July
87
July 9031 June
International Salt_ _ _100
100 71 July
71 July
67
Mar 77
Iron Products
Jan Quotations for U. S. Treas
1
100 55 July
Ctfs. of Indebtedness, &c.
55 July
55
July 105
Jones & L Steel pref..100
Feb
10011434 July I 1145-4 July 1 11134 Feb 115
K C Pr & Lt Ist prof -*
Mar
Int.
Int.
20010434 July
10531 July
99
Jan 1054 June
Kansas de Gulf
Maturity.
Raid. Bid.
Asked.
10 200
Maturity.
31 July
Rate.
Bid.
Asked
51 July 1
3.1 May 134 June
Kinney Co Prof
100
100 9734 July
9754 July
95
Kresge Dep Sts pfd _ _100
Apr 100
Feb Mar.15 1926... 434% 101% 101
Dec. 15 1927...- 434% 1014
100
963-4 July
102
88
Jan 9751 June Dec. 15 1925.-- 434% 100',, 1005
Long Bell Lumber A_ -• 400 9634 Ally
0 Mar.15 1927... 434% 10174
4634 July
47 July
102
454 Ma 5234 Apr Sept.15 1926-- 431% 10131
Mack Truck rights
101
Sept.15 1925.... 254% 99550 99550
6,400 13 July 1 14 July
13
July 14
Mackay Cos pref__ _100
July une 15 1926
3% 99th, 100
Dec. 15 1925_
300 6734 July 1 68% July
3%
99"“ 100
66
Mar 7851 Feb
Manati Sugar
100
100 52 July
52 July
46
May 55
Preferred
July
100
200 79 July 1 80 July
79
July 8234 June
May Dept Stores pref100
New York City Banks abd Trust Companies.
100123 July
123 July
164 Mar 124 June
Murray Body
• 1,300 334 July 1 34% July
AU prices dollars per share.
3234 Apr 4234 Mar
Npt News & Hampt
Ry Gas & Elee_ __ _100
300 95 July
Banks—N.Y. Bid
103 July
Ask
Banks
52
Feb 110
Bid
Ask
N Y Shipbuilding
July America
Trust Co. Bid Ask
• 400 2251 July
•-- — 285 300 Hanover
2334 July
17
Feb 284 Feb
1000 1025
NY Steam 1st pref. _ _• 100
New York
10034 July
415
1004 July
Harriman.... 487 496 American
97
Jo 102 June Amer Exch
Oppenhelm, Col& Co_ _• 1,3001 44% July
-Amer Union'. 150
45% July
Manhattan'. 179 182 Bank of N Y
4454 July 4634 June
Penn Edison pref
• 100 109 July
Bowery*
109 July
Mech & Met_ 414 419
10434 Apr 109
Peoples Gas, Chicago.rts 7,6001 131 July
July Broadway Can 650
& Trust Co 605 615
200
15-4 July
Mutual*
131 Jun
415 420 Bankers Trust 491 494
2 June
Phillips-Jones Corp pf100
200 82 July
8231 July
Nat American 170
814 Jun 9554 Jan Bronx Borne. 675
Phoenix Hosiery
Bronx Co Tr,. 195 205
5 2,600 30 July
Bronx Nab.... 150
35 July
18
National City 490 495
Apr 35
July Bryant
Preferred
100 300 9234 July
93 July
Park* 215 118 New Neth.„ 250 285 Central Union 825 835
84
Apr 93
July Butch
Prod & Ref Corn pref.50 200 4334 July 1
Empire
320 330
& Drov 155 165 Park
43% July
4334 May 4754 Feb
500 510 Equitable 'Tr_ 285 290
PS Corp of NJ rights_ _ 6,100,
94 July
Capitol Nat._
1 July
% Jun
P 13 Elea & Gas pref_ _100
117 125 Farm L & Tr. 500 508
1
May Cent Mercan. 190 198 Penn Exch.
200 9334 July
95 July
285 293 Port Morris... 190
9234 May 9536 June
Ry Steel Spring pref _100
Fidelity In
240 250
400 1184 July
Chase
11931 July
450 453 Pubic
1436 Ma 120
492 502 Fulton
Reis(R)& Co lst pf.100
Feb
312
200 924
92% July
63
Seaboard
May 9234 July Chath Phenix
555 575 Guaranty Tr. 345 348
Stand Gas & Elee pref_50 1,000, 53 July
Nat Bk &Tr 328 335 Seventh Ave.
July
54 July
504 Ma 5431 May
Texas Pac Land Trust100
130 140 Irving Bank68298 July
Chelsea Each* 208 213 Standard
310 July
255
Ap 10
Tidewater Oil n w
370 405
Jan
Columbia Tr 285 289
800 3534 July
354 July
3531 July 3534 July Chemical _— 670 675 State.
U Tobacco
510
Lawyers Tr
• 400 54 July 1 544 July
--5134 Ma 56% June Coal & Iron.. 275 285 Trade* ______
Virginia-Carolina ctfs_ .._
iia Manufnaturer 400 406
200 254 July
3 July
1 yi Fell 3
United
Perferred certificates- _
180
July Colonial.
Mutual
(W
200 18 July
18 July
500
4
Ma 18
United States* 220 230
Warren Bros
Apr Commerce
cheater)
• 7,900 4831 July 1 5034 July
190
___ 370 575 Wash',, Hie 300
43 June 504 July
;
West Penn Power 1,1_100
N Y Trust__ 453 458
200 111 July
ill July
104
Ja1111
White Rock M&S etre_
July Com'nwealth• 820 330
Title On & Tr 585 595
44% July
394 July 4534 June Continental.. 220 230
Brooklyn
Wilson & Co prof ctfs 100 8,600 3931 July
Mtg & Tr 360 370
200 21 July
Corn Exch.. 505 512 Coney Island*
21 July
18
Ma 42
Mar Cosmop'ta
190
United States1800 1810
n• 190
First
•No par value.
450
Westches 'Tr_ 375
East River__ 300 310 Mechanics'*
220
Brooklyn
31fth Avenues 1900 2200 Montauk•
Foreign Exchange.
210
Brooklyn Tr_ 7 5 775
--Sterling ruled dull but steady and First
2700 2725 Nassau
310 330 Kings County 2200 3400
Garfield
375
unchanged. In the Continental exchang
People's
275
M idwood - - -- 220 230
es irregularity still Greenwich... 415
Queensboro• 175
People's
prevailed, though there was a tendenc
785 805
y at times to im- •Banks marked with(3 are State banks.
(s) Ex-dividend (ll New 11002
provement, in French francs and Italian
(g) Ex-rights.
lire.
I
1
market was less active.
The local
To-day's (Friday's) actual rates for sterling
exchange were 4 825-40
4 8234 for sixty days,4 85%@48551 for checks
and 4 86©4 86M for cables.
Commercial on banks, sight, 4 85(4)4
8534; sixty days, 4 79%@4
ninety days. 4 79@4 7934, and documents for
80M;
(474 81%; cotton for payment, 4 85@4 85%.payment (60 days), 481
and grain for payment,
4 85@4 85%.
To-day's (Friday's) actual rates for Paris bankers'
francs were 4 6034
@4 8331 for long and 4 6634@4 6934 for short. German
bankers' marks
are not yet quoted for long and short bills.
were 39.6034 for long and 39.9634 for short. Amsterdam bankers' guilders
Exchange at Paris on London, 103.60 fr.; week's
range. 101.90 fr. high
and 104.07 low.
The range for foreign exchange for the week follows:
Sterling Actual—
Sixty Days.
Checks.
Cables.
High for the week
48234
485 13-16
48834
Low for the week
4 8234
4 85%
4 86
New York City Realty and Surety
Companies.
AU prices dollars per share.
Bid
165
140
265
234
AllianceAlliance R'ity
Amer Surety.
Bond & M G.
LawYers Mtge
Lawyers Title
& Guarantee 275
Ask
147
274
'239
285
Mtge Bond__
Not Surety-N Y Title &
Mortgage__
US CasualtyUS Title Guar
Bid
131
216
390
315
275
Ask
Bid
139 Realty Aa800
220
(Bklyn)com 375
1st pref.
93
400
2d pre__ 84
330 Westchester
28.5
Title & Tr. 400
aa
3811
100
88
The Curb Market.—The review of the Curb Market
is.
given this week on page 159.
A complete record of Curb Market transations
for the:
week will be found on page 187.
171
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
Far sales during the week of stocks usually Inactive. see preceding nage.
Sates
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
for
--Friday, , she
Wednesday Thursday,
Tuesday,
Monday,
Saturday.
July 10. ! Week.
July 8. I July 9.
July 7.
July 6.
July 4.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On haste of 100-share lots.
Lowest
FlIghest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Per slays
Par
Railroads.
12 Apr 2278 Dec
100 22 Feb 17 3478May 8
Ann Arbor
32
*29
30
'29
31
•29
31
*29
33
'29
25 Mar 4614 Dec
100 40 Mar 24 6812May 8
Do prof
'5212 5512 •5212 5512 5212 5512, *5212 5512 *5212 5512
4
/
9718 Jan 1201 Dec
2
12,700 Atch Topeka A Santa Fe...100 11614 Jan 18 1277 Mar 2
41
4
1
/ 11818 119
4
8
4
1183 11934 11914 1197 11918 1198 1183 119
1
/
4
/
861 Jan 964 Dec
100 9222 Feb 17 9738June 25
Do prof
600
8
8
9612 9618 9614 9612 9612 965 968
•96
96
06
5 Dee
8
3 Jan 14
15 Feb
712 Mar 6
513 6
8
55 13,700 Atlanta Birm A Atlantic_ 100
4
1
/ 53
5
514
4
,
,
54 68
8
412 52
Jan 15214 Dec
4
1633 16412 164 16514 5,500 Atlantic Coast Line RR_ _ _100 14714 Jan 16 166 Mar 3 1124 Apr 841 Dee
163 164
161 16212 16214 164
4
/
/
521
100 71 Mar 30 8414 Mar 6
8
4 7639 7714 7612 767 10,900 Baltimore A Ohio
773
4 77
4
1
/ 773
765s 774 77
5614 Apr 6612 Dee
8811 Jan 6
8
100 627 Apr 21
6514 6514 6538 6512 6512 6512 6512 6512 1,300 Do pref
8
65 653
4
1
/
39 Dec 4414 Dec
50 3514 Mar 23 4214 Jan 15
2,400 Bangor & Aroostook
8
39 14 3934 *3912 397
39
393
4 39
8
377 387
8 39
Jan 95 Nov
86
100 89 June 23 9412 Jan 5
Do prof
94
94 .92
*92
94
•90
94
•90
94
'90
4
/
1312 Jan 411 Dec
4
1
/ 5214 20,200 Bklyn Manh Tr v t oNo par 3518 Jan 5 55 June 17
8
4
4
1
/ 5314 523 5353 5212 5312 505 5212 50
52
4
/
481 Jan 7534 Dee
4
1
/
4
No par 72 Jan 2 813 Mar 14
Do pref v t a
600.
4
8
795 793
80
80
80
'7912 8012 '7912 8012 80
8
40 May 683 Dec
8MaY 2
Rochester et Pitts_100 48 Apr 2 923
46 Buffalo
-*7512
77
77
79
1
/
754 7514 *75
79
*75
4
8
100 13612 Mar 30 1523 Jan 8 1423 Mar 15612 Nov
14112 14112 2,100 Canadian Pacific
14112 142
142 142
14112 14134 142 142
400 Central RR of New Jersey_100 265 Mar 30 321 Jan 3 199 Mar 295 Dec
"285 295 2285 285 *283 295 *283 295 *283 2901
6N Feb 9814 Dee
100 894 Mar 30 0018May 18
4
4
9512 943 9513 *933 9512 9414 94 4 1,400 Chesapeake & Ohio
9512 9512 95
9912 Jan 1091 July
4
/
100 10514 Apr 14 11118May 29
Do pref
100
*108 10914 '108 109 '108 10914 108 108 *108 10812
314 Apr 1012 Dea
4
1
/
3 Apr 24 105 Feb 9
8
100
Chicago dc Alton
1,200
4 5
*43
5
439 5
5
5
5
4 5
*43
8
81 May 197 Dec
4
/
4
/
4
/
51 Apr 23 191 Feb 21
100
Do prof
4 5,000
-9
9
853 83
9 14
9
4
/
91
9
8 914
85
100 140 May 0 16412 Feb 11 100 Apr 15014 Nov
200 C CC & St Louis
*145 155 '150 150 *150 160 *145 160 *145 160
21 May 38 Dee
4
100 293 Mar 30 3618 Mar 13
1,700 Chic & F:ast.Ill RR
34
3312 3312 3312 3312 3312 3312 3312 3312 34
4
1
/
37 May 62 Deo
100 40 Mar 30 5714 Jan 2
Do prat
700
*4312 45
8
437 437g 4334 448
4
*433 45
"4312 45
4
/
4 Apr 111 Nov
9 Jan 2 15 Feb 7
100
1114 8,900 Chicago Great Weetern
8 1112 118 11
8
4
/
1114 1112 113 111 1112 117
4
/
1
/
104 June 311 Nov
1
/
100 1914 Mar 30 324 Feb 6
Do pref
1
/
8 244 243
4 6,000
8
4
4
1
/ 243 2588 245 247
4
8
245 2512 243 25
1
/
8
1
/
104 Oct 184 Nov
314 Apr 20 163 Jan 7
8
8 3 15,700 Chicago Milw & St Paul._ _100
8
4
1
/
818 8
4
8 83
85
4 9
83
834 0
1814 Oct 3218 Nov
7 Apr 20 2812 J .n 7
100
Do pref
4
4 143 1514 15,100
8
1553 1618 1518 153
1534 1618 157 16
4
4
1
/
4914 Jan 753 Dec
8338 8,800 Chicago & North Western_100 47 Apr 14 75 Jan 12
6312 6412 6414 6412 6414 6439 6312 6412 62
4
Jan 1143 Dec
4
100 1013 Apr 14 117 Mar 6 100
Do prat
300
110 110 *10912 110
3
109 10914 *10914 109 4 *109 110
4
/
211 Feb 50 Nov
4
1
/
40 Mar 30 5414 Mar 3
8
4
1
/ 447 4538 4459 4534 4412 4714 43,100 Chicago Rock 1st & Pacific_100 92 Jan 2 994 Feb 21
4 4412 45
443
44
1
/
7634 Feb 974 Dee
100
,
Do 7° preferred
4 1,000
4
9514 9514 943 943
95
4
4 943 943
4 943
4
923 923
4
4
/
655s Jan 871 NOV
100 82 Mar 30 8912Mar 3
Do 8% Preferred
500
84 '8412 8512 8512 8512 8514 8514
84
8314 84
4
1
/
Jan 57 Dec
4
/
29
Chic St Paul Minn & Om._100 3318 Apr 22 591 Jan 13
*421 4512 '4212 45
46
46 '43
46 '43
*44
6814 Apr 04 Dee
100 7314 Apr 21 108 Jan 13
1,10 prof
100
•9212 96
93
93
97
•93
96
"93
96
'93
Jan 49 Nov
20
100 4418 Jan 6 8512 Apr 18
100 Colorado & Southern
4
593 *5712 58
59 '5812 60 '58
59
*5712 60
4
/
Jan 651 Dee
50
0 Mar 26 6412June 18
.
Do let pref..........100 6
100
1
/
8
4
8
4
1
/ 64 '625 64 '625 64 . 623 624
*62
'6312 64
45
.19 Nov
Jan
6012June 16
1001 54 Jan 2
Do 2d prof
61
'58
61
*58
61
'58
61
"58
*5812 61
8
1001 13315Mar30 155 Apr 6 10413 Mar 1395 Dec
Delaware & Hudson
3,900
141 14278 143 143
14514 14512 145 14512 143 145
4
1
/
4June 8 1103 Feb 149 Der
4
1,000 Delaware Lack er Western_ 501 125 Mar 30 1473
14013 14012 140 140
14014 141
214118 142 •13912 142
1
/
42 Dec 434 Dec
200 Denver Rio Or & West prof 100' 35 July 3 80 Jan 12
8 '3712 39
383
8
357 357
8 36113 3618 '3612 3812 '38
4
1
/
2034 Jan 35 1.4ull
100 2634M0y 15 34 Feb 241
*, 2712 2784 5,500 Erie
4 2712 283
2812 2812 2812 2914 2834 283
4
1
/
1
/
284 Feb 4914 Dec
100 35 June 23 46 Jan 21
Do 1st prof
8 3718 3738 5,400
377 3812 3712 383
4
8
373 3814 373 39
4
4
2518 Jan 4614 Dec
100 34 June 29 433 Jan 5
Do 2d prof
200
3712
3712 *3518 3714' *37
3712 3712 *36
38
*36
4
533 Mar 75 Dec
100 60 Apr 24 7112June 25
4 6914 6934 6812 6914 15,700 Great Northern pref
3
4
1
/ 69 4 6912. 693
69 693
4 69
4
1
/
26 May 39 Nov
3
Iron Ore Propertlee__No par 2714June 24 403 Jan 191
4
1
/ 283
28
4 2,800
4
4 283 29
8
2834 283
4 285 283
2812 29
4
1
/
4
/
111 Apr 29 Der
100 23 Mar 30 34 May 81
et Nor
4,900 Gulf Mob
8
275 28
29
2918 30
28
,
281, 29
2712 29
Jan 99 Dee
4
/
50
100 8912 Mar 30 1011 Jan 10
Do pref
700
96
4
3 96
9612 9512 963 *9512 983
9512 •95
9514
12,800 Havana Elcc Ry, Lt A P_..100 112 May 16 18612June 11!
4
1793 17314 176
4
17712 18312 1763
174 179
173 175
4
/
201 Nov 2914 Dec
4Mar 1S 3334July 6
100 213
8 3218 3212 10,700 Hudson & Manhattan
4
1
/ 3314 3212 327
4
/
331 32
4 33
4
1
/ 333
32
1
/
6714 Oct 644 Dec
4
/
100 641 Feb 18 72 July 10
72
Do pref
72
100
74
*71
*7112 75 '7112 75
*7112 75
5
1
/
10014 Mar 1177 Dec
100 111 Mar 31 1194 Jal
Illinois Central
114 11414 2,300
4
1
/ 114 11412 114 114
11312 11334 11312 113
Stock
104 Mar 1174 Dec
100 11212 Apr 23 119 Jan
Do pref
1
/
300
8
8
'116 1163 116 116 *115 1163 116 116 *11514 1164
Jan 73 Dec
64
8
Do RR Sec,Series A_ _1,000 705 Jan 6 74 Apr 17
*6812 72
.6812 72
*6812 72 '6812 72
72
Exchange *69
1
/
184 Nov
4
/
111 July
500 Int Rye of Cent America__100 18 Jan 8 27 July 9
4
*263 28
4
8 263 27
4
8 263 267
8
5
*26 8 2712 •263 273
4
11
. _100 5911 Jan 2 66 July 9, 4414 May 83 Nov
Do prof
*6414 67
300
8 6518 66
4
8
4
4
653 *647 653 *643 653
Closed- *65
4
1
/ Jan 3914 July
12
27
5,100 Interboro Rap Tran v a_ _100 1312 Mar 23 3412 Feb 9
27
28
27
27
4
1
/ 283
8 27
4
263 2712 27
1734 Mar 4159 Dec
4
/
100 2853 Mar 30 401 Feb 21
3212 3114 3214 7,500 Kansas City Southern
4
1
/ 32
33
4
,
Indepen.1
317 33 4 323 3312 33
4
1
/
3
5114 Mar 59 Dec
100 57 Jan 15 695 Feb 24
4 5814 58
4
1
/
4
1
/ 583
4 58
4
4
3
4
*583 59 4 '583 5912 583 583
63912 Apr 85 Deo
50 69 Mar 30
VPraelfley
hlo
60
3,028 LeD gh
7913 7814 79
8 79
7912 797
9
8
dence Day 795 8014 795 80
8758 Jan 109 Des
100 108 Jan 16 11714 Mar 2
Nashville
8
113 1147 11312 11438 4,000 Louisville dr
8
•112 11212 11212 1127 11212 113
Jan 85 Dec
42
87
970 Manhattan Elevated guar_100 64 May 20 100 Jan 14
87
90
90
8414 86
4
8214 8214 833 84
8
4
/
3012 Jan 517 July
100 3218 Mar 23 511 Feb 9
Do modified guar
431
1,000
4
1
/ 43
4
1
/ 43
4418 43
4 43
*4214 4278 4212 423
4
/
4
1
/
1012 Jan 2
6 Mar 131 Jan
714 Mar 11
100
Market Street Ry
4
1
/
4
1
/ *94 9
3
*9 3 10
*914 0
8
•93 10
•914 10
set 42 Dec
20
100 20 Jan 13 34 May 8
Do prof
35
34 '30
*30
36
*30
35
*30
36
'30
41 Nov
4
/
711 Jan
100 4314 Mar 20 57 June 27
Do prior prof
54
300
*53
54
5412 53
*53
55
4
4
553 553 •53
Jan
14 Mar 30
100 16 Mar 19 25 May 7
Do 2d pref
20
24 '19
"19
24
2312 *20
*20
24
*20
Jan
4
8
13 Jan
4 Mar 6
212 Jan 5
100
1,200 Minneap dr St L
4 27
*23
4
4 23
23
7
4 3
23
4 28
*23
4
1
/
4 23
23
2814 Mar 534 Dee
8
305 Apr 4 5614 Jan 14
39
500 Minn St Paul dr S 0 Marle_100
39 '35
*35
4
1
/ 39
37
38
*35
38
*35
50 June 75 Dec
100 40 Mar 30 71 Jan 9
Do pref
400
60
*50
60
'55
5812
57
60
"55
57
57
1012 May 343 Dee
1.
2
4
1
/ 3312 3212 331 21,700 Mo-Kan-Texas RR_ _ _ _No par 2814 Jan 2 4014 Mar 4
4
1
/ 3418 32
4
1
/ 3414 33
33
34
32
4
1
/
2934 Feb 75 Dec
4
873 Feb 5
100 743 Jan
4
Do prof
4
1
/ 841
8,200
8 83
8578 8514 8512 8412 853
84
8314 84
934 Jan 3414 Nov
100 3058 Jan 5 41 Feb 6
8 3314 341 10,200 Missouri Pacific
343
348 3312
4
1
/ 3312 3412 34
8
325 33
Jan 74 Dec
29
100 71 Mar 30 84 May 20
Do pref
78
15,700
4
1
/ 77
4
3
3
7818 79 8 7853 79 8 773 78
7714 78
3 Dec
4
23 Jan 12
118 July
100
1121une 24
600 Nat Rys of Mex 2d pref
1513
112 '112
112
112
112 112
112
112
112
9313 Feb 12112 May
8Nlay 8
100 11314 Feb 21 1233
New On Tex & Max
4 1221
4
4
4
4
/
4
*1203 1221 *1203 12218 '1203 12218 *1203 12218 *1203 118
4
/
9918 Feb 1191 Der
4
10 1243 Jan 13
100 11314June
49,900 New York Central
4
1
/ 11712
1
/
11714 11918 118 1194 11712 118
117 118
7313 Feb 128 Dec
100 118 Juno 24 13714 Feb 24
600 NYCAStLCo
123 123
125 125 I 125 125 •123 128
124 124
8
83 May 037 Bev(
4
/
100 1381 Jan 6 9214 Mar 3
pref
Do
900
9114 911
91
4
/
4
/
9112 9112 911 911 9118 9159 91
14% Jan 334 Del
8
100 28 Mar 24 363 Mar 2
4 3112 324, 3114 313 18,300 N Y N II dr Hartford
323
4 32
323
4 32
3214 323
16 May 2814 Nov
4
/
8
9,100 N Y Ontario et Western_ _ _100 205 Apr 4 271 Jan 7
*2412 247
4
1
/
2418 24
4
1
/
2412 24
4
1
/ 244 243 254
*24
1212 Apr 29 Nov
100 217 Apr 22 3712June
8
4
3214 3312 313 3214 5,300 Norfolk Southern
3412 '3312 35 1 *3312 35
*33
100 12312 Mar 30 13452 Mar 20 10213 Jan 13314 Dec
4,100 Norfolk A Western
7
127 8 12814 12712 128
4
1
/ 12814 129
128 12812 12814 129
4
1
/
72 Feb 8018 Jung
100 7513 Jan 8 79 Apr 3
Do pref
300
8
8
7812 7812' 783 783
82
4
4
783 783 •78
82
•78
8
477 Mar 73 Dee
100 5814 Apr 25 7134Mar 6
661 12,900 Northern Paella:,
4
4
1
/ 6618 6714 663 6714 6614 67141 66
4
1
/ 67
66
4214 Jan 50 Dec
50 4212 Apr 9 4878 Jan 5
4612 467 21,576 Pennsylvania
1
/
464 47
4
1
/ 47
4634 46
8
8 463
4634 467
934 Mar 2212 Nov
4
100 133 Apr 30 2078 Jan 12
800 Peoria & Eastern
*1612 171
,
1712 1712. 177 1812 1818 181 *1712 1812
8
4012 Mar 73 Dec
100 6134Juno 24 72 Feb 25
3,300 Pere Marquette
651
4
1
/ 6612' 65
6512 65
65
65
64
*6214 84
7112 Apr 8512 Aug
100 7812 Apr 15 84 Jan 16
Do prior pref
200
80
83 I 80
•80
80 80
83
*80
82
'80
Jan 77 Aug
60
100 6813 Apr 16 7534 Jan 10
Do pref
300
724
72
71
71
72
72 .70
*70
Jan 7514 Dec
38
1
/
734 Jan 2
100 63 Mar 19
1,200 Pittsburgh & West Va
4
1
/ 70
69
70
8 70
3
697 897
70
70
70
70
8
517 May 7912 Dec
4
50 693 Mar 30 9114June I
1
/
4
1
/ 864 29,100 Reading
85
881
8614 8714
4
1
/ 8712 8812 87
8
865 88
34
Oct 5613 Jan
8
50 357 Mar 18 41 June 1
181 met
Do
300
.3018 397 .3918 3972
39
4
7 *383 3918 39
7
38 8 38
4
/
Jan
.50 3614 Mar 18 4438June 1 6331 Jan 56
Do 2d pref
3912 3912 1,800
3912 40
4012 40 40
40
40
40
32
Jan 66 Nov
4
1
/
100 42 Apr 24 62 Jan 0
Rutland RR pref
59
*54
58
59 '54
*54
60
*54
60
*54
4July 7
1
/
1918 Apr 65 Dee
_100 571s Jan 16 85
4
1
/ 8312 8418 32,300 St Louis-San Francisco_ __
8
835 84
8 8418 85
4
1
/ 853
4
1
/ 83
8334 84
8
425 Jan 8213 Dee
100 76 Jan 20 8512Nlay 20
Do pref A
4 1,200
4
851
8518 843 843
85
4
843 8514 '85
85
85
Jan 657 Dec
4
33
3
100 4334J11ne 11 533 Mar 2
4
1
/ 48311 11,000 St Louis Southwestern_
48
4718 48
467g 473g 4714 4838 4714 481
4
1
/ Jan 74 Nov
57
100 7018June 25 7534 Mar 11
Do pref
71
100
71
71
•70
71
'70
71
'70
71
•70
4May 20
614 Jan 2418 Dee
8
100 203 Jan 16 353
3218 15,500 Seaboard Air Line
4
1
/ 32
3214 33
8 3212 331
333
8
317 3212 32
1414 Jan 4512 Dee
100 35 Mar 30 48 May 7
Do pref
4212 *4112 4212 6,400
42
4
1
/ 4112 42
424 4218 43
42
4June 8 1083 Jan 9
8
8513 Mar 1054 Nov
1
/
100 973
4
4
/
981 983 14,000 Southern Pacific Co
4
983 99
4
4
4
/
3
98 4 991 983 9914 983 99
4June 29, 3813 Jan 79 Dee
/
4
1
/
8
100 775 Jan 2 991
Southern Railway
16,100
8
9813 2967 97
4
1
/ 983
4, 97
983
8 98
8 98
9818 987
1
/
4
100 83 Jan 2 924 Feb 26' 663 Jan 85 Dec
Do pref
4
1
/ 8514 8512 6,300
8514 85
861
8512 8614 85
9
8618 865
4
8
Jan 483 Dee
19
100 4314 Jan 27 583 Mar 13
4
4
4712 4812 473 483 11,100 Texas et Pacific
50
4 4812 5014 49
483
48
1
/
74 Apr 17 14 Jan 12
4
1
/
184 July
100
4
83 May
900 Third Avenue
13
4
123 '12
•12
13
4
123 13 I '12
13
13
Jab
Transit.._100 58 Jan 22 703
4
/
391 Oct 06
4JWY 1
200 Twin City Rapid
8412 '6314 64
653 *63
8
4
1
/ 675 *6412 6612 •63
67
4
/
1
/
100 13314 Apr 24 15338 Jan 10 1264 Mar 1511 Deo
4 5,000 Union Pacific:
4
1
/ 13918 1393
13914 139
3
8
1387 139 8 13914 13978 13834 139
100 72 Jan 30 76 Feb 26
70 Mar 7613 Aug
130 pref
700
9
4 757
1
/
4
4
1
/ 753 *75
8
4
1
/ 753 75513 *7414 744 75
3
75 8 75
Dec
100 1814 Mar 10 3312Nlay 18
753 14Pr 41
100 United ltall‘vays Invest
*2612 29
29
*20
28
28
20
*2712 29 "26
1
/
100 4812 Mar 23 8314Juno 25
2612 14pr 644 Dec
Do pref
200
8
4
4
1
/ 793 793 *7612 797 '7612 79
79
*76
80
80
4
1
/
4
/
& Power_100 641 Jan 14 123 Juno 3
36 Feb 72 JUI7
1,300 Virginia Railway
120 120
119 11914 120 12014 *11912 120 *119 121
8
100 1012 Mar 30 3412Ju1y 7
104 Jan 243 Der
33
89,600 Wabash
4
/
331 3213 3312 32
33
4
1
/ 341
4
1
/ 33
4
1
/ 34
33
4
1
/
100 5534 Jan 20 6812July 1
34
Jan 60 Dec
Do pref A
4
1
/ 21,800
6718 67
4
1
/ 68
67
4
/
6734 684 6734 681 6712 68
8
4
/
100 381 Jan 21 51 July 1
2212 Jan 423 Dec
Do prof 11
53
53 '50
53 •
50
54 '50
'50
52
*50
8
83 June 1614 Dec
100 11 Mar 24 173 Jun 9
8
4
/
4
1
/ 141 12,700 Western Maryland
1
/
144 13
8 144 147
3 14
1
/
4
1
/ 147
4 13
1314 133
1514 May 2614 Dee
100 16 Mar 27 2614 Jan 9
pref
Do 2d
1,900
20
20
22
22 '20
4
•193 2012 2012 22141 22
4
/
4
143 Jan 361 Dec
100 3212 Jae 5 65 Mar 11
41 343 3514 3414 3414 3418 3414 2,400 Western Pacific
4
3518 3538 3514 353
Jan 8613 Dec
58
100 8411 Jan 6 100 Mar 11
Do pref
1,500
8714
4
1
/ 87121 *8712 8812 8712 8712 87
8712 8712 87
1712 Dec
712 Jan
1014 Mar 31 2012July 8
Lake Erie Ry_ _101
1
/
4
8 012 183 194 1812 1913 54,100 Wheeling &
1814 1814 20 1 193 2
18
3212 DC.
1414 JOI
101
4July 8
22 Apr 2 343
Do pre!
4
1
/ 13,000
4
1
/ 34
4 33
4
4
1
/ 3434 333 343
34581 34
33
33
33
Industrial ec Miacellaneoun
Dcs
Doc 64
61
4Nlay 29
/
1,500 Abitioi power A Paper_No par 64 Jan 6 751
68
267
6814 69
41
1
/ 6812 69
69
69
70
"68
9612 May 12212 De.
lob Ile Jar. 5 133 May 26
100 All American Cables]
13112 13112 "131 133 *131 133 '131 133 *131 133
7312 Ja.
3313 Dee
100 00 A or 18 10314 Jan
94
500 Adams Express
94
"9234 94
94
4
8
943 '923 95 I 93
*93
ltias Dte
6 June
18.2May 13
,
100 13 Apr 11
1312 133
4 1,300 Advance Fiume's
15
15
14
4 15
*1412 143
1...
14
44
14
234 Juu,
4
/
100 47 Feb 18 591 Nlay 18
54
Do prof
100
*52
55
54 '53
53 ; •52
53
_
53
*50
1258Nlay 27
934 Apr 21
1
8 11 1 1 3.000 Aluimaria Lead_
III, 107
Ii
1114 11 14
8
1114 107 11 18
11
3 per share $ per share $ per share $ per share 1$ per share
•Ind and asked Pekes
S Ex-dividend.
I) Ex-rights.
per share
Shares.
3 per share
$ Per share
$ per share
New York Stock Record-Continued-Page 2
175
ant ...les during the week of stocks usually Inactive. see second page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
July 4.
Monday,
July 6.
Tuesday. iWednesday.i Thursday.
July 7.
July 8.
July 9.
Friday.
July 10.
Salts
for
I52
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On lasts of 100
-share lots
PER .SHANE
Range for Precious
Year 1924.
Lowest
Highest
Lowest
Highest
Indus. & kliscell. (Con.) Par $ Per share $ per share
$ per share
Per 32a?
,
Air Reduction, Inc___ _No par 863 Jan 30 11112 Feb 28
4
6714 Jan 93 Dec
Ajax Rubber, Inc____No par
10 Mar 19 1573June 19
412 May
1412 Dec
Alaska Juneau Gold Min__ 10
1 Jan 6
7 _Tan
8
214 Mar 27
132 Mar
Allied Chemical & Dye_No par 80 Mar 30 9518k1ay 28
65 Mar 8712 Dec
Do pref
100 117 Jan 9 120 Feb 26 110
Apr 11834 Dee
Allis-Chalmers Mfg
100 7112 Jan 5 8618 Mar 13
4134 May 735* Dee
Do pref
100 10314 Jan 3 108 June 3
90
Apr 10478 Dec
Amer Agricultural Chem 100 1312 Mar 19 217 Feb 11
4
718 Apr 1718 July
Do pref.
100 3612Mar 23 6034JulY 6
183 Apr 495* Jan
4
American Beet Sugar
100 363 Mar 19 43 Jan 7
8
36 Mar 4911 Feb
Do pref
100 8014 Jan 19 877eJune 19
681k Oct 83 Dec
Amer Bosch NIagneto_No par 2612 Mar 24 5412 Jan 3
2214 Apr 3833 Jan
Am Brake Shoe & F___ _No par 9014 Mar 30 109 May 5
76 Apr 102 Dee
Do pref
100 10711 Jan 12 11314May 20 10414 July 110 Mar
American Can
100 1581 Jan 16 200 June 27
957 Apr 16312 Dee
8
Do pref
100 116 Jan 29 12112June 12 109
Jan 119
Oct
American Cardc FoundryNopar 9712 Apr 27 111 12May S
prof
Do
100 12034 Apr 2 1273
4June 26
Yuji
American Chain. class A..._ 25 2234 Apr 22 27 Feb 14
213 Mar 25 Sept
8
American Chicle
par
No 100 37 Jan 27 62 Apr 18
14% Apr 407 Dec
8
Do pref
94 Jan 5 109 June 3
5112 Feb 9312 Dec
-44- -4912 *49 50 4. 8 50 4812 4838 48 48
9
1,700
No par 37 Jan 7 5812 Apr 18
Do certificates
23 Sept 39 Dec
57
•578 6 I .57
8 6
57
8 6
4 57
6
53
8 1,300 Amer Druggists Syndicate_ 10
514 Mar 17
684 Jan 22
312 June
7
OCI
13212 13312 134 136
138 140
140 1413 .135 138 1 3,000 American Express
8
100 125 Apr 27 166 Jan 2
88
Apr 164% Der
41
4178' 4114 4234 4212 4334 4114 4312 41
21,400 Amer & For'n Pow new _No par 2714 Apr 7 47 June 17 ---42
9114 91141 903 91
8
91
91
91
9138 91
9118 1,500
pref
Do
No par 87 Jan 6 94 Feb 19
.130 135 ,.131 135 *130 133 *130 133 *130 133
Do 25% paid
1143 Apr 7 135 June 17
8
9212 Mar 13214 Dec
1018 1018 *10
11
*10
11
10
10
93 103
4
81 1,800 American Hide & Leather_100
812 Star 31
14 Jan 14
71 Apr
1434 Dee
70
70 I 6934 693
2 6918 6918 *6812 6912 6512 6712
900
100 59 Mar 31
Do Prat
757 Jan 14
5012 Jan 7238 Dee
116 11712 11612 1173 116 117
4
11512 116 311414 114141 3,600 American Ice
100 83 Mar 18 11734July 7
72 Aug 96
Feb
85 1 85
85
85
85
85
853 86
8
x85
86
2,200
100 7412 Mar 17 86 July 9
Do Pref
7312 Nov 83 Feb
3518 36
3514 353
3712 373 3934 33,100 Amer International Corp I00 3218 Mar 30 41 Feb 5
4 3512 3614 36
8
178 Mar 353 Noy
8
138 137
133 137
2
8 1312 133
4 1314 1312 13
1314 4,700 American La France F E
10 1114 Jan 2 14 Jan 15
10 May 1214 Jan
2914 29141 2912 2934 29
8
291* 293 293
8 283 287
8
8 1,300 American Linseed
100 20 Mar 25 3012.July 2
4
131 May 285 Dec
*
71
4 72
713
72
*70
72
7112 72
.7078 7214
Do pre(
600
100 53 Jan 2 7312July 2
30
Apr 533* Dec
11714 11814 1 11734 11834 11612 117
11418 11614 11314 11514 6,700 American Locom new__No par 10412 Jan 5 1447
8Mar 6
7018 Apr 1093 Dec
4
121 121 1+121 123 *121 123
121 121
11912 1193
4
Do pref
400
100 118'jMar2O 124 Feb 16 11614 Apr 120% Sept
50
5034 5018 51
49 4 5014 50
3
5014 4912 508* 10,000 American Metals
No par 453 Mar 30 53% Jan 2
4
383 June 54 Dee
4
99
9912 99 105
106 108
105 10712 105 10712 9,400 American Radiator
25 89% Jan 3 108 July 8
94% Apr 138 Dee
8 773 .7614 7712 *7614 77 .7614
*7614 7712 77
77
100 Amer Railway Express__ 100 7614May 13 84 Jan 13
7712 Nov 83 Oct
57
577
8 577 60
8
59
g
61
5818 60
5814 587 16,000 American Safety Razor. A00 367g Jan 2 61 July 8
___
57 Apr 1014 Noy
s
77
8
818
5%
6'A
612 7
7
,2
6% 7
13,300 Amer Ship & Comm ___No par
53
8Ju8*' 7 1412 Feb 28
1018 Oct15% Feb
1033 10514 10518 10638 1053 1073 1063 1083 31043 1063 62,6001 Amer Smelting & Refining_100 903
4
4
4
2
4
4
8/gar 30 10833Ju1 y 9
4
5712 Jan 100% Dec
•11012 111
111 111
11012 11112 311012 11112 111 111
100 10513 Jan 5 11118July 8
7001 Do pref
Jan 10734 Dee
96
3734 3818 38
38
38
3814 3818 383
8 3814 3814 4,000 Amer Steel Foundries_.No pa
373
8June 11 40 May 28
*11014 11118 11118 11118 311014 112 .11014 111 *11014 111
100
Do pref
100 108 Jan 7 112 Apr 18 10114 Apr - 0- 14 NO;
1- 9
65
657
8 643 65
4
6412 653
2 0312 643
4 63
64
8,900 American Sugar Refining_100 475k Jan 16 7114 Apr 14
36
Oct 613 Feb
4
08 8 98331 0812 9812 *9812 99
3
99
*9814 99
99
500
Do pref
100 9114 Jan 16 101 12 Feb 28
77
Oct 997 Feb
812 812
83
8 87
8
834 83
4
83
4 83
83
4 2,100 Amer Sumatra Tobacco_100
4 83
6 May 6 2412 Feb 14
634 July 2812 Jan
•82
84
*82
84
*80
83 .80
83
*80
83
Do prof
100 28 Apr 27 8818May 28
2212 Sept 69
Jan
40
40
*39
41
*39
41
*39
40
*39
40
100 Amer Telegraph & Cable...100 373
43use 1 47 Feb 25
3814 Dee 431k Jan
14014 1403 14034 1407 1403 141
4
8
8
1403 141
8
14012 1407
8 7,300 Amer Telep & Teleg
100 1305* Jan 2 14414June 18 12112 June 1343 Dee
951 96
,
96
9618 06
9612 96
9614 9618 9612 3,800 American Tobacco
50 85 Feb 17 967
8May 23 13634 Mar 16978 Nov
*107 10784 108 108 *107 1073 1073 1073 1073 1073
4
4
4
4
4
500
Do pref
100 10412 Jan 5 108 June 8 101
Apr 10612 July
95
°Chit 953 96
4
955 953
4 0512 96
4,300
9434 96
Do common Class B____50 84% Feb 17 9612June 1 13514 Mar 11383 Nov
,
•120 122121 121 121
121 122
12012 121 .120 12112
600 American Type Founders_100 103 Apr 22 124 June 25 106 Sept 115 Sept
Stock
6112 62 I 6114 62
6212 62
62
6284 613 6234 5,700 Am Wet Wks & El
4
20 343 Jan 13 68 June 2
40 Feb 144 Dee
9912 9912' 9912 9934 9912 9984 9978 100
993 993
4
4 2,200
Do let pref (7%)
100 99 June 30 103 Feb 18
8912 Mar 101 Dec
Exchange 10634 106341 1063 107
4
10714 10734 10714 1078* 10714 10714 4,500
Do partic p1(6%)-100 9512 Jan 2 10814June 26
66 Feb 102 Noy
3818 403
8; 40
4112 3912 41
3712 3934 373 3812 48,300 American Woolen
4
100 343
4MaY 6 6434 Jan 6
51% Sept 78% Jan
Closed7834 797
81 797 8114 8012 818* 7934 8014 7912 8012 8,100
8
100 6912May 6 96% Jan 20
Do pref.
90 Ott 1023 J81)
8
33
8 33
81
318 318
3
3
3
318 *23
800 Amer Writing Paper pref 100
8 3
212 Apr 2
7% Jan 3
112 Apr
7 July
Indepen•73
8
75*
75* 8
72 8
7
*73
4 8
8
1,500 Amer Zinc, Lead & Smelt- 25
87
7 May 12 121, Jan 9
7 Mar 1214 Dee
2812 2812, 29
2918 2878 29
29
29
298 308* 2,900
Do pref
25 247
8May 1
39 Jan 9
24 June 36% Dee
dence Day 39
3958' 398 4014 40
408 4012 42
67,200 Anaconda Copper Mining_50 3514 Apr 21
404 42
48 Jan 3
2812 May 4814 Dec
*33
34
*33
34
3318 333
4 3312 3312 *33
3312
300 Archer, Dan'Is Micirci_No par 26 Jan 7 3514 Feb 13
2812 Dec 29 Dec
*96
973 *96
973 .96
4
4
97
•96
9634 96
96
Do pref
200
100 901j Jan 5 9812June 10
90 Dec 9112 Dee
97
975* 97
97% 9714 98
9712 977
9712 9712 3,100 Armour & Co (Del) pref.-100 90% Mar 31 98 June 13
8314 June 9434 Dec
2318 2312 2314 2312 2333 233
4 2314 2312 2278 233 22,400 Armour of Illinois Class A._25 20 Mar 19 24 June 20
8
834 834
9
9
9
0
9
918 391
9l4
700 Arnold Constle&Covto No par
8 Jan 5 1212 Jan 28
Oct 15
6
Jan
41
413
4 4112 4134 413 41% 417 4234 42
4
8
4212 3,400 Artloom
No par 39 June 19 44 Slay IS
102 102 .101 102 .101 102
1013 10134 .101 102
4
200
Preferred
100 10134May 14 10314Nlay 19
--5434 5434 547 5514 543 5534 54
8
4
54713 x5334 5412 5,10 Associated Dry Goods
100 4812June 23 5534July 3
*96
93
98
98
9814 98141 99
99
987 99
8
Do 181 pref
60
100 94 Jan 7 100 June 16
8312 May 94 Nov
*106 107 .106 107
10612 10612 *10612 10712 *10612 10712
Do 2d pref
10
100 101 Jan 2 10814 Feb 7
Jan 1023 Dec
89
4
3718 377
8 375 3734 373 3814, 377 3812 3714 38
8
4
8
10,50 Associated Oil
25 32 Mar 30 4112June 15
2712 July 343 Feb
8
543 5512 55
4
5534 54
55 1 5112 543
8 51
52
8,50 Ail Gulf & W I SS Line___A00 20 Jan 5 56 July 2
103 Mar 23 Dec
4
5218 5258 5214 5318 *52
53
5112 5218 5112 513
4 2,60
Do pre
100 31 Jan 6 533
8July 2
1211 Jan 3112 Dee
11134 112
1103 112
4
111 11318 113 113
11312 1132 2,80 Atlantic Refining
100 9512 Jan 2 1171k Feb 5
7812 July 14018 Jan
*1173 118
4
1173 1173 *1173 118 1.1173 ____ •1173 118
4
4
4
4
4
Do pref
10
100 11312 Jan 6 1173
4June 8 108
Oct 118 Feb
11
11
3 11
*10
11
11
11
1114 *11
91 Feb 16 13 Apr 28
1112
80 Atlas Tack
No par
5 June 1112 Jan
22
23
2234 2334 223 233
4
4 23
23
23
23
6,50 Austin, Nichols& Covt c No par
22 July 6 32% Jan 12
1812 Mar 33% Dee
•91
92
*91
92
*90
92
*90
93 .92
93
Do pref
100 87% Jan 27 93 May 14
79 Apr 91 Nov
•2
218 *2
2'4
2
2
2
2
•17
8
2
300 Auto Knitter Hosiery.
.No par
I% Jan 7
414May 14
111 Nov
811 Jan
11412 11614 11518 11712 11614 11714 11434 11612 11334 11518
•110 1113 110 4 1103 111 111 I 111 111 *1103 11114 28,600 Baldwin Locomotive Wks_100 107 Mar 30 146 Feb 26 10434 May 13434 Dec
4
3
4
4
300
Do pref
100 109 May 1 11834 Jan 31 110',June 11712 Nov
2312 24
2312 24
2418 05121 25
2534 2418 243
4 9,000 Barnadall Corp, Class A
25 21 Mar 24 3() Mar 3
819
14 Feb 23% Dee
193 *19
4
103
4 197 197
8
81 20
20
1912 1912
300
Do Class 11
25 1614 Apr 22 23 Feb 6
10
Jan 171, Dec
.42
45 •41
45
4212 43 I 443 443 •4112 44
4
4'
400' Barnet Leather
No pat 35 Jan 5 4978 Mar 4
2312 Nov 39 Dee
*42
43
*42
43
43
423 *42
4
4234 *42
423
200 Bayuk Cigars. Inc
No par 39 Apr 28 5314 Feb 14
3912 May 59
Jan
*68
6912 68 6812 6814 6814 6814 69
68 68
900 Beech Nut Packing
60 Mar 23 7412 Jan 10
443 Apr 7234 Dee
3812 39
3
385* 39 8 39
403
8 3912 4034 3912 4114 29,100 Bethlehem Steel Corp
100 37 June 5 53% Jan 13
37% Oct6218 Feb
*112 113 *112 113 ,•112 113 1•11212 113 *11212 113
Co cum cony 8% pref_100 109 Mar 18 11612 Feb 8 10114 Apr 11014 Feb
935* 943
4 9514 9512 943 943
4
4 9512 96 .943 97 2 1,200
4
Do pref 7%
,
100 9314Ju1,e 1 102 Jan 31
8912 June 97 Feb
414
414
414 414
414 .414
414
43
4
412 412 1,200 Booth Fisheries
No Par
418May 4
7 Jan 10
718 Jan
4118 417
334 Jun
8 4114 43 1 4212 4334' 4212 4312 34132 4214 70,200 Briggs Manufacturin
g.. No par 3334 Mar 17 44127u1ay 25
134 134 .134 136
134 1343 1343 13514 134 134
4
4
1,100 Brooklyn Edison, Inc
100 1203 Jan 2 1403
2
8May 22 107% June 124'* Dee
8712 87% 8718 8712 8738 88% 88
8834 873 88
4
12,900 Bklyn Union Gas
No pat 754 Feb 17 913 151 ay 22
m
8
563 Apr 8254 Dee
8
98
983
4 984 99 1 99
993
4 9912 995
8 9712 99
3,000 Brown Shoe Inc
6412 Mar 31 10012June 1
39 May 7612 Dee
•104 106 *10412 106 *10412 106 I 105 105 *105% 106
100
Do peer
100 96 Mar 25 1063
43une 15
3034 32
84 June 9934 Dec
297 303
4 283 291828% 287
4
s 2914 30
6,400 Brunswick-Balke-Coll'r No par 24 June 2"
•101 102 .101 105 ,•101 105
498 Jan 21
104 104 .102 104
200 Burns Brothers
9212 Feb 11 10912May 9
22
95 Dec 11212June
2314 *22
2312 22
22% 2214 22% 23
23
1,500
Do new Class B comNo p . 17 Mar 31 30 June 6
o
N:
793 80
4
195* Feb 29 Nov
81
8112 *79
80
81
8112 8113 8112 1,400 Burroughs Add'g Mach_No par
65 Jan 3 8214 Mar 15
1818 1812 1818 188* 1838 183
623 Nov 67% Oct
4
8 1818 183
6 1818 1814 1,500 Bush Terminal new _ _No par
143
4June 10 1912June 15
8734 8734 *873 88 I 874 873
4
4 8712 8712 8712 8712
800
Debenture
100 80 May 14 897
514
83une 20 -- 53*
534 53
-4'
53
4 534
- -553 94
53
4 6 4 5,700 But te Copper & Zinc
,
5 4% Mar 31 85 Jan 2 35 June 914 Dec
21
2118 21
2112 21
*19
21
21
.20
203
4 1,400 Butterick Co
100 17 May 13 283 Jan 3
103 105* 1034 1178; 12
8
4
17 Apr 2534 Dec
12% 12
1214 12
1214 4,300 Butte & Superior Mining___10
612May 5 2414 Jan 9
34
7
14 May 2512 Dee
s
3
4
3
4
*3
4
7
8
711
7
8
*84
7
8 1,000 Caddo Cent
Ref__No par
12 Apr 25
116 116
2
41 Jan
116 116 . 116 117
23 Jan 12
1 Nov
11614 11712 11634 1168 4,000 California Oil &
No par 10012 „Ian 27 118 June 1
Packing
80 Apr 10614 Dee
273 28141 2778 281
4
81 2814 28% 28
28% 273 2814 24,0_0_0_ Californ irel
4
Do pa Petroleum
25 237 Jan 2 327 Mar 7
8
1912 July 2914 Feb
100 100 Jan 2 123 May 22
2 8 23
3
234 2%
8
9212 July 107
2% 2% -- Es
Jan
-1 - 1----- Callahan Zinc-Lead
24
10
4512 4812' 48% 5014' 497 51
212klay 8
43 Feb 19
4
212 May
8
57 Jan
8
497 525
8 5214 5214 7,700 Calumet Arizona
8
Mining
10 45 Apr 22 58 Jan 71 4134 Mar 583 Dee
14
1414' 1414 145,, 148 15
4
15
153
8 15
1512 4,000 Calumet & Heels
25 1214May 26
•30
3212' 3118 3212 33
Jan 5
131 May
185*
33
1912 Dec
*31
33
*31
348
500' Case Thresh Machine__ _ _100 24 Mar 18
7514 7514 .75 - -- 77
3512May 28
14 Mar 35 Dee
77
*75
763 575
4
77
2001
100 60 Mar 11 80'4 May26
1818 177 177
18
8
8 1714 1753 1712 1812 1712 1814 5,300, Do ProfI
4114 May 77
Jan
Central Leather
61
100 143 Mar 28 2134 Feb 7
6138 60
97 Mar 215* Dec
607
8 593 603
4
4 6012 62
5912 613
4 7,8001
Du prof
100 49% Mar 24 66 Feb 7
3512 3512 35
3514 35
2914 Mar 5814 Dec
3512 3414 357
33% 3412 1,9001 Century
D
ProfryItbon Mills__No par 3112 Jan 5 4712 Mar 11
595
96 1 395
96 1 .05
98
2534 Apr 351* Noy
*95
98 .95
98
100 943
4June 23 98% Jan 14
8 53
5114 5212 5212 527
533
91
8 5334 5434 5334 5434 21,700 Cerro de
Jan 9513 July
Pasco CoPPer_No par 4318 Mar :44 5512 Jan
4' 513 5314 504 5234 504 5112 73,800,
52121 5112 523
51
4034 Mar 563 Dee
4
4
Certain-Teed Products_No par 40% Mat 24 5314 July 2
3534 36 1 36
3614, 36
3612 35% 36
247 June 4412 Dee
S
8
3412 3512 4,4001 Chandler Motor Car _ No par
2812 Jan 22 393
93
00
9233 9414 9312 95
2June 9
2678 Nov 66% Jan
94
9414 933* 963 11,300 Chicago Pneumatic
4
Tool_100 8014 Mar 19
7972 May 100% Dec
443 4514 4412 4512 *4512 50
*46
4
50
*46
50
3,7001 Chic Yellow Cab tern et( No par 4978 J , 7 985* Jan 3
441 2 1 ,31 5
11)
5
,78j
5te 3
1
59 I 573 5812 5712 58
58
39 May 6112 Apt
4
573 58
4
573 583
8
8 6,600, Childs
,
No par
8 34
337 343
8
333 335
2
345* 337 3412 3418 3434 21,2001 Chile Co
8
Copper
25 3012 Mar 30 37% Jan 2 8 211 22 I 2212 2212
,
Nisi 3S3 Dec
13* 207
158* 23
23
23
2,800 Chino Copper
5 19 Apr 23 2832 Feb
62
6314 6334 634 633 65
Mar 29 Dec
4
6412 6412 6412 6412 2,400 Cluett.
Peabody & Co
100 5812 Mar 17 711g Jan 12
Oct 751* Jet
65
119 11914 11918 11918 11912 1198 1177 120
11712 118
5,6001 Coca Cola Co
No Par 80 Jan 6 12218June 12
Apr 8318 Dec
4118 42
61
4134 4212 42
4434 43
4514 42
4312 45,1001 Colorado Fuel & Iron
100 3214 Apr
4814
4834 4834 4734 473
2472 Feb 541 Aug
4 48
4814 4734 494 47
483
8 2,100 (7nlomh1Ao Porh•-•r. etc 8/n pnr 45 Mar 21 513 Jan 13
24
Jan 8
393c Sept 553 Jan
8
•Bin and asked prices, no salee ou 11118 day
a Ex-rlijate
x Ex dividend
$ per share 5 per share $ per share S per share S per share 5 per share Shares.
10114 10114 10114 102
10112 102
10212 10312 102 10314 3,200
1434 143 1412 143
4 14
1412 137 1414 133 1414 17,000
8
4
17
.13
13
4
18
13
4 13
7
4
13
4
134
2181
l* 3,000
9012 9012 903
90
913
4 91
4 91
9112 90
91
4,700
119 4 1197 *11914 120 I 1193 1193 .11934 1197
3
2
•119 120
4
4
500
8
8212 83
837
81 8318 833
82
4 83
84
8214 8212 12,700
.10314 107
105 105
106 106 *106 107 .106 107
200
21
20
20
2012 20
2012 193 20 4 193 193
4
3
4 7,100
3
583 608 573 5812 58% 59 ! 5618 5812 547 561 17,000
2
4
.
*41
4112 *4012 42 I *41
41331 41
41
*3912 4083
100
7 878 .87
*87
878 87
873 , •87
41
873
4 87
87
200
3434 357
3512 34
8 35
357
81 3412 36
3434 351 12,700
10434 106 .10512 107 I 10612 10612 *106 1073 105 105
2
1,100
•1093 115 *1093 115
4
4
10984 115 *1097 112
8
110 110
100
19534 19714 19512 19734 19512 19734 1933 1963 19234 19514 07,000
8
4
119 4 1193 1193 11934' 119 119
3
4
4
1193 11934 11938 11934
8
500
4
10234 103 I 1023 10412' 104 10412 10312 105 1 10312 104
4,600
•126 12614 12614 12614 *12614 127
1267 1268 •126 127
8
300
2318 2314 2312 2312 2312 238 2312 2312 *233 231
2,000
8
141 5218 53
52
52
52
52
5112 5112 5012 5112 2,300
176
New York Stock Record-Continued-Page 3
ng the week of stocks usually Inactive. see third Page Preceding
PER SHARE
PER SHARE
Range for Previous
Range for Year 1925.
STOCKS
&deo
-PER SHARE. NOT PER CENT.
MOH AND LOW SALE PRICES
Year 1924.
On basis of 100-dilate lots.
NEW YORK STOCK
for
EXCHANGE
the
Friday.
Tuadap, Wednesday.' Thursday,
Meador.
ligerdalle
Higlest
Lowest
Highest
Lowest
Week.
July 10.
July 9.
July 8.
July 7.
July 6.
July 4.
Indus. & Miscall.(Con.) PG? $ per share $ per share $ par 855r8 5 per share
$ per share $ per share $ per share $ per share $ per share $ per share Shares. Col Gas & Elea
4
33 Mar 48 Des
No par 458 Jan 21 69 4May 21
3
6334 6434 6318 6434 6358 6438 13,000
6334 6434 6353 64
100 10414 Jan 5 110 July 3 10314 Dec 105 Dec
Do prof
100
110 110 *10938 110 *10912 -__ •109 ____ •1091s ---303 May 68 Nov
8
100 Comnel Invest Trust-No par 50 Jan 2 67 Feb 16
67
64 64 •64 67 *64
6612 "64 66
*64
93 May 103 Nov
100 103 Mar 19 1064 Jan 19
Do pref
*102 10612 "102 105 *102 1064 "102 10812 "102 10612
4312 Jan 13114 Dee
800 Commercial Solvents A No par 80 May 25 190 Jan 29
9214 9214
95 97
99
98 99
99
*9814 100
33 Jan 12912 Dee
4I3"
No par 76 May 25 189 Jan 29
Do '
700
91
91
98 '90 98
4
973 99 *93
325 May 6654 Feb
8
No par 2312Ju111 8 4312 Jan 2
s
4
4 253 283 21,400 Congoleum Co new
8 2414 247
4
2414 257
8 2312 2414 243 253
754 May 1414 Dee
Tin FollstompedNo par
12May 19 17 Feb 10
Conley
3
4
"$
5
3
4
"8
"8
5
7
8
8
*5
8 1
"2
3
7
113 Mar 30 Nov
8
8
8 3718 3718 387 3712 2,400 Consolidated Cigar---Na par 2612 Jan 2 4418May 29
3612 373
s 3634 3712 3712 377
5912 Apr 84 Jail
100 7934 Jan 2 8978 Feb 14
Do prof
85
900
*84
85
8412 8412 8312 84 '84 8514 '84
34 Del
18 Jan
318 Jan 7
93 Feb 19
8
512 512 18,900 Consolidated Distrib're No par
514 538
512 57
8
512 6
5
53
4
8
607 Jan 7978 Dee
1(
8 8718 8818 87 877 25,000 Consolidated Gas(NY)No par 7418 Mar 30 8912May 23
8658 8738 8678 8714 8718 883
8 Jan
234June 9
514 Jan 7
2 8 Apr
3
13,000 Consolidated Textile_.-No par
314 358
312 35
8
8
314 312
312 312
314 33
8
434 Apr 695 De4
8
8 697 7012 67,800 Continental Can. Ino_No par 6012Mar 30 72 July 8
6914 707
6712 68
6734 7158 69 4 72
3
25 103 Jan 5 12012 Jan 26
8918 Apr 10918 Dec
112 112 el 400 Continental Insurance
*11112 11212'11112 11212 11214 11214 112 112
878 Dec
814 Jan 2
6 Apr
8May 9
1014 1012 1014 1012 1014 1012 103 1012 1014 104 24,700 Cont'l Motors tern ctfs_No par 3238May 29 113
3
4158 Feb 25
3112 Jan 435A Nov
8 3514 3638 12,400 Corn Products Rahn a'1-25
3878 37
3658 3678
3578 367
Z3634 37
100 11818 Jan 7 127 July 3 11512 Apr 12334 Aug
1001 Do pref
12412 12412 *12212 125
*124 129 *124 129 "123 127
48 May 76 Dec
4
10,3001 Cruclble Steel of America_100 6412 Mar 30 793 Jan 17
6734 69
69
68 6834 68 6912 683s 8934 68
86 May 98 Dec
100 92 May 8 96 Jan 15
Do pre!
400
*94
9512 9512 9512 9514 9514 9558 9558 *9512 9612
No par 1038 Apr 29 1458 Feb 9
1012 Oct 18 Feb
1138 1138 1,600 Cuba Cane Sugar
12' 1218 1218 1218 1218 1218 1178 12
2
100 4734 Apr 30 6258 Feb 26
5358 Apr 717 Feb
Do pref
5,800
51
50
5212 5034 52
5212 52
*5134 53
52
2814 Nov 382
7
2838 2914 29
2938 2914 2938 2834 2918 8,100 Cuban-American Sugar---_10 27 May 6 334 Mar 3
2838 29
100 9512MaY 5 101 Mar 13• 96 Jan 1004 g
Do pre!
97
97 *95
97 *95
97 *95 97 *95
*95
813 Feb
4 June 5
44 Jun
63 Feb 27
2
418 418 *418 412 1,200 Cuban Dominican Sus_No par
418 418
414 432
414 42
100 30 June 19 4412 Jan 6
38 Deo 52 Fell
Do prat
33
33 *30
32 *30
"30 331 '30
3312 1530
4
No par 62 Mar 30 87 June 8
5612 Aug 263 SePI
Cushman's Song
100
76
76
81
*75
*7314 81
*7312 81
*7112 81
No par 50 Feb 17 59 May 25
4518 Nov 7412 Jan
5514 5512 2,700 Cuyamel Fruit
56
4 56
*55
5512 56 5612 5634 563
4
1 June 25
6 Nov 321 Mat
re Jan 9
Daniel Boone Woolen Mills.25
*134 2
*134 2
•134 2
*134 2
*134 2
7
3812 Nov 6912 Jan
4,100 Davison Chemical v t c_No par27 8 Apr 30 4934 Jan 23
3414 35
8
3634 *3512 3612 35
36
345 35
35
1814 Jan 224 Des
De Beers Cons MInes_No par 2014 Mar 18 2418 Jan 28
*1934 21
•1934 21
*1978 21
•1914 21
*1934 21
100 110 Jan 5 1254May 22 1014 Jan 1154 Dee
700 Detroit Edison
12418 12412 12418 12414
12312 12312 12412 12412 *12414 125
2312 2418 2358 24
233 2418 2418 2714 2714 2914 162,800 Dodge Bros Class A___No par 2134June 9 2914July 10 --__ ---- --- ---4
Preferred certifs._ -No par 7312May 7 8338June 22 ____ ____-4
8114 805* 825 55,700
8
8018 8118 8014 807
8 801s 8012 803
No par 1234 Apr 14 1812 Jan 19
1154 Nov 2014 Jim
700 Dome Mines, Ltd
14
1414 1412 14
14
14 *1334 14
14
14
No par 14 Feb 16 2034June 16
932 June 18 Dee
200 Douglas Pectin
19
19
19
19 *1834 1914 *1834 19 "1812 19
11014
400 Duquesne Light 1st pref.-100 105 Jan 7 11172June 8 10012 Mar 10814 Beni
11078 11078 1104 11018 "110 1103 11012 1101 11014
4
8June 23 118 Jan 19 10412 Apr 11472 Not
No par 1047
s 2,100 Eastman Kodak Co
10818 10812 10818 1085s 1084 1083 1083 10858 108 1083
s
4
8 4 Sept 2418 Jar
5
1912 25,200 Eaton Axle & Spring-No par 104 Feb 13 20'2 July 7
19
18
1958 1912 2012 1934 2012 195 20
8
6,900 E I du Pont de Nem & Co_100 13414 Jan 5 184 July 3 112 May 142 Dee
178 179
181 18114 18038 182 18012 18234 17978 181
100 94 Jan 23 102 July 7
85 Apr 96 Del
1,300
Do pref 6%
8
*101 10158 10112 102 1017 102 '10012 1027 z101 101
8
--- .....
3914 3714 3814 195,600 Elec Pow & Lt etre_ _ _ _No par 1738 Apr 25 2914July 8
3512 3818 3512 3714 3758 3914 38
100 Mar 18 110 June 16 ____ --- ---- ---40% Pr Pd
109 10934 6,200
10912 110
109 109 1083 10912 109 110
4
10012 Mar 28 11034June 24 __-- ---- --- ---Pref full paid
1097 11014 1,400
8
108 108 10978 1097 1097 110
110 110
3
8
5
5012 May 66 Deg
10,200 Elea Storage Battery-No par 6034 Mar 30 70 4 Jan 3
64
64
6418 6412 6538 644 654 63
64 64
118May 1
212 Jan 3
78 June
3 Job
12
500 Emerson-Brantb2gham Co_100
"112 2
114 112 *158 2
•112 13 '112 134
4
4
5678 May 733 Doi
2
4 3,100 Endicott-Johnson Corp-- 60 633 Apr 2 72 Jan 9
683
68
69
6678 6714 6712 6812 69 6934 69
100 111 May 28 11634 Feb 16 10512 June 115 Jar
100
Do pre!
*112 114
114 114
*--__ 114 *112 114 .112 114
1612
100 Exchange Buffet Corp-No par 1512 Apr 8 1978 Jan 3 18 Dee 2412 14u1
•16
1634 *16
163 *16
1612 1612 1612 '16
412MaY 28
413 Jar
25
2 Mar 27
14
2 Dec
Fairbanks Co
*112 6
*14 6
*112 6
"112 6
*112 6
2512 May 34 Del
No par 3214 Jan 2 4012June 10
8 2,200 Fairbanks Morse
383
3812 3918 38
3812 39
3814 3812 39 39
81
Jan 9818 Del
14,500 Famous Players-Lasky_No par 9014 Feb 17 1097s July 2
8
10818 109 10814 10938 al0214 103
1017 10278 1005 102
8
100 1037 Feb 17 1173
s
877s Jan 1081s Del
4July 9
Do pref (8%)
900
117 117 11712 11712 11712 11712 11712 11734 *11412 118
15 30 May 21 38 June 19____ ___- ---7,100 Federal Light & Trac
8 3238 33
3212 3234 3212 3314 33
3378 3212 337
518 Apr 2434 Dee
Federal Mining & Eimelt'g_100 1514 Mar 13 25 Jan 19
1712
1712 *15
'15
16 '15
16
*16
1712 •15
414 Jan 6412 Del
100 4912 Mar 11 644 Jaa 15
Do pref
55 4 55 4 55
3
3
56
553 5612 5614 5612 "5514 5612 2,800
8
100 Fidel Phan Fire Ins of N Y-25 1474 Jan 8 175 May 15 118 Mar 148 Del
Stock
*161 166
16112 1611 *162 169 *1824 168 *163 166
2
94 Jan 133 Jan
700 Fifth Ave Bus tern otfs-No par 12 Jan 8 1712July 10
1712
17
17
*16
17
1612 1612 17
17. 17
25 8014 Feb 17 7934July 9 ____ ____
7612 72,100 Fisher Body Corp
3
79 4 75
74
Exchange
7012 7112 7014 723
8 7112 75
4July 1
54 June 1378 Dec
No par 1012 Mar 24 213
4
2012 2114 21
2114 205 2114 2012 2118 20 203 77,000 Fisk Rubber
8
100 7512 Jan 16 10518.1tinel2
384 July 88 Del
Do 1st pref
3,200
Closed- 10112 10212 10034 102 1017 1033 103 10314 103 103
8
4
No par 75 Mar 19 9158July 7 4414 Jan 904 Nat
8
3
8734 8914 8914 9138 894 9138 8912 904 88 4 903 20,800 Fleischman Co
9458 Do
No par 90 Jan 6 131 July 7 664 J
8
127 1307 28,900 Foundation Co
Iodepen- 128 12918 127 131
12814 13078 127 129
8June 15
No Par 8 Mar 18 187
74 Sept 137 Jai
8
8
15 4 163 11,900 FreeportTexas Co
3
17
164 174 164 17
167 1738 16
8
4la Jan 2 161
7 Jai
NO par
4Mar 2
314 OM
812 812 2,800 Gardner Motor
814 812
dence Day
88
5
8 8 87
7
8
8
84 9
100 4434 Apr 27 581a Jan 10
3512 May 63 Da
47
1,600 Gen Amer Tank Car
4712 47
46
47
4778 *47
*45
4512 46
100 9334 Feb 16 99 Jan 19
92 Feb 9912 Deo
Do pref
100
*9812 99 *9812 99
9812 9812 *9812 9834 *9812 99
100 4.212Mar 30 6354 Jan 2
3154 Apr 63 s De'
5
18,500 General Asphalt
5414 5512 5334 55
54
52
4
4 513 53
514 513
100 8618Mar 1 100 Jan 2
7118 Apr 100 Del
Do pre
96
700
*93
9514 96
95 95
95
93 95
*93
14912Jane 15
No par 121 Mar
93 Jan 160 Bain
14634 1463
4 1,900 General Baking
146 147 14512 14712 147 14714 147 147
8214 Apr 9858 Dee
100 8412May
1013 Mar 4
4
8714 8714 1,800 General Cigar. Inc
*8718 88
8714 88
88 88
863 87
8
100 22714 Feb 1 320 Jan 2 19312 Jan 322 Dee
28612 289 28714 28712 28534 289 28514 28712 285 28834 9,400 General Electric
1178July 10
10 11 Jan
104 Apr 1112 Jul]
Do special
8
8 4,200
113s 1134 113 117
1112 1152 1112 1112 1112 111
8712July 8
8
55 4 Oct 667 Del
3
865 81,900 General Motors Corp-NO par 6458 Jan
8
8612 8788 85
8618 871
8412 88
844 85
98 July 6
80 June 93 Do
100 90 Feb 1
Do pref
200
*99 100
*9712 100 *98 100 *98 100
98 98
984June 27
8018 June 9312 Del
Do deb stook (6%).- 100 8812 Apr 2
*9712 ____ "98 ____ *98 ____ *98 ____ ______
100 102 Jan
11358July 10
9518 July 1034 Din
Do
11314 113 8 113 11318 11314 11312 11312 11312 11312 11358 3,300 Genera 7% pref
3
25 42 Jan 1
59 June 12
3838 June 45 Aul
1 Petroleum
5714 39,900
8 56
5658 573
57
55 8 57
7
5518 5614 56
5818 Jan 14
31 June 55 Jar
100 General Refraotorlea---No par 43 Apr 2
*4412 4612
45
45
*44
4734 *454 4612 .45
461
No par 47 Mar 1
62 June 9
474 June 6472 Del
300 Gimbel Bros
"553 587
4
8
4
*5618 57
5634 5634 55 8 557 *553 5812
7
100 10214 Max 1 10514 Jan 20
99 Jan 107 Bela
Do pref
400
10314 104
*1034 106 *104 -___ *104 ---- 104 104
4078May 15
21 Dec 274 No)
3812 13,000 Ginter Co temp otis---No par 2234 Feb 1
3912 x38
38 384 383 39 4 39 39 4 39
8
3
3
No par 1212Mar 1
8 June 15 Not
2338May 1
2214 31,800 Glidden Co
21
2012 2112
2158 2218 2058 215
8 2012 203
284 Apr 4372 Not
4212May 20
3914 381s 3934 3,300 Gold Dust Corp v t o-No par 37 Mar
39 •38
3812 3812 3812 39
39
NO par 3634 Jan
17 June 38 Do
57 July 9
5412 56 47,300 Goodrich Co(B Y)
5558 57
52 8 54
5
537 543
s
s
8 545 562
100 92 Jan
7014 May 92 De
Do pref
9978May 22
200
2
7
3
974 97 *967 9712 *98 98 "9812 98 s *967 9812
52
8
39 Jan 9052 Del
8
8 2,900 Goodyear T &Rub pi v t 2-100 Ws Jan
10534 July 1
4
10212 10314 103 103 10312 103'4 10278 1033 1015 1027
100 103 Apr 2 10714 Mar 8
8814 Jan 10818 De
Do Prior prof
700
105 105
10514 10514 105 105 1043 10514 105 105
4
124 Apr 2178 Do
4 4,600 Granby Cons Min Sm & Pr-100 13 Mar 30 2114 Jan 14
4
167
8 153 153
15 15
15
1514 154 1534 16
4
8314 Oct 967 De
8 5,700 Great Western Sugar tern ctf 25 91 Jan 16 11318June 19
8
105 1057 10418 1055
1055 10678 106 10614 105 106
8
10 May 2118 Do
2,100 Greene Cananea Copper---100 1114 Mar 19 1914 Jan 2
2
1352 135 1412
1254 1254 1252 13
1314
62 May 8914 Fel
100 8718 Mar 24 9478 Feb 5
8
833 18,300 Gull States Steel
3412 8512 8434 86
8414 8558 8212 3418 81
31 Sept 4434 Fel
2812 2812 2,600 Hartman Corporation_No per 2534 Apr 24 3712 Jan 7
2834 2934 2834 29
4
283 29
2914 291
3214 May 527 Fel
8
No par 30 Mar 14 4314 Jan 3
16,300 Hayes Wheel
4132 42
4034 4218 3912 4138 3934 4014 3912 40
4814 Dec 5178 Deo
Hoe(R)& Co tern otfs.No par 45 Apr 1 4878 Jan 9
4712 *45
4712
4714 *45
461 •45
--_- ---_ *46
35 July 664 Jae
100 43 Jan 2 50 Jan 12
*4312 44
300 Homestake Mining
44
4378 4378 *4358 44
44
*4358 44
313 Apr 38 Not
8
8
4012 417 12,500 HousehProd,Inc.temcdNopar 3412 Jan 6 4178July 10
39
3914 39 40
40 4115 4034 41
61 Apr 8218 Fel
747
8 5.400 Houston Oil of Tex tem df8.100 59 Apr 22 85 Jan 29
76
732 7834 72
8
7512 74
723 7278 74
4
2018 May 36 De
s
635 6458 59,900 Hudson Motor Car____No par 3334 Jan 6 66'2 July 7
8
63
6412 644 6612 6514 661
645 66
1118 May 18 Jar
10 1414 Mar 18 2012June 19
4
8 183 1912 50,200 Hupp Motor Car Corp
195
19
18 5 1912 1938 1934 1938 197
5
Jan 5
5 4 Sept 1614 Del
3
a
8 3412 363 108,200 Independent Oil & Gaa-Ne par 1312 Mar 24 4134June 17
37 8 3814 3758 3932 364 3858 3518 383
5
20 Jan 3
1618 June 2514 Fel
No pas 13
1712
100 Indian Mutat:Tole
1614 1614 *15
*16
18 *1514 1812 *16
17
10
64 Jan 2 1038 Feb 6
334 Apr
74 Juni
2,500 Indian Refining
8
8
814 814
84 81
818 814
818 85
8
60 Mar 75 Do
100 77 Mar 24 95 Jan 7
Do pref
*9314 94
90
*9312 94
*83 89 "83
90 *83
_Ar4 par 3834May 1 50 Feb 2
3112 May 483 Ncl
4
3,100 Inland Steel
41
3
8 39 8 3912 3914 39'2 3912 40 *40
3914 397
100 1044 Apr 13 110 Jan 22 10114 Jan 1074 Do
Do pref
500
10712 10712 *---- 107 *---- 107 107 107 *107 10712
20 2214 Apr 22 3254 Jan 12
2218 Feb 337 Do
8
2534 26
3
2538 2612 267 271k 2712 29 2 2814 2912 19,800 Inspiration Cons Copper
8
Jan 7 1412June 30
718
NO par
3 June
Ps Jai
1334 1314 1312 4,000 Internat Agricul
1358 1414 13
134 137
8 1358 14
par
83 Apr 11872 Del
12118 12212 *122 12212 2,100 Int Business Machines_No par 110 Mar 30 12634 Mar 25
12114 1243 12212 1223 122 122
8
4
52 Jan 5 6912July 9
404 Apr 594 Not
7,800 International Cement_No
654 654 654 65 4 6512 873
3
2 674 6912 67$4 68
22 Mar 39 Do
4278 4334 4214 4312 24,100 Inter Combus Engine-No Par 3154 Jan 21 4514June 18
4312 443
8 433 443
8
4 43
441
78 Jan 1104 Do
107 10712 1.074 1105 10912 1101 10818 10914 10814 10878 6,900 International Harvester___100 9612Mar 25 11414May 20
8
100 114 Mar 3 11838July 10 108 Feb 1154 Not
Do pref
500
2
2
1174 118 *118 1184 *118 1181 1184 11814 1183 1183
100
718June 25 147 Feb 5
8
8
654 Jan 155 Do
84 812 2,700 Int Mercantile Marine
814 814
8
81
7
7
5s 77a
7 8 74
100 2958June 25 525 Feb 6
Do pref
4
2612 Mar 4173 Do
2
8
3134 313 324 4,200
3138 3134 314 3238 3212 3212 31
1112May 2718 De
294 30% 35,700 International Nickel (The)_26 244Mar 18 3114June 12
2958 3018 2958 30
2958 3012 2978 31
751k May 95 Not
Do Prod
100
100 04 Jan 6 9958July 8
3
9958 9958 "9958 99 4 *99511 99 4
3
*9812 100 *9914 100
100 4814 Mar 19 745
3412 Apr 60 De
8June 1
8 6858 6754 18,000 International Paper
6778 6814 6714 684 67 6838 67 683
100 71 Mar 9 8212May 26
6218 Mar 7478 Oe
Do stamped Pre
80
100
78 "78
•7914 80 *7634 78 *77 79
78
No par 108 Feb 2 175 July 2
International Shoe
73 Apr 119 Nol
3
4
*165 171 '165 170 *165 170 *165 1693 *165 169 4
100 1153
Do Ore!
4July 9 121 June 3 1154 May 11912 De
500
8
4
*116 11612 11612 11612 116 116
11534 1153 1157 116
13,000 Internal Telep & Taloa--100 8712 Apr 3 11934June 3 66 Feb 94 De
11614 118
1145 1145 11518 117
8
8
1165 11812 116 118
2
No par 18 July 8 2612 Jan 5
2412 Dec 3212 Ma
20
800 Intertype Corp
20
2114 •18 204 18
21
21
18 *19
100 17 July 3 2178 Feb 26
8
165 Apr 2314 Jac
300 .Yewel Tea. Ina
19
174 1712 174
•1712 1812 *17
18 18 *17
100 10212 Jan 19 110 Feb 25
78 Mar 106 Dei
Do peel
100
*103 106 *105 1054 •105 1051 105 105 "104 106
Jones Bros Tea,Inc.stpd-100 1334June 23 217 Feb 3
145A Sept 2712 Jai
19
1,900
s
19
19
1934 20
1914 19 4 1912 19 8 19
3
5
5
No par 3912June 17 5912Mar 3
2134 May 52 8 Do
3 5,100 Jordan Motor Oar
8
41
42
40 414 403 414 405 4053 413 413
4
8
1614 Aug 3852 Jul
3034 3112 314 3134 1,400 Kayser (J) Co v t 0.---No par 1834 Mar 17 9012June 12
153012 3112 303 303
4
4 303 31
4
77 Aug 1024 Fel
No par 83 Mar 30 10014June 2
300
94 *9314 95
94
94 94
94
94 *93
94
934 June 35 Jai
25 1214 Mar 24 2158July 3
16,400 KellY-SPAnalleld Tire
20 2054 1912 204 194 211
205 2114 2058 21
8
33 June 88 Jai
100 41 Mar 25 74 July 3
Do 8% met
70
400
70
72
72 *68
71
*70
72
74
73
40 June 784 Jai
Do 6% pref
100 43 Mar 25 72 July 3
100
*6112 71
72 *70
71
74
71
17.12 3 *71
76 May 104 Da
1001 88 Mar 26 10412May 12
400 Halsey Wheel. Inc
9014 9014
96
92
93 93 *92
92
72
92
4
3418 Jan 675 De
No earl 4612 Mar 30 574 Jan 13
73,900 Kennecott Copper
7
4 53 8 5412 5212 54
537
8 5312 543
513 52
4
52
sae sicked oder: no males en 1911 day. a Eix-dlyldead. S Par value changed from $100 to $40 and Priem on that basis be Mang June 3. a Itx-rlith ts.
*BM
New York Stock Record-Continued-Page 4
177
For sales during the week of sr, cks usually Inactive. see fourth page preceding.
-PER SHARE. NOT PER CENT.
'
HIGH AND LOW SALE PRICES
Isturdar,
July 4.
Monday.
July 6.
Tuesday. 'Wednesday
July 7.
July S.
Thursday. , Friday.
July 9. I July 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
?AR
AKE
Range for Year 1925.
On bast, of 100-share lots.
Lowest
Indus.& Miscall.(Con.) Par $ Per share
Keystone Tire & Rubb_No par
178 Jan 9
Kinney Co
No Par 74 Mar 25
Kresge(SS)Co
100 355 Apr 28
Kresge Dept Stores.-No par 314 Jan 21
Laclede Gas L (St Louis)-100 11014 Jan 5
Lee Rubber & Tire_ _No par 111 Feb 20
/
4
Liggett & Myers Tob new
25 57 Mar 25
Do prof
100 1184 Jan 18
Do "B" new
25 5512 Mar 27
Lima Loo Wks
No par 60 June 23
Loew's Incorporated _No par 22 Feb 17
Loft Incorporated
No par
6 Jan 28
Loose-Wiles Biscuit
100 77 Feb 17
Lorillard
25 3014 Jan 24
Do ore
100 10812 Feb 27
Louisiana 011 temp ctfe_No par 14 Mar 31
/
1
4
Ludlum Steel
No par 3134 Feb 17
Mackay Companies
114 Mar 20
Mack Trucks. Inc
No par 117 Jan 18
Do 1st prof
100 104 Jan 27
100 99 Jan 2
Do 2d pref
/
1
4
0
11:20 Masy i Copper& Co.Ine-No Par 69 Jan 3
3 0 m cm R E1)
34 Mar 31
No pa
2,620 Mallinson (H li) & Co_No par 213 Mar 30
2
100 Manh Elea Stipp tern Ws No pa
32 Mar 21
1.900 Manhattan Shirt
25 2014 Mar 16
1,500 Manila Electric Corn--No Par 284 Mar 5
3,800 Maracaibo 011 Expl___No Par 254 Apr 2
No pa
3258 Mar 30
47,200 Mariand Oil
700 Marlin-Rockwell
No par 101 Mar 13
8
1,700 Martin-Parry Corp._..No par 254 Mar 24
1.800 Mathieson Alkali Wkstem ctf50 51 Jan 0
...... Maxwell Motor Class A-100 7458 Jan 27
...... Maxwell Motor Class B No par 3314 Jan 27
11712 11778 11778 118 "117 118
A certificates
10712May 8
1,100
11812 116 '115 118
12
118 11714 11512 11712 116 11712 115 118
B certificates
/ 113 1143 17,100
1
4
7712 Apr 24
4
11534 11612 114 116 "115 11512 114 114
4,000 May Department Stores_ __50 101 Mar 23
115 115
97
9814 9714 9834 97
9412 7,600 McCrory Stores Class B No par 79 Mar 17
9812 93
97 4 95
3
1712 1712 1712 1712 1712 1712 •173 173
4 173 173
4
3
4 2,3001 McIntyre Porcupine MInes__5 113 Jan 2
104 104 10514 10514 107 107
1,400 Metro Edison Power pt_No par 974 Apr 21
108 11214 113 114
/
1
4
2012 2012 2014 2012 '201 203 *2014 2012 '2014 2012
500 Metro-Goldwyn Pictures p1.27 18 Jan 3
/
4
4
1413 144 1414 14
/
1
8 3,900 Mexican Seaboard 011_.No par 114 Mar 17
/ 144 1412 1414 1412 1418 145
1
4
/
1
8% 9
9
5
10
8 May 12
101 107
/
4
/
4
8 107 111 104 1114 23,6001 Miami Copper
/
1
311 3214 32 33
/
4
3218 3314 321 33
4
/
4
/ 313 323 12,400 Mid-Continent Petro__No par 2618 Apr 17
1
4
213 214
2
9,300 Middle States Oil Corp._. 10
/ Apr 16
1
4
21
24
2
214 214
2
2 14
115 11534 116 117
4,000 Midland Steel Prod pref-100 98 Jan 2
115 11714 "115 117
11712 118
7934 805
100 84 Apr 17
8 8034 8312 83 84
82
/ 8478 83
1
4
843 53.900 Montana Power
5678 5914 5878 5934 5812 59 4 5758 59
5634 58 82.100 Monts Ward & Co 111 carp_ _10 41 Mar 30
3
No par 2254 Mar 19
3312 343
34 31.100 Moon Motors
8 33
4 3414 35
334 343
4 3334 345
71g 71 15,500 Mother Lode Coalition-No Par
714 714
7
71
7
71
/
4
8 May 4
7
7
•3158 32
No par 18 Apr 9
3112 3134 313 313
s
4 3012 3184 2934 311 22,700 Motor Wheel
*1534 18
17
17
*1534 171 *1534 171 '153 171
4
200 Mullins Body Corp----No par 1434 Feb 2
/
4
3314 3314 '33
No par 304 Apr 23
/ 3334 3312 3334 *3312 341 "3312 341
1
4
300 Munsingwear Co
432 436 '425 433 "425 435 *425 435 "430 436
No inn 1934 Jan 5
300 Nash Motors Co
"106
*106
100 10354 Jan 21
Do pref
......
"108 _- •106 --_ '106
.10
712 71
414 Mar 24
600 National Acme stamped
78 7
3
714 714
/ '714 71
1
4
'714 71
Stock
7214 723
25 65 Apr 29
7213 72
721
/ 72
1
4
8,200 National Biscuit
72
/ 733
1
4
4 7212 737
*12312 127 •124 127
100 12313 Mar 11
12514 1251 •12312 128 *12312 127
Do pref
100
Exchange '70
100 654 Mar 5
73
/
1
7014 7014 7134 713 *70
500 National Cloak & Sult
704 7014 701
•10112 102 '10112 10212 *10112 1021 10112 10112 23101 102
100 99 Jan 13
Do pref
100
Closed541
54
4,700 Nat Dairy Prod tern °MN°Par 42 Jan 2
5312 641
54
5434 54
545
8 5312 54
43
43
4238 43
1.300 Nat Department Stores No Dar 3812 Jan 2
4214 4214 4212 421
4238 421
Indepen- *9812 99
99 100
100 96 Apr 15
Do pref
100 100 "994 100
600
100 100
3412 35 8 34
341
354 34
/
1
/
1
4,800 Nat Distill Products_ No par 30 Apr 9
3
3334 344 3314 337
dance Day '654 681 •65
/
1
4
/
1
/ 6612 657 657 *6512 66
1
4
204) NatDistil Prod pf tern ctf No par 52 Jan 8
8
65
/ 6552
1
4
'28 31
29
*28
/ 291 '29
1
4
31
31
"2912 31
100 Nat Enam & Stamping_100 25 Apr 30
"80
82 '80
Do pref
85 "80
82 "80
82
82 '80
•147 15012 14812 14812 149 150
100 1;i112 .4pr ?
0
.1 ne 1,70
National Lead
148 148
150 150
117 117 •11612 119 '11612 1191 •11634 119 •11612 11912
100 118 Jan 5
100
Do Pref
50 6114July 10
3
8 6112 6112 8114 6114
4
800 National Supply
613 614 *6112 6214 615 617
4
1214 1214 1212 12
111 Apr 27
/
4
/ 1234 1278 12% 1313 13
1
4
1318 6,000 Nevada Consol copper-- 444 4418 4414 4434 z4458 447
/
1
1,200 NY Air Brake tern ctfs-NO par 4284May 1
444 4412 4334 44
No pox 61 Mar 19
5214 5214 '52
200
Itto Class A
5212 5212 5212 *52
5312
524 "52
4414 453
4 4514 4558 444 4512 4414 45
4434 44% 4,900 N Y Canners temp ctfe_No par 3134 Mar 30
2612 2612 "2612 2712 '2634 2734 2812 283
2612 1,020 New York Dock
100 18 Mar 24
4 26
1167
70 "68
69 6912 "6712 69
100 524 Jan 14
70
6734 67
600
/
Do pref
1
4
71 '68
*68
75
70 '70
8978 71
"71
300 Niagara Falls Power...No par 451s Jan 5
75
2814 2814 2814 2814 "28
2814 2814 2814 2814 2814 1,700
25 23 Jan 5
Do pref new
4834 4914 487 4938 491 50
/
4
10 4118 Jan 6
50
5214 5214 54 128,400 North American CO
4914 49 8 4914 4914 494 494 4914 4912 4934 493
3
60 4858 Jan 2
Do pref
4 1,100
*9
10
*9
912 *9
10
....No Par
"9
9
/ *9
1
4
Nunnally Co (The)
912
8 Jan 18
*6321 64 "6
200 Ontario Silver Min new No pa
5 Jan 22
/
1
4
64 64 *64 7
612
'612 7
2434 25 *2438 2512 25
2514 *2438 25 "2438 25
/
1
4
No par 18 Jan 6
400 Onyx Haden
,
271s 2714 2714 2714 "2714 277
1 25 4 Jan 113
27
1.100 Orpheum Circuit, Inc
3
/ 27 8 2734 273
1
4
5
1234 12378 12378 1237 124 124
12312 1251
12312 124
1,400 Otis Elevator (8)
50 87 Feb 27
/
1
4
13
1378 14
/ 13
1
4
/ 1312 1334 13
1
4
/
4
/ 9,100 OW Steel
1
4
No Par
/ 133
1
4
8 Mar 18
4 131 13
78
77
78
/ 7814 "763 78 "764 78
1
4
763
1,000
74
100 6014 Mar 18
4
Do pref
4
/ 5414 52
1
4
533 5414 52
11
534 513 5314 52
/
1
/ 533 30,600 Owens Bottle
1
4
4
25 42 Mar 17
/
1
4
1141 11418 11312 11358 11334 11378 "113 114
/
4
1,000 Pacific Gas & Electrlo
113 1131
100 1024 Jan
nos 11 .1038 11 .104 11 '1038 11
11
•10
/
1
Pacific Mail Steamship--_- 6
512 Apr 1
/
1
5634 574 5634 6714 563 6714 563 571
4
No par 524 Mar 30
4
5614 57 28,100 Pacific Oil
3514 3813 357 38
2
374 384 374 384 3514 37 158, 00 Packard Motor Car
pref
600
4
10 15 Jan 1
rd
11058 1104'1105 1115 1105 1104 "11058 112
/
1
*110 112
8
/
1
4
p100 10214 Jan
8
/
1
8
2234 2212 234 2212 23
22
2214 22
2112 227 25,200 Paige Det Motor car.
.No par 1738May
754 7618 7534 7634 7858 7734 757 7714 75
764 9.500 Pan-Amer Petr & Trans.-- 60 84 Jan
/ 774 763 77
1
4
/
1
7618 764 75
4
/ 763 777
1
4
8
7512 774 48,600
Do Class B
ao 633s Jan
*314 4
'3 4 4
3
*314 4
*314 4
3
/ 33
1
4
.No par
200 Panhandle Prod & Ref
3 Jan
/
4
11 158 1,400 Parish & Bing stamPed.N0 Par
/
4
11 11 •158 13
/
4
•112 11 •112 14
/
4
/
1
14 Jan 1
3012 311
30 304 304 301 2330
304 31
/
1
304 2,100 Park le Tilford tern ctfe_No par 28125day
*2214 223 '2214 2234 "22
2284
224 2134 22
/ 22
1
4
/
1
4
600 Penick & Ford
No par 2112May 2
.14
141 1
.1418 1412 •1418 1412 '1418 1412 1418 141s
100 Penn Coal & Coke
50 1234 Apr 2
112 14
14 14 16,200 Penn-Seaboard Eit'l vto No Par
14 14
112 14
112 14
114 Mar 3
113 114
114 115
114 114
11334 154
11338 114
2,100 People's0L &0(Chlo)-100 112 Jan 1
5814 59
58
5812 584 594 583 59
4
583 594 7,800 Philadelphia Co (Pittab)-- 60 5112 Mar 1
8
•48
491 "4812 49 *48 4934 '48
4812 481
50
100
Do prof
ao 4513 Jan
39 393
39 3912 388 39
38
/ 394 3814 385
1
4
/
1
8 5,200 Phila & Read 0& I ...No par 373 May
4
3914 391 "3812 41
41
3814 3814
*3814 41 .38
200
Certificates of Int___No par 3814 July 1
*56
57 '58 60 '52 60 '52 60 *52
62
Phillips-Jonee Corp__ _-No pa
55 June I
17
171
17
171 17
/
4
17
161 1634 10
/
4
1612 4,100 Phillip Morris & Co, Ltd..-10 1234 Marl
z43
437
4318 441 434 443
/
4
444 447
4312 4434 43,100 Phillips Petroleum
No par 3614 Mar 30
33
35
/ 35
1
4
364 3312 3584 321/4 3414 3112 3318 149,600 Pierce-Arrow Mot Car_No par 107 Mar 30
8
82
827
8258 8312 8034 831
7612 7834 16,500
7814 81
Do pre!
100 43 Mar 24
169 173 177 179':'170 175 '164 170 "155 170
800
Do prior pref
No par 85 Mar 18
1% 2
14 2
/
1
2311 2
/
4
11 h8
/
4
13
4 2
2,400 Pierce Oil Corporation
25
134 Jan 2
314 314 •3218 35
*3212 36
*3212 3412 '33
100
35
Do pref
100 264 Jan 2
7
67
3 71
713
678 7
634 7
678 7
8,900 Pierce Petrol'm tem ctts-No par
634 Jan 2
4653 46
*452 48 '4612 48
/ •4612 48
1
4
*4612 48
100 Pittsburgh Coal of Pa
100 3714MaY 2
*8612 8812 87
87 *8678 88 '86
87 '8512 87
300
Do pref
100 80 MAY 4
991: '98
'98
9912 "98
991 '98
9912 .98
9912
Pittsburgh Steel pref
100 94 Mar 26
*35
38 *35 38 .36
37
38
36
37
36
400 Pitts Term Coal
100 30 Apr 27
'79 81 *79 81 '78 80
80
79
80
79
200
Do pref
100 79 July 10
1534 1618 1514 153
4 1512 157
157 15 •1514 153
8
4 1,700 Pittsburgh Utilities pref____1
/
1
4
124 Mar 24
*14
153 *1414 1512 *14
/ 1514 '1414 15 *1414 143
1
4
4
4
Do pref certificates_ _ __I
12 Mar 20
/
1
4
1183 119% 11938 119
8
/ 11914 12014 119 120
1
4
118 118
3.300 Post'm Cer Coin,'tem ctfNo pa
9314 Feb 16
5178 5232 524 5214 514 5212 5188 513
52
53
4 2,000 Pressed Steel Car
100 45 June 25
79
2377
*77
80 •77 79
7612 78 *76
79
400
Do pref
100 7t31.July 9
25
25
243s 24 4 25
2512 25
3
251s 2412 2412 1,900 Producers & Refiners Corp_ 50 22 Mar 30
704 69 8 701 70
/
1
7
6912 703
7114 7113 7212 24,500 PubServCorp of NJ newNo par 625 Mar 30
/
4
4 70
8
/ 101 101 '9912 101
1
4
•10014 10012'1004 10012 10012 100
400
Do 7% prat
100 99 Jan 7
/
4
/
1
4
*110 1121 1121 113 *110 11314 *110 11314 *110 113
400
/
4
Do 8% pref
100 10858 Apr 1
/
4
139 14018 •1383 139
4
139 13913 13912 1401 13914 141
2,700 Pullman Company
100 129 Mar 30
3812 39
3828 3812 4,000 Punta Alegre Sugar
3912 393
4 3914 3912 3918 40
ao 3838Ju1y 10
8
8
28
/ 2914 2834 294 287 298,3 287 20 s 2814 29
1
4
3
10,500 Pure Oil (The)
25 25 8 Apr 17
3
•I06 108 •107 108 *107 108 •107 108 *107 108
Do 8% pref
100 1024 Jan 6
-new rights.
•Bid and asked prices; no sales on this day. s Er-dividend. a Es
II NO 13113. s Ex-rights.
8 Trading on
Iseeause of small amount of stook outstanding.
$ Per share $ Per share $ per share $ per share $ per share $ per share I
212 212
212 258
212
212
212 212
238 212
8514 8612 8612 87
8678 87
85
8612 8514 8512
*425 475 '435 466 "440 465 450 450 44934 450
37 *36
37 "36
3614 3612 "36
37 '36
3634
150 150 '150 160
150 150 "150 160
150 150
1718 1658 1718 1612 1612 1618 1614
/
1
1718 174 17
66
6512 65
/ 66 66
1
4
66
66
6512 6512
66
4
*120 1253 122 122 *120 123 *120 123 "119 12114
/
1
64 6434 644 6412 6428 6478 641 6478 635 6418
/
4
8
61
*60 61
6112 '6012 62 *6014 62
6012 6011
2914 2834 291 2873 284 2838 2834
28
/ 2878 29
1
4
/
1
/
4
712 8
*712 8
73
4 73
4
712 712 "7
/ 8
1
4
9214 93
93
93 "9234 9314 9318 93
/ 93
1
4
94
3358 34
3358 34
3378 3414 34
344
34% 34
•110 113 23112 1131±'112 11312 110 11214'109 113
1734 18
173 18
4
18
1838 18
185
8 1734 18
3412 3458 34
3512 3518 357
/
1
4
35
355
8 3412 34
12812 12612 12534 12534 '126 12714 *126 12714 "12512 1274
18212 186
18212 188
18014 1833 18012 182
4
17812 1811
/
4
"110 11114 "11018 110
/ 11018 11018 10934 110
1
4
110 110
*1047 10634 "10478 1063 '1047 10612 •10478 10612 •10414 106
8
4
8634 8634 8618 8678 87
8712 8612 8714 8512 8512
4018 4034 41
4134 4112 4218 4134 4214 41
413
4
2728 2734 27
2712 27
27
2634 274 253 2612
4
/
1
*5134 52
5114 5114 '51
5114 *5034 51
*503 51
4
284 29
2838 29
2812 2812 2812 284 2814 2812
/
1
414 4158 4112 4112 42
4312 4218 424 4112 411
/
4
2638 2612 26
/ 27 ,26
1
4
2612 27
27
/ 2818 2614
1
4
43
4358 43
44
4314 43% 42% 43%
433
4 43
*2314 24
2418 24
2334 2328 23%
24
*23
2312
2838 29 *2812 29
29
/ 2914 29
1
4
29
2912 28
"131
8212 8112 8112 81
8112
8112 79
8318 81
Shares.
2,900
4,400
300
200
300
3,300
1,610
300
4,100
600
7,000
700
1,800
3,200
200
9,800
8,200
200
89,400
400
Highest
er har
8 m 2
; F 65
3 8
1
PER SEAR!.
Rano for Preston,
Year 1924.
Lowest
I
H1011481
per share
112 Oct imr3e rs
14a en:
5214 May
17 3 Ja
4
532 Mar 24 28712 Jan 475: Dec
4554 Jan 7
.
6274 De
4212 Nov 08 Jun
178 Mar 31
79 Jan 113 Nor
18 July 1
8 May
7112 Feb 13
50 Mar
4
Di 12
u:
122 July 67 11478 July 12131.41 J.
704
/
1
68
Feb
487s Mar
7438 Jan 14
56 June 71
254 D:
973 m r 7
31 i$J ur 2 1512 June 40 J ,
3
94 Apr 6
512 Apr
50 Mar 84 Nov
3778 Jan 13
334 Dec
114 June 28 112 Nov 117 Fat
2334 Feb 3
55 Mar 4
17 Oct
AD84 ec
15
t
12934June 25 107 Jan -5
11
el
188 July
7534 Apr
1114June 10
9515 Jan 107 Dec
/
1
4
105 June 11
1
4:
11
1 D.
87 Apr 142 / DDatec
91 June 3
59 May
4414 Jan 2
284 June 4558 Dec
374 Jan 23
18 Mar
59 Mar 10
3314 Mar 4934 July
30 Jan 3
/
1
4
2812 Dec 44 Jan
j
a
3177:42 D
4912 Apr 24
28 Dec 31a 3aeDa
/
1
4
354 Jan 31
2458 Oct
464 Jan 31
29 May 42 Fet
2414July 2
8 Jan
3718 Jan 7
3118 Nov 37511 Jan
/
1
4
8412June 12
29% May 58 Dee
12112June 3 88 Apr 841s Doe
12712June 3
104 Apr 89 Dec
/
1
4
11812June 26
12178June 16
1283
4May 25
ffe;
82'i Apr
983 July 7
4
:8 sopeo 1-0 4 -Jaz
84 Opt
555 o ;
Jul
-184 Feb 24
/
1
114 July 10
904 Apr 101 Dee
224 Feb 5
/
1
2212 Jan 8
2434 Jan 13
20
14% May 216 A°Dpeg
2629/ B u et
4
51
3818June 8
314June 6
1 Aug
67 "ii;
s
j
sn 2 914 June 98 Noe
118 J uly 25
527:48ma 8
6114 June 74 4 De,
1
5934July 7
2134 May 4812 Dot
35 July 7
1712 Oct 274 Fell
6 May
94 Feb
35 June 29
2112 Feb 20
9 Mar 184 Dee
34 Jan 23
29 July 394 Jan
/
1
4
448 May 4
984 Apr 204 Dee
106 Feb 28
9844 July 104411 No,
3
10
/
1
8 June 5
75 Jan 2
504 Mar 7714 Bent
12812May 9
78 Jan 28 142013jan 1263703 D:
4 June
47De
b
104 Jan 29
9113 Mar 1004 Dee
/
1
587
304 Apr 444 Dee
8May 25
/
1
45 May 12
3 14 3unt
2 38 0
8
2
ce
Jan
102 Jan 2
10
431 Dec
3714May 27
6934May 23
304 Aug 64 Dec
36% Jan 21
18% Sept 4478 Jan
8934 Jan 12
67 Sept 89 Jan
166 Jan 9 123 Apr 1694 Aug
/
1
4
/
1
4
118 Mar 4 11118 May 118 Sept
71 Jan 29
544 Oct 7212 Feb
/
1
1638 Jan 7
111 Jan 11334 Dee
/
4
6612 Jan 8
384 Apr 67 Dee
/
1
67 Jan 7
474 Jan 67 Dec
4718June 18
82 une 87 Dec
314 Apr 14
19 Jan 87 May
/
1
4
7214June 28
414 Feb 554 May
71 July 9
42 Sept 47 May
y
69 i ll 10
24 t 2
27 June 29 Bain
22 Jan 45 Dec
5018June 2
637 Jan 504 July
8
7 Apr
718 unn 5
1912JJae 30
912 Dee
414 Mar
8 Oct
/
1
4
2512June 30
18 May 30 Jan
29 Feb 27
18 Feb 29 Dee
/
1
4
12734 July 2 6852 June 92 Dee
1438May 26
84 Nov 1178 Jan
5412 july 2 44 Oct 7434 Mar
7935 J
3914 May 474 Jan
il814June 3 90 Jan 105 Dee
/
1
4
11 May 28
7 Apr 103 Jan
4
66 Jan 31
/
1
4
45 Apr 5814 Feb
3838July 8
978 May 1012 Dee
/
4
1121May 26
8912 Apr 10214 Dec
2312July 8
4414 Feb -15 Dee
837 mar 3
8
8413 Mar 3
4114 Feb 844 Dec
/
1
Ms Feb 26
11 Bent
/
4
44 Jan
11 Feb 11
/
4
34 July
11 Dee
/
4
36 Jan 10
/
1
4
24 Sept 36 Dec
/
1
4
28 Apr 14
21358 Jan 2
1814 Nov 3018 Jan
8 Jan 9
11 Oct
/
4
44 Jan
12214June 16
9234 Apr 1194 Dee
/
1
4
6132June 27
4272 May 67 Del
424 Jan 47 Jan
4812July 3
524 Jan 9
3413 Mar 544 Dec
5012 Jan 23
35 Mar 62 J1/11
/
1
4
44 May 88 July
9018 Jan 12
1712June 26
11 July 2334 Jan
4718J une 12
2812 Oct 4212 Apt
3014July 10
els May 16 Dee
88 June 18
1818 May 54 Dec
17912July 7 694 June 95 Dec
412 JIM
14 Apr
/
1
34 Feb 5
40 Feb 28
20 Mar 30 Jab
814 Feb 5
438 Oct
IA Dec
5412 Jan 13
4778 Dec 8334 Mar
99 Jan 5
9478 Aug 100 AP/
10212 Jan 8
95 Jan 103 Aug
6334 Jan 17
/
1
8
587 Dec 834 Dec
88 Jan 6
83 Dec 8734 Dec
9 Jan 1078 Dee
/
1
4
177
aJunc 25
1118 Feb 1812 Dee
16 June 26
484 Apr 1034 Dee
/
1
121 July 2
39 Aug 62 Jan
69 Jan 23
9212 Jan 3 67 Aug 90 Feb
2234 Apr 434 Jan
3258 Feb 3
39 Mar 70 Dec
74 May 21
10212June 3 964 Mar 10112 Dec
11458June 4
9914 Apr 115 Dec
18134 Jan 3 11312 Apr 1514 Dec
37 Dec 674 Mar
/
1
4
471 Jan 7
/
1
4
20 June 304 Dec
3334 Feb 4
107 May 28
92 Jan 10514 Dec
N. Y. Stock Exchange suspended
New York Stock Record-Continued-Page 5
178
Pot sales during the week of stocks usually inactive, zee fifth page preceding.
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
July 4.
Tuesday,
July 7.
Monday.
July 6.
Friday,
July 10.
Wednesday, Thursday.
July 8.
July 9.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
riot all A.ita
Range for Year 1925.
On balls of 1W-share iota
&Men
L$ per share $ Per share I $ per share $ per share $ per share , $ per share Shares. Indus. & Miscall. (Con.) Par $ per share
/
1
4
8
5614 583
8 5614 587 33,600 Radio Corp of Amer__No par 48 Mar 27
5818 565 574 5612 57
8
57
Do pref
50 485
8June 9
8
50
50 I 4912 497
700
50
*50
505s" .50
508 50
100 1224 Feb 17
124 124121 12312 12312 1,000 Railway Steel Spring
124 124
12412 125121 124 124
Rand Mines, Ltd
No par 33 2 Jan 7
7
3612 *337 3612 *3314 3812' *3314 3612
*3318 3612 *33
8
2
13/4 14181 135 1418 32,200 Ray Consolidated Copper- 10 111 Apr 22
8
s 1318 135
1318 133
8 133 137
8
No par 10 May 16
2712 2814, 2612 2734 35,000 Reis (Robt) &Co
283 263
8
4 2618 27
267 28
8
/
1
74141 7312 7334 2,100 Remington Typewriter_--100 464 Jan 27
74
731 73'2 7412 7,51474
75
Do 1st prof
100 100 Jan 2
*10114 104 *10114 104 *10114 104 *10114 104 1'10114 104
Do 2d Prof
100 107 June 19
*99 1083 *100 10854 *100 1083 *105 1083 *105 1083
4
4
4
4
No par 125
8,200 Replogle Steel
8June 12
1412 14
14
133 137
8
8 1312 133
4 13
1414 14
100 4218 Apr 30
8
46
4614 457 4612 4812 4712 47
473
81 443 473
4
8 7,000 Republic Iron & Steel
Do pref
100 8414July 7
200
8 8414 8414 857 857 *8414 8713 *847 8718
8
*8412 857
8
8
No par
8 July 2
7,500 Reynolds Spring
812 918
9
9 181
918 10
918 914
9
918
78
7814 775 78
7712 777
8 7714 7781 7714 7778 7,400 Reynolds(RI)Tob Class B 25 7214 Mar 24
8
Do 7% prof
100 1194 Jan 8
/
1
100
121 121 *120 122 *120 122 *120 12119 *120 122
25 85 June 25
89
1,800 Rossia Insurance Co
89 I 89
89
89 4 89 89
3
88
89% 89
/
4
51
5114 517 5212 5212 53
4 9,000 Royal Dutch Co(NY shares)_ 481 Mar 24
8
528 5312 5212 523
10 3514July 1
4 4,200 St Joseph Lead
3612 367
8 368 36% 36% 367
8 3658 3678: 3612 363
5618 5,500 Savage Arms Corporation_100 54 June 18
56 1 54
56
5812 55
57
5512 5658 56
111 11314 11118 11112 110 111
1095 110121 1095 110% 34,900 Schulte Retail Stores_ _No par 108 May 16
8
8
Do pref
100 110 Jan 6
*111 116 *113 114 *113 114 *113 1131 *113 114
No par 1312June 9
9,000 Seagrave Corp
1558 157
8 1514 153
4
4 1514 15 8 16
5
1612' 153 16
100 14712 Mar 30
18834 17012 16914 17012 16914 17238 170 172781 169 17012 11,100 Sears, Roebuck & Co
6
6
57
8 87
6
612
614 63
7
514 Apr 22
4 *612 8 8 3,300 Shattuck Arizona Copper_ 10
4,400 Shattuck (F G)
No par 4018 Mar 30
66
663 87 1 6818 6612 *65
8
643 67
4
64
64
*4012 42
Shell Transport & Trading_ E2 397
8May 3
*4034 4214 *4112 423 *4112 4212 *4112 43
4'
No par 224 Jan 6
14,300 Shell Union 011
2418 2414 24
2414 24
4
24141 237 243
8
8 233 24
Do pref
/
4
300
100 991 Jan 2
*10278 1043 10312 10312 *1027 105 1 103 103 *1027 105
8
8
8
10 1912 Mar 17
2258 2312 23
2312 2318 2378 233 235
8
8
8 223 235 11.700 Simms Petroleum
4
No par 3114 Mar 17
4478 45
443 454 447 4512 45
4
8
4512 447 4514 6,300 Simmons Co
8
2238 38,700 Sinclair Cons Oil Corp_No par 17 Jan 6
22
223
8 223 223
s
4 2218 22781 2218 227
8 22
/
1
93
800
Do pref
100 784 Jan 2
933
4 9312 9312' 93
9312 *9312 933 *9312 94
4
25 2154 Mar 30
2718 2714 2712 28 1 27
28 1 2718 2758 27
2712 11,800 Skelly 011 Co
/
4
9034 91
907 913
8
8 91
9214 91
9112 4,700 Sloss-Sheffield Steel & Iron 100 801 Mar 30
9112 90
600 South Porto Rico Sugar. _100 62 Jan 6
7218 7218 *7112 727
81 72 8 7312 73
7
73
*7112 72
No par 18'z July 7
19
1912 1812 1812 *19
300 Spear & Co
21 I *19
21
*19
21
100 88 July 3
100
Preferred
'89
90
89 89 1 *87
91
*87
90
*87
90
23
/ 253
1
4
No par 154 Feb 17
4 247 255
8
8 24
4
8
255
8 235 247
8
8 223 243 46,900 Spicer Mfg Co
Do pref
10512 10618 106 106 ' 106 107 C3107 108
1,200
100 92 Apr 1
108 108
/
1
8
4
4
5158 5218 515 52 I 513 521e 513 5218 5112 52% 14,300 Standard Gas & El Co-No Par 404 Jan 2
7512 7512 *74
500 Standard Milling
100 62 May 19
7412 *7514 7612 75
75
75
75
Do pre'
*85
200
100 81 Jan 20
8612 *85
8612 *85
85%
8612 85
8612 *85
5838 8,500 Standard 011 of California_ 25 565 Mar 30
2
575 5814 58 58121 5814 5858 58
8
5812 58
/
1
4378 4412 433 4458 433 4414 437 4438 435 44
29,400 Standard 011 of New Jersey 25 384 Mar 30
8
4
4
8
3,760
Do pref non-voting_ _ __100 118'4 July 7
11612 117
11614 1163 11614 11812 1183 1187 11$14 117
4
4
8
000 Stand Plate Glass CoNo par 10 Feb 11
11
1114 *1118 1114 1118 1118 11
*1118 1114
11
7112 73
No par 624 Mar 25
12,000 Sterling Products
68
6812 6812 687
8 88 4 69
3
69
73
-Warn Sp Corp_No par 55 Mar 18
64
6514 8514 673
8 67
69
6714 687
8 6612 6714 27,700 Stewart
65
675
67 s 6814 *6712 6812 877 68
6712 6712 1,900 Stromberg Carburetor_No par 61 Mar 18
7
8
4834 497
8 4912 50
4918 192,300 Eltubeb'r Corp(The)new No par 4114 Jan 28
48
49
50
485 50
8
Do pref
100 112 Mar 13
*118 ____ *118-__ *118
____ *118 11812 *118 11812
87
4,000 Submarine Boat
No par
8
12June 9
88 9
7
858 9
87
8 9
88 9
7
87
3 4May 28
1
2,500 Superior 011
No par
4
414
4
4
4
414
4
4
4
414
*21
26
*24
2512 2518 26
26
500 Superior Steel
100 20 May 1
*22
2612 26
ao 572 Mar 19
63
4
100 Sweets Co of America
*614 65s
63
4 8 4 *614 63
3
4 *614 63
4 *8
1518 1512 1512 155
8 1534 1658 1614 1612 1618 1614 8,100 Symington temp ctfs__No par 1012 Jan 15
Class A temp ctfs_ __No par 2014 Mar 19
8
8 1.200
203 207
4
8 207 207
Stock
8 21
21
207 2114 213 215
8
s
*1134 12
*1112 12
700 Telautograph Corp__No par 1134Mar 30
1214 1214
*1112 12
12
12
7% Apr 1
No par
8
103 1112 1112 1158 1112 113
4
8
Exchange
4 1112 113
4 113 115 13,100 Tenn Copp & C
53,500 Texas Company (The)---- 25 4214 Jan 5
51
51% 5114 517
8 515 5212 515 524 5114 52
8
8
22,000 Texas Gulf Sulphur
10 9712 Feb 17
Closed- 11112 11212 112 11314 1127 11414 11212 1137 11118 112
s
8
10 114 Jan 5
/ 1512 9,500 Texas Pacific Coal & 011
1
4
143 153
4
8 15
1512 15
155
8 15
15313 14
100 122 Mar 30
1,100 Tidewater Oil
1407 14114 13914 14012 136 136
Indepen- •140 14012 *140 141
8
41
413
4 4114 42
4112 42
42
4312 4212 4312 52,200 Timken Roller Bearing.No par 3714 Mar 18
100 70 Jan 2
8014 8114 14,300 Tobacco Products CorP
8112 823
8 81
82
dence Day 8012 8212 8012 82
100 934 Jan 2
Do Class A
8 1,600
10112 10112 1013 1013 10114 102
4
4
101 1013. 10112 1017
3 Jan 2
/
1
4
412 434 12,100 TranscTI Oil temotf new No par
4
/ 442
1
4
412 45
8
412 43
4
412 434
26
300 Transue & Williams St'l NO Par 2514May 13
*2534 27
*26
26
26
2612 *26
2812 26
25 3812 Mar 28
47
12,600 Underwood Typew
4318 4312 44
4418 4414 443
8 445 4614 46
8
4412 4512 1,100 Union Bag de Paper Corp_ -100 36 Apr 1
4414 45
46
46
*44
47
45
46
.21 Jan 3
500 Union Oil
"8
1z
/
1
4
3
8
12
3
2
12
/
1
4
%
%
25
4 7,800 Union Oil, California No par 36% Apr 27
3734 38
37 8 3814 37 8 3814 3734 377
7
7
8 3714 373
100 1184 Jan 17
1,700 Union Tank Car
133 13312 131 1323 131 131
130 133
4
•128 130
100 11314June 17
200
Do pref
1163 1163 *11614 1163 11612 11612
4
*11612 11712 *116 117
4
4
No par 24 May 15
8 1,100 United Alloy Steel
24
2412 24
24
25
*2412 2458 *2414 245
24
25 6014 Jan 6
8832 9412 88
45,500 United Cigar Stores
8 8112 87
907
8 8914 9214 86
907
100 1104 Feb 4
/
1
8
129 1297 12912 1307 12918 13014 12912 13012 128 12958 9,500 United Drug
8
50 52 Jan 16
200
Do 1st pref
55
55
4
*543 55
4
*543 55
4
*543 55
4
*543 55
/
1
4
100 204 Mar 31
200 United Fruit
219 219 *21512 220 *21512 219 219 219 *218 219
5
305 3312 313 3314 3114 323
8
8 285 3112 46,500 Universal Pipe & Rad__No par 2612 Apr 27
313 36
4
4
100 65 July 10
Do pref
7,500
68
65
677 717
8
8 69
70
6912 75
7012 69
7,400 1:1 El Cast Iron Pipe & Fdy_ _100 13114 Apr 22
150 157
158 16012 16012 163
160 161
158% 161
100 94 July 10
Do pref
95
1,100
94
98
95% 9518 *96
97
96
96
*95
*33
333
4 8,300 IT S DIstrlb Corp tem at No par 304 Feb 17
34
3312 348
33
333 3412 33
4
34
Do pre(
*120 150 •120 150 *120 150 *120 150 *120 150100 130 Mar 9
3
393
8 6,800 IJ S Hoff Mach Corp v t o No par 23 Jan 3
3712 3812 3812 39 4 39
3612 38
3912 39
100 76 Mar 19
4
s
4
88
8612 8758 884 877 903
8 87
8912 863 873 15,900 U 8 Industrial Aleohol
100 105 Jan 29
Do prof
*11114 1163 *11114 116 *11114 118 *11114 118 1'11114 116
4
132
13414 13412 1357 135
8
8
5514 565
1064 108 4
/
1
3
2363 37 8
4
5
.45
46
115 11558
1247 125
8
90
9014
303 3112
4
*20
22
*65
69
/
1
4
414 4
143 157
4
8
17
8 218
1518 1512
*157 18
8
*15812 157
66
673
4
8
*10518 1053
56
*55
*3 8 5
3
115 115
136 13714
101 101
703 7114
4
1112
•11
2314 2312
12312 13212
99
.
98
8
2712 277
7212 7512
-.41 -- 3T3
4 i
193
4
19
10318 10414
*814 612
2112 2112
158 16114
4114 4214
82
*74
*60
6912
3014 3112
5012 51
4712
46
966
67
100
9,700 US Realty & ImPrOV3
100
Do pref
100
United States Rubber
100
Do let prof
50
US Smelting, Ref & Min
50
Do pref
United States Steel Corp 100
100
Do prof
10
Utah Copper
No par
Vanadium Corp
No par
Van Raalte
100
Do 1st pref
47,200 Virginia-Caro Chem_NO Par
100
79,000
Do pre!
No par
5,600
Do -111"
No par
7,100 Vivadou (V) new
No par
1,100 Waldorf System
N o par
300 Ward Baking Class A_ _No o
Class B
54,100
No par
1,400
Preferred (100)
400 Weber de Hellbr, new_c No par
1
Wells Fargo
100
900 Western Eleo 7% prat
6,000 Western Union Telegraph 100
1,200 Weetinghouse Alr Brake- 50
10,100 Westinghouse Else & Mfg_ 50
37,800 West Elec Instrument
Class A
7,100
No par
700 West Penn Co
200
Do 7% pf tern ctf new.100
No par
2,500 White Eagle 011
ao
62,300 White Motor
Wickwire Spencer Steel..No par
Certificates
414 - 4,900
5
197 79,400 WIllys-Overland (The)
8
100
1043
8 8,500
Do pref
No 1oo
par
8
400 Wilson & Co, Ins
23
700
Do prof
25
159
18,800 W aolworth Co(F W)
100
41
2,000 Worthington P & M
100
82Do pref A
100
68
Do pref B
295
8 8,900 Wright Aeronautical.....No par
NO par
51
1,300 Wrigley(Wm Jr)
44
19,600 Yullow Cab Mfg tern otts_ 10
6712
800 Yi ungstowa Sheet & T No oar
1363 1337 13612 13518 13812
4
8
_
573
8 5558 57
543 5614
8
561s 5718 56
1067 10712 10714 10712 1073 108
8
107 107
4
37 8 39
7
8
38 4 3912 39
3
393
4 383 39%
4512 4512 455 455
46
8
8 453 4534 46
4
11512 1163 11618 11718 11558 11714 11518 11614
8
12412 1245 12412 12412 12412 12412 1243 1243
8
4
4
9112 9312 9412 95
*9412 9512 *9212 9412
345k
313
4 32
34
31
3312 343
4 33
20
20
*18
20
197 19%
8
*18
20
69
*65
69
*65
69 .65
69
*65
514
7
83
4
4
/ 414 • 47
1
4
7
8 712
7 1858 1812 2312 20
1912
15
2314 17
212
212 312
312 412
2
418
478
1518 1512 1514 155
15
8 1414 1512 15
155 16
8
15 4 153
3
4 153 16
4
153 16
4
157 15714 *155 157 *15812 157 *158 157
8812 675 683
665
8
8
4 853 68
65
4
10512 10512 10512 106
1053 1053 10614 1064
4
4
56 - 58
56
56
56% 565 *5514 5658
8
*33
8 5
*33
8 5
*33
8 5
*358 5
11458 1145 114 115
11418 115
8
11418 11458
8
13518 13612 13412 1363 134 13.53. 1325 13312
8
1043 105
4
1013 105
4
10318 105 *103 105
71
7138 7118 717
8
8 7118 717
8 7118 715
1112 1078 1312 1318 1514 143 153
*11
8
4
2312 2312 2312 248s 2414 2538 25
25
122 122
121 121 *122 129
121 121
*98
9812 9814 9814 *98
99
9812 9812
273 273
8
4 273 273
8
4 2714 2758 2714 2714
7412 75 4 733 75
5
4
725 744 7214 73
8
414
1912
10418
*614
*21
162
41
*74
*65
3014
507
8
47
67
2012
10412
812
23
18412
4118
82
68
31
507
8
4712
6714
4
1914
1023
4
*512
*21
16012
41
*75
*65
30
*5012
44
*6712
41
2058
1045
8
612
23
1647e
4112
82
68
307
8
51
47l2
68
•Bld and naked prises: no sale.on this day.
418
195
8
1037
8
614
*2112
159
405
8
*75
.65
293
8
5012
42
677
8
414
2018
8
1045
614
23
16112
42
82
68
3012
51
4414
68
4
1914
4
1023
6
223
4
15714
4012
*75
*65
29
5012
4212
67
Ex-dividend
61,000
1,500
11,400
600
91,590
1,000
3,650
31,700
200
11412 Mar 30
12214 Jan 2
:Mar 30
331
92 Mar 30
/
1
4
30 Feb 17
44 Apr 16
11212 Mar 30
12212May 7
82 Mar 19
7342May 4
163
4May 13
60 Apr 1
218 Mar 23
913 Jan 5
1 Jan 17
74 Jan 13
igi2May 11
118 Apr 30
3714 Mar 30
9412 Feb 11
51 Apr 17
Mauna 25
113 Jan 9
/
1
4
11614 Jan 2
97 Apr 9
661 Afar 28
/
4
94 Apr 1
195 Mar 31
8
105 Mar 2
94 Apr 3
255 Mar 31
2
574 Mar 30
/ Jan 30
1
4
31
2Juno 29
912 Jan 26
7214 Jan 28
512May 29
18 Apr 24
1121 Jan 28
/
4
3634May 14
79 Apr 6
65 Apr 7
16 Mar 30
454 Mar 30
3312 Feb 18
63 Afar 27
e New stock on the 'Jae's of 1 new share for three old shared.
Highest
Pisa Met Attie
Range for Previous
Year 1924.
Lowest
Higbee!
$ Per share $ per share $ per share
77 Jan 2
/
1
4
257 Oct66 2 Dec
2
7
457 Oct 50 Dec
2
54 Feb 4
Jan 13712 Dec
14154 Jan 5 106
38141May 1
30 Jan 3312 Nov
9 Mar 1712 Dee
171 Feb 9
2
9 Oct 1612 Jan
2814July 9
3214 Jan 54 Dee
/
1
4
7634June 15
/
1
4
105 Apr 21
9014 July 99 Dec
004 May 110 Dec
11312 Apr 29
2314 Jan 13
7 June 2314 Nov
/
1
4
64 Jan 3
/
1
4
42 Jane 63 Deo
/
1
4
95 Jan 13
82 June 95 Mar
18 Jan 5
9 2 May 22 Jan
7
/
1
4
/
4
7814May 25, 611 Mar 791 Dec
2
122 Apr 29' 11514 Mar 121 JUne
9712 Feb 20
88 Mar 96 Sept
5712 Jan 31
40 Sept 5912 Feb
/
1
4
5212May 25
22
Jan 45 Dec
/
1
4
32% Jan 88% Deo
1081 Mar 3
s
11672 Feb 9
98 14pr 12914 Aug
/
1
4
/
1
4
115 Feb 19 105 May 112 Dee
1634June 22
_
17414May 20
78 4 May Ili
1
7 Jan 3
/
1
4
8 Jul,
4 Apr
67 July 7
454 Jan 30
/
1
33 Jan 42 Dec
281 Feb 4
2
/
4
153. July 221 Dee
914 Jan 9912 Doe
1043.July 3
2614 Jan 12
10 Jan 24 Dee
12
46 June 29
22 Apr 47 Dee
244 Feb 2
/
1
15 July 2712 Jan
9412 Feb 3
75 Oct 90 Jan
301 Feb 3
/
4
1712 July 29 Feb
97 Feb 5
52 May 847 Dee
751
4100e 19
58 Oct Goys mar
24 May 28
92 May 19
253 July 6
4
7 June 20 Dee
/
1
4
78 July 984 Dee
108 July 10
/
1
2May 20
547
3112 May 41112 Dee
807
8June 18
39 May 73 Die
/
1
4
/
1
4
863
8June 12
70 July 85 Mar
6714 Feb 2
5512 Apr 6812 Jan
474 Feb 3
33 May 4214 Jan
119 Feb 24 115 Mar 1194 Aug
/
1
4
16 Jan 16
ills Oct 3514 June
73 July 9
5511 Apr WI Nov
777 Jan 3
2
/ Jan
1
4
484 July 400
$
79 4 Jan 3
8
/ Jan
1
4
412 May 84
50 July 7
3012 Mai 4614 Dee
1183
4J0ne 3 10972 Nov 116
Jan
12 Mar 6
6 Noy, 12 Dee
/
1
4
612 Feb 9
2 Jan
/
1
4
812 AUg
411 Jan 10
/
4
23 July 35 Dee
111 Jan 7
4
11 Sept
/
4
3 Jan
19 Mar 12
_
2312 Jan 17
15 Feb 7
6 June 1458
/
1
4
114June 9
/
1
6 Mar
/
1
4
9
/ Jan
1
4
541
2June 12
3714 June 4512 Jan
11414 JulY 8
5714 Apr 110 Dec
23% Feb 6
8
Oot 154 Feb
/
1
152 Feb 27 11614 Oct 151 Feb
444 Feb 13
314 May 41
Jan
8412July 1
52 Apr 73 Dec
/
1
4
10212June 26
834 Mar 9312 Oat
/
1
572May 9
614 Jan
3 Apr
/
1
4
35 Jan 10
284 Oet 354 Jan
/
1
3612 Sept 48
47 July 10
Jan
8012May 25
334 Sept 64 Feb
42
Is Feb
1.00 Feb 28
43 Feb 5
/
1
4
35 Nov 39 Nov
94 Jan 13272 Sept
134 June 19
11712May 6 1084 Feb 11614 July
367 Mar 4
2
20 Oct 37 Feb
9612July 1
4212 June 6414 Nov
130s July 7
71 May 1211 Dee
/
4
56 June 15
4612 May 53 Die
231 Jan 3 182 Jan 2244 Aug
13 July 48 Dee
504 Feb 11
/
1
94 Feb 11
4714 Oct79 Dee
250 Feb'l1
64 Feb 169 Dee
/
1
4
11213 Feb 27
817 Jan 10414 Oct
2
391 Jan 17
4
2112 May 42 Dec
154 Jan 8
98 July 168 Dec
3914JulY 8
Ws Mar 24 Oct
12
944May 26
/
1
6112 May 8758 Dec
115 June 22
98 Jan 106 Dec
/
1
4
90 June 1434 Dec
1471
4May 12
142 May 4 100 June 143 Dee
577k July 2
22 May 42 Jan
/
1
4
/
1
4
108 July 9
664 May 95 Dee
/
1
4
4July 9
1812 Mar 414 Dee
391
464 Jan 6
374 Mar 4672 Dee
129 Jan 23
/
1
4
9414 June 121 Dee
1261 Jan 26 1181 Feb 123 July
/
4
2
95 July 8
/
1
4
64
Jan 88 Dee
343 July 9
4
1912 June 334 Feb
24314May 19
15 Het 831g Jan
14
53 Sept 80 Jan
73 May 22
84July9
June 10
/ Jan
1
4
212 June 34
2312JulY 8
/ Jan
1
4
47
8July 9
7 Jan
/June
1
4
163
4June 26
484 July 1512 Jan
1972 Jan 3
14 Apr 20 No,
158 June 17
89 July 2
10612June 25
5714 Feb 9
14 May 22
Oct 1212 ROO
11712June 25 111% Apr 117 July
137t2July 3 105 May 118 Deo
/
1
4
113 Jan 7
/
1
4
84
Jan 111 Dso
84 Jan 3
5512 May 76 May
154July 10
/
1
8July 9
253
145 May 21
474 Jan 127 Dee
99 June 17
874 Apr 97 Dec
3114 Feb 2
2312 May 29 Feb
/
1
4
004 Apr 7212 Dee
78 Jan 13
4
11 Jan 10
/
4
5 Oct
5 Jan
3321May 15 _
1414 Jan
2412Alay 11
6 May
/
1
4
111 May 22
6112 May 88
Jan
13 Mar 7
/
1
4
44 May 28
Jan
11 Aug 7212 Jan
60 Mar 7
724 Apr 1264 Dee
18458 July 8
/
1
79 Jan 2
/
1
4
231 June 81 Boo
/
4
68 July 8912 Dee
88 Jan 9
761 Feb 11
4
5812 Jan 75 Dec
/
1
4
325.July 1
912 May 23 Boo
/
1
4
35 Apr 4614 Dec
8
527 Feb 7
32 Nov 85 Mar
484June 27
/
1
/
1
4
7612 Feb 13
5914 Oct 72 Dec
-6;;;
New York Stock Exchange—Bond Record Friday Weekly and Yearly
Jas. 1 1909 Ms Exchange method of sooting bonds was changed and prices are now
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 10.
Price
Friday
July 10.
Week's
Range or
Lan Sale
17te
m
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended July 10.
t
zt
•••••
Price
Friday
July 10.
Veers
Range or
Last Sibs
U. S. Government.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No.
First Liberty Loan
Panama (Rep) 6345 tr rects_1953 J D 1023 Sale] 10214
4
17
103
834% of 1932-1947
3D 1001041 Sale 100"ss 1013,, 759 10011ss 01"ill Peru (Rep of) extl 85
10012 Sale I 10014
19441
100 4 30
3
Cony 4% of 1932-47
10211nJun'25
101"18 02111, Poland (Rep of) g 8a
in
6912 Sale 6913
7
89%
Cony
% of 1932-47
3D 102148 Sale 10215ss 103.ss 226 10115n 031n
Ext 5 f g 88 interim recta _1950 J ji 90 Sale 8912
'
.
390
90
2,1 cony 434% of 1932-47
103 102232June'25
101
Porto Alegre (City of) 88.._A91 J D 964 Sale 957
103
3D 102
194 p. A
137
8
964 13
Second Liberty Loan
Queensland (State) ext.f 7e 1946 A 0 111 11111 1114 11218 20
941
0
43 of 1927-1942
Sale 100
3 100
10014
01"n
MN 100
25
-year 6.
10414 Sale 10418
8
10412
Cony 44% of 1927-1942
, 583 100",101"ss Rio Grande do Sul 8a
MN 101531 Sale 1011s, 10111
9614 Sale 9614
19
961
Third Liberty Loan
Rio de Janeiro 25-yr at 89._184 A 0 9534 Sale 95
1947 A
6
95 4 10
3
434% of 1928
/
4
MS 101148 Sale 10113s210111 981 10111,021st
25-yr extl 89
9514 Sale 9434
9514 25
Fourth Liberty Loan
Rotterdam (City) external 6819 8 3 N 103 Sale 103
19 4 M J
4
6
10312 70
434% of 1933-1938
,
AO 10211,1 Sale 10215ss 1031 1631 101"n 03"ss El Salvador CRep) 88
104% Sale 1044
8
10512
Treasury 445
1947-1952 AO 10731,1 Sale 107"ss 108", 341 104111,081
'n Sao Paulo (City).1 8s
99
/
1
4
1952
8
4 100
Treasury 4,
1944-1954 J O 103348 Sale 103",1104u2 525 100118104"n San Paulo (State) ext at 84_ _1936 MN 103 Sale 993
Bale 103
J 1
10312 24
Stars and City Securities.
Externals f 8s lot rects_ .1950 3 1 10014 Sale 993
142
4
100)2 36
N Y City-4301 Corp stock _1960 M
101 1013 1014 June'25
8
10052 10112 Seine (France) ext 75
1942 3
8754 Sale 877
1
8812 120
434s Corporate stock
1984 MS 1033g — _ 1037
/
1
4
8 103
4 10114 1037 Serbs, Croats dr Slovenes 88.18 8 M N 88 Sale 873
.2
1932 id N
8
4
883 101
8
434, Corporate stock
1972 AO 104
10314 May'25
102 10314 Solasons(City) Os
84 Bale 843
/
1
4
2
4
85
ltNa Corporate stock
1966 AO 103%
_ 1028 Apr'25
10112 1023 Sweden 20
2
-year 68
1939 J D 10414 Sale 10414
10412 21
134s Corporate stock
1971 3D 10812 1094 10811 10812
1 1067 10812
2
External loan 534s
1954 MN 1004 Sale 10014
1007 173
8
Ns Corporate stock_July 1987 J J 1084
107 8 May'25
7
1057 1077 Swiss Confeder'n 20-yr. f 88 19411 J J 11614 Sale 11512 11612 38
2
2
-434, Corporate stock
1965 3D 1084 ---- 108 June'25
10612 108
Switzerland Govt ext 546-1946 A 0 10218 Sale 10172
10252 174
441 Corporate stock
1983 MS 1081s
-- 108 July'25
1051 105
8
Tokyo City Ss loan 01 1912
20
M 8 6713 Sale 6712
674
4% Corporate stock
1959 MN 10018 ---- 100 June'25
98 10012 Trondhlem (City) ext1 845_1944 J J 9912 99% 9912 100 4
9
Registered
984 99% Uruguay (Republic) rot 83-1946 F A 109 Sale 109
99%
MN
99%
10
110
a% Corporate atock
1958 MN 155F8 10013 10014 June'25
984 10014 Zurich (City of) a f 84
1945A 0 109% 11014 11012 July'25
a% Corporate stock
1957 MN 10018 10012 10018 June'25
98 10018
Railroad.
a% Corporate stock
4
1956 MN 993 ___ 997 June'25 --8
981s 100
Ala Ot Sou lst cons A 55_ _1943 J D 1013 Sale 1014 1011 16
4
/
1
/
4
Registered
9814 Feb'25 --9814 9814 Ala Mid lit guar gold 53_ _ _1928 MN 100% 10133 100
MN
/ 1003
1
4
4
5
a% Corporate stook
1955 MN
983 Mar'25 -- —
4
98 983 Alb & Susi cony 330
/
1
4
4
1948 A 0 82
/ 84
1
4
8414 June'25 --Registered
100 June'25 -97% 100
MN
Alleg dr West 1st g 48 gu_1998 A 0 8314 ____ 8314 May'25 -434% Corporate rteek......1957 MN
11 106% 107% Altos Val gen guar g 49
10714
10714
1942M S 917 941g
3
434% Corporate steck_1957 MN 10714
10718 July'25 ---- 1054 1074 Ann Arbor 1st g 4s___July 1995 Q J 73 Sale 944 June'25 46
727
73
Registered
105 Feb'25
105 105
MN
Atch Top & S Fe—Gen g 43_1995 A 0 90 Sale 90
90 4, 201
3
834% Corporate stk-May1954 MN 1)64 114 905 June'25
8
894 90%
Registered
A 0 - 9
033 May'25 -34% Corporate stk _Nov 1954 MN
91 May'25 -90 91
Adjustment gold 44_July 1995 Nov
8414 June'25
New York State Canal Im- 481981 J J
1033 July'25 ---- 102% 1033
4
4
Stamped
July 1995 M N 84 Sale 8425
45 Canal
10118 Mar'25 -- 1011 10118
1942• J
/
4
Registered
MN
4345 Canal impt
1984 ,1
11414 May'25 -- 1123 1144
4
Cony gold 4e 1909
1955 J D 8412 ____ 8° July.425
85 A9 r 24
4
'
8 55
45 Highway impt regtsterd 1958
103 Feb'25
- 103 103
Cony 4s 1905
19553 D 85 Sale 85
8514
7
Highway Improv't 4348._1963 MS
1 1114 114
114
114
Cony g 48 Issue of 1910
1960 J D 81
8312 Feb'25 -Virginia 2-35
"airi
Feb'25
1991
7812
764 7612
East Okla DM 1st g 48_1928 Si S
.1
985 June'25
8
Foreign Government.
Rocky Mtn Div 1st 4a
1985 1 J 8312 88
8712 June'25 ---Argentine(Govt) 78
18
/
1
4
8712 140 10134 10314
1927• A 102 Sale 1023
4 103
Trans
-Con Short L let 49_1958 J J 877
854
8814
1
Argentine Treasury 5a_
87 Sale 86
1945 MS
814 884
Cal-Arts 1st & ref 4Ns"A"1962 M S 9113 951 943
4
9538
8
Sinking fund 6s Ser A___ _1957 51
963s 168
9614 Sale 95%
95
9712
Registered
Si 13 92
913 Jan'25 ---8
Ertl 88 ser B terup_Dec 1958 3D 98% Sale 95%
96
/ 254
1
4
941 97
/
4
ALI Knox,& Cin Div 4a1955 Si N 9018 914 9014
9014
5
El 168 of 1925 temp
8
1959 3D 963 Sale 96
96
96% Atl Knox,& Nor lat g 58_1946 J D 1027 ____ 1027 June'25 ---*
s
Austrian (Govt)If 7a
9 4 113: 9318 100
9
65 5 1 1
1943 3D 9914 Sale 9918
Atl & Cheri A L 1st A 448_1944 J J 97 103
9718 June'25 - Belgium 25-yr ext 173-4i 2.1945 3D 1083 Sale 1054
4
107 11014
let 30-year 58 Series B___ _1944 J J 10212 1031 10234
10234
4
20
-year a f 8s
1941 J A 1074 Sale 1067
s 1 7
0 12 3691 10638 1094 Atlantic City let cons 4s___1951 J .1 8514 89'2 8512 July'25 -9
25-yr ext6 Nsinterim rota _1949 MS 93 Salo 9214
93% 1351 92 98
All Coast Line lst con 48_21952 M S 9212 Sale 9212
9312 110
HItlIf 86 inter rota
3271 83% 8504
s
1955 33 863 Sale 86
87
10
-year secured 7.
1930 Si N 107 10713 107
26
108
Ertl s f 7s int Mrs
9512 281
195' 3D 98 Sale 98
98
984
General unified 4448
/1
1964 1 D 937 Sale 9314
937
8 11
Bergen (Norway) a f Si
13 1084 11514
1945 MN 11412 Sale 11412 115
L dr N colt gold 4a___-Oct 1952 MN 8734 Sale 874
8818 22
25
-year sinking fund 13s
987
8
4
9914 Atl & Deny 1st g 48
95
AO 9838 Sale 98
/
1
4
1948 .1 J 77 Sale 775
8
7818 13
Berne (City of) f 8s
110
1945 M N 10918 Sale 10918
19 108 11118
2d 44
1448 3 J 68
68'4 68 July'25
Bogota (City) ext'l a I 83_1945 A
8
954 31
9812 Atl & w lr g :uar 45-1949 A 0 7614 79
A A NYadis gu 5s
94
0 947 Bale 94
1
79
79
Bolivia (Republic of) 84
954 Sale 9518
95% 104
923 97
1947 M
8
1941 J 3 10014 101 10014
10014 10
Bordeaux (City of) 15-yr 65_1934 M N 54% Sale 83 4
845
8 24
3
50 88
Baltimore di Ohio—
Bemis U S.external 8a
9814 100
1941 3 D 9518 Sale 973
4
954 99
let 50
s
907
3 74
-year gold 4s_July 1945 A 0 903 Sale 90
7s (Central Ry)
4
8218 43
1952 J D 813 Sale 8112
8014 84%
Registered
July1948 Q J 8718 ___
9014 May'25 ---7441(coffee secur)£(flat)J952 A 0 106% 1063 1063
2 1034 1071z
4
s 106%
07 182
10-y
2
terd 430
cony
1933 M 11 934 sale 931.,
Buenos Aires (City) 42,16451955 J J 973 Sale 973
4
954 9914
/
1
9812 28
4
Refund & gen 5. Series A_1995 J D 9133 Sale 913
924 101
s
Canada (Dominion of) g 54_1926 A 0 1003 101 100 4 101
11 1004 1023
4
/
1
3
4
s
:998
l:to l%
10314 114
Re ge /tee c tem:L. 945 A 0 10238 Sale 10238
ba 2:
Si
10214
10312
1931 A 0
7 1014 10312
10
-year 6a
10338 69
1929 J J 103 Sale 103
10
-year 5348
59 102 1033
1929 F A 153 Sale 10212 103
4
J D 10244 Sale 1023
4
10314 10
6
Si
103 Sale 1034 104
/
1
4
32 1013 105
4
P Jet & M Div let g 343_1925 MN 993
4
993 May'25 4
Carlsbad (City) 5 f 1
/
1
4
984 Sale 98
98% 12
96
99
8
PLE& WVa()yard 4a_1941 MN 877 Sale 87%
885 13
s
5
Chile (Republic) extls f 88._1941 F A 1081z Bale 1077
8 1081± 74 10614 10914
Southw DM 1st gold 348_1925 1 J
May'25
External 5-year• 8a
50 102 103 4
1926 A 0 103 Sale 1024 103
3
Southw Div 1st 51
364
1950 J 3 977
20
-year int!78
1942 IN N 1014 Sale 101
61
1011
984 103
Tol & CM Div 1st ref 45 A-1959 3 J 75 Ei;l
7ift 954
77934
8
25
-year a f 8e
1946 M N 10811 Sale 1075y
10814 16 10814 1094 Battle Cr & Stur 1st gu 38-1989 J D 8014 6413 625 May'25 8
Chinese (ilukuang Ry)64-1951 J D 42 Sale 417
72
43
8
4014 4813 Beech Creek lat MI g 4a----1936 93
964 934 June'25
1
Chriatianta (Oslo) s f 841
8
1945 A 0 1107 Sale 110 8 110% 11 1093 11114
3
4
J D 9011 ____ 904 July'25 -Registered
30
-year f 6s
991
18
1954 M S 984 Sale 9812
954 10112 Beech Cr Ext 1s1 g 33.45_....1951 A 0 7912 8012 8012
804
2
30
-year s f Os lot ctf
58
981
1955M N 98 Bale 98
98 10014 Big Sandy 1st 45
875 89
4
873 July'25 ---4
Colombia (Republic)8348...1927 A 0 100 1003 10012 1005s
8
5
9914 10114 B & N Y Air Line 1st 4a_ _1B55 3 D 67
893 6933 July'25 ---4
1944 F A
Copenhagen 25
8
-year a I 548_1944 J J 993 Sale 98
9414 Hp
9918 56
Brune & W Mt gu gold 4s_ _ _1938 1
9312 ____ 94 May'25 -Cuba 58 of 1904
1944M S 9912 993 9912 July'25 - - - 4
9512 1004 Buffalo R de P gen gold 513_1937 M
10054 1023 1003
8
4
10114
7
Exter debt 5a 1914 fler A1949 F A 99
9912 99
10
99
934 100
Conaol 4343
/
1
4
m
8714 104
1957 M N 8712 Sale 86
External loan 434s
893 893
8
1949 F A 89
8
893
8 10
84
8938
82 8 ____ 8233 May'25
5
53511
19533 J 10114 Sale 10114
163
102
9811 102
Burlitertl Nor 1st 58
C
3
ered
10014
10018
1934 A 0 10014
Czechoslovak (Repub of) 8&195l A 0 9934 Sale I 993
8
997
2 18
984 1011z Canada Sou cons gu A 58-1962 A 0 102 10312 10233 July'25 -Sink fund 85 Ser B int otf, 1952 A 0 993 Sale 99
4
993
97 100 4 Canadian North deb a f 7si 1940 J D 11612 Sale 1164 1174 13
/
1
4 33
4
3
Danish Con Municip Si"A".1948 F A 110 Sale 110
9 109 110 4
110
3
20-year.fdeb6S4s
4
/ 61
1
4
1946 3 J 1173 Sale 1174 117
SerleaB of 8a
_ 1084 111
l94OF A 110 11014 110 July'25
Canadian Pan Ry deb 45 stock__ J 3 8014 Sale 80
8033 133
Denmark externals f 85
1945 A 0 11012 Sale 11012 110 4 56 109 111
3
Carb & Shaw 1st gold 4s— _1932 Si S 9212 ____ 9312 May'25 — -20
-year 6.
4 1034 63
1942 j 3 1028 Sale .1023
994 104
Caro Cent 1st con g 41
8114 8212 814 July'25 -DomlnlcanRepConAdm.f5.'58 F A 10214 1023 10234 1024 12 101 103
4
/ Caro Clinch &0 1st 3-yr 53_19383 D 1015 Sale 1013
1
4
8
1017
8
8
4
19 1
35
Custom Adminlatr 534. _194 M 51 9514 Sale i 9478
1942
9514 44
'32
9512
1st & con g 6s ser A
1952 J D 1074 Sale 1073
8 107
/ 50
1
4
Dutch East Indies eat 85
194 J J 10214 Sale 10172 1021
158
4
984 1034 Cart & Ad 1st gu g 45
8518 88
84
Jan'25 -- 40
-year tla
1962 M S 10214 Sale 10178
10238 309
98% 10318 Cent Branch U P 1st g 4s
19 1 3 D 7712 80
9 J D
8
48
784 June'25 -8
30
-year ext 53411
1953 Si B 1017 Sale 100%
10178 137
934 101% Cent New Eng lat gu 4a
1981 J .1 6814 Sale 684
683
8
8
30
-year ext 514s
1953 MN lows Sale 100% 10118 133
924 10112 Central Ohio Reorg 4)45-1935 M NI
194 AI S
99 July'25 -0
French Ropub 25-yr ext 8&A945 M S 102 Sale 1017
10212 308
983310433 Central of Oa 1st gold 50-91945 F A 102)2 1033 1023
4
8
10238
5
20-yr external loan 734L.194I 1 D 995 Sale 99
8
9934 406
93 10112
Coesol gold 55
1014 Sale 1013
4 10218 11
8
External 75 of 1924
19493 D 907 Sale 90
91
934
86
927g
Registered
MN
___ 10014 June'25 -Finnish Mun L'n 6 Ns A
195 A 0 9012 Sale 90
90% 29
8614 9211
10
-year secur 6.
June 1929 J D 10313 103% 1034 10354 12
External 634. Series B1954 A 0 903 Sale 90
4
90% 18
55
12 9212
Ref & gen 530 mu B
1959 A 0 10218 Sale 10218
10214 20
Finland (Rep) ext 68
1945 M S 87 Sale 86
8711 18
834 89la
Clustt Div pur money g 45-1951 J D 86
87
86 June'25
External s f 7s int ate
9414 Sale 944
94% 44
1950 M
94
974
Mac & Nor Div 1st g 55-1948 J J 9912 „-- 994
991
1
German external loan 7s reta_ 1949 A 0 963 Sale 9633
4
97
536
91% 98
Mobile Division 58
1946 J J 100
/ ___ 100 Dec'24
1
4
Gt lint & Irel(UK et) 5348_193 F A 10518 Sale 10412 10514 169
8 Cent RR & B of Ga colt g 5a..1937 M N 98 104 1077
%
99
9812 July'25
10
-year cony 534s
11833 Sale 1185
8
116% 23 1151s 11814 Central
1929 F A
of N J gen gold 6s .1987 Q 3 10814 110 • 1084 July'25 -887 J
Greater Prague 744s
95
1952 Si N 944 Sale 94
39
89
9514
Registered
10718 10912
Greek Govt 75 lot rota
-8
1964 M N 853 Sale 853
85% 39
83 884 Cent Pao 1st ref gU g 4s____1949 F A 8854 Sale 10712 June'25 -41
891
87 8
7
Haiti (Republic) 6.
9614 Sale 96
1952 A 0
9914 66
914 9612
Mtge guar gold 3145
21929 J D 964 _-__ 96 June'25 - -Hungary (Kingd of) if 734s1944 F A 93 Sale 923
8
94
252
87
94 4
3
Through St L 1st gu 45___1954 A 0 87% Sale 883 June'25 - -Ind Bank of Japan 6% notes 1927 F A 100 Sale 993
8
4
100
30
98% 100
Charleston & Savannah 7s__1938 3 J
Japanese Govt loan 4s__193 J J 82% 824 8314
_
11212 Feb'25 -83 2 16
,
81
8413 Chris & Ohio fund & lmpt 58..1929 J J 116%- 101 July'25
1004 101 8
- -7
30
-year Is f6 Ns
--8
1954 F A 9312 Sale 933
9414 470
90
95
1s1 consol gold 5.
1939 M N 1023
Oriental Development 88-1953 M S 853 Sale 85
101
1033
8 18
8
83
/ 5714
1
4
857
8 43
Registered
1939 M N ____4- -14 10114 July'2 -102
Lyons (City of) 15
8
-year 6a1934 M N 843 Sale 8418
84% 74
8034 8613
General gold 445
1992 Si El 911 Sale 914
/
4
43
Mementos(City of) 15-yr 8a 1934 M N 843 Sale 844
917
8
85
16
80
86
Registered
90
904 9012
1
Mexican Irrigation 4345.-194 MN 17
90's
185 21 June'25
s
193 24
4
20-year convertible 434s__19 0 M A 98 Sale 975
19 2 F B
9
3
9814 182
Assenting s f 4 Ns
4
1943
24
Jan'25
23
24
30
-year cony secured 54—_1946 A 0 1053 Sale 10534
malice (1.1 S) ext1 5.01'99 £1945Q
4
10614 118
40 Ed" 38 May'25
38
4512
Registered
A0
10412 Mar'25 -Assenting fsa of 1899
3313 Sale 32%
194
3313 27
324 41
/
1
Craig Valley 1st g 58
1940 J J 98-33 - - 3 983
9 8
9
Assenting 58large
8
983
8
2
374 May'25
_
36
37
/
1
4
Potta Creek Branch 1st 48_1946 3 J 84
8512 84
Assenting 5s small
84
2
374 May'25
_
35
3712
R & A Div lat con g 4
a-1989 1 3 8514 853 8514
8
Gold deb 46 of 1904
3 3
19643 D "1814 1912 2014 June'25 _
854
/
1
1
181 26
4
2d conaol gold 45
1989
8112 83
8112
3
Assenting 45 of 1904
21% 2313 20
8112
203
8 12
184 24%
Warm Springs V lat g 56_1941 Si S 934 9812 984 June'25 ---Assenting 48 01 1904 large
2811 Jan'25
2613 2613 Chic & Alton RR ref g 313-1949 A 0 6412
64
/ 643
1
4
2
6
Assenting 4s of 1904 small
643
4
2438 May'25
20
2413
Cottle dep stpd Oct 1924 int_ ---Assenting 4s 01 1910
"1933 164 2014 June'25
2014 244
Certif dep etnirsd Apr 1925 int
617 Sale60
6 2
0
%61
Assenting 4,of 1910 large
17
61%
607
22
5
1
22% 11
22
80%
Railway first lien 343_1950
504 Sale 49
95
Assenting 4. of 1910 small____
51
193
4
2014 42
19% 287
1
Ctfa dep Jan '23&aub coup------ 49
50
50
Trees Gs of '31 assent(large) '33 33 -5512 Sale 3512
3512
354 43
5
Chic Burl & Q—III Div 349_1949.1i 84
854 8512
8514 43
5° 4
34% Sale 344
2
Small
344 22
344 43
Registered
8118 84
843 Apr'25 8
Montevideo 7s
1952 3 D 96 Sale 9531
9618 37
88
98%
Ilinols Division 43
1949 1 j 92
3 J
9238 92
92%
9
Netherlands 6/1 (flag prices) _1972 Si 8 107 Sale 1065
8
107
33 1024 107
Nebraska Extension 45—.1927 Si N 100 101 100
3
MO
4
-year external 8s (f3M)_1954 A 0 1033 Sale 1024 1037 124 1001 1044
30
8
8
General 4s
1958 M 8 905 Sale 9014
8
/ 43
1
4
90
1940 A 0 110% Sale 11012 1103
Norway external s f 85
4 30 1104 11313
Registered
87
____ 893 Feb'25 - 4
1943 F A 100% Sale 10012 100% 57
-year ext 16a
20
974 10113
lat & ref Sa
AF
102
4
8
____ 102
1023
8
1944 F A 1003 Sale 10013 1003 180
-year external(15
20
4
974 1011 Chic City & Conn Rye 53___11992771
/
4
ci 4712 Sale 4714
A
474 12
4
1952 A 0 1003 Sale 10014
-year set'8s
30
1003 111
4
974 10112 Chicago & Eaat IU lat 63_1934 A 0 10412 ___ 1063 June'25 - 8
40
-year e f 545 tame-- —1965 J D 9614 Sale 96
97
445
9614 974 OAK Ill RR (nem col IMO re.1951 MN
754 Sale 743
4
7512 69
5534=4 a Due Jan. b Duo July. 5 Duo Aug. p Due No, S Option sale.
8
ISPI NJ
179
and interesi"—except for income and defaulted bonds.
Ragas
Steed
Jae. 1.
Lore
Inipb
994 104
97% 103
NA 79
87 96
04
pula
109 11314
1014 105 1
1
94 981
s
93 974
92 07
100 105ls
103 1084
97 101
100 104
9913 100
1s
824 91
84 90
87
82
103 10514
984 1013
8
113 117
9813 104%
644 684
97 101%
10614 1104
109 1114
/
1
4
10094 1014
/
1
100 101
/ /
1
4
1
4
83 85 4
1
814 gm,
91
944
6314 75
8814 9313
8814 90 s
5
814 85
823 8614
4
79% 801z
81% 85
8113 8514
8118 834
98 100
84 87%
84
89
92
964
4
914 914
89
/ 92
1
4
/
1
4
10214 103
984
98
102 103 4
5
85
/ 554
1
4
89
941s
10554 108
907 95
8
884 8
94
78% 80
62% 704
80
75
984 10014
86 4 92
1
4
854 904
8918 9
2
8584 924
100 104
102% 10414
10044 1004
9934 994
83% 904
993310
0
973, 997
1
owl 784
6058 82%
934 934
904 904
7814 814
85
83
67
73
/
1
4
93
94
10013 10213
804 884
82
854
99 1004
/
1
4
1001 1034
/
4
115 1173
,
115 11882
81
79
93
937
8
78
8314
8
100 1017
105% 1084
84
84
744 80
/
1
644 704
/
1
9714 99
101% 102%
994 1023
4
98 10012
10112 1041
5
99 103
8612
84
991 IOU
/
4
95 i£52
1074 110
1064 1084
86% 90
954 9613
854 59
/
1
4
1121s 117%
8
985 102
101 1084
100% 1024
877 93
8
854 9013
943 984
4
1017 1094
3
103% 1064
9713 991
/
4
324 84
814 854
79 8 4
28
95% 984
62
66
5514 82%
624
60
444 584
45
55
/
1
4
814 8 4
8
843 844
8
8818 944
984 100
8814 924
3
/
1
4
89 4 89
1004 10314
48
63
1051 1074
4
744 7011
New York Bond Record-Continued-Page 2
180
BONDS.
N. Y. STOCK EXCHANGE
Week Ended July 10.
t
trf.
Ohic&ErlalstgoldSe
1982 M N
Chicago Great West 1st 44_1959 M S
Chic Ind & Louise-Re!60-1947
J
Refunding gold 54
1947j J
Refunding 44 Series C-1947 J J
General 54 A
1966 M N
May 1966 J J
General 64 B
Ind dr Louhrville 1st gu 44_1956 J J
Chic Ind & Sou 50
-year 48--1956 J
Chic L & East 1st 4 As1969 J D
,
M & Puget Sd Ist gu 42___1949 J J
Ch M & St P gen g 46 Ser A_e1989 J J
General gold 3Hs Ser B....e1989
Gen 4144 Series C__ _May 1989J J
Gen & ref Series A 4144__a2014 A 0
Gen ref cone Ber B 5sa2014 F A
1934 3 3
lst sec 62
Debenture 4144
19323 D
Debenture 44
1925 J 13
25
-year debenture 44
1934 J .1
Chic & Mo Ale 131v 58_1926 J J
Chic dr N'weet Ext 42._1886-1926 F A
Registered
1886-1926 F A
General gold 3344
1987 M
Registered
Q F
General 44
1987 MN
Stamped 44
1987 MN
General be stamped
1987 M N
Sinking fund 62
1879-1929 A 0
Registered
A 0
Sinking fund Si
1879-1929 A 0
Registered
1879-1929 A 0
Sinking fund deb Si
1933 MN
Registered
1933 Si N
10
-year secured 7011
1930 J 13
15
-year secured 6244 g.--.1936 M
Ist & ref g 58
May 20373 D
Chic RI & P-Railway gen 481988 3 J
Registered
3 J
Refunding gold 44
1934 A 0
Registered
A0
016e 81 L N 0 gold 154._-1951 1 13
Registered
J JD
Gold 34o
1951 3 D
MempbuDle 1st g 48
1951 J D
0 St L & P le, cons g 54
1932 A 0
Registered
A 0
Chic St P M & 0 cons 64_1930 J D
Cons 64 reduced to 33s__1930 3 D
Debenture be
1930 M 8
Stamped
ChlcTH&SoEaet1st5e1960J 13
Inc gu 54
Dec I 1960 M
Chic Un Stan lot gu 44e A.1963 J J
1st 54 Series B
1963 3 J
Guaranteed g 54
1944 J D
let 6144 Series C
1963 3 J
Chic & West Ind gen g 64_31932 Q M
Consol 50
-year 44
1952 .1 J
1 et ref 5124 ser A temp J962 M S
Choc Okla & Gulf cons 54
1952 M N
Cin H & D 2d gold 4%41937 J J
0 I St L & C lat g 44-Aug1936 Q F
Registered
Aug1936 Q F
Cin Leb & Nor gu 44 g
1942 M N
Cin S & Cl cons 1st g 5s
1928 J J
Cleve Cin Ch & St L gen 48_1993 J D
20
-year deb 420
1931 J J
General 58 Series B
1993 J D
Ref & impt Bs Seriee A
1929 J J
19413 J
64 Series C
19633 J
54 Series D
1939 J J
Cairo Div let gold 42
Cln W & M Div let g 42_1991 J 1
St L Div lat coil tr g g 44 1990 MN
MN
Registered
Elpr & Col Div 1st g 42.-_1940 M S
W W Val Div let R 44.--1940 J J
1934J J
0 C & I gen cons g 64
Clew Lor & W con 1st g bs 1933 A 0
1935M N
Cl & Mar 1st gu g 4%4
Cleve & Mahon Vall g 5o.A938J J
CI & P gen gu 4)44 Ser B1942 A 0
19423 J
Series A
1918 M N
Series C 3%4
1950F A
Series D 3144
Cleve Shor Line lot gu 4344_1961 A 0
1972 A 0
Cleve Union Term 53s
1973A 0
1st f be See B
1945 3 D
Coal River Ry let gu 44
Colorado & South let g 45-1929 F A
Refunding & eaten 41441935 M N
1948A 0
Col dr H V lst ext g 44
1955 F A
Col dr Tol 1st ext 44
Conn & Possum Ale 1st 441943 A 0
Cuba RR let 50
-Year be g-1952 J .1
19363 D
let ref 7344
1966 J J
Cuba Northern Ry lot 5s
Day & Mich lst cons 4%4„..1931 J .1
Del& Hudson Ist & ref 48_1943 M N
1935 A 0
-year cone 54
30
1937 MN
-year 5344
15
1930 .1 D
-year secured 72
10
D RR & Bdge 1st gu 4.8 4-1938 F A
-1st cona g 42_1936 J J
Den dr R 0
1936 J .3
0024201 gold Ois
1928 1 D
Improvement gold 54
Farmers L dr T dep ram for
Aug 11956
1st dr ref 58
Bankers Tr Co ctfs dep
Asant to June 15 '23 agree
Stamped
Am Ex Nat Bk etts Feb '22
1955 M N
West 5,5
Den & R
1935 1
Des M & Ft D 1st gu 411
Temporary ctfs of deposit _____
bi
Dee Plaines Val 1st 4)44___ -1947 fel Dist & Mack-lot lien g 44-1995 J D
19953 D
Gold 44
1961 M N
Det Riv Tun 434s
Dul Missabe & Nor gen 5s_1941 J J
Iron Range 1st 5s_ _1937 A 0
Dul &
Dul Sou Shore & All g 54_1.937 J J
East Ry Minn Nor Div 1st 4s_'48 A 0
1938 M
East Tenn reorg lien g 6s
Eaat T Va & Ga Div g 54_ _1930 J
1956 MN
tot gold 54
Cons
MN
Elgin Joliet & East lotS bs_ _1941
1965 A 0
El Paso & W 1St bit
72 ext 1930 M S
Erte 1st consol gold
19963 .1
let cone g 44 prior
1996 1 3
Registered
J
lot consol gen lien g 44_ _1996 .1
1996
Regletered
gold 44..1951 F A
Penn coil trust
-year cony 44 Ber A1953 A 0
50
1953 A 0
do Series B
Gen cony 44 Berea D-1953 A 10
1955.J J
Erie & Jersey 1st s f 64
a Due Jan
6 Due Feb
Price
Frldrut
July 10.
Range
Bina
Jan. 1.
Week's
Range or
Lan Saks
High
Ask Low
High No. Low
Bid
99 10212
/
1
4
3
102
102
10112 _
59 4 6812
1
6412 Sale 6412
653 191
4
10914 11212
111 11212 11212 June'25
9912 10014
10014 June'25
100
3
86 4 87
87 June'25
913 -- -- 9112
87
9212
9
9212
16 101 104
103 Sale 10212 103
7715 79 4
3
7914 8012 7952 June'25
ggts 8815
8814 Sale 8814
8814 10
9312 9314
93 4 ____ 93 4 May'25
3
3
43 58
/
1
4
/
1
4
167
47
4814 4612
49
704 80
/
1
50
/
1
4
7814 Sale 784
/
1
80
62
/ 70
1
4
70
6914 ____ 70
771 92
/
4
/
1
4
895 Sale 89
8
9012 61
55
43
12 544
/
1
4812 Sale 48
49
44
/ 5854
1
4
4812 Sale 48
/
1
4
49 4 96
,
96 10412
/
1
4
10412 Sale 103
/ 10412 74
1
4
44 6012
4914 127
4812 Sale 48
46
78
/
1
4
487 Sale 4814
8
4914 75
44
5614
4918 114
4814 Sale 477
4
9418 100
995 997 998
2
995
98 1004
/
1
4
/
1
9914 99
/ 9914
1
4
993
4 10
89
/ 99
1
4
/
1
4
985 9914 98 June'25
8
/
1
4
2
73
/ 77
1
4
7412 7514 7412
7412
72
4
7212
7212 Sale 7212
7212
8112 8612
8312 Sale 8312
8514 15
82 8512
84
85
8514 July'25
/
4
10312 Sale 10312 10414 14 1011 105
103 1067
/
1
4
4
104 105 10674 June'25
103 104
10312 105 104 June'25
1001s 101
_
9912 101 10012 June'25
9912 10012
98% 101
9912 May'25
9914 103
100 10012 10012 10012 10
- 101 101
9912 10014 101 Mar'25
/
1
4
107 I
3 105 112
107 10714 1063
4
8 107 11212
11112
111 Sale 111
9112 102
9638 49
/
1
4
957 Sale 95
827 86
4
8412 12
841 8412 8414
/
4
81% 83
/
1
4
2
81%
817 83 817
7
8314 8972
87% 215
/
1
4
87 Sale 873
2
4
865 8814
8818 May'25 -- 10112 10314
10314
10314 June'25
- 10114 103
1011 103 10214 June'25
/
4
79 2 79
3
/
1
4
793 Jan'25---4
783
4
83
/ 8572
1
4
86
8512 July'25'-- -101
____ 10112 June'25.-- -- 101 103
3
1003
8
_ 100
/ Jan'25 -- 10028 100 2
1
4
1 1023 1081
2
103141
/
4
10314 1044 10314
/
1
9214 23
93 June'25 ---1
9212 10514
____ 9614 96
96
96 993
2
97
9614
9614 ,
1
901s
75
sn Sale 89
89% 35
__
55
8412
83 Sale 8212
8312 14_
_,
913 94
4
/
1
4
9314 Sale 9314
93
12 :4
5
_
1024 103 10212 103
/
1
/ 1°., 100 10312
1 _
4
9714 10038
10014 Sale 100
100
/ ,°,
1
4
1
1164 118
/
1
11714 11812 11712 1173
4
/
1
4
10512 May'25 --- 10512 105
7612 8312
/
4
SO% Sale 803
811 47
4
9712 100 4
3
99
/ 41
1
4
9912 Sale 991/4
99 101
/
1
4
1003 10112 10012 June'25 -4
4
9312 953
953 ____ 9512 June'25
4
911 9312
/
4
93 2 ____ 9312
3
9312 10
9012 92
9112
_ 92 May'25 -871 8912
/
4
8712 ____ 8912 June'25 -995 10014
.4
10012 __
10014 June'25
1
/
1
4
815 8512
4
84
8412 ____ 8454
96
98%
9812 12
9812 Sale 98
9912 1053
2
10038
1053 June'25 -- - 2
10354 Sale 10314
10354 11 103 10412
4
/
1
4
4
1053 „ 1033 107
4
1
10514 ____ 1053
9412 100
9912 Sale 9914
9912
8914 91
901
/
4
3
90
9014
8212
80
8114
1
8114 813 8114
4
/
4
811 85
83 4 85
3
83% July'25 ---83
83
81
83 83 May'25 -88
/ 8912
1
4
8912 ____ 8912 June'25 -- -87
/ 88
1
4
883 9012 88 June'25 -4
4
May'25 -- 1073 108
1073 ____ 1073
4
4
10214
_ 10214 July'25 -- 10014 10214
963 9814
s
9612 ____ 9814 June'25
9814 99%
99 Apr'25 -/
1
4
10014 102
8412 Aug'24 ---98
___ 99 May'25 -- 'ii" "iics
8512 8614
83 4 3 8512 8512 May'25
84
85
/
1
4
.4
4
83 4 853 853 Mar'25
3
95 2 100
3
10
99 Sale 99
99
2
3 1045 10712
10614 Sale 10614
106
/
1
4
99 102
/
1
4
61
101 Sale 10012 101
8314 8812
87
873 87 June'25
4
967 99
8
9814 12
98 Sale 98
90 4 9612
5
176
9512 Sale 953
4
96
8612 863
4
863 ____ 863 June'25
4
4
/
4
844 841
/
1
_ _ 8414 Apr'25 -81% 81%
84- - 815 Jan'25
77
84
8
8812 8812
8712 Sale 8712
8812 11
.
1.
/
1
4
1045 105 1041
8
/ 1045 . 1 102 106
4
4
1
"
93
/
1
4
89
25
93
9212 Sale 9212
96
971
/
4
2
977
977
973
4
8812 9212
32
911 Sale 90 4
/
4
3
9158
/
1
4
105 Sale 105
10614 40 10114 108
29 101 103
10212 103 11023
2 103
1083 10912 10812 1083
4
4 20 107 110
94
94
94 May'25
941
85 4
3
82
842 122
4
8454 bale 84
/
1
4
4857 9014
2
8812 887 88 July'25 -95
99
9812 Sale 9814
9812 38
4614
46
46
1
__ 60
Jan'25 4612- 4814 63 62 4 Feb'25 --- 3
45602 Feb'25 -- - 3
51 6 1 - 56'4
59 Sale3
;
5159141 452
51
1
2
49
52
50
50
8812 iii_
e_ 9312 Feb'25 --- 72
72
72 I
5
65
2
65
72 65
s
9314
5
9314 937 9314
1034
/
1
4
.. 1023 June'25 102 I 12
1017 1
8 -6T2 1017
85
8614 863
2
8641
/
1
1
on ____ 90% May'25 -- 4
102121
102
16612
10012 June'25 - -- 10212 June'25 10254
1021 ___ 102 May'25 --./
4
10214
102%
102141
5
108 Sale 108
10812' _99
7112 72
711
.
721s 111
_aii,
6912 Mar'25 - -- Sale 62
58 June'25
9514- _ 964
955
/
1
964
/
1
1
9
6414 6-5%
46412
6
6312 65 644.'8
6412
71 Sale 70%
7112 55
60
105
1041 105 10414
/
4
c Due June.
---
e Due May
S Due July
4512 70
59
/ 6912
1
4
4
5614 703
2
603 607
s
55 6612
39
/ 51%
1
4
45
/ 50
1
4
9314 9312
75
72
65 6712
91
9412
102 104
1004 1024
/
1
/
1
8212 90
88
90%
991/4 10212
100 101
100 2 1023
3
4
101 102
/
1
4
99 2 10212
3
107 109 4
3
70
7314
673 8812
4
615 6614
4
67
58
95
/ 98
1
4
8212 69
60 69
69
/ 75 4
1
4
3
10112 10614
n Due Sept
BONDS.
N.Y.STOCK EXCHANGE
Week Ended July 10,
Pries
Friday
July 10,
Week's
Range or
Last Sale
Range
Sines
Jan, 1,
Higlr
High No. Low
Bid
Ask Low
84 84
Jan'25 ---84
2 j
Erie & Pitts itu g 3Ms B__I
84
Oct'24 Series C
2 2 8438
99 100
52
100
7
Fla Cent & Pen 1st ext g 54_1930 j .1 99% 100 100
2
100
9614 100
19 4 2 s 997 102 100
4 N4 j
73
Consol gold 54
4
814
9512 9
96 June'25 ---Temporary 55
1943
92
/ 967
1
4
4
953 June'25 -4
Florida East Coast 1st 4344_1959 J D 'iiie 94
9735
9612 96
955 Sale 9554
8
1st & ref bs Series A
951
9512
lst & ref 54 Ser A w 1
96
97
1974 M S
9310925 1819871
i
Fla West & Nor 74 Series A I934 m N ii.ii2 Sale 11412 11654 38
gi-67
18
Fonda Johns & Cloy 4344_1952 24 N 6514 Sale 6514
69 90
8451 23
Fort St U D Co lot g 4344_1941 2 j 89 4 -- 90 May'25 --3
2
/
1
4
1043 Apr'25 -- 104 1047
Ft W & Den C Ist g 5%11-1961 J D 10434
4
,
u7a
99923142 97
Ft Worth de Rio Or let g 4
4
963
4
6
9-1928 .1 .1 9814 963 9614
- 10712 10914
Frem Elk & Mo Val 1st 64._1933 A 0 1073 108 108 July'25
4
1 100 101
101
0 H & S A M & P lst 541931 m N 101 Sale 101
10
1
1931 j 2 100 Sale 100
100
2d extent; 58 guar
904 95
/
1
94
6
Galv Hous & Hend 1st 55 J933 A 0 94 Sale 94
10514 20 10014 105%
Genesee River 1st 4 f 54
1957 2 j 105 10512 10514
93 102
/
1
4
96
5
Ga & Ala Ry let cons 54___01945 J 2 96 Sale 96
9918 100
99%
Ga Caro & Nor lot gu g 54 1929 J 2 993 100
4
99
/
1
4
1
641
! 1;
1946 A 0 66 4 - - - _ 6612 July'25 - -- .4 17
Georgia Midland 1st 34
,
/
1
Gone dr Oswegatch let go 541942 .I D 997 -- - _ 984 Feb'24 ---or R & I ext lat gu g 4%4_1931 3 .1 9114 _
9612 July'25 - 946 m s
:
11:008
o51 II17
2
Grand Trunk of Can deb 74_1940 A 0 116% 1167 11654 11658 22 1t :
10752 Sale 10712 10734 19
15
-year 4 f 64
11012 214 10812 111
Great Nor gen 74 Serial A 1936 J .3 11014 Sale 11014
60
1973 .J J 93 Sale 92 8
5
961 11
93
1st & ref 414s Series A
10212 47
General 5144 Series B
1952 J J 10214 Sale 102
3
92 96
953 Sale 9514
4
95 4 25
General bs Series C
93
85 80 June'25 -91
72 80
Green Bay & West deb Otis"A"
Feb 79
164 16
/
1
12
/ 8812
1 1818
4
80
/
1
/
1
Debentures ctfs "B"
Feb 164 Sale 164
8812 June'25 -- -Greenbrier Ry let gu 4s....--1940 M N
3
12 191 3 1 8452
/
4
88 8 0
/
1
0 12 4
Gulf Mob & Nor 1st 5,gs ..A950 A 0 1014 Sale 1011 102
Gulf & 8 I 1st ref & t g 54_61952 J J 10312 Sale 10312 10312 12
8418 June'25 ---/ 84
1
4
Harlem R.& Pt Ches 1st 44-1954 MN 83
91 June'25 ---89 92
12
Hocking Val lot cons g Ole-1919 J .1 9112 92
1
3
901j
9012 May'25 ---88
Registered
4
H&TC1stgintguar
1937 J .1 11:161 1661; 10014 June'25 -- -97
9712
9
Houston Belt & Term lot 54.1937 J J
100
Jan'25 ---Houston E& W Tex let g54.1933 MN 100
1933 m N 100
_ _ _ _ 997 Jan'25 -8
let guar 54 red
f2 1:99
i9
8a9
94
9412
2 "9
1937 MN 9412 Sale 9412
Housatonic Ry cons g 58
4
92
185
Hod & Manhat Si Series A 1957 F A 913 Sale 9112
9114 9114
Registered
F A ---- ---- 9114 June'25 -.6724
7612 102
Adbuitment Income 55__1957 A 0 7612 Sale 7614
9114 94
1
/
1
4
93 4
3
Illinois Central 1st gold 42-1951 J .1 93 4 ---- 93
,
1951 J .1 ---- --- 9012 Apr'25 - 9014 9 4
0
Registered
84 June'25 _ - : 884
3
811 841
1951 J 3 83
lot gold 33.4s
83 4 June'25 - - 3
Registered
8312 May'25
Extended 15t gold 3344_1951 5 0 83
A .1
2
85
62 Feb'25
9
- 10388855$ 1068865.
6211:2 6312
1st gold 34 sterling
88
2
Collateral trust gold 42-. 95"
1 951 A 0 8 / - - -14 88
2
8 84 8 84 8
41
8
Registered
A 0 ---- --- - 855 Apr'25 -9114 12
1955 m N 9012 Sale 9012
let refunding 4s
1
8 32 841
78 99
8
8312
2
Purchased lines 3344
1952 J J 8311 -- 8312
79 83
12
Registered
3 .1 757 -- - - 8312 May'25 -8
8534 30
83 86
/
1
4
Collateral trust gold 44_--1953 M N 8514 8512 8514
82 Mar'25 -Registered
195.5 NI N
M
106 Sale 106
106
/ 22
1
4
Refunding 54
10234 31 19112 10382
09 1 13
02 . /
15
-year secured 5344
1934 J ./ 102 Sale 102
1
4
4
4
113
8
15
-year secured 6248 4_1936 J .1 1123 Sale 1123
9112 June'25 - 88 9112
/
1
4
Cairo Bridge gold 44
1950 J D 9118 92
7314
1
Litchfield Div lot gold 34_1951 1 J 7314 Sale 7314
2/
34
4
8114 June'25 -2812 821
77
LouLvv Div & Term g 3144 1953 J J
3
/ 74
1
4
1951 F A
73 ---- 73 4 June'25
/
1
4
70
Omaha Div let gold 3s
7212
1
7154 77
/
1
4
StLoulsDIv & Term g 34_1951 J J 72 - -- - 7212
Gold 3Hl
8312
4
1
12
1951 J J 83 Sale 8312
7912 83
79 8,7
82 4 May'25
7
Springfield Div Ist g 340_1951 .3 J 82
88
/ 88
1
4
Western Lines 1st g 44-1951 F A 8714 -- 88 July'25 --841 May'25
/
4
964 87
Registered
1951 F A
84 1006a
III Central & Chic St L & N 0
Joint let ref ba Series A_1963 J D 100 Sale 100
1003
4 51
8712 92
92
92 July'25 __- _
Ind III dr Iowa 1st g 44
1950 .1 J 87
3
4
Ind Union Ry gen be Ser A..1965 1 J 99 4 ---- 1003 July'25 - - -- 100 101
3
Gen dc ref 54 Series B
1965.3 J 993 -___ 10014 June'25 - - - - 100 100 4
4
5
28 180 17812
Int & Grt Nor 1st 64 Ser A_1952 J .1 104 Sale 10312 104
08 0
Adjustment 64, Series A 1952 Aprl 73 Sale 73
73
Stamped
67
Aprl ---------73 June'25 _!93.
4
/
4
78
15
7612 8012
Int Rys Cent Amer 1st 54-1972 M N 78 Sale 771
65
4
57
Iowa Central 1st gold 54-1938 J D 587 6012 583
4
591 14
/
4
5858 621
2
Certificates of deposit----------5S7 ____ 5854
584
/
1
2
Refunding gold 44
1951 M 13 211 22 ' 217
/
4
s
2174
3
614
19 2 2
3
/
1
4
James Frank & Clear 1st 44_1959 J D 884 897 8912
867 9
2 0
8912
5
Ka A & GI R lot gu g 54
1938 3 1 10012 ----100 Nov'24 _ _ _ _
'
1990 A 0 82 Sale 811
Kan ar M lot gu g 44
/
4
82
8 WI' Won ion
1927.3 J 10018 1005 1001 June'25 - -- 2d 20
-year 52
8
/
4
/
1
4
/
1
4
K C Ft SA M cons g 64.„.1928 NI N 10314 Sale 1031
/ 1031?
4
5 102 103
KCFtS&MRyrefg 4s...1936 A 0 87 Sale , 87
874 44
/
1
80 2 EA
5
KC&MR&B Istini56....1929 A 0 9912 ---- 9912 June'25
73
4
8
0
9 14 192
88 2 99
7
/ 31
1
4
Kansas City Sou let gold 34_1950 A 0 7312 Sale , 7312
73
Ref & impt 54
Apr 1950 J .1 9214 Sale 915
8
9212 51
8612 208
Kansas City Term let 44-1960 J J 8612 Sale 8612
2
/
1
4
86
Kentucky Central gold 44..1987 J J 8574 8712 85
Keok & Des M 54 ctf dep..-1934 A 0 843 ____ 86 Nov'24 ...5
id614
Knoxville dr Ohio 1st g 68.„1925 J 1 --------100 June'25 -79 71114
88 9
927 109 1
:811
Lake Erie &West let it 50.-1937 J J 1003 10114 10114 July'25 - -- - :7
4
9512 97
963
4
3
2d gold 54
1941 J J 97
9812 963
4
.
1997.3 D 80
0 _ _ _12
Lake Shore gold 3%13
8012 80
Jul
Registered
1997.3 D 78
80
78 July'25
8
971 9:81
7 3
4
984 48
/
1
Debenture gold 44
1928 NI S 985 Sale 9812
9714 40
1931 M N 963 Sale 963
4
4
-year gold 44
25
/
1
4
. 95% 99
Registered
/
4
/ Jan'25 _ _ _
1
4
1931 M N 941 ____ 95
5
103
6 100 2 103
Leh Val Harbor Term 58
1954 F A --------103
98
3
96 98
Leh Val N Y lot go g 410-1940 J J 9712 Sale 9712
9793
Jan'25
1940.7 J --------93
Registered
83 12 33
8335
Lehigh Vol (Pa) cons g 44_2003 IN N 8312 Sale 83
M N 77
82 81 July'25 ___ _
Registered
78
/ 81
1
4
8
4
9134 13
General cons 430
2003 MN 913 Sale 915
/
4
18 2
18
1 3
Lehigh Val RR gen to Ber1es_2003 M N 1011 Sale 10084
1013464
8
Leh V Term Ry 1st. gu g 54_1941 A 0 102 102 1015 June'25
843 89
4
Leh & NY 1st guar gold 44_.1945 M S 8312 _--- 85 July'25
/
4
Lax & East 1st 50-yr 54 gu_1965 A 0 1061 107 106
/
1
4
10614
4 103 107
Little Miami 44
8412 July'25
83
/ 8412
1
4
1% 5 M O 1083 ____ 108 Apr'25
92A N
5
3
4
Long Dock consol g 6s
107 108
/
1
4
Long Grid let con gold 58...h1931 Q 3 10012 102 100 June'25
/
1
4
184 consol gold 44
61931 Q J 93
/ ____ 94 May'25
1
4
:
1 34
J D 91 Sale 91
General gold 48
/
1
4
89
/ 91
1
4
1932 1 D 9012 ____ 93 June'25 __
Gold 44
89
/ 93
1
4
4 11
1949 PA 8 8414 853 8412 June'25 Unified gold 44
4
/ 85
1
4
- 82
1934 1 D 9734 98
/
1
4
95 98
Debenture gold 58
97 July'25 _ _ _ _
1937 MN
20
-year p m deb 54
87 911
/
1
4
4
92
9114
9114
2
R
o
1942 1" S R9 184t20 84
9
Guar refunding gold 44_1 3 61 N 9
/
1
4
82 85
8412 19
Nor Bh B let con g go 54_01932 Q J
98 100
/
1
4
/
1
4
1
9912 10112
Louisiana & Ark 1st g 54_1927 M S 99 100% 100
/
1
4
I
99
109
9
0
/
1
/
1
861
/
4
Lou &Jeff Bdge Co gu g 42..1945 61 S 8618 864 864
83 8712
5
/
1
4
1 100 105
Louisville & Nashville 54_1937 M N 10314 103 10312 10312
/
1
4
/
1
4
*Miffed gold 44
10
917 95
4
9412 Sale 941
943
100 103
/
1
4
Collateral trust gold 58-19 9 3 NN5 101% 0 13 101 May'25
" 1,1
1 31 M
0
0 14 10 0
7
0 5
10812
/
1
4
5 105
/ 10712
1
4
107
5
4
/
1
refu gd 5 5 2
rstyear n ee9174 8eries A_2003 A 0 107 Sale 10712 1084 13 10414 1087
/
1
4
/
1
4
/
4
2003 A 0 1037 Sale 10338
2 1011 105
1037
4
let de ref 54 Series B
8
97
92
9
9614
let & ref 4344 Series C2003 A 0 953 9585 953
5
5
N O& m let gold 64
19303 J 1044 10 14 1044 June'25 _ _ _ 10414 10475
193
0
/
1
041
0
5
7
1 104 104
104
2d gold 65
104
8912 9114
9118 _
__
Paducah & Mem Div 42 1946 F A
/
4
911 July'25
6112 65
10
63
63
St Louis Div 2d gold 34_1980 M 8 63
64
2
90 1003
4 15
/
1
L&N&M &M let 44344.1945 M S 983 100 1004 1003
4
8352
4
8112 e612
83%
L & N South joint M 44_..1952J J 835 85
8
11
9914 _1_ 9814 9t3
Louise Cin & Lex gold 44s.1932 M N 9914 ---- 9914
11
ND,IN%
ma,
9
o Due Oct. It Due Dee. 8 Option sale.
New York Bond Record-Continued--Page 3
Price
Friday
July 10.
SON OS
N. Y STOCK EXCHANGE
Week Ended July 10.
Week's
Range Or
Lass Sak
14.
a:1.2
BM
No.
Ask
Mahon Coal RR lit Si
Lowil 5
1934 J J 103 10312 103 June'25
Manila RR (South Lines) 48 1939
623
8 13
N 62 Sale 62
let 48
69 67 June'25
1959 MN 64
Manitoba Colonization 56_.1934 J D 994 10014 10019 June'25 -Man GB&NW lst 3%6_1941 J J 804 --__ 84 Mar'25
____ 101 Feb'25
Michigan Central be
1931 MS 101
/33 100 2 --__ 10012 May'25 ---1
4
5
Registered
as
1940 JJ 92 ____ 915 June'25 -4
J L & B let gold 3%s
774 Apr'25
1951 MS 773
let gold 3He
1952
N 8412 8512 8412 June'25 ----year debenture 48
20
975 July'25 - -3
1929 *0 977
hild of N J 1st ext ba
92
3
1940 A0 92 Bale 92
MOW L S & West Imp g be_ _1929 FA 10014 --__ 100 June'25
Mil & Nor lot ext 440(blue)1934 J D 90 --_- 873 May'25
4
Cons ext 444s (brown)-- _1934 J D 9018 Sale 9018
9013 10
Mil Spar & N W let gu 48.-1947 MS 8618 88
5
87'z
8712
Mllw &State L lit gu 3)0_1941 J J
--__ 8612 July'24
Minn & St Laub! lat 7s
_
8
1927 J D 102 10218 1013 June'25
let oonaol gold Si
604 62 June'25
1934 MN 60
Temp ctfs of deposit
58
5 64
60 May'25
1949 MS 228 Bale 2212
lit & refunding gold 4s
2279 12
Ref & ext 50-yr Bar A__ 1962 Q F 16 Bale 15
16
4
M
/
1
4
PABEIM con g 45 Int gu'38 J J 85 Sale
let cons bs.
1
9714 85
8534 13
55
5
8
1938 J J 96
10284
10
4
-year coil trust 634e
4 1027
1931 MS 1023 Sale 1023
8 27
4
Ist & ref Bs Series A
100
993
4
1946 J J
993
4
4
26
-year 6448
85
843 844
4
/
1
1949 MS 84
let Chicago Term f 4s__ _1941 MN 9212 ____ 9212 Dec'24 - _
M BEIM& A letg4sintgu_1926 J J 9934 100
6
99%
9938
Mississippi Central let 5& 1949 J
03 Sale 93
934 10
Ma Han &Tex-lst gold 48_1990 J D 83% Sale 835
28
3
84
Mo-K-T RE
-Pr 158 Bar A_1962 J J 9434 Sale 943
2
9814 150
40
-year 48 Series B
7818 Sale 7853
7914 22
1962 J
10
-year 68 Series C
59
8
1932 J J 1033 10334 10332 1031
Cum adjust 56 Bar A Jan 1967 *0 87 Sale 853
2
873 1759
Missouri Pacific (reorg Co)
891
let & refunding Si Bar A--1965 P A 893 Sale 89
46
2
let & refunding 68 See C...1925 FA 10018 1001 100
7
100
let &refunding Si Sea D 1949 P A 100% Sale 1003
94
4 1017
let & refund 6s Bar E int_1955 MN 10034 Sale 100 4
3
10114 161
General 46
661 374
3
1975 MS 5512 Sale 65 8
Mo Pao 3d 76 ext at 4% _ _1938 MN 85% 901 8618 July'25
Mob & Sir prior lien g 58_1945 J J 99 101 100 May'25
Mortgage gold 4s
811 804 July'25
1945 J J 81
Mobile & Ohio new gold fla-1927 J D 1034 104 103
/
1
6
103
let extended gold 6a
h1927 Q J ____ 104 103 June'25
General gold 4s
90
__- 90 July'25
1938 M
Montgomery Div let g ba-1947 P A . 9952 1003 10012 June'25
8
St Louis Div Si
J D 100 1033 10014 June'25
Mob & Mar let au g48
1991 MS 8712 901 85 Feb'25
Mont C lit gu g Si
3
1937 J J 111 113 110 8 July'25
let guar gold Si
1937 J J '10214 104 10214 Feb'25
If & E let gu 3;is
2
2000 J o 783 8112 8112 July'25
Nashy Chatt & St L lot 58-1928 * 0 1013 Bale 10114
7
10112
8
NFla&BIstgugbe
1937 FA 10112 10412 102 June'25
Nat Ry of Max pr lien 4448..1957 J J
30 Sept'23
July 1914 coupon on
19 Apr'25
1418 1812 1418
Assent f red June coup on
1413
Guar 70
-year a f 48
8718 July'23
1977 17o
April 1914 coupon on
18 May'24
Gen s f 48 assenting red
13
15
14 June'25
Nat RR 31 ex prior lien 4355_1926• J
3812 June'23
July 1914 coupon on
25 July'24
Assent with July '24 coup on
26
2612 June'25
lit consol 49
28 Apr'25
1951
April 1914 coupon on
Jan'25
36
Assent with Apr 1924 coupon
14 June'25
Naugatuck RR lot 48
66 May'23
1954 MN
New England cons be
945 June'25
8
1945 -I .1 9412 96
Congo! 4e
8312 81 June'25
1945 J J 81
NJ Juno RR guar let O.__ _1986 P A
8312 ---- 86 May'25
NO& NE let ref &Imp 4Hs A'52• J
9118 9214 9118
2
9112
New Orleans Term 1st 48_ _1953 J J
13
84
84
N 0Texas & Mexico let 69_1925 J D 10014 Sale 10014
2
10014
Non-cum income ba
4
9714 18
1935 * 0 963 Sale 9634
let bs Series B
965
8 41
1954 * 0 9614 Bale 9614
1st 5348 Series A
25
102
1954 A0 10112 Sale 10114
* 0 1014 Sale 10118
Temporary
1017
8 18
& C Bdge gen gu 440_1945 J J 944
9418 July'25
NYB&MBlatcong5e1935 A0 100
100 July'25
N Y Cent RR cony deb 68_1935 MN 10812 109 10868
10938 11
MN 104 116 10814 June'25
Registered
FA 86% Sale 8614
Conaol 45 Series A
43
87
1998
Ref & Impt 444s "A"
2013 * 0 9312 Sale 9314
933
4 36
Ref & impt Si Series C_2013 A0 10133 Sale 10112
10112 161
*0
Registered
10112 Apr'25
N Y Central & Hudson River
78
7812 783
Mortgage 34e
3
1997 J J
793
8 25
777
Registered
3
1997 J J 7612 78
778
954 45
/
1
Debenture gold 48
1934 MN 9516 Sale 9458
MN
9314 ____ 9214 Mar'25 -Registered
30
-year debenture
1942 J J 90'8 -__ 9212 June'25
93 Feb'25
Registered
Lake Shore coll gold 3341_1998 PA 77 65:1;s- 77
7712 28
' 76
A
78
79 June'25 - -Registered
1998
P A 7814 787 7812
Mich Cent coil gold 3348-1998
7812 10
86
7612 July'25 - _
Registered
1998 P A 76
Y Chic & St L Ist g 46_ _1937 * 0
A _
Sal
Regiartered
0
'
8 21
1937 _ 0 IT : 8 Jan3 -25
5 lir - 9534
-year debenture 48
9
9534
5
1931
fld 68 Series A B C
10258 Sale 10253 1028 14
1931 m.
Ref 5345 Series A
9712 Sale 9718
973 247
4
19741
.
NY Connect let gu 440 A.1953
9214 30
92
9212 9214
N Y & Erie lat ext g 4a-__ 1947 ^'.1
89 June'25 _ _ _ _
" 89
ad ext gold 4448
9.512 May'25
1933 M 8
4th ext gold Si
10112 July'25 1930 A 0 1090311
5th ext gold 48
19281 D 9712
- 9714 Dec'24
X Y & Green L 1111 g Si
9334
93 4
3
5
1948 M N 93 14
N Y & Harlem g 3Hs
78 4 June'25
3
2000 Al N 80
N Y Lack & W let & ref 58_1973 MN
_
- 9812 Nov'24
let & ref 444a
MN
101 10012 June'25 -12
1973
XYLE&W lst 78 ext.- _1930 MS
t, 1064 10712 Apr'25
Dock & impt 58
1943 J J
99% Mar'25
NY & Jersey let 56
1932 P A 1003 1004 10018 June'25
6
NY & Long Branch gang 481941 MS 907 9212 9112 June'25
NYNH & Hartford
Non-cony deben 48
1947 MS
6612 June'25 - _
MS
Registered
60 June'25
Non-cony deben 3%s_ __ _1947 M
6
012 5912 June'25 _ _ _
87
Non-cony deben 344e--_1954 AO 551s 663 56 June'25
2
Non-cony deben 46
1955 J J 62
6372 62 July'25
__
Non-cony deben 48
1956 MN 60
62
6212 July'25 Cony debenture 3448-1956 J J 56 Sale 56
56
2
Cony debenture Si
1948 J J
9034 Sale 90
913
4 66
J J
Registered.
88 June'25 /
1
4
Collateral trust Si
1940 A0
9614 June'25
__
Debenture 48
4
1957 MN 583 5953 5912
5912 10
Cons Ry non-cony 4s__1954 J J 6014 613 6014
2
6014
1
Non-cony deben 441.-1955 J J
59
60
BO
6014 10
Non-cony deben 48...A956• J 6014 ____ 6234 June'25
_
N Y & Northern 1st g Si.
4
.1927 A0 1003 __-- 1003 July'25
2
NY 0& W ref let 848_June 1992 MB 6814 Sale 6814
6914 31
ID 64
General 45
1965
647 6412
2
6412
1
J D
Registered
--- 65 Apr'25 N Y Prov & Boston 4e
1942 *0 5131
-_- -1 863 Apr'25 --4
N Y & Putnam let con gu 46_'93 * 0 8612 8712 86 8 July'25 -83
NY&RB let gold 66
10014 101 ,1003 June'25
1927 M
2
"iiTz
"1514 -1112
7378
a Due Jan
h Due J1111
V Due Nov
s0 0
0
"
sale
Rase.
Mom
Jas. 1.
Low
6/10h
99 103
6912 634
6312 6714
9738100's
84
1007 101
4
10012 10012
914 911
/
4
8238
if
86
964 98
88
9312
100 1004
8512 94
82 8 9112
5
8614 894
iffr;
5114 621,
we 60
1934 26
1313 2114
8412 90
94 8 100%
7
10214 1043
4
99 4 103
3
8314 9012
"99171 Rice
94
91
8014 8513
95 4
3
86
714 80
/
1
10112 1041
/
4
763 89
4
83
903
4
100 10114
99 10214
100% 102
6212 67
843 8913
4
100 100
76
91
102% 103%
102 104
8112 9013
9613 101
99% 10012
4
843 85
110% 1107
s
1014 10314
763 82
4
10014 102
1007 102
3
'N 'N
. .
1412 211
4
14
1918
26I
3213
14
'16"
948 96
81
813
4
86
92
8014 84%
10018 1011
4
923 9814
3
9012 973
4
98 1021,
10014 10212
9318 9418
994 100
1061s 11713
106 11613
82% 8714
884 934
99 10214
9912 102
se
se
79%
75
74
7914
9212 96
9214 9284
9232
91
93 93
7436 7812
74
79
78%
75
7512 7
812
943
2
91
89 89
2
927 9812
10212 10412
937 9814
2
90
9312
89 89
9312 9512
99 10112
- 90
94
76% 783
4
10038
106 107$2
99 4 99%
3
995 10014
6
9112 9112
68
61
60
60
6553 61
55 60
60 66
56
65%
53 59%
8614 92%
8312 90
9014 963
4
633 614
4
65 64
62 64
5713 64
100 1005
8
65
7012
63 6913
65 65
864 8612
824 87%
100 100%
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 10.
11
..n.
N Y Susq & W let ref Se_-_ _1937 J J
2d gold 444s
1937 F A
General gold se
1040 F A
Terminal let gold ba
1943 M N
N Y W'ches & B let Ser I 4;58.'46 J J
Nord Ry a f()Hs int rects_ _ _1950 A 0
Norfolk Sou let & ref A 55 1961 F A
Norfolk & Sou LB gold 5s...1941 M N
Norf & West gen gold 6s_ _ _ _1931 M N
Improvement & ext 68_ _ _1934 F A
New River let gold
1932 A 0
N & W Ry let cons g 48.._ _1996 A 0
1996 A 0
Dgigen.gen g 42_1944 J J
Re te
10
-year cony Be
1929 M S
Pocal2 C &0Joint 4a__ _1941 J D
Nor Cent gen & ref Si A
1974 M 13
North Ohio let guar it 58
1945 A 0
Nor Pacific prior lien 49-.1997 Q J
Registered
1997 Q 1
Genegisteen gold 35
Reral llred
a2047 Q F
62047 Q F
Ref dr Inlet 43.4s ser A
2047 1 J
Registered
J J
Ref & impt 68 ser B
2047 J J
Registered
J J
Ref &!met 58 ser C
2047 1 J
Ref & Impt be ser 13
2047 1 J
St Paul & Duluth 1st 68_1931 Q F
lit consol gold 48
1968 J D
Nor Pan Term Co lit g 86._1933 3 J
No of Cal guar g 5s
1938 A 0
North Wisconsin let fis
1930 3 3
Og & L Ohara let gu 46 a_ 1948 3 3
Ohio Connecting Sty 1st 48..1943 M 8
ec
Ohio Ri
River RR let 8 58
1936 J 0
General gold 55
1937 A 0
Ore & Cal let guar g 58
1927 J J
Ore RR & Nay con 3 411
1946 J D
Ore Short LIne--let cons g 58246 1 J
Guar cons Ss
1946 3 J
Guar refund 4e
1029 J 0
Oregon-Wash lit & ref 48_1961 3 .
1
1946 J D
Pacific Coast Co let g be_
Pac RR of Mo 1st ext g 42-1938 F A
2d extended gold 52
1938 J 3
Pachlcab & Ills lit of 4343-1955. 3
1
Pane-Lyons-Med RR 65.....-1958 F A
1958 M S
El f external 75
pa
Paris-Orleans RR 8 f 78
1954 M S
Ry7
e
1942 M S
Pennsylvania RR--cone g 4a 1943 MN
Cool gold 45
1948 M N
may 1 1948 MN
45 stamecl
Consol 4445
1960 F A
General 430
1965j D
1968 J D
General 55
1030 A 0
10-year secured 76
15
-year secured 6446
1936 F A
,
F A
Registered
40
-year gold 56
1984 31 N
Pa Co
-On 33.4* coil U'A reg 1937 '-‘1 8
Guar 3Ha coil trust Ser B_1941 F A
Guar 3%a trust ctfs C
1942 1 11
Guar 344a trust ctfs D
1944 1 11
Gnu 15 -year gold 41_1931 A 0
ar -25
Guar 43 Ben E
1952 M N
East let con 6481940 A 0
_
4et
Income1000 Apr,
Peoria &
Peo& Pekin Lin lat546 ___ _1974 A 0
Pere Marquette lit Ser A 58_1956 1 .
3
1st 46 See B
1956 1 i
Phlla BaltA W let g 421
1943 M N
Can 55 Series B
1974 F A
Philippine Ry 1st 30-yr if 46 1937 1 1
Pine Creek regstd 68
1932 1 D
PCC&StLgu4448A
1940A 0
Series B 444s guar
1942 A 0
Series C 434s guar
1942 M N
Series D 48 guar
1945 M N
Series E 3448 guar gold_1949 F A
Series G 4s gua gold
F 4 guarr
e
63
195 J D
92
MN
Series
1960 F A
Series H 45
.2 cons guar 4)46_1963 F A
1
1964 M N
Series
General M Si Series A _1970 3 D
pitta n rtgerie 2 irg 56
Ge & E 5s S ies B
5
a197 A 0
98 0
2
3
1932 J 1
Pitt. mai& y lot go 5
2d guaranteed 62
934 A 3
1940 3 0
Pitts Sh & L E 1st g 58
let consol gold 55
1943
Pitts Va & Char let 49
1943 MN
Pitts Y & Ash 1st cons 5a-1927 M N
let gen 4s series A
1948 1 D
let gen 55 series B
1962 F A
Providence Seeur deb 48___..1957 M N
Providence Term 1st 48
1956 M 8
Reading Co gen gold 45
1997 1 1
Registered
Jersey Central coil g 0_1951 .1 0
A 1
Can dr ref 434e Bar A
1997 J 3
Rlehm,1r eck lu g o stpd--1927 A 0
Fuch a mDany deb bs
1948 M N
Mehra Term Ry let gu 5s---1952 J J
Rio Grande June let go53-1939 J D
RiGuarante
o Grandelou let gold 4s 1840' J
3
Igo 3 J
Rio Grande Wart let gold 4s_1939 1 i
Mtge & coil trust 48 A---1949 A 0
RI Ark & Louis let 4348_1934 M 8
Rut
-Canada let gu g48
1949' J
3
Rutland let con it 4346
1941 1 .
0
St Jos & Grand lel 1st g 48_1947 3 J
St Lawr & Atilt let 858
1996 J J
logo A 0
2d gold 68
St L & Cairo guar g 4a
1931 3 1
St I. It M & fil gen con g Si.
.1931 A 0
Unified & ref gold 411
1929 1 1
Registered
1 J
Ely & G Div let g4211
1933 M N
St L M Bridge Ter gu g 58.-1930 A 0
St L dr San Fran (reorg co) 4.1050 3 J
Prior Hen Ser B bs
1350 J J
Prior lien Ser C 55
1928 J J
Prior lien 534e Ser D
19421 1
Cum adjust Ser A 6a____51955 A 0
Income Series A Bs
EitLouis & San Fran Ry gen 65:988 1.3c1
5'
831
3
j
1
General gold 55
St L Peo & NW let gu 55-1948 J.., ..,
St Louis Sou let gu g 44
1931 .. *
*
4
St LB W lot 848 bond ctts_1989 Al N
2d g 48 Income bond ctle-y1989 1 31
Consol gold 45
1932 3 D
let terminal & unifying 5i.1952 3 J
St Paul & IC 0Sh L lat 4%5_1941 F A
St Paul E Or Trunk 4)48-1947 / J
181
Price
Friday
July 10.
TV(e.i's
Range of
Last Sale
g:,5.;
10 Z
,
140
AM Low
Hies No.
71 Sale 71
7114
7
591 62 6414 Mar'25 ---/
4
7
5514 6212 60 June'25 ---97
99
95 June'25 ---67 Sale 663
4
673 108
4
82 Sale 82
8238 158
8114 8214 8134
813
4 10
967 '98
8
98 July'25 --- 107 108 10712 June'25 ____
108
____ 10838 Apr'25 --- 10714 --__ 108 Mar'25 --- 90 Sale 90
91
16
9912 - 89
89
3
89 - 3 90 3
90 8
3
9114 10
128 130 129 July'25 ---913 9214 92 July'25 --- 4
10212 1023 1023
4
3 10233 10
89 Sale 89
8512 864 857
8
8 11 52
86
81
8
8412 8512 847 June'25 ---8
6138 Sale 6138
817
3 23
_5 i i___ 60 June'25 ---_
5 1g _
i2 i
9
3
mg
/ 8612 86%
4
861 82 -___ 853 Feb'25
4
107 Sale 1063
4
1073 176
8
106% May'25 __-963
2
9632
4
4
963 Sale 9613
97
18
3_
9914 Mar'24 ---1003
8412 - 67
1 88514
8514
I
10912 ---- 109 4 July'25 ____
3
„,4 --__ 10314 Mar'25 -_-i
.
---- 1033 Apr'25 __- 4
101
73
0
41
7513 Sale 9 :Dee22 _ _.._
751 4 23
--.
Rang.
Sines
Jan. 1,
Low
Mob
667 78
8
6112 68
597 6
8 8
93 98
597 704
s
7913 844
7038 8
4
3
94 4 98
106% 108
10838 10 3
8*
106 108
88 :re
68
834 92
126 134
12
93
/
1
4
91
1014 103
83% 87
88
34
4
s
823 847
60
69,
8
6913 60
832 8712
8
8534 96 4
3
1053 10812
5
105 106%
95 4 9 8
4
77
954 98
Wei
1094 1093
4
102 1034
10384 1002
71% 764
102 103 1013 May'25 _-_ -1i- i
-_8
84 lifia
9914 99 4 987
1
9878 100
4
2
987
1003 10112 190
9014 904 01,2
101,2
90
2 Iwo 1017
7
8814 90 8
/
1
4
105 Sale 105
105
3
1051s 1057 105
7
1061
973 Sale 9712
4
9734 72
83 Sale 83 4
/
1
4
3
84
27
9113 Sale 9112
915
8
5
011 Sale 913
8
3
9113
6
9912 100
9912
9912
1
9514 98
9512
9512
2
76 Sale 753
4
7612 193
8512 Sale 8512
8614 35
851 Sale 84
/
4
/
1
4
85% 25
100 2 ---- 10012
,
10034 22
95
____ 9512 June'25 -_-_
9218 Sale 921s
9314 15
____ 93
9212 June'25 ____
991 997 991
4
2
4
9974 20
9312 Sale 9318
9338 104
1017 Sale 10138
8
10214 39
108 Sale 1073
89
4
1081
11012 Sale 11014
1101
62
_6ii. sai_ _ 19 4 June'25 -52
e 071
9
,
,
2
103% 107
103% 107
Ws 974
8144 85
82
9838
984 100
14 5 96
1
70 8013
13
804 89
8
012 90
97 101%
917 9512
2
8612 9441
904 93
084 100
86
93
10118 10384
1971:
0 ,2 li a
7 . l
1092, 11115
10914 10913
86
87
8614 May'25 - --833 843 84 June'25
4
2
8214 84
83 June'25 ---- --8214 6;, _ 8214 June'25 -- -_
e
953
4
95%
96
25
85 Sale 85
/
1
4
/
1
4
8/
54
5
8014 8112 8012 June'25 ---100 Sale 10018
3413
12 3412
2
6
100
341
1 41
8614 884
83
84
8213 83
82
8212
944 96
/
1
85
Ws
7712 821
4
31% 38%
gg 101
971s 105114
4
813 85
2
927 94%
104 108
40
4438
10512 10611
96
997
2
993 Sale 9914
4
40
100
4
838
83 4 8412 833
1
4
2
9312 9433 93 3 June'25 --3
1064 107 10613 July'25 ---423 4318 43
5
43
/
1
4
3
1906144 Bale_ __ 10
91
ar'25
96 Mar'25 ____
9714 17
985 Sale 9614
3
9718
7
957s _ _ _ _ 963 June'25 ---4
9312 ____ 9412
2
9412
--------9314 June'25 -- -s
9314 June'25 ---93
935 ____ 9413
8
9413
2
9412 ---_ 94 June'25 ---95 4 ____ 963 June'25 ---3
6
9538
96 June'25 --- 99314 gil-e19 4 Sale 98
8
98
%
9 13 _472
99
.
!
102 8 ____ 101 June'25
00
:
1063 __ 105 Dec'24
4
103
983 Aug'24 ---4
gil-e- 10212
10212
10012 ____ 10014 May'24
883 ____ 9114 May'25
2
10014 -100 June'25
8914 -___ 87 Mar'25
10112 _--- 102
102
543 --- - 5913 May'25
4
8163 _ - - _ 80 Sept'24 ---94% ____ 95 July'25 --947 May'25 ---6
9 34 gaTI-- 923
4
2
e
4
0214 67
9414 74
9312 _9_3_7 9312
!
1004 June'25 ---/
1
1003
s
7718 80
7912 June'25 ---10114 1013 102 July'25 ---4
9414 9434 943 June'25 ---4
51 ____
/
4
5 June'25 --61
/
4
6 Itlay"26 ---86%
86 Bile- 86
9
7512 Sale 754
7512
8
/
1
8818 Sale 8712
9812 34
764 7714 77 June'25 --4
87
91
89 July'25 --82
8213 8113
8214
4
95
____ 954 July'25 -.-10212 ____ 101
Jan'25 ---9512 967 9512 Jan'25 ---10012 Sale 10014
1001
27
957 Sale 953
s
96
63
4
935 95
93 Apr'25 -887 Sale 8853
8
63
89
100 101 100 .
11111Y28 -- , ..7.
76% Sale 763
4
7714 Z"
9114 Sale 9118
917 167
2
10314 Sale 10212
10334 48
993 Sale 9912
4
100
181
9214 Sale 915
9212 243
8814 Sale 881
891 416
10 34 J
5
35 4
105%12 ..- -.. -_ -_ 1003
9
0
4
1
10214 103 10 % June 5 :_ -ii-1
3
'2
935 __
8
93% Apr'25 36
823 8313 827
4
8314 ----I
8
75
78
78 June'25 30
30
9013 Sale 904
903
89 Sale 881:
89
17
8613 Sale 86
8612 39
904 ____ 911 Apr'25 - -__
:
g'f?
901
/
4
ae
99
9651
:9 4a
3
893 941
99014 9933 2
:Tx 1 115
4
9448 1996
0
8
5 0172
6
We 991
/
4
ggig 101
.--- - - --
10638 jail;
10014 101
911 914
4
100 100
87 87
1004 1024
534 891
/
4
9412
-ii-
954
22 92
1 98
92 .
99 4 10012
5
74
/ 79 4
1
4
1
._._
10038 102
92
/ vim
1
4
5
7
a
6
804
711. 75
/
1
4
aa
Boa
784 77
85
14
744
3
89
821,
ot 954
/
1
101 101
94 9612
9914 1007
2
91% 964
9112 93
834 90
10015
71
78
85 931
/
1
4
9
1017 1031
s
/
4
93% 100
%
84% 92%
754 89%
/
1
1043 1057
4
1
10014 101
102 10
411
9713 93%
130
83 4
3
ewe
82511
75
/
1
4
8152
80
9112
9078%
90
873
4
95
111
182
BONDS
N.Y.STOCK EXCHANGE
Week Ended July 10.
New York Bond Record-Continued-Page 4
Price
Friday
July 10.
Week's
Range' or
Last Sale
3
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 10.
Prim
Friday
July 10,
Week's
Range or
Last Sale
Bases
8Iseo
Ala. 1.
,
BM
AM Low HMS No Low HISS
Mob No. Low High
MA
Ask Low
944 9612 tog Wat Wks de Elea 5s___1934 A 0 9618 Sale 9512
9218 98
964 18
954 10
at Paul Minn & Man con 413_1933 J A 9512 9572 9512
9412 Am Writ Paper s 7-68
44 83
61
12
61
94
1939 .1_5_ 5914 Sale 5914
94 June'25
Registered
J J
43 63 4
3
68
Temp interchangeable
dep_
10712 1094
81
108 1084 10814 July'25 58H Sale 581
im consol g 68
1933J A
995910159
954 10014 Anaconda Cop Min lit 68-1953 F A 1004 Sale 10014 1007 209
8
Si reduced to gold 434i.. 1933 J J 994 9934 9914 July'25 _
9934 104
15
-year cony deb 78
9912 974 Apr'25
1938 F A 10134 Sale 10112 10214 579
973 98
2
Registered
1933 J .1 98
94 100
14
9812 624
3
94
8752 9512 Andes Cop Min deb 7950% 191'43 J J 9734 Sale 9678
Mont ext lit gold 4s
1937 J D 94 Sale 94
9114 944
9112 10
92 9212 Antilla (Comp Mew)710 _1939J J 9114 Sale 9114
944 9212 June'25
Registered
J D 90
9514
13, 91
2
88 895 Ark & Mem Bridge& Ter 59_1964 m
2
94
91
5
93
52 9414 93 2
Pacific ext guar 48.._ _ _1940 J J 8712 8912 894 Apr'25 _
85 91
1 up 1025 Armour & Co Ist realest 4;01939 D 9014 Sale 9 14
8
0
4
102
St Paul Union Depot 58____1972 .1 J 102 10252 102
343 Ba le
19 81 228 91
0 1
, 01
4
943
4
...1947
1 35 J
81 8514 Armour & Co of Del 510.94 5 D
4
843
4 19
El A & A Pass lat gu g 444._ _1943 .1 5 843 Sale 8414
10114 10312
8 1005 102 Associated 0118% gold notes 1935 m
2
10034 Sale 1005s 1003
10314 Sale 1025
4
2
Santa Fe Pres & Phen 66_1942 M S
97114 9831
Atlanta Gas L 1st 58
1 10712 111
2
Say Fla & West 1st g 6s___ _1934 A 0 1094 111 10952 1095
983 ---- 9852 May'25
4
18 26
Atlantic Fruit 75 gtfi dep
1934 J D
3978 193 June'25
102 102
4
1st g Is
1934A 0 10252 ---- 102 June'25
1518 22
Stamped ctfs of deposit..........._97
_
3
9338 90 June'25
1912 23
1512 June'25 --8734 904
Scioto V & N E lst gu g 481989 M N 90
9784 100
83
7814 July'25
100 Sale 9934 100
79
74 814 Atlantic Refg deb 58
:1
Seaboard Air Line g 48
1950A 0 78
78l
7
1940 MN 103 ____ 10252 1033
78
79
74 824 Baldw Loco Works 1st 5a
78
4
6 102 105
Gold 48 stamped
1950 A 0
4 103 107
73 8312 Baragua(Coup Az)7Hs_ __ _1937
j 107 Sale 107
194
107
82
Adjustment be
Oct 1949 F A 81 Sale 81
15
72
5912 7312 Barnsdall Corp a f cony 8% A1931 J J 10514 Sale l05s 1058
Refunding 48
* 10 10218 10518
1959 A 0 7114 7134 7112
8452 953 Bell Telephone of Pa be
4
95 150
1942 5 11 1021 Sale 10232 1025
948 51 .1
9434 Sale 9434
8 36 1004 103
1st & cons (is Series A
1945 M S
837 891 Beth Steel 1st ext f 58
2
s
89
1926.9 3 10014 Sale 10014 100 2 45 10014 10114
3
Atl & Blrm 30-yr let g 48_411933 M S 884 8918 89
994 1014
4
1st & ref 5e guar A
9514 98
95H
Seaboard & Roan 1st 5e
953
4
6 934 97
1926 J J 100 1014 0018 July'25
90 94
30-yr p m & Imp a f 58.-1936 J J 92 Sale 92
2 1024 10418
S & N Ala cone gU g 5s
1936F A 1044 Sale 10412 10418
22 934 974
9
Cons 30
-year 68 Series AI948 F A 944 Sale 9334
9 12 8
2
4
103 109
Gen cons guar 60-yr be--1963 A 0 105 10612 1071,June'25
84 8812
85 894
874 86
Cons 30
-year b Hs Series B 1950AI A 854 Sale 8452
953 F B
8612 37
So Pac Col 4e (Cent Pao 001)81949 .9 D 8612 Sale 8612
9458 96
954 Sale 954
9534 27
1
20
-year cony 48
gra 86 961, 98 Bing & Bing deb 63'0
June 1929 M S 97 2 Sale 9712
992 10312 Booth Fisheries deb s f 69 1926 A 0 7514 87 794
4
7015 85
3
80
20
-year cony be
1934.9 D loots 10012 ools 1001,
97 10114
Brier Hill Steel 1st 534s_1942 A 0 100 Sale 9952 10014 24
6 100 101
9958 Iowa 100
100
20
-year g Ss
1944 M N
84 88% B'way dr 7th Av Ist o g 58_ I943 J D 7614
/
1
4
68 79
1
865 884 July'25
8
Ban Fran Terml lit 48_1950 A 0 86
874 78
83 8514
Ctfe of dep stmpd June '25 lot
9
73 787 - -614 97 7 June'25
7
,12 7
84 July'25
6
7
Registered
A 0
9052 965s
103 10318 Brooklyn City RR be
1941
0314 Feb'25
96
80
96
So Pao of Cal--Ou g be
1927 M N 10212
994 103
1011 Sale 1013
2
9488 8418 Bklyn Edison Inc gen be A 19 0 j
99J
4
3
_ 944 Jan'25
So Pao Coast let gu g 4s____1937 J J 9414
4 1024 100
884 92
4 10334 1054
General lie Series B
1033 Sale 1033
4
8912 Sale 894
So Pao RR 1st ref 48
1047s
9012 221
4
19555 J
9052 Sale 9058
9152 257 824 92
1968 J
4 71 10014 104 Bklyn-Man R Tr See 6s
Southern-1st cons g 58.-1994 3 J 10332 Sale 10314 1033
1
4
99 10018 Bklyn Qu Co & Sub con gtd be '41 MN 6512 Sale 651
Registered
J D 10052 Sale mos 10059
651
3 617 71
80 81
lit be
137
19415 J 8012 85 81
80 Sale 795
81
2
2
Develop & gen 43 See A1956 A 0
738 .
8 8018
8014
90 Nov'24 - Develop & gen tie
1956 A 0 10534 Sale 10514 10612 91 103 307 Brooklyn Rapid Trans g123-1945 A 0
8
Trust certificates
82 1063 1113
4
96 June'24
Develop & gen 630
1956 A 0 11052 Sale 11018 111
8912 10212
let refund cony geld 4s___2002 J J 8812 ---- 92 June'25 4 16
Mem Div let g 4 Hit-Ss_1996 5 J 10118 10178 10134 1013
3-yr 7% secured notes_
192I J J
1094 Sept'24 ---St Louie Div lst g 4s
85 87
14
4
19513 J 8678 8912 8712 July'25
Ctfa of deposit stamped
-_-8734 8718 July'25
12314 May'25 -- 121 13I
8232 8832
Mob & Oblo wall tr g 4E 1938 MS 87
10012 103 Bklyn Un El lst g 4-5s
1950
873 Sale 878
4
So Car & Ga let ext 5Hs1929 M N 1024 103 1103 July'25
8934
8954
9 8112 90
8112 893
4
5 8314 8711 Stamped guar 4-Is
1950 F A 88
8812 887e
8912
8
85 8452
Spokane Internet lit g 58_1955 .1 J 84
8453
994 102
8
Term Assn of St L let g 4;48_1939 A 0 9672 975 9672 July'25
95 9514 Bklyn Un Gas 1st cons g 54-1945 M N 10112 Sale 10112 10134 12
14
99 1014
10-yr cony deb 7s
1932 IN N 13514 -__ 172 May'25 -- 155 172
2
1st cons gold be
1944 F A 10114 Sale 110114 10114
lit lien 44 ref 6/1 Series A1947 M N 109 -___ 109
8
8414! 84 July'25
109
3 10714 1103
Gen refund s f g 4.2
824 8514
1953 J J 84
19323 D 914 --__ 924
9118 93
/
1
2
9212
5
--I 99 May'25
Tex & N 0 con gold be
983 99 Buff & Swig Iron f be
4
19433 5 9818
997 10252 Bush Terminal 1st 48
2
84 91
1952 A 0
48
Texas & Pao 1st gold be2000 .1 D 1014 10272 10134 102
19555 J 9611 S8 ; 9178
81
81 8
7
Consol 6e
26 gold Income 58
8714 26
92
5 864 92
2000 Mar 91 10112 90 Dec'24
4
Building be guar tax ex_1960 A 0 9612 961 984
93 1 99 4
5
3
41
La Div B L let g bs
2
99 7731 4
:
993
4
961
7
19315 J 9938 993 9934
98 10112
19
4
Tex Pao-Mo Pao Ter 5)46_1964 M S 99's
993 June'25 - - 984 10 4 Cala & E Corp unit& ref 55_1937 MN 10014 1004 10012 101
0
4
9944 10112 Cal Petroleum 51 g 8348 _ _1933 A 0 1034 Sale 10314 1034 17 1003 1044
9914110112 June'25
Tol & Ohio Cent let gu 58 1935 J 5 101
95l
91
,
91
8
9952 100 4 Camaguey Bug lst s f g 75-.1942 A 0 91 Sale 91
100 June'25
Weetern Div DM g 5a
1935A 0 9812
loo
9659100
7
9632 993 Canada SS Lines lit coil i f 79'42 M N 994 Sale 994 100
99
4
General gold be
19355 11 95 ---- 9834 June'25
10214 Sale 10214 10212 13 Iowa 10212
12
31
344 30
28 3112 Cent Dist Tel let 30-Yr 58-1943 J
Toledo Peoria & Wed 49_1917 J J 31
1931 F A 94
9972 May'25 - 9912 9972 Cent Foundry let f 65
937 97
2
9514 9412
95
5
Tol St L & W pr lien g 3Hs_ _1925 J 5
9758 1011
8
8 824 8
35
8814
50
-year gold 4/
7 Cent Leather 1st lien s f 6s-1945 J J 10034 Sale 10012 101
3
1950 A 0 85!, Sale 8512
_
967 Dee'24
2
Central Steel 1st g s f 88
1941 MN 116 Sale 1143
9 110 116
_
4 116
ToIWV&Ogu 4348A
1931J 5 9659
Jan'25
2
Ch G L & Coke lst gu g 58-1937 J J 1001 101 101
101
7 9814 1014
97 97
97
Series B 4He
1933J J 9612
1927 F A 764 Sale 7612
758 88
8
7712 37
8952 Jan'25
Series C 4e
895 8931 Chicago Rye lst be
4
1942 M S 8958
1932 A 0 108 Sale 10714 1084 284 105 11112
8412 8612 Chile Copper (is Ser A
Tor Ham & Buff 1st g 48
1948 J D
s
844 924 Cincln Gas & Elec lit & ref 58'56 A 0 101 10114 1007
9812 1043
1
'8
'
11
2 101
83 j e
4
Ulster dr Del lit cons g be_ _1928 5 D 8612 87 861.1uL 5
9 5982 82
1967A 0 1043 10412 10432 July'25 -__ _ 10012 105
2
6148 Sec B due Jan 1
535
let refunding g Si
8
55_
1952 A 0 5358 55
80 80
9014 9412 Clearfield Bit Coal 1st 49._ _1940 J J 763 --__ 80 Jan'25
2
924 127
Union Pacific 1st g 4s
Registered1947 3 J 9212 Sale 9212
.
8912 93 Colo F dr I Co gen a f 58_ _1943 F A 8814 93 9112 July'25
87 2 93
7
J J 9112 9212 9112 J11130 25
84
98' 994 Col Indus lit & coil be gu---1934 F A 834 Sale 824 8312 19 80 82
20
-year cony 4s
99
4 131
1927 3 5 9952 Salo 9812
82
Registered
F A
,5
71
82 Feb'25
Qs 98
,714 Jan"24
8
Registered
J 5 8714 sale 9
1094 102
1927 5
8 8414 90 Columbia G dc E 1st 54
1004 Sale 10012 10072 17
lit & refunding 4s
,
22008 M 8
/
1
/
1
9 1044 10_i.8
Stamped
19275
10012 10078 10012 1005
1st llen & ref be
4
5 100 1012
82008 M S 1064 Sale 10634 107
16 10312 10431 Col & 9th Av lat gu g bs
914 14
1993 MS 134 15
1314 June'25 -10
-year perm secured 86..1928 J J 104 Sale 10352 104
4
93
9912 Sale 994
994
2 984 99%
9214 93 Columbus Gas let gold As......1932
0 N 3 RR & Can gen 4s_1944 M S 9278 ____ 93
1094 10114 Commercial Cable lit g 411-2397 Q .1 72
718 774
8
78
76
76
b
Utah & Nor gold be
1926 3 5 10014 10012 10014 10014
Commercial Credit.f 68___.I934 M N 10052 Sale 1004 10034 25
98 1011
4
2
let extended 48
1933 J 5 935 ---- 93 Aug'24
14 Commonwealth Power 88_ _1947 M N 102 Sale 102
4
975 10314
868
10212 22
Vandalia cons g 48 Ber A...._1955 F A 8714 ___- 8714 June'25
8882 8652 Computing-Tab-Rec f 0,..1941J J 10312 Sale 1034 1034
1 10114 10111
Consol 48 Series B
1957 MN 874 ____ 8652 Apr'25
994 924
- _ Conn Ry az L 1st & ref g 4Ha 1951 J J 9112 ---- 92
Oct'24
20
92
3
Vera Cruz & P let gu 4He1934 5 .1
Stamped guar 4149
gill 2412
1951
J 9112 92 92
2412 Jan'25
92
3 89 93
AesentIng lit 43.4e
1934 9922 10014 Cone Coal of Md lat & ref 55_1950
1904 May'25
81
90
D 8132 Sale 81
814 34
Verdi V I & W 1st p be
1926M 8
59912 10012 Consol Gas(N Y)deb bHa...1946 F A 10334 Sale 1033
4 10414 351 10114 105
Virginia Mld Series E 58-1926 84 S 10014 10012 10014 10014
Conked Pr & Ltg lit 6He_ _1943 IN S 104 Sale 104
994 101
10012 __-- 101 June'25
10432 41 1004 105
be Series F
1931 J J
8812 924
100 10212 Cont Pap & Bag Mills He_ _ 1944 F A 8812 Sale 8612
8634
6
Genera 1 be
1936 M N 10052 ---- 10212 May'25
9272 100 1
7
934 102 Consumers Gas of Chic gu Si 1938 3 .1 10014 - - 1004 10014 18
Va & Southw'n lit gu be--2003 11 J 91 102 10114 June'25
3 8414 933 Consumers Power lit 5a-1952 MN 9752 Sale 9712
904 100
91
91 Sale 91
98
19
4
let cons 50-year Si
1958 A 0
98 1013 Corn Prod Refg f g be
s
1931 M N 101
____ 9052 July'24 -Virginian let be Series A
1961 M N 100 Sale 9934 10012 140
1st 25
-year f 58
18 1004 10212
1934 M N 101 1024 101 June'25 Wabash lit geld be
1939 M N 102 Sale 10112 102
941c 9914 Crown Cork & Seal lst 8168_1943 F A 80
74 82
3
21
82 8058
82
26 gold be
9712
1939F A 974 Sale 974
933 98
5
148
99
9732 24
944 997 Cuba Cane Sugar cony 7s....193Oi J 964 Sale 9872
1
Ref 6 f 5348 sec A temp -1975 M S 9712 Sale 97
8
9959 1021
Cony deben stamped 81930i J 10014 Sale 10012 101
9344 Feb'25
,4
921
48
933 9311
4
Debenture B 68 regIstered_1939 M S
774 83 2 Cuban Am Sugar 1st coil 88_1931 M 8 10734 Sale 1075
1
15
1st lien 50-yr 9 term 49_1954 J J 8218 Sale
2 1077
s
9 10712 110
96H 983
9912 1011s Cuban Dom Sug 1st 734e__A944 MN 9712 Sale 9712
4
1
101
9734 26
Det & Ch ext let g ba
1941 J J 10114 ---- 101
97 10112
Cumb T & T Ist & gen 88_1937 J J 100 10014 100 July'25 -8134 80
Des Moines Div let g 48_1939 J J 7834 7834 87 bilay:22,
7
6 m tty 5
9712 994
74 77 Cuyamel Fruit 1st Si int etre '40 A 0 9714 9752 9712
Om Div let g 3Hs
973
4
5
1941 A 0
924 97
8412 8714 Den Gas & E L lstdcref a I g be'51 MN 954 sale 954
9512 18
8
Tol tic CD Div g 48
1941 IN S 8614 887 8714 June'25
75 82
Dery Corp(D G) 1st s f 78..1942 M S 7918 Sale 79
Oct'24
8012 7712
794
6
Warren lit ref gu g 3Hs_ _2000 F A 77
992 10214
4
.
10112 33
83 867 Detroit Edison lit coil tr 58_1933 S J 1014 Sale 101
Wash Cent let gold 48
1948 R M 8258 84 8678 June'25
lit & ref 58 Series A_July 1940 M S 10214 ---_ 10212 10212
Rile 5512
7 994 10214
Waal]Term 1st gu 3Ha
1945 F A 8334 ___- 8335 June'25
9752 1013
4
Gen & ref be Series A
9
8914 598e
9972 Sale 9914
let 40
99e
-year guar 48
1945 F A 8938
952 9614
4
1st & ref 68 Series_
B_July 1940 A S 1073 Sale 10714 108
22M S
4
5
18 10638 10812
4
2 11 M 2
6
W Min W dr N W 1st gU bs-1930 F A 971z 9852 92 Mar:25
8714 9314
295 6312 6712 Det United 1st cons g 4 Ha_ _1932 S J 88 Sale 88
40
8934
6714
West Maryland let g 49
1952 A 0 87 Sale 66
9412 994
Dodge Bros deb 6s Int rot
98414 101
4
-8_1941 M N 983 Sale 97
s
West N Y & Pa 1st g be
10375 J 101 10112 10012 101
4
Dold (Jacob) Pack 1st 68_1942 MN 844 Sale 8414
231
3
82 81
844 712 82 881
81
Gen gold 48
1943 A 0 81
794 83
50 6884
Dominion Iron dc Steel be_ I939 J J 9
55 sa3 51 July'25 _ _
5
45 45
Income g Is
Apr 1 1043 Nov 354 48 45 Feb'25
8814 92
Donner Steel 1st ref 7e
1942.9 J 92
92
9214 914
6
Western Pao let Sec A 58_19 6 M S 95 Sale 943
19 8 m B
4
4
954 33 9014 96
9912 95
Sale 95
10212 103 10212 1024 13 lool4 10
95
2
44 du Pont(ES)Powder 4Hs_ _1936 J D
let gold 6s Series B
9 814 884 duPontdeNemoure&Co 710 1931 1W N 1064 Sale 106
8412
10612 40 106 1084
West Shore lit 48 guar
2361 5 J 8414 85 844
79.4 10252
Registered
M N 105 _
10718 June'25
_ 1074 1074
823
4 13
Registered
2361.9 3 8278 83 8234
100 10112 Duquesne Lt let & coil 6a.-1949 5 J 10814 Sale 106
1063
Wheeling & L E let g 5a
2 47 1044 10714
1926 A 0 1004 1014 10118 July'25
998 101
3
1st coll truet 5He Series B.1949 J J 10534 Sale 105
Wheeling Div lit gold 511_1928 J .1 9914 ___- 100 May'25
10534
7 104 106
4
9934 993 East Cuba Bug 15-yr t it 710'37 M 5 105 Sale 105
4
10534 76 103 1087
- - - 9934 Mar'25
Ext'n & impt gold 5s
1930 F A
-- 9014 9514
as 7831 Ed El HI Bkn lat con g 411-1939 J J 94 95 9352 July'25 _
783
2 21
Refunding 434s Series A1966 M S 78 Sale 7714
,
9912 103
70
8
72 1818 Ed Eleo III lit cons g 5e......1995 5 J 1023 __-- 103 June'25 - -7714
RR lit consol 45
1949 M S 7732 78
78
63 8712 Elec Pow Corp(Germany) Hs'50 IN S 8734 Sale 8712
/
1
4
6412 11
6
874 8812
1942.9 D 6334 Sale 634
88
27
Wilk dr East lit gu g be
19255 D 99 Sale 9812
97 100
102 10314 Elkhorn Coal6% notes
99
b
WIll &II F lat gold be
1938 5 D 10214 104 10314 May'25
9714 105
8232 874 Empire Gas & Fuel 7Hs_ _1937 M N 104 Sale 1034 10414 128
86
8412 June'25
Winston-Salem S B lit 49.. 1960 J .1 85
7
993 10
4 011
80
784 8114 Eqult Gas Light 1st con 58._1932 M
997 ---- 1004 May'25 - -2
WI!Cent 50-yr lit gen 48_1949 J J 7914 7934 7932
.
9812
1942 1W 13 934 Sale 934
25
86
83 4 87 Federal Light & Tr lit 5e
3
4
Sup & Dul div & term let 48361W N 8512 86 84
9358
3 88
9614 103
1942M
79
let lien 65 stamped
785
2
753 ..--- 7612 June'25
4
East 1st 4Hs_ 1943 5
Wor & Con
1093234
9312 9412
1954 J D 93I 94
30-year deb 65 Ser B
INDUSTRIALS
July'25
9972 107
1939.9 D 100 Ion 10014 10012
86 85
85
85
2 85 . 8712 Federated Metals a f 79
Ada= Express coil tr g 411_1948 IN
4
8a
f
101 102 10114
10212 21
9413 1027 Fisk Rubber let
a
114 11412 114
Ajax Rubber 1st 15-yr if 85_1938 J
1144 17 108 115
94 M S
418 5
7813 79
44 June'25 _-__
34 67 Ft Smith Lt & Tr 1st g be_ _1238 M S 78
8
1925 M
7852
1
Alaska Gold M deb 65 A
794 7853
44 5
4
1
1
67 Framerie Ind & Dev 20-yr 730'42 J .1 93
2
19281W
412 July'25 ---Cony deb fle Series B
9312 9314
933
2
8 894 93 8
10238 Sale 10232 10212
8
9814 103 Francisco Sugar 1st sf 714s _1942 M N 10552 Sale 10552 10552
12
1928 A
8
2 103 1067
AM AVIC Chem let 5e
10314 Sale 10234 10312 123
9818 98 8
1
94/4 1033 Gas & El of Berg Co cons g 551949 .1 D 9914 ____ 984 Feb'25
4
1941F
let ref a f 710 g
10112 Sale 10112 102
14
91 19518 Gen Asphalt cony 68
97 0
:2
103 Sale 1024 103
25 101 103
Amer Beet Sug cony deb 68_1935 F
8
932 A
99 Sale 98H
9652 993 General Baking 181 25-yr 68_ 123 J
8
983
4 31
4
American Chain deb a f 68 1933 A
1044 10514 10412 1044
3 10418 105 4
83 85
1942 F A 8418 _ _ 85 June'25 -96
1
Gen Electric deb g 3Hs
Am Cot Oil debenture 54-1931 MN 96 Sale 96
Debenture be
1064 1084
4
1936 J J 10814 10712 1073 June'25 _
10732 Sale 1064 10712 51 10118 10711
Am Dock & Impt an 68
994
1939A0 99
Gen Refr lat s f g fle Sex A-1252F A 193 B le 10014 102
1952 M S 0112 lr
A0
10 100 19218
Am Mach bcFdy 8 f 68
9732 Sale Pal "4' 5 ---i
9712
German Gen Elec 78 Jan 15_1945 3 J
1947 .1
98 94 8
1
9312 36
93
Am Republic Corp deb 68-.1937
9
62
95 W1)2712 Goodrich Co 034.
29811 99
8
%
4
1054 Sale 10514 10574 61 100 8 1061
Am Elm & Itlet 30-yr be sea 1947 A 0 9814 Sale 9814
/
1
A J
d1 9 MN
1947 j O 1074 Sale 1074 10832 22 10352 1084 Goodyear Tire & Rub 1st f19 1 F A 1207 Sale 1204 121
114 119 121
4
3
s
68 series B
let M
1034 Sale 10214 1023
10
-year s f deb g 8s
9913 10412
4 58
91 10812 110
4 110
10978 Sale 1093
Amer Sugar Ref 15-yr 6s__ -1937
8
9818 1001
973
4
974 194
9618 978 Granby Cons M S& P con (is 1'2, M N 10012 102 100 June'25 A928 AI
AII1 Telep & Teleg coil tr 48-1929 J J 9212 Sale 974
934 100 1
3
Stamped
_
923 92
7
9032 923
4
923
4
2
4
1938 M 8
10032 ____ 1003 June'25
Convertible 45
92 95
1st cony s f 78_1932 F A 92
9432 115
19331W 8 9814 97
'
925
June'25 ---Gray dc
93 92 July2
-year cony 4 Al
20
4
8714 911
8
887
63 100 10214 Gt Cons El Power(Japan)74.1944 F A 9134 Sale 91
960 J D
1948 5 „ 1013 Sale Uri!
3 -year coil tr 58
0
9752 Sale 9752
99 102%
.
7
102
98 750
9413 98
Great Falls Power islet 58_1940 MN 102 10214 102
35-yr s f deb 58
835 8634
$
2
4
4
1952J J 8652 ____ 863 June'25 _
1943 M N 1033 Sale 10314 1033 111 101 105 Hackensack Water 1st 48
20
-year a f 554s
1
1925 F A 134 Sale 13314 13412 63 125 13618 Havana El Ry L & P gen Se A '54 M S 9334 Sale 934
9414 93 8518 95 8
-year convertible 68
7
2 Due May 4 3308 June. 5 Due JI/11 8 Due Aug r Option sale.
"if""ii"
--
iisol; 1614
New York Bond Record—Continued—Page 5
Pries
Friday
July 10.
BONDS.
N.Y.STOCK EXCHANGE
Week Ended July 10.
A
Week's
Ranoe or
Last Sale
1
3
Range
81nor
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 10.
Ask Low
Bad
Mob No Low
High
4
9512 97 9614
9614
92% 9614 Philadelphia Co coil tr 65 A_1944
Havana Elea consol g 19s— —1952
15
-year cony deb 53451938
Hershey Choc 1st if g 6s_-__1942 MN 104% Sale 10414 10434 22 103 105
10324
8 10058 10514 Phila & Reading C & I ref 56_1973
Hoe (It) & Co 1st 634* temp_1934 AO 10334 Sale 10334
23
79 8954 Pierce-Arrow Mot Car deb 851943
88
Holland-Amer Line 68 Man _1947 MN 88 Sale 863
4
981 100% Pierce 011 s f 8a
/
4
2
10018 July'25
1931
Hudson Co Gas 1st g 55— --1940 N 1007
9912 10212 Pillsbury Fl Mills 20-yr 68..1943
10214 37
Humble Oil& Refining 5148-1932 J J 102 Sale 102
97 10178 Pleasant Val Coal let g 5f 59_1928
Illinois Bell Telephone 56-1956 in 10114 Sale 10118 10112 77
92% 96% Pocah Con Collieries lets f 581957
954 64
/
1
1940 AO 95 Sale 95
1111nola Steel deb 4145
87 94 Port Arthur Can de Dk 69 A_1953
/
1
4
9112 9112 July'25 - 1936 MN 91
Intl Nat Gas & Oil 50
1952 MN 103% 10412 10314 103%
8 10114 10412
1st M 65 Series B
1953
Indiana Steel let 58
92 May'25 - 92 9914 Portland Eleo Pow 181 68 B.1947
1935 J J 9934 101
ngersoll-Rand 1st 55
13
11 Apr'25 -10
11
Interboro MetroP coil 4145-1956 AO 11
Portland Gen Elec let 58-1935
613 _ _ _ 1012 Mar'25 —.1013 1012 Portland Ry let re ref 5a
Ctf dep stpd asstd 16% sub_ _ _
1930
/
1
4
6812 135
594 7434 Portland Ry Lt& P let ref 561942
Interboro Rap Tran let 5s 1968 JJ 6738 Sale 67
6714 Sale 67
6718 92
Stamped
59 734
lsti&ref6seerB
1947
714 41
/
1
1932 AO 7058 712s 70%
el% 80
-year 65
10
1st & refund 714s Set A 1946
140
91
10
-year cony 7% notes__ _1932 M S 89 Sale 88%
85 95 Porto Rican Am Tob 8a
1931
7718 7834 77
78
lot Agile Corp 1st 20-yr 5s..1932
8 67 78 Pressed Steel Car 55
N
1933
7112 10
Stamped extended to 1942_
62 72 Prod & Ref 51 8s(wIth warnta)'31
/
1
4
MN 7112 Sale 70%
8624 49
845 9112
2
Inter Mercan Marines f 5s 1941 AO 8512 Sale 8512
Without warrants attached
924 36
International Paper Is
8712 94 Pub Fiery Corp of NJ gen 55_1959
1947 J J 9214 Sale 9178
1947 J J 97% 98 84 Mar'25 -1st & ref 5B
Secured g Ss
1944
9734 Bale 9788
98 202
97 98 Pub Sew Elea & Gas 1st 5101959
/
1
4
1955 M
Ref s f 6s Set A temp
98
58 88 100%
Jurgena Works 65(fiat prue)_1947 ii 9714 Sale 9714
let & ref 534s
1964
95% 101
Kansas City Pow & Lt La_ —1952 MS 9912 Sale 9912 l00'l 87
Pub Serie El Pow & Ltg 6s 1948
10234 Sale 10218
9814 10313 Punta Alegre Sugar 75
10234 41
Kansas Gas & Electric 68_1952 M
1937
/ /
1
4
- 101 1044 Remington Arms 65
1942 FA 104 10414 104 July'25
1
Kayser & Co 78
1937
36
90 103 Repub I & S 10-30-yr 58 s f-1940
Kelly-Springfield Tire 88—.1932 MN 103 Sale 10238 103
Keystone Telep Co 1st 5s.__1936 J J 9212 Sale 91%
9212 45 82 9212
Ref & gen 534s set A._..1953
100 103 Rime Steel lit 7s
/
1
4
s
Kings County El & P g 58.-1937 AO 1017 -- 103 June'25
1955
120 June'25 - -- 114 12014 Robbins & Myers e I 79
Purchase money 68
/
1
4
1997 AO 11812
1952
Kings County El let g 48_1949 FA 7914 791 79 June'25 --- '75
79 Rochester Gas & El 7s ser B_1946
12
80
Stamped guar 4s
74 80
1949 L A 80 Sale 79
Gen Mtge 5 s series C__ _1948
89 10114 Ftoch & Pitts Coal & Iron 58_1946
Kings County Lighting 5a 1954• j 9918 991 9918
1
9918
1081
1954 J J 10812 -- 108
6 103% 10812 Rogers-Brown Iron Co 7s 1942
030
Kinney Co 7345
1 10614 108% St Jos Ry Lt Ht & Pr 5a
1936 J O 10714 1073 10714 10714
4
1937
Lackawanna Steel 58 A
89% 945 St Joseph Stk Yds let 410_1930
94% 16
4
1950 MS 9334 Sale 93%
/
4
101
Lao Gas L of St L ref&ext 56_1934 AO 101 Sale 100
7 981 101% St L Rock Mt & P55 stmix1.1955
954 102 St Fouls Transit 58
/
1
Coll & ref 51de Berke C.-.1953 FA 10018 Sale 10014 10112 82
1924
Lehigh C & Nav f 4143 A 1954 J J 9812 10012 100 June'25
95% 100 St Paul City Cable 58
1937
Lehigh Valley Coal let g 58_1933• J 101 Sale 101
10114
5 100 10112 Saxon Pub Wks(Germany) 75'45
-year lot red to 4%1933 .1 .1 86 101
1st 40
891 Sept'24 -8
Saks Co 78
1942
3913 -i‘13; Ban Antonio Pub See 8s...1952
Lex Ave & P F 1st go g 58-1993 M S 43% _ _ _ 433 June'25 -8
/
1
Liggett& Myers Tobacco 75-1944 AO 1194 Sale 11978 11978
5 116 120% Sharon Steel Hoop let 85 ear A '41
Registered
4
11734 Apr'25 -- 1173 11734 Sheffield Farms 63411
AO
1942
42 975 102 Sierra & San Fran Power 52_1949
4
Ii
1951 P A 1017s Bale 10138 1017
Lorillard Co (P) 7s
11 11414 117% Sinclair Cons 011 15
116
1944 AO 116 Sale 116
-year 78_1937
Registered
115 Mar'25 ---- 115 115
AO
let in coil tr 6s C with wart 1927
9514 9812
Ii
98
23
1951 P A 9712 Sale 9712
let lien 6345 Set B
1938
Louisville Gas & Electric 55_1952 MN 9714 Sale 96
/
1
4
9712 53 90% 99% Sinclair Crude Oil 3-yr 6s A 1928
Louise Ry let con 58
,
9114 9312
92
94 9313 July'25 ---1930 J
3-yr 6% notes B Feb 15._1926
Lower Austrian Hydro-Elec Co—
Sinclair Pipe Line 58
1942
let f 61as
/
1
8518
1944 P A 8518 Sale 854
8 851s 8612 Skelly 011 634% notes
1927
Menet! Sugar 7145
23 99 102
1942 AO 102 Sale 10112 102
South Porto Rico Sugar 75_1941
574 64
(NY)cons g 45-1990 AO 6212 Sale 62
14
6212
Manhat Ry
South Bell Tel & Tel 151 f 5a1941
2d45
55
56
3 51
5512 55
2013 in 55
Erwest Bell Tel lit & ref 5a-1954
Manila Electric 79
10215
5 9714 10234 Southern Colo Power 65
1942 MN 10012 102% 1011
1947
Manila Elec Ry & Lt f 58_1953 MS 89
85 92
89 4 90 June'25
3
Spring Val Water g 58
1948
Market St Ry 7s Series A._1940 Q J 9912 Sale
9712 100 Standard Milling lit 55
99 4 58
3
2
1930
Mete Ed 1st & ref g 68 Ser 13.1952 FA 10518 Bale 10518 10512 15 10112 106
Steel & Tube gen sf7s Set0 1951
9812
let & ref 58 Series C
9112 97 Sugar Estates (Oriente) 75-1942
/
1
1953 iJ 954 9514 9518
Metropolitan Power 69
4 100% 104
1953 in 105 1057s 10318 10314
Superior Oil 1st s f 75
1929
West Side El (Chic)45_1938 L A 7212 74
Met
2, 7014 80
7412
7412
Syracuse Lighting let g 58_ _1951
Mid-Cont Pete 1st 6Pis_._1940 Ms 98 Sale 97%
/
1
4
9818 92' 95 99 Tenn Coal Iron & RR gen 5a_1951
Midvale Steel &0cony 5 I' be 1936 MS 9112 Sale 9078
8718 9314 Tennessee Cop 1st cony 65..1925
914 53
1111w Elec Ry & Lt cons g 5a_1926 FA 10012 101 100% 1005
3 100 10112 Tennessee Elec Power let 66_1947
8
Refunding & erten 410_ _1931 JJ 96% 96% 9612
95
9634 Third Ave let ref 45
964
1980
General 61 A
8 94 100
99
9834
1951 J O 98% 99
Ad) Inc Si tax-ex N Y
a1960
lst5SB
9112 36 84% 927s Third Ave Ry 1st g 55
1961 J D 9114 Sale 9118
1937
1st & ref g 68 Series C
1953 MS 10012 101 10058 10114 15 984 104 Tide Water 011 10-yr 834s..1931
Milwaukee Gas Lt 1st 43_ _1927
9614 99% Toledo Edison let 78
9912 99
N 99
8
9958
1941
Montana Power 1st 58 A
10014 76 97% 100% Toledo Tract Lt & Pr 6% notes'25
1943 ii 100 Sale 100
Montreal Tram let & ref 52_1941 J J 97% Sale 97%
94 981 Trenton 0& El lst g 5s_
/
4
97% 31
1949
Morris & Co lit 81 434s...1939• J 8318 Sale 8318
784 847 Twenty-third St Ry ref 55-1962
8334 34
s
Mortgage-Bond Co 48 Sec 2_1966 AO
77 771s Underged of London 4145-1933
7719 Mar'25
-25-year Is Series 3
10
95% 9712
J 968 9712 9712 July'25 -_1932
Income 68
1948
Murray Body let 6345
96511 10012 Union Bag & Paper lit M 68_1942
1934 3D 9914 998 9914
993* 11
9512 981 Union Elec Lt & Pr let g 5e..1932
Mu Fuel Gas let int g 5a.._ _1947 MN
9812
9812
/
4
1
997 --- 101 June'25
Pdut Lin stel bonds ext 4%..1941 MN
977 101
2
Ref & ext te
1933
Nassau Elect guar gold 4a
/
1
4
/
4
2 57 64
/
4
611
1951 ii 6112 Sale 611
1st g 518s seriea A
1954
Nat Enam & Stamps 1st 58_1929 in 100 ____ 99 May'25 ---98
/
1
4
9954 Union Elev Ry (Chic) 58-1945
National Acme 7345
/
4
80 94
92
1931 J D 911 Sale 893*
57
Urdon 0111.1 lien e f 5e____1931
-year deb 5a 1930 J J 9858
Nat Starch 20
99% 10112
9954 Feb'25
30-Yr 6e Bee A
May 1942
N 102 10214 102
National Tube 1st 55
1 1003 103
4
1952
102
Union Tank Car equip 78-1930
Newark Conaol Gas 55
1948 J O 10078 ____ 100% 101
3 9811 101
Malted Drug 20-yr 65_0ct 15 1944
New England Tel & Tel 5a 1952 J O 101 Sale 101
10112 20 99% 102
United Fuel Gas 1st 51 68-1936
N 10214 Sale 102
Y Air Brake let cony 68..1928
4 10112 10454 United Rya Icy 5s Pitts issue 1928
10212
NY Dock 50
-year 1st g 42_1951 FA 7912 81
12 77% 8134
80
/
1
4
81
Stamped
NY Edison 1st & ref 634s A.1941 AO 11434 Sale 1144 115
31 112 11512 United Eye St L let g 4s.._.1934
/
1
1st lien & ref 5e B temp 1944 AO 101 Bale 101
10112 147
99% 102
United SS Co 15-yr els
1937
NY Gas El Lt & Pow g 6a 1948 J O 10314 104 10314 10338 11 1004 10412 United Stores Realty 20-yr 65'42
/
1
Purchase money g 45
Se
89% 46
1949 FA 8989 897 89
90%
S Rubber lat & ref Is set A 1947
10212 10012 Apr'25 -- 10012 10012
NYL E&West C &RR 510 1942 MN
10-yr 731% sec notes
1930
8112 Apr'25
NY Munlo Ry 1st 51 Is A..1968 ii
—
_
S Smelt Ref & 88 cony 68.1926
16084 10054
N Y Q El L & P lst g 58.-1930 L A 1604
2
1 I91- 100% U S Steel Corpfcoupon_ —0963
501 51
NY Rye let R E& ref 4s
5078 June'25 -1942 J
45 544
/
1
af10-80-yr 5aleegistered_d1963
5018 537 51 July'25 ---8
Certificates of deposit
42% 54 Utah Lt& Tem let & ref 55.1944
41a 6
30
-year ad.) Inc 511._ __Jan 1942 AO
54 54 5 June'25 Utah Power & Lt let 5a
1944
54 6
54 June'25 3% 5% Utica Elec LA Pow lat s f 53.1950
Certificates of deposit
11 Y Eye CorpInc68.._ _Jan 1965 - -_- 2912 2978 2913
2812 32% Utica Gas & Elea ref & ext fe 1957
30
48
10112 Sale 10112 10112
N Y & Rich Gas lat 68
1
994 10212 Victor Fuel 1st a f 55
1951 m
1953
NY State Rye let cons 410_1962 MN 66 Sale 66
64 6814 V$
6618 32
-Caro Chem lit 75
1947
Si N 62 —_- 63 Apr'25
Registered
63 63
Certificates of deposit
let con 6345 series B
88 97
89
898 89
5
1962 MN 89
Certificates of deposit stmpd
N 10312 Sale 103
NY Steam 1st 25-Yr 6sSer A 1947
97 104
/
1
4
10312 14
734s with & without war-1937
NY Telep lit & gen if 4)45_1939 MN 983* Sale 983*
95 99
9824 46
Certifs of dep without ware
30
-year deben s f Oa__ _Feb 1949 FA 11014 Sale 110
11012 45 107 2 1103
1
4
Certifs of dep with warrants
-year refunding gold 68_1941 AO 108 Sale 108
20
10814 35 10614 10812 Va Iron Coal &Coke let g 58 1949
Niagara Falls Power let 54_1932 3
102 Sale 9914 102
13 10013 103 Va Ry Pow 1st & ref 5s
1943
Ref & gen 68
Jan 1932 AO 106 _ — 106
106
7 103% 10612 Vertientes Sugar let ref 75..1942
meg Lock &O Pow lit 58..1954 MN
110 July'25
1044 110
/
1
Warner Sugar Rein let 76..1941
la & ref 55 ser A temp.....1955 AO -55" 991 99
9914 32
9812 100
Warner Sugar Corp let 7a.._ _1939
FA 110 ____ 110
Refunding Si Series
110
2 10455 110% Wash Wat Power a f 58
1939
Nor Amer Edison 65_ --1952 MS 10134 Sale 101
1018
16
6%
9 10212 Westches Ltg g 5s atmpd gtd 1950
Secured s f g 611s Set B-1948 M
10434 Sale 10418 105
27 100 4 106
5
West Ky Coal 1st 78
1944
M
96 Sale 95
Nor Ohio Trao & Light Be —1947
9218 97
/
1
4
96
21
West Penn Power Set A 58_1946
93 gsds
Nor States Pow 25-yr Is A-1941 AO 98 Sale 973*
9813 65
1st 7s Series D
1946
AO 9412 Regtstered
9314 9314
93 Jan'25
/
1
4
let 58 Serial E
1963
1st & ref 25-yr Ss Set B___1941 AO 10512 Sale 1043
4 1054 __
/ 23 103 10714
1 .
Temporary 58SalesE._1963
Northweet'n Bell T 151 75 A_1941 AA
10712 Jan'25
107% 1077
2
lat 510 Series F
1953
2
North W T 1st fd g 4345 gtd_1934 ii 9612 97l- 9713 July'25
94% 98
_
West Va C & C lat 65
1950
/
4
Ohio Public, Service 7345 A 1946 AO 1111 11112 11118 11118
3 108 1125 Western Electric deb 5s
4
1944
1947 FA 11012 Sale 11012 111
151 de ref Ts series B
6 107% 11112 Western Union coll trout 53L1938
Ohio River Edison let 6a---1948 J J 10212 103 10212 103
981 104
/
4
14
Fund & real estate g 4348_1950
1944 L A 97 Sale 97
Old Ben Coal let 68
96 2 99
9712 22
,
15
-Year 8148 g
1936
Power N F 1st 58_1943 FA 10038 Sale 1004 10012 10
Ontario
98 100% Westinghouse E & M 7a
1931
1945 MN 9912 ---- 994 June'25
Ontario Transmission 5a
97 99% Wickwire Spec Steel 1st 75_1935
_
1941 L A 104% Sale 10312 1043* 16
OM Steel 88
9554 104%
Certificates of deposit
992
1st 25 5 f g 734s Ser B..1947 P A 9938 Sale 983*
89% 99 4
-IT
44
3
Certificates of deposit stamped
Pacific 0& El gen & ref 58_1042 J J 9712 Sale 9712
98
72
Ms 99
Winn-Overland 5 f 6
_ _1933
& Lt ist&ref 20-yr 5s'80 L A 9914 9912 9912 July'25 — Pm Pow
98 100
Wilson & Co let 25-yr 81 58_1941
33 10112 Sale 1011 1011 28 99 102
1937
Pacific Tel & Tel 1st 55
/
4
/
1
4
/
4
Registered
921/4 10012
1952 MN 91 Bale 97%
Ref M Is series A
34
%
988
10
-year cony 5 f 68
1928
Pan-Amer P & T let 10-Yr 75 1930 L A 1064 1064 10618 10618
3 10412 107
Certificates of deposit......
1934 MN 11038 Sale 10912 112 446 103 11852
Convsf6s
10-yr cony sf73.45
91931
93
/ 95 941
1
4
/
4
st leasehold 6148-1953 J
94 99
/
1
4
Park-Lea
9612 70
Certificates of depoedt
98 10014 Winchester Arms 7145
Pat& Passel° G & El eons 58 1949M 8 10014 __-- 1004 June'25 — _
1941
Peon Om & C lat cons g 6a 1943 _A 9. 11018 ____ 110
11034 44 107 110% Young% Sheet & T 20-yr 88-1943
99 Sale 97
1947 m
Refunding gold Is
94% 9914
99
14
a Due Jan. 4 Due April y Due Dee. sOp ion sale
Pries
Nader
July 10.
Wars
Rano or
Last Bale
11
Bid
Fligh No.
Ask Low
10418 Bale 10418 104i2 29
74
994 Bale 99
991
9
10034 Sale 10015 1003
4
103 Sale 103
1033
4 62
4
106 10612 1063 July'25
1013 102 1017e 10212 15
4
975 9824 977 June'25
1
90
90 Sale 90
3
102
102 Sale 102
2
10012 10112 10014 1004
15
100 Sale 9914 100
99 100 994 June'25 _
957k 15
98
963 957
8
6
91
907
8
9018 91
12
100 Sale 9912 100
10612 107 1061, July'25
10212 12
10212 Sale 102
8
93
93 Sale 923*
11334 116 115 June'25
111
3
111
7
10484 l047 1045
4 104%
994 Sale 99
9912 82
7
104 Sale 104
1054
10418 Sale 104
10412 63
10812 gale 105
105 4 17
5
108 gale 1053* 10612 14
8
8812 Sale 8812
8914
12
96
954
9512 96
93% Sale 9258
9314 23
883* 8878 8812
8812 25
1
70
7012 70
66
8
11114
11034 11114 111
1
10414 Bale 10414 10414
913* ____ 90 Aug'24
10
67
544 Sale 644
5
91%
913* Sale 9189
8
977 - - 957 July'25
21
87
87 Sale 82
5412 ____ 81 Feb'25
97 95 June'25
95
92 Sale 9113
9212 199
10712 109 108 July'25 —
4
10178 10214 102
104
14
10612 Sale 10612 107
2
4 1063
10634 Sale 1063
4
Nis 937 931g
3
9311
62
9412 Sale 944
/
1
941
112 Sale 11012 113% 406
57
89
888 Sale 8812
10034 Sale 100
14 1007
2 78
1004 Sale 1004 1007
2 21
33
87 Sale 868
87
157
115 Sale 115
117
s
105 10514 1047 July'25
27
10178 Sale 10112 1017
10018 Sale
135
9812 Sale 91- -Ws; 33
9812 ____ 9812 June'25
100 June'25
10712 108 10712 10712
3
9412 Sale 944
4
/
1
95
94
97 95 June'25
_
100 10012 10014 June'25
_
10114 10312 1011 July'25
/
4
100 10114 10018 1094
/
1
1
1028* Sale 10213 103
36
561 573* 561
/
4
30
/
4
57
3912 Sale 3912
413
4 44
9454 947 948 July'25
102 Sale 102
83
103
3
109 Sale 109
109
1001 10034 99
/
4
100
991g ____ 98% Apr'25
66
67 62
62
913 ____ 9212 June'25
8989 ____ 89 Apr'25
964 Sale 96
/
1
37
961
1011 Sale 1014 July'25
/
4
1
10018 Sale 100
9
10018
102 Sale 1018
10214 20
763 771 762 July'25
4
995 Sale 992
995
10454 Sale 1048
10514 17
17
10212 10314 1027
1031
a
10312 Sale 103
16
1035
37
1023 Sale 1025* 1021
s
992 1001 9934
992
2
992 100 992
6
993
5
70 Sale 70
71
944 Sale 9413
947
5
104 Sale 1033
13
104
8918 Sale 8912
90'2 417
107
107 Sale
10712 38
10052 Bale 10058 101
48
10618 Sale 10578 10636 94
105 July'25
9012 Sale 90
9012 109
9612 101
9618 Sale
9918 Dec'24 -10018
10014 100% 10012
10112 13
55
80 57 June'25
984 Sale 9712
9912 477
9818 Sale 98
9914 107
9412 Sale 94
9413 19
7914 Sale 70
7934 560
78
79
70
7918 122
76
78
6712 June'25
92 Sale 92
92
98% Sale 98
9838 52
91 Sale 91
6
91
93% Sale 93%
9412
8
8012 Sale 80%
817
s 45
10118
10118 June'25
101 10112 101
1
101
102 10212 102
10212 11
9934 Sale 99% 100
10
10612 Sale 10578 10634 18
9812 Sale 984
/
1
983
4 47
9812 98% 984
/
1
99
13
10414 Sale 1044 10414 37
/
1
90% Sale 9034
91
16
100 Sale 100
10038 100
1001s 10138 100% 100%
3
95% Sale 95%
15
95
11178 Sale 11112 112
27
107 Sale 10618 107% 65
801g 82
1
81%
81%
76
78
1
7638
76%
77 Sale 76
77
2
102 Sale 102
10212 20
99 Sale 99
99% 49
93 Feb'25
7212 Sale 7112
7313 46
71% 7314 72
7314 43
70% 72% 705
51
72
4
71 Sale 70 4
7258 60
5
4
10112 Sale 10112 1011*
994 Sale 9912 100
92
Rased
Biwa
Jas. 1
Low
MO
101% 105
93% 100
9954 1024
91 1051s
102% 107
99% 102%
97 98
/
1
4
90 94%
9912 102%
10014 102
9612 100
9858 100 S
7
924 9618
644 92
94 1001g
1051a 107
101 106
921: 97
104 1151
4
110 1112
4
104se 1051
4
95 997
1
987 10514
3
99% 105
10212 10714
102% 10712
8612 92
934 98
903 94
4
881s 9()
6312 73
/
1
4
110 11114
10312 1051
4
637 8312
8
65 91%
/
1
4
95 95%
/
1
4
77% 87
74 8114
95 97
9112 9813
104 108
9911 104
10512 10712
105 10754
90 95%
88 95
10414 1184
8211 9014
994101
10015 100%
82 88
106% 12012
102 106
99 1021
/
4
954 10112
/
1
9314 997
4
/
1
965 984
2
9912 100 4
1
105 108
9412 9711
95 99
9712 100%
1007 102%
s
100 102
994 10414
/
1
51
5812
3414 504
93% 96
102 104%
10812 110
99 100%
98 98%
61
70
89 9212
861 89
/
4
94 9912
/
1
4
9934 10112
9814 101
100 104
75 774
1
88 10012
102% 10514
102% 1051
4
10014 104
98 1025
4
99 10012
9914 1.0014
09 7414
91 95 1
1
10214 105
85 9012
10412 107
12
10014 102
1044 1064
10378 1054
8312 9112
91 984
/
1
"foil; 10124
53 57
73 994
/
1
7112 9914
68 9613
43 793
4
/
4
4213 791
41 67
/
1
4
90 95
93 99
/
1
4
91 9412
891 9911
2
7712 8712
2
99% 1017
98 102
u)012 102%
9334 100
10554 107%
9312 9915
9814 99
10034 104%
90 96
98 101
9918 102
92% 9015
10912 112
10614 10814
76 91
781g 88
81
78
9914 10212
91% 9912
93 96
7612
55
53 75
5318 77
89 1 7414
2
1001 10214
/
4
95 100%
/
1
4
184
BOSTON STOCK EXCHANGE-Stock Record ...B=age
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
July 4.
Monday,
July 6.
Tuesday,
July 7.
We dnesday, Thursday.
July 8.
July 9.
Friday.
July 10.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
PER SHARE
Range for Precise,
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
100 156 Feb 18 16474 Jan 7 14572 Mar 164 Dee
1604 16012 161 161
/
1
16012 16012 16014 161
350 Boston & Albany
16012 16012
7212 7012 7912 79
100 7514 Mar 17 88 Jan 2
8014 8014 79 80
7134 Aug 85 Dee
515 Boston Elevated
80
/ 79
1
4
100 92 Jan 16 9812June 11
9514 9512 9512 9512 95
95 95
87 Dec 9614 May
/
1
4
95 --------41 Do Prat
24 Do 1st pref
•_ _ - 115 • - _ _ 115 *_ __ _ 115
100 109 Mar 31 11512June 11 107 Dec 11614 Jan
111 12
114 114
9852 99 *9812 99
100 94 Mar 20 102 Jan 9
167 Do 2d met
99
92 Sept 1011 Dee
99
99
99
4
99
99
1314 1812 18
/ 1852 18
1
4
/ 1934 19
1
4
100 10 Apr 17 204June 5
/
1
4
812 Jan 25 Nov
/
1
194 1934 1,295 Boston & Maine
/
1
20
24 *19
*18
24 *18
Do pref
100 1112 Apr 24 23 June 4
24
__ ____ ___- ___
12 Jan 2872 Nov
2334 2334 2334 238 24
24
2412 --------281 Do Series A 1st pref_100 17 Apr 27 30 Feb 26
24 +95-13 June 3714 Noy
-- _ 36
*37
39
65 Do Series B Ist pref....100 29 Apr 27 40 Mar 4
36
17 Jan 48 Nov
/
1
4
36
38
--_- ---*34
35 *37100 25 Apr 25 36 Feb 25
34
*34
35
35
34
16 Feb 41 Nov
35 --------388 Do Series C 1st pref
*48
50 '48 50 '48 50 *48
____
___ ____ _ _ Do Series D 1st pref_100 3512 Apr 25 55 Feb 26
23 Jan 62 Noy
50
*179 180 *179 180 '179 180
100 167 Feb 28 180 May 28
28 Boston & Providence
175 175
179 179
43 Jan 172 Nov
+29
30
271 East Maas Street Ry Co--100 30 May 4 39 Feb 11
30
32
32
32
33 *3212 33 •30
18 May 3812 Dee
Do 1st pref
100 64 June 2 71 Apr 3
*65 68 '65 68 "65 68 "66
5812 Jan 71 Dec
68
Do pref B
100 57 Jan 23 6212 Jan 12
*60 62 *60 62 "60 62 "60 62
--__
r ____
48 May 6112 Nov
.3712 39 *3712 39 *37 39
100 3734J1jly 1 48 Mar 10
60 Do adjustment
/
1
4
/
1
/ 377
1
4
37
/ 3772 37 -- 1
4
28 May 484 Dee
2
27
100 23 May 27 3712 Jan 29
70 Maine Central
27
27 27
2734 28
28
28
28 .27
25 June 3712 Apr
3212 3234317 325s 3214 327
100 28 Mar 30 3614 Feb 25
/
4
314 323
/
1
2 311 3112 1,047 N Y N H & Hartford
14 Jan 3314 Dee
20 Northern New Hampshire_100 70 Feb 16 78 Apr 9
•77 79 *77
77
77
78
77 77 *7612 77
62 Jan 81 Nov
12112 1214"118 121 *____ 1214 *118 119 --------25 Norwich & Worcester pref-100 100 Jan 13 12112July 6
/
1
80 Jan 108 Nov
/
1
Colony
100 96 Jan 2 111 July 7
225 Old
110 110
110 111
*110 111
11012 111
111 111
7212 Jan 98 Nov
100 4514May 1 63 Jan 2
/
1
4
57
"56
59
34 Mar 64 Nov
__
57
60 --------100 Rutland prat
___ "55
94
94 94
95
94 95
94
70 Jan 9312 Nov
95 --------163 Vermont & Maasachusetts_100 87 Feb 24 98 June 26
Miscellaneous
2 Mar 25
/
1
4
/ 1,225 Amer Pneumatic Service___25
1
4
4 Dec
/
1
4
414 Jan 7
2% 3
1 Nov
2
/ 2
1
4
/
1
4
*23
4 3
3
3
2% 318
50 1612 Mar 25 1934May 7
280 Do pref
18
18
12 Jan 2014 De*
1812 1812 *1812 187
4 1814 1814
2 1812 183
4 1,743 Amer Telephone & Teleg_100 13032 Jan 2 14334June 18 121 June 13412 Doe
140 14034 14032 140
140 1403
/
1
4
/ 14012 140
1
4
/ 14052 141
1
4
No par 6112May 6 77 Jan 13
6712 Oct 83 Jan
2,360 Amoskeag Mfg
71
72 ,
73
7112 7334 72
71
7234 73
73
----- ----65 Do pref
No par 7014May 11 78 Jan 15
_ *641
76 *74
69 Oct 79 Aug
76
13 Aug 16 Feb
•15 1512 1514 1514 1512 -1512 *15 - ------------56 Art Metal Construe, Inc__ 10 14 Jan 16 1512July 8
311
111 *1034 1114 "1034 1114 *1014 1114 ____ ____ ____ _ _ Atlas Tack Corp
/
4
9 Jan 6 13 Apr 28
/
1
4
No par
6 June 104 Jan
49 Boston Cons Gas Co pref_100 103 Jan 17 108 May 12 100 Dec 108 July
___- --_108 108
3107 4 ---- .107 4 -- - - 108 108
3
3
_ ___ .Boston Mex Pet Trus_No par
.05 Dec .20 Jan
.07 •- --*---- .07 *--(John T)
10 20 Jan 26 28 May 18
310 Connor
-----------------4
"23
24
/
1
20 Dec 284 Mar
/
1
4
23 8 23 8' 2312 2312 2318 2312 2314 231
7
7
Dominion Stores. Ltd-No par 2814 Jan 30 35 Feb 13
*3512 ____ *3512 ____ +3512 ____ +35 ____ ____ ____
2412 May 35 Sept
0
_---____ ____ ___
'92_
Do pref A
100 99 June 12 99 June 12
84 Jan 8812 Dee
"92
3 Jan 2
112 Apr 30
10
3 Feb
2 Sept
*252 - 234 23
- *252 3
4
2 4 23 --------250 East Boston Land
4
I3
4
3
312 Apr 11
Eastern Manufacturing.-- 5
634 Jan 24
*3
/ 4
1
4
/ 4
1
4
8 Feb
/
1
4
*3
*3
/ 4
1
4
*3
/ 4
1
4
*3
4
4 Oct
25 42 Mar 9 56 July 10
3,500 Eastern SS Lines, Inc
56
50 51 "49
*50
51
50 5012 52
50
88 Jan 554 Mar
28
0 Do pref
38 38 "x37
'3734 38
3412 Jan 40 Feb
364 3652 -------/
1
38
No par 85 Jan 15 3814MaY 4
_ *0522
_ *0512
*0512
100 89 Jan 3 99 July 10
20 let preferred
99
_ 7.0512 _ -- _ 99
8512 Jan 93 Mel
100 200 Jan 5 213 May 21 16312 Jan 20412 Dec
744 Edison Electric Blum
21111 ill 212 ill 212 ili 211 21212 211 211
/
1
4
3
/ 322
1
4
35
8
312 312 2_ _ __
3
/ 312 --------605 Elder Mfg Co(v t 0)
1
4
318JulY 1
10
5 Dee
512 Mar 16
2 Jan
/
1
4
30 Galveeton-Houston Elm _100 28 June 19 88 Jan 7
32
32
13 Jan 41 13.43
32
32
32
32 "3012 32 "3012 32
Gardner Motor
4 Jan 8 16 Apr 4
No par
-___
612 JAB
3 Sept
/
1
4
__-- ---- ____ ---- ---- ---- ---- _-_- --__
Georgia Ry & Eleo
100 11534 Feb 27 1153 Feb 27 11314 Mar 11612 Sept
4
*11814 ____ *11814 ____ •11814 ____ *11814 ____ ____ -___
/
1
Do 5% non-cum pref__100 784 Apr 15 7934 Feb 27
79 Aug 80 Jan
- I *8034 _ -- "8034
-- *8034
Jan 2 8012JulY 3
/
1
4
5,986 Gillette Safety Raser_No par 57
/
1
554 Oct 584 Oat
*8034-- - 77 7812 7934
/
1
f714 7612 781g 7814 79
7812 7612 25 11 May 12 1512June 1
____ ____ ____ _ _ Greenfield Tap & Die
*13
121 Nov 157 Jan
/
4
14I +13
14
14 *13
*13
14
1
No par 52 May 6 5912June 19
46 Mar 60 Dee
56
•56
57
57 57 *56
57
57 --------60 Hood Rubber
8June 4
*6512 6612 _ _ _ ____ "66
41 Apr 59 Nov
---- ---- ____ _ Internet Cement Corp_No par 5212 Jan 5 875
/ 6712 *69
1
4
70
2 Jan 3 .10 Feb
3 Dee
*.25 .50 •
.25 .50 ".25 .50, .50 .50 --------50 International Products_No par .25 May 19
2 May 26 1012 Jan 9 .25 Feb 14 Dee
Doprel
_ _ _ _I •
____ +
1
1 __1__
Kidd r, Peabody Acceptance
100 8212 Jan 6 95 June 18
80 Jan 8812 Dec
*95 - _ *95
95 95 *95 ------------35 Corp Class A pret
614 Apr 16
10
87 Libby, McNeill & Libby
9 2 Jan 7
7
8 Dec
/
1
4
4 June
752 752 -- -- ---/ 7
1
4
/
1
4
7 2 - 52 *7
7
7
74 3
74
Lincoln Fire Insurance
20 70 Mar 18 704 Mar 2
___
+_
68 •
70 Jan 71 Nov
_
68 •
68 +_ _ 68
/
1
4
/
4
25 111 Feb 17 13 Jan 5
i58 Loew's Theatres
.
12i4 1214 "121 13 "121 13
Stock
9 Mar 13 Dee
1214 ilk, Ifin
4
ii
4
1,115 Massachusetts Gas Cos-100 68 Feb 3 75 Mar 6
/ 74
1
4
7334 7412 74
66 Nov 81 Feb
7414 73
7414 7412 7412 74
100 6312 Jan 9 69 July 10
133 Do prof
Exchange
67
/ 6712 68 68 *671/4 ___ 68
1
4
82 June 70 Jan
6812 68
69
.....2 100 167 Jan 7 186 Mar 5 150 Apr 172 Dee
50 Mergenthaler Linotype
178 178 178 178
178 178 .177 178 *177 178
812 Apr 4 1634 Jan 15
610 Mexican Investment,Inc 10
6 Jan 17 Feb
/
1
4
10
Closed/
1
4
10
"9
11
10
9
9
934 10
10
349 Mississippi River Power_100 36 Jan 2 7012June 20
65
19 Feb 364 Dee
64
*63
/ 6512 63 64
1
4
64
/
1
4
64
6314 65
100 8712 Jan 10 94'3 July 9
Indepen- "92
80 Jan 90 Sept
94
93 "92
93
944 --------138 Do stamped prof
/
1
94 94
634 Jan 13
4 Apr 22
10
VS Nov
2 Apr
45
4
/ 434
1
4
2 4
/
1
4
54 -------- - 794 National Leather
434 5
5
2 June 22 .50 Dee
deuce Day 7.112 11
.200 New Eng. 011 Ref. Co. tr otte- .20 Feb 9
11 11
/
4
/
4
112 11
/
4
5 Apr
/
1
4
112 13 -------4
/
4
prof(tr otts)
534 Apr 7 10 May 14
Do
100
6 Dec 3114 Mar
•g ----------- _ _ _ _
+8
'8-_ _ *8
1,366 New England Telephone_100 99 Apr 21 11134June 6
98 Dec 11512 Jan
11034 111
110 11012 110 110 4 11012 11 3- 11034 111
- 3- 4
0
2112 Dec 22 Dec
4MaY 16
/
1
4
/
1
2452 2434 244 2412 2412 2412 2412 2434 --------1.706 Olympia Theatres, Ino_No par 19 Mar 18 263
14 Jan 2812 Dee
___ _ Orpheum Circuit. Inc__ 1 2534 Jan 16 29 Mar 3
--- - 28
+27
28 *27
2712 "27
28 *27
100 5212June 12 8112 Jan 13
6912 Oct87 Feb
285 Pacific Mills
587
2
5912 58 - - 5834 58 4 59
5874 59
59
/ 58
1
4
3
'
10 1534 Feb 24 18 Apr 3
111 Jan 17 July
/
4
125 Reece Button Hole
1612 1612
+1612 17
1612 163 "1612 17 *1612 17
4
2 Jan 8
/
1
4
2 Apr 9
/
1
4
Reece Folding Machine
10
3 Jae
24 May
/
1
•214 21
*214 212 *214 212 ---- ---'24 21
10 Oct40 Feb
6
- ___ -- _ Simms Magneto
_
.15•
.15 *
.15
.15•
*
100 10914 Apr 22 120 Feb 13 100 June 118 Deo
627 Swift & Co
HO 11
0
154i4 no% Ho 11014 iiais 11014 Hof., 111
,
25 4512 Apr 13 5814 July 10
877 Torrington
3512 June 52 Dee
5814
56
57
55
55 55
55 55
54
/ 55
1
4
5 *_
.4_
5 .4_
5 ,4,_
5 June 19
Union Twist Drill
5
5
7 Jan 23
/
1
4
___
____
5 Dec 10 Feb
/
1
4June 19 46 Feb 14
34 Jan 433 Dee
41781,629 United Shoe Mach Corp__ 25 40
418 4178 4134 42
4134 4174 4134 - _-4
4
ilia 42
25 2612 Jan 13 2814June 29
316 Do pref
2812
2452 Feb 2814 Nov
28
28
28 28
28
28
28
28
28
/
1
194 Oct27 Jan
/
1
2212 2212 2,530 Ventura Consol 011 Fields._ 5 194 Jan 3 25 Feb 24
2212 223
4 2212 2234 22
/ 2234 2212 23
1
4
95 Waldorlilys.Ine,new eh No par 1512May 11 19 Jan 3
/
1
13 Apr 20 Nov
/
1
4
/
1
4
/
1
1512 1512 154 1552 154 16
153 15 4 "1514 16
4
3
8 Jan 6 181sJune 8
/
1
612 Jan 104 Feb
9 Walth Watch Cl B corn-No par
1712 1712 •____ 18 •__ 18
*____ 18
---- ---100 1714 Jan 3 40 June 2
/
1
4
14 June 23 Feb
5 Do met trust otfs
38
38
*-___ 39 •___ 39
---- ---100 65 JJan 6 90 June 2(1
6212 Dec 73 Feb
*82
88 "82
*85
85 85
88
90 --------10 Do prior pref
1512 June 22 Feb
1714 1714 "17
17 4 1752 1752 1712 18 --------- 540 Walworth Manufacturing 20 1634 une 2 2034 Jan 3
3
/
1
4
60 37 Jan 2 5012July 7
,346 Warren Brae
29 Jan 39 Nov
/
1
4
4814 84
494 5014 50
/
1
5012 4834 49
5012 50
8434 Apr41 Jan
/ Jan 10 4312July 1
1
4
50 37
55 Do 1st pref
42
42
43
43 "4112 43
4
42
*4112 43
--------5 Do 2d pref
/
1
4
50 40 Jan 17 48 Mar 2 88 Mar 42 Jan
*44 ____ 45 45
*43
*43
Mining
Adventure Consolidated-. 25 .15 Feb 16 .25 Jan 26 .16 Dec .111 Dee
*.10 .40 +.10 .40 ".10 .40 *.10 .40 ".10 .40
Algomah Mining
25 .10 Mar 3 .25 Jan 2 .10 June .25 Dee
.10 .20
•.10 .20 ".10 .20 ".10 .25 '.10 .25 •
3 Dee
/
1
4
1 May 11
25
5 June
3 Jan 10
980 Arcadian Consolidated
2
134 134
152
152
13
4 17
134 2
134 14
/
1
012 Mar 28 153 Feb 6
8 Jan 16 Dee
5
2
123
4 3.620 Arizona Commercial
11
1114 1114 1112 1112 12
12
/ 12
1
4
12
14 June 818s Dee
10 2814JulY 1 3614 Feb 11
/
1
2832 2832 2812 2932 2912 2952 2914 2934 2912 294 2,155 Bingham Mines
13 May 1971 Jan
/
1
4
43June 8 1872 Jan 2
23 123
153
2 9,786 Calumet & Heels
13
/ 1412 1414 1434 143 1514 15
1
4
1514 15
3 Feb
Carson Hill Gold
1 .20 May 5 .70 Jan 5 .37 Nov
".25 .35 7..25 .35 1
..25 .35 ".25 .35 ".25 .35
1812 June 384 Dee
/
1
25 1834June 8 38 Jan 10
2,497 Copper Range Co
204 2118 2114 2178 2112 2214 213 2212 2114 22
/
1
4
Davis-Daly Copper
1 .03 May 28 .78 Feb 8 .30 Dec .70 Mar
1.05 .07
.05 .
".03 .05 ".02 .05 •-___
.05 +____
3 July
/
1
4
614 Jan 2
3 June 5
6 Dee
/
1
4
334 4
374 4
4 8,000 East Butte Copper Mining_ 10
4
4
/
1
4
412 47
412 412
1
los Jan 24 .40 May
Jan
25 .40 Jan 7
670 Franklin
.75 1
1
..80 1
1
1
".80 1
.
1.80
114
134 Feb 6 .30 Oct
2 Jan
112
167 Hancock Consolidated- 26 .50 June 3
11 *1
/
4
114 114 3.1
•1
.75 .76
114
194 Dot 284 Jan
/
1
1 1634July 9 23 Jan 24
/
1
1,885 Hardy Coal Co
*17
1714 17
1712 17
1634 1714 1674 17
17
312 Feb 5 .30 May
11 Jan 6
/
4
25
214 Dee
142 11
.11 2
/
4
212 212 3,030 Helvetia
2
/
4
214
214 254
9414 Apr 142 Nov
1 121 Mar 28 140 Feb 5
843 Island Creek COA1
134 136
13214 133
13514 13714 137 13734 131314 13712
/
4Mar 9
1 9414May 27 981
90 June 100 Soot
14
96
-96
/ 97 97
1
4
*97 99
96
9712 ----- -- 0 DO prof
12 June 2212 Dee
9 Apr 22 2012 Jan 7
/
1
4
25
,13 Isle Royal Copper
12 - - 8
/ 133
1
4
/ 125 1312 1314 14
1
4
1212 1212 1212 12
2
5 .95 June 9 11521 Feb 4
24 Feb
/
1
112 Mar
50 Kerr Lake
/
4
14 1'4
/
4
*114 11 *114 11 *11 112 *114 112
/
4
25 .50 June 29
112June 19 .50 Jan
114 Nov
315 Keweenaw Copper
1
IN 114, *1
1
lls 118
114
114 "I
3 Jan 2 .90 Apr
1 April
25
3 Dee
/
1
4
110 Lake CoPper Co
14 114
14 14 •112 214, •14 2
/ /
1
1
"17
4 112
/
1
112May 14
2 Jan 10 .70 June
/
1
4
25
La Salle Conner
3 Dee
•1
114
•1
134 *1
_
134' _
134 •1
2 Jan 13
13 Apr 23
2
5
/
1
4
MailOD Valley Mine
8
24 Dee
/
1
114 Oct
/
4
/
4
"112 11 "11 11 '112 11 iii2 --- '1'2 17
/
4
/
4
17
25 .40 May 14
14 Jan 2 .50 Jan
11 Aug
/
4
710 Mass Consolidated
.70 .70
'.70 .80 ".75 .80
.70 .80 *.75 1
1 Apr 4
25
3 Jan 2
80 Apr
5 JulY
492 Mayflower-Old Colony
134 134
11 112
/
4
/
4
114 11
11 152
/
4
152 13
4
26 2512June 9 41 Jan 13
2312 June 41 Dee
1,033 Mohawk
/ 3012 30
1
4
29
/ 29
1
4
/ 29
1
4
3134 3012 32
304 30
/
1
5 18 Mar 30 25 Jan 2
164 Jan 2552 Dee
/
1
204 2034 1,645 New Cornelia Copper
/
1
/ 2012 2012 21
1
4
1912 1912 19
2034 21
.10 July
New Dominion Copper
2 Apr
/
1
4
85 Feb 18 .40 Dec
+.10 .15 *AO .20 *AO .20 .
1.10 .20 _-_ - --100 25 Apr 2 25 Apr 2
New River Company
35 June 40 Mar
3..244_
_
100 40 June 30 60 Jan 3
71 Do pref
44
57 Dec 75 Mar
/
1
4
44
45 •x44
45
45
45
45 "240
432July 3
6
634 Dee
6 Jan 10
/
1
4
109 Niplasing Mines
5 Jan
/
1
4
/
1
452 452
452 452
4
/ 4
1
4
/ *44 5
1
4
4
/ 452
1
4
15 .89 June 5
02 July
11 Oct
/
4
814 Jan 14
2 2,790 North Butte
114 11
/
4
1is 114
1
112
14 13
11 13
/
4
2
25 35 Apr 22
1 Nov
14 Jan 10 .40 June
/
1
60 Ojibway Mining
.70 .70 .
1.70 .90 *.61 .90
".50 .90 ".50 .90
25 1712June 9 27 Jan 10
/
1
4
15 Jan 28 Dee
530 Old Dominion Co
/
4
2014 201 2014 2014 20
2012 2014 2034 2014 2014
53
8 5.38 *514 53
*514 52
4
6 July 1
4 May 10
5 Feb
/
1
4
312 Jan
4 *51s 6
20 Park City Mining & Smelt_ 5
.
1512 6
/
1
1034 July 1512 July
550 Pd Crk Pocahontas Co_No par 104June 18 1412 Jan 24
104 1012 1012 1012 "1014 11 "1012 1212 *1012 1212
/
1
/
1
25 19 Apr 22 3912 Jan 10
14 June 844 Dee
25
1,735 Quincy
2434 2512 24
2
2314 23
/ 234 2412 243 25
1
4
28 June 49 Dee
1,080 St Mary's Mineral Land_ 25 2812 Apr 21 48 Jan 12
37
/
1
343 35
2
353 3512 36
8
3612 3552 364 36
112 Sept
10 .50 May 1
it Jan 9 .30 Apr
.75 .90 1,273 Shannon
.75 .90
.90 .95
.
1.60 .75 ".60 .75
25
25 July 75 Dee
South Lake
1.25 .75 .1.25 .75 ".25 .75 ---- --- 1
..25 .75 .
214 Dec
2 Jan a
25
90 Jan
Superior
24 Jan 27
/
1
24 Deo
25 Aug
2 Jan 5
300 Superior & Boston Copper- 10 .70 MAY 13
14
114 - 1
14
118 I% •1
l's I%
*1
.
1
14
/
1
4
3 Dee
14 June
/
1
3 Jan 2 844 Jan 23
/
1
4
5
/
1
2 1,220 Utah-Apex Mining
53
4 57
5
/ 6
1
4
54 5
3
/
1
4
53
4 6
54 5
3
/
1
4
1 .40 July 7 98 Jan 29 .14 June .70 July
.55 .60 4,575 Litah Metal & Tunnel
.48 .48
.40 .40
.50 .58
.48 .48
1 Aug
25 .35 Apr 16
11 Jan 81 .15 Apr
/
4
545 Victoria
.
1.50 1
.75 .75 ".50 1
.50 .60
.
1.40 .60
25 .111 Mar 8 48 Jan 7 .13 Feb 71 July
206 Winona
.18 .20
.20 .20 ".20 .25
1.18 .25
•
.18 .25'
IS •fy
IJD_____t
2A nn Aar 14 21 nth 11 .10 July 25 July
• 90
011
IS
IS tn
-rt ••
• 131d and asked pricer, no sales on this day. 5 Ex-rights. 8 Ex-div. and rights x Ex-cliv. 0 Ex-stock div. a Assessment paid. e Price on new basis.
JULY 11 1925.]
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are'and Interest- except where marked • f."
Standard 011 Stocks Par Bid. Ask.
Railroad equipments Per Cl. Basis
22341 23
Anglo-American 011 new_El •
Atlantic Coast Line 6s
5.15 5.00
Atlantic Refining
100
4.95 4.80
Equipment 6%8
117 118
Preferred
100
5.30 5.05
Baltimore & Ohio 6a
Borne Scrymser Co
5.00 4.75
Equipment 434s & 5s
100 217 225
61
Buckeye Pipe Line Co--- 50 60
Buff Both & Pitta equip Os_ 5.00 4.75
65 Canadian Pacific 4348 dr 65.. 5.00 4.70
Chesebrough Mfg new__ 25 *64
Preferred
100 111 113 Central RR of N J 65
5.20 5.00
n3 2 2312 Chesapeake & Ohio
3
Continental 011 new.
25
5.30 5.05
Os
583o 85c
Rights
5.10 4.85
Equipment 634s
1112
Crescent Pipe Line Co-- 50 .11
4.90 4.75
Equipment 5e
144 145 Chicago Burl & Quincy Os
Cumberland Pipe Line_100
5.20 5.00
76 Chicago & Eastern
Eureka Pipe Line Co_ ___100 74
5.1
56 Chicago & North III 5%e- 5-50 4.85
Galena Signal 011 corn.
.A00 54
5
West 68„ 5.10
Preferred old
100 105 112
5
5.05 4.7
Equipment 6348
Preferred new
100 102 105 Chic R I & Pao 4343 & 58
5•15 4.9O
*671 67
/
1
4
Humble Oil & Ref new.- 25
5.40 5.25
Equipment 65
Illinois Pipe Line
100 136 138 Colorado & Southern 65-.. 5 45 5.15
.
Imperial Oil
25 *136 138 Delaware dr Hudson 6e
5.15 5.0O
321 3212 Erie 4349 & 58
New when Issued
5.35 5.00
7112
Indiana Pipe Line Co..- 50 no
5.55 5.25
Equipment6s
International Petroleum_(5) 2514 2512 Great Northern 63
5.35 5.10
Magnolia Petroleum__ __100 146 147
5.00 4.75
Equipment 5s
4
National Transit Co-12.50 .2114 213 Hocking Valley Se
5.05 4.80
56
58
New York Transit Co.
..100
5.40 5.10
Equipment 6s
79 Illinois Central
Northern Pipe Line Co...100 78
434s & Ss._ 4.95 4.70
*6712 69
Ohio Oil new
25
5.15 5.00
Equipment 1118
29
Penn Max Fuel Co
25 *26
Equipment 7s & 6348
4 25 4.75
.
/
1
Prairie 011 & Gas new... 25 *584 5912 Kanawha & Michigan
5.40 5.20
6e
Prairie Pipe Line new._100 125 12514
5.20 5.00
Equipment 434s
Solar Refining
100 222 226 Kansas City Southern 5345- '.,;,. 5.05
82 Louisville &
Southern Pipe Line Co-100 81
Nashville 6s_ _ '
3•''° 4.80
South Penn Oil
100 172 173
5.00 4.80
Equipment 634e
68
Southwest Pa Pipe Lines 100 "65
Michigan Central 58 &
5 3 5.00
„
0
6814 MinnStP&SSM434 Ils _ - ..„ 5.00
Standard 011 (California) 25 .58
s&be ,
t ty 5.05
4
Standard Oil (Indiana)._ 25 *653 66
Equipment 6348
t"?,
3512 Missouri Kansas & 75.Standard Oil (Kansas)._ 25 *35
& Texas Os ...'' 5.35
Standard 011 (Kentucky) 25 *12412 125 MIA:marl
5.60 5.25
Pacific
Standard 011(Nebraska) 100 245 250 Mobile & Ohio RS & 634*
51/0 4.80
4345 & 511
Standard 011 of New Jet. 25 *4312 43% New York
Central 434s & 5e 4.85 4.65
116 117
/
1
4
Preferred
100
5.1 5.00
Equipment 68
Standard Oil of New York 25 *4314 433
4
4.8 4.80
Equipment 78
Standard 011 (Ohlo)....100 351 354
Norfolk & Western 434a._. 4.8 4.60
Preferred
100 120 121
5.1 4.90
Northern Pacific 78
Swan & Finch
100 1612 17 Pacific Fruit Express 7s...
.,,, 4.85
5•13
Union Tank Car Co____100 129 131
Pennsylvania RR eq 5e & Os °•'" 4.70
Preferred
4
5.10 4.85
100 11614 1163 Pitts & Lake Erie 6345
Vacuum Oil new
5.50 5.25
,25 *8813 8912 Equipment Os
Washington 011
35 Reading Co 434e
4.75 4.50
10 *30
& 56
Other 011 Shocks
5.15 4.90
St Louis & San
s3
Atlantic Lobos Oil
314 Seaboard Air Francisco 55. 5.60 5.25
(:) *6
Line
Preferred
1112 SouthernPacific 5345& Os.
50
Co 434e_
Gulf Oil new
41
4.95 4.80
25 *39
Equipment 7s
Mountain Producere_. 10 *753 76
4
5.05 4.80
Southern Ry 4345 & 5s
•31,
Mexican Eagle 011
412
a 114 116
Equipment 6e
. 5.40 5.10
National Fuel Gas
100
Toledo & Ohio Central 68... 5.35 6.10
Bait Creek Cons011
4
5 00 4.80
10 *74 73
Salt Creek Producers_ 10 "273 27% Union Pacific 711
5
Public Utilities
Tobacco Stocks
*771 79
Amer Gas & Elec new
82
American Cigar common 100 79
6% pref new
(:) *89 90
Preferred
100 95 97
Deb Os 2014
MAN 971 99
Amer Machine & Fdry 100 163 168
Amer Light & Trac com.100 169 171
27
British-Amer Tobac ord. El *26
Preferred
27
100 100 101
Bearer
El .26
Amer Power & Lt common_
611 6212 Imperial
26
Tob of0B & Irel'd 25
Preferred
78
10o 93 95 Int Cigar Machinery_
100 73
Deb 6s 2016
80
60
M&S 961 9712 Johnson Tin Foil & Met_100 .
Amer Public UM com
150 152
100 80
7% prior preferred-...AO() 88 - - MacAndrews & Forbee.-100 99 101
SW
Preferred
100
80
4% Pattie pref
100 *60
Mengel Co
100 63 65
Associated Gas & El pt _(:)
52 Porto Rican-Amer
Tel,.
.100 50 55
Secured gold 6)4.
46
Universal Leaf Tob COM-100 43
Blackstone ValGeirE corn 50 ;ii
Preferred
100 93 96
Carolina Pow & Lt corn._
385 395 Young
( f-') Co
100 126 130
Cities Service common._ _20 *383 3914
4
Preferred
100 105 110
83
Preferred
100 .73 83%
4 8
Preferred B
1
Rubber Stocks(Cleveland)
Preferred B-B
100 7812 79
Am Tire & Rub coin
Cities Service Bankers Shares •193
4
Preferred
Colorado Power common 100 34
Firestone Tire & Rub corn 10
*1 12 1 1Preferred
9 1- 91 2
1
7
100 94
preferred
100
Com'w'ith Pow Corp coma') *165 16
.
6- 6% preferred
7%
100 9914 100
85 General Tire &
Preferred
100 83
Rub corn- 50 *235 239
Elm Bond & Share pref_100 105 107
Preferred
100 102
Elm Bond dr Sh Secur
. 4 7012 Goodyear Tire &
693
3212 33
*15
Elec Sty Securities
17 Goody'r TA R B com.100 * 9118 9112
of Can p1100
Lehigh Power Seen:JUN-(2) •143 148
Mason Tire & Rub com.(2)
68
MiseMeippi Riv Pow corn 100 63
Preferred
Preferred
100 93 9Miller Rubber
100 15712 159
First mtg. 56 1951---J&J 9912 10912
100 103% 104
Preferred
103
_ Mohawk
F g deb 78 1935..M&N
Rubber
Nat Power & Lt corn__()) *339 343
Preferred
Preferred
(2).101 103 Seiberling Tire & Rubber (5) ----:
Income 78 1972
J&J 1021 10312
Preferred
North States Pow corn _100 117 119 Swinehart. Tire & B
cora-100 15 16"
Preferred
100 99 101
Preferred
100
48
Nor Texas Elec Co com-100 43
60
Preferred
100 55
Sugar Stocks
Pacific Gas dt El let pref-100 98 99 Caracas Sugar
412
50 v3
*14
Power Securities
16 Cent Aguirre Sugar com_ 20 *8312 8512
37 Fajardo Sugar
Second preferred
(I) *34
100 12212 125
Coll trust tis 1949...J&D *92
95 Federal Sugar Ref corn.
100
- 55
Incomes June 1949_ _F&A .79
81
90
Preferred
100
Puget Sound Pow & La. 100 53
57 Godchaux Sugar.
10
Ine-(2)
8% preferred
52
Preferred
100 85 87
100 45
7% preferred
106
_ Holly Sugar Corp corn
100
42
(D *39
let & ref 53411 1949._JAB 99'z fool;
97
Preferred
100 94
Republic Ry & Light
62
631 Juncos Central Sugar-100 100 120
:
10
Preferred
82
100 80
National Sugar Refining-100 104 105
South Calif Edison comAllil 118 11912 New 'Nlquero
92
Sugar._ _ _100 87
8% preferred
100 123 128 Santa Cecilia Bug Corp pf100
4
2
Standard G&EI 7% pr p1100 98 9912 Savannah
Sugar corn..
.(I)•110 115
Tennessee Elec Power (: .67
69
Preferred
100 104 108
Second preferred
.82
(5
82
Sugar Estates Oriente pf-100 77
Western Power Corp
100 67
68
3
1
Warrants
Preferred
100 9312 95
West Missouri Pr 7% pfr .
92 industrIal&MIscell
90
Shen Term Securities
American
92
90
Anaconda Cop Min 68'29J&J 10311 1037 Babcock &Hardware....100 139 142
8
Wilcox
100
Federal Bug Ref Os'33.M&N 9512 97 Bliss(E W)Co new
17
(:) .16
Hocking Valley 58 1926 Mad 1003 10033
5
Preferred
50 .54
K C Term Sty 634s '31 J&J
Borden Company com (t) .83 87
634e
-611;
1926 1
Preferred
100 10712 10912
Lehigh Pow See Os '27 F&A 10115 101
Celluloid Company
23
100 21
Blom-She: MI Oa '25 1F&A 1011 10214
/
4
Preferred
75
100 65
US Rubber 734s 1930_ F&A 107 10714 Childs Company pref _ 100 116 118
Joint Stk Land Bk Rends
Hercules Powder
100 112 115
/
1
4
Chic Jt dtk Ld Bk 541_1951 102 10312
Preferred
100 107 109
10212 10312' International Sliver
Si 1952 opt 1932
pref-100 106 108
1033 10412 Lehigh Valley
4
Ile 1963 opt 1933
83
Coal Sales 50 .81
1043 1053 Phelps Dodge Corp
4
4
fie 1951 opt 1931
100 100 108
102 1023 Royal Baking Pow
4
Ode 1962 opt 1932
oom 100 142 148
100 101
6340 1952 opt 1932
Preferred
100 101 103
10114 102 Singer Manufacturing
4%s 1964 opt 1934
- 100 270 274
102 10312
4545 1963 opt 1933
Pao Gown of Portland.(ere- 5s 1983 opt 1923
J&J 102% 10318
102 10A
/
1
4
58 1954 op 1934
*Per share. I No par value. •Beale. d Purchaser also pays scorned dividend •
(New stock. f Fiat price. k Last sale. it Noalaal. s Ex-diviclead. e Ex-righte•
eYx-stock dividend
s Sale price r Oros.11aa clytyriaa
• el* latamc
185
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange July 6 to July 10, both inclusive:
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds
-
Amer Tel & Tel 4s...1929
9734 9734
Ail G & W I SS L 58..1959 71% 70
72
Chic June Sty & US Y 4540
85)4 85%
1940 98% 98% 98%
55
Great Con El Pow 630 w i_
86
86
Hood Rubber 78
1936 10434 10434 10434
1929
98% 99
Maas Gas 4%s
Mhz River Power 5s.1951
99% 9934
New England Tel 55-1932 10031 100% 10034
1944
9934 100
Swift & Co 5s
Western Tel dr Tel 5s 1932
100 10014
Range Since Jan. 1.
Low.
Mph.
S1,000 9634 Jan 97%
Jan 72
38,000 63
Feb 8634
5,000 84
Feb 99%
7,000 96
July 86
5,000 86
10,000 10134 Jan 105
15,000 97% Feb 99%
4,000 9634 Jan 100
3,000 9934 Jan 101
10,000 9734 Jan 100%
18,000 9934 Jan 100%
June
July
May
June
July
May
June
June
Jan
June
June
Philadelphia Stock Exchange.
-Record of transaction
at Philadelphia Stock Exchange, July 6 to July 10, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares
Aid Mtg & Guar Co_ __ _10
Alliance Insurance
10 55
Am El Pow Co pret _ _100
Amer Gas of Pa v t c__ _.50 8534
American Milling
10
• 64
American Stores
Bell Tel Co of Pa pref
100 106
Brill(J G)Co
50 40
Cambria Iron
•
Congoleum Co Inc
25
Eisenlohr (Otto)
100 82
Preferred
50
Fire Association
Insurance Co of N A_ __ _10 55
5434
Rects full paid
Keystone Telephone-- _ _50
Preferred
50
4
Lake Superior Corp. _100
50 10134
Lehigh Navigation
10 23
Lit Brothers
MInehill & Schuyl Hav_ _50
North Penrusylvania_ - _ _50
• 69
Penn Cent Light & Pow50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50 7114
Philadelphia Co(Pitts)_ _50
Preferred (cum 6%).50
25 3934
Phila Electric of Pa
25 3934
Preferred
Phila Rapid Transit_ _ _ _50 49
Philadelphia Traction_ _.50 5934
50
Reading Company
Scott Paper Co. Pref- 10
0
Torso-Belmont Dove'._ A
1
Tonopah Mining
50 3934
Union Traction
50 8654
United Gas 'rapt
3534
Warrants
Victor Talk Mach
Went Jersey & Sea Shore 50
50 44
Westmoreland Coal
Bonds
Amer Gas & Elec 55_ _2007
Baker & Co (A T) 0345 40
Elec & Peoples tr Mb 45'45
General Asphalt 65_ _ _1939
Keystone Tel 1st 55_ _1935
Lehigh C&N cons 434s '54
Leh Vall gen cons4 Ms 2003
Lehigh Vali Coal 1st 5.51933
Midland Valley 1st 5.5.1943
Phila. Elec 1st s f 4s_ _1966
1960
55
1966
1st 5s
Registered 5s _ _1966
1953
5348
1941
65
Phila & Read C & I 55_1973
a
Low.
High.
24
July
24
10 24
July 24
56
55
220 3734 Jan 60 June
10334 10354
Jan 10434 Apr
25 96
1.709 80 June 8835 May
8534 8831
10
10
July 12
Feb
30 10
59
6634 19,514 4534 Jan 663.4 July
109 109%
144 10734 Apr 11034 June
10534 10734
680 95
Mar 109
Jan
3934 40
157 38
Mar 40
Jan
Mar
2534 2536
30 2514 July 43
540
June
934 1034
93( July 12
82
82
108 8034 June 8534 Feb
274 274
Mar
25 227
Jan 280
5434 56
Jan
576 4634 Feb 70
5434 5434
177 4934 Apr 5534 May
500
834
Jan
734
6
934 June
30
30
42 20
Apr 35 June
4
4
1,000
Apr
4
734 Feb
100 104
June
2,335 8034 Mar 110
2234 23
395 2134 May 25 June
53
53
10 51
Jan 53
July
8134 8134
Jan
5 8034 May 82
68
69
65 60
Jan 69
July
4834 47
3,454 4234 Apr 4834 Jan
69 70
May 8.534 Jan
7131 7234
5834 59
162 5274 Mar 60
July
48
49
95 45
Apr 49
July
39
40
8,399 3774 Apr 4734 Feb
3834 3934
821 3734 Apr 45
Feb
49
Mar
4934
692 40
Jan 51
59
5934
229 57
Apr 63% Mar
88
88
15 7434 Mar 8834 June
98
9834
18 96
Jan 9834 May
100
3.6
34
Si Jan 15-16 Feb
394315-16
850
134 Mar 4 1-16MaY
3934
Mar
39
406 39
July 44
8574 87
5,779 7934 Mar 9634 Mar
3536 3634
4,135 31
June 3834 June
6934 714
125 67 June 97
May
Jan
25 3154 June 40
3734 3734
44
43
Jan
57
107 43
May
94
99
6234
10334
9234 91
9934
9934
101
9254
8534 8534
10034 100
102
103
102
106
106
107
107
10034
6234
Range Since Jan. 1.
94
9934
6234
10334
9234
9934
9934
101
9234
8534
10034
103
10234
10634
107
10034
$4,500
4,000
5,400
18,000
55,000
2,000
2,000
1.000
1,000
5,000
24,000
28,900
600
15,200
2,000
2.000
Apr
June
June
Jan
Jan
Jan
July
Mar
July
Apr
Mar
looii Jan
Apr
100
10434 Feb
Jan
106
10034 May
87
9834
57
100
8234
96
9934
10034
9234
82
99
94
9934
65
10334
9234
101
9931
101
9234
87
10334
10334
103
10754
108%
10034
June
July
Mar
June
June
June
July
May
July
July
June
June
June
May
June
May
par value
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange July 6 to July 10, both inclusive, compiled from official lists:
•No
Stocks-
Sates
Friday
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Arundel Corp new stock_ _.
Atlan Coast L(Conn).--50
Baltimore Trust Co__ _50
100
Baltimore Tube
25
Benesch (I) pref
"
Canton Co
Central Teresa Sug pref _10
50
Century Trust
Ches & Po Tel of Balt_ _100
50
Commerce Trust
Commercial Credit
•
25
Preferred
25
Preferred B
Consol Gas, EL dc Pow_ •
150
6% preferred
100
634% preferred
100
7% preferred
100
8% preferred
Consolidation Coal..._100
100
Preferred
Eastern Rolling Mill.- - - -•
100
8% preferred
51)
Fidelity & Deposit
.25
Finance Co of Amer Ore!
Finance Service Class A_10
10
Preferred
Houston 011 pref tr ctfs_100
Lorraine Pet Co._ lc shares
Manufacturers Finance_25
25
1st preferred
25
2d preferred
25
Trust preferred
Maryland Casualty Co_ _25
Merch dr Min Tr Co__ _100
Merch & Min Tr Co_ _100
-r
Mt V-Woodb Mills v t 100
Preferred v t r
100
New Amsterd'm CBS Co-10
re,
4,775
3334 3134 34
50
172 172
172
120
165
120 12034
20
20
10
25
27
50
78
225 225
100
%
34
1
12334 12334
27
11234 11234
5834 5834 5835
60
26
27
2,648
2734
2434 25
25
220
2534
364
2534 2634
43
4234 45
1,043
35
102 102
207
10934 10834 10934
15
112 11234
60
125 12534
45
45
280
45
85
14
80
119 119
6
125
125 125
18
220
10134 10334
115
2734
27
1934 2134
2134
1.357
275
974 10
90
100
89
90
134
1
234 2,700
53
162
51
53
2334 22
190
2334
23
188
22
23
60
23
23
142
9734 963.4 9734
134
14034 13894 14034
14034 1383414
054 '- 134
11
10
11
550
66
67
63
1,175
5534 54
56
WI 7,
'70
IOU
1a
Range Since Jan. 1.
Low.
2034 Mar
Jan
160
11134 Feb
May
19
July
25
Mar
187
34 July
Jan
106
11034 Jan
5734 Mar
2234 Mar
Apr
24
2434 Apr
Jan
32
July
102
Apr
105
Mar
109
Mar
122
May
36
July
80
Apr
103
Apr
111
Jan
89
Apr
26
1834 Jan
Jan
9
Apr
78
July
1
5034 July
22 June
22 June
June
21
8234 Apr
Jan
115
Jan
115
914 Apr
Mar
55
4234 Jan
76
“ Jan
High.
34
17234
12254
32
27
225
2
12334
11434
60
2754
26
2634
45
102
11034
11234
127%
72
103
120
125
10434
2734
2134
10
97
454
5634
25
2434
2434
100
14034
1403
4
15
67
56
8114
July
June
June
Jan
July
July
Jan
July
June
Feb
July
June
July
July
July
June
June
May
Jan
Jan
June
June
July
June
Jul}
July
Jar
Fel
FM
Jar
Fet
June
Jull
Jul
J1111
Jar
Juli
Juli
JUDI
186
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
OfPrices.
Week.
Stocks (Concluded) Par. Price. Law. High. Shares.
Penna Water & Power..100
149 150
Roland Pk Homeland p1100 9855 9854 98%
Union Trust Co
50 175
175 175
United Ry dr Electric_ _ _50 18%
18
1855
US Fidelity & Guar__ _ _50 209% 209% 209%
Wash Balt dr Annapolls_50 13
13
13
Preferred
50 21
20
21
West Md Diary,Inc
•
50
50
Preferred
50
5231 52%
Bonds
Alabama Co gen 6s_.1933
Central Ry cons 58_ _ _1932
Consol Gas gen 434s_ _1954
Cons G.E L &P 450.1935
Series A (is
1949
Series F 5
1965
Consol Coal ref 4sis_ _ 1934
Elkhorn Coal Corp 65_1925
Fairmont Coal 55
1931
Ga Caro & Nor 1s1 55.1929
Ga Sou & Fla 55
1945
Lake Roland Elee 5...1942
Lexington (Ky) St 55_1949
Maryland Elec Ry 1st 5531
6355
1947
North Bait Trac 55_ _ _1942
North Central Ser A 551926
United E L & P 4%s_ _1929
United Ry dr Elec 45_ _1949
Income 4s
1949
Funding 55
1936
6s
1949
6s
1927
Va Ry & Power 55_ _ _ _1934
Wast Bait dr Annap 55.1941
100% 10054
9951 99%
9356 93%
9751 9751 97%
106% 107
10031•10034
90% 90%
99
98
99
96
98
9951 9931
99% 9955
99% 100
94
94
9534 95%
97% 9751
100 100
100 100
98;4 98% 98%
70
69% 70
5055 5034 50%
72
7134 72
9454 9451 95
98% 9851 9851
98
98
69
69
9951
High.
20 126% Jan 15256
16 96% June 99
18 151
Mar 175
336 15% Apr 19%
20 179
Jan 215
135
555 Apr 1454
90 11
May 23
Apr 51
85 44
8 51
June 5351
61,000 9956 Jan 101
Jan
Mar 9955 Mar
1,000 99
1,000 9234 Jan 94% May
4,000 9354 Mar 9755 June
25,000 104% Jan 107% May
1,000 100% July 10034 July
7,000 9051 July 98
Feb
19,000 9731 June 100
Jan
5,000 96
July 9854 June
3,000 99% Feb 99% June
1.000 9751 Mar 9954 July
July
Mar 100
5,000 99
Jan 94% June
1,000 92
3,000 95
May 97% mar
Mar
Apr 100
4,000 97
1,000 99% Jan 100
July
1,000 100
July 10035 June
5,000 98% Jan 99 May
June
27,000 6834 Apr 71
Apr 6255 Jan
3,000 49
Apr 74
6,100 69
Jan
Apr 9651 Jan
15,000 93
1,000 98% July 99% Jan
July
July 98
1,000 98
Apr 70 June
17.000 58
16456 164 165
115 115
4
4
5
15
15
1151 123.4
57% 56% 59%
115 115
115 11555
7%
751 8%
7% 8
11% 11
1135
50% 5055 51
42% 4135 47%
46% 45
4655
76
76
23,000 74
47% 47% 30,000 46
7655 77
2,000 76
38
38
3,000 35
9951 99%
500 9951
100 100
6,000 100
97% 9731 9751
100 97%
96% 9651 2,000 92
9951 100
3.000 98
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
LOW.
High.
All America Radio Cl A-.5 23
2234 23
410 18 June 3651 Feb
American Pub fiery pref 100 9035 9034 90
Mar 9351 Mar
150 89
American Shipbuilding_100
59
59
Jan
Apr 60
100 49
Armour & Co(Del) pref 100 9755 9751 98
Mar 98 June
1,640 90
Armour & Co pref
100 8934 89
90
Feb
Apr 94
3,160 84
Common el A v t c__25 23
23
2334 2.575 1951 Mar 24
Feb
Common cl B v t c..25
1434 1434
Feb
1,150 1134 Apr 15
Armour Leather
15
434
334 451
554 Jan
260
355 May
Balaban & Katz v t c._ _25 6834 63
July
70
11,095 5034 Feb 70
Preferred
100
July
10354 106
Jan 106
75 95
Beaver Board v t c B....'
Apr
7
150
634 7
4 June
Preferred certineates.100
3755 3934
July
827 2134 June 40
Bendix Corp CIA
10 32
31
Jan
Mar 36
3334 5,400 24
Borg & Beck
• 2634 2634 27
May
550 2455 Mar 29
Case (J I)
•
31
25
51
51 Mar
34 Mar
Central III Pub Serv pref_.
Jan 9155 Mar
86
87
475 84
Central Ind Power pref_100
Feb 93 May
590 89
9034 9234
Chic C & C Ry pt sh pret•
454
355 Apr
100
954 Jan
434 434
Fuse Mfg Co..... 2955 2834 2955
Chicago
215 2834 July 3951 Apr
Chic Mill & Lumber pf_100
102 102
50 102 June 102 June
Chicago Nipple Mfg ci A 15 38
3734 3835
Apr 40 June
720 26
Chicago Rys part elf Der 2_
2
Mar
% July
55
1,050
55
Chicago Title & Trust_100 455
455 455
July
Feb 455
10 400
Corn Chem of Tenn Cl B. •
6
Apr
356 Mar
5
5
200
Commonwealth Edison 100 138
138 13834
353 13035 Apr 14151 June
Consumers Co
20
155
4
234
May
13.4
51 Jan
710
Preferred
Mar 4954 Jan
100
30
32
35 30
Continental Motors
1134 May
• 1034
413
1034 1035
834 Jan
Crane Co
25 57
May 70
57
57
Feb
20 51
Cudahy Packing Co_ _ _100 103
Jan 10834 Feb
103 x10554
460 79
Dan'l Boone Wool Mills_25
1%
June
1
295
134 2
754 Jan
Diamond Match
100 119
119 119
115 11551 Feb 12254 May
Elec Research Lab
• 2334 2351 25
Mar 3756 Jan
450 15
Evans & Ce,Inc, el A_ _ _ _5 26
26
26
700 2334 Mar 3034 Jan
Fair Co (The)
• 33
3,065 3154 Apr 3556 Mar
3234 33
Preferred
100
Mar 10951 Mar
10534 10534
50 104
•
Gill Mfg Co
7 May
Jan
4
50
63.4 634
Godschaux Sugar
•
851
Jan
3
300
931 May
Gossard Co(H W)
• 3755 3534 3755 5,525 2634 Jan 3765 July
_100
Great Lakes D & D.. .
595 9465 Jan 13434 June
129 13035
HammermIll Paper Co...10 29
29
29
Apr 2934 May
200 29
Hibbard,Spencer,Bartlett dr Co
25
74
74
Jan 7465 Feb
10 68
Hupp Motor
10 1955 1834 1951 7,825 1434 Mar 2054 June
Hurley Machine Co
• 46
45
47
Jan
440 4134 Mar 56
Illinois Brick
100 31
31
May 3254 June
3134
700 28
Indep Pneumatic Tool....
52
52
Jan
Apr 70
60 50
Kellogg Sw itchboard_ _ _25 43
.
4051 43
Jan
3,915 3735 June 48
Kentucky Hydro-Elec_100
90
92
91 8534 May 9254 Feb
Kraft Cheese Co
25 82
74
88
July
16,385 3554 Jan 88
La Salle Ext Unit.(III) _10 1655 1534 1756 2,035 1434 June 2151 May
Libby,MeN&Libby,new 10
754
754
734 1,585
934 Jan
634 Apr
McCord Radiator Mfg A_•
30 3735 Apr 42
Feb
3934 3
955
McQUay-Norris Mfg
• 15%
Mar 1854 May
265 13
1534 16
Middle West Utilities_ _ .. _. 9255 9256 9355 2,586 8234 Feb 10234 Mar
Preferred
100 97
9654 97
1,480 9154 Jan 9834 Mar
Prior lien preferred 100 10255 102 10255
Jan 107% May
825 98
Full paid receipts
9155 9155 1,375 9135 July 9135 July
Midland Steel Products_ •
42% 4454 2,800 3234 Jan 4451 July
Midland Util prior lien_100 9951 9955 100
June
1,193 9854 Apr 101
Morgan Lithograph Co_ _• 55
5455 5534 2,970 42
Mar 5554 July
Nat Carbon pref, new_100 130
130 130
July
Feb 130
10 120
Power Corp_ _100
Nat Elec
9534 9554
Apr 9651 June
199 95
10
National Leather
434
434 5
4
Apr
472
651 Jan
Nor West URI pr in pref 100
93
94
Apr 95
135 90
Feb
Omnibus pref A w I....100
93
93
16 8955 June 9534 Feb
Voting trust dig w I 13_5
' 1331
1354 14
770 1154 May 1754 Mar
Philipsborn's, Inc. tr ctf_.1
55
55
% 8,906
55 July
151 Jan
10 1754 1735 1851
Pick (Albert) dr Co
5,395 1755 July 2355 Jan
5 42
Pines Winterfront A
3935 42
Jan
885 33 June 74
• 120
120 120
Pub Serv of Nor III
440 10754 Jan 12454 July
119% 120
Pub Serv of Nor III_ -.100 120
1,696 108
Jan 12464 June
Preferred
100 98
96
90
216 92
Jan 100 June
3%
Rights
436
334 4
4
July
334 June
100 108
10754 109
Quaker Oats Co
1,235 95
Mar
Apr 400
100 105
10454 105
Preferred
Feb
140 10254 Jan 105
Mar 7555 Feb
Real Silk Hosiery Mills_10 5151 5054 5235 3,265 48
10 2036 1931 2034
1,990 1434 Mar 2265 Mar
Reo Motor
25 2355 2355 2355
140 21
Mar 2551 June
Ryan Car Co(The)
52
Standard Gas & Electric_ _• 52
453 4054 Jan 5414 May
5334
50 53
53
5351
Preferred
Jan 54
557 50
Feb
-Warner Speedom • 68114 6414 6814 17,590 5556 Mar 7731 Jan
Stewart
100 11034 10934 111
1,720 10956 Apr 12055 Feb
Swift dr Co
27
15 27
2736
1,295 2454 June 36
Jan
Swift International
45
44
25 45
Apr
July 48
260 44
Thompson (J R)
Mar 7331 Feb
4,900 65
Union Carbide & Carbon.. 6654 6534 67
United Light dr Power
14,200 44
July
Mar 117
Common CI A w I a _ _ _.• Ill% 105 117
110 116
•
Jan 116
160 49
July
Common CI B w i a_
91
928 81
90
Apr 99 June
Preferred CI A w 1 a-." 90
51
50
520 42
Jan 54 June
*
Preferred CI B w I a_
7%
751 936 9,765
Rights
934 July
454 June
805
10
200
45
1,000
6,925
50
235
1,935
200
445
3,110
7.930
4,415
High.
Low.
15 S Gypsum
20
Preferred
100
tin!'" Theatres Cone Cl A.5
Vesta Battery Corp
•
Wahl Co
Ward(Montgomery)&Co 10
Preferred
100
Class A
•
Wolff Mfg Corp
•
Voting trust certificates
.
Wolverine Portland Cem 10
Wrigley Jr
Yellow Cab Mfg, CI B_ _10
Yellow Cab Co,Inc (Chic)*
112
112
4
14
11
41
11234
110
551
6
10
46%
32%
45
Feb
Jan
July
Mar
May
Mar
Apr
May
Jan
Jan
June
Jan
Feb
July
Apr 8474
Apr 63
June 85%
Apr 46%
July 99%
June 100
June 9835
Jan 10254
Jan 100%
4754
7634
June
May
Jan
Jan
Feb,
July
July
Jaw
Mae
Feb
Jan
Feb
June
Jan
175
116
53
24
2335
5955
120
123
10%
10
1436
52%
48%
5535
Mar
Mar
Feb
Mar
July
JuneJuneJune
May
* No par value. x Ex-dividend.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange July 6 to July 10, both inclusive, compiled from official sales lists:
Stocks-
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange July 6 to July 10, both inclusive,
compiled from official sales lists:
Range Sines Jan. 1.
Bonds
Chicago City Ry 55.
.J927
Chic City dc Con Rys 55'27
Chicago Railways 55_ _1927
4s, Series B
1927
Commonwealth Ed 55_1954
Jewelers Bldg&
1950
Ogden Gas Co 5s
1945
Pub Serv 1st ref g 55_ _1956
Swift dr Co 1st.f g 55_1944
June
Jan
July
Jan
July
June
June
June
Feb
•No Dar value.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
For., 121.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
First National Bank- _100
Nat Bk of Commerce_ _100
American Trust Co__ _100
Mercantile Trust Co_ _100
United Rys pref
100
Berry Motor
•
Best Clymer Co
• 45
Boyd-Welsh Shoe
.
Brown Shoe com
100
Preferred
100
Cent Coal & Coke com.100 59
Cert-teed Prod 1st pf_ _100
Chicago Ry Equip pref...25 2664
E L Bruce com
•
Preferred
100
Emerson Electric pref_ _100
Ely & Walk Dr Gds com _ 25 2354
Fred Medart Mfg corn.
..8
Fulton Iron Wks corn....'
Globe Dem Pub pref_ - -100 110
Hamilton-Brown Shoe_ _25
Hussman Refr com
•
RUM(S & D com
* 35
Preferred
100 101
Hydr Press Brick corn_ _100
Preferred
100
International Shoe corn..' 168
Preferred
100 11655
Laclede Gas Light com _100 85
Mo Portland Cement..
.25 71
Nat Candy e nil
100
Pedigo-Weber Shoe
• 4334
Rice-Stix Dr Gds lst pf _100
2d preferred
100
3cruggs-V-B D G corn_ _100 116
3cullin Steel pref
100
3ecurities Inv com
• 42
3Icouras Bros A
• 43
3outhw Bell Tel pref_ _ _100
Wagner Electric corn....'
Wagner Elec Corp pref.100 80
BondsIntted Railways 45_..1934
4s C D
1934
216 218
146 147
165 165
396 398
556 555
127 127
44
45
3855 3954
98
98
105 105
59
59
96
9634
2655 2634
4951 50
100 100
9735 9714
2354 2331
3251 32%
4234 43
108 110
4834 50
48
47
34
3551
101 101
634 6%
9155 9134
168 170
116 11634
85
85
6934 73
9751 98
4334 45
109 109
101 101
116 116
105 105
42
4251
40
43
110 111
3334 35
80
80
70
69
Low.
High.
205
Feb
14355 Jan
160
May
396
July
4
Mar
121
May
4236 Feb
3851 July
69
Mar
9834 Apr
59
July
87
Jan
26
May
38
Apr
100
July
96
May
2151 Jan
SO
Apr
35 May
105 June
4455 Jan
37% Mar
3154 Mar
100
Mar
5 June
81
Jan
110
Feb
11555 June
87
Jan
4155 Feb
94
Apr
40
Mar
107
Jan
10054 Apr
104
Feb
10051 May
41
May
36
Apr
10755 Apr
2654 Jan
80
July
222 June
Mar
150
July
165
Feb
400
714 Feb.
12754 May
Jan
46
5054 Jan
May
100
105
JulY
59
July
9654 July
Mar
27
50
July
100
July
Jan
101
Feb
25
3451 Feb
43
July
110
July
50
July
4734 June
40
Feb
Feb
102
854 Feb
96
may
178 June
122 June
88
May
73
July
Jan
107
4534 Mar
110
May
10335 Mar
Jan
116
105
July
4434 Jan
43
July
112 June
50
Feb
91
Feb
69 'May
RR
msv
5
30
25
86
50
123
360
40
23
23
5
40
24
72
270
2
98
230
145
15
205
135
950
5
110
660
216
141
7
3.337
135
135
9
8
25
10
95
1,505
211
200
50
7051 115,000
69
Low
Range Since Jan. 1.
74
Feb
7211 Fah
•No par value.
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange July 6 to July 10, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low, High. Shares.
Amer Laun Mach com__25 11051
Preferred
100 12455
Amer Rolling MI'loom_ _25 49
100 10854
Preferred
Am Seeding Mach pref-100 65
100 10734
Baldwin new met
Carey (Philip) com....._109 170
Champ Coat Pap corn_ _100 130
Churngold Corp
• 6734
City Ice & Fuel
• 2455
20 20
Cooper Corp A
100 10031
New preferred
Dalton Add Mach pref_100 104
Dow Drug Pre!
100 109
Eagle-Picher Lead corn_ _20 3234
.A00 100
Earley & Daniel pref.
. 22
Formica Insulation
* 3665
Gibson Art common
100 11534
Preferred
Globe Wernicke corn_ 100 84%
• 3034
Omen Watch corn
100 102
Preferred
Hatfield-Reliance corn.- _• 1734
100 102
Preferred
10 10155
Kroger common
100 11254
New preferred
•
McLaren "A"
1251
Paragon Refining com...25
735
Procter & Gamble corn_.20 122
100 162
8% preferred
100 10936
6% preferred
Pure Oil6% preferred. _100 85
Richardson preferrecL _100 10431
100 103
U.S. Can pref
20 11851
U S Playing Card
U S Print dr Litho com-100 6854
Preferred
100 9614
•
U 8 Shoe com
731
Preferred
100 5211
Whitaker Paper pref.
..100 57
Wurlitzer 7% pref
100 10734
8% preferred
100 10634
109 11154
1243.4 12455
49
4934
10851 10854
65
65
10754 107%
170 170
130 130
6754 67%
2351 2434
20
20
10051 10034
104 104
109 109
3255 32%
100 100
21% 22
36% 37
11534 11514
8434 85
3036 3034
102 102
173.4 1734
102 102
101 10155
11265 113
11% 1231
6% 736
122 12255
162 162
109% 109%
85
8534
104% 10434
102 103
11834 118%
68
68%
9614 97
7
734
5254 5255
57
57
10754 10755
10654 10654
1,425
72
1.534
359
8
38
6
5
15
274
2
1
50
8
1,345
8
270
239
55
15
58
53
10
20
456
112
55
220
409
10
98
108
10
21
6
94
25
95
120
4
5
25
Range Since Jan. 1.
Low.
72
118
49
10634
65
10331
136
130
4834
23
1734
9561
9954
107
31
95
31
35
112
ssg
30
10051
1755
100
7331
11031
1131
554
112
156
10765
81
102
100
10734
59
7754
551
47
44
105
104
Feb
Jan
July
Feb
Mar
Jan
Feb
July
Jan
June
Jan
Apr
Feb
Feb
June
Jan
June
Apr
Jan
Jan
Feb
Feb
June
Mar
Mar
Jan
Apr
Jan
Jan
Feb
Feb
Jan
May
Apr
Mar
Feb
Feb
Apr
Jan
Jan
Feb
Feb
High.
113
12434
5755
11165
75
10734
170
135
71
2554
2151
10554
103
109
4155
100
41
45
11551
8814
33
10254
2054
103
108
11334
13
934
131
164
110
89
10655
10451
120
7236
97
1054
64
57
108
10954
BanksFhmLNratinnal
inn 207
VW
207
1152 270
Tan
200
June
July
Jan
June
Mar
July
June
Mar
June
Feb
May
June
Mar
Apr
Mar
Mar
Mar
Feb
Apr
May
Feb
Jan
Mar
Feb
June
July
Atm
Mar
Apr
May
Apr
may
Mar
Jan
Apr
Apr
June
Feb
Feb
June
May
May
4
An,
JULY 11 1925.1
TI-IFT CTI1ONTC1*.g
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Public Utilities
Cincinnati & Sub Tel_ _ _50 87% 87%
Cincinnati Gas& Elec....100 88% 88%
C N &C Lt &Traccom.100 8231 8241
Preferred
100 61% 6134
100 107% 106%
Ohio Bell Tel pref
88%
89
82%
61%
107%
Range Since Jan. 1.
Low.
251 79
299 82
10 75
30 60
183 106
High.
Jan 94
Jan 92
Jan 83%
Apr 63%
Mar 110
June
June
June
June
June
Tractions
Cincinnati Street Ay--50
Ohio Traction corn_ _.I00
Preferred
100
3514
1134
64
33
3541
11% 12
64
57
756
100
305
32% Jan
9
Apr
Jan
40
38
25
64
June
May
July
Railroads
Little Miami guar
94
94
9414
124
92
Jan
95
Jan
50
•No par value.
Pittsburgh Stock Exchange.
-For this week's record of
transactions on the Pittsburgh Stock Exchange see page 166.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from July 6 to
July 10, both inclusive, as compiled from the official lists.
Week Ended July 10.
Stocks
-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High Shares.
Indus. & Miscellaneous.
Adirondack P & L corn _100
7% preferred
100
•
Allied Packers corn
100
Prior Preferred
Alpha Portland Cement__
Amer Gas & Eleetno
Common
•
Preferred
•
American Hawaiian SS--10
Amer Lt & Trao,com-100
Preferred
100
Amer MultigraPh,corn__ _•
Amer Pow & Lt com new_•
Preferred
100
Amer Rayon Products...*
Am Buperpow Corp.CI A-•
Clam B
•
Prior preferred
25
American Thread pref....5
Apco Mfg, Class A
25
Arizona Power com_ _ _100
Armour & Co (Ills) comB25
Assoc 0 & E Class A__ __•
Atlantis Fruit & SUB. •
Atlas Portl Cement new •
Beaverboard Co pf v t c 100
Belding 13ros di Co com.-•
Boissonnault(0) Co
•
Borden Co old common_100
Cora subscrip'n stock-50
Corn exchange stock_ _50
Preferred
100
Botany Consol Mills corn_•
Class A
50
Bridgeport Machine com.•
Brit
-Am Tob ord bear- £1
Brooklyn City RR
10
Brown & Will Tob Ci B_10
Bucyrus Co corn
100
Preferred
100
Buffalo Gen Elec new °Om*
Burroughs Add M,pf _ _100
Canada Dry Ginger Ale A*
Class B
•
New stook when issued_
Car Ltg & Power com__26
.Carolina Power & Lt_ _100
'Celluloid Co. pref
100
Centrifugal Pipe Corp ---•
•
Chapin-Backe Inc,
Chatterton & Son
10
Chic Nipple Mfga I A-50
50
Class B
.Childs Co, pref
100
•
Chrysler Corp w 1
•Cities Service corn. w 1_20
Preferred
100
Preferred B
10
Preferred BB
100
Rankers' shares
•
.Cleveland Automobilecom•
Colombian Syndicate
• Com'wealth Pow Corp__•
Common new
•
Preferred
100
Warrants
Cons Gas.E L&P Balt news
Continental Balling.00mA•
•
Common B
8% preferred
100
'Continental Tobacco_ _ _•
.
CotY. Inc. WI
•
*
Cuba Company
• Curtiss Aeropl& M corn_•
Preferred
100
De Forest Radio Corp....*
Del Lack & West Coal--50
Mixon (Jos) Crublelle_100
Doehler Die-Casting
•
DubillerConderik Rad new
Dunhill International-. •
Du Pont Motors,Inc- •
•
Durant Motors, Inc
Dus & Co. Ina, Class A •
•
,Elec Auto-Lilo Co
Eleo Bond & Bliare.prof 100
.
Elea Bond & Share See _ •
KIee Invest without wafts*
•
Elec Ry Securities
•
Eureka Vac Cleaner
iFajardo Sugar
100
Film Inspection Mach _ _ _ •
Ford Motor Coot Can-100
Fox Film class A
,
Franklin(H H)Mfg oom_•
Preferred
.100
Freed-Eisemmin Raillo___•
Freshman (Chas) Co
•
'Gabriel Snubber w 1 CIA •
•
Garod Corporation
General Gas & Elec. coin.*
Convertible preferred._'
•
Preferred class A
.........,.....-i Maim 11
•
87
102
140
78
170
10333
2131
6134
95
4334
3831
40
26
334
3041
1431
x4014
3914
75e
934
2834
834
75
190
190
47
334
390
1534
45
soe,
3834
1534
3831
83
744
23
2
167
4131
8431
4334
142
3734
103
1734
4634
19
78
2694
129
1544
1714
2534
14
2211
70
10514
6944
5934
534
56
4131
1234
2734
5
207
209
145
is&
84
102
714
57
139
87
10234
715
5831
140
Range Since Jan. 1.
Low.
1,400 33
80 92
100
5
300 50
30 139
78
80
5,700
9031 9031
900
10
400
1031
168 17131 1,990
10314 10334
25
2131 2131
100
5934 0414 24.900
92
94
495
423.4 4331 1,000
3544 3934 11,200
3634 41
94,400
26
26
400
334 4
900
2245 2431
400
30
3031
300
143.4 15
10,500
3431 4234 30,800
85c 85c
200
51
52
1.000
3731 38
400
3935 3934 16,900
65c 750
500
170 170
10
81
8374
400
8236 87
1,100
20
10731 10734
23
23
300
4434 4434
100
934 934
600
26
2614
3011
845 814 2.100
15
600
1534
145 149
150
10431 10
10
441
67
75
3,200
10434 10441
10
190 200
45
190 200
35
51
47
7.300
331 4
3,100
390 3993.4
60
7031 7034
30
15
1531 1.100
44
4631 9.700
3374 3434 6.800
3744 3814
700
1534 16
700
11634 11634
100
117 117
300
3834 3834 10.000
8231 83
1,000
734 744
200
7814 7834
100
1931 1931
300
2234 2331 1,500
174 215 16,400
15814 167
1,275
3911 42
15.700
8431
83
450
225
7631 78
4331 4534 14,700
4,700
14034 144
3694 3931 219,800
101 10334 6,300
1731 1731
600
40
40
100
4631 4734 2,400
19
2034 4,000
7741 78
200
2654 2731 3.900
625
12734 130
20
146 146
300
1594 16
1731 1834 2,700
950
2531 2614
50c 50c
300
12
1534 22.400
2231 2234
400
67
70
575
180
10531 106
6934 7114 9.000
5834 6131 17,200
16
300
16
51
5245
800
12344 125
30
434 6
900
501 509
110
5231 5714 16.600
34
4234 19,700
90
90
100
1234 1234 2.800
16
17
1.800
2735 28
6.500
444 534 2.700
176 20834
890
173 209
1,010
141 14734
865
Ian 135
610
Feb 9514
Jan 107
Apr 10
May 87
July 140
6834
8331
834
137
94
1831
4831
84
2631
2634
2734
2431
331
22
1731
1131
2511
80e
44
34
3934
31c
133
673.4
6731
106
18
4331
431
2434
731
10
121
10431
50
103
90
80
3434
131
300
65
10
Feb
Apr
May
Jan
Jan
Mar
Feb
Apr
May
Mar
Mar
Feb
Jan
May
Jan
Apr
Mar
Jan
June
June
July
May
Jan
Mar
Mar
Jan
May
Mar
Feb
June
May
Jan
Jan
July
Apr
Jan
Apr
Apr
June
Jan
Feb
June
Mar
lot Jan
12
Feb
29
Apr
1115 June
11314 Jan
7531 Apr
36
Mar
3131 Jan
731 Mar
77
Mar
1731 Mar
1931 Feb
60e Jan
106
Apr
3814 June
793 Jan
2534 Feb
3114 Jan
108
Jan
2131 Jan
9131 Jan
17 June
3734 Apr
354 Apr
13
Feb
55
Mar
1814 Mar
119
Apr
143 June
10
Apr
1234 Mar
Apr
25
504) May
1134 June
2014 Apr
6834 July
10131 Apr
5531 Apr
40
Jan
1231 Mar
96
May
120
Feb
43.4 June
462
Mar
4734 June
1644 Apr
78
Apr
7
Apr
934 Mar
26
Apr
2
Apr
80
Jan
80
Jan
106
Jan
137
High.
An.
June
May
Feb
Jan
July
187
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
ofPrices.
Week.
(Concluded).
Par. Price. Low. High. Shares.
Gen'l Outdoor Adver'g___• 2234
Class A
•
Gillette Safety Razor_ _• 7934
Glen Alden Coal
• 128
Goodyear Tire & R.cors100 3231
Gould Couples, Class A_ __ 2034
Grand (F W)5-10-25c Sts * 67
Grennan Bakeries Inc_ -• 1934
Hablrshaw El Ca new cow I
Hall Switch & Signal cm100
434
Happiness Candy St cl A.
8
Founders' shares
Hazeltine Corp_
•
Hunt Bros Pack, Ci A wL. 26
•
Hayden Chemical
13-4
Horn & Hardart Co
• 5514
Imperial Tob of Canada_ _5
Intercontinental Rubb_100 1334
Int Concrete Ind Fdrs shrs 1234
Inter Match non-vot Di -- 4915
Int Utilities. Class A
• 35
•
Class B
Inter-Ocean Radio Corp.*
Jones (Joe W)Radio Mfg..
,
3
Keiner Williams Stpg._ _• 2134
Belvinator Corp
• 3934
Keystone Soiether
10 500
Kraft Cheese
25 8415
Landover Holding Corp A 1
1831
Lebigh Power Securities_ • 145
Lehigh Valley Coal Sales 50
Leh Vail Coal still new -- :3794
Libby McNeill dr Libby..10
744
Libby Owens Sheet Glaas25 19841
.•
Liberty Radio Cii Stores.
734
Lupton(F H)Pub,Cl A_ •
Marconi Wirel Tel of Can _1
Marconi %Viral Tel of Land
714
McCord Had & Mfg vto w I
McCrory Stores
• 93
Mengel Co
100 6354
Mesabi Iron Co
•
Middle West Utilities cor6 10234
9621
2
0000 9 /
Prior llen stock
Preferred
Midvale Co
•
Miller Rubber com___.100 172
Mississippi River Pow_100
Motion Pict Capital Corp• 1834
Municipal Service Corp-1244
Music Master Corp
• 1631
National Leather
10
Nat Powero
ewer& Light, porn.* 338
• 101
Nat Pub Serv CIA corn..
• 2445
Class B common
• 1844
National Tea.
•
New Eng Tel%)dr Teleg.100
i
Ney Telep 84s La
N w Mex ar Ariz pre ..00 112
t -1
834
8434 May
9031 July
1331 Feb
17431 May
10331 July
22
Jan
6731 Jan
95
July
5134 June
3931 July
41
July
2631 Mar
431 Feb
2644 Mar
31 June
15
Feb
4231 July
114 Max Nickel Plate com,new, wt. 78
52
8474
July
Preferred, new, Wi
38 July Niter Corp Class A w 1___• 5134
Class B, w 1
4034 July
4594
934
331 Feb Northern Ohio Power Co_•
170
terr
July NoStateLP Corp,com_100 119
100 100
8334 July
Preferred
87
July Nor States Pow Del war'nts 2044
• 1434
113 May Omnibus Corp v t o
2331 June Pathe Exchange Ina cl A_• 8534
4844 Jac Penns Water & Power_100 14741
11
May Power Corp of N Y.corn.' 79
• 4314
2814 Am Pratt& Lambert Inc
944 Feb Pro-phy-lac-tic Brush corn•
1511 July Puget Sd & L. corn. _100
163 May Purity Bakeries class A_25 4615
110 May
•
Class B
75
July PYrene Manufacturing- _10 1041
Reid Ice Cream Corp corn •
10515 Jar
Rem NoiseleasTypew,C1 A*
200
July
10 2041
Reo Motor Car
192 Juni
Rich'd Radiator, coin- _100
5114 July
434
534 Mai Bova Radio Corp tr ctfs__.
• 7634
St Regis Paper coin
430 May
Schwarz (Bernard) Cig A__ -97
Jar
2731 Jai fiery. El. Corp. el A. WI.. 1754
liwea GNi C
4634 Jul) siliger elfgorp.corn. v t e.• 1834
100
3134 Jul)
51
8%
40 Jun, Singer Mfg Ltd
• 1134
17 Jun, Sleeper Radio v t o
117
Fel
Sou Calif Edison com_100 119
_100
7% pref Series A
12631 Jun,
100
43
Fel
pref Ser B
83
Jul) Southern G & P cl A wt..* 24
734 Jun, El eastern Pr & Lt eacn..• 109
8234 Ma: Southw Bell Tel 7% Pf-100
Standard Motor Constr-10 • 434
2131 Fel
28
Ma: Stand Publishing CI A...26 2034
214 Ma: Stand Textile Prod corn 100
Preferred A
173
100
Ma:
Preferred 13
8
100 4
4344 Ma;
. 0
•
85 Ma; Stutz Motor Car
ar
110%
86
Swift & Co
Ma:
4514 Jul;
Swift International
15
Tenn Elec Pow,corn ctf dep
144
Jul:
2d pref ctf of deP
3934 Jul,
Tnermiodyne Radio
•
10315 Jul
2614 Ja
Thompeon(RE)Radio vto•
814
9
45
Timken-Detroit Axle---10
Ma
Tob Prod Export Corn- •
4831 Jun
22
Todd Shipyards Corp- •
Ma
79 84a
Tower Mfg Corp
5 10
Tuiip cAr c Spk A v t ri.
T u bize uptiforil
34
•
Fe
137 Jun
•
148 Jun
Union Carbide & Carbon.*
United0& E coin new.._10 48
2031 J&
3511 Jal
United Lt & Pow corn A • 11234
31
Jai
United Profit Sharinif----1
8
U p Lt rre8 corn new---10
Elrefe& Ht
134 Jai
21
10
Ja
2%
83
Universal Pictures
31
Fel
7834 ma
Utilities Pr & Lt CIA....' 2845
107
Victor Talking MachIne100
Jul
9131 Fe
Ware Radio Corp
• 15
64 Jun
Wciner Bros Pict, corn_ •
ar Am A
16
Ma
West Pac RR coin new _100 164
5234 Jun
10
129
Preferred new
Ap
1114 Ja
Wes
PrCorp, nom-100 8731
1W
524
Fe
100
White Rock Mln Spgs nom* 4134
5734 Jul
4234 Jul
Wilson & Co (new) w
1531
9234 Jun
CiassAwi
2831
334s Ja
Preferred w I
71
28
Yellow Taxl Corp N Y
la
• 1034
2914 Ma
1731 Ja
Rights20834 Jul
Garod Corporation
209
Jul
30c
United Gas Improvement_
14834 Jul
334
125
IIII
United Lt& Power.
------
Range Since Jan. I.
Low.
22
23
1,900 2031 June
44% 4514 2,100 4234 June
76
7934 19,700 5734 Jan
127% 129%
500 117
Feb
32% 33% 13,900 24% Jan
2034 20%
300 203-4 July
64
67
800 55 June
19% 20% 4,700 154 Mar
18% 193.4
200 1834 July
4% 434 1,260
334 Jan
10.100
654 Jan
8% 841
100
ISX Feb
19
500 1434 June
2034
26
26
200 2531 July
1% 2
600
194 Apr
5034 57
1,600 46
May
6
7% 1,800
6
July
13% 15
15,300
534 Jan
12% 13% 1,700
7
Mar
48% 5141 10.300 3714 Jan
35
35
100 35 June
8% 934 2,000
674 May
2
2%
700 80o May
3
4
1.700
1 May
2114 21%
300 2034 June
3914 41% 6.300 1854 Feb
50c 50c
200 49c Jan
78
87
560 64 May
1811 18%
300
83.4 Jan
144 149
1.500 82
Feb
8114 83
450 78 May
z3744 4034 4,400 33
Mar
7% 7% 1.300
634 Ayr
19844 203
710 182 June
7% 7)5 MOO
634 June
414 4%
100
3% June
1% 1%
200
Init Apr
714 744 1,200
714 July
2214 2234 1,500 2234 June
93
95
800 87
Mar
63% 68% 3,650 30
Jan
2% 2% 3.200
234 July
91% 94
5,000 8234 Feb
102% 10241
180 9834 Jan
96
97
70 91
Jan
22% 22%
100 2234 June
161% 172
1.050 145 June
63% 65
125 47 May
1814 1944 2,100 17
mar
12% 12%
500 1241 July
1634 1714 3,200
831 Mar
5
5
500
4
Apr
336 346
2,610 184% Feb
101 101
40 95
Jan
2414 27
8,900 2231 June
1831 18% 6,000 14 June
380 400
170 230
Jan
11014 11014
30 102 May
7% 8% 3.200
634 Jan
112 112%
200 11034 Jan
8515 86
1,400 823.4 Mar
8411 8434
300 8131 Mar
51% 52% 1.606 37
Apr
4544 47% 16,600 4331 June
9% 10% 13,000
631 War
116% 119
310 10254 Jan
99 100
250 9431 Feb
19% 21% 2.000
6
Feb
14
1444
300 12 May
8444 93% 44,200 4234 Mar
147% 150
150 127
Jan
74% 80% 32,100 33
Jan
43% 44
700 40
Feb
40
42
500 3834 May
52% 52%
100 49
Mar
46
4614 1,000 35
Apr
40
4144 1,900 34
mar
914 10% 1.700
934 July
38
3834
200 35
Jan
42% 42%
600 37
Mar
1914 2044 16,904) 1534 Apr
26
26
100 2941 July
411 434
800
354 May
7434 77)4 12,100 3614 Apr
16% 16%
100 16
July
17
1934 13,400
954 Apr
1814 19
700 1234 mar
275 275
20 19831 Jan
815 944
900
Mar
4
9% 1344 6,600
43.4 May
118 120% 2,771 10134 Jan
107 107%
125 10434 Mar
9314 94
225 88
Jan
2344 24
600 2334 June
99% 112
17.400 5234 Feb
110% 110%
10 10634 Mar
4% 444
600
311 Jan
20
20%
800 y19 May
22
22
100 2114 June
58
58
50 58 June
39
40
125 35 June
741 814 3,000
Apr
10914 110%
100 109 May
27
27% 2,000 2414 June
68
68%
300 8694 July
83
83
25 83 July
1134 11%
100
634 Mar
734 9%
800
6 May
9
9
1,000
33.4 J
3% 344
600
334 May
37
37
100 38 June
8% 10
900
5
mar
155 164
670 155
July
17
17
100 1431 Feb
6514 67
3,600 65
Mar
46% 49% 6.200 25
Feb
103)5 117% 50,200 4414 Mar
7% 8% 4,700
654 Jan
441 444
100
334 June
2% 245
300
134 Jan
3044 3154
800 24
Mar
28
28% 2,400 2234 Mar
69
71
1.175 65
Apr
15
15%
500
9
Mar
14
14
100 14
Feb
16% 18% 2.200 1434 Apr
20
20
300 20
July
73
75
500 73
July
59
70% 49,700 30
Mar
93
9414
90 8834 Jan
4014 43
600 16
Feb
1434 1534 3,700 1134 Apr
28% 30% 1,500 2644 Apr
70% 71H
700 68 June
10% 13
2,700 1134 June
25o 30o
400
3
200
3%
74( 934 105.200
254, July
3 July
434 Ju
High.
24%
47
80
188
3534
2034
7331
2134
21
534
954
851
5131
2634
3
5834
734
15
1334
5114
4614
17
14
9
2334
43
Feb
Apr
July
mar
Mar
July
Jan
May
June
Feb
June
Jana
Jan
June
Jan
Mar
July
July
July
July
Jan
Jan
Jan
Jan
Jan
July
134 Feb
87
July
2334 May
160 June
87
Jan
5094 Jan
914 Jan
205
July
V
Jan
831 Jan
111,5 Mar
10
Jan
2354 June
95
Jan
6834 July
434 Jan
10231 Mar
107 May
99 June
2834 Jan
173 June
6931 June
1994 June
1234 July
2131 Jan
634 Jan
350 Ma7
102 JUDO
2844 June
20 June
400
July
111
June
1131 Feb
114
Feb
9034 Feb
8754 Jan
6331 June
4834 July
UN May
126 May
101 JUDO
293.4 JUDO
1734 Jan
9396 July
153% May
8034 Ally
Apr
44
44
Jan
6034 May
4634 June
47 June
1234 Mar
43
Jan
46
Mar
23
bear
Jan
37
1434 Jan
7434 July
18 June
20 June
21
Jan
275 June
June
10
1934 Jan
12034 July
10754 May
94 June
24 JUDO
112
July
11034 June
534 Mar
2731 wee
July
23
58 June
40
July
11134 MAY
Feb
120
8534 Jae
8834 July
83
July
2234 Jan
25
Jae
934 Juni
09 Jai
,
use
42
2431 Jan
180 June
1831 May
7331 Feb
69 June
11751 July
1131 Mar
514 May
274 Jan
33 June
3014 June
106
Jan
4094 Jan
1651 June
1734 may
23 May
78 July
7034 July
9634 June
4631 June
11141 July
Apr
35
7534 Apr
Jan
22
30c July
314 July
94 July
4
•
188
Former Standard Oil
Subsidiaries.
Anglo-American 011___ _ El
Borne Scrymser Co_ _100
50
Buckeye Pipe Line
25
Chesebrough Mfg
100
Preferred
Continental 011 v tow 1_ _.
Cumberland Pipe Line 100
100
Eureka Pipe Line
Galena-Signal 011,conk 100
100
New preferred
Humble Oil & Refining_ _25
100
• Illinois Pipe Line
Imperial 011 (Can) new __50
Indiana Pine Line
Magnolia Petro1eum-100
National Transit_-12.50
100
New York Transit
Northern Pipe Line.. _100
25
Ohio Oil
25
Penn Mex Fuel
25
Prairie 011 dr Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
Southern Pine Line_ -100
So West Pa Pipe Lines _100
Standard 011 andlana)._25
Standard Oil (Kansaa)-25
25
Standard 011(Ky.)
Standard Oil(Neb)-100
Standard Oil of N Y___ -25
Stand Oil (Ohio) com__100
100
Preferred
100
Swan & Finch
25
Vacuum 011
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low. High. Shares.
22%
60
64
25%
145
7434
55
102
67%
32%
146
2134
56%
27
59
125
172
65%
3534
124%
43%
352
120
1614
Mining Stocks
Arizona Globe Copper-1
Butte & Western Mining_l
10
Canarlo Conner
1
Chief Consol Mining
Chino Extension
Consol Copper Minas- --I
Consol Nevada-Utah_ _3
Cortez Silver Mines Co_ _1
Cresson Cons Gold M&M.1
Dolores Esperanza Corp_ _2
Engineer Gold MInes,Ltd 6
1
Eureka croesus
First Thought Gold Mining
1
Forty-nine Mining
Golden Centre Mines
Goldfield Consol Mines_
1
Goldfield Florence
Hawthorne Mines Inct-1
25e
Mining
Helga
Hollinger Consol G M_ _.5
Jerome Verde Devel
1
Key Copper Co
Lorraine Consolidated- _
6
Mason Valley Mime
50c
National Tin Corp
New Cornelia Copper- --5
100
New Jersey Elm,
Newmont Mining Corp.10
Nipiming Mines
1
Ohlo Copper
Parmac Porcupine Mining'
Plymouth Lead Mines_ I
Premier Gold Mining. Ltdl
1
San Toy Mining
South Amer Gold & Plat._1
Spearhead Gold Mining 1
I
Standard Silver Lead_
1
Teck Hughes
Tonopah Belmont Devel_ I
TonoPan Extension
Tonopah Mining
United Verde Extens_
S Continental Mine5-5
5
Unity Gold Mines
Menden Copper Mining 1
Western Utah Copper_ _1
Bonds
Allied Pack eonv deb as'39
1939
Deb 6s
Alpine Montan St 7e 1955
Amer 0 & E deh fle_ _2014
260
1 lc
63(
40c
70
3
85
100
390
25c
634
254
10c
90
4614
435
87c
37c
20e
234
70
154
24
90
85c
4%
91%
8034
91
98%
Range Since Jan. 1.
Low.
21% 22% 2,500 18
219 222
30 205
61
70 5834
60
64
6534 1,000 4834
112 .112
100 110
25% 2615 30,300 2134
144% 145
140 132
73
60 72
74%
225 53
55
55
102 103
20 100
66% 69% 53,400 4234
135% 137
100 127
32% 33% 4,700 273(
110 69%
70
70%
143 146
310 1304
400 2115
21% 214
50 55
55
5615
20 78
7834 7834
2,100 623(
67
71
700 25
25% 27
5834 61% 8,000 503(
3,260 106
125 126
224% 225
30 202
710 139
17035 172
300 80
80% 84
10 65
65
65
6534 66% 38,700 59%
35
35% 1,400 30%
124 124% 2,000 11494
244 24834
50 240
43% 4434 7,000 41
100 338
352 355
190 11734
120 120
20 15
1634 1735
8834 9034 3,000 80%
Other Oil Stocks.
7%
Amer Controlled Oil F'Ids 5
10% 10%
Amer Maracaibo Co
554
5%
10
Argo Oil
10
6%
611
Arkansas Nat. GM
3
Atlantic Lobos 011 com_ •
3%
Carib Syndicate
1
Consolidated Royaltlea_ _ _1
5 10% 10%
Creole Syndicate
9%
934
Crown Cent Petrol Corn.*
•
5
Derby Oil dr Ref. com_
• 18
15
Preferred
134
1%
Euclid Oil
2%
1
2%
Gibson 011 Corp
1%
Gilliland 011 corn v t c.._
160
10
Glenrock 011
25 76
75%
Gulf 011 Corp of Pa
International Petroleum__• 25% 25
•
3%
3
Kirby Petroleum
•
4%
5%
Lego Petroleum Corp
136
134
Livingston Petroleum__ _ _•
• 990
99e
Margay 011 Corp
Marland 011 of Mexico_ __ 1
3%
1.34 930
Mexican Panuco 011-10
1
1
Mountain & Gulf 011
Mountain Producers -10 21% 21%
• 116
116
National Fuel Gas
5
5%
5%
New Bradford 011
25
11
New York Oil
100
(Chas F)O&G„com 1
Noble
1
50c
Preferred
Ohio Fuel Corporation_.25 32% 3235
•
1
Peer 011 Corp
2415 2434
Pennock Oil Corp
36
25
Red Bank 011
Relter-Foster Oil Corn --• 26% 2454
50c
Royal Can 011 Syndicate.* 70c
4%
Ryan Congo'Petroleum •
735
734
Salt Creek Consol 011.-10
Salt Creek Producers._ _10 27% 2714
• 41% 41%
SunOilCowl
9
Tidal Osage Oil votstk_
8
Non-voting stock
3434
Tide Water Oil new w
3%
4
Venezuelan Petroleum__
24
Ventura Cons Oilfields _5
130
Western States Oil & Gas_l
2815
Wilcox(H F)Oil & Gas new 29
534
Woodley Petroleum Co- •
1
50
Sc
"Y" 011 & Gas
735
11
6%
635
311
4%
1114
11%
10%
5%
18
1%
2%
1%
160
77%
25%
331
5%
1%
1
3%
lilt
1%
22
116
5%
11
10c
50c
3234
1%
25%
37
29
79e
5%
7%
28
42%
9
8
35%
4
24
160
29%
5%
6c
Jan
Apr
May
Jan
Mar
Mar
Mar
June
June
Feb
Jan
Jan
Max
Apr
Apr
July
July
June
Max
June
Max
Jan
Jan
Jan
June
Mar
Mar
Apr
Mar
Apr
Apr
Jan
Jan
June
Jan
High.
26%
235
72
66%
115
3134
150
96
65
107%
7234
1544
34%
84
159
25%
79
88
753(
44%
65%
127
254
197
103
85
70
46
126
270
48%
369
123
27
96%
Apr
Feb
Jan
May
May
Feb
Feb
Jan
Feb
July
June
Jan
June
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
June
Jan
Jan
Jan
Jan
Feb
Feb
June
Jan
Feb
Jan
Mar
Jan
Feb
7% July
4,300
4% May
24 Jan 1135 June
22,100
800
5% July 10% June
1,500
Apr
48%m
5
1,500
May
234 Mar
4% Feb
Mar
2,000
3
200
11( Jan
950 Jan
3,900
834 Jan 14% Apr
935 July 12% May
1,600
Feb
7
200
4 June
Feb154
July 27
600 15
June
3,200 870 Jan
334 June
6,400
1% Jan
394 Mar
300
115 MaY
1,000 15c Apr 270 Feb
5,000 6314 Mar
79
Feb
20,700 22% Mar 28% j e
5% Jan
1,200
2% Jan
714 Apr
33,400
4;6 June
6,400 75c Jan
1% July
2,800 500 Jan
134 Mar
1% Jan
4% Feb
200
July
5,400 age Apr
2
M
July "
500
10,000 18% Jan 23% June
Mar
Jan 122
150 106
3% Jan
6% June
2,500
100
814 Feb 1215 June
2,000 100 Jan 130 Feb
1,000 350 Jan 500 Feb
Mar 34% Feb
100 31
3,100
1% Feb
900 May
1,800 1734 Jan 28% June
Mar 4416 June
800 16
20,700 22% May 33% June
Apr
50c July
6,000
934 Mar
400
335 Jan
64 Jan
8% Mar
300
Jan 2834 June
I une
7,600 24
7,900 38;5 May 46
9
Feb 15% Feb
100
July 1016 Feb
8
200
1,200 3414 JulY 37% June
434 Apr
3,300
3% Jan
500 22% Mar 2415 June
70 June 24e June
12,000
1,100 28% JulY 3134, June
7
Mar
200
3% Mar
Jan
9c June
Sc
5,000
28c 16,000
7o Jan 36e Feb
110
1,000 100 Mar 190 Feb
315 Feb
6% July
6% 8,900
3%
900
3884 Feb
3% Mar
7,400 300 June
50c
1% June
2%
Feb
800
2% June
Sc
2,000
6c Apr
4c Apr
7c
5,000
7c June 25c Feb
335 July
4
Feb
3% 1,400
50c
2,500 350 Jan 75c Feb
100
July
49,600 14% Jan 100
10c
1,000
7c Jan 230 Feb
40c 18,000 100 May 589 Jan
25e 29,000
so Jan 400 May
.
5% July
6% 142,300
6% July
6c
60
80 Mar
1,000
lc Jan
6c
60
6,500
Sc June 140 Feb
15c 150
4,000
Ite Feb 230 Apr
13% 14% 1,200 12% AM 16% Feb
14% 14%
600 1334 Mar 1614 May
1
115 1,400 98e Jan
2
Apr
235 2816, 66,300
254 June
1% Jan
100 10c
2,000 10c July 10c July
154 1%
2% Jan
.500
134 Mar
70
9c 18,000
7c Jan 18e Mar
19% 19%
200 18% Mar 24% Jan
185 187
300 181 May 199
Jan
4555 46% 8,100 45% June 46% July
4% 435
6% Jan
700
434 May
78c 87c
8,500 75e Mar
135 Jan
370 37c
4,000 150 Feb 520 Jan
160 20c
3,000 16c July 85c Mar
2% 2% 2,300
235 Jan
2
Jan
30
30
7e Feb
1,000
20 Jan
2% 2%
314 Jan
600
235 May
70
7c
6,000
40 Feb 129 May
160 16c
1,000
80 Jan 30c Apr
1% 1%
114 Feb
14 Jan
500
60e 60c
500 52e Apr 85c Mar
154 1%
381. Feb
700
MI June
4 May
3% 3%
100
1 14 Mar
,
23% 24% 1,400 2014 Apr 29% Jan
9c
9c
4,000
70 June 160 Mar
85c 85c
100 50c Mar 95c June
434 4% 13,800
6
Apr
Jan
2
lie 11c
4,000 11c June 25e Feb
250
1lc
6%
3%
40c
234
5c
7c
3
500
55%
10c
30c
22c
9015
80
91
98%
9115
81
91
98%
$57,000
31,000
33,000
203.000
[Vor, 121.
THE CHRONICLE
84
74
91
95
Mar
Mar
Mar
Jan
94%
8416
91%
99%
Feb
Feb
May
May
Bonds (Concluded)
American Ice 7s
/American Power & Light
89 old without warr 2012
6s, new
Amer Roiling Mill 68 .1938
•tmer Burnet Tob 7158_1926
naconda Cop Min 68.1929
Andian Nat Corp 69_1940
Without warrants
Assoc Gas & Elec 65 _ _1965
Assoc'd Simmons Hardware
634s
1933
Atlantic Fruit 88
Atl G & W I BS L 5s1959
Beaver Board Co 8s__1933
Beaver Products 7158_1942
Belgo-Canadian Pap 69 '43
Bell Telep of Can 58_ _1955
Beth Steel equip 78___1935
Boston & Maine RR 681933
Botany Cons Mills 634s '34
vlanadlan Nat Rye 78 1933
Cent Pac Ry 5s, w I_ A960
Chic Milw & St P (new co)
50
-year g 5s Ser A w 1'75
AdJM 5swi
2000
Cities Service 68
1966
Cities Service 7s Ser B.1966
Cities Service 78 Ser C_1966
Cities Service 7s Ser D 1968
Cities Serv Pr & Lt65_1944
Cons G. E L Ji P.Ban1949
ns, Series A
1952
534s Series E
58 Series F
1965
Consol Textile fts
1941
Cosg-Meehan Coal 6348'54
1935
Cuba Co 68
Cuban Teiep 7%s_,...1941
Cudahy Pk deb 534s-1937
1946
5s
1931
Deere dr Co 7%s
Det City Gas tis
1947
Detroit Edison (is. __ _1932
58 Series B w 1
1955
Dunlop TAR of Am 75 1942
Est RR of France 71 ..1954
1933
Federal Sugar 68
Clair (Robert) Co 78-1937
1930
Galena-Sig 011 75
General Petroleum 69_1928
Grand Trunk AY 635s-1936
Great Consol Elec 61581950
1937
Gulf Oil of Pa 5s
Hershey Chocolate 5168'40
1936
Hood Rubber 78
Italian Power 635s_ _ _ _1928
Keystone Telep 5345.A955
Krupp(Fried) Ltd 78 1929
Lehigh Pow Scour 68_1927
Libby, McN & Lib 76-1931
Liggett Winchester 78_1942
Manitoba Power 7s... _1941
Mo Pac RR 58 w I_ _ _ _1927
1930
Morris& Co 7%s
Nat Dists Prod 78._..193O
New Orl Pub airy 59..1952
Niagara Falls Pow 69_1950
Nor States Pow 6%9-1933
615s gold notes. _ _1933
Ohio Power 158 Ser B._1952
Oklahoma Gas& El Its 1950
Pennok Oil Corp 6s_ _1927
Penn Power & Light 5s '52
1953
58series D
1941
Phila Electric 68
1953
5358
1947
5159
Phila Rap Transit 68....1962
Phillips Petrol 784s_.1931
Pure Oil Co 6%s
1933
Shawsheen Mills 7s_ 1931
1935
Schulte RE Co 6s
Siemans & Halike 7s._1928
1935
78
Sloes-ShefI St cz I (is. _1929
Solvay & Cie 69
1934
South Calif Edison 59_1944
Stand Gas & El 6158-1954
Stand Milling 5%s.._ 1945
Stand 011of N Y 6%8_1933
1939
Sun 011 5159
Swift & Co fts. _Oct 15 1932
Thyssen(Aug)I&SW 7a '30
Tidal Osage 011 78_
Toho El Pow (Japan)78'55
Trans-Continental 01178'30
Tyrol Hydro-ElPow 73518'55
1935
Union 011 Cal58
United 011Prod as_ _1931
United Rys of Hay 714a'36
S Rubber Ser 615s _ _1926
Serial 616% notes_ _1927
Serial 634% notes .1928
Serial 615% notes_ _1929
Serial 635% notes 1930
Serial 635% notes_1931
Serial 634% notes 1932
Serial 634% notes--1933
Serial 635% notes_ _1934
Serial 634% notes _1935
Serial 635% notes _.1936
Serial 634% notes 1937
Serial 034% notes_ _1938
Sertal 635% notes_ _1939
Serial 634% notee_.1940
1936
Vacuum 011 78
1937
Valvoline Oil 68
Webster Mills 634s.-1933
Foreign Government
and Municipalities
Berlin (City) 6;4s_ _ _1950
Gratz (City) Austria fte '54
Denmark (King)69_1970
French Nat Mall8871 1949
Indust Mtge Bk of Finland
let M coils
Medellin (Colom) 89_1948
Mtge Bk of Chile630.1957
Netherlands(Kingd)610372
Russian Govt6% ctfs _1919
Santa Fe (Prov) Argentina
1942
Cred ex 7s
Switzerland Govt 515s 1929
External 5% notes_ A926
Upper Austria (Prov) 78'45
Friday
Last Week's Ranee Sales
Sale
Of MM.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
11235 112% 11734 125,000 103
97% 9734 97% 70,000 9355
974 96% 97% 67,000 95
102% 102% 103
7,000 100
9315 92% 9334 7,000 80
103% 103% 103% 17,000 10234
120 123
10,000 103
99
99
32,000 98
95% 9534 95% 17,000 95%
High.
Mar 117% July
Jan
Mar
Jan
May
Jan
Apr
May
June
9835 May
98% May
103% June
9834 Aim
104 May
125 June
100% May
96 June
90
89
90
20% 2034 20%
71% 70
7234
95
94% 95
10734 10634 Ica%
10015 10035
9914 99% 99%
103% 103% 10335
89
90
9415 95
112% 112 112%
9834 9884 9835
54,000 81
Feb 90
6,000 1835 Jan 27
134,000 62
Jan 72%
27,000 88
Jan 96
3,000 10635 May 107%
1,000 97% Jan 100%
38,000 97% Feb 100
29,000 103
Max 104%
4,000 82% Mar 90
21,000 93% June 95
22,000 108% Jan 11234
32,000 9834 July 9834
83% 83%
53
54
90% 914
173 173
123
123 123
101% 101% 10111
94
93% 94
1,000 81 June 83% July
57,000 5234 June 5484 June
72,000 9034 June 91;5 June
2,000 15014 Jan 178% Feb
25,000 111
Jan 128
Feb
89,000 9834 Jan 10634 Feb
173,000 92
Feb 94% Mar
9114
106% 106% 10634 2,000
105% 105% 2,000
100 100% 21,000
85
8515 17,000
9715 9734 1,000
94% 9434 95
53,000
109% 109% 4,000
92
93
92
23,000
94
94
2,000
103% 10314 10335 6,000
10534 105% 105% 7,000
124
124 124% 15,000
99% 99% 16,000
105
105 105% 20,000
84
8315 84 149,000
96
95% 96% 4,000
101% 10155 102 . 18,000
105% 105% 1,000
101% 10234 10,000
10914 109% 13,000
86% 86% 2,000
100
99% 10014 13,000
9834 98% 98% 29,000
104% 104% 1,000
9934 99
9934 10,000
91
9034 91
30,000
9034 91% 53,006
10115 10134 101% 10,000
103% 103% 103% 8,000
107%; 10754 2,000
10334 10334 13,000
10034 10035 1,000
102% 102% 13,000
100
9934 100% 101,000
92% 92% 93
41,000
105% 105% 1,000
114% 113% 114% 121,000
103% 103 10335 42,000
94% 94% 94% 16,000
93% 93% 94
51,000
10015 100% 1,000
98% 21,000
98
98
9835 9834 98% 4,000
107% 107% 10,000
106 10634 2,000
10614 10634 3,000
9834 9834 98% 20,000
104% 104% 2,000
101% 101% 102% 48,000
101% 101% 102
16,000
100 100
16,000
95% 95
9635 17,000
95
95
94
25,000
101% 101% 7,000
105
104% 105
12,000
96
9634 11.000
13734 137 138 123,000
95% 9514 95% 19,000
107% 107% 14,000
9915 9855 9935 88,000
9634 96
96% 86,000
94% 94% 94% 151,000
104% 104% 10414 2,000
9015 90% 90% 260,000
100 100% 25,000
96% 96% 96% 9,000
95% 95% 95% 14,006
3014 34
16,000
112
11034 112
24,000
10134 10114 1014 3,000
10134 101% 101% 20,000
101% 10155 5,000
10015 101
7,000
10035 100% 100% 24,000
100% 100 101
14,000
10034 99% 10034 48,000
9934 98% 99% 28,000
99% 9835 99% 23,000
9835 9934 50,000
99
9835 9935 80,000
99
99% 26,000
9934 98
9954 98
99% 11,000
99% 98
9934 36,000
99% 9815 99% 25,000
105% 105% 10535 37,000
104% 104% 104% 4,000
98% 99
14,000
89%
98
99
8135
89
98
98%
80%
89%
98
99
8234
9635 95% 9634
98
9834
9784 97% 97%
107
106% 107
11% 11% 12
96%
$33,000
18,000
34,000
48,000
104% Jan
101% Jan
100 June
80
Apr
9785 May
91% May
106
Jan
8934 Jan
90
Apr
102% July
102% Jan
110% Jan
9935 June
10055 Jan
78% Aor
9235 Apr
99
Apr
104% June
100% Jan
10535 Jan
864 July
9835 Jan
98% July
Jan
102
97% Jan
90% July
9036 June
100% Mar
102
Jan
107% Jan
984 Jan
99% Apr
984 Jan
9935 July
864 Jan
10515 Jan
105% Jan
9935 Jan
89
Jan
93% June
97
Jan
93
Jan
95
Apr
106
Jan
10434 Jan
104
Jan
97 May
10315 Jan
97% Jan
100
Apr
100 June
95 June
94 June
101
Jan
100
Jan
Jan
92
10694 Jan
June
95
10634 Jan
9536 Jan
Jan
94
92 May
Jan
103
90 May
99% Apr
9611 June
94;5 May
28
Jan
10715 Mar
100% Apr
100% Apr
100% Apr
99% Apr
99% Apr
975( Apr
97
Mar
96% Apr
96% May
96
Apr
9534 Apr
95% May
95% Apr
95% May
95% May
105% June
104
Jan
974 Mar
June
Mar
July
Jan
July
July
June
Jan
July
June
Apr
July
108 June
105% July
10034 June
Jan
95
9884 June
98
Mar
11154 June
Feb
95
95 June
Feb
105
10635 May
125 June
100 June
1053( May
8835 Fen
Mar
99
10234 Feb
10315 Feb
10235 July
110
JulY
864 July
101% May
9835 July
10414 June
9935 July
July
91
9934 Jan
101% Mar
104% May
1088.4 Jan
105% June
101 May
10436 Feb
102% Jane
95 June
Apr
106
120 June
10435 May
9635 May
95
Mar
10015 June
98% June
9836 May
108 June
107 June
106% Jan
Mar
99
10484 June
102% May
Jan
104
100% June
9934 Feb
96% Feb
10234 June
July
105
9711 May
14534 May
96% May
Feb
108
9934 July
97
July
9935 Feb
10454 Jan
9135 Map
103% May
96% May
9635 Mar
50 June
112
July
102% Mar
102
Mar
102% Mar
101% Mar
1013( May
July
101
10015 June
99% July
99% July
9935 July
99% July
9911 JulY
9914 JulY
9934 July
9934 July
10754 Jan
Mar
106
103% Jan
July 8914
May 98%
July 100
Apr 91
July
May
Feb
Jan
76,000 9234 Mar 97
11,000 98
Jan 9834
26,000 97% July 97%
10,000 10294 Mar 107
20,000 11% July 17
June
July
July
Feb
Feb
89
97
98
7735
9614 9634 17,000 9611 July 9335 July
102% 102% 27,000 101
Jan 10234 July
100 100
6,000 100 June 10134 Jan
9296 July 92% July
92% 92% 92% 5.001
•No par value. It Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. v Sales of
Standard Publishing in our issue of June 27 at 1735 was an error. w When issued,
3 Ex-dividend. y Ex-r1ghts. z Ex-stock dividend.
putstment awl
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the fourth
week of June. The table covers 15 roads and shows 2.66%
increase from the same week last year.
Fourth week of June.
1925.
1924.
Increase. Decrease.
$
$
i
$
Ann Arbor
143.545
120,094
23,451
Buffalo Rochester & Pittsburgh_
262,425
286,673
24,248
Canadian National
5,93,5.462 6,231,961
296,499
Canadian Pacific
4.198,000 4,669,000
471,000
Duluth South Shore & Atlantic_
156,239
158,950
2,711
Georgia & Florida
48,400
37,018
11,382
Great Northern
2.951.000 2,674,661 276.339
Mineral Range
16,173
9,494
6,679
Minneapolis & St Louis
237,679
233,572
4,107
Mobile & Ohio
436,582
426,549
10,033 St Louis-San Francisco
2,319,425 1,992,456 326,969 .
St Louis Southwestern
556.600
549,863
6.737
Southern Railway
4,810,099 4,198,088 612,011
Texas & Pacific
748,167
708.935
39,232
Western Maryland
479,847
445,424
34,423
Total (15 roads)
23,453,827 22,844,415 1379,622 770,216
Net increase (2.66%)
600 412
'Irma giddily:att.
Gross
Earnings.
Companies.
Manila Elec Corp June '25
311,953
'24
300,963
12 mos end June 30 '25 3,763,764
'24 3,667,158
Southern Calif
May'25 2,092,128
Edison Co
'24 1,909,017
12 mos end May 31 '25 22,275.486
'24 21,559,136
Net after
Taxes.
189
Fixed
Charges.
Balance,
Surplus.
161,584
43,451
118,133
36.795
146,945
110,165
1,880,988
503,293 1.377,696
1,842,394
447,784 1,394,610
1.473,389
397,738 1,075,651
998,512
409.291
589,221
10,703,289 4,941.295 5,7614194
11,045,934 4,198,423 6,847,511
FINANCIAL REPORTS.
Financial Reports.
-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
June 27. The next will appear in that of July 25.
' Michigan Central Railroad Company.
For the first week of July only one road as yet has re(79th Annual Report
-Year Ended Dec. 31 1924.)
ported. The figures are as follows:
The text of the report is cited fully under "Reports and
Documents" on following pages, together with the tabular
First Week of July.
1925.
1924. 1 Increase. Decrease. summary of financial operations
affecting income for the
S
$
S
• years 1924 and 1923.
Buffalo Rochester & Pittsburgh_
262,425
286,673
24,248
Our usual comparative income account was published in
In the following we show the weekly earnings for a number V. 120, p. 1447.
OPERATING STATISTICS FOR CALENDAR YEARS.
of weeks past:
•
1
Operations11,24.
1923.
1922.
1921.
Passengers carried
4,744,091
4,991,450
4,669.252
5,234,397
Pass. carried one mile_ _ _589,285,035 608,450.420 551,718,856
554.273.787
Week.
Rev, per pass. per mile
3.496 eta.
3.529 eta.
%
3.489 eta.
3.611 eta.
Revenue tons moved_ _ _ 29.273,172 32.323.248 25.261.826
Rev,tons carried 1 mile_4265934 377 4863930.469 3852215,656 20,471,263
$
$
3127686.246
1st week January (16 roads)
15,199,517 15,5!2,805 -343,288 2.2( Rev, per ton per mile_
1.370 eta.
1.319 cts.
1.446 cts.
1.462 eta.
26 week January (16 roads)
15,731,346 16,308,703 -577,357 3.59 Tons rev. ft. per tr. mil;
616
667
604
578
3e1 week January (16 roads)
16,863.185 17,375,859 -512,674 2.91
week January (16 roads)
4th
GENERAL BALANCE SHEET DEC. 31.
22,784.700 23.080.725 -296.025 1.21
let week February (16 roads)
1924.
16.669.351 17.205.585 -536,234 3.11
1923.
1924.
1923.
26 week February (16 roads).
Assets
17.244.485 17.670.268 -425,783 2.41
Liabilities
3d week February (16 roads)
16.855,777 17.210,271 -363.499 2.11 Road & equip't_159,997,354 147,538,558 Capital stock_ _ _ 18,736,400 18,736,400
4th week February (16 roads)
16,957.292 19.300.342 -2,343.050 12.12 Impt. on leased
Equip. oblig'ns_ 37,095,213 34,583,308
let week March (16 roads)
property
16,523,764 18.225,842 -1,702,078 9.32
3,147.986 3,044,244 Mortgage bonds 90,778,000 40,778.000
2nd week March 6 roads)
18.002.499 19.134,428 -1,131,929 5.91 Deposits in lieu
Traffic, &c.,bal. 4,289,868 3,3136,280
wk
3rd week March 16 roads
of mtge. proP16.940,753 17,960,532 -1,019,779 5.61
9,335
3,794 Accts. & wages_
4th week March 16 roads
23.153.228 24.130,086 -976,858 4.09 M 3C.phys.prop. 1,742,026 1,694,296 MIscell. accts. 5,407,522 8,457,046
let week April il6 roadsi
16.570.808 17.191,341 -620,533 3.51 Inv.In affil.cos.:
payable
2d week April 16 roads
Stocks
8,854.894 8,854,894 Int., dive., &c., 1,039,925 1,283,869
16,384,924 17,347.429 -962.505 5.51
3d week April 16 roads
Bonds
853,652
16,289.410 16,754,973 -465,563 2.71
853.652
matured
145,355
493,909
4th week April (16 roads)
22.389,690 22,677,078 -287,388 1.21
Notes
783,508
783,508 Divs. declared__ 1,873,640 1,873,640
1st week May i16 reads)
oa
Advances__
16,992,850 17,081,986
4,253,738 3,519,104 Interest & rents
-89,106 0.5:
2d week May 16 roads)
16.598.018 16.938.303 -304.285 2.01 Other investm'ts
16,283 1.488,507
accrued
1,124,214 1,112,653
3d week May 16 roads)
16,688,462 17,019,350 -330,888 1.9
8,253,047 3,909,378 Other current lia, Cash
4thweek May 16 roads)
22.177.354 24.473,257 -2,295.903 9.31 Special deposits_
283.319 2,755,474
bilities
639.910
1,060
let week June (16roads)
17,075.429 17,337,267 -261,838 1.5
Loans & bills rec
3,315
3,862 Other def. dab._
247,263
353,273
2d week June (16 roads)
16,982,661 17,388,645 -405,984 2.3: Traffic, &c., bal.
752,435
749,684 Tax liability... 8,397,261 6,158,262
3
3d week June (16 roads)
17,170,036 17,458,532 -288,496 1.615 Agts. & conduc_ 1,851,682 2,236,143 Insur., &c., res.
13.183
6.080
4th week June (15 roads)
22.433.1327 22.544.415 +609.412 2.61
3 Mat'ls & supp__ 6,640,876 8.756,453 Operat'g reserve
1,539,468
Mibe. accts. rec- 2,551,643, 3,408,600 Accrued depree_
18,251,828 15,379,422
Int. & dive. tee.
242,614
302,259 0th. unadjusted
We also give the following comparisons of the monthly 0th. curr. assets
credits
5,444,853 5,337,092
totals of railroad earnings, both gross and net (the net before Prepaid rents & 370,307
Add'ns to prop.
Insurance....
6,162
through inc.&
the deduction of taxes),these being very comprehensive. They Other
def
33,325
36.116
surplus
6,750,090 6,690,383
Include all the Class A roads in the country, with a total Disc. on . assets
funded
Profit and loss 56,096,823 47,905.704
debt
1,580,873 1.601.659
mileage each month as stated in the footnote to the table.
0th. unadi. deb. 3,002,782 2,537,752
Current
Year.
Gross Ealll0II01.
Month
1925.
or
Decrease.
ISCrIKUS
Previous
Year.
Increase or
Decrease.
Not Earnings.
Increase or
Decrease.
205.231.158 194.075,939
Total
Total
205,231,158 194,075,939
Securities issued or assumed-unpledged • 56.679.600.-V. 120. p. 1447.
1924.
1925.
1924.
New Orleans Texas & Mexico Ry. (Gulf Coast Lines.)
$
$
(9th Annual Report-Year Ended Dec. 31 1924.)
Jan -- 483,195,642 467,329,228 +15.866,411 101.022,458 83,680.754 +17.341,704
Feb-- 454,009,669 478,451,607 -24,441,938 99,460,389 104,441,895 -4,981.506 !Includes New Orleans, Texas & Mexico Ry.; St. Louis. Brownsville &
Mexico Ry.; Beaumont. Sour Lake & Western Ry.: Orange & NorthMar..- 485,498,143 504,362,976 -18.884,833 1119,230,086 114.677,751 -5.447.665
western RR.; New Iberia & Northern RR.; Iberia, St. Mary & Eastern
Apr- - 472,591.685 474.287.768 -1,696,103 102.861.475 97,471.685 +5.389.790
RR., but excluding International-Great Northern Ry. and Houston &
May. 487,884,385 476,549,801 +11,114,584 112,859,524 96,054,494 +18,805,030
Brazos Valley Ry.1
-Percentage of increase or decrease In net for above months has been
Note.
Pres. L. Warrington Baldwin reports in substanc
January, 20.73% inc.; February,4.77% dec.; March, 4.74% dec.: April, 5.53% inc.
Acquisition of Stock of Houston & Brazos Valley Ry.-During
May, 17.49% inc.
'-ear
In Jan. the length of road covered was 236,149 miles in 1925, against 235,498 company acquired from Freeport Texas Co. and Southern Pacific Co.
miles in 1924. In Feb., 236,642 miles, against 238.031 miles, in March,236,559 miles, control of the Houston & Brazos Valley Ry. (a line of railroad extending
against 236,048 miles.in April, 238,664 miles. against 236.045 miles, In May,236,663 from Anchor to Freeport,Texas,together with all its branches,right-of-way,
appurtenances and equipment) by purchase of its entire capital
miles, against 238,098 miles.
stock. The
purchase price was st.eoo,000.
There was also included in the purchase all of the outstanding bonds.
certificates and debts of Houston & Brazos Valley Ry.;
Net Earnings Monthly to Latest Dates.
all of the
-The table receiver's
Warehouse
following shows the gross and net earnings for STEAM capital stock of Velasco Wharf &the junctionCo.; 2.07 miles of track in
Freeport, Texas, extending from
with Houston and Brazos
railroads reported this week:
Valley tracks at Dock Junction to Sulphur Docks,
sary right-of-way for railroad purposes; 3.12 milestogether with all necesM industrial tracks on
-Grossfrom Railway- -Net from Railway- -Net after Taxes
- Bryan Mound with necessary right-of-way, and 12.56 miles of track
1925.
extend1924.
1925.
1924.
1925.
ing from Hoskins Junction on the line of Houston and Brazos
1924.
$
I
$
$
to the main switch entering the Hoskins Mound property, withValley Ry.
$
$
the necesGreen Bay & Western
sary right-of-way. All of these tracks have been transferred to the
Houston
May
107,851
113,402
16,572
18,760
9.072
11.260 & Brazos Valley Ry., which, with these additions, has a total main line
From Jan 1- 594,262
619,100
141,305
151.150
103,805
113.626 mileage of 43.03 miles.
Lake Superior & Ishpeming
The purchase was made effective, subject to the approval of
the I.
-S. C.
May
229.274
198,359
103,439
94.214
89,291
84,799 Commission, Feb. 1 1924, and was formally approved by the Commission
From Jan I- .557,735
527,796
50,536
23,694
-9,063 -46.715 March 28 1924.
Acquisition of Stock of International-Great Northern RR.
Pullman Co
-On June 21 1924
with the conditional approval of
May
6,368.512 5,831,201 1,199,985
-S. C. Commission dated June 13
675,124
897.273
415.931 1924, company purchased throughthe I.
From Jan 1.30,616,522 28,868,020 4,699,006 3,178.889 3,195,874
voting trustees (Willard V. King, James
1,906,375 Speyer and Frederick Strauss) of the common
stock
dated Nov. 1 1922. 74,991 shares of common stockvoting trust agreement,
of International-Great
Electric Railway and Other Public Utility Net Northern RR. (being all of the common stock except directors' qualifying
shares) paying therefor the sum of $31 per share.
Earnings.
-The following table gives the returns of
Under the
purchase agreement, company
ELECTRIC railway and other public utility gross and net holders of theterms of the Mortgage of the International- offered bondAdjustment
Great Northern
RR. a guarantee that during the years ending Dec.
earnings with charges and surplus reported this week:
31 1924,
and 1927. distribution on said bonds for each of those years 1925. 1926.
would not be
-Gross Earnings- -Net Earnings
- less than 4% per annum, in consideration of which Adjustment bondCurrent
Previous
holders accepting such offer would give to this company the
Current
Previous
option
Companies.
Year.
Year.
purchase their bonds until Jan. 1 1928, at 85 and int., and thereafter to
Year.
Year.
at
bondhoidirt; acceptance of this offer being optional
par ancl er
$
$
$
$
on the part of any
Amer Telep & Teleg Co_May 7,010,000 6.153.000 *3,068,000
*2.499,000
The I.
-S. C.Commission finally authorized and unconditionally approved
From Jan 1
34.597.000 30,838,000 15.605,000*13,003,000 the
.
purchase on Dec. 8 1924.
!Barcelona Trac. Light &
Funded Debt.
-During the year
Power Co,Ltd
May 6.802,421 6.251,088 4,246.730 3.749,217 refunding of New Orleans. Texas arrangements were completed for the
&
From Jan 1
36,944.949 33,901.716 25,004,980 21,577.505 Oct. 192, and Non-Cumulative 5% Mexico Ry. 1st Mtge. 6s, maturing.
Income bonds maturing
Central Power & Light_ _May 484,627
Bonds issued under a new mortgage dated April 1 1924. due in 1935.
407,457 *191,252 *121,056
April 1 1954,
5,305.999 4.425,143 *1,874,681 *1.508,942 made the complete refinancing possible at a lower interest rate. Authorized
12 mos ended May 31
issue limited to $50,000,000 at any one time outstanding, and further
Southern Canada Power
limited so that the authorized amount,
Co, Ltd,and subs_ _May
95.713
83,841
57,613
44.386 debt of company shall not at any time together with all outstanding prior
8 mos ended Ma131...- 768,483
exceed three times the outstanding
702.565
424,344
389.074 capital stock of the company.
There had been issued to bec. 31 1924.
* After taxes. !Given in pesetas.
Series
57.64 4.100 Series B 5's, of which $981,000 $10,518.000are heldA 536's an
Series 13 5's
in treasu:
190
The 510,518.000 Series A 53•6's were issued for the following purposes:
$6,734,000 to retire $5,733,000 old First Mortgage 6's. $1,000,000 to
provide in part for purchase of securities of Houston & Brazos Valley Ry.
$1.014,000 to be pledged in lieu of 5948.500 old First Mortgage 6's (subsequently released). 51,770,000 to provide in part for retirement of
conditional sale purchase notes on equipment.
The 57,644.100 Series B 5's were issued in exchange for a like amount of
income 5's due October 1 1935.
The balance of the authorized issue of First Mortgage Bonds is reserved
as follows: (a) 55,855,900 to refund or exchange at or before maturity an
equal face amount of 5% Income Bonds. (b) $3,752,000 to reimburse the
company for capital expenditures made prior to execution of mortgage.
(c) The balance, and any bonds not used for the purposes mentioned in the
preceding headings, for the acquisition of new properties or securities
representative thereof,for additions and betterments, &c.. to the mortgaged
properties, and for 80.Ms of the cost of new equipment or additions and
betterments to equipment.
-During the year company conditional sale
Equipment Trust Obligations.
purchase notes maturing April 26 1936, in amount 52,719.699.66 were paid
off and retired.
There were issued during the year $1,740,000 Series A Equipment Trust
certificates dated Nov. 1 1924, maturing Nov. 1 1939. These Trust
Certificates were issued to cover approximately 75% of the purchase price
balance being provided by the company) of equipment to be delivered
uring 1925, the total cost of which aggregates $2,315,000.
-Tentative valuation was served upon St. Louis,
Federal Valuation.
Brownsville & Mexico Railway Co. during the year and formal protest has
been filed in answer thereto.
' Preliminary engineering, accounting and land reports have been served
upon: Beaumont. Sour dc Lake & Western By.; Orange & Northwestern
RR.: New Iberia & Northern RR.; Iberia, St. Mary & Eastern RR. Work
of assembling data in preparation for hearing on Federal valuation before
-S.
;the I. C. Commission is being carried forward with all possible dispatch.
General -The year 1924 has been the largest in volume of traffic handled
progressing
in company's history. Development in the Rio Grande Valley is 12.532 cars
satisfactorily. During the vegetable season ending with June Division,
of vegetables and fruits were shipped from points on the Texas
which was almost twice as many cars as were shipped in any previous
„season.
Prospects for increased shipments of citrus fruits are good and if favorable
conditions continue more than 2,000 cars will be shipped during the next
season, increasing each year as the trees, of which there are now more
,than 2,000,000 planted, mature.
STATISTICS FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
921
921
921
921
Average miles operated_
__ 4,111,838 3,774.839 2,989,682 2,914,784
'Revenue tons carried_
Rev,tons carried 1 mile_801,423,472 612,231.726 524.117,515 496,424,547
1.64 eta.
1.49 eta.
1.40 eta. 1.47 eta.
Rev, per ton per mile_
1,044,070
839,762
931,655
802,005
Passengers carried
Pass. carried one mile__ - 66,598.670 69,422.619 57,911,995 67.062.485
3.41 eta.
3.31 eta.
3.15 eta.
Rev, per pass. per mile.. 3.15 eta.
512.032
$11,298
$12,923
$15,462
Operating rev, per mile..
The usual comparative income account was published in
•
V. 120, p. 3057.
CONSOLIDATED BALANCE 4HEET DECEMBER 31.
(Including the companies mentioned below.)
1924.
1923.
1924.
Liabilities
Assets
15,000,000
39,798.111 Capital stock
Road & equipm't.39,993,468
1st mtge.6% bds_ 4,605,000
Deposits in lieu of
1,466 1st mtge. 5y4s_ _10,518,000
mtge., property.
6,663,100
1st mtge. 5s
2,102
Imp.on leas. prop.
412,887 Income bonds 5%
Misc. phys. prop._ 429,359
non-cumulative- 5,855,900
cos. 5,723,580 1,845,108
Invest.In affil.
507,895 Equip,trust notes. 1,740,000
7,895
Other investments
800,612 Traffic, &c., bal.. 666,510
670,897
Cash
Accounts & wages
Time drafts and
1,839,177
unpaid
5,000 2.500,000
deposits
38,638
3,598 Misc. accts. pay'le
5,674
dic bills rec._
Loans
56,006
383,597 Interest matured.
Special deposits_ .._ 6,722,707
388,809
98,949 Interest accrued
87,519
'Bal.from agts., &c
86,516
1,084.290 Dividends accrued
,Materlals & supp_ 1,488,006
80,391
23,559 Other liabilities_ _
27,074
Other assets
197,808 Cond'I sale purch.
Traffic. &c., bal._ 533,359
notes
827,244
Misc,accts. recelv. 711,153
102,396 Deferred liabilities 485,596
469
Int. & diva. reedy.
7,658 U. S. RR. Admin.
3,483
Other derd assets_
229,531
82,766 Tax liability
U.S. RR. Admin.
79,258
Unadjusted debits 1.374,994 1,250,167 Operating reserves 1,591,736
deprec'n.
Accrued
Unadjusted ciedits 1,845,035
Add.to prop. thro.
income & surplus 3,356,065
2,660,571
Profit and loss_
1923.
15,000,000
5,755,000
13,500,000
196,500
1,400.331
24,185
354,758
366,277
86,516
12,809
2,719,699
1.158,106
46,009
195,561
64,600
1,459,443
383,868
3.347.736
3,8.36,652
57,786,741 49,908,112
57,786,741 49,908,112 Total
Total
The foregoing consolidated statement, including New Orleans Texas &
Mexico By., St. Louis Brownsville & Mexico By., Beaumont South Lake &
Western By.. Orange & North Western RR., New Iberia ac Northern RR.,
Iberia St. Mary & Eastern Ry.-V. 120, p. 3057, 2266.
United Railways Co. of St. Louis.
-Year Ended Dec. 311924.)
(25th Annual Report
The report of Rolla Wells, receiver, St. Louis, March 25,
,says in substance:
-The total outstanding Dec. 31 1924 amounted to $50,• Funded Debt.
.690,000. There were also outstanding $4,200,000 6% receiver's certificates,
..Series "B," due Oct. 1 1926.
Co..
• The underlying bonds, the bonds of the St. LOUIS & Suburban Ry.Suits
And the bonds of the St. Louis Transit Co., are all due and unpaid.
deeds of
pre now pending in the Federal Court to foreclose the Groundstrust securing
Ry. Co. 1st
..the following bond issues: (1) Cass Ave. & Fair
•Mtge.; (2) Lindell By. Co. 1st Mtge.; (3) St. Louis & Suburban By. Co.
5%
Gen. Mtge.; (4) St. Louis Sz Meramec River RR. Co.LouisGen. Mtge.;
45.
(5) St. Louis Transit Co. 58; (6) United By. Co. of St. the books of the
'
The interest on all bonds in default has been set up on
-company at the rates that the several issues bore at the date of their
'Maturity.
United Rys. 4s, coupon No. 49, due and payable on Jan. 1 1924. was
by
pot paid by the receiver, but the protective committee organizedJunethe
30
holders of the St. Louis Transit 5s, provided funds therefor and on
from Jan. 1
• 1924 paid coupon No. 49, together with interest thereon at 6%the acceleraJuly 1 1924, aggregating 5624,180, in order to prevent
1924 to
tion of maturity of the principal of United Rys. 45.
By authority of the Court dated Dec. 23 1924, the receiver deposited
tunds for payment of United Rys. 48 coupon No. 50, due and payable
1
• July 1 1924, together with interest thereon at 6% from July of1924 to
payment
Jan. 1 1925, amounting to $624,180, and funds for and payable United
Jan. 1
due
••Rys. 45 coupon No. 51, amounting to $606,000,
1925(V. 119, p. 3012).
agreement, dated Oct. 1 1924, for the reorganization of
A plan and
United Rys. Co. properties, has been prepared and is being worked out
by the reorganization committee (V. 119. p. 2531).
-The amount set up during 1924 was 51.800,156. The amount
Taxes.
paid during 1924 was 51,877,484. The portion accruing to city and schools
amounted to $1,544,745, or 82.28%.
expended
" In addition to the above direct taxes United Rys.the police $422,744 for
and firemen
street paving and furnished free transportation for
of St. Louis.
amounted
the street paving
The total tax accruals and revenue passenger,costs for 1924
as compared 0.781c, per
to $2,222,899, or 0.7960. per
1923.
revenue passenger in -Capital expenditures made during 1924 were as
Capital Expenditures.
equipment. 2418,275: power,
follows: Way and structures, 5394,156; addition during the year was
$15,611; total additions, $828,042. Net
$709,538.
owned at the end
Rolling Slock-Cars.-The number of passenger cars 179 trailer cars.
1,459
.a 1924 was 1,638, of which the endwere motor cars and the end of 1922.
of 1923 and 1.579 at
with 1,614 at
;This compared
[VOL 121.
THE CHRONICLE
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Revenue passengers_ __ _279,222,520 292,671,781 286,076,475 282,447,190
Transfer passengers_ _ _ _149.555.651 155,343,193 152,261,868 150,562,354
Total passengers
428.778,171 448.014,974 438,338,343 433,009,544
Percentage of rev, pass.
53.31
53.22
using transfers
53.08
53.56
Aver, fare per pass. (in4.49c.
4.49c.
4.49c.
.4.50c.
cluding transfers)
6.89c.
6.89c.
Av.fare per rev. pass
6.89c.
6.89c.
Passenger car miles
43,911,064 45,652,714 44,229,300 44,229,210
6.39
6.47
Rev, pass, per car mile
6.41
6.36
9.79
9.91
Total pass. per car mile_
9.81
9.76
The usual comparative income account was given in
V. 120, p. 2818.
BALANCE SHEET DEC. 31.
1923.
1924.
1924.
1923,
$
Assets$
$
S
LiabilitiesRoad & equip..106,025.377 105,315.839 Pref. shs. issued 16,383,000 16,383,000
Com.sits. Issued 24,913,000 24,913,000
Investments in
affiliated cos_ 1,001,583 1,001,583 Funded debt.- 50,690,000 50,690,000
Rec. certificates 4,200,000 4.200,000
U.S. Governm't
788,533
.
obligations _ _ 5,561,150 5,341,150 Aud.vouch.,&e. 627,202
44,730
Math & suppl._ 1,164,527 1,240,141 Coupons due.._ 2,076,690
Cash
1,016,275
102,592 Rec. ctfs. mat.'d
13,000
Cash for coup.,
2,000
not presented
142,795
&c
149,321
982,017
56,557 Outst'g tickets_
Sundry accts. rec
79,357
111,426 Sundry accounts
101,044
Int. accr. on U.
54,102
payable
483,371
S. obligations_
61,330
405,132
40,880 Accrued taxes ._
Def. charges and
Employees' Lib.
2,820
unadj. debits.
188,785
257.124 Loan subscrip.
2,820
Other assets_
25,453
26,053 Employees' 0th.
23,207
32,567
Special deposit_
22,188
2,756
deposits
23,610
Working funds.
24,610 Accrued interest 2,017,319 1,782,700
Dep. reserve... 5,986,226 5,255,466
Agents and con2,396,322
66,451
68,395 Mill tax (city).. 2,396,322
ductors' ace'ts
Other reserves
2,017,385 2,093,545
Prof. & loss air_ 4,285,777 4,275,574
Total
116,228,483 113,589,107
-V. 120, p. 2818.
TOM!
116,228,483 113.589,107
Pittsburgh Cincinnati, Chicago & St. Louis RR.
(8th Annual Report-Year Ended Dec. 31 1924.)
-YEAR ENDED DEC. 31.
INCOME STATEMENT
1922.
1924.
1923.
1,856.67
Mileage
1.875.70
1,862.15
Income rental received
$8.980.857 $8,649,319 $9,815,963
Income from lease of road
Dr.1,588,840
21,293
Income from unfunded sec. & accts.
1,646,814
Miscellaneous income
Dr.14,612
Gross income
$8.980,857 $8,692,681 $9.837,255
-Interest on funden debt- $5,582,147 55,255,888 $4,788,105
Deductions
1,650,254
Interest on unfunded debt
7.500
1.236,325
149
Maintenance of investment organ_ _ _
4,882
2,630
Miscellaneous income charges
40,257
55.592.277 56.537,352 56.438,508
53,388.580 52,155.329 $3,398.748
3.388,580 3,388.548 3.388,500
Total
Net income
Dividends(4%)
Balance
df.$1,233,220 sur.$10,248
The profit and loss statement shows: Amount to credit of profit and loss
Dec. 31 1923, 24.173,948: sundry net credits amount to credit of profit
and loss Dec. 31 1924, $44.490,835.
BALANCE SHEET DEC. 31.
1923.
1924,
1924.
1923.
LiabilitiesAssets$
$
$
$
Common stock. 84.715,265 84,714,790
Inves
(men. in
Stock Habil for
road dc equipment
268.393,975 266,191,009 cony. of outst.
145,321
sec. eonst.cos.
144,846
Improvem'ts on
Gen.5s, Ber."A" 20,000.000 20,000,000
leased railway
propet ty
2,981,781 3,230,552 Coto. M.bonds. 50,491,000 51,788,000
C.St.L.& P.con.
Misc. physical
Property
M. 55, 1932... 1,394,000 1,412,000
870,872
870,880
625,000
625,000
Chart'rsily.3 Hs
Investment in
Vand. cons. M. 15,344,000 15,518,000
attn. cos.:
Stocks
2,479,367 1,879,367 T. H.& I. 5s_ _ _ 1,899,000 1,899,000
Bonds
69,000
69,000 6% Coll. note__ 10,250,000 18,250,000
303,158 Pa.RR.Co.adv. 25,492,994 14,980,240
Notes
303,158
Advances.... 3,381,172 4,309.106 Equip. tr. °Wig.
Other stocks...
595,160
595,150 10 51111. cos.... 8.904,245 9,713.426
Advances, &c..
143,660
143,661 L'ns & bills pay_ 2,000,000
Miscellaneous...
15 Tref. & car serv.
5
6,545
6,545
Cash
68 bal. payable..
28.849
9,138
9
Special deposits_
100.032
106,004 Misc. accts. pay.
106,054
128,707
Int, mat. unpaid
Misc. accounts
8
174
37,918
receivable.....
81,439 Divs. mat. unpd
Rents receivable 2,790,179 2,846,168 Funded debt ma9,012
9,012
Lured unpaid.
Other deferred
1 Unmat.divs.dee, 1.694,290 1,694,280
12,247
'
tweets
Unadj. debits... 21,399,368 19,408,130 Unmet.in t.accr. 1,095,889 1,151,888
171,535
12
Deferred liabil__
Accr.depre.,equip28,805,316 27,698,294
0th.unadj.cred. 9,106.679 9,014,820
Corp. surplus._ _ 36,98f,932 36,952,400
P.& L.deb. bal. 4,400.835 4,173.948
303,586.751 300,033,703
Total
-V. 120, p. 2009. 1745.
Total
303,586.751 300,033,703
Pennsylvania Company.
-Year Ended Dec. 31 1924.)
(53d Annual Report
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1922.
1924.
1921.
$6.661,118 56.669.487 $6,786,869 $5,388,159
Dividend income
463,462
Rent from equipment_
55.021
Dr.482
11,898
13,581
Miscell. rent income..
10,014
496.185
534,860
423,800
Income from funded secs.
695,150
Inc.from unfunded sees.&
147.096
110,667
1,371,348
accounts
733.255
Income from sinking and
630
2,000
157,079
other reserve funds...
48,905
$7,214,548 57.219,536 $8,329,213 $7,926,806
Gross income
Deductions
$542,972
$450.000
Tax accruals
$290,083
$667,781
793,720
Int. on funded debt799,954 2,074,563
794,093
14.119
1,786.937
Int. on unfunded debt-.
455,865
1,007,631
24,516
Maint. of invest organ._
14,620
17,149
31,845
17.298
7,370
Miscell. income charges..
72,332
5,999
Total deductions
51,372,803 $1,955,583 52,187,154 54,353,314
Net income
$5,841.746 $5,263,952 $6,142,059 33,573.492
Inc. appl. to sinking and
$571,335
other reserve funds...
549.934
36.849
$7.387
Inc. approp. for inv. in
118,948
physical proPerty118.948
Balance transferred to
credit of prof. & loss.. $5,834,897 55,256,585 $5,973,177 $2,883,209
Previous surplus
$43,416,773 $42,324.417 517,397,988 817.941,742
1.373.035
4.874,314
635,771
Sund.net cred. during yr 1.220,749
Less div. approP.(6%). 4.800,000 4,800,000 4,800,000 4,800,000
(20)16000000
Special dividend (10%). 8,000,000
P.&I.surp. Dec.31-437,872,419 543.418.773 57.445.479 $17.397,988
I'
JULY 11 1925.]
THE CHRONTCLE
BALANCE SHEET, DEC. 31.
1924.
1923.
1923.
1924.
Liabilities$
$
2
Assets$
Common stock_ 80,000,000 80,000,000
Inv. in road &
equipment__
405,716 4% gold loan of
294,523
1906 ens
19,840,000 19,846,000
Misc. phys. prop 1,799.618 2.325,153
1,836,813
Loans & bills pay
Inv.in attn.cos.:
111,120,796 112,247,505 Aud. accts. (lc
Stock
9,720,31611,661,648
728.821
wages payable
38
Bonds
577,900
674,396 Misc.accts. pay.
62,483 1,443,219
Notes
13,013
12,382
Advances_ __ - 1,882,330 3,230.582 Int. matd'unpd.
F'd debt mat'd
Other invest.6,739,222 12,193,765
195,432
195,432
unpaid
Stocks
200,000
35,847
755,959 Unmat.Int. accr
200,000
Bonds
41.158 Other curr. nab.
25,322
6,691
7,370
Notes
5,652
38
5,613
38 Other def.nab_ _
Miscellaneous
367,929
646,135
643,837 Tax liability. _ _
441.057
Cash
205,289
367,169 0th. unadj. cred 1,623,158 1,919,450
Special deposits_
275 Misc, fund rya.. 1,971,600 1,964,751
Loans dr bills rec. 1,784,908
-balance 37.672,419 43,416,773
Misc. accts. rec. 2,724,590 2,728.021 P. & 1.
Int. & dive. rec. 2,008,108 1,782,171
Ins., &c., prepay 1,810,745 1,811,220
655,866 1,075,929
Unadj. debits142,031,553 151,944.545
Total
-V. 119. p. 2408.
Total
142,031,553 151,944,545
Canadian National Railway System.
Annual Report-Year Ended Dec. 31 1924.
Sir Henry W. Thornton, Chairman, wrote in substance:
-Operating revenues decreased by 217,547,305, or by
Gross Earnings.
6.93%. This decrease resulted from adverse business conditions which
obtained during the greater part of the year throughout Canada and
elsewhere. Traffic during the first three months of the year was in excess
of that moved in the same period of 1923, but general business suffered a
reduction early in April and the depression continued until the end of the
year. Due principally to the relatively small grain crop in Western Canada
the movement of grain to the lakehead was in much less volume than usual
and was considerably below the exceptionally heavy movement which took
place in the last three months of 1923, with the result that the impetus to
active business which a large grain movement usually engenders was
noticeably lacking. The movement was also to some extent affected by
the disposition shown to hold grain in the country creating an unusual
condition and one which business in general had not anticipated.
In connection with the consideration of the gross earnings of the system,
it is appropriate again to refer to the freight rate situation in Canada. As
already pointed out, continued reductions in freight rates will inevitably
postpone the day when the national system will become self-supporting.
The recent decision with respect to what is known as the "Crow's Nest
Agreement" has established a condition which is serious to all of the transportation interests of Canada. It is earnestly to be hoped that, during the
ensuing year, some solution of the difficulty will be found which will have
due regard to the interests of all of the parties concerned.
Operating Expenses.
-Operating expenses were reduced in the aggregate
by 314.360,907. This reduction more than meets the decrease in freight
earnings, but it is to be remembered that, while it Is possible to reduce
freight train services when a reduction in that class of traffic occurs it is
impossible to pursue to a similar degree the same policy with passenger
train services.
Finance.
-Of the $56,527,000 voted by Parliament for the fiscal year
ending March 31 1925. $10,000,000 was received in cash by the company
and two issues of guaranteed securities were made as follows: 220,000.000
-Year Gold Notes, dated July 1 1924; and $26,000,000 435% 30
4% 3
-Year
Gold Bonds, dated Sept. 15 1924.
As of July 1 1924, an issue was made of 29,375,000 434% Equipment
Trust Certificates, Series "H," secured by $12,500,000 worth of new
equipment.
The funded debt retirements during the year were $15,511,973 as follows:
5) % 5-Year Canadian Northern Railway Secured Notes
,
i
$6,000,000
-Year Canadian Northern Collateral Trust Gold Notes_ _ _ 4,349,000
6% 5
Equipment Trust Certificates of various issues
5.063,400
Payments under various Sinking Funds and sundry retirements
99,573
Traffic Movement.
-The volume of revenue freight decreased by 8.70%
from 18,546,404,436 ton miles to 16,932,406,010 ton miles. Revenue
freight tonnage decreased by 8.29%, namely 4.749,724 tons, represented
partly by a decrease of 2.500,000 tons of bituminous coal and 500,000 tons
of anthracite coal. Additional decreases in tonnages were as follows:
Wheat 691.206 tons; sawn lumber, timber. etc., 561,609 tons; iron ores
287,733 tons; dimension stone 260.182 tons.
In the manufactures class the tonnage of iron and steel commodities
Showed heavy decreases totalling 770.440 tons; automobiles and auto
trucks 115,538 tons; unclassified manufactures and miscellaneous merchandise 681,291 tons. Partially compensating increases were recorded in
roadmaldng material of 834,112 tons, and cement of 95,778 tons. 15,248
carloads of grain were moved to Vancouver for export as compared with
6,981 carloads in 1923.
The movement of livestock to Winnipeg and to the East showed a good
development and the cattle trade in the Western Provinces was reported
at the end of the year as in promising condition. The average haul per ton
of revenue freight declined from 323.96 miles to 322.53. The rate per ton
-from .999c. to 1.01c. Passenger business
per mile increased slightly, viz.:
on the whole was very disappointing. The number of passengers carried
declined from 23.683,781 to 22,707,880, or by 4.12%. The average
Journey declined slightly from 61.09 miles to 60.43 miles, and the revenue
per passenger per mile declined from 2.715c. to 2.713c.
Raies.-Changes affecting freight rates were made effective as follows:
April 14 1924: Class rates between Ontario points and the Maritime
Provinces where arbitraries are added to Montreal rates were adjusted
involving reductions ranging from to. to 17c. per 100 lbs. on first class, and
from lc. to 7.5c. on tenth class traffic. This was a voluntary reduction on
the part of the Railway.
May 27 1924: Rates on grain ex lake milled in transit at lake ports, or
en route to port of export were reduced by amounts ranging from 3.5c. to
2c. per 100 lbs. dependent upon the port.
The suspension under Parliamentary authority of the Crow's Nest Pass
rates terminated on July 6 1924. On the following day these rates again
became effective, with consequent reductions in rates on certain specified
commodities from and to points on certain Canadian Pacific lines. It was
therefore necessary for the Canadian National to apply on its lines similar
rates between competitive points. The Crow's Nest Pass rates were by
Order of the Board of Railway Commissioners suspended as of Oct. 27 1924,
but by order of the Governor General in Council were reinstated as of Jan.
9 1925. As is well known the matter has not yet been finally disposed of,
and it will likely engage the attention of Parliament and the Board of
Railway Commissioners in the near future.
-During the year 1924. 55,450 acres of land were sold at an
Land Sales.
average price of $14.29 per acre, amounting to $792.152, as compared with
61,994 acres sold in 1923 at an average price of $15.66 per acre, amounting
to $970.952. Cancellations of purchase contracts during the year represented 39,295 acres as compared with 59,190 acres in 1923.
In explanation of the reduced average selling price it may be pointed out
that the price received by western farmers for the 1923 crop was at a low
rate per bushel and that many farmers abandoned their land, with the result
that mortgage and trust companies and others had a large number of farms
on their hands which they were willing to sell at low prices. The demand
for land has not been great and the price paid for lands was correspondingly
reduced.
-During the past year efforts were made to
Colonization ct Development.
obtain land settlers not only from the British Isles but also from other
European countries, particularly Norway, Sweden, Denmark and Holland.
Additional branch agencies have been opened at Oslo. Copenhagen and
Rotterdam. Educational courses in agriculture were inaugurated, with the
object of enabling intending settlers to become familiar with agricultural
methods in Canada before emigrating.
During the year 13,022 immigrants, mostly British. Scandinavian end
Czecho-Slovalcian passed through Winnipeg reaching that point on Canadian
National trains, as compared with 7,574 in 1923.
From time to time, and particularly during the past two years, reference
has been made on various occasions to the need for immigration. The whole
future of Canada and of the railway systems in Canada depends upon
increased population and upon the increased traffic which would result
therefrom. As compared with what might be done in order to bring about
the desired result, the efforts made in the past might be termed somewhat
191
spasmodic and unorganized. If there is to be real success the matter will
have to be handled otherwise in the future. The Dominion as a whole,
the provinces individually, the railways and all other business organizations
are, each of them, interested. The problem Is of sufficient magnitude and
importance to justify in its solution the employment of the most capable
and energetic minds in the Dominion. The investment of money on a
larger scale than in the past will also be required. The matter might be
entrusted to a permanent commission constituted somewhat on the lines of
the Board of Railway Commissioners, except that more commissioners
would doubtless have to be appointed: and this Immigration Commission
would have to be authorized to make expenditures under a general programme approved by Parliament.
LOANS FROM DOMINION OF
Principal
Outstanding
at Dec.31'24
Canadian Nat.
-Grand Trunk.
1920-1921 Loan
6
$25,000.000
1921-1922 Loan
6
55,293,435
6 1922-1923 Vote No. 137
23,288.747
6% 1923-1924 Vote No. 139
Advance A-c G.T.P.49' Debentures 15,000.000
5% 1924-1925 Vote 137
452,648
Less refunded
14,259,436
Grand Trunk Pacific.Appropriation Act, 1916
6
4.555.843
Appropriation Act, 1917
6
4,196,074
Appropriation Act, 1918
6
5.787,440
69'. Orders in Council
6,000,000
Advances to pay Int. Guaranteed
by Dom. Govt
19,543,640
Receiver's Certificates 6%
49.077,692
3% G.T.P. Bonds held by Govt33,048,000
e
Canadian Northern Railwav
33 % Advs. under 1911 L
,
6
laden
2,396,100
4% Advs. under 1914 Legis ation5,294,000
5% Advs. under 1915 Legislation- 10.000,000
6% Advs. under 1916 Legislation
15,000,000
'
0 Advs. under 1917 Legislation
25.000.000
69' Advs. under 1918 Legislation
25,000,000
6% Advs.under 1918 War Meas.Act
1,887,821
6% Equipment Loans under Chap.
k . . Is
13,951,328
6 Advs. under 1919 Appro. Act
35.000,000
6 Advs. under Vote No. 96-1919 23,362,213
6 Advs. under Vote No.127-1920 48,611.077
0 Advs. under Vote No. 115-1920 15,503,426
6 Advs. under Vote No. 113-1921
1,725.723
6 Advs. under Vote No. 126-1921 24,500.000
va
0 Advances under Vote No. 126,
6 G. T. P. 1921-1922
11,733,625
1921-1922
69' Advances under Vote No. 126,
vote
G. T. R.
8.186.181
No. 136Advances under
1922-1923
42,800.000
under Vote No. 11569'
2.315,806
6%6 2 ggges under Vote No. 1390 /1 1
. (1923-1924
12,655,020
under Vote No. 137,
17475.
5191
8,491.554
0
61
CANADA.
Interest
Interest
Accrued
Accrued
1924
1923
21,500,000 81.500.000
3.317.606
3
.259.925
1,397,325
1,130,789
130,169
109.183
600.000
600.000
10.879
302,597
273,351
251,764
347,246
360.000
273,351
251,764
347,246
360,000
2,865,405
991,440
2,632.568
991.440
83,863
211.760
500.000
.
900.000
1,500.000
1.500.000
113,269
83.863
211.760
500,000
900,000
1.500.000
1,500,000
113,269
837,080
2,100.000
1,401.733
2,916.665
930,206
103,543
1,470,000
837.080
2,100,000
1,401.733
2,916.665
930.206
103,543
1,472.240
704,018
723,152
491,171
491,171
2,568,000
2,456.717
138,948
115,021
817,565
345,256
240,634
$560,397,95g 831.271,043 $30,157,944
INCOME STATEMENT YEAR ENDED DECEMBER 31.
1924.
1923.
1922.
Revenue
Freight
171,045,298 185,240,897 169,783,722
Passenger
37,233.998 39,285.318 35,486,295
Mail
3,595,262
3,543.078
3,673,195
Miscellaneous
23,713,624 25,066,194 25,115,814
Total
235,588,182 253,135,487 234,059,025
Expenses
Maintenance of way and structures.- 44,039.965 44.778,445 45,623.536
Maintenanceof equipment
47,972,444 52,176.320 56,160,700
Traffic
.882.751
5.792.928
5,249,902
Transportation
110,085,034 120,302,451 113.653.320
Miscellaneous operations
2,381,469
2.304.106
4,127.733
General
7.633.834
8,063.391
7,248.424
Transportation for investment--Cr__
661,567
712,802
891,985
Transportation water line
682
Total
Net earnings
Railway tax accruals
Uscollectible railway revenues
218,343,931 232,704.838 231,172,314
17,244,251 20.430,649
2,886,712
4,588,593
3,819,918
3,975,635
38,198
40,541
41,129
Railway operating income
12,617.460 16,570,196 def1,130.053
Revenues from miscell. operations
2,015,458
2.092,819
89.952
Expenses of miscellaneous operations_ 2,397,902
2,389,771
187,408
Net revenue from misc. operations- def382,442 def296,952
def97,455
Total operating income
12,235,017 16,273,239def1,227,508
Non-Operating Income
Rent from locomotives
318,575
586.129
1,232,950
Rent from passenger train cars
145.541
127,843
785,358
Rent from floating equipment
920
1,003
171
Rent from work equipment
487,620
209,284
410,227
Joint facility rent income
994,988
895,448
1.516.016
Income from lease of road
85,698
78,602
78.625
Miscellaneous rent income
1,158,333
837,194
838,566
Misc. non-oper. physical property
165,128
493.176
211.219
Separately oper. properties-profit.- 1,044,876
853,754
883.329
Dividend income
454,613
515,436
507,491
Income from funded securities
572,872
523,094
539,049
Income from unfund. secs. & acc'ts- - 1,538.573
1,068.883
510,618
Inc.from sinking, &c., reserve funds519,739
371.227
103.330
Miscellaneous income
1,650,393 loss352,555
2,438,419
Total non-operating income
9,137.872
6,208.517
Gross income
21.372,889 22,481,756
Deductions
Hire of freight cars
-debit balance1,694.487
3,887,479
Rent for locomotives
54,016
163,038
Rent for passenger train cars
145.527
147,862
Rent for floating equipment
8,944
11.271
Rent for work equipment
5,492
12,944
Joint facility rents
933,503
928,211
Rent for leased roads
1,452,709
1,387.906
Miscellaneous rents
75,609
109,868
Miscellaneous tax accruals
124,477
482,580
Separately operated properties-loss_
802.470
795,877
Interest on funded debt
38,361,704 35,041.380
Interest on Dominion Govt. advances 31,271.043 30.157.944
Interest on unfunded debt
377.115
239.536
Amortization of disc. on funded debt..
317.671
119.173
Miscellaneous income charges
608,538
674.860
Miscellaneous appropriation ofincome
19.503
Total deductions
76.233,308 74,179.431
10.055,367
8,827,859
632.644
783,288
776,178
22,403
303.077
1.343.132
1.397,479
96,131
358,720
740.223
34.652,324
24,748,152
235,917
165.391
397,206
135,690
66,787.957
Net income deficit
54,860,419 51.697.675 57.960,098
The profit and loss account for 1924 shows: Debit balance at Jan. 11924.
$289,586.224; balance from income, $54.860,419; profit and loss Items of
subsidiary companies taken up through income In parent companies account,
(Cr.) 2792.359: surplus applied to sinking and other reserve funds, $47,745;
surplus appropriated for investment in physical property, $1.440,089; loss
on retired road and equipment, $581,666; miscellaneous appropriations of
surplus, $905; delayed income and miscellaneous debits and credits, net,
$1,718,812; adjustment of land account, $460,159: total, $345,023,483.
Profit on road and equipment scold, $768,784; urupfundable overcharges,
$6,711; donations, $187,217; debit balance forward, $344,060,771.
192
THE CHRONICLE
CONSOL. BALANCE SHEET (DEC, 31 (CAN. NAT. RY. SYSTEM).
[Excluding the Central Vermont Railway.]
1923.
1924.
Assetsin road and equipment
31.837.072.741 51,810,908,126
Investment
4,625,329
Improvements on leased railway properties
5,860.651
11,637,252
Sinking funds
8,275.615
391,730
6,060,510
Deposits in lieu of mortgaged property sold_
38,692.890
Miscellaneous physical property
54,545.169
-Stocks
2.071,010
Investments in affiliated companies
2,064.960
11.790,460
Bonds
11.790,460
8,041,9058,041,906
Notes
6,494,546
Advances
8,973,750
4.754,338
Other investments at cost
6,744,424
20,498,997
30,007,678
Cash
7.860,845
Special deposits
3,547,392
44,868
Loans and bills receivable
56,471
Traffic and car service balance receivable_ _ _
2,974,797
2.006,140
Net balance receivable from agents & conduc
5.575,839
4,345,785
Miscellaneous accounts receivable
11,339,706
8,345.739
Material and supplies
53.772,174
50,459,445
Interest and dividends receivable
409,185
493,214
Rents receivable
288,448
213,069
Other current assets
87,102
51.249
478,346
Working fund advances
606,626
5.708,442
Insurance. 8tc.. funds
6.071,235
Other deferred assets
6,497,045
7,565.378
50,851
Rents and insurance premiums paid in adv
52,466
Discount on capital stock
193,500
193.500
Discount on funded debt
2,272.093
5,292,713
6,399,226
Other unadjusted debits
5,517,062
289,586.225
Profit and loss deficit
344.060,771
[Vol. 121.
The Debenture bonds of subsidiary companies held by the public amounted
on Dec.311924 to $5,804,480,as compared with 36.144.46500 Dec.311923.
Dividends.
-A balance of 55%% back dividends remained unpaid on
the Preferred stock Feb. 1 1925.
Reduction of Obligations.
-During the years 1915 to 1924 inclusive the
bonded indebtedness and interest charges of I. M. M.Co. and subsidiary
companies have been reduced from $84,146.033 to $44,105.480 or $40040,553 and the interest charges from 33,867.656 to $2,559,262, or
31.308,394.
COMBINED EARNINGS OF THE COMPANY AND SUBSIDIARIES.
Calendar Years1921.
1922.
1924.
1923.
Gross voyage earnings_1378.054.931 375,238,0181373,873,555 390.068,418
Miscellaneous earnings!
8,027,610
1 6,552.078
Total earnings
578,054,931 375,238,018 $80,425,634 398,096,028
Oper., general expenses,
taxes and misc. int_ _ _ 72,110.040 69.591.220 74,158,389 85,094,108
Net earnings
Fixed charges
$5.944,891 $5,646,799 36,267,245 313,001,920
2,623.262
2,575.965
2.618.726
2.61)0.646
Profit before deprec__ $33,368,927 $3,028,072 $3,576,599 310,378,658
Previous surplus
24,426.721 26,978,449 31,714,136 30,556.973
Total
Deduct-Depreciation
Pref. dividends
do Per cent
527,795.648 330,006,521 335,290,735 $40,935,631
6,117,981
5,756,208
5.579,800
5,984,661
3,103.515
2,327,625
x(43%)
(6%)
Sur. as of bal. sheet_ _$22,039.440 $24,426,721 $26,978.449 531.714,136
x Includes 39' paid Aug. 1 1922, amounting to $1,551,750, and 135%
,
Feb. 1 1923 ($775,875).
The foregoing includes the earnings from operations, viz.: American,
Red Star, White Star, Atlantic Transport and Leyland lines, together with
dividends received from partly owned companies.
CONSOL. BALANCE SHEET DEC. 31 (Including Constituent Companies).
[American. Red Star, White Star, Atlantic Transport and. Leyland lines.]
1924.
1923.
1922.
1921.
Assets
*Cost of properties
176.657,553 183.710,362 201,877.769 188.719.060
Investments
7,274.679
7,288.329
7,234,755
7,024,752
Secur. dep. for invest, in
1.861.635
3.166,094
new tonnage
3,916,930 3.586.517
Cash (on hand, &c.)__
9.970,557
7,572.087
8,894,873
Accts., &c., receivable
8,280,658
9.148,281 12,285.219
763.363
565.376
691,430
Agency balances
655.373
Marketable stks. & bds_ 20,380,877 21,313,830 29.663,020 47,717,191
1,576,329
2,138,745
1,575,811
Inventories
1,808,785
4,298.412
7.298,760
Deferred charges
3,606,396
5,919.513
Total
32,418,316,119 52,313.445,275
1923.
Liabilities
1924.
270,220.314
Capital stock
270,229,839
10,600
Stock liability for conversion
10,600
16,204,520
Grants in aid of construction
16,203,084
823,099,056
Funded debt held by public
913,913.083
33.048.000
Funded debt held by Government
33,048.000
53,177,668
Receiver's certificates and interest
59,222.386
580,314,081
Loans from Dominion and interest thereon_ _
598,285,564
447,643,526
Appropriation account Canadian Govt. Rys _
451,712.485
Loans and bills payable
4,918,858
Traffic and car service balances payable
3,541.358
21,831,739
14,351.460
Audited accounts and wages payable
1,772,681
Miscellaneous accounts payable
2,035.957
12,672,043
Interest matured unpaid
13.008,764
2,800
Dividends matured unpaid
505,061
Funded debt matured unpaid
815,550
4,200
Unmatured dividends declared
6,677,958
Unmatured interest accrued
7,875,804
557,564
620,531
Unmatured rents accrued
Total
225,624,649 233,219,427 263,669,580 275,929.664
1,210,436
Other current liabilities
791,672
Liabilities
711,895
Liability for provident funds
510,016
51.725,000 51,725,000 51,725,000 51,725,000
Preferred stock_a
2,575,691
Other deferred liabilities
5,815,568
49,871,800 49,871,800 49,871.800 49,871,800
2,591,497 Common stock_ b
Tax liability
2,813,936
25.268
Capital stock of sub. cos.
25,705
27,645
26,433
4,130,267 1stM.&Coll.Tr.6%bds_c
5,848,552
Insurance and casualty reserves
36.431,000 36.902,000 37,466,000 37.313.000
413,914
232,299
Operating reserves
2,440,095 Deb. bds. of constituent 5,804,480
Accrued depreciation-Road
2,497,262
7,839,540
6,144,465
cos. held by public_
7,025,225
3,745,467
4,763,684
Accrued depreciation-Equipment
1,870.000
1,920,000
1,500,000
1,970,000
554,575 Loans on mortgage
619,357
Accrued depreciation-Miscellaneous
4,634,339
4,292,250
6.206,448 Purch. money oblig'ns_
4,681,707
Other unadjusted credits
8,890,494
3,826,132
3,101,396 Loans, bills pay., &c_ _ _ 1.657.710 4.669,770
1,661,307
Additions to prop. through income & surplus
11.101.745
9,587.059 30,001.189 29,146,911
1,144,452 Accounts payable
910,000
Funded debt retired through income & surp_
464,027
552,646
1,027,038
246,267
391,373 Agency balances
488,842
Sinking fund reserves
606,185
616.605
677.037
630,325
1.558,597 Interest accrued
1,798.954
Appropriated surplus
7.938.707 10,037,330
Reserve for liabilities_
7,596,859 8.666.892
14,520,505 16.439,328 32,057,153 32,648,553
Miscellaneous reserves
Total
32,418,316,119 32.313,445,273
12,709,344 12.676,055 10,812,365 11,296,375
Deferred credits
-The title of the Canadian Northern Ontario By.and the Canadian Insurance fund
Note.
4,225,096
3,332.692
2,033,494
2,660,509
Northern Quebec Railway Companies to lands carried in "miscellaneous Preferred stock dividend
1,551,750
775.875
physical p•roperty" at $7.318.140 has been questioned by the Ontario and Surplus
22,039,440 24,426,721 26,978,449 31,714,136
Quebec Provincial Governments.
-V. 120. p. 3308, 952.
225,624,649 233,219,427 263.669,580 275,929,664
Total
* Balance at Dec. 31 1923 3243.915,021, deduct difference between
International Mercantile Marine Co.
post-war cost of steamships and estimated normal value, which has been
charged against miscellaneous reserves, $1,949.030, less steamships sold
(Annual Report-Year Ended Dec. 31 1924.)
and gone out of service. 31.117.677, and deduct reserve for depreciation.
The advance figures for the year 1924 were given in the 364.190.762 balance Dec. 31 1924. 3176,657.552. a After deducting
b After
issue of June 6, p. 2934. The final report is signed by 38.275.000 in treasury. less retireddeducting 310,128,200 in treasury.
by sinking fund. $3.569,000; balance.
c Originally 340,000,000,
Pres. P. A. S. Franklin under date of June 18, who says 536.431,000. V. 120. p. 2934.
-
in substance:
Results.
-The net result of operating the company and its subsidiary
companies (American Line. Red Star Line, White Star Line, Atlantic
Transport Line, Panama Pacific Line and Leyland Line) for 1924.
after deducting depreciation. shows a loss of $1,079.305, as compared with
a loss for the year 1923 of 31,689,922.
The actual operation of all the steamers and business of the company and
Its subsidiaries for 1924 resulted in a profit of $4,676.903, after deducting
all expenses, taxes and bond interest. However, against this profit must
be charged depreciation on the steamers amounting to 35.756,208. after
which the net result shows a deficit of $1,079,305.
The earnings of company for 1924, including dividends from its subsidiary
companies out of their surplus for the year 1924 and prior therto and from
the operation of steamers it owns directly. show $1,705,337 as below, after
deducting all expenses, bond interest and depreciation on the steamers
directly owned:
192g.
1924
Total net earnings of I. M. M.
Co. plus dividends
from sub. co.'s, after deducting taxes & general
34.303,103 33,417,522
es
2,198.931
2,223,719
I.11(Yr Co. Bond Interest
398,835
398,835
Depreciation on Steamers directly owned
3794,968
Surplus
31,705.337
Dividends received from Foreign Subsidiary Companies have been
converted at the market rate of exchange on date received.
Immigration.
-As stated in the annual report last year the new Immigration Act, which took effect July 1 1924, materially reduced the number of
westbound second and third class passengers, which to a certain extent was
offset by an increase in the first class movement both eastbound and westbound and also by an increase in the second and third class movement
eastbound. The total passenger traffic across the Atlantic to and from
the United States and Canada, in all of which your Companies have an
• important share, shows a decrease of 217.041 passengers moved in the
year 1924 as compared with 1923.
There was little improvement in the freight situation: nevertheless, the
total combined earnings of all your Companies made a better showing than
for 1923, largely brought about by the concentration of sailings.
The earnings of International Mercantile Marine Company (the parent
company) show a material improvement over 1923 due to the receipt of
dividends from a subsidiary Company, paid out of its surplus accumulated
prior to 1924.
-Although passenger rates for 1925 have improved, the volume
Rates, &c.
of passenger traffic moving shows only a moderate increase. The freight
business generally is not as satisfactory as it was a year ago, for while the
European situation has improved, the development of trade and commerce
thus far has been disappointing: the number of steamers available is largely
in excess of the business offering and expenses of operating are considerably
greater, due largely to the increased cost of fuel oil. While the estimated
net earnings for the first four months of 1925 are less than for the corresponding period of last year, it is hoped that the results for the entire year will
not be less favorable than for 1924.
-Although competition is very severe, we are maintaining
Competition.
our position in the various trades and doing our utmost to husband our
cash resources with the view of being in position to take full advantage of
the situation when the hoped for improvement comes.
-$400,000 was paid in 1924 to the trustees and $471,000
Sinking Fund.
were purchased and canceled, making total purchased and canceled
of the original $40,000,000, leaving $36,431,000 outstanding.
$3,569,000
-This department shows a net profit of $892,404 for
Insurance Fund.
the year 1924.
-The total amount of 1st Mtge. & Coll. Trust 6% bonds outBonds.
standing and in the hands of the public Dec. 31 1924 was $36,431,000.
Commonwealth Power Corporation.
(Annual Report-Year Ended Dec. 31 1924.)
President Geo. E. Hardy, June 30, reports in substance:
-The operating subsidiaries made favorable progress despite
Earnings.
the recession in general business conditions nationally prevalent throughout
the greater part of the year. The greater part (64 0 of Commonwealth
)
Power Corp.'s gross earnings are derived from the sale of electricity. The
stable and well diversified character of this business is evidenced by the
fact that approximately one-half of this total represents electricity used for
lighting-residential, commercial and municipal. This is a particularly
desirable feature. The other half, power, is well distributed among a wide
variety of industries with no one class dominant, and a small portion to
other public utilities.
Sales of gas account for over 17% of the gross earnings. The large part
of the sales are for home cooking uses, with the balance divided among
ndustrial, hotel and restaurant and commercial uses.
The railway department contributes less than 5% of the earnings. The
balance is derived from the heating, water, coal and appliance departments.
New high records were attained in the sales of both electricity and gas,
fundamental barometers and the source of 81% of the gross earnings. The
increase in electric sales over the preceding year totaled 15,021,226 k.w.
hours and that of gas 88,425,800 cu. ft., while coincident with this 35,836
electric and gas customers were gained.
The following comparative figures (all as of Dec. 31) are a summary
indication of the year progress:
1924.
1923.
Sales of electricity in kilowatt hours
644,239,953
629,218,727
Electric meters in service
286,709
258,112
Sales of gas in cubic feet
4,337,707,400 4,249.271,600
Gas meters in service
126,342
119,103
Tons of coal
461,650
Revenue passengers carried
23,592,70
6
25,086,576
Additions and Improvements.
-Throughout the territories served the
general development of communities, together with their integral industrial,
commercial and home activities, requires a constructive policy of building
to meet these public needs. In 1924 a comprehensive program involving
the expenditure of 322,433,101-the largest construction program in the
-was carried forward. The major part of the
history of the companies
expenditure (86%) was for the electric properties, particularly for the
enlargement of plant capacities. The year'E; proportion of the construction
cost of an additional 207,000 h.p., all in modern, highly efficient turbine
units, is being provided in this program. The gas properties required 10%
of the total, which provided in part for the construction of 2 new gas plants
to produce 6.000,000 cu. ft. of gas daily, and the remaining 4% was divided
among the other departments.
The increased facilities, while conservatively developed, place the properties in a position to attract and serve the growing needs of their respective
territories.
-In September 30.000 shares of Pref. stock, 10.000 shares of
Financial.
Common stock and options for 30,000 shares of additional Common stock
were offered pro rata to Common stockholders of record Sept. 16 1924 in
blocks of 3 snares of Preferred, 1 share of Common and 3 options forth°
sum of $315. Each option entitled a holder to subscribe to 1 share of
Common stock on or before Nov. 1 1926 at $100 per share. Over 97%
of the blocks were subscribed for by stockholders.
The proceeds from the sale of stock were used in part to increase company's holdings of Common stocks of its subsidiary companies, to pay the
balance of 51.381,275 due on contracts payable and to retire $523,000 gold
notes due 1939. During the year a net reduction in outstanding bonded
ndebtedness of 31.411,600 was effected, of which sinking fund operations
JULY 11 19251
THE CHRONICLE
retired $276,100, while $1.100,200 were retired front proceeds of sale of
pledged collateral, leaving the balance of $35.300 in treasury of company.
The financial requirements of the subsidiary companies were provided
for principally by the sale of $12,086.000 bonds and $8,643,500 par value
of Pref. stock. The Pref. stock was sold in the territory served on the
'Customer Ownership Plan" by employees of the subsidiary companies.
On Dec. 31 1924 the subsidiary companies had over 27,000 stockholders.
The Prof. and Common stocks of Commonwealth Power Corp. are
Columbia.
owned by 6,031 stockholders,residing in 45 States, the District of2.954 men
Hawaii and 6 foreign countries. Among the stockholders are
and 2.543 women. 59%% of the stockholders own from 1 to 25 shares,
evidencing the broad distribution being effected. Over 15% own from
1 to 5 shares, 18% from 6 to 10: 26% from 11 to 25. 16% from 26 to 50,
and 12% from 51 to 100.
-YEARS ENDED DEC 31
CONSOLIDATED INCOME ACCOUNT
[Commonwealth Power Corp. and Subsidiary Companies.]
*1921.
*1922.
1923.
1924.
EarningsGross
Electric department_ _ _..$20.217,613 $18,590,274 315,317.923 $14.090,517
5.864.469
5,059.428
5,518.016
5,572,271
Gas department
1.696.141
1,639,018
1.647.853
1,563,226
Railway department
Heating, water, coal and
3,212.856
3.503.748
4.364.621
appliance departments 4.174,599
$31.527,709 $30,120,764 325.520.116 $24.863.984
Total
Oper. expenses & taxes- 18.653.230 18,251,549 15.424.573 15.711,330
$12,874,479 311,869.214 310,095.544 $9,152,654
Gross income
Fixed chgs. ofsub.cos.
Bond & gen. interest_ $3,812,016 $33,400,806 33,477,743 $3,275,523
298,440
324,705
321,805
363,831
Amortization of disc't
Divs. on Prof. stock of
1,020.471
1.198.429
1.507,321
,
subs, held by public 1.948,909
1.074.877
1,072,070
1.046,358
879.095
Int.chgs.Comm...CorpAnnual div. on Commw.
1,440.000
1.440.000
1.440,000
P. Corp. Prof. stock-- 1.483,038
609.564
do Common stock
1,334,000
1,809.226
1.840.972
Prov.for &qtr.& replace. 2.128,470
193
The demand for power in Sao Paulo is increasing to such an extent that
the existing plants, with that at Rasgao now approaching completion, will
soon have to be supplemented, and steps are therefore being taken to proceed with the development of a further plant which will have capacity
sufficient to assure an ample supply of power to Sao Paulo and vicinity
for many years.
STATISTICS OF COMBINED COMPANIES FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
405.47
413.53
415.83
418.79
Miles of track
46,120,480 46.197,145 44,618,420 43,586,042
Miles run
498,242,281 479,527,034 454,486,999 412,176,127
carried
Passengers
483,240.843 468,211,051 426,918,516 379,156.343
K. w. hours sold
143,338
152,580
164.188
175,397
Total consumers It.& pr.
65,043,651 59.457,174 57.143,781 57.457,102
Gas sold (cu. meters)
35,734
36,965
37,824
40,328
Gas consumers
67.862
71.514
74,359
77,977
No. of telephones in op_
COMBINED REVENUE STATEMENT OF PARENT CO.(BRAZILIAN
TRAC., LT. & POW. CO.) AND OPERATING SUBSIDIARIES.
1921.
1922.
1923.
(1) In Milreis-1924.
Gross earns,from oper197.749.105 170,867,353
Not stated.
ations in Brazil
Net earns, from oper124,505,563 95.105.553
ations in Brazil
Approx. value of milreis_ 11.08 cts. 10.36 cts. 13.09 cts. 12.51 cts.
(2) In Dollars
Net earnings in Dollars_$16,643,472 $15,332,329 316,299,229 $11,898,523
270,150
118.022
87,635
76.301
Miscellaneous revenue__
_ _316,719.773 $15,419,964 316,417,251 $12,168,673
Total rev,o:subs._
Bond int. & oth.chgs_ x_ $4,709,785 34,654,983 $5,052,961 34,534.038
Reserve for depreciation
and sinking funds_ _ _ 4,238,848 4,047,040 3,941,393 3,224.578
Tot, charges of subs.x 38.948,633 $8,702.023 $8,994,354 $7,758,616
(3) Parent Co. in Dollars
$709.343 Balance, being gross rev3773.372
Net income
31,649.557 32,311.953
enue of Brazil. Trac.,
*In accordance with accounting practice adopted by Michigan P. U.
Commission, sales of gas residuals by the company's Michigan subsidiary
Lt. & Power Co.,Ltd_ 37,771,140 36,717,941 57,422,897 34,410.057
127.558
450,064
792,518
478,381
were credited to operating expenses of the gas department instead of being Int. on investments, &c_
ncluded as heretofore in gross earnings. The 1922 figures have been
57,872,961 34,537.715
38,249,521 $7,510,459
Total
adjusted accordingly for comparative purposes.
Deduct-General & legal
CONSOLIDATED BALANCE SHEET DEC. 31.
166,465
185,840
280,494
310,604
exp. & admin. charges
[Commonwealth Power Corp. and Subsidiary Companies.]
833,568
535.153
Interest and charges
1924.
1924.1923.
600,000
1923.
600,000
600,000
600,000
Preferred diva. (6%)_ _ _
Assets3
3
2,477(2)2,131,511
Common dividends.,.
(4%)4,262,788(4)4,26
300.000
6% Cum.Pf.stk. 27,000,000 24.000,000 Gen.amortiz'n reserve_ _
Property, plant,
300,000
300,000
300,000
900,000
Invest., &c_..161,305,975 140,557,119 Common stock_ x1,750,000
Pt stk of subs. 36,729,700 27,496,300
Inv. In & adv. to
35,473,392 35.442.971 33,752.504 31.900.033
Total deductions
affiliated cos..
814,217 25-year 6% see.
879,744
Balance, surplus
32.776,129 32,067,488 54.120,457 32,637,682
S.F. bds, 1947 10,632,000 12,008,600
Cash deposits for
x Inter-company items excluded.
Gen. lien & ref.
bonds sold In
Note.
-Above earnings are given in Canadian currency.
58, Ser. A,'39 2,231,500 2,262,500
adv. of con.struction
41,011 2,850,317 Gen. lien & ref.
CONSOL. BALANCE SHEET, CO. AND SUBS. COS., DEC. 31.
179,416 65. Set'. B,'72 1,099,000 1,103,000
246,553
B.F.& sun.dep.
(Include Rio de Janeiro Tramway, Light & Power Co., Ltd.(and its sub523,500
5% Gold notes_
Bond disc.& CXl,.
sidiary, Brazilian Tel. Co.), Sao Paulo Tramway, Light & Power Co., Ltd..
in proc. amort. 7,684,028 6,936,707 Bds. & deb& of
and Sao Paulo Electric Co.. Ltd., and in 1924 Brazilian Hydro-El. Co.,Ltd.)
subs. In hands
Def. charges and
1923.
1924.
79,600,900 71.473,300
104,723
of public
393,169
prepaid accts2,081,276
Assets
2,690,487 2,171,083 Contracts paYCash
879,954 Properties, plant & equip., construction expense,
999.474
Consumers' dep.
U. S. Govt. sec.
38,722
at cost, incl. interest during construction, &c._ _122,607.215 117.678.485
& ctfs. of dep. 1,916,995 1,327,557 Other def. items
961,274 Cost of securities and advances to cos, owned or
353,851
Accts.receivable 3,779,532 4,144,927 Notes payable__
controlled by sub, cos., including premium paid
12,315 Accts. payable_ 2,776,982 2,170,270
92,539
Notes receivable
86.848
67,804,058 67,417,072
98,810
on shares of subsidiary companies acquired
Int. receivable
10,429
15,521 Divs. payable__
658.373 Rights, franchises, contracts, good-will, discount
741.495
Due subscrip. to
Accrued Interest
50,778,960 50.808,854
on bonds,share and bond issue expenses
762,048 Accrued taxes__ 1,977.514 1,807,311
Pref.&Com.stk 1,190,948
40,264 Sinking fund investments
48,927
5lat'ls & supplies 2,930,922 3,004,995 Sund.curr.liab _
Retirement & reRio de Janeiro Tramway, Light & Power Co.,
5,236.961
5.798.985
placement res. 7,661,954 7,017,443
Ltd., first mortgage bonds at cost
171.071
264.558
Sao Paulo Elec. Co., Ltd., 1st mtge. bonds....
Other reserves__ 1,952,173 1,410.693
41,755 Stores in hand and in transit. incl. constr. material 4,918,034 4.066,936
47,643
Prem.on pf.stk.
5,022.715 4,406,016
7,834 Sundry debtors and debit balances
29,719
for ext.
Contrlb.
4,191,670 3.971.095
Investments (Government securities at cost)
Burp. of subs. at
4,383.739 3.629.559
date of control 3,144,240 3,240,650 Cash in hand and In banks
Burp. since date
265,769,936 257,386,049
4,247,726 2,709,800
of control_ _
Total
-Liabilities
183,162,332 162.880,946 Capitalstock-Brazilian Trac..Light & Power Co..
Total
Total
183,162,332 162,880,946
106,583,700 106.582,900
of no par value issued, 31,745,770: subx Consisting of 209,718 shares
-Authorized,31,100,000;issued
Ltd.
scribed but unissued. 34.230.-V. 121, p. 74.
Authorized and issued,6% Cum. Prof. shares_ _ _ _ 10,000.000 10.000,000
Shares of subsidiary companies not held by Brazil8.900
8,400
ian Traction, Light & Power Co., Ltd
Brazilian Traction, Light & Power Co., Ltd.
Rio de Janeiro Tram.,Light & Power Co., Ltd.
25.000,000 25.000.000
(12th Annual Report-Year Ended Dec. 31 1924.)
-Year 5% gold bonds
30
First Mtge.
-Issued. £5,266,-Year Mortgage bonds
5% 50
J. M.Smith, Sec., Toronto, May 21 wrote in substance:
000(325.627,867),less redeemed for sink.fund,
23,601,948 23,900,408
was an increase in the combined gross earnings of the
-There
Results.
£416,285 ($2,025,919)
subsidiary companies as compared with the corresponding earnings of the Sao Paulo Tramway,Light & Power Co., Ltd.
6.000,000 6,000,000
Mortgage debentures
previous year of $2,752.006, or 11.38%.
5% First
There was also an increase in the net earnings before provision for depre5% Perpetual Consolidated Debenture stock--- 3,999,996 3.999,996
-Year First
-5% 50
ciation as compared with the corresponding earnings of the previous year Sao Paulo Electric Co., Ltd.
a9,733,333 9,733,333
of $1,311,143, or 8.55%.
Mortgage bonds
615,044
424,444
The gross earnings have only once been exceeded. viz., in the year 1919, Bond,deb.& bearer share warrant coupon out,st'g1,407.779
1,404,049
when exchange for the year's remittances averaged 26.8 cents per mike's, Accr. digs. on C m. Pref. shares & funded debt
5,878,946 4,144,500
as against 11.08 cents, the average for the year under review. Although Sundry creditors and credit balances
209,311
209,849
much better was expected, these results must be regarded as satisfactory Insurance funds for injuries and damages
*Provision for depreciation and renewals (balance
in view of adverse conditions.
25,226,076 22,206,333
The loss incurred in connection with the revolt in Sao Paulo in July last.
after meeting renewals to date)
8,167,328 7,213.356
which has been judicially ascertained,amounted to approximately $700,000, Sinking fund reserves
2,660.000 2.360,000
and it is hoped that the necessary steps will he taken by the Government General amortization reserve
31.042,567 27.951,016
to indemnify the company in respect of same.
General reserves
-The official average rate of exchange on London (90 Profit and loss-Balance Dec.31-Brazilian Tree.,
Rate.
Exchange
5,683.887 5,907.758
days sight drafts) for the year was 6d., as compared with 5 27-64d. for the
Light & Power Co.. Ltd
145,412
145.412
previous year.
Subsidiary companies
For exchange on New York (sight drafts) the official average rate was
265,769,936 257,386.049
10.85 cents as compared with 10.18 cents in the previous year. The averTotal
age rate realized on remittances was 11.08 cents as compared with 10.36
* This reserve includes provision for depreciation and renewals of physical
cents in the previous year.
of companies owned or controlled by subsidiary companies.
-Out of the year's revenue the sum of $3,724,078 has been assets addition there are bonds outstanding of companies owned or conDepreciation.
a In
set aside for depreciation of physical properties of the subsidiary companies, trolled by the subsidiary companies,equivalent to $7,497.080, on which the
and the sum of $300,000 has been transferred to this company's general yearly interest charge, amounting to $375,449, is provided out of the
amortization reserve.
-V.119. P• 691.
subsidiary companies.
Renewal, Amortization and Sinking Fund Reserve Accounts, Dec. 31 1924. revenue of the
Rio de Janeiro Tramway Light & Power Co.. Ltd., provision
316.445,446
for depreciation and renewals
Sao Paulo TramWay Light & Power Co., Ltd., provision for
GENERAL INVESTMENT NEWS.
7,098,372
depreciation and renewals
1,598,258
Sao Paulo Electric Co., Ltd., provision for deprec. & renewals
84,000
Brazilian Hydro-Electric Co.,Ltd.,provLsion for depr.& renew_
STEAM RAILROADS.
2,660,000
Brazilian Trac. Lt.& Pr. Co., Ltd., gen,amortization reserve
7,824,904
Rio de Janeiro Tram. Lt. & Pr. Co., Ltd.,sink,fund reserves
Conference of New Jersey Rapid Transit Commission and New York Slate
342,424
Sao Paulo Electric Co.. Ltd.,sinking fund reserves
Commuters' Commission to Discuss Propositions for Beuer Serving 280,000
-One proposal is to have I. R. T. trains run
Total
336,053,404 Commuters to Manhattan.
Times':
-The surplus revenue for the year after payment of through tubes under Hudson River to Jersey City. "New York
Surplus Account.
dividends amounts to $2,776,129, which,added to the balance of$5,907,- July 9, p. 3.
the
Matters Covered in "Chronicle" July 4.758 brought forward from 1923. gives a total of $8,683,887. Out of this
(a) Receivers of St. Paul RR. offer rate plan to aid road-propose that
sum the amount of $3,000,000 has been transferred to general reserve surplus from higher tariff for West go to roads with deficit, p. 36.
account, leaving a balance of $5,683,887 carried forward in profit and loss
account.
-Permanent Bonds.
Baltimore & Ohio RR.
Capital Requirements -During the year the sum of $3,053,802 was exSC
The Farmers' Loan & Trust Co. announces that permanent Baltimorebe
pended in meeting the capital requirements of the enterprises, as follows:
bonds will not
Tramways.$884,796:light and power.31.374,311;gas,$313,025;telephones, Ohio RR. Co. Southwestern Division 1st Mtge. 5% certificates of the
$6,301.
ready for delivery in exchange for outstanding interim
$475,369; miscellaneous,
p. 1743.)
-In addition, company continued throughout the year to provide Farmers' Loan & Trust Co. until about Dec. 1. (See V. 120,
Power.
funds for the new hydro-electric development of its subsidiary. Brazilian -V. 121, p. 69.
whose initial installation of 44,000k. w. has been
Hydro-Electric Co., Ltd.,
Canadian National Ry.-Listing.completed.
The New York Stock Exchange has authorized the listing of 326,000,000
On account of the severe drought which has prevailed in Sao Paulo since 30
-Year 4 % Gold (Coupon) bonds due Sept. 15 1954 (guaranteed by the
the middle of the preceding year, it became necessary to take immediate Government of the Dominion of Canada)
.-V. 120, p. 3308. 952.
steps to provide additional power.
194
THE CHRONICLE
Cape Girardeau & Northern RR.
-To Be Sold.
Sale of this road, extending from Cape Girardeau to Farmington on the
north and to Ancell, ten miles south of Cape Girardeau, has been agreed
upon. Provisions of the agreement are that the line may be disposed of
in its entirety or in sections, three divisions having been outlined. The
line was built by the late Louis Houck and the minimum price for the
entire line was fixed at 5775,000.-V. 119, p. 323.
[VOL 121.
I believe the group 4e represent to be the largest holders of St. Pau/
securities. We feel there is great injustice in present rail rates in the
Northwest and that no plan can be assured to be the best until that fundamental is rectified. A reasonable increase in rates would obviate the
necessity for what is virtually an assessment on the junior bonds, or for
as large an assessment on the shareholders as is now proposed.
We also believe that during the coming winter legislation can and should
be passed which would extend the Government loan at a reasonable rate of
interest for a term of years, and that the Government would be justified
in so doing. We do not feel like bringing out an alternative plan until the
situation in regard to the foregoing matters have been clarified.
Under these conditions, we see no reason for haste in any deposit of
securities.
Central Pacific Ry.-$40,000,000 Bond Issue Sold.
Kuhn, Loeb & Co. have sold at 98 and interest, to yield
5%%, $40,000,000 35
-Year 5% Guaranteed Gold bonds.
Dated Aug. 1 1925; due Aug. 1 1960. Unconditionally
Charles A. Peabody for Quick Action in Reorganization.
-In
guaranteed as to both principal and interest by endorsement
the absence abroad of Frederick H. Ecker, Chairman of
. Southern Pacific Co.
by
the bondholders' committee, Charles A. Peabody, Pres. of
Denominations of $1,000 and 5500, registerable as to principal, exchangeable for fully registered bonds and re-exchangeable. Interest payable the Mutual Life Insurance Co. and a member of the bondF. & A. National Bank of Commerce, New York, trustee. Not redeem- holders' committee, on being
shownMr. Jameson's statement
able before Aug. 1 1955. Redeemable as a whole but not in part, at the
option of the company, upon not less than sixty days' previous notice, on said:
any interest date on or after Aug. 1 1935, at 105 and interest, up to and
including Aug. 1 1955, and thereafter at a premium equal to % for each
six months between the redemption date and date of maturity. Both the
principal of and interest on the bonds are to be payable in New York City
in gold coin of the United States of America of or equal to the standard of
weight and fineness existing Aug. 1 1955, and without deduction for any
tax, assessment or other Governmental charge (except any Federal income
tax) which the company or the trustee may be required to pay thereon or to
retain therefrom under any present or future law of the United States of
America, or of any State, county, municipality or other taxing authority
therein.
Issuance, &c.
-The issuance, guaranty and sale of these bonds are subject to the approval of the Inter-State Commerce Commission.
Listing.
-Application will be made in due course to list these bonds on
the New York Stock Exchange.
Data from Letter of Henry W. de Forest, Chairman Executive Committee, July 7 1925.
Provisions.
-The trust indenture, under which these bonds are to be
Issued, will provide among other things that so long as any of the bonds
of this issue shall be outstanding the company will not create any new
mortgage or deed of trust (other than mortgages and deeds of trust to
extend or refund existing liens, as set forth in the trust indenture) upon any
of the lines of railroad or branches, leaseholds or trackage rights or other
railroad property, now owned by it (except the Natron cut-off from a connection with the main line near Weed,Calif., to Natron, Ore., now in course
of completion),unless effective provision be made in such new mortgage or
deed of trust that the bonds of this issue shall be secured by such mortgage
or deed of trust ratably with any other indebtedness secured thereby, and
that it will insert such provisions in any such new mortgage or deed of trust.
Purpose.
-To reimburse the treasury of the company for expenditures
made for additions and betterments to its properties.
Capital Stock.
-Company has outstanding $20,000.000 of Preferred stock
and $67,275,500 of Common stock, all of which (except directors' qualifying
shares) is owned by the Southern Pacific Co.
Lease of Properties.
-Central Pacific Ry. Co.'s properties are operated
under lease by the Southern Pacific Co. The total net income of the
Southern Pacific Co. and its proprietary companies for the year ended
Dec. 31 1924 amounted to $35,754,415 over all charges.
-V. 120,P. 2265.
Mr. Jameson, of course, speaks both as a bondholder and a stockholder,
while our committee views the situation only from the point of view of
the bondholders.
All holders of St. Paul securities are anxious for such an increase In
rates as will yield a reasonable return upon the investment, but our committee does not agree that delay in consummating the reorganization will
in any way increase the chances of securing such an increase.
The suggestion that the Government loan might be
through
Congressional action or otherwise, has heretofore been extended behalf
pressed on
of the shareholders, but the position of the bondholders' committee is, and
always has been, that they are unalterably opposed to the mere extension
of this debt as distinguished from its funding into long term obligations,
as such an extension would necessitate the eventual sale of 1st & Ref. Mtge.
bonds to take care of this debt at a rate of interest and at a price now impossible to determine, thereby in the meantime adversely affecting the
company's credit and materially weakening the financial structure.
Bondholders should realize that the expense of delay in reorganization
would be entirely borne by them. During such time the rate of interest
on the Government loan would continue at 6% and the advantage of
receiving the new money to be supplied by the shareholders would be lost.
These losses, together with other losses and expenses incident to the continuation of the receivership are conservatively estimated to be at least
$1,000.000 per annum. They would to that extent reduce the available
earnings of the company applicable to the payment of interest on the
Adjustment Mtge. bonds to be given under the plan to the depositing
bondholders.
Even if rates were increased to-morrow the bondholders committee
would favor the present plan, because it assures to the bondholders to meet
their interest toe available income whatever it may prove to be and because
of our belief that the financial structure of the system should be such as to
enable it to go through even a repetition of the conditions of the last eight
years without incurring the risk of another receivership.
Chicago Milwaukee & St. Paul Ry.-Ask Investigation
of Government Loan to Road.
-Roosevelt & Son, who are
leading the opposition against the reorganization plan of
the road, proposed by its bankers made public a letter July 5
to Clyde B. Aitchison, Chairman of the I.-S. C. Commission,
requesting the Commission to probe the origin of the Government loan in the forthcoming investigation. The letter also
urges an examination of the rates and wages, the condition
of the property when it was returned to the corporation by
the Government, as well as "all other causes of the failure."
The letter follows in part:
Net rev,from ry. oper. $1,661.099 $1.600,421
Railway tax accruals.... $287,291
$247,428
Uncollectible ry. revs.. _ _
454
414
3807.551 51 115,422
$183,851
5274,948
616
26
By. oper. income_
$1,373,353 $1,352,579
Equip.rents, net debit
$113,244
$161,043
Jt. facil. rents, net debit
323,813
353,278
5623,084
$82,336
192,191
3840,448
$17,158
121.036
Net ry. oper. income_
Non-operating income_ _
$936,296
36,218
$838,257
34.789
$348,557
26,020
$702,254
Dr8,223
Gross income
DeductionsMiscell. rents & tax accr.
Int. on funded debt_ _
Int. on unfunded debt_ _
Amortization of discount
on funded debt
Miscell. inc. charges_ __ _
3972,514
5873,046
3374,577
5694,030
$707
106,768
2,877
$225
101,237
14,322
$329
80,456
1,559
$295
56,882
61,198
6,208
205
7,847
464
5.078
21,902
1,739
11,429
Massachusetts Savings Banks and St. Paul Situation.
-
While Massachusetts savings banks hold, it is estimated, about $12,000.000 of bonds of the Chicago Milwaukee & St. Paul, there are a number of
the larger institutions which do not hold any of the bonds of this road and
others whose holdings are comparatively small.
In a questionnaire sent out by a committee of the Savings Banks Association of Massachusetts to all of the 196 savings banks in the State, the
Chesapeake & Ohio Ry.-Minority Stockholders Asked to institutions are asked to specify how many St. Paul bonds are held, if any,
and they are also requested to authorize Charles A. Collins of the Lynn
Make a More Definite Statement.
Institution
Savings
.T. J. Bernet and W. A. Colston. Pres. and V.-Pres., respectively, of the for Savings forrepresentand Robert D. Brewer of the Provident Institution
to
them
New York Chicago & St. Louis RR., have answered the petition of C. & 0. or reject recommendations ofin negotiations, reserving the right to approve
the committee.
minority stockholders for leave to intervene in the proceedings authorizing
Charles A. Collins, Chairman of the St. Paul committee of the Savings
Bernet and Colston to hold interlocking directorships on C. & 0. and Banks Association,says: "After giving full
consideration to the reorganizaNickel Plate railroads. The answers asked that the petition of the minority tion plan submitted, and after having had various
conferences with the
group be made more definite with respect to the position, interest, names bondholders' committee and with Roosevelt & Son, our
and addresses of the 2,500 C. & 0. stockholders whom they claim to repre- that a committee of two cons.sting of Charles A. committee suggests
sent. Both answers deny the jurisdiction of the Commission to make an Institution for Savings and Robert D. Brewer of the Collins of the Lynn
Provident Institution
order or take any proceeding's in respect of the petition of intervention
authorized
committee now being
and particularly point out that they do not now hold any interlocking for Savings, Boston. be Itc Son, the to join a generalof which
organized by Roosevelt
principal object
is to present
office or position authorized by the Commission. While granting that to the I.
-S. C. Commission pertinent facts
the Norththe Commission may withdraw the authority given, they claim it is without western territory, and to appeal to the I. concerning rates inin behalf of
-S. C. Commission
jurisdiction to require their removal from the position of director of the the security holders for a favorable readjustment of rates for
the protection
C. & 0. or to require them to sell their C.& 0. or Hocking Valley stock.
their
They admit H. E. Huntington granted them an option to purchase of"It is property.
the opinion of the
that favorable action can best be
73,000 shares of C. & 0. Common stock, but state their election or serving obtained In this manner and committee obtained more advantageous terms
that if so
as directors of the C. & 0. was not any part or condition of the option
reorganization can logically be expected."
-V.121. P. 69.
and further deny the authority of the Commission to hold directorships of
was obtained before the exercise of this option.
-V. 120, p. 3308. 3182.
- Cincinnati Northern RR.
-Annual Report.
Calendar Years1924.
1923.
1922.
1921.
Chicago & Eastern Illinois Ry.-New President.
Miles operated
244.23 •
244.47
244.71
244.71
Thomas C. Powell, Vice-President of the Erie RR.. has been elected Ry. oper. revenues
$4,826,932 $5,174,419 53,505.287 53.757,713
President, succeeding William J. Jackson, who becomes Chairman of the Ry. oper. expenses
3,165,832 3,573,998
2,642,291
2,697,736
Executive Committee. effective Aug. 1.-V.- 20, p. 3062.
The St. Paul has gone into the hands of receivers with large loss to investors. We have made an analysis of the causes of the St. Paul failure.
We believe that the evidence is overwhelming that the cause of tne failure
is not loss of traffic nor impairment of operating efficiency nor reckless
financing but to confiscatory rates. A measure of the loss suffered by the
St. Paul is found in the present market prices of its securities.
In 1911 the market prices indicated a total value for the St. Paul securities
of $515,000,000. Since that time $400,000.000 of new money has been
spent on the property. The present market value of the St. Paul securities
is 5358,000,000. In other words, there has been a loss of $555,000,000
since 1911.
This loss is not due to conditions peculiar to the St. Paul. Since 1911,
seven major roads of the Northwest have invested 5965,000,000 of new
capital in extensions and improvements. Notwithstanding the fact that
the freight traffic has increased 50% and freight trainload 56%. the increased earnings resulting from this great new investment amount to only
one-twentieth of 1% on the capital invested.
The only reasons why the confiscatory rates imposed upon the Northwestern Railroad Group have not resulted in even more receiverships are:
(1) That the Northwestern Group has been stronger in capital structure,
as measured both by traffic volume and Federal valuation, than any other
railroad group in the United States: (2) that the Northwestern Group has
maintained a high standard of operating efficiency.
We respectfully submit. moreover, that the inquiry should include an
investigation of the condition of the St. Paul road upon the termination of
Government operation, to ascertain whether the condition of the property
when it was handed back to the corporation was a contributory cause to
the receivership. The origin oLthe present debt to the Government should
also be ascertained in order to determine whether such loan was made
necessary by confiscatory rates. This we consider of vital importance.
One of the most drastic features of the reorganization plan recently put
-is largely due to the
forward-the severe assessment on the stockholders
necessity of providing cash to pay off this Government loan. It is therefore, we submit, important that the facts be fully disclosed with reference
to the underlying causes which led up to the necessity of this loan.
Delay in Consummating Plan Advocated by Pres. Jameson
of Globe & Rutgers Fire Insurance Co.-Pres. Jameson of
Globe & Rutgers Fire Insurance Co., says:
5748.950
58.55,748
Net income
Dividends declared_ _ _ _(8%)240,000 (6)180,000
$265,252
$562,488
(3)90,000 (5)150,000
Sur. to profit & Itss
-V. 120, p. 3062.
$175,252
$615,748
$568,950
3412,488
Coudersport & Port Allegany RR.
-Abandonment of
Part of Line.
The I.
-S. C. Commission on June 20 issued a certificate authorizing the
abandonment, as to inter-State and foreign commerce, of that portion
of its line of railroad between Newfield Jet. and Ulysses, a distance of 6.64
miles, all in Potter County, Pa.
-Preferred Dividends.
Cuba RR.
The directors have declared a dividend of 6% on the Pref. stock, payable
in two installments of 3% each, one on Aug. 1 to holders of record July 15
and one on Feb. 1 1926 to holders of record Jan. 15 1926. A similar divi-V. 120. p. 2681.
dend was declared on the Pref. stock last year.
Dallas Cleburne & Southwestern Ry.-Abandonment.
-S. C. Commission on June 20 issued a certificate authorizing the
The I.
abandonment, as to inter-State and foreign commerce, of a line of railroad
extending from Cleburne to Egan, a distance of 9.82 miles, all in Johnson
County, Texas. The road was formerly part of the "Katy," but was
not included in the reorganization of the latter. The line was operatild by
the receiver of the "Katy's" properties until March 31 1923. On that
date William G. Breg was appointed receiver. Finding that the railroad
would be unable to earn its operating expenses, the receiver filed a petition
with the Court asking instructions as to continuing it in operation, and
on June 21 1923 an order was entered directing the receiver to discontinue
the operation of the railroad until further order of the Court. Pursuant
to this order operation was discontinued on June 30 1923. The railroad
has not been operated since that date. A petition has been filed with the
Court for an order to abandon and dismantle the road. D. M. Peim
-V. 117, v. 85.
Is the present receiver.
195
THE CHRONICLE
JULY 11 1925.]
Midland Valley RR.
-Listing.
-
-Listing.
Denver & Rio Grande Western RR.
The New York Stock Exchange has authorized the listing of (a) $29.808,000 Gen. Mtge. Sinking Fund Gold Coupon bonds due Aug. 1 1955;
and (b) $16445,600 6% Cumul. Pref. stock, on official notice of issue in
exchange for temporary bonds and certificates outstanding and listed, or
distribution to the public pursuant to the plan and agreement dated June
15 1923 for the reorganization of the Denver & Rio Grande Western RR.
system, as modified Feb. 29 1924.
The Farmers' Loan & Trust Co. will be prepared on and after July 14 to
deliver definitive General Mortgage Sinking Fund Gold bonds of the
Denver & Rio Grande Western RR. Co., due Aug. 1 1955 in exchange for
outstanding temporary bonds.
-V. 120, p.3059.
The Philadelphia Stock Exchange has authorized the listing of 1124,000
additional 1st Mtge. 57 Gold bonds, due 1943. making the total amount
0
of said bonds listed at July 3, 16.315,000.-V. 120. p. 1455.
Muscle Shoals Birmingham & Pensacola Ry.-Sale.--
Control of the property formerly owned by the Muscle Shoals Birmingham
& Pensacola Ry. has been acquired by the St. Louis-San Francisco By.
The Muscle Shoals Co.'WM sold at foreclosure on April 20 last and purchased by John W. Malone of Pensacola for 5229,000.-V. 120, p. 2811.
New York Chicago & St. Louis RR.
-Securities.
-
The I.
-S. C. Commission on June 29 authorized the company to issue
,
-months 455% promissory notes, one for 58.138,750 and the other
two 6
for 11,436,250, the proceeds to be used to pay 19,575,000 of Toledo St.
The 1.-S. C. Commission on June 30 authorized the company to renew
and discount at 6% of par seven promissory notes aggregating not exceeding Louis & Western RR. Prior Lien 335% Gold bonds, maturing July 11925.
Authority was also granted to issue 110,000.000 of Toledo St. Louis &
5200.000.-V. 118. p. 2948.
Western RR. 1st Mtge. 4% Gold bonds in exchange for a like amount of
Toledo St. Louts & Western RR. Prior Lien 334% Gold bonds; said bonds
Indiana Harbor Belt RR.
-Annual Report.
so issued in exchange to be pledged with the trustee under company's re1921.
1923.
1922.
Years Ended Dec. 31- 1924.
119.64 funding mortgage.
•
116.29
119.16
120.09
Miles operated
Authority was also granted to issue 19,575,000 of New York Chicago &
Railway oper. revs
110,778,697 111,670,333 110,299,401 19.034,538
5,981,052 St. Louis RR. Ref. Mtge. 5547 Gold bonds, Series "B." in refundment of
8,183,262
6,945,470
By. operating expenses- 8,149,377
19,575.000 of Toledo St. Louis & Western RR. Prior Lien 336% bonds paid
Netrev.from ry. oper. 12 629,320 13,424,070 $3,353,931 83.053,485 at maturity: said refunding mortgage bonds to be pledged as collateral
-V. 120, p. 2811. 2537.
Railway tax accruals__ _
1270,871 security for the $8,138,750 note.
1322,669
1439,509
1368,547
Uncollectible ry. revs_
439
430
7,760
4,473
Nord Ry. (Compagnie du
-Notes.
High Point Thomasville & Denton RR.
$2,298,889 $3,051,050 $2,913,982 12,782,184
By. oper. income
1976,190 11,046,867
Equip. rents (net debit)- 11,208.580 11.374,392
156,467
218,801
228,013
192,837
Jt.facil. rents (net debit)
Net ry. oper. income..
Non-operating income
1862,297 $1,483,821 11,718,992 11.578,851
38,509 Dr388,681
80.136
28,804
Gross income
Deductions
Rent for leased roads..
Miscellaneous rents_ _ _ _
Int. on funded debt _
Int. on unfunded debt_ _
Amortization of discount
on funded debt
Miscall. income charges_
$942,432 $1,512,625 $1,757,500 11,190,169
Surplus for the year _
-V. 119, p. 324.
31,870
23,367
461,585
547
24,239
24.073
430,979
622
66,947
34.300
458,369
41,642
259.153
22,773
459,371
50,397
6.502
1,078
4,285
1,137
1,640
2,451
1.694
25,122
$417,483 11,027,288 11,152.151
$371,661
Jonesboro Lake City & Eastern RR.
-New Control.
Control of the road has been acquired from Robert E. Lee Wilson by
-San Francisco Ry.-V. 113, P• 1573.
the St. Louis
Lehigh Valley RR.
-Verdict in Black Tom Suit.
The "State of Russia," which sued the company for damages to its
property in the Black Tom explosion in July 1916. won a verdict for 1853,000
July 2 before Federal Judge Mack. A few weeks ago it won another verdict
for 453.000 on a similar complaint. When the explosion occurred Russia
was under the Kerensky Government.
The road carries a reserve against this and other damages.
-V. 120.
p. 1878, 1872.
Long Island RR.
-Station Rental $2,232,000 a Year.
Chemin de Fer du Nord),
-Listing-Earnings.
France.
The New York Stock Exchange has authorized the listing of 115,000,000
% External Sinking Fund Gold bonds due Oct. 1 1950.
Earning Account Years Ending Dec. 31 1924.
1922.
1923.
1924.
Frs.
Frs.
Frs.
Passengers
276,837,449 295,532,509 374,897,036
Freight
861,496,781 919,899.147 1,045,370,285
Miscellaneous
32,289,045
22,257,272
13,285,418
Total
1,170,623,276 1.237,688,928 1.433,552,739
To be deducted: One-third of the
receipts of the Amiens to
line (accruing to the
Rouen
State Rys.)
11,946,797 '12,344873
11,926,348
Receipts of Nord By
1,158,676,479 1,225,344,055 1.421,626,391
Expenses (not incl. taxes) a
Gen. exps., pensions, &c_ _
94,868,106 c35,637.129 c54,775,402
Operating expenses
305,536,569 332,169.876 356.294.888
Maint. rolling stock & equip_ 493,618,138 564,875.953 571,011,090
Maint. track & buildings_
166,946,744 176,344.471 157,753,750
Total
1,060,969,557 1.109,027.430 1.139,835,130
To be deducted: One-third of the
expenses of the Amiens to
Rouen line (chargeable to the
State Rya.)
10,200,541
10.175,725
8,888.056
Expenses of the Nord Ry
Net
1,050.769.017 1,100,139,373 1.129,659,402
107,907,462 125,294,682 291,966,989
Fixed charges b
289.450,885 378,023,229 403.254,385
The Transit Commission announced July 4 its approval of a lease agreea The transportation taxes on freight, payable to the French Treasury.
ment between the Pennsylvania Tunnel & Terminal RR., a subsidiary of being collected on behalf of the Government, do not appear either in the
the Pennsylvania RR., and the Long Island RR., for the space the latter receipts or in the expenses. In 1924 they amounted to Frs. 103,866,998.
occupies in the Pennsylvania Station, except for an Interest charge men- to be deducted, 1-3 of said taxes on transportation on the Amiens to Rouen
tioned in the opinion by Commissioner LeRoy T. Harkness, on which the line chargeable to the State Rys., Frs. 688,049; I. e., for Nord System,
Commission acted. The Commission disapproved an interest charge of Frs. 103,178,949.
5% and directed that it be cut to 434%, reducing the rent by 1287,000.
1. Amount of interest and amortization of bonded debt, before deduction
The Commission's order made the agreement retroactive to apply from of the annuities payable by the Government.
July 1 1923.
c Beginning in 1924 the expenses for pensions. assistance, &c., have been
The agreement approved by the Commission provides for rent of 12,232.- distributed among all the company's accounts.
000, allowing for the reduction in the interest charge. It was the second
The definitive income account for 1924 as provided by the convention
agreement to be submitted to the Commission within a year. The 1922 dated June 28 1921 follows (in francs): Operating receipts, 1,421,626.391:
rent, the last paid under the old agreement, was 11.812,024. The agree- operating expenses, 1,129,659,402: interest, sinking fund &c., on the capment previously before the Commission and disapproved last January ital stock and bonded debt, after deduction of the annuities payable by the
called for total charges of $2,839,000.-V. 120. p. 3310.
Government. 269.717,269: dellciencies of secondary operations, 772,804;
the convention dated June 28
reserved
Los Angeles Junction Ry.-Construction & Operation.
- dividends (income premiumsas provided in convention dated June 28 1921,
created by the
1921), 20,000.000:
The I.
-S. C. Commission on June 20 issued a certificate authorizing 31,107,971; total to be deducted, 1.451,257,447. Deficit, 29,631,055:
the company and the Central Manufacturing District, Inc.,(a) to construct amount required during the first year for the loans made in 1924, 576.901:
and operate a line of railroad extending from a connection with a spur total deficit. 30.207,957. This deficit has been covered by the joint fund
of the Southern Pacific RR, at the intersection of Santa Fe and Fruitland to the extent of 7,920,824. and for the balance by advances made to the
Ayes. in the City of Vernon, thence easterly in Fruitland Ave. to a point
the company, viz., 22,287,132: total as per above,
East of Pacific Blvd., thence northerly and easterly through the City of French Treasury by
Vernon to a point immediately east of Downey Blvd. and south of Vernon 30.207,957.
advances made by the company will be refunded by the French
The
Ave. near which a connection is made with the Union Pacific RR., thence Treasury according to the provisions of the convention of June 28 1921.
from points on Downey Blvd. southeasterly paralleling the Los Angeles
J. P. Morgan & Co. announce that they are now prepared to deliver
River to a-connection with the Pacific Electric Ry. east of the city limits definitive 654% External Sinking Fund Gold bonds, dated Oct. 1 1924. in
of Maywood, with a line extending easterly across the Los Angeles River exchange for interim receipts now outstanding. See offering in V. 119.
to Laguna Road and northerly to a connection with the Atchison Topeka
and Santa Fe Ry. at Bandini, a total distance of 7.64 miles, all in Los p. 1733.
Angeles County, Calif.
Norfolk & Western Ry.-Applieg for Lease.
The Junction company was incorporated in California May 26 1923.
The company has made formal application to the I.-S. C. Commission
The District was incorporated under the laws of Maine on Dec. 21 1922.
companies is controlled by the Los Angeles Corp., a holding for authority to lease the Virginian Ry. Co. for 999 years. The terms of
Each of these
include the payment of operating expenses, taxes.
company. The District proposes to construct the line and to then lease the proposed leasedebt, corporate maintenance and an amount equivalent
interest on funded
it to the Junction company.
-V. 120.
to 6% upon the Preferred and Common stock of the Virginian.
The District owns a large tract of land along the south side of the Los
Angeles River adjoining the cities of Vernon and Maywood. Calif. It p. 2812.
to bring about an extensive industrial development on this
is planned
-Tenders.
Northern Pacific Terminal Co. of Oregon.
and adjoining property, which will be served by the proposed line, similar
The Farmers' Loan & Trust Co., trustee, 16-22 William St., N. Y. City,
to that which has been established along the Chicago Junction Ry, in the
A warehouse and stock yards have been estab- will until July 14 receive bids for the sale to it of 1st Mtge.6% Gold bonds.
City of Chicago. Ill.
lished in the tributary area by companies whose stock is owned by the due Jan. 1 1933, to an amount sufficient to exhaust 193,297 at a price
-V. 120. p• 583•
Los Angeles Corp. It is represented that a large number of other indus- not exceeding 110 and interest.
tries have also located in this area and that considerable further industrial
-Notes.
Pearl River Valley RR.
development is expected. The companies state that employment will
The I.
-S. C. Commission on June 30 authorized the company to issue
be furnished for many thousand men in the territory to be served and
promissory notes in renewal of certain outstanding notes. and (or)
that a large volume of traffic will be turned over th the trunk-line railroads 535.000
now serving Los Angeles County. The Junction company also expects $35,000 of promissory notes to be sold at not less than par and hit.
its line to prove valuable as a direct and economical connection between V. 119, p. 580.
the lines of the Southern Pacific Co., Union Pacific RR., Atchison Topeka
Rio Grande & Eagle Pass Ry.-Abandons Part of Line.
& Santa Fe Ry., and the Pacific Electric Ry.
Tentative arrangements have been made with the trunk lines entering
The I.
-S. C. Commission on June 20 issued a certificat, authorizing th;
Los Angeles for the payment to the Junction company of reasonable charges abandonment by the company as to Inter-State and foreign commerce of
for trackage and providing that the trunk lines shall co-operate in pub- Miners, station, which is the western terminus of its railroad, and 8,000 ft.
lishing tariffs providing for reasonable compensation for the services to be of track immediately southeast of the station, all in Webb County, Tex.
performed by the Junction company. A tentative agreement has also been -V. 110, p. 168.
made with the Union Pacific RR. whereby the Junction company will
operate over a spur of that company lying within the corporate limits of
St. Louis-San Francisco Ry.-Proposed Acquisitions.
the City of Vernon between Downey Blvd. and Boyle Ave. This agreeThe stockholders will vote Sept. 4 on authorizing (a) the acquisition by
ment provides for a 50
-year lease of this track to the Junction company, the company of the properties of Springfield Connecting Ry., Fayetteville
'which lease may be cancelled on six months' notice at any time after the & Little Rock RR., Little Rock & Texas Ry. and Pittsburgh & Columbus
expiration of the first five years. The rental to be paid by the Junction Ry., the entire outstanding capital stock of all these roads are owned by
company will equal 6% upon an agreed valuation of the track used.
the St. Louis-San Francisco By., and (b) the acquisition by the company,
or any controlled company, of the lines of railway,
Mexican Ry. Co., Ltd.
-Report Half Yr. End. Dec. 31. formerly of Muscle Shoals, Birmingham & Pensacola and other property
Ry., or the capital
1924.
1922.
(Mexican Currency)1923.
1921.
stock of a corporation owning such properties, and the capital stock of
Pass. rev. (incl. luggage) 12,037,723 11,668,208 12,060,904 12,156,295 Jonesboro Lake City & Eastern RR. and the acquisition or lease of the
3,084.132
3,693,895
Goods & livestock rev.- 3,837,984
5,073,539 property of the corporation.
-V. 120', p. 2538. 2398.
Express, pulque & sued.
963,183
earnings
861,412
999.359
1,337,450
St. Louis Southwestern Ry.-Quoted on Interest Basis.
The Committee on Securities of the New York Stock Exchange has ruled
$6,838,889 $5,613,753 $6,754,158 18,567,290 that the Second Income bonds of the company be quoted on an interest
Total revenue
678,696
656,921
736,345
813,153 basis. Heretofore they have been quoted flat. The change is due to susMaint.of way & struct-1.510,044
1,602,676
1,844,593 tained earnings on the company's securities, which have given added
Maint. of equipment_.. 1,798.620
3,566,250
3,070,199
2.788,515
3,575,721 assurance that future interest requirements would be met on the Second
Conducting transport _
492,230
396.055
377,538
376,893 Income 4s as well as the road's First 4s, which have been quoted on an
General expenses
Interest basis for some time.
-V. 121, p. 67.
$303,093 Dr$19.466 11,249,084 $1,956,929
Balance, surplus
Seaboard Air Line Ry.-Adjustment Mortgage Interest.
The net revenue account as of Dec. 31 1924 shows: Balance for the
An installment of interest on the Adjustment bonds amounting to 2ti
half year to date. 1303,093, which at 24d. equals £30,309; add differences
or
transfer fees, £98, total, £33,564. Deduct: previous ($25), represented by Feb. 1 1923 coupons, Nos. 51 and 5
in exchange, E3.157;
deficit, E5'74,853: interest on debentures, £82,696; general interest, £7,459; f each, has been declared and will be paid on and after Aug. 1 at the New
-V.119. p. 3007.
-V. 120, p. 2939.
York Trust Co.. 100 Broadway, N. Y. City.
deficiency carried to balance sheet, E631,444.
196
MONTHLY REVIEW
[VOL. 121,
($100 a share) to the extent of 30% of their hodlings. The Committee on
Securities of the Chicago Stock Exchange has ruled that the Partin. Pref.
stock be quoted ex-rights July 10 and that warrants and rights be admitted
The I.
-S. C. Commission on June 25 issued a certificate authorizing the to trading "when issued." After July 14 trading will be in warrants only.
company to acquire and operate in inter-State commerce part of the railroad -V. 120, p. 207.
formerly known as the California Ry. lying south of East 14th St. and
American Water Works & Electric Co., Inc.
comprising 2;4 miles of track, all in the city of Oakland, Alameda County,
-Output.
Electric output of the company's subsidiaries for May 1925 aggregated
Calif. The Railroad Commission of California has approved and author101,094,504 k.w.h., comparing with 98,301.303 k.w.h. for the correspondized the sale ana transfer of the property to the company.
The part of the railroad which the company proposes to acquire embraces ing month of the previous year. an increase of 2,793,201 k.w.h.
For the first 5 months of 1925 output of electric energy was 532,498,800
a number of short connected lines, electrically equipped, that are now
operated as part of a street railway system in Oaklana and adjacent cities. k.w.h.. against 517,203,941 k.w:h. over the same period 1924, a gain of
The railroaa is located in an industrial district within the corporate limits 15,294,859 k.w.h.-V. 120, p. 3310.
of Oakland. In this cistrict there are several industries shipping and
Berkshire Street Ry.-Bonds Extended.
receiving considerable freight. Those industries are served exclusively
The $200,000 5% bonds due March 1 1925 have been extended to March 1
by the Key Transit System Co.. which handles their traffic by electric
motors over its own lines and through interchange with the Southern Pacific 1930 at same rate of interest.
-V. 120. p. 1880.
and the Western Pacific RR., with which the railroad connects. The Key
Binghamton Light, Heat & Power Co.
-Report.
company also uses the railroad, in part, at least, for its street car service.
The company in its annual report for 1924 announces that progress of
The Commission on June 24 approved the issuance of $10A91,000 Equip.
Trust certificates, Series "H." to be issued by the Bank of North America the company throughout 1924 was marked by increased business, extension
& Trust Co. under an agreement to be dated June 1 1925. and sold at not of territory through the acquisition of 8 companies, and enlargement of
less than 96.91 and divs, in connection with the procurement of certain plants and system.
The total number of customers served increased from 16.919 to 21,461,
equipment (see offering in V. 120, p. 2812).
during the year, and electric sales for 1924 amounted to 27.434,760 k.w.h.
or 2,819,889 k.w.h, more than in 1923. Operating revenues were $1.392,078
Guarantees $40,000.000 Central Pacific Ry. Bonds.
for 1924. an increase of $199.547 over 1923.
See Central Pacific Ry.above.
-V.120,p. 3310.
In Dec. 1924 all the outstanding 1st Ref. Mtge. 5% Gold bonds, due
July 1 1942, were called for redemption, thus making the company's first
Southern Railway.
-Tentative Valuation.
The 1.-S. C. Commission has placed a tentative valuation of S250,342,174 refunding bonds, maturing in 1946, a first mortgage lien on the properties.
During 1924,$1,842,297 was expended for additions and extensions. The
on the total owned and $349,066,622 on the total used properties of the
capacity of the main power station near Binghamton was increased by
company and its subsidiaries as of June 30 1916.
completing installation of a new 10,000 k.w. turbo-generator and its necesL. E. Jeffries, V.-Pres. & General Counsel, in connection sary auxiliaries. A large boiler specially designed to burn pulverized coal
also was put in operation in 1924.together with a coal drying and pulverizing
with the valuation figures, says:
plant built alongside the station.
For the information of the holders of its securities the management of hydro-electric station of450 k.w. Additional power also is supplied by a
capacity, completed
Southern 117. Co. considers it appropriate to supplement the I.
-S. C. at Owego in 1924. Another hydro-electric station, and placed in service
Commission s announcement of the tentative valuation of the properties is under construction at Owego and will be ready of 700 k.w. capacity,
for operation in 1925.
of the company with the following statement of facts:
At the main power station the transformer capacity was greatly increased,
As the Commission pointed out, the tentative valuation figure does and the outdoor substation extended to provide
for additional outgoing lines.
not include the Southern's interest in the Cincinnati New Orleans & Texas
The proceeds from the sale of an additional offering of $1,500,000 1st
Pacific Ry. the Alabama Great Southern RR., the New Orleans & North- Ref. 57 bonds of the company, offered
eastern Rif., the Mobile & Ohio RR. the Georgia Southern & Florida Stuart & Co., Inc., were largely used for in April of this year by Halsey.
additions and improvements, inRy., the Chicago Indianapolis & Louisville Ry. (Monon), the Virginia cluding the installation of a new
10,000 k.w. generating unit at Johnson
& Southwestern Ry., and a number of other railway and terminal com- City. N. Y.
panies, the stocks of which the Southern owns in whole or in part. The
Earnings for Calendar Years (Including Subsidiary Cos.)
Tyook value of these investments is $89,700,000.
1924.
1922.
The tentative valuation figure announced by the Commission is based
1923.
81,463.441 $1,231,230 $1.032,378
upon an inventory made as of June 30 1916. and does not include the x Operating revenue
964,992
830,948
762.615
extensive additions and improvements provided in the past 834 years Oper, exp., taxes and depreciation.._
at a cost of $114,500,000.
Operating income
8498,449
$269.763
$400,282
The tentative valuation figure includes only $5,838,900 for net working
Deductions
$227.850
$121.729
$142,478
capital, such figure being arrived at according to the Commission's formula. Preferred from income
90,038
55.438
69,726
As a matter of fact, the net working capital of the Southern amounts to Common dividends
dividends
50.000
50,000
50,000
$19.238,730.
In arriving at the tentative valuation figure the unit prices prevailing
Balance, surplus
$130.562
$138.078
$42.603
in 1914 were applied to construction quantities. Since the pre-war purx Including other income.
-V. 120. p. 2144.
chasing power of money was at least 120% of its present purchase power,
not less than 70% of the tentative valuation figure should be added to
Bloomington & Normal Ry. & Light Co.
-Tenders.
this figure to arrive at an estimate of the present-day costs of reproduction
Notice is given to the holders of the 1st & Gen. Mtge. 5% bonds that
of the Southern's properties.
funds have been deposited with the Illinois Merchants Trust Co., trustee.
In arriving at the tentative valuation figure the Commission has made Chicago, Ill. which are available for the purlchase of aid bonds and that
a deduction of $68,714,416 for "depreciation" of roadway, structures, and offers thereof will be received by the trustee until July 22.-V. 117. p.207.
'
equipment. That there is no actual depreciation of this character with
Broad River Power Co.-Pref. Stock Offered.-Pyrtehon
reference to a properly maintained railroad is well known.
valuation & Co., West & Co. and Jackson & Curtis are
The company does not accept the Commission's tentative
offering at
figure as representing the fair value even of the things which it purports
to appraise, and in the following calculation the tentative valuation figure 95 and div., to yield about 7.37%, $1,400,000 7% Cumul.
is used as a basis only for the purpose of illustrating what that figure would Pref. (a. & d.) stock. (See original offering and description
have been had that appraisal included the additional element of value in
V. 119, p. 2284.)
referred to above:
Company.
-Organized in July 1924 in South Carolina. Has acquired
$349.066,622
Commission's tentative valuation figure
through merger authorized by the Legislature of the State of South Carolina.
Value of the Southern's investment in the securities of other cos.
all the physical properties, franchises and other assets (except electric
whose properties are not included in the Commission's tenta89,700,000 railway properties) of its former subsidiaries, Columbia Ry., Gas & Electric
tive valuation figure
Co., Parr Shoals Power Co. and Columbia Gas Light Co. The electric
Additions and improvements made by the Southern to its
114,500,000 railway property will continue operation as Columbia Ry., Gas & Electric
properties from June 30 1916 to Dec. 31 1924
Co., whose entire Common stock is owned by Broad River Power Co. In
Excess of actual net working capital over amount of net working
addition to the electric and gas properties formerly owned by Columbia
capital included in the Commission's tentative valuation
13,399,830 Ry., Gas & Electric Co. and its subsidiaries, Broad River Power Co. has
figure
practically completed the construction of a new steam power plant at a
Restoration of amount deducted by the Commission for
68,714,416 site on the Broad River near its Hydro-Electric plant at Parr Shoals.
"depreciation" of roadway, structures and equipment
Company supplies electric light and power service to the territory in and
Addition of the excess of present-day cost prices over the 1914
244,346,635 about Columbia, S. C., and through its new power generating facilities
prices used by the Commission
and transmission lines will furnish electric service to many additional comx$879,727.503 munities in this section of the State, including Winnsboro, Batesburg,
Total
x This total exceeds by $254,258,780 the figure of $625,468.723 at which Leesville, Lexington and Johnston. The 70
-mile transmission line from
the new plant at Parr Shoals to the district around Spartanburg will enable
the Southern's assets are carried on its balance sheet.
The New York Stock Exchange has authorized the listing of $2.000,000 the company to obtain a very considerable amount of desirable power
additional 1st Consol. Mtge. 5% bonds, due July 1 1994, making the total business which is not now secured by the utility company operating in and
about Spartanburg, because of insufficient production for the territory's
amount applied for $82,439,000.-V. 121, p. 71.
requirements. The company will continue to furnish the entire gas service
Spokane Terminal Co.
in the city of Columbia.
-Retirement of Bonds.
The First Trust & Savings Bank, Chicago, as trustee, has been provided
Valuations.
-Based upon independent engineer's reports as of May 31
with funds for the purpose and is prepared at this time to purchase at par 1924 and including construction accounts and additions to property from
and interest to date of presentation, the 1st Mtge. Serial 5% Gold bonds, that date to May 31 1925 the value of company's physical properties
maturing respectively on Aug. 1 1925 and Aug. 1 1926. and at 105 and directly owned is $12,673,589. This amount is exclusive of electric railways
interest to date of presentation the bonds of subsequent maturities.
-V.81, owned b Columbia Ry., Gas & Electric Co.
p. 1045.
, ,
Authorized. Outstanding.
Capitlzation-st & Ref. Mtge. bonds
Wabash Ry.-To Acquire Ann Arbor.
10
-Year 6;4 Secured Gold bonds
40,000 1,500,000
$1,
The company has applied to the 1.-S. C. Commission for authority to 7% Cumul. Preferred stock (incl. this issue)
10,000,000 2,650,000
acquire control of the Ann Arbor RR. through the purchase of its capital Common stock
10,000.000 2.200,000
stock. The application states that it desires to acquire 8,400 shares of Parr Shoals Power Co. 1st Mtge,5s
Closed
2,701,000
Pref. and 6,935 shares of Common of Ann Arbor in addition to 10,929 Col. Ry., G.& El. Co. 1st M.5s, 1936
Closed
2,907,000
shares of Pref. and 13,352 shares of Common which it now holds.
Closed
-V. 120. Col, Gas Light Co. 10
-Year 7s, 1930
822,600
p. 2939.
Columbia Canal Co. 6s, 1926
Closed
200000
x The 1st & Ref. Mtge, is a first lien on the plant and transmission lines
Wrightsville & Tennille RR.
-Final Valuation.
of Broad River Power Co. now under construction, and a lien upon the
The I -S. C. Commission has placed a final valuation of $1.532.000 physical properties formerly owned by Columbia Ry., Gas & Electric Co.
on the properties owned and used, and $1,235 on the used but not owned and subsidiary companies,subject to the liens of the mortgages outstanding
properties of the company as of June 30 1915.-V. 113, p. 1055.
against those properties. Mortgage does not limit in amount the authorized
total of bonds to be issued, but the certification and delivery of bonds is
carefully restricted to the refunding of underlying bends on any properties
of the company owned or acquired, and to the issue of bonds for not to
PUBLIC UTILITIES.
exceed 80% of the cost or fair value, whichever is less, of properties built
Boston Elevated Co. Employees Take Strike Vote to Compel Public Trustees to or newly acquired.
Retain Present System of Arbitration.-"New York Evening Post" July 7. p.5. Earnings Year Ended May 31 1925 (Includes Earns. of Properties Acquired
From Subsidiaries in June 1925).
Allegheny Traction Co.
-Judgment.
Operating revenue and other income
$1,495,228
On July 7 judgment was obtained against the Allegheny Traction Co., Operating expenses, maintenance and taxes
622,410
Pittsburgh. for $12,111 a.s guarantor by endorsement of $11,000 Milivale
Etna & Sharpsburg bonds. The judgment is for principal and 6% interest
Total income
$872.809
from Nov. 1 1923 and includes court costs in addition. The whole issue Interest charges, &c
393.287
of Millvale Etna & Sharpsburg bonds is guaranteed by endorsement by
the Allegheny Traction Co. The Allegheny Traction Co. is leased to the
Balance available for dividends,
$479,522
Fort Pitt Traction Co. and the lease assumed by the Consolidated Traction Annual dividend of $7 per share on depreciation, &c
26,500 shares Pref. stock_ _
185,500
Co. The Consolidated Traction is controlled by the Philadelphia Co. of
Control & Management.
-Company is controlled by General Gas &
Pittsburgh.
-V. 121, 72.
Electric Corp., through ownership of the entire outstanding Common
American Light & Traction Co.
-New Power Plant. capital stock and the properties are under the management of the S.W.
Barstow Management Association. Inc.
-V. 121, p. 72.
To meet rapidly increasing requirements, the Comal Power Co., a subBrooklyn Borough Gas Co.
-Offer to Stockholders.
sidiary, is constructing a new steam electric generating plant on the Comal
The company, in a letter to stockholders, is advising them that it has
Braunfels, Texas, about 35 miles northeast of San AnRiver near New
tonio. The plant, which will cost approximately $3,000,000. will have an received from a prospective purchaser un-named an offer to purchase
initial installed capacity of 30,000k. w. and an ultimate capacity of 100,000 the Common shares outstanding at $107 50 a share. It is stated tint a
k. w., and is expected to be finished during the autumn of 1926. It will large majority of the stockholers have already deposited their stock and
serve San Antonio and vicinity and will also furnish power to the Texas those that have not are asked to deposit before Aug. 8 with the Land
,
Power & Light Co. through an inter-connection with that company , which Title & Trust Co. of Philadelphia.
-V. 120, p. 2010.
-V. 120,
operates in the oil fields to the northeast of New Braunfels.
Calumet Gas 8c Electric Co.
-Halsey,
-Bonds Offered.
1879, 1455.
P.
Southern Pacific Co.
-Acquisition and Operation of
Lines of Railroad-Equipment Trusts.
Stuart & Co., Inc., are offering at 98 and interest, to yield
- about 5.60%, $2,700,000 First & Ref. Mtge. 5% Gold
American Public Utilities Co., Grand Rapids, Mich.
bonds, Series "B."
Holders of all classes of stock of record July 10 will be given the right
to subscribe on or before Aug. 1 for additional Common stock at par
JULY 11 1925.]
T1174 CHRONICLE
197
Dated July 1 1925; due July 1 1960. Interest payable J. & J. at Halsey,
Stuart & Co., Inc.. Chicago and New York. without deduction for Federal
income taxes not in excess of 2%. Denom. $1,000, $500 and $100 c*.
Redeemable, all or part, at any time upon 30 days' notice at the following
prices and interest: Prior to July 1 1935 at 105: on and after July 1 1935 at
-year period elapsed after June 30 1935; and on
104 less 1% for each full 5
and subsequent to July 1 1955 at 100. Company will refund the Penna.
and Conn. 4 mills and Maryland 4 mills taxes, the District of Columbia
personal property taxes not exceeding 5 mills per dollar per annum,and the
Mass.income tax on the interest not exceeding 6% of such int. per annum.
-Authorized by the Indiana P. S. Commission.
Issuance.
Data from Letter of President Samuel InsulL July 8.
Company.-Incorp.in Indiana. Owns and operates public utility properties employed principally in the production and sale of electricity and gas
for light, heat and power. Company serves directly 73 Indiana communities. 72 with electricity and 2 with gas, having a combined population of
over 75,000. The entire power requirements of the street railways in
Gary. Ind., are supplied by the company.
Company is now acquiring the properties of the Calumet Power Co.,
which are leased under favorable conditions, as authorized by the Indiana
P. S. Commission to Northern Indiana Gas & Electric Co., for a term of 36
years from Feb. 2 1925. The first section of the 132,000-volt super-power
-Indiana State
transmission line, now in operation, extends from the Illinois
line south of the Chicago city limits through the steel district immediately
south of Lake Michigan, to its new 132,000-volt substation at Aetna, Ind
the big power distributing centre of northwestern Indiana. This line
built on the 1.50-foot right of way and being extended to' Michigan City
a total distance of about 37 miles, is an important link in the super-power
ring around Chicago, inter-connecting as it does the generating stations of
the Commonwealth Edison Co. and Public Service Co. of Northern Illinois,
with the properties of the Northern Indiana Gas & Electric Co. and of the
-Gary section of northern Indiana an integral
company, making the Calumet
part of the greatest power zone in the world.
Security.
-Mortgage covers all fixed property now or hereafter owned,
subject to the outstanding divisional bonds, if any, on properties at the
time of their acquisition and those thereafter issued for pledge under tho
mortgage. Mortgage will be a direct first mortgage on all physical property
now owned and being acquired, recently valued by the Indiana P. S. Commission at an amount largely in excess of these bonds to be presently outstanding.
Authorized. Outstanding
Capitalization$5,000,000 $1,500,000
7% Preferred stock
Common stock (no par value)
500,000 shs. 256,900 shs.
$2.500,000
a
First & Ref. Mtge. bonds Series A 6%
$2,700,000
do Series B 5)% (this issue)
J
a Issuance of additional bonds limited by the restrictions of the mortgage.
Purpose.
-Proceeds will be used to retire all the $184,000 underlying
divisional bonds outstanding on properties recently acquired, to reimburse
the company for capital expenditures heretofore made, to acquire the
properties of the Calumet Power Co., and towards completion of substations and 132,000-volt super-power transmission line to Michigan City,
Ind.
1925.
1924.
Earnings 12 Months Ended April 30Operating revenues (including other income)
S 1.430.546 $1,610.238
903.452
766,830
Operating expenses, maintenance and taxes
The U. S. Mtge. & Trust Co., as trustee, will until July 23 receive bids
for the sale to it of 1st & Coll. Trust 5% Gold bonds, dated July 1 1905.
of the Union Gas Co. of Spokane, Wash. (controlled by the Spokane Gas
& Fuel Co., a subsidiary of Cities Service Co.), to an amount sufficient to
exhaust $20.752 at a price not exceeding 110 and int.-V. 120. p. 3312,3185.
$706,785
$663.716
Net earnings before depreciation
Annual interest on funded debt upon completion of this finan$298.500
cing will require
Management and Control.
-Company's outstanding Common stock is
owned or controlled by the Midland Utilities Co.
-V.120. p. 3311, 3184.
This company was incorporated in Delaware June 23 last, per reorganization plan of Denver Tramway Co. and Denver & Northwestern Ry. in
V. MO, p. 2548. 3313.
Canadian Marconi Co.
-Change of Name-Earnings.
See Marconi Wireless Telegraph Co. of Canada, Ltd., below.
Canadian Western Natural Gas, Light, Heat & Power
Co., Lim.
-International Utilities Corp.Increases Int.in Co.
See that corporation below.
-V. 120, p. 701.
-Tenders.
Central New York Gas & Electric Co.
The Philadelphia Trust Co. trustee, Broad and Chestnut SM.. Phila
l'a., will until Aug. 3 receive Mils for the sale to it of 1st Mtge.5% Sinking
Fund Gold bonds, dated March 15 1911 to an amount sufficient to exhaust
-V.120, p. 209.
$11,015 at a price not exceeding 105 and interest.
Central Power & Light Co.
-New Control.
-V. 120, p. 1880.
See Middle West Utilities Co. below.
Chicago Lake Shore & South Bend Ry.-Sale.The road was sold June 29 to the Chicago South Shore & South Bend
RR.for $6,000,000. The railroad, which runs from Chicago to South Bend
and is better known as the South Shore Line. was sold at a public sale held
on the company's property in Gary by direction of the U.S. District Court.
The sale was conducted by Floyd 0. Jellison, Special Master appointed by
Federal Judge Slick of South Bend. The property was bid in by Hubert
Hickman of Indianapolis, President of the new company.
Sale of the property at public auction brings nearer the assumption of
management of the railroad by Samuel Insult and associates. As the sale
must be approved by the Federal Court and title must be passed to the
prospective new owners, it is estimated that it will be about two weeks
before the Midland Utilities Co., of which Mr. Insult is President, assumes
actual control of the railroad. Announcements will be made later regarding
the officers of the new company who will operate the line and the re-electrification and rehabilitation program which will be carried out by the new
owners.
Coincident with the bidding in of the South Shore Line property, it was
stated at the office of the Midland Utilities Co. in Chicago that rehabilitation plants for the South Shore were being worked up but that these plans
did not contemplate developments other than the improvement of service
on the existing line between Chicago and South Bend.
The Indiana P. S. Commission and the Illinois Commerce Commission
have authorized the newly incroporated Chicago South Shore & South Bend
RR. to issue the following securities:
$2,000,000
-Year 6%% 1st & Ref. Mtge. Gold bonds
30
250,000
-Year 6% 2d Mtge. Gold bonds
50
-Year Adj. Mtge. Gold bonds (bearing no int. during first
50
2 years, 2% during 3d year, 4% during the 4th year and
1,750.000
6% annually thereafter)
150,000 shs.
Common stock (without par value)
The South Shore Line has been in receivership since last February. Bondholders of the railroad living in Cleveland worked out a reorganization plan
with the Midland Utilities Co. for the acquisition of the property by the
latter. The Midland Utilities Co. and the present bondholders will be
jointly interested in the property, but the Midland company will have a
controlling interest and the operation of t,he line will be under the managementment of Mr. Insult and his associates.
-V. 121. la • 73.
-Acquisition.
Chicago South Shore & South Bend RR.
See Chicago Lake Shore & South Bend Ry. above.
-V.121. P. 73.
Chicago Surface Lines.
-City Sues Companies for
$794,000 Interest.
Suits for $794.000 were begun July 7 against the Chicago Railways and
the Chicago City Ry. by the City of Chicago to collect interest claimed
to be due from the traction fund. The suit is an aftermath of the policy
pursued by Mayor Thompson, when his Administration refused to accept
the city's 55% of traction receipts on the theory that by so doing the 5c.
fare suits pending in the Federal courts and other litigation against the
traction company would be jeopardized.
This policy continued for a period of about four years. at the end of
which the companies owed the city about $8,000,000. They made repeated tenders of the n oney which the City Comptroller refused to accept.
When Mayor Dever took office one of the first things he did was to
decide the city should accept the money.
A total of approximately 88.000.000 was paid into the city treasury.
Of this amount the Chicago Railways paid the most. However, both
companies dec 8 e I to pay interest at the rate of 5% claimed by the city.
The claim arainst the Chicago Railways Co. is for $526.202. That
against the Chicago City Ry. Co. is for $268,117.-V. 120. p. 828.
-Dividend on Bankers' Shares.
Cities Service Co.
The directors have declared a cash dividend of 14.6875c. a share on the
bankers' shares. payable Aug. 1 to holders of record July 15. A cash
dividend of 14 tic. was paid on these shares on July 1.
-Scrip to Be Redeemed.
Citizens Gas Co. (of Ind.).
In an announcement sent to the Common stockholders, C. L. Kirk,
Vice-President and General Manager, says:
"By the articles of association of the Citizens Gas Co. of Indianapolis,
dividends on the Common stock are limited to the amount of 10% Per
annum, with a further provision that if such amount of dividends is not paid
In any year. then in any subsequent year, after dividends for the current
year to the extent of 10% on the par value of the stock have been paid, the
back dividends shall be made up if there are current earnings available for
that purpose.
"On June 7 1920, for the purpose of equalizing stock sold prior to July 1
1915. with that sold thereafter, the company issued to the holders of the
earlier stock a form of scrip known as "accrued dividend certificates." representing the amount by which the dividends paid prior to July 1 1915 had
failed to equal 10% per annum. These certificates the company has not
as yet been able to take up, and it can not do so in any year until after the
full dividend of 10% for the current year has been paid.
-Products Coal Co.. which is controlled by
"However, the Milburn By
this company, has accumulated some reserves during the last four or five
years, which at the request of the company it has agreed to use in purchasing from the holders thereof the above-mentioned scrip of this company.
This it will be prepared to do on or after July 10 1925. Holders of any
such scrip should present same at the office of the Citizens Gas Co.,and they
will receive the face value thereof on proper endorsement to the Milburn
By-Products Coal Co."
(The total amount of scrip outstanding is $125,250. representing 82 623
a share on the 50,000 shares of Common stock that were issued prior to
July 1 1915.1-V. 120, p. 2814.
-One-Year Note Issue.
City Light & Traction Co.
The Coal & Iron National Bank has been appointed trustee under a
-V.114. p. 1650.
% 1-Year note issue of the company.
$625,000
-Listing.
Consolidated Gas Co. of New York.
The New York Stock Exchange has authorized the listing of 850.000,000
-Year 5 % Gold Debenture bonds due Feb.1 1945.-V.120, p.828.701.
2)
Consol. Gas Elec. Lt. & Pr. Co. ol Balt.-Listings.The Baltimore Stock Exchange has authorized the listing of $1,060,000
6% Series "D" Cumulative Preferred stock.
The Baltimore Stock Exchange has also authorized the listing of $9,000,000 1st Ref. Mtge. Sinking Fund Gold Bonds, 5%, Series "F." The
proceeds of these bonds, together with additional cash to be supplied by
the company, will be used to refund $8,532,500 Series "D" 6%% 1st Re.
Mtge. Sinking Fund Gold bonds due Oct. 1 1951. which have been called
for redemption on Aug. 1 1925 at 110 and interest, and to reimburse the
treasury of the company, in part, for the cost of additions and extensions
to properties, including gas and electric plants, transmission lines and
-V. 121, p. 74.
distribution systems.
-Incorporated.
Denver Tramway Corp.
Detroit United Ry.-Failure of Plan.
The failure of the refinancing plan, calling for an $8,000,000 General
Mortgage bond issue, and the probability of foreclosure receivership proceedings being instituted at an early date, were discussed in detail by
Albert B. Hoffman. Vice-President of the Security Trust Co. Mr. Hoff
man's statement follows:
"It will be remembered that a short time ago directors of the company
devised a refinancing plan calling for the stockholders to subscribe for bonds
to the extent of 40% of their par holdings, and for the unsecured creditors
to exchange their claims for a like amount of the bonds. From the information conveyed to the receivers by the large stock interests in Montreal
we had much hope that the reorganization plan might be carried out.
Only within the past few days did it become evident that the stockholders
had failed to respond favorably to the plan of the directors. Facing this
condition, prompt action on our part was necessary because out of the first
payment on bond subscriptions was to come the funds required to meet all
of the interest due July I.
"At that date we had on hand about $660,000 in cash. Facing current
payrolls and current bills, we did not feel justified in using practically all
of this money to meet the interest charges of the several bonds. We,howbonds
ever, were in position to pay the interest of the Consolidated 43
covering the property sold to the City of Detroit.
"There are three issues upon which default is made. These are the
First Mtge. & Coll. Trust 6% bonds; the First Mtge. 5% bonds of the
Detroit & Port Huron Shore Line Ry., and of the First Mtge. 5% bonds
of the Detroit Monroe & Toledo Short Line Ry.
"There is on deposit with the Central Union Trust Co.. New York, trustee under the 6% First Mtge. Sz Coll. Trust bonds, the sum of $5c0.000
received from the City of Detroit last June. This would ordinarily be
applied to sinking fund payments and the trustee under the issue has
decided to hold this cash for the pro rata benefit of all bondholders.
"Under the receivership, splendid advancement has been made. We
have put into effect many economies in operation without detracting from
the value of the service. The net earnings have been enough to meet
current interest charges. With increased revenues possible through the
rate advances granted by the Michigan P. U. Commission, but not yet put
into effect. I believe that the company could have weathered the storm
had the stockholders found themselves able and willing to protect their
Interests by further investment along the line proposed by the directors.
"Now that there has been default. I presume the bondholders will form a
protective committee in order to plan for the future. This is, of course,
the ordinary procedure. In the meantime and until further order of the
-V. 121.
court, the property will continue to be operated as at present."
P. 74.
-New
Dominion Power & Transmission Co., Ltd.
President, &c.
At a meeting of the board of directors on June 24 W.E.Phin of Hamilton
was elected-President to succeed J. R. Moodie. James Moodie of Hamilton, J. B. Woodyatt and A. J. Nesbitt of Montreal were appointed to
vacancies on the board, one caused by the death of W. C. Hawkins and
-V. 120. p. 2011.
another by the resignation of C. E. Nell, of Montreal.
Eastern Massachusetts Street Ry.-New Director.
L. Sherman Adams has been elected a director, succeeding W. E. McGregor.
The company has applied to the Rhode Island P. U. Commission for
permissien to operate three 31-passenger buses between Newport, R. I..
and Fall River, Mass.
-V. 120. p. 2683.
Electric Light & Power Co. of Abingdon & Rockland.
The company has applied to the Massachusetts Dept. of Public Utilities
,
for authority to issue 4,536 shares additional stock (par $25) at $30 a share.
The proceeds are to be used by the company to finance in part a floating
Indebtedness of $145,000 incurred in making additions and improvements,
&c., to its property.
-V. 120, p. 3186.
Electric Power & Light Corp.
-Acquires Southern Power
& Light Co. Properties.
On July 7 the details incident to the acquisition by the corporation of
the holdings of the Southern Power & Light Co. were completed. With
the acquisition of control of subsidiaries of the Southern Power & Light
Co. the Electric Power & Light Corp. will control companies serving communities located in 9 States, viz.: Texas, Utah, Colorado, Idaho, Wyoming,
Oregon. Arkansas. Mississippi and Louisiana.
-V. 121. p. 74.
Empire Refining Co.
-Bonds Called.
Certain First Mtge. & Collat. Trust 10
-Year Sinking Fund 6% Gold
bonds, due Feb. 1 1927 (aggregating 8259.500), have been called for redemption Aug. 1 at 108 and interest at the Guaranty Trust Co., 140 Broadway,
New York City.
-V. 117. p. 2438.
-Tenders.
Galveston-Houston Electric Co.
The Old Colony Trust Co., trustee. Boston, Mass., will until July 13
receive bids for the sale to it of Galveston Electric Co. 1st Mtge. 5% Gold
198
THE CHRONTCLE
[VOL 121.
bonds, due May 1 1940, to an amount sufficient to exhaust $22,747.- dends that would be received on the present stock. The reason for giving
V. 120, p. 2941.
4 dividend participations in place of one is that the plan provides for the
shares of Common stock. Class A, of the new corporation
General Gas & Electric Corp.
-Plan to Retire the Bonded issuance of 4 each share of present Convertible Prof. stock and 4 shares in
exchange for
of
Common stock, Class B. of
Indebtedness and Improve the Capital Structure.
-The plan to of °resent Common stock. the new corporation in exchange for each share
retire the bonded indebtedness and improve the capital strucEach share of the present Convertible Prof. stock is offered 4 shares of
ture of the corporation mentioned briefly in V. 120, p. 3314, the Common stock. Class A. of the new corporation, entitled to noncumulative dividends of $1 50 per share per annum before any dividends
is now given more fully:
are payable upon the Common stock, Class B. The dividend to be paid
Capital Stock of Maine corporation.
-The following shares of the capital upon the 4 shares of Common stock. Class A. of the new corporation is
stock of General Gas & Electric Corp. (of Maine) were issued and out- thus equivalent to the $6 dividend provided for the present Convertible
standing as of June 30 1925:
Prof. stock. Like the present Convertible Pref. stock, the Common stock.
Cumulative Pref.stock, Cl. A..62,650 I Convertible Pref. stock
40,120 Class A, of the new corporation will not be entitled to vote.
Cumulative Pref.stock. Cl. B_32,5001Common stock
Each share of the present Common stock is offered 4 shares of Common
45.413
Capital Stock of Maine Company.
-The following shares of the capital stock. Class B, of the new corporation, which latter stock is entitled to
stock of the General Gas & Electric Co. (of Maine) were Issued and out- receive non-cumulative dividends of $1 50 per share per annum before any
standing as of June 30 1925:
additional dividends are declared upon the Common stock, Class A. or
Cumulative Prof. stock
541Common stock
45,154 any dividends are declared upon the dividend participations. and will share
Convertible Pref. stock
equally with the Common stock, Class A, and the dividend Participations
14,163
Stock of Corporation Reid btj Company.
-The General Gas & Electric Co. in any additional amount declared as dividends in any calendar year after
had in its treasury as of June 30 1925 the following shares of the capital stock the Common stock, Class B. has received $1 50 per share.
of General Gas & Electric Corp.:
In liquidation or dissolution the Cumulative Prof. stock. Class A. and
Cumulative Prof. stock, Class A_ _27IConvertible Pref. stock
14,163 the Cumulative Pref. stock. Class B. of the new corporation shall each
Cumulative Prof. stock. Class B__271Common stock
45,154 receive $100 per share and all accumulated and unpaid dividends, and then
The company is holding stock of the corporation for issuance against the the Common stock. Class A. shall receive 525 per share, and thereafter
surrender of the outstanding stock of the company, pursuant to the plan and not otherwise the Common stock, Class B,shall receive $25 per share.
Any remaining assets of the corporation shall be divided equally between
for the adjustment of securities, dated March 14 1922.
the outstanding shares of Common stock. Class A, and the Common stock,
Class B. Recognition is thus given to the present right of the Convertible
The following plan is proposed:
by
To Organize Delaware corporation.
-Procure the organization of a cor- Pref. stock to acquire theconversion the liquidation rights of the Com.stock.
The plan seems to
poration to be known as General Gas & Electric Corp. (of Del.), under the which each class of stock committee to preserve substantially all the rights
has at the
laws of Delaware. with objects, purposes, powers, limitations and pro- the company to expand by the sale present time, and it will further permit
of' new stocks on advantageous terms.
visions such as under the advice of counsel shall be deemed appropriate.
The authorized amounts of stock in the new corporation have been fixed
Capitalization.
-The authorized capital stock shall be as follows:
to provide for reasonable future growth.
-V. 120, P. 3314, 2814.
Cumulative Prof. stock, Class A (without par value), to bear
dividends at such rate, not exceeding $8 per share per ann..
Georgia Light, Power & Railways.
-Tenders.
as shall be fixed by the directors when such stock from time
The New York Trust Co., 100 Broadway. N. Y. City, will until Aug. I
to time shall be issued
-Year Gold bonds dated
400,000 shs. receive bids for the sale to it of 1st Lien 5% 30
Cumulative Pref. stock, Class B (without par value), to bear
Sept. 1 1911. to an amount sufficient to exhaust $75,693, at a price not
dividends at the rate of$7 per share per annum
100,000 shs. exceeding 105 and interest to Sept. 1.-V. 120, p. 2400.
Common stock. Class A (without par value), to bear nonGrand Rapids Railway.
-Annual Report.
cumulative dividends at the rate of $1 50 per share per
Calendar Years1924.
1923.
1921.
annum and participating
1922.
800,000 shs. Gross earnings
$1,771,332 $1,817,607 $1,861,477 $1,844,732
Common stock. Class B (without par value), entitled to diviOperating expenses
,
1.223,780
dends and participating
400,000 shs. Taxes
137,542
135,963
132,244
132,403
Dividend Participations
380.600
144,460
171,697
181,322
176,132
The dividend participations will entitle the holders thereof to receive Depreciation
344.728
324,086
337,867
330.837
certain payments and represent the participating right of the present Interest, &c
holders of the Cumulative Prof. stock. Class A. and the Cumulative Prof. • Net income
$45,428
$64,674
$6.583 def$30.481
stock. Class B, of the Maine corporation.
• A review of the report indicates that the company has begun a program
Exchanoe of Stock of Corporation.
share of Cumulative to equip the property for active solicitation of increased transportation
-(1) For each
Prof. stock, Class A. of the corporation (except such of said shares as are business. The most important feature of this program will be the adoption
held by the company)issue one share of$8 Cumulative Prof.stock, Class A, of a new type and design of electric street cars
-the first of their kind in the
United States. As a result of the destruction by fire of a large part of the
of the new corporation and 4 dividend participations.
(2) For each share of the Cumulative Prof. stock, Class B. of the cor- company's rolling stock in July 1924. the management decided before
poration (except such of said shares as are held by the company) issue one ordering the new equipment to conduct experiments in the field of light
share of Cumulative Prof. stock, Class B. of the new corporation and 4 weight and more convenient street cars.
As a result, three of the largest manufacturers of street railway cars in
dividend participations.
(3) For each share of Convertible Prof. stock of the corporation (except the United States have built three specially designed cars, embodying innosuch of said share: as are held by the company) issue 4 shares of Common vations which are a distinct departure from previous design and construction. These cars are known as light-weight noiseless cars. They average
stock, Class A. of the new corporation.
(4) For each share of Common stock of the corooration (except such of 24,000 lbs.-about half the weight of cars of a similar size generally used
said shares as are held by the company) issue 4 shares of Common stock. to-day. The trucks are equipped with noiseless roller bearings and drum
type band brakes controlled by air instead of the usual iron brake shoes.
us.
Class B. of the new corporation.
Exchange of Stock of Consoanu.-The Cumulative Prof. stock of the com- A better and easier seating design, more accessible step and door arrangepany is now exchangeable for Cumulative Pref. stock. Class A. and Cumu- ment. improved lighting, heating and ventilation, ample safety devices,
lative Prof. stock. Class B, of the corporation, and after such exchange bulletin boards for general news items, electric "loud -speaker" announcers,
will be entitled to the rights of exchange for the stock of the new corpora- and economy devices, are features. Cars are designed for operation by
either one or two men. Tests of the three cars are now being conducted in
tion as above set forth.
For each share of Convertible Prof. stock of the company issue 4 shares actual operation.
Expenditures of $224.601 for additions and improvements to property
of Common stock. Class A. of the new corporation.
For each share of Common stock of the company issue 4 shares of Com- during the year included cut-off and re-routing work to Improve traffic
conditions. The capital outlays, averaging $222,500 annually for the past
mon stock, Class B. of the new corporation.
Terms.
-The terms and preferences of the Cumulative Prof. stock, five years. are placing the company in a sound position to attract business
-V. 119, p. 1394.
Class A and Class B. of the new corporation will be substantially the same In line with the program under way.
as those of the corresponding classes of stock of the corporation except for
Great Corsolidated Electric Power Co., Ltd. (Daido
the omission of participation privileges from the rights of the Cumulative
-Dillon,
Prof. stock, Class A and Class B, of the new corporation. This omission Denryoku Kabushiki Kaisha).-Bonds Sold.
of participation privileges, however, Is compensated by issuing dividend Read & Co. Guaranty Co. of New York, Harris, Forbes &
participations to the holders of the Cumulative Prof. stock, Class A and Co. and Boaright & Co., Inc., have sold at 86 and interest,
Class B, of the corporation.
4
The terms and preferences of the Common stock. Class A. of the new to yield 73 % (to maturity) $13,500,000 1st & Gen. Mtge.
corporation will be substantially the same as those of the present Convert- 61
4% Sinking Fund Gold bonds (closed issue).
ible Prof. stock, except that the option of conversion to which the present
Dated July 1 1925: due July 1 1950. Prin. & int.
payable in
&
Convertible Prof. stock is now entitled will be eliminated. The Common New York at the office of Dillon, Read & Co..fiscal agent, J.)
States
stock, Class A, of the new corporation will be entitled to receive $25 per gold coin of the standard of weight and fineness existing in United1 1925
on July
share In liquidation or dissolution before the Common stock. Class B, of (or at the option of the holder, in London in sterling at exchange rate of
the new corporation will be entitled to receive any of the assets of the new $4.8665 to the pound sterling), without deduction for any Japanese taxes
corporation, and after the Common stock, Class B. shall have received $25 when held by non-residents of' Japan. Denom.$1,000 and $500. Callable
per share in liquidation or dissolution any remaining assets shall be divided all or part on any int. date after 30 days' notice at 100 and int. The
equally between the outstanding shares of Common stock, Class A. and Industrial Bank of Japan, Ltd.. Tokyo, trustee: Central Union Trust Co..
w
Common stock. Class B.
New York. countersigning agent.
The terms and preferences of the Common stock. Class B. of the new
-A sinking fund will be provided, available semi-annually.
Sinking Fund.
corporation will be substantially the same as those of the present Common sufficient to retire $300.000 bonds per annum for the first ten years, and
stock. In liquidation or dissolution, after the Cumulative Pref. stock. $700,000 bonds per annum thereafter, to buy bonds if available at not exClass A and Class B. have each received $100 per share and accumulated ceeding 100 and int. and insofar as not available to call by lot at that
dividends, and the Common stock. Class A, has received $25 per share, price. This sinking fund Is calculated to retire the entire issue by maturity.
the Common stock. Class B. will receive $25 per share and any remaining Data from Letter of Momosuke Fukuzawa, President of Company.
assets shall be divided between the outstanding shares of the Common
-Company is one of the two largest producers of
Business and Properties.
stock, Class A, and Common stock. Class B, of the new corporation.
Recognition is thus given to the present right of the Convertible Prof. stock electric power in Japan, selling its output for the most part under long-term
contracts to retail light and power distributors, traction companies and
to acouire by conversion the liquidation rights of Common stock.
To Retire All Bonded Debt -Banking arrangements have been made, con- large Industrial consumers. In less than five years Its generating capacity
from
ditioned upon this plan being declared operative, for the sale of stocks of has increased served25,800 k. w. to a present capacity of 255.300 lc. w.
industrial development and contains
The territory
the new corporation sufficient to retire all of the bonded debt of the com- a population of more has an intensive including the cities of Tokyo, Yokothan 20,000.000.
pany and the corporation, thereby eliminating all fixed charges.
hama. Osaka, Nagoya, Kyoto. Nara. and many other cities and towns.
Depositary.
-In order to facilitate the carrying out of the plan, stockCompany owns 13 generating plants(one under construction),
holders of the company and stockholders of the corporation are requested tions (6 under construction), and a comprehensive high-tension24 substatransmisto deposit with Equitable Trust Co., the depositary, at its office. No. 37 sion system. Total properties owned represented, as of Feb. 28
1925, a
Wall St., New York, N. Y., certificates for their shares.
$76,840.692.
Committee Appointed to Carry Out Plan.-WIlllam S. Barstow, Irving W. cost less depreciation of
The properties are modern and compare favorably, as to design and conBonbright, William F.Ingold, John F.Moors and Lucien H. Tyng.
struction, with the most approved American practice. The major portion
machinery and equipment has
United States.
A circular prepared by the committee and sent to the ofSecurity.-Direct obligation of been manufactured in theclosed first mortcompany and secured by
stockholders of the corporation and the company says gage lion created under the laws of Japan on properties representing a cost
less depreciation, as of Feb. 28 1925. of $33.234,478. These properties
in substance:
comprise an integral part of the company's system and include generating
When the General Gas & Electric Corp. was organized in 1922 all classes plants having a total present capacity of 136,100k. w., substations of 195.of Pref. stocks were given the privilege of participating in earnings declared 400 k. v. a. total present capacity, and 396 miles of high-tension transmisas dividends after dividends of $6 per share had been paid on the Common sion lines. The bonds will be further secured by closed mortgage lien
stock in any calendar year. These participating privileges were the same created under the laws of Japan on additional properties representing a cost
as had existed in the shares of stocks of the General Gas & Electric Co., less depreciation as of the above date of $37.063.367, subject only to the
organized in 1912, whose holders were offered the new shares in exchange. lien of the mortgage securing the company's Series A bonds(V. 119. p. 330).
The directors believed at that time, and still believe, that these privileges of which $14.500,000 will be outstanding upon completion of the present
were then necessary as an inducement to secure the investment of additional financing. Total properties thus securing the present issue of bonds repcapital which was required to permit the corporation properly to take care resented a cost less depreciation of $70.297.845. and include all of the comof existing investments and to take advantage of desirable opportunities pleted power plants, substations, transmission lines and distribution lines
for expansion.
now directly owned by the company, with the exception of a small disThere has been, however, such a marked improvement during the last tributing system the ownership of which is to be vested in a subsidiary co.
'Earnings.-Results of operations for consecutive fiscal terms of 6 months
three years in the financial standing and in the credit position of the corporation that it is considered by the officers and directors that the aforesaid each, as certified by Harold Bell, Taylor, Bird St Co. for four fiscal terms
participating privileges on the Cumulative Prof. stocks are no longer to Nov. 30 1924. and as reported by the company for the fiscal term ended
necessary to procure the investment of whatever additional capital may May 311925. were as follows:
Gross
Oper. Exp.
Net
Net Income
be required from the sale of such stocks.
Therefore, holders of the Cumulative Prof. stock, Class A, and CumuOperating Maint. & Operating
Other Before Int.
Earnings.
Taxes.
lative Prof. stock. Class B. of the Maine Corporation are now offered an
6 Mos. ended- Earninos.
Income. & pewee.
equal number of shares of the new corporation, entitled to the same cumu- May 31 1023_ _ -$1.346.355 $526.902 $819,453 $190.594 $1.010.047
066.721
876,407
377,328 1,253.735
lative dividends and with substantially the same terms and preferences, Nov. 30 1923-- 1,843.128
304,780 2.012,962
except that the Pref. stocks of the new corporation will not be participating. May 31 1924___ 3,417,017 1,708,835 1.708.182
In exchange for the participating rights of the present stock, each share Nov. 30 1924- _ 3,657,291 1,472,053 2,185,238
396.906 2.582,144
375,215 a2.659,254
ofthe Cumulative Pref. stock. Class A.and Cumulative Prof.stock. Class B. May 31 1925_ __ 4,572.679 2,288,640 2.284.039
a In addition, the company realized during this period $432,532 profit
of the Maine corporation will receive 4 dividend participations which will
entitle the holder to the same proportional distribution of additional divi- from the sale of real estate not useful in its business.
JULY 111925.)
THE CHRONICLE
Net income before interest and depreciation for the 12 months ended
May 31 1925, as shown above, amounted to $5,241,3.18. or approximately
2% times maximum annual interest requirements of 131,892,500 on total
mortgage bonds,and approximately twice maximum annual interest requirements of $2,707,000 on total mortgage and debenture bonds to be outstanding on completion of this financing. The above 12 months' earnings do
not include $432,532 profit realized from the sale of real estate not useful
in the company's business or any allowance for interest on construction
account, and reflect less than 6 months' operation of the company's new
Kiso No.6 hydro-electric generating plant of 42,900 k. w. capacity.
Outstanding Capitalization upon Completion of This Financing.
$14,500,000
Mortfage bonds, Series A,due 1944
do
This
13,500,000
Debenture bonds:Due 1929
8,575,000
do
do
5,000.000
Due 1930
Capital stock (2,259,260 shs., $25 par value,fully paid)
56,481.500
The company's stock is owned by more than 19,000 stockholders.
Listing.
-Company has agreed to make application in due course to list
this issue on the New York Stock Exchange.
Purpose.
-Proceeds will be used to retire $8,750,000 Debenture bonds
maturing on or before Mar. 1 1926 and representing temporary financing
during construction, for the completion of Kiso No. 7 hydro
-electric generating plant, for extensions and additions to the company's properties
and for other corporate purposes.
Rate of Exchange.-Converslons of earnings, interest charges and market
quotations for the company's debentures and capital stock from Japanese
to United States currency have been made at the rate of 40 cents per yen,
approximately the present rate of exchange. All other conversions have
been made for convenience at the rate of 50 cents per yen, parity being
49.85 cents per yen.
-V.121, p. 74.
Interstate Utilities Co.
-Bonds Offered.-Pearsons-Taft
Co., San Francisco, and Lumbermen's Trust Co., Portland,
Ore. are offering at 99 M and int., to yield over 6%,$578,000
1st(
(Closed) Mtge. 6% Sinking Fund Gold bonds.
Dated May 1 1919;due May 1 1939. Interest payable M.St N. Denom.
$1,000, $500 and $100c*. Principal and int. payable in U. S. gold coin
present
of the .present standard of weight and fineness at the banking quarters
of the
Trust
Portland, Ore. trustee. Callable by lot
after May 1924 at 105 and int. on any int. date on 60 days' notice.
Co.'
,
Data from Letter of John F. Davies, Vice-President of the Company.
Company.
-Organized in Idaho in 1914. Operates over a larger area
than any other independent telephone company in the United States.
Serves without competition parts of northern Idaho, eastern Washington
and northwestern Montana covering a territory estimated to have a population of 130,547: Company owns and operates 13,823 miles of wires and
cables and 1.497 miles of pole line. It has 30 exchanges giving service,
as of Jan. 1 1925. to 12,325 customers.. Company owns 16 office buildings
throughout the territory served. The company has favorable franchise
arrangements covering all parts of the system. Franchises are held at all
placed operated by the company either as original grantee or successor
,
In interest in the different localities served.
Purpose.
-Proceeds from this issue of bonds will be used in part to
reimburse the company for capital expenditures incurred in the acquisition
of new properties, for the retirement of underlying liens and for additional
working capital.
Sinking Fund.
-During the life of these bonds the company covenants
to pay to the trustee an annual sinking fund to be used for the redemption
of bonds equal to 1% of the aggregate par value of all outstanding bonds
of this issue (including such bonds as may he in such fund) and further,
covenants that whenever a dividend is declared on its Common stock,
it will apply 50c. on each dollar of dividend payments made toward the
reduction of its indebtedness.
CapitalizationIssued.
Authorized.
let Mtge. 6% Sinking Fund Gold bonds
$1,000,000
$1,000,000
7% Preferred stock
194,800
250,000
Common stock
450,200
1,000,000
Of the 1st Mtge. bonds $270,000 are owned by Pacific Telephone &
Telegraph Co.and $130.000 by the Mountain States Telephone & Telegraph
Co. Dividends of 7% on Preferred and 8% on Common stock have been
regularly paid since issuance.
Earnings for Calendar Years.
1922.
1924.x
1924.
1923.
Telephone oper. rev_ __ _
$376,458
$308,027
$527,113
$425,785
Telephone oper. exp...,.,..
180.709
305,023
247,284
218,928
Net operating income_
Other income credits_ _ _
$222,089
2,142
$178,501
1,235
$157,530
1.410
$127,317
Gross income
Income charges
Interest charges
Depreciation charges__ _
$224,232
13,550
60,000
75,542
$179,736
11,793
48,390
55.420
$158.940
13.890
46,398
47.240
$127,317
12,234
40.724
36,000
Net for divs. .3: sur___
$75,139
$64,131
$38.358
$51,412
x Represents consolidated statement of income and expense for Interstate
Utilities Co. and its recently acquired properties. Interest charges after
present financing.
-V. 115, p. 767.
International Utilities Corp.
-Listing.
-
,
The Boston Stock Exchange has authorized the listing of 429.062 shares
(authorized 500,000 shares) of Class B stock (without par value)
International Utilities Corp. is a holding company, authorized to own,
operate, construct, finance or invest in the securities of public utility
properties. Through ownership of a majority of the stock, it controls
the following properties' (a) Kentucky Securities Corp., 5.000 shares
of the Preferred (23,489 outstanding) and 17,981 shares of the Common
stock (20.523 outstanding) are owned by International Utilities Corp.
(b) Buffalo & Erie fly. Co.. incorporated in 1924 in New York, auth.
capital, 15,000 shares of Preferred stock, of which 7,005 shares are outstanding, and 30,000 shares of Common stock, all of which are outstanding;
3,072 shares of the Preferred and 30,000 shares Common belong to the
International Utilities Corp.
(c) Southwestern Utilities Corp., organized in 1921 in Delaware, auth.
capital, $5,000,000 let Preferred stock, of which $550,000 outstanding;
$5,900,000 2d Preferred, of which $760,000 outstanding, and 50,000 shares
of Common, all outstanding; $523.517 1st Precerred. $716.980 2d Preferred
and 47,230 shares of the Common stock being owned by International
Utilities Corp.
(d) Canadian Utilities. Ltd., organized in 1922 in Alberta, authorized
capital, $1.500.000 Preferred and 60.000 shares of Common stock, all
outstanding, of which International Utilities Corp. owns 7,232 Preferred
and 14,149 Common shares, and the Southwestern Utilities Corp., its
subsidiary, owns 2,222 Preferred and 30,100 Common shares.
(e) Coffeyville Gas & Fuel Co., organized in 1905 in Kansas, authorized
and issued capital, 3,000 shares, all of which is under contract of purchase
by the International Utilities Corp.
Financial Statements.
-The combined earnings of the corporation, controlled by stock ownership or contracts of purchase, for the four m*onths
ended April 30 1925 were as follows:
Gross revenue and other income
$2,209,808
Operating expense, including taxes, tentals, &c
1,061,836
Interest and debt expense
345,955
Depletion, depreciation and amortization
271,925
Proportion earned on stocks in hands of public
208,619
199
closing this contract, which was drawn the latter part of April, the International Utilities Corp. has increased its ownership of the subsidiary to
approximately 75%.-V. 120, p. 956.
Interstate Railways.
-Common Dividend of 25 Cents.
The directors have declared a cash dividend of 25 cents per share on the
Common stock, no par value, payable Aug. 1 to holders of record July 16.
On May 1 last the company paid a stock dividend of 1-25 of a share and
-V.120, p.2400.
cash dividend of 25 cents per share on the Common stock.
a
-Stock Increased.
IroquoisTGas Corp., Buffalo, N. Y.
The company hAs filed a certificate at Albany, N. Y. increasing its
.-V.120. p.2147.
authorized Capital stock from $22,500,000 to $25.000.000
-Acquisition.
Jackson (Tenn.) Ry. & Light Co.
The Brownsville Cotton Oil & Ice Co. has sold its light and ice plants
to Frank A. Read of New York. The negotiations for the sale have been
under way for some time, but were finally concluded on June 24. The plants
will be operated under the supervision of the Jackson Railway & Light Co.
The Brownsville company. organized in 1902, sold its oil mill and cotton
-V. 118.
gin to the National Cottonseed Products Co. several months ago.
p. 2701.
Juniata Valley Electric Street Ry.-Sale.By virtue of an order of the Court of Common Pleas of Huntingdon
County, Pa., R. J. Menem will sell at the Court House in Huntingdon,
Pa. on July 27, all the property, tracks, cars, rights of way, other rights
and franchises of the above company. The sale has been ordered by the
'
Court, upon default by the company in the terms of a certain mortgage
given by the company,dated Oct. 15 1906. The terms of sale are as follows:
10% of the purchase price bid to be paid to the trustee when the property is
knocked down, 40% upon confirmation of sale by the Court, and the balance in one year. with interest, to be secured by bond and mortgage of the
purchaser with insurance policy marked in favor of said trustee.
-Bonds
Keystone Telephone Co. of Philadelphia.
-Hemphill, Noyes & Co. and Love, Macomber &
Offered.
Co. are offering at 91 and int., to yield about 6.51%,
$2,300,000 1st Lien & Ref. Mtge. Gold bonds, Series A 53'%.
Dated June 1 1925; due June 1 1955. Red.. all or part, at any time
upon 30 days' notice at 105 prior to June 1 1935. and thereafter at suecessive reductions in redemption price of 1% during each five-year period
to maturity; in each case with interest. Denom. $1,000 and $500c*.
Int. payable J. & J. without deduction for normal Federal income tax
not in excess of 2%. Company will refund the Conn, taxes not in excess
of four mills per annum, the Maryland Securities tax not in excess of 434
mills per annum, and the Mass. Income tax on int. not in excess of 6%
per annum. Free from the Penna. four-mill tax. Penna. Co. for Ins. on
Lives & Granting Annuities. Philadelphia, trustee.
Data from Letter of Pres. F. Clark Durant Jr., Philadelphia, July S.
-Keystone Telephone System operates under perpetual franBusiness.
chises and supplies complete automatic telephone service in Philadelphia
and Camden. The service is largely commercial, being used by the largest
banks, newspapers, manufacturing companies, &c., doing business in
Philadelphia and Camden. Company and its subsidiary have valuable
franchises and operate in other prosperous communities in Pennsylvania
and New Jersey. The system owns or leases 24 modern telephone exchange
buildings
-6 in Philadelphia and 18 in nearby cities and towns. The conduits extend for 345 miles under the streets of Philadelphia and the other
communities served and contain more than 13,000,000 duct feet. The
system includes 3,630.000 ft. of cable, 295 miles of pole ines and 5,800
miles of aerial wire. The Keystone Telephone Co. of Phila. has profitable
contracts under which part of this conduit system is leased on annual rentals
by the Philadelphia Electric Co. and by telegraph companies.
Securitu.-Secured by a direct mortgage on all the property now or
hereafter owned. subject to $10.000,000 (closed mortgage), 1st Mtge. 58,
due 1935, of which $5,925.000 will be outitanding in the hands of the
public, and $4,075,000 will be pledged for collateral purposes. Through
deposit with the trustee of 82,300.000 1st Mtge. 5s, the 1st Lien & Ref.
Mtge. Gold bonds will share in the security of the 1st Mtge. bonds.
1925.
1924.
Earnings Years Ended May 3181.859.679 $1.937,154
Gross earnings
1,021,125
999,409
Operating expenses, maintenance and taxes
$860.270
Net earnings
Annual interest requirements upon completion of
present financing:
81.250.000 1st Mtge. Bond-secured 6% notes, 1927
5.925.000 1st Mtge. 5% bonds, 1935
2,300.000 1st Lien & Ref. Mtge. Gold bonds. Series A 530.
(this issue)
28,700 Eastern Tel. & Tel. 1st Mtge. 68, 1932
$916,029
S75.000
296.250
126,500
1,722
Balance available for renewal reserve, amortization. Federal
$416.557
tax dividends and surplus
-Proceeds will be used to retire $1,243,000 Equip. & Coll.
Purpose.
-V. 120..
Trust 6s. due Nov. 1 1929, and for other corporate purposes.
p. 3187.
-Earnings.
Laclede Gas & Electric Co.
The company reports for six months ended May 31 1925 total income of
-V. 119. p. 2411.
$264.577 and net income of $84,743 after charges.
-Chicago Trust
-Bonds Offered.
Lake Shore Power Co.
Co. and Central Teust Co. of Illinois, Chicago, are offering
at 99 and int. $845,000 1st & Ref. Mtge. 6% Gold bonds,
Series "A." Dated July 1 1925; due July 11950.
Int. payable J. & J. without deduction for Federal income tax up to 2%
at Home Bank & Trust Co., Toledo, trustee, or Chicago Trust Co., Chicago. Red., all or part, on 45 days' notice on any int, date at par and int.
plus a premium of6% to July 1 1930,5% to July 1 1935,4% to July 11949.
3% to July 1 1945 and 2% thereafter. Denom. $1.000. $500 and $100 c*.
Penna. 4
-mill tax, Conn. personal property tax not exceeding 4 mills per
annum, Maryland securities tax not ex ending 4% mills refunded.
Data from Letter of Mr. Dehore, President of the Company.
-Organized in Ohio. Has recently acquired and consolidated
Company.
into a single operating system a number of long established electric light
and power properties in Ohio, located in the district extending westerly
from the suburban district of Toledo for a distance of 63 miles along the
main line of the New York Central RR. Company furnishes without
compdtition electric light and power service in 21 communities, gas service
in one community and in addition supplies electricity at wholesale to 9
communities,and to the electric railroad extending from Toledo to Bryan,0.
Population of communities served 30.230 with 7,342 connected meters
in service. Company operates under jurisdiction of Ohio P. U. Comm.
'Company's properties comprise a modern central steam power plant
The present
situated at Stryker, 0., on 20 acres of ground owned in fee. installed capacity of 4,450 k.w. is shortly to be increased to 8,700 k.w.
in order to take care of the company's business which is showing an increase
of approximately 14% over that of a year ago. Company owns 143 miles
of high-tension transmission lines situated on its own right-of-way except
through the towns where it is controlled by the Public Utility Commission:
22 sub-stations and 310 miles of distribution lines. Company also owns
the entire capital stock of the electric railway serving the territory.
Balance earned on stocks owned or controlled by International
Security.
-Secured by a mortgage lien upon the electric light, power and
Utilities Corp
$321.473 gas Properties
the company, subject only to $310,000 underlying 5%
Earnings Statement of the International Utilities Corp. from the Date of Its
Organization to April 30 1925.
Authorized. Outstand'g.
CapitalizationIncome-Dividends and interest from subsidiaries
863.420 Preferred stock, 7% cumulative
$313,209
$500,000
Dividends and interest sundry
2,047 Common stock (no par value)
10.000 sbs. 10 000 shs.
Investment profits
12,243 First and Refunding 6s. 1950
1845.000
(a)
310.000
Miscellaneous income
585 Underlying issue 58 due 1931
closed
Limited by restrictions of mortgage as stated below.
Total
$78,297
Earnings of Mortgaged Properties Year Ending May 31 1925.
Expense, incl. salaries, transfer agency, fees, &c., $10.184; interest
$290,327
Gross earnings
45.376 Operating expenses, taxes and maintenance
on loans, $35,191
150.450
a
$32,921
Net earnings
Announcement was made on July 8 that the International Utilities
Corp. had exercised an option on a 20% minority interest of the Canadian
Western Natural Gas, Light, Heat & Power Co. held in England. By
Net earns, avail, for bond int., deprec. Fed. taxes & diva_ _$139.877
66,200
Interest on funded debt (incluillog this issue)
'
Balance
$73,677
200
THE CHRONICLE
-Tenders.
Lehigh Telephone Co.
dated Jan. 2 1893, of the New Orleans City & Lake RR. Co., at prices not
exceeding 110 and int.-V. 120. p.•3065.
The Markle Banking & Trust Co , trustee. Hazleton, Pa., will until
Aug. 1 receive bids for the sale to it of 1st & Ref. Mtge. bonds dated July 1
1924 to an amount sufficient to exhaust $37,500,at a price not exceeding
-V.120. p. 331.
105 and interest.
New York & Harlem RR.
-Earnings, &c.
-
Louisville Gas & Electric Co.(Del.).
-Stock Increased.
An amendment to the charter has been filed at Dover, Del., increasing
the authorized capital of the company from 230.000 shares to 1.300,000
shares without par value, consisting of800,000 shares of Class"A" Common
and 500,000 shares of Class "B" Common stock. Four shares of Class "A"
Common stock will be issued in exchange for each share of Pref. stock held,
aline four shares of Class "B" Common stock will be exchanged for each
outstanding share of Common stock.
-V. 120. p. 2815.
Louisville Gas & Electric Co.(Ky.).-Changes Capitarn.
[vol. 121.
Results of Operations of Traction Lines.
3 Mos, End.
Calendar Years
11 Mos. End.
Mar.31 1925. 1924.
1923.
1922.
1921.
Dec. 31 1920.
def.$76,899 def.$85,911 def.$71.931 def.$15,540 sur.$5,994 def.$223,122
General Balance Sheet March 31 1925 (Incl. Traction Lines).
Assets.
Liabilities.
Investment in road
$21,851.535 Stock
$10,000,000
Inv. in stock and bonds_
237.536 Bonds
12,000,000
Cash
41.473 Non-negotiable debt to
Special deposits
1,000
affiliated companies.- 1,347.882
Accounts receivable
76,358 Loans and bills payable_
130.000
Materials and supplies
151,053 Accounts payable
293,731
Rents receivable
425,000 Unmatured interest and
Int. & divs. receivable
5,225
dividends accrued_ _ _ _
428,541
Deferred assets
1.443,015 Other current liabilities__
7,274
Prepaid insur., rents, &c.
13.341 Tax liability
37,789
Other unadjusted debits.. 1,215,948 Other unadjusted credits
443,730
Corporate surplus
772,538
Total
$25,461,484
Total
525,461.484
-V. 120, p. 2684.
The stockholders on June 25 increased the authorized capital stock from
$36.000,000 to $45,000,000. Under the new capitalization there will be a
total of 900,000 shares of stock authorized, consisting of 250,000 shares of
Preferred stock, par $100. 150,000 shares of Class "A" Common stock, par
$100. and 500,000 shares of Class "B" Common stock, par $10. The status
of the present 7% Cumul. Pref. shares will be unchanged, but future Pref.
stock may be issued to receive dividends of5 to 8% annually. It is planned
to carry on the customer ownership policy in the future by the sale of 6%
Cumul.Pref. stock. An original offering of the shares will be made shortly
at $93 a share.
Articles of incorporation have been filed for the organization of the
New York Municipal Ry. Corp.
-Stricken Off List.
Louisville Gas & Electric Securities Co., which will continue the activities
The New York Stock Exchange has stricken
previously carried on by the Investment department of the Louisville Gas Mtge. S. F. bonds, Series "A." due Jan. 11966.from the list the 5% 1st
of the corporation. This
& Electric Co.
-V. 120, p. 1326.
company was merged in 1923 into the New York Rapid Transit Corp.
(See plan in V. 116, p. 2131.)-V. 116. p. 2767.
Lowell (Mass.) Electric Light Corp.
-Application.
--
The company has applied to the Mass. Dept. of Public Utilities for
authority to issue 30,915 additional shares of capital stock (par $25) at
,
$40 per share. See V. 120, p. 3187, 1203.
Manchester (N. H.) Traction, Light & Power Co.
Control Acquired by Middle West Utilities Co.
See Middle West Utilities Co. below.
-V. 120. 13• 3187.
MarconiWireless Telegraph Co. of Canada, Ltd.
Name Changed-Earnings.
Under special Act passed June 12 1925. the company's name has been
changed to Canadian Marconi Co.
Earnings Years Ended December 31.
Earnings Cal. Years1924.
1921.
1922.
1923.
Profits
loss$42,511 108439.144
512,253
$22,251
Depreciation,&c
x
x
x
95,988
Bad accounts
40,000
Miscellaneous deductions
7,383
29.627
Inventory adjustment_
254,287
Organiz'n exp. (balance)
10,109
Balance,sur. or def.__ def$42,511 def$39,144 def$249,528 def$153.362
Previous surplus
257,013
def31,660
410.375
7,485
Surplus arising from reduction of cap'l stock_Cr3,780.000
Appl.in reduction of patents & pat. rights. &c_Dr2,365,081
Buildings. plant, &c_ _ _ _Dr1.141,232
Inv. & oth. curr. assets_ Dr199,519
New York & Richmond Gas Co.
-$1 Gas Law Invalid.
The $1 gas law of 1923 again has been found confisactory and ungonstitutional in a report filed in Federal Court, Brooklyn, by Appleton L. Clark,
of New Brighton, S. I., appointed special master by Federal Judge Campbell in connection with the suit of the company against the Public Service
Commission. Announcing he had filed his report, Mr. Clark declared he
had found the company entitled to 8% return on its investment and privileged, under that ruling, to increase its charge from $1 40 to $1 55 Per
1.000 cu. ft. of gas. The company served more than 25,000 homes in
Staten Island. See also V. 120, p. 3188.
New York Rys. Corp.
-Transfer Agent.
-
The Guaranty Trust Co. of N. Y. has been appointed transfer agent for
the voting trust stock of the corporation, consisting of 90,200 Common
and 184.830 Preferred as of May 1 1925.
The Guaranty Trust Co. has also been appointed transfer agent for the
capital voting trust stock, consisting of 18,040 shares of the New York
Railways Participation Corp. as of May 1 1925.-V. 120, p. 2817.
North Carolina Public Service Co.
-Tenders.
-
The Equitable Trust Co. of New York. as successor trustee, will until
July 16 receive bids for the sale to it of 1st & Ref. Mtge. 5% 25
-Year S. F. •
Gold bonds to an amount sufficient to exhaust $10,906, at prices not
exceeding 105 and interest.
-V. 120, p. 1204.
Ohio Public Service Co.
-Acquisition.
-
This company, a subsidiary of Cities Service Co., has recently purchased
the property of the Marblehead Power Co., which serves about 800 customers in Marblehead, Lakeside and Danbury. located on the peninsula Just
across the bay from Sandusky, 0., according to an announcement made by
Henry L. Doherty & Co. The local plant will be shut down and the
territory will be served from a 132,000 volt transmission line now under
construction between Lorain and Sandusky. This line ultimately will tie
in with the system of the Toledo Edison Co., another Cities Service Co.
subsidiary.
-V. 120, p. 3188.
Total surplus
$257,012
$7.485
def$31,660
x No provision has been made for accruing depreciation of plant and
equipment and for amortization of patents.
Balance Sheet December 31.
Assets1924.
Pacific Gas & Electric Co.
1923.
1923.
LtattUttles-Listing.
Property, acc. _ _132,797,870131,448,941 Capital stock
'
$2,522,0 86,300.000
1904 00
The New York Stock Exchange has authorized the listing of $2,357.000
Patents &c
I
49.000 additional Common stock (par $100). on official notice of issuance, making
49,000
k 4,909,351 Mortgages
Deterred charges__
9,594
20000 the total amount applied for 548.132.400.-V. 121, p. 76.
1 139
68:0
22.989 Accounts payable_ 327,018
Investments
112,500
104,059 Note payable
Stores, &c
228,977
291,858 Loan
75,000
Penn Central Light & Power Co.
-Tenders.
Cash
119,746
320,821
55,022 Reserves
The Grange Trust Co., trustee, Huntingdon, Pa., will until Aug. 1 reAcc'ts receivable__ 313,252
249,051 Marconl's W. T.
ceive bids for the sale to it of Raystown Water Power Co. 1st Mtge. 5%
Deficit
31.660
Co.. Ltd., Eng.
Gold bonds. due 1938, to an amount sufficient to exhaust $14,360 at a
-Cash adv____ 1683.921
price not to exceed 105 and int.-V. 120. p. 3315.
53,579,940 87.112.960
Total
$3,579,940 17,112,960 Total
Philadelphia Suburban Water Co.
-To Redeem Bonds.
-V.120, p. 2943.
This company has deposited funds with the Columbia Avenue Trust Co.,
x Cash advances which under agreement will be liquidated by the issue
Broad St. and Columbia Ave., Philadelphia, Pa., to redeem all of the
of capital stock-.£140,532 at $4 87.-V. 120. p. 2943.
North Springfield Water Co. First Mtge. 5% bonds at par and interest, all
of the Springfield
at 10234
Middle West Utilities Co.
-Acquires Control of Central and interest, and Consolidated Water Co. First Mtge. 5% bonds bonds at
all of the Berwyn Water Co. First Mtge. 6%
Power & Light Co. and Manchester 7'raction Co.
103 and interest to date of delivery.
-V. 120, p. 3188.
The company on July 6 announced the purchase from R. W. Morrison
Pittsfield (Mass.) Coal Gas Co.
and Warner S. McCall, St. Louis, of all of the Common stock of the Central
-To Issue Stock.
The 4assachusetts Dept. of Public Utilities has authorized the company
Power & Light Co.. the subsidiaries of which operate in Texas. Oklahoma,
Kansas, Mississippi and Mexico. The Central Tower & Light Co. operates to issue 2,500 shares of capital stock at $100 a share.
-V. 119. p. 334.
directly in Arkansas. Electric light and power, gas, ice, water and electric
railway transportation are the utility services supplied in one or more forms
Power Corp. of N. Y.
-Common Stock Increased.
to 65 communities. Natchez, Miss., Laredo and Corpus Christi, Tex.,
The stockholders on July 9 increased
and the Rio Grande Valley of Texas are among the districts where electric shares to 750,000 shares, no par value. the Common stock from 600,000
service is rendered. The principal gas companies are located at Emporia,
The Common stockholders of record July 20 will be
to
Kan., and McAlester, Okla. Houston and San Antonio, Tex., are the subscribe on or before Aug. 15 for additional Commongiven the rightper
stock at 340
largest of the communities supplied with ice.
share in the ratio of one new share for each 10 shares now held. The
Subsidiary operating companies of Middle West Utilities Co., of which proceeds will be used to defray partially the cost to
Martin J. Insult is President, serve directly 1,041 communities in 18 acquisition of its interest in the new Mohawk & the corporation of the
Hudson Power Corp.
States.
The Power Corp. of N. Y. owns a 15% interest in the Common
A dispatch from Boston states that the necessary stock to assure the the Mohawk & Hudson Power Corp. This stock was acquiredstock of
by the
transfer of control of the Manchester (N. H.) Traction, Light & Power Power Corp. of N.Y.at a cost of $1.500,000, and it has at the present time a
Co. to the Middle West Utilities Co. has been received by Tucker. Anthony valuation of approximately 56,000.000.-V. 121. p. 77.
dz Co. Boston. Nearly 65% of the outstanding certificates have been
turned in. Actual transfer takes place July 15.-V. 121. p• 75•
.
Public Service Corp. of N. J.
-Stock to Customers.
The corporation in its customer-ownership campaign from May 1 to
Midland Utilities Co.
-Number of Stockholders.
June 30 sold 56,516,800 of 7% Cumul. Prof. stock to 10,972 subscribers.
This company, which made the first public offering of its securities on
March 11 (see V. 120, p. 1327), to-day has over 7,000 stockholders and over The goal set was for 85,000,000.
In the seven customer-ownership stock rampaging
5.000 other investors are buying the company's Prior Lien stock on the $32.500,000 of stock has been sold. In the campaign since 1921 about
started Oct. 1 1924
monthly savings plan.
The regular quarterly dividend of 1 Y4_ 7 on the Prior Lien stock was and ended Jan. 31 last, 77.572 shares were sold to 19.545 subscribers.
D
paid July 6 to 6,974 stockholders of record June 22. An initial distribution V. 120, p. 2818.
of like amount was made on this issue on April 6. The number of purchasers
Rapid Transit in New York City.
-Board of Transon the deferred payment plan on the July date was 4,497, making a total
of 11,471 paid-up or prospective stockholders. This number has been portation Reviews Year's Work.
increased by several hundred since June 22.
Eight contracts for the city's proposed independent subway system,
The Prior Lien stock is listed on the Chicago Stock Exchange, shares with aggregating more than $27,000,000, have been awarded by
the Board of
a par value of $14,200,000 having been admitted to trading.
-V.120. p.3315. Transportation, the Board declared July 4 in a review of its accomplishment
during the first year of its existence, which ended on June 30.
Mohawk-Hudson Power Corp.-Chairnzan.In addition, the statement said, the Board has awarded $13,342,000
President Charles S. Ruffner announces the election of Charles S. Brewer in contracts for addition to the Interborough and B.
-M. T. systems and
as Chairman of the Board.
-V. 121. p. 75.
has completed plans for 57 miles of new subways, of which the sections
of the Washington Heights subway covered in the $27,000,000 in contracts
Montana Power Co.
-Tenders.
-already awarded are a part.
The Guaranty Trust Co., trustee, 140 Broadway, N. Y. City, will until
The review summarized the contracts awarded by the Board during the
July 14 receive bids for the sale to it of 1st & Ref. 11(Itge. 5% Sinking Fund 12 months ended June 30 as follows.
,
Gold bonds, Series "A," due July 11943. to an amount sufficient to exhaust Central Park West, 68th to 79th Sts
54,199,875
$25,392, at a price not exceeding 105 and Interest.
-V. 120, p. 2148.
Central Park West, 79th to 89th Sts
3,650,632
Central Park West, 89th to 100th Sts
3,997,748
Muskogee Electric Traction Co.
-Tenders.
Central Park West and 8th Ave., 100th to 111th Sts
5,246,653
The Equitable Trust Co., 37 Wall St. N. Y. City, will until July 28 8th Ave. and St. Nicholas Ave., 1 1 1th to 122d Sts
4,908,261
receive bids for the sale to it of 1st Mtge. 5% S. F. Gold bonds dated St. Nicholas Ave., 122d to 132d Sts
4,689,775
May 1 1912 to an amount sufficient to exhaust 57,006, at a price not exceed- Ft. Washington Ave. and 174th St., under P. S. 173
216,714
-V. 120, p. 331.
ing 105 and interest.
Broadway and 173d St., under Broadway Temple
151.742
New England Power Co.
-Tenders.
-
The New England Trust Co., trustee, will until July 14 receive bids
for the sale to it of 1st Mtge. bonds due July 1 1951, to an amount sufficient
to exhaust $237.123.-V. 119. p. 587. 205.
-Tenders.
New Orleans Public Service Inc.
The Fidelity & Columbia Trust Co.. Louisville, Ky., will until July 31
-Year 5% Gold bonds
receive bids for the sale to it of Consol. 1st Mtge. 50
I. R. T. and B.
-M. T. Systems.
14th St -Eastern Line
Yards and shops
Station finish
Miscellaneous construction
$27,061,400
39,531,205
2,390,149
764,778
656,476
$13,342.608
JULY 11 1925.]
201
MONTHLY REVIEW
The review Says in part:
Transportation
The first problem that confronted the city's new Board of
a new subway system.
when it took office a year ago was the question of the most people in one
as to best serve
and where it should be located so
-cent fare and operated
comprehensive system of borough-wide routes at a 5
independently of existing systems which are now carrying capacity traffic
passengers.
with no physical possibility of carrying any more
This task required months of survey, study, research and test borings.
its
Accordingly, within six months (Dec. 9 1924) the Board announcedend
the
by
formal adoption of the Manhattan routes in the system, and Washington
of January this year, had received bids on two sections of the to 132 Sts.
Heights Line along Eighth Ave.and St. Nicholas Ave.from 111th
delivered to
These bids were tabulated and approved within three weeks, days actual
two contractors within three weeks more, and within ten
ofthe
construction had been started. Then followed the announcement Board
Brooklyn. Bronx and Queens routes. The alacrity with which the
its subway building program may be gleaned
of Transportation has pursued
from the fact that since Jan. 26 bids have been received on nine different
sections of the Washington Heights route.
The latest of these bids was received July 3 for the section along St.
Nicholas Ave. from 132d to 141st St. On July 10 bids will be received
for the construction of the tenth section of the Washington Heights line.
This will be along St. Nicholas Ave. and Broadway from 160th to 173d Ste.
One section of the Washington Heights line embraced in the city's new
system at Fort Washington Ave. and 174th St. under a public school in
course of construction was started last August with funds allocated by
the Board of Estimate to the Board of Education. This contract is finished
excepting for ties, tracks and painting. The school building over the
subway structure is about half finished.
When bids are received July 10 for another section of the Washington
Heights route there will remain only four sections to be advertised for
construction. Contract drawings are nearly complete for these remaining
sections and by midsummer the construction bids for the entire Washington
Heights route from 68th. St. and Central Park West to 193d St. and Fort
Washington Ave. will have been received.
Coincident with the planning and designing of the city's new subway
routes the Board secured consents of property owners in the Boroughs of
Manhattan, Brooklyn, Bronx, and Queens, so that when formal approval
of the routes was given by the Board of Estimate & Apportionment, the
preliminaries to actual construction had already been executed.
The engineering and designing forces of the Board were materially
augmented to the extent that detailed plans and specifications of at least
20 other sections of subway routes in other boroughs have progressed
to the stage which will make possible the awarding of at least $100,000,000
In construction contracts by next fall. "The dirt began to fly" last March
at 123d St. and St. Nicholas Ave. on two sections of the Washington
Heights route. This route WAS started first because it is the main trunk
line which forms a sort of "backbone" of the city's system. By next
-Eighth
September the four-track Washington Heights-Central Park West
Ave. line will be under contract from Pennsylvania Station to Fort Washdistance of about 7% miles.
ington Ave. and 183d St., a
The statement also reviewed the work of the Board in awarding con-Eastern line and for the contracts for the completion of the 14th St.
struction of yards and shops, lack of which had been alleged by the Inter-M. T. as a reason for inability to improve service.
borough and the B.
V. 120, p. 829.
-To Reclassify.
Rochester (N. Y.) Gas & Electric Corn.
The stockholders will vote July 24 on increasing the authorized capital
stock from $18,250,000 to $38,250.000.
Authorization of the increase will be followed by an application to the
New York P. S. Commission for the issuance of 50,000 shares of stock at a
value of $5,000.000.
Two other propositions will be placed before the stockholders for action
at the meeting, involving reclassification of an outstanding issue of Pref.
stock and a change in the authorized issue of Common stock. The first
of these proposals is intended to change the present 30,000 shares of 5%
Cumul.Pref.stock into stock ofthe same par value entitled to 6% dividends.
The stock will be callable at 105 on any int. date. The other proposal
would change the 82,500 shares of Common stock (par $100) into 825,000
shares of Common stock without par value. Voting rights will be extended
to holders of these shares on the basis of one vote for each ten shares of
such stock held.
-V. 120, p. 1329.
-Common
Shawinigan Water & Power Co., Montreal.
Stock Sold on Customer-Ownership Plan.
The customer-ownership campaign which commenced on June 15, although some preliminary canvassing was done previous to that date, closed
-days campaign.
on June 30,in accordance with the original plan of a 15
Previous to the campaign the company had 4,400 shareholders, which
number was increased by 3,300, or an addition to the stockholders' list of
75%. The total number of shares sold was approximately 12,000, representing a value of $1.600,000. The number of new shareholders secured
was 11% of the company's customers in the campaign district.
A novel feature in connection with this campaign was that the company placed at the disposal of Its customers Common stock of the company
at $132 per share, instead of Preferred stock, as is the usual custom in customer-ownership campaigns. The net yield on the investment at this price
is 5.3%. The terms were cash or deferred payments over 10 or 20 months,
no delivery of stock being made until 10 months after July 1. Where cash
payments were made, interim certificates were issued. A limit of 5 shares
was placed on each subscription and not more than 10 shares in any one
-V. 120,
household. The average subscription was about 3 2-3 shares.
p. 1082, 959.
-Stock Authorized.
Southern California Edison Co.
The California RR. Commission has authorized the company to issue'
at not less than 92, $1,125,000 of 6% Cumul. Pref. stock for the purpose
of financing in taut construction expenditures during 1925, amounting
to 52,975,000.-V. 120, p. 3316, 2402.
-New Financing Expected.
Southern Cities Utilities Co.
The company is expected to do some new financing shortly to provide
for calling $500,000 of an 8% note issue now outstanding and give the
company additional money to carry out developments to its properties
in Tennessee and West Virginia. The new financing will consist of $2,000,000 10-Year Debenture bonds or notes. The proceeds will enable the
company to construct an additional hydro-electric plant and to acquire
several utility companies in Tennessee. The company at present has five
-V.
hydro-electric stations in service, and one steam auxiliary plant.
120, p. 332.
-Preferred Stock
Southwestern Light & Power Co.
Offered.
-Ames, Emerich & Co., Kelley, Drayton & Converse, and Hambleton & Co., are offering at 823'i, and dividend, to yield 7.27%,9,000 shares (no par value) Cumulative
Preferred stork. Dividends 86 per share per annum.
Company supplies electric light and power either directly or through its
subsidiaries to 22 communities in Oklahoma and Texas, by means of a
central station at Lawton, Okla., together with 230 miles of high tension
transmission lines and a reserve station at Quanah, Texas. Company also
owns artificial ice plants in four cities and distributes natural gas in Lawton
-V. 120, p. 3316.
and Temple.
Southern Power & Light Co.
-Sale.
-V. 121, p. 7 .
See Electric Power & Light Corp. above.
7
Staten Island Rapid Transit Ry.-Electrifieation.-
Gold bonds, due Jan. 1 1937, to an amount sufficient to exhaust $80,322.
-v. 117. P. 327.
-Annual Report.
Tidewater Power Co.
1922.
1923.
1924.
Calendar YearsGross earnings and other income--_ $1,947,710 $1,634,938 $1,544,071
872,641
918,312
1,062,473
Operating expenses
Earnings Tarpon Springs Division
Ded.11,632
prior to acquisition
$671,430
$716,627
$873,604
Net earnings from operations
5122.003
$212.419
$238,211
Bond interest
26,250
105,000
103,600
Debenture interest
10,651
5,340
13,983
Other interest
49,647
33,479
Federal taxes
63.339
83,503
112.811
Preferred dividends
42,000
42,000
51,000
Common dividends
79,024
134.485
138.379
Depreciation
57,645
Amortization of debt disc. & expense_
Balance. surplus
-V. 120, p. 1461.
$157,975
$100,400
$278.517
-Notes Sold.
Toledo Traction, Light & Power Co.
Harris, Forbes & Co. and National City Co. have sold at 99
and int., yielding 5.73%, $8,500,000 5-Year 532% Secured
Gold notes.
Dated July 15 1925: due July 15 1930. Int. payable J. & J. in New
York or Chicago without deduction for any Federalincome tax not exceeding
2%. Penna., Maryland, Conn. and Mass, taxes refunded. Callable,
all or part, on the 15th day of any month on 30 days' notice to and incl.
July 15 1926, at 103 and int.; thereafter to and incl. July 15 1927. at 10234
and int.; thereafter to and incl. July 15 1928. at 102 and int.; thereafter
to and incl. July 15 1929. at 101% and int.: and thereafter prior to maturity
.
Denom. $1,000 and $500c5 Harris Trust & Savings
at 101 and in
Bank, Chicago, trustee.
Sinking fund of not less than $200,000 per annum, payable in semi-annual
installments, beginning Feb. 1 1926, is to be used for retirement of these
notes by purchase at or below the call prices, or, if not so obtainable, by
redemption at the call prices.
Company.
-Owns $13,572,100 par value, or over 97%, of the outstanding
Common stock of Toledo Edison Co., $6.945,000 1st Mtge. 6% bonds
of Community Traction Co. and certain other securities, and upon completion of this financing will own all the outstanding securities (except
directors' shares) of Citizens Light & Power Co. of Adrian, Mich.
Toledo Edison Co. does the entire electric light and power business and
all the manufactured gas distributing business, and Community Traction
Co.the entire electric street railway business in Toledo, Ohio,the population
served being estimated to exceed 310,000. Citizens Light & Power Co.
owns and operates the electric power and light properties serving the City of
Adrian. Mich., located 33 miles northwest of Toledo.
Capitalization Outstanding (Upon Completion of this Financing).
$7.849,093
Common stock
6,723,025
Preferred stock, 6% cumulative
8,500,009
-Year 534% Secured Gold notes, due 1930 (this issue)
5
50,000
certificates, due serially to 1926
Car Trust
-Secured by pledge under a trust indenture of $13.500,000
Security.
bonds
Common stock of Toledo Edison Co., $6,945,000 1st Mtge. 6% capital
of Community Traction Co., and the entire funded debt and all the
stock (except directors' qualifying shares) of Citizens Light & Power Co.
The book value of the Common stock of Toledo Edison Co.. to be pledged
as security for these notes, alone amounts to over 319,400,000.
-During the 12 months ended April 30 1925 income accruing
Earnings.
to the bonds and stocks to be pledged as security for this issue of notes
amounted to $1,848,778, as compared with annual interest requirements
thereon of $467,500.
-Application will be made to list these notes on the New York
Listing.
Stock Exchange.
-Proceeds are to be used to retire approximately 57,000.000
Purpose.
existing funded debt maturing Aug. 1 1925 and for other corporate purposes.
As the existing funded debt bears interest at higher rates than 54%,the
present financing will only slightly increase the annual interest charges.•
-V. 120, p. 455.
Union Traction Co. of Indiana.
The bondholders' protective committee for the 5% Gen. Mtge. Gold
bonds dated July 1 1899 (Joseph Wayne Jr., Chairman), in a notice to the
bondholders, states that since its organization in January last the committee has held meetings and has conferred with the receiver and with
representatives of committees for the holders of other bonds of the system,
and is considering the steps that should be taken to protect the bonds. the
A substantial amount of bonds has already been deposited with
the comcommittee in response to the notice of Jan. 15, but in order thatall bonds
holders
mittee may use its full powers in the interests of the
deposited. United action of all holders in supporting the comshould be
better
mittee by depositing their bonds will enable the committee to bonds
represent and protect their interests, and it is important that the
further delay. Holders of the bonds who have not
be deposited without
the
already done so, are therefore requested to deposit their bonds with St..
depositary, Guarantee Trust & Safe Deposit Co.. 316, 320 Chestnut
Trust CO., Indianapolis.
Philadelphia, Pa., or the sub-depositary, Indiana
All bonds so deposited which are extended to July 1 1932 must bear the
coupon maturing Jan. 1 1925, and all subsequent coupons. Bonds extended
only to July 1 1922 and bonds not extended at all, which presumably have
-V.120, p. 2685.
no coupons attached, will be accepted without coupons.
United Electric Rys., Providence, R. L-Wages.
The basic wage rate of all employees of the company except operators of
one-man cars and of Lincoln welding machines, will remain unchanged until
May 31 1926, according to the award of the board of arbitration. One-man
car operators and Lincoln welding machine operators receive lc. per hour
-V.120, p. 1749. 584.
Increase under the terms of the award.
-New Officers, &c.
Virginia Ry. & Power Co.
Officers of the company now are: H. H. Hunt of Boston (succeeding
Frank Jay Gould) Chairman: Luke C. Bradley, President: W. E. Wood.
F. McLaughlin, V.-Pres.
V.-Pres. in general charge of operations; and
J.
us
in charge of new business, with headquarters inNorfolk, Va.
T. Norman Jones Jr., V.-Pres. & Gen. Mgr. of the City Gas Co. and
Gen. Mgr. of the Norfolk & Portsmouth Division of the Traction company,
Will be retained in the service.
G. B. Williams remains Treasurer of the company, as does A. H. Herrm:nn, Sec. & Asst. to the President. T. Justin Moore succeeds E. Randolph Williams as General Counsel, but Mr. Williams was elected as
Advisory Counsel and remains on the board.
New directors elected are: Bayard F. Pope, succeeding Nathaniel A.
Campbell; Murray W. Dodge, succeeding George H. Taylor; Henry R.
Hayes, succeeding W.J. Parrish, Richmond; Luke C. Bradley (President),
suuceeding Walter B. Walker; Ray Morris, New York, succeeding F.
Sitterding; Edwin S. Webster, Boston, succeeding Coleman Wortham,
Richmond; George N. Lindsay, New York, succeeding John C. Easley.
After by-laws had been adopted to increase the number of directors from
15 to 17, the following two were named to fill the posts: Charles A. Stone,
New York; William E. Wood, Houston, Texas.
The entire personnel of the old board of directors resigned, but the
resignations of the following were not accepted and they continue as
members: Thomas S. Wheelwright, Richmond; E. Randolph Williams,
Richmond; Herbert W. Jackson, Richmond; John T. Wilson, Richmond:
Walter M. Wells, Trenton, N. J.; Hugh C. Davis, Norfolk, Va.-V. 120,
P. 3067.
Regular operation of electric passenger trains was formally commenced
on the Perth Amboy and East Shore divisions of t116 Staten Island Rapid
-Bonds
Western Reserve Power & Light Co. (Ohio).
Transit Ry. on July 1. Preliminary plans for this undertaking were
approved by the New York P. S. Commission on May 1 1924. Actual Offered.
-Damon & Bolles Co., Boston, are offering at 100
work was started about Aug. 1 last year and the entire installation com- and int. $200,000 1st Mtge. 6% Sinking Fund Gold bonds.
pleted on 28 miles of double-track line in 10 months. Extensive track reDated June 1 1925; due June 1 1945. Denom. $1.000, $500 and $100c*
construction, a complete change in the signal system, building of 5 new substations, and the construction of 80 large multiple-unit cars were included Interest payable J. & D., free of the normal Federal income tax up to 2%;
(See article entitled "Electric Rapid Transit Inaugurated on at Atlantic National Bank. Boston. Callable on any int. date at 105
in this work.
Staten Island," published In the "Electric Railway Journal." of July 4, and int. Bonds are tax refundable in Mass. and Conn. Mortgage also
provides that should any other of the New England States adopt a State
pages 3 to 6, inclasive).-V. 119. H. 1173.
tax on securities, the company will refund the same up to $4 on 51.000 of
-Tenders.
Texas Traction Co.
principal.
-Incorporated in Ohio. Does the entire electric light and
Company.
The Old Colony Trust Co., trustee, 17 Court St., Boston. Mass., will
until July 13 receive bids for the sale to it of 1st Mtge. 5% Sinking Fund power business in Medina, Spencer. West Salem, Lodi, Sullivan and Nova.
202
THE CHRONICLE
[VoL 121.
Ohio. Company is serving at the present time 1,903 lighting consumers capital stock of no par value for such consideration as may be fixed by
the stockholders or by the board of directors acting under authority of
and 74 power consumers.
Capitalization.
the stockholders.
-V. 120, p. 2685.
$200,000
1st Mtge. 6% Sinking Fund Gold bonds
American Ice Co.
Preferred stock (7%)
100,000
-Bonds Called.
Twenty-nine Real Estate 1st & Gen. Mtge. bonds, dated 1912. have
Common stock (no par value)
1,000 sin.
Earnings of Consolidated Properties
been called for payment Aug. 1 at 102% and int. at the Pennsylvania Co.
-Years Ended March 31.
for Insurance on Lives, &c., trustee, Phila., Pa.
1925.
1924.
-V. 120, p. 2946.
Gross earnings
$120.448
$112,906
American International Corp.
Operating expenses and taxes
76,673
78,641
-Earnings.-Quarter Ended- 6 Mos.End.
Net earnings
Period$43,775
$34,265
June 30 25. Mar.31 '25. June 30'25.
Interest on $200,000 1st Mtge. 6s
$12,000 Interest on current assets
$49,251
$21,100
$28.151
Interest on securities
48,052
100,235
52,183
Balance
$31,775 Dividends on stocks owned
237,630
115,035
122,595
-Proceeds of bonds, together with proceeds of $100,000 Preferred Profit on sale of securities
Purpose.
789.072
280,009
509,063
stock and 1,000 shares of no par value Common stock, will be used to Profit on synd. and credit participa'ns
31,412
9,726
21,686
pay for the electric light and power properties which are now being con- Miscellaneous
1.919
3,669
1,750
solidated under the name of the Western Reserve Power & Light Co.
Total income
$715,910
$495,361 $1,211,271
Wisconsin Public Service Corp.
-New Control.
Expenses
133,779
73.762
60,017
H. M. Byllesby & Co. have acquired control of the Wisconsin Public Interest
1,706
627
1,079
Service Corp. from the Clement C. Smith interests of Milwaukee.
- Taxes
15,546
7,801
7,745
V. 120, P. 2685.
Operating income
$633,268
$426,972 $1,060,240
-V.120, p. 3189.
INDUSTRIAL AND MISCELLANEOUS.
American Pneumatic Service Co.
-Boston Mail Tubes.
Refined Sugar Prices.
-On July 8 Arbuckle reduced price 10 points to
5.40c. per lb. On July 9 Federal reduced price 10 points to 5.40c. per lb.,
and Arbuckle 5 points to 5.35c. per lb. The following companies on the
same date each reduced price 10 points to 5.50c. per lb.: American, McCahan, National, Pennsylvania, Revere and Warner. On July 10. although list prices remained unchanged. American, Warner and other refiners reduced price 15 points to 5.35c. per lb. Revere Refinery also reduced
price to 5.35c. per lb.
Brass Prices Advanced.
-American Brass Co. advanced prices of all brass
and copper products
per lb. "Boston News Bureau" July 10._p. 2.
New Electric Bulb Adopted as Standard for Ordinary Use.
-General Electric
and Westinghouse companies agree on new standard Mazda bulb for ordinary use,to eliminate gradually the many different types now on market.
thus achieving economies in production resulting in lower prices to consumer. "New York Times" July 7, p. 44.
Agreement Signed by Plasterers' Union and Building Contractors, Averting
Country-Wide Strike.
-Contractors pledge to employ only members of
plasterers' union pending arbitration of dispute between bricklayers' and
plasterers' unions. "New York Times" July 10. n• 1.
Anthracite Operators Reject Miners' Demands for 10% Wage Increase and
Appeal for Arbitration.-"New York Times" July 10, p. 19.
Matters Covered in "Chronicle" July 4.-(a) Decrease in paper production
in May on top of decrease in April, p. 23. (b) Cuba put under Eastern
standard time, p. 28. (e) New York Stock Exchange house of Dean,
Onativia & Co., New York, and Chicago, fails; receivers appointed. p. 33.
(d) Demands of anthracite coal miners for 10% wage increase; possible
shutdown Sept. 1, p. 35. (e) Colorado miners will remain at work pending
decision of the State Industrial Commission on wage cut, Fl• 36.
Alaska Juneau Gold Mining Co.
-Earnings.
Senator William M. Butler, according to a Boston dispatch, has suggested to Postmaster-General New the advisability of using the mail tubes
in Boston. The company has seven miles of tubes in Boston. These
have been idle since 1918. Based on the $19,500 a mile received yearly
far operation of the New York mail tubes, gross earnings of the Boston
tubes would be $136,500. The earliest possible date on which the Boston
tube service could be resumed would be July 1 1926.-V. 120. p. 2403.
American Railway Express Co.-Bal, Sheet Mar. 31.
-
[As filed with the Massachusetts Commissioner of Corporations.)
1925.
1924.
1924.
1925.
Assets$
$
Liabilities8
$
Real est. dr equip_28,083,041 27,938,749 Capital stock
34,642,000 34,642,000
Cash
16,118,206 16,142,070 Current liabilitles_22,768,088 19,433,199
Investments
9,273,573 12,939,792 Derd liabilities_ _ _ 2,852,489 2,637,305
Misc. curr. assets.15,412,633 15,523,007 Unadjusted credits 8,296.221 15,157,603
Unadjusted debits 1,845.239 1,743,868 Surplus
2,637,999 2,417,379
Deterred charges
464,105
Total
71,196,797 74.287,486
Total
,
4L8p 486
7
w 7ub_
A comparative income account for the quarter ended MaL97
71 19r.
731
Milled in V 121,_p. 78.
The 1.4. C. Commission has certified to the Secretary of the Treasury
that $2,010,788 is due the company in final settlement under the guaranty
provisions of the Transportation Act for the six months immediately
following Federal control of railroads. Upon receipt of this amount
$30,085,788 will have been paid the express company.
-V. 121, p. 78.
American Rayon Products Corp.
-Off Curb.
-
Following the announcement of the failure of Dean, Onativia & Co., the
New York Curb Association suspended trading in the stock of the company.
The stock was reinstated to the unlisted trading privileges on the New
York Curb Market July 10.
Bonner, Brooks & Co., who headed the syndicate which recently sold
Profit
/oss$8,500 50.000 shares of the stock at $22 a share, stated they were in accord with
$20,100
--V. 120, p. 2403. 831.
and recommended the temporary suspension of trading in the issue. They
believed this a wise move, due to the connection in the public mind between
Albany (N. Y.) Garage Co.
-Spencer the operations of the market in American Rayon and Dean, Onativia & Co.
-Bonds Sold.
"We
stated,
would be to the
Trask & Co. and Bond & Goodwin, Inc., have sold at 98 Interestsbelieved," Frank Bonnersuspend "that itin the stock for a best
of the stockholders, to
trading
few
and int. to yield 6V %, $750,000 1st (closed) Mtge. Real days to avoid short selling by speculative element and liquidation by the
4
,
more timid who were not in possession of complete acts. In actuallty.
Estate d% Sinking Fund Gold Loan.
Dean, Onativia & Co. were only indirectly connected with operations nx
Dated July 1 1925; due July 1 1935. Princirl and int. (J. & J.) payable this stock and the amount of stock held by them is estimated to be less
at Mechanics & Farmers Bank, Albany, N. ., trustee, or at its agencies than 2.000 shares "-V. 120, p. 2403.
in New York and Boston, without deduction for normal Federal income tax
American Writing Paper Co.
not in excess of 2%. Denom. $1,000 and $500 c*. Red. for the sinking
-Reorganization.
fund at any time on 30 days' notice at 103 for first 5 years, at 102% for the
Committees representing bondholders and stockholders are said to
6th year, at 102 for the 7th year, at 1013. for the 8th year, at 101 for the have agreed upon a tentative reorganization plan which provides as follows:
9th year, at 1003. for the first 6 months of the 10th year and at 100 there- (a) Each holder of a $1,000 bond to receive $500 in a new issue of 1st Mtge.
after, together with int. in each case. Red., all or part, at any time after bonds and $500 plus unpaid coupons in new 7% Cumul. Pref. stock; (b)
June 30 1926 on the same terms as above. Company will refund the Penna. Pref. stockholders will be assessed $10 a share and for each 100 shares.
and Conn. 4-mills taxes and the Mass, income tax on the interest not ex- held will receive $500 in new bonds, five shares of new Pref. and 50 shares
ceeding 6% of such int. per annum and any similar taxes that may be im- new Common stock; (c) Common stockholders are to be assessed $5 a
posed in Rhode Island, Vermont, Maine or New Hampshire not in excess share and for each 100 shares will receive $250 in new bonds, 2% shares
of new Pref.. 25 shares of Common stock.
of 4-10 of 1% of the principal.
-V.120, p. 3189, 1588.
Data from Letter of Gerrit Y. Lansing. President of the Company.
Arizona Commercial Mining Co.
-Copper Output (Lbs.).
and building
Security.
-Secured by a let closed Mtge. on the property
June.
May.
April.
March. February. Januar//owned in fee by the company,situated in the heart of the business and hotel
639.000 642.000 755,000 670,000 661.000 981,410
district of the city of Albany. The building occupies the entire block 1925
692,870 571,325 611,600 702.600 643,600 577,000
bounded by Howard St., William St., Beaver St. and Ledge St. and serves 1924
two purposes: (1) A garage building, providing adequate facades for the -V. 120, p. 1883, 1588.
growing demands of the various departments of the company;(2) an office
Armour & Co. (III.).
-Acquires Plant-Outlook, etc.
building supplying the existing need for office space in the locality. The
The sale of the Farmers' Co-operative Packing plant at Huron, So. Dak.,
-total floor area, including the basement, is about 219.000 square feet.
This property has been appraised recently by the Albany Realty Board to Armour & Co.. in an auction June 29 on a bid of $751,000, has been
at $1,400,000 and by Willard M. Douglas and Charles A. Sussdorff of confirmed by P. G. Honegger, referee in bankruptcy. Terms of the sale
are $251,000 cash and payments on Aug. 1 and Sept. 1 of $259,000 each.
Albany at $1,203,750.
Upon returning July 2 from England,Pres,F.Edson White said in part:
In addition to the above mentioned improved property, this loan also
"Armour & Co.'s outlook at the moment is particularly pleasing because
will be secured by a 1st Mtge. on a nearby lot, known as the Odd Fellows
some of those branches of our business which last year were unprofitableare
site, having a value of at least $50,000.
en the right side of the ledger this year. The fertilizer industry,for example,
Legal investment for trust funds in New York State.
company.-Comblnes that of a realty company, renting stores and office has come back nicely and a good profit for the year is in prospect. The
space, with that of a garage business. The garage business embraces three leather industry, too, which has been in the doldrums since the war, is
major departments
-overnight, daily and monthly storage for automobiles; conducting current operations at a profit.
"Considering the business as a whole, our results for the first 6 months
the selling agency agency in Albany for the Peerless, Willys-Overland and
Whys
-Knight automobiles: automobile repair, paint and upholstery shops. of the current year are better than they were for the same 6 months in 1924.
Company operates the largest and most up-to-date garage in N. Y State We have been able to make some reductions in our capital investment and
and has the capacity to store neraly 2,000 cars. The business is located in consequence, a larger share of the company's earnings are applicable to
but one block away from the two main business streets and traffic arteries Common stock than was the case last year, when the sum applicable to.
Common stock was $9,000,000."
of the city.
On July 1 same 20,000 employees of Armour dr Co. finished making
Earnings.
-Company has leased to the State of New York for the use
of the automobile licensing and registration departments over 40,000 sq. ft. weekly payments on stock which they subscribed for in Nov. 1923, when
of office space with an additional 8.000 sq. ft. to other tenants. These the company announced a plan to sell stock to employees on a deferred,
leases are now producing an income at the rate of approximately $76,000 payment plan. Stock certificates are to be sent inunediately to the
a year. Adding to this indicated net earnings from the garage business employees. The company now has in excess of 80,000 stockholders, many
of $75,000 for the year 1925, it is estimated that the annual earnings avail- of whom are employees of the company. As an inducement for the emable for interest will amount to $151,000, or over 3% times the annual ployees to hold their stock after they have acquired possession of it, an
Interest requirement of the $750,000 1st Mtge. Real Estate S. F. Goldloan, employees stockholders bonus of $2 per share per annum will be paid
-V. 120, p. 3190.
and over 1% times the annual requirements for both interest and sink- effective Jan. 1 1926, and for 5 years thereafter.
ing fund combined.
Armour Leather Co.
Capitalization-Earnings Better-Outlook Favorable.
Outstand'g.
Authorized.
First (closed) Mtge. Real Estate 6% Sinking Fund
-President Henry W. Boyd on July 8 authorized the
Gold Loan, due July. 1 1935 (this issue)
$750,000 following:
$750,000
Capital stock (par $100)
333,400
400,000
Estimated earnings for the first 6 months of this year
Allis-Chalmers Mfg. Co., Milwaukee.
-Unfilled Orders. pany, after five years of depression, is again on a profitshow that the combasis, with a more
Unfilled orders at June I amounted to $9,888,000, against $10,190,000 favorable outlook for 1925 than has appeared in any year since the war.
For the first time since the Government required such reports, stocks on
on May 1, a decrease of approximately $302,000.-V. 120, p. 2271.
hand are below the normal supply. Losses due to the war have now been
that
Aluminum Co. of America, Pittsburgh, Pa.
-To so completely liquidated wholewith prices and demand prevailing strong,
the leather industry as a
may well be considered on the upgrade.
Change Capitalization.
The current year for the Armour Leather Co. will show a substantial
The stockholders will vote Sept. 9 (a) on increasing the capital stock; return on the profit side of the ledger, and conditions in the industry genincreasing the indebtedness of the company, and, if said increase of erally indicate that leather operations are on a
(b) on
sounder basis to-day than
Indebtedness is authorized, the approval of the execution of bonds, notes they have been for five years.
or other securities of the company, either unsecured or secured by a mortHaving experienced since the war perhaps greater reverses, relatively
or otherwise, and the issue, sale or other disposition speaking, than any other industry, the
gage or deed of trust
now in a very
of said bonds, notes or other secutiries;(c) on creating and issuing Preferred advantageous position to benefit from leather business is conditions. It
present favorable
stock of the company of one or more classes;(d) on approving the conversion would be futile for the industry to expect in the future any large profits,
of all or any of the capital stock of the company now authorized or out- but there is sound reason for the opinion that the industry is headed forstanding, or hereafter to be authorized or outstanding, into stock of no a period of good business at normal profits. Armour Leather is buying.
par value, the same to consist of either or both Pref. shares, of one or more What it needs for current demands. Our inventories are satisfactory and
classes, and Common shares of no par value, and, in connection therewith, we have of course first call on whatever supplies we require.
to fix a stated capital of the company in such amount as the stockholders
As regards the business as a whole, marked changes for the better have
shall determine or authorize the directors of the company so to do, and taken place in factors which since the war have affected the hide and leather
to authorize and,from time to time, issue and dispose of the shares of the trade. War-time hide and leather stocks, which at the end of 1920 amounted.
Month of JuneGross earnings
Expenses
1925.
$165,600
145,500
1924.
$107.600
116,100
JULY 11 1925.]
THE CHRONICLE
to the equivalent of a whole year's supply, have been so reduced that stocks
on hand to-day are about 1,000.000 sides less than what may reasonably be
considered a normal amount. This does not mean a shortage in any sense,
but it does mean that the excessive accumulation of war stocks and foreign
importations immediately after the war have been disposed of to such an
extent that present operations are being conducted on a normal supply
and demand basis.
Foreign supplies are no longer the serious menace to the domestic market
which they have been in the last four or five years, and present prices are
strong.
-V. 120, p. 2272.
Arnold, Constable & Co., N. Y.
-June Sales.
June sales increased 37% over the corresponding month last year,
according to Pres. Ralph B. Peck. Mr. Peck added: "Merchandise
inventories have been reduced considerably and with constantly increasing
,sales and a decreased operating cost the year looks promising.*-V. 120.
p.2947.
Associated Dry Goods Corp.
-Sales, &c.
203
Consolidated Income Account Period Jan. 1 1925 to May 31 1925.
Gross income
11,041,069
Plus accrued int. on Kanungarnspinnerel Stein' & Co., A. G.
and Elberfelder Textilwerke, A. G. loan
147.111
Miscellaneous interest receivable
7,968
Total
11,196,148
Deduct: Expenses, 1101,853: amort. of organization exp., $21,114; amort. of discount on bonds, $7,532; miscell. int., $79,498; depreciation, 1195,555; Federal income tax. $105,689c
511.243
Profits attributable to minority stockholders in subsidiary company of.00856%
1,743
Interest on 634% Sinking Fund Gold bonds
248,653
Net profits
Surplus Jan. 1
Addition to surplus of excess income tax, 1924
$434,509
81.449,309
40,000
Total
$1.923.819
Gross sales of the seven Wholly owned stores of the corporation and of Dividends paid on "A" stock 1925
200,000
Lord & Taylor for May aggregated about $4,930.000. a decrease of 150,000 Dividends paid to minority owners of stock in subsidiary
1,002
from May 1924, while net was approximately $180,000. a decrease of $32.Total earned surplus
000. For the 5 months ended May 31, gross sales were nearly $23,700,000,
$1,722,817
-V.120, p.3190.
while net was slightly in excess of 11,000,000.
Lord & Taylor, which is controlled by the Associated Dry Goods Corp..
showed gross sales for May of approximately $1,600,000, a decrease of
Brantford (Ont.) Computing Scales, Ltd.
-Sale.
$36,000 from May 1924. Net approximated $66,500, a decrease of 19.000.
A. J. Deer, Hornell. N. Y., and Pres. of A. J. Deer Co., Inc., has purFor the first five months of 1925 gross sales of this store amounted to about chased the property of the company. The sale was completed by the
87,700,000, and net for the same period totaled about 1450,000.-V. 120. National Trust Co., Ltd., Toronto. The transaction is subject only to
p. 2819.
confirmation of the court and general mortgage bondholders. The purchaser, it is said, already has a Canadian selling subsidiary in A. J. Deer
Atlas Plywood Corp.
-Bonds Offered.
-Hoagland, Alum Co., Ltd., but hitherto imported products from the States. The Brantford
-V. 120.
& Co. are offering at 993 and int., to yield over 63%, plant hereafter will manufacture in Canada for Canadian trade.
P. 3068.
$1,500,000
1st Mtge. 63/2% Sinking Fund Gold bonds.
Dated July 4 1925; due July 1 1940.
Corporation will own all of the properties of Nelson & Hall Co.. founded
in 1889, Veneer Products Co., Allen Quimby Co., Standard Seating Co. and
Atlas Plywood Corp. (of Vermont). Corporation will present a complete
unit for the economical production and sale of plywood and veneers, and
will be the largest manufacturer in the United States of plywood and plywood boxes.
Consolidated net earnings of the constituent companies for the 3 years
ended Dec. 311924. after a liberal allowance for maintenance, depreciation
and depletion. average 1610.252 before Federal taxes, or over 6 times
maximum annual interest charges on the total amount of bonds to be presently issued.
(John J.) Barium (Real Estate), Detroit.
-Bonds Of-Detroit Trust. Co., Joel Stockard & Co., Nicol,
fered.
Ford & Co., First National Co. and Watling, Lerchen &
Co., Detroit, are offering at prices to yield from 5% to 53.%
for the 54% bonds and par for the 534% bonds $1,250,000
1st Mtge. Real Estate and Leasehold 5
and 53'% Gold
bonds ($625,000 being 55.4% and $625,000 being 53'%).
Dated July 1 1925: the
bonds are due serially Jan. 1 1927 to Jan. 1
1938 and the $625.000 5% bonds are due Jan. 1 1939. Interest payable
J. & J. Denom. $1,000 c5 Red. on any int. date on 30 days' notice at
.
101 and hit. Both prin. and int. payable at Detroit Trust Co., trustee.
Exempt from existing personal property taxes in Michigan.
Security.
-These bonds are secured by a first mortgage on land and building located on the northwest corner of Cadillac Square and Randolph St.,
and by a first mortgage on the leasehold interest in other land and buildings appraised by Detroit Trust Co. as follows:
Property owned in fee on the northwest corner of Cadillac Square
and Randolph St., known as the Lawyers Building, consisting
of a 10-story terra cotta fireproof office building with five
stores on the ground floor. Land,40x100 ft., $275,000; building, 40x100 ft., $291,500
$566,500
Mortgage also covers the leasehold estate in the following buildings which were built with one exception by John J. Barium
on land leased by him for a period of 99 years, with option of
renewal for 99 years additional: (a) 8
-story office building on
the southeast corner of Broadway and Grand River Ave.,
known as the Barium Building, and fronting 66% ft. on Broadway by 110 ft. on Grand River Ave
363,000
(b) 8
-story apartment building on the north side of Palmer Ave.
East, known as the Barium Apartments, containing 82 modern apartments
317,900
(c) 2
-story building on the northeast corner of Woodward and
Palmer Ave.,fronting 112 ft. on Woodward Ave. with 5 stores
on the ground floor and apartments above
90,720
(d) 10-story building on the corner of Farmer and John rt.
Ste., known as the Dixieland Building, and occupied by the
Dixieland Hotel, with 125 rooms,and by the Lane, Bryant Co_
268,400
(e)8
-story building at 5725 Woodward Ave., known as the Hotel
Lewis, containing 225 rooms and 2 stores on the ground floor
fronting on Woodward Ave
434,830
Total valuation
12,041,350
Valuation placed upon leases on above sites
500,000
Total valuation
$2,541.350
Guaranty.
-Bonds are personally guaranteed as to interest and principal
by John J. Barium, prominent in Detroit banking, shipping and real estate
circles.
Income.
-Gross annual income from these properties is approximately
$421,080, while the net annual income after deduction of ground rentals,
taxes and other operating charges is $200.374, or approximately 3 times the
maximum Interest requirements on this bond issue.
Purpose.
-Proceeds will be used to retire outstanding 634% and 7% bonds,
leaving this mortgage the only indebtedness against the properties.
Brighton Mills, Passaic, N. J.
-Guaranty, &c.
-See
Southern Brighton Mills below.
Balance Sheet Dec. 31 1924.
Liabilities
Assets8243,470 707 Preferred stock "A"_ -$1,705,800
Cash
Certificates of deposit_ __ _
150,000 7% Preferred stock "B"... 553.300
Dom. of Canada bonds
200,000 Subscriptions to close "A"
Preferred
46,978
Notes receivable
625
Accounts receivable
257,477 Common stock (41.260
Inventory
shares no par)
525,973
2,063,020
Investments
806,078 Mtges. on real estate__ _ _
45,000
Land, bldgs. & machinery 2.762.068 Accounts payable
164,439
Reserved for taxes
19,185
Res.for accidents to empl_
2.651
Total (each side)
$4,992,044 Surplus
438.024
- 120, p. 2014.
V.
-Tenders.
(A. M.) Byers Co.
The Peoples Savings & Trust Co. of Pittsburgh, trustee. Pittsburgh,
Pa., will until July 27 receive bids for the sale to it 1st Mtge. 607 S. F.
Gold bonds, dated Jan. 1 1925 to an amount sufficient to absorb $67,500
at prices not exceeding 103 and int.-V. 121, p. 79.
California Petroleum Corporation.02
-Earnings.MM.of Apr. -4 Mos. Ended April 30-
Period-
1e25.
Net prof. aft. int., depr. & depl. $642,329
-V. 120, P. 3318.
$1.748,000
1924.
$1,421,000
Calumet & Arizona Mining Co.
-Production.June.
Month ofMay.
April.
March.
Copper output (lbs.) - 3.848.000
4,410,000
5,196.000
3.416.000
V.
- 120, p. 3311, 2948.
-Refunding.
Canton Co. of Baltimore.
-
Practically all the holders of the $1,500,000 507 bonds due April 1 1926
accepted bonds of the new issue of $1,500,000 534% 15
-Year Gold Debenture bonds in exchange for their holdings.
The new issue is dated July 1 1925; due July 1 1940. PrM. and int.
(J. & J.) payable at Alex. Brown & Sons, Baltimore. Denom. $1,000 c*.
Red. all or part on 30 days' notice at 100 and int. plus a premium of 1%
-year period from date of redemption to date of maturity.
for each full 5
Mercantile Trust & Deposit Co. of Baltimore, trustee. Auth. 3500,000.
Data from Letter of Pres. W. B. Brooks, Dated June 11.
Company.-IncorP.in 1828. Is one of the oldest corporations of its kind
in the United States. Company's functions, in addition to the development and sale of its real estate, include the building and sale or leasing of
manufacturing plants, the owning and operating of piers, warehouses, &c.,
and the control of the Canton RR. Company now owns over a mile of
water front and approximately 2 2-3 square miles , or 1,700 acres, of very
valuable land. Canton is a great manufacturing centre,some of the largest
industrial plants in this section of the country being located within its limits.
During the past four years the company has expended more than 51,500.000
for permanent improvements, including dock facilities and warehouses.
-Proceeds are to be used for the retirement of an equivalent
Purpose.
amount of gold debenture bonds maturing April 1 1926, which now constiture the sole funded debt of the company.
-Company agrees that, except purchase money mortgages,
Security.
no mortgage shall be made covering either any of its property or any of the
property of any of its subsidiaries, without first having made full provision
for the prompt redemption of outstanding debenture bonds of this issue:
except that subsidiary company mortgage debt may be created if pledged
with the trustee as security for the debenture bonds under the terms provided in the indenture. Company agrees that at least 50% of the proceeds
of sales of real estate hereafter made, or of the stock of the Canton RR. if
same should be sold, will be used for the redemption or purchase and cancellation of the debenture bonds from time to time outstanding, or for permanent improvements or additions to the remaining property.
Earnings -The annual income of the company, exclusive of profits on
the sale of real estate, is sufficient to pay all of the company's expenses for
Bastrop (La.) Pulp & Paper Co.
-Proposed Sale.
operation,repairs,depreciation,taxes and interest on these debenture bonds.
See International Paper Co. below.
-V. 120, p. 1093.
Diridends.-Company has paid dividends on its stock for 26 consecutive
Years. During this whole period, substantially all of the proceeds from the
Belding Bros. & Co.
-To Recapitalize.
sales of property have been used either for the redemption and reduction
The stockholders will vote July 14 on approving certain changes in the
company's capital stock, for the acquisition of additional property,
company's capital structure in connection with the recent financing. of the the development and improvement
or for
of property owned.
-V. 120. P.
Two new directors will also be added to the board. See V. 121,
p.78.
3318.
Bishop & Babcock Co., Cleveland.
-To Recapitalize.
-
President Howard W.Yeomans,in a letter to the stockholders,
advised them that negotiations had been re-opened with A. on July 1,
President of the General Phonograph Mfg. Co. of Elyria, Ohio,G. Dean,
and associates, for the purchase of the company. A meeting to act on this proposal
has been called for July 11.
The plan amended somewhat from the original proposal, provides for the
formation of a new company with $300,000 6% Cumul. Prior Preference
stock: 1750,000 7%2d Pref., and 103.750 shares of no par Common stock,
It is proposed to offer present holders one share of Preferred and 234 shares'
of no par Common stock for each ten shares of Bishop & Babcock stock, or
one share of new Common for each share of stock now held.
-V.106. P. 193.
(E. W.) Bliss Co.
-Amended Charges.
-
The officers and directors of the company have been served with the
amended charges by
committee of minority stockholders, which will
be the basis of proceedings instituted by the latter to recover for distribution
among them amounts of $4,765.596 and $700.000, which the minority
holders allege the officials of the company improperly voted
themselves
in salaries and bonuses.
-V. 120. p. 3190.
Botany Consdidated Mills, Inc.-Listinq-Earnings.--
The New 'York Stock Exchange has authorized the listing
of $ . 97.300
92
(authorized $10,000,t00) 10-Year Secured 6%% Sinking Fund Gold bonds.
due April 11934, with authority to add $577aao of such bonds on official
notice that they have lonen sold and distributed to the public,
making the
total amount applied for )::.875,000.
The Exchange has als5 authorized the listing of 15.000.000 Class "A"
stock (par 150).
(J. I.) Case Plow Works Co.
-Plan Ratified.
-
The reorganization plan proposed by the creditors' committee and the
directors was unanimously approved by the stockholders July 7. Compare
plan in V. 120. p. 3191.
Cement Securities Co., Denver.
-Complaint Dismissed.
The Federal Trade Commission has dismissed its complaint against the
company, a concern engaged in purchasing and selling stocks, bonds and
other securities, particularly in connection with corporations manufacturing
cement, plaster, lime and like materials. The complaint charged the respondent with combining stock and assets of competing cement companies
with an alleged tendency to create a monopoly and lessen competition in
the cement industry.
Commissioners Nugent and Thompson dissented and will later file
a memorandum of dissent.
-V. 115, p. 2797.
Chrysler Corporation.
-Listing.
The New York Stock Exchange has authorized the listing of 239.700
shares of Cumulative Preferred stock (without par value) Series "A" and
680,000 shares of Common stock (without par value), upon official notice
of issuance.
Pursuant to the Maxwell Motor Corp. plan dated April 15 1925. Chrysler
Corp. was incorp. June 6 1925 in Delaware. The authorized capitalization is 275,000 shares of Pref. stock (without par value) and 800,000 shares
of Common stock (without par value).
Chrysler Corp. has acquired all the property and assets of Maxwell
Motor Corp. for a purchase price consisting of (a) 239.700 shares of the
Pref. stock and 680.000 shares of the Common stock, and (b) the assumption by Chrysler Corp. of all outstanding debts, obligations and liabilities
(Maxwell
Consolidated Income and Expense. 3 Months Ended Mar. 31 1925
Motor Corp. and Subsidiaries).
$5,116,273
cost of sales, $21,522,825: mfg. profit
Sales. $26,639,098:
1,717,167
Expense
$3,399,106
Operating profit
102.121
-net
Other income-deductions
$3,501,227
Net profit
No provision has been made for current Federal income tax.
Mar. 31
The consolidated Balance sheet of Maxwell Motor Corp. as of
1925 was given in V. 120, p. 2823.
Bal. Sheet as at June 25 1925 (Chrysler Corp. & Subs.).
Consol. Opening
[Subject to adjustment at end offiscal year.]
Liabilities
Assets$3,262,264
$8,163,186 Accounts payable
Cash
787,665
Accrued interest, taxes, &c_ _
Car shipments against B-L
3.113.183 Dealers& distributors deposits 325,846
drafts
3,500,000
bonds
%
Bank accept.& ctfs. of deposit 7,311,007 10-year
1,187.837
Reserve for contingencies_ _
Customers' notes receiv., se69,597
560,303 Res. for employees' liab. Ins_
cured by trust receipts_ _ _ _
value)_ _ _a21.880,000
Pref. stock (no par
Customers'and dealers' acc'ts
388,638 Common stock (no par val.).a34,339,302
less allowance
6.070,667
Surplus
Due from Can.Govt.for duty
62,164
refund
10,055,842
lees reserve
Inventories,
222,467
Real estate & inv.,less allow_
Miscell. notes & accounts,less
208,569
allowance
1
Land, bides., machinery &
equip., less depreciation_ _ _ 15,716,338
25,000,000
Good-will
Prepaid insurance, taxes, roy$71.423,179
Total (each side)
621.482
alties, &c
stock.
a 218.800 shares of Pref. stock and 677,910 shares of Common
-V.120, p.3318, 3069.
-Bonds
Claremont Apartment Hotel, Seattle, Wash.
-Seattle Title & Trust Co. is offering at par and int.
Offered.
$370,000 1st Mtge. Leasehold Sinking Fund Serial Gold 78.
Denom.
Dated June 15 1925: due annually, June 15 1927 to 1930. paid by
to
$1,000, $500, $250 and $100. Federal income tax up year2%int. dates
on
Callable after one
mortgagor (Olympus Holding Corp.).
(J. & D.) at 101 and int. Seattle Title Trust Co., trustee. leasehold interThese bonds are secured by a closed first mortgage on the
Fourth
est and the building being erected at the northeast double corner of will be
at $750,000.
Ave. and Virginia St., Seattle. The building, valuedapartment hotel and
and basement reinforced concrete fireproof
-story
a9
apartstore building. It will have 285 rooms, divided into 121 two-rooma large
ments and 43 hotel rooms. On the ground floor will be 6 stores,
a kitchen. In the basement,
lobby, a mezzanine floor, a dining room and
feet
In addition to the furnace and service rooms, there will be 7,904 square
of storage space.
-The Straus
-Bonds Offered.
Colony Building, Chicago.
Brothers Co., Chicago, are Offering at 100 and interest,
First Mortgage 6%% Serial Gold bonds.
Dated May 15 1925: due serially 1927 to 1935. Principal and interest
Redeemable, all or
(M. & N.) payable at office of Straus Brothers Co. upon 60 days' notice
order,
part. on any interest date, in inverse numerical
income
at 103 and interest. Denom. $1.000 and $500 c*. Normal Federal
tax up to 4% paid by the borrower.
Colony Building
-First mortgage on land owned in fee and on
Security.
-seat theatre, 1 cafe. 12 stores. 5 offices and 14 apartcontaining an 1,800
ments, now under construction,fronting 175 ft. on South Kedzie, and 126 ft.
on West 59th Street, on a surface line transfer corner. Building Corp..
-Bonds are a direct obligation of the Wasson
Guaranty.
May 15
and in addition, until the serial payments due up to and including of the
1931, are made (reducing the loan to $340,000), three stockholders
reported at over $2.000,000, unconditionally
company, with net worth
guarantee payment of principal and interest.
-Theatre leased by Ascher Brothers Theatre Corp., at a
Management.
thereafter.
net annual rental of $37,500 for the first ten years and $10,000
the building
This firm supplies equipment worth $75.000 which remains in
rent. It operates 15 other high-class theatres and its
as security for the
net worth is in excess of $2,200,000.
--Receivership.
Finance Corp.
Commonwealth
for this
Federal Judge Mack, July 7, appointed Louis B. Wehle receiver July 6.
company, which was petitioned into the bankruptcy court on
Co., a creditor. filed
D. H. Cook, Vice-President of the American Surety
liabilities of the
with the court an amended statement saying that the $80,000. Comcorporation were about $300.000 and the assets less thanp. 1959.
-V. 119.
pany has offices at 100 Broadway, N. Y. City.
-Smaller Dividend.
Congoleum-Nairn, Inc.
share on the
The directors have declared a quarterly dividend of 50c. a
This comCommon stock, payable July 30 to holders of record July 20. April 1925
1924 to
pares with 75c. per share paid quarterly from January
Inclusive.
says:
In connection with the reduction of the dividend, the company
earnings
"This dividend is a reduction of 25c. a share on account of smaller
a temporary
the last two quarters due in the directors' opinion toThe situation
during
slowing up in the demand for hard surface floor covering.
promising."
Is improving and the outlook for the fall in this industry is
V.
- 120. p. 2820.
--Sales.
(John T.) Connor Co., Boston.
Sales for Month and Three Months Ended June 30.
-Month--1924. Increase.] 1925-3 Mos.-1924.
1925
$3,982,089
$1.199,923 $1,179.126
V.
- 121, p. 80.
[VoL 121.
THE CHRONICLE
204
820,7971 $3,865,970
Decrease.
stock (par $10), and 300,000 shares of Common stock (par $5). Times
Square Auto Supply Co., Inc., submitted to the court the reorganization
plan and presented to the court petitions representing more than 95%
of all creditors' consent to the plan. On May 6 1922 the court approved
the plan submitted and authorized Times Square Auto Supply Co., Inc..
to take over all the liquid assets subject to its assumption of all the taxes
and other claims entitled to priority, all valid and enforceable obligations
against the trustee and the receivers, all expenses of the administration
of the bankrupt's estate and 15% of the amount of the principal of each
and every unsecured claim filed and finally allowed In this proceeding,
or in lieu thereof waivers by the consenting creditors, and the delivery
of all property to third patties who establish title in reclamation proceedings,
as required by the court.
In accordance with the plan of reorganization, securities of Times Square
Auto Supply Co. were issued as follows: (a) 4
-Year 6% Sec. notes, due
July 1 1926, given to creditor baidrs, $403.654: (b) let Prof. stock given
to merchandise creditors, being 65% of their claims, par value issued',
$597.931: (c) 2d Prof. stock, given to all other creditors, being 65% or
their claims, par value issued, $724,309: total. $1,725,894.
-Year 6% notes, due July 1 1926. were paid with int.
The 8403,654 4
and cancelled on Dec. 31 1924.
In order to insure continuity of management and policy in the administraInc., a voting
tion of the business of Times Square Auto Supply
trust, consisting of three voting trustees, was created. The voting trust
agreement was dated March 22 1922 and provided that its existence was
not to exceed ten years. Voting trust certificates representing the par
amounts of 1st Pref, stock and 2d Pref, stock to which the various creditors
were entitled, were thereupon issued.
The leasehold creditors along with the other non-assenting creditors.
were awarded 16% in cash, being the above-mentioned 15% and 1%
additional as a compromise settlement, the Court ruling that creditors in
excess of 95% having consented to the plan of reorganization, the dissenting
creditors, representing less than 5%, should not be permitted to obstruct
the discharge of the trustee of the bankrupt estate.
All tax claims of the Federal Government and the State of New York
have been settled. The entire settlements as above outlined were approved
by the court and the bankruptcy proceedings discharged on Feb. 13 1925.
-At a meeting of the directors of Times
Authority for Issue of this Stock.
Square Auto Supply Co Inc.. held on Jan. 16 1925. a resolution was
adopted authorizing the President to sell to the Consolidated Distributors.,
Inc. (New York), all of the assets of the company in consideration of the
Consolidated Distributors. Inc.. assuming the payment of all the liabilities
and the employment of Jesse Froehlich as Gen. Mgr. for the balance of
the term of his now existing contract with this company, and the further
consideration of the delivery by Consolidated Distributors, Inc., to the
1st and 2d Pref. stockholders of Times Square company of one share of
the capital stock of Consolidated Distributors, Inc. for each share of the
1st Pref, stock, and three shares of the Consolidated Distributors, Inc..
stock for every four shares of 2d Pref. stock of Times Square company
held by the stockholders of Times Square company.
At a meeting of the creditors' committee of Consolidated Distributors.
Inc., held on Jan. 16 1925,resolutions were adopted approving the foregoing.
Resolutions were also adopted by the voting trustees of the Times Square
Auto Supply Co., Inc., on Jan. 16 1925 and the board of directors of
Consolidated Distributors, Inc., on Feb. 14 1925,approving the transfer, &c.
Pursuant to these resolutions there will be issued to the voting trustees
of the Times Square company for distribution to the holders of voting
trust certificates of 1st Pref, stock and 2d Pref. stock 109,604 shares of
Common stock (without par value) of Consolidated Distributors, Inc.,
for and in consideration of all of the assets, subject to their liabilities, of
Times Square company, and the transfer of the 1st Pref. 2d Pref. and
Common shares of the Times Square company to Consolidated Distributors,
Inc. On receipt by Consolidated Distributors, Inc., of the 1st Pref..
2d Pref. and Common stock of Times Square company, the 1st Pref, stock
and 2d Pref, stock will be cancelled, and the Common stock capitalization
will be reduced to a nominal amount, after which it will be held as a muniment of title. On the transfer to Consolidated Distributors, Inc., of all
classes of outstanding stock of Times Square company, the voting trust
will be dissolved.
There is outstanding voting trust certificates for 1st Pref. stock representing $597.931, par value and voting trust certificates for 2d Pref.stock representing $724,309 par value,of Times Auto Square Supply Co.,Inc.(Del.).
par value $10 each. Holders of voting trust certificates for 1st Pref.
stock are entitled to receive one share of Consolidated Distributors, Inc..
for each share of stock represented by voting trust certificates for 1st Prof.
stock of Times Square company, holders of voting trust certificates for
2d Pref. stock of Times Square company, are entitled to receive three
shares of Consolidated Distributors, Inc.,for each four shares of 2d Prof.
stock of Times Square company represented by voting trust certificates.
The Common stock of Times Square company will be surrendered but no
new stock will be issued therefor. Accordingly, by this plan there will
be utilized 114.117 shares of Consolidated Distributors, Inc.. constituting
4,513 shares in excess of 109.604 shares of Consolidated Distributors, Inc..
the listing of which is herewith applied for. The 4,513 shares constituting
the difference has been acquired from Pres. Jesse Froehlich.
,
The company is at present operating 23 stores. Company expects to
open 17 additional stores during year. It is estimated that the total sales
for the year terminating Dec. 31 1925 will be about 83000.000.
Since date of organization, May 15 1922. Times Square Auto Supply
Co., Inc., administered the business formerly conducted by Consolidated
Distributors. Inc., until the Court discharged Consolidated Distributors.
Inc., from bankruptcy on Feb. 13 1925. During its administration Times
Square Auto Supply Co., Inc., added to the previous automobile supply
line that of the sale of radio receivers and radio parts, but discontinued
wholesale departments of the automobile supply line.
Earnings for Staled Periods.
1,7 mos. end.
aJan 1 to -bYear Ended
May 31 '25. Dec. 31 '24. Dec. 31 '23. Dec. 31 '22.
Period8735.170
8600,706 81.532.724 81,669,749
Sales
459.481
1,039.986
967,605
365.994
Cost of sales
Gross profit
Exp. (less other income)
$116.119 Other deductions
Profit
-Listing.
Consolidated Distributors, Inc.
The New York Stock Exchange has authorized the listing of 109,604
additional shares of Common stock, without par value on official notice
of issuance and payment in full, making the total amount applied for
300.000 shares (total authorized issue).
The official statement to the New York Stock Exchange
affords the following:
8234.712
Cr2,494
77,572
8159.635
8565.119
440.520
8124.599
8629.762
608,820
$275,689
293,690
820,942 loss$18.001
a Includes operations of Times Square Auto Supply Co.. Inc., from
Jan. 1 1925 to Feb. 13 1925. b Earnings of Times Square Auto Supply
Co., Inc.
Consolidated Balance Sheet as of May 311925.
[Giving effect to the acquisition of all of the assets,subject to its liabilities,
of the Times Square Auto Supply Co., Inc. (of Del.) by the proposed
issuance of 109,604 shares of the capital stock without par value of Consolidated Distributors, Inc.]
Assets.
Liabilities.
Capital stock
Furn., fixt. & autos (less
42,351,889
$124,194 Notes & trade accepts__
80,833
depreciation)
523,000 Accounts payable
75.373
Leaseholds
1,477,000 Accrued accounts
625
Good-will
48.750 Res. for taxes and other
Cash
2,932
50,900
contingencies
Notes receivable
77,918 Surplus
250,268
Accounts receivable
449,325
t
Merchandise
4,900
Deposits on leases, &c_ _ _ _
-.
1.000
Investment
99,968
Total (each side)
82,808.988
Prepaid & deferred exps
x Represented by 190,396 no par x able shares issued and 109,604 shares
-V. 114. D. 2246.
to be issued.
During the general business depression of 1921 company found itself
was
over-extended because the proposed capital which it had anticipatedrelief
not forthcoming. As no indication of any immediate financial 1921,
was in prospect the company commenced,in the latter part of January time
to liquidate many of its far-distant branches. At or about this same upon
the interests controlling a majority of the board of directors decided
and placed in effect the policy a eliminating the wholesale departments
the wholesale
from 60 of their branches. with the purpose of confining and San Frandistribution to four of the branches located at Los Angeles
Calif.; Chicago, Ill., and Long Island City, N. Y. This policy
cisco,
was not
of confining the wholesale distribution to these four branches
practicable and did not furnish a solution of the company's difficulties.
on Sept. 14 1921 receivers in equity were
In order to protect all interests,
appointed for Consolidated Distributors, Inc.
After appointment of the receivers in equity claims were filed against
Cuban Dominican Sugar Co.
-New President, &c.
Consolidated Distributors, Inc., by some 40 landlords to recover large
George H. Houston has been elected President, succeeding Thomas A.
Inc..
sums of money under the leases which Consolidated Distributors,
-V.120, p. 1753.
various important store properties. As the receivers Howell, who has been elected Chairman of the Board.
at that time held in
leaseholds, Con-Bonds Called.
(Thomas) Cusack Co. (Advertisers).
In equity could not discharge debts arising from these to a petition in
solidated Distributors, Inc., on March 21 1922, assented
All of the outstanding 1st Mtge, 6% Gold bonds, dated Feb. 1 1918,
bankruptcy.
have been called for payment Aug. 1 at par and igt. at the offices of S. W.
March 10 1922
On Jan, 18 1922 a creditors' committee was formed. On
class of creditors Straus & Co., Inc., at Chicago, Ill., or at New Yora,City.-V. 120, p. 834.
this committee submitted a plan of reorganization to every
for the organiza-Tenders.
(The) De Laval Separator Co.
of the company. The plan of reorganization provided of Consolidated
such part of
i
The NetYork Trust Co., trustee, will until July 22 receive bids for She
tion of a new company to acquire be otherwise the assets disposed of by
utilized or
-Yr
sale to it o 10ea 8% Sinldng Fund Gold notes, due March 11931, to an
Distributors, Inc., as should not
consummation of the amount su dent to exhaust $150,000 and at a price not exceeding103g
the receivers in equity, or in connection with the 114, p. 1290.)
plan. (The plan of reorganization was given in V. a new company, Times and interest. V. 121, P. 80.
committee formed
On May 15 1922 the creditors' (Del.) with authorized stock as follows:
-Merger.
Denn-Arizona Copper Co.
Supply Co., Inc.
Square Auto
See Shattuck-Denn Mining Corp. belcw.
7% 2d Prof.
8900,000 7% Cumul. 1st Pref. stock (par $10). 81.000.000
JULY 11 1925.]
THE CHRONICLE
205
last in 1954. Red. all or part at any time after Jan. 1 1935 at 105% on
6 months' notice. Company also reserves the right to buy Debenture
1924.
1925.
$5,938,419 $5,698,376 stock on market at or under 103. upon
Security.
the freehold and leasehold lands.
5.101,350 buildings. -A specific mortgage
5,193,746
fixed plant and machinery and the shares, stock and debentures
in subsidiary or allied companies owned by the company and a floating
$597,026 charge upon the rest of the
$744,673
Operating profit
company's undertaking, including 677,500 7%
36,282 Preference shares of £1 each in No.2 D. R.
49,648
Other income
Cotton mills which are excluded
from the specific charge.
$633,308
$794,321
Total income
Purpose of 15,000,000
-To enable the company together
65,676 with the proceeds of the Debenture Stock.
115,070
Discount, miscellaneous adjustments, &c
3,750.000 Ordinary shares to repay its outstanding
$567,632 8% stock and to advance the necessary funds to the American company to
x$679,251
Net profit before Federal taxes
pay off its 7% bonds.
After paying dividends of $67,669 on the 1st Pref. stock, $32,742 on
x
CapitalizationAuthorized.
Issued.
the 2d Pref. stock and $120,000 on the Common stock, a surplus of $458,840 6l.% "A" Preference shares of £1 each
£1,000.000 £1,000,000
is carried forward.
7% "B" Preference shares of £1 each
1,000,000
1,000,000
Consolidated Balance Sheet.
2,400,000
May 31'25 Nov.30'24
LiaMlittesMay 31'25 Nov.30'24 3.000,000 10% "C" Preference shares of 16s. each. 2,400,000
AssetsCommon stock_ _ _$4,000,000 $4,000,000 46,800,000 Ordinary shs. of 6s. 86. each of which
Plant, equip., dtc.,
there have been issued 14,963,874
15,600,000 4,987,958
-.42,679,804 $2,629,271 1st Pref. stock-.._ 1,933,400 1,933,400
less deprec'n.
183,583
37,000 2d Pref. stock-- 935,500
935,500
Investments
Total
£20,000,000 £9,387.958
90,960 Notes payable
825,000
1st Pt. stk. porch_
-8% Mtge. Deb. stock of
454,872
849,277 Accounts payable_ 431,467
353,196 Loan Capital held as collateral security which £3.Cash
000,000 are
against the
201,313
202,919 Inst. of Fed. tax_
33,354
Notes receivable
bond issues of the Dunlop Tire Sr Rubber Corp.
Accts. receivable_ _ 3,213,976 2,349,196 Reserve for taxes &
of America
xE6,000,000 x£6.000,000
184,025
3,026,025 2,604,662
Inventories
seer. exp., &a_
58,450
xThe loan capital will be redeemed out of the yoroceeds of the present issue
219,949
213,351 Accrued charges__ 306,035
Deferred charges
of Debenture stock and the proposed issue of 3.750,000 Ordinary shares
49,122 Res.for bachclebts_
84,378
Fire loss claim_
10s. each.
664,621
224,593 Surplus
2,089,715 1,630,875 at Assets.
Prepaid ins., &c
-The total assets as shown in the company's balance sheet as
at Dec. 311924. upon which the debenture stock now issued will be secured
$10,643,943 $9,050,350
Total
Total
$10,643,943 $9,050,350 but exclusive of the good-will, were as follows:
p. 3070.
-V. 120,
Freehold & leasehold land, bldgs., plant, &c., after deprec_ _ £2,326,434
debit balances less res. for
- Sundry debtors & & unfinished goods & raw bad debts at or 654,661
-Bonds Offered.
(W. S.) Dickey Clay Mfg. Co. (Del.).
Stock of finished
materials
below cost
1,712.109
Harris Trust & Savings Bank, First Trust & Savings Bank,
or under cost, &
Foreman Trust & Savings Bank, Chicago, and Commerce Investments, atbank and on handadvances to subsidiary COE_ _ - 8,080.37$
Cash & bills at
890.369
Trust Co., Kansas City, Mo., recently offered at prices War bonds
441,000
279,121
ranging from 100 and interest to 101.57 and interest, to yield Cash paid to trustees for redemption of Debenture stock
-Annual Report.
-Semi
Devoe & Reynolds Co., Inc.
Six Months Ended May 31Net sales
Costs and expenses
from 53/2% to 6%, according to maturity, $4,500,000 1st
Mtge.6% Gold bonds, series "A," due serially 1928 to 1940.
Dated July 1 1925. Prin. and int.(J.& J.) payable in Chicago or Kansas
City. Red. on any int. date upon 60 days' notice at 100 plus a premium
of 3i of 1% for each year or part of year of unexpired term, such premium,
however, not to exceed 5%. Denom. $1000 and $500 c*. Commerce
Trust Co., Kansas City, Mo., Harris Trust & Savings Bank, Chicago. and
M. H. MacLean, trustees.
Data From Letter of Walter S. Dickey, President of the Company.
Company.
-A Delaware company. Has the greatest productive capacity
-glazed sanitary sewer pipe and kindred commodities in this
of vitrified salt
or any other country. The manufacture of clay products is a stable and
essential industry and the art of making useful and durable articles of
burned clay is among the oldest of which there is any record. Due to a
constantly increasing demand for greater sanitation, for inexpensive,
lasting and fire-resisting building materials, and for drainage and irrigation
to increase soil productivity, the industry has grown steadily over a long
period of years.
The properties now owned include 18 manufacturing plants, advantageously located as regards raw materials and markets, in Missouri, Kansas,
Illinois, Alabama, Tennessee, Georgia and Texas.
Earnings.
-Average net earnings over the past five years, after depreciation (and after deducting estimated Federal taxes based on existing income
tax rates and additional managerial charges which will be incurred in future
operations) were approximately 3 times the annual interest requirements
of the present issue and for the year of 1924 were in excess of the five-year
Total
•
£14,384,069
To which must be added the proceeds of 3,750.000 Ordinary
shares to be allotted at 10s. each and £5,000,000 Deb. stock
6,587,500
£20,971,569
Less the amt. required to pay off the existing 8% Deb. stock
a premium of 5%
3,150,000
Leaving assets available as security for this issue
x£17.821.569
x Sufficient to cover the 5i% Debenture stock, more than 3% times.
-Formed in 1896 and is the successor of the Pioneers of the
Company.
Pneumatic Tyre Industry. It controls through its subsidiary companies'
rubber estates, cotton mills and other plants and has branches in the
important centres of the world. Apart from its own works near Birmingham, which are equipped with the most modern tire manufacturing plant.
it controls through subsidiary and allied companies large factories in
France and Germany, and 973i% of the Common stock of the American
company.
Earns., After Depreciation & All Other Expenses. But Before Taxes, Debenture
& Other Interest Charges.
18 Mos. End.
12 Mos. End.
10 Mos. End.
Dec. 31 1923.
June 30 1922.
Dec. 311924.
£1,878,253
£1,813,842
£922,210
Average profits over the 3 years and 4 months ended Dec. 31 1924 were
£1,384,291, which is sufficient to provide over 5 times the annual interest
payment of £275,000 required for the present Debenture issue.
-V. 120.
P• 3193.
CapitalizationAuthorized. Outstanding.
-Tenders.
Eastern Coke Co.
Common stock (no par value)
50,000 shs. 50.000 shs.
The Union Trust Co. of Pittsburgh, trustee, until July 10 received bids
First Preferred 7% Cumulative
$2,500.000 $2,500,000
-Year Sinking Fund bonds. dated
Second Preferred 6% Cumulative
2.500,000 for the sale to it of 1st Mtge. 5% 14
2,500,000
First Mortgage 6% Serial Gold bonds
4,500.000 Feb. 1 1917, to an amount sufficient to exhaust $250,772.-V. 119, p. 79.
7.500,000
Balance Sheet Dec. 31 1924 (After Giving Effect to Present Financing).
-Shipments.
Eaton Axle & Spring Co.
AssetsLiabilities
Shipments in June were $939,203, compared with $837,846 for the best
Fixed assets
$4,500,000
$9.406.641 First Mortgage 6s
Investments
120.967 1st Pf. stock 7% Cumul_ 2,500,000 previous month this year and $888,491 for the best previous month in the
Current assets
2,810,744 2d Pt. stock 6% cumul__ 2,500,000 company's history. April 1924. July's schedule is $902,000, against
-V.
Deferred charges
242,964 Current liabilities
236,635 $521,000 for July 1924, and $654.274 for the best previous July.
Good-will
1 Common stock (50,000
120, p. 2820.
2,844,682
shs., no par)
Total
$12,581,317
Total
$12,581,317
-Convictions.
Federal Food Stores, Inc., Brooklyn.
Louis M. and Samuel Reiter, brothers, were each sentenced July 6 to
i
serve from 5 to 10 years in Sing Sing Pr son by Supreme Court Justice
Dome Mines, Ltd.
-Gold Production (Value).
William F. Hagarty, in Brooklyn, N. Y., for complicity in loans obtained
June.
May.
April.
March.
February.
January.
from banks for the company on fraudulent warehouse receipts. The
$361.165
$354.972
$351,301
$363.925
$356,084
$345,478
specific charge was based on a loan of $25,000 by the Brooklyn Trust Co.
-v. 120. p. 2948, 2407.
Another brother. Josef Reiter, head of the concern, was sentenced to
Sing Sing Prison for a like term by Justice Hagarty on June 26 on similar
Dow Chemical Co., Midland, Mich.
-Capital Increased charges.
almost unanimous was reached July 7 by
An agreement which
-To Pay 10% Stock Dividend-To Offer Additional Corn. Stk. creditors of the companywasaccept the offer of the Financial Consultants
to
The stockholders on June 24 adopted a resolution to extend the corporate Corp. to take over the assets of the concern, and pay 32 cents on the dollar
company for the further term of 30 years (until May 18 1957). to secured creditors and 10 cents on the dollar to unsecured creditors.
term of the
Also the articles of association were amended to provide for increasing the -V. 120, p. 2407.
capital stock as follows: (1) The Common stock (no par value) from 75,000
shares to 200,000 shares; (2) the Pref. stock (par $100) from $1,500.000
-Bonds Offered.-Cleveland
Firestone Cotton Mills.
to $3,000,000. The certificate increasing the capital stock of the company
Trust Co., Hayden, Miller & Co., the Herrick Co., and
has been approved by the Secretary of State.
It is proposed to distribute on Aug. 15 a stock dividend of 10% on the Otis & Co., are offering at 100 and interest $2,000,000 First
Common stock outstanding on Aug. 5. To avoid the Issuance of fractional
Mortgage 15-Year 6% Sinking Fund Gold bonds.
shares, fractions will be paid for at the rate of $50 per share.
It is proposed to sell 2,500 shares of Common stock at $50 per share to
Dated July 11925;due July 11940. Callable, all or part,on any interest
the company under such terms and conditions as may be date on 30 days' notice. at 101 and interest. Denom. $1,000 and $500 c*.
employees of
specified by the board of directors.
Principal and interest payable at Cleveland Trust Co., trustee, Cleveland.
Also 15,000 shares will be offered for sale, pro rata, based on 20% of Ohio. Interest payable J. & J. Penna. 4 mill tax refundable.
present holdings, to Common stockholders of record Aug.5 at $50 per share.
The right to subscribe will expire on Sept. 15. No fractional shares will Data from Letter of H. S. Firestone, Pres. Firestone Tire & Rubber
Co., and Pres. of Firestone Cotton Mills.
be issued. Payments to be as follows: 50% on or before Sept. 15 and 50%
on or before Oct. 27. No subscriptions will be received previous to Aug. 15.
-Organized in Massachusetts. Entire Capital
Firestone Cotton Mills.
The company has now outstanding 15.000 shares of Pref, stock, par $100. stock owned by Firestone Tire & Rubber Co. of Akron, Ohio. The mills
which is subject to redemption May 18 1927 (expiration of present corporate of the company are located at Fall River, Mass., and are operating at
term). It is the intention to issue 15,000 shares of the new Prof. stock at capacity, furnishing approximately 50% of the normal tire fabric requirethe present time to replace through exchange or redemption the present ment of Firestone Tire & Rubber Co.
outstanding Prof. stock.
--V. 120, p. 3193.
-These bonds will be a direct first lien upon the
Security and Guaranty.
entire fixed property. including machinery and other equipment, of the
Dressel Collapsible Rim Co., St. Louis.
-Dissolution. Firestone Cotton Mills, and in addition will be guarantd by endorsement
Dissolution of this company, incorporated in 1918 with a capital stock on each bond as to principal. Interest and sinking fund by Firestone Tire &
of $500,000. was asked in a petition filed June 23 in Circuit Court at St. Rubber Co., of Akron, Ohio. The land, mill buildings, machinery and
equipment are all owned in fee and have been appraised by Chas. T. Main.
Louis.
"At a meeting of the stockholders on April 6," the petition states, "it textile engineer, at are placement value of $4.358,430. and an insurance
was unanimously voted that dissolution proceedings be brought in court appraisal made April 1 1925, gave the buildings and equipment alone a
and the remaining assets of the company be distributed among the stock- value of $3.112,000.
-On or before July 1 in each year, while any of the bonds
Sinking Fund.
holders as soon as this may conveniently be done. This was done,according
to a resolution adopted at the meeting, because "it has proven impossible are unpaid, beginning with July 1 1927, company shall pay to the trustee
to successfully and profitably prosecute the business for which this company as a sinking fund the following amounts:July 1 1927 to July 1 1930,inclusive,
was incorporated, and the continued existence of the corporation would $125,000 per year; July 1 1931 to July 1 1940, inclusive, $150,000 per year.
Said sums will be held and applied by the trustee as a sinking fund for the
merely result in the dissipation and loss of the remaining assets."
A total of 2,716 shares of stock (par $100 each) have been issued by the purchase and redemption of this issue before maturity; the trustee shall
company, while the remaining shares are in escrow in an Edwardsville apply any or all such moneys to the purchase in the market, or by call, of
all.) bank. The assets of the company are listed as $4,964 in cash, $2,922 any of the bonds outstanding, at a price not to exceed the call price as
worth of merchandise and supplies, equipment worth $5,525 and patents above set forth.
and patent development amounting to $258,186, the total assets being Sales and Net Income (after Federal Taxes) of Firestone Tire ct Rubber Co.,
$271.600. The patents were on collapsible rims for pneumatic tires.
Years Ended October 31.
There are no incurnbrances on the property and company has no creditors
1924.
1922.
1923.
and has no outstanding obligations except franchise tax for this year.
Sales
$04,500,000 $77,500.000 $85,600,000
7.102.000
Net income
6,104,000
7.348,000
-Debenture Stock
Dunlop Rubber Co., Ltd., England.
Sales and profits for this year to date are in excess of those for the same
-The British, Foreign & Colonial Corp., Ltd., and period of last year.
Sold.
of bonds
Purpose.
oth of London, in June last sold £5,000,- reimburse -The major portion of the proceeds of this issueto furnishis to
Higginson &
the
Firestone Tire & Rubber Co. for advances and
1st
Co.,Mtge. Debenture stock (par £1) at 973/2%•
sotton mills with additional working capital.
000 of 5
Interest payable semi-annually J. & J. Repayable at 103% by means
Firestone Tire & Rubber Co., Akron, Ohio.-Gearcvnty.
of a cumulative sinking fund commencing in 1926. drawings to be made
-V. 119, p. 3015, 3003.
See Firestone Cotton Mills above.
in December of each year, the first of which is to be made in 1928 and the
206
THE CHRONICLE
[VOL. 121.
stock, then the Common stock for a succeeding period of 3 years will have
-To Redeem Preferred Stock.
Fisher Body Ohio Co.
similar preferential rights as
to the point where the
The entire outstanding issue of Preferred stock has been called for redemp- lative dividends received perto dividends up class of stock has beencumushare on each
equal
agents, to wit: from the date of issuance of the
tion Oct. 1 at 110 and dividends at the offices of the transfer
Common stock.
the Union Trust Co., Cleveland, 0., and Bankers Trust Co., 16 Wall St.,
The Yellow Cab Manufacturing Co., apart from its position in the taxiNew York City.
cab business, occupies a strong position
A merger
To and including Sept. 15 1924, the company, at either the Union Trust General Motors truck business with the in the bus field.company is of the
business of that
calcuCo. or the Bankers Trust Co., will purchase for redemption shares of Pre- lated to result in material economies in the manufacturing end and distribuof tender of tion end of both of these important
ferred stock tendered to them at 110 and dividends to date
lines of business.
stock.
-V. 120, p. 3320.
General Motors Corp. has recognized the importance of the bus, and
believes that the proposed merger with the Yellow Cab Manufacturing
Franklin-Kellum Co., Inc.
-Trustee.
Co. will immediately place it
The Empire Trust Co. has been appointed Trustee of an issue of $400,000 the opportunity of enjoying ain a strong position in the bus business, with
really unique position in the future developlet Mtge. 6% Gold bonds, dated May 15 1925, due May 15 1935.
ment in that field. It also believes that its position in the heavy duty truck
business will be
as a
-Shipments. management and greatly strengthened from consequence of the combined
(H. H.) Franklin Mfg. Co., Syracuse, N. Y.
the benefits derived
more economical manufacture
The company during June last shipped 1.299 Franklin cars, breaking all and distribution.
previous June records.
-V.120, p. 2688. 589.
Frontenac Breweries, Ltd.
-Annual Report.
Calendar YearsNet profits
Interest
Depreciation
Bad debts res
Preferred dividends (7%)
1924.
$209.162
73.748
94,320
1923.
$315.608
63,749
93,980
3,177
21,000
Pres. John Hertz of the Yellow Cab Mfg. Co. issued the
following statement:
For a long time the Yellow Cab Manufacturing Co. has been preparing
to engage vigorously in the manufacture of trucks and commercial bodies.
In addition to its established lines of motor buses, taxicabs and its present
products. The acquisition of the General Motors facilities will immediately
enable it to become a leading factor in the truck business and will secure
24,937
to it at once the excellent facilities and the vast resources connected with the
1133,702 General Motors Corp., a result which otherwise could not possibly have
Surplus for year
$16,157
286,118 been accomplished without many years of effort.
309,255
Previous surplus
From the standpoint of the stockholders of the Yellow Cab Manufacturing
1325,412
1419,820 Co., this deal is the greatest achievement in their history. This connection
Total surplus
(35%)105,000 (21)63.000 with General Motors organization will assure to the Yellow company the
:Dividend arrears
40.000 great advantages of economical purchase in large quantities, of quantity
Amortization
production, intensive sales management, large savings in manufacture and
$316,820 the benefit of the highest technical automotive experience in the world.
$220,412
Profit and loss balance
x In 1924 10% in cash and 25% in Pref. stock on account of accumulated In association with General Motors Corp., the premier automobile manudividends on Pref. stock; in 1923, 21% in cash on account of accumulations. facturers of the world, the opportunities for the company will far exceed any
that they have ever had in their history.
-V. 118, p. 2186.
Gemmer Manufacturing Co.-Prefered Stock Offered.
Keane, Higbie & Co., Merrill, Lynch & Co., and Nicol-Ford
& Co. Inc., are offering at $37 per share, to net over 8%,
40,000 shares Participating Preference stock, Class "A.'
Preferred as to cumulative dividends,at the rate of$3 per share per annum
over the Class B stock and participating equally with the Class B stock in
additional dividends after the Class B stock has received $3 per share.
The Participating Preference stock is callable at $45 per share, but is convertible at any time up to July 1 1930,share for share,into the Class B stock
at the option of the holder. Preferred over Class B stock as to assets up to
$45 per share and accrued dividends in the case of voluntary or involuntary
-J. (first quarterly diviliquidation. Cumulative Preferred dividends Q.
dend payable Oct. 1 1925.) Registrar and transfer agent, Guardian Trust
Co.. Detroit, Mich.
Authorized. Outstanding.
Capitalization (No Bonds)Participating Preference stock (no par value)-- 40,000 shs. 40,000 shs.
140,000 shs. 100,000 shs.
Class B stock (no par value)
Data from Letter of Edward P. Hammond,President of the Company.
Company.
-A Michigan corporation. Is the largest independent manufacturer of steering gears in the United States. Established in 1907 by
Edward P. Hammond and E. A. nee,it has grown steadily and now manufactures gears for some of the largest and most prominent motor car companies in the United States. Business is stable, due to the diversification
of its customers and its distribution between the automobile, truck and bus
business.
Earnings.
-Net income, after all charges including depredation, income
taxes, bonuses, &c., averaged for the past four years $415.368 per annum,
with the year 1925 partly estimated. This is at the rate of $10 37 per
share on Participating Preference stock. Earnings for 1925 are at the rate
of $638.000, which is equal to 115 95 per share on the Participating Preference stock. Net income for the past three years, after all charges,including
depredation, allowance for bonuses, income taxes, &c., amounts to:
•
1923.
1924.
1925(est)
1922.
1315.223
1638,000
1355.294
$352,958
11 Company has shown a profit for each of the past twelve years.
,
-Acquires Stock.
General American Tank Car Corp.
The corporation has purchased for retirement and cancellation $370,000
of7% Cum. Pref. stock, which will leave outstanding less than $8,500,000.
-V. 120, p. 2017.
-Operations.
General Electric Co. Schenectady, N. Y.
W.Burchard, Vice-Chairman of the General Electric Co.and President
Vice-CharmnA.
of the International General Electric Co., is quoted in substance:"Our plants
are operating at 75% capacity. Our capacity, however, has been considerably enlarged by increased efficiency and our 11300,000,000 annual output
to-day would, five years ago, have been the full capacity for the plant.
Bookings of the second quarter were a little less than the first quarter.
Indications point to bookings at least as large as last year. Sales billed
,
this year should correspond very closely with orders. Earnings should be
on about the same plane as last year."
"Foreign business this year to date is running about 50% ahead of last
year, and from present indications this should continue. Foreign business
of the International General Electric Co.last year was around 119,000,000."
-V. 120. p. 2555.
-New Officers.
General Motors Acceptance Corp.
Joseph L. Myers, general manager of the financial sales department and
Glyn Davies, manager of the foreigh department have been elected VicePresidents.
-V. 120. p. 3072.
New President for Olds Motor Works.
Alfred P. Sloan, Jr. President of General Motors, announces the
resignation of A. B. C. Hardy as President of the Olds Motor Works.
Lansing Michigan, and the election of I.J. Reuter, now General Manager
of the Olds Division of General Motors, in his place.
-V. 120, p. 3195.
Georgia Baptist Hospital, Atlanta, Ga.-Bonds Offered.
-Whitney-Central Banks, Hibernia Securities Co. and
Marine •Bank & Trust Co., New Orleans are offering at 100
and int. $450,000 1st Mtge.6% Serial Gold Bonds Series "A".
Dated June 1 1925; due serially June 1 1928-1940. Denom. $1,000 and
$500 c*. Principal and int. (J. & D. 1). payable at Whitney-Central
Trust & Savings Bank, New Orleans. trustee, without deduction for
normal Federal income tax up to 2%. Callable all or part by lot, on any
int. date at 102 and int., upon 60 days published notice.
Security.
-This issue is the direct obligation of the Executive Committee
of the Baptist Convention of the State of Georgia, and is secured by a closed
first mortgage on three large pieces of property located in the City of
Atlanta. Tho Executive Committee of the Baptist Convention of the State
of Georgia is the corporation organized to carry on and supervise all the work
of the Georgia Baptist Convention. This Committee receives its suppsrt
from the Baptist Convention of the State of Georgia which is composed of
the Baptist people of that State, it having 390,844 members and 2,542
Churches according to the 1924 report. The properties securing this issue
are conservatively valued at $904,000 or more than twice the amount of
the outstanding bonds.
Property.
-(1) The present hospital is a large fireproof building of
improved modern brick construction, consisting of 3 stories and basement.
It has a capacity of 110 beds and is fully equipped and furnished with all
modern conveniences for first class hospital service. Upon completion of
the new hospital this present building will be used as a Nurses' Home.
(2) The new hospital building to be erected will cost not less than
$250,000, exclusive of equipment. According to architect's plans it will
consist of 6 stories and basement of fireproof reinforced concrete construction. The building to have 2 elevators, a capacity of 144 beds and be
furnished with the most modern medical equipment.
(3) The third piece of property is a large 3 story brick building with
basement having approximately 100 rooms, used as a hotel and apartment
house, and which could readily be used as an office building.
-The operation of the present Georgia Hospital, for the year
Income.
ending Nov. 30 1924 showed a net operating profit of $34,448, before
deductions for Charity, which amounted to $30.269.
In addition to the net operating income the Georgia Baptist Convention
has allocated to the Georgia Baptist Hospital the sum of $67,500 for the
year 1925 and has pledged to allocate not less than $67,500 each year
thereafter during the life of this issue, which amount has been pledged
to secure the payment of these bonds. The 1924 report of the Georgia
Baptist Convention showed the total receipts from contributions for regular
and special causes during 1924 amounted to $942,263. The receipts of the
Convention for the 5I5 year period ending Dec. 1 1924. totaled $5,236,120.
Gimbel Brothers.
-To Build Store in Philadelphia.
A permit for the erection of what is said 'will be the largest department
store in the world was issued by the Bureau of Building Inspection on July 2
to Gimbel Brothers. Tearing-down operations for the building are to start
Immediately, although actual construction will not start until Aug. 11.
The new store, which will cost $18,000,000 when completed, will be erected
on the site of the firm's present store, and will be 12 stories high. The
total floor space is to be approximately 55 acres. Completed, the Gimbel
store will cover the block bounded by Market, Chestnut, Eighth and
Ninth, excepting the Leary store and a corner at Eighth and Chestnut
Street. Thompson-Starrett Co. of New York has received the construction
contract. (New York "Times.")
-V. 120, p. 3195.
General Motors Corp.
-Yellow Cab Mfg. Co. to be Merged
With General Motors Truck Division-Control to be Held by
Ginter Co., Boston.
-June Sales.General Motors.
-Pros. Alfred P. Sloan Jr., announced
1924.
Increase.
Sales fore
$885,729
2
$1,012,888
$127,159
July 8 that the company has concluded arrangements looking June
6.657,083
6,126,077
531,006
Six months ended June 30
towards the acquisition of a controlling interest in the -V. 120, p. 3072. 2555.
Yellow Cab Manufacturing Co. under a plan subject to the
-Bonds
(F. D.) Gleason Coal Co., Detroit.
acceptance by the stockholders of that company. The Benjamin Dansard & Co.,Detroit, are offering atOffered.
prices to
plan contemplates a readjustment of the capitalization of yield from 5% to 6%, according to maturity, $100,000
the Yellow Cab Manufacturing Co. and the sale to it of all Steel Steamer Jay A. Pearson First Mtge. 6% Gold bonds.
of the stock of a new corporation, to which General Motors
Dated July 1 1925; due serially July 1926 to 1932. Denom. $1,000.
Corp. will transfer the plants and other assets embraced in Principal and interest payable at Union Trust Co., Detroit, trustee. Red.,
interest.
the General Motors Truck Division. The property so all or part, on 30 days notice at 102 andincome taxInterest payable J. & J.,
deduction for normal Federal
not exceeding
transferred will have an aggregate net book value of $16,- without bonds are secured by a direct first mortgage on the steal2%.
These
steamer
A. Pearson, owned and operated by the F.
000,000, including about $10,500,000 of net working capital. Jay personally guaranteed by F. D. Gleason, D. Gleason Coal Co., and
are
principal stockholder of the
The announcement continues:
coal company, whose net worth, is several times the amount of this bond
Following the consummation of the plan, the name of the Yellow Cab
manufacturing Co. will be changed to Yellow Truck & Coach Manufacturing
Co., and will have outstanding:
150,009 shares of 7% Cumulative Non-voting Preferred stock, having
per
a par value of $100Classshare.
"B" stock, having a par value of $10 Per share.
600.000 shares of
800.000 shares of Common stock having a par value of $10 per share.
The 800.000 shares of Common stock will be issued to General Motors
Corp. in payment for stock of the corporation to which property as aforementioned will be transferred, and the 150.000 shares of 7% Cumulative
pro rata, to
Non-voting Preferred stock will be distributed as a dividend,outstanding.
the holders of 600,000 shares of Class "B" stock at present
The Class "B" stock and the Common stock will have the same voting
power per share. The Common stock and the Class "B" stock will participate, share and share alike, in the net earnings and dividends after cumulative dividends have been paid on the Preferred stock; except that for a
period of 3 years, in the event that dividends declared and paid are less
the
than 75 cents a share on the aggregate total of 1,400,000 shares of the
outstanding Common stock and Class "B" stock combined, then
stock shall have cumulative preferential rights as to dividends
Class "B"
-year period, if by reason of
up to 75 cents a share. Following the said 3
the 3
-year provision the Common stock has not enjoyed cumulative dividividends declared and paid on the Class "B"
dends per share equal to
issue. This mortgage, according to appraised values, is less than one-half
-V. 120. p. 964.
of the actual cost of the steamer.
Gillette Safety Razor Co.
-Quarterly Dividend of 75
Cents and Extra of 25 Cents Declared.
The directors have declared an extra dividend of 25 cents per share in
addition to a regular quarterly dividend of 75 cents per share on the outstanding 2,000,000 shares of capital stock, no par value, payable Sept. 1
to holders of record Aug. 1. On March 2 and June 1 last the company
paid extras of 12%c. each in addition to .quarterly dividends of 62Iic.
per share.
Forrecord of dividends paid on the stock before the distribution on
rsh
Dec. 1 1924 of 4.7 additional shares for each share held, see our "Railway
and Industrial Compendium" of May 30 1925, Page 175.
Increase.
1924.
Earnings 6 Months Ended June 301925.
13%
Net, after reserves, taxes, &c
$5,738,965 $5,037,973
-V. 120, P. 819. 1887.
Glidden Co., Cleveland.
-To Issue Additional Stock.
The stockholders will vote Aug. 7 on increasing the authorized Common
stock (no par value) from 360,000 shares to 500,000 shares. It is planned
to offer the Common stockholders of record July 22 the right to subsciber
JULY 11 1925.]
THE CHRONICLE
for additional Common stock at $20 per share, on the basis of one new
share for each nine old shares held. The proceeds, it is said, will be used
to reduce bank loans. The issue has been underwritten. See also V.
121. p. 81.
207
Heyden Chemical Co. of America, Inc., Garfield,
N. J.
-To Expand.
-President B. R. Amon June 15 says:
As compared with the previous year,the conditions affecting the industry
in which we are engaged were about the same.
We expect to announce in the near future the successful termination of
Pres. A. D. Joyce says: "The earnings of the company for the first negotiations that have been pending, looking towards the extension of
seven months of this year were in excess of the total of all of last year. our business through a combination with one of the largest European
These earnings we consider exceptionally good but we expect to do as well manufacturers of fine chemicals for medicinal and technical use.
if not better in the remainder of the year. Our sales to date show an inBalance Sheet December 31.
crease of $2,500,000 over last year and we expect to show $25,000.000 in
Assets1924.
1923.
Liabilities1924.
1923.
sales for the full year, which will be an increase of about $5,000,000 over Prop.and plant_ _ .21,380,354 $1,314,327 Capital stock
$2,500,000 $2,500,000
1924.
28,761
42,481 Notes payable_ _ _ _
61,557
25,000
rights in Cash
"I am going over to Europe to let out the manufacturing
Notes & accts.
109,281
152,355 Accounts payable_ 143.711
129,391
England, Germany, and Austria for our new product, which will be used Inventories rec_ 282,130
304,054 Accr. payroll, &c..
245
1,334
decorating. It is not a paint nor a varnish, but it is better Claim
in interior
for refund
Real estate, taxes
than either one of them. It dries in 30 minutes and it should revolutionize
Federal taxes__ _ 180,752
180,752 and assessments
44,077
37.511
the whole interior household decorating industry. This article has been Investments
1,030
1,030 Res. for local tax
developed from the products we have been using for painting Studebaker Good-will
1,000,000 1,0007:009808
_
20,000
20,000
cars.
10,377
Surplus
222,006
290,841
'The authorization of new stock on the part of the directors is awaiting Prepd.& derd oho
stockholders' sanction. We intend to offer 40,000 shares of stock at $20
Total
$2,992,686 $3,002,990 Total
$2.992.686 $3.002,990
a share to stockholders and to underwriters of the syndicate. The proThe usual comparative income account was given in V. 121. p. 82.
ceedsfrom the sale of this stock will be used for expansion of the company."
-v.121, p. 81.
Hood Rubber Co.,
Earnings Ahead of Last Year.-
-Dissolution Announced.
Grain Marketing Co.
Watertown, Mass.
-To Create an
Issue of $500,000 Employees' Special Stock.
-
Following the receivership of Dean, Onativia & Co., which was announced
The stockholders will vote July 14 on authorizing the creation of an issue
July 3, the final dissolution of the Grain Marketing Co. was announced of Employees' Special Stock. The stockholders will be asked to authorize
on the floor of the Board of Trade at Chicago July 10.
an increase of $500,000 in the capitalization of the company to provide for
Armour Grain Co. took over all futures transactions of the company at the issuance of the new stock -V. 120, p. 3196.
opening of business July 10. The Grain Marketing Co.. incorporated
July 24 1924 (V. 119 p. 271) at $26,000,000, was the result of a merger
Huron-Ninth Buildings, Cleveland, 0.-Bond8 Offered.
between Armour Grain Co., Rosenbaum Grain Corp.. Rosenbaum Bros.
and David-Noland-Merrill Grain Co. (See also Rosenbaum Grain Corp. -S. Ulmer & Sons., Inc., CleNeland are offering at par and
-V.119. P. 461. 700.
below.)
int. $235,000 1st Mtge. Leasehold 63'% Serial Gold Bonds.
The Midland Bank, Cleveland, 0., trustee. Dated June 15 1925; due
-June Sales.
(W. T.) Grant Co. (Mass.).
Sales for June amounted to $2.356,731, an increase of31% over June 1924. July 1 1928 to 1937. Interest payable J. & J. Denom. $1,000. $500 and
Sales for the 6 months were $12,601,981, a gain of over 23% over the first $100. Normal Federal income tax of 2% paid by borrower (Ohio State
Building Co.). Penn.4 mill tax refunded. Red. on any int. date in inverse
half of 1924.-V. 120. p. 3072.
at 102 and int.
Grosse Pointe Township Improvement Co.
-Bonds order of maturities bonds are secured by a first mortgage on two 99-year
Security.
-These
Offered.
-Nicol, Ford & Co., Inc., Detroit are offering at leasehold estates on land at the southwest corner of E. 9th Street and
the City of Cleveland, having a frontage of 99 ft.
pnce ranfing from 100 and int. to 101 and int. according Huron Road in on East 9th St. and extending 123.6 ft. along theon Huron
Road and 196 ft.
southerly
the
square feet. Mortgage
to maturity $275,000 1st (Closed) Mtge. Serial 6% Gold line-the total area oftwo same being 19,863completed (one of themcovers
of which are now
3 separate buildings,
to be
Bonds.
remodeled to conform with the new building) and one to be constructed.
Dated June 1 1925; maturing June 1 1926-1932. Legal Investment for
The combined value of the two leaseholds, together with the building's
Michigan Savings Banks. Denom. $1.000 c5
. Red. all or part on 30 now erected and the new building to be constructed will be approximately
days notice at 102 and int. Interest payable J. & D. 1, without deduction $520,250.
for normal Federal income tax up to 2%,at the office of the Security Trust
Company, Trustee.
Huyler Building, Buffalo, N. Y.
-Bonds Offered.Security.
-These bonds are the direct obligation of the Company and are
secured by first closed mortgage on high grade residence property situated Schollkoff, Hutton & Pomeroy, Inc., Buffalo are offering at
4
on Lochmoor Boulevard and Sunningdale Drive, Grosse Pointe Shores, prices to yield from 53 % to 6% according to maturity
Mich.adjacent to the Lochmoor Golf Course, and by land contracts $325,000 1st (Closed) Mtge. 6% Serial Gold
Bonds.
to the trustee. The unsold real estate securing this mortgage has
assigned
Dated April 1 1925; due serially 1928-1935. Principal and int.(A. & 04
been appraised at $1,686.689 by five members of the Detroit Real Estate
t
uff
0
rala Trust Co.. inr al:, N Y. trusiz De:
o or
rrier of
o
it
43.ble
t
oT.$I,11 anel
n(
o2)00 o
Board and their appraisal has been concurred in by the Security Trust Co. itar o ati
part
The land contracts, covering additional real estate,securing this mortgage.
of 1% for each 6 months between date of redempdoia and
of
have been checked by Price. Waterhouse & Co. at $426.205. giving a total
not to exceed 2%. Interest payable without
bonds called, such premium
value of $2,112,894 or $7.680 for each $1.000 bond of this issue.
-A Sinking Fund beginning June 15 1925. is payable deduction of the normal Federal income tax not in excess of 2%.
Sinking Fund.
-Gramercy Investing Co. owns property located on the southBuilding.
monthly to the trustee in an amount equal to 1-12th of the annual principal
and interest requirements. So long as any bonds of this issue remain west corner of Delaware Avenue and Trinity Place, in the rapidly growing
outstanding, the company agrees not to pay any dividends upon its common specialty shop district of the City of Buffalo. New York. The frontage is
npproximately 73 feet on Delaware Avenue, and 157 feet on Trinity Place.
stock.
The building will consist of 4 stories and
and
Hershey Chocolate Co.
- columns constructed to carry in the futurebasement with foundationbe of
-$20,000,000 Bond Issue Sold.
3 more stories, and will
construction. The
The National City Co., Guaranty Co. of New York, Graham, reinforced concrete fireproofand are designed tofloors each have a rentable
suit the
area of about 5,500 sq. ft.
Parsons & Co., Cassatt & Co., and the Union Trust Co. of demands of mercantile or office requirements. be subdivided toon three
Large windows
Pittsburgh, have sold $20,000,000 First (closed) Mtge. and sides of the building will provide adequate and unobstructed light.
by a first
-These bonds will
Security.
Collateral Trust Sinking Fund 5%% Gold bonds, at 98 and the Huyler Building and land be securedthe building(closed) mortgage on
on which
is located, owned in
fee by the Gramercy Investing Co. The Gramercy Investing Co. is the real
interest, to yield over 5.70%.
Dated July 1 1925; due July 1 1940. The company's First Mtge. 6% estate holding company for the Huyler interests. It owns property in New
bonds. due Nov. 11942. with all unmatured coupons attached, to be called York. Albany and other cities, and had a capital and surplus on Dec. 31
for redemption Nov. 1 1925 at 104 and interest, will be accepted by the 1924 of over $1,045,000.
bankers on a 3Ji% bank discount basis from the date of payment to the
-Pays Back Divs.Industrial Fibre Corp. of America.
date as of which they may be called, the equivalent of which, as of July 21
The corporation on June 10 paid all back dividends on its 1st and 2d 8%
1925, is $1,059 28 flat for each $1,000 bond Denom. $1,000 and $5011 c*.
Interest payable J. & J. 1 without deduction for normal Federal income Preferred stocks, amounting in each case to $36 a share. In addition the
tax up to 2%. Redeemable, all or part, on any interest date prior to ma- company reduced its funded debt by $157,000, the two operations involving
turity, upon 30 days' notice; at 103. if redeemed on or before July 11930: at a cash consideration of upwards of $450,000.
President Dirge further stated that 1924 profits were at least triple those
102 thereafter, if on or before July 1 1935; and thereafter at 101. Principal
and interest payable in U. S. gold coin at the head office of National City of 1923 when net was $323,000 or 40c. a share for the Common stock.
A circular issued by Stone. Prosser & Doty of New York, shows:
Bank, New York. trustee. Free from Penna. personal property tax.
Corporation.-Incorp. in Del. in Aug. 1920, for the purpose of manuData from Letter of President W. P. R. Murrie, Hershey, Pa., July 9. facturing artificial silk yarns. Controls the Industrial Fibre Co. and the
-Produces the well-known Hershey brand of chocolate, milk
Company.
chocolate, almond bars and breakfast cocoa. Is the largest manufacturer latter leases and operates a well equipped plant located in Cleveland. 0.
of milk chocolate in the world. The property owned by the company Its product is manufactured by the processes used in Italian mills, the raw
of
includes the chocolate and cocoa plant located at Hershey, Pa., having a material being mostly Norwegian pulp. The raw silk produced is all
excellent quality and in steadily increasing demand. The yarns are
floor area of over 45 acres.
sold,under well known trade marks,to the large hosiery and textile concerns.
Through constituent companies, the company owns Centrals Hershey,
Rosario and San Antonio and proposes to acquire Central Carmen, all in The orders now on hand-and steadily coming in-are understood to be
being operated to full capacity.
the Province of Havana, Cuba. The four Centrals produced over 814,000 far in excess of plant facilities, which are Authorized.
Issued.
Capitalizationbags of sugar during the 1924-1925 season and, as a result of certain addi$
7
tions and betterments which are now in progress, it is expected that the First Pfd. 87, Cum. stock (par $100)_ _ $1,000,000
400,000
:
750
100:018
Second Pfd. 8% Cum. stock (par $100)production for the 1925-1926 season and ensuing years will be materially Comm stock (no par)__. _
600,000 shit.
600.000 sh.s.
n
--- -o
increased.
The company'sfunded indebtedness,at the present time,totals $1,125,000
be used to retire, on Nov. 1 1925 the existing
-Proceeds will
Purpose.
First 7% Mortgage
First Mortgage Sinking Fund 6% Geld bonds now outstanding, to reim- made up of $325,000 ofthe recent past thisBonds and $800,000 of8% Gold
indebtedness has been reduced
burse the company for the purchase of Central San Antonio, to enlarge Debenture Notes. In
the capacity of Central Hershey, and for other corporate purposes including by $157.000. through the retirement of $65,000 of mortgage bonds and
$92,000 of debentures.
the proposed acquisition of Central Carmen.
It is anticipated-although this is not officially confirmed-that the
Security.
-Secured by a closed First Mortgage on all of the real estate,
plants and fixed assets of the company in Pennsylvania now or hereafter balance of the funded indebtedness will, in due season, be cleaned up.
Earninqs.-Current earnings are averaging fully $100,000 per month or
owned, subject only, as to any property hereafter acquired, to any liens
thereon existing at the time of the acquisition thereof, and will be addi- at an annual rate of close to $2 per share for the Common stock.
tionally secured by deposit of all the Capital stocks (except directors'
International Pa per Co -To Acquire Bastrop (La.) Co.
shares) of all constituent companies operating in the United States and
The company has closed a contract for the purchase of the Bastrop
Cuba. Upon completion of the present financing, neither the company
nor any of its constituent companies will have any other outstanding funded (La.) Pulp & Paper Co., it was announced on July 7. It is understood
obligations.
that the property will be taken over this month.
Sinking Fund.
The Bastrop mill is said to be one of the lowest cost producers of kraft
-Mortgage will provide a sinking fund which is confidently
expected to retire the enrise issue of these bonds prior to the maturity date. paper in the country. It has a daily capacity of upwards of 60 tons of
Listing.
-Application will be made to list these bonds on the New York sulphate pulp and upwards of 50 tons of paper, but it is understood that
Stock Exchange.
International Paper Co. plans a substantial expansion in this territorY•
with a view to availing itself to a greater extent of tne low cost production
Earnings for Calendar Years.
which it affords.
Gross Rev. zNet Income
Gross Rev. xlVet Income
1915
$10,331,951 $1,778.4981920
$40,622,811 a$395,739
Chairman Resigns.
1916
19.876,415
2,260,9411921
26,523,827 3,144,079
of
Philip T. Dodge has resigned as a
26,698.079
1917
3.958,5441922
28,443,805
5,393,920 directors of the International Paperdirector and Chairman of the board
Co.
-V. 121, p. 82.
35,061.664
1918
6,205.3591923
33,546.515
6,749,530
58,013,280 6,850,9131924
1919
7,336,406
37,864,509
International Cement Corp.
-Preferred Stock Sold.
1925(5 mos). 16,438,770
2,876,376
a Deficit after taking inventory loss of $4,107,603. x After depreciation
Hayden, Stone & Co. have sold at 1023. and dividend, to
available for interest and Federal taxes.
yield 6.83%, $6,750,000 7% Cumul. Pref. (a. & d.) stock.
Consolidated Balance Sheet May 31 1925 (After Financing).
-M. Redeemable, all or part, at 110 and dividend.
Dividends payable Q.
Assets
Cumulative annual Milking fund of 2% of greatest amount of Preferred stock
$3,382,357 Accounts payable
Cash
$1,360,821 at any time outstanding. Transfer agents, Equitable Trust Co.New
Accounts receivable
2,1'18,016 Accrued Charges
.
742,008 York. and National Shawmut Bank of Boston. Registrars: New York
Inventories
9,120,315 Federal taxes
860.532 Trust Co., New York, and First National Bank of Boston.
69,005 Minority stock
Prepaid ins.,int. & taxes
5,000
Capitalization Outstanding in Hands of Public.
Advances to Colonos,&c..
Cuban Censos
104,438
1,685,568 1st hi. & Coll. Trust 5;0_20,000.000 7% Cumul. Preferred stock (par $100), including this issue_ -S10.162.200
prepayments
Common stock (without par value), 500,000 shares represented
Net investment in plant-33,575,347 Preferred stock
1,979.400
by capital and surplus as shown in consolidated balance sheet
investments 1,226,147 Common stock
Miscellaneous
15,000,000
20.878.839
as of April 30 1925, including authorized financing
5,838,876 Surplus
Good will
18,313,362 Data from Letter of Holger
Struckmann, President of Corporation.
1,349,930
Deferred charges
substantially all of
Company.-Incorp. in Maine in 1919. Owns all or
$58.365,561 Total
. Total
$58,365,561 the stock of ten separate companies operating ten plants located at Hudson,
N. Y.; Greencastle, Ind.; Bonner Springs, Ran.; Dallas, Tex.; Houston.
-v. 119. P. 1631.
premium
208
THE CHRONICLE
Tex.; Birmingham, Ala.; Norfolk, Va.; Martel Bay, Cuba; Sierras Bayas,
Argentine; and Montevideo, Uruguay. It also owns leases, covering plant
site and suitable raw materials at New Orleans, La.
All of these plants are exceptionally well located with respect to the
markets for the sale of cement and are close to abundant supplies of excellent
raw material. The plants are equipped with modern and efficient machinery to manufacture a high quality of Portland cement.
Tabulation Indicating Operating and Financial Position of the Corporation
at the End of Each Year Since Organization.
No.
Productive Net Tangible Bonds and
Dec. 31Plants. Cap. in Bbls. Assets.
Notes.
1919
5
2,800.000 $6,507,497 83.649.524
1920
5
3,200,000
2.638,938
8,845,105
1921
6
4,450,000 12.722,570
1,840,801
1922
6
4,450,000 13,317,546
1,627.758
1923
5,400,000 15,595,931
345.900
1924
7
None
7.000,000 19,008,917
1925x
10
None
12,000.000 33,000.000
x Estimated after giving effect to financing authorized.
Assets.—As shown by the consolidated balance sheet as of April 30 1925,
after giving effect to the authorized financial program, net tangible assets
equal $302 per share of Preferred stock. The ratio of quick assets to quick
liabilities is approximately 4M to 1.
Consolidated Net Earnings, after Depreciation. Depletion and all Taxes
Available for Total Annual Preferred Dividends of $711,354.
Including Dividends on This Issue.
Pref. Divs.
Earned.
Earnings.
Avge. net earns. for 5 years ended Dec. 31 1924—x$2,040,918 2.85 times
Net earnings for year 1924
x3,047.507 4.28 times
Net earnings for 1925 (est.), incl. earnings from
recently acquired subsidiaries for only the last
six months of the year
5,000,000 7.03 times
x Does not include any earnings from the recently acquired subsidiaries.
The five-year average represents earnings from an average annual productive capacity of less than 5,000,000 bbls., and the 1924 earnings from a
capacity of 7,000,000 bbls., compared to the present capacity of 12,000.000
bbis.
Purpose.—Proceeds are to be used to finance the acquisition of the Alabama subsidiary, the New Orleans plant site and raw material leases, and
to provide funds for general corporate purposes.
Listing.
--company will make application to list the Preferred stock on
the New Yost Stock Exchange. Compare V. 120. p. 2557, 3073, 3196
3322; V. 121, p. 82.
Common Stock All Taken.—The company announces that
the stockholders have subscribed to the total offering of
100,000 shares of Common at $50 a share.—V. 121, p. 82.
Interstate Pipe Co. Pittsburgh.—Receivership.—
Federal Judge F. P. Schoonmaker on June 30 appointed Hart T. Alexander receiver.
Iron Products Corp.
-75
-Cent Common Dividend.—
The directors have declared a cash dividend of 75c. a share on the Common stock. payable July 30 to holders of record July 16. The Common
stockholders on May 15 last received a 20% dividend payable in stock of
the Essex Foundry Co. (a subsidiary), while on Jan. 31 last 81 50 a share
In cash was paid.—V. 120, p. 3074.
Island Creek Coal Co.—Production.—
The company in June last produced 525,200 tons of coal, compared with
521.000 tons in May.
In the first half of this year the company produced 2,765.200 tons of coal,
an increase of about 714,300 tons, or 35% over the 2,050,907 tons produced
In the corresponding six months of 1924, and also compares with 1,278,818
tons in the first half of 1923.—V. 120. D. 3197. 1888.
(G. R.) Kinney Co., Inc., N. Y.—June Sales.1925—June-1924. Increased 1925-6 Mos.-1924. Increase.
81,553,719 $1.365.346
—V. 120, p. 3074, 2689.
[you 121.
$50 per share at the time of subscription, Aug. 8 1925, and $50 per share
OP Nov.9 1925.
The above-mentioned offer to stockholders has
underwritten
Hayden, Stone & Co. and Dominick & Dominickbeen a commission by
for
of
of 1%.
Employees having agreements under the present employees' stock plan
of the company will receive the same right of subscription.
Payment for shares subscribed for must be made in New York funds to
Guaranty Trust Co.. 140 Broadway, New York.
Bus Sales up 433% for First Half of 1925.—
Sales of Mack buses for the first half of 1925 increased 4335' as compared
with sales during the first six months of 1924, and
*
than
the total sales for the entire year of 1924, according towere 34% more sales
the semi-annual
report of Roy A. Hauer, Manager of toe bus department. Bus sales for
the montn just passed were 39.9% ahead of May business and to date
July promises to show further substantial gains over
months.
More buses were sold during the first half of June thanpreviousthe entire
during
month of May.—V. 120, p. 2951, 2410.
Mack Trucks Real Estate, Inc.—Notes Sold.—Hayden,
Stone & Co. and Dominick & Dominick have sold at prices
to yield from 43' % to 6% according to maturity,$3,000,000
Secured Gold notes, Series A,6%.
Dated July 15 1925; due $200.000 each July 15, 1926 to
payable & J. in N.Y. City without deduction of normal1940 incl. Int.
Federal income
tax up to 2%. Penna. and Conn.four mills taxes, Maryland 4 mills tax.
District of Columbia and Mich. five-mills and Mass. Income
refunded. Denom. $1,000 and $500c5 Red., all or part,tax up to 6%
.
on 30 days'
notice at 105 and int. during first five years, premiums decreasing 36 of
,
1%
each year thereafter. Authorized issue $15,000,000; to be
standing, Series A,53.000,000. Chase National Bank, New presently outYork, trustee.
Income.—Mack Trucks Real Estate, Inc., by contract with Mack
Trucks, Inc., is unconditionally assured of sufficient income annually
to pay maturing principal and interest of these Series A notes.
Data from Letter of A. J. Brosseau, President of Company.
Company.—Has been formed to acquire (through wholly owned subsidiaries) real properties consisting of branch sales offices and service
stations of slack Trucks, Inc.. and subsidiaries, now constructed or to be
constructed in the future. The issuance of these $3,000,000 Series A
notes and $1,000,000 capital stock will provide for the acquisition of
branches of an aggregate value (figured at cost less depreciation) of not
less than $4,000,000. All of the capital stock of Mark Trucks Real Estate,
Inc., will be owned by Mack Trucks, Inc. The properties will be acquired
free and clear of all liens, and no mortgage may be placed on either land
or buildings so long as any of these notes are outstanding.
The branch offices and service stations, to cost not less than $4.000,000,
will be leased to subsidiaries of Mack Trucks. Inc., at a net annual rental
equal to 10% of their cost. The maximum annual interest on these Series A
notes is $180,000 and the annual maturity is $200,000, making a maximum
annual service of $380.000. An amount in excess of this maximum service
welch will be an annual charge to the operations of Mack Trucks, Inc.,
and subsidiaries, will be paid to Mack Trucks Real Estate, Inc.. and its
wholly owned subsidiaries.
Security.—These notes will be direct obligations of Mack Trucks Real
Estate, Inc., and will be secured by the pledge of the entire capital stocks
of its subsidiary building companies which will own the branch offices and
service stations. The properties will be acquired free and clear of all
Hens, and no mortgage may be placed on either land or buildings so long
as any of these notes are outstanding. Company agrees to maintain net
assets (as shown by its consolidated balance sheet) of at least $1,333 of
real properties (valued at cost less depreciation) and (or) cash and (or)
demand notes of Mack Trucks, Inc., for each $1,000 of these notes outstanding. Mack Trucks Real Estate, Inc., further agrees that so long
as any of these notes are outstanding, neither it nor its subsidiaries will
create any other funded indebtedness,except additional series of these notes.
See also Mack Trucks. Inc.. above.
Magma Copper Co.—Joins Research Association.—
William A. Willis, Manager of the Copper and Brass Research Association, announces the following:
"The Magma Copper Co. has become a member of the Copper and
(S. S.) Kresge Co.—June Sales.Brass Research Association. Action to this effect was taken at the regular
1925—June-1924.
Increased 1925-6 Mos.-1924.
Increase. meeting of the board of directors of the company. The New Haven
S7,_$97.531 86,477,823 81,419,7081$44,654,900 839,355,986 $5,298.914 Copper Co. also has taken a membership in the Association. The Associa—V.120. p. 2951. 2557.
tion now represents considerably more than 90% of the copper producing
Industry and about 90% of the copper, brass and bronze fabricating in(S. H.) Kress & Co.—June Sales.dustry."—V. 120. p. 2277.
1925—June--1924.
Increase.
Decrease.' 1925-6 Mos.-1924.
13.042.880
Massachusetts Investors Trust.—Extra Dividend, &c.—
$3.369.837
826,9571819.240,311 816,627,847 $2,612.464
—V. 120, p. 2951, 2409.
Merrill Griswold of Gaston, Snow, Saltonsall & Hunt, has been added
to the board of trustees. The other trustees are: Charles H. Learoyd,
Lever Bros., Ltd. England.—Acquisition.—
L. Sherman Adams and Ashton L. Carr.
The company has acquired the British Oil & Cake Mills, Ltd., which
The Massachusetts Investors Trust has declared the regular
s about 60% of oil seed crushing and oil extraction capacity of dividend of The. per share and an extra dividend of 30c.. bothquarterly
payable
Ci seIsles. For its Ordinary stock the latter company will receive July 20 to holders of record July 6. Five thousand shares of additional
as
tish
Preferred Ordinary shares of Lever Bros. carrying a cumulative dividend stock of the trust have been authorized to be sold at $58 50 per share
of 10% annually, with the right to an adoltional
% when profits permit. and accrued dividend.—V. 119. D. 1983.
23
and as additional security for the latter dividend 3,500,000 Ordinary shares
will be exchanged for e1,750,000 of 20% "A" Preferred Ordinary .tharm of
Mattagami Pulp & Paper Co.—Sale.—
LI each of Lever Bros.—V. 119, p. 1402.
The National Trust Co. trustee for the holders of the 6% 21-year First
Mortgage bonds, have sea a circular letter to the first mortgage bondLoblaw Groceterias Co., Ltd.—Dividend Dates.—
holders advising them that it does not now seem necessary that a
The dividend of $1 per share recently declared on the Common stock of the first mortgage bondholders should be called to consider any meeting
plan for
was paid July 2 to holders of record June 15 (not June 30, as previously the reorganization of the company. The circular further says:
reported). This distribution was for the year ended May 31 1925.—
"We are informed that a meeting of the debenture stockholders of the
V. 121, p. 83.
company, whose claims are subordinate to the claims of the first mortgage
bondholders. is being called forthwith for the purpose of authorizing MonLocomobile Co. of America, Inc.—Bonds Called.
treal Trust Co., the trustee for the debenture stockholders, to purchase at a
Certain 20
-Year 1st Mtge.6% Sinking Fund Gold bonds, dated Sept. 1 judicial sale the properties of the Mattagami Co.on terms which will provide
1922, amounting to $75,000. have been called for payment Sept. 1 at par for payment in tuff and in cash of the first mortgage bondholders' claims,
and int, at the First National Bank of Bridgeport, Conn.—V. 119. p. 2538. both principal and interest. We think the first mortgage bondholders will
be interested to know that information has reached us which we think
Loft, Inc. (Candy), New York.—Sales.—
justifies the belief that the properties of the Mattagami Co. are worth more
Quarter Ended June 30— 1925.
1922.
1923.
1924.
than sufficient to pay in cash the first mortgage bondholders' total claim,
Sales
$1,968.277 81,929.128 81.527.818 31.605,375 both principal and interest. We have, therefore, instructed our
Sales for the first six months of 1925 were $3,764,848, against $3,630,591 to proceed at once to bring the properties of the company to solicitors
sale."—
In the corresponding period of 1924.—V. 120. p. 1888, 1212.
V. 120; P. 3198.
8188,3731 $8,386,371
87,700,023
8686348
McCrory Stores Corporation.—June Sales.-
1925—June-1924.
$2 188.714 31.879.104
120. p. 2951, 2822.
Increased 1925-6 Mos.-1924.
Increase.
8309.6101$12,077.323 810,730,492 31,346,831
Mack Trucks, Inc.—New Financing—New Real Estate
Company Formed—Additional Stock Offered.—Pres. A. J.
Brosseau,in a letter to the Common stockholders July 8,says:
In the annual report for 1924 you were told of the plant expansion
authorized last year and that the plants would be in operation in time
for this year's trade. It was also stated that the enlarged plants would
make it possible for the company to transact a greater volume of business
than ever before.
The officers are pleased to report that the volume of business for the
first six months of this year was at a rate of approximately 40% in excess
of the same period last year, and profits were proportionately larger.
The prospects justify the officers in forecasting a continued increase in
business. if plant capacity and working capital are provided.
The directors have approved plans, prepared by the management, for
expanding the plants and providing additional working capital for an
enlarged volume of business. It has also been determined that it is desirable for the company to own Its more important branch service and sales
stations.
In carrying out these plans the Mack Trucks Real Estate, Inc. has been
incorporated, all of whose stock is owned by Mack Trucks, Inc. The
real estate corporation has financed its present requirements by the sale
of 83.000.000 15-Year 6% Serial notes. [See below].
In order to provide additional manufacturing facilities and working
capital, Mack Trucks, Inc., will issue and sell 75,000 additional shares of
Common stock. It has been determined to offer additional shares to
Common stockholders of record on July 20, in the proportion of one share
of Common stock for each five shares of Common stock issued and outstanding at $100 per share. Payment for the new stock is to be made,
Mente & Co., Inc., New Orleans, La.—Bonds Offered.—
Hemphill, Noyes & Co. and Hibernia Securities Co., Inc.,
New York; are offering at 100 and int. $750,000 10-Year 79
Sinking Fund Gold Debenture bonds.
Dated July 1 1925; due July 11935. Red. at any time or from time to
time, all or part, upon not less than 30 nor more than 60 days' notice at
105 and int. Denom. $1.000 and $500 c*. Int. (J. & J.) payable without
deduction for normal Federal income tax not in excess of 2% Company
will refund the Penn. and Conn. taxes not in excess of 4 mills per annum.
.
the Maryland securities tax not in excess of 4% mills per annum, and the
Mass, income tax on int. not in excess of 6% per annum. Hibernia Bank
& Trust Co. New Orleans, trustee.
Stock Purchase Warrant.—Each bond upon issuance will bear a detachable
warrant entitling the holder thereof to purchase Class "B" Common stock
at $40 per share, at any time prior to July 1 1930, in the ratio of 25 shares
for each $1,000 principal amount of bonds.
Data from Letter of I. T. Rhea, President of the Company.
Company.—Will be organized in Louisiana and will take over the assets,
business and good-will of Mente & Co., Inc. Business had its inception
40 years ago and the company is now one of the largest manufacturers of
and dealers in burlap,jute and cotton bags and bagging in the United States,
owning and operating 5 plants located at New Orleans, Savannah, Boston
and Montreal. Company also transacts a Wry profitable business in the
purchase, renovation and resale of second-hand bags and scrap bagging,
a portion of each of the plants being devoted to that purpose.
Earnings.—Net earnings of the existing company after depreciation,
available for interest and Federal taxes,for the 6 years ended Mar. 31 1925,
averaged 8423.173 per annum, equivalent to over 8 times annual interest
charges on these bonds. Such earnings for the year ended Mar. 31 1925
were $724,951. equivalent to over 13.80 times such annual interest charges,
and to over 96 % of the entire principal amount of these bonds.
Assets.—Balance sheet as of Mar. 311925. after giving effect to acquisition of the assets of the old company,shows net tangible assets of $2,174,931
THE CHRONICLE
JULY 111925.]
available for these bonds, equivalent to approximately $2,900 per 81,000
bond, and net current assets of $1,325,096, equivalent to over $1,765 per
$1.000 bond of this issue, with a ratio between current assets and current
liabilities of over 33( to 1.
-Indenture will provide for a minimum sinking fund of
Ist Sinking Fund.
$60,000 per annum, payable in monthly installments of $5,000, and an additional sinking fund payable annually, within 90 days after the close of each
fiscal year, equivalent to the amount by which 25% of the net earnings of
the company for the preceding fiscal year shall exceed the sum of $60,000,
with appropriate adjustments to cover the 9 months period ending Mar. 31
1926. It Is estimated that the sinking fund will retire the entire amount
of this issue before maturity.
Authorized. Outstanding.
Ca pitalizatim10-Yr. 7% Skg. Pd. Deben. bonds (this issue)- ---$750,000 $750,000
Cumulative Pref. stock (no par value)
10,000 shs. 7,000 shs.
$7
Class"A"Common stock, with sole voting power
i. (no par value)
100,000 shs. 100,000 shs.
None
25,000 shs.
Class "B" Common stock (no par value)
Metropolitan Chain Stores, Inc.
-June Sales.
-1924.
-June
1925
$468,184
$623.153
-V. 120, p. 3075, 2410.
Increase.] 1925-6 Mos.-1924.
$154,9691$3,327,293
$2,939,853
209
Balance Sheet June 10 1925.
AssetsLiabilities
Cash
$1,798,666 Capital stock
Stocks of div. paying corp 9,247,893 Accounts payable
Misc. stocks & other
Profit and loss
undertakings
1,725,496 Earned surplus
Other assets
15,343 Capital surplus
$4,300,000
13.730
834.706
3,738,962
3.900.000
Total
$12,787.398
Total
$12,787,398
Officers are William Boyce Thompson, Chairman; Charles F. Ayer,
Pres.; David E. Thomas, V.-Pres.; Henry E. Dodge, Sec. & Treas.; Frank
W. Holmes, Asst. Sec. & Asst. Treas.
Directors.
-Charles F. Ayer, Stephen Birch, Henry E. Dodge, H. E.
Franklin, John L. Kemmerer, Henry Krumb, A. J. McNab, Vernon
Munroe,David E.Thomas,William Boyce Thompson and Albert H.Wiggin.
New York Shipbuilding Corp.
-Annual Report.
Calendar Years1924.
Net profit from oper___loss$292,488
Other income credits_
901.549
Increase.
$387,440
1923.
1922.
1921.
$795,920 $1,060.182 $4,733,723
277,469
124,336
165,948
Gross income
$609.060 $1,073,389 $1,184,517 $4,899,672
Provision for claims_ _ 8400.000
8700.000
8443.000
Amort. of plant prop_
1,943.387
-Annual Report.
Federal taxes
Mexican Eagle Oil Co., Ltd.
Y1.677
863.401
50,000
77,729
281,348
158,250
466,725
[In Mexican gold pesos, par value 24).d. sterling or 49.75c. in U. S. gold.] Miscellaneous
HalfYear to
-Years Ended Dec. 31TotaL
$477,729
Dec. 31 '21.
1922.
$983,025
Earnings1924.
$221,651 $2,903,112
1923.
$131.331
$90.363
$20.121,776 $19,598,395 $26,815,709 $26,818,322 Net income
$962,866 $1,996,560
Gross income
Divs,declared and paid_
400,000
200,000
4,093,687
2,440,517
7% Preferred dividend_ 3,836,470
300.000
800,000
68,191
Partic. Preferred divs_
(8) 680,000(15)1275.000 Adj.oftaxes year 1918_ _
(8)9,666,209(15)18124142
Ordinary dividends
Surplus for the year_ _def$336,860 def$109,637
$662,866 81.196,560
5,967,867 6,077,504 5,414,638 4,218,078
$16,285,306 $15,504,707 $14,028,983 $7,419,180 Previous surplus
Net income
1,373.181
5,141,392
4,632.560
1,682,130
Previous surplus
Surplus Dec.31
x$5.631,007 85,967,867 86,077,504 85,414,638
x Does not include adjustments consequent upon Federal tax refunds
Total surplus
$21,426.698 $20,137.267 $15,711,113 $8,792,361
Field redemption
$8,099,029 $7,604,970 $1,525.493 $3,134,976 allowed by revenue agents' audit for years 1918 to 1921 inclusive, subject
Depreciation reserve..
2,437.988 to confirmation by Treasury Department.
.
5,313,193
7,806,670
7,148,667
y Federal income tax paid has been applied to the year in which accrued.
Legal reserve account_ _ _
1,037,268
828,271
210,803
242,905
-V.120, p. 967.
General reserve
5,000,000
Provident fund '
500,000
500.000
Oil Well Supply Co.
-Common Stock Sold.-Hornblower
Preferred issue expenses_
2,911,595
& Weeks, Chas. D. Barney & Co., Moore, Leonard &
Total p. & 1. surplus__
$310,196 $5,141,392 $4,632,560 $1,682.130
Lynch and Bell & Beckwith have sold at $36 50 per share
-v. 110, P. 2889
.
Mexican Petroleum Co., Ltd., of Del.(8c*Owned Cos.). 55,000 shares Common stock (par $25). Application is to
be made to list this stock in due course on the New York
-Consolidated Balance Sheet Dec. 31.Stock Exchange. Compare V. 121, p. 84.
1923.
1924.
1924.
1923.
AssetsLiabilities
Properties,less dep75,668,623 73,899,031 M.P.Co.(Del.)
Pan Amer.1'.& Tr.
Common stock_45,730,000 45,730,000
Co. Cl. B stock. 2,454,305 2,454,305
Preferred stock_12,000,000 12,000,000
Miscall. investmls 115,002
51.260
50,088
115,002 M.P.Co.(Cal.)stk.
Accts.with affil.cos
985,400 8,607,500
10,246,612 Bonded debt
Cash
2,925,571 3,802,711 Accts.wIth affIl.cos 5,963,370
Accts.recelvable.. 7,935,279 6,735,859 Accounts payable- 3,036,466 2,660,733
2,500,000
Oil stocks
12,295,845 13,669,169 Note payable
Mans & supplies_ 6,320,525 4,263,516 Divs. payable____ 1,611,852 2,069,096
Loan apPl. against
Reserve for taxes_ 1,075,075 1.955,733
payment of taxes 2,696,438 4,382,179 Profit and loss__ _ _42,178,921 46,657,967
Deposit with Mex.
Govt. to protect
minority interest 1,500,000 1,500,000
Deferred charges__ 719,586 1,163,904
Total (ea.slde).112.631,173122,232,289
The usual comparative income account was given in V. 121. p. 83.
The stockholders will vote Sept. 18 on increasing the authorized Capital
stock from $1,500,000 to 322,000.000 (to consist of $7,000.000 Cony. 7%
Cumul. Pref. stock, par $100, and $15,000,000 Common stock, par $25)•
See also V. 121. p. 84.
-Copper Output (Lbs.).'Old Dominion Co. (Me.).
May.
April.
March.
June.
February.
January.
2,232,000 2,021,000 1,875,000 2,316,000 2.407,000 2,664,887
-V. 120, p. 3076. 1890.
Paige-Detroit Motor Car Co.
-Listing.
The New York Stock Exchange has authorized the listing on or after
July 15 of 61,500 shares additional Common stock (no par value) on official
notice of issuance as a 10% stock dividend, payable July 15 to holders of
record June 30, making the total amount applied for 676,500 shares.
-The output for the first five months in 1925 has been 19,784
Output.
cars. The estimated output for the year 1925 is 50,000 cars.
Consolidated Income Account Period from Jan. 1 to April 30 1925.
Miami Copper Co.
-Quarterly Dividend of 25 Cents.
Sales, less returns, cars, parts, &c.. including inter-co. sales_ _ _ _$23,023,396
The directors have declared a quarterly dividend of 25 cents per share Cost of sales, including inter-company costs
20,080,811
1,581,689
on the Capital stock, payable Aug. 15, to holders of record Aug. 1. A Selling, administrative and general expenses
similar distribution was made May 15 last, compared with dividends of
$1.360.896
Net operating profit
50 cents per share paid quarterly from May 1919 to Feb. 1925, inclusive.
Miscellaneous income (net)
-V. 120, p. 2020. 1889.
21,064
Mond Nickel Co., Ltd.
-Financing in London.
A London dispatch July 1 stated that underwriting is being arranged
by the company for an issue of £1,000.000 534% Mortgage Debenture
stock and £1,250,000 Cumul. Preference, to redeem the existing 8%
mortgage issue. The debentures, it is stated, will be used to repay bank
loans and provide for extensions.
-V. 117. p. 2001.
Moore Drop Forging Co.
-Class "A" Div. No. 2.
The directors have declared a regular quarterly dividend of $1 50 a share
on the Class "A" shares, payable Aug. 1 to holders of record July 20.
An initial dividend of $1 07, being at the rate of $6 per annum (covering
period from Feb.25 to May 1) was paid on May 1 last.
-V.120, p. 2020.
Mt. Vernon-Woodberry Mills, Inc.
-Report Cal Yr.
1924.
Net profits from oper.,$200.870; other inc.,$83,461; gross income_$284,331
Int. on 77, deb. notes. $140,000; other int., $16,078;total
156,078
Provision for depreciation
375.004
Dividend on Preferred stock ($2.50)
181.749
$428.500
Net deficit for year
4838.382
Surplus Dec. 31 1924
x Subject to accumulated dividends on Preferred stock, when declared,
-V. 118. P. 1782.
of 325 50 per share.
-Earnings.National Biscuit Co.
$1,381,961
Net earnings
Deduct: Interest. $61,283; depreciation, $149,941; Federal
357,225
Income tax. 3146,000
81.024,736
Net income
1.516,993
Surplus Dec. 31 1924
34,750
Adjustment in respect of Federal income tax for year 1924_ _ _ 2.524
Adjustment incident to liquidation of Paige-Ohio Co., Toledo
$2,579,003
Total
Deduct: dividends on Common stock (cash), $180,000; on Com$52,978
382.979
mon stock (stock),$150,000;on Preferred stock cash),(
Profit and loss surplus
--V. 121. p. 85.
$2,196,025
-Tenders.
Penelec Coal Corp.
The National Bank of Commerce in New York, as trustee, will until
July 24 receive bids for the sale to it of 1st Mtge. 20-Year 64% Sinking
Fund Gold bonds, dated Feb. 1 1924, to an amount sufficient to absorb
$30,345 at prices not to exceed 110 and int.-V. 120, p. 339.
-June Sales.
(J. C.) Penney Co., Inc.
1924.
Increase.] 1925-6 Mos.-1924.
Increase.
-June
1925
87,022.025 85,628.384 81,393,6411835.653,618 829,665,202 85,988,416
-V. 120, p. 2952. 2412:
-3 Months
-6 Months
1925.
1924.
1925.
1924.
Period Ending June 30Philipsborn's, Inc., Chicago.
-Receivership.
Net earnings,after oper.exp.,
Abel Davis of the Chicago Title & Trust Co. was appointed receiver for
$3,735.664 $3,617,221 $6,612,695 $6.574,531
taxes, &c., charges
this company, mail-order house, July 9 by Judge Wilkerson in the U. S.
-V. 120, p. 2020.
District Court at Chicago. The petition was filed by Albert Pick & Co.,
A.Frank Corbeau and Philip Cohen, alleging liabilities in excess of $1,000.
-Misrepresentation Charged.
National Oil Co.
000 and assets of $750.000.
The Bank of Charleston of Charleston. S. C., started suit July 2 in the
J. L. McInerny, V.-Pres, of the company, says:
Eastern District U. S. Court, Brooklyn, against A. B. Leach & Co. Inc.,
"While the receivership was not totally unexpected, in view of the
for $24,460, alleging misrepresentations in a prospectus of the Natiohal Oil company's severe losses in the past two years, every effort had been exerted
Co.. whose bonds were sold by the brokers. The bank alleged in its com- to avert the bankruptcy proceedings.
plaint that it had relied on a prospectus received from the brokers when it
"A combination of circumstances which the adverse weather conditions
purchased in Dec. 1919 26 $1,000 Gold 1st Lien bonds of the oil company. for the mall order women's ready-to-wear business for the past two seasons
The bank asserted that since buying the bonds it had received only $3,640 were perhaps of greatest importance are responsible for the present condition
Interest and that the prospectus had deceived it regarding the security of of the company. In view of the operating results, the bans were unwil
the bonds.
to extend further credit. The underwriters of the company's Preferr
The National Oil Co. was reorganized in 1923. See V.116, p.83, 2396 stock had put $2,000,000 of their own money into the business during the
last 18 months, represented by the purchase of Common stock, in an
-Production.
New Cornelia Copper Co.
effort to maintain profitable operations. This represents an actual loss
April.
May.
Month ofJune.
March.
to them of that amount. Without the necessary credit, however,it became
6,691,648
Cooper output (lbs...),.„ 6,230,956
6,335,821
6.489,000 Impossible to continue operations, and a receivership has been resorted to
-V. 120, P. 3323, 29 2
as the only available course.
°'
"The assets of the business will be liquidated, but it cannot be stated at
this time what will be available for the payment of the company's obligaNewmont Mining Corp.
-Listed on Curb.
The capital stock of this company was admitted to trading on the New tions." See balance sheet in V. 120, p. 3324.
York Curb Market June 25. The company, which was organized in 1921
Phillips Petroleum Co.
-Listing.
In Delaware, has an authorized capital of $8,000.000 Common stocx
(par $10). of which 430,000 shares are outstanding.
The New York Stock Exchange has authorized the listing of 25,000
The company, which is principally a holding company, interested in additional shares of Capital stock without par value on official notice of
mining and petroleum properties, includes among its assets 80.000 shares Issuance as part consideration for properties purchased and 50,000 additional
of Kennecott Copper, 80,000 shares of Texas Gulf Sulphur, also large shares of its Capital stock without par value on official notice of issuance
blocks of the capital stock of the Anglo American Corp. of South Africa, and payment in full, making the total amount applied for 1,925.666 shares.
Ltd.: Continental Oil. Pacific Oil and other enterprises.
On Nov.9 1924 negotiations were entered into between the company and
-Company reports for the period from Jan. 1 to June 10 1925 W. H. Landreth, E. A. Landreth, Landreth Production Co., Landreth
Earnings.
Gasoline Co. and the Landreth Gas Co. for the acquisition of their entire
as follows:
Earnings-Interest, $13,624; divs., $221.723; profits, $662,421;
Physical assets consisting of oil and gas properties, natural gasoline plant,
t ------ $897,768 casinghead gas contracts, rights of way, water rights. &c.,located in what
total -- - --t-,-------------------63.062 Is commonly called the Ibex Pool in Shackelford and Stephens counties,
Interest Paid, $11,150; admin., office exp. & taxes, $51,906- -Texas, in consideration of $1,500,000 cash and 25,000 shares of Capital
$834.706 stock without nominal or par value. The stock applied for is the stock so
Net profit
management, it is said, proposes to begin quarterly dividends in to be issued.
The
The additional 50,000 shares of Capital stock are to be issued to Frank
October at the rate of 60c. a share, or $2 40 a year. The company paid
Phillips, trustee, for allotment and sale to the officers and employees of
only one dlv. $1 per share., on Dec. 24 1924. amounting to 8300.000.
210
THE CHRONICLE
[VOL 121.
the company on a partial payment plan at such price and on such terms as
Preferred stock, of which Dean, Onativia & Co. July 3 held 45,000
may be determined by the directors.
did not "take" well, and the brokerage house is reported to have shares,
bought
back considerable blocks. It is understood the Rosenbaums financed
Consolidated Income Account 5 Months Ending Mag 311925.
Dean, Onativia & Co. to some extent by
Gross income
$13,546,116 posited as collateral against bank loans. advances of Preferred to be deOper. & maint. exp , $3,303,215; gen. & adm. exp., $697,216;
Joseph Rosenbaum. son of E.F. Rosenbaum,
int. & taxes (incl..Federal tax), $1,304,888
.5,305,319 in affairs of Dean, Onativia & Co. and was came to play an active part
stationed
New York
office. His father and his uncle, however, did not keepat their close touch
Net profits
in such
$8,240,797 with the firm's affairs.
Capital surplus Dec. 31 1924
$63,260,339
As time went on, private
Surplus adjustment
17,087 baum Grain Corp.. began to grain-marketing companies, including Rosenview with some alarm efforts by farm organizations to substitute Governmental or co-operative grain-marketing
Total
$71,518,224 agencies for private agencies. In effort
to forestall this agitation and give
Dividends paid to May 31 1925
949,962 the farmer a chance to find out if he could operate his
own marketing facilities, negotiations were opened with officers
Capital surplus before depl. & deprec. May 31 1925
$70,568,261 Federation, which resulted in incorporation of American Farm Bureau
of Grain Marketing Co. July
The amount of depletion, depreciation and other deductions for the five
1924
months of 1925 has not been deducted from above surplus statement and 28This under co-operative law of Illinois (V. 119, p. 271).
company took over under contract the elevator properties of Armour
will not be until the books are closed for the year 1925.-V. 120, p. 2157.
Grain Co., Rosenbaum Grain Corp., Rosenbaum Bros. and David-NolandMerrill Grain Co. A recent statement shows 12 elevators owned and operPhoenix Hosiery Co., Milwaukee.
-Earnings.
ated have 10,350,000 bushels capacity, and 18 leased and operated have
It is reported that the company for the first 6 months of 1925 (June esti- 36.900.000 bushels capacity.
mated) will show netincome of between $600.000 and $650,000,after charges
Purchase price of the properties was set at $16,407,000.
were apand Preferred dividends, equivalent to approximately $3 50 a share on the praised by W. J. Lauck at $17.382.083, after depreciationThey exclusive
175,000 Common shares (par $5) outstanding. Earnings before Preferred of good-will and obsolete or useless properties, thrown out toand extent of
the
dividends are understood to be around $800,000, which is at the rate of $1.250.000. Good-will was appraised at $7,375,665.
Grain Marketing Co.. which secured an option to
over 5 times the dividend requirements on the Preferred stock for the 6
ties expiring July 28 1925, was capitalized as follows:purchase these propermonths.
-V. 120, p. 3324.
There was authorized
$25,000.000 of Class A 8% Preferred, par $25, and 1,000,000 shares Common with par of Si.
Pierce Oil Corp.
-Exchange for Pierce Petroleum Shares was also authorized to be sold to farmers and farm organizations. There
$25,000,000 Class B 8% Preferred, par $50. to be
Cancelled.
issued to vendor Companies in exchange for $4,000,000 working capital and
Sufficient shares of Pierce Oil Corp. not having been deposited prior to In addition up to appraised value of properties, but to be retired as fast
July 1. when the privilege of conversion into Pierce Petroleum Corp.stock as Class A Preferred was sold.
The board is composed of 15 actual farmers, but actual management
In the ratio of 1 share of Preferred and 8 shares of Common of Pierce 011
Corp. for 7.45 shares of Pierce Petroleum Corp. expired, the plan of ex- rests with eight former officers of the constituent companies, including
change is not effective. The plan required the deposit of 25,000 shares of G. E. Marcy of Armour Grain Co. and the two Rosenbaum brothers, who
Preferred and 200,000 shares of Common of Pierce Oil Corp. to be effective. agreed to remain with the company at least five years and give it the benefit
of their experience.
Stock tendered for exchange will be returned.
-V. 120, p. 3201. 2824.
Grain Marketing Co. encountered bitter opposition from the
It was charged that many obsolete elevator plants were being beginning.
Pierce Petroleum Corp.
foisted on
-Exchange Offer Cancelled.
the farmers at inflated values and that real control remained
See Pierce Oil Corp. above.
-V. 120, p. 2280, 2021.
vate operations. Active campaigns were waged in many with the priStates to Prevent farmers from buying Common stock and becoming
Piggly Wiggly Corp.
-Voting Trust Formed.
association, and sale of stock in Illinois, Indiana and Ohiomembers of the
was eventually
A dispatch from Memphis. Tenn., states that a voting trust has been blocked.
Now July 28 is approaching, when purchase options
formed by some of the stockholders, the purpose of which is to insure con$4.000.000 working capital advanced must be paid back.expire and thebeen
tinuation of the official organization of the corporation as it now exists.
There have
A committee of trustees composed of C. D. Smith, President; C. C. War- persistent rumors that stock sales have been entirely inadequate to meet
ren of New York and John Bullington, Frank Fisher and W. L. Smith of financial requirements July 28 and that the company may have to dissolve.
(A Chicago dispatch, July 10, stated that final
Memphis was named to complete the organization of the proposed voting
Marketing Co. was announced on toe floor of the dissolution of the Grain
pool.
-V. 120, p. 2559.j illog
Board of Trade.)
1161011111
Appraisers estimated that net after all charges, when operations are in full
swing, should equal at least 10% to 12% on a capitalization of $50,000,000.
Pines Winterfront Co.
-Report.
There is little doubt the company is earning
For the fiscal year ended April 30 1925 gross operating profit amounted to to pay 8% rental on agreed purchase price the $1,312,560 a year required
$583.795; net income amounted to $272,709 and surplus after all charges ings, however, cannot be applied to finance of $16,407.000. Surplus earnpurchase of properties. It was
and dividends amounted to $72,709.-V. 118, p. 1402.
learned that Rosenbaum Grain Corp.'s share of rental is substantially
more than necessary to pay the $288,000 annual dividend requirements
Postum Cereal Co., Inc.(& Subs.).-Earnings.on its Preferred.
Weighing all these factors affecting
Grain Marketing Co., bankers
-Quar.End.June30-- -6 Mos. End. June 30- holding Rosenbaum stock as collateral the loans to
for
PeriodDean,
1925.
1924.
1924.
1925.
apparently concluded the stock was unlikely to hold near Onativia & Co.
Sales to customers
the par of $50,.
$7,213,060 $6.171,961 $13,277,964 $11,435,496 at which it had been pledged, and
to protect their own interests applied
Deduct
-All expenses (less
pressure which resulted in forcing the firm into receivership.
misc,Income) before tax. 5,959,675
-V. 119. D.
10,689,956
9,512,317 1074.
Provision for income tax. 159,741 5,328,625
327.836
106,867
242.487
Rossia Insurance Co. of America. Listing.
Net profits
$1,093,644 $736,469 $2,260,172 $1,680,692
-V. 121. p. 85.
The New York Stock Exchange has authorized the listing
additional capital stock (par $25), making the total applied for of $400.000
$1,600,000.
Prairie Pipe Line Co.
See also V. 120. p. 2412.
-Shipments.
Period end. June 30- 1925
-Month
-1924 1925-6 Mos.-1924
St. Louis Realty Finance Co.
Crude oil shipla (bbls.)_ 4.716,114
-Stockholders Ask Receiver.
3.547,891 27.539,577 22.059.707
-V.120, p. 3201, 2412.
Appointment of a receiver to take charge of the business
the company was asked in a suit filed in Circuit Court at St.and assets of
Louis July 2
Quincy (Copper) Mining Co., N. Y.& Mich.
-Earnings. by 0. G. Stark, a member of the board of directors, and three other stockholders, who charge mismanagement by the present board of directors.
Calendar Years
1924.
1921.
1922.
1923.
The bill asks that the receiver convert the assets of the corporation
Refined copper,lbs
14,838,633 13,000,733 15,402,726 16,960,265 into money and distribute
Gross income
$2,072,107 $1,990,817 $2,232.606 $2,288,738 the balance, if any, is left it pro rata to the holders of Preferred stock, with
going to the holders of Common stock.
Net income
$10,591 def$189,753
$40,071 def$96,914
Construe.,renewals, &e..
90,080
105,883
89,072
171.030
Seaboard Finance 8c Investment Co.
-Sale of Collateral.
Balance, deficit
The collateral deposited as security for the 9,047,800 2
$79,489
$267,944
$65,812
$278,825
-Year Secured
-V. 118. p. 2835.
Convertible notes will be sold at auction July 22. This action is taken by
the Guaranty Trust Co.. trustee, for the notes. See plan in V.
120.
p. 2158. Included in the collateral to be sold are 465,574 shares of Common
(Robert) Reis & Co.
-June Sales.
Gross sales for June were $954,198, a gain of 68% over June 1924. Gross stock of the Indian Refining Co. This represents a controlling interest in
sales for the second quarter of 1925 totaled $2,471,779, an increase of 46% the latter company. See also V. 120, p. 2158. 3201.
over the same period of 1924.
Shattuck Arizona Copper Co.
-Merger.
Gross sales for the first half year Jan. 1 to June 30 show an increase of
Bee Shattuck-Denn Mining Corp. below.
about 21% over the same period 1924. Sales of the company both for
-V. 120, p. 2560.
June and six months, established a new high record for similar periods in
Shattuck-Denn Mining Corp.
the history of the company.
-V. 120. p. 2952.
-Merger.
L. C. Shattuck, Pres. of the Shattuck-Arizona Copper Co.. and H. L.
Richland Coal Co.
Mundy, V.-Pres. of the Denn-Arizona Copper Co., in a joint letter to
-Court Closes Four Mines.
Four mines of the company, in the Panhandle coal district of West Vir- stockholders of both companies, recommend the adoption of a plan of the
ginia. were ordered closed indefinitely July 6 by Circuit Court Judge J. directors whereby the two companies will be consolidated. 'rhe letter
Harold Brennan after the receivers of the company, John P. Arbenz and dated July 1, says in substance:
For some time the directors of the respective companies have carefully
the Dollar Savings & Trust Co., had filed a petition declaring that the
considered the advisability of combining the interests and properties of
mines could not be operated at a profit at the present time.
The mines, which normally employ about 2,000 men,have been operating the two companies, and have come to the unanimous conclusion that such
with reduced forces since May 1, when the general strike of miners in the consolidation would work to the advantage of the stockholders of both
Northern West Virginia fields was extended to the Panhandle district. companies.
Denn-Azona Copper Co. owns mining property in Bisbee, Ariz., conri
-V. 119. D. 1745.
slating of more than 200 acres of land favorably located, and confidently
believed to be of great potential value. However, it is only partially
Richmond Mortgage & Loan Corp.
Offered.
- developed and the company lacks
-Bonds
State & City Bank & Trust Co., Richmond, are offering at ment and for working capital. available funds to complete such developThe Shattuck Arizona Copper Co. on,
100 and int. $300,200 1st Mtge. Real Estate Collateral the other hand, has sufficient cash and other liquid assets and an efficient
organization, and feels that it ought to secure more mining properties
to
Trust 6% Gold bonds.
enlarge and supplement its present holdings. If combined, the properties
Dated July 1 1925, due serially July 1 1926 to 1935. Denom. $100. of both companies could be fully developed and profitably operated without
$500. $1,000. Interest payable J. & J. at State & City Bank & Trust Co., any outside financing as soon as there is a reasonable recovery in the copper
t.
The resp
Richmond, Va., trustee. Red. all or part on any int. date on 30 days' ind us ry
ective boards have adopted and recommend to the stockholders
notice at 100 and int., plus %% premium for each year or fraction thereof
of both companies a plan which they believe fair and advantageous to all
from redemption date until maturity.
These bonds are secured by pledge with the trustee of $300.250 1st Mtge, concerned, and all members of both boards have agreed to participate to
Real Estate notes secured by improved income-producing city real estate the full extent of their holdings in both companies. Many other stockconservatively appraised at $653,575, or more than twice the total amount holders have expressed their approval of the plan. The plan proceeds on
of this issue. 'This collateral consists of 38 different first mortgages, giving the assumption that a share of the Shattuck company is of equal value
an average loan of $7,900. The largest single loan in the collateral Is for with a share of the Denn company. To carry out the method adopted
the Shattuck Denn Mining Corp. was incorporated in Delaware May 20
$20,000.
These bonds, being direct obligations, are guaranteed both as to principal 1925 with a capital of 1,000.000 shares of no par value. Its directors
and interest, by the Richmond Mortgage & Loan Corp., a subsidiary of the includes all the members of the boards of the Shattuck and Denn componies,viz.: L.K.Baker,Chicago;Thomas Bardon Jr., New York;A.M.ChisState & City Bank & Trust Co., with a paid-in capital of $350,000.
holm, Duluth,Minn.; Maurice Dann,Bisbee, Ariz.; R.W. Higgins, Duluth;
H. L.
Paul; B. M. Pattison, Los Angeles; L. C. Shattuck.
Rosenbaum Grain Corp.
-Connection with Dean, Ona- Bisbee,Mundy, St.G. Williams, Duluth. Officers
and John
are: L. C.
-The "Boston News Bureau" July 8 says:
tivia & Co.
Pres.; H. L. Mundy, Thomas Bardon Jr., and B. M. Pattison,Shattuck.
V.-Pres.;
Rosenbaum Grain Corp. has been prominently mentioned in connection Norman E. LaMond, Sec., and A. M. Chisholm, Treas.
The Shattuck Denn Mining Corp. has taken appropriate action offering
with the position of Dean. Onativia & Co. As nearly as can be ascertained to purchase all of the outstanding
shares of the Shattuck and Denn comthe connection between the two firms has been as follows:
panies which are
before Aug. 311925, paying therefor In shares
Business of J. Rosenbaum Grain Co., organized about 1861, was for some of its own capitalpresentedthe
stock at
rate
years prior to incorporation as Rosenbaum Grain Corp. in Feb. 1923 car- it has set apart 800.000 shares of itsof share for share, and for this purpose
capital stock for the purchase of and in
ried on by two brothers, E. F. and E. S. Rosenbaum. Desirous of acquir- payment for the 350,000
ing an interest in the stock market, they financed J. Clark Dean, formerly of the Denn company. shares of the Shattuck company and 450,000 shares
The remaining 200,000 shares of the Shattuck
of Chapin & Co., and J. Victor Onativia, who had a New York Stock Ex- Denn Mining Corp. will be retained in
its treasury.
change membership, in setting up Dean, Onativia & Co.
Application will be made to list the stock of the Shattuck Denn Mining
When Rosenbaum Grain Corp. was incorporated, this brokerage house
the New York Stock Exchange.
was active in endeavoring to market the 8% Cumulative Participating Pre- Corp. on
Stockholders of the Shattuck Arizona Copper Co. are requested to send
ferred, of which there are 72.000 shares of $50 par outstanding. Dividends their certificates to the
Guaranty Trust Co., 140 Broadway, New York.
have been paid regularly. No dividends have been paid on the Common. where they will be exchanged
for certificates of the Shattuck Denn Mining
no-par shares in 1924.
reduced from 50.000 to 25.000
Corp.
JULY 11 1925.]
TRE CHRONICLE
Stockholders of the Dean-Arizona Copper Co. are requested to send
their certificates to Northern Trust Co., Duluth, Minn., where they will
be exchanged for certificates of the Shattuck Denn Mining Corp.
-Dividend.
Shell Transport & Trading Co., Ltd.
The Equitable Trust Co. of New York, as depositary of certain Ordinary
shares of the above company, has received a dividend on the Ordinary
shares held by it of 2s. 6d. per Ordinary share, par El sterling exch. The
equivalent thereof distributable to holders of "American shares" under the
terms of the agreement is $1 21 on each "American share." The dividend
will be distributed by the trust company on July 25 to registered holders
of "American shares" of record as of July 16.-V. 120, p. 3307.
-Earnings.
Simmons Co.
Six Months Ended May 31-I
Net sales
Manufacturing cost,selling, &c..expenses
Other deductions (less miscellaneous income)
Depreciation reserve
Net profit, before Federal taxes
-V.120, p. 2953.
1924.
1925.
$14,367,801
11,724,002
106,746
526.677
$1,174,120 $2,010,376
610 Park Avenue Bldg.(Mayfair House), N. Y. City.
-S. W.Straus & Co., Inc., are offering at par
Bonds Offered.
and int. $2,600,000 1st Mtge. 6% Sinking Fund Gold bond
certificates.
211
plan had been completed to the point that Preferred stockholders can now
make the exchange of stock which was provided for by the plan.
The board as now constituted consists of James Andrews. V.-Pres. &
Gen. Mgr.; Walter P. Chrysler, Chairman of the board of the Maxwell
Motor Corp.: William F. Cutler, Pres, of the Southern Wheel Co.: Duncan
A. Holmes, V.-Pres. of the Chase Securities Co.: Stewart McDonald, Pres.
-P. Murphy, Chairman of the
of the Moon Motor Car Co.; Grayson M.
board; J. B. Orr, Pres.; Samuel F. Pryor, Chairman of the executive committee Remington Arms Co.. and Ernest Stauffen Jr., V.-Pres, of the
New York Trust Co.
It was also announced that the company's operating organization had
been strengthened by the election of James Andrews as V.-Pres. & Gen.
Mgr., and the appointment of Harry Graham as Manager of Sales, both of
whom joined the company on June 1.
Mr. Murphy stated that substantial progress was being made in the
matter of new business, orders having recently been received for 500 gondolas from the Chicago Milwaukee & St. Paul RR., 100 tank cars from the
Quaker City Tank Line and 75 tank cars from the Cities Service Co. The
company opened an office at Tulsa, Okla.. on June 1 with F. S. Thompson
in charge.
Under the terms of the plan of readjustment, Preferred stockholders
have the right to receive one share of new 1st Pref, stock and 1 2-3 shares
of Common stock for each 2 shares of Prof. stock now held. This exchange
may be made at the Union Trust Co. of Pittsburgh. In connection with
the recent sale of $4,250.000 of National Steel Car Line's Equip. Trust
Certificates, which was also a part of the financing under the plan. the
Standard Transit Co. was organized to take over the tank line business
and the 2,757 tank cars formerly operated by the Tank Car Co., which
are leased principally to the large oil companies. The directors of the
Standard Tank Car Co. will also serve as directors of Standard Transit Co.
The plant of the Standard Tank Car Co. is located at Masury, 0_ 12
miles from Youngstown, 0., and occupies 4534 acres, with 54 miles of
railroad trackage. It is equipped for the building of tank cars,freight cars,
automobile cars, refrigerator cars, coal cars, tanks and other fabricated
steel work. The capacity of the plant is 35 new cars a day, in addition to
a large capacity for repair car and other work. Arrangements are being
made for a substantial development of the company's facilities for the manufacture of welded and riveted tanks of all types. See also V. 120, p. 1892.
1758.
Dated July 1 1925; due July 1 19-10. Int. payable J. & J. Denom.
$1,000. $500 and $100c8• Principal and int, payable at the offices of
B. W. Straus & Co. Title insured by Lawyers Title & Guaranty Co.
Bed. for the sinking fund at 101 and int. Callable as a whole or in part
in excess of sinking fund requirements at 104 and int. up to and incl.
July 1 1930; at 103 and int. after July 1 1930 and up to and incl. July 1
1935, and at 102 and int. after July 1 1935 and before July 1 1940. 2%
Federal income tax paid by the borrower. Herbert S. Martin, co-trustee.
Chatham Phenix National Bank & Trust Co., trustee.
-Upon completion of the building about Oct. 1
Legal for Trust Funds.
Station "A" New York Post Office (Westcourt Corp.).
1925. these certificates will be a legal investment for trust funds under
laws of the State of New York.
the
-P. W. Chapman & Co., Inc. have sold
-Bonds Sold.
-First fee mortgage on corner site at Park Ave. and 65th St.,
Security.
-story fireproof apartment hotel,to be known as Mayfair privately at 100 and int. $240,000 1st Mtge. 6% Sinking
N.Y.City, and 15
under construction on this plot, and to be completed and Fund Gold Bonds.
House, now
ready for occupancy about Oct. 11925.
Mayfair House will contain 144 apartments with complete hotel service,
Dated May 1 1925: due May 1 1945. Authorized $350.000; issued
In suites of 2. 3 and 4 rooms, each with private service pantry and a bath $240,000. Principal and int. (N(. & N..) payable at New York Trust Co..
for each bedroom.
New York. trustee. Denom. $1.000 and $500 c•. Red. in part for sinking
-Land and building have been appraised as follows: Pease fund upon 30 days notice to and incl. May 1 1936. at 103 and int. thereafter
Valuation.
& Elliman. Inc., $3,952.000; William B. May Co., $4,023,500.
to and incl. May 1 1940. at 102 and Int. and thereafter to Nov. 1 1944, at
Earnings -Net earnings available for the payment of interest and 101. Red. ass whole upon 30 days notice at 101 and int. Interest payable
retirement of principal of this loan are conservatively estimated at $372,330 without deduction for Federal income tax not in excess of 2%. Refunds of
after full allowance for operating expenses, taxes, insurance and vacancies. Penn., Conn., Calif. and Kansas tax not to exceed 4 mills. Mich. 5 mills
Thissum is $151,820 in excess of the greatest combined interest and sinking exemption tax. Maryland 4 mills tax. Kentucky and District of Columbia
fund requirements annually.
5 mills tax. Virginia 534 mills tax, and the Mass. income tax not to exceed
-The 60 East 65th Street Corp.
Ownership.
6%.
Buildina.-Station "A" New York Post Office. designed as a modern
-Personnel.
Smith-Springfield Body Corp.
post office to be used by the United States Post Office Department, will be
Announcement was made May 15 of the reorganization of the Smith- located at the corner of Prince and Greene Streets, N. Y. City, two blocks
Springfield Body Corp. and the Springfield Body Corp. James N. Swift west of Broadway and one block south of Houston Street. favorably located
wholesale merchandise district of New York City.
has been elected President of the Smith-Springfield Body Corparatton. to serve the downtown
The Post Office Department has maintained Station "A" on this location
to succeed C. S. Dame; Ralph M. Sparks, Vice-President in charge for the past
15 years.
of sales, to succeed A. II. Wolfe, and Hinsdale Smith. Vice-President in
The building will consist of modern brick, fireproof construction. of 2
charge of engineering, a new office. Frank M. Livingstone, former Secfoundations and columns are designed to permit the
retary of the corporation, was named Treasurer, and L. L. Homer as Sec- stories and basement:
construction of 2 additional stories when the government may require such
rotary. In addition, the following were named as the new directorate:
to increase post office facilities.. The equipment of the
E. L. Bennet, Nathan P. Avery, Charles L. Burrill, George B. Caldwell additional space of the most modern type to provide rapid and efficient
building will be
and Arthur P. Smith.
mail. The Post Office Department anticipates taking
The plant at West Springfield, Mass., will resume operations for the man- handling of the building on or about Jan. 1 1926. The net rentable area
possession of the
ufacture of bus bodies.
will be over 28.200 sq. ft.
George B. Caldwell. of Tarrytown, N. Y. has resigned as President of
-These bonds will be secured, in the opinion of counsel, by first
Security.
the Springfield Body Corp. to take effect July 1,and the offices of the cormortgage on the land and building owned in fee, having frontages of about
poration will be moved to Springfield. Mass.
-V. 116. p. 85.
124.8 ft. on Greene St. and about 75 ft. on Prince St., comprising a total
ground area of about 9,985 sq. ft. The property has been independently
South Porto Rico Sugar Co.
-New Subsidiary.
appraised as having a value substantially in excess of this loan. Adequate
South Porto Rico Sugar Co. Trading Corp.. of N. Y., has been organized fire, liability, and rent or rental value insurance will, at all times, be carried
with a capital of $1,000.000, as a subsidiary of the South Porto Rico Sugar payable to the trustee, as provided in the mortgage.
Co. of New Jersey. None of stock will be offered to public, being held 1Doy
-The U. S. Government has contracted for a lease of the entire
Earnings.
parent company. The new corporation will operate in New York State as a building, for a period extending beyond the maturity of these bonds, at an
purchasing agency for the parent company, and Central Romana, Inc., an annual rental of $27,500. The annual cost of operation, including maintenaffiliated corporation. Rounds, Hatch, Dillingham & Mead, 62 Cedar ance and taxes is estimated not to exceed $5,500. leaving available for
-V. 119, p. 2173.
St.. New York City, are counsel for corporations.
interest and sinking fund $22.000, as compared with maximum annual
charge of $14.000.
Southern Brighton Mills.
-Trust Co. Interest
-Bonds Offered.
The contract with the United States Government grants the Post Office
of the
of Georgia, Atlanta, are offering at 100 and int. $500,000 Department an option to purchase this property, on the expirationsinking
lease, at $275,000, at which time as a result of the operation of the
1st Mtge. 7% Guaranteed Gold bonds.
outstanding $120,000 principal amount of this issue.
fund, there will be
Dated June 11925. due June 1 1940. Interest payable J. & D. at Trust The contract provides when two additional stories for increased post office
Co. of Georgia, Atlanta, Ga., trustee. or Chase National Bank. New facilities are required, that such additional floor space will be furnished at
York, without deduction for normal Federal income tax up to 2%. Denom. commensurate rates.
$1,000 and $500 c*. Authorized $1,000.000. Callable all or part on any
int. date on 60 days' notice or for sinking fund at 105 and int.
-Balance Sheet Jan. 31.Stern Brothers.
-Recently chartered in Georgia, is to be operated as a subCompany.
1924.
1925.
1924.
1925.
sidiary of the Brighton Mills, of New Jersey, The Southern plant will
$
Liabilities$
be placed on tire fabric, and will be a complete unit doing its own spinning
-Assets
503,628 8% cum. pref. stk. 2,779,600 2.779,600
and weaving. Company owns approximately 800 acres of land on the Flat., mach., &c. 411,013
653,912 Common stock__ 7,500,000 7,500,000
537,699
main line of the Southern Ry. about 7 miles north of Rome. Ga.
Cash
695,067
Accounts payable_ 718,618
-Proceeds will be used to cover part of the new plant, which Trade accounts dr
Purpose.
with about 175.000 sq. ft. of floor space will contain 25,000 ring spindles
notes receivable 1,583,151 1,632,581 Customers' depos.
32,286
32,935
and ad vance.s _ _ _
64,594
55,395
and 10.000 twister spindles, with an output of 4.500,000 lbs. of tire fabric Other accts. rec.__
160,000
3,092,998 2,955,441 Res.forFed.inc.tax 159,730
per year.
Inventories
37,454
27.402
-Unconditionally guaranteed as to principal, interest and Pref. stock reacq_x1,624,491 1,032,252 Pref. div. payable_
Guaranty.
y3,863,516 3,482,530
344,929 Surplus
277.454
sinking fund by endorsement of the Brighton Mills. which company has a Deterred charges
net worth in excess of $4.700,000, or over $9,400 per $1,000 of the above Trade name, goodbonds.
will and leases__ 7,499,600 7,409,600
Sinking Fund.
-Indenture provides for a sinking fund sufficient to retire
15,081,801 14,686,937
Total
$15,000 of bonds in each of the third and fourth years: $30.000 in each of
15,081,801 14,686,937
Total
the fifth to the ninth years, and $40,000 each year in the tenth to the
x 14,095 shares at cost, held for investment, in addition to the stock refourteenth years, inclusive; this sinking fund to be applied to the purchase
y Subject to determination of Federal taxes on
of bonds in the open market at not to exceed 105 and interest, or to call by purchased for retirement
income of prior years: Special surplus, as per amended certificate of incorlot at this price.
poration. $360,000; surplus out of which Prof. stock of a par value of $842.CapitalizationAuthorized. This Issue. 300 has been repurchased for retirement (at a premium) in anticipation of
First Mortgage bonds
$500,000 the terms of the amended certificate of incorporation. $3,503,516.
$1,000.000
7% Preferred stock (par $100)
-Contingent liability additional Federal income taxes, prior years
350,000
500,000
Note.
Common stock
750,000 estimated, $150.000.
2,000,000
The usual comparative income account was published in V. 120. p. 1470
Of the above Preferred stock. $100,000 has been subscribed and paid for
by the citizens of Rome. Ga. and $250,000 is to be taken by Brighton -V. 120. p. 2954. 2825.
Mills of New Jersey. All of the Common stock is to be owned by Brighton
Strawbridge & Clothier (Dry Goods). Phila.-Tenders.
Mills of New Jersey and will represent an actual investment of the value
of $750.000.
The Girard Trust Co., trustee, Philadelphia. Pa., will until July 31
-Year Sinking Fund
receive bids for the sale to it of First Mortgage 6% 20
Spanish River Pulp & Paper Mills, Ltd.
Gold bonds, due .1942, to an amount sufficient to exhaust $82,512. at
-Bonds.
-V. 120. p. 343.
prices not exceeding 110 and interest.
Seventy-two 20
-Year Gen. Mtge. Gold bonds, due March 1 1941 (aggregating $57,000) have been called for payment Aug. 1 at 107 and list, at the
-Tenders.
Ticonderoga Pulp & Paper Co.
Montreal Trust Co. at Toronto, Can.
-V. 119, p. 2658.
The Equitable Trust Co. of New York, trustee, will until July 31 receive
bids for the sale to it of 6% Refunding Mortgage Gold bonds, due Aug. 1
Standard Oil Co.(New Jersey).
-Not to Retire Preferred 1940, to an amount sufficient to exhaust $19.651. at prices not exceeding
Stock This Year.
105 and Interest -V. 110. p. 2574.
The company in its publication, "The Lamp," says: "There have
appeared in the newspapers recently several rumors to the effect that the
-To Create $25,221,500 Issue of 5%
Tide Water Oil Co.
company intended to call In the near future its 7% Pref. stock for payment.
Debt,
This rumor has no foundation in fact. Under the terms of its issuance the Pref. Stock-Proceeds to be Used to Retire Funded
stock could be retired in toto at $115 a share on any dividend date after &c.
-The stockholders will vote July 20 on in-Rights.
three years from the date of last issue. Under the terms of the stock offer
creasing the authorized capital stock by the addition of
She issue could not be retired before March 1926."-V. 120, p. 3077.
Standard Tank Car Co.
-Readjustment Plan.
-P. Murphy, Chairman of the board of directors, recently
Grayson M.
announced that the directors had been reconstituted in accordance with the
plan of readjustment adopted last February. and that other details of the
252,215 shares of 5% Cumul. Cony. Non-voting Pref. stock
(par $100.) Present capital consists of 4,000,000 shares
Common stock of no par value. Chairman R. D. Benson,
in a letter to stockholders July 8, says:
212
THE CHRONICLE
The board unqualifiedly endorses the proposed amendment to the
company's charter providing for the issueance of the Pref. stock. For some
time past the management has been considering the retirement of its
$12,000,000 6%% bonds maturing Feb. 15 1931. A step in this direction
was taken at the last annual meeting when the Common stock was changed
from par to no par value shares. The issue of the Pref. stock will now
permit the retirement to be carried out.
The board plans to offer for sale to the Common stockholders pro rata,
at par, the entire 252,215 shares of Pref. stock and the subscription by
the stockholders upon such offering has been underwritten by First Security
Co. of New York.
The funds to become available from the sale of the preferred stock
be sufficient to retire the funded debt and give it adequate capitalwill
to
carry out its program of development in its producing, manufacturing and
marketing divisions and at the same time provide additional liquid working
capital to meet the needs of its steadily expanding business. To state
the matter in another way, the company now has the opportunity, upon
advantageous terms, of putting itself at once in a financfal position which
It otherwise could only hope to attain by several years of steady progress.
The privilege will be given to the holders of the Common stock to subscribe, on or before Aug. 14, at par, to Pref. stock
basis of one
share of Pref. stock for each eight shares of the non on the
par Common stock
held July 24. In the case of any stockholder who has not exchanged his
par value certificate for the certificate for the non par value shares, the
right to subscribe will be on the basis of one share of Pref. stock for each
two shares of $100 par value stock held.
Subscriptions for the Pref. stock will be payable in cash and the subscriber will have the option of making payment either (a) in full on or
before Aug. 14 1925, or (b) in three installments, a first installment of
50
being payable on or before Aug. 14 1925, a second installment of
25% being payable on or before Nov. 16 1925, and a third installment of
25% being payable on or before Feb. 15 1926. Stock paid for in full on
or before Aug. 14 1925 will be issued on or as of Aug. 15 1925, and will
draw the cumulative dividends from Aug. 15 1925 at the rate of 5% per
annum. Stock paid for in installments will be issued on or as of Feb. 15
1926 and will draw the 5% cumulative dividends from Feb. 15 1926.
Interest at the rate of 5% per annum to Feb. 15 1926 will be paid by the
company on all installments previously received.
The subscription price is payable in New York funds to the company.
The warrants with the subscriptions must be delivered to the stock transfer
department of the company at its office. 11 Broadway. N. Y. City.
[The New York Stock Exchange has authorized the listing of 2,017;716
shares of Common Capital stock (without par value) on official notice of
Issuance, in exchange, for present outstanding Common Capital stock of
a par value of $100 per share on the basis of 4 shares of stock without par
value for each share ofstock of the par value of$100 per share, with authority
to add 127,608 additional shares of Common stock without par value,
making the total amount applied for 2,145.324 shares.1-V. 121, p. 88.
Times Square Auto Supply Co., Inc.
-Exchange of
Stock for Stock of Consolidated Distributors, Inc.,
See Consolidated 13istributors, Inc., above.
-V. 114. p. 2250.
Tooke Bros., Ltd.
-To Change Fiscal Year.
The shareholders have received the following notice from the company:
"Owing to the short period of time the company has had during recent
years to make complete delivery of their spring orders before stocktaking,
the directors have decided, beginning with the current year, to change the
date for the closing of the fiscal year from May 31 to June 30, and have by
resolution amended your by-laws accordingly, which amendment will be
submitted to you for confirmation at the next annual general meeting.
The directors wish to notify you of this change at this time, so that you will
understand the reason for the delay in publishing the financial statement,
which will cover a period of 13 months to June 30."-V. 119, p. 465.
Tulip Cup Corp.
-Acquires Plant.
-
James R. Murphy as auctioneer sold the former L. W. F. Engineering
Co.'s plant at 8th Street and 3rd Avenue, College Point, L. I., at auction
June 30 to Simon Bergman, President of the Tulip Cup Co.. on a bid of
$202,000. The sale was held by order of the U. S. District Court, Ernest
C. Whitbeck, receiver in equity. The plant, built during the war for the
manufacture of airplanes, covers about 222,000 sq. ft. of space.
-V. 120.
D. 3202.
Union Oil Co. of California.
-Earnings.
Approximate Resulls for the Quarter and Six Months Ended June 30.
[Vol, 121.
United Verde Extension
Month ofJune.
Copper output (lbs.)-__ 3.130,812
- 120, p. 2562, 2024.
V.
Mining Co.
-Output.
Magi.
April.
March.
3,625,252
3,810.358
3,368,904
Valvoline Oil Co.
-Balance Sheet Dec. 31.-
Assets1924.
Real estate, &c___$2,076,762
Equipment
461,335
Invest.In sub.cos. 140,657
Inter cos
1,968,900
Treas. bds.& mtge 131,250
Deferred accounts. 138,910
Cash
511,206
Liberty bonds__
Inventories
1,369,932
Accts.receivable._ 3,169,404
Bills receivable_ _.
5,797
-V. 119. p. 707.
1923.
Liabilities-1924.
1923.
$1,906,029 Preferred stock.__81,073,100 $1,093,800
381,220 Common stock__ 3,196,700 3,152,200
1,638,057 Funded debt
1,857,000 1,929,000
Reserves
352,390
310,993
208,161 Deferred accounts
42,108
25,312
171,676 Notes payable_ _
340,000
1,076,716 Accounts payable_
81,791
114,038
92,000 Profit & loss surp_ 3,031,074 2,874.145
1,208,658
2,570,650
248,321 Total(each side).-$9,974,153 $9.499.488
Vermont-Beverly Realty (J. C. Casler).-Bonds Offered.
Drake, Riley & Thomas and Stevens, Page & Sterling, Los
Angeles, are offering at 10134 and int., yielding 6%,
$350,000 1st Mtge. 7% Gold bonds.
Dated May 11925: due May 1 1928. Prin.
&
at the Title Guarantee & Trust CO., Los Angeles, int.(M. & N.) payable
Calif., trustee. Callable
at any time on 30 days' notice at 103 and int.
These bonds are secured by a first closed mortgage
on the property
as the Vermont
-Beverly Trust Estate, consisting of 105 lots entirelyknown
zoned
for business purposes, located one block east
2% miles west from the Los Angeles County of Vermont Ave. and about
Court House, on a direct line
between that point and Hollywood.
The property pledged as security to this loan
appraised as having the following conservative has been independently
improvements (original cost in 1921, $150,000), value: Land, $966,348;
appraised for purposes of
this loan, $35.000: total value of security,
$1.001.348.
Virginia Carolina Chemical Co.
-Foreclosure &c.-
Federal Jude Runyon at Newark has signed an order permitting
the
Central Union Trust Co.. New York. as trustee under
a first mortgage to
file an amended and supplemental bill for
foreclosure of that mortgage.
No active steps had heretofore been taken looking
property
the
covered by the mortgage and this move,is is said,to a sale of thedirection
is step in that
and ultimately to reorganization of the company.
The amended and supplemental bill sets forth that on
under the first mortgage declared the principal of the June 17 the trustee
by the
mortgage to be due because of interest defaults as to bond covered installsinking
ments. The bill also set forth the sale of pledged securities,fund
namely, the
Virginia Carolina holdings in Southern Cotton Oil Co.,
of the Kuxen stock in German potash companies for for $8.875,000 and
$1,250,000. It asks
that the amount due on the mortgage should be
ascertained and the properties it covers be ordered sold.
It is stated that progress is being made in the formulation
of the Idan
of reorganization.
It is stated that there will be no assessments on the
various stocks as no
new money will be raised in the reorganization. On
it is
the
expected the stocks will be substantially scaled down in other hand, The
the plan.
$24,500,000 1st Mtge. 7s will be reduced about $10,000,000 by the paying
off of about $400 principal of each bond from proceeds of the sale Southern
of
Cotton Oil Co. and sale of phosphate properties in
Germany. This
reduce the face value of the bonds to less than $14,500.000.-V. will
120.
p. 3326.
Warner Bros. Pictures, Inc.
-To Build Theater.
-
This corporation is negotiatinf
oforoore in Chicago upon which to build
a
picture theater to seat 4.000
a
Warner Bros.1 .
e
8ctures, Inc., has
4
the Orphetun Theater at 110 and 112 South State St., Chicagosubleased
operate it, showing their own productions. The Orpheum has aand will
seating
capacity of 791.-V. 120, p. 2414.
Weber & Heilbroner.-Balance Sheet Feb. 28.
-
(Including Weber & Heilbroner and Brokaw Brothers.)
Assets1925-Quar.-1924,
1925
1925-6 Mos.-1924.
1924.
1925.
x Profit
$6,250,000 $5,800,000 $11,800.000 $11,400,000 "tido., fixtures,&c x$804.655 $826,646 7% Cum.Pf stk_ _ $923,000 $960,000
Res. for deprec. & deplet.,
Cash
492,742
621,976 Common stock_ _ .y3,177,580 3,177,580
cost of new drilling, &c
Acc'ts receivable
283,628
5,900,000
2,900,000 2,700,000
5,200.000
272,721 Notes payable
714,184
Advances
47,912
181,419 Accounts payable- 174,317
188,698
Net profit
1,520,128 1,714,437 Salaries, depos.,&c 112,192
$3,350,000 $3,100,000 $5,900.000 $6,200,000 Inventories
76,308
x Profits earned from all operations less gen. exp., taxes (incl. income Investments
28,737
Dividends payable
14,261
91,326
Organization exp_
tax), interest charges, employees' shale of profits and provident fund.
6.856 Federal tax reserve
70,000
84,300
Goodwill
2 194,037 2,194,037 Preferred stock reProduction.
-Of crude oil by the company and controlled companies
approximates 7,600,000 barrels for the first 6 months of 1925, a decrease Deferred assets_ _ _
80,137
89,596
tirement reserve
113,975
over the same period last year of 100.000 barrels.
Surplus
572,700
889,259
Assets.
-Current assets as of June 30 amounted to $54,500,000 and
Total
current liabilities $8,800,000, leaving net working capital of $45,700.000.
$5,451,974 $5,887,688
Total
$5,451,974 $5,887,688
Oil inventories on June 30 amounted to approximately 25,000,000 barrels.
x After deducting $10,023 reserve for depreciation. y Represented by
Cash resources were approximately $13,600,000.
75,173 no par shares.
Mortgage debt in hands of public increased $4,113,500. Net increase in all
The usual comparative
Indebtedness during the six months was approximately $3,700,000.- - 120. p. 2282. 1759. income account was published in V. 120, p. 1759.
V.
V. 120, p. 2414.
United Bankers Oil Co.
-July 31 Coupon.
-
The company announces that the July 31 coupon payable to stockholders
amounts to 24 cents per share.
-V. 118, p. 563.
United Brokerage Co.
-Bond Issue.
-
Empire Trust Co. has been appointed trustee of an issue of $5.000,000
Collateral Trust 5% Serial Gold bonds. dated July 1 1925 and due serially
until July 1 1940.
United States Steel Corp.
-Un-Foreign Holdings
filled Orders.
See under "Indications of Business Activity" on a preceding page.
V. 121. 1). 88.
United Verde Copper Co.
-Loses Patent Suit.
-
Judge Woolley in the U. S. Court of Appeals June 29, filed a decision
holding that a patent owned by Pierce Smith Converter Co.for Bessemerizbig copper matter in a converter having a non-corrodible lining is valid.
He upheld Judge Morris of the U. S. Court of Delaware in issuing an
injunction restraining the United Verde Copper Co. from infringing the
patent, and ordering it to make an accounting to the plaintiff.
-V.
120. P. 1216.
Universal Pipe & Radiator Co.
-Listing.
-
The New York Stock Exchange has authorized the listing of 20,000
additional shares of Common stock without par value on official notice of
issuance in exchange for shares of its Preferred stock on the basis of one
share of Preferred for 2 shares of Common stock (time for exchange extended
to July 15). with authority to add not to exceed 30,000 additional shares
of Common stock on official notice of issuance in exchange for shares of
Preferred stock, making the total amount applied for 221,715 shares of
Common stock without par value.
Consolidated Income Account Quarter Ending March 31 1925.
Total earnings after deducting cost of operations, including repairs & maintenance & upkeep, exp. of sales & general offices,
doubtful accts. & adjustments of inventories
$89,434
Provision for int., taxes (except Fed,taxes), deprec.& depl., &c_
67,832
Net earnings
Surplus as at Jan. 1 1925
$21,603
$377.044
Total__________________________________
Dividend; on _____________ stock
$398.647
223,713
Profit and loss surplus
-V. 120, p. 3077.
(J. R.) Whipple Corp., Boston.
-Baker,
-Stocks Offered.
Young & Co. and L. Sherman Adams are offering in blocks
of 1 share of Pref. and 1 share of Common at 120 (and Prof.
div.) per block $2,000,000 7% Cum. S. F. Pref. (a. & d.)
stock and 20,000 shares Common stock (no par value).
An offering of $3,000,000 1st M. bonds is shortly to be made.
Pref. dividends payable Q.
-J. Callable, all or part, by lot on any div,
date on or prior to July 1 1928 at $110 and divs.; thereafter on or prior to
July 1 1929 at 109% and div.: thereafter on or prior to July 1 1930 at 109
and div., and so on, the premium diminishing % of 1% after July 1 in
each calendar year to July 1 1948. After July 1 1948 the stock Is callable
at par and div. Beginning July 1 1928 there shall annually be set aside
as a sinking fund to retire 'ref. stock the equivalent of not less than 10%
of the net earnings before depreciation and after dividends on the Pref.
stock for the preceding year, but in no case shall the amount set aside for
sinking fund be less than $25,000.
Company.
-Operates Hotel Touraine, Parker House and Young's Hotel.
-Proceeds of this financing will be used for the purchase of
Purpose.
the present Parker House property and the erection on this site of a thoroughly modern fireproof hotel of steel and reinforced concrete construction faced
with brick and limestone. The hotel will be the largest in Boston, containing 700 to 800 rooms, each room having a private bath. Charges will
be moderate, and service and cuisine will be provided by the present active
managers and staff of the J. R. Whipple hotels who have earned for these
hotels a world-wide reputation.
Capitalization on Completion of This Financing.
First Mortgage
$3,000,000
7% Cumulative Preferred stock (par $100)
2,000.000
Common stock (no par value)
:
5 00
.
ker 0 sh:
Est. Net Earnings. Allowing for AdtT1 Earns. from Enlarged Parker Hous
Net operating profit
$575,330
First Mortgage interest
165 0 0
7 ,3 3
5 8
Balance
$410,330
Preferred dividend
140,000
Balance for amortization, depreciation, &c
$270.330
Whitney-Hollinger Co., Detroit.
-Bonds, ctc., Called.
All of the outstanding Convertible Mtge. 7% Gold bonds. due Dec. 15
1932, and the 1-Year 7% Secured Gold notes, due Oct. 15 1925, have
been called for redemption on or about July 10 at par and int. at the Michigan Trust Co.. Grand Rapids, Mich.
-V.115. p. 555.
$174,933
For other Investment News, see page 215.
213
THE CHRONICLE
JULY 111925.]
gleports puma
e
nammnts.
THE MICHIGAN CENTRAL RAILROAD COMPANY
-FOR THE YEAR ENDED DECEMBER 31 1924.
SEVENTY-NINTH ANNUAL REPORT
PROFIT AND LOSS ACCOUNT.
To the Stockholders of
Balance to credit of profit and loss. December 31 1923
$47,905,794 18
The Michigan Central Railroad Company:
Additions:
The Board of Directors herewith submits its report for
Surplus for the year 1924
$9,880,253 72
Unrefundable overcharges
5,372 79
the year ended December 31 1924, with statements showing
Premium on sale of United States Governthe income account for the year and the financial condition
ment Liberty Loan bonds and Treasury
notes
12,205 64
of the company.
9,897.832 15
ROAD OPERATED.
The following is a comparative table of the mileage operDeductions:
ated:
Depreciation prior to July 1 1907 on equipMain line and branches owned
Line jointly owned
Leased lines
Lines operated under trackage rights_
Tota lroad operated
Comparison
1924
1923
Miles.
Miles.
Mile.
1,184.71 1,184.69 .02 Increase
.70
.70
577.71 .82 Decrease
576.89
99.57 .38 Increase
99.95
1,862.25 1,862.67 .42 Decrease
ment retiree during 1924
Road property abandoned and not replaced_
Adjustment of certain accounts 'with the
Director-General of Railroads not included
in the final settlement for the period of
Federal control
Uncollectible accounts
Various miscellaneous items (net)
157.803.626 33
846,075 17
320,961 04
315.632 75
97.706 04
26,427 91
806,802 91
The decrease of 82-100ths of a mile in leased lines is due Balance to credit of profit and loss, December 31 1924
$56,996,823 42
to removal of track at Paradise Grove on the Niagara Branch
OPERATING REVENUES.
of the Canada Southern Railway. The other changes in
mileage result from corrections in measurements.
The total operating revenues were $87,614,662 39, a deTHE YEAR'S BUSINESS.
crease of $7,183,379 65.
Freight revenue was $58,463,966 84, a decrease of $5,674„During the year the company moved 29,273,172 tons of
revenue freight and carried 4,744,091 revenue passengers. 713 70. The decrease in total revenue tons carried was 3,050,Compared with 1923, there was a decrease of 3,050,076 in 076. The falling off in bituminous coal carried was 2,189,778
tons carried. The greater part of this decrease in tonnage tons, or 71.79% of the total decrease.
Passenger revenue was $20,598,595 20, a decrease of $868,was in bituminous coal, due in large measure to the substantial use made by industries of coal stored prior to 1924. 06245. There was a decrease in total passengers carried
Lessened activity in the iron and steel industry is reflected of 247,359, a decrease in local and commutation passengers
In decreased tonnage of finished metal products and related of 288,128 being partly offset by an increase of 40,769 in
commodities. There was also a falling off in the tonnage inter-line passengers.
Mail revenue was $978,437 52, an increase of $50,305 25,
of automobiles and auto trucks handled. Lumber shipments decreased, largely as the result of building condi- mainly attributable to increase in traffic.
Express revenue was $3,957,000 38, a decrease of $468,tions. While the sugar beet crop was a good one, the company's tonnage of this commodity was adversely affected by 74347, due to a falling off in volume of business handled.
Other transportation and incidental revenues aggregated
the extensive use of motor trucks in moving it. There was
$3,616,662 45, a decrease of $222,165 28, which is largely
a decrease in passengers carried of 247.359.
accounted for by a decrease in demurrage, reflecting the
INCOME ACCOUNT FOR THE YEAR.
falling off in tonnage handled.
Year Ended Increase (+) or
Year Ended
Dec. 31 1924 Dec. 31 1923 Decrease(
Operating Income1,862.25 Miles 1,862.67 Miles
-.42 Mile
Railway Operations:
Operated.
Operated.
Railway operating revs_ _187,614,662 39 $94.798,042 04 -$7,183,379 65
Railway operating exps_ 62,159.524 30 67,639,531 88 -5,480,007 58
OPERATING EXPENSES.
The following table shows the operating expenses by
groups for 1924 compared with those for 1923:
GroupMaintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous
-(.40) General
-$30,953 39 Transportation for investment-credit
+155,215 41
Total
Net revenue from railway operations
$25,455,138 09 $27,158,510 16 -11,703,372 07
Percentage of expenses
to revenues
(70.95)
(71.35)
Railway tax accruals_ __ _ 15,584,590 38 15,615,543 77
Uncollectible railway revenues
30,515 20
*24,700 21
Railway oper. income319,840,032 51 $21,567,666 60 -$1,727,634 09
Equipment rents, net
debit
Joint facility rents, net
debit
$62,159,524 30 $5,480,007 58
*Increase.
The decrease of $3,662,185 06 in expense for maintenance
$312,265 52 81.619,00235 -$1,306,736 83 of equipment is due in part to the falling off in traffic and
542,483 65
-18.005 23 in part to heavy expenditures in 1923 to put the company's
560,488 88
Net railway operating
$18,985,283 34 $19,388,175 37
income
Miscellaneous operations:
Revenues
Expenses and taxes
Decrease.
Amount.
111,177,679 27 1239.296 27
16,457,962 21, 3,662.185 06
'46.37073
1,250.026 26
30,4:4,421 07 1,726,2b4 80
*29,884 51
996,459 19
*94.905 88
1,877,830 45
23,392 57
94,854 23
locomotives and cars into the most efficient condition.
The decrease of $1,726,29480 in transportation expenses
Is caused mainly by the smaller volume of business. A de+846.13443 crease of $1,142,638 34 in charges for fuel reflects not only
+77,863 94 a reduced consumption but also a lower average price per
ton.
--$402,892 03
$420,948 72
387,868 26
8374.814 29
310,004 32
133,080 46
164.809 97
-831.72961
RAILWAY TAX ACCRUALS.
Total oper. income_119,018,363 80 119,452,985 34
-$434,621 54
Railway tax accruals were $5,584,590 38, a decrease of
$30,953 39. While accruals for United States income tax and
Canadian war tax were $605,671 51 less than in 1923, there
were increases in real estate and other taxes amounting to
$574,718 12. Assessments for real estate taxes were higher
in all States in which the company's lines are located.
Miscellaneous operating income
Non-Operating Income
Income from lease of road_
a$75.086 71
$1000
163,125 40
Miscellaneous rent income_
171,403 50
Miscellaneous non-operating physical property_ -71,960 79
84.984 92
Dividend income
598,954 50
489,881 21
Income from funded securities
143,474 78
77,713 80
Income from unfunded securities and accounts__ _
552,454 06
276,303 24
Miscellaneous income
a156.856 18
3.664 29
Total non-operating income
11,103,960 96 $1,298,026 64
+175,096 71
+8,278 10
+13,024 13
-109,073 29
-65,760 98
EQUIPMENT AND JOINT FACILITY RENTS.
-276.15082
Net debit to equipment rents decreased $1,306,736 83, due
+160.52047 In
part to the decrease in traffic and in part to the earnings
-1194.065 68 on foreign roads of additional freight cars put in service.
Gross income
$20.122.324 76 120.751.011 98
Deductions from Gross
Income
Rent for leased roads
12,734,781 88 12,736.451 16
Miscellaneous rents
4,507 84
4,256 90
Miscellaneous tax accruals..
21,496 50
15,104 14
Interest on funded debt_ _ _ 3.541,24542 3,201,121 03
440,061 62
5,869 75
Interest on unfunded debt_
Amortization of discount on
177,927 00
155,564.98
funded debt
Maintenance of investment
1,781 95
1,775 30
organization
Miscellaneous income
20.222 20
7.187 35
charges
Total deductions from
$6,494,791 04 $6.574,563 98
gross income
-1628,687 22
$13,627,533 72 $14,176,448 00
Net income
Dispostion of Net Income
Dividends declared (2070_
3.747,280 00 $3,747.280 00
1
each year)
Surplus for the year carried to profit and loss_ $9,880,253 72 $10,429,168 00
•Credit balance. a Debit balance.
-$548.914 28
Separate tables setting forth details of equipment and joint
facility rents will be found in another part of this [pamphlet] report.
,669 28
NON-OPERATING INCOME.
+$250 94
+6,392 36
Non-operating income was $1,103,960 96, a decrease of
+340,12439
-434,191 87 $194,065 68.
+22,362 02
-6 65
-13.03485
-879.77294
-$548,914 28
The increase of $75,096 71 in income from lease of road
is due to the inclusion in 1923 of a debit adjustment of
accruals of interest in favor of the United States Railroad
Administration on additions and betterments completed
during Federal control.
The decrease of $109,073 29 in dividend income is due to a
lower dividend rate on the capital stock of the Detroit Terminal Railroad Company and the non-receipt of dividend
on the capital stock of The Toronto Hamilton and Buffalo
Railway Company.
The decrease in income from funded securities of $65,760 98 is due to the sale in January 1924 of United States
214
THE CHRONICLE
Government securities purchased as a temporary investment.
The decrease of $276,15082 in income from unfunded securities and accounts is mainly in interest on bank deposits.
The increase of $160,520 47 in miscellaneous income is
caused by a debit adjustment in 1923 in connection with
final settlement of the "guaranty period" claim against the
United States Government.
DEDUCTIONS FROM GROSS INCOME.
Deductions from gross income were $6,494,791 04, a decrease of $79,772 94.
Interest on funded debt increased $340,124 39, due to the
larger amount of equipment trust certificates outstanding.
Interest on unfunded debt decreased $434,191 87, mainly as
the result of the accrual in 1923 of interest due the United
States Railroad Administration up to the date of the settlement in that year.
NET INCOME BEFORE DIVIDENDS.
The net income of the company was $13,627,533 72, a decrease of $548,914 28.
DIVIDENDS.
Dividends declared and charged against income of the
year were as follows:
Date Declared.
June 11 1924
Dec. 10 1924
Date Payable.
July 29 1924
Jan. 29 1925
Rate Per Cent.
10
10
Total
Amount.
$1.87.1.640 00
1,873.64000
20
$3.747,280 00
NET CORPORATE INCOME.
After charges for dividends there remained a
surplus
$9,880,253 72, which was carried to the credit of profit of
and
loss.
CHANGES IN FUNDED DEBT.
The changes in the funded debt of the company, in detail,
were as follows:
The funded debt outstanding on December
31 1923 was___ _$75,361.308 28
It has been increased as follows:
N T C Lines Equipment Trust 5 per cent certificates of June 1 1924
$3,495,000 00
N Y C Lines Equipment Trust 451
certificates of September 15 1924 Per cent
2.595.000 00
6.090.000 00
and has been reduced as follows:
$8145130828
Payments falling due during the year and on
January 1 1925 on the company's liability
for principal Installments under equipment
trust agreements as follows:
NYC Lines Trust of 1110, January
1
N Y C Lines Trust of 1912, January 1 1925_ - $393,960 40
N Y C Lines Trust of 1913, January 1 1925-- 151,710 90
1925.- 262,359 54
M 0 it It Trust of 1915, October 1 1924
300,000 00
M 0 II R Trust of 1917, March 1 1924
600.000 00
Trust No. 48 (1920). January 15 1924
346.400 00
MO R R Co proportion of NYC R R
Co
Trust of 1d211, April 15 1924
467.664 75
Y C Lines Trust of 1922. June 1 1924
373,000 00
NYC Lines 4)4 per cent Trust of 1922.
September 1 1924
51,000 00
NY C Lines Trust of 1923. June 1 1924
632,000 00
NEW ARCH BRIDGE OVER NIAGARA RIVER AT NIAGARA FALLS.
The new double-track steel arch bridge spanning the
Niagara Gorge, replacing the old cantilever bridge constructed in 1883, was completed during the year and turned
over for operation early in 1925. This project includes approach spans and bridges over streets on both the American
and Canadian sides of the Niagara River. Under the terms
of the grant for construction of the bridge from the Canadian and American Governments, the company is required
to take down the old cantilever bridge, including the piers,
within two years after the completion of the new structure.
It is planned to commence this part of the work early in
1925. The total cost of the new bridge and related work is
approximated at $2,438,000, distributed as follows: charged
to Niagara River Bridge Company's capital account $1,471,300, credit to Canada Southern Railway Company's capital
account $80,300, and charged to operating expenses $1,047,000. This company will be relieved of a part of these operating expenses, incident to the retirement of the old bridge,
by the Pere Marquette Railway Company which uses the
line under a trackage contract. In the front of this [pamphlet] report will be found an aerial photograph of the
bridge taken during its construction, and on the opposite
page a near-by photograph taken at the time the first train
crossed it.
CONSOLIDATION OF RAILWAYS.
In the report for 1923, attention was called to the pendency of the proceeding before the Interstate Commerce
Commission for the consolidation of the railways of the continental United States into a limited number of systems
and reference was made to the manner in which such proceeding might affect the Interest of the New York Central
Lines. It was stated that the taking of testimony by the
Commission was concluded in December 1923.
The case was argued and submitted in January 1924. No
report has yet been made by the Commission. However,
the subject of the grouping of the railroads has continued to
receive the consideration of the Commission and of railroad
managements.
Among those called upon to deal with the subject there is
a growing appreciation of the difficulty of making, in adNance of any consolidations, final plans for the allocation of
all the railways of the country, and there are those who
advocate an amendment of the law which will permit the
Commission to approve specific consolidations in harmony
with the general purposes of the law in advance of the promulgation of all-inclusive plans.
AUTOMATIC TRAIN CONTROL.
3,578,095 59
leaving the funded debt on December 31 1924
a net increase of $2,511,904 41.
[VOL 121.
$77,873,212 69
CAPITAL STOCK.
The capital stock of the company remained unchanged
during the year, the total amount authorized and issued
being $18,738,000.
NEW YORK CENTRAL LINES EQUIPMENT TRUST OF 1924.
This trust was created by agreement dated June 1 1924,
to which The New York Central Railroad Company, The
Michigan Central Railroad Company, The Cleveland Cincinnati Chicago and St. Louis Railway Company and The
Cincinnati Northern Railroad Company are parties. Under
the trust $25,050,000 of 5% equipment trust certificates maturing in equal annual installments of $1,670,000 over a
period of fifteen years were issued, representing approximately 75% of the cost of the equipment leased by the
Trustee to the railroad companies. The equipment allotted
to this company under the trust, costing $4,697,728 45, consists of 15 Mikado locomotives, 10 switching locomotives, 15
coaches and 1,000 auto box cars. The certificates are prorated among the railroad companies In proportion to the
cost of the equipment allotted to each, this company's share
being $3,495,000.
NEW YORK CENTRAL LINES FOUR AND ONE-HALF PER CENT
EQUIPMENT TRUST OF 1924.
The bids which were requested during the latter part of
1923 for the installation of automatic train control upon a
division each of the lines of this company, the New York
Central Railroad, the Boston and Albany Railroad, the
Cleveland Cincinnati Chicago and St. Louis Railway and
the Pittsburgh and Lake Erie Railroad were received and
considered, and as a result contracts for the purchase of
materials for the installation of the General Railway Signal
system upon a division each of the Michigan Central Railroad, the Boston & Albany and the Cleveland Cincinnati
Chicago and St. Louis, the Sprague system upon a division
of the New York Central and the Union Switch and Signal
system upon a division of the Pittsburgh and Lake Erie were
made in March, the materials to be purchased from the
manufacturers of the designated devices and the installations to be made by company forces in each instance. Work
proceeded and at the close of the year upon this company's
line twenty miles of double-track had been installed and
three engines had been equipped. Upon the New York Centrad twenty miles of double-track had been installed and
were in operation with fifteen engines.
The order of June 13 1922 of the Interstate Commerce
Commission, fixed January 1 1925 as the time for a full
division installation upon each of these roads and other
roads of the country. That time was, upon application, extended to July 1 1925.
On January 14 1924 the Interstate Commerce Commission
made a further order requiring the installation of automatic
train control devices upon a second division of each of the
above roads, but no work has been done under that order.
Up to the close of 1924, this company had made expenditures or was committed to future outlay for automatic train
control to the extent of approximately $81,000.
PROPERTY INVESTMENT ACCOUNTS.
Increases in the property investment accounts for the
year, as shown in detail elsewhere in this [pamphlet] reThis trust was created by agreement dated September 15 port, were as follows:
1924, to which The New York Central Railroad Company, Road
$2,895,326 92
Equipment
The Michigan Central Railroad Company and The Cleve- Improvements
9,565.470 16
on leased railway
101,741 67
land Cincinnati Chicago and St. Louis Railway Company Miscellaneous physical property property
47,730 72
are parties. Under the trust $20,955,000 of 41
h% equipment
Total
$12,610,269 47
trust certificates maturing in equal annual installments of
$1,397,000 over a period of fifteen years were issued, repre- NEW RECEIVING AND
CLASSIFICATION YARD AT NORTH TOLEDO.
senting approximately 75% of the cost of the equipment
The new northbound yard at the Ohio-Michigan State line
leased by the Trustee to the railroad companies. The equipment allotted to this company under the trust, estimated to just north of Toledo was completed and put in operation in
cost $3,468,059 40, consists of 5 Pacific passenger locomo- September, greatly facilitating the handling of traffic
tives, 3 dining cars, 20 baggage cars and 1,000 box cars. The through the Toledo gateway.
certifieates are prorated among the railroad companies in
EXTENSION OF ENGINE HOUSE FACILITIES.
proportion to the cost of the equipment allotted to each, this
The development of the automobile and.allied industries
company's share being $2,595,000.
at Lansing necessitated the construction of a new engine
JULY 11 1925.]
THE CHRONICLE
215
terminal on the Lansing Branch, a short distance north of int. $450,000 63% 30
-Year 1st Mtge. Sinking Fund Gold
that city, to house both road and switch engines. Additional Bonds, Series "A."
stalls were constructed for engine houses at West Detroit
Dated July 1 1925, due July 1 1955. Principal and interest (J. & J.)
payable at Old Colony Trust Co., Boston, and Merchants National Bank.
and Jackson.
Worcester, Mass. Callable on 60 days' notice either for the sinking fund
CHANGES IN ORGANIZATION.
or as a whole at 110 and int., on any hat, date on or before July 1 1935: at
1073 and int. after July
The Board records, with deep regret, the death on March 8 and interest thereafter. 1 1935, and on or before July 1 1945, and at 105
Denom. $1,000. $500
.
Colony
1924, of Alfred H. Smith, a Director and the President of Trust Co., Boston, Mass.,corporate trustee, andand $100 c5 Old Boston.
Harold G.Storke,
Mass., individual trustee. Tax exempt in Massachusetts, Connecticut,
the company.
New Hampshire, New York and Pennsylvania taxes refunded.
The Board further records:
Security d. Property.—The Y
-D Service Garage of Worcester, Inc., is a
Election of Patrick E. Crowley as a Director and Presi- Massachusetts corporation. It OWDB in fee 28,254 sq. ft. of land fronting
on Myrtle St. and Burnside Court, Worcester. A substantial building of
dent on April 9 1924;
3 stories and basement, of steel, concrete and brick, is now being built
Resignation of Robert S. Lovett as a Director and Member thereon. This building will contain about 113,000 sq. ft. of floor space.
Company will conduct
of the Finance Committee on December 10 1924 and election service business. The in this building a general garage and automobile
building will have storage capacity for 500 cars.
on the same date of Charles B. Segar to succeed Mr. Lovett and parking space for 100 cars on its roof.
Earninys.—Based on the report of accountants and of successful operators
in both offices;
of well known garages, the net earnings available for interest on this bond
Appointment of George A. Harwood as Vice-President in issue, should be $54,420 during the first year of company's operation;
$88,220 during the second year, and at least $124,020 per annum therecharge of improvements and development, April 9 1924;
Appointment, effective September 1 1924, of Oswald R. after. The interest requirements on this bond issue are $29,250 per annum,
Yellow Cab Manufacturing Co.—To Merge with Motor
Bromley, Freight Traffic Manager, William C. Douglas,
Assistant Freight Traffic Manager, and Edward W. Brunck, Truck Division of General Motors Corp.
-1615,000,000 Pref.
Stock to Be Distributed as a Dividend to Holders of Class H
General Freight Agent.
At a meeting of the Board of Directors held on April 9 Shares.—See General Motors Corp. above.—V. 120, p.3078.
1924, the By-Laws of the company were amended so as to
Yellow Truck & Coach Mfg. Co.—New Name, &c.—
enlarge and define the powers of the Finance Committee.
See General Motors Corp. above.
The directors of this new company are: John Hertz, Chairman; Irving
That committee has direction and control of the financial
affairs and investments of the company and, when the B. Babcock, Donaldson Brown, Edward N. D'Ancona, P. L. Emmerson.
Harrold E. Foreman, John L. Pratt, Leonard S. Flanaheim,F. J. Fisher.
Board of Directors is not in session, it has all the powers Paul H. Geyser. George A. Green. Pierre Dupont, Robert Lehman, Otto
W. Lehman, Charles
of the Board to manager and direct the business and affairs A. P. Sloan Jr., Otto A. McCulloch, John .J. Raskob, John A. Ritchie.
E. Stoll, A. It. Swayne, John R. Thompson and
of the company, in all cases in which specific directions shall William Wrigley Jr.
not have been given by the Board. The Finance Committee
Is empowered to select its own Chairman and at its meeting
CURRENT NOTICE.
of April 9 1924 appointed Albert H. Harris to that office.
—Lelard Swaner formerly of Leland Swaner & Co. and M. G. ChamberAppreciative acknowledgment is made to officers
'
employees of their loyal and efficient co-operation and and lain formerly of M. G. Chamberlain & Co., dealers in investment securities,
ser- announce the consolidation of their firms under the name of Swaner,
vice.
Chamberlain & Company, with offices in the Ezra Thompson Building,
For the Board of Directors,
143 South Main Street, Salt Lake City, Utah, to deal in general market
bonds specializing in Utah municipals.
PATRICK E. CROWLEY, President.
[For Comparative Balance
Investment News Columns.) Sheet, etc., see Annual Reports in
"
Wells Fargo & Co.—Balance Sheet.—
--Chatham Phenix National Bank and Trust Company has been
appointed Coupon Paying Agent for $1,000.000. The Realty Bond &
Mortgage Company, First Mortgage Collateral 6% Bonds, Series "B."
and for $400,000. Greenbrier Joint Stock Land Bank of Virginia. 5%
Farm Loan Bonds, due October 1 1964.
The following is a statement of conditions
—Ross Beason and Company, Salt Lake City, Utah, announce the
as of May 15 1925, after accomplishing distributions voted Feb.
Bond Department to specialize in Utah and Idaho
6
(V.119, p. 707). and May 14 1925(V. 1923 (V. 116, p. 627). Aug. 7 1924 opening of a Municipal
120. P. 2562)(market values shown municipal securities under the management of J. F. Sullivan who was
are as of May 15 1925):
Assets—
formerly connected with the municipal bond department of the United
Liabilities—
a Real prop. & equipin't_
-$101,993 Capital stock (239,674 shs.) $239,674 States National Co., Denver, Colorado.
Stocks (market value)
84,332 Accounts payable
Bonds(market value)
—Andrew W. Stewart of Andrew W. Stewart & Co., bond dealers of
654.827 b Federal taxes payable__ _- 224,403
17.444
Notes (market value)
organized the Investment Bond & Share Company.
4.500 a Reserve for suits
225.000 Pasadena, Cal. has
Cash
87.517 Profit and loss balance
It will have offices in the Van Nuys Building, Los Angeles. Cal., and will
Accounts receivable
238.739
12,091
deal in general market bonds, specializing in Investment Trusts. Circulars
Total
will be sent on request.
$945,260
Total
$945,260
a After re-valuation to estimated market
value. b This amount has been
—At the meeting of the Special Libraries Association held in Swampscott,
finally determined and assessed in
adjustment of 1917 Federal income Massachusetts
taxes. e This reserve is for liability
, June 14-26, Miss Margaret Reynolds was elected second
on
personal injury suits now pending.—V. account of loss and damage and vice-president
of the association and re-elected chairman of the Financial
120. p. 2829.
Group. Miss Reynolds is librarian at the First Wisconsin National Bank.
Wilkins-Rogers Milling Co., Inc.,
Washington, D. C. Milwaukee, Wisconsin.
—Bonds Offered.—Townsend Scott &
—Bruner & Simmons, Inc., Chicago, office layout specialists, announce
offering $150,000 1st Mtge. 6% Serial Son, Baltimore, are
ranging from 96.18 and int. to 100 and Gold bonds at prices the opening of branch offices in St. Paul, Cleveland & Atlanta. This firm
int., to yield from 6% has successfully specialized in laying out new offices for banks and Investto 6.4%, according to maturity.
ment Bankers in the Middle West.
Dated June 1 1925; due $10.000 annually
—The Guaranty$Trust Company of New York has been appointed
Coupons payable J. & D. Denom. $1,000 June 1 1926 to June 11940.
c5 Red. all or part at 1034
.
Corporaand int. on any int. date upon 30 days'
notice. Prin. and int. payable at Transfer Agentfor the Capital Stock of the Shattuck Denn Mining
Townsend Scott & Son, Baltimore. Int.
shares without par
normal Federal income tax not in excess payable without deduction for tion, consisting of an authorized amount of 1,000,000
of
district of Columbia taxes up to 53i mills 2%. State, city, county and value.
refunded. Mercantile Trust &
Deposit Co., Baltimore, trustee.
—William Jerome Butler has entered the investment business to operate
Data From Letter of President H. L.
under his own name with offices in the Title Insurance Building, Los
Wilkins, Dated June 16.
Security.—Secured by a first mortgage
Angeles, Cal.. and will deal in general market bonds and local stocks.
-TeatMing of
a lot of ground (23,338 sq. ft.) located at on all the property
the corner of K and Potomac Sts..
—Owing to proposed razing of building at 61-62 William St., the Bankers
Washington, D. C.,improved by a modern 7
building, grain elevators and warehouse -story reinforced concrete mill Loan & Investment Co. has moved its offices to 34 Pine St., New York.
with
equipment, &c., representing an investment of all necessary machinery, providing it with larger quarters in which to expand.
approximately $320,000.
The building was erected in 1922, and is run
—The Chatham Phenix National Bank & Trust Co. has been appointed
obtained from the Chesapeake & Ohio Canal. throughout by water power
Trustee under an Indenture covering an issue of Thirty East Fortieth
Company.—Incorp. in 1916 in Virginia. Is engaged in
the manufacture Street, Inc., Second Mortgage 6% Gold Bonds.
of flour, cornmeal,
ington" flour and poultry and dairy feed, &c. Principal brands,"Washand "Arlington" cornmeal.
—Bankers Trust Company has been appointed Agent of the Voting
arnings
.—Company has always been successful and for the
its net earnings available for
past 7
interest before depreciation and income Years Trustees of Common Stock and Registrar of the Preferred and Common
have averaged over $38,000 per
taxes Stock of Andersen, Meyer & Company, Ltd.
annum, or over 4 times the maximum interest charges on this
—The Empire Trust Co. has been appointed Trustee under an indenture
less than 2 timesissue. In no one year has the company failed to earn
interest
1924 the net earnings were on this issue, and for the year ended Dec. 31 of the New York Press Club securing an issue of $25,000 Mortgage Coupon
$63,540,
Purpose.—Proceeds will be used or 7 times the interest on these bonds. bonds, dated
July 11925. due July 11930.
In the rebuilding of the plant in to retire bank loans which were incurred
1922-23.
—The Bank of America, New York, has been appointed Registrar of an
Guaranty.—The prompt payment
of the principal and interest is guaranteed individually by
authorized issue of 175,000 shares $7, Dividend Series Preferred Stock of
and Samuel H, Rogers,endorsement on each bond by Howard L. Wilkins Associated
whose net worth outside of the business is in excess
Gas and Electric Company.
( of the total bond issue.
—The Seaboard National Bank of the City of New York has been
Wilson & Co., Inc.—Notice of Time for Deposits.—
appointed Registrar of the Preferred and Common Stocks of Whaley
Holders of over 99% of the bank
Engine Patents, Inc.
Convertible bonds, over 81% of the debt to be adjusted, over 87% of the
—J. A. Bogle & Co., Salt Lake City, Utah, announce that their bond
Common stock have already assented Preferred stock and over 75% of the
to the plan and agreement of reorganization, dated April 2 1925 Attention is
department is now under the joint management of Philip D. Allison and
called to the
plan was declared operative on June 15 1925 the time fact that when the Donald E.
Penney.
of obligations and stocks to be adjusted under the planwithin which deposits
out penalty was extended to the close of business on might be made with—Kohn & Co. members of the New York Curb Market. announce that
July 15
The New York Stock Exchange has authorized the listing1925.
of certificates James J. Hopkins has been admitted to general partnership in the firm.
of deposit issued by Farmers' Loan & Trust Co.
—Irving Bank-Columbia Trust Company has been appointed Transfer
of Common stockof Wilson & Co., Inc., withoutrepresenting 96,024 shares
par
to add certificates of deposit for 106.195 shares of value, with authority Agent of the common stock of the Audit Manufacturing Corporation.
Common stock upon
official notice of issuance against the deposit of a like
amount of Common
—Lilley, Bllzzard & Company, Philadelphia announce the installation
stock.—V. 120, P. 3202. 2954.
of four new private telephones to New York—Canal 6426-7-8-9.
(F. W.) Woolworth Co.—June Sales.—R.E. Wilsey & Company, Chicago, announce that J. Charles Sullivan
1925—June-------1924.
has become associated with them in their sales department.
Increase. 1925-6 Mos.—I924.
Increase.
$17,920,420 $15,485,807 $2,434,613 4101295.541 $91,292,291
—W. H. Newbold's Son & Co. have removed their offices from 511
$10,003.250
Of the increase in June, the old stores contributed $1,599.143.
the first 6 months the old stores contributed $4,876,484 of the while in Chestnut St. to 1517 Locust St., Philadelphia.
gain.—
V. 120, p. 2954, 2414.
—R.F. DeVoe & Company announce that Robert E. Jordan has become
Y-D Service Garage of Worcester, Inc.—Bonds Offered. associated with the firm.
—James Talcott, Inc., has been appointed factor for the Lurie Woolen
—C. D. Parker & Co., Inc., Boston, are offering at par and Corporation.
[VoL 121.
THE CHRONICLE
216
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-DRY GOODS
-ETC.
-WOOL
-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."
Friday Night, July 10 1925.
COFFEE on the spot was dull and depressed on some days.
:
No. 7 Rio, 20c.; No. 4 Santos, 243/2 to 25c ; fair to good
Cucuta, 233/2 to 24c.; Medellin, 27 to 28c. Firm offers were
8c.
21 to 213' for No.4 Santos; No. 4 Bourbon, 20.85c.; No. 7
-Sept., 17.25c.
Rio's, prompt, 17.90 to 18c.; prompt, Aug.
Futures declined for a time, with cables weaker, cost and
freight offers irregular and more or less long liquidation.
On the decline some banking and importing interests are
said to have bought. On the 7th inst. prices again gave nay
with Brazilian shippers plainly anxious to sell. Rio closed
July 6 300 to 425 reis lower and opened on the 7th 475 to
325 higher; net 150 higher to 100 lower; the gain in nearby
positions was offset by lower rates for exchange. The rate
on London was 1-32 lower at 53/2cl. and the dollar rate 50
reis higher at 81960. Santos fell 675 to 1,000 reis. A
sharp rise at one time on frost rumors from Brazil was
followed by a reaction here on lower Brazilian cables and
Brazilian selling. The frost in Sao Paulo, it was said, was
light and did not damage. On the 9th inst. Rio fell 475 to
625 reis and Santos 325 to 850 reis.
Yet in spite of the fact that there have been no deliveries
against spot month coffee prices have recently fallen especially
on the near months. It is recalled that the more timid
shorts in July covered early in fear of a squeeze as a result
of the action of May when all tenders were quickly taken
and disposed of outside of the futures market. The stock
afloat from Brazil has noticeably increased and may fill up
any gap in the domestic port stocks. Brazil has lowered the
price of offerings of the actual coffee and this has been reflected in the world's markets. The prospects for a large
crop this season is supposed to point to a pressure of early
receipts on the spot or futures markets of the world. The
peak of prices, it is argued, has been passed. As some regard it, coffee is still too high. Production is outrunning
consumption. Prices are the highest in twenty years with
the exception of those in 1919, after which they fell into the
following year and a half some 13 cents. Even Brazilian
newspapers think prices are unwarrantedly high; that planters want too exorbitant a profit, and that it would be wise
to compromise with the consumer. The crops are late, but
Rio and Victoria have recently been offering coffee for
prompt shipment at lower prices. Hand-to-mouth buying
has been a formidable obstacle to the exactions of the coffee
growers. Manipulation in Brazilian markets has embittered
the consuming markets. Discounts on distant months are
called delusive; they still show an unquestionably high level
of prices. Prices at the opening of the season are exceptionally high. Usually coffee bought in June and July has
shown a profit in times gone by, but this year prices are
nearly 4 cents higher than a year ago and there are those
who look for lower quotations, especially as in the last six
weeks many of the trade have replenished their stocks.
The "Brazilian Review" says:
The congestion at the port of Santos shows no signs of improvement
and not until imports diminished appreciably can any change for the
better be expected. The volume of imports into Santos far exceeds the
capacity of the port. Although originally built for a greater turnover
than the then volume of trade, the enormous increase has exceeded the full
capacity. It was only to be expected that with an increase of 18.4% in
the turnover of volume of trade the port of Santos should be as congested
as it is. In 1913 the port and the Sao Paulo Railway were already utilized
to their full capacity, and as there has been practically no expansion of port
accommodation and increase in the carrying capacity of the Sao Paulo
Railway, congestion was inevitable. There is no doubt that steps must
be taken immediately to expand railway communications with Santos either
by granting further concession to the Sao Paulo Railway or by bringing
one of the other Sao Paulo lines to Santos by another route.
On July 8 the United States Coffee Mission returned to
Rio Janeiro after several weeks in the interior of Sao Paulo.
The members were much pleased at the result of their negotiations to obtain a satisfactory marketing system for coffee
between Brazil and the United States, allowing growers a
satisfactory profit, yet keeping prices low enough to avoid
a reduction in consumption in the United States, Brazil's
largest customer. Brazil is to take measure, it seems, to
increase, if possible, the consumption in this country.
To-day prices advanced with the general tone more bullish.
Shorts covering and talk of a movement to increase consumption in this country. And after all Brazil seems to have a
pretty good grip on the situation, whatever may be said to
the contrary or in• criticisms of its methods. Certainly
futures show a rise for the week of 20 to 80 points.
-In London on July 8, 17,000 packages of Indian
TEA.
teas were offered and 16,000 were sold. Prices were as
4
follows: Medium pekoes, is. 23d. to is.53 d.;fine pekoes,
is. 63/id. to 2s. 4d. Medium orange pekoes, is. 3d. to Is.
63/ad.; fine orange pekoes, is. 33/2d. to 2s. 5d. The tone
of the market was firm. Closing prices here were as follows:
SpotunofficiaI20 ©20%c September_ 16.69 ©16.70 I March _ ---13.75 © ---13.20© ---July
19.00©19.05]December _14.74 ©14.80 May
SUGAR.-Prompt Cuban raws fell to 2%c. on a quiet
market. Some 25,000 bags sold at that price mostly in port.
It meant going back to the old "low" for 1925. Refiners
trade, it is said, is unsatisfactory at 5.50 to 5.60e. Beet
refined was 5.50c. eastward to Buffalo-Pittsburgh. Some
8
Cuban holders seem to stick to 29/c. whether they can get
it just now or not. Later duty free surgars were offered more
freely at 4.27e., with sales, including 4,250 tons Phillipines,
due July 15, and 3,100 tons, due at an Atlantic port also
5,000 bags Porto Ricos, due July 15. One refinery paid
2 17-32c. (4.30c.) for 5,200 bags Cubas, loading this week,
with outport options, while an operator paid 4.34c.(2 9-16c.)
for 2,000 tons Phillipines, July shipment. Later of Porto
Ricos 20,000 bags also afloat, at 4.27c.; of Cuban 10,000 bags
in port to Federal at 23/2c., 20,000 bags, prompt shipment,
at 2 17-32c. of St. Croix; 1,500 tons, due middle September
at 4.33e. (2 9-16c.). Refined fell to 5.40c. prompt. On the
9th raw fell to 2 15-32c. after sales on the 8th of 75,000 bags
at 23/20. A late British quotation was 12d. Meanwhile
importers stock of raw sugar in warehouses continues to.
increase. It reached 918,351 bags. Some predict that
before long it will exceed 1,000,000 bags. The German beet
crop is improving. The Java crop will increase somewhat.
The Hawaii sugar crop, it is said, will probably exceed
estimates by 10%. The National City Bank estimates the
crop of Cubas sugar to June 30 at 5,036,141 tons compared
with 4,043,179 tons last year. There may be it is suggested
a further widening of differences, between September and
later deliveries, so as to cover carrying charges which,
including interest it seems amount to about 5 points a
month, without considering receiving and delivery expenses
of together 8 points based on membership rates. Meantime
memberships in the Exchange are up to $13,250 paid, a new
high level.
The estimated United States consumption for the first
six months of this year is 2,986,000 long tons, against
2,667,800 long tons during the first six months of last year.
Others say 3,049,000 long tons. Exports from Cuba to
countries other than the United States to June 27 increased
385,000 long tons over last year. Importers' stocks of raw
sugar in warehouses continue to increase daily. It reached
918,351 bags yesterday and predictions are that before long
stocks will be in excess of 1,000,000 bags. Receipts for the
week at Atlantic ports were 52,856 tons, against 101,777
last week, 97,609 last year and 31,123 in 1923; meltings for
the week, 64,000, against 74,000 last week, 71,000 last year
and 47,000 in 1923; total stock, 266,161 tons, against 277,305
a week previous, 218,634 a year ago, and 153,540 in 1923.
British refiners have reduced price of refined sugar 6d.
There have been sales of Cuban raws to United Kingdom at
12s., but there are no buyers at over us. 9d. American
granulated is offered at 16s. 6d. To-day prices of refined
was down to 5.35c. and raw seemed rather weak at around
2 7-16c. to 25/2c. Futures eased a point or two. The end
was 13 to 15 points lower than a week ago.
Closing prices here were as follows:
.54
Spot unofficial_2 15-32c. September__ _2.53© 2 1March
May
December _ - _2.67 ©
2.40@
July
.75
2 ©2
.76
2.84@
cash
LARD on the spot advanced with hogs higher and.
demand good. Prime Western, 18.15 to 18.25c.; Middle
Western, 18 to 18.10c.; city lard in tierces, 17%c.; in tubs,
17%©183c: Compound, carlots, in tierces, 13 ©13%c.
4
Refined pure lard to Continent, 185/2 to 183 c.; South
America, 193/2c.; Brazil, 203./2e. Futures advanced on
covering of shorts light receipts and advancing quotations
for hogs, good buying by packers and the rising cash business
also an encouraging feature. Later prices weakened some.
what with lower cables, dullness of cash trade, some liquidation, lower prices for hogs, which dropped 25 to 400. and
ended on the 7th inst. at $14 50 as the top. Chicagos
receipts were 93,000, againt 156,000 on the same day last
year. But later came a rally with grain stronger. On the
9th inst. prices were rather weak with heaviness in hogs and
corn. Commission houses were selling July lard, but bought
October. A large Government corn crop estimate was
expected. Hogs closed at $13 85, against $14 75 a few days
ago. Hog receipts were 82,000, against 151,000 hogs a year
ago. To-day prices advanced but closed practically unchanged for the week.
DAILY CLOSING PRICES
Sat.
cts HollJuly dellvwy
September delivery__ - _ day
October delivery
OF LARD FUTURES
Wed.
Tues.
Mon.
17.40
17.27
17.40
17.40
17.60
17.57
17.60
17.42
17.65
IN CHICAGO.
Fri.
Thurs.
17.35
17.22
17.42
17.52
17.65
17.42
PORK steady but quiet; Mess, $41 nominal; family,
-Cash, 19c. nominal;
$38 to $40; pork, $38 to $43. Ribs
basis 40 to 60 pounds average. Beef steady; mess, $19 to
$20; packer, $19; family, $20 to $22; extra India mess, $32
to $34; No. 1 canned corned beef, $2 75; No. 2, six pounds,
JULY 11 19251
THE CHRONTCLE
$17 50; pickled tongue, $55 to $60 nominal. Cut meats
irregular; pickled hams, 10 to 24 pounds, 223' to 26c.; pickled
bellies, 6 to 12 pounds, 26 to 27c. Butter, creamerylower
grades to high scoring, 373/ to 43c. Cheese, flats, 213/i to
273/ic. Eggs, fresh gathered, mediums to extras, 30 to
40%c.
-Linseed quoted at 95c. for spot-August in car
OILS.
lots; boiled and double boiled, quiet; tank, 92c.; car lots,
A
98c.; Cocoanut oil, Ceylon, barrels, 103 c.; Cochin 11%c.;
corn, crude, tanks, 11c.; China wood, spot, barrels, New
A
York, 133 c. Soya bean, crude, tanks, 12c.; lard, prime,
4
193/2c.; extra strained, winter, New York, 181 c.;cod,
domestic, 61 to 63c.; Newfoundland, 63 to 65c. Spirits of
turpentine, 98c. to $1 01. Rosin, $9 30 to $14 50. Cottonseed oil sales to-day were, with switches, 15,400 barrels.
P. Crude, nominal. Closing prices were as follows:
11.10011.301September-11.53011.541Docember _10.68010.69
Spot
11.15011.25 October ___11.37011.38 January_ _ _10.68010.74
July
August--11.28011.32 November_10.65010.75 February_ _10.68®i0.80
-Bulk gasoline has dropped again, with
PETROLEUM.
exporters indifferent and home demand none too pressing.
U. S. Motor is said to be available in some directions at as
low as 144c. in tank cars at the refinery. In tank ears
delivered to the local trade the quotation is 16e. a gallon.
The price in steel barrels to garages is 22e. a gallon, but it
seems that some factors are retailing it at 2c. below this
price. Cased gasoline is very quiet. Kerosene has been in
better demand; water white is 7%e. in tank cars delivered
to the trade and 63/ic. to 6%e. at the refineries. The tank
wagon price is 13e. Stocks on hand are ample. Gulf is
quiet, but firm, and water white 63c. a gallon in bulk.
Low cold test oils are dull and weak; gas oil in moderate
demand, and 36-40 is still quoted at 53 0. a gallon at the
/
refinery; 28-34 is 53'e. Supplies are moderate. At the
A
Gulf dark 32 plus is held at 47 c., transparent 5c. Wooster
crude advanced 10e. The Ohio Oil Co.'s price is now2.25.
New York refined, export prices; gasoline, cases, cargo lots,
U.S. Motor specifications, deodorized 30.65c.; bulk, 16.50c.;
export naphtha in cargo lots, 19.25c.; 62-63 degrees H.,
20.50e.; 66-68 degrees, 22e. Kerosene in cargo lots, cases,
16.40e. Petroleum, refined, tanks, wagon to store, 13c.;
motor gasoline, garages (steel barrels), 22e.; up-State, 22c.
The Humble Oil Co. advanced Currie 42 gravity and above
to $2 25; under 42, $2. The output of crude oil is still decreasing. Last week the daily average of combined heavy
and light grades dropped to 2,139,338 barrels a day, a reduction of 22,801 barrels daily, compared with the average
for the previous week. Most of the falling off occurred
in the light oilfields. To-day Mid-continent crude petroleum
advanced 23 cents, the range now being $1 40 to $2 68 for
44 gravity. Prairie Oil & Gas posted new prices and Sinclair
crude oil followed. Smackover output was increased to
170,297 barrels. Mid-continent gasoline was 13 cents, as
/
against 123 recently.
Pennsylvania
$3.80 Bradford
$2.02
$3.90 Illinois
Corning
2.25 Corsicana,light..
1.70
2.00 Crichton
Cabell
2.35 Lima
1.55
2.23 Plymouth
Somerset, light_ -- 2.60 Indiana
2.00
2.03 Motto
Wyoming
2.15 Princeton
2.02 Calif., 35 & above.. 1.65
Smackover, 27 deg. 1.30 Canadian
1.75
2.63 Gulf, coastal
Powell
2.00 Wortham
2.00 Richland
2.00
Buckeye
3.65 Eureka
3.75
Oklahoma. Kansas and Texas
Mid-Continent
$1.00
Bel w 30 deg
$1.35
Under 28 Magnolla
3032.9
1.55
2.25
33-35.9
1.80
39 and above
1.35
36 and above
2.00
Below 30 Texas Co
1.80 Caddo
33-35.9
Below 32 deg
1.70
42 and above
2.35
1.85
32-34.92.05
38 and above
RUBBER advanced early in the week sharply, nearing $1,
with London active, excited and 1% to 1 Md. higher. There
was a heavy reduction in stocks there. In other words,
the London stock was unofficially reported about 600 tons
smaller, making the total 4,535 tons at the end of last week.
The stock a month ago Was 5,456; a year ago, 51,096 tons.
On July 6, London prices were, spot, 41%d. to 413 d.;
A
July, 41d. to 413.d.; August, 40d. to 403 d.; September,
A
393d. to 3930.; October-December, 36d. to 363.d. First
/
latex crepe: spot, 40d.; July, 40d.; August, 39d.; September,
38%d.; October-December, 353 0. buyers. C.i.f. market
/
strong; June-July, 393d.; July-December, 353/2d.; buyers'
c.i.f. New York direct shipment from Singapore. Here
prices rose to 97e. on the 8th inst. in response to a sharp
advance in London. Sales are said to have been made at
that price, closing at 95 to 96e. with less demand late in the
day. Factories on that day bought nearby deliveries in
London in an excited market closing as follows: Spot,
46d. to 463.d.; July, 46d. to 463jd.; August, 44d. to 441id.;
/
September, 43d. to 433'd.; October-December, 403d. to
.
40M. First latex crepe: Spot, 443.d.; July, 443/2d.;
August, 43M.; September, 42%d.; October-December,
3
403'd.; buyers. C.i.f. market strong; July-August, 42d.;
August-December, 393/id.; buyers, c.i.f. New York.
In London on July 8 rubber for immediate delivery touched
443d. per pound (about 88 cents normally) on the exchange,
the highest since February 1916. The rise was traceable
to a decreased supply due to restriction of output from rubber
plantations and an imperative demand for rubber from manufacturers, especially in the United States and Europe. January and March were only 36d. The supply will be larger
at that time. At the Stock Exchange in London rubber
shares were active and higher. Here crude rubber rose to
new high prices for the year in response to the advance in
London. July ribbed smoked sheets went to 97 cents;
217
August to 92 cents. At Singapore on July 6 prices were
1% to 238cl. higher with brisk speculation and foreign buying.
/
Spot 383d.• July 38%d.; Aug.
-Dec.,
-Sept., 37%d.; Oct.
34%d. Abolition of the "spring dating purchase plan" was
'
decided upon yesterday by the executive committee of the
Tire Manufacturers' Division of the Rubber Association of
America in session here. A sub-committee was appointed
to devise a definite program for reducing the number of types
and sizes of tires for the purpose of cutting down the consumption of crude rubber. By doing away with this purchase
plan, it was said, the tire manufacturer would undoubtedly
make larger use of their current stocks of rubber. There is
a kind of "Save Rubber" drive. Conservation of raw rubber already in hand is relied upon by the tire manufacturers
as the only method to combat manipulation.
.
Later prices here were firm on the spot at 963'e. on ribbed
sheets and later deliveries rose le. First latex crepe spot
was 933 to 943'c.; July, 92 to 93c.; August, 88 to 89c.;
September, 85 to 86e.; October-December, 79 to 81e.;
January-March, 73 to 75c. Ribbed smoked sheets, spot,
96 to 96%c.;July, 94 to 95e.; August,89 to 90c.; September,
863' to 873'c.; October-December, 80 to 81c.; JanuaryMarch, 75 to 76e.; brown crepe thin, clean speeky, 75 to
76c.; No. 1 rolled, 75 to 80c.; amber No. 2, 75 to 88c.;
No.3,75 to 88e.; No.4,75 to 86c.; Para up-river,fine, spot,
75 to 77c.; Para up-river, coarse, 75 to 64c.; Island, fine,
75 to 68e. In London on July 9 prices were irregular, advancing and then receding. Turnover small and disposition
was to await developments from New York. Standard
plantation sheets: Spot, 46 to 46%d.• July, 46 to 46%d.;
August, 44 to 44%d.• September, 44 to 43%d.; Oetoner'
December, 40 to 414d. First latex crepe, spot, 443' to
A
/
4430.; July,. 443 to 443 d.; August, 433' to 44d.; September, 423' to 43d.; October-December, 393' to 40d.
C.i.f. market quiet. July-August,43d.; August-December,
40d.; buyers,c.i.f.New York direct shipmentfrom Singapore.
At Singapore on July 9 prices were 15 to 2%d. on a sharp
%
demand. Closing buyers' prices bids were as follows:
Spot,403'd.;July,41d.;August-September,403 d.; OctoberA
December, 373'd. To-day prices were up to $1, a rise of
3%e. in a day and in sharp contrast with 17c. a year ago.
The present price is the highest in nine years. In 1916
standard ribbed sheet reached $1 02 on the spot in February.
In 1910, to be sure, the price was up to $3 05 per pound.
HIDES have been quiet but firm with small supplies
partly the cause of restricted business. River Plate have
been quiet, with moderate supplies and prices firm. Orinoco
and Maracaibo, 20c. Packer hides quiet at 103.'c. to 14%c.,
the latter for native steers. Country hides have been dull.
In Chicago packers were active and rising; 10,000 June sold
at 16c. Independents quoted 155%c. for July, all weight
native cows and steers, but edging towards 16c. Country
extreme weights strong at 16c. for choice. Several dealers
asked 13c. for good buff weights, with moderate business at
123 c. Several tanners bid for buff weights at 12c., but
%
apparently there was little to be had at under 123.4c., and
even then some grubby hides are included. Heavy country
hides were dull at 11%c. to 12c. Calf-skins were quiet at
2534c. Tanners balk at that. Leather steadier with 18c.
to 20c. bid but apparently little obtainable at these prices.
OCEAN FREIGHTS have been steady, especially for
grain tonnage, with a fair demand for cargo tonnage.
-Steamer 2,364 tons net. July, Cuba to United KingCHARTERS.
dom-Continent, sugar, at 16s. Steamer 2,657 tons net. July. Hampton
Roads to Montreal, coal, at 95c. Steamer 1,178 tons net, prompt delivery West Indies, round trip time charter at Si 20. Steamer (American
tanker)4,485 tons net, July.crude oil, San Pedro to Boston,at 62c. Steamer 2,364 tons net. July 11 cancelling, Montreal to Antwerp-Hamburg,grain.
1434c.•, barley and oats lc. and 2c. more. Steamer 2,462 tons net, same
cancelling, same voyage, at 15c.; barley and oath at i3c. to 214c. more.
Steamer 4.254 tons net. July-Aug., North Pacific, lumber to Melbourne,
$14 50. Motorship, September, two North Pacific ports to two BrisbaneSydney range ports, lumber, $13 6214 part cargo. Motorship Neptunia.
September, part cargo case oil, two North Pacific ports to two BrisbaneSydney range ports, at $6 564. Foreign-Steamer Union, 3,818 tons net.
8.000 tons 10% prompt. San Lorenzo to United Kingdom-Continent, us.
3d.; Bristol Channel direct, 10s. 9d.. grain. Steamer Rio Azul, 2.513 tons
net. June-July, 6.500 tons grain, 10%. Buenos Aires to United Kingdom.
10s. 3d. or 2s. 6d. extra Mediterranean and 2s. extra Portugal. one port.
American tanker, July, Tampico to north of Hatteras, petroleum, 23c.
Steamer 2,341 tons net, August, Cuba to United Kingdom-Continent,
sugar, at 16s. Steamer 3.246 tons net. North Pacific to Pine-Newcastle
range, lumber, $14 25. Steamer, November, two ports North Pacific to
two ports Australia. lumber. $13 50. Steamer 3.659 tons net. July 31 cancelling, Montreal United Kingdom-Continent, grain, one port 13%c., two
Ports 14c.; option Genoa. 1514c.: option oats, 234c. more. Steamer 3,664
tons net. July 20 cancelling, Montreal to United Kingdom-Continent.
grain at 13;4c. Steamer 7.700 tons, 10%. Gulf to Greece, grain, 3s. 734(1.
one port, 38.9d. two ports, and 3s. 10;4d. three ports. Steamer 3,241 tons
net, North Pacific to United Kingdom-Continent,grain,32s.6d., previously
reported. Steamer 3.659 tons net, Hampton Roads to Montreal. coal,
prompt at 95c. Steamer 2.383 tons net, August, Hampton Roads, coal to
Rio at $3 50. Steamer 3.894 tons net. July, same to West Italy. coal, one
port $2 35,two ports $2 45.
TOBACCO has been in fair demand for wrapper and other
descriptions. Some of the reports on the cigar trade are
better. They say now that a larger business is being done
than a year ago. Wisconsin leaf has been firm owing to
scarcity and there is a fair demand. Connecticut packers
are ready with their holdings of Havana seed leaf and a fair
business is reported to have been done. A larger trade in
this description is predicted. Taken for all in all tobacco
while not at all active meets with a fair sale and as a rule
is reported steady. At Lexington, Ky. on the 6th inst. the
proposed new sign up was discussed. Delivery of the
fifteen million pounds of tobacco purchased earlier in the
month by the R. J. Reynolds Tobacco Company was
reported as having been completed. Washington wired
July 7 that the assistance of the State Department in overcoming the effects of a boycott which it is said is being
218
THE CHRONICLE
[Vol, 121.
Southern, Si
10. Oregon, Eastern No. 1 staple, Si 30
waged against American-made cigarettes by the Chinese, fine and fine 05 to Si combing, $1 20 to Si 25; Eastern clothing.to $1 35;
medium
El 05 to
has been sought by a number of domestic producers and Si 10: Valley No. 1, Si 105 to 51 10. Valley No. 1 Territory: Montana
and similar fine staple choice, Si 35 to Si 38: %-blook combing, $1 15 to
tobacco growers.
$1 20: 54-blood combing, Si 00 to Si 02; 3i-blood combing, 90c. to 2c
-Bituminous coal showed a downward tendency Pulled delaine, $1. 35 to $1 38; AA,51 30 to $1 35; A supers.$115 to $120.
COAL.
Mohairs: Best combing, 75c. to 80c.; best carding 65 to 70c.
at Hampton Roads. Quotations were said to be 25c. or
Later reports said that prices were steady, with 450. paid
more below the nominal prices. Anthracite has been steady
with a rather better business reported in some directions. for half-blood clips in Montana, 36c. for average Utah clips
Members of the anthracite operators conference met in and 46c. to 47c. in California for the best northern clips.
Philadelphia on the 7th to discuss the conference of operators In London on July 7 the fourth series of wool auctions of
and union miners in Atlantic City on July 9 to negotiate a 1925 began with a good attendance. Offerings 10,740
new wage agreement. The present contract between the bales, and all sold. Fine merinos were unchanged to 5%
United Mine Workers and the hard coal operators expires above the closing rates of the last auction. Medium and
Aug. 31. The miners demand 10% increase in the contract inferior merinos were quiet and in only moderate supply.
wage scale, $1 a day increase for all men paid by the day Crossbreds and the lower grades declined. In London on
.
'as
and complete recognition of the union. At the conference July 8 an excellent selection amounting to 10,500 bales Nc
on July 9 the operators rejected the demands, but offered to offered. Attendance was large. Demand increased. Fine
merinos sold as high as 4s. 6d.; medium merinos were irsubmit the questions to arbitration on the stipulation that
mining be continued after Aug. 31 pending a decision to regular. Crossbreds were steady and unchanged. On the
whole the sales do not appear to be turning out so badly.
which stipulation the miners would not agree.
In London on July 9 10,500 bales were offered and mostly
COPPER has been firm at 14c. delivered in the Valley, sold. Demand increased, especially for fine merinos; they
with a fair business. It is no slight matter that preliminary touched 54d. Crossbreds steady. Inferior grades dull.
estimates have placed the total surplus stocks on July 1 at with frequent withdrawals. Best Capes around 273'2.
only 170,000,000 pounds, the lowest total since the war. Details:
The American Brass Co. has marked up prices uniformly
New South Wales, 936 bales: Scoured merino, 30 to 48: crossbreds 20
greasy merinos, 19 to 36; crossbreds, 13 to 24c.; Queensland cross)ic. per pound, including bare copper wire. It is the first to 37; 30 to 45: greasy merinos, 22 to 37: crossbreds, 14 to 22c. NewZeabreds,
change by the brass companies for over a month. Copper land. 3,965 bales: scoured crossbreds. 14 to 3935c.; greasy merinos,15 to
300.: crossbreds, 12 to 23c. Cape
and brass scrap also moved up Nc. per pound. In the 30 to 44c.; crossbreds,22 to 36c.; Colony. 1,044 bales: Scoured merinos.
greasy merinos, 14 to 2234c.; crossbreds, 12
A
Middle West copper is said to be selling at 141 c. Exports to 1934c.
from New York were 930 tons, bringing the total so far this
London cabled that the dispute over wages in the wool
month to 4,860 tons. Arrivals at New York were 100 tons textile trade there had taken on a serious phase. The Naof ores from South America. Spot standard copper rose tional Operatives' Association will fight any cut in wages.
7s.6d. at London on the 8th to £61 2s. 6d.,futures advancing Nearly 250,000 operatives would be affected if serious trouble
5s. to £62. Sales were 200 tons of spot and 1,300 tons of should come. A sale will probably be held in Brisbane on
future. Electrolytic rose 5s. to £65 for spot and £65 10s. July 14 and 15, with an offering of 25,000 bales. Recently
for futures.
Buenos Aires was active at advancing prices. Montevideo
TIN advanced to a new high for 1925 on a big consump- firm and fairly active. Buying at country points in the West
tion here and higher London prices. Tinplate makers are active. From 46c. to 47c. seems to be about an average
working at 855, or 20% better than other steel men. June price in Michigan for medium clips. Ohio reports average
deliveries of tin, it is believed, approximate 5,000 tons, or prices as about 52c. to 53c.
1,000 tons larger than in June last year. Ninety-nine per
cent tin advanced %c. to 568 c. Tin arrivals this month
%
COTTON.
have been: Atlantic ports, 1,700 tons; Pacific ports, 75 tons.
Friday Night, July 10 1925.
Tin afloat is 6,153 tons. In London on the 8th inst. spot
THE MOVEMENT OF THE CROP,as indicated by our
standard tin was £1 7s. 6d. higher at £256; futures advanced
£1 5s. to £258 5s. Sales were 50 tons of spot and 650 tons telegrams from the South to-night, is given below. For the
of futures. Spot Straits moved up £1 17s. 6d. to £261. week ending this evening the total receipts have reached
Eastern e. i. f. London fell 15s. to £261 on sales of 250 tons. 18,245 bales, against 18,514 bales last week and 14,161 bales
LEAD has been in good demand at 83c. at the chief the previous week, making the total receipts since Aug.1 1924
Eastern points. In the New York district the price has been 9,109,260 bales, against 6,634,085 bales for the same period
8c. with less business than recently. At East St. Louis of 1923-24, showing an increase since Aug. 1 1924 of 2,475,175 bales.
8c. was quoted.
ZINC has been in only moderate demand at a rise of $1
Receipts atMon. Tues. Wed. Thurs. Fri.
Sat.
Total
a ton. Galvanized and brass manufacturers have been in
Galveston
806
---- 1,279
879
420
337 3,721
no hurry to buy at the rise. Exporters were bidding, how- Houston
185 2,185 2,001 2,150 6,521
ever. East St. Louis quotes $7 15 to $7 20. Galvanized New Orleans_ __ _
593
41 1,494
848
103
106 3,185
Mobile
47
17
____
64
sheets were firm. Zinc rose 3s. 9d. at London on the Savannah
39
351
98
240
698 1,424
3s. 9d. for futures. Charleston
8th inst. to £34 us. 3d. for spot and £34
341
749
534
299
402 2,325
Wilmington
3
_25
8 ___=
14
Sales were 400 tons of spot and 1,500 tons of futures.
Norfolk
257
25
43
59
iiii
685
18
STEEL, after three months of conservative and declining Boston
__18
--------------------- 27277
output, is, to all appearance as a rule, as quite as ever. Baltimore
The statistical position is better. That is the inevitable Totals this week- 1.399
681 4.091 41152 R MR 4260 18.245
result of curtailment. Production fell off in June 7% as
The following tab e shows the week's total receipts, the
compared with May. Talk is heard to the effect that July total since Aug. 1 1924 and stocks to-night, compared with
will prove to be the turning point. That remains to be last year.
seen. The steel business could stand a sharp turn to the
right. Some report an increase in new orders and June sales
Stock.
1924-25.
1923-24.
Receipts to
of the heavier products did increase over those for May.
This Since Aug This Since Aug
Ju.y 10.
But in general trade lacks real life. The U. S. Steel Corpo1925.
1924.
Week. 1 1924. Week. 1 1923.
ration is operating 65%, against 70% last week, owing to Galveston
61,677
36,647
3,721 3,623.689 1,482 2,824.907
the usual midsummer shutdowns,for repairs and inventories. Texas City
3
18,606
19
61,981
____
6,521 1,837,046
382 1,066,415
For two years past July sales have exceeded those for June, Houston
Port Arthur, &c_
and it is hoped that this will be the case this year.
78,882
New Orleans
3.185 1,901,677 8.763 1,345,566
60,590
Gulfport
PIG IRON was dull and more or less irregular. Southern Mobile
83,565
64 151,465 3,692
1,120
1,364
quotations are said to have fallen 50c. to $18 50, and this Pensacola
11,521
10,104
Jacksonville
25
4,252
3,854
224
1,779
price not uniformly bid. The composite price is therefore Savannah
1,424 620,295 2.311 441,954
11,909
31,238
down to $18 96, against $19 13 last week. Eastern Pennsyl- Brunswick
539
944
2,325 276,240 1,155 192,150
9,815
13,352
vania is nominally: $20 to $20 50 and Buffalo $19 to $19 50 Charleston
Georgetown
with the higher prices obtainable only for small lots. Rumors Wilmington
82 134.181
25 135,391
6,875
2,035
685 389.104 2,044 418,623
27,428
30,722
are current that $19 is shaded by Buffalo. There are reports Norfolk,
N'port News,
19
New York is buying a little more freely with some New York dm_
that
-50
23,727
17,636 117,315
41,459
18
38.501
475
business with Connecticut and New Jersey. But, as a rule, Boston
43,735
1,146
4,504
277
34.602
Baltimore
509
28,698
1,313
1,341
is little or no snap to the iron business. Coke has Philadelphia
there
1,045
7
1,313
3.655
3,426
in somewhat better demand; foundry, $4 25 to $4 75
been
Tntrals
1R.245 0.1119.260 21.177 R 824 nga 291 969 992 575
for ordinary brands at Connellsville.
In order that comparison may be made with other years,
WOOL was in the main quiet early in the week and not
remarkably steady awaiting the opening of the London sales we give below the totals at leading ports for six seasons:
on July 7th of 120,000 bales. There are 501,000 bales of Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
unsold old wool in Australia. The rail and water shipments
3,721
1,482
2,722
16,397
40,150
3,376
of wool from Boston from January 1 1925 to July 2 1925 Galveston__ -6,521
Houston, &c_
382
58
1,489
160
inclusive were 80,855,000 lbs. against 86,675,000 lbs. for New Orleans_
3,185
8.763
4.831
13,108
15,437
14,453
64
Mobile
3,692
170
672
2,201
448
the same period last year. The receipts from January 1 Savannah
1.424
2.311
4,397
4,282
15,020
1,979
1925 to July 2 1925 inclusive were 161,552,600 lbs. for the Brunswick
Charleston _ -2,325
1,155
3,042
2,178
778
144
same period last year. Boston quotations:
Wilmington_ _
25
82
2,957
362
2,899
Ohio and Pennsylvania fleeces: Delaine. unwashed 52 to 53c.: %-blood
combing, 54 to 55c.: %-blood combing, 53 to 54c.: fine unwashed 47 to 48c.
Michigan and New York fleeces: Delaine, unwashed 52 to 53c.; %-blood
combing. 50 to 51c.• %-blood combing. 52 to 53c.: 3i-blood combing, 50 to
51c.: fine unwashed, 44 to 45c. Wisconsin Missouri and average New
, -blood, 49c. Scoured basis:
England 3i-blood, 48 to 49c.; 54-blood, 50c.: 51
Texas, fine 12 months (selected) Si 35; fine eight months. Si 20 to Si 254
California Northern. 51 25 to $1 30; Middle County. $1 10 to Si 15
Norfolk
N'port N.,&c.
All others
685
295
1,266
1,167
3.304
Total this wk-
18,245
21,177
20,125
41.564
Sines Ana I
2,044
839
1.203
3,710
16
2,255
121
1,283
38
1,479
83,955
23,481
9.100.2110 6.624082 882.146 8,0111 281 6818 9686 765 269
JULY 11 1925.]
THE CHRONICLE
The exports for the week ending this evening reach a total
of 30,045 bales, of which 4,919 were to Great Britain,
7,496 to France, 7,510 to Germany,7,130 to Italy, and 2,990
to other destinations. In the corresponding week last year
total exports were 49,810 bales. For the season to date
aggregate exports have been 7,905,580 bales, against 5,480,844 bales in the same period of the previous season. Below
are the exports for the week:
Exported le—
Week Ended
Great
July 10 19.45.
Exports from— Britain. France
Germany.
Total.
------------1,427 8,934
------------6,338
2,150
--------869 7,071
780
299
____
____
-_—_
1.157
2,185
216
Total 1924
Total 1923
1.269
.___
__
7,496
7.510
7,130
--------2,990 30.045
2,787
2,041.
Total
- - 40Norflk
2,170
4.919
New York
900
2,001
2,425
862
Galveston
Houston
New Orleans_
Mobile
1,393 10,468 13,623 18.945
1,930 12.059
903
___
3.450
____
2.791
From
Aup.1 1924W
tierJuly 10 1925. Great
Exportsfrom- Britain. France. many.
Galveston__
Houston_ --Texas City__
New Orleans
Mobile
Jacksonville_
Pensacola
Savannah_ _ _
Charleston
Wilmington _
Norfolk
New York_
BOBt0/1
Baltlmore
Philadelphia.
Los Angeles.
San Diego-Ban Fran_
Seattle
Total
Japan&
Italy. Russia. China. Other.
704
____
1.190
4,805
2,594 49,810
1.454 19.487
Exported to—
Japan&
Italy. Russia. China. Other.
Total.
749,095 423,410 590,512 270,500 33.250 334,112 422,838 2,823.717
553,866 328,554 427,299 158,372 77.325 99,528 147.609 1,792,353
----------------16.794
___
8,034
474,690 90.522 236,944 188.204 1054311 136,815 121,772 1.354,583
8,78042,137 1.308 34,908
--------1.818
415
80,586
____
1,581
------------132
65
1,758
6,588
415 1.145
____
300
42
-_
_
8,490
203,582 8.831 219,505 6,820
____ 24,600 11,185 474,523
100,257
386 89.025---___ 28.900 19,304 237,872
36,866
____ 42,347 29.000
_
____ -— 108,213
122,24
435 117,446
--------4,000 .
2,500 246,626
159,592 40.657 106,498 53.009
---- 35,269 68,123 463,148
5.919
193
--------7.323
100
13,535
3
100
____
--------76
397
218
6.628
52
436
--------639
190
7.945
37,605 1,300
------------15.744
55,156
507
----------------600
23,21
23,811
____
5 111.962
84,111
152
-___ 83,959
- -2,532,405 895,970 1874357 706,870 216,411 375.284 804,283 7.905.580
Tot. 1923-24 1,668,000 712,625 1284352 524,280 136,020 574.938 580.631 5,480,844
Tot. 1922-23 1,283,175 612.812 926.458 471.219
290 623.219 582.821 4,479,594
NOTE—Exports to Canada.—It has never been our practice to include in the
table exports of cotton to Canada, the reason being that virtually all the
above
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
• on the Canadian border are always very slow in coming to hand. In view, however,
• of the numerous inquiries we are receiving regarding the matter, we will say that
'for the month of May the exports to the Dominion the present season have been
17.380 bales. In the corresponding month of the preceding season the exports
were 8,029 bales. For the ten months ending May 31 1925 there were 190.742
• bales exported, as against 135.311 bales for the corresponding ten months of 1923-24.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for—
Great
Get—
Other
CoastJu,y 10 at— Britain. France. many. Cont'nt. wise.
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
Other ports *
Total 1925_Total 1924._
Total 1923--
1,450
1,436
500
2,700
5,000 10,600
1,567 10,212
3.500
135
2.000
2.000
5,521
8,926
6.708
2.700 12.067 21.812
5,315 4,250 22,062
5.571
5.029 8.525
1,000
Total.
1,200 20,950
168 13,383
4,000
519
519
135
Leaving
Stock.
5,500
40.727
65.499
7,909
9,296
985
27.428
125.031
2,387 44,487
1,650 42,203
1.153 26.986
276,875
186,273
244.743
500
•Estimated.
Speculation in cotton for future delivery has been more
active at sharply rising prices. Concentrated buying in
two days early in the week was estimated at between 75,000
and 100,000 bales, said to have been done by powerful interests in Wall Street, uptown, Chicago and the South. Prices
rose in a few days some 140 points, mainly on drought in
Texas and scarcity of contracts. In other words, the
drought has not been broken. The central and southern
parts of that State have been practically as dry as ever.
The plant in those sections is said to be steadily deteriorating. In the Rio Grande Valley weevil and army worms, it
seems, are doing considerable damage. This aroused fears
for the eastern belt. In Texas a tract which produces
2,500,000 bales is believed to be seriously endangered by
the drought of nearly a year's duration. In some parts of
Texas the plant is blooming prematurely as usual in such
weather conditions. The weekly report made it plain that
any rains that have fallen have been ineffectual; they were
too scanty. Clearly, Texas needs copious rains. Even the
northern parts of that State are beginning to suffer for
rain. And so with Oklahoma. That State has been doing
well until now. The cotton there has not yet been seriously
damaged by the dry weather, but already it looks poor on
the uplands, while on bottom lands it is doing no more than
fairly. In Georgia, except in the southern part of the State,
progress has been slow and there is some premature blooming. Parts of Georgia need rain, though in others there may
have been rather too much. Certainly the danger of weevil
has been discussed in some quarters as a possibility. Parts
of Mississippi badly need rain. Nor has Louisiana had
enough, especially in the northwest. North Carolina needs
rain in the west. Meantime the plant the belt over faces the
critical months of July and August. It is almost always a
219
stern test. Usually there is deterioration in that period
more or less marked. It is a fact, too, that there are those
who think that the recent Bureau report put the condition
of the crop, the acreage and the size of the yield too high.
They assert that the total crop so far from reaching 14,339,000 bales, is more likely to fall below 14,000,000. Texas was
put at 4,273,000, which, indeed, was nearly 700,000 bales
less than the last crop there. Some are strongly inclined to
think that Texas will raise 1,000,000 bales less than in 192425 unless the great drought is speedily and very effectually
relieved. Meanwhile the spot markets have been steadily
rising. Curiously enough, Southern points have been trying
to buy the better grades at New Bedford. Exports have
died down very noticeably, but the total for all that is
steadily rising and is well above 8,000,000 bales, or much the
largest for years past.
Liverpool prices have on the whole acted strong, and Liverpool has at times bought here on a rather large scale.
Japanese interests have also been credited with buying quite
freely. Manchester on the whole sent unfavorable reports
early in the week as to the condition of its trade, but on the
other hand the forwardings from Liverpool continue to be
on a large scale, far larger than for some years past. New
Orleans, moreover, has bought heavily enough at times• to
attract attention. And naturally, the strong statistical position of the old crop is not entirely forgotten, even though
for the most part the trade is preoccupied with considerations in regard to the new one. It is feared that the carryover will be too small for safety for the third time in succession. If that proves to be so, it will, of course, give added
point to a highly interesting crop situation. Even though
the acreage exceeds anything ever before known, it is a
truism in cotton raising that it is not acreage alone that
makes the crop. In the long run the weather largely decides
its size. Meanwhile the noteworthy scarcity of contracts
is one of the outstanding factors of the situation here. That
alone had much to do with the marked advance in prices.
There are few or no hedges at this time of year to help replenish the supply. At the same time there has been no
big and widespread long interest to draw upon. There will
be no great amount of hedge selling here, it is believed, for
six weeks to come, and perhaps longer. Recently the bulk of
the supply of contracts had to come from short sellers. But
now there is plainly less disposition to sell short. The long
account has latterly increased in certain directions, but
there is no heavy and scattered long interest, and this fact
accounts largely for the sudden and sharp upturns from
time to time when shorts attempt to cover on drought or
other bullish news.
On the other hand, prices have advanced some $1175 a
bale from the low of June 2 and $7 from that of July 3.
That was considered a pretty sharp rise and the technical
position became weaker. On the big advance not a little of
the short interest had been eliminated. The long interest
has increased, though in general the outside public still held
aloof, preoccupied with its trading in stocks, grain, etc.
Neither Worth Street nor Fall River reported much improvement in business. Manchester reports were contradictory.
Some Were good; others bad. Some said the demand for
cloths was better and that yarns were steadier; others
that both were dull. At Shanghai the cotton exchanges
have closed owing to political and labor troubles. Some
weevil reports from the Carolinas were contradicted. The
last weekly report laid no stress on the weevil. Meantime
it is a weather market. Good rains in Texas would give that
State a very different look. Some look for rains there over
Sunday. Liverpool has latterly been weaker and has sold
here. Spinners have, it seems, in some cases been rselling
raw cotton there. Its spot sales have dropped to 4.000 bales.
Speculation here has latterly been narrow. Wall Street has
been the chief buyer. The South has sold. The Atchison
Topeka & Santa Fe RR. was said to have issued a report
stating that despite the drought Texas would raise the
largest cotton crop in its history. Though weevil is said to
be widely prevalent in the eastern belt, it is agreed that as
yet it has done no serious damage. Prices gave way on
Thursday on profit-taking, despite the continuance of the
Texas and Oklahoma droueht, temperatures there of 100 to
112 and in Oklahoma of 100 to 107 and what many regarded
as the slim chance of any rain occurring there over Sunday.
The market had apparently become a trifle overbought.
To-day prices were irregular, advancing early in the day
and then falling some 40 to 48 points when the forecast
pointed to rains in Texas. Also, there was more or less
selling by Liverpool and the South and local interests. The
cables were rather indifferent. Speculation was not active.
But on the decline there was more or less covering, as the
official reports for the day did not show that the Texas
drought had been at all relieved. It is also very dry in
Oklahoma. In both States temperatures were 100 to 110
decrees. Fall River was more active. Manchester reported
a better demand. Worth Street seemed rather firmer. Towards the close there was a rally which left prices only 5
to 9 mints lower for the day. Last prices show a rise for
the week of some 60 to 70 points. Spot cotton ended at
24.30c., an advance for the week of 50 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
.hthr 3 to Juju 10—
Middling upland
Sat
Hof.
Mon
23.90
Tu.'s. Wed. Thurs. Fri.
24.25 24.65 24.30 24.30
220
[VOL 121.
THE CHRONICLE
FUTURES.
-The highest, lowest and closing prices at corresponding periods of the previous year-is set
New York for the past week have been as follows:
detail below:
Saturday,
July 4.
Tuesday, Wednesday, Thursday,
July 7.
July 8.
July 9.
Movement to July 10 1925.
Friday.
July 10.
Towns.
22.70-23.20 23.08-23.50 23.40-24.00 23.54-23.68 23.45-23.83
23.1523.55
23.50 -- 23.9223.55-
Receipts.
Ship- Stocks
menu. July
Week. Season. Week. 10.
in
_Movement to July 11 1924.
Receipts.
Week. Season.
Ship- Stocks
meats. July
Week, 11.
C11 41.MhWO!
.
......).*00.00 WWWWWM1-WW*SON.Mt..00..004.1051,
5
.
So=00.0W
6MW.V.V4o.OMOSMOCI7eSONS
00.401M4I0 VN*W
.
.
C-Auu
NC, C1N
July
Range..
Closing _
Aug.
Range...
Closing.
Sept.
Range.. _
Closing.
Oct.
Range _ _
Closing.
Nor.
Range._
Monday,
July 6.
out
Ala., Birming'm
9 54,822
35,151
179
40
269
104
Eufaula
19,598
9,394
17
50 1,125
____
22.78-22.90 23.66-23.66
23.77-23.77 - - 52 82,908
53,273
133
23.30 -23.70 -24.10 -23.74 -23.70- Montgomery
254 5,248
7
Selma
7 64,439
197
29
45 34,191
566
__
83,203
15,144
100
947
... _ _
23.20-23.20-.--- ---Ark., Helena_ _
Little Rock
8 205,983
187 2,402
420
23.3061 112,909
23.6 -- 24.05 --23.7923.75Pine Bluff _
____ 128,214
61,341
150
378 3,006
___
____
3,891
125 1,870
2,081
22.82-23.25 23.28-23.65 23.53-24.21 23.82-23.97 13.60-24.08 Ga., Albany_
___.
Athens
82 52,607
807
898 3,942
25 45,594
23.24-23.25 23.62-23.85 24.00-24.06 23.83-23.88 23.78-23.80
Atlanta
460 228,440 1,858 7,923
678
668 162,041
Augusta
727 238,278 3,692 13,417
- 877 199,849 1,523
Columbus_
____
76,875
78,611
503
23.31208
closing_
23A9 --24.09 -23.90 --23.84608
3
Dec.
Macon
39 49,187
305
337 5,825
164 32,805
Rome
Range.. BOLT- 22.95-23.40 23.43-23.79 23.67-24.35 23.83-24.15 23.75-24.20
47,449
400
____ 4,888
264 30,138
Closing.
DAY
____ 102,200
____
400
200
23.39-23.40 23.77-23.79 24.18-24.21 23.98-24.01 23.90-23.93 La., Shreveport
-_ 114,000
Jan.
Miss.,Columbus
__
37,189
____
176
52 20,025 1,011
Range._
Clarksdale
1 112,272
22 2,133
____
79,636
---22.42-22.89 22.90-23.20 23.10-23.80 23.28-23.58 23.18-23.65
Greenwood_
. ____ 135,117
Closing _
524 4,727
658
22.87 -23.206 98,765
23.63-23.68 23.38-23.40 23.31-23.33
Feb.
Meridian_ __ _
1
37,890
264 1,266
47
2 31,376
Natchez
Range.
.
42,735
2
____
927
; 31,397
Closing.
Vicksburg_
1
61
31,706
23.00 -23.3521
17,188
187
--__
23.80 --23.54 --23.46Yazoo City
11arch
____
46
33,140
19,341
77
306
4
Range.2,491 3,723 2,308 563,418 2,800
22.72-23.14 23.20-23.51 23.42-24.08 23.65-23.82 23.48-23.90 Mo., St. Louts_ 2,337 726,29
Closing _
224 73.282
659
23.14 -23.50771 5,795
550 63,707
23.96 -2370 -23.61- N.C..Greensb•ro
Raleigh
April8,37
100
50
127
8 14,349
Okla., Altus_
11 218,830
846
475
622
Range- 1 119,366
Chickasha_ _ _
75 156,416
Closing.
149
217
323
23.27 -23.64 -24.07--_- 98,826
23.83 -23.74Oklahoma_
____ 140,013
Ifay262
40
595
--- 62,282
2,053 248,871 2,543 20,035 1,26! 161,382 2,185
Range__
22.94-23.40 23.43-23.79 23.72-24.31 23.89-24.10 23.73-24.20 S.C.,GreenvIll
Greenwood_ _
____
Closing _
13,284
--__ 4,416
23A023.87-23.88
____
10,752
23.78-23.79 24.18-24.20 23.96Tenn.,Memphis 1,85' 1,289,475 3,147 13,439 3,756 920,054 5,375
Tune
Nashville__ _ _
____
Range..
207
--- - .-..,.........
Ten., Abilene_ _ _
. 71,387
__ -235 . . 63,534
- -- Brenham_ __ _
23,288
4 3,699
____
26,691
--Range of future prices at New York for week ending
Austin
34,809
__ -23
____
39,801 Dallas
42 198,212
318 1,365
24 127,473
104
July 10 1925 and since trading began on each option.
Houston_ - _ _ 3,3314,732,722 9,856 78,321 1,0093,462,633 1,787
Paris
93,516 .....
10
-___
77,238
---San Antonio_
____
65,77
115
430
-___
49,416
Range for Week.
Option for
Rcnge Since Beginning of Option.
Fort Worth
183 159,431
183
363
575
575 93,219
July 1925_ 22.70 July 6 24.00 July 8 21.40 Sept. 16 1924 27.50 Aug. 6 1924
Aug. 1925__ 22.78 July 6 23.77 July 9 21.75 May 13 1925 25.78 Mar. 4 1925 rntal 411 tnarn 11 A0710005529 20 MA 10% 494 11 5129 925 595 99 !:c2942 5l2
Sept. 1925._ 23.20 July 6 23.20 July 6 21.75 May 13 1925 25.68 Mar. 3 1925
The above total shows that the interior stocks have deOct. 1925__ 22.82 July 6 24.21 July 8 21.50 Nov. 1 1924 25.71 Mar. 3 1925
Nov. 1925
22.16 May 14 1925 24.40 Dec. 27 1924 creased during the week 18,330 bales and are to-night
Dec. 1925__ 22.95 July 6 24.35 July 8 21.72 May 13 1925 25.72 Mar. 31 1925
Jan. 1926_ 22.42 July 6 23.80 July 8 21.40 May 13 1925 25.45 Mar. 3 1925 48,388 bales less than at the same time last year. The
Feb. 1926..
•
21.94 May 4 1925 24.53 May 26 1925 receipts at all towns have been 306 bales less than the
Mar. 1926._ 22.72 July 6 24.08 July 8 21.64 May 13 1925 25.05 Apr. 20 1925
same week last year.
Apr. 1926
May 1926_ 22.94 July 6 24.31 July 8 22.45 June 9 1925 24.31 July 8 1925
NEW YORK QUOTATIONS FOR 32 YEARS.
June 1926
The quotations for middling upland at New York on
THE VISIBLE SUPPLY OF COTTON to-night, as made July 10 for each of the past 32 years have been as follows:
up by cable and telegraph, is as follows. Foreign stocks, as 1925
24.30c. 1917
27.30c. 1909
12.80c. 1901
108..26gcc..
13.05c. 1908
30.25c. 1916
11.20c. 1900
well as the afloat, are this week's returns, and consequently 1924
76:9419::
18.90c. 1907
1923
27.65c. 1915
13.20c. 1899
all foreign figures are brought down to Thursday evening. 1922... - 22.10c. 1914
7%419::
13.25c. 1906
10.80c. 1898
12.35c. 1905
1921
12.55c. 1913
11.30c. 1897
But to make the total the complete figures for to-night 1920
12.40c. 1904
40.50c. 1912
10.95c. 1896
(Friday), we add the item of exports from the United States, 1919
77..13cc..
14.10c. 1903
35.60c, 1911
12.50c. 1895
15.45c. 1902
1918
32.80c. 1910
9.25c. 1894
including in it the exports of Friday only.
July 101923.
1922.
1925.
1924.
MARKET AND SALES AT NEW YORK.
Stock at Liverpool
Stock at London
Stock at Manchester
bales. 647.000
4,000
88,000
436,000
1,000
53,000
440,000
2,000
42,000
855,000
739,000
167,000
135,000
4,000
76,000
23,000
23,000
25.000
490,000
15.000
123.000
83,000
13,000
88,000
19,000
1,000
4,000
484,000
21,000
41,000
54,000
4,000
80,000
9,000
3,000
15,000
916,000
33,000
199,000
150,000
10.000
79,000
16,000
1,000
8,000
432,000
346,000
227,000
496,000
Total European stocks
1,171,000
India cotton afloat for Europe
126,000
American cotton afloat for Europe 130,000
Egypt.Brazil,&c.,afloatforEurope 124,000
Stock in Alexandria, Egypt
72,000
Stock in Bombay, India
672,000
Stock in U.S. ports
321,362
in U. S. interior towns-.-- 195,424
Stock
U.S. exports to-day
836,000
85,000
153,000
93,000
69,000
721,000
228,476
243,812
711,000 1,412,000
101,000
88,000
94,000 285,000
50,000
75,000
157,000 236,000
578,000 1,050,000
271,729 603,122
312,912 458,839
6,723
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
Spot
Market
Closed.
61,000
Futures
Market
Closed,
SALES.
Spot. Contr't. Total.
Saturday_ _ _
HOLT DAY
Monday ___ Steady, 10 pts. adv_ Very steady___
Tuesday ___ Steady, 35 pts. adv..Very steady__ _
Wednesday_ Steady, 40 pts. adv. Barely steady_ Thursday., Quiet,35 pts.dec.... Barely steady-Quiet, unchanged__ Steady
Friday
1,700
400
200
3,500
1,000
2,950
400
200
3,500
1,000
1,250
Total,,,.
1.250
____
----------
6.800
8.050
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
July 10Shipped
Via St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
-1923-24--Since
Week. Aug. 1.
2,Los 589,184
201,020
21,249
-i01)
'
26 818
3.548 208,243
6,520 474,767
-1924-25--Since
Week. Aug. 1.
2,491 716,505
---- 256,515
34.349
Total visible supply
2,811,786 2,429,288 2,275,641 4,214,684
Of the above, totals of American and other descriptions are as follows:
American
3,283 2i2:i83
"5
Liverpool stock
bales.. 402.000 166,000 161,000 502,000
5,139 502.573
Manchester stock
76,000
23,000
39,000
39,000
Continental stock
330,000 234,000 130,000 409,000
13,598 1,521.281
11.486 1.805,813
Total gross overland
American afloat for Europe
94,000 285.000
130,000 153,000
U. S. port stocks
321,362 228,476 271,729 603,122 Deduct Shipments Y., Boston, &c
91,273
1,241
295 100,323
Overland to N.
U. S. Interior stocks
195,424 243,812 312,912 458.839
27,306
28,126
527
476
Between interior towns
U. S. exports to-day
6,723
2,739 625,518
5,850 706,368
Inland. &c., from South
Total American
1,454,786 1,064,288 992,641 2,303,684
6,621 833,997
4,507 744,917
Total to be deducted
East Indian, Brazil,
stock
Liverpool stock
245.000 270.000 279,000 353,000
4,865 971,816
9,091 776,364
Leaving total net overland •
London stock
4,000
2,000
1,000
* Including movement by rail to Canada.
Manchester stock
19,000
12,000
22,000
14,000
Continental stock
97,000
87,000
102,000 112,000
The foregoing shows the week's net overland movement
India afloat for Europe
126,000
85,000 101,000
88,000 this year has been 4,865 bales, against 9,091 bales for
Egypt. Brazil. &c., afloat
50,000
124,000
93,000
75,000
Stock in Alexandria, Egypt
72,000
60,000 157,000 236,000 the week last year, and that for the season to date the
Stock in Bombay, India
672,000 721,000 578,000 1,050,000 aggregate net overland exhibits,an increase over a year ago of
Total East India, &c
1,357,000 1,365,000 1,283,000 1.911,000 195,452 bales.
Total AraeriCall
1,454,786 1,064,288 992,641 2,303,684
-1923-24
-1924-25
Since
In Sight and Spinners'
Since
Aug. 1.
Total visible supply
Takings.
Week.
Aug. 1.
Week.
2,811,786 2.429.288 2,275.641 4,214,684
Middling uplands, Liverpool
13.65d. Receipts at ports to July 10
13.67d. 16.35d. 15.79d.
18,245 9.109,266 21,177 6,634,088
Middling uplands, New York
24.30c. 30.55c. 28.00c. 22.65c. Net overland to July 10
776.364
971.8169,091
4,865
Egypt, good Sakel, Liverpool
34.50d. 24.30d. 16.95d. 22.00d. Southern consumption to July 10- 85,000 4,315,000 68.000 4,031,000
Peruvian, rough good, Liverpool_ 20.75d. 24.008. 18.788. 14.50d.
11.95d. 13.00d. 12.70d. 12.65d.
Broach, fine, Liverpool
Total marketed
108,110 14,396,076 98,268 11,441,449
Tinnevelly, good, Liverpool
12.35d. 14.15d. 13.85d. 12.95d. Interior stocks in excess
*25,471
9,892 *22,503
*18,330
Continental imports for past week have been 86,000 bales. Excess of Southern mill takings
108,055
over consumption to June 1_
405,921
figures for 1925
show a decrease from last week
The above
of 157,636 bales, a gain of 382,498 from 1924, an increase
of 536,145 bales from 1923, and a falling off of 1,402,898
bales from 1922.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and thestocks to-night, and the same items for the
Came into sight during week__ 89,780
14,811.889
Total in sight July 10
75,765
North. spinn's's takings to July 11 8,238 1,974,089
* Decrease.
11.524,033
8,210 1,798,99
Movement into sight in previous years:
Week-July 13
1923
Bales. 1 Since Aug. 1117.28011922-23-Jul3' 13
Bales.
11,341.534
THE CHRONICLE
JULY 11 1925.1
221
-Showers in this State have been light and mostly
QUOTATIONS FOR MIDDLING COTTON AT
Texas.
-Below are the closing quotations for ineffective. Cotton continues to deteriorate in the central
OTHER MARKETS.
middling cotton at Southern and other principal cotton and southern portions of this State with the plants small and
developing prematurely.
markets for each day of the week:
Mobile, Ala.
-There have been light to copious showers
Closing Quotations for Middling Cotton on
over the cotton district. Young cotton is blooming and
Week Ended
Saturday. mcmaay. Tuesday. wecraay.i nursa y. rrutay. fruiting nicely. Open bolls are numerous on early cotton.
July 10.
High temperatures have checked weevils.
24.85
24.45
24.05
Galveston
24.55
24.65
Rain. Rainfall.
Thermometer
Galveston, Texas
1 day 0.12 In. high 89 low 76 mean 83
Abilene
2 days 0.12 in. high 100 low 70 mean 85
Brenham
1 day 0.03 in. high 102 low 73 mean 88
Brownsville
dry
high 94 low 74 mean 84
Corpus Christi
1 day 0.04 in. high 92 low 76 mean 84
2 days 1.12 in. high lel low 76 mean 89
Dallas
Henrietta
1 day 0.70 in. high 106 low 70 mean 88
Kerrville
dry
high 101 low 67 mean 84
dry
Lampasas
high 104 low 69 mean 87
Longview
1.02 In. high 100 low 71 mean 86
1 day
Luling
1 day 0.02 in. high 103 low 70 mean 87
Nacogdoches
2 days 0.48 in. high 96 low 70 mean 83
NEW ORLEANS CONTRACT MARKET.
Palestine
dry
high 98 low 74 mean 86
Paris
1 day 0.13 in. high 104 low 73 mean 89
San Antonio
1 day 0.18 in. high 100 low 74 mean 87
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday.
Taylor
dry
high __ low 74 mean -July 4.
Jule 6.
July 7.
July 8.
July 10.
July 9.
Weatherford
2 days 1.38 in. high 98 low 70 mean 84
Ardmore, Okla
3 days 0.30 In. high 105 low 71 mean 88
22.66 bid 23.25
July
23.60-23.62 23.35-28.40 23.29 bid Altus
1 day 0.85 in. high 107 low 66 mean 87
August
- 3 days 0.91 in. high 101 low 70 mean 86
September
- - - Muskogee
3 days 0.18 in. high 101 low 70 mean 86
October _ _
22.64-22.65 22.98-23.05 23.45-23.50 23.20-23.25 23.12-23.17 Oklahoma City
3 days 0.55 in. high 101 low 79 mean 86
November
- - - Brinkley, Ark
2 days 0.92 In. high 101 low 72 mean 87
December
HOLI- 22.80-22.81 23.14-23.20 23.63-23.68 23.37-23.41 23.29-23.32 Eldorado
Little Rock
4 days 1.06 in. high 97 low 72 mean 85
DAY
22.86-22.87 23.23-23.24 23.70January 23.30-23.32 Pine Bluff
23.403 days 0.60 in. high 101 low 67 mean 84
February _
- - - Alexandria, La
dry
high 100 low 72 mean 86
_
March
23.04-23.09 23.40 bid 23.9023.50 bid Amite
23.551 day 1.96 in. high 96 low 68 mean 82
April
- - Shreveport
1 day 0.04 in. high 101 low 74 mean 87
23.19 bid 23.60 bid 24.00 bid 23.65 bid 23.60 bid
May
Okolona. Miss
dry
high 108 low 69 mean 87
June
- - Columbus
2 days 0.47 in. high 104 low 71 mean 88
Tone
2 days 0.25 in. high 102 low 72 mean 87
Greenwood
Spot
Steady
Steady
Steady
Steady
Steady
1 day 0.02 in. high 94 low 71 mean 83
Vicksburg
Steady
Options
Rt.:waxily
Ttoralv at'v
Sltaarly
Steady
2 days 3.68 In. high 92 low 72 mean 82
Mobile, Ala
4 days 1.06 in. high __ low __ mean 83
New Orleans
NORTH CAROLINA COTTON REPORT.
-The Decatur
5 days 0.51 in. high 103 low 71 mean 87
Department of Agriculture of North Carolina issued on July Montgomery
4 days 1.67 in. high 99 low 67 mean 83
4 days 1.60 in. high 99 low 70 mean 83
6th its cotton report as of June 25. The report in part Selma
2 days 0.53 in. high 96 low 68 mean 82
Gainesville, Fla
follows:
4 days 2.76 in. high 97 low 70 mean 84
Madison
North Carolina cotton condition, at 77% of normal, improved 3%
3 days 0.76 in. high 98 low 71 mean 84
Savannah,Ga
from Athens
May 25th to June 25th, according to the report released at 11 a. m.July 2nd
2 days 0.90 in. high 108 low 68 mean 88
2 days 1.20 in. high 101 low 70 mean 86
by the U. S. Department of Argiculture Crop Reporting Board. The Augusta
present condition compares with 74% a month ago and 73% at this date a Columbus
5 days 1.39 in. high 103 low 70 mean 87
year ago.
1 day 0.74 in. high 93 low 74 mean 84
Charleston,S.C
A normal of 100% condition at this time would have indicated a yield Greenwood
1 day 0.51 In. high 99 low 68 mean 84
2 days 1.49 in. high __ low 72 mean -of 300 pounds lint per acre in North Carolina. However, with a condition Columbia
of 77%, and without consideration of later weather or insect damage to Conway
dry
high 97 low 69 mean 83
2 days 0.10 in. high 96 low 69 mean 83
the crop, the present report indicates a prospective yield of 231 pounds of Charlotte, N. C
2 days 0.04 in. high 96 low 70 mean 83
lint per acre. This does not take into consideration the almost certain Newbern
damage to the crop later from boll weevil.
dry
Weldon
high 99 low 69 mean 84
Last year at the same time, 2,099,000 acres were under cultivation, of Memphis, Tenn
dry
high 98 low 74 mean 86
,which three per cent was later abandoned. The acreage under cultivation
indicated at present is 2,183,000 or 4% more than was planted last year.
RECEIPTS FROM THE PLANTATIONS.
-The folWith the prospective yield of 231 pounds per acre and not discounting
lowing table indicates the actual movement each week from
almost certain boll weevil damages,these figures indicate a crop of
1,015,000 the plantations. The figures do not
bales for this year. This is too early to rely on cotton estimates.
include overland reInfluences that have affected cotton in North Carolina during June
weather, cultivation, moisture, temperature, insects and stands. were ceipts nor Southern consumption; they are simply a stateThe ment
weather, with a few local exceptions, has been ideal for cotton and the plant
of the weekly movement from the plantations of that
has practically made Its start since June 1st. Fields are well-cultivated. part of the crop which finally reaches the
market through
Though rather dry in the southern counties and too wet in the northern
counties, the average is very favorable for the crop. Root lice have been the outports.
abundant, especially in the northeastern counties where damages by them
have been excessive. Stands average from poor to fair. However, good
Stocks at Interior Towns. Receiptsfrom Plantations
Ralaagl as PPM.
crop growth is evident everywhere in the state.
week
1926 I 1924
1928 1925 1924 1923
GEORGIA COTTON REPORT.
5415
-The Department of . 91 1925 1924
New Orleans
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_
Dallas
Fort Worth_
23.15
23.20
23.85
24.13
HOLT- 24.00
DAY 24.25
23.75
23.90
24.12
23.85
23.75
23.55
23.60
24.22
24.50
24.25
24.63
23.75
24.25
24.38
24.20
24.10
23.95
24.00
24.66
24.78
24.25
24.94
23.75
24.65
24.50
24.65
24.50
23.75
24.00
24.44
24.50
24.90
24.63
23.75
24.40
24.50
24.25
24.15
23.65
24.00
24.40
24.63
24.75
24.56
23.75
24.40
24.38
24.20
24.15
Agriculture of Atlanta, Georgia issued on July 2nd its report
on the cotton crop of that state. Below is the report in part.
A come-back in Georgia agriculture is due, according to the official cotton
report issued today by the local statistician of the Georgia Co-operative
Crop Reporting Service. An increase of about 15% in cotton acreage over
1924 is indicated, bringing the acreage for the current
to 3,564,000
acres. Land has been planted in cotton that has been year up several years
-since the coming of the weevil. Also, about 13%idle forfertilizer was
more
used this year than in 1924.
A condition figure of 76.3% of normal (as of June 25th) is reported, which
shows a prospect of about 120 pounds of lint cotton per acre, provided
conditions are average during the remainder of the season,
-as against 157
pounds per acre last year, less than 100 pounds in 1923, and about 190
pounds In pre-weevil years.
A decline in condition since last month Is noted in the dry areas of the
northern half of the state, and applies largely to the very small late cotton
in those sections that came to a late poor stand under droughty conditions.
Where the plant did not become firmly established before the very dry
season set in. it has not made satisfactory growth, or any growth at all in
many instances. Early planted cotton in this section of the state has
Improved during the month in spite of extremely dry conditions, is fruiting
fairly well, and blooms are appearing in part of the area. A general rain,
however, is needed on all cotton in northern Georgia.
In most of southern Georgia cotton has made splendid progress, and
averages reported by correspondents are approximately the same as last
month. Cotton has been blooming in this area since early June. Weevils
are becoming more numerous particularly in those sections
receiving
frequent showers. Much heavier weevil infestation is noticed across the
southern half of the state, and extending upward on the eastern side into
lower northern Georgia. However, the crop is several days earlier than
last year, and it other factors affecting production turn out favorably, a
fair crop should be made in spite of the pest.
Apr.
17... 74,612 69.4351 84,681
24__I 50,632 58,3481 35,743
May
64,025 64.783 28,589
45,115 44,272 35,332
15„ 49.177 52,395 26.647
22__ 44,069 50,86 36,894
29__ 44.085 50,42 28,322
June
a__ 81,997 43,37 25,06
12._ 21,739 35,702 31,651
19__ 39,633 49,228 30,728
26__ 14.161 35,721 29,371
July
FL_ 18,514 21,783 24,472
10__ 18,245 21,177 20,125
630,689 517,534 831,756 10.304 31,427
67
594.768 486.199 604.340 14,711 28,821 10,436
510,846
489.706
420,119
581,725
340,620
443,328
420,213
392,300
372.553
347,017
572,660
21,912
540,812 4.176 21,157 5,420
508,435 nil
24,482
471,972 3,918 31,121 1.983
447,224 4.739 24,888 5.568
312,29
285.88
249,315
234.88
333,056
312,127
283.651
266,786
419,670 3.673 29,416
133
391,675
14,773 5,244
369,047 3,286 20,752 9.959
348,278
nil 18,859 8,040
213.7541 256,31 331.666
195.4241 243,812 312,912
ni/ 11,309
n
nit
8,662
1,672
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 9,136,683 bales;
in 1923 were 6,533,729 bales, and in 1922 were 5,263,327
bales. (2) That although the receipts at the outports the
past week were 18,245 bales, the actual movement from
plantations was nil bales, stocks at interior towns
having decreased 18,330 bales during the week. Last year
receipts from the plantations for the week were nil
bales and for 1923 they were 1,672 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
PROCTER & GAMBLE COTTON REPORT.
-We give The
comprehensive statement indicates
below a summary of the Procter & Gamble cotton report, at a following brief but supply of cotton
glance the world's
for the week and
just issued:
since Aug. 1 for the last two seasons, from all sources from
The condition of the cotton States' belt is away above last year and
somewhat better than the ten-year average, according to the Procter & which statistics are obtainable, also the takings, or amounts
Gamble cotton crop report lust issued. The
gone out of sight, for the like period.
continues promising and with the exception report states that the outlook
of the drought affected section
in Texas, weather conditions have been, on the whole, favorable during the
period of this report. Temperatures have been generally above normal.
Cotton Takings.
1924-25. •
1923-24.
Rainfall has been confined to light or moderate showers, general in a few
Week and Season.
sections but mostly scattered. Good rains would now no beneficial in
Week.
Season.
Week.
Season.
many sections and are badly needed in Texas.
Fields have been kept in an unusually high state of cultivation over the Visible supply July 3
2,969,422
2,624,543
entire belt. Early cotton has continued to make seasonable progress and Visible supply Aug. 1
2,190,493
2,024,671
shows very good stands. Late cotton, while still more or
89.780 14,811.889
75.765 11,524,033
less irregular as Americanin sight to July
to size, is generally of good color and has responded exceptionally well to Bomba_y receipts to July 9
27.000 3,487,000
13.000 3.288,000
the favorable weather influences. Of course, south central Texas is the Other India ship'ts to July 9
17,000
634,000
591,000
10,000
exception. Squares are becoming more general over the northern part of Alexandria receipts to July 8_
1,415,800
800 1,278.800
the belt, with blooms general over the South: the plant Is taking fruit in Other supply to July 8_*_b____
8.000
417.000
490,000
5,000
the extreme South.
Total supply
3.111,202 22,986,182 2,729,108 19.166,504
WEATHER REPORTS BY TELEGRAPH.
Deduct
-Reports to Visible supply July 10
2.811,786 2.811,786 2.429,288 2.429.288
us by telegraph this evening indicate that although there
have been numerous local showers during the week many Total takings to July 10_a
299.416 20,174,396 299,820 16.737,216
Of which American
218,416 14,355,596 207,020 11.313,416
localities are still too dry. General rains are needed in
Of which other
81.000 5,818,800
92,800 5.423.800
Texas and Oklahoma. Generally, cotton has made good
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
progress in all parts of the belt with the exception of those
a This total embraces since Aug. 1 the total estimated consumption by
localities that are in need of rain.
Southern mills, 4,315,000 bales in 1924-25 and 4,031,000 bales in 1923-24-
[VoL 121.
THE CHRONICLE
222
-and the aggregate amounts taken by Northern
takings not being available
12,706,216 bales in
and foreign spinners. 15,859,396 bales in 1924-25 andAmerican.
1923-24. of which 10,040.596 bales and 7.282,416 bales
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Week.
1922-23.
1923-24.
1924-25.
July 9.
Receilne al
-
Since
Aug. 1.
Week.
Since
Aug. 1.
West.
Since
Aug. 1.
27.000 3.487.000 13.000 3.288.000 28.000 3.631.000
'Bombay
For the
Export*
from-
urea.
Since August 1.
Great
Great Conn- Japan&
!twin. neat. China. Total. Britain.
Bombay
-25_
1925
1923-24..
1922-23 _
Other Ind
1924-25_
1923-24_ _
1922-23_
Total all
-25_ _
1924
1923-24_.
1922-23..
Contineat.
Javan &
China.
Total.
76,000 594.000 1,859,000 1.529.000
18.01X 34.000
6,000 152.000 935, i 1,520,000 2.607,000
5,00
94.000 131,000 625,500 2,083,0 2.840.000
68
17,000
10,000
16,0
7.000 26
1.000 10
7.000 35
18,
5.
681.
108,000 483.::1
129,000 505.
83,000 281.5
591.000
634.000
364,550
0
3.120.00
51,000 184.0001,077.111 1.859.
1,440,0001,520.0003.241.000
16, 1 281,
110. P 214.000 907.0. 2.083.5003.204.550
According to the foregoing, Bombay appeats to show an
increase compared with last year in t'he week's receipts of
14,000 bales. Exports from all India ports record an increase
of 35,000 bales during the week, and since Aug. 1, show a
decrease of 121,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
of cotton at
now receive weekly a cable of the movementsreceipts and
Alexandria, Egypt. The following are the
shipments for the past week and for the corresponding week
of the previous two years.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)To Liverpool
To Manchester. &c
To Continent and India_
To America
1924-25.
1923-24.
1922-23.
7,122.624
3,500
6.396.536
8,506
6.681.076
Since
Week. Aug. 1.
Alexandria. Egypt,
July 8.
Since
Week. Aug. 1.
Since
Week. Aug. 1.
194.512
4.000 228.572
5,000 367,514
1.000 127,688
3.750218.412
6,500 215.378
5,000 369.376
1.000 107.851
--- 229.389
5.250 175,704
5,500 324,436
600 208,658
in nnn MO 94ut is 95(1 011.017 11.350938.187
'Prat n I davysnr.tia
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
Note.
This statement shows that the receipts for the week ending July 8 were
nil canters and the foreign shipments 10,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for both home
trade and foreign markets is improving. We give prices
to-day below and leave those for previous weeks of this and
last year for comparison:
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity
ard.
Liverpool .30c. .45e. Stockholm
Manchester .30c. .415e. Trieste
Antwerp
350.
511c. Flume
()bent
424o. .574o Lisbon
Fiavre
.35e. .500. Oporto
Rotterdam .40e. .55e. Barcelona
F)enoa
.40e. .550. Japan
Oaks
510,,. .000. ShanghaI
Density. ard.
.5110. .650.
.45e. .60e.
.45e. .60e.
.500. .850.
.75o. .900.
.300.
450.
.6240. .77140
.1150.
.800.
Bombay
Bremen
Hamburg
Piraeus
Salerno*
high
Density
.500
.40o.
460.
600.
.760.
Maneard
650
.550
.800
.750
.900.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales,stocks, &c., at that port:
July 3.
24,000
12,000
.1,000
59,00
690,000
438.000
40,000
5,000
141,000
23,000
June 19. June 26.
Sales of the week
37,000
32,000
Of which American
27,000
21,000
Actual exports3.000
Forwarded
68,000
71.000
Total stock
733.000 708.000
Of which American
504,000 474.000
Total imports
46,000
34,000
Of which American
20.000
16,000
Amount afloat
122.000
132,000
Of which American
16,000
21,000
July 10.
25,000
13,000
1.000
58.000
647.000
402.000
21,000
10.000
150,000
21,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday.
Market, 1
12:15 1 Neglected.
P.M. i
Tuesday. Wednesday, Thursday.
Quiet.
Quiet.
Quiet.
Quiet.
Friday•
Quiet.
Mici.Upi'ds
13.42
13.30
13.37
13.55
13.65
13.87
Sales
1,000
5,000
5,000
4,000
4,000
4,000
Quiet.
Quiet
Dull
Q't but st'y
Futures.
Quiet
Quiet
Market (7 to 9 pts. 1 to 3 pts. 15 to 16pts. 15 to 17pta 14 to 18pta. 1 to 7 Pta•
advance.
advance, advance, advance, advance, advance.
opened I
Market, 3
1
4
P.M. I
Steady
st'y,
Steady
Quiet
Barely st'y Barely st'y Barely,
6 to 9 pts. i7to22pta. 1110 14pts 8 toll pta. 5 to 12 Pt..
advance.
arlsrenno
advance. fifilliMPP
decline.
Prices of fi tures at Liverpool for each day are given below:
Sat.
July 4
to
July 10.
d.
July
August
September
October
November
December
January
February
March
April
May
June
Mon.
Ttleil.
Wed.
Thurs.
Fri.
1234 124 1234 4:00 124 4:00 124 4:00 124 4:00 1214 4:00
p. rn.
P. In. p.m. p.m.D. m•P. m.p.al.P. m.P. In p.m.
_
d.
d.
d
d.
d.
12.81 12.7 12.81 12. 12.7
12.6 12.5 12.4 12.61 12.
12.4 12.3 12.2 12.4312.4
12.3612.2 12.16 12.32 12.3
12.33 12.12 12.0312.19 12.2
12.2 12.1 12.04 12.20 12.2
12.2 12.1 12.04 12.20 12.2
12.2 12.13 12.04 12.1912.2
12.7712.1 12.08 12.23 12.2
12.2 12.16 12.07 12.22 12.2
12.2 12.1 12.1012.26 12.3
12.2 12.15 12.06 12.22 12.2
d.
d.
d.
d.
d.
d.
12.95112.91 13.0 13.0013.07 13.12
12.81 12.75 12.91 12.84 12. 12.95
12.65 12.61 12.7 12.69 12.7512.78
12.5412.51 12.6 12.6012.64 12.68
12.40 12.38 12.54 12.47 12.5012.54
12.41 12.39 12.5 12.47 12.51 12.55
12.41 12.39 12.5512.48 12.51 12.55
12.4112.39 12.5512.48 12.5012.54
12.45 12.42 12.5912.52 12.5412.58
j
12.4412.41 12.59 12.52 12.5312.57
12.47 12.45 12.62 12.55 12.57 12.61
12.4312.41 12.5 12.5r12.53 12.57
BREADSTUFFS.
Friday Night, July 10 1925.
Flour was lower early in the week by 25c. a barrel on
84 Ws. Shirt- Code hard winter patents and straights, while rye flour was
814 lbs. Skirt- Cot's
pigs, Common wcØ
32s Cop
ings, Common Mid
32. Coy
to Finest.
titt marked down 50c. And even those prices failed to stimulate
Twist.
.,
to Finest.
UPS
Twist.
trade. Receipts of new wheat are increasing, and this fact
s
d. 1. d.
d
0.
d. 0.6
April d.
284 18 3 018 6 18.35 gave rise to hopes of lower prices for flour as well as wheat.
234 17 1 017 4 13.39 2634
17 224
284 18 4 @19 0 17.70
2315 17 1 ®17 4 13.40 2634
24 22
Under such circumstances buyers were, if anything, more
May
2834 18 3 018 7 17.35 than ever inclined to purchase with caution and in only such
224 16 6 ®17 0 12.98 2655
1 2114
2834 18 3 018 7 17.37
12.62 2534
2214 16 4 016 8
8 21
284 18 3 (S18 7 17.89 quantities as were necessary to supply immediate and more
213.4 16 3 Q16 5 12.36 2534
15 20
17.46
2833 18 1 @185
12.84 2534
214 16 4 @174
22 2014
17.99 pressing wants. Clearances late last week were 44,863 sacks,
283-5 18 1 @185
2534
214 18 4 @174
13.04
29 203.4
June
of which went to Danzig, possibly in connection with
2834 51 (518 5 17.30 70%
21,4 16 4 (517 4 13.48 2514
5 204
2814 80 (518 3 17.14 recent large German buying in this country. Yet it is now
214 16 2 (516 4 13.36 253.3
12 204
68185
18.99
2734 82
13.62 254
2114 16 2 @164
19 2034
274 82 5518 5 15.88 said that the German tariff will not be raised on Aug. 1,
2114 16 2 4516 4 13.53 2514
26 20
July
51 @184 15.92 but at some later date.
27
2114 16 2 @IA 4 13.35 25
3 20
81 @184 16.35
Wheat advanced early in the week, with export sales of
27
2114 16 3 0165 13.67 25
10 20
id. to 13cl., and Buenos Aires
previous page, the 500,000 bushels, Liverpool up
SHIPPINGiNEWS.-As shown on a
visible supply decreased last week no
The
past week have 2c. than American bushels, against a decrease in the same
exports of cotton from the United States the
2,470,000
less
reached 30,045 bales. The shipments in detail, as made week last year of only 1,970,000 bushels. The quantity on
follows:
up from mail and telegraphic returns, are as
passage fell off somewhat and is now 42,176,000 bushels. On
Bales.
-Fenthe other hand, at Southwestern points the receipts were
-July 2
-To Havre
-Vincent 339_ _ _July 2
NEW YORK
2,101
church, 1,762
City alone received on the 6th inst. some4 larger. Kansas
-July 6
-Lapland,4
To Antwerp
500 thing over 700 cars. But the crop is said to be deteriorating
-United States. 500
To Oslo--July 6
662 in the Red River Valley. But sultry weather in Minnesota
-July 3
-Baltic,662
To Liverpool
-George Washington, 1.160---July' 6To Bremen-July 7
1,232 was stressed. The Canadian Government, moreover, was
Columbus, 72
37 expected to issue a crop estimate considerably less than
-Karachi Meru,37
To Hamburg-July 8
69
To Bordeaux-Jul 3-Roussillon, 69
200 those given in recent private reports. An upward turn of
uly 8 Drottningholm, 200
To Gothenburg
2,425 3 to 4c. came on the 7th at Chicago, with outside markets up
-To Havre
-July 1-Meanticut, 2,425
NEW ORLEANS
509
-July 1-Meanticut,509
To Ghent
50 and export sales 1,000,000 bushels. They would have been
-Aquarius, 50
To Hamburg-July 2
2.741 larger had ocean freight room been available.
Europe
-Aquarius, 2,741
To Bremen-July 2
350
ly 4
-West Chetac, 350
To Barcelona-Ju7-West Ivis,
730 wanted American wheat, oats, rye and barley. That was
730
To Genoa-July
50 plain. Foreign markets rose. That offset cooler and better
-West Ivis, 53)
-July 7
To Naples
216
-July 7
-Hegira, 216
To Liverpool
900 weather at the Northwest and beneficial Alberta rains. The
-Niagara, 900
-July 7
GALVESTON To Havre
3,385 export business, it is true, was largely in Manitoba wheat.
-Nord Schlesurg, 3,385
To Bremen-July 3
65
-Nord Schiesurg,65
To Hamburg-July 3
100 The Argentine had beneficial rains. But the technical posi-July 2-0gontz. 100
To Oporto
453 tion in Chicago had become stronger. It was oversold. Rains
-July 8
-Cripple Creek, 453
To Liverpool
704
--Cripple Creek, 704
To Manchester--July 8
1.327 delayed harvesting in Italy. Rains in France may delay
-Mar Negro. 1,327
To Barcelona-July 8
2,050 harvesting there. Rust reports came from the Northwest,
-July 4
-Cripple Creek, 2,050
HOUSTON To Liverpool
135 even if no serious damage was reported.
-Cripple Creek, 135
Professionals
To Manchester July 4
2.001
2,0 1
-Niagara 0
To Havre--July 7
Bradstreet's stated the North American visible
2,150 bought.
-West Celeron, 2.150
Genoa-July 9
To
269 supply as falling off over eight millions for the week. It
MOBILE-To Liverpool--July 3-Antillian, 269
30
To Manchester-July 3-AntiWan, 30
400 totals about 117,000,000 bushels, against 143,000,000 last
NORFOLK To Manchester-July 9-Kerhonkson. 400
4.200 year. Prices on the 9th fell, owing to evening up for the
-Ida Zo, 4.200
WILMINGTON-To Genoa-July 8
30.045 Government report and absence of export demand. Cables
1924
ND 0000 00' 00 00
D
De 0000 00000 00
1926.
JULY 11 1925.]
THE CHRONICLE
were lower. The weather was rather favorable at the
Northwest. There was some increase in rust complaints
from there, however. But the market was overbought. Many
expected a bearish Government spring wheat report. Russia was reported to have sold another cargo to Italy. The
Alberta crop was put at 93,000,000 bushels, compared with
61,000,000 bushels last year and 164,000,000 bushels two years
ago. The week's Argentine exports were 1,169,000 bushels.
Western receipts were rather liberal, but cash wheat was
steady and Kansas City wheat stocks increased only 65,000
bushels so far this week. A ear .of new No. 1 hard wheat at
Chicago sold at 5e. over July. The Armour Grain Co.,
largest unit in the co-operative marketing venture of the
grain marketing company, moved on July 8 to re-enter the
trading on the Chicago Board of Trade In its old name. St.
Paul, Minn., wired July 8: "Secretary of Agriculture Jardine declared at a co-operative conference here that if the
Chicago Board of Trade does not oust the clique of 'gamblers and scalpers now in control' it will have to go out of
business. 'The right thinking members of the Chicago Board
are with us in this, but they are not now in Control,' he said."
To-day prices declined 2%c. and with some irregularity.
The cables are lower and the Government report was better
than expected. Spring wheat was estimated at 276,000,000
bushels, against 282,636,000 last year and 225,422,000 bushels
in 1923; winter, 404,000,000, against 590,037,000 last year;
total spring and winter, 680,000,000, against 872,673,000 last
year. Export sales to-day were 500,000 to 600,000 bushels.
Greece took a cargo of hard wheat for nearby delivery at
Baltimore. Baltimore hard.wheat was 20c. over July. At
one time there was a rally on reports of rust, moderate receipts and a fair export demand. But there was no broad
speculation. Opinions on the market were divided quite
sharply. Warmer weather was forecast. Russia was said
to be offering August, September and October wheat. That
hurt the market. Nobody for the moment paid any attention to the prospective decrease in American foodstuffs.
Final prices showed a rise, however, for the week of about
3 cents.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts_ Ho!. 181% 175% 173% 172% 1701DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ loll14834
September delivery in elevator__ day 143% 14734 14934 14434 14634
14134 1443', 14534
14234
December delivery in elevator__ _ _
1433( 14634 14634 146
14334
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts-----15434 158q 15934 159% 158
October delivery in elevator _______
- _ 131
134
13434 133
131%
December delivery in elevator _____
128A 1317 13134 13034 12834
223
then 523,000 bushels. The total, though still large, is
down to 33,263,000 bushels, against 4,741,000 bushels a year
ago. Export demand was moderate early in the week. On
the 6th inst. the total export business was not more than
100,000 bushels. But the firmness at times of other grain
was not without its effect. On the 7th inst. prices ended
1 to 2c. higher. They opened listless and ended strong, with
a larger market. Export business was good; 650,000 bushels
were taken by Europe on the 6th, mostly domestic oats. In
Canadian oats there was some export trade. It reached 300,000 bushels. The total on the 6th and 7th, mostly American,
was, therefore, nearly 1,000,000 bushels. The weather was
not favorable. Receipts were small. Outsiders bought.
Oats closed lc. lower on the 9th under the influence of corn
and also because of evening up for the Government report.
Receipts were a little larger, though on the whole moderate,
but export demand was lacking. To-day prices were lower
in a dull market. Receipts were moderate, but the export
demand was small. The Government report was in the
main considered favorable. The condition on July 1 was
76.3, against 86.9 last year and 83.5 in 1923, however. But
the crop, it turns out, is estimated at 1,292,000,000 bushels,
against 1,541,900,000 last year, which makes a better showing than was at one time expected. Final prices, however,
show a rise for the week of 1 to 1Y
4e.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts Hol. 56
5734 .58
57
57
DAILY CLOSING PRICES OF OATS FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ Holt- 4434 4634 4634 4534 4534
September uelivery in elevator_ _ _ _ day
4534 4634 47
46
45N
December delivery in elevator
4834 4934 4d3( 4834 474
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sal. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_
53% 57% 5634 55% 5434
October delivery in elevator _______ _
47h 49A 49
4854 48X
December delivery in elevator _____
454 4734 4634 46% 45%
Rye was quiet but firm in the fore part of the week with
the American visible supply down for the week 1,546,000
bushels, against an actual increase in the same week last
year of 171,000, a difference of over 1,700,000 bushels. The
total "visible" is now only 7,160,000 bushels, against 17,39%000 bushels a year ago. The export demand, however, was
not sharp at first. On the 6th inst. the sales to Europe were
only 100,000 bushels. On the 7th inst. prices ran up 4 to 5Y.c.
on a sharp demand for export, the sales being fully 300,000
bushels. This, with a fair foreign demand for barley, 1,000,000 bushels of wheat and another 1,000,000 bushels of oats
for export, made people think that Europe had to have American grain. The visible supply is steadily disappearing.
That fact is commented upon. July led the rise. The
weather at the Northwest was good, but cash markets moved
up. And rye is called too cheap as compared with wheat.
July rye at 98%c. was nearly 50c. under wheat. The discount seemed heavy. It excited comment. Rye on the 9th
Inst. closed 1% to 2c. lower, with less export demand and
some profit taking in advance of the Government report.
Reports of Russia selling of wheat caused some selling in
Chicago. A less satisfactory Government report than last
month was expected by some people. To-day prices declined
11
74c., as the Government report was better than expected.
The yield is put at 54,100,000 bushels, against 53,300,000 last
year; barley, 208,000,000 bushels, against 205,000,000 last
month ; in the Northwest harvesting the rye crop will begin
in a few days. The decline in wheat had some effect on
rye. But for the week there is an advance of 1*, to 2c.
Indian corn declined for a time under liquidation with
good growing weather in the belt, hot though it be, and
many operators selling at least for a turn. But wheat's
strength reined up the decline in corn on the 6th inst. Also,.
the American visible supply decreased last week 1,927,000
bushels, against 1,137,000 a year ago. The total is still 13,094,000 bushls, against 7,142,000 at this time last year, but
the sharp falling off which these figures show excited comment, especially as there was a similarly pronounced decrease in oats. Prices took an upward turn on the 7th, despite a very promising crop outlook and a certain amount of
liquidation. Later the small receipts dominated the market. Good crop news fell flat. Chicago received only 11
cars. That is much less than the daily consumption there.
Outside markets were somewhat higher than the Chicago
level. That was suggestive. The country offerings were
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
small. The cash demand was excellent. December, to be
July delivery in elevator
cts_
9331 9834 9834 97
9534
sure, felt the influence of the good crop outlook. Some, in- September delivery in elevator__ loll- 97
day
10034 100
9834 97%
deed, sold distant months against purchases of nearby December delivery in elevator
99
10234 10234 101
99%
months. The stress was on the strong cash situation, the
Closing quotations were as follows:
light crop movement and precautionary covering, not to
FLOUR.
mention some buying for long account. On the 9th Inst. corn Spring patents
$8 Rh§ $860 Rye flour, patents
$5 750S6 50
Clears,
spring7
closed at 1% to 3c. lower, with a less active cash demand. Soft firststraights— 601 8 10 Seminole No.3,lb
53.1
winter
7 75
825 Oats goods
305(0 3 15
Cash premiums were 1 to 2e. lower. The decline was due Hard winter straights-7 75
8 25 Corn flour
300(0 3 10
Hard
mainly to excellent weather conditions and expectations of Hard winter patents 8 250 8 50 Barley goods—
7 250 7 75
Nos. 2, 3 and 4
4O
a big Government croP estimate. Receipts were light, Chi- Fancywinter clears..
Minn. patents_ 9 350 10 00
Fancy pearl, Nos.2.3
9 50(9 1000
cago expecting 20 cars and Omaha receiving none for the City mills
and 4
750
first time in years. But much depends on the crop figures,
GRAIN.
York:
Oats:
and the possibility of hot weather, which is expected in the Wheat, New f.o.b
No. 2 red,
17034
No. 2 white
57
Northwest, spreading to other sections. To-day prices adNo. 1 Northern
No.3 white
16234
55
No. 2 hard winter. f.o.b..16334 Rye, New York:
vanced 1 to 242c. Receipts were small. Cash markets
No. 2 f.o.b
110
were very firm. The weather was hot at the West. The Corn:
Barley New York:
No. 2 mixed
12534
Government estimate of the crop was not quite so large as
Malang
104 0107
No.2 yellow
1 6A
2
expected. It was 3,095,000,000, oi 650,000,000 bushels more
For other tables usually given here, see page 165.
than last year. The condition of the crop is average to excelLARGER WHEAT AND RYE CROPS IN SPAIN
lent. It is 86.4, against 72 a year ago and 84.9 in 1923.
Last year the crop was 2,515,000,000 and two years ago 2,877,- THIS YEAR.—Forecasts of wheat and rye in Spain are
000,000. The weakness in wheat checked the advance in above estimates of last year while barley and oats are lower,
corn. Yet hogs were up to $1420 and No. 2 yellow corn sold according to a cablegram received by the United States
at $1 10. Final prices show an advance for the week of Department of Agriculture from the International Institute
cf Agriculture at Rome and made public on July 6. This
3 to 4%c. on near months and a drop of %c. on December.
says:
DAILY CLOSING PRICES OF CORN IN
NEW
Sat. Mon. Tues. Wed. YORK. Fri.
Thurs.
cts- Hol. 116% 122. 12634 124
No. 2 mixed
4
7
12534
PRICES OF CORN FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ Holt- 96% 9934 10234 100
July delivery in elevator
10231
September delivery in elevator_ __ day 101% 1043og 10634 10334 10434
December delivery in elevator
8734 8734 87% 86% 87%
Oats advanced with a decrease in the American visible
'supply last week no less than 2,005,000 bushels, or nearly
quadruple the decrease in the same week last year. It was
The Spanish wheat crop for 1925 is forecast at 129,043,000 bushels,
compared with the 1924 estimate of 121,778,000 bushels and the 1923
crop of 157,110,000 bushels.
Rye production is placed at 30,864,000 bushels. against 26,281,000
bushels in 1924 and 28,075,000 bushels in 1923. The barley crop is given
as 79,549,000 bushels, compared with the 1924 estimate of 83.700.000. and
the 1923 crop, which amounted to 111,861,000 bushels. Oats production
Is forecast at 28,384.000 bushels, against the 1924 estimate
of 30,170.000
bushels and the 1923 production of 40,434.000 bushels.
Condition of Norwegian Crops.—The condition of wheat in
July 1 is 977 of normal, as compared with 85% last year; Norway as of
0
rye is 1027
against 89'7 in 1924: barley 100, compared with 86: oats. 96. against 0,
0
79:
potatoes, 99, compared with 92.
AGRICULTURAL DEPARTMENT'S COMPLETE OF-The Crop ReportFICIAL REPORT ON CEREALS,&c.
ing Board of the United States Department of Agriculture
made public on July 9 its forecasts and estimates of grain
crops of the United States as of July 1, based on reports
and data furnished by crop correspondents,field statisticians,
and co-operating State Boards (or Departments) of Agriculture and Extension Departments, as follows:
FOR THE UNITED STATES.
Condition.
Acreage 1925.
Crop.
% of
1924.
Winter wheat
Spring wheat
All wheat
Corn
Oats
Barley
Rye
Flaxseed
Rice
Potatoes, white
Sweet potatoes
Tobacco
Hay,tame
Hay, wild
Hay, all
Pasture
Apples. total crop
Apples, commercial crop
Peaches, total crop
Pears, total crop
Grapes
Sorghum for sirup
Peanuts
July 1
1925.
July 1
1924.
Jidy 1
10-yr.Av.
65.9
88.1
73.4
86.4
76.3
81.2
76.8
81.6
87.0
84.1
77.2
79.8
72.2
78.5
73.1
74.6
53.3
57.7
59.0
58.7
83.8
76.6
81.0
Acres.
June 1
1925.
66.5
87.1
73.2
--_
79.6
83.1
78.6
-____
___
77.9
81.9
79.0
72.0
86.9
80.2
86.9
86.8
91.1
86.3
81.3
78.8
83.4
79.4
82.9
87.6
66.5
65.4
70.2
65.2
74.8
83.2
82.6
79.3
85.0
81.1
83.6
84.9
85.7
84.7
84.7
89.3
87.7
86.2
82.7
85.3
85.8
85.8
89.1
61.8
90.1 32,813,000
119.2 21,181,000
99.6 53,994.000
101.5 106,621,000
104.7 44,467,000
8,826,000
124.6
4,184,000
100.3
3,466,000
105.4
998.000
111.9
3,453,000
94.3
1,014,000
108.1
1,693,000
98.9
98.8 60,745,000
101.5 15,151,000
99.4 75,896,000
-----------__
98.3
41.3
397,000
909.000
--78.6
75.4
78.1
78.1
63.4
66.4
62.3
63.8
___
---
Forecast from
Condition. (a)
Crop.
407
254
661
1,295
205
53.3
82.5
13.4
95.8
___
_
47.1
17.5
___
___
Harvested.
Harvested.
Forecast
5-yr.
1924, Aver. 1925.a
1920-24
July 1 June I
1925. 1925.
404
bu
Winter wheat
276
bu
Spring wheat
680
bu
All wheat
bu. 3,095
Corn
bu. 1,292
Oats
208
bu.
Barley
bu. 54.1
Rye
bu. 26.1
Flaxseed
bu. 38.1
Rice
350
bu.
Potatoes. white
bu. 87.6
Sweet potatoes
lbs. 1,283
Tobacco
tons 78.4
Hay, tame
tons 14.2
Hay, wild
tons 92.6
Hay.all
157
Apples, total crop- _bu.
Apples, com'l crop_bbls. 29.2
Peaches, total crop.._bu. 46.8
. bu. 17.3
Pears, total crop_
tons 2.35
Grapes
gals. 30.9
Sorghum sirup
537
lbs
PastnIltwa
60.8
61.6
85.4
84.9
84.6
Yield per Acre.
Total Production in Millions.
1924.
12.3
13.0
12.6
29.0
29.1
23.6
12.9
7.5
38.1
101.2
86.4
758
1.29
.94
1.22
---------- 77.9
689
16.2
15.9
16.1
23.2
36.3
26.5
15.2
9.2
38.1
124.2
76.6
0725
1.59
.97
1.47
.---------67.7
625
590
283
873
2,437
1,542
188
63.4
30.2
34.0
455
71.9
01,241
98.0
145
112
179
028.6
53.1
18.6
1.78
27.3
515
592
245
837
2,935
1,328
182
70.4
15.3
39.8
418
96.2
1,331
91.0
16.2
107'
0181
30.4
46.5
17.1
c2.03
38.2
714
5-yr.
Aver.
1920-24
14.7
12.3
13.9
28.3
31.3
24.5
14.1
8.2
39.0
107.8
94.2
768
1.52
1.04
1.42
--------- -83.5
675
a Interpreted from condition reports. Forecasts increase or decrease with
changing conditions during the season. b Revised. c Three-year average 1922-24.
1 1925 is
1
. The amount of WHEAT REMAINING ON FARMS July compared estimated
with 30.at 3.4% of last year's crop, or about 29,705,000 bushels, as
July 1 1924 and 41.097,000 bushels, the average of stocks of
980.000 bushels on
wheat on July 1 for the five years 1920-24.
Details for leading crops in principal producing States follow:
Acreage
1925.
Pennsylvania ____
Ohio
Indiana
Illinois
Wisconsin
Minnesota
Iowa
Missouri
South Dakota_ _ ..
Nebraska
Kansas
Kentucky
Tennessee
Texas
Oklahoma
U.S.total
Production
in Thousands of Bushels.
Condition
July 1.
Per
Cent
of
1924.
Acres
in
Thousands.
106
106
106
105
98
95
102
105
102
104
115
104
102
86
90
Forecast
10-yr. 1925(d)
From
1925. Aver.
July 1
Per Ct. Per Ct. Condition
1,640
3,869
4,879
9,634
2,185
4,286
11,102
6,890
4,636
8,736
6,691
3.383
3,232
3.956
2,880
73,800
161.222
197,502
369,137
88,586
140,602
469.337
217,690
142,789
251,859
130,073
101,159
84.498
40,351
40.406
Harvested.
1924.
55,692
94,9C0
116,916
293.600
57,980
126,338
304,752
170,612
99,990
203,280
130,905
80,850
69,718
78,200
65,600
-year
5
Average
1920-24.
66,567
146,224
170.292
312,817
85,279
138.451
422.372
188.230
118,087
224.198
116,176
89.359
81,624
116,972
63,324
90
90
92
93
90
81
95
89
88
93
81
94
86
40
61
85
83
82
84
83
83
87
82
84
86
81
87
85
78
83
86.4
101.5 106.621
83.6 3.095.17r 2,436.513 2.934,649
WINTER WHEAT.
CondUion
July 1.
Production
In Thousands of Bushels.
Forecast 1925 (d)
State.
1925.
New York
Pennsylvania
Maryland
Virginia
Ohio
Indiana
Illinois
Michigan
Missouri
Nebraska
Kansas
Texas
Oklahoma
Montana
Colorado
Washington
Oregon
United States fatal_
so
so
so
ss
93
88
59
67
68
65
79
63
53
6.0
*
*8.2
66
82
91
84
85
82
78
78
81
76
79
75
76
76
70
82
81
87
65.9
70.3
so
Harvested.
10-yr
Aver,
From
From
July 1
June 1
Per Ct. Per Cl. Condition Condition
SPRING WHEAT.
86
89
84
89
99
86
Minnesota
North Dakota
South Dakota
Montana
Idaho
Washington
United States total _ __ _
88
84
89
79
87
77
24,368
103,884
27,103
43,982
18,444
28,483
23,272
95,081
21,978
39,085
17,940
28,616
34,313
134,61:
33.018
40,775
12,180
7,946
26,044
98,728
29,584
34,033
15,862
14,814
88.1
85.0
275.730
253.720
282.636
245.150
34,332
39,380
66.255
55.246
129,836
49,645
94.817
142.443
196,072
43,911
63,556
67.654
73.938
45,617
21,189
32,199
21,896
34,056
37,080
64.657
70,034
163.680
67,200
103,600
193,500
248,282
41,745
93,364
98,050
76,136
39.806
48,892
38,880
19,854
32,851
38,653
52,084
54,623
140,345
50,787
93,832
145,990
213,986
39,381
67,263
76,906
73,277
41,299
38,509
86,526
17,948
90n AKA 1
snt (inn 1_327.542
OATS.
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Texas
Oklahoma
Montana
linitpd Statemtntal
33,693
34,205
62,530
56,005
127.728
38.997
100,406
149,940
203,129
• 43,520
68,600
76.320
69,113
41,245
13,259
31,042
24,015
86
90
84
84 .
85
83
90
89
88
83
85
90
84
75
76
72
86
78
75
65
68
59
89
85
81
80
87
80
73
64
•12.3
*22.0
91
oo
514.0
76.3
1 909
101 I
BARLEY.
New York
Illinois
Michigan
Wisconsin
Minnesota
Iowa
North Dakota
South Dakota
Nebraska
Kansas
Texas
Oklahoma
Montana
Colorado
Idaho
Washington
Oregon
California
United States total _
85
84
60
90
85
85
87
85
75
47
*7.2
•14.0
91
73
100
94
98
ss
81.2
85.7
7,069
7.129
3,078
15,179
25,907
5,494
32,416
22,055
5,925
10,898
• 245
1,834
4,316
8,997
4.480
5,025
5,392
33,657
7,437
7.170
3.818
13,832
24,587
5,248
30,294
18,019
6,275
14,490
467
2,016
4,185
8,262
4.256
4,930
5,270
34,943
6,900
7.781
4,743
13,536
29,248
4,710
35.100
22,428
6,275
11,550
3,220
4,675
3,100
8,160
2,958
2,640
2.425
10,080
4,870
6,016
4,414
13,513
23,687
4,393
23,839
21,491
6,492
16,937
2,249
3,035
2,154
6.026
3,170
2,828
2.464
27,207
208.475
204.687
187,875
182.382
1,155
3,397
971
3.026
2,232
4.514
3.838
8,012
12.013
2,414
1.995
2,132
1,138
3,264
1.280
3.682
2,580
6,006
5,457
11,780
13,860
2,956
1,914
1,750
1,083
3,367
1,238
3.988
3,282
8,191
5,773
13,205
14,621
4,277
1,868
1,719
85
90
85
90
89
91
85
90
85
74
75
74
82
88
88
82
86
82
RYE.
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
North Dakota
Routh'Dakota
Nebraska
Montana
93
92
89
89
89
89
89
85
73
87
88
80
92
89
80
72
76
72
78
73
73
69
84
79
1,148
3,378
1.079
2,885
2,144
4,014
3,939
8.091
13,022
2,505
1,986
2,184
54.104
84.7
70.410
76.8
53.317
63.446
United States total_ _ _
d Interpreted from condition reports. Forecasts increase or decrease with
changing conditions during the season. * Reported yield per acre.
-The Indian GovernINDIAN WHEAT FORECAST.
ment issued as of June 4 its fourth wheat forecast, for the
season of 1924-25. This report shows that the area now
planted is 31,572,000 acres, as against 31,031,000 acres at
this time last year, but the estimated yield is only 8,802,000
tons, as compared with 9,682,000 tons last year. We give
below a summary of this report:
This forecast is based on reports received from local authorities and refers
of the total wheat acreage of India. The returns, therefore.
to over
-growing tracts. The final memocover practically all the important wheat
randum on the wheat crop will be published, as usual, in the second week
of August.
acres, as against 31.031,000
The total area is now returned at
The total yield
acres (revised) at this time last year, or an increase of
tons
tons, as compared with
Is now estimated at
(revised) at this time last year, or a decrease of
The condition of the crop, on the whole, is reported to be fair.
The present estimate of yield, as compared with that made at thi stime
respectively. in the Punjab and
and
last year, shows a decrease of
-growing areas. These
the United Provinces, the two important wheat
decreases, together with those in the minor tracts, are counterbalanced to
some extent by the increases in other areas. mainly Bombay, and the Central Provinces and Berar.
The detailed figures are as follows:
(1) AREA.
Inc. (-1-) or
1923-24
1924-25
Dec.(-)
(May 1925). (May 1924).
Provinces and States(Acres)
(Acres)
(Acres)
10,915,000
-95,000
10,820,000
Punjab (a)
7.275.000
+197,000
7,472,000
United Provinces (a)
3,427,000 (c)3,377,000
+50,000
Central Provinces and Berar(a)
3,187,000 (c)1,865,000
+322,000
Bombay (b)
1,175.000
1,226,000
-51,000
Bihar and Orissa
994,000
1,031,000
-37,000
Northwest Frontier Province
126,000
120,000
+6,000
Bengal
48,000
44,090
+4,000
Delhi
19,000
13,000
+6,000
Ajmer-Merwara
1,897.000 (c)1,960,000
-63.000
Central India
1,442,000
-42,000
1,484,000
Gwallor
1,106,000
(09(14,000
+142,000
Rajputana
800,000
698,000
+102,000
Hyderabad
-2,000
55,000
57,000
/Maeda
+2,000
4,000
2.900
Mysore
98%
CORN.
Sink.
[VOL 121.
THE CHRONICLE
224
1924.
5
-year
Average
1920-24.
6,956
21,438
9,875
9,941
21,416
24,709
37,705
12,579
30,137
33,377
74,119
4,152
24,903
3,112
13,530
10,002
6,822
7,186
21,333
9,198
9,350
19.408
23,354
37,705
14,656
28,465
33,738
83,909
4,708
26,558
2,467
14,688
9,384
6.610
6,588
19,850
8,532
9,628
37,313
31,365
34,251
19,888
24,589
54,483
153,644
25,826
54,874
10,893
15,974
19,354
13,035
8,251
22,926
9,603
10,120
34,982
28,684
46,697
15,959
34,501
51,090
126.298
18,715
45,116
8.809
15,904
29,292
17,915
403.851
407.156
500.037
591.957
31.572,000
8,802.000
26
2%.
9%.
9,682.000
8%.
+541,000
31,572,000 (031,031.000
(2) YIELD.
1924-25
1923-24 Inc.(-I-) or -yield per Acre)I1
(May '25). (May '24). Dec.(-). 1r4-215 11 8
) ( -14
Provinces and States(Tons)
(Tons)
(Tons)
819
2,961.000 3,991,000 -1,030,000
613
Punjab (a)
820
734
United Provinces (a)
2,447,000 2,664,000 -217,000
557
Central Provinces and Berm(a) 1,089,000 (0839,000 +250,000
712
392
456.000 (0326,000 +130.000
467
Bombay (5)
851
902
Bihar and Orissa
+7,000
473,000
466,000
582
439
Northwest Frontier Province
-73,000
195,000
268,000
429
444
+2,000
25,000
Bengal
23,000
1,375
1,073
-4,000
Delhi
23,000
27,000
517
Ajmer-Marwara
589
+2,000
3,000
5,000
429
457
+12,000
Central India
387,000 (c)375,000
575
592
Gwallor
381,000
381.000
560
545
+28,000
269,000 (c)241,000
Rajputana
180
204
+17,000
Hyderabad
73,000
56,000
865
733
-4,000
22,000
Baroda
18.000
336
280
(d)
(e)
Mysore
Total
699
624
8,802,000 (c)9682,000 -880,000
Total
a Inci tding Indian States. b Including Sind and Indian States. c Revised.
d About 500 tons. e About 300 tons.
JULY 11 1925.]
THE CHRONTCLE
COMMENTS CONCERNING CROP REPORT.
-The
Department of Agriculture at Washington on July 9 also
furnished a summary of the prospects of t,he United States
crops, based on the July 1 condition, the report being as
follows:
225
reported in Bulgaria, Hungary and Spain. Allowing for yields equal to the
ten-year average in the countries for which estimates of acreage have been
received, the aggregate production of the 17 countries reported would show
an increase of some 150.000,000 bushels over last year, or about
25%.
WORLD CEREAL CROPS
-ACREAGE.
-The acreage of corn this year has increased 1.5% over last year.
Corn.
Among the various causes leading to this increase are the high price of corn,
Change
Crop and Country.
Average
the tendency of farmers to raise crops that do not need hired labor, and a
1923.
1924.
1925. I from
1909-1913.
restoration of the usual corn acreage partly lost in some States last year on
1924.
account of a cold, wet, late spring. Much acreage upon which small grains
InealAcres.
and hay crops perished from the rigors of winter or the spring droughts
Acres.
Acres.
Acres. IPer Cl.
47,051,000 59,659.000 54.209,000 53,994,00
was later planted to corn and considerable hay and pasture land has also United States
-0.4
98,270,000 93,820,000 94,915.000 95.680,00
gone into corn. A tendency to increase feed crops for feeding to livestock 21 foreign countries
+0.8
Is given as another reason for increasing corn acreage. Decreased corn
Total United States &
acreage is reported from the drought-stricken area in the Southwest.
21 foreign countries_ 145,321,000 153.479,000 149,124,
The condition of the corn crop is reported to range from average to ex149,654,
+0.4
cellent outside of drought areas. In the corn belt the crop is thriving. Estimated world total,
excluding Russia
197,800,000 221,000,000 217.800,000
The crop in Texas fared very badly on account of the drought and a portion
Rye
of the crop has been cut for fodder. A similar condition is reported from
western and south central Oklahoma, where some of the fields have already United States
2,236,000 5,171,000 4,173,
4,184,
+0.3
turned brown and the crop is worthless for grain. Other drought areas 17 foreign countries
27.865,000 24.820,000 24,812,000 25,494.000 +2.7
are the western third of Insas, northern Georgia, northern and western
Total United States &
South Carolina and portions of Tennessee and Arkansas.
17 foreign countries_ 30,101,000 29,991.000 28,985,000 29,678.
AU Wheat.
-A total production of 679,590.000 bushels of wheat is esti+2.4
Estimated world total,
mated from the condition on July 1, including 403,851,000
excluding Russia
winter wheat and of 275,739,000 bushels for spring wheat. bushels for
47,600,000 46,000.000 42,900,
Compared
Barley
with the estimates from conditions on June 1, winter wheat loses 3.305.000
bushels, spring wheat gains 22.010.000 bushels, and the two combined are United States
7,835,000 7,086,000
larger than the estimate for June 1 by 18,714,000 bushels. Because of the 13 foreign countries
21,829,000 21,260,000 20,507,
-3.5
very humid atmosphere and abundant soil moisture in North Dakota, there
Total United States &
has been anxiety since the middle of June with regard to rust, which had
foreign countries_
13
appeared in the eastern part of the State. Nothing serious had developed
29.664.000 28.346.000
by July 1. Westward of this eastern section, the rust infection is not
Production, Forecasts and Estimates.
nearly so general.
-The oat crop has been much damaged by
Oats.
Wheat
Bushels.
Bushels.
Bushels.
Bushels.
the production will be considerably below average. drought and heat and United States
690,108,000 797.381,000 872.673.000 679,590,000 Per Cl.
In some sections the
straw is too short to be cut with binders and mowing machines will be used. 10 foreign countries
903,032,000 980,846,000 819,033,000 888,447,000 -22.0
+8.5
In the case of early planted oats, the heads are short and the number of
grains less than normal. The crop has done better in the
Total United States &
than
in any other large region of great production. June rainsNorthwest espe10 foreign countries_ 1593140000 1778227000 1691706000 1568037000 -7.3
improved
cially the late crop and helped to fill the grains in some sections, although
Rye
too late for full benefit.
United States
36,093,000 63,977,000 63,446,000 54,104,000
Potatoes.
-As often happens following a year of excess production of
5 foreign countries
301,917,000 315,512,000 212,098,000 320.907,000 -14.6
a
+51.3
crop, the acreage of potatoes this year has suffered an extreme reduction.
The estimate of 3,453,000 acres of potatoes this year is not only much
Total United States &
lower than in 1924. but Is the lowest since 1907. Drought at planting
5 foreign countries_
338.010.000 378,589.000 275.544.000 375.011,000 +36.1
time
contributed to the reduction. The indicated production of
bushels, based upon conditions on July 1, is the lowest since 349,566.000
SOVIET GRAIN CROP -The Russian Information Buthe crop of
322.867.000 bushels in 1919.
reau at Washington has issued a report on this year's grain
Tobacco.
-The transplanting of tobacco was somewhat checked
by
drought, and this caused a reduction of acreage below what
crop in the Soviet Union, as follows:
wise have been. The estimated area this year, 1,693.000 it would otheracres, is 1.1%
The Planning Commission of the Soviet Commissariat of
below that of last year. The condition of the crop on July 1 indicates
a estimates that this year's grain crop in the Soviet Union will Agriculture
production of 1,282.916,000 pounds, comparing with the five-year
average 63,540,000 tons, with an additional 2.889,000 tons of left amount to
-over
1.331,000,000 pounds.
of
The estimate is printed in "Economic Life" (Moscow) of June 19,stocks.
Flaxseed.
-With an acreage increase of 5.4% over 1924. the
and is
earlier
to flaxseed production this year is estimated to be 3.466,000 area devoted considerably higher thanto the figures and over 20% higher than last
acres. This year's crop. According
Planning Commission 7.650,000 tons of
is a continuation of the upward trend of flaxseed acreage in recent years. grain will
be available for export. The Black Sea ports are preparing to
A production of 26,144.000 bushels of seed is indicated by the July 1
dition, the five-year average crop produced being 15,300,000 bushels.con- export up to 5,000.000 tons of grain in the autumn.
According to the Planning Commission crop prospects are below the
-The season has been unfavorable for fruit
Fruits.
average
out most of the country, except on the Pacific Coast.production through- average in parts of ten provinces in the central districts. Elsewhere
conditions prevail generally. Some districts have reported congain in peaches, pears and grapes over last year is moreIn that region the
offset the decrease in the rest of the country and is nearly than sufficient to siderable trouble with Hessian fly and other pests.
It is reported that the peasants are better supplied with harvesting
In the case of commercial apples though not for all apples.sufficient to do so
The production machinery than last year, but there is still a considerable shortage of agriindicated by condition on July 1 is 156,942.000 bushels for the entire crop
of cultural machinery and implements.
apples, comparing with the five-year average
commercial apples. 29,230,000 bushels, comparingof 181.000,000 bushels:
MOROCCAN GRAIN CROPS BELOW LAST YEAR.
with 30.400.000 bushels
peaches. 46.835.000 bushels, comparing with 46,500,000
bushels: Pears The wheat crop of Morocco is forecast at
17.298.000 bushels, comparing with 17.100,000 bushels,
19,584,000 bushels,
and grapes,
2.348.477 tons, comparing with 1.777,462 tons in 1924 and
2,227,395 tons compared with 25,170,000 bushels last year, according to a
In 1923.
FOREIGN CROP PROSPECTS.
-The latest available
information pertaining to cereal crops of foreign countries,
as reported by the Foreign Service of the Bureau of Agricultural Economics, was issued on July 9 as being of interest to
producers of grain crops in the United States,and is asfollows:
The wheat crop of the Northern Hemisphere
cablegram received by the United States Department of
Agriculture from the International Institute of Agriculture
at Rome and made public on July 9. Barley production is
placed at 32,564,000 bushels, compared with 48,226,000
bushels harvested in 1924. The Department's statement
proceeds as follows:
The aggregate wheat production forecast for the three North African
reported
tries amounts to 1,568,000.000 bushels as compared withto date in 11 coun- countries of Morocco, Algeria and Tunis
1,692,000,000 last
amounts to 61,030.000 bushels.
year. These countries normally produce 59% of
,
Northern Hemisphere outside of Russia and China the wheat crop of the against 47.706.000 bushels produced by the same countries last year.
and 52% of the world This is an increase of more than 13,000,000 bushels, or 28%. No forecast
wheat crop outside of Russia and China.
has yet been
The wheat crop of Canada is promising. The season opened about two cates a yield received for Egypt, but the latest crop-condition report indiequal to 105% of the average for the last ten years.
weeks ahead of normal, affording excellent conditions for planting as well
The bulk of the North African wheat surplus comes from Algeria and
as lessening the danger from early frosts and lengthening the time
Tunis, as neither Morocco nor Egypt is of any considerable importance as
exports. Well distributed rainfall up to the present time has favored for an exporter, even in years of
plant
good harvests. The combined crops of
growth and conditions are said to be the most favorable for several years. Algeria
during
The Canadian Pacific Ry. reports most of the wheat in shot blade on against and Tunisharvestthe current season amount to 41,400,000 bushels,
the 1924
June 30. No official estimates of acreage have yet appeared, but informa- of 18,900.000 bushels, or of 22,500,000 bushels which shows an increase
84%. Although it is not possible to make a
tion from private sources indicate an acreage about the same as last year.
definite estimate of the amount of these crops needed for domestic conConditions in Europe have been generally favorable throughout the sea- sumption,
it may be safely assumed that a good share of the increase
son, although there have been recent reports of some deterioration
be available
reported
drought. Forecasts of production received to date from Italy, due to current will has been good for export. The barley harvest during the
Spain,
and
year
Netherlands. Hungary, Poland and Bulgaria are all above the estimates of bread grain, particularly among as barley is used quite extensively as a
last year, but not so good as in 1923 except for Bulgaria. No forecast is some extent the exportation of the native farmers, this will influence to
wheat.
hid
yet available for France, but the relation of the May 1 condition report to
the final yields as shown by a correlation covering the period 1902 to 1924
WEATHER BULLETIN FOR THE WEEK ENDING
indicates a yield of 21.6 bushels per acre for toe coming season. Applying
-The general summary of the weatl
this estimated yield to the acreage reported, the probable production for JULY 7.
-er bulletin
1925 would amount to about 297,000,000 bushels. Winter killing in issued by the Department of
Agriculture, indicating the
Germany has been much less than last year. and although no acreage
estimates are yet available, if the seeded area is up to last year. which was influence of the weather for the week ending July 7:
Relatively high pressure prevailed over Eastern and Southeastern States
only slightly above the five-year average 1920-1924, the production forecast
on the basis of the June 1 condition would be about 100,000.000 bushels, or during most of the week, with several shallow "lows" passing northeastward or eastward from the middle West and Northwest. Under this
slightly less than in 1923.
.A forecast of the Russian grain crops for the 1925 season amounts to pressure distribution the cool weather that prevailed from the Ohio Valley
63,540.000 short tons, according to information received from the Russian and Lake region eastward at the beginning of the week gave way to warmer.
Information Bureau quoting the "Economic Life" of June 16. The report and thereafter temperatures were quite uniform from day to day and
stated that stocks of grain from last season amounted to 2,880,000 short tended generally to somewhat above normal. The latter part of the week,
tons, making a total available for the current season of 66,420,000 short however, was considerably warmer in the interior and Southeastern States.
with the highest temperatures of record reported locally in the latter area.
tons. It was estunated that this amount would be sufficient
domestic requirements and leave a surplus of 7,650.000 short to cover Earlier in the week some high maximum temperatures occurred also in
tons for the
upper Mississippi Valley and central Great Plains, with a number of
export.
The aggregate wheat production forecast for the three North African stations reporting readings as high as 100 degrees or above.
countries of Morocco. Algeria and Tunis amounts to 61,030,000 bushels.
Rainfall was mostly of a local character, though showers were rather
against 47,706,000 bushels produced by the same countries last year. frequent in the Southeast and Rocky Mountain sections, while the latter
This is an increase of more than 13,000,000 bushels, or 28%. No forecast part of the week had more general rain over the upper Mississippi Valley
has yet been received for Egypt, but the latest crop condition report indi- and Lake region. In most cases where rain occurred it was moderate in
cates a yield equal to 105% of the average for the last ten years.
amount and in the form of thundershowers.
The bulk of the North African wheat surplus comes from Algeria and
Chart I shows that the week averaged considerably warmer
Tunis. which have 18,900,000 bushels more than last year. Although it is in much the greater part of the country. It was relativelythan normal
cool in the
not possible to make a definite estimate of the amount of their crops needed Northeast, the far Southwest, and in a few other local areas, but throughfor domestic consumption it may be assumed that a good share of the in- out the interior valleys the weekly mean temperatures were mostly from
crease reported will be available for export. The barley harvest during the 4 degrees to as much as 9 degrees above the seasonal average. Maximum
current year has been good, and as barley is used quite extensively as a temperatures reached 100 degrees or higher at many points in the interior
bread grain, particularly among the native farmers, this will influence to States and in much of the Southeast.
Showers were more general in the South than during recent weeks, and
some extent the exportation of wheat.
The condition of the wheat crop in China appears to be not so good as there was considerable additional rainfall in the Mississippi and Ohio Valley
last year. In some provinces the crop has been injured by drought, while areas, as shown on Chart II. Rain was of a more local nature in the middle
Atlantic sections and over the western half of the country, with some fairly
in others conditions are about normal.
heavy amounts reported in parts of the northern Great Plains and some
RYE.
upper Rocky Mountain districts.
The European rye situation is considerably better than that of 1924.
The additional rainfall in most of the central valley States, with the
An increase of nearly 100,000.000 bushels over last year is forecast for prevailing
Poland. No estimate of acreage or forecast of production is yet available same timewarm weather, promoted rapid growth of vegetation and at the
conditions were
%
for Germany the world's greatest producer outside of Russia, but a cor- made good advance over thegenerally favorable for farm work. Crops
relation of the June 1 condition reports with final yields for the period areas where rainfall was stillnorthern half of the country, except in the
insufficient: these
1900 to date, indicates a yield for the current season of about 25 bushels extent, and were confined to the central Great were mostly limited in
western upper
per acre. If the German acreage for this year should be equal to the Lake region, and parts of the middle Atlantic Plains, thewas rather
area. It
too
five years a production forecast on the basis of the June 1 warm for some late small grain
average of the past
crops in North-Central States, and too
condition would amount to about 270.000,000 bushels. Increases are also cool for best growth in the more northeastern
sections.
226
TITF CHRONICLE
In the South, crops made good growth whereever moisture was suffident, but, while showers were frequent in some sections, there were many
localities where vegetation was still suffering from droughty conditions.
In general, the area from Tennessee. Arkansas, and Oklahoma southward
was still needing a good soaking rain, especially Oklahoma and central
and southern Texas. In the Northwest and the more western States the
weather continued favorable for farm interests, especially so in the Northwest where all crops made splendid progress. Showers were also helpful
in parts of the far Southwest, but a general rain is still needed in that
section.
SMALL GRAINS.—The harvest of winter wheat made good progress
during the week and was well advanced in the principal producing areas.
Cutting was mostly completed in Kansas and was about finished in
Missouri and in the southern portions of the northern Ohio Valley States.
Threshing advanced favorably in the southern portions of the Wdeat
Belt. Under the influence of favorable weather, spring wheat maintained
its satisfactory advance, with continued iMprovement reported in South
Dakota where the heads were filling well, while filling was noted in all
sections of North Dakota. There were a few reports of a small amount
of black rust in extreme western Minnesota and eastern North Dakota,
but no serious damage so far was indicated.
Oats show considerable improvement since recent rains in the upper
Ohio Valley and North-Central States, but the straw is generally short.
This crop was injured somewhat by high temperatures in the latter area,
but it is doing well in northeastern districts; harvest advanced as far north
as central Illinois and Nebraska. Flax did well in the northern Great
Plains, and the crop is generally in good condition, except on some lowlands where it has been too wet. Rice advanced favorably in Louisiana
and was in excellent condition in California, but there is some complaint
of water shortage in Arkansas. Grain sorghums need rain in the lower
Great Plains.
CORN.—Except in the Southwest, principally in Kansas and Oklahoma,
excellent weather for corn prevailed during the week. In the principal
producing States the favorable moisture and temperature conditions
promoted very good to excellent growth and the crop is now well advanced
and growing nicely. The hot, dry weather in Kansas and Oklahoma was
qnfavorable, however, particularly in Oklahoma where corn deteriorated,
except locally, and is badly burned on uplands in the central and southern portions of the State. In Kansas, except in the northeastern quarter,
the crop was adversely affected, though it has not been seriously damaged
as yet. Reports were very favorable from Nebraska, South Dakota, and
Dakota, and the central and eastern portions of the belt. Corn still needs
rain in most of the Southern States.
COTTON.—The weather conditions, as affecting the cotton crop, varied
considerably. The week was generally warm, but rainfall continued of a
local character. While showers were more frequent in central and eastern
portions of the belt, many localities were still too dry and general rains
are badly needed in Texas and Oklahoma.
In Texas showers were mostly ineffective and cotton continued to
deteriorate over most of the central and southern portions of the State,
with plants small and prematurely developing. The drought has become
severe in Oklahoma, but cotton is not yet seriously damaged; progress
during the week was fair on bottom lands, but poor on uplands, with the
general condition still fair to good. Except locally, growth was very good
In Arkansas and Louisiana.
Showers were beneficial in Mississippi and Alabama and, where moisture was sufficient in these States, cotton made fair to very good advance,
but some sections were too dry and in these growth was slow. In the
southern half of Georgia the crop continued to make very good progress,
but elsewhere it was less favorable, with plants small and some blooming
prematurely. Good rains were beneficial in South Carolina and growth
in North Carolina varied from good or excellent in the eastern portion to
poor in some dry western districts. Rapid growth was reported from
Virginia and Illinois, with mostly satisfactory advance in Tennessee and
very good to excellent progress in Florida.
[VOL. 121.
THE DRY GOODS TRADE.
Friday Night, July 10 1925.
Developments in textile markets during the past week
were generally of a constructive nature. The most notable
among these was the reopening of the London wool sales on
a firm basis. This greatly heartened merchants in the wool
division, and agents felt that they could proceed in the matter of pricing the new season's lines. In the event of the
Australian auctions, which resume next week, also showing
an improvement, more activity in manufacturing goods is
looked for. The burlap market was another section which
displayed notable improvement. Unofficial reports from
India concerning the condition of the jute crop resulted in
firmer prices. It was claimed that estimates of 2,910,000
acres yielding less than 9,000,000 bales would be insufficient
to meet consuming demands. As the carry-over is not expected to be very large, speculators were active buyers. In
regard to silks, indications point to a continued large consumption during the remainder of the year. Business in new
fall fabrics is getting under way, and it was claimed that
the new colorings and weaves will do much to maintain an
active distribution. Figures as compiled by the Silk Association of America show that both imports and consumption
of silks are on the road to be a record this year. Rayon,
which is closely allied to the silk industry, has also made
rapid strides. A striking example of this is the plan of the
Viscose Co., the largest producer, to build a new plant which
will produce ten million pounds of rayon annually. Such
action to increase production was taken to forecast lower
prices in relation to other fabrics. Factors pointed out that
this item will revolutionize fabric trading conditions when
it can be supplied from 30 to 40% below present levels.
DOMESTIC COTTON GOODS: The situation as regards
markets for domestic cotton goods was more or less mixed
during the week. While hot weather stimulated sales of
seasonal merchandise, buyers in other lines operated cautiously owing to the uncertainty as to the future value of
raw cotton. The withdrawals of many inquiries were
prompted by the favorable crop condition report as issued
by the Government the previous week. Agents stated that
buyers were uninterested in offerings for late delivery unless they could be secured at substantial concessions from
prevailing levels. Mills were unwilling to mark values down
and thus the week was spent mostly in bargain hunting. On
the other hand, such items as print goods, wash cloths,
The Weather Bureau also furnishes the following resume sheets and pillow cases, of the better known brands, conof the conditions in the different States:
tinued to sell in a satisfactory manner. The volume of print
Virginia.—Richmond: Temperatures above normal: scattered showers cloths sales was said to be the largest in several weeks.
improved conditions locally. Corn, cotton, and tobacco made rapid
growth and are in good condition in most sections. Pastures and meadows While there were no particularly large individual sales, the
short. Sweet potatoes need rain. Peanuts fair to good. Reports of wheat aggregate was large. In regard to the new offerings of
threshing very favorable. Rain needed most parts of State.
North Carolina.—Raleigh: Weather favorable and corn, tobacco, and spring fabrics by the Amoskeag Manufacturing Co., it has
truck doing well on Coastal Plain, but needing rain in most of central, been agreed to take orders "at value," the final price to be
especially early corn, while drought serious in west. Progress of cotton named later, possibly not until September.
The cost is not
very good to excellent in east; fair to very good in central and poor to
fair in west. Threshing wheat; turning out good. Apples dropping badly. to be over a given basis. Mills do not feel that they can take
South Carolina.—Columbia: Rains very beneficial. Early and inter- the risk of a normal season with the price of raw cotton so
mediate corn and minor crops deteriorated in northwest until late rains.
Condition and progress of cotton very good generally; early blooming and uncertain, but with protective measures, they are ready to
squaring freely; weevil numerous in moist areas, but not much damage book business. An item of particular interest to the
thus far. Tobacco good to excellent; curing continues. Peaches suffered
trade was the firm stand taken by the North and South
from drought.
Georoia.—Atlanta: Excessive heat and bright sunshine intensified Carolina Cotton Manufacturers' Association in the matter
drought over many counties, but showers beneficial locally. Progress of of the collection and
distribution of statistics in keeping
cotton satisfactory in southern half where condition very good and bolls
forming rapidly: elsewhere growth slow with plants small and some pre- with the recent decision of the Supreme Court on trade assomature bloom; weevil inactive. Upland corn much damaged by drought; ciation activities. It
was pointed out that there are now
tasseling low. Peanuts and cane doing well; truck and pastures very poor.
Florida.—Jacksonville: Progress and condition of cotton very good to about 15 organized groups of manufacturers who are preexcellent; well worked; early on lower peninsula opening. Late corn, paring to make regular
reports on stocks, production, etc.
cane, peanuts, and sweet potatoes improved. but moderate rains needed.
Groves on peninsula good, but fruit smaller than usual; satsumas in west Print cloths, 28-inch, 64 x 64's construction, are quoted at
fair to good, but late plantings need rain. Tobacco curing well advanced. 6%c., and 27-inch, 64 x 60's, at 6%c. Gray goods in the 39Alabama.—Montgomery: Local rains almost daily, but more needed
-inch
locally. Corn, truck, sweet potatoes, and minor crops improved where inch, 68 x 72's construction, are quoted at 10%c., and 38
.
rains. Progress of cotton fair to very good where rain sufficient; else- 80 x 80's, at 12%c.
where poor to fair; condition mostly fair to good; some poor and some
WOOLEN GOODS: Buyers operated with less restraint
excellent; blooming to extreme north portion: bolls opening few scattered
places in south: few weevil in south and central portions.
in the markets for woolens and worsteds due to the firm
Mississippi.—Vicksburg: Local rains afforded some relief in restricted
localities in middle and east and showers assured continued progress of opening of the London wool auctions. With merinos 5%
cotton, corn, and pastures in southwest; elsewhere rain badly needed higher, choice wools firm and the cross-breds steady, the
with growth of corn and cotton poor. Cotton squaring, blooming, and
trade was prompted to look for a more stabilized market.
setting bolls fairly well; some increase of weevil.
Louzsiana.—New Orleans: Rains insufficient locally, especially in It was realized, however, that the Australian sales next week
extreme northwest. Progress of cotton mostly fair to very good; blooming
and fruiting satisfactorily; weevil activity increasing, but damage slight. will furnish the real index to wool values. In the event of
Progress and condition of early corn fair to very good, except poor some these sales opening firm, it was stated that there would be
western areas; late mostly very good. Rice, fruit, and truck generally no further cause for worry concerning
the values of spring
doing well; sugar cane good to excellent.
Texas.—Houston: Light to moderate showers at four-fifths of reporting lines. Selling agents claimed that the results encouraged
stations mostly ineffective. Progress and condition of pastures, corn, and them to go ahead pricing their new lines
with more cerminor crops very good in west. Progress and condition of cotton fair to
very good in western half, parts of northeast, and near coast, but dete- tainty than seemed possible a few weeks ago. With conmucn of central and south where plants small, sumption of goods continuing at a high
rioration continued in
rate and stocks in
prematurely advanced, and some dying; weevil and other insect damage
generally slight, although moderate locally; picking advanced well in retailers' hands light, an optimistic spirit prevailed.'
extreme south; squaring in western half and bolls forming eastern half to
FOREIGN DRY GOODS: A slight improvement in busiRed River.
Oklahoma.—Oklahoma City: Showers beneficial., but drought continues ness sentiment was observed in the markets for linens.
and condition of crops serious in most sections. Cotton not yet seriously While business was still conducted on a hand-to-mouth basis,
hurt by drought; progress generally fair on bottom lands and poor on
uplands; condition fair to very good; weevil reported in scattered areas. factors expressed the belief that this section had seen the
Some improvement in corn where rain fell but deteriorated generally; worst of the depression, although it was conceded that the
condition generally fair to very good on bottom lands. Threshing winter recovery to normal
would undoubtedly extend over a long
wheat and oats progressed rapidly; yield generally light, but quality fair
to good.
period. Agents stated that a moderate amount of business
Arkansas.—Little Rock: Progress and condition of cotton very good
transacted. Even dress linens, which have been the
to excellent, except in some southeastern portions where soil very dry; was
forming squares and blooming rapidly; weevil increasing in west, but laggards, sold better with full prices the rule for the better
little damage. Progress and condition of early corn very poor to fair, grades. This was due largely to the fact that men's and
except very good in north and west; condition of late crop fair to very
boys' suitings have been enjoying an exceptional vogue
good. Some rice wells failing.
Tennessee.—Nashville: Local showers over most of State, but large areas thus far this season.
As the weight of these items is
dry. Progress of cotton fair to very good and condition averages good,
but rain needed. Corn good to excellent, except poor in some dry areas. heavier than the general run, a number of factors have
Favorable for handling winter wheat, and crop averages fairly good. placed substantial orders for next year's supply. Reports
Tobacco, potatoes, and sweet potatoes made poor to fair progress.
Kentucky.—Louisville: Heavy rain in northeast where improvement from Belfast state that the handkerchief business is suffercontinues; crops doing well other districts, but needing rain again in ing from unusually keen competition. Burlaps have ruled
southwest. Stand of last setting tobacco hurt by intense heat. Condition
and progress of corn fair to very good in north and east; otherwise very firm, unofficial estimates of a reduced jute crop. Light
good to excellent; mostly laid by and early tasseling in south.
weights are quoted at 7.75-7.80c., and heavies at 10.20-10.25c.
JULY 11 1925.]
THE CHRONICLE
227
that the decision could be regarded as raising any question
as to the validity of these bonds.
In the case of the bonds of the State or any of its municipalities which have received in cash 100 cents on the dollar
for every security issued by them, it is inconceivable that
NEWS ITEMS.
New York (State of).
-City Home Rule Amendment to the State of New York would permit any default or raise
State Constitution Adopted in 1923 Declared Invalid by Appel- any question as to the validity of the obligations.
late Division-Case to Be Carried to State Court of Appeals.
BOND PROPOSALS AND NEGOTIATIONS
On July 6 the Appellate Division (First Department) of the
Supreme Court of New York held invalid the City this week have been as follows:
State
Home Rule amendment to the State Constitution, adopted
ACTON, Middlesex County, Mass.
-BOND SALE.
by the voters in 1923 (see V. 117, p. 2457). The decision 4% high school bonds, offered on that date, were sold-On July 2 $74,000
to Geo. A. Fernald
Co.
Denom.
written by Justice William P. Burr and concurred in J. & of Boston at 100.653. years. $1,000. Date July 1 1925. Int.
was
J. Due in from 1 to 20
unanimously by his associates. The amendment was deANNISTON, Calhoun County, Ala.
-BOND OFFERING.
-Sealed
clared invalid by the Court in that the amendment as it bids will be received until July 23 by Mayor Sidney J. Reaves for $100,000
5% school bonds. Denom. $1,000. Int. payable semi-annually.
passed the 1920 Legislature was altered on its repassage by
County,
-BOND ELECTION.
the 1922 Legislature, and hence must be considered null and beARCO, Butte 21 for theIdaho.
-An election will
held on July
void because of non-compliance with the prescribed require- $40,000 highway bonds. purpose of voting on the question of issuing
ments of Article XIV. of the Constitution as to the manner
ARMSTRONG COUNTY COMMON SCHOOL DISTRICT NO. 8
-BONDS REGISTERED.
of proposing, submitting and adopting amendments. By (P. 0. Claude), Texas.
-The State Comptroller
of Texas registered on July 3 $6,000 5% school bonds. Due serially.
the decision, laws passed by many cities, principally New
ARNOLD SCHOOL DISTRICT (P. 0. Arnold), Westmoreland
York City, under authority of the amendment, are invali- County, Pa.
-BONDS VOTED.
-The voters of this district approved
dated. The matter came up in the suits instituted by at a special election on July 1 $50,000 school impt. bonds by a vote of
136 to 30.
William Jay Schieffelin of the City Club (New York City)
ASBURY PARK,
-BOND OFFERING.
and Stewart Browne, representing the United Real Estate Until 10 a. in. July 21Monmouth County, N. J.
sealed bids will be received
Owners' Association, against New York City, in opposing Clerk, for the following issues of 4%% bonds: by A. Grace King, City
$410,000 general improvement bonds. Due yearly on July 1 as follows:
the Eighty-sixth Street municipal bus line. In upholding
the contentions of the plaintiffs, the Court held that the city 165,000 $19.000, 1926 to 1945,inclusive,$20,000, 1946.and $10.000, 1947.
general improvement bonds. Due yearly on July 1 as follows:
$4,000, 1926 to 1960,inclusive, and $5,000. 1961 to 1965. inclusive.
was without authority to maintain and operate bus lines
Denom. $1,000. Interest J. & J. No more bonds to be awarded than
and that the steps to that end taken by the city were null will produce a premium of $1,000 over each of the above issues.
Certified
and void. The cases, of course, are to be appealed to the checic upon an incorporated bank or trust company for 2% of amount of
bonds bid for, is required with each issue. Legality approved by Durand,
Court of Appeals at Albany.
Asbury Park.
Thelaws passed by New York City and which are believed Ivins & Carton, of
ASHTABULA COUNTY (P. 0. Ashtabula), Ohio.
-BOND OFFERby legal authorities to be invalidated by the Court's decision, ING.
-Sealed bids will be received until 1 p. in. (Eastern standard time)
July 13 by W. W.Howes, Clerk of Board of County Commissioners, for
include the following:
coupon Painesville-Warren,
jitate and Titg ptvartinent
Giving the police control of taxicabs.
Permitting increases of salaries for city commissioners between budgets
and during their terms of office.
Requiring five days' notice of public hearings.
Giving tho Board of Estimate and the Board of Aldermen the power
to fix the salaries of city employees.
Creating a Department of Accounts for the purpose of restoring Commissioner Hirshfield's subpoena power.
Defining duties of assistant to the Mayor.
Perzr.itting Police Captain Funston to become Chief of Police of Schenectady without losing rights in Police Department here.
Making five-year reduction in minimum retirement age of members of
city employees' retirement system.
Crediting members of retirement system with time spent in Federal
service.
Providing for two additional City Marshals.
Reorganizing the Board of Standards and Appeals.
Providing for re-assessing cost and expense of acquisition of city park
lands, Brooklyn and St. Marks Avenue, Brooklyn.
Providing that policemen who have served in the Fire Department may
be credited for such service.
Speaking of the other cities affected, an Associated Press
dispatch, dated July 7, from Albany to the "Journal of Commerce" of New York, said in part:
Forty-one of the sixty cities of the State are affected by the decision of
Appellate Division of the Supreme Court yesterday in holding invalid the
all
municipal laws enacted under the Home Rule Amendment of 1923, according to records in the office of the Secretary of State here.
The cities which have been conducting municipal business
provisions of the amendment are: Albany, Amsterdam, Auburn, under the
Binghamton. Buffalo, Cohoes, Corning, Dunkirk, Elmira, Geneva, Glens Falls,
Hornell, Hudson, Jamestown, Kinmton, Little Falls, Lockport, Long
Beach, Mechanicville, Middletown, Mt. Vernon, Newburgh, New York,
North Tonawanda, Oneida, Oneonta, Oswego, Plattsburgh, Port Jervis.
Poughkeepsie. Rensselaer. Rochester, Rome, Salamanca, Saratoga Springs.
Schenectady, Syracuse, Utica. Watertown, White Plains and Yonkers.
Cities which have not accepted the provisions of the amendment are:
Batavia, Beacon, Canandaigua, Cortland. Fulton, Glen Cove, Gloversville, Ithaca, Johnstown, Lackawanna, New Rochelle, Niagara Falls,
Norwich, Ogdensburg, Olean, Sherrill, Tonawanda, Troy and Watervliet.
In answer to the questions raised as to the possible invalidity of the bonds of New York City, of the State of New
York, of other cities of the State, as a result of the decision
statements on the subject were made by City Comptroller
Craig, State Attorney-General Ottinger and State Comptroller Murphy, and the National City Co., a prominent
investment house of New York. City Comptroller Craig
in his statement said:
There need not be any apprehension in the minds of any one in regard
to the validity of any of the bonds sold by the City of New York since
the purported adoption of the Home Rule Amendment to the Constitution
in 1923.
The Municipal Assembly of the City of New York, established under
the assumed authority of the constitutional amendment, has not passed
any law of any kind that in any wise relates to the issuance of obli,gatious
of the City of New York. In fact, no such law could be passed by the
Municipal Assembly because of restrictions on city legislation contained
In the City Home Rule Law. Among such restrictions are those against
the passage of any law as to the amount in which the city may become
indebted or which may be raised by tax for city purposes, or which removes
restrictions of any existing law as to the issuing of bonds or other evidences of debt.
State Attorney-General Ottinger and State Comptroller
Murphy issued a joint statement in which they said:
New York State bonds have behind them the faith and credit of the
Empire State. Technical defects, if there should be any, will not alter
that faith and credit upon which rests the very existence of the State itself.
The National City Co. stated that it had been advised
by counsel that the question of the validity of the constitutional amendment did not affect New York City bonds or
any other issues of bonds by cities in New York State; that
independently of laws passed by the municipalities under
the constitutional amendment, there was usually to be found
ample authority in existing charters and statutes which
have not been repealed, to sustain the validity of any bonds
of the New York cities.
Under extablished practice, including a long line of decisions of the Supreme Court of the United States, holding
that under certain conditions cities are estopped to contest
the validity of bonds issued by them, counsel did not believe
I. C. H. No. 153. road improve$12,100 5%
ment bonds. Denom. $500. except one for $100. Date July 1 1925.
Int. A. & 0. Prin. and int. payable at the County Treasurer's office.
Due $100 April 1 1926 and $500 each six months from Oct. 1 1926 to April 1
1931, incl., and $1,000 each six months from Oct. 1 1931 to Oct. 1 1934.
incl. Certified check for $500, payable to the County Treasurer, required
with each bid.
ATHENS COUNTY (P. 0. Athens), Ohio.
-BOND OFFERING.
Sealed proposals will be received until 1 p. m. July 23 by Robert P. Tompkins, Clerk of Board of County Commissioners, for the following 5% bonds:
C. H. No. 518, Section "Buchtell," bonds. Denom. $1,000,
$6.400 I.
except 1 for $400. Due yearly on Sept. 1 as follows: $400. 1926.
and $1,000, 1927 to 1932, incl.
3,600 I. C. H. No.518. Section "B," bonds. Denom.$1.000, except 1 for
$600. Due yearly on Sept. 1 as follows: $600, 1926, and $1,000,
1927 to 1929, incl.
12,800 I. C. H. No. 160, Section "J," bonds. Denom. $1.000. except 1 for
$800. Due yearly on Sept. 1 as follows: $800. 1926. and 31.000.
1927 to 1930. incl., and $2.000. 1931 to 1934, incl.
20,400 I. C. H. No. 159. Section "M-2," bonds. Denom. $1.000, except
1 for $400. Due yearly on Sept. 1 as follows: $2,000, 1926 to 1931,
incl.: $3,000. 1932 and 1933, and $2,400. 1934.
14,0001. C. H. No. 157, Section "E," bonds. Denom. E1.000. Due
yearly on Sept. 1 as follows: $1,000. 1926 and 1927: 32.000, 1928
and 1929: $1,000. 1930 and 1931. and $2,000, 1932 to 1934. incl.
Date July 1 1925. Prin. and semi-ann. int. (M. & S.) payable at the
County Treasurer's office. Certified check for 2
bid, payable to the
Board of County Commissioners, is re
required.
1 opinion of Squire,
Sanders & Dempsey of Cincinnati to be furnished. Bonds will be delivered and paid for within ten days from time of award.
ATLANTA, Fulton County, Ga.-BOND SALE.
-The following 4V
c.
coupon or registered bonds, aggregating $90,000. offered on July 2(V. 1-0.
n• 3343) were awarded to Bell. Speas & Co.of Atlanta, at a premium of
$1,611. equal to 101.79-a basis of about 4.15%:
$11,000 Howell St. No, 2. Due July 1 as follows: $2,000. 1928 to 1931.
and $1,000. 1932 to 1934.
3,000 Hogue St. bonds. Due 51.000 July 1 1929. 1931 and 1934.
2,000 Florida Ave. No. 2 bonds. Due $500 July 1 1928. 1930. 1932
and 1934.
4,000 Mills St. bonds. Due $1,000 July 1 1930, 1931. 1932 and 1934.
3,000 Howson St. bonds. Due $1,000 July 1 1929, 1931 and 1934.
4,000 Fort St. No.2 bonds. Due $1,000 July 1 1927. 1928, 1930 and '34.
11,000 Arthur St. bonds. Due July 1 as follows: $2.000, 1928 to 1931.
and $1,000. 1932 to 1934.
15,000 South Mayson Ave. bonds. Due July 1 as follows: $3,000, 1928.
and $2,000. 1929 to 1934.
1,500 Emery St. bonds. Due $500 July 1 1928, 1930 and 1934.
2,500 Stevens St. bonds. Due $500 July 1 1929 to 1932 and 1934.
2,000 Walnut St. bonds. Due $500 July 1 1928, 1930. 1932 and 1934.
1,000 East Linden St. bonds. Due $500 July 1 1930 and 1934.
4.000 Sylvan Ave. bonds. Due $1,000 July 1 1928. 1930. 1932 and 19/4.
9,000 Wylie St. bonds. Due July 1 as follows: $2,000. 1928 to 1930:
$1.000, 1931 and 1932, and $1,000. 1934.
2,500 East Ave. No. 3 bonds. Due July 1 as follows: $500. 1928 to
1930. and $500. 1932 and 1934.
1,500 Oakland Ave. No.2 bonds. Due $500 July 1 1928. 1930 and 1934.
2,500 Howell Place bonds. Due July 1 as follows: $500, 1928 to 1930.
2,000 Fifth St. No. 2 bonds. Due 5500 July 1 1928 and 1929 and 1931
and 1934.
3,000 Fortune St. bonds. Due $1,000 July 1 1928, 1931 and 1934.
4,000 Dunning St. bonds. Due $1,000 July 1 1928 and 1929 and 1931
and 1934.
1.500 Bailey St. bonds. Due $500 July 1 1928. 1931 and 1934.
Date July 1 1925. The entire issue matures July 1 as follows: $1,000 in
1927. $17,000 in 1928. $13.000 in 1929. 515.000 in 1930. 313,500 in 1931.
39.500 in 1932. $4,000 in 1933. and $17,000 in 1934.
AVON PARK, Highlands County, Fla.
-BOND SALE.
-The Florida
National Bank of Jacksonville has purchased an issue of
Improvement bonds to be used for the following purposes: 5280,000 6%
$110,000 park.
1$15,000 public library.
110,000 street paving.
40,000 refunding.
15,000 fire department.
Date May 1 1925. Denom. *1.000. Due May 1 as follows* $5,000.
1930 to 1934 incl.: $10,000, 1935 to 1939 incl.: $8,000. 1940 to 1944 incl.•.
$15,000, 1945 to 1949 incl., and $18.000. 195$ to 1954 incl. Prin, and
int.(M. & N.) payable at the National City Bank, N. Y. City. Legality
approved by Caldwell & Raymond, N. Y. City.
Financial Statement.
Assessed valuation for taxation (1925)
S4.000,000
Total bonded debt (including this issue)
452.000
Less' Special assessment bonds,$70,700; sinking fund,519.73290.432
Net bonded debt
361,568
Population 1920 census. 890: 1925 census, 2 500.
BAKER COUNTY SCHOOL DISTRICT NO.5(P.O. Baker), Ore.BOND OFFERING.
-Sealed bids will be received until 5 p. in. July 13 by
Frank C. McColloch, District Clerk, for *15.000 6% school bonds. Date
July 15 1925. Denom. $1,000. Due $3,000 July 15 1930 to 1934, incl.
Int. payable semi-annually. A certified check for 5% of bid is required.
BALTIMORE, Md.-REGISTERED STOCK OFFERING.
-Proposals
will be received at the office of Frederick A. Dolfield, City Register, until
12 m.(Eastern standard time) Aug.3 for the following described registered
corporate stock:
228
TUE CHRONICLE
[Vol. 121.
BURLINGTON, Skagit County, Wash.
-BOND SALE.
-John E.
$4,783,000 5% general impt. serial 1922-1946 loan. Due yearly on
March 1 as follows: $1,517,000 1943: $1,593,000. 1944, Price & Co. of Seattle have been awarded an issue of $17,000 5% town hall
and $1,673,000. 1945. Int. M. & S. $19,461,000 of this bonds at 101.05, a basis of about 4.897. Denom. $500. Due $500.
1927 to 1932, incl.: 31,000. 1933 to 1943,incl., and $1,500 in 1944 and 1945.
loan has heretofore been sold. •
144,5005% water serial 1922-1961 loan. Due April 1 1961. Int.
BURBANK
A. & 0. $14,855,500 of this loan has heretofore been sold. BOND SALE. SCHOOL DISTRICTS, Los Angeles County, Calif.
-The 5% bonds, aggregating $280,000, offered on June 294,051,000 4% second school 1924-1948 loan. Due yearly on May I as V. 120. p. 3223
-were awarded to the Citizens National Co. of Los Angeles
follows: $513,000. 1933: $533,000, 1934: 3555.000. 1935: as follows:
$577,000, 1936; 3600.000, 1937; $624,000, 1938. and $180,000 High School District bonds at a premium of $13,358, equal to
$649.000. 1939. Int. M. & N. $3,812,000 of this loan
107.42, a basis of about 4.53%. Due on Dec. 1 as follows:
has heretofore been sold.
$2,000, 1925 to 1951, incl.; $10.000, 1952 to 1960, incl.. and
Int. is payable semi-ann. and will be computed from the int. payment
39,000, 1961 to 1964, incl.
period next preceding the date fixed for the delivery of the stock. Circulars
100,000 School District bonds at a premium of $5,925, equal to 105.92,
have been prepared showing the authority for the issuance of these loans,
a basis of about 4.547. Due on Dec. 1 as follows: $2,000, 1925
together with the purposes for which the proceeds of the sale will be applied.
to 1932, incl.; $1,000 in 1933: $2,000. 1934 to 1944, incl.; $4.000,
which circulars can be obtained of the City Register upon application.
1945 to 1947, incl.: $7,000, 1948 to 1954, incl.
Every bid must be accompanied by a certified check on a clearing-house
Date Dec. 1 1924.
bank, drawn to the order of the Mayor and City Council. or a certificate
of deposit of a clearing-house bank, so endorsed, or cash, for 2% of the
BUTLER COUNTY SCHOOL DISTRICT NO. 32(P.O. David City),
amount of stock for which bid is made. But no deposit by any one party Neb.-BOND ELECTION.
-An election will be held on July 17 for the
need be for more than 2% of the entire amount offered for sale. Stock purpose of voting on the question of issuing $45,000 school bldg. bonds.
will be delivered on Sept. 1. Bids will be received for the whole or for
CADIZ, Harrison County, Ohio.
-Sealed bids
-BOND OFFERING.
any part of the amount offered. Bids will be received for all or none of
the amount offered: also for all or none of any part or parts. Unless will be received until 12 noon Aug. 1 by W. H. Lucas, Village Clerk, for
bids specify "all or none" of the amount bid for, a portion of the amount 35,3706% (special assessment) North Buffalo Street impt. bonds. Denom.
$280, except one for $330. Date June 11925. Int. M.& S. Due each
may be allotted.
six months as follows: $280, March 1 1926 to Sept. 1 1934 incl., and
BARTON CIVIL TOWNSHIP (P. 0. Mackey), Gibson County, $330, March 1 1935. Certified check for 5% of the amount of bonds bid
Ind.
-BOND OFFERING.
-Sealed bids will be received until 2 13• m• for required with each bid.
July 25 by J. Edgar Beatty. Trustee, for $30,000 4)4% coupon new school
CANTON Stark County, Ohio.
-Sealed bids
building construction bonds. Denom. $750. Date July 1 1925. Int.
-BOND OFFERING.
J. & J. Bonds payable at Somerville State Bank, Somerville. Due $750 will be received until 12:30 P. m. (Eastern standard time) July 27 by
each six months from Jan. 1 1926 to July 1 1945 incl. Certified check Samuel E. Barr, City Auditor, for the following 5% street improvement
bonds aggregating $72,802 57:
for 5% of bid required with each proposal.
$64,404 31 (city's portion) St. Elmo Ave. bonds. Denoms. $1,000 and
BARTON SCHOOL TOWNSHIP (P. 0. Mackey), Gibson County,
$500 and 1 for $404 31. Due March 1 as follows: $7.404 31,
Ind.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m.
1927; $7,000. 1928; 57.500, 1929: $7,000, 1930; $7,500, 1931,
July 25 by J. Edgar Beatty, Trustee, for all or any part of $40,000 4 Si%
and $7.000, 1932 to 1935 incl.
coupon new high school construction bonds. Denom.$1,000. Date July 1
204 27 (city's portion) 11th St. bonds. Denoms. 1 for $100 and 1 for
192.). Int. J. & J. Due $1,000 each six months from Jan. 1 1926 to Jan. 1
$104 27. Due March 1 as follows: $104 27. 1927, and
1940 inel., and 311,000. July 1 1940. Bonds payable at Mackey State
$100, 1928.
Bank, Mackey. Certified check for 5% of bid required with each proposal.
8,193 99 11th St. bonds. Denoras. $1.000 and $500 and 1 for $193 99.
Due March 1 as follows: $693 99, July 1927: $500. 1928:
BEDFORD, Bedford County, Va.-BOND SALE.
-The Well. Roth &
$1.000, 1929 to 1935 incl.
Irving Co. of Cincinnati has purchased an issue of $25,000 5% electric plant
Dated March 1 1925. Prin. and semi-ann. int. M. & S.) payable at
improvement bonds. Dated May 1 1925. Denom. $1,000. Due May 1
1955, optional in 1940. Principal and int. (M. & N.) payable at the the City Treasurer's office. Certified check for 5% of the amount of bonds
Hanover National Bank of New York. Legality approved by J. C. bid for required.
Thomson of New York.
CARUTHERSVILLE, Pemiscot County, Mo.-BOND ELECTION.
BELL TOWNSHIP (P. 0. Punxsutauney), Westmoreland County, An election will be held on Aug. 14 for the purpose of voting on the quesPa.
-BOND SALE.- e Mellon National Bank of Pittsburgh purchased tion of issuing $50,000 jail bonds.
on July 8 the $21,000
% tax-free registered township bonds, offered on
CHELAN COUNTY SCHOOL DISTRICT NO.46(P.O. Wenatchee),
that date (V. 120. p. 3223), at a premium of $335.50, equal to 101.597. a Wash.
-The $56.000 school bonds offered on June 30
basis of about 4.20%. Date July 15 1925. Due July 15 as follows: $3,000, -V. -BOND SALE.
-were awarded to the
120. p. 3223
1927: $2,000. 1928 to 1931 incl.: $3,000, 1932; $2,000, 1933 and 1934; and at par. Due in 23 years; optional after 10 State of Washington as 434s
years. Coupon bonds.
$3,000. 1935.
CHESTER, Chester County, So. Caro.
BERTRAM INDEPENDENT SCHOOL DISTRICT, Burnet County, The $50,000 5% refunding bonds awarded to -BOND DESCRIPTION.
the National Exchange
Texas.
-BONDS REGISTERED.
-On July 2 the State Comptroller of of Chester (V. 120. p. 3344) are described as follows: Date July 1 Bank
1925:
Texas registered $14.000 5% school bonds. Due serially.
coupon bonds. Due serially 1926 to 1955 incl. Int. payable J. & J.
BETHLEHEM TOWNSHIP SCHOOL DISTRICT, Northampton Denom. $500.
County, Pa.
-BOND SALE.
-On June 27 A. B. Leach & Co.. Inc.. of
CHICAGO SANITARY DISTRICT (P. 0. Chicago), Cook County,
Philadelphia were awarded $42,000 4)4% tax-free new school building III.
-BIDS.
-The following is a Ilst of the bids received on July 2 for the
bonds at 103.351. Due in 1955; optional in 1935.
35,000.000 4% coupon (with privilege of registration) bonds, offered on
BIGLICK TOWNSHIP (P. 0. Alvada) Seneca County, Ohio.
- that date (V. 120, p. 3344):
BOND OFFERING.
-Sealed bids will be received until 8 p. m. July 21.
Rate Bid.
by 0. E. Hall, Clerk, for $3,500 6% road impt. bonds. Denom. $1,000. Ames, Emerich & Co.; William R. Compton Co.: The Detroit Co.:
except one for $1.500. Dated July 1 1925. Int. M. & S. Prin. and int.
First National Co. of Detroit; Guaranty Co.of New York: Northpayable at the office of Township Treasurer. Due $1,000 Sept. 1 1926 and
ern Trust Co.: Stevenson, Perry, Stacy & Co.: Marshall Field.
Glore, Ward & Co
1927 incl. $1 500 Sept. 1 1928. Certified check for $50 required.
*99.229
A. B. Leach & Co., Inc.; A. G. Becker & Co.; Taylor, Ewart & Co.;
BILTMORE, Buncome County, No. Caro.
-BOND SALE.
-The
Foreman Trust & Savings Bank; Federal Securities Co.: Central
$45,000 street, water and electric light bonds offered on July 1-V. 120,
Trust Co. of Illinois; Hill, Joiner & Co.; Union Trust Co
99.203
-were awarded to Whittlesey. McLean & Co. of Detroit as 5;is
P. 3223
at a premium of $315. equal to 100.70, a basis of about 5.18%. Date Continental & Commercial Trust & Savings Bank; First Trust &
Savings Bank; Harris Trust & Savings Bank; Illinois Merchants
July 1 1925. Due July 1 as follows: $1,000 in 1928 and 32,000, 1929 to
Trust Co
99.174
1950 inclusive. Coupon bonds.
* Successful bid, notice of which was given in V. 121, p. 105.
BLAND COUNTY (P. 0. Bland), Va.-BOND SALE.-Seasongood
CLEVELAND, Cuyahoga County, Ohio.
-ADDITIONAL BONDS
& Mayer of Cincinnati have purchased an issue of $150.000 5% road SOLD IN 1924.
-In addition to the 1924 bond sales made by the City
ixnpt. bonds at a premium of $430, equal to 100.28.
of Cleveland. and already reported by us In these columns as they took place,
-The that city also issued during the last year all at par,the following other bonds:
BLOOMINGTON, Monroe County, Ind.
-BOND SALE.
Fletcher American National Bank of Indianapolis has purchased an issue
General Bonds.
of $125,000 water bonds.
Jul.
Date of
Mature
Amt. of
Purpose.
Award.
Rate. Date,
Ann.
Issue.
Maturity,
BLYTHE, Riverside County, Calif.
-The Freeman,
-BOND SALE.
4% Oct. 1'231320,000 Oct. 1 1925-19291 3520,000
Smith & Camp Co. of Los Angeles has purchased an issue of $21,000 sewer Jan. 24 Street widening
1 21,000 Oct. 11930-19491
system installation bonds at 100.10.
July 23 Sewage disposal
434 Mar. 1'231100,000 Sept. 1 1924
350,000
BOSTON, Mass.-TEMORARY LOAN.
1250,000 Sept. 1 1925
-On July 8 the First National
Bank of Boston, Boston, was awarded a temporary loan of 32.000.000. Sept. 3 City's portion sewer_4% June 1'241 20,000 Dec. 1 1926-1928
*75,000
dated July 9 and payable Oct. 6 1925, on a 3.12% discount basis, plus a
1 15,000 Dec. 1 1929
premium of $37.
Oct. 2 City's por. paving 4% June 1'24 50,000 Dec. 1 1927-1928 .100,000
Oct. 2 City's portion sewer_434 June 1'24 5,000 Dec. 1 1929
*5,000
BREA, Orange County, Calif.
-The First Securities Oct. 2 Grade crossing
-BOND SALE.
.54,000
43j April 1'24 18,000 Oct. 1 1927-1929
Co. of San Francisco has purchased an issue of $60,000 5% sewer system Nov. 17 Grade crossing
4% April 1'24 18,000 Oct. 1 1925-1928
36,000
bonds at a premium of $2,914. equal to 104.85. Due in 40 years.
Nov. 17 City's pot. paving4% June 1'24 50,000 Dec. 1 1925-1926
100,000
20,000
BRIGANTINE, Atlantic County, N. J.
-Sealed Nov. 17 City's portion sewer_4% June 1'24 20,000 Dec. 1 1925
-BOND OFFERING.
bids will be received until 4 p. m. (daylight saving time) July 17. by E. R.
Special Assessment Bonds.
Smith, City Clerk, for an issue of 5)4% coupon (with privilege of registra- Date of
Amt. of
Int.
Maturity(Due
Mature
tion as to principal only or as to both principal and int.) school bonds not
Purpose.
Award.
Rate. Date. Semi
Issue.
-Ann. each 6 months).
to exceed 390.000 no more bonds to be awarded than will produce a premium Jan. 24 Sewer
$240 May 1'25-Nov. 130 $2,880
534 Nov. 1'23
of 31,000 over $90,000. Denom. $1,000. Int. J. &J. Dated July 11925. Jan. 24 Sewer
-Nov. 132 3,744
534 Dec. 1'23
234 May 125
Due 32,000. 1926 to 1255 incl., and $3,000, 1956 to 1965 incl Certified Apr. 29 Street lighting
6 Oct. 1'23 30,050 May 1'25-Nov. 128 300,500
check drawn upon an incorporated bank or trust company, payable to the Apr. 29 Street lighting
6 Oct. 1'23 2.115 May l'24-Nov. 133 42,300
City of Brigantine for 2% of the amount of bonds bid for, is required.
-Nov. 1'29 46,800
July 23 Street lighting
6 May 1'24 4,680 May 125
lighting
6 May 1'24 7,302 May 1'25-Nov. 1'29 73,020
BRIGHTON (P. 0. Brighton), Monroe County, N. Y.
-BOND July 23 Street lighting
6 May 1'24 6,436 Nov. 1'24-Nov. 1'28 57,924
OFFERING.
-Proposals were received until 8 p. m. July 10 by E. Carl July 23 Street
5 May 1'24 18,170 Nov. l'24-Nov. 1'28 163,530
Marcus, Town Clerk, for $220,000 4 It.% storm-water sewer system bonds. June 20 Paving
5 May 1'24 11,444 Nov. 1'24-Nov. 1'26 57,220
Denom. 31.090. Dated July 1 1925. Prin. and semi-ann. int. (J. & J.) July 23 Water main
5 May 1'24 37,568 Nov. 1'24-Nov. 1'28 338,112
June 21 Sewer
payable at Genesee Valley Trust Co., Rochester, or Guaranty Trust Co.,
5 May 124 1,424 Nov. 1'24-Nov. 1'28 12,816
New York. Due $11,000 yearly on July 1 from 1930 to 1949 Incl. Legal- July 23 Grading
5 May 124
532 Nov. 1'24-Nov 128 4,788
July 23 Grading
ity approved by Clay & Dillon.
5 May 124 9,500 Nov. 1'24-Nov. 1'27 66,500
June 21 Sewer
BUFFALO, Erie County, N. Y.
-Sealed bids July 23 Sewer
922 Nov. l'24
-BOND OFFERING.
534 May 1'24
-Nov. 1'25 2,766
will be received until 11 a. m. (Eastern daylight saving time) July 20 by July 23 Water main
898 Nov. 1 24
6 May 1'24
. -Nov. 1'32 15,266
Ross Graves, Commissioner of Finance and Accounts, for the following July 23 Sewer
940 Nov. 1'24-Nov. 1'30 12,220
534 May 124
43(% coupon or registered bonds:
420 Nov. 1'24-Nov. 1'25 1,260
July 23 Sewer
534 May 114
$600,000 park bonds. Due 330,000, Aug. 1 1926 to 1945 incl.
6 May 1'24 36,740 May 1'25-Nov. 1'29 367,400
July 8 Paving
600.000 school bonds. Due 330.000, Aug. 1 1926 to 1945 incl.
5 May 1'24 15,490 Nov. l'24-Nov. 1'28 139,410
July 5 Paving
250,000 canal lands purchase bonds. Due yearly on Aug. I as follows: July 23 Sewer
6 June 124
300 May l'25-Nov. 1'29 3,000
$13,000, 1926 to 1935 incl., and $12.000, 1936 to 1945 incl.
5 May 124 2,850 Nov. l'24-Nov. 1'28 25,650
July 23 Paving
6 June 124 47,400 May 1'25-Nov. 129 474,000
Dated Aug. 1 1925. Int. F. & A. Prin. and int. payable at the office July 16 Paving
5 July 1241 17,710 Nov. 1 1924
of the Commissioner of Finance and Accounts at Buffalo or at the Hanover Aug. 30 Paving
1192,334
National Bank at New York, at option of holder. Coupon bonds will be
1 21,823 May 1'25-Nov. l'281
5 May 1'24
issued in the denomination of $1,000; registered bonds in denominations of Aug. 20 Street
378 Nov. l'24-Nov. 128 3,402
6 July 1'24 21,584 May 1'25-Nov. 1'29 215,840
$1,000, or multiples thereof as far as practicable. Certified check upon an Aug. 20 Sewer
6 Aug. 1'24 3,475 May l'25-Nov. 1'34 69,500
incorporated bank or trust company, payable to the Commissioner of Aug. 20 Sewer
6 Aug. 1'24 49,624 May 1'25-Nov. 1'29 496,240
Finance and Accounts for 2% of the amount of bonds bid for, is required. Aug. 20 Paving
6 July 1'24
Legality approved by Caldwell & Raymond, New York. Bonds to be Sept. 3 Street
485 May 1'25
-Nov. 129 4,850
6 Sept. 124 50,940 May l'25-Nov. 1'29 509,400
delivered to purchaser at the office of the Commissioner of Finance and Sept. 19 Paving
6 Sept. 1'24 36,900 May l'25-Nov. 1'29 369,000
Accounts on Aug. 1 or as soon thereafter as the bonds may be prepared Oct. 21 Paving
5 Sept. 1'24
Oct. 21 Paving
855
-Nov. 128
and ready for delivery.
95 Nov. 1'24
5 Aug. 124 24,000 May 1'27-Nov. 127 .48,000
Nov. 1 Street
Financial Statement.
Paving
5 Nov. 1'24
500 May 1'25-Nov. 1'28 4,000
The total bonded debt of the city of Buffalo on July 1 1925 was $66,- Nov. 5 Paving
6 Nov. 1'24J
607 May 1'25-Nov. 1'251 8,310
136.940 82. Assessed valuation of taxable real estate, including special Nov. 5
887 May l'26-Nov. 1'291
1
franchises for the fiscal year 1925-26, is $795,011,610. Included in the
5 Nov. 1'24
. -Nov. 127 4,800
800 May 1 25
above statement of bonded indebtedness are bonds issued for a water supply Nov. 5 Paving
5 Nov. 1'24
250 May l'25-Nov. 128 2,000
to the amount of 315,835,938 41. of which bonds to the amount of $14,- Nov. 17 Paving
6 Nov. 1'24f
399 May 1'25-Nov. 1'251 5,494
281,487 01 were issued for water supply subsequent to Jan. 1 1904. In- Nov. 17 Paving
587 May 1'26-Nov. 1'29j
1
cluded in the above statement of bonded indebtedness are tax anticipation
5 Nov. 1'24 2,274 May 1'25-Nov. 128 18,192
certificates of indebtedness maturing July 1 1926 in the amount of $1,386.- Nov. 17 Street
17 Paving
6 Nov. 124 47,900 May 1 25
. -Nov. 129 479,000
813 19 for payment of which taxes will be levied. The sinking funds Nov.25 Paving
6 Nov. 1'24 54,040 May 1'25-Nov, 129 540,400
applicable to the ]payment of the bonded indebtedness aggregate S5,868.- Nov.
6 Nov. 1'24 26,580 May 1'26-Nov. 1'29 212,640
447 41, of which $2.893,956 83 is applicable to payment of the water debt. Dec. 15 Paving
*Awarded to the Board of Education of the Sinking Fund; other issues all
The last city tax rate per $1.000) of assessed valuation is $30 22. The
awarded to the City Sinking Fund Commission.
population, according to the 1920 U. S. Census, is 506,775.
JULY 111925.]
THE CHRONICLE
229
-- -CITRUS COUNTY SCHOOL DISTRICTS (P. 0. Inverness) Fla.
.
,
CUMBY, Hopkins County, Tex.
-WARRANT SALE.
-Garrett & Co.
BOND OFFERING.
-Sealed bids will be received until 2 p. m. July 28 by of Dallas have purchased an issue of $15.000 6% warrants.
Due in 1 to
I. 0. Fender, Chairman of Board of Public Instruction, for the following 15 years.
6% school bonds, aggregating $70,000:
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.-B02VD OFFERING.
$30,000 Special Tax School District No. 13. Due July 1 as follows: $1,000,
--Sealed bids will be received until 11 a. m. July 11 by Louis Simon, Clerk,
1926 to 1935. incl.. and $2,000. 1936 to 1945, incl.
40,000 Special Tax School District No. 1. Due as follows: $1,000 Board of County Commissioners, for the following 04% Bliss Road No. 2
1926 to 1930. incl.; $2,000 1931 to 1940, incl., and $3,000 1941 Improvement bonds, aggregating $254,553 76:
5150,150 55 (special assessment) bonds. Denom.$1.000 and 1 for $150 55.
to 1945, incl.
Due yearly on Oct. 1 a.s follows: $14,150 55, 1926; $15,000.
Dated July 1 1925. Denom. $500. Principal and interest (J. & J.)
1927 to 1934 incl., and $16,000, 1935payable at the Atlantic National Bank of Jacksonville. A certified check
104,403 20 (county's portion) bonds. Denom. $1,000 and 1 for $403 20.
for $500, payable to the Board of Public Instruction is required.
Due yearly on Oct. 1 as follows: $9,403 20. 1926; $10,000.
CLALLAM COUNTY (P. 0. Port Angeles) Wash.-BONDS VOTED.
1927 to 1930 incl., and $11,000. 1931 to 1935 incl.
-Atan election held on July 1 the voters authorized the issuance of $440,000
Dated Aug. 1 1925. Prin. and semi-ann. int. (A. & 0.) payable at
Port Angeles dock bonds by a count of 2.210 for to 1,235 against.
County Treasurer's office. Certified check for 1% of the amount bid for,
CL kRKS SUMMIT, Lackawanna County, Pa.
-BOND OFFERING. payable to the County Treasurer, required.
pals will be received until 8 p. m. (standard time) July 27 by John
DALLAS, Polk County, Ore.
-The Lumbermen's
-BOND SALE.
P. Bilker, Borough Secretary, for $10,000 5% registered bonds. Denom. Trust Co. of Portland has purchased
an issue of $62,932 06 paving bonds.
$500. Dated July 11925. Int. J. & J. Due $1,000 yearly on July 1 from
DE FUNIAK SPRINGS, Walton County; Fla.
1926 to 1935 incl., optional July 11927. Certified check for 2% of amount
-BOND SALE.
The $15,000 6% town hall bonds, offered on July 6-V. 120. p. 3345
of bid, payable to Borough Treasurer, required.
-were
awarded to the Well. Roth & Irving Co. of Cincinnati, at a premium of
CLEVELAND, Cuyahoga County, Ohio.
-BOND SALE.
-On July $435, equal to
9 a syndicate composed of Lehman Bros.. Ames, Emerich & Co. Kean. $5,000 in 1935,102.90, a basis of about 5.65%. Date July 1 1925. Due
1940 and 1945.
Taylor & Co., Eastman, Dillon & Co. and H. L. Allen & Co., all of New
'
DENVER, Denver County, Colo.
York. was awarded at 100.55, a basis of about 4.18% the following 434%
-BOND SALE.
-The United States
coupon bonds, offered in that date (V. 120. p. 3095).
National Co. and the International Trust Co., both of Denver, jointly,
$1.240,000 City's Portion Paving and Sewer Coupon Bonds and maturing have purchased an issue of $317,900 5;5% special improvement bonds at a
as follows: $72,000 on September 1 1926 and $73,000 on Sept. premium of $5,634 25. equal to 101.77.
1 in each of the years from 1927 to 1942 both inclusive.
DES MOINES SCHOOL DISTRICT
460.000 City's Portion Street Opening Coupon Bonds and maturing as County Iowa.-BOND OFFERING.-The (P. 0. Des Moines), Polk
Secretary Board of Education
follows: $18,000 on Sept. 1 in each of the years from 1926 to will receive sealed bids until July 21 for
$1,500,000 school bonds.
both inclusive, and $19,000 on Sept. 1 in each of the years
1940
DONA ANA COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Las
from 1941 to 1950 both inclusive.
100,000 Bridge Coupon Bonds and maturing as follows: $5,000 on Cruces), N. Mex.-BOND SALE.
-The $7,000 6% school bonds offered
Sept. 1 in each of the years from 1926 to 1945 both inclusive. on July 26-V. 120, p. 2968
-were awarded to Bosworth, Chanute & Co.
of Denver at a premium of $200. equal to 102.85. Date July 1 1925.
Date July I 1925.
Due in 20 years, optional after 15 years. Coupon bonds.
CLYMER SCHOOL DISTRICT (P. 0. Clymer) Indiana County,
Other BiddersPrice Bid.
-BOND OFFERING.
Pa.
-Sealed bids will be received until 1 p.
The American National Co
$7.120 89
July 14, by Carroll D. Oakes, Secretary Board of Directors, for $40,000 U. S. Bond Co
6,65000
04% school bonds. Denom. $1.000. Int. (J. & J.). Dated July 1 1925.
DUNCAN, Stephens County, Okla.
Certified check for 1%. required.
-BOND ELECTION.
-An election will be held on July 18 for the purpose of voting on the question of
COLEMAN SCHOOL DISTRICT, Randolph County, Ga.-BOND issuing $110,000 water bonds.
-J. H. Hilsman & Co., Inc., of Atlanta have purchased an issue of
SALE.
DUNDY COUNTY SCHOOL DISTRICT NO.27(P.O. Max), Neb.$12.500 6% school bonds. Date May 1 1925. Denom.$500. Due May 1
.
-The $20.000 5% school bonds purchased by the
as follows $500, 1926 to 1940 incl.. and $LOW. 1941 to 1945 incl. Prin. BOND DESCRIPTION.
and int.(May 1) payable at the National City Bank, New York, or at the United States Bond Co.of Denver(V. 120. p. 3096) are described as follows:
Citizens & Southern Bank of Atlanta. Legality approved by Storey, Date July 1 1925. Denom. $500. Due as follows: $1,000. 1930 to 1934.
Thomdike, Palmer & Dodge of Boston.
inclusive, and $1.500. 1935 to 1944. inclusive. Interest payable J. & J.
Financial Statement.
DU PAGE COUNTY COMMUNITY HIGH SCHOOL DISTRICT
Actual value
$1,000.000 NO. 49 (P. 0. West Chicago), Ill.
-BIDS.
-The following is
Assessed values, 1924
210,025 the other bids received on June 30 for the $140,000 school site and a list of
building
Total bonded debt (this issue only)
12,590 bonds awarded on that date to the National City Co. of Chicago as
Population (estimated), 2.000.
4Its
at a premium of $441, equal to 100.31, a basis of about 4.22%, as stated
COLUMBIA CITY, Whitley County, Ind.
-BOND SALE.
-On In V. 121, p. 106:
July 1 the Fletcher Savings & Trust Co. of Indianapolis purchased the
Price. Int. Rate.
$20,000 4%% Jefferson Street sewer bonds, offered on that date (V. 120. The Northern Trust Co., Chicago
15140,435
4%
p. 3224). for $20,313. equal to 101.56, a basis of about 4.20%. Date
143,850
4
The Hanchett Bond Co.. Chicago
May 15 1925. Due $2,000 yearly on Nov. 15 from 1926 to 1935 incl.
140,158
4
143.616
4
COLUMBUS COUNTY (P. 0. Whiteville), No. Caro.
-BOND OF140.010
4
FERING.
-Sealed bids will be received until 2:30 p. in. July 14 by A. W. State Trust & Savings Bank, West Chicago
Ames. Emerich & Co.,
143.179
4
Baldwin, Clerk Board of County Commissioners, for the following 6% State Trust Savings Chicago
&
Bank. West Chicago
143,010
4
bonds aggregating $200,000:
Blyth. Witter & Co., Chicago
143.001
414
$165,000 school funding bonds. Denom. $1,000. Due July 1 as follows: Francis M.
McKay, Evanston, Ill
142.900
4
$4,000, 1926 to 1938 incl.; $6,000, 1939 to 1950 incl.; $8,000, The White-Phillips Co., Davenport, Iowa
142,306
4
1951 to 1954 incl., and $9,000. in 1955.
A. B. Leach & Co., Inc.. Chicago
142.051
414
35.000 road bonds. Denom. $1,000 and $500. Due $3,500, July 1
EAST DUBUQUE, Jo Daviess County, 111.
1945 to 1954 incl.
-BONDS VOTED.
-At a
Dated July 1 1925. Principal and semi-annual int. payable in gold at recent election $8,000 paving bond issue was carried by a vote of 184 to
the Hanover National Bank of New York City. A certified check for 168. This issue, it is stated, had been already voted once before but the
first vote was declared invalid because of technicality.
2% of bid is required.
CONCORD, Middlesex County, Mass.
EAST PALESTINE, Columbiana County, Ohio.
-ADDITIONAL INFORMA-BOND SALE.
TION'.
-We are now in receipt of the following additional date regarding The $6,018.54 5;4% coupon (city's portion) street improvement bonds.
the $5.000 bonds awarded to the Merchants' National Bank. as stated in offered on June 25-V. 120. p. 3225
-were awarded to Durfee. Niles & Co.
of Toledo. Date April 11925. Due $500 each 6 months from Oct. 1 1926
V. 120. p. 3224. Coupon bonds in $1.000 denom. Date June
1925.
Int. J. & D. Due $1.000 yearly on June 1 from 1926 to 1930 incl. 1 Inter- to Oct. 1 1932 and $418.54 April 1 1933.
est rate 4%. Date of award June 4. The price paid was 100.58, a basis
EDMONDS,Snohomish County, Wash.
-WARRANT SALE.
-A.G.
of about 3.79%.
Long & Co., Inc., have purchased an issue of$3,7006% fire truck warrants.
CONCORD, Merrimack County, N. H.
-LOAN OFFERING.
-Pro- Due April 1 1926.
posals will be received until 12 m. July 13 by City Treasurer for the purENNIS, Ellis County, Texas.
-Garrett & Co. of
-BOND SALE.
chase on a discount basis of a temporary loan of $100,000 maturing Oct. 1 Dallas
have purchased the following 04% bonds, aggregating $220,000:
1925.
$100.000 water works and sewer bonds.
CONNELLSVILLE, Fayette County, Pa.
-BOND OFFERING.
- 120.000 refunding bonds.
Sealed bids will be received until July 27, by C. M. Stone, Superintendent
BOND ELECTION.
-An election will be held on July 28 to vote on the
Accounts and Finance, for $300.000 434% gold impt. bonds. Denom. question of issuing the following bonds:
$1,000. Date July 1 1925. Int. J. & J. Due $50,000. 1930, $12.000. $60.000 water extension.
1931 to 1934 incl.; 513,000. 1935 and 1936; $15,000, 1937 to
40,000 sewer extension.
$20.000, 1940 to 1943 incl.* $25.000. 1944 and $26.000, 1945. 1939 incl.;
6,000 refunding bonds.
Certified
check for $3,000 payable to the City Treasurer. required.
.
EPSOM SCHOOL DISTRICT (P. 0. Henderson), Vance County,
No. Caro.
CORINTH, Alcorn County, Miss.
-BOND SALE.
-The $50,000 5;4% school bonds offered on
-BOND SALE.
-A. K. Tigrett &
Co. of Memphis have purchased an issue of $44,000 6% street improve.ment July 1-V. 120. p. 3346
-were awarded to the Well, Roth & Irving Co. of
bonds. Date June 11925. Denom.$500. Due $4,000, 1928 to 1931 incl., Cincinnati at a premium of $3,313, equal to 106.62. a basis of about 4.94%•
$5,000 in 1932. $4,500 in 1933 to 1936 incl.. and $5.000 in 1937. Prin. Date July 1 1925. Due $1.000, 1928 to 1933 incl., and $2,000, 1934 to
and int. (3. & D.) payable at the Hanover National Bank of New York. 1955 incl.
Legality approved by Charles and Rutherford of St. Louis.
EUGENE, Lane County, Ore.
-BONDS VOTED.
election
-At a
Financial Statement.
the voters authorized the issuance of $25.000 fire bondsrecentcount of
by a
Total value of taxable property, estimated
$6,000,000 470 for to 177 against.
Assessed valuation, 1924
3,700,000
Net bonded indebtedness, including this issue
FALL RIVER, Bristol County, Mass.
-BOND SALE.
221.500
-On July 8
Population, 1920 Census, 5,498.
$1,000,000 tax•refundIng bonds offered on that date were awarded to the
Old Colony Trust Co. and Edmunds Bros. both of Boston, jointly, at
CORNING, Tehama County, Calif.
-BOND SALE.-Blyth. Witter 100.23 for 4s. Date July
11925. Due 1926 to 1930 incl.
& Co. of San Francisco have purchased an issue of $20,000 5;4% street
'
improvement bonds at a premium of $1,082, equal to 105.41, a
FANCHU SCHOOL DISTRICT (P. 0. Devils Lake), Ramsey Counabout 4.835%. Dated April 1 1925. Denom. 51.000. Due basis of ty, No. Dak.-BOND SALE.
-The Board of University and School Lands
$1,000. has
April 1 1926 to 1945 incl.
purchased an issue of $4,000 school bonds at par.
COSHOCTON, Coshocton County, Ohio.
FARMINGTON COMMUNITY HIGH
-BOND OFFERING
Sealed bids will be received until 12 m. Aug. 9 by W. H. Williams, - P. 0. Farmington), Knox and Peoria SCHOOL DISTRICT NO. 801
Counties, III.
-BOND SALE.City The
Auditor, for $4,078 31 5% street improvement bonds.
$129,000 5° school bonds offered on April 8
1
except one for $478 31. Interest M.& S. Due $400 yearlyDenom.1$400. awarded to A.C.Steenburg & Co.,of Farmington, (V. 120. p. 1790) were
°
March from
1926 to 1934,inclusive, and $478 31 March 11935. A certified check for equal to 100.23-a basis of about 4.97%. Date at a premium of $307 40.
May 11925. Duo $7.500
$200 required. Bonds will be ready for delivery and must be taken up May 1 1929 to 1944. inclusive, and
$9,000 May 1 1945.
within five days from date of sale.
FAYETTE COUNTY ROAD DISTRICT NO. 5 (P. 0. La Grange),
COTTAGE GROVE,Lane County, Ore.
Tex.
-BOND ELECTION.
-BOND SALE.
-An election will
water system improvement bonds offered on June 10 (V.-The $25.000 purpose of voting on the question of issuing be held on July 25 for the
120. p. 2968)
$25,000 road bonds.
were awarded to Geo. H. Burr, Conrad & Boorm of Seattle as4 Xs at 100.58.
FENTRESS COUNTY (P. 0. Jamestown), Tenn.
Date Juno 1 1925. Due in 20 years, optional after 10 years. A list of bids
The $75,000 6% school bonds, offered on July 7-V.-BOND SALE.received appeared In V. 120, p. 3345.
121, p. 107
awarded to the Bank of Jamestown of Jamestown. Date July 1-were
1925.
COVINGTON, Tipton County, Tenn.
-BONDS
-At an Due in 20 years.
election held on July 1 the voters authorized the issuance VOTED. school
of $25.000
FLORENCE, Fremont County, Colo.
bonds by a count of 263 for to 67 against.
-BOND
-Sealed
bids will be received until 8 p. in. July 22 by BeatriceOFFERING. Clerk,
Martin, City
CRANSTON, Providence County, R. I.
-TEMPORARY LOAN.
-On for 5100,000 6% special improvement bonds. Int. payable semi-annually.
July 8 S. N. Bond & Co, of Boston, were awarded a temporary loan of
FREMONT, Sandusky
-On
-BOND ELECTION.
$80,000. payable Jan. 4 1926. on a 3.64% discount basis, plus a premium Aug. 11 $200.000 filtration County, Ohio.
plant bonds will be voted upon.
of $1 75.
FULTON, Callaway County, Mo.-BONDS VOTED.
-The voters
CRAWFORD INDEPENDENT' SCHOOL DISTRICT, McLennan authorized the issuance of $20.000 lighting bonds at a recent election.
-BONDS VOTED.
Coun cy, Tex.
-At an election held recently tne voters
GAFFNEY, Cherokee County, So. Caro.
ELECTION.
-On
authorized the issuance of $40.000 school building bonds.
July 28 an election will be held for the purpose-BOND on the question of
of voting
issuing $100,000 paving bonds.
CUMBERLAND TOWNSHIP (P. 0. Carmichaels), Carlisle County,
GARFIELD HEIGHTS(P.0.Cleveland), Ohio.
-BOND OFFERING.
-Proposals will be received until 2 p. in. Aug. 3
-BOND OFFERING.
Pa.
by J. W. McCombs, Secretary, Board of Supervisors, at the First National -Sealed bids will be received until 8 p. m. Aug. 11 (eastern standard time)
by Herman
Bank of Carmichaels for $150,000 43 % tax-free coupon refunding and assessment) Bohning. Village Clerk, for $67,725.49 534% coupon (special
East
road bonds. Denom. $1,000. Date July 1 1925. Prin. and semi-ann. one for $725.49. 90th Street Pavement bonds. Denom. $1.000. except
Date July 1 1925. Due $6,725.49 Oct. 1 1926; 57,000
int. (A. & 0.) payable at the First National Bank, Carmichaels. Legality Oct. 1 1927 to 1929
incl.: $6.000 Oct. 1 1930; $.7.000 Oct. 1 1931 to 1934
approved by Saul. Ewing, Remick & Saul of Philadelphia. Due $10,000 incl. and $6,000 Oct. 1
Oct. 1 1930 to 1944 incl. Certified check for 1% of amount of bonds bid bid for, payable to the1934. Certified check for 1% of the amount of bonds
Village Treasurer, required. Bonds to be delivered
tor required.
and paid for within ten days from time of award.
230
THE CHRONICLE
-The
-BOND DESCRIPTION.
GILBERT, Maricopa County, Ariz.
$40.000 6% water-works bonds purchased by the United States National
(V. 120, P. 3346) are described as follows: Date May 1 1925.
Co. of Denver
Denom. $1,000. Interest payable M.& N. Due 1955, optional in 1945.
Coupon bonds.
-BOND OFFERING.
GLADES COUNTY (P.O. Moore Haven), Fla.
J. H. Peeples, Chairman Board of County Commissioners, will receive
sealed bids until 2 p. m. July 21 for $40,000 6% county bonds. Date
July 1 1925. Denom. $1.000. Due July 1 as follows: $1,000 in 1936,
$2,000 in 1937 and 1938, $3,000 in 1939 and 1940, 34.000 in 1941 and
at the Hanover
35.000. 1942 to 1946 incl. Prin. and int. (J. & J.)
National Bank, N. Y. City. A certified check for 5% of bid, payable
to above-named official, is required.
osoosisqlvassm
.
-BOND OFFERINGGLENNS FERRY, Elmore County, Idaho.
Sealed bids will be received by W. A. Stevens. City Clerk, until July 24
for 335,000 sewer bonds.
-ADDITIONAL DATA.
GLOUCESTER, Essex County, Mass.
The $70,000 4% fire station bonds offered and sold on July 1 to the Cape
Ann National Bank of Gloucester, as stated in V. 121. p. 107, answer to
the following description: Date July 1 1925. Int. J. & J. Due yearly
on July: 1 as follows: 34.000 1926 to 1935, incl., and $3,000 1936 to 1945,
incl. The price paid for the bonds is equal to 101.326, a basis of about
3.84%.
-The $15.000
-BOND SALE.
GOLD HILL, Jackson County, Ore.
6% water-plant bonds offered on July 2(V. 120. p. 3225) were awarded by
Peirce. Fair & Co., of Portland, at 101.02 a basis of about 5.91%. Date
July 1 1925. Denom. $1,000. Due July 1 1945.
-Sealed
--BOND OFFERING.
GRANVILLE, Licking County, Ohio.
bids will be received until 12 m.(Central standard time) July 28 by D. E.
Jones, Village Clerk, for the following 53 % bonds:
33.200 water works system bonds. Denom. $500. except 1 for $700. Due
yearly on Oct. 1 as follows: $500,1926 to 1930 incl., and *700.1931.
4,750 (village's portion) College Street impt. bonds. Denom. $500. except 1 for $750. Due yearly on Oct. 1 as follows: 3500. 1926 to
1933 incl.. and 3750, 1934.
Date July 1 1925. Int. A.& 0. Certified check for 5% of the amount
of bonds bid for, payable to the Village Treasurer, required with each issue.
Bonds will be delivered and paid for within 10 days from time of award.
-The Chenango
GREENE, Chenango County, N. Y.
-BOND SALE.
Valley Savings Bank of Binghamton has purchased an issue of 325,000
4K, village -bonds at par. Due in 1926 to 1937.
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
-The $135,000
Ardsley), Westchester County, M. y.
-BOND SALE.
-4X% coupon or registered schoolbonds offered on July 6-V. 120, p. 3346
were awarded to Farson, Son & Co. of New York at a premium of $1,759.
equal to 101.30, a basis of about 4.16%. Date July 1 1925. Due July 1
l.• $4,000,
as follows: 31,000, 1929 to 1934 inel..• $3.000, 1935 to 1939
inc.
1940 to 1945 incl.; $8,000, 1946 to 1950 incl.. and $10,000, 1951 to 1955 incl.
-BOND
GREENVILLE SCHOOL DISTRICT, Hunt County, Tex.
ELECTION.
-On July 14 an election will be held for the purpose of voting
on the question ofissuing $15,000 school bonds. M.C.Hale, City Clerk.
GROSSE POINTE TOWNSHIP RURAL AGRICULTURAL SCHOOL
-On June 29
DISTRICT NO. 1, Wayne County, Mich.
-BOND SALE.
the $255,000 30
-year school-site purchase bonds offered on that date
(V. 120, p. 3347) were awarded to Watling, Lerchen & Co. and the Detroit
Trust Co., both of Detroit. jointly, as 4345 at a premium of 37,945 87.
equal to 103.11.
-BOND OFFERING.
GUSTINE CITY, Merced County, Calif.
Sealed bids will be received until 8 p. m. July 13 by W. L. Chappell, City
Clerk, for $10,000 sewer bonds. Denom. $500. Dune $500. June 1 1926
to 1945 incl. A certified check for 10% of bid, payable to the President
Board of Trustees, is required.
-Bell, Speas
HALL COUNTY(P.O. Gainesville), Ga.-BOND SALE.
& Co. of Atlanta have purchased an issue of 350.000 5% road bonds. Duo
$10,000 yearly Jan. 1 1931 to 1935 incl.
-An elec-BOND ELECTION.
HAMILTON, Hamilton County, Tex.
tion will be held on July 28 to vote on the question of issuing $60,000 sewer
Improvement and extension bonds.
HAMPSHIRE SCHOOL DISTRICT (P. 0. Hampshire), Kane
County, Ill.
-The $45,000 school bonds,
-DESCRIPTION OF BONDS.
reported sold to H.C. Speer & Sons Co.of Chicago at par in V. 120, p. 3226.
are described as follows: Denom. $1,000. Int. F. & A. 15. Date May 1
1925. Due yearly on Aug. 15. Bonds bear 5% interest and were purchased on Jan. 15.
HANCOCK COUNTY (P. 0. Findlay), Ohlo.-BOND OFFERING.
Sealed bids will be received until 12 in. July 18 by G. R. Morehart. County
Auditor, for the following 57 road bonds.
$4.500 bonds. Due Oct. 1, $1,000, 1926 to 1929 incl. and $500. 1930.
2.500 bonds. Due Oct. 1, $1.000, 1926 and 1927 and $500. 1928.
4,500 bonds. Due Oct. 1, 31.000. 1926 to 1929 incl. and $500. 1930.
Denom. $500. Date April 1 1925. Int. A. & 0. Prin. & int. payable
at County Treasurer's office. Certified check for $200, required. Legality
approved by Squire, Sanders & Dempsey, Cincinnati.
HAYDEN LAKE HIGHWAY DISTRICT (P. 0. Coeur d'Alene),
-Sealed bids will be
Kootenai County, Idaho.
-BOND OFFERING.
received until 1 p. m. July 11 by Waiter Goodrich, Secretary Board of
Highway Commissioners, for $14,000 not exceeding 6% coupon highway
bonds. Denom. $1,000.
-BOND OFFERING.
HENRY COUNTY (P. 0. Napoleon), Ohio.
Sealed bids will be received until 1 p in. July 24 by Earl T. Crawford.
County Auditor, for the following 5% bonds:
$28,500 1.0. H.No. 225. Section "B,' 1Deshler road impt. bonds. Denoms.
15 for $1,500 and 6 for $1,000. Due $1,500 each six months from
March 1 1926 to March 1 1933 incl., and $2,000 each six months
from Sept. 1 1933 to Sept. 1 1934 incl.
33.500 I. C. H. No. 491, Section B-1 road impt. bonds. Denoms. 5 for
$1.500 and 26 for $1,000. Due $1,500 each six months from
March 1 1926 to March 1 1928 incl.. and $2,000 each six months
from Sept. 1 1928 to Sept. 1 1934 incl.
20.000 I. C. H. No. 285, Section G road impt. bonds. Denoms. 14 for
$1,000 and 4 for $1,500. Due $1,000 each six months from
March 1 1926 to Sept. 1 1932 incl., and $1,500 each six months
from March I 1933 to Sept. 1 1934 incl.
Date Aug. 1 1925. Prin. and semi-ann. int.(M. & S.) payable at the
County Treasurer's office. Certified check on one of the Iranks doing a
regular banking business in Henry County or a New York draft for 5%
ofthe total issue, payable to the County Treasurer, required with each issue.
-BOND SALE.
HERMOSA BEACH, Los Angeles County, Calif.
An issue of $100.000 5% sower bonds was purchased on June 2 by the
Anglo-London Paris Co. of Los Angeles at a premium of $5.912, equal to
105.91, a basis or about 4.52%. Dated Jan. 1 1925. Denom. $1,000.
Due Jan. 1 as follows: $3,000, 1926 to 1945 incl., and $2,000, 1946 to
1965 incl. Principal and interest payable at the City Treasurer's office.
Legality approved by Clay & Dillon of New York City.
HIDALGO COUNTY SCHOOL DISTRICT NO.2(P. 0. Lordsburg),
-The $11,900
% school bonds offered on
N. Mex.-BOND SALE.
-were awarded to the American National Co.
June 27-V. 120. p. 2970
of Denver at 95.12. Date June 1 1925. Due serially after 5 years.
Denom. $500 and $100. Interest payable (J. & D.).
-BOND ELECTION.
HIGHLAND PARK, Wayne County, Mich.
On Aug. 4 a special election will be held to vote upon the issuance of
3500.000 street improvement bonds.
-BOND SALE.
HILLSDALE COUNTY (P. 0. Hillsdale), Mich.
The $39,000 bonds for assessment District Road No. 10, offered on July 3
-were awarded to the First State Savings Bank of Hillsdale
121, p. 108
-V.
as Cis, at a premium of $39, equal to 100.10, a basis of about 4.20%.
Date July 1 1925.. Due yearly on May 1 as follows: $9.000 in 1927 and
$10.000 in 1928 and 1929.
HOSES SCHOOL DISTRICT (P. 0. Everett), Snohomish County,
-The Teachers' Retirement Fund Association has
-BOND SALE.
Wash.
purchased an issue of 32,000 434% school bonds at par. Due serially
In 2 to 5 years.
-The
-BOND SALE.
HOLMES COUNTY (P. 0. Lexington), Miss.
Merchants & Farmers Bank of Durant has purchased an issue of $32.500
road bonds at par.
[Vol. 121.
-DESCRIPTION OF BONDS
INDIANA COUNTY(P.O.Indiana),Pa.
SOLD.
-The $1,000.000 4% highway impt. bonds, reported sold to the
Union Trust Co. of Pittsburgh in V. 120. p. 3226, are described as follows:
Coupon bonds in the denomination of $1,000. Date July 1 1925. Int.
J. & J. Due on July 1 from 1929 to 1955 incl. The bonds were purchased
on June 16 and the price paid was 100.331.
INDIANAPOLIS PARK DISTRICT (P. 0. Indianapolis), Marion
-On July 8 the Fletcher American Co. of
-BOND SALE.
County, Ind.
Indianapolis were awarded the two issues of 434% coupon bonds offered
that dato (V. 120, p. 3347) as follows:
on
$28,000 Issue No. 3 bonds of 1925, maturing $1,000 yearly Jan. 1 1927
to 1954 inclusive, for $29,277 75, equal to 104.5133, a basis of
about 4.09%.
13,000 Issue No. 4 bonds of 1925, maturing 31,000 yearly Jan. 1 1927
to 1939 inclusive, for $13,352 75, equal to 102.713, a basis of
about 4.08%.
Date July 8 1925.
-BIDS REJECTED
TOSCO COUNTY (P. 0. Tawas City), Mich.
-All bids received on
BONDS LATER SOLD AT A PRIVATE SALE.
June 27 for the $79,200 coupon highway improvement bonds, offered on
that date (V. 120, p. 3226), were rejected.
On July 1 the bonds were sold at a private sale to Livingstone, Iligbie
& Co. of Detroit as 5s. The purchaser agreed to pay attorneys fees and
for the printing of bonds.
-BOND ELECTION.
IRON MOUNTAIN? Dickinson County, Mich.
The taxpayers of the city will vote July 21 on the following bonding propositions: Sewers, $200,000; electric light and power plant, $180,000; paving.
$50,000; cemetery. $40,000.
IRWINDELL INDEPENDENT SCHOOL DISTRICT,Dallas County,
-Garrett & Co. of Dallas have purchased an issue
-BOND SALE.
Tex.
of $40,000 53.5% school bonds. Due serially.
ISLAND CREEK TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-Sealed
-BOND OFFERING.
Steubenville), Jefferson County, Ohio.
bids will be received until 10 a. m. (eastern standard time) July 25 by
R. D. Ault, Clerk Board of Education, for 33,500 6% coupon school house
construction bonds. Denoms. one for $1,500 and two for $1,000. Date
Aug. 1 1925. Principal and semi-annual interest (M. & SL) payable at
National Exchange Bank & Trust Co., Steubenville. Due $1,500 Sept.
1926 and $1,000 Sept. 1 1927 and 1928. Certified check for 5% of the
amount of bonds bid for, required with each bid.
-Garrett & Co. of
-WARRANT SALE.
ITALY, Ellis County, Tex.
Dallas have purchased an issue of 35,000 53.5% warrants. Duo in 1 to
10 years.
-At a
JACKSON, Cape Girardeau County, Mo.-BONDS VOTED.
recent election the voters authorized the issuance of 365,000 sewer bonds
"against."
by a count of 658 "for" to 92
-Sealed
JACKSON, Jackson County, Ohlo.-BOND OFFERING.
bids will be received until 12 m. July 21, by W.P. Turner, City Auditor.
(special assessment) East Main St., impt. bonds. Denom
for $5,863 6%
$500, except one for $363. Date June 15 1925. Int. A. & 0. Due yearly
on Oct. 1, as follows: $363. 1926: $500, 1927; 31,000. 1928; $500, 1929;
$1,000, 1930; $500, 1931; $1,000, 1932 and $500, 1933 and 1934. Certified
check for 5% of the amount of bonds bid for, payable to the City Treasurer,
required. Bonds to be delivered and paid for within ten days of award.
-BOND SALE.
JACKSON COUNTY (P. 0. Gainesboro), Tenn.
The $35,000 5% school building, Series 1925, bonds, offered on June 29
(V. 120, p.2970) were awarded to Caldwell & Co.of Nashville at a premium
of $560, equal to 101.60. Date April 27 1925. Coupon bonds. Other
bidders were:
,
Pric Bid.
Price Bid.
335.550 001Mississippi Val. Trust Co-$35.532 00
I. B.'Tigrett & Co
35,545 00
Joe B.Palmer & Co
JACKSON TOWNSHIP (P.0. Findlay It No.5), Hancock County,
-Sealed bids were received until 8 p• rn•
-BONDS OFFERED.
Ohio.
July 10 by the Township Clerk for $1,185 6% impt. bonds. Denom. $237.
Date June 1 1925. Int. M. & S. Due 3237 yearly on March 1 from
1926 to 1930 incl. Prin. and semi-ann. int. (M. & S.) payable at the
office of the Township Treasurer. These bonds were originally advertised.
for sale on July 3 (V. 121, p. 108).
-Sealed
-BOND OFFERING.
JAY COUNTY (P. 0. Portland), Ind.
bids will be received until 10 a. m.July 14 by Myrtle Nesse, County Treascoupon bonds:
urer, for the following 434%
$14,700 Sol Myers et al. stone road bonds. Denoms. $735. Due $735
every six months from May 15 1926 to Nov. 15 1935 incl.
9,800 Aaron Downing et al. stone road bonds. Denom. $490. Due
$490 every six months from May 15 1926 to Nov. 15 1935 incl.
Date July 1 1925. Int. M. dr N.
-BOND OFFERING.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-Sealed bids will be received until 2 p. m. July 15 by Ed. F. Schmidlapp,
Madison Township Road bonds.
County Treasurer, for $4,980 434
Denom.$249. Dated July 6 1925. Int. J.& J. Due $249 each six months
from May 15 to Nov. 15 1935 incl.
JOCUMBA SCHOOL DISTRICT (P. 0. San Diego), San Diego
-BOND ELECTION.
-An election will be hold on July 28
County, Calif.
for the purpose of voting on the question of issuing $1,400 school building bonds.
-At a
-BONDS DEFEATED.
JOHNSTOWN, Cambria County, Pa.
recent election a proposed bond issue of 33,000.000 for street improvements
was defeated by about 1.000 votes.
JONESBORO SPECIAL SCHOOL DISTRICT (P. 0. Jonesboro),
-The American Trust Co. of
-BOND SALE.
Craighead County, Ark.
Jonesboro has purchased an issue of $110,000 534% school bonds at a
Premium of $250, equal to 100.22. Due in 1945.
-A sync'irate
-BOND SALE.
KANSAS CITY, Jackson County, M0.
composed of Dillon, Read & Co. the First National Dank, White. Weld
Barr Bros. & Co., Blodget
& Co., Halsey, Stuart Sz Co., the* Detroit
Taylor. Ewart &
Co..
& Co. R. W. Pressprich & Co.. Phelps. Fenn & Co. andand
Federal ComCo.,all of New York,and the Mississippi Valley Trust Co.
both of St. Louis, was awarded the following 4)i% bonds
merce Trust
-at 102.87, a
$4.523,000, offered on July 8-V. 121. p. 108
aggregating Co.,
basis of about 4.15%:
$3.000,000 Blue River sewer bonds. Due $166,000. 1928 to 1933 incl..
and $167,000. 1934 to 1945 incl.
1.523.000 Gooseneck sewer bonds. Due $138,000, 1928 to 1933 incl .
and 3139,000. 1934 to 1938 incl.
Date July 1 1925.
KANSAS CITY SCHOOL DISTRICT, Jackson County, Mo.% school bonds purchased
-The 31,000,000
BOND DESCRIPTION.
on June 25 by a syndicate composed of the First Trust & Savings Bank and
Stevenson. Perry, Stacy & Co., both of Chicago, and the Prescott, Wright
of Kansas City (V. 121. p. 108) are described as follows
& Snider
Co.'
Date Jan. 1 1923. Denom. 1,000. Due Jan. 1 1943. Principal and
interest (J. &J.) payable at the National Bank of Commerce, New York
City. Legality approved by John C. Thomson, New York City.
Financial Statement.
$547,830,007
Assessed valuation, 1925
17.273,000
Total bonded debt. including this issue
4,728,545
Less sinking funds
12,544,455
bonded debt
Net
Population (1920 Census), 324,410; population, present official estimate,
420,527.
KENSINGTON PARK SANITARY DISTRICT (P. 0. San Diego),
-The voters authorized
-BONDS VOTED.
San Diego County, Calif.
the issiiance of $15,000 sewer bonds at the election held June 30-V. 120,
p. 3227.
-On July 6 the
KENTON, Hardin County, °Mo.-BOND SALE.
two issues of 5% bonds, offered on that date (V. 120. p.3227), were awarded
as follows:
-Bertram Co. of Cincinnati for $16.235,
$16,000 street bonds to Davies
equal to 101.46. a basis of about 4.65%. Date July 1 1925.
Denom. $1,000. Due $2,000 Oct. 1 1926 to 1933. inclusive.
5,400 sewer bonds to Otis & Co. of Cleveland for $5,458 86, equal to
101.09, a basis of about 4.74%. Date June 1 1021. Denom.
,
5600. Due $3^0 /vs.!' 1 H26 ti l(4...eras. .
JULY 11 1925.]
THE CllTiONTCLE
231
MAMARONECK(TOWN)SEWER DISTRICT NO. I (P.O. Mamaro-Sealed bids
-BOND OFFERING.
neck), Westchester County, N. Y.
will be received until 8:30 p. m.(daylight saving time) July 14. by Frederick
M. Sherman, Town Clerk, for 8140.000 4%% coupon (with privilege of
registration as to principal and interest) sewer bonds. Denom. 81, .
Dated July 1 1925. Interest J. & J. Principal and interest payable at
United States Mortgage & Trust Co., New York. Due 54.000 July 1 1930
to 1964, inclusive. Certified check on an incorporated bank or trust
company for 2% of the amount of bonds bid for, payable to the town of
Mamaroneck,required. The bonds will be prepared under the supervision
of the United States Mortgage & Trust Co., which will certify as to the
genuineness of the signatures of the officials and the seal impressed thereon.
The successful bidder will be furnished with the opinion of Hawkins, Delafield & Longfellow, of New York City, that the bonds are binding and legal
obligations of the town. Bids are desired on forms to be furnished by the
above trust company and the above Town Clerk.
Financial Statement.
535.203.585
Total assessed valuation of 1924 for taxes of 1925
Total bonded indebtedness, less sinking funds, &c., including
912,000
above bonds
Assessed valuation of 1923 for taxes of 1924 of Sewer District
5,830,725
No. 1 (approximate)
Total bonded indebtedness of Sewer District No. 1, Including
801,500
above bonds
Population, town of Mamaroneck (1925 estimated), 9,600.
-The
-BOND DESCRIPTION.
Manatee County, Fla.
MANATEE,
Sea.songood &
$269,000 6% street impt. bonds awarded on June 26 to follows: Date
-are described as
-V. 121. p. I09
Mayer of Cincinnati
July 1 1925. Denom. $1,000. Due serially, 1, to 10 years. Int.
payable J. & J.
-On July 7
-BOND SALE.
MANSFIELD, Richland County, Ohio.
on that
the 529.300 5% coupon (city's portion) street impt. bonds offeredBank of
-were awarded to the Citizens National
-V. 120, p. 3228
date
Mansfield at a premium of $716. equal to 102.44, a basis of about 4.495.
Date July 1 1925. Due yearly on Oct. 1 as follows: 83,300, 1926; 53.000.
1927 to 1934 incl.. and $2,000, 1935.
MAPLE HEIGHTS (P. 0. Bedford R. F. D.) Cuyahoga County,
-Sealed bids will be received until 12 m.
-BOND OFFERING.
Ohio.
% (special assessAug. 5 by F. J. Vasek, Village Clerk for 515,626.18
Durham Road Sewer, District No.2 bonds Series 7. Denom.21,000.
ment)
Int. A. & 0. Prin. and int.
except one for 5626.18. Date Aug. 1 1925.
payable at Central.National Bank Savings & Trust Company, Cleveland.
.Due yearly on Oct. 1 as follows: $1.000, 1926; 52,000, 1927; 81,000. 1928:
1932;
52.000, 1929; $1,000. 1930; $2,000. 1931; 51.000, upon a52.000. 1933:
solvent bank
52,000. 1934 and 51.626.18. 1935. Certified check
located in the State of Ohio for 5% of the amount of bonds bid for,required.
-BOND OFFERING.
MARION COUNTY (P. 0. Indianapolis), Ind.
-Sealed bids will be received until 10a.m. July 28 by J. L. Duvall, County
Yantz ditch in Washington Twp.
Treasurer, for $8,000 6% Manford D.
bonds. Denom. $400. Date July 1 1925. Int. J. & J. Due $400 each
six months from Jan. 1 1926 to July 1 1935 Md.
-On
MEDINA COUNTY (P. 0. Medina), Ohlo.-BOND SALE.
July 9 the $11.700 534%8 (Property owners' portion) inter-county highway
offered on that ate (V. 121. p. 109) were sold to the Provident
bonds
Savings Bank & Trust Co. of Cincinnati at a premium of 5489 51, equal
to 104.18, a basis of about 4.56%. Date July 1 1925. Due yearly
$700, 1926: 52.000. 1927: 81.000. 1928: 52.000, 1929;
Net debt
53,065.870 00 on Oct. 1 as follows: 52.000. 1932. and 51,000. 1933 and 1934.
8309,076 52 81.000. 1930 and 1931;
Borrowing capacity
-The
-TEMPORARY LOAN.
$238,786 75
Sinking funds for debts outside debt limit
MELROSE, Middlesex County, Mass.
a
bidder on
Colony Trust Co. of Boston was the
LOWER BURRELL TOWNSHIP SCHOOL DISTRICT, Westmore- 3200.000 temporary loan, on a 3.23% successfulbasis plus aJuly 8 for of
premium
discount
land County Pa.-BONDS VOTED.
-On July 1 a special election was
$I 50. Due $50,000 Nov. 23 and Dec. 15 1925, and Jan. 15 and Feb. 15
held in this district for the purpose of voting on the question of issuing
1926.
530,000 school bonds. The proposition was carried by a vote of 173 to 36.
-BOND ELECTION.
MENOMINEE, Menominee County, Mich.
LUBBOCK, Lubbock County, Tex.
-At a recent The taxpayers a the city will vote July 18 on a proposition to bond for
-BONDS VOTED.
election the voters authorized the issuance of the following bonds aggregatimprovements to Riverside Cemetery.
818,000 for
MK;350,000:
-Sealed bids will
-BOND OFFERING.
$150,090 sanitary sewer bonds.
MESA, Maricopa County, Ariz.
150,000 water works bonds.
be received until 2 p. m. to-day (July 11) by A. J. Petrie. Town Clerk, for
50,000 street improvement and paving bonds.
bonds, aggregating $225,500:
the following
water-works bonds. Denom. $1,000.
-The 380.000 domestic light bonds. Denom. $1,000 and 5500.
LUDINGTON, Mason County, Mich.
-BONDS AUTHORIZED.
98,500 artificial
Board of Commissioners of the city has authorized two special assessment
50,000 refunding water-works bonds. Denom. $1,000.
paving bond issues totaling $15.468. Interest at the rate of 5%, payable
Due in twenty years. Principal and semi-annual interest payable at the
annually. Maturity serially, one issue $1,552. annually for 8 years, and
Bankers Trust Co. of New York City. Legality approved by Wood &
the other $3381 50 annually for 8 years.
Oakley, of Chicago. A certified check for 5% of bid is required.
-Sealed
LUZERNE COUNTY (P. 0. Wilkes-Barre), Pa.
-BOND OFFERING.
-BOND OFFERING.
METUCHEN, Middlesex County, N. J.
-Sealed bids will be received until 2 p. m. July 20 by Paul J. Schmidt, bids will be received until 8 p. m.(daylingt saving time) July 20 by Edw. A
County Controller, for $350,000 43 % tax-free coupon Fort Jenkins bridge Burroughs, Borough Clerk, for an issue of 5% coupon (with privilege of
bonds. Denom. $1,000. Date Feb. 1 1925. Int. F.& A. Due 5100,000 registration as to principal only or as to both principal and interest) borough
Feb. 1 1933, $150.000 Feb. 1 1934 and $100,000 Feb. 1 1935. Certified hall bonds, not to exceed 835.000, no more bonds to be awarded than will
check for $3,000. payable to the County Treasurer, required. Delivery produce a premium of 51.000 over 535.000. Denom. $1,000. Dated
of bonds to be made on Aug. 1. These bonds are the remainder of an issue July 1 1925. Principal and semi-annual interest (J. & J.) payable in gold
of weight
of $850,000.
coin of the United States of America of the present standard States, at and
the
equivalent in lawful money of the United
McCORMICK, McCormick County, So. Caro.
-J. H. fineness, or its
-BOND SALE.
National Bank, Metuchen. Due $2,000 July 1 1926 to 1942,
Hilsman & Co. of Atlanta have purchased an issue of $124.000 municipal Metuchen
Inclusive, and $1,000, 1943. Certified check upon an incorporated bank
bonds at a premium of $1,730, equal to 101.39.
Inapt.
or trust company, payable to Borough of Metuchen, for 2% of the amount
Clay & Dillon, of
McKINLEY COUNTY RURAL SCHOOL DISTRICT NO. 7 (P. 0. of bonds bid for, is required. Legality approved by
Gallup), N. Mex.-BONDS NOT SOLD.
-The 810.000 not exceeding New York.
-Sealed
-were not sold owing
6% school bonds offered on July 1-V. 120. p. 3098
-BOND OFFERING.
MIAMI COUNTY (P. 0. Troy), Ohio.
to an injunction suit.
bids will be received until 9 a. m.(Central standard time) July 24 by T. B.
0
Radabaugh. County Auditor,for $29.500 57, coupon bridge bonds. Denom.
McLEAN TOWNSHIP (P. 0. Ft. Laramie), Shelby County, Ohio.
11925. Prin. and int.(F.& A.) payable at court house
-Sealed bids will be received until 12 m. July 18 by $500. Dated Aug. 1 as follows: $2,500. 1927, and $3.000. 1928 to 1936
BOND OFFERING.
in Troy. Due Feb.
Wm. H. Niederkorn, Township Clerk, for 52.067 41 5% coupon special incl. A certified check for 5% of bid, payable to above named official.
assessment impt. road bonds. Denom. $1,000 and 51.067 41. Date Is required.
July 1 1925. Prin. and int. M. & S. Due 51,000 March 1 1926 and
-At a special
-BONDS VOTED.
MIDLAND, Beaver County, Pa.
$1,067 41 Sept. 1 1926. Certified check for 5% of bid is required.
on June 30. 5206,000 sewer extension bonds were carried by a
-BOND SALE.
-The Ralph election heldmore than five to one.
McMINNVILLE, Yamhill County, Ore.
Schneeloch Co. of Portland has been awarded an issue of 811,000 fire majority of
-Ferris &
-BOND SALE.
MILWAUKEE, Clackamas County, Ore.
equipment bonds at 103.76.
the Lumbermen Trust Co. and Peirce, Fair & Co.,
's
MADERA SCHOOL DISTRICT (P. 0. Madera), Madera County, Hardgrove of Spokane,
% city
both of Portland. jointly have purchased an issue of 8186.000
-BOND SALE.
Calif.
-The $56,000 6% school bonds offered on July 7V. 120, P. 3348
-were awarded to H. S. Boone & Co. of San Francisco at bonds at 100.17.
-The 5139,000 57
-BOND SALE.
a Premium of $5,506, equal to 109.83. Due in 1 to 20 years.
MOBILE, Mobile County, Ala.
.
°
lighting improvement Series 1, 2 3 and 4 bonds offered on July 7-V. 121
MAHONING COUNTY (P. 0. Youngstown), Ohio.
-BOND OFFER- p. 3349
-were awarded to the People's Bank of Mobile at a premium of
-Sealed bids will be received until 10 a. m. (Central standard time) 54.531 50, equal to 103.26, a basis of about 4.59% if allowed to run full
ING.
July 30 by F. A. Rolla, Clerk Board of County Commissioners, for $32,- term of years. Date July 1 1925. Due July 1 1935: optional at any
321 18 .5% sewer bonds. Denom. $1.000 except one for $321 18. Date yearly interest period commencing July 1 1926 upon payment of principa
July 1 1925. Int. payable A. & 0. Due Oct. 1 as follows: $321 18, and premium of 13.i %.
1926; 52.000. 1927 to 1935 incl., and 53,000. 1936 to 1939 incl. Certified
check, payable to Frank Vegan, County Treasurer, for $1,500. is required.
-WATER BONDS TO BE CALLED
MONROE, Monroe County, Mich.
-At an adjourned
-WILL ASK FOR BIDS.
AND NEW BONDS ISSUED
MALDEN, Middlesex County, Mass.
-BOND OFFERING.
-Walter meeting of the City Commission on June 30 Benjamin Dansard & Co.. of
E. Milliken, City Treasurer, will receive proposals until 8 p. m. (daylight Detroit, were given authority to call in $175.000 worth of first mortgage
paving time) July 2 for the purchase of the following 4% coupon bonds
water bonds issued by the old. Monroe Water Co.in 1909. New bonds will
3146.000 "Building Loan of 1925" bonds dated Aug. 1 1925, and payable be issued in place of them at a lower rate of interest. The city will advertise
$8,000 Aug. 1 1926 to 1931 incl.. and 57,000. Aug. 1 19:32 to fcr bids for the sale of the bonds at a later date.
1945 incl. Int. F. & A.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
7,000 "Surface Drainage Loan of 1924" bonds dated Nov. 1 1924.
ING.
-Sealed bids will be received until 10 a. m. (central standard time)
and payable 51.000 Nov. 1 1925 to 1931 incl.
Denom. $1.000. Prin. and semi-ann, int. payable at the First National July 27 by F. A. Kilmer. Clerk Board of County Comm'rs,for 510,600 5%
Bank of Boston, Boston. These bonds are exempt from taxation in Massa- coupon Riverdale Heights Plat. Sanitary Sewer System bonds. Denoms.
chusetts and are engraved under the supervision of and certified as to $1,000. $600 and $500. Date July 1 1925. Int. A. S; 0. Prin. and int.
genuineness by the First National Bank of Boston; their legality will be payable at the office of the County Treasurer. Due 5600 Oct. 1 1926:
approved by Ropes, Gray, Boyden & Perkins, whose opinion vAll be 5500, 1927 to 1929 incl.; 81.000, 1930; 5500. 1931; 51.000. 1932: 5500.
furnished the purchaser. All legal papers incident to these issues will 1933; 81,000, 1934: 5500. 1935; $1,000. 1936; $500. 1937; $1,000. 1938:
be filed with the above bank, where they may be inspected at any time. $500. 1939; and 51,000. 1946. Certified check drawn on any solvent bank
Bonds will be delivered to the purchaser on or about Aug. 3 at the First or trust company payable to the County Treasurer for 5500 is required.
D. W. and A. S. Iddings of Dayton, and Peck, Schaffer and Williams of
National Bank of Boston.
Cincinnati. Ohio, have been employed to assist in the preparation of
Financial Statement July 1 1925.
and the issue and sale of these bonds and will certify as to the
Net valuation for year 1924
555.665,700 00 legislation
2%% average valuation three preceding years_ _ 1,281,271 73 legality thereof.
Debt limit
-BOND OF
MONTGOMERY COUNTY (P. 0. Hamilton), Ohio.
Total gross debt, including these issues
2,656.600 00
Exempted debt-Water bonds. $12,000; other bonds,
FERING.-Sealed bids will be received until 10 a. m. (Central standard
$1.544,000
1,556.000 00 time) July 25 by F. A. Kilmer, Clerk Board of County Commissioners. for
Net debt
$1.100.600 00 51.300 534% coupon Klingdrive sanitary sewer extension bonds. Denom.
Borrowing capacity still available
5180.671 73 $50 and $100. Date July 1 1925. Prin. and semi-ann. bit. (A. & 0.)
-The
-BOND SALE.
ICLAMATH FALLS, Klamath County, Ore.
First National Bank of Klamath Falls has been awarded an issue of $9,037
53 % sixth sewer unit deficit bonds at par.
-Garrett & Co., of
-BOND SALE.
LADONIA, Fannin County, Tex.
Dallas, have purchased an issue of 818,000 street improvement bonds.
Due in 36 years. optional in 10 years.
-The Western
-BOND SALE.
LA GRANDE, Union County, Ore.
Bond & Mortgage Co. and Ralph Schneeloch & Co. of Portland, jointly,
have purchased at par the following bonds aggregating $360,000:
$185,000 5% improvement bonds.
175,000 4%% improvement bonds.
-The $55,000
LANDER COUNTY,P.O. Austin, Nev.-BOND SALE.
-were awarded to the
6% school bonds offered on July 6-V. 120, p. 3348
Battle Mountain State Bank of Austin at a premium of $2,917, equal to
105.30. Dated July 6 1925. Due serially.
-J. C. Mayer
-BOND SALE.
LANTANA, Palm Beach County, Fla.
& Co. of Cincinnati were awarded an issue of $95,000sewer and water works
bonds at 95.00.
-At a recent
LA PLATA, Macon County, Mo.-BONDS VOTED.
election the voters authorized the issuance of 8145.000 water works and
system bonds.
sewer
LINCOLN PARK (P. 0. Dearborn R. F. D. No. 2), Wayne County,
-On June 29 the $82,000 special assessment bonds,
-BOND SALE.
Mich.
offered on that date (V. 120, p. 3348). were awarded to Matthew Finn, of
Detroit, as 5%s for $82,001, equal to 100.001, a basis of about 5.49%.
Denom.$1,000. Date July 1 1925. Interest J. & J. Due yearly in from
one to five years.
LONGVIEW SCHOOL DISTRICT (P. 0. Kelso), Cowlitz County,
-BOND DESCRIPTION.
-The $95,000 school bonds awarded on
Wash.
May 15 to Pierce, Fair & Co.. of Seattle (V. 120. p. 2847) are described as
follows: Date May 15 1925. Coupon bonds. Due serially May 15 1927 to
1945, inclusive. Interest payable (M. & N. 15). The above bonds bear
interest at the rate of 4%% and not 434%, as incorrectly stated in above
reference.
LOWELL, Middlesex County, Mass.
-DESCRIPTION OF BOND
-The $100.000 4% bonds awarded to the National City Co. of
SALE.
Boston, as reported in last week's issue on page 108, is made up of two
ooya
oeteJssus
aredescrrdasfollows:
ani91bonds,payable $5.000 July 1 1926 to
1940, inclusive.
25.000 "Lakeview Avenue Permanent Paving Loan, 1925" bonds, payable
53.000 July 1 1926 to 1930, inclusive, and $2,000 July 1 1931 to
1935, inclusive.
Coupon bonds in $1,000 denominations. Dated July 1 1925. Principal
and semi-annual interest (J. & J.) payable at the First National Bank of
Boston, Boston. The bonds were offered and sold on July 2. The price
paid was 101.071, a basis of about 3.837.
Financial Statement June 24 1925.
5139.984.005 00
Net valuation for year 1924
3.374.946 52
Debt limit 2%% of average valuation
6.029,570 00
Total gross debt, including these issues
-Water bonds
Exempted debt
$266,750 00
Other bonds
2,696,950 00
2,963,700 00
m
232
THE CHRONICLE
[Vor. 121.
payable at office of County Treasurer. Due Oct. 1 as follows: $50 in 1926:
ORLEANS LEVEE DISTRICT (P.O. New Orleans), Orleans Parish,
$100 in 1927; $50 in 1928: 1100 in 1929: $50 in 1930: $100 in 1931; $50 in La.
-BOND SALE.
-A syndicate composed of the Canal-Commercial
1932, and 5100 1933 to 1940 incl. Certified check for $50 on any Solvent Trust & Savings Bank, Hibernia Securities Co., Inc., Interstate
bank or trust company in Montgomery County, payable to the County Banking Co., Marine Bank & Trust Co., and Whitney-Central Trust &
Trust &
Treasurer, is required.
Savings Bank, all of New Orleans, has purchased an issue of $500,000
4;i% coupon spillway
MORGAN COUNTY (P. 0. Martinville), Ind.
-BOND OFFERING. $1.000. Due $125,000 construction bonds. Date June 1 1925. Denom.
June 1 1927 to 1930,inclusive. Principal and inter-Sealed bids will be received until 10 a. m. July 18 by M. W. Tackitt,
county Treasurer. for 85.240 5% M. A. Godsey at al. free gravel road est (J. & D.) payable at the office of the State Treasurer. Baton Rouge, or
bonds. Denom. $262. Date July 15 1925. Int. M. & N. Due $262 at the fiscal agency of the Board of Levee Commissioners, in New Orleans.
Legality to be approved by John C. Thomson, New York City.
each six months from May 15 1926 to Nov. 15 1935 inclusive.
Financial Statement.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT, Allegheny Assessed valuation 1925
$553,951,901
County, Pa.
-BOND SALE.
-The $90,000 43‘% tax-free coupon school Total bonded debt. including this issue
3,500.000
bonds offered on July 6-V. 120. p.3229
Population, 1925, 420,660.
-were awarded to M.M.Freeman
& Co. of Philadelphia at 102.73, a basis of about 4.045%. Date June I
OTTAWA COUNTY (P. 0. Port Clinton), Ohio.
-BOND SALE.
1925. Due every six years on June 1 as follows: $15,000, 1931 and 1937:
On July 6 the 573.000 5% coupon I. C. H. No. 438, Section "C"
120.000. 1943, 1949 and 1955.
offered on that date (V. 120. p. 3349) were awarded to Prudden & bonds.
MOUNT PLEASANT, Ulster County, N. Y.
Toledo, for $74,912. equal to 102.61, a basis of about 4.41%. Date Co. of
-BOND OFFERING.
July 5
Sealed bids will be received until 3 p. m. July 14 by John J. Sinnott, Town
1925. Due each six months as follows:
6 1926 and $01,600
Supervisor (P. 0. First National Bank Building, North Tarrytown). for each Oct. 6 and April 6 from Oct. 6 1926 to55,000 Aprilincl. Other bidders
Oct. 6 1934
$167.000 43 % coupon bonds (convertible into fully registered bonds).
6
,
Denom. 11.000. Date July 1 1925. Interest J. & J. Due yearly as
Name of BidderPrem.
follows: 17.000 July 1 1926 and 110.000 July 1 1927 to 1942. inclusive. Stranahan. Harris & Oatis, Inc., Toledo
$1,701.00
Certified check for 10% of the amount bid, payable to Town Supervisor, W. L. Slayton & Co., Toledo
1,336.00
required. The approving opinion will be furnished by Clay & Dillon, of Provident Saving Bank & Trust Co., Cincinnati
1,379.70
New York. Bonds to be delivered and paid for five days from day of sale Seasongood & Mayer, Cincinnati
1,432.00
at the office of the Town Supervisor.
PALMER, Hampden County, Mass.
-The
-TEMPORARY LOAN.
MT. UNION, Huntington County, Pa.
-BONDS VOTED.
-At the First National Corporation of Boston was
a temporary
election held on June 16-V. 120. p. 3099-$135,000 4 % storage reservoir loan of $75,000, payable Nov. 27 1925, onawarded on July 8 basis.
a 3.28% discount
and water system bonds were carried by 348 to 68. Due from 1928 to
PALMER TOWNSHIP, Divide County, No. Dak.-CERTIFICATE
1955. Bonds will be offered for sale soon. In giving the notice of election
-Sealed bids will be received until 10 a. m. July 14 by Perry
-see above reference
-we incorrectly stated the amount of bonds to be OFFERING.
Christian, Clerk Board of Supervisors, at County Auditor's office, for
voted on would be $185,000 instead of $135,000.
$2,000 not exceeding 7% certificates of indebtedness. Due in 18 months.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Port- Denom. $1.000. A certified check fer 2% of bid, payable to the Township
land), Ore.
-BOND SALE.
-A syndicate composed of the Detroit Co. of Treasurer, is required.
Detro.t, Eldredge & Co. of New York. Contmental & Commercial Trust &
PARAGOULD-HOPKINS BRIDGE ROAD IMPROVEMENT DISSavings Bank of Chicago, Wells-Dickey Co. of Minneapolis, and Ralph
-BOND SALE.-Stlx & Co. of
Schneeloch Co. of Portland, was the successful bidder for the 51,000.000 TRICT NO. 1, Greene County, Ark.
school bonds offered on July 1 (V. 120. p. 3099) at a premium of $100, St. Louis have purchased an issue of $70,000 5% road improvement
equal to 100.01-a basis of about 4.32%. as follows: $664.000 maturing bonds. Date Alay 1 1925. Denom. $1.000. Due Sept. 1 as follows:
July 15; $55.000. 1928 to 1935, inclusive, and $56.000, 1936 to 1939, in- $2,000 in 1926 and 1927,12,500, 1928 to 1930 incl.: $3.000. 1931 to 1933 incl.
clusive, as 434s; and $336,000 maturing $56,000. 1940 to 1945. Inclusive, 33.500, 1934 to 1936 incl.: $4,000 in 1937 and 1938;$4,500 in 1939 and 1940:
as 4s. Date July 15 1925. The above corrects the report given in V. 121. 15.000 in 1941: $5,500 in 1942 and 1943. and $6,000 in 1944. Prin. and
int. (M. & S.) payable at the St. Louis Union Trust Co. of St. Louis.
p. 110.
Legality approved by Rose, Hemingway. Cantrell & Loughborough of
MUSKEGON HEIGHTS SCHOOL DISTRICT NO. 1 (P. 0. Mu.. Little Rock.
kegon Heights), Muskegon County, Mich.
-BOND OFFERING.
-11. E.
PAWTUCKET, Providence County, R. I.
Lowes. Secretary Board of Education, will receive sealed bids until 8 p. m.
-Of the
-BOND SALE.
(eastern standard time) July 15 for 5330.000 school bonds. Denom. following two issues of 4% school bonds, offered on June 25. $100,000
$1.000. Date July 151925. Due 810.000, 1936 to 1940,inclusive:$15,000, were purchased at par by the Pawtucket Institution for Savings and the
remaining 5650,000 were awarded to the Industrial Trust Co. and Eldredge
1941 to 1950,inclusive: $20,000. 1951:125.000, 1952 and 1953. and $30,000, & Co., jointly, at
98.85:
1954 and 1955. Legality appreved by Miller. Canfield. Paddock & Stone, $450,000 bonds. Date
April 1 1925. Due 1955.
of Detroit. Certified check for 2% of bid required.
300,000 bonds. Date Oct. 1 1924. Due 1929, 1934, 10139. 1944, 1949
This item was incorrectly reported under the caption of "Muskegon
and 1954.
Heights School District No. 1. Pa.," in V. 120, p. 110.
PEEKSKILL UNION FREE SCHOOL DISTRICT (P. 0.
NEW BEDFORD, Bristol County, Mass.
Peekskill),
-TEMPORARY LOAN.
-BOND .SALE.
-The 515.000 schoolbonds
The $500.000 temporary loan offered on July 8-V. 121. p. 110- was Westchester County, N. Y.
awarded to the First National Bank of Boston on a 3.13% discount basis offered on July 7 (V. 120. p. 3349) were awarded to the Fidelity Trust Co.
of Buffalo as 43(s at 100.339. a basis of about 4.20%. Date July 1 1925.
plus a premium of $8. Due Nov. 12 1925.
Coupon bonds. Due $1,000 yearly Jan. 1 1927 to 1941 incl.
NEW BREMEN, Auglaixe County, Ohio.
-BOND SALE.
-On July 3
PITTSBURGH, Allegheny County, Pa.
-BOND OFFERING.
the $7,300 6% coupon street improvement assessment bonds offered on bids
-Sealed
will
that date (V. 120, p. 3099) were awarded to the Provident Savings Bank & $4450,000 be received until 2:45 p. m. July 21 by the City Comptroller for
Trust Co. of Cincinnati for $7,614 63. equal to 104.31, a basis of about $150.000 4)1% bonds as follows:
public safety bonds. Due 55.000, 1926 to 1965, inclusive.
5.155%. Date June 1 1925. Due yearly on Dec. 1 as follows: $1,000,
300,000 current revenue bonds. Due June 1 1926, optional at any time.
1926. and $700, 1927 to 1935 incl.
Dated June 1 1925.
NEWHALL SCHOOL DISTRICT, Benton County, lowa-BOND
PLAINFIELD, Union
-BOND OFFERING.
-Sealed
DESCRIPTION.
-The $12,000 434% school bonds purchased by Geo. M. bids will be received until County, N. J.
8:30 p. m. (daylight saving time) July 20 by
Bechtel & Co. of Davenport
-V. 121. p. 110
-are described as follows: George B. Wean, City
Date June 11925. Denom. $1,000. Int. payable (M. & N.). Registered privilege of registrationClerk pro tem, for an issue of 434% coupon (with
as to principal only or as to both principal and
or coupon bonds. Due serially June 1 1926 to 1937 incl.
interest) school bonds not to exceed $80,000, no more bonds to be awarded
NEW HYDE PARK FIRE DISTRICT (P. 0. New Hyde Park), than will produce a premium of $1,000 over $80,000. Denom. $1,000.
Nassau County, N. Y.
-On July 8 the following two Date June 1 1925. Principal and semi-annual interest (J. & D.) payable
-BOND SALE.
issues of fire apparatus purchase bonds, offered on that date, were sold in gold coin of the United States of America of the present standard of weight
to Sherwood & Merrifield, Inc., of New York at 100.14 for 435s, a basis and fineness, or its equivalent, at the office of the City Treasurer. Due
,
52.000 June 1 1927 to 1951, inclusive, and 53.000 June 1 1952 to 1961.
of about 4.48%.
114.000 Series A bonds. Denom. $1,000. Due $2,000 yearly on July 1 inclusive. Certified check upon an incorporated bank or trust company.
payable to the City Treasurer, for 2% of the amount of bonds bid for, is
from 1927 to 1933, incl.
10,500 Series B bonds. Denom. $500. Due 11,500 July 1 1927 and required. Legality to be approved by Clay & Dillon. of New York.
51,000 July 1 1928 to 1936, incl.
PLEASANTVILLE, Westchester County, N. Y.
-BOND OFFERING.
Date July 1 1925. Prin. and semi-ann. int. (J. & J.) payable in gold
coin of the United States of America of the present standard of weight and -Proposals will be received until 8 p. in. (daylight saving time) July 21
by Charles J. Loire, Village Clerk, for the following 5% bonds, aggregating
fineness, or its equivalent, at the Bank of New Hyde Park, New Hyde Park. 17 :
0000
7
E7 000:
registered third issue sewer bends. Due 52,000 yearly Aug. 1
NEW ORLEANS,Orleans Parish, La.
-CERTIFICATE OFFERING.
Arthur J. O'Keefe, Commissioner of Public Finances, will receive sealed
1930 to 1964 incl.
bids until 11 a. xn. Aug. 3 for certficates aggregating $1,349,500, as follows:
7,000 coupon Planning Commission bonds. Due $1,000 yearly Aug. 1
1926 to 1932 incl.
51,180.000 paving certificates.
169,500 paving certificates.
Dated Aug.11925. Denom.$1,000. Prin,and semi-ann.int.(F.& A-)
payable at the Mount Pleasant Bank,Pleasantville,in New York exchange.
NEWTON, Middlesex County, Mass.
-Kidder. Pea- Certified check or bank draft for 2% of
-BOND SALE.
amount of bonds required with each
body & Co. of Boston were awarded on July
the $50,000 4% coupon
street inapt. bonds offered on that date (V. 121,7 110) at 101.269. a basis issue.
p.
of about 3.74%. Date July 1 1925. Due $5,000 yearly on July 1 from
POLK COUNTY (P. 0. Bartow), Fla.
-BOND SALE.
-The school
1926 to 1935 incl.
bonds aggregating $279,000, offered on July 7-V. 121, p. 111-were
awarded as follows:
NORTH BEND, Coos County, Ore.
-BOND DESCRIPTION.
-The
To Braun. Bosworth & Co. of Toledo
$32.000 6% improvement bonds purchased by the Freeman, Smith &
1160.000 53% Special Tax School District No. 53 bonds at 105.43, a basis
Camp Co. of Portland-V. 120. p. 2849
-are described as follows: Date
of about 4.99%. Due July 1 as follows: $5,000 1928 to 1939.
May 1 1925. Denom. $500. Int. payable (M. & N.). Coupon bonds.
incl.: $6,000 1940 to 1951, incl.. and $7.000 1952 to 1955. incl.
Due May 1 1935.
To Vandersall & Co. of Toledo and the Hanchett Bond Co. of Chicago
NORTHBRIDGE, Worcester County, Mass.
jointl y-BOND OFFERING.
Proposals will be received until 12 in. July 14 by Town Treasurer for $20,000
565.000 6% Special Tax School District No. 2 bonds at 106.41, a basis
4% bridge bonds. Int. J. & J. Dated July 15 1925. Due 1926 to 1945
of about 5.42%. Due July 1 as follows: $2,000 1927 to 1948.
incl.
incl., and $3,000 1949 to 1955, incl.
To Stranahan, Harris & Oatis, Inc., of Toledo
NORTH CHATTANOOGA, Hamilton County, Tenn.
-BOND
115.000 6% Special Tax School District No. 7 bonds at 102.25. a bask
ELECTION.
-An election will be held on July 22 for the purpose of voting
of about 5.76%. Due $500 yearly June 1 1926 to 1955, incl.
on the question of issuing $100.000 not exceedhag 6% coupon sewer and fire
25,000 6% Special Tax School District No. 58 bonds at 108.26, a basis
plug bonds.
of about 5.20%. Due $1,000 yearly July 1 1928 to 1952, incl.
NORTH HEMPSTEAD COMMON SCHOOL DISTRICT NO.9(P.O.
To Prudden & Co. of Toledo
East Williston), Nassau County, N. Y.
514,000 6% Special Tax School District No. 18 bonds at 108.67, a basis
-BOND OFFERING.
-Proposals will be received until8 p. m.(daylight saving time)July 15 by Robert
of about 5.21%. Due $500 yearly July 1 1928 to 1955, incl.
Dated July 1 1925.
j. Wiley, District Clerk, for $82,500 4 % coupon (with privilege of registration as to principal and interest) bonds. Denom. $1,000 except 3 for
PONDER SCHOOL DISTRICT, Denton County, Texas.
-BOND
$500 each. Date Aug. 11925. Prin. and semi-ann. int.(F.& A.) payable DESCRIPTION.
-The $35.000 school bonds purchased by H. C. Burt &
in lawful money of U. S. of A. at First National Bank of Mineola. Due Co., of Dallas (V.
120, p.
$2,500 Aug. 1 1926 to 1928 incl., and $5.000 Aug. 1 1929 to 1943 incl. described as follows: Date2720), bear interest at the rate of 531% and are
Certified check upon an incorporated bank or trust company, Payable to Due serially in 40 years. May I 1925. Coupon bonds. Denom. $500.
Interest payable M. & N.
the District Treasurer. for 2% of amount of bonds
required. The
PORTLAND, Cumberland County, Me.
opinion of Hawkins, Delaffeld & Longfellow of Newbid for,
-LOAN OFFERING.
York will be
successful bidder. The bonds will be prepared under the furnished John R. Gilmartin, City Treasurer, will receive bids until 12 m. (daylight
supervision saving time) July 13 for the purchase on a
of the U. S. Mtge. & Trust Co.. which will
discount basis of a temporary
as to the genuineness of loan of $200.000 in anticipation of
certify
taxes for the year
the signatures of the officials and the seal impressed thereon.
will be dated July 15 1925, and payable October 1025. Notts therefor
5 1925. at The First
O'DONNELL, Lynn County, Tex.
-An election National Bank of Boston, (Mass.). The notes will be in denominations to
-BOND ELECTION.
will be held on Aug. 5 for the purpose of voting
suit the purchaser, and in submitting
g25,000 drainage bonds and $65,000 water workson the question of issuing be stated. The notes will be ready for bids the denominations desired should
bonds.
delivery July 15 at The First National
Bank of Boston. and will be certified as to genuineness and validity
OKEMAH, Okfuskee County, Okla.
by said
-The $200.000 bank under advice of Ropes. Gray. Boyden
-BOND SALE.
5% coupon water works bonds offered on June 25-V. 120. p. 3230
-were papers incident to the loan will be filed with and Perkins, and al legal
awarded to Calvert & Canfield of Oklahoma City at a premium of $1,200,
the above bank, where they
may be inspected at any time.
equal to 100.60.
PORTLAND,Multnomah County, Ore.
-BOND OFFERING.
-Sealed
OKMULGEE, Okmulgee County, Okla.
-BOND ELECTION.
-On bids will be received until 11 a. m. July 21 by Geo. R. Funk, City Auditor,
July 14 an election will be held for the purpose of voting on the question for $297.000
% assessment collection bonds. Dated Aug. 1 1925.
Denom. $1.000. Due Aug. 1 1945. Principal and semi-annual interest
of Issuing $1,000,000 water bonds.
payable in gold at the City Treasurer's office or at the fiscal agency of the
ORLEANS SCHOOL TOWNSHIP, Orange County, Ind.
-BOND State in New York. Legality approved by Storey. Thorndike, Palmer &
-On July 3 the $30.690 44% coupon school improvement bonds, Dodge, of Boston. A certified check for 5% of bid, payable to city,
SALE.
is
offered on that date (V. 120, p.3349), were bought by the Fletcher Savings required.
& Trust Co. of Indianapolis for $31,348 80, equal to 102.14-a basis of
PORTSMOUTH, Norfolk County, Va.-PURCHASERS.-The purabout 4.165%. Date July 1 1925. Due each six months as follows: chasers of the following
ELMO July 1 1926 to Jan. 11932, inclusive; $1.500 July 1 1932 to Jan. 1 on June 30 at 99.56, a basis % bonds aggregatng $325,000, reported sold
of about 4.55%-V. 120. p. 111-were Austin
1938, inclusive. and $690 July 1 1938.
Grant & Co., Trust Co. of Norfolk. and C. W. McNear & Co. of Chicago.
JULY 11 19251
THE CHRONICLE
233
int. payable at the County Treasury. A certified check for 3% of bid,
payable to the Chairman Board of Supervisors, is required.
SANTA ROSA COUNTY (P. 0. Milton), Fla.
-The
-BOND SALE.
$125,000 6% coupon school bonds offered on June 15-V. 120. p. 2721
were awarded to the National City Co.of New York at a premium of $5,135.
equal to 104.10, a basis of about 5.63%. Date July 1 1925. Due July 1
as follows: $3,000, 1926 to 1935 incl.; $4.000. 1936 to 1945 incl.; 15,000.
1946 to 1950 incl., and 66.000, 1951 to 1955 inc.l.
SARASOTA, Sarasota County, Fla.
-BOND SALE.
-The Trust Co.
of Georgia of Atlanta and Ryan, Sutherland & Co. of Toledo, Jointly have
purchased an issue of $350,000 5)4% electric light bonds at a premium
of $19,427 50, equal to 105.55.
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.
-On
-BOND SALE.
July 7 the $400,000 43 % tax-free coupon highway and bridge bonds offered
on that date (V. 120.?. 3350) were awarded to M. M.
Freeman & Co. of
Philadelphia at 101.48, a basis of about 4.07% to optional date and a basis
of about 4.17% if allowed to run full term of years. Denoms. $500 and
$1,000. Date Aug. 1 1925. Int. F. & A. Due Aug. 1 1906: optional
Aug. 1 1935.
SEBASTIAN COUNTY (P. 0. Greenwood), Ark.
-BOND SALE.
The First National Bank of Fort Smith has purchased an issue of $35.000
6% county bonds at a premium of $502, equal to 101.43. Interest payable
semi-annually.
SELMA, Dallas County, Ala.
-BOND SALE.
-Marx & Co. of Birmingham have purchased an Issue of $40,500 6% street improvement
bonds. Due in ten years.
SENATH, Dunklin County, Mo.-BONDS VOTED.
-The voters
authorized the issuance of $68,000 water and sewer bonds at an election
PUTMAN COUNTY (P. 0. Ottawa), Ohio.
- held recently.
-BOND OFFERING.
Sealed bids will be received until 11 a. in. (central standard time) July 22,
SEYMOUR, Outagamie County, Wis.-BOND SALE.
by A. B. Bruskotter, Clerk of County Commissioners, for $41,358.56 5% National Bank and Seymour State Bank, both of Seymour,-The First
jointly have
W.M.George Road Impt.in Van Buren Township bonds. Denom.$1,000 purchased an issue of $10,000 5% street improvement bonds. Due in
except one for $1.358.56. Date July 1 1925. Int. M.& N. Prin. & int. ten years.
payable at County Treasurer's office. Due $4,358.56 Nov. 1 1926: $4,000
SHADY GROVE COMMON SCHOOL DISTRICT NO. 3 (P. 0.
Nov. 1 1927 to 1929 incl. and $5,000 Nov. 1 1930 to 1934 incl. Certified
-BONDS VOTED.
check for $500, payable to the County Treasurer, required with each bid. Irving), Dallas County, Texas.
-The voters authorDelivery of bonds will be made in Ottawa on Aug. 10. A complete certified ized the issuance of $8,000 school building bonds at a recent election.
transcript of all proceedings, evidencing the regularity and validity of the
SHENANDOAH, Page County, Iowa.
-BOND SALE.-Geo. M.
Issuance of the bonds, will be furnished the successful bidder. A complete Bechtel & Co. of Davenport have
purchased an issue of 69.000 434';
transcript of all proceedings relative to the issuance of the bonds up to the refunding bonds at a premium of $77,
equal to 100.85. The purchaser
date or the sale thereof, is now on file in the office of the County Commis- agreed to furnish all necessary legal
proceedings.
sioners for inspection.
SOMERSET, Somerset County, Pa.
-Proposals
-BOND OFFERING.
ROCKHAM, Faulk County, So. Dak.-BOND SALE.-Dr717M=ies will be received until 5 p. in. July 21 by Richard Pile, Borough Secretary,
& Co.. of Minneapolis, purchased an issue of 827,500 5
water-works for $6,000 4Ji% water works impt. bonds. Denom. $500. Dated July. 1
bonds on July 3 at a premium of $110, equal to 100.40. Date May 11925. 1925. Int. J. & J. Due July 1 1935. optional July 1 193. Certified
Denom.$1,000. Due serially, 1934 to 1945. Interest payable M.& N.
check for 2%, payable to the borough, required.
SOUTH BEND, St. Joseph County, Ind.
ROCKPORT, Aransas County, Tex.
-The
-BOND SALE.
-BOND SALE.-Sutherlin,
Barry & Co.of New Orleans have purchased an issue of $50,000
% shore $50,000 43‘% city bends offered on July 6-V. 120. p.3351-wore awarded
to the Fletcher Savings & Trust Co. of Indianapolis at a premium of $1.protection bonds at 95. Due in 15 years.
778 20, equal to 103.55. a basis of about 3.995%. Date July 1 1925. Due
ROOSEVELT WATER CONSERVATION DISTRICT (P. 0. Mesa) July 1 1945.
Maricopa County, Arix.-BOND OFFERING.
-E.F.Young, Secretary
SOUTHSIDE SCHOOL DISTRICT (P. 0. Hollister), San Benito
Board of Directors, will receive sealed bids until3 p.m.Aug.3for $1,000,000
-BOND SALE.
-The $10,000 6% school bonds offered on
6% water. Second Series, bonds. Due $50,000 in 11 to 30 years. Prin. County, Calif.
July 6-V. 120. p. 3351-were awarded to Dean, Witter & Co. of Los
and int. (J. & J.) payable at the County Treasurer's office. Legality to be Angeles at a premium of $510,
equal to 105.10. a basis of about 5.32%.
approved by John C. Thomson, N. Y. C. A certified check for 5% of bid
Date July 11925. Due $500 yearly 1926 to 1945. inclusive.
Is required.
SPRINGFIELD, Wilkes County, So. Caro.
-Kauff-BOND SALE.
ROTTERDAM COMMON SCHOOL DISTRICT NO. 13 (P. 0. Car- man, Smith &Wi of St. Louis have purchased an issue of 6180.000 5%
man R. D. No. 6), Schenectady County, N. Y.
-BOND OFFERING.
- bridge bonds at a premium of 58.411, equal to 104.67.
Sealed bids will be received until 11 a. m. July 21 by R. W. Pulman, for
STATESVILLE GRADED SCHOOL DISTRICT, Gredeli County,
$60,000
% school bonds. Denom. $1,000. Date Aug. 1 1925. Prin-The $100,000 not etceeding 0% school
cipal and semi-annual interest (.1. & J.) payable at the Citizens Trust Co., No. Caro.-LONDS M.T SOLD.
-were not sold, as the sale of
Schenectady. Duo $3,000 Jan. 1 1927 to 1946, inclusive. Certified check bonds offered on July 7-V. 120. p. 3232
the bonds was not advertised in local and State papers.
for 10% required.
STONEYCREEK TOWNSHIP SCHOOL DISTRICT (P. 0., R. F. D.
ROYAL OAK, Oakland County, Mich.
-BONDS DEFEATED.Johnstown), Cambria County, Pa.
-Pro-BOND OFFERING.
The taxpayers of the city voted down the proposition to bond for $275.000 No. 7,
until 8
for storm sewers, and also voted down the proposition to bond for $100,000 posals will be received bonds. p. m.July 27 by Earl Griffith, Treasurer, for
Denom. $1,000. Date July 1 1925. Int.
$10,000 4)4% school
for paving at the election held on June 29-V. 120, p. 3231.
J. & J. Due July 11950. Certified check for $250, payable to the school
district, required.
ST. PAUL, Ramsey County, Minn.
-BOND SALE CORRECTION.
The coupon bonds aggregating $1,000,000 offered on July 1-V. 120,
SULLIGENT, Lamar County, Ala.
-BOND SALE.
-The $25.000 6%
-were awarded to Eldredge & Co. of New York and the Wells school bonds offered on July 1-V. 120, p. 3100
p. 3232
-were awarded to I. G.
Dickey Co. of Minneapolis at par, a basis of about 4.05%, as follows:
Tigrett & Co. of Jackson at par. Date July 1 1925. Due July 1 1950.
$500.000 school bonds. $200,009 taken as 4(s and $300,000 as 45. Due Denom. $1,000. Coupon bonds. Interest payable J. & J.
July 1 1955.
-BOND SALE.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-The De500,000 4% sewer bonds. Due July 1 as follows: $8,000 in 1926 and 1927,
$9,000 in 1928 and 1929. $10,000 in 1930 and 1931. 611.000 in troit Trust Co.of Detroit purchased on July6 the $37,700 5% road impt..
bonds offered on that date (V. 120. p. 3351) for $38.723, equal to 102.71,
1932 and 1933. $12.000 in 1934 and 1935. $13.000 in 1936 and
1937. $14,000 in 1938 and 1939. $15,000 in 1940. 616.000 in 1941 a basis of about 4.39%. Date June 11925. Due yearly on Oct. 1 as foland 1942, $17.000 in 1943, $18.000 in 1944, $19.000 in 1945, lows: $4.000, 1926 to 1932 incl.; 65,000. 1933. and 64.700, 1934.
$20.000 in 1946. 621.000 in 1947, 622.000 in 1948. 623.000 in
SWANTON, Fulton County, Ohio.
-BOND SALE.
-The 68.000 5%
1949, 624.000 in 1950, $25,000 in 1951, 626.000 in 1952, $27,000 coupon street improvement bonds offered on July 6-V. 120. p. 3351
in 1953. $28,000 in 1954 and $29,000 in 1955.
were awarded to the Farmers & Merchants Deposit Co. of Swanton for
Following is a list of bids:
$8,051, equal to 100.63, a basis of about 4.85%. Date June 1 1925. Due
$500.000 $500,000
$1,000 yearly Sept. 1 1926 to 1933, inclusive.
School.
Sewers. Premium
SYLVANIA, Lucas County, Ohio.
-BOND SALE.
-The Farmers &
BiddersInt. Rate. Int. Rate. Offered.
Eldredge & Co. and Wells-Dickey Co.•
4%
$13,260 Merchants Bank of Sylvania purchased on July 3 the $1,500 6% coupon
stand, bath house and purchase of playground equipment
Estabrook & Co. and Minn. Loan & Tr. Co_ _
11.050 bonds for band date (V.
4%
o
120. p. 3351) for $1,510, equal to 100.66, a basis
offered on that
Detroit Trust Co., E. H. Rollins & Sons, Merchants Trust & Savings Bank (St. Paul)
8,700 of about 5.86%. Date June 1 1925. Due yearly on June 1 as follows:
4%
43.%
$200. 1927;
Guaranty Company
4h %
4%
7.090 $100, 1926;$200. 1933; $100, 1928; $200. 1929: $100. 1930: $200. 1931;
$100, 1934. and $200. 1935.
$100, 1932;
Kean, Taylor & Co., L. F. Rothschild & Co.
and Guardian-Detroit Co
43(%
4%
6,899
TEMPLE, Bell County, Tex.
-BOND SALE.
-The Commerce Trust
Remick, Hodges & Co., R. L. Day & Co.,
Co. of Kansas City has been awarded an issue of 6210.000 5% school bonds
Phelps, Fenn & Co., Northwestern Trust
at 102.44, a basis of about 4.70%. Due April 15 as follows: $10,000
Co.and Kalman, Gates, White & Co
43‘%
5,275 1929 to 1935, incl., and $11,000 1936 to 1945, incl.
4%
W. A. Harriman & Co., Lehman Bros. and
TERRY COUNTY (P.O. Brownfield), Texas.
Lane, Piper & Jaffray. Inc
-BONDS DEFEATED.
43I%
4,090
National City Co. and Northern Trust Co_ _ _ 43(
330 -At toe election held on June 20-V. 120, p. 2851-toe proposition to
Issue $200,000 road bonds failed to carry.
*We originally reported the sale of the above bonds in V. 121, p.
TEXARKANA SPECIAL SCHOOL DISTRICT, Miller County, Ark.
at this bid, but we now learn that the purchasers submitted another112.
bid -BOND OFFERING.
-Sealed bids will be received until July 25 by M. F.
upon which the award was made as stated above.
Chestnut,Secretary Board of Education.for $100,000 5Si% school bonds.
ST. PAUL, Ramsey County, Minn.
(State of).
-BOND OFFERING.
TEXAS
-Sealed
-BONDS REGISTERED.
-The following school
bids will be received until 10 a. in. July 15 by W.F. Scott,City Comptroller,
registered by the State Comptroller of Texas on July 3:
for $1,000,000 not exceeding Of c sewer bonds. Date July 1 1925. bonds were
Place.
Due.
DU.
Amount.
Denom. $_,11300. Due July 1 as follows: 617.000 in 1926. $18,000 in $4.000 China Springs Independent School District
Serially
6%
1927, $19,000 in 1928 and 1929, $20,000 in 1930, $21,0(10 in 1931. $22,000
2,500 Red River Common School District No.73
10 0 years 6%
:220
5
In 1932. $23,000 in 1933, $24,000 in 1934, $25,000 in 1935, $26,000 in 1936,
2.000 Red River Common School District No.27
327,000 in 1937, $28.000 in 1938, $29,000 in 1939. $31,000 in 1940, $32,000
700 Red River Common School District No.63
Serially
5%
In 1941, $3:L000 in 1942. $35,000 in 1943, $36,000 in 1944, 638,000 in
2,000 Denton County Common School District No. 58_ Serially
5%
1945. $39,000 in 1946. $41,000 in 1947, 643,000 in 1948.
1,500 Angelina County Common School Dist. No. 22_ - 4-20 years 6%
$46.000 in 1950. $48.000 in 1951. $50,000 in 1952. $53.000$45.000 in 1949,
in 1953. $55,000
1,500 Armstrong and Carson Counties C. S. D. No. 12_ Serially
--in 1954, and $UMO in 1955. Coupon bonds with privilege of registration
TONAWANDA, Erie County, N. Y.
as to prin. or both prin. and int. Legality approved by John C. Thomson,
-Sealed
-BOND OFFERING.
N. Y. City. Bidders are requested to bid the same rate
received until 8 p .m. July 20 by Edward F. Fries. Treasurer.
bids will be
of int.
Issue. A certified check for 2% of bid is required. The above on entire for $125.000
% coupon school bonds. Denom. $1,000. Date July 1
supersedes 1925. Prin. and int. payable at the Chase
the notice of offering given in V. 120, p. 3350.
National Bank. New York.
Due $5,000 yearly on July 1 from 1931 to 1955 incl. Certified check or
SALEM TOWNSHIP (P. 0. Greensburg), Pa.
draft for 61.000, payable to the City Treasurer. required. Bonds will be
-BOND SALE-On delivered on Aug. 20. Legality approved by Jno. C. Thomson, New York,
July 8 the Mellon National Bank of Pittsburgh was awarded the
$25,000
5% tax-free coupon road bldg. bonds offered on that date
TOPEKA, Shawnee County, Kan.
-The Columbian
-BOND SALE.
for 625.301 75, equal to 101.207, a basis of about 4.37%. (V. 120. p. 3232) Title & Trust Co. of Topeka has recently
Denom. $1.000.
purchased an issue of $21,385 17
Date July 15 1925. Int. J. & J. Due July 15 as follows: $7,500.
% paving bonds at 102.19.
1926;
$8,500, 1927. and 19.000, 1928.
UPTON, Weston County, Wyo.-BOND SALE.
-The $9,000 6%
SALINA, Salina County, Kan.
coupon sew.. bonds offered on June 30 (V. 120. p. 3351) were awarded to
-BOND SALE.
-The $12,189
43i% paving bonds offered on June 29-V. 120. p. 3350-were awarded 42 the United 'States Bond Co. of Denver at 98. a basis of about 6.27% to
to
Brown-Crummer & Co. of Wichita at 101.51, a basis of about
date and a basis of about 6.18% if allowed to run full term of years.
4.43%• optional
Date March 1 1925. Due serially March 1 1926 to 1935 incl. Int. Date July 11925. Due July 1 1945, optional July 1 1935.
payable M.& S.
UTICA, Oneida County, N. Y.-B01% D OFFERING.
-Sealed bids will
be received until 11 a. in. (Eastern standard time) July 16 by William S.
SAN MARINO CITY SCHOOL DISTRICT (P. 0. Los Angeles), Pugh, City Comptroller, for
the following bonds:
Los Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be
$7,734 79 (registered) delinquent tax bonds. Denom. 61.000 and $500.
received until 2p. in. July 13 by L. E. Lampton, County Clerk, for $65,000
and one for $734 79. Date May 20 1925. Due yearly on
5% school bonds. Dated July 1 1925. Denom. $1,000. Due July 1 as
May 20 as follows: $1.734 79, 1926. and $1,500. 1927 to
follows: $1,000 in 1926 and $2,000, 1927 to 1958 incl. Prin. and semi-ann.
1930, incl.
$125,000 school bonds. due $5,000 July 1 1930 to 1954. inclusive.
200.000 improvement bonds. Due July 1 1930 to 1954 incl.
Date July 1 1925. We originally reported the sale of these bonds to
the American National Bank of Portsmouth, but we now learn that this
bank was bidding for the account of the above companies.
-On
-BOND SALE.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
July 2 the two issues of 431% county unit highway impt. bonds, offered on
that date (V. 120. p. 3350) were sold to the Old First National Bank of
Mt. Vernon as follows:
$18,400 Annie D. Larkin et al. in Point Twp. road bonds for $19,021.55.
equal to 103.37. a basis of about 4.07%. Denom. $920. Due
$1,840 yearly on May 15 from 1926 to 1935 incl.
13,860 William E. Hosting et al. in Point Twp.road bonds for $14,276.80.
equal to 103.007. a basis of about 4.15%. Denom. $693. Due
$1386 yearly on May 15 from 1926 to 1935 incl.
$13.860 $18.400
Issue.
Issue
Prem.
Prem.
J. T. Wild & Co., State Bank,Ind
$409.17 $445.56
Fletcher Saving & Trust Co., Ind
468.80
358.80
City Securities Corp., Ind
368.46 491.25
Meyer-Kiser Bank,Ind
358.25 473.25
Peoples Bank & Trust Co.. Mt. Vernon
562.25
413.25
PULASKI COUNTY (P. 0. Winamac), Ind.
-On
-BOND SALE.
June 30 the $3,737 6% coupon ditch bonds, offered on that date (V. 120,
p. 3350) were awarded to the Fletcher American Co. of Indianapolis, for
$3,744.50, equal to 100.19, a basis of about 5.955%. Date July 1 1925.
Due yearly on Jan. 1 as follows: $467.12, 1927 to 1930 incl. and $467.13.
1931 to 1934 incl.
234
THE CHRONICLE
[VOL. 121.
7663881 (registered) deferred assessment bonds. Denom. $1.000 and
NamePrice Bid.
Price Bid.
Nameone for $638 81. Date May 12 1925. Due yearly on May 12 A. B. Leach & Co
$627,757 00 Durfey & Marr et al- -$636,306 25
as follows: $11,638 81,1926, and $13,000, 1927 to 1931,incl.
C. B. Fetner Co
633 875 00 Braun Bosworth & Co.
3.000 00 (coupon) public impt. bonds. Denom. $300. Date July 1 Kalman Gates White &
643,387 50
et al
1925. Due $300 yearly on July 1 from 1926 to 1935, incl.
Co. et al
626,362 50 Carolina Secur. Co.,Inc_ 625.493 75
14,000 00 (coupon) public impt. bonds. Denom. $1,000 and $400. Henry D.Lindsley & Co_ 635,312 50 Stranahan. Harris& Oatis
Date July 1 1925. Due $1,400 yearly on July 1 from 1926 to Harris, Forbes & Co.et al 625,856 25
627,437 50
et al
1935. incl.
WILSON SCHOOL DISTRICT (P. 0. Phoenix), Maricopa County,
25,000 00 (coupon) public impt. bonds. Denom. $1,000 and $250. Ariz.
-BONDS VOTED.
-At an election held July 1 the voters authorized
Date July 1 1925. Due $1,250 yearly on July 1 from 1926 to the issuance
of $22,000 school auditorium bonds by a count of 72 for and
1945, incl.
30,000 00 (coupon) public impt. bonds. Denom.$1,000 and $500. Date 26 against.
July 1 1925. Due $1,500 yearly on July 1 from 1926 to 1945,
WINDSOR, Bertie County, No. Caro.
-Sealed
-BOND OFFERING.
incl.
bids will be received until July 21 by J. B. Davenport, Town Clerk, for
45,000 00 (coupon) public impt. bonds. Denom. $1,000 and $250. 850,000 6% street improvement bonds. Denom. $1,000. Interest payDate July 1 1925. Due $2,250 yearly on July 1 from 1926 able semi-annually.
to 1945. incl.
WINSTON-SALEM, Forsyth County, No. Caro.
-BOND SALE.
50,000 00 (coupon) public impt. bonds. Denom. $1,000 and $500.
Date July 1 1925. Due $2,500 yearly on July 1 from 1926 The following coupon bonds aggregating $2,590.000, offered on July 7V. 120, p. 3352
-were awarded to a syndicate composed of Harris, Forbes
to 1945, incl.
60,000 (coupon) public impt. bonds. Denom.$1,000. Date July 1 1925. & Co., the National City Co., Bankers Trust Co.. E. H. Rollins & Sons,
C. D. Barney & Co. and Kean, Taylor & Co. all of New York. and the
Due $3,000 yearly on July 1 fro n 1926 to 1945,incl.
78,000 00 (coupon) public impt. bonds. Denom. $1.000 and $900. Wachovia Bank & Trust Co. of Winston-Salem, at 101.71. a basis of
Date July 1 1925. Due $3,900 yearly on July 1 from 1926 about 4.51%:
$1,445,000 5% street assessment bonds. Due July 1 as follows: $144.000
to 1945, incl.
1927 to 1931, incl.. and $145,000 1932 to 1936. incl.
100.000 00 (coupon) public impt. bonds. Denom. $1,000. Date July 1
175.000 434% street improvement bonds. Due July 1 as follows:
1925. Due $5.000 yearly on July 1 from 1926 to 1945, incl.
$3.000 1927 to 1946, incl.; $4,000 1947 to 1969, incl.; $6,000
150,000 (coupon) public impt. bonds. Denom. $1.000 and $500. Date
1970 to 1972, incl., and $5,000 in 1973.
July 1 1925. Due $7,500 yearly on July 1 from 1926 to 1945.
285,000434% general improvement bonds. Due July 1 as follows:
incl.
$12.000 1927 to 1936, incl., and $15,000 1937 to 1947. incl.
165,000 (coupon) public impt. bonds. Denom. $1,000 and $250. Date
635,000434% sewer bonds. Due July 1 as follows: $15,000 1927 to
July 1 1925. Due $8,250 yearly on July 1 from 1926 to 1945.
1936, incl.; $16,000 1937 to 1947:incl.; $17,000 1948 to 1962.
incl.
incl., and $27,000 in 1963 and 1964.
12,000 00 (coupon) public impt. bonds. Denom. $1,000 and $200.
/
50,000 55 fire department bonds. Due July 1 as follows: $5,000
Date July 1 1925. Due $1,200 yearly on July 1 from 1926
1927 to 1932.incl.;$6.000 in 1933 and 1934 and $8,000in 1935.
to 1935. incl.
Date July 1 1925.
Certified check on an incorporated bank or trust company of New York
State for $16,327 47, payable to the City Comptroller, must accompany
WISCONSIN RAPIDS, Wood County, Wis.-BOND SALE.
-The
each bid. Bids are requested for bonds bearing either 4% or 434% interest. $45,000 55/ water filtration bonds offered on July 2 (V. 120, p. 3352)
Legality approved by Clay & Dillon, N. Y. Bonds to be delivered to were awarded to the First National Bank of Wisconsin Rapids at a prepurchaser on July 30 or such other date as may be mutually agreed upon.
mium of $2,628 50, equal to 105.84, a basis of about 4.21%. Date May 1
Due $4,500 yearly May 1 1930 to 1939 incl. Following is a list of
VICKSBURG, Kalamazoo County, Mich.
-FUNDING BONDS 1925. bidders:
other
VOTED.
-The taxpayers have voted to bond for $7,000 to clean up the
BidderPremium.
village's floating indebtedness.
Taylor. Ewart & Co., Chicago
$2,309 00
VIGO COUNTY (P. 0. Terre Haute), Ind.
-On Hill, Joiner & Co.. Chicago
-BOND SALE.
2,412 50
July 3 the Terre Haute Trust Co.of Terre Haute, bidding $61,560, equal to Wells-Dickey & Co., Minneapolis
2.570 00
104.33, a basis of about 4.125%, was awarded the $59,000 5% H. V. Shoi- Blyth, Witter & Co., Chicago
2,056 00
burne et al. road bonds offered on that date (V. 120, p. 3351). Date White-Phillips Co., Davenport
361 70
June 11925. Due $2,950 each six months from May 15 1926 to Nov. 15 H. C. Speer & Sons Co., Chicago
2,311 00
1935 incl.
Mosser,
& Co., Inc., Chicago
2.25625
Citizens National Bank, Sheboygan
2,304 45
WADESBORO, Anson County, No. Caro.
-BOND OFFERING.
00
2002,
Sealed bids will be received until July 14 by L. D. Rivers, Town Clerk, for Fianchett Bond Co., Chicago
Second Ward Securities Co., Milwaukee
2,541 40
$50,000 6% refunding bonds. Denom. $1,000. Int. payable semi-ann.
WOODLAND HIGH SCHOOL DISTRICT (P. 0. Woodland),
WAVWATOSA, Milwaukee County, Wis.-BOND SALE.
-The Yolo
-BOND SALE.
-The $54,000 5% school bonds
First National Bank of Wanwatosa was awarded the $90,000 5% school offeredCounty, Calif.
on July 6-V. 120, p. 3352
-were awarded to R. H. Moulton &
series 12, bonds offered on July 7-V.121,p. 113
-ata premium of$5,572 68 Co. of Los Angeles at a premium of $5,119, equal to 109.66, a basis of
equal to 106.19. a basis of about 4.27%. Date June 15 1925. Due March
about 4.39%. Date June 2 1924. Due $9,000 yearly, 1950 to 1955 incl
15 as follows: $4,000 1926 to 1935. Ind., and $5.000 1936 to 1945, incl.
WARE SHOALS SCHOOL DISTRICT NO. 2, Greenwood County,
So. Caro.
-BOND OFFERING.
-J. C. Gambrel', Secretary, Board of
Trustees, will receive sealed bids until Aug. 11 for $104,000 coupon school
bonds. A certified check for $2,000 is required.
ARNPRIOR, Ont.-BOND SALE.
-An issue of $45,000 5% 30
-installWASHINGTON SCHOOL TOWNSHIP (P. 0. Bristol), Elkhart
County, Ind.
-BOND OFFERING.
-Sealed bids will be received until ment bonds has been awarded to Harris, MacKeen & Co. of Toronto at
7:30 p. m. July 27 by Clark H. Barney. Trustee, for $14.000 5% school 99.26. which is equal to a cost basis of 5.06%.
bonds. Date July 27 1925. Denoms. $500 and $200. Prin. and semiBELLEVILLE, Ont.-BOND SALE.
-On June 26, Wood, Gundy &
ann. int. (J. & J.) payable at Citizens' State Bank, Bristol. Due $700 Co. of Toronto were the successful bidders for $41,500 5% 20
-installment
each six months from July 27 1926 to Jan. 27 1936 incl.
-year serial bonds, offered on that date. paying 99.68,
and $78,000 5% 30
WATERTOWN,Middlesex County, Mass.
-On July 7 a basis of about 5.03%.
-BOND SALE.
the following two issues of 4% coupon bonds, offered on that date, were
BURNABY DISTRICT, B. C.
-BOND SALE.
-An issue of $5,000 5%
awarded to F. S. Mosley & Co. of Boston at 100.554.
municipal bonds was purchased by the Sinking Fund at par.
$27,000 sewer bonds. Due 1926 to 1935, incl.
HALIFAX, N. S.
-BOND SALE.
-On June 30. Wood, Gundy & Co.,
41.000 water bonds. Due 1926 to 1930. incl.
jointly with Eastern Securities Co., were awarded $452.703 30
-year and
Denom. $1.000. Date July 1 1925. Int. J. & J.
-installment 434% bonds offered on that date at 93.053. Alterna$44,214 5
- tive bids were asked for 434 and 5% bonds. Tenders were as follows:
WATSONVILLE SCHOOL DISTRICT,Santa Cruz County, Calif.
BONDS VOTED.
the issuance
-At a recent election the voters authorized
434%
5%
of $90,000 school site bonds by a count of 705 for to 184 against.
Wood, Gundy & Co. and Eastern Securities Co
93.053 100.163
99.90
92.93
- Bell, Goulniock & Co
WAYNE COUNTY (P. 0. Goldsboro), No. Caro.
-BOND SALE.
92.85
100.04
The $25,000 bridge bonds offered on July 6-V.120, p.2851-were awarded Cochran, Hay & Co., and Fry, Mills, Spence & Co
92.57
to A. T.Bell & Co.of Toledo as 434s at a premium o$203. mual to 100.81, Gairdner, Clarke & Co
99.63
99.36
92.26
a basis of about 4.41%. Date May 1 1925. Due $5.000 1935 to 1939 incl. Macneill, Graham & Co., and C. H. Burgess & Co
_ _Mead & Co
92.41
WAYNE TOWNSHIP (P.0. New Castle), Coshocton County, Ohio.
LA MALBAIE,
-The $21,003 bond issue.
-BOND OFFERING.
-Sealed bids will be received until 12 m. July 18 by offered on June 29Que.-DEBENTURE SALE.
(V. 120. p. 3352) were awarded to Versailles, Vidricaire
E. E. Crum, Clerk Board of Trustees, for $8,000 534% road improvement
bonds. Denom. $500. Dated July 1 1925. Principal and semi-annual & Boulals, Ltd., of Montreal, at 98.83 for 5% bonds. Date June 1 1925.
interest (A. & 0.) payable at First National Bank. Barnesville. Due $500 Interest J. & D.
each six months from April 1 1926 to Oct. 1 1933. inclusive. Certified
NEW BRUNSWICK (Province of).
-BASIS.
-The price paid (99.355
check payable to the above Clerk for 5% is required.
Fredericton funds) for the $600.000 permanent building and $282,000
WELLS COUNTY (P. 0. Bluffton), Ind.
- 4345/ coupon, registerable as to principal only, bonds awarded to a syndi-BOND OFFERING.
Sealed bids will be received until 2 p. m.July 20 by Ray E. Sawyer, County cate headed by the First National Bank of New York, as stated in V. 121.
Treasurer, for $6,534 10 6% coupon ditch bonds. Denom. $653 41 July p. 114, is equal to an average cost basis of about 4.83%.
15 1925. Int. M. & N. 15. Due $653 41 yearly on Nov. 15 from 1926
PETERBOROUGH, Ont.-BASIS.-At 100.427 the price at which the
to 1935 incl.
National City Co. and the Bank of Montreal acquired the $150,000
-year sewer bonds on June 26, as stated in V. 121. p. 114,the municipality
WESTON, Wood County, Ohio.
June 29 this 20
-On
-BOND SALE.
village offered and sold $17,500 5% paving bonds to the First Oiti7ens is paying about 4.97% for the money.
Corporation of Columbus at $17,925. equal to 102.42. Included in the
PORTAGE LA PRAIRIE, Man.
-On June 29 the
-BOND SALE.
above $17,500 are the following four issues, notice of the offering of which Canadian Bank of Commerce was awarded the $20.000 6% water works
was given in V. 120, p.3234:
bonds offered on that date (V. 120, p. 3353) at 105.81. Denom. $1,000.
$4,700 village portion paving bonds. Denom. $500 and one for $200. Date Jan. 2 1925. Int. J. & J. 2. Due Jan. 2 1955.
Due $500 Oct. 1 1926 to 1934, inclusive. and $200 July 1 1935.
REGINA, Sask.-BOND ELECTION.
-On July 17 the ratepayers will
3,500 Locust St. paving bonds. Denom. $350. Due $350 Oct. 1 1926
be asked to vote on a $25,000 war memorial by-law.
to 1934. inclusive, and $350 July 1 1935.
4,300 Walnut St. paving bonds. Denom. $450 and one for $250. Due
ST. JOHN (CITY AND COUNTY OF), N. B.
-BOND SALE.
-The
$450 Oct. 1 1926 to 1934. inclusive, and $250 July 1 1935.
was recently awarded
Eastern Securities
2,100 Maple St. improvement paving bonds. Denom. $300 and $200. of $68,500 5% 20 Co., Ltd., of St. John County of St. John an issue
-year bonds of the City and
at 100.61,
Due $300 Oct. 1 1926 and 1927. $200 Oct. 1 1928 to 1934, inclusive, a basis of about 4.95%.
and $200 July 1 1935.
SARNIA, Ont.-BOND SALE.-11arris. MacKeen & Co. of Toronto
Date July 11925.
were recently awarded $14.800 534% 15
-installment bonds at 103.06,
WEST SALEM, Wayne County, Ohio.
-On July 6 a basis of about 5.05%.
-BOND SALE.
the $2,509 5% coupon (village's share) I. C. H. No. 139 bonds offered on
that date (V. 120, p. 3101) were purchased by State Teachers' Retirement
SHAWINIGAN FALLS, Que.-BASIS.-The price paid (99.31) by
Fund for $2,507. equal to 100.28, a basis of about 4.905%. Date July 1 Hanson Bros. of Montreal for the $245,700 5% bonds awarded to them,
1925. Due $500 Sept. 1 1926 to 1930 incl.
as stated in V. 121, p. 114,is equal to an average costs basis of about 5.05%.
WEST UNIVERSITY PLACE INDEPENDENT SCHOOL DISTRICT,
STAMFORD TOWNSHIP, Ont.-CORRECTION IN ALIOUNT OF
Harris County, Tex.
-BOND SALE.
--Garrett & Co. of Dallas have pur- BONDS SOLD-DESCRIPTION.
-The amount of the block of sewer bonds
chased an issue of $55.000 534% school bonds. Due serially.
sold to Gairdner, Clarke & Co. of Toronto. notice of which was given in
-was $374,979 17, not $374.819, as reported in that
WHITE COUNTY (P. 0. Searcy), Ark.
-The Peoples V. 120, p. 3353
-BOND SALE.
are coupon.in denominations of $1.000 and odd amounts.
Bank, Bank of Searcy, and the Union Bank & Trust Co., all of Searcy, reference. Bonds
Interest rate 5%. Due in 30 equal annual installments from 1926 to
ointly. have purchased an issue of $60.000 5% county bonds.
1955, inclusive.
W1LKINSBURG, Allegheny County, Pa.
-BOND OFFERING.
TORONTO,Ont.-BONDS AUTHORIZED.
Sealed bids will be received until 6:30 p. In. 11 (Eastern standard
-According to the "Finantime) July 27 by William N. Baker, Borough Secretary, for $100,000 tax- cial Post" of Toronto, dated July 3, by-laws authorizing the issue of
free street and sewer improvement coupon bonds. Bonds are in denom. debentures for $211,000 to provide for the completion of Boulevard Drive
of $1,000 and mature $5,000 yearly on Aug. 1 from 1930 to 1949. incl. between Bathurst and Dufferin Sts., Toronto: for $17,000 to acquire land
A certified check for $3.000 required. Bids are requested for bonds bearing for that project; and to issue bonds for $1,000,000 on account of the city's
share of the cost of the waterfront viaduct, and to provide for the city
either 4% or 434% interest.
guarantee on a Harbor Commission bond issue of $2,000.000 have been
Notice of this offering was given in V. 121. p. 113, but at flat time the passed by Toronto City Council.
omitted.
date of sale was
VANCOUVER, B. C.
-BONDS VOTED.
-The ratepayers have
WILSON COUNTY (P. 0. Wilson), No. Caro.
- proved a number of money by-laws, totaling $435,000, for local impts. ap-BOND SALE.
The $625.000 highway bonds offered on July 7-V. 120, p. 3352
-were
WESTMINSTER TOWNSHIP (P. 0. Lambeth), Ont.-BOND
awarded to A. T. Bell & Co. of Toledo as 4348 at a premium of $5,129.
-Bids will be received up to 3 p. m. July 20 for the purchase
equal to 100.82, a basis of about 4.44%. Coupon bonds. Date July 1 OFFERING.
1925. Due July 1 as follows: $15,000 1930 to 1934. Incl.; $20,000 1935 of $3,300 6% 5
-installment; $666 6% 3
-Installment, and $567 534%
-installment drainage debentures, payable at London, Ont. E. S. Hunt,
to 1939, incl.; $25.000 1940 to 1944, incl.; $30.000 1945 to 1949, incl., and 3
Clerk.
$35.000 1950 to 1954, incl. The following is a list of other bidders:
CANADA, its Provinces and Municipalities.
@FedFRASER