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The
111111MArtal
INCLUDING
Railway & Industrial Compendium
State & Municipal Compendium
VOL. 123.
fittantial
rornrk
Public Utility Compendium
Railway Earnings Section
SATURDAY, JULY 17 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3186.
hands of real investors increased in this period by a
like figures. It has been pointed out that this is
PUBLISHED WEEKLY
contrary to past experience, in that usually in peTerms of Subscription—Payable in Advance
riods of rising prices for this stock the amount in
12 Mos. 6 Mos.
Including Postage-Within Continental United States except Alaska
86.00
810.00
of investors has declined, and the floating
11.50
In Dominion of Canada
6.75 the hands
Other foreign countries, U. S. Possessions and territories
7.75
13.50
supply increased, but the contrary which has ocNOTICE.—On account of the fluctuations in the rates of exchange.
remittances for European subscriptions and advertisements must be made curred during the advance of recent months is perIn New York funds.
Subscription includes following Supplements—
haps due to the hint thrown out by Judge Gary of a
SECTIONS—
COMPIND11:1118—
possible stock dividend some time in the future.
BANE AND QUOTATION (monthly)
PUBLIC UTILITY (semi-annually)
RAILWAY EARNINGS (monthly)
RAILWAY & INDUSTRIAL (SOMI-81111.)
.
BANKERS CONVENTION (yearly)
On Friday the Standard Oil Co. of New Jersey
STATS AND MUNICIPAL(semi-annually)
Terms of Advertising
announced that it would call its $200,000,000 7%
45 cents
Transient display matter per agate line
rates
On request preferred stock at 115, providing the funds either
Contract and Card
CHICAGO Osstcs—In charge of Fred. H. Gray. Western Representative,
through sale of common stock or the issue of a con208 South La Salle Street, Telephone Harrison 5616.
LONDON Optics—Edwards & Smith, 1 Drapers' Glardens, London. E.0.
vertible bond. This announcement is another indiWILLIAM B. DANA COMPANY, Publishers,
cation of the passing of high yields and is of conFront, Pine and Depeyster Streets, New York
structive importance in connection with one of the
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs; greatest industrial issues. Approval of the Boston
Treas. William Dana Seibert; Sec. Herbert D.Seibert. Addresses of all, Office of Co.
& Maine plan of reorganization by the Inter-State
Commerce Commisiion is of importance, marking
The Financial Situation.
as it does the final step in a constructive reorganizaThe security markets are by no means exhibiting tion which has already won the approval of the puba condition of midsummer dulness. Sales on the lic, as indicated by the sharp recovery in the prices
New York Stock Exchange are running at a rate of of its securities and has also already achieved a
well above 1,500,000 shares daily, and rightly priced number of its objectives in improving operating
bond offerings continue to be absorbed immediately conditions.
upon being offered. Prices of listed bonds have
There have been a number of developments during
eased off perhaps very slightly, reflecting a tendency 'the week in connection with the proposed Nickel
on the part of some investors to change from bonds Plate merger. The revised plan, the terms of which
to high grade stocks, now that it is difficult to ob- have not yet been announced, has been approved by
tain a yield as high as 5% with the highest grade several of the boards of directors concerned, and is
of bonds. Stocks of all classes have continued to now before others, but already minority groups of
advance, a new high since February of the Dow- stockholders are being formed in opposition. How
Jones industrial average having been established on serious these movements are likely to prove remains
Wednesday at 157.12. The railroad average has also to be seen. Apparently there are groups in each
advanced, although more slowly, and there has been road prepared to claim that they are not receiving
a perceptible movement in copper stocks accompany- fair treatment. Improving the treatment of any one
ing reports of a stronger statistical position for the road can only be made at the expense of the others.
metal and a slight advance in its price.
A matter of this kind can only be brought to a final
The rise in copper stocks on Tuesday and Wednes- and successful conclusion through a division that
day was quite marked when consideration is taken is fair to all parties and made at the expense of
of the sluggishness of the market for such shares for none. If the stockholders of the individual roads
many months, or indeed for several years, and the persist in an effort to obtain all possible without
undisturbed apathy with which investors have regard to the consequences to the other roads conviewed securities of this kind. General Motors and cerned no consolidation can ever be effected.
du Pont have continued to be the most conspicuous
The market for the Van Sweringen securities has
of active and advancing stocks, the former coming reflected a slight sense of dismay at the prospect of
within a fraction of 165 and the latter reaching 261. the revised plan meeting the same kind of opposiUnited States Steel has also continued to be an tion that the original plan met. On the other hand,
active leader, although not advancing to new high as one of the Van Sweringen brothers said on
ground. A point of interest is that during the sec- Wednesday, the situation is not as bad as it seems,
ond quarter of the year the floating supply of Steel and, no doubt, if the real objections made by the
common decreased by 295,916 shares, which would Inter-State Commerce Commission are met it will
tend to indicate that the amount of stock in the be possible to bring about an agreement between the
Thronute
238
THE CHRONICLE
[VoL. 123.
controlling parties and to overcome the obstructive many preceding years, but this is not necessarily
tactics of selfish minorities who are not prepared an unsatisfactory condition. A decline in the value
to do business on a business basis. The underlying of our exports to foreign countries may not
be consituation for railroad securities has been very sidered desirable, but it does not necessarily follow
greatly improved during recent years. Earnings that an increase in merchandise imports,
even to the
this year are apparently at a point not previously extent of reversing our position as to the balance
of
reached. Car loadings continue to break records, trade, is contrary to our interests. Heavier purbut the security market for railroad stocks, although chases abroad for movement to the United
States
at a fairly satisfactory level, has not fully reflected may be helpful in many ways. To the extent
to
the improvement, probably largely due to the diffi- which we import merchandise, shipments of gold
to
culties encountered in the attempted Van Swerin- the United States should be reduced and under
exgen consolidation. If the revised plan can be put isting conditions, particularly in respect to the enorthrough successfully and with reasonable speed, the mous stock of gold now held in this country, it is
market for other railroad shares will doubtless be better that balances should be settled in merchanfundamentally improved.
dise than in further large supplies of the precious
The foreign developments during the week have metal.
not been sufficiently conclusive to have had much
Merchandise exports for the fiscal year ending
bearing upon the security markets. The new ar- with June 30 were valued at $4,753,516
,000, these
rangement for refunding the French debt to Great figures comparing with $4,864,581,000
for the preBritain was favorably reflected in the prices of ceding fiscal year, a decrease this year of
$111,065,French securities, but on the other hand, the market 000. There were only four months during the
latest
is necessarily awaiting the issue of Caillaux's fiscal fiscal year in which exports exceeded the
value repolicies. Readers of Caillaux's book, "Whither ported for the corresponding months of the
precedFrance?" published in 1923, will not be at all sur- ing fiscal year, the four months being July, August
prised if he is aiming-to stabilize the franc at a com- and December 1925 and June 1926. For the other
paratively low price, thereby fixing the burden of eight months of the last fiscal year merchandise extaxation for payment of interest on a comparatively ports recorded a decline. Merchandise imports for
low level. It may be significant that with the im- the twelve months ending June 30 1926 were valued
provement in the prospects of success of the Caillaux at $4,466,687,000, against $3,824,128,000 for
the preprogram the franc has not tended to advance much ceding fiscal year, showing expansion in the
large
above 2.50 and in fact is breaking through this level. amount of $642,559,000. In every month except
May
The placing in the hands of King Albert of Bel- 1926 of the past fiscal year, merchandise imports
gium of complete power regarding Belgian financial exceeded those of the corresponding month
of the
arrangements is a most construgtive measure, prac- preceding fiscal year. The favorable merchandi
se
tically parallel with that propaed in France under trade balance the past twelve months was only
r
$286,the bill now pending, which aims to place in the 829,000, this contrasting with $1,040,453,000,
the
hands of Caillaux autocratic power relative to taxes, export balance for the fiscal year ending with
June
debt and currency. These steps may be compared to 30 1925. Eight of the twelve months of the
last
the taking of an anaesthetic prior to a necessary fiscal year showed a trade balance on the export
operation. From another aspect they resemble a side, whereas in the preceding fiscal year the trade
corporate receivership and in some aspects are like balance was on the export side for every one of the
the placing of power in the hands of the Dawes com- twelve months, as has usually been the case. Janmittee. At any rate, they lend a hope to the present uary to April, inclusive, this year were the four
situation which has not existed for a number months in which there was a merchandise balance
of years. The results may be highly constructive on the import side, and for June the preliminary
and of great importance.
figures, which are the only ones now available, are
within only $1,000,000 of balancing. In part the
The foreign trade statement of the United States decline in the exports of raw cotton during the
latest
for the month of June is quite as unsatisfactory as twelve months, both as to quantity and value,
will
the one for the preceding month—in fact, the ten- account for the greater part of the less favorable
dency since early in the year has been in the direc- showing as to our export trade. This decline
in
tion of some restriction in our foreign trade, espe- cotton is relatively much greater in value than
in
cially as to exports, and the June return emphasizes quantity, owing to the lower range of export
prices
this feature still further. With the publication of for cotton, during the past fiscal year, than for
the
the June figures, an approximation can be made as preceding fiscal year. Our cotton exports
constito the volume of our foreign commerce for the fiscal tute a considerable part of our total exports.
The
year that ends with June. Merchandise exports for value of these cotton exports in the fiscal year
endthe twelve months under review show a reduction in ing June 30 1925 was $1,060,885,500; for the
fiscal
volume, as contrasted with the twelve months of the year just ended the value is $917,781,300, a
decline
preceding fiscal year, of $111,065,000. Until the of $143,104,200. Furthermore, imports
of rubber
year under review contraction has not been a fea- have been very heavy during the last fiscal year and
ture of our export trade in more recent years. On at a very high average price. Raw silk, too, has
the other hand, the value of merchandise imports added to the value of imports in the past twelve
for the past twelve months is considerably larger months.
than it was for the fiscal year ending June 30 1925
The preliminary statement of exports and imports
and exceeds the value of merchandise imports for for June just issued this week, shows exports for
any year back to 1920. Furthermore, the excess of that month of $338,000,000 and imports of $337,000,exports over imports for the past fiscal year is con- 000. The exports compare with $356,621,000 for
siderably reduced in contrast with the figures for May and with $323,348,000 in June a year ago, while
JULY 17 1926.]
THE CHRONICLE
imports in May were valued at $320,976,836 and for
June 1925 were $325,215,735.
Exports of gold in June were $3,345,528 and for
the fiscal year $113,428,459, a decrease from the previous fiscal year in exports of $135,291,239. Gold
imports in June amounted to $18,890,086—for the
fiscal year $210,726,485, an increase of $76,581,349
compared with the year ending June 30 1925. The
excess of gold imports over exports was $97,288,026.
which compares with an excess of exports of $114,584,562 for the preceding fiscal year. Silver imports
last month were $5,627,850 and exports $7,977,926.
The July crop report does not promise as well as
could be wished for the agricultural position of the
United States for the current year. The outlook for
corn is not altogether satisfactory. Winter wheat
gained somewhat during June, but spring wheat
suffered a considerable setback. A fair yield is
promised for oats, but fcr rye one of the very small
crops of the past half century is now indicated for
the present year. Furthermore, the outlook for
white potatoes, while better than last year, leaves
much to be desired. In many respects the July report of the Department of Agriculture is the most
important of the year. It is the first report on corn,
and given a fair start, that important cereal crop
has a tendency to progress satisfactorily. The two
or three months ahead, covering the period of the
growth and maturity of this crop, may generally be
relied upon to provide good weather, so that improvement may be counted upon. The winter wheat
crop has been made and this is equally true of some
of the other cereal crops, but there is still a chance
for some betterment as to spring wheat.
The area planted to corn this year is placed by
the Department of Agriculture at 101,074,000 acres,
which contrasts with 106,621,000 acres planted in
1925, the latter being the third highest area planted
to corn in the history of the Department of Agriculture. The condition of this year's corn crop on
July 1 is indicated by the Department at 77.9% of
normal. The crop raised last year was 86.4% of
normal on July 1 of that year, while the ten-year
average condition of corn for July 1 is 84.1%. One
of the larger yields of corn was the crop of 1921,
when the July 1 condition was 91.1%. For 1924, in
which year the corn crop was a disastrous failure,
the July 1 condition was 72%. The crop harvested
that year was 2,436,513,000 bushels. Based on a
condition of 72% on July 1 of that year a crop of
2,515,385,000 bushels was indicated. For 1926 the
indications now are for a crop of 2,660,780,000 bushels. This is only 145,395,000 bushels more than was
indicated by the July 1 condition for the corn crop
of 1924. The indicated yield of corn for this year of
2,660,780,000 bushels compares with 2,905,053,000
bushels harvested last year. The Crop Reporting
Board of the Department of Agriculture says that
corn this year is at this time "generally uneven and
backward" throughout the entire country, due to the
late cool season and to deficient moisture over wide
areas. Chinch bugs are reported in unusual numbers in Kansas and Missouri. There was some increase in area planted to corn this year in Illinois,
Indiana, Minnesota and the Dakotas, but in the
other leading States of the corn belt a considerable
decrease in acreage is shown.
239
The decline in the condition of spring wheat during June was quite striking, or from 78.5% of normal on June 1 of this year to 64.8% on July 1, a loss
of 13.7 points. A year ago the July 1 condition of
spring wheat was 88.1% of normal. The indicated
yield for this year's spring wheat crop is now estimated at 199,595,000 bushels, as against 270,875,000 bushels harvested last year. The drought last
month in some parts of the spring wheat country
caused severe losses, the condition in South Dakota
declining from 64% of normal on June 1 to 35% a
month later. There was, however, some improvement for winter wheat during June, the condition on
July 1 this year being 77.4% of normal, as against
76.5% a month earlier. A year ago the July 1 condition of the winter wheat crop harvested in that
year was only 65.9% of normal. The yield of winter
wheat this year is now indicated at 567,762,000
bushels, which contrasts with a yield of only 395,610,000 bushels in 1925. For both winter and spring
wheat the indicated yield is now placed at 767,357,000 bushels. Last year it was 666,485,000 bushels,
which was much below the normal production. The
indicated yield for 1926 is under the average, which
for the ten years prior to 1925 was considerably in
excess of this year, 1916 and 1917 alone being excepted.
Oats promise a fair average yield the present
year, the estimated production being 1,334,260,000
bushels. This is somewhat better than was indicated
a month ago, but compares with 1,511,900,000 bushels harvested in 1925, the latter being nearly up to
the record crop of 1918. Some increase in the potato
acreage of the Western States is foreshadowed by
the Department of Agriculture in its latest report,
and this year's yield of white'Potatoes is now placed
at 334,044,000 bushels, as against 325,902,000 bushels harvested last year. A decline of 9,000,000 bushels from the big crop of potatoes raised in 1924, however, is shown for the present year. There is a substantial gain in the acreage planted to sweet potatoes for this year. As for tobacco, the acreage is 6%
smaller in 1926 than it was in 1925, while the prospective yield is now estimated at 1,139,251,000
pounds, or about 17% less than the production of
last year.
Joseph Caillaux, Finance Minister of France, in
behalf of his Government, has entered into an agreement for the funding of its war debt to Great Britain. This was done Monday evening, July 12, "in
the TOM of the Chancellor of the Exchequer at the
British Treasur3." Winston Churchill, Chancellor
of the Exchequer, signed the Anglo-French agreement for the British Government. The London representative of the New York "Herald Tribune" suggested in a cabled account of the event that evening
that, "thus was fulfilled the prophecy made by Mr.
Churchill last August, when the draft of the debt
accord was agreed to between him and M. Caillaux
that the latter would come back 'some day' and sign
it." According to the same correspondent, "the
principal features of the agreement are: 1. France
will pay annuities for sixty-two years, averaging
'something less than' £12,500,000. 2. For the first
five years these payments will be scaled down, beginning with £4,000,000, which the French Government paid on account this year, and gradually rising to the safeguarding clause, covering France in
240
THE CHRONICLE
the event of default by Germany over her reparations payments, that has been settled in the form of
letters annexed to the agreement whereby the British Government is willing to reconsider certain
clauses in the agreement should external events
make it impossible for France to meet her obligations. The third feature relates to the much discussed transfer clause, and the 'Herald Tribune' understands that France is protected by a special
clause in the treaty itself in the event that payments
to Great Britain under the agreement would jeopardize the franc; fourth, none of the French bonds
will be placed on the open market, as was permitted
in the Mellon-Berenger agreement; fifth, though
£53,000,000 of French gold will be held in the Bank
of England as a pledge to be regarded as part of the
Bank of France reserve, France has the right to buy
back this amount at any time, partially or in toto.
At the same time the £53,000,000 will be deducted
from the amount of the debt which France owes so
that the total of the French debt to Great Britain,
which on June 30 stood at £653,000,000, now amount
to £600,000,000."
Several of the recent French Finance Ministers
had admitted that there could be little hope of the
French Government securing a loan or credits from
the British Government until an agreement for the
funding of its war debt had been entered into and
ratified by the French Parliament. It was agreed
that the latter body must also act favorably upon
the plan arranged with the United States Government some weeks ago by Senator Berenger, as special representative of the French Government, before similar assistance could be expected from our
Government. The taking of these steps had been
urged upon the French Parliament for some time
by Premier Briand. M. Caillaux told the Finance
Committee of the Chamber of Deputies yesterday,
according to an Associated Press dispatch from
Paris last evening, that "the Government will insist
upon the ratification of both the Washington and
London debt funding agreements before Parliament
adjourns for its summer recess." It was also stated
that "he introduced a bill in the Chamber to ratify
the British accord."
So important did Joseph Caillaux regard the
making of a settlement with Great Britain that he
flew to London Monday, arriving "in the early afternoon." Outlining briefly what happened after his
arrival, the London correspondent of the New York
"Times" said: "After luncheon at the French Embassy, attended by Winston Churchill, the British
Chancellor of the Exchequer, and Sir Otto Niemeyer
of the British Treasury, he had a long conversation
with the former which ended in an agreement." He
added that "M. Caillaux was entertained at dinner
to-night by Lord Charles Montague. At its conclusion he made a short speech expressing great satisfaction at the conclusion of the debt arrangement
and his appreciation of the generous manner in
which Britain had met her old companion in arms.
To a number of newspaper men, who interviewed
him at the French Embassy, the French Minister of
Finance, when asked if he was pleased with the
agreement, replied with a shrug: 'I am as pleased
as a man can be when he has to sign something not
very agreeable.'"
[Vol.. 123.
Discussing the manner in which the agreement
was received in Paris, the special representative
there of the New York "Times" said in a cable message late Monday night that "Joseph Caillaux, the
Finance Minister, has obtained in London, if the
accounts of the debt settlement terms current in
Paris this evening are correct, the three conditions
of payment the absence of which from the MellonBerenger agreement has caused such hostility in
France. He has obtained British consent to a reconsideration of the situation in the event of
France's capacity to pay being reduced owing to the
failure of Germany to fulfill the Dawes plan schedule of payments. He has obtained a transfer clause
providing for delays and amendment in event of
payments injuring the exchange Tate of the franc.
And, third, he has obtained in special annex the
promise of the British Government that the debt
will not be commercialized or passed to any third
party. If, as is believed they will, these three conditions appear in the document signed in London at
6.35 this evening, M. Caillaux will return to find his
position in Parliament enormously strengthened,
but he will also return to meet Parliament more determined than ever to seek from America these same
conditions. It is further reported that the basis of
the settlement, though approximately the same as
that agreed on between Mr. Churchill and M. Caillauv last August, amounts, when the moratorium
period for the first few years is calculated, to a reduction of the total debt by 60%."
Naturally, the fact that Great Britain seemingly
had given better terms to Prance than the United
States had done, led to the belief that the French
Government would try to get a modification of the
agreement negotiated and signed by Senator Beren.
ger and Secretary of the Treasury Mellon. Discussing this point, the London representative of the New
York "Times" said in his dispatch Monday evening
that "the main outstanding question which required
settlement was that of safeguarding France in the
event of Germany defaulting in reparations payments. It is understood that Mr. Churchill has
largely met French wishes on this point. France
hopes, of course, that Washington may also agree to
introduce a safeguarding clause in the agreement
for settlement of the war debt to Americ-t."
On the other hand, although the war debt agreement made with the United States Government has
met with much opposition in and out of the French
Parliament, the Paris correspondent of the New
York "Times" cabled the same (Monday) evening
that "it is still difficult to foresee how this settlement will affect the ratification of the Mellon-Berenger settlement. M. Briand, who authorized the
signature of that settlement, is still Premier and as
such must stand firm by his signature. He can,
however, accept the reserves of the Chamber, and
without reserves, in view of the British settlement,
and in view of French public opinion as expressed in
Sunday's demonstration of war veterans, there is
little or no possibility of the agreement being sanctioned."
He added, as illustrative of French sentiment,
that "the most moderate and perhaps official viewpoint on the situation is summed up this evening in
the 'Journal des Debats': 'Like those thirty thousand wounded men who marched yesterday from
JULY 17 1926.]
THE CHRONICLE
below the Arc de Triomphe to the Washington monument, we turn towards America and ask that they
take up again consideration of the debt questions.
But in this month of July„when we are constrained
by irresistible forces to take a decision, do not let us
tear up papers we have signed. The Mellon-Berenger convention is bad and unrighteous. We have the
right to say so. We have the right to make public
reserves. We are in conscience obliged to declare
we are incapable of carrying out its obligations.
But let us recognize also that we have ourselves injured our credit in men's eyes by levity and foolishness and that we compromised negotiations at their
most critical moment by removing an Ambassador
who enjoyed in the highest measure the respect and
confidence of Americans. Do not let us make a further error by breaking anything. Let us prepare a
better future by showing as much uprightness and
courage.'"
241
The foregoing figures with respect to the war debt
agreement with Great Britain were somewhat in the
nature of forecasts and were cabled from London
Monday evening before the actual terms were presented in the House of Commons the next day by
Winston Churchill. According to an Associated
Press dispatch from the British capital Tuesday
evening,"the settlement signed in London yesterday
by Finance Minister Caillaux covers not only the
French war debt but virtually all outstanding accounts between Great Britain and France. Announcement to this effect was made in Commons today by Winston Churchill, Chancellor of the Exchequer." The statement was made in a special
London cable dispatch to the New York "Times"
on July 11 that "it is contended that it [the agreement] cancels about three-fifths of France's nominal debt." The dispatch contained the following
outline of the agreement, as presented by Mr.
What purported to be the attitude of the Wash- Churchill: "The French payments, he said, would
ington Government toward any efforts that might be be £4,000,000, £6,000,000, £8,000,000 and £10,000,000,
made by the French Government to secure modifi- rising to £12,500,000, annually, the last named figcations of its agreement was given by the New York ure being reached in 1930. From 1930 to 1956 the
"Times" representative in a long dispatch on Mon- payment would be £12,500,000 annually, rising to
day evening, in part as follows: "If France is to £14,000,000 for the final thirty-one years. There is
obtain modification of the tentative agreement no safeguarding clause in the agreement itself, but
reached by the American Debt Commission with letters have been exchanged between the two GovAmbassador Berenger for the funding of her war- ernments making it clear that, in the event of a comtime debt to the United States, her leaders must plete or very serious failure in Germany's reparamake their request to Congress, as the compact tions payments, France will be entitled to ask for repassed out of the hands of the Commission when the consideration of the arrangement. Mr. Churchill
document was signed and transmitted to Congress said this provision in no way invalidated the responsibility of France. It only gave her the right, in
by the President. That was the position taken
today by Secretary Mellon, Chairman of the Commis- certain circumstances, to ask for a review. The
sion, and it would appear, therefore, that the possi- British right to argue the case remained open."
Continuing, the correspondent said: "A transfer
bility of modification- virtually has disappeare
d.
Congress will not be in session again until Decem- clause, providing for a delay within certain limits
in making payments on account of exchange diffiber, and those closely informed of its attitude,
particularly that of a considerable group of Senators, culties, had been agreed upon, he said, along the
are convinced that opposition to the terms as already lines of that contained in the French settlement with
written is strong enough to prevent any further con- the United States. There also was a clause providcessions being made. In view of news dispatches ing that, in the event British receipts from reparafrom Paris, stating that the French would seek tions and war debts exceed at any time what Great
changes in the compact and telling of the parade of Britain shall have paid since the end of the war to
French war veterans on Sunday to demonstrate op- the United States, the surplus shall be divided beposition to the present debt terms, the explanation tween the various Allied debtors in reduction of
their future contributions. Mr. Churchill pointed
of the American Government's attitude made
here
to-day was generally interpreted as a
out this conformed to the Balfour note and was
notice to the
identical with the provisions of the Anglo-Italian
French Government that the Coolidge
Administration would stand by the terms as reached
debt settlement. Great Britain also had not asked,
with M.
Berenger and that the French parliamen
he said, for the delivery of bonds in a form suitable
t must
either accept or reject them as written."
for sale in the market. In view of this being a comThe position of the Washington Governmen
plete settlement of all outstanding accounts arising
t was
further outlined by Secretary Mellon,
from the war and post-war periods, £2,000,000 of
according to
a Washington Associated Press dispatch
money already in London can be transferred
last eve- French
ning, which stated that, "aroused by public
to the British exchequer, increasing this year's recomparisons of France's debt settlement with
ceipts from France to £6,000,000."
England
and with this country, Secretary Mellon in
Ever since the discussion of a settlement of
a formal statement to-day declared that 'no other
France's war debt to Great Britain began much has
creditor of France has accorded such generous
about the status of the large amount of
treat- been said
ment' as has America. In effect, Mr. Mellon
French gold transferred to Great Britain during
said
after reviewing the debts, the settlement and
the war. With regard to this point Mr. Churchill
the
interest, 'America has canceled the obligations
was reported to have said: "The question of the
of
France for all advances during the war, and
• £53,500,000 in gold which was transferred to Great
France
in the Mellon-Berenger agreement has undertaken Britain in war time, has been adjusted. France will
only to repay the advances and obligations subse- continue to owe the amount, outside the debt settlequent to the armistice. No other creditor of France ment, as a non-interest bearing debt. Great Britain
will credit France annually with the sum paid, and
has accorded such generous treatment.'"
a final adjustment of the matter will be deferred.
242
THE CHRONICLE
Chancellor Churchill said an agreement had been
reached about settlement of losses caused by military damage to the business of British subjects in
France. France agreed to treat these claims virtually the same as those of her nationals. In conclusion, the Chancellor said, hope that, after the
documents have been studied, a measure of approval will not be withheld from this settlement of
the difficult and embarrassing question. The Government believes it embodied the best practical arrangement and also is in harmony with the traditional policy.'"
M. Caillaux, French Finance Minister, flew back
to Paris Tuesday afternoon, arriving safely and
without delay. The Associated Press correspondent
at that centre cabled later the same afternoon that
"the signing of the agreement caused only moderate
satisfaction here to-day, because of fear there had
been important and unpleasant omissions in the
terms published. Belief and hope were expressed
the agreement marks a genuine advance toward
financial rehabilitation of the French Republic." In
a cable message that evening the Paris representative
of the New York "Herald Tribune" discussed some
of the probable results of the signing of the AngloFrench agreement, saying in part that "the FrancoBritish debt agreement, the details of which were
announced officially here to-night, raised the stock
of the Caillaux-Briand Government and undoubtedly will serve to keep this Ministry in office for
some time." He added that "observers here see other
more far-reaching possibilities opened up by the
new agreement, the principal of which is a general
international reshuffling of all debts incident to the
war, including German reparations."
Continuing, the correspondent said: "Secretary
Mellon's scheduled trip to Europe takes on high importance, first because he will be under strong pressure to make possible for France American concessions, such as Winston Churchill has now accorded,
by making a supplementary interpretation of the
Mellon-Berenger accord. If the United States fails
to do this there is a possibility that the American
accord will not be ratified by the French Parliament, while the British agreement would be approved. That Mr. Mellon, however, also will be
called upon to discuss a general debt reshuffle seems
certain." Going still further, he suggested that,
"automatically France, Italy, Belgium and even
Germany now join Great Britain in interest in general international debt revision, in which the United
States would be called upon to do something generous toward all her debtors in view of the possibility of resurrection of normal trade conditions in
Europe, from which American industry would take
its share of profit."
That Finance Minister Caillaux was seeking dictatorial powers with respect to financial affairs was
indicated in Paris cable advices under date of July
15. The representative of the New York "Times"
said that "Finance Minister Caillaux's efforts to
save the franc are going to be a nip-and-tuck affair.
To-day French money fell to 40.80 to the dollar, and
for a moment to 200 to the pound, just twice the
figures of one year ago, while to-day's Bank of
France statement showed that another 100,000,000
francs had been advanced during the past week to
(VOL. 123.
the State, reducing the legal margin to perilous
meagreness. With the situation at that dangerous
point the Cabinet met and approved the Finance
Minister's proposals for the creation of limited powers of decree which he needs if he is to have liberty
to do what he thinks must be done. His proposals
ask all but dictatorial rights. Next week he will
ask Parliament to delegate power to the Cabinet—
that is to say, to the Finance Minister—to take all
necessary steps for the realization of improvement
in taxation receipts, making essential economies, the
liberation of the Treasury and stabilization of the
national unit The second article of this short but
important bill concedes, however, to Parliament the
right of ratification of the various decrees taken, for
without that safeguard there is little chance of success. Further, the delegation of power is limited
to the present year. The text of this measure will
be submitted to the Finance Commission of the
Chamber to-morrow and there it is expected it will
be rejected. The Government will, however, carry
it before the Chamber next week and fight to a finish with something like an eleven-to-ten chance of
success."
Reference has been made to the opposition in
Paris to the war debt agreement negotiated with the
United States. This opposition has been manifested
in the Chamber of Deputies, but in a more popular
and general way by a large parade in the streets of
the French capital last Sunday (July 11), the details
of which are given elsewhere. It seems that "officials
of the French war veterans' associations called upon
Ambassador Herrick this morning and begged him
not to put an unfriendly interpretation upon the
'silent march' of the nation's former soldiers to the
statue of George Washington on Sunday in protest
against the terms of the Berenger-Mellon debt agreement. They remained with the Ambassador for several hours and assured him of the sincerity of their
friendship for their former American comrades-inarms, explaining that the monster demonstration
was intended as an appeal to America for a reconsideration of the debt accord rather than an angry
gesture against the American Government." It was
added by the Paris representative of the New York
"Times" that "then the Government banned the parade, and its leaders became more determined than
ever to go through with the demonstration."
Aristide Briand, French Premier, was given a
much-needed vote of confidence by the Chamber of
Deputies shortly after 3 o'clock last Saturday morning, July 10, according to a special Paris dispatch
to the New York "Herald Tribune" on that date.
The author of that message said the vote was 259 to
247, whereas the Associated Press correspondent
said it was 269 to 247. The latter figures were given
also by the Paris representative of the New York
"Times." Whichever was correct, the latter correspondent observed that "Premier Briand is expected
to tread cautiously in the near future, to let time
work for a wider margin of votes to give him a freer
hand." He declared also that "to-day's vote in no
presages ratification of the American debt agreement if the Government should put a question of
confidence squarely upon ratification."
Analyzing the vote, he said: "The vote of confidence came at the end of an all-night session. It fol-
JULY 17 1926.]
THE CHRONICLE
lowed the defeat of a Socialist resolution for a solution of France's financial problems by capital levy,
by a majority of 121: The vote was 324 to 203. The
269 Deputies who supported the Government in the
vote of confidence comprise a major portion of the
Radical Socialists, 90 in number, 35 of the Republican Socialist group, to which M. Briand nominally
belongs, almost all of the Centre or Moderate groups
and a few further to the right. The 247 opposition
votes included about twenty of the 'diehard' Conservatives, 95 Socialists and 30 Communists. There
were only about 40 abstentions and 15 Deputies absent on leave."
The correspondent likewise explained that "the
resolution on which the Government got its vote
read: 'The Chamber of Deputies takes note of the
Government's declarations and is confident in its
ability to re-establish the State's finances and credits, and to stabilize its currency. The Chamber rejects any amendment and passes to the order of the
day.'"
Commenting upon the resolution and the vote the
Paris representative of the New York "Times" said
in a dispatch on July 10 that "it is not a victory of
which anyone can be proud, but then, the Chamber
is not just now the object of pride to the French
people, judging from recent opinions here. This
vote gives the Government the right to proceed with
the debt negotiations with London and to introduce
a bill for the ratification of that agreement and the
Washington accord." Continuing his comments
along the same lines, and taking even a stronger
position, the "Times" Paris representative said:
"The Chamber majority on which the Finance Minister, Joseph Caillaux, is starting out to build
France's new fiscal edifice looks more like quicksand than rock. He must greatly solidify his Parliamentary support before there will be that return
of confidence which is generally judged necessary
for the success of his task; for the capital which has
flown abroad may or may not have confidence in
M. Caillaux's plans; it certainly cannot have much
confidence in the Chamber majority of 22 votes out
of approximately 600. When the Government gets
269 votes against 247 it is seen that really less than
half the Deputies voted for M. Caillaux's plans, and
considering that the 38 abstentions represent Deputies opposed to the Finance Minister but afraid to
say so, the frailness of the Government's position is
apparent. In reality this morning's vote means that
M. Caillaux has won the first heat in the Chamber.
His victory should not be too much underrated, for
it was won against savage attacks. Yet it should be
borne in mind that his coming fight for the ratification of the debt accords with Washington and London will be, if anything, me bitter than the contest which has just ended. He must also obtain
passage of the bills giving him extraordinary powers for certain financial purposes, but, as generally
conceded, the real showdown will come on the debt
accord ratifications. If he wins that battle Parliament will go on vacation, leaving the Government
in power until the fall."
Europe has had several dictators or near dictators
in the last two or three years. In each instance the
Government was overthrown, power was seized and
the leader of the revolt made himself the dictator.
243
This last week a new kind of dictator has taken the
helm in one European country. He did not even
attempt a revolution, but was made virtual dictator,
at least with respect to financial affairs, by his own
Chamber of Deputies. Reference is had to the action of that body with respect to King Albert of
Belgium in a desperate effort to stabilize the financial situation and the currency. The Brussels correspondent of the New York "Times" cabled on July
13 that "the Chamber to-day conferred practically
unlimited powers upon King Albert to attempt to
solve the country's financial troubles. The monarch
who led his troops in battle throughout the desperate days when all but a few square miles of his country was under the heels of a ruthless enemy thus
becomes Europe's first royal dictator." He added
that "Belgium seeks one-man rule to restore order in
the nation's business following the failure of a too
divided Parliament, perhaps leading France in the
same direction." Further details regarding the extraordinary financial powers conferred upon the
King of Belgium are given on a subsequent page.
Discussing the situation in Belgium and also the
possibility of similar dictatorial powers being
granted in both France and Italy, in order to stabilize the finances of those countries, the Associated
Press representative in Paris said in a dispatch on
July 14: "Three virtual dictatorships loom in Europe as a direct outcome of the financial crises.
The Belgian Chamber of Deputies has adopted on
first reading a bill to give King Albert full powers
to issue such decrees as he may see fit for stabilizing the exchange. The French Minister of Finance,
M. Caillaux, will submit a similar bill to the Finance
Committee of the Chamber Friday. Meanwhile
Italy is discussing whether or not Premier Mussolini and his Cabinet should be made responsible to
the King and not to the Legislature, thus vesting
them with extreme authority. The French financial
crisis apparently has been outdone only by that of
Belgium, whose franc is declining rapidly. Institution of a new gold basis currency is understood to
be the principal remedy upon which Government
experts pin their faith to extricate Belgium from
the financial morass. Steps to introduce this will
be taken as soon as possible after the full powers
bill has become law, which probably will be this
week. It is believed the best means of issuing the
new currency will be through a new bank of issue.
The full powers bill confers ample and specific
authority to accomplish this result. The Belgian
Finance Minister and representatives of the principal banks have formed a permanent technical committee to take steps to defend the franc." The next
day, July 15, the bill was finally passed by both
branches of Parliament.
•
The downfall of a European Cabinet is often a
weekly occurrence. Not infrequently more than one
Ministry goes down within that brief period. This
week it appeared to be Portugal's turn. At any rate,
word came from Lisbon on July 9 that "another
peaceful revolution was successfully engineered today when General Gomes da Costa was arrested at
midday by order of General Carmona (whom he had
just dismissed from the Foreign Office) for actions
considered here impolite and arbitrary. General da
Costa is held prisoner in the Belem Palace." It was
added in a special dispatch to the New York "Times"
244
THE CHRONICLE
that General Carmona had "assumed the offices of
Prime Minister and Minister of War and had selected General Sine! de Cordes as Minister of Finance." Announcement was made in the same dispatch that recently "General da Costa decided to
dispense with the services of three of his Ministers,
namely General Carmona, Foreign Minister; Major
Ochoa, Minister of Colonies, and Dr. Antonio Claro,
Minister of the Interior. The Ministers of Justice,
Marine, Commerce, Instruction and Agriculture resigned in sympathy with their colleagues and their
resignations were accepted by the General. Senhores
Carmona and Ochoa had refused posts offered to
them at the Vatican and in Portuguese India, respectively. The following foreign representatives
and others were also dismissed by the quondam dictator: AlonBo Costa from the Presidency of the
Portuguese delegation to. the League of Nations,
which would have entailed the loss of his Ambassadorial rank; Senhor de Mello Barreto, Ambassador
in Madrid; Dr. Antonio da Fonseca, Minister in
Paris; Dr. Augusto de Castro, Minister to the Vatican, and Senhor Armando Navarro, Minister to The
Hague." It was added that "the new Government,
however, according to information here, intends to
revoke these dismissals, which were alleged to have
been ordered because the persons they were designed
to affect had not passed the regular diplomatic examinations." In a Lisbon wireless message to the
"Times" two days later it was stated that "the news
that da Costa had had to dispense with the services
of three Ministers, and that these dismissals had
been followed by the resignations of five other Ministers, indicated how precarious was the dictator's
position. Two days afterward Carmona turned the
tables by arresting his former chief."
Recent political events in Portugal were outlined
in part as follows in a special wireless message to
the New York "Times" on July 11: "After General
Gomes da Costa had engineered his revolution from
Braga, the Portuguese arsenal near Oporto, gaining
possession of Lisbon and forcing the President to
resign, he set about forming a strong Government.
Three Ministries succeeded each other in as many
days, and when a triumvirate consisting of himself,
General Cabecadas and Commandant de Gama
Ochoa failed, he proclaimed himself dictator. It is
from that position he has now been ousted by the
bloodless coup d'etat of General Carmona, his Foreign Minister. General Carmona was Minister of
Foreign Affairs in the brief Cabinet of June 3.
Later he moved to Amadora, where he remained on
cordial terms With both Gomes da Costa and Cabecadas." According to an Associated Press cable
message from the Portuguese capital, "the [new]
Government announces itself ready to carry out the
program of last month's military rising and says
that it will transform the regime hitherto controlled
by a single political party into one where all Portuguese may live freely." Word came from the same
centre on July 11 that "General Gomes da Costa,
the Portuguese dictator, who was arrested on Friday, embarked on the warship Cavalho Araujo this
morning after an interview with General Pereiera.
His reported destination is the Azores."
[VOL. 123.
tablishment of a new form of Government in his
country that was not likely to come true has been
increasingly apparent each week recently. On July
11 the Warsaw representative of the New York
"Times" went so far as to say "that Marshal Pilsudski has played his last role in the Polish revolution seemed probable to-day with the announcement
that the program of changes in the Constitution had
not been practically abandoned but that the new
Government, which he himself created, had drifted
away from him and intends to work out its own
destinies. Open criticism of the dictator's lack of
a definite policy by the newspaper formerly held to
be the semi-official publication of the dictator, came
as a final blow yesterday, leaving the Marshal
stranded while the ship of State sails on."
continuing to discuss the situation, the correspondent said: "The Diet Committee, which has
had the proposed changes in the Constitution in
hand, has been considering only such changes as
suggested by the Right parties instead of those reported favorably to the committee by the Sejm in
full sitting. This makes it certain that the report
on the proposed administrative reforms, while passed
by a simple majority of the committee will be unable
to find the two-thirds required majority when placed
before the Sejm on Thursday. In the realization
that these vague attempts at reforms were futile
they were abandoned and merely minor measures
not entailing any bitter political struggles, will be
considered."
He also declared that "less and less is being heard
of Marshal Pilsudski as a force in the Government
and many important officials .believe he has been
relegated to the background in so far that world
sentiment would not brook another revolution on
his part. This leaves a new foreign war as his only
chance of renewing national faith in his leadership,
and the fact that this contingency is hinted in pa-.
pers lukewarmly in his favor indicates that the Marshal is retiring to his chief defensive position, that
of favor with the army and the hero-worshiping
masses. There are powerful forces, however, at
work for peace and these are believed to .include
both the local Government and the foreign advisers,
whose favor is being anxiously courted."
The outlook for Marshal Pilsudski and his Cabinet
became still less favorable as the week progressed,
according to a special wireless message from Warsaw to the New York "Times" on July 14. It stated
that "Poland's new Government has again displeased Marshal Pilsudski, and some members of
the Cabinet, if not all, will fall this week, it became
known to-day. Premier Bartel, the Minister of
Justice, and the Minister of the Interior are those
slated for the block, wording to official comment
in the Sejm's corridors late this evening. This situation was heralded this morning by the 'Kurjer
Poranny,' the editor of which is a personal friend of
Marshal Pilsudski, in a strong article stating that
the new Government had fallen into a trap in the
Sejm and warning that the resulting deadlock might
require another revolution. Several hours later it
was announced that there was little likelihood of an
agreement with the strong Left parties on the Government's demand for extraordinary powers even
That Joseph Pilsudski, self-appointed dictator of during the period when the Diet is sitting, and PrePoland, was cherishing a dream regarding the es- mier Bartel and his associates, who have thoroughly
JULY 17 1926.]
THE CHRONICLE
215
insist upon continuing what is regarded as petty
squabbling in disobedience to orders from Rome, has
resulted in the crushing of a dissident movement at
the Ligurian city of Savona. Amilcare Dupanloup,
former Consul-General in the Fascist militia, and
leader of the Savona group, has been arrested by
the local authorities and taken to Genoa by automobile. It is asserted that the arrest brings to an
end a difficult situation in Savona which has been
kept in turmoil for some time. Dupanloup, who is
a captain in the army, had managed to maintain a
personal following among the port workers, resulting, the authorities say, in friction. The Fascist
Party, according to the local press, intends to go the
limit in crushing movements such as Dupanloup's,
which is regarded as representing unwillingness to
conform to the party's order that local quarrels—no
As might have been expected, organized labor in matter whether or not justified—must be forgotten
Italy has manifested opposition to the nine-hour in order that all the nation's energy may be concenworking day. In an Associated Press dispatch from trated on solving national problems."
Milan on July 9 this attitude was given in part as
Large increases in both exports and imports were
follows: "A vigorous protest against the Governaction in adding another hour to the working disclosed in the British trade statement for June
ment's
day, making it nine instead of eight hours, was compared with May of this year. The exports were
voiced to-day by the Executive Committee of the £7,554,000 and the imports £16,301,000 larger. In
General Confederation of Labor after a special meet- comparison with June of last year, however, there
ing held to study the measure which lengthens the was a decrease in exports of £8,643,000 and in imworking day. The measure was characterized by ports of £13,482,000. The figures for June and the
the committee as 'unnecessary, unjust, provocative first six months of 1926 compare as follows with
of discontent and useless in improving the economic those for the corresponding periods of 1925:
1926—Jan. 1-June 30-1925
position of the country.' The Confederation consid1926----June----1925.
£110,982,155 £602,536,000 £677,543,832
ers the step unnecessary because the factory regula- Imports British goods_ £97,500.000 58.893.190 338.207.000 392.659.170
50.100,000
Exports,
tions in effect since 1919 permit the lengthening of Re-exports, foreign goods_ 10.750.000 10,600.201 66,595.000 77,449.087
£60,850,000 £69,493,391 £404.802.000 £470,108,257
hours in certain cases and at times when it is neces- Total exports
£36,650,000 £41,488,764 £197,733,000 /207,435,576
sitated by production conditions. The measure, the Excess of imports
committee asserts, is unjust, because the cost of living is increased more than 30% above the average
Official bank lates at leading European centres
2
1
/
of the workmen's wages, which remain hardly equal have not been changed from 7 % in Austria;7% in
2
1
/
in Paris and Berlin; 5 %
to those in 1921-22, while, it adds, the profits and Belgium and Italy;
5% in London and Madividends of the companies are increased on an un- in Denmark and Norway;
2
1
/
precedented scale. It is the opinion of the commit- drid; 4 % in Sweden, and 3 % in Holland and
2
1
/
open market discount rates in
tee that the present industrial difficulties are not Switzerland. The
/
caused by high labor costs, but by 'living in a false London were steady, and finished at 438% for
/
seeming prosperity, created by instabil- short bills, against 4 5-16@438% last week and
paradise of
ity of the markets, low wages, passivity on the part 4 5-16(g438% for three months' bills, unchanged.
/
/
of the workers, excessive tariff protection, the delay Call money at the British centre advanced to 438%,
/
2
1
/
in stabilizing the currency, and the maintenance of but closed at 3 %, as compared with 378% a
tariff rates in the gold lira, the value of which is week earlier. At Paris and Switzerland open mar2
1
/
constantly rising.' The Confederation advocates de- ket discounts remain at 5 % and 2%%, the same
flation of artificially expanded capitalization, re- as heretofore.
duction of unsound high-level earnings of many companies, and the perfection on. a basis of modernism
A substantial increqFe in gold (£814,124) at the
and economy of all methods of production. It sug- same time that the proportion of reserve to liabiligests that an extra hour be added to the working ties recovered 0.03 points, to 24.01%, or very close
day only in industries where there is unemployment to the high point of the year, were the features of
or where it is absolutely required. Warning is given the Bank of England statement for the week ending
that failure to pay overtime for a ninth hour of work July 14. L st week the reserve ratio stood at
/
would produce widespread discontent, defeating the 22.98% and a year ago at 2978%. Moreover, note
object, which is the stimulation of production."
was reduced £749,000, so that the reserve
circulation
of gold and notes in the banking department inApparently the leaders of the Fascist Party in creased £1,563,000. There was a decline in public
Italy have come to realize the danger of extremism, deposits of £7,146,000, but there was expansion in
at least in some directions. Announcement was "other" deposits amounting to £8,417,000. The
made in an Associated Press dispatch from Rome on Bank's temporary loans to the Government exJuly 14 that "Augusto Turati, Secretary-General of panded £1,405,000. Loans on other securities, howthe Fascist Party, is now waging a nation-wide bat- ever, fell £1,684,000. Gold holdings now are £151,tle, with the personal support of Premier Mussolini, 335,084, -s agailiot £161,567,C0n in 19!' and £128,to purge the Fascist Party of its 'extremist ele- 271,111 the year preceding (before the transfer to
ments.' This campaign against local Fascists, who the Bank of England of the £27,000,00 gold for-
pledged themselves to this program in the belief that
they represented Marshal Pilsudski's wishes, will
be obliged by political procedure to resign. The
Government had hopes of reaching an agreement
with all parties, none of which is now supporting it
whole-heartedly on the program of changing the
Constitution, but asked in addition the power to
make certain administrative changes while that
body is in session. The Premier, in a speech before
the Constitutional Committee of the Diet last night,
declared this to be merely a method of facilitating
Government reconstruction, arguing that the Sejm
has not time to take up all the minor measures which
have been proposed and that, further, he was ready
for closer collaboration with the national body, hoping to gain its confidence."
246
THE CHRONICLE
merly held by the Redemption Account of the Currency Note Issue). Reserve totals £29,616,000,
which compares with £38,168,422 a year ago and
£21,818,611 in 1924. Loans stand at £72,876,000, hi
comparison with £71,684,455 and £70,180,590 one
and two years ago, respectiv ly. Note circulation
is now £141,468,000. At this time a year ago it
stood at £143,148,580, aLtd in 1924 at £126,202,600.
Clearings through the Lo don banks for the wee:
were £762,852,000, as against £849,984,000 last week
and £857,072,000 a year ago. No change has been
made in the Bank's official discount rate from 5%,
the rate prevailing heretofore. We append herewith
comparisons of the different items of the Bank of
England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1926.
July 14.
1925.
July 15.
1924.
July 16.
1923.
July 18.
Circulation
b141,468,000 143.148,580 126,202,600 125,786.350
Public deposits
9,352,000 12,594.780 11,739327 11,094.361
Other deposits
114,011.000 115.229,033 107.447,023 111,639.476
Governm't securities 38,925,000 36.006.733
45,187,467 47.528.731
Other securities__ 72,876.000 71,684,455
70,180,590 71,582.498
Reserve notes& coin 29,616.000 38,168,422
21,818,511 21,600,727
Coin and builion__5151,335,084 161.567,002
128,271,111 127,637,077
Proportion of reserve
to liabilities
24.01%
291i%
18ii% 11, 17%%
Bank rate
5%
5%
4%
4%
1922.
July 19.
124,256,265
22,174,832
104,466,978
46,739,853
76.215.636
21,595.293
127,402,158
17%
3%
•Includes beginning with April 29 1925 £27,000,000 gold coin
and bullion previously held as security for currency note issue and which was
transferred to the
Bank of England on the British Government'
s decision to return to the gold standard.
b Beginning with the statement for April
29 1925 includes £27,000,000 of Bank
of England notes Issued in return for
the same amount of gold coin and bullion
held up to that time in redemption
account of currency note issue.
According to the weekly statement of the Bank of
France, total notes in circulation were brought up
to the new high level of 54,917,994,240 francs by an
expansion during the week of 56,067,000 francs.
This is the fourth consecutive week of increase in
note circulation and also the largest figure recorded.
For the corresponding period last year note circulation
amounted to 44,532,375,170 francs and it totaled
40,155,862,010 francs in 1924. A further small
increase in gold' holdings of 7,625 francs brought the
total of that item up to 5,548,640,325 francs. This
compares with 5,546,798,317 francs, the total gold
holdings for the same time in 1925, and with 5,543,364,362 francs in 1924. Total indebtedness of the
Government to the Bank of France now stands at
37,800,000,000 franca, the- laigest figure on record,
an additional loan having been made by the State of
100,000,000 francs during the week. In 1925 advances to the State stood at 27,850,000,000 francs
and in 1924 at 22,900,000,000 francs. Changes for
the week among the other items were: Silver gained
180,0001,francs and bills discounted 356,084,000
francs. On the other hand, trade advances fell off
61,361,000 francs, Treasury deposits decreased 25,594,000 francs and general deposits declined 116,643,000 francs. Comparison of the various items in this.
week's return with the figures of last week and with
corresponding dates in both 1925 and 1924 are
as follows:
BANK OF FRANCE'S
Changes
for Week.
Gold Holdings—
Francs.
In France
Inc.
7,625
Abroad
Unchanged
COMPARATIVE STATEMENT.
Status as of
July 14 1926. July 16 1925. Jaly 17 1924.
Francs.
. Francs.
Francs.
3,684,319.418 3,682,477,410 3,679,043,455
1,864,320.907 1,864,320,907 1,864,320,907
Inc.
Total
7,625 5.548.640.325 5,546.798,317 5,543,364,362
Inc.
Silver
180,000
337.753,246
311,941.326
299,987,671
Bills discounted___Inc. 356,084,000 5,225,852.389 3,166,934,487 4,715,313,902
Trade advances___Dec. 61,361,000 2,304,798.978 3,012.114,194 2,709,892.385
Note c,rculation__Inc. 56,067,000 54,917,994.240 44,532,375,170 40,155,862.010
Treasury deposits_Dec. 25,594,000
12.893,054
32,380.157
14,282,254
General deposits__Dec. 116,643,000 3,225,582,006 2,498,911,340 2,181,752,536
Advances to State_Ine. 100,000,000 37,800,000,000 27,850,000,000 22,900,000,000
[Vol.. 123.
The Imperial Bank of Germany in its statement,
issued as of July 7, reported a reduction in note
circulation, though this was accompanie by a fairly
'
heavy curtailment in assets. In detail the figures
show a decline in note circulation of 78,404,000
marks. Other maturing obligations expanded 52,551,000 marks, but other liabilities were reduced
3,333,000 marks. On the assets' side the report
showed a reduction in holdings of bills of exchange
and checks of 15,097,000 marks, and in advances of
135,605,000 marks. Reserve in foreign currencies
increased 19,588,000 and notes in other banks
gained 4,925,000 marks. , As against this, there
were declines in silver and other coins of 1,798,000
marks and in investments of 4,000 marks. Other
assets, however, expanded 98,659,000 marks. The
usual small addition to gold and bullion holdings
occurred, this time of 35,000 marks, bringing the
Bank's stock on hand to 1,492,269,000 marks, which
compares with 1,065,601,000 marks in the corresponding week of 1925 and 466,363,000 marks a year
earlier. Note circulation outstanding aggregates
2,892,749,000 marks, as against 2,442,639,000 marks
last year.
The Federal Reserve banks' weekly statements
that were issued on Thursday afternoon made a
better showing, indicating that funds had already
commenced to return into normal channels following the recent strain of meeting month-end demands.
Gold reserves were increased, while there was a substantial reduction in rediscounts. For the System
as a whole a gain in gold reserve of $39,000,000 was
reported. Rediscounting of paper secured by G overnment obligations declined $65,000,000 and of
"other" bills 432,600,000, so that total il1s discounted for the week fell $97,600,000. Holdings of
bills purchased in the open market were reduced
$3,400,000. Total bills and securities (earning assets) heavily declined, viz., $87,000,000, while de
posits made a moderate gain—$7,500,000. The
amount of Federal Reserve notes in actual circulation decreased $30,300,000. At New York an addition to gold holdings of $26,500,000 was shown,
while rediscounting of all classes of paper declined
approximately $92,500,000, with the net result of
the week's operations a drop in total bills discounted
to $145,522,000, as compared with $238,003,000 last
week. Bill buying in the open market fell off
$3,200,000. Here the shrinkage in total bills and
securities was $80,700,000, and in deposits of $32,100,000. Federal Reserve notes in actual circulation were reduced $14,100,000. Member bank reserve accounts declined $29,100,000 locally, but for
the banks as a group expanded $2,300,000. Addition to gold holdings served to raise reserve ratios.
The New York Bank reported an advance of 4.8%,
to 79.4%, while that of the combined System moved
up 1.7%, to 74.9%.
Last Saturday's statement of New York Clearing
House banks and trust companies was featured by
heavy reductions in both loans and deposits and a
substantial addition to surplus reserve. The loan
item decreased $142,148,000, while net demand deposits declined $161,948,000, to $4,402,727,000, which
total is exclusive of $21,618,000 in Government deposits. Time deposits, on the other hand, expanded
$4,713,000, to $603,897,000. Cash in own vaults of
JULY 171926.]
THE CHRONICLE
members of the Federal Reserve Bank increased
$2,950,000, to $48,660,000 (not counted as reserve,
however), while reserves of State banks and trust
companies in own vaults were augmented $128,000
and reserves kept by these institutions in other depositories registered an addition of $737,000. A
further increase of $2,792,000 in the reserves of
member banks in the Reserve institution, in combination with the shrinkage in deposits, sufficed to
bring about an increase in surplus reserve of $24,530,840, thus bringing excess reserves up to $30,551,640, against $6,020,800 last week. It should be
noted that figures here given for surplus reserves
are based on legal reserve requirements of 13%
against demand deposits for member banks of the
Federal Reserve System, but not including $48,660,000 cash in vault held by these member banks on
Saturday last.
247
and this was the high, but before the close there was
a decline to 4%, low. Friday increased ease developed, and the ruling rate was lowered to 4%%; the
high for the day was 43.70 and the low 4%.
In time money the situation remains without
essential change. A firm undertone developed for a
while, and the longer maturities were marked up to
43/2%; later on offerings were freer and quotations
eased off to 43(@4/% for sixty and ninety days
and 4/@432 for four, five and six months, as
%
against 4/@431% and 4V
t@,4%%, respectively, a
week earlier. Trading was not active.
Mercantile paper rates have not been changed
from 3%@4% for four to six months' names of choice
character and 4Y % for names not so well known. A
.
4
fairly broad demand was noted, but business was
quiet, owing to light offerings. Both city and
country banks were in the market as buyers. New
England mill paper and the shorter choice names
continue to pass at 33 %,unchanged.
4
Banks' and bankers' acceptances were quiet and
featureless. The tone of the market was steady with
nearly all of the business passing furnished by out-oftown institutions. The aggregate turnover for the
week, however, was small. For call loans against
bankers' acceptances the posted rate of the American
Acceptance Council remains at 4%. The Acceptance
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal
/
%
Reserve banks 33i% bid and 31 3 asked for bills
running 30 days, 39/% bid and 33i% asked for 60
days, 33/2% bid and 3/% asked for 90 days, 3/7
0.
bid and 33/2% asked for 120 and 150 days, and 3%%
bid and 3/% asked for 180 days. Open market
quotations are as follows:
While the tone of the time money market has been
a little firmer and the demand somewhat more active, the supply at the prevailing rate of 41 2% has
/
been ample. The average quotation for call money
was 41 2% also, but, notwithstanding the continued
/
speculative activity in the stock market, there was
a decline of 4% Thursday afternoon, and
again yesterday afternoon. No mention was
made in the general discussion of the money
market of the necessary preparation for the midmonth disbursements. Although it was suggested
in some circles that the demand for funds in general business, together with the increases in brokers'
loans recently, were likely to bring about a firmer
money market, the idea was expressed by other authorities that during the second half of this month
a large amount of money in the aggregate that had
SPOT DELIVERY.
90 Days.
60 Days.
30 Days.
been sent temporarily to interior points would be
3%a.3%
3%a3%
eligible bills
33a33(
back in New York, and would naturally tend to off- Prime
FOR DELIVERY WITHIN THIRTY DAYS.
set the possible increase in the demand to which Prime eligible bills
3% bid
banks
3% bid
reference has been made. Favorable reports have Eligible non-member
been received relative to the steel industry. AccordThere have been no changes this week in Federal
ing to the "Iron Age,'? the orders of the United
Reserve Bank rates. The following is the schedule
States Steel Corporation for the first ten or twelve
of rates now in effect for the various classes of paper
days of July increased at the rate of 2,000 tons a day
at the different Reserve banks:
over the corresponding period of last year. The DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JULY 16 1926.
car loadings of the railroads for the week ended
July 3 totaled 1,072,624 cars. This was an increase
Paper Maturino-of 10,372 cars over the preceding week and of 206,425
Alter 90 Aftske
Days. but
but
over the corresponding week of last year. Little or
Within 90 Days.
Within 6 Within 11
FEDERAL RESERVE
Months. MentAs.
nothing was said during the week with regard
BANK.
to
Cons'retal Secured
depression in the automotive industry. On
Agriel by U. S Bankers' Trade
Agrituil
the
Livestock Govern% AccepAccepand
and
Paper. Oblige- tances. tances. Livestock Livesteek
contrary, the turnover appears tot) be large still,
but
11.e.S.
lions.
Payer. Paper.
with competition in the selling extremely keen. Boston
4
4
4
4
4
4
3%
New York
3%
34
3%
3%
Secretary Mellon was quoted as saying that
3%
4
4
4
the Philadelphia
4
4
4
4
Cleveland
4
4
4
4
4
failure of a chain of nearly 50 State banks in
4
4
4
Geor- Richmond
4
4
4
4
Atlanta
4
4
4
4
4
gia was the result of deflation in Florida following Chicago
4
4
4
4
4
4
4
4
4
4
4
4
the collapse of the big real estate boom rather than St. Louis
4
Minneapolis
4
4
4
4
4
4
Kansas
4
4
4
4
4
to an unsound banking position generally in this Dallas City
4
4
4
4
4
4
4
Francisco
4
4
4
4
country. The offerings of new securities have been SanIncluding bankers' acceptances drawn for4an agricultural purpose and secured
•
good-sized scale, but the transactions in bonds by warehouse receipts. &e.
on a
on the Stock Exchange have not increased especially.
There is very little to report this week in the way
of news developments, so far as sterling exchange is
Referring to money rates in detail, loans on call concerned. Trading has
again been dull and featurethis week covered a range of 4@4%,as compared less, with the volume of business actually transacted
with a frat rate of 43/2% a week ago. For the first extremely light. There has been nothing
to indicate
half of the week, Monday, Tuesday and Wednesday, undue pessimism, however, and notwithstanding the
all funds on call were placed at 43/2%, this being the many uncertainties surrounding the market the underhigh, low and renewal figure on each of the three tone has been firm and prices steady. Demand bills
days. Renewals continued at 43/2% on Thursday, ruled much of the time at 4 85 15-16, with the range
248
THE CHRONICLE
[VOL. 123.
for the entire week still confined to a small fraction violent up and down movements that characterized
—only 3-16 of a cent. Commercial bills have been on trading last week, which in turn reflected, to some
offer quite freely at intervals, but the market was extent, certain important developments that have
usually well able to absorb everything offered. Ac- taken place in the financial and political status of the
cording to bankers, the bad effects of the long drawn countries in question during the past week. Exout British coal strike are beginning to make them- change on Paris opened comparatively firm at 2.62,
selves felt. Great Britain's industrial activities are but quickly succumbed to a fresh avalanche of selling
seriously affected and in many lines business and and the quotation broke to 2.46. News, however,
commerce in the United Kingdom are gradually that a pact settling France's war debts to Great
shrinking; all of which is naturally having an unfavor- Britain had actually been agreed on had an inable influence on monetary conditions. The imme- stantaneously stimulating effect and the price shot
diate result has been a "hands-off" policy in the up to 2.58. Later on, official announcement from
matter of foreign exchange speculation, which ac- Washington that this agreement would have no bearcounts in large measure for the practical stagnation ing upon the Franco-American debt question brought
of the past two weeks. Toward the end of the week about a setback, with an accompanying decline in
calling of a new coal parley revived hopes that a quotations to 2.53, while publication of a disappointsettlement satisfactory to both sides would be brought ing Bank of France statement on Thursday was
about and the close was a shade firmer, though just followed by a further severe slump to 2.35. In the
as inactive as before. Still another factor in the late dealings conditions bordering upon demoralizadulness has been the absorption shown in develop- tion prevailed and sentiment regarding the outlook
ments regarding the now famous trio—French, for the franc once more turned pessimistic.
Belgian francs responded to news of the drastic and
Belgian and Italian—of exchanges, which has inevitably relegated sterling to second place. The epoch-marking step taken by Belgium, i.e., giving to
drastic course of action adopted by Belgium is re- King Albert the power of a dictator in an endeavor to
garded as a possible forerunner of similar tactics ward off financial ruin, by a rise of 363/2 points, to
2
2.403/, after having earlier in the week crashed to as
elsewhere on the Continent of Europe.
Referring to the day-to-day rates, sterling exchange low as 2.06, in sympathy with the break in the French
on Saturday last was easier and demand ruled at unit. Opinion on the unique step taken by Belgium
4 85 13-16 (one rate) and cable transfers at 4 86 5-16 while at first almost universally favorable, was
during the entire half session; trading was more than somewhat doubtful as to whether it is going to be
usually dull; quotations on bankers' sixty day bills possible to separate Belgian francs from the influence
have been discontinued for the present owing to the of France's exchange. The view is held by many
fact that business is no longer transacted by means that it will not be practicable to raise and stabilize
of bankers' long bills. On Monday, notwithstanding Belgian exchange in the face of a declining French
free offering of commercial bills, price levels were franc. On the other hand, admiration and approval
firmly held and the quotation was a fraction higher, are freely expressed of the courageous step taken
at 4 85 27-32 for demand and 4 86 11-32 for cable by the Belgian people in endeavoring to bring about
transfers. There was very little doing on Tuesday, unification in the control of their financial affairs.
though the undertone remained steady; the supply After the first burst of enthusiasm had subsided,
of bills was lighter and demand sold up to 4 85 15-16; skepticism as to the feasibility of the plan for a
the low was 4 85 27-32, unchanged, while cable dictatorship cast a damper on the market. There
transfers ranged between 4 86 11-32 and 4 86 7-16.. is little doubt that the recent collapse in Belgian
Wednesday's market was quiet but firm, with de- exchange was aggravated by political dissensions,
mand at 485 15-16 (one rate) and cable 'transfers and also that if the French nation could be brought
at 4 86 7-16. Dulness characterized trading on to the point of reposing sufficient confidence in
4 85 15-16@4 86 for demand and 4 86 7-16@4 863/ some one leader to allow of the establishment of the
for, cable transfers. On Friday rates were maintained necessary financial reforms, the greatest of France's
on dull trading, and demand was again quoted at financial problems will have been solved. Toward
4 85 15-16@4 86 and cable transfers at 4 86 7-16@ the close some recession in Antwerp currency oc4
Closing quotations were 4 85 31-32 for curred, largely as a result of speculative activities,
demand and 4 86 15-32 for cable transfers. Com- and also nervousness over the fresh collapse in
mercial sight bills finished at 4 85 25-32, sixty French francs. It is claimed that heavy losses have
days at 4 81 21-32, ninety days at 4 79 25-32, and been sustained this week by those institutions who
documents for payment (sixty days) at 4 81 25-32. had been buyers of francs at well above the recent
Seven-day grain bills closed at 4 85 21-32• and record low prices had been forced to sell out at the
bottom. Italian lire, while less in the limelight,
• cotton and grain for payment at 4 85 25-32.
No gold is being engaged for either export or im- nevertheless also moved somewhat erratically. Open.463; after a while there was a
port to this port, although it was learned that the ing quotations were 3
4
SS. Ventura arrived from Australia recently with break to 3.361 ; then recovery to as high as 3.45,
$5,000,000 gold consigned to the San Francisco with subsequent weakness that carried the lire back
Reserve Bank for account of an unnamed New York to 3.37. Considerable selling pressure was noted at
account. The Bank of England continues to report times, but buying support, thought to be of an official
numerous sales and purchases of the precious metal. or semi-official nature, was put forth at frequent interExports were £15,000 to Spain, £22,000 to India vals, thus preventing anything like the losses susand £5,000 to the Straits Settlements, while the Bank tained by francs. German and Austrian exchanges
bought 040,000 in gold bars and imported £750,000 have been steady but inactive and nominal. Greek
exchange continues heavy and moved downward,
in sovereigns from South Africa.
touching 1.19 at one time,then recovering to 1.20YI.
In the Continental exchanges francs and lire again In the minor Central European group, strength in
while
came to the front by reason of a recurrence of the Polish zloties was noted, with a rally to 11.00,
JULY 17 1926.]
THE CHRONICLE
Rumanian lei moved up to 0.472 for a while on
/
1
foreign buying, incidental to the placing of new
Rumanian loans. Trading was not especially active.
The London check rate on Paris finished at 206.40,
against 187.10 a week ago. In New York sight bills
on the French centre closed at 2.363.., against 2.55;
cable transfers at 2.373', against 2.55, and commercial sight bills at 2.353, against 2.54 last week (commercial sixty days are no longer quoted). Antwerp
francs finished at 2.35 for checks and at 2.35 for cable
transfers, in comparison with 2.32 and 2.33 the preceding week. Final quotations on Berlin marks were
23.79 (nominal) for both checks and cable transfers,
as compared with 23.79@23.81 a week earlier, while
Austrian schillings remain at 143/, unchanged. Lire
8
finished the week at 3.37 for bankers' sight bills and
3.38 for cable transfers. This compares with 3.48
and 3.49 the week before. Exchange on Czechoslovakia closed at 2.963 (unchanged), on Bucharest
4
2
at 0.463/, against 0.453/2; and on Finland at 2.523/
2
(unchanged). Polish zloties turned firm and finished
at 11.00, against 9.00 last week. Greek exchange
finished at 1.20 for checks and at 1.201/ for cable re2
mittances, in comparison with 1.213 and 1.223 a
4
week ago.
249
Bombay 369/8@363/2, (unchanged), and Calcutta
369/8@363/2, (unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 10 1926 TO JULY 16 1926, INCLUSIVE.
Country and Monetary
_
.
Noon Buying Rate for Cable Transfers In New York.
Value in Untied Stales Money.
July10.
July 12.
July 13. July 14.
July 15. July 16.
.
$
EUROPE.14075
Austria.schliling
233
Belgium. franc
.007264
Bulgaria, ley
Czechoslovakia, krone .029613
.2650
Denmark, krone
England. pound titer
4.8628
ling
.025209
I Inland. markka
0258
France. franc
Germany, relehsmark .2381
012209
Greece, drachma
.4015
Holland. guilder
1756
Hungary, pengo
Italy. lira
0342
Norway. krone
.2193
Poland.zloty
0947
Portugal, escudo
0513
Rumania.len
004533
Spain. peseta
1586
Sweden. krona
.2681
Switzerland. franc-- .1936
Yugoslavia, dinar_--- .017679
ASIAChina-Chefoo, tael
7513
. .7384
Hankow,tael
.7701
Shanghai. tael
. 1613
Tientsin. tael
Hong Kong. dollar. .5508
Mexican dollar- --- .5198
Tientsin or PelYang
dollar
.5125
.
6104
Yuan. dollar
.3628
India, mime
yen
Japan,
.4693
iineapore(S.S.),dollar .6621
NORTH AMER..dollar
Canada.
1 001104
.999125
Cuba, Peso
.488697
M e‘leo. peso
Newfoundland, dollar :998500
SOUTH AMER.Argentina. peso (gold) .9187
Brazil. milrela
.1567
.1206
Mile Pea°
• 11111 K
•
$
.14074
.0212
.007264
.029619
.2850
$
$
.14075
.14071
.0224
.0238
.007234 .007247
.029813 .029618
.2650
.2650
$
.14079
.0228
.007225
.029615
.2650
$
.14065
.0235
.007238
.029616
.2650
4.8644
.025213
.0244
.2380
.012081
.4018
.1751
.0338
.2191
.1022
.0513
.004632
.1582
.2680
.1937
.017673
4.8644
.025202
.0240
.2380
.012029
.4018
.1755
.0338
.2192
.1045
.0513
.004820
.1575
.2679
.1937
.017667
4.8627
.025202
.0250
.2380
.012025
.4016
.1756
.0338
.2193
.0955
.0513
.004482
.1579
.2681
.1936
.017682
4.8632
.025205
.0256
.2380
.012079
.4017
.1758
.0345
.2191
.0963
.0514
.004593
.1587
.2881
.1936
.017863
4.8838
.025200
.0258
.2380
.012119
.4017
.1758
.0342
.2191
.0963
.0513
.004675
.1589
.2480
.1937
.017677
As to the neutral exchanges formerly so-called,
.7492
.7508
.7479
.7502
.7448
trading was exceptionally quiet. No wide changes
.7381
.7394
.7389
.7389
.7348
.7179
.7171
.7191
.7181
.7147
occurred and the whole market moved listlessly,
.7475
.7488
.7504
.7498
.7440
.8482
.5484
.5504
.5495
.5467
within narrow limits. Guilders were firmer, but
.5198
.5200
.5208
.5204
.5179
inactive. Swiss francs were steady, at close to
.5121
.5125
.5121
.5125
.5104
.5100
.5100
.5108
.51110
.5071
last week's levels. Danish and Swedish currencies
.3628
.3629
.3626
.3629
.3631
.4696
.4891
.4701
.4699
.4707
were all but motionless, while Norwegian krone,
.5821
.5821
.5821
.5621
.5621
1.001217 1.001250 1.001279 1.001271 1.0011191
after opening and ruling unchanged, at 21.90, sagged
.999156 .999188 .999188 .999219 .999219
087 .488833 .488833 .489000 .489000
.488
some 3 or 4 points, but with no specific reason assigned
.998781 .998658 .998858 .998656 .998469
for the weakness. Spanish pesetas remained at or
.9193
.9210
.9188
.9225
.9233
.1571
.1573
.1589
.1572
.1578
near 15.87 until yesterday, then dropped to 15.77.
.1205
.1202
.1205
.1204
.1204
mit
10044
1(WM
1 MIRA
1 NUM
Bankers' sight on Amsterdam finished at 40.15,
against 40.133/2; cable transfers at 40.193/2, against
40.153/, and commercial sight bills 40.13,3/ against
2
The New York Clearing House banks, in their
40.0932 last week. Commercial sixty days are no operations with interior banking institutions, have
longer quoted. Final quotations on Swiss francs are gained $5,898,037 net in cash as a result of the cur19.36 for bankers' sight bills and 19.37 for cable rency movements for the week, ended July 15.
transfers. Last week the close was 19.353 and Their receipts from the interior have aggregated
4
19.363 . Copenhagen checks finished at 26.47 and $7,267,115, while the shipments have reached $1,369,4
cable transfers at 26.51 (unchanged). Checks on 078, as per the following table:
Sweden closed at 26.75 for checks and at 26.79 for
RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
cable transfers, against 26.773/ and 26.813/, while CURRENCY
INSTITUTIONS.
2
2
checks on Norway finished at 21.893/2 and cable
Into
1 Gain or Loss
Out of
transfers at 21.933/, against 21.903/ and 21.943/ the
Banks.
to Banks.
Banks.
2
1Vetk Ended July M.
week preceding. Closing quotations on Spanish Banks'Interior movement
$7,267,115
$1,389,078 Gain $5.898,037
pesetas were 15.77 for checks and 15.79 for cable
As the Sub-Treasury was taken over by the Fedtransfers, which contrasts with 15.87 and 15.89
eral Reserve Bank on Dec. 6 1920, it is no longer
last week.
possible to show the effect of Government operaSouth American exchange was inactive but firm.
tions on the Clearing House institutions. The FedBrazilian milreis ruled above the levels of last week,
Reserve Bank of New York was creditor at the
while Argentine pesos advanced sharply on an eral
Clearing House each day as follows:
improved demand and light offerings, to 40.67 for
BALANCES OF NEW YORK FEDERAL RESERVE BANK
checks and 40.72 for cable transfers, against 40.44 DAILY CREDIT
AT CLEARING HOUSE.
and 40.49 last week. Brazilian exchange closed at
Aggregate
Saturday, Monday. Tuesday, Wednesd'y, Thursday, Friday.
15.80 for checks and at 15.50 for cable transfers, as July 10. July 12. July 13. July 14. July 15. July 16. for Week.
compared with 15.65 and 15.70 a week earlier.
$
$
93.000,000 105 000 one 100,000 003 90.000,000 96.000.000 89,000.000 Cr. 573.000.000
Chilean exchange was steady at 12.05, unchanged, Note.-The foregoing heavy credits reflect the huge
mass of cheeks which come
York Reserve Bank from all parts of the country in
to
while Peru finished up at 3 73, against 3 72 the thethe New Reserve System's par collection scheme. These largethe operation of
Federal
credit balances.
however, reflect only a part of the Reserve Bank's operations with the Clearing
previous week.
,House institutions, as only the Items payable in New York City are represented In
The large volume of checks on Institutions located
of
Far Eastern exchange was as follows: Hong Kong the daily balances. accounted for In arriving at these balances, as such outsidedo
New York are not
checks
not pass through the Clearing House but are deposited with the Federal Reserve
55.15@55.30, against 55.42@55.70; Shanghai, 72
Bank for collection for the account of the local Clearing House banks.
2
72 5-16, against 723/@72M; Yokohama 47@471
4,
against 46.95@47.05; Manila 49 8@49% (un/
The following table indicates the amount of bulchanged); Singapore 563/@567 3 (unchanged); lion in the principal European banks:
2
/
THE CHRONICLE
250
July 16 1925.
July 15 1926.
Banks of
Gold.
Silver.
Total.
Gold.
Total.
161.567,002
England _ _ 151,335,084
151,335,084 161,567,002
France a _ _ 147,372,777 13,480,000160.852,777 147.297,097 12.440,000 159,739,097
Germany c 61,595,000 d994.600 62,589,600 53.523,100 d994,000 54,517,100
b2,000,000
Aus. Hun_ 62.000.000
b2,000,1 I i 62,000,000
Spain
101.811.000 268.360.006 370,171,00 101.464.000 26,142,000 127,606,000
Italy
36,738.000 3,425,001 39,163,001 35,589,000 3,342,000 38,931,000
Netherrds. 35.511,000 2.263,006 37.774.000 35,963,000 1,854,000 37,817,000
Nat. Bele _ 10,955.000 3,561,000 14.516,016 10,891,000 3,253,000 14,144,000
Switzerrd _ 16,775,000 3,534,0 i i 20,309,000 19.980,060 3,566,001 23,546,000
13,023,000
Sweden. _ _ 12.689,000
12,689,000 13,023,000
Denmark _ 11,619,000
854,11112,473,000 11,636,00f 1,140.000 12,776,000
8,180,000
8,180,000
Norway
8.180.006
8,180,000
Total week 595,580,861 296,471,6 II 892,052,461 601,115,199 52.731.000 653,846,199
Prey. week 594.382.132 55.119.611 649,501.732 599.132,979 52,818.600 51,951.579
a Gold holdings of the Beak of France this year are exclusive of £74,572,836
held abroad. b No recent figures. c Gold holdings of the Hank of Germany this
Year are ocodualve of £12.015.000 held abroad. d As of Oct. 7 1924.
French Opinion and the Debt Settlement.
The spectacle of 20,000 French veterans of the
World War, some in wheel chairs, some on crutches,
some blind, sane hopelessly disfigured, and all
wounded or maimed, marching slowly and painfully
through the broae and splendid avenues of Paris to
the statue of George Washington as a mute protest
against the terms of the proposed debt settlement
with the United States, is one which none who saw
it and few who have read about it are likely soon to
forget. There was no music to cheer the marchers
and no speeches to voice their thoughts, but the
20,000 nevertheless spoke, newspaper advices tell us,
for millions. Published statements had made it
clear, as far as words could go, that it was not
against the American people that complaint was
lodged, and theN were no unseemly words or disrespectful acts to mar the solemn proceeding from
beginning to end. The Government did its best, apparently, to prevent the demonstration, but it was
powerless; it could not use police or troops against
"the men who had almort died for France," nor
could it risk a curb on a vast popular resentment
which sought this means of expression. So the sad
procession moved on, placed at Washington's feet
its wreath of roses and a marble plaque appealing
"straight to the people of the United States" that
the study of the debt question might be taken up
once more, and then melted away as silently as it
came.
Yet the saddest thing about the whole affair was
the fact that the sentiment which it embodied, expressed in the conviction that "after the deceptions
of peace the proposed debt settlement would consecrate the ruin of France and the loss of her independence," rested upon a misunderstanding so great as
to make one wonder that it ever could have arisen,
or how, after all that has been said in public about
the matter, it can now be entertained.. What are
the provisions of the Mellon-Berenger agreement of
April 29? The principal of the French debt to be
funded, including accrued interest, is fixed at
$4,025,000,000. In settlement of this obligation, the
agreement calls for the payment by France of $30,000,000 for each of the first two years, $32,500,000
for the third and fourth years, and $35,000,000 for
the fifth year. There is no interest charge during
these five years; then interest begins at 1%, and
/
1
2
reaches its maximum at 3 %. Beginning in 1931,
when interest is for the first time to be paid, the
annual payments on account of principal and interest vary from year to year, the average being about
$125,000,000 for the larger part of the sixty-two
years over which payments are spread. If, between
[Vol,. 123.
1926 and 1932, France desires delay, it may postpone for three years any of the amounts over and
above $20,000,000 that may fall due.
If these terms seem harsh to the people of France,
it is the fault of the French Government and the
French press, not of the United States. The total
amount which France will have paid at the end of
the sixty-two years is only about $627,000,000 more
than M.'Caillaux himself offered last October in his
negotiations at Washington. M. Caillaux's final
offer then was $40,000,000 a year for the first five
years, $60,000,000 for the next seven years, and
$100,000,000 for fifty-six years, a total of approximately $6,220,000,000 in sixty-eight years. The
American Debt Commission rejected the offer on the
ground that it amounted only to repaying $1,750,000,000 with interest at 1%. The present value of
the total payments under the Mellon-Berenger agreement, however, at 414%,amounts to only $1,996,504,/
000, or less than one-half of the principal of the
French debt, while the aggregate of the payments of
the first five years is less by $40,000,000 than M.Caillaux's offer. The United States, in other words, has
made a proposal which, while calling for greater
payments in the aggregate than M. Caillaux proposed, is appreciably easier for France during the
first five years. It has done more than this. The
ad interim arrangement which was made in October, when the formal negotiations broke down, calls
for payments of $40,000,000 a year for five years in
full discharge of interest on the consolidated debt.
As France was already paying about $20,000,000 a
year in interest upon its indebtedness for surplus
war supplies purchased from the United States,
which item of indebtedness is included in the total
of the consolidated debt, the actual charge upon the
French Treasury, for the payment of interest in full
on the entire debt, involves for five years an additional burden of only $20,000,000, or
of 1% on the
total amount of the debt. Nothing, it would seem,
except a well-nigh complete misunderstanding of the
facts in the case, facts which the French Government should long since have placed as clearly before its people as the American Government has
placed them before the people of this country, can
justify a popular denunciation of the Mellon-Berenger agreement as unfeeling or harsh, or as a menace
to the welfare and independence of France.
Whether or not the debt agreement with Great
Britain which was signed on Monday will facilitate
the ratification of the American agreement by the
French Parliament remains, of course, to be seen.
The agreement has been praised as favorable to
France. If, however, account be taken of the difference in the amounts owed by France to Great Britain and the United States, the agreement is considerably less favorable to France than the ad interim
Washington agreement now in force. On the basis
of a principal of £653,127,900, France undertakes to
pay from £4,000,000 to £6,000,000 annually for the
first five years, and thereafter from £8,000,000 to a
maximum of £14,000,000. The principal of the debt,
however, is less by approximately $750,000,000 than
the principal of the American debt, and since France
was already paying the United States $20,000,000
annually in interest on some $400,000,000 owed
for war supplies, the £4,000,000 to £6,000,000 which
are now to be paid to Great Britain for the first five
years represent a larger proportionate payment
JULY 171926.]
THE CHRONICLE
251
than the additional $20,000,000 which France is pay- papers excerpts from the addresses delivered in all
parts of the country. In a sort of egotistic ennui
ing under the ad interim agreement.
The London agreement further provides that one- we often say to ourselves, "Oh, the speeches are all
half of any of the semi-annual payments may, of the same spread-eagle kind; why not motor into
at the option of France, be deferred for not the country, or go fishing, or to the seashore, or lie
more than three years, in which case the de- in a hammock in the shade of a tree at home and
ferred payments are to bear• interest at 5%. rest?" And it must be confessed we often do these
If at any time the amounts received by Great things, but do we thereby escape the thought-waves
Britain under debt funding agreements, or that thrill through the land at this time? We are
from reparations, exceed the amount paid by Great less noisy in our demonstrations than we were, we
Britain to the United States on its war debt ac- do not "twist the lion's tail" as once we did, and we
count, the excess shall be credited to France in the look forward now as well as backward; but, best of
proportion which the amounts paid by France bear all, we seem to test our minds and hearts, inereall
,
to the amounts received by Great Britain under the ingly, by these immortal principles. What of relidebt funding agreements. The disposition of the gious liberty, are we really tolerant toward our fel£53,500,000 in gold which was transferred from low-worshippers? What of the State, is it supreme
Paris to London during the war is left for future in power? What of "life, liberty, and the pursuit of
adjustment, the amount in the meantime appearing happiness," are these mere words or conditions, acts,
annually on both sides of the debt account, while and ideals, in our own lives? Looking over the adthe moot question of the dependence of French pay- dresses epitomized for us by the press we cannot
ments upon reparations is temporarily settled by an escape the conviction that to each of us the appliexchange of notes between Mr. Churchill and M.Cail- cation of these undying truths is infinite.
laux, the purport of the notes being that the matter
Though we yield to the temporizing influences of
will be discussed in the event of German default.
'
a midsummer holiday there is a sober afterthought
It is to be expected that these various features that comes to us all that inescapably we play a part
of the London agreement will be used in France as in the maintenance of a doctrine that can never
material for further criticism of the United States, cease to be vital to ourselves and to others with
and as a basis for further argument in behalf of whom we are associated in citizenship. Orators may
reopening negotiations with this country. For such tell us "nothing new," but we are conscious, sometoward the United States and its people as how, of a new trust committed to our care, as these
the discussion may continue to engender there will celebrations continue and the years pass by. A mere
be, on this side of the water, only deep regret, joined cursory comparison teaches us that "life" is a more
to the hope that popular resentment so clearly absorbing problem than it was to the "founders."
grounded in misunderstandings, may leave no per- Yet its object, its duty, its opportunity, though
manent scar upon the friendly relations of two great changed and changing, are the same in character
nations. The immediate tasks of the Briand Gov- though different in the means and degree of expresernment, apparently, are to obtain from Parliament sion. Liberty, though "under law," while perhaps
a provisional ratification, at least, of the Mellon- more circumscribed by circumstances, has its
Berenger agreement, and, with that, to set sturdily bounds as of old only in the liberties of others. And
about the work of stabilizing the franc and reform- the "pursuit of happiness" is as personal to-day as
ing the national finances. If Parliament, which is it ever was, defined not by the mere increase of
anxious to adjourn for the summer vacation, can be pleasures, but by that feeling of joy in the good of
persuaded to grant to the Government the extraordi- others, and in the sacrifices made greater by the
nary powers which M. Calllaux has demanded, the greater opportunities vouchsafed to each of us.
Government will be left free to carry through its
It may be said, then, of our commemoration of
financial program by Ministerial decrees, with at this date, however much or little we may individuleast a fair measure of assurance that, if the re- ally take part in it, that it serves to give us a fresh
forms succeed, the decrees will be approved when viewpoint, a new impetus, and a more profound reParliament reconvenes. Even the Socialists, it ap- spect, as to the common duties of a common citizenpears, are now agreed that failure to pay the United ship. We ask ourselves: What are these things
States would be an act of bad faith, and are asking committed to our care, that the remorseless march
for a reopening of negotiations with Washington of events and progress must not destroy if we are
only on the ground that the ability of France to pay to continue a free and independent people? If we
may properly be re-examined. It seems not yet to boast merely of our achievements, forgetful of the
have occurred to French statesmen that a plea. of simplicities of endeavor; the truths of character,
incapacity to pay does not, to the average American forgetting the greater duties that accompany 'enmind, accord very well with the continued mainte- larged opportunities; the success of helpfulness that
nance of a huge standing army and stubborn oppo- can come to every man, forgetting the real subsition to any effective plan for the reduction of arma- stance in the riotous show of wealth
and power; can
ments, but time and a falling franc may yet do their we preserve the cardinal principles that endure, reeducative work even here. In any event, the conclu- gardless of the passing of time.
What we do, what
sion of the London agreement is distinctly a victory forces its attention upon us for all our carelessness,
for M. Caillaux, and by so much, at least, the out- is that we take our bearings in new conditions of life,
look is more encouraging than it was a week ago.
to see how near we are to or how far we are from
our charted course.
Afterthoughts on "The Fourth of July."
A few men, we observe, tell us that our ConstituAs a text for a thousand themes the Declaration tion has become atrophied, crystallized, through too
of Independence loses little of its charm, variety and I much praise, through too close observance. They
interest. This is proven when we read in our news- would have us embody in it by amendment the new
252
THE CHRONICLE
definitions of human rights, the new theories of the
purpose of government. Yet a contract that provides for liberty, however tightly drawn, cannot destroy liberty. A charter that opens the way for the
pursuit of happiness, the fullness of life, cannot contract the self-expression of the individual. One
check there is, and only one, upon the energies,
thought and achievement of the individual, and that
is the energies and accomplishments of others. And
it is true, unfortunately, that we are constantly
striving to do by law what the Constitution purposely failed to do, direct, control and regulate the
affairs of human intercourse, that must be free alike
for every man, and that stop only when they infringe upon the rights of others. We observe that
the very multiplicity of our laws is turning us back
to the original conception of liberty embodied in our
Constitution.
Dragging anchors and drifting from moorings is
not quite the metaphor to express our condition.
The "Ship of State" is not the bearer of sealed orders. Wherever it goes it carries with it the Constitution. A Declaration of Independence precedes
the journey; the Constitution confirms the permission to enter all the open ports of progress. The
citizen is a sovereign in his own right over a representative republican Government. We can enervate
the people, we can annul the Constitution, by too
many laws. Statutes are not intended to supersede
the fundamental law. That is so wide, so liberal,
so all-embracing, that attempts to define human
rights caa end only in circumscribing them. These
rights are natural, innate, inalienable; and their
only limit is the possession of like rights by others.
In a free life of competitive endeavor the meeting
place of these rights is in that which we denominate
a "square deal." Contracts between citizens and
persons are inviolable when they do not circumscribe
others and are not morally wrong in themselves.
It is for these reasons that constant changes in
the Constitution are dangerous. Laws, not contrary
to the spirit and letter of the great original document, are necessary to a definition of liberty of endeavor, worship, speech, thought. But they can
only be effective when in keeping with an overwhelming consensus of public opinion. To attempt
to graft a series of mere directory laws upon the
Constitution is to deny its intent and weaken its
force. Therefore, these recurring celebrations when
we laud the "founders," when we study and analyze
rights and define liberties, are not and never can be
reactionary in their nature. At these times we are
compelled to compare the yesterdays of one hundred and fifty years ago with the to-days of the present decade. We are forced to ask whether our marvelous advance has been because of the thousands of
petty laws we have enacted on the way or whether
it has been due to the freedom of individual endeavor, the initiative and enterprise of individuals,
and largely regardless Of the laws themselves.
Nothing can serve us better than this analytical
mood. Blind adoration of a document that is unfitted to the needs of to-day can do us no good. We
must give a reason for our faith. And this we are
doing, more and more, by the very trends of legislation. What is known as the Bill of Rights was
quickly embodied in the Great Charter. And, thereupon, by its originators it was deemed complete.
freedom
It found men free and left them free. That
[Vol.. 123.
requires little definition. It is sufficient in itself.
And we cannot commemorate the adoption without
seeing that the selfishness of society and politics is
striving in our day to put a new meaning into human liberty—into "life, liberty and the pursuit of
happiness." How can rights and liberty exist when
men by class and party seize upon Government to
make all men do as they would have them do? Life
is not self-expression as ordered by others. Liberty
is not a road made by others from which each departs only as a trespasser. Pursuit of happiness is
not a forced march toward an ideal conceived only
by others.
It is not by grandiloquent praise, by fulsome selflaudation, more than by violent critical iconoclasm,
that we realize the true spirit of the occasion we
commemorate. As we have said, our methods of
celebration are changing. If, as so often asserted on
all other days of the year, we have come to the parting of the ways between representative republicanism and socialism then we need a new understanding and a new devotion. And one of the greatest
lessons of this day is that rights involve duties and
liberties involve responsibilities. Can we revere the
fathers save we respect the rights of others in our
daily transactions? Can freedom ever become a
creature of law? "Liberty under law" does not
mean by law; it means freedom under the conscience, judgment and permission of all the people.
Not minorities, not even majorities, since even minorities have rights majorities must respect, can
define by a multitude of statutes, can limit and define the new and changing individual and human
relations by which we live and move and have our
being.
"Commencement Week"—The
Opportunities of Life.
The addresses have been delivered, the class orators have been heard with "rapt attention," the
diplomas have been awarded, and this Commettcement Week has gone the w ay of all the others. And
.
at 1-Ist there is nothing left but life itself! Happy
now, in the brief spell of summer, are the fathers
and mothers, the sons and daughters, of a land
vheie education is beloved, and where knowledge is
as fl ee as it is abundant. Yet for all this, knowledge is not wisdom, freedom from school is not
leisure, and life is not ease or comfort or joy—without work. To emerge from a college or university
into c cultured society is not without its penalties.
If in our place and time we know more than did
preceding generations we need to know more. The
race is swift and it is stern. The very momentum
of achievement is like the gathering current of a
mighty stream, and those who imagine that au
"education" will fit them for success, must soon find
only the constant vigil and effort consecrated to a
task will keep them from being swept down and
under by the forces of a world that is gathering
strength every day.
In his address to the students at Cooper Institute, Mr. Thomas W. Lamont drew a fine lesson
from the quotation: "The good thing well willed becomes fulfilled." And if it be a good thing it is
well willed; and if it be a thing well willed it must
be good. And whatever the "thing" is in life, it
only becomes fulfilled because it is a good thing
well (not ill) willed. There is so much in the say-
JULY 17 1926.]
THE CHRONICLE
253
ing that it is an education in itself. Success, in the lives. And how many sacrifice—parents for .chilpopular sense, has so many standards that the word dren, and (not so often) children for parents,'friend
is never a wise measurement of life. All our educa- for friend, men and women unnumbered who stepped
tional institutions are in vain if they fail to im- aside from a sense of duty, love, responsibility, that
press upon the student the thought that success lies another might embrace the coming opportunity
in "the good thing well willed" that is possible to which two could not grasp at the same time—and
every man and every woman. Wealth, fame, power, whose names are "writ in water"! It is right to inprestige, are not necessarily success. In fact, judged spire and encourage youth at the threshold of life,
by their own inner standards our greatest men are but it is well to explain and to caution. No one
our greatest failures in many instances. For they would advise mediocrity as a goal, but to point out
know how little they know. That man only is a suc- that form of success that lies in a modest self-satiscess who can say: "I did the best I could, at all faction in work and effort regardless of results, and
times, in all ways." And how very few at the final a gentle contentment in the pleasure of doing—this
Commencement, which is "transition" and not death, cannot be far from wisdom.
can look back and be satisfied?
This "good thing well willed" is not always fulAs these young people, entering life through the filled in the sense that it will come to pass. The
portal of the school, look over the accomplishments, highest fulfillment is in the honest willing. And
achievements and endeavors of mankind in the re- the willing is powerless without work. The old
sultant we call civilization, who can say what par- bookkeeper in the counting house cannot always beticular work of race or individual has been of most come a member of the firm. Every coal miner canadvantage to the world of to-day? The threads are not become 'an operator or an owner. The wageso interwoven in this magic carpet of general wel- earner cannot become so identified (save as a stockfare on which we live that no one can point to a holder) with the enterprise as to,become a part dicsingle achievement and say this is the most precious tator in the declaration of dividends. Yet these are
of all. We owe all that we have to all that has been the "things" which many false teachers declare
done in all the past. We have thousands of splen- should be "well willed." The world is full of this
did examples before us—but we cannot repeat the advice. Yet the facts are all against this form of
career and work of any one of them. We have more success. No matter how strong one will may be,
possibilities opening on our vision than the heroes, there are others just as strong, and mayhap stronger.
successes, of the. past ever had, but we may not be No willing can obliterate the circumstances of life.
able to do as much as the least of those we now re- Each must make his way in and through the civilivere. Yet there is a measure of success to which zation into which he is born. There is very little
each may attain, and it is found, not in the plaud- room at the top, notwithstanding the old adage.
its of others but in the inner satisfaction of effort But there is always opportunity for work—guide it
toward that self-help which is attained only by help as one may.
to others.
We are compelled to take "things" as we find
If there is one criticism to be offered upon the them. Change them, better them, if we can; but
worldly standards of to-day it is that they are es- accept them as part of the plan and purpose of life.
sentially selfish. Let the work of a life be in busi- There is always a higher will than a man's own. It
ness, in the professions, in .participation in Govern- may be the will of society, of the State—it is the
ment, in the trades or on the farm, if it be not per- will of God! Some part in all the. marvelous inherformed by the consecration of service to others it itance of the ages and generations each may have.
is a failure. This does not mean, far from it, that Some part in the advance is his, as a conscious right.
in the doing of the thing, whatever it may be, one But always inspiration, initiative, entetprise, "-sucis to forget self. Altruism, or living for others, is a cess," however defined, each and all of them, is met
delusion and a dream, unless one does live for self. by environing conditions no one man can set aside.
One must have some power to give, one must'have From school to old age, through all the opportunisome thing to sacrifice, one must have some per- ties, difficulties, failures and triumphs, of life, the
sonal work to nurture and guide and apply, before one good thing each may will is that he or she will
one can help others. There are literally thousands always "work for some good, be it ever so humble."
of persons, associations and organizations ready It is the consciousness of effort that i the supreme
and eager to tell us how to live and serve, but to satisfaction. The prizes are few, when they are set
each young man and young woman there is given a by popular and, too often, emotional judgment. And
task that can be performed by no other. To strive we may well believe when the final judgment comes
for self in the river of all effort, is to be able to "lend it will be full of surprises and the "last shall be
a hand" when the opportunity comes as come it will. first." Or if we choose to change this figure of
There are patent maxims, rules, formulas, for at- speech, those Who work steadily on • must, by the
taining to success. Examples of men who achieved law of work, some time come into their own.
greatness are ever before us. Precepts we have in
What, then, can better define "success" than to
abundance. They tell us, our teachers, to observe say that it is righteous self-approval for the effort
saving and thrift that we may have the means to made. He would be a poor philosopher who would
continue in the path which we mark out as a career. instil doubt and fear at the very moment when the
Knowledge, courage, diligence, faith, truth, educa- "journey lies forward." But unless we have a care
tion, love, all these we must have. But how many we will inculcate false hopes. 'We must seek the
possess them all,.of course in accordance with the good thing and we must well will it—but fulfillment
personal allotment which in the mysterious al- lies often in the lap of. the gods. Here is one of the
chemy of heredity is given in varying degree to crucial tests of our institutions: There are those
every one, and yet how many fail—in that they are who teach that the coal miner should, by some legerhewers of wood and drawers of water all their long demain of law, become an operator; that he should
254
THE CHRONICLE
apportion earnings between wages and profits, never
forgetting the alleged prior right of wages. When
the fact is that in the intertwined and interdependent efforts of all men he is not even entitled to always remain a miner unless this one vocation, which
he has adopted, requires his services and cannot dispense with them or with him, judged and estimated
by the general good of all men. Here is where the
good thing (good in itself) well willed must bow to
the greater will of the greater number. But work,
in some form, is indispensable to society—and if
man cannot have his choice he must still will to
work.
Wealth, power, fame, place, let him who can
gather them. It may be better to aim at the stars
than the tree-tops—but it is a dangerous doctrine to
affirm for every man. To grow morose and disgruntled, however, because one cannot gain, and
gain quickly, the good thing well willed, is filling
rvoL. 123.
the world with "progressives" who are little more
than iconoclasts. Man no longer "wants but little
here below"; he wants all there is and wants it now.
Hence we have reforms that are ready to rend and
tear down because the way is long and toilsome and
the great rewards come to few—and, indeed, are
possible only to the few. This instead of begetting
despair, should open the way. It is the contrasts
and differing stations and opportunities in life that
provide variety and plenty of work for each of us.
The boy who thrust his arm through a hole in the
dike saved thousands from a flood. And the "unknown soldier" may, in his own way, have been as
great as Napoleon. At the Commencement of real
life it is well to weigh the possibilities. Many men
waste a lifetime in vain desire. But he who "hews
to the line, let the chips fall where they may," has
done all that any man can do, and he can be happy in
his own effort, though he be judged a failure.
Indications of Business Activity
'THE STATE OF TRADE—COMMERCIAL EPITOME
fense Committee seems to have control of the situation. It
Is trying to interest other States in Brazil in the "defense"
Friday Night, July 16 1926.
Wholesale and jobbing trade shows little improvement. movement. Sugar has declined
somewhat, although sales
Yet somehow the car loadings increased and it is perhaps to home and foreign
interests have been on a rather large
significant that there are beginning to be reports of short- scale, particularly to
European refiners. Supplies are
age of cars. So that on the whole the exhibit of trade Is abundant, however, and
prices show no tendency to advance
not unsatisfactory. The vast population of this country much at this time.
Provisions have declined. Stocks of
calls for a large consumption of goods, even in what are lard are increasing.
Rubber prices feel the effects of intermed dull times. Retail trade has increased somewhat. creasing London stocks.
Mail order sales make a good
Special sales have operated to this end, with a view of re- showing. In June
there was an increase of something over
ducing stocks left over from a dull spring and early sum- 14% as compared with
June last year. Department stores,
mer trade. Larger sales are noted of cotton goods in Worth however, by reason, no
doubt, of bad weather, gained only
Street and elsewhere. And the business in shoes, leather 3%%. For six months
chain stores sales show a gain of
and furniture at wholesale shows some increase. The 14%% and mail order houses
13%, while department stores
steel trade in some branches has been brisk, although at for five months increased
only 3%. In Georgia 64 banks
Irregular prices. Some pig iron quotations have declined. closed this week, most of
them small State banks, and a
But it is noticed that scrap iron and steel prices show a number of them members of
a chain system. It has had
significant tendency to advance. A not uninteresting fact no effect. The minor
metals have advanced. The stock
Is that a French manufacturer has captured an order for market advanced for a time and
then became quieter and
14,000 tons of pipe for Texas oil interests. Importations more conservative. To-day,
however, there was a brisk
of pig iron continue. Coal has been rather less active and recovery on larger trading amounting to some 1,607,000
the tendency of prices has been to weaken somewhat. Yet shares. Some stocks, including railroad shares, reached
sales of soft coal have been made to England during the new high levels, and there was a better demand for indusweek of some 400,000 tons. Some Yorkshire coal miners trial securities. The ending was on a note of general
have returned to work, but the strike as a whole still goes cheerfulness, owing to easier rates for money, the lowest,
on in England and it is feared that recent hopes of an in fact, for some weeks past. Call loans being 4 to 4
/
1
4%.
early ending of the struggle are destined to be disappointed. Bonds were steadier, and German bonds, together with
Grain markets have all advanced. Wheat has risen owing other foreign securities, were in better demand, not exto a bad crop situation in the Northwest, where the spring cepting French issues, under the stimulus in general
of
wheat crop is smaller than that of last year, a fact em- lower rates for money.
phasized by the Government report. The Canadian reports
Of course, the currency situation in Europe is watched
have also indicated a sharp falling off in the crop this with more or less interest, not to say anxiety,
but there
year. In Europe the grain prospects seem somewhat bet- is a general belief that before long improvement
will be
ter, though not altogether reassuring.
The American seen in France, as it already has been in Belgium, with the
prices have risen 5 to 6 cents, or 15 cents from the recent help of extraordinary but none
the less necessary remedial
low. The corn belt of this country needs warmer weather measures in the unusual circumstances which exist at this
and showers here and there. The lack of such conditions time. For the time being the democratic Government over
largely explains the advance during the week here of some much of Europe has at least partially broken down.
There
5 cents per bushel. The price of rye has risen some 5 to 6 are dictat•rships in Italy, Spain and Belgium and now it
cents also, partly owing to unfavorable crop reports.
is plainly hinted that M. Caillaux may yet be made pracIn cotton since the opening of July the rise is some $7 50 tically dictator in France for the same reason that King
per bale, owing to unfavorable crop reports. The weather Albert of Belgium has been, namely to restore the finances
at the South has been too cold and wet. The hopper has to a normal status. French trade statistics show a nomdone more or less damage and there is a fear of weevil in- inal improvement, but francs have declined again, which
jury later on. There is a tendency to reduce the crop esti- is a rather ironical commentary on reported increases in
mates. The last Government report put the yield at 15,- trade. They were at a new low level here to-day of 2.35
635,000, but private estimates during the week have been or not very much more than one-tenth of the old par. Belas low as 15,000,000 bales. • American and Japanese trade gian francs, on the other hand, advanced 83 points, to
Interests have been buying on a rather liberal scale. It is 2.36%. Sterling was 486 and lire were rather higher, but
said that large speculative operators have taken hold of Spanish exchange fell 5 points. Scandinavian was firm.
the bull side of cotton and have bought heavily. Cotton The financial dictatorship in Belgium has had a good effect.
textile reports have been rather more cheerful. Manches- In France persistence in inflation has its logical and baneter advices indicate more inquiry from India now that the ful effect. Absolute control of French finances for a cermonsoon there has become more favorable for the crops. tain period is taken to be the only remedy. Perhaps it is.
Coffee has advanced during the week and the Sao Paulo De- Diseases desperate grown by desperate measures are re-
JULY 171926.1
THE CHRONICLE
lieved perhaps, or not at all. Loading or venue freight for
the week ended July 3 totaled 1,072,624 cars, or 10,373 cars
more than the preceding week, and 206,425 cars over the
same week last year.
At Fall River full-time operations have been resumed at
the Narragansett mills, following a period of idleness since
the 1st of the month. Fall River, Mass., wired that the
1,400 narrow looms of the American Printing Co. In the
Nos. 1 and 4 mills of the corporation were still closed down,.
although the spinner departments in both wee bring 3perated In full. The surplus yarn is being taken up by the
operation of the wide looms In :he other plants at night.
Fall River wired that mill shares were firmly held and
that It would be difficult to secure blocks of as much as 50
or 100 shares of most stocks. Numerous Rhode Island cotton mills which closed down early in July, or late in June,
resumed operations on the 12th inst. At Biddeford, Me.,
the Pepperell mills will operate on a five-day schedule
until July 16 and then will begin a four-day schedule until
further notice. Night work has been suspended. At Charlotte, N. C., consumers were increasing their orders and
were more inclined to take deliveries four to six weeks
ahead. Charlotte wired that spinners' prices are still well
above those generally published in yarn centres. Production of mills was lower the past week because of holiday
stoppages. At Durham, N. C., all textile mills are operating, although some of them on short time. While conditions are far from satisfactory, there is less complaint than
there has been in some recent years. At Durham the
power situation appears to be satisfactory, as the power
comes from two big power companies, as well as from
auxiliary power plants, and there appears to be ample
power even in case of drought. The cotton textile industry's greatest weakness is its lack of organization, according to the President of the Riverside and Dan River
cotton mills, of Danville, Va. At Youngstown, Ohio, the
Standard Textile Products Co. Is running its plant at full
capacity to meet the heavy demand from the automotive
Industry.
The Federation of Master Cotton Spinners' Asscioations of
Lancashire announces that a majority has been secured
for the adoption of the basic price plan for yarns spun from
American cotton. The scheme would not become operative
until after the termination of the coal strike.
The May production of hosiery in 370 mills of the United
States was 4,166,285 dozen pairs, against 4,371,379 dozen
pairs during April. On the basis of reports from 346 mills
production of 4,072,197 dozen pairs for the month, against
4,742,218 dozen pairs during May 1925. Shipments during
May were 4,229,952 dozen, against 4,333,270 during April.
The S. S. Kresge Co.'s sales for June were $8,834,366, an
Increase of 11.8% over June 1925. Sales for the first six
months of this year were $49,837,307, an increase of 11.6%
over the corresponding period of 1925. Total sales in June
of 468 retail stores which made preliminary reports to the
Federal Reserve System from all sections of the country
were 3.5% larger than in June 1925. Increases occurred In
all Federal Reserve districts except Cleveland and Minneapolis districts, where declines amounted to 1.6% and 7.4%,
respectively. The largest increases, ranging from 7 to 11%,
were in the Atlanta, St. Louis and New York Federal Reserve districts. The increase for the country as a whole
reflects larger sales than last year at about half the stores,
the other half reporting declines. Sales of two mail order
houses were 14.3% larger than in June 1925 and those of
5 and 10-cent variety chain stores (five chains) were 8%
larger than a year ago. General business conditions in the
Atlanta Federal Reserve District compare favorably with
a year ago. Retail trade is in larger volume than during
any previous month this year. Rayon prices are being
reduced by the DuPont Rayon Co. Sc. on 170 and 200 deniers
up to 40c. to 60c. on 80s and 100s.
Maine shoe factories are said to be resuming operations
after the annual holiday and Inventory period on a very
good basis. With a number of factories in full capacity
and others operating fairly well, McLaughlin & Sweetland,
Ault-Williamson and Wood H. Smith at Auburn are running at capacity. Wise & Cooper and the Munroe Shoe Co.
are on part time. The Kennebec Valley shops are fairly
well engaged also, especially the R. P. Hazard Shoe Co.,
which has shops at Gardiner and at Belfast.
The weather here has been cool of late and rainy, with
the highest temperature on the 15th inst. 69 and the lowest
58. The average was 8 degrees lower than a year ago and
255
10 below the average for 46 years. In Chicago on the 15th
Inst. it was 58 to 80, in Cincinnati 54 to 78, in Kansas City
68 to 84, in Cleveland 56 to 72, in St. Paul 56 to 88, in
Montreal 56 to 82. At the South it has been cool and rainy,
with minimum temperatures, strange as it sounds, in midsummer, 46 to 60 degrees in many sections and the maximum over a wide stretch of territory in the lower 80's. Today the weather was threatening here early, but cleared
and became warmer later, with the temperature 74 at
3 p. m. and the indications pointing to fair and warmer
conditions.
Decline in New York State Manufacturing Checked
in June.
According to Industrial Commissioner James A. Hamilton
of the New York State Department of Labor, the decline in
New York State manufacturing was partly checked in June
and employment dropped hardly more than half of one per
cent below May. This brings the loss since March up to
4%, a little more than for the same period in 1925. An
easing up in the recession is to be expected in June as seasonal
factors combine, with others to lessen the decresae. This
year there was also the settlement of strikes in the shoe and
fur industries to help the industrial situation. Commissioner Hamilton, under date of July 12, also says:
Textiles continue to be the weak spot but the current development of
interest was the abrupt curtailment in the steel mills which had shown
almost no decrease in May. Forces lost 7% during the month of June.
The other important loss in the metals was in the automobile division. but
though this also was decided, it was still limited to less than half of the
plants.
The preliminary index number of employment for June was 99. the
same as in May and one point above the index for June 1925. This is
based on reports from manufacturers employing over half a million workers
or more than 35% of all the factory employees of the State.
The improvement due to the opening of the canning season and the
Increasing activity In men's clothing is always an Important factor in June.
Another element is that June was the third month of the recession and the
heaviest reductions are usually accomplished in the first two. Also the
mid-summer dulness and vacation closings of July have not yet become
factors in the situation.
Reductions were not proceeding in the textile Industries quite as rapidly
as in May, but the general policy of retrenching further resulted In a loss
of over 2%. Working time was extended somewhat in the cotton mills
after the shortened schedules of May. but more employees were released.
Woolen and silk manufacturers were still reducing forces and one or two of
the latter closed down their plants. The rest of the textiles moved downward also, though in most of the carpet mills working time was Increased.
Several Gains in the Metals.
Metals, on the other hand,showed a drop of less than 1% in employment
during June in spite of the large reductions made in the steel and automobile
industries and further losses in castings and some forms of automobile
hardware. Machinery still tends to move slowly upward, while firearms
and tools continue their more rapid advance. Heating apparatus recovered
the May loss. Another seasonal gain In photographic goods partly offset
reductions in other instrument factories. Railroad equipment shops were
employing more workers than at any time this year but less repaid work
to be done meant shorter hours as well as reduced employment for the men
In these shops. Ship yards reporting to the State took on 500 more workers
after a quiet winter and spring. The losses in electrical apparatus were
small but almost every plant was involved. Brass.copper and aluminum
remained close to May.
Employment in most of the building material Industries was even with
or a little below May. The chief exception was In structural steel, where it
rose almost 5%. Earnings of the brick makers were higher. Cement,
plaster and house trim were uneven and paint factories slowed up. Losses
predominated in the up-State furniture factories but conditions varied
widely in the piano Industry.
All the food industries were busier excepting candy which slowed up with
the beginning of summer. Canneries increased their forces 50% and beverage plants employed more workers though the late season has kept both
these industries behind last year. Some of the sugar refineries started
upward again and there were gains in meat packing, dairy products and
baked goods. Cigar factories in New York City were slightly better off in
Jun • but there was no improvement up-State.
All the clothing trades were winding up their seasons except the men's
clothing industry which was busy on fall goods both in New York City,
where the season opens a month later, and up-State. Manufacturers of
women's clothing, modistes. women's underwear manufacturers and
makers of men's and women's hats were included. Shirt factories were
slower as the dull summer period came near. The end of the strike In the
shoe factories of New York City meant the reemployment of over 400
workers. Up-State factories were also a little busier except In Binghamton
where more workers were released though earnings rose after the low May
average. Tanneries were a little busier but leather goods, located chiefly
In New York City, slowed up.
Industrial chemicals were still making small gains while drugs and
household chemicals moved downward. Photographic chemicals were
seasonally active. Paper goods slowed up as is usual in the summer and
printing was Irregular.
New York City's Loss Equals That of Total State.
The June decrease for New York City was close to that for the total state.
Only the settlement of the shoe and fur strikes kept it from exceeding that
of 1925. Employment in New York City Is still a little below last year.
June brought the opening of the fail manufacturing season for the men's
clothing industry but the other clothing trades released several times the
number of employees that this industry absorbed. Men's furnishing shops
were the only other line that was operating above May.
There was a small loss in the metals as the larger gains in shipbuilding
offset other declines. Jewelry slowed up and summer hours were instituted.
Hardware and stamped ware, instruments. cutl ry and electrical equipment
were less active. Railroad and automobile repair shops also reduced forces.
The two small divisions, structural iron and heating apparatus were the
only others to advance in June.
256
THE CHRONICLE
[Vol,. 123.
Wood manufacturers were very uneven and it was only the miscellaneous trade, though showing a slight decline in employment, was more active, as
products such as corks, pencils and shoe lasts which generally gained. evidenced by a rather large increase in wage payments. Considerable
Leather goods and novelties, radio parts and buttons, &c. were lower. The decreases were reported by manufacturers of automobiles, cars, hardware,
absence in New York City of the two branches of chemicals which moved cotton goods, chemicals and drugs, and by constructors of buildings, streets
upward meant a loss of two per cent for this group. Paper goods and and highways.
In New Jersey, too, several industries showed a marked advance in wage
printing also declined. Silk was another industry important in the general
reduction. The food manufacturers offset to a certain extent this almost payments. Some of the larger of these Increases were in the shipbuilding
general downward movement. Sugar refining, baked goods, beverages and and non-ferrous metal plants, cigar and tobacco factories and printing and
publishing houses. A considerable decline in both employment and wage
cigars all showed good gains.
payments were reported by the automobile and silk goods industries.
Rochester and Utica Only Up-State Districts to Show Gains Over May.
Foundries in Delaware were less active in June than in May.as indicated
Increases in the seasonal men's clothing and canning Industries in
Rochester meant a 2% rise in the employment curve for that district in by a large decrease in both employment and wages, while the food industries
showed large increases. Little change is reported in the other industries.
June. Utica's metals were taking on more workers and the reopening of a
Of the 22 city areas reporting, the largest gain was in the Perth Amboy
textile mill also helped that city to show an improvement of 1% over May.
Employment stayed fairly even in the Albany-Schenectady-Troy district New Brunswick district. There was little change from May to June in the
as the railroad equipment shops took on workers. Shirt and collar factories other areas, 10 reporting increases in employment, and 13 reporting smal
in this district were still making reductions in forces, however. The auto- increases in wage payments.
mobile and parts factories of Buffalo and Syracuse were for the most part
The compilations follow:
paying off workers. Buffalo, however, was more severely affected than
Syracuse as gains in other industries were not sufficient to counteract losses
EMPLOYMENT AND WAGES IN NEW JERSEY.
in the important metals. Binghamton's shoe factories Were still reducing
(Compiled by Federal Reserve Bank of Philadelphia.)
forces though earnings were higher than in May and there were -'veral
/name* Or ngerealle---closings among the cigar factories.
No. of
June 1926 over May 1926.
Plants EmpumMal
Average
Group and Industry
Reporting
men:.
Wages.
Wages.
/Improvement in Business Conditions Noted in St. Ail Industries(37)
306
-0.9%
+0.7%
+1.7%
Metal manufactures
89
-0.2
+1.0
+1.2
Louis Federal Reserve District.
Automobiles, bodies and parts
-9.0
-12.2
-3.5
4
Electrical machinery and apparatus
21
-4.1
-4.0
+0.1
"Influenced by more seasonable weather and every deEngines, machines and machine tools_
-0.6
-1.9
14
+1.3
Foundries and machine shops
cided betterment in prospects for agriculture," general
-0.2
-1.3
-1.1
13
Heating appliances and apparatus
+4.3
3
+1.7
+2.6
in the Federal Reserve District of St. Louis "deSteel works and rolling mills
+2.1
5
+6.5
+8.8
Structural iron works
-0.1
+1.7
3
-1.7
veloped slight improvement during the past 30 days,"
Miscellaneous Iron and steel products____ 16
-1.7
Shipbuilding
according to the Federal Reserve Bank of St. Louis in its
+3.3
+10.2
4
-1-6.7
Non-ferrous metals
+4.1
6
+8.6
+13.0
"Monthly Review"issued under date of June 30. The bank textile products
-0.5
-2.1
+1.6
68
Carpets and rugs
-1.6
-2.8
3
-1.2
goes on to say in part:
Clothing
-0.4
-0.5
8
+0.1
Hata. felt and other
In addition to increased volume of distribution in a number of ina+28.6
3
+4.8
+34.8
Cotton goods
+0.4
-1.9
+2.4
12
portant lines, sentiment in the business community as a whole was conSilk goods
-5.0
-12.7
-8.0
17
siderably more optimistic than during the preceding two or three months.
Woolens and worsteds
+0.1
+8.1
9
+8.0
Purchasing of seasonal merchandise, which had been delayed by the
Dyeing and finishing textiles
+3.6
-0.0
11
-3.5
Miscellaneous textile products
+2.4
backward spring, was in sufficiently large volume to substantially reduce
'5
-7.6
stocks of such goods, and in numerous instances re-ordering Was necessary Foods and tobacco
+6.1
+0.3
10
-5.4
Canneries
+5.3
to fill current demands. The decline in commodity prices, particularly
7
Cigars and tobacco
+11.6
+15.7
+3.6
3
of manufactured goods, which had been in progress since early in the year,
was considerably less pronounced than heretofore, and greater confidence Building materials
-0.7
+0.1
23
-0.6
Brick, tile and terra cotta products
+2.0
-10.2
9
-8.4
was manifested In existing values. While in virtually all lines buying
Glass
-7.6
+2.9
3
-5.0
is still confined closely to a requirement basis, advance orders in some
Pottery
+2.2
11
+2.4
+0.2
classifications were heavier than during the preceding month.
41
-0.2
+0.5
than Chemicals and allied products
+0.3
In the retail section of distribution results were relatively better
Chemicals and drugs
-2.4
23
-1.1
with wholesalers and jobbers, though good gains were reported by several
Explosives
9
+3.0
+3.1
+0.2
Paints and varnishes
6
important wholesale lines, notably dry goods, furniture, electrical supplies
-5.0
-4.9
+0.0
Petroleum refining
3
+0.5
+1.5
+1.0
and boots and shoes. Satisfactory business was reported by mail-order
-1.2
75
and chain-store interests, and total May sales of the leading department Miscellaneous Industries
+2.0
+3.2
Lumber and planing mill products
3
-2.0
-1.2
+0.8
stores of the district were 10.1% larger than during the corresponding
Furniture
6
+1.7
+1.2
-0.5
period last year. There was a rather sharp decrease in sales of automobiles
Musicalinstruments
-2.3
-0.8
5
+1.6
Leather tanning
during May, both as compared with with month before and the corre12
-9.2
-0.8
+9.2
Bootsand shoes
-2.9
-4.2
5
-1.4
sponding period in 1925. Activities in the iron and steel industry receded
Paper and pulp products
8
+1.6
+5.0
+3.2
noted. Smaller
slightly, and a further slowing down at textile mills was
Printing and publishing
7 +16.2
+41.7
+22.0
sales were reported of clothing, drugs and chemicals, groceries and hardware,
Rubber tires and goods
+4.9
11
+8.7
+3.6
Noveltiesand Jewelry
-3.2
8
but the declines were small, both as compared with the preceding month
-3.8
-0.6
All other industries
11
-3.0
-2.5
+0.5
and last year.
The principal development contributing to improved sentiment was the
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
turn for the better in crop prospects. More seasonal weather enabled
(Compiled by the Federal Reserve Bank of Philadelphia and the Department
farmers to catch up on delayed work, and at the middle of June farm
of Labor and Industry. Commonwealth of Pennsylvania.)
operations in all sections of the district were brought close to the average
for that date, whereas in early April they were from three to five weeks
-Increase or Decrease No. of
June 1926 over Malt 1926
was made in the planting
behind the seasonal schedule. Excellent progress
Plants EmployTotal
Average
and cultivation of spring crops, and the recent rains have substantially
Group and IndustryReporting. meal.
Wages.
Wages.
bettered prospects of all the principal agricultural products of the district. All Industries (46)
897
-0.5%
+0.3%
+0.8%
Marketing of early fruits and vegetables has proceeded satisfactorily Metal manufactures
-1.3
301
-0.3
+1.0
Automobiles, bodies and parts
20
-2.7
-5.0
-2.4
and yields have been in the main fully up to expectations.
Car construction and repair
20
-6.6
-5.8
0.9
The situation in the principal coal fields of the district underwent no
Electrical machinery and apparatus
19 +13.0
+12.3
-0.6
change worthy of note during the past 30 days. A moderate betterment
Engines, machines and machine tools
37
+1.2
+2.5
+1.3
on the Great
in prices in the eastern fields, due to opening of navigation
60
Foundries and machine shops
+0.3
+1.7
+1.4
Heating appliances and apparatus
17
+1.4
+1.5
Lakes and the prolongation of the British strike, failed to affect values
+0.1
13
Iron and steel blast furnaces
-4.0
-3/
+0.3
perceptibly in this section. Producers in Illinois and Indiana report
10
Iron and steel forgings
-7.7
-1.1
+7.1
buying of both steaming and domestic coal extremely slow, though during
Steel works and rolling mills
41
-0.7
+3.0
+3.6
17
Structural iron works
the past two weeks orders for screenings and small nut sizes have improved
-0.5
-3.0
-2.5
Miscellaneous iron and steel products
27
-1.4
-0.5
slightly, and in western Kentucky small screened coal has met readier
+0.9
3
-0.4
Shipbuilding
+0.2
+0.5
sale. Potential overproduction and competition of non-union coals,
Hardware
8
-4.9
-6.3
according to operators, are accountable in greater degree for the dull,
Non-ferrous metals
9
+2.3
+6.9
+4.5
activity. Heavy Textile products
weak market than any decline in general industrial
175
-0.0
+0.3
+0.3
Carpets and rugs
offerings by the strip pits are also mentioned as a contributing factor in
10
-2.2
-4.3
-2.1
Clothing
33
+1.4
+5.4
depressing prices of shaft-mined coal. All the leading fields report accu+4.0
Hats, felt and other
6
+2.2
+10.2
+7.9
mulations of unbilled loads of large sizes, and generally buying by dealers
Cotton goods
17
-3.6
-5.5
2.0
coke conand householders is backward. The demand for metallurgical
Silk goods
42
+1.4
-1.6
3.0
Woolens and worsteds
tinues fairly active, but industrial and domestic coke is dull, with accu16
-1.5
+6.5
+8.1
Knit goods and hosiery
41
-0.8
mulations of the latter grades on yards of by-product manufacturers steadily
1.3
-0.5
Dyeing and finishing textiles
10
+0.1
+0.4
+0.3
increasing. Total production of bituminous coal for the country as a
Foods and tobacco
113
+0.1
+3.8
+3.8
whole during the calendar year 1926 to June 5, approximately 132 working
Bakeries
38
+3.1
-1.1
+2.0
tons for the corredays, was 233,395,000 net tons, against 203,970,000
Confectionery and ice cream
23
-0.6
+4.5
+3.8
Slaughtering and meat packing
sponding period in 1925 and 205,524,000 tons in 1924.
+1.1
13
+3.2
+2.1
Cigars and tobacco
39
-1.0
+5.7
+6.7
Building materials
71
+0.4
+2.5
+2.1
Brick, tile and terra cotta products
29
-0.3
Decline In Empolyment In Pennsylvania, New Jersey
+1.1
+1.4
Cement
14
+1.2
+3.7
+2.5
Glass
Delaware--Small Wage Increase In Pennand
24
+0.1
+2.0
+2.0
Pottery
4
+0.3
-0.4
sylvania and New Jersey.
Construction and contracting
0.9
36
+2.1
+3.0
Buildings, commercial, Industrial and
Figures received by the Philadelphia Federal Reserve
residential
--5.3
24
-5.3
0.0
Street and highway
-19.9
3 --12.9
Bank from 1,236 plants in Pennsylvania, New Jersey and
General
+44.4
9 +22.4
+18.0
showed a slight decline in employment from May Chemicals and allied products
Delaware
• +1.1
+1.6
-0.6
38
Chemicals and drugs
-4.1
+1.6
-5.6
21
to June. In Pennsylvania and New Jersey there was a small
Explosives
3
0.4
-2.8
+2.5
Paints and varnishes
+9.3
9
-2.6
increase in wage payments,but Delaware reported a decrease. Petroleum refining
+6.5
+1.8
-0.5
5
+1.3
The Bank's review of industrial conditions, made public Miscellaneous industries
1.9
163
-0.7
+1.2
Lumber and planing mill products
-5.9
+1.2
+7.6
28
16, also says:
July
Furniture
-0.4
+6.1
+6.5
21
Pennsylvania the electrical machinery trade showed a large gain in
Leather tanning
In
4.1
-0.7
18
Leather products
employment and wage payments, and, while the increase was rather general
+1.5
-2.9
-1.6
9
Boots and shoes
-1.3
-0.2
-1.4
23
throughout the industry, the large percentage change was due chiefly to the
Paper and pulp products
-0.9
1.6
+0.7
19
operations. Other industries reporting moderately
expansion of one plant's
Printing and publishing
-1.2
-0.8
-0.4
39
Rubber tires and goods
2.2
+6.0
3
large gains were the non-ferrous metal plants, clothing factories, general
+3.7
+2.5
Noveltiesand Jewelry
1.4
+1.1
3
construction industries, paint and varnish and furniture factories. The wool
JULY
171926.]
THE CHRONICLE
EMPLOYMENT AND WAGES IN DELAWARE COMPILED BY FEDERAL
RESERVE BANK OF PHILADELPHIA.
Number -Increase or Decrease
-of
June 1926 over May 1926.
Plants EmployTotal
Average
IndustryReporting. merit.
Wages.
Wages.
33
-2.7%
All industries
-0.4%
+2.4%
Foundries and machinery products
5 -12.6
.
Other metal manufactures
5
-1.7
+1.0
+2.7
4 +23.2
+11.9
Food Industries
-9.1
Chemicals, drugs and paints
3
-6.6
-2.6
+4.3
5
--0.5
Leather tanned and products
+1.9
+2.5
4
+1.5
Printing and publishing
-0.1
-1.6
Miscellaneous industries
7
-1.9
+0.7
+2.7
EMPLOYMENT AND WAGES IN THE CITY AREAS IN PENNSYLVANIA
NEW JERSEY AND DELAWARE.
(Compiled by Department of Statistics and Research Federal Reserve Bank of
Philadelphia.)
Number -Increase or Decrease
of
June 1926 over May 1926.
Plants EmployTotal
Average
AreasReporting. meal,
Wages.
Wages.
Allentown-Bethlehem-Easton
88
+2.2%
+3.2%
+1.1%
Altoona
15
-3.1
-3.2
-0.1
Erie
15
-0.2
.
.
Harrisburg
39
+0.8
+0.6
-0.3
Hazleton-Pottsville
23
-2.6
+0.5
Jersey City-Hoboken
.
+2.7
+2.6
Johnstown
13
-0.6
+2.3
+2.9
Lancaster
34
-3.0
-0.5
New Castle. Pa
12
+3.7
+3.2
-0.6
Newark-Elizabeth
101
-0.9
+1.0
Paterson-Passaic
48
-2.3
-1.8
+0.5
Perth Amboy-New Brunswick
34
+4.5
+7.8
+3.2
Philadelphia-Camden
293
-1.0
+0.7
Pittsburgh
108
-0.6
+2.9
+3.0
Reading-Lebanon
72
-1.2
-0.6
Scranton
37
+4.6
-1.6
-6.0
Sunbury
27
+0.5
-0.4
-0.9
Trenton
29
+3.1
+2.5
-0.6
Wilkes-Barre
23
-3.5
+2.7
+6.4
Williamsport
24
+5.9
+1.1
-4.5
Wilmington
34
-0.9
+0.8
+1.6
46
York
+3.2
+3.6
+0.4
Increased Activity in Manufacturing Reported in
Cleveland Federal Reserve District.
With regards to manufacturing conditions in its district,
the Federal Reserve Bank of Cleveland had the following to
say in its July 1 "Monthly Business Review":
In answer to an inquiry by this bank as to whether any noticeable
slowing-up in business had recently occurred, a number of important
manufacturers in representative lines in this district replied in the negative.
It was generally admitted that some recession had taken place earlier
In the year, but in the past few weeks increased activity is reported in
many cases, owing to the belated spring demand. Business is now what
might be expected at this season and in quite a few instances is running
moderately ahead of a year ago. Although price reductions tend to reduce
profit margins and although conditions in a few lines are still "slow,"
most of the replies showed a more confident feeling than was apparent
a month ago.
Electrical goods makers report orders up to last year, with prospects
favorable. Late planting of crops has hampered the agricultural implement lines to some extent, but these have lately been picking up. A slight
decrease in the demand for plate glass is noted, caused partly by large
Importations and partly by smaller automobile production. Window
glass has also been affected by large imports, which attained a high record
In April. Competition in the paper trade is keen, with merchants showing
a tendency to curtail buying and reduce inventories. Conditions in this
line appear at present to be less favorable than a year ago. Several lines
of machinery manufacturing report operations at a very satisfactory level,
and in one case foreign business has shown an encouraging increase. Boxboard makers are operating on a normal scale, but reductions in prices
have been an adverse factor. Manufacturers of food products state that
business in the last month or two has increased over last year. Orders
for printing and lithographic supplies are ahead of 1925.
We also quote from the "Review" the following regarding
wholesale and retail trade:
Retail Trade.
In other parts of the "Review," reference has been made to the belated
spring demand which has recently made its appearance. This is very
clearly shown, in this district at least, by department store sales in
which were larger than for any other May in the post-war period May,
except
1923. Every reporting city in the district except New Castle experienced
an increase in sales over May 1925, the gain for the 70 stores combined
being 4.4%. The good showing in May did not quite make up the loss
of 6.7% which occurred in April, and sal s for the first five months
of
1926 were 0.2% less than last year, whereas for the first quarter of this
year they were 0.7% greater. Cities making particularly good
gains
in May were: Dayton, 27%; Cincinnati, 9.5; and Youngstown,
7.9.
For the five months, 'he only cities to show increases were
Cincinnati.
Columbus, and Dayton.
Sales of 28 out of 52 separate departments were larger in May than
a
year ago. The largest gains were 29.5 in knit underwear; 25.2 in petticoats, and 20.6 in aprons and bons° dresses. Departments showing a
gain of more than 10% were leather goods, men's furnishings, boys' wear,
women's dresses, juniors' and girls' ready-to-wear, millinery,
hosiery,
knit underwear, infants' wear, petticoats, aprons and house dresses men's
and boys' shoes, and toys and sport goods. Departments showing declines
of more than 10% were woolen dress goods, laces and embroideries, silver
ware, umbrellas, women's suits, women's skirts, furs, waists and blouses,
sweaters, and musical instruments.
Percentage changes in departments doing the largest business in May were:
P. C. Change-.
P. C. Change
May 1926
May 1926
Compared
Compared
with
with
May 1925.
May 1925.
-2.8 Women's and children's
Silks and velvets
hosiery
+5.6
Men's clothing
+18.7
+11.1 Women's shoes
Men's furnishings
+9.6
-1.1 Furniture
Women's coats
+6.3
+14.2 Draperies, lamps, shades
Women's dresses
+1.2
+16.6 Floor coverings
. Millinery
+0.3
Wholesale Trade.
Sales of all reporting wholesale lines were higher in May than in the
same month last year with the exception of groceries. Shoes gained
16.8%; drugs, 8.2; dry goods, 3.7; hardware, 2.1; while groceries lost
257
3.8%. For the first five months of 1926, sales of drug firms increased
7.9%, and those of shoes 4.6%. Groceries showed a loss of 2.5, hardware
3.4, and dry goods of 5.2%. As compared with April, sales in May were
greater in the case of dry goods, hardware, and shoes, and less in the
case of groceries and drug's.
Stocks on hand of groceries, dry goods, hardware and shoes were less
In May than a year ago, and also less than in April. Open book accounts
of all lines except hardware were larger in May than a year ago, but as
compared with April, May showed a reduction for all lines except shoes.
Industrial Conditions In Illinois During June
Employment Ahead of Last Year.
In reporting that industrial employment in the State'is
4.7% ahead of last year, Reuben D. Calm, Chief of the
Bureau of Industrial Accident and LaborAResearch of the
Illinois Department of Labor, in his review of the industrial
situation in Illinois in June, has the following to say under
date of July 12:
June has come and gone without reduction in the intensity of industrial
activity in Illinois. The onset of the customary mid-summer dullness at
factories was so mild that the aggregate number of employees was reduced
scarcely at all. In some lines expansion is going on, although as a general
thing the increases are of a seasonal nature. This is notably true in Chicago
where employment rose 2.6% in the thirty day period.
Industrial employment in the State is according to the latest survey of the
Illinois Department of Labor 4.7% ahead of last year, which means that the
factories are paying wages to over 30,000 more persons than at the middle
of 1925. Average weekly earnings for all factory workers reached a high
level in June, when the mean mounted to $29 02 per week, an increase of
10 cents for the month.
These facts again demonstrate further what the survey for May also
brought out that Illinois employees at present are more than holding their
own, for while operations are steady here, contemporary official surveys
show that employment has been receding in the country as a whole and in
the east in particular.
New industrial enterprises are still being launched with confidence from
one end of the State to the other. Aside from the numerous new businesses
in Chicago, no list of which is available, there were announced during June:
A factory to produce household utensils at Beardstown; one to manufacture
dishwashers at Belleville, where also a hosiery mill, closed for some time is
to be reopened;railroad shops at Bluford: an auto accessory plant at Charleston; a cannery at DeKalb; a stove factory at Des Plaines; a firm making
batteries at Hampshire; a can factory at East St. Louis, a large cement
plant at La Salle; an oil refinery at Robinson; a structural steel plant at
Ottawa; a dairy at River Forest; a large addition to a machinery plant in
Rockford and a tractor plant in Springfield.
Increasing receipts brought more employment to employees at the
slaughtering and meat packing plants. The employment gain was 2% in
June which was slightly less than a year ago. It is regularly the case for
slaughtering and meat packing firms to increase the number of their
workers in the last half of the year. The starting level for the subsequent
expansion is about the same as that for a year ago. Nearly all of the other
industries of the food group also offered increased employment. With the
weather growing warmer, Ice and ice cream factories afforded the most
increases-aside from canneries which had a third more employees in June
than in May and soon will be at their season's peak.
The men's clothing industry also experienced considerable expansion in
the process of producing Fall models. This industry started the summer
expansion with but little more than half of the workers they had in 1922,
but still with larger forces than they had a year ago. The employment
gain in June of 5.4% compares with one of 24.9% in June 1925. In other
Industries making men's wear there was as a rule expansion. Just the
opposite was true among factories producing women's goods. Women's
clothing factories laid off 10%; milliners, 23%. Laundries had 2% fewer
employees than they had in May.
Another seasonal increase was in the job printing plants. At the mid-year
they reversed the downward trend which has prevailed since the year end
rush and extended into February by adding 3.4% to their employees.
Other industries in this group with the exception of bookbinding afforded
declining employment. Thus, newspaper plants laid off 4.2% of their
June.
The
Thin
help chemicals group underwent little change. The aggregate loss was
3-1() of 1%. The paint factories were the only ones in the group to employ
additional wage earners; the gain in their case amounted to 3.9%. The
oil refineries laid off 1.5% of their workers.
The iron and steel industry has receded somewhat from the high level of
operations attained in April when the index of employment stood at 126
or 26% ahead of the average for 1922. Employment changes during June
reduced the number of employees with jobs by 2.4%, exactly the percentage
laid off a year ago. However,surveys by trade papers indicate that plants
in this territory are well supplied with orders, indicating large operations
for a considerable time in the future. In the auto accessory industry
employment fell about 3% and there also was a sizeable drop in the agricultural inplement industry-in both cases the decline being typical of these
industries for the time of year and in both cases the drop being moderate
considering the high level of operations which has been the case. Thus,
agricultural implement employers still have a full one third more employees
than they had on the average in 1922. The cumulation of recent gains in
employment in the car building industry were retained through June
there being practically no change in employment during the month. The
electrical industry continued to show expansion. There were slight reductions elsewhere among the firms in the metals, machinery and conveyance
group.
There was a mixed trend among the industries producing building
materials. Employment in glass factories was up to 9% from the May
level with a contemporary rise of 6.5% in the number of workers among
cement companies. At the brick kilns, the number of workers fell a fraction
of 1%, and at the quarries by 1.3%.
The five industries manufacturing wood products reduced the number
of workers on their payrolls by 3.3%. The only plants to expand operation
were those most closely associated with the building construction industry
-saw mills and planing mills. These concerns added 1.1% to the number
of their employees.
Boot and shoe factory employment was on the *upgrade, the increases
amounting to 4.5%. This seasonal gain more than compensated for losses
among other industries in the fur and leather goods group and was responsible
for an expansion in employment of 3% for the entire group.
There was improvement in the coal mines during the month. Although
the employment reports show some distribution of work among the mines
with companies closing some of their mines while reopening others, production definitely increased and is ahead of a year ago or two years ago. The
258
THE CHRONICLE
U. S. Bureau of Mines reported for the week of June 19, 1.002.000 tons of
bituminous coal produced in this State. This compares with 924.000 tons
for the same week last year and 565,000 tons for_the comparable period
In 1924.
The reports for the Illinois free employment offices show that the placementrecord gain is very much ahead oflast year. The offices maintained in
13 of the principal cities of the State placed a total of 16.402 persons during
the month, or 3.000 more than were placed in June of last year. In practically all cases the placement record, as is usually the case, was less in
June than in May. As a consequence, the unemployment ratio or the
ratio of job seekers to vacant jobs was larger than in either April or May.
The index for the month was 138 applicants for each 100 Jobs. This
Compares with June of other years: June 1925, 148; 1924. 172; 1923, 100;
1922, 103; 1921, 240; 1920. 84.
The following analysis of the industrial situation in the
State by cities, was issued on July 13 by Mr. Cahn:
[VOL. 123.
producing chemicals and metals and machinery. Food products
plants with
one exception, reported gains in employment.
Placements at
free employment office increased from 811, the May figure, the State
to 863 in
June. There was a slight betterment in the general employment
situation:
for each 100 jobs open there were 158 applicants compared
with 160 in
May. This was the best June ratio since 1923, when there
were not
enough registrations to meet the demand for help. The value of the
new
construction authorized in June was $300,411. This was nearly a million
dollars less than the May total—due to the permit for a large hotel
being
issued in that month and $72,125 less than the figure for June of last year.
Joliet.—Reports from 28 firms in this city showed a reduction of 3.3%
in the number of wage earners in factories. Seventeen of the 28
firms
reported losses, while the remainder were satisfied to keep their forces
intact or to add only a few workers to their payrolls. In the important
metals and machinery group of industries the trend was quite mixed and
nearly all firms in other industries reported slight reductions in the number of employees. Due in large part to many high school and college
students seeking work during the summer vacation, the ratio of registrations to help wanted was much higher than in May at the free employment
office.For each 100 job opportunities there were 174 applicants in contrast with 115 in May, 164 a year ago and 159 in June 1924. However,
placements which numbered 657 this June were 63 ahead of a year ago
and 168 ahead of June 1924.
Moline-Rock Island.A slackening in manufacturing operations was
shown by reports from representative firms in these cities. In Moline
there were 4% fewer factory workers with jobs than in May, while the
decline in Rock Island was 4.3%. Slight gains at some of the iron and
steel plants were more than offset by losses at other plants in the same
industry and especially by seasonal reductions at the agricultural imple.
ment factories. The State free employment office had greater difficulty in
placing workers than was the case in May and the ratio of registration to
help wanted showed more unemployment. There were 143 registrations
for each 100 jobs available compared with 119 in May, 120 a year ago and
146 in June 1924. In Moline permits were issued for new buildings estimated to cost $231,573—nearly $100,000 higher than the May figure and
$163,530 ahead of a year ago. In Rock Island the total valuation of
$251,341, which was placed on new building, was nearly $149,000 larger
than the May valuation and $121,000 more than the total in June 1925.
Peoria.—Reporting factories in this city employed 2% fewer workers
in June than in May. It was difficult to discover any concerted trend by
industries—some plants in the same industry showing employment losses
while others had gains. The State free employment office ratio of 192
registrations for each 100 jobs indicated there were nearly two applicants
for each request from employers for help. The ratio in May was 146, while
a year ago it was 199 and in June 1924, 178. Placements numbered 766—
a falling off of 300 from the previous month, but 135 above the number of
placements a year ago. Although the volume of new construction authorized was still high, amounting in estimated cost to $386,885, there was a
reduction of $182,425 from the May total and of $173,353 from the June
1925 figure.
Quincy.—This was one of the three cities in the State for which separate
analysis was made, the factories of which reported in June an aggregate
gain in employment. The increase amounted to 4.7% and applied particularly to factories making shoes and to those making building materials.
The majority of the 16 reporting firms experienced little or no change for
the previous month. There were 162 applicants for work at the State free
employment office for each 100 jobs open, compared with 144 in May and
160 a year ago; the ratio for June 1924 was 148, while that for June 1923
was 51. Superintendent Emmerson reports that the gathering of small
fruit gave employment to quite a number of persons. The local labor
supply, as the ratio given above indicates, is more than adequate to meet
the demand for labor in the immediate future. Permits were taken out
in June for $137,925 worth of new ouilding—about $37,000 more than in
May and $25,000 more than a year ago.
Rockford.—The net loss in employment for the 60 reporting factories of
this city amounted to 6%. Most of the establishments producing furniture,
musical instruments and metals and machinery had fewer employees in June
than in May. Certain plants were reported to be closed during the latter
part of June for their annual vacation period. At the State free employment office there were 87 registrations for each 100 jobs open, compared
with 90 in May and 88 in June of both 1925 and 1924. Placements in
June numbered 1,477—a falling off of 235 from the May figure. The
smaller number of placements in June is explained by the fact that building
and road contractors having previously organized their forces for the season, took on few additional employees in June. New building was estimated to cost $663,335—$171,595 less than the May total, but $105,500
ahead of June a year ago.
Springfield.—Nine manufacturing concerns in this city reported an
aggregate decline of 2 4% in the number of workers on their payrolls.
Losses were well distributed—only two firms reported additional workers
in June. General employment conditions also experienced an adverse
trend, but the change was not extreme. This is shown by the report from
the State free employment office: during June there were 115 applicants
for each 100 jobs open, compared with a ratio of 109 in May. The ratios
in June for the three prtceding years were: 1925. 116; 1924, 118; 1923,
101. In spite of the somewhat better employment ratio in June 1923,
placements in that month were 17 less than the 435 placements in June of
this year. There were 310 placements a year ago, while in 1924 the number was 198. These figures Indicate the steady growth of the importance
of the Springfield free employment office as a factor in the local labor
market. The estimated cost of new buildings authorized in June was
$377,572, a considerable drop from the May total of $625,925 and $42,547 behind the June 1925 figure.
Aurora.—Employment in the factories of this city remained stabilized.
Eighteen plants which in May employed 2,142 workers, in June reported
an aggregate loss of only one employee. In spite of conditions in factory
employment which were on the whole good, there was some increase in the
ratio of applicants to jobs available at the State free employment office.
311 or each 100 requests from employers for help there were 127 applicants.
'
This compares with a ratio in May of 110. The ratios for June of the
.ethree years 1925, 1924 and 1923, were, respectively, 138, 179 and 100. Superintendent Raduenz at the end of the month stated that there was a
shortage of experienced farm hands who would work by the month, but a
.surplus of casual day labor for agricultural work. There were also surpluses of common labor and of unskilled and semi-skilled factory labor, both
male and female. New buildings authorized were valued at $309,745, compared with $501,219 in May and *569,730 in June last year.
Bloomington.—The trend is aggregate factory employment was distinctly
upward in this city, reports from 13 representative firms indicated. The
net increase, amounting to 5.3%, was mainly caused by substantial additions at the metals and machinery plants. The railroad shops took back
the 650 rnen who were laid off during the previous month, but at the
same time laid off 400 employees in another department. Some of the
factories were working on a five-day week. At the close of the month
Superintendent Jones of the State free employment office reported that
farmers were calling for little help, but this condition is expected to change
when wheat cutting starts. There were 127 registrations at the free employment office for each 100 jobs open, compared with a May ratio of
115. The ratio for June of this year indicates fewer persons unemployed
than in June last year, when the ratio was 181, but the ratio in June 1924
was 111, while in 1923 It was 90. In spite of the same number of new
buildings authorized in June as in May, their estimated cost was only
$66,000, compared with $227,000 for the previous month and $107,000
a year ago.
Chicago.—The trend in factory employment in Chicago was upward
during June. The increase in the number of employees on the payrolls of
591 firms which reported to the Illinois Department of Labor was 2.6%.
On the basis of the 591 representing a 40% sample of the city's factory
employment, 8,900 more workers had jobs in June than in May. All of
the manufacturing establishments did not participate in the Increase;
gains in boots and shoes, men's clothing and food products were most
contributory to the good showing. The aggregate gain in Chicago was
instrumental in largely compensating for the losses in factory employment
down-State. At the combined offices of the State Free Employment Service there were 139 persons to register for each 100 jobs available. This
marked the usual adverse seasonal change from May, when the ratio was
122. The June ratio of 139 was the best since 1923. Ratios for June of
the three preceding years have been as follows: 1925, 149; 1924, 202;
1923, 99. Placements in June this year numbered 7,927, compared with
5,705 a year ago. 4,055 in 1924 and 10,892 in 1923. New construction
authorized in June was again large in volume. Its estimated cost was
$33,024,610. This was an increase of $112,315 over the May total and
only $62,490 behind the June 1925 figure.
Cicero.—Factory employment fell off 12.9% among eight concerns in
this city. This resulted from one plant in the metals and machinery group
of industries closing down temporarily and another plant in the same
group laying off a large number of workers. That the manufacturing employment in Cicero is likely to prosper is evidenced by the fact that
several new factories are under construction. At the State free employment office there were 152 applicants for each 100 requests from employers
for help. This ratio indicated a relative increase in the number of workers without jobs, for in May the ratio was 141. However, placements in
June numbered 779—an increase of 24 over May. Employment conditions
were much better this June than either a year or two years ago: a year
ago there were 250 persons who registered for each 100 jobs open, while
the ratio in 1924 was 2913. New construction valued at $621,697 was
authorized in June. This was about 9130,000 less than the May total, but
nearly $265,000 more than that of a year ago.
Danville.—The falling off in the number of workers on the payrolls of
Danville factories was 4.1%. Declines took place at only 6 of the 16
reporting firms, and most of the loss was at the plants producing brick.
Reduced employment at the brick kilns was largely seasonal. More workers were placad by the State free employment office than in the previous
month, placements numbered 218 compared with 167 in May. The office
reported that for each 100 jobs available, there were 156 registrations. The
ratio in May was 152, while a year ago it was 213 and in 1924, 252. But
In 1923 there were 100 applicants for each 100 job opportunities. The
number of new buildings authorized in June was 19, compared with 15 in
May. Their estimated cost was $434,240—far ahead of the May total of
,
$71,500 and that of June a year ago, when permits were taken out for
only $9,500 worth of new construction.
Decatur.—Twenty-three manufacturing concerns in this city reported Generally Satisfactory Business Conditions in Midan aggregate reduction ot 3.4% in the number of their employees. Losses
West Territory in Next Three Months Forecast
were confined to less than half of the establishments and were most marked
in Reports to Shippers' Advisory Board.
women's clothing and some of those in the metals
at the plants making
machinery group of industries. The ratio of applicants to jobs availand
Generally satisfactory business conditions will exist
able at the State free employment office showed also that unemployment throughout Mid-West territory for the next three months,
was on the increase: there were 149 registrations for each 100 jobs open
detailed reports presented on July 14 at Davenin comparison with 128 in May. The ratios for June of the three preced- according to
ing years were: 1925, 155; 1924, 188; 1923, 116. Superintendent Moran port, Iowa, at the tenth regular meeting of the Mid-West
office reported at the end of the month that
forty-four commodity commitof the State free employment
the up-grade
public Shippers' Advisory Board by
the demand for farm labor was on Although there and that muchboth in
were declines
under way.
tees representing all of the principal agricultural and industrial
Improvement work was
authorized and in their estimated cost, the volume
interests of the Mid-West section. Detailed forecasts of
the number of buildings
kind continued to be large. New buildings authorized
three months were made by
of new work of this
$434,240—about $184,000 less than the May total and business activities for the coming
were valued at
each committee for the entire territory covered by the
$153,500 behind June a year ago.
about
firms reported 1.2% fewer workers employed
board, which includes the States of Illinois, Iowa, Wisconsin
Eaat St. Louts' .—Identical
June 15 than for the comparable period in May.
Michigan.
during the week nearest
industries was mixed, this being especially true of those and parts of Indiana and
The trend in most
JULY 17 1926.]
THE CHRONICLE
259
Increased business in the next three months, compared
You used to hear about car shortage. You haven't heard about such a
with the corresponding period in 1925, was predicted for thing for the last three years. You haven't heard about congestion; you
have heard practically nothing regarding delays.
dairy products, soap products, agricultura1implements, clay other hand, a great deal about the fine character You have heard, on the
of the service, its effect
products, iron and steel products, confectionery, grain and on the commercial, financial and industrial life of the country, and as a recorn products, fresh fruits and vegetables, and for grain. suit of it you have seen a public appreciation of what the railroads are doing
reflected
As time goes on, it is
Continuation during the next three months of about the same that is being there is ain a great many ways.established as between my Judgbetter understanding
ment that if
the varilevel of business activity as in the third quarter of 1925 was ous groups or classes of society and the public service corporations serving
predicted for furniture, scrap iron, canned goods, groceries them to the end that a mutual interest will be established, a lot of uncertainties and inequities that have been the fate of the railroads In the pasa
and food products, and for live stock. Decreases in the next will disappear.
three months under the level of the third quarter of 1925
were reported for lumber, paper and pulp products, sand, Preliminary Summary of Agricultural and Financial Conditions - in Minneapolis Federal Reserve District.
gravel and crushed stone, and for hides and leather.
The following preliminary summary of agricultural and
Details of the business analyses of some of the more imfinancial conditions prepared by the Federal Reserve Bank
portant industries follow:
Dairy Products.—The general feed and pasture situation in the dairy of Minneapolis was made public yesterday, July 16:
section of the Mid-West region appears to be quite satisfactory. This
The July 1 estimates of the United States Department of Agriwould indicate an increased supply of dairy products to the extent of from culture indicate for the whole United States a production oil wheat
8 to
10% over the same period last year.
Furniture.—Although the furniture business, generally speaking, has been
fair for the past three months, we believe the industry will enjoy a considerable increase in the next quarter over the last quarter and will equal
the business handled during the third quarter of 1925.
Soap.—Compared with the same period last year the soap industry will
show an increase of approximately 10%. There have been absolutely no
car service complaints in the past three months. The freight car supply
has been adequate and delays are very infrequent.
Coal.—The wage agreement between the coal mine operators in
the MidWest territory and the United Mine Workers of America expires March
31
1927. This will undoubtedly bring about a storage movement late in the
fall and throughout the winter.
Agricultural Implements.—The implement trade follows and very quickly
reflects any marked change in the crop situation, but present prospects are
quite favorable and will approximate a 10% Increase over 1925.
Clay Products.—Clay products manufacturers in the M d-West territory
will require approximately 11.000 cars for loading in the next three months,
which is about 14% above the corresponding 1925 total..
tfachinery and Machines.—There will be a slight increase in car requirements for the next quarter. The railways are handling our machinery with
the utmost dispatch. We have no cause for complaint whatever and desire
to congratulate the carriers on their performance in this regard.
Iron and Steel.—The Mid-W St iron and steel Industry is working on
a
basis slightly above the average for this period of the year. Production
for
the next three months will exceed the third quarter of 1925 by about
10%
Sand. Greed and Crushe Stone—For the territory as a whole
the third
quarter would appear to average up at a level slightly lower than
the corresponding pert ,d last year with the general outlook only fair.
Conjectionery.—Sentiment in the industry at the turn of the half
-year is
optimistic as most lines continue to show increases. Trade during
the third
quarter is expected to be much better than during the last
quarvir. Substantial increases over 1925 are, of course. expected. Future
bookings for
early fall delivery indicate that most all lines will have the greatest
volume
of fall business in history.
Canned Goods, Groceries and Food Products.—Car requirements
for the
next three months will be about the same as for the third quarter of
1905. A
probable 10% increase in the movement of canned milk will
offset slightly
lower traffic in other canned foods.
100 million bushels greater than a year ago. On the other hand,
the same estimates indicate a total spring wheat and durum crop
for the four states of Minnesota, Montana, North Dakota and South
Dakota combined of 50 million bushels less than last year. This
is a decrease of 25%. This shrinkage is due to impaired condition
caused by insufficient moisture early in the growing season.
The basic agricultural purchasing power created by the money
,
value of the marketings of livestock and the grains combined din
ing June was 9% less than a year ago. For the period August 1,
1925, to July 1, 1926, the decline in the money value of such marketings was 14% as compared with a similar period one year earlier.
Grain receipts at terminals were one-fourth less in June this year
than last, and all the median prices declined. As compared with
May, total grain receipts declined, and median prices exhibited a
number of small advances.
Livestock receipts were much greater than in June a year earlier,
owing partly to poor pastures in the early part of the month and
partly to the increased marketings of long-fed steers, which had
been taken on earlier to utilize cheap corn. This explains the decline in the median price of butcher steers, although the median
prices of most other varieties of livestock were higher. The heavy
run of light weight grass-fed cattle also affected the feeders' section of the market, increasing the shipments to the country and
depressing feeder prices as compared with last month. There is
evidence also of a tendency to limit the expansion of sheep herds,
as the quantity of sheep marketed in June was double that in
May, the median prices of ewes dropped during June and lamb
prices were lower than a year ago. Excepting feeder cattle and
ewes, livestock median prices were all higher in June than in May,
hogs attaining the highest median price recorded by this office is
any month since October, 1920.
The volume of business in this district, when measured by check
payments through banks, was 10% less this June than a year ago.
However, gains were shown at all of the reporting cities except
Minneapolis, St. Paul and Duluth. This indicates a desirable general improvement outside of the larger cities. Carloadings as compared with a year ago, tested by a three weeks period, showed increases in coke, livestock, ore, forest products, miscellaneous commodities and less-than-carload lot shipfents. A large part of this
increase is due to the heavy movement of ore occasioned by the
backward season, cumulative iron ore shipments for this season
continuing to be below a year ago.
Prospective business activity based upon building operations, as
reflected in building permits granted during June at eighteen representative cities, was 7% less than in June last year. When June
is compared with May, there was an increase of 6% instead of the
4% decrease customarily expected at this season of the year. It
is particularly noteworthy that substantial gains were shown both
as compared with last month and last year outside the cities of
Minneapolis and St. Paul.
Co-operation Brought About Between -Public and
Railroads Through Shippers' Regional
Advisory Boards.
According to R. H. Aishton, President- the American
of
Railway Association, largely through the work of the various
Shippers' Regional Advisory Boards organized throughout
the country, an enlarged measure of co-operation has been
developed between the public and the railroads that has
brought about a new economic plane for business relationships of the future. Addressing the annual convention of Census Report on Cotton Coniumed and on Hand in
June—Consumption Above a Year Ago.
the Freight Station Section of the American Railway Association in Detroit, Mich., on Thursday, June 17, Mr. AishUnder date of July 14 1926 the Census Bureau issued its
ton said in part:
report showing cotton consumed, cotton on hand, active
One of the outstanding examples of this new era in
public relations cotton spindles and imports and exports of cotton for the
between the public and the railroads is what are
known as the Shippers' month of June 1926 and 1925. Cotton consumed amounted
Regional Advisory Boards. These organizations
are productive of the
greatest co-operation and co-ordination between the
bales of lint and 65,063 bales of linters, compared
railroads and the to 518,504
public, having to do with service matters where the
shippers, the railroad with 494,083 bales of lint and 60,466 bales of linters in June
people and other interests sit around the table and
discuss their common 1925 and 516,758 bales of lint and 59,754 bales of linters is
problems. These boards have practically ended the
necessity for settling
problems before State and Federal regulatory
bodies, thereby keeping the May 1926. It will be seen that there is a decrease from
Government out of business, and have opened the avenue
for the settling June 1925 in the total lint and linters combined of 29,018
of problems in a co-operative way. The result of all this
has been highly bales, or 5.2%.
successful to the Government, the public and the
railroads alike.
We have found in this realm of co-operation a new economic
plane for
business relationships of the future. We have adjusted
our post-war
difficulties for the most part. From them we are realizing
one great lesson
—namely, the essential unity of our national business. We
have thus entered into a new cycle of progress—a period which calls for the most
sympathetic bond of interest between all elements of our industrial life and between
every territory of the nation. We might characterize this growing
need
as emphasizing the necessity for greater enforcement of the so-called "law
of co-operation." No one district of the country and no single
group of
railroads can live and prosper unless we make this law of paramount consideration. There is a place no doubt where the law of co-operation may
fail, in which case we fall back on the law which is absolute: bul for the future
we must measure our social and economic advancement by the effort which
we exert in enforcing the voluntary relationship between individuals and
commanities and discouraging aggravated emergencies which necessitate
regulation by the positive law. As applied to the railroads and all those
interested in their prosperity and the contribution which they make to the
advancement of each district of this country, we must accept this differentiation between co-operative and statutory law as a foundation for this
new association.
The railroads serve every one. It is, therefore, proper that they should
be the hub around which these voluntary associations of industry and agrichtlture may build a permanent, closer and friendly relati.mhip.
The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 5004o.
bales.
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS. AND ACTIVE COTTON SPINDLES.
(Linters not included.)
Cotten COMUMUI
(Bales) During—
Cotton on Hand
June 30—
CMOS
Ej7024aal
AMIN
Itt Con- In Public
MOON
Storage
11 Months suming
June
June.
mutts, Establish- and at
ments Compresses (Numbed).
Juno 30.
(Bales). (Bales).
1923 *518,504 *5,990,069 *1.267.796 *2,407.816 31,770.900
United States
759,350 32.287,564
1925 494,083 5,709,491 1.126,127
746,675 2,169.191 17.007,458
Cotton-growing States., 1926 365,467 4,163,246
1925 337,768 3,892,970 599,020 535.924 16,760.756
174,265 13.263.032
NewEngland States__ 1926 128,309 1,522,043 443,513
97.037 13,858.334
1925 128,051 1,509,917 454,969
84.360 1,500.410
77.608
MI other States
304,780
1926 24,728
126,389 1,668,474
72.138
306,604
1925 28,264
Locality.
Year
•Includes 15,092 Egyptian, 6,602 other foreign and 1,418 American-Egyptian
consumed; 64,326 Egyptian. 23,002 other foreign and 6,405 American-Egyptian
260
THE CHRONICLE
in consuming establishments and 30,101 Egyptian. 13,731 other foreign and 3.126
American-Egyptian In public storage. Eleven months- consumption, 189,857
Egyptian, 71,050 other foreign, and 10,846 American-Egyptian.
, Linters not Included above were 65,063 bales consumed during June in 1926
and 60,466 bales in 1925: 153,718 bales on hand In consuming establishments on
June 30 1926, and 146,544 bales in 1925; and 62,989 bales in public storage and at
compresses in 1926, and 35,357 bales in 1925. Linters consumed during 11 months
ending June 30 amounted to 688,752 bales in 1926 and 595,814 bales In 1925.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton.
(500
-Pound Bales).
Exports of Domestic Cotton and Linters
Running Bales (See Note for Linters).
,11 Mos. Ending
Country
June.
June 30.
June.
Country
of Proto Whi
duction. 1926. 1925.1 1926. 1925. Exportech 1920.
a.1
0 Months Ending
June 30.
1926.
1925.
Total..._ 22,13719,957313.537 303,401 Total...346,774217.786 7,789,089 7,993.408
Egypt_ 14,803 10,039229,8 187,899U.King_
Peru_ _ 1.216
861 15,8781 11.794 France_ _
China__
761 4.542 22,3381 30,875 Italy
Mexico _
266
127 23,5531 44.384 Germany
Br.India 5.0471 4,294 19,9031 26,0770th. Eur
All other
94, 2,060 3,372 Japan_ _ _
441
I
All other
84,506
33.027
43,056
47,112
66,716
42,696
29,661
43.0722.218,4612,514,63
0
17.826 890,668 891.715
32,230 690,362 706,131
42.5381,605,2811.814.277
54,016 940.967 986,999
18.7301,074.901 829,684
9,374 368,449 249.972
Note.
-Figures Include 8.030 bales of linters exported during June in 1926 and
6,725 bales In 1925 and 93.034 bales for the 11 months ending June 30 1926 and
186,608 bales in 1925. The distribution for June 1926 follows: United Kingdom,
397; Netherlands, 82: France, 865; Germany. 4,584; Belgium, 673; ItalY, 350:
Spain. 270; Canada. 806; Mexico, 1; Panama, 2.
prip
WORLD STATISTICS.
The estimated world's production of commercial cotton exclusive of
linters, grown in 1925, as compiled from information secured through
the domestic and foreign staff of the Department of Commerce, is 26.
927,020 bales of 478 lbs. lint, while the consumption of cotton (exclusive
of linters in the United States) for the year ending July 31 1925, was
approximately 22.640,000 bales of 478 lbs. lint. The total number of
spinning cotton spindles, both active and idle, is about 162.000.000.
Cottonseed Oil Production During May.
On June 17 the Bureau of the Census issued the following
statement showing cottonseed received,crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of May 1926 and 1925:
COTTONSEED RECEIVED, CRUSHED AND ON HAND (TONS).
,
Received at Mills*
Crushed
On Hand at
Aug. 110 May 31. Aug. 1 to 3fay 31. Mills May 31.
State.
1926.
Alabama
Arizona
Arkansas
California
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
TWOS
All other
1925.
1926.
1925.
1926.
1925.
348,564 233,270 348.288 234,065
494
563
55,467
47,591
56,600
714
46,891
37
439,535 300.856 436,996 299,652 1,550 1.254
88,717
66,882
86,458
591
68.946 2,633
513,910 398.282 506,823 400,100 7,068 2,008
236,273 150,706 227,986 150,261 2,247
445
725.203 428,831 704.453 419,011 21.900 10,572
368,794 284,787 366,608 283,835 2,451 1,304
536,960 468,495 539,391 461,281
863 7,115
256,070 221,924 256,583 221,859
564
MI
379,970 282,699 378,311 277,0122,106 6,338
1.365.165 1,544,707 1,370,094 1,527,032 11,164 23.287
142,468 113,154 142,692 111.156
2
62
TTnIfffirl Atntrim
S AV? MA A '
AA, 1SM ,. 5911 952 4 Aill 151
S2 sac
Fa R55
* Includes seed destroyed at mills but not 32.276 tons and 21,711 tons on hand
Aug. 1, nor 147,871 tons and 117,765 tons re-oh peed for 1926 and 1925, respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced Aug.1 Shipped Out
to May 31. Aug.1-May31
On Hand
May 31.
Crude oil (lbs.)__
1925-26 *4,847.333 1.576,151.289 1,570,554,974 *29,470,692
1924-25
4,052,703 1,369,500,5.50 1,336,047,131 44,339,075
Refined oil (lbs.) 1920-26 0173,549,345 51,311,986,542
a262,269.746
1924-25 106,799,632 1,206,922.320
345,413,097
Cake and meal 1925-26
283,653
2,271,278
2.535,955
18.976
(tons)
2,016,393
1924-25
1 0,085
2,074.858
41,620
Hulls (tons)...... 1925-26
143,088
1,406.575
1,510,160
39,503
1,228,042
1924-25
99,281
1,293,808
33,515
Linters (5004b. 1925-26
158,647
950,602
1,090.387
18,912
53,993
1924-25
873,957
bales)
53,410
874.540
(Runn'g bales). 1925-26
891,782
150.835
1,024,070
18,547
Hull fiber
18,785
1925-26
86.463
4,008
101.240
6,174
(500
-lb. bales) 1924-25
76,001
82,175
Grabbots, motes, 1925-26
12.419
30,645
1,758
41,306
•te(5004b.balem 1924-25
5,695
30,799
4,644
31.850
•Includes 635,825 and 11,561.069 pounds held by refining and manufacturing
establishments and 1.550.690 and 9,652,490 pounds In transit to refiners and consumers Aug. 1 1925 and May 31 1926, respectively.
a Includes 12,798,458 and 10.208,160 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
6,989.033 and 6.256.435 pounds in transit to manufacturers of lard substitute, oleomargarine. soap. ace., Aug. 1 1925 and May 31 1926, respectively.
S Produced from 1,514,494,906 Pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MOS.ENDED MAY 31.
Bens,
1925.
1926.
Oil, crude
Refined
Cake and meal
Linters
pounds
pounds
tons
running bales
36,077,419
20,411.139
326,112
85,004
21,612,608
24.375,784
421.227
179.883
Holiday Slows Down the Lumber Industry.
The National Lumber Manufacturers Association received
telegraphic reports of the status of the lumber industry.
for the week ended July 10 from 381 of the larger softwood and 142 of the chief hardwood mills of the country.
The 365 comparably reporting softwood mills show apparent
decreases in production, shipments and new business,
when compared with reports from 355 mills for the previous
week. The Fourth of July holiday and the suspension of
many mills for repairs, is no doubt reflected in the above
decreases. In comparison with reports for the same period
last year, when four fewer mills reported, a slight increase in
(Vox,. 123.
production,`Pand nominaVdecreases in"shipments -andinew
business were noted, declares the bulletin issued by the
association, which then goes on to say:
Unfilled Orders.
The unfilled orders of 228 Southern pine and West Coast mills at the
end of last week amounted to 671,786,424 ft., as against 650,459,312 ft.
for 225 mills the previous week. The 123 identical Southern pine mlls
in the group showed unfilled orders of 250,311.690 ft. last week, as against
249.394.950 ft. for the week before. For the 105 West Coast mills the
unfilled orders were 421,474,734 ft., as against 410,064,362 ft. for 102
mills a week earlier.
Altogether the 365 comparably reporting softwood mills had shipments
97% and orders 104% of actual production. For the Southern pine
mills these percentages were respectively 95 and 96, and for the West
Coast mills 102 and 105.
Of the reporting mills, the 333 with an established normal production
for the week of 228.024.252 ft., gave actual production 78%, shipments
76% and orders 83% thereof.
The following table compares the national softwood lumber movement.
as reflected by the reporting mills of eight regional associations, for the
three weeks indicated:
Corresponding Preceding Week
Past
Week 1925. 1926 (Revised).
Week.
Mills
355
361
365
Production
247.427,336
198,747.514
205.088,541
Shipments
254,626,905
215.816,740
198.717,930
Orders (new business)
249.923.386
214,111,575
212,638,796
The following revised figures compare the softwood lumber movement
of the same eight regional associations for the first 27 weeks of 1926 with
the same period of 1925:
Orders.
Shipments.
Production.
1926
7,239,266,447
7.260.083.929
7.116.668,320
1925
6.658.659,035
6,871,348,215
6,820,648,171
The Southern Cypress Manufacturers Association of New Orleans
(omitted from above tables because only recently reporting) for the week
ended July 7 reported from 16 mills a production of 5,006.605 feet. shipments 3,160,000 and orders 3,620,000. In comparison with reports for
the previous week, when one less mill reported. this Association showed
marked decreases in production and shipments, and a good gain in new
business.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that now
business for the 105 mills reporting for the week ended July 10 was 5%
above production, and shipments were 2% above production. Of all new
business taken during the week 39% was for future water delivery, amounting
to 30,422.013 feet, of which 20,157,980 feet was for domestic cargo delivery,
and 10,264,033 feet export. New business by rail amounted to 42,058,150
feet, or 55% of the week's new business. Forty-seven per cent of the
week's shipments moved by water, amounting to 34,959.053 feet, of which
23,290,980 feet moved coastwise and intercoastal, and 11.668.073 feet
export. Rail shipments totaled 35,223.799 feet, or 47% of the week's
shipments, and local deliveries 4,693,242 feet. Unshipped domestic cargo
crders totaled 150,656,992 feet, foreign 130.045,649 feet, rail trade 41,772,093 feet.
Labor.
The fir logging industry marked time over the Fourth of July repair
period, according to the Four L Employment Service. A few crews returned to camps July 6. but logging generally was not under way until
July 12. and several large operations will remain closed during July and
August. A considerable number of fir sawmills also resumed cutting July 12.
Most of the camps in the Grays Harbor district have resumed work. sawmills closed down for two days only, East of the Cascades practically all
woods operations and sawmills resumed work July 6 after being closed
Monday.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 123
mills reporting, shipments were 5.14% below production and orders 3.61%
below production and 1.62% above shipments. New business taken
during the week amounted to 57,567,105 feet. shipments 56,650,365 feet,
and production 59,721,683 feet. The normal production of these mills 110
76,636,492 feet. Of the 115 mills reporting running time, 20 operated full
time. Three mills were shut down, and the rest operated from one to five
and one-half days.
The Western Pine Manufacturers Association of Portland, Oregon, with
four more mills reporting, shows nominal decreases in production and
shipments, and a substantial increase in new business.
The California White and Sugar Pine Manufacturers Association of
San Francisco, California, with eight more mills reporting, shows considerable increases In all three items.
The California Redwood Association of San Francisco, Calif., with two
more mills reporting, shows a heavy decrease In production, and some
decreases in shipments and new business.
The North Carolina Pine Association of Norfolk, Va., with two more
mills reporting, shows marked increase in all three factors.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports a nominal increase in production, and material decreases in shipments and new business.
The Northern Hemlock and Hardwood Manufacturers
Association of
Oshkosh, Wis. (in its softwood production) with five more
mills reporting,
shows some increase in production, a slight decrease in shipments, and new
business somewhat in advance of that reported for tho week
earlier.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 21 mills production as
2,094,000 feet.
shipments 2,538,000, and orders 2,143,000.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
from 121 units, production as 17,544,211 feet, shipments 15,773,574, and
orders 18,057,065. The normal production of these units is 21,142.000 feet.
For the past 27 weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 785,985,837 feet,
shipments 737.076,979, and orders 759,925,074.
West Coast Lumbermen's Association.
One hundred and two mills reporting to West Coast
Lumbermen's Association for the week ending July 3 manufactured 97,148,156 feet of lumber, sold 109,410,232 feet
and shipped 104,731,421. New business was slightly more
than 1% above production. Production was nearly .8%
below shipments.
JULY 17 1926.]
THE CHRONICLE
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
June 19.
June 12.
June 26.
Week Ending—
July 3.
106
104
108
102
No.of mills reporting109,961.902
116,147,029
114,118,688
Production (feet)._ 97,148.156
118.162,904
124,588,686
114,783,183
New business (feet)._ 109,410,232
104,731,421
117,433,950
101,405,817
122.077,569
Shipments (feet)
Unshi , ,, d balances:
Rail (feet)
131.078,815
149,249,648
150,894,800
143,954,454
Domestic cargo (ft.) 151,090,660
149.183.163
138,313,615
139,227.678
Export (feet)
127,894,887
132,992,013
123.513,662
130,033,705
261
gallon for the 41-43 water white grade. Press dispatches
from Chicago on the same date declared that a small independent company reduced the retail price of gasoline 4.2e.
to 20c. per gallon effective at once.
Production of Crude Oil Slightly Decreased.
decrease of 5,8013 barrels per day was reported by the
A
Total (feet)
431,424.824
410.064,362
412,722.077
413,215,837 American Petroleum Institute which estimated that the daily
First 27 Weeks—
1925.
1924.
1926.
1923,
Production (feet)____2,758,793,009 2,696.901.972 2,565.603,357 2,646,601,163 average gross crude coil production in the United States for
New business (feet)„2,913,625,670 2,775,098,331 2,467,195,613 2,740,535,931
Shipments (feet)
2,872.910,788 2,820,398,347 2,678,964,332 2,916,960,010 for the week ended July 10 was:2,0:32,650 barrels as compared
with 2,0203,4510 barrels for the preceding week. The daily
average production east of California was 1,420,E150 barrels,
Improvement in Financial Condition of Farmers.
compared with 1,428,050 barrels, a decrease of 7,200
Further improvement in the financial condition of farmers as
barrels. The following are estimates of daily average gross
in 1925 Over the preceding three years is shown by the
production by districts for the weeks indicated:
annual survey of farm returns released by the Department
DAILY AVERAGE PRODUCTION.
of Agriculture to-day (July 17). The Department says:
July10'26. adp, 3 '26..rune 26'26. July 11'25.
In Barrels—
458,450
462.650
442.200
453,200
Reports from 15.330 farmers in all mats of the country show an average Oklahoma
108.150
109,350
98.950
109.500
net return of $1,297 for those farms. The average size of the farms was Kansas
130.800
86.650
137,000
140.250
North Texas
304 acres, with an average investment of $17,149.
52.050
52.800
104,800
52,400
East Central Texas
Average gross receipts were $2,551, oons1sting of $933 from crop sales, West Central Texas
87.650
84,600
81,600
92,100
38.050
47,750
38.750
39,700
$897 from sales of livestock, $585 from sales of livestock products, and $76 Southwest Texas
60.300
60.250
50,700
57,550
North Louisiana
from miscellaneous products.
163.650
162,450
270.150
162.450
Arkansas
Average current cash expenses totaled $1,477, consisting of $386 for hired Gulf Coast
91.650
105,350
112,100
101.050
105.000
105.500
103.500
labor, $242 for livestock bought, $244 for feed bought. $69 for fertilizer. Eastern
104,500
84.000
72.600
72.200
54,150
$47 for seed, $191 for taxes, $119 for new machinery and tools, and $179 Wyoming
28.250
28.050
28.050
15.500
Montana
for miscellaneous items.
9,300
10,000
9.750
2.600
Colorado
Receipts less cash expenses averaged $1,074, in addition to which the Nex Mexico
4,700
4.850
4.250
3.250
611.800
610.400
610.000
656,000
farmer used home-grown food products valued at an average of $283. The California
value of fuel and house rent was not reported. On the other hand, no
2.032.650 2.038.450 2.021,150 2.153.000
Total
allowance has been made in the expense items for the labor of the farmer
The estimated daily average gross production of the Mid-Continent field
and his family which was estimated by the farmers at an average value
including Oklahoma, Kansas, North, East Central, West Central and
of $793.
The cash balance of $1,074 represented all the cash the average farm made Southwest Texas. North Louisiana and Arkansas. for the week ended July
available to the owner-operator to pay his living expenses, take care of 10 was 1.107.151) barrels, as compared with 1.107.200 barrels for the
preceding week, a decrease of 50 barrels. The Mid-Continent production,
debts, and make improvements.
The farmers reported an increase of $223 in inventory values, which excluding Smackover, Arkansas, heavy oil, was 982,500 barrels, as compared
figure added to the cash balance of $1,074 made a farm net return of $1,297. with 982.000 barrels, an increase of 500 barrels.
In Oklahoma, production of South Braman is reported at 10,300 barrels
Out of this amount $225 was paid as interest on indebtedness and $127 was
against 10,700 barrels; Thomas 2,550 barrels against 2.600 barrels; Tonkawa
spent for improvements.
The farm net return of $1,297 for 1925 compares with $1,205 for 15.103 40,150 barrels against 42,200 barrels; Garber 34,600 barrels, no change;
farms in 1924: $1,020 for 16.186 farms in 1923. and $917 for 6,094 farms in Burbank 44,250 barrels against 44,850 barrels; Davenport 8.600 barrels
1922. Both receipts and expenses have increased each year during the against 9,300 barrels; Bristow-Slick 29,700 barrels against 29.750 barrels:
Cromwell 17,300 barrels, against 17.450 barrels; Papoose 10.550 barrels
four year period.
10,650 barrels, and Wewoka 29,300 barrels against 29.650 barrels.
FARM RETURNS 1922-1925—AVERAGE OF REPORTS OF OWNER-OPER- against
In North Texas, the Panhandle District is reported at 54,500 barrels
ATOR FARMERS IN ALL PARTS OF THE UNITED STATES TO THE
against 52,500 barrels, and Archer County 32.600 barrels against 32.300
UNITED STATES DEPARTMENT OF AGRICULTURE.
Central Texas, Mexia 12,600 barrels against 12,400
Item—
1922.
1923.
1925. barrels. In East
1924.
Number of reports
6,094
16,183
15,330 barrels; Corsicana-Powell 29,950 barrels against 29,850 barrels: Wortham
15,103
Size of farms acres
252
barrels against 7,450 barrels; Reagan County. West Central Texas
298
304 7,500
303
Value of farm real estate, Jan. 1
13.586
I4,53D
14,184 31.850 barrels against 31,700 barrels, and in the Southwest Texas field,
14,323
Value of farm personal property, Jan. 1
2,844
2,960
2,937
2,965
wins 22,450 barrels against 21,700 barrels; Lytton Springs 4,600 barrels
Total
16,430
17,490
17,149 against 4,650 barrels. In North Louisiana, Haynesville is reported at
17,236
Receipts—
9,800 barrels against 9,900 barrels; Cotton Valley 7,850 barrels against
Crop sales
816
850
1,012
933
barrels; Urania 14.700 barrels against 16.500 barrels; and in Arkansas,
Sales of livestock
660
760
780
897 8.000
barrels against 16,250 barrels, heavy, 124.650
Sales of livestock products
454
550
570
585 Smackover Hight, 16,000
Miscellaneous others
42
80
72
76 barrels against 125,200'barrels, and Lisbon 10.350 barrels against 10.500
Coast field. Hull is reported at 18.250 banrels against
barrels. In the Gulf
Total
1,972
2,240
2,434
2,551
Cash Outlay—
17.950 barrels; West Columbia 8,950 barrels against 9,000 barrels; SpindleHired labor
331
350
top 26,800 barrels against 15.350 barrels; Orange County 9,400 barrels
384
386
Livestock bought
204
240
222
242 against 9,450 barrels; South Liberty 5,700 barrels against 5,650 barrels, and
Feed bought
175
210
248
244 Boling 2,250 barrels against 2,500 barrrels.
Fertilizer
57
60
66
69
Seed
43
In Wyoming, Salt Creek is reported at 32,200 barrels against 50,800
40
44
47
barrels.
Taxes (farm property)
174
190
192
191 barrels, and Sunburst Montana 25,300 barrels against 25.000
Machinery and tools
123
110
103
119
In California, Santa Fe Springs is reported at 49.500 barrels against
Miscellaneous other
150
150
151
179 49,000 barrels; Long Beach 107,500 barrels against 106,500 barrels; Huntingagainst 44,000 barrels; Torrance 29,000 barrels
Total
1,257
1,350
1,410
1,477 ton Beach 43,500 barrels
Receipts less expenses
715
890
1,024
1.074 against 29,500 barrels; Dominguez 21,000 barrels against 20,500 barrels;
Increase in inventory of personal property
202
130
181
223 Rosecrans 16,000 barrels against 17,000 barrels; Inglewood 47.500 barrels
916
Net result
1,020
1,205
1.297
barrels: Midway-Sunset 94.500 barrels, no change, and
a
Interest paid
230
230
225 against 48,000
a
Spent for improvements
140
133
127 Ventura Avenue 43.300 barrels against 43,900 barrels.
Non-Cash Estimated Items bFood produced and on farms
294
265
266
283
Value of family labor, including owner._ _
716
870
789
793
a Not reported in 1922. b Averages of those making the estimate.
New Low Record in World Ship Building in June 30
Automobile Price Reduction—New Model.
A reduction of $150 in the price of the sedan type model
0-5 taxicab has been announced by the Yellow Truck &
Coach Mfg. Co. effective as of July 1. Generators formerly
priced at $50 extra will now be standard equipment on
this model of cab. In effect this means a total reduction in
the price of the 0-5 cab of $200, making the new list price
$2,450 F.O.B. Chicago.
The Olds Motor Works, a subsidiary of the General
Motors Corp. Is introducing its new Series E Oldsmobile
models with a number of refinements in power plant,
chassis and body. The price list unchanged except in the
case of the de luxe sedan which is advanced $10 from
$1,115 to $1,125 and the de luxe coach advanced $10 from
$1,040 to $1,050. A landau at $1,190, is added to the line
bringing the total number of models to ten.
Petroleum Prices Virtually Unchanged.
Prices in the crude oil and gasoline markets throughout
the week just ended remained at substantially the same
levels as during the preceding week. On July 16, Chicago
• reports stated that spot gasoline continued active at 11%c.
per gallon, while kerosene was quoted at 6% to 63ic. per
Quarter.
Another new low record in world shipbuilding since the
war is shown by returns covering all the maritime countries
for the quarter ended June 30 last, says a statement issued
by Lloyd's Register of Shipping on July 14. At the end of
June the merchant vessels for all countries, on which work
had been commenced, aggregaated 1,970,000 gross tons, a
decline of about 40,000 tons, as compared with the previous
quarter, and of about 400,000 tons in comparison with the
figures for June 30 1925. The decline has now been a steady
one for two years, and is well below the level just prior to
the war. It is also noted that the latest returns include
77,600 gross tons of vessels on which work has been ordered
suspended in the shipyards of Great Britain and Ireland.
A sharp drop in the work of German shipbuilders is
shown by the returns for the quarter just ended, only 148,000 gross tons being reported for Germany, as against 216,000 tons in the quarter ending March 31 last. In addition,.
comparatively small declines are shown for Italy, France,
Denmark and Japan. A gain is reported, however, for the
United States, it is pointed out by Lloyd's Register, amounting to about 15,000 gross tons, and a similar one for 1101la6d. The general comparison between the quarter just
ended and the previous one is given in the following table,
the figures for the two periods being in gross tons:
2
.
62
United States
Great Britain and Ireland
Other Countries
World total
THE CHRONICLE
June 30 1926. March 31 1926.
133,268
117.777
841,338
843.070
996,081
1,049,359
1,970,687
2,010,206
New work begun during the quarter just ended, says
the
statement issued by Lloyd's Register, fell short
by about
50,000 gross tons of the volume of shipping launched during
that period. Comparative figures, however, it is added,
show that nearly all this shortage was in countrie other
s
than Great Britain and Ireland, the result being given in
the following table of the gross tonnage of vessels commenced and sent down the ways in the June 30 quarter:
Begun.
167.820
141,728
Wind total
Launched.
169,038
189.043
309,548
Great Britain and Ireland
Other Countries
358,081
It is shown by the returns for the quarter just ended
that the construction work being done In all countries under the supervision of Lloyd's Register of Shipping, and
Intended to be classed with that society, aggregates 1,391,03
3
gross tons. Of this total, 762,155 gross tons represents
work being supervised in the shipyards of Great Britain
and Ireland, a gain in both instances over the previous
quarter. Slightly over 00% of all the work in the yards
of
Great Britain and Ireland is now building to Lloyd's classification, and more than 70% of the total figure for
the
world.
The building of tankers, which had been declining during
recent quarters, showed a gain during the three months
ending June 30 last. This was chiefly accounted for
by
work In the shipbuilding plants of Great Britain and
Ireland, and by a slight gain In American shipyards, the total
for the other maritime countries showing a decline,
as
compared with the previous quarter. Figures for
the two
periods are given by Lloyd's, as follows, In gross
tons:
TInfo ell States
at Britair and Ireland
Other Gown ries
o
World total
June 30 1926. March 311926.
11.200
10,700
113,765
91,810
138,253
145.000
261.218
247,510
During tile quarter ended June 30 1925, however
, 372,000 gross tons of tankers were being built througho
ut the
world, of which about 165,000 tons were in
the yards of
Great Britain and Ireland, and more than
200,000 tons in
other countries.
Construction of motor vessels showed a further decrease
during the past quarter, although a slight gain
.was shown
for Great Britain and Ireland. As compared
with the quarter ended March 31 last, the decline was about 28,000 gross
tons; but in comparison with a year ago, when about 1,130,000 tons were being constructed, the present total shows a
drop of not far from a quarter of a million tons. The contrast between the last two quarters is given in the following table of gross tonnage:
Great Britain and Ireland
Other Countries
World total
June 30 1926. March 31 1926.
293,544
289.664
591.556
623.435
885.100
that country, she exchanging places with France.
Holland
is only a few hundred tons behind Germany
. American
shipyards are still in sixth position, but are now
within
striking distance of the Dutch and German
builders. A
year ago Germany held second place, which is now
occupied
by Italy. The relative positions of the various countrie
s are
shown in the following table of gross tonnage for
the last
two quarters:
June 30 1926. March 31 1926.
841,338
843.070
287.346
298,530
153.955
155.965
148.851
216.871
148.245
133.605
133 268
117.777
42 673
59 458
38.270
45.690
Great Britain and Ireland
Italy
France
Germany
Holland
'United States
Denmark
Japan
Only Italy, Holland and the United States are building
larger amounts of merchant tonnage than they were a
year
ago. At that time American shipyards had only 92,000
gross
tons in hand, Italian builders 212,000 tons and Dutch,
100,000 tons.
Country's Foreign Trade in June—Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on July 14 issued its statement on the foreign
trade of the United States for June and the twelve months
ending with June. The value of merchandise exported in
June 1926 was $338,000,000, as compared with $323,347,775
in June 1925. The imports of merchandise are provisionally
computed at $337,000,000 in June 1926, as against $325,215,735 in June the previous year, leaving a trade balance in
favor of the United States on the merchandise movement for
the month of June 1926 of $1,000,000. Last year in June
there was an unfavorable trade balance on the merchandise
movement of $1,867,960. Imports for the twelve months of
1925-26 have been $4,466,687,493, as against $3,824,128,375
for the corresponding twelve months of 1924-25. The merchandise exports for the twelve months of 1925-26 have been
14,753516,204, against $4,864,581,164, giving a favorable
trade balance of $286,828,711 in 1925-26, against $1,040,452,789 in 1924-25. Gold imports totaled $18,890,086 in
June 1926, against $4,426,135 in the corresponding month
the previous year, and for the twelve months they were
$210,726,485, as against $134,145,136. Gold exports in
June 1926 were $3,345,528, against $6,712,480 in June 1925.
For the twelve months of 1925-26 the exports of the metal
foot up $113,438,459, against $248,729,698 in the twelve
months of 1924-25. Silver imports for the twelve months of
1925-26 have been $69,400,376, as against $71,607,902 in
1924-25, and silver exports $97,981,732, as against $108,828,727. Some comments on the figures will be found in
an earlier part of this issue in the article on "The Financial
Situation." Following is the complete official report:
TOTAL VALUES OF EXPORTS AND IMPORTS OF TI1E UNITED
STATES
(Preliminary figures for 1926, corrected to Jay 1926.)
MERCHANDISE.
913,099
Italy alone is now constructing 215,183 gross tons of
vessels equipped with internal combustion engines, Lloyd's
Register points out, a decline of but 5,000 tons from her
high figure, made in the quarter ending March 31 last.
Almost 45% of the entire present world construction of
shipping, however, is of motor vessels. The proportion of
the tonnage of Great Britain and Ireland's yards being devoted to this type of craft is 34%, as compared with 52%
for all the other countries combined. No decline, but an
Increase, however, is shown in Lloyd's Register's figures
of the power of various oil engines being built or Installed
throughout the world. The indicated horse power of these
engines at the close of the quarter ending June 30 was 782,216, as compared with the figure of 733,496 for March 31
last. A gain was also shown in the world figure for the
shaft horse power of steam turbines, which advanced from
362,415 to 399,740, while the total of indicated horse power
of steam reciprocating engines declined from 432,908 to 370,594 in the same period. For Great Britain and Ireland, the
total horse power of marine engines under way at June 30
last, was divided as follows: Steam reciprocating engines,
'211,414; steam turbines, 145,915; oil engines, 278,209. For
the other countries combined, the division was: steam reciprocating engines, 159,180; steam turbines, 253,825; oil
engines, 504,007.
The sharp drop reported in Germany's shipbuilding for
the quarter ended June 30 last results in a recession from
third to fourth *place in world construction ranking for
[VoL. 123.
June.
1926.
12 Months Ending June.
1925.
1926.
Incr.(+)
Decr.(—)
1925.
Exports
Imports
335.000,000 323.347.7754.753.516,204 4.564.551,164 —1
11,064,960
337.000.000 325.215,7354.466.687.493 3.824.128.375
+6 2.559.118
4
Excess of expta 1.000.000
286.528,711 1,040,452.789
Excess of!mins
1.567.960
EXPORTS AND IMPORTS OF MERCHANDISE.
BY MONTHS.
1925-26.
1924-25.
Exports—
$
$
339.660,365 276.649.055
July
August__. 379,822.746 330,659,566
September_ 420.368.140 427.459,531
October_. 490.566.814 527.171,781
November.447,803.577 493.572.921
December _ 468,305.949 445,745.393
January... 397.214.919 446.443.088
February
352,905.155 370.676.434
March ___. 374.406.547 453,652.842
April
387.540.9LO 398.254.668
silly
384(21 02' 370 945.11n
1
June
338.000.000 323.347.775
1923-24.
8
302.156,027
310,965,891
381.433,570
399.199.014
401.483,872
426,665,519
395.172,187
365.781.772
339,755.230
346,935.702
335.0vS.7n1
306,959.006
1922-23.
$
301.157,335
301,774,517
313.196,557
370,718,595
379.999.622
344,327,560
335,410,506
306.957.419
341,376.664
325,492.175
316.389.479
319,956.953
12mos.end.
June
4.753.516,204 4,864,581,164 4.311,656.4
91 3,956
.
Imports.
July
August.-- _
September_
October ...
November.
December.
January
February._
Marrh
April
May
June
325.648,257
340.085,626
349.953.680
374.073,914
376.431.290
396.639.809
416.752,290
388.336.072
442.577.951
397.911.7t5
329 "76 836
337.000.000
278.593.546
254.542.143
287,144,334
310,751,608
296.147.998
333,192,059
346.165,289
333.357,369
355,378.617
346.090.956
327.515.721
325.215.735
287.433.769
275.437.993
253,645,380
305.290,809
291.333.346
288.304,766
295.506.212
332,323.121
320,452.113
324,290.966
302 9 791
87
274.000.688
S
325,151,138
366.857,538
324.863.123
343,330.815
294.092.219
296.198.373
275,548 A69
250,619,841
329,979.817
318.469,578
307.808.928
335,116.750
733 771,156,489
.
251.771.881
281.376.403
298,493.403
276,103,979
291.804.826
293,758.573
329,253,664
303,406,933
397.928.382
364.252,544
372.544.575
320.233,799
12 mos.end.
Irina
1921-22.
—
178,159,154
194.768,751
'179.292,165
188,007,629
210,948.036
237.495.505
217.155.396
215,743,282
256,177,796
217.023.142
252.817,254
260,460,898
SARA ROT A00 0001 100 000 0 RCA nne "SEA
fS Pen., ”- --
,
,608.079,008
JULY 171926.]
THE CHRONICLE
GOLD AND SILVER.
June.
1926.
12 Months Ending June.
1925.
1926.
1925.
Incr. 1+)
Deer.(-)
Gold.
Exports
Imports
3,345,528
18,890,086
Excess of expts
Excess of Impts 15.544.558
6,712,480 113,438.459
4,426.135 '210,726,485
248,729.698 -135.291.239
134,145,136 +76,581,349
2,286,345
114,584,562
97.288,026
Meer.
Exports
Imports
7.977,926
5,627,850
8,522,492
4,918,605
97,981,732
69.400,376
Excess of expts
Excess of Impts
2,350.076
3,603.887
28,581.356
108.828,727 --10.846,995
71,607,902 --2.207,526
37.220,825
EXPORTS AND IMP ilITS OF GOLD AND SILVER. BY MONTHS.
Gold.
1925-26.
Slicer.
1924-25.
1923-24.
$
Exports.
$
$
July__- 4.416,452
327,178
August - 2.135,690 2.397,457
Sept.__
6,784.201 4,579.501
October. 28,039,190 4,125,268
Nov__ 24.360.071 6,689,182
Dec.. _. 5,967.727 39.674.653
3.088.870 73.525.943
January
February 3.851,374 50.599.708
March_ _
4.224.564 25,104,416
Apr11___ 17.883.865 21,603.946
May
9 342 027 12 180 067
June --3,345.528 6,712,480
1925-26.
$
$
8,349.304 9.190.362
8.284,991 8,632.067
7,487.317 10.345,205
8.783.376 9,465.023
8.118,093 9,401.406
7.689,470 11,279,630
9.762,969 11.384.709
7.752.350 6.832.647
8.333,081 7.916.717
7.612 045 9,322.6113
7030 810 R 515 7 1
,
7,977.926 8.522,492
522.826
2,200.961
862,697
1.307.060
746.794
711,529
280.722
505.135
817.374
1.390.537
601 200
268.015
1924-25.
1923-24.
,
$
6,233.163
7,032,221
8.123.460
7,522.845
8.775.474
9.521.083
8.208.644
8.876,713
8.355,278
7.801.689
9..
134 517
8,648.499
12 mos.
end Jun , 113.438,459 248.729,698 10.106,941 97,981,732 108.828,727
98.785.588
Imports.
July
10.204,112 18.1334.423 27.929.447
4,861.73t
4.128.052
50,740.134,
10.456.115
7.216.004
January 1q.:351 90...
February 25.415.655
March.. 43.412.57,
13.111. "
A mil
62
2.024 665
May
18.890.086
June
August
Sept____
October_
Nov____
18.149,081
6,655,11,5
19.701.640
10.862.384
10.274 049
5 037 pm
3.602.527
7,337.322
8.869.881
11,10t 017
4.426.135
32,856.097
27.803.961
29.795.185
39.757.436
32.641.221
45.135.760
35.111.269
34.322.375
45.4113.116
11 072 r. n
,
25,181.117
5,238.437
7,273.298
4.504.024
5.601.851
4.040.035
5.740,956
5.762.760
8.863.131
5.539.071
0.312.429
4.889 704
5.627,850
12 mos.
end.June 210.726.485134.145.136417.025.638 60490275
7.127.613 10,066,463
7,041,630 6.465.949
7.082.962 8,517.971
5.828.572 6,929.311
6,481.416 5.269.173
5.863.892 8.172,301
7,338,550 5,979.758
4,928.916 7.900.409
6.660710 6.220.934
4,944.807 3.907.745
3 4 00 10.n s ...,0 .. Ct9
.
4,918,605 4.870.389
/1 an, nA0
/nnnnnoR
Further Decline in United States Steel Corporation's
Unfilled Orders.
The United States Steel Corporation in its regular monthly
statement issued Saturday (July 10) reported unfilled
tonnage on books of subsidiary corporations as of June 30
1926 at 3,478,642 tons. This is a decrease of 170,608 tons
from the unfilled orders on hand May 31 and a decrease of
389,334 tons as compared with 3,867,976 tons on April 30.
OnJune 30 last year the orders on hand stood at 3,710,458
tons and for the .
corresponding date in 1924 at 3,262,505
tons. At the corresponding date in 1923, however, the total
was 6,386,261 tons. In the following we show figures back
to the beginning of 1922. Figures for earlier dates may be
found in our issue of April 14 1923, page 1617.
End of Month-
January
February
March
April
May
June
July
August
September
October.
November
December
1920
4.882,739
4.616.822
4,379,935
3.807,076
3.649.250
3.478,642
1925.
5,037.323
5,284.771
4.863,564
4.440.3118
4.049.800
3,710,458
3,539.467
3,512.803
3,717.297
4,109.183
4.581.780
5.033,364
1924.
4,798,429
4,912,901
4,782,807
4.208.447
3.628 089
3.262.505
3.187.072
3.289.577
3.473.780
3.525.270
4.0:31.969
4.816.676
1923.
6.910,776
7.283.989
7,403.332
7.288.509
6,981.851
6.386.2111
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
5154,226
5.6:35,531
5.776,161
5,950,105
6.691.607
6.902.287
6.840,242
6,745.703
General Improvement in Copper and Other
NonFerrous Metals.
Substantial improvement in the demand for
non-ferrous
metals occurred in the past week, and prices for copper,
lead,
zinc and tin have been advanced both here and
abroad,
"Engineering and Mining Journal" reports.
Consumers
have finally come to the conclusion that the much-talked-of
depression in the second half of the year is not to
materialize
and this has encouraged buying. Contributing
factors are
the improved statistical position of copper and zinc,
and the
speculative holding of lead in the London market.
Copper prices have advanced steadily, with practically
no
metal available at less than 14.25 cents a pound,
delivered in
the East. The volume of sales for the week has been
unusually large. Tightness exists in the July position and it
is
possible that buyers who require early shipment will find
it
necessary to pay a premium.
With demand for lead quite brisk and with London showing substantial gains, the leading factor in the domestic
market has ncreased the contract price from 8.25 cents a
pound to 8.50 cents a pound, New York. The outside
market, however, kept ahead of the official price. Stocks
of lead in London appear to be in strong hands. Galvanizers
and brass makers both were in the market for zinc and there
has been a stiffening in prices each day. A decline in stocks
263
amounting to 4,174 tons is revealed in the statistics for
June. The tin situation, says the "Engineering and Mining
Journal," was dominated by London. Moderate buying
took place at higher prices.
Steel Operations Make Good Showing for This Time
of Year-Pig Iron Price Declines.
New business in steel has made a good showing thus far
in July. While in the first half of June bookings were not
at so high a rate as marked the final week, it is a favorable
indication that the Steel Corp.'s orders have been averaging
2,000 tons a day higher this month than in the first ten
business days in June, says the "Iron Age" in its July 15
summary of conditions in the market.
Forecasts of operations in July lack something in definiteness. The stepping down from 92% in March to 88 in
April, 84 in May and 80 in June is an unusually gradual
decline. It is expected that the 4% gap will widen somewhat
this month, but to no marked extent, and if the average
operation should prove to be 75% or slightly less, it would
still be well above the 65% of July 1925, comments the
"Age" in giving additional details which we quote herewith:
While some of the heavier products are not figuring in mill shinments to
the same extent as in the spring months, there 10 sustained consumption in
a wide range of other finished forms which promises an exceptional July
August operation of mills.
Steel Corp. operations this week are at 85% and in the Youngstown
district independent companies have made a good gain after the holiday
shut
-down, so that the average for the Pittsburgh-Youngstown district is
above 75%.
The decrease of 170,608 tons in the unfilled tonnage of the Steel Corp.
for June was the smallest for any month this year since January. Shipments in the second quarter were at a rate which represents good economy
in production and at better prices than the average for the like period last
year.
Leading makers of cotton ties have opened liooks for the season, naming
prices of 81 20 per 45
-lb. bundle, f. o. b. Gulf ports, and 81 22 f. o. b.
Atlantic ports, a reduction of Sc. to 6c, per bundle from last year. Prices
have also been named for distribution from some interior points, for
example. $1 27 at Memphis. As was the case last year. the outlook is for
the retention of the cotton tie business by domestic mills as against sporadic
offerings from Europe.
Prices of the principal finished steel products are on a fairly even keel.
Sheets are still irregular and competition in strip steel is more in evidence.
Sales of heavy sheets to barrel manufacturers brought out new low prices.
In galvanized sheets, the maintenance of sheet bar prices and a zinc advance
of $8 a ton in two weeks are counter currents to recent concessions.
Railroad car works are slowing down on their schedules, but tank makers
are busy on contracts for the Texas Panhandle district. In some other
directions plate mills are doing better, barge inquiry at Pittsburgh amounting
to 4.500 tons.
For 500 C. & 0. car bodies and 250 Norfolk & Western flat cars inquiries
are out for 12,500 tons of steel.
Structural steel awards of 29,000 tons included 4,500 tons for an athletic
club in Chicago and 3,350 tons for an office building in Detroit. An
apartment hotel in Philadelphia on which bids are being taken calls for
3,500 tons of steel.
A viaduct in Philadelphia will take 8.000 tons of reinforcing bars, award
of which will probably be made this week. A Southern mill will furnish
4,000 tons of bars for a pier at Mobile, Ala.
An oil company operating in the Southwestern field is inquiring for 45
-in, line pipe, equal to 3,500 tons.
miles of 8
Some domestic sellers of pig iron in the East have named lower prices in
the past fortnight. in more aggressive competition with foreign iron. The
latter is coming in rather freely, however, on old sales, last week's receipts
at Philadelphia alone being 6.150 tons from Germany. France and England.
While Central Western pig iron sales are tapering off, Cleveland offices
took 50,000 tons in the past week, and at Chicago new business brought the
total movement there up to 450.000 tons.
In spite of the marked weakness in pig iron, heavy steel scrap is somewhat
higher at Pittsburgh and Chicago. Dealers who are buying to cover sales
find only moderato offerings at 25c. to 50c above their recent selling prices.
But it is dealers rather than consumers who are making the market.
Export business recently closed includes 5.000 tons of rails for Central
America and 4,000 tons of oil pipe for Rangoon.
French makers of cast-iron pipe have scored again rather heavily, the
Pont-a-Mousson works taking 14,000 tons of 30
-in, pipe for the line to be
built for Amarillo. Texas.
British contracts for American coal are on a larger scale, four domestic
sellers having Just closed 1.500,000 tons for shipment in the next two
months.
Weakness in basic pig iron has brought down the "Iron
Age" composite price from $19 71 to $19 46, the lowest
figure since last September. It is more than $2 a ton below
the level at the opening of the year, but is 50c. above that of
last July. The finished steel composite price remains at
2.431c. per lb.. for the fourth week-exactly at the level of
one year ago, as is noted in the following composite price
tables.
Finished Steel, July 13 1926, 2.431c. Per Pound.
2.431c.
Based on prices of steel bars, beams,tankOne week ago
i
2.417c.
plates, plain wire, open-hearth rails. One month ago
2.431c.
lalack pipe and black sheets. constitut- One year ago
leg 88% of the United States output__ 10
-year pre-war average_ -1.689c.
Ply Iron, July 13 1926. $19.46 Per Gross Ton.
$19.71
Based on average of basic and foundry One week ago
irons, the basic being Valley quotation, One month ago
19.79
18.96
the foundry an average of Chicago, One year ago
-year pre-war average_ -- 15.72
Philadelphia and Birmingham
10
Pig Iron
Finished Steel
Low.
Inch.
High.
Low.
1926-2.453c. an. 5 2.403.c May 18 $21 54 an. 5 $1946 July 13
1925-2.560c. Jan. 6 2.396c. Aug. 18 22 50 Jan. 13 18 96 July 7
1924-- .2.789c. Jan. 15 2.460c. Oct. 14
22 88 Feb. 26 19 21 Nov. 3
1923-2.824c. Apr. 24 2.446c. Jan. 2 30 86 Mar.20 20 77 Nov.20
264
THE CHRONICLE
[VOL. 123.
Considering the season, the July steel market is proceeding
with the same surprising show of sustained power that has
made recent conditions almost without precedent in industry,
declares the weekly summary of trade conditions issued by
the "Iron Trade Review." Some producers pronounce this
July in point renewing tonnage, to be best they ever experienced. While buying is quieter, following heavy
specifications against contracts terminating July 1, incoming
tonnage since has been better than seemed reasonable to
expect and the accustomed dullness in July-August period
is not yet in sight. A number of mills, especially those in
the Chicago district, find themselves with virtually 60 days
business on hand, continues the "Review" on July 15, adding
further observations, from which we take the following:
Estimated United States Production of Anthracite (Net Tons).
1926
1925
WeekEndedWeek. Cal. Yr. to Date.
Week. Cal.Yr.toDate.a
June 19
2,032.000
33.095.000
1.745.000
41,451.000
June 26
2.087.000
35,182.000
1.800.000
43,251.000
July 3
1,970,000
37,152.000
44,728,000
a Minus one day's production first week in January to1,477.000 number of days
equalize
in the two years.
Total production of anthracite during the present calendar year to July 3
amounts to 37.152.000 tons, approximately 7.576,000 tons, or 16.9%, less
than in 1925. Figures for corresponding periods in recent years are given
below:
1922
22,337,000 net tons
1924
44,869,000 net tons
1923
50,188,000 net tons
1925
44,728,000 net LOW
BEEHIVE COKE.
The production of beehive coke declined sharply during the week ended
July 3. Total output, as indicated by reports from the principal coke carriers, amounted to 164,000 net tons
-a decrease of 23,000 tons, or 12.3%.
from that in the preceding week.
Estimated Production of Beehive Coke (Net Tons).
Production has snapped back since July 4. This week it is practically
Week Ended
1925
1926
July 3 '26.b June 26 '26.c
back to the late June basis. or 75 to 80%•
Ady 4 '25.
to Date. to Date.a
155.000
84.000 5,455.000 4,036.000
In establishing a high water mark in ingot production for any first half Pennsylvania & Ohlo _ _ 131,000
- West Virginia
11,000
12.000
9,000
393.000
318,000
year, steel works of the country operated the past 6 months at an average Ala., Ky., Tenn. dr Ga_ 10,000
7,000
14,000
412,000
522.000
of 87.2% of its theoretical capacity. This netted a total output of 24,260.- Virginia
5,000
5,000
4.000
203,000
200.000
Colorado A New Mex
4,000
537 tons. During the first half of 1925 they ran an average of 81.4%
5,000
5.000 146.000
121.000
Washington & Utah
3,000
3,000
3.000
94,000
111,000
and produced 23,326,965 tons.
To attain a new record in steel output for the full year, works have only
United States total_ 164,000
187.000
119,000 6.703.000 5,308.000
to operate at 71% of capacity during the last half, which in view present Daily average
27,000
34,000
20.000
a Adjusted to make comparable the31.000 of days covered 42,000
conditions, they seem more than likely to do. In the July-December
number
in the two years.
b Subject to revision. c Revised since last
report.
period of 1925 production was 78.8% of capacity.
June ingot production was the second highest June on record, being
Holiday Affects Coal Markets
eclipsed only by June 1923. but was 4.9% below May.
-Foreign Buying of
Demand from the railroads, especially for new equipment, still is the
Bituminous Continues
-Anthracite Quiet.
market's soft spot. Books of car builders have been reduced to extreme
Holiday influences pervaded the bituminous coal markets
leanness and some will be cleaned up in another month. Rail production
last week. Domestic buying, for the most part, was reis tapering off as the heavy tonnage period is past.
Further buying this week in pig iron for third quarter and last half stricted to
immediate requirements; prices fluctuated
added over 200.000 tons, bringing the grand total of the present remarkable
covering movement since June 1 to approximately 1,600,000 tons. French within a very narrow range, with advances offsetting remakers took 14,000 tons of cast iron pipe for Amarillo, Tex.
ductions; production experienced a sharp but expected deThe "Iron Trade Review's" composite price on 14 leading iron and cline,
says the "Coal Age" this week. Export trade alone
steel products this week is $37 69. This compares with $37 74 last week
escaped the mid-summer indifference and continued to enand the previous week.
joy the brisk business developed by the British strike, declares the review of events in the market published by the
Production of Bituminous Coal, Anthracite and Coke "Age" July 16.
The summary of trade conditions then conFalls Off.
tinues:
The coal and coke producers of the country failed to
The contract between the rates of production maintained since April 1
sustain last week's production records, when gains in all and the persistent complaints of inactivity in the spot market suggests
the
three items were reported, but instead fell off by about tractconcentration of business into fewer hands, more buying under conor quasi contractual arrangements and increased captive mine devel323,000 tons of bituminous coal, 117,000 tons of anthracite opment. With the exception of the last named, these are healthy signs.
The chief adverse factors are low realizations and the maladjustment beand 23,000 tons of coke, according to the summary issued
tween union and non-union wage rates, which has completely upset former
by the United States Bureau of Mines, which on July 10 producton balances.
Calendar year cumulative totals to July 3, however, reach figures which
gave out the following details:
Production of bituminous coal during the week ended July 3, including
lignite, coal coked at the mines, and local sales, is estimated at 9,523,000
net tons. Compared with the revised figures for the preceding week, this
Is a decrease of 323.000 tons, or 3.3%. The estimate is partly based on
the 155,350 cars loaded for shipment.
Estimated U.S. Production of Bituminous Coal(Net Torts)a-Incl. Coal Coked.
June 19
Daily average
June 26.c
Daily average
July 3.d
Daily average
1926
Week. Cal. Yr. to Date.
9.503.000
252,531,000
1,584.000
1.750.000
9,846.000
262,377,000
1.641.000
.,746,000
9,523,000
271,899.000
1,587,000
1,740,000
Week. Cal.Yr.toDate.b
220.994.000
8,402,000
1,533,000
1,400.000
229,656.000
8,662,000
1,529.000
1,444,000
237,007.000
7,351.000
1.527,000
1,470,000
a Original estimates corrected for usual error, which in past has averaged 2%•
b Minus one day's production first week in January to equalize number of days
in the two years. c Revised since last report. d Subject to revision.
Total production of bituminous coal during the calendar year 1926 to
July 3 (approximately 156 working days) amounts to 271,899,000 net tons.
Figures for corresponding periods in other recent
Years are given below:
1920
265,700.000 net tons
283,193,000 net tons
1923
1921
233.887,000 net tons
199,514,000 net tons
1924
1922
191,936.000 net tons
237.007.000 net tons
1925
. ANTHRACITE.
Production of Pennsylvania anthracite during the week ended July 3 is
estimated at 1,970,000 net tons
-a decrease of 117,000 tons, or 5.6%,from
that in the week of June 26. Total output during the month of June
amounted to 8,937.000 tons, with a daily average o 1344,000 tons, as against
8.054,000 tons
-322,000 tons a day
-in May
speak confidently of the industrial soundness of the nation. During that
period the output was 271,899,000 tons, as compared with 237,007,000 tons
last year and 233,887,000 tons in 1924. This cumulative total has been
exceeded only once since the World War. Even when allowance is made
for first-quarter gains attributable to the anthracite strike, recent figures
show consistent increases over 1925.
Some of the credit for these gains goes to the export trade. Increases
in that division are recognized as temporary. Another sustaining factor has
been the lake movement. During the week ended July 11 dumpings at the
lower lake ports totaled 927,135 tons of cargo and 47,290 tons of vessel
fuel. This brings the season's total to 11,613,032 tons, as compared with
9,672,170 tons last year and 7,948,556 tons in 1924.
There were few changes in spot quotations last week. High-volatile pier
prices at Hampton Roads weakened and there was a nickel break in the
minimum on Somerset mine-run at Boston. Generally speaking, inland quotations on West Virginia coals were stronger, but eastern Kentucky lost
ground. Illinois and Indiana held their recent gains. The "Coal Age"
index of spot bituminous prices on July 12 was 158 and the corresponding
price was $1 91 -the same as on July 5.
Anthracite does not create much of a stir in the market these days.
Production, however, belies some of the wails which have gone up complaining of the state of trade. Notwithstanding the fact that the mines
were down until mid-February, output for the calendar year to date is only
10.9% less than. in 1925. On the coal-year basis, current producton is
approximately 3,356,500 tons ahead of 1925-26. Sales resistance, however, is mounting.
During the past week the Connellsville coke trade was extremely quiet
Production was smaller as a result of the holiday. Buying, too, was on
a narrower scale. Fortunately there was little surplus tonnage to be had;
spot prices, therefore, were firmly maintained.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on July 14, made public by the Federal
Reserve Board,and which deals with the results for the twelve
Federal Reserve banks combined, shows a decline for the
week of $87,000,000 in bills and securities, accompanied
with increases of $49,100,000 in cash reserves and $13,600,000 in non-reserve cash, and a reduction of $30,300,000 in
Federal Reserve note circulation. Discount holdings declined $97,600,(00 and open market acceptance holdings
$3,400,000,while holdings of Government securities declined
$15,800,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
The Federal Reserve Bank of New York shows a reduction of $92,500,000
In discounts, as compared with an increase of $135,500,000 reported the
week before, and the Chicago bank a decline of $9.200.000 and Richmond
of $3,700,000. Discount holdings of the St.
bank increased $5,300.000 and of Philadelphia $4,300,000. Open market acceptance holdings at
the Atlanta Reserve bank were $3,900,000 above and at the New York and
Cleveland Reserve banks $3,300,000 and $2,600.000, respectively, below
the previous week's total. The system's holdings of Treasury notes
Increased $17,700.000 and of United States bonds $2,100.000, while holdings
of Treasury certificates declined $4,000.000.
All of the Federal Reserve banks report a smaller volume of Federal
Reserve notes in circulation with the exception of Chicago and St. Louis,
which show a total increase of $2,400,000, the principal decreases being:
New York, $14,100,000; San Francisco, $7,700,000; Atlanta, $2,600,000:
and Boston, $2,500,000.
Louis
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 299 and :=00. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and -the year ending
July 14 1926 is as follows:
JULY 17 1926.)
THE CHRONICLE
Increase (-I-) or Decrease(—)
During
Week.
Year.
Total reserves
+549.100.000 5+55,700.000
Gold reserves
+38.600.000 +54.800.000
Total bills and securities
—87.000.000 +103.300.000
Bills discounted, total
—97,600,000 +60,200.000
Secured by U. S. Government obligations —65,000.000 +16,500.000
Other bills discounted
—32,600.000 +43,700.000
Bills bought in open market
--3,400,000
+2.900.000
U. S. Government securities, total
+15.800.000 +46.600.000
Bonds
+2100.000 +10.400.000
Treasury notes
+17,700,000
+9.000.000
Certificates of indebtedness
—4.000,000 +27.200,000
Federal Reserve notes in circulation
—30.300,000 +80.300.000
deposits
Total
+7.500.000 +54.900.000
Members' reserve deposits
+2,300,000 +46.600,000
Government deposits
+8,900,000 +10,900,000
its customary monthly statement showing the stock
of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury
and by
Federal Reserve banks and agents. The
figures this time
are for July 1. They show that the money in
ciroulati6n
at that date (including, of course, what is held in bank
vaults of the member banks of the Federal Reserve System)
was $4,834,710,681, as against $4,870,884,760 June 1 1926
and $4,736,464,237 July 1 1925, and comparing with
$5,628,427,732 on Nov. 1 1920. Just before the outbreak
of the European war, that is, on July 1 1914, the total was
only $3,402,015,427. The following is the statement:
, & 2,
,-f, :- :--, :-, s• '4 ,.s -. sa ,,, a ,
4, . ..2
....
.-- 0
• 0 . CO
a $ •"Z g g ':' , Cr V 0, " n • •n•-•
•-"
,.
. E. Prggeoqi°,4e=igs
• -r ... ,4
iOli a
j .
,
g ri o. ., 7
...
0 OD OD OD 0
,..wwb2 g
: ' '
'
4 , f'
, . . •.
CO
,
•' d
o
.
a
aa. . :-. a . a. k
...
-.,„.
,.. —
-
;
8,372,981,468
6D CT 0 CO 00•
0 o- 0 00 CD 0
,
c0 C4 0 O. .
tv
.
-4 0'- 008
8... 8 1..,
w
• C4 • da.
... .g.,— s...,.......
a
.4% "
t
CO
lia•
;
CT.
Cn
14
Cl
Total.
1.2
0 "
.4
-•-• ..1 .., 000 -1•••
..4 0WWWW.
Cob.0000
W
1- da•
0 4
00 - 0 1 00 - ,0 0.0J...01
NWOWW
$-.
1
1."
g
II,
t'.' 8
00
0 0
0 0
13 s.t
E
E
)
F.
.
Fs
.
co
"
1
4
ri
l4
....
4
le
oit
s
r
13
'
0
oi
.
6
-" . "
3
t
.4
0.
- r.
--:
C
g Olgit tS.
8
Zi' 8 8
lc 'en O. b 64
01400
0300w0
t
s I tt
0 14 0 CO
gt;
'
7g882
.
c,
'`
' ...
"Ca ••4
lo b. le 043e
0.40&17a.0
0000000
0 co c,
14 ;C. - 0 - - la
"
1 / 0.
4
...
. ..
- -. k;s1tC2.
......... -.0.
,-0-.
0 0.0
0 b 63 63
Held by
Federal
Reserve
Banks
and
Agents. 1
1,470,860.334 4,834.710,681
OW
04
wi00
0.60,0
,
Co
000..
CO
IN
iA,
.."Ca ... 00 64
,1
;1•• .-, "OD b
,
ttgnt a010040.
i
MONEY OUTSIDE OF THE TREASURY.
..1
o,
b
K
T0ia4
o
0
b.
5
Q
I
066...41-,0
w
......
14 0 OD 04 t4
1
01A OAR '01
205,176,420 6,290,107,722 1,419.222.962 4,870,884,760
208,434,823 6,106,391,299 1.369.927.062 4,736,464,237
350,626.530 6,616,390,721 987.962,989 5.628,427,732
105,219,416 5,053,910,830, 953,320.126 4,100,590.704
186,273,444 3.402.015,427
3,402,015.427
0
....
c.
wa,
0 ...1
. 9
0 zi c "oo 1OWWWIA
..4
......
•:-
MONEY HELD IN THE TREASURY.
2
.0
.0
. ...
to -..
Amt. Held in
Trust ayaivs,
Gold db Silver
Ceritileates (rE
Treas'Y Notes
0/ 1890).
2,139,763.408
154,188,886 1.710,740,935
153,620,986 1.752.744,435
152,979,0261.206,341,990
152,979,0261
150.000.000
Loans on stocks and bonds, Including United
States Government obligations, were $44,000,000 below the
previous
week's total, the larger reduction of $76,000,000 in
the New
York district being offset in part by increases in other
districts. "All other" loans and discounts declined
$33,000,000.
Total loans to brokers and dealers, secured by stocks
and
bonds, made by reporting banks in New York City
were
$37,000,000 above the June 30 total, loans for their own
account having declined $84,000,000, while loans for
out-oftown banks and for others increased $68,000,000 and
$53,000,000, respectively. Further comment regarding
the
changes shown by these member banks is as follows:
Stock of Money in the Country.
The Treasury Department at Washington issued
8,360,213,963 d4,193,611,743 2,123,505,502
8,221,191,543 d4.174.598.940 2,059,798,696
8,326,338,267 d2.406.801.7721 696,854.226
5,312.109,2721d2,942,998,527 2,684,800,085
3,738.288,8711d1.843,452.3231,507,178.879
The Member Banks of the Federal Reserve System—
Reports for Preceding Week—Brokers' Loans
in New York City.
It is not possible for the Federal Reserve Board to
issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves.
Both
cover the week ending with Wednesday's business,
and the
returns of the Federal Reserve banks are always given
out
after the close of business the next day (Thursday)
. The
statement of the member banks, however, including
as it
does over 700 separate institutions, cannot be
tabulated
until several days later. Prior to the statement
for the
week ending May 19, it was the practice to have them
ready
on Thursday of the following week, and to give them
out
concurrently with the report of the Reserve banks
for the
new week. The Reserve authorities have now
succeeded
In expediting the time of the appearance of the
figures, and
they are made public the following week on Mondays
instead
of on Thursdays. Under this arrangement the report
for
the week ending July 7 was given out after the
close of
business on Monday of the present week.
The Federal Reserve Board's weekly condition
statement
of 701 reporting member banks in leading cities as
of July 7
shows declines of $77,000,000 in loans and
discounts, $28,000,000 in investments, $240,000 000 in net
demand deposits
and an increase of $100,000,000 in borrowings
from the
Federal Reserve banks. Member banks in New
York City
reported reduction of $73,000,000 in loans and
discounts.
$191,000,000 in net demand deposits and an
increase of
$134,000,000 in borrowings from the Federal
Reserve bank.
As already noted, the figures for these
member banks are
always a week behind those for the Reserve
banks themselves.
265
In Circulation.
I
42.21 115.404.000
41.51 114,104.000
52.36 107,491,000
39.54 103,716,000
34.35, 99.027,000
IA 00 AQ 901 rinn
.0
-..,00,..
.4
Co Holdings of United States securities declined $17,000,000,
-00.00' -4,-....,0
the principal
*Ai. lo. to lc b le =.4 . l 8 es
changes being a reduction of $17,000,000 in the
lo e g
I
Chicago district and an
>
• ,, ,
74 it 5 V.; Lt cf, , 0
increase of $10,000,000 in the Boston district.
E
Holdings of other bonds,
ci te,
0 14 .. In "0 le - ' l-. le
stocks and securities fell off $11,000,000 at all
womiewo
wee.=
reporting banks and
04w0 -4-4w. ...woo
$9,000,000 at reporting member banks in the Chicago
0
district.
Net demand deposits were $240,000,000 below the
June 30 total, the
i-. 0. oi.tete
w
principal changes in this item including reductions of
le ;A• ;... 6,
is O t b. le b
$214,000,000 in the
to
New York district, $32,000,000 in the Chicago district,
0 00 0., -,000
San Francisco district, and $10,000,000 and $8,000,000 $17,000,000 in the
in the Dallas and
Minneapolis districts, respectively, and increases of
$12,000,000 in the
Cleveland district, $10,000,000 in the Philadelphia
0'
district, $8,000,000 in
the Richmond district and $7,000,000 each in the
0.
Atlanta'and St. Louis
districts.
•Revised figures
Borrowings from the Federal Reserve banks were
$100,000,000 above
a Includes United States paper currency in circulation in foreign countries and the
the previous week's total, increases of $137,000,000 in
the New York dis- amount h id by the Cuban agencies of the Federal Reserve banks.
trict and $11,000,000 in the San Francisco district being
Does not include gold bullion or foreign Coin outside of vaults of the Treasury.
partly offset by
reductions of $29,000,000 and $9,000,000 in the Chicago
Federal Reserve banks, and Federal Reserve agents.
and Philadelphia
c These amounts are not included In the total since the money held in trust against
districts, respectively.
•
gold and silver certificates and Treasury notes of 1890 is included under gold coin
and bullion and standard silver dollars, respectively.
S?he amount of money held In trust against gold and silver certificates and
Treasury notes of 1890 should be deducted from this total before combining It with
total money outside of the Treasury to arrive at the stock of money in the United
States.
e This total Includes $18,408,917 of notes in process of redemption, $161,662,331
of gold deposited for redemption of Federal Reserve notes, $8,633,934 deposited for
redemption of national bank notes, $4,065 deposited for retirement of additional
circulation(Act of say 30 1908)
.and $6,601,490 deposited asa reserve against postal
Increase (+) or Decrease (—) savings deposits.
During
Includes money held by the Cuban agencies of the Federal Reserve_banks of
Week.
Boston and Atlanta.
Year.
Loans and discounts, total
—577.000.000 +$778.000.000
Note.—Gold certificates are secured dollar for dollar by gold held in the Treasury
Secured by U. S. Govt. obligations
—3.000.000
—28.000.000 for their redemption; silver certificates are secured dollar for dollar by standard
Secured by stocks and bonds
—41.000,000 +441,000,000 sliver dollars held in the Treasury for their redemption: United States notes are
All other
—33.000,000 +365.000.000 secured oy a gold reserve of $154,188,886 held In the Tr01.41117. This reserve fund
Investments. total
—28,000.000 +154.000.000 may also be used for the redemption of Treasury notes of 1890, which are also secured
United States securities
—17,000.000
—50,000,000 dollar for dollar by standard sliver dollars held in the Treasury. Federal Reserve
Other bonds, stocks and securities
—11,000.000 +204.000,006 notes are obligations of the United States and a first lien on all the assets of the
Reserve balances with Fed. Reserve banks_
+8.000,000
+52.000.000 issuing Federal Reserve bank. Federal Reserve notes are scented by the deposit
Cash in vault
+20.000,000
+8.000.010 with Federal Reserve agents of a like amount of gold or of gold and such discounted
Net demand deposits
—240.000,000 +122.000.000 or purchased paper as Is eligible under the terms of the Federal Reserve Act. Federal
Time deposits
+6.000.000 +490.000.000 Reserve banks must maintain a gold reserve of at least 40%. Including the gold
Government deposits
—10,000,000
+65.000,000 redemption fund which must be deposited with the United States Treasurer, against
Total borrowings from Fed. Reserve banks_ _ +100,000,000 +141,000,000 Federal Reserve notes in actual circulation. Lawful money has been deposited with
On a subsequent page—that is, on page 300—we give
the
figures in full contained in this latest weekly return of
the
member banks of the Reserve System. In the following
is
furnished a summary of the changes in the principal
items
compared with a week ago and with last year:
as
266
THE CHRONICLE
the'Treasurer of the United States for retirement of all outstanding Federal Reserve
bank notes. National bank notes are secured by United States bonds except where
lawful money has been deposited with the Treasurer of the United States for their
retirement. A5% fund is also maintained in lawful money with the Treasurer of
the United States for the redemption of national bank notes secured by Government
bonds.
Employment Situation in Great Britain in May Affected by
Strike—Number Insured Against Unemployment.
During May the employment situation in Great Britain
was seriously affected by the general strike in the beginning of the month, and later by the increasing shortage of
fuel resulting from the stoppage of work in the coal-mining
Industry.
According to statistics just transmitted to
Bankers Trust Company of New York by its British Information Service, and made public July 16, a large number of works were either closed down entirely or working
on short time. Among the 11,892,000 people insured
against unemployment finder the Unemployment Insurance
Acts in Great Britain and Northern Ireland, there were
unemployed 14.5%, comparing with 9.2% at the end of
April, nd 10.9% at the end of May 1925. The total number
of applicants registered at employment exchanges was
approximately 1,675,000, not including those in the coalmining industry, on May 31, 1926. This compares with
1,034,000 at the end of April and with 1,253,000 at the end
of May 1925.
The changes in rates of wages reported to the Department of Labour, to have come into operation during May
resulted in a reduction of over £20,000 in the weekly full
time wages of nearly 240,000 work-people, and in an increase of 0,900 in those of over 25,000 work-people. Those
principally affected by the reductions were people in the
boot and shoe repairing industry, steel smelters, iron puddlers and millmen in England and Scotland. The increases
were given to those employed in the building tarde, iron
ore miners and people eployed in the explosives industry.
[VOL. 123.
House of Peers of deeply philanthropic character. The long and short
of it is that the miner takes a holiday whenever he feels like it. The smallest
deduction from his wages thus voluntarily curtailed, over practically the
whole of the north of England, was 5% and in some cases it was as much as
Is 9d in the pound which works out to 9%.
Strike or no strike these miners will follow their favorite football team,
in charabancs or omnibuses, even as far as London, wearing uniform caps
to distinguish themselves, with cheer-leaders as if they belonged to Princeton
or Harvard. Many of them thus traveling are actually drawing the dole
for unemployment but nevertheless they find the means to pursue their
favorite form of vicarious sport.
Abuse of Relief.
In many cases the communist Board of Guardians is paying the unemployed more than an industrious and self-respecting worker could earn.
There is a form of outdoor relief, as distinguished from actual admission to
the workhouse, which consists of an order on a storekeeper for household
necessaries, and especially food, to the value of fifteen shillings. I have
personally, In a Scottish coal mining village, been offered one of these relief
tickets at a third of its face value. The idling miner who tried to sell it
frankly admitted that his greatest necessity at the moment was beer,
together with half a CrOW11 to bet on a horse race. Americans are sometimes
called, not entirely without justice, sentimental and even hysterical.
But is not this condition of things rather like sentimentality run rotten?
A distinguished member of Parliament, a former financial Secretary of the
Treasury, and the mouthpiece of the then Chancellor of the Exchequer on
the floor of the House of Commons, said to me that Britain's expenditures
could be fairly divided into provision for defense and provision for insurance.
In short, he was willing to assume that all this misapplication of the funds
of struggling ratepayers was defensible if it saved the country from bolshevism. But is not the word insurance, used in this connection,itself a question
begging epithet? Could we not with more justice call it blackmail? Would
it not be possible, and even reasonable, to give it a still more sinister significance and call it wholesale bribery to secure votes?
Of the complete regeneration of Britain I have no doubts whatever.
But she will have to harden her heart and button up her pockets. The
present condition of things cannot go on without itself creating exactly the
conditions of universal destitution which constitute the bolshevik conception
of equality.
Parade In France Led By War Maimed In Protest
Against Debt Agreement.
A parade of French war veterans, planned in protest
against ratification of the agreement negotiated in Washington for the settlement of war indebtedness of France to the
United States, took place on Sunday last, July 11, in Paris.
Under a Cabinet decree issued by the French Government on
July 6 the former combatants had been forbidden to carry
Britain Pauperizing Herself by Doles—Charitable
out their plans, but on July 10, when it became evident that
Burden Conservatively Estimated at £458,000,000
the principals were determined to parade, the decree was
Idle Vote Themselves Incomes.
withdrawn. In explaining the reasons which prompted the
The following special article from London by William rescinding of
the ban, advices to the New York "Times"
Peter Hamilton was published in the "Wall Street Journal"
July 10 (copyright) said:
of July 10:
The Cabinet found itself in a most difficult position, caught between a
desire to prevent an incident which might offend the United States, and the
practical impossibility of sending troops against the disabled veterans, who
have refused to give up their plans.
Seeing that an effort was to be made to hold a demonstration notwithstanding the Government's ban, Premier Briand, with his customary sound
sense, decided that any clashes between the veterans and the police or
troops would only fan the feeling of resentment over the debt arrangement.
Evidently to put the best face on the matter the Cabinet. after its meeting
to-day, issued a communique saying the Government' had consulted the
leaders of the veterans, and added:
"Their attitude was most correct and dignified, as one might expect from
men for whom the Government and the country have the greatestsympathy,
"They declared their manifestation of to-morrow would have no political
character: that they would content themselves with placing a wreath on
the grave of the Unknown Soldier, as they often do, then march to the
statute of Washington to evidence once more the traditional friendship
Strikes and Poor Relief.
whion unites France and the United States.
Apply this to the coal strike. A brief inquiry in the north of England
"Under these conditions the Minister of the Interior declared the incident
Indeed, closed and the Cabinet congratulated him."
satisfied me that the miners' wives and children were well fed.
according to the Society for the Prevention of Cruelty to Children, they are
From the same advices we take the following:
better fed than when their fathers were mining coal. How is this astonishVeterans Protest Friendship.
ing result brought about? Less than half a century ago the receipt of outThe Cabinet also made public a letter from the Veterans' National Organdoor or indoor relief from the Guardians of the Poor automatically disfranchised the recipient. The pauper, registered as such, had no vote, and it is zation to M. Brian& in which the veterans said:
well to remember that just about a century ago, following the long agony
"Neither in appeals nor posters have we wished to show a disagreeable
of the Napoleonic wars, every seventh person in Great Britain was a spirit toward the American people or its Government. On the contrary,
our manifestation, based on the friendship of the French and American
registered pauper.
peoples, has as its purpose to affirm that the union of our countries, born
But the blessings of the vote have been extended with the astonishing In the dark days of 1776 and sealed by the blood of French and American
result that a majority of idlers, or those for one dishonest reason or another soldiers during the great war, ought to be maintained at all costs."
in sympathy with them, can overrule and tax the industrious element. In
All this does not change the fact that 20,000 veterans, delegates of organ;
a densely populated district of London, like West Ham or Poplar, or in a izations from all over the country, will start at 9:30 o'clock to-morrow
mining village or town in the county of Durham or South Wales, these votes morning to parade up the Champs Elysees, past the Arc de Triomphe,
can compel the only deserving citizens in the place to support the rest in down the Avenue d'Iena, then to the statute of George Washington as a
idleness. There is actually a village or small town in Durham, one of the protest against the American debt settlement.
northerly counties in England near the Scottish border, and a district still
Orders issued to-day forbid any flag except the French Tricolor, banning
richly endowed with coal, where in a Board of Guardians of the Poor, grant- all posters and songs as well as speeches. The plan to drape the French
ing lavish allowances, 22 out of 24 are actually striking miners out of work. flag in mourning has been abolished.
The Government regrets the parade, but let it get too far before trying
Bleeding the Taxpayer White.
It need hardly be said that Britain is bleeding herself white. There is to halt it. The demonstration will break up before the doors of the new
something to be said, even in these later days of drugless medicine, for American Embassy in the Place d'Iena. Ambassador Herrick has received
phlebotomy. But this is what one could fairly describe as arteriotomy, and official request from the veteran's organizations not to see any affront
no organization can stand it. A very mild form of it, which the then to him personally in the demonstration hostile to America's debt-collecting
English Government proposed to extend to Ireland nearly a century ago, efforts.
Men's Leaders Defend Poster.
was described by Daniel O'Connell as feeding a dog with a bit cut off his
Following the publication by the Government of its communique quoting
own tail.
But this is feeding a dog with his own blood. It is not merely putting a officials of the French Veterans' Association as saying that the demonstraPremium upon idleness. It is putting a vicious penalty on Industry.' Self tion was not directed particularly against the United States, the central
respect is disappearing. Time was when the receipt of poor law relief in office of the veterans to-night issued a statement saying:
Britain was regarded as a disgrace, just as It is so regarded in New England
"Contrary to certain statements appearing in the press, we wish to state
to-day. But the condition is now too common in England even to be notice- that the poster appearing on the walls of Paris reproduces exactly the terms
of the manifesto voted by the Central Committee and sent to all ',ranches."
able and, as we see, it carries with it no odium or political disability.
This poster calls Washington the "Calvary of victors."
Voluntary Idleness.
Another communique, issued at mid-night by the veterans, says:
Stories of the "starving" miners' wives and children are not only ridicuAmeriacn
"Following the letter
starvation wages are false also. Take the pro- Volunteers, the Central sent to the Veterans' Association.by the decided
lously false but the tales of
Committee of this organization has met and
voluntary idleness among coal miners, whether hewers or laborers. to assist in the demonstration by being stationed near the monument in
portion of
The figures are given to me by an earnest and conscientious member of the the Place des Etats Unis."
An estimate which I have no reason to believe other than conservative
places Britain's total charitable burden in many forms and taking the whole
of the island at the stupendous figure of £458.000,000. It seems unbelievable. It is not such a very long way from the cost of running the entire
Federal Government of the United States, including the service of the
national debt.
It need hardly be said that all forms of taxes or of voluntary contribution,
whether through the hospitals, the poor "rates." which make up more than
a tenth of the total sum, old age and disability pensions, war pensions,
national health insurance or unemployment doles, are included in this estimate. For purposes of local taxation property in Britain is assessed on the
actual or estimated rental of the premises taxed. In some cases, and
especially in the poorer districts of London, the local "rates," what we
should call taxes, are half as much again as the rent.
JULY 17 1926.]
THE CHRONICLE
267
The Government, which had forbidden the parade and had to rescind ins
When first invited, the American Volunteer organization decided to be
present at the foot of the Washington statue to welcome the veterans' action through the force of public opinion. had instructed the Prefect of
protesting against the debt settlement. Mr. Herrick intervened, Police not to permit the placing of this plaque, but whether he did not
parade
with the result that a letter was sent declining the invitation. Apparently see, or for some other reason, when two wounded men, one holding an
immense wreath of roses inscribed "Washington Esperance" and the other
the American Volunteers have again changed their minds.
the thin slab of marble, started from the line of parade toward the foot
In his description of the demonstration the Paris corre- of the statue the Prefect did not 1110103.
spondent of the New York "Herald-Tribune" had the followTwo minutes later he turned the plaque around and placed the wreath
of red roses to the side of it. But its message had gone on the four winds.
jag to say in a copyright cablegram, July 11:
A light drizzle and clouding skies only added to the impressiveness of the
With reference to the original plans of the paraders we
protest of 20.000 French veterans against the Mellon-Berenger debt accord quote the following from Paris Associated Press
accounts
here this morning.
Led by the war maimed—the crippled propelling themselves in invalid's July 6:
The proposed manifestation originated among the moderate elements of
chairs, the blind guided by their wives or children and others showing the
scars of battle—the veterans marched silently around the tomb of the un- the combatant organization, which is composed of French soldiers who
monument in the Place des Etats Unis in fought in the great war. It soon passed into the hands of the Radicals,
known Soldier, then past the
commemoration of America's assistance in the great war, and to the Wash- among them numerous Communists, and it was learned that it was the
ington statue in the Place d'Iena, where they placed a wreath on the marble purpose of the demonstrators to drape the equestrian statue of Washington
plaque. Then they dispersed without the slightest disorder along the in the Place d'Iena in black and hang crepe on the gate of the American
Embassy, while the band played a funeral dirge over the death of Franco
quays of the Seine.
Huge Throng Watches Parade.
American friendship.
The Government was rather slow in taking cognizance of this particular
the streets watched the unprecedented procession
A huge throng lining
of France's former fighters, who represented twenty veterans' organizations agitation against the Mellon-Berenger accord, inasmuch as for days it had
from all parts of the country. The procession took an hour to pass in review. been known to various members of the Cabinet. Ambassador Berenger, it
understood, consulted with Premier Brian& and M. Masson. General
,
That the manifestation was the most gripping demonstration of national
solidarity experienced in Paris since the Armistice celebration is beyond Manager of the Credit Lyonnais, and the managers of other important
dispute. It was the very antithesis of the annual celebrations of the Allied banks in Paris, also protested against allowing the proposed "insult" to the.
'victory. There was no joyous music, no rattling of swords and no show of United States.
bayonets. Instead there was only the long stream of humanity—men who
Regarding the decision of the Americans not to take part
hoped that in future years their burden would be lessened. There was no
in the parade, we quote the following Associated Press cablelaughter, but also no bitterness.
Instead, one had the oppressive feeling of great sadness in view of the gram from Paris, July 19:
trials which all Frenchmen are called upon to face. The promise of the leadAmericans, who fought in the French Army have withdrawn feom particiers that the participants would not indulge in political or unfriendly polemics pation in the proposed demonstration Sunday by French war veterans
broken.
was not
against the Washington debt settlement.
Facists and Royalists March.
The Association of American Volunteers decided that posters with the
Facists In blue shirts walked with military precision behind the cane- heading "Washington Calvary of Victors" constituted an insult to Ameribearing organization of their political foes—the Royalists of the Action cans, who fought for France. Ambassador Herrick had protested against
Francaise. The bitterness of the posters, with which the streets of Paris the parade as an insult to America. and M. Jean Durand, Minister of the
were placarded last week and which called for delegates from France's Interior, forbade it.
The French veterans agreed to modify plans.to drape a statue of George
ninety-two departments as well as the North African colonies, was no
longer apparent. An unusual array of police was on guard in the streets, Washington in black, to hang crepe on the American Embassy and to play
a funeral dirge over the death of Franco-American friendship. Then they
but their presence proved unnecessary.
Both the American Embassy in the Avenue d'Iena and the chancellary were assured M. Durand would lift the ministerial decree.
The American volunteers, who were to have received a wreath before a
in the Place Chatllor were especially guarded, but the veterans did not
swerve from their itinerary to visit either, although they are less than 200 statue of Alan Seeger, advised their former comrades against alienating the.
friendship of America.
yards from the statue of Washington.
"Be not ill-advised," the letter says. "Your friends in America, who are
United States Tourists Among Spectators.
trying to understand the situation, are rallying to your,support. We who
Ambassador Herrick left the embassy early and did not return until suffered with you during the war, who grew strong in love and wisdom
the crowds had dispersed. Hundreds of American tourists were among through those trials, are by your side and we must carry the same burdens
the spectators, but, despite the fact that their accent was easily recognized, as you, our brothers, carry. Hence we dare offer this advice."
there was not the slightest evidence of hostility or criticism. The photograAs to the protest registered by Ambassador Herrick, the
phers found their work facilitated, as the police had been told not to interfere. The authorities declared they wished to give the people of the Associated Press, July 8, stated:
United States ocular evidence that the protest was carried out with dignity.
Ambassador Herrick. who has taken a strong stand against the action of
"There is far greater sentiment behind this manifestation than the prothe French veterans, characterizing the proposed parade as an insult directed'
Taking of an international quarrel," said M. Franklin-Bouillon, Chairman against the United States and participation by Americans in such a demonof the Chamber's Commission on Foreign Affairs, who accompanied the stration as almost tantamount to treason, is much relieved over the action
procession to the Herald Tribune. "This is a demonstration of real friendof the American volunteers in refusing to participate. Ile had protested
ship. We feel that a mistake has been made and are not afraid that the
to Premier Briand and others in authority against the demonstration ait
amity which has existed across the seas for a century and half will mis- originally designed.
understand our purpose. We feel that it Is not too late to reflect a little
longer upon our mutual burdens of the past and present."
Secretary Mellon Says No Other Creditor of France Has
Wreath for United States Volunteers.
Accorded Her Such Generous Treatment as Has the
While the American veterans' organizations did not participate In the
United States.
parade, a committee representing the American volunteers in the French
Army,headod by John G. Hopper. Vice-President of the association: Colonel
Declaring that press comparisons of the British-Trench'
Charles Sweeney. formerly of the French Legion and organizer of the
American-French settlement are
Sherifian Escadrille in the Moroccan campaign; Captain Sparks, Charles debt settlement and the
Beaumont and Edward Salisbury. received a committee from the French "erroneous" Secretary of the Treasury Mellon yesterday,
National Veterans' Union at the statue of Alan Seegar, the American war
July 16, issued a statement indicating the leniency of the
poet. in the Place des Etats Unis. There the French demonstrators placed
a magnificent wreath, with a tri-color streamer bearing the inscription: American terms and observing that "no other creditor of
"To the American Volunteers Who Died in the Common Cause."
France has accorded such generous treatment." In his
No speeches were necessary, and the silence was broken only by the head
Secretary Mellon says:
the delegation who saluted the little band of Americans. With emotion, statement
of
The settlement of the French obligation to America has lteea inadr
he said only: "Thank you for having the courage to come here to-day."
along somewhat different lines from the settlement of th Frnch obliLegless Man in Tricycle Leads Parade.
gation to Grat Britain. With the British the banking advances and
The procession itself will be long remembered by those who watched the commercial obligations for war stocks have been treated separate*
exceptional solemnity with which it was formed. Headed by a score of
from the war debt proper. If, however, we compare the settlement
slowly propelled tricycles carrying men who had lost their legs during the of all of France's indebtedness to England with the settlement of hr
war, its pace was almost funereal. The leader was Jacques Hollingue, who
indebtedness to America France has had generous treatment from us.
lost both legs in 1918. Then came a delegation of fifty men whose features
Particularly is this true during the first years which will be the
had been made hideous by the war, and behind them, led by their wives most difficult for France. The present Caillaux-Churchill settlement
and children, marked the most pathetic of all the war victims—the men does not differ materially from the tentative Caillaux-Churchill agreeblinded by shells, gas or streams of fire from the enemy's flame-throwers.
ment of last August, an analysis of which appears in the document of
Officers with decorations from half a dozen countries, army nurses in unithe Caillatuc negotiations with the American commission of September
form and men of all ages filled out the long column. Conspicuous among
last which was released to the press Oct. 1, 1925.
them were scores of men who had lost a single leg or arm,the former limping
The American settlement with France embraces all of France's
along on stumps or crutches.
represents in the opinion of the American commisEach delegation carried a placard announcing the town from which It indebtedness and
sion France's capacity to pay. For obligations incurred by France to
came and the name of the organization it represented. As the manifestants
the war ended France owes us to-day $1,655,000,000.
passed the three principal points on their itinerary the flags and placards America after
The present value of the entire French settlement at the rate of
were lowered, while the placing of the wreath was carried out with brief
interest carried in France's existing obligations is $1,681,000,000. In
ceremonies.
The wreath placed on Washington's statute bore the single inscription: effect, therefore, America has cancelled the obligations of France for
all advances during the war, and France in the Mellon-Berenger agreeHope."
"To Washington—With
ment has undertaken only to repay the advances and obligations subaccount of the placing of a marble plaque at the foot sequent to the armistice.
In its
No other creditor of France has accorded such generous treatment.
of the Washington statute, the New York "Times" cable-
gram of July 11 (copyright), said:
on the Place d'Iena they placed a
At the foot of Washington's statue
marble plaque engraved with an inscription in French, of which this is a
translation:
people of the United States.
The war veterans of France to the
political and financial combines,
Over the head of diplomacy, far from to the people of the United
straight
States.
war veterans of France appealthe proposed debt settlement
the
deceptions of peace
would conAfter the
loss of her independence.
of France
secrate the ruinunderstandand the war veterans of France, who are
that the
honest,
America will
r and loyal, are asking in a friendly manner that the study of the
should be taken up once more.
question
eee
July 11 1926.
Bond Concession Granted to France—Securities Given
Under Debt Pact Will Not Be Put on the Market—.
Conference of French Officials With Secretary
Mellon.
According to the Washington correspondent of the New
York "Journal of Commerce," informal assurance concerning Article 7 of the Mellon-Berenger debt settlement between France and America, and others relative to the ata•
268
THE CHRONICLE
tude of this country on the subject of loans, have been obtained from the Treasury Department by representatives
of the French Embassy, it was made known July 15. The
"Journal of Commerce" account goes on to say:
These informal assurances, which were given to Count Louis de
Cartiges, Counsellor and Charge d'Affaires, and M. Robert LacourGayet, Financial Attache to the Embassy, with headquarters at
New York, contain nothing relative to the security pact, nor to
the question of the transfer clause which the French Socialists
have been dwelling upon.
This proposed clause would have provided that in the event the
cash payment of French indebtedness threatened the stability of
the franc, the money would be withheld and credits in France
would be substituted. They constitute merely a repetition of the
statements of the attitude of the Treasury on the subject of the
commercialization of the French bonds, and that the ban would be
remover against French loans if the debt settlement is ratified.
They will be comforting to the French Government and are expected to have a useful purpose in bringing about a better understanding in France concerning the American settlement.
The details of the Franco-British settlement were carefully gone
over by the Treasury officials. Outside of the fact that Great
Britain has made certain political concessions that appear on paper,
among them one relative to the transfer clause, it is apparent, the
English settlement is really little more advantageous to France
than that with America. While these political concessions are
made on paper, it is said, the same possibilities actually inhere in
the American settlement and besides, France pays more to England in the first ten years of the settlement than she does to the
United States. This was true, also, in the Italian settlement.
While the covering letter sent to the French Government by
Winston Churchill, Chancellor of the Exchequer, and the statements he made in a speech in which he said it would be unwise
to deal as hardly with another debtor nation as England had been
dealt with, bring pressure of an unpleasant sort upon this Government, it will not be changed from its position. There will be no
covering letter addressed to the French Government, it is said
here.
The Treasury has always made it clear that while the provisions
of Article 7, giving the right to the United States to convert the
French bonds into commercial paper that might be sold appear in
all the debt settlements made, there is no intention of making use
of the privilege, nor would it be wise to do so, at least for a number of years. The reason of American insistence upon this clause
probably has to do with possible plans for the future, when it may
seem wise to transfer all obligations held by one government
against another into private hands.
It has been pointed out repeatedly that the sale of the French
bonds, with their low rate of interest, would involve a sacrifice
here that would not be contemplated except in the inconceivable
circumstances that American Government credit had sunk so low
as to make it necessary. This could not happen, under any circumstances, for many years to come and probably would not happen at all.
As to the security clause which France has insisted upon, that
if Germany defaulted in the payment of reparations, France would
not be expected to make her payments to the United States, the
American policy makes such an agreement impossible. Throughout all its dealings with Europe the United States has refused to
become the security for the payment of German reparations.
[VOL. 123.
the British press fresh vexed reference to what many people consider
Premier Baldwin's needless generositty in the original British settlement with the United States, and similar lamentations are not wanting
on this occasion.
The British settlement also renounces anything in the shape of
negotiable bonds from France. Mr. Churchill, alluding to this subject in his speech, said:"The United States in all its agreements has
taken the power to obtain such bonds, but market operations in such
obligations would not in any case be easy, and as we never contemplated them I saw no reason to press for a power that we did not
intend to use."
The Chancellor further explained that the sums deducted from the
earlier years payments would be repaid at a low rate of interest in
later years, and that the sum of £2,000,000 in French money already
in London would be virtually added to the first annual payment,
making it equivalent to £6,000,000.
In regard to the question of reconsideration if France claimed relief on the ground of insufficiency of the German Dawes payments,
Mr. Churchill said it would be open to both sides to argue the case
on its merits.
For instance, it would be open to Great Britain to raise counter
arguments upon the simultaneous injury Britain might suffer by failure
of German reparations in America, and also upon what would be fair
among the nations which had been Allies in the war, having regard
for the actual' financial circumstances in which either might find themselves in that period.
In conclusion, the Chancellor asserted that the settlement did not
require ratification by Parliament, but that if the House desired to
discuss the subject it would be given the opportunity. In the event
that the agreement was not ratified in France, the British Government
would be absolutely free.
The following regarding the agreement and Mr.
Churchill's statement is from the copyright advices to the
New York "Times" from London, July IS:
The new arrangement, though it seems open to various interpretations and does not give France all she asked for, is much more
lenient than had hitherto been contemplated.
It is contended that it cancels about three-fifths of France's nominal
debt. As regards the amount of the annuities- to be paid, it adheres
to the partial agreement reached last August with M. Caillaux, French
Minister of Finance, who, being again in power, has now signed the
final arrangement.
Concessions have been made, however, in connection with the conditions of payment and of these the chief concerns the so-called safeguarding clause.
All French Governments, the Chancellor of the Exchequer stated
today, have sought to insert in the war debt agreement a clause which
would make the continuance of annuities to Britain dependent upon
the reparations obtained by France from Germany. The British Government, however, felt, according to Mr. Churchill, that the annuities
should rest upon the sole credit of France, and there had been a complete deadlock on this point since M. Caillaux was last in London.
Churchill Explains Accord
We have finally agreed, announced Mr. Churchill, that, while there
is no safeguard clause in the agreement, letters should be exchanged
between the representatives of the two Governments, making it clear
that in the event of complete or a very serious failure in German
payments, which we see no reason to apprehend, France would be
entitled to ask for a reconsideration of the terms in the light of all
Signing of Agreement for Funding of French War Debt the circumstances then prevailing. We are therefore committed to
the principle of reconsideration in such an eventuality.
To Great Britain—Provision Made for Reconsideration
It would, however, be open to us to raise any counter-arguments
of Terms In Case of Default by Germany.
which may seem to arise upon, for instance, the simultaneous injury
At a conference in London on July 12 (said to have con- which we ourselves should suffer by the failure of German reparations
during the continuance of our obligations to the United States, and
sumed but one hour) an agreement for the funding of the also upon what would
be fair among the nations who have been allies
French War Debt to Great Britain was signed by Winston in war, having regard to the actual financial and economic circumChurchill, Chancellor of the British Exchequer and Joseph stances in which either of them may find themselves in that period.
The result of a discussion is not prejudiced. The letters should
Caillaux, French Minister of Finance. It was stated in
therefore be studied in their actual text.
Associated Press cablegrams of July 12 that "apparently
Mr. Churchill then explained that the ttransfer clause, providing for
the agreement was reached quickly because the ground had a limited delay in making payments on account of exchange difficulties,
contained in the French debt
been 'thoroughly prepared beforehand by discussions be- had been agreed on the lines of that
settlement to the United States.
tween London and Paris." The details of the settlement
There is also a clause providing, in the event of British receipts
were made known to the House of Commons on July 13 from reparations and war debts exceeding at any time what we shall
war to the United States, that a surby Mr. Churchill, the official text of the agreement being have paid since the end of the
plus shall be divided between the various allied debtors in reduction
made public at the same time. Mr. Churchill indicated that to their future contributions. This conforms to the Balfour note and
while no safeguard clause is contained in the agreement, is identical with the provision in the British-Italian debt settlement.
The British Government, Mr. Churchill continued, had not asked
there had been an exchange of correspondence in which the
for delivery of bonds in a fchm suitable for marketing, though the
right had been reserved by France for a reconsideration of United States in all their agrements had taken the power to obtain
the debt terms in the event that Germany failed to meet its such bonds. rMarket operations would not in any case be easy, he
reparations payments. Briefly, said the Associated Press added.
Total Debt £775,000,000
cablegrams from London, July 13, the Anglo-French settleAs regards the scale of paymentts, a total of £775,000,000 would
ment provides that France shall pay £4,000,000, £9,000,000,
be paid over a sixty-two-year period, he said, beginning with an in£8,000,000 and £1,000,000 annually the first four years, and stalment of £6,000,00 this year, of which £2,000,000 was an imthereafter £12,000,000 annually until 1957, when the amount mediate payment to be made out of French cash balances in Britain
of a British demand for an equivalent instalment in 1925.
becomes £14,000.000 annually for the final thirty-one years. in lieu
The instalments would afterward be in successive years six, eight
stated in the cablegrams:
It was also
and ten million pounds. From 1930 to 1956 they would be £12,500,There are also provisions for possible delays in the payments and 000, and from 1956 onward £14,000,000.
The question of the £53.500,000 gold transferred by the French
for para passu payments proportionate to the payments to the United
States, and for certain revision in the event of Great Britain's re- Government to Britain during the war, said the Chancellor, had been
ceiving more from reparations than she is paying the United States. adjusted by France continuing to owe Britain, outside the limits of
By an exchange of letters between Mr. Churchill and M. Caillaux, the debt settlement, the sum of 153,500,000 as a non-interest bearing
in the event that France is disappointed in payments from Germany debt, and by Britain continuing to credit France with £53,500,000 in
under the Dawes plan, the question of French payment to Great gold as a non-interest bearing debt, future adjustment of the situaBritain shall come up for reconsideration. This concession, however, tion being left to future agreement.
The Government believes that the settlement embodies the best
is carefully guarded in Mr. Churchill's letter.
The chief interest for the British people was in how the settlement practical arrangement likely to be achieved, concluded Mr. Churchill,
Franco-American settlement and to what extent and that it is also in harmony with the traditional policy of this
compared with the
France would be granted a part moratorium in the first few year?. country in respect to indebtedness incurred by the allies of Britain
Each successive settlement of these interallied debts has brought in in a common cause.
JULY 17 1926.]
THE CHROI•TTCLE
In answer to questions by members of the Opposition, the Chancellor denied that in the event of a total or serious failure in German
payments the safeguard clause of the agreement would substitute
Germany for France as Britain's debtor. It would only allow France
to ask recons:deration of the arrangement.
That is, of course, a serious step and a real step, admitted Mr.
Churchill, and I do not wish to minimize it in any way. But it in no
way invalidates the responsibility of France.
Asked what the net effect of the remarkable double enttry of
£53,500,000 in gold would be, the Chancellor replied that it would be
to leave matters very much as they were.
We also take from the "Times" the following:
Payments Linked to Reparations.
The following letter was sent by M. Caillaux to the Chancellor of
the Exchequer, dated July 12, 1926:
Dear Mr. Churchill:
In assuming the responsibility of signing the agreement for the settlement of the French war debt to Great Britain and thereby accepting
payment of the annuities fixed on the sole credit of
bound to explain that the payments and transfers across Franc, I feel
the
of the amounts required to assure fulfillment of the debt exchange
settlement
with the United States and Great Britain inevitably depend
on the continued transfer of receipts from Germany under the largely
Dawes
plan. If, therefore, for reasons outside of the control of
France, such
receipts should cease completely, or to an extent greater
than onehalf, a new situation would be created and the French
Government
reserves the right in such an event of
to reconsider the question in the light asking the British. Government
of all the circumstances then
prevailing.
It is subject to this express reservation that I
am ready to sign
the agreement which we have drawn up.
J. CAILLAUX.
The reply of the Chancellor of the Exchequer to
M. Caillaux, dated
July 12, 1926, was as follows:
Dear Monsieur Caillaux:
I have received your letter of July 12. As
Majesty's Government must maintain that the I have explained, his
position of the settlement which we have arrived at of the French war
debt to this country
depends, like that of the debt itself, on the sole
credit of France.
You will realize that in the hypothetical
Great Britain would already have sufferedcircumstances you mention
a dimunition of receipts
at the various debt settlements, and this is one of
from the Dawes scheme, which we have taken into the factors which
would have to be borne in mind in the event of account in arriving
any reconsideration
of the question being desired by the
French
to this I do not object to the statement that Government. Subject
you make.
In the event of any modification being made
order to secure equal treatment among creditors, I should expect, in
that the other creditors
of France would take into consideration a
corresponding modification
of the debts due to them.
Believe me, my dear M. Caillaux,
Yours sincerely,
WINSTON CHURCHILL.
Text of the Agreement.
The official text of the agreement, together
with the letters exchanged between Caillaux and Churchill in
connection therewith, is as
follows:
269
France of a proportion of such excess calculated in the manner indicated above. On the other hand, a deficit shall be made good by
an increase in the payments next due by France up to a similar proportion of such deficit within the limit of the total amounts of the
credits already allowed to France under this article.
For the purpose of this article, any capital sums, which may hereafter be realized by Great Britain in repsect of reparations or liberation bonds, will be taken at their annual value, taking account of
amortization.
Provides for Final Closing.
6. Accounts relating to the war debt of France to Great Britain
shall be finally closed and the British Treasury shall be entitled to
retain any sums credited or to be credited to France in respect of
such accounts. Save as provided in this agreement the contracting
parties and their agents reciprocally renounce all claims or counterclaims against the other contracting party or their agents in respect
of the above mentioned accounts, or the services and supplies to
which they relate.
7. The sum of £53,500,000 shall remain as a non-interest-bearing
debt of France to Great Britain, repayment of which will be settled
by a further agreement. Meanwhile, the British Government will retain (without interest) against this debt the gold remitted to London
by the French Governitent during the war under he Calais agreement.
8. Upon the execution of this agreement and the delivery to Great
Britain of the bonds of France, to be issued hereunder, duly executed,
the British Treasury will cancel and surrender to France the French
Treasury bills at present held by Great Britain.
Done in duplicate, both in English and in French, the original
English text being the authentic in case of difference, this 12th day
of July, 1926.
M. Caillaux returned to Paris from London on July 13.
It is interesting to note that he traveled to and from
London by airplane.
French Republic External Gold Loan Bonds Called For
Redemption.
j. P. Morgan & Co., as sinking fund trustees, issued a
statement on July 13 to holders of Government of the
French Republic twenty-five year external gold loan 8%
sinking fund bonds, issued under loan contract of Septembere 8, 1920, announcing that $2,000,000 face amount
of the bonds of this issue have been drawn for redemption
at 110 on September 15 next out of moneys in the sinking
fund. Bonds bearing the serial numbers drawn by lot will
be redeemed and paid on and after September 15 at the
office of J. P. Morgan & Co. on the presentation of such
drawn bonds. Interest will cease on all such drawn bonds
War Debt Agreement.
after September 15, 1926.
The British and French Governments
having arrived at a definite
Notice is also drawn to the fact that an unusually large
settlement of the debts due by France to
Great Britain arising out
of the great war, the undersigned, duly
authorized by their respective amount—nearly $500,000—of the bonds of this issue called
Governments, subject to such ratification as
may be required, have for redemption last March 15, are still outstanding. The
agreed as follows:
holders of these bonds having failed to present them for
I. France agrees to pay and Great Britain
to
annuities in full and final settlement (subject accept the following redemption, are therefore losing interest on this amount.
to
the provisions of
Article 7 of this agreemennt) of the war debt
due by France to Great
Britain, in respect of which Great Britain
holds sterling Treasury
bills to the value of £653,127,900, viz.:
During the financial year 1926-27, £4,000,000;
000; 1928,29, £8,000,000; 1929-30, £10,000,000; 1927-28, £6,000,1930-31 to 1956-57
inclusive, £12,500,000; 1956-57 to 1987-88 inclusive,
£14,000,000.
The above payments will be made in sterling at
the Bank of England in London in equal half yearly instalments
on the 15th of
September and the 15th of March of each year,
so that the first instalment shall be paid on the 15th of September,
1926, and the last
instalment on the 15th of March, 1988.
2. France will issue and deliver to the
British Treasury on or
before the 15th of September, 1926, a bond in
respect of each of the
instalments provided for in Article 1 of this
agreement.
3. The payments due under all bonds issued
in accordance with
this agreement shall be made without
deduction for, and shall be
exempt from, any and all taxes and other
public dues, present or
future, imposed by or under the authority of
France or any political
or local taxing authority within France.
4. France at her option upon not less than
ninety days' notice to
Great Britain may postpone the payments of
one part, not exceeding
one-half of any of the half yearly instalmentts
due under Article 1,
to any subsequent 15th of September or 15th of
March not more than
three years distant from its due date, but only on
case France shall at any time exercise this option condition that, in
as to payment of
any instalments falling due in the third succeeding
year, they cannot
be postponed at all unless and until the instalments
due three years,
two years and one year previous thereto shall
actually have been paid
in full. All such postponed payments shall bear
intterest at the rate
of 5 per cent per annum, payable half-yearly.
To Credit Excess Payments,
5. If at any time it appears that the aggregate
paymentts effectively received by Great Britain under the allied
war debt funding
agreements and on account of reparations or of
liberation bonds exceed the aggregate payments effectively made by Great
Britain to the
Government of the United States of America in
respect of war debts,
na account shall be drawn up by the British Treasury,
interest at 5
per cent being allowed on both sides of the account;
and if that
account shows that receipts exceed payments, Great Britain
will credit
France against the payments next due by France under Article
1 of
this agreement with such proportion of that excess as the
payments
effectively made by France under Article 4 of this agreement
bear to
the aggregate sums effectively received by Great Britain under all the
allied war debt funding agreements. Thereafter a similar account will
be drawn up by the British Treasury each year and any further excess
of receipta over payments shall each year give rise to the credit to
Dr. Kemmerer Denies Pessimistic Views On Polish
Finance.
Edwin W. Kemmerer, who is now in Poland at the head
of the mission of American financial and economic experts,
has issued a statement to clear up published "misrepresentations," the Polish Legation announced on July 9, according to Washington advices to the New York "Journal
of Commerce" which states that the following dispatch
was received that day at the Legation from the Foreign
Office at Warsaw:
Dr. Kemmerer to-day told the Finance Minister that his attention
had been called to recent statements in certain German newspapers
said to have originated at Warsaw to the effect that in a conference
with a representative of the Polish Government he had said that
American capital had no confidence in the Polish commercial situation
and that he had expressed other pessimistic views concerning the
present economic situation and prospects in Poland.
Dr. Kemmerer stated emphatically that there was not a word of
truth in these reports and that neither he nor any other members of
his mission had made any such statements to any Government official
or to any one else.
Belgium King Empowered to Act as Financial Dictator
to Stop Fall of Franc—War Time Bread also
Proposed to Effect Financial Stabilization.
The Belgiam Cabinet on July 13 introduced in the Chamber of Deputies a bill granting King Albert unlimited powers
to issue decree in drastic defense of the falling franc. In
both the Senate and Chamber the bill was passed within an
hour on July 15—the measure receiving an overwhelming
majority in the Chamber (139 to 9) and a unanimous vote
in the Senate, with Socialist Deputies and Senators concurring. As a result of the new legislation, King Albert has
become the financial dictator of his own kingdom for a period
of six months. In reporting the adoption of the bill, Associated Press cablegrams from Brussels, July 15, said:
The foreign exchange market will be one of the first features of the present
situation to be attended to by the royal dictator. In the future, in order
Ins"
270
THE CHRONICLE
to obtain foreign currency for imports, bills of lading as well as invoices
must be presented.
The financial commission instituted by the Government. of which M.
Theunis, banker and former Premier. is President, held a meeting as soon
as the bill was passed and examined various measures for supporting the
franc and to prevent illicit dealing in foreign exchange. These will be
submitted to the King for promulgation within a day or two.
The commission also studied the proposition of a group of Dutch bankers
desirous of assisting Belgium to redeem the franc, embracing
a loan of
5,000.000 guilders under favorable conditions, and it is likely the offer will
be accepted. (A guilder is worth about 40
cents.)
A decree will be issued within a few days providing for the use
of bread
very similar to that used in war time. The railways, telephones
and telegraphs will be turned over to private companies for operation.
Some idea of the crisis which the country has passed through
and the
lack of confidence among small investors and workingmen is found in
the
announcement that between July 1 and 13, while the franc was tumbling
rapidly, more than 5.000.000 francs were withdrawn from the Public
Savings Bank in Antwerp alone.
The latest returns of the National Bank show that during the week ended
July 8 975.000,000 Treasury bills were discounted, an increase of
75,000.000
francs over the previous week.
(VOL 123.
of the official weekly quotations was: Butter, 293 kroner per 100 kilos
(April, 305 kroner) ; eggs, 1.12 kroner per 1 kilo (April 1.02 keener);
bacon, 1.92 kroner per I kilo (April, 1.87 kroner); beef, 0.58 kroner per
1 kilo on the hoof (April, 0.56 kroner).
The unemployment still was greater than in the corresponding month
last year. The percentage of unemployed was at the end of May 1926
15.6%; the corresponding figure last year was 12.0%. In the industries
the percentage was 16.3 this year, against 12.4 in May 1925.
The Government's revenue from taxation on articles of consumption in
May amounted to 19.8 mill. kroner, including customs revenues of 8.2
mill. kroner. In May 1925 the corresponding figures were 17.0 and 5.6
mill. kroner.
Termination of Financial Control of Hungary By
League of Nations.
Control of Hungarian finances by the League of Nations,
which terminated July 1, successfully accomplished its two
main objectives of stabilizing the currency and balancing the
budget, according to a review published by Dominick &
We also quote as follows from the Brussels Associated Press Dominick. "For the past two years, since July 1 1924, the
accounts, July 13, with the introduction of the bill:
budget has showed a surplus which at the close of this fiscal
Belgium thus joins the three Eurorean powers dho are considering pro- year will
amount to about 60,000,000 gold crowns," states
posals to concentrate unlimited powers in one person. Italy is discussing
the report. "Currency has been stabilized on a gold basis
w let ier Premier Mussolini and his Cabinet should
be made responsible to
the King and not to the Legislature; France will
vote on Thursday on a since April, 1925." The relinquishing of financial control of
government proposal to grant the Briand Cabinet full powers in
that Finance Minister Caillaux may proceed with the restoration order Hungary by the League was noted in these columns July 3,
of the
page 31. Dominick & Dominick's review of "Hungary's
French franc, and Belgium is going them one better by suggesting
that
the sovereign be installed with far more than usual
Recovery," made public under date of July 10, follows:
power.
The Cabinet
has issued an appeal to the country not to lose confidence
and not to begin buying foreign currency. yeasures
of economy have already been drafted In detail and bankers nave been
called into conference.
The latter have promised their support and
there is every reason to believe.
Cabinet ministers say, that the Belgian franc
might yet be saved if the
King is granted full powers.
The Government to-day Issued a statement
saying that the collapse of
the franc is not due to internal financial conditions. The statemeot
says
that the budget is balanced, international debts have been regulated
and
the floating dents provided for.
Tnere is no reason to fear the situation, the statement
says, unless the
public should become panic-stricken nad
begin speculating in foreign
currency. Control of tie exchange and
the ruthless prosecution of speculators will be one of the first measures put
through, if full powers should be
granted to the King by the Chamber of Deputies.
Another likely measure is the substitution of
whole wheat bread for white
bread. bringing in a saving of half a million
francs daily. Sweeping economies in public expenses are being discussed,
as well as an increase in railroad
freight rates by 10% and in passenger
rates by 20%•
Control of Hungarian finances by the League of Nations was terminated
July 1 except as regards certain assigned revenues and the unallocated
balance of the international loan, amounting to about 35% of the total.
An experiment unprecedented in the history of European countries is thus
brought to a successful close. At the same time, the League control over
Austrian finances was also ended.
The League took charge of Hungary's financial administration on May I
1924. and appointed Mr. Jeremiah Smith as Commissioner General for this
purpose. The two objectives of this administration were the stabilization
of the currency and the balancing of the budget. For the past two years,
since July 11924, the budget has showed a surplus which at the close of this
fiscal year will amount to about 60.000.000 gold crowns. The currency has
been stabilized on a gold basis since April, 1925.
Rehabilitation of Magyar finances did not present as difficulta problem as
that of Austria, since Hungary's economic condition was more favorable
and its recuperative power was greater. The country is mainly agricultural
and was able to support itself, while restoring the industries that had suffered
from the loss of two-thirds of the country's former territory in post-war
settlements.
At the time of the institution of League control Hungary was facing
a
Economic and Industrial Conditions in Denmark budget deficit expected to reach the sum of 100.000.000 gold crowns, a large
unfavorable balance of trade, and a currency inflated to the point where
the
paper crown was valued at about 100.000 to the dollar. Industries were
During May.
The statement issued jointly by the Danish National depressed; there was a strike in the coal mines; and unemployment was
widespread,
Bank of Copenhagen and the Danish Statistical DepartProgress in the first year was remarkable. In July, 1924, an international
loan of 250.000.000 gold crowns (about 56.000.000 dollars) was floated and
ment regarding the economic and industrial conditions in
guaranteed by certain assigned revenues of the Hungarian government. In
Denmark during May was made public as follows on June place of a budget
deficit of 100.000,000 gold crowns the first year Mr. Smith's
25 by the Consulate-General of Denmark at New York:
administration achieved a surplus of 90,000.000 gold crowns. This surplus
The gold value of tne Danish krone has during
May increased somewhat, continued through 1925-26, and the new budget for 1926-27, approved by
Inasmuch as sterling during the month
has decreased from Kr. 18.58 to the Council, indicates that the surplus will again be secured.
In July. 1924. the currency was stabilized in relation to sterling and appreKr. 18.48 and dollars from K. 3.83 (equal
to 26.11c. to one krone) to
ciated with the rise of sterling to gold parity on April 25 1925, since when it
Kr. 3.81 (equal to 26.24c. to one krone).
The average of various quotations was Kr. 18.54 to cne pound sterling (April Kr. 18.57) and kroner has been stable in relation to gold. The condition of the National Bank is
particularly satisfactory with a present cover in gold and foreign exchange
2.82 to the dollar (equal to 26.18c, for
one krone) (April kroner 3.83
(equal to 26.11c, for one krone)) corresponding to a gold value of the now amounting to nearly 60% as compared with the required minimum of
20%. It is interesting to note that the bonds for the international loan sold
krone of, respectively, kroner 0.974 and kroner 0.976.
During May the deposits and outstanding loans of the banks have de- originally for 87.5, but within a year advanced to 98.
That the Hungarian people are following a policy of economy and saving
creased as in the previous months; during
the month the outstanding is indicated by the
growth in savings deposits and current accounts in the
loans of the three private principal banks
have thus been reduced with the Postal Savings
Bank and 13 of the most important banks in Budapest.
amount of 33 mill. kroner, while the deposits
have been reduced with the
amount of 13 mill. kroner. The comparatively
greater reduction in the
(Gold Crowns).
outstanding loans than in the deposits has brought about that the banks
Savings.
Current Accounts.
have been able to reduce their liabilities with
Total
the national bank, the out- June,
3.161.000
1924
standing loans of which among other things
73.567.000
76.728.000'
on account of this have been November,
1924
20.768.000
reduced with the mount of 24 mill. kroner.
191.435.000
212.203.000
During May the foreign assets
53.013.000
230.221.000
of the National Bank have increased 9 mill. kroner. At the same time the April. 1925
283,254.005
139.200.000
341.000.000
amount of notes in ciiculation has been reduced with 11 mill. kroner, thus April, 1926
480.200.000
It is especially significant that during these trying years the volume of
amounting to 400 mill. kroner, against 467 mill,
kroner last month.
The transactions in the stocks and bonds on the Copenhagen Stock Ex- both imports and exports continued to increase. Last year Hungary's
change was still smaller during May than in the previous months, the exports increased 21% over 1924, while its imports increased only 5.5%.
average weekly business amounting to 1 mill, kroner in stocks and 2 mill, The total volume of trade was 13% greater than the previous year's, but
the adverse visible trade balance was only one-third that of 1924. This
kroner in bonds, against, respectively, 1.3 mill. kroner
and 2.4 mill. kroner steady improvement in the country's foreign
trade is shown in the following
in April.
table:
The decline of the previous months in the index figures of stocks as well
(In Millions of Gold Crowns).
as bonds has continued, and the decline showed in all the industrial papers. The stock index for May was 87.7 (April 89.4) and the bond index
Excess Imports
Year
Imports.
Exports.
85.4 (April 86.4), when the rates of exchange on July I 1914 are fixed at
over Exports.
423.0
1923
338.1
100.
84.9
1924
702.8
575.0
The Statistical Department's wholesale index figure has advanced 1
127.8
1925
742.1
701.3
point and is hereafter 198. This increase does not, however, mean a gen40.8
The adverse trade balance for the first quarter of this year was
eral increase in prices, but is the consequence of a series of unsteady
much
smaller than that for the corresponding quarter last year and indicates
fluctuations, of which the greatest was an increase in
that
the price of fuel as
a result of the English coal strike; not considering this, the prices in the 1926 totals will show a further improvement.
Revenue from direct taxes, which supplies about 22% of the State
general have remained unchanged.
funds,
The trade balance for April shows very favorable proportions between amounted to 83.400.000 gold crowns for the first half of the 1925-26 fiscal
Import and export, inasmuch as imports amounted to 115 mill. kroner and year, or only 10.000.000 gold crowns less than the total direct tax collections
for 1924-25. Taxation now amounts to about 15% of the national income
exports to 137 mill. kroner, so that imports was in excess of exports
as
to
the amount of 22 mill. kroner, while in April 1925 imports was in excess compared with 13% in this country at the time of greatest American
of exports to the amount of 11 mill kroner. In the months January-April taxation. The successful reconstruction of Hungary will further improve
1926 imports have exceeded exports to the amount of 14 mill. kroner, the general condition of Europe.
against 68 mill. kroner in the corresponding period of 1925.
During May the export of agricultural products was somewhat larger Assets July
1 of the State Bank of The Soviet Union
than in April for butter and meat and somewhat smaller for eggs and bacon.
Totaled 76 Million Chervontzi.
The average weekly export was as follows: Butter, 2,739,600 kilos (April,
,,
2 711 000); eggs, 933,100 scores (April, 1.086,200 scores) ; bacon and
The balance sheet of the department of issue of the State
hogs, 3,051,800 kilos (April, 3,466,100); beef and cattle, 1,430,800 kilos
Bank of the Soviet Union, as of July 1, received by cable by
(April, 1,257,000).
The prices on the agricultural products were somewhat higher than in the Russian Information Bureau, expressed in chervontzi
April for most of the articles, butter though, a little lower, the average valued at $5.153/2, with comparison of June 16,follows:
JULY 17 1926.]
THE CHRONICLE
Assets—
Gold coin and bars
Platinum
Foreign currency
Drafts in foreign currency
Bills in chervontzi
Securities covering advances
July 1.
$14,682,935
3,039.910
5,025,432
192,888
52,972,968
85,867
Total
Liabilities—
Bank notes transferred to State Bank
Balance to which notes may still be issued_
276,000,000
$74,000,000
$72.663,175
3,336.825
$72,781,442
1,218.558
$76.000,000
$74,000,000
Total
June 16.
$14.659,981
3,039,694
5.010,956
192.888
51.010.614
85.867
Currency in Circulation In Soviet Union $604,028,462
June 1.
Currency in circulation in the Soviet Union June 1 was
$604,028,462, as compared with $653,738,779 on January 1
and $449,046,668 on June 1 1925, according to a bulletin
received by the Russian Information Bureau. Since December 1 last, when the Soviet Commissariat for Finances
Inaugurated its policy of deflation, currency in circulation has
decreased by upwards of $50,000,000, virtually all in note
Issue. There are signs that this process is drawing to a
close, though the circulation as of June 1 showed a decrease
of 4.1% as compared with May 1. On June 1 the internal
state debt of the Soviet Union was $303,013,640. On January
1 it was $257,465,000. The increase was principally due to
the placing of the economic reconstruction loan, which stood
at $81,771,700,as compared with $32,084,500 on January 1.
Several of the earlier loans were in process of retirement
during the period.
Oil Production in Soviet Union for May Breaks All
Records.
Oil production in the Soviet Union for May broke all
monthly records for post-war production, with an output of
721,796 metric tons, according to figures of the Russian
Information Bureau. The month's output compares with
661,008 tons in April, an increase of 9.2%, and 589,961 tons
in May 1925, an increase of 22%. The number of wells in
process of drilling and deepening during.the month was 436,
as compared with 426 in April. Drillings were 25,310
meters, as compared with 25,132 meters in April. Despite
the increased output, the number of workers in the fields
at the end of May was only 37,019, as compared with
37,363 at the end of April.
Increase in Exports and Imports of Soviet Union in
Six Months to April 1.
Details of exports and imports of the Soviet Union for
the first six months of the Soviet fiscal year, Oct. 1 to
April 1, show substantial gains in all the principal items of
export and import, according to the Russian Information
Bureau at Washington, which says:
Exports of $153.725,000 showed a gain of 31% over the same period of
last year, and imports of $188,514.000, a gain of 26%•
Agricultural exports comprised 73% of the total exports, including grain,
27%. Industrial products made up 27% of the list.
Grain exports were 46,500,000 bushels valued at $41,000,000, as compared with virtually none for the same period last year, and 84,960.000
bushels in 1923-24. Egg exports were 2,550 carloads valued at $8,111.250.
an increase of 100%; furs, $15,297,500, an increase of 20%; flax. 51.000
metric tons, an increase of 5%; timber, 600,000 metric tons, an increase of
18%; oil products, 496.000 metric tons, an increase of 30%•
The imports included industrial equipment valued at $12,976,000.
agricultural machinery and tractors valued at $12,463,000. cotton, 21,785,000; wool, $11,227,000; metals, $10,970,000: raw hides.
$6.232.000:
rubber, $5.665,000; tanned hides, $7,056.000; paper, $7.780,000; dyestuffs,
$4,069,000.
271
National Banking Act. It has remained, with few modifications, the
basis for the bulk of the banking business of the country; although a variety
of other types of institutions have since been created. The Bank of Japan,
established in 1882, was originally constituted as the central bank of the
country, with the power of rediscount; but later, after tbe acquisition of
Korea and Formosa, the Bank of Chosen and the Bank of Taiwan became
the central institutions for those provinces.
The principal modifications of the National Banks Regulations Act
were made in 1883, when the privilege of issuing notes was taken from the
national banks and granted to the newly created Bank of Japan. Meanwhile, private banks and companies resembling banks had increased in
number until in 1884 there were 954, and there was still no supervision
over them beyond the regulations issued by local authorities. To bring
them under more efficient control the Ordinary Banks Regulations and
the Savings Banks Regulations were promulgated in 1890 and put into
force three years later. In 1921 a savings bank law was passed superseding
the previous regulations over this class of institution.
In addition to the Japanese savings banks and the ordinary banks organized under the general banking laws of the country, several individual
institutions have been created by special Acts of the Diet. These include,
beside the three banks of issue: (1) the Yokohama Specie Bank, organized
in 1880 chiefly to finance the foreign trade of the country;(2) the Hypothec
Bank of Japan. organized in 1897 to provide long term funds against real
estate; (3) the Industrial Bank of Jepan, created to finance industry and
trade both for its short term and its long term needs; (4) the Agricultural
and Industrial Banks, created as local financial organs to furnish long
term loans at low rates against real estate, and (5) the Hokkaido Colonial
Bank. established to supply capital for enterprises in connection with the
colonization and exploitation of Hokkaido and Karafuto (Southern Saghalin)
It is believed in Japan that one change which seems likely to be recommended by the investigating committee is a revision of the regulations
governing note issue. The present circulation is admittedly inelastic,
whereas money demands are seasonal, moving up and down in distinct
waves and reaching the maximum when the heavy silk movement begins
In the late summer and fall. The fiduciary issue of the country is restricted
within narrow limits, the Bank of Japan being privileged to issue bank
notes against commercial bills to the extent of only 120 million yen; the
Bank of Chosen to the extent of 50 million yen, and the 'Rank of Taiwan
to 20 million yen. It is now said to be advocated in Japan that the country's
circulation be concentrated in one bank, and that Its issue be made more
elastic in order to meet the fluctuating demand for money which characterizes Japanese trade.
It is said in Japan that there has been a growing feeling among Japanese
bankers for some years that the company's banking organization is too
loosely knit, that these widespread activities should be more closely coordinated, and that particularly the nation's bank reserves should be
centralized in the Bank of Japan. It is generally admitted in Japan that
there are too many banks in the country for the present needs. The policy
of the Government In encouraging the formation of mergers and the extension
of branch banking has been effective. From the end of June 1923 to the
end of December 1924, the number of the banks operating in Japan was
reduced from 1.935 to 1,799; the number at the end of March 1926 was
only 1.670.
The investigating committee will undertake to analyze the various
phases of the Japanese financial situation and to arrive at conclusions
which will serve as a basis for changes calculated to effect the desired reforms.
National Loans of Japan Issued, Redeemed and
Outstanding in May 1926.
The national loans of Japan outstanding on May 31 1926
totaled 5,141,885,319 yen, as compared with 5,100,417,773
on April 30, according to figures made available under date
of July 9 by the Japanese Financial Commission in this
city. New loans (internal) of 41,566,400 yen were issued
during the month, while there were redeemed during the
month loans of 98,853 yen. The statistics follow:
NATIONAL LOANS OF JAPAN (MAY 1926).
Outstanding
Outstanding on
Issued in
Redeemed
Kinds o Loons—
f
May 31.
May.
April 30.
in May.
Yen.
Yen.
Yen.
Yen.
Internal—
507
613.181.275.00 1,629,750.00 1,250.00
614,809,775.00
507 special
134,461.050.00
134,461,050.00
426,495,100.00
426,495,100.00
5% "3(0"
407 1st
171,068,300.0
171,067,450.00
850.00
96,560.000.00
96,560.000 00
407 2d
100.00 1,799,166,975.00
5% Treasury bonds.1,759.230,425.00 39.936,650.00
79.999,500.00
Redeemed bonds___ 79,999,500.00
340.280.075.00
Extra. Treas. notes_ 340,280.075.00
Total
External
4% 1st
Sterling
4% 2nd
Sterling
5%
Sterling
4%
Franc
4% 3rd
Sterling
61.4%
Dollar
67
Sterling
3,621,275,725.00 41,566,400.00
91.543.745.80
(£9,376.600)
243,638,008.12
(£24,955,240)
223.066,390.82
2,200.00 3,662,839,925.00
96,653.70
(£9,900)
91,447.092.10
(£9,366.700)
'243.638.008.12
(£24,955.240)
223,066,390.82
(£22,848.140)
170.722,147.50
(F.441.142.500)
105.697.166.90
(£10.826,300)
283.243.589.20
(8141.198.200)
244.075.000.00
Reform in Japanese Banking System Contemplated—
Preliminary Investigating Committee Appointed to
(22,848.140)
170,722,147.50
Recommend Legislative Changes—Basis of
(F.441,142,500)
105,697,166.90
Present System Patterned After United
(£10.826.300)
States National Banking Act.
283,243,589.20
($141.198.200)
The appointment of a preliminary committee of investiga244.075,000.00
0:25,000m00*
(£25,000,000)
tion to examine the banking system of Japan and to recomsouthmanchurtaRy.
117.156,000.00
mend legislation to improve the financial organization of
117,156.000.00
debentures
Co.
(£12,000,000)
(R12,000,000)
Sterling
the country has been announced by the Japanese Depart1,479,142,048.34
96,653.70 1,479,045,394.64
Total
ment of Finance, according to the Finance and Investment
5,100,417,773.34 41,566.400 00 98.853.70 5,141,885,319.6
Grand total
Division, Department of Commerce, at Washington. In
making this known July 6 the Department says:
Japan's Foreign Trade Figures.
This preliminary committee is under the chairmanship of the Vice
Minister of Finance and comprises high officials of the Government,
The following figures showing the foreign trade position
representatives of the principal official and semi-official banks, and
prominent economists. At the same time the Diet was asked to appropriate of Japan during the past three months have just been made
60.000 yen to defray the expenses of the survey.
public by the Japanese Financial Commission in this city:
The need of reducing the rate of interest in Japan and of stabilizing the
circulation of money by correcting the defects of the present banking system
Is pointed out in a recent Japanese statement. It is estimated in Japan
that interest payments in that country amount to at least 2 000,
.
000.000 yen
a year. and that if these payments can be reduced by 20% through banking
reform, 400,000,000 yen more will be released annually for the producing
interests of the country.
The Japanese National Banks Regulations Act of 1872, which forms the
basis of the Japanese banking system, was modeled after the American
Comparison
June
April
Comparison
(Subject to
with 1925.
1926.
(Yen)—
with 1925.
correction) 1926.
Exports___161,316,000 Dec. 7,268,000
Imports___239,441,000 Dec. 22,002.000 Exports _156,238,000 Dec.25.385.000
Imports.. l93,395.000 Dec. 10,694,000
Import bal. 78,125,000 Dec. 14,734,000
May—
Exports-__161.537.000 Dec. 9.285.000
Imports 223,734,0O0 Inc. 16,315,000
Import bal. 62.197,000 Inc. 25,600.000 Import bal. 37.157.000 Inc. 14.691,000
272
THE CHRONICLE
Figures of January and February were given in our issue
of April 24, page 2288. March figures appeared in these
columns May 15, page 2735.
Spain to Finance Colombia—Agrees to Public Works
Loan for 100,000,000 Pesetas.
Madrid advices July 12 (copyright) to the New York
"Times" state that an agreement has been reached in principle between the Spanish and Colombian Governments for
raising a loan of 100,000,000 pesetas, which was solicited by
Colombia, for the erection of means of communication and
of public works. The advices state further:
The loan will be offered in this country, and when fully subscribed Spain
will send considerable materials, also engineers, to aid in the execution of
the plans to be developed with the money loaned.
The operation Is in line with the desire of the Spanish Government to
embark upon its scheme of financial and technical collaboration with South
America.
This is the first time Spain has entered upon a campaign of foreign and
financial expansion.
The Compania Hispano Americana de Electricidad, with headquarters in
Spain and branches in Argentina, Chile and other countries, has been taken
up with the assistance of German capital and technicians.
Venezuela's railroads, which have headquarters in Madrid, are to have
French and Spanish collaboration.
Cuban Government to Present War Claims of $10,000,000 to Reparations Commission Accounts of
War Damages.
Havana (Cuba) Associated Press advices July 11, stated:
Claims for about $10,000,000 in war damages will be presented to the
Reparations Commission by the Cuban Government.
The State Department, in making known the amount of Cuban claims,
announced that Rene Hernandez Portela, Charge d'Affaires of the Cuban
Legation in Paris, would be appointed a member of the commission.
Among the claims to be presented is one by Julian de Ayala, Consular
Inspector of the State Department, who was aboard the Lusitania when she
was torpedoed. Dr. Ayala alleged that he lost valuable jewelry and his
entire equipment when the ship sank.
[VOL. 123.
Security.
These Bonds will be the direct and unconditional obligations of
the Free State of Bavaria. No part of the State's revenues or
property has been pledged by it as security for any loan; and the
State covenants and agrees that if, while any of the Bonds are
outstanding, it should specifically pledge or mortgage any part of
its property or revenues to secure any funded debt, the Bonds of
this loan shall be secured by such pledge or mortgage equally and
ratably with the other indebtedness thereby to be secured.
State Properties.
The State owns revenue producing properties valued by the
State at more than $500,000,000. Of these the most important are
the State forests and the State hydroelectric systems.
Finances.
Bavaria has an excellent financial history. Its obligations prior
to 1914 were placed in Germany at coupon rates varying from 3%
to 4% and were quoted at prices to yield about 33%. The present
/
4
issue of $10,000,000 onds and the $15,000,000 Serial Bonds issued during September 1925 under the same authorization represent the first
external borrowing of the State. The State's present total funded
and floating debt amounts to approximately $59,894,017 or $8.10 per
capita. The foregoing figures include the $10,000,000 Bonds presently
to be issued but do not include State guarantees of various selfsupporting obligations nor internal paper mark debt which the
State expects will ultimately be revalued under the law of July 16,
1925, at an amount not exceeding $3,208,000.
For the fiscal year ending March 31, 1925, the ordinary revenues
were $88,914,459.52 and the ordinary expenditures $82,569,451.66, leaving a surplus of $6,345,007.86. For the year ending March 31, 1926,
the revenues, with the surplus of the preceding year, were 197,789,801.91 and the expenditures $96,461,087.85. For the two fiscal years
the surplus was $1,328,714.06. The foregoing figures are preliminary,
pending the final adjustment of tax collection accounts between
the State and the Reich. The State property and revenues from
taxes and duties are not subject to any charge under the "Dawes
Plan." Certain of the State enterprises may be required, in lieu
of the secured charges imposed on private concerns, to make unsecured payments to the Reich which, it is believed, will not exceed
$80,000 per annum.
The bonds were offered when, as and if issued and received, and subject to prior sale and the approval of counsel. It is anticipated that Interim Receipts of The Equitable Trust Company of New York will be available for
delivery on or about August 5. It is expected that application will be made to list these Bonds on the New York
Stock Exchange.
Offering of $10,000,000 OM Bonds of Free State of
Bavaria.
An issue of Free State of Bavaria External Twenty-Year
6V/ Sinking Fund Gold Bonds was offered yesterday, July
0
Municipality of Vienna Reported as Sued by Bond Holders
16, by a banking group headed by the Equitable Trust
For Revelation of 1902 Loan.
Company of New York and Harris, Forbes & Co., and inWyser & Diner, 29 Broadway, New York City, have recluding the Harris Trust and Savings Bank, the Conceived advices from their Vienna correspondents informing
tinental and Commercial Trust and Savings Bank and the
them that a group of capitalists have brought suit against
Illinois Merchants Trust Company of Chicago and the
the Municipality of Vienna for the revaluation of the 1902
Union Trust Company of Cleveland. The bonds priced at
loan. This group claims that the city of Vienna is today
92% and interest, yield over 7.20%. The amount offered one
of the richest cities in Europe and has at its disposal
was $10,000,000, which is the balance of an issuee of $25,
considerably larger means than ever before in pre-war
were
000,000, authorized last year, of which $15,000,000
times. Hence, they feel that some revaluation should be
Issued as 6%% Serial Gold Bonds in September, 1925, by
offered on the City of Vienna bonds. Eric Wyser is rethe same banking group. The Bavarian bonds when
ported as saying he had every reason to believe that the
offered last year were quickly over-subscribed as was the
municipality was quietly buying back its pre-war issues
present issue, the books in the latter case having been before
announcing any definite revaluation program, as
closed immediately following their opening at 10 A. IL
there had been large buying orders from Vienna, which
yesterday. Of the $10,000,000 offering $2,000,000 Bonds
were reflected in a considerable advance in price in the
were withdrawn for simultaneous offering by various
various pre-war and early post-war issues. The pre-wars
European banking houses including DeeTwentsche Bank
have more than doubled in price during the last six weeks.
and the Amsterdamsche Bank of Amsterdam and the
The general Austrian outlook is assuming a brighter aspect.
Svenska Handlesbanken of Stockholm. The bonds will be
The banks and industrial concerns, it is stated, are
all
dated August 1, 1925, and will become due August 1, 1945.
balancing their budgets, the 1925 balance sheets are
all on
They will be redeemable as a whole, or in part for the
a gold basis, and all outstanding stocks are being restamped
sinking fund, on August 1, 1930, or on any interest date
on a gold basis.
thereafter, at 100 and interest. The Free State of Bavaria
covenants to provide a cumulative sinking fund operating
Salvador Places Small Loan Here.
semi-annually beginning in 1930, sufficient to retire at least
Moody's Foreign Department has just learned,
July 10,
the Bonds by maturity either by purchase at not that
50% of
the Salvadorean Government has sold to an American
exceeding, or by lot drawings at, 100 and interest. Princi- banking
firm an issue of bonds aggregating $520,000.
pal and interest, February 1 and August 1, will be payable Bonds are
in the form of Customs Lien Secured Gold
In New York at the principal office of The Equitable Trust Treasury
Certificates, bear interest at 6%47 per annum,
0
Company of New York, Trustee, in gold coin of the United
are dated July 1, 1926, and are due August 1, 1929,
through
States of America of the present standard of weight and monthly
payments of $40,000 beginning July 1, 1928. They
fineness, without deduction for any present or future are
secured by deposit of 8% Treasury Certificates of an
Bavarian or German taxes. The bonds, coupon in denomequal par amount, which in turn are secured by specific
inations of $1,000 and $500 will be interchangeable and
pledge of 10% of the customs revenues of the Republic subregisterable as to principal only. The proceeds of the issue
ject to the loan of 1923 outstanding to the amount of about
last year were used to carry out the hydro-electric program
$18,000,000.
of the State and in connection with the construction of the
Rhine-Main-Danube Canal. The purpose of the present Offering of $1,000,000 43% Bonds of
St. Louis Joint
offering is to provide funds for the continuation of the
Stock Land Bank.
State's hydro-electric development. Regarding the security
William R. Compton Co. and Halsey, Stuart & Co., Inc.,
for the bonds, finances of Bavaria, etc., we quote from the offered on July 13 a new issue
of $1,000,000 St. Louis Joint
offering circular, the following contained in advices re- Stock Land Bank 432% bonds,
due July 1 1956 (optional
ceived by the bankers from Dr. Wilhelm Krausneck, July 1 1936), priced at 101.50 and interest to yield
about
Finance of the Free State of Bavaria.
Minister of
4.31% to the optional date, and 4.50% thereafter. The
JULY 17 1926.]
THE CHRONICLE
bonds will bear date July 1 1926. They are coupon bonds,
fully registerable and interchangeable, in denominations of
$1,000 and $5,000. Principal and interest(Jan. land July 1)
will be payable at the American Trust Co., St. Louis, or
coupons may be presented for collection through any office
of the banking houses offering the securities. The bonds,
issued under the Federal Farm Loan Act, are acceptable as
security for postal savings and other deposits of Government
funds. They are exempt from Federal, State, municipal and
local taxation. The St. Louis Joint Stock Land Bank
operates in Missouri and Arkansas. As of June 30 1926, it
reported capital stock of $1,302,340; permanent reserve,
$200,000, and undivided profits, $76,706. Dividends on the
capital stock are being paid at the rate of 9% per annum.
Total bonds outstanding, including the present issue,
aggregate $20,500,000. The bank was chartered March 27
1922. The following is the statement of the St. Louis Joint
Stock Land Bank as officially reported June 30 1926:
Acres of real estate security
Appraised value of real estate security
Total amount loaned
Average appraised value per acre
Average amount loaned per acre
Percentage ofloans to appraised value
665,522
$52,509,229 00
21,788,510 00
78 92
32 76
41%
William R. Compton, Chairman of the Board of the St.
Louis Joint Stock Land Bank, is President of the American
Trust Co. of St. Louis; L. L. Beavers, formerly Treasurer
of the Federal Land Bank of St. Louis, is President, and
David M. Hardy, formerly chief appraiser for the Federal
Land Bank of St. Louis, is Secretary of the St. Louis Joint
Stock Land Bank.
273
financial organizations which are now organized to finance
those engaged in agriculture. The resolution committee,
Charles T. Lang, Craig; William Gerrard, Schuyler, and
Alvine R. Daniell, Stanton, drew up the resolutions, which
were unanimously passed by the stockholders. We give the
resolutions herewith:
Whereas, The Federal Land Bank System has been of inestimable value
to the farmers of this country by lowering the rate of interest for all farm
loans and providing for long-term loans without the expense of renewal
commissions and various charges and has in it the possibility of a gigantic
actual farmer's co-operative financial institution; but
Whereas, The Omaha Federal Land Bank is seeking to deprive the local
farm loan associations of their right to make collections of interest and
amortization payments as provided by law; and,
Whereas, The Federal Land Bank is granting releases to national farm
loan associations where payments are in default and taking over the land
and charging the loss to the land bank instead of to the particular association responsible, thereby making well-managed and oonservative loan
associations bear the loss made by poorly and recklessly managed associations; and
Whereas, It was the purpose of the original farm loan Act that the
Federal Farm Loan System should be co-operative and the control of the
land banks should be in the stockholders and to carry out said purpose it
was provided that the stockholders should elect six and the Farm Loan
Board should appoint three of the directors of each bank, but that said
law has been amended so that now the local farm loan associations elect
only three of the directors and the Farm Loan Board appoints the remaining
; and,
Whereas, Not a single stockholder or member of any local farm loan association is now on the board of directors of the Federal Land Bank at
Omivahhaer;easat,tdThe Federal Land Bank at Omaha has a surplus ef over $700,000 and nearly $400,000 in land above the legal reserve of 20% of its canital as provided by law and no reason exists why said surplus should not be
distributed as dividends to the various local farm loan associations; therefore,
Be it Resolved, On this 24th day of June 1926 by the stockholders of
the Surety National Farm Loan Association of Dodge, Neb., operating in
ten counties and the largest in the United States:
1. That local farm loan associations should have the right riven them
by law to make collections of all interest and amortization payments and
perform the various functions given them by law. The liability for the
payments rests with the associations and they should have the power to
protect themselves.
2. That losses incurred by poorly or recklessly managed local loan associations should be paid by such associations and not charged to the whole
System, and thereby penalizing and nullifying the work of careful and
prudent associations.
3. That the law should be amencied to permit the losol loan associations to elect a majority of the directors of the Federal Land banks and the
election machinery should be so simplified as to permit real control by
c
the T
stockholders.at least four of the seven directors appointed by the Farm Loan
Board and elected by the stockholders should be stockholders.
5. That the $700,000 surplus held by the Omaha Federal Land Bank in
addition to the reserve provided should be distributed as dividends to the
local associations, and the board of directors be directed to take such action as they deem proper to secure these results.
$500,000 Bond Issue of Virginia-Carolina Joint Stock
Land Bank Sold By C. F. Childs & Co.
An issue of $500,000 5% farm loan bonds of the VirginiaCarolina Joint Stock Land Bank offered by C. F. Childs &
Co. have all been sold. They were issued July 12, being
offered at 1033i and accrued interest to yield 4.60% to the
redeemable date (1936) and 5% thereafter. The bonds are
dated May 1 1926, will mature May 1 1956 and will be
redeemable at par and accrued interest May 1 1936 or any
interest date thereafter. Principal and interest will be
payable at the Farmers Loan & Trust Co., New York;
Mercantile Trust & Deposit Co., Baltimore, Md.; or the
Virginia-Carolina Joint Stock Land Bank, Norfolk, Va.
The bonds will be in coupon form in denomination of $1,000,
fully registerable and interchangeable. Interest will be
payable semi-annually May 1 and November 1. The Reduction in Dividend of Kansas City Joint Stock Land
Bank from 10% to 6% Declared a Matter of Policy—
Virginia-Carolina Joint Stock Land Bank of Norfolk, Va.,
Earnings Excellent.
operates in the States of Virginia and North Carolina. The
In its issue of July 9 the New York "Journal of Combank was organized on June 11 1919. The following analysis
from Kansas City:
of loans of the bank as of May 31 1926 is made available. merce" printed the following
Reduction in dividend of the Kansas City joint Stock Land Bank
Total loans 1,240------------------------------------- $5,001,400 00
bank, was a matter of
Appraised value of farms mortgaged (including buildings)--$12,984,680 00 from a 10% annual basis to 6%, states the
earnings on June 30 totaled
Average amount loaned per farm
$4.033 38 policy. Net undivided profits and
Average number of acres per farm
168 $301,015. "After payment of the dividend and proper credit to legal
Total acres mortgaged
207,778 reserve," continues the statement, "we had $127,715 in undivided
Average appraised value per acre
362 50
Average amount loaned per acre
$24 07
Ratio of total amount loaned on appraised value
38.5%
The capital (June 25 1926) is 2350,000: surplus and profits, $76,831
91:
reserve (legal), $20,275. Farm loan bonds outstanding (June 25
1926)
totaled $4,750.000.
Surety National Farm Loan Association Declares
Against Omaha Federal Land Bank in Denying
Power of Local Associations to Collect
Interest and Amortization Payments.
Declaring that "the Omaha Federal Land Bank is seeking
to deprive the local farm loan associations of their right to
make collection of interest and amortization payments as
provided by law," the stockholders of the Surety National
Farm Loan Association adopted a resolution, at a meeting
at Dodge, Neb., on June 24, declaring that the local associations "should have the right given them by law" to make
such collections. The resolutions also declare that "the
$700,000 surplus held by the Omaha Federal Land Bank in
addition to the reserve provided should be distributed as
dividends to the local associations." The meeting was attended by representatives of the Surety National Farm Loan
Association and the Dodge Agricultural Credit Association
of Dodge. Over two hundred stockholders came from Norfolk, Herman, Kennard, Stanton, Hooper, Carroll, Schuyler,
Howells, Fremont, West Point, Wisner and several other
towns. Mr. Sorensen, of Lincoln, Judge Chatt, of Tekamah,
M. Ireland, of Yutan, and Mr. John H. Roper, of Dodge, addressed the meeting and gave information concerning the
profits. Total surplus and reserves were $748,868 and total assets
V2,281,444. Expenses for the last six months were from 25 to 40%
above normal. The directors felt that until we had reorganized
the accounts in conformity with ruling of the Farm Loan Board,
it would be a mistake to pay more than 3% at this time, but earnings were never better."
A. C. Williams Succeeds R. A. Cooper as Head of Federal
Farm Loan Bureau.
It was announced on June 28 that President Coolidge had
named Albert C. Williams, a Democrat, of Texas, as Commissioner and Executive Officer of the Federal Farm Loan
Bureau of the Treasury Department, to succeed former Governor Robert A. Cooper, Democrat, of South Carolina. Mr.
Cooper will continue as a member of the Bureau. His term
continues until 1932. The change was made effective on
July 1. Mr. Williams is a member of the Bureau, his term
expiring in 1929. A New York "Times" Washington dispatch June 28 said:
An executive order directing the change at an earlier date recently was
signed by the President, but this was recalled and supplemented by another
order when it was found that an issue of 269,000,000 of farm loan bonds
bore the signature of Mr. Cooper as Executive Officer. This was done, it
is understood, to avoid any question of the legality of the bonds, which
were dated as of July 1.
There have been reports of differences of opinion at a recent meeting
among some of the members of the Bureau, including Mr. Cooper and Secretary Mellon, Chairman ex-officio, concerning procedure, and it has been
said that from this came the decision to replace Mr. Cooper with Mr. Williams.
Officials countered by stating that Mr. Cooper had expressed a desire to
be relieved of executive duties because of ill health, and that any differences
about procedure involved only minor questions.
274
THE CHRONICLE
[VOL. 1°3.
Proposal of Senator Fletcher to Reduce Membership of
Federal Farm Loan Board.
Before the recent adjournment of Congress Senator
Fletcher of Florida introduced (July 2) an amendment to
the Farm Loan Act under which the membership of the
Federal Farm Loan Board would be reduced from seven to
five. Senator Fletcher was quoted in the New York "Journal of Commerce" July 3 as saying:
In the co-operative marketing of agricultural products,including processing,
warehousing, manufacturing, storage, the co-operative purchasing of farm
supplies, credit, financing, insurance, and other co-operative activities.
(b) The division is authorized—
(1) To acquire, analyze, and disseminate economic, statistical, and historical information regarding the progress, organization, and business
methods of co-operative associations in the United States and foreign
countries.
(2) To conduct studies of the economic, legal, financial, social, and other
phases of co-operation, and publish the results thereof. Such studies shall
include the analyses of the organization, operation, financial, and mersin .fully convinced that it was a mistake to increase the membership chandising problems of co-operative associations.
(3) To make surveys and analyses if deemed advisable of the accounts
of this Board, which I am advised was done at the request of President
Harding. The argument then made was that if the membership was in- and business practices of representative co-operative associations upon
creased there would not be a very material addition to the overhead ex- their request; to report to the association so surveyed the results thereof;
penses of the Board because the two members would be expected to do and with the consent of the association so surveyed to publish summaries
of the results of such surveys, together with similar facts, for the guidance
work which, without them, assistants would have to be employed to do.
Instead of the two additional members saving the expense of extra em- of co-operative associations and for the purpose of assisting co-operative
In developing methods of business and market analysis.
ployees, it was simply meant that these members have each set up his own
(4) To confer and advise with committees or groups of producers, if
sub-bureau, which not only necessitates the pay of their own salaries, but
deemed advisable, that may be desirous of forming a co-operative associaalso the pay of steographers, clerks, additional offices and equipment.
It never promotes the efficiency of a board to keep adding to the number tion and to make an economic survey and analysis of the facts surrounding
of its members. The Farm Loan Board has very important duties to per- the production and marketing of the agricultural product or products which
form and five membefs can perform them with less friction and difficulty the association, if formed, would handle or market.
(5) To acquire from all available sources information concerning crop
and to better advantage than seven members.
prospects, supply. demand, current receipts, exports, imports, and prices
of the agricultural products handled or marketed by co-operative associaSecretary Jardine Approves Creation of Division of tions and to employ qualified commodity marketing specialists to summarize and analyze this information and disseminate the same
Co-operative Marketing—C. L. Christensen .
among
co-operative associations and others.
Head of Work.
(6) To promote the knowledge of co-operative principles and practices and
Elsewhere in this issue to-day we give the text of the new to co-operate,in promoting such knowledge, with educational and marketing
law creating a division of co-operative marketing in the agencies, co-operative associations, and others.
(7) To make such special studies, in
and foreign
Bureau of Agricultural Economics of the Department of countries, and to acquire and disseminatethe United States and findings
such information
as may be useful in the development and practice of co-operation.
Agriculture. The new legislation was approved and signed
Sec. 4. The
by the President just before Congress adjourned. Chris L. call advisers toSecretary of Agriculture is authorized, in his discretion, to
counsel with him and (or) his representatives relative to
Christensen, who for the past two years has been at the head specific problems of co-operative marketing of farm products or any other
co-operative activity. Any person,other than an officer, agent,or employee
of the co-operative marketing work in the same Bureau will
of the United States, called into conference, as provided for in this section,
be in charge of the new division. The work and personnel may be paid actual transportation
expenses and not to exceed $10 per diem
of the former Division of Agricultural Co-operation will be to cover subsistence and other expenses while in conference and en route
from and to his home.
transferred to the new Division of Co-operative Marketing.
Sec. 5. Persons engaged, as original producers
All plans for the new division have been approved by Secre- such as farmers, planters, ranchmen, dairymen, of agricultural products,
nut or fruit growers, acting
together in association corporate or otherwise, in collectively processing,
tary Jardine. A statement by the Department of Agriculpreparing for market, handling, and marketing in inter-State and (or)
ture on July 9 said:
foreign commerce such products of persons so engaged, may acquire,
kt The research, educational and service work relating to co-operative
exchange, interpret, and disseminate past, present, and prospective crop,
marketing will be considerably enlarged under the provisions of this Act.
market, statistical, economic, and other similar information by direct
The Department, through the new division, will now be able to give the
exchange between such persons, and (or) such associations or federations
same attention to the development of co-operative marketing among farmers
thereof, and (or) by and through a common agent created or selected by
as has been extended to problems of production. This will be done by the them.
collection,study and dissemination of information regarding the co-operative
Sec. 6. The Secretary of Agriculture may make such rules and regulations
movement in the United States and foreign countries. Business technic as may be
deemed advisable to carry out the provisions of this Act and may
and marketing methods developed by farmers' co-operative enterprises co-operate
with any department or agency of the Government, any State,
will be analyzed and studied. The experience and knowledge acquired by Territory,
District, or possession, or department, agency, or political
successful co-operative marketing associations will also be studied and set subdivision
thereof, or any person; and may call upon any other Federal
forth to serve as guide posts in the movement. Commodity co-operative department,
board or commission for assistance in carrying out the purposes
marketing specialists familiar with the needs of co-operative organizations of this Act; and
shall have the power to appoint, remove, and fix the comand with the research and service of the Department will be employed. pensation
of such officers and employees not in conflict with existing law
These specialists will form a special contact between the 12,000 co-operatives and
make such expenditure for rent, outside the District of Columbia,
and the Department. They will assist in the dissemination of crop and printing,
telegrams, telephones, books of reference, books oflaw, periodicals.
market information, data regarding price trends, and conditions of supply newspapers,
furniture, stationery, office equipment, travel, and other supand demand, with such analyses and explanation as are necessary to make plies and
expenses as shall be necessary to the administration of this Act
this information of practical value to the co-operatives and their members. In the District
of Columbia and elsewhere, and there is hereby authorized
The Act enables the Department to co-operate with educational agences. to be appropriated,
out of any moneys in the Treasury not otherwise
It is part of the plan,therefore,to assist agricultural colleges and co-operative appropriated, the
sum of $225,000 to be available for expenditure during
associations in working out a comprehensive educational program in the fiscal years
1926 and 1927, and the appropriation of such additional
co-operative marketing.
sums as may be necessary thereafter for carrying out the purposes of this
Such additional personnel as will be needed by the Bureau in carrying Act is hereby
authorized.
out the provisions of the new Act will be selected in accordance with the
Sec. 7. That if any provision of this Act Is declared unconstitutional or
requirements of the United States Civil Service Commission.
the applicability thereof to any person or circumstance is held invalid, the
validity of the remainder of the Act and the applicability of such provision
Bill Creating Division of Co-operative Marketing in to other persons and circumstances shall not be affected thereby, and
nothing contained in this Act is intended, nor shall be construed, to modify
Department of Agriculture Signed By President
or repeal any of the provisions of the Act of February 18 1922 (Chapter
57,
Forty-second Statutes at Large, page 388).
Coolidge—Text of Bill.
The bill creating a division of Co-operative Marketing in
the Department of Agriculture, which was the only one of Secretary of Agriculture Jardine Says Bill Creating
the farm relief measures enacted at the recent session of
Division of Co-operative Marketing in Department
Congress, was signed by President Coolidge on July 2.
of Agriculture Will Strengthen Co-operative
Reference to the new legislation appeared in our issue of
Marketing—Not an Emergency Relief
July 3, page 35. The text of the bill as enacted into law
Measure.
follows:
Stating that "Congress has enacted helpful legislation by
(H. R. 78931
AN ACT to create a division of co-operative marketing in the Department the passage of the bill to create a division of co-opertive
of Agriculture; to provide for the acquisition and dissemination of marketing in the Department of Agriculture," Secretary of
information pertaining to co-operation: to promote the knowledge of Agriculture Jardine, in an address at
St. Paul on July 8,
co-operative principles and practices; to provide for calling advisers to
counsel with the Secretary of Agriculture on co-operative activities: before the American Institute of Co-operation, said that
to authorize co-operative associations to acquire, interpret, and dis- "this bill was drafted after conference with some forty coseminate crop and market information, and for other purposes.
operative leaders representing all commodities and all secBe it enacted by the Senate and House of Representatives of the United States
tions of the country and is designed to enable the Departof America in Congress assembled, That when used in this Act the term
'agricultural products" means agricultural, horticultural, viticultural, and ment of Agriculture to conduct research studies and furnish
dairy products, livestock, and products thereof, the products of poultry service which will aid in the development of
the co-operative
and bee raising, the edible products of forestry, and any and all products movement."
The bill, he added,"is in no sense an emergency
raised or produced on farms and processed or manufactured products
thereof, transported or intended to be transported in inter-State and (or) relief measure, but will, I believe, serve to strengthen ea
forergn commerce.
operative marketing and consequently to improve and staSec. 2. The Secretary of Agriculture is hereby authorized and directed
bilize the marketing of farm products." Secretary Jardine
to establish a division of co-operative marketing with suitable personnel in
the Bureau of Agricultural Economics of the Department of Agriculture continued:
or in such bureau in the Department of Agriculture as may hereafter be
concerned with the marketing and distribution of farm products. Such
division shall be under the direction and supervision of the Secretary of
Agriculture.
.
Sec 3. (a) The division shall render service to associations of producers
of agricultural products, and federations and subsidiaries thereof. engaged
Briefly, the department proposes under the provisions of this Act
to
extend its research work in co-operative marketing, including the business
analysis studies to which I have already referred. Co-operative marketing
is a dynamic movement. The co-operatives are constantly looking forward
to improving methods of handling and marketing farm products. Consequently they require a type of research that not only deals with established
JULY 17 1926.]
THE CHRONICLE
275
methods and practices, but looks forward to changes which the development regulation. Co-operative marketing is primarily a business, and should be
of co-operation will introduce.
given the same freedom which is granted other business enterprises. On
For example, there Is Just now being completed a study of the operation the other hand, the government cannot adopt a let-alone policy toward
and costs of cotton gins. This study was undertaken in anticipation of the co-operation. Its importance in the development of agriculture justifies
active Interest which exists among the members and officials of cotton the performances of services which will tend to promote and foster the movemarketing associations in the formation of lobal co-operative gins. They ment. Speaking for the Department of Agriculture, I can say that it has
will have, as a result of this study, definite information to guide them in consistently pursued a policy of attempting to be of the utmost service to
forming their ginning associations and an understanding of the possibillties the co-operatives without attempting to control or regulate them.
and problems of this form of organization. The organized grain growers,
From the point of view of the co-operative organizations, I do not believe
the dairymen and, in fact, all organized groups will be assisted and guided It is or has ever been their policy to ask the government to undertake any of
by similar research studies.
the functions that the associations themselves were organized to perform.
This Act makes possible also the employment of specialists who are versed Co-operation, if it means anything, means a program of self-help. DeIn co-operative marketing and familiar with the problems of particular pendence on government for marketing service would give us, in the final
commodities. These men will have two functions: first, to collect statistical analysis, not a co-operative marketing system but a Federal or State marand other information made available by the Department of Agriculture keting system. Such a system, it is obvious, would be far removed from
and other agencies and disseminate it to the co-operatives in such form as the ideals of co-operation.
will be most useful. These men will have a helpful personal relationship
At the same time, the problems of marketing and co-operative technique
with co-operative organizations, and to a certain extent will be a connecting demand a large amount of scientific research. This is a service which State
link between the associations and the men and agencies engaged in research and Federal agencies can perform for the co-operatives. It Is the type of
work. It will be their task to apply general statistical and economic in- work which these agencies were established to perform.
formation to the practical problems of the co-operatives. Secondly, it will
As I see it, it should be the policy of the co-operatives to keep in touch
be the duty of the commodity specialists to outline and assist with market with the research work which is being carried on in their field, to encourage
research and service required by the co-operative associations.
and stimulate this work, and as far as possible to put its results into pracThere is need, furthermore, for reliable information regarding the prin- tice. I hope to see an increasingly close co-ordination between the efforts
ciple: and practices of co-operative marketing. In a small way the depart- of the men engaged in meeting the day-to-day problems of co-operatives
ment has been attempting to meet this need through its printed matter and the scientists who study co-operative problems from a more general
and in a more popular way by means of visual instruction. Moving pic- and long-time point of view.
tures which show the development and practices of co-operative marketing
The market news and crop forecasts issued by the Department of Agrihave already been prepared and this service will be extended. Film slides culture, as well as general economic surveys, are also valuable to the cothe purpose of illustrating lectures on co-operation in general or for operative organizations. In general, the technique of collecting and comfor
particular commodities and localities will be made available to extension piling such information has advanced further than its use and applications
workers and others.
by the co-operatives. The associations might well give more thought to
The department expects to co-operate and assist in schools for instruction means of making these data available and useful to their managers and
In co-operation which are being conducted by agricultural colleges and co- members.
operative associations. More and more members, directors, officers and
No general rules can be laid down respecting the operating and meremployees of co-operatives are becoming willing to spend a week or more chandising policies of co-operative associations. These will vary with the
in a school where they will learn the general facts regarding co-operation, needs of the localities served and the products handled. There is, however,
and the details of financing, accounting, management and selling methods. great opportunity for the strengthening of co-operative associations from an
This is a hopeful sign. I believe the department is justified in expending operating point of view on the basis of a careful analysis of the organization
considerable effort to encourage and assist schools in co-operation because and the economic conditions under which it must function. All business
by so doing it is assisting in the development and stabilization of co-operative is becoming more and more a matter of proceeding on the basis of carefully
marketing.
analyzed facts, and less is left to chance or to business Judgment which is
Furthermore, the department can contribute toward furthering education not supported by all available information. The co-operatives must apply,
In co-operation in rural schools and agricultural high schools. If co-operation the same methods to their business operations as are employed by other
Is to be a permanent force in American Agriculture, we must look toward successful enterprises.
the future. The farmers of to-day have learned muI about co-operation
The need for business research is probably greater among the co-opera.by actual experience. The farmers of to-morrow should be thoroughly tives than in private business. The functions of the large co-operatives
Imbued with co-operative ideals, and able to make progress which is im- are expanding. The livestock shippers, for example, have entered the
possible at the present time.
terminal markets. Organizations marketing poultry and eggs have taken
All this means education, and the co-operative organizations have a duty
a Arnilar step, and grain marketing organizations appear to be developing
in this connection along with State and Federal educational agencies. Co-along a similar channel. Such an expansion is safe only if it is based on the
operation should be a part of the curriculum of the young people who will efficient performance and a thorough understanding of the primary functions
carry on in the future the work of producing the food and clothing of the
each
of assembling, grading and shipping these products. Furthermore,
nation. The work is being done by the extension service in the boys' and advance which the co-operative associations make calls for an increasingly
girls' clubs and the work of the agricultural schools needs the stimulation careful study of the conditions under which they must operate.
this
and guidance that comes from contact with the practical problems of
The Department of Agriculture has underaken some pioneer work in
department,
marketing. The co-operative leaders, therefore, should give thought to
field of business research in co-operative marketing. The
the part they can assume in training the young people alio will later be
work for the co-operatives, but it
of course, cannot undertake to do this
associamembers of their organizations.
very properly outline the field and develop methods which the
By education in co-operation I mean education in the broadest sense. can
problems.
tions can apply to a study of their
associations
It should include instruction in the economic factors that enter into the
One of the difficult problems with which the co-operative
production and marketing of farm products,
and an appreciation of the have had to contend is the disposal of the surplus production of certain
relationship and responsibilities of the individual producer in the complex agricultural products. The difficulty of this question is reflected in the lack
system of modern agriculture. The prospective member should learn the
unanimity among those who are attempting to arrive at a solution of the
limitations as wei„,. as the advantages of co-operation and be familiar with of
problem.
Its failures as well as its successes.
remedies is to be reached and
It would seem that if an agreement as to
manner, the leadership
After all, the ultimate aims of co-operation are the development of eduthe problem is to be met in a sane and systematic
cation and a rural culture. Increased farm income should bring these if
that the co-operative
must come from the organized farmers. I believe
things to the people on the farms, but they will come more quickly if train- associations have the experience and can acquire the machinery necessary
‘
ing in co-operation is made the basis of an education which is cultural as
to cope with this problem.
well as technical. Back of efficient co-operative organization there must
Consequently the legislation on this subject which I have favored has been
be a great human development which makes our country people enlightened designed to strengthen the co-operatives and give them the credit necessary
advantageously.
citizens. Country life must be a complete life and farming an occupation
carry surpluses until such time as they can be marketed
in which any man may take pride. We are, I believe, gradually building to so-called surplus of any crop may be due to faulty distribution, to a
A
up a rural culture, and co-operation is playing a not unimportant part
restricted credit which
lack of storage and transportation facilities and to
in its development. It must not lag behind economic improvements. It
is interferes with systematic marketing. It should be obvious that these are
essential to the development of an independent, prosperous agriculture, difficulties that be best met by soundly financed, large-scale organizations.
and a prosperous agriculture is essential to the welfare of the nation.
available adequate
I do not see that the government can do more than make
the
Secretary Jardine also said in part:
finances on reasonable terms, and provide such services as will enable
co-operatives to operate more efficiently. I see no way in which better
The most encouraging feature of the co-operative movement during
the
brought about
economical distribution of farm products can be
past year or two has not been its actual expansion, although
functions.
that has been and more
the more efficient performance of all the marketing
large, but the evidences of stability and permanence that are
now appear- except through
must again, it
ing. These factors are apparent and are to be found in every
If there is an actual over-production of any product, we
field of cocorrection of the
operative activity.
seems to me, look to the producers' organizations for the
Guidance of production and its correlation with the requireIn 1920 the Department of Agriculture received
reports from 8,449 difficulty.
ments of the market have never been given consideration until recently.
active co-operative associations; in 1925, 9,956 active
organizations were
believe
heard from during the year, an increase of 1,515. Reports of
in not wish to minimize the difficulties in such a program.but!do
failures during
in its possibilities. Certainly we have had sufficient demonthe same period ranged from 194 in 1923. 1.9% of all
co-operatives reporting very strongly
stration that the business of farming, like any other business, will be made
that year, to 27, less than .3%, in 1925. There are approximately
12.000
analysis of the facts
co-operative marketing associations in the United States at the present time. more efficient if production programs are based on an
general
We do not have a record of all active organizations, nor of all that have relating to available supplies, the probable trend of production and
Statistical
gone out of business, but our information regarding failures since 1920 is economic conditions that affect the demand for the product.
now
information on which the farmer may base his production program is
fully as complete as that regarding active organizations.
and disseminating thisinformConsequently the figures quoted give a true picture of the situation and available and methods of collecting,analyzing
It is the task of the co-operatives.
show conclusively that co-operation is a permanent factor in American ation are constantly being improved.
information as is useful to them
agriculture. During the same period the co-operatives have increased however, to ensemble such portion of this
other words, the cure for
greatly the volume of business which they handle. Conservative estimates, and to make it available to their members. In
it. is co-operation that goes back of the marketing
based on reports from over.
60% of all the associations in the United States, excess production, as I see
production plans of the farmers.
processes and begins with the
place the total business of co-operatives at S1,600,000,000 in 1921
and
$2,500.000,000 in 1925.
The record of co-operation since 1920 is proof that the members and officials of the associations are gaining in co-operative experience. But
Letter to Indiana
further than this it is a demonstration of the inherent soundness of the Secretary of Agriculture Jardine In
movement, if such a demonstration was necessary to those who have folFarm Bureau Association Answers Charges That
lowed co-operation through the various stages of its development. * * *
Fess-Tincher Bill Was Designed to Aid
There is every evidence, in brief, that the co-operative organizations
Grain Marketing Co.
are consolidating and strengthening the positions they have already gained.
This is the present phase of co-operation. The nest, I feel confident, will
Under date of July 6, Secretary of Agriculture W. M.
be an enlargement of the functions of the organizations, an increase in the
volume of business and the outlining of a definite production and marketing Jardine, in a letter to W. H. Settle, President of the Indiana
program. * * *
Farm Bureau Federation answered charges that he was one
I have had occasion to point out what appeared to me to be the relationChicago Grain Marketing Company.
ship of government to tho co-operative marketing movement. It should of the promoters of the
not be the policy of governmental agencies to hamper co-operation by undue and that the Fess-Pincher Bill•was dropped to finance and
276
THE CHRONICLE
legalize the Grain Marketing Company. In answering the
charges Secretary Jardine says:
[VOL. 123.
On March 4 1925 I refused to interpret the Capper-Volstead Act to include
the Grain Marketing Company. This was contrary to the interpretation
My record will show that I have consistently advocated and insisted that of your national organization. and I was charged with unfairness. I conall agricultural legislation in which co-operative marketing associations sistently withstood pressure from your national organization to endorse
the Grain Marketing Company as it was organizaed. Furthermore, I have
might play a part should be limited to associations qualifying under
the
insisted that all legislation including the Fess-Tincher Bill should be limited
Capper-Volstead Act.
Paragraph (c), Section 12, of the Fees Bill which you so severely condemn to associations qualifying under the Capper-Volstead Act. And yet you
call me a "promoter" and charge that the Fess-Tincher Bill was drafted to
and which you state was designed to finance as
well as to legalize the Grain
finance and legalize the Grain Marketing Company.
Marketing Company,definitely provides that all benefits from
the proposed
I hesitated in making these statements for I do not want to cast any
legislation would be limited to associations qualifying under the Capperreflections on the constructive work of the American Farm Bureau FederaVolstead Act. I demanded that such a provision be included
in order to
eliminate such organizations as your own national Federation promoted tion and its able leaders but your unfounded charges have forced me to do so.
Moreover, the above should demonstrate the utter weakness of the stateback in 1925.
On March 4 1925. I refused to interpret the Capper-Volstead Act to ments that either the Secretary of Commerce or I have any interest in selling
Include the Grain Marketing Company. Furthermore, I have insisted any grain business or promoting any organization which does not come
strictly within the Capper-Volstead Act.
that all legislation including the Fess-Tincher 13111 should
be limited to
associations qualifying under the Capper-Volstead Act.
Sincerely yours,
W. M. Jardine. Secretary.
The letter in full follows:
Mr. William II. Settle, Pres., Indiana Farm Bureau Federation.
Indianapolis. Indiana.
Members of New York Cotton Exchange Authorize
Dear Mr. Settle.—I was utterly surprised to read in the Congressional
Execution of Contract With Bayway Terminal
Record for Tuesday, June 29, a statement purported to have been issued
by you in which you charge that, "The brains that promoted the Grain
To Make New York Cotton Center.
Marketing Company are the brains that are promoting the Fess-Tincher
Members of the New York Cotton Exchange on July 15
legislation." This statement as it was placed in the Record is as follows:
If there has been any doubt in the mind of anyone as to where President authorized the Board of Managers to execute a contract with
Coolidge stands on the matter of farm legislation, that doubt has been the Bayway
Terminal which will set in motion plans for a
removed by his recent statement to the Congress urging the passage of the
Fees Bill in the Senate. which is the original bill introduced in the House, development which is
expected to make New York one of
known as the 'Pincher Bill.
Practically every large co-operative marketing association and farm the greatest cotton concentration ports in the country. The
organization of any note already has gone on record in opposition to this plans
call for an expenditure of about $5,000,000 for plant
legislation. No one who has studied farm co-operative movements or farm
legislation will be deceived by this effort. It is apparent that the President development
at Elizabeth, N.J., on the Staten Island Sound,
has no idea that this bill will be passed, but having opposed all constructive
farm legislation he now makes a gesture to the farmers of the country which where the Bayway
Terminal now has extensive warehouse
even eastern political writers admit is purely political. If such legislation as
the Fees Bill is enacted into law. it would give the large grain interests of the facilities. The development is to be financed entirely by the
country a strangle hold on the farmers' grain such as was never dreamed of Bayway
company.
before.
All who assisted me in defeating the efforts
At the present time the Bayway Terminal has facilities for
grain merger known as
the Chicago Grain Marketing Company need of theno doubt as to the real
have
purposes of this legislation. The brains that promoted the Grain Marketing handling and storing 60,000 bales of cotton. Under the
Company are the brains that are promoting the Fess-Tincher legislation.
Farm leaders and State securities commissions of different States having contract to be negotiated with the New York Cotton Exprevented the farmers from falling into these promoters' net and financing
•
the movement these promoters now come at us from a different angle and change, these facilities will be increased to 100,000 bales
are asking the Government not only to finance the project but also to legalize within six months,
and to 200,000 bales by October 1 1927.
It. Matty Rosenbaum,Gray Silver, Herbert Hoover,and Secretary Jardine
must originate a scheme far more clever than this before the American farmer Every facility will be provided
by the terminal company,
will be deceived. The Fees Bill will not excuse the Administration for the
such as increased dock and lighterage space, rail extensions,
defeat of constructive agricultural legislation.
I do not propose at this time to enter upon any discussion of the merits of high density compresses, &c., for the most modern and most
the Fess-Tincher Bill but I can not let go unanswered your charges as to economic
handling of cotton entering the port of New York.
my contact with the Grain Marketing Company. In the first place, similar
charges are being made from other quarters and I am convinced that it is Commenting on the move, Vice-President John W.Jay, said:
part of a deliberate campaign to discredit me and my endorsement of a
The action taken by the members
to-day represents a sincere effort on the
legislative measure which I am positive is constructive and worthwhile. part of the New York Cotton
Exchange to attract a large stock of cotton to
Secondly, Senate Resolution 269 which was offered to inquire into my the port of New York, President Hubbard leaves for Washington to-night
alleged grain connections and given wide publicity, was not acted upon by to try to get general transit
privileges for New York through the St. Louis
Congress before adjournment. Consequently. I do not have an opportunity gateway, and other plans are
under way which should attract cotton to
to place before the public information to prove that the charges you make New York in large volume.
I believe that with favorable charges and the
are absolutely without foundation. You could have secured the facts if you improved facilities for handling
cotton which will be offered, there is no
had taken the trouble of making an inquiry.
reason why New York will not
become a great cotton port.
A majority of the cotton in the
Thirty minutes after I assumed office on March 4 1925, I was confronted
United States is raised south of Kentucky,
with a request from the Grain Marketing Company asking me to interpret and the larger part of it is consumed
north of New York. It is ogical that
under the Capper-Volstead Act that a co-operative marketing association Cotton, in moving from its point
of origin to its channels of greatest conwas an association or corporation doing business for farmers but with no sumption, should pass
through New York.
regard to the amount of business which should be done for members as
The resolution adopted by the members of the Exchange
compared to non-members. The Grain Marketing Company had been
follows:
unable to qualify under this act as I proposed to administer it.
The Capper-Volstead Act, passed on February 18, 1922,is one of the most
RESOLVED that the Board of Managers be authorized to execute a
far-reaching laws ever enacted for the cause of American agriculture. This contract with the Bayway
Terminal on terms which, in the judgment of the
Act specifically states that co-operative marketing associations shall not Board shall serve
the best interest of the cotton trade and the Cotton
deal in the products of non-members to an amount greater in value than Exchange.
such as are handled by it for members. That is the cardinal principle of
The proposal of the Exchange to enter into a contract
the Act. I promptly refused the request of the Grain Marketing Company
to interpret the Act so that it could do business with non-members to any with the Bayway
Terminal, as above, was referred to in
extent it desired without regard to the amount of business done for members.
these columns last week, page 153.
I declined without hesitation to compromise that fundamental law.
Over two months later, on May 29 1925, I received a letter from your own
national organization, the American Farm Bureau Federation, part of Crop Reporting Board
Not to Issue Cotton Pars This
which is as follows:
Year.
"As you know, the Grain Marketing Company was created under the
In response to an inquiry as to whether the Department of
auspices of the American Farm Bureau Federation. The Executive Committee of the Federation formally endorsed
company as embodying
co-operative marketing principles approved bythe Federation and as being Agriculture will this year issue any cotton pars, Thomas
the
in strict accordance with the co-operative marketing laws, the enactment Hale, Secretary of
the New York Cotton Exchange, has been
of which the Federation had aggressively supported. More than forty
State Farm Bureaus either endorsed or acquiesced in the formation of the advised by W.H. Callander, Chairman of the Crop Reporting
Grain Marketing Company for like reasons."
Board, that the Department will this year omit the publicaI again promptly refused to agree with certain officials of your organization that the Grain Marketing Company qualified under the Capper- tion of cotton pars. The letter to Mr. Hale follows:
Volstead Act and I had to withstand severe criticism for my actions. And Mr. Thomas Hale, Secretary New
York Colton Exchange. New York City:
still you call the Secretary of Commerce and myself "promoters," and state
June 24 1926.
Dear Mr. Hale.—Referring to
that the Fess-Tincher Bill was drafted not only to enable the Government
your letter of June 24, asking whether the
Department will issue any cotton pars
to finance the Grain Marketing Company "but to legalize it."
this year. I may say it is not our
During the spring and summer of 1925 I gave a great deal of my time to intention to do so. When the data on which the various reports are based
conferences with farm leaders on the subject of grain marketing and particu- are assembed, it is frequently necessary
to make adjustments in the pars in
larly the Grain Marketing Company in hopes that some form of satisfactory certain States. With the pats in the hands of the outsiders, such changes
reorganization might be brought about which would put this company on lead to confusion and misunderstanding.
We are also finding that the wide
the proper basis and give it the confidence of farmers. This was not
publication of these pars is influencing
accomplished but I steadfastly refused to give the company my endorse- the reports sent in by our correspondents,
making it difficult to maintain
ment as it was constituted. Again certain of your national organization comparable condition reports.
The pars themselves, when published apparently exert a considerable
officials criticised me and when I publicly stated that I was interested in the
reorganization of the Grain Marketing Company I was severely condemned Influence on the market at times, which is undesirable.
Furthermore, with the increasing accumulation of phenological weather,
on the assumption that such statements were not conducive to the sale of
and other date relating to the
its stock to farmers.
progress of the crop, the pars, except at the
My record will show that I have consistently advocated and insisted that beginning of the season, constitute only one of several methods used in
agricultural legislation in which co-operative marketing associations forecasting the total crop.
all
might play a part should be limited to associations qualifying under the
Very truly yours,
Capper-Volstead Act. I am wondering if you can say as much for legislaW. H. CALLANDER.
tion which you have sponsored.
Paragraph (c). Section 12, of the Fees Bill which you so severely condemn
and which you state was designed to finance as well as to legalize the Grain Internal Conference on Proposed Establishment of UniMarketing Company, definitely provides that all benefits from the proposed
versal Cotton Staple Standards.
legislation would be limited to associations qualifying under the CapperInvitations to an international conference on the proVolstead Act. I demanded that such a provision be included in order to
posed establishment of universal staple standards for coteliminate such organizations as your own national Federation promoted
ton have been sent by Secretary Jardine, of the Departback in 1925.
JULY 17 1926.]
THE CHRONICLE
ment of Agriculture, to European cotton associations and
exchanges who already are parties to agreements on universal standards for grade. Secretary Jardine has tentatively set August 10 as the date of the conference, the
place to be at the American Embassy at London. No acceptances by the European representatives have been received as yet by the Secretary, according to an account of
the Department of Agriculture July 14, but department
officials anticipate that there will be no refusals inasmuch
as representatives of the European associations and exchanges have already indicated informally their willingness to meet on the question of staple standards. The
European associations and exchanges that have been invited to the London conference include the Liverpool Cotton Association, Ltd.; Manchester Cotton Association,
Ltd.; Bremen Cotton Exchange; Havre Cotton Exchange;
Italian Cotton Association; Barcelona Cotton Exchange;
Rotterdam Cotton Exchange; Ghent Cotton Exchange, and
the Federation of Master Spinners Associations. Representatives of American exporters also have been invited
to attend. Department officials declared that the establishment of universal staple standards would facilitate
the marketing of the crop, tend to make quotations more
comparable, and make export statistics more reliable.
New York Produce Exchange Approves Rules
Regulating Grain Futures Trade for
Delivery in Buffalo.
At a meeting on July 12 the members of the New York
Produce Exchange approved by unanimous vote the rules
regulating trading in the grain futures market to be established in New York, with delivery at Buffalo. The Board
of Managers of the Exchange approved the rules on July 14.
Trading is expected to start within the next few weeks.
In referring to the members' meeting on July 12 the New
York "Journal of Commerce" said:
public. It came into being at a time when Great Britain, shut offfrom its
normal source ofsugar supply in Germany,threatened to absorb the Cuban
Capicrop and thus deprive the United States of a large part of its needs.
talized at $5,000,000, the Board, with the prestige of the United States
Government behind it,arranged to purchase the entire Cuban crop of the
1917-18 season, the price agreed upon being 5M cents a pound for the raw
product. Of this crop the United States allocated one-third to the allied
countries, retaining the remainder for distribution in the United States. A
wholesale price of 9 cents a pound was fixed and after paying duty and
giving refiners a fair margin, a profit of $41,000,000 remained for the
Government.
Prior to the forwarding of the check for $11,300,000 yesterday, the Board
had remitted approximately 130,000.000.
Secretary of Banking for Pennsylvania Refuses to
Reverse Order of the Pennsylvania State Bureau of
Securities Suspending the License of G. L.
Miller & Co., Inc.—Real Estate Investment
House Answers Attack.
Cameron, State Secretary of Banking for PennPeter G.
sylvania, on July 8,in an answer filed at Harrisburg with the
Dauphin County Court, refused the petition of G. L. Miller
& Co., Inc., for reversal of the order .of the Pennsylvania
State Bureau of Securities revoking the license of the firm,
whose general offices are in New York City. It appears that
early in June the Pennsylvania State Bureau of Securities
suspended the license of the Miller firm. This action was
taken, it is said, without a hearing and, in accordance with
bureau rules, no reason for the revocation was announced.
On July 3 (according to the New York "Times" of July 9),
the Dauphin County Court ruled that the bureau was within
its rights in"revoking the license without a hearing, but held
that the holder of the suspended license might appeal to that
court. A dispatch from Harrisburg on July8 to the"Times,"
reporting the State Secretary's answer to the petition of the
Miller company asking for a reversal of the order of the
Bureau of Securities, said in part:
The growth of interest in the new contract market packed the board
room of the Produce Exchange with representatives of the best known
Eastern and Chicago grain concerns, such as Barnes Ames, Armour Grain
Co., Runge North American Grain Co., Cargill Grain Co., Louis Dreyfus
& Co., Melady Grain Co., Norris Grain Co., Rosenbaum Grain Corp.,
E. A. Strauss & Co. and of a hundred more houses, including the concerns with which the committee members and the directors of the clearing
corporation are associated.
After the meeting members were loud in their praise of the organizing
committee's work and of the tireless co-operation of the Secretary and
other officials of the Exchange and of its counsel in having, as it was dedared, so clearly and fully, evolved every detail of the plan, which embodies two distinct departures. The futures trading or organizing committee was formed in January 1926. Its personnel is: Axel Hansen,
Chairman, 13. F. Schwartz, F. H. Teller, R. A. Straus, M. B. Jones,
W.L. Rosar and A. L. Russell.
The new features are Buffalo delivery and the monthly option of one
or both of two contracts. One of the contracts is the American option.
It covers spring wheat and the two standard varieties of winter wheat.
The other contract, known as the bonded contract, embraces Canadian
wheat in bond a,t Buffalo.
A report of Chairman Hansen on this proposal shows, by many practical
illustrations, the constant choice of a high selling hedge which the new
market will afford as the peak physical movement of winter wheat recedes
into that of our own spring wheat, followed shortly by the Canadian
spring wheat movement. The advantages of a broad hedging market for
the Eastern milling trade has already enlisted large support from Eastern
milling interests, while the sweep of an option which takes in the Northwest.
Western and Southwestern wheat belts alike has already brought even
earlier support from exporters and European importers than had been
anticipated.
Clearing House Organized.
The necessary co-efficient, a clearing house association, has been organized. Its President is Axel Hansen. Its directors include Julius
H. Barnes, Robert F. Straub, C. Walton Andrus, Benjamin F. Schwartz,
Wildred F. Rosar, Harry B. Watson, Frdertek H. Teller and Albert C.
Field.
Members of the organizing committee have repeatedly declared that
there is a place for the new market beside Chicago, with which it is not
necessarily at conflict. It will offer a:contract for wheat not purchaseable
through the Chicago Board of Trade. The grain experts believe that,
the freight differential aside, the New York contract should rule fractionally
higher than the Chicago contract, and that it meets a real trade need
in making the negotiation of ocean freight and of wheat sales at the seaboard virtually synchronous operations.
A summary of the records certified by the company to the bureau, the
answer says, shows the following conditions of the company's bond issue.
which total $49,416,000.
Bond issues in default, 19.194.000: bonds formerly in default. 63,712,000:
bonds not in default and self-supporting. $6,407,500; bonds still carried by
advance charges, $30,102.600• The answer says ,in part:
"The plan of G. L. Miller & Co., Inc., paying the interest and sinking
fund charges on bond issues in default, has, of course, not discharged these
obligations, but has merely accumulated them for a day of ultimate reckonon the
ing. The time of this day of ultimate reckoning is dependent only
ability of G. L. Miller & Co., Inc., to raise funds for temporary financing
This
with which to carry along their defaulting permanent finance issues.
dangerous practice of temporarily financing permanent issues cannot be
carried on forever, of course.
"The company is charged with being guilty of dual deception in concealing
and did not
from the investors that the borrower corporations could not
borrower
meet interest and sinking fund obligations:in inflating the assets of
make it appear they were well able to meet their
corporations in default to
obligations."
answer
..
T tions. then continues:
its
"Alarming feature of the G. L. Miller & Co., Inc., organization with
its bond issues, its loans, its refinance
many subsidiaries, its stock issues,
schemes, its inter-company transactions and even its separate guarantee
corporation, is that all of it is subject to a single, unchecked, unlimited
L.
irresponsible one-man control and domination in the person of Garfield
Life of Sugar Equalization Board Terminated—WarTime Organization Realized Profit of $41,000,000.
The Sugar Equalization Board, one of the last of the wartime organizations to be liquidated, automatically passed
out of existence on July 14, says the New York "Times" of
July 15, from which the following is also taken:
Its charter expired on July 14 1923, but under the laws of Delaware, in
which State the Board was incorporated, three years additional had to be
allowed for the filing of claims.
A check for $11.300,000,forwarded yesterday to Secretary ofthe Treasury
Mellon by George A. Zabriskie, President of the Sugar Equalization Board,
brought the total profits of that body in the marketing of the 1917-18
Cuban sugar crop to approximately $41.000,000.
The Sugar Equalization Board was organized as a war agency to prevent
profiteering in sugar and to insure an adequate supply for the American
277
As outlining their position, G. L. Miller & Co. on July 9
authorized the issuance of a statement in which speci ic denial
of several allegations made by the Pennsylvania State Secretary of Banking were made. This statement, as printed
in the "Times" of July 10, was as follows:
We have just received a copy of the answer to our petition, which answer
County
was filed yesterday by the Secretary of Banking in the Dauphin
.
Court.
filling of this answer is actually a victory for G. L. Miller & Co., as
Bureau
we have been in court since early in June in an endeavor to have the
suspending our
of Securities disclose the grounds upon which it acted in
law and which
registration without stating cause, as was provided for in the
is an inalienable right, the violation of which is almost unprecedented.
Although we made repeated requests for a statement of these grounds.
such statement was continually denied us, and our action in court was for
the very purpose now achieved by the filing of this answer.
The Bureau of Securities has most evidently misinterpreted or misunderstood the data and records placed in its hands by us. There is absolutely
nothing in that data or those records which would form a sustainable basis
for the allegations made in this answer. As a matter of fact, a good part of
these allegations, especially those referring to the "one man control and
domination of the company," are irrelevant, due to the change in controlling
interest of the company which was recently announced.
The figures given in the analysis of bond issues floated by this comthem
pany are very inaccurate, and the terminology used in referring to
is such as might give a misleading impression of the actual situation.
This undoubtedly is due to only partial understanding of the first mortgage
real estate bond business.
of
The inaccuracy of the figures quoted in the answer of the Secretary
Banking is clearly shown by a checkup of the company's records as of the
same date used in the published analysis. At that time,instead of"S9.194.whose
000 in bond issues being in default,"there were bond issues in arrears
total par value was $3,589,000. Not all of this total of bonds can be
temporary and
said to have been in default, since the arrearages were
partial in extent. When it is considered that the company,s bond issues
being
total 649,416,000, the amount of issues temporarily and partially
that
carried by the company represents a below-normal condition and one
one who
rhould not give the investor the slightest cause for anxiety. Any
business knows that
has any knowledge of the real estate mortgage bond
from
the underwriting of a large volume of bond issues necessarily results
278
THE CHRONICLE
time to time in certain delays and inconveniences which
make it necessarY
for the company to temporarily protect its investors by meeitng certain
obligations. This is a duty which is not only being
discharged by G. L.
Miller & Co. but by every other reputable first mortgage bond
house in the
country.
Another inaccuracy and mistaken terminology is
found in the answer of
the Secretary of Banking, which claims bonds "not
in default and selfsupporting" total but $6,407,000. Our records
show that there were
$20,627,000 in bond issues that were not in
arrears but were in 100% good
standing. The Secretary's answer further
included an item "bonds still
carried by advance charges, $30,102,500." HOW
this figure was computed
we do not know, as our records show a total of
only $16.200.000 of bond
issues upon which the interest is being paid by
carrying charges arranged
at the time the bonds were issued. This arrangeme
nt is customary and
standard practice in the real estate mortgage bond
field.
We are at a loss to account for the reference
to $3,712,000 in bonds as
"formerly in default," as this is but an indication
of an Improvement in
conditions which should no longer enter into the
picture, since these bonds
are not now in arrears. It may,however,be regarded
as proofof the contention of this company that where it is necessary
to meet arrearages the
condition is only temporary and the company has
discharged its obligations
and adequately safeguarded the interest of the investors
and all concerned.
It is the accepted practice and the proud record of all
first mortgage real
estate bond houses to stand between their investors
and any possible loss.
This criticism of us is a criticism of the practice
of protecting investors.
which practice should not be condemned, but heartly
commended, by all
who have the interests otinvestors sincerely
at heart. If, however, this be
a practice on the part of G. L. Miller & Co.
which is to be condemned,then
every other first mortgage real estate bond house
is to be likewise condemned.
Now that we know for the first time upon
what grounds the Bureau of
Securities acted, we can speedily go
about an adjustment of the difficulties,
and confidently expect to demonstrate the
true
tion may be quickly reinstated in good standing. facts, so that our registraWe regret that we were compelled to
appeal to the courts for assistance
and for information to which the court
has ruled we were entitled. There
was a new point of law involved in the
controver. y, which undoubtedly
appeared to the Bureau of Securities
should be construed and decided by the
court, and our action should not be regarded
in any manner as an evidence
of antagonism to the Bureau of
Securities. It was, however. necessarY. In
justice to ourselves and in fairness to the
thousands of investors whom we
represent and whose Interests we will protect to
the limit of our ability and
resources.
We believe that we will be given an
ample and fair opportunity to clear
up these misunderstandings with the Bureau
of Securities. Our reply will
be made In due course and form to the bureau
and to the court, and in the
interim we will not endeavor in any
way to try the case in the public press.
(VoL. 123.
was to attract out-of-town accounts, and dispatche
s from New
York say that deposits have increased considera
bly as a result.
Chicago bankers, investigating the action of the New York
houses, discoveted what they believe is a joker, and as a result
have abandoned consideration of taking a similar step
here.
the same time the compulsory collection charge was dropped At
the
New York Clearing House ruled that member banks, when fixing
the amount of credit balance on which interest may ,be allowed,
must withhold the amount of uncollected items until the
item is
collected in Federal Reserve funds. This rule, Chicago bankers
say, will deprive customers of interest, which will aggregate
far
more than the small charge made here for collection.
Under the Chicago system a customer must pay three cents for
each check and 4%% immediately upon deposit of
the check so
the interest is reduced to 2%, plus the three cent charge. Under
the New York system the customer would lose all his interest
of
1% per day and this, Chicago bankers say,
will greatly exceed the
local bank collection charge.
By waiving interest, sums up to $1,000 may be collected
for a
flat rate of 10 cents. The greater time in transit,
and consequent
loss of interest, it is said, would make it very unprofitab
le for
Chicago firms to patronize New York banks for handling this
class
of business.
In its issue of July 15 the "Wall Street Journal" in referring to the requirements in Chicago said:
As already mentioned in these columns, there are some
25 clearing houses, out of 300, principally in the larger
cities, which still
have in force a system of obligatory exchange charges
for
banks on distant checks. In most cases the charges aremember
stiffer
than they are in New York. Chicago member banks are required
to make a minimum handling charge of 3 cents an
item, plus interest covering the time necessary to convert the items into
available funds in accordance with the time schedule of the
Federal
Reserve Bank, items of $50 or under being 5 cents
an item. The
added interest charge is 25 cents per $1,000 on items
convertible
into available funds in two days, 50 cents in four days and
$1 in
eight days. Before June 21 the charge on checks in the case of
Boston, New York City, Philadelphia and St. Louis was discretionary with the member banks. Since that date, St. Louis has been
made a one-day point and Philadelphia and Boston two-day points.
At the New York Clearing House the schedule of obligatory exchange charges ranged from 1-40 of 1% to 1-10 of 1% in accordance
with a prescribed schedule governed by availability of items as
established by the New York Federal Reserve Bank's collection
system. That is to say, for such items on cities where immediate
credit is given for items which become available one day after
receipt, the charge has been discretionary; for items available two
days after receipt, the charge was 1-40 of 1%; for three, four and
five-day points, 1-20 of 1%, and for items available eight days
after
receipt, 1-10 of 1%.
In the discussion that toog place preparatory to elimination
of
the exchange charges at this center various plans for modifying
the charges were suggested. These were finally dismissed
in favor
of making the whole list of charges discretionary
so that there
should be no obstacle in the free movement of banking funds to
this center.
It should be borne in mind that these exchange charges
are
different from so-called collection charges made by certain interior
banks on checks drawn on them. Before the system of par check
collections was established by the Federal Reserve banks these
terior banks were in the habit of deducting from the amount inof
the check the cost of remitting the funds in question. It has been
the contention of the Federal Reserve that such checks should
be paid at 100 cents on the dollar. Exchange charges
imposed by
Clearing House banks were to defraw actual cost incurred by the
banks in collecting the proceeds of the checks from distant points,
together with loss of interest in the meantime.
As noted in our issue of July 3(pages 38 and
39) acquisition
of control of G. L. Miller & Co., Inc. by a group
of labor
bankers, labor 'union exeCutives and business men, was
announced on July 1. Under the new arrangement, was
it
said, G. L. Miller, founder and President of the
company,
would retire from active management of the business and
would be succeeded in the Presidency by Luke J. Murphy
.
formerly Executive-Vice-President. the Brotherhood of
of
Locomotive Engineers Co-operative Trust Co. of New York.
G. L. Miller & Co. was first established by G. L. Miller,
President of the company, in 1909, in Miami, Fla. Its
business is that of specialist in the underwriting and selling of
first mortgage bonds secured by improved real estate, such as
office buildings, hotels, apartments and apartment hotels
located in the principal cities of the country. It has branch
offices in many of the principal cities of the North, South and
Middlewest, besides nearly 500 agencies and banking connections appointed for the distribution of bonds in nearly
every section of the United States. Besides a Southern
headquarters at Atlanta, Ga., the company has branch offices The Clearing House Rules—Possible Effect on Municipal
Bond Market.
at Philadelphia, Pittsburgh, Knoxville, Chicago, St. Louis,
The following is from the New York "Herald-Tribune"
New Orleans,Kansas City,Buffalo, Dallas, Boston, Memphis,
Baltimore, Rochester, Utica, Columbus, Easton, Cincinnati, of July 14:
The recent changes in the rules of the New York Clearing House
Jacksonville and Syracuse.
•
may ultimately have some faint effect on the
New York Banking Institutions Waiving Check Collection
Charges.
Following the amendment to the Constitution of the
New York Clearing House Association, approved last week,
under which charges for out-of-town items are no longer
compulsory, various banking institutions of the city have
announced that charges will no longer be Imposed for the
collection of items payable in the United States. Among
some institutions making an announcement to this effect
are the Farmers Loan and Trust Co., the Equitable Trust
Company, the New York Trust Co., etc. The changes were
given at length in our issue of Saturday last, page 155.
municipal bond mar- ,
ket in the way of reducing the discrimination against bonds
payable locally. In the past the great New York banks have been
obliged, under the terms of the Clearing House rules, to
charge for
the collection of coupons and maturing bonds in out-of-to
wn cities.
Now such collection charges are nominal.
It is within reason to suppose that some large
investors in
municipal bonds enjoyirfg particularly close relations
with their
banks will be attracted by issues paid locally, in
the hope that
their banks will accommodate them by collecting their
coupons
without charge. In some instances bonds payable
locally yield
perhaps as much as 0.05 per cent more than they
would if payable
in New York, and the differential would make such
securities a
shade more attractive 'if the investor did
not have to pay for collection. Should banks come to make a
practice of collecting out-
of-town coupons without charge, bond dealers
would
find that they could pay more for such issues and very quickly
the borrowing
communities would receive a portion of the
ultimate benefit.
Chicago Banks See "Joker" in Free Clearance—Removal of Daily Statement of N. Y. Stock
Exchange on Call Money
Collection Charge by New York Banks Offset, They
Market.
Say, by Other Charges Imposed.
The following are the daily statements issued this
week
The following Chicago advices, July 11, appeared in the by the New York Stock Exchange regardin the
g
call money
New York "Herald-Tribune":
market:
Possibility of Chicago and Middle Western concerns
withdrawing
their current funds from banks in this city as a result of the recent action of the New York Clearing House Association in opening
the way for the abolition of collection charges on out-of-town
checks was discounted today by leading Chicago bankers.
Following the action of the New York Clearing House in abolishing the compulsory charge of from three to ten cents per item
plus interest at 45'% while in transit, most of the metropolitan
banks withdrew the collection charge. The object of the change
Call Loans on the New York Stock Exchange.
July 12.—Renewal, 454; high, 454; low, 434; last,
434.
Considerable calling brought about heavy turnover. Remarks:
Sufficient
money for all needs up to the close.
July 13.—Renewal, 454; high, 454; low, 04; last,
454 to 6. Remarks: Renewed calling by a few institutio
ns caused fair volume
of transactions. Ample supply all day and at the close.
July 14:
--Renewal, 454; high, 434; low, 454; last, 454. Remarks:
Good supply loanable funds all day with very light demand.
JULY 17 1926.]
THE CHRONICLE
July 15.—Renewal, 414; high, 414; low, 4; last, 4. Remarks: Heavy
offerings as compared with even smaller borrowings than yesterday brought about reduction in rate. Plentiful supply at close.
July 16.—Renewal, 414; high, ag; low, 4; last, 4. Remarks: Money
was in supply with but a moderate turnover, notwithstanding some
calling by one or two banking institutions, and a rate of 4% was
made in the afternoon.
279
of New York State new banking institutions unless he is assured of their
reasonable success; otherwise he is doing something that may prejudice
the standing of existing institutions.
Superintendent Warder's remarks on the subject were
made on June 23 before the New York State Bankers Association, meeting in annual convention at Quebec. The adThe issuance of these statements was begun on July 8 dress follows:
During the time that I have been connected with the New York State
and the one for that date and that for July 9 were given
Banking Department, extending over a period of approximately seven yea*
in our issue of a week ago, page 155. There is no call loan I have had the privilege and the pleasure of attending bankers' convenmarket on Saturday, hence no statement was issued July tions, and I have reached the conclusion that enough has been said to bankers on the subject of the character of examinations as a part of bank super10.
vision, and it is no longer necessary to make any statement to bankers or
public generally that bank supervision is a good thing, not only for
Judge Rosalsky Sets Aside Conviction of William R. to the
the depositing public and the stockholders, or that it is helpful to the
Jones, Former Head of Failed Brokerage Firm
officers and directors in the management of banks. However, it is not my
idea to convey to you the thought that because I do not intend to say
of Jones & Baker—New Trial Ordered.
anything about bank examination, I do not regard it as the most imporBasing his action on recent rulings of the Courtof Appeals, tant part of bank supervision; but I believe there is another phase of
Judge Rosalsky on July 15 set aside the verdict of guilty supervision that is equally important, and that is the subject of new bank
organizations. I believe every banker will concede that if new banking
returned by a jury in his Court on Dec. 14 last against organizations were thoroughly investigated before they were authorized,
William R. Jones, former head of the Curb brokerage firm bank failures and financial troubles in banks would be reduced to a miniof Jones & Baker, which in Mity 1923 failed for approxi- mum. Some States have been unfortunate in having a large number of
said that one
the past two
years,
mately $5,000,000. Judge Rosalsky also ordered anew bank failures in causes was tooor threebanks. and it has been
many
of the principal
trial for the defendant. Mr': Jones Was indicted for alleged
Bank examinations, as I have indicated before, is a subject that has been
trading against the account of a customer. As noted in very well covered, and there is no doubt that national and Federal Reserve
examinations, and examinations made by the various State Banking Deour issue of June 19 last, page 3411, the Court on June 10 partments of the Union, show a marked improvement during the last ten
postponed the sentencing of Mr. Jones pending the outcome years. But I do not believe that the phase of bank supervision relating to
of an appeal to the Court of Appeals taken by Louis Mont- supervision of new banking organizations has shown the same improvement.
There are more applications for the organization of new State banks,
gomery Kardos Jr. of the failed brokerage firm of Kardor& trust companies, savings banks and national banks than ever before in the
Burke, who was convicted of a similar charge. At that time history of banking in New York State. There is hardly a day that at
York State
is not made to
Judge Rosalsky declared that the recent decision in the Court least one application observation that the Newmade throughBanking DepartI have
the very enjoyment, and from the
of'Appeals in reversing the conviction -ofiBurrill—RZOT, able and beneficial contact that we have with the Federal authorities,
broker, of the bankrupt firm of S. S. Ruskay & Co., on a applications are filed almost as frequently for the organization of national
York City and
the
charge of trading against the order of a customer, had wiped banks in the various boroughs of Newthe part of some other parts of into
people to get
State. It seems there is a mania on
out the statute on which the indictment was based and also the banking business. This may be partly due to the fact that we have
stated that if it had not been that the Appellate Division had been enjoying for the past eight years an unusual amount of prosperity.
bank
due to the fact
already affirmed the Ruskay conviction he would have It is partlygreatly in value, also that the market quotations of large shares
and that the public have become
inveshave risen
directed an acquittal of the defendant, Jones, at the trial. tors in bank shares. Many people who are unable to buy shares in banks
have been in existence for a sufficient number of years to insure sucIn rendering his decision Judge Rosalsky was quoted in the that
cess, or who are unable to get them at the prices they desire, use this as
New York "Times" of July 16 as saying:
an excuse for the organization of new banks.
The proof affirmatively and conclusively showed that the stock purThere are very few parts of New York City to-day that are without adechased by the defendant for his customer was delivered to him upon
banking facilities. There was a time when it was generally underpay
ment of the purchase price. In the Ruskay case, Judge Cardoza of the quate
one or more of the individuals connected with the bank in the
Court of Appeals said: "Violation of this statute is impossible once the stood that
capacity of directors, should have some previous experience with banking
shares that are to be bought have been delivered to the
broker upon his institutions; this is no longer true. Not that I do not believe that a man
payment of the price. The order has been executed and is no longer
subject
to be neutralized by a cross order to sell." In the Jones case, the de- who is a successful business man does not make an ideal bank director, but
it should always be borne in mind and realized by those who contemplate
fendant broker at all times had in his possession 1,100 shares of
the same accepting a trust as a bank director, that it is going to be difficult for them
kind of stock that he purchased for Rubin, his customer. In the Kardos
to give proper attention to their duties as a director and at the same time
case, the stock which is alleged to have been purchased was never
delivered carry on active business. I make mention of this fact as it seems to me
nor paid for, nor was the same under this control.
that too many of the men whose names are offered as bank directors are
Indicted as co-defendants with Mr. Jones were Jackson accepting the post believing it is an honorary position and that it will
V. Fells, Pierre Coleman, Frank P. Shannon and Edgar L. improve their standing in the community. I take the position, and this is
that our Department has assumed for the last ten years, that
Kerstetter. These, it is understood, have not been brought the attitudethere should be adequate proof, and a new banking institution
.
first of all
to trial.
should be prepared to submit adequate proof, that there is a need for
additional banking facilities, to the point that the Superintendent of
be,
Jones & Co., Inc., Boston Brokerage House, Enjoined Banks or the Supervisor of Banks, whoever he maythis is satisfied that the
is answered in the
bank will be a reasonable financial success. If
by New York State Supreme Court from Doing
the standing of the men connected with it may
negative, regardless of what
Businesn in New York State.
be, there is practically no reason why the institution should be authorized.
incorporators are willing to run the risk involved
On July 10 Justice Staley of the New York State Supreme The mere fact that the in banking shares, is not sufficient to authorise
in the investment of funds
Court granted a preliminary injunction on the application of a banking institution where none is needed, and it means that this is a
State Attorney-General Ottinger, restraining the business step in the direction of promoting an unhealthy banking situation in that
sufficient
community where
Competition in
activities in this State of Jones & Co., Inc., a Boston broker- communty. support more thanathe existing banking there is notmeans that
institutions
business to
age firm, and the sale by them of securities of the Glen Dun this co petition is going to prove ruinous to all of the banks old and new
Mines Co. The preliminary injunction is returnable at alike. tn making this statement I have taken into consideration that a
institution, and
be regarded
Schoharie, N. Y., on July 31. A dispatch from Albany to banking institution should Banks or the as a semi-public not look at it
Supervisor, should
that 3e Superintendent of
the New York "Times" on July 10 in this regard said in part: alone from the stockholders' viewpoint, but should take into consideration
shareholders of the other banks, the welfare of the deThe injunction is aimed especially at the circulation in New
York State of the rights of the
"Jones' Daily Trader," a financial sheet which gives a variety of
positors represented in the community, and the damaging results that may
advice and emphasizes the advisability of purchasing Glen Dun investment accrue as the result of authorizing a banking institution where there are
Mines stock.
The Attorney-General charged that the defendants refused
to comply already sufficient banking facilities.
with his demands for information concerning their business.
Assuming that the Superintendent of Banks satisfies himself that there is
institution, the next part
"The Martin Act." said the Attorney-General. "makes refusal
to comply a reasonable chance of success for a new banking
ascertaining the character and
with those requirements sufficient cause, standing by itself, for the
granting of his examination should be directed to
of an injunction. Foreign corporations who want to come into
that institution; and in this conthis State to standing of the proposed directors of
bank can be
sell securities should understand that they must comply with
the reasonable nection he should be satisfied that the capital stock of the
requirements of our statutes or suffer the consequences."
subscribed and paid for without the carrying on of some stock selling camIt was stated that the Jones company has employed the much
banking field. If there is a
criticised paign that has no place in a conservative
the response to
"telephone method" of selling stock, calling up residents of Watertown
and genuine need for a banking institution within a community
adjacent territory, from points outside the State, and later having
such selling camsalesmen the offering of the bank's shares should be such that no
can personally upon the more promising prospects.
paign is necessary.
Investigation of the character and standing of the proposed incorporators
be all successful business or
F. H. Warder, New York Superintendent of Banks, should be a thorough one. The men should They should be men whose
professional men within the community.
their
Says Caution Should Be Exercised in Authorizing
financial standing is commensurate with the size of the institution;
board of direcNew Banking Institutions—Movement for Bank
businesses should be diversified. By this I mean that the
representing one pa;ticular
tors should not be loaded up with too many men
Organization Referred to as Mania.
line of business.
Banks as to why
The growth of the movement to organize new banking inWhen the question is asked by the Superintendents of
institution is needed, you are
stitutions was dealt with in a recent address by Frank H. the individuals believe that the proposed a lack of mortgage money or
the answer that there is
and while I regard a
Warder, Superintendent of the New York State Banking frequently given
credit accommodation for real estate development;
Department, and in pointing to the need of acting cautiously certain percentage of the bank's assets in real estate loans desirable in-
in the authorization of new institutions Mr. Warder said:
Our system has grown to the point where a Bank Supervisor must
41 times bear in
at
mind that he should not bring into the banking family
be the paramount reason
vestments, I do not believe that that should you will find that the idea
assigned for a new banking institution. Often
some disgruntled individual who beof a new institution has come from
Heves he should have some credit accommodation at the bank or who be-
280
THE CHRONICLE
lieves that his credit lines should not be contracted in accordance with the
ideas of the officials who have been carrying the account—to put it in
other words, a bank started by dissatisfied borrowers. This, as a foundation, can never make a successful bank.
There are instances where bank applications have been instigated in
order to furnish salaried positions to one or more of the incorporators, or
are organized by attorneys anxious for business.
Another class of new applications is banks being organized for the purpose of selling out. Such banks make an effort to quickly bring up a substantial line of deposits and then sell out with a handsome price for goodwill. This class, of course, can only operate in the larger communities
and where branches are permitted.
To finish my thought on the subject of investigations of proposed directors, I believe it is advisable as part of the investigation to get at least
two banking references as to each and the most thorough confidential inquiry should be made into the bank accounts carried by directors of proposed new institutions. If they do not check up properly on investigation, they should be dropped. No compromises should be made by a Bank
Superintendent or Supervisor which would place him in the position of
authorizire a bank where he is in doubt about the standing of the members
of the board of directors. In the investigation of the incorporators the
bank references furnished afford an opportunity for co-operation on the
part of you gentlemen. When inquiry is made of you by the Bank Superintendent or Supervisor, it is to your own best interest to furnish him in
confidence with all the information you have on the subject whether it is
good, bad or indifferent.
There are other things which should be covered in the investigation of
new banking institutions, but I believe these are the important phases.
To sum up what I have had to say on the subject would be to require
the Superintendent of Banks to satisfy himself that public convenience and
advantage would be promoted by the authorization of a new institution.
Secondly, that the men who are to act as directors are men of standing
In the community and can be safely entrusted with the management of
other peoples' funds.
In the State of New York we have approximately 1,200 institutions
under the supervision of the Banking Department, not considering branches,
which have resources aggregating nearly twelve billion dollars. This is
far in excess of the total resources of national banks in the State of New
York and is nearly 50% of the total resources of national banks of the
entire country. I cite these figures not to afford comparison, but to justify
the position I am taking on new State banking institutions and that is
that our system has grown to the point where a Bank Supervisor must at
all times bear in mind that he should not bring into the banking family of
New York State new banking institutions unless he is assured of their reasonable success; otherwise he is doing something that may prejudice the
standing of existing institutions. So my word of caution is, and it is customary for the Superintendent of Banks to sound a word of caution—that
we should go slow in authorizing new banking institutions, and my remarks
have been made for the purpose of showing what I regard as the fundamental principles that should be conformed to in passing on these questions.
[Vol,. 123.
reached 47% of the individual deposits. Since that time the gainTin
time deposits both in volume and in relation to individual and to demand
deposits has been gradual, until by June 30 1924 time deposits had passed
the 1912 mark of 50% of individual deposits and rested at 51%, which
position it maintained as of June 30 1925.
How different the picture as to the location of time and demand deposits
In 1925 as compared with 1912. In the former year 18% of all time deposits were in national banks and 82% were in State banks. In 1925
25% of the time deposits were in national banks and 75% in State banks.
To complete the picture it is only necessary to state that in 1912 49%
of all demand deposits were in national banks and 51% in State banks.
By June 30 1914 51% of demand deposits were in national banks and
49% in State banks. But the turn of the tide was at hand. As of 1925
but 44% of the demand deposits were in national banks, and the rest.
56%, were in State banks.
The reason for the tremendous growth'of time deposits both in volume
and in relation to individual deposits in the banks of the Federal Reserve
System since the establishment of that System in 1914 is clear. In that
year the proportion of time deposits in all banks to individual deposits
was low, at least lower than rwo years before, when time deposits constituted 50% of individual deposits, and economic conditions were more
favorable for savings in this country. Since that time the general tendency
has been toward a relationship similar to that existing between time and
demand deposits in 1912 with a slightly Increased percentage in time de-
posits In recent years due to the present margin of earnings over living
costs and the increased consciousness of the wage earner that savings
extend his personallty. In addition to this the trend in the growth in
national banks is toward time deposits and away from demand deposits.
The Federal Reserve System comprises all the national banks and about
1,400 State banks. The trend of the national banks toward time deposits
Joined to the recovery from the low condition of time deposits in the year
the Federal Reserve System came into being has caused undue emphasis
to be placed in popular discussion upon the growth of time deposits, which
occupy only a slightly more advantageous position in relation to individual
deposits than they did in 1912: but 7% more of all time deposits were in
national banks in 1925 than in 1912 and 9% more than in 1914: and 5%
less of all the demand deposits in 1925 than in 1912 and 7% less than in 1914.
This left the State banks which are for the most part outside of the
Federal Reserve System poorer to that degree in time deposits and richer
In demand deposits, but showed a tremendous gain in time deposits both
absolutely and in relation to demand deposits in the banks In the Federal
Reserve System. That this trend of time deposits to national banks is
general throughout the United States is indicated by the following summary-
States—
United States
New England
Middle Atlantis
South Central
East Central
West Central
Puente
PERCENTAGE INCREASE
—Ind. Dep.—
Nat.
State,
128
144
149
78
145
148
148
178
04
166
117
123
116
189
1925 OVER 1914.
Demand Dep.
—Time DEP.—
State.
Nat.
State.
Nat,
153
82
138
299
647
40
79
86
364
155
143
95
145
333
236
06
148
205
191
54
175
153
100
88
331
181
207
64
W. Espey Albig of A. B. A. on Growth and Significance
The one exception to this tendency is found in the West Central States
of Time Deposits.
where the existence of legislation in one or more states provided for the
Before the Departmental Conference on Sayings Banking, guarantee of bank deposits may affect the situation.
There is naturally a
variation
the
at the American Institute of Banking Convention at Dallas, percentage of individual considerablestate banksfrom year to year in but
deposits in
or in national banks,
Texas, July 13, W. Espey Albig, Deputy Manager of the regardless of those changes the tendency toward a greater percentage of
American Institute of Banking, noted that the most signifi- time deposits to individual deposits in national banks is unmistakable.
This situation marks the breakdown of the feeling that one
cant development relative to time deposits in banks, since of bank is limited to a particular type of banking activity. particular type
Savings banks
the inauguration of the Federal Reserve system has been the were established primarily to receive and care for savings. The most
careful restrictions surround them, for their beginnings reach back into a
trend of time deposits from State banks to national banks." time when "wild cat" banking
was common.
In part he stated:
They are allowed to invest only in real estate mortgages, seasoned bonds
Despite the fact that the national banks had but 35% of the total indi- and underlying securities of railroads and other corporations which have
vidual deposits In all banks in 1925 as against 37% in 1914, a loss of 2% in had a successful career for a given number of years.
the amount of individual deposits, yet during these same years they gained
Trust companies were organized principally for the purpose of settlement
9% of the total time deposits and lost 7% of the total demand deposits. of estates and the holding in trust of funds, property and securities. They
Time deposit3 in their relation to individual deposits in banks of all kinds also act as trustees for borrowers and issuers of bonds.
In the United States are approaching a normal condition after much fluctuaThe national banking system was the outcome of the financial necessities
tion, if 1912 can be regarded as a normal year.
of the Federal Government caused by the Civil War. Government bonds
True, indeed, it is that there has been a large increase in time deposits were being sold with difficulty at profitable rates. It was regarded as
both in absolute volume and in relation to individual deposits since 1914, unsafe to issue additional United States notes. National banks were perbut 1914 registered the low point in time deposits per capita of population, mitted to issue bank notes secured by deposits of Government bonds.
and with the exception of one other year the low point in relation to indi- Prior to this time state banks issued notes upon their own credit.
vidual deposits since 1912. Now that the relationship between time and
Each type of bank performed a particular function.
Individual deposits has remained approximately constant for at least two
The framers of the National Bank Act could not visualize the institutions
years, following the violent changes immediately preceding the enactment they were creating as competing for time deposits with other banking
of the Federal Reserve Law and during and subsequent to the World War. Institutions. The framers of the law were dealing with a more fundamental
It is interesting to see whether time and demand deposits occupy the same proposition—that of keeping the credit of the United States sound In the
relative positions as regards their location by types of banks as they did in face of emitting large issues of United States bonds. Mr. Sherman of
1912.
Ohio on Feb. 10 1863, In addressing Congress. said:
As of June 30 1912 time deposits made up 50% of individual deposits in
"We have but four expedients from which to choose; first, to repeal the
the banks in the United States. In volume it amounts to 8 billion 400 sub-treasury act, and use the paper of local banks as a currency; secondly,
million dollars. Of this amount 18% was in national banks and 82% in to increase largely the issue of United States notes; thirdly, to organize a
State banks (including savings banks and trust companies). Two years system of national banking; fourthly, to sell the bonds of the
United States
later owing to the rapid increase in cost of living and low earnings in many in the open market."
industries time deposits had increased but slightly in volume and comprised
However,In the '90's national banks were in some cases receiving savings
but 46% of individual deposits. Of this sum 16% was in national banks and deposits in the absence of negative legislation; in the 1910 report
of
54% in State banks. The time deposits in national banks had failed to Comptroller of the Currency was listed the amount of savings and the
the
weather the two years of shrinking In savings as well as had the time number of savings depositors in national banks. After
—
the Federal Reserve
deposits in State banks. During this time individual deposits had increased Board was created it confirmed that status by recognizing
time deposits
by over 2 billion dollars, but practically the only gain in time deposits was In national banks, and arranged a more favorable basis for reserves therefor.
made by the mutual savings banks which increased their deposits by 300
The increased tendency toward time deposits in national banks and of
million dollars. Other State and national institutions showed only a small demand deposits in state banks can lead but to one conclusion,
which is
gain or else a positive loss.
that state banks are engaged to an increasing degree in those commercial
The year 1916 marked the lowest point in time deposits as related to Indi- activities which involve the use of short time loans, while
national banks
vidual deposits. Individual deposits were greater by more than 5 billion are entering into the investment field to a greater degree.
dollars than in 1912. The amount of demand deposits as of any given date
The decrease In the number of savings banks from 2,100 in 1914 to
1583
can be obtained from State and Federal banking departments, but what in 1925, IS conclusive evidence, it would appear, that either some former
part of this amount comprises redeposits of money which has been borrowed savings banks have changed their classification in order to participate in
by customers of banks from the banks' reservoir of demand deposits cannot commercial banking or else savings bank functions are being exercised to
even be estimated, although its amount must be much greater relatively some extent by commercial banks.
during a year ofintense commercial and industrial activity,such as 1916 than
The whole process has been an evolution. Departmental banking has
during a year such as 1912. Time deposits are less likely to be complicated come and Is receiving constantly greater recognition. As national banks
by factors such as these. However the increases over the previous year Increasingly exercise trust functions they will likely increasingly attract
1915 in absolute volume of time deposits of over 650 million dollars was time deposits.
sufficiently great to show an increase of time deposits per inhabitant over
In one of a series of admirable articles by W. Randolph Burgess, Assistant
Federal Reserve Agent. Federal Reserve Bank of N. Y., he says: "Just
any previous year.
With the advent of the Liberty Loans following our entry into the World what these largely increased time deposits represent is a much debated
War in 1917, time deposits naturally, or patriotically, declined in relation question. Do they represent simply a reclassification f deposits preto individual deposits. Money, which ordinarily would have gone into viously treated as demand deposits; do they represent business which
time deposits, was invested In Liberty Bonds. During 1920 time deposits would otherwise have come to the savings banks; or are they new savings
JULY 17 1926.]
THE CHRONICLE
deposits stimulated by the offering of more convenient savings facilities
and by extensive advertising?"
In the light of the previous analysis it would appear that the time deposits
in national banks largely represent business which would have otherwise
come to the savings banks or other state banks. The sharp reduction from
5% to 3% made by the amendment to the Federal Reserve Act in 1917
n the amount of reserves necessary to be carried by banks against time
deposits has, without doubt, been a potent factor in stimulating national
banks to secure time deposits. This amendment, reducing the reserves
necessary to be carried, also released for investment a tremendous amount
of money previously stored as reserves. This tended to increase the income
of the banks.
The success of the effort of national banks to secure time deposits is
evidenced by the increase in the number of savings depositors in national
banks from slightly more than 13% million in 1919 to more than 1131 million
in 1925. These figures do not include holders of time certificates of deposit.
If further evidence of the activity of national banks in securing time
deposits induced by the lowered reserve requirements is needed, it can be
found in the figures showing the relative growth of individual and time
deposits in national and state banks during two periods; the first being from
June 30 1914 to June 30 1918, when the high reserves on time deposits were
required, for that period the percentage of increase was as follows:
Increase.
Increase.
Ind. Dep. Time Dep.
1914-1918—
State banks
21%
26%
National banks
45%
60%
The second period is that of 1918-1925Iwhen reserves against time deposits
were reduced from 5% to 3%.
Increase.
Increase.
Ind. Dep. Time Dep.
1918-1925—
State banks
101%
88%
National banks
57%
148%
banks came to be more thoroughly safeguarded through
As commercial
more stringent legislation, careful and frequent examination at the hands
of state and national bank examiners, and through the development of
higher ethical standards and better trained executives, and as investment
banking came to be a science, customers were willing to deposit savino in
these institutions, although the State and Federal laws did not require
safeguards other than that required for commercial banking.
What then is the significance of the changed location of time deposits?
It indicates the growth of two types of banking in one institution. It
implies an additional obligation on the part of the institutions which becomes
the reservoirs of time deposits. It requires on the part of the banks'
managers a versatility differing from that required in commercial banking.
The receiving of time deposits and the paying of interest thereon is,
however, only one function of the savings bank or savings department of a
commercial bank. Another and more important function has to do with
the investment or use of funds so deposited..
Savings banks have always been regarded as looking with favor on mortgages on home as investments. National banks have always been regarded
as commercial in the highest degree, receiving demand deposits largely and
utilizing them in trade and industry on short time loans. If through advertising, or convenience of location or other favorable factors a bank heretofore
largely commercial has been able greatly to augment its time deposits,
It manifestly cannot, even, in the absence of mandatory legislation, utilize
them in the same way and to the same end as demand deposits. The long
time needs of the community must be served. They can be served by the
Judicious investment of time deposits.
Responsibility follows opportunity. The McFadden Bill which occupied
so much attention at the recent session of Congress would permit national
banks to lend money on five year mortgages on homes. This provision
Is simply a recognition of the responsibility to meet such long time requirements placed upon national banks by their receipt of time deposits from
their customers.
Failure on the part of commercial banks receiving time deposits to sense
this responsibility will simply mean the creation of other financial agencies
to meet the community needs.
Banks in the newer sections of our country, where a reserve of time
deposits has not yet been built up, face a particularly difficult situation in
utilizing time deposits in investments, since the demands for money on the
part of trade and industry are often greater than the supply of demand
deposits.
As to whether there is danger in the present situation there is much
discussion. There is no doubt but that it can be minimized if bank managers appreciate the present trend in time and demand deposits, keep the
funds mentally segregated, and have in mind clearly the proper distribution
of each type of fund. The principles governing the lending of these two
funds is vastly different.
A feeling seems to be growing throughout the country favorable to State
and Federal legislation requiring physical segregation of time deposits.
Already two States have such laws. All the wisdom and resourcefulness
displayed by bank managers in utilizing the two funds for commercial and
investment purposes and in the proper selection of the types of investments
may not avert the spread of the legislation requiring segregation, but it
will tend to safeguard time deposits and enable the executives to function
promptly with the legal requirements in the event such legislation is enacted.
Note: All the figures used in this paper are based on reports received by
the American Bankers Association. The term "Individual deposits" used
in this paper excludes State, county and municipal deposits and amounts
redeposited by other banks.
281
of the Hull amendment and apply only to those States which do not now
permit branch banking, but which may at some future time permit branch
banking in its State banks.
Mal
"The effect of the insertion of these words is to give the full benefits
of this entire bill to the national banks in the States that now permit
branch banking and to deny that right to national banks even though one
or more of the non-branch banking States should in the future permit
branch banking, unless and until Congress should pass a law permitting
national banks to have branches in those States, so as to meet the competition of State member banks with branches.
Opposing Attitudes.
"The House position, as expressed by instructions to the conferees,
is that these ten words shall remain in the bill—which means," assured
Mr. McFadden, "that Congress reserves the right to deal in the future
with branch banking in the States that do not now permit it, if and when
the occasion arises; while the Senate position Is that these ten words should
not be inserted in the bill. The latter would mean that Congress would
deal with the subject by saying that if in the future one or more of the
non-branch banking States change their laws and permit State banks to
have branches within their border, automatically national banks may
have the same rights.
"Inasmuch as no definite agreement was arrived at, the matter remains
in conference, and all of the items in difference between the two houses
will be open for discussion and agreement when Congress reconvenes.
I am hopeful that early in the coming session the conferees wilikonfer
and agree upon this important legislation.
"I do desire to point out the fact that this is notional legislation
dealing with our entire financial structure, the passage of which at this
session of Congress has been prevented by the injection of local self-interest.
I believe that this bill presents a solution of the delicate and intricate
problems involved and will settle for all time many matters now in controversy that should definitely be settled. This bill, when passed, will
be a definition of important national policy on branch banking.
H. M. Jeffersbn Resigns as Manager Personnel Department,
N. Y. Federal Reserve Bank—H. S. Downs Manager
Bank Relations Department.
Howard M. Jefferson has resigned as manager of the
personnel department of the New York Federal Reserve
Bank, to become an officer of the First National Corporation of Boston. In this new post, Mr. Jefferson will specialize in work connected with South American financing.
He became associated with the Federal Reserve Bank in
1914, serving originally as auditor. He was a member of
the commissions headed by Professor Kemmerer, which in
1923, undertook the reorganization of the banking and
currency system of Colombia, and later of Chile. Herbert
S. Downs has been made manager of the bank relations
department of the Federal Reserve Bank. Mr. Downs has
been associated with the bank since 1918.
Ruling of Attorney General's Office Regarding Government Control of Radio—Secretary of Commerce
Hoover Without Authority to Compel
Adherence to Wave Length.
Following an opinion by the Attorney-General's office
respecting the powers of the Department of Commerce governing radio broadcasting, Secretary of Commerce Hoover
announced on July 9 that in accordance with the opinion,
his Department will not assign wave lengths, "but will
merely recite on the face of the license the wave length
selected by the applicant as the normal wave length of the
station." Secretary Hoover points out that "under the
Attorney-General's opinion no authority exists in the Department or elsewhere to compel adherence to this wave
length, and the Department must issue licenses to each applicant." "The general effect of this opinion," says Secretary Hoover, "is that regulation has broken down and
stations are under no effective restriction as to wave lengths
or power used." According to the ruling of July 8 since
the Act of August 13 1912 confers upon the Department of
Commerce "no general authority to fix course of operation
or to limit power, any station may with impunity operate at
hours and with powers other than those fixed in its license."
is apparent from the answers contained in this opinion,"
Loss of Bank Bill Laid by McFadden to Local Politics— "It
says Acting Attorney-General W. J. Donovan, who wrote
Says Senate and House Conferees Were Within
the opinion, "that the present legislation is inadequate to
Ten Words of Agreeing—Branch Banking
cover the act of broadcasting which has been almost enCrux of Proposals.
the
tirely developed since the passage of the 1912 Act. If the
From its Washington correspondent, the New York present situation requires control I can only suggest that it
"Journal of Commerce" reported the following under date
be sought in new legislation, carefully adapted to meet the
of July 9:
needs of both the present and the future." Commenting on
Ten words alone stood between the Senate and House conferees on the
McFadden National Bank bill, preventing their coming to an agreement the opinion, Secretary Hoover on July 9 said:
prior to the adjournment of Congress, according to Representative Louis T.
McFadden, of Pennsylvania. Failure to get an agreement, he claimed
-day, was due to the injection of local self-interest in matters which are of
to
national importance.
• "Up to the time of adjournment all matters in disagreement between
Senate and House conferees had been agreed upon with the exception of one
provision in section 0 of section 5155 of the bill," Mr. McFadden stated.
Substance of the Bill.
"This difference is expressed in the following words: 'At the date of the
approval of this act, and—.' To those who have followed this legislation
carefully it will be readily apparent that these words constitute the substance
The failure of Congress to complete radio regulation and the confusing
decisions of the courts on the radio law of 1912, led the Department in
request from the Attorney-General an opinion on the whole question of
Departmental authority.
The most important feature of the opinion is in respect to the right to
assign and authority to enforce or deny the use of particular wave lengths
to individual stations. This question is the key to all regulation.
Since 1913 the Department has been making such assignments. In doing
so it has followed the decision of the Court of Appeals of the District et
Columbia, rendered in that year. That court directly held that the Secretary was, by the law of 1912, compelled to make such assignments for
282
THE CHRONICLE
[VOL. 123.
the purpose of preventing interference. Until April of this year this was 1,
9, 24 Op. 100, and it may be noticed in passing that even
purely intrathe only court ruling on the subject.
State transmission of radio waves may fall within the scope
of Federal
The recent decision of the Chicago court, however, cast doubt on this
power when it disturbs the air in such a manner as to interfere with
inter
authority, since it adopted a construction of the 1912 Act directly conState communication—a situation recognized and provided for in
the Act.
trary in this respect to the view taken by the court of the District of
Of Minnesota Rate Cases, 230 U. S. 352.
Columbia.
While the Act of 1912 was originally drafted to apply to wireless telegThe Attorney-General now likewise disagrees with the construction of
raphy, its language is broad enough to cover wireless telephony as well,
the District Court of Appeals and advises that while under the law
and this was clearly the intention of its framers (62d Cong., 2d seas., S.
each applicant for a license must designate a definite
wave length, outside Rept. 698). Whether the transmission is for profit is immaterial so
far as
the band between 600 and 1,600 meters, yet he is at
liberty to use other the commerce clause is concerned. American Express Co. vs. United
States,
wave lengths at his will.
212, U. S. 522; Caminetti vs. United States, 212 U. S. 470.
The Department will, therefore, in accordance with
the opinion, not
For these reasons I am of the opinion that broadcasting is within the
assign wave lengths, but will merely recite on the face of the license the
wave length selected by the applicant as the normal wave length of the terms of the 1912 Act; that a license must be obtained before a broadcasting station may be lawfully operated; and that the penalties of Secstation. Under the Attorney-General's opinion, no authority exists in the
tion 1 of the Act may be imposed upon any person or corporation who
Department, or elsewhere, to compel adherence to this wave length, and operates
such a station without a license.
the Department must issue licenses to each applicant.
Your second question involves three separate problems:
The general effect of this opinion is that regulation has broken down
,1 Re assignment of wave lengths.
t
i
e
o
ve o
and stations are under no effective restriction as to wave lengths or power
;operation.
f
useel The 1912 Act under these various constructions has failed to confer
C) The limitation of power.
authority for the prevention of interference which was its obvious intent
As to the assignment of wave lengths, Section 2 of the Act provides:
Persons desiring to construct stations must determine for themselves
"That every such license shall be in such form as the Secretary of Comwhether there will be wave lengths available for their use without intermerce (and Labor) shall determine and shall contain,the restrictions, pur
ference from other stations. They must proceed entirely at their own risk. suant to this Act, on and
subject to which the license is
. .
There have always been the most cordial relations between the radio shall state the wave length or the wave lengths authorized granted:by the.
for use
administrations in Canada and in the United States. The Department has station for the prevention of interference and the hours for which the
refrained from assigning to American stations the wave lengths in use in station is licensed to work. . . . . Every such license shall be
subject to the regulations contained herein,
Canada, and the Canadian authorities have reciprocated by avoiding the established from time to time by authority and such regulations as maybe
of this Act or subsequent Acts
wave lengths assigned to our stations. A continuance of this policy is a and treaties of the United States."
necessity if international confusion is to be avoided. The Department
The power to make general regulations is nowhere granted by specific
most earnestly hopes, whatever may ensue, that the sense of fair play, as language to the Secretary. On the contrary, it seems clear from
Section 4
well as interest in the protection of the situation as a whole, will prevent of the Act that Congress intended to cover the entire field itself
and that,
any American station from trespassing upon the Canadian assignments.
with minor exceptions, Congress left very little to the discretion of any
The orderly conduct of radio communication and the interest of the administrative officer. This fact is made additionally plain by the
reports
listener-in broadcasting has been possibly largely because of voluntary which accompanied the Act in both houses. 62d Congress, 2d session, S.
self-regulation by the industry itself, frequently necessitating some indi- Rept 698; ibid, H. R. Rept. 582, c. f. 29, o. p. 679.
vidual sacrifice for general good. The Department trusts that this spirit
The first regulation of Section 4 provides that the station shall be
will continue in the future as in the past.
required to designate a definite wave length, outside of the band between
The legislation which has been long sought from Congress to perfect the 600 and 1,600 meters (reserved for Government stations), and that ship
1912 Act reached the stage of passage by both Houses, but insufficient time stations shall be prepared to use 300 and 600 meters.
remained in the session in which to compose conflicts between the House
The second regulation provides that in addition to the normal sending
and Senate bills. The legislatlin will undoubtedly be perfected early in wave length, all stations, except as otherwise provided in the regulations,
the session which meets in December. Both bills, however, carry explicit may use "other sending wave lengths," again excluding the band from
authority to the Government to assign wave lengths, limit power and 600 to 1,600 meters.
time, and they both establish in the Government the fundamental property
These two regulations constitute a direct legislative regulation of the
In the air channels. These authorities will undoubtedly be confirmed. use of wave lengths. They preclude the possibility of administrative disWhile any confusion which may arise pending the next session will cer- cretion in the same field. In Hoover vs. Inter-City Radio Co., 286 Federal
tainly be eliminated by the passage of legislation, it will be minimized by 1003, it was held that it was mandatory
upon the Secretary under the Act
just as much as broadcasters avoid interference with other stations.
to grant licenses to all applicants complying with its provisions. The
Court added in that case these remarks:
It was announced in the New York "Times" of yesterday
"In the present case the duty of naming
wave length is mandatory
(July 16) that within the week four radio stations in New upon the Secretary. The only discretionaryaact is in selections a wave
length, within the limitations prescribed in the statute which, in his
York City have changed their wave lengths from the low Judgment, will
result in the least possible interference. The issuing of a
meter portion of the broadcasting band into that portion license is not dependent upon the fixing of a wavelength. It is a restriction
length
which makes their programs available to larger numbers of entering into the license. The wavegrantednamed by the Secretary merely
measures the extent of the privilege
to the licensee."
radio enthusiasts. The account said:
You have advised me that, following this decision, you have assumed
The stations were able to take this action without any delay due to the that you had discretionary authority in assigning wave lengths for the
recent ruling of the Department of Justice that Secretary of Commerce use of particular stations, and have made such assignments to the indiHoover did not have the power to enforce broadcasting regulations. All vidual broadcasting stations.
However, in my opinion, these remarks of the Court of Appeals are
that was necessary for the stations to do was to send the applications for
the new wave lengths to the headquarters of the Second Radio District here. to be construed as applying only to the normal bending and receiving
hi Secretary Hoover predicted that the Department of Justice ruling would wave length which every station is required to designate under the first
cause chaos on the air, with a number of stations cluttering up thefavorable regulation. But under the second regulation, any station is at liberty to
use "other wave lengths" at will, provided only that they do not trespass
wave lengths at the same time.
The four stations which have changed their wave lengths are WMSG. upon the band from 600 to 1,600 meters. This conclusion appears to be
Madison Square Garden, from 213 meters to 302.8. WRNY, the Hotel in accord with the opinion of the District Court for the Northern District
Roosevelt, from 258.5 to 374.8. WBBR, the People's Pulpit Association of Illinois in the case (as yet unreported) of United States vs. Zenith Radio
of Rossville, Staten Island,from 273.6 to 416.4, and WBNY,a Manhattan Corporation.
But it is suggested that under the fifteenth regulation broadcasting stastation, from 210 to 322 meters.
lag
tions may not, without special authority from the Secretary, use wave
The following is the text of the ruling, signed by Acting lengths over 200 meters or power exceeding one kilowatt. This regulation
Attorney-General Donovan, and addressed to Secretary is applicable only to "private and commercial stations not engaged in the
transaction of bona fide commercial business by radio commuHoover:
nication."
I am of the opinion that broadcasting is "in the
July 8 1926.
transaction
of
bona fide commercial business" (Wetmark
vs.
Receipt is acknowledged of your letter of June 4 1926, in which you
Bamberger, 291 Fed. 776; Remick vs. American Automobile Accesask for a definition of your powers and duties with respect to the regulasories Co. 298 Fed. 628), and that it is conducted "by radio communication of radio broadcasting under the Act of Aug. 13 1912, Chapter 287
(37 Stat. 302). Specifically, you request my opinion upon the following tion." Broadcasting stations, therefore, do not fall within the scope of
the fifteenth regulation; and the Secretary is without power to impose on
five questions:
them the restrictions provided therein.
1. Does the 1912 Act require broadcasting stations to obtain licenses,
No General Authority to Assign Worse Lengths.
and Is the operation of such a station without a license an offense under
From the foregoing considerations I am forced to conclude that you have
that Act?
2. Has the Secretary of Commerce authority under the 1912 Act to no general authority, under the Act, to assign wave lengths to broadcastassign wave lengths and times of operation, and limit the power of stations? ing stations,
except for the purpose of designating normal wave lengths
3. Has a station, whose license stipulates a wave length for its use, the
right to use any other wave length, and if it does operate on a different under Regulation One.
wave length, is it in violation of the law, and does it become subject to the
(B) As to the assignment of hours of operation.
penalties of the Act?
The second section of the Act, already quoted, provides that the license
4. If a station, whose license stipulates a period during which only the
station may operate and limits its power, transmits at different times, or shall state "the hours for which the station is licensed for work." By
with excessive power, is it in violation of the Act and does it become subject the twelfth and thirteenth regulations, the Secretary, on the recommendato the penalties of the Act?
tion of the Department concerned, may designate stations which must
5. Has the Secretary of Commerce power to fix the duration of the licenses
which he issues, or should they be intermediate. continuing in effect until refrain from operating during the first fifteen minutes of each hour—a period to be reserved in designated localities for Government stations. These
revoked or until Congress otherwise provides?
With respect to the first question, my answer to both its parts is in the two regulations are the only ones in which a division of time is mentioned;
and it is to them that the second section of the Act refers. I therefore
affirmative. Section 1 of the Act of 1912 provides:
conclude that you have no general authority to fix the times at which
"That a person, company or corporation, within the Jurisdiction of the broadcasting stations may operate, apart from the limitations of Regulatioss
United States shall not use or operate any apparatus for radio communicaTwelve and Thirteen.
tion as a means of commercial intercourse among the several States or with
(0) As to the limitation of power.
foreign nations, or upon any vessel of the United States engaged in interstate or foreign commerce, or for the transmission of radiograms or signals.
The only provisions concerning this are to be found in Regulation Fourthe effect of which extendh beyond the Jurisdiction of the State or Territory teen, which requires all stations to use "the minimum amount of
energy
in which the same are made, or where interference would be caused thereby
receipt of messages or signals from beyond the Jurisdiction of the necessary to carry out any communication desired." It does not appear
with the
said State or Territory, except under and in accordance with a license, that the Secretary is given power to determine in advance what this minirevocable.
mum amount shall be for every case; and I therefore conclude that you
For cause in that behalf granted by the Secretary of Commerce (and
Laboe) upon application therefor, but nothing in this Act shall be construed have no authorty to insert such a determination as a part of any license.
What I have said above with respect to your second question necessarily
to apply to the transmission and exchange of radiograms or signals between
points situated in the same State: provided, that the effect thereof shall serves also as an answer to your third. While a station may not lawfully
not extend beyond the Jurisdiction of the said State or interfere with the operate without a license, yet under the decision in the Inter-City Co. case
reception of radiograms or signals from beyond said Jurisdiction. . • • • and under
29 Op. 579 you are required to issue such a license on request.
And while a normal wave length must be designated under Regulation One,
Violation of this section is declared to be a misdemeanor.
There is no doubt whatever that radio communication is a proper sub- any station is free to operate on other wave lengths under Regulation Two.
The same considerations cover your fourth question. Since the Act conject for Federal regulation under the commerce clause of the Constitution. Pensacola Telegraph Co. vs. Western Union Telegraph Co., 98 U. C. fers upon you no general authority to fix course of operation or to limit
ULY 17 1926.]
THE CHRONICLE
power, any. station may with impunity operate at hours and with powers
other than those fixed in its license, subject only to Regulations Twelve
and Thirteen and the penalties against malicious interference contained in
Section Five.
With respect to your fifth question, I can find no authority in the Act
for the issuance of licenses of limited duration.
It is apparent from the answer contained in this opinion that the present legislation is inadequate to cover the act of broadcasting, which has
been almost entirely developed since the passage of the 1912 Act. If the
present situation requires control, I can only suggest that it be sought in
new legislation carefully adapted to meet the needs of both the present and
the future.
Respectfully,
(Signed)
WILLIAM J. DONOVAN, Acting Attorney-General.
It was noted in a Washington dispatch to the New York
"World" on July 8 that:
283
Hornblower Sr Weeks issued the following statement with
respect to the death of former Secretary of War Weeks:
"In the death of Ex-Secretary of War Weeks, our former business associate for twenty-five years, Mr. Weeks having been with Mr. Henry Hornblower one of the founders of the firm of Hornblower & Weeks, retiring
early in 1913 before taking his seat in the United States Senate to which
he had been elected, the entire Hornblower and Weeks organization including the firm members and employees feel deeply the personal loss that has
come to all of us. In addition to the marked ability which he showed In
all his endeavors during his wide and varied career as teacher. Naval officer,
business man and Statesman, Mr. Weeks had more than the usual complement of those outstanding characteristics that endear one to all—a man of
the highest integrity, generous, charitable and kind hearted. His was the
ideal life patriotically devoted to those things that he believed to be for the
best interests of his country."
Increased Wages Sought by Railroad Firemen.
Demands for increased wages have been made upon
Eastern railroads by the Brotherhood of Locomotive Firemen
and Enginemen. The railroads are asked to reply by July 25
and to authorize a committee of railroad managers to meet
with a committee representing the firemen. It is expected
that the demands will be refused, and that the newly apMediation Board will pass on the demands, which
According to the same paper that measure was not en- pointed
in part state:
grossed in time to reach the Vice-President and the PresiExcept as otherwise provided herein, existing rates of pay for firemen,
dent for signature.
helpers, hostlers and outside hostler helpers shall be increased $1 per day.
After Congress failed to enact either the White or the Dill bill, or to
effect a compromise, a stop-gap measure was introduced at the closing
hours, designed to bridge over the period until Congress reconvenes in
December. . .
That resolution provided that no broadcasting station might be granted
A permit for longer periods than 90 days, except in cases of commercial
stations, which would be granted permits for two years. Applicants for
permits, under the resolution would be forced to sign waivers of any claims
against the United States to any wave length, or to the use of either in
radio transmission because of a previous license.
In freight service on steam, electric or other power weighing 250.000
lbs. and over on drivers and mallet engines, existing rates of pay shall be
Radio League Organized—to Regulate Broadcasting— increased $1 25 per day.
Gradations of locomotives, according to weight on drivers, to be exto Avoid Chaos.
tended to 550,000 lbs. and over in freight service, with an additional
Coincident with the statement by Secretary of Commerce increase of 25c. per day to be applied for each 50,000 lbs. above 250,000
Hoover that the Government has no authority to regulate lbs. on drivers.
Rates applicable to mallet locomotives to be applied to three-cylinder
radio broadcasting, and that the industry can be saved from locomotives in all classes of service, according to weight on drivers.
chaos only by voluntary self-regulation among broadcastIt is understood that the weight of all other power-driven wheels will
to the weight on drivers of locomotives that
ers and "fans," announcement was made on July 10 at At- be added and the weights produced by such increasedare equipped with
boosters,
weights shall fix
lantic City that a nation-wide organization known as the the rates for the respective classes of service.
Radio League of America, Inc., is being formed to exercise
all passenger service the earnings from mileage, overtime or other
In
that control. The New York "Times," which reports this, rules applicable, for each day service performed, shall not be less than
$6 25 for firemen.
also says:
For local or way freight service, except where higher differentials exist,
The announcentent was made by C. Wood Arthur, Secretary of the League, 40c. per 1,000 miles or less for firemen shall be added to the through freight
the present headquarters of which is at 610 Peoples Life Building, Wash- rates, according to class of engine; miles over 100 to be paid pro rata.
ington, D. C. Mr. Arthur is stopping here at Galen Hall over the weekWith regard to overtime payment, the demands set forth:
end.
Firemen and helpers on short turn-around passenger runs, no single
At this time, according to a report from Washington, where the League
will be permanently located, 600 unlicensed stations are demanding per- trip of which exceeds 80 miles. including suburban and branch line service,
shall be paid overtime on the minute basis at pro rata rates for all time
mits to broadcast in the already crowded radio "air" field.
Heretofore, no station could broadcast until a definite wave length had in excess of eight hours, computed continuously from the time first required to report for duty to the final release at the end of the last run.
been assigned to it by the Government.
Unless voluntary regulations are set up by the industry itself there will This rule applies regardless of the mileage made. For calcula,ting overbe the utmost confusion in broadcasting and hundreds of thousands of citi- time under this rule the management may designate the initial trip.
zens will be deprived of effective use of their set," according to Mr. Arthur.
"In this situation," he said, "Secretary Hoover appealed to the radio Samuel E. Winslow Chosen Chairman of Railroad
Industry to set up voluntary self-regulation, so as to preserve orderly conMediation Board—John Marriman, Secretary.
duct of radio communication, particularly in the interests of the listeners.
The League was incorporated as a result. It is to be composed of manufacSamuel E. Winslow, former Representative from Massaturers and dealers, broadcasting stations and members of the general pubchusetts, was on July 8 selected as Chairman of the new
lic interested in radio progress.
"The annual dues paid by each class of members will be devoted to Railroad Mediation Board at an organization meeting of
raising the standards of radio methods and efforts, and to effecting co- its five members. John Marriman of Woburn, Mass.,
operation."
personal secretary to Secretary Hoover, was on July 10
named Secretary of the Mediation Board. The appointDeath of John W. Weeks, Ex-Secretary of War, and ment of the members of the Board was referred to in these
Member of Firm of Hornblower & Weeks.
columns June 19, page 3414, and July 3, page 39.
John W.Weeks,Secretary of War under Presidents Harding
Tax Collections in 1926 Exceed Those of 1925 by
and Coolidge, died on July 12 at his summer home on Mt.
$251,972,631 Despite Reduction in Rates.
Prospect, Lancaster, N. H. Angina pectoris was ascribed
as the cause of death. Ill health had prompted Mr. Weeks
The yield to the Federal Government from tax collections
to retire as Secretary of War last October, his resignation was $251,972,631 greater in the fiscal year 1926 than in the
having been regretfully accepted by President Coolidge, year 1925, despite the reduction in tax rates the present year.
who, in referring to Mr. Weeks' entry into public life more Figures made public by the Internal Revenue Bureau on
than twenty years ago, recalled that he had the distinction July 11 show total Internal Revenue collections for 1925,
of having served his home city, having served too as a mem- including income and miscellaneous taxes, of $2,584,140,ber of the National House and Senate, and had sat in the 268 24, compared with $2,836,112,899 68 in 1926. Income
Cabinet under two Administrations. Secretary of War Davis, tax payments in 1926 totaled $1,972,798,839 30, an increase
Attorney General Sargent, James J. Davis, Secretary of La- over 1925 of $211,139,789 79; miscellaneous taxes in 1926
bor and Postmaster General New were among the honorary amounted to $863,314,060 38, an increase of $40,832,841 65,
pallbearers at the funeral of Mr. Weeks, held on July 15 at as compared with the 1925 yield. Increases in income tax
West Newton, Mass., where he was born sixty-six years ago. payments were shown in thirty-three States, and the others
Eight veteran non-commissioned officers from Camp Devans, reported only slight reductions. New York State was the
wearers of decorations for conspicuous bravery, bore the body heaviest contributor of revenues, the collections in that State
to Mount Auburn Cemetery for cremation after the service aggregating $733,072,365 97 (about one-fourth of the
at the Unitarian Church. The ashes will later be taken to country's total) of which $568,114,671 06 were income taxes
Arlington National Cemetery. In a message of condolence and $164,957,694 91 were miscellaneous taxes. Income
on July 12 to Mrs. Weeks, President Coolidge said:
taxes paid by New York in 1925 totaled $496,709,727 73,
"The passing of former Secretary Weeks means a great loss to all of us.
or about $71,400,000 less than in 1926.
I have known him since his first campaign for Congress in 1904. He was
In making public the figures the Bureau called attention
one of the strong men in national public life as a member of the House and
Senate, and later as Secretary of War.
to the fact that they are based on telegraphic reports, and
has left an enviable record in all of these distinguished offices. It
"He
are subject to some changes. The Bureau's announcewas with great regret I accepted his resignation from my Cabinet about a hence
year ago. I mourn his loss because he was my personal friend and because ment follows:
Total collectionsfrom all sources for the fiscal year 1926 were $2,836,112,.
the unselfish service to the country to which he devoted the best years of
899 68 compared with $2,584,140,268 24 for the fiscal year 1925. The
is iee won for him the admiration and respect of the whole nation.
.
, idge joins me in the expression of deepest sympathy for you largest collections were from the States of New York, Pennsylvania, Illinois.
Michigan, North Carolina, Ohio and California.
; le tiw „embers of his family and friends."
284
THE CHRONICLE
[VOL. 123.
Total collections for the Std.()of New York for the fiscal year 1926, were
3101,721.771 63 were income taxes andr$33,119,627 22 were miscellaneous
3733,072,365 97 of which $568.114,671 06 were income taxes and $164,957,- taxes.
Income tax collections for the State of California for the fiscal
694 91 were miscellaneous taxes. New York State is divided into six year
1925 were $92,884,521 21.
collection districts, collections from each district being as follows:
Total collections for the First California District (collector's office at
First District of New York (collector's office at Brooklyn)
-$84.859.951 60 San Francisco) were for the fiscal
year 1926 173,265,326 96, of which
of which $36,865,799 17 were income taxes and $47.994,152 43 were mis$53,265,968 37 were income taxes and 319.999.358 59 were miscellaneous
cellaneous taxes. Income tax coil actions from the First New York District taxes.
Income tax collections for the First California District for the fiscal
for the fiscal year 1925 were 334,679,926 21.
year 1925 were 346,730,001 97.
Second New York District (collector's office Custom House, New York
Total collections from the Sixth California District (collector's office at
City)
-Total collections for the fiscal year 1926 were 3365.662,908 15, of Los Angeles)
were for the fiscal years 1926 361.576,071 89, of which $48,which $306.472.739 71 were income taxes and $59,190,168 44 were miscel- 455,803 26
were income taxes and $13,120.268 63 were miscellaneous taxes.
laneous taxes. Income tax collections for Second New York District for Income
tax collections for the Sixth California District for the fiscal year
the fiscal year 1925 were 3263,361.769 16.
1925 were $46,154,519 24.
Third District of New York (collector's office at 250 West 57th St., New
Other States which have more yhan one collection district are Missouri,
York City)
-Total collectionsfor the fiscal year 1926 were $176,593,834 42, First Collection
District (collector's office at St. Louis), Sixth District
of which $140.287.361 were income taxes and 336,306,473 42 were miscelcollector's office at Kansas City), New Jersey, First District (collector's
laneous taxes. Income tax collections from the third New York District office at
Camden), Fifth District (collector's oMce at Newark), Texas,
for the fiscal year 1925 were 3121.320.670 10.
First District (collector's office at Austin), Second District (collector's office
Collections from the fourteenth New York District (collector's office at at Dallas).
Albany)for the fiscal year 1926 were $48,890.317 77,of which $38,902,776 39
Details of the yields by Districts and States are made
were income taxes and 39.987.541 38 were miscellaneous taxes. Income
tax collections from the fourteenth New York District for the fiscal year public as follows by the
Bureau:
1925 were 335.388,120 99.
INTERNAL REVENUE RECEIPTS FOR THE FISCAL YEAR 1926 (BASED
Collections from the twenty-first New York District (collector's office at
ON COLLECTORS' TELEGRAPHIC REPORTS OF JUNE 30).
Syracuse) for the fiscal year 1926 were 317,616,370 40, of which $13,607,TOGETHER WITH A STATEMENT OF INCOME TAX
932 33 were income taxes and $4.008,438 07 were miscellaneous taxes.
COLLECTED IN THE FISCAL YEAR 1925.
Income tax collections from the twenty-first New York District for the
Districts and
Income
Miscellaneous
Income Tax.
Total, Fiscal
fiscal year 1925 were 312,980,15002.
States.
Tax.
Taxes.
Fiscal Year 1925.
Year 1926.
Collections from the twenty-eighth New York District (collector's office
$
3
at Buffalo) for the fiscal year 1926 were 339,448,98363, of which 331,978,- Alabama
8.288,27540
8,276,882 82
9,368,403 00
1.091.520 18
Arizona
1,574,317 43
1,416,794 43
392.645 96
1,966,143 39
062 46 were income taxes and 37.470.921 17 were miscellaneous taxes. Arkansas
4,392,164 16
4,692.973 75
4,877,401 96
485,237 80
Income tax collections from the twenty-eighth New York District for the 1st California
53.265,968 37 19,999,358 59
46,730,001 97
73,265.326 96
fiscal year 1925 were 328.979.080 65.
6th California_
46,154,519 24
48.455.803 26 13,120,268 63
61.576,071 89
Total Calif
92,884,521 21
101,721,771 63 33,119,627 22 134,841.338 85
Total collections for the State of Pennsylvania, which is divided into
Colorado
11.740,667 75
12,004,930 89
14,778.238 24
2.773,307 35
three collection districts, were for the fiscal year 1926, 3251.982.600 66, of Connecticut
26,565,630 68
29,003,255 50 6,439,645 86
35,442,901 36
which 3195.395,568 13 wore income taxes and $56,587,032,53 were mis- Delaware
6,563,730 62
9,539.716 84
11,625,571 43
2,085,854 59
Florida
cellaneous taxes. Income tax collections for the State of Pennsylvania for
12,118,724 67
33.998,38294
41,374,287 05
7,375,904 11
Georgia
12,613,731 56
12,437,240 83
14.116.284 77
1.679.043 94
the fiscal year 1925 were $189,164,203 75.
Hawaii
5,067,186 25
6,060,779 31
6.797,321 09
736,541 78
Total collections for the first Pennsylvania District (collector's office at Idaho
1,437,069 46
1,128,84438
1,359,995 71
231,151 33
Philadelphia) for the fiscal year 1926 were $148,374,623 41, of which lot Illinois_ __ _ 169,093,737 70 34.544,40569
15
1131,1
7.787,445 13 5,086.370 59
3110.249.781 13 were income taxes and $38,124.842 28 were miscellaneous 8th Illinois__
1
Total
8
7
taxes. Income tax collections for the first Pennsylvania District for the Indiana Illinois 176.881,182 83 39,630,776 28 216.511,959 11 I53.= N
24,922.872 55 14,550,381 29
39,473,253 84
2
fiscal year 1925 were $108,917,809 62.
Iowa
10,716.799 85
11.121,13330
13,818,158 26
2.697,02496
Total collections from the Twelfth Pennsylvania District (collector's Kansas
15,140,741 11
15,563.250 68
17.322,19007
1.758.939 39
14,324,935 92
14,838,894 06 12,122,328 18
26,761,222 24
office at Scranton) were for the fiscal year 1926 $20,903,103 21, of which Kentucky
12,396,172 35
12,587,841 34
3,689.444 69
16,277.286 03
$16,785,248 49 were income taxes and $4.117,864 72 were miscellaneous Louisiana
Maine
7.682,797 60
8,591,332 38
9,726,547 28
1,135.214 90
taxes. Income tax collectoins for the Twelfth Pennsylvania District for Maryland, Incl.
Dist. of C0l_
the fiscal year 1925 were 315.064.805 92.
37,591,146 66
40,826.908 62 6,616.370 42
47,453,279 04
99,444,237 57
Total collections from the Twenty-third Pennsylvania District (collector's Massachusetts- 100,033,835 90 18,502,620 19 118,536.456 09
lot
90.625,473 33
offices at Pittsburgh) were for the fiscal year 1926 $82,704,874 04, of which 4th Michigan... 111.991,29861 99.967.144 63 211,958,443 24
Michigan
10,242,928 87
10,578,941 55
13.496.78345
2,917,841 90
168.360.538 51 were income taxes and $14.344,335 53 were miscellaneous
Total Mich_ 122.570,240 16 102,884.986 53 225,455,226 69 100,868,402 20
22,426,721 53
33,820,297 85
taxes. Income tax collections for the Twenty-third Pennsylvania District Minnesota__ - - 28,384,408 54 5,435,889 31
Mississippi. _
3,483,059 12
3.883,628 68
3.529.405 12
354,223 56
for the fiscal year 1925 were $65.181.588 21.
let Missouri
30,319,505 33
36,685,106 58 16.123,87845
52.808.985 03
Total collections from the State of Michigan, which is divided into two 6th Missouri
12,148,068 3o
15.000,290 10
12.929.200 77
2,671,08933
collection districts, were for the fiscal year 1926 3225,455.226 69, of which
Total Mo...... 49,614,307
42,467,573 63
67.809.275 13
1 i,114,e67 78
9.062,497 26
1,885,19042
7,094,495 82
1,968,001 44
$122.570,240 16 were income taxes and $102,884,986 53 were miscellaneous Montana
Nebraska
5,681,386 67
7.373.138 12
1,200.232 45
6,172,905 67
taxes. Income tax collections for the.Btate of Michigan for the fiscal year Nevada
451,905 66
566.587 66
451.127 98
115,459 68
1925 were 3100,868,402 20.
New H'mpshlre
4,106.223 22
3,221,556 83
3,012.813 00
1.093,410 22
14.656,864 24
19,224 r61 39
Total collections from the First Michigan District (collector's office at let New Jersey 15.682,873 65 3,542,087 74
51,480,163 59
92.515.097 19
Detroit) wore for the fiscal year 1926. $211,958,443 24. of which $111,991.- 5th New Jersey 56.570,541 30 35.944,55589
Total N. 1... 72,253,414 95 39,486,643 63
66.137.027 83
111.7 0.158 58
298 61 were income taxes and $99,967,144 63 were miscellaneous taxes. New Mexico
733,076 51
725.530 98
635,144 11
90,386 87
Income tax collections for the First Michigan District for the fiscal year 1st New York. 36,865,799 17 47,994,152 43
34,679,926 21
84.65 .951 60
2d New York.., 306.472.739 71 59.190,16844 365.662. 08 15 263,361,769 16
1925 were $90,625,473 33.
140,287.36100 36,306,473 42 176.183.88442 121,320.670 10
Total collections from the Fourth Michigan District (collector's office at 3d New York
14th New York 38,902,776 39
35,388,120 99
8,85 417 77
9,987,541 38
Grand Rapids) were for the fiscal year 1926. $13,496,783 45, of which 21st New York 13.607,932 33 4,008,438 07
12.980.160 62
17 16,370 40
28.979,08065
35. 48,983 63
$10,578,941 55 were income taxes and 32,917,841 90 were miscellaneous 28th New York 31.978,06246 7,470,921 17
Total
568,114,671 06 164.957.694 91 733.072,36597 496,709,727 73
taxes. Income tax collections from the Fourth Michigan District for 1925 North N.Y
15,887,646 25
Carolina 17,681,848 50 174.536.43270 192.218.281 20
were $10,242,928 87.
667,994 23
981,419 25
North Dakota.
203,323 57
778,095 68
24,640,390 50
Total collections for the State of Illinois, which is divided into two let Ohio
45,414.077 15
29.202,631 86 16,211,445.29
11,674,303 71
25,342.007 84
13.840,369 91 11,501,637 93
collection districts, were for the fiscal year 1926 3216.511,959 11. of which 10th Ohio
9.750,651 18
11,066,721 89
2.206.37528
8.860,346 61
11th Ohio
3176.881.182 83 were income taxes and 346.443,571 31 were miscellaneous 18th Ohio
49,460,766 28
73,671,675 42
57,147.562 61 16,524,112 81
taxes. Income tax collections for the fiscal year 1925 for the State of
95,526,111 67
109,050,910 99 46,443,571.31 155.494,482 SO
Total Ohio
9.820,419 90
17,916,166 18
Illinois were $159.415.517 66.
15.782,894 13 2,133.272 05
Oklahoma
6,784,101 67
7,431,346 90
1,032,174 36
6,399.172 54
Total collections from the First Illinois District (collector's office at Oregon
110.249,781 13 38,124,842 28 148,374,623 41 108,917,809 62
1st Penns
Chicago) were for the fiscal year 1926..3203,638.143 39, of which $169,093, 12th
15,064,805 92
20.003,10321
4,117,854 72
Penna.... 16,785.248 49
737 70 were income taxes and $34,544,405 69 were miscellaneous taxes. 236 Penna._ - - 68,360,538 51 14,344,335 53
82,704,874 04
65,181,588 21
Income tax coUections for the First District of Illinois for the fiscal year 1925
Total Penna. 195.395,568 13 56,587,032 53 251,982,060 66 189,164,203 75
2.428,133 83
16,877,413 11
14,234,137 95
14,459,279 28
Rhode Island
were $151,080,531 60.
672,537 74
4,176,144 45
4,848,682 19
5,787,515 35
South Carolina
Total collections for the Eight District of Illinois (Collector's office at South Dakota_
223,205 58
858,487 09
1,081,692 67
858,943 34
Springfield) were for the fiscal year 1926. $12.873,815 72, of which $7,787.- Tennessee
5,782,460 80
11,398,867 94
17,181,328 74
11,770,201 37
20,928,547 99 2,957.867 74
23.886,415 73
15,533,378 21
455 13 were income taxes and 35,086.370 59 were miscellaneous taxes. let Texas
2,494,729 47
15,946,500 71
18,441,230 18
13,352,36e 58
Income tax collections for the Eight District of Illinois for the fiscal year 2d Texas
5,452,597 21
36,875,048 70
Total Texas_
42,327,645 91
28,885,747 79
1925 were $8.334.986 06.
3,468,387 19
586,667 69
4.055,054 88
Utah
3,385,994 71
Total collections for North Carolina for the fiscal year 1926 were $192.- Vermont
2,661,312 19
713,934 30
3,375,246 49
3,001,689 45
17,827,071 39 42,890,032 86
60,717,104 25
15,303,807 61
218,281 20, of which $17,681,848 50 were income tax collections and Virginia
$174,536,432 70 were miscellaneous tax collections. Collections from the Washington,
incl. Alaska.. 12,294,700 81
1,981,178 32
12,528,527 58
14,275,879 13
tobacco tax, which are included in miscellaneous taxes, account for the West Virginia_ 11,653,725 14 3,897,353 73
15,551,078 87
12.044,16599
large collections from this source. Income taxes for North Carolina for Wisconsin
28,650,740 59 10,778,633 62
39,429,374 21
26,697,560 11
Wyoming
1,364,606 79
210,235 29
1,574,842 08
1,450,159 93
the fiscal year 1925 were $15,877,646 25.
809,148 20
809,148 20
Total collections for the State of Ohio, which is divided Into four collection Philippine Isl's
Sales of int. rev,
districts, were for the fiscal year 1926. 3155.494.482 30, of which 3109,stamps by
postmasters_
050,910 99 were income taxes and 146.433,571 31 were miscellaneous taxes.
7,875,242 04
7,875,242 04
Income tax collections for the State of Ohio for the fiscal year 1925 were Int. rev. rec'pts
thru. customs
$95,526,111 67.
'offices
54,921 47
54,921 47
Total collections from the 1st Ohio District (collector's office at CinTotal
1,972,798,839 30 863,314,060 38 2,836,112.899 68 1,761,659,049 51
cinnati) were for the fiscal year 1926, $445,414.077 15, of which $29,202,
631 86 were income taxes and $16,211,445 29 were miscellaneous taxes.
SUMMARY.
Income tax collections for the 1st District of Ohio for the fiscal year 1925
Quarter Ended
Income Tax.
Misc. Taxes.
Total (all Sources).
were 324,640,390 50.
Sept. 30 1925
3691,701,061 88
3424,329,053 08 8367,372,148 80
Total collectionsfrom the Tenth Ohio District (collectors' office at Toledo) Dec. 31 1925
650,079.731 59
420,320,680 39
229,759,051 20
fiscal year 1926 $25.342,007 84, of which $13,840,369 91 were Mar. 31 1926
were for the
771,089,386 97
195,702,803 07
575,386,583 90
723,242,719 24
income taxes and $11,501,637 93 were miscellaneous taxes. Income taxes June 30 1926
552,762,521 93
170,480,197 31
from the Tenth Ohio District for the fiscal year 1925 were $11,764,303 71.
Total, fiscal year 1926._ _$1,972,798,839 30 8863,314,060 38 82,836,112,899 68
Income tax collections from the Eleventh Ohio District (collector's office
Total, fiscal year 1925___ 1,761,659,049 51
2,584,140,268 24
822,481,218 73
at Columbus) were for the fiscal year $11.066.721 89,of which $88,860,346 61
201pulgN
were income taxes and $2,206,375 28 were miscellaneous taxes.
Income
tax collections for the Eleventh Ohio District for the fiscal year 1925 were
$9 750,651 18.
Tax collections from the Eighteenth Ohio District (collector's office at
Cleveland) for the fiscal year 1926 were $73.671.675 42, of which $57,147,562 61 were income taxes and 316,524.112 81 were miscellaneous taxes.
Income tax collections from the Eighteenth Ohio District for the year 1925
were $49,460,766 28.
Total collections from the State of California, which is divided into two
collection districts, for the fiscal year 1926 were $134,841,398 85. of which
Increase 1926
8211,139,789 79
340,832,841 65
gg
$251,972,631 44
E. H. Rollins & Sons Celebrate Fiftieth Anniversary
Nation's 150th Birthday.
Under the title "Threelialf Centuries" a booklet has been
issued by E. H. Rollins & Sons treating of the Nations 150th
anniversary, and the firm's,50th anniversary which the
JULY 17 19261
THE CHRONICLE
present year marks. The dual celebration is thus referred to
in the brochure:
The establishment of E. H. Rollins & Sons was coincident with the
Centennial celebration in 1876; so that in 1926, while the Nation is celebrating its 150th birthday, this Investment Bond House will have completed
its first half century. Beginning with the establishment of one small office
fifty years ago, E. H. Rollins & Sons now serves investors throughout the
Nation, holding in high regard those sterling Now England ideals that
characterized its founders.
Pioneers in enterprise on which are now based the soundest and most
seasoned investments, this firm, through its wide distribution of securities,
has played an important part in the growth and constructive development
of this Nation during the past fifty years.
The following extract is also from the booklet, which bears
on the cover, the figure of Liberty, and carries illustrations
within its pages:
On July fourth of this year. 1926, the third half century of the life of the
United States as a nation will be completed. Each of the three half centuries
has its distinguishing character. It required practically all the first fifty
years to establish the Independence that was declared in 1776. The second
half century was characterized by territorial Expansion, and the determination, expressed in four years warfare, that the great Nation, so created.
should not be divided but should continue a unity.
The great work of the last half century in the United States has been that
of establishing the means of communication and transportation that were
necessary for the adequate distribution of commodities, thought,power and
ownership. Fifty years ago the means for accomplishing this distribution
were not in existence. Most of them were not yet invented. Many of them
were entirely beyond the limits of the imagination. But their creation and
establishment were necessary if the United States, with its vast continental
area, was to continue . . . independent and united.
So the purpose of this book is to outline briefly the story of these three
half centuries. and to tell how the last fifty years have made practical° the
Ideals of independence and unity that were declared, fought for and
established in the first two half centuries in the Nation's life.
A. C. Beane on "The South's New Investment Policy."
In a discussion of "the South's investment policy," A. C.
Beane, senior partner of Fenner & Beane, members of the
Now York Stock and Cotton Exchanges, notes that "a very
significant phase of its recent development not frequently
referred to, is its growing interest in the securities listed on
the New York Stock Exchange. This presages," he says,
"a desire to leave the field of unliquid investments and enter
one where the individual's holdings can be converted into
cash at a moment's notice." Mr. Beane in his further
observations said:
It indicates a desire on the part of the South to keep at least a part of
its surplus wealth in securities whose market price is known or ascertainable
every hour of the day. Indeed. it is much more far reaching than that,
for it indicates a desire to participate in the success of the greatest of
America's industries—Railroads, steamship lines, and other forms of the
nation's activities. The South is at last realizing that the New York
Stock Exchange is not a gambling institution but a vast market place
whereon are listed and dealt in the securities of the nation's most important
enterprises. In common with the rest of the country, the South is rapidly
becoming, through its ownership of such securities, a "partner in the
nation's business."
And it is a very heartening sign for the South in many ways. It means
that during times of stress the property of the individual investor need not
be sacrificed regardless of value, if, indeed, any market at all could be
found. It means there will be no periods like the past when the price of
cotton regulated absolutely the prosperity of the entire section. It means
liquidity of investments and securities which are in daily demand, instead
of "land or property on which no compatible bid can be obtained." And
it means,finally, much more than that for it evidences in a most convincing
way that the South is really to become seriously interested in the welfare
of all sections of the United States, if not, in fact, the world.
285
Bank & Trust Co., Bank of Adairsville, Farmers & Merchants Bank at
Rebecca, Merchants & Planters Bank at Villa Rica, Merchants & Farmers
Bank at Sylvester, Bank of Pineview, Merchants & Farmers Bank at
Tennilo, Turner County Bank at Ashburn, Bank of Stockbridge, and
Merchants & Planters Bank, Wlaigham.
Officials of the State Banking Department pointed out that virtually
all of the Georgia banks that have closed were of the trust company chain.
The Bankers Trust Co., they said, was a corporation and not under the
supervilsion of the State Banking Department.
The banks themselves, however, Judge Orville Park of Macon, chief
counsel for the Georgia Bankers Association, said, are under the jurisdiction of the State Banking Department and not within that of the Federal
Court.
The aggregate capital stock of the banks closed totaled more than
$1,005,000 and the aggregate resources exceeded $10,439,000.
These banks were financed in part by the Bankers Trust Co. Those
that were unable to obtain financial relief closed their doors and asked
the State Baking Department to take charge. In most cases handled
heretofore by the Department the institutions, after a few weeks, have
been able to resume business.
Banks reported to the State Banking Department as having closed
to-day were: Ball Ground Bank, Bank of Lexington Ave.. Bank of
Plainville. Bank of Powder Springs, Bank of Roopville, Bank of East
Point, Comer Bank, Madison County Bank (Colbert), Bank of Hamilton,
Farmers & Merchants Bank (Chipley), Bank of Hiram, State Dank
(Cochran), Bank of Arnoldsville, Bank of Hazlehurst, Richland State
Bank. Bank of Alapaha, Temple banking Co., City Commercial Bank
(Woodbury). Bank of Warm Springs, Twiggs County Bank (Jeffersonville).
Bank of Stapleton. Bartow County Bank (Kingston), and the Georgia
State Bank, which has executive offices in Atlanta and branch banking
houses in the following Georgia towns: Baxley. Ilowden, Brownswood,
Chatsworth, Cordele, Humming, Douglas, Douglasville, Dublin, Greensboro, bawkinsville, Mansfield, Maysville, Midville, Montezuma, Ocilla,
Vidalia and Winder.
Five banks closed Tuesday, including the Bank of Palmetto, the Bank
of Chauncey, the Alma State Bank, the Bank of Leesburg and the Commercial Bank of Dallas. Two banks closed Monday,the Bank of Abbeville
and the Farmers' & Traders' Bank of Atlanta.
Most Not Insolvent.
Opinion was expressed in financial circles that most of the banks which
closed were not insolvent, but, because of the closing of the Bankers' Trust
Co., upon which they relied for funds, were forced to close.
An order appointing four temporary receivers and temporarily enjoining
the Bankers' Trust Co. and W. D. Manley, President, from altering in
any way the status of the concern, was signed to-day by Judge G. H.
Howard in Fulton Superior Court.
This action was taken following the filing of a suit brought by the Bank
of Umatilla, Fla., against the trust company and Manley. Hearing
on the petition for permanent receivers and a permanent injunction was
set for July 24.
Hugh M. Dorsey, former Governor of Georgia; Paul S.Ethridge,Fulton
County Commissioner, and John F. Echols and J. D. Thomas, Atlanta
attorneys, were named by the Court as receivers. Judge Howard directed
that the receivers be placed under $25,000 bond each.
Charges of Fraud Made.
The petitioners set out that the Bankers Trust Co. obtained from the
Umatilla Bank $491,500 to be placed on call and for investment. On
June 14 1926 the defendants paid to the Florida banking institution $50,000
on account, leaving a balance of indebtedness of $441.500, according to
the petition.
The petition charges that the Bankers Trust Co. is "insolvent, due to
fraudulent misappropriation and misuse of the funds of the petitioners and
other institutions and the diversion of these funds from their trust purposes
to personal gain and benefit of officials of the defendant company"; that the
company is "fraudulent in hiding its assets to further hinder and delay the
Florida bank in collecting its claim"; that Mr. Manley has "diverted some
of the money and has either transferred it to his own name or to names of
other persons," and that the defendants have made investments "without
corporation or trust authority."
Federal Suit Also Filed.
A suit in bankrputcy was filed against the Bankers Trust Co. yesterday
morning in the Northern District Federal Court for Georgia. The petition
asking for the appointment of a receiver will be heard to-morrow morning
before Judge Samuel H. Sibley. The plaintiffs, four Atlanta concerns, are
the Tidwell Co., Bankers Financial Co., Smith, Hammond & Smith,
attorneys, and Foote & Davies Co.
The suit charged that the Bankers Trust Co. committed acts of bankruptcy when it allowed the appointment of a receiver in Fulton Superior
Court upon petition of the Bank of Umatilla and that it had "preferred"
certain creditors by retiring debts without the knowledge of the plaintiffs.
It is not believed the closing of the forty-nine banks will have any lasting
effect upon Georgia communities. Georgia is in prosperous condition and
crops are coming in. All the big banks of the State are declared to be in a
strong position.
The embarrassment of the Bankers Trust Co. is ascribed in a statement
by Georgia State Banking Superintendent Bennett to the failure of a
number of Florida banks with which it was connected.
Over 70 Chain Banks in Georgia Close as Result of
Petition for Receiver for Bankers' Trust Co.
of Atlanta—Florida Banks Also
Affected.
Announcement was made in press advices from Atlanta
on July 14 of the closing of 49 small banking institutions
in Georgia since Monday, July 12, their closing being
attributed to the petition for the appointment of a receiver
for the Bankers' Trust Co. of Atlanta. The latter, it is
stated, operated 120 banks in the State. On July 15
In reporting the closing of the 15 additional institutions
Atlanta press advices stated that 15 additional State banks on July 15, the Associated Press had the following to say
in Georgia and four State banks in Florida were listed as in Atlanta dispatches:
Many of the banks, the department said, probably would reopen
having closed their doors following the bankruptcy proceedings instituted against the Bankers' Trust Co. of as soon as other financing arrangements could be made. toOfficials exbe in good
pressed the belief that a number of them would be found
Atlanta. This brought the total number of banks in shape, having turned their affairs over to the department pending
The following account of the closing of reorganization and the completion of other financial plans.
Georgia to 68.
The Georgia banks listed today, together with their capitalization
the 49 banks was contained in special advices to the Now York
and total resources and liabilities as of December 31, 1925, were:
from Atlanta July 14.
"Times"
Taylor County Bank, Butler, $15,000 and $224,679.08; Bank of
Announcenemt was made yesterday (July 16) by the Lyerly, $15,000 and $236,670.77; Bank of Cussetta, $15,000 and
Bank of
Georgia State Banking Department that 13 additional $174,236.65; Rockmart Bank, $30,000 and $412,989.04; and $178,Smyrna, $16,300 and $204,179.21; Fairmount Bank, $15,000
Georgia banks and two Florida institutions had closed their
and $149,812.80;
297.97; Macon County Bank, Oglethorpe, $15,000
doors, making in all a total of 83 banks in the two States Lakewood Bank, Atlanta, $50,000 and $184,485.42; Bank of Rochelle,
which had suspended during the week. The Associated $25,000 and $192,731.58; Habersham Bank, Clarkesville, $25,000 and
and $734,429.22; Bank
Press advices of last night's reporting yesterday's closing $391,411.06; Cornelia Bank, Cornelia, $40,000 of Williamson, $25,000
of Cassville, $15,000 and $65,453.27; Bank
said:.
Demarest, whose financial
$178,812.11, and the Cornelia Bank,
The latest banks reported closed include the State Bank of Palatka,
Fla.. and the Bank of Lake Helen, Fla.
The 13 bank closings announced to-day are: Bank of East Point,
Exchange Bank of Sycamore, People's Bank of Soperton, Commerce
and
statement was not available.
were the Citizens Bank of
The four Florida banks reported closed
Tavares and the Bank of
Eustis, Bank of Mount Dora, Bank of
286
THE CHRONICLE
[vol.. 123.
Umatilla, each of which, through notices posted
on their doors, announced they were "closing temporarily for the
protetction of deposi- Ban on Florida Checks Removed at Request of Comptroller
tors."
of the Currency.
The Bank of Umatilla Tuesday instituted a
suit against the Bankers'
A protest lodged with Comptroller of
Trust Company, applying for a receivership
the Currency
for the company, and
obtaining a temporary injunction to prevent
McIntosh against the action of certain business
officials of the company
houses in
from altering in any manner the status
of the chain of banks for indicating that they would not accept checks drawn on
which it acted as financing agent.
Florida banks brought a request by the
In its suit the Umatilla Bank alleged that
Comptroller to
the Bankers' Trust Com- those
pany had procured several hundred thousand
banning the checks for a discontinuance of
their
dollars from the bank
and distributed among the various banks
of Georgia and another action, as a result of which the ban has been removed.
financing company in Florida. The bank alleged
officials of the com- Word of the discrimination reached the
pany had admitted their inability to pay and
Comptroller's
charged the Bankers' office through Representative
Sears of Florida, according
Trust Company with being insolvent.
to Associated Press dispatches from Washington,
Atlanta creditors of the Bankers' Trust Company intervened
July 11,
today
and the Federal Court assumed jurisdiction
of the case. Judge which said:
Samuel Sibley announcing he would appoint a receivership
A protest by Representative Sears, Democrat, Florida,
for the
against the
company.
alleged refusal of certain business concerns to accept checks
on Florida
Florida creditors resisted Federal intervention nby endeavoring to banks, was received today at
the office of the Comptroller of the
show that the company conducted an insurance business, insuring the Currency.
deposits of member banks, and that it was not under Federal jurisThe protest was construed by E. W. Stearns, Deputy
Comptroller,
diction.
to be the result of the circulation by a Baltimore automobile
credit
Atlanta creditors charged that the company had committed acts of company recently, of a notice that,
because of recent banking developbankruptcy when it "preferred certain clients over others when the ments in Florida, it would no longer
accept checks on Florida banks.
bank was insolvent." They also cited the receivership granted in
A hurried survey by Federal banking officials has convinced GovSuperior Court.
ernor Crissinger of the Federal Reserve Bank that national banks
and
The Trust Company served as financial agent for 120 banks, Paul State bank members of the Federal
Reserve system in Georgia and
J. Baker, its treasurer, told the court, but did not receive deposits Florida are in "good
shape."
subject to check.
The removal of the ban was indicated as follows
Former Governor Hugh M. Dorsey and j. K. Ottley, of the Fourth
in
National Bank, Atlanta, were designated as receivers for the Bankers' July 15 Associated Press accounts from Washington:
Financial corporations which have refused to accept checks draws
Trust Company by Judge Samuel H. Sibley of the North Georgia
on Florida banks promised the Government today to stop the pracDistrict Federal Court.
tice.
Last night's July 16 Associated Press advices from
In response to a request by J. W. McIntosh, Comptroller of the
Currency, made through the national banks, the institutions today
Atlanta said:
J. R. Smith, president of the Atlanta Real Estate Board and a apologized for using stickers stating they would not accept Florida
director of the Bankers' Trust Company, for which a receivership was checks and promised to discontinue the practice.
This was the first move of the Government in its attempt to relieve
designated in Federal District Court here yestetrday, killed himself
the situation in Georgia and Florida where more than sixty State
at his home in Morningside, a suburb, early today.
Mr. Smith was a former member of the real estate firm of J. R. banks have closed recently and confidence was expressed today by the
Smith & W. S. Rankin Co. He also had been connected with the Comptroller that conditions would improve soon.
The Federal Reserve Board in a special meeting today conducted
Sylvan Hills and Morningside development projects. In addition to
being a director of the Bankers' Trust Company, he was a director a hasty summing up of conditions and later both Mr. McIntosh and
Governor Crissinger of the board expressed satisfaction over the sound
of the Farmers' and Traders' Bank of Atlanta, which was closed
condition of all national banks in the affected territory.
early this week.
Officials showed concern, however, over the use of the stickers by
certain financial corporations and after Mr. McIntosh moved to have
National Banks Not Involved In Georgia Bank Suspensions. it stopped he received quick response. Those institutions which
have
From Washington, July 15, the New York "Times" re- employed the stickers informed him late ttoday they would stop it,
and added that they were writing letters of apology to the Florida
ported the following:
banks.
The failure of small banks in Georgia and Florida, attributed to the
It was believed by Mr. McIntosh that the complaint made yesterday
recession of the Florida land boom, was reviewed today by J. W. by Representative Sears of Florida
lead reference to the stickers on
McIntosh, Comptroller of the Currency, and members of the Federal which he already had entered
protest. Once before, it was said, the
Reserve Board, and confidence was expressed that sound conditions Comptroller had asked the discontinuance
of the stickers, which were
soon would be restored. It was pointetd out that there was no trouble sent with collection letters by certain of the institutions.
No banks
involving national banks or member banks of the Reserve system in are known to have been involved in the affair.
either Florida or Georgia and that the banks closed were almost all
Officials were of the belief that the sudden deflation in land values
small State institutions. The conferees decided that it would be un- in Florida, on which most of their securities were believed
to be
necessary to send any additional reserve money to the Federal Reserve based, was largely responsible for the strained banking condition, and
Bank at Atlanta.
attention also was called to the fact that a large majority of the
banks which closed dealt with a certain banking chain system
Fundamental Conditions Sound According to New York operating in the two States. It is understood that some time ago
those national banks dealing with this system were forced by the
Bankers.
Reserve Board to abandon it.
The closing of small banks in Georgia does not reflect an
unfavorable condition on Georgia banking or credit, in the Fifteen Banking Institutions Closed in Florida in
opinion of leading New York bankers, said the New York
Last Two Months.
"Times" of yesterday, July 16, adding:
From the "Wall Street Journal" of July 13 we take the
They declared yesterday that the closings were due primarily to following regarding the closing of Florida banks during the
deflation of Florida real estate values and apparently resulted from
past two months:
attempts at large operations on insufficient capital.
Fifteen banking institutions have closed down in Florida during the last
The larger banks of Florida and Georgia, according to information
two months, according to reports received here. Most of them are small
in Wall Street, are in sound condition, and normal banking relations institutions and some of them of recent organization, as
will be seen from
are being carried on between this city and that region. The impor- the following, giving figures as of the close of last year:
tant banks in Florida and Georgia, it was declared, never put their
money into Florida real estate ventures, but placed the bulk of their
OrSurplus &
funds in the New York call money market and withdrew it as needed
can- Capital. Undivided Deposits.
tzed.
Profits.
when deposits began to diminish.
The Comptroller of the Currency, it is known, has had special American Bank & Trust Co., Daytona Beach 1924 $100,000
$32,720 $1,871,670
agents surveying conditions in the Florida banking field for several East Coast B.& T. Co., Daytona Beach__ 1912
50,000
50,570 2,237,400
1912
30,000
months, and they have reported generally satisfactory conditions. Bank of Dania
29,030 1,942,020
Citizens Bank, Bushnell
1906
15,000
8.800
185,300
The Federal Reserve System also has kept a close watch on the situa- Bank of Buena Vista
1920
25,000
66,070 2,479,050
tion, and in several cases where it was deemed advisable aid was Bank of Cocoanut Grove
1920
15,000
5,920 1,326,260
Delray Bank & Trust Co
1913
50,000
85,000 1,800,000
extended to Southern banks. In some instances, however, the authori- Citizens
Bank,Homestead
1920
50,000
38,310 500,160
ties considered that small, untried banks were operating on unsound Bank of Little River
1922
15,000
15,320 1,693,150
City Bank & Trust Co., Fort Lauderdale
lines and that it would be just as well if they suspended operations.
1925
50,000
10,000 353,990
Bank of Okeechobee
1916
25,000
80,000 1,190,000
Commercial Bank & Trust Co., West Palm
Beach
1924
100,000
69,970 2,808,150
Palm Beach Bank St Trust Co., West Palm
wit
Miami Warns Investors—Business Bureau Sees
Beach
1909
75,000
141,090 8,772,090
Palm Beach National Bank, Palm Beach
Overexpansion in New Mortgage Concerns.
1925
50,000
21,990 1,062,560
Peoples Bank & Trust Co., St. Petersburg... 1925 200.000
42.330 1.337.400
The following is from the New York "Times" of July 15:
The Miami Better Business Bureau, Inc., has sent a message to the
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
public advising caution in investment in securities of new mortgage
The New York Stock Exchange membership of Rupert L.
companies in Florida.
The bureau says that recent inquiries indicate an active campaign Joseph was reported posted for transfer this week to Richard
of stock salesmen. A list received from the Secretary of State in- C. Plater, the consideration being stated as $152,000. The
dicates that fifty-one new mortgage companies have been organized in last
preceding sale was for $155,000.
Dade County so far this year. The bureau declared this would indicate an over-expansion in this field.
The New York Cotton Exchange membership of James B.
The investor is advised by the bureau to investigate how much
commission is paid the salesman and fiscal agent for selling the stock; Taylor was reported sold to William F. Fisher, for another,
how much stock is to be given to the fiscal agent for selling the the consideration being stated as $25,000. The last preissue; who are the directors and what experience have they had and ceding transaction was for $24,000.
company.
who is responsible for the organization of the
JULY 17 1926.]
THE CHRONICLE
An application has been made to the Comptroller of the
Currency for permission to organize a new national bank in
this city in the mid-town section. The new bank, which will
have a capital of $1,090,000, will be known as the Seward
National Bank of New York City. The group of organizers
is headed by W. H. Woodward, of 2 Wall Street.
Following the completion of its merger with the Bowery
and East River National Bank on July 14, the Richmond
Borough National Bank of Stapleton, Staten Island, opened
for business on July 15 as the Stapleton office of the Bowery and East River National Bank. Its directors are retained in the capacity of an advisory board, while officers
of the Richmond Borough National Bank will remain in
charge of local operations. The Richmond Borough
National Bank, founded in 1904, had on July 13 total resources
of $1,652,759. It brings to the Bowery and East River
National Bank a surplus and undivided profits of
$86,456
and deposits of approximately $1,400,000. The Bowery
and
East River National Bank, through the merger, becomes
the first New York national bank to enter the Staten
Island
field. The consolidation marks a further step in the
expansion of the Bowery and East River National Bank,
which
now has twelve banking offices in Greater New
York. Its
growth dates largely from 1919, when the East
River National Bank, founded in 1852, and with deposits of
about
$4,200,000, came into the control of interests identified
with
the Bank of Italy of California. Subsequently the Bowery
Bank was purchased and was merged with the East
River
National Bank on Dec. 30 1925. Total resources as
of June
30 1926 amounted to $70,935,739, capital, surplus and
undivided profits to $6,390,358, and deposits to $60,504,94
6. The
depositors of the bank, numbering 64,000, will be
increased
to 65,300 as a result of the latest merger. Through
the
affiliation with the Bank of Italy, having 98 offices
throughout California, the Bowery and East River
National Bank
offers exceptional banking facilities.
The proposed entry into the Wall Street
field by the
Bancitaly Corporation (which controls the
Bowery and
East River National Bank of New York),
through the
purchase of a majority control of a new bank
being formed
to take over the business of Lionello Perera
& Co., of 63
Wall Street, was made known on July 15.
The Perera
organization is being converted, it is stated,
into a State
bank which will be known as the Commercia
l Exchange
Bank. It will start, according to reports,
with a capital
of $1,500,000, surplus of $1,000,000 and
deposits of approximately $15,000,000. Lionello Perera will be
President and
will retain a minority interest in the bank.
The present
personnel will be retained. Dr. A. H. Giannini,
President
and Chairman of the board of directors of the
Bowery and
East River National Bank, will be Chairman
of the Board
of the new institution.
Stock to the value of more than $2,000,000
has been acquired by employees of the Bank of Italy
under a plan
adopted by that institution of passing
ultimate control to
the members of the organization,
according to an official
announcement of the Bank of Italy in
New York im July 14.
The announcement says:
In all, 4,454 shares have been
purchased by the employees through the
plan, which provides that each six
of the bank shall be turned over to months' period 40% of the net profits
the stock purchase fund. Every member of the staff, from President to
office boy, participated in the plan, and
each one is a partial owner of the
institution. During the first half of
the current year over $650,000 was set aside
for the plan, of which amount
$497,000 was paid out of profits and
the remainder contributed by employees from salary. On the basis of the
distribution for each dollar saved
by the employees the bank added approximatel
y $3 25 out of its earnings.
Stock purchased by the employees was priced
at $450 a share, or nearly
$10 below the present market price. This
means that for an approximate
contribution of $105 out of salary, each
employee received a share of stock
having a market value of $460.
In commenting on the success of the
plan, James A. Bacigalupl, President, said the accomplishments
definitely established the practicability of employee
ownership.
287
ternational Bankers' Committee on the Mexican Debt, since
1919.
Guaranty Company of New York announces the appointment of Hamilton Wilson as an Assistant Vice-President,
to be in charge of the company's business in Ohio, Kentucky
and Tennessee and to have supervision of the company's
offices in Cleveland, Cincinnati and Louisville. Mr. Wilson,
who was formerly Manager of the Guaranty Company's
Cincinnati office, will now have his headquarters in Cleveland. The company at the same time announced the appointment of the following representatives in charge of outof-town offices: R. W. Morey, Cleveland office; J. 0. Cardwell Jr., Cincinnati office; Sam English Jr., Louisville, Ky.,
office.
At the regular meeting of t- he executive committee of the
National City Bank of New York, held this week, Thomas
Y. Butterworth and Charles W. Ferris were appointed Assistant Cashiers.
The newly-established wome- n's department in the Yorkville office of the Standard Bank, located on First Avenue,
in this city, opened for business on July 15 under the management of Mrs. Laura L. Gluick, who was formerly with
S. W. Straus & Co. The Standard Bank claims to be the
first institution in its section to inaugurate a service exclusively for women.
Vinton M. Norris, Vice-Pre-sident of the Chatham-Phenix
National Bank & Trust Co. of New York City, died on July 8,
after an illness of several weeks. Mr. Norris was born in
Hightstown, N. J. He entered the employ of the bank at
the age of 14 and held various posts before becoming VicePresident, ten years ago. Mr. Norris was 39 years of age.
J. Henry Schroder Banking Corporation announced on
July 13 the appointment of V. Lada-Mocarski as Assistant
Treasurer and John L. Simpson as Assistant Secretary.
The Woodside National Bank of New York, N. Y., way
granted a charter by the Comptroller of the Currency on
July 3. It is scheduled to begin business July 31. R. Leslie
Smith has been chosen President and Cromer Hoffman
Cashier. The Vice-Presidents are Fritz Brieger, William
Heimann, Otto Loibl and Albert H. Hansen. The new institution will have a capital of $200,000 and a surplus of $100,000. Its stock, par $100, will be placed at $150 per share.
The First National Bank o-f Freeport, N. Y., has changed
its title to "The First National Bank and Trust Company of
Freeport."
The Prospect National Ban- k of Trenton, N. J., has received a charter from the Comptroller of the Currency and
on July 1 it began business at 363 Pennington Avenue. The
new bank starts with a capital of $200,000 and a surplus of
$50,000. Reference to the application to organize the bank
appeared in our issue of April 10, page 1999. The President
of the new institution is George C. Crossley. The other officers are Walter G. Rungles and Edward F. Craig, VicePresidents; Frank E. Seaman, Cashier; Gilbert S. Pedrick,
Assistant Cashier; William N. Cooper, Counsel.
The stockholders of the Park Trust Co. of Weehawken,
N. J., approved on June 28 the recommendations of the
directors that the capital be increased from $100,000 to
$200,000, and the surplus from $50,000 to $150,000. On
April 12 it was announced that control of the Park Trust Co.
of Weehawken, N. J., had been acquired by the Trust Co.
of New Jersey. On that date the "Jersey Observer" said:
Making public for the first time that the Trust Company of New Jersey
has now control of the Park Trust Co. of Weehawken, Gen. William C. Heppenheimer, at the thirtieth anniversary dinner of the company on Saturday,
intimated that two or three other trust companies in the county were also
soon to be absorbed.
While it was generally understood that the Park Trust had been taken
under control by the Heppenheimer interests last fall, no official sumouncement of that fact had been made by General Heppenheimer to the public
or to the members of his board of directors.
He declared that the company was negotiating for the control of two or
three other trust companies in the county and expected to inform the
directors soon of the developments along that line.
The dinner was held at the Union Club in Jersey City and over 200 persons were present, including all the members of the board of directors and
the employees of the main bank and the several branch banks of the company throughout the county.
Ira Halsey Patchin, a member of the staff of
J. P. Morgan & Co., died on July 11 in St. Luke's Hospital,
following
an operation. Mr. Patchin, who was 43 years of
age, was
born in Des Moines, Iowa. He was formerly
associated
with the Equitable Life Assurance Society. He
served as
Secretary for Frank Polk, when the latter was
Corporation
Counsel of New York City, and when Mr. Polk
went to
Washington to become Counselor to the State
It is proper to say that there has been no merger, the
Department,
Mr. Patchin went with him. For a time Mr. Patchin was Park Trust Co. continuing as a separate institution. The
Treasurer of the Asia Publishing Co. He had been con- enlarged capital of the Park Trust Co. became effective
nected with the J. P. Morgan & Co., as Secretary of the In- July 7.
288
THE CHRONICLE
. At a meeting of the board of directors of the Marine Trust
Co. of Buffalo, N. Y., on July 13, James H. Rand Jr., President of the Kardex Bureau, Inc., was elected a director of
the institution. In December last the Buffalo Trust Co.
and the Marine Trust Co. were consolidated under the title
of the latter, making, it was said at the time, one of the
twenty-five largest banks in the United States and the
fifth largest in the country outside of the city of New York,
with resources of approximately $250,000,000.
Effective 12 o'clock noon, J- uly 3 1926, the State National
Bank of North Tonawanda, N. Y., capitalized at $600,000,
went into voluntary liquidation. The institution, according
to the Comptroller of the Currency's Bulletin of July 12, is
to be absorbed by a trust company.
According to the Boston "-Transcript" of July 9, Judge
Braley of the Supreme Court of Massachusetts, has authorized Roy A. Hovey, Bank Commissioner for that State, to
transfer $447,700 from the commercial to the savings department of the defunct Tremont Trust Co. of Boston, and
pay a dividend of 5% to depositors in the latter department.
These depositors, it is understood, have already received
912-3% of their claims. The new dividend is payable July
20. The Tremont Trust Co. failed in February 1921. We
last referred to its affairs in our issue of Nov. 15 1924, page
53.
22
banker
Charges against John W.De- Kay,former New York
of the
and sportsman, growing out of the failure in April 1913
been
National Bank of Providence, R. I., have now
Atlantic
Government and the defendant
dropped by the Federal
permitted to go free, because of the loss of important ledgers
of the defunct bank and the death of the principal witness
from
for the Government, according to a press dispatch
which
Providence on July 2 to the New York "Times,"
said in part:
which failed
The loss of important ledgers of the Atlantic National Bank.
against
here fourteen years ago, was one of the chief reasons why the charges
connection with
John Wesley DeKay, New York banker and sportsman, in
before Federal
the failure have been dropped, according to disclosures
Judge Arthur L. Brown this morning (July 2).
another reason.
The death of the principal witness for the Government was
try the case
and the Government felt that it would be useless to endeavor to
United States
against DeKay without that witness. John S. Murdock,
the Attorney
Attorney, told Judge Brown to-day that he had authority from came from
General to nol prosse the charges against DeKay. The decision who have
agents
Washington upon the recommendation of two special
been investigating the case.
bank receiver
The ledgers, they learned either had been destroyed by the
years a fugitive
or had been sold to a junk dealer. Mr. DeKay,for twelve
from Switzerfrom justice, involved in international litigation that ranged charged this
land to London and to the United States, during which he
for his pacifist
country with persecuting him and wanting to punish him
ideas, is now free.
1913 DeKay fled
When the exposure of the bank's condition was made in
time slipping
and from that time until the Summer of 1925 he spent his until at last
countries,
through the hands of the police of various European
he was arrested by Scotland Yard operatives.
Atlantic
We last referred to the affairs of the defunct
1925,
National Bank of Providence in- our issue of July 11
DeKay's arrival in this
page 159, when we reported Mr.
the
country from London in the custody of an agent of
abroad
Department of Justice after he had been a fugitive
Mr.
for twelve years. ,Reference was made to the arrest of
April 26
DeKay in London on April 10 1925, in our issue of
1925, page 2025.
In regard to the affairs of the defunct Cosmopolitan Trust
Co. of Boston, Judge Braley of the Massachusetts Supreme
Court has authorized State Bank Commissioner Roy A. Ha
vey to transfer $813,192 25 from the commercial department
to the savings department of the company, according to the
Boston "Transcript" of July 9. Our last reference to the
of
affairs of this institution (which failed the latter part
"Chronicle" of Dec.
1920) appeared in these columns in the
26 1925.
H. Raymond Hilliard has been appointed an Assistant
Cashier of the Mellon National Bank of Pittsburgh. Mr.
of
Hilliard was formerly Manager of the bond department
since
that institution, with which he has been associated
is
he was graduated from Harvard in 1913. Mr. Hilliard
Works
also Vice-President and Treasurer of the Waverly 011
Bank
Co., Pittsburgh; a director of the Braddock National
Co., both of Braddock, Pa., and a
and the Bessemer Trust
Pa.
director of the Logan Trust Co., New Kensington,
son of the late Federal Judge Charles P.
Thomas L. Orr,
and
Orr, formerly Assistant Manager, is now Manager,
Assistant Manager of the Mellon bond departJohn Doyle
ment.
[vol.. 123.
Construction of the new bank building to be erected by
the Union Trust Co., Cleveland, on the northwest corner of
Euclid Avenue and East 101st Street, was begun on July 6.
This new building, when completed, will house the present
Euclid-101 office of the Union Trust, which is now located
on the opposite corner. The new building will be approximately three stories in height, with 52 feet fronting on
Euclid and 137 feet on East 101st Street.
To fill the vacancy caused by the recent death of Frank
P. Kennison, Robert C. Dunn, heretofore Assistant Secretary and Assistant Trust Officer of the Ohio Savings Bank
& Trust Co. of Toledo, Ohio, was on July 7 elected a VicePresident, Trust Officer and a director of the institution.
The Toledo "Blade" of July 8 printed the following regarding Mr. Dunn's career:
Mr. Dunn came to Toledo from Bowling Green (Ky.). He was a member
of the State House of Representatives and was elected Speaker of the House
during his term of office. A forceful public speaker, Mr. Dunn has been
active in civic as well as business activities of the city since coming to
of
Toledo. He is a member of the Toledo Chapter, Amercan Institute
Banking, and is President of the Kiwanis Club.
The death was announced in Detroit on July 12 of Frank
B. Leland, President of the United Savings Bank of that
city and widely known business man. Mr. Leland had been
seriously ill since April, when he returned from a trip
around the world. He was a former Regent of the University of Michigan.
A merger of the Alton Savings Bank with the Alton
July 2,
National Bank, Alton, Ill., was consummated on
-Democrat" of that date.
according to the St. Louis "Globe
the
The stock of the savings institution was purchased by
s of the acquired bank, it was
national bank. Employee
stated, would be given positions with the National Bank,
with the exception of the President, 0. S. Stowell, who was
retiring. Mr. Stowell had becn connected with the bank
since 1884, having risen from clerk to President of the
institution. C. A. Caldwell heads the enlarged Alton
National Bank, the assets of which total approximately
$6,100,000.
The Farmers' & Mechanics' Bank and the American Exchange Bank, both of Sedalia, Mo.,institutions which closed
their doors on March 25 last and were reopened for business
on April 21, have again closed, the latter on June 26 and the
former on June 28, according to an Associated Press dispatch
from Jefferson City, Mo. on June 28, which appeared in the
St. Louis "Globe-Democrat" of the following day. The
banks are now in voluntary liquidation, it is understood.
Because of discrepancies in its records totaling about
$150,000, the State Bank of Papillion, Neb., with deposits of
$325,000, was taken over on July 3 by the State Department
of Trade and Commerce, according to an Associated Press
dispatch from that place on July 3, printed in the New York
"Times" of July 4. The dispatch further said:
since midEdward C. Goerke, President of the bank, has been missing
in
night on Thursday (July 1). Detectives found his Omaha apartment
disorder.
Police are investigating reports that Goerke left Papillion on Thursday
night with the intention of committing suicide.
Thomas Henry West, former Chairman of the board of
directors of the St. Louis Union Trust Company and
dean of St. Louis bankers, died in that city on July 6. Mr.
West, who lacked but a few weeks of being 80 years of age,
had been in poor health for some years. He was born in a
small Tennessee town and fought during the Civil War in
the Confederate Army. At the close of the war Mr. West
went to Louisville, Ky., where he began his business career
in a wholesale dry goods concern. Five years later, deciding to engage in the cotton business, he moved to Mobile,
Ala., where with James H. Allen he established the firm of
Allen, West & Co. Eventually branch offices were opened
in New Orleans and St. Louis and the business of the firm
becoming of great importance in the latter city, both Mr.
Allen and Mr. West moved there in 1880. Upon the founding of the St. Louis Trust Co.—said to have been the first
trust company to be opened in St. Louis and the first
west of the Mississippi River—Mr. West became President
of the institution, holding the office until 1902, at which
time the Union Trust Co. was consolidated with the St.
Louis Trust Co. with Mr. West President of the new organilater
zation—the St. Louis Union Trust Co. Seven years
the Presidency and became
(1909) Mr. West resigned from
until
Chairman of the board of directors, an office he held
JULY 17 1926.]
THE CHRONICLE
1916, when he retired because of failing health. He continued, however, as a director of the institution until his
death. Among his other extensive interests prior to his retirement from active business in 1916, Mr. West was a director of the Laclede Gas Light Co., the American Car &
Foundry Co. and the Wagner Electric Co. He also served
as co-receiver with B. L. Winchell of the St. Louis
-San
Francisco Railway Co. when that road went into receivership in 1913.
The Miami Mortgage & Guaranty Co. of Miami, Fla.,
makes the following announcement regarding the recent
merger of the Miami Bank & Trust Co. with other Miami
Institutions, to which we referred in our issue of
June 26,
page 3564:
The Miami Bank & Trust Co., with which the Miami Mortgage
& Guaranty Co. has been closely affiliated for many years, has been merged
with
the Commercial Bank & Trust Co. and the City National Bank, to
form the
'City National Bank & Trust Co.
The consolidated bank is one of the strongest trust companies
in the
South with a capital and surplus of over two and one-half million
dollars
and total deposits of between twenty and thirty millions.
We take pleasure in announcing that the City National Bank
&
Will take the place of the Miami Bank & Trust Co. in handling Trust Co.
our Miami
account and in acting as trustee for our bond issues and for
our collateral
trust bonds, or debenture bonds, as we call them, and in making
est and principal payments on mortgages and bonds where it is all interdesired to
handle them through a bank, and in performing all of the other
services
us and for our clients which were formerly performed by the Miami for
Bank
A Trust Co.
According to Associated Press dispatches from Dade City,
Fla., on July 13, printed in the New York daily papers of
the following day, it was stated that the Bank of Dade City
failed to open for business on that day (July 13) and
a
notice posted on the doors of the institution stated that the
directors had decided to close as the cash reserves
were
below the legal requirements. The dispatches further
stated that the directors took this action following
a "run"
on the bank July 12.
289
neighborhood. E. W. Welt, who has been connected with
the trust department of the main office for the past nine
years, has been appointed Manager of the new branch. The
Holmes branch will render the same complete banking services offered by the main office and will be ready for business as soon as necessary alterations can be made. It is
believed that this will be some time during the month of
August.
The Hibernia Bank employees received their regular
quarterly dividend checks July 1, following the meeting of
the board of directors, when this bonus, as well as the regular quarterly dividend to stockholders was authorized. Each
quarter year the Hibernia Bank gives its employees a bonus
based upon the amount of salary and the number of years
each has been in the employ of the Hibernia Bank. The
quarterly dividend to stockholders of 42 was also paid
/
1
%
July 1.
President Hecht announces that on July 15 the Hibernia
Securities Co., Inc., opened a Chicago office at 1232 Illinois
Merchants Bank Building, under the management of Kenneth S. Baeder, former Manager of the Atlanta office of
the company. This is the fourth branch established by
the company, other offices being located in New York, Atlanta and Dallas. It will have private wire connections
with all principal cities, with the main office in New Orleans, and with the other branch offices. The new office
is equipped to deal in high grade Southern investment
bonds, short-term paper, foreign and domestic bankers'
acceptances, and other forms of first-class investment securities, and will be prepared to co-operate with other investment houses in buying and distributing municipal and
corporation bond issues. Mr. Hecht attended the opening
of the new office. The principal officers of the Hibernia
Securities Co., Inc., are R. S. Hecht, President; A. P. Howard and F. W. Ellsworth, Vice-Presidents; G. H. Nusloch,
Treasurer; J. A. Beaudean, Secretary; Willis G. Wilmot,
Assistant Secretary; A. L. Smith Jr., Assistant Treasurer.
The "Wall Street News" of July 12 stated that according
According to a press dispatch from Phoenix, Ariz., on
to a press dispatch from Miami, Fla., the Bank of
Osceola June 25 to the Los Angeles "Times," James
S. Douglas has
County at Kissimmee, Fla., with deposits of more
than been elected President of the Phoenix National
Bank and
$1,000,000, failed to open on July 10.
of its affiliated institution, the Phoenix Savings Bank &
Trust Co., to succeed E. E. Ellinwood, who resigned on
The Citizens Trust Co. of Savannah, Ga.,
on July 12
June 6 in order that he might devote his time to his canreceived permission from the Secretary of State
to change its didacy for State Governor.
Mr. Ellinwood also resigned as
name to the Citizens Bank & Trust Co., and
is now operating
a director of the banks and will be succeeded by S. P. Appleunder that title, as noted in the Savannah "News"
of July 13. white.
L. H. Chalmers, a Phoenix attorney, and a director
Theinstitution has taken a five years' lease
of the former
for the past twenty years, has been made Chairman of the
banking house of the Chatham Bank &
Trust Co., facing
Board. In regard to the new President, the dispatch said:
Johnson Square, and expects to move to the new
location in
Mr. Douglas, son of Dr. James Douglas, is one of the best known of
the early part of August.
Southwestern capitalists. He is President of the Bank
The Farmers & Traders Ba- nk of Atlanta, Ga.,
closed its
doors on July 12 and requested the State Banking
Department to take charge of its affairs, according to
press dispatches from Atlanta on that day appearing in the New
York
daily newspapers. The failed bank was
capitalized at
425,000. R. T. Bennett, State Superintendent of
Banks, it
was stated, declined to make any statement
pending an
Investigation.
The Beaufort Bank, Beaufo- rt, S. C., and
its branch, the
Bank of Yemassee, Yemassee, S. C., failed
to open their
doors on July 12, according to press dispatche
s from Beaufort, appearing in the New York daily
papers of July 13.
The Beaufort Bank, it is understood, was
capitalized at
$100,000, with surplus of like amount.
of Douglas in his
home city of Douglas; President of the Bank of Clemenceau and VicePresident of the Bank of Bisbee; President of the United Verde Extension
Mining Co., with mines at Jerome and smelter at Clemenceau, and has
large interests in many other Arizona enterprises. He was President of
the Tucson, Phoenix & Tidewater Railroad, an enterprise acquired by the
El Paso & Southwestern Railroad System, and with it consolidated in the
Southern Pacific System.
As a result of the recent acquisition of control of the
National City Bank of Los Angeles by the California Bank,
whose headquarters are in that city, the following changes
were made on June 29 in the personnel and directorate of the
National City Bank, according to the Los Angeles "Times"
of June 30: Andrew M. Chaffey, President of the California Bank, and Gordon C. Smith, Comptroller of the
California Bank, were elected Chairman of the Board
and
Executive Vice-President, respectively, of the National
City
Bank of Los Angeles. Mr. Chaffey, Mr. Smith, Harry J.
Bauer, and George A. J. Howard, the last named
a VicePresident of the California: Bank and President
of the
California Securities Co., were placed on the directorat of
e
the National City Bank. R. F. McClellan, formerly Chairman of the Board, it is understood, of the National City
Bank, became Vice-Chairman of the Board. Malcolm
Crowe, President of the National City Bank of Los Angeles,
and all other officers of the institution remain as heretofore.
A. N. Kemp, Executive Vice-President of the California
Bank, the "Times" stated, would be elected a director of the
National City Bank upon his return from Europe in the fall,
and G. Allan Hancock also would be added to the board
upon his return from a yachting cruise to British Columbia.
Concerning Mr. Smith, the new Executive Vice-President of
the National City Bank,the "Times" said:
According to an announcement made
June 30 by R. S.
Hecht, President of the Hibernia Bank &
Trust Co. of New
Orleans, J. Edward McGuire, who since
1920 has been
associated with the Federal Reserve Bank
of Atlanta as
Examiner of member banks in the Sixth
Federal Reserve
District, has been elected an Assistant Vice
-President of the
Hibernia Bank & Trust Co. He will be affiliated
with the
banks and bankers' department and his
specific duties,
which he assumed July 1, will have to do with
out-of-town
commercial and bank accounts.
The Hibernia Bank & Trust Co. announced on
June 2,
through the New Orleans press, the opening of
a branch
office in the D. H. Holmes department store.
This office
will be located in the Holmes store fronting upon
Bourbon
Street and is accessible to all the customers of that
instituMr. Smith, who was named executive Vice-President was for five
years a
tion as well as to the merchants, corporations and
indi- bank examiner in Minnesota: five years as cashier and Vice-President of the
viduals whose places of business are in the immediat
Stock Yards National Bank of St. Paul and was also Vice-President
of the
e Merchants' National
Bank of St. Paul.
290
Reference was made in our June 26 issue to the acquisition
of control of the National City Bank of Los Angeles by the
California Bank, page 3,564.
Alan J. Lowrey, formerly connected with the National
City Bank and Tucker, Anthony & Co., of New York, and
later with Blair & Co., as Sales Manager of the San Francisco office, has been retained by the Crocker First National
Bank of San Francisco to open and manage a bond department for that institution. The addition of this new department to the bank is a development of the institution since
Its merger with the Crocker First Federal Trust Co. six
months ago, and was occasioned by the increasing volume of
bond business on the Pacific Coast.
Cable advices received this week at the New York office
of Barclays Bank, Ltd., reported that the total resources of
that institution, ranking as one of the "Big Four" British
banks, amounted as of June 30 1926 to $1,698,778,402, compared with $1,668,849,860 on the corresponding date of 1925.
Current, deposit and other accounts are stated as $1,521,237,304, an increase over $1,494,736,350 reported on June 30
1925. The capital of the bank remains unchanged at $77,961,860, but the reserve fund shows an increase of $5,000,000, to $46,250,000. Investments in Government and other
securities show a slight decline, the total amounting to
$269,777,477, compared with $292,761,278, but advances to
customers and other accounts registered a gain during the
year from $748,015,165 to $777,833,020. In translating the
statement from sterling into dollars, one pound has, for
convenience, been considered as the equivalent of $5.
Lloyds Bank Limited announce that E. D. Vaisey has rea
signed his seat on the board, but will continue to serve as
member of the committee of the capital and counties bank
section. The directors of the bank also announce that
been
G. F. Abell, formerly manager of the city office, has
appointed a joint general manager of the bank, and that
S. P. Cherrington and S. Parkes have been appointed joint
managers of the city office. The annual report of Lloyds
Bank Limited for the twelve months ended Dec. 311925, and
which was presented to the proprietors at their 68th ordinary
general meeting on Feb. 5, recently came to hand. After
making provision for rebate, income tax, bad debts and contingencies, the report tells us, net profits for the period
amounted to £2,569,366, which when added to £516,351,
the balance brought forward from the preceding
twelve months, made the sum of £3,085,717 availinterim
able for distribution. Out of this total two
per annum (less
dividends at the rate of 16 2-3%
was
income tax) calling for £1,901,422 were paid; £250,000
and £400,000 contributed to
placed to bank premises account
the staff superannuation fund,leaving a balance of £534,295
loss
to be carried forward to the current year's profit and
given in the report
account. Total assets of the bank are
as £383,730,738 of which cash in hand and with the Bank of
England amount to £39,401,271. The institution's paid-up
capital is £14,372,956 and its reserve fund £10,000,000. The
following new offices were opened during the period covered
by the report:Abbey House (Victoria Street,S.W.),Grosvenor
Gardens (Belgravia, S. W.), Mile End Road, E., Mill Hill,
N. W., Norbury, S. W., Palmer's Green, N., Wimbledon,
S. W., East Molesey, Southampton (Above Bar), South
Croydon, Sutton (Surrey), and elsewhere. The directors
record with great regret the death of their colleague Kenneth
Mathieson, who joined the Board in 1918, and also the retirement of the Rt. Hon. Lord Lloyd of Dolobran on his appointment as High Commissioner for Egypt. J. W. Beaumont
Pease is Chairman of the Board of Directors and Sir Austin
E. Harris, K. B. E., Deputy Chairman.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Except for strong upward movement on Tuesday, and
again on Friday, prices on the New York Stock Exchange
have been somewhat reactionary the present week. Steel
stocks and railroad issues have been the centre of interest
during the greater part of the week, though some of the
more active speculative issues have gradually improved.
Under the leadership of the steel issues the market again
resumed its forward movement on Saturday, the tone of
stock prices continuing firm during the entire two hour
session. United States Steel common advanced to 141, a
Bethlehem
gain of two points from its previous close, and
was in strong demand at improving prices. Interest
Steel
group. Southern Pacific
also centred around the railroad
making a net advance of 2% points from its previous close.
Atlantic Coast Line moved forward two points to 225.
[vol.. 123.
THE CHRONICLE
The trend of stocks was Romewhat mixed on Monday, small
advances alternating with moderate declines. Motor stocks
were in strong demand, General Motors reaching a new
high with an advance of 2% points to 153%, followed by
Nash, Willys-Overland and Chrysler. Du Pont was also
in demand and advanced 7% points to 2483/s. The outstanding feature of the session was the advance of United
States Cast Iron Pipe & Foundry three points to 230U•
Southern Pacific was again the feature of the railroad group
and reached a new high at 109%, followed by Lehigh Valley
%
with a net gain of 33/i points to 915 . Copper stocks were
higher, American Smelting & Refining going up three points
to 135 and Kennecott moving forward one point to 553/s•
The market was stronger on Tuesday, though a large part
of the interest centred around the specialty stocks, which
were in strong demand at advances ranging from one to
nine points. Du Pont shares made a sharp jump of eight
points to 256 and General Electric made a net gain of 63'
points. New high levels were recorded by several of the
railroad issues, notably Illinois Central, Lehigh Valley and
Baltimore & Ohio. General Motors was conspicuous for
its brisk forward movement of 5% points to a new high
record of 1583. Other notable advances were Fisher Body
up 4% points for the day, Union Safety Razor 43/i points,
Brooklyn Edison, Union Oil of California and United States
Steel common up 2% points. The wave of buying that
developed in the early trading on Wednesday carried General
Motors to a new high, well across 160. United States Steel
common was in strong demand and came within a point of
selling at its record high. Dodge Brothers and Hudson also
were prominent in the early transactions and Mack Trucks
had a run up of nearly two points to 1234 at its high for
the day. General Electric recorded a net advance of four
points. Copper stocks made further progress upward, but
oil stocks and railroad issues were practically at a standstill.
Profit taking served to depress the market on Thursday and
toward the end of the session stock stumbled downwards
after a day of irregularity. There were, however, a number
of strong spots which were particularly conspicuous in the
general trading. These included such stocks as Dodge "A,"
which crossed 32 at its high for the day; National Lead,
Savage Arms and United Alloy Steel. Copper stocks continued to improve, but oil shares made little progress.
United States Cast Iron Pipe & Foundry suffered a loss of
five points, but recovered three points later in the day.
Missouri Pacific was the feature of the railroad issues and
advanced 24 points to 93 3-5. Other strong stocks in the
railroad group were Chesapeake & Ohio, Lehigh Valley,
Chicago Great Western. The market again turned upward on Friday, General Motors moving into the foreground
and leading the upswing at 1643/8. Mack Trucks was also
strong and moved forward 23/i points to 1233/i. United
States Cast Iron Pipe & Foundry sold around 234 and scored
a gain of 33( points. Other strong stocks of the day were
New Haven, General Electric, Du Pont and American Can.
TRANSACTIONS AT THE NEW YORK STOCK
DAILY, WEEKLY AND YEARLY.
State.
Municipal &
Foreign Bds
United
States
Bonds.
Stocks.
Shares.
Total
83.307,000
6,112,000
6,565,000
7,612,000
7.219,500
7.186,000
$973.500
1.987,900
2,732,000
2,297,500
2,599,000
1,805,000
$431,500
973,000
1.116,500
432,600
718,300
847,000
8,490,658
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Railroad.
cite.
Bonds.
576,770
1,458,878
1,549,758
1,866,704
1,395,550
1.645.000
Week Ending July 16.
$38,001,500
$12,394,900
$4,518.900
Jan. 1 to July 16.
Week Ending July 16.
Sales at
New York Stock
Exchange.
1926.
1925.
1926.
-No. of shares_
Stocks
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
EXCHANGE,
1925.
8,490.658
6,340,926
237,542.265
222,186,981
$4,518,900
12,394.900
38,001,500
87.604,750
11,148,600
40,398,500
$165,239,800
358,104,450
1,199,803.200
8218,650.360
399,867,000
1.990,454,075
$54,915,300 $59,151,850 $1,723,147,450 82,608,971,435
BOSTON, PHILADELPHIA AND
DAILY TRANSACTIONS AT THE
BALTIMORE EXCHANGES.
Philadelphia.
Boston
Week Ending
July16 1926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
*8,302
•18,188
*25.871
•40,878
•29.649
25.420
86,000
4,000
3,500
20,000
12,000
Lim
32.827
41,156
36,026
24,849
24.751
11,202
Total
148,308
$54,500
170,811
68,935
853.600
161,111
Prey, week revised
I
Shares. Bond Bales. Shares. Bond Sales
88,000
24,5001
23,4001
48.4001
22,6001
14,0001
Bait more.
.
Shares. Bond Sales
288
1,837
3,208
1,608
1,632
1,285
8127,000
121,500
44,700
45,500
66,300
22,000
8140.90
9,788
8427,000
8130,906
6.886
8138,900
•In addition, sales of rights were: Saturday, 8,010; Monday, 9,536; Tuesday:
4,980: Wednesday, 9,850; Thursday, 8,558.
THE CHRONICLE
JULY 17 1926.]
THE CURB MARKET.
There was little change in Curb Market conditions from
that of previous sessions. Prices drifted aimlessly though
there was considerable weakness at times, while the volume
of business was small. Amer. Rayon Prod. dropped from
20 to 133' and recovered to 15. Amer. Seating lost about
two points to 333/2. Borden Co. sold up from 96 to 1013/
and at 101 finally. Brockway Motor Truck moved up from
27 to 40. Bucyrus Co. corn. was conspicuous for an advance
from 235 to 2483'. Canada Dry Ginger Ale weakened from
503 to 483' and closed to-day at 48%. Centrifugal Pipe
fell from 243/i to 213/i and finished to-day at 223'. Lehigh
Valley Coal Sales declined from 92 to 87 and finished to-day
at 873/8. Public Utilities show small changes for the most
part. Amer. Gas & Elec. corn. advanced from 86 to 943/i
and closed to-day at 94. Electric Bond & Share Securities
rose from 683y to 70% and ends the week at 70. There was
very little change in oil shares. Humble Oil & Refining
dropped from 623j to 593( and recovered finally to 61 X.
Ohio Fuel Oil fell from 593/i to 57% and sold finally at 58.
Standard Oil (Indiana) was off from 65% to 633 ,the final
4
transaction to-day being at 643 .
%
A complete record of Curb Market transactions for the
.
week will be found on page 216.
291
United Kingdom imports and exports of silver during the week ending
June 23 were:
ImportsExports
£130.360
United States of America__ £104.711 Germany
12.839 British India
241,100
Other countries
Other countries
7,686
Total
Total
£117,550
£309,136
INDIAN CURRENCY RETURNS.
(In lass of rupees.)
June 7. June 15. June 22.
Notes in circulation
18750
18996
18867
8697
Silver coin and bullion in India
8815
8944
Silver coin and bullion out of India
2232
2232
Gold coin and bullion in India
2232
Gold coin and bullion out of India
Securities (Indian Government)
5721
5721
5721
Securities (British Government)
2099
2099
2100
No silver coinage was reported during the week ending the 224 last.
The stock in Shanghai on the 26th inst. consisted of about 67.000.000
ounces in sycee, 61.700,000 dollars and 5,900 silver bars, as compared with
about 62.600,000 ounces in sycee, 61,600.000 dollars and 6,050 silver bars
on the 19th inst.
Statistics for the month of June and for the week are appended:
Bar Gold.
-Bar Silver per Oz. Std.Monthper Or. Fine.
Cash.
2 Mos.
Highest price
3034d.
84s. 1134d.
309-164.
84s. 103.Id.
Lowest price
30 1-164.
30 1-164.
30.247d.
Average price
84s. 11.2d.
30.2504.
Week
-
3034d.
303(d.
848. 11 34d
June 24
303-16d.
303-168.
84s. 1134cl.
June 25
303-164.
303-164.
84s. 1134d.
June 26
303-16d.
303-164.
844. 1130.
June 28
3034d.
3030.
845. 1034d.
June 29
303-164.
303-16d.
84s. 1134d.
June 30
Average
30.187d.
30.187d.
84s. 11.2d.
The silver quotations to-day for cash and two months' delivery are the
same as those fixed a week ago.
DAILY TRANSACTIONS AT THE NEW YORK CPRB MARKET
STOCKS(No. Stares).
Week Ending hay 16.
Ittd.cUlta.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
41,225
79.315
93,655
100.170
95,540
115,275
31,305
95.950
98,490
106,280
81.315
66,770
525,180
480,110
BONDS (Par Value).
Domestic. For'n Gott.
16,600
48,910
73,410
52,110
38,510
27,110
8758.000
2,087,000
2,081.000
2,102,000
1,730,000
1,788,000
$84,000
268,000
313,000
149,000
163,000
153,000
256.650 10,546,000 $1,130.000
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 30 1925:
•
GOLD.
The Bank of England gold reserve against notes on the 23d
inst.
to £148,786,065,as compared with £148,556,920on the previous amounted
Wednesday.
About £700.000 bar gold was available in the open market
this week.
The Continent secured about £300,000. India
£68,000 and the trade
E13,000. The Bank of England obtained the balance as
shown in the
figures below.
The folrowing movements of gold to and from the Bank
of England have
been announced since our last issue:
June 24. June 25. June 26. June 28. June 29.
June 30.
Received
£330,000
Withdrawn
£95.000 £15,000 £29,000
19,000 1.39,000 £45,000
It is understood that the £330,000 received by
the Bank of England
yesterday in the form of bar gold came from South
Africa. The destinations of the £210,000 sovereigns included in the
withdrawals shown above
were given as follows: £104,000 to Spain, £45,000
to India, £20,000 to
Argentina. £34,000 to Holland and £7,000 to Uruguay. During
the week
under review the Bank received on balance £98.000,
increasing the net
influx since Jan. 1 1926 to £5,732,000 and decreasing the
net efflux since
the resumption of an effective gold standard to
£5,863,000.
United Kingdom imports and exports of gold during the
week ending
the 23d inst. were:
ImportsExports
British South Africa
£629,371 Netherlands
£83,400
Other countries
2,751 Cent..Amer. & W. Indies_
20,000
British India
41,000
Straits Settlements
33.400
Other countries
19,906
Total
£632,122
Total
£197.706
The,following figures (in lacs of rupees) relate to
India's foreign trade
during May 1926:
Imports of merchandise on private account
19,91
Exports, including re-exports, of merchandise on
private account-• 25.01
Net Imports of gold
Net imports of silver
Net imports of currency notes
1.40
4
Total visible balance of trade-in favor of India
42
Net balance on remittance of funds
-against India
2
The Southern Rhodesian gold output for May 1926
amounted to 49,392
ounces. as compared with 51.928 ounces for April
1926 and 48.686 ounces
for May 1925.
Several countries have experienced discomfort from
a persistent influx
of gold, which simply accumulates in the reserves
of their State banks.
Efforts have been made both in Switzerland and in
Holland to put gold
coin into circulation, but with little success. So
accustomed and satisfied
are the public with notes that few coins pass from hand to
hand, and those
remaining at large are used as a form of saving,
especially by farmers.
The above facts are interesting in view of any eventual
return in this
country to the encashment of currency and Bank of
England notes in
sovereigns.
SILVER.
During the week the market has been sluggish. Despite
the dull tendency, prices have been loth to recede, mainly owing to
the absence of
pressure to sell. Indian monsoon conditions have been one
cause of the
inactivity, and the prolonged continuance of the mining dispute
another.
The Indian rains have not been so early as usual, and the delay
has caused
some uneasiness in the bazaars. On former occasions, however, the
rains
have been as late, and yet in the long run have proved satisfactory.
Naturally after such a succession of good monsoons, some apprehension arises
lest the time may have arrived for the series to be broken. To-day
news
of a more extended rainfall has been cabled, and Indian prices and exchange
have slightly improved in consequence. China has again worked both
ways, and moderate sales have been made by Aineriea, but the Continent
has been inactive.
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,
July 10. July 12. July 13. July14. Jul,15. Mt 16.
Sat.
Mon.
Wed. Thurs.
Taut.
Week Ending July 16Fri.
30
d 30 1-16 30
Silver, per os
3034
29 13-16
30
84.1134 84.1134 84.1034 84.1034 84.934 84.1014
Gold, per tine ounce
5554
5554
---Consols, 234 per cents
5551
5.5%
5534
British 5 per cents
101
101
101
10034
101
9534
British 454 Percents
9534
9534
9534
9534
45.75
46
French Rentes (In Paris)_fr.. --Holiday 45.15
45.05
FreneliWarLoan(InPar1s).1r. .....48.35
Holiday 47.20
48
45.65
The price of silver in New York on the same days has been:
6534 eem 6534 8534 13414
Silver in N.Y., per oz.(eta.):
6534
Foreign
COURSE OF BANK CLEARINGS.
Bank clearings the present week will make a satisfactory
increase compared with a year ago. Preliminary figures
compiled by us, based upon telegraphic advices from the
chief cities of the country, indicate that for the week ending
to-day (Saturday July 17) bank exchanges for all the cities
of the United States from which it is possible to obtain
weekly returns aggregate 5.3% more than in the corresponding week last year. The total stands at $10,090,415,247,
against $9,578,347,064 for the same week in 1925. At
this centre there is a gain for the five days of 6.8%. Our
comparative summary for the week is asfollows:
1926.
1925.
per
Cent.
St. Louis
San Francisco
1.08 Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$4,566.000,000
590.408.474
476,000,000
409.000,000
142,812.741
134.700.000
175,892,000
158,779.000
157,492,443
156,574,457
117,379,585
•101.000.000
54,712,703
34,274.287.840
610.344,990
492,000,000
381,000,000
133,500,000
131.300,000
167,099,000
135,471.000
146,538,868
164,358.230
115.595.707
99,053.195
55,055,392
+6.8
-3.2
-3.3
+7.3
+7.0
+2.6
+5.2
+16.2
+7.5
-4.8
+1.5
+2.0
-0.6
Total 13 cities, 5 days
Other cities, 5 days
$7,240,751,403
1,167,927,970
$6,905,604,222
1.137.675,035
+4.8
+2.6
Total all cities, 5 days
All cities, I day
38.408,679.373
1,681,735,874
88,043,279.257
1,535,067.807
+4.6
+9.5
20 A72 2/7 nag
.4-51
Clearings-Returns by Telegraph.
Week Ended July 17.
New York
anew
Philadelphia
Boston
Kansas City
s......1
/11 Atli. Mr woe&
2111
non
AIR 9/7
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 10. For
that week there is a decrease of 18.0%, the 1926 aggregate of
the clearings being $8,223,852,952 and the 1925 aggregate
$10,026,610,790, but this large decrease is due mainly to
the fact that this year July 4 (Independence Day) and a
holiday fell in this week, while last year it came a week
earlier. Outside of New York City the decrease is 15.1%,
the bank exchanges at this centre having recorded a loss of
20.3%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this
it appears that in the Boston Reserve District there is a
falling off of 9.9% in the New York Reserve District (in-
292
eluding this city) of 20.1% and in the Philadelphia Reserve
District of 14.2%. The Cleveland Reserve District has a
loss of 14.8%, the Richmond Reserve District of 24.0% and
the Atlanta Reserve District of 24.5%. In the Chicago
Reserve District the totals are smaller by 23.3%, in the
St. Louis Reserve District by 3.1% and in the Minneapolis
Reserve District by 17.7%. The Kansas City Reserve
District has a decrease of 2.8%, the Dallas Reserve District
of 9.2% and the San Francisco Reserve District of 8.4%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
16e.07
Dec.
1925.
1926.
Week End. July 10 1926.
$
502,456,428
6,722.146,519
622,289,502
421,918,558
225,375,422
249,843,482
1,065,292,208
196,449,158
139,015,244
271,999,768
66,703.178
544,121,323
Federal Reserve Dists.
1st Boston_ ___12 cities
2nd New York_11 "
3rd Philadelphial0 "
.
4th Cleveland 8 "
6th Richmond. 6 "
6th Atlanta ___13 "
7th Chicago.
.20 "
8th St. Louis__ 8 "
9th Minneapolis 7 "
10th 1{arisasCity12 "
5 "
11th Dallas
12th San Fran,.. 17 "
$
482,927,948
4,574,463,348
534,530,827
359,672,932
171,262,736
188,665,457
817.173,097
190,431,493
114,4434,850
261,788,101
59,638,240
498,903,923
Total
129 cities
Outside New York City_
8,223,852,952 10,026,610,790 -18.0
3,765,396,630 4,432,680,671 -15.1
ins Ann 706
Canada-29 cities
1924.
8
%
424,093,9%
-9.9
-20.1 4,740,243,029
-14.2
522,145,612
-14.8
351,839,300
-24.0
209,195,022
-24.5
176.829,221
834,983,573
-23.3
-3.1
206,533,886
-17.7
114,915,924
-2.8
237,824,504
59,081,422
-9.2
-8.4
475,799,27E
is,eat us .1-1 A K
1923.
$
417,226,558
4,137,138,964
522,053,979
401,747,378
186,951,553
155.661,827
883,308,606
68,133,545
126,992,879
267,394,362
60,530,417
2
489,620. 17
8,353,494,751
3,716,119,033
7,696,760.281
3,688,486,634
ii..,. al.
ill 11F1 007
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending July 10.
Clearings at
1926.
1925.
First Federal Reserve Dist rict-Boston
Maine-Bangor.,
816,929
867,637
Portland
4,125,480
4,151.539
Mass.
-Boston_ _ 401.000,000 443,000.000
Fall River..
1,679,524
2,254,651
Holyoke
a
a
Lowell
1,006.747
1.308,045
Lynn
a
a
New Bedford..
1,065,869
1,551,801
Springfield_ _ _
7,023.382
6,063,134
Worcester
3,378,498
4,374,440
Conn.
-Hartford
13.058,331
16,596.404
New Haven_ _ _
7.204.505
8.028,975
R.I.-Providence
11,858,600
13,290.700
N.H.-Manchl'r
710,103
969.102
Inc.or
Dec.
1924.
1923.
$
---23.0
a
--31.3
+15.8
--22.8
--21.3
--10.3
--10.8
--26.7
917.993
3,234,931
374,000,000
2,055,668
a
1,086,069
a
1,356,912
6.790,943
3,609,120
12,910,292
7.621,422
9,661,500
849.126
937,694
4.163,056
365,000,000
2,392,499
a
1,425,832
a
1,645,018
5.424.916
3.807.000
11.424.627
7,342.209
12,820,800
842,907
602,456,428
-9.9
424,093,976
417,226.558
Second Feder al Reserve 13 istrict-New
-Albany _ _
N. Y.
7,588.399
6.325,778
Binghamton__ _
1,396,399
1.204.800
Buffalo
50,901.443
d47.584.640
Elmira
949,125
1,027,485
Jamestown.,,_
c1,689,417
1,660.312
New York_
_ 4,458.456.322 5,593.930,119
Rochester
12.872,131
14,651.935
Syracuse
7,700,935
8.262,702
Conn.
-Stamford
3.309,321
c3,549.675
N. J.
-Montclair
570,961
635.725
N.I_
Northern
33.749,564
38,782,679
York-16.7
-13.7
-6.5
-7.6
+1.7
Total(12 cities)
452,927,948
--5.9
--0.6
--9.5
--25.5
5,857,574
6.222,681
1.249.624
1.232.353
51,409,320
37,735,796
770.013
908.960
1,437.824
1,242.954
.
4,637.375,718 4.008,273 647
11,482,465
11.966,677
-13.5
6.529,323
6,126,561
-6.8
3.753,902
3.062,325
+7.3
493,950
566,058
-10.2
45,881,322
33.802,946
-13.0
964
Total(11 cities) 4,574,453.348 5,722,146,519 -20.1 4,740,243,029 4,137,138,
Third Federal Reserve Dia trict-Phlla delphia
-A Itonna_
Pa.
05.972
1.5
1.929.332 -12.7
Bethlehem__ _
4,085,767
4.883,319 -16.2
Chester_
1....a 6,0
2 982 ‘.-ft -47.6
Lancaster
2.025.261
2,899.132 -30.2
Philadelphia _
505.000.000 583.000.000 -13.4
Reading
4.217.889
4.348,857 -3.0
Scranton
5,492,734
6.754,287 -1,8.7
Wilkee.Barre_ _
d3,801.710
4,151,691 -8.3
York
1,759,577
2,276,897 -22.7
N.J.
-Trenton _ _
5,365,324
9,883,989 -45.7
Del-Wilming'n.
a
a
a
070
2.611.
1,421.396
3,592,273
1.444 ,14
2,916,000
493,000,000
3,856,597
5,958,451
3,220,342
1,732.342
5,004,677
a
3,030,428
490,000.000
3,946,596
6,241,960
4,017.225
1,749.799
4,900,807
a
622,289,502 -14.2
522,145,812
97
522,053. 9
Fourth Feder al Reserve D istrict-Clev elandOhio-Akron___ _
d5,681,000
5,861,000 -3.1
Canton
3,933,731
4,607,287 -14.6
Cincinnati _ _
65,913.879
78,654.174 -16.1
Cleveland
102.491,426 128,956,795 -20.6
Columbus
15.944,300
17,689,700 -9.9
Dayton
a
a
a
Lima
a
a
a
Mansfield
d1,780,151
1,905,270 -6.5
Springfield.. _
a
a
a
Toledo
a
a
a
Youngstown
d5,976.376
5,408,885 +10.5
Pa. Erie
a
a
a
Pittsburgh_
147,952,249 178,835,447 -17.2
6,168,000
5,300,807
67,249.405
103,067.958
16,415.300
a
a
1,508,090
a
a
4,573,604
a
147,556,136
9,001,000
5,616,608
71,366,790
7
117,518,03
18.129,800
a
a
2,044,428
a
a
9
5,637, 67
a
172,432,748
Total(10 cities)
534,530,827
5.005.685
4,0
421,918,558 -14.8
351,839,300
401,747,378
Fifth Federal Reserve Dist riot-111cl= ondW.Va.-Ilunt'g'n
1.514.725
1.724,495 -12.2
Va.-Norfolk.__
7,743,435 +6.8
d8,267,726
_
Richmond
39,981.000
52.806.000 -24.3
8.0.
3.142,845
2,281,437 +37.7
-Charleston
Md.-Baltimore,
93,184,258 131.008,555 -28.9
D.C.-Washing'n
25.172.182
29,811,500 -15.6
2.234.942
6,593,670
62.480.000
2,039,850
114,706.660
21,161.000
2,138,562
8
7 8150 016
42:3,691:0
225,375,422 -24.0
209,195,022
Total(8 cities)_
Total(6 cities).
359,872,932
171,262,736
Sixth Federal Reserve Dist rict-Atiant
Term.-Chatt'ga
6.043.118
d7,139.161
.3,500,000
Knoxville
*3,600,000
22.22.1 456
Nashville
19,476,918
61,997,204
Georgia-Atlanta
44,561,073
1,773,317
Augusta
1.658,057
1,941380
Macon
1,884,620
Savannah
'
39,382,356
Fla.-Jack'nvUle.
'
22,117.770
23,027,644
Miami
10,050,578
26.870,841
Ala.-131rming'm.
22,014,853
4
2,016,39
Mobile
1.884.327
Jackson
1,485,359
1,635,000
497,441
Vicksburg
428,987
59,208,142
La.-NewOrleans
51,914,113
Total(13 cities)
[VOL. 123.
THE CHRONICLE
188,665,457
4.2.8
--12.4
--28.1
--6.5
--2.9
a
--42.9
5.223.653
4.2,900.000
575
103,268,
22,468,624
180'951'663
6,188,918
3,245,109
18.016.212
47,507,157
--12.3
--6.5
+10.1
13.8
--12.3
18.544.178
58,506,285
1,500.000
1,429.371
a
13,694,783
3,322.526
24,917.834
1;761.224
1,472.634
418,233
43,149,000
,
377 4666
45,256 3 9
249,843.482 -24.5
176.839,221
155,661,823
10i:536-85-87-.,91;
- 74
19,918i
1,915.708
1,289,700
Week Ending July 10.
Clearings at
1926.
1925.
Inc. or
Dec.
1924.
Seventh Feder al Reserve 13 'strict-Chi C140
247,325
-Adrian
Mich.
240,138 --12.7
:09,548
818,954
Ann Arbor_ __ _
932,649
1,039,138 --10.3
Detroit
140,431,662 171,061,866 --22.4 140,721,550
7,059,533
Grand Rapids_
9.926.208 --32.8
6.667.408
5,556,127
Lansing
2,843,000 --21.5
2,231,000
2,659,931
Ind.
-Ft. Wayne
3,496,461
4,526,309 --22.8
Indianapolis_ _ _
25,435,000
25,856,000
23,558,000 +9.7
2.806.800
South Bend...
2,885,500
3,648.000 --20.9
5,867.870
Terre Haute
5,571,859 --1.5
5,489,657
39,548.015
Wls.-M ilwaukee
44.062.002 --10.6
39,416.679
2.670,913
Iowa--Ced.Rap.
2,643,682
3.032.840 --16.1
Des Moines,,,
10,909.858
9,797,137
11,705.203 --16.3
6,631,232
Sioux City....
6,127,091
7,505,884 --18.4
1,584,044
Waterloo
1,313,093
1,468,000 --10.6
1,564,731
111.
-Bloomington
1,704,440 --19.1
1,378,945
Chicago
556,696,363 760.421,960 --26.8 619.606.083
a
Danville
a
a
a
1,521,610
Decatur
1.208,593
1,676.126 --27.9
4,568.975
Peoria
4,770,379
5,309,605 --10.2
2,584,562
Rockford
3,269,602 +2.7
3,358,265
2,516,480
Springfield__
3,621,428 --34.8
2,362,985
1923.
238.294
823,705
131.916,664
7,539,534
2,502,000
3,594,477
28,332,000
2,843,232
6,952,552
41,101,931
2,431,510
11,554,337
6.379,164
1,830,658
1,503,196
622,859,303
a
1,397,082
4,493,583
2,539,840
2,675,544
-23.3
Is-1.9
+1.1
-13.1
-24.4
-9.3
+0.7
-15.3
-15.0
834,983,573
883,308.606
5,532,021
138,600,000
32.181,310
471,549
16,674,310
11,299,719
359,275
1,415,702
32,223,222
434,335
16.367,847
11,111,219
345,043
1,430,467
Total(8 cities)
190,431,493 196,449.158 -3.1
Ninth Federal Reserve Dis trict-Minn eapolis
-Duluth..
Minn.
10,194.528 -27.9
d7,350,576
Minneapolis...
72,424,971
86,103,004 -15.9
St. Paul
35,395 806 -20.1
28,251.171
No. Dak.-Fargo
1,703,661
1,787.367 -4.7
S. D.
-Aberdeen
1,615,897 -16.2
1,353,850
Mont.
-Billings
637.123 -9.9
574,150
Helena
2,746.471
3,321.469 -17.2
206.533,886
68,133,545
6,014,665
72,577.464
30.030.359
1,633,995
1,307.353
581,727
2,770,370
8,291,902
75,431,551
36.168,153
1,986,756
1,319,708
588,951
3,205,880
Total(7 cities)_ 114,404,850 139,015,244 -17.7
Teo di Federal Reserve Dis trict- Kens as City
Neb.-Fremont..
d729,805
500.516 +45.8
Hastings
541,973
475,100
Lincoln
5,392.991 -12.5
4,717,800
Omaha
34,512.836
44,953,634 -23.2
-Topeka., d4,845,745
Kan.
+5.4
4,597,271
Wichita
d12,433,152
9,441,739 +31.8
Mo.-Kan. City_ 146,451.589 149,185,431 -1.8
St. Joseph
d6,950,995
6,907,905 +0.6
Okla.
-Muskogee
a
a
a
Oklahoma City
31,059,331
24,274,294 +27.9
Tulsa
a
a
a
Colo.
-Col. Srgs.
1,251,106
1,373,105 -8.9
Denver
17,077,785
23,635,949 -17.8
Pueblo
e1,282,857
1.195,060 +7.3
114.915.924
126,992.879
479,256
567,659
4,423,580
39,483,749
3.531,904
8.067,203
131,435,217
5.668,182
19.;32,018
a
1.005.354
22.268,429
1.161,953
436.083
486,213
4,677,427
44,234.229
3,343,868
9,840,004
919
140,577.
7,887,000
a
4
23,940,06
a
1,410,384
19,566,130
995,051
237.824,504
257,394,362
Total(20 cities) 817,173,097 1,065,292,208
Eighth leedera 1 Reserve Dis trict-St. Lo
7,347,248
7,211,408
Mo.-St. Louis.. 118,200,000 116,900.000
KT.-Louisville....
38,788,547
33,694,427
Owensboro.
350,203
463.464
Tenn.- Memphis
16,834,002
18,548,800
Ark.
-Little Rock
12,144,404
12,049,466
Ill.
-Jacksonville
509,988
432,106
Quincy
1.841,655
1,564.943
Total(12 cities) 261,788,101 271.999.768
Eleventh Fede ral Reserve District
-I)'
-Austin _ _
Texas
1,198,635
2,126.675
Dallas
35,365,932
42,104.084
Worth.., d13,308,063
9,999,202
Galveston
6.542,000
6,410,000
Houston
a
a
La -Shreveport.
4,931,167
3,355,610
-2.8
las---43.6
--16.0
+33.1
-2.0
a
-32.0
65,703.178
Total(5 cities).
59,638,240
Tweihh keder al Reserve D strict-San
44,562,530
Wash -Seattle..
38,514.966
13.000,000
Spokane
11,492.000
Tacoma
a
62,290
'
1,454,002
Yakima
44.141,214
Ore -Portland..
34,184,821
18,055,459
-S.L.City.
Utah
15,083.991
a
a
Nev.-Reno
a
a
-Phoenix
Ariz.
3,475,293
3,688,850
Calif.-Fresno_ _
7,582,116
7,930,165
Long Beach_ - Los Angeles- - - 157,558,000 165,218,000
22.071,300
19,219,326
Oakland
6.643,683
7.456,690
Pasadena
9,874,443
d8,774.268
Sacramento...
6,186.958
5,907,746
San Diego
San Francisco_ 176,589.000 191,493,000
3,391,465
4,173,694
San Jose
1.241,098
1,344,034
Santa Barbara_
2,479,774
2,335,970
Santa Monica_
3,342.700
c3,196,400
Stockton
59.081,428
-9.2
Franc, sco-45,627.934
-13.6
-11.6
13,605,000
a
a
1.221.771
+6.7
37,380,991
-22.6
14,848,072
-16.5
a
a
3,347,961
+6.1
7,276,020
+4.6
-4.6 137.655,000
16,645,028
-12.9
5,449,404
+12.2
7.640,947
-11.2
5,434,161
-4.5
-7.8 170.400,000
3,087,335
+23.1
1.386,573
+8.3
-5.8
2,346,079
-4.4
2,453,000
1,3
6,221,412
1,322,990
1,237.779
26,068,635
36.661,040
10,789,257
10,075.066
6,900,467
6,519,617
a
a
4,587,426 v 5,451,068
50,530,417
40,671.982
11,562.000
a
1,225,625
41.574,080
14,482,570
a
a
4,836.081
8,943,423
152,770,000
18,351,392
5,975,789
9,433,544
4,939,847
167,200.000
2,681,494
1,418,990
3,553,6C*
Total(17 cities) 498,903,923 544,121,323 -8.4 475.799,276 489,620,217
Grand total (129
8,223,852.952 10026,610,790 -18.0 8,353,494,751 7,696,760,281
cities)
Outside New York 3,765,396,630 4,432.680,671 -15.1 3,716.119.033 3,688.488,634
Week Ended July 8.
Clearings al
1926.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Qutbec
Halifax
Hamilton
$
131,054,197
121,008,246
56,268,638
20,677,938
8,230,881
9,021,226
5,158,699
6,453,688
7,951,394
John
Igary
3,347,204
V8C1lac. toria
2,868.850
3,722,418
Edmonton
6.119,890
LondonRegina
5,555,816
Brandon
833,771
ndge
653,427
Saskatoon
2,162,107
Moose Jaw
1,628,742
Brantford
1,696,491
Fort William._ _
.
1,126,434
New Westminster
1,003.874
Medicine Hat_ _
.
503.706
. . 1,325,763
Peterborough_ _
Sherbrooke
1,205.733
er
r
1,118,791
Windsor
4,839,794
Prince Albert__
.
Moncton
1,412726,068151
Kingston
1,272,130
1925.
$
107.993,606
106,458,464
52,117,839
18,061,140
7,490,674
6,926,623
4,039,480
6,607,879
7,352,527
3,156,723
2,536,486
3,680.263
5,205,914
4,056,455
816.901
668.492
1,725,068
1,397,381
1,837,130
813,535
847.020
Inc.or
Dec.
%
+21.3
+13.6
+8.0
+14.5
+9.9
+30.2
+87.7
-2.3
+8.1
+6.0
+13.1
+1.1
+17.5
+37.0
+2.0
-2.3
+25.3
+16.6
-7.7
+38.4
+18.5
6
8
8
4 6 22
1.042,79 ++2123.41
1.St2
,
:
4,087 iii
373,623
978,697
1,051,981
-11i
4
+27.6
+14.6
+29.9
1924.
1923.
$
105,230,337
106,196,434
55,968,009
15,863,210
6.748.402
6,391.2.31
3,454,769
6,176,825
5,602.505
3,019,309
2,558,118
3,427.490
4,401,882
3,703,261
674.846
512.183
1,650,654
1.217.176
3
993 04
1, 35170
$
4
114.807.9 0
99,286,345
38,476,340
15,610,722
7,214,831
6,769,276
517
4.070,
7,751,067
4.600,104
2,837,126
2,216,793
3,283,688
4,476.578
8,357,915
687.617
812,427
1,645,137
1.195.445
2 31 2
879 210
1, 3 : 0
705,021
327,671
956,779
882,367
620.933
209.453
885,251
994,934
1
4
11. Ng
313,404
052,798
1,106,047
1:Eii
1,109,070
770,146
Total(29 cities) 408.408.724 353.695,139 +10.5 345,135,935 331.851.697
a No longer report clearings. b Do not respond to requests for figures. c Week
ended July 5. d Week ended July 6. e Week ended July 7. •Estimated,
JULY 17 1926.]
THE CHRONICLE
293
INTEREST
-BEARING DEBT OUTSTANDING.
Interest May 311926. May 31 1925.
Payable.
$
$
599,724.050
-J. 599,724,050
Q.
-F,
48,954,180
48,954,180
Q.
25,947,400
25,947,400
-F.
Q.
49,800,000
49,800,000
-M.
Q.
28.894,600
28,894,500
Q.
-J.
J -J. 817,802,000
563,581,600
J -J 1,402,139,100 1,409,995.950
J.
-D.
5,156,800
5,440,800
J.
-D. 532,874.250
532,591,250
J.
-D.
3,492.150
3,492,150
M.
-N.
20,850,550
21,912,900
3,083,679,750 3,082.648,200
-S. 2.568,272,950 2,885.377,350
M.
A -O. 6,324.472.450 6,324.488,350
763.948,300
763,948,300
1.047.087,500 1,047,088,500
494.898,100
387,070,818
Matured 360.447,255
12,540,040
-J.
11,995,880
J.
-D. 1,612.403,600 2,809,840,100
J.
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for June 1926 and
1925 and the twelve months of the fiscal years 1925-1926 and
1924-1925.
rule Of Loan—
2s, Consols of 1930
250f 1916-1936
2s of 1918-1938
3s of 1961
3s Conversion bonds of 1946-1947
Certificates of indebtedness
334s First Liberty Loan, 1932-1947
Liberty Loan, converted
Months
-- 4s First Liberty Loan,
converted
4145 First
1924-25.
414s First Liberty Loan,second converted
$
45 Second Liberty Loan, 1927-1942
547,561,226
4)4s Second Liberty Loan, converted
Third Liberty Loan of
1,760,537,824 414s Fourth Liberty Loan 1928
of 1933-1938
41.4s
828,638,068 4Iis Treasury bonds of 1947-1952
Is Treasury bonds of 1944-1954
3.4's Treasury bonds of 1946-1956
Is War Savings and Thrift Stamps
23,247,699 $348 Postal Savings bonds
160,389,978
Treasury notes
143,911,421 6345 to Ms
19,843,302
Aggregate of Interest-bearing debt
Bearing no interest
33,373.481
Matured,interest ceased
—Month of June— —Twelve
Receipts.
1926.
1925.
1925-26.
Ordinary—
$
$
E
Customs
47,260,645 44,543,687 579,430,093
Internal revenue:
Income and profits tax_ _ 443,339,888 377,485,178 1,982,040,089
Miscell. internal revenue
55,257,813 70,596,327 855,599,289
Miscellaneous receipts:
Proceeds Govt.
-owned sees.:
Foreign obligations:
Principal
8,354,852
35,000
34,147,272
Interest
69,829,300 69,733,915 160,090,685
Railroad securities
853.420
4,964,848
36,735,327
All others
894,409 5,386,244
34,568,379
Trust fund receipts (re-appropriated for invest't)
2,909,790
2,520,956
39,796,558
Proceeds sale of surplus
property
1,053,378
2,213,167
25,572,013
23,768,975
Panama Canal tolls, &c
2,010,423
1,669,387
24,648,569
23,089,958
Receipts from misc,sources
credited direct to appropriations
1,954,320
2,818,805
18,694,008
29,603,432
Other miscell neous
17,921,111 33,024,736 171,433,408
186,183,320
Total ordinary
651,639,349 614,992,250 3,962,755,690 3,780,148,684
Excess of ord.receipts over total expenditures chargeable
against ordinary receipts_ _289,436,687 196,642,907
377,767,817 250,505,238
Excess of total exps. chargeable against ord. receipts
over ordinary receipts
Expenditures.
Ordinary—
(Checks and warrant, paid, ctc.)
General expenditures
154,235,522 145,286,387
Interest on public debt a_. 89,445,982 91,143,409 1,826,726,924 1,837,004,476
831,937,700 881,806,662
Refunds of receipts:
Customs
1,941.756
2.830,323
27,744,698
22.920.891
Internal revenue
23,505,731 15,979,162 182,220.053
Postal deficiency
11.517.409
39.506.490 12;,,77
214.381
Panama Canal
453,358
933,303
9,017,719
9,092,819
Operations in special acc'ts:
Railroads
19.030
4,566.699
2,725.801
7,204,993
War Finance Corporation
8630,648 81.605.346 819,691.166
842,901,758
Shipping Board
815,281
1,699,310
23,043,032
30.304.859
Allen property funds
378.729
8240.641
3,515,999
4.018,131
Adjusted service ctf. fund c
.
452,384
8180,534 120.152,238
99,458,769
Investment of trust funds:
Govt. Life Insurance
2,692,077
2,174.788
38.290,346
31,991,714
Civil Service Retirement
8186,163
8372.086
10,815,743
9,745,622
Dist. of Col. Teachers' Retirement
65.032
50.014
297.037
258.007
Foreign Service Retirement
82,500
100,033
82,569
General RR. Contingent
152,681
296,155
1,209,176
1,123,760
Total ordinary
284,855,661 262,560,943 3,097,611,823
3,063.105,332
Public debt retirem'ts chargeable against ord. receipts:
Sinking fund
87,934,400 317,091,750
306,308,400
Purchases and retirements
from foreign repayments_ 4,393,500
4,393,500
Received from for. govts.
386,100
under debt settlements
72,950,000 67,843,500 165,260,000
158,793,500
Received for estate taxes
Purchases and retirements
47,550
from franchise tax receipts
(Fed. Res. and Fed. Intermediate Credit banks)
567,900
794.159
Forfeitures, gifts, die
3,500
10,500
62,900
208,403
Total
77,347.000 155,788,400 487.376,050
466,538,113
Total expends, chargeable
against ord'y receipts__ .362,202,661 418.349,343 3 584
, ,987,873
3,529,643,446
Receipts and expenditures for June reaching the Treasury in
July are included.
a The figures for the month Include $399,193 41 and for
the fiscal year 1926 to
date $5,821,883 67 accrued discount on war-savings certificates
of matured series,
and for the corresponding periods last year the figures include
$577,774 16 and $10,374,897 81, respectively.
0 Excess of credits (deduct).
c Investments made Jan. 1 1925 for account of the
amount of adjusted service series obligations, of which fund were $100.000,000 face
$4.600,000 were redeemed to
June 30 1925, to provide funds for authorized payments to
made Jan. 1 1926 and Mar. 5 1926 in similar obligations that date. Investments
were $120,000.000
amount from the appropridtions available on those dates
and $3,500,000 face faace
from annual interest payments on investments.
amount
year Treasury certificates of indebtedness held in738.200,000 face amount of onethe
and after redemption the proceeds of principal were fund matured Jan. 1 1926,
reinvested in like obligations
maturing Jan. 1 1927. See items of adjusted service
series under public debt
ceipts and expenditures for Issues and redemptions
reence between amounts of above charges and the since June 30 1925. The differamounts appropriated for
ment is due to working balance required for use of
investVeterans' Bureau in making
thorized payments from the fund.
au-
Public Debt of United States—Completed
Returns
Showing Net Debt as of May 31 1926.
The statement of the public debt and Treasury
cash holdings of the United States as officially issued
May 31 1926,
delayed in publication, has now been received,
and as interest attaches to the details of available cash and the
gross and
net debt on that date, we append a summary thereof,
making
comparisons with the same date in 1925.
CASH AVAILABLE TO PAY MATURING
OBLIGATIONS
May 31 1926, May 31
1925.
Balance end month by daily statement, &c
$263,302,286
248,067,423
Add or Dedua—Excess or deficiency of receipts over
or under disbursements on belated items
—2,244,605
+4.916.143
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates_
Settlement warrant cheeks
Total
Balance,deficit(—)or surplus +
( )
$261,057,681
56,273,523
77,445,977
10,594,530
1,084,193
145.398,223
$252,983,566
1,809,359
58,342,473
60.104,794
16,307,713
136,564,339
+$115,659,458 +$116,419,227
19,803.381,925 20,602.792,178
246,654.799
280,705,446
13,248,710
c15.329,140
Total debt
a20,063.288,434 20,898.826,784
Deduct—Treasury surplus or add Treasury deficit__ + 115,659,458 +116,419,227
Net debt
819,947,628,976 20,782.407,537
a The total gross debt May 111926 on the basis of daily Treasury statements was
$20,063,300.261 28, and the net amount of public debt redemption and receipts
In transit, dic., was $11,827 10.
b No deduction is made on account of obligations of foreign Governments or
other Investments.
C Includes $1.658.750 4% Loan of 1925.
gommercialanti calm:monsBettis
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange Ju'y 10 to July 16, both
inclusive, compiled from officials sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
1Week.
Par. Price. Low. High. Shares.
Stocks—
Range Since Jan. 1.
Low.
High.
26
25
Amer Vitrified Prod corn 50 26
200 25
July 33% Jan
63
62
Amer Wind Glass Mach 100 63
180 62
July . 80
Jan
100 86
86
Preferred
86
31 8134 May 913i Jan
Wind Dlass C .1)mo°
1084 1084
Amer
175 10631 Jan 112
Feb
Arkansas Natural Gas__10
634 8.050
634 , 6
7
Jan
534 Feb
10
143.4 1414
Carnegie Metals
100 1434 July 21
Feb
10 1434 14% 15
Devonian 011
850 123.4 Apr 17
Jan
100
310 310
First Nat Bank
14 308 June 325
Mar
•
Houston Gulf Gas
934
7
10
9,880
534 Apr 10
Feb
634 834
50
Indep Brewing pref
110
534 Feb
Feb
8
Jones dr Laugh St'l pref _100
36 114
11614 11651
Jan 11634 June
25 3634 36)4 364 17.007 30
Lone Star Gas
Apr 5634 Jan
95 323.4 May 39
Nat Menroofing pref _ _100 3434 34% 34%
Feb
39
4334 76.677 33
Ohio Fuel Corporation 25 42
Apr 4334 July
28
Oklahoma Natural Gas...25 28
29
2,498 2714 July 34
Jan
50
1214 121.4
Pittsb 13rewing pref
210 11
Feb
Jan 15
9
10
814 9
240
Salt Creek Cons 011
8
Apr 10
Feb
25 10034 100 1003.1
Stand San Mfg com
896 100
May 11814 Jan
10
834 814
Tidal Osage Oil
750
834 July
Jan
10
1534 1534
25
85 1534 June 1934 Jan
IT S Glass
41
41
70 41
Waverly Oil class A
July 41
July
West'house Air Brake_ _ _ 50 12934 129 12934
378 106
Mar 12934 July
95
95
15 90
Jan 95
West Penn Rye pref___100
July
• No par value.
Note.—Sold last week and not reported: 20 Amer. Wind Glass Mach, corn. at 62;
90 Blaw-Knox corn at 58:62 Fidelity Title & Trust at 45; 200 Nat. Fireproofing corn.
at 12: 100 Nat Fireproofing pref. at 34; 100 Pittsburgh Brewing corn. at 5:10 Pittsburgh Coal prof. at 73; 1,000 San Toy Mining at Sc.; 10 Standard Plate Glass at 32%;
10 West Penn Rys. pref. at 95.
St. Louis Stock Exchange.—Record of transactions
at St. Louis Stock Exchange Ju'y 10 to July 16, both
inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Stocks—
Banks—
100
Boatmen's Bank
First National Bank_ _ _100
Nat Bank of Commerce.100
Trust Company Stocks
100
Mercantile Trust
Mi issippi Valley Trust100
ss
St Louis Union Trust_ _100
Miscellaneous
-Amer Credit Indemnity_25
•
Boyd-Welsh Shoe
Certaln-teed Prod 1st pf 100
100
2nd Preferred
Chicago Ry Equip pref _25
100
E L Bruce pref
Ely & Walker D G com_ _25
Ilamilton-Brown Shoe._25
•
Hussman Refr., corn
•
Iluttlg S & I) corn
Hydr Press Brick prof. _100
International Shoe corn.100
Preferred
•
Johansen Shoe
•
Johnson-S & S Shoe
MoIlls Stores pref _ _100
Slo Portland Cement._ _25
100
Nat Candy corn
Polar Wave 1 & F A_ _ __"
*
Rice-Stix D 0 corn
100
2nd Preferred
Scruggs B DO corn_ _100
-V
100
let Preferred
•
Sheffield Steel corn
•
Sieloff Packing corn
Skouras Bros A
•
Southern Acid & Sulp com •
Southw'n Bell Tel pref.100
10
St Louis Car com
Preferred
100
Stlx Baer A; Fuller
*
Wagner Electric com___ _•
Preferred
100
NVm Waltke corn
•
Preferred
100
Street Railway Bonds
United Railways. 4s_1934
4s, C-ol
1934
Miscellaneous Bonds
5 No par
alue.
Range Sines Jan. I.
Low.
High.
235
155 155
235 235
16134 163
10 153
2 228
46 155
297
355
417% 417%
297 297
325 325
5 40914 July 425
10 267
Jan 298
5 316
June 325
36
109
59
85
3214
21%
27
5134
45
11534
94
2934
48
23
77
5234
4114
101
87
25
99
2914
44
36
3334
8314
150
10734
3434
60
108
57
84
32
21%
9934
24
90
26
19
5134
45
114%
14
9334
29%
20
68
4734
23
55
42
101
87
25
99
30
45
38
333.4
84
151
108
3434
60
109
59
85
3214
22
9934
24
90
27
19
51%
45
1153.4
14
94
2934
20
68
48
25
140
375
2
20
100
10
155
60
30
30
65
85
35
65
35
25
1.470
190
445
75
10
241
8
145
50
360
150
7
100
160
65
31
5
155
316
77
7734
76% 76%
5,000
8,000
49
353.4
98%
85
25
99
2814
43
34
31
83
135
107
28
50
104
484
70
3134
2134
9934
24
90
24
18
46
42%
112
14
90
29
20
0531
40
23
75
74
Jan 1603.4 May
Jan 235
July
Jan 171
Feb
Mar
Mar
Apr
May
Jul)
July
May
May
June
June
July
May
June
July
May
June
Mar
Apr
May
July
July
July
July
May
June
Mar
June
Apr
July
May
Mar
July
Slay
Apr
July
Jan
Jan
55
4434
105
9534
26
10134
333.4
57
41
44
9734
17534
11134
45
98)4
110
67
92
3734
75%
10234
30
95
2934
22
59
523(
11534
1634
97
3534
3434
85
4934
28
Mar
May
July
July
Feb
Max
Feb
Max
Mai
Jan
Jan
Jan
Feb
Jam
Jar
Jar
Jar
Jaz
Feb
Jar
Pet
Feb
Fet
Jaz
Fed
Jar
Jaz
Jar
Jaz
Fet
Ju13
Fet
Jar
Jaz
Jaz
Jaz
Jute
Jar
78% MY
7814 AP
294
[VoL. 123.
THE CHRONICLE
FOREIGN
-MONTHLY
TRADE OF NEW YORK
STATEMENT.
Customs Receipts
at New York.
Merchandise MOVefflelll at New York.
Month.
Imports.
1925-26.
1924-25.
Ezports.
1925-26. I 1924,25.
1925-26. I 1924-25.
July
154,208,974134,244,024 135,781,354 113.857.700
August
166,853,232 111,756,587168,713,039 139,802,24
September 166,212,020 131,786,636 137,468,016 141,844.404
October.... 192,479,742 154.424,252 126,701,020 168,984.882
November. 196,527.068 140.605,417136.152.139 138,892,978
December_ 221,274.002 152,382,564 172,257,373 127,785,237
January
215,137.735 156,923.263 153.410,75 156,313,00
February - 195,930,212 160,460.91 135,855,812 123,210.3
March.... 34,703,468 183,494,49147.798,
175.312.931
April
193,961.303 166,694,00164,810,083 171,392.165
May
161.807,859 149,170,018124,551,637 147,545,548
25,426.495
24,565.320
28,765,865
28,358.873
23,732,263
23,451.575
17.121,252
27,072,503
27,668,955
22,893.230
21,933,376
24,327,006
26,235,01
30,186,355
29,389,797
29,333.221
26.729,182
26,628,88
25,131,733
29,523,243
24,280.726
22,333,749
Total.- 20990936151641942 176 1603499 710 1604041 436 294.098.90770.987.7O7
Movement of gold and silver for the eleven months:
CHARTER ISSUED.
-The Fair Naven Nat'l Bank, Fair Haven, N.Y. $25,000
-12958
July 6
President. It. W.Turner: Cashier, WIal• Burtiese•
CHANGE OF TITLE.
July 8
-The First National Bank of Freeport, Ni.w York,
-7703
to "The First National Bank & Trust Co. of Freeport.'
VOLUNTARY LIQUIDATIONS.
July 6
-6809
--The State Nat'l Bank of North Tonawanda, N.Y-3600,000
Effective 12 o'clock noon,July 3 1926. Liquidating Agents,
L.S.DeGraffand Henry P.Smith, No.Tonawanda,N.Y.
To be absorbed by a trust company.
300.000
July 6
-10940
-National Exchange Bank of St. Paul, Minn
Effective June 24 1926. Liquidating Agent, Winslow W.
Dunn, St. Paul, Minn. Succeeded by National Exchange
Bank in St. Paul, Minn. No. 12922.
July 7
-The Farmers National Bank of Barnesville, Minn. 25,000
-11261
Effective June 19 1926. Liquidating Agent, Chris Moyer,
Barnesville, Minn. Absorbed by Citizens State Bank of
Barnesville.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
fliber-New York.
Odd Movement at New York.
Month.
Reports.
Imports.
Reports.
1925-26. I 1924-25.
1925-26.
1925-28.
Imports.
1925-28.
1924-25.
$
2.468,24
1.024.953
5,060,700
1,395,082
2.969.990
4,597.913
2.569.831
2,012,359
2,038,14
802.731
901.208
July
6,489,017 15,222.422
759,804 14.279,486
August
672,610 1,028.986
September
October- _ 42,379,042 16,070.991
November. 3,867,632 15.798,143
December_
947,408 6,827,266
January
705,698 1,029.134
February _ 10,707,020
612,514
March--- 3,201,667 3,662,342
April
895,895 5,694.336
May
619,245 7,776,4
$
230,512
1,730.671
2,167.626
1,710,347
4,452,453
39.070.707
66.002,262
33,520,792
21,435.084
19.899.381
10,304,670
sli
1,663.4731 3,684,687
3,416.707
761.9001
1.609,338
638,906
1,299,4681
1,858,882
5,524.289
1,613,5004
2,252.994
1.273,845
4,645.001
3,439,551
5.307.958
5.511,426
5.256.286
6,436,232
3,848,818
5,556,070
4,650.649
4,432.012
Total.-- 71,245,038 88,002,075 25,841.162200,524,505 21,913,282 52,768.690
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:
Ana. Bds. on Deposit to
Secure Circulation forNotional
Fed. Res.
Bank Notes, Bank Notes.
June 30 1926_
May 31 1926-April 30 1926-Mar.31 1926-Feb. 27 1926-Jan. 31 1926-Dec. 31 1925-Nov.31 1925-Oct. 31 1925-Sept.30 1925-Aug. 31 1925-July 311925..
June 30 1925-May 31 1925._
April 30 1925..
Mar.31 1925.Feb. 28 1925_
Jan. 31 1925._
Dec. 301924..
Nov. 30 1924_
Oct. 31 1924_
Sept.30 1924..
Aug. 30 1924_
July 31 1924_
3
665,616 390
'140
665,465
'
665,686 140
'
665,568 140
'
665,235 640
'
665,363 590
'
666,273 130
'
660,087 630
'
666,185 130
'
665,542630
665,810 130
'
665,227 130
665,061 330
'
'
665,502 880
'
666,010 330
'
665,608 330
'
668,943330
725,171;780
731,613,630
737,635790
739,842:890
741,239,890
742,462,390
746.611.640
5
National Bank Circulation
Afloat on
Bonds.
Legal
Tenders.
$
S
660,986,560 41,682,684
660,677,175 42,697,987
661,664,478 42,519,201
661,016,470 44,211,319
661,244,347 45,059,372
661,298,333 45,050,979
658,362.223 46,194,204
662,622,888 48,127,556
662,538,483 51,264,261
661.380,320 56,543,569
662,186,083 61,476,914
660,341,413 66,214,271
660,501,393 72,864,681
661,293,895 78,275,574
661,397,558 86,028,261
661,613,281 93,597,406
683,324,911 100,532,366
722,092,263 47,748,139
727,175.641 44.871.176
733,995,581 40,152,976
735,602,435 38.679.189
736,557,660 39,289,184
737,141,058 40,052,136
740 Aso 'no 85 537.849
By Adrian H. Muller & Sons, New York:
$ per sh.
Shares. Stocks.
$ tier sh. Shares. Stocks.
84 Army Mans 011 (Dallas, Texas),
1,000 Warren 011 Co. corn., par $1
$2 lot
5,000 Mohave Tunnel Co., par $1Dar $10
1,000 Triumph 011 & Ref., par $1_ $2 lot Sundry notes aggregating approxi$150 lot
2,000 World's Natural Resources
mately 316,884 22.
Corp.6% pref., par $I
60 World's Nat. Resources Corp.
6% pt.. represented by div.scrip
By Wise, Hobbs, & Arnold
$ per sh.
Shares. Stocks.
21 Merrimack Mfg. Co., pref
6934
252
5 Goodall Worsted Co
20 Otis Co
2334
5 Naumkeag Steam Cotton Co_ _ _159
14 Androscoggin Mills
52
3 Flint Mills
8034
2 Dartmouth Mfg. Co., pref
85
11534
35 Pepperell Mfg. Co
1634
85 Dwight Mfg. Co
20 Manhattan Market, com., par
8%
$10
4 units First Peoples Trust
73
10 Boston Woven Hose & Rubber,
8435
common
5 Fall River Elec. Lt. Co., par $25. 4634
10 units First Peoples Trust
73
15 Eastern Mfg. Co., pref
35
405 The Boston Maritime Corp_ _ - _55e.
Boston:
$ per oh.
Shares. Stocks.
73
6 units First Peoples Trust
13134
25 Draper Corp
12 Mass. Ltg. Cos., 8% pref_115 ex-div.
73
2 units First Peoples Trust
1 $11
5 Rheabat Corp., pref
I lot
3 Rheabat Corp., corn
73
8 units First Peoples Trust
41 'medal units First Peoples Trust- 534
934
Groton & Knight Co., corn
100
1 Puget Sound Pr. & Lt. Co., prior
10334 exlitv
pref
5 National Equipment Co., pref.__ 40
50 Fall River Elec. Lt., par $25_ 47
8
1 Saco Lowell Shops, 1st pref
25 New Bedford Gas& Edison Light
8134
Co., par $25
136 ex ditr
16 Plymouth Cordage Co
1634
5 Laconia Car Co., 2d pref
By R. L. Day & Co., Boston:
Total.
$
9 244
702.66 .
703.375,162
704,183.879
705,227.789
706.303,719
706,349,312
704,556.427
710,750,444
713,802,744
717,923,889
723,662,997
72'055,684
733,366,074
739.569.469
747.425.819
755,210.687
763.857.277
769.840.402
772,046.817
774,148.557
774,281,624
775,826,844
777,193,194
777,087.589
$5.713,148 Federal Reserve banks notes outstanding June 30 1926 secured by
lawful money, against 37,176,033 June 30 1925.
' 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:
$ per sh.
Shares. Stocks.
$ Per sh. Shares. Stocks.
248
17 Atlantic National Bank
3 National Shawmut Bank
245
5 Memphis Power & Light Co.. 7%
3 Old Colony Trust Co
330
106%
pref., par $100
39 National Fabric & Finishing Co.,
corn
25 Plymouth Cordage Co__ _ _ 136, ex diV.
41
Beverly Gas at Elec. Co., par $25 86
18 Massachusetts Cotton Mills_ _
5634 16
73
2 Lawrence Mfg. Co., par $80
6134 3 units First Peoples Trust
lot
13 Ludlow Mfg. Associates
16734 10 Eastern Engineering Trust_$7.500
Light Co., par $25. 5834
6934 100 Lowell Gas
4 Middlesex Co., corn
6 Ipswich Mills. corn
5634 25 United El. Lt. Co., Springfield
39134-392
115
40 Pepperell Mfg, Co
10 Boston Woven Hose at Rubber
75 National Fabric & Finishing Co.,
8434
46
Co.. corn
com
100 Groton & Knight mfg. Co..
10 Boston Revere Beach & LynnRR 86
10
com., par S10
25 New Bedford Gas& Edison Light
40 Graton & Knight Mfg. Co.. pref.
Co., par $25
0
8
62-6234
73
6 units First Peoples Trust
73
18 special units First Peoples Trust 534 5 units First Peoples Trust
7 special units Flint Peoples Trust- 534
712 Galveston (Tex.) West End Co.,
35
Co., 1st pre
$11 lot 10 Eastern Mfg.
Par $10
10 Firestone Ansley Rubber Co., pf. 9434
Per cent.
Bonds.
7334
4 units First Peoples Trust
1 Western Real Estate Trust_161 & div. $5,000 Boston Term. Co. let 330, 8934
Feb. 1947, registered
13 Twin States Gas & Electric Co.,
9734 $2.000 New York & New England
7% prior pref
RR. Co. (Boston Term.) let 45,
132
6 Draper Corporation
9034
April 1939, registered
116
10 Boston Wharf Co
123
Mortgage note of Lloyd A. Murray
8 Walter Baker & Co., Ltd
for $2,500, dated Aug. 25 1925,
13634
5 Collateral Loan Co
due Aug.25 1926, with int. at6%.
7334
2 units First Peoples Trust
and secured by mortgage on real
1 Geo. E. Keith Co., 1st pf _99 Si & div.
estate on Wood St.. Lexington,
35 New Bedford Gas& Edison Light
$100 lot
Mass
receipts. par $25_ 80
Co., full paid
By Barnes & Lofland, Phladelphia:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
Ry____ 70
4 Boston Wyoming Oil Co., par 51_31 lot 2 13th & 15th Streets Pass.pref _ _ __ 2434
- 2 Continental Oil Co., par S10- - --St lot 18 Harrisburg Bridge Co.,
June 30 1926 to Secure
U. S. Bonds Held
23 Harrisburg Bridge Co., com____ 2434
10 George B. Newton Coal Co., 1st
.
71
50 Reliance Insur. Co., par $50_ _ 22
Bonds on Deposit
pref
On Deposit to On Deposit to
93
Tow
64 Hare & Chose. Inc., pref
Bank & Tr. Co_360
Secure
June 30 1926.
2 Jenkintown (Pa.)
Secure Federal
9234
Held.
30134 25 Hare & Chase. Inc., pref
5 Northern National Bank
Reserve Bank National Bank
Notes.
National Bank
57434 50 Hare & Chase. Inc,.com., no par 26
Notes.
2 Penn
Chase, Inc., rem.. no par 2534
571
25 Hare &
10 Penn National Bank
9
234
15 J. B. Stetson, com
$
2 National Bank of Commerce_ _ _264
$
245
560
5 Guarantee Trust Co
28, U. A. Consols of 1930
591.312,650 591.312,650 78 Tenth National Bank
7034
48,573,420 1 Tenth National Bank
55834 37 Jefferson Title & Trust
28, U. S. Panama 01 1936
48.573,420
20
25,730.320 8 Tenth National Bank
557
5 Phila. & Darby Pass. Ry
28. U. S. Panama of 1938
25.730,320
Per Cent.
Bonds.
3 Philadelphia-Girard Nat. Bank--550
50
$2,500 Borough of Longport, N. J.,
Totals
665,616,390 1365.616.390 2 Pilgrim Title & Tr. Co.. par $50
99
65. 1930
1 Penna. Co. for Ins. on laves, &c_860
670
$5,000 Detroit United Ry. let coll.
Fidelity Trust Co
The following shows the amount of national bank notes 16 Time Trust Co., par $50
trust 68, 1929 (July 1 1925 and all
137
10
subsequent coupons attached)
Camden Safe
afloat and the amount of legal tender deposits June 1 1926 35Co., par $25 Deposit & Trust131 $600 Benevolent Protective Order of 4834
68
Elks, gen. 65. 1942
during the 5 Guarantee Trust Co. of Atlantic
and July 1 1926 and their increase or decrease
382
$100 City of Philadelphia 45, July
City
99
123
1940. registered
month of June:
9 American Dredging Co
-Total Afloat
National Bank Notes
Amount afloat June I 1926
Net decrease during June
$703,375,162
705,918
3702,669,244
Amount of bank notes afloat July 1 1926
Legal Tender Notes
Amount on deposit to redeem national bank notes June 1 1926_ $42,697,987
1.015,303
Net amount of bank notes retired in June
By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
lyi National Motor Corp. of Del.,
$3 lot
no par
7c.
1.500 Alongquin Gold, par $1
20 Central Mexican Oil Co. of
$4 lot
Del., par $10
Shares. Stocks.
$ per sh'
5 Buff. Mag.& East. Pow., no par_ 31
2,000 Baldwin Gold Mines, par $1.. 30.
5 Buff. Nies. & Eastern Pow.,
25
pref.. par $25
70.
2,000 Hoorn. par $1
Amount on deposit to redeem national bank notes July 1 1926.... 341.682,664
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED.
Capital.
-The Bowling Green National Bank of New York, N. Y.-3500,000
July 7
Correspondent,Samuel Conrad Cohen,29 Broadway. New
York, N. Y.
DIVIDENDS.
Dividends are grouped in two separate
tables.
In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
JULY 17 1926.]
THE CHRONICLE
Per
When
Cent. Payable.
Name of Company.
Railroads (Steam).
Internat. Rye.of Cent. Amer.. Pt.(qu.)
Mine Hill & &buyBrill Haven
Nashville Chattanooga & St. Louis
Virginian Railway, Preferred
Books Closed.
Days Dunmire.
114
Aug. 16 Holders of rec. July 31
61.50 Aug. 2 July 16 to Aug. 1
3% Aug. 2 Holders of rec. July 24
Aug. 2 *Holders of rec. July 22
*3
11..
1611
Name of Company.
295
Per
Whets
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, pref.(guar.)-- $1.75 Aug. 16 Holders of rec. July 12
Preferred (extra)
$2.50 Aug. 16 Holders of rec. July 12
Atchison Topeka & Santa Fe, corn.(qu.) 114 Sept. 1 Holders of rec. July 250
Preferred
214 Aug. 2 Holders of rec. June 25a
Baltimore & Ohio, corn.(guar.)
11( Sept. 1 Holders of rec. July 170
1
Sept. 1 Holders of rec. July 170
Preferred (guar.)
Canada Southern (guar.)
1% Aug. 2 Holders of rec. June 25a
Aug. 16 Holders of rec. Aug. 60
Central RR.of New Jersey (extra)
2
Cincinnati Northern
July 20 Holders of rec. July 134
5
Ciev. eine. Chic.& St. L., corn.(quar.). 154 July 20 Holders of rec. June 25e
114 July 20 Holders of rec. June 250
Preferred (guar.)
.
Aug. 2 Holders of rec. July 150
3
Cuba RE.. Preferred
Feb l'27 Hold, of rec. Jan. 15'270
preferred
3
Delaware & Hudson Co. (guar.)
234 Sept.20 Holders of rec. Aug. 28a
Delaware Lackawanna & Western (au.) $1.50 July 20 Holders of rec. July 30
Great Northern. preferred
214 Aug. 2 Holders of rec. June 250
Hudson & Manhattan, preferred
2% Aug. 16 Holders of rec. Aug. 2o
Illinois Central, corn. (guar.)
1,4 Sept. 1 Holders of rec. Aug. 30
Sept. 1 Holders of rec. Aug. 3a
Preferred
3
Louisville & Nashville
Aug. 10 Holders of rec. July 15a
3
Extra
34 Aug. 10 Holders of rec. July 160
Maio:ming Coal RE..com.(guar.)
$12.50 Aug. 2 Holders of roe. July 15a
July 29 Holders of rec. June 25a
Michigan Central
10
Extra
7% July 29 Holders of rec. June 25a
Missouri
-Kansas-Texas. pref. A (quar.)- 134 Aug. 2 Holders of rec. July 154
New York Central RR.(guar.)
114 Aug. 2 Holders of rec. June 250
14‘ Sent.18 Holders of rec. Aug. 31a
Norfolk & Western, common (clean)._
Adjustment preferred (Qum.)
Aug. 19 Holders of rec. July 31a
1
Northern Pacific (guar.)
114 Aug. 2 Holders of rec. June 300
Pennsylvania RR.(guar.)
75e. Aug. 31 Holders of rec. Aug. 20
1% Aug. 2 Holders of rec. July 15a
Pere Marquette, prior prof.(guar.)
114 Aug. 2 Holders of rec. July 15a
Preferred (guar.)
Pitts. CM. Chic. & St. Louie
214 July 20 Holders of rec. Jul)? 10a
Pittsburgh & Lake Erie
62.50 Aug. 2 Holders of rec. July 160
Pitts.& West Virginia,corn.(quar.)
114 July 31 Holders of rec. July 150
1% Oct. 30 Holders of rec. Oct. 15a
Common (guar.)
Common (guar.)
114 Jan. 31 Holdersofrec.Jan.15'27a
'81
Aug. 12 'Holders of rec. July 15
Reading Company, corn.(quar.)
*50c. Sept. 9 'Holders of rec. Aug. 23
First preferred (guar.)
•500. Oct. 14 'Holders of rec. Sept.21
Second preferred (guar.)
St. Louis-San Fran., pref.(guar.)
1% Aug. 2 Holders of rec. July 154
Holders of rec. Oct. 156
134 Nov.
Preferred (guar.)
Southern Railway. common (quar.).
1% Aug. 2 Holders of rec. July 10e
Wabash RI.. preferred A (guar.)
114 Aug. 2 Holders of rec. July 24
Public Utilities.
Broad River Power, preferred (guar.)._
1,1 Aug. 1 Holders-of rec. July 15
California-Oregon Power. pref. (guar.). *134 Aug. 2 *Holders of
rec. July 15
Cedar Rapids Mfg.& Power (quar.)
% Aug. 16 Holders of rec. July 31
Central & Southwest Utilities, common.. *El
Aug. 2 *Holders of rec. July 20
Preferred (guar.)
'$1.75 Aug. 16 *Holders of rec. July 31
Prior lien stock (quar.)
'$1.75 Aug. 16 *Holders of rec.
Eastern States Pow. Corp., pf. A (guar.) $1.75 Aug. 1 Holders of rec. July 31
July 15
Electric Investors, Inc., $7 pref.(quar.)_ $1.75 Aug. 2 Holders of
rec. July 14
$6 preferred (guar.)
$1.50 Aug. 2 Holders of rec. July 14
Fall River Gas Works (guar.)
*75c. Aug. 2 *Holders of rec. July 19
Ft. Worth Power & Light, pref. (quar.)_
114 Aug. 2 Holders of rec. July 15
Idaho Power. preferred (guar.)
114 Aug. 2 Holders
Illuminating & Power Secur., corn.(qu.) 45c. Aug. 10 Holders of ree. July 15
of rec. July 31
Preferred (guar.)
in Aug. 14 Holders
Indianapolis Power & Light, let pf.(qu.) •114 Aug. 1 *Holders of rec. July 31
of rec. July 20
Knoxville Power & Light, pref.(guar.)_
114 Aug. 2 Holders of rec. July 20
Long Island Lighting, common (quar.)
50c. Aug. 1 Holders of rec. July 21
Middle West Utilities, common (guar.)_ $1.50 Aug. 16 Holders
Mohawk-Hudson Power, 1st pref.(au.)- 41.75 Aug. 2 *Holders of rec. July 31
of rec. July 20
Second pref. (acct. aceum.
'
81.75 Aug. 2 *Holders of rec. July 20
Montreal Lt., Ht.& Power (guar.)
Aug. 16 Holders of rec. July 31
2
Montreal Lt., Ht.& Pow.Consol.(qu.)_ 2
Aug. 16 Holders
Montreal Water & Power, corn, (guar.)_ 6214c Aug. 14 Holders of rec. July 31
of rec. July 31
Preferred (guar.)
114 Aug. 14 Holders of ree. July 31
Power & Light, common (quar.)
Nat.
20c. Sept.
•
*Holders of rec. Aug. 14
Northern N.Y. Utilities, pref. (quari_ _
114 Aug.
Holders of rec. July 15
North West Utilities, Prof. (guar.)
114 Aug. 16 Holders
Pacific Gas & Elec., preferred (quar.)___ 41.50 Aug. 1 *Holders of rec. July 31
of rec. July 31
Pacific Lighting, common (guar.)
.
4
Aug. 1 *Holders of rec. July 30
Preferred (guar.)
"114 Aug. 1 *Holders of rec. July 30
Southern California Edison, corn. (qu.)_ 2
Aug. 1 Holders of rec. July
United Rye.& Elec., Bait., corn.
*60c. Aug. 1 *Holders of rec. July 20
17
U.S.& Foreign Scour., 1st pref.(quar.)_ $1.75 Aug.
Holders of rec. July 11
First pref.(75% paid) (quar.)
81.1234 Aug.
Holders of rec. July 11
Banks.
Amer. Colonial Bank of Porto Rico (au.) 2
Aug.
Holders of roe. July 16
Extra
2
Aug
Holders of rm. July 16
Continental
*4
Aug.
*Holders of rec. July 28
Corn Exchange (guar.)
5
Aug.
Holders of rec. July 31
Public Utilities.
Trust Companies.
Farmers' Loan & Trust (guar.)
*4
Aug.
'Holden of rec. July 21
$1.75 Aug.
Holders of rec. July 22s
American Electric Power, pref.(quar.)_
Kings County (Brooklyn) (guar.)
•1214 Aug.
"Holders of rec. July 24
Holders of rec. July 10
Amer. Ga.& Elec.. pref.(guar.)
.50
Fire Insurance.
American Light& Traction, corn.(guar.) $1
2
A ug
Aug..
July 17 to July 29
City of New York Insurance
6
On dem Holders of rec. June
1% Aug.
July 17 to July 29
Preferred (guar.)
Home Insurance
9
On dem Holders of rec. June 30
American Telep. & Teieg.(guar.)
2% Oct. 15 Holders of rec. Sept. 200
30
Quarterly
234J an 15'27 Holders of rec. Dee. 20a
Miscellaneous.
Quarterly.2MA pr 1527 Holders of rec. Mar. 15a
Amer. Machine & Fdy., pref.(guar.)._
Aug. 1 Holders of rec. July
Amer. Water Works & Elec., men.(01.)
Aug.. 16 Holders of rec. Aug. 2a
Aeg 2
American Radiator, common (guar.)
$1
Sept.30 Holders of rec. Sept. 15
Comm on (payable in common stock)
Holders of rec. Aug. 24
15a
Preferred (guar.)
Aug.
Seven per cent first preferred (guar.)
- 154 Aug. 15 Holders of rec. Aug. 24
Amer. Rolling Mill. common (quar.)- •50c. Oct. 16 Holders of rec. Aug. 2a
15 "Holders of rec. Oct.
Associated Gas & Elec., Class A (guar.). (o) Aug. 2 Holders of rec. June 30
I
Preferred (guar.)
Oct. 1 *Holders of rec. Sept.
Bangor Hydro-Elec. Co.. corn.(aunt.)... 114 Aug. 2 Holders of rec. July 10
American Sales Book, pref.(guar.)
•1K Aug. 2 *Holders of rec. July 15
Boston Consul. GM,6Si% prof
314 Aug. 2 Holders of rec. July 15
American Soda Fountain (guar.)
•114 Aug. 15 *Holders of rec. July 15
534% preferred
214 Aug. 2 Holders of rec. July 15
31
Art Metal Construction (guar.)
250. July 31 Holders of
Brazilian Tract., L.& Pow. ord.
rec. July 31
114
Holders
Bang Service Stations, prof.
roe. July
*2
Aug. 1 *Holders of rec. July 160 Brooklyn-Manhat.Transit, pref. (guar.) 1% Sept. 1 Holders of rec.
(Quar.)-Oct. 15
of
Oct. 1
A(
Brill (J. G.) Company, pref. (quar.)..
1311.)
114 Aug. 2 Holders of rec. July 15
Preferred series A (guar.)
Holders of rec. Dec. 31
Caterpillar Tractor (guar.)
301
"$1.25 Aug. 25 'Holders of rec. Aug.
Preferred series A (guar.)
r ;
1
1
1i/ani5 2 Holders of rec. Apr. 1
Charlton Mills (guar.)
j 15 7
Aug. 2 "Holders of rec. July 16
•2
Central Power & Light, pref.(quar.)
114 Aug. 2 Holders of rec. July 150
Cleveland-Cliffs Iron (guar.)
1
July 26 Holders of rec. July 12
Chicago Rapid Tran., prior pref.(mthlY.) 65e. Aug. 1 Holders of rec. July 200
15
Clinchfield Coal Corp., pref. (quar.)_
•114 Aug. 2 *Holders of rec.
Prior preferred (monthly)
65e. Sept. 1 Holders of rec. Aug. 1715
July
Consolidated Laundries (guar.)
500. July 30 Holders of rec. July 26
Columbia Gas& Electric, coin.(quar.).. $1.25 A ug. 6 Holders of rec. July Si.
.
1% Aug 16
Stock dividend
July 30 Holders of rec. July 20
1
Holders of rec. July 31.
Seven per cent preferred, series A (qu.)
Dahnken Theatres, Inc., pref. (guar.)._
July 15 Holders of rec. July 20
Aug.2 Holders of rec. July 15s
Commonwealth Edison Co.(guar.)
2
6
Decker (Alfred) & Cohn, pref. (quar,)
Sept.
Commonwealth Power Corp.. com.(a11.) 500. Aug. 2 Holders of rec. July 14s
Elec. Storage Battery. corn. & pf. (au.)_ $1.25 Oct. 1 *Holders of rec. Aug. 20
1 Holders of rec. Sept.
114 Aug. 2 Holders of rec. July 144
Preferred (guar.)
Electric Vacuum Cleaner (guar.)
7'
911
Aug. 1 *Holders of rec.
1
Community Power & Lt., 181 pref.(qu.) $21.7 Aug. 2 July 23 to Aug. 2
Esmond Mills, common (guar.)
*114 Aug. 1 *Holders of me. July 20
Sept.
July
Aug.422 to Sept. 1
Second preferred (guar.)
Preferred (guar.)
•114 Aug. 1 *Holders of rec. July 24
Consolidated Das, N.Y.. pref. (quar.)... 87140 Aug. 2 Holders of rec. June 154
24
Federal Finance Corp.. class A (quar.)
750. Aug. 1 Holders of rec. July 15a Consumers Power,
114 Oct. 1 Holders of rec. Sept. 15
8% prof.(Quar•)- Class B (guar.)
250. Aug. 1
1.65 Oct. I Holders of rec. Sept. 15
6.6% preferred (guar.)
Franklin (H. H.) Mfg., pref. (guar.)._ •15i Aug. 1 Holders of rec. July 15a
114 Oct. 1 Holders of rec. Sept. 15
7% preferred (guar.)
General Tire & Rubber. common (guar.) 50c. Aug. 1 "Holders of rec. July 20
Holders of rec. July 20
50e. Aug. 2 Holders of rec. July 15
6% preferred (monthly)
Gillette Safety Razor (guar.)
*75c. Sept. 1 *Holders of rec. Aug.
50c. Sent. 1 Holders of rec. Aug. 16
6% preferred (monthly)
2
Extra
•25c Sept. 1 *Holders of
50c. Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
Grand (F. W.)5 -25
-10 -Cent St., pf.(au.) 154 Aug. 1 Holders of rm. Aug. 2
550. Aug. 2 Holders of rec. July 15
rec. July 17
6.6% preferred (monthly)
Great Lakes Dredge & Dock
*2
Aug. 14 *Holders of rec. Aug. 6
(guar.)-55c. Sept. 1 Holders of rev. Aug. 16
6.6% preferred (monthly)
Hunt's Theatres, Inc., preferred
4
Aug. 1 Holders of rec. June 30
550. Oct. 2 Holders of rec. Sept. 15
6.6% preferred (monthly)
Independent Packing,common (quar.)... 3254c
.Aug.
Aug. 1 Holders of rec. July 16
Holders of rec. July 21
Eastern Massachusetts Street Ry., pf. B 3
Preferred (guar.)
114 Aug.
3
Aug. 15 Holders of rm. July 31
Holders of rec. July 21
First preferred
Internat. Harvester, pref. (guar.)
$1,4 Sept.
3
*Holders of rec. Aug. 10
Aug. 15 Holders of rec. July 31
Sinking fund stock
International Shoe, preferred (guar.).
14 Aug.
Aug. 2 Holders of rec. Jai 15
Holders of rec. July 15
Edison Electric & Ilium., Boston (war.) 8
Interstate Iron & Steel. pref.
(guar.)---- •114 Sept.
*Holders of rec. Aug. 20
Holders of rec. July 160
Edison Elec. III. of Brockton (guar.)... 6234e Aug.
Pref. (acct. accum. dividends)
•h4
Sept.
115 Aug. 2 Holders of rec. July 10
*Holders of rec. Aug. 20
Electric Bond & Share, prof. (guar.)..
Ipswich Mills. preferred (guar.)
*1,4 Aug.
*Holders of rec. July 22
Electric Bond & Share Securities(guar.). 25c, July 1 Holders of rec. June 15
Iron Products (guar.)
•50e. July 30 "Holders of rec. July 15
(1) Aug. 2 Holders of rec. July 23
Electric Finance Corporation. [ref
Jaeger Machine, common (guar.)
62140. Sept.
Holders of rec. Aug. 20a Empire Gas & Fuel,8% p1.(mthlY.)- -•662-3cAug. 2 *Holders of rec. July 15
Jewel Tea, preferred
• 58l-3c Aug. 2 'Holders
(guar.)
of rec. July 15
7% preferred(monthly)
Preferred (acct. accum. dividends)__ •6214 Oct. 1 *Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept.
General Public Service, $6 prof.(guar.)- $1.50 Aug. 2 Holders of rec. July 9
Landay Bros., Inc., class A
(guar.)
760. Aug. 1 Holders of rec. July 20
1.75ftoig.
.
1.75 ug
Convertible preferred (guar.)
Holders of rec. July 9
Louisiana Oil Refining.
15a
pref.(quar.).._ •114 Aug. 15 *Holders of rec.
Holders of rec. July 15a
Illinois Northern Utilities, prof. ((luar.). 154 Aug.
McCord Radio & Mfg., class B
(quar.)_ •50c. Aug. 2 *Holders of roe. Aug. 2
International Utilities. Pref. (quar.)--- $$
A
Holders of rec. July 20
Nash Motors, common
July 20
"61
Aug. 2 *Holders of rec. July 20
300. Aug.
Interstate Railways, coin.(guar.)
July 16 to Aug. 2
Extra
•61
Aug. 2 'Holders of rec.
Lawrence Gas & Elec. ((luar.)
Holders of rm. July 15a
8254c Aug.
N. Y.& Honduras Rosario
Mining (au.) 214 July 30 Holders of rec. July 20
50c. Oct.
Holders of rec. Sept. 150
NI antis Elec. Corp., common (guar.)._
Extra
July 20
2% July 30 Holders of
50c. Dec. 3 Holders of rec. Dec. I5a
Common (guar.)
rec. July 20
New York Merchandising, prof. (quar.)_
Massachusetts Gas Cos., corn.(guar.). _ 61.25 Aug.
Holders of rec. July 150
North American Cement, pref. (quar.).... $1.75 Aug. 2 Holders of rec. July 20
'114 Aug. 1 *Holders of
Milwaukee Elec. Ry.& Lt.6% rd. (qu.) 1% July 3 Holders of rec. July 205
Ontario Biscuit, common (guar.)
600. Aug. 1 Holders of rec. July 20
Mountain States Power, pref.(gilar.).._
134 July 20 Holders of rec. June 30
rec. July
Preferred (guar.)
2
Aug. 1 Holders of rec. July 15a National Electric Power, class A (guar.) k45c. Aug. 2 Holders of rec. July 10
Onyx.11osiery,Inc., corn.(au.)(No.
15a
111_ *80c. Aug. 5 *Holders of
Nevada-Calif. El. Corp., pref.(guar.)_
154 Aug. 2 Holders of rec. June 30
rec. July 25
Preferred (guar.)
•15,i
1% July 15 Holders of rec. June 19
New York Telephone. pref.(guar.)
Oppenheim Collins & Co., common (au.) 750. Sept. 1 *Holders of rec. Aug. 20
Aug. 15 Holders of rec. July
31
Northern Ontario Lt.& Pow.,corn.(on.) •
July 25 *Holders of rec. June 30
Pick (Albert), Barth & Co., pref. A
31
(au.) "4344c Aug. 16 *Holders of rec. July
.3
Preferred
22
Aeg 5
July 22 *Holders of rec. June 30
Pierce, Butler & Pierce Mfg.8% pt.(qu.) 2
26
Aug. 1 Holders of
Northern States Power,class Acorn.(qu.)
Holders of rec. June 30
Seven per cent pref. (quar.)
114 Aug. 1 Holders of rec. July 20
114 July 20 Holders of rec. June 30
Seven per cent preferred (guar.)
rec. July 20
Plant(Thomas G.) Co., 1st pref.(guar ) 154
July 31 Holders of
114 July 20 Holders of rec. June 30
Six per cent preferred (guar.)
Prairie 011 & Gas(guar.)
•50o. Aug. 31 *Holders of rec. July 21
114 Sept. I Holders of rec. Aug. 18
Ohio Edison Co.. 6% Pref• (guar.)
rec. July 31
Pullman Company (guar.)
2
Aug. 1 Holders
1.65 Sept. 1 Holders of rec. Aug. 16
6.6% preferred (guar.)
rec.
Pyrene Manufacturing (guar.)
2% Aug. 2 July 20 of to July 31
114 Sept. 1 Holders of rec. Aug. 16
7% preferred (guar.)
Quincy M kt.,Cold Stor.&
.
Pf (au.) *114 Aug. 2 *Holders of rev. Aug. 1
56c, Aug. 2 Holders of rm. July 15
6.6% preferred (monthly)
July 15
Reed (C. H.) Co.. class A
500. Aug. 1 Holders of
55c. Sept. 1 Holders of rec. Aug. 16
6.6% preferred (monthly)
rm. July 21
Royal Dutch Co., American shares• 61.739 Aug. 2
*Holders of rec. July
.
50c. July 20 "Holders of rec. June 30
Oklahoma Natural Gas (Qum.)
.3
Russell Motor Car, common
Aug. 2 *Holders of rec. July 22
•1
July 25 *Holders of rec. June 30
Ontario Light & Power,corn.(an.)
Preferred (qUar.)
Aug. 2 'Holders of rec. July 16
.3
July 25 *Holders of rec. June 30
Preferred
•1,i Aug. 1
16
Scott Paper, preferred (guar.)
*Holders of rec. July 24
Penn-Ohio Edison Co.,7% prior pf.(on.) 114 Sept. 1 Holders of rec. Aug. 21
.
3
13cotten. Dillon Co.(guar.)
Aug. 14 *Holders of
2
July 17 Holders of rec. July 34
Peoples Gas Light & Coke (quar.)
rec.
.
3
Extra
Aug. 14 *Holders of rec. Aug. 5
July 31 Holders of rec. July la
Philadelphia Company, common (guar.) $1
Aug. 5
Sharon Steel Hoop, preferred (guar.)... 2
July 31 Holders of roe. July 15
$1
Phila. Rapid Transit. corn. (guar.)
Shell Union 011, preferred A (quar,)_.... 134 Aug. 16 Holders
Power & Light Securities Trust (No. 1) 500, Aug. 1 Holders of rec. June 25
of rec. July
Sinclair Consolidated Oil, pref. (guar.)._
Aug. 16 *Holders of rec. Aug. 26
Pub.Serv. Corp.of N J.. cont.(guar.)_ _ $1.25 Sept.30 Holders of rec. Sept. 30
2
Standard 011 (Ohio), preferred (guar.)
- 154 Sept. 1 Holders of rec. July 30
Sept.30 Holders of rec. Sept. 3a
2
Eight per cent preferred (guar.)
•154 Aug. 2
Stover Mfg. & Engine, pref. (quar.)......
*Holders of rec. July 20
Seven per cent preferred (guar.)
114 Sept.30 Holders of rec. Sept. 30
Tobacco Products Corp., class A (qu.)._
114 Aug. 16 Holders of
Six per cent preferred (quar.)
134 Sept.30 Holders of rec. Sept. 30
Troxel Manufacturing, preferred (guar.) 114 Aug. 1 Holders of rec. July 28
Public Service Co. of Nor. IllinoisWashburn-Crosby Co., pref. (guar.)... 114 Aug. 1 Holders of rec. July 20
Aug. 2 *Holders of rec. July 15
(geu .)
*2
rec. July
Wilcox (II. F.) Oil& Gas(guar.)
50o. Aug. 5 Holders of rec. July 24
=
Seven per en Pref (quar.)
'134 Aug. 2 *Holders of me. July 15
15
Woolworth (F. W.)CO..common (Oust.) "61
Sept. 1 *Holders of rec. Aug.
•114 Aug. 2 *Holders of rec. July 15
Six pr cent pref.(guar.)
10
Public Service Elec. Power, prof. (guar.) $1.75 Aug. 2 Holders of rec. July 150
Below we give the dividends announced in previous weeks Railway & Light Secur., corn.(no par). $1 Aug. 2 Holders of rec. July 150
Preferred
Aug. 2 SColder, of rec. July I5a
3
does not
and not yet paid. This
dividends an- Sierra Pacific Electric Co.. corn.(guar.)- '500. Aug. 2 *Holders of rec. July 14
Preferred (guar.)
nounced this week, these being given in the preceding table
*1% Aug. 21•Holders of reo. July 14
n
114
114
•144
114
•114
*134
lisp
30%
n.
[Vol,. 123.
THE CHRONICLE
296
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
Miscellaneous (Continued).
2% July 25 July 16 to July 25
Consolidated Royalty Oil (quar.)
S1.25 Aug. 16 Holders of rec. Aug. 56
Continental Can. com. (quar.)
20e. July 30 Holders of rec. July 15a
Continental Motors (quar.)
50c. July 20 Holders of rec. July 26
Corn Products, com. (guar.)
250. July 20 Holders of rec. July 20
Common (extra)
1% July 31 Holders of rec. July 156
Crucible Steel. corn.(guar.)
*3% Aug. 2 *Holders of rec. July 15
Cuba Co.. preferred
3% Sept. 1 Holders of rec. Aug. 16
Curtiss Aeroplane & Motor, preferred_ _
Aug. 1 Holders of rec. July 150
Cuyamel Fruit (quay.)
$1
July 20 Holders of ree. July 10
$3
Davis Coal & Coke
$1.70 July 17 Holders of rec. July 166
De Beers Consol. Mines, Amer. shares
Sept.15 Holders of roe. Aug. 316
2
Diamond Match (guar.)
Dome Mines, Ltd.(guar.)
50c. July 20 Holders of rec. June 30a
duPont(E.I.) de Nem.& Co.
1% July 26 Holders of rec. July 100
Debenture stock (guar.)
40c. Sept. 1 Holders of rec. Aug. 15
Eagle-Picher Lead. common (quar.)
40c, Dec. 1 Holders of rec. Nov.15
Common (guar.)
Eastern Theatres, Ltd.(Toronto). pref. 314 July 31 Holders of rec. June 30
Eaton Axle & Spring (guar.)
50c. Aug. 1 Holders of rec. July 156
Aug. 1 'Holders of rec. July 20
Electric. Controller & Mfg.(stock div.)_ _ no
Electric Household Utilities(quar.)
25e. July 17 Holders of rm. July 10
n250. July 17 Holders of rec. July 10
Stock dividend
Electric Refrigeration (quar.)
•500. Aug. 20 *Holders of rec. Aug. 2
•114 kug. 20 'Holders of rec. Aug. 2
Stock dividend
Elgin National Watch (qier.)
6214c Aug. 2 Holders of rec. July 150
Aug. 2 Holders of rm. July 15a
Eureka Pipe Line (guar.)
$I
3714e. July 31 Holders of rec. July 176
Exchange Buffet (guar.)
Fair (The) coin. (monthly)
20e. Aug. 1 Holders of rec. July 206
1% Aug. 1 Holders of rec. July 206
Preferred (guar.)
Fairbanks-Morse dt Co., corn. (quar.). 75e. Sept. 30 Holders of rec. Sept.156
Common (guar.)
75e. Dec. 31 Holders of roe. Oct. 150
1% Sept. 1 Holders of rec. Aug. I4a
Preferred (guar.)
114 Dec. I Holders of rec. Nov. 156
Preferred (guar.)
214 Aug. 2 Holders of rec. July 20
Fajardo Sugar (quar.)
Oct. 1 Holders of rec. Sept. 150
Famous Players-Lasky Corp.. com.(qu.) $2
Aug. 10 Holders of rec. June 300
Common, payable in common stock._ /$2
Miscellaneous.
Aug. 2 Holders of rec. July 150
2
Preferred (guar.)
31.50 July 20 Holders of rec. July 106
Firestone Tire & Rubber, corn,(guar.)
Abitibi Power & Paper. com.(guar.)-- St
July 20 Holders of rec. July 10
$2.50 Aug. 1 Holders of rec. July 20a
Fisher Body Corporation (guar.)
Abraham & Straus. Inc.. pref. (guar.)._ •l31 Aug 1 *Holders of rec. July 15
Holders of rec. July 151
Alliance Realty (guar.)
50c. July 21 Holders of rec. July 12a Fisk Rubber, 1st pr. & cony. pt.(guar.). 1% Aug. 2 Holders of rec. Aug. 15
I% Sept. 1
Second preferred
Holders of rec. July 15 ,
Aug. 2
Allied Chemical et Dye Corp., com.(qu.) $I
24
Foote Bros. Gear & Mach., pref.(guar.). 114 Oct. 1 Holders of rec. Sept. 20
Allis-Chalmers Mfg., com. (guar.)
$1.50 Aug. 16 Holders of rec. July
15a
114 Jan 1'27 Holders of rec. Dee. 20
Preferred (guar.)
Aluminum Menu'a, tyres,Ino.,com.
(quo 50c. Sept. 31 Holders of rec. Sept.. 10
6
SI Aug. 2 Holders of rec. July 206
131 Oct. 1 Holders of rec. Sent.27a General Cigar, common (guar.)
Preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 2411
Preferred (guar.)
2
Aug. 1 Holders of rec. July
Amalgamated Sugar, 1st pref. (qmar.)
1% Oct. 1 Holders of rec. Sept. 246
Debenture preferred (quar.)
Amerada Corp. (guar.)
50o. July 30 Holders of rec. July 1St
General Development
250. Aug. 20 Holders of rec. Aug. 10
Amer. Brown Boveri Elec. Corp.10, General Motors Corp. 7 prof. (guar.). 114 Aug. 2 Holders of rec. July 56
Particisating stock
50e. July 20 erniders of rec. July
Six per cent debenture, Prof. ((fliar.)
1% Aug. 2 Holders of rec. July 56
American Can. corn.(guar.)
50c. Aug. 16 Holders of rec. July 210
114 Aug. 2 Holders of roe. July 50
Six per cent pref.(guar.)
American Chain, lass A (quar.)
500. Sept.30 Sept. 21 to Sent.30
Gilchrist Co. (guar.)
The. July 31 Holders of rec. July 15
Aug. 2 Holders of rec. July 15
American Cigar, common (guar.)
2
Ale I , Gtmbel Brothers, prof. (guar.)
1% Aug. 2 Holders of rec. July 170
t
American
ot
,t
g. 1 July 12
2
American Glue, pref. (quar.)
Aug. 2 Holders of rec. July 17a C. G.Spring & Bumper Co.
Common (In corn. stk, on each 10 shs.) /3-10 Aug. 15 Holders of rec. Aug. 7
Oct. 1 Ho .era of .ec opt. Pla
American Hardware Corp.(guar.).- - St
Common (in corn. stk. on each 10 shs.) 12-10 Nov. 15 Holders of rec. Nov. 8
Quarterly__
Jan l'2; I el 'es. of ec. Dec. 16a
$I
Common (in corn.stk. on each 10 shs ) 13-10 Feb1527 Holders of rec. Feb .8'27
Amer. Home Products Corp.(monthly). *200. Aug. 2 •Holders of rec. July 15
AOC 1 I . dde,e of rec. July 21
American Ice. com.(guar.)
July 26 Holders of rec. July 9a G'obe Autoina . prinxler.
2
July 9a (leotard(H.W.)Co.,com.(monthly).-' 33 1-3c Aug. 1 *Holders of rec. July 21
Preferred (guar )
1% July 26 Holders of rec.
Common (monthly)
• 33 I-3c Sept. 1 'Holders of rec. Aug. 21
Amer.La France Fire Eng..corn.(qu.)-- 25c. Aug. ii Holders of rec. Aug. 2a
.17a
Preferred (guar.)
'134 Aug. 1 *Holders of rec. July 21
American Linseed, pref. (guar.)
1% Oct. 1 Holders of rec. Sept.17a
Dec.
Gotham Silk Hosiery, 1st & 20 pref.(qu.) 114 Aug. 2 Holders of rec. July 15
Preferred (guar.)
131 Jan 3'27 Holders of rec. IR 27a
la
$750 Oct. lr Holders of rec. Oct
roup No 1 011 Corp
Anrl'27 Hold of rec.Mar
Preferred (guar.)
131
Guenther Publishing. preferred (quar.)_
214 Aug. la Holders of rec. July 18
American Machine & Foundry, p1.(qu.) e131 Aug. 1 *Holders of roe. July 15
Holders of rec. July 16
Preferred (acct,accumulated diva.)
6214 Aug. 16
American Manufacturing
17
Preferred (guar.)
2% Nov. 16 Holders of rec. Oct. 16
Common (guar.)
145 Oct. 1 Holders of rec. Sept. 17
Preferred (acct. accumulated diva.)
62% Nov. 16 Holders of ma. Oct. 16
1% Dec. 31 Holders of rec. Dec. 17
Common (guar.)
114 Oct. 1 Holders of rec. Sept. 156
Gulf States Steel, prof. (guar.)
114 Oct. 1 Holders of rec. Sept.
Preferred (guar.)
17
Preferred (guar.)
134 Jan'2'27 Holders of rec. Dell. 156
Preferred (guar.)
134 Dec. 31 Holders of rec. Dee. 15
25c. July 31 Holders of rec. July 21
Print. Co.(Chic,) (guar.).
American Railway Express (guar.)
81.50 Sept.30 Holders of rec. Sept. 150 Hall(W. F.)pref. (quar.)
my 31 .1n1 25 to JillY 31
ale
144
Aug. 2 Holders of rec. July
American Suipbuilding. imp. (guar.).
- 2
15a Harbison-Walker Refrac.. Prof (quar.)- 154 July 20 Holders of roe. July 106
Preferred
1% Aug. 2 Holders of rec. July 31
1
154 Aug. I Holders of roe. July 10
Harris Bros., pref.(guar.)
.
A dy 0
Amer.Smelt. & Reg.,com.(quar.)_.._
1% Aug. 2 Jiug 17 tote
tog. 1 Holders of rec. July 206
neld-itellance Coal, coin
Preferred (guar.)
1% Sept. 1
1
Hellman (Richard), Inc., panic. pf.(4111.) 6214c Aug. 1 Holders of rec. July 21
American Stores Corp.(guar.)
50e. Oct. 1 Sept.16 to Oct. 20a
Hercules Powder, preferred (guar.)
.1% Aug. 15 *Holders of tee. Aug. 5
I% Aug. 1 Holders of rec. July 17
Amer. Vitrified Products, pref.(guar.)
unibiard, spencer, Bartlett&Co.(nithly ) 35c. July 30 Holders of rec. July 23
Aug. 23 Holders of rec. Julv 21
Anaconda Copper Mining (guar.)
75e
Monthly
35c. Aug. 27 Holders of rec. Aug. 20
Archer-Daniels-Mid. CO.. pref. ((Mar.)- *I% Aug. 1 *Holders of rec. July
35c. Sept.24 Holders of rec. Sept.17
160
Monthly
Arizona Commercial Mining
50c. July 30 Holders of rec. July 10
opt.24 Holders of rec. Sent.17
20e. 0
Extra
rec. July
Associated pry uoods. cool.(quar.)_
P.M Aug. 2 Holders of
14
Holly Sugar Corporation, pref.(guar.).- 114 Aug. 2 Holders of rec. July 15
First preferred (quar.)
114 Sept. 1 Holders of rec. Aug. 14
500. July 26 Holders of rec. July 201
Homestake Mining (monthly)
Holders of rec. Aug.
Second preferred (guar.)
1% Sept. 1
*1.75 Aug. 1 July 21 to Aug. 2
30a Hood Rubber, pref. (guar.)
Associated Oil (extra)
40e. July 24 Holders of rec. June 15a
$1.87 Aug. 1 July 2 to Aug. 2
Preference stock (guar.)
July
154 Aug. 2 Holders of roe. July 200 Horn& Hardart of N.Y.,com.(quar.)... *3734c Aug. 2 'Holders of rec. July 12
Atlantic Relining. Pref. (quar.)
roe.
1% Aug. 2 Holders of
Atlas Powder, preferred (quar.)
-Se
'123 Aug. 2 *Holders of rec. July 12
250
Common (special)
Aug. 2 Holders of rec. July
e5
Auburn Automobile, stock dividend
opt. 1 HOilieri or rec. Aug. 160
7oe
Nov. 2 Holders of rec. Oct. 250 Household Products (a Lir.)
Stock dividend
e5
250. Aug. 1 Holders of rec. July 156
Tee. July 15a Hupp Motor Car (quar.)
1% Aug. 1 Holders of
Austin Nichols & CO., pref.(guar.)._
2.4 Oct. 15 Holders of rec. Oct. 4
20a Illinois Brick (guar.)
1% Oct. 1 Holders of rec. Sept.20a
Babcock & Wilcox (guar.)
25e. July 19 Holders of rec. June 280
.
Gas(guar.)
Quarterly
1% Jan2'27 Holders of rec. Dec. 27a Independent Oil& common (guar.)
373.4c. Aug. 16 Holders of rec. Aug. 6
Indiana Flooring,
Quarterly
1% Aprl'27 Hold.of rec. Mar.20 20
$1 Aug. 14 Holders of rec. July 166
Indiana Pipe Line (guar.)
Balaban & Katz. corn. (monthly)
25c. Aug 2 Holders of rec. July 20
$1 Aug. 14 Holders of rec. July 166
Aug.
Extra
Common (monthly)
25c. Sept. 1 Holders of roe. Sept.20
(quay.)....... 750. Oct. 11 Holders of rec. Sept. 24a
Internat. Business Machines
Common (monthly)
250. Oct. 1 Holders of rec.
Aug. 1 Holders of rec. July 15
Si
Barnhart Bros.& Splod.. ist&2d pf.(qu.) 114 July 31 Holders of rec. July 240 International Cigar Machinery
154 Aug. 2 Holders of rec. July 126
(guar.)
Aug. 2 Holders of rec. July 15a internat. Nickel, oreferred
Belding-Cortice111, Ltd.. common
3
50e. Aug. 16 Holders of r.c. Aug. 4e
common
International Paper,
Preferred (guar.)
*1% Sept.15 'Holders of rec. Aug. 31
$1.50 Jet. 1 Holders of rec. June 15a
international Shoe, coin. (quar.)
Big Lake Oil
July 30 *Holders of roe. July 22
*20
July 28 Holders of rec. July 20
Kaufman Dent. Stores, corn. (guar.)._ _ $2
Bigelow-Hartford Carpet, corn.& pf.(qu) S1.50 Aug. 2 Holders of roe. July 15
Oct. 1 Holders of rec. Sept. 206
Preferred (guar.)
Blaw-Knox Co.. Cora. (quar.)
Aug. 2 July 23 to Aug. 1
Ian 217 Holders of rec. Dec. 206
Preferred (guar.)
Aug.
Preferred (guar.)
1% Aug. 2 AdY 23to July 20a Kayser (Julius) & Co.. corn. (quar.).... 75o. Aug. 2 Holders of rec. July llia
1
Bloomingdale Bros., Inc.. 7% Pf (qtr.)
1% Aug. 1 Holders of rec.
Kellogg Switchboard do Simply
Borden Company,common (guar.)
1 Holders Of roe. Aug. 161
Sept.
$1
3214c. July 31 Holders of rec. July 3
New common ($10 par)(No. 1)
Common (extra)
25e. Sept. 1 Holders of rec. Aug. 16s
$1.75 July 31 Holders of rev. July 3
New preferred (No. 1)
2
Boas AlanufacturIng(No. 1)
'5250 Aug. 16 *Holders of rec. Aug. 2
13.1 Aug. 2 Holders of rec. July 216
Kelsey Wheel, preferred (guar.)
•114 Aug. 10 'Holders Of roe. Aug.
Preferred (quar.) (No 1)
1% ,ept.10 Sept. 1 to Sept.10
10a Kirby Lumber (quar.)
Briggs Manufacturing Co.(quar.)
75e. July 26 Holders of rec. July
131 Dec. 10 Dec. 1 to Dec. 10
Quarterly
British Coluu.l.na klen A Packing (guar.) 154 Sept.10 Holders of roc. Aug. $1
$1 Aug. 1 Holders of rec. July 15
Knox Hat Co.. Inc., common (quar.)
.
Quarterly_
1% Dec. 10 Holders of rec. Nov.30
$1 Aug. 1 Holders of rec. July 15
Class A partic. pref. (guar.)
Brown Shoe, preferred (guar.)
114 Aug. 2 Holders of rec. July 201
154 Aug. 1 Holders of roe. July 15
Second preferred (guar.)
Bunts Brothers, preferred (guar.)
*Holders of rec. July 26
Aug. 2
Aug. 2 Holders of roe. Julyd30a
July 150 Kress(S. H.) di Co., common (quay.).... $1
Burns Bros., prior pref.(guar.)
1,4 Aug. 2 Holders of rec.
Monotype Machine (quar.)._.. '131 Aug. 31 *Holders of rec. Aug. 21
Lauston
Butler Bros.(quar.)
6214e Aug. 16 Holders of rec. July 31a Lehigh Coal & Navigation (quar.)
Aug. 31 Holders of rec. July 310
$I
me. July 15a
Byers (A. M.) Co., pref. (guar.)
1% Aug. 2 Holders of
.$1.25 Aug. 2 'Holders of rec. July 10
Lehigh Valley Coal
California packing (stock dividend)
100 Aug. 2 Holders ot rec. J oiler40a lion 011 Refining (guar.)
.50c. filly 27 *Holders of rec. June 30
1% Aug. 16 Holders of rec. July 31a
Canada Cement, preferred (guar.)
Loew's Boston Theatres. com. (quar.) *15e. July 31 *Holders of roe. July 17
Canada Dry Ginger Ale
13.4 Aug. 1 Holders of roe. July 190
Looee-W lies Biscuit, 20 pref. (quar.)......
el% Oct. 15 Holders of roe. Oct. 1
Stock dividend (guar.)
Aug. 1 Holders of rec. July 176
Lord & Taylor. 2d pref.(guar.)
dividend (guar.)
el% Jan15'27 Holders of rec.Jan 1 27
Stock
1% Aug. 1 Holders of rec. July 170
Macy(R.H.) Co., pref.(quar.)
July 31
144 Aug. 16 Holders of rec.
Canadian Converters (quar.)
1% July 19 Holders of rec. July 3a
(quay.)
Milling, pref.
July 31 Holders of rec. June 30a Maple Leaf
Canadian Explosives, Ltd., Com.(quar.) 2
Stores, com.(guar.)._ $1.25 Sept. 1 Holders of rec. Aug. 166
1% July 31 Holders of rec. July 15a May Department
Cartier, Inc., preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 156
Preferred (guar.)
Aug. 2 Holders of rec. July 15
$I
Cerro de Pasco Cooper Corn.(quar.)
50c. Sept. 1 Holders of rec. Aug. 150
1% July 26 Holders of rec. July I5a Maytag Co.(guar.)
Pneumatic 'Pool (guar.)
Chicago
50c. Dec. 1 Holders of rec. Nov. 150
Quarterly
July 15a
$1.50 Aug. 2 Holders of roe.
Chic.Wilm.& Franklin Coal. Pl.(qua
50c. Aug. 1 Holders of rec. July 200
McCall Corp. (guar.)
Chicago Yellow Cab Co. huonthly) . 33 1-3‘ Aug. 2 Holders of rec. July 20a McCrory Stores, preferred (guar.)
1% Aug. 1 Holders of roe. July 206
33 1-3c Sept. I Holders of rec. Aug. 200
MenthlY
1% Nov. 1 Holders of rm. Oct. 200
Preferred (quar.)
10e. Aug. 1 *Holders of rec. July 10
Chief Consolidated Mining
50c. Aug. 2 Holders of rec. July 20
Melville Shoe, common (guar.)
Christie-Brown Co., Ltd., emu.(quar.) 300. Aug. 1 Holders of rec. July 15
25e. Aug. 2 Holders of rec. July 20
Common (extra)
July 20
114 Aug 1 Holders of rec.
Preferred (quar.)
2
Aug. 2 Holders of rec. July 20
Preferred (guar.)
Sept.30 Holders of rec. Sept.150
Chrysler Corporation, prof. (guar.)._ $2
•3114c July 20 *Holders of rec. July 13
Jan 3'27 Holders of rec. Dec. 15a Mercurbank of Vienna. American shares 3
$2
Preferred (guar.)
July 20 Holders Of rm. June 306
Mexican Petroleum, common (quay.)...
15
15 Aug. I Holders of rec. July
Cities Service, common (monthly)
July 20 Holders of rec. June 300
2
Preferred (quar.)
Common (payable in common stock). 155 Aug. 1 Holders of rec. July 15
25e. Aug. 16 Holders of rec. Aug. 26
Miami Copper (guar.)
54 Aug. 1 Holders of rec. July 15
Preferred and preferred B (monthly)...
50o. July 26 Holders of rec. July 3
(guar.)
81.25 Aug. 2 Holders of me. July 21a Miller Rubber. corn.
Cluett, Peabody & Co., coin. quar.)(
750. Aug. 2 Holders of rm. July 152
Moon Motor Car (guar.)
134 Aug 2 Holders of rec. July 12
Collins & Alkman. pref.(guar.)
Aug. 1 Holders of rec. July 176
SI
Aug. 2 Holders of roe. Aug. 19a Mullins Body Corporation, pref. (guar.) 2
Columbian Carbon (quar.)
Oct. 15 Holders of rec. Sept.306
$1
National Blecult, common (guar.)
.131 July 31 *Holders of rec. July 22
Conlon Corporation, pref.(guar.)
13.4 Aug. 31 Holders of rec. Aug. 170
Preferred (guar.)
Aug. 2 *Holders of rec. July 10
Connecticut Mills. 1% pref. (guar.)-- - •114
Aug. 2 Holders of rec. July 200
$1.75 Sept. 1 Holders of roe. Aug. 16a National Carbon, pref.(guar.)
Consolidated Cigar Corp., prof.
Public Utilities (Concluded).
South Pittsburgh Water. corn. (guar.)._ 1% July 20 Holders of rec. July 10a
Five per cent preferred
2% Aug. 19 Holders of rec. Aug. 5a
Southern Colorado Power, cam. A (qu.) 50e. Aug. 25 Holders of rec. July 31
Standard Gas de Electric, corn.(quar.)
75c. July 25 Holders of rec. June 300
Common (payable in common stock) 11-100 July 25 Holders of me. June 300
Common (payable in common stock)- f1-200 Oct. 25 Holders of roe. Sept.300
Common (payable in common stock)_ _ 11-200 Jan25'27 Holders of rec. Dec. 31a
7% preferred (guar.)
131 July 26 Holders of roe. June 30
$1.75 Aug. 2 Holders of rec. July 16
Standard Power & Light, pref.((MAO
Tennessee East. El. co.57 pref.(guar.)- $1.75 Sept. 1 Holders of rec. Aug. 2a
6% preferred (guar.)
154 Sept. 1 Holders of rec. Aug. 20
Tennessee Elec.Pow.,6% first pref.(qu.) 114 Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept.15
Seven per cent first pref. (guar.)
1.80 Oct. 1 Holders of rec. Sent. 15
7.2% first preferred (guar.)
Six per cent first preferred (monthly)_ 50c. Aug. 2 Holders of rec. July 15
Six per cent, first preferred (monthly) 50o. Sept. 1 Holders of rec. Aug. 16
Six per cent, first preferred (monthly) 50c. Oct. 1 Holders of rec. Sept. 15
60e. Aug. 2 Holders of rec. July 15
7.2% first preferred (monthly)
60e. Sept. 1 Holders of rec. Aug. 16
7.2% first preferred (monthly)
60e. Oct. 1 Holders of rec. Sept.15
7.2% first preferred (monthly)
$1.50 Aug. 2 Holders of rec. July
Second preferred
United Lt.de Pow.,old mu.A de B (qu.) 60c. Aug. 2 Holders of rec. July 15a
12c. Aug. 2 Holders of rec. July 15a
New common A & B (guar.)
'$3.50 Sept. 1 *Holders of roe. Aug. 20
United Utilities, preferred
Sept. I Holders of roe. Aug. 22
West Chester Street Ky., pref.(quar.)
Dec. 1 Holders of rec. Nov.21
Preferred (guar.)
Aug. 16 Holders of rec. Aug. 21
West Penn Electric Co.,7% pref.(guar.)
Aug. 2 Holders of rec. July 15a
West Penn Power Co.,7% pref.(guar.).
Aug. 2 Holders of rec. July 150
Six per cent preferred (guar.)
Sept.15 Holders of rec. Sept. 1
West Penn Railways,6% pref.(quar.)
Aug. 1 Holders of rec. July 10
Winnlpeg.Electric CO. (guar.)
Sept. 15 'Holders of rec. Aug. 31
Wisconsin Power & Light, pref. (guar.).
Aug. 20 Aug. I to Aug. 20
Wisconsin River Power. pref.(quar.)
York Railways, pref. (guar.)
July 30 July 21 to July 29
54
JULY 17 1926.]
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
National Department Stores, 1st pf.(qu.)
Aug. 2 Holders of rec. July 15a
National Grocer, preferred
3
Jan 1'27 Dec. 21 to Dec. 31
National Tea, preferred (guar.)
$ 1.62% Aug. 1 Holders of rec. July 20
Neptune Meter. corn. A & B (guar.).-- •50c. Sept.15 *Holders of rec. Sept. 1
New York Air Brake, common (guar.)._ 500. Aug. 1 Holders of rec. July 12a
Nioissing Mines Co.(guar.)
16c. July 20 Holders of rec. June 30
Ogilvie Flour Mills (guar.)
$1.25 July 25 Holders of rect. June 21a
Oil Well Supply, preferred (guar.)
1% Aug. 2 Holders Of rec. July 15
Oppenheimer (8.) cc Co.. pre1
2
Aug. 2 July 27 to July 30
Orpbeum Circuit, corn.(monthly)
162-3c Aug. 2 Holders of rec. July 202
Common (monthly)
182-3c Sept. 1 Holders of rec. Aug. 20a
Common (monthly)
162-3c Oct. 1 Holders of rec. Sept. 201
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 150
Otis Elevator. preferred (guar.)
1% Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
1% Jan1517 Holders of rec. Dec. 310
Outlet Company,common (guar.)
750. Aug. 2 Holders of rec. July 20a
First preferred (guar.)
$1.75 Aug. 2 Holders of rec. July 200
Second preferred (guar.)
$1.50 Aug. 2 Holders of rec. July 200
Pacific Coast Co.. 1st pref.(guar.)
1% Aug. 2 Holders of rec. July 23 /
Second preferred (guar.)
1
Aug 2 Holders of rec. July 23z
Packard Motor Car, corn.(qua?.)
500. July 31 Holders of rec. July I50
Extra
500. July 31 Holders of rec. July 178
Stock dividend
Aug. 31 Holders of rec. Aug. 14 r
115
Monthly
20e. Sept.30 Holders of rec. Sept. 15r
Monthly
20e. Oct. 30 Holders of rec. Oct. 15r
Monthly
200. Nov. 30 Holders of rec. Nov. 152
Pan American Petroleum lc Transp'nCommon and common B (guar.)
$1.50 July 20 Holders of rec. June 30a
Pan Amer. Western Petrol, ol.A&B(qu.) 500. July 30 Holders of rec. July
101
Pathe Exchange, Corn. A & B (quar.)
750. Aug. 2 Holders of rec. July 101
Penmans, Limited. corn. (guar.)
2
Aug. 16 Holders of rec. Aug. 5
Preferred (quar.)
114 Aug. 2 Holders of rec. July
Pennok 011 Corporation (guar.)
500. Sept.25 Holders of rec. Sept.21
15a
Penn Traffic Co
3
Aug. 2 Holders of rec. July 15a
Philadelphia Insulated Wire
$2
Aug. 2 Holders of rec. July 156
Phillips-Jones t
Prof. (guar.)
xug. 2 Holders of roe July 20
Pick (Albert) dr Co., common (guar.)._ *40o. Aug. 2 *Holders of
rec. July 26
Plymouth Cordage, corn.(guar.)
$1.50 July 20 Holders of rec. July la
Employees special stock
150. July 20 Holders of rec. July la
Plymouth 011 (monthly)
.500. July 3 *Holders of rec.
July
Postum :ere,I polar
*1.25 Aug. I I-101.1er, of rec. Joiv 22
lo
Prairie Pipe Line (guar.)
2
July 31 Holders of rec. June 30a
Producers 011 Corp.. Pref.(guar.)
2
Aug. 15 Aug. 1 to Aug. 15
Quaker Oats, //rel. ((Mar.)
114 Aug. 31 Holders of rec. Aug. 26
Hand-Kardex Bureau. corn
750. July 10 Holders of rec. June
26a
Rand Mines Ltd. Am.shares (interim) (J) Aug. 11
Rice-811x Dry Goods. corn. (guar.)
37 Lc. Aug. 1 Holders of rec.
July 15
Royal Typewriter, common
July 17 Holders of reo. July 10
$1
Preferred
334 July 17 Holders of rec.
St. Joseph Lead (guar.)
500. Sept.20 Sept. 10 to July 16
Sept. 20
Extra
250. Sept.20 Sept. 10 to Sept.
20
Quarterly
500. Dec. 20 Doe. 10 to
Dec. 20
Extra
25/2. Dee. 20 Dec. 10 to
Salt Creek Producers Assn. (guar.)
623.40Aug. 2 Holders of rec. Dec. 20
July 151
Extra
Aug. 2 Holders
$1
Savage Arms, second preferred (guar.)._ *134 Aug. 16 *Holders of rec. July 15 /
Savannah Sugar Refining, corn. (quar.)- $1.50 Aug. 2 Holders of rec. Aug. 2
of rec.
Preferred (guar.)
leg Aug. 2 Holders of rec. July 15
July 15
Seagrave Corporation (guar.)
(1) July 20 Holders of
Sears, Roebuck & Co.(guar.)
03 lie. Aug. 1 Holders of rec. June 306
rec. July 151
Shaffer 011 & Refining, preferred
13.1 July 26
Shell Transport & Trading, Amer.shares d$1.21 July 24 Holders of rec. June 30
Holders
Shreveport-El Dorado Pipe Line(guar.). 25e. Oct. 1 Holders of rec. July 14'
Silver (Isaac) & Bro. Co.. pref. (guar.)... *114 Aug. 2 *Holders of rec. Sept. 206
Simmons Company, preferred (guar.).-- 184 Aug. 2 Holders of rec. July 20
of rec.
Skelly 011 (guar.)
50c. Sept.15 Holders of rec. July 150
Southern Dairies. class A (guar.)
*31
July 31 *Holders of rec. Aug. 16
Spalding (A. G.)& Bros., 1st prif. (qu.)Sept. 1 Holders of rec. July 15
Aug. 14
Second preferred (guar.)
2
Sept. 1 Holders of rec.
Steel Co. of Canada, con.& pref.
l*f tug. 2 1-10Piers of rec. Aug. 14
(lu.)Jul
76
Sterling Products (guar.)
$1.25 Aug. 2 Holders of rec.
Swift internacional
60o. Aug. 15 Holders of rec. July 15a
Teck-Hughes Gold Mines, Ltd
Sc. Aug. 2 Holders of rec. July 15
Token Oil & Land
20
July 24 Holders of rec. July 15a
Thompson (John R.) (monthlY)300. Aug. 1 Holders of rec. July 10 ,
Monthly
30o. Sept. 1 Holders of rec. July 23a
Aug. 230
Tide Water Associated 011, corn.(No. 1) 30e. Aug. 2 Holders
of rec. June 10a
Tide Water Oil. prof. (guar.)
134 Aug. 16 Holders
Underwood Computing Mach., pf. (qu.) 134 Oct. 1 Holders of rec. July 31
of rec. Sept.
Underwood Typewriter, corn.(quar.)_ $1
Oct. 1 Holders of rec. Sept. 15
46
Preferred (guar.)
Oct.134
1 Holders
Union Oil Associates oluar.)
•50e. Aug. 10 *Holders of rec. Sept. 4a
of
Union Oil of California (guar.)
a0e. Aug. 10 Holders of rec. July 17
Union Storage
21.4 Aug. 10 Holders of rec. July 17a
rec. Aug. la
United Drug. corn. (guar.)
12
Sept. 1 Holders of rec.
First preferred (guar.) •
8734c. Aug. 2 Holders of rec. Aug. 164
July 150
United Verde Extension Mining (guar.) 75c. Aug. 2 Holders of
rec.
U.S.Cast Iron Pipe & Fdy.. corn.(gu.)
23.4 Sept.15 Holders of rec. July 60
Common (guar.)
234 Dec. 15 Holders of rec. Sept. la
Dec. la
Preferred (guar.)
134 Sept.15 Holders of rec.
Sept
Preferred (guar.)
134 Dec. 15 Holders of rec. Dee.' la
Ia
U.S. Rubber, first preferred (quar.)___ 2
Aug. 14
Universal Pipe & Radiator, pref.(qu.)-- 1% Aug. 1 Holders of rec. July 206
Holders of rec.
Preferred (guar.)
134 Nov. 1 Holders of rec. July 15a
Vick Chemical (guar.)
87 He Aug. 1 Holders of rec. Oct. 1St
Vivaudou (V.). Inc., prof. (guar.)
$1.75 Aug. 2 Holders of rec. July 15
Preferred (guar.)
81.75 Nov. 1 Holders of rec. July 15
Oct.
Vulcan Detinning. Preferred
13.4 July 20 Holders of rec. July 15
Preferred (account mourn.(guar.)-dividends). 112
July 20 Holders of res. July 90
Preferred A (guar.)
13.4 July 20 Holders of rec. July 90
Warner(Chas.) Co.of Del.
90
First and second preferred (guar.).
-- Ili July 22 Holders of rec. June 30a
Western Grocers, Ltd., pref. (guar.)._
194 July 25 Holders of rec. July
Westinghouse Air Brake (guar.)
10
$1.50 July 31 Holders of rec. June 30a
Extra
250. July 31 Holders of rec. June 306
Westinghouse Elec.& Mfg.,corn.
July 31 Holders of rec. June 306
((Mr.) V
White Eagle Oil & Refining (guar.)
500. July 20 Holders of rec. June 306
White Sewing Machine, prof.
(QUaf.) -*V Aug. 1 *Holders of rec. July 19
Wilcox 011k oss(guar.)
.50c. smg. 5 .1-1 &dorm of rer..folv 18
Williams Tool
pref. (guar.)
Oct. I Holders of rec. Sept.20a
Wrigley (Wm.)Jr. dr Co.(monthly)._ 2
Corp.,
25c. Aug. 2 Holders of rec. July 20
Monthly
25o. Sept. 1 Holders of rec. Aug. 20
Monthly
250. Oct. 1 Holders of rec. Sept.20
Monthly
250. Nov. 1 Holders of rec. Oct. 20
Monthly
25o, Dec 1 Holders of roe. Nov.20
Yale & Towne Manufacturing
(guar.).- $1
Oct. 1 Holders of roe. 8%4.101
297
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 10. 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.
ciphers (000) omitted.)
(stated in thousands of dollars-that is, three
New
Capital Profits. Loans,
Reserv
Discount Cash
with
Week Erfding
Net
Time Ban.,
Legal Demand
in
De- CircaJuly 10 1926 Nat'l, Apr. 12 InvestState, Mar.25 meats, Vault Deport Deposits. posits. lotion.
cbc
tortes.
(000 omitted.) Tr.Coa.Mar.25
Members of Fed. Rea. Bank.
$
Bank of N Y &
Trust Co____ 4,000 12.905
Bk of Manhat'n 10,000 14,965
6,500 5,258
Bank of Amer!
National City__ 50,000 65,624
Chemical Nat_ 4.500 18,310
Am Ex-Pac Nat 7,500 12,963
Nat Bk of Corn_ 25,000 41,528
ChatPh NES&T. 13,500 12.834
HanoverNat- 5,000 25,677
Corn Exchange_ 10,000 14.799
National Park _ - 10,000 24,114
Bowery & E.R. 3,000 3,151
First National_ 10.000 72,737
Irvingl3k-Co1T 17,500 14,017
Continental_ _ _- 1,000 1,198
Chase National_ 40,000 39.152
500 3.031
First Avenue Bk
Commonwealth.
800 1,320
Garfield Nat'l.._ 1,000 1,788
Seaboard Nat'l_ 6,000 10,104
BankersTrust__ 20,000 31,707
U S Mtge & Tr- 3,060 4,915
Guaranty Trus 25,000 22,588
Fidelity Trust__ 4,000 3,174
New York Trust 10,000 20,312
Farmers L & Tr 10,000 18,963
Equitable Trust 23,000 14,439
Average. Average Averag
$
$
$
75,975
497 7,205
164,183 3,514 17,777
78,887 1,715 11,745
898,890 8,664 74,233
141,193 1,308 15,686
153,687 2.274 18,787
367,526
795 41.447
218,747 2,406 23,009
126,916
496 14.767
201,280 7,469 24,696
712 17.073
169,943
54.911 1.749 5.052
315.508
534 26.001
288,634 2,894 35,819
114
7,856
806
561,736 7.124 67,556
25,020
765 3,288
597 1,477
13,862
461 2.877
16,652
124.675 1,104 15,429
926 37,14
366.616
907 7,290
63.252
413,848 1,462 45,87
927 5.277
43.905
612 19,724
178.698
469 13,906
142.271
272.690 1.568 30.000
Average. Average
$
$
55,407 7,710
129,033 25,672
88,562 4,228
*702.907 97,337
120,986 3,769
140,118 9.800
314.011 12.305
162,917 43,825
111,253
177,079 32,344
130,497 8,007
34,994 16.318
196.867 12,777
268,393 29,555
430
5,909
*522.653 31,342
25,327
10,153 4,496
16,986
215
116,882 2.356
*297,241 50.032
57,872 5.557
*346,587 55,483
39.100 4,131
149.760 19,355
.104.289 21,339
*290,486 29,401
Avg..
$
__ __
____
___
.
88
.348
4,958
--5,928
...3,513
1,372
6,900
---1.528
---48
-.
- __
-----...-
Total of average 320,800 511,583 5,287,361 50.063 583,94801.332.974 527,784 23,681
Totals, actual condition July 10 5,229,054 48,660 602.622 c4.283.700 534,151 23.888
Totals. actual c ndition July 35.370.568 45.710.599,830 c4,446,491 529.02423.648
Totals. actual condition June 26 5,150,242 45,265 595,417 c4.293,547514,836 23,623
State Banks Not Members of Feci'l Res've Bank.
Greenwich Bank 1,000 2,600
23,823 1,937 2,081
State Bank.... 5,000 5,324 106.772 4,903 2,134
Total of average
22,085 2.601
38,122 64,495
--_-
130,595
6.840
4,215
60,207 67,096
Totals, actual co ndltion July 10 130,398
Totals, actual condition fully 3 131,447
Totals, actual condition June 26 131,290
6,937
6.585
6,589
4,487
3.903
4,155
60,532 66.841 -60.235 67.386 -59.900 67,308 ----
6.000
7,925
Trust Comps riles Not Menu vs of Fed 1 Res ye Ban It.
41,533
65,574 1,924 4,304
Title Guar & Tr 10,0001 18,105
17,770
975 1,812
k.2.230
Lawyers Trust_ 3,000 3.231
1,979
803
- -- _ --
Total of arerages 13,000 21,336
87,804
2.899
6,116
59,303
2,782
Totals, actual condition Uiuly 10
Totals, actual condition July 3
Totals, actual condition 1June26
87.283
86.868
87,859
2.672
2,896
2,597
6,409
6,258
6.213
58,486
57,949
57.913
2,805 ...2,774 _2,770 ----
Gr'd agar., avge.339.89054O,845 5,505,760 59,802 594,270 4,452,484 397.60223.681
Comparison with prev. eek_ _ +7.892 +2,648-12,265 -88,056+1.234 +196
Gr'd agar., eatconcra fuly 10 3.446,735 58.269813,518 4,402.727603,89723.888
Comparison with prey. eek_ _ -142,148 +3,078 +3.529 -161.948+4.713 +245
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
c-t....
aggr., acr cond'n
aggr., calcond'n
aggr., acCleend'n
atm.. eat cond'n
agar.. ace'cond'n
../..-e npflenturn
July 3 5.548.843 55.191 6/19.950
June26 5.389,391 54.451605,785
June 195,343,472 53.621 598.847
June 12 5.388,651.,
.
June 5 5.374.280 57.336596.6711
May 29.5.413.989 54.652589.986
4.564.675 549,184 23.643
4.411.360584,91423,633
4,376,397575,91523,471
4,381,783,565,43523.45f
4.424.189570,272 23,231
4.416 009 575.867 23,91f
-11. El. deposits deducted from net demand deposits in the genera totals
Note.
above were as follows: Average total July 10, $23,212,000. Actual totals July 10,
821.618,000; July 3, $24.585,000; June 26, $27,867,000; June 19. $27,868,000;
June 12. 827.967.000. Bills payable. rediscounts, acceptances and other liabilities
average for week July 10. $652,739.000: July 3, 3581,178,000: June 26,$567,581,000;
June 19, $575,450.000; June 12, $594,927,000. Actual totals July 10, $855,853,000:
July 3. 3645,785,000; June 26, $573,363,000; June 19, $593,749,000; June 12, $623.985,000.
'Includes deposits In foreign branches not included in total footings as follows
,
National City Bank, $162,734,000; Chase National Bank. $14,201.000: Bankers
Trust Co.. $23,952,000; Guaranty Trust Co., $60,569,000; Farmers' Loan & Trust
Co., 32,893,000; Equitable Trust Co., $68,926,000. Balances carried in bank In
foreign countries as reserve for such deposits were: National City Bank. $24,122,000;
Chase National Bank, $2,510.000; Bankers Trust Co., $888,000; Guaranty Trust
Co., $3,340,000; Farmers Loan & Trust Co., $2,893,000; Equitable Trust Co..
17,848.000.
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,
•From unofficial sources. t The New
Averages.
will not be quo ed ex-dividend on this York Stock Exchange has ruled that stock
date and not until further notice. I The
New York Curb Market Association
Cash
Reserve
dividend on this date and not until has ruled that stock will not be quo ed ex
further notice.
Reserve
in
Total
Surplus
Reserve
a Transfer books not closed for this
in Vault. Depositaries Reserve,
dividend. d Correction. e Payable in stock.
Reserve.
Required.
Payable In common stock. g Payable
In
dividends. m Payable in preferred stock. scrip. h On account of accumulated Members Federal
Reserve banks_ _
583,948,000 583,948,000 579,120,140 4,827,880
Dividend is 8% per annum on paid-in amount
of no par preferred stock for two State banks*
6,840,000 4,215,000 11.055,000 10,837,260
quarters from Aug. 1 1925 to Feb. 1 1926.
217.740
2,899,000 6,116,000 9,015,000 8,895,450
Trust comPanies*119,5.50
Dividend Is six and one-quarter shillings sterling
per "American share."
9,739,000 594,279.000 604.018.000 598.832.850 5.165,150
Total July 10
k Stockholders have option to take either cash
or stock at rate of one-fiftieth of a
9,465.000 606,547,000 616.012.000 610.268.350 5.743.650
Total July
share of Class A stock.
Total June 26
9,367.000 585,040.000 594.407.000 587.859.950 6.547.050
1 Payable either 30 cents In cash or 234% In common
9,331,000 587,490,000 596,821,000 592.850.210 3,970,790
Total June 19
stock.
n On basis of $20 a share.
• Not members of Federal Reserve Bank.
o Payable either in cash or in class A stock at rate of one-forti
b This is the reserve required on net demand deposits in the case of State banks
eth of a share for
each share held.
and trust companies, but in the case of members of the Federal Reserve Bank
,mt of reserve renuired on net time deposits, which was as follows:
Includes RISO arno
p Declared 2%, payable semi-annually in stock, the first
payment to be made July 10. 15.833.520; July 3, 815,785,400: June 26,$15,295,230; June 19, $15,028,290:
July 30.
June 12, $14,942,310.
Actual Figures.
Cash
Reserve
Reserve
Ca
Ca Vault. Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING
Members Federal
Reserve banks_
State banks.
Trust companies'......
Total
Total
Total
Total
[Vol.. 123.
THE CHRONICLE
298
602,622,000 602,622,000 572.906.700 29,715,300
528.240
6,937,000 4,487.000 11,424,000 10,895,760
308.100
2,672,000 6,409,000 9.081,000 8.772,900
9,609,000 613,518000 623,127.0011 592.575,360 30.551 640
9.481.000 609,989,000 619,470.000 613,449.200 6,020.800
9.186.000 605.785.000 614.971.000 593.075,140 21,895.860
9,209,000 598,847,000 608,056,000 588,297,110 19,758.890
July 10____
July 3____
June 26____
June
•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 In
eludes also amount of reserve required on net time deposits, which wairas follows
July 10. 216,024,530; July 3, $15,870,720; June 26, $15.445,080; June 19, 815,176,
100; June 12. 814,864,790.
July 14
1926.
House: MEMBERS.
June 30
1926.
July 7
1926.
Changes from
previous week.
8
$
$
$
69,500.000
69.500,000
Capital
69,500,000 Unchanged
93,768,000
93,605.000
482,000
Surplus and profits
94.087.000 Inc.
Loans, disc'ts & invest_ 1,065,174,000 Inc. 1,475.000 1,063,699,000 1,057.325,000
Individual deposits
700,600.000 Dec. 6.085.000 706,685.000 705,518,000
Due to banks
141.966.000 Dec. 2,240,000 144,206,000 135,195.000
835,000 237,088,000 234,022,000
Timedeposits
237,923,000 Inc.
28,661,000
25,092.000
United States deposits22,758,000 Dec. 2.934,000
36,090.000
38,352,000
Exch's for Crg House
29.606,000 Dec. 8.746.000
81,430,000
85,958,000
Due from other banks
719,000
86,677,000 Inc.
81,692,000
84,246,000
Res've in legal dews
82,972,000 Dec. 1,274,000
10,486,000
10,238.000
Cash in bank
761.000
10,999,000 Inc.
356,000
1.837,000
754.000
Res'yeexcess in F.R.Bk
1.083.000 Dec.
State Banks and Trust Companies Not in Clearing
House.—The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differences from
Previous Week.
July 10.
Loans and Investments
81,185,149,700 Inc. $2,980.800
Gold
4,995,900 Dec. 635.000
Currency notes
24,528,200 Inc. 1,582.000
Deposits with Federal Reserve Bank of New York
98,356,200 Dec. 1,817,400
Time deposits
1,237,766,900 Dec. 2,178.000
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y. City, exchange & U.S.deposits_ _1,167,129,100 Inc. 8,819,400
168,374,100 Dec. 8,286.700
Reserve on deposits
Percentage of reserve, 20.3%.
RESERVE.
—Trust Companies—
State Banks-$84,639,900 14.44%
'239,822,200 16.54%
Cash in vault •
32,444,700 05.53%
Deposit* In banks and trust cos____ 11,487,300 04.76%
$117,084,600 19.97%
Total
851,289.500 21.30%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies on July 10 was 898,356,200.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust.
companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week Ended-Mar. 13
Mar.20
Mar.27
Apr. 8
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
8
8.501.882,000
8.559.283.300
8.528,460,200
6.582,817.200
8.551 814.500
8.477.228.100
13.481.079 100
8.693.194.100
8,841.815.800
8,581.019.200
13.582.432.800
8,521.187.800
8,587.304.700
6.523.491.400
6.526,804.700
11.513.234 700
8.680326,900
6.690.009,00
*Total Cash
Os Vaults.
Demand
Deposits.
1
5.562.180.300
5.624.406.300
5,539.714.200
5,616,040.800
5.532.964.000
5.494.548,600
5.513.745,200
8,678.984,800
5.588.188.700
5,578.175.700
5,589.923,100
5.540.822.800
1,585,988.300
5.560.053.300
5,557.458,800
5.505,255 100
5.701.049 700
RegerVe in
DePOsttastes.
$
85.378.300
83,752.000
82.310.600
79.710.300
87,360,600
85,630.000
83.366.600
83.980.500
84.575.100
87.041.300
84.136.900
84.670.600
83,233.000
85.162.900
81.127,100
81.499.400
751.100
85,
50 225100
5
726.793.200
737.864.500
726.143.200
765,192.600
725.290.000
723,682.400
722.786.600
731.028.700
730.815.500
731.342,400
733.073.700
722.498.600
736.347,100
728.322.700
727.730,500
715 419 000
754.610.700
736.547,200
Philadelphia Banks.—The Philadelphia Clearing House
return for the week ending July 10, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not members of the Federal Reserve System the reserve required is
10% on demand deposits and includes "Reserve with legal
depositaries" and "Cash in vaults."
Week Ended July 10 1926.
Two Ciphers (00)
omitted
Capital
Surplus and profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal depos_
Reserve with F. R.Bank__
Cash in vault •
Total reserve & cash held__
Reserve required
Excess res.& cash in vault_
Members°,
Trust
F.R.System Companies
144.775,0
132,908.0
862,363,0
36,547,0
110.921,0
145,178.0
599,408.0
131,620.0
876.208,0
$5,000,0
17,605.0
50,166,0
393,0
16,0
800,0
30,880.0
2,067.0
33,747,0
4,086,0
85,467,0
9,599,0
75,066,0
65,283,0
9.783.0
1,459,0
5,545,0
4,793,0
752.0
1926
Total.
849,775.0
150,513,0
912,529,0
36.940,0
110,937,0
145,978,0
630,288,0
133,687,0
909,953,0
4,086.0
65,467,0
11,058,0
80,611.0
70,076,0
10.535.0
Juno 28
1926.
July 3
1926.
$49,775,0
149.622,0
914,404,0
44,733,0
119,199,0
143,170,0
644,806,0
133,560,0
921,536,0
4.892,0
65,203,0
10,943,0
81.038,0
70,919,0
10.119.0
249,775.0
149,017,0
913,048,0
38,370.0
104,902,0
134,341,0
631378,0
131,818,0
897,337,0
4,254,0
84,304,0
11,314,0
79,872,0
69,997.0
9.875,0
•Cash In vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 14 1926 in
comparison with the previous week and the corresponding
date last year:
July 14 1926. July 7 1926. July 15 193$.
$
RedatIrCe3—
342,862,000 247,945.000 356,047.0011
Gold with Federal Reserve Agent
6,692.00*
14,056,000
12,711,000
Gold redemp. fund with U.S. Treasury_
New York City Non-Member Banks and Trust Coppanies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers (0001 omitted.)
CLEARING
NON-MEMBERS captor,
Net
Profits
Week Ending
July 10 1926
Members of
Fed'I Res've Bank
Grace Nat Bank__
Total
State Banks.
Not Members of 8
Federal Reserve Bank
Bank of Wash. His.
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne-
$
1.000
1.867
12,920
1,001
1.867
12,920
300
1.200
1,061
2.967
1.500
500
$
$
5
43
1,014
6,757
,
3 851
43
1,014
6,757
3.851
9.404
31,600
809
3,537
376
1,421
6,266
26,814
2.822
5,096
4.027
41,004
4,346
1.797
33,080
918
7.
81 I
9,590
478
73
3,658
.
6 043
•
500
3
26
19
12
$
$
Total
aggr.. July
agar., June
agar.. June
aggr., June
Cash
in
Vault.
$
3,
Grand aggregate...
Comparisonwith p ev. week
Gr'd
Gr'd
Gr'd
Gr'd
Reserve
Net
Net
with
Legal Demano Time
Deposi- Deposits Deposits.
meats,
tortes.
etc.
_
Average. Average. Average. Average. Average.
Loans,
DOcounts.
Invest-
2.900
2.900
2.9001
2.000
9,590
478
3,658
6,043
6.5051 63.514
'
+201
4,867
+397
2,884 a43.495
—256
+259
17,812
—36
63,313
62,970
63.398
63.476
4,470
4,526
4,616
4.765
3,140 a43.236
2,998 a42,953
3,137 a43,759
30.14 adA Ill
17,848
17,755
17,778
17.753
611
6.0401
6.040
6.040
6.040
73
• United States deposits deducted. 394.000.
Bills payable. rediscounts. acceptances, and other liabilities. $1,500,000.
Excess reserve $94,310. Increase.
262,001,000
282,565,000
401,980,000
362,739,000
234,756,000
341,764,000
973,084,000
37,022,000
946.546.000
36,040,000
939,259,000
38,480,000
1.010,106,000
13,873,000
982,586,000
9,955,000
977,739,060
19,021,000
104.970,000
40,552.000
174,441,000
63.562,000
81,515,000
40,227,000
145,522,000
49,162,000
238,003,000
52.420,000
121,742,000
37,394.000
6,418,000
74.740,000
10,211.000
5,391,000
59,225,000
11,268,000
4,912,060
64,864,000
5,482,000
91,389,000
877,000
75,882,000
1,343,000
75,258,000
2,835,000
Total bills and securities (See Note)
.
A am 512 1nn
Gold held exclusively agst.F.R. notes. 355,573,000
Gold settlement fund with F. R. Board_ 199,647,000
Gold and gold certificates held by bank- 417.864,000
286,930,000
367,648,000
237,229,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
656,000
197,077,000
16.728,000
5,520.000
646,000
165,750.000
16,728,000
5,410,000
637,000
183,002,000
16,984,000
5,484,000
Total gold reserves
Reserves other than gold
Total reserves
Non reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
Total U. S. Government securities-Foreign loans on gold
Total resources
1 530,890,000 1.548.723,000 1,440,096,000
Liabilities—
Fed'I Reserve notes in actual circulation_ 397,849,000
Deposits—Member bank, reserve acc't
860,882.000
Government
3,005,000
Foreign bank (See Note)
1,197.000
Other deposits
8,791,000
411,903,000
889,981,000
2,063,000
2.521.000
11.375,000
Total deposits
Deferred avallabWty Items
Capital paid In
Surplus
All other liabilities
905,940,000 868,217,000
132,879,000 148,402,000
31,608,001
35,400.000
58,749,000
59,964,000
2,973,000
2,637.000
Total liabilities
Ratio of total reserves to deposit and
.
'
Fed Res've note liabilities combined_
Contingent liability on bills purchased
/or foreign correspondents
873.855,000
160,384,000
35,422,000
59,984.000
3,416,000
330,147,000
851,049,000
3,509,000
2,457,000
11,202,000
1,530,890,000 1.548.723,000 1,440,096,00
79.4%
74.6% •
81.6%
9,295,000
14,803,000
NOTE.—Beginning with the statement of Oct. 7 two new Items were added In
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earnings assets," now
made up of Federal Intermediate credit bank debentures, has been changed to
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act. which are the only Items Included
herein
14,553.000
JULY 171926.]
THE CHRONICLE
299
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Ju'y 15, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
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 264, 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 14, 1926.
July 14 1926. July 7 1926. June 30 1926 June 23 1926. June 16 1926. June 9 1926. June 2 1926. May 26 1926. July 15 1925.
RESOURCES.
$
5
$
$
S
5
5
5
5
1,441,894,000 1,322,166,000 1,462,159,000 1,467,699,000 1,530,051.000 1,472,698,000 1,450,150,000 1,455,119.000 1,472,241,000
Gold with Federal Reserve agents
Gold redemption fund with U.S. Treas..
52.511,000
53,209,000
44,189,000
45,459,000
56.536,000
52,701.000
51,384,000
54.655.000
56.277.000
Gold held exclusively agst. F. R. notes 1,495,103.000 1,376,321,000 1,518,436,000 1,511.883,000 1,576,010.000 1,529,234,000 1,502.661,000 1,507,820.000 1,523,625,000
Gold settlement fund with F. R. Board.._ 671,297.000 785,731,000 655,073.000 662,190.000 604.820.000 649.124,000 662.400.000 659.899.000 675,710,000
Gold and gold certificates held by banks. 678,992,000 644,265,000 660.419.000 672,563,000 655,795,000 654.830,000 632,169,000 648,347,000 591.266.000
Total gold reserves
Reserves other than gold
2,845.392.000 2,806,817,000 2,834,929,000 2,846.641.000 2,836,625,000 2.833.188,000 2,797.230.000 2.816.066,000 2,790,601,000
145,650,000 135,177,000 144,711.000 148,892.000 147,737,000 149.341,000 149.250.000 159,375,000 144,769,000
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,991,052,000 2,041,994,000 2,979,639,000 2,995,533,00 2.984,362.000 2,992.529.000 2,946.480,000 2.975.441.000 2,935,370,000
0
56,889,000
43,240,000
47.134,000
53,234,000
56,209,000
56,301,000
56.169,000
57,227,000
48,522,000
254,041,000
260,889,000
319,052,000 .252,879,000
293,515.000 .262,152.000
225,848,000
253,310.000
179,301,000
214,029,000
213.434.000
234.679,000
284.841.000
240.116.000
233.530,000
240.413,000
237.540,000
217,199,000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
514,930.000
234,192,000
612,567,000
237,569,000
515,011,000
249,394,000
479,158,000
247,236.000
393.330,000
233,159,000
448.163.000
249,821,000
524,957.000
244.143,000
473,943,000
238.828.000
454,739,000
231,329,000
79,139,000
251,350,000
60,392.000
77,001,000
233,676,000
61,640,000
81,893,000
232,195,000
71,191.000
109,620.000
205,401,000
69,077.000
109,183,000
166.945.000
206,107.000
103,049.000
180,147,000
135,112,000
103.106,000
169,846.000
131.200,000
97,123,000
157,364.000
130.578.000
68,777,000
242,365,000
33,335,000
Total U. S. Government securities_ _ _
Other securities (see note)
Foreign loans on gold
391,081,000
3.200,000
3,199.000
375,317,000
3,200,000
4,900,000
385,279.000
3,200.000
5,502,000
383.098.000
3,200,000
6.700,000
482.235.000
3.200.000
7,502.000
418,308.000
3,885,000
8,401,000
404,152,000
3.8.S5,000
8,900,000
395.065.000
3,885.000
7,401,000
344,477,000
2,250,000
10.500,000
Total bills and securities (see note)
Due from foreign banks (see note)
Uncollected Items
Bank premises
All other resources
1,146,602,000 1,233,553,000 1,158.406.000 1,119,392,000 1.119,426,000 1.128,578,000 1,186,037.000 1.119,122,000 1,043,295,000
656,000
646,000
691.000
645,000
645,000
709.000
679.000
637,000
615,000
701,025,000 701,324,000 641,109,000 654,976,0 0 882.869,000 654,385,000 593.424.000 628.953,000 746,725,000
0
59,813,000
59,665.000
59.665.000
59,789,000
59,735.000
59,661,000
59,739,000
60,383,000
59,749,000
16,874,000
17,966,000
17,328,000
16.142,000
18,691,000
17,392,000
16,272,000
20,788,000
18,288,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits
Member banks-reserve account
Government
Foreign bank (see note)
Other deposits
5,062,911.0004,998,511,000 4.004,353,000 4,902.858,00 5,119,349,000 4,901,784,000 4,951,259,000 4,854.482.000 4,863,407,000
0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2,286,618,000 2,279,150,000 2,259,835,000 2,258,224.00 2,290,886,000 2.251.263.000 2.261.190,000 2,243,137.000 2,231,702.000
0
709,392,000 623,289,000 589,333.000 600.319.000 779,434.000 596.619.000 625.602.000 578,476.000 660,047.000
122.766,000 122,750.000 122,770,000 122,785.00
0 122,804,000 122.713.000 122.670.000 122.557,000 115,601,000
220,310,000 220,310,000 220,310.000 220,310.00
0 220,310,000 220.310.000 220,310.000 220.310.000 217.837,000
16,592,000
15,512,000
18,451.000
17,764.000
17.940,000
17.351,000
11,249,000
17,185.000
14,830,000
5,062,911,000 4,998.511,000 4,904.358,000 4,902,858,000 5,119,348,000 4,901,784.000 4,951,259.000 4.854.482,000 4.863,407,000
Total liabilities
Ratio of gold reserves to deposit and
F. R. note liabilities combined
Ratio of total reserves to deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foregin correspondents
Distribution by Maturities1-15 days bills bought In open market_
1-15 days bills discounted
1-15 days U. S. certif. of Indebtedness.
1-15 days municipal warrants
16-30 days bills bought in open market.
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
31-60 days bills bought in open market_
31-60 days bills discounted
31-60 days U. S. certif. of Indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market.
61-90 days bills discounted
61-00 days U. S. certif. of Indebtedness
61-90 days municipal warrants
Over 90 days bills boughtlin open market
Over 90 days bills discounted
Over 90 days certif. of Indebtedness._ _ _
Over 90 days municipal warrants
1,707,233,000 1,737.500,000 1.697,279,000 1,682,769,000 1,638.150,000 1,692,939,000 1.704.136,000 1,672,817,000 1,626,971,000
2,242,190,000 2,239,886,000 2,228,839,000 2,225,306,00 2,260,827,000 2,224,486.000 2,225,270,000 2,195.200.000 2,195,601,000
0
21,763,000
15.792,000
4,113.000
12,842,000
6,136,000
11,835,000
24,269,000 101,907,000
10.713.000
4,403,000
5.728,000
6.307,000
6,200.000
4.295.000
5,910,00
0
41,240,000
4,798.000
4,756,000
18,252,000
16,464,000
20,694,000
15,173,000
17.616,000
15.833.000
20,954,000
18,870,000
15,523,000
71.2%
698%
71.6%
72.2%
71.3%
71.8%
70.6%
71.9%
74.9%
73.2%
75.3%
76.0%
75.0%
75.6%
74.3%
76.0%
76.1%
54,088,000
54,338,000
54,459.000
53,533,000
55,088,000
60.219,000
62.647.000
61,347,000
35,576,000
5
97,158.000
368,637,000
$
103,
690,000
466,008,000
$
113,053.000
364.981,000
725,000
$
0
113,420,00
329,474.000
820,000
$
93,038,000
259.881.000
141.500,000
$
105.399.000
313.665.000
61,345,000
3
100.917.000
389.101.000
57,469,000
$
108.875.000
323,614.000
650.000
0
86,525,000
329,937,000
5,780,000
35,544,000
31,822,000
38
.395.000
29,520,000
. .
45 322 000
29,457,000
50.908,000
33,388,000
52.537.000
32,207,000
53.419.000
33.502,000
56.109.000
32.089,000
49.157.000
30,644.000
57,835,000
49,642,000
25.308.000
55.064.000
48,459,000
49 794 000
. .
49.877.000
51.826,000
49
.528.000
51,812,000
49,928,000
48.717,000
41,357,000
53.373.000
43,770,000
52.318.000
46.761,000
60,064.000
62,144,000
57,293.000
40,305,000
43,035,000
39,244,000
42,534,000
40.814,000
36,326,000
38,286,000
0
28,393,00
0
33,207,00
30,827.000
27.393,000
34.524.000
26,237.000
32.431,000
25,801.000
19,490,000
27.698,000
26,998,000
32,501,000
15,812,000
3,391,000
26,768,000
60,592,000
3,156,000
26.348,000
64,640,000
2,867,000
32.779.000
70,466,000
0
2,703,00
33,161,000
68,257,000
3,040,000
32,492.000
84.607,000
3,106,000
30,989,000
73,767,000
2.368.000
31,205,000
73.731.000
1,242,000
29,843.000
72,093,000
10,871,000
26,688,000
11.743,000
72.5%
F. R. notes received from Comptroller._ 2,864.041,000 2,858,546,000
0
2,870.295.000 2,860,535,00 2,879,994,000 2,872.284,000 2.850,398.000 2,848.922,000 2.944,876,000
F. R. notes held by F. It. Agent
839,921,000 835,675.000 875,091.000 869,526,000 874.057,000 859.878,000 860,303.000 861.737.000 1,012.796,000
Issued to Federal Reserve Banks..... 2,024.120,0002,022,870,900 1,995,204,000 1,991,009,000 2,005,937,000 2,012,406.000
1.990.095.000 1.987,185,000 1,932, 80 000
0 .
How Secured
By gold and gold certificates
304,484,000 304,
483.000 304 584,000 303,153,000 303.153.0011 304.240,000 304,153.000 304,152.000 307.151,000
.
Gold redemption fund
98,714,000
93,001,000
111,784,000
93,971.000
91.601.000 104,928.000 104,847,000
96,302,000
Gold fund-Federal Reserve Board__
1,038,696,000 924,682,000 1,061,273,000 1.065.575,000 1.135,797.000 1,063,530.000 1,041,150,000 105,823,000 1,053,306,000
1,045.144.000
By eligible paper
728,899,000 830,213,000 734,247,000 699,216,000 608,169,000 672.959,000 740.276.000 677,848,000 650,135,000
Total
-Beginning with the statement of Oct. 7 1925 two new
NOTE.
Items were added In order to show separately the amount o balances held abroad and amounts due
Is foreign correspondents. In addition, the caption, "All other earning
Other securities," and the caption. -Total earning assets" to "Tots I assets", now made up of Federal Intermediate Credit Bank debentures, has been changed to
bills and securities." The latter term has been adopted as a more accurate description of the total
of the discounts, acceptances and securities acquired under the provisions of Sections
13 and 14 of the Federal Reserve Ant, which are the only Items included therein.
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY II
1926
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland
Federal Reserve Bank ofRichmond Atlanta. Chicago St. Louis Altnneap. Kan. City Dallas. San Fran
Total.
RESOURCES.
I
S
$
$
$
$
3
8
$
8
S
11
Gold with Federal Reserve Agents 125.192,0 342,862,0 101,036,0 168,628,0
168,961,0
Gold red'n fund with U,S.Trees_
6,737,0
12,711.0 5,991.0 5,872,0 41,744,0 154,224,0 6,178,0 17,777,0 59,137,0 50.069,0 21,208,0 191,056,0 1,441.894,0
944,0 2,637,0 2.282,0
2,360.0 3.277,0
53.209,0
1.500,0 2.720,0
Gold held excl. agst. F.R.notes 131,929,0 355,573,0 107,027,0
Gold tiettle't fund with F.R.130ard 52,977,0 199,647,0 60,324,0 174,500,0 44,104,0 157,501,0 175,139,0 18,721,0 61.774,0 52,351,0 22,708,0 193,776,0 1,495,103,0
84,429,0
Gold and gold certificates
34,703,0 417,864,0 23.333,0 39,048,0 27,211,0 24,220.0 134,259,0 8.639,0 9,318,0 29,825.0 10,369,0 30.079.0 671,297.0
11,599,0 3,527,0 75,607,0 19,268,0 7,059,0 5,055.0 11,162,0 30,767,0 678,992,0
Total gold reserves
219,609,0 973,084,0 190,684,0 297,977.0
82,914,0 185,248.0 385,005.0 46,628,0 78,151.0 87.231,0 44,239,0 254.622.0 2,845,392,0
Reserves other than gold
14,643,0
37,022,0 4,910,0 8,760,0
6,724,0 9,523.0 22,753,0 18,850,0 2,855,0 4,654,0 7,339,0 7,627,0 145.660,0
Total reserves
234,252.0 1.010,106.0 195.594,0 306,737,0
89,638,0 194,771,0 407,758.0 65,478,0 81,006.0 91,885,0 51,578,0 262.249,0 2.991,052,0
Non-reserve cash
5,236.0
13,873,0
1,010,0 3,415,0 3,754,0 4,736,0 11,150,0 4,545,0
56,889,0
1,333,0 2,581,0 2,159,0 3,096,0
Bills discounted:
Sec. by U.S. Govt. obligations 17.292,0 104,970,0 29.588,0 26,810,0
9.717,0 2,025,0 24,355.0
Other bills discounted
15,358,0
40.552,0 18,888,0 13,248,0 30,685,0 36,619,0 28,874,0 6.069,0 2.671.0 4,185.0 2,511,0 23.848,0 254.041,0
25,216,0 3.601,0 11,862,0 12,917,0 23,129,0 260,889,0
Total bills discounted
32.650,0 145,522,0 48,416,0 40,058.0
40,402.0 38,644.0
26,841,0
131115 bought In open market
49,162,0 15,585,0 20,995,0 8,022.0 24,506,0 53,229,0 31,285.0 6,272.0 16,047,0 15.428.0 46.977,0 514,930,0
31,469,0 6.969,0 7,881,0 11,015,0 8,883,0 21,964,0 234,192.0
U.S. Government securities:
1,449,0
Bonds
6,419.0 5,014.0 9,326.0
291,0 24,413,0 6.579,0 8.335,0 10.106.0 2.888,0 2,621,0
1,698,0
79,139.0
Treasury notes
74,739,0 6.383,0 25,486,0 6,519,0
9,929,0
274,0 28,919,0 15,077,0 9,766,0 20.608.0 20,210.0 33.440,0 251.350,0
Certificates of indebtedness.,.. 1,696,0
10,211,0 10,326,0 2,602,0
1,125,0
1,280,0 5,106.0 4,795,0 1,727,0 4,404,0 3,574.0 13.746,0
60,592.0
91.369,0 21.723.0 37.414,0 9.342.0
Total U.S. Govt.securities.... 13 074.0
1.345.0 58 433.0 26.451.0 19.928.0 35.118.0 26.672.0 49.807.0 391,081.0
[Vox.. 123.
THE CHRONICLE
300
RESOURCES (Concluded)
Two Ciphers (00) omitted).
Boston.
New York.
Phila.
$
$
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
All other resources
243,0
72,808,0
76,582,0
4,068,0
69,0
$
$
700,0
128,0
$
342,0
2,000.0
304,0
877,0
Total.
Cleveland. Richmond Atlanta. Chicago. St. Louis, Minneap. Kan. City Dallas. San Fran.
$
170,0
$
$
438,0
137,0
$
500.0
102,0
125.0
$
$
$
$
112,0
3.200,0
3,199,0
221,0
286,930,0 88.028,0 98,809.0 58,836.0 65,823,0 143,574,0 64,842.0 34,583.0 62,305.0 51.095,0 118,969,0 1,146,602,0
656,0
656,0
197,077,0 69,262,0 76,949,0 61,203,0 30,535,0 101,888,0 37,589,0 15,656,0 49,307,0 28,755,0 46,222,0 791,025,0
59,813,0
2.872,0 7,933,0 4.111,0 2,943.0 4.667,0
1.793,0 3.344,0
1,581,0 7,409,0 2,364,0
16,728.0
16,874,0
1,010,0
31.2,0
1,866,0
258,0 2,941,0
646,0 2,317.0
539,0
5,520,0
343,0 1,053,0
Total resources
393,015,0 1,530,890,0 355,818,0 494,372,0 216,107.0 299,747,0 674,169,0 177,212,0 137,838,0 211,284,0 135,638,0 436,821,0 5,002,911,0
LIABILITIES.
F. R. notes in actual circulation_ 140.974,0 397,849,0 125,816,0 194,541,0 70,207,0 184,285,0 194,617,0 43,147,0 62,990,0 63,321,0 37,178,0 192,308,0 1,707,233,0
Deposits:
Member bank-reserve acc't
151,885,0 860,862,0 131,621.0 189,634,0 68,130,0 70.954.0 336,120,0 79,613,0 47,636,0 87,956,0 54,199.0 163.574,0 2,242,190,0
21,863,0
1,538,0 2,358.0 4,707,0
1,395,0 1,084,0 2,149,0
1,014.0
997,0
1,031,0 1.520,0
Government
3,005,0
965,0
4.403,0
177,0
155,0 305.0
234,0
172,0
605,0
141,0
190,0
472,0
Foreign bank
335,0
420,0
1.197,0
18.262,0
51,0
71,0
31,0 5,882,0
264,0
975,0
303,0
220,0
153,0 1,385,0
Other deposits
8.791,0
127,0
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
153,312.0
72.247,0
8,736,0
17,020.0
726,0
873,855,0
160,384,0
35.422,0
59,964.0
3,416,0
133,225,0
63.512,0
12.179,0
20,464.0
622,0
193,011,0 69,953.0 73,560,0 342,413,0 81,064,0 49,094.0 89,752,0 55.469.0 171,910.0 2,280,618,0
69,016,0 56.884,0 27.235,0 87,532,0 37,177,0 14,034.0 44,120.0 30.346.0 46.905,0 709,392,0
4.289.0 8,409,0 122,766,0
13,502,0 6,072.0 4,959,0 16,620.0 5,262.0 3,128,0 4,188.0
22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 7,501,0 8,079,0 7,615.0 15,071,0 220,310,0
16,592,0
1,072,0 1,008,0 2,374,0
741.0 2,218.0
924.0
1,091,0
902,0
1,408,0
393,015,0 1,530,890,0 355,818,0 494,372,0 216.107,0 299.747,0 674,169,0 177,212,0 137,838.0 211,284,0 135,638,0 436,821,0 5,062,911.0
Total liabilities
Memoranda.
74.9
72.0
75.5
55.7
64.0
52.7
60.0
75.9
72.3
79.1
75.5
Reserve ratio (per cent)
79.4
79.6
Contingent liability on bills pur54,088,0
1,906,0 3.757,0
chased for foreign correspond'ts 4,139,0
14,553.0 5,173,0 5,827,0 2.886,0 2,178,0 7.460.0 2,342,0 1,743,0 2.124,0
F. R. notes on hand (notes reed
from F. It. Agent less notes in
Slit 207n
A nn., n AO 'mon
Rom n
1ln n ,
n mnn n ,
n 'in AIr n
OA leen
vnn En.. n
nmnnnn
In Inn n
qn 2na
1.1 220 n
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS JULY 8 1926.
Federal Reserve Agent al
-
Boston.
(Two Ciphers (00) omitted.)
$
F.R.notes reed from Comptroller 222,279,0
F.11.. notes held by F.R.Agent.._ 56,850,0
F.R.notes issued top. R.Bank 165,429,0
Collateral held as security for
F.R. notes issued to F. R. Bk.:
Gold and gold certificates___ 35,300.0
Gold redemption fund
15,892,0
Gold fund-F.R.Board
74,000,0
Eligible paper
59,491,0
154 0520
Total collateral
New York.
Phila.
s
Cleveland. Richmond Atlanta.
$
$
$
Total.
Chicago, St. Louis. Minneap. Kan. City Dallas. San Fran,
s
s
$
$
s
$
$
$
786,036,0 192.276.0 258,820,0 116,037.0 283.006,0 401,309.0 67,917,0 87,078,0 113,646.0 54.577,0281,060.0 2,864,041,0
284,680.0 39,440,0 45,170,0 30,960,0 68,415.0 176,217,0 19,180,0 16,972,0 43,000,0 12,437,0 46,600.0 839,921,0
501,356,0 152,836,0 213,650,0 85,077,0 214,591,0 225,092,0 48,737,0 70.106,0 70.646.0 42.140,0 234,460.0 2,024,120,0
17,656,0 10.000,0 304,484,0
7,945,0 13,212,0
8,780,0 25.655,0 14.238,0
171,698.0
98,714,0
1.925.0 4,209,0 2,552,0 12,861.0
7.986,0 3,317,0 1,332,0
25,164,0 8,539,0 9,848,0 5.089,0 132.000,0 165,644,0 8,500.0 44,000,0 45,860,0 1.000,0 168,195,0 1,038.696,0
11,000,0
146,000.0 92,497,0 150,000,0
38,221,0 14,124,0 26.921,0 24,280,0 68,824,0 728,899,0
183,003,0 56.611,0 60,538,0 49,223,0 63,084,0 84,579,0
525 StR5 n 157 047 0 229.166,0 90.967.0 217.308.0 253.540.0 55.998.0 73,261,0 76,990,0 45.488,0 259,880,0 2,170,793,0
Weekly Return for the Member Banks of the Feberal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 701 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 265.
I. Data for all reporting member banks In each Federal Reserve District at close of business JULY 7 1926. (Three ciphers (000) omitted.)
Federal Reserve District.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran.
Total.
701
52
Number of reporting banks
96
38
s
$
$
$
$
$
$
$
$
$
S
Loans and discounts, gross:
$
$
145,139
7,577
3,975
3,733
2,590
8,943
21,814
5,605
4,340
18,703
11,158
Secured by 03.5. Gov't obligations
48,337
8,364
70,708 300,687 5,533,340
67,971 105,536
Secured by stocks and bonds
348,529 2,412,058 414,856 555,564 137,592 105,368 826,938 187,533
879,781 8,379,601
All other loans and discounts.._. 648,500 2,641.537 374,483 790,059 368,978 386,101 1,269,686 307,931 162,164 327,331 223,050-- - --- -- -- -- -- -- - --- - -232,725 436,600 297,733 1.188,045 14,058,080
Total loans and discounts
1.005,393 5,101,932 800,497 1,364,326 510,910 497,074 2,118,438 504,407
Investments:
53,715 254.643 2,494,604
68,015 103,993
60,599
65,452
39,676 308,837
82.761 281,207
147,662 1,028,104
U.S. Government securities
21,958 209,834 3.158,108
90,210
45,546
71,177
57,741 450,326 115,102
Other bonds, stocks and securities 249,067 1,221,740 264,503 360,902
- -- -- -- -- -- -- -- -- -- - --- -75,673 464,477 5,652,710
97,417 759,163 175,701 113,561 194,203
642,109 136,629
396,729 2,249,844 347,204
Total Investments
-- -- - -680,108 346,286 630.803 373.406 1,652,522 19,710,790
Total loans and investments..,. 1,402.122 7,351,776 1,147,701 2,006,430 647,539 594,491 2,877,601
26,933 104,143 1,668,872
58,718
25,084
48,812
40,285 232,675
46,141
83,102 121,167
94,126 787,686
Reserve balances with F. R.Bank_
297,581
22,343
10,298
12,729
6,142
8,233
53,485
11,521
14,306
33,716
16,125
87,040
21,643
Cash in vault
1,052,658 378,443 337,708 1,771,588 408,923 213,389 502,484 251,195 746,451 13,011,639
908,368 5,655,967 784,465
Net demand deposits
211,034 223,936 1,051,375 212,230 116,306 146,212 105,826 847,764 5,654,512
Time deposits
42...375 1,267,909 229,562 819,983
153,688
15,887
4,622
5,290
2,660
5,179
13,805
7,541
5,920
18,787
18,705
30,537
Government deposits
24,755
Bills pay. & redisc. with F. R. Bk.:
231,159
20,041
1.485
2,759
2,570
2,588
20,929
1,033
2,330
13,186
4,158
Secured by U.S.Gov't obligations
3,340 156,740
157,618
13,484
3,840
6,169
8,952
15,532
14,428
11,348
967
9,
4,929
All other
50,788
18,179
-•
- - 33,525
5,325
388,775
8,928
2,570
11,540
36,461
15,461
13,678
23,153
9,087
Total borrowings from F.R.Bank
21,519 207,528
Bankers' balances of reporting member banks in F. R. Bank cities;
20.775 105,495 2,283,175
49,725 106.057
87,761
16,453 394,065
31,755
49.135
Due to banks
134,243 1,097,140 184,569
Ann nut
09 97R
94014
411 RAI
92001
90002
Int 109
IA AAA
IA 010
29.700
62.380
MA 944
27 94,
Due from banks
75
68
36
99
32
24
67
48
66
City, Chicago, and for the whole country.
2. Data of vapor log member banks in New York
AU Reporting Member Banks.
July 8 1925.
Reporting Member Banks in N. Y. City.
July 7 1926. June 30 1926. July 8 1925.
Reporting limber Banks in Chicago.
July 7 1926. June 30 1926. July 8 1925.
July 7 1926. June 30 1926.
58
62
46
46
58
46
733
Number of reporting banks
702
701
s
3
3
s
3
s
$
$
Loans and discounts. gross:
5
44,553,000
54,491,000
44,263,000
15,970,000
15,537,000
172,991,000
22,778,000
148,415,000
Secured by U.S. Gov't obligations
145,139,000
2,209,125,000 2,049.187,000 616,932,000 618,294,000 595,023,000
Secured by stocks and bonds
5,533,340,000 5 574 866,000 5,092,413,000 2,127,238,000
2,305.876,000 2,296,513,000 2,143,136,000 708,468.000 701,069,000 671,563,000
All other loans and discounts
0
8,379,601,000 8'412:217, 00 8,014.824,000
14,058,080,000 14,135,498,000 13,280.228,000 4,477,377,000 4,550,191,000 4,246,814,000 1,341,370,000 1,334,900,000 1,289,364,000
Total loans and discounts
.
Investments
910,260,000 913,337,000 932,759,000 165,678,000 184,099,000 172,660,000
securities
U.S. Government
2,494,604,000 2,511,580,000 2,544,227,000
Other bonds,stocks and securities_ 3,158,106,000 3,169,186,000 2,953,830,000 910,528,000 907,079,000 874,048.000 208,743,000 219,459,000 199,689,000
Totalinvestments
000 1.820,788,000 1,820,416,000 1,806.807,000
5,652,710.000 5,680,766,000 5,498,057,
374.421,000
403.558,000
372,349,000
000 6.298,165,000 6,370,607,000 6.053,621,000 1,715,791,000 1,738,458.000 1,661,713.000
Total loans and investments
19,710,790,000 19,816,264,000 18,778,285,
709,170,000 698,598.000 154,695,000 170,611,000 157,892,000
Reserve balances with F.It. Banks
1,668,872.000 1,660.684.000 1,616.432,000 730,516,000
64,273,000
66,004,000
69,152,000
25,426,000
24,014,000
289.744,000
21,424,000
277,274.000
Climb In vault
297,581,000
000 5,071,545,000 5,262,451,000 5,098,752,000 1,169,471,000 1,184,987,000 1,152,5130,000
12,890,060,
13,011,639,000 13,252,106,000
Net demand deposits
000 844,853,000 846,914,000 787,334,000 514,781,000 514,041,000 470,685,000
5,654,512,000 5,649,825.000 5,164.211,
Time deposits
28,710,000
10,625,000
27,270,000
9,720,000
5,931,000
0
88.905.00
6,229,000
Government deposits
163,864,000
163,688,000
Bills payable and rediscounts with
Federal Reserve Banks:
8,710,000
28,229,000
10,079,000
59,890,000
00
4250
40,
151,626,000 136,560.000
160,433,000
231,159,000
Secured by U.S. Govt. obligations
605,000
9,540,000
18,954,000
47,771,000
4,283,000
96,363,000
5,208,000
128,063,000
157,616,000
All other
Total borrowings from F. R. nil
3
88.775,000
288.496,000
247,989,000
184,321,000
49,965,000
Loans to brokers and dealers (secured by stocks and bonds) made by 58 reporting
member banks in New York City:
1,019,298,000 1,102,844,000
For own account
951,852,000 883,587,000
For account of out-of-town banks
631,638,000 578,746,000
For account of others
Total
On demand
On time
• Revised figures.
2.602,788,000 2,565,177,000
1,940,069,000 1,889,762,000
662,719,000 675,415,000
78,849,000
14.362.000
33,437,000
9,315,000
JULY 17 1926.]
THE CHRONICLE
301
New York City Realty and Surety Companies.
Vaulters' Gazette.
All prices dollars per snare.
Wall Street, Friday Night, July 16 1926.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 290.
The following are sales made at the Stock Exchange
this
week of shares not represented in our detailed list on
the
pages which follow:
, Bid.
Alliance R'Ity 45
Amer Surety_ 186
Bond & M G_ 333
Lawyers Mtge 288
Lawyers Title
& Guarantee 298
Ask.
47 Mtge Bond__
189 Nat Surety..
338 N Y Title dr
Mortgage._
293
U S Casualty_
303
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Share
per share. $ per share.
per share.$ per share.
Railroads.
Buff Roeh & Pitts pf.100
221 93 July 13 95 July 14 92
Mar
Cleve & Pittsb spec__ _50
411 414 July 12 4134 July 12 414 July 954 Feb
414 July
Cuba RR prof
100
1
85 July 13 85 July 13 82% June 85
Nat Rye Mex 1st prof 100
300 634 July 13 63.4 July 12 44 Apr 84 July
N Y Lack & Western _100
710534 July 1410534 July 14 1024 Feb 10534 Jan
June
Y Rye pr ct 2d stpd__.
82111 July 16 112 July 12 112
July 112
Reading rights
1,500 174 July 151 1734 July 13 1634 Mar 224 July
Feb
Renss & Saratoga_ _100
5 126 July 13 126 July 13 122
Feb 126
July
Twin City Rap Tr p1.100
1001014 July 1310134 July 13 101
Jan 1024 Feb
Vicksb Shreve & Pac.100
1001 98 July 13 98 July 13 90
Jan 98
July
Industrial & Miscel.
Abraham & Straus
• 1001 43 July 15 43 July 15 43 May 50
Feb
Preferred
100
100 108 July 13 108 July 13 104
9834 .7,1y 109
M ar
May
Alba Pe Wr Pap pf_ _100
200; 98 July 13 98 July 13
July
Amerada Corp
• 9,900 294 July 13 3034 July 12 854 M ay 98
2
4
..7,1y 31% June
2OO 85 July 13 85
Am Chicle pr pref ars_.
July 13
May
Am Home Products_
• 5,600 2534 July 12 2634 July 15 24% May 90
264 Apr
Am Machine & Fdry_ _ ..• 1,100 724 July 15 7734 July 16 7234
7734 July
Preferred
100
300 114 July 15 116 July 16 114
j y 116
Jul
ul
July
Amer Power & Light_100 30,110 61 July 10 0734 July 16 504 May
6734 July
Am Sumat Tob A ctfs 100 2,500 254 July 12 2
634 July 12 1434 Apr
Am Tel & Tel rights__ _ 44,600 6 1, July 10 6,. July 10 534 May 28.,, June
,
Bloomingdale Bros_ _ _ _. 4,400 30 July 12 3134 July 16 28 June 6us July
314
Preferred
100
300 1074 July 14 1074 July 14 150344 June 10734 July
July
By
-Product Coke Corp.. 3,300 59 July 12 6034 July 14
June 6034 July
Chicago Yellow Cab_ _.•
100 44 July 15 44 July 15 44
May 49
Feb
Collins & Alkman
12,400 4234 July 11 484 July 14
48% July
Preferred
10 1.900 10334 July 1210634 July 14 94% NIay
3 4 M a 106% July
8
Corn Inv Tr P (6%)_100
200 9134 July 16 913.4 July 16
Jan
Congress Cigar
• 2,300 4234 July 15 444 July 12 49 May 100
8
0%
Crown Will Pap, 1st pf_•
100 9834 July 15 9834 July 15 9834 July 4434 June
9834 July
Cushman s, pf 7%__ _DX
100 104 July 10 104 July 10
Feb
May
Deere & Co, pref.__ _100
100 10834 July 13 10834 July 13 109493i Mr 106
%
F.isenlohr & Bros
25 600 134 July 14 1334 July 12 1134 June 10935 June
Electric Auto Lite
• 1,000 66 July 16 67 July 13 61% Mar 2034 Feb
824 Feb
Electric Boat
• 9,600 6 July 10 7 July 10 4
Mar
Electric Refrigeration... 13,700 71 July 13 7334 July 16 624 May 834 Feb
783.4 June
Emerson Brant,pf ctf 100 1,100 8 July 14 834 July 16 8
Jul
Equit Office Bldgs, p1100 3,200 110 July 101193-4 July 16 99
Jun 115344 JulyulY
9
Pam Players Lasky rts__ 21,555 334 July 13 43-4 July 14
Jul
First Nat Pict, 1st pL 100
500 10234 July 12 104 July 14 96% 1:i 107% June
3 Ma
5
Feb
Fisk Rub, 1st pf cony 100
200 98 July 14 9834 July 14 94
Mar
General Electric, new...• 103100 8534 July 10 894 July 14 69 Jun 107
Jun 894 July
Gotham Silk Hos'y, new* 2,300 4734 July 12 4934 July 13 4
73-4 July 4934 June
Hayes Wheel, prof_ _ _100
100 107 July 13 107 July 13 10534 Ma 107
May
Intercont'l Rubber.. . 2,800 1534 July 15 1634 July 13
Internet Tel & Tel right 8,200 74 July 12 74 July 14 1334 Ma 2134 Feb
7 Jun
8 June
Jones & L Steel, p1_100
100 11634 July 1311634 July 13 114
Jan 117
Feb
Kinney Co, prof
100 600 98 July 12 98 July 12
Ma 994 Jan
Lago Oil d: Transport..' 134 100 22 July 10 2334 July 12 9334 :
31 iv1.ay 22, JJ.7utinn
1
179
7a 2847
1
Lambert certifs
•48,100 53 July 10 6034 July 16
July
Life Savers
• 4,100 214 July 12 2134 July 13 1734
Loose Wiles, let pf.-100
300 11634 July 1311634 July 13
Jan 117 June
Louisiana Oil, pref_ _100
400 95 July 12 97 July 10 95
July 97
July
McCrory Stores, pref.100
10 10734 July 1510734 July 15 105
Ap 110
Feb
Menai Sugar, pref__100
300 60 July 15 60 July 15 55 Jun 82
Feb
Manila Electric rights _ _ _ 1,400
34 July 16 1 July 13
34 June 134 June
Miller Rubber certifs..... 1,800 3334 July 10 3634 July 14
30
May 4434 Feb
N Y Air Brake rights_ _ _ 28,200 14 July 10 334 July 13 1% July
% July
3
NY Canners, prof
•
100 84 July 14 84 July 14
June 85
Omnibus Corp
. 1.400 154 July 15 1634 July 12 1434 Mar 224 Apr
Feb
Preferred
300 88 July 12 8834 July 12 88
July 9834 Feb
Owens Bottle pref. _100
100 116 July 13 116 July 13 112
Mar 117 June
Phillips Jones Corp pf100
100 82 July 14 82 July 14 80
July 83
Mar
Southern Calif Edison _25 5,700 304 July 13 3134 July 16 3
034
June
Southern Dairies cl A...24,400 5134 July 10 554 July 15 43 June 32
Mar 554 July
Class 13
• 19,100 3234 July 10 3434 July 16 22
Mar 3534 June
Spalding Bros 1st pref100
100 105 July 10 105 July 10 101
Jan 10534
Thompson (J R) Co.
.25
300 4534 July 12 46 July 16 4234 May 48 June
June
Union Carbide & Carb_• 7.400 8334 July 15 844 July 12
7735 Mail 8634 Mar
S Express
100 ssi July 16 34 July 16 24 Julyj 4
100
Jan
Vicksburg Chemical._ _• 1.200 4534 July 16 4634 July 13 44
35 May 5134 Feb
Virginia Carolina B ctfs•
100
14 July 10
34 July 10
% Jun
134 Jan
Va Coal & Coke pref_100
100 7134 July 16 7134 July 16
34 July 75
71
Jan
Vivaudou prof
100
100 97 July 14 97 July 14 944 Jan
1034 Feb
Westinghouse El 1st p150
100 83 July 13 83 July 13
Jal 874 Feb
Wilson & Co pref _ _ _ _100 3.200 .5234 July 10 5934 July 16 80
42
May 5934 July
Yellow Trk & Coach_rts 23,400
34 July 10 13.4 July 16
14 Jul
134 July
• No par value.
New York City Banks and Trust
Companies.
All prices dollars Der share.
Banks-N.Y. Bid.
Americas__ _ 340
Amer Ex Pao. 445
Amer Union._ 205
Bowery EastR 400
Broadway Cen 345
Bronx Boro._ 1250
Bronx Nat_ _ _ 430
Bryant Park. 200
Butch & Drov 184
Capitol Nat__ 210
Cent Mercan_ 270
422
Chase
Chath Phenix
Nat Bk &Tr 360
Chelsea Exch• 245
Chemical__
795
Colonial._ _ _ 600
Commerce. _ 386
Com'nwealth. 300
Continental_ _ 280
587
Corn Exch_
Cot:moral:0- 225
Fifth Avenue.2200
2550
First
Franklin
170
Garfield
370
Globe Exch.. 220
350
Grace
Greenwich.._ 530
Ask.
Banks.
Bid.
Hamilton_ _ _ _ 195
450 Hanover
1045
215 Harriman_ _ _ _ 580
410 Manhattan. _ 223
365 Mutual'
500
1350 Nat American 180
460 National City 610
225 New Neth._ 270
189 Park
487
220 Penn Exch.-- 124
280 Port Morris_ _ 225
425 Public
545
Seaboard _ _
645
364 Seventh
165
255 Standard ___ 600
805 States
600
Trades
157
388 United
215
310 United States. 310
295 Wash'n Ms*. 800
592
Brooklyn
250 Coney Island* 375
2400 First
1375
2580 Mechanics'._ 308
190 Montauk. _ 305
385 Municipal*
295
240 Nassau
355
People's
600
550 Queensboro• 200
/
•Banks marked (9 are State banks.
p Ex-rights.
Ask. Trust Cos. Bid.
Ask.
205
New York.
1055 American_ _ _
600 Bank of N Y 227
Si Trust Co 625 635
Bankers Trust 643
195 Bronx Co Tr_ 315 648
615 Central Union 880 330
280 County
260 280
492 Empire
3
27452 347
134 Equitable Tr.
279
Farm L & Tr_ 550 560
555 Fidelity Trust 283
288
660 Fulton
172 Guaranty Tr_ 3 9 410
3 7 392
8
9
650 Irving Bank610
Columbia T 335 340
162
230
aw urect rer 524 528
any
320 Mutual(West
100
cheater)
215 230
N Y Trust_ _ _ 543 548
Title Gu & 'Pr 688 6133
400 U S Mtg & T 400 405
315 United Stat 1740 1760
Westches Tr_ 550
302
Brooklyn
370 Brooklyn
780 790
650 Kings County 2100 2300
215 Midwood.. _
300 310
(0 New stook.
(a) Ex-dIvidentl.
477
310
Ask.
Bid.
155 Realty Assoc
223
(Bklyn)com 226
1st pref ____ 89
481
2d Prof.... 85
340 Westchester
Title dr Tr_ 500
Ask.
232
94
89
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid. I Asked.
Sept. 15 1926._ 43.4% 100'n
Dec. 151926...334% 100.se
STOCKS.
Week Ended July 16.
Bid.
150
219
1005ss
10034
Maturity.
in:.
Role.
Bid.
Asked.
Dec. 151927... 4%% 101nn 101.
711
Mar. 15 1927
434% 100"n 10enss
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
certificates on the New York Stock
bonds and Treasury
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. July 10 July 12 July 13 July 14 Ju y 15 July 16
High 108.., 1017n
First Liberty Loan
34% bonds of 1932-47__ Low_ 101.., 101
Close 101 432 101
(First 3345)
22
85
Total sales in 81,000 units__
HIV;
4% bonds of (High
193247
Close
____
____
Total sales in $1,000 units_ _ _
,, 1021,s,
Converted 44% bonds {High 1021,
193247 (First 44s) Low_ 102..., 10211.:
.,
Close 102ns, 102,
13
39
Total sales in 81,000 units._ _
Second Converted 44% High
____
____
bonds 01 193247(Mist Low_
Second 4348
____
Total sales in $1,000 units__ _
High
____
- -- _
Second Liberty Loan
--- --__
4% bonds of 1927-42._ _ _ Low_
(Second 4s)
____
____
Total sales in ELM)units_ _.
Converted 434% bonds {High 100":: 100..ss
Low_ 100"ss 100...
192742(second
Close 100..s, 100...,
44s)
45
201
Total sales in 31,000 units_
.., 10110::
Third Liberty Loan(High 101,
,
Low_ 101.s, 101 s,
434% bonds of 1928
Close 101.as 101'n
(Third 4348)
51
206
Total sales in 51,000 units__
High 102"ss 102"st
Fourth Liberty Loan
44•;, bonds of 1933-38_ Low_ 102..., 1021.s,
Close 102n., 10219.,
(Fourth 4300
131
444
Total sales in $1,000 units ___
High 108.32 108 3,
,
Treasury
ILow_ 108.., 108 .,
,
434E4 1947-52
(Close 108.ss 1013'n
50
26
Total sa:es in S1,000 units__
(High
____ 1041..2
Lou%
____ 104
4s. 1944-1954
____ 104
Close
____
11
Total sales in $1,000 units_ __
.101"ss
i Tligh
101"..” 101"st
Low_ 101
334s, 1946-1956
Close 101..ss 101"ss
20
_
Tntal sales in 81,000 units__1
101',, 101,
11 101 1,
,
101
101'st 101
101'n 101'n 101
33
105
47
101.ss
101
101
--_
_
-_ __
____
102...2 102.., 102",, 102",,
10211s, 102n., 102‘0
, 102.s:
102.2, 102ns, 102,0
, 102.ss
29
6
1
188
_- -____
____
___ _
____
100.s,
100.s:
100"ss
100"ss
100...:
258
10110.:
101..,
101'n
192
102"ss
102ns:
102.,,
527
108..,
108
108
15
104..,
104'n
104.m
38
101"st
1011.”
101 1.ss
14
-- -___-___
____
10 - "ss
0
100"ss
100n.,
119
101.s:
101..2
101.n
73
102.4,
102n.,
1021..,
73
108432
108.as
108.s,
51
104..,
104.n
104.n
4
101"st
101",,
101"ss
1
100-1.:
100..1
1001.,
118
101.s,
101.32
101.ss
131
102n:
102"3
102.1.,
86
108.se
108.,,
108.1,
4
1041.,
103.'s
10314
15
101"s
1011.,
101uss
5
1002.11
10",
1002.12
123
101.2,
101.1,
101.3s
72
102ns:
102..ss
102n.,
342
108.st
108.ss
108 12
,
1
104.s,
104.n
104.m
1
102 s,
,
101"ss
101..ss
5
Nole. The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2 1st 445
23 2d 445
102..1 to 102.st I 2 3d 434s
,
100 .., to 100",, 184th 4349
1013., to 101 st
,
1021.s. to 102..s,
-Sterling exchange has been steady
Foreign Exchange.
but quiet, at very close to the levels of last week. In the
Continental exchanges spectacular weakness again marked
trading in French, Belgian and Italian currencies; other
branches of the market were colorless and inactive.
To-day's (Friday's) actual rates for sterling exchange were 4 85 15-160
4 86 for caecks and 4 86 7-16@4 8634 for cables. Commercial on banks,
sight, 4 85% @4 8534; sixty days. 4 811404 8134. Ninety days. 4 79%
lg.' 763-4, and documents for payment (sixty days), 4 8134 .. 4 813-4; cotton
(
for payment, 4 853404 85%, and grain for payment, 4 853404 853-4 •
To-day's (Friday's) actual rates for l'aris bankers' francs were not quoted
for long and 2.34@2.43 for short. German bankers' marks are not yet
quoted for long and short bills. Amsterdam banker's guilders were not
quoted for long and 40.13% for short.
Exchange at Paris on London. 206.40 francs; week's range, 191.40 francs
high and 206.40 francs low.
The range for foreign exchange for the week follows:
Sixty Days.
Cables.
Sterling ActualChecks.
Not quoted
High for the wees
486
48634
Not quoted
4 86 5-16
Low for the week
4 85 13-16
Paris Bankers' Francs
Not quoted
High for the week
2.63
2.62
Not quoted
Low for the week
2.36
2.35
.
Germany Bankers' MarksHigh for the week
23.81
23.81
23.79
Low for the week
23.79
Antsterdam Bankers' Guilders
Not quoted
High for the week
40.1734
40.1934
week
Not quoted
Low for the
40.16
40.14
-Chicago. par. St. Louis. 15025c. per $1,000
Domestic Exchange.
discount. Boston, par. San Francisco, par. Montreal, $1.250 Per
$1,000 premium. Cincinnati. par.
-The review of the Curb Market is
The Curb Market.
given this week on page 291.
A complete record of Curb Market transactions for the
week will be found on page 316.
CURRENT
NOTICES.
-Charles M.Steele of Auerback, Pollack & Richardson has just returned
from a two months trip in Europe.
-The Empire Trust 00. has been appointed trustee of the guaranteed
first mortgage collateral gold bonds of the Amortization Mortgage Co.
_Irving Bank-Columbia Trust Co. has been appointed registrar, in
New York, of the common stock of the C. G. Spring & Bumper Co.
James Talcott, Inc., has been appointed factor for the Metro Silk
Mills, Inc., of Paterson. N. J., manufacturers of broad silks.
-The Seaboard National Bank of the City of New York has been appointed co-transfer agent of the prior preference stock of the Otis Steel Co.
A. Harriman & Co., Inc., of this city, announce that F. B. Krom
has been appointed manager of their sales department.
302
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales clueing the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
July 10.
Monday.
July 12.
Tuesday,
July 13.
Wedneway, Thursday,
July 14.
July 15.
Friday,
July 16.
Sales
for
lhe
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
4 per share 4 Per share $ Per share $ Per share Shares'
Railroads.
Par
Ann Arbor
100
_ *4412 ____ *4412 ____
*4412 ____ *4412 ____ *4418 ____ *444
Do pref
100
_ __ _
_ *69%
_ *6912
_ *6912
_ *6912
*6912
_ *6912
37
4
137 iii58 1367, fii34 13114 fi6
-12 13758 131 1384 1-3i 13658 1--- 31.000 --DoTopeka & Santa Fe I00
100
800 Do pref
99
9812 9812 99
9812 99
*9812 99
99
99
*9814 99
Cl,
12
'2 1.200 A tlanta Blrm dr Atlantic_ _ _100
12
4
5
8
512
58
58
*12
*12
5
8
220 22214 4,600 Atlantic Coast Line RR-100
221 223
223 225 4 222 224
3
225 226
223 225
93,500 Baltimore & Ohio
100
8
8
8
9512 964 9618 9714 973 9812 974 9834 985 977 29814 97
100
/
4
x711 7112 2,400 Do pref
73
717 72
8
724 7314 7318 7314 73
714 72
'Bangor & Aroostook
50
'4) 41
41
*40
*40
41
*40
41
•40
41
*40
41
100
100, Do pref
*100 101
101 101 *100 102 *100 102 *101 102 *100 102
644 7.1005km Manh Try t o_No par
644 64
r4
6512 6518 6512 65 65
.64
64 4 65
3
No par
300 Do pref v t o
854
8514 *844 854 85
8514 8514 *84
*8514 86
*8514 86
4 124 134 9,800 Brunswick Term & Ry Sec_100
*1012 1112 *1034 1112 1114 1112 Ills 12
115 123
8
135 Buffalo Rochester & PItts_100
83 4
3
8358 *80
*80
773 85
4
78
*75
*75
78
' 78
7
51
Canada Southern
100
61
*60
*60
61
61
*60
*5912 66
*5912 66
*5914 66
100
16412 8,700 Canadian Partite
8
6
1651 16514 16514 16634 1663 1664 16514 16614 16312 1653 163 29412
200 Central RR of New Jersey_100
23514 28514 29412
*288 295 *285 295 *285 290 *285 290
100
4
14112 14214 142 14312 1423 1444 142 14412 14112 14312 14112 14314 28,100 Chesapeake & Ohio
100
100 Do pref
144 144 *140 145 *140 145 *140 145
*141 144 *142 144
100
700 Chicago & Alton
512 512
53
8 518
8 .53
4
512 57
8 *538 511 *53
*53
8 534
100
84 84 1,600 Do pref
4
838 834
83
4 83
83
4 814
87
8 88
7
812 84
100
50 C C C& St Louis
233 233 *225 300
•227 240 *227 240 *227 245 *230 233
500 Chic & East Illinois RR_ 100
32
324 32
32
34
3312 .32
*32 1 34
*32
*3212 33
100
*4112 4212 *1112 1212 3.600 Do pref
*1214 4212
42
42
*40 , 42
423
4 42
8 94 4.800 Chicago Great Western_... 100
95
94 10
•93
8 93
4
912 94
9 8 912
3
93
8 98
7
100
4
3
2414 2412 2438 25 8 244 2514 2414 247
8 244 2514 243 2518 16,800 Do pref
6,500 Chicago Milw & St Paul
100
1034 11
11
1058 1034 11
lle 11
114 11
1118 11
100
1118 4,500 Certificates
11
11
11
*10 4 1114 *105 It
3
11
11
1118 11
8
100
•1734 18
18% 184 1814 1812 1812 184 184 1814 1814 1814 1,800 Do pref
100
/
4
8
1758 177
*1712 18
177 181 184 1814 2.600 Preferred certificates
18
18
1838 18
4
723 10,300 Chicago & North Western_100
734 72
7318 7434 7312 74'4 7312 7418 73
73
73
100
100 Do pref
'1251 12512 *125 12514 *125 12512 12512 12512 *125 12512 *125 12512
/
4
524 531 17,200 Chicago Rock Isl &Paciflo-100
5212 54
5412 5534 543 5518 5434 55
4
8
543 55
100
800 Do 7% preferred
9914
9918 •99
*99
9912 99
'994 9914 99
99
99141 99
900 Do 6% preferred
100
4 8814 8814
8812 *8712 883
88
8712 8712 8713 8712 8712 88
200 Chic St Paul Mlnn & Om 100
50
5212 f0
*50
54
*50
*50
*50
54
54
L•50 2 54
Do pref
100
.4
.100 115 *100 115 *100 115 *100 115 *100 115
700 Colorado & Southern
100
8
6212 827 *6112 6212 6212 6212 6114 6114
„ 62
f ..61
nu i
„
Do let pref
100
____ *6612 ____ *67 ____ *667s ____ .67
-0. ---- -no
Do 2d pref
100
_- _ ___ *64
*61 __ __ 3934
__
*64 18
*8418___ *6418
100
-- 4 4.500 Delaware & Hudson
165 1653
12 186
*16312 16412 1643 166
4 16514 11614 16314 16614 165
4
142 1434 140 4 14212 142 1423 142 14512 144 1453 15,300 Delaware Lack dt Western- 50
*141 2 144
3
4
8
*427 4312 2,600 Deny Rio Or & West pref_.100
64112 43
34112 423
43 1 43
4 4212 4234 4212 44
Duluth Sou Share & AU _.100
312
.312 412 *3
312 *3
312 *3
312 *3
312 *3
300 Preferred
100
*513 6
3
*53
4 614 *534 614 *584 61
5 4 5 4 *512 6
3
/
4
100
3614 31,000 Erie
4 3558
374 3812 374 3818 363 374 3514 363
4 3518 353
4
100
464 29.000 Do let pref
45
4512 4712 46
8
467
8 4514 4614 443 46
4434 45
100
1238 434 7,500 Do 20 pref
42
4218 4312 42
443 4412 4312 4434 4314 4334
8
15,200 Great Northern pref
100
7312 743* 7314 74
74
73 4 74
3
747
8 744 7518 7412 75
1,500 Iron Ore Properties_ _No par
2118
21
21
21
21
21
21
21
21
*21
2112 21
2,850 Gulf Mobile & Northern..
.100
35
357 387
8
35 35
8 383* 3638 3514 3514 *35
35
3
6
300 Do prof
100
10514 1054
*10512 107 *10512 106
8
106 106 *1055 10612 *10512 101
397
4,300 Hudson & Manhattan
100
3
387 384 3814 384 383 384 3834 38 4 3834 384 3834
8
8
Do pref
100
80
*78
80
*78
80
*771 80
•77
80
*78
*7712 80
100
7,100 Illinois Central
12118 12114 122 12312 12314 1247 124 12414 •122 124 *121 124
8
100
100 Do pref
4
4
3
4
125 125 *1213 125 ''1213 125 *1213 125
*1213 125 *122 125
4
Railroad Sea Series A__1000
8
8
8
*741 747 07418 747 *744 744 *7418 747 *7418 747 *7418 747 '
8
8
Int Rys of Cent America_ _100
*283 28
4
*263 28
4
*2814 2714 *2614 27141 *2614 2814 *2714 28
Do prof
100
*644 66
*6414 66
*6414 86
*6414 66
*8414 6614 *6414 66
8
437 18.500 Interboro Rap Tran v t o_100
4212 43
3
43 4 4414 43 4 443
3
3
8 434 4414 4314 43 4 43
Iowa Central
100
2
2 *____
2 *____
2* _
2 *____
*-,-,
2 *---100
4412 10.600 Kansas City Southern
44
4312 44
437 4438 4412 4512 4455 45 4 -4334 45
4
3
100
500 Do met
*6612 67
68
*66
663, 664 6812 6612 664 664 *663 67
8
24,700 Lehigh valley
50
883* 8812 8812 9158 9112 9212 90 4 9134 9112 9312 9212 934 2,500 Louisville& Nashville
3
100
/
4
13612 13812 13634 137
137 13714 137 138 *133 134 *13212 1341 1,300 Manhattan Elevated guar_100
91
/
1
*8914 8978 *8914 898 89 8 89% *894 8978 9012 9012 91
100
10,200 Do modifted guar
8 5512 56
4
3
5514 56
5412 55
553 55 4 554 55 4 543 557
4
3
Market Street Ry____ ___100
8 2 7-.
'
*55
8 7 '
4 7
*6
7
*53
*512 7
*512 7
100
Do pref
*25
30
33
*25
33
*25
25
•25
30
*25
30
30
100
700 Do prior met
43 4
3
3
4
43
4378 434 437 *42
43 4 433 43 4 *4212 4314 *42
3
100
Do 2d pref
18
*15
18
1518 •15
*15
*14
18
*14
18
*1512 19
100
100 Minneap & St Louis
*178 2
*17
8 2
*17
8 2
8 2
178
3117
8 2
178 •17
300 Minn St Paul & S 8 Marle_100
36
3612 *35
3612
38
*35
38
/ *35
1
4
354 35
100
33
35
Do pref
'
64
*60
65
*60
65
*60
*60
65
*60
66
*60
65
100
Leased lines
66's
66% *65
663 *65
8
8
663 *65
8
*65
6612 *65
683 *65
373, 3738 6,300 Mo-Kan-Texas RR__No par
2
373*
37
3712 3712 3712 384 3755 3812 363 38
4
100
914 2,300 Do pref
4
*92
9212 9212 927
4
923* 9212 9214 923 3903 9118 91
100
54,100 Missouri Pacific
3918 4014 39
374 3734 3734 39
40'4
397
383 3912 39
4
100
9334 49,500 Do pref
8
88
4 913 9312 924
8 904 913
885
5 8812 905
9012 913
Nashv Chan A St LOUIS-100
*165 178 *165 178 *165 178 *165 178 *165 178 *165 173
100
700 Nat Rys of Mel 20 pref
.318 314
*24 314
314 33
8 *314 33* *34 338
314 314
/
1
100
New On Tex & Mealco
*122 135 *121 135 *120 135 *120 125 *120 135 *120 135
100
46,800 New York Central
8
1313 1333 1313 -1327 131 1317 13012 1314 2,400 NY Chic & St Louis Co
4
8
8
13055 13158 13114 132
100
180 180
18112 18112 178 18012 177 17814 17812 179
183 183
100
1,000 Do pref
1041s 1051 10441043 *103 10312 102 10314 *103 104 119,800 NY N H & Hartford
8
*104 105
s
100
8
7 4512 4514 1814 448 457
8 453 4738
4
3
4455 454 443 45 4 44
100
3,300 NY Ontario & Western
245
8 2378 25 _
24
247 244 2412 25
25
2514 *2412 25
NY Railways part ctfs_No par
....
:
Preferred certificates_No par
1z
3938 101- -3
2 '94 -*912 -- 2 -.
101*912 12
*94 12
*914 12
62 New York State Rallway6.100
2014
2014
23
*20
*20
*20
23
•20 4 23
*20
23
23
100
3612 1,600 Norfolk Southern
3
512 374 37/2 3712 3612
*3512 37
*3512 38
*3512 36
100
6,000 Norfolk & Western
4
1523 153
*154 15512 155 15512 155 15512 15518 15512 153 155
100
200 Do pref
86
4
4
4
3
*8414 843 *8414 84 4 *8414 843 *8414 843
4
4 843 843 *8414
100
7212 7314 17.500 Northern Pacific
7412 7312 7414 7318 74
3
100
73 g 7334 734 74 4 74
100 Pacific Coast
28
*22
28
*22
26
*22
*22
26
*22 1 26
22
22
50
83,300 Pennsylvania
3
/
1
8 543 54 4 5412 543
8 544 545
8
3
537 543
8
4 543 54 4 54% 544
100
Peoria & Eastern
23
*22
23
*23
24
24
233 *23
4
*22
2312 *22
*23
100
9612 9712 9714 9812 8,800 Pere Marquette
7 99
9612 97
9612 9714
97
984 97
100
100 Do prior prof
94
*91
94
*9014 95 4 9412 9412 *9214 9412 *9214 9412 •91
3
100
700 Do pref
8634 8612
88
88
88
88
87
*87
88
' 88
*85
88
44 Pitts Ft Wayne & Chte Df -100
-_-_ *146
_ *1454
__ 149 149 *146
*1445
8
*1445
8
100
100 Pittsburgh & West Va
110 1,1711) *109 fif *109 112 *109 • 11012 *107 fil *108 109
4
/ 973* 9914 973 9812 9714 9818 29618 9714 96% 0612 17,700 Reading
1
4
9814t 99
50
Do 1st prof
4
*403 42
*40 4 42
3
4
*4014 42
*403 42
*403 42
4
*4012142
40
500 Do 2d pref
*4214 43
8
7
4212 *4112 437 •4212 43 8 4212 4234 *4214 43
V4212
100
100 Rutland RR pref
4
4
*4814 50
*4814 4912 *4814 4912 493 493
*4814 4912 *4814 50
100
-San Franciseo
14.300 St Louis
9718 9818 9712 977
964 9614 964
8
8 987 9734 96
9714 98
100
400 Do pref A
4
4
9112 9112 92 9214 *904 913 *9012 913
*9112 92
92
*90
100
5,700 St Louis Southwestern
4
6812 673 884 1,100 Do pref
4
*6718 67% 673 687
63
6818 88
4 6812 69
100
7978 •7812 80
78
78
78
777 78
8
*7714 78
*7714 78
100
4,300 Seaboard Air Line
3418 347
34
3414 3312 34
3355 34
34 g 3418 3518 351
100
1.400 Do pref
37
37
3713 38
3714 375*
*371 38
1337
38
38
3712
100
Southern Pacific Co
8 115,700
8
106 1 10914 10712 1093 10734 1093 107 10818 10655 10712 107 1077 17,800 Southern Railway
100
4
8
8
8
8
2
1171* 11818 1173 11814 11818 1193 1177 1187 11714 1185 11718 1173
100
1.500 Do pref
4
923 923
4
4 9212 923 *9238 9212
8
4 925 93
4 9255 923
•924 923
100
3
5455 55 4 11,700 Texas Or Pacific)
5414 51 4 5412 557
3
54% 5418 5414 554 544 551
100
900 Third Avenue
4
*3512 364 3612 3812 3612 3612 *3612 363
36
38
36 4 36
Twin City Rapid TransIt 100
•7012 71'2 7014 7112 *7014 7112 *7014 704
71
*7018 7112 *70
100
15212 15414 15234 153% 20,000 Union Pacifie
8
4
/
1
154 4 1554 15412 15512 1543 1555 154 155
100
500 Do pref
7918 7918
80
3
3
*794 7914 79 4 79 4 •79
7918 80
•79 1 80
United Railway,Invest-100
__
*24
*2412 _ __ *21
____ ___
*2412 30
*2412 30
100
Do pref
5
7
*75 - 87
•75 37
_ •75
*7514
*7514 90
*75
/ 90
1
4
100
4
463 20.800 Wabash
3
4 2 4618 471s 45 4 4812 46
7
8 47 -- 3
463* 4612 473
46
100
7514 7578 7534 7614 5,500 Do pref A
7538 757
3
7512 7512 753* 7514 75
75
100
1'00 Do pref B
65
*82
*82
65
63
*62
63
*62
65
*63
83
83
100
4.700 Western Maryland
1414 14
*1358 14
14
8 14
/
1
/
1
8
.1318 1378 137 144 144 143
100
2.100 Do 2d pref
22
913. 912. 44
017. 217
4
•Bld and asked Priem I Ex-dividend.
S per share $ per share
i
I"Ell all Aire
Range Since Jan. 1 1926
-share lots
On boats of 100
rise ...a.
Range for Precious
Year 1925.
Lowest
Lowest
Highest
$ per share
4 per share
44 Jan 19
6412 Jan 21
122 Mar 30
9418 Mar 5
12May 28
18112 Mar 30
8312 Mar 3
674 Jan 6
33 Mar 2
974 Feb 8
5418 Mar 31
78 Mar 31
8 Mar 4
12
693 Mar 26
4
58 Jan 15
1464 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
414M sy 18
618Msy 18
17314 Mar 29
3014May 10
3612 Mar 31
73 Mar 31
4
1814 Mar 30
9 Mar 29
818 Apr 20
1418 Mar 31
14 Apr 20
6514 Mar 30
11812 Jan 4
4012 Mar 3
96 Mar 4
8314 Mar 31
45 Jan 6
693 Jan 27
4
8Mav 28
1403
100 June 12
10 Jan 2
26212 Jan 2
98 2July 13
73 4July 13
,
46 i ol 1
101 July 12
6914 Feb 5
8614 Jan 29
144 Mar 18
85 July 14
61 June 14
8July 13
1667
305 Jao Ii
8July 13
1447
144 July 13
8
115 1. eu 20
181 Feb 13
/
4
233 July 15
37 ben 10
513 Feb 10
4
12 Feb 20
28 Jan 2
1412 Jan 6
14 Jan 8
22 Jan 9
/
1
4
217 Jan 5
8
817 Jan 2
8
12612 Apr 30
4
603 Jan 15
10114June 9
90 Jan 29
22 Feb
40 Mar
1164 Jan
9212 Feb
3
Jan
14714 Jan
71 Mar
6278 Apr
3514 Mar
89 June
3518 Jan
727 Jan
8
3 Feb
48 Apr
56
Jan
13612 Mar
265 Mar
89 Mar
/
1
4
10514 Apr
3 Apr
52
518 Apr
140 May
293 Mar
4
40 Mar
Jan
9
1914 Mar
314 Apr
7 Sept
7 Apr
8
127 Oct
Apr
47
1014 Apr
4818 Mar
Jan
92
82 Mar
48 Apr 5 53 Jan 28
100 Mar 16 114 Jan 9
52 Mar 3 65 Jan 13
62 Mar 2 6812June 7
59 Jan 11 64 July 7
15014 Mar 30 17414 Mar 12
129 Mar 30 15312 Jan 12
3712May 19 47 Jan 2
54 Jan 23
3 May 20
518May 19
814 Jan 18
2212 Mar 29 40 Jan 2
8July 8
333 Mar 30 477
4
30 Mar 30 45,2 July 8
6812 Mar 30 7834 Jan 4
19 June 2 2714 Feb 15
2518 Apr 20 3914June 22
95 Mar 29 10712June 22
3434 Jan 22 40 Apr It
674 Mar 31 7814J1Ily 7
1134 Mar 3 1244July 13
11512Mar 30 125 July 13
7114 Jan 6 77 June 23
2514 Mar 30 31 Feb 13
82 Mar 30 68 June 24
2412 Jan 15 5214May 25
312 Jan 15
114May 12
8
3414 Mar 3 493 Jan 13
6058 Mar 31 6812June 30
7512 Mar 3 9312July 15
118 Mar 30 143 Jan 4
4
84 Mar 3 923 Apr 20
8May 28
384 Jan 28 617
6 June 29 10 Feb 9
2514 Jan 5 40 Feb 9
44
3918June 21 513 Feb 10
1312 Jan 18 2212 Feb 10
3 8 Jan 11
7
134June 4
34 Apr 21 5212 Feb 3
55 Mar 20 79 Feb 3
8
624 Jan 4 667 Feb 24
32 Mar 3 474 Feb 9
82 Mar 2 95 Jan 4
27 Mar 3 4014 Jan 14
2
7112 Mar 3 93 4July 16
150 Apr 3 188 Jan 14
2 Mar 18 • 412 Jan 7
120 Mar 30 13212 Jan 6
117 Mar 30 13558 Jan 2
130 Mar 3 18534July 8
93 Mar 11 106 July
8July 16
8
305 Mar 30 473
/
4
4
193 Mar 30 2s1.1 Ito 13
296 Jan 4 35) May 8
6 Jan 25 2014 Feb 5
2014 July 16 2812 Jan 14
277 Apr 15 3712July 15
8June 28
13914 Mar 30 1577
84 Jan 7 85 Jan 7
4
653 Mar 30 7612 Jan 2
2012June 26 48 Jan 6
4435s Mar 30 554 Jan 2
4
19 Mar 4 263 Jan 14
67 Mar 3 10012July 8
79 Mar 3 96 July 7
3
70 4 Mar 29 91 July 7
14212 Jan 2 149 July 14
8
85 Mar 30 1193 Jan 11
79 Mar 30 100 July 9
40 Jan 5 - 42 Apr 26
40 Mar 30 4478June 21
42 Apr 8 87 Jan 7
85 Mar 30 10114 Jan 21
8312 Apr 1 9214Ju1y 14
5712 Mar 19 74 Feb 9
8July 15
72 Mar 19 797
27 Mar 31 51 Jan 2
12
8
314 Mar 31 483 Feb 18
4July 12
961 Mar 30 1093
/
4
1035 Mar 30 120 July 7
8
J y
8712 Apr 6 93 Juln 13
8
4218 Mar 30 815
1312 Jan 8 43 Apr 23
4
68 May 4 783 Jan 4
14112 mar 30 15612Ju1y 6
4
745 Jan 6 80 May 26
193 Mar 3 2712 Apr 7
4
4
65 Mar 2 883 Apr 6
334 Mar 30 52 Jan 12
4
68 Mar 30 783 Jan 13
57 Mar 29 72 Jan 29
8
11 Mar 3 165 Jan 4
165 Mar 30 24 Jan 4
8
3318 Apr
7314 Apr
4418 Jan
60 Mar
Jan
54
13312 Mar
125 Mar
343 Oct
23* Apr
354 Apr
263 May
4
35 June
34 June
60 Apr
25 Dec
23 Mar
8912 Mar
218 Mar
4
644 Feb
111 Mar
11212 Apr
6814 Aug
Jan
18
594 Jan
1313 Mar
112 Jan
2858 Mar
Jan
57
69 Mar
Jan
106
64 May
3218 Mar
6 Nov
Jan
20
/
4
421 Nov
15 Dec
214 Oct
3055 Apr
40 Mar
5712 June
2814 Jan
743 Jan
4
3058 Jan
71 Mar
143 Apr
112 June
113 June
/
1
4
1131 June
/
4
18 13 June
e
18
8
Highest
$ per share $ per chars
28 Mar
205 Apr
8
262 Aug
5 Dec
21 Dec
217 Apr
12312 Mar
754 Jan
5814 Apr
20 Aug
4212 Apr
133 Apr
4
614 June
78 July
6812 Apr
139 Jan
663934 Mar
MarMa
48
67
14012
98
113
4
268
944
673
4
5612
100
64
833
4
Dec
Dec
Dec
Dec
Dec
Dec
DE
Nov
Nov
003
Nov
Dec
174 NOV
925 May
8
59 May
15258 Jan
Jan
321
13012 Dec
130 Dee
8
105 Feb
1912 Feb
200 Dec
3814 Aug
574 Jan
15 Feb
323 Feb
8
163 Jail
8
11 Nov
2812 Jan
22 Nov
807 Dec
2
120 Dec
2
587 Der
100 Dec
8912 Mat
5912 Jan
12018 Dec
704 Sept
6634 Dec
624 Aug
155 Apt
1475 June
4
Jail
60
54 Dec
818 Dec
394 DoC
467 Jam
8
433 Jag
4
8
823 Dec
403 Jan
8
363 SeLli
8
10914 Sept
383 Aug
2
72 July
12512 Dec
12514 DeC
744 Dec
334 Sept
6612 July
3412 Feb
312 MU
51 Dec
6314 Dec
884 Dec
148 Dec
11912 Sept
5114 Feb
12 Sept
4614 Sept
6514 Sept
35 Sept
/
1
4
4 Mal
57 Nov
8614 Nov
63 Feb
4512 Sept
9212 Dec
413 Dec
4
9112 Dec
192 Dee
314 Dec
1374 Dee
1374 Dec
1888372
Nov
47 Dec
343 Aug
4
316
001
12 June
36 July
45 Sept
151 Dec
86 Dec
781 Dec
/
4
4018 Dec
558 Dec
2158 Dee
8512 Dec
893 Dee
4
7934 Dec
144 Nov
19114 iun
23 ne:
357 Mar 41 June
8
3614 Mar 442 June
8
42 Apr 6272 Jan
574 Jan 1024 Aug
76
/
1
4
Jan 92 July
433 June 6914 Dec
4
7018 June 7834 Dec
203* Jan 541 Nov
/
4
35 Mar 5112 Aug
96
Oct 10834 Jam
773* Jan 1204 Dee
483314 JanJan 9 12 Sold
85
8 rie1
712
58
13314
72
18
4818
194
553
4
384
11
16
8
Apr 155 Sept
Jan 7814 Dec
Apr 15314 Jan
Jan 7714 July
Aug 331k May
Mar 83% Dec
Mar 4714 Aug
Jan 7378 Dec
Jan 6012 Attu
3
Mar 18 2 Aull
/
1
Mar 264 Jag
New York Stock Record-continued-Page 2
303
For sales during the week of stocks usually Inactive. see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 10.
$ per share
361 3618
/
4
8313 833
8
25 4 2612
3
43
/ 4614
1
4
Monday,
July 12.
Tuesday,
July II.
Wednesday, Thursday,
July 11. I July 15.
Friday,
July 16.
Sales
for
the
Week,
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share $ per share $ Per share $ ner share Sha•es.
Railroads (Con.)
35
/ 36
1
4
36
36
*3514 36
35
35
3414 34 4 1,700 Western Pacific new
3
84
831 x 84
84
811 85
/
4
8412 847 *8412 85
8
2,900 Do pre( new
26
2712 2614 2714 2514 261 2512 26
/
4
2514 261 28,800 Wheeling & Lake Erie Ry
/
4
4618 48
47
471 4613 4512 *4514 47
/
4
4714 4714 6,200 Do pref
PER SHARE
Range Since Jan. 1 1926
On basis of 100
-share lots
Lowest
Par
100
100
100
100
Highest
PER SHARE
Range for Previous
Year 1925.
Lowest
H41141111
Per share $ per share $ Per share $ per slate
3314 Mar 30 3014 ran 2
193 July 394 Dec
4
77 Jan 15 85 July 14
/
1
4
72 July 81
Dee,
18 Mar 30 32 Jan 2
104 Mar 32 Des
/
1
37 Mar 30 5013 Jan 4
22 Apr 53 Des
/
1
4
70
764 *74
*75
*7412 7611 75
/
1
74
75
7412 7412 7412
641, Fob 1
ne ui
4May 21
700 A bitIbit l ler di1Pa peia'
1n d
aw a iscel r _No yar 703
Po
62
Jan 7614 Der
.146 ---- 1501 15012 150 15012 150 151
/
4
15012 151
159 150
100 131 Jan 6 151 July 14 119
1,803 All American Cablea
Jan 133
/ Oat
1
4
4
1141 11412 1143 11514 115 115
/
4
.1141s 115
11412 1151 *11414 1144 1,700 Adams Express
/
4
/
1
/
1
4
100 99 Mar 18 11114 July 1
90 Apr 1174 Oa
4 14
1414 131 1414 1414 1414 1414 1412 131 1414
12
/ 133
1
4
/
4
/
4
100 10 Mar 19 18114 Jan 29
4,200 Advance RumelY
13
Apr 20
Oct
5414 55)2 548 55
5114 54
5314 531 5313 5412 53
/
4
5419 7.900 Do pref
100 48I4May 11 63 Jan 28
/
1
4
47 Feb 624 Gel
/
1
en 8
778 77
8
71 8
/
4
8
8
8
8 1
8
814
7 Jan 23
/
1
4
1
Gig Jan 4
7
/ Oct 12 May,
1
4
/
1
4
1161 1161 *11518 11614 11533 11518 11514 11718 116 1161 115 11512 1,900 Ahumada Lead Ine____No par
/
4
/
4
10714May 19 11914 Mar 1
4,300 Air Reduction.
86
/ Jan 11735 Dee
1
4
9
9
9
9
/
4
94 S1
83
4 8
/
1
4.
8
/ 87
1
4
8
8
/ 8
1
4
712sIsv 11
/ 3,600 Ajax Rubber. Inc
1
4
No par
16 Feb
9 8 Dec 157 Jun.
3
8
13
8 *114
*11 138 •114
/
4
11
/
4
13
8
13
8
1 14
13 8
ill
112
609
114June 28
10
2 Jan 4
1
Jan
24 Ocn
/
4
129 1307 1281 13112 12912 13034 13012 13314 z12312 1301 1203 13014 79,100 Alaska Juneau Gold Min__ par
s
/
4
4
106 Mar 30 142 Feb 13
Chemical & Dyo_No
Allied
80 Mar 116 Dee
/
1
4
•12112 122 .121 18 122
122 122 .121 18 122 .1211 122 I 12134 1213
/
4
4
100 1183 Mar 20 12218June 14 117
200 Do pref
4
Jan 12114 Noy
89 4 393
3
/ 9114 90
1
4
4 89
8914 90
90
88
89
83
89 j 3,100 Allis-Chalmer5 1V11g
/
4
100 7814 Mar 26 9411 Jan 14
7112 Jan 97 Deg
/
1
4
103 4 1093 *1091 110 *10914 110 .109 110
3
4
*10914 110
/
4
110 110 '
300 Do prof
100 105 Apr 7 11012May 24 1031s Jan 109 Dee
18
18
•I8
/ 18
1
4
18
18
1812 1812 18
18121 18
18
1,400 Amer Agricultural Chem_100 15 May 20 343 Jan 14
5
1312 Mar 291 Oct
/
4
/
4
*6112 54 .611 6312 6214 6214 62
63
62 . 62 I 6112 624 1.200
/
1
/
1
100 51 May 20 964 Jan 14
361 Mar 8212 Dec
/
4
Do prof
40
4112 40
*40
403 40 4 41
4
3
41
41
4118 *4012 411
210 341 Mar 31 437 Isto
1,100 Amer Bank Note. new
8
/
4
3913 Dec 4435 Dec
681 5812 •57 ___
/
4
57
57
.57
58
*57
53 I.
i7
____
200 Preferred
50 55 Jan 15 5312July 10
5312 Jan 5812 Sent
/ 2334 2.134 233 23
1
4
2314 2314 .2314 23
4
/ 2314 2314 23
1
4
23
100
110 Ampeericapnrelieet Sugar
0
100 21 June 2 383 too 5
4
29
/ Oct 43
1
4
Jan
/ 70 .6614 70
1
4
*663 70 I .66
4
*6612 70
661 661 .663 70
/
4
/
4
4
100 65 May 27 83 Feb 24
78 Doc 87 June
/
1
4
2112 2114 2138 2014 217
2112 217
81 21
8 203 2044 2033 204
4
8 3,700,Amer Bosch Magneto_No par 16 May 19 3438 Jan 4
2618 Mar 544 Jan
123 12412 123 123
•123 123
/
1
4
1223 1221 *12218 123 1 122 12218
8
/
4
700 Am Ilrake Shoe & F___No ar 110 Mar 19 180 Feb 2
9014 Mar 156 Dee
•11218 11414 .11218 114 1 .11218 11414 •11218 11414 *11218 11414 .1121s 11414
/
100 1101 Mar 24 12814 Feb 18 10713 Jan 1144 Dee
4
I
pD
/
1
4012 40 4 41
40
3
4012 408 40
40 21 .40
401 40
/
4
41
5.803 Amer Brown BoveriEl_No par 3014 Mar 29 48 Jan 9
/
1
4
474 Dec 33 s Oct
/
1
1
/
41
/
4
951 951 9412 9412 9412 9413 .9414 9514 *94
9514 9518 9518
5001 Preferred
100 8612 Mar 31 9733 451, 16
9018 Nov 98 Dee
/
1
553 563
81 554 57
4
5518 503
8 56
561 55
/
4
5514 5512 5312 164,000jAmerican Can w I
25 Ws Mar 30 5812July 16
4714 Dec 49 Dee
/
1
4
.125 1251i 12518 12518 .125 12512 1253 1251 •125 12514 12518 12518
/
4
8
100 121 Jan 4 12614May 19 115
3001 Do preY
Jan 1211 Sept
/
4
10012 101 i 100 10078 993 100
1003 1001 10012 101
4
4
/
4
100 10014 4.100 American Car & Fdy__No par 914 Mar 31 1147 Jan 12
2
974 Apr 115h Sept
128 128 *125 128 *125 1273 .125 1273
•127 129
4
8
100 12312 Apr 7 12914June 23 1203 Apr 128 July
100,
4
2514 258 2514 2533 2518 .2514 258 1.100, DO pref
20
25
25
25
25
25 2314 Mar 30 26 June 17
American Chain, class A
2212 Oct 27 Feb
40
40
40
.39
*3912 40
3913 3912 *3912 40 1 .3912 40
300 American chicle
No par 3718 Mar 31 51 Jan 4
37
Jan 62 Apr
*38
3712 38
40 s .38
*3712 38
40 .38
40
.38
40
200, Do certificates __ _No par 3112 Mar 31 4714 Jan 7
37 Jan 5812 Apr
778 778 73 8
4 77
8
73
2
3
3
/
1
4
711 7 4 15,5001Amer Druggists Syndicate_ 10
3
83
414 .1613
8June 10
414 Dec
63 Jan
4
*12414 126 *125 126
125 12514 125 12812 *125 12712 125 12712
8
600 American Express
100 1057 Mar 31 140 Jan 6 125
Apr 166
Jan
/
4
3
3
201 20 4 20 4 201 203 2218 2114 2 l/ 213 22
/
4
8
20 4 21
3
1
4
4
/
4
/
1
4
9,30010,mer & For'n Pow new_No par 151Mav 19 42 Jan 2
2714 Apr 513 Sent
2
13974 897
8 90
90
*89 4 90
3
*8914 90
90
90141 *893 903
4
47001 Do pref
No par 8812June 22 98 Feb 13
87
Jan 94 Feb
108 Mar 31 131 Jan 2 114
---- ---/ AV 142
1
4
1 Do 25% paid
eg
9
/
1
4
8
8
*812 9 I
812 812 *812 9
39; 48114 1.600 American Hide & Leatber_101 7 May 10 1712 Feb 9 81 Ma 14/ Bent
8 84
8
/
4
1 Deb
4
4112 41 12 4218 411 411
.401 4112 *4012 4112 41
/
4
/
4
/
4
331
/
4May 7 671 Feb 9
5812 Sept 75 2 Jim
/
4
101
7
130 13113 13012 13114 12714 131
•13013 132
125 127 I 126 12714 4,800 Do pref
101 109 Mar 31 136 June 8
83 Ma 139 Dee
American Ice
446 1 *8414 88
.84
86
.84
86
*84
841 841 *83
/
4
/
4
/ 8512
1
4
101
100 Do prof
82 Jan 13 863
4June 1
/
1
4
7412 Ma
86 July
/
1
8 344 34
/ 3414 3414 3312 341
1
4
341 3514 3412 347
/
4
/ 33: 3333,4 5.40 0
41
Corp_.100 33 2 July 15 464 Feb 16
,
00 Amer international
0
4
/
1
1
324 Ma
/
1
464 No;
/
1
4
4 123 13 1 123 13
4
4
4 123 123
123 123
4
13
13 1 1215 1341
,
; 3,500 Amecan La France F E
1(
/
1
4
12121slay 21 15 Jan 4
American
1114 Jan 20 Noy
.34 4 3512 345 3412 3418 3412 *34
3
3412 •34
3412 34
'! 34'!
/
1
4
100 2814 Apr 21 52 Jan 4
Linseed
20 Ma
5914 No;
79
79 I .73
*78
79 .78
•78
79
.77
79
.77
7812
101
75 Mar 31 87 Jan 4
Do Prof
53 Jan 89
Oat
4
10414 10514 10314 104
105 10514 105 1053 10412 105
10312 104
9014 Mar 31 119 Jan 4 1044 Jan 144 Mar
5 60 American Locom new __No pa
1: 0
9 0 De pref
/
1
4
/
1
/
1
4
8
*117 117i, 1173 11712 11714 11714 11712 118
11712 1173 11712 11734
4
101 11014July 6 12014 Feb 11 115 Au
124 Feb
/ 5414 54
1
4
5413 533 5418 5414 5434 *533 941,
/
4
4
541 5418 53
4
No pa
47 Mar 30 57 Feb 16
4.300 American metals
/
1
4
45 Ma
/
1
4
57 5 Oct
1
•117 11714 .117 118 *117 118 *117 118 .117 118 .117 118
/
100 113 Apr 15 120 Feb 6 111 Mar 119 Nov
1
4
Preferred
10914 10914 .10812 110
10914 110
•10914 110
10912 10913 109 109
25 101I4May 19 1203 Feb 13
600 American Radiator
4
89
/ Jan 12212 Nov
1
4
3
793 79 4 79
79 .79
4
80
•78
80
•79
80 1 .79
8')
39.100 Amer Railway Expresa
2
00
8
79
/
1
4July 12 276 Sep
773 Mar 31
10
84
Jan
56
50
60 I .56
•56
•56
60
60
5512 5513 .55
80
3.60 American Republics.
30
0
50 June 15 74 Jau
..No Pa
48
Jan 79 4 Deg
3
4914 52
*49Is 50
5314 57
573 594 5918 62 1 593 607
4
/
1
8
8 71.600 American Safety Razor-._10(
42 Apr 14 63 Jan 8
36
/ Jan 76 No;
1
4
/
1
4
/
4
/
1
*91 94 *918 913
9
93
4
83
4 9121
8
/ 94
1
4
/
1
/
4
5 Jan 2 111 Mar 12
/
1
4
Amer Shlpt& Comm__.NO pa
pre
512 Dec 1415 Feb
13012 13218 13112 135
1343 13638 1354 1363 13414 135
8
/
1
4
/ 1354 1364
1
4
/
1
/
1
/
4
4
01
700 Amer Smelting & RefInlng_ 10 1091 Apr 21 1441 Jan 7
903 Ma 14412 Dec
5
118 118
*11712 118
118 118
11818 11818 118 118 I 118 1183
/
1
4
8
700
1127 Mar 31 119 June 17 10512 Jan 11514 004
s
*12712 130 .128 130
128 1293 .120 129 *125 129
12713 128
4
400
10 122 June 28 165 Feb 9 13814 Apr 154 Nov
0
42
42
42
421s *4214 4212 4212 42
/ 4212 4212 4213 4212 3,400 American Snuff
1
4,
40 May 11 46 Feb 1
/
1
4
37 Jun
/
1
4
Amer Steel Foundries._No pa
4712 Deo
*114 -__ 114 114 *112 114 .113 114 1 114 114 .111 114
500
101 111 Apr 9 115 Feb 23' 108
Jan 11312 Oat
6914 6918 697
8 69 694 67
.69
/
1
69 I "5712 6813 *674 6813 3,400 Do prof
/
1
6514 Apr 14 BA Feb 5 r 47
12 Jan 77Ss Dee
American Sugar RefinIng 10(
*10114 10212 102 102
10114 10114 102 10214 *10114 10212 102 102
100 100 June 19 105 Feb 26
700 Do pref
914 Jan 1044 MP
*7
14
*7
14
"8
.8
14
14
'
44
14
*812 14
173
8June 14
818May 1
pe u m t
Amer Spreatra Tobacco...100
6 May 2412 Ftb
.95 130 .95 130
*95 129 .95 130
.95 129 .95 130
100
28 Apr 12014 Oct
28 .20
281 *25
*26
/
4
30
27
27
.27
30
.2614 261 18,50 A m Telegraph e e8able 100 2513July 5 411 Feb 10
100 Amer
0
/
4
373 June 47 Feb
4
er
aph l C
A T
142 142
/ 142 14214 142 14214 142 14214 1413 142
1
4
1417 142
8
4
8June 18 15(l Feb 15 130/ Jan 145 Dee
100 1393
11
4
119 4 1197 11914 1107 11812 120
8
3
118 119
8
12014 1203 1197 1197
8
8
/
4
50 1111 Mar 31 12112 Feb 6
3,400 American Tobacco
85 Feb 12112 Oat
1103 1103 11018 11018 1107 1107 111 111
4
4
8
8
110 110
100 10618 Jan 4 113 May 26 10412 Jan 110 Nov
7
00 Do pref
11712 118
118 11918 1183 119
4
14 11812 119
11912 119 4 11912 1
3
-1934
844 Feb 11912 Oct
*116 11812 11812 11812 .118 1111 .118 119 *115 119 L 11812 11812 3,800 Do common class B.__ 50 1101s Mar 31 1204 Feb 6
200 American Type Founders._100 114 Jan 22 135 Feb 13 103 Apr 135 Nov
/
1
4
6112 6112 6212 6214 6314 62
61
6014 61
62
624!
824 9,
/
1
280000 Am Wa
2
343 Jan 764 Dec
ork8 4k Eleo.._ 20 4384 Apr 13 74 Jan 4
f( )
5
pe
.1001 10714 107 1
*106 10714 *106 107
/
4
106 106 *105 107
100 10112 mar 3 10814 Jan 27
974 Aug 103 Feb
'
p
Ire
1st I
/
4
24
4
2418 2418 233 231 24
2218 24
2238 2312 23
2314 9
.300 American Woolen
100 19 June 9 42 Jan 13
/
1
4
34h May 645 Jan
4
8 7218 72
/
1
/ 701 723
1
4
721 7212 724 727
/
4
8 7014 711 70
/
4
/
4
/ 7033 1,900 Do
1
4
100 66 Apr 30 595 Jan 4
6917 May 9612 Jan
pref
•11 2
11 2
/
/
4
4
2
17
8
2
17
8
13
4
11
/
4
13
4
18
4 1,600 Amer Writing
532 Jan 13
11 Jan 4
4
112 Dec
74 Jan
Paper Pref-1°°
Ds 112 *114 27
*1
1
112
8
1
*
/ 17
1
4
8
*
/ 2
1
4
200
1 Jan 4
certificates_ -100
412 Jan 13
4 Dec
4 Jan
.718 8
74 712 *718 8
/
1
714 712
8
8
8
/ 2.800 Preferred
1
4
8
518May 19 124 Feb 4
25
7 May 124 Jan
3438 34
3314 33
/ 3412 341 364 35 4 391 6.200 Amer Zinc. Lead & Smelt
1
4
/ 3313 3312 33
1
4
/
4
/
1
3
/
4
25 20 May 19 4815 Feb 4
Do prat
241 May 444 Dec
/
1
49
4714 471 4714 483
49 12 491 493 z4914 50
3
4 40 4 49
/
4
/
4
4
75.500
Copper Mining_ 50 4113 Mar 30 51 Feb 9
354 Apr 53 Nov
14
*3814 3934 3938 393 *3813 40
3912 4014 '38'z 40
4
3912 3913 1,100 Anaconda
8June 11 4414 Jan 2
26
Archer, Dan'Is MidFd_No par 347
Jan 4611 DEO
*10112 105 •101 12 105 *10112 105 .1011 105 *10112 105 .10112 105
/
4
100 100 Mar 4 105 Jan 4
Do pref
9012 Jan 105
Oct
94 .9312 94
94
*9312 94 1 .9312 94
.9312 94
.9312 94
600 Armour & Co (Del) pref __ _100 9014May 21 97 2 Jan 13
1
9012 Mar 100 Oct
*153 16
4
153 16
8
152 153
8 1512 153
4
1515 153
4 1518 153
8 5.300 Armour of IllInOis class A
25 1318May 22 25 Feb 13
/
1
4
20 Mar 274 Oct
•13
814
75
8 7
/
1
4
73
4 8
7 3 77
1
/
1
8
/
1
74 74 .73
4 74 2,00Q
/
1
5 4May 20 17 Jaa 4
3
25
Class B
16 Dec 20
/ Oct
1
4
.8512 861 *85
88
4
8612 8534 853 *86
*85
89
*813
89
100 Preferred
100 80 Apr 30 93 Feb 11
90 Dec 93 Nov
14
23
23
224 223
4 24
254 25
/
1
/
1
2512 243 25
4
2412 2512 8,100 Arnold.Contele&Co new No par 18 Apr 12 313 Jan
4
8
8 Jan
17
/ Oct
1
4
No par 14 Jan 5 15 Jan 6
/
1
4
Certificates
:io- 161- ;26" 161; ;20- 113 8 - 6T,1 161- ;2018
27 Dec 30 Dec
9
.
1
8
100 Art Metal Co125tructi0n___10 1915 Jan 2 2312 Jan 26
5112 5738 5712 58 551 5534 55 5612 5412 55 55 2633
Jan 20 Nov
15
/
1
4
/
4
554 3,000 A rtloom
/
1
No par 48 May 17 6312 Jan 21
39 June 6034 bee
13107 11018 •107 1101 11018 III *111 11212 •111 11212.111
/
4
11212
450 Do pref
100 108 Mar 18 1111 Feb 1 10112 Aug 110 Dec
/
4
3
/
1
40
34 40 4 4114 4138 4112 424 411 4218, 41
/
4
4114 4118 41 18 4.200.
/
1
Dry Goods- 100 3714 Mar 30 544 Jan 9
Associated
4612 Aug 613 Nov
100 100
/
1
4
997 99 .96 100
8
99
/ 99
1
4
/ 997 99
1
4
11
8
/ .98
1
4
100 96 Mar 25 1024 Jan 6
500' Do 1st prof
10212 1021 .10212 104 *103 104 *103 104 *103 100
94
/
4
Jan 102
.102 104
Oct
104
100 102 May 19 108 Jan 28 101
2d Prof
Jan 1084 Feb
5212 5212 *52
.52
53
•521a 53
53 "52
53
53
53
444 Jan 6 60 Mar 4
/
1
800 Associated 011
25
4218 44
423 4212 424 4312 43
8
/
1
32 Mar 47 Dec
.42 2 44
/
1
4
43
43
/ 4444 4,800 At Gulf & W I SS Line
1
4
100 3318 Mar 31 683 Jan 6
5
20
4312 4313 4212 4212 43
Jan 77 Sept
44
'42'z 45
.4212 424 44
/
1
44
/
1
600
100 354 Apr 16 5814 Jan 30
114 115
113 11478 113 11438 11112 114
Jan 60 Sept
31
1144 116
/
1
11214 11314 14.100 Do pref
97 Mar 3 )283
10
Atlantic Refining
8May 24
954 Jan 117 Feb
/
1
4
4
1311712 11812'1i7'2 119 .11712 1181s .11712 1183 *1153 118 *1153 118
4
4
100 11514 Apr21 120 June 22 113 Sept1173* June
8,99
Do pref
5712 .55
5712 .55
57 .55
V
*55
5612 •55
5612
No pa
54 Mar 4 59 Jan 6
Atlas Powder
4.95
98 .95
98 .95
45 June 65 Dec
98 .95
98
.95
98
.95
98
100 94 Jan 8 97 Apr 13
Preferred
1134 12
•12
12
1214 12
12
12
9012 Oct94 Jan
*12
1218 .12
1218
500 Atlas Tack
No pa
1712 Jan do
9 July 1
•14
1.5
15
*1312 15
15 .14
912 Feb21 Dec
•14
.1312 1414 *1312 14
Austin,Nicholas&CO vto No pa
11 May 22 28 Jan 29
22 July 32
7712 *7314 76
*7412 7712 *7413 7712 *7412 7712 .75
/ Jan
1
4
*7314 7712
75 May 25 93 Jan 6
10
12
Do met
12
el. 1
*12
873 Jan 95 Aug
2
St
*1
/
4
3
*12
3
.12
5
4
12 Apr 30
300 Auto Knitter Hosiery_ _No pa
117" 1184 1164 1184 11633 1173 1163 118 4 11512 117 4
212 Feb 11
/
1
/
1
4
4
h Dec4 May
/
1
4
11614 1164 19.300 Baldwin Locomotive Wks_100 92 Mar 31
/
1
/
1
4
13612 Jan 4 107 Mar 146 Feb
11018 11018 *110 112 *110 112 *110 112
110 110 *110 112
200 Do pref
100 105 Mar 31 114 Feb 6 107 Aug116
/
1
25
/ 20
1
4
5 2512 264 2512 26
25
/ Jan
1
4
/ 253
1
4
5
263 263
4 2512 2
618 8,600 Barnsdall Corn class A.... 2
2312May 11 33 Jan 2
12
183* Aug 33 Dee
12
*2311 25
241 23
/
4
24
24
23
*23
24
•23
•23
24
300 Do class B
21 23 July 14 2912 Jan 2
3
16 Aug 30 Dec
.404 41
/
1
*4012 40 4 4012 4012 4014 4014 *4014 41
•411 42
/
4
400 Etayuk Cigars, Inc
No pa
39 Mar 31 49 Jan 4
/
1
4
6112 .6012 61
3814 Sept 5314 Feb
59
60 4 5 / 591 5912 591 5912 5913 1.100
3
91
4
/
4
•60
/
4
53 Apr 13 7178 Feb 4
/
1
4
2
Beech Nut Packing
.3012 31
3012 304 307 311
60 Mar 775 Aug
*304 31
8
/
1
/
1
Nu pa
30 May 19 39 Jan 4
/
1
4
4438 4614 44
/ 453
1
4
8 44
87 Sept 414 Dec
/ 481
1
4
311'4 4112 35 1 3: 2,000 Belding Bros
45 4 3 8 4 1114 4
/
1
63
451s 46
81 36,200 Bethlehem Steel Corp
100 3714MaY 20 501 Jan 7
4
37 June 5312 Jan
Do cum cony 8% pref 100 114 Mar 8 120 Jan 26 109 Mar 1164 Feb
- -2
TN; 16272 jai" 1021- 102 foil; 10233 1-- lOg 1033 10233 113/0
3
-2,500 Do pref 7%
99 June 1 105 Feb 2
10
/
4
9314 June 102
Jan
613 7
.618 7
61 612 "61 612
/
4
*618 812
63
4 7
700 B-oth Fisheries
No pa
41 Mar 24
/
4
9 4 Jan 11
3
45 .40
44 May
•40
*40
45
81 Oct
45
2
*40
46
46
*40
.42
40
First preferred
100 3515 Apr 15 5112 Jan 7
25 June 52
2612 *25
Oct
2512 .25
2512 2512 2512 2518 2518
/ •25
1
4
/ 25
1
4
25
300 Botany Cons Mills class A. 50 20 May 25 411 Jan 4
/
4
/
4
40 5 Aug 46 July
284 291 29
1
/
1
28
29
283 29
29
8
29
29
*2818 29
3.900 Briggs Manufacturing-No pa
25 May 10 3712 Jan 4
•
/ 1
1
4
27
Oct 4412 May
•
12 1
11
/
4
say
*13 1
.
12 1
.12
1
British Empire Steel
12May 5
914
3 Jan 18
14May
/
1
5 Oct
*93
4
*9 4 --- •114
3
---i,- First preferred
100
9 4June 29 27 Jan 28
3
154 *112 13
22 July 38
Oct
4 .113
13
4 *112 _- -3
14
4
.113 13
112 -112
00
100
112June 24 1012 Jan 11
61 July
2
14
143 144 *141 14312 *142 14312 1,500 2d preferred
Oct
/
1
4
14114 144
1404 1404 141 141
/
1
/
1
Brooklyn Edison. Inc
10 133 Mar 31 14612 Feb 1 120 Jan 15613 Nov
15
8538 8513 85 853
3
4 83
8513 85 4 86
851 85
85
/
4
88
7.200 Ilklyn Dillon 1389
No pa
68 Mar 30 87 July 2
c 061
47634
4 ny
t 140 t
ee
/
1
3
307 311s 4,30I2 3114 1,500
8
/
4
/ 304 30 4 3034 31
1
4
143014 311 301 30
/
4
Brown Shoe Inc w 1
100 29I2June 1 484 Jan 7
/
1
Dec
109 109
/
4
*1081 Ill .10814 112 •10814 112 *10814 112 *10814 112
100 Do pref
10 107 June 5 111 Mar 10
96 Mar 109
Oct
26
26
*2612 2713 261 2712 261 2618 1,000 BrunswIck-Balke/
4
3
/
4
2513 2512 .25 4 26
Colfr No pa
241 Mar 31, 30 Jan 4
/
4
/
1
4
24 June 49/5 Jan
4
4
*13614 1383 •I38 1383 138 138 .136 138 •136 1383 •137 138
4
/
1
4
100 Burns Brothers
No pa 121 Mar 31 14114 Feb 13
9212 Feb 136 Dec
353 3812 3713 3712 37
4
37
4
.353 37
*3534 364 .35 4 36
/
1
8
1,700 Do new class B corn No pa
297 Mar 31 44 Feb 13
1
17 Mar 39 Dec
/
4
/
4
/
4
*102 10212 •1001 1021 •102 10212 .1001 10212 •10014 10212 .10014 10213
Preferred
100 97 Mar 30 10312June 22
e0;))tt
994., 0131, ay. ow. oil,
9s 4 Juln 193
,11
7.y 0
9
93
93
os
05
93
93
3.600 rtsirremob• Add ,14.• h _ W.fw
778, 8vv 13 P61 July 14
/ ,
4
,
.
•
Bid and agked prices: no Sales on the OLT. a Ex-dIvidlind.
'oolDo
804
New York Stock Record-Continued--Page 3
For sates during the week of stocks usually Inactive. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Salurday,
July 10.
Monday.
July 12.
Tuesday,
July 13.
Wednesday, Thlrsday,
July 14.
July 15.
Friday,
July 16.
Sales
for
the
Wee':.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARK
Range Sines Jan. 1 1928
On basis of 100-share lots
Lowest
nor shn-o g no shrre 5 ner shn-e $ .er sha-o $ nor sha e S , , Indus.& Miscell.(Con.) Par g Per share
a-* .
$ Per snare
,
10,000 Bush Terminal new., __No par
32
32
33
33
34141 323 327
1634 Mar 18
334 3112 32 2 33
8 33
4
,
* 3 914 9114 914 90 4 9114 9112 923
90 4
8 1,200
Do debenture
923
10(1 86 Apr 6
9238 *92
8 92
3
*10212 -- *10211 ____ *10212 ____ •I0212 . _ *1024 _.•I0213 1Bush Term Mtgs. pref.-100 994 Jan 20
54 I
le
514 54
54 54 1,400 Butte Copper & Zinc
.47
3 5
.5
43
4May 28
5
5
5
5
2914 2914 30
31
4
293 3012 2,000 ButterIck Co
4
30
30
30
3030181 30
100 173 Mar 3
97 10
s
1014 104 1012 113
114 1114 114 11,500 Butte & Superior Mining
1138' II
718May 18
8 11
10
*3414 38 4 *3414 3813 *3414 384 *3414 385 *344 3712 *3414 374
Byers & Co
3
No par 28 Mar 29
8
010213
._ *10113
____ •10112 ----------I Preferred
*10113
100 9813 Mar 20
-- •1011z ____ *101
____ ------ Caddo Cent Oil& RefNo par
4 Jan 2
8.000
lie," 1114 141 11312
11678 156" 116' iii 139 13814 13914 28,200 California PackIng___ _No par 12114 Mar 31
3314
84
3414 3312 3412 3314 3358 3314 337
California Petroleum
25 303 Jan 20
8
8 334 334 33
8 1,000 Callahan Zinc-Lead
13
4
13
4 *113 17
153 14
112
Ill Mar 26
113
Ill
10
13
4
1513 '15
67
67
674 6312 684 693
6118 693
4 6914 6912 1,900 Calumet Arizona Mining_ 10 5512 Mar 29
8 6913 70
*143 1412 1418 144 1412 143
8
15
15
25 1338 Mar 31
4 15
1514 1518 1512 4.400 Calumet & Hecla
4
12414 128
1287 13512 13512 1383 13114 13712 1304 13214 1313 1364 25,2001Case Thresh Machine
8
4
100 6213 Jan 4
800' Do pref
*1104 11214 11214 11214 1124 1124 11212 113
113 113
113 113
100 96 Jan 5
718May 3
914 914
100
91
*914 912
8 912
914 914 1.500 Central Leather
914 911
913 94
*54
5412 5412 6.900 Do pref
5412 533 54
8
54
100 4314 Apr 28
55
8 55
564 5412 557
400.Century Ribbon Mills_ _No par 124June 8
*16
18
•16
17
16
17
*1518 16
16
16
IS
16
Do pref
86
*
83
88
*83
86 I *83
*83
*83
100 83 May 25
86
86
*83
86
4
8 6714 684 6712 6812 x667 673
4 6712 6812 28.209 Cerro de Pasco Copper_No par 5713 Jan 22
8
85 1 654 653 667
,
*45
4512 45
4514 45
454 4514 4513 4514 4714 10,400 Certain-Teed Products_No par 3618May 20
4512 45
1st preferred
*10013 105 *1004 105 *10013 105 •10012 105 *10012 105 *10012 105
100 100 May 22
900 Chandler Cleveland MotNo par
.12
121
1212 1212 121!
4May 18
I13
l25a .12
2813 29
29
4 7,800 Preferred
32
29 4 29 4 30 4 31
3
No par 28 May 18
303 3112 3114 313
4
3
3
3,300 Chicago Pneumatic Tool_ 10,, 9412 Apr 8
*114 115 •11312 1153 11412 11618 116 117 2112 113
113 113
4
2,300 Childs Co
53
*5114 5213 514 52:4 5112 52 , 5112 51
*52
N par 4518May 19
5112 53
,
*33
3318 334 337
3418 16,500 ('hlle Copper
8 3313 334 34
4
344 333 344 34
25 30 Mar 3
700 Chino Copper
*21
21 ., *21
2014
2312 *20
8
5 16 Mar 3
8
2313 2313 2312 237 237 *20
1.500 CbrIstle-Brown certifs_No par 40 Mar 30
*44
4434 44 4 44 4 *43
3
*45 s 47
3
4
443
4 4412 4458 443 45
35
35 4 35
3
4
35 4 3514 35 4 3518 363
4 3414 353 80.800 Chrysler Corp new__No par 2813 Mar 30
8 3412 353
3
3
500 Do pref
*1013 103 1 1017 10178 10 12 10212 •1014 10212 *102 10212 10212 10212
4
8
No par 93 Mar 30
200 Clued', Peabody & Co
*621z 6413 *6212 64 1 64 64 I *64
4
64
*633 6412
100 6014 Mar 31
6412 64
*119 115 *110 115 *110 115 .110 115 *111 11412 110 115
Preferred
100 10314 Jan 13
15812 16113 1584 16338 16218 164
No par 128 Mar 24
4
160 1623 159 16)12 158 1594 22.200 Co-s Cola Co
-_- --- Preferred
100 99 Jan 14
433 4438 43 4 4
464 25:700 Comr,..lo Fuel & Iron
3 4412 -457. 14 - -453 1k 4 -;1
100 273 Mar 3
8
- 4 . 4 ,33
8
,
'
'A ig if -•iii4 3 2.400 Columbian Carbon v to No par 55 8 Jan 26
*62
6312 *6214 6312 6218 624 62
4 6218 623
,
6212 6214 623
8514 43,500 Col Gas & Elm
834 847
8 85 864 8518 863
No Par 634 Mar 29
857
8 8414 8513 83
8 85
500 Preferred
*
115 1154 •115 _ 115 11513 *115 11513 *115 11512 115 115
100 112 Mar 30
7.300 Commercial Credit____No par 26 May 19
29
28
2914 29
36
3
14 29
29 1 294 2912 2914 29 4 29
24
•23
Preferred
24
*23
*23
25 23 Apr 20
24
*23
24 • *23
*23
24
24
1
1
*
Preferred B
251
225 25 Apr 19
*24
25
*24
2512 •____ 2513 *24
200 Comm Invest Trinit___No par 55 Apr 12
*6118 65 1 6118 6214 *611 65
*614 65
*6118 65
643 65
4
*9514 9712 *9514 9712 *9514 9712 *9514 974 *97
100 97 June 7
974
97 2 *94
1
Conlercife ed eat, A No par 1203 Jan 4
prearSolv
8
if)5 4 186 4 *i65) 1861 1,554 14 - ititiT2 ii6ti
1 - 3par
4
. 2
- -313
-5-. 66 Congoleum Co new .No par 11814 Jan 13
.i
Do B
2312 2414 2418 243
1212May
244
4, 2412 2614 245 244 24
8
158.800 Conley Tin Foil stpd__ _No par
'8
8 Mar 18
341
.3
3
341
*3
3
4
*3
8
3
4
*3
8
3
3
27
25 2
1
6512 6512 6512 654 6512 657
67
684 6378 684 14,300 Consolidated Cigar_ _No par 4514 Apr 15
8 6512 68
*98 10113 *95 10212 *95 102
:
1
,
100 91 Mar 31
32
10012 10012 *10038 1914 •10A,2 10*3
i
5,62g COnsollgared Distrib'rs No par
Do
r
37
8 4 1
34 3 8
23 Mar 3
4
7
34 3 4
3
3
312 3 4
3
3
8
1013 1023 102 103 1 10134 10234 102 10212 1004 102 1 10118 1023 25,800 Consolidated Gas(NY) No par 87 Mar 30
4
4
178
600 Consolidated Textile_ __No par
17
•13
17 1
8 134 *13
8 17,
8 141
14 138 *14
1141g ay 10
17s
813 814 8138 8238 804 8134 8013 814 7584 804' 794 813 13.100 Continental Can, Inc.. No par 70 Mar 36
4
4
100 Continental Insurance
*130 132 *130 13178 ___
8
25 122 Mar 31
_ 131 131 *131 13112 *131 1317
7,700 Cont!Motors tern ctts_No par
11
.
IL
11181 11
8h1ay 17
11
97
1118 11- -1 1114 x104 11
-14 11
10
0 p0Pr971 icts Refin w 1
8
44
4438 44
.eu
25 355 Mar 3C
8
4434 44
4
8 433 4414 434 443 32,90 Corn
4438 434 447
126 126 •124 127 *125 12612 •123 12614 *120 127 *120 127
501
100 12213 Jan 6
100 Coty, Inc
*47
474 474
*47
No par 4412 Mar 29
51 I *47
50
50
*47
50 1 *47
Crex Carpet
*25
35
*25
35
100 25 Apr 9
*25
35
*25
35
*25
35
*25
35
744 5,200i Crucible Steel of America 100 64 Apr 15
73 4 7413 74
3
7414 744 753
8 754 7614 x7414 7412 74
2001 Do pref
*99 100 1 .99 100 I *99 3 100 I *99 100
100 96 Mar 30
8834 8934 9934 994
517 524' 5112 523
8
4
No par 3912 Apr 15
4
504 514 503 5114 503 5114 15.100 Cuba Co
8 504 52
853 87
8May 22
1 83
No par
83
4 8 8 *87
7
84 873 2,500 Cuba Cane Sugar
,1 87
8
*87
,1 9
87
8 9
, 0
ba
8
4 4 5 20 1c, o
7 8 4.100 D
4 2,
363 3712 373 3 3
4
0-American Sugar____10 233
8July 1.
247 244 247 25
8
8
2358 2412 2418
2412 247
8 233 2412
4
1
*102 104 *102 103
100 9724 Jan 5
:
1
103 103 ,•102 104 *102 104 *102 1
34
400 Cuban Dom'can Sug newNo par
*18
18 July 9
181z 18
18
1814 18141 *173 18 4 *174 184 *174
4
3
--1 Do pref
100 154hlay 21
,;g,i- iiii- ;ii- 16
2706015,Ccuusdhara.8
PaekIng
100 76 Apr 21
-57E4 6'il4 -ii- ii- 8712 Si; 88
,'
88
Son,
98
No par 7712 Mar 1
*95
9811 *9512 9312 964 964 *9512 9813 *96
9812 98
463
8 2,000,Cuyamel Fruit
No par 424 Apr 15
*46
4714 4/
8 46
47
8
464 4812 463 475 24612 465
8
'Daniel Boone Woolen hillle_25
383,lay 13
Davison Chemlml v t c_No par 2718 Mar 30
-56T 161 "241z 161- 38 3914 3814 3918 -57E8 - - - -57E3 38 28,300 De
:
3
6
2
40
Beers Cons Mines_ _No par 274 Apr 20
*35
.36
*36
40
*
40
40
40 1 •36
*36
100 12312 Mar 30
13412 13412 1,200, Detroit Edison
13313 13
-313 1331z 13312 133 13312 1334 134
134 134
40
*39
8
1.0001Devoe & Raynolds A__No par 337 Apr 15
41
4113 .39
40
404 3918 394 4014 40 4 *39
3
_
2813 29 1 283 294 2838 29 i 283 3112 3114 3238 324 3318 257,900 Dodge Bros Class A__No par 2114hlay 17
4
4
55 4 894 38,9001 Preferred certifs____No par 7912May 17
,
884 80
884 8912 89
8913' 89
8912 8914 8912
9,600,Dome Mines, Ltd
11
No par 1014July 13
1174 12
11
11
114 113
4 1014 1112 11
1112 11
1,400,Douglas Pectin
19 Mar 21
24
No par
*23
231 *23
24
231 *2
24
24
1
23
115 1154
100,Duquesne Light Ist prof__
11113 Mar 3
•11514 115 4 *115 1154 *115 11513 *115 1153 115 115 .
3
4
•1121z 1133 113 11312 11312 1144 11314 114
8
11312 1134 114 11414 4,000,Eastman Kodak Co____No par 1064 Mar 30
_ _No par
8
*28 4 2878 2834 2918 2878 29 1 284 294 z283 30
3
294 207 24.300 Eaton Axle &
4
19,600 E I du Pont de NemCo_ _100 193 Ma r 2
Spring2 ri31 aY 19
*243 244
245 24878 247 255 1 2554 25912 25318 256
254 161
400 Do prof 6%
4
10 1003 Apr 20
*10412 10512 •10412 1054 10512 10512 10512 10512 10514 10512 *105 105 2
14,600 Elec Pow & Lt ctfs__No par 15 4May 10
194 194 1938 19 4 193 19 4
3
3
8
2014 1914 2012 1912 20
3
194
9912 Mar 30
300 40% pr pd
•10312 105 *104 106 *105 107 1 10412 10412 *105 107
10518 10518
200 Pref full paid
103 Apr 17
*102 106 •10312 108 *10312 107
105 105
105 105 *104 108
1,200 Do pre ctfs
8913 Mar 24
*95
95 4 9512 95 4 957 054 90 4 007 595
3
3
953 96
8
8
3
8
9534
Mar 3
Elec Storage 13attery_No par
8314 84 1 8418 844 833 853
8
8 8414 844 84
843
4 834 854 6,000 Emerson-Brantingham Co.100 7118May 20
1
400
*14
1 12 *1 18
*138 2
11
*118
112
112 11. *14 2
5 May 20
300 l'referred
IN
*712 10
*712 83
8 5712 8 8
3
814 814
812 84 *712 9341
50 654 Mar 31
*66t, 6634 *6612 664 6612 6f34 6612 663
66
'3 1,600 Endicott-Johnson Corp
8 66
6612 66
100 114 Jan 7
Do pref
*11512 1173 *110 1173 *116 1173 *11614 1173 *116't 1173 *11614 11734
4
4
4
4
4
5512 557 19,800 Eureka Vacuum Clean_No par 43 May 15
53 4 54 4 5414 5412 54
3
3
8
5412 54
541* 54 4 56
3
800 Exchange Buffet Corp_No par 15 June 29
*151
16 'lS's 16
1514 15141 154 154 154 1518 115
154
25
2 Apr 16
Fairbanks Co
*218 3 8 *218 33
8
3
s *218 33
8 *218 3 3 *218 3
3
4 .218 33
No par 46 Mar 29
2,800 Fairbanks Morse
*50
52 1 51
51
51
52
53
534 527 527 *51
52
8
8
100 10811 Jan 6
Preferred
*109 111 1'10834 111 *109 III 1.
3109 111 *109 111 •109 111
1143 11514 115 1153 115 1174 11612 1174 115
4
8 43,350 Famous Players-Lasky_No par 10318 Jan 19
4
8
116711 1153 1167
100 115 Mar 31
300 Do pref (8%)
•120 122 *12014 1203 12014 12034 *12014 12038 *119 120 •119 120
4
15 28 Mar 31
400 Federal Light & Trate
*303 31 12 *303 3112 .303 3114 *3038 31
8
8
8
303 303
8
4 314 3134
No par 86 June 18
100 Preferred
*86
89 1 *86
89
*86
89 1 *86
87
87
89
*86
89
400'Federal Mining & Smelt)2.100 41 May 22
*69
75
*72
74
75 .69
74
74
72
72
7312 74
100 61 Mar 3
300 Do pref
*73
7412 73 73
74
7334 733 *72
4
*72
*72
74
74
100 Fidel Phen Fire Ins of NY._25 180 Apr 15
*185 190 *185 190 *189 190 ,*189 190
189 189 •184 190
147 Jan 2
5
Fifth Ave Bus tern etis_No par
•15
1912 *1512 17
*15
1912 *15
'3
191 *1412 19 1 .1412 19
,
No par 30 Mar 31,
*323 33 1 •313,1 33
8
*313 323
4
4 32
4
324 3212 3212 323 3414 1,600 First Nat'l Stores
25 784m8y 15
13,000 Haber Body Corp
8
9914 10014 9912 1023 10212 10612 10512 1073 ____ ---3
1414May 20
No par
183 19
4
137 19 4 19
8
3
193
8 183 1933 183 19
,
4
183 19 4 43,500 Fisk Rubber
8
8
8
t 00 Do 1st pre! stamped _ _100 767 Apr 19
*81 18 82
*813 8218 82
4
•8112 82
8238 *81
82
82.11 82
4
514 524 523 534 504 527
8' 48 4 50 4 4812 5038 4934 5012 94,800 Fleischman Co new__ No par 3214 Mar 29
3
3
No par 85 May 19
4
10212 10212 10112 1023 101 10112 102 104
102 1024 10012 10112 3.100 Foundation Co
No par 554t Mar 31
4
73 4 7414 733 7414 734 74 4 7314 744 723 734 73
3
3
4
7338 13,500 Fox Film (lass A
No par
1958 Jan 13
323 3314 323 333
4
4
8 3238 333
4 3214 334 3214 324 313 3214 13,600 Freeport Texas Co
4
3318 3318 3318 3313 33
3318, 33
334 2,600 Gatriel Snubber A___ _No par 29 Mar 25
33
33
323 33
4
No par
512June 9
500 Gardner Motor
*714 8
7 4 7 4 *714 74
3
3
73
8 74 *71y 8
714 74
100 39 Mar 29
700 Gen Amer Tank Car
444 434 4378 43 4 4334 4312 44
*44
3
*4314 44
4338 4312
100 9912June 24
Do pref
*100 103 *100 103 *100 103 *100 103 *100 103
•100
100 50 Mar 3
7214 694 7218' 6912 713
71
s 693 7138 6913 704 6912 704 28,700 General Asphalt
8
700 Do pref
100 947 Mar 3
8
11013 11012 1097 1097 •1093 112
*110 114
8
8
4
109 10914 10914 10914
2,800 General Cigar, IncnewNo par 46 Mar 29
5412 5412 *514 5412 534 5418 5114 535
52
8 524 5318 52
100 109 Jan 11
Preferred (7)
•111 14 120 *11114 120 *11114 120 *11114 120 *116 120 *11114 120
100 Debenture preferred (7)_100 10914 Apr 12
*114 11712 *114 11712 *114 11712 *114 11712 *114 11712 114 114
100 285 Apr 15
4
350 35634 352 3541z 17,700 General Electric
342 3443 34512 34714 344 35212 35412 359
10 11 Jan 5
8
8 113 Ws 1114 114 Ills 114 11
113 113
8
1114 21,200 Do sPeelal
1114 11
800 General Gas & Elec A_ No par 34 Mar 30
373 3812 3718 3734
4
*3712 384 3712 3712 371z 3713 *374 38
No par 95 May 11
Preferred A (7)
*9714 98
*9714 93 ' .9714 94 , *9714 93 I *9714 98
*974 98
No par 10512 Apr 8
100 Preferred A (8)
107 107 *1061z 1074 .10512 10711
*107 10812'101 103 2 *107 108
No par 9214 Apr27
Preferred B (7)
*9312 9412 *9312 9412 *9312 9412 *9312 9412 *9312 9412 *9312 944
1,500 Gen Outdoor Adv A-No Par 51 Mar 30
534 *53
5314 534 533 *5312 54
5312 5312 53
5338
4
53
,
5,600 Tru*r ‘...rtificAtea. _ . No nor 263 Mar 3(1
3
30
8
2914 293 30 4 291, 304 30
3018 30
3
*2812 28 4 29
•1314t and asked prime, 110 antra on tam day. z
iii- 1-6-i- jai" iiiii ,
Highest
PER SHARK
Range for Previous
Year 1925.
Lowest
Maui
$ per share
per ehare Per sham
34t4 July 14
1458 June 26 Dee
92'
,
,,June 4
80 May 897 June
8
9613 Jan 103 Dec
103 June 4
44 Mar
84 Jan
64 Fel, 10
17 May
283 Jan
32 June 16
4
1614 Jan II
8'2 May 2414 Jan
3
23
Oct 447 OW
41 12June 18
Oot
9513 Oct 100
993 Feb 18
8
Dec
7 Jan 8
8
e
3612 Nov
2%
1794 Feb 4 10014 Jan
12
3433 Dec
384 Feb 10
237 Jan
8
Oct
23 Jan 15
8
Dec
114
70 July 14
45 A pr
1512 isu
1214 May 818 Jal
144 e
8
:
24 Mar 6813 De'
1343
4July 13
60 Mar 10713 Dec
113 July 14
5
143 Mar 23 8 001
4
2012 Jan 6
Oce
683 Jan 5
4
494 Mar 71
3278 Jan 8
303 Sept 474 Ma/
4
94 Dec 9814 Jan
90 Jan 21
8
434 Mar 643 Nov
6914 Feb 11
4034 Mar 583.4 Sept
494 Jan 5
8913 Jan 110 Sept
10513 Jan 21
26 Feb 11
454 Feb 15
120 Jan 2 -- ;isi1-- 128 - ;
Ea
.
8 1 - ar
6
8
4978 Mar 747 001
664 Jan 4
8
304 Mar 373 Jan
,
363 Jan 6
Feb
19 Apr 284
234July 15
4
623 Dec
63 4 Jan 4
3
547 Jan 9
8
1673 :
17 1 7 :178
- ;
108 Jan 2 1001 July ; Nov
5813 Mar
684 Jan 7
781 1 ufjr
41; jarn
9
115 June II 10313 Jan 10: Sea t
80 Jan
104 July 13
Jan
99
10114 Mai 21
3214 Apr
8July 6
463
3
45 Mar 62 4 D00
697 jet)23
8
453 Jan
4
90 Jan 9
86 2
14
,
11512July 13 10414 Jan 15518
384 Sept
4715 Jan 14
2514 Sept 2713 .001
2614 Jan 13
2614 Sept 2734 Dee
11
2734 Jan
115413 Nov
Jan
72 Jan
104 Jan 28 101 Nov 10711 Nov
Jan
81) May 190
176 June 29
76 May
171 June 29
e
4
137
8 Ja
15178 Nav 15313 DFen
3 o y 8 4 j et
2614July 13
May
I Mar 12
3
2612 Jan
68 July 13
4
793 Jan
103 July 2
318 Jan
64 Jan 7
744 Mar
10412 Feb 23
23 June 999357961: DeeDDFJae
4
33 Jan 18
4
6013 Mar
9211 Jan 2
Jan 140 Del
3
144 4 Jan 9 103
84 Jan 1513 Clot
13 Jan 5
8
323 May 423 Del
8
8June 21
483
12918 Apr 28 11818 Jan 127 July
48 Aug aco2 Dee
604 Jan 4
4
8 4 Del
36 Mar 6458 N0v
63 Jan 2
15413 Mar
8112 Jan 4
92 May 102 Dee
10034 Feb 20
444 Dec
533
8June 30
0
14 Fe 1
73 Oct 54% 0 b
4
1113 Jan 29
Feb
3718 Oct
495 Feb 4
8
32
%
Oct 8312 Mar
20
8
303 Jan 28
8
937 Nov 101 Mal
104 Feb 5
2014June 7
116 Dec 141 Jan
224 Feb 6
Oet
9312 Dec 107
97 Jan 4
Oct
62 Mar 104
100 Mar 4
44 Nov 59 May
51 Jan 14
77 Jan
a
3 Dec
4
1 Jan 4
4
8
277 Apr 493 Jan
463 Feb 17
4
2014 Mar 29 Dee
3514June 25
Jan 15913 Sept
14118 Feb I 110
Oct 9014 Dee
53
10418 Feb 10
4
213 June 483 Nov
4
474 Jan 2
7313 May
894 July 12
Nov
1234 Apr
20 Mar 13
913 3 A u
Aug
e
14 Feb 281142 ()
2513 Jan 30
Jan 1134 Dee
11612 Anr 27 105
July 118
8July
1143
1310104%
138 Dee
1013
n
'
,1
21234 July 16 13414 Jan 27114 Nov
31
94 Jan 10412 Nov
10512July 1
1788 API' 404 July
3413 Feb 10
115 Feb 11 100 Mar 110 June
1104 Feb 26 10013 Mar 1103 June
4
897 Aug 944 Dec
8
9712 Feb 11
863
8June 25
603 Mar 80 Dee
4
4 Feb 1
118 May
538 July
4
8 May 263 Aug
243 Jan 29
4
723 Feb 8
8
631 Apr 747 Sept
4
8
118 Feb 2 111 May 1183 Oct
4
55 July 15
484 Nov 5713 Dec
17 Apr 22
1312 July
197 Jan
8
313 Feb 25
214 Mar
44 Aug
594 Feb 10
324 Jan 5458 001
115 Feb 9 10613 June 11018 Nov
12712June 11
9014 Feb 11434 July
124 Mar 11 10378 Feb 120 July
393 Feb 3
8
26
Oct 3714 Dee
89 Jan 4
824 Sept 89 Dec
1113 Jan 5
4
1514 Mar 9513 Dee
105 Jan 6
4912 Mar 9478 Dee
20014 Jan 23 14712 Jan 179 Dee
215 Feb 9
8
12
Jan
173 July
4
4e118 Feb 5
3813 Dec 40 Deo
1073
8July 11
6014 Feb 125 Nov
264 Jan 13
1012 Mar 2834 001
8414 hlar 16
564 Feb 1
1793 Jan 29 16" Jan 183'.t NOV
4
85 Jan 2
6812 Sept 85 Dee
3412June 3
8 Mar 244 Oct
42 Feb 11
287 Aug 3978 Nov
8
94 Jan 4
44 Jan 1614 Mar
553 Jan 2
8
Oct
444 Aug 60
104 Jan 15
934 Feb 104 Nov
7438July 7
4212 Mar 70 Dec
114 July 7
8812 Mar 109 Dee
5911 Feb 11
11512 Feb 18 165 - -Jan 1111- mar
-4
11813 Feb 10 104 July 116 Dec
38612 Feb 19 22714 Feb 33714 Aug
115 Mar 22
8
107 Oct 11713 July
8
59 Jan 2
8
584 Dee 613 Deo
994 Jan 4
99 Dec 100 Dee
11014 Jan 15 110 Dec 110 Dee
96 Jan
___
557 Feb 4- ; Aug - ;Sept
8
4
451
543
244s Dee
31 Inn 6
261.
Ect
C're
New York Stock Record-Continued-Page 4
305
For sales during the week of stocks usually Inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 10.
Monday,
July 12.
Tuesday,
Wednesday,1 Thursday,
July 13. 1 July 14.
July 15.
Friday.
July 16.
Sales
for
STOCKS
NEW YORK STOCK
EXCHANGE
lYtheeek.
ner ssn-e 8 ner s'wz-e
$ per slure $
Owe S ner share S a-re. Indus.& Misceil.(Con.) Par
148 150% 15114 1537 154 15878, 158 1613 1573± 160
3
8
15312 16478 794.400 General Motors Corp_.No par
117% 117% 1177 118
8
1173 118 1 1173 118
4
4
118 118
118 118
2.100 Do 7% pref
100
*101
_ _ •103
_ •101
•103
___ 103
____ •I03
100
Deb 6% Pre
*6712 69
665 8712 6614 6718' 67
8
6712 66 6612 68
6812 2,100 General Petroleum
25
85 4 8712 8712 878 88
3
8714' 8614 873
8 8512 8812 834 88
12.900 GenRy Signal new__No par
*10312 ___ •10313 ____ *10312
*10312 -----'104
____ *10312 105 I
100
Do pref
*3914 41
*3914 42
*3014 42
*3914 41
*3914 41 I *394 41
General Refractories ___No par
523 .51
*51
4
523 *51
4
52
*5112 5212 *5112 5212 *5112 5212
Gimbel Bros_
No par
8
.10412 107 . *10412 1073 *10412 107 *10412 107 *10412 107 *10412 107
4
100
Do prof.Ginter Co temp etre_ _ _No par
163 17
1714 i7
4
1714 -17
17
1612 165 _ KioE) Glidden co
1738 105 17
No par
477 47% 47 47 47- 47
7
47
477
47
47
47
43
4,600 Gold Dust Corp v t o No par
50
5014 5014 513
8 5038 5012 503 51
495 507
8
50
51
No par
6,200 Goodrich Co (B F)
9814 *9614 984 p9714 93
•97
98
9814 9812 9312 9812 9812
600 Do pref
100
101064 107
1063 10738 10012 107
4
101314 107
107 107
108% 1067
8 2,600 Goodyear T & Rub pf v t 0_100
1075 1075 107% 10738 •1073 10313 *103 10312 *108 10812 108 103
8
8
4
300 Do prior pre/
100
1850
51
5018 5013I 50
53
51
513
4 513 5138 *51
8
Silk Hosiery_No par
5112
•1091.4 110
1093 109 4 109 4 110 *11012 1117 •10812 112 *109 11178 2,300 Gotham
4
3
3
8
800 Preferred
100
*173 18
4
*1734 18
*183 19
4
174 173
4 18
18
18
18
300 Gould Coupler A
No par
2118 21% 2112 2212 2212 237
2312 24
2314 2312 23% 235± 21,300'Granby Cons M Sm & Pr_100
95
*94
95
95
*9514 9612 9412 95
95
95
95
95
800,Great Western Sugar tom etf25
•
115 118
118 116 *1163 118
8
118 118
116 116 *11312
3001 Preferred
100
1612 181
1638 168 1838 17
17
173
4 17% 1714 1718 I73
8 5,000 Greene Cananea Copper=_100
7
*7
712 *7
738
712
7
7
*7
712 *63
4
7
200 GUSIltanal:00 Sugar----NO Pa
77% 78
76
787
8 78
765
8 77
773
757 76
748 76
10
6.600 Gulf States Steel
*44
49 •45
*4514 47
46
*4512 48
46
46
*463 48
4
200 Hanna 1st pref class A_.100
*283 267
4
267 27
2812 253
4 264 2638 2618 261 *2614 2613 1,800 Hartman Corporation_ _No pa
3514 351
35
3514 *3414 35
323 3414 33
4
33
•33
3312 1.700'Hayes Wheel
No pa
77% 79
70
80
764 7614 *77% 79
76
771 *7514 78
1,500 Helme (G W)
2
*2314 25
*2313 25
23 4 234 24
3
25
25
27
27
2758 4,700,Hoe(R)& Co tern otts_No pa
*54
541 *54
541 *5414 5412 5412 54 4 *5413 55
3
58332 543
45414
5814 581
4
300'Homestake Mining
100
43 4 438
3
43 4 441 *4414 4412 4412 4412 43% 441
3
4334 2,300 Househ Prod,Inctem etfNo pa
*5813 62
60
*58
5818 5818 5814 5814
Houston 011 of Tex tern Wel()
.
384 6118
3814 383
8 3753 383* 38
3838 383, 39
3814 387
3
No pa
838 12,800 Howe Sound
5514 5414 58'2 55 4 57 4 5514
5.3% 541
533
4
3
3
5653 555 573
8
Motor Car__ No pa
4
2334 24
24
2338 24
2414 238 2538 2204 2512 2412 2514 157.300 Hudson
47.100 Hupp Motor Car Corp_ _ _ 1
22% 23% 2218 233
8 224 2353 231 23 4 2218 23
, 3
23
2378
*
2012 21
•2012 2112 *2013 211± 2012 20'2 2014 2012 *2014 2112 14,500 Independent Oil& Clas_No pa
No pa
300 Indian Motocycie
*913 934
913 912 *912 9 4
3
912 912 :gia
ra
g3±
14
1
900 Indian Refining
O733 81
*73
3 8
*75
8 8
8
8
200 Certificates
10
*90
937 *90
917 *90
937 *90
8
937 *90
9338 *90
9378
100
•90
9112 904 9118 902 901 *902 9112 *91
9112 9112 0153
600 Ingersollred
Prefer Rand neW_-__No par
4212 42
4218 4218 42
4213 42
42
4112 4112 41
411 1 2.400 Inland Steel
(
No par
n u% 112 *11112 112 *1111± 112 *11112 112 '11152 112
*1111 11214
4
100
I Do pref
2312 233
23
4 23 8 243* 2412 25
7
23
2518 257
7
2512 255
8 8.500 Inspiration Cons Copper
20
1412 1412 1.31± 1414 14
14
*14
143
14
14
1334 14
No par
2,100 interims, Agrlrui
3
83 4 83
.83
83
*3212 83
*8212 831
82
8212 8012 8112 1,100 Prior preferred
100
4912 50% 50
5012 50
503
50
501
49
493
4 4912 50
11,700 Int Business Machines_No par
56
58
6512 56
*56
53
69
59
573 58
4
5653 57
2,200 International Cement_NO Par
•104 107 *10414 107 •10413 107 1510414 108
10438 1043 1043 104 4
8
4
3
100
200 Preferred
51
513
4 513* 52% 5112 525
8 523 54
7
4
52
53
523 542 118,100 Inter Combus Engine_ -No Pa
3
12412 12412 1243 12658 12514 12714 12512 1273, 12614 12814 127
4
1281 30,500,International Harveeter
100
*12112 12214 *12112 122
12214 12212 12212 12212 12418 12418 *12314 124
100
14
.4 8
73
7001 Do pref
*73
4 8
*78
8
*7 4 8
3
714 7%
714
700,Int Mercantile Marine-- _100
357 3712 3638 377
8
8 35 4 35 4 3518 35 4 3312 35
3
3538 367
3
3
100
12,6001 Do nref
6514 65 4 655 6584 658 655
8
3
8 653 65% 647 8512 6434 65
8
8
2,600 Interns lona' Match pref_3
3612 363
4 3812 374 385 371
8
37
3912 3812 393
4 38 4 401 96,900 Interns Iona] Nickel (The)25
3
*10112
•101
*101
100
53l
Do pref
1552 -- .
5212 *52
51
53
53 53
5212 53
*51
52
100
600 International Paper
*
82
_ _ *82
____ .82
___
*83
____ *82
100
Do stamped pref
*9312 9438 x9312 9384 933 94
4
94
95
9212 93'3
_ 1- 200 Do pre/ (7)
,
100
*149 155 •149 154 *149 153 *149 154 *149 155 .191r144
1-63-44
International Shoe._ _No par
122 12218 12214 12278 12178 12314 123 1243, 1223 1238
4
3
8,300 Internat Telep & Teleg_ _100
*2214 23
*2212 23
*2213 23
2212 2212 223 23
4
23
23
No pa
500 Intertype Corp
•25
3612 36
373
3 38
3712 3814 3718 371z 3713 37%
39
100
3,400 Jewel Tea, me
*115 125 *114 124
123 124 *124 124% 124 124 *122
124
100
400 Do pref
10 4 103 *1012 11
3
4
*10 4 11
3
11
11
11
11
*11
1112
300 Jones Bros Tea, Inc. atpd_ _100
29% 29 4 2712 22% 2712 2812 27
3
283
4 2714 28
2713 27% 18,600 Jordan Motor Car
No par
*14
14
12
14
12
1
.54
*14
12
10
Kansas Gulf
*10712 1121 *110 11212 •109 11214 *109 11212 11212 11212 *
108 11251
.'14
100 Kan City Lt & P let pf..No par
3838 3838 *3853 39
38'2 39 I 383 383 *383 39
4
4
4
383
4
1,000 Kayser (J) Co v t a_ _ __No par
*1013 102 *1013 102
4
4
1013 1013 *1013 1017 •1013 1017 •11)134 39
4
4
4
8
4
10178
No par
100 Do 1st pref
1338 14'± 1338 14
1338 1334 133 1334
4
1334 133 *1234 14
4
25
1.300 Kelly-Springlield Tires
*51
60
*51
60
*51
60
*51
60
*51
60
*51
60
100
Do 8% pref
•
6214 64
*6212 64
*6214 64
*6212 64
*6212 64
*6214 64
100
Do 6`7" prof
•
98
99
98
98
*9412 931
98
*94
98
97
*94
97
100
200 Kelsey Wheel. In0
533 5438 545 5512 55 4 56
4
8
3
56
5612 585 57
8
5612 57
No par
56.200 Kennecott Copper
*3,
84
s
4
•52
*5
8
3
3
4
*53
4
4
3
4
100 Keystone Tire st Rubb_No par
68
•
65
•66
69
*6512 69
66
66
64
65
64
"a 6424
No par
700 Kinney Co
54
543
5418 55
5512 5418 55
54
53 4 55
3
10
Kresge (85) Co new
*110 115 *110 115 *110 115 *110 115 *110 115 *12
.
53 12 : 18 600 Preferred
10
2
:: 5 4
1 2
100
2212 2238 23
*2214 23
*2212 231 •2212 23
23
.No pa
900 Kresge Dept Stores...
*80
90
*80
90
90
*80
*80
90
*80
90
*80
90
100
Preferred
17511 17512 1743 1744 174 174 *17014 174
4
16913 16912 170 170
800 Laclede Gas L (St Louls)_ _10
9
9
9
9
9
9
9
9
9
9
9
9
2,800 Lee Rubber & Pire____No par
3614 381
3
3618 3712 387 373
4 3612 37
8
36
363± 3612 36% 17,300 I.ebn & Fink
NO par
•82
84
83% 83 4 83
83
3
833 33 1 833 84
4
3
4
85
85
1,300 Liggett & Myers Tob new_25
•
122 124 •123 124 *12212 124 *12213 124 •122
122 1233
12334 •
4
100
Do pref
*813 82'8 81
4
8184 81
82
82
8218 821a 8238 827 83
8
25
7,400 Do "B" new
621± 6118 6212 *61% 62
*61
*6118 62
*6118 62
*607 62
8
3954 39
pa
I itIka Loc Wks
38
395
8 39
398 384 397
38% 39
3818 383 38,900 Loew's Incorporated_ _NO pa
4
718 71
714 714
74 714
738 714
718 818
8
812 17,200 Loft Incorporated
No par
*44% 447
4478 447
447 448 44
8 447 447
4414 44
44
No par
900 Long Bell Lumber A
120 1207 121 1234 12212 128
8
12813 131
131 131
128 128
131 134 *131 13312 13312 13612 137 137
3,000 Loose-Wiles Biscuit
100
*13512 140 •136
36% 301
3818 3912 39% 3914 39
800 2d preferred
100
3938 *133 13938 3814 140
18,4 16
58
39
25
•11514 119 •11514 118 *11514 118 .11514 118
8,300 Lorillard
116 116
1714 17'± 17
100
100 Do prof
1712 1613 17% 16
163
4
16
1613 16
167 13,400 LoulslanaOiltempttfs.NoPar
8
237 24
24
24
24
25
25
2 4 243 25
53
4
25
•37
253
331 *37
8 7,700 Louisville G & El A___ _No par
38
*3714 38
3712 3712 *3712 38
15133 136 *13414 1347 13414 1313 *13113 136
400 Ludlum Steel
No par
4
*13412 136 *1344 13612
3 2 37
7
71
71
200 Mackay Companies
100
71% 7118 *7112 72
72
72'71
74
*71
74
119 120
348 Preferred
100
11912 121% 120 121
12118 123
12014 12214 120% 12312
'111'± 1123 1123 1123 *11212 113
116.100 Mack Trucks, Inc
No par
4
4
4
113 113 •11314 11312 113
113
*105 106
300 Do 1st pref
108 106
100
10512 10512 106 106 *105 106
*105 108
•102 103 2 *103 10312 *103 10312 103 103
300 Do 2d prof100
101 10112 10118 1011
*117%
900 Macy (R. HI & Co,Ine..No par
2
•11712 ___ *11712 ----p1171± --__ •
1174
•11712 -too
38
38
38 14 39
3914 407
41
42
413 428
8
4214
•18
No par
19
•181z 19
18
18
*1712 1813 1814 1814 4118 183 iii566 Magma Copper
183
2
2
8018 81
300 MaIlensrred R)& C9-No par
8114 833
4 8314 843
Prtfeon(H
4 8312 847
83
84 a 83
833 13,600 Manh Elec Su pp tem ars Nopar
4
*227 2318 *227 23
8
8
*227 23
8
227 227
227 23
8
23
23
r
800,Manhattan
25
•335 3412 *335 3412 34
8
8
3712 *335 36% 4.3332 3
8
6
*3358 36
243 213
4 24
900 Manila Electric Corp ...No par
4
2438 24
2412 2438 2514 24
24
24
2412 2,700 Maracaibo 011 Expl___No par
6018 60% 59
603± 5812 5912 5812 6014 58%
593± 58
58% 90,200 Marland 011
No par
*30
30% 3014 3014 •30
3014 3018 3018 30
3
014 304 3014
No par
600 Mariln-Rockwell
217 217 *217 22
*
8
217 217
8
217 217
8 21% 217 *2112 22
700 Martin-Parry Corp_ _.No par
*
80
82
82
*81
80
81
803 8312 8312 8312 *8113 83
8
1,000 Mathieson Alkali Wkstem etf50
•11712 11814 11814 11812 11812 12012 117 118
11712 118
118 118
4,800 May Department Stores....50
•
122 125 *122 123 •122 123 •122 123 *122 123
*122 123
Preferred
100
21
21
2112 2112 2318 2318 237
21
8 2338 237
23% 2378 21,400 Maytag Co
No par
*8114 82
824 83% 8312 8312 *8212 8312 *81
83
82
82
800 McCrory Stores Class B No Par
*245 25
*243 25
8
4
*243 25
4
2438 2438 *245 25
8
24%
600 McIntyre Porcupine Mines_5
2312 2312 2313 2312 *234 235
8 2314 2314 2338 2338 2312 2514
800 Metro-Goldwyn Pictures pf _27
97 1014 10
98 10
1012 1012 1012 1053 1214 124 2312
1312 38,500 Mexican Seaboard Oil_ _No par
1418 143
1414 1438 1412 15
15% 1538 147 1 538 15
15%
5
.800 MIami Copper
3
3014 3114 29 4 303± 2912 30
2938 30
2838 293
8 28% 29% 24,100 Mid-Continent Petro_
_NO Par
98 4 93
3
84 9812 98 4 *98
3
984 *93
983 *98
4
9814 *98
9814
300 Preferred
100
11
13±
8
13, 13
13, 13
8 •13
8
112
138
112
138
112 3,900 Middle States 011 Corp____ 10
*78
*%
1
1
.7
2
1
*%
1
1
1
*7
8
I
700 Certificates
10
114 114 *11312 114
*112 114
114 114
114 114
114 114
900 Midland Steel Prod pref __ _100
*763 7712 777 777
4
771 771
. . 771, 79
*77
78
*77
78
2,900 Montana Power
100
70: 71
/
1
4
703± 713
4 705 713
8
4 715 7218 703 72
3
3
70 4 7112 46,600 Montg Ward & Co III corp 10
3
24% 24% 2412 244 2414 243
4 2414 243 2223 237
4
4
8 22 4 24
3
7,300 Moon Motors
No par
512 51?.
514 511
54 511
51? 5
14
5
52 5
54 6
3
13,200 mother Lade Coalition_ No par
•Bid and asked Prim; no sales oa this day.
Ex-dividend.
27.
PER SHARE
Range Since Jan. 1 1926
On basis of 100-ohare lots
Lowest
per shire
11314 Mar 29
11318 Jan 29
984 Apr 13
4912 Mar 2
6012 Mar 31
103 Apr 14
36 May 27
451shfar 31
10338 Apr 1
40 Jan 2
I518June 3
41 12 Mar 31
4512May 20
95 June 25
981± Mar 30
1053* Jan 22
3314 Mar 30
98 Apr 6
1612 Apr 15
1618 Mar 31
89 Apr 14
10813 Mar 30
9 4 Apr 3
3
5% Jan 5
62 May 15
45 June IS
4June 21
253
30I4July 1
68 Mai 29
1712Mav 27
4712 Jan 4
40 Mar 3
504 Mar 31
27 Jan 8
495
81une 25
17 Mar 2
195 Mar 30
8
18 Jan 6
9 Mar 31
8 Apr 13
90 May 14
8014 Mar 31
3412May 11
1083 Mar 16
4
2034 Mar 30
1312July 12
801? July 16
638% Mai 31
5012Nlay 17
102 Mar 17
33"Mar3O
11214 Mar 29
118 Jan 5
7 June 28
27 Mar 30
5312 Mar 3
323
sMar30
101% Jan 29
4418 Apr 15
85 Jan 14
89 May 7
135 May 6
111 Mar 3
2112 Apr 5
25 Jan 4
11513 Jan 29
1012Jurie 30
28 May 17
14 M
Mar 4
10714 Mar 29
334May 20
100 May 26
1214May 19
Si May 20
63 June 4
86 Slay 12
493 Mar 31,
4
12hlav 11
61 Mar 3t
4234 Mar 30
113 Feb 18
1515 Mar 2.5
7014 Mar 26
146 Mar 29
8% Mar 29
3034 Mar 30
7218 Mar 31
1193 Jan 18
4
71 Mar 24
5312 Mar 31
3414 Mar 2
7 Jan 23
44 July 15
88 Mar 30
12614 Mar 30
354 Jan 2
11118 Apr 5
12 Mar 3
4
223 Mar 31
8014 Mar 30
130 May 15
68 Mar 19
10312 Mar 30
1093 Jan 4
104 Apr 17
8612 Mar 29
11512 Mar 1
34 Apr 19
15511May 19
56 Jan 4
2212May 24
2712 Mar 20
2034 Mar
4914 Mar 30
27 Mar 29
17 May 20
6212May 12
1067
*May17
1223* Feb 2
19 Mar 3
72 Mar 30
221 Jan 2
2214 Jan 8
6 Feb 25
11 Mar 3
28 Mar 30
90 Mar 30
114 Jan 2
7 Jan 7
8
107 Mar 30
693 Mar 26
8
56 Slay 19
Highest
$ PC - shire
1647
8July 16
120 xi-, 28
105 June 22
70'8June 29
8912June 22
101 Jan it
49 Jan 4
787 Jan 4
1113 Jan 19
8
4
448 Jan 4
25 4 Jan 7
3
56% Feb 4
703 Feb 3
4
100 Feb 9
1095 Feb 4
10853June 1
5434June 19
111 June 22
2112 Jan 23
24 July 14
1061
2
,
118 July 14
1734 July 14
107 kw) 1
,
933± Jan 4
57 Feb 26
35 Jan 6
46 Jan 14
80 July 12
35 Jan 6
62 Feb 23
483 Jan 8
8
71 Jan 5
39 July 14
12314 Jan 4
283 Jan 4
8
34 Jan 2
2414 Feb 4
4
133 Feb 13
1213 Feb 13
104 Jan 7
104 Jan 5
43% Jan 7
115 Feb 9
267 Feb 10
2614 Jan 22
95 Jan 27
5012July 12
717 Jan 21
8
106 Jan 26
6412 Jan 5
13412 Feb 10
12418July 15
128 k eu 17
8
4653 Feb 18
663 Feb 23
8
4814 Jan 5
10414 Apr 21
633± Jan 9
86 Jan 6
9813 Jan 2
175 Jan 11
133 Jan 25
29 Jan 7
39 July 13
125 Feb 9
1913 Feb 5
66 Feb 19
34 Jan 3
11212June 12
4753 Jan 14
105 Jan 15
2112 Feb 6
743 Feb 8
4
734 Feb 5
128 Feb 4
58 8 Feb 10
7
218 Jan 2
8218 Jan 7
82 Jan 20
1143 Feb 28
4
8
33 Jan 14
934 Feb 1
17512July 10
14 Jan 4
4118 Jan 2
k
947 Jan 25
129 4May 5
3
94 Feb 1
695 Jan 4
41 Mar 16
114 Feb 10
5012 Feb 3
14012 Jan 4
14314 Jan 6
4214 Feb 3
117 Apr 23
197
8June 21
2613 Feb 10
5814 Feb 4
138 Feb 9
73% Feb 9
159 Jan 4
113 June 10
107 Mar 13
106 Feb 10
1183 Jan 14
4
44% Feb 10
281, Jan 5
847
8July 14
32% Jan 4
3912May 17
28 Feb 2
633
8June 17
33 Mar 11
23 June 25
10618 Jan 2
13712 Jan 2
12.5 June 11
237
8July 14
121 Jan 11
30 Feb 15
244 Feb 9
131? July 16
%
15July 14
37 Jan 2
100 May 19
212
88
118 Jan
13312 Feb 23
8312 Jan 14
3872
3 Feb 10
2
8
514 July12
715 Feb g
PER SHARE
Range for Preston
Year 1925.
Lowest
Highest
$ per shire $ per shire
643± Jai, 1493 Nos
4
102
Jan 115 Dec
8918 Apr
9938 Noy
42 .Ian 5918 Dec
68 Nov
8084 Oct
9012 July 10578 Nov
42
Oct
5812 Jan
47 Mar 83 Dee
10214 Mar 11412 Nov
223 Feb 53 Dec
4
121 Mar 2612 Dec
37 Mar 51
Oct
363 Jan
4
743 Nov
4
92
Jan 102 Nov
8618 Jan 114 8 Oct
5
103 Apr 109 Des
39 Dec 42 Dee
9913 Dec 10213 Di,
18% Dec 23 Sept
13 Mar 217s Dec
91
Jan 11318 Jane
107 Apr 11513 Dee
1184 Mar 1914 Jan
37 Sept
613 Jan
6718 Mar 953 Nov
4
4212 July 89 Feb
4
255 Apr 37% Jan
30 Mar 4912 Nov
66 May 773 Jan
4
27 Dec 487 Jan
43
Jan 50
Jan
3412 Jan 4718 Nov
59 Apr 85
Jan
1612 June 3118 Nov
333 Jan 13912 Nov
4
1414 Mar 31 Nov
1312 Jan 418 June
4
13 Mar 24 Aug
511 Jan
1414 Dec
6 Sept 12 Dec
1s
77 Mar 110 Dee
77 Nov 10712 De
,
3834 May 50 Feb
10413 Apr 112 Sept
2214 Apr 328 Jan
4
7% Jan 2418 Nov
40 Apr 85 Nov
110 Mar 17614 Nov
52
Jan
8112 Sept
10213 Nov 107 Aug
313 Jan 6912 Dec
4
96% Mar 13814 Sept
114 Mar 121 Nov
71. June 147 Feb
27 Aug52 4 Feb
3
56% Dec 607 Dec
8
2414 Mar 4813 Nov
94
Jan 102 Nov
484 Mar 76
OM
71 Mar 88 Dec
86 July 993* Oct
108 Feb199 4 July
3
8713 Apr 144 Aug
18 July
293 Oct
3
1612 July
263± Dee
10212 Jan 11512 Dec
118 Dec 2174 Feb
4
351814 MayAug 65112
Jun.
99
Jan 1093± Sept
183 Mar 4218 Dec
4
83 Mar 10312 Dee
1214 Mar 21118 July
41 Mar 74 July
43 Mar 72 July
87 Aug 124 Dec
4613 Mar 594 Noy
18 Sept
4
3 July
12
75 Mar 100
Oct
full4
2812 Dec
88
Jan
11014 Jan
1158 Feb
3714 Dec
57 Mar
1612 Jan
5512 Mar
60 June
22 Feb
Jan
6
14 Mar
77 Feb
104 Feb
304 Jan
10818 Feb
133± Out
23 Dec
3154 Feb
114 Mar
66 Mar
117 Jan
104
Jan
Jan
99
6912 Jan
1143 Jan
4
34 Ma
2114 Dee
32 Mar
204 Mar
2812 Ma
fie
003
45 4 Jan
3
9734 June
178 Mar
19
Oat
4412 Oct
92 Dec
124 Dee
4 pee
741
897 Jan
448 Nov
4
918 Apr
43 Sept
1438 Dec
148 Dee
3984 Sept
116 Aug
4
233 Feb
,
263 July
80 Dec
141 Sept
4
783 Feb
242 Nov
113 Aug
1065 Aug
8
Oct
112
118 Aug
46 Nov
3712 Jan
59 Mar
347 Nov
a
4912 Apr
Dee
32202$ Sea
1038 M ap
% M
363925711 DOI"et
19 Dee 3713 Jail
51
Jan 10714 Dec
Dec
19112 Mr 1 394 June
116 M a 124
217 Nov 263 OPS
a
8
79 Ma 13984 Oct
Jan 22 4 Oct
16
3
18
Jan 2412 Nov
8 May
9 p
l
253 Aug
4
831.4 Apr
2 3% Jan
24 i an
2
9414 Oat
33 June
81 N y
11 ipeb
DI Feb
Al
l
96
Jan 147 Aug
Aug
AI)
. 984911/44 A11
64 M
41
Nov
223 ma
4
42 Deo
6 May
Mx Jan
306
New York Stock Record-continued-Page 5
For sales during the week of stocks usually Inactive. see firth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 10.
Monday,
July 12.
Tuesday,
July 13.
Wednesday, T ursday,
July 14.
July 15.
Friday,
July 16.
$ per s are $ rer s are $ ner s are .6 per s a-e $ ne• s are $ ner s are
*1978 2018 *19% 20
20
20
*193 20
8
197 20
*1938 20
414 4238 4112 4214 403* 413
4118 4014 4112 41
4 41
4212
*23
24
*2314 24
23,1 237
8 2314 233
8 2318 2314 2314 2338
*1112 13
13
13
1314 16
1414 1414
'14
15
153 1614 3
4
*37
3712 37.2 3 3
3
4 3812 385 *3812 383
38
4 33
4 383 333
6% 7
74 8
73*
73
4
7
8 8 14
712
74 8
57
58
575
8 56
5618 56% 564 573
4 5612 5714 55 4 57
3
_
74
4
-7 3- *712 73
714 --iI4
88 -- .3i
6
712 712 -; 14 - 7
93 4 9612 96
3
9318 937
973
8 951s 974 95
96
8 9318 9412
•130 132 *130 132
130 130 *129 130
129 129 *12814 130
431, 44
4312 44
4312 413
8 44
4 4418 443
4414 44
443
4
*2212 24
*2212 23
*22
23
23
25
26
27
*2518 288
•70
71
*70
75
*72
76
*71
74
*73
74
*73
74
69 69
68 4 694 683 7014 69 4 7012 6838 69
3
8
3
6814 69
26
2614 26
*25
26
*2512 26
26
*25
26
*2512 2612
*91
9218 *92
9412 *92
94, *9014 9412 9014 94
2
9212 *92
1814 1814 1818 1818 1814 183
4 187 187
81 183 183 *1812 1918
8
8
*45
47
4518 454 45 45
44
44 , 44
44
*44
46
2214 2214 *2212 2412 217 22 I 2118 2114 2114 2114 2138 213
6
*75
78
*75
78
76
76
*75
78
*74 ' 78
*74
78
*153 157 *15312 156 *153 157
156 15912 15912 16212 162 16312
*11612 1173 *11612 1173* *11612 1173 *11612 11754 •11612 1173 1163 1163
4
4
4
4
4
22
22
22
227
8 2212 2 t 4 2238 227
* 2212 23% 223 234
4
*6012 61
61
617
* 62
6278• 63
64
623 6312 63
8
6312
*11214 115 *11214 115 *11214 115 *11214 115 *1124 115 *11214 115
- _ *219
*MT 159
150 150 I 152 152"
155 *145 fiti '145 152
133 133
8
3 133 135
3
8 133 133
3
4' 133 1438
4
14
144
143* 14
4118 43 8 04012 4114 4114 413
3
4 4013 4138 4012 403
4 403 40%
Sales
for
'C
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PAR SHARI;
Range Since Jan. 11926
On Oasts of 100-sltars lots
LOIC881
Highest
Weer. Indus. & Miscall. (Con.) Par
967 share
$ per share
300 Motion Picture
No par
2312June 3
8,100 Motor Meter A
No par
53% Feb 11
1,500 Motor Wheel
2334 4 1
21
No par 3 ,M V 98 33 8 Feb 1 fi
7
1,300 Mullins Body Corp
No par 314,July 27 1934 r.h I
14 ,pn 6
9 j,
u
a
2.000 Munsingwear Co
3834July 6
No par
12,500 Murray Body
No par
3 May 8 155 v co 2i,
,
43,300 Nash Motors Co
No par 52 Mar 24 66 Feb 23
Do pref
1061s Ian 4 1064 Jan 4
-3:666 National Acme stamped__ _101
1
190
20
7t2July 13 127 Jan
21.900 National Blscuit
74 Jab 8 984June 25
200
Do pref
100 126 Jan 27 13112 Apr 28
14,500 Nat Cash Register A w I No par 38 May 22 54 Jan 5
900 National Cloak & Suit__ .10(
2012Mav 21 57 Jan 2
Do pref
100 7212June 7 9212 Jan 8
13,900 Nat Dairy Prod tern ctfsNo par 53
80 Jan 2
400 Nat Department Stores No par 2514M py 24 423 Jan 7
40
Aa r 15
8
prof2100 90 Jan 14 97 Jan 19
900 Nat Distill Products_ _No par 321254ay 18 34 Jan 4
15 Ma
500 Nat Distil Prod pf tern etf No par
7318 Jan 4
1,000 Iat Enam & Stamping_ 100 2118July 14 454 Jan 2
200 Do pref
100 73 July 13 8954 Jan 4
3,900 National Lead
100 138 A PI 15 17454 Jan 5
100 Do pref
100 116 Jan 16 120 May 20
47.300 National Pr & Lt etfs_No par
18% Mar 2 383 Jan 21
8
6,500 National Supply
50 1041 : a, 4 657 Mar 16
551
a 31
n
8
Preferred
100
114 Inlay 28
National Surety
100 208 Mar 31 227 Jan 20
---ZOO National Tea Co
No par 119 May 15 238 1sn 4
10.900 Nevada Consol Copper__ 5 115
143
8July 14
8June 1
6,600 NY Air Brake tern etta_No par 3612 Jan 2 44% war 11
Do Class A
No par 554 Jan
60%June 1
/
1
441 45
433 4514' 4
3
N Y Canners temp etts_No par 32 Apr 12 843 Jan 29
.4F2 49
45
4
4438 -i4T8
New York Dock
*33
37
*33
37
3 33
'
37
*32
*34
37
*34
37
37
457 Feb 6
8
Ion 3212 Mar 31
Do prof
*69
72
*69
72 I *69
72
*69
*69
72
72
*69
72
100 69 May 13 74 Feh
NY Steam 1st prof __No par 9914 Apr 13 10314June 30
*10212 10314 *103 104 *103 10417 *103 105 *103,•103
2818 284 •273 2818 2818 2818 .28
4
2814 *28 -- 1-! 2814 281- ---865 Niagara Falls Power pf new_25 22 8 54ar 34
28'4
4
2852 Jan 22
475 Mar31
5013 51
51
5112 51
51 12 513 52
6118 524 511 5218 42.000 North American Co
/
1
/
4
10
67 Jan 14
1,500 Do pref
*50
51
5014 51
5118 51 18 51
51
5012 51
50 49 Jan 2 51 12June 23
514 51
5 96
400 No Amer Edison pref__No par 914 Mar 31 983
*953 9618 *95
4
*953 96
4
*953 96
4
9554 98
953 955
8
8
8June 29
600 Norwalk Tire & Rubber.._..1O
73 July6 154 Jan 14
4
*813 83
4' 812 87
*83
8 812 *8
814 *8
814
812 '8
*1412 15 I *1413 15 I *1412 15
Vunnally Co (Tho)____No par
*144 15
*1412 15
*1414 15
1338 Mar I
1712 Jan 7
3ol2 32
304 3014' 30
3 31
31
31
31
33
33 18 3314 5,800 011 Well Supply
25 30 July 2 38 Feb 5
7 -- Ontario Silver Mtn new No par
10 Jan
1012 Jan 14
2 43 2
4414 -48i - - -1- ---60 On yxhosiery
100 pref
,12T4 I534 *43
45 4 4512 4512 44
3
44
44
45 241inr 29
314 Feb
No par
99 100
*99 100
ion 95 Apr 17 101 12July 6
*9912 100
*99 100
99
96
59
16 122
5
3
7 *5412 5538 *5312 5512 *55
1,300 Oppenheim Collins & CoNo pa
5512 55
5512 55
47 Jan 12 60 2 Ma, 11
800 Orpheum Circuit, Ina
3014 3014 30% 3012 30
304 *291, 31
30
30
2712 Mar 25 3114June 29
*2912 30
400 Preferred
•1037 104
8
1037 1037 *1037 104 I 104 104
8
8
104 104 *1037 104
8
100 101 Jan 1
105 Apr 21
s
•12114 102
12012 122
123
1214 121 14 121 123
122 10234 12014 12014 1,850 Otis Elevator (k)
8i 1a 1
50 10 :13.: 2 1293 Feb 5
4
•105 1117 *1053 11134 *105 4 1113 *1053 1113 *107 112 *108 112
3
8
Preferred
3
4
4
4
100 1023 Jan 13 10812June 18
4
0
:0 01
1012 1012 1012 1013 1038 103
3 000Otbs0 pref
Steel
1038 1012
4
1412 Jan 19
1012 1012 10 4 1038
No pa
,
10338 1047 10314 1043 104 1043 104 1045 *103
s
4
10312 1033
8
1077 r** 17
8
,
100 85 May 1
8,4700001000w4eines B
68
68
6814 69 I 691 7112 7112 72 I 72
Bottle
723
7218 73
53% Mar 29 73 July 16
Co
*4713 4812 4813 4813 *48
49
*48
49
48
49 I *48
49
No par 44 May I
52 Apr 5
100 Preferred
•101 105 *10012 103 .3 10013 103
'
10118 101 18 *10112 103 *101 104
100 9713 Apr
10114 Jan 16
8 8.600,Pactfic Gas & Electric...... 100 131 30Nmayr 3 13214 Jan 29
127 127 *127 128 '3 127 128
'
129 1313
128 12814 128 4 132
1.8 M ar 1
i
,
3
it
13
*114
112
11
138
8318 F•h 13
l3a
114
n1 May 1:
No pa
14
1 14
13, 1% 15,2001 PacIfle 011
434 4353 4312 44
437 4418 4338 44
454 July 7
2427 4313 24138 4212 42.600,Packard Motor Car
8
1
1818 4,900,Paige Del Motor Car_ _No pa
1512 157 *1512 16
8
1518 1513 1412 1514 1412 is I .13
284 Jan 4
764 Jan 2
7112 72
7012 72
6838 6912 4.000,Pan-Amer Petr & Trans_ - _75
70
*70
71 13 685 7018 69
8
. ,p4 2Ctatte4st
5
7 400 iaAm w
72
73
707 733
014 92. 0 0 D
56 Mar 3
03
3
8 39 8 70
71
723
8 70
50 5871 M 3
783 Jan 4
8
7214 6912 7 138 603 3
B
Petrol B.No pa
39
39
383 394 3812 40
46 Jan 2
39% 39
39
34 Mar
4
21
223
4 2013 2312 2212 2313 2213 233
32 June 17
413 Jan 21
4 2212 2338 2212 223 32,700. Panhandle Prod & Ref_No pa
100 Park Jr Tilford tern etts_No pa
*20 ,4 21
3
3 5 21
.20 4
*21
22
284 Jan 4
19% Apr 1.
*204 21
20
14 203 *203 22
4
4
1,200 Park Utah C M
6% 63
I
*6
812 Feb 5
638
6% 61
/
4
618 618
614 614
63
8 6%
57181' s 17
1
57% 5.500 Pathe Exchange A
*56
57
5614 567
8 55 4 563
3
Nto Par 4581%1a ;14 83 Jan 7
41 56
5612 5654 5712 57
pen
'
500 I on
23 June 16
/
1
No pa,
*20 4 21
3
2012 20 4 207 20% 2014 203 *2014 20 2 *204 201
3
,
8
8
177'Jiia e 28 17 Feb 8
638 jnn 28
4 818 *713 812 *712 812
nickCtalFo&rdCoke
51.
*71
813 *712 812 *73
4 /03 *78
114 13,900 Penn-Seaboard SO ate No par
114
Ps
214 Jan 4
118July 14
114
14 138
13*
14
118
114
13,
Ds
800 People's 0 L & C (Chic)_10) 117 Jao 4 180 Feb 11
1213 122 *121 122
4
*122 12314 122 122
1213 1213 122 122
4
4
:
,00 Philadelphia Co (Pittsb)--51, 594 Mar 2 765 Apr 8
8
72 72
*71
72
*71
73
7214 7214. *71
73
7213 *71
500 6% preferred
50 4734 Jan 4 5114July 7
5112 *49 4 51
3
51
*50
51
51 I *50
*4912 5012 5012 501
8,100 Phil* Jr Rend C & I___No par 3014 Apr 14 488 r eu 13
393* 3912 3918 3912 3938 39 4' 39 3912 3814 38% 38% 382
3
100 Certificates of Int___No Per 3634Ju ae 30 464 Jan 11
0 4n
5 5 r 14
40
•38
41
*38
4012 *38
41 I *38
4012 *37
37's 37 8
2o
Phillips-Jones Corp____ NO par
553t
•47
52
52
*47
52
.47
52
*47
*47
52
*47
52
6.900 Phillip Morris & Co.. Ltd__ _10 18 Apr 3 2438July 13
24
4
233* 243
g 2318 233 *23
*2212 2314 2314 24
8 2314 237
No par 40 Mar 30 4912Jtme 22
4 475 4814 81,600 Phillips Petroleum
8
8 4612 473
473 48
4
483 4814 4613 4712 467 47,
4
/
1
6 31 Mar In 444 Jan
4112 40% 4014 1,900 Phoenix Hosiery
4 4234 4234 42
4212 423
42
41% 4213 *40
200 Preferred
100 94 Mar 25 994 Jan 21
*98 100
98
*98
9813 98 98
98
*98 100
*98 100
8
19 May 15 434 Ian 9
8 2818 293 42,220 Pleree-Arrow Mot Car No par
2812 293* 29
3018 2914 30
2814 29% 284 287
p
:4 , 5
1
112 113100 763 NA4 r 15 116 July 12
11312 116
1143 11513 114 11514 1103 113
4
•11214 113
4
5 9°
: ° Do 9 1 Corporation
1
17 Jao 30
8
25
84
3
4
3
4
3
4 6 000 Pterce 0re1
*h
7
8
'A
7
8
8
4
7
8
k,
34
100 Do prat
100 15 July 113 274 Jan 30
13 16
15
15
*1213 15
*1212 15
•1212 20
*1313 15
*13
7 Jan 30
0
37
3
37
3
312 3 4 4,000 Pierce Petrol'm tern etfeNo par 2914.1Ln 29
3
334 37
313 3
33 34
,
3
312 312
4212 Jso 5
200 Pittsburgh Coal of Pa
100
33
*33
35
*33
35
33
*32
35
*3?
35
*32
35
100 Do pref
100 70 June 21 85 Jan 8
76
73
*73
76
*73
*73
*73
73
76
*73
76
73
Pittsburgh Steel pref
100 $4 Mar 29 98 Feb I
*96 100
*98 100
*96
98 , *:43
98
*96 100
*96 100
7
8May 20 63 s Jan 9
Pitts Term Coal
100 397
44
*43
*43
44
*43
44
*43
44
44
*43
44
*43
Preferred
100 83 Mar 26 9214 Feb 5
.82
86
86
87
*82
86
.82
•86
86
*82
86
*82
Pittsburgh Utilities pref.,_..10 1412 Mar 3 201/May 21
17
1912 *17
17
*14
1912 *17
19
*14
19
*14
*17
Do pref certificates
10 15 Mar20 2014Nlay 26
20
*14
20
*14
20
*14
20
*14
20
*14
20
•14
10
15 Jan 22 2014May 26
Preferred ale new
20
*14
20
*14
20
*14
20
*14
20
*14
*14
20
8
1247 Feb 3
Mar
1013 1037 10114 10313 1003, 102
4
8
10012 1013 56,700 Post'm Cer Co Inc new_No pa
102 10412 1033 106
4
4112 Mar 19
3511 ,
7:
45
10(
3(
900 Pressed Steel Car new
381
37
37
38
3 36
'
38
38
*3712 3812 537
*36
37
100 82 Mar 4 954 Jan 7
Do pref
400
*84
85
8412 8438 *84
8412 84
85
8413 *83
*8412 85
8 1,300 Producers & Refiners Corp_50 11 Mar 29 174 Jan 2
*1212 13
3
1238 1238 12 2 1212 1258 125
4
,
1238 123 *123 13
4May 11 3614May 27
50 303
600 Preferred
*32
33
33 33
3213 3314 *32
34
3213 33
*32
34
72 Mar 2 924 Jan 19
8 87
883
8 873 8812 88
8712 877
4
88
8912 8814 884 22,400 PubServCorp or NJ newNes pa
87
8July 9
10C 1034 Jan 12 1093
200 Do 7% pref
10914 10914 *109 1093, 109% 1093 909 2 1095 *10912 1093
8
8
*10914 110
8
,
115 Mar 2 121 July 15
400 Do 8% pref----'120 12018 12018 12018 *12014 121
12018 12014
121 121
*11912 12031 3
600 Pub Berv Flee & Gas pfd.,100 97 Jan 22 102'? July 9
*1013 1028 *101% 10212 *102 1023, 10213 10212 10218 1024 102 102
8
100 Pub Service Eleo Pr pref _100 100 Jan 18 11218July 10
_ *111 18
1124 11218 *11218 11313 *11218 11312 *11218 11312 *11 1 18
14
100 14, Mar 31 18213J nue 22
176 178
178 178
1773 18012 171112 177( 17714 1783
4
4 7,300 Pullman Company
1774 178
50 33 Apr 14 47 Feb 4
500 Punta Alegre Sugar
4 3414 3414 3414 3414 *34
3414 343
*34
35
35
35
*34
25 25% Apr 13 31 Jan 4
2738 2718 273 14,400 Pure Oil (The)
8
8
273 2712 2718 27% 2714 2712 2718 2712 27
100 106 Apr 14 1123420ne 25
100 Do 8% pref
11012 11012 3
'110 111 *110 111
•110 11012 *110 111 *110 111
8June 22
4312 443
4 433 44
3
437 447
8
8
4312 4412 44 445 12,500 Radio Corp of Amer_ -No par 32 Mar 30 483
433 437
8
50 445 Mar 31 485
8July 13
200 Do pre(
8
*4818 4814 483 4838 *4814 4814 *48
4318 4818 4818
4838
•48
Railway Steel Spring new--50 5314 Mar 1 684 Mar 10
100 115 Apr 9 123 Feb 21
Preferred
No par 32% Apr 30 3714July 1
100 Rand Mines, Ltd
3412 3412 ____ ____
Mar 3
117 M
:
3
14,500 Ray Consolidated Copper.._10 401 .46l y9 1412July 14
1414 14
14
14
1414 1412 1414 144 1414 14%
/
1
137 14
8
No par
56 Jan 4
4278 4318 43 43
43
4314 *4238 43
*43
4314 2.300 Reid Ice Cream
417 43
8
914 Mar 31
No par
184 Feb 23
/
1
4
4 10
1018 10
10
912 94 1,100 Reis(Robt)& Co
8 1034 103 *1018 103
107
*10
pewriter__.._100 8312 Apr 20 127 Feb 3
4
8
8
11114 1127 11212 11614 1133 11514 11512 1177 11414 11612 115 11612 13,000 Remington Ty
100 106 Apr 21 11112July 2
Do lot pref
*11014 115 *11014 115 *11014 115 *11114 115 *11114 115 *11114 115
100 105 Apr 1 1143
4July 2
Do
d prat
*113 115 *113 115 *113 115 *113 115 *113 115 *113 115
878May 20 157 Jan 4
8
No par
1,600 Replogle Steel
4 1018 1018
97 10
8
10
10
8 1012 1038 1012 103
*10% 107
100 44 May 19 6358 Jan 7
4,300 Republic Iron es Steel
56% 55
553 56
4
563
8 5518 66
56 5634 56
55 4 557
3
s
100
96 July 14
1,000 Do prof
3
3
95% 96
3
•951z 96
*9512 954 *9514 95 4 *9512 95 4 95 4 95
5 F a 24 10% Jan 5
No par 91:1 Met;3
°
400 Reynolds Spring
8
614 614
*
638 68 *618 64 *618 65
63, 65
*6'2 7
5,900 Reynolds (RJ) Tob Class B 25 90 Mar 30 984 Jan 5
8 973 98
4
977 98
8
3
977 98
8
9712 9753 973 973
4 97 4 977
8
25 88 Mar 2 100 Jan 20
1.100 Rosetta Insurance Co
*
8812 881 *88
91
91
89
88 2 90
,
89
*88
*88
91
8
2.000 Royal Dutch Co(NY shares)- 50 Mar 3 573 Jan 9
4 523 53
5212 5213 5212 525s *5253 523
4
,
*527 53 4 5238 53
8
8May 11 4818 Feb lir
10 363
9,000 St Joseph I.ead
417 4212 42
g
425
8 42% 423
4 42
413
8 413
s
4138 41% 41
No par 424 Mar 31 5412June 22
523
4 52
5314 52
527
8 5112 5212 6,400 Safety Cable
52
53
52
523 53
s
5.800 Savage Arms Corporation_100 73 Mar 31 1024 Feb It)
80
833
8 7912 80
8 794 80
7912 795
81
*80
81
*80
612
R
43
4June 2 1014 Jan 4
No par
3
512 512
53, 5 4
614 74 2,200 Seneca Copper
3
54
*5
5 4 .5
3
2.400 Shubert Theatre Corp_No par 52 Mar 4 6912June 21
6414 6414 64
6418 6418 *6414 65
65
65
65
64
64
4
47
463 47
49
463 47
4
43% 4714 2,600 Schulte Retail Stores__ _No par 4212 Mar 30 13812 Jan 23
4713
47
47
47
Do Prof
100 11212 Jan 6 119 June 4
'117 11712 *117 11712 •117 117'2
11712 3
*117 11712 *117 11712 *117
800 Seagrave Corp
No par 1212 Mar 3 144 Mar 12
4 133 133
8
4
13% 133 •1314 135
8 13
4
/ 133
1
4
13
/ 131 *1314 13%
1
4
3
5412 :53
537
8 63
4June 18
63'2 10,500 Sears.Roebuck&Co new No par 4414 Mar 29 543
4
535
8 523 5414 54
4 53
/ 523
1
4
52
)333, .6211 84
SIN oil. 62
1.400 Shattuck (F 0)
No par 47 Mar 30 99% Jan 4
All. 60
6034
.61
*611 62
-rights.
prices; no sales on Wile day. s Ex-dividend. a Hi
skt and suited
PAR SWARM
Ranee for PreettraI
Year 1925.
Lowest
MAW
$ per Mare $ per share
8
19 Dec 201 Dee
/
1
4
/ Oat
1
4
40 Nov 44
18 ADr 35 June
13 Aug 214 Feb
3018 Apr 39 Dee
8% Dec 4212 Mar
19313 Jan 488 Oct
1033 Jan 107 JUly
4
8
414 Mar 126 Dee
65 Apr 79 Dee
12312 Mar 12811 May
/ Oct
1
4
84
104
Jan
817 Nov
2
45 May
Jan
102
4314 Oct
Oct
81
- 1 Dec
4711187 4 Dec
5
42 'Jan
3812 Jan
96 Apr
295 Dec
8
524 Jan
25 Apr
75 June
13812 Apr
11412 Sept
411 Dee
/
4
/ Jam
1
4
89
1744 Nov
/
1
119 Sept
84 Dec
4
1043/ Jan
Jan
206
201 Dec
111 Apr
/
4
3111 Oct
50 Bent
8
315 Mar
18 Mar
524 Jan
Jan
97
2752 Oct
4112 Jan
465 Jan
8
get* Dec
1212 Sept
Jan
8
333s Dec
54 Jan
185 Jon
8
7814 Mar
414 Sent
251 Jon
/
4
Jan
98
8758 Feb
101 Feb
8 Mar
504 Mar
/
1
424 Mar
494 Nov
98 Nov
10212 Jan
5152 Aug
Jan
15
174 May
594 Sept
604 Aug
374 Oct
214 Aug
25 gein
110 AP3
222
Oat
250 Dee*
163 Jan
2
554 Jan
Jan
67
fills Dec
45 Nov
/
1
4
76 Dee
102 June
Jan
29
Oat
75
5011 Segt
9611 Des
184 Aug
184 Nov
38 Nov
008
11
39 Dee
97 Nov
53 Dee
gra Jul,
107 gaps
1401 Aug
1
112 July
1514 Aug
974 Ang
8
693 Nov
57 Nov
1007 Dee
s
13718 Nov
734 Dee
454 Nov
32 Oat
88 Mar
/
1
4
844 Mar
694 Dee
54 Dee
$512 Jan
70 Nov
17 Dec
124 Apr
1 Aug
112 Jan
514 Mar
454 Jan
373 May
4
38 July
51 Nov
12 Mar
/
1
4
3614 Mar
18 Apr
84 Apr
8
107 Mar
43 Mar
14 Nov
1014 Dee
412 Dec
37 May
/
1
4
80 May
94 Mar
30 Apr
79 July
12 Mar
/
1
4
1254 Mar
123 Nov
4
64 Nov
/
1
4
Oct903*
28 APT
26 8 Jan
1
3 Jan
123 Oat
67 Dee
/
1
4
49 July
524 Jan
504 Jan
9018 Jan
2514 Slept
674 June
434 July
99 Din
474 Oa
100 Nov
34 Feb
60 Feb
814 Feb
544 Jan
99 Jan
102
/ Jan
1
4
68 Jan
/
1
4
884 Nay
17 June
/
1
4
16 Juno
154 July
121 Dee
7613 Yuji
124 Aug
27 Sept
625 Mar
8
99 Jan
1085 API'
8
99 Jan
924 May
129 Mar
33 July
251 Aug
8
10212 Jan
39 Nov
/
1
4
45 Dec
JIG
925332 8 Feb
4
47 Feb
/
1
4
87 Aug
/
1
4
106 Nov
119 Oot
106 Nov
1004 Dee
1734 Sept
474 Jan
33 Feb
/
1
4
1084 Sept
/
1
4
77 Jn
SA Feb
fat; - ai;
j
33 Nov
/
1
4
114 Apr
43 Oat
10 May
46
/ Jan
1
4
100
Jan
103 Sept
1258 June
4218 Apr
841g July
8 July
7214 Mar
85 June
481 Mar
/
4
353 July
4
48 Dec
4$'* July
9 Nov
514 Dec
10134 Sept
110
Jan
13 Nov
/
1
4
122 Dee
3918 Aug
1718 Feb
504 Dee
2814 July
117 Dee
/
1
4
1094 Oct
1134 Apr
2314 Jan
6438 Jan
95 Jan
18
Jan
953 Nov
4
9712 Feb
574 Jan
/
1
524 May
601, Dee
1085g Mar
11 Nov
554 Dee
1344 Dee
/
1
118 Aug
DM June
WI;ifai
if" list;
92
Aug
307
New York Stock Record -Continued-Page 6
For sales during the week of stocks usually Inactive, see sixth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Sales
- for
Tuesday,
Wednesday. Thursday,
Saturday,
Monday,
Friday,
his
July 15.
July 12.
July 13.
July 14.
July 10.
July 16.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I 1926
On basis of 100 share lots
Lowest
Highest
PER SHARE
Range for Printout;
Year 1925.
Highest
LOIO621
,
or shrre 3 or' sh,P S sp s sh 's $
,
,
shsse Shares. Indus. & Miscall. (Con.) Par $ Par Mare
per share 8 nor sh,re
per share
8 per share
$ Per Mare
.4238 433 *415 423 *413 423 *413 42
4
8
4
8
41
49 Dee
*43
444 *4338 44
/
1
3912 Sept
4
/
1
4
Shell Transport & Trading_L2 40345135' 10 4858 Jan 4
273 281g 273 2318 23
4
4
214 Aus 2812 Dec
274 28
2712 2818 273 28
2
No par 24 Mar 3 284July 8
287 50.000 Shell Union 011
2
*1083 110
4
10312 109 *10812 10912 1083 105% *1083 10918 *10839 109,
8
8
100 103 Mar 3 114 July 2
9912 Jan 10614 Nov
900 Do prof
8
18
185 183
4 1814 183
4 18
184 18
173 18
10 1758July 16 285 Jan 2
263 Jan
4
173 Sept
4
8
4
1814 18
11,300 Simms Petroleum
36
36
36
35
35h 35
351 35
3512 36
8
311 Mar 545 Nov
/
4
No par 33 July 7 541 Jan 4
35
36
4,409 Simmons Co
10918 10918 •10714 110 *10714 110
•109 110 *109 110 *109 110
10018 Jan 10818 Dec
100 10714 Jan 23 10912July 2
100 Preferred
,
2178 22
2112 2218 21
2112 207 2138 203 2114 201 2112 43,800 Sinclair Cons 011 Corp_No par
8
4
8
17
191 Apr 13 247 Fen 23
8
247 Feb
Jan
*9914 993 *9914 9934 9912 99121 99
4
9912 983 99
4
109 90 Mar 30 99.2.Tune 24
9418 Feb
783 Jan
4
*9812 99
800 Do pref
33121 3318 333
333 3418 3318 3414 33
4
4 33
3338 3314 3413 21,700 Skelly 011 Co
213 Mar 3212 Nov
4
25 2658 Mar 30 37 ,June 2S
128 131 I 12914 131
801 Mar 14312 Dec
1313 1313 130 134
4
4
132 134
13114 134
/
4
4,30) Sloss-Sheffield Steel & Iron 101 103 Apr 12 14114June 30
110 111 *1093 Ill *10934 112
Jan 10918 Dec
110 110
1097 113
8
111 112
62
1,90) South Porto Rico Sugar __Ur 92 Apr 15 1471 Feb 2
*114 115 *114 115
115 115 *114 115 *114 115 ''114 115
991 Jan 11314 Dee
/
4
4
100 112 May 4 11718 Feb 3
103 Preferred
*1112 14
*1112 14
1318 Dec 24 May
4
*1112 14
*11 12 14
*1112 14
11 June 2 173 Feb 19
*1112 14
No par
Spear & Co
7814 Dec 92 May
•7413 80
*7412 SO
*7113 80
*7112 80
74
1011 72 Apr 20 8212 Jan 13
7412 *71
80
209 Do pref
154 Feb 367 Sept
/
1
2112 22
21
22
213 22
4
214 22
2112 22
2
184 Anr 19 314 Feb 5
/
1
2112 2113 2,803 Spicer Mfg Co
No par
*101 108 *101 108 *101 103 *10212 103 *10212 105 *10212 105
Ion 101 Jan 12 105 Mar 1 1 92 Apr 108 July
Do pref
4 553
Oct
4014 Jan 61
54
3 55 557
8 5439 5512 544 5518 5114 551 511 55
16,601 Standard Gas & El Co_No par 51 Mar 2 89 Feb 8
5614 5658 5638 57
50 Mar 564 Nov
/
1
4
553 57
4
553 57
4
5512 561 5512 5512 4,40
/
1
4
50 53 Mar 30 5758 Feb 9
Preferred
Deo
*7312 75
82 May 88
7412 75
7512 753
4 74
74
*737 75 ' 7212 734 1,503 Standard :Milling
8
4May 19 9212 Feb 4
100 673
861 Dec
/
4
81
Jan
*85
90
*85
90
*84
90
*8512 90
*84
90 I *84
100 80 Mar 2 90 Feb
90 I
Do prat
/ 5912 801 593 60141 5912 593 33,900!Standard Oil of Cal new_No Pa
1
4
/
4
8
8May 14 624July 6
604 603
4 5912 804 5812 80
523
4
43341 433
4 4113 67,900,Standard 011 of New Jersey 25 4012 Mar 3 4638 Jan 2
44
4438 4338 443
2 4339 437
3 4312 44 I 4333
3858 Mar 47l Feb
1161 11614 11614 11612 11612 1163 11633 1163 11618 11612 116 11614 7,5011 Do pref non-voting_ __ _100 116 July 6 11918May 18 11614 July 119 Feb
4
416
Jan
104 Feb ,
5 Aug
/
1
4
434IMay 21
54 5 4
3
3
512 512 *53
4 5% *512 57
3 *512 573
8 *512 57
200 Stand Plate Glass Co_ No Par
624 Mar 82 Dee
89
90
8713 8912 89
75 Mar 27 90 July 10
8912 8912 8912 *8812 89 I 83
No par
88 I 5,403 sterling Products
55 Mar 9612 Dee
*7312 74
731 7458 75
8May 17 921 Jut,
4 7413 7513 747 7514 23,700 Stewart
-Warn Sp Corp.No Dar 683
7639 7539 763
3
*61
62
61
6114 611 62 I 6212 6312 *62
61 Mar 8952 Oct
/
4
64 I 613 62
4
1,700.Stromberg Carburetor_ NO Par 5975may 19 7714 Jan 4
,
523 5314 5318 5313 53
4
5414 553
4114 Jan 6852 Nov
56
3 548 5514 70,800'Studeb'rCorp(The) neWNO par 47 May 18 614 Feb 7
55 1 55
*118 121 *113 12078 *118 120% *118 1197 *118 1207 *118 1197
8
100 11412 Feb 21 U2'2June 23 112 Mar 125 Sept
8
Do pref
8
38 Feb
178
17
139 Apr 13
•13
4 2
8
lh
13
4
13
4
17
8
13
4
3
Oct 12 Mar
13
4
No par
Submarine Boat
13
4
13
41
909
33 I 3213 33
*33
33
*3213 33 I 33
7
Vo par 3014 Mar 30 4158 Jan 4
3818 Nov 43 2 Nov
3339 33
*3213 33
500 Sun 011
21 212
213 211 *2
44 Jan a
/
1
213
218 211
64 Feb
2 Dec
13
4July 15
13
4 2 I
No par
178 2
10,400 Superior 011
, 2113 2312 •23
23 I 23
100 1912 Ata 12 27 307'
*21
23
*21
238
20 May 4132 Jan
2312 *23
231,
200 Superior Steel
12
1512 Oct
858 Apr 13 13,2July 16
123 1212 1212 1212 12
3
1212 1358 1314 1312 4,100 Sweets Co of America
50
1258 12
57 Mar
8
7125tay 14 1413 J411
207 Sept
2
*814 812 *814 8h
1012 Jan
814 814 *
81 83
4' *81 84
83
3 821
300 Symington temp ette__No par
*1614 163 •1612 1612 *161s 1612 •1612 1612 *1614 1634
4
19 4 Dec 264 Sept
3
163 16341
4
100 Class A temp etfs____No par 16 June 28 204 Feb 4
11
8
*1112 1141 1112 1112 *1112 118 •11
1614 Nov
4
Aug
100 Teiautograph Corp__ No par 11 Apr 5 147 Jan It.
1139 *1112 113 *1113 11341
16 Feb
16 Dec
8
*113 11121 1112 1112 1112 lth
8
1
117 1214
738 Apr
No par 107 Mar 31
1158 117
1218 123
8,800 Tenn Copp de C
5318 53% 53
3 5314 54
55 Dee
423 Jan
4
5358 53
5358 54141 5314 543
5313 42,000 Texas Company (The)____ 25 48 Mar 33 56 June 22
8
4
8
1523 155 ; 1527 1543 26,800 Texas Gulf Sulphur
8
9712 Feb 1217 Dec
/
1
4
15114 15212 151 1523 1513 1513 154 155
8
10 119 Jan 12 156 July 14
8
8
8
1314 131 13% 14
1312 133
8.
104 Aug 233 Feb
137 1418 137 14
8
4 1312 1313 9,200 Texas Pacific Coal & 011
10 1212 Mar 2 I9131 Jan 7
876 911 *900 950 *875 920
Apr 657 Dee
*900 950 I 900 900 *870 950
68 Texas Pacific Land Trust_100 510 Mar 19 1035 May 27 255
3214 Sept 3914 Oat
*281 29
*2818 29
29
29
*2818 29
No par 274 Mar 31 24 Jan 14
n818 29
•2818 2878
100 The Falr
2
3014 Sept 367 Dee
4
3234 *3112 3213 3238 3238
100 3014 Apr 12 3914 Jan 25
32
327
8 313 3212 *32
32
/ 32
600 Tidewater 011
Oet
4 927 92% 9214 9214 9212 92 2 *92
8
99 Nov 101
90 Mar 31 103 Jan 25
10
*9212 923
93
*92
,
9212
300 Preferred
5413 551
5414 547
3734 Mar 502 Oet
5412 5514 5414 5434,
444 Mar 3 5612 Feb 10
5413 547
8 9,400 Timken Roller Bearing.No pa
4
Jan 1012 Nov
,
70
10312 10418 10312 10312 10312 10339 10312 10418' 103% 1037
10314 104
8 5,200 Tobacco Products Corp___100 9514 Apr12 1108 !"h23
934 Jan 110$2 Noy
100 103 Mar 3 113.2July 2
•11112 11318 11212 11314 11234 113 *113 11313 113 11313 *113 11312 1000
513 513
51 513
5
514
578 May
3 Sept
/
1
4
3 Mar 4
512July 9
44 5
3
434 178,700 TrDarosc'tC'llOassIlteA
43
4 5
metfnew NO Pa
4
2112 1934 1934
2113 *19
2112 *19
Jan
2412 Sept 35
19 June 5 27 Jae 28
2212 *19
2112 *19
•19
100 Transue & Williams St'l No pa
5413 54
1
5413 *54
384 Mar 6514 Nov
/
1
5118 Mar 30 63 Jan 7
/
1
4
513 *54
4
2
5458 5458 5412 543 *54
5438
800 Underwood Typewriter_
7114 Jan 5
481, 46
4 4812 49 I *48
43
46
463
Oot
38
Apr 86
4738 473
8 461 4 8 1,500 Union Bag At Paper Corp 100 35 May 21
6,
3714 Jan 20 58 July 13
56% 5514 5738 57% 53
33
Oct 4382 Feb
56
5612 573
4 5612 573 2553 567 54.800 Union 011, California
8
2
8
933 *92
4
93 I *92
*92
9312 9212 9312 *92
94 Dec 134 June
9478June 17
100 8414 Mar 31
933 *92
9313
4
600 Union Tan_ Car
*117 118
118 118 •117 118 *117 118 •117 118 *117 118
10
1 13 4MaY 22 118 July 12 11314 June 11712 May
,
pref
33
3312 3312 34
34
347
s 34h 35
35
2
24 May 367 Mar
357
8July 15
357
35
3514 34,900 UnDltoed Alloy Steel
2512 Jan 21
No pa
834 Feb 4 10012June 30
*97
9712 963 97
4
97
97
97
971 964 9712 967 9678 1,400 United Cigar Stores
/
4
6014 Jan 11512 Nov
2
8
*121 130 *121 130 *121 130 *121 130 *121 130 *121 130
3
10 1147 Mar 4 125 June 30 115 Dec 13314 Dee
/
1
159 159
159 15912 15914 1594 15814 1593 156 153
8
8
100 134 Mar 30 187 Feb 4 1107 Feb 18211 Oct
157 157
Drug
2,600 UnPitredefebre4
58 5812 58
*58
59
25812 59
Jan 5818 Nov
581 58
58
52
.50 5511 Mar 5 59 July 8
*5718 58
9,000 Do lot pre
*314 11
*414 11
*414 11
*419 11
*314 11
9 Dec 20 Mar
10 Mar 17 12 "II
.10
*414 11
United Dyewood
11312 113
/ 114 114
1
4
11214 11312 11314 11314 11312 114
-98 Apr 15 116I2July 8
No pa
11314 114
1,500 United Fruit new
*2112 243 *221 23
, - 2
4
*2212 23
23 23
*23
22 May 4 38
243 *2312 243
4
1814 Apr 331kWee
101
4
100 United Paperboard
9712 *96
97 .95
9712 •947 9
9439 T/Pe 1031, 0.,
*
95
9
8
*95
9711 *95
Universal Pictures 1s1 pin 100 90 Mar /3 9712July 8
s 612
22
2278 2212 234 22
s
3Mar 31
233
8 214 223
4 21
2218 2112 2212 13,300 Universal Pipe & Rad__ Norm
26 Dec 507 Feb
133
2re4 Jan 5
94 Feb
781 inn 5
*7018 73 4 73
3
85 Jul
100 52 Mar 31
7312 472
x7014 7041 *71
7314 73
73
713
700 Do pref
4
22412 227
/ 227 2303 22712 232
1
4
2267 2303 222 231141 228 23413 47,800 U S Cast Iron Pipe & Fdy_100 150 May 19 23412July 16 13114 Apr 250 Feb
4
113 Aug
91 Jul
•10812 109
100 10014 Mar 8 109 July 9
10712 10712 *107 109 *107 109 *107 109 *107 109
200 Do pref
5612 567
2 5512 57 I 55% 56% 5518 557
/
1
4
63 Dee
3018 Fe
5439 55
5514 5712 11,700 u S Distill, Corp tern ctf No par 39 Mar 30 814 beD 13
130 Ma 250 Dee
•18612 250 *18612 250 i*18612 250 *18612 250 *18612 250 *18612 250
100
23
Jan 4918 Oct
49 4 50
3
497 497
1
21 4558 50 I 497 497
81 50
.50
f M ach Corp v t c No par 454 Jan 2 594 Feb 4
8
4939 493
8 1,000 11 S H nfPref
Do
Oct
7014 Dec 98
8
5512 551 543 557
4
55
55
56 1 551 551
55
55
55 7
2,500 U S Industrial Alcohol.. _.i00 453 Mar 30 7512 Jan 13
4
100 9914 Apr 22 1043 Jan 13 102 Dec 115 June
102 102 *100 10212 •10113 10212 *101 10212 *101 10212 .101 10212
100 Do pref
4818 Mar 29 714 Jan 4
USRealty&Improv't newno pa
*60
61
61
61
604 613
61121 61
4 61
6112 61
6158
8,400
Nov973,
331, Mar
100 5014May 19 8814 Jan 23
5818 601 24.500 United States Rubber
587 60
3
583 6012 59
4
/
4
5939 5812 5912 573 59
8
/
1
4
92 Mar 1087 Nov
100 10112 Mar 3(5 109 Jan 19
10712 1077 1077 1077
8
8
1063 1063 10718 107181 10758 108
4
4
1073 108
8
8 2.400 Do 1st pref
30 Feb 51 Dee
8
8
4134 4214 3,700 US Smelting, Ref & Mln
50 365 Apr 21 497 Jan 2
4013 41
393 30 4
4
41
4112 4114 4134
3
40l
49
oo 4734 Apr 9 51) Jan 4 44 Apr 4914 Dee
50
4912 4912
*484 49
484 484 49
50
50 .
49
600 Dr):
8
12014 382 9 0 United States Steel Corp..100 117 Apr 15 144I2July 2 1123 Mar 13914 Nov
43
13834 141
1393 141 12 140 1423 141% 1433 14012 14218
4
4
4
3 10 0
:0
100 12412 Mar 3 13018.1une 11 12218 May 12662 Jan
4
4 2 1:
71
128% 1283 1283 1283 148
4
8
12913 12912 129 1293 12858 129
pref
564 Jan 4 64 July 13
/
1
5112 Mar 5914 Nov
No pa
*81
6312 '61
6312 *61
Tobacco
*131
62
62
633
4 64 64
6312
400 U
8
/
4
100 112 Mar 19 1141 Feb 21, 1055 Apr 114 Sept
112 112 •112 116 •112 118 *112 116
preferred
•112 116 *108 112
200
82 Mar 111 Nov
*97 102 I *97 102
*97 102
10 93 Apr 1 105 Feb 11
*97 102
*97 104
*97 104
/ 29
1
4
3,) Aug 38 Aug
293 *29
8
4 2312 29
2914
*2912 30
laitles Pow & Lt A_. No par 2814 Mar 31 37 Feb 15
iih Copper
293 293
4
4 2912 293
1,300 U
U
4
/
4
255 May 348 July
8
29 Mar 3 3712 Apr 14
8
365 383
8
4 364 3612 361s 384 3618 364 381 37 I 365 37
3,500 Vanadium Corp
1514 Aug 284 Nov
1214Apr 21) 22 Feb 8
No pa
*1414 1514 *1414 154 *1414 1514 *1414 1514 "144 1514 *1414 164
/
1
Van Raalte
65
*57
65 I *57
60
Apr 80 Nov
85 1 *57
100 80 June 10 75 Feb 11
*57
65
*57
65
65
1757
4.2, 1
*4
*7s
1
47
3 1
5
3 Feb 26
3
*7
6
1
8 4 July
111 Sept
14 Jan 15
*7
3 1
Virglnia-Caro C
po let Preillem__ N. pa
*1412 15
*78 I
1414 1412
*4 1
13
/ 143
1
4
41
*4 1
*7, 1
4-414 4414
877 88
8
*45
47
2912 293
4
*183 19
4
*184 173
/
1
4
*95 107
3312 34
*
92
9212
144 144
*45
48
*534 5312
•145 1464
12612 12612
s
883 687
4
8
1714 173
3112 3112
45 45
8814 89
45
45
3
293 30
*183 1014
4
*1612 173
4
*95 107
3314 3412
92
92
141 141/
/
4
48
*45
*5313 55
1463 1463
8
8
1267 12712
8
8853 69
1712 184
/
1
•31
314
/
1
1
*4
46
46
8814 88
/
1
4
*45
47
293 294
4
135 183
8
4
*164 173
4
*95 107
3318 34
92 92
141 1412
/
4
*45
4612
*5318 55
14814 1484
1263 12758
4
883 695
17
177
8
31
31 I
1418 1412
.
7
8
1
*4
4512
*8814
*45
2912
184
174
*97
3314
*913
4
1438
*45
55
1461*
127
6912
1714
*31
1
4512
837
8
47
2912
193
4
173
4
107
34
92
143
4
4614
557
8
14812
13013
715
8
181
3112
14
*7,
•5
•5
1438
1
-_--:
1
443 45 4
4
3
8814 8812
*45
47
*293 2912
8
193 2018
4
17
1714
*97 107
32
33
913 913
4
4
1412 1412
*44
4614
5612 8012
14512 14512
12914 13114
893 7112
4
1712 1712
*30
31 21
par
14
1412 4,500 New
CertifiCates
NNO
*4 1
10
_,
Do .p.Bre,f
p
-----*5
. No pa
t
6 refpret .
1
57o c fs i
No pa
+78 1 ---i00
-1
00
46
48
1,40-0100
8912 891
2,600 7% pref w 1
45
400 Virginia Iron Coal & Coke.100
No par
293 2984 1,800 Vlvaudou CV) new
4
o ,
*19h 1934 3,700 Waldorf System
Ns par
.17
171
800 Walworth & Co
par
*97 107
ar oo B
Wcld l:aking Class A__ No
No par
32
/ 333 13,800,
1
4
Preferred (100)
*9134 92
30()
*1412 143
_. 0
..p1
3,300 Warner Bros Pictures A No ar
*45
No par
461
a
W ebre & ros
W r ern Bue
llbr, new_c No par
607 611
8
6,3001
146 14634
800 Western Union Telegraph_100
22,900 westinghouse Air Brake_ _ _ 50
1287 130
8
70
70's 33,900 Westinghouse Elec & Mfg_ 50
*17
173
8 4,600 West Elec Instrument
*30
313
4
Class A
.... ____ ______ __________'West Penn CO
No par
___
f
Ce ra e8 tern ctf new_100
Do
-_
"9514
95
95
"oliT4 - . 96 -------1,500 Westrtif %tp
95
667;
95
Penn Electric A No par
*99 100
100 100
100 10012 *99 10012
*99 10012 *99 100
101
300 Preferred
____ *111
____ *111
•111 -- *111
- *10914 ____
P
West enn Power pref.- _ .101
27
2718 2812 27
2812 2654 *10912-- 2812 2634 2812 263 _ -3-,io() WNopar
2812 27
4
White Eagle
574 584 584 597
/ 58
1
4
8 573 594 58
577 574 57
8
4
°11
51
59
e
32,300 Whit. Motor
2812 2712 2712 *2712 2812
2812 *28
2712 2712 2818 281 *23
400 White RR, M .4 S ctfs_Ne I 'r
4.1
11
/ 118 *1 18
4
114
1
118
1
118
11s
1
1
2.400 Wickwire Spencer Steel otf___
8 293 297
8
8 2812 293
8 2734 293
2914 294 2912 303
8 283 30 202,300 WIllys-Overland (The)
8
/
1
4
5
*9512 97
953 957 *9512 96
4
9514 9512 9512 98
8
953 954 3,000 Do pref
8
100
*93
4 84 1014 1012 103 103 *103 11
8
8
8
11
1114 1112 1214 3,000 Wilson & Co. Inc. new_ No pal
•18
20
2018 197 19% •171 20
20
20
1914 20
213
Class A
4 2,900 Do
No par
3
8
8
4
1681 168
/
4
4
25
4 1687 1717 1674 16914 169 1713 1674 1897 16758 1693 34,000 Woolworth Co (F W)
3014 2912 3018 2938 2958 2912 2912 2,200 Worthington P & M
3012 3012 30
*3012 32
10(1
671 8714 *87
/
4
*6714 70
70
*6714 70
*67
70
*6714 70
100
59
59
5712 5712 *57 2 5
,
9
*57
581 59
/
4
58
100
*5712 53
4
4
3712 38
3714 3934 10,0
510 Wright A eronautical_No Par
1 roPPrreetf BA
0
383 3812 3812 3812 373 3812 373 38
8
5312 5312 *5212 5312 53
53
53
53
*5212 534
53
/
1
500 Wrigley(Wm Jr)
No par
*59
*68
68
67
87
6612 87
*66
6712 63
6812 17.700 Yetio
:
2.5
50 0 y ale
67 2 6718 *
,
/
1
Truck e Coach.___100
Tow h &
8
2218 2214 2218 2214 2218 2214 224 224 224 2314 227 24
3
3
100
600 Preferred
*994 993
4 99 4 99 4 9912 9912 9914 9914 9912 9912 9914 9914
/
4
824 804 8118 81
4
81
8212 823 R312 811 8212 81
8,000 Youngstown Sheet & T No par
82
•Bid and asked prices; no tales on thief ay. x Ex-dividend.
8July 1
123
3
4May 11
10 Jan 30
5 , av 24
347 1
3
4July 2
4312July 6
85' July 8
40 May 15
28 Mar 30
17 Jan 1
12I4June 2
99 June 30
2414May 1
110 Apr 1.
12 June 11
437 Apr 1.
8
53 Apr 20
13412 Mar 30
10514 Mar 51
85 May 1
4May 1
133
2714 Jan
118 Mar
12212 Jan 13
9578 Mar 3
8812 Jan 6
95I2May 17
108 Mar 25
251 Apr 20
/
4
5118 Apr 15
28 Mar 27
1 June 10
18 Slay 17
9118 Jan 19
8 May 20
14 May 21
13514May 19
204 Mar 30
/
1
6714July 14
53 Mar 29
2412 /Mar 30
47 Apr 3
6013 Mar 4
20 May 24
9112 Apr 3
69 May 14
2512 Feb 3
158 Feb 19
11 Feb 3
1112 Jan 7
les Jan 8
69 Jan 4
984 Jan 6
50 June 10
324 Feb 10
2078May 28
2314 Jan 27
195 Jan 2
853 Feb 1
a
11012 Jan 15
184 Jan 6
5018 Feb 18
8512 Jan 13
14758 July 7
13114July 15
7912 Feb 1.0
19 Feb 16
323
8July 7
130 Jan 27
12414 Jan 5
101 Mar 11
97 Feb II
10012July 15
112 Jan 16
29 Feb 10
/
1
4
90 Feb 11
383 Feb 3
8
3% Jan 6
34 Jan 4
09 Feb 4
1214 July 18
2134July 16
222 Jan 4
4434 Jan
80 Feb 2
85 Feb 24
303 July 16
4
59 Feb 11
/
1
4
89 June 8
127 Feb 9
8
10012June 24
897 Jan 4
8
Dec
Doe
Jan
Mar
Aug
/
4
581 Nov
92 Nov
/
1
4
30 June
7
/ Jan
1
4
144 Aug
/
1
2114 Dec
Apr
116
3714 Ma
9412 Feb
1714 Dec
43 Jun
Apr
51
11814 Jan
97 Apr
6814 Ma
9 AP
/
1
4
194 Mar
9714 Sept
On
107
94 Ap
177
8
4
811
4
104
2512
5712
3312
2
918
/
1
724
217 Dee
2
6 July
2312 July
20 Nov
4711 July
637 Dee
2
9512 Dee
40 Dee
2884 Dee
197 Jan
2
2414 Dee
198 Dec
4
1511 Oct
112 Dee
2 11 Oet
7
012 July
10011 Dee
1447 Sept
8
144 Aug
Jan
84
2012 Aug
s
251 Dee
145 Mal
125ss Dee
100 July
Jan fir Itni
/
4
Aug 311 Feb
Mar 10412 Aug
Dec 49% Aug
52 May
2
Dec
Jan 3478 Nov
Jan 1234 Dec
_
Oct
1-- 1- -3;n 220
124
3
3514 Aug 79 8 Jan
Jab
76 Nov 88
58 Aug 76:4 Feb
16 Mar 324 July
4512 Mar 5714 Oct
62 Sept 7014 July
/ Oct
1
4
227 Oct 40
8
Oct 100
Oct
90
924 Nov
03 Ma
/
1
308
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of toting bonds was changed and Prices ore now "and in,
erest"-ezc. pt for income and defaulted hands.
BONDS
NY.STOCK EXCHANGE
Week ended July 16.
...,a„!
Price
Friday,
July 16.
IBM
Week's
Range or
Last Sale
44
U. S. Government.
Ask Low
High No
First Liberty Loan
8)4% of 1932-1947
J D101
Sale 101
101332 202
Cony 4% of 1932-47
J D 10013n
1011032July'26
Cony 44 % of 1932-47
,
4
J D 1024: Sale 102332 1021712 266
26 cony 411% of 1932-47
J D 102103: Sale 102332June'26 _
Second Liberty Loan
95 of 1927-1942
M N 1003321001"32 100h2 100332
1
Cony 4)-(% of 1927-1942
MN 1003332 Sale 10033321003122 864
Third Liberty Loan-911% of 1928
MS 10160 Sale 101531 1013032 738
Fourth Liberty Loan
91.1% of 1933-1938
A 0 1023132 Sale 1021732 1023332 1603
Treasury 41413
1947-1952 A 0 108332 Sale 104
147
108332
Treasury 4s
1944-1954 J D 104332 Sale 103..32 1041032 69
Treasury 33is
1946-1956 FtI 1013332 Sale 101'332102'32 106
State and City Securities.
NY City-44s Corp stock_1960 M S
44's Corporate stock
1964 M S
434s Corporate stock
1966 A 0
4349 Corporate stock
1972 A 0
4i4s Corporate stock
1971 J D
4145 Corporate etock_July 1967 J .1
41.48 Corporate stock
1965.1 D
44s Corporate stock
1963 M
4% Corporate stock
1959 M N
4% Corporate stock
1958 M N
4% Corporate stock
1957 M N
4% Corporate stock
1956 M N
4% Corporate stock
1955 M N
4% corporate stock
1936 NI N
414% Corporate stock_..._1957 M N
414% Corporate stock _ A957 M N
354% Corporate stk_May 1954 hi N
33-4% Corporate stk _Nov 1954 MN
3148 corporate stock
1955 MN
New York State Canal Im_481961 J J
48
19132
4s Canal
1942 J J
414s Canal hind
1964 J J
42 Highway kept register'd1958
Highway 1mprov't 4148_1963 N1-3
Virginia 2-3s
1991 .1
Range
Since
Jan. 1
Low
BONDS
N.Y STOCK EXCHANGE
Week ended July 16.
it,"
g
r
a,
High
99122 013332
,
993144 011331
101300 023333
101484 02,333
99300 003733
100,14 1)11
,
10(0332 011331
0
10111 0333:
206•48 08443:
102330 093.34
10014,0233:
Mexico(US) MI58 of 1899 £_'45 Q J
Assenting 58 of 1899
1945
Assenting 58 large
Assenting Is email
Gold deb 45 of 1904
1954 JD
Assenting Is of 19(14
Assenting 424 of 1904 small__
Assenting 4s of 1910
I .1
Assenting 4s of 1910 largo
Assenting 45 of 1910 small__
Tress Os of '31 assent (large)'33 • J
Small
Montevideo 721
1952
D
Netherlands 68 (flat prices)_ A972 MS
30
-year external 6s (fiat) 1954 * 0
Norway 20-year extl 69
1943 FA
20-year external 65
1944 FA
30
-year external thi
1952 A0
40
-year 8 1 5145 temp_
1965 • D
Oslo (City) 30
-year s f 6s
1955 MN
Price
Friday,
July 19.
Week's
Range or
Last Sate
.g II
C:..1
Bid
sk Low
High Vs.
43
4918 55 June'26
__
443 Sale 4434
4
4712 32
475 July'26 -8
3712 May'25
4412 443 34 July'26
4
28 Sale 2918
8
30
2314 Aug'25 -2712 2812 2558 Oct'25
2818 Sale 28
4
3012
2814 30
267
8
46 Sale 45
15
46
44 Sale 44
44
5
102 Sale 02
58
102
1085 Sale 0814
8
10834
8
1037 Sale 037
8
100
8 104
1015 Sale 01
8
10134 43
1013 Sale 007
8
8 1013
51
1013 Sale 01
8
1013
8 56
973 107
4
973 Sale 97
4
10012 Sale 0014 1003
4 18
Range
Since
Jan. 1
Low
4212
3412
38
High
65
50,
8
484
27's 34
2014 371
:
Hsi - 7318
22
313
s
4118 5214
40 53 2
,
96 10212
1061 10913
2
8
1034 1047
993 102,
4
4
100 10218
100 10211
95
9814
9812 10114
ism 101
10012 10214
8
10012 1023
4
100 4 1013
3
10512 105
'. Panama (Ben) eV! 514e_ .. 1953 3D 103 10314 0212 July'26 - - - - 10011 103
1017s 10638 Peru (Rep of) external 8s
1944 A0 103 Sale 103
8 14 10118 tOO
1033
4
8
Ext1 sink fd 7348 temp
1043 1013
97 100
1940 NI N 130 Sale 99
100
39
10974132 11 9
, 658 Poland (Rep of) gold 68.....1940 * 0 643 Sale 64
61
683
4
4
64 3
4 18
Ext1 sink fd g 8s
1950 J J 87
824 91
65
87
973 983 Porto Alegre (City of) 88. 1961 ID 1023 Sale 8512
8
985 1037
8
8
8
4 Sale 1023
4 103
97h 99
7, Queensland (State) ext s 1 78_1941 AO 114 Sale 1133
8 114
39 11012 114
9714 „ .
25-year external 69
9_ 4
'
1947
9 10418 108
8 106
9714 014 Rhelnelbe Union 7s with war 1949 FA 104 10414 1053
J J 104 Sale 104
9512 10512
10412 279
Without stk porch wart:3_1946 J J
98
99
96
1.1618
_1 9612
-1044 106
Rio Grande do Sul extl at 88_1946 AO 1033 Sale 103 May'26 - -67
985 104
8
4
104
10414 1054 Rlo de Janeiro 25-yr 51 8s 1946 A0 103 Sale 103
9714 104
10314 13
873 893
4
8
25-yr extl 88
97 1024
1947 A 0 10214 Sale 102
10212 24
88, 8833 Rotterdam (City) WI 8s
4
1964 111 N 1053 10612 10512 106
8
30 103 107
883 89
4
101g2 10128 Sao Paulo (City) s 1
88
1952 M N 10414 Sale 10414
10512 12 100! 10512
1013 102
4
San Paulo (State) ext at 8s 1936 .1 .1 10412 Sale 104
35 10218 10912
105
External 5 1 85 Mt rects_1950 .1 .1 10412 Sale 10412 10512 22 10111 106
External water loan 7E3_1956 7,1 S 97 Sale 9612
iiji 11(64
12
9612 9712
97
8
8
1011 1017 Seine (France) extl 75
1942 .1 J 873 Sale 873
9014
81
4
8
873
4 52
11014 11012 Serbs, Croats A Slovenes 8s_1962 P4 N
8742 94
93 Sale 923
4
9312 199
Eloissons (City) WI 68
1936 NI N 844 Sale 833
2
82
85
4
8414
Sweden 20-year 65
1939 .1 D 10412 Sale 10412 10518 27 193'2 10534
Foreign Govt. & Municipal's.
External loan 514e
1954 M N 10312 Sale 10312 104
33 10112 10518
Argentine (Nat Govt of) 721_1927 F' 1007 Sale 1005
s
8
8 1013 125 10012 10218 Swiss Conted'u 20-yr f 8s.._1940 .1 .1 114 Sale 114
1141:7 47 11314 11714
8
437
5
8 1 Os of June 1925
96
Switzerland Govt ext 510_1946 A 0 10412 Sale 10414
1959 ID 093 Sale 9912
8
44 1023 106
4
997 112
8
1043
Eat' 5 t 6s of Oct 1925__1959 AO 993 Sale 9912
967 100
8
Tokyo City 5s loan of 1912_ _1952 M
8
89
57
67
74 Sale 733
100
74
753
4
4
Sinking fund 65 Ser A
9614 40018 Trondhlem (City) extl 6148.1944 J .1 1003
997 Sale 993
1957 M
gol4 101
4
4 1004 80
1003
3
4 101
External 68 Series B_ _Dec 1958 to 9912 Sale 9912
053, 3 3 Upper Austria (Prov) 7E4_1945 .1 10 91 Sale • 91
44
99
90
993
9212 18
4 73
Extl s f 65 of May '26 rcts_1960 MN 997 Sale 993
9934 Uruguay (Republic) ext fis_ _1946 F A 10914 salo 11(16%
98
g
8
993 158
9
4
S l e 9 18
16 10712 ill
197
10
Argentine Treasury 58 E__...1945 rd
4
8113
Pmernal g f 65 lot rcts
85
8918 893 8918
1960 FA N 063
8914 20
116
4
963 97
8
Australia 30-yr 5e_ _ July 151955
964 094
.•1 9812 Sale 9812
983
4 78
Austrian (Govt) s f 75
10:3
1943 3D 1023 Sale 10214
Railroad
8
176 104
103
Ala Gt Sou 1st cons A 5E1_1943 J D 10318 ____ 10318 May'26
10178 1034
Belgium 25-yr ext 8 f 7104 2_1945 J D 10814
Sale 10814
109
48 105 11P4 Ala Nlid 1st guar gold r,a_ __ _1928 M N 98 ____ 1003 July'26 ____ 1003 102
8
8
20
-years f Ss
8
1941 FA 1063 Sale 1063
4
4
1946 A 0 1003 102
4 10712 24 1053 1085 Alb & Sum cony 314s
8
8512 June'26
8418 804
25-year ext 6148
Alleg & West 1st g 48 gu.1998'A 0 8512 8714 8412 May'26
1949 NI
88
95
9112 Sale 903
86
92
4
823 844
4
Esti 5 f Os
802 877 Alleg Val gen guar g 48
8
1955 J J 843 Sale 845
8514 105
4
8
1942 M S 9378 9514 043
4
923 9
8 6
943
4 12
Esti 30-yr a I 78_
1955 JD 933 Sale 933
02
757 8212
9?.14 Ann Arbor let g 42
1
July 1995 Q .1 81
4
9434 176
:
813 July'26
8
Bergen (Norway) s 1 Se
1945 Ni N 11314 11312 11312 11312
Atch Top AS Fe-Gen g 45.1905 A 0 9212 Sale 917
113 11°
8
8912 933
5
9212 106
8
25-year sinking fund 6e 1949 AO um, 1041 10118
98 1017
8
Registered
A 0 ____
July'26 -- - 2
91 June'26
88 4 914
,
Berlin (Germany) 834e
8518 02 4
3
1950 * 0 9212 Sale 91
AdJustment gold 4s__July 1995 Nov 8718 garr . 874
848, 883
4
923 265
2
ie
8712
Bogota (City) ext'l 5 f 88_1945 A
2
4
Stamped
963 103,
1025 Sale
8
844 89
July 1995 M N 8718 Sale 8718
37
2
8718
Bolivia (Republic of) Ss__ 1947 MN 1017 Sale 10112 103
904 102
Registered
8
101
MN
g 8
0
8314 8314
8 24
831 Jan' 3
8.
96
9
Bordeaux (City of) 15-yr 65_1934 hi N 85 Sale 844 1017
8114 87
CODY gold 4e 1909
8512 133
1955.1 D 893
9
4
844 893
4
4
Brazil U £3, external gs
Cony 4s 1905
1991 .1 13 1045g Sale 1045
5
164 10414 10,.
8 105
8412 897
19553 D 893 9018 8918
8
4
8 1:3
897
70 (Central Ry)
ggta 9802
1952 1
Cony g 4s issue of 1910
95 Sale 9412
65
95
1960 .1 D 8734
8312 873
4
873 June'26 _ _ _ _
4
745(coffee secur) £ (flat) l952 AO 1063 108 1063
East Okla Div 1st g 4s_ 1928 M S 9978 Sale 9914
21 1034 1074
4
4 107
4
983 100
993
4 25
Bremen (State of) eat! 7s__ .1935 hi N 983 Sale 98
Rocky 111n Div 1st 45___ _1965 .1 .1 8838 89
987 122
2
9212 9873
4
8612 893
4
883 July'26 __ _
8
Buenos Aires (City) extl 64s1955 1 .1 10018 10014 100
9714 17104
Trans-Con Short L 181 48_1953 .1 .1 893 91
10012 17
88
92
4
91 June'26
Cal-Ariz 1st & ref 4148 A.1962 141 5 9614 Sale 9614
9478 9912
7
9612
Canada (Dominion of) 5s
1931 * 0 1013 Sale 10112 10134 14 101 14 1108 All KI1OXV A Nor let g 5s
4
1946 .1 D 10314 ___ 10312 Apr'26 --- 10312 10312
10-year 51413
1929 FA 10218 Sale 102
982. 9812
10212 74 10112 103'11 Atl & char) A 1, 157 A 4 14s 1944 J J 973 98
4
9812 July'26
4
58
1st 3(1-year .59 Series B___ _1944 J .1 1023 Sale 1023
1952 MN 10438 105 10412 105
55 1024 1054
4
2 19214 1043
4
1023
4
4148
9
,
, 99
Atlantic City 1st cons 45_ __ _1951 J J 86 4
1936 FA 98 s Sale 981s
983 173
8
8512 July'25 ___ _
Carlsbad (City) a 1 88
At I Coast Line let cons 4s.01952 NI 1
1954 .1 .1 104
104 I 15 101 14 194
104
918
3 93 Sale 03
9215 - 79• 4 16
Chile (Republic) extl a f 88_1941 F A 10814 Sale 108
1093
4
10
-year securell 78
4 24 10714
1083
1930 M N 1054 Sale 1053
23 10912 107
8 106
External 5
1904 1023
4
-year e 1 841._ A926 * 0 10114 Sale 10014 July'26
General unified 41444
9314 983
_
1964 .1 D 973 ____ 973
8
9
4
4
977
8
20
-year extl 78
LA N col! gold 45_ __Oct 1952 MN 9218 Sale 92
1942 MN 1003 Sale 1003
4
4
943
4 10112 74 ion 10212
91
933
4 37
25-year 6 f 86
10912 All & Dane lot g 48
1946 hi N 10812 Sale 1073
76
8212
4 10812 91 107
1948 .1 J 8038 Sale 80
803
4 21
Chile Mtge Ilk 6148 June 301957 J
.2
943 081
4
2d4e
975 Sale 9633
8
63
97
198162 J 7478 75
65
75
19
75
7412
Chinese (Hukuang Ry) 58_1951 JD 41 Sale 4014
3912 484 All & 1 ad let g guar 45
41
30
1949 A 0 8138 823 823
7614 83
5
8
8
8212
99 10212 Austin A N W 1st gu g 5e
Chrietlanla (Oslo) 30-yr 81681954 NI S 10012 1013 1013 July'26 -4
4
4 10018 10112
1941.2 .1 100% 10212 1005
8 1005
8
8
Colombia (Republic )614e_.._1927 AD 10014 10012 1003
993 1005
4
8 10012 19
I
Copenhagen 25-year e f 51423_1994 J J 9912 Sale 9914
984 101
Balt A, Ohio 151 g 4s __July 1948A 0 903 Sale I 903
8914 924
9912 24
4
4
91 12 96
Cordoba (Proy) Argen 7e
Registered
1942 J J 983 Sale 9814
95 4 99
3
July 1949 Q .1 91
883 0013
4
8
983
4 10
____ 9012 June'26 ___ _
Cuba 58 of 1904
98 102
10-year cony 4 1
993
1941 MS 10114 Sale 102 July'26 _
45
94
1933M S 965 Sale 9612
964 151
8
External 5e of 1914 Ser A.1949 FA 10012 101, 10014 June'26 _ _ _ _
10014
98
Registered
883 884
4
NI S
884 Apr'26 ___ _
4
External loan 414e
8884 83,2
Refund & gen 58 Series A_1995 J D 983 Sale 9814
1949 FA 925 9312 934
934 983
8
4
983 182
4
8
9311
1
Sinking fund 534s
let g 59
1953 1 .1 102
13214 144 1003 103
4
1948 A 0 10212 Sale 10212 1033 108 10212 105
4
Csechoshwak (Remit) of) 85_1951 * 0 10212 Sale 101
4
093 1023
4
10-year Os
10292 .1 103 10314 103
4
1023
Sale 102
4 43
1033
g 66 10212 1033
Sulk fund 8oSerB
c8,84 1023
s
1952 A0 1024 Sale 1017
Ref & gen 69 Ser C
19552 D 10712 Sale 107
8 43
1023
8
10814 202 104 109
Ext'l s f 734e Ser A
957 100
8
Pt. E A W Va Sys ref 45.1941 NI N 91 Sale 903
1945 AO 9912 Sale 9912 100
148
891s 923
4
915
8 28
Southw Div 1st Ss
1950 J J 1003 Sale 100
101
98 102
100
8
Danteh Con MunIclp Sa A.1946 F A 11214 Sale
To!& Cln Div 1s1 ref 48 A.1959 .1 J 81 Sale 8014
11214 27 10812 11214
111
81
73
7498 81h
Series 13 s 1 85
F A 11114 Sale 111
1946
Battle Cr dr Slur 1st gu 38_1989 J 0 623 ____ 6214 Feb 26
2
61 10812 112
8
.
01
6214
Denmark 20-year 65
4
1992 .11 .1 10412 Sale 104
1045
957
8 42 102 1043 Beech Creek 1st gu g 4a..1936.1 J 9512 9612 9512
93
1
9512
Dominican Rep Con A dm s f 58'58 F A 1025
10112 103
Registered
J D 94
8 _--- 1023 June'26 _ _ _ _
8
____ 903 Nov'25
4
Custom Administr 5198_ _ _1942 NI 43 98 Sale 974
8
937 993 Beech Cr Ext 1st g 314s__1951 A 0 81
8
77
98
4
813 82 May'26
11 1- 82
-4
Dresden (City) extl is
1945 M N 9612 Sale 953
924 963 Big Sandy lat 45
s
1944 J D 904 91
91
4
964 43
897 9112
8
91,
4 28
Dutch East Indies WI 68...._1947 .1 J 1057 Sale 1053
8
48- 103h 1062 Bost & N Y Air Line let 45.1955 F A 79
4 106
80
7918 June'26 ____
7314 794
90
-year 6e
1962 M S 10512 Sale t058 106
1U
4
125 1033 1062 Brum & W 181 1 gold 48_1938 J .1 94
9512 9312 Jan'26'..._
9314 9312
30
-year extl 514s
1953 P4 8 1033 Sale 1033
4
10112 10412 Buffalo R A P gen gold 5e_1937 M S 10212 ___ 10212 July'26 __
4 10418 27
1017 10238
8
-year extl 534s
30
1953 111 N 1037 Sale 1038 1037
Consol 414s
8
1957M N 9114 Sale 805
4 102 1041s
8
8
9112! 2i
8712 92
.
El Salvador (Rep) 85
19471 J J 1073 - - 10714
Registered
1M N
4
2 103 107 2
'
10712
8714 Feb'26 ____
8714 87 4
,
Finland (Rep) extl 65
1945 M S 8912 Sale 8712
Burl C R & Nor let 58
8 90
19341A 0 10018 ____ 10112 June'26
843
8812 23
10014 10158
External a I 7s
1950 M S 9812 Sale 9812
95
99
99
59
1
Finnish Mun Ln 8142, A
8914 0212 Canada Sou cons gu A 5s
1954 A 0 9112 913 9112
4
19621A 0 1045 Sale 1045
92
8
14
8
8 15 1027 10518
*
External 6 45 Series 14.1959 A0 9112 92
8914 9212 Canadian Nat 434s_Sept 15 19541 M S 9512 Sale 9518 1045
9134
92
5
9512 21
9314 953
4
French Repub 25-yr extl 85_1945 M S 1023 Sale 10114
9812 1033
4
5-year gold 4148_ _Feb 15 19303F A
8
9912 Sale 9914
10259 310
9912 22
98 s 99,
1
2
20-yr external loan 714s_ _1941
Canadian North deb s 1 78_194012 D 1153 Sale 11538
9512 Sale 94
9212 9984
8
8
953 192
1155
8
7 11414 117 4
,
External 78 of 1924
864 917
1999 J D; 9012 Sale 893
20
-year 51 deb 6348
s
1948,1 .1 1183 Sale 118
4
91
575
8
11812 17 117 1184
10-yr gold 4 SO_ _ _ Feb 15 19351F A 975 Sale 973
8
1
8
9814 34
9812 084
German Republic extl 75_1049 A 0 1043 Sale 104
Camullan Pao l 4% deb
4
8
J .1 8414 Sale 837
1047 252 1019 105
8
8
8412 126
8018 8614
German Cent Agric Ilk 723.__1950 hi S 100 Sale
94 10014 Carb A Shaw 1st gold 4s
1932 M S 94
993
4 10014! 163
9712 94 June'26 ____
94
94
Graz (Municipality) 8s _ _ _ _1954 hi N 9812 Sale 9712
9612 9s12 Caro Cent It eon g 9ri
1938.1 D 833 8514 8318 July'26 ____
9812 43
4
814 8318
Gt Brit A Irel (UK on 5)45.1937 F A. 1043 Sale 1043
10:112 10612 Caro Clinch & 0 1st 3-yr 7e 1938 .1 D 1023 Sale 102318
4
8
4 1057 248
4
10234
2 10112 1037
8
10-year cony 5145
1929 F A 11858 Sale 11812 1183
1st & con g 68 Ser A
'9522 0 108 Sale 1075
4 11 11712 110
8 108 1 21 10712 10912
Greater Prague (City) 7146_1952 M N 101 Sale 101
927 1017 Cart & Ad 1st gll g 421
8
8
1017
19811J D 885 ____ 8814 May'26
8; 60
8
813 8814
8
Greek Govt 79
NI N 8812 Sale 8812
1964
84
8914 Cent Branch 12 F 181 g 4s _,1945'J D 833
8834' 12
4
7912 84
Haiti (Republic) s 1 65
1952 A 0 9812 Sale 98
954 987 Central of Ga 1st gold 5.8---0945 F A 10514 ____ 84 May'26 _
4
8
985
8 36
____ 1054 June'26
10318 10514
Heidelberg ((lermany)ext 7 V3s 5 J .1 100 101
9612 100
'0
Comte! gold 58
100 1
8
1995,M N 103 Sale 103
,
103
1 10212 1044
Hungarian M u Mc Loan 714s 1945 J .1 95 Sale 99 4
9412
Registered
95 1 164
843 95
4
1M N 10112
1015
8
1014 1015
8
Hungary (Rimed of) 5 f 71421 1944 ' A- 100 Sale 100
1
1
10
-year meta* 68___June 19293 0 10212 Sale 10212 Feb 26
10012' 99 / 9312 102
1034 20 10212 1057
8
Ind Bank of Japan 6% notes1927 F A1 993 Sale 993
4
997 i0Oh
4
Ref A gen 514e Ser B
4 100 1 120
1959 A 0 10418 105 1044
105
9 10178 1064
Italy (Kingd o() ext'l 78___ _1951
D, 8918 Sale 884
881g 94 4
Chatt Div pur money g 45_1951 .1 D 8718 8812 88 May'26
,
8912 324
_ __ _
86 la 8814
Mac A Nor Div 1st g 58 1946 J .1 1024 ____
1023 May'26 _ _ _ _ 100 1023
4
4
Japanese Govt £ loan 4s____1931 3 Ji 90 Sale 8934
Mobile Division 58
90
53
835 901s
8
1946 J .1 100 104 1013 Mar'26 ____ 10138
8
30-year afOls
101 ¼
1954 F A 9712 Sale 97
973 381
4
4
9228 073 Cent New Eng 1st gu 4s
1961 J .1 75 Sale 7414
68
7518 40
7512
Oriental Development 68 1951 ei S 9214 Sale 92
9214 38
9214 Central Ohio Reorg 4145_1930 NI 3 9812
315
995 May'26
8
988 993
.3
3
Leipzig (Germany) 5.1 7s
1947 F A 963 Sale 953
8
8
963 107
9d3 Cent RR & 1301 Ga coil g 58_1937 M N 10114 102 1013
8
8
95
4 June'26 ____. 0888 1014
4
Lyoue k k;aty at; to-Year 68_19.84 M N 85 Sale 843
Central of N J gen gold 5s_1987 J .1 11014 1123
4
8512 28
814 87
4 113 July'26
1085 113
8
Marseilles (City of) 15-Yr 68.1934 M N 85 Sale 8478
802 87
85 8 11
Registered
3
1987 Q J ____ ____ 11118
1033 1114
3
Mexican Irrigation 414 s
1943 NI N
30 Mar'28
Cent Par let ref gu g 45_ __ _1949 F A 91 Sale 91 July'26
31
30
8872, 918
9114 25
4
Assenting f 414e
1943
1 " 345 -8 37
36
Mtge guar gold 31414
36
3
2834 40
819292 D 974 Sale 9714
974 17
9644 17/12
Through St L 1st gu 424_1954 A 0 ____ 8934 8914
87
90
8914
5
Guaranteed g Os,
1960 F A 1003 Sale 100
8
0714 102
10118 276
Silos July. 8 Due Aug. 1/ Due Nov s Option sale
10012 Sale 10012 10012
4
10178 1023 1017 June'26 -8
8
1017 1023g 1023 July'26 __ -8
8
102 1023 1013 June'26 -- - 4
1063 ____ 105h Apr'26 - 8
s
1063 1067 10614 June'26:- 8
1063 1057 1063
8
8
4 1063
4
3
10614 1065 10614 10614
8
I
983
8
99
99
5
983 ____ 983 June'26 -8
8
983 ____ 99 June'26 -8
973
4
9714 Mar'26 973 ____ 9714 Apr'26
4
0814 ____ 99 Mar'26
1055 ____ 106 June'26
1055 ____ 1053 June'26 ---8
/3
893 June'26 -883 Mar'26 -4
8914 ____ 89 Apr'26 ---___
1015g Jan'26 ---_ 102 May'26
_
1014 Mar'25
____
102 Apr'26 _--10178 Mar'26
11014 May'26
64is „
7612 Feb'25 -
•
309
New York Bond Record-Continued-Page 2
tt.
BONDS
N. Y.STOCK EXCHANGE
Week ended July 16.
...a.
Price
Fr cia.
July 16.
r
lv
Ro g:
Last Sale
,
ra 2
Range
Since
Jan. 1
Ask Low
Filch No. Low
Bid
High
_ _ 11212 Feb'25
Charleston & Savannah 73_1938 J .7
10014 101.
1
;
166 1017
8
Cites & Ohio fund & Rapt 58_1929 J J 11712- 101 July'26
1939 M N, 10412 1043 10412 10412
2 1023.
4
1st consol gold 55
102 10314
1939 M NI --------10212 June'26
Registered
97
1992 M S 95 Sale , 9514
4,
1
/ 23
95
92
General gold 4348
4
1
/
1992 M S ---------9018 July'25 __ __I
Registered
k
977 997
1930 F A 99 Sale 983
4e
/
99181 89
-year cony 41
20
4
1
4 124 15114
141 I
-year cony seem'- 56_1948 A 0, 141 Sale 141
30
A 0 --------129
129 1431?
Registered
Apr'26
Craig Valley 1st g 50
1940 1 1, 10018 ____ 101 July'26
10018 10214
88
____ 87 June'26
83
Potts Creek Branch 1st 415.1946 .1 J 87
la & A Div let con g 4s
1989 J JI 8714
1
8
8814
88141
854 883
24 eonsol gold 45
8
1989 J ..1, 857 ____ 854 July'26 ___ _
1
/
4
1
/ 86,
1;12
2
4
983 102
,. arm Soilage V let g 55_1941 M 8
_
102 June'26
71
Chic Ac Alton ItR ref g 3e_ 1949 A 01 6912 7634 70
85
991/4- 7112
.
70
64
Ctf dep stud Apr 1926 Int ___ ____I 69
20
4
693 6918
Railway first lien 31s_ _ ..1950 .1 .71 58 Sale 5614
4
/
6915 21
58
4
4
/
611 60,
58
5712 5612 July'26
Ctrs deo Jan '23 & sub coup_ ____
3
56
61
8324 87
Chic Burl dr Q-III Div 331.1949.7 J 8612 Sale 8514
9
4
853
Registered
--------8412 Feb'26
8412 844
8
913 9412
1949.7 .1; 9234 9314 923
Illinois Division 4s
4
4
923
90 10014
4
Nebraska Extension 43_1927 M NI 9934
8
997
100
7
991 Mar'25
4
/
Registered
ie.% 031s
General 4s
1958 M El, 92 Sale 92
8 51
925
M S,
92 Mar'26
Registered
4
1
/
4
1
/
9118 92
1971 F A 106 1068 1053
1st & ref be
4
8 1024 100,8
1
/
106
Chic City & Conn Rye 5&._1927 A 0 -------- 47 July'26
56
47
10814 10712
Chicago dr Ea& Ili Is 65._1934 A 0 10412 10712 10712 June'26 __ -7912 109
C & E III Ry (nits co) gen 58 1951 III N 7812 Sale 7814
1
/
734 794
1982 M N 10514 10558 10538
Chic & Erie 1st gold 58
4
/
10538
5 1011 106 18
8
4
1
/ 611
70
Chicago Great West 1st 4e 1959 M S 6914 Sale 691
4
/
6412 707
BONDS
N.Y.STOCK EXCHANGE
Week ended July 10.
tr
.
v
...a.,
Price
Friday,
July 16.
Week's
Range or
Lan Sa1e
Range
Mace
Jan, 1
c
..r..,,
:844
11405
Ask Lim
Holt No. Low
8
45___1931 .1 JI 97 ---- 97 June'26
/
7
97 8 983
'Say At Mich let cons 41
4
1
/
4
1
/
4
1
/ 95
9214 106
90
Del & Hudson let & ref 45___1943 M N 9214 Sale 9218
19351 A O113 Sale 112
105 1081a 1184
113
30-year cony 5e
1
/
1937 M N 1044 Sale 10418
4
1
/
10312
6 102 10512
15
-year Sis
1930 J D 1074 Sale 1071 1073
4
/
4 15 107 110
10
-year
9414 95
95
5
- &r seeUre 7
0 0 ea Bdge 1/4 g1.1 4a 6_1936 F A 95,
Apr'26
4
90le 101
-1st cons g 48_ _1938 J J 8914 Sale 8914
3
85 s 91
Den & R 0
95
89
1936 „I J 9418 Sale ' 94
5
9418
e 4 4g
Improvem.1
Consul gold t /
9512 100
old 51_ _ _1928 J D 9912 Sale I 9914
9912 185
704
62
8
8
695 471
4
t3en & It0 West gen 5s.Atig 1955 MN 693 Sale 633
474
44
1
/
434 44 July'26
es
rj Ari & Ft D let gu 4e
1935 J J 40
47
39
46 , 44 May'26
Temporary etre of depott _ ___ -- 44
4
1
/
8
D.. Flames Val 151 414s___ _1947 M N 93 _ _ _ _I 9312 Feb'25
4
8
Del A mack-lat Ilen g 43_ _1995 J D 713 743 71 June'26
65
68
69 , 65 May'26 --1995 .1 D 65
Gold 4s
944 9812
48
/
97 I 22
1
/
Detroit River Tunnel 41 1961M N 9618 __ __' 954
10312 10312
8
& Nor gen be ._1941 J J 1037 ____ 10312 Apr'26
Dui Missabe
4 1014 10312
102141
1937 A 0 10214 10212 10214
DM & Iron Range 1st be _
9012
1937 J J 8812 89 1 9012 June'261-1 85
Dul Sou Shore & All g be
East Ry 58100 Nor DIY 1st 48.'48 A 0
1930 J J
East T Va & Ga Div g be
1956 NI N
Cons
ElgEast Is* g 50_ _1941 M N
ls &
oliett gold5g
85
19 A 0
SW
gold
go 75
eorisoi let 55 ext 1930 M S
M
gr 1Pealsostjz
'
1998 .1 J
let cons g 45 prior
1997 J .7
Regis oi ed
let eanstergen Hen g 4e _ __ _1996 J J
1998 .1 J
1951 F A
rust
PeRnnegerrted gold 4e
1953 A 0
St year cony 48 Ser A
1953 A 0
B
1953 A 0
coilvrirs Series D
Get t e
1956 J .1
dcJereey let 5 f 6s
Erie
Genesee River 1st s 1 58_1957 .1 J
1940 J J
48B
/
Erie & Pitts gig 31
1940.7 1
Series C 314e
1954 MN
Est RR extl s f 7s
9111
91
s
1003 10134
4
8
1005 1063
8
1011s 1047
102% 10412
10718 10812
7412 804
903 93 I 9112 June'26I____I
4
10334 ____ 1033 July'26 ---4
4
8
10618 1067 1063 July'26 ----!
10134 1033 10412 June'26
4
1
10414 _ ___ 10414
1044
10714 Sale 10714
10712 16
207.
80
,
79 8 Sale 791
77
4
1
/ ____ 7113 Dec'25 ____
7234 621
8
7218 Sale 717
--------6814 Feb'26
98
9812 98 July'26
7512 Sale 7538
77 I 190
121
77
7512 Sale 1 7518
8312 Sale 8314
8412 1031
110 Sale 110
110141 38
11014 Sale 110
110141
3
88% ---- 89 June'26
8818 ____. 8912 Mar'26
8414 Sale 8314
8414 94
54
64 - 34
68,
65
5
985 9812
,
67 4 77
674 77
7312 85
104 1103
1044 11014
92
86
89 80j
1
/
824 8482
1
/
Chic Ind dr Loulev-Ref 65_1947
1134
11318 June'26
1947
Refunding gold 5s
35
133
1033
10212 Sale 10213
0
11? 104
9
90i8
1947
80
Refunding 48 Series C
Jan'26
1
/
794 80
1966
92 994
General be A
4
99 Sale I 983
9914 32
May 1966
10758 13' 10314 102 4
107 Sale 107
83
General 68 B
,
832 ,
9012 9312 8312
ebbe Ind & Sou 50-year 45..1956
8312
955 .- _
96 June'26
Chic L S & East 1st 431s_1969
4
95,
115
5218
4
513 53
5218
0 M& Puget Sd lot gu 48-1949
2
47 83,4
98 100
4
1
/
8
4
513 Sale 513
Certificates of deposit
4
111 45
4
1
/ 53, Fla Cent & Penn let ext g 68_1930 .1 J 1003 ---- 1 99 Apr'26
4
5214
1
101
9814 102
1943 J J 101
____ 101
8
845 Sale 845
Ott M & St P gen g 4e Ser A_51989
8
8514 29, 8138
6
954 98%
45
/
7414
9814
General gold 31 Set 13_ _e1989
7414
7414
n5 Eaol
1d a °1 gst dCtst let 4;0_1959 .1 D 974 9814 9814
°
C
Flor
5 991 Sale, 99
97 100%
4
1
/
99
4
/
1974 NI
9212 Sale 9212
0
7 38 4
9 1 897774
Gen 4318 Series C___May 1989
9414 28
let & ref be Series A
05_
.
8
583 6472
1952 NI N 6112 62 , 617
8
914 Fonda Johns & Glov 41
4e
/
6212 _3_22
91 14 Apr'26
Registered
91
9612 9014 Dec'25
1941 J J
94
4e
1
4s.
/
4
54
is
Gen & ref Series A 41 _a2014 AO 54 Sale 533
Fort St U D Co ISIS 4/
- 4
/
4e__1961 J D 1061 ____ 107 June'26 --- 163 Rif
/
5312 Sale 5318
54
Certificates of deposit......
35
Ft W & Den C 1st g 51
98
.1 971 9814 9718 June'26 ---1
98
.ji2Ol4 VA
4
/
,
5314 Sale 525
8
4
533 114
Gen ref cony Ser B Ss.
Ft Worth & Rio Or 1st 2 4s 1928 .1
4
1
/
107 108
8
8
525 Sale 525
8
525
Certificates of deposit _
1
Frem Elk & Nfo Val 1st 6s_ _1933 A 0 108 109 10812 10812
1935 .1
.1 103 Sale 10312 1031 37 14444151112 10955554431'814
4
1
/
4
/
02 2
let sec 65
974 1014
1932 J D 533 Sale 53
98 June'26
8
4e
/
Debenture 41
90
4
31
5 / GH&SAM&PI5t58____1931 MN 10012 101
47
531e
5 10012 101
4
101
1931 J J 10012 1003 101
53 Sale 525
8
Certificates of deposit......
5314 73
464 8312
24 extens Is guar
9312 99
27
1933 A 0 97 Sale 97
1925
98
4
523 5312 53
5312 33
Debenture 45
Gitiv Roue & Rend 1st 5s
96 100
53t', Ga& Ala Ry let cons 5s___01945 J J 983
8 100
3
9S3
13
1
/
534 Sale 521/4
Certificates of deposit ______
575554
468
8 29
100 10012
1934 JJ
100
100 10018 100
8
525 Sale 524
4712 533 Ga Caro & Nor 1st gu g 55 1929
1
4
/
25-year deben tire 45
531e 18
724
83
1946 A 0 7212 7314 71 Mar'26
Cer•IfIcates of deposit_._____
4
1
/
52
4
1
/ 15
52
8
525 53
4811 0318
97 59.2 Georgia Midland 1st 3s
2
9534 977
4
1
/ 97
4
/
971 June'26
9934 June'26
40_1941 J .1 95
/
t`hic & Mo lily Div bs_ _1926
Gr R & 1 sxt let gu g 41
15 1144 11611
4
/
8
116
993 991 Grand Trunk of Can deb 78_1940 A 0 11518 Sale 1154
4
9978 ____ 991
/
4
/
991
Chic& N'west Ext4e_1888-1928 FR
1
994
1886-1926 FA
8
1936M 5 1073 Sale 10738 10712 28 1067 ,1 8
4
1
/
Registered
7714 Sale 77
:
31 „
6s
2
7712
9930 7813 15-year s f Series A.._1936 J J 113 Sale 11234 113/ 200 10934 a. nal
741(
45
/
1987 MN
4
1
General gold 31
7212 July'25
s
Great Nor gen 78
11314 Apr'26
_ J J
7212 July'25
Registered
11214
Q F
Registered
8712 24
1987 MN 8612 Sale 8614
4
/
971
93
1961 J J 9314 Sale 933
9418 55
General 4s
4
8
V3 8912
tat & ref 43(s Serial A
108
Q
4
19523 J 1063 Sale 10614
4
8614 May'26
4 46
1073
Registered
4s
/
Genera)51 Serie/313
,
86 4 86,
gr, 10211
1073 .1 .1 10013 Sale 10012 1013
8 21
1987 NI N
Stamped Is
8612 874 8914 June'26
91 Series C
8555 8914
Genera'
9418
1987 MN 1053 1064 10614
1976 J .1 94
107
General Is stamped
4
12 104 10838
General 414e series D
;
78 11 1879-1929 AO 1033 __ 1034 July'26
Sinking fund tle
4
1
/
1034 10578 Green Bay & West deb ctfe A____ Feb 7712 82 80 July'26 _
1312 204
Feb
A0
1
/
1912 30
194 191e
19
_ 1034 June'26
Registered
1034 10384
Mrs 13
Debentures
3
88 5 914
4
1
/ ____ 9114 July'26 ____
1940 M N 90
_
1879-1929 A0 10112 _
Sinking fund be
10112 June'26
10012 10318 Greenbrier Ry lfit gu 45
.. ,
106
5_1950 A 0 105 106 106 June'26 ___ 101 ,
4
1879-1929 AO
/
Registered
8
1005 May'26
4
/
02
10 , 1001 Gulf Mob & Nor let 51
100 10178 Gulf & S I 1st ref & t g be___519521.7 J 1073 ....-- 1073
2
8
N 10114 ___ 1005 June'26
10712
4 10311 3v°
1933
8
Sinking fund deb be
_ 10114 May'26
MN
Registered
1014 10114
I
3
9138 967
4
4
8 19
963
1930 J D 1171714 1673- 10714
-year scoured 7e g
10
4
/
- 4
6 107 10818 Hocking Val let cone g 415.19994 J 951e 953 953
10712
go
90
19991 J
-year secured 634e g ___ _1938 MS 11218 Sale 11218
15
11212 32 11114 11412
Registered
'1
981
9512 99
2
41
May 2037 JD 1023 104 1023
let & ref g be
4
4
9922 1044 Housatonic RY cons g 5 --1937,M N 9814 9912 9838
36
1023
4
4
1
1937, .1 102 103 10234 June'261 ____ 100 11)13
88
8
Ohic R I & P-Railway gen 451988 J J 875 Sale 863
4
4
1
/ 22
87
85
H & T C lst g Int guar
4
1930 M N 1013 ____ 1013 Mar'26•____ 10184 1004
4
J
8412 8512
Registered
8512 June'2
Waco &N W lst (38
9612 100
99141
3
1934 AO 9064 Sale- 9014
Refunding gold Is
91 -18i
lie!t. dr Term let Ss..l937 J J 994 Sale 9914
8712 92
Houston
N 10018 ____ 10112 June'26___ 101 1014
,_
AG
_
9012 June'26
Registered
012 Houston E & W Tel let g 58_1933 RN
8814 9
1933 M N 10112 ____ 10112 Mar'26'_ ___ 100 10112
Ist guar 58 red
gm, 98
974 62
90 May'26
CIISL&NOMemDly 48_1951 1 D 8714 _
Manhat bs Series A 1957 F A 9614 Sale 964
4
863 90
Hud &
97
97
Apr'26 _
97
IF A
10114 102
C St L P let cons g 58. _1932 A 0 10114 10112 10114 July'26
Registered
7814 821
4
/
8218 194
4
/
8
& 0 cone 68_ __1930 J
ChM St P
4
10312 --- 1033 July'26
8
Adjustment Income 55___ _1957 A 0 815 Sale 811
1027 10412
48_1930 3 13 9412 _
/
95 June'26
95 95
Cone fis reduced to 31
4
/
92 971
1
934
4
984 101
1930 M 8 993 Sale 981
4
Debenture 58
0941
Illinois Central let gold 4s_ __1951 J J 93 933 9334
5
4
/
91
93
4
/
1951 J J 911 ____ 93 Mar'26
9812 10014
Stamped
Registered
91354 - - 100 May'26
8314 8712
6
87
1951 J J 8414 864 87
1
/
87 Sale 8618
& So East let 58__1960 J D
90
87
77
Chic T
413
/
39
1st gold 31
J .1 8312 ____ 823 Jan'25
4
7734 77
Dec 1 1960545 77
Registered
4
4
/
77
761 85
Incguss
24
145
; - 1- 8314
4
833 Mar'26
48_1951 A 0 /
9612 Sale 9612
42
/
97
Extended let gold 31
Chic Un Wien 1st gu 41 A.1953 J J
941/1 974
20
71
' 71
Feb'26
1951 M El 66
• 71
1963 J J 10412 10514 10412
let 58 Series 11
4
/
105'4 14 10218 1051
let gold 3s sterling
4
4
/
911 20
8812 92
1944 J D 101 10184 101
Collateral trust gold 4'3_1952 A 0 913 9212 9034
100 103
Guaranteed g 50
10112
7
A 0 8414 ____ 803 Nov'25
_
_
4
1903 J .1 11738 Sale 11712 118
45
/
Registered
let 61 Series C
1
/
19 1154 11914
11955 MN 9112 Sale 9112
9112
617'2
5 - 1 VS4
(Siic& West Ind gen g 60- -01932 Q NI 10514 10614 10612 Mar'26
4
1033 10613
1st refunding 4s
4
8234 ____
Gomel 59-year 4e
1952.7 J 823 ____ 8234
81°s 8511
8714
4s
/
1952 .1 1 853 Sale 85
4
1
/
81
Purchased lines 31
4
8614 87
J J
1st ref 51 ser A
48
/
1962 M
Registered
10414 Sale 104
10414 16 10012 105
4
8
79
86 W1
Choc Okla & Gulf eons 5e_ 1952 M N 11314
8 - 88
8
8
8 215
8
__ 1033 July'26
Collateral trust gold 4s_1953 NI N 8 '2 - - -18 84'2 julY. 2 23
1023 104
4
M N 8512 ____ 823 Dec'25
Cin Fl & I) 2d gold 41
4e_
/
4
1937 J J 974 9712 9714 June'26
Registered
9712
96
2
s
CI St L & C let g 4s___Aug I936,Q F 9414
1955 M N 10518 10712 1051 1064 17 joir 16814
/
94 12
1
/
03
Refunding 58
__ 941
3
4
/
4
/
941
Registered
1934 J J 103 Sale 103
9314 9314
Aug 1936 Q F
10312 17 10214 104
4e
/
4
9314
9314
1
15-year secured 51
Oin Leb & Nor 7111 4.g
4
3 11112 11384
1942 M N
1
/
9012 9112 9012 May'26
8912 90'e
15-year armed 631s g_ __ _1936 J 3 1123 Sale 11234 1134
905, 923
2
CM El & CI cons 1st g be_
1950.7 D 92
927 92 June'26
8
1928 J
4
/
4
981 103 1003
4
1003
Cairo Bridge gold 45
1 10018 10112
784
74
Litchfield Div 1st gold 38_1951 J .1 77 ____ 75 July'26
Cleve Cin eh & St L gen 48_1993 J D 8712 877 87
8084 83
4
8
/
1
/
877
85
8
Loutey Div & Term g 3181953 .7 J 8112 ____ 824June'26
5
8712
3
782, 8212
-year deb 41
48
20
/
.1 J
9714 99,8
1931 J .1 99 Sale 99
8212 July'26
Registered
99 I
3
734 733
4
General be Series B
1993 J D 10338
2
10418 July'26
_ 1022 10418
Omaha Div Is gold 3s_..1951 F A
Ref & Impt Os Series A
1929 J J 10314 Sale 103
4
/
741
74
74
73'4 June'26
APr26
4
/
4
10314 38 1013 10378
St Lou1 Div & Term g 313_1951 J J
65 Series C
194111 J 10714 ____ 107
1951 J J
811s 8718
8714 May'26 _
4
1
/ 1071
4
/
1 105 168
Gold 3413
8212
Series 13
1963,1 .1 10234 10314 102
4
48_1951 J J 825 85
/
9932 1033
8
4
1
/ 103 I 16
Springfield Div 15 g 31
8212 Feb'26
Cairo Div 1st gold 45
1939'.1 J
4
/
931
894 904
91
9312 July'26
2
9314
904
Western Lines 1st g 4s___ _1951 F A 9014 Sale 9014
Cin W &
Diy 1st g 48 19911J J
1951 F A
4
/
8134 8.51
4
4
1
/ 853
Registered
84 Aug'25
4
853
2
8512 85
St L Div 1st coil tr g g 45...1990'M N 863 Sale 863
4
824 8714 Illeentral & Chic St L & N 0-4
I
8634'
6
Registered
N
1
/
994 10312
8314 Feb'26
834 8:04
8 10 -112 63
_
Joint 1st ref be Series A_ 1983 J D 10113 Sale 1013
Spr & Col Div 1st g 48___ _1940 M
4
/
911 ____ 911
4
/
1951 J D 103 10712 1043
91's
9118
So
8 1043
3 104 1954
8
2
Gold be
W W Val Div let g 4s1940 J J 8 , 9212 8112 May'26
J D 1011 ____ 10214 Apr'26 ____, 1024 10214
8112 90
4
/
84
Registered
t.` C C & 1 gen eons g 65_ _ _I 93411 .1 107 Sale 107
4
/
1951 J 13. 79 --__, 7814 Feb'26 _
107
2 1061 10734
12 78'8
78
45
/
Gold 31
Ch3v Lor & W con 1st g 58_ _193314 0 1015 ____ 102 June'26
8
1014 1023 Ind Bloom & West 1st ext 48_194() A OI 0118 ----1 8614 Aug'25
4
,,,., Cleve dc Mahon Val g 58_1938 j
10014 102
8
985 Dec'25
1951) J J 9114 92
_
Iowa let g 42
9178 June'26 ____
IA ;2
Ind III &
1935iM N
& mar 1st gu g4318
9714 99
963 Mara
8
8638 t6
_
0
- - 84 June'26 ____1 793 ,„',
Ind & Louisville 1st gu 4s_ _ _1956 .1 „I
48
/
Cl & I' gen gu 41 See A..1042 J J 10014 ____ 10112 Mar'26
10112 10112 Ind Union Sty gen Is Ser A.1965 1 .7 10212 10334 10213 July'26 _ _ __I 100 !v: ,_
,
4
1
/ 3
1948 lIt N 853 87
Series C 3315
4
86 May'26
8312 86
1965 J J 10 , --- 10214 June'26 ____I' 100 2 0 3
.'
7'
Gen & ref 5s Series B
08
1950 FA 844 ____ 9334 Nov'25
4e
/
Series D 31
4
/
Int & Grt Nor let 6s Her A 1952 J .1 10512 sale 10513 10612 53 103 1061
4
Cleve Sher Line 1st all 431e 1961 AO 0914 10012 993
0934
10;
78
Adjustruent 6e, Series A 1952 Aprl 744 Sale 745
87 , 66
8
75
48...A972 AO 107 10714 107(4
1
Cleve Union Term 5/
4
1
/
107141 12 10512 103%
Aprl 1011 102 1 7512
894 75
4
/
6
8
755
StamPed
AO 1033 104 104
B
1973
let 1 5n Ser
4
10412'
4
8 10084 1043 rot, Rys Cent Amer 1st 5s___1972 M N 794 Sale 7914
40 I 76'e 81
81
4
/
Coal River Sty 1st go 48_ _ 1945 3D 881 ____ 834 June'26
1
/
8
4
863 885 Iowa Central 1st gold 5e____1938 J D 58
_
4
/
5814 651
4
1
/ 6012 5812
4 17
583
Colorado & South 1st g 48..1929 FA
99 Sale 99
9914
9814 9912
11
_I 5814 60
58 65
Certs of Deposit
58 May'26
4s
/ 1935 MN
Refunding & extAm 41
96 Sale 96
9612 19
954 9712
1714 234
Refunding gold 98
1951 MS 171 173 1712
4
/
1
171z
4
Col & 11 V 1st ext g 4s. _ _ 1948 AD 887 8912 8718 Jan'26 _8
8718 8715 James Frank & Clear 1st 45.195911 D go sale 90
go
1 I to. 914
1955 • A 8812 __ 90 May'26
8718 90
Col & Tol let ext 4e
I
4
Conn & Pitman Ely let 48..1943 AO 853 ____ 8212 Jan'26 _ _
8212 Ka A & CI R 1st 2111g be
81
83 8
101 1071
193811 31 103
Apr'26
____ 101
1930 F 14 92
Oonsol Sty deb 48
82 Mar'26
1
/
754 82
1990'A 0 87
____ 87 June'26
1954 J J
74
Non-cony 45
673 Mar'26
8
4
1
/ 73
65
138
8
997
1001, 10314
1927J J 100 10018 1003
2da. 1N yelgt. gu
4
Kgn 20-I l u 5e g Is
4
1003
Non-cony debenture 4s 1955 J .7 74
79
4
/
731
75
7, 6512 75
1928 M N 10214 Sale 102
K C Ft S & 151 cons g 6s
10214
9
Non-cony debenture 421 1956 J J
74
79
72 June'26
_ _I 6512 72
4
1
/
8918 92
K C Ft S & M Sty ref g 4s....1936 A 0 9212 923 9214
8 55
927
4
8
Cuba RR let 50-year 58 g__.1952 J .1 06 Sale 955
9612 28
88114 9612 K C dr NI BA 151st gu 58...1929 A 0 100 10034 10018 June'26 ____ I 9834 10212
.
1
.1 r) 10912 Sale 10914
1st ref 7t4s
10912 3
105 16912 Kansas City Sou 151 gold 35.1950 A 0 7234 733 73
78
73
8
: 26
731
987
_
--------------------- I
1936 J D
let lien & ref Os ser B
91
Ref & Rapt se
6793as 9 2
Apr 1950,J J
,
98 Sale 98
Cub. Northern ay let, ea.__ Itio.3 J J 9712 Sale 97
9818 30
9214 9814
I
I
I
1
I
a Due Jan. 1. Due Feb. 4 Due May. o Due Oct. p Due Dec
5 Option sale.
•
310
BONDS
N.Y.STOCK EXCHANGE
Week ended July 16.
New York Bond Record-Continued-Page 3
tr.
rg
vr
...IF,:
Pries
Friday.
July 16.
Week's
Rama or
Last Sale
111.2
Rawls
Mace
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week ended July 16.
t-
Pries
Friday,
July 16.
Veers
Ranter or
Last Sale
Range
since
Jan. 1
Bid
Ask Low
High
No. Low
Bid
Ask Low
Ilioh No Low
Kamm City Term 1st 48_3960 .4 J 873 Sale 8712 IRO 122
IllOb
4
4
583 N Y Central & Hudson River
85
8814
Kentucky Central gold 4a_-1987 J j 83
86
91
91 June'26
86
Mortgage 3ide
19971j j 7938 Sale 7914
7els 81Is
794 37
Kentucky At Ind Teem 4348_1961 j J 86
91
8812 91 May'26
81
Registered
19974 j _794 7912 June'26
765s 8
Stamped
04
1961 j j 9118 853 8714
4
8714 Mar'26
Debenture gold 4.8
96T2 Sale 0618
1934 iyi N
9618 17 9414 0613
Lake Erie & West let g 51 1937 ▪ J 1023 ____ 10218 July'26
8
10012 10218
Registered
9458 -.__ 9418 Jan'26
9414 941e
'M N
d gold 5e
1941 • j 100
983 101
5
8
9914
30-year debenture 4.
9914
1942.5 j 923 934 934 July'26
4
92% 97
Lake Shore gold 3Sie
8014 8014
1997 J D 80
2
784 82
8014
Registered
93
Feb'25
Registered
1997 J D
80
77
7812 June'26
Lake Shore toll gold 348_1998 1-.,i
774 Sale 7718
7818
11
ir
Debenture gold 48
1928
983 9912
993 103
8
8
S 9914 Sale 9914
Registered
1998 F A
79 1 773 June'26
4
78
76
25
-year gold 4e
9614 1/74
1931 M N 973 Sale 9714
4
Mich Cent coil gold 33-48_1998 F A
9712 37
7818 80
79 June'26
84
77
Registered
1931 M N96 Dec'25
Registered
7712 797 80
8
Apr'26
1998 F A
80
78
Leh Val Harbor Term 58_19E4 F A 10414 1053 1044 June'26
- 8
4
102 1045 N Y Chic & St L 1st g 44
1
1937
.A 0 9412 -._ 9412
9412
9254 95
Leh Val NY let go g 454s1940 J 3 9814 ---- 973 July'26
95 99
8
Registered
8 95
934 Mar'26
1937 A 0 933 92
945
8
Lehigh Val (Pa) cone g 4. .2003 M N 86 Sale 8512
8.64 8714
12
86
25-year debenture 44
96
1931 m N
967 9614
8
93h 973
15
9614
4
RegLstered
80
803
4
8012 May'26
M
2d ea Serie,' A B C
1931 m N 1033 Sale 10234
4
10418 le 10234 105
General eons 4)48
2003 M N 0714 003 973
92 99
16
4
98
Refunding 54s Series A_ _1974,A 0 104 Sale 10334
110
104
8
9811 1045
Lehigh Val RR gen be Series.2003 M N 10312 Sale 10312 104
4
20 1001, 1153
Refunding 5345 Ser B._1975 j j 1033 104 10314
8
984 105
105
52
Leh V Term Ry let au g 58_1941 A 0 1027 10414 1023
1 10212 104
N Y Connect 1st gu 44s A 1953;F A
8
4 1023
4
96
9614 96
963
2
8
92
963
4
Leh & NY let guar geld 4
8812 904
5
5-19 M S 9014 ---- 9014
lat guar 55 Series 13
45
9014
1953 F A 10112 Sale 10112 10212 14 10018 104
Let & East let 50-yr 55 gu1963 A 0 106 108 10718
3 10512 110
N Y & Erie let ext gold 4s_ _1947 m N
10714
91
____ 91 July'26
8911 91
'Little Miami 48
1952 M N 8612 88 , 8512 Apr'26
3(1 ext gold 4341
84.8 8712
1933 m s 98
____ 04 Nov'25
Long Dock consul g ee
1935 A 0 109 11012 1093 June'26
109 1093
4
8
4th ext gold 55
1930,a 0 10018 ____ 1004 Mar'26
MO 8
7
Long Did let con gold 54_341931 Q J 1003 __
4
4
1001s 101 4
1004 June'26
5th ext gold 48
1928 j n 0814
99 Mar'26
983 99
3
let consul gold 41
9412 95
51931 Q J 9412 9714 9412 Apr'26
El Y & Greenw L gu g 58... _1946 m N
9812
.
987 ___ 9812 Junc'26
8
54
General gold Di
193% J I) 913 9212 9218
90514 93
2
s
N Y & Harlem gold 3 yis
9218
2000 Ayi N 7912 __
794 Apr'26
7914 7914
Gold 4e
1932 J D 9214 -- -. 97 Apr'26
97
97
1
Unified gold 4s
1949 M s 8512 8914 89 May'26
4
r43 893 N Y Lack & W 1st & ref 5s..1973 MN 100
4
____ 80 July'25
Debenture gold be
1934 J D 997 _
974 91.34
8
993 June'26
4
let & ref 4;iii
1973 m N 1004 ____ 101 June'26
Vi3; 102
20
-year p m deb iSe
1937 M N 9712 98 : 0812
9812
94 100
N y L E & W let 7s ext_
1
IQ:10 6,1 S 1061 10618 June'26
8
10618 10014
Guar refunding gold 4s
1949
85 904 N Y & Jersey let 5s
873
4
E1 874 88
1932 F A 101 1(1-112 10118 July'26
884 17
- 1004 10112
Nor Sh 11 1s1 oon g gu 5s_e193.1 Q J 100 10014 10014 June'26
093 101.3 N Y & Long Branch gen it 4s. 1941 m s 903 93
8
4
8
95 Mar'26
90
90
.Louislana & Ark let g 5a....1927
994 101
2
N Y N H & Hart n-e deb 43_1047 lei p 754 ____ 774 June'26 - • 7012 77%
S 100 10012
10014
Lou & Jeff Bdge Co gu g 44_ _1943 441 s 9014 ____ 10014
863 9012
8
7
9014
Registered
9014
5
,M 1
June'25
Louisville & Nashville 5e_ 1937 141 N 10312 105 1053
1024 1054
Non-cony debenture 310_1947 m p 683
4 June'26
8___ 76 June'26
625* 76 Unified gold 4s
1940 J J 9418 Sale 9418
9314 954
Non-cony debenture 334e 1964'A 0 6612 19
9514
6712 6714 July'26
6134 6714
Collateral trust gold 58.1931 M N 101 1017e 102 June'26
1 ,1 1114
Non-cony debenture 4a_ __1055,J J
743 Sale 7414
8
7412
68
7514
10
-year secured 7e
1930 M N 10612 Sale 10612 10612
Non-cony debenture 441._.1956'm 6, 743 Sale 7414
3 10514 108
8
7412 15
675 75
5
let refund 514s Series A2003 A 0 10714 10814 1053
11014
4
Cony debenture 34s
1956 J J 863 67
4 10612 15 1053
8
664
664
12
61
6714
1st & ref 5e Series B
2003 A 0 10012 105 108
Cony debenture 04
1945 4 j 10238 Sale 10212
77 10412 10814
108
974 10434
67
1044
let & ref 4141 Series C__ _2003 A 0' 9938 Sale ; 994
96 10014
1
Registered
994
_ 100 July'26
1 .1
98 100
N 0& M let gold es
1930 j J 104 105997
Collateral truat 60
12 104 107
1949 A i i003 Sale 10018
097
4
9612 1003
1003 803
4
4
Ed gold ea
1930 j J 10418 105 '104 June'26
1034 194
Debenture 44
.1957 ep 1.,
6818 Bale 6818
58
70
6812 10
Paducah & Mem Dty 42..1946 F A, 92 -_ __ 92 June'26
913 0212
8
Harlem it & Pt Chee lit 481954 m 18
8812 8914 89 June'26
845 89
4
St Louie Div 2c1 gold 11s_ _1980 M S 6614 6714 6614 July'26
6512 08
N Y & Northern let g Si. .
100 100%
1003
8
10038
Mob dr Montg let g 4 Pie. _1943 M S 993 100
984 994 N Y 0& W ref let g 4a_June_1927 m 0 10014 Sale4 10014
3
993 June'26
8
1902
I.
74
7314
74
21
67% 76
South Ry Joint Monon 441_1952 J y, 877 Sale 8734
854 69
7
8
General 48
.1955 y r
6912 Sale 6812
874
621s 13918
6912 29
AU Knox / & Cln Div 4s..1955 MN 91 Sale 91
,
9014 9314 N Y Providence dr Boston 419 1942 A I
3
91
874 ____ 8612Apr'25
Lousy Cin & Lea Div g 41411'32 M N 994 100997 May'26
994 100
Y & Putnam 1st eon gu 48_1993 ft 0 88
8
N
____ 8712 May'26
86l 87's
'Mahon Coal RR let 51
1014
1934 • J 103
.. _ 1013
NY & R B let gold 55
100 10034
4
1927 NI 1 100 s Sale 100 , 100 i
Manila RR (South Linea) 48_1939 N N 644 Sale 647 Mar'26
601s 67
N Y Snag & West let ref 58...1937 4 .7 86 Sale 86
8
647
8
10
86
774 89
4
let 45
6213 7614
1959 MN 76 Sale' 78
2d gold 43-4e
1937 y A
70
70
73 June'26
75
64
73
Manitoba Colonization bs...._1934
4 100 101
D 10012 101
General gold to.
101
1940 Fr s
724 734 733
63
7418
4
733
4
Man GBANW 1st 3 40.. _1941 J .1 8154 ____ 1 101
85 85
85 Apr'26
Terminal let gold Be
1943 as y
99 102
973 Apr'26
$
975 99
5
Mich Cent Det A Bay City 5s.31 m
1,07 102
8
N y W'ehea & 13 lat Ber I 434e '46 y .1
102 June'26
8 103
78 Sale 7712
5
6948 73 4
784 103
Registered
101 101
101 May'26
N
Mich Air Line 4s
1940 J J 953
925, 955 Nord Ry WI ii 6148
8
s
2
9538 June'26
1951. AO
774 824
793 Sale 7914
4
793
4 39
LA 8 ist gold 340
803 Norfolk South 1st & ref A 58 1961 F
79
8
1951 M S 833 ____ 79 Mar'26
4
8530 Bale 8514
8512 42
773 8683
4
let gold 314s
83
1952 M N
8512 ‘ortolk A South
- 854 84 July'26
98 101
4
101
2
4
20
-year debenture 41
9744 98 4 Norf & West gen let gold 5e.1941 M S1 100 1003 1003
3
1929 A 0 983* Sale 98
106 1004
gold fle_. 1031 M
983 103
4
___ 10612 June'26
Mid of N J lat ext 5s
901s 96
1940 A 0 9418 9514
Improvement & ext 6e._.11134 F' 1079514
10834 10912 10912 May'26
10912 110
Milw L S & West imp g 5s_ _1929 F A 10012 10112 9514
lows 1015
8
New River 1st gold
10114 June'26
1932 A (- 107_ 10_8_ 19778 N tilr29
0 1 JIa y,26
107 1074
Mil & Nor let en 4 t4s(blue)1934 •
NA W Ry let cons g 4s
D 954 964 9412
1990 4 0 0214 Sale 02
904 9314
924
7
Cone ext 4;43 (brown)1934 J ---------9614 Dec'25
932* -9134
July'26
Registered
1991' AC
89 924
Mli Spar & N W 151 50 4.___1947
89
9112
92
9112 June'26
Dly'l 1st lien & gen g 4e_1044 1 I 933 gale 933
4
8
904 9414
933
4
Milw & State L let gu 340_1841 M 8 9012
10
813 Dec'25
J .11 83
8
-year cony 6s
1929 M
15112 Sale 15112
15112
1 138 15614
Pocah C & C joint 4s
1
1941 ID
922 93
/
1
923
9238
8
91
93
Minn & St Louis let 75
1927 J 13, ---_ 100 .103 Nov'25
Nor Cent gee & ref 58 A_ _ _ A974 M
10412 Sale 10412 10412
9 swag 10412
151 eonsol gold be
64
6j
1934 MN; 5954 60 1 59
2
North Ohio 1st guar e 58
59
1945
88
9714
8
8
4
1
0 935 943 933
933
4
Temp ctfu of deposit
633 Nor Pacific prior lien 41___ A997
56
4
____ 56 June'26
M N 57
}RN 91
883 Sale 8814
8
894 89
Q
let & refunding gold 4s.._1949 N 8 1838 183 183
18 '23
5
4
4
19
Registered
109/ Q J
86
88
8714 July'26
Ref & ext 50-yr 5e Bee A1902 Q F, 13
1238 1614
15
General lien gold 38 ____a2047 Q
1314 June'26
653 Sale 653
8
8
653
4 62
614 66
4
let guar g 78
1927 J D! 100 102 102 Sept'25
Registered
a2047
6312 Apr'26
60
63
%
Si St P & 85 M con a 41 lot gu'38 J 91 894 Sale 8912
15; 9112
-7
19
Ref & impt 4148 eer A.___2047
90
,
87
933 Sale 9312
8
951s
933
4 12
let cons 5s
973 993
4
8
1938 J J 983 Sale 983
27
4
Registered
99
4
1123 Apr'25
8
J I
let cone fte gu as to int
973 993
4
4
49
1938 J Ji 983 Sale 9838
4
Ref & inapt fle ser B
99
2047
8
4
11214 201 1081, 11414
J I.117 gale 1113
40
-year colt trust 64s
10214
1931 M s 1034 Sale 103
Registered
10314 25 1003 106
1104 11014
_ 11014 11.1ar'28
J
8 1035*
1st & ref 8e Series A
1946 J
6
101 18 Sale 10118 1013
Ref &'mot 5e ser C
4
9814 104
10112 162 10114
2047 J
.
1014 19
95
89
-year 5345
924
1949
Ref 34 Inlet Is set D
28
8914
5 8914 90
9814 10314
.2047
9014
1013
4 25
J 102 Sale 10114
let Chicago Term at 44...._1941 M N 9318 ____ 93 Mar'26
93
93
Nor Pac Term Co let g 65_ ..111W,
M
4
4
_ 1093
j
1 mai 109 4
1093
4
Mississippi Central let 54.__1949• J 96
93
96
_ _ 96
5
No of Cal guar g Is
96
1936 AO 10934- - - 1043 May'26
10111 10514
10414 106
4
Mo Katt & Tex-let gold 4e_1990 J D 8611 87
4
843 873 North Wisconsin let 6s
8
8612
864 25
103 104 10314 June'26
19341
1025 103 4
1 '
'Mo-K-T RE-Pr 1 fo See A_1962 .1 J 102 Sale 10138 103
9614 103
74
8014 8612 Oa h L Cham 1st gu 46 g
AO-year 4e Series B
1962 J J 85 Sale 85
8614 24
73 82
8
4
33 803 803 804
807
8
5
10
-year ea Seem C
1932
17 10212 10414 Ohio Connecting Ry 1st 4s_ _1948 M S
9
nit 14
J 1023 Sale0 3 -4
4
_ _ 903 Dec'25
4
901s 954 Ottlo River RR
Cum adjust 30 Sec A Jan.1967 A 0 9213 Sale 9212
4
1934'
1W2-3;
92- 15t g58
934 433
8
D 10114 10212 10138 June'26
Missouri Paelfie (reorg Co)
General gold 55
1037 AO 1017 __ 102 June'26
8 _
101 10
'24
8914 100
1st & refunding Is Ser A._1965 FA 9814 Sale I 981 4
Ore & Cal let guar g 58
109
1004 10114
99
1927 J .1 10012 Sale 10014
10011
let & refunding 64 See D _ _1949 FA 1054 Sale 10512 1063 135 1013
4
Ore RR & Nay con e 4s_... .1946
8814 9212
9214 9212 0214
4
9214 13
let & refund ea Bee E int_105.' MN 1064 Sale 106
1013 10714 Ore Short Line-lit cones 541_46 J D 1053 Sale 1053
4
1063
4 38
4
4
1064 16 10414 10712
J
85
7412
General 414
1975 MS 74 Sale 7312
Guar cone 58
e 19
0
,
6 July8 13
8
'
22
1946 1 J 190853124
7414 542
10514 10713
Mo Pao 3d 78 extat 4%
88
93
193S MN 9214 9212 924
Guar refund 48
1
Sale
98;s 987
1929
207
9212
8
0
Oregon-Wash let & ref 4e._1961 j
82 4
5
823
9 4 56, 834 88
82 Sa8e 9 3
96,2 0l
6
1
Mob & Blr prior Ilen g 5s-__1945 J
Pacific
5e.....1941 J
1004 _ _.4 99 Sept'25
913 96
s
wi, won Pac 1%11Coast Co let gg 41 193)- P D 08,8 Sail2 9983
Mortgage gold 4.
11145 J J 8514 8712. 8738 June'26
of Mo let ext
923 i
le
8
171 2112 931s
A
Small
793 07
4
1945 J
2d extended gold 58
823
June'26
4
193)
_ 10114 June'26
iy93148
100 1014
4
Mobile & Ohio new gold 51. 1927 J D 10214 84 1 86 July'26
1004 10312 Paducah & Ills let it 4 48._195:. .1 .1 10112
4
_ _ 11023
964 9814
.1 .1
let extended gold es
8
1007 10614 Paris-Lyons-Med RR 65
51927 Q .7 1003 Sale 11007
1
195) P A
4
8
743 Sale 74
4
1007
8
734 7612
754 74
Genera', gold 48
90
9212
1938 M
Si external 75
9212 Sale 9212
1951' 4.1 S
8
9212
853 120
4
82
8753
994 101
Montgomery Div 18t g 64_1947 F A 10038 ____ 1003*
8
5 Sale 84
Paris-Orleans RR if 7s
1954 MS 8412 S e 834
June'26
8412 36
87
82
St Louis Division 5s
1927 J D 100 1003 10012 June'26
81912 10012 Paulista Ry 78
1942 M
1014 ____ 1013 July'26
8
4
1002 102
3
Mob & Mar 181 au gold 44._..1991 M s 8714 883 983 July'26
87
983 Pennsylvania RR-eona g 48 1043 MN
8
.. .. 94 June'26
.
4
3
94
94%
Mont C 1st arti g es
19372 J 11034 1123 111
1094 11212
Consul gold 4s
1945 MN 9442
933 9412 934
8
4
111
94
911s 99 4
2
3
lit guar gold fo
1014 1024
1937 .1 J 10238
4s sterl stpd dol___May 11941' MN
4June'26
9312 94
1023
9312 July'26
9414 95
_
Morrie&Essexlstgu3j4...1000j D 78
7778 814
Consul 440
106 P A 10018 Sale 100
,
79
79
10012
973 1015
8
4
9
Mashy Chatt & St L 1st 58_1928 A 0 1003 10141 101 July'26
4
1003 1014
General 434* Ber A
4
1965
101:4
7
D 97 Sale 964
974 168
N Fla & S let gu g 5e
9414 9918
8
1937 F A 103
1013 1017
4
General 58 Set 13
1966 Jo 105 Sale 1053
____ 1017 May'26
8
4 106
41 1025 10675
8
Nat Ry of Mez ye lien 4tie_ _1957 J J
-year aecured 78
.1931. AO 10712 Sale 10714
10
30 Sept'25
1073
8
4 71 107 1085
July 1914 coupon on
15-year secured 646._ 1934' FA 112 Sale 112
1134 45 1113$ 11318
Assent cash war rat No 3 on..... 1934 Sale 19 Apr'25
15
225*
Registered
193
31
____ 112 June'26
4
FA
21
112 11214
Guar 79
-year e f 40
1977 A 0
40
-year gold 68
8712June'25
1964 MN 1013 Sale 10138
8
10178 52
98s 1024
$
Assent cash war ret No 3 on.
171- 27
24 Sale 24
4
Pa Co--Ou 34s coll tr A reg 1937 MS 854 ___ 8612 Oct'25
18
24
_
Nat RR Met prior lien 434e.1926 • J
Guar 34s coil trust Ser 13.1941 FA
3812 July'25
84
____ 86
86
W1
July 1914 coupon on
23
23
J J
Guar 33-45 trust Ws C_.1942
2
23
D 84
____ 84 June'26
_-31.-i1-71:48 23
84
844
Assent cash war rot No 3 on.
15
31
'2812 3812
331. June'26
Guar 314a trust etfs
D 831
__
833 June'26
8
82
835s
consol 45
1951 AO 15 Sale 28 Apr'25
Guar 15-25-year gold 48....1931 AO 9712 973 9712
8- 98
4 974
4
974
2
April 1914 coupon on
A0
18'1 21
Guar 48 Set E
1952 MN 884 8912 8812
1812 June'25
gms 89
89
5
Assent cash war rot No 3 on
13
1734
204
183
5
8
Peoria & East let cone 48-1940 AO 843 Sale 843
4
4
8512 19
New England eons fo
795g 874
954 96
1945 I J 100 105
Income 45
96 May'26
1990 Apr. 4112 Sale 41
85
42
42
11
Como! 4.
1946 J J 8612 89 87 May'26
81
Peo & Pekin Un let 51)4e.,...1974 AO 103 10314 10312 10312
87
1 10014 104
NJ June RR guar let 4a
1986 FA
851 Pere Marquette lot Sec A 58_1956 J
844
8514
10212 Sale 10218
10214 19 10112 1044
leriElyrref&Imp 414e A '52 J J 963 973 953 Apr'26
N0
8
lat4sSerB
8
923 9751
8
4
9678
8
195t. J J 864 ____ 8712
8712
2
8
New Orleans Term let 4e_ ._I963 J J 8612 Sale 86
3
85 2 887
8714 Phila Balt & W let gds
84
8612
2
1943 MN
94 Sale 94
94
9312 945‘
1
N0Texsa & Max n-e ins 38_1935 AO 10018 Sale 100
Gen 56 Settee B
9614 100 4
3
10012 55
1974 FA 108 1083 1073
4
4 1073
4
2 1084 lllli
let 5e Series B
1954 A0 10014 Sale 997
96 100 4 Philippine Ry 1st 30
3
8 10012 233
-ye e 14s 1937
427 Sale 424
8
dots 45
434
11
1954 AO 105 Sale 1043
let 13348 Series A
4
105
55 1024 10512 Pine Creek regetd 614
1932
D
__ 10512 Mar'25
N & C Bdge gen guar 4 34s....1945 J J -- -- 967 953 May'26
9412 06
4
8
4 PCC&StLgu43-4sA
1940 A0 1063$- - 9912
9918 1003
4
993
8
NYBAMB1stcongba 1935 AO 1003
2 We; 1164
19934 102
4
1003 June'26
4
Series B 434s guar
988 ____984
-1942 AO
965s 994
987
8
2
NY Cent RR cony deb 68_1935 MN 10714 Sale 1063
8
4 10714 21 1043 1087
8
Series C 454e guar
1942 Si N
984 99
9738 Apr'26
Registered
973 973
8
5
N
1064 10612
10612 May'26
Series D 4s guar
1945 MN 954 ____ 9418 June'26
0312 9418
Ceneol 4a Series A
1998 FA 8812 Sale 873
4
Series E 334s guar gold
85 4 9014
3
8812 26
1949 FA
9418 June'26
924 9413
Ref & impt 4 Ms"A
2013 A
9614 Sale 9614
&rice F 45 guar gold
9214 9712
9714 39
1953 J o 9518 ____ 924 Feb'26
92% 93
Ref & impt As Series C_2013 AO 10312 Sale 10318 10412 132 1014 1053
Series CI Diener
4
1957 MN
9514 ____ 953 July'26
8
93 93
511
Registered
AO
10318 Apr'26
10318 1034
Y
Due Jan. 41 Due Audi. y Die Elm
5
8315.
New York Bond Record-Continued-Page 4
11'
BONDS
N.Y.ErTOC'E EXCHANGE
Week ended July 16.
Price
Friday,
July 16,
Old
Pitts Cin Chic dr St L (Concluded)
Series H 45
1960
A
Series I cons guar 414s
1963
A
Series J 4168
1964
General M 58 Series A
1970
Gen mtge 55 Series B
1975 A 0
Pitts & L Erie 24 g 55
411928 A 0
Pitte NIcK & Y let Fru 615_1932
PItte Sti Az I. E 181 g be
1940 A 0
1st consol gold 58
1943
J
Pitts Vs & Char let 45
1943 MN
Pitts Y es Ash let eons 58
1927 MN
1st gen 45 series A
1948• 13
let gen 515 series B
1962 FA
Providence Seem deb 48...._1957 MN
Providence Term let 4s
19: MS
.6
Week',
Range or
Lan Sale
Ask Low
9518
973
4
4
10318
10334
_
____
____
104
Sale
10078
101;8
1003
8
92
100
92
10412
67
864
102
_
____
__
____
_ _
70
----
Range
Since
Jan. 1
High
934 Sept'25
973
4
973
4
9712 June'26
10412 July'26
1035
8
103
/
1
4
10058 June'26
106 Aug'25
10113 June'26
100-8 Oct'25
9114 May'25
100
Apr'26
9112 Nlar'26
1043 June'26
8
6714
6714
8318 June'26
Low
58
Reading Co gen gold 48
1997 J J 9818 ____ 99
99
1
Registered
444 May'25
J J
Jersey Central coil g 48__ _1951 AG 94
9412 94 July'26
Gen & ref 414e Ser A
8
1997 • J, 073 Sale 9758
9812 54
Riches & Dane deb fie stpd 1927 A 0, 100:4 Sale 1003
8
1003
8
2
Rich & Meek let g 48
78
1948 MN
____ 80 May'26
Richea Term Ry let go 58
1952 J J 10274 10315 1013 Apr'26
4
Rio Grande June 1st gu 5s 1939 J o 10014 10138 101 14
5
10114
Rio Grande Sou 1st gold 48 1940.8,
7
512 Dec'25
Guaranteed (Jan 1922 coup on) ▪ J.
6 May'25
Rio Grande West let gold 48_1939 J J 913 ____ 91
s
9134
5
Mtge & coll trust 48A
1949 A 0' 83 Sale 83
83
2
RI Ark & Louis let 4148_1934 M
9312 Sale 9338
933
4 37
Rut-Canada let gu g 48
1949 ▪ J 8138 Sale 8138
82
6
Rutland lat con g 4 sis
1941 J J 9034 9214 92 July'26
Bt. Jos dr Grand lel let g 4s_.1947 J
84 Sale 84
8414
4
St Lawr & Adir 1st 5 Ss
1996 I .1
9812 _
9912 June'26
2d gold 6s
1998 A 0, 101
_1101 Sept'25
St. L & Cairo guar g 45
1931 J
9512 9612 9614 June'26
114 I Ir NI A S gen cone 58_1931 40 100:4 Sale 10038
1005
8 31
Unified & ref gold 4e
1929 J J 07 Sale 97
9712 61
Registered
I J _
93 Sept'25
Div 1st g 4e
Riv &
1933 MN 9214 Sale 9218
9234 44
St L. M Bridge Ter go g 55
1930 AO 10018 102 100 June'26 ____
St L & Ban Fran (reorg co) 45 1950
J 8213 Sale 8213
8378 124
Registered
J J
8314
8314
1
Prior lien Sec B 6s
1950 J J -55- Sale 97
4
993 132
8
Prior lien Ser C be
1928 J J 10218 Sale 10218
10212 22
Pr'or lien 5148 Per D
1942 J J 10138 Sale 10114
10113 41
Cum adjust Fier A 65......5l1455 A0 07 Sale 97
145
Income Series A 68
51980 Oct. 0312 Sale 9312
9458 308
StLouls & San Fran Ity gen Be '31 J J 1053 1055 10514 June'26
8
8
1931 J J 1003 Sale 1003
4
General gold 59
4
1003
4
2
Bt. I. Peo & N W let gu 58_ _ _1948
J 10338 105 1034
1034
St. Louis Sou 1st Rug 4s
1931 MS 95
____ 96 July'26 ___9_
EitLISW Rag 49 bond ctfe 1989 MN 8618 Sale 8612
87
5
2d 848 Income bond ctfe_p1989 J J 803 8112 803 July'26
4
4
Coneol gold 95
1932 J D 9318 Sale 1 9318
94
19
let terminal dr unifying 53_1952 .1 .1 9514 Sale 943
4
953
3 31
St. Paul & K ('Sb L let 4143 1941 FA
90
9038 91)18
90
37
Si, Paul & Duluth let 58------.131 O F 10114 103 1 0914 Mar'25
let consol gold 48
1968 .81) 8814 Sale 8814
8814 ---4
Paul E Or Trunk 4148_1947 .1
St
.1 9218 ____ 91
Jan'26
St Paul Minn & Man con 4s_1933 JD 964 964 97
974 15
Registered
J D
9214 July'25
(orient g 45
let
1933
D 108 109 108
108
1
Registered
J J
107 Mara
Be reduced to gold 4 I4s___1933 J J 9913 Sale 9913
9913
_65i2 s _ 99 Mar26 -__3
Reglatered
1933 J
_
Mont ext 1st gold ee
9 38 94 June'26
1937 J D
Registered
D
9214 May'25
Pacific ext guar 4s (sterling)'40 j j 00
9014 90 July'26 ____
t Paul Union Depot Os .A972 j
105 1054 105
10518
4
BA&AFasslstgug4e..19t3J J 8814 Sale 8814
883
4
Septa Fe Pros dr Phen 541_1942 M S 10214 ____ 1023 May'26 20
8
Sac Fla & West let g(A_ _1939 A 0 108
____ 110
Jan'26
1st g 5s
1934 A 0 10214
_ 1013 Dee'25
4
Scioto V & NE let gu g 4s_ _1989 MN 89 66
Ms
8918
2
Seaboard Air Line g 48
195(1 A 0 81
82
81134 July'26
Gold 48 stamped
1950 A 0 8012 Sale 8013
803
4
15
Adjustment be
Oct 1949 F A 8014 Sale 804
803 153
4
Refunding 48
1959 A 0 75 Sale 75
76
306
let & eons 68 Series A... _1945 NI S 05 Sale 9514
/
1
4
06
274
AtI & Birm 30-yr let g 48.41933 M
01 14 92
003
4
9034
5
Seaboard-All Fla Istgu6.A.i935 F A
96 Sale 9412
96
24
Seaboard & Roan let 54
1926 J
994 ____ 9978 June'26
1929 M N 10112 Sale 101 12
BO Car & Ga let ext 5)45
1013
1936 F A
S AN Ala eons gu g 55
10414 June'26
1963 A 0 106 108 10814 July'26 -___
Gen cons guar 50-yr 5a
So Fag Col 9s(Cent Par col)51949 J D 88 Sale 88
885
8 20
J D 8118 88
Registered
8513 May'26
20-year cony 45
June 1929 NI S 9812 Sale -98
0812 103
20
-year cony 55
1934 J D 100 Sale 10014
101
42
20-year g Is
1944 M N 101 Sale 101
101
7
San Fran Terml lot 48_1950 A 0 8813 00
9033 July'26
Registered
A 0
8512 June'26
So Par of Cal-Oil g 58
193758 N 10312 10512 104 June'26
Bo Par Coast 1st go g 4a
1937 J .3 9414 95
9414 Jan'26 _ :So Par RR let ref 4e
J
91 Sale 91
1955
011 25'7
/ .
4
Southern-let cons a bs
1994 J J 1063 Sale 1063
4
4
10713 41
Registered
D
10612
Develop & gen 48 Ser A..1956 A 0 8414 Sale 8414 June'26 ____
8512 138
1 1,
:
Develop & gen 6s
1956 A () 1 11 7t Sale 11112
112121 10
Develop & gen 614e
1956 A 0
Sale 11714
118
76
Mem Div let g 4145-5s
1996 .1 J 105
____ 1045 July'26 ___ _
8
St Louis Div let g 49
19510 .1
9015 91
90's
9018
1
East Tenn reorg Ilen g 55 1938 PA S
.1005
8
1005
8
1
Mob & Ohio roll It 48._ 1938 M S 9114 ....- 8 92
915
Spokeee Internet let g 541_1955 J .1 8414 863 8718 July'26
4
June'26 ____
Superior Short Line 1st 5s_ .I1030 NI S 100
____1 9912 May'26
Term Assn of St L 181 g 4148.1939 A 0 985 ____ 9812 June'26 ___
8
_- _
let cons gold be
1944 F A 102
__ 102 July'26 2:
Gen refund s f g 4s
1953 J .1 8612 17 I 87
8712 15
Tex & N 0 con gold 58
1943J J 1110 102 100 June'26
Teem Jr Par 1st gold be_2000 J D 1053 Sale 1053
8
8
111712
5
La Div B L let 5s
1931.8 J 10018 10038 10014
101
15
Tex Far-Nlo Pac 'I'er 6 148 1964 M S 104 Sale 10312 104
11
Tel & Ohio Cent let gu 5s,19363
101
__ 1017
8
1014
Western Div let g 5e
1935 A 0 1004 10212 1004 Mar'26 ___4
/
1
General gold 5s
1935.8 D 10018 101 10013 1014
i
& West 41_1917 J
Toledo
____ 30 1 23 June'26
Tol St L & NV 60-yr g 4e
1950 A 0 90
92
9012
9013. 23
..
.
rot w V & 0 gu 4yia
I
99
, ______, 9
9
__ I 8 Ntte5
8% D 26r:
Ie 2
Series II 41443
1933.8
_
Berke C 48
1942 M S 92
____ 90 Nov'25 ____
Tor liam & Buff 1st g 4s__1948 J D 8914 9012 90 June'26
1928,3
plater dr Del let cons g 5e
let refunding g 4s
1952 A
Union Pacific let 5 45
1947.8
Registered
J
-year cony 48
1927.8
20
Registered
J
e2008 M
let .t refunding 40
e2008 M
let lien & ref be
-year perm secured fie-1928 J
10
a Due Jan
D
0
J
J
63
25
9414
92
9958
66 1
371
/
4
Sale
9312
Sale ,
63
64
3612
3718
933
4
9414
9234 May'26
9913
99
J
9912 May'26
8914 Sale 894
8912
1073 109 1073
4
4
10812
J 10212 Sale 10212 1023
4
1
d Due May. a Due June, 5 Due July
Etl
tIS
1
High
Ii14 9734
96
973
4
100 10412
0111 1045
/
4
8
10058 101
14
101 8 113
- 7-
1
BONDS
N.Y. STOCK EXCHANGE
Week ended July 16.
0
194 1.
3- - 4118
911
/
4
91
8
10213 1043
6834
63
831e 8318
9518 99
95
9414 984
8
9914 104 3
80
80
1n212
1013
s
9.512 101 14
U N J RR & Can gen 4s____1944 m s
1926.8 .1
Utah & Nor gold 58
1933 3 J
1st extended
4se Ser A
11995575 F A
Va a
58 N
vec cru & SeIsee n 4 I4 is
e 118°is4s P gt t u
193411 .!
93
J
July 1914 coupon on
Assenting 1511 448
1 96 J j
3
Virginia Mid be Series F____ 1931 N N
General 5s
19 8 A .1
00
Vs & Southw'n let go 58_2 53 J 0
505
virg tnian1810-Year 1.
iei eone 5 : 55
Series A
1932 M N
969 F A
1939 M N
Wabash 1st gold 58
2d gold 55
A
Ref a I 51is ser
1975M 8
Debenture 116s regIstered_1939 m 8
1st lien 50-yr g term 4
8_19541.11 J
1941 J J
Det & C hl ext 1st g 5s
1
Dee Moines Div let g 48_ 1939i
Om Div let 11 310
94A 0
j 3
1941 M 13
1008 F A
94
WT°e't 1C hrD gug435 tie_ _2 0 A) si
arrI n st efly a
Wash Cent 1st gold 45
Waal) Term let gti 31-4s
1945F A
let 40-year guar 4.5
- 7- 9214
31 2
741g 85
80
9
8842 94784
7
311
Price
Friday,
July 16.
Bid
9412
045
8
____
903
8
9012
Week's
Rowe or
Last Sale
Range
Since
Jan. 1
E le
O
ccoa
Ask Low
High No. Low
Higli
9,512 9212 Dec'25 -____ 10012 Mar'26.---997
j100t
9512 Mar'26'-9512 9515
____ 893 May'26 -4
88
89 4
3
____ 8818 June'26
8814 881a
3012 June'26 -10013 __. 100 Dec'25 -10212 103 102 May'26..-10234 10314 10212 June'26
5
9412 Sale 94I
9453
9452
19152 Sale 10118
10258 84
1023 Sale 1025
4
8 1024 28
2
995 101 10118
8
10118
139
10338 Sale 10214 104
934 Fels'25
833 86
8612 June'26
102
____ 10218 June'26 -884
90 June'26 -4
8
823
8112 83
8112
8914 ____ 887 July'26 ---8
81 May'26
85
87
84
Apr'26 -8418 86
8512 June'26 -911 ____ 913 Apr'26
/
4
8
1
9912 100
983 Mar'26 -8
727 Sale 727
8
8
75 1 65
10012 10212 101 12 July'26 28
8718 8712 8618
8714
2,
45 Feb'25 ----I
23
33
1131 112
- --9913 10213
90 4 1)6
3
994 10312
10114 104
9812 1017
3
9812 105
84 - 8112
/
4
101 1021
8414 90
7718 83
87
90
80
81
84
8511
83
887
3
83
9114
W MM W & NW lot Ru 58_1930 F A
Ms 983
s
1952 A 0
West Maryland 1st g 48
(367 753
s
s
1943 J 0
97A 3
3
West N VA Pa Ist g 5s
100711 10212
Gen gold 45
831 88
8
85
92
2
87
78
Apr 1 1943 Nov
Income g be
1946 m .1
3 1
78's
Western PAC 1st Ser A 58_2, i 8 555
10 7-- 8
0
9712 9912
9le -3
1946 M S 103 Sa9l4 10914
103
99'4 4
let gold 6s Series B
101 10034 10612
86 Sale 86
West Shore let 46 guar
8614
8
83
/ 865
1
4
8
Via; fi6-13 Registered
2361 .1 J 86 Sale 86
83
86
15
83
10014 101
8
1926 A 0 997 10014 10012 June'26
Wheeling & L E 1st 3 5e
994 10013
/
1
953 9734
4
930 F A
5
Wheeling Div let gold 561928 JJ 10014 101 1003 May'26
10014 10212
Ext.) 1mpt gold 58
!&
985 9974
5
19
.- 94 196 AI S
6
Refunding 414e Series A 1949 M s
807 89,2
5
993 10012
4
15
81
8914
77
/ 84 12 wiig &letast ns gu a 58_1942 J D
1
4
R il R e° isT 48
Sale
12
6414 7434
80
84
788939
77
-e- 889::8 Apr'26u788311624
1938.8 D 102 '1 '2 8;8 10218 j
377 2
WIII & 13 F 1st gold 5s
1023 10212
5
93
995 Winston-Salem S B let 4s
8
8 2
1
1960 J J 8712 - i1- 873
8514 88,
4
87341
4
5
1017 103
8
8312 8312
8312
Wis Cent 50-yr let gen 4s__ _1949 J J 83
5
804 87
/
4
9914 1031
5
8812 91
9012
Sup A Dui My & term 1st 4s'36 M N • 887 8934 9014
5
9213 974 Wor & Con ELIA let 41-4s,,.,1943 J J 803 -- -. 86 June'26
5
7614 8615
8134 94 8
,
1054
INDUSTRIALS
I
10018 10112 (dame Express coil tr g 4e__1948 m fil1 86 Sale 86
863
41
85
5
871s
:
1021 19 % Ajax Rubber 1st I5-yr s f 85_19363 D 103 Sale 103
941 0
10314 13 10112 105
1
4,, 5
434
44
44 6
...aka Gold rel deb 65 A_1925 M S
844 88
412 43
4 412 Ire106 --i5
Cone deb 69 Series B____1926 NI S
,
4
.' gt
9ils
4i
82
klPine-Montan Steel 78..._ _1955 M S 903 91 14 91
4
911 98
/
4
19281A 0 103 10318 103
/
4
103 1
km Aerie Chem let 58
I 1023 1041
4
89
/ 973
1
4
8
19411 F A 1 0414 Sale 104
let ref s f 7 Sis g
10412 80 10318 105
86
9134 kmer Beet SUSI cone deb 6e_1935,F A 1 9214 9372 9114
1
9212 11
9012 10113
I f 6s1933 A 0 1013 Sale 10114
American Chain deb
4
1013
4 32
9814
"si- 8o2 Am Cot 011 debenture 58_1931 55 N 9318 9434 9435 94% 10 9312 102
9714
91
1936!j .1; 102 10212 10614 July'26 ---- 1055 1064
Am Dock & ImPt 50 6e
8
/
1
91) 924 (user Ice deb 7sJu.y 15 19391_1 125 128 121 May'26 ---- 118 13413
1939,A 0; 10114 Sale 10114
km Mach & FdY el f 89
10218, 18 10014 103
16f7; i0I 3 km Republic Corp deb 58._1937.A 0' 100 1005 100
-4
,
8
10014 1 12
98 10014
107 1b7
10111 84
km Stn & It 1st 30-yr 55 ser A1947IA 0 101 Sale 101
99 1015$
1 A 0 108 Sale 1073
4
1034(user97
10818 14 1045 10834
let NI 68 Series B
98 199
9112 09
'
9
Sale 1023
1937 .1 J
4
104 1' 99 102 10513
(user Sugar Ref 15-yr 68
93
1.1CAN km Telep & Teleg coil tr 46.1929,3 J 98 Sale 0818
9852 148
961 9834
/
4
1936 N S 9458 _
9312 June'26 ----! 92
Convertible 4s
84
119 4 9002'i
2
:
101 10015
- -1001g
1933,M S
2
97% 10212
20-year cony 41.411
1017 10513
8
1948'j 0 15253 Sale 10212 1031 60 1004 11131
/
4
/
1
/
4
30-year roll tr 58
103 June'26 ----' 1023 103
Registered
J D
4
84
89
e
1960 .1 J 100i4 lif;1-- 10018
10078 424
35-yr e f deb 58
97 101
/
1
4
10012 1023
4
/
4
1943 M N 1041 Sale 1044
106 , 147 103 10634
20-yearef51.48
110 110
1940 A 0 1044 105 10413 10434
Am Type Found deb 68
9 10314 105
97 Sale 97
Am wat Wks & Elec 5e1934
98 1 25
955 9814
4
5818 Sa_1!_ 5 3
19391 1
5 8
.
8
J
5912 6 , 42,1 61 (4
, 80
,
3
8
km Writ Paper 8 f 7-es
1
01 38
7814 82
'Temp Interchangeable cife del). ____
7814 82
1
76
877s 4naeonda Cop Min let 68_1953 F A 1033 Sale 1033
4
8 104 1 170., 10114 10412
69
/ 76
1
4
/
4
1938,F A 10712 Sale 1061 10713 418 ' 10214 10712
15-year cony deb 7s
91
963 kndee Cop Mln deb is 50% pd'43 .1 J 102 Sale 101 13 102
8
268
96i 102
884 94
/
1
1945 hf N 97 Sale 9612
9514 10013
9714 79
knglo-Chllean Nitrate. 7s
9214 083 kntilla (Comp -sue) 7145 1939 1 J 8714 88
4
873
4
873
4
1
8412 98,2
997 1004 krk &
8
Sale 9914
9911'
5
9415 994
Mete Bridge & Ter 5s_1984 M S 9912
10114 102
911 50
/
4
9038 927
8
Armour & Co let real est 4Sis1939 J D 91 Sale 91
1034 10414 Armour & Co of Del 544S. _ _1943 .1 J 94 Sale 9313
9414' 122
921 984
/
4
10534 108
4 Associated 0118% gold notes 1935 M S 103 Sale 102
103 1 22 , 102 10318
851• 9111 (tlenta Oae I. 151 ha
4
1947,3 D 10014 ____ 995 Mar'25 ---_ _ ____
8
8435 8512 Atlantic Fruit 7s (Ifs dep
19341J D .5 ____ 28
Jan'26 ---- - 28
20
967 98 4
5
,
cr,,. 4 etiq of rinonqlg
/
.
21
r___ 2018 Jan 1 __.,3
7 26
'
701s
21
WO 1023 At1 Gulf dic W IS S L 5g
4
1959 J J 7014 7012 70
993 1017 Atlantic Befg deb be
4
5
8
193
J 1005 Sale ,1003
8 1003
4 3111 9934 1023
4
91
87
71j
1
8512 Baldw Loco Works let 5s
85
1944) M N 104 105 104 July'26 ---- 1034 10534
/
1
10314 1043 Baragua (Coup As) 7 qe
4
1937 J J 10412 1044 10412 10412
2 103 10613
9414 941, Barnedall Corp deb 6s
1940 J 0 98 Sale 98
9834 162
97 101
90
93
1036 J .1 9614 Sale 9614
Belding Herninway 6e
96 1007
963
8
4! 6
/
1
4
1948 J J 102 Sale 1024 10312: 39 10058 10378
Beli Telephone of Pa 58
/
1
104 108
1960 A 0 103 Sale 103
ref 58 Ser C
1st &
103141 211 100 1037
8
1014 10612 Beth Steel 1st & ref 55 guar A.'42 M N 10014 Sale 10014
7) 053 10114
100121
3
81 14 8
018
1936 J J 9714 Sale 97
30-yr p m & Imp s f
10714 1137
5
59_8
Cons 30-year ne Series A I948 F A 1013 Sale 1003
4
1018 ?i2
114 5g
2
1
4'1% 1981 :
2
:
8
112 1187
9514 Sale 9472
-year 5SO Series 13 1953 F A
Cons 30
9
10134 10513 Bing & Bing deb 6)4s
1950 M S 9213 95
92
92
4
9018 95
9012 Booth Fisherteedeb e f 68_1926 A 0 06 Sale 98
86
97
33
70
97
99 101.5
/
1
4
8 Botany Cons Mills 6148
1934 A C 8313 Sale 83
8312 41: 8012 9514
8715 93
1942 A 0 104 Sale 10312 104
Brier Hill Steel 1st 514e
13. 101 10438
873 B'way kr 7th Av let c g 55...._1943 J D 711 72
4
81
7112
/
4
72
371
7638
9912 95/12
CUs of den stmpd June '25 lot ___ _
70
73
94 july 13
7012
7 24
8
4
7012 73
9514 9812 Brooklyn City RR 58
1941 .1 .1
3
9314 9534
101 106
Bklyn Edison Ine gen 58 A 1949 J J 1,
5iit de-de- 1033
4
10412 70 103 10534
843 8712
4
1930 J J 10418 10414 1034 104
General 6s Serlee B
5 1034 10612
9818 102
_
Bklyn-Nlan 12. Tr See 65_ .1968.8 J 964 Sale 9612
9734 239
92% 118
103 10712 Bklyn Qu Co & Sub con Rid 51 '41 MU 6212
64
843 July'26 ____
4
61
84
4
994 101
1941.8 J
let Is
7514 79
79 June'26 ____
72 79
9914 105
Brooklyn R. Tr 1st cony g 48_2002,3 ..1 88
____ 92 June'25 ---___. __-10018 10178
secured notes_ _19211J J
3-yr 7%
13613 Nov'25 _--____ _-_10012 1014
Ctfs of deposit stamped
1231 Mar'25 ---/
4
9758 10218 Bklyn Un El let g 4-5s
i5W) i-i
97
-12 9.5
95 1
2 - 3 -- 811- 9i
23
375
8
Stamped guar 4-54
1950 F A 9512 9712 9.518
9538
9
8812 953
5
873 004 Bklyn tin Gas 1st conga 515....1945 M N 10013 103
8
1034 July'26 ____ 1014 10 4
4
973 98
8
191 lien & ref 64 Series A 1947 M N 15 : ___ 11314 June'26,__ 110 1134
1
Cony deb 5548
1936 J J 14712 Sale- 14534
148 1 44 126 152
Buff & Sulu 1038 11 158
1932 J D 9012
91 June'26 ____
92
91
101; Bush Terminal let 4s
1952 A 0 905 - - - 92
5 9175
02
92
Congo] 513
19,5.8 J 944 96
941
90
87'8 9814
2
9.513 13
1
6
6012 80
Bush Term Bides be an lace. 1950 A 0 993 Sale 985
4
8
9978 32
954 100
2
3612 48
i 1
1
40, 9215 9512 Cal GA E Corp unlf & ref 5a_19371M N 10134
1024 1013
4
1013
4 12 10014 102
8315 933 Cal Petroleum e f g 6 Sie____1933,A 0
4
10412 Sale 10334
105
43 1034 1054
79
994 100
Camaguey Sue 1st s f g 7s___1942 A 0 9
Sale 98
9013 997
98
8
8
9912 Canada S.9 Lines 1st coll St 7s '42
09
M N 10413
/
4
6 10118 1047
8
24, 86
903 Cent Dist Tel 151 30-yr 58_1943 J D 103 105 10412 1041
4
Sale 103
4 1013 10312
4
103
20 10613 /0912 Cent Foundry 1st s f 68
1931
97
2
934 99 4
3
25 10214 1033 Cent Leather let lien ef 86_1945 F A 97 Sale 9613
4
J J 102 Sale 102
1025
8 34 100 1024
k Due Aug. p Due Nov. ,Option sale.
. 77
.
312
BONDS
N Y.STOCK EXCHANGE
Week ended July 16.
New York Bond Record-Continued-Page 5
Price
Friday,
July 16.
Range
Since
Jas. 1
Veers
Range or
Last Sate
BM
Ask Low
High No
3
1° 111 1h
10 L41514 12 g4
121 Sale 12014 121
101% 103
10112 103 11028 July'26
8544 81
73 -100
7212 Sale 7212
108 Sale ;107
10814 801 10512 10912
102 Sale ;102
10214 26 102 19312
3 10211 10512
1043 Sale 110414 1043
4
4
3
94 4 953
4
149
4
95
943 Sale I 943
4
8288
82
80 ____ 82 May'26
5 9014 9534
9412 9514 9412
941283 4 91
3
4
8912 Sale j 8912
893
4
10014 Sale 100
10012 11 100 10114
2 100 101
100 10012 10014
1003
8
- 1-4 1.. 1.
10
Oct'25
1; l;
4
Columbus Gas let gold 56
9912 10018 Jan'26
1932
J 99
75
813
4
Commercial Cable let g 46_2397 Q J 80
81
8012
80% -- -298 10
0,,
Commercial Credit s f 68_1934 M N 98 Sale 98
9814 25
912
9212 9
935
Col tr s 1 514% notes
1
93
94
933
8
1935 J
4
Commonwealth Power 66._1947 M N 105 Sale 105
10514 33 1023 10512
10578
Computing-Tab-Ree a f 68_1941 J .1 105 Sale 105
4 1090
3
48819112
Conn Ry & L ist & ref g 410 1951.3 .3 93
9412 93
93
90 9412
7
Stamped guar 43481
93 18
1951 J J 93 Sale j 93
30
7812 86
Cons Coal of Md 1st & ref 66_1950 J D 823 Sale I 8114
83
4
Comet G118(N Y) deb 5%6_ _1945 F A 1053 Sale 10518 10512 86 10414 10612
8
Cons'd Pr & Ltg let 6303_1943 M S
1047 Mar'26 ---i
8
17 : 82
°41 1'514
37
Cent Pap & Bag Mills 63413_ _1944 F A 75 Sale ; 75
75
4
1
9814 1023
Consumers Gas of Chic gu 58 1936 J J 10212 1023 10212 10212
4
971g 1 3
0
Consumers Power let 56
1952 M N 10014 Sale 10014 10238 38
1
09 100
Copenhagen Telep ext 6s__ _1950 A 0 101 Sale 101
101
CornProdl(efgafg5a
1931 MN 99 ____ 903* July'25 __- 2
18t 25-year f 513
8 20 1661- 1-038
1934 MN 1013 103 .10188 1027
8294 9414
Crown onck otord 19t 9 t &Lig:43 F A 9214 93 ; 9214
9414 24
994
Crown-Willamette Pap 66._.19513 J 9912 Sale 9914
993
4 82 99
4
9218 10.314
Clain uo cony 8168
4 1023
4
1935 J J 1023 Sale 1023
4
96
88
Cubs Cane Sugar cony 76...._1930 J J 92
923 91
2
9214 20
3
92 100
Cony deben stamped 8% _1930 J J 953 Sale 95
96
8
Cuban Am Sugar let coil 88_1931 M S 10814 Sale 1077
8 10814 50 10612 10012
9114 99%
973j 97
Cuban Dom Sue let 730_1944 M N 97
22
971
Cumb T & T let & gen fls_ _ _1937 J .1 10214 10234 10214
16 10014 1025
1025
38
933 97%
4
Cuyamel Fruit let 6e lot etfe '40 A 0 953 96
953
4
96
4
Central Steel let get 8a..._1941 MN
Ch L & Coke ist gu 5a-1937 J J
Chicago Rye let be
1927 F A
Chile Copper 68 Ser A
1932 A 0
Clncin Gas & Elec lat & ref 68, A 0
56
546 Ser B due Jan 1 _
1961 A 0
Cities Sery Pow & L a f 68 __1944 MN
Clearfleld Bit Coal let 433_1940 J J
Colo F & I Co gen a I 56.1943 F A
Col Indus let at con 58 gu__ 1934 p
Columbia G & E lat 56
1927J J
Stamped
1927.3 .1
Col & 9th Ay let gu g 54_ _ _ _1993 61 S
Deny City Tramw let con 56 1933 AO
Den Gas & EL let & ref afg 63'61 MN
Stamped
MN
Dery Corp(]) G) late f 7s_ _1942 MS
Detroit Edison let coil tr 56_1933 .3.3
let & ref Se Series A_July 1940 MS
Gen & ref 58 Series A
1949 AO
let & ref fle Series 13...July 1940 MS
Gen & ref fs esr 13
1955 J D
Del United let -ons g 4,14s 1932 ii
Dodge Bros deb&
1941 MN
Dold (Jacob) Pack 1st 6s
1942 MN
Dominion Iron & Steel 58_1939
Donner Steel let ref 79
1942 3,
Duquesne Lt let & coil 613_1949.3'
let toll trust 534s Series B.1949 J J
9218 Aug'25
-0
98 --39714 Sale 9714
5
9714 Sale 9714
973
4
82
8188 Sale 8188
6
10188
10118 1017 101
8
9
101 10212 10214 10288
70
8
1017 Sale 10112 10112 19
10712 Sale 10712 108
4 10238 100
10188 Sale 1013
4
95
95 Sale 943
187
- 96
96 Sale 9512
7214 7514 72 July'26
3614 36%
3612
36
2
94
94 Sale 94
26
1057 Sale 10514 106
8
6
10514 10512 10512 1053
4
East Cuba Sug 15-yr e
710 37 MS
.
Ed El Ill Bkn let con g 4c 1939
'
3
Ed Elec Ill let cons g 513__1995 Ii
Elec Pow Corp(Germany)6348'50 M
Elk Horn Coal 1st & ref 6%8.1931 Jo
Deb 7% notes (with warr'ts'31 J D
Empire Gas & Fuel 734e.. 1937 MN
let & ref 63
1e(with warr'ts)'41 AO
Equit Gas Light lot con 56_1932 MS
Federal Light & Tr let 5a1942 MS
let lien 6e stamped
1942 M
30
-year deb 68 Ser B
1954 J o
Federated Metals a f 76
1939 J D
Flak Rubber let s f 8e
1941 MS
Ft Smith Lt & Tr let g 56_ _ _1936 MS
Framed/ Ind & Dev 20-yr 7318 42'.3
'
Francisco Sugar 1st a/ 7%6.1942 MN
French Nat Mail SS Lines 781949'ID
10414
104 Sale 103
9438 ____ 9514 July'26
10612 ____ 10612 10612
4
9318
93 Sale 923
99
9812 99 99
9914 May'26
____ 98
10314
a
103 Sale 1027
97
/
1
4
973 Sale 9712
4
9912 10014 100 June'26
968
967 9534
8
95
1033
8
10312 Sale 103
053 9512 96 July'26
4
90
90
92
89
116
116 Sale 115
85 4 ____ 86
86
4
9012
90 Sale 893
105
105 Sale 105
8014
80 Sale 7912
Gee dr El of Berg Co cons g 361949 J D
Gen Asphalt cony 613
1939 AO
Gen Electric deb g 334e
1942 FA
Gen Elec(Germany)78 Jan 16_'45 J J
Si deb 634e with war_ __ _1940 J
Gen! Petrol let a 155
1940 FA
Gen Refr 1st a f g 66 Ser A._1952 P A
Goodrich (B F) Co let 6346_1947 3,
Goodyear Tire & Rub 1st 8s_1941 MN
10
-year 'deb g 86
61931 FA
Gould Coupler let e f 6s__ _ _1940 FA
Granby Cons M S& P COD 68 A'28 MN
Stamped
1928 MN
Cony deb 78
1930 MN
Gray & Davis let cony a f 78_1932 FA
Clt Cons El Power(Japan)76.1944 FA
Great Falls Power 1st Cl 54-.1940 MN
10212 June'26 _10618 July'26 _ -9018 June'26
10312 59
10312 Sale 102
103 Sale 10634 10814 329
10012 277
100 Sale 100
10314 10512 10314 July'26
10618 Sale 105% 10614 31
12114 Sale 12014 12112 46
1103* 20
11014 Sale 11014
3
8814.
88 Sale 8814
100 I 10
100 101 100
100 10014 100 June'26 _
310
1093 Sale 10612 110
4
1043 10514 105 July'26 _4
9414
95 I 53
95 Sale
4 11
10018 Sale 10018 1023
1001% 10212
10418 1061,
87
90%
05 10312
812
9914 10
983 23 2
1 10 1,
4 0
10012 103(4
104 107
122
9
0 3 13
29 4
:100874 19234
Hackensack Water let 423._.1952.3 J 8712 8814 88
2
88 I
Hartford St Ry let 4s
1930 M S 863 _ _ _ _ 9512 Aug'25
4
Havana El Ry L & P gen 68 A'54 M S 98 Sale 9738
98 ; 22
Havana Elec consol g 56_ _1952 F A 96
963
8
9713 13
98
64
Hershey Choc let & coil 534s 1940.3
10134 Sale 10112 102
HOB(R)dr Co 1st 6% 6 temp_1934 A 0 963 Sale 95
96
29
4
Holland-Amer Line 136 (fiat)_1947 MN 82 Sale
Hudson Co Gas let g 66
1940 M N 10318 10312 10318 103% 13
Humble Oil & Refining 530_1932 J J 1027 Sale 10212 1027
8 14
8
868 8818
8
1023 Sale 10234 1033
4
97
97 Sale 96
9712 10014 98 June'26
8 1047
8
1047 Sale 1047
8
100
993 Dec'25
4
10138 Sale 10114
1013
4
10118 Sale 10114 10114
____ 19 8 11 Apr'25
7
13 May'26
12
1012 Mar'25
8
7414
723 Sale 727
4
74
4
723 Sale 723
4
743 Sale 7414
4
7514
9618
9512 Sale 9512
96
943 957 95
4
8
4
903 Sale 903
4
917
s
94
9112 Sale 9212
943 Sale 94
4
95
9912 Sale 9812
9934
8 10812
108 Sale 1077
largena Works tls(fiat pr(ce)_1947 J
Kansas City Pow & Lt 5a1952 M S
Kansas Grof & Elect% 66 _1952 M B
Kayser (Julius) & Co ltrt at 76'42 F A
Kelly-Sprhigf Tire 8% notes _1932 MN
Keystone Telep Co let Is. _ _1936 J J
Kings County El & P g 88_1937 A 0
1997 A 0
Purchase money 68
10814 Sale
1013 Bale
4
106 Sale
10512 106
1043 Sale
4
92 Sale
10318 __
123 8 124
7
2
42
6
87
31
15
10
1
8
10
15
1
s
1023 -8
10512 107
Illinois Bs!! Telephone 5s___1956 J D
Illinois Steel deb 430
1940 A 0
Ind Nat GR8 & 011 as
1936 M N
Indiana Steel let 58
1952 M N
Ingersoll-Rand let 58
19353 J
Inland Steel deb 534s
1945 MN
Inspiration Con Copper 6%9.1931 M S
1nterboro MetroP coil 4%6_ _1956 A 0
Guaranty Tr Co etts dep
CU dep stpd asattl 16% flub. _ --Interboro Rap 'Fran let 159_ _1966 J .1
Stamped
10-year (le
1932 A 0
10
-year cony 7% noten_1932 M S
Lot Agrie Corp let 20-yr 5s_ _1932 M N
Stamped extended to 1942__ MN
Inter Mercan Marines f 69_1941 A 0
International Paper be
1947.3
Ref fas Ser A
19551W
lot Telep & Teleg cony 534s 1945 M S
Due May. a Option Baia.
12
108
1013
4
104
10511
10414
917
8
10318
1237
8
10812
103
106
105%
10478
92
10318
12378
21
5
5
19
3
83 9
8
-7110171J8
100 10428
8
8
100 1043
106 10812
10018 104
00
9712
9212 971
/
4
894 62 4
3 18 83
64
3
92% 971
105 107
1047 10688
8
103 1083*
93
993*
103 108313
85% 9314
9818 100
99%
10112 104
9112 10 5 4
47
9
03
92% 977
8
100 1043*
93 97
8412 9
7
11312 11611
7614 86
88
93
104 1073*
7912 8214
101
100 101
700 110
96 10
14 9
903 9618
8
10018 10414
16-
7
65
51
8
5
8
8
3
Weer+
Range or
Last Sale
Range
Since
Jan. 1
11103
High No Low
All Low
Ind
77
14 8218
8
8112
8112 82
8218
77% a
813
4 10
8114 Sale 81
9838 101
1
101
__ 101
1005e
17 106 110
1093 112 1081
8 -* 110
3 tog 107
10512 10614 10512 1053
4
961 10
4 0
11
99
983 Sale 9812
4
8 14 100 10114
1003 Sale 10014 1003
8
s
5
4 88 1024 105
1038 Sale 10312 1033
08 10012
10012
10012 Sale 100
s
:
4 Ho 1011
8 101
10012 101 1007
0912 10018
3
100 100
10012
397 40
s
%
4012 Feb'26
3 718 12612
4 1233
4
1223- Sale 1223
4
12012 122
_ _ 12012 May'26
on% 1033
4
117-8 10218 July' 6
10014 1015
2
100 100
_ 100 July'26
2 11512 121%
LorliRrdlater
laeA Co(1)7e
9818-- 4 1203
4
1944 A 0 11612 12034 1203
11812 11812
115 ____ 11811 June'26
980e 102111
5
58
10012
1953
100 Sale 100
1951 F A 9414
F
9614 Oct'25
W7 10 .7
- - 8
2 0
Loula igt red Electric 58_1952 M N 1001 Sale 1100
R
1007
8 Si
je
8
& Gas
8912 9413
Louley Ry let con 58
9212 June'26
923 95
4
Lower Austrian Hydro-Elec Co j j
939
8212 88
3
Ist a f 6%6
1944 F A 8612 8712 8612
8712
9314 103
8
Mane ti Sugar 7 a
%
9818 983 93
2
9
8
5914 6912
Manhat Ry(N Y) eons 9 48_1990 A 0 663 Sale 663
4
1942
4
6718 31
63 63
6238 6212
6212 13
2d 4e
2013 J D 58
102 11514
1147 June'26
8
Manila Electric 70
89% 97
2
Manila Elec Ry & Lt a 1 5s_ _1953 IIIIS 97 Sale 97
97
19 M N
42
97 9912
Market St Ry 7e Series A
4
1940 Q J 98 Sale 973
9814 83
4 104 108%
8 108
Weir Ed let & ref 9 66 Ser B_1952 F A 108 10812 1073
96% 10114
let & ref 58 Series C
10014 30
100 Sale 100
1 102% 10518
Metropolitan Power (is
92 J j
1953 j D 10412 105 10212 10212
71% 74%
1
7312 ___ 743*
753*
Met West Side El (Chic) 48_1938 F A
s
Mid-Cent Petr 1st 63is
8
1940 PS 6 1043 dale 10414 10412 64 10114 1041
923 98
4
119
97
Midvale Steel &0cony e f 56 1938 M S 97 Sale . 9612
96% 99
0318 9312 9818
10
9812
MilwElecRy&Ltref&eat-1349'31 J J
98% 10014
993
4 100 8 13
,
General & ref 55 A
993 100
4
90% 97
9612 173
4
let &ref Se B
F5 ..1 E 96 Sale 953
(11 3 s
4
11 1003 105
1st & ref g 613 Seriee C__ _ 953 M
10412 Sale 10412 105
7
99 99 a
99% 16
Milwaukee Gas Lt 1st 46_1927 IN N
9912 Sale 9912
997 102
s
30
Montana Power let 58 A1943 J J 101% Sale 101% 102
3
9612 98 4
8
.
43
97
Montreal Tram let & ref 58.1941 J .1 973* Sale 973
8
9212 93
93 June'26
e3
94
(len & ref a f 5s Ser A___ _1955 A 0 93
84
83
7
863 87 ; 8614
8
86%
Morris & Co let a f 430.._. _1939
.1
go
81
Mortgage-Bond Co 46 Bee 2_1966 A 0 80 ____ 81 May'26
96% 98
9714 13
• 10-25-year 56 Series 3__ _1932
97 ____ 97
J
8318 94%
24
947
8
Murray Body let 630
1934.3 D 94% Sale 92
98% 1133
10212 June'26
Mu Fuel Gam let gu g fs
1947 M N
100 10214
100 Mar'26
Mut Un gtd bonds ext 4% _ _1941 MN 1011*
5818 843
4
6012 31
4
lAegua744s 46. _ _1951 J J 593 Sale 5934
ec . r gold
e
98 100%
4 uar
Ik'1 44a
9912 16
tion
1931 ID 9914 Sale 99
9512 99
Nat Dairy Prod 6% notea_1940 MN 9814 Sale 98
983 275
4
1001s 103
Net Enam & Stampg let 513_1929 ID 101 103 101 June'26
9914 101
9914 June'26
Nat Starch 20
-year deb 56_1930 J J 9914 101
4
6 1013 10414
104
National Tube let 58
N 104 10412 104
1952
3
3 imp 103 4
103
103
Newark Consol Gas 5e
8
1948 J O 1027
1007 1031s
8
New England Tel & Tel 58..1952 J
4 18
1023 Sale 10214 1023
4
03% 9434
4
9412 181
7
1st g 4%s Ser B w I
93 8 Sale 933
1061 MN
8
2 1007 103
103
N Y Air Brake 1st cony 64..1928 MN 102 1023 103
4
90% 961
/
4
6
953
4
New ON Pub fiery 181 58 A_ _1955 AO 95 n Sale 9514
19 2
9014 9612
17
96
1st & ref 53 ear B
J D 95% Sale 9512
r
81% 8
6%
13
8414
N V Dock 50
8412
8414 8412
-year let g 4s..1951 P A
N l22 lienols A ref tre 631e A _1941 AC 116 Sale 11538 11612 33 175 118
Y Ed n lst5 Bf
4
10312 17 102 1043
AC 103 Sale 103
4
N Y Gas El Lt & Pow 9 W.1944 3D 10514 Sale 10512 10512 14 104 1053
1948
99% 92
91% Sale 9118
3
917
Purchase money g 45
1949 FA
1 101 101
N Y L EA West C &RR 648 19 2 MN 101 Sale 101
101
4
1004 16184
1023 May'26
4
N Y L E & W Dock &Imp 58_1943 I .1
1001 108%
4
N Y Q El L & P 1st 9 58_ -1930 FA 1664 1663- 101 July'26
4
52 60
55 Apr'26
.1 .1
NY Rye lat R E & ref 48
1942
130%
46
58 July'26
54
CertUlcatee of deposit
4
101
5
1
5
6
5 10
30
-year ad) Inc 19i...--Jan 1942 AG
702 1014
7 Apr'26
5
10
Certificates of deposit
22
37
4
2914 50
29 Sale 283
NY Rys Corp Inc 6a_ _ _ _Jan 1985
82 88%
5
8312
Prior lien 60 Series A
1065 J J 8314 Sale 8318
4
1 1003 102%
1023
4 1023
4
NY & Rich Gas let 68
1951 MN 102%
53% 69%
22
54%
N Y State Rye let cone 4349_1962 MN 55 Sale 54%
70 4 82
4
721
: 19
8619 7212 Sale 7212
let eon 1330 series B
1962
1 101% 10413
NY Steam 1st 25-yr 6aSer A 1947 MN 103% 104 10314 10314
97
9918
98% 40
N Y Telep let & gen s f 4%6_1939 MN 9753 Sale 9818
8 11012 17 109% 11114
1097 11014 1097
8
30
-year deben 616e_ _ _Feb 1949 P A
8 93 107% 109%
20
-year refunding gold 66_1941 AC 108% Sale 10812 1087
10214 Sale 101% 10214 10 10034 103
Niagara Fall ge
Ref &gen Power bat 56_1932 A0 1053 Sale 1053
1041 106%
4
3
4 105 4
4
Jan 1932
99 1013
4
16
4 101
Stag Lock &0 pr let 5i3 A_ _1955 A0 101 Sale 1003
95 100
53
98
4
No Amer Cement deb 6345 A 1940 MS 973 Sale 97%
103% 10414 20 10114 105
10414 Sale
Nor Amer Edison (76
1952 M
2
10512 13 1037 106
10512 Sale 105
Secured It g 634e Sec B 1948 M
9214 99
32
97
Nor Ohio Tree & Light 13s_ _ _1947 MB 9638 Sale 9612
9744 101
8 1003
8 48
.
Nor States Pow 25-yr 68 A_ _1941 AO 100 Bale 997
9314 Jan'25
AO
Registered
12 10434 lO6's
lat & ref 25-yr fle Ser 11
- 41 AO 10434 Sale 10434 105
19
9612 98
9612 9814 9712 May'26
North W T bat fd g 4348 gtd_1934 J J
Sings County El let g 41-1949 F A
54_1954J i
Stamped guar 4a
1949 F A
KInge County Lighting
let & ref 634s
Kinney(0 R)& Co71i% notee'36 I D
195
4
j
Lackawanna Steel let 66 A _ _1950 IN 8
Lac Gas L of St L ref&ext 58_1934 A 0
Coll & ref 5%e Series C_I953 F A
Lehigh C & Nay s f 4%s A 1954 J J
Lehigh Valley Coal 1st g 55_1933 J J
let & ref s(Is
Lax Ave & P F let go 13 59-A99 MS
4
3
195 F A
1.19gett & Myers Tobacco 76_1944 A 0
58
A 0
Registered
1951 F A
A
Ohio Public Service 734e A. 947 A0
_ 1946
FA
let & ref 74 merles B
1948 .3 J
Ohio Alcor Edison lot 6a
Old Ben Coal 1st 6e
1944 P A
Ontario Power N F let 58_1943 FA
Ontario Transmission 513._ _1945 MN
1941 FA
Otte Steel 8e
let 25-yr a f e 7145 Ser B 1947 P A
pacific 0& El gen & ref 59_1942'.3
pao Pow & Lt lat&ref 20-yr 56'30 P A
1937 J
Pacific Tel & Tel 1st 58
Ref M 56 series A
1954 M N
3
Pan-Amer PAT cony a f 66_19 2 rd N
1930 F A
-year 713
let 10
Paramount-Bdway let 5346_1951 J J
Park-Lex at leasehold 634e_ .1953.3 1
Par& Passaic GA El cons 58 19491W B
Peop Gas dr C 1st cons 9 68_1943 n 0
Refunding gold 55
4
Philadelpida Co coil tr 69 A_11::7
15
-year cony deb 53411----1938 IN 8
PhIla & Reading0& I ref bs.1973 J J
11212 113 112
11234
3
11214 Sale 11112 1113
4
7
8 105
10412 Sale 1043
7
917 Sale 91
8
917g 23
101 Sale 10012 101
5
10012 ___ 10018 10012
4
10738 Sale 1073
3 10712
1
10238 103 1023
8 10212 10
993 Sale 993
8
4 10014 44
8
100 1003 10014 10014
6
10214 Sale 10218 10212 37
1007 10112 10112 10218 47
8
106% Sale 107
108
162
1053 Sale 10558 10558
8
4
977
8 67
9712 Sale 9712
0012 Sale 8914
91
9
1023 ____ 1023 June'26
8
8
113 11312 113 July'26 -1017 Sale 10012 10234
8
6
10412 1045 10412 1043
*
4 10
1007 Sale 1003
*
8 101
23
101 Sale 101
101
24
112, 11312
11038 11212
10114 106%
4
88 971
993410213
pp% 101
3
10514 108 4
10014 103%
9712 10015
Kai 101
101 102%
087e 10213
.
1
104 112
10372 107 4
1
9212 98
8613 96
100 1021s
11014 113
98% 10314
10312 1068
4
gess 1014
ppla 1024
4
PleeeArow Mot Car deb 581943 M
Dec 15 1931.3
'Nara° Oil f 86
Pillsbury Fl Mille 20-yr 68..1943 A 0
Pleasant Val Coal let g f 58_1928 J J
Pocah Con Collieries lat 9 f 581957 J J
Port Arthur Can & Dk 68 A.1953 F A
1953 F A
let M 68 Series B
100 116
10014 1033 Portland Mee Pow 18165 B..1947 M N
4
Portland Gen Elec let 56-1935 J .1
8
1013 106
1930 MN
105 10712 Portland Ry let & ref Ee
Portland Ry Lt& P 1st ref 581942 F A
8
1027 108
90
1047 M N
92
lat I & ref 66 Ber B
bat & refund 734e Ser A 1948 M N
102 104
1207 1237 Porto Rican Am Tob M.-1931 M
s
3
107 10712 1063
8 10712 13
106 107 10534 10534 13
10212 Sale 10212 10314
6
9912 Sale 9912
9912
4
9012 92
9138 June'26 -1043 Sale 104
4
1043
4 26
104 10512 10412 July'26 ---.
10112 Sale 1013
8 102 I 26
1003* 101 1003* 10018'
1
95 Sale 95
95141 8
92
9212 92
92
6
10112 1013 1011
8
10112
3
10718 108 10714 10714
1
105 10514 106 July'26 ----
103 108 4
1
103ts 107 2
7
ION 10434
98% 100
901 93
8
941a 10018
99% 102
9112 9914
3
79 86 4
1003a 103
101 3 103
,
10084 10312
04% 98
9118 9
8
5
10114 10
1874166101
102
"11- 13
227
358
161
90
5
7
99
9
92
151
Price
Friday,
July 16.
BONDS
N.Y.STOCK EXCHANGE
Week ended July 16.
Ili "g7-14
757
8
62
783
4
64
853 9714
8
8814 9812
8
821s 917
843 98
4
91% 96
0612 100
1073 11614
4
v.:
102 10612
10112 10 8
81
gp 104
iota 10212
92 96
14
88349 3*
4
09 103
105 4 108
1
14
103 ioel.
New York Bond Record-Concluded-Page 6
BONDS
N.Y.
EXCHANGE
Week ended July 16.
Z•is
Price
Friday,
July 16.
Week's
Range or
Last Sale.
1:1301
Range
Since
Jan. 1
St Joe Ry Lt Ht & Pr 50_1937 MN
St Joseph Stk Yde 1st 430_1931
'3
St L Rock Mt & P & stmpd_1955 J
St LOU& Transit gen imp 58_1924 AO
St Paul City Cable cone 58_ _1937 J J
Sake Co a f 78
1942 FA
Saxon Pub Wks(Germany) 7e '45
S
San Antonio Pub Serv 1st 68_1952 1 .1
Sharon Steel Hoop bit 88Ser A'41
B
Sheffield Fermi lst & ref6 Me.'42 AO
&erre & San Fran Power 56_1949 FA
Sinclair Cons OH 15
-year 75-193 MS
7
lit la col tr 69 C with warr 1927 Jo
lit lien 630 Ser B
1938 JD
Sinclair Crude 011 3-Yr 60 A.1928 FA
3-yr 8% notes B Feb 15...1926 FA
Sinclair Pipe Line a f 50___ _1942 AO
Skelly 011 654% notes
1927 AO
Smith (A 0) Corp let 630_1933 MN
9518 9534 95
9512
0612
9538 June'26
7712 783 78
8
78
- _ 7612 Apr'26
943
4
_ 9714 June'26
110 Sale 110
110
9914
4
9918 Sale 983
10512
105 Sale 105
1073 Sale 10712 108
4
1073a 1073 10712 107513
4
9712 Sale 97
9712
995
s
9812 Sale 9812
10418 Sale 104
10514
933 Sale 9314
4
9414
8 101
10078 Sale 1007
4 101
101 Sale 1003
8
91 Sale 907
9114
133 135 13414 139
1001s
10018 Sale 100
[Muth Porto Rico Sugar 70_1941 J D
South Bell Tel & Tel 18t81 501941 .1 J
Southern Colo Power 601947 J J
Erweet Bell Tel let & ref 5s...1954 F A
Spring Val Water g &
1948 IS N
Standard Milling let be
1930 M N
let & ref 530
1945M S
Steel at Teh•tcm ef7e Her C 1951
.
Stevens Hotel 1st 6s ser A_ _1945 J J
Sugar kittatra toriente) it. 1942
Superior Oil let a f 7e
1929 FA-I
Syracuse Lighting let g 50_1951 J D
Tenn Coal Iron & RR gen 58_1951 J J
Tennessee Elm Power let 60_1947
D
Third Ave let ref 4s
1960.1 J
Ad1 Inc 58 tax-ex N Y_a1960 A 0
Third Ave Ry 1st g Se
19373 .1
Toho E'er' Pow let 70
1955 M
Tokyo Elea Light 6% notee_1928 F A
Toledo Edison let Ts
1941 M S
Toledo Tr L & P 5M% notes 1930 J .1
Trenton G & El 1st g ISs___ _1949 M S
Trumbull Steel let f 6t... l940 F A
Twenty-third St Ry ref 56_1962 J J
Tyrol Hydro-El Pow 7340_1955 M N
8
109
10812 1093 108
4
1023 Sale 10214 1023
4 12
8
10218 38
10112 Sale 10078
4 1023
1025 103 1023
8
4 17
9912 _ _- 9912 July'26
4
10012
100 10012 100
10114 13
10114 Sale 101
6
10814 Sale 108
10812
_
9913 101
98
9812 15
983 6I8
1
95
95
96
95
3
102 __ -- 102
10218
1043 Sale 1043
4
4 1043
4 13
8 10512 58
1045 Sale 1045
8
6412 Sale 637
8
647
8 58
5712 Sale 5714
5712 16
96 Sale 9614
9612 25
9518 Sale 945
8
9512 127
99 Sale 983
4
9914 314
108 Sale 1073
75
4 108
985 Sale 985
8
8
993
4 43
10178
_
1023 June'26
4
9614 45
96 Sale 9512
6918 June'26
65
70
9714 Sale 97
9714 18
107 1093
4
101N 10312
9712 10278
100% 103
9914 9912
9858 10112
977 10114
8
10712 109
Underged of London 430_1933 .1 J
Income fie
1948.1 J
Union Elec Lt & Pr let g 53-1932 M S
Ref & ext 58
19331W N
let g 5 Me Series A
1954.3 J
Union Elev Ry (Chic) 50„...1945 A 0
Union Oil let lien s f &L....1931 .1 J
30-yr 68 Ser A
May 1942 F A
let lien a f 50 Ser C
1935 F A
United Drug 20-Yr 6a_Oct 15 1944 A 0
United Fuel Gas 1st s f fis_ _1936 J J
United Rye St L let g 4a_ _ _1934 J
United SS Co 15-Yr 6s
1937 M N
United Stores Realty 20-yr fts '42 A 0
US Rubber let & ref 5a Ser A1947 J .1
10-Yr 754% sec notes
1930 F A
US Steel Corplcoupon____d1963 MN
10-60-yr 551registered A1963 MN
Utah Lt & Trar 1st & ref 50._1944 A 0
Utah Power & Lt let 50____1944 F A
Utica Elec L & P let 50_1950 J J
Mos Gaa & Elm ref & ext(Se 1957 J J
Vertlentes Sugar let ref 78_1942 J D
Victor Fuel let a f
1953.7
Va-Caro Chem let 711
1947 J D
Certificates of deposit_
Rod as to payt 40% of Orin
let 75
1947
Ctf of deposit
Ct1 of depoalt etpd
730 with & without war_ _1937 I'D
Cern& of den without wart_
Certifs of dep with warrants_
Va Iron Coal & Coke let g 58 19491W S
Va Ry Pow tat & ref 5a.... 1934 J 3
Walworth deb 630(with war)'35 A 0
1st sinking fund 6s Ser A
945 A 0
Warner Sugar Refin let 70_1941 J D
Warner Sugar Corp 1st 70___1939 J J
Wash Wet Power a f 5s___1939 J
Wenches Lt% g Se stmpd gtd 19601 D
West Ky Coal 1st 70
1944 MN
West Penn Power Ser A 501946 M S
1st 70 &rim D
1946 M S
let 58 Scrim E
196315 El
ist 530 Serial F
1953 A 0
West Va C & C 1.1 6*
1950 J J
Oils
9158
10114
10034 fof
10214 sale
84 88
96 Apr'26
943 May'26
4
1013
4 10134
1
1007
8 10078
8
101
10214 81
85
8514 20
1013 102 1013 June'26 ---4
8
1073 1077 1073
4 108
4
8
8
9812 Sale 9814
987
8 55
1063 Sale 10578
4
10612 14
10278 Sale 10278
10358 21
7612 7738 7614 June'26 --8758
875 88
8
8812 25
104 Sale 104
10412 48
9312 Sale 93
161
94
1067 Sale 10614
8
53
107
106 Sale 10512 10612 148
_ 10518
10518
7
9212 Sale 917
91
s
93
965 Sale 964
8
/
1
9718 28
1027 Sale 10212 Apr'213 -8
1025 1033 10212 10212
8
8
1
9812 Sale 9814
9812 24
523 60
4
537
8
54
4
10712 Sale 106
107
3
107 June'26 -
94
96
90 95
100N 10214
1001 1025
8
8
10012 10212
7712 8512
10018 10158
1003 10814
8
951 99
8
10312 10712
10112 104
74
1t 79
8758 95
103 105
911 55
4
10614 1083u
103 1073
4
10518 10612
861a 94
95 093
4
1005 10212
8
10018 1025
8
9(02 gall
5314 6412
105 108
10514 108
107 Sale
10612 Sale
10714
- -------
10 4 108
48
10412 109%
1067 10812
8
107 11112
80 11378
107 107
9114 98
9712 100
89 9512
9114 96
8014 100
6218 88 s
7
10112 10278
102 1033
8
100 10258
997 103
8
105 1083
4
99 4 10314
3
1 43a 100
0
80 91
Western Electric deb 58...„1944 A 0
Western Union coil tr cur 58_1938 J J
Fund & real estate g 454t.1960 MN
15
-year 6 Ma g
19367' A
Westinghouse E & M 70
1931 M N
Registered
M N
White Sew Mach 6e(wIth warrt'36 3 J
Wickwire Sven Steel 1st 70-1935
J
Certificates of deposit
Certificates of deposit stamped MN
Wlekwire Si, Steel Co 7s Jan 1935 MN
WIllys-Overiand a f 634e__ _ _1933 MS
Wilson & Co let 25-yr s f 66_1941 A0
Registered
10
-year cony a f 65
1928 ID
Certificates of deposit
10-yr cony e f 7 Si8
91931 FA
Certificated of deposit
Winchester Arms 730
1941 A0
Tounfen Sheet & T 20-yr 60_1943 II
10114 Sale 10118 10238 47 100 10314
1a
10012 Sale 10134
10238 14 101 1033s
981
2_ 9812
2
4
9813
91314 983
11118 11212 11158 11212 14 111 11718
1057 Sale 1053
8
4 106
42 104 107
1053 June'26
4
4
- 1053 1053
4
963 Sale 96
4
9412 963
4
9634 38
60
70
60 June'26 -- -57
7012
_ _ 88 6014 Mar'26 -6014 6014
7012 Mar'26 ---70 701k
11
523 53 July'26 - 4
5018 6812
10234 103 10214
103
6 1013 10314
4
9812 Sale 9838
9834 17
9
518 101
93 Feb'25
'al, 71
4312 May'26
41
41 May'26 - -72
40 83
41 May'26 - -4218 June'26 - -41
72
10413 sife" 103
10412 20 1015 10412
0
10412 Sale 104
10412 921 10114 10412
Quotations of Sundry Securities
All bond prices are"and Interest" except where marked"L"
Ask Lott
814
High No Lou
High
Premed Steel Car cony g 5s__1933 3, •947 957 947
1
8
8
s
947
8
94 9818
11112
Prod & Ref ef 8s(with war'nts)'31 3D 11112 Sale 111
2 11014 1123
4
Without warrants attached... ID 11118
3 1093 11214
11118 11118
4
Pub Serv Corp of NJ sec 68_1944 PA 10358 Sale 10312 1037
8 49 100 1043
4
Pub Serv Elm & Gas 1st 53481959 AO 1047 10514 1043
13 1033 105 4
8
4 1047
8
4
3
let & ref 5345
15 103 8 10512
4 105
8
1964 AO 1047 Sale 1043
7
Pub Serv El Pow & Ltit tls_ _1948 AO 10738 1073 10714 10712 17 106 108
4
Punta Alegre Sugar deb 7a 1937I, 103 10314 10712 10814
2 104 111
Remington Arms 6s
1937 MN 8814 Sale 881e
8814 13
8
014 9112
Repub 1 & I0-30-yr 58 e 1-1940 AO 985g 9912 993 July'26
4
97 10014
14
Ref & gen 5 Ms Ser A _ _ _ _1953
74
96
'3 9558 Sale 9514
9212 96
RhIne-Westphalla Elec Pow 70'50 MN 9914 Sale 983
4
95 100
9914 32
alma Steel 1st 7e
25
1955 FA 90 Sale 8912
90
88 90 8
7
Robbitua& Myers a f 78
4
1952 ID 5812 6012 58
593
4
56 6812
Rochester Gas & El 75 Set B_1946 MS 111 113 11114
7 11118114
11114
Gen Mtge 534 Series C__ _1948 MS 10518 10512 10518 10518
10458 106
Rogers
-Brown Iron gen & ref 78'42
1
53
56
53
N 53
5212 73 4
3
Stamped
3
N 5314 5412 .5114
5114
5114 6512
a Due Jan. d Due April.
313
THE CHRONICLE
JULY 17 1926.]
3
6
8
143
23
15
2
27
103
133
138
54
22
68
81
14
107
10714 13
10614
10712 22
10712 Jan'26
110 Feb'26
80 Feb'26 -107 Jan'26 --9213 18
. 92 July'26 - 9914 sale 9914 9978 17
91
92
90
9114 15
9514 Sale 945
8
9514 44
8438 Sale 8312
8358
6
6218 Sale 6218
661
76
1027 10312 1027
8
8 10278
1
1027
8
_ 1023 May'26 - 4
:le 10112 1013
10112 ETE
4 12
10112 103 10112 102
13
105 10514 105
10514
6
101 10114 101
101
69
105 Sale 105
10512
3
80 Sale 80
5
81
p Due Dec. sOptlon sate.
9114 97
953 96
8
8172
78
70 7612
12
9514 98
1071, 11*134
923 9914
4
1013 1067
8
8
1073 109
e
1067 101112
8
9112 98
9334 995
8
104 1133
4
87 9458
4
1001 10112
1003 10112
e
8
87 917
1113 148
8
100 10212
8102 luo
ga
9712
100 10218
1021e 1043
4
1025 106
8
12
55 6512
4112 657
8
9258 9812
9012 96
96 9914
1073 1093
4
4
98 993
4
10018 1023
4
9412 97
61
75
9414 975
8
Standard 011 Stocks par{ gig
Ask
Anglo-Amer 011 vot st......g1 *1778 18
Non-voting stock
£1 *1714 173
4
Atlantic Refining
100 112 115
Preferred
100 1153 118
4
100 255 260
Borne Scrymser Co
Buckeye Pipe Line Co__ 50 551
5114
Chesebrough Mfg new
25 *75
7512
Continental 011 v t
2118
10 *21
Crescent Pipe Line Co_ 50 *15
17
Cumberland Pipe Line_100 108 10814
Eureka Pipe Line Co____100 53
54
Galena Signal 011 com_100 1912 20
Preferred old
100 73
75
Preferred new
100
75
25 *6118 6138
Humble Oil& Ref
100 13412 135
Illinois Pipe Line
Imperial 011
t *3512 353
4
Indiana Pipe Line Co..-- 50 *6512
International Petroleum..
.1 *3214 3212
National Transit Co...12.50 *143 15
4
New York Transit Co__ _100 47 49
Northern Pipe Line Co_ _100 *7512 77
25 *58
Ohio 011
5812
25 1812 19
Penn Met Fuel Co
8
Prairie Oil & Gas new _ _ 25 *525 5278
Prairie Pipe Line new._ _100 124 1243
4
100 187 192
Solar Refining
23
Southern Pipe Line Co new
28
Penn Oil
25 *36
37
South
Southwest Pa Pipe Lines.100 51
52
Standard 011 (California)___ *5912 593
4
Standard 011 (Indlana)__ 25 *6414 643
8
Standard 011 (Kansas)._ 25 233 24
4
Standard 011 (Kentucky) 25 123 124
Standard 011(Neb) new- 25 *46
47
Standard Oil of New Jer- 21 433 44
4
Preferred
100 11614 11638
Standard Oil of New York 25 *3314 3338
Standard Oil (Ohio) --A00 295 300
Preferred
100 120 121
100 1712 20
Swan & Finch
9312
Union Tank Car Co----100 92
Preferred
100 117 118
25 102 103
Vacuum 011 new
Weshington 011
10•
Other Oil Stocks
*112 158
Atlantic Lobos 011
Preferred
50 *31, 4
25 *8518 86
Gulf Oil _ _
8
Mountain Producers
10 *247 25
5 *412 612
Mexican Eagle 011
100 147 150
National Fuel Gm
10 *87
5 9
Salt Creek Cons 011
Salt Creek Producers__ In *3115 3114
Public Utilities
t *94
95
Amer Gas & Elm
t *92
94
6% pref new
M&N •100 101
Deb 613 2014
Amer Light & Tree com _100 223 225
100 105 111
Preferred
96
Amer Power & Lt pref__-100 95
IMF 98 100
Deb fie 2018
81
Amer Public Util corn.__100 79
..100 92
95
7% prior preferred
100 87
90
4% Panic P707
52
Associated Gas & El pf.-.1 *50
Secured g 654s 1954__J&J *10312 104
Blackstone Val G&E corn 50 *98 100
8
Cities Service common__ 20 *415 4218
100 863 867
8
8
Preferred
8
10 •73.
Preferred B
-B
100 74
Preferred B
4
CitiesService Bankers Shares *203
4
Com'wath Pow Corp new-t *3811 383
100 86
87 I
Preferred
Elec Bond & Share pref-100 109 109121
70 7012
Elec Bond & Sh Secur
4
Lehigh Power Securitlea_t *153 1614
Mississippi Riv Pow corn 100 64
100 95 If
Preferred
J&J 10114 10214
First mtge 58 1951
S F g deb 75 1935__M&N 102
*101 103
Pow & Lt Dref
Nat
J&J 103 104
Income 78 1972
North States Pow com 100 101 103
Preferred
100 101 105
Nor Texas Elea Co corn-100 18
100 45
50
Preferred
Pacific Gas & El let prel_100 98 100
10
t 4.5
Power Securitiett corn
t •16
20
Second preferred
93
Coil trust 68 1949_,..1&D sap
Incomes June 1949_F&A 1580
83
3012
Puget Sound Pow & Lt.. 100 29
100 82
a% preferred
85
100 4IO2 105
7% preferred
let at ref 530 1949__J&D 9912 10012
Republic Ry & Light___100 81
86
Preferred
100 103
34
South Cal Edison 8% pf 25 *33
Standard OatEl 7% pr pf 100 10212 10312
Penn Elec Power let pf 7% 102 103
Western Pow Corp pf__100 93
97
97
West Missouri Pr 7% pret__ 94
Short Term Se^urIties
.
Anaconda Cop Min 60 29J&J
Chic R 1 at Pac 55 1929A&J
Federal Sug Ref Os'33.M&N
Missouri Pacific 56
Slose-Sheff SW
'29..Fdat
Wls Cent 5)4e Apr 15 '27._
Chicago Joint Stk Land B
6349 Nov 1 1951 opt 1931__
58 Nov 1 1951 opt 1931_
59 May 1 1952 opt 1932430 Nov 1 1952 opt 1932__
430 Nov 1 1952 opt 1932__
484e May 1 1963 opt 193358 Nov 1 1963 opt 1933430 Nov 1 1964 opt 1934__
4340 Oct 1 1965 opt 1935
Lao Comt of Portland,Ore
Se 1955 opt 1935___M&N
58 1954 opt 1934...Al&N
Railroad Equipments Per Cl. Basis
Atlantic Coast Line Os
5.05 4.90
Equipment 654e
4.80 4.70
5,10 4.95
Baltimore & Ohio 68
Equipment 454e & 5e_ -- 4.75 4.60
Buff Roch & Pitts equip 68_ 5.10 4.90
Canadian Pacific 430 & 6.. 4.85 4.55
CentralRR of N J 68
5.05 4.90
Chesapeake & Ohio Si
5.10 4.95
4.95 4.75
Equipment654,
Equipment 58
4.75 4.60
Chicago Burl & Quince'6t.
5.10 4.95
Chicago & North West tie_ 5.10 4.95
4.90 4.75
Equipment6348
Chic RI /4 Pee 430 & 50-.... 4.85 4.70
5.15 5.00
Equipment6s
5.15 5.00
Colorado & Southern 6t.
5.05 4.90
Delaware& Hudson (Se
5.00 4.75
Erie 430 & 58
5.15 5.00
Equipment60
5.10 4.95
Great Northern 60
4.80 4.65
Equipment 58
4.75 4.85
Hocking Valley 50
5.10 4.95
Equipment 613
Illinois Central 4348 & 5e--- 4.70 4.55
5.05 4.90
Equipment60
4.135 4.70
Equipment 70 & 630
Kanawha & Michigan 6s--- 5.10 4.95
5.00 4.80
Equipment4 Me
5.10 4.85
Itar1008 City Southern 554e
Louisville & Nashville 68.,... 5.05 4.90
4.80 4.70
Equipment634,
4.95 4.75
Michigan Central 59 &
MinnStP &f3S M 434e& 55 5.10 4.85
5.20 4.90
Equipment 630 & 78
5.25 5.05
Missouri Kansas & Texas 6s
MissouriPacific 65 & 6340
5.20 4.90
4,90 4.65
Mobile& Ohio 434a&
New York Central 4345 & ria 4.70 4.55
5.05 4.90
Equipment 6a
Equipment 7s
4.85 4.70
Norfolk & Western 430____ 4.60 4.50
4.95 4.75
Northern Pacific 7s
Pacific Fruit Express 7a_-__ 4.95 4.75
Pennsylvania RR ea 511 & 68 5.00 4.60
5.00 4.75
Pitts & Lake Erie 631e
5.10 5.00
Equipment 613
4.65 4.50
Reading Co 430& 50
4.85 4.65
St Louis & San Francisco 5s
Seaboard Air Line 534e & 6o. 5.20 4.95
Southern Pacific Co 4340-- 4.65 4.55
4.80 4.70
Equipment 78
4.80 4.60
Southern Ry 430 & 5e
5.10 4.95
Equipment6s
Toledo & Ohio Central Os.... 5.10 4.95
4.85 4.70
UnionPacific 70
Tobacco Stocks
American Cigar common 100
100
Preferred
British-Amer Tobac ord., 81
51
Bearer
Imperial Tob of B & Irerd
Int Cigar Machinery---100
Johnson Tin Foil & Met_100
MacAndrewa & Forbes-100
100
Preferred
100
Mengel Co
Porto Rican-Amer'rob-100
Universal Leaf Tob com.100
100
Preferred
100
Young (J 5) Co
100
Preferred
120
98 100
*2112 22
*2114 22
*2612 28
97 100
60
43
41
102 104
3612 3812
75
69
74
71
97 . 100
123 126
103 106
Rubber Stocks (Cleveland)
(t) *9
Falls Rubber corn
97
s
25 •16
19
Preferred
Firestone lire & Rub cam 10 *10812
6% preferred
100 101 102
100 9712 98N
7% preferred
g
General Tire &Rub com-1gg •I l 145
11012
Prefd
3612
Goodyeai Tire & R com_100
Goody'r T & R ot can of 100 r __ _ _ 96
India Tire & Rubber new (11 • _ _ 3111
*12 1
Mason Tire & Rub corn-(t)
100
7
10
Preferred
Miller Rubber Preferred-100 100 101
37
Mohawk Rubber
100' 30
73
65
Preferred
Selberling Tire & Rubber (t) *24ls 25
100 95
96
Preferred
Sugar Stock.
ao •IN 214
Caracas Sugar
so
Cent Aguirre Sugar oom_ 20 •78
100 13712 14012
Fajardo Sugar
50
Federal Sugar Ref com-100 40
10(1 60
75
Preferred
Godschaux Sugar,Inc -(t) •I12 3
17
100
9
Preferred
Holly Sugar Corp corn (t) ns 32
80
100 75
Preferred
National Sugar Ref1ning-100 114 116
75
New Niquero Sugar10C 60
Santa Cecilia Bug Corp p1100
fir
(t)
Savannah Sugar com
100 2115 120
Preferred
65
1023 10318 Sugar Estates Oriente p1.100 55
4
10018 10038
92 , 96
Indus. & Miscellaneous
81
10018 10038 American Hardware
25 *.r79
102 2 1023 Babcock & Wilcox
4
100 118 1191t
21
1003 1003 Bliss(E W)Co new
8
4
(t) 4.20
60
ao *52
Preferred
Borden Company corn (t) *98 100
21
1021)104 Celluloid Company
100 19
10012 10214
100 681t 7112
Preferred
101 1021 Childs Company pref_ -100 115 117
10014 10112 Hercules Powder
100 153 160
99 10014
100 11312 11512
Preferred _
10014 10112 International Silver pref _100 104
9111
10114 1023 Lehigh Valley Coal Sales 50 4188
4
101 122 125
9912 1003 Phelps Dodge Corp
4
993 1003 Royal Baking Pow com.100 160 166
4
4
100 100 102
I
Preferred
100 355 358
10114 10314 ISinger Manufacturiag
£1 •612 7
101 103 Singer Mfg Ltd
•Per share. t No par value. b Basis. d Purchaser also Days accrued livid
"
a New stock. 11Flat price. k Last sale. n Nominal. z Ex dividead. v 14. g
Ex-50% stock dividend. s Sala price. r Canadian 1111011111011.
314
BOSTON STOCK EXCHANGE-Stock Record so.
B erS
:
Page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
July 10.1
Monday,
July 12.
Tuesday,
July 13.
Wednesday, Thursday,
July 14.
July 15.
*1713
3
8112
•
99
118
*10512
5412
173
173
8214 3214
100
99
118
118
10513
____
55
171
172
8312 334
119
100
118 *118
108
106
5418
172
173
84 2 8412
101
101 12
*118
166
- - 10m2
55
54'S
173
17214
85
844
1013 10112
4
120
120
10512 *108
554 55
'73
*110
*90
74
____
____
73
110
74
110
Friday.
July 16.
73
;i2110 '130
73
110
*72
*109
73
130
90
135
- - 1135
100
988
/6
65 .64
6312 63
44
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4
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3
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4 2214 22 8
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.16 •.16 .25
.20 .25
S-les
for
the
Week.
STOCKS
BOSTON/ STOCK
EXCHANGE.
Lowest
Highest
Railroads.
218 Boston & Albany
100 159 Jan 9 175 Feb 12
4,306 Boston Elevated
100 77 May 3 851zJuly 15
73 Do pre!
100 89 Fob 27 102 mar 21.t
48 Do let prat
100 11518 Jan 16 122 Jan 7
160 Do 2d preferred
100 981s Jan 9 112 Jan 2
1.783 Boston & Maine
100 35 Mar 30 5714June IR
Do pref
109 32 Apr 14 53 June 30
----iii Do series A 1st pref
100 59 Apr 15 76 June 8
138 Do series B 1st pref_100 84 Apr 15 112 June 8
35 DO series C 1st pref
100 74 Apr 15 93 June 22
100 Do series 13 1s1 pref
100 105 Jan 29 145 June 8
142 Prior preferred
94 Apr 16 102 July 15
Boston & Providence
100 217512 Mar 19 182 Jan 2!
--- Ho East Maas Street Ily Co_ 100 51 Apr 22 61 Jan
31 Do 1st prat
100 5912 Apr 29 71 Jan 2
30 Do pref B
100 56 May 6 69 Jan 13
25 Do adjustment
100 40 Apr 29 4914 Jan 25
50 Maine Central
100 50 Feb 10 60 Feb 3
3,003 N V N H & Hartford
3July 6
100 3178 Mar 30 463
------ Northern New Hampsbire_100 81 Apr 8 90 June 16
60 Norwich & Worcester pre!_100 120 Apr 22 125 Slav 20
158 Old Colony
100 111 Jan 6 12212Ju1y 10
1Vermont & Massacbu3etts_100 993 Mar 12 10314 knO 4
4
Miscellaneous
334 Mar 29
__2.35 Amer Pneumatic Service___2
5 Jan 7
T25 Do pref
50 21 12 Mar 3 2.514June 3
.1une 24 1503 Feb 15
1,862 Amer Telcohone & Teleg 100 13912
4
1.985 Amoskeag Mfg
48'2July 13 71 Jan 2
No pa
Do pref
724July 2 78 Feb 23
No pa
'Art Metal Construe, Ino__ 10 20 Jun 16 214 Jan 23
165 40as Plywood t o
4
5212 A nr 14 633 Jan 19
425 Mies Tack Corp
912 June 19 1714 Jan 2
No par
1.340 Berzon 011 Co corn T C
14.3Nlay 11 2012 Jan 14
643 Bigelow-Beni Carpet_ No par 8314May 24 984 Jan 2
20 Boston Cone Gas pret 6 4%100 10512 Jan 25 10912June 21
81,Dominion Stores, Ltd__No Par 57 May 14 6/013 Feb I
Do pref A
100 104 Jan 5 11218June 9
34 Ian 21
13
4May 20
200 East Boston Land
10
10 Eastern Manufacturing
44July 14
312 Mar 8
1
755 Eastern SS Linee, 1110
25 57 Apr 15 8812 Jau 22
4
115 Do pref
No par 353 4or 15 45 Jan
I 10 pref
100 92 inne 25 994 Jan 9
70 Economy Grocery Stores
1912July 7 26 Feb 5
299 Edison Electric Blum
Jab
250 Feb 11
25 Galveston-Houston Elec 1 1 1:207 Jun 22 2512 Feb 2
I'
14 '
10T
1451General Pub Ser Corp corn_
Ii', Apr 12 17 Jan 2
220 Gilchrist Co
3
3414 Apr 20 40 3 Jan 1
No par
2.065'Gillette Safety Razor...No par
8812 Mar 30 11312 F4h
190,Greentield Tap & Die
25 10 Mar 5 13 July I
85' Hood Rubber
683 1, eu
4
internat Cement Corp_ No pa' 52 Slay7
17 5814 Feb
No
International Products_No par
10 Jan 2 25 Mar 2
Do pref
55 Jan
ii Kidder. Peab Accep A pref 100 293A pr 15 9514 Jan
la
9
39 l''Y 9
1871 1 ibby, McNeill & Libby_ 10
94 Feb
7 Mar 24
757,Loew's Theatres
6 July 8 124 Jan 1
25
168'Masmehmetts Gait Cos__.100 80 Apr 20 WI Feb 2
327! Do pref.
100 65 Jan 6 704 Feb 2
150 Mergenthaler Linotype_No par /104 June 2 1110 May 1
1,205 Mexican Investment. Ins_ 10
74 Apr 22 1433May 26
100 Miss Rly Pow red prat
100 89 Apr 3 96 Jan 4
1,569 National Leather
413 Jan
10
218May 17
1,112 Nelson (Herman) Corp__ _ 5 1513 Jan 9 2914June 18
3.300 New Eng 011 Ref Co tr
20 Jan 2 .95 Apr 29
40 Do pref (IC etts) cue_100
3 July 15 1013 Jan II
275 New England Pub Sep,, prior pf 96 Mar 2 100 Jan 6
'New Eng South MillsNe par
8 Feb 18
2 Slav 11
50 Do • pref
100 10 July 6 28 Jan 29
541 New Engl'd Telep & Teleg _ 100 10)78 Apr 1 1183 Feb 17
4
5 No Amer Utll let pf full paid__
89 Feb 15 96 Feb 25
823 1st pref 25% paid
27 Feb25
18 Feb 1
1,204 Pacific Mills
100 3512Ju1y 6 55 Jan 2
91 Plant (Thom GI, 1st pref
100 40 mar 25 6814 Jan 12
10 Reece Button Hole
10 15 Feb 8 17 Jan 12
1Reece Folding Machine
134 Apr 28
10
112 Jan 19
1,173 Swed-Amer Inv par prel 100 98 May 28 106 Feb 19
454 Swift & Co
100 111 Apr21 117 Feb 20
80 Torrington Co
25 54 Mar 31 70 Jan 4
85 Union Twist Drill
5
7 Jan 5 1512 Feb 11
770 United Shoe Mach Corp
25 47 Mar 31
523 Feb 20
4
1511 Do pref
25 28 Jan 2 30 June 25
84 II S & Foreign See 1st pref f P_ 100 May 19 135 Feb 16
295 lst pref 75% paid
90 Apr 3
Slay
4,375 Waldorf Sys,Inc. new eh No par 6
179
39 21 May 28
6
131; Walth Watch el B corn_Ne par 29 Jan 18 40 Feb 6
10 Do pref trust Ws
100 52 Jan 23 59 Feb 10
5. Do prior pref
100 102 Jan 29 11012 Apr 13
700 Walmtrth Company
4May 28 23 Jan 27
20 123
105 Warren Bros
50 44 Mar 25 501, Feb 18
10 Do 1s1 pref
50 39 Apr 15 43 May 24
15 Do 2d pref
50 42 Apr 16 47 Feb 10
Will & Baurner Candle coin__
13 May 12 1712 Jan 2
Mining
25 .05 Mar 15 .20 Feb 1
100 Adventure Consolidated
'Algomah Mining
25 .10 Feb 2 .10 Feb 2
25 .25 Mar 27 .90 Jan 4
1.990 Areadlan Consolidated
914May 25 12t4 Jan 2
3,060 Arizona Commercial
5
185 Hingham Mines
10 29 June 2 554 Jan 4
25 134June 7 1513 Jan 7
5.925 Calumet & Heela
I 20 June 10 50 Jan 2
100 Carson 11111 Gold
4,520 Capper Range Co
25 13 Slay 20 20 Jan 4
8.600 East Butte Copper Mining_ 10
4 Feb 3
23
4MaY 18
114 Jan 20
25 .35 May 21
20 Franklin
440 Hancock Consolidated
25 .50 Feb 25
1 July 16
.415 Hardy Coal Co
14 Mar 29 214 Jan 4
25 .80 Mar 27
320 Helvetia
2 Jan 11
1 141 Mar 29 184 June 9
70 Island Creek Coal
30 Do pref
I 994 Jan 4 10212 Jan 26
1,540 Isle Royale Copper
25
913June 7 1314 Feb 10
210 Keweenaw Copper
25 .50 Jan 2
114 5nr28
80,5 Lake Copper Co
25 .75 May 19
8July 14
13
175 La Salle Copper
25 .80 June 12
212 Mar 15
20 Mason Valley Mine
8
14 Jan 26
238 Feb 20
1.706 Muss Consolidated
21 25 Mar 16 .70 Feb 13
14 .1(04 5
3.710 Mayflower-Old Colony_ _ __ 25 55 May 17
1.987 Mohawk
21 30 Mar 30 3184July 14
2,095 New Cornelia Copper
b 18125lay 19 2218July 16
New Dominion Copper
05 Jan 30 20 June 10
Slew River Company
100
24 An 20 25 Feb 4
,
60 Do pref
100 45 July 13 72 Feb 11
195 NIpissing Mines
t
7 2 Jan 27
,
5 July 8
3s, Jan 9
2,440 North Butte Mining
11
2 Apr 13
13 011bway Mining
21 .10 Jan 4
1 Apr 29
1912 Feb 10
3,190 Old Dominion CO
2.?
14 May 26
80 I'd Cr'k Pocahontas CONo pro
1012 Mar 29 15 Jan 2
2,721 Quincy
2' 1512May 24 25 July 16
2.153 St Mary's Mineral Land
II 2512May 25 384 Feb 10
Seneca Mining
9 Jan 4
63
478June 1
2,271 Shannon
It .35 May 18 .80 Jan 5
600 Auperior & Boston Copper_ _ it .35 Apr 21
1114 Mar 1
1,160 Utah-Apex Mining
4
/
6 Jan 6 113 Feb 5
1,575 Utah Metal & Tunnel
1 .50 Jan 8 21111 Mar 13
185 Victoria
2? .40 Msv 24 75 Feb 23
1,995 Winona
12 July 8 .25 Feb 9
21,'
45 Mar 22
Myandot
2. 4(1 Feb 1
•Bld and asked prices; no sales on Ws day. a Assessment Paid. b Ex-stock dividend.
Range Sines Jan. 1 1928.
PER SHARI
Range for Previous
Year 1925.
LOW0111
Hights1
158 Feb
754 Mar
92
Jan
109 Mar
94 Mar
10 Apr
1113 Apr
17 Apr
29 Apr
25 Apr
3512 Apr
96 Dec
167 Fel
,
26 Sept
60 July
51 Aug
35 Sept
23 May
28 Mar
70 Feb
Jan
100
Jan
96
87 Feb
164114 Jan
Jan
86
10414 Dec
130 Dee
116 Dee
4913 Dee
46 Deo
65 Dee
87 Dee
12
7913 Dee
116 Dec
99 Nov
1130 May
6213 Nov
73 Dee
70 Dee
50 Dee
56 Dec
4614 Dec
00 Dec
Oct
125
113
Oct
101 Dec
5
212 Mar
1612 Mar 2415
1303 Jan 145
8
614 May 87
7014 May 864
Jan
16
14
4612 Aug 6713
912 Aug 21
Dee
Dee
Dee
Aug
Aug
Aug
Dec
Dee
97l No,
Jan
103
2814 Jan
99 June
112 Apr
3 July
42 Mar
Jan
35
89
Jan
18 Aug
200
Jan
Oct
17
_
328 Aug
4
574 Jan
11 May
52 May
524 Jan
.05 Dec
.10 Dee
8213 Jan
614 Apr
1114 Aug
Feb
68
6312 Jan
Jan
167
714 Sept
8713 Jan
334 Dec
1118 Dee
.10 Dee
58 Apr
4
43 July
11512 Dee
1512 June
Oet
72
80
Oot
2
Jan
10
/ Jan
1
4
9512 Nov
9
/ Jan
1
4
1372 Jan
85 Dee
Oat
70
Oct
197
163 Jan
4
9614 Nov
68 Jan
4
17 Dee
2 JIM
12 Ilkot
278 Dec
26 Dec
99 Apr
90 Sept
20 May
50 Dec
32 Aug
154 Aug
114 Nov
9914 Dec
1094 Apr
454 Apr
3
Oet
4034 July
264 Jan
98 Mar
2412 Jan
144 Aug
5
Jan
1714 Jan
65
Jan
164 June
37
Jan
87,58 Jan
404 Jan
11 Mar
11 Feb
Jan
55
122 Nov
/
1
4
100 Ma,
28 May
/
4
811 Jan
Oil
75
18 Apt
2
/ Jan
1
4
101 Dee
120 Feb
734 Dee
7
12 Jan
50 Nov
29
Oat
12412 Dec
73 Nov
194 Jan
84 Dee
57 Dee
105 Dee
27 July
14
5012 July
434 July
48 Dee
2172 Dee
.05 Dec
.10 Mar
.50 Dec
911 Mar
2814 July
12•8 June
.2(1 May
18 Dec
3 June
.04
Jan
.50 June
1513 July
1 Dec
121 Mar
9414 May
9 3 Apr
,
.50 June
1 Apr
1 Dec
.95 Scot
40 May
10 Nov
2513 June
18 Mar
.10 July
25 Apr
40 June
43 July
8
.89 June
.15 Nov
1634 Dec
1012 June
19 Apr
2812 Apr
714 Nov
.50 May
.70 May
3 8 Jan
,
.40 July
.22 Nov
.10 Dec
na
A rw
Jam
.25
Jan
.25
3 Jan
15 Feb
/
1
4
60
/ Oct
1
4
1872 Jan
.90 Aug
Jan
33
61 Jan
/
4
14 Jan
/
1
14 Feb
/
1
Jan
23
34 Feb
185 Dee
1004 Dee
204 Jan
14 June
8
Jan
4
8 Jan
238 Jan
114 Jan
8
Jam
Jan
41
25
Jan
.85 Feb
31 Aug
65 Aug
5
/ Jan
1
4
378 Nov
114 Jan
27
Jan
187y Sept
39
/ Jam
1
4
48
Jam
11 Nov
14 Jan
/
1
2 Jan
8711 Ja13
Jan
.98
114 Jan
Jan
.48
21
Feb
1091; 001
--10814 Aug
74
Oet
100 Dee
6314 Sept
61 Jan
4
89% Dee
4614 Oat
100 July
2311 Sept
218 May
38
Jan
tNew Moak. a Ex-dividend. y Ex-rights. s Ex-dividend and rights
JULY 17 1926.]
THE CHRONICLE
rrtaas
Sates
Last Week's Range for
Sate
of Prices.
Week
Stocks (Concluded) Par Price. Low. High Shares
Outside Stock Exchanges
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange Ju'y 10 to July 16, both inclusive:
Fr way
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Bonds
-
Range Since Jan. 1.
Low.
AUG & W 188 L 55..1959
70
7015 94.500 67
Commander Larabee Corp
10-yr 75(with warrants)99
99
5.000 99
East Mass St RR ser D 65'48
8214 85
2.000 74
Granby Cons 75
1930 10934 109% 10914
5.000 109
Hood Rubber 75
1937 1044 10455 104% 4.000 1044
& 13 Income 55_1934
CMit
994 99%
1.000 97%
Mass Gas 5155
1946
1024 103
5.000 994
Miss River Power 55._1951
10114 1014 4.000 99
New Eng Tel & Tel 55_1932 10015 100% 10031 14.000 10015
Bo Ice Utilities Co 85..1946
95
95
1.000 95
Swift & Co 5s
1944
10011 10015 5.000 9915
United Dairy 614s___1935
94
944 3.000 94
Western Tel & Tel 55_1932
1004 100% 2.000 984
Hip,.
Mar
74
Feb
July
Apr
Feb
Jan
June
Feb
Ma
Feb
Apr
Jun
July
Mar
99
85
109%
106
99%
1054
10114
102
97
101
9431
1014
July
July
July
June
June
Apr
July
May
Mar
Mar
July
Jan
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, July 10 to July 16, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sates
Last Week's Range for
Sale
ofPrices.
IYeek.
Tar. Price. Low. High. Shares.
Alliance Insurance
10
Amer Elec Pow Co pref 100
American Stores
•1
Baldwin Locomotive_ _100
Bell Tel Cool Penn pref._
Buff & Stint Corp pf vtc100
Consoleum Co Inc
Consol Traction of N J.100
East(shore U & E 8% pf.25'
Electric Storage Batt'y_100
Fire Association new..... _10
General Asphalt
100
Giant Portland Cement_50
50
Preferred
Insurance Co of N A....10
Keystone Watch Case_ •
Lake Superior Corp--100
50
Lehigh Navigation
50
Lehigh Valley
10
Lit Brothers
Little Schuylkill
50
Man Rubber
10
Northern Central
50
Penn Cent Lt & Pr cm Pf.
•
Pennsylvania RR
.50
Pennsylvania Salt hug.f
50
Philadelphia Co (Pitts)
Preferred (cumul 6%)_50
Phila El of Pa pow reels _25
Phi's Rapid Transit._ .50
Pink, Germ'town & Nor_50
Phan & Reading Co
•
Philadelphia Traction_ _50
Phila & Western prof__ 50'
Reading Company
50
Stanley Co of America_ •
Tono-Belmont DeveL_ _1
Tonopah Mining
1
Union Traction
50
United Gas Lin pt
50
US Dairy Prod "A"
•
*1
46
111
111
77
7555
11615
1124 112
47
111
774
118
1124
2334
35
26
83%
50
50
69%
40
484
534 52
74
24
234
113
1123-4
8815
27;5
41
2
81
7214 72
53%
78
73
26
35
26
844
50
7154
43
49
534
74
254
113
934
2715
41
2
81
7214
5434
76
Range Since Jan. 1.
Low.
25 36
26 102
3,632 60
30 9914
199 10914
25 43
910 1354
101 29
15 25
362 73
250 50
370 58
292 31
135 3434
615 49
32 80
1.695
231
680 9734
1,177 8015
120 25
6 40
100
2
45 794
128 71
50.900 4815
522 71
315
Jan
July
Mar
Apr
Mar
Apr
May
Apr
Mar
Jan
July
Mar
May
Jan
Mar
Jan
July
Mar
Apr
Mar
Jan
July
Feb
Mar
Mar
Jan
High.
59
111
9434
118
1134
53
26
35
2614
85%
68
74
50
49
644
74
44
12015
9315
3315
41
8
81
91
5534
91
Jan
July
Jan
July
June
Jan
July
Feb
Feb
June
Jan
July
Jan
July
Jan
July
Jan
Feb
July
Jan
July
Jan
May
Feb
Jan
Feb
Maryland Mortgage Co--•
Maryland Trust
100
Merch & Miners. new._ _.• 48
Motion Vail Trac. pret_ _25 2215
Mtge & Accept. pref.... _ _50 36
New Amsterm Cas Co_ _10 50
Northern Central
50
Penna Water & Power_100 153
Silica Gel Corporation_ •
Stand Gas Equip. pref-100
50
Union Trust
US Fidelity & Guar_ _..50 201
Wash Balt dr Annan---50
Preferred
50
West Md Diary, Inc, pf _50
201
20
461
32.
83
327
83
271
175
38
646
13
2
198
40
Low.
19
1814
4154
20
2855
49
78.4
141
12
220
17
187
8
22
5214
BondsBalt Electric stpd 5s..1947
10214 10214 36.000 1013.4
Bernheimer-Leader 75_1943
101
5.500 100
10134
Case Fowler Lumber Co
1936
tat 75
100 100
1.0011 100
Cho & Po Tel of Va
1943
10134 10134
4.000 99%
1st 55
cops,q Gas gen 415s. _1954
98
96
2.000 9515
10135 102
Consol G.EL&P pf 55 1965
3.500 1004
54% notes. ser E..1952
1064 10834
4.000 10415
107
10755
1.500 1054
8% notes. ser A....1949
_1934
924 9231
Cmsol Coal ref 445.
1.000 024
Elkhorn Coal Corp 6345'32 9834 984 1:85.4
7.000 9835
100 100
9934
1.018
Ga Car & Nor 1st 5s_ _1929
1014 1)t134
Ga Sou & Florida 5s...1945 .
1.004 100
Lonu 944
9534 954
hid Electric RY lei 55.1931
9814 9855
Non & Ports Trae 58_1936
3.00(1 97
98
98
Poulson & Son 615s
5 000 98
10014 100 h
Stand Gas Equip 1st 851929
2.000 10034
99
99
1.000 9834
United E L & P 44s_ _1929 99
United Ry & E 4s_ _ _ _1940 6911 8934 6934 12,000 69
4935 4915 11.000 48
1940
Income 45
1936 7015 7034 70)4 5.218
Funding 55
6714
1927 99
99
99
2.000 9734
6% notes
34.000 9134
8s, when Issued _ _ _ _1940 9 h 9.54 96
Wash Balt & Annan 5511141 6434 644 6534 303.000 6414
101
10134
7.013 101
WeQtern Maryland 64_1946 101
• No par value.
High.
Mar
July
Feb
Apr
Feb
Jan
June
Jan
Jan
July
Mar
Jan
Jan
Jan
Jan
Fel
July
Apt
Apt
June
Mar
Jan
May
Jai
Fe,
Jam
Mat
Mam
May
Ma,
2234
18131
5314
2315
46
564
82
171
22
23014
1914
21934
1515
254
5455
Jan
Mat
10214 June
10215 Feb
Jul) 100
A pm
Fe.
Jam
Jar
Jac
Jun,
Jun
Jai
Jai
Jar
Fe!.
July
Ma:
Jat
Ma
Mar
Jar
Jan
Jan
Jul)
July
10134
9834
10255
10814
10734
98
100
10014
10114
971.4
9934
98
10094
904
7194
5
03.4
72
99
96
7334
10134
July
July
Apr
May
June
July
Feb
Apr
June
July
Mar
Jan
July
Mar
June
Mar
Mar
May
June
Ma
Feb
July
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange J ly 10 to July 16, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week
Par Price. Low. High. Shares.
Adam:Co corn_ •
AmerAdam
o Sety
byairv pref... _100
Am Pub Utll Co par PM 100
•
Amer Seating Wei
109 4814 Apr 5015 July American Shipbuilding-100
5034 5034
455 41
1
% 3.8,
355 Apr
5
Apr Amer States Secur Corp A •
5634 r56
1,287 51
5755
•
Jan 5734 Feb
Class B
16 12214 July 124
1223.4 12234
Warrants
39
10 3734 May 4815 May
39
Feb Armour & Co (Del) pref iii
61
87 164 Jan 65
82
100
Feb Armour & Co pref
3655 3635
25 3434 Jan 37
Common el A v t c__25
May
9835 9015
55 82
15
Apr 9915 July Armour Leather
10.667 55
664 70
100
May
Preferred
July
1.040 2 1-18Apr 70
315
31.4
•
414 Jan Assoc Investm't Co corn..
614 635
1.295 4 5-16Jan
74 Feb Auburn Auto Co com_ _25
393 38
3915 3915
Jan 4335
Katz v t c___25
1144 111
19.702 844 Mar 1444 Jan Balaban &
11554
100
Preferred
Jan
31
5 31
31
•
July 3831 Mar Beaver Board" t c 13_
11
30 11
11
July
Preferred certificates_100
184 Apr
Victor "I alking Machlne..1
300 80
83
84
Mar 8515 June 13endlz Corp cl A
10
West Jersey & Sea Shore.50 4755 4714 48
870 43
10
Mar 48
July Borg & Beck com
Westmoreland Coal
50
50
100 49
50
Apr 56
Jan Brach & Sons(E J) corn..•
York Railways pref
50
38% 3614
5 3615 June
10
3815 Feb Bunte Bros
Bonds
Cent Gas & Elec pref._ •
Amer Gas & Elec 55_2007 96
91
96
35.000 894 Feb 1014
•
Pub Serv pref..
Elec & Peoples tr (Ifs 4s '45 6014 80
604 22.300 574 Jan 654 May Central III Power pref _100
Feb Central Ind
Inter-State Rye coil 48 194
5134 51)4 5115 5.000 50 June
•
5
8% Feb Cent Pub Serv (Del) corn.
58.1935
Keystone Telep let
91
9114 16.000 91
Jan 934 Feb Central SW 7% Pref._ •
Lake Superior Corp 55 1924
7
7
18.000
7
July
•
Prior lien pref
994 994 3.000 974 Apr 13% June
Lehigh C&Nav gen 415524
10054 May
Warrants
er,11 trust os
Phula Cu
Chic City & Con Ry pt sh_.
994 954.‘ 30 one 9634 Jse
1031
Stunned
9935 May
•
Preferred
87
lone
87
Phila Elec 151 5 1 4e_._
1.000 84
Feb 88% May Chicago Fuse
1024 10214 2.000 102
1960
Sc
Jan 10334 Apr Chic N S& M Mfg C°- *
pr In pref.100
1034 104
let 55
1966
9.800 102
Mar 104)4 June Chic RY5 part ctf ser 1_100
514:
1947
10734 111714
1.000 10334 Mar 108
June
Part ctfs series 2_ _..103
6s
10794 108
1941
7.000 107% Mar
1972
10234 12.000 1004 Apr 10814 Feb Commonw'th Edison__100
5145
102%
103
May
Rights
United Itys gold tr ctf 48 49
6055 6034
2.000 57
June 65
5
Jan Consumers Co,new
York Railways let 55.1937 96
96
98
1,000 951( Jan 984 June
100
Preferred
•No par value. a Ex-dividend.
•
Continental Motors
25
Crane Co
Baltimore Stock Exchange.
100
-Record of transactions at
Preferred
Crown(Wm)Pulp, 1st pf.•
Baltimore Stock Exchange July 10 to July 16,
both in- Cuneo Press A
50
clusive, compiled from official lists:
Decker (Alf)& Cohn. Inc.*
100
Deere & Co. pref
Friday
Sales
100
Diamond Match
Last Week's Range for
Range Since Jan. 1.
Elm Household Util Corp10
Sale
ofPrices.
Week.
Elec Research Laboratory •
Stocks.Par. Prim Low. High. Shares.
Low.
High,
Evans & Co. Inc. class A.5
•
Fair Co(The)
Amer Wholesale. pref _ _100
9914 9915
100 98 June 101
Feb Fitz Simons & Connell
Arundel Corp, new stock.
• 34
3334 34
495 2
834 Mar 38
Dock & Dredge Co
Jan
Autoline Oil, pref
10
10
10
2,000 10
May
10
May Foote Bros(0 & M) Co_ _•
Baltimore Trust Co_ _ __50 132
132 133
35 130
Apr 154
•
Feb Godchaux Sugar
Baltimore Tube. pref_ _100 40
40
40
4 40 June 55
•
Feb Gossard Co OR W)
•
I3enesch (I). con
40
40
78 3734 May 40
Jan Great Lakes D & D_ _ _100
Central Fire Insurance-10
28
26
20 2515 June 284 Feb
Greif Bros CooDIe A coin •
50
Century Truat
1544 15514
15 1544 June 182
Feb Hammennill Paper Co_10
Ches&PotTel of Balt.pf 100 11334 1134 113%
29 1104 Jan 116
100
Preferred
June
Commercial Credit
• 29
28
2934
175 26
May 4634 Jan Hupp Motor
10
Preferred
25
2334 2334
55 233.4 June 284 Jan
25
Illinois Brick
,
Preferred B _
25
244 2414
85 244 July 2714 Jan Illinois North Util, pref.100
614% preferred
100
9254 9234
2 90 June 99
•
Feb Jaeger Machine Co
Consol Gas. E L & Pow_.• 62
6131 534
141 45
Jan 573.4 Feb Kellogg SwItchb'd, new_10
6 h% preferred
100 111
1104 111
151 1084 Mar 11151 June
100
Preferred
100 113
7% preferred
112% 113
53 109
Mar 11315 June Sty Hydro-Elec. pref _ _100
8% preferred
100 127
127 127
45 124
Jan 12834 Feb Kraft Cheese Co
25
Consolidation Coal- -100
37
3735
22 36
Mar 53
Feb Kuppenhelmer & Co. Inc.5
Delion Tire & Rubber_ •
834 815
150
54 Apr
815 July Laclede G & E pr lien _ _100
314 33
Eastern Roll M111. new stk•
113 30 June 48
Feb La Salle Ext Univ (111)_10
834
Elkhorn Corporation
814 854
250
84 July
835 July libby,MeNALIbby.new 10
120 121
50
Fidelity & Deposit
48 11714 Mar 124
Feb McCord Radiator Mfg A.
935 915
Finance Co of America...25
50
915 July
12
•
Jan Maytag Co
Finance Service, class A.10 18)4
49 18
18
1854
July
21.34 Feb
Mer Mfrs Sec Pa pfd _ _ _ _25
10 18
18
18
Class B
12 18
July 214 Feb Middle West Utilities_
•
90
92
143 89 June 92
Hare & Chase. Pref.---100
100
Mar
Preferred
8734 8754
10 81
Hous Oil pref tr etts...._100
Mar 89
Jan
Prior lien preferred_ _100
Manufacturers Finance_25 51
61
51
153 51
May 68l4 Feb Midland Steel Products..•
25 2051 204 20%
referred
289 204 June 23
1st preferred
Util prior lien_ 100
Jan
25 2215 2215 2254
179 2115 Apr 2434 Feb Midland
2d preferred
Preferred A
100
25 2034
2014 2034
Trust preferred
50 20
Mar 23
Jan Morgan Lithograph Co..•
Co_ _25
9514 98
Maryland Casualty
165 94
May 102
Jan
Nat Carbon pref. new.100
204 204
18134 18134
484 48
2215 2215
36
364
50
803.4
8015 8134
1473.4 153
204 2015
230 23015
184 19
200 202
9
9
22
2331
53
53
Range Since Jan. 1.
384
76
334
234
94
8514
154
3
85
3515
55
74
99
37
3315
364
3035
8834
1534
2414
100
5
h
13615
44
(314
50
117
3155
118
9
26
28%
31
3434
145
494
9455
60
35
84
234
3634
11415
10715
11615
4414
102
99
8034
Range Since Jan, 1.
Low.
High.
2734 28
115 2715 Jan
374 Feb
94
20 92
9434
May 99
July
85
8555
85 82
Jan 91
Feb
384 384
455 384 July 42 June
77
78
440 70
May 9534 Jan
334 311
1.050
134 May
83( Feb
235 8
345
1
Mar
534 Feb
10
4
4
34 May
1
June
480 90
933.4 94
May 98
Mar
85)4 86
785 7935 May 9234 Mar
154 1534
51311
13
May 2554 Feb
215 3
195
234 May
814 Feb
85
85
10 8215 May 8
854 Apr
35 .3515
175 35 June 3735 Mar
5115 56
5.235 4034 Mar 7234 Mar
7214 7435 2.170 84
Mar 7634 June
99
99
In 99 Jun( 103
Feb
311 335
205
3 Jun(
434 Apr
37
3834
294 32
Mar 40
Feb
3415 7.770 2515 Mar
33
3414 June
3534 3615
4.110 28
Jan 3635 June
3014 31
805 273.4 May
3714 Feb
1734 1814
310
14
Apr
184 July
96
06
90 96
June
96 June
88
8814
602 87
May 91
Jan
288 85
883.4 8834
Jul) 93
Jan
460 12
1534 1515
Apr1514 June
94
93
272 894 Mar 964 July
95
9534
455 93 June 100
Feb
23
2535 7.700 1014 Jatu
2594 July
4
100
4
h Jan
34 May
34 33-9
400
7
354 July
Jan
3034 3134
155 30
June 35
Jan
9915 100
315 9934 Jan 101
Mar
5
6
Jul
50
5
12
Mar
h
h
50
14 June
115 Jan
138 13844
731 138
Jul) 145 June
414
435 31,325
435 June
435 June
534 84
812
535 June
1015 Feb
74
744
135 73
Mar 93
Feb
11
114
115
954 May 134 Jan
494 504
420 494 July 60
Jan
11634 117
30 11315 Mar 11715 Jan
9834 9834
355 9714 Mar 10014 Jan
47
60 4534 July 50
4734
Feb
3134 3114
35 30 June 32 June
107 10815
155 106
Feb 1094 Feb
118 1194
85 118
Mar 12934 Feb
1434 15
450 1314 May 25
Jan
84 934 1.350
834 July 3234 Jan
28
335 25
2634
May 3015 Feb
2835 29
278 27
May
3334. Jan
3
034 31
300 26
Jan 32
June
11
12
700
9
May
1534 Jan
235
255
10
35 May
7
Feb
34
35
1.380 3154 Mar 39
Jan
143 145
237 122
Mar 171
Jan
394 40
450 36
May 4031 Feb
36
36
100 32
Jan 36 June
110 110
20 10715 July 110
Apr
24
25
280 19
Mar 2834 Jan
4934 51
3.450 37
Jan 5234 June
9155 92
20 90
Mar
May 92
254 284
480 2414 May 2915 Feb
154 le
195 1555 June 17
June
984 100
80 9834 July 102 June
9415 95
82 914 June 95
Jan
80
81
350 55
May 9014 Jan
35
35
135 294 Jan
3534 July
100 100
15 100
Mar 100
Mar
9
915
280
9
May
1434 Jan
8% 834
960
735 Mar 10
Feb
39
394
310 36
May 42
Jan
214 2334
310 20
Mar 2335 July
353
4
36
810 3
4
May 3634 May
11415 115
2.985 108
May 1344 Jan
108
108
2,080 9714 Jan 11134 Feb
116 11814
646 10634 Jan 12334 Feb
44
4534
410 41
Mar 493.4 Feb
102 1024
350 98
June
Mar 104
99
99
650 98
Jan 994 June
5634 614 8,805 4234 Mar 65
Feb
4
12(1,
1211
OS 11S
F. log
,
Anr
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price Low. High. Shares.
Nat Elec Power A w I_ _ __•
100
Preferred
National Leather
10
National Standard com•
North American Car corn *
Nor Weat Util pr in pref 100
100
7% Prefered
Noradel Process pref...."
Penn Gas dr Elec w 1
•
Pick Barth & Co pref A...*
Voting trust ctfs
Pines Winterfront A
5
Pub Serv of Nor III
*
Preferred
100
Quaker Oats Co pref.._100
Real Silk Hosiery Mills_10
Reo Motor
10
So City Util el a com
•
So Cob Pr Elm A com_25
Southw CI is &El7% pfd100
Standard Gas dr Electric.•
Preferred
50
Stewart
-Warner Speedom •
Swift & Company
100
Swift International
15
Tenn Prod Corp com____*
Thompson (J R)
25
Union Carbide dr Carbon.•
United Biscuit class A. •
United Light & Power
A w I new
*
•
B w 1 new
Preferred cl Awl a__ _•
.
Preferred ci B w I a__ *
United Paper Board_ _.100
U Et Gypsum
20
Univ Theatres Cone cl A_5
•
Wahl Co
Ward (Montgomery) dt Co
Class A
*
Williams 011 0 Mat corn..*
*
Wolff Mfg Corp
Wolverine Portland Cem 10
Wrigley Jr
•
Yates Machines part pfd_•
Yellow Tr& Coach Mfg B 10
Rights
Yellow Cab Co Inc (Chic)5
Bonds
Chicago City Ry 5s_ _ _ 1927
Chic City & Con Rys 5s'27
Chicago Rys 5s. ser A.1927
4s, series B
1927
Cudahy Pack 1st M g 5s'46
Boas0 G Co s f g 634s 1931
IowaP&LCoFMGB
"B"534s
1956
Metr W Side El 1st 4n_1938
Peoples Gas Lt & Coke
Chic0 L & C 1st 58_1937
(VoL. 123.
THE CHRONICLE
316
2434
94%
233
294
304
94
2634
22
2134
1234
108
4834
20
23
2434
94
9453
233 233
284 2934
294 3033
94
95
9334 95
26% 2634
21
2233
2134 2133
124 124
53
5533
136 13733
10534 106
10634 108
464 49
20
2033
39
4033
25
25
9334 9434
5534 554
5634 564
7333 77
11234 11333
1734 194
10
10
4533 4634
8334 85
4434
44
1,600
402
1,044
9.275
700
50
170
400
2,670
505
680
2,753
24
90
70
6.550
180
280
50
30
100
100
6,335
1,255
3,860
60
2,480
610
820
Range BMW Jan. 1.
Low.
1934
92
233
26
26
93
914
2634
194
19
1233
3334
1284
10033
105
3134
1934
39
22
93
5434
54
6834
110
144
10
42
7233
38
Mar
July
May
May
Mar
Jan
May
June
Jun(
May
July
Mar
Apr
Jan
Feb
June
June
July
Apr
Apr
June
Jan
May
Apr
Apr
July
Apr
Jan
Mar
High.
26
9634
433
2933
32
99
96
28
24
224
1234
5934
140
106
108
5834
2534
42
2534
98
6434
564
93
117
2234
154
48
8634
5834
Jan
Feb
Jan
July
Jan
Jan
Mar
June
Feb
Feb
July
Jan
June
July
June
Jan
Jan
July
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from July 10 to
Ju'y 16, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sates
Last Week's Range for
Sale.
Week.
ofPrices.
Par. Price. Low. High. Shares.
Week Ended July 16.
Stocks-
Indus. Sc Miscellaneous.
Ala Great South, com_ _ _50
Preferred
50
Allied Pack senior pref 100
Alpha pont Cement...11M
New
Aluminum Co. corn
75
Amalgam Leather, com_ •
113
American Cigar com _ _100
1834
Preferred
100
10
Amer Cyanamid,class B.20
4533
Preferred
100
At er .a. & Lice, emu.... 94
Preferred
•
Amer Hawaiian SS
10
934
Feb Al or 1.1 ,v trite.
1631
1,400 1333 Apr 26
16
MILL_ loll x2253.4
Mar
20
Apr 31
2034
350 15
Preferred
100
May Amer Pow & Lt pref._ _100 97
585 814 Mar 92
8733 8733 89
Feb Amer Pub UM
135 4234 Apr 51
504 51
panic pref.
Mar
Mar 38
286 22
23
23
7% preferred
160 lassi 161
1 830 125
.
• 15
mar 163
July Amer Rayon Prod
5
Jan Amer Roll M 01. corn__ _ .25
3
Apr
7
300
5
53,4
9
150
734 June 144 Feb
9
9
Preferred
100
Am EleatingCo(newcorp)vto 3354
Ill
111 11134
55 1074 May 1124 Mar
Cony preferred
384
184
184 194 • 1,500 144 May 2333 Feb Amer superimw Corp, A.
• 2533
733 Apr
84
1034 Feb
175
8
• 2654
Class B
934 Jan
533 Feb
8
8
50
Prior preferred
23
Apr 5533 Jan American Thread. pref. _5
534 5234 5334 1.245 49
Feb
Mar 32
1,145 26
274 274 2734
Feb Arizona Power common 100
23
May 33
22
580 21
23
Arundel Corp
•
14 July Assoc use & Elec. class A.• 33
134 3,230
34 July
34
1,385 4233 Mar 5034 Feb Atlantic Fruit & Sugar_ _ _•
45
44
44
133
Atlas Portland Cement. •
Mar 7934 Jan Auburn AutO
7334 74 813,000 67
eom25
47
July 5634 Jan Balaban dr Katz. corn vtc25 x74
47
23,000 47
49
3,000 45
49
49
Mar 50 June Baneicaly Corp
43 8034
Jan Beaverboard Co
17,000 294 July 40
30
30
30
pref...i00 3734
9534 9534 4,000 94% Jan 9533 July Bigelow-Hartf Carpet corn'
Feb Blaw-Knox Co corn
9734 974 97% 12.000 9534 Apr 99
25
Bit.- IL W)& Co
• 20
974 9734 5.000 9734 July 9733 July Bohack(H C)1st pref
Jan Borden
7454 75
Mar 75
6,000 73
Company
50 100
Bradley Fireproof Prod_ _1
10234 1024 2.000 1014 Apr 102% Apr Brill Corp(new) class A..
• 37%
Class B...• 1633
•No par value.
Brit
-Amer'rob ord bear_ 51 2233
Mot
Cincinnati Stock Exchange.
-Record of transactions.at BrockwayCity Trk, com_• 40
Brooklyn
KR
10
Cincinnati Stock Exchange July 10 to July 16, both in- Bucyrus Co common__ _100 7%
Butler Bros
clusive, compiled from official lists:
Cs n Dry .1nger Ale.. 20
4833
Canadian Car & Fdy 91100
Sales
Friday
Car Lug & Power, cmu__21.
Last Week's Range for
Range Since Jan. 1.
Carolina Power & Lt pref
10634
Week.
Sale
ofPrices.
Caterpillar Tractor
High.
25
Par. Price. Low. High. Shares,
StocksLow.
Celluloid Co corn
100
Preferred
100 684
Am Laundry Mach com_25 112
Mat 14734 Jan
1114 113
1.336 108
Feb Celotex Co corn
* 145
Amer Rolling Mill com-_25 464 4634 484 1.109 4634 July 59
Apr
Preferred
100 94
Preferred
100 10934 10934 10934
May 111
65 109
American Products
663 2434 May 274 Mar Central Steel do corn...100 74
2
534 254 2534
Feb Centrifugal Pipe Corp_ _ • 2234
Baldwin corn
100 202
July 248
200 202
52 200
New Preferred
100
50 10434 Jan 1064 Mar Chic Nipple Mfg CI A...50
1054 10534
Class 13
ao 26%
3334 Feb
Buckeye
Jan
100 33
498 30
32
33
May Childs Co prof
100
Jan 115
Carey (Philip) pref._ 100 11334 11234 11334
55 111
20 4133
10534 Mar Cities Service corn
70
Champ Fibre pref
100 10333 10334 104
33 10214 JulyJan
2
0 01
2
Feb
100 8654
Preferred
Churngold Corporation_ •
51
54
10
Preferred 54
City Ice dr Fuel
July 254 Jan
315 23
• 2333 2334 2333
Jan
100
Preferred B B
Cooper Corp new pref_.100
Jan 108
2 100
100 101
234
Dalton Add Mach com_100
Mar 7134 Jan Colombian Syndicate
2 60
65
65
Jan Com'wealth Power Corp
Eagle-Picher Lead com--20 3034 30
33% 5,913 264 Mar 35
• 3933
May
Common
Early & Daniel com
•
45
45
10 37% Mar 46
100 8634
Preferred
Mar
Preferred
100
Mar 100
100 100
5 100
• 5833
Warrants
Jan
Formica Insulation
•
Apr 27
234 244
50 20
Feb Consol Dairy Products- •
Gibeon Art corn
* 38
3734 38
228 364 Feb 40
Mar Con um,E LAP bait corn. 52%
Giant Tire__ ___-100 35
39
35
35
10 3333 Jan
Jan Consol Laundries. w I.___• 25
Globe Weeke pf nu deli 100
Apr 98
93
73 88
9333
July Continental Baking,comA•
•
Gruen Watch corn
Jan 41
3834 3854
2 36
• 10%
Common B
Hatfield-Reliance cam_ •
1834 Jan
154 1534
15 144 Apr
100 9331
8% preferred
Johnston Paint pref.._ _100
99 100
Jan 10234 Mar
15 99
•
June Continental Tobacco_
• 100
Kahn 1st pref
100 10131
July 104
52 100
20
Part preferred
43
44
15 4234 May 45 June Copeland Products Inc
Class A with warrants..' 224
10 1224 116 125
Kroger corn
Mar 13531 Jan
718 105
El 2933
r Courtaulds, Ltd
100
New preferred
1123311234Ma
3 11014 Mar 1124
(vol..
,
•
McLaren "A"
19
1933
July 204 Feb Curtiss Apron! k M.
245 19
Ctfs of beneficial Int..- ......
Paragon Refining com__25
733 8
934
6% Mar
259
July Davies(Wm)Co A
Procr & Gamble com-.20 160
to
159 164
2,067 13933 Jan 184 '
11 2
'
234
100
8% preferred
16034 160%
Feb 163 -Feb Ito nre..1 Harlin Corp..--•
9 160
Co
100
112 11233
6% preferred
30 10834 Apr 1144 Apr Dinkier Hotels parch warr• 2033
Class A with
100 97
Pure Oil 6% pref
98 June
964 97
269 8533 Jan
• 17
100 109
8% preferred
109 10934
6 10533 Jan 1104 June IDnellter Die-Casting
Dominion Stores, Ltd-- •
.5*,'
;
prang
Dresdner Bank Amer slut. 124
Industrials*
Putman Candy com
2433 2433
Mar 2433 July Dunhill Internet
10 20
54
•
U S Can corn
40
41
Jan Durant Motors. Inc
July 63
105 40
1433
Feb Duz Co class A
100 10034 100 10033
Preferred
Mar 104
7 99
cora_ •
20 140
U S Playing Card
139 140
98 137
AP1' 155 rJan Edmunds & Jones corn.* 34
Feb Eitingon-Schild Co,
US Print dr Litho com_100 86
85
86
208 804 Jan 95
70
Feb Elec Bond & Share, p1...100 10833
100
Preferred
9533 98
36 9134 Jan 100
•
74 734
U S Shoe com
834 Feb Elec Bond &Share Scour_• 4034
20
6
Mar
.
•
Elee Invest without warrPaper corn
• 48
Whitaker
48
50
Jan
55 43 June 66
Eleo Ry Securities
•
Emporium Corp
Banks
.
July Engineers Pub Sera,com_• 224
Trust_ _ _ _100 312
West Bank &
310 312
42 310
July 312
94
Preferred 7%
•
Prof allot ctfs(80% pd). 10434
Public Utilities
• 26
Cincinnati & Sub Te1-50 8934 854 8933
66 81
Apr 8933 July Estey-Welte Corp class Acom_0
10
10
Star : T0 sus,,,i
100 8934 89
F gaTrI M otora
Fi
Cin Gas & Elec
243 88
July 95
8934
Transportation 100
125 125
13 11233 Jan 125
CM Gas
July
89
90
39 8133 Jan 93 June Fall River Elec Light_ __25
C N & C Lt & Trac com 100 90
6934
69
100 69
9 64
Preferred
Apr 7034 JPn
,
• Federal Motor Truck_ _ _10 4634
July Fed Purchasing Corp A_
11133 115
100 112
492 109
Bell Tel pref
Jan 115 ; thy
1234
Class B
A
•
MI
131 Federated Metals
TractionsTraction.540 32
50 3334 3234 3334
Mar 35 KM151 Film Inspection Machine_•
CM Street Ry
Firestone T dr It, 7% 91.100
Ford Motor Co of Can.100 515
RailroadsN
• 17%
Forhan Co, class A
10234 10234
2 101
Jan 10234n/PlY
CNO&TPpref
100
Foundation Co
•No Dar value.
Foreign shares class A..-• 17
Theatres. class A,com• 25
-For Fox
Franklin (II H)Mfg corn.' 23
Pittsburgh and St. Louis Stock Exchanges.
100
Preferred
this week's record of transactions on the Pittsburgh and Freed-Eisemann Radio__ •
• 22%
Freshman(Chas)Co
Exchanges see page 293.
St. Louis Stock
119 125
122 12934
10
10
132% 134
44
45
73% 74
1433 14%
11234 1124
99
99
35
35
8934 8934
944
86
96%
93
94 934
221 x22534
964 9633
9634 97
88
88
9333 94
1334 20
4733 474
109 109
3334 3533
38
39
2534 26
2633 2733
2533 2533
3% 334
2033 2033
33
3133
3234 3333
153
133
4534 4533
5533 5533
7334 74
8033 80%
3734 3733
8533 8533
59
58
20
2034
98
98
96 10133
69c 730
3733 3834
164 16%
2133 2254
27
40
734 734
235 24834
29
29
484 50%
81
81
131
131
10634 10634
142 14234
1933 2033
7034
68
127 149
9134 94
74
69
2134 244
4433
44
26% 2733
Ho% 11633
4133 42
8134 86%
734 733
7434 75
21114 3
900
321.
101
300
701
200
300
20
10
300
20
21,000
430
500
200
101
590
10
160
3,900
20
10
2,000
4.400
1,300
2,600
400
200
200
150
4,400
3,600
100
200
650
1,400
100
25,000
175
300
25
3,600
3,200
800
400
2.700
3,100
500
1,100
100
13,500
100
1,200
10
20
ao
120
250
400
800
9,800
400
400
50
13,000
1,300
200
200
15,400
Range Since Jan. 1.
Low.
Mar
95
944 Mar
July
10
Smn
115
44
July
5434 Jun
12 May
Feb
110
Feb
97
July
35
Feb
88
.4
'Nip
00% Apr
9 May
195
•
0634 July
Am
92
87 June
9333 July
1334 July
4533 July
Jan
106
323,4 June
July
38
1934 Mal
2133 Mar
Mar
23
334 July
20 June
Mar
32
2534 Mat
Jar
890
44% June
41% MHO
Ma
64
78% Junu
Ma
,
34
8234 May
5034 Apr
'33 h.s
98
My
9134 Mar
50c May
3334 May
144 Ma,
121% July
2433 Apr
hia
7
Jan
179
28% July
4933
51
July
Jun,
1
104
May
July
139
Feb
15
Feb
51
June
117
88 June
Mar
60
1534 Mu,
Feb
42
25% Ant
Apr
114
3733 Feb
8233 Apr
734 Feb
Mar
74
Mar
2
High.
1804
120%
10
138
45
70
1534
12234
1004
47
96
111154
9'34
11%
2.4
11534
97
89
94
3534
594
109
3614
4034
374
39
264
4
3934
3534
3533
24
55%
73
7634
8033
3936
9834
59
224
98
110
154
5733
33
3133
40
933
335
30
53
8334
2%
15034
14234
26
70%
149
94
7434
27
4434
27 ki
11934
4234
8633
754
76
333
Feb
July
July
Feb
July
Feb
Feb
July
Judy
Feb
Feb
inn
July
Jan
Jan
Jan
July
Mar
July
Jan
Feb
Apr
July
June
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Feb
Mar
Mar
June
July
Feb
Jan
July
June
July
Jan
Jan
Jan
Jan
June
July
Feb
Feb
Apr
June
Jan
Mar
July
JulY
Apr
June
July
July
Jan
Jan
June
June
Jan
Mar
June
June
Mar
Jan
38
8634
56
3
5134
24%
75%
1033
93
1933
3933 17,300
200
883,4
125
5834
600
34
5334 4,500
2533 8,300
78% 2,100
1133 14,000
2,100
94
2034 4,300
29
82
3033
234
44%
22
65
8%
8634
1134
Mar 4254 Jan
Mar 8834 July
Feb
76
Ma
June
534 Jan
Jan 58
Feb
Mar 2834 Feb
Mar 12134 Feb
May 3034 Jan
Mar 102
Feb
May 2033 JAne
21
2834
17%
4333
30
133
2234
2933
18
45
30
24
600
900
200
300
200
3,700
17
2834
1.114
43%
29%
510
Apr
July
Slav
Jan
July
June
2733
3533
2333
45
33
1031
Jan
June
Jan
July
Mar
Jan
20
2033
200 1934 May 2534
17
15.
1,600 11% May 18
64
64
100 57 May 6731
125 101
124 124
May 124
300 18 May 25%
2234 2233
3% May 1331
533 631 3.700
1434
14
400 10
may 21
38
38
10 3633 June 38%
3334 34
Mar 374
200 33
10833 10933
520 104% Jan 110
6833 7054 16,000 5634 Star 86
3834 41% 6,300 304 Mar 7434
534 534
100
434 Jan 10
2434 2534
700 2434 July 3934
2233 23
1,000 21% Apr 2934
94
93
1,200 86
Apr 94%
104% 10434
100 10434 July 10434
26
25
2,000 24
Jan 28
4
4
SOO
334 July 1034
137 13933
90 1244 Apr 169
100 41% June 47%
4733 4733
4533 4633
600 32
Mar 49
31
30
500 30
July 49
12
200 10
124
May
1334
1234 1233
300 12 June 22
400
6% 734
334 May
734
9834 9834
600 9734 May 100
500 520
280 440
Apr 655
1634 17% 11,400 1334 Mar 20
Jan
Jan
Jan
July
Jan
Jan
Feb
June
Jan
July
Jan
Jan
Jan
Jan
Jan
June
July
Jan
Jan
Feb
July
June
June
June
Jan
Jan
Jan
Mar
Jan
17
25
214
7934
634
22%
1833
2533
23
8034
634
2333
3,300
4,000
600
50
100
1.200
15
194
1934
784
334
1734
May
Mar
May
June
Mar
Jan
55
3433
33
11634
833
2833
Jan
Jan
Jan
Feb
Jan
Apr
JULY 17 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Cotitinuut Par Price. Low. High. Shares
•
Gamewell Co corn
55
55
3
Garland Steamship
76c 77c
•
Oared Corp
6%
6
5
General Baking, class A • 5635 5535 5635
•
Class B
6
5% 6%
General Elec (Germany)-- ...... 297 3335
%
Common stock receipts... 30
30
31%
GeneralPirt-tr
c a_• 5334 5335 5335
Gen G943& Elec of Del B _ _ 5 35
3335 35
General Ice Cream Corp_ •
45
45
Georgia L P & Rys coin 100
71% 72
Gillette safety Bator_
• 96
96
99
C G Spring & Bump
1535 14% 1535
Preferred
9% 934
•
Glen Alden Coal
16331 16631
Goodyear Tire & R.com100 3474 34% 36%
Grand (F W)5-10-25e St_• 61% 61% 61%
Griffith (D W)class A_ •
1
1
Grimes Rad at Cant Rec_ •
335 3%
Happiness Candy St.cl A_•
6
6%
6
Founders shares
6%
6
Hazel Atlas Glass
25
46% 46%
• 2135
Hazeltine Corp
1831 21%
Hellman (Richard) CO-.
Partin pref with warrant*
32
32
Heyden Chemical
•
1% 1%
Hires (Chas) E Co
•
Class A. corn
23
23%
Hollander(H)& Son, corn.
27% 27%
•
Horn & Hardart
53% 55%
Illinois Brick
25 50% 5035 50%
India Tire & Rubber
31
•
31
Industrial Rayon. class 4 .•
8
774 8%
Internat Silver com _100
90
90
Preferred
105 105
100
Internat Util, class A_
32
33
•
4% 5
Class B
** 15314 153% 161
-Manville, Inc
Johns
60c 570 75c
Keystone Solether ' 10
117 124
Kroger Grocery &Baking 10
17% 18
Kruskal & Kruskal Inc_ _• 18
26
26
Land Co of Florida
84
Landers, Frary & Clark _25
86
Landover Holding Corp
1 3834 3835 3835
Clam A
935 934
Class A stamped
9%
112 112
_50
Lehigh Coal & Nay
Lehigh Power Securities
* 16% 14% 16m
New Consol Corn
92
Lehigh Valley Coal Sales.50 8734 87
Lehigh Val Coal We new_ _ 40% 40% 42
8%
8
Libby. McNeill & Libby_10
141
144%
Libby Owens 'hectGlass.25
42
42
MacAndrews Forbes coin.*
82
82
Mass Gas Cos corn... _100
22% 2235
McCord Rad & Mfg v t e..•
100 3635 36% 3635
Mengel Company
114 129
100 129
Mercantile Stores
135
•
Mesabi Iron Co
134
1%
215
2
Metropol 5c & 50e St el 13..•
30
Preferred
30
100
3235 3235
Metropol Chain Stores_ _•
114% 114%
Middle West Util.com_ •
11535 11634
100
Prior lien stock
100 107% 107 10735
7% preferred
45
45
Midland steel Products_ •
mai% ale Co
22% 22%
•
99 100
Miller I bber. pref. _100 100
Mobs,* k& ud Pow,com • 2635 26
26%
• 3635 25
Mohawk 'Hey Co
37%
Moore Drop Force clam A •
64% 68
23
23
Motion Pie Cap Corp pf_25
municipal -terylee Corp_ _• 12% 1274 13
55
Nat Casket Co new com_ •
58%
Nat Elec Power. class A_ • 2434 2335 24%
235 3
National Leather
i0
Nat Power & Light, preL _• 10135 101% 101%
Nat Pub Serv, cl A,corn_ _• 2035 2035 2034
15
• 16
Common,class B
1634
Nat Sugar Refining.. A00 11434 114% 115
5 29
27% 29
Nelson(Herman)Co
82%
New Bedford Gas& Ed L 25
80
11335 11435
NewEnglandTeleet&Te1100
1231 14
New Mrs .4 4rI7 band..„1 13%
15
15
New On Gt Nor RR_ _ _102 15
22
22
22
N Y Merchandising
NY Telep,674% nref.100 113% 113 11335
20
20
Nnee-Bement-Pond Co corn
Northeast Power. corn._ _• 19% 19% 20
Northern Ohio Power Co.
• 1435 12% 14%
104 10531
Nor StatesP Corp,com.100 104
Preferred
101% 101%
100
Ohio Bell Telep 7% pf_ _100
113 113%
Ovington Bros partic pref_• 1034 1031 10%
Pacific Steel Boiler
12% 13%
•
Pander(David) Grocery A• 47
47
47
Penney(SC)& Co CIA
99
99
Penn Ohio &cur Corp_ _ *
75-4
7%
7
Penn Water & Power_ _100
14634 150%
Phelps Dodge Corp__ -100
122 123
Phila Electric, coin
25
48% 49
Pick (Albert) Bartb & CoCOmmon vat trust et& _1
13
1234 13
Pie Bakeries of Am cl A _ _• 4474 44% 44%
Pitts & L ERR. com_ _ _50 144
144 14635
lattsb Plate Glass
100
278 280
Portland Elec Ptaver__ -100 3514 35% 35%
Pratt & Lambert, Inc.....' 57
57
57%
Procter & Gamble. con5.20 161
158% 16254
Puget Qound P&L,com_100 29
29
30
6% preferred
100
84
84
Purity Bakeries class A..25
42
42
Purity balm ICC. clam B._• 3334
33
33%
Preferred
100 97
96% 9835
Pyrene Manufacturing...10
11% 1135
Rand-Kardex Bu,new, w I* 3874 3734 38%
•
Realty Associates com
226 238
34% 3435
Rem Noisel Typew.comA •
19% 20%
10
Reo Motor Car
Republic Mot Truck v t c_•
5
5
•
Rickenbacker Motor
335
335 4
165 165
Royal Bak Powder.com100
100% 100%
Preferred
100
129
129
Safety Car Heat & Lt.100
4735 4735
St Regis Paper corn
•
113 114%
•
Savannah Sugar prof
14
Schulte Real Estate Co.'
15
Set benl Inc Tire & Stun com• 23% 23% 23%
•
24
24%
Servel Corporation A_
__- ...... 2235 23%
Certificates of
21% 22%
deposit.Servel Corp (Del) com___• 22
42
42%
Sherwin-yv'm• Co. com_25
Sierra Pac Elec Co,corn 100 2774 27% 28%
Silica Gel Corp corn v t c_- ...... 19% 20%
Sid Viscous ord (200 lire;
831 9
874
Den refit Chase Nat Bank
27% 28%
Sou Calif Edison pref A_25
25 2474 24% 24%
New preferred B
38
40
Southern CI tea Util. com25 39
35
Common v t
35
89
89
100
Preferred
Range Since Jan. 1
Low.
High.
25 55
July 5935
9,000 730 June
1
4,500
235 Feb
7
5,800 44% Apr 7935
5% Mar 1731
12,200
600 22% Mar 3334
300 3J
July 3135
300 40
Mar 57
200 28
Mar 49
100 45
July 5635
206 56% Mar 75
5,300 89
Mar 114
8,000 12
May
1535
100
9% July
9%
800 138% Jan 171
7.800 28
May 50
200 50
Mar 85
200
1
May
1%
2,000
134 Anr
7
1.000
July
6
831
1,100
5% June
7%
100 45 June 4635
5.700
8% Apr 2131
100
100
30
1
Mar
June
600 23
200 27%
200 41
800 48%
100 31
3,800
7%
50 90
25 105
300 31
400
435
775 130
20,300 10c
20 108
200 16
100 21
110 8235
June
Apr
Mar
June
-Ally
July
July
July
May
Mar
Mar
Apr
Apr
May
Mar
June
Jan
Jan
Jan
Jan
Jan
.11.09
July
Jan
Jan
Jan
Jan
Feb
July
July
May
Mar
Jan
Apr
Jan
Jan
Jan
July
July
3631 Feb
235 Jan
26
3631
6234
51%
31
19%
108
105
39
9%
165
75c
130
20%
47%
86
Jan
Jan
Jan
June
July
Jan
Feb
July
Jan
Jan
July
July
Jan
Feu
Jan
July
100 27% Apr 3934 July
900
Apr
8
9% Apr
200 103
Mar 120% Feb
47,600
1,100
4,800
200
300
100
10
100
50
500
600
200
25
100
400
1,350
330
100
100
40
1,400
380
700
200
1,500
100
3,000
700
250
2,000
2,400
100
1.200
SOO
30
800
500
100
100
100
3,800
11,800
2,800
25
110
1,200
1,300
100
10
7,000
290
20
200
10
80
36%
735
133
39%
82
17
34
100
131
2
22%
24%
10734
98
97
41
2135
98
20%
25
5
055
23
12%
49%
15%
2%
97
1535
10
102
19%
80
109
9%
14)4
1635
11035
19
17%
11
9835
9935
113
934
11
42%
99
634
130%
120
40
Mar
Mar
Mar
Mar
May
may
July
May
Apr
June
Mar
July
June
Mar
May
Jan
Jan
Mar
May
June
Mar
July
June
July
Mar
June
Mar
May
Mar
Mar
Mar
Mar
Mar
July
Mar
Apr
Feb
Mar
Apr
Jan
Mar
Mar
May
Apr
July
June
Apr
Apr
July
May
Mar
Jan
Mar
22
95
4535
931
219
46%
87
2535
52
145
235
3
49
49%
135
122%
11154
48%
25%
103
28%
3731
68
27
13%
5835
28%
435
102%
24
16%
129%
22934
8235
118
1434
1634
26
115%
2774
36%
2634
13635
102%
113%
11
1635
5034
99
835
174
139
67
3,100
200
30
80
100
600
895
1,200
100
100
1,100
200
200
1,000
60
100
600
200
3.200
100
20
60
100
60
300
100
1,200
800
1,700
200
800
1.600
10
44%
130
274
3535
31
14234
28
84
35
24
91
10%
3435
220
3035
1935
5
3
141
99%
123
39%
113
14
20
1535
1635
2135
35
23
1135
Apr
July
Mar
June
July
Mar
Jan
June
July
Mar
Mar
Mar
Mar
Apr
June
Mar
Apr
May
May
Apr
Apr
Jan
May
July
July
May
Mar
Mar
ally
leen
Mar
Mar
13
July
4735 June
162% Jan
310
-Jan
4835 Jan
60% Feb
163
Jan
66% Jan
July
84
43
July
3934 Jan
99 June
11% July
48
Jan
245 June
5235 Jan
25% Jan
1634 Jan
935 Jan
213
Jan
103
Feb
132
June
90
Jan
115% May
24% Jan
28% Jan
3035 Jan
25 June
22% July
43
Feb
28% „Ian
22% Jan
300
200
400
500
100
25
8%
27%
2435
27
25
88
July
June
June
Apr
Mar
June
13%
33
25
49
40
9174
Jan
July
June
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Feb
Jan
July
Feb
Mar
Jan
Jan
Jan
Jan
Jan
July
June
June
July
Feb
June
Feb
Feb
June
Feb
Jan
Jan
Jan
June
July
June
Feb
Jan
July
June
Jan
Apr
Jan
Time
June
June
Jan
June
June
317
Friday
Sales
Lase Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High Shares.
Southern G & P Class A_ •
Sontlin Ire 1'CUL class A *
Weastern Pr & Lt com___•
Participating preferred.•
Warrants to pur com stk..
•
57 preferred
Southwest Bell Tel pre:100
Sparks-Withineten Co__
Stand Motor Construe-100
Standard Pow & Lt, el A.2t
Stand Publishing class A 25
Standsrd Tank Car. com.•
Stroock (S) & Co
•
Stutz Motor Car
100
Swift & Co
10
Swift International
Tampa Electric new...100
Terre H Ind & E Tr Pf_100
(RE)Radio vtc•
Thompson
Timken-Detroit Axle_..10
Tobacco Prod Exp Corp.-•
5
Tower Mfg Corp
-Lux Day Pict Screen
Trans
•
Class A common
Trumbull Steel common_25
10
Truscon Steel
Tublze Artif Silk class B_ •
Tuna Sol Lamp Wks. cl A.•
•
Common
United Artists Tneacre Circ.
Allot arsfor COM & pf stk
United Biscuit class A
Chss s_
United Elec Coal Cos v t c•
50
United Gas Imprvt
United Lt & P corn A new •
United Profit Sharing- _1
Preferred
United Shoe Mach corn._25
•
LI Can Co
US Light & Heat. com_.10
10
Preferred
•
U S Rubber Reclaim
•
Universal Pictures
& Lt el B,.•
Utilities Power
Utility Share Corp opt war.
•
ValleyMould & Iron
Van Camp Packing Pfd-50
Warner Quinlan Cow I_ _.•
Wesson011&Snowdrift,ytc
•
•
Preferred
Western Auto Supply Part
•
pref with warrants_
Western Power Pref.---100
White Sewing Mach pref_*
Winnipeg Elec Co
Yates Amer Mach part pf..•
Yellow Taxi Corp, N Y. •
Range Sines Jan. 1.
Low.
High.
22
22
27
27
26% 27
6535 66
931
9
99% 9935
11435 116
14
14
235 2%
1935 21
635 8%
834 934
42
43
2435 25
112% 113
1734 1934
5031 50%
25
25
1
990
1031 1135
334 4
835 834
Mar 27% Feb
100 22
100 24
Mar
May 32
5,700 2134 Mar 46% Jan
1,400 59
Mar 66% Apr
400
Mar 15% Feb
7
101) 96% Apr 10035 June
200 111% Jan 116
Jar
100 10
May 2835 Jan
100
131 June
234 Mar
1,500 17% May 24
Feb
4,000
6% J013' 1934 June
65-4 A n
700
14.6 Jan
200 39
Apr 45% Feb
2,500 1935 Mar 3734 Jan
200 110
Apr 11635 Feb
1,100 14)5 May 2234 Jan
June 87 May
400 48
Mar 36
100 20
Feb
531 Jan
600 760 June
4,100
sh Mar 1134 -Jan
314 May
4% Jan
600
Jan 13% Feb
200
7
835
8
10% 1131
2335 2535
195 204%
18% 18%
735 735
3,200
6% June 14
600
8% Jan 13%
400 22
Mar 3031
Apr 240
240 161
4
1,000 171 Mn' IQ
500
7% Mar 10%
Jan
Feb
Jan
Jan
June
Jan
200 100 June 101
100 100
300 4235 June 4434
4331 44
15% 1431 1531 11,300
9% Jam1734
500 23
3035 3035 31%
Mar 4434
11435 112% 11635 17,700 84
Mar 14434
16% 31,900 1234 May 28
16% 16
10% 1034 1134
400
9% June 14%
1135
11% 1134
100 11
Jan
1135
48% 4831
100 47
Apr 50
4034 4035
200 40% July 40%
20
Mar 25%
800 16
20
2054
100
6%
5% Mar
631 0%
7%
11
11
100 11
July
11
123(
31
100 2934 July 41
31
14% 15%
Apr 18
1.400 14
600
23( June
234 3
6
13
13
100 10
Apr 15)4
22
23%
500 20% Apr 38
2734 27
27)5 2,100 23% Mar 3034
5335 5335
100 49% June 53%
10 9235 June 95
95
95
June
July
June
Feb
Jan
Feb
Jan
Jan
Feb
July
Apr
May
Feb
Feb
Feb
Feb
Jan
Mar
June
June
July
2635
6535
9935
14
21
7
8%
24%
18
1
1131
4
83(
1131
23%
9431
26
9435
47%
47%
27
1554
26
94%
4731
4735
27
16
100
70
500
200
30
1,000
3%
43(
331
4%
100
800
1735 1835
173( 17%
256 260
5134
51
72% 7435
21%
21
108 109
20
20
73% 73%
5935 62%
13435 136
3454 35%
68
6835
15
15
47
4835
753.4 76%
5734 5
954
19
20
51% 53
124% 124%
190 192
3634 38
25
25
52
52
6354 6334
23% 25%
1193-4 12754
46
47%
32% 34
300 300
119% 120
10134 10331
2,500
2,700
30
400
600
14,000
100
100
20
15,400
110
5,100
510
300
300
150
3,600
400
7,300
1,000
50
1,200
100
50
20,900
1,500
4,100
1,000
51,100
30
20
4,400
22
9135
38
47%
27
9
Mar
Mar
Mar
July
July
Mar
28
99
5035
5131
28
17%
Jan
Jan
Feb
Mar
June
Apr
Rights.
British Amer Tobacco
Commonwealth Edison... ......
331 June
435 July
3% June
4% July
Former Standard Oil
Subsidiaries.
Anglo-Amer Oil (vol eh) £1
Non-voting shares.. -Ll
Borne-Scrymser Co. .100
50
Buckeye Pipe Line
25
Chesebrough Mfg
Continental 011 v t e- --10
Cumberland Pipe Llne-100
Galena-Signal Oil com-100
100
Old preferred
Humble Oil It Refining--25
100
Illinois Pipe Line
•
Imperial Oil (Can)
50
Indiana Pipe Line
National Transit__ _12.50
100
New York Transit
Northern Pipe Line_ ..10t
25
25
Penn Mexico Fuel
25
Prairie Oil & Gas
100
Prairie Pipe Line
100
Solar Refining
25
South Penn Oil
Southern Pipe Line new w I
So West Pa Pipe LInes_100
Standard 011 (Indiana) 25
Standard 011 (Kansas).-25
25
Standard Oil(KY)
Standard 011(Nob) new.25
Standard 011 of N Y. -25
Standard 011(0) com_ _100
100
Preferred
25
Vacuum 011
1735
21
61%
135
3535
58
19
52%
124%
37
25
64%
23%
12335
46%
33%
102%
16%
1634
226
49
65
1934
10734
17
70
5334
131
3235
58
14%
39
70%
5735
15
48
12235
18435
3435
25
49
6134
23%
108
42
30%
29234
11635
9435
May 19% Jan
Mar 18% Jan
Jan 261
July
May 5935 Jan
Jan 7531 July
Apr 25% Jan
July 137
Jan
June 3235 Jan
May 97% Jan •
Mar 6831 Apr
June 14435 Apr
May 3831 Jan
Jan 70
Mar
Junr 20% Jan
Feb 51% Mar
8035 Feb
Jun( 67% Jan
Mar 23
Jan
Mai 6031 Feb
Mat 12734 Mar
Jun( 212 June
Juni
Jan
50
Jul; 25
July
Ma
54
Mar
7035 Jan
July 3635 Jan
Mat 13435 Jan
Apr 5134 May
Apr 4735 Jan
May 362
Jan
Feb 120 May
Mar 10954 Jan
Other 011 Stocks.
1
80C
Amer Contr Oil Fields---o
•
6%
Amer Maracaibo Co
Anglo-Persian Oil. Ltd.. _ ...... 23
10
3
Argo 011 Corp
631
Araansas Natural Gas-10
5%
ih
Atlantic Lobos 011, corn._•
•
334
Preferred
• 18
17%
Beacon Oil Co corn
50c
Cardinal Petrol Corp..-10 53c
15
1434
Carib Syndicate
1
9%
Consul Royalties
• 13
12
Creole Syndicate
2
2
Crown Cent Petrol Corp...'
let.
lsil
1
Euclid 011
5
435
1
Gibson 011 Corp
1
Gilliland Oil corn V t C- •
• 85% 85
Gulf 011 Corn of Pa
International Petroleum..' 32% 31%
2%
•
Kirby Petroleum
734
Leonard 011 Develofet--25
22
•
Lion 011 Refining
1231
12%
Margay 01100W
3%
Mexican PanUe0 011_ _.10
434
10c
10
Mexico Oil Corp
24%
Mountain Producers---AO 25
148
100
National Fuel Gm
New Bradford 011
5
5%
New England Fuel 011_ •
8%
Ohio Fuel Corporation...25 41% 40
•
Pandem 011 Corp
8
7%
• 650
Peer 011 Corp
65c
• 14% 14%
Pennock Oil Corp
Reiter-Foster Oil Corp_ _ _• 22% 22
Royal-Can 011 Syndicate_• 770
750
Ryan Consol Petroleum_ _•
634
Salt Creek Consol OIL -_10
8%
83.4
1
6.900 750
6% 4.800
5
200 23
2335
334 2,200
2
3.800
634
5%
400
134
1%
300
334
334
1835 14,500 1434
4,900
53c
C
1535 10.70
931
100
935
834
10,400 10
13
234 3,100
135
7,10
88c
535 73,000 95c
1
100 63c
86
3,800 82
32
16,200 28%
2%
1,000
231
831
3,200
635
23
2,100 20
13%
400 1231
435 15,600
335
10c
1.000
8c
25% 4,900 23
149
120 131
6
800
534
835
100
2
43% 18,4(X, 33
835 2,000
73(
75c
1,200 50c
1535
700 14%
24
2,906 14%
84c
10,900 20c
(3%
1,100
4%
9
5.000
8
July
Ma
Jug'
July
June
Apr
May
Ma
Jun
Ma
Mar
Mar
Mar
Ma
Ma
Mar
AP
Ma
Jan
Apr
May
Jul
Mar
Apr
AP
Apr
Ma
Ma
Ma
July
Ma
Jul
Jan
Apr
Apr
Apr
% Feb
14% Jan
28% July
334 Apr
6% Jan
37 Mar
%
435 Feb
1935 Jan
33( Feb
2234 Feb
10% Feb
15% Jan
7% Jan
331 Feb
734 May
Jan
2
93% Jan
37% Jan
3% Feb
12% Feb
253( Feb
16 June
534 Feb
Jan
10e
Jan
26
Feb
159
65.4 Jan
11% July
43% July
9% May
2% Feb
22% Feb
24% Feb
95c June
734 Jan
Feb
10
318
Friday
Sales
Last Week's Range fcr
Other 011 Stocks
Sale
of Prices.
Week.
(Concluded)
Par Price. Lou
filch. Shares.
Salt Creek Producers_ _10
Savoy 011
5
Tidal Osage voting stock.•
Non-voting stock
Tide Water Assoc OIL- _•
Preferred
100
United Oil of Calif
25
Venezuelan Petroieum...5
Wilcox Oil& Gas new _ _•
"Y"011 & Gas
1
31%
314
854
8%
24%
97%
7114
32
28c
314
334
84
831
2334
9734
66%
64
31%
240
3333 4,700
334
200
600
8%
200
84
24% 11.200
9734
400
600
6734
7% 13,600
324
1.700
280 51,000
Range Since Jan. 1.
Bonds (Concluded)
-
Low.
28
133
733
834
21
97,4
6631
44
22
Sc
Apr
Feb
Apr
May
Apr
Mar
June
Jul.
Mar
Jan
36
4
10
9
27
en 4
67%
7,k
36%
350
Jan
June
Jan
Jan
Mar
Mar
June
Mar
June
May
Mining Stocks.
Amer Cern M & M
4c
30
4c
Arizona r:Ione cooper...1
Sc
9c 100
Csiaveras Copper
133
1
134
Carnegie Me5..14
111 144
1431 144
Chief Consol Mining- -1
333 333
C0111810511 Tun a Loral u.10.:
20c 30c
(100.01 ('none? mines ...I
333
34 34
Cortez Silver Mines Co __1
5c
Sc
Cre.e.uu 'nu 0141 • A. AI 1
24
233 24
Dolores Esperanza Corp.
.2
40c 40c
Engineer 3,01d
104 1133
wee,Ltd., 11
Eureka Croesus
iSo
6c
First Thought Gold Min_ _1
4c
4o
Forty-nine Mining Co_ .1
10c 10c
Golden Centre Mines.._..5
14 134
133
Golden State Mining_ _I0e
4c
4c
Golfdleld Consol Mines__1
Sc
8c
Sc
Goldfield Florence
1
(So
7c
1115wthome M1 545 5 Inc..1
,,
153 18c
Bolling Consol Gold 0 M.5
194 1934
Jero.. e v erde tyeyel__50e 66c
600 66c
Ray Conner Co
133
134 1%
1
Kerr Lake
1
1
5
Mason 'alley NiInes_...
134
134 2
National Tin Corp
40
50c
40
New Cornelia Copper_ __5 22% 224 2234
New Jersey Zinc
100 19533 193 1964
Newmont Mining Corp_10
604 62
NITA/ming Mines
553
S
Nomnd n mines Ltd__ • 16%
1534 16%
North Butte
213 2%
15
Ohio tAtmer
60c 62c
330
Parmac-Porcunine
330 390
Premler Gold Min. Ltd 1
2
2%
Red Warrior Mining
150 15c
1
South Meer cold & Plat_ _ 1
44 54
Southwest Metals
1
1
•
Spearhead Mining
40
40
1
'reek Hughes
3
4
1
'Winos '5.-i --not Devel_l
3
333
Tonopah Extension
45c
37c 45c
Tonopah % wing
63-6
634
TM-Bullion S & Dev...10c
Sc 150
United v erde Ex tens. _001. 28% 2733 2831
U S Continental Mines.new
Sc
70
9e
Utah Apex
734 8
5
Wender, Conner Arming_ .1
3%
3%
West End Consolldated...5
15c 150
West End Exteu kilning.1
5o
5c
Yukon Gold Co
300
30c 30o
5
4o July
13,000
3c July
6,000
7e May 31c Feb
Jan
4
200
1% June
ion
600 1434 July 21
33-4 July
200
131 Jan
July
2,000 20e J1.1Y
7.700
14 Am'
1.000
Sc May
.1 i )
MuirMar
!
144 Jute.
1.300
283i yeo
1.000 39c June 840 Mar
2.700 1031 July
Air
100 June
11.000
3c
r
pr
3.000
4c June 1104
Apr
Feb
6.0(0
Sc
3 May
Mar
1.700
1
60 June
Jan
4,000
2e
2.000
40 Feb 22e June
3,000
Sc July 18c Feb
, A." 3' Feb
25,000 12
193
,
1.000 174 Jan
JuneFell
1,100 UM June
24 10°,
'
67.400
13.4 June
134 Feb
Jan
100
1
2% leo
1,900
1% o ne
7c
Jan
1.000
3e July
700 184 ImaY
12M 'T
V?.
250 180
Mar 220
July
5,500 4633 Jan 62
734 Jan
2,500
5 June
11.000 1234 Mar 1 38244 Fob
Jan
300
2 May
4,100 470 Mar
21.000 200 Mar 39e July
254 Mar
July
700
2
1,000 15e July 351e Ajual
5
6,900
334 Feb
May
600
Feb34
JUDO
1
be 01..
Fen
2,000
2c
454 July
4
6,900
2119 Jan
.i.5e1
700
24 An?
2,000
134 Jan
8o May
7 vy
Jill
300
5
16.000
3o May 180 July
Pen
Mar
1.400 27
11% I.J 'a
0
12.000
Sc June 33
Feb
3.300
631 Feb
,‘ 1nn
511 .
1.100
24 MAV
110 jau
2.000 150 July 300 Feb
4.000
3e Mar
1,000 300 June 340 Jan
314
Bonds
Allied Pack. deb 88...1939
1939
Debenture 69
Aluminum Cool Am 7819:1:i
Am G & El 6s. new .2014
American Power & Light
65.054 without w arr.201C
6s. new
20I1
Amer Roll Mill 68._ _ Prig
Amer Seating Os
1936
Amer llama 65
192a
Amer W Wks & El 65_197r,
Anaconda Cop Min 63_1929
Appalach El Pow Sow 1 'r6
AMC Gas & Elec 65..1955
Assoc'd Sim Hardw 6538'33
1949
Atlantic Fruit 8s
79
79
70% 7034
106% 106
100%
101
99%
9933
9954
9933
1034
994 9934
10214 10233
9531 9554
102H 10254
95% 95%
98
97%
95%
22
22
7934 $3.000 704
7033 2.000 64
10654 31,000 108
50.000 9841
101
100
100
103%
99%
102%
9554
103%
9654
9854
9554
23
21.000 96
104,001) 98
2.000 101
63.000 9934
12.000 11)234
83.000 924
40.000 10233
133.000 95%
149,000 92%
17,000 95
14.000 19
97
97
9731 253,000
96% 9651 97
26,000
100% 100% 10033 12,000
99% 9933 9933 20,000
98% 9833 9853 77.000
100% 100 10033 13.000
86
88
2,000
88
Balt & Ohio RR
_2000
Beaver Board Co 80..1933
Bell Tel of Canada 55_1955
Berlin City Elec.6)45.1928
1029
6114e
Boston & Main RR 65 1933
Brunner Turb & Eci 7345'55
Burmeister & Wain of
Copenhagen 15 Yr 681940
Canadian Nat Rye 75.1935
Carolina Pow & Lt 55.1954
1987
Chic & N W 4545
1961
Cities Service 68
New. when Issued
Cities Sent 7s. Ser
1966
8$. series E
Cons(; 9 1k P 65 A _11141
1952
534s Series E
196a
58 series F
Consolidated Textile Se '41
Cuban Telep 7)45_ _ _1941
Cudahy Pack deb 5%8.1937
194(
55
95
2,000 94
95
114 114
2,000 110
99
99
9933 45.000 97%
1014 10133 1014 99.000 101%
9333
9334 9331 151,000 0133
93% 9334 9333 35.000 9133
1064 106 106% 81,000 10114
11233 11234
1,000 109
1074 10734 10734 7.000 11.57
4
106
106 106
3.000 105
10233 10234 11,000 100
80
8033 6,000 80
80
10934 10934 109% 21.000 10833
91% 9134 91% 17,001) 9134
95% 9534 27,000 9434
1047
Detroit City Gas R
Detroit Edison deb 68.1932
1930
78
-Price Pow 1st Os 190.
Duke
East Term Off Bldg 6345'43
EitIngton-Schild Co lis 1935
Elec Refrigeration 65._193(
Europ'n Mtg dr InV 7338'5
0
1931
Federal Sugar 68
1946
Fiat 20-yr 11 f 78
Fisk Rubber 534s-1931
Florida Pow & Lt 55-1954
New
Gait (Robert) Co 78-1937
Galena-olg nal oil 75_1931,
General Petroleum 68.1928
Goodyear T & R 5s.-.1928
Goody'rT&Rof Ca15348'31
Grand Trunk Ry 6548.1931
Great Cons Elec 6338 I950
1937
Gut( Oil of Pa 55
1928
Serial 5338
Hamburg Elee Co 78__193f
1936
Hood Rubber 78
Ilseder Steel Corp 75_194.
Index Oil & Gas 630.1931
,
Indiana Limestone 63_1941
Indianapolis P & L 68-193I
Internet Grt Nor 58 B.195(
44
Keith (B F1 Corn n15..10
10614 10651 10754 66.000
13134 13154 2,000
131% 13154 3.000
102% 102% 103 329.000
1004 100% 10054 3.000
9633 96
9654 2,000
10434 10234 104% 84.000
99
9854 994 31,000
85
85% 20,000
9333 9334 93)4 166,000
96% 9654 9634 165,000
943i 9433 944 342,000
95
95
9531 6.000
10331 10434 3,000
9133 9233 34,010
101% 10131 1014 19,000
9733 9733 9734 29,000
9734 9734
1,000
109 10934 12.000
884 87
8834 176,000
1004 10034 100% 24,000
101
101
13,000
100
99 100
33,000
10434 104% 3,000
964 953-4 9751 84.000
9634 9734 25.000
12.000
99
99
9731 9731 9743 26,000
95
95% 17,000
99%c 994 9044 32 004
[VOL. 123.
THE CHRONICLE
944
9333
99%
98
97
94%
85
Jan
May 89
Jan
June so
July 107% Feb
Apr 10134 June
Jan
May
Jan
July
Ss°
Mar
Mar
July
Mar
Jan
Mar
1004
1004
10'34
1004
10.134
993
10354
97%
9831
9633
3333
June
June
Jul
July
Mar
Feb
Jan
Mar
Mar
Jan
June
99
98
10133
100
98%
101
10133
Apr
Feb
June
May
June
June
Feb
July
Jan
May
June
Apr
Apr
Jan
Jan
Fre
Mar
Jun
June
Jan
May
Jan
1044 Jan
12434 Apr
12434 Apr
10034 Apr
100
May
95% Apr
100% Mar
92% Jan
85
May
9331 July
9343 Apr
914 Mar
July
95
103 may
04
Ma)
1014 June
9631 July
97
.1%.1y
107% Mar
85
Apr
98% Feb
10034 Jan
94
Jan
10431 Jan
94 June
95)4 May
99
Ma
,
974 July
95
July
go% July
95
11434
10033
10254
934
94
106%
11233
111/4
107
113233
os
112
9531
96
July
Jan
Mar
July
FeO
Jan
July
June
May
June
Mar
Mar
July
July
June
June
Feb
Mar
Jan
May
10754 July
135
Jan
13833 Feb
July
103
10034 July
9831 Jan
Jan
107
1004 June
983s Feb
9333 July
9834 Jan
9634 June
954 July
10533 Mar
Mar
104
10234 Jan
9934 Jan
Apr
99
109% June
88% July
10133 June
101% Jan
July
100
10531 June
9731 July
10033 Feb
99 May
984 May
9554 June
1004 Jena
Friday
Last Week's Range Sales
for
of Prices.
Sale
Price. Low. 'Itch Week.
Range stria Jan. 1.
Law.
Keystone Telep 5345._1965
Apr 89
8,000 83
Apr
8531 86
Kresge Foundation 65.1931 100% 100% 100% 97,000 10034 June 1014 May
Krupp(Fried), Ltd, 78192' 97% 97
9734 42,000 9034 Jan 08 June
Laclede Gas L 534s. _ .193r
Jan 100% May
15.000 98
100 100
Mar 9531 Feb
Lehigh Pow Secur 65_202
,
4
9431 943 9435 101,000 93
,
Leonard Tletz Inc 7345 146
83.000 934 Mar 99
99
with 5trok numb waret. 99
July
98
8,000 103% June 105
1034 104
Libby. MeN & L 7a...1931
Jan
10733 1074
8,000 10634 May 108% Apr
Liggett-Winchester 76_1942
9734 9733 98 199,000 ¶17
II 51114 1 .1
JUIY
4
'3 NI my
1•,, • 18.000 99% Mar 103% July
102 103
Long Isld L g Co 68_1045 102
Manitoba Power 5345.1951
9631 9631 964 35.000 94%
Mansfield Mtn & Smelting
99
9934 33,000 94
1041
(Germany) 7s
54
ra
Mans et, ran 51441...
60,000
10234 10253 103
9333 9334 2,000 9331
Nitta Mill Mach 75- 1956
10033 10031 18,000 100
Missouri Pacific 5s-.1927
ent'y Ward de Co 58.1,41: 9831 984 984 21,000 e7
104 10431 48.000 10314
Morris & Co 7345-1930 104
Apr
98
Apr
May
Jan
June
Mar
Juiy
Jun,
101
1014
93%
100%
11914
1054
June
June
July
June
July
Apr
9634 9634 3.000 95
Nat Dist Prod 633s___194(
3.000 984
100 100
Nebraska Power On. _ _2022 100
Nevada-Calif Elec 55_1956 9534 9533 954 19,000 9533
Nevada Cons 53
1941
9633 9331 9634 21,000 9134
Nor States Pow 6338_1933 11034 11033 111 34 66.000 108
1932
34s gold notes
10
34 105% 5.000 10253
June 99
Jan
June 10014 June
June 95% June
June 9633 July
Mar 131
Jan
Mar 10434 Jan
1951
Ohio Power 78
1952 9831
58. series B
1951
93
434s series D
Ohio River Edison 58_1951
1941 984
Otis Steel 58
05,
Pun Amer ^ e1A5,...1454e 10331
Park & Tilford 611.--1936
1024
Penu-uhio
Penn Pow & Light 58_1952 9931
ua-les n
Phila Elec Co 546.-1947
1941 10734
68
i.Jee Power 534s wiz 10231
Phila Rapid Transit 651062
9933
Pub Sent Corp NJ 5348'S'
'
Pure 011 Co 6 Me
193 103%
Rand-Kardex Bur 5348 '31 11034
Rhine-Maine-Danube Con
1950
7. Series "A"
195' 9633
Sauda Falls Co 5s
Saxon Public Wks 63481951 9134
194' 10031
Schulco Co 6348
Schulte RE Co 1313.- _193r 9631
8953
68 without cornett:m.1(193r
1931 107
Serve) Corp 65
81)1w/been Mills 7s_ -1931 100
Siemana & Halske 75_1929 9934
7s
9934
193r
Slotm-Sheff St & 1 68.-1920
111m
Solvay & Cie 68
Southeast P.& L.08.2025
944
Without warrants
65 new
Sou Calif Edison 55...1044 101
5.
98%
Southern Gas Co 645.1935
stand %Al 01 N Y 6651.194. 106
Stutz Motor of Am 710'37 109
Sun 011 5345
193e 99%
Swift & Co 65__Ort 15 1932 97%
Texark & Ft Sm 5345.1950 1034
Thyssen (Aug) TAS 75 BM 10131
Trans-Cont'l Oil 78. .1930 9734
United Elec Westph Power
Corp(Germany)634s'50 89
1 n1,45 1 nee of Tiny 7 45111,,
, ,
,
$ Rubber64% notes'27 101
6.
405 II tI4 I
1014
Serial 633% notes.-1929 10131
6 Sy 1ze 1111105..114.111 10134
Perini. 14 11 en 454 ,
1
,, 11 11
Serial 64% notes._1932
Serial 633% notes.1933 101
Serial 033% notes. _1934
Serial 6%% notes_ .19.1t) 101
Serial 633% notes_1931
Serial 634% notes_ _1937
Serial 633% notes_ _1938 10134
Serial 633% notes_ _1930
Serial 64% notes__1940 10231
U S Smelt & Ref 5338_1938 10134
United Steel WorksBurlach
lnil 95%
Demo- burg 75
US Steel Works A114s 1951
9631
With stock pure!) warr_ _
Webster Mills 0545..
.1933 9533
106 106
9853 99%
93
93
95
95%
9834 9833
10331 104
96
96
102 10214
9934 9933
994 99)3
10734 1074
107% 10734
10233 102%
1004 100%
994 9933
1034 101
11051 1114
5.000
61.000
45,000
19.000
83,000
49.000
8,0(0
30.000
3.000
25.000
1.000
10.000
40.000
4.000
141,000
15,000
42,000
9954 100
9633 97
9134 9134
100 100%
95
9734
885490
1064 10731
9933 100
9931 99%
994 10034
1024 1024
103% 103%
24,000 94
40,001 94
24,001 9131
39,00( 100
)63,000 92
749,000 83
168,001, 9933
26.000 96
.30,000 9634
45,001
94
1.001) 102
3,000 102
Jan 1110
Mar 97
91%
July 10034
A p. 983-4
Apr 90
Mar 109
May 10214
Jan 903-4
Jae 10034
Jan 10314
Jan 10433
9431
9534
101
9833
10034
106%
1094
10031
9834
10334
102
99
212,000 89
3,000 9431
9634
16,C01
117,000 4014
2,000 95
45,000 lo.4
6.000 107%
90,00C 9733
99,00C 06%
88,00( 100%
1.00c 93
227,000 91
Mar
June
Jan
July
Mar
Mar
Apr
Jan
Jan
Mar
Jan
June
9434
95
101
9831
100
106
1094
9931
974
103
1014
96
8833 89
111
1114
10134
101
101 3.4 101
10134 1014
10131 10134
101
101
101
10134
101 1014
101
10134
100 101%
101% 10130
101%
101
101% 102
10154 10194
102 10234
101% 101%
9531 96
59.001
5.001
13.000
2,00,
7.00(
8,00(
3,003
20,001
9,001
20,00(
17.000
5,001
5,000
25.00C
5.00(
20.001'
26.000
205.000
10533 May
94
Jan
93 June
9433 June
9734 Mar
11 15.4 An
,
,
96
Mar
A pi
98
97% Mar
0
714 Jon.
106% Jan
106
Jan
10034 Ma.
974' Inn
994 July
10233 Jul
10131 Mar
117
1014
9333
964
99
105
98
106 .
100
I no t4
10834
1084
10455
10114
99%
104
115
June
June
June
June
June
July
Feb
Jan
May
June
June
Jam
May
May
June
July
Jan
June
July
July
June
Jan
July
June
Jan
June
June
JUDI)
May
9534 June
95% July
10134 June
en
June
loom suns
1OIY,, Jan
120
10034
11834
,
11154
102
99
Jan
June
Apr
Ant
July
July
Mar
Al
84
1084 inn 119
10033 Mar 10231
.
AIM..
4
1 2,
1014 June 10334
101 )4 June 1024
mar 10. 4
1
101
101
Mar 1024
10034 Mar 10234
100% Mar 10234
100
Mar 102%
10033 Mar 10233
10034 Mar 1024
10034 Mar 10233
10033 Mar 10234
100
Jan 1024
Jan 102
100
June
Jone
Mar
Jan
Apr
Apr
Jan
Jan
Apr
Apr
May
Feb
May
May
Apr
Apr
Feb
9234 May
96
June
9634 97% 322,001
9474 9533 20,000
96
July 97% July
90% May 101
Jaa
24.000
9234 93
924 26,00C
92
90
Jan
91% Apr
9734
9934
9731
9553 96
9433 9533
934 934
9034
oo
9031 9034
9031 1004
9934
99
96% 96%
96% 97%
90% 02%
9734 97%
9934 09%
9631 9714
95)4
9.3
93%
90
9031
9934
99
961)4
9534
85
96
98
94%
July 9834 Mat
June
Feb 96
July 9333 July
MA4 91
June
June
July 91
Jun 10133 Feb
Apr 1004 Apr
Am 97% May
July 914 July
Jan 9 1 .lul y
93 J uly
2
May
Mar 100
May
Mar 98 June
9731
9634 97% 47.000
95
June
Foreign Government
and Municipalities.
Antloquia (Dept of), Col
1945
78 Series A
75.erie5 T3 wl
1945
Austria (Prov of Lower)
1950
73.48
Baden (Germany) 75_ .1901
Bavaria(Free State)634s'45
Brazil (U.S. of) 6348_1957
New
Buenos Aires(Prov)7 40'47
1931
79
1952
75
Caldas (Dept). Col 7348 '4e
Cologne (City) 6 145 1950
Danish Cons Munic 5345'55
,
Denmark (King)5145.1955
German Cons MunIc 75'47
Hungarian Land Mtge Inst
1961
734s series A
Indust Mtge Bk of Finland
1st M coil s f 7s.__1944
Italian Pet) Mil inst. 78 '52
Medellin (Colom) 88_1948
Neth'ds (Kingd) 138 B.1972
Oslo(City)648
1946
Roman Catholic Church or
5
Thwarts R1.4,
1n1^
Russian Govt 548_
1921
533% certificates...l921
6338
1919
1919
634% certificates
SantsFe(ArgentIne) 751942
Saxon State Mtge Inv 7s'4
Switzerland Govt 5481929
924
95
9333
9033
904
100
9653
11,000
77.000
1,000
93,000
47,000
81,000
8.0011
33,000
35,000
118,000
36,001)
68,00(1
172,000
93 June
924 June
9831
8834
98% 21,000 9634 Jan 1007 June
uIr
3
m
88% 198,000 87
May
102
3,000 98
Jan 10234 July
2,000 10631 Mar 1u8% July
10834
Mar 9734 Mar
96% 37,000 93
934
934
134
1354
1454
13
9354
983-4
102
98%
87%
102
10834 10854
96)1
9231
134
13%
13%
1331
13
9344 9354
9834 98
10151
49.000 9234
8,000 12
3.000 12
12,000 13
3,000 12
20,000 9034
43,000 924
11,000 10131
nbb
June 94 J eee
1177
June
June
Feb
Mar
Feb
June
7
Jan
Mar
Mar 1009172847;
by
a
b
Listed on the Stock Exchange this week, where
• No par value. k Correction.
additional transactions will be found. o New stock. s Option sale. 1E5-rights
and bonus. e Ex-cash and stock dividends. to When Issued. z Ex-dlvidend.
V Ex-rights. s Ex-stock dividend
•
putestment mut
intelltsenct,
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first week
of July. The table covers 15 roads and shows 7.90% increase over the same week last year:
First Week of July.
1926.
Total (15 roads)
Net increase (7.90%)
1925.
$
302,915
5,032,982
3,642,000
95.594
40.000
2,207,000
3,197
249,952
340,389
7.678
1,702,090
473,400
3,783.389
623,722
358,415
Buffalo Rochester & Pittsburgh
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic
Georgia & Florida
Great Northern
Mineral Range
Minneapolis & St Louis
Mobile & Ohio
Nevada California & Oregon
St Louis-San Francisco
St Louis Southwestern
Southern Railway System
Texas & Pacific
Western Maryland
$
336.015
4,289,874
3,267,000
108,255
35,100
2,201,875
9,339
236.586
303.996
7.897
1,651.859
437,655
3,657,045
613,871
325,620
Increase. Decrease.
$
743,108
375,000
4,900
5,125
13,366
36,393
50.231
35,745
126,344
9,851
32.795
18,862.723 17.481.987 1,432.858
1,380,736
$
33,100
12.661
6,142
219
•
52,122
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Previous
Year.
$
17.678.425
17.043,787
17.401.207
23.063,433
17.468,131
18,443.528
18.124.630
26.040.097
18.874,013
18.802.401
19.039,129
25.593,738
18,862.723
$
16,549.262
15.953.491
16.231,233
21.891.860
16.994.994
16.581.018
15.950.455
21,984.062
17.192.610
17.094.407
17.158,394
23,231,988
17,481,987
Week.
1st week
2d week
3d week
4th week
181 week
2d week
2c1 week
4111 week
lit week
2d week
3d week
4th week
lit week
Apr. (15 roads)..___
Apr. (14 roadsL__.
Apr. (15 roads__._
Apr. (15 roads)___.
May (15 roads)___..
May (15 roads)_._
May (14 roads_._
May (15 roads)_._.
June (15 roads)....
June r5 roads).June 15 roads)---.
June 15 roads)---July (15 roads)____
Increase or
Decrease.
%
$
+1,135,163 6.88
+1.090.296 6.83
+1,169,974 7.21
+1.171.573 5.34
+473,137 2.78
-1.862,510 7.23
‘2.174.175 13.63
4.056.03518.45
-r1.681.403 9.75
-1.707.904 9.99
+1.880.735 10.96
+2,361.750 10 17
+1.380.736 7.90
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country,with a total
.
mileage each month as stated in the footnote to the table.
ems Earnings.
Month
Increase or
Decrease.
Net Earnings.
319
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 26. The next will appear in that of July 31.
Michigan Central Railroad Company.
(80th Annual Report-Year Ended Dec. 31 1925.)
The text of the report is cited fully under "Reports and
Documents" on following pages, together with the tabular
Summary of financial operations affecting income for the
years 1925 and 1924.
Our usual comparative income account was published in
V. 122, p. 1447.
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1923.
1924.
1925.
Operations4.669,252
4.991.450
4.744,091
4.490.820
Passengers carried
600,450.788 589,285,035 608.450.420 551.718.856
Pass, carried one mile
3.471 eta. 3.496 cts. 3.529 eta. 3.489 eta.
Rev, per pass. per mile
29,273.172 32.323.248 25.261,826
Revenue tons moved... . , .
Rev. tons carried 1 mile.4303677.297 4265934,377 4863930.469 3852215,656
1.446 eta.
Rev, per ton per mile_ 1.437.cts. 1.370 as. 1.310 etc
616
628
604
667
Ton.s rev.ft. per tr. mile_
GENERAL BALANCE SHEET DEC 31.
1924.
1925.
1925.
1924.
Liabilities$
Assets
Road & equin't_165,965,743 159,997,354 Capital stock__ _ 18,736,400 18,736,400
Equip. oblig'ns_ 35.335,077 37,095.213
'rapt. on leased
Property _____ 3,230,274 3,147,986 Mortgage bonds 40,778,000 40,778,000
Traffic, &c., bal. 4,788,741 4,289,868
Deposits in lieu
9,335 Accts. & wages_ 4,767,624 6,407,532
44,616
of mtge. prop_
Misc.Phys.prop. 1,740,257 1,742,026 Micsell. accts.
payable
1,113,668 1,039,925
Inv. in atilt cos.:
Stocks_______ 9,057,077 8,854,894 Int.. diva.. &c.,
853,652
912,532
144,486
matured
145,355
Bonds_______
778,624
783,508 Divs. declared
3,278,870 1,873,641
Notes _______
Advances-- 4,414.128 4,253.738 Interest & rents
accrued
16,283
1,094,217 1,124,214
Other Invest:eta 4,147,223
15,22.787 8,253,047 Other currentlia Cash
24,068
liabllitiex _ _ _ _
283.319
361,984
639,911
SPeclal deposits.
3,315 Other def. nab
207,551
247.263
Loans & bills rec 1,008,639
752,435 Tax liability_
957,816
6,935.549 6,397,261
Traffic &c., bat_
19,547
13,183
Agit; & condue_ 1,902,600 1,851,682 Insur., &c., res_
Mat'Ls & SUM-- 5,973,799 6,640,876 Accrued deprec_ 21,442,666 18,251,828
Min. accts. rec. 2,503,009 2,551,643 0th. unadjusted
242.614
311,649
credits
6,285,733 5,444,653
Int. & dive. rec.
370.307 Addn's to prop.
105,843
0th. cum assets
through inc.&
Prepaid rents &
6,162
5.768
surplus
6,766,744 6,750,0811
Insurance_ - -33,325 Profit and loss 70,446,174 56,996,823
206.845
Other def. asse
Disc. on funded
1,474,444 1.580,873
debt
Oth.tined).deb. 2.455,193 3,002,782
Increase or
1924.
1925.
1924.
Decrease.
$
8
$
June 506,002,036 464,774.329 +41,227,707 130,837.324 101,487,318 +29,360,006
Total
222.503.034 205,231,158
222.503,034 205,231,153
Total
July-- 521,638,604 480,943,003 +40.595,601 139.606,752 111,786.887 +27.819.865
Aug- 554,559.318 507,537,554 +47,021,764 166,558,666 134,737.211 +31,821,455
Securities issued or assumed-unp edged, 86.679.600.-V. 122, p.3336.
564,443,591 540,063.587 +24,381,004 177,242,895 159,216,004
Sept..
Baltimore & Ohio Railroad Co.
Oct __ 590,161,046 571,676.038 +18,585,008 180,695,428 168,640,671 +18,026,891
Nov-- 531.742,071 504,781.775 +26,960,296 148,157,616 131,381,847 +12,054,757
+16,775,769
(Annual Report-Year Ended Dec. 31 1925.)
Dee-- 523,041.764 504.450.580 +18,591,184 134,445,634 124,090,958 +10,354,676
Pres. Daniel Willard, June 30, wrote in substance:
1926.
1926.
1926.
1925.
-On Feb. 24 1926 there was sent to each stockJan -- 480,062,657 484.022,695 -3.960,038 102.270,877 101.323,883
Preliminary Statement.
+946,994
summary of operations for the year 1925. including an
Feb -. 459,227.310 454,198,055 +5.029.255 99,480.650 99.518.658
-38.008 holder a condensed
Mar-- 528,905,183 485,236,559 +43,668.624 133,642,754 109,081,102 +24,561,652 Income account and balance sheet (V. 122. P. 1327). The President and
Meg - 498,448,309 472.629.820 +25.818.489 114,685.151 102,920,855 +11.764.296 Directors present herewith a more extended statement of the affairs of the
May.516,467,480 487.952,182 +28,515,298 128,681,566 112,904,074 +15,677,492 company and of its operations for the period under review.
Property Operaled.-The mileage operated by the company may be sum-Percentage of increase or decrease In net for above moo Ii, has
Note.
marized as follows:
First
Total
1925: June, 18.91% inc.; July, 24.88% Inc.; Aug., 23.26% Inc.: Sept., 11.32%been:
Inc.:
Main Track All Tracks
Oct., 7.14% Inc.; Nov., 12.77% Inc.: Dec., 3.69% inc.: 1926, Jan., 0.93%
4,987.04
Feb.. 0.04% dec.; March. 22.50% Inc.: April, 11.43% Inc.: May, 13.89% Inc.Inc.: Miles owned and operated
9,825.46
147.66
In June the length of road covered was 236.779 miles in 1925, against 236,357 miles Miles operated under lease
333.60
In 1924; In July. 236.762 miles, against 236,525 miles; in August, 236,750 miles. Trackage over lines of other companies
62.63
150.12
against 236,546 miles; In September,236,752 miles, against 236.587 miles; in October,
236,724 miles, against 236,564 miles; in November, 236,726 miles, against 235,917
5.197.33 10.309.18
Total operated mileage
miles; In December, 236,959 miles, against 236,057 inlles; In January 1926,
The company has also trackage rights, for passenger traffic only, over
miles, against 236,699 miles In 1925; in February, 236,839 miles, against 236,944 other railroads 00 96.71 miles of line between New York and Philadelphia.
miles; in March,236.774 miles, against 236,500 miles; In April, 236,518 miles,236,529
The roiling and marine equipment owned by the company at the close
against
236,526 miles; In May, 236,833 miles, against 236.858 miles.
of the year consists of: locomotives, 2,459; freight service cars, 97,647;
Passenger service cars. 1,520; work equipment units. 2,573, and marine
Net Earnings Monthly to Latest Dates.
equipment units, 179.
-The table
The recorded investment of the company in property devoted to and used
followil g shows the gross and net earnings for STEAM
for transportation purposes on Dec. 311925. was 8788.218,839, an increase
railroads reported this week:
of 214,403,924 over the same date of the preceding year.
In addition to the property thus owned and operated, the company con-Gross frost Railway- -Nee from EciEwall- -Net after
Tares
- trols the following railroad properties through ownership of all the capital
1928.
1925.
1926.
1925.
1926.
1925.
stock: (a) the Baltimore & Ohio Chicago Terminal RR. Co., 80.78 miles
8
8
$
8
8
$
of first main track and the Staten Island Rapid Transit Ry. Co., 23.54
Internat Rys of Central America
miles of first main track. While separately operated, these properties are
542,707
463,403
June
191,283
173,239 component parts of the Baltimore & Ohio System and the net results of the
FromJan 1_ 3,723,940 3,302,983
1,495,416 1,483,934 operations are included in the general income account of the company.
and
Operations -The company
Electric Railway and Other Public Utility Net and the general prosperity of shared In the revival of trade that industry
the country to such an extent
its gross
-The following table gives the returns of earnings were the largest in its history, with the single exception of the year
Earnings.
1923. Contributing largely to the company's prosperity was the increased
ELECTRIC railway and other public utility gross and
volume of bituminous coal, which constitutes the largestsingle item of traffic
earnings with charges and surplus reported this week: net handled. There was also a considerable increase in manufactured articles
carried. Notwithstanding an increase of over 11% in total revenue tonnage
-Gross Earnings- -Net
Earnings
- moved there was a decrease in transportation expenses, indicating that the
Current
Previous
Current
Previous
traffic was handled with greater efficiency and expedition. The net revenue
Year.
Year.
Year.
Year.
.
resulting from railway operations was greater than ever before.
Companies.
8
$
$
$
Subsidiary Companies -The electrification of the company's Staten
American Tel & Tel Co_May 7.432.000 7,012,000 *3,020,000
*3.068,000 Island Railway lines for passenger service was completed during the year,
5 moo ended May 31_ _ --37,734,000
34,597.000*15,282.000*15,605,000 the line from St. George to South Beach being opened June 5, the TottenOttawa & Hull Pow,Ltd_June
32,020
26,980
the
*24,996
*20.815 vile Sub-Division, July 1, and was northern line to Arlington. Dec. 25.
315.816
10 coos ended June 30_ __ _
310,879 *246,942
a total of 21.6 miles. The line
equipped through the purchase of 90
Western Union Tel Co_ _May11,037,000 9,963,000 *1.167,000 * *246,301 electric motor cars and 10 trailer cars at a cost of about 53.260.000. With
5 coos ended May 31 _ _ -54.076,000 48,417,000 *5,878.000 *1.143,000 the installation of the electric service, 23 light steam locomotives and 99
5.712.000 wroden passenger train cars were retired from service.
Because of the expense and difficulties involved, the company has sought
* After taxes.
to have extended the time within which the lines and terminal yards ,.re to
Gross
Net after
Fixed
be electrified for the handling of freight. Coincident with electrification.
Balances
Earnings.
Taxes.
Charges. Surplus! considerable work was done in the readjustment of line and the elimination
Companies.
• S
or grade crossings, particularly between Princess Bay and Pleasant Plains.
Adirondack Power June 26
745.488 c274,678
This improvement provides a modern system of rapid transit designed
170,183 8104,495
25
629,327 c231.043
& Light Corp
to give the most efficient service possible and has been constructed, so far
148.492
682,555
12 coos ended June 30 26 8,829,791 c3,431,802 1,933,734 81,498,068 as practicable, in harmony with the rapid transit facilities of Greater New
25 7,822,934 c2,488.913 1,663,379
8825,534 York.
Federal Valuation.-The company has received from the I. C.Commis-S.
179,584
Lexington Util Co May 26
8723,95
33,599
38,796 sion,Bureau of Valuation ,informal tentative land engineering and account25
161.159
and Controlled Cos
866,045
29,131
36,914 ing reports for all system_proiperty, with the exception of the Baltimore &
12 coos ended May 31 26 2,061,708 8823,026
402,465
420,561 Ohio Chicago Terminal RR.Co.,for which the accounting and land reports
25 1,919,194 8789,731
368,130
421.601 have not been reclved. The only tentative valuation report so far received
805.405 *135.968
Market Street Ry June 26
76.272
59.696 is that of the Hamilton Belt Ry. Co., and no final valuation has as yet been
25
800.542 *168883
79.583
89,300 received for any of the System properties. To Dec. 31 1925 there has been
6 coos ended June 30 26 4.882,500 *917.826
469,362
448.464 expended and charged to operating expenses $4,100,598 incident to the
25 4.860,149 *1,068,446
480.053
588.393 valuation of the company's properties.
-The net results from the operation of the property
General Remarks.
* Includes other income. b After rentals. c After depreciation.
during the year under review are reflected in the net income of $20,793.508
1925.
[Vol,. 123.
THE CHRONICLE
320
available for dividends or other corporate purposes after the payment of
all operating costs, interest, taxes, &c. From this amount, dividends at
the rate of4% upon the $58,863,181 preferred stock were declared and paid,
leaving a surplus of $18,438,981 equal to 12.14% upon the coromcn stock.
Dividends of 5% upon the $151,943,292 common stock outstanding were
paid from this surplus leaving $10.841,711 available for other purposes.
In the circumstances it was deemed wise and in the best interests of the
owners of the property to use this remaining surplus for necessary additions
and extensions to the property,such as are chargeable under the accounting
-S. C. Commission, to property investment, thereby avoiding
rules of the I.
the disposition at this time of an additional similar amount of capital obligations.
During the year the expenditures for maintenance offixed plant and equipment were liberal, being in fact more than $6,000.000 greater than during
the preceding year, and equal to 34.37% of the entire gross earnings. For
the first time since the termination of Federal control it may now be said
that the condition of the physical property is as good as it was before the
war. Deferred maintenance has been substantially made up.
The actual movement expenses were less than in 1924, although the tonnage handled as reflected in the figures "Tons Handled One Mile" was 11%
greater.
On May 29 1926 less than 3% of all the freight cars owned by the company
are unfit for service and in need of repairs. 225 heavy locomotives are laid
up in good condition available for additional business. The Baltimore &
-day a carrying capacity of 20% in excess of the volume
Ohio RR. has to
handled in 1925, provided, of course,it was reasonably distributed throughand over the several operating divisions.
out the year
Now that the physical condition of the property has been restored to
reciving
pre-war standard, and with the efficient co-operation which we areas transfrom our employees,it may be expected that maintenance, as well
portation. expenses will be gradually reduced and consume a lesser percentage of the dollar earned assuming that the rate structure is permitted to
remain substantially as It is.
The large amount of obligations (mortgage bonds) maturing in 1925 has
presented in the past a problem of serious proportions, but happily this
problem has now been disposed of. .The company has no immediate
maturities in substantial amount confronting it at this time.
President Crowley further says in substance:
-The capital stock of Kankakee &
Operation of Kankakee & Seneca RR.
Seneca RR. is owned by this company and the Chicago Rock Island & Pacific By., one-half each. The road has heretofore been operated by this
company as agent for its owner, operating deficits having been contributed
by its proprietor companies, under agreement between them, prior to
Federal control in proportion to earnings accruing to them, mspectively,
from traffic received from the Kankakee and Seneca and since Federal
control on an equal basis. An agreement dated Sept. 1 1925 has been made
between the three companies under which this company is to operate the
Kankakee & Seneca RR., as agent, for a period of five years from Dec. 31
1925, after which the proprietor companies shall have the right to alternate
in operating the line for periods of five years each, operating deficits to be
contributed equally by the proprietor companies. The agreement also contains provisions for reciprocal arrangements as to use of terminal facilities
at Kankakee and Seneca. for furnishing by the proprietor companies of
equipment, Ate. The new arrangement is supplemental to the agreement
dated July 26 1881, under which the Kankakee and Seneca line was constructed, and is to continue in effect for a period of ten years from its date
and thereafter until terminated by either party on six months' notice.'
Automatic Train Control.
-Orders of the 1.-S. C. Commission require
automatic train control devices to be installed upon two divisions of this
company's road by July 18 1926. Accordingly, under date of Aug. 5 1925,
a contract was made with the General Railway Signal Co. for the purchase
from it of the materials necessary for the installation of that company's
intermittent inductive auto-manual device upon the two divisions. Indianapolis to Mattoon and Mattoon to Lenox.
OPERATING STATISTICS FOR CALENDAR YEARS.
1922.
1923.
1924.
1925.
Tons rev, freight carried 45.387,869 43,072,973 44,856,746 35,828,091
Tons carried one mile_ _ _8180273,365 7618966,008 7961881.684 6589757,976
Revenue per ton per mile
0.84 eta. 0.872 eta. 0.935 eta.
0.83 eta.
$7.88
Fgt. earns, per train mile
$7.94
$7.55
$7.65
843
911
Tons rev. fgt. per tr.mile
897
918
6,244,602
6,561,591
Passengers carried
5,550,660
4,656,340
Pass. carried ono mile_ _ _487,863.103 490.400,317 526,125.915 475,397,579
3.437 eta.
3.401 eta.
Rev, per pass, per mile._
3.37 cts.
3.34 cts.
$2.47
$2.54
$2.36
Pass. rev, per train mile_
$2.33
$35,139
$39,429
Oper. revenue per mile
$36,577
$38,496
A comparative income account for the calendar years
1925 and 1924, together with statistical tables, and a condensed balance sheet as of Dec. 31 1925, were publi,hed
fable
Our usual
under "Reports and Documents" in our issue of March 6 V. 122, p. comparative income account
1446.
1926, page 1327.
GENERAL BALANCE SHEET DECEMBER 31.
19
-25. 1924.
Assets
$
Investments in:
2
263,623,60 260,892,168
Road
199,329,765
207,693,
Equipment
3
Subsidiary cos, operated as constit. parts of the company _305,360,93 302,107,752
5,015,912 4,955,384
Misc. phys. properti s held for transportation purposes
Improvements to leased railway property88,645
6
0
6,4:300 6,441,200
Perpetual leaseholds-capitalized (per contra)
-affil. cos. separately operatedInvestment In subsid.&
Total.
Total.
Pledged. Unpledged.
9,764,869
$5.415,525 84,702,286 10,117.811
Stocks
33,776,011 33,1305,671
176,011
33.600.000
Bonds
68
7
4.113 221
5,449.217
5,499,217
Miscellancouq
4,417,349 4,813,565
Investment In oilier miscellaneous physical property__
Investment in sinking funds
viedoed.
39,071
104,660
Deposits In lieu of mortgaged property sold
Total.
Total.
Un
Investments In other companies: Peldged.
8246,198 2210.,N2 22,1=?
Stocks
$21,963,132
634.677
153,171
Bonds
723.284
749,036
749,035
1
Miscellaneous
16,996.046 23,226,189
Cash
Special deposits
25.M:331)
Loans and bills receivable
4,633,290
5,558,346
Traffic and car service balance receivable
4,512.460
3.730,369
Net balances receivable from agents and conductors
Miscellaneous accounts receivable
6. 2
:
10 6
11gIS 21,112316:
114:7
Materials and supplies
86,109
Interest and dividends receivable
18,829
31,500
Rents receivable
1.056,724
1.791,147
Deferred asset,
1,567,802
0
1,815,07
Unadjusted debits
Securities of carrier's own issue5
x
2:9
:1 13 3g 5815 : 81
.59i:3 .1;0 3 265
Stocks unpledged
Bonds unpledged
x1,650,000
x1.650,000
Stocks pledged, Washington Branch (per contra)
x53,476.300 x59,910,850
Bonds pledged
927,341,218 942,581,301
Total
1025
Total
Issued.
Held by or
1924.
Outstanding.
$
$
$
a
Liabilities151,945,354 151.945,429
371,537
152,316,891
Common stock
Preferred stock60,000,000 1,136.819 88,863,181 58,863,181
Separate stock-Washington
1,650,0001,650,000
Branch (see contra)
6 54.937,904
57,350.73
57,350,736
Equipment obligations
0
Mortgage bonds
371,417,400 49,809.300 321.608,10 349.914.325
2
(04
7:143:353
7,712,300 r
Collateral trust bonds
98,697,500
Miscellaneous obligations
77,972,652
Dayton & Michigan RR. Co.
2,396,950
Common stock
2.401.950
1,211,250
6 0
111
5,0" 2 91155
D.& M. RR. Co. pref. stock_ .._ 1,211.250
1 :
128 0 2,728 01
2,7 :0 0
I). & M.RR. Co. 1st M. bonds.. 2,728.000
100,000
Home Ave. Ry. Co. capital stock
400.000
Loans and bills payable
4,310,296
4,656.2 11
Traffic and car service balances payable
9,982,491 11,067,767
Audited accounts and wages payable
,58
.
3 299 4
1.288.187
Miscellaneous accounts payable
Interest matured unpaid
glib
"
Dividends matured unpaid
7,800
387,150
Funded debt matured unpaid
2.487,950
2,487,949
Umnatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
41:37i:1219112
Other current liabilities
8123033:5313962?
3116663:266647
:
Liability for provident funds
1'707,015
Other deferred liabilities
2.290,861
3,171,924
Tax liability
1,773,549
2,023,102
Insurance reserve
2,759.700
3,499,601
Operating reserves
4 50,260,221
51.120,38
Accrued depreclation-equipment
Acc
786,935
1,070,918
Other unadjusted credits
207,221
221,219
Sinking fund reserves
26,681,819 26.517,433
Additions to property through income and surplus
40,769,842 33,739,027
Profit and loss, balance
for Co.
was
given in
GENERAL BALANCE SHEET DECEMBER 31.
1924.
1925.
1924.
1925.
8
$
Liabilities$
$
Road & equip't_246,371,901 236,972,125 Common stock_ 47,028,700 47,028.701)
9.998,500
Preterml stock_ 9,998,500
impt. on leased
railway prop_ 2.692,116
3.214,383 Fund.debt untnat.:
Equip. oollg_ _ 38,08:1,472 36,706.907
Deposited in lieu
Mtge. bonds_106.535,28 1 106.629,281
of in tgetl.prop
57.060
140.557
8,887,000
Coll. tr. bonds 8,834,000
3,001,346
Mlsc.phys.prop_ 3,592.351
3,425
3,425
Inv. In co. occur. 3,715,593
Notes
3,664,518
5,009,000
511sc, obliges 5,0119,000
Sinking tunds__
429
365
Inv. In aftll. cos.:
Non-negot. debt
34.294
59,385
to afflI'd cos_ _
9,011,053
Stocks
12,302,028
1,893,264
5,285,402 Traffic. &c., bal. 1.8:38.751
'Bonds
5,285,402
154,911
154,011
Notes
84,500 Loans&bIlis PUY.
69.500
4,5113,082 Accts. & wages
Advances_ __ _ 2,841,515
6,028,437
5 353 036
159,738
payable
Other Inwstm'ts • 267.496
144.313
129,763
Cash
5,585.618 Misc. accounts_
6,191,372
441,548 Int., divs.. &c..
1-pzcial depcsits_
323,704
1.484,452
1,510,691
unmatured_
Traffic,&c., bal.
712,840
947,083
1,572,481 Div. payable_ receivable__
1,379,720
51,139 Unmatured Int.,
Loans & bills rec
2,158
9
692.33
751,599
rents,&c..accr.
Agts, dx conduc.
788,962
801,363
325
564.
579,156
6,727,740 Other curr. nab_
Materials& supp 6.678,099
215.798
224,385
Other def'd !lab_
Miscell. accounts
1.792
4,652,622 U.S.00v.def.11:11,
receivable..,, 4,586,432
4,478,164
Tax liability_ _ _ 5,154,571
Interest & divi1,899
1,205
122.692 Prem .on fd.debt
dends receivle
169,156
eArerued deprec.
MIscell. rents reof equipment_ 20.609,707 17,271,679
17.913
16.578
ceivable
1,296,719 Other unadJusOther curnassets 1,518,042
6.423.649
ted credits... 7,377,299
U.S. Govermn't
894 Add'm to prop.
43
deferred assets
2,777,011
thro.inc.& stir. 1.663,967
5.964,998
Unadjust. debits 6.046,982
,
786 416
801,718
1,281.371 Sink. rd. ro'vtx4.
Deferred assets_ 1,774,357
36,559,880
Profit and Mal._ 44,125,300
Assets-
306,766,894 294,458,275
Total
-V. 123, p. 79.
Total
306,766,804 294,458,275
American Telephone & Telegraph Co.
(Semi-Annual Statement-Six Months Ended June 30 1926.)
President W.S. Gifford, New York,July 15, wrote in brief:
in the
The business of the company and of its associated companies greater
Bell System maintains its usual increase at a rate considerably increase
This means not only a numerical
than the increase In population.
to the
of telephone users but also a greater number of users in proportion service
population. This growth results in a more comprehensive telephone
interconnected and can be reached.
for each user as more users are
Every effort is mado to keep the telephone service of the Boll System
at all times satisfactory to the telephone user and to continue to develop
the art of telephony with a view to having service in the United States
always at the highest point of efficiency. An important factor contributing
to such efficiency is tile maintenance at headquarters, including the Bell
Telephone Laboratories,of a staffofsome 5,000 persons, including scientists.
laboratory workers and operating technicians, employed continually
in the improvement of telephone service.
The company on May 19, offered additional shares of its capital stock
for subscription at par to its stockholders of record on June 8 in the ratio
of one share of additional stock for each six shares then held. This offering,
which amounted to $154,127,500, was made to 371,317 stockholders
(see V. 122, p. 2946). The purpose of this now issue is to provide the
Bell System with funds for now construction needed to care for additional
business resulting from the constantly greater use of telephone service.
Each stockholder of record on June 8 has under this offer received "rights"
proportionate to the number of shares owned. These "rights" may be
used In subscribing for new stock at par or they can be sold at the market
price.
EARNINGS FOR SIX MONTHS ENDED JUNE 30.
1923.
1924.
1925.
x1926.
Earnings$44.564,768 $36,623,551 $29,390,660 $25,712,498
Dividends
7,101,690 6.396.462
8.928,719
6,218,774
Interest
35,867,724
Telephone oper. revenue 45,133,430 41,481,398 36,800,723
192,694
235,432
231,102
199,894
Miscellaneous revenues_
$96,116,867 $87.264,770 $73,528.504 $68,169,378
Total
927,341,218 942,581,301
Total
22,576,746 21,122,296
in total Expenses, incl. taxes_.._ 29,360,037 24,200,850
x These amounts held by or for company's account are not Included
$63,063,921 $50,951,758 $47,047,082
assets in 1925 or 1924.
earnings
$66,756,830
Not
Co. jointly
6,467,664
The following securities bear the endorsement of the B. & 0. RR. let mtge. Deduct interest
10,839,485 10,722,792 8,301,577
with other companies, viz.: Kentucky dr Indiana Terminal RR. Co.
41,565,622 39,631,933 33,670,638 30,349,963
Deduct dividends
migun
3.11.3g
41:34
sterling bonds. 87,041.777: Richmond-Washington Co. 1st mtge. bonds, 810.000,000:
Washington Terminal Co. 1st mtge. bonds, 812,000,000, and also guaranteed
severally, but not jointly, 3% of 82,601,147 Fruit Express Co.', equipment obligations. The company, through subsidiary, the Toledo & Cincinnati RR. Co.,
guarantees 82,728,000 consul. 1st mtge. bonds of the Dayton & Michigan RR. Co.
-V. 122. p. 3601.
$14,351.723 $12.709.195 $8,919,543 $10,229,451
Balance
x Subject to minor changes when final figures for June are available.
V. 122, p. 3602.
Commonwealth Power Corporation.
Cleveland Cincinnati Chicago & St. Louis Ry.
(Annual Report-Year Ended Dec. 311925.)
Annual Report-Year Ended Dec. 31 1925.)
(37th
President George E. Hardy, New York, June 30, reports
Extended extracts from the remarks of President Patrick J. in substance:
further
Crowley, together with the comparative income account for
.-For the purpose of enlarging its activities and
New Acquisitions
the years 1925 and 1924, will be found under "Reports and diversifying its field of operations, the company acquired. during 1925, a
Company.
controlling interest in the Telmessee Electric Power Co., which
Documents" on subsequent pages.
THE CHRONICLE
JULY 17 1926.]
321
and its subsidiaries (the principal one being the Nashville Ry.& Light Co.),
GENERAL INVESTMENT NEWS.
owns and operates a comprehensive system of public utility properties
directly or indirectly supplying electric service to 142 communities and
also supplying transportation service in Chattanooga and Nashville. These
properties are being operated in conjunction with and on the same basis as
STEAM RAILROADS.
the other utility properties in the Commonwealth Power Ccrp. system,
whereby engineering and supervision services are rendered under contract.
-Class I railroad on June 30 had 254,807 surplus freight cars
Car Surplus.
subsidiaries also have rounded out their local systems by the pur- in good repair and immediately available for service, according to reports
Certain
chase of the properties of various companies, including some plants pre- filed by the carriers with the Car Service Division of the American Railway
viously operated by municipalities.
Association. This was a decrease of 15.355 cars compared with June 23 at
-The acquisition of the Tennessee Electric Poe er Co. which time there were 270.162 cars. Surplus coal cars in good repair on
Growth of Business.
during the year and the consolidation of its operating results with those June 30 totaled 69,869, a decrease of 6,725 within approximately a week
of the other subsidiaries of tne Commonwealth naturally caused a variation while surplus box cars totaled 140,421, a decrease of 8,354 during the same
in the comparative figures showing the annual volume of business dote in period. Reports also showed 22,839 surplus stock cars, a decrease of 608
the past. Some idea of the normal growth of business dote by the Corn- cars under the number reported on June 23 while surplus refrigerator cars
monwealth company, however, is indicated by the electric sales for the totaled 14.457, a decrease of 211 within the same previous period.
-Practically no car shortage is being reported.
first 6 months of the year prier to the Tennessee company's acquisition and
Car Shortage.
exclusive of its operations. During this peried the combined electric sales
Matters Covered in "Chronicle" July 10: (a) Gross and net earnings for
-p. 132. (b) Revenue_freight loading still running above
of your subsidiaries broke all previous years' records of these companies month of May.
-p. 140.
and exceeded those of the corresponding period in 1924 by approximately 1,000.000 cars per week.
21%. While this increase included figures of some new properties, practically all of the gains represented the development of additional business
-Earnings.
Alaska Government Roads.
in the territory served.
A reduction of $394,692 in the deficit of the Alaska RR. was effected
Comparative figures showing the volume and growth of business done by
fiscal year, according to a report
your companies are given in tho following tabulation which was prepared during the first 9 months of the current on June 17. The report shows
the Interior Department
on the basis of giving effect to the acquisition of the Tennessee Electric made public at for this period in the fiscal year of 1926 was $611,608 as
that the deficit
Power Co. for the two-year period.
compared with $1,006.300 for the same period of 1925. An increase ;fl the
Sales of Electricity in Kilowatt Hours1925.
1924.
operating earnings of the railroad amounting to $107.90! occurred during the
'General customers
1,164.768,522
974,061.025 first 9 months of the year while the operating expenses were reduced by
-Georgia By.& Power Co
69,378,000
14,721,050 $286,791.
Aluminum Co. of America
43,224,000
17,073,200
Reduction in the operating costs of the Alaska RR. was accomplished
chiefly through a decrease in the number of employees. The report shows
Total
1,277,370,522 1.005.855,275 that an average of 122 less employees per month were employed during the
Electric meters in service
391,960
354,613
9 months of fiscal year of 1926 as compared with the same period in the
Sales of gas in cubic feet
5,310,973,900 4.337,707,400 first
previous year. An average saving of approximately $21,796 per month in
-Gas meters in service
158,745
126,342 Pay roll expenditures resulted.
-V. 117, P. 1991.
Revenue passengers carried
68,807,316
68,649,989
Tons of coal mined
531.04.5
463.274
-Tentative Valuation.
Atlanta & West Point RR.
The sales of electricity to the Georgia By.& Power Co.and the Aluminum
The L-S. C. Commission has placed a tentative valuation of $6,053,000
-Co. of America are shown separately, because these sales are considered
the owned and used properties as of June 30 1918.-V. 122, p. 2942.
"special business" which varies greatly from year to year, depending upon on
the power generating facilities of such companies and the rainfall in the
Atlantic City & Shore RR.
-Tentative Valuation
-southeast.
-S. C. Commission has placed a tentative valuation of $371,181 on
The I.
-The capital expenditures made by tl-e
Additions and Improvements.
company as of June 30 1916.-V. 119, p. 72.
during 1925 totaled $26,048,364, approximately 70% the property of the
-subsidiary companies
• -of which sum was devoted to the electric department and 25% to the gas
Avon, Genesee & Mt. Morris RR.-TentativeValuation.-department.
-S. C. Commission has placed a tentative valuation of $475,000 on
-With the exception of $230,000 of bonds issued to refund- The I.
Financial.
underlying securities retired by sinking fund, no bonds were sold by the the pronertY of the company, as of June 30 1918.-V. 62, p. 589.
'company's subsidiaries in 1925 as their financial requirements were pro-Change in Plan Made.
Boston & Maine RR.
vided for partly through the sale of common and preferred stocks and the
balance by reserves and earnings. Of $21,349,400 preferred stock sold
The general readjustment committee of the Boston & Maine RR., now
$16,349,400 or 76.58% was sold in the territory served on undergoing a scaling down of its capital structure, has decided, on advice
-during the year,
the "Customer Ownership Plan" by employees of the respective subsidiary of counsel, to insert in the agreement for conversion of bonds into new prior
companies and these companies had more than 48,000 stockholders on preference stock a provision that in determining the conversion value of
Dec. 311925.
the bonds the fair cash value of the prior preference stock shall be limited
For the purpose of increasing its working capital and to facilitate its plan to 110, the price at which it is callable by the company. In the plan of
announced in May, 1925 for the acquisition of stock of the Tennessee capital readjustment presented to the I.S. C. Commission it was proposed
Electric Power Co., the stock capitalization of the Commonwealth corpora- that if it should be found to be unlawful for the railroad to convert its bonds
tion was revised (see V. 120. p. 2683). The proceeds from financing in into new prior preference stock, the company either would go into the
connection with the plan together with that realized from the sale of some market and purchase stock to meet tne demand or would pay the bondnolder
stocks owned by the company were used in part to increase its in cash the difference between the cash value of the bond and the cash value
'holdings of common stocks in subsidiary companies, to reduce its funded of the prior preference stock. This feature was attacked by Edmund D.
I
Indebtedness and in general to strengthen the financial condition of
the Codman in a brief filed with the Commission.
company.
-The regular quarterly dividends of 134% were paid on the
Dividends.
Prior Preference Stock Authorized.
6% ciunul. pref. stock in 1925. Three dividends of $1 50 per share each
The 3.-S.C. Commission has authorized the company to issue $13,000,000
were paid on the former no par value common stock on Feb. 1, May 1 and
preference stock, to be sold at not less than par. The company
July 20 1925 and a dividend of 40 cents a share on the new no par value of 7% prior
$43,522,000 of mortgage bonds, which are to be
to
'common stock was paid OP Nov. 1 1925 making a total disbursement for was also authorizedlessissue par in the refunding of
than
certain outstanding
the year equivalent to $6 10 per share on the old steel( exclusive of the exchanged at not
bonds.
value of the common stock subscription rights which expired on Sept. 15
readjustment the Commission
as theecision approving the proposed o
i o
its decision appro
thate
o
1925.
result of the meagerness rthe road'sincome
eduring the
stated
years prior to 1924, it has been unable to take advantage of cash discounts
CONSOLIDATED INCOME ACCOUNT
-YEARS ENDED DEC. 31.
have been passed, and that it has suffered an
on its hills, that its dividends
[Commonwealth Power Corp. and Subsidiary Companies.)
impairment of its credit, and that its bonds have been selling on the market
Gross Earainos1925.
1924.
on a yield basis of from 8% to 9%, thereby precluding the issue of bonds
1923.
*1922.
Electric department_ _- -$30,188,529 $20,217,613 $18.590.274 $15,317,923 with which to procure money to make necessary improvements and to
maturing bonds.
Gas department
6,706.283 5,572,271
5,518,016
5,059,428 refund Commission found the proposed additions and betterments will
Railway department_ _ _ 4,746,868
The
1,563.226
1,647.853
1,639,018 result in economies and savings considerably in excess of amounts required
Heating, water, coal and
interest and dividends. Tho total cost of readjustment will
.533,184 4.174,599 4,364.621
appliance departments 2
3,503,748 for additional
not be more than $300,000. The readjustment committee is to serve with$44,174,864 $31,527,709 $30,120,764 $25520116 out compensation. The general readjustment committee is composed of
Total
24,922,566 18,653,230 18,251,549
Oper.expenses & taxes
16 members,consisting of owners of the road's securities, representatives
15,424.573 three savings banks, two insurance companies and three banking houses.of
$19,252,298 $12,874,479 $11,869,214
Gross income
The proposed prior preference stock will be offered first to existing stock$10,095,544 holders at par and any amount not taken by them will be offered for sale
Fixed chits. ofsub. cos.Bond & gen. interest_ $5,858,996 $3.812,016 $3,400,806 $3.477.743 at public auction at not less than par. Each assenting stockholder is required
whether he will purchase his proportionate amount of the prior
444,343
Amortization of disc't
363,831
321,805
324,705 to elect stock or will surrender to the committee a portion of the stock
Divs.-on pref. stock of
preference
subs, held by public 4,156,650
1,948,909
held by him. Of the total of 814,728 shares outstanding on May 22, last.
1,507,321
1.198,429
652,760
holders of 700,174 shares have assented to the plan of which the holders
Int.chgs.Comm.P.Corp879,095
1,046.358
1,072.070 the
Annual div. on Commw.
of 681,989 shares have elected to purchase prior preference stock, and
P. Corp. pref. stock... 2,189.557
18.185 shares have elected to surrender the respective portions
1,483,038
holders
1,440,000
1,440,000 of their of
stock.
do common stock_ 1.379.507
609,564
Prov.for depr.& replace. 3,112,903
2,128.470
On may 22 holders of $37,803,000 of the $43,522,000 of bonds dealt with
1,840,972
1.809,226 in the plan, assented to it, and became entitled to receive a like
amount of
mortgage bonds.
r Net income
81,457,582 $1.649,557 $2,311,953
$773.372 the proposed
$43.522,000 of 5% mortgage bonds will be exchanged for $26.652,000
accounting practice adopted by
*In accordance with
Michigan P. U. ofThe
Boston & Maine bonds bearing rates of interest ranging from 33i% to
Commission, sales of gas residuals by the company's Michigan
subsidiary 7% and maturing on various dates between Feb. 2 1925, and Jan. 1 1931;
were credited to operating expenses of the gas department instead of
being $735,000 of Worcester, Nashua & Rochester 4% bonds maturing Jan. 1
included as heretofore in gross earnings. The 1922 figures
have be-n 1930; $13,460,000 of Fitchburg RR. bonds bearing 4% and 43 % interest
adjusted accordingly for comparative purposes.
maturing between May 1 1925, and Jan. 1 1932; and $2,675.000 of Boston
CONSOLIDATED BALANCE SHEET DEC. 31.
& Lowell bonds bearing 33i% and 4% interest, maturing between Sept. 1
1925, and April 1 1932.-V. 123. p. 204.
[Commonwealth Power Corp. and Subsidiary
92
Co1mpries.]
1925.
1924.
1924.
Briss Midland Ry.-Final Valuation.
Assets$
$
S
$
Property, plant,
6 icaub PT. stk. 36,624.
cum.
-S. C. Conunission has placed a final valuation of $106,500 on the
The I.
300
Invest., &c_ _253,468,094 161,305,975 Common stock_ 19 4N:200 27,000,000 property of the company as of June 30 1918.
:
28 3625S:700
0 1:
72 000
Inv.in & adv. to
1'!,stk. of subs_ 74 0
affiliated cos. 1,086,976
879.744 Com.stk.of subs.
Cincinnati Northern RR.
-Annual Report.
93,960
Cash deposits for
8
25-3 .. r 6% sec.
1925.
Calendar Years1924.
1923.
bonds sold In
1922.
S.F.
1947 9,526,700 10,632.000
244.23
Miles operated
244.23
adv. of eon244.47
244.71
Gen. lien & ref.
84,756,220 $4,826.932 $5,174,419 $3,505,287
Ry. oper. revenues
.
struction _ _ _
41,011
5s, ser, A,'39 2,182,500
3.024,068 3,165,832
2,231,500 By. oper. expenses
S.F.& sun dep. 1,143,490
3,573.998 2,697,736
2,6,553 Gen. lien & ref.
Bond disc.& exP.
6s, ser. B '72.
Netrev.from ry.oper. $1,732,152 $1,661,099 $1.600,421
In pmc.amort. 8,052,150 7,684.028 Bd. & delis, of 1.061,000 1,099,000
$807,551
Railway tax accruals..
$310,997
$287,291
$183,851
$247,428
Def,charges and
subs. In hands
Uncollectible ry. revs_ _ _
232
454
prepaid sects_
573,265
393.169
414
616
of public.....117:365;
79,600,900
4,372,650
2,690.487 Def. liabils
Cash
1 488 948 1,038,197
By. oper. income_ _ _ _ $1,420,923 $1,373,353 $1.352,579
$623,084
U. S. Govt. sec.
Notes payable
59,944
353,851 Equip.rents, net debit
$45,368
$113,244
$161,043
$82,336
& Ws.of dep_ 4,234,996 1.916,995 Accts. payable
1,330,004 2,776,982 Jt. facil. rents, net debit
333,285
323,813
353,278
192,191
.Accts. receivable 5.396,487 3.779,532 Divs. payable
552,187
98,810
Notes receivable
12,075
92,539 Accrued interest
801,454
741495
ry. oper. income_ $1,042,269 $936,296 $838,257 $348,557
Net
Int. receivable__
16,797
10.429 Accrued taxes
4,437,642 1,977,514
Non-operating income
38.473
36.218
26.020
34,789
Due subscrip. to'
Pur.money oblige 719,607
Stock
2,476,316
1,190,948 Sund. curr. nab_
68,892
48,927
Gross income
$1,080,742
mans& supplies 3,954,142 2.930,922 Retirement & re$972,514
$873,046
$374,577
Deductions
15,245
II!
Sund.cur. assets
placement res. 11,365,158
$922
$707
$225
$329
Other reserves__ 2,079,383 7,661,954 Macon.rents & tax seer.
1,952.173 Int. on funded debt___ _
108,700
80,456
106.768
101,237
Prern. on pr.stk.
64,627
47,643 Int. on unfunded debt
405
2,877
14,322
1,559
Contrib, for ext.
43,954
29,719 Amortization of discount
Burp, of subs, at
on funded debt
6,547
6,208
7,847
5,078
date of control 6,790,051 3,144,240
Miscell.Inc. charges_
172
205
21.902
464
Burp, since date
of eontrol____ 4,713,488 4.247,726
Tot.(ea. side)284,802.6821183.162,332
Net income
$963,996
$855,748
$265.252
$748,950
x Consisting of 1.086.606 shares*of no par value. At Dec. 31 1925 there Dividends declared__ _(10%)300,000 (8)240,000 (6)180.000
(3)90,000
were outstanding 29.003 option warrants entitling the holders thereof to
purchase 116,012 shares of no par value common stock at $25 per share, if
Stir, to profit & loss
$663,996
$175,252
$615.748
$568,950
exercised on or before Nov. 1 1926.-V. 123, p. 205.
-V.122, p. 3334.
J:
322
[voL. 123.
THE CHRONICLE
Central Pacific Ry.-Construction of Yuba Co. Branch.
-
The I.
-S. C. Commission on June 28 issued a certificate authorizing this
company or the Southern Pacific Co. (lessee of the Central Pacific By.) to
construct a branch line of railroad extending from Rupert,a point about one
mile south of Marysville Station on the main line of theCentral Pacific
from Roseville to Gerber, thence in an easterly and northeasterly direction
to a point at or near the common corner of sections 9, 10, 15 and 16. township 15 north, range 4 east, M.D.B., and M., a distance of 4.68 miles, all
n Yuba County, Calif.
-V. 122. p. 2942.
Chesapeake & Ohio Ry.-Stockholders' Committee Objects
to Revised Nickel Plate Plan-Bond Redemption.
-
The stockholders' protective committee of the Chesepeake & Ohio By.
has prepared a circular stating the objections to the new revised Nickel
Plate plan. Copies may be obtained from the committee at 705 Richmond
Trust Bldg., Richmond, Va.
All the outstanding 5% convertible 30-yr. secured gold bonds, due April
1 1943 have been called for payment Oct. 1 at 105 and int. at the office of
J. P. Morgan & Co., 23 Wall St., N. Y. City.
Holders of the above mentioned bonds have the option of converting same
on or prior to Sept. 1 at their principal amount into common stock at $100
per share.
-V. 123, p. 204.
Delaware & Hudson Co.
-New General Counsel.
-
Harry Turner Newcomb,general solicitor of the road since 1921 has been
appointed general counsel, effective July 1. His appointment fills the
vacancy caused by the recent death of Judge Walter C. Noyem,---V. 122,
p. 2795.
El Paso Southern RR.
-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of 78,233 on
the property of the company as of June 30 1918.-V. 80, p. 162.
Erie & Pittsburgh RR.
-Tenders.
---
The American Exchange-Pacific National Bank, 128 Broadway, N. Y.
City. will until July 23 receive bids for the sale to it of gen. mtge. 34%
bonds dated July 1 1890 to an amount sufficient to absorb $35,400 at a
price not to exceed par and int.-V. 121, p. 1566.
Fairport,Painesville & Eastern RR.
-Final Valuation.
The I.
-S. C. Commission has placed a final valuation of $170,125 on the
property of the company as of June 30 1917.-V. 122, p. 477.
Ferdinand RR. (Ind.).
-Final Valuation.
-
The I.
-S. C. Commission has placed a final valuation of $84,280 on the
property of the company as of June 30 1917.
Garden City Gulf 8t Northern RR.
-Lease.
--
The I.
-S. C. Commission on June 28 authorized the Atchison, Topeka &
Santa Fe By. to acquire control, by lease, for 10 years, of the railroad and
properties of the Garden City, Gulf & Northern RR., a subsidiary. Since
July 1 1911 the line has been operated as a part of the Santa Fe system.
The previous lease expired on June 30 1926.-V- 92, p. 1499.
Georgia Northern Ry.-Final Valuation.-'
The I.
-S. C. Commission has placed a final valuation
$857.868 011 the
owned and mod properties of the company, as of June of 1915.-V. 118.
30
p. 311.
Seaboard Air Line Ry.-Listing.-
The New York Stock Exchange has authorized the listing of $2.500,000
of Seaboard & Roanoke RR. 1st mtge. 5% coupon bonds, extended to
July 1 1931 on official notice of issuance in exchange'for outstanding Trust
Receipts of the Continental Company of Baltimore, Md., or Seaboard
and Roanoke Railroad Company 1st mtge. 5% bonds, due July 11926.
Income Account for Four Months Ended April 30 1926.
Railway operating revenues
$24.623,167
Railway operating expenses
18,012,367
Railway tax accruals
1,160,000
Uncollectible railway revenues
3.434
Railway operating income
Non-operating income
$5,447,365
637.842
Gross income
Deductions from gross income
$6,085,207
4.626,598
Net income
$1,458,609
Credit balance (at beginning of fiscal period)
210,920,704
Unrefundable overcharges, $7,654; donations, $9,772; miscell.
credits, $1,730; total
19,156
Total surplus
$12,398,469
Loss on retired road and equip.. $3,214; miscell. debits. $4.384;
total
7,593
Credit balance carried to balance sheet
$12,390,872
General Balance Sheet as of April 30 1926.
AssetsLiabilities
Invest. In road & equip_ ___S217,881,762 Capital stock
860.950,500
Improvts. on hunnad ry. prop166,287,637
69,036 Long term debt
Sinking n
18,681 Trait.& car service bale. Pay- 1.071 282
.
Deposits in lieu of staged.
Audited accts. and wages pay 7,869,014
property sold
334,404
166,214 NRscell. accounts payable__
Aliscell. physical property _ .. _ 4,158.315 Interest matured unpaid_ ___
222,594
Investments in affil. cos
1
16,237,054 Divs, matured unpaid
Other Investments
2,509,645 Funded debt matured unpaid
27,000
Cash
3.107,428 Unmatured interest accrued_ 1,413.201
Special deposits
720,914
388,783 Deferred liabilities
Loans and bills receivable. _
10,727,809
.
23,500 Unadjusted credits
Traffic and carserv. bale. rec.
601,504 Additions to, property through
Net balance receivable from
427,287
income and surplus
agents and conductors_ __ _
670,116 Funded debt retired through
Allscell, accounts receivable__ 2,344,589 income and surplus
3,927
12,390,872
Material and supplies
7,143,793 Profit and loss
Interest and dive. receivable_
84,745
Other current assets
218,182
Deferred assets
301,504
8262,446,497
Unadjusted debits
6,521,646
Total (each Wit0
--01r. 122, p. 3451.
lAtittiicegtati
Rockford 8c Elgin Traction
Co.
-Final
Valuation.
-The I.
-s. 0. Commission has placed a final valuation of $193,000 on the
company's property as of Ante 30 1917.---V. 106. P. 2012.
Western Ry. of Alabama.
-Tentative Valuation.
Great Northern Ry.-Bonds Authorized.
The 3.-S.C. Commission has
The I.
-S. C. Commission on July 8 granted the company authority (1) the property of the company placed a tentative valuation of $6.015,000 os
as of June 30 1918.-V. 122. P. 2945.
to procure authentication and delivery of 845,000,000 of gen. mtge. 43i%
bonds, series "D," dated July 1 2 6, said bonds to be exchanged for a like
A9
Wyoming & Missouri River RR.
-Final Valuation.
amount of 5% bonds. series '0, now held in the company's treasury; and
The I.
-S. C.
on the
,
(2) to sell $15.000,000 of series "D" bonds at not less than 9155 and Int. property of theCommission has placed a final valuation of $150.414
company as of June 30 1919.-V. 121, p. 327.
the proceeds to be used for corporate purposes.
-V.123, p. 204•
Illinois Midland Ry.-Final Valuation.
-
The I.
-S. C. Commission has placed a final avluation of $18,500 on the
property of the company as of June 30 1918.-V. 44, P. 184
.
Kishacoquillas Valley RR.(Pa.).
-Final Valuation.
The L-S. C. Commission has placed a final valuation of $141,775 on the
property of the company as of June 30 1917.
Minnesota Western RR.
-Bonds Authorized.
-
The I.
-S. C. Commission on July 8 authorized the company to Issue
$660,000 1st mtge. 8% 30
-year gold bonds, dated June 1 1924, said bonds
to be sold at not lees than par and int., and the proceeds used to pay for
the construction of that part of the company's proposed extension from Lake
Lillian to Montevideo, Minn. The bonds will be redeemable on any
Interest date at 105 and int.
The company proposes to sell the bonds to its stockholders, directors,
and persons along its line, at par and int.-V. 123, p. 79.
New Orleans Texas & Mexico Ry.-Bonds.-
The I.
-S. C. Commission on July 8 modified its previous orders so as to
extend the time within which company may issue $13,500,000 of 1st mtge.
5% bonds, series "B." to and including June 30 1927.
By its order of May 23 1924. the commission authorized the company to
issue not exceeding $13,500,000 of 1st mtge. 5% bonds, series "B, dated
April 1 1924, and maturing April 1 1954, to be exchanged from time to time,
to and including June 30 1925, par for par, to retire a like amount of 5%
non-cumulative income bonds then outstanding. The order of May 23
1924, was modified by the commission's order of April 20 1925. tip as to
extend the time within which the 1st mtge. 5% bonds, series "13, might
be issued, to and including June 30 1926. As of June 4 1926, there has been
issued $9,004,100 of 1st mtge. bonds, series "13," in exchange for income
bonds. and $4,495,900 of the income bonds remains outstanding.
-V. 122,
p. 2938.
PUBLIC UTILITIES.
-Acquisition, &c.
Associated Gas & Electric Co.
The company has acquired the White Oak Light, Heat & Power CO. in
West Pennsylvania and the plant serving Clinton, Ky. These two properties adjoin subsidiary companies of the Associated Gas & Electric Co.
F. S. Burroughs, of Harris, Forbes & Co.. who was recently elected a.
director, has been elected a member of the finance committee.
Reporting for the month and 12 months ended June 30 Associated Gas &
Electric system shows an increase in kilowatt-hour output of 18.5% for
the month with a total output of 55,565.715 kw.h.. and an output of
692,987,420 kw.h., the latter being an increase of 19.9%, or 114.861,389
kw.h. better than the preceding year. The New York-Vermont group
produced 43% more kw.h during June than in June last year and 37.8%
more for the 12 months than in the preceding year. The Staten Island
properties showed a gain of 34.4% for the month and 50% for the year.
New York State properties showed a gain of 24.8% for the month and
17.1% for the year. while the Pennsylvania properties increased their
output by 11.6% during the month and 19.1% for the year.
-V.122,p.3336.
-Offer Made to
Associated Telephone Co. (Calif.).
Minority Stockholders.
It was recently announced that the control of the capital stock of this
company has been sold to an eastern holding company. As the bankers
for tiae company, Mitchum, Tully & Co., Los Angeles, Calif., were authorized to offer the remaining stockholders $125 per share for the stock
This offer expired July 16 V. 122, p. 1453.
Atlantic City Gas Co.
-Offering of $500,000 Add'l 1st
Mtge. Bonds.
-Drexel & Co. and Edward B. Smith & Co.
are offering at 98 and int. $500,000 additional 1st mtge. 5%
Texas Pacific-Missouri Pacific Terminal R.R. of New sinking fund gold bonds.
Orleans.
-Listing
Dated Jan. 1 1910; due Jan. 1 1960. Authorized, 26,000.000; retired by
The New York Stock Exchange has authorized the listing of an additiona
$1.040,000 of 1st mtge. 5% gold bonds, series A, due Sept. 1 1964. on
official notice of the issue and sale thereof, making the total applied for
$6,040,000 (of an issue limited to an aggregate principal amount at any
one time outstanding of $7.500,000).
The proceeds of the sale of the bonds will be used to provide funds necessary to carry out the improvement program authorized by the directors,
which includes the enlargement of yards and the construction of a new
Incllne at Gouldsboro on the west bank of the Mississippi River opposite
New Orleans.
Earnings Statement for Calendar Years.
1925.
$1292254.7.25
Total railway operating revenues
$226,222
328,144
Total operating expenses
313,239
138,322
Railway tax accruals
136,582
Railway operating deficit
Total non-operating income
$223.599
818.577
$240,742
721
767.
Gross income
Total deductions
Income applied to sinking and other reserve funds_
$594,978
595.535
$526,979
533.786
132
Balance, deficit
$6,675
$557
General Balance Sheet December 31.
Assets1925.
1924.
1924.
1925.
Investments
25,575.130 86,521,814 Capital stock
$2,000,000 $2.000.000
Cash
106.888
110.596 Long term debt_ _ _ 5,299,910 5,299,910
Time drafts & dep. 645,448
802,515 Current liabilities_ 248,012
250,024
Trait. & car serv.
lineal. credits__
100,848
161,685
bal. rec
4,547
4131.184
_ 4,329 Corporate surplus_ 286,698
Net bal. rec. from
17,666
agts & condctrs_
19,510
Miscell. accts. rec_ 371,259
355,610
92,161
Mat!. & supplies 156,070
93,567
48,242
Rents receivable
1,182
Spec. deposits_ _- 428
Del. assets
24.119
157,190
Mod]. debits_ _ _ _
Total (each side)s7,996,304 28,111,967
-V.122, p. 3208.
sinking fund $214,500; to be presently outstanding, $4,259,500. Interest
payable (J. & J.) without deduction for any Federal income tax not exceeding 2% per annum. Penn. taxes (other than succession or inheritance
taxes) refunded. Red. as a whole or in part for the sinking fund on any
interest date on not less than two weeks' notice at 105 and int. Denom.
$1,000 c*. Girard Trust Co., Philadelphia. trustee.
Capitalization Outstanding in Hands of Public (After Financing).
Common stock (no par value)
50.000 shs•
Preferred stock 7% cumulative (par $100)
$450,000
1st mtge. 5% sinking fund gold bonds, due 1960
$4,259,506
Earnings for Years End. May 31 (Excl. Pleasantville Property).
1926.
1925.
Gross revenue
$1.411,896 $1,543,987
Operating exp., maint., deprec. and all taxes
935,033
994,155
.
Net earnings
Annual interest on funded debt, including this issue
$476,863
$549,832
212,975
Balance
$336,857
Congrol,--The operation of the company is under the supervision of The
C. H. Geist co. see also V. 122, p. 80.
Brazil (1 rud ) Gas C.o.-Control.-
see Indiana Gas Utilities Co. below.
-If. 121, p. 2036.
Broad River Power Co.---iicquisition.--The ,company has purchased the Enoree (8.0.)Power co. it was recently
announced by the General Gas & Electric Corp., controlling the Broad
River company. The ICnoree Power Co., which has a generating plant of
1,500 li.p. capacity at Van Patton Shoals, S. C., supplies electricity to the
towns of Fountain Inn, sinapsonviile, Chvens and Grey Court. It will be
linked with the system of the General Gas & Electric corp. in South
Carolina -V. 122, p. 2649.
-Tenders.
Central New York Gas & Electric Co.
The Fidelity-Philadelphia Trust Co., trustee, Broad and Chestnut Sts.,
Edina., Pa., will until Aug. 11 receive lads for the sale to it of 1st mtge. 870
sinking fund gold bonds, dated March 15 1911 to an amount sufficient to
-V.121,9. 167.
exhaust $11,554 at a price not exceeding 105 and interest.
JULY 171926.]
THE CHRONICLE
Central West Public Service Co.
-Notes Offered.
A. B. Leach & Co., Inc. and Carman, Fox & Snider, Inc.
offering at 100 and int. $1,550,000 one-year 53/29 gold
are
notes.
Dated July 1 1926; due June 30 1927. Denom. $5,000 and $1,000 c.
Int. payable (Jan. 1 & June 30) at the First Trust & Savings Bank,Chicago,
grustee, without deduction for normal Federal income tax not in excess of
2% per annum. Red. all or part at option of company on 30 days' notice
at 1001I until Jan. 1 1927, and thereafter until maturity at 1003i plus
accrued interest in each case.
Data from Letter of W. N. Albertson, President of Company.
Company.
-Owns through subsidiaries 18 established and formerly independently operated public utility properties in Iowa, South Dakota,
North Dakota and Nebraska serving a population in excess of 50,000.
Included in this territory are such municipalities as Jamestown, N. D•;
Columbus and Norfolk, Neb.; and Rapid City, S. D. Company manufactures all of the gas and a portion of the electricity which it distributes,
the balance of electrical energy being purchased under favorable contracts.
Practically no competition is experienced in any of the areas served by the
eompany. The gross business of the company is derived approximately
from the following sources: Electric, 52%;gas, 38%;telephone, 10%.
Properties.
-The replacement cost, new, of the properties, as indicated
by the certificate of engineers, is in excess of $2,515,000; the total depreciated value of the properties is $2,199,000.
-The notes and $290,000 of 7% cumulative pref. stock being
Purpose.
issued simultaneously with these notes complete the financing necessary
hor the recent acquisition of the utility properties of the company and
provide additional working capital. The notes are issued pending permanentfinancing by the company and the acquisition ofother utility properties.
Restrictions.
-The trust agreement under which these notes are issued
contains, among other things, a covenant by the company that it will not
permit any subsidiary to incur any current indebtedness except to the
otompany in excess of current assets, or create or incur any funded indebtedness or any indebtedness secured by mortgage of its property, except
indebtedness evidence by securities which are to be forthwith deposited
under the trust agreement.
Capitalization (after Financing)Authorized. Outstanding
One-year 514% gold notes
$2,000,000 $1550,000
,
Cumulative 7% preferred stock, par $100
.000
Common stock, no par value
105,000 shs, 105.000 she.
Earnings for 12 Months Ended March 31 1926.
Gross earnings
$370,910590
Operating expenses, taxes and maintenance
197,
Net earnings, available for depreciation and interest
$172.680
Annual interest charges on these notes
82,250
-The management and operation of these properties are
Management.
under the direction of W.N. Albertson, who owns a majority of the common
stock of the company.
are now being operated 760,000 acres with more than 6,950 producing gas
wells; a total of over 10,350 miles of field and transmission pipe lines, and
7.300 miles ofdistribution pipe linessupplying natural gas:and also the extensive electric properties of the present Columbia system, including the very
efficient new Columbia Power Station dedicated to public service in Dec.
1925.
The territory served by the combined systems covers the major part of
the State of Ohio, including such cities as Cincinnati, Hamilton, Dayton,
Columbus, Springfield, Toledo, Newark, Zanesville, Cambridge, and Steubenville; western Pennsylvania, including much of the Pittsburgh district:
important sections of West Virginia, including Charleston. Huntington,and
'Wheeling; and the larger cities and towns in northern and northeastern
Kentucky; in all 800 and more communities with an estimated population
in excess of 3,500,000 served directly with gas, practically one quarter of
which is served with electricity. In addition, the combined companies
deliver natural gas to other companies,supplying more than 82.000customers
in various cities and towns with an estimated aggregate population of about
400,000 ,and also deliver natural gas at wholesale to other large producing
companies such as the Hope Natural Gas Co.. and a subsidiary of the
Philadelphia Co. The new Columbia system will have directly connected
1,100,000 gas and electric customers.
Marked benefits will accrue to the public as a result of this consolidation,
through assurance of continuity of mest adequate service at reasonable
rates to all of the many communities and large population affected, the
conservation of capital in pending and future developments of combined
properties and the prolongation for many years of the duration of natural
gas scrvice to this important section of the country through conservation
of natural gas, the most economical and useful fuel for all domestic and
-V.123. p. 81.
many industrial purposes.
Chicago, South Shore & South Bend RR.
-Equip.
-Halsey, Stuart & Co., Inc., are offering at
Trusts Offered.
from 43 % to 53 % according to maturity,
4
prices to yield
4
$1,060,000 equipment trust gold certificates, series A, Trust
1 1920 (issued under the Philadelphia plan). The
of July
first two maturities will bear divs. at the rate of 4
per
annum. the next 3 at the rate of 5% per annum, a”d the last
anin m.
,
3
. ,
5 at th'. rate Gt 514% pet'
Dated July'I 1926. $106,000 par value will mature each July 1 thereafter
to and incl. July 1 1936. Denom. $1.000. except thRse due July 1 1931 and
1936, which will be in denom. of $1,000. $500 and $100. Semi-annual diva.,
payable (J. & J.) either at the office of the trustee in Chicago or at the
of Halsey, Stuart & Co. in New York without deduction for the office
income taxes now or hereafter deductible at the source, not in excessFederal
Red. all or part upow30 days' published notice at 100 and dim,of 2%.
a
premium of 2% for all certificates maturing more than 5 years, plus a
and
premium of 11
for certificates maturing 5 years or less, from the date of
redemption. Pennsylvania 4 mills tax refunded.
Issuance.
-Authorized by the Illinois Commerce Commission and by the
Indiana P. S. Commission.
Security and Lease of Equipment.
-These certificates will be issued by the
trustee and will represent about 80% of the actual cost of new equipment
consisting of 10 three-compartment baggage, smoker and passenger motor
cars, 15 two-compartment smoker and passenger motor cars. 4 eighty-ton
electric locomotives. 2 dining cars and 2 parlor observation cars. Upon the
delivery of the equipment to the railroad, full title to the equipment will be
vested in the trustee for the benefit of the certificate holders. The lease
will be assigned to the trustee, and will provide for rentals to pay these
certificates and dividend warrants as they come due. Under the terms of the
lease, the company will covenant to maintain and keep the equipment in
good order and repair, to replace any of said equipment that may be worn
out, lost or destroyed, and to insure the equipment against loss or damage
by fire to an amount of not less than the balance of these certificates unpaid
and outstanding.
-Company owns and operates the high speed electric railroad,
Lessee.
69 miles in length, extending from South Bend, Ind., westivard to the
Indiana-Illinois state line. The "South Shore Line," as the railroad is more
commonly known, serves the northern Indiana industrial region. the Dunes
country,and such intermediate cities as Michigan City, Gary, East Chicago,
and Hammond. By lease and trackage agreements an entrance into the
downtown district of Chicago is obtained, passengers being carried to and
from the Illinois Central's suburban terminal station in Chicago located on
Randolph Street near Michigan Boulevard.
Control.
-The outstanding common stock is owned or controlled by the
Midland Utilities Co.
-V. 121. p. 456.
,%
6
Cities Service Co.
-Redemption of Debentures.
-
The company has called for payment Sept. 1, $2,500,000
convertible g_old debentures due Jan. 1 1966 at 102 and int. series D 7%
at
of the New York Trust Co., trustee, 100 Broadway. N.Y.City.the office
-V. 123.
p.81.
Columbia Gas 8c Electric Co.
-To Merge With Ohio
Fuel Corp.
-The directors on July 15 approved a plan submitted by President Philip G. Gossler for a merger of the
properties of the Columbia Gas & Electric Co. and the Ohio
Fuel Corp. The plan was also approved by the directors of
Ohio Fuel Corp. at a meeting held July 15 in Pittsburgh.
The announcement, issued from the office of the Columbia
Gas & Electric Co., says:
The details of the plan are being worked out by
of both companies, and will be explained fully in the officers and counse
issued to the stockholders as soon as practicable. a communication to be
The main teatures of the plan contemplate the formation of a
poration with the name Columbia Gas es Electric Corp., to acquire new corSr through tr.:Lsidiaries, the properties or stocks of the present directly,
Columbia
Gas & Electric Co.of West Virginia, and of the
Ohio Fuel
Upon completion of the merger, the new corporationCorp.of Delaware.
standing issue qf 3,000,000 shares ofcommon stock. The will have an outpresent Columbia
common stockhzlaers will be offered one share of the new common
stock
for each share of present stock, and stockholders of the Ohio Fuel
be offered for eac'ithare of Ohio Fuel stock approximately 35-100Corp. will
of
new conmmr. stock and approximately $15 63 par value of a share
of the
6% preferred stock of the new company.
It is planned that the new company's common stock will initially pay
quarterly dividends at the rate of $5 per year, the same rate now being
on the present Columbia stock. It is contemplated that George W. paid
ford, President of the Ohio Fuel Corp., will serve as Chairman of the Crawboard,
and that Philip G. Gossler, President of the Columbia Gas & Electric Co.,
will serve as nosident of the new corporation.
The operations of the Ohio Fuel Corp. are very extensive and important,
covering the production, transmission, and distribution of natural gas in
Ohio, Pennsylvania and West Virginia.
The physical properties of the combined systems will include more than
4,860,000 acres of gas, oil and coal lands owned and leased, of which there
323
-Time Extended.
Commonwealth Light 8c Power Co.
-11. 123, p. 82.
See Inland Power & Light Corp. below.
-Bonds Offered.
-P. W.
Community Water Service Co.
Chapman & Co. are offering at 983' and int., to yield over
A
5.60% $1,350,000 1st lien 51 % gold bonds, series "A."
Dated July 11926; due July 11951. Hamm.$1,000 and $500 cs. Prin.
and int.(J.& Jijoayable at the office ofP.W.Chapman & Co.,Inc., at either
N. Y. City or Chicago, without deduction of Federal income tax not in
excess of 2%. Penn., Conn., Kan., and Calif. taxes net too texceed 4 mills
Md. 43.4 mills tax. Mich. 5 mills exemption tax, Ky. 5 mills tax, Va. 514
mills tax. Dist. of Col.5 mills tax, and Mass,income tax net to exceed 6%.
refunded. Red. all or part on 30 days' notice to and incl. July 1 1930, at
105 and int.: thereafter to and incl. July 1 1935. at 103 and int.; thereafter
to and incl. July 1 1943, at 102 and int.; thereafter to and incl. Jan. 1 1950.
at 101 and int.; thereafter at par and int. The Farmers' Loan & Trust 0o.,
N. Y. City, trustee. will be secured
by a first lien upee an equal par
security -This issue
amount of mortgage bonds of subsidiary companies. There have been
pledged under this mortgage $1,350.000 of the Citizens Water Co. ef
Washington. Pa., 1st mtge.654% gold bonds. due July 11951. constituting
the entire funded debt of that company, making these 1st lien bonds equivalent to 1st mtge. bonds. The value of the property securing the 1st
mtge. bonds, which are pledged under the lien of this mortgage, as determined by independent engineers, as of June 25 19,26. was $2,163•673.
The value of the stocks owned by the Community Water Service Ce.,
being all the common stock of the Peoria Water Works Co.. and of New
Jersey Water Co. and all the capital stocks of the Citizens Water Co. of
Washington. Pa., together with substantial amounts of the Rochester k
Lake Ontario Water Co. and the St. Louis County Water Co.. based upon
independent appraisals of the physical properties is over $2,550,000.
Issued.
capita/ion/ion (Upon Completion of Financing) Authorized.
$1,350,000
% gold bonds, series "A' (this issue)
lot den
1.000,009
$1,0
c00,000
1-yr. 6% secured gold notes. series "A"
None
5.000,000
7% cumulative preferred stock
100,000 shs. 100,000 she,
Common stock, class "A"
250.000 shs. 250,000 shs.
Common stock, class "B"
x Additional bonds may be issued thereunder for a principal amount
equal to mortgage bonds of subsidiary, companies deposited as security
under this mortgage issued for refunding purposes; or those issued for
additions, extensions, and improvements provided such bonds are not in
excess of 80% of the cost of such additions, extensions and improvements:
and for a principal amount equal to mortgage bonds of future acquired
Properties, deposited under this mortgage as security, provided such
mortgage bonds are not in excess of 80% of the appraised value of the
properties.
-Proceeds will be used to reimburse company for expenditures
Purpose.
in connection with acquisition of properties and for other corporate purposes.
For description of properties, &c., see V. 122, p. 3604.
-Bonds Called.
Connecticut River Power Co.
All of the outstanding 1st mtge. 6% bonds, due Jan. 15 1934. have been
called for payment July 15 at 110 and int.-V. 120. p. 2940.
Consolidated Gas, Elec. Lt. & Pow. Co. of Balt.The Bankers Trust Co.. trustee, 10 Wall St., N. Y. City, will receive
bids on or before Aug. 2 for the sale to it of 1st ref. mtge. sinking fund
gold bonds (series A, E and F) for the sinking fund. The prices at which
any bonds are offered should not exceed the following prices of the respective
-V,122.p. 2797
:
series: Series A.10734% series E.10714%;series F.1O5%,
-Bonds Sold.
-Peirce, Fair & Co.,
East Bay Water Co.
Blyth, Witter & Co. and Mercantile Securities Co. of Calif.
have sold at 97 and int., to yield over 5.15%, $4,265,000
-year 5% gold bonds, series E.
unifying & refunding mtge. 30
Dated March 1 1926, due March 1 1956. Int. payable (M. & S.) at
the office of the Mercantile Trust Co. of Calif., trustee, without deduction
for normal Federal income tax not exceeding 2%. Denom. $1,000 and
O. Red. all or part on any int. date
$500 provided, however, that in case of the on 60 days' notice at 105 and
sale to or other acquisition of
int.
the'company's properties by any public corporation, the company may at
option and upon like notice redeem these bonds as a whole at 100 and int.
its
Exempt from California personal property tax.
Data From Letter of Edwin 0. Edgerton, President of the Company.
--A California corporation, formed Nov. 13 1916. Company,
Company.
with its predecessors, has been engaged for the past 60 years in the production, distribution and sale of water for domestic and industrial purposes.
The territory served includes the cities of Oakland, Berkeley, Alameda,
Piedmont, Emeryville, Albany and San Leandro in Alameda County and
Richmond and El Cerrito in Contra Costa County. Calif. Their combined
population is estimated at 498,000.
Outstanding Capitalization at Conclusion of Present Financing.
1st mtge. 534s, 1946-----$9,169,200 Unit. & ref. mtge. bonds:
Series E (this issue)_ _ _ _$4,265,000
Unit. & ref. mtge. bonds:
2,881,500 Class A preferred stock_ _ _10,000,000
Series B
1,986,000 Class B preferred stock__ _ 2,987,200
C
Series
3,000,000 Common stock
- 100,000
SeritatD .-The company was formed under the supervision of the
Valtes ion
California RR.Commission. A valuation of the properties of the company
was made by the Commission at that time, and its capitalization was
based upon that valuation. Additional securities have been issued since
that time only with the authorization of the Commission to provide funds
for extensions and improvements to the property.
In any condemnation proceeding brought to fix the price of purchase of
this property by the public, the owners of this property will be protected
by the Constitution of the United States and the laws of the State of
California as interpreted by the courts.
The decisions of the courts and the California RR. Commission in fixing
the just compensation to be paid on a sale to the public of properties similar
In character to East Bay Water Co.'s plant have uniformly measured
value as the cost of reproduction less a fair depreciation. Such a measure
million
of value should produce a figure for the company's plant several all outdollars in excess of all bonded indebtedness and the par value of of the
preferred and common stock, which at the conclusion
standing
present financing will total $34,388,900.
Franchises.
-The company owns constitutional franchises in all the
municipalities in which it operates. These franchises were acquired under
amendment
Section 19 of Article XI of the State Constitution prior to the burdensome
of Oct. 10 1911. They run without time limit and arefree from
restrictions.
•
324
THE CHRONICLE
Purpose.
-The proceeds of the series E bonds and of $2,431,200 class A
preferred stock also being sold at this time will be used for the refunding
of all outstanding series A 7%% unifying & refunding mtge. bonds, the
redemption of the 5%% 3
-year gold n,tes, the completion of the upper
San Leandro Reservoir and Dam, which will provide approximately 15,000,000,000 gallons of additional water storage facilities, and for other
corporate purposes.
Comparative Statement of Earnings.
Years EndedMay 31 '26. Dec.31 '25. Dec.31 '24. Dec. 31 '23.
Gross operating revenues 8.3.925,448 $3.694,376 $3.478,812 $3,202,441
Oper. exp., taxes. deprec 1.894,275
1,597,059
1,812.162
1,843,976
Net operating revenue $2,031,173 81,850.400 $1,666,650 $1,605.382
Non-oper. revenue net__
9,776
54,923
19,622
70,383
Net revenue
Int. chargeable to oper
$2,086,096 81,920,783 81,686,272 81,615.158
919,355
1,124,515
1,116,820
961.648
[Vol,. 123.
Inland Power & Light Corp.
-Time for Deposit of
Securities Extended.
A. E. Fitldn & Co., managers of the plan for the proposed merger of the
Commonwealth Light & Power Co. and Interstate Electric Corp. into
Inland Power & Light Corp.(V. 122, p. 2494) have extended the time for
the deposit of securities under the plan until the close of business Oct. 1
1926.-V. 122, p. 3339.
International Teleph. & Teleg. Corp. & Subs.
Consolidated Income Account for 3 Months Ended March 311926.
Telephone oper. revs. & gross profit on sales, $4,117,135; fees
for services, $313,575; dividends, $87,116; int., $253,702;
$4,943,660
miscellaneous, $172,130: total
Oper., selling & general expenses, taxes and depreciation
2,562,119
Net earnings
$2,381,540
Balance
$695.803 Deduct-Charges of subs: Int. charges, $256,932; pref. divs.,
$724,624
$961,581
$803,963
$109,421; minority stockholders' equity in net Inc., $350,192:
Annual net earnings available for the company's total interest charges,
total
716,545
after all prior charges including operating expenses, taxes other than
343,750
Federal income taxes, and depreciation, for the 4
-month period Interest on debenture bonds
-year and 5
ending May 31 1926, have averaged approximately 1.7times such charges.
Net income
$1,321,245
-V. 122, p. 3452.
Earned surplus
-Jan. 1 1926
5,367,956
East Kootenay Power Co., Ltd.
-Capital Increased.
Total surplus
$6.689,201
The shareholders have increased the authorized 7% pref. stock (par $100)
from $750,000 to $5.000.000. and the common stock (no par value) from Deduct-Divis. paid or accrued. $590,875; sundry sur13• charges
(net), $5,613; total
596,489
30,000 shares to 50,000 shares.
-V. 122, p. 3605.
Earned surplus March 31 1926
6,092,713
Add-Capital surplus
858,881
Gas Utilities, Inc.
-Bonds Offered by Subsidiary.
-
See Indiana Gas Utilities Co. below.
General Public Utilities Co.
-Earnings.
12 Months EndedMay 31 1926 Dec.31 1925
Gross earnings
$3,915,595 $3,699,178
Operating exps., maint. & taxes (excl. Fed. tax)- 2,346,596
2,233.434
Net earnings
-V. 123, p. 82.
$1.568.999 81,455,744
Total surplus
86,951,594
-March 31 1926
Note: This statement has been prepared in part from preliminary reports
and is subject to minor adjustments.
The station growth of the telephone operating subsidiaries continues, the
total gain for the three months to March 31 being 3,834 stations, as compared with 3,209 for the same period in 1925.-V. 123, p. 206
Interstate Electric Corp.
-Time Extended.
See Inland Power & Light Corp. above.
-V. 122, p. 3210.
Iowa Southern Utilities Co.
-Hoagland,
-Bonds Sold.
Georgia-Carolina Electric Co.
-Redmond
-Notes Sold.
& Co. and J. G. White & Co., Inc., have sold at 100 and int. Mum & Co., Inc., and W. C. Langley & Co. have &AI
$1,500,000 1st mtge. 6% gold notes. See offering in V. 123, at 97 and int., to yield about 5.7%;$1,100,000 additional
1st & ref. mtge. 5M% gold bonds, series of 1925. (See
p. 205.
The capitalization as shown in last week's Chronicle is that of the Augusta- description in V. 121, p. 457.)
Aiken Ry. & Electric Corp and subsidiaries upon completion of finance
by the Georgia-Carolina Electric Co.
-V. 123, a. 205.
• Georgia Light, Power & Railways.
-Tenders.
The New York Trust Co., 100 Broadway, N. Y. City, will until Aug. 2
receive bids for the sale to it of 1st Lien 5% 30-Year gold bonds dated
Sept. 1 1911, to an amount sufficient to exhaust $100,000 at a price not
exceeding 105 and interest to Sept. 1.-V. 122, p. 2650.
-Harris,
Indiana Gas Utilities Co.=-Bonds Offered.
Forbes & Co. and Bond & Goodwin, Inc., are offering at
95 and int., yielding over 5.40%, $2,250,000 1st mtge. gold
bonds, 5% series due 1946.
Data From Letter of J. Ross Lee, Vice-President of the Company.
Company.
-Owns and operates an extensive system of electric light and
power properties furnishing, without competition, electric light and power
at wholesale and retail to 125 towns and cities in the agricultural section of
southern Iowa, a territory 200 miles long and 50 miles wide, including
Ottumwa, Burlington, Centerville, Creston, Washington, Grinnell and
Newton. The population is estimated at 200,000. These are long established communities of steady growth, possessing numerous and diversified
industries which afford additional markets for electric power. The company owns and operates the electric interurban railway connecting Centerville, Mystic and Albia, and the street railway systems in Ottumwa and
Burlington. Of the net earnings 79.3% is derived from the electric light
and power business,8.4% from railway and 12.3% from gas and steam heat.
Security.
-These bonds will be secured by a direct first mortgage on the
electric generating stations and distribution systems at Ottumwa, Creston,
Grinnell and Lamont and the distribution systems at Cromwell, Kellerton,
Pleasanton. Davis City, Brooklyn, Malcolm, Newburg, Kellogg, Kilduff,
Lineville, Searsboro, Murray, Truro, Peru, New Virginia and Grand
River. together witn the transmission lines connecting Creston with Mount
Ayr and Chariton and Allerton. The bonds are also secured by mortgage
on the remainderofthe propertiessubject only to 84.520,800 divisional bonds.
Earnings Statement for Year Ended May 311926.
Gross earnings
g3,480,085
Operating'expenses, including taxes and maintenance
1,971,052
Dated July 11926; due July 1 1946. Interest payable (J. Ss J.) at the
office of Harris, Forbes & Co., N. Y. City, or, at the option of the holder,
at the office of Harris Trust & Savings Bank, Chicago, or Harris, Forbes
& Co., Inc., Boston. Callable on any interest payment date on 60 days'
notice at 105 and int. to and incl. Jan. 11937: and thereafter at a premium
of %% for each year or fraction thereof between the date of redemption and
the maturity date. Denom. $1,000 c*. National Bank of Commerce in
New York, corporate trustee. Company agrees to pay interest without
deduction for any Federal income tax not exceeding 2% and to refund the
Penn. 4 mills tax, the Conn. personal property tax not exceeding 4 mills
Pm $1 per annum and the Mass,income tax up to 6% of the annual interest
Net earnings (avail, for int., deprec., Fed. taxe.;, &c.)_ --- $1,509,033
thereon.
Annual int. requirements on all mtge. debt, incl. this issue
Issuance.
-Authorized by the Indiana P. U. Commission.
and divisional bonds
Data From Letter of Vice-President Ralph H. Beaton, July 10.
Purpose.
-To reimburse the company for additions to the properties.
Company.-Incorp. June, 1926. Is acquiring a group of properties, now for improvements and for other corporate purposes
.
6
.-V. 123, p. 83 54'072
owned by affiliated companies, which supply gas without competition in
Terre Haute, Richmond. Brazil and West Terre Haute, Ind., serving a
-Acquisitions.
Kentucky
-Tennessee Light & Power Co.
population estimated to exceed 115,000. In addition plans are now being
A further enlargement of the company's system is announced with the
made for the extension of the company's service to Clinton, I. As of acquisition of two additional municipal public utility properties, one at
Dec. 31 1925 the properties were serving more than 21.470 consumers and McKenzie, Tenn., and
Ky. The effect of these
sales of gas during 1925 aggregated 757,102,000 cubic feet. [The Brazil latest acquisitions is to the other at Murray,
further solidify the territory now served by the
Gas Co. was recently acquired through the Gas Utilities, Inci
company through these additional eliminations of municipally operated
The properties include gas manufacturing plants in Richmond, Terre public utility plants.
Haute and Brazil having an aggregate daily manufacturing capacity of
The Associated Gas & Electric Co. or its subsidiaries in the last two
more than 7.500,000 cubic feet, together with comprehensive distribution years have acquired a total of 45 properties In the Kentucky-Tennessee
systems in Richmond, Terre Haute, West Terre Haute and Brazil including zone, including these two which have just been taken over. This total
approximately 223 miles of mains. Company purchases all of the gas now Includes 19 municipal electric properties, 8 municipal water 'properties,
distributed in Terre Haute and West Terre Haute from a local by-product 13 privately sovrned electric properties, 2 privately owned water plants
coke plant under a long-term contract and its own manufacturing facilities and 3 privately owned ice plants. The combination of these properties
In that city are therefore reserved for standby service.
under unified control has resulted
substantial increase in the proA high pressure gas line from Terre Haute to Brazil will be completed this ductivity of so-called key properties in a
through tying in of the properties and
stunmer and the company is planning the construction at an early date of elimination of unprofitable plants.
another from Terre Haute north to Clinton. These new mains will tie the
In 1924 the Kentucky-Tennessee Light & Power Co. acquired 13 municiwestern group of cities served into a single interconnected system to be pal electric plants located in Obion, Trimble, Rutherford, Dyer, Kenton,
supplied with gas directly from Terre Haute and will enable the company to Martin, Greenfield. Bradford, Dresden, Gleason, Sharon, Mason Hall and
reach a substantial population not now receiving gas service from any Newburn, all in Tennessee. In June 1925 the company acquired by pursource.
chase utilities at Mayfield, Hardinsburg, Hawesville Lewisport and
Franchises.
-The properties other than in Brazil are operated under Cloverport, all in Kentucky, including an ice plant at Cloverport and a
indeterminate permits granted under the Indiana P. S. Commission law. water plant at Hawesville. These, with other subsequent acquisitions,
The Brazil franchise extends 5 years beyond maturity of the bonds.
comprise the total of 45 mentioned. H. D. Fitch is President of the
-V. 122, p. 2948.
Capitalization (After Financing)
Authorized. Outstanding. Kentucky-Tennessee Light & Power Co.
Common stock (no par value)
40.000 shs. 40,000 slis.
Lexington Utilities Co. & Controlled Cos.-Consol.
7% cumul. pref. stock
$500.000
800,000
$
.
1st mtge. g. bds., 5% ser., due 1946 (this issue)
50,000 Earnings.x To be limited by the conservative restrictions of the mortgage.
(Excluding inter-company Items.)
Security.
-Bonds will be secured by a direct first mortgage on the entire
-Month of May-- -12Mos. May31Periodfixed property being acquired by the company.
1926
1925.
1926.
1925.
Sinking and Improvement Fund.
-The mortgage will provide for sinking Oper. rev. & other Inc_ _
$161,159 $2,061,708 $1,919,194
5179,584
fund payments sufficient to retire each year from 1929 to 1933 incl., 1%
of all bonds previously issued of the 5% series due 1946 and each year Oper. exp., incl. taxes,
rentals, &c
107,189
95,114
1,238,681
1,129,463
thereafter 1%% of all bonds of that series previously issued. In lieu of
33,599
29,131
402,465
368,130
payment of cash the company may surrender bonds for cancellation or Int.& exp.on fund debt_
may certify expenditures for not exceeding 75% of the cost or fair value of
x Net income
$38,795
$36.914
$420,561
$421,601
property additions for which no bonds have been or may be issued.
x Available for Federal taxes, depreciation reserves and dividends.
Earnings for 12 Months Ended June 30 1926.
V. 122, p. 1310.
$923,617
Gross earnings
Operating expenses, maintenance and taxes
674,448
Middle West Utilities Co.-Pref. Stock Sold.
-Utility
Net earnings
$249,169 Securities Co.; Hill, Joiner & Co., Inc.; Central States
Annual interest charge on gold bonds (this issue)
112,500 Securities Corp.; Tucker, Anthony & Co.; Paine, Webber
•&
Co. and Emery, Peek & Rockwood, have sold at 107
Balance
$136.669
Control.
-The entire common stock will be owned br and operations of and divs., to yield about 6%%, $7,000,000 additional 7%
tlu
iliprogerties will be under the supervision of, Gas Ut lities, Inc., a public cumul. pref. (a,.
& d.) stock.
ty olding comany specializinE in the develo?ment of Fas properties.
The pref. stock is entitled to an additional 1% dividend in any calendar
The properties now"controlled by as Utilities, nc., supp y gas to more
than 60,000 customers in 17 communities in Pennsylvania, Ohio, Indiana, year in which the total cash dividends paid on the common stock exceed
Illinois and South Dakota with an aggregate population estimated to exceed *6 per share. Dividends exempt from present normal Federal income tax.
Transfer offices: Middle West Stock Transfer Co., 72 W. Adams St.,
300,000.
Chicago, Ill., and Bankers
ConNew
Preferred Stock Offered.
-Bond & Goodwin, Inc., and tinental & Commercial TrustTrust Co., Bank, York. Registrars: Chase
& Savings
Chicago, Ill., and
Eastman, Dillon & Co. are offering at 99 and div., to yield National Bank, New York. Dividends payable Q.
-J.
The pref. stock is subject to
time at $120
7.07%, $500,000 7% cumulative preferred (a. & d.) stock per share and all unpaid accruedcall for redemption at anynotice, and at
dividends, upon 30 days'
all elections of directors shall have the right of cumulative voting.
($100 par value).
Data from Letter of Martin J. Insull, President of Company.
-J. Callable all or part after Jan. 1 1927 on any
Dividends payable Q.
Company.
-Organized in May 1912 in Delaware. Owns or controls
div. date on 30 days' notice at 105 and divs. Ohio National Bank of
Columbus, Columbus, 0., registrar; Hazard °hey, 44 East Broad St., public utility operating companies serving 1,683 communities in 19 States.
These communities have an estimated population of over 3,875000.
Columbus, 0., transfer agent.
In addition to the direct service of the subsidiaries, 371 other communities.
Issuance.
-Authorized by the P. S. Commission of Indiana.
JULY 171926.]
THE CHRONICLE
325
with a total estimated population of 590,000, are served under wholesale
contract. The principal business of the operating companies is the generation and distribution of gas and electricity for light, heat and power, about
79% of the combined net earnings for the year ended Dec. 31 1925 having
its source in these departments of the business.
The subsidiary companies have in operation 179 steam electric generating
stations, Ill hydro-electric stations, 65 gas generating plants, 143 ice
making plants, 10 heating plants, steam turbines of 552.000 h.p. capacity,
water turbines of 247,000 h.p. capacity, 101 gas holders of 11.465.000
cu. ft. capacity, and gas mains totaling 2.378 miles. Electric transmission
lines total 12,071 miles. The list of subsidiaries includes the following
public utility operating companies: Central Illinois Public Service Co.,
Illinois Northern Utilities Co., Interstate Public Service Co., Kentucky
Utilities Co., Southwestern Gas & Electric Co., Wisconsin Power & Light
Co., Central Maine Power Co., Manchester Traction, Light & Power
Co., and the Twin States Gas & Electric Co.
Capitalization (After Financing)Authorized.
Outstanding.
Prior lien stock, par $100
$50,000,000
$30.000,000
Preferred stock, par $100
50,000.000
37,200,000
Common stock, without par value
750,000 shs.
462,079 shs.
The company has no funded debt.
Purpose.
-Proceeds are to be used in the acquisition of new properties,
and for other general corporate purposes.
-V. 122, p. 3083.
-Each $1,000 note will carry a detachable
Stock Purchase Warrants.
warrant, extending to the maturity of the note, entitling the warrant holder
to purchase 10 shares of class A common stock at $25 per share. All cash
received by the corporation through the exercise of stock purchase warrants
will be applied to the retirement of these notes.
Class A common stock shares equally with all common stock in the assets
and earnings of the corporation. The directors have placed the class A
common stock on a $2 annual dividend basis.
-These notes will be convertible up to the maturity date.
Conversion.
unless sooner called for redemption, and, if so called, then up to redemption
date, into 7% cumul. pref. stock at the rate of 10 pref. for each $1,000 note
so converted; accrued interest and dividends on such conversions to be
adjusted in cash. This 7% cumul. pref. stock is preferred both as to
dividends and to assets.
Consolidated Earnings Statement of Corporation and Its Subsidiaries.
Dec. 31 '24. Dec. 31 '25. Mar.31 '26'
Twelre Months Ended$1,029,456 $1,052,317 $1,084,874
Gross earnings
Oper. exp., incl. maint, and taxes,
611.986
594,369
584,949
Federal income tax_ __ _
other than
$472,888
$457,948
$444,507
earnings
Net
283,250
283.250
283,250
Amt.required for int. on senior secure.
49,000
49,000
49,000
Required for preferred dividends__ _
Montreal Light, Heat & Power Consolidated.
-To
Change Capitalization.
-
Balance available for reserves, re140,638
125,698
112,257
tirements and common dividends
Requirements for annual divs. on 16,000 shares class A stock
$32,000
at $2 per share annually
electricity, gas
86% of the total gross earnings is derived from the sale of
and water.
-(1) Peoples West Coast Hydro-Electric
Properties Owned and Operated.
Corp. (successor to West Coast Power Co.); (2) Peoples Wisconsin Hydro122. 1)•
Electric Corp. (successor to Wisconsin Hydro-LlectrM Co. -see V. Corp.);
2801-Hurley Municipal Water Supply Co., and Municipal Power Water
S3_) Peoples Iowa City Water-Works Corp. (successor to Iowa City Globe
Works Co.;) (4) Peoples Arizona Gas & Electric Corp. (successor to
Co.);(5) Peoples Minnesota Gas & Electric Corp,. (successor
Light & Power
to Bemidji Gas Co., Crookston Gas Co.,and Henderson Light & Power Co.);
Electric
Vermont Corp.
(6) Peoples Hydro-ElectricTraction Co. (successor to Vergennes
Co.), and (7) Burlington
The shareholders will vote July 26 on changing the present common
stock (par $100) into 6% cumul. pref. stock (par $50) and common stock
of no par value. It is proposed to issue for each share of capital stock
now outstanding one 9% cumul. red. pref. share, par $50, and three
common shares without par value.
-V. 122, p. 2652.
MOntreal Water &
-Power Co.
-Larger Common Div.
-
The directors have decalred a quarterly dividend of 6234 cents on the
outstanding common stock, par $25, payable Aug. 14 Lb holders of record
July 31. This is at the rate of10% per annum,an increase over the previous
rate of 2%-V. 120, p. 3315.
Morris County Traction Co.
-Fare Increase.
-
The New Jersey P. U. Comm. on June 30 granted the application of
Joseph P. Tumulty and Joseph K. Choate, receivers for the company, for
an increase in fares. The now rates became effective July 1 and increased
the zone fare from 7 to 10 cents and the charge for school children from
3 to 5 cents.
-V. 121. p. 2403.
National Power & Light Co.
-Dividend Increased.
-
The directors have declared a quarterly dividend of 20c. per share on
tile common stock, payable Sept. 1 to holders of record Aug. 14. On
March 1 last an initial div. of 10c. per share was paid and the same amount
was also paid June 1.-V. 122, p. 2800.
New Orleans Public Service, Inc.
-Tenders.
-
The Fidelity & Columbia Trust Co. trustee, Louisville. Ky.. will until
July 31, receive bids for the sale to it of New Orleans City & Lake RR.
'
Co. consol. 1st mtge. 50-yr. 5% gold bonds, due Jan. 11943, at a price not
exceeding 110 and int.-V. 122, p. 2949.
-
New York Central Electric Corporation.
-Earnings.
-
The consolidated statement of New York Central Electric Corp. and
Empire Gas & Electric Co. for the 12 months ended April 30 19211. shows
gross income of $3,790,070, compared with $3,410.957 during the Preceding
12 months, an increase of 11%. Operating expenses, maintenance and
taxes amounted to $2,277.103, against $2,174,648 during the preceding
year, while not income after these deductions amounted to $1,512,967,
compared with $1,236,309 a year ago, or an increase of 22%.-V. 122, P.
2496.
North Attleborough Gas Light Co.
-Control.
-.-
A despatch from Attleboro,. Maas., states that the entire capital stock of
the company has been purcha.sed by E. Howard Gay and 1)r. Roy J.
Boynton, both of Boston. The company furnishes gas to North Attieborough, Attleboro Falls and Plainville. Mass.
-V. 117. p. 1785.
North Carolina Public Service Co.
-Financing.
-
The company is negotiating with bankers for the sale of a new issue
of its 1st & refunding mtge. bonds, present plans indicating that a public
offering will be made early next week. This company, which is controlled
by the General Gas & Electric Co. and is managed by the W. S. Barstow
Management Association, Inc., supplies electric light and power service
in Greensboro. High Point. Burlington and other communities in the
central part of North Carolina: it also manufactures and distributes gas
in Greensboro, High Point, Winston-Salem and suburban territory. A. C.
Allyn & Co. and Pynchon & Co. are mentioned as the bankers interested
-V. 122, p. 2330.
in the transaction.
For description of properties, capitalization, &c., see
V. 123, p. 84, 207.
-New President.
Philadelphia Co.
A. W. Robertson has been elected President, succeeding Arthur W.
-V. 122, p. 3211, 3084.
Thompson.
-Budget for 1926.
Public Service Electric & Gas Co.
will be expended
An announcement states: Approximately $9,500,000
Corp. of
by this company, the chief operating subsidiary of Public Service
Jersey, in carrying out its extensive substation and transmission proNew
1926. This distribution department portion
gram included in the budget ofwhich involves something like $13,000,000.
of the total electric budget,
provides $6.500.000 for substations alone. Five new ones will be built.
7 others will be reconstructed,one will be enlarged and transformer and other
equipment will be increased in 26 others. While this entire work is provided
for in the 1926 budget, it will be well along into 1927 before considerable
sap--w
av1dha
be completed.
ofI he
the
changes are being provided to afford additional
nges
substations
wneowrkili
*
capacity in sections where present facilities are inadequate and the rebuilding
where the demand has
of existing substations will correct conditions were criginaly designed.
stations
approached the capacity for which theas follows: Jersey City, Bayonne,
will be
The 5 new substationsJunctionlocated
and Carteret. The station at Carteret
Paterson, Monmouth
replaces the present one on Houston St. Chrome. Substations to be
Central Ave.
rebuilt are located at Fort Lee, Cranford, Elizabeth,substation in in NewNewark
ark, Passaic, Harrison and Trenton. The Norfolk
wona
will be enlarged.
transmission program, involving about $3,000,000. will provide for
The
additional circuits in practically every division and will involve the installaswitching
tion of approximately 500,000 feet of transmission cable and
equipment as needed. distribution program is an approjriation for 102
Included also in the
automobiles, of which 71 are replacements. Eighteen of these now vehicles
are electric, necessitating the establishment of an electric garage in Camden.
Additions to existing electric fleets in Jersey City, Elizabeth, Paterson and
_
-V. 123, p. 85.
Trenton will be made.
-Preferred ,Stock Offered.
Rockland Light & Power Co.
H. C. Warren & Co., Inc., New Haven, Conn., are offering
at $55 per share a block of 6% convertible cumulative
preferred stock (carrying the Aug. 1 dividend).
-F. (Exempt from normal Federal income
Northern Ohio Power Co.
-Warrants Expire Aug. 1.
Dividends payable Q.
The company is mailing final notice to holders of option warrants expiring Callable in whole or in part at $55 and diva. on any div. date.
Aug. 1 1926 for purchase of bonds and stock. Each 10 of these options
-year 7% secured gold bonds, due
entitle the holder to receive $100 of 10
Feb. 1 1935 and 10 shares of common stock upon the payment of $100 plus
accrued interest on the bonds. The warrants should be presented at the
office of the company, 14 Wall St., N. Y., accompanied by New York
funds to the order of the company, which remittance should include accrued
interest from Feb. 1 1926 to the date presented. Options to the number
-r. 122. p. 2330.
of ten or multiples thereof can only be exercised.
-Offering of Bonds.
Northern Pennsylvania Power Co.
Owing to a typographical error, the names of the bankers offering the
$1,950.000 1st & ref. mtge. gold bonds, series A 5%, and appearing in our
Issue of July 10 (advertising section, page XXXXI), were given as Parsly
Bros. & Co., Lewis co. and R. M. Snyder & Co. (all of Philadelphia).
The correct name of the second banking house should have read Lewis
& Co. See also V. 123,p. 207. .
•
-To Merge With Columbia Gas & ElecOhio Fuel Corp.
tric Co.
-V. 122, p. 3341.
See that eimpany above.
Pacific Gas & Electric Co.
-To Change Par.
-
The stockholders will vote Oct. 11 on changing the par value of the
common and pref. stocks from $100 to $25, and on approving the issue
of four new shares for each share held. -V.122, p. 2949.
Peoples Light & Power Corp.
-Notes Sold.
-.-G. L.
Ohrstrom & Co., Inc., have sold at prices ranging from 99.11
to 100, to yield from 532% to 6%, according to maturity,
$1,650,000 convertible 53270 serial gold notes (with stock
purchase warrants).
Issuance.-APProved by the New York P. S. Commission.
The bankers, in a circular, state:
-With its subsidiary the Rockland Electric Co. (of N. J.)
Company.
serves 59 communities, including Upper Nyack. Nyack, South Nyack,
Middletown, N. Y., with gas and
Grand View, Piermont, Port Jervis and M
electricity, and practically all of the communities in Rockland County, in
Parts of Sullivan and Orange counties, N. Y., as well as la the northeastern
part of New Jersey (Bergen County) with electricity for light and power.
The territory served comprises an area of more than 600 square miles.
containing a population of over 102,000.
Company owns modern steam generating plants at Hillburn, Port Jervis,
-electric plants at Mongaup
Middletown and Orangeburg, N. Y., and hydro
Falls and Cuddebackville, N. Y. These stations have a total capacity of
18.000 h.p. High tension transmission lines interconnect
approximately
stations and tie in with adjoining power companies for the exchange of power.
Company is proceeding with the development of water power sites on
the Niongaup River having a potential hydro-electric generating capacity
in excess of 20,000 h.p. with an estimated output of approximately 80,000,000 kw.h., and will own or control storage reservoir sites, having a potential
capacity of 3,000,000,000 Cu. ft.
On April 30 1926 the Rockland Light & Power Co. and the Rockland
Electric Co. had 27,642 electric meters and 7,522 gas meters in service.
a total of 35,164.
Capitalization May 31 1926 (After Giving Effect to Recent Financing).
$4,953,100
Mortgage bonds
3,000,000
Cony. 6% debentures (cony. on and after Sept. 1 1927)
2.600,000
6% cony. cum. preferred stock, par $50 (this issue)
2,146.000
Common stock, par 150
Earnings of Company and Rockland Electric Company.
1925.
1924.
1921.
1922.
1923.
Cal. YearsGross earnings_ 32,180,658 $1,884.586 $1,733.223 $1,479,126 $1,350,138
810,207
Oper.exp.& taxes 1,235,257 1,134,260 1.075.371 - 904.625
435,061
356.691
205,270
228,099
300,158
Interest, &c
Dated June 15 1926: due serially from Dec. 15 1926 to and including
June 15 1928. Denom.$1,000 C. Principal and interest (J. & D.) payable
in New York City without deduction of any Federal income tax not in Bator divs.& res. $510,340 $393,634 $357,694 $346,402 $334,661
%. Minn. tax not to exceed 3 mills, Penna., Conn., Kan. and
excess of
The estimated earnings for the 12 months ending Dec. 31 1926 are
Calif. taxes not to exceed 4 mills, Md.434 mills tax, Ky .and Dist.of Col. as follows:
$2,397,212
5 mills taxes, Mich. 5 mills exemption tax. Va. 534 mills tax, and Mass. Gross earnings
1.780,529
income tax not to exceed 6% refunded. Red. all or part on 60 days notice Operating expenses, taxes and interest
616,683
and bit. plus a premium of 34 of 1% for each 6 months or fraction Net for dividends and reserves
at par
156,000
thereof of the unexpired life of the notes so redeemed. Lawyers Trust Co., Div. requirement on $2,600,000 pref. stock 0 6%
New York, trustee.
$460.683
-These notes will be direct obligations of the corporation whose
Security.
Balance
constituent properties have been appraised as of March 31 1926 by inde-Company has been under the management of Charles H
Management.
pendent engineers as having a valuation, less depreciation and excluding Tenney & Co. since May 1912.
going concern value, largely in excess of the total funded debt of the cor-To provide funds to pay for the building of a reservoir and
Purpose.
poration. including these notes. Upon completion of this financing, the generating station at Rio on the Mongaup River, transmission lines, and
constituent companies will have no funded debt outstanding in the hands other plant extension purposes.
of the public. No additional secured or unsecured funded indebtedness,
-Convertible on and after Jan. 1 1931 into common
Conversion Privilege.
other than first lien bonds, may be created unless the combined net earnings stock on the basis of $65 of preferred stock for each $50 of common stock.
of the corporation for 12 consecutive calendar months out of the preceding If called before Jan. 1 1931 stockholders may at any time within a period
15 calendar months,shall equal at least 134 times the annual interest charges of30 days prior to the redemption date convert their stock on the same basis.
-Holders of preferred stock will have the right to subscribe upon
on all the funded debt outstanding and then to be issued.
Rights.
W.B. Foshay Co. has underwritten sufficient shares of the corporations, equal terms with the common stockholders to .any future preferred or
pref. stock, to be taken up and paid for as these notes mature, common stock issued by the company for cash, or of any other securities
7% cumul.
-V. 122, p. 2652.
to provide for the retirement of these notes at maturity.
issued for cash and convertible into common stock.
326
THE CHRONICLE
[VoL. 123.
San Angelo Water, Light & Power Co.
-Notes Called.
by 40.000 kw. principally through the installation of a second 35,000 k.vr.
unit (largest in Japan) in its new Nagoya steam station. Other property
now under construction includes sub-stations with an aggregate transformer
capacity of 51,000 k.v.a. and approximately 95 route miles of transmission
Southeastern Power & Light Co.(Me.).
- and distribution lines.
-Stocks, Inc.
Valuation.
-The depreciated value of the company's physical properties,
The stockholders on July 14 increased the authorized capital stock from
4,850.000 shares, no par value (consisting of 100,000 shares of $7 cum. pref. on the basis of 1924 estimates by independent engineers, plus subsequent
100,000 shares of $6 cum. pref., 650,000 shares of partic. pref. and 4,000,000 net capital expenditures, is in excess of $56,000,000. The entire Kyushu
shares of common)to 7,000,000 shares of no par value, to consist of 750.000 Division, constituting approximately $20,000,000 of this physical property
shares of $7 cum. pref., 250,000 shares of $6 cum. pref., 1,000,000 shares of valuation, is free from lien of any kind.
In addition, the company owns directly or indirectly, as through the
partic. pref. and 5,000.000 shares of common stock.
Toho Securities Co., Ltd. (of which it owns, free from lien, practically
all the capital stock and all except approximately $8,280,000 of the outBalance Sheet December 31
standing indebtedness) investments in public utility and other companies
1925.
1924.
1924.
1925.
having an indicated market value of more than $25,000,000.
Assets$
$
Liabilities$
$
Purpose.
-Unpaid installments of $9,404,244 on the company's subInvest.In securs. of
27 per sh.cum.pref.
Subsidiary
stockJ 1,437.500 scribed capital stock are to be called for payment to be made on or before
89.340,230 46,406,380
1
Dec.
Cash
534,471 1,679,360 Common stock. _ )362 500 000117,000.000 are 31 1926. The proceeds of this payment on stock and of these notes
to be used to pay the entire existing bank indebtedness of the company
Cash on dep. with
Op,ion Warrants_ f
I
and approximately $9.887.500 of its funded debt (maturing or to be retired
fiscal agents
83,157
13,559 1st mtge.5s of Ala.
by
Accts. & int. rec
13,668,900 of sinking funds during 1926 and 1927),for the construction and acquisition
31,280
425,950
Tr.Lt.& Pow.Co.
additional property and for other corporate purposes.
Note int., dirs. &
6% deb, ger. "A"_23,668,900
Accts. rec. from
7,500,000 Capitalization (Giving Effect to this Issue and the 19,404,244 Call on Capital).
5-yr.sec. gold notes
Paid-up capital stock x
subsidiary
3,234,917
$60,506,356
640,362 Div. warrants due
Notes of other co..
42,500 Debentures issued in Japan
Dec. 31 1926...
-8% debentures due 1929
2.750,001
.
due 1928 to 1932 262.500
7% debentures due 1932
Notes payable... _ 1,600.000
5,000,009
Adv.pay.on props. 30.792
7% customer ownership debentures due 1936
105,539
59,003 MOO Payable.. ___ 119.728
1,487,500
Furnit. & Fixtures
6.2% customer ownership debentures due 1935
12,920
12,098
5,454 Int.coupons unpaid 30.937
1,700,001
3
Ihnunort. bd. disc.
-year 6% gold note.s due 1929 (this issue)
Accr. Int. & divs__ 207.284
10,000,009
& expense
849,325 1,425.15
1.347,300
% Sterling debentures due 1945, guaranteed by British
79.22
6
0
839.321 Due to sub,
Organisation exp_ 452,402
Treasury under Trade Facilities Act
356,378 Pref. stk.dirs. nay.
1.459,959
Prepaid taxes, int..
246 First mortgage (Kansal Division) 7% bonds due 1955
14,375,990
Unclaimed diva_
&c
23,217
Accr. Int, pay. te
..
Total capitalization
12.072
subs
$97,278.106
x An additional $9,404,244 authorized capital stock has been subBond & note lat.
302,815 scribed for and is subject to the company s call.
Accrued
Note.
-The company also has outstanding endorsements en behalf of
5,949,175
Capital surplus .
allied companies amounting to $2.420,000.
Surplus: SouthOf the foregoing capitalization, paid-up capital stock will comprise
eastern Pow. de
2.35445i.338403 more than 60% and funded debt less than 40%. Of the latter considerably
Light Co
Total (ea. side)_95.352.364 50.425,766 Subsidiary cos_ __ t3,932541:s267&
loss than half is secured. The secured issues are the 5% Sterling debeny Represented by $7 cumulative preferred stock, no par value (preferred tures (under which are pledged certain stock investments) and the 1st
on dissolution at $100 per share), authorized 100.000 shares. outstanding mtge. (Kansa! Division) 7% bonds, which have a lien on the company's
19,375 shares; common stock, no par value, authorized 3.500.000 shares. fixed property In the Kansa' Division. Additional amounts of bonds
outstanding, 1,700.000 shares: option warrants to purchase common stock may be issued under this mortgage for not more than 50% of permanent
improvements or additions to the mortgaged Property.
at $50 per share, authorized and issued, 473,378.
Conversions from Japanese to U. S. currency have been made in the
For latest earnings statement see V. 123. p. 207.
case of earnings, Interest charges and market quotations at 45c. per yea,
approximately the present rate of exchange, and in all other cases at 50c.
Southern California Edison Co.
-Listing.
The New York Stock Exchange has authorized the listing of $145.300 per yen, parity being 49.85c. per yen. Conversions from English to U. 5.
additional common stock. par $25, which are issued and outstanding (of a currency have been made at parity, $4.8665 per pound sterling.
Annual interest requirements on total funded debt to be outstanding
total authorized issue of $125,000,000) with authority to add $4,014,000
upon official notice of issuance to employees, and payment in full, and after giving effect to this issue and the $9,404,244 call on capital amount
an additional $1,000 upon official notice of issuance to other than em- to 12.380,820. For the 12 months ended April 30 1926 gross income availployees and payment in full, making the total amount applied for $47.- able for interest amounted to more than 3% times such charges.
Dividends.
-Dividends are now being paid at the rate of 12% per annum.
955.900.-V. 122, p. 3342.
and have been paid at the rate of not less than 8% per annum on stock of
the
Southwestern Light & Power Co.
Power System. the company and all important predecessor companies outstanding during
-New
past 11 years. The stock now outstanding is owned by more than
A new power distributing system has been completed at Gould. Okla.,
by the company. supplying Gould with electric light and power service for 21,000 stockholders and at present quotations has an indicated aggregate
market value in excess of $63,000,000. (See also V. 120, p. 1329.)
its first time.
-V 122. p. 3456.
12 Months EndedOct. 31 '25. Apr.'30 26.
Standard Gas & Electric Co.
117.910.608 $18,489,442
- Gross operating earnings
-Customer Ownership.
Operating expenses ,maint. taxes & deprec
11,963,389 12,306,829
Customer ownership sales of preferred shares of the operated utility
properties of the company for the first six months of 1926 totaled $12.038,100
Net operating earnings
$5,947,219 $6.182,613
par value, there having been 19,113 separate transactions. This repre2.628,159
2,554.474
sents an average of approximately $630 par value per sale. The total of Other income
$12,038,100 was slightly less than the total sales for the first 6 months of
Gross income available for interest
$8,501.693 $8.810,772
last year, the figure for that period being $12,190,000.
averHowever the
'
Interest
2.918,287
loo per sa e
age par val-e
during the R2f period wal $ ica, and wt average
6mant 0
a the
5
y r ad l0
8
li gibuf
s
V Por the
v ra e oer saleefirst
Balance for dividends, reserves, &c
$5.592,485
of the shares sold.
For the 12 months ended April 30 1926 gross income available for interest,
Companies selling shares on the customer ownership plan were Southern
Colorado Power Co., Louisville Gas & Electric Co.. Northern States Power after deduction of 12,951,427 fer maintenance and depreciation, amounted
Co. Oklahoma Gas & Electric Co., Western States Gas & Electric Co., to more than 3 times the $2,918,287 interest charges for the period.
-V.
Mountain States Power Co. and Coast Valleys Gas & Electric Co. Louis- 122, p. 884.*
ville Gas & Electric Co resumed sales only during the last few days of June,
after a lapse of nearly a year.
Western Union Telegraph Co.-Earnings.Customer ownership sales during June 1926 totaled $1,319,400, there
Mos. end. June 30- x 1926.
1923.
1925.
1924.
having been 2,015 separate transactions.
Gross revenue, including
-V. 122, p. 3607.
dividends & interest_ _$66,492,828 $60.088,373 155,448.011 $56,135,450
Texas Traction Co.
-Tenders.
Maint., repairs & res.
The Old Colony Trust Co., trustee, 17 Court St., Boston, Mass., will
for depreciation
8,958,687
9,731,855
10,187.934
9,387,050
until July 19 receive bids for the sale to it of 1st mtge. 5% sinking fund Other oper. exp.. Incl.
gold bonds, due Jan. 1 1937, to an amount sufficient to exhaust $79,454.
rent of leased lines &
V. 121, p. MI.
taxes
48,006,671 42,104,018 38,861.677 39,093,304
Interest on bonded debt- 1.168.599
1.153,425
1.156,050
1.167.591
All the outstanding 10
-year 8% notes, due March 1 1931, have been
called for payment Sept. I at 105 and int.-V. 118,
P. 561.
Tide Water Power Co.
-Earnings.--
Years Ended May 31Gross earnings from operation and other income__ $21.992106:464 $21,191246:624
1,143,445
Operating expenses
1,458,118
Net earnings
-V. 122, p. 95.
$1,452,346
$971,179
Net income_ _ _ __
$7,129,624 17,084.910 16.043.234 16.930,034
x Month of June estimated.
-V. 122. p. 2194.
West Penn Power Co.-Calts Bonds.
The company has called for_payment on Aug. 1 1926 at 105 and int. its
lit mtge. gold bonds, series "D. 7% of 1946. The bonds will be paid at
the office of the Equitable Trust Co.. trustee.
-V. 122, P. 3343.
Toho Electric Power Co., Ltd. (Toho Denryoku
W'sconsin Hydro-Electric Co., Inc.
-Control.
-Guaranty Co.
Kabushiki Kaisha), Japan.
-Notes Sold.
See Peoples Light & Power Corp. above.
-V.122. p. 2801.
of New York; Lee, Higginson & Co., and Harris, Forbes &
Co. have sold at 98 and nt , to ield over 6.55%, $10,Wisconsin Valley Electric Co.
-Bonds Offered.-First
Wisconsin Co., Milwaukee, Wis., is offering at 100 and int.,
000,000 3
-year 6% gold notes.
i.
Dated July 15 1926: due July 15 1929. Denom. $1,000c. Principal $800,000 additional first mortgage 5% bonds.
and int. (J. & J.)
York,trustee,
payable at the Guaranty Trust CO. of New
at Its principal New York office in U. S. gold coin of the present standard
of weight and fineness, or, at the option of the holder, at its principal
London office in sterling at 114 8885 per pound sterling, in either case
without deduction for any Japanese taxes, present or future, when held
by other than residents a Japan.
on any int.date
on 45 days notice at par and hat. Callable. all or part,
Data from Letter of Y. Matsunaga, V.-Pres., Tokyo, Japan, July 13
Company.
-Represents a consolidation of numerous predecessor corn
panics which for many years had been primarily engaged in the distribution
of electric light and power. Operations of predecessor companies began
as early as 1889.
It is, next to the Tokyo Electric Light Co. Ltd., the largest retail Msteibutor of electric energy in Japan. Directly or indirectly, it supplies
practically without competition electric light and power to more than
5,500,000 people in a territory of approximately 4.000 square miles.
Company engages in coal gas manufacturing and electric railway business,
as well as in real estate and forestry undertakings, deriving about 6%
of its gross earnings from these and other miscellaneous operating activities.
•Operations are conducted principally in two distinct areas, the Kansai
manufacturing district in and around Nagoya, Gifu, Nara, Toyohashi
in central Japan and in the industrially important Kyushu district in
and around Shimonoseki, Fukuoka and Nagasaki in southern Japan. These
districts constitute two of the most important commercial and industrial
sections of Japan. In these densely populated areas the company serves
over 1,500 factories. More than 60 cities with a population in excess
of 10,000 each are supplied exclusively by the properties of the Toho
system.
The company owns electric generating stations having an aggregate
Installed capacity of 149.593 kw., sub-stations with an aggregate transformer capacity of 450,020 k.v.a. and more than 9,200 route miles of
transmission and distribution lines. In addition to its own generating
capacity, the company has contracts on favorable terms with nine neighboring hydro-electric companies and one farmers association for 108,500
k.w.additional output, of which 32,000 k.sv. is from the Great Consolidated
(Daido) Electric Power Co., Ltd. The contract with the latter company
provides that Toho Electric Power Co., Ltd., is entitled to receive power
In preference to all other companies operating in its territory until 1948
and is subject to renewal thereafter. The contracts for 104,500 k.w.
extend beyond the maturity of these notes.
In order to provide for the increasing demands for power within the
territory served, the company is now increasing its generating capacity
Dated May 11927; due May 1 1942. Denom.$1.000. $500 and $100 c*.
Principal and interest (M. & N.) payable at the Wisconsin Valley Trust
Co., trustee, Wausau, Wis. Redeemable, all or part, by lot on 30 days'
notice on any interest date at 102 and interest.
Data from Letter of Harold L. Geisse, Secretary of the Company.
Company.-Organized in Wisconsin. Owns and operates public utility
properties in the upper Wisconsin River valley district of Wisconsin.
Among the cities served are Wausau,Stevens Point, Merrill and Tomahawk.
Company also owns all of the outstanding common stock of the Wisconsin
Valley Power Co., serving Rhinelander and Antigo, and of the Waupaca
Electric Service.& Railway Co., serving Waupaca.
Electric light and power is furnished in all of these cities, street railway
service is furnished in Wausau, gas in Stevens Point. Company recently
sold the telephone property at Tomahawk and at present does no telephone
business. The total population served by the company and its subsidiaries
lain excess of80,000. Company has 14.656 electric customers and 1,232 gas
customers.
Company has a total installed generating capacity of 19,678 k.v.a., of
which 16,865 k.v.a. Is hydro-electric. It also owns three well located water
power sites on the Wisconsin River which can be developed at a reasonable
cost to produce a combined capacity of about 50,000 k.v.a. All of the
communities served are Inter-connected with transmission lines and connections are made with the Wisconsin Valley Power Co., the Consolidated
Water Power Co., and with paper mills operating their own hydro-electric
powers.
The physical plant and property was carried on the balance sheet April 30
1926 at $5,904,609. and,it is estimated, has an actual value largely In excess
of this amount. The total amount of bonds outstanding. Including this
Issue, will be 12.952,000, or 50% of the book value of the physical property.
Capitalization.
First mortgage 5 % bonds
$1,000,000
First mortgage 5% bonds (including this issue)
' 1,952,00J
7% cumulative preferred stock
1,200,00)
Common stock
Sinking Fund.
-The company shall deposit annually with the trustee an
amount equal to 1% of all the bonds outstanding. The funds so deposit A
shall be used for permanent extensions, betterments or Improvements It
and to the company's properties or for new properties acquired by the company that shall not be made a basis for the issuance of additional bonds, or.
together with any part of the maintenance fund not expended in accordance
with the terms of the deed of trust, shall be used for the retirement of bonds
JULY 17 1926.]
THE CHRONICLE
Purpose.
-To reimburse the treasury of the company for expenditures
made on account of additions, extensions and improvements which have
been made to its properties.
Earns. 12 Mos.End. Apr.30'26. Dec. 31 '25. Dec. 31 '24. Dec. 31 '23.
Revenues
Power and light
$904,173
$859,608
$759.862
$720,218
Railway
142,455
131.108
129.230
130.248
Gas
80,128
78.069
78.440
73.871
Telephone
12,815
12,750
12.638
11,804
Total
Oper. exp., incl. taxes
Net operating income_
Other Income
$1,139,571 $1,081,535
560,814
564,066
$578,757
19,802
$517,469
37,126
$980,170
523.936
$936,141
540.388
$456,234
22,020
$395,753
29,483
Net income before depreciation and available for interest_ ___
$598,559
$554.595
$425,236
The earnings shown above do not include income $478,254 have
that may
been
received from subsidiary companies. Annual interest charges on
all mortgage bonds to be outstanding are $152,600. Net earnings for
the
ended April 30 1926 were 3.92 times interest charges on mortgage 12 months
bonds outstanding and those now being issued. In 1925. 80% of the gross
revenues and 90% of the net operating income was derived from operating
the electric
power and light business.
Security.
-Secured by a first mortgage lien upon all of the property,
rights
and franchises now owned or which may hereafter be acquired by
the
pany and are a part of an authorized issue aggregating $15,000,000 comand
secured Pro rata, without preference one over another, by a certain all
deed
of trust dated May 11917. executed by the Wisconsin Valley
Electric Co.
to the Wisconsin Valley Trust Co.. trustee.
-V. 122. p. 2194.
Worcester (Mass.) Electric Light Co.
-Merger.
The merger of this company and the Worcester Gas Light Co.,by the Massachusetts State Legislature, will be carried through authorized
on the basis
of an exchange of stock if the stockholders follow the
recommendations of
the two boards of directors and if the terms are approved by
the Massachusetts Department of Public Utilities.
The Worcester Electric Light Co. will issue one share of its
stock for each
234 shares of common stock of the gas company.
The Worcester Gas Light Co. has outstanding 82,000
stock, par $25. The Worcester Electric Light Co. has shares of common
outstanding 96,000
shares of capital stock also of $25 par value.
-V. 123, p. 86.
Worcester (Mass.) Gas Light Co.
-Proposed Merger.
-
See Worcester Electric Light Co. above.
-V. 122, p. 2045.
INDUSTRIAL AND MISCELLANEOUS
Lead Price Advanced.
-American Smelting & Refining
price of lead 15 pts. to 8.40c. per pound on July 13 and 10Co. advanced
pts. to 8.50c,
per pound on July 14.
Brass Prices Advanced.
-American Brass Co. advanced brass
Mc., seamless tubes Mc. and scrap M to Mc. per lb.
Matters Covered in "Chronicle" July 10: (a) American
men's goods for Spring 1927. Prices on some staple lines•Woolen Co. cuts
on down trend.
-p. 142. (b) Reports to N. Y. Stocklowest In 5 years
Exchange show
Increase of$158.897.831 in brokers loans outstanding on June
30 as compared
with May 28 figures.
-p. 154.
Alaska Juneau Gold Mining Co.
-Earnings.-
Month of JuneGross earnings
Expenses, int., &c
Deficit
--Nr. 122, p. 3086.
1926.
$137.500
165,800
1925.
$165,600
145,500
$28,300 prof.$20.100
Allis-Chalmers Mfg. Co.
-Unfilled Orders.
A recent despatch from
327
-Company is now paying dividends on its preferential stock
Dividends.
at the rate of $2 40 per share per annum, payable Q-M. 1 to holders of
record the 10th of the preceding month.
-E. A. Oliver, Pres.; Paul E. Moses, V. Pres.: Benjamin
Directors.
Gordon. Treas.: George C. Green. Sec.: Lewis Dresdner; P. P. Loth
M. Gordon; Charles K. Yancey, and Hugh J. Devlin.
The issue of 25,000 shares of class A stock, no par value,
offered in July 1925 by Allen, Craven & Co., New York,and
Alexander Brown Co. Roanoke, Va., was later withdrawn
(see V. 121, p. 462).-V. 122, p. 2655.
-Earnings, &c.
American Fruit Growers, Inc.
At the annual meeting Pres. J. S. Crutchfield stated that net earnings
In the first 4 months of 1926 were in excess of those for the corresponding
period last year. First 4 months, business totaled 12,000 cars against
10,500 a year ago.
-V. 122,
II. S. Hazeltine, of Los Angeles, has been elected a director.
P. 2332.
American Ice Co.
-Bonds Called.
One hundred and two ($102,000) real estate 1st & gen. mtge. bonds, dated
1912, have been called for payment Aug. 1 at 102) and int. at the Penn-V. 122.
sylvania Co. for Insurance on Lives, &c., trustee, Phila.. Pa.
IL 2195.
-Changes in Personnel.
American Linseed Co.
President Robert H. Adams authorizes the following:
At a special meeting of the directors on July 2. it was decided to consolidate the duties of certain of the executives of the company and to create
the new office of Executive Vice-President. Progress in the development of
new markets and in merchandising the products of the company, as well as
the increasing number of activities in which the company is engaged,
necessitated these changes, it is announced.
Arthur Roeder was elected Executive Vice-President. He was formerly
President of the United States Radium Co., N. Y. City. B. H. Thurman,
formerly general manufacturing manager, was elected vice-president in
charge of manufacturing and research. Jay Gould. formerly sales manager,
was elected Vice-President in charge of sales and advertising of the company
and its subsidiaries. H. U. Brandreth, formerly Pacific Coast manager.
was elected yice-Presid nt in charge of Pacific Coast activities.
The purchasing activities of the company, formerly handled by two
departments, were consolidated Into one department, in charge of Albert
Weischedel.-V. 122. P. 2333.
-Listing.
American Machine & Foundry Co.
The New York Stock Exchange has authorized the listing of $2.000.000
(of an authorized issue of $3,1)00,000) of 7% Cumul. pref. stock, par $100,
and 180,000 shares (of an authorized issue of 300.000 shares) of common
stock, no par value.issued and outstanding, with authority to add 20,000
shares of common stock, on official notice of issuance upon the exercise
of stock purchase warrants attached to the preferred stock, making the
total amount applied for 200,000 shares Common stock no par value.
V. 122, p. 2501.
-To Sell Three
American Ship & Commerce Corp.
Steamers to the Hamburg-American Line.
The stockholders will vote July 23 (1) on approviag a proposal, to be
submitted in detail at the meeting, for the sale to the Hamburg-American
Line of the three steamers, Resolute. Reliance, and Cleveland, and of
shares of the capital stock of certain subsidiary and affiliated shipping
corporations,for the following_considerations:$1.582,500 in cash:11,000,000
of a new issue of notes of the Hamburg-American Line,secured by mortgage
1924.
$107,600 upon the three steamers, and maturing serially in installments from 1927
116,100' to 1937: and shares of the common capital stock of the Hamburg-American
Line to the aggregate par value of 10.000.000 reichsmarks, and (2) on
$8.500 authorizing the directors at any time or times in their discretion, upon
such terms as they may deem advisable, to sell all or any other ships
-V. 122, p. 3086.
and (or) shares of stock in shipping corporations.
Milwaukee states that
totaled $11,916.000, an increase of over $500.000unfilled orders as of June 1.
as compared with the May
-V. 122. p. 2802.
I total.
American Druggists Syndicate.
-Control to be Acquired
by Schulte Retail Stores Corp.
-Merger.
-
-To Retire Pref. Stock.
American Steel Foundries.
The company, it is announced, will shortly call for redemption 1,538
shares of pref. stock at 110 and divs. Payment will be made Sept. 30
-V. 122, p. 2655.
at the Equitable Trust Co. of New York.
-Plan Approved.
American Sumatra Tobacco Co.
The stockholders on June 29 approved the plan of reorganization as
The stockholders will vote July 30 on approving
outlined in V. 122, p. 1766.
Schulte, which has been accepted by the directors, andan offer of David A.
The following directors have been elected: George V. Reilly_ Harry C.
which is substantially
as follows:
Hand, W. F. Stevens, Emil Treub, W. P. Miller. Samuel B. oward and
By the agreements of Mr. Schulte and the Schulte
-V. 122, p. 3456.
Raymond J. Gorman.
Retail
and others, and the acquisition of the entire capital stock Stores Corp.
-Estimated Earnings.
of the Schulte
American Wholesale Corp.
Products Distributing Corp. with which the Druggists
1925.
company would
1926.
thereupon merge,the latter company and its stockholders will
Ended June 30other enema and
6
advantages the following: (1)
receive among Net Mos. after deprecn. & taxes (est.)
3194.521
$244.191
profits,
The guaranty by
Schulte "-V. 122. p. 484.
Retail Stores Corp. to the Druggists Co.for a period of 10 years
under Schulte
management of minimum semi-annual dividends at the
-Reorganization Plan.
American Writing Paper Co.
minimum rate of
6% per annum on the capital stock: (2) the guaranty by
Stores Corp. to the Druggists Co. for a period of 10 years Schulte Retail Details of a plan and agreement for reorganization of the
management of minimum earnings of $600,000 per annum under Schulte
amounting to American Writing Paper Co., in receivership since Oct.
6% a the entire capitalization of the Druggists company, for the
payment
of such IIIIIIiMt1111 semi-annual dividends at the rate of 6%
were announced on July 11. The plan and agreement
per annum to 1923,
Its stockholders; (3) the value of Mr. Schulte's
services as Presi- have been approved by the committees acting for the
dent of the Druggists Co. without salary; (4) The
he Schulte
management, bondholders, stockholders and merchandise creditors and
from which officers and members of the board of directors
Co. will be cnosen: (5) the rights of being a distributor of the Druggists
committees have issued a call for deposit of securities
of
Vivaudou, Inc. The Alfred 11. Smith Co., manufacturer products of V. these
of "pier-kiss" and claims under the plan. It is estimated that the present
products, and
other corporations."
iThe American Druggists Syndicate has an authorized
capital of $10,000,- capitalization and debt of the old company aggregating
000 (par $10) of which $6,784,510 is outstanding.
,
company had approximately 19,750 stockholders. As of 1 eb. 18 1926, the $55,151,638, will be reduced for the new company to $15,A dividend of 3% was
paid on April 15 1925; none sincel-V. 122. p. 886.
000,000, plus 140,000 shares of common stock, without par
value. In addition thereto, it is estimated that the annual
American Dry Corp. (Va.).-Stock
Offered.
Brooks & Co. and Buxton, Wheeler & Co. Inc., -Kane, interest charges of the new company will be only $370,000
New York, as contrasted with the present $787,849 of the old company.
are offering at $30 per share, to yield 87', 18,000
0
shares of
The reorganization committee (see below), in a letter to
partic. pref. stock (no par value).
holders of bonds and stock of and claims against the comPreferred as to cumulative diva. of 82 40 per share
the declaration and payment of a like amount on the per annum. After pany, July 1, says in substance:
common stock,
two classes of stock shall share equally and ratably
the
tribution. Pref. stock is preferred as to assets, to in any further discommon stock shall have the voting power until $25 per share. The
and unless there shall
be default in the payment of four consecutive quarterly
dividends on the
pref. stock. The panic. pref. stock is non callable.
Transfer agent, Central Union Trust Co. of
New York. Registrar,
the New York Trust Co.
Data from Letter of Pres. E. A. Oliver,
Corporation -Organized in Virginia in 1924 and June 1.
in June 1925 took
over the business and properties of the Delatour
Beverage Corp., which
was established in 1808.
Company has recently launched an intensive
advertising and merchandising campaign in New York City and adjacent
date it has opened in this new territory more than 6,000 territory, and to
Company's plant in Long Island City is equipped with new accounts.
Despite the fact that the plant Is working overtime, modern machinery.
It
with the market demand. The company is propceedIng cannot keep up
up to date plant at Waynesboro. Va., to be owned into build another
fee. The new
will have an initial production of 375.000 cases
plant
per
increased facilities the company's engineers estimate year. With its
costs will be reduced 40c. per case, a saving of $150.000 that production
per
The corporation has no mortgages, liens or encumbrances year.
upon its plant
or property and no bonds or other funded indebtedness.
To be Presently
CapitalizationAuthorized.
Outstanding.
Participating preferred stock, no par value
25.000 abs.
25,000 abs.
Common stock, no par value
20,000 shs.
20,000 shs.
No bonds; no bank loans.
Earnings -For the year 1925 the company earned seven
dividend requirement on its outstanding preferential stock. times the
Earnings
for the months of March and April 1926 were at the rate of more
2M times the dividend requirement on the entire issue of pref. stock.than
On Oct. 5 1923,Sidney L. Willson was appointed Receiver of the company
in a suit Instituted against it by a general creditor in the U.S. District Court
for the Southern District of New York. The company was without the
immediate cash resources necessary to meet its accounts payable, its banking loans due or shortly becoming due,and to provide the Interest instalment
maturing the succeeding Jan. 1st on its 1st mortgage bonds. Mr. Willson
was likewise appointed Receiver in said creditor's suit in the various ancillary
irulsdictions within which property of the company was located. Thereafter the trustee under the lit mtge. filed its foreclosure bill in the District
Court for the District of Massachusetts and later ancillary bills of fore
closure in various other jurisdictions. These foreclosure suits have been
consolidated with the creditor's suit and the receivership extended to them.
The principal of the 1st mtge. bonds has become due and it is anticipated
that decrees of foreclosure and sale will be shortly entered in the various
jurisdictions.
The undersigned committee agrees with the conclusion of the Receiver
that during the continuance of the receivership it will be impossible to realize
from operation anything like the real earning power of the properties which
it is proposed to retain in reorganization in accordance with the recommendation of the Receiver because of the sales resistance occasioned by the
receivership of the company and the uncertainty of its continued operation.
Also in the judgment of the committee it is Impossible, prior to their sale
to others while in most cases can not be accomplished advantageously
during the receivership, to cut down the cost of operating or caring for
Properties not to be included in the reorganization. Some progress, however, has been made in the disposal of plants which the Receiver recommended should not be retained in reorganization for the use of the new
company. The Franklin and Excello plants situated in Ohio have been
sold pursuant to court orders and the net proceeds of sale remaining after
the payment of certain taxes and allowances is held subject to the order of
the Court.
In the Judgment of the committee the continuance of the receivership is
a great detriment to the interests of the creditors and stockholders of the
328
THE CHRONICLE
[vol.. 123.
company, and it is essential if the business Is to be preserved as a going shall determine, or the charter of some existing corporation may be utilized.
It is intended to vest In the new company by direct ownership such of the
concern that reorganization be not delayed.
The accompanying plan has been formulated after months of study of the plants and other properties of the Paper Company as the committee may
situation by the various interests and after conferences and negotiations ultimately determine to have acquired for the use of the new company,
between the bondholders' committee, the merchandise creditors'committee but to the extent deemed by the committee advantageous, securities reprethe stockholders' committee and holders ofsecured claims. It furnishes the sentative of any part of such property may be vested in the new company
only practicable means of lifting the receivership and is believed to fairly in lieu of the dfrect ownership thereof. The directors of the new company
recognize the interests of the various classes of creditors and stockholders. will in the first instance be named by the reorganization committee and in
It largely reduces capitalization and fixed interest charges. The new cash the discretion of the reorganization committee may be classified, the term
to be immediately provided is reduced to a minimum and thus there is of office of the classes expiring in successive years.
required only such contribution from the stock as is essential. In the
New Bonds, Notes and Stock.
judgment of the committee the additional cash required to complete the
consideration of the properties to be acquired by it the new company
rehabilitation of the properties recommended by the Receiver is suffici- is In Issue its
to
bonds, notes and shares of stock to the amounts specified in
ently provided for. The committee urges that creditors and stockholders the plan.
act most promptly, as the success of the plan depends very largely upon the
First Mortgage 69' Gold Bonds.
-The 1st mortgage bonds will be limited to
early termination of the receivership.
the total authorized
of $5.500,000. They will bear interest from
Reorganization committee: George 0. Lee (of Lee, Higginson & Co.), Jan. 1 1927 and will amount Jan. 19947.
mature
Chairman; George W. Davison (Pres. of the Central Union Trust
Serial 4%
-The serial notes will be limited to the total princiOtto Marx and H.B.Lake (of Ladenburg. Thalmann & Co.); and Murray pal amount Gold Notes.
of $1.000,000. They will bear interest from Jan. 1 1927.
H.Coggeshall; with 0.E. Sigler, Seey., 80 Broadway, N. Y. City.
The notes will be expressed to be payable as follows: $150,000 on Jan. 1
1928: $150,000 on Jan. 1
1
Sidney L. Willson, Receiver for the comptny, in a letter 1 1931; $175.000 on Jan.1929: $175,000 on Jan. on1930: $175,000 on Jan.
Jan. 1 1933.
1 1932, and $175,000
to the reorganization committee, says in substance:
Preferred Stock.
-The preferred stock shall consist of 90,000 shares, par
It is now approaching 3 years since my appointment as Receiver of $100 per share, and shall rank for dividends from Jan. 1 1927 at the rate
American Writing Paper Co., and in conducting the operations during of 79t. per annum. Until Jan. 1 1929, the dividends on the preferred stock
that period, which was one of uncertainty and depression in the paper shall be non-cumulative, and if not declared by the directors out of the
trade, there have been encountered all the handicaps incident to receiver- earnings of any year ending Dec. 31 prior to the first day of July next
ensuing, the holders of the preferred stock, irrespective of the amount of
ship affecting purchases, sales and production.
During its receivership which commenced Oct. 5 1923, up to May 31 the earnings of the new company for that year or for previous years, shall be
1926, the operating loss of the business for 2 years and 8 months was entitled to non-cumulative dividends for subsequent years only out of the
$628.536, contrasted with an operating loss aggregating some $2,300,000 earnings of the new company for subsequent years, if and when declared
for the 2 years preceding the receivership when business was conducted by the directors. From and after Jan. 1 1929, the dividends on the preunder more favorable conditions. This loss during receivership, however, ferred stock shall be cumulative and payable as and when declared by the
was arrived at after charging into the cost of operations $729,119 for taxes board of directors out of the earnings or surplus of the new company.
on the plants, $1,011,952 for depreciation and $1,514.282 for maintenance Arrears of dividends will not bear interest.
Common Stock.
and repairs. In addition to the charge for repairs and maintenance during
-The common stock shall consist of 140,000 shares withsaid period there has been expended toward the rehabilitation of the proper- out par value.
Voting Trust.
-The shares of preferred and common stock of the new
ties up to May 31 1926, $1,122.857. The receivership operations were
likewise burdened by the heavy overhead and carrying charges of a number company (other than directors qualifying shares) will be assigned to the
of mills that have not been operating. All obligations of the receiver have following voting trustees: George W.'Davison, George C. Lee, Henry K.
been paid as they became due except taxes. All past due taxes on the Hyde, Otto Marx and Murray I. Coggeshall, to be held by them jointly
plants have been paid, but for the purpose of securing the funds required and their successors under a trust agreement prescribing their powers and
.
to pay taxes on the Massachusetts plants falling due after Oct. 5 1923. but duties and the method of filling vacancies for a period expiring not later
then past due, pursuant to the authority of the Court $450.000 receiver's than Dec.31 1933,unless earlier terminated by action of the voting truetees.
)
certificates of indebtedness were sold and are now outstanding.
Treatment of Deposited Bonds, Claims and Preferred Stock.
In addition to the taxes on the plants the Federal Government during
Holders of certificates of deposit issued under or otherwise subjected
the receivership assessed additional income and excess profit taxes against the plan for bonds or for claims or for preferred stock (or for certificates to
of
amount deposit
the company for the years 1918. 1919 and 1920 in an aggregate
for preferred stock
under the stockholders deposit agreement
exceeding $1.500,000 exclusive of interest. This claim has been contested dated Sept. 12 1923) whoissued have complied with the conditions of the
shall
and the liability of the Writing Paper Co. in respect of such claim, after plan and agreement will be entitled to receive new securities at the following
crediting the company with an over assessment for the year 1917, has now rates:
been determined fn the amount of $263.558, together with interest thereon
-At the rate for
First Mortgage Twenty-Year Sinking Fund Gold Bonds.
from Nov. 1 1925.
claims for interest
by coupons
Six of the eight inactive plants of this company have not been operated each $1,000 of existing bonds1accompaniedof new first or
mortgage bonds and
maturing on and after Jan. 1924: $500
during the past 12 months and during their operation were losing money
the other 2 inactive plants have been operated intermittently at a loss. $680 new preferred stock (voting trust certificates).
Secured Debt.
-At
$500 cash, $500 of new serial
The disposal of the Inactive plants will, I estimate, relieve the company of notes (substantially the rate for each $1,000:in each maturity), and $150
proportionate amounts
a burden of not less than $300.000 per annum, and will enable the company new preferred stock (voting trust certificates).
cost. I
to operate the actiye plants with greater efficiency and at lower
Unsecured Debt -At the rate for each $1,000: $100 cash and $909 new
believe that after reorganization the inactive plants within 2 years can be
disposed of at an aggregate price of at least $1.400.000. The Ohio plants preferred stock (voting trust certificates). purcha.se-see below). At the
Preferred Stock.
-(In addition to right of
of the company have already been sold under Court order, and after dis- rate for each
$1,000: 1 share of new common stock (voting trust certificates).
bursing therefrom certain taxes and allowances, the net proceeds of sale,
$156,823 are now held in a separate fund subject to the order of the Court.
Capitalization (Based on Estimates Contained in Plan.)
During the receivership a volume of sales on a parity with other manuOld Company.
New Company.
facturers has been maintained, and several hundred new accounts have 35,530,000
$450,000 Bonds
have been Receiver's Certificates
been established. A much better showing, however, could
1,090,000
Notes
made had the future stability of the company been as well'established as Additional income and excess
profit, taxes as fixed
284,378
It will be when the plan is consummated.
Bonds (other than .pledged
After reorganization is consummated in accordance with the accompanybonds)
9,293,000
ing plan, and assuming the capital expenditure during the years 1927 and Secured
debt
1,770,226
1928 of $1,250,000 on the active plants. I believe that the net operating Unsecured
claims
1,354,034
profit of the new company, after depreciation but before interest charges
36.500.000
Total debt
and Federal income taxes, for each of the years 1927 and 1928 will be not
Total debt x
$13,151,638
less than $1,250,000 and for the year 1929, when the effect of all such
39,000,000
Preferred stock
capital expenditures shall be fully reflected in the business, not less than Preferred
No par value
stock
$12,500,000 Common stock
$1,500.000. These are my minimum estimates.
Common stock
9,500,000
$15,500,000
Grand total
Plants and Properties which it is Contemplated Shall Be
Grand total '
$35,151,638 and 140,000 shares of common stock withRetained in Reorganization for the Use of the New Compang.x Excl. of aced and unpaid int.
out nominal or par value.
Depreciated
Depreciated
Annual Interest Charges (Based on Estimates Contained in Plan).
Book Value.
Name & LocationBook Value.
Name & Location
New Company.
Old Company.
Albion, Holyoke, Mass
Holyoke, Mass_ - $326.661
-$896,407 Wauregan,
3330.000
on $450.000 recr.'s certifs.
327.000 6% on 35.500,000 bonds. _
6%
Beebe & Holbrook, Incl. Man
Windsor, Windsor Locks.
40,000
730,653 6% on $9,293,000 bonds_ ___
557,580 4% on 31.000.000 notes
molt, Holyoke, Mass_ _ _ _
923,670
Conn
6% on $263.558 additional
Div.,
Crocker, Holyoke, Mass__
1,021,626 Reservoir Holyoke
11,429
Federal taxes
15,813
Dickinson. Holyoke, Mass__
752.112
Holyoke, Mass
6% on $1,770.226 seed debt_
106,214
Gill, Holyoke, Mass
850.996 General office building. Hol134,525 6% on 31,354,034 unsecured
Holyoke, Holyoke, Mass_ _ _
546,288
yoke. Mass
13,313
claims
81,242
Linden, Holyoke. Mass
752,195 Eng. dept., Holyoke, Mass.
154.943
Mt. Tom, Holyoke, Mass__ _
389,076 Power station. Holyoke, Mass
$370,000
Total
Total
$787,849
155,514
Nonotuck, Holyoke, Mass
600,833 Repair shop, Holyoke, Mass.
Norman, Holyoke, Mass.,,
make application for
695,352 Bureau Tech. Control, HolListing.
128,874 the listing-It is intended that the new company shall
Parsons, Holyoke, Mass_ _
685,230
yoke, Mass
on the New York Stock Exchange and the Boston Stock Exchange
Platner & Porter, Unionville,6,157 of the now bonds and voting trust certificates.
Branch offices, liolyoke.Mass
Conn
262,528
Stockholders' Rights of Purchase.
Riverside No. 2, Holyoke,
Total deprec. book val. as
$10,498,572
Mass
The preferred stockholders are given an opportunity to subscribe new
655.188
of May 31 1926
money at the rate of $10 per share of preferred stock now hold, payable
Plants and properties which it is contemplated shall be 40% at the time of deposit on or about Aug. 14 1926 and the remaining
disposed of during or after reorganization to provide cash 60% in 3 equal installments as called for by the reorganization committee.
so paid, a preferred stockholder will receive $500 of let
as required for the rehabilitation program and otherwise For each $1,000 of new company, voting trust certificates representing 5
mortgage bonds
for the use of the new company and (or) for the purposes shares of preferred stock. par $100 each, and voting trust certificates
representing 60 shares of common stock without par value (which is in
of the reorganization:
Depreciated addition to the now common stock to be received by depositors of preferred
Depreciated
Book Value. stock as above stated).
Name & LocationBook Value.
Name & LocationCommon stockholders are also given an opportunity to subscribe new
Agawam No. 1, Mittlneague,
Riverside No. 3, Holyoke.
$330.470 money at the rate of $5 per share of common stock now held, payable 40%
Mass
$198,950
Mass
on or before Aug. 1 1926. and the remaining 60% In 3 equal installments as
Agawam No. 2, Mittineague,
Tenements, Holyoke,
Albion
16,219 called for by the reorganization committee. For each $500, so paid, a
Mass
448,193
Mass
common stockholder will receive $250 of let mortgage bonds, voting trust
Chester, Huntington, Mass
178,961 Crocker Tenements, Holyoke,
16,067 certificates representing 2 l. shares of preferred stock, par $100 each, and
Hurlburt, South Leo, Mass
436,345
Mass
voting trust certificates representing 25 shares of common stock without
Oakland. Manchester, Conn_
241,568 Riverside No. 2 Tenements,
51,531 par value.
Shattuck & Babcock, DePere
Holyoke, Mass
Upon making the payments provided for in the plan, depositing stock269,340
Wis
827,881 Vacant mill sites
holders will receive participation warrants. The amount of the payments
Riverside No. 1, Holyoke,
required by the participation warrants, aggregating $1,725,000 and conMass
book value as
331.635
Total deprec.
$3.347,160 stituting now money for the uses of the plan, has been underwritten by a
of May 31 1926
which Central Union Trust Co. of New York is the manager.
Current Assets and Current Liabilities of the Receiver as of May 31 1926. syndicate of
Current Assets
All bonds, notes, claims stock and certificates of deposit
Cash___________
$480.381
____ __ _ _
'
45,093 dealt with in the plan must be deposited on or before Aug. 14.
Notes and acceptances (less reserves)
1,610,336
Accounts receivable, customers (less reserves)
-year sinking fund
Depositaries under Plan.
-(1) For the first mortgage 20
3,042.215 gold bonds: Old Colony Trust Co., 23 Court St., Boston, and Central
Inventories (at cost or market)
2,257 Union Trust Co. of New York, 80 Broadway, N. Y. City. (2) For the
Other accounts receivable (net)
secured and unsecured claims: Central Union Trust Co. of New York,
$5,080,282 80 Broadway, N. Y. City. (3) For the preferred and common stock and
Total current assets
Current Liabilities
certificates of deposit therefor: Bankers Trust Co., 16 Wall St., N.Y.City.
$450.000
Receivers' certificates outstanding
The following committees have approved the plan and
494,415
Audited vouchers (trade creditors)
11,598
x Taxes assessed and payable
46,676 agreement of reorganization:
Accrued taxes (not due)
Bondholders' Committee under Deposit Agreement Dated Oct. 10 1923.
139.172
Accrued wages, water power, &c
B. Lake,
George C.
$1.141,881 Otto MarxLee (Chairman), Philip B. Allen, Henry K. Hyde, H.
Total current liabilities
Federal St..
and
$3,938,421 Boston, Mass., Philip Stockton, with Josiah F. Hill, Sec., 70 50 Federal
Excess of current assets over current liabilities
and Ropes, Gray, Boyden & Perkins, counsel,
x Exclusive of penalties and interest.
St., Boston Mass.
Note.
-The foregoing does not show the net proceeds of the sale of the
Merchandise Creditors' Comntittee.-0. W.Beall (Chairman), Howard E.
Ohio plants held in a separate fund. The taxes assessed and Payable Atterbury, L. G. Gurnett, Charles M. Haskins, Hans Lagerloef and
shown above have since been paid.
J. F. Patton.
Digest of Plan of Reorganization, Dated July 1 1926.
Stockholders Committee under Deposit Agreement Dated Sept. 12 1923.New Company.
-It is intended to organize a new company under the B. W.Jones (Chairman). M.0. Branch, Murray H. Coggeshall, John T.
-V. 122. p. 3609.
laws of Massachusetts or such other State as the reorganization committee Gillespie, Percy H. Johnston and Ridley Watts.
JULY . 1926.]
17
•
THE CHRONICLE
329
Andes Copper Mining Co.
applied to the retirement of bonds. If all said real estate be released, this
-Debentures Ready.
The National City Bank of New York, as agent Is ready to exchange cash at the minimum rates will, in the aggregate, amount to over 5900.000.
permanent 7% convertible debentures against the receipt by it of the
It is anticipated that all of these bonds will be retired before maturity.
National City Bank certificates accompanied by the balance of payments.
-The cost of the bridge proper and fills, exclusive of any real
Values.
The certificates should be presented in negotiable form. (For offering of estate values for the land on which the structures are erected, is materially
debentures, see V. 119. p. 3012.).-V. 121, p. 1681.
in excess of the principal amount of these bonds. Furthermore, these bonds
will be secured by the substantial values represented by the additional
Anglo-American Corp. of So. Africa Ltd.(Transvaal). estate which may be released from the mortgage as above mentioned. real
The following are the results of operations for May 1926;
Capitalization (After Financing)Authorized. Outstanding.
1st mtge. sink. fd. 634% gold bonds (this issue) $1.500.000 51.500.000
Tons
Total Yield
Estimated
Estimated
Common stock (no par value)
20,000 abs. 20,000 shs.
Crushed. (Gas. Fine.)
Value.
Profit.
Brakpan Mines, Ltd....__
-These bonds, together with all of
Purpose.
89,500
33,819
£143,215
£60,812 incorporators' shares) of the company, are being the capital stock (except
Spring Mines, Ltd
issued in connection with
67.700
30,062
£127,385
£61,036
West Springs, Ltd
acquisition by the company of the properties to be covered by the
49,000
17,927
£75,991
£29,893 the
mortgage, and this financing will result in the retirement of $1.000.000 of
The following are the results of operations for June 1926:
1st mortgage bonds now secured by a lien on properties to be vested in the
Tons
Total Yield
Estimated
Estimated company.
Crushed. (Ozs. Fine).
Value.
Profit.
Brakpan Mines Ltd. -86,500
The above offering is reprinted in this issue owing to certain
32.656
£138,424
£56,875
Springs Mines, Ltd
68,200
30,159
127,861
62.264 changes which appear in the final circular issued by the
West Springs, Ltd
18,181
77.029
31,446 bankers.
-V. 1n, p. 3086, 2802.48,900
-V. 123, p. 209.
Anglo-American Oil Co., Ltd.
-Redemption.
-Estimated Earnings.Bing & Bing, Inc.
The company on July 15 retired its outstanding $8,000,000
-Quars. Ended,- -6 Mos. June 301-year 434%
gold notes at par. On July 1 the company, through J. P.
June 30 26. Mar.31 26.
1926.
1925.
PeriodMorgan & Co.,
secured another short-term loan consisting of $6,000,000 serial
Earns from management
43.5% geld
notes, due 1927-29. The proceeds from the recent loan was
5403,209
$460.537
5863.746
constr., &c
$580,520
applied to the
payment of the $8,000,000 1-year 454%
138,379
224.651
86,272
500,069
Other inc. int. & disc__ _
amount required was provided from cash notes and the balance of the
in the company's treasury.
V. 122, p. 3086.
$541.589 $1,088.398 $1.080.589
$546,809
Gross earnings
92,918
90,705
183.623
189,796
Expenses
Artloom Corporation.
-Earnings.108,323
105.823
214,146
133.085
Res.for deprec.& amort.
Six Months Ended June 301925.
1924.
Net profits after depreciation & taxes 1926.
f
NegecOved.taxes
& Fall. or bo_n_d_
(including Federal)
$345,567
$345,061
$690,628
$757,707
$501,126
$628.389
$531,662
Since Jan. 1 1926 the corporation has purchased
122, p. 2196.
5.240 shares of its
7% cumul. pref. stock, 3,810 shares of which have been
retired, although
the charter requires the retirement of only 900 shares
Brown Paper Mill Co., Inc., Monroe, La.
-Bonds
annually.
-V. 122,
p. 2333.
-Continental & Commercial
Associated Oil Co.
-New Oil Field Opened.
-
Trust & Savings Bank,
Offered.
Chicago, Whitney-Central Trust & Savings Bank, New
An authoritative statement says: The new Ventura
Avenue Oil field in Orleans, and Estabrook & Co., New York and Boston,. are
California which was opened up on a large scale during the
past few months offering at prices ranging from 98 and int., to'101 and int.,
is expected to rank among the largest producers of petroleum
in the country.
in the opinion of Edward L. Doheny, Paul Shoup and
other leading oil to yield from 5.60% to 6.20%, according to maturity,
company executives. This new field is controlled by 4
companies including $2,500,000 1st mtge. sinking fund serial 6% gold bonds.
Associated 011, subsidiary of the Tide Water Associated011 Co., Shell
Union Oil, General Petroleum and Boise Chica.
Dated June 11926:due 1929-41. Principal and interest(J.& D.) payable
estimates the field is expected to produce upwards of Based upon present In Chicago or New Orleans, without deduction for Federal normal income
100.000 barrels per tax up to 2%. Denom. $1.000 and $500 c5 Red. all or part, on any
.
acre of more than 200.000.000 barrels.
The Associated Oil Co., owns 830 acres, or about 51
interest date.on 30 days' published notice at par and interest plus a premium
area of the Ventura Avenue field. In addition it holds34% of the proven of 234% if redeemed on or before June 1 1931: and thereafter at a premium
beyond the proven area sufficient to take care of any additicnal acreage of X of 1% for each year or part thereof prior to maturity. Authorized
the field beyond the present proven limits. The Shellnormal extension of $4.000,000; to be immediately issued and outstanding $2,500.000. Contin.
second largest owner in the field controls 344 acres or Union Oil Co., the & Commercial Trust & Savings Bank. Chicago, corporate trustee.
41 4-10%. General
Listing.-Lised on the Chicago Stock Exchange,
Petroleum ranks third with holdings of 53 acres or 6 4-10%.
The remaining
proven area,six acres,or 7-10 of 1% is held by Boise
Data From Letter of Pres. H. L. Brown, June 29.
Chica.-V. 122. p.3345.
Company.-Incorp. Juno 14 1923 in Louisiana. Is engaged in the manuAuburn Automobile Co.
-Operating at Full Capacity.
- facture and sale of kraft paper. The controlling ownership and manageIt is announced that the number of cars
the first 6 months at the beginning of theplanned for production during ment of the company are in the hands of the Brown family who also control
was entirely exhausted. and operate a kraft paper mill at Orange, Tex.. which began operations In
The sales records of the company show that year many
as
cars were shipped 1912.
during the first 5 months as during the entire 12
Company owns and operates. at Monroe. La., a thoroughly modern pulp
months of 1925.-V. 122.
p. 3345.
and paper mill, the capacity of which is being increased from about 60 tons
to about 125 tons of paper per day. It is expected that the additional
Bay Biscayne Bridge Co.
-Bonds Sold.
completed
-Peabody, facilities will befor various and in operation by the Autumn of 1927. The
Houghtehng & Co., Inc. and Coffin & Burr, Inc., have
commercial purposes, such as wrapping
sold product is used lining of corrugated boxes. &C. The equipment nowpaper,
being
bags, the inner
at 100 and int., $1,500,000 1st (closed) mtge.
sinking fund installed will also permit the manufacture of paper suitable for the outer
634% gold bonds.
covering of corrugated boxes, which will enable the company to enter a
Dated July 1 1926: due July 1 1941. Principal and
interest (J. & J.) new market.owns over 90,000 acres of timberlands located in Ouachita.
payable at the Chatham Phenix National Bank & Trust
Company
Co.,
benom. $1,000 and $500
Red. all or part on any interest N. Y. City. Caldwell, Winn and Jackson parishes in northeastern Louisiana which are
date at 105 reapeluirlypoascec.-essiibbleeptoroctehede smillofi
to and incl. July 1 1937; at 104 thereafter to and incl.
c*.
July 1 1938: at 103
thereafter to and incl. July 11939:at 102 thereafter to
these bonds, and of $2,150.000 preferred stock
and at 101 thereafter and prior to maturity: in each and incl. July 1 1940; (subscribed for at par) will be used to retire outstanding indebtedness,
being added. Company agrees to pay interest withoutcase accrued interest incurred chiefly* in connection with construction expenditures and the
deduction for normal acquisition of additional timberlands, and to provide funds necessary to
Federal income tax up to 2% per annum and to
refund
including those in Pennsylvania and Massachusetts. certain state taxes, increase the capacity of the mill to about 125 tons per day.
Biscayne Trust Co..
-Secured by a first mortgage on all of the fixed properties of the
Miami, Fla., trustee.
Security.
Company noW owned, including pulp and paper mill, timberlands and railData From Letter of Pres. Josiah F.
Chaille, June 29.
road, and the additions under construction. From the proceeds of the
Property.
-The bridge. opened March 11926, extends eastward
$1,500,000 will be deposited with the corporate trustee
approxi- present financing,completion of additions, after which
mately 234 miles accross the
any balance remainof Miami to Miami Beach, shallow waters of Biscayne Bay.from the City to provide for the
Fla. This bridge constitutes the most direct ing aiaynba returned to the company.
Etirni o
route between Miami and Miami Beach and passes
--Company began the production of paper in Sept. 1924. The
through a series of 5
islands of which one, Belle Isle, is crossed on a
Arthur Young & Co. shows that during the year ended Dec.
a mile long. The other 4 islands have been county road lass than X of audit report of
built for residential purposes 31 1925, the first full year of operation, profits before depreciation, deplealong the bridge. An additional island to be
interest were $357,934 and after deducting depreciation and
containing over 21 acres will be built on landknown as Causeway Island tion and were 5200.323. Our books show that for the first 5 months of 1926,
to be owned in fee by the depletion
company. The bridge thus consists of an
alternation of land and water profits before depreciation, depletion and Interest were at the rate of over
crossings of which in all nearly a mile is through the
.
gin Fundr g u h
0
m8 ,
3n
miles over the intervening waters of the Bay. Theislands and about 13•6 $ esitnsOOk Ogpnne na_ e trust deed will provide for annual sinking fund paySinking
throughout its entire length. Company will own bridge is illuminated
April 11929. amounting to 10% of the net earnings of the
occupied by the bridge extending across the Bay in fee a strip of land
from Miami to the west company for the preceding calendar year after deduction of reasonable
shore of Belie Isle, having a width of 100
depreciation and depletion, accrued Federal income taxes
water
islands a width varying from 55 to 100 feet at The crossings and on the allowance for
feet.
of the principal of the next
nowhere less than 36 feet wide. Abutting on the roadway, however, is and the amount required for the payment fund
Miami approach to the maturing installment of bonds, such sinking
payments not, however,
bridge, the company will own additional
average frontage of 400 feet on each side of parcels of real estate with an to exceed $50,000 in any year. Sinking fund payments may be made in
the street.
cash or in bonds at par, of the last three maturities only, and if in cash, are
Security.
-These bonds will be secured by a closed
or retirement
the company's mortgageable property to be presently first mortgage on all to be used for the purchase 5150.000,000 of bonds of such maturities.
-The
Additional Bonds.
authorized but unissued bonds.
acquired,including the
bridge and the real estate to be owned by the company
in fee as above may be issued (a) for not to exceed 50% of the actual cost of additions and
mentioned. Upon the execution of the mortgage
$250.000 in cash will be Improvements to the mortgaged property, provided net earnings for the
deposited with the trustee to be withdrawn from
penditures made or indebtedness incurred by the time to time for ex- preceding calendar year, available for interest (after reasonable depreciacompany on account of tion) shall have been equal to at least 234 times annual interest requirethe cost of constructing said Causeway Island.
ments on bonds then outstanding and those proposed to be issued, or (b)
Rights and Franchises.
-The bridge
Belle Isle) is operated under an Act (exclusive of the county road across to refund any part of the bonds maturing in 1941.
of the Florida Legislature granting
the right, after permission has been secured from
-Tenders.
the War Department.
(A. M.) Byers Co.
to construct, maintain and operate a road and
roadways and toll bridges.
The Peoples Savings & Trust Co., Pittsburgh, will until July 31 receive
The necessary permission of the War Department has
been obtained. The bids for the sale to it of 1st mtge.6% sinking fund gold bonds, dated Jan. 1
rights to be vested in the company under said Act
extend for 25 years from 1925, to an amount sufficient to absorb $75.064.-V. 123, p. 210.
March, 1926, subject to the power reserved to Dade
the bridge. If Dade County shall not have elected to County to purchase
-Balance Sheet Dec. 31 1925.Calco Chemical Co.
purchase within said
25 years,the Act provides for an extension of the franchise
subject, however,
to said right of purchase.
I Liabilities
Assets.Earnings.
-Based on actual toll receipts for the first 3
Real estate, plant & equip_04.822,022 8% cum. pref. stock
$1,272,600
months of opera- Cash
tion, the net earnings of Bay Biscayne Bridge before
49,257 Common stock
y3,102,61
bond interest, Federal Accts. & notes receivable
income taxes and depreciation, as estimated by Ford,
228,692 Notes payable
155,000
Bacon & Davis, Inc., Inventories
engineers, will be $247,555 for the year ending March
767,212 Accounts payable
1 1927, or over 23i Mortgages receivable
times the maximum annual bond interest.
10,000 Accrued Interest, wages, &c..
23 ;
16568
3 204
Sinking Fund and Retirement of Bonds.
38,664 Special reserves
Insurance deposits
6.712
-The mortgage will provide
substantial sinking fund which, it is estimated, will
for a
33,908 Note pay. to U. S. Govt.____
433,327
retire over 75% of these Securities owned sub.(net)
bonds by maturity. Company will be required to deposit
stk.
15,688 1st mtge. 8% s. f. bonds__ 1,303,700
with the trustee Empl. note for of trustee
in said sinking fund semi-annually beginning March 1 1927, and until
Cash in hands
85
the
outstanding bonds shall have been reduced to $1,000.000,
& deterred charges
230,198
a sum equivalent Prepaid& reserach exp
Devel.
to all of the net earnings of the bridge for the 6 months' period
328,107
(ending June Treasury stock
30 or Dec. 31) preceding such payment; semi-annually thereafter
7
the outstanding bonds shall have been reduced to $500,000, and until Processes, formulae, patents
an amount .
equivalent to 50% of such net earnings; and thereafter so
After
dr goodwill
1
Total (each side)
56.523.8 3
4
long
the bonds are outstanding, the sum of $4.167 monthly. Companyas any of
deductlng $166.595 reserve for depreciation. y Represented by
the right to purchase bonds at not exceeding the redemption pricewill have 500,000 shares of no par value.
in effect
on the next succeeding interest date, and to deliver bonds so
-Contingent liabilities: trade acceptances discounted, $18,635.Note.
purchased to
the sinking fund in lieu of cash to the extent of the price paid for said
V. Ill, p. 2045.
Funds in the sinking fund are to be applied by the trustee to the bonds.
purchase
Canadian Locomotive Co., Ltd.
-Changes Fiscal Year.
of bonds in the open market at not exceeding such redemption price
or to
the redemption of bonds by lot.
The directors have decided to change the date for the ending of the
The mortgage will also provide that the real estate abutting on
company's fiscal year to Dec. 31 and not June 30, as heretofore. No
approach and the real estate on Causeway Island may be the Miami financial statement is to be issued for the 12 months' period ended June 30.
deposit with the trustee in cash of $400 for each front foot onreleased on last. Instead a statement will be issued for the 18 months ending Dec.
the Miami
approach of property so to be released, and $300 per front foot on the 31 1926.-V. 121. p. 1682.
bridge for real estate on Causeway Island, with the proviso that after the
Chester Knitting Mills, St. Louis, Mo.-Bonds Offered.
principal amount of bonds shall have been reduced to $1,000.000, such
cash payments shall become $300 and $200 respectively; all said cash to be -Liberty Central Trust Co., Mississippi Valley Trust Co.,
Hawes & Co., Inc., Geo. H. Burr & Co. and L. E. Anderson
& Co., St. Louis, are offering at prices to yield from 5% to
6%, according to maturity, $600,000 1st closed mtge. 6%
serial gold bonds.
Dated July 1 1926, due serially from July 1 1927 to Jan. 1 1942. incl.
Denom. $1,000 and $500 c*. Principal and interest (J. & J.) payable at
the Liberty Central Trust Co., trustee, St. Louis, Mo. Normal Federal
income tax payable up to 2%. Red. all or part on any int. date on 60
days' notice at 102 and int.
Data From Letter of J. L. Gauen, Secretary-Treasurer of Company.
Company.-An Illinois corporation. Organized in 1905 with a paid-in
capital of $20,000; at that time having one small mill located at Chester,
III., and employing about 90 people. At present the company operates
12 mills and 1 box factory, employing approximately 3,000 People. Recently
certain interests in two affiliated companies, the J. 11. Rickman Corp and
Chester Paper Box Co., were acquired, and the properties consolidated
with the Chester Knitting Mills.
Company Is engaged solely in the manufacture and sale of children's
and women's hosiery. Recently it has installed machinery for the knitting
of an excellent grade of women's seamless silk hosiery. The mills have a
capacity of 1,500,000 dozen pairs of hosiery per annum, and shipments in
1925 amounted to 1,221,000 dozen pairs. Practically all of the hosiery
is knitted in the various outlying plants and sent to the St. Louis plant to
be finished, packed and shipped. Company's products are sold throughout the United States to jobbers and department stores.
The mills are located in the following cities: Belleville, Chester, Effingham, Millstadt, Waterloo, Sparta. Nashville, Pinckneyville and Red Bud,
Ill.; Rome, Ga.: Charles City, la, and St. Louis, Mo. All are easily
accessible to the finishing plant and box factory in St.Louis. The properties
are owned in fee by the company, with the exception of real estate and
buildings at Red Bud. Belleville, and Charles City. The buildings at
Red Bud and Belleville are under lease, and the property at Charles City
is being acquired under a contract, nearly 50% of which has been fulfilled.
Security.
-These bonds are secured by a closed 1st mtge,on all real estate,
plants, machinery and other fixed assets now owned or hereafter acquired
hi the company. The sound depreciated value of these assets as appraised
at March 15 1926 is $1,257,725, equivalent to over $2,09e for each $1,000
bond. Balance sheet as of Dec.311925.after giving effect to the acquisition
of the affiliated companies, and to the present financing, discloses net
tangible assets, after deducting all liabilities other than these bonds, of
$2,175,830, equivalent to $3,626 per $1,000 bond. Net current assets
amount to $990,177. or $1,650 per $1,000 bond.
Sales and Earnings for Calendar Years.
1925.
1924.
1923.
54
1 6,5
Net sales
2,0
93.
$2,858,596 $2,799,717 $2,543,238 $2,13 2 55 $1, 921.64
138.363
xNet profits-- 176,751
156.537
265,064
163,208
x After depreciation and available for bond interest and Federal taxes.
-To retire existing mortgages, to reimburse the company for
Purpose.
capital expenditures and for other corporate purposes.
Chestnut Farms Dairy, Inc., Washington, D. C.
Bonds Offered.
-Crane, Parris & Co., Washington, D. C.,
are offering at 100 and int. $750,000 1st (closed) mtge.
04% 15-year gold bonds.
Dated June 1 1926, due June 1 1941. Denom. $1,000 and $500 c*.
Int. payable (J. & D. at the office of the trustee, without deduction for
Federal income tax not in excess of 2% p. a. Red. all or part 00 60 days'
notice at 107% and int. up to June 1 1931, and at 105 and int. thereafter
to maturity. National Bank of Washington, Washington,D.C.,trustee.
Sinking Fund.
-The company agrees to retire by sinking fund 5% of the
principal amount of bonds, in each year, beginning June 1 1927, through
purchase in the open market at or below 105 and int. Should the company
be unable to purchase bonds at or below 105 and int., bonds must be
drawn by lot at this figure. The sinking fund will retire $37.500 par value
of bonds annually, leaving only $225,000 outstanding by maturity.
Company.-Incorp. Jan. 1 1924 in Delaware. Does a general milk,
cream and butter business in Washington, D. C., and vicinity. It now
handles a total of approximately 50,000 quarts of milk daily. The company's new modern plant, located at Pennsylvania Ave.. 26th and M Its.,
N.W., Washington,D.C., was completed during the past year. Company
also owns receiving stations at Frederick, New Midway and Walkerville
(all in Maryland).
Security.
-Secured by a closed 1st mtge. on all of the company's assets,
including real estate and equipment, conservatively valued, after depreciation, at $1,639,596.
Capitalization Outstanding (After Completion of Financing).
$750,000
1stmtge.6%% bonds, due 1941
1,000.000
Capital stock (Par $100)
Listing -The company agrees to make application to list these bonds
on the Washington Stock Exchange.
-Earnings.Chicago Pneumatic Tool Co.
Period:
Profits
Other income
Total income
Interest
ie 30-..
0- -6 Mos. to Jun925
19 3.
-Quar. End. June25
1926.
1926.
$321,011
$471,793
$184,949
$263.044
23.223
28,159
11,439
14.527
$277,571
29,430
$196,388
13,615
$499,952
52,665
$344.234
27,677
$316,557
$447,287
Net profit
$182,773
$248,141
x After expenses and provision for depreciation and Federal taxes.
V. 122, p. 2335.
-Retiring Entire Bond Debt.
Christie, Brown 8c Co., Ltd.
The company has redeemed an additional $100,000 of 1st mtge. 6%
bonds. Tills leaves only $700,000 of bonds now outstanding of which,
It is expected, $50,000 more will be retired by Jan. 11927. The company s
plan calls for the redemption of the entire issue by the close of 1927.
A dividend of 30c. a share has been declared on the common stock,
payable Aug. 1 to holders of record July 15. An initial dividend of like
amount was paid on this issue on May 1 last.
It was also announced that more than 2,000 shares of the 10,000 shares
of pref. stock originally issued, have been converted into common stock.
-V.122, p. 2504.
Cohn-Hall-Marx Co.
-Order Issued Against Company.
The Federal Trade Commission has issued a cease and desist order against
the company, in which the firm is required to discontinue furnishing to its
customers, to be affixed to garments unless' such garments are made of
silk, in whole or in part, labels in which the word "Cocoon" appears unless
accompanied by the words "All Cotton" in equally conspicuous type.
Commissioners Nugent and Thompson dissented.
-V. 122, p. 2335.
-Dillon, Read
Commander-Larabee Corp.
-Notes Sold.
& Co., New York, and Lane, Piper & Jaffray, Inc., Minneapolis, have sold at 99 and int., to yield 7.14% $2,000,000
-year 7% secured sinking fund gold notes (with stock
10
purchase warrants) closed issue.
Dated July 1 1926: due July 1 1936. Denom. $1,000 and $500c*.
Principal and interest (J. & J.) payable at the office of Dillon, Read & Co.,
New York, without deduction for normal Federal income tax not exceeding
-mills tax and
2% per annum. Penn. and Conn. 4-mills taxes, Minn. 3
Mass,income tax not exceeding 6% per annum refunded. Red. all or part
by lot, on any interest payment date, on 30 days notice, at 103 and int,
on or before July 1 1931, with successive reductions in the redemption price
of % during each year thereafter until maturity. American Trust Co.,
trustee.
Data From Letter of President B. B. Sheffield, July 14.
Corporation.-Incorp. in June 1926 in Maryland. Will own the entire
operating
qualifying shares)
capital stocks (except directors and The Larabee of twoMills CO. subsidiFlour
aries, Commander Milling Co.
Corporation will acquire all of the flour milling and grain elevator
properties, together with the goodwill, business and substantially all of the
current assets subject to liabilities, of Commander Mill Co. and 4 aMliateo
corporations (Big Diamond Mills Co., Empire Milling Co., Commander
Elevator Co. and Minneapolis Milling Co.) operating mills and elevators
Minnesota. and of the Larabee Flour Mills Co., similarly operating in
in
[voL. 123.
THE CHRONICLE
330
Kansas and Missouri, and will also acquire the flour mill at North Kansas
City, Mo., now owned by The J. C. Lysle Milling Co. Corporation is to
transfer to the two above-named operating subsidiaries all of its current
assets subject to current liabilities, goodwill, business, tralle names and
brands, together with certain cash resulting from the sale of its securities
The milling capacity of the 13 mills to be acquired by the corporation.
-glowing areas
25,225 barrels daily. is divided between the two great wheat
of the country, 10,450 barrels of daily capacity being in the stretegic center
of the Northwestern area where hard spring wheat is grown, and 14,775
barrels being in the hard winter wheat belt of the Southwest, accessible to
the soft winter wheat area. At the mills there is storage space, owned in
fee, for 4,360,950 bushels. Terminal elevator space for 1,700,000 bushels
is similarly owned at Minneapolis. There are 59 country elevators, with
a capacity of 866,100 bushels, built upon leased land held under nominal
-growing areas of
ground rents and advantageously located in the wheat
Minnesota. Kansas and Missouri. The total of mill, terminal and country
elevator storage space is 6,927,050 bushels.
The trade names and brands of the products of the predecessor corporations, carried on the balance sheet at a nominal figure, are favorably known
In domestic or foreign trade. They include "Laralre's Best, "Miss
,
Minneapolis,' "Columbus Semolina, "Commander,' "Big Diamond."
"Two Star" and "Best on Record." It will be the management's policy to
maintain the trade identities of the constituent properties.
, 0 0g
00 0
s.3 t50 . 0. $3 5a d .
A2 ,h0rized 0111st0n, 00
Capitalization (After Financing)1st mtge. 6% 15
_
-year sinking fund old be
2,000,000
2,000,000
10
-year 7% secured s. f. gold notes (this issue)
$15,000,000 $5,700.000
7% preferred stock, par $100
00 aharea us
x240,O00 shf
OOll00
thu e
Common stock, without par value
0,0
x Voting trust certificates representing 40,000 of
245112
5
common stock will be deposited with the trustee under the indenture under
Which the warrants to be attached to these notes are to be issued, pending
exercise of such warrants. In connection with this financing, Dillon, Read
8: Co. and Lane, Piper & Jaffrey, Inc., are acquiring a portion of the corporation's common stock.
Security and Equity.
-The specific security for these notes will consist
of a first lien upon the entire capital stocks of the wholly-owned operating
subsidiaries.
The capital stocks of the operating subsidiaries, which are to be pledged
as security for these notes, will represent an equity in combined net current
assets upon completion of this financing exceeding $3,915,000, over $1,950
for each $1,000 note. The total fixed assets to be acquired by the corporation are of a sound depreciated value as of March 15 1926, of $7,064.945,
such valuation being based (except as to certain assets of a net book value
of $152.338) on recent independent appraisals. Deducting the corporation's $3,500,000 1st mortgage bonds leaves an equity in fixed and other
non-current assets valued at $4,005,419 or a combined equity and securitY
of$3,960 for each $1,000 note. This equity will be represented by $5,703,00
of the corporations 7% preferred stock and 240.1100 shares of its no par
common stock presently to be issued.
corporation
Leases to Subsidiaries.
-The fixed assets to be acquired by the
in fee will be leased, for the period of 15 years from July 1 1926 to the
to and
operating subsidiaries. These leases, which will be made subject provide
pledged as security for the corporation's first mortgage bonds, will annual
for maintenance of the property and for the payment of taxes andinterest
rentals aggregating an amount sufficient to cover the annual
charges on these notes, together with annual interest, and annual sinking
fund of $125,000 on the corporation's first mortgage bonds, and, in addition
to such sinking fund payment, a depreciation fund of $100,000 annually.
elimination
Earnings.
-The earnings of the predecessor corporations, after
of certain non-recurring charges and credits and after depreciation charges,
and Federal
but before deducting interest on the corporation's funded debt
income taxes, have been as follows:
Commander Mill co. and AM:. Cos., Combined-Years Ended Aug. 31.
1922.
1925.
1923.
1924.
$302,002
$278,021
$1,003,275
$386,921
Ended June 30.
-Years
Larabee Flour Mills Corp.
1922.
1925.
1923.
1924.
$345,616
$285,724
$857,961
$124,486
averaged $895,796, over
Combined for four years annual earnings have
25 times combined maximum annual interest on these notes and on the
1st mortgage bonds. Such earnings for the fiscal years ended in 1925 were
$1,861,136, over 5 times such combined interest, and, after deducting
maximum annual interest charges on the 1st mortgage bonds, over 11 times
maNimum annual interest on these notes. Owing to the partial failure of
the Kansas wheat crop harvested in the fall of 1925, which totaled only
74,265,000 bushels as against an average for the previous 10 years of 109,131,000, such combined earnings for the fiscal years ending in 1926, simi
larly calculated, will be an amount less than the average for the abovefour
years, but are expected substantially to exceed the maximum annual interest
on these notes and on the 1st mortgage bonds. Unified control is expected
to result in increased business and in important manufacturing and selling
economies.
issue,
Warrants.
-Each note will have attached thereto, upon original
a warrant, detachable on and after Jan: 1 1927 entitling the holder to
representing conunon
purchase from the corporation voting trust certificates
stock (or, if the voting trust shall previously have been terminated,common
$15 a
stock certificates), in the ratio of 20 shares for each $1,000 note, at before
share on or before July 1 1931 or at $20 a share thereafter and on or
,
July 1 1936.
deposited
Voting Trust.
,
-The entire stock presently to be issued will be
1 1926
under a voting trust agreement for a period of 5 years from Julytrustees
Which shall be terminated upon unanimous consent of the voting
voting trustees are to be
tes The
retirement of all outs
F
P.
I . W. Clifford, C. P. Jaffrayagdn73. B. Sheffield, or their respective
an nn
successors.
for an
Sinking Fund.
-The indenture securing these notes will provide
annual sinking fund, first payment Dec. 1 1927, equal to 25% of the conyear, as to be defined in the
solidated net earnings for the preceding fiscal
be
indenture, after deducting sinking fund on the 1st mortgage bonds, to
used to purchase notes at not exceeding the then applicable redemption
such price. The
price or if not so obtainable, to redeem notes by lot at
e ini.ngshall not, however, be required to pay more than $300,000 for
corporation
1
en a in any ye nf i
fundt the rate ar, aft previous t uueptr fornum. sinking fund
a
$2up m nes an such
shall have be
least
gage
& AcceptanceommercialC
-To Acquire Mortp
t Co., Baltimore.
Corp.-
See that company below.
-V. 122, p. 3346.
Computing
-Recording Co.-Trnders.--
-Tabulating
23
The Guaranty Trust
40 Broadway N. Y. City, will until July
receive bids for the sale to
-year sinking fund gold bonds, due
6% 30
Co.,It of
July 11941, to an emeun12 n.ie8t1. exhaust $100,420,at a Price not"
nt-v. t sric 2n8 to
ceeding 105 and
(of Md.).-Extra
Consolidated Laundries Corp.
The directors on July 13 declared an extra 2% stock dividend on the
common stock, payable 1% semi-annually, in addition to the regular
quarterly cash dividend of 50 cents per share which was also declared.
The initial stock dividend of 1%, together with the regular cash dividend,
will be paid July 30 to holders of record July 20. An initial quarterly
Aprildr lent. of 50 cents per share was paid on the common stock on
cesh
uid as d
In an interview, Pres. Charles B. Kilby stated that the corporation is
negotiating for the acquisition of a number of important laundry systems
in the metropolitan district. Mr. Kilby said that based upon tentative
figures he believes that the gross business for the quarter ending June 30
-V. 122.
was the largest in the history of the consolidated companies.
P. 3346.
-Investigation.
Continental Baking Corp.
For Senate resolution calling for inquiry into combinations In restraint of
trade in bread and related products, see V. 123, p. 164.-V. 123, p. 90.
-Production.Coserove-Meehan Coal Corp.
1st 4 Mos. of YearTons of coal produced
-V. 122, p. 3346.
1926.
730.799
1925.
586,617
-Dividend Reduced.
Courtauld's, Ltd. (England).
The company has announced that the interim dividend due this month
on the ordinary shares (par El) has been reduced from 18d. to 18d per
share.
-V. 122, p. 1176.
JULY
331
THE CHRONICLE
17 1926.]
-Earns.,&c. and div., to yield from 4.50% to 5.50%, according to
Cresson Consol. Gold Mining & Milling Co.
Quarters Ended June 30Net earnings
•
Net tons recovered
Average gross value
-V. 122, p. 354.
1926.
$67,881
26,909
$13.16
1925.
$101,762
25,357
$16.24
1924.
$169.151
28.099
$19.64
-Listing.
Crown Willamette Paper Co.
The New York Stock Exchange has authorized the listing of 149.000
shares of 1st preferred stock, no par value and voting trust certificates for
149,000 shares of common stock, no par value on the basis of a voting trust
certificate for one share of common stock for each share of 1st preferred
stock represented by full paid 1st pref. stock allotment certificates.
The directors are: Louis Bloch (_lres.), Charles R. Blyth, Herbert Fleishhacker, Mortimer Fleishhacker, Wm. Pierce Johnson (Chairman), A. J.
Lewthwaite (Exec. Vice-Pros.), A. B. Martin (Exc. Vice-Pres.), Charles
%
K. McIntosh, E. S. Pillsbury Frank Schwabacher (Vice-Pros.), and James
H.Schwabacher, all of San Francisco, Calif. and C. A. Morden of Portland,
Ore. and Henry C. Olcott of Chicago, Ill.
Other officers are: F. G. Wight, Vice-President; Charles M. Whitney,
Treas. and Asst. Sec.; D. J. Goldsmith, Secretary; John L. Seely, Comptroller.
-V. 123, p. 90.
-Stock Offered.
Daley's, Inc., Los Angeles.
This company, which operates a chain of 160 grocery stores, is offering
the unsold balance of $500,000 8% cum. pref. (a. & d.) stock, par $1.
-J. 1. Exempt from Federal normal and 'California
Divs. payable Q.
personal property tax.
The company has purchased the stock, good will and fixtures of the
United Wholesale Grocery Co., which operates 10 cash-and-carry wholesale stations in Los Angeles and beach cities.
The com_pany, in a circular, says in substance:
Daley's Inc. was incorp. in 1917 in California. During the past 5 years
it has distributed more than $20,000,000 worth of food products in Southern
California, and added 100 new stores.
The general administrative offices and warehouse are located at 751
Terminal St., on the Wholesale Terminal Market District of Los Angeles.
Goods are received here from all over the world and distributed by motor
truck to various store units. In the same building the company owns a
bakeshop especially designed and equipped with the most modern machinery
for manufacture of bakery products, and certain grocery specialties to supply
its stores. Under the same roof, and controlled by stock ownership, is
conducted a modern wholesale food establishment, selling to the general
retail grocery trade.
-The only real property ownership of the corporation is a
Real Estate.
tract of land of about 45,000 sq. ft., extending from Essex St. to Paloma
St., between 15th and 16th Sts. Los Angeles, and on which,is located the
'
company's garage, salvage yard, fixture storage houses and incinerator.
This property is on the books of the company at its original price, although
it has greatly enhanced in value since purchase.
Capitalization as of Dec. 31 1925Authorized. Outstand'g.
Preferred stock, par value $1
$2,000,000
$201,204
Common stock, par value $1
1.000.000
422,991
has no bonds or mortgage debts outstanding except a small
Company
mortgage. It has no past due current debts. Its income from
discounts alone last year amounted to 2% of its sales.
chase
Dividends -Company has paid dividends at the rate of8% on its preferred
stock without interruption since issuance. Dividends on common stock
in the amount of 87% have been paid since 1921, being an average of 1735%
,
yearly.
-The company's sales and profits after depreciation and
Sales, &c.
taxes for the past five years are as follows:
Profit Before
Deprec. or Profit After Profit After
Sales
Calendar YearsInc. Taxes
Deprec.
Inc. Taxes
$2,939,027
1921
54,200
28.807
25.312
3,053,311
1922
61,059
21,977
19,378
1923
3,938,385
84,193
43,761
37,728
1924
,
91,957
80,766
6,248,358
1925
174,151
128,709
112,211
-Loss of net profits in 1922 was due to the heavy drop in prices
Note.
affecting inventories and excessive depreciation of fixed assets.
Davison Chemical Co.
-Listings.
-Acquisitions.
-
maturity, $500,000 5-year serial 5% equipment trust
certificates series C. (issued under the Philadelphia plan).
-Guaranteed unconditionally, Jointly and severally, as to
Guaranty.
payment of principal and dividends, by endorsement of the Dravo Contractand the Keystone Sand & Supply Co.
MIK Co.
Dated Aug. 11926, due annually from Aug. 1 1927 to Aug. 1 1931. inel.
Denom. $1,000 c*. Red. on 4 week's notice as a whole at 102 and div.
Principal and div. warrants payable (A. & F.) at the office of the trustee.
without deduction for the normal Federal income tax up to 2%-free of
the Pennsylvania 4 mill tax. Bank of Pittsburgh N. A., Pittsburgh, Pa.,
trustee.
Data From Letter of R. M. Dravo, Vice-President of Company.
-Specifically secured by title to 10 new all-steel barges now
Security.
being built, one new all-steel sand digger now being built, one new all-steel
Dies3I towboat now being built, and one towboat(Victory)costing $193,000,
four all-steel barges now in use. This equipment will have a sound value
In excess of $690.000. The title to the equipment is to be vested in the
trustee and the equipment is to be leased to the Keystone Sand & Supply
Co. at a rental sufficient to pay these certificates and the dividend warrants
and other payments as they come due.
-The balance sheet of the Dravo Contracting Co. and the KeyAssets.
stone Sand & Supply Co. as of May 31 1926 show combined net tangible
assets of $3,996,045, applicable to this issue of )500,000 of certificates.
Earninos.-The average annual earnings of the Dravo Contracting Co.
and the Keystone Sand & Supply Co. for the 5 years ending Dec. 311925.
before depreciation were $782,934 or more than 20 times the dividend
requirements and approximately 3 times the maximum annual maturing
principal and dividend requirements on all funded indebtedness including
this issue of certificates.
-Company or predecessor companies, organized
Dravo Contracting Co.
In 1891, has for the past 35 years been engaged in river improvement work,
dredging and the construction of dams, locks, river walls, bridge
including
substructures and wharves as well as concrete buildings and mill foundations
mine shafts and tunnels, and is one of the leading and most successful
companies in this industry. As a desirable adjunct to its business, the
company early began the manufacture of a large part of its equipment.
This department of its business has been steadily expanded and the company is now one of the leading builders of inland water-way,harbor,floating
and terminal equipment. Among its products are lock gates, Dravo
whirlers, derrick boats, concrete mixer boats, lighters and floating cranes.
dredges and sand diggers, steel barges and steam and oil engine towboats,
as well as tanks, pontoons and coal tipples.
Company owns a tract of land of about 60 acres on Neville island in the
Ohio River, about 5 miles from Pittsburgh, on which are located its manufacturing and fabricating plants including completely equipped machine,
forge, boiler, structural and plate shops with boat yards for fitting and
launching bulls.
-Company and predecessors, lessee of this
Keystone Sand t Supply Co.
equipment, has been engaged in the sand and gravel business since 1902
of the largest producers and distributors of these preducts in
and is one
the Pittsburgh district. This company, through ownership of 9 islands
located advantgeously to its principal markets, is assured of an abundant
supply of sand and gravel for many years to come. Upon delivery of the
equipment now being constructed, the company will own 4 sand and gravel
-V.119, p. 2881.
dredges, 53 sand and gravel barges and 3 steel towboats.
-Balance Sheet May 29.Dwight Manufacturing Co.
1925.
1928.
AssetsReal est. dr mach--$3,000,000 83,000.000
2,076,541 2 394.907
Merchandise
Selling agents.......1 543,029 {559,600
72,599
Acets receivable_ - i
915.452
691,926
Cash
843,032
Profit and IOW._- 451,237
Liabiltnes1926.
1925.
Capital stock
$3.000,000 22,400,006
Notes payable_ _ 2,850.000 4,975,000
Other cur. assets
151,692
104,594
Depreen reserve
118,886
46,205
Guaranteed A r•newal reserve
865,681
36,265
Total
26,986,259 $7,562,064
26,986,259 27,562,084
Total
During the year ended May 29 1926, the par value of the capital stock
$100 to $25 per share and 96,000 new shares were issued
Was reduced from
-V. 121, p. 845.
for cash at par.
-Bonds Offered.
-G. L.
Englewood (N. J.) Gardens.
The New York Stock Exchange has authorized the listing of $3,000.000
(being the total authorized issue) of 5
-year 6%% gold
Co., Inc., are offering at 100 and int. $585,000 1st
which are issued and outstanding in the handsdebentures, due Jan. Miller &
1 1931,
of the public. (For
mtge. 7% real estate gold bonds.
offering, see V. 121, p. 3136).
The New York Stock Exchange has also authorized the listing of 75,000
Dated May 15 1926; due 1928-'36. Principal and interest payable(M.&
shares of common stock without par value, on official
additional
notice of N.) at any office of G. L. Miller & Co., Inc., or at the Guaranty Trust Co.,
issuance in exchange for shares of stock of the fertilizer distributing com- 140 Broadway. N. Y. City. Callable in the inverse of their numerical
panies named below, making the total amount applied for 310,000 shares. order at 102 and int, on any interest payment date on 90 days' prior written
The directors on April 30 1926, May 28 1926, and July 6 1926 authorized notice. Normal Federal income tax refunded or paid up to 4%. Various
°
the issuance of not exceeding 75.000 shares of Common stock as follows: State or District taxes refunded. Denom. $1,000, 6500, $100.c* Bollix
Not exceeding 83 shares of stock for each 16 shares of stock of the Eastern J. Francis, trustee.
Cotton Oil Co., valued at $166 per share; not exceeding 25 shares of stock
-When completed, will contain 5 stories and basement comBuilding.
for each 8 shares of stock of the Meadows Fertilizer Co., valued at $100 posed of 4 units separated by fire walls, each unit having separate entrance
per share; not exceeding 33 shares of stock for each 32 shares of stock of and elevator service.
the Alliance Fertilizer Co., valued at $33 per share; and not exceeding
Englewood Gardens is being erected on a plot facing approximately 216
110 shares of the stock for each 32 shares of the stock of the Miller Fertilizer ft. on Palisade Ave. with a depth of approximately 244 ft., between Grand
-V.123, p. 90.
Co., valued at $110 per share.
Ave. and Dwight Place, Engleweed, N.J. The plans call for approximately
96 apartments with a total of 337 rooms.
De Beers Consolidated Mines, Ltd.
secarity.-Secured by a direct closed first mortgage on land and building
-Dividend.
,
A dividend of $1 70 per share has been declared on the Central Union appraised at $990.000, and a first claim in idffect on net annual earnings
Trust Co. certificates ".American shares,' payable July 17 to holders of appraised at 6100.500.
record July 16.-V. 122, p. 3459.
Mortgagor.-Eneewood Building Corp., 220 Broadway, N. Y. City:
President, Frank E. Stripe; Vice-President, W. Stanley Billington; Secre-Sales.-Dominion Stores Ltd.
tary, W. Ward Smith, Jr.; Treasurer, Fred B. Sullivan.
Increased 1926-6 Mos.-1925.
-June
1926
-1925.
-Interest and principal unconditionally guaranteed by the
Guarantee.
Increase.
$903.147
$268,020 I$7,062.690 $5,512,804
$1,171,167
G. L, Miller Bond & Mortgage Guarantee Corp., a separate but allied
$1,549,85
The company announced that it now has 411 stores in operation
company organized under and subject to the Insurance Law of the State
29
-V. 122, p. 3610.
having been acquired during the year.
of New York. The guarantee is optional with the investor. With the
guarantee the bonds yield 6 %; without the guarantee their yield is 7%•
Dorries Hotel Co. (The
Tivoli Hotel), Biloxi, Miss.
-
-The Mississippi Mortgage & Bond Co.,
Bonds Offered.
Gulfport, Miss., Canal Bank & Trust Co., Watson, Williams
& Co., Sutherlin, Barry & Co., Inc., and Eustis & Jones,
New Orleans, La., are offering at 100 and int. $225,000 1st
(closed) mtge. 7% serial gold bonds.
-Sales.First National Stores Inc.
-1925.
1926-6 Mos.-1925.
Period Ended July 3- 1926L5 Weeks
$5,475,916 $4,938,621 $28.985,587 $26,167,376
Sales
-V. 122, p. 3348.
-Earnings.
-Fox Film Corporation.
Period End. June 26- 1926-3 Mos.-1925. 1926-26 W1s.-1925.
$3,494,708 $2.783,248 $7,212,262 $5,746.768
Gross earnings
Dated July 11926; due 1928-36. Denom. $1,000 and $500
($500 bonds -V. 122, p. 3091.
in 1935 maturity only). Prin. and int. (J. & J.) payable at the First
National Bank of Biloxi, trustee, or at the Canal Bank & Trust Co.,
Franklin Arms, Bloomfield, N. J.
New Or-Bonds Offered.
leans, La. Red., all or part in the inverse of numerical order
on any int.
date on 60 days' notice at 103 and int.
G. L. Miller & Co., Inc., are offering at prices to yield from
Security.
-These bonds, a direct obligation of the Dorries
Hotel Co., will 6.43% to 7%, according to maturity, $215,000 1st mtge.
be secured by a closed 1st mtge. on the entire property, including land
buildings, furniture, equipment, &c., valued as
follows: Hotel building' 7% real estate gold bonds.
$400,000; furniture and equipment, $50,000; land, $69,000; total
Dated May 15 1926; due 1928-36. Principal and interest (M. & N.)
property'
,
value, $519,000.
payable at any office of G. L. Miller & Co., Inc., or at the Guaranty Trust
Property.
-The property has a beach frontage of 230 ft. on East
Beach Co., 140 Broadway, N.Y. City. Callable in the inverse of their numerical
Boulevar ,just west of Kuhn St., by a depth of 450 ft. This hotel
will be order at 102 and interest on any interest payment date upon 90 days' prior
of reinforced concrete construction comprising 64 guest rooms, each with written notice. Normal Federal income tax refunded or paid up to 4%•
-room complete apartments with bath, and 8 large
bath. 16 2
complete Various State or District taxes refunded. Denom. $1,000, $500, $100c*.
-room apartments with bath.
3
Rollin J. Francis, trustee.
Capitalization.
-These bonds are followed by an authorized
-Secured by a direct closed first mortgage on land and building
Security.
issue of
$200,000 capital stock fully paid in and outstanding and a surplus of
$100,- appraised at $329.300, and a first claim in effect on net annual earnings
000. each $100 of stock having been sold for $150.
appraised at $36,750.
-Payment of principal and interest charges is
Endorsement.
-Principal and interest unconditionally guaranteed by the
Guarantee.
personally
guaranteed by Louis Braun and Carl Dorries, large owners of the
capital G. L. Miller Bond & Mortgage Guarantee Corp.
stock and other holdings.
-Will be 4-story apartment structure of approximately 139
Building.
Estimated Earnings.
-It is estimated that earnings per year, based
rooms, divided into 49 apartments of 2, 3 and 4 rooms with baths and
9 months' operation, allowing 15% for vacancies during this period,on kitchens or kitchenettes. Will be erected on a plot fronting approximately
is
$77,760 net.
180 ft. on Franklin St. and 122 ft. on Berkeley Pl., Bloomfield, N. J.
-The mortgage provides that beginning July 1
Sinking Fund.
-Bonds will be the direct obligation of Franklin Arms, Inc.:
Mortgagor.
1927 a
monthly payment of 1-12th annual interest and principal requirements for James Haines. Pres.; Julius Haines, Vice-Pres., & Treas.; John Haines,
the next succeeding 12 calendar months will be made to the trustee as a Sec'y.
sinking fund for the payment of the bonds and interest coupons. Interest
requirements prior to July 1 1927 are to be cared for by similar sinking fund
General Electric Co.
-To Report Earnings Quarterly
payments.
Change in Dividend Date-Orders Received.
-Equip. Trusts Sold.
Dravo Contracting Co.
The company will report earnings quarterly to its stockholders, President
-The Bank
Gerard Swope has announced. The announcement, made in the letter
of Pittsburgh have sold at from 97.84 and div. to 100.48 accompanying the report for the quarter ended June 30, reads as follows:
332
THE CHRONICLE
"With the object of keeping stockholders informed, quarterly statements
of orders received have been sent with dividend checks for several years.
For a long time the officers have been developing plansfor reporting earnings
quarterly to stockholders. A statement of the earnings for the half
-year
ended June 30 1926, which could not be prepared in time to send herewith,
will be published before the end of this month. To carry out the plan of
sending quarterly statements to each stockholder with the dividends, it will
be necessary to change the dividend date from the 15th to about the 25th
of the month, and the next quarterly dividend will accordingly be payable
on or about Oct. 25 1926, and will be accompanied by a statement of orders
received and earnings for the first nine months of this year."
Orders Received for Quarter and Six Months Ended June 30.
Period End. June 30- 1926.
I
1923.
1924
.
1925.
3 months
$78,972,062 $66,468,992 $71,219,984 $84,249,710
6 months
165,405,720 150,315,228 144,707,887 164,263.755
In the first six months there have been 152 working days, including
Saturdays, showing orders received thus far this year have been at a rate
of better than $1,000,000 per day.
-V. 123, p. 212.
General Motors Corp.
-June Sales.
-
In June General Motors dealers sold at retail 117,176 cars and trucks
compared with 75.864 in June. 1925 and 65.224 in June, 1924.
The company has issued the following announcement:
"Retail sales of motor cars by dealers throughout the United States as
well as in every country of the world follow a seasonal variation. The
smallest aggregate sales take place in November. December and January
and the largest in March. April and May. For this reason June retail sales
of General Motors cars and trucks show a decline over April and May, but
allowing for the seasonal variation'the trend of these months is being fully
maintained.
"In the 6 months ended June 30 the total retail sales of General Motors
cars by dealers was 620.190. compared with 396.360 in the first 6 months of
1925. an increase of 56%. Sales to dealers by the manufacturing divisions I
of General Motors in the first 6 months of this year totaled 636,087, compared with 389,209 in 1925, an increase of 63%•
-Dealers Sales to Users- -Divisions Sales to Dealers
1924. I
1925.
1926.
1926.
1925.
9124.
January
53.698 25.593 33,574 76.332 30,642 61,398 I
February
64,971 39,579 50.007 91,313 49,146 78,668
March
106,051 70,594 57,205 113,341 75,527 75,484
April
136,643 97,242 89,583 122,742 85,583 58,600
May
141,651 87,488 84.715 120,979 77,223 45,965
June
117,176 75,864 65,224 111.380 71,088 32.984
Total 5 months__ 620,190 396,360 380.308 636,087 389,209 353.099
"These figufes include passenger cars and trucks sold in the United States,
Dominion of Canada and overseas by the Chevrolet, Pontiac, Oldsmobile,
Oakland. Buick and Cadillac manufacturing divisions of General Motors."
-V. 123, p. 91.
Gerst Brothers Packing Co., St. Louis, Mo.-Bonds
Offered. Waldheim-Platt & Co., Inc., St. Louis are Offering
% serial
at 100 and int. $200,000 1st (closed) mtge.
gold bonds.
Dated Juno 23 1926; due serially, Jan. 1 1928-37. Interest payable
(J. & .1.) at Boatmen's National Bank, trustee. Federal normal income tax
not in excess of 2% assumed by company. Denom.$1,000, 3500 and $100.
Red. at a premium of
of 1% per annum from date of redemption to date
of maturity.
Security.
-These bonds are a direct obligation of the company,founded
more than 50 years ago. Secured by first closed mortgage on all real estate,
plant and equipment of the company. The land comprises approximately
59,000 square feet in the north central part of St. Louis, on l'rairie Ave.,
Lucky St. and Cote Brilliante Ave. Improvements consist of a modern
packing plant now under construction, to be completed about Jan. 1 1927.
Assets.
-Total fixed assets, land, buildings and equipment have a value
of $414,000;in addition, net quick assets amount to $157.000. TlilssecuritY
represents $2,850 for each $1,000 of bonded indebtedness. Capitalization.
-This issue is foilo ed by an authorized amount of $100,000 of 7% pref. stock, on which diva. are being paid regularly. $150,000 of
class "A"common stock, and 5,000 shares of class"B"common stock.
Earnings.
-Vv Ith the completion of the new plant, it is estimated net
earnings will be equal to 5 times interest requirements.
Gillette Safety Razor Co.
-Extra Dividend of 25c.
The directors have declared an extra dividend
25c. per share in addition to the regular quarterly dividend of 75c. perof
share on the outstanding
2,000,000 shares of capital stock, no par value, payable Sept. 1 to holders
of record Aug. 2. Like amounts were paid Sept. 1 and Dec. 1 1925 and
March 1 and June 1 1926.
1924.
Eatnings-6 months ended June 30- 1926.
1925.
Net inc. after res. for taxes, &c
$6,093,674 $5,738,965 $5,037,973
-V. 122. p. 2660.
[VOL. 123.
Federal income tax. Depositary and transfer agent, Central National
Bank, Oakland, Calif.
Capitalization (After Financing)Authorized. Outstand'g.
Preferred stock
• $500,000
$500,000
Common stock
200,000
250,000
Earnings, &c.
-After deducting all charges, the company earned on the
outstanding common stock an average of 21% over a period of 8 years, and
an average of 24% for the last 4 years. In addition it is earning on the
present outstanding preferred issue over 246 times the necessary dividend
requirements. The business has shown a steady and constant growth and
a substantial increase in sales volume for each of the 23 years it has been
in existence.
Plant.
-In 1918 the plant was moved to its present site at 26th Ave. and
East 12th St., Oakland, Calif., and since then additional purchases ofadjoining property have brought the area of the plant up to nearly 4 acres. The
product of this plant is the well-known line of over 70 models of "spark"
wood, coal, gas and combination ranges.
Purpose.
-For expansion of the company's business, &c.
Directors are: George Hammer, Pres.,• F. A. Gercich, V.-Pres.& Supt.;
W. A. DeWitt, See.-Treas.; W. F. Cordes. and 8. E. Biddle
Hartman Corp., Chicago.
-New Issue of Class A Stock
Created-To Pay Dividends in Future in Stock Instead of in
Cash.
The stockholders on July 15 ratified the proposed change in capitalization
by which existing shares of common stock are to be exchanged for an equal
number of class B shares without par value, while there is created a new
class A stock, without par value, intended to be used for the payment of
dividends in the near future. The new class A stock is to bear accumulative
preferential dividends at the rate of $2 per share per annum and to be
redeemable at $30 per share.
It is the intention of the directors presently to declare one year's dividends
in advance on the present common stock in the proportion of one share of
class A stock for every 10 shares of common stock owned. This dividend
to be payable quarterly on regular dividend dates. It is likewise intended
to declare in advance the first year's dividend of $2 per share in cash on the
new class A stock.
The company's bankers have concluded arrangements whereby without
cost to the stockholders desiring to sell their new class A stock,they only have
a market for the shares until an open market is established. The present
bid price for the class A stock on a "when, as and if issued" basis being $26.
per share. It is proposed to apply for the listing of the new class A stock
on the New York stock exchange. See also V. 122, p. 3460.
Hathaway Baking Co., Boston.
-Stock Inc.-Acguis.-
The company has increased its stock by 2,000 shares of class A preferred
stock, no par value, and 8.000 shares of common stock, of no par value.
Of this additional stock 1,310 shares of class A preference and the same
number of common shares are issued in exchange for capital stock of the
Dube Quality Bakery, Inc.. on the basis of one share each ofclass A preference and common for each $100 of tangible assets of the Dube company.
The remaining shares of common are offered to common stockholders
at 116 a share in the ratio of one new share for each 20 held. Rights expire
Aug. 1. Additional right of subscribers to the common stock is offered to
underwrite at $5 50 a share all unsubscribed stock of this issue, which will
be divided proportionately between such underwriters.
-See also V. 122,
P. 1925.
Hayes Wheel Co.
-Suit Dismissed.
-
Justin R. Whiting, attorney for the company says: "In a suit by Kelsey
Wheel Co. against Hayes Wheel Co_,. the District Court of Detroit nearly
two years ago held that the Hayes Wheel Co. infringed a Michelin patent
covering a spring clamp by which the rim is secured to the felloe. The
fastening means used by the Hayes wheels is the attached lug. The Circuit
Court of Appeals on July 1 reversed the decision of the District Court
and dismissed the suit, holding that the Hayes structure does not infringe
this patent, but uses a different fastening. Over 20,000.000 wheels were
involved."
-y. 122, p. 2509.
Hobbs' Wall & Co.
-Earnings Year Ended Dec.31 1925.
Gross earnings
Int. chges.,$63,691; depin.,$54,884; deprec.,$41,696; total- --Property destroyed and scrapped
$161: 71
210 685
2
5,379
Balance available for Federal income taxes, &c
-V.119, p. 2887.
$46,036
(The) Hotel Gary (Co.), Gary, Ind.
-Bonds Offered.Greenebaum Sons Securities Corp. are offering at prices to
yield from 6.07% to 6.50%, according to maturity, $1,700,000 1st mtge. 63/2% serial gold bonds.
Dated July 1 1926, maturing semi-annually 24.5 to 15 years. Principal
and interest (J.& J.) payable at office of Greenebaum Sons Investment Co.,
Chicago, and collectible at all offices of the company. Denom. $100.
$500 and $1,000 c. Red.all or part on any interest date by giving 60 days
written notice to the trustee at 103 and interest. The borrower agrees to
pay the Federal normal income tax up to 2%, and any State taxes up to
5 mills of principal amount. The trustee provides for monthly deposits
in advance with Greenebaum Sons Bank & Trust Co., to meet interest and
principal payments.
Security.
-Secured by a closed 1st mtge. on valuable land, 160x125 ft.,
owned in fee, and comprising what is considered the most active corner
in the heart of Gary; 9
-story and basement, hotel, apartment, store and
Commercial Club Building of fireproof construction, to contain 354 rooms;
furnishings, equipment and earnings.
-Independent expert appraisal of the property, when comValuation.
We are apprehensive that the management is favorably considering
plan of reorganization that involves the retirement of over $20,000,000 pleted, places the total value at $2,875,000.
Assured Income.
-The structure will
1st mtge. bonds at a premium in excess of $4.000,000, a like amount of de- for 25 years at a net annual rental of be leased to C. G.and C. L.Holden
$198,500 for 5 years, and $173,500
bentures at a premium exceeding $2,000,000 and $15,000.000 prior preferis considerably more than sufficient to meet annual
ence stock at $1,500,000 premium, all of which will entail expenditures for for 20 years, which principal
payments.
reorganization expenses. interest charges and
commissions, discounts, attorney's fees and other
Approval of Project.
-Plans for the new hotel and the method offinancing
The company has in its treasury unissued pref. stock more than sufficient,
Gary Land Co., subsidiary of the United States
at par, to pay the back dividends upon the outstanding pref. stock. A have been approved by theapproval
of the hotel has also been given by
addition to a Steel Corp. Unqualified
statement of Dec. 31 1925 shows a surplus of $30,649.319 In
both the Chamber of Commerce and the Commercial Club of Gary. the
$7.500,000 special reserve for protection against a decline in crude rubber.
-year lease on space in the building.
As we think the company should at all times be in a strong cash position, latter organization having taken a 20
Ownership cri Personal Guarantee.
-The bonds are a direct obligation of
we are of the opinion that its cash should not be depleted for the Payment
of back dividends or for any expenses of new financing, but that the back the Hotel Gary Co., headed by Marcell° Gerometta, a leading contractor
the com- and builder in Gary. In addition, Mr. Gerometta personally guarantees
dividends on the pref. stock should be paid in pref. stock, now in
prompt payment of principal and interest.
pany's treasury.
Goodyear Tire & Rubber Co.
-Proposals for Payment of
Accumulated Dividends.
-The proposed payment of back
dividends has been under discussion by the officials of the
company and the protective committee representing those
stockholders who did not agree to the 1921 reorganization
plan. Thompson, Hines & Flory, counsel for the committee,
has sent a letter to the non-agreeing holders which says
in substance:
Pres. P. W. Litchfield on July 15 issued the following
statement:
The management has had under active consideration for some time the
problem of meeting the back dividend claims of pref. stockholders and is
anxious that some action be taken as soon as a practical solution is found.
The company has received constructive suggestions from stockholders
representatives of the different classes and the recent proposal by some that
payment of back dividends be made in pref. stock 19 but one of a number
of suggestions which have been under consideration.
No conclusion has yet been reached as to the desirability of refunding the
company's senior securities, with consequent readjustment of interest rates
and sinking fund requirements. This problem has an important bearing
on the dividend position of both the pref. and common stocks. A refunding
operation will not be undertaken unless it is clearly in the interest of stockholders as a whole, nor unless approved by the stockholders after due consideration, ample opportunity for which will be afforded.
-V. 122, P• 2660.
Hamburg-American Line.
-To Purchase Three Steamers
from American Ship & Commerce Corp.
See American Ship & Commerce Corp. above.
-V. 122, p. 3217.
Hammer-Bray Co. (Nev.), Oakland, Calif.Stock
-T. R. Jump & Co. and 0. A. Lindstrom & Co.,
Offered.
San Francisco, are offering at $100 per share $250,000 8%
cum. pref. stock (with privilege of subscribing for an equal
number of common shares at $20 per share).
Divs. payable Q-J. Pref. stock is callable at $110 and div. Exempt
from personal property tax in California. Divs. exempt from normal
Houston Oil Co. (of Texas).-Earnings.-Quar. End. June 30--6 Mos. June 301925.
x1926.
1925.
x1926.
Gross earn,from oil, &c_ $1,940,831 $1,013,891 $3,236,414 $1,922,503
Op.& gen.exp.(incl.tax). 1,051,720
773,988
1,775,623
450,178
Net earns, before depr.
and depletion
0889.111
$563,713 01,460,701 $1.148.516
x And Houston Pipe Line Co., Houston, Texas.
y Also before deducting amortization of funded debt discount.
-V. 122,
p. 2329.
International Cement Corp.
-New Financing.
-
The directors have approved the issuance of an offer to the common
stockholders at $50 a share, 62,500 shares of common stock, at the rate
of one share for each eight shares held, to be made pro rata to stockholders
of record July 27. Payment for the shares should be made not later
than Aug. 11 1926 to the Equitable Trust Co.. 37 Wall St. N. Y. City.
Warrants covering the rights will be forwarded to stockholders as soon as
practicable after July 27. This offering has been underwritten and application will be made to list these shares on the New York Stock Exchange.
The proceeds will be used to finance in part an expansion program
completed and to be completed of approximately $5,000,000. Upon
the completion of this program the company will have a potential capacity
of 14,000,000 hbls, carried on its books at an approximate net plant and
property value of $2 30 per barrel.
-V. 122. p. 2956.
International Match Corp.
-To Increase Pref. Stock.
The stockholders will vote Aug. 3 on authorizing the issuance of 450.000
shares of participating preference stock, in addition to the 900.000 shares
now authorized and outstanding, making the total authorized stock of this
class 1,350,000 shares. This, it is announced, will place the corporation
JULY 17 1926.]
THE CHRONICLE
lea position to finance its further and continued growth at any time when
such financing may be needed.
-V. 122. p. 2662.
333
opening of certain circuits in a toll cable provided by the French
Corp.-ntacThe
Government to connect Paris with Strasbourg, capital of Alsace-Lorraine,
was recently announced. In the not distant future it will connect also with
the SwissCabl system. This cable, which is known as the Paris-Nancy-Strasbourg toll cable, was built in France by Societe Anonyme Lignes Telegraphiques et Teleplaoniques at its plant in Conflans. near Paris,
to the International Standard Electric Corp. specifications and according
with the
supervision of that corporation's engineers. The cost of the project to the
French Government, when completed, will be about 89.000,000.
An additional cable is being constructed from Selestat, a city aong the
-Nancy-Strasbourg cable, southward through Mulhouse
route of the Paris
and Colmar to Basle, to connect with the Swiss cable system. Lignes
Telegraphiques et Telephoniques is building the cable and Le
Materiel
Telephoniquo the loading coils and repeaters. Lignes Telegraphiques
Telephoniques, Le Materiel Telephonique and Standard Telephones et
and
Cables, Ltd., are companies affiliated with the International Standard
Electric Corp.
The corporation has also received an order by cable through its associated
Australian company from the Australian Government for a single channel
carrier telephone system. The equipment called for will provide an
additional channel for long distance telephone communication over existing
,
wire lines by means of "carrier" currents higher in frequency
currents. In addition, carrier current equipment furnishedthan speech
by International Standard has just been cut into service by the Postmaster'General's
Department between the cities of Sydney and West Maitland. The equipment not only provides six additional telephone channels over existing
wire lines but aLso makes possible important improvements in the quality
of the telephone transmission between widely separated cities. Thsu, by
connecting the new circuits to existing International Standard type carrier
circuits between Sydney and Melbourne and to ordinary overhead telephone lines between West Maitland and Brisbane, high-grade
transmission may be obtained between Melbourne, the capital oftelephone
and Brisbane. the capital of Queensland, a distance of 1,239 Victoria,
miles.
V. 123, p. 212.
practically all of them being built with electrical refrigeration equipment.
Company also does a large business in wall and display cases and retail
store fixtures, together with several other products advantageously handled
In connection with these principal lines.
A modern manufacturing plant is owned by the company in Chicago.
and a fully equipped office is maintained in New York City. Distributors
of the company's products are located in 61 of the leading cities of the U.S.
Net sales in recent years have been as follows:
Years Ended July 31
10 Mos. End.
1924.
1923.
May 31 1926. 1925.
1922.
1921.
E1-749,184 31,417.751 31.141,695 81,148,038 3924,189 8769.098
-For the 5 years ending July 31 1925 net earnings available for
Earnings.
Interest and Federal taxes, after all charges, incl. depreciation and appropriations to a profit sharing fund, have averaged $119.519 annually; after
Federal taxes the annual average was $108,013. For the 12 months ended
July 31 1925 net earnings before deducting interest and taxes were $137.377.
For the 10 months to May 31 1926 the net earnings were over twice those
for the corresponding period of the previous fiscal year. The maximum
annual interest charge on the company's funded debt, including them
bonds. is $43,770.
Profits on time sales of soda fountains are shown on the books only as
collections are made on deferred payment sales. As of May 311926. these
unrealized profits, less reserves, were carried at $130,331.
-Is largely to fund over a suitable period expenses incurred by
Purpose.
the company in meeting the very large increase in its business. The bonds
-the total
will be retired by deferred payments due the company on sales
deferred payments even at present are more than sufficient to liquidate the
entire issue of these bonds.
-Bonds are direct obligations of the company, and will at all
Security.
times be specifically secured by deposit with the trustee to an amount of
not less than 125% of the outstanding bonds of this issue, of good and
collectible customers' notes, none of which will be for an amount greater
than 75% of the net sale price of the new soda fountain to which it relates.
Each note will be secured by chattel mortgage on such soda fountain; such
notes are to mature principal and interest in equal consecutive monthly
payments over a period of not more than 24 months, and that the notes,
Chattel mortgages and proper insurance coverage will all be assigned to the
trustee, to be held under the conservative provisions of the trust indenture.
While any of these bonds are outstanding the company will at all times
maintain current assets of not less than 200% of current liabilities and net
quick assets of not less than 200% of the outstanding bonds of this issue
and any other obligations of like tenor, if hereafter issued.
Balance Sheet May 31 1926 (After Financing)•
Assds.
$4l6,80" Capital stock
Plant, equipment, die
915,000
108.404 1st mtge. 6% bonds
d,asIi
229,500
Accounts 4: notes receivable_ _ 268,764 Coll. trust 6% bonds
500.000
454,831' Knight trust serial note (due
Inveroorles
1926-30)
contract notes_ _..., 687,376
80,000
Installment
129,711 Accounts Payable
73,340
Accts., secured notes & ads'.
169,046 Accrued comm. et expenses_
143,739
Investments
32,094 Federal Income taxes
3,085
Deferred charges
Res. for profit sharing bonus_
28,379
Reserve for Fed,income taxes_
57,576
$2,267,029 Surplus
1,136,409
Total (each side)
x Incl. estimated taxes on deferred installment contract payments.
V. 123, p. 92.
Interstate Iron & Steel Co.
-4% Back Dividend-To
Refund 8% Bonds.
-Offer Made to Minority StockLago Oil Transport Co.
holders.
-
The directors have declared a dividend of 4% to apply on account
of
accumulated dividends, and the regular quarterly dividend of
the preferred stock, both payable Sept. 1 to holders of record 134% on
Aug.
After payment of the above there will be a total of 5% still due on 20.
preferred. On March 1 last 3% was paid on account of accumulations the
and
on June 1,334% •
The stockholders will vote July 28 on approving an issue of $44,000,000
534% bonds. The proceeds, it is understood, will be used to retire $3,353,400 series A 8% bonds, due 1941.-V. 122, p. 2510.
-V. 122, p. 2956.
See Pan American Petroleum & Transport Co. below.
International Paper Co.
-Construction of the Bitobe Stor-The following announcement was made on July 1:
age Dam.
In conjunction with its hydro-electric plants on the Gatineau River at
Farmers Rapids, Chelsea and Paugan Falls, the company is building a
storage dam at Bitobe, about 116 miles above Chelsea, under the direction
of the Quebec Streams Commission. A reasonable storage reservoir site
requires a dam site where a comparatively short dam will raise the height
of an existing lake or create a lake in a widening valley above and a contributing drainage area sufficient to fill the reservoir capacity to be created.
Surveys of the Gatineau River indicated that such a site existed at Bitobe.
By building a dam across the river at this location a lake will be created
which will have a water surface of 64,000 acres,and which will impound over
82 billion cu. ft. of water. The drainage area above the dam is about 6.200
sq. miles. the run-off from which will be sufficient to fill the proposed lake
during freshet periods. The stored water will be released from the lake
at such a rate as to give a regulated flow of Chelsea offrom 8,000 to 10.000
Cu, ft. per second, depending upon the precipitation in any given period.
About 10,000 tons of cement and other materials for usein the construction
of the dam were taken in over the snow last winter. See also V. 123. p. 212.
International Standard Electric
Intertype Corp.
-New President and Chairman.
-
Neal Dow Becker has been elected President, succeeding H. R.
who has been elected Chairman of the board.
-V. 122, p. 2201. Swartz
Island Creek Coal Co.
-Production.
Month ofBituminous coal (numb of tons)
(number
-V. 122, p. 3461.
jtal
"a:ai
Jewel Tea Co., Inc.
-$2 25 Dividend on Account of
Arrearages on Preferred Stock-New Secretary.
The directors on July 13 dezlared a dividend of 84 a share on
stock, payable July 13 to holder of record Sept. 20. Of the total the pref.
dividend.
$2 25 will be credited to accumulated dividends due on this issue
and
$1 75 will be in the form of a regular quarterly disburF ement.
After
payment of the above, a total of $23 a share in back dividends will
still
be due on the pref. stock. Dividends were resumed on this
April 1 1925 by the payment of a dividend of $4 25 a share; thisissue on
was followed on July 1 by the pay trent of $1 75 a share and by the distribution
of
$4 a share on Oct. 1 1925 and on Jan. 2, April 1 and July 1 last.
W. I. Smith has been elected secretary, effective Aug. 2,succeeding
A.V.
Jannotta.-V. 123, p. 212.
Lancaster Hotel Co. Lincoln, Neb.-Bonds Offered.Real Estate Mortgage Trust Co., Lorenzo E. Anderson &
Co. and Taussig, Day, Fairbank & Co., Inc., St. Louis,
are offering at prices to yield 534.% to 6%, according to
maturity, $800,000 1st mtge. serial 6% real estate gold
bonds (secured by Hotel Cornhusker, Lincoln, Neb.).
Dated Aug. 1 1925; due serially Aug. 1 1928-1935. Denom. 31,000.
$500 and $100. Principal and interest (F. & A.) payable at the Real Estate
Mortgage Trust Co.. St. Louis. trustee. Callable on any interest date on
60 days' notice at 105 and int.if called on or before Aug. 1 1928: and at 103
and int. if called after Aug. 1 1928, and on or before Aug. 1 1931; and at
102 and int. if called thereafter.
--Secured by a closed first mortgage on the land owned in fee,
Security.
and the recently constructed 10-story hotel building, known as Hotel
Cornhusker, located at the southwest corner of 13th and M Sts., Lincoln.
Neb. Included in the security are all of the hotel furnishings and equipment.
-The building and ground, exclusive of cost of financing, have
Valuation.
been appraised at $1.611.178.
-The following estimate of income, based on 75% occupancy,
Income.
h been made by Harry L. Weaver, Pres, of the Lancaster Hotel Co. and
Manager of the Hotel Cornhusker:
as
$271,240
Gross annual income (Including rent from stores)
Operating expenses (Including taxes)
124,850
Net annual income
$146,390
-Control.
Larabee Flour Mills Co.
-V. 122, p. 1619.
See Commander Larabee Corp. above.
Jewelers Building of Chicago.
-Lease.
-
Law 8c Finance Building, Pittsburgh.
-Bonds Offered.
-The F. H. Smith Co. is offering at 100 and int. $1,500,000
1st mtge. 63/2% coupon gold bonds.
Jordan Motor Car Co.
-Earnings.
-
Dated Juno 15 1926; maturities 2 to 10 years. Denom. $5,000. 31.000.
-year maturities only)c*. Callable
$500 and $100 MOO bonds in 3,5 and 10
at 102 and int. on any interest date during first 3 years, thereafter at 101
and int. Principal and int. (J. & D.) payable at the office of the F. H.
Smith Co., Washington. D. C. Provision for tax refund in any State or
siw
bia.
i
District % Columbia.
istript of
is rocer f
68.82 ft. on Fourth Ave. and 110 ft. on Cherry
Way, Pittsburgh, a total of approximately 7,570 sq. ft. The building Is
designed to contain 21 stories and basement
-a modern, steel-framed
structure.
Securtly.-Bonds are to be secured by a first mortgage on the land and
building. In addition, the mortgage will constitute in effect a first lien on
.
valua lngs -Tthe
the earntion of he
var°atan of the property is appraised at approximately
p1uPe y.
The Riverside Plaza Corp., owners of the Jewelers Building, of Chicago,
has leased 6 floors in the building to the l'uro Oil Co.for its
executive offices
for a term of years, possession to be taken on Sept. 1 1
926.-V:121, p.2529.
PeriodSales
Cost and expenses
Operating profit
Other income
Total income
Depreciation and other charges
Profit before Federal taxes
--V. 122, p. 2339.
Quarter Ended
June 30 26. Mar.31 26. 6 Mos,End.
83,567,471 $4,629,109 June 30 26.
$8,196.580
3,419,215
4,440.467
7,859,682
$148.256
$188,642
$336,898
44.830
56,192
101,022
$193,086
$244.834
$437,920
67,704
98,453
166,157
$125,382
1146.381
3271,763
Keith Car & Mfg. Co., Sagamore, Mass.
-Acquires
Control of Standard Tank Car Co.
See that company below.
(G. R.) Kinney Co., Inc., N. Y. June-Sales.-
-June
-1925.
1926
31,531,098
$1,556,830
-V.122, p. 3481.
Decreased
1926-6 Mos.--1925.
$25,7321$8,497,067
$8,389,547
Increase.
$107.520
Knight Soda Fountain Co.
-Bond Offering.
-In connection with the offering two weeks ago of $500,000
trust 6% serial gold bonds by the Union Trust Co.,collateral
at prices to yield from 43 to 6%, according to Chicago,
4
maturity,
we give the following particulars:
-The borrower is required to create a sinking fund by
$2,3
Sinking Fund.
making monthly deposits of 1-12th of the total amount of interest and
principal due during the current year. These sinking fund payments will
reduce the mortgage from $1,500,000 to 5900,000 before the final maturity.
-The bonds will be the obligation of the Beverly
Owner of Property.
Building Co. of which Emory L. Coblentz, of Maryland. Is President.
Lincoln Hotel Properties, N. Y. City.
-Bonds Offered.
S. W. Straus & Co., Inc. are offering at 100 and int. $7,500,000 1st mtge. fee 6%q
sinking fund gold bonds.
Dated July 1 1926, maturing July 1 1941. Interest payable J. & J.
Denom. 51,000. 3500 and $100. Callable, except for the sinking fund, at
103 and int. on or before July 11931; at 10254 and int. after July 1 1931
and on or before July 1 1936; at 102 and int. after July 1 1936 and before
July 11941. Federal income tax up to 2% paid by the borrowing corporation. Conn., Penna., Vermont 4 mills tax. Maryland 4 mills tax, Dist.
of Columbia, Kentucky 5 mills tax, Virginia 554 mills tax, Mass. State
Dated July 11926;due serially 6 months to 5 years. Int.
payable (J.& J. Income tax not exceeding 6% of the interest per annum and New Hampshire
at Union Trust Co., Chicago, trustee, without deduction for
income tax up to 2%. Red. on any int. date at pest* and int. normal Federal State tax not exceeding 3% of the interest per annum refunded.
Property.
27-story Lincoln Hotel, containing 1,402 rooms, and also
and a
of 34 of 1% for each year or fraction thereof of unexpired term. premium 3 theatres,-The
to be erected at once, with the 4 plots of land in fee thereunder,
Red. in
reverse order of maturity if all bonds maturing within one year
from date occupying the entire block front on the east side of Eighth Avenue, between
of redemption have already been retired. Denom. 91,000 e5 in
all ma- 44th and 45th Sts., N. Y. City, comprising 49,000 sq. ft. The Lincoln
turities; $500 denom. in the July 1 1931 maturity.
Hotel will be a moderate priced hostelry catering to commercial travelers,
Data from Letter of President J. S. Knight, June
and will be operated en a more moderate price basis than other similar
28.
hoEtealrsnlinngNs
Company -Business established in 1907. Is one of the country's
leading
manufacturers of soda fountains, which they distribute
e-Net annual rental earnings frcm the
throughout the lease, now under negotiation, at a net annual rental hotel (from a 21-year
entire United States-shipments having been made to 45 States in
of 5800,000), and the
the last
10 months. These fountains are of the most modern and attractive type, theatres (leased to the Chanin Theatres Corp. for 21 years at an annual
net rental of $250,000), are figured at $1,050,000, more than twice the
334
THE CHRONICLE
greatest annual interest charge and over $300,000 in excess of the greatest
sinking fund and interest requirements.
Ownership.—The bonds are the direct obligation of the Theatre Zone
Realty Co., Inc., owned and controlled by the Chanin interests, which also
own and control the Chanin Theatre and the Chanin Construction Co.
[Vol,. 123.
The Commercial Credit Co. agrees to promptly liquidate the Mortgage
& Acceptance Corp. and further agrees that if the liquidation netsin excess
of $2,000,000, it will pay an amount equal to all monies which it may
receive in liquidation of the preferred stock which it purchases, in excess
of $40 per share thereof, pro rata to the holders of common stock of Mortgage
& Acceptance Corp. who become parties to the agreement of sale by deposit
of their stock each such holder of common stock of Mortgage & Acceptance
Corp. to have the right in lieu of taking cash, if any shall be payable to him,
to take common stock of the Commercial Credit Co. at $30 a share, provided
that he elected when depositing his stock whether he delsres cash or stock
if either be payable to him.—V. 122, p. 3351.
Loew's Midland Theatre & Office Buildings (Midland
Investment Co.), Kansas City, Mo.—Bonds Offered.—S.
W. Straus & Co., Inc., are offering at prices to yield from
5.80% to 6.15%, according to maturity, $2,500,000 1st
mtge. 6% fee and leasehold serial gold bonds (safeguarded
Motor Wheel Corp.—Enjoined Against Manufacture and
under Straus plan).
Sale of Marc Wheels,—
Dated May 15 1926; due 1929-41. Interest payable M. & N. 15.
Denom. $1.000, $500 and $100c*. Callable on any interest payment date
at 102 and int. on or before May 15 1936 and at 101 thereafter. California
4 mills, Colorado 5 mills, Iowa 6 mills, Kansas 2M mills, Kentucky 5 mills,
and Minnesota 3 mills personal property taxes refunded. 2% Federal
income tax paid by borrower. Bonds and coupons payable at offices of
S. W. Straus & Co. and Fidelity National Bank & Trust Co. of Kansas
City, Mo.
Security.—Secured by a direct cicsed first mortgage on a 12-stor7 store
and office building to
constructed on the northeast corner of 13th St.
and Baltimore Ave.. a 5 story store and loft building to be constructed on
the northwest corner of Main and 13th Sts., a theatre in the rear thereof
with not less than 3,500 seats, together with furniture, furnishings and
equipment to be installed therein, to be constructed with an entrance
through the 5 story building on Main St. The land is irregular in shape,
that owned in fee fronting approximately 161 ft. on Baltimore Ave. and
approximately 116 ft. on 13th St., and that held in leasehold being approximately 121 ft. on Main St. by 137 ft. on 13th St.
Lease, &c.—The theatre portion of this building will be leased to the
Midland Operating Co., of which Marcus Loew is President. for $200,000
a year over a period of 20 years. The rentals from the shops have been
conservatively estimated at $80,200 and from the office space and loft
space at $113,366 after liberal deductions and allowances for operating
expenses, ground rent and vacancies. The total net earnirgs are esthrated
at $313,366 which is considerably more than double the maximum annual
interest charges and $104,266 in excess of the greatest combined principal
and interest requirements.
Borrowing Corporation.—Bonds are a direct obligation of the Midland
Investment Co., the stock of which is equally owned by Loew's. Inc., and
the Midland Theater & Realty Co.
Valuations.—The land owned in fee, the leasehold estate, building, when
completed, and furnishings to be installed therein have been valued by
appraisers at $3,792,137.
On Juno 21 the Hoffman Disc Wheel Patent, No. 1,353,161 was held
valid and infringed by the Tuarc Disc 'Wheel manufactured and sold by
the Motor 'Wheel Corp. of Lansing, Mich. Judge Arthur J. Tuttle of the
Federal Court at Detroit. Mich., rendered the decision.
The Hoffman Patent relates to the reinforcement of the main disc through
supplemental discs arranged adjacent to the hub. This permits the use of
plates of uniform thickness instead of the more expensive tapered disc
construction. The Tuarc Wheels which infringe this patent are well known
throughout the trade and have been extensively used on such cars as Hudson,
Essex, Roo, Oldsmobile, Oakland, Buick, Rickenbacker, Packard, Paige,
&c.—V. 122, p. 2808.
Munyon Remedy Co., Scranton, Pa.—New Financing.
An additional block of 50,000 shares of capital stock, no par value, will
be offered in the near future, Pres. Clarence P. Wynne announced recently.
Net profit for 1925 was $45,396 after all charges, except interest. After
interest of $10,157, net.
profit amounted to $35,238. Earnings for the first
quarter this year were $14,947.
The Munyon Remedy Co. was incorporated on Feb. 15 1892 in Pennsylvania, with an authorized capitalization of $25,000. In 1909 it absorbed
the Munyon Witch Hazel Co. of Pa., which also had a capitalization of
$25,000, and the total capitalization was then made $82,500.
In July 1925 the stockholders voted to change the name from Munyon's
Homoeopathic Home Remedy Co. which was the style originally used, to
the Munyon Remedy Co., and changed the capital so as to authorize
120,000 shares of common stock of no par value. Of this amount 40,000
shares have been issued and outstanding. Quarterly dividends are now
being paid at the rate of 15c. per share and the first dividend was mailed
July 15 to holders of record July 1.
Murray Body Corp.—Reorganization Plan.—A plan and
agreement of reorganization dated June 15 1926 has been
adopted by the committee -(below) and is now submitted
Mercantile Mortgage Co.—Bonds Offered.—Mercantile to the creditors and stockholders of the corporation. The
Securities Co. of California, San Francisco, is offering at plan has already been approved by all of the bank creditors,
99 and in $1,000,000 coll. trust mtge. 532% gold bonds. by the committee representing merchandise creditors, by
Dated June! 1926: due June 1 1941. Int. payable (J. & D.)at the Mercantile Trust Co. of California, San Francisco, without deduction for any tile holders of substantial amounts of the preferred and
normal Federal income tax up to 2%. Denom. $1.000. $500 and $100 c* common stock of the corporation, by Hupp Motor Car Corp.
Callable on any interest date on 30 days' notice, all or part, at 102 for and by Shelden & Sons, a
Michigan corporation. The rethe first 5 years, 101 for the next 5 years and thereafter at par. Exempt
organization committee says:
from California personal property tax.
Company.—Incorp. in California for the purpose of making conservative
jet mtge. loans on improved urban real estate. Its operations will be
almost wholly confined to the metropolitan bay area and the preponderance
of its loans will be made upon home properties located in the byetter residential districts.
Security.—Bonds are direct obligations of the company and are secured
by deposit with the trustee of first trust deeds on improved residential or
business properties. All loans will be limited toan amount not to exceed
60% of the appraised value of the mortgaged properties, and the unpaid
principal of the trust funds deposited as collateral for these bonds shall at
all times be at least equal to 110% of the amount of bonds outstanding.
Loans will be made on either a combination flat and amortization basis or
on a wholly amortization basis, providing either for monthly payment of
interest for a portion of the loan period and for monthly payments of both
principal and interest for the balance of the period,or providing for monthly
payments consisting of both principal and interest for the whole of said
period.—V. 122, p. 3220.
Mexican Eagle Oil Co., Ltd.—Annual Report.—
(In Mexican gold pesos, par value 2414d. sterling or 49.75c. in U. S. gold.]
1922.
Calendar Years—
1923.
1924.
1925.
Gross income
$23,000,503 $20,121,776 $19,598,395 $26,815,709
2.440.517
7% pref. div
4.093,687
3.739,620
3,836.470
(8) 680.000
Partic. pref. divs
(8)9,666.209
Ordinary dividends
Net income
Previous surplus
819.260,883 $16,285.306 $15.504.707 $14.028.983
1,682,130
310,196
5,141,392 4,632,560
Total surplus
Field redemption
Depree. reserve
Legal res. acct
General res
Provident fund
Pref. issue exp
$19,571.079 821,426,698 $20,137,267 $15,711,113
9,002.698 8,099,029 7,604,970 1.525,493
9,966,926 7,806,670 7,148,667 5,313,193
828,271
242,237
201,544
210,803
5,000.000
500.000
2,911,595
Total p. &I.surplus
—V.121 p. 2530.
$399,911
$310,196 $5,141,392 $4,632,560
Midvale Co.—Stockholders' Protective Committee.—
Steps looking toward the formation of a permanent committee to Protect
the interests of minority stockholders in the Midvale Co. were taken by a
small group of stockholders on July 7. About 12.500 shares of the 70.000
outstanding not held by the Baldwin Locomotive Works were represented
at the meeting, which was held in the offices of Ehrich, Wheeler & Walter,
67 Wall St.. N. Y. City.
A permanent committee, composed of Julius Stern, of 30 Broad St., and
William Rosenblatt. of 165 Broadway, N. Y. City, together with not more
than 5 others they may decide to add, was authorized. The committee
was instructed to continue investigations already started and report progress
to the minority group before asking for deposits.
S. M. Vauclain, President of the Baldwin Locomotive Works, on June
1 last announced that the company had acquired majority control of the
Midvale Co. (See Baldwin Locomotive 'Works in V. 122, p. 3213.)—
V. 122, p. 2807.
Moore Drop Forging Co.—Tenders.—
Tenders for the sale of class A shares at a price not exceeding $75 Per
share and to an amount sufficient to exhaust $52,933, will be received en
or before July 21, at the Bankers Trust Co., 16 Wall St., N. Y • City,
and at the First National Bank of Boston, 67 Milk St., Boston.—V. 122,
p. 621.
Mortgage & Acceptance Corp.—Offer to Stockholders.—
An offer was recently received from the Commercial Credit Co. by the
terms of which the latter agreed to take over all of the preferred and common
stock of the Mortgage & Acceptance Corp. offered to it before July 10,
provided that before that time there was offered to it 67% of such preferred
stock and 67% of the common stock of the corporation.
The agreement provided that for every 7 shares of 1st pref. stock of
Mortgage & Acceptance Corp., the Commercial Credit Co. would give 2
shares of its 6.i% 1st pref. stock, par $100 per share, and 3 shares of its
common stock without par value, with right to Commercial Credit Co. in
1st pref. stock, to pay an amount of cash
lieu of delivering shares of 6
equal to the par value thereof, plus the accrued dividend thereon, plus the
then market value of the warrant appurtenant thereto, or to pay in Part
in swy, pref. stock and In part in cash as aforesaid.
The 6%% 1st pref. stock of Commercial Credit Co. carries a warrant
entitling the holder of each 2 shares of 634% 1st pref. stock to buy 1 share
of Commercial Credit Co. common stock at $40, $45, $50. $55 and $60 per
share, if purchased during the years 1926, 1927, 1928, 1929 or 1930. respectively. For fractional shares to which any holder of•Ist pref. stock of
Mortgage & Acceptance Corp. were entitled, non-dividend bearing fractional
warrants, with fractional warrant to purchase common stock, have been
issued, convertible into full shares, which will carry the warrant aforesaid.
The plan provides for the formation of a new company which will acquire
the assets of the existing corporation and of its receiver. The new company is to have one class of stock, of which it is expected that not more than
approximately 290,000 shares without par value presently will be issued.
Such new stock, together with a part of the cash to be derived from depositing stockholders who make the optional cash payments provided for in tho
plan (or from the syndicate which is underwriting the making of such payments), is to be used for the exchange of the existing bank, merchandise
and other current indebtedness, the existing preferred and common stock,
the net indebtedness to Hupp Motor Car Corp. and the indebtedness held
by Sheldon & Sons. The balance of the cash so provided and not required
for such exchange will be available to meet the expenses of the plan and for
working capital of the new company. The existing bond indebtedness is
not to be disturbed, but It Is to be assumed by the ntw company, and tho
defaults, if any, in the sinking fund provisions of the mortgage securing
the same, are to be cured.
The new company will thus begin its operations with a simple capital
structure consisting only of the present bond issue (of which $3,750,000 of
bonds, it is estimated, will be outstanding) and of the new issue of stock.
It will have the net current assets to be turned over by the receiver in addition to the net balance of cash which will be derived from the reorganization
There will have been eliminated from the consolidated balance sheet of tho
existing company and its subsidiaries in excess of $5.500.000 of indebtedness, $2,500,000 of 8% cum. pref. stock and the existing common stock.
The committee has arranged with Wm.Robt. Wilson, President of Guardian Trust Co. of Detroit (which trust company as receiver Is now operating
the properties of the corporation), to continue in active supervision of the
business of the new company as Chairman of its board of directors for a
term of at least 2 years, with the responsibility of securing such executive
personnel, satisfactory to the board of directors, as may be required by the
new company for efficient operation.
Reorganization Committee.—J.Horace Harding, Chairman:Christopher F.
Coda. Henry W. Farnum, Henry H. Sanger and Casimir I. Stralem, with .
Alfred A. Cook and Lord, Day & Lord,as Counsel,and John F. Russell Jr.,
Secretary,7 Wall St., N.Y.City.
Treatment of Existing Indebtedness and Stock.
The holders of the existing indebtedness and stock of the old company,
and of the Sheldon Note of J. W. Murray Mfg. Co., are, upon becoming
parties to the plan, to be entitled to the following privileges thereunder:
Bonds.—The obligations of the 1st mtge. 634% 10
-year gold bonds and
the first mortgage securing the same, are to be assumed by the new company, and such bonds are not to be disturbed. The sinking fund payments, if any, due and unpaid under the 1st mtge. are to be paid.
Bank Indebtedness.—The holders of bank indebtedness are to receive payment of 25% of their claims in cash and 75% in common stock of the
new company,to be taken at $45 per share.
Merchandise and Other Current Indebtedness.—The holders of the merchandise and other current indebtedness (except bank indebtedness), as
finally proved and allowed in the receivership suit, are to receive payment
of 25% of their claims in cash and 75% in common stock of the new company to be taken at $45 per share, except that holders of claims of less
than $1,000 may at their option receive in full for their claims 80% of the
face value thereof in cash.
Land Contract.—The land contract (8180,000) is to be assumed by the
new company.
Indebtedness for Stock of H. and M. Body Corp.
-257 of the net amount
0
of this indebtedness (estimated to be 81.000,000) is to be paid in cash and
the balance Is to be exchanged for common stock of the new company to be
taken at $45 per share.
Shelden Note of J. W. Murray Mfg. Co.
-25% of this Indebtedness
($500.000) is to be paid in cash and the balance in common stock of the
new company at $45 per share.
Preferred Stock.—Holders of existing 8% cumul. pref. stock are to have
the option of (1) paying an amount in cash equal to $35 per share for each
share of their old preferred stock and receiving common stock of the new
company at the rate of 2 shares of such new stock for each share of their
old preferred stock; or (2) making no cash payment and receiving common
stock of the new company at the rate of three-fourths share of new stock
for each share of preferred stock.
Common Stock.—Holders of existing common stock are to have the option
of (1) paying an amount in cash equal to $10 per share for each share of
their old stock and receiving common stock of the new company at the
rate of one-half share of such new stock for each share of their old stock;
or (2) making no cash payment and receiving common stock of the new
company at the rate of 1-15th share of new stock for each share of their
old stock.
Underwriting Syndicate.—A syndicate (which may include banking firms
with members who are members of the reorganization committee) of which
Chas. D. Barney & Co. and Hallgarten & Co. are to be managers, has
underwritten the optional cash payments to be made by the stockholders
of the old company.
Depositary.—Guaranty Trust Co., 140 Broadway. New York City.
Participation in Plan.—Holders of the preferred and common stock and
unsecured creditors of the old company, and the holders of the indebtedness
for the stock of H. and M. Body Corp. and of the Shelden note of J. W.
Murray Mfg. Co., may become parties to the plan and entitled to all of the
JULY 171926.]
THE CHRONICLE
335
benefits thereof by depositing with the depositary or any sub-deposit
ary, to provide that the authorized stock shall consist only
on or before Aug.6 1926, or such later date as the reorganizat
of 300,000 shares o
may determine, their notes or other evidences of indebtednes ion committee common stock of no par value.
s, or an assignThe stockholders of record July 12 have been given the right to subscribe
ment of their claims, or their certificates of stock, as
the case may be, on or before Aug. 2 for 100,000 additional
receiving therefor appropriate certificates of deposit.
shares of common stock at $35
per share, on the basis of one new share for each two shares of common
Listing.
-It is contemplated that application will be
on the New York Stock Exchange of the certificates of made for the listing stock held. This offering has been underwritten. Subscriptions will be
deposit representing payable at the office of the company, 165 Broadway,
common stock.
-V. 122, p. 3352.
N. Y. City,
by certified check in New York funds. No fractional shares will in cash or
be issued.
Nash Motors Co.
-Extra Dividend-Directors.
Income Statement for 6 Months Ended June 30 1926.
-The directors have declared an extra dividend of $1 per share in addi- Gross profit after deducting cost of manufacture, labor and
materials, incl. repairs, renewals & deprec., $1,634,756; other
tion to a semi-annual dividend of $1 per share on the outincome,$118,510: gross income
standing 2,730,000 shares of common stock of no par value, Taxes,and N.Y.State franchise. $218,266;royalties,$100,000: $1,753,266
administration expense,
both payable Aug. 2 to holders of record July 20. The Interest paid including pro $99,797; total
418,064
rata bond expense
98.515
previous dividend
was $10 per share paid Feb. 1 last on the
old common stock before the 900% stock distribution was
made (see V. 122, p. 622).
Net income
Capital and surplus. Jan. 1 1926
Credit adjustments to surplus
Less dividends (net)
$1,236,687
12,036,675
Cr.81,271
Earnings for Quarter and Six Months Ended May
88,300
31.
-Quarter
Six Months
Balance
$13,266,334
1926.
1925.
1926.
1925.
Net income after taxes
Comparative Balance Sheet.
and depreciation
May 31 '26. Dec.31 '25.
$_ ,6 010.824 $4,193,850 $10,148,332 $7,293.143
May 31 '26. Dec.31 '25.
President Charles W. Nash said in substance:
Assets$
$
"The increase in car sales for the second quarter
Land, Wigs, maClass A stock _ _ ___ x3,635,000 4.280,000
over
same
1925 was 73%, representing a total volume of businessthe excessperiod of
chinery, ace__ __a5.210,539 5,376,771 Common stock_ _y13,155,089 12,036,675
of $72.- Int.
000,000. Reports from our dealer organization indicate in
In Beebe's Isl.
1st M.6s, 1928._ 3,000,000 3,000,000
that actual retail
deliveries throughout the country are
Corp. wat. pow.
Acc'ts pay., royalseason of the year that the company proceeding at the highest rate for this
rights & devel_ _ 1.509.517 1,509,517
has ever
ties, ,1‘c
417.741
333,715
"With fundamental factors relative to crops known.
Patents, trade
Accrued Recounts_
and industrial
41,125
83,865
in a healthy state, I am of the opinion that the commerce employment
5,502,709 5,502,709 Divs. payable_ _
names, do
of the country
11,179
286,568
can justifiably anticipate prosperity in practically all
Federal and State
lines during the Other equipment
corning months. We look for our progress to
106,441
fixtures
and
114,364
continue on a more favorable
taxes accrued. _
333,766
242,582
basis than in the past."
4,326,983 3,669,310 Reserve for continCash
The following directors have been elected: Earl H.McCarthy
gencles
of Kenosha, Acc'ts receivable._ 1.897.754 1,817,783
560,924
551,848
and George C. Leo of Lee, Higginson & Co., Boston.
1,102.432 1,170,965 Reserve for purSecurities
-V.122. p. 3220.
1,398,889 1,537.461
Inventories
chase of bonds__
185,877
National Biscuit Co.
-Earnings.
Misc. acc'ts 4:inv.
74,205
84,039
3 Months---6 Months25,357
218,213
Total(each sIde)21,154,824 21,001,130
- Deferred charges..
Period Ending June 30. 1926.
1925.
additions less depreciation. x 100,000 shares of no par value,
1926.
a With
1925.
Net earns., after oper.
$5.000,000 less held in treasury, $1 365,000. y Represented by 200,000
exp., taxes, &c.,chges $4.089,413 $3,735,664
$7,141.330 $6,612,695 shares of no par value.
-V.122, p. 3463.
The New York Stock Exchange has authorized the listing on or after
Aug. 2 of 100,000 additional shares of common stock without par value.
National Leather Co.
-Complaint Dismissed.
-on official notice of issuance and payment in full, making the total amount
See Swift & Co. below.
-V. 122, p. 1464.
applied for 300,000 shares (total authorized issue).
-V. 122, p. 2511.
National Mortgage & Discount Corp.
-Stock Offered.
Lowrie & Co., Denver, Colo., are offering in units of two
shares of pref. stock (par $10) and one share of common
stock (no par value), 25,000 shares of preferred stock
and
12,500 shares of common stock, at $20 per unit.
Corporation.
-Is engaged in
furthering the
industry in Denver by extending the general development of commerce and
mortgage
to many divers tied lines of business. Company will and discount service
and handling of mortgages and building loans, and in engage in the making
discounting receivables
in the form of trade acceptances and installment
sible manufacturing and commercial concerns. paper contracts of responSinking Fund.
-Corporation provides for the retirement of
the preferred
stock at $10.50, in the order it is issued, by setting aside
each year a sinking
or redemption fund for the redemption of the
preferred stock upon its
retirement, which shall not be less than 10% of the
surplus or net profits
of the corporation, after the payment of the
stock, such fund to be used by the directors in dividends on the preferred
the redemption of the preferred stock.
National Tea Company.
-Sales.-
Period Ended June 301926.
1925.
1924.
Month
54,324,435 $3,654,634 $2,885,681
6 months
26,466.358 22.625,913 19,094.887
-Above figures are subject to adjustment in
Note.
half yearly report
now being prepared.
-V.122, p. 3463.
New Mexico & Arizona Land Co.
-Annual Report.
-
Calendar YearsInc.from rentals
Other income
1925.1924.
$24,891
$28.986
5,086
4,652
1923.
$33,601
5.916
1922.
$34,845
5,343
Total income
Expenses
Taxes
$29,977
9,301
30,623
$33,548
8,921
26.083
$39,517
7,746
23,113
$40,189
8,668
28,960
loss$9,947
los41,456
$8,658
$2,561
Net income
-V.122. p.3221.
N. Y.8c Honduras Rosario Mining Co.
-Extra Dividend.
The directors have declared a quarterly dividend of 234% and an extra
dividend of 234% on the capital stocu, payable July 30 to holders of record
July 20. Extra dividends of like amount were paid in the previous six
quarters
.-V. 122, p. 2959.
North Butte Mining Co.
-Offers $1,500,000 Bonds to
Stockholders.
The stockholders of record July 20 will be given the right to subscribe
on or before Aug. 20 for $1,500,000 1st mtge. 7% convertible bonds at par.
on the basis of $100 of bonds for each 40 shares of stock owned. Payment
may be made at the office of the company, 120 Broadway, N. Y. City, as
follows: 25% on or before Aug. 20. 25% on or before Oct. 2, 25% on or
before Dec. 2 1926 and 25% on or before Feb. 2 1927.
These bonds, in denominations of $100, $500 and 51.000. respectively,
are dated Jan. 2 1926. Bondholders have the right to convert the bonds
at par value at any time up to Jan.2 1936,into stock on the following bases:
The first $500,000 of bonds surrendered for conversion. at $8 per share:
the second $500.000 of bonds at $10 per share, and the remaining $500,000
of bonds at $12 50 per share. The company has, however, the right to
redeem any of said bonds by lot at par and int. on any int. date, but the
owners of such bonds have the option up to and including the date of any
such redemption either to take cash or convert into stock.
All of said bonds will be secured by a 1st mtge. or deed of trust dated
Jan.2 1926,covering inter alia all of the lode mining claims and real property
of the company situate in Township 3 North, Range 7 West, Montana
Principal Meridian, in Silver Bow County, Mont., and commonly known
as the East Side mining claims of the company,including all the right, title
and interest of the company in certain mining claims and real property in
said township and range in Sliver Bow County, Mont.. recently purchased
from the Tuolumne Copper Co., an Arizona corporation. Central Union
Trust Co. of New York, trustee.
It is the intention of the management to use the money to be realized
from the sale of these bonds in the development of the East Side properties
In Butte. Pres. R. M. Atwater, Jr., says: "The old Butte Hill properties
from which such satisfactory earnings have been made in the past are still
producing profitablY,although on a relatively small scale. The encouraging
discovery of high grade ore in your East Side properties, made some months
ago, in the Main Range workings of the Tuolumne Copper Co. (recently
acquired by North Butte), has convinced the management that the immediate and thorough development of this ground is warranted."
-V. 122.
P. 2809.
New Roosevelt (Hotel & Store Bldg.)(General
Forbes
Hotel Co.), Pittsburgh, Pa.
-Bonds Offered.-Greenebaum Sons Investment Co.is offering at prices to
for the 6 to 15 yr. maturities and at prices to yield 634%
-Initial Dividend on Common.
Onyx Hosiery Co.
-T he
to 6.39% for the 234 to 534 year maturities, yield 6.07% directors have declared an initial
quarterly dividend of 80
$3,600,000 1st
mtge. 634% serial and sinking fund gold bonds.
share on the outstanding 160,000 shares of common
cents per
Dated July 1 1926: maturing semi-annually 2%
$100. $500 and $1,000 c. Principal and int. (J. & to 15 years. Denom, stock of no par value, payable Aug. 5 to holders of record
Greenebaum Sons Investment Co. Borrower will J.) payable at office or July 25.-V. 122, p. 3094.
pay 2% Federal normal
income tax and any state taxes up to 5
in 60 days' notice to trustees, at 103 and mills of principal amount. Red.
Orange Petroleum Corporation.
-Trustee.
int. at Colonial Trust Co., Pittsburgh. co-trustee.
Empire Trust Co.
Sinking Fund.
-In addition to the
annually, the borrowing corporationusual serial payments of principal semishall,
the trustee, 25% of the net earnings, afterbeginning in 1929. deposit with
deducting principal payments,
but before income taxes, the money
prepayment, at 102 and int., of bondsthus deposited to be applied to the
in the latest maturities
to be selected by lot.
outstanding,
Security.
-Closed let mtge. on land and
building at Northeast
Sixth St. and Penn. Ave.,one of the
most active locations in the heartcorner
business district of Pittsburgh,
of the
building, when completed will known as the "Golden Triangle.' The
comprise two sections, one with 234 rooms,
now in operation, which will be
completely remodeled, and the other,
368 rooms, now under constructio
with
and the alterations in the present n. Upon completion of the new section
hotel,
13 stories and basement, of fireproof there will be one complete building.
particular. On the first floor of the construction, strictly modern in every
building there will be
and lounge, in addition to
essential hotel facilities; in the 12 stores, lobby
will be a large cafeteria
basement there
and private dining roomand billiard hall; there will be 10 shops, a restaurant
ing of the building will on the second floor. All of the furniture and tarnishcomprise additional security for the bondholders
Valuation.
.
-The building when finished,
furnishings and equipment
have been appraised at
$5,820,000.
Income.
-Conservative estimates of the annual income
from the property
allowing for an average 2734%
Gross income from hotel roomshotel-room vacancies, are as follows:
Gross income from other sources
$710,000
(stores, &c.)
392,152
Total
Operating expenses
$1,102,152
540,300
Net income
This estimated net income is 2.4
$561,852
charges on the entire issue, reduced times the maximum annual interest
principal and anticipated sinking semi-annually by serial payments of
comprise part of the security for the fund deposits. The entire earnings
1st mortgage.
Ownership and Guarantee -The bonds are
General Forbes Hotel Co., which is headed by a direct obligation of the
Mr. Klooz personally guarantees the prompt L. Fred Klooz, as President.
payment of principal and int.
New York Air Brake Co.
-Rights,
In view of the calling of the whole of the class &c.
A
July 1 1926, the stockholders on July 2 voted to stock for redemption on
amend the certificate of
ncorporation to eliminate all provisions relating to
the Class A stock and
i
has been appointed trustee for an issue of $1,600.The
000 mortgage 6% convertible gold bonds, dated March 1 1926, due March 1
1936.
Oswego Falls Corp.
-Bond Redemption.
-
All of the outstanding let mtge. 8% s. f. gold bonds, dated Feb. 1 1922,
have been called for payment Aug. 1 at 10734 and int. at the Equitable
Trust Co., trustee, 37 Wall St., N. Y. City.
-See also V. 123, p. 215.
Otis Steel Co., Cleveland.
-Registrar.
-
The Central Union Trust Co. of New York has been appointed registrar
for 118,000 shares of prior preference stock.
-V. 123, p. 93.
Pacific Properties Co., Portland, Ore.
-Bonds Offered.
-Peirce Fair & Co. are offering at prices ranging from 98
and int.'to 100 and int., according to maturity $425,000 1st
(closed) mtge. 6% serial gold bonds.
Dated June 11926; due 1929-46. Principal and interest (J. & D.) payable at Strong & MacNaughton Trust Co. trustee Portland,Ore. Callable
on any interest date on 30 days' notice at 10234 and int. in inverse order of
maturities or as a whole at 10234 and int. for the first 5 years and thereafter
at a premium of 34 of 1% for each year of unexpired term but in no event
at an amount greater than 10234 and int.
enom. $1,000 and $500c.
Interest payable without deduction for any normal Federal inctome tax
not exceeding 27,•
-Bonds will be an obligation of the company, an Oregon corporSecurity.
ation secured by a first closed mortgage on the land and the garage and
store building to be constructed thereon in Portland. Ore. The property
embraces one-half of an entire city block fronting on 5th St. and extending
from Salmon St. on the south to Taylor St. on the north, being 200 ft.
frontage by 100 ft. in depth. The building will be reinforced concrete
construction 6 stories and basement. The garage will hold about 550 cars.
The garage portion has been leased to the National Portland Garage
Inc. an Oregon corporation all of the stock of which except qualifying
shares, is owned by the National Garages, Inc., which has guaranteed the
terms of the lease. The lease runs for a period of 15 years, but may be
terminated by the lessee upon one years notice after the first year.
-The value ofthe land and the estimated cost of the completed
Valuation.
building have been appraised at over $700,000. The net annual income is
estimated at $55,500, which is more than twice the greatest annual interest
charge and largely in excess of average annual interest and principal requirements.
336
[VOL. 123.
THE CHRONICLE
Pan American Petroleum Co. (of Calif.).
-Bonds Sold.
-Blair & Co., Inc., have sold at 103% and int. $7,500,000
1st mtge. 15-year convertible 6% sinking fund gold bonds.
This offering does not represent new financing on the part
of the company. (For description of mortgage, properties,
Sto., see V. 121, p. 3015.)
Net Earns. Available for Interest, Depreciation, Depletion & Federal Taxes
Annual Avge.
1922.
1923.
1924.
1925.
64,387,965
82,540.659
81,178,002
$8,763,312
$5,069,889
The annual interest on the proposed first mortgage bonds is 6900,000.
Production.
-The production from all properties, including Government
leases for the past few years has been as follows: In 1922, 4,557,719 bbls.:
in 1923, 3,502,836 bbls.; in 1924, 7.145.044 bbls.: in 1925, 6,013.550 bbls.
Of this total the production from leases in litigation has been as follows:
in 1922. 1.019.770 bbls.; in 1923, 1,114,206 bbls.: in 1924. 1,235,055 Ws.:
in 1925. 1,084.112 bbls.
Balance Sheet Dec. 31 1925 (After Financing).
AssetsLiabilities$20.000,000
Fixed assets
L$35,064,413 Capital stock
4.045,800
Crude,fuel oil & ref. prod 13.355.457 Capital surplus
15,000,000
Materials & supplies..
1,659,687 1st mtge. cony. 6s
Accountsreceivable
1,068,537 Underlying6% mtge.due
410,000
Oil receivable
89,428
July 1 1930
3.728,511
Notes receivable
198,504 Accounts payable
20,31'5
Cash
1,676,260 Oil payable
1,709,134
U. S. receivers Naval
Notes payable
1.000,000
Res. No. 1 (per contra) 2,469,574 Dividends payable
Prepaid insurance, taxes.
U. S. receivers Naval
rentals, unamort. bond
Reserve No. 1-sus
2,399,023
discount & miscell____ 2,027,775
pense (per contra)_ _
450,000
Ras. for Fed. taxes 1925_
8,846,803
Total (each side)
$67,609,636 Surplus
lc Cost of properties: 011 lands, leases and development. Pipe lines,
refineries, marketing stations and facilities, &c., $44,229,006; less reserve
--V. 121. P.
for depreciation, $6,091,921: reserve for depletion, $3.072,673.
3015.
-Offer
Pan American Petroleum & Transport Co.
Made to Lago Oil & Transport Co. Minority Stockholders.
President F. H. Wiekett on July 15 announced an offer of exchange of
stock of Pan American Petroleum & Transport Co. for the outstnding
minority stock of Lago Oil & Transport Co. of one share of Pan American
B stock for three shares of Lago Oil & Transport Co. stock. The Lago
company has 4,000.000 shares issued, of which Pan American owns about
2,100,000 shares.
-V. 122, p. 3614.
Paraffine Companies, Inc.
-Rights.
-
The stockholders of record June 18 were recently offered the right to
subscribe on or before Aug. 2 for 21.000 additional shares of common stock
at $93 per share in the proportion of one share of new common stock for each
8 shares of common or preferred stock held. No fractional shares will be
issued. Subscriptions are payable in 4 installments as follows: 25% on
or before Aug. 2; 25% on Oct. 1: 25% on Dec. 1 1926 and 25% on Jan. 15
1927. The company will allow interest at the rate of 6% per annum upon
the first three installments from the respective dates to the time of final
payment.
-V. 123. p. 216.
Peerless Motor Car Corp.
-Option Exercised.-
Pres. Edward Ver Linden has exercised an option on 30,000 shares of
stock which he received when he assumed the presidency of the company.
The price paid was $20 per share (New York "Times").
Profits for the first 5 months of 1926 were reported as in excess of$690,000,
and Pres. Ver Linden stated It was his expectation that profits for the first
6 months of the year would be approximately $1,000,000 The net cash on
hand and in the banks was reported as $2.500.000, with all current bills
paid. The company has no bank indebtedness or borrowed money, no
bonded indebtedness and no preferred stock.
Listing-Earnings.
-
The Detroit Stock Exchange has authorized the listing of 258,689 shares
of common stock. par $50. Transfer agents: Central National Bank &
Trust Co., Cleveland, Ohio, and Detroit Trust Co., Detroit, Mich. Registrar: Guardian Savings & Trust Co., Cleveland, Oki, Security Trust Co.,
Detroit, Mich.
Earnings for 5 Months Ended May 31 1926.
$9,476.562
__
Sales _
Cost of safes,______
exp.Irljeprec
7 689,576
.
_________
1,786.986
Gross profit
29,259
Interest earned & other income
Total income
Less selling & administrative expenses
Net profit
-V.122, p. 3614.
61,816,245
1.120.852
$695.393
-Trustee.
Peerless Weighing Machine Co.
The Central Union Trust Co. of New York has been appointed trustee
for $1.500.000 7% gold notes, dated Jan. 11926.
Phillips Petroleum Company.
-Earnings.
-
Period End. June 30.01 Mos
6 7 $1
Quarter
Net earns, before deprec.
1925
1926
'0,145265,494
9
and depletion
68,079,752 $6,090.092 $14.201
ated
The company states that net earnings in June approximated $3,000.000,
the largest of any month In Its history, after charges and reserves but
before depletion and depreciation.
-V. 122, p. 3614.
"It is not possible at the moment to predict when common dividends
may be resumed, but the directors feel that it is proper to caution the
stockholders against undue pessimism. The'company is splendidly equipped
to care for local storage needs, Its capital structure and financial condition
are excellent, its assets are valuable, and we believe that a return of earning
power will inevitably take place."
-V.122, p. 2811.
-Production.Rand (Gold) Mines, Ltd.
Feb.
Jan.
May. April, March.
Month ofJune.
Gold output (ozs.)__ 852,145 849,214 803,303 834,340 753,924 796,270
-V. 122. p. 3614, 3354.
-Sales.
(Robert) Reis & Company.
6 Mos. End June 30Total sales
-V. 122, p. 2054.
•
1926.
1925.
$4,473,309 $4,396A85
-Order Vacated.
Royal Baking Powder Co.
The Federal Trade Commission on July 8 ordered (1) that the order of
dismissal issued March 23 196, be vacated except as hereinafter mentioned:
12) that pending motions filed by counsel for respondent be denied: (3)
that the motion of counsel for the Comn.ission to reoren the case be granted.
The proceeding is reopened solely for the rurroso of taking testimony with
respect to misleading advertising, &c. The dismissal of the complaint with
respect to the slogan "no alum-no bitter taste" was after/med.-V. 122.
P. 1927.
-Final Dividend of 13%.
Royal Dutch (Petroleum) Co.
The Equitable Trust Co. of Near York, as depositary of certain ordinary
stock of the company under an agreement dated Sept. 10 1918. has received
a dividend of 13 guilders (Fl. 13) for each 100 guilders (Fl. 100) par value
of the ordinary stock held by it. The dividend. which is the final dividend
over the year 1925. will be distributed on Aug. 2 to registered holders of
"New York shares" of record July 22. The equivalent thereof distributable
to holders of"New York shares" Is $1.739. This makes a total of 237. for
the year 1925, compared with 23% for 1924 and 25% for 1923.-V. 123, 1).
201.
-George
-Stock Sold.
(B. F.) Schlesinger & Sons, Inc.
H. Burr, Conrad & Broom, Inc., San Francisco, Calif. and
George H. Burr & Co., New York, have sold 5,000 additional
shares 7% cumulative preferred stock (par $100) and 5,000
additional shares class A common stock (no par value) in.
units of one share each of preferred and class A common at
$117 per unit.
Authorized. Outstanding.
Capitalization250.000 shs. x28,500 shs.
7% Cutnul. preferred stock (par $100)
125,000 shs. x82,600 shs.
Class A common stock (no par value)
125,000 shs. 12F,,000 shs.
Class B common stock (no par value)
x This includes the present offering of common and preferred shares.
Under the provisions of the 1924 Federal income tax law dividends are
exempt from present normal Federal income tax; they are exempt also from
all Federal Income taxes when received by an individual whose net income,
after all allowable deductions, does not exceed $10,000. Anglo-Californla
Trust Co., San Francisco, transfer agent.
Company.-Incorp. March 10 1925 to acquire and operate a Pacific Coast
chain of department stores. As a first unit of the proposed chain of department stores, the company purchased in the spring of 1925, the store of
Kahn Brothers, of Oakland. Calif., established in 1879. and Olds, Wortman
& King of Portland, Ore.. established in 1878. On Aug. 11925. the store
of Rhodes Brothers, Inc., of Tacoma. Wean., established in 1892, was
added, and on June 1 1926, two-thirds of the outstanding common capital
stock of the City of Paris Dry Goods Co., San Francisco, Calif., established
In 1850. was acquired and B. F. Schlesinger & Sons, Inc., assumed the
active management of that store.
-Company's balance sheet as of Dec. 31 1925 (after being adAssets.
justed to give effect to the purchase of 66 2-3% of the common stock of
the City of Paris Dry Goods Co., and by the prexent issuance in connection
with this purchase of Schlesinger preferred and class A common, shows
net current assets of $3.367.551 and total net assets (which includes only $1
for the good-will of all four stores) of 85.873,293. This is equivalent to
net current assets of $118 and total net assets of $206 for each share of
preferred stock outstanding including this issue.
The class A common stock, which takes preference over the B stock as
to assets and earnings, shows a book value on a preferential basis, of over
$36 50 per share.
Ear/amis.-For the year 1925, the volume of sales for the first 3 stores
rge
co onths .r nzvasro Karra
mm panyw eh t p t
PeZ111=3!Iggsnropeprautrerbythtehe8
after abnormally large merchandise reductions, amounted to 15417,585.
This showed the preferred dividend requirements for the period were earned
over 4 times and after the preferred dividends, there was available over
3 times the amount necessary to pay the regular dividends on the A stock
then outstanding.
Purpose.
-This stock Isbeing issued to acquire control of the City of Paris
Good Co.
-This stock has preference over
Participating Feature of Class A Stock.
Class B stock as to assets and dividends and participates equally share for
Class B stock in all dividends In excess of $1 50 a year on
share with the
-V. 123, p. 94.
such stock.
-Preferred and class A Common stocks are listed on the San
Listing.
-V. 123, p. 94.
Francisco Stock and Bond Exchange.
-To Acquire Control of
Schulte Retail Stores Corp.
American Druggists Syndicate.
-V. 122. p. 3465.
See that company above.
-Listing.
Shreveport-El Dorado Pipe Line Co., Inc.
The Philadelphia Stock Exchange has authorized the listing of $2,500,000
capital stock (total authorized) par $25. The Bank of North America &
(Albert) Pick, Barth & Co., Inc.
-Contracts.
awarded to Trust Co., Phila. transfer agent; the Pennsylvania Co. for Insurance on
New contracts aggregating approximately $1,365.000 were
Annuities. Phila., registrar.- V. 122, P. 3224.
'
priorndiv
tn ;
L. Barth & Co. and Albert Pick & Co., the Eastern and Western divisions, Lives & Granting
respectively of Albert Pick, Barth & Co., Inc. in the 30 days
-New InterestsCo.
(C. G.) Spring & Bumper by Noyes & Jackson, who A cent.
the new
July 9. L.
'
& Co. of New York have contracted to outfit
marketed
New York financial houses, headed
Hotel Warwick, New York, at a cost of $600.000, while Albert Pick & Co.
issues, have recently acquired a
Cleveland. Chicago the Kelvinator and Electric RefrigerationSpring & Bumper Co., according
have received contracts for furnishings in Pittsburgh,
substantial minority interest in the C. G.
and Evanston. III., aggregating $765,000. Bookings of new business by
Christian Girl, President. Application for
Albert Pick & Co. were about $13,000 a day ahead of the same Period a to a statement given out byYork Curb has been made. It Is announced
listing the stock on the New
year ago, an increase of about 25.%-V. 122, p. 3614.
past few months the business of the company has been running
that for the
-million marker month.
at close to the half
Pocasset Mfg. Co., Fall River.
-New Control.
The Amsrican Exchange-Pacific National Bank has been apprdnted
A syndicate headed by Louis K. Liggett, President of the United Drug
-V. 122, p. 2813.
common stock of the company.
Co., has purchased the controlling interest In the Pocasset mfg. Co. About transfer agent for the
10.000 shares of the 12.000 shares outstanding were acquired by the new
-Omits Dividend.
Standard Publishing Co.
interests at approximately $25 per share.
The directors on July 6 voted to omit the dividend on the class "A"
The plant was reopened on July 6 after having been closed since May 15
stock for the quarter ending June 30 1926. The last dividend was 155%
for the taking of inventory prior to operation by the new management.
The following officers have been elected: Louis K. Liggett. Pres.; George paid on April 20.
says in part: "The company has recently been
Pres. Evan
D.Flynn Sr., of Fall River, V.-Pres.; Edward Hurst, Treas.-V.122,p.3222, approached by S. Rusher,
outside publishing and financial interests. who have expressed
a desire to assume obligations that would enable them to participate In the
Pond Creek Pocahontas Co.
-Production.
in the magazine publishing and advertising field,
6292 0
6
Month of
June 1926. May 1.92. possibilities known to existfollowed by the company. Those interests have
along the lines now being
Bituminous coal (number of tons)
67,565
been told that no arrangement of any kind could be considered that in any
p. 623.
122.
way involved the management or conduct of the business, or that would
- require further expansion of the present capital structure.
Quincy Market, Cold Storage & Warehouse Co.
"At this time no definite proposal has received the approval of the officers
Omits Dividend on Common Stock.
of the company. No agreement of any kind has been entered into nor
The directors have voted to omit the quarterly dividend usually declared will be until such time as a definite and attractive proposal has been received,
on the outstanding $3,500,000 common stock (par $100) at this time. approved and submitted to the stockholders for ratll'icatIon."-V. 122.
Distributions of $1 50 a share had been paid In the stock each quarter D. 1324.
since Aug. 1 1925, at which time the rate was cut from $2. (See V• 121.
-New Control.•
Standard Tank Car Co.
p. 710.) The regular quarterly dividend of $1 75 a share on the pref.
-P.
G.M. Murphy and W.F. Cutler announced on July 14 that a majority
stock was declared, payable Aug. 2 to holders of record July 17.
of the common stock of the above company, formerly controlled by them,
The directors of the company in a letter to stockholders said:
"The directors have felt until recently that it would probably not be had been purchased by the Keith Car & Mfg. Co. of Sagamore, Mass. In
necessary to discontinue common dividends, but continued low earnings connection with this change in the control of the company the following
affecting this company in common with storage companies throughout Officers and directors have been elected:
Directors: W. J. MeKee, Vice-President, of the Keith Car & Mfg. Co.;
the country, as well as increasing local taxes, have convinced the directors
M.Robinson
that It Is for the benefit of the company and its stockholders to omit the Ebon S. Keith, President, of the Keith Car & Mfg. Co.; Wm.Treasurer, of
time.
and John G. Fraser, of Pittsburgh, Pa.; E. A. MacDonald,
oommon dividend at this
, JULY
171926.]
THE CHRONICLE
337
Standard Tank Car CO.: H. C. Rorick, of Spitzer, Rorick & Co., Toledo, with the difference between the value of the warehouse on the books of the
Ohio, and H. E. Coyl, Vice-President of Standard Transit Co.
company and the proceeds from its sale.
Officers: W. J. McKee, President; E. A. MacDonald, Secy. and Treas.
Consolidated Income Statement for Calendar Year 1925.
and J. W. Keefe. Auditor.
$35,036.327
The principal executive office will remain at Sharon.Pa.
-V.122, p.1324. Sales and other income
Cost of sales, operating expense and other deductions
34,525,221
-To Increase Stock.
(F. B.) Stearns Co., Cleveland.
-
Net profit from operations
The stockholders will vote Aug. 10 (1) on increasing the authorized
3511,105
common stock (no par value) from 260.000 shares to 360.000 shares and Int. payments. $141,332; Inventory adjust., res., acc., $58,056:
total
199,387
(2) on creating and authorizing an issue of 100.000 shares of 7% cumul.
Net income before Federal taxes
pref. stock, par $10. No public offering is contemplated, it is said.
311,718
- Profit from sales of investments
V. 121, p. 3017.
198.205
Total
Stromberg Carburetor Co. of America, Inc.
$509.923
-Officers,
William L. O'Neill has been elected 1st Vice-President and J. E. More- Estimated Federal taxes, $56,000; deduction account of sale
of New York warehouse, $50.494; total,
house as 2nd Vice-President. The date of the annual meeting has been
106,494
changed from the last Wednesday in June to the first Wednesday in June.
Balance (see also balance sheet below)
V. 122, p. 3355.
$403.429
Consolidated Balance Sheet December 31 1925.
-Complaint Dismissed.
Swift & Co.
Liabilities
Assets
The Federal Trade Commission has dismissed its complaint against Real estate & buildings
$1,380,163 7% prior pref stock
$6,000,000
Swift zy co., Chicago, Ill., and National Leather Co.. Boston, Mass.
Equipment,turn.& fix
2.014,088 8% cony. pref.stock
2,620.382
I) The complaint charged toe respondents with lessening competition Auto trucks & d 'livery equip.
Common stock
x.530,748
In the sale of leather, between Swift & Co. and the England, Walton &
ment, less depreciation_ ___
152,040 Notes payable
826,500
Co.. Inc., by the respondents acquiring half of the capital stock of the Leasehold purch., less amort_
16.634 Accept, under letters of credit
20.917
-V. 122, p. 3225.
England, Walton & Co.
720,788 Accounts payable
Cash
811,566
75,456 Store managers deposits....
Due from banks
3,455
-Comparative Balance Sheet.Tower Mfg. Corp.
Accts. & notes rec., less res..
204.734 Accrued liabilities
24,140
May31'26 Mar 31.'26
LiabilitiesAssetsMay31'26 Afar.3126 Inventories
3,486,701 Mtge. pay., due May 1 192850.000
Common stock___ $485,300 $485,300 Sinking fund cash
Mach., tools &
252 Income taxes (estimated).--80,239
equipment (less
Accts. oayable__,_
8,449 Reserve for Insurance
32.599
31,718 Due officers & employees
30.568
333,835 Accrued payroll._
$33,298
deprec.)
Re I estate mortgages
2.000 Unexp. insur., int. & other
100.000
116,134
118,134 Res. for Fed. taxes
Goodwill
expenses prepaid
80.068 ist mtge. 15-year 6% gd. bds.
26,987
35,017
876,000
27.963 Surplus
31,367
cost
Cash
491.642 Surplus
116.229
144.102 Investments at
y142,652
Certif. of deposit} 155,000 1 100,000
Disc. & exp. bds., organ. exp.
29,485
Commercial naper
security sell. expense, &c__ 1.163,595
15,986
13.435
Notes receivable
Goodwill & trademarks
2,104,677
57,741
118,1350
Acets receivable
54,788
Mdse. on consign_
$11,897.166
Total
Total
$11,897,166
235,419
193,052
Mdse. Inventory
x Represented by 63,271 shares of class A and 164,281 shares of class B.
4.762
Other cur. aseets
noy sr value.
pau
5,451
expenses_
Prepaid
rplus acquired, donated and paid in. $163.216: add operating surplus
2,792
13,982
Investments
Total each side) $861,116 $898,136 before dividends. $330.524: total. 3493.740: less 7%
pref. diva. paid to
See also V. 123, p. 217.
Dec. 311925, $351,088; balance appropriated for prior preferred dividends
Transcontinental Oil Company.
and sinking ftind.
Gross Sales for 7 Weeks Ended June 19 1926.
-Earnings.
Period Ended May 31Week EndedMonth. 5 Months.
Gross Sales. x Stores.
Week EndedGross 1; xStres.
tm6 3
9.
j51
Net earns, before int., deprec., depl. & Fed. taxes $281,214
$880,521 May 8
3678.694
1.149 June 5
Net after all charges
164,511
092.671
1,148 June 12
307,751 May 15
679.450
1,155
-v. 122. p. 3225.
683,647
1,149 June 19
May 22
668.254
1,156
Ma150
309
-Earnings.Trumbull Steel Co.
operatic:in.
-V.122. D. 3467.
l 29
N umber of stores in'
-Quarter Ending--- 6 Mos.End.
June 30'26. Mar.31 '26. June 30'26.
PeriodUniversal Chain Theatres Corp.
-Adds 28 Houses.
Profit after all charges. but before
Announcement was made July 14 by the corporation that it had added
Federal taxes
$522,602
3553.520 $1,076,122 28 motion picture houses to its chain within the past few days,of which
11
-1r. 122, p. 2814.
are operated in Phoenix. Tucson and Mesa, Ariz., by the Rickards and Nace
Amusement Enterprises, Inc. Two additional houses are under construcUnion Oil Co. of Calif.
-Semi
-Annual Report.
Yuma and Glendale, Ariz. Universal Chain also has acquired the
Profits earned from all operations, less general expenses. taxes (incl. tion in Fairchild Circuit, orerating 8 theatres in
Kohn &
income tax) interest charges and provident fund were approximately as Las Vegas, N. Mex., and in Boulder, Fort Collins,East Las Vegas and Old
Trinidad and La Junta.
follows:
Colo. Consummation of these acquisitions represents the first appearance
Period End. June 30- 1926--Quar.-1925.
1926-6 Mos.-1925.
Universal Chain Theatres Corp. in the Southwest.
Profit
$8,725.000 36.250.000 $12,250.000 311.800.000 of
The purchase by Universal Chain Theatres
Prov.for deprec.& depl- 1,825.000
1,800,000 3.650,000 3.550.000 Circuit, operating 5 houses in Moberley andis also announced of the Jones
Sedalia, Mo., thus strengthLabor and incidental cost
further Universal's position in this section
1,400.000
of new drilling
1.100,000 2,400,000 2,350,000 ening still already operates more than 85 motion of the Middle West,
where it
picture theatres. In
addition. 2 theatres have been purchased in Eugene, Ore., and 2 in Racine,
33.500.000 33.350.000 156.200.000
Net profit
$5.900.000 Wis. With these acquisitions Universal Chain Theatres Corp. operates
Charges resulting from oil fires, including reserve set aside for contingen- 191 motion picture theatres and has 13additional houses under
constructions
cies, amounting to $784.455 have been charged to surplus.
122, p. 3616. 3096.
Production.
-Of crude oil by the company and controlled companies
for
-Sales.the 6 months appro;dmates 7.180.000 barrels, a decrease of 420,000 barrels
Ward Baking Co.
as compared with the same period last year.
-Five Weeks
-Six Months
-Approximate $38.300.000. an increase in value of$1,300.000.
Sales.
19 5.
626
Period Ended July 3- $4192 4 2
1926.
1925.
-Approximate $7,000,000. These consist
Capital Expenditures.
.178 $4,957.795 $22.465.600 $21,522,200
Total sales
development work and additions to gas compression facilities In the of field - 122, p. 2070.
Southern
California fields. Improvements and new refining processes have
installed at Oleum Refinery, also at Los Angeles Refinery at which been
Western Maryland Dairy Corp.-Pref. Stock Sold.
the new high pressure cracking installation is being erected of which 2 plant
units
are now operating and the remaining units will be completed during this Gillett & Co., Baltimore, recently sold at $51 per share
from June 1 1926, to yield 6.86%, $1,500,000
Fourteen 80.000 barrel capacity steel tanks are now in course
month.
of and divs.
construction.
7% cumul. prior pref. (a. & d.) stock (par $50).
-Consisting of cash, U.S.Government bonds and
Current Assets.
treasury
-M. Red:, all or part, on any div. date on 60 days'
Divs. payable Q.
certificates, accounts and bills receivable, oil inventories and materials
diva. Divs. are exempt from notmal Federal income
and supplies at June 30, 1926 approximate 356.000.000. an increase of notice at 55 and Maryland securities
tax of 4
mills. Non-voting until
31.000,000 over Dec. 31 1925. Current assets are over 6 to 1 01 tax and from the
about
four auarterly dividends
current liabilities. The quantity of crude oil, fuel oil. unfinished oils and (=wave voting rights. are in arrears, in which event holders will acquire
Commonwealth Bank of Baltimore, registrar
refined products in storage approximates 18.800.000 barrels.
anl ttians
z is r ng.
-At June 30, 1926 approximate 38.500.000. an
Current Liabilities.
increase
Exchange has authorized the listing of
-The
of $403.000 over Dec. 31 1925. During the six months there has been a $.1.500,000 7% cumul. priorStock stock, with
pref.
authority to add $2,000.000
decrease in mortgage debt In the hands of the public of $800.000, making
000 shares) from time to time to provide for bond conversicn: 27.714
a net decrease in combined Indebtedness of $397.000. 'Signed by W. L. (40
shares of preferred stock, without par value, and $3,000 shares of common
Stewart, President and R. D. Matthews, Comptroller.-y,123, p. 217.
steche f altim rrealue.
Tk oBno pao v stoe
k Exchange has also authorized the listing of
United States Dairy Products Corp.
-Listing,
-year 6% cony, gold bonds, dated June 1 1946. $1,500.000 1st mtge. 20
The Boston Stock Exchange has authorized the listing of
$2,365,500
Earninos: The earnings of the predecessor company have been' 1925 sales,
(out of an authorized issue of $2.500,000) 10
-year 6 % cony, sinking
gold notes, these notes being divided into three series, as follows: Series fund $7.319.840: net income before depreciation. interest &c.. $622.782: 199
4
"A,"
dated Jan. 1 1923 and due Jan. 1 1933, of which there are outstanding sales. $6.717.014: net income before depceciatirn . interest /tr... $540.574.
George S. Jackson, formerly Vice-President, has been elected President.
$482,000; Series"B,'dated Dec. 1 1924 and due Dec. 1 1934, of
which
are outstanding $1,188,000; Series "C," dated May 1 1925 and due there succeeding Asa B. Gardiner.
May
The directors are: Irvin D. Baxter (Chairman). George S. Jackson,
1 1935 of which there are outstanding $695,500.
0 B.Schier (V.-Pres.), Ii. K. Harrison (V.-Pres. & Sec.). E. A. Sauerwein„
.
These notes are convertible at any time prior to maturity, or if
called A B. Gardiner. A. J. Grape, Chas. B. Gillet and Wm.S. Merrick, W.A,
prior to the redemption date into $7 1st pref. stock or into $8
2nd
For
stock in the ratio of 10 shares of 1st pref. or 2nd pref. stock for each pref. Thomas
$1,000
note, with adjustment of accrued int, and diva.; or into
'
is escripter n of properties, capitalization, &c., see
d Treasur io
common stock
or class B at the rate of 15 shares of class A or class B
class A
stock for each V. 122, p Truck
.2 6 .
94
-V.122. p. 2206.
31.000 note.
United States Steel
Yellow
8c Coach Manufacturing Co.-Listinq.-
Corp.
-Unfilled Orders.
The New York Stock Exchange has authorized the listing on or 'after
See under "Indications of Business Activity" on a preceding
page.
- July 17 1926 of 37.000.000 additional of class B stock, par $10, on official
V. 123. p. 95.
notice of issuance, making the total amount of Class B stock applied for
$13.000.000 (the total authorized issue). (See also V. 123, p.
218 95.)
United States Stores Corp. (Del.).
-Annual Report.
- The cash received from the issue of the 703,000 shares of class B 'stock
Chairman P. M. Chandler says in substance:
will be used In part for the development of the Drivurself business. In
connection with such business the company has organized Hertz Drivurself
No new subsidiaries have been acquired during the
Corp. In Delaware, with an authorized capital of $30.000,000, of which it is
attention of the management has been concentrated year, but the entire contemplated to issue 310,000.000
upon the expansion
presently, all of which will be owned by
and refinement of the properties already owned and operated and during the company. Through Hertz Drivurself
Corp. the company will acquire
the year 124 stores were added to the Pennsylvania. Ohio and Eastern interests in concerns throughout the United
States and possibly in foreign
units, making the total in operation at the end of the year. 1,132.
countries operating Drivurself businesses. The balance of said ca.sh so
income for the fiscal year ending Dec. 31 1925. was
Gross
received will be used for the purpose of increasing the manufacturing
than for 1924, which increase compares with a 12.3% increase 16.8% greater facilities for trucks, buses and
in the number
Drivurself cars and general corporate purposes
of stores in operation. Net profits, however, have notimproved appreciably of t eers
Trt c
over the preceding year for several reasons, among which the following were cha hg co
Trust Co. has filed for counsel for the Hertz interests
of first importance: During the first three-quarters of the year. a central
for 49 subsidiary Delaware corporations. These corporations
will
New York office was maintained. On Oct. 1 1925 this office was
eliminated and the main offices moved to Pittsburgh. During entirely handle the local Drivurself automobile business of this interest throughout
three-quarters of the year extraordinary expenditures were madethe first the United States. The trust company has also co-operated In licensing
in sales these subsidiary corporations in each State as a foreign corporation.)
promotion throughout the Metropolitan District. The benefits
expenditures only began to be felt in increased sales during the last of these Consol. Income Statement of the Yellow Truck & Coach Mfg.Co.for the 3 Mos.
quarter.
Ended March 31 1926.
Both rentals and wages have increased throughout the entire system during
sales
the year. Owing to the very unsatisfactory conditions existing throughout NNeet pprofitsprofitsfrom oper.
t
after adm. & selling exp. & deprec-___ $9 6 9 919
meat Industry from packer to retailer, 1925 earnings from the
the
'6 :769
4
meat Provision for Federal taxes
department were less than in previous years.
86.303
As a result of the economies effected, the earnings for the last quarter
of 1925 were materially better than for the corresponding quarter in
-- $580,466
1924. SurNpeltusiJnacrle1926
The corporation disposed of certain of its non-interest-bearing investment
1,701,348
holdings during the year at a substantial profit, and reinvested the proceeds
To
a.
$2,281.814
in interest-bearing investments.
di surP 1.75) $262,500; coin, diva.(18c.), $108.000;totallv . $
370,600
. I' " s (1118
In the interest of economy, the warehouse originally serving the A. F
Beckmann stores in N. Y. City, no longer useful to the consolidated operaSurplus March 31 1926
$1,911,314
tion, was sold and it was necessary, therefore, to charge the surplus account -At, 123. 1:• 218.
1
[Vol.. 123.
UTE CHRONICLE
338
gleports anti
Racuments.
PUSIJSIM. AS ADVERTISEMENT.
THE MICHIGAN CENTRAL RAILROAD COMPANY
EIGHTIETH ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR ENDED
DECEMBER 31 1925.
To the Stockholders of
The Michigan Central Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1925, with statements showing
the income account for the year and the financial condition
of the company.
ROAD OPERATED.
The following is a comparative table of the mileage
operated:
Increase
1924
1925
Total road operated
Miles.
Miles.
1.184.71 1,184.71
.70
.70
576.89
576.89
99.95
109.02
1,871.32 1,862.25
Main line and branches owned
Line jointly owned
Leased lines
Lines operated under trackage rights
Miles.
PROFIT AND LOSS ACCOUNT.
856.996.823142
Balance to credit of profit and loss, December 31 1924
Additions
Surplus for the year 1925
U3.653.684 39
15.126 66
Unrefimdable overcharges
Profit on property sold
32,885 01
26,897 10
Various miscellaneous items (net)
13,728.593116
870,725.416.58
Deductions
Depreciation prior to July 1 1907 on equipment retired during 1925
Road property abandoned and not replacedUncollectibte accounts
9.07
8131,471 10
143,668 22
4,103 21
279,242 53
Balance to credit of profit and loss, December 31 1925-470,446,174 05
9.07
OPERATING REVENUES.
The total operating revenues were $91,864,377 45, an increase of $4,249,715 06.
The increase of 9.07 miles is due to trackage rights acquired
Freight revenue was $61,859,111 23, an increase of $3,395,during the year as follows:
5.87 miles 144 39. Fluctuations in tons carried, by commodity groups,
Wheeling and Lake Erie Railway at Toledo, Ohio
3.03 miles were:
Grand Trunk Western Railway at Jackson, Michigan
.17 mile
Wabash Railway at Detroit, Michigan
THE YEAR'S BUSINESS.
During 1925 the company moved 31,053,633 tons of
revenue freight, an increase over 1924 of 1,780,461 tons,
attributable largely to the greater activity in the automobile
industries and in highway construction work.
Revenue passengers carried were 4,490,820, a decrease
compared with 1924 of 253,271. Notwithstanding the
decrease in the number of passengers there was an increase
in passenger revenue, the average distance each passenger
was transported having increased from 124.21 miles in 1924
to 133.71 miles in 1925.
INCOME ACCOUNT FOR THE YEAR.
Year Ended Increase (+) or
Year Ended
Dec. 31 1925. Dec. 31 1924. Decrease (-)•
9.07 miles
Operating Income1,871.32 miles 1,862.25 miles
operated.
operated.
Railway operations:
45
Railway operating rev__$91.8Zr,V7e7d. $87,614,662 39 +84.249,715 06
-266.485 29
Railway operating exp_ 61,893.039 01 62.159,524 30
0
$25,455,138 09 +34.516,20 35
Net rev,from ry.oper429,971,338 44
(70.95)
(67.37)
Percentage of exp. to rev.
Railway tax accruals_ _ _ _ $5.864,589 76 $5,584,590 38
30.515 20
26.187 23
Uncollectible ry. rev____
-(3.58)
9
+8279,99 38
-4,327 97
94
By. operating income424,080,561 45 $19,840,032 51 +84,240,528
+$539,335 28
$312.265 52*
Equip. rents, net credit.. $227,069 76
Joint facility rents, net
+1.166 37
542.483 65
543.650 02
debit
5
Net Ry. oper. income423.763.981 19 $18,985,283 34 +$4,778,697 8
$385,183 94
341.518 59
$420,948 72
387.868 26
-$35.764 78
-46,349 67
Miscell. oper. income_
$43,665 35
$33.080 46
+810,584 89
-$23,807,646 54 $19,018,363 80 +84.789,282 74
Non-operating Income
Income from lease ofroad..
Miscell. rent income
Miscell. non-oper. physical
property
Dividend income
Inc.from funded securities_
Income from unfunded
securities and accounts_ _
Miscellaneous income
$1000
191.038 35
$1000
171,403 50
+819,634 85
81,544 38
553,861 31
118,830 33
84.984 92
489,881 21
77,713 80
-3,44054
+63,980 10
+41,116 53
500,941 42
39.115 01
276.303 24
3,664 29
+224,638 18
+35.450 72
Total non-oper. income $1,485,340 80 $1,103,960 96
+$381,379 84
Gross income
825,292,987 34 $20,122,324 76 +85.170,662 58
Deductionsfrom Gross Income
$2,735,142 31 $2,734,781 88
Rent for leased roads
2.997 78
4,507 84
Miscellaneous rents
Miscellaneous tax accruals21,49650
17.455 79
Interest on funded debt_
3,532,743 04 3,541.24542
5,86975
Interest on unfunded debt..
19,911 15
Amortization of discount on
169,245 59
177.92700
funded debt
Maintenance of investment
1,79644
organization
1,77530
7,50085
7.18735
Miscell, income charges..
Total deductions from
$6,486,792 95 $6,494,791 04
gross income
Net income
+836043
-1,51006
-4,040 71
-8,502 38
+14,041 40
-8,681 41
+21 14
+313 50
-=$7,998 09
$18,806,194 39 $13,627,533 72 +85,178,650 67
* Debit balance in 1924.
214,623 decrease = 7.62
129,024 decrease = 12.41
857,947 increase = 6.51
38.179 decrease = 1.60
1,249,309 increase = 13.93
55,031 increase = 6.25%
1,780.461 increase = 6.08%
Passenger revenue was $20,840,641 89, an increase of
$242,046 69. There were 25,756 more interline passengers
carried than in 1924, but there was a decrease of 240,885 in
local and of 38,142 in commutation passengers.
Mail revenue was $958,647 87, a decrease of $19,789 65.
Express revenue was $4,327,200 74, an increase of $370,200 36, largely due to increased traffic.
Switching revenue was $1,536,514 66, an increase of
$255,131 60, resulting partly from increased rates effective
July 1 1924, and partly from the heavier traffic handled.
Other transportation and incidental and joint facility
revenues were $2,342,261 06, an increase of $6,981 67.
OPERATING EXPENSES.
The following table shows the operating expenses by groups:
Comparison with 1924.
Amount.
Group8762,091 27
Maintenance of way & structures___$10,415,588 00 1,160,178 57 decrease
increase
17,618,140 86
Maintenance of equipment
56,314 90 Increase
1,306,341 22
Traffic
29.219,14602 1,275,274 45 decrease
Transportation
28,374 50 increase
1,024,833 69
Miscellaneous
521,4 0 53 increase
2,399,300 98
General
4,541 87 increase90,312 36
--creditTransportation for invest.
$61.893.039 01
8266.485 29 decrease-
Expense for maintenance of way and structures decreased
$762,091 27. There was a substantial reduction in the.
tonnage of rail laid and in tie renewals, the decreased expenditure for these purposes being partially offset by an
increase of thirty miles in stone ballasting.
Expense for maintenance of equipment increased $1,160,178 57. In 1925 a larger number of locomotives received
heavy repairs than in 1924. Although the total number of
freight cars repaired was less than in 1924, there was a considerable increase in the number which received heavy repairs. The increase in depreciation charges is due to new
equipment put into service.
Transportation expenses decreased $1,275,274 45, as a
result of a reduction in the cost of fuel, the use of heavier
and more powerful locomotives, operating economies effected
in train, station and similar expenses, and other causes.
General expenses increased $521,470 53. This increase
was almost entirely due to the charging to the year's expenses
of the total amount estimated to be required for the payment
of allowances to employees retired under the pension plan
in 1925 during the continuance of such allowances.
RAILWAY TAX ACCRUALS.
Railway tax accruals were $5,864,589 76, an increase of
$279,999 38. Eliminating adjustments in both 1925 and
1924 affecting prior years, the increase was $629,000, which,
resulted from larger accruals for Federal incoxrui tax on,
'account of the increased income of the company.
Disposition of Net IncomeDivs. declared: 27i% in
$5.152,510 00 $3,747,280 00 +81,405.230 00
1925;20% in 1924
Surplus for the year
carried to profit & loss.413,653,684 39 39,880,253 72 443,773,430 67
Net total
Total
Miscellaneous operations:
Revenues
Expenses and taxes
Total oper. income
Products of agriculture
Animals and products
Products of mines
Products of forests
Manufactures and miscellaneous
Less carload merchandise
JULY 17 1926.]
THE CHRONICLE
339
EQUIPMENT AND JOINT FACILITY RENTS.
TERMINATION OF NEW YORK CENTRAL LINES EQUIPMENT
TRUST OF 1910.
In 1925 there was a net credit of $227,069 76 to equipment
--York Central Lines—Equipment Trust of 1910
The Nev"
rents compared with a net debit of $312,265 52 in the prehaving expired on January 1 1925, the title to the equipment
vious year. This change was largely due to the putting in was transferred by the Trustee to the several railroad comservice by the company of 4,000 new cars. Separate tables panies, parties to the trust, in proportion to the amount of
setting forth the details of equipment and joint facility rents the cost thereof paid by each company, respectively. This
company's share of the equipment so transferred from trust
will be found on another page of this [pamphlet] report.
to railroad owned consisted of 135 locomotives, 35 passengerNON-OPERATING INCOME.
train cars and 3,249 freight-train cars.
Non-operating income was $1,485,340 80, an increase of
AUTOMATIC TRAIN CONTROL.
$381,379 84.
Orders of the Inter-State Commerce Commission require
The increase in dividend income of $63,980 10 is principally automatic train control devices to be installed upon two
due to the receipt in 1925 of a 6% dividend amounting to divisions of this company's road by July 18 1926. Accord$59,052 upon the capital stock of The Toronto Hamilton and ingly under date of August 5 1925 a contract was made for
the purchase from the General Railway Signal Company of
Buffalo Railway Company held by the company.
The increase of $41,116 53 in income from funded securities the materials necessary for the installation of that company's
intermittent inductive auto-manual device upon two diviis the result of the accrual of interest on securities of the
sions, Detroit to Jackson and Jackson to Niles.
United States purchased during the year.
PROPERTY INVESTMENT ACCOUNTS.
The increase of $224,638 18 in income from unfunded
Increases in the property investment accounts for the year,
securities and accounts is largely due to an adjustment in the
as shown in detail elsewhere in this [pamphlet] report, were
accounts with The Canada Southern Railway Company,
as follows:
lessor, in connection with previous years, as a part of which Road
$2.722,353 45
Equipment
3,246.035 30
there were credits to this account.
Improvements on leased railway property
82,288 66
1.768 91
Miscellaneous income increased $35,450 72 due to an award Miscellaneous physical property, a decrease of
in 1925 to this company by the City of Detroit in connection
$6.048.908 50
Total
with the widening of the Dix-Waterloo highway.
IMPROVEMENTS AT DETROIT.
DEDUCTIONS FROM GROSS INCOME.
During the year the sea wall along the harbor line from
Deductions from gross income were $6,486,792 95, a Third Street to Twelfth Street, Detroit, was extended,
decrease of $7,998 09. There were no noteworthy fluctua- adding substantially to the area for team tracks and freight
terminal facilities. In this connection the Third Street
tions in the several items of this group.
.
freight terminal was improved by the construction of a new
INCOME BEFORE DIVIDENDS.
NET
outbound freight house with the necessary tracks, team track
The net income of the company was $18,806,194 39, an facilities, driveways, etc. An additional inbound house and
increase of $5,178,660 67.
a series of covered platforms between the inbound and outbound houses are under construction.
DIVIDENDS.
The grades of eight streets on the Bay City Division in
Dividends declared and charged against the
income of the Detroit were separated, thus completing the separation for
year were as follows:
all streets west of Woodward Avenue on this Division. In
Date Declared.
Date Payable.
Rate Per Cent
Amount.
-permanent character
June 10 1925
most instances the work is of semi
July 29 1925
10
$1,873.640 00
Dec. 9 1925
Jan. 29 1926
10
1,873,640 00 under agreement with the City of Detroit and will be reDec. 9 1925
Jan. 29 1926, extra
734
1,405,230 00 placed by permanent construction at such times as necessity
Total
2735
15,152,510 00 demands.
SURPLUS.
REMOVAL OF OLD BRIDGE OVER THE NIAGARA RIVER.
After charges for dividends there remained a
Following the opening during the year of the new steel
surplus of
$13,653,684 39 which was carried to the credit of
over the Niagara River between Niagara Falls,
profit and arch bridge
loss. At the end of the year the total corporate
Suspension Bridge, New York, descnbed in the
surplus was Ontario and
$77,212,918 43.
annual report for 1924, the old cantilever bridge, which had
CAPITAL STOCK.
been in use for 41 years, was removed.
The capital stock of the company remained
unchanged STOCK DIVI DEND FROM THE TORONTO HAMILTON & BUF
during the year, the total amount authorized
FALO RAILWAY COMPANY.
and issued
being $18,738,000.
The company received during the year 1,968.4 shares of
the capital stock of The Toronto Hamilton & Buffalo Railway
CHANGES IN FUNDED DEBT.
Company as a 20 per cent stock dividend, making total
The changes in the funded debt of the company,
in detail, shares owned 11,810.4.
were as follows:
ACQUISITION OF CAPITAL STOCK OF THE CANADA SOUTHERN
The funded debt outstanding on December 31 1924, was__
RAILWAY COMPANY.
_ _$77,873,212 69
It has been increased as follows:
The company acquired during the year 3,501 shares of
NY C Lines Equipment Trust 434% certificates of
May 15
capital stock of The Canada Southern Railway Company,
1925
1.830.00000 making its holdings on December 31 1925 81,601 shares or
$79,703,212 69 54.4 per cent of the total outstanding.
and has been reduced as follows:
ADVANCE TO LANSING MANUFACTURERS RAILROAD.
Payment falling due during the year and on
January 1 1926. on the company's
The company advanced to the Lansing Manufacturers
liability for principal installments
Railroad $9,500 as its stock proportion share of the amount
under equipment trust agreements as
follows:
necessary to redeem $19,000 of its First Mortgage bonds
NYC Lines Trust of 1912, January 1
1926.- $151,710 90
NYC Lines Trust of 1913. January 1
clue July 1 1925 and $370 76 for additions and betterments.
262,359 54
MORR Trust of 1915. October 1 19251926-The total advances charged by the company to the Lansing
300.000 00
MC R 11 Trust of 1917. March 1 1925
Manufacturers Railroad to December 31 1925 amounted
600,000 00
Trust No. 48 (1920). January 15 1925
346,400 00
C 11 It Co proportion of NYORR Co
M
to $116,590 32.
Trust of 1920; April 15 1925
PENSIONS.
467,664 75
NY 0 Lines Trust of 1922, June 1 1925
373,000 00
During the year 80 employees were retired and pensioned;
N Y C Lines 4Si per cent Trust of
1922.
September 1 1925
53 at the age of 70, 23 for disability and 4 voluntarily on
51,00000
NY 0 Lines Trust of 1923, June! 1925
632,000 00
service pension. There were 515 pensioners at the close
NY 0 Lines Trust of 1924. June 1 1925_
233,000 00
N Y C Lines 4Si per cent Trust of
1924.
of the year.
September 15 1925
173,000 00
The total amount paid in pensions for the year was
3.590,135 19 $235,36 38. The balance in the reserve set up to provide
0
leaving the funded debt on December 31 1925
$76,113,077 50 for payments upon pensions granted in 1925 was, at the end
a net decrease of $1,760,135 19.
of the year, $437,879 97.
Effective September 1 1925, an amendment to the pension
NEW YORK CENTRAL LINES EQUIPMENT
TRUST OF 1925.
rules permits any employee voluntarily to retire who has had
This trust was established by agreement
dated May 15
at least forty years of continuous service and is not less than
1925, to which The New York Central
Railroad Company,
65 years of age.
The Michigan Central Railroad Company and
The CleveCHANGES IN ORGANIZATION.
land Cincinnati Chicago and St. Louis Railway
Company are
parties. Under the trust a total of
The Board records with deep regret the death of Milton S.
$22,500,000 of 434%
equipment trust certificates are issuable of
which there were Barger, General Treasurer, on March 5 1925.
issued during the year $10,530,000, maturing in
The Board records the following appointments:
equal annual
installments of $702,000 in the years 1926-1940,
Harry G. Snelling, General Treasurer, April 1 1925;
inclusive, and
representing approximately 75% of the cost of
Rush N. Harry, Assistant General Treasurer, April 1 1925.
equipment
leased by the Trustee to the railroad companies.
The Board wishes to express its appreciation of the loyal
The equipment allotted to this company under the trust,
.
and efficient service of the officers and employees of the
costing
approximately $2,500,000, consists of 1,.000 box
cars, 5 company during the year.
baggage cars and 2 dining cars. The certificates
issued are
For the Board of Directors,
prorated among the railroad companies in proportion
P. E. CROWLEY, President.
to the
cost of the equipment allotted to each, this company's
share
Comparative Balance Sheet, &c., see/Annual Reports in
For
being $1,830,000.
"Investment News" Columns.
340
[VOL. 123.
THE CHRONICLE
THE CLEVELAND CINCINNATI CHICAGO AND ST. LOUIS RAILWAY COMPANY
THIRTY-SEVENTH ANNUAL REPORT OF THE BOARD OFDDIRECTORS-FOR THE YEAR
ENDED DECEMBER 31 1925.
To the Stockholders of The Cleveland Cincinnati Chicago and
St. Louis Railway Company:
The Board of Directors herewith submits its report for the
year ended December 31 1925, with statements showing the
income account and the financial condition of the company.
ROAD OPERATED.
The mileage covered by this report is as follows:
Comparison
1924
1925
Miles
Miles
Miles
Main line and branches owned
1,688.95 1,695.50 6.55 Decrease
Leased lines
205.06 2.01 Decrease
203.05
Lines operated under contract
326.84 2.01 Increase
328.85
Lines operated under trackage rights_ _ _ 170.61
170.61
Total road operated
2,391.46 2,398.01 6.55 Decrease
The decrease of 6.55 miles in main line and branches
owned is due to the abandonment of the old line through
Sidney, Ohio, replaced by the Sidney cut-off. The decrease
of 2.01 miles in leased lines and a corresponding increase in
lines operated under contract is due to the termination of
operation of the Mt. Gilead Short Line Railway under lease
and its subsequent operation by this company under temporary arrangement.
THE YEAR'S BUSINESS.
There was no congestion on the company's lines during the
year and traffic was moved expeditiously. In 1925 45,387,869 tons of revenue freight were moved, an increase over
1924 of 2,314,896 tons, or 5.37 per cent. Business from
connections increased 3,820,671 tons, while that originating
on the company's lines decreased 1,505,775 tons, due chiefly
to the unfavorable conditions affecting the union mines in
the fields tributary to the company's road.
Revenue passengers carried were 4,656,340, a decrease of
894,320. The falling off was in local and commutation
passengers and resulted from the growing use of the private
automobile and auto bus.
There was an increase in the number of interline passengers carried due to improved train service between New York
and St. Louis and to a large movement to Florida during the
latter part of the year.
INCOME ACCOUNT FOR THE YEAR.
Year Ended
Year Ended Increase (+)or
Dec. 311925. Dec. 31 1924. Decrease(-)
2,391.46 Miles 2,398.01 Miles -6.55 Miles
Operating IncomeOperated.
Operated.
Railway operations:
$
Railway operating revenues_92,061,069 50 87,712,381 47 +4,348,688 03
Railway operating expenses_67,001.481 50 66,740,727 85 +260,763 65
Net revenue from railway
operations
4
25,059,588 00 20,971,653 62 +4,087.93 38
Per cent of expenses to revenues
--(3.31)
(76.09)
(72.78)
Railway tax accruals
5,534,374 26 4,906.836 68 +627,537 58
Uncollectible railway rev's
+21,881 80
36.732 72
14.850 92
Railway operating Income 19,488,481 02 16.049.966 02 +3.438.515 00
Equipment rents, net debit..
Joint facility rents, net debit
91,940 41 1.112.20636 -1.020,265 95
835,831 67
573,492 37 +262,339 30
Net railway oper.Income-18,560,708 94 14,364,267 29 +4,196,441 65
Miscellaneous operations:
Revenues
Expenses and taxes
Miscell. operating deficit_
17,068 52
17,248 96
26,247 51
22,181 82
-9,178 99
-4,932 86
180 44
*4,065 69
-4,246 13
Total operating income
18,560,528 50 14.368.33298 ±4,192,19552
Non-operating Income
Miscellaneous rent income_ _ 283,376 72
+7,944 99
275.431 73
Miscellaneous non-operating
physical property
-24,926 53
160.212 41
185.138 94
Dividend income
371.275 90
195.413 40 +i75,86250
Income from funded securities_ 514.579 10
+70,929 30
443.649 80
Income from unfunded securities and accounts
-77,998 90
241,649 02
319,647 92
Release of premiums on funded
-6547
debt
694 10
759 57
-32,798 96
Miscellaneous income
24,553 31
57,352 27
Total non-operating income.. 1,596,340 56 1,477,393 63 +118,94693
Gross income
20,156,869 06 15,845,726 61 +4,311,142 45
Deductions from Gross Income
Rent for leased roads
150.299 08 +437,431 76
587,730 84
-8,082 06
Miscellaneous rents
224,804 09
216.722 03
-2,400 00
Miscellaneous tax accruals_
22,200 00
19,800 00
Separately operated properties
9
-loss
21,055 02 +124,52 24
145,584 26
Interest on funded debt
7,450.884 60 7,073,343 08 +377,541 52
+24,738 19
Interest on unfunded debt_ _ _
16,369 68
41.107 87
Amortization of discount on
funded debt
+35,338 67
269,730 19
234.391 52
Maintenance of investment or--447 02
Fanization
331 45
778 47
--4,101 44
17,452 48
21,553 C2
M 'mcellaneous Income charges_
Total deductions from gross
income
8.749.343 72 7,764,794 86 +984,548 86
Net income
11,407,525 34 8,080.931 75 +3,326,593 59
Year Ended Increase(+)or
Year Ended
Dec. 31 1925. Dec. 31 1924., Decrease (-).
2,391.46 Miles 2,398.01 Miles -6.55 Miles
Operated.
Disposition of Net Income- Operated.
$
Dividends declared:
$
$
On preferred stock, 5 per
499,925 00
cent each year
499,925 00
On common stock, 53.5 Per
cent in 1925; 5 per cent
in 1924
2,586,578 50 2,351,435 00 +235,143 50
+2,083 11
Sinking funds
43,218 22
45,301 33
Total appropriations of income
3,131,804 83 2.894,578 22
+237,226 61
Surplus for the year carried to
profit and loss
8,275.720 51 5,186,353 53 +3,089.366 98
*Income in 1924.
PROFIT AND LOSS ACCOUNT.
$36,559,879 95
Balance to credit of profit and loss, December 31 1924
Additions
Surplus for the year 1925
$8.275,720 51
Donations in aid of sidetrack construction_ __ _
10.369 33
Profit on sale of equipment
2.048 08
Reacquirement of securities below par
12,880 85
8,301,018 77
$44,860,898 72
Deductions
Accumulated unrefundable overcharges
Surplus appropriated for investment in physical
property
Depreciation prior to July 1 1907 on equipment
retired during year
Road property retired and not replaced
Adjustment ofsundry accounts (net)
$14,252 08
15,034 09
192,513 62
438,030 03
75,769 28
Balance to credit of profit and loss, December 31 1925
735,599 10
$44,125,299 62
OPERATING REVENUES.
The total operating revenues were $92,061,069 50, an
increase of $4,348,688 03.
Freight revenue was $68,196,253 82, an increase of
$4,094,862 59.
Passenger revenue was $16,322,908 19, a decrease of
$231,663 52.
Mail revenue was $1,786,378, a decrease of $25,256 75
due to the loss of storage-car service from Pier 77, New York,
to St. Louis which ceased to operate via this company's line
on April 1 1925, partly offset by increases in authorized
service.
Express revenue was $2,162,361 66, an increase of $323,699 64, the result of a larger business handled..
$95,Switching revenue was $1,065,292 07, an increase of748 52 due to the greater volume of traffic.
Dining and buffet revenue was $783,043 45, an increase
of $76,835 36 accounted for by the operation of a larger
number of cars in 1925.
Other transportation, incidental and joint facility revenues
were $1,744,832 31, an increase of $14,462 19.
OPERATING EXPENSES.
Operating expenses, by groups, were as follows:
GroupMaintenance of way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-credit
Total
Amount.
Increase.
$11,020,606 51
$222.343 62
18.177,938 32 *1,006.394 47
1,576,668 99
161.718 81
32.623.355 02
117.126 54
805,601 59
108,118 27
2,832.314 89
498.741 13
35,003 82
159,099 85
$67.001,481 50
$260,753 65
*Decrease.
Expense for maintenance of way increased $222,343 52.
Largely responsible for this increase was the laying of 7,600
more tons of new rail and the application of 40,000 more
tons of stone and 45,000 more tons of gravel ballast than in
1924.
Expense for maintenance of equipment decreased $1,006,394 47. Fewer locomotives were shopped and freight cars
required less extensive repairs than in 1924.
Transportation expenses increased $117,126 54. Increased
expenses following the heavier tonnage were .largely offset
by reduced charges for fuel, for loss and damage to freight
and for other items.
General expenses increased $498,741 13. This increase
is largely accounted for by the charging to the year's expenses
of the total amount estimated to be required for the payment of allowances to employees retired under the pension
plan in 1925 during the continuance of such allowances.
RAILWAY TAX ACCRUALS.
Railway tax accruals increased $627,537 58 attributable
to an increased net income, additional property and to higher
real estate tax rates.
THE CHRONICLE
.JULY 171926.]
EQUIPMENT AND JOINT FACILITY RENTS.
The net debit to equipment rents decreased 81,020,265 95
as the result of the acquisition by the company of new freight
equipment during the year. The net debit to joint facility
rents increased $262,339 30 as the result of increased use of
joint facilities by the company and of adjustments affecting
prior years. Separate tables setting forth the details of
equipment and joint facility rents will be found on another
page of this [pamphlet] report.
341
are prorated among the railroad companies in proportion to
the cost of the equipment allotted to each, this company's
share being $4,950,000.
TERMINATION OF NEW YORK CENTRAL LINES EQUIPMENT
TRUST OF 1910.
The New York Central Lines Equipment Trust of 1910
having expired on January 1 1925, the title to the equipment was transferred by the Trustee to the several railroad
companies, parties to the trust, in proportion to the amount
NON
-OPERATING INCOME.
of the cost thereof paid by each company, respectively.
Non-operating income was $1,596,340 56, an increase of This company's share of the equipment so transferred from
$118,946 93.
trust to railroad owned consisted of 84 locomotives,6 passenDividend income increased $175,862 50, due to higher ger-train cars and 1,583 freight-train cars.
dividend accruals on stock of The Cincinnati Northern
THE CLEVELAND UNION TERMINALS COMPANY.
Railroad Company.
Income from funded securities increased $70,929 30, the
The Cleveland Union Terminals Company issued and sold
result of further advances to subsidiaries.
during the year an additional 85,000,000 of its fifty-year
Income from unfunded securities and accounts decreased 5 per cent first mortgage bonds of series B,which were jointly
$77,998 90. The principal cause of the decrease is a smaller guaranteed by this company and the other proprietors of the
amount of funds used for construction work upon which Terminals Company under the guaranty agreement dated
interest was accrued.
July 17 1923.
ACQUISITION OF EUROPEAN LOAN BONDS.
DEDUCTIONS FROM GROSS INCOME.
Deductions from gross income were ,749,343 72, an increase of $984,548 86.
Rent for leased roads increased $437,431 76, caused by
more favorable results of operation of the Peoria and Eastern
Railway, which is operated for account of the owner, but is
treated in the accounts as a leased line.
Separately operated properties—loss increased $124,529 24,
due principally to a settlement of accounts with the Chicago
Rock Island and Pacific Railway Company in connection
with the operation of the Kankakee and Seneca Railroad
January 1 1913 to August 311925.
Interest on funded debt increased $377,541 52. A full
year's interest was accrued on the company's refunding and
improvement mortgage bonds, of series D, issued in June
1924, and there was also a net increase in the amount of
equipment trust obligations outstanding.
NET INCOME BEFORE DIVIDENDS AND OTHER
APPROPRIATIONS.
The net income of the company was $11,07,525 34, an
increase of $3,326,593 59.
DIVIDENDS.
Dividends declared and charged against net income of the
year were as follows:
Preferred stock:
Date Declared.
March
11 1925
June
10 1925
September 9 1925
December 9 1925
Date Payable. Rate Per Ct.
April
20 1925
1
July
20 1925
1
October
20 1925
1
January 20 1926
1
Total
Common stock:
Date Declared.
March
11 1925
June
10 1925
September 9 1925
December 9 1925
5
Date Payable.
Rate Per Ct.
April
20 1925
1X
July
20 1925
13(
October
20 1925
1X
January 20 1926
1%
Total
5%
Amount,
6124,981 25
124,981 25
124.981 25
124,981 25
6499.925 00
Amount.
5587.858 75
587,858 75
587,858 75
823,002 25
52.586,57850
SURPLUS.
After charges for dividends aggregating $3,086,503 50 and
other appropriations amounting to $45,301 33 there remained
a surplus at the end of the year of $8,275,720 51 which was
carried to the credit of profit and loss. At the end of the
year the total corporate surplus was $46,590,984 35.
PROPERTY INVESTMENT ACCOUNTS.
Changes in the property investment accounts for the year,
as shown in detail elsewhere in this [pamphlet] report, were
as follows:
Road. increase
Equipment, increase
Miscellaneous physical property,increase
Improvements on leased railway property, decrease
Net increase
52.508.124 90
6.891,85049
591,004 71
522,267 21
69,468.51289
The decrease in the account for improvement of leased
railway property was the result of adjustments on account
of the award by the Miami Conservancy District, amounting
to $1,121,791, for the cost of relocating the line of the Cincinnati Sandusky and Cleveland Railroad Company between
Dayton and Enon, Ohio, after the 1913 flood.
NEW YORK CENTRAL LINES EQUIPMENT TRUST OF 1925.
This trust was established by agreement dated May 15
1925, to which The New York Central Railroad Company,
The Michigan Central Railroad Company and The Cleveland Cincinnati Chicago and St. Louis Railway Company
are parties. Under the trust n total of 822,500,000 of 4%
per cent equipment trust certificates are issuable of which
there were issued during the year $10,530,000, maturing in
equal annual installments of $702,000 in the years 19261940, inclusive, and representing approximately 75 per cent
of the cost of equipment leased by the Trustee to the railroad
companies. The equipment allotted to this company under
the trust, costing approximately $6,700,000, consists of
1,000 box cars, 300 refrigerator cars, 1,500 gondola cars,
25 baggage cars and 10 dining cars. The certificates issued
With additional purchases in 1925 the company's holdings
of European Loan Bonds at the end of the year amounted to
39,420,000 francs, equivalent at the normal rate of exchange
to 87,608,202 17. The total cost of these bonds was $3,715,592 82.
The Board wishes to express its appreciation of the loyal
and efficient service of the officers and employees of the company during the year.
For the Board of Directors,
P. E. CROWLEY, Pretident.
For Comparative Balance Sheet, dm., see "Annual Reports' in
"Investment News" Columns.
CURRENT
NOTICES.
—The International Securities Trust of America has published a number
of interesting pamphlets dealing with the investment trust movement in
the United States which should prove of considerable interest to investors
in this class of a security. The pamphlets published are as follows:'Five
Years of Growth and Progress" (quinquennial booklet of International
Securities 'Mist of America): "Answers to Questions about an Investment
Trust":"The Investment Trust. the Culmination of Investment Service
Creating Standards in Investment Values" ("Forbes Magazine" reprint):
"Pioneering in the American Investment Trust Field" ("Bankers Magazine" reprint). Copies of any of these may be had by addressing the
company at 50 Pine St., New York.
—W.B. McMillan, W. V. Carroll, Jr., W. M. McMillan and Henri P.
Pulver announce the formation of a corporation for the transaction of a
general bond business under the firm name of W.B. McMillan & Co.,Inc.,
at 19 S. La Salle St.. Chicago. Telephone Main 6077. Mr. Pulver was
formerly connected with Babcock, Rushton & Co. sad Frazier Jelke & Co.
Mr. Carroll was formerly with Frazier Jelke & Co. W. B. McMillan and
W. M. McMillan were formerly Treasurer and Prsident, respectively, of
W. McMillan & Son, which was recently abserbed by the Indiana Limestone Co.
—Lewis E. Eyman, who has been identified with the banking and investment business in Seattle, Chicago and Philadelphia for thirty years, and
who for the past five years has been the northwest manager for Bond.
Goodwin lt Tucker, has opened offices in the Dexter-Horton Building,
Seattle, under the name of Eyman & Co.,for the purpose of doing a general
Investment business. Mr. Eyman is President of the new company, and
his son, Bradford Eyman, Vice-President.
—Wilder, McAllister & Brady, Inc., of New York, announce the opening
of a branch office in the Bardavon Building, Poughkeepsie, N. Y. Associated with them in this office are Harold F. Styles, formerly with the First
National Bank of Poughkeepsie, and Frank Kearney.
—Hibernia Securities Company, Inc., announce the opening on June 15
of their new Chicago office at 1232 Illinois Merchants Bank Building under
the management of Kenneth S. Baetier, formerly Manager of their Atlanta
office.
—The International Securities Trust of America's new booklet "Five
Years of Growth and Progress" is now ready for distribution to the general
public and can be obtained at the office of the American Founders Trust,
50 Pine Street.
—William M. van der Kieft. formerly of van der Kieft & Lequin, and
H.0. Rothe,formerly with Prince & Whitely, have joined the bead department of E. W. Clucas & Co., members of the New York Stock Exchange,
New York City.
—John C. Feys and Associates. Inc.,investment and financial counsel, of
Los Angeles, announce the opening of San Francisco offices at 369 Pine St..
to do a general investment business. W.R. Oates, who Is a Vice-President,
will be manager of the new office.
—Edward R. Lundberg announces the opening of offices for the transaetion of a general stock and bond business under the name of Lundberg k
Co., Crocker-First National Bank Building, San Francisco, Calif. They
will specialize in unlisted and inactive securities.
—B. L. Hayden and Harry G. Stern, formerly with Bradford, Kimball k
Co., have formed the firm of Hayden, Stern & Co., with offices at 519
California St., San Francisco. to do a stock brokerage and general investment business.
—Peabody, Houghteling & Co., Inc. announce that Messrs. Charles R.
and Sellers Smith will represent them in Pittsburgh with offices at 1909
Union Bank Building.
—Bond & Goodwin, Inc., have opened an office for northern New York
State in the Flower Building, Watertown, N.Y.,and announce the appointment of John H. Humbert as Manager.
—Howard F. McCandless & Co., Standard Oil Building, San Francisco,
dealers in general market issues, announce that Nelson B. Phillips has
become a general partner in their firm.
—A. R. Leach & Co., Inc., have removed their New York offices to 57
William Street where they occupy the entire 6th floor.
342
THE CHRONICLE
[Vol.. 123.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME.
The Introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, July 16 1926.
COFFEE on the spot was quiet and inclined to be weaker.
Riors eased off to 193 c. and Santos 4s 223 to 22%o.
A
Offers included prompt shipment Bourbon Santos 3-4s at
21.300.; 3-52 at 21 to 213 c. 4-6s at 20.80c. to 213c.;
%
5-6s at 20.70e.;6s at 203/ie.; Bourbon grinders 7-8s at 18.95e.
to 19.70c.; part Bourbon 2-4s at 22.10e.; 3-5s at 21 to
22.05°.; 5-6s at 200.; Rio 7s at 18.50 to 18.55c.; Victoria
7-8s at 18c. Future shipment Santos part Bourbon 4s,
July-August, at 203 to 21c.; July-September 3-5s at 21.15e.;
%
September-December at 20.60c.; July-November 4s at 21c.;
October-December Bourbon 3-5s and part Bourbon at
203 to 20.40c.; December Bourbon 4s at 1930.• December/
March Bourbon 6s at 18Me.• January-March'
Bourbon 4s
and 3-5s part Bourbon at 193ic. to 193'c.; Bourbon 4-5s at
193jc. Fair to good Cucuta, 243' to 25°.; Laguayra,
washed Caracas, fait., 283 to 263c.; Colombian, Ocana,
%
3
243i to 24%e.; Bucaramanga, natural, 263j to 26%c.;
washed, 283 to 29e.; Handa and Tolima, 283 to 28%o.;
Giradot, 283 to 290.; Medelin, 293 to 30e.; Manizales,
%
283 to 29e.; Mexican washed,273 to 283(c.
Cost and freight firm offers were lower on the 12th inst.
with part Bourbon 3-5s ranging from 20.65 to 21.30c.; for
prompt shipment and part Bourbon 3-5s for Septemberecember, 20.750.; October-December, 20.55c.; and January-March, 19.45e. Port Bourbon 4s for December-March
were here at 19
part Bourbon 4s for prompt shipment
at 213c. to 21.40c. Bourbon, 4-5s,at 21c. to 21.100.; part
Bourbon 6s at 203 c.; Peaberry 6s at 203/c.; Bourbon 7-8s
,
grinders at 18.60c.; Bourbon 6-7s grinders, 19.60e.; Bourbon
5-6s at 20.800.; Bourbon 7-8s separations, 19.05a.; and
Bourbon 4s at 21.85e. Later spot trade was slow. But
cost and freight offers were in smhe cases a shade higher.
Prompt shipment Bourbon 2-4s, 22.10e.; 3-4s, 21.40 to
21.90e.; 3-5s at 21.15 to 213%c.; 4-5s at 21.200.; 5s at 20.900.;
5-6s at 20.30 to 2030.;7-8s at 18.45 to 19.10c.; part Bourbon
/
3-5s at 21.10 to 21.55c.• 4-5s at 21.30c.; 5-6s at 21c.; Rio 7s
at 18.60 to 18.90c.; 7-8s at 18.45c.• Tietoria 7-8s at 18e.;
future shipments August Bourbon 4--5s at 203'e.; Peaberry
'
4-5s at 20%c.; July-August 4s, part Bourbon, at 21e.;
January-March Bourbon 3s at 20.40c.; 4s at 193'c. The
Brazilian Legislature is said to be discussing the advisability
of putting Brazil on a gold basis. Futures on the 14th inst.
advanced 7 to 15 points on buying by the trade, and shorts,
though the futures market was small. The total sales were
estimated at 20,000 bags. The trade bought September.
The Brazilian markets were closed. On the 15th inst. prices
advanced 17 to 24 points more, with sales of 38,000 bags,
with cables firmer and Rio exchange up 1-64d.; and reports
of heavy rains and hail in Sao Paulo Districts. Cost and
freight offers were higher. Later options were still below
the price of actual coffee, but the market was dull.
Reports from Santos say that there is great dissatisfaction
with the methods followed by the Defense Committee. It
is not so much on account of the restriction of the receipts
as because of the Defense Committee entering into the buying
and selling of coffee in competition with dealers, their alleged
concealing of their transactions and failure to give prompt
information as to interior stocks. A few months ago the
Defense Committee fixed 278000 milreis as the basic price
at which they would purchase No. 4s. They were unable
to hold it. The price fell to 248300 milreis. A Sao Paulo
dispatch says that three growing States reunited in a determination to support the price of coffee against any unwarranted
depression as they would regard it and efforts are being made
to enlist two other States in the same plan. It is pointed out
that no notices for July delivery have been issued. To all
appearances, a short interest remains to be covered, with no
coffee to be had that is not costlier. Prices on the Exchange here are, it is said, too low compared with actual
value, but a narrow market continues. The public holds
aloof. Some of the trade hedge against their holdings at
prices much below cost. To-day futures closed unchanged
to 4 points higher with sales of 30,000 bags. Cost and freight
business was dull. Santos advanced 25 to 100 reis. Santos
exchange was 7 29-32d.; dollars 68240. Rio futures, on the
other hand, were 150 to 250 reis lower; Rio exchange declined
1-64d. to 7 29-32d.; dollars 10 reis lower at 68220. Sao
Paulo's efforts to get other States to help her sustain prices
was regarded by some as rather a confession of weakness.
Final prices show a rise for the week of 24 to 25 points.
Spot,unoffic19X a ---- September__17.59a17.61 IMarch
18.53
(118.M December _16.80a16.811May
July
156:8222anatoramd:
-Prompt Cuban declined 2 11-32c. on a moderate
SUGAR.
business. A sale of 23,000 bags early in the week was made
to Montreal at 2.453/2 e.&f. that port, or 2.25c f.o.b. Cuba.
.
Larger foreign sales were made on Wednesday of 6,000 tons
of Cuba for August shipment to the Far East at us. 83d.
c.i.f., or 2.29c. f.o.b., and 6,000 tons to Holland also for
August shipment at us. 73/2d. c.i.f., or about 2.27e. f.o.b.
United Kingdom refiners were reported to have purchased
another 6,000 tons at us. 6d. c.i.f., or about 2.24e. f.o.b.
Sales here of late total 87,000 bags at 2 11-32c. prompt and
later loading, and some 6,000 bags end of July at 2 5-16e.
Refined was quiet at 5.70e. Withdrawals were good.
According to one statement, Cuban receipts were 36,457 tons
for the week, exports, 64,373, and stocks, 1,276,970 tons.
Mills grinding numbered 1. Of the exports, 11,761 tons
were for New York, 3,802 for Philadelphia, 5,572 for Boston,
10,882 New Orleans, 8,818' Galveston, 4,743 Canada,
8,862 United Kingdom, 6,579 France, and 3,354 China.
Some make the indicated surplus at the close of the yepr
231,398 tons. They say that this is a very narrow margin
to take care of contingencies, particularly since it is predicated on a reduction in stocks of 515,000 tons. If the start
of the Cuban crop be deferred to Jan. 1, with no new crop
sugar arriving before the latter part of the month, stocks
could not well be reduced to 50,000 tons, and all of this small
balance would be needed either by Jan. 1 or shortly thereafter.
Cuba has recently been inclined to sell freely at the
2 7-16c. c. & f. basis and disposed of a fair volume of spgar
at that quotation, thus improving their condition considerably. When the market receded to the 2Xic. basis as a
result of offerings of sugars that were hedged on the exchange, Cuba for a time showed increased resistance to the
decline. The weather in Europe last week was bad, with
further heavy rains and reports of floods. There were also
numerous cables in the market to the effect that crop conditions were retrograding. Later, however the weather
improved. There are still complaints, however, of unsatisfactory crop prospects. Nineteen sugar notices were issued
on the 12th inst. "Facts about Sugar" said: "The following
gives a summary of receipts and distribution from January 1
to June 30 of raw sugar in long tons: Stocks January 1,
207,900; receipts of dutiable sugar, 2,008,796; receipts from
Insular United States 1,139,580; Dist. beet and Louisiana
sugars, 486,520; stocks on June 30; 510,000; total, 3,332,796;
equivalent in refined, 3,114,762; refined exports 56,712;
net dist., 3,058,050.
The United States Agricultural Department covers the
sugar beet situation as follows: "The condition of sugar beets
is generally good east of the Rocky Mountains, being well
above average in Colorado, Nebraska and Michigan. In
the Inter-Mountain and California districts the condition is
relatively low. Acreages have been reduced in California
and Idaho but are generally slightly larger than last year
in other important States except Ohio. With the United
States condition above the average and acreage below last
year, the production of beet sugar may be expected to approximate 877,000 short tons. The Louisiana cane belt
reports a reduction in acreage. Plant cane stands are poor
and condition very low. Stubble-cane is in general good.
Production of sugar will probably not exceed 140,000 short
tons." Some put Louisiana at 90,000 tons, against 124,500
last year. The Crop Reporting Board at Washington,D. C.,
advises: "Sugar beets, United States acreage, 764,000.
Condition 86.3, forecasting 6,748,000 tons beets. U. S.
production, 877,000 tons." Lamborn figures this as equal
to 783,000 long tons refined value, comparing with last
year's output of 815,000 long tons, refined value. The
amount of beets worked last year was 6,993,000 short tons.
These figures indicate a decreased production this year of 4%.
Philippine raws afloat due within two weeks were offered
at 4.18c. c.i.f. Refined was quiet. Actual consumption
in the United States is believed to be very large, owing to
the more seasonable weather. Receipts at Cuban ports
for the week were 48,276 tons, against 55,029 in the previous
week, 46,093 in the same week last year and 32,201 two
years ago;exports,84,418 tons, against 67,042 in the previous
weekg or 62,773 in the same week last year and 78,641 two
years ago; stock, 1,291,450 tons, against 1,327,502 in the
previous week, 1,078,116 in the same week last year and
692.254 two years ago.
To-day futures closed unchanged to 1 point higher.
London was quiet. Refined here was still 5.70e. In
Europe the weather is too cool. Heavy rains were reported
in Czechoslovakia. Prompt ra,ws were quoted at 2 5-16c to
:
2 11-32c. Some 40,000 tons have been sold to United
Kingdom refiners and to Holland of late, all for August
shipment, at us. 6d., or 2.22e. f.o.b. Cuba. Europe and
the Far East continue to buy. It does not appear, however,
to brace quotations much. New Zealand recently bought
two cargoes of Cuban sugar. Final prices of futures show an
advance for the week on July and September and a decline
JULY
171926.]
THE CHRONICLE
of 1 point on December. The spot price closed at 2 11-32c.
.
to-day, a decline of 1-16c. for the week. Closing prices:
Spot,unofficial_c2 11-321September__ _ _2.55a
_ 1March
July
2.37a2.381December_ -2.62anom May
2.71a
2.79a
LARD on the spot was dull and lower. Prime Western
16.80 to 16.90c.; Middle Western, 16.65 to 17.750.; City ,
in
tierces, 16% to 163/2e.; City in tubs, 1634e. Compou
lots in tierces, 1634 to 17e. asked; refined pure lard tond carContinent, 17/c.; South America, 18c.; Brazil, 19c. To-day
trade was light and prices rather weak at unchanged
tations. Futures advanced 20 to 25 points and meats quo5 to
15c., with hogs and grain higher, shorts covering
cottonseed oil trade buying. The rise was checked and the
by
selling by packers, weak cables and dulness of export hedge
ness. Futures later declined 7 to 12 points on the 15th busiinst.,
with meats off 10 to 15 points. Packers sold.
fortnightly statement of lard stocks showed an Chicago's
increase
6,107,000 lbs., the total being 55,196,000 lbs., against, of
however, 72,986,000 a year ago. On the 14th inst.
prices had
advanced 7 to 12 points on lard and 10 to 20 on
meats. Ribs
have been in better demand and firmer. Liverpo
14th inst. was 9d. to is. 3d. higher. The rise in ol on the
grain helped
lard at times. No big net decline has taken
place, even with
steady selling by packers. Washington wired:
July 1, 120,680,000 lbs., against 145,919,000 "Lard stocks
five-year average of 156,178,000 lbs. Lardlast year and a
June, 123,854,000 lbs., against 124,507,000 production in
five-year average of 150,313,000 lbs." To-dlast year and a
ay
22 to 25 points lower on September and Octoberfutures were
trading. The secret of the decline was the , with active
drop in hogs
of 15 to 20 points with the top $14 50. Western
hog
were 75,000 against 87,000 last year. Chicago receipts
expects
4,000 on Saturday. Liquidation and lack of
support increased stocks of lard and larger receipts of hogs
than expected were too much for the market. Final
net decline for the week, however, of only 10 prices show a
Cottonseed oil dropped 7 to 10 points to-day to 12 points.
on scattered
selling and evening up for the Government report
will appear at 11 a. m. on Saturday. It was decided which
to suspend trading in cottonseed oil futures from
11:15 a. m., Saturday, while the report was 10:55 a. m. to
being received
and digested.
DAILY CLOSING PRICES
Sat.
July delivery
cts_15.97
September delivery_ ---16.22
October delivery
16.20
OP LARD FUTURES
Mon.
Tues.
Wed.
15.95
16.10
16.17
16.10
16.32
16.42
16.05
16.30
16.42
IN CHICAGO.
Thurs.
Fri.
16.10
15.82
16.30
16.07
16.30
16.05
PORK quiet; Mess, $40 50; family, $43
pork, $32 to $34. Ribs, Chicago market, to $45; fat back
cash,
40 to 60 pounds average. Beef quiet; Mess, 18e., basis
$18 to $20;
packer, $18 to $20; family, $21 50 to $22
mess, $35 to $440; No. 1 canned corned 50; extra India
beef, $3; No. 2,
25; six pounds, $18 50; pickled
tongues
Meats steady; pickled hams, 10 to 20 pounds, , $55 to $60.
293% to 29310.;
/
pickled bellies, 6 to 12 pounds,26 to
salted, boxed, 18 to 20 pounds, 21e.;27c. Bellies, clear, dry
14 to 16 pounds, 2134e.
Butter, lower grades to high scoring,
flats, 22 to 29c. Eggs, medium to 333/2 to 41c. Cheese,
extras, 263/2 to 34c.
OILS.
-Linseed was in better demand and higher.
Higher
flaxseed prices contributed to the strength
oil was scarce. Spot carlots, cooperagein linseed. Prompt
basis, 11.8c.; raw,
s tanks, lie.; boiled, tanks, 11.4c.;
July-August, 11.8c.
Cocoanut oil, Ceylon, f.o.b. coast, tanks,
9%c.; Manila,
coast tanks, 9%c.; spot, tanks, 10c.;
12c.; China wood, New York, spot, Cochin, bbls., spot,
bbls., 16 to 163%c.;
corn, crude, tanks, plant, 1234c. Soya
bean, coast, tanks,
11e.; blown, bbls., 143 0. Lard,
/
strained winter, New York, spot, prime, 1834c.; extra
143 1c. Cod, domestic,
/
58 to 60c.; Newfoundland, 60 to
62c. Turpentine, 8634 to
9034e. Rosin, $13 25 to $16 10.
to-day, including switches, 9,100 Cottonseed oil sales
nominal. Prices closed as follows: bbls. P. Crude S.E.,
Pennsylvania
$3.40
Corning
2.45
Cabell
2.40
Somerset, light__ 2.65
Rock Creek
2.25
Smackover,27 deg. 1.50
343
Buckeye
Bradford
Liga
Indiana
Princeton
Canadian
Corsican heavy
$3.05
3.40
2.48
2.25
2.37
2.88
1.15
Eureka
$3.25
Illinois
2.37
Crichton
2.10
Plymouth
1.90.
Kaynesville,33deg. 2.10
Gulf Coastal "A"_ 1.60
De Soto
2.30
RUBBER on the 13th inst. was 20 to 81:1 points lower.
July notices were in circulation. July longs were inclined
to liquidate. Leading rubber interests were sold. Factory
demand was still light. Offerings were somewhat larger
from the Congo and from Sngapore London was quiet
and easier, closing at % to 30. net lower; spot, 2034d.;
August,20%d.;September,20%d.;October-December,21d.;
January-March, 21%d. London cabled that offerings from
the East continue at a high level, with local holders disinclined to offer as the market presented signs of thinness.
The world's shipments of crude rubber during the first four
months of the current year are stated at 193,784 tons, of
which 180,115 were plantations and 13,689 of wild and
Brazilian grades. Early in the week rubber was dull and
depressed On the 12th inst. July nw was 40.50 to 40.80c.,
closng at 40.70 to 40.80c.; July old, 40.70 to 40.90°., closing
at 40.90c Outside prices on that day were as follows:
First latex crepe spot, 42e.• July, 420.; August-September,
4234e.; October-December, 43%c. Ribbed smoked sheets,
'
spot,4134 to 42c.;July,40 to 41%e.August-September, 42e.October-December,43c.; brown crepe thin,clean,35c.;spooky,
31c.; No. 1 rolled, 33c. London on the 12th inst. ended as
follows: Spot, 20/d.; August, 203 d.; September, 2078d.;
%
/
October-December, 213% to 21 %d.• January-March, 21% to
22d. In London, July 12, the stock increased 1,000 tons
'
during the week, bringing the total to 26,063 tons. Imports
were 1,972 tons and deliveries 972 tons. The stock of
26,063 tons compares with 25,063 last week, 22,283 last
month and 4,484 last year. On the 15th inst. rubber was
steady but quiet. July was 39.80 to 40.10e. Outside
prices: Plantations first latex crepe spot, 42c.; July, 41'Ac.;
August-September,41 Mc.; October-December,42c. Ribbed
smoked sheets, spot and July, 40 to 41c.; August-September,
40%c.; October-December, 4134e. Brown crepe thin,
clean, 38c.; spooky, 33c.; No. 1 rolled, 34c.; amber No. 2,
38c. London was weak on the 15th inst. in anticipation of
another increase in the stock this week of 750 to 1,000 tons.
Spot, 203% to 20%d.; August, 20% to 2034d.; September,
20% to 20%d. Singapore; dull and Yid. lower; spot,
19%d.; August-September, 1958d. To-day prices were
/
steady on a light trade. October was the firmest at 41.70e.
in the middle of the day. July later on was 40.50e.; August,
41.30e.; September, 41.80e. In London September was
30. higher and in Singapore also somewhat higher.
HIDES have been quiet at about $31 50, or 1434c. c.&f.
for Argentine frigorifico. Packer hides were quiet at 13 to
1334e. for native, 12 to 1234c. for bulls and 1134 to 12c.
for Colorado, though it does not appear that the outside
prices here given are being paid. Common dry hides have
been quiet at 19%c. for Orinoco and 20c. for Savanmlla.
New York City skins firm. Offerings smaller. Light
weights are said to be especially scarce and 5-7s are quoted
at $1 60, 7-9s at $1 95 and 9-12s at $2 55. About 300 dry
salted Porto Ricans sold at 143 e. West Indies are lower.
4
River Plate was slightly higher. Europe bought 4,000
Swift La Plata steers at $32 25 or 14 11-16c. c.&f.
OCEAN FREIGHTS.
-Demand for tonnage fell off late
last week. It looked for one thing as though the British
strike might soon be settled. Later, business here was
coal
dull. The London coal market was firmer.
CHARTERS included grain from Gulf to Pernambuco
or Santos, 23s.
Aug. 10, canceling;from Vancouver to Japan, 34 10 September;from Gulf
to United Kingdom, 4s. 6d. Aug. 1-15 canceling; from Gulf to Rotterdam
direct. 18c. first half August; 23,000 qrs. from Quebec
to Hull, 3s. 6d.
July 20 canceling;41.000 qrs.from Galveston or New Orleans to Birkenhe
Avonmouth, Cardiff, Barry, Liverpool, London, Glasgow, Hull, Leithad,
or
Tyne Dock, 45. 3d. August 2-12 canceling; sugar from Cuba or
Spot
_a _
iSeptember __14.19a
Domingo to United Kingdom-Continent. 22s. 6d. July-August;from Santo
July
Santo
15.00a15.50 October_ _ __12.67a1____ [December _ _11.02a
Domingo or Cuba to United Kingdom-Continent, 21s. 6d. August; coal
August
15.0oa 15.40 November--11.25112.65!January--- _10.92a ---- from Hampton Roads to River
.401February_ - _10.90all.00
Plate, 20s. July; from Hampton Roads to
United Kingdom, 14s. 10!id.
PETROLEUM.
,
-Gasoline was in good domestic demand dom, 15s.6d.;from Hampton July; from Hampton Roads to United KingRoads to United Kingdom,$3 65; July;from
but export business was small. U. S. Motor
Hampton
at local refiner- Kingdom,Roads to Glasgow, 17s. 6d. July;from Hampton Roads to United
ies was 13c. and in tank cars delivered to
16s. 6d. spot; from Hampton Roads to United
17s.
13id. spot;
was a good jobbing business. The Gulf trade, 14e. There celing;fromfrom Hampton Roads to United Kingdom, 14s. Kingdom. canHampton Roads to United Kingdom, 16s. spot; Aug.5-20
market was steadier.
from Hampton
U.S. Motor there was quoted at 12e. while
Roads to Rio de Janeiro,$4 75 July-August;from Hampton
64-66
end point was held at 13% to 14e. Gas oil wasgravity 375 Plate, 19s. 6d. July-August;from Hampton Roads to UnitedRoads to River
Kingdom, 15s.
steady but August;from Hampton Roads to West Italy,$3 50 August;from Hampton
quiet; 36-40 in bulk local refineries, 630.;
Roads to
co,
/
26-34, 6c.; 26-28 Kingdom. PernambuJuly 18s. 6d. July; from Hampton Roads to United
transparent, 5340.; 32
15s. 5d.
20 canceling.
plus dark, 53,40.
easier. It was rumored that water whiteKerosene has been
was obtainab
9Ye. in tank cars at local refineries and 103/2c. in tankle at
cars
delivered to the trade and prime white at 9e.
refinery
was a slightly larger movement of cased kerosen . There
white in the Gulf section was steady at 8e. and e. Prime
water
at 9e. New York refined export prices: Gasoline, white
cases,
cargo lots, U. S. Motor specifications deodori
zed, 28.90c.;
U.S.Motor bulk,refinery, 133(c.;kerosene,cargo lots,
cases,
18.90c.; W. W. 150 degrees, 20.15c.; Bunker oil,
$1.75; Diesel oil, Bayonne, bbl., $2 50; petrolef.o.b. dock,
um, refined,
tanks, wagon to store, 170.; motor, gasoline, garages
bbls.), 210.; Up-State, 21c.; single tank cars, delivere (steel
d,
York, 15c.; Naphtha V.M.P. deodorized in steel bbls.,New
22c.
Oklahoma, Kansa and Texas28-28.9
32-32.9
52 and above
Louisiana and Arkansas-34.9
32
35-37.9
38 and above
Elk Basin
$1.65 Big Muddy
1.97 Lance Creek
3.57 Homer 35 and above
Caddo
1.95 Below 32 deg
2.10 32-34.9
2.25 38 and above
$2.40
2.25
2.40
2.20
2.10
2.25
2.45
COAL has been in fair demand, but there is an idea that
the peak has been reached on the British coal strike stimulus.
But 400,000 tons high as coal have been sold within a few
days for July-August shipment to England. Some Kanawha
coal sold to English firms, it is understood, however, at
about $4 25. Some of the Yorkshire miners have returned
to work, but it does not appear that the strike as a whole is
weakening. The latest announcement is that the great
bulk of the miners will continue on strike. The talk here is
that it may last a month or two longer. The average price
of soft spot coal is $1 91, showing no change. Most of the
West India low volatile coal is being sold to Chicago and
Cincinnati.
TOBACCO.
-For Sumatra there has recently been a fair
demand reported. Also for Havana seed, including old
broad leaf, and some predict a better trade later in the year.
Other kinds have met with the ordinary routine demand.
It cannot be said that there is any real activity in tobacco or
any featUres of striking interest. The crop is estimated by
344
the Government at 1,139,251,000 lbs. against 1,349,660,000
last year.
• COPPER advanced to 143/2c. for prompt copper, which is
unusually scarce. September and later deliveries could be
s
had, it was said, at 143/c. late on the 14th inst. The demand has fallen off, however. Standard copper in London
on the 14th inst. advanced 7s. 6d. to £58 5s. for spot and
£59 for futures on sales of 100 tons of spot and 2,100 tons of
futures; electrolytic rose 10s. to £66 for spot and £66 10s.
for futures. London to-day was £58 2s. 6d. standard spot
and £58 17s. 641. futures; electrolytic spot £66;futures £66 55.
TIN, like other metals, advanced. Prompt Straits sold
at 633o. and August at 63c. Other deliveries on the 14th
inst. were quoted as follows: Spot, 633,4c.; July, 83Xe);
4
/
September, 627 3c., and October, 623 c. But trade has
been quiet. Consumers are doing very little. On the other
hand, traders are confident and are pressing sales. London
.
on the 14th inst. advanced £2 5s. on spot standard tin to
£280 10s.; futures rose £2 2s. 6d. to £280 on sales of 100 tons
of spot and 900 tons of futures. Spot Straits advanced
£2 9s. 6d. to £289 10s.; Eastern c.i.f. London advanced
£1 2s. 6d. to £287 on sales of 300 tons. To-day London
spot, £280 128. 6d.; futures, £280 2s. 6d.
LEAD was advanced to 8.500. New York by the leading
producer. In the outside market as high as 8.600. was
asked. The leading refiner was selling at 8.373'c. at East
St. Louis, but sales were reported at 8.500. for July. Demand was good. London on the 14th inst. was up 75. 6d.
to £31 16s. 3d. for spot and futures advanced 5s. to £31 13s.
9d. on sales of 150 tons of spot and 800 tons of futures.
London to-day spot, £32; futures, £31 15s.
ZINC followed other metals and prices advanced to 7.55c.
to 7.573c. East St. Louis. London on the 14th inst. was
unchanged at £34 7s. 6d. for spot and £24 10s. for futures;
sales, 450 tons spot and 700 tons of futures. To-day London
spot, £33 17s. 6d; futures, £34 2s. 6d.
• STEEL has been quite steady with first half of July
business better than for the same time in June. Bars are
said to be tending upward. The talk is of 2.10c., Pittsburgh, as not far off. This is mentioned merely as showing
the more cheerful tone. Agoodbusinessis being done in pipe.
In other branches there is quite a good trade for the month
of July. Iron and steel scrap is advancing. That is regarded as a broad hint of the feeling in the trade. The
trend of sentiment is to the effect that the market has seen
its worst and that better times are ahead. Sheets have been
in good demand. Sales of structural material make a
favorable showing. So do those of oil pipe and tank plates.
Cotton ties are slightly lower on the new prices for the
season than a year ago.
PIG IRON has declined 50c. in the Valley. It is stated
that steel making grades in Pittsburgh have fallen 50c. per
ton and basic iron has,it seems, sold at $17 50 valley furnace.
Bessemer iron sold at $18 50 to $19, the latter, it is said,
for special quality. Valley iron has been inclined for some
time past to seek a lower level of prices than was quoted
elsewhere, more so indeed than the Atlantic markets which
had to face importations of foreign iron on a considerable
scale. Last week Cleveland sold 50,000 tons. Philadelphia
has been quiet. New York has recently done a good business. Production keeps up very well. The demand is
steady though very often for small lots. No. 2 plain
Eastern Pennsylvania was quoted at $20 50 to $21, with
now and then $21 50 for small lots. Buffalo is $18 50 to
$19, Virginia $22 to $23, Chicago $21 to $21 50, Cleveland
$20 to $20 50. The composite price is 250. lower at $19 46
than a week ago. Foreign iron continues to come to this
country. A French manufacturer received an order for
14,000 tons for Texas Panhandle oil interests.
WOOL has been in only moderate demand here and in less
demand at the West. The low prices named for lightweight
goods were a recent damper. Colonial sales were to begin
on the 13th inst. Hoe/ would they turn out with the British
coal strike still in progress? The rail and water shipments
of woolffrom Boston from January 1 to July 8,inclusive, were
99,452,000 lbs. against 83,092,000 lbs. for the same period
last year. The receipts from January 1 to July 8 inclusive,
were 212,072,057 lbs. against 169,858,300 lbs. for the same
period last year.
Ohio and Pennsylvania fleeces. delaine unwashed, 450.; 34 blood Combblood combing. 43 to 44c.: X blood combing, 43c. Michigan
ing. 44c•:
and New York fleeces: Delaine unwashed, 43 to 440.; X blood combing.
42 to 43c.; X blood combing, 43c.; X blood combing, 42 to 43c.; fine unwashed. 36 to 37c. Wisconsin. Missouri and average New England:
X blood,40 to 42c.; X blood,42 to 48c.: X blood,41 to 42c. Scoured basis:
Texas.fine, 12 months (selected). 61 10 to Si 12:fine,8 months 85 to 87c.•
California Northern, SI 05; Southern, 75 to 80c. Oregon, Eastern. fine
staple. $I 10 to 31 12; fine and fine medium clothing, 90 to 95c. Valley
No. 1.93 to 95c. ,
At London on July 13, 13,125 bales sold at the opening
sale. Attendance good. Demand moderate; mostly from
British sources. The Continent bought some merinos.
Offerings will be 147,000 bales, including about 75,000 bales
of Australian merinos; 49,000 bales of New Zealand crossbreds; 17,000 bales of capes and some 4,000 bales of puntas
through July 29. Superior merinos and crossbreds prices
equal to the close of the previous auctions despite the
adverse Yorkshire situation due to the coal strike. Details:
Queensland. 3.135 bales: scoured merinos, 28 to 38 Xd.; crossbreds,
14% to 264d.; (messy merinos, 16 to 26 Yid.: crossbreds. 13 to 205;(I.
I '193
New South Wales. 784 bales: scoured merinos. 25 to 3541. Victoria
[VOL. 123.
THE CHRONICLE
bales: scoured merinos. 30 to 42Xd.: crossbreds, 153'l to 36d.; greasy
merinos, 15 to 29d. South Australia, 284 bales: scoured merinos, 30 to
crossbreds, 22 to 30d.; greasy merinos, 14 to 22%d.: crossnreds, 11
38d.•.
to 19%d. West Australia. 562 bales: greasy merinos, 14% to 2734d.
New Zealand, 562 bales:scoured merinos. 34 to 38d.:crossbreds, 19 to 34(1.;
Cape Colony, 3,199 bales: scoured crossbreds, 15 to 24d.; greasy merinos.
16 to 21%d.; crossbreds, 71 to Mid. Punta Cerentas, 3,199 bales:
greasy crossbreds, 7 to 16d.
In London on July 14, 11,673 bales were offered. Attendance large. Continent bought freely. Prices generally
steady and unchanged. Details:
,
New South Wales,2,289 bales: scoured merinos, 25 to 3835d.: crossbreds,
20 to MI.: greasy merinos, 15 to 29d.; crossbreds. 83 to 18d. Queensland.
4.059 bales: scoured merinos, 26 to 41Xd.: crossbreds. 26 to 37)d.: greasy
to
)0. Vicria„110 bales:
merinos. 11,X to 28d.: crossbreds. 10 to 20
scoured merMos. 24 to 41 Xcl.; crossbreds, 21 to 38d.; greasy merinos, 16
to 30Xd. South Australia, 1,511 bales: scoured merinos, 30 to 41d.;
crossbreds, 20 to 35Xcl.; greasy merinos, 15 to 25d.; crossbreds. 11 to 18Xd.
West Australia, 437 bales: greasy merinos, 143 to 163icl. New Zealand,
2.294 bales: scoured crossbreds, 11 to 29d.; greasy merinos. 14 to 21 SO.:
crossbreds,8 to 19d. Cape Colony,23 bales: greasy crossbreds,8 to 13d.
In London on July 15, 12,779 bales sold. Superior selection offered. Good demand for greasy scoured merinos
and fine grades of crossbreds. Demand excellent from
France and Germany. Prices generally steady. Details:
New South Wales, 2,386 bales: scoured merinos, 29 to 38d.: crossbreds.
14 to 31d.; greasy merinos, 15 to 29%d.:crossbreds,74 to i9 4d. Queensland. 1,751 bales: scoured merinos, 25 to 45%d.; cdssbreds, 27 to 39d.:
greasy merinos, 173 to 294. Victoria, 746 bales: scoured merinos, 27 to
41 Xd.; crossbreds, 17 to 37d.: greasy merihos, 20 to 31d.; crossbreds, 12X
to 22d. South Australia. 251 bales: greasy merinos, 16 to 2654d.: crossbred,, 15 to 21d. West Australia, 277 bales: greasy merinos, 17 to 253d.
crossbreds, 11 to 21,1. Tasmania, 129 bales: scoured crossbreds, 263i to
36Md. New Zealand, 5.932 bales: scoured merinos, 26 to 51d.; crossbreds.
14% to 39d.; greasy merinos, 15 to 2334d.; crossbreds, 6% to 18d. Cape
Colony, 1,189 bales: scoured merinos, 32 to 45Xd.; crossbreds, 20 to 3564
greasy merinos. 14 to 22%d.: crossbreds, 9 to 163d. South American.
118 bales: greasy merinos, 153 to 1754d.: crossbreds, 121. to 17d.
On July 14 the sale at Roswell, N. Mex., attracted much
attention. A number of Eastern dealers are said to have
bought practically all of the individual clip outside of the
2,000,000 lbs. to be offered at the sale. Boston estimated
that the fine staple will cost 950. to $1 and the clothing wool
85c. to 90c. clean basis landed Boston. Shrinkage on these
wools usually ranges from 65 to 70%. The condition of the
clip is reported better than last year.
COTTON.
Friday Night, Ju'y 16, 1926.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
36,882 bales, against 37,0d7 bales last week and 53,126 bales
the previous week, making the total receipts since Aug. 1
1925, 9,533,481 bales, against 9,132,034 bi,les for the same
period of 1924-25, showing an increase since Aug. 1 1925
of 401,447 bales.
Receipts at-
Sat.
Mot,
Wed.
Tues.
Fri.
Thurs,
952 1,409
1,099
296
125 3,336
1.083 6,925 1,463 1,042
62
297
44 2,064
-88g
1,031
131
172
141
119
1.587
Galveston
Houston
New Orleans_ __ _
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Philadelphia__
1.136
201
519
458
206
-___
109
35
826
66
41
Totals this week_
3.573
4.7001
0,051
6.244
6.043
1,328
7
528
199
Total.
609 6,792
3,356 7,113
653 12,494
262
94
501 4,723
837
75
282
2
1.098 2,959
559
____
211
170
614
614
36
7.172 36.882
The following table shows the week's total receipts, the
total since Aug. 1 1925 and stocks to-night, compared with
last year:
v
1925-26.
Receipts to
July 16.
1924-25.
This Since Aug Th;s Since Aug
Week. 11925. Week. 11924.
Galveston
Texas City
Houston
Port Arthur. &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
PhIladelphM
Stock
1926.
1925
6.792 3,027,351 5.208 3.628.897
61.981
18,234
7,113 1.774.706 10.492 1,847.538
224,803
3,141
564 15
3
1.521 1,903.198
162,878
68.( 1
3.363
1,1 26
371
25,322
1 24
9,166
12,494 2,375,875
2,446
151.770
10.104
3.854
622.038
539
278,686
20,270
12,( 9
282
2.959
126,586
474.119
3
555
135.394
389,659
14,068
57.923
6,C 71
22,193
559
211
614
36
55.138
43,508
43,428
9,850
100
224
177
23.827
38,725
34.779
1,045
50,990
4,483
1,165
4.894
106,7 34
1,461
1,1 90
3,(55
26 fig2 0.533.431 22.774 9.132.034
Tritsda
837
239,775
18,912
13.116
979,148
400
333.335
473.649
2RO.S 28
262
4,723
305
1,743
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
I
Receipts at- 1925-26. 1924-25. 1923-24. 1922-23. 1921-22. 1920-21.
1.554
14,748
34,860
13,023
5.208
6,792
Galveston____
1,211
19,742
1,159
10,492
7,113
Houston, &c..
1,953
10,278
4,608
12,240
1,521
12,494
New Orleans_
524
1
2,424
1,528
305
262
Mobile
2,443
4,020
5,096
19.466
1,743
4,723
Savannah..,
446
Brunswick _
351
305
801
551
2,446
8.37
Charleston ___
2,399
217
10
3
2,760
282
Wilmington.._
2,567
1,067
6.470
4.064
555
2,959
Norfolk
9
N'port N.,dm.
2,403
412
3,432
2.068
501
1,420
All others..
Tot, this week
Sinew
AIM'
1
31.697
15,202
35.877
98,434
22.774
36.882
a nln AM 0 159 ORA ft 660 062 A ROA 547 fi 050 076 A 614 Ann
JULY 171926.]
THE CHRONICLE
The exports for the week ending this evening reach a total
of 50,870 bales, of which 5,351 were to Great Britain, 1,186
to France, 18,482 to Germany, 11,271 to Italy,
to
Russia, 11,193 to Japan and China, and 3,387 to other destinations. In the corresponding week last year total exports were 52,974 bales. For the season to date aggregate
exports have been 7,761,765 bales, against 7,958,697 bales
in the same period of the previous season. Below are the
exports for the week:
Exported toWeek Ended
nreco
Jul', 16 1028.
- Britain. France
Exports from
Galveston
Houston
New Orleans
Savannah
Charleston
Norfolk
New York
Philadelphia_ _
443
986
3,144
1,300
450
14
Total
5,351
Total 1925
Total 1924
3,411
15,503
200
Germany.
2,784
3.356
4,635
4.170
1.425
2,012
100
Total
775
1,874
8,762
4,918
5.500
635
1,186 18,482 11.271
1,712 14,261 11.069 8,000
6,717 4,558 2,537 19.052
From
Aug.1 1921to
Jut,/ 16 I ePt. 'rear
Ge ,
Exportsfrom BrUsin.IFrancelmany.
Galveston__ _
Houston....
New Orleans.
Mobile
Jacksonville_
Pensacola- _
Savannah...
Brunswick _
Charleston
Wilmington..
Norfolk
New York_.
Boston
Baltimore_
Philadelphia.
Los Angeles.
San Diego
San Fran_ _
Seattle
Ja*and
Italy. Russia. China. Other.
Total.
550 4,552
601 6,817
363 18.678
1,696 14,510
127 1,552
3,312
50 1.435
14
11,193
3.387 50,870
6.901
7,620 52,974
1,383 49,752
Exported to
IJa-andItaly. Russia. China. Other.
Total.
570,208 336,518,384,271 213,629 34,500210.376 281.813
463.024 309.4221352,172 147,552 139,323 177.602 151,815 2,031,315
522.293 188.887 276.253 245.853 36,389 324,037 199.059 1.740.910
1.792.771
92.769 10,915 35.150 1,000
1,500 7.470 148,804
6.133
4.400
449
1.924
12.457
758 4.052 8,258
8.966
4.150
537
18,912
657
255,310 20,859 314,180
177.031 78,857 855,152
400
400
79.384 1,873 109,213
61.576 25,327 277.373
28,706 50.600
9.000
5,000
93,306
100 118,963 4,599
139.618
17.150 13,320 293,750
70.739 25.084 53,083 27,371
44,446 54.645 275.368
828
5,260
6.763
12,851
3,355
4.360
7.715
100
1.303
100 1.294
303
3,100
31.254 2,900 10,182 1,164
3,932 1,237
50.669
5,402
1,501
6.903
1,275
100
81.264
250
82,889
56,820
300
57,120
2,261.938 900.771 1692053 706,786 210,212 1159884 830,121
7.761,765
Total '24-'25. 2.535.918 897.682 1888618 717.039 224.411 882.185 811.944
To.-tt" ,14 I ettl cfil 71.1 149 1268510 526 817 155 072 574 936 582 014 7.958.697
11
5 530 596
s /0 1.(4/kiLLII.- IL has never been our practice to
Include
above tables reports of cotton to Canada, the reason being that virttut ly in the
cotton destined to the Dominion comes overland and it is impossible to get all the
concerning the same from week to week, while reports born the customs returns
on the Canadian border are always very slow In coming to hand. In view, districts
of the numerous inquiries we are receiving regarding the matter, we win however,
say
for the month of June the exports to the Dominion the present season have that
14,756 bales. In the corresponding month of the preceding season the exports been
0,263 bales. For the eleven months ended June 30 1926, there were 242,772 were
bales
exported, as against 193,095 bales for the corresponding ten months of
1925.
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
Jay 16 at
Great
GerOther CoastBritain France, many. Foreign wise.
Total.
Leaving
Stock.
Galveston
3.000 4,600 4,400 10,000 2,000 24.000
200,803
3,981
4.053 5.436 14,086
New Orleans
277 27,833 135,043
Savannah
200
200
25,122
Charleston_
250
250
20,020
19
Mobile
90
109
3,254
Norfolk300
300
,666 3;866_21_00 1L000 67.623
Other ports'... 2000 1,000 2
70,092
-9.672 11,836 27,586 ?II/
8,981
Total 1926_ mg 511,957
)
,
8.519 2,946 9.732
Total 1925.._
701
3.455 18,384 3.368 32.637 252.898
6.729
Total 1924
176,020
Ustimatbd.
345
of July 2 this year was 15,635,000 bales. The latest from a
private bureau is 15,000,000. One appeared during the
week of 14,810,000 bales. That was not taken seriously.
In fact, all estimates just now are necessarily tentative.
They would be in an ordinary season. They are more than
ever so in an extraordinary season like the present one when
semi-winter temperatures at the South have penetrated
Into the middle of July.
The trade has been a good buyer at times. The Continent was said to have bought October rather freely. New
Orleans bought here. Shorts have covered heavily as the
price advanced into new high ground on this movement.
Cotton goods reports have been more favorable, both from
Worth Street and Charlotte, N. C. The demand has increased. The tone in Fall River seems a little better.
Manchester has reported a larger de.mand for cloths from
India. The monsoon in India is said to have improved
noticeably. Moreover, prospects are said to be good for
an early settlement of the British coal strike. Spot markets
have advanced. There has at times been a rather better
demand for white cotton. Exports have been small, but
the deficit as compared with last year is only 196,932
bales. That is not regarded as so bad if the reduced buying power of Europe this year is considered. The Japanese are more disposed to buy. Their textile industries are
prosperous. Speculation has broadened to a certain extent.
Large Wall Street and uptown operators are said to be
working on the bull side and to have bought some important
blocks of late of October and December. The June consumption in this country turned out to be larger than was
expected. It reached 518,504 bales, against 516,758 in May
and 494,083 in June of last year. This marks a substantial
increase for the season; that is, the total is approximately
0,000,000 bales, or nearly 300,000 bales more than in the
previous year, up to June 30.
On the other hand, the market of late has shown a rather
more hesitant tone. The advance recently has been marked;
that is, around 150 to 175 points. Some of the trade think
that discounts a good deal. The crop recuperated in a
remarkable manner last year. History now and then
largely repeats itself in the cotton trade as it does elsewhere. A period of hot, dry weather might easily do wonders for the crop. The acreage is close to 49,000,000 acres.
Some take the ground that it will really be hard for the
South to avoid raising a good-sized crop. If it is only 15,000,000 bales, or 1,100,000 bales less than last year, the
carry-over into next season must be reckoned with. It is
variously estimated at 5,000,000 to 6,200,000 bales. That
would mean a season's supply for 1926-27 of 20,000,000 to
21,200,000 bales. Moreover, the technical position has
been weakened. Very many of the shorts have covered.
The July situation went out on the 10th inst. and it is no
longer a prop under the market; there is no longer buying
of the new crop months by big spot people, as July is sold.
And the condition of the textile industry in this country
still leaves much to be desired. There has been some improvement, but there is no general activity. Curtailment
of operations is still universal. Lancashire's industry is
not in good shape by any means. On the Continent of
Europe textiles are for the most part depressed. Japan
alone seems to be prosperous. Latterly the market for
futures here has seemingly had to be supported by strong
interests. But a marked change for the better in the
weather, it is very generally believed, would cause a decline.
To-day prices advanced early in the day, but reacted
later, and ended at a small net decline owing to better
weather and rather heavy week-end liquidation. The forecast was more favorable aside from a prediction of showers
for eastern Texas. Spinners' takings showed an increase.
Reports of hopper damage continued. Weevil reports are
becoming more numerous, also poor fruitage. Liverpool
was firmer than due. American and Japanese trade interests bought. But week-end realizing f.nally carried the
day. Temperatures were still too low. Hot, dry weather
Is urgently needed. Final prices show a rise for the week.
however, of only 3 to 10 points net. Spot cotton ended at
18.55c., showing a decline for the week of 50 points.
The following averages of the differences between grades,
as figured from the July 15 quotations of the ten markets
designated by the Secretary of Agriculture, arc the differences from middling established for deliveries in the New
York market on July 22:
Speculation in cotton for future delivery has been more
active at higher prices, owing mainly to abnormally cold
weather at the South and persistent reports of damage by
hopper and other insects. The infestation of both hopper
and weevil is said to be increasing. The weevil is declared
to be showing its worst infestation in parts of Texas,
Louisiana, Arkansas and Mississippi. The hopper is said
to be in most sections of Texas through to South Carolina.
It includes Oklahoma. The damage varies, it is said, from
very slight to complete the loss of all fruit in many fields.
Moreover, the leaf worm is said to be increasing. There
is some reference also to red spiders, lice, beetle and so
forth. The thing most seriously considered just now is the
hopper. In some States it is said to be disappearing after
doing considerable harm. It is feared that the conditions
are favorable for the propagation of weevil. The nights
and early mornings have been remarkably cool, with little
interruption for many weeks past. Such temperatures have
.
been officially reported as 46 to 48 in Tennessee, Arkansas Middling fah'
1.05 on *Middling "yellow" stained
3.72 off
84 on *Good middling "blue" stained_ 2.28 off
and Mississippi, and 50 to 55 in the rest of the belt of late. Strict good middling
.62 on Strict middling "blue" stained_ _ _3.06 off
Rainfalls have been heavy at times in Texas, the heaviest Good middling
.43 on •MIddling "blue" stained
Strict middling
4 05 off
being on the Coast, where, it is true, not much cotton is Middling
Basis Good middling spotted
.03 off
1.28 off Strict middling spotted
31 off
raised, The contention is universal' that the cotton belt Strict low middling
3.38 off Middling spotted
Low middling
1 17 off
needs a period of several weeks of dry, hot weather. The *Strict good ordinary
5 4% off 'Strict low middling spotted
2.83 off
ordinary
4 75 off
6 93 off
plant is late. Complaints are frequent of poor fruitage. 'Goodgood mid."yellow" tInged.0.16 off *Low middling spotted stained_ A.46 oft
Strict
Good mid, light
There is said to be too much stalk. Some reports say that Good middling 'yellow" tinged__ .75 off *Strict mid,light yellow stained_ _2.01 off
yellow
*Middling light yellow stained. _3.20 off
the bottom crop is seriously threatened. That would mean Strict middling "yellow" tinged. _1.22 off Good
91 off
2 75 off
*middling "Yellow" tinged
middling "gray"
1 43 off
a large percentage of the crop. However that may be, there *Strict low mid."yellow" tinged_4.50 off *Strict middling "grar
2.15 off
tendency to reduce crop estimates. The date has now *Low middling "yellow" tinged. _6.20 off *Middling "gray"
is a
Good middling "yellow" stained_2.31 off
arrived for the next Government report to appear, on July *Strict mid."yellow" stained._ _ _2.88 off • Not deliverable on future contracts.
inst. one crop estimate was issued here of
23. On the 15th
The official quotation for 'middling upland cotton in the
15,000,000 bales, and a condition of 74.2, or 3.2% less than a
been:
previous report from the same source and 1.2 under the last New York market each day for the past week has
Sat. Mon. Tues. Wed. Thurs. Fri.
.a4 1010 July
Government figures on July 2. The Government estimate Middling upland 1618.55 18.55
18.10 17.85 18.55 18.55
FoL. 123.
THE CHRONICLE
346
FUTURES.
-The highest, lowest and closing prices at corresponding periods of the previous year,is set out in detail
below:
New York for the past week have been as follows:
Saturday,
July 10.
Monday,
July 12.
Tuesday, Wednesday. Thursday,
July 15.
July 14.
July 13.
Towns.
July
Range__ 17.50-18.70- - - - -- - -- - -Closing_ 17.59-17.60- - - - - - August
Range_ - - -17.00-17.30- - -17.90-17.97- - - - 17.7517.80Closing_ 17.3317.9017.2517.75Sept.
Range__ - - -- - - - 17.55-17.55 17.40-17.40 17.52-17.52
17.3917.4317.39Closing_ 17.1817.4516.94OdoberRange__ 16.98-17.17 16.80-17.01 16.99-17.50 17.08-17.45 17.14-17.40 17.29-17.55
Closing_ 17.08-17.13 16.84-16.87 17.35-17.37 17.29-17.33 17.28-17.30 17.29-17.29
November
- - - - - - Range.. - - -- - -- - 17.2517.29-17.2917.32Closing_ 17.0716.80December
16.98-17.43 17.03-17.42 17.14-17.41 17.2547.55
Range__ 16.96-17.14 16.73-17.00
26
Closing_ 17.07-17.10 16.75-16.77 17.29-17.31 17.29-17.31 17.30-17.32 17.29-17.
January
17.18-17.42 17.26-17.56
Range__ 16.96-17.13 16.78-17.0117.10-17.48 17.09-17.45
17.29-17. 8
2
17.33Closing_ 17.10-17.12 16.79-17.34-17.37 17.35February
Range__ --------17.58-17.58
Owing. 17.17 --- 16.90 -17.44 ---- 17.45 ---- 17.44 ---- 17.36March
Range.. 17.14-17.32 16.94-17.15 17.23-17.68 17.30-17.65 17.36-17.63 17.46-17.75
17.46Closing.. 17.24-17.28 17.01-17.03 17.55-17.58 17.55-17.56 17.54April
Range....- - - - ---- - 17.61- - - - 17.5217.61 Closing_ 17.2917.0617.60May
90
Range__ 17.30-17.42 17.07-17.26 17.35-17.78 17.45-17.78 17.51-17.78 17.58-17.
17.58-17.
60
17.68Closing_ 17.34-17.35 17.12-17.13 17.65-17.66 17.68June
Range....
Closing-- - - - -- - -- for week Range of future prices at New York - - - ending
July 16 1926 and since trading began on each option:
Option for
Range Since Beginning of Option.
Range for Week.
July 1926_ 17.50
Aug. 1926_ 17.00
Sept.1926.. 17.40
Oct. 1926_ 16.80
Nov.1926._
Dec. 1926_ 16.73
Jan. 1927__ 16.78
Feb. 1927_ 17.58
Mar. 1927_ 16.94
Apr. 1927._
May1927__ 17.07
July
July
July
July
10 18.70
12 17.97
15 17.55
12 17.55
July
July
July
July
10 17.45
14 16.58
14 16.20
16 16.02
16.38
16 16.00
16 15.90
16 16.85
16 16.08
16.10
16 16.25
June 14 1926 24.72
June 12 1926 22.00
June 15 1926 20.97
July 6 1926 19.70
June 19 1926 18.20
July 2 1926 18.50
July 2 1926 17.94
Apr. 22 1926 17.58
July 2 1926 17.91
July 6 1926 16.10
July 2 1926 17.90
Aug. 17 1925
Oct. 8 1925
Oct. 14 1925
Nov. 6 1925
Feb. 5 1926
Jan. 4 1926
Feb. 5 1926
July 16 1926
May 10 1926
July 6 1926
June 16 1926
Movement to July 17 1925.
Movement to July 16 1926.
Friday,
July 16.
Receipts.
Ship- Stocks'
meats. July
Week. Season.
16.
Season. Week.
Receipts.
Week.
Ala.,Birming'm
224
98,629
623 1,458
Eutalua
22,048
162 2,749
63
Montgomery
56 104.373 1,352 10,602
Selma
12 89,794
____ 5,364
Ark., Helena
598 102,608 1,310 20,273
Little Rock
159 231,380
561 33,554
Pine Bluff
285 182.447
893 33,152
Ga., Albany
7,919
____ 2,005
Athens
312
39,375
465 2,028
Atlanta
1,390 235,399 1,653 19,350
Augusta
1,628 364,904 2,630 37,379
Columbus...
89,511
812 1,457
613
Macon
101
72,664
158 5,771
Rome
56.475
300 9,694
226
La., Shreveport
10 168,248
107 15,599
Miss.,Columbus
---46,949
---_ 1,267
Clarksdale
133 237,054 1,120 52,361
Greenwood
99 224,679 1,366 48,508
Meridian
69 69,588
664 4,667
Natchez
13
58,664
411 4,208
Vicksburg_
____
54,836
200 11,587
Yazoo City
10
53,002
262 9,809
4o., St. Louis_ 5,797 735,065 6,197 12,852
72,368
984 17,720
N.C.,Greenab'ro
280
31,836
272 1,350
Raleigh
320 5,160
Okla., Altus
125 144,924
44 195,149 1,021 5,983
Chickasha
130 172,671 1,313 16,686
Oklahoma
B.C.,Greenville 2,413 319,087 5,015 33,274
____
4,912
____ 2,682
Greenwood
Tenn..Memphi 13,845 1,971,116 23,431172,430
____
3,476
____
600
Nashville
____
Tex., Abilene
____
87,563
240
42
6.382
84 3,865
Brenham
9
12,736
____
24
Austin
53 166,583
244 10,885
Dallas
Houston..._ 10,5104,854,762 19,120296,668
____ 114,837
43
500
Faris
26,144
194
11
8
San Antonio_
97,383
703 3,952
287
Fort Worth
180
54,929
107
208
19,603
5
254
82,93
26
149
6 64,445
100
63,203
____
183
1 205,984
146
-___ 126,21
20
3,891
-___
418
54 52,661
1,103
834 229,27
561 236,83. 3,11
100
___._
76,875
273
49,24:
61
47,44!
____
-_
____
____ 102,200
37,189
____
____
14
142 112,414
101
65 135,182
128
17 37,907
46
2 42,737
1
--__
31,706
74
33,140
-__
1,038
936 727,02
827
181
73,463
9
8,383
---____
____ 218,631
16
100 156,516
43 140,056
102
2,175 251,046 2,630
____
____
13,26
1,7 1,291,215 2,534
____
16
950
___
___
71.38
8
5 23,271
____34,60!
6
66 196,278
86
8,7524,741,474 12,62
____
93,516
____
4 65,782
____
____ 159,431
5
39,51411.627.507 73,684 917,992 15,8921011252
Total, 40 to
Ship- Stocks
meas. July
17.
Week.
196
967
5,109
423
826
2,220
2.860
1,850
3,578
7,654
12.691
508
5,413
4,868
400
176
2,127
1,615
1,155
880
186
232
3,621
5,149
138
622
301
536
19,580
4,416
12,645
57
235
3,698
5
1,345
74,444
10
434
358
26,646183.524
The above total shows that the interior stocks have decreased during the week 34,475 bales and are to-night
July 12 17.55 July
734,468 bales more than at the same period last year. The
July 12 17.56 July
receipts at all towns have been 23,622 bales more than the
July 16 17.58 July
July 12 17.75 July
same week last year.
July 12 17.90 July
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as July 16 for each of the past 32 years have been as follows:
9.31c.
16.40c. 1902
18.55c. 1918
33.150. 1910
well as afloat, are this week's returns, and consequently 1926
8.440.
24.900. 1917
12.50c. 1901
27.40c. 1909
all foreign figures are brought down to Thursday evemng. 1925
9.81c.
31.45c. 1916
11.00c. 1900
1924
12.95c. 1908
6.190.
27.55c. 1915
12.85c. 1899
9.25c. 1907
But to make the total the complete figures for to-night 1923
6.19c.
13.25c. 1906
11.00c. 1898
1922
22.65c. 1914
(Friday), we add the item of exports from the United States, 1921
8.0001
12.35c. 1905
10.650. 1897
12.85c. 1913
7.060.
12.450. 1904
11.00c. 1896
1920
42.50c. 1912
including in it the exports of Friday only.
7.000.
1924.
418.000
1.000
49.000
1923.
422,000
1.000
42.000
163,000
119,000
6,000
71,000
24,000
23,000
25,000
648.000
12,000
122,000
79,000
14,000
83,000
18.000
4,000
1,000
465.000
20.000
42,000
45.000
4,000
75,000
10.000
15,000
3.000
431,000
333,000
85,000
1925.
635,000
4,000
79.000
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----
942.000
718,000
Total Continental stocks
370,000
July 16-Stock at Liverpool
Stock at London
Stock at Manchester
1926.
bales_ 857.000
135,000
136,000
1,000
80,000
18,000
1919
35.25c. 1911
12.70c. 1895
14.30c. 1903
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
Saturday___ Quiet, 95 pts. dec._ Steady
Monday --- Quiet, 25 pts. dec.. Steady
Tuesday --- Steady, 70 pts. adv. Steady
Wednesday_ Steady, unchanged_ Barely steady
Thursday __ Steady, unchanged_ Steady
Steady, unchanged_ Easy
Friday
SALES.
Spot. Confect Total.
------
200
400
400
200
400
400
214,000
1,000 1,000
Total_
Total European stocks
1,312,000 1,149.000 801,000
OVERLAND MOVEMENT FOR THE WEEK AND
99,000
India cotton afloat for Europe
69.000 107,000
-We give below a statement showing the
American cotton afloat for Europe 198,000 121.000 153,000
SINCE AUG. 1.
Egypt,Brazil,&c.,afloatforEurope 137,000 141,000
90,000
overland movement for the week and since Aug. 1, as made
Stock in Alexandria, Egypt
67,000
221,000
67,000
Stock in Bombay,India
up from telegraphic reports Friday night. The results for
586,000 652,000 704.000
Stock in U. S.Ports
573,649 289,928 208,657
the week and since Aug. 1 in the last two years are as follows:
Stock in U. S. interior towns..
917,992 183,524 225,799
----1925-26-------1924-25---U. S. exports to-day
100
- ---Since
Since
July 16Week. Aug. 1.
Week. Aug. 1.
Total visible supply
2.710,452 2.348,556 2,190,744 Shipped
4,014 641
6,197 717.416
1,038 717,543
Via St. Louis
vsa :
Of the above, totals of American and other desceiptionsal -7
.1
7 .
51171,800 309,537
Via Mounds, &c
572 257,087
American
44
40,46434,349
40,464_._
34,349
Via Rock Island
Liverpoolstock
bales- 490,000 379.000 145,000 145.000
23.000
403
62.618
50,399
Via Louisville
38,000
Manchester stock
70,000
73,000
4,666 248,262
3,179 248,761
Via Virginia points
Continental stock
298,000 313.000 231,000 121,000
107,000
3,100 429,546
4,397 506,970
Via other routes, Stc
American afloat for Europe
198,000 121.000 153,000 241,154
U. S. port stocks
573,649 289.928 208,657 293,590
16,210 1,807,843
Total gross overland
9,296 1,815,109
U. S. interior stocks
917,992 183,524 225,790
Deduct Shipments
U. S. exports to-day
100
1,420 154,003
Overland to N. Y., Boston, &c
501 100,824
930,744
towns
378
26,282
Between interior
318
27,624
Total American
2,550,641 1,356,452 1,001,556
14,027 854.861
Inland, &c., from South
5,301 711,669
East Indian. Brazil, &c.
Liverpool stock _________ 367,000 256,000 273,000 277,000
1.000
15,825 1,035,146
Total to be deducted
6,120 840,117
London stock
1,000
4,000
19,000
11,000
Manchester stock
12,000
9,000
93,000
385 772.697
Leaving total net overland*
3,176 974,992
Continental stock
72,000 118.000 102.000 123,000
99,000
Indian afloat for Europe
69,000 107,000
55.000
*Including movement by rail to Canada.
90,000
Egypt, Brazil, &c., afloat
137,000 141,000
151.000
67,000
Stock in Alexandria, Egypt
67,000
221,000
The foregoing shows the week's net overland movement
Stock in Bombay,India
586,000 652.000 704,000 541,000
679,000
123.000
107.000
55,000
151,000
541,000
241,154
293,590
Total East India, &c----- -- _1,464,000 1,354,000 1,347,000 1,260,000
Total American_
2,550,641 1,356.452 1,001,556 930.744
Total visible supply
4 014,641 2,710.452 2,348,556 2,190,744
Middling uplands. Liverpool_ _
9.92d. 13.92d. 16.73d. 15.49d.
27.250.
Middling uplands, New York
18 55c. 24.40c. 32.40c. 16.85d.
Egypt, good Sakel, Liverpool.... 17.55(1. 35.45d. 24.90d.
18.75d.
Peruvian, rough good. Liverpool_ 16.00d. 20.75d. 24.00d. 12.70d.
8.65d. 12.05d. 13.20d
Broach, fine, Liverpool
9.20d. 12.45d. 14.35d. 16.65(1.
Tinnevelly, good, Liverpool
Continental imports for past week have been 66,000 bales.
The above figures for 1926 show a decrease from last
week of 163,408 bales, a gain of 1,304,189 over 1925, an
increase of 1,666,085 bales over 1924, and an increase of
1,823,897 bales over 1923.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stock to-night, and the same items for the
this year has been 385 bales, against 3,176 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 201,295 bales.
/n Sight and Spinners'
Takings.
-1925-26- -1924-25---Week.
Since
Aug. 1.
Week.
Since
Aug. 1.
36,882 9,533,481
Receipts at ports to Jul 16
22,774 9,132,034
385
974,992
Net overland to July 16
772,6973,176
Southern consumption to July 16_ 70,000 4.650,000 65,000 4,380,000
107,267 14,956,178 90,950 14,487 26
Total marketed
*34,475
Interior stocks in excess
861,877 *10,888
Excess of Southern mill takings
269,546
---337,193
over consumption to July 1
Came into sight during week.- 72,792
Total in sight July 16
16,155,248
North. spinn's takings to July 16- 31.330 1,937,026
* Decrease.
80,062
14,755,576
1,410 1,975,499
THE CHRONICLE
JULY 171926.]
Movement into sight in previous years:
Bales. 1 Since Aug.1Week-July 21
1924
89,271 1923
•
-July 20
111,377 1922
1923
Bales.
11,465,925
11,257,578
QUOTATIONS
MIDDLING
FOR
COTTON
AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
July 16.
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
17.90
New Orleans_ _ 18.00
Mobile
17.50
Savannah
17.60
Norfolk
17.88
Baltimore
Augusta
18.13
Memphis
17.75
Houston
17.80
Little Rock-17.90
Dallas
17.85
Fort Worth
17.60
17.65
17.40
17.59
17.63
18.00
17.63
17.75
17.55
17.60
17.60
17.55
18.10
18.23
17.75
18.12
17.88
18.00
18.13
17.75
18.05
18.10
17.90
17.90
18.00
18.07
17.75
18.07
17.88
18.25
18.13
17.75
18.05
18.10
17.80
17.80
18.05
18.20
17.75
18.05
17.88
18.25
18.13
17.75
18.05
18.10
17.80
17.80
18.05
18.24
17.75
18.03
17.88
18.35
18.06
17.75
18.00
18.10
17.80
17.75
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday.
July 10.
Monday,
July 12.
Tuesday, Wednesday, Thursday,
July 13.
July 14.
July 15.
Friday,
July 16.
347
Cotton is about two weeks late, but is in good condition, with plenty of
subsoil moisture now in the ground, and should make satisfactory progress
with favorable weather conditions. Fields have been chopped to a good
stand and are generally clean. The early cotton is forming squares.
Cotton is more or less spotted, generally, on account of the considerable
replanting which was done.
.
judging from present conditions, a production of 1,609.000 hales of 500
pounds gross weight of cotton is forecast. However, the final outturn
may be larger or smaller as conditions the remainder of the season prove
more or less favorable. Last year Oklahoma produced 1,691,000 bales of
500 pounds gross weight and 1.511.000 bales in 1924. These were the two
largest cotton crops ever produced in Oklahoma.
THURBERIA WEEVIL QUARANTINE EFFECTIVE
-The Thurberia weevil quarantine proposed
JULY 15 1926.
on account of the danger from the spread of this pest from
Arizona into other cotton areas of the Southwest was signed
July 2 by Secretary of Agriculture Jardine to become effective July 15 1926, according to a report made public July 7
by the United States Department of Agriculture.
This quarantine was submitted to all parties in interest
June 10, and no criticisms or changes have been suggested.
On the other hand the Federal Horticultural Board has been
advised that Arizona State authorities are taking steps for
the necessary co-operation in governing the intra-state
movement of cotton and other carriers of the pest to enable
the State to benefit by the proviso in the quarantine limiting
the application of the restrictions to areas within the State
designated by the Secretary of Agriculture as infested,
conditioned on such co-operation on the part of the State.
CENSUS REPORT ON COTTONSEED OIL PRODUC17.74 flat 17.40 flat 17.98 flat 17.82 flat 17.95-17.96 17.99 bid
July
August_.... 17.22 bid 17.03 bid 17.62 bid 17.47 bid 17.57 bid 17.59 bid
-Persons interested in this report
DURING MAY.
September 16.96 ---- 16.72 ---- 17.30 ---- 17.10 -17.21 ---- 17.23 ---- TION
16.86-16.88 16.62-16.63 17.20-17.21 17.00-17.02 17.11-17.12 17.13 flat will find it in our department headed "Indications of BusiOctober
November 18.86 ---- 16.62 ---- 17.20 ---- 17.00 ---- 17.11 ---- 17.13- ness Activity" on earlier pages.
December. 16.76-16.77 16.50-16.51 17.12-17.14 16.94-16.96 17.03-17.04 17.05 flat
18.72 flat 16.50-16.52 17.11 flat 16.95 flat 17.02 flat 17.03 bid
January
CENSUS REPORT ON COTTON CONSUMED AND
February _ 16.72-16.50-17.11 -16.9517.0217.03 --This report, issued on July 14
March_..-- 18.81 flat 16.62 bid 17.21-17.22 17.06 bid 17.16-17.17 17.18 bid ON HAND IN JUNE, &c.
--- - -April
-- - - the Census Bureau, will be found in full in an earlier part
May
bid 17.26 bid 17.11 bid 17.18 bid 17.22 bid by
16.88 bid 16.67
- --of our paper und,er the heading "Indications of Business
--June
--- - Tone
Activity."
Quiet
Steady
Spot
Firm
Quiet
Steady
Quiet
Steady
Steady
Options
Steady
WEATHER REPORTS BY TELEGRAPH.
Steady
-Reports
Steady
Stayirlly
to us by telegraph this evening indicate that the weather
TEXAS COTTON REPORT. Commissioner of Agri- during the week has continued to be generally favorable
culture Geo. B. Terrell at Austin, Texas, gave out on July 2 throughout the cotton belt. Temperatures have been seasonhis crop report, based on reports for June 25. Cotton able as a rule, and there have been rains in practically all
acreage is 99% of last year's planting and the condition
is parts of the belt, with precipitation ranging from light to
placed at 82%. Mr. Terrell says:
heavy. Progress and condition of cotton has been fair to
11111104. - low
fiTs crop report is based upon the reports of our
correspondents repre- very good.
senting 210 counties and is supposed to be as accurate as
spondents can estimate conditions in their respective counties. these correTEXAS. Recent rains over a wide section of this State
The cotton crop is reported good, but two
Some
damage is reported. This damage is caused by weeks late.fleas, insect have been a big benefit to cotton, although boll weevil and
the cotton
weevils,
Wormsand grasshoppers. The cotton flea is doing the most damage
and cotton flea damage is evident at some places. For the most
the greatest infestation is from Travis County south, but some
damage part, fields are clean and cotton is fruiting rapidly.
Is reported in north Texas and east Texas. The damage is
considerable
in some localities.
MOBILE, ALA.
-There have been frequent rains of
The final figures for last year's cotton acreage, as shown by the
Government Report for May 1926 are: 19.139,000 acres of cotton (U. 8.) short duration and the nights have continued cool in the
planted
in Texas and 1,731,000 acres abandoned because of drouth
causes, leaving 17,608,000 acres of cotton gathered in Texas. and other interior. Cotton is not fruiting well as the plants are
Our report shows 99% of last year's acreage
growing too rapidly. There has been considerable shedding.
acreage shown by the Government's reports and planted this year. The
our
proximations and must be considered as such. We report are only ap- Weevil and grasshoppers are developing slowly.
believe the acreage
planted this year is about 19,000,000 acres, but no definite figures
Rain. Rainfall.
Thermometer
can be
given.
4 days 1.24 in. high 90 low 74 mean 82
Galveston, Texas
The condition of cotton is good, with the exception of some insect
1 day 0.02 in. high 96 low 58 mean 77
Abilene
age and the lateness of the crop. Texas bids fair to make more dam- Brenham
2 days 0.20 in. high 96 low 66 mean 81
cotton
and a much larger feed crop than was made last year. She
1 day 0.18 in. high 92 low 74 mean 83
should be Brownsville
able to feed herself next year.
2 days 0.36 in. high 96 low 74 mean 85
Corpus Christi
We will make no estimate of cotton production at this time, but will Dallas
3 days 1.08 in. high 92 low 66 mean 79
make a preliminary estimate Aug. 1, which is really too early for a fair Henrietta
2 days 0.16 in. high 100 low 56 mean 78
estimate. The condition of cotton in other States is not as promising as Kerrville
1 day 0.64 in. high 96 low 60 mean 78
it was at this time last year. and .3 do not believe the total crop of the Lampasas
high 100 low 62 mean 81
dry
South can be as large as last year's crop, though the Texas crop may be Longview
2 days 3.04 in. high 94 low 56 mean 75
larger.
3 days 1.48 in. high 98 low 68 mean 83
Luling
2 days 3.36 in. high 90 low 62 mean 76
Nacogdoches
OKLAHOMA COTTON REPORT AS OF JUNE 25.
3 days 1.00 in. high 92 low 64 mean 78
- Palestine
4 days 4.00 in. high 90 low 64 mean 77
The condition of the Oklahoma cotton crop on June 25 1926 Paris
2 days 1.34 in. high 98 low 68 mean 83
San Antonio
was 78% of normal as compared with 88 on June 25 1925, Weatherford
2 days 1.44 in. high 92 low 60 mean 76
2 days 3.87 in. high 95 low 57 mean 76
a five-year average of 75 and a ten-year average of 77, Ardmore, Okla
1 day 0.06 in. high 100 low 61 mean 81
according to a report released on July 2 by Carl H. Robinson, Altus
2 days 1.09 in. high 92 low 56 mean 74
Muskogee
1 day 2.22 in. high 89 low 58 mean 74
Statistician, United States Department of
Oklahoma City
Agriculture, at Brinkley, Ark
1 day 0.03 in. high 93 low 51 mean 72
Oklahoma City. The report follows:
3 days 1.73 in. high 96 low 59 mean 78
Eldorado
The area in cultivation on June 25 1926 in Oklahoma is
3 days 0.57 in. high 92 low 60 mean 76
Little Rock
estimated at
6,160,000 acres, or 97% of last year's planted acreage of
3 days 1.02 in. high 97 low 57 mean 77
5,320,000. Prac- Pine Bluff La
tically all of the old cotton area shows a slight reduction in
Alexandria.
1 day 0.65 in. high 97 low 63 mean 80
decrease being greatest in the Southwest, where considerableacreage, the Amite
2 days 1.01 in. high 94 low 60 mean 77
planted in wheat. In the outlying area, and especially cotton land New Orleans
was
1 day 0.18 in
mean 84
in the Northeast, the acreage was increased. The cotton crop this year is very
Shreveport
4 days 4.74 in. high 94 low 64 mean 79
spotted. Okolona,
In some localities, especially in the Southeast, East, and
dry
high 95 low M mean 75
portions of the Columbus Miss
south central districts, cotton is in excellent condition. But
1 day 0.42 in. high 95 low 56 mean 76
areas there are some fields that have a very poor stand and even in these Greenwood
1 day 0.45 in. high 96 low 51 mean 74
late. In the contral, west and southwest districts, and others that are Vicksburg
1 day
1.24 in. high 92 low 65 mean 79
portions of the Mobile,,Ala
south central, the cotton plant varies from 12 inches high
2 days 1.45 in. high 92 low 70 mean 82
and squaring,
to Just peeking above the ground. In these areas, and
I day 0.36 in. high 96 low M mean 75
especially in the Decatur
southwest and west, most of the cotton is late, many
Montgomery
5 days 0.74 in. high 92 low 62 mean 77
fields
stands and rain is needed. There has been some complaint of have poor Selma
2 days 0.44 in. high 94 low 60 mean 77
in the eastern, southeastern and south central districts but boll weevils Gainesville. Fla
3 days 1.41 in. high 95 low 69 mean 82
practically no Madison
damage has yet occurred. Grasshoppers are reported in
2 days 0.98 in. high 93 low 67 mean 80
several localities
but the crop has not been hurt very much by them. Taken as
4 days 0.40 in. high 95 low 68 mean 82
a whole the Savannah, Ga
crop is later than last year, the stand is not as good and the
1 day 0.30 in. high 98 low 56 mean 77
growing con- Athens
dition is about 10 points lower, which would indicate
3 days 0.42 in. high 99 low 63 mean 81
Augusta
acre will be less than last year unless conditions are that the yield per Columbus
4 days 1.38 in. high 93 low 61 mean 77
better than usual
from now until harvest.
3 days 0.58 in. high 97 low 70 mean 84
Charleston,S.C
3 days 1.50 in. high 100 low 58 men 79
Greenwood
3 days 2.58 in.
litll i
io
low 62
rdrAHOMA COTTON REPORT AS OF
Columbia
JULY 1.
- Conway
3 days 2.99 in. high 98 low 59 mean 79
The Oklahoma State Board of Agriculture at
2 days 0.72 In. hish 102 low 60 mean 81
Oklahoma Charlotte,,N. C
2 days 0.74 in. hith 99 low 61 m
City, issued on July 6 its crop review as of July
mean 80
1. The Newborn
3 days 0.86 in. hig 102 low 54 mean 78
Weldon
part of the report pertaining to cotton is given
1 day 0.14 in. high 90 low 61 mean 76
below:
Memphis
ihy Our reporters estimate that the acreage planted to
Is 4% less than that of last year or 4.992.000 acres. cotton this season
The following statement we have also received by teleLast
deal of wheat and corn acreage went to cotton and this year year a great
shifted back graph, showing the height of rivers at the points named at
to wheat and corn.
It is true that in some of the newer cotton sections of
8 a. m. of the dates given:
acreage has been increased. but these sections do not carrythe State the
July 16 1926. July 17 1925.
much weight
Feet.
because their acreage is small compared with other sections of
Feet.
the State.
Above zero of gauge1.5
The northeast section shows an increase of 7% and the
1.9
Orleans
southeast 2%. New
Above zero of gauge9.8
Last year the northeast section produced 4% of the total State
10.5
Memphis
crop and Nashville
7.7
Above zero of gauge..
the southeast 8%.
7.3
Last year's cotton acreage was the largest ever
Above zero of gauge_
12.2
6.4
planted in Oklahoma and Shreveport
11.3
Above zero of gauge_
this season's acreage is second largest.
14.7
Vicksburg
On an average date of June 25, the condition is reported to be
RECEIPTS FROM THE PLANTATIONS.
-The folcompared with 68% on May 25, 88% on June 25 last year and 79%,
76.1%
the average for the past ten years on June 25.
lowing table indicates the actual movement each week from
[VOL. 123.
TRE CHRONICLE
348
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Bade 1926
1925. 1924.
April
16_ 104.943
23.. 71.673
30.. 115,448
May
7-- 76.811
14_ 87.891
21 _ _ 73.221
28__ 65.277
June
4_ 89.807
11__ 47.642
18_ 80 676
25__ 52.469
July
2__ 53.126
9._ 37,0'
17
16_ _ 38 882
Stocks at Interior Towns.
1926.
1925
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is steady and in cloths is firm. Demand for India is
improving. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
Receiptsfrom Plantations
1924.
74.512 69.4351,575.256 630.689 517.534 40.891 10.304 31.427
50.632 58.5481,541.773 594.768 486.199 38,190 14.711 28.821
21.912
64.025 64.783 1.479.275 510.646 443.328 62.498
45,115
49.177
44.061
44.085
31.997
21.738
39532
14,161
43.3771.224.902
35.702 1.186.780
49,2281.074 997
35,7211,031,182
4,176
nil
3.91 t
4.73:
44.2721.438,322 489.707 420.213 35,857
52.3951.395.682 420,Il! 392.300 45,251
50.89 1.345,833 561.721 372.553 23.376
50.4241,301,436 340.620 347.017 20.880
21.157
24.482
31.121
24,888
3.673 29.416
14.773
,
3.28 20,752
nil 18,859
312.296 333.056 13.273
285,662 312.1271 9 510
249.311 283,6511 68 815
234.869 266,7891 8,654
nil 11.309
9,037
..---2,407 11,886 17,864
18 914 21 7aa 987.093 213.794 256.315
18,245 21.17
95 457 195,424 243.812
'
22 ii. 35.677 917 992 103,52-, 225./99
1925.
1926.
1924.
1925.
1926.
SM Lbs. Shirt- Couon
8(4 Lbs. Skirt- Cotton
32s Cop tags, Common Middrg 32s Cop ings, Common Aliddry
to Finest.
lipids
Twist.
lipids
to Finest.
Twist.
April
9
16
23
30
May-7
14
21
28
17 1
17 1
18 4
16 6
017 4
017 4
619 0
017 0
13.23
13.39
17.70
12.98
10.12 21 622%
10.23 20 021%
10.21 2041621%
10.32 ,20114154
16
16
16
16
4
3
4
4
016 6
616 5
all 4
617 4
17.37
12.36
12.84
13.04
10.33
9.92
9.61
9.56
16
16
16
16
4
2
2
2
all
616
616
616
13.48
13.36
13.62
13.53
1541616%
15 01611
15 ale%
15 al641
13 3
13 3
13 3
13 2
013 6
013 6
013 6
013 5
9.99
10.13
10.01
9.94
1541616%
1541017
1541617
1541617
13 1
13 2
13 3
13 2
613 4
613 6
013 6
613 5
1551017
154(017
15 616%
14%016%
13 2
13 1
13 1
13 1
613 5
a13 4
613 4
613 4
2241024
22%623%
2641028%
,214102241
1
June-4
11
18
25
July
2
9
16
1204102154
2041021%
2041021%
,20 62141
4
4
4
4
9.26 120 02141 18 2 616 4
13.35
1431016U 13 1 013 4
The above statement shows: (1) That the total receipts
9.6) 20 62114 16 3 616 5
13.67
14%016 4•1 13 0 013 2
0.02 21 a,1
all 6
14.92
14%ale 13 0 all 2
from the plantations since Aug. 1 1925 are 10,316,124 bales;
in 1924 were 9 148 569 bales, and in 1923 were 6 551,593
bales. (2) That although the receipts at the outports the
-As shown on a previous page, the
SHIPPING NEWS.
past week were 36 882 bales, the actual movement from exports of cotton from the United States the past meek have
plantations was 2.407 bales, stocks at interior towns reached 50,870 bales. The shipments in detail, as made
having decreased 34 475 bales during the week. Last year up from mail and telegraphic returns, are as follows:
Bales.
receipts from the plantatiors for the week were 11,886
-To Manchester-July 9-Bronte, 450
450
NEW YORK
bales and for 1924 they were 17,864 bales.
-President Roosevelt,'100
To Bremen-July 13
- 100
-Conte Rosso, 100... _July 14-Corson,360
To Genoa-July 9
460
WORLD SUPPLY AND TAKINGS OF COTTON.
14-Hpalmaren, 50
To
50
Stockholm-July
To Havre-July 9-Pipestone County, 200
Cotton Takings.
Week and Season.
1924-25.
1925-26.
Week.
Visible supply July 9
Visible supply Aug. 1
Season.
4.178,049
American in sight to July 16____
Bombay receipts to July
__
Other India shipments to July 15
15_Alexandria receipts to July 14_ _
Other supply to July 14 *b
Season.
Week.
2.190:193
80.062 14.755.576
40.000 3.527.000
603.000
12.000
200 1.416.000
497.000
7,000
4,309,641 24.772.135 2.951,048 22,989.069
Total supply
Deduct
Visible supply July 16
4,014.641 4,014,641 2.710.452 2,710.452
240.596 20.278 617
178.396 14.397.617
62,200 5.881.000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies. dia.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 4,650.000 bales in 1925-26 and 4.380.000 bales In 1924"25
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. I, 307.44'4 bales in 1925-26 and 15.898.617 bales in
1924-25, of which 9,997.494 bales and 10,017,617 bales American.
Total takings to July 16_a
295,010 20,757,494
213,201 14.647.494
Of which American
Of which other
81.819 6,110.000
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from
from all India ports for the week and for the season
Aug. 1, as cabled, for three years, have been as follows:
1925-26.
.ligg 15.
Receipts al
-
Week.
4
1923-2 .
1924-25.
Since
Aug. 1.
Week,
Since
Aug. 1.
Week.
Since
Aug. 1.
I 21 000 1,262 000 40.001, .527,000 13.00111,301.000
Bomb.: •
-Ingram,451
To Hamburg-July 6
To Cothenburg-July 12
-American, 300; America. 50
To Valparaiso-July 7
-Santa Tocla, 13
To Genoa-July 10
-Sic Yes Non Vobls, 8,762
To Japan-July 13 Steel Exporter, 4,718
To China-July 13-Victorious, 200
2.811,786
2,342.887
72.792 16.155.248
21.000 3,268.000
22,000
640.000
5.800 1.589.000
10,000
777.000
200
175
4,184
-Columbia. 175
To Venice-July 13
-Ingram, 4,184
-To Bremen-July 6
NEW ORLEANS
,
Since Augus 1.
Great COWS- Japan&
Great ' Conti:Twain. sent. IChina. Total. Britain.
neut.
Japan &
China.
Total.
Bombay
1925
-26_
1924 -25-1923-24...
Other India1925
-16_
1924-25__
1923-24_,
5,000 17,000
3,000 9.000
___ 5,000
Totalall1925-26_
1924-25_
1923-24_
8,000 77,000 85,001
6,000 74.000 80,001
5 000 11,000 17,001
__
22,001
____ 12,000
5,001
51.000 512 001 1.762.001' 3 325.000
000
60,001 1,933,001 2.609,
76,000
.
153,000 940,001 1,531,0002,624 000
112 000 528,000
111,000 492.000
129,000 510,000
•
640,000
603.000
639.000
8.'712
4 768
200
1,610
986
350
251
264
50.870
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
000
5 000 25,000 77,00( 107 000 163.0001,040,0001,762.000 2.965,
000
3.000 15,000 74,001 9290). 187,000i.092.0001,933.0003.212.
000
1 000 10 000 11000 22 000 282.00 1.450.0001.531 0003.263.
---_1,000
350
13
HOUSTON-To Genoa-July 12-Crispi, 125; Scantic, 1,485._
•
To Havre-July 12-Skipton Castle, 986
To Antwerp-July 12-Skipton Castle. 350
To Client-July 12-Skipton Castle, 251
To Venice-July 12-Scantic, 264
To Bremen-July 13-1% cot Camak, 437
July 15-Rlo
356
Bravo, 1,919
To Hamburg-July 15
,
1000
-Rio Bravo, 1,000
218
GALVESTON-To Liverpool-July 8- Dakarian, 218
225
To Manchester-July 8-Dakarian, 225
To Bremen-July 7
-Nord Schleswig, 1,870-- _July 122,784
Kyphissia, 914
650
To Barcelona-July 7
-Nord Schleswig, 550
425
To Japan-July 13
-Ethan Allan, 425
350
To China-July 13
-Ethan Allan, 3502,012
NORFOLK
-To Bremen-July 10- Sachsenwald, 2,012
90
To Liverpool-July 13-Bellfloa er, 900
400
To Manchester-July 13
-Bannock, 400
1,446
SAVANNAH-To Barcelona-July 10
-Mar Blanco. 1,446
5.300
To Japan-July 10
-Rhine Maru, 5.300
200
To China-July 10
-Rhine Maru, 200
3,144
To Liverpool-July 15
-Fluor Spar, 3.144_____
3,999
To Bremen-July 15-Grete, 3.999
250
-Crete, 250
To Rotterdam-July 15
171
-Crete. 171
To Hamburg
-July 15
CHARLESTON-To Bremen-July 9-Giete, 579--_July 10
679
Fluor Spar,100
-Fluor Spar, 27.. 127
To Rotterdam-July 9
-Crete, 100---July 10
746
-Crete, 746
To Hamburg-July 9
14
-Bristol City, 14
PHILADELPHIA To Bristol-June 29
Total
For the Week.
Exports
from-
451
StandHigh
Density. ard.
Liverpool .300. .45c.
Manchester.30e. .455.
.35c. 50e.
Antwerp
Ghent
.4241c. .5741c•
.35e. .500.
Havre
Rotterdam .45c. .800.
.40c. .550.
Genoa
Oslo
Stockholm
Trieste
Plume
Lisbon
Oporto
Barcelona
Japan
High
Stand
Density. ard
.50c. .600.
.50c. 650.
.50c. 65e.
50c. .65e.
.40e. 55e.
.60c. .750.
.301'. .450.
Shanghai
Bombay
Bremen
Hamburg
Piraeus
Salonlea
Venice
High
Stand
Density. ard.
.650. 80e.
.55e. .70o.
.40c.
.35e.
.750.
.75c.
50c.
.550.
50o
.90o.
.900.
650.
.6250..7710
-By cable from Liverpool we have the folLIVERPOOL.
According to the foregoing, Bombay appears to show a lowing statement of the week's sales, stocks, &c., at that port:
July 9. July 16.
June 25. July 2.
decrease compared with last year in the week's receipts of Salesoftheweek
23,000
25,000
22.000
23.000
15,000
15,000
13,000
19,000 bales. Exports from all India ports record an increase
13.000
Of which American
1.000
4.000
1.000
Actual exports
5.000
of 15,000 bales during the week, and since Aug. 1 show a Forwarded
52.000
38.000
44.000
41.000
847.000 834.000 852.000 857.000
decrease of 247,000 bales.
Total stocks
509.000 489.000 498,000 491.000
Of which American
61.000
33.000
55.000
-We Total imports
5%000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
29.000
14.000
33,000
17,000
Of which American
cotton at
now receive weekly a cable of the movements of
170,000 194.000 164.000 15 000
and Amount afloat
61,000
71,000
49,000
Alexandria, Egypt. The following are the receipts
35,000
Ofwhich American
shipments for the past week and for the corresponding week
The tone of .the Liverpool market for spots and futures
of the previous two years.
each day of the past week and the daily closing prices of
spot cotton have been as follows:
1923-24.
1924-25.
Alexandria. Egypt,
1925-26.
July 14.
Spot.
Receipts (canlars)-
This week
Since Aug. 1
Exports (bales)To Liverpool
To Manchester. &c
To Continent and India
To America
29.000
7.938.576
600
7,123,279
600
6,397.161
Since
This
Week. Aug. I.
Since
This
Week. Aug. 1.
Since
This
Week. Aug. 1.
193,971
6.00) 2,10.1 7
4.000 347..578
153.C4t,
194.654
228.446
3:656 370.387
127,843
218.466
215.403
4;6156 373.452
107.801
Total exports
10.000 895,32, 3.000 921.330 4.000 915.122
Note.
-A cantar is 99 lbs
Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending July 14
were 29,000 cantars and the foreign shipments 10.000 bales.
Saturday.
Monday.
Market.
12:15 {
P.M.
Quiet.
Quiet.
Tuesday. Wednesday. Thursday.
Friday.
Dull.
Dull.
Dull.
Quiet.
9.67
9.67
9.61
9.89
9.89
9.92
2,000
Mid.Uprds
Sales
4,000
3,000
3,000
4,000
6,000
Quiet
Q't but st'y Q't but st'y
Quiet
Quiet
Quiet
Futures.
Market f 7 to 10 pts 3 to 5 pts. 2 to 4 pts. 7 to 10 pts. 4 to 7 pts. 5 to 8 pts.
advance, advance, advance, advance, advance. advance.
opened
1
Market, 1
4
P. M.
Q't but st'y Very stedy Barely st'y Quiet unch. Steady
Easy
2103 pts 3 to 5 pts. 18 to 21pts. 2 to 6 pts. to 3 pts. 12 to 16pts.
advance, advance, advance. advanea '
decline,
decline,
JULY 17 19261
THE CHRONICLE
$49
Prices of futures at Liverpool for each day are given Lel,,w: and flour from Atlantic and Gulf ports last week totaled
2,206,000 bushels, compared with 3,566,000 bushels the preTues. I Wed.
Thurs. I
Sat. I Mon.
Fri.
vious week and 2,590,000 bushels the corresponding week
July 10
year. Members of the New York Produce Exchange
121( 121.4 121-( 4:00 121.( 4:00 121.1 4:00 1234 4:00 1234 4:00 last
to
July 16.
P. .10. m.P. m.P. m.P. m.P. m•P. m.P. in.P. m.P. m.P. m.P. m. on the 12th inst. by unanimous vote, approved amendments to the rules regulating grain futures trade. They
d.
d.
d.
d.
d.
d. d.
d.
d.
d.
d.
d.
9.23 9.27 9.1 9.2 9.3) 9.49 9.42 9.49 9,45 9.52 9.60 also adopted the rules pertaining to trading. The approval
July
9.08 9.12 9.04 9.07 9.25 9.34 9.20 9.32 9.20 9.37 9.45
August
the Board of Managers, the final permission by Wash__ 9.00 9.05 8.95 8.99 9.16 9.24 9.10 9.23 9.18 9.25 9.33 of
September_ - _
8.93 8.97 8.91 8.92 9.09 9.17 9.11 9.16 9.11 9.18 9.25 ington authorities for trading and a few minor details rela,
October
__
8.86 8.89 8.82 8.84 9.00 9.07 9.03 9.08 9.03 9.1( 9.18 tive to warehousing plans in Buffalo are awaited. Trading
November
_ _ 8.87 8.90 8.83 8.85 9.01 9.08 9.04 9.0. 9.04 9.10 9.18
December
8.86 8.89 8.82 8.84 9.00 9.08 9.04 9.09 9.04 9.10 9.18 may be started in a short time. Stocks of wheat in LiverJanuary
8.86 8.89 8.8 8.84 9.00 9.00 9.04 9.01' 9.04 9.10 9.18 pool are now only 400,000 bushels, compared to 1,136,000 a
February
8.89 9.05 9.13 9.0' 9.15 2.11 9.16 9.23
March
8.891 8.92 8.8e 8.88 9.04 9.12
April
9.E" 9.10 9.16 9.23 year ago at this time. World's shipments, however, were
8.93 8.96 8.9C 8.92 3.08 9.16 9.13 9.18 9.14 9.19 9.26 larger last week to England and the quantity on passage
May
0
974 0.19 n.17 9.19 n 17
8.
01 R.^4 9. c 0 0,1 n
June
24
is becoming more plentiful. The consumptive demand there
is increasing and millers are busy. The weather in the
United Kingdom is very favorable for this time of the year
BREADSTUFFS
and the new wheat is making satisfactory progress. The
Friday Night, July 16 1926.
Hungarian wheat crop is estimated at nearly 65,000,000
Flour was firmer, especially on spring wheat grades, bushels or 2,500,000 less than last year's bumper yield.
under the stimulus of the recent advance in wheat and re- Splendid rains are reported over the principal grain parts.
ports of a good business at the Southwest. At one time of East India. Nat C. Murray issued a compilation giving
wheat production th's year in 16 countries at 2,489,000,old hard winter straights were quoted at $8 to $8 50 and the bushels, against 2,569,000,000 bushels last year. He
000
the new $725 to $8 in jute to arrive. But the reply of makes European crops 166,000,000 bushels less and the
buyers here was to withdraw from the market, or to re- United States and Canada crops nearly 100,000,000 bushels
strict their purchases to the smallest quantity. Winter more than last year, but he credits Canada with 410,000,000
wheat grades lagged behind spring wheat. It is said that bushels. while the official report gave that country only
bushels. B. W. Snow said: "The first ten days
the spring wheat crop at the Northwest will be the smallest 348,600,000
of July brought good rainfall at almost all points in Ohio,
in many years, owing to drought, black rust, etc. Buying Indiana and Illinois. Moderate to heavy rains at a majority
Is still confined to small lots. That is the sum and sub- of Iowa points, but defic:ent in parts of the Northwest,
stance of the situation. Quick deliveries may be counted and some central counties. Missouri had generally good
upon. Buyers are not worrying. Export demand was re- rains and Oklahonia moderate precipitation, with more
needed. Kansas and Nebraska experienced good rains over
ported smaller.
greater part of each State. Western and northern South
Wheat was active, excited and 5% to 7c. higher on the the
'Dakota had good rainfall, but too late to help small grain.
13th inst. on unfavorable Canadian crop reports. It pointed North Dakota had heavy rains at scattered points, but
to a crop in Canada of only 348,626,000 bushels, against a over a large part of the wheat territory the fall was scanty
final total last year of 416,819,000 bushels. A yield as high to light and import wheat areas continue to suffer from
as 500,000,000 bushels had been pred:cted a few weeks ago, drought." Washington wired: "The prospective wheat
countries in the Northern Hemisphere is forecast
as the acreage was 22,402,000 acres, or 2% larger than last crop in 12
by the Department of Agriculture at 1,897,000,000 bushels,
year. The Canadian crop was said to be deteriorating compared with 1,880,000,000 bushels last year, based on
fast, owing to drought. Winnipeg advanced 5 to 52
/
1c. revised figures which it has received. The crop in EuroSouthwestern receipts were large, but they had no influ- pean countries is expected to be somewhat less than last
ence. The mills are supposed to be taking considerable year's, but the decrease in indicated production is more
wheat. Liverpool was impressed by the Canadian decrease than offset by the prospective increases in the United
/
1
States." To-day prices closed 12 to 2%c. higher at Chiof 74,000,000 bushels compared with the 1925 yield, especago, 2 to 3c. higher at Winnipeg, 3 to 4c. higher at Minnecially as the rainfall in Canada has been far below normal. apolis and 2 to 21 e. higher at Kansas City. Speculation
1
Liverpool cabled that the world's markets were strength- was active. September was close to the peak reached last
ened by the off.cial estimate from Canada and the spring January. December was up to a new high on the present
wheat yield in the United States. The United States win- season. At one time during the day prices were 4c. higher.
ter wheat crop fully offset the loss in the spring wheat belt. That was because of reports of a bad crop outlook at the
but now comes the Canadian statement. Europe's stocks Northwest, higher cables than were due, a somewhat betand reserves are very light. Still, fall supplies, Liverpool ter cash demand and a good deal of covering by nervous
suggests, may be ample if Canadian and European crops shorts. The market absorbed heavy profit-tak'ng on a conare maintained as now expected. Argentine and Australian siderable scale very well indeed. Rainfalls in Canada tocrops may be the dominant factor. The American vis.ble wards the end tended to weaken prices. Cash premiums
supply Increased last week 1,832,000 bushels, against a de- at the Southwest weakened somewhat. Export sales were
crease in the same week last year of 781.000 bushels. The confined to 500,000 bushels In all positions, mostly Manitotal is 14,162,000 bushels, against 25,881,000 a year ago. toba. Germany canceled a little business in winter wheat.
The United States Government put the crop on July 1 at Foreign crop news was still in the main unfavorable. The
about 100,000,000 bushels more than last year, that is, Australian crop may show a shortage. The Argentine acre767,357,000 bushels, against 669,360,000 last year, 872,673,- age is expected to be reduced. The main thing, however,
000 in 1924, 797,381,000 in 1923 and 1,025,801,000, the high is the threatening crop situation at the American Northrecord, in 1915. This caused a decline on the 12th inst. of west. Big operators seem to be giving the 'market support
lc. on late deliveries. Spring wheat cond:tion was stated also. Bradstreet's North American clearances of 9,609,000
at 64.8 on July 1, against 78.5 on June 1, 88.1 on July 1 last bushels were nearly double those for the same week last
year and 81.9 in 1924; crop, 193,595,000, against 270,378,000 year. The world's shipments are expected, however, to be
in 1925, 272,995,000 in 1924 and 356,339,000, the high record around 11,700,000 bushels. At the peak of the day prices
of 1918. Winter wheat's condition was stated at 77.4 on were up nearly 15c. from recent lows. Heavy covering of
July 1, 76.5 on June 1 and 65.9 on July 1 last year; crop. shorts has weakened the technical position. But unless
567,762,000 bushels, against 543,300,000 on June 1 and the spring wheat crop outlook improves greatly the trend
404,000,000 bushels last year; actual harvest, 398,486 000 of opinion is that prices cannot decline much. Final quo/
last year, 589,632,000 in 1924, 571,959,000 In 1923 and 760,- tations show a rise for the week of 512 to 61
/,c.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
677,000 the high record of 1919. Some argue that with a
'Sat. Mon. Tues, Wed. Thurs. Fri.
total crop of 768.000.000 bushels we have 122,000,000 for No.2 red
cts_157
156% 157,4 158
15754 16034
export. The past year we exported 95,000,000 bushels up DAILY CLOSING PRICES OF
WHEAT FUTURES IN CHICAGO.
to June 1 and undoubtedly for the year clearances will run
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_138H 13834 14334 14454 14334 195
over 100.000,000. This was during a season when United July delivery In elevator
delivery in elevator
13634 14234 14234 14234 145
States pr:ces were, as a rule, far above an export parity. If Secteml erdelivery in elevator ---13734 140 14554 14654 14534 14834
December
14054
100.000,000 bushels could be exported under such conditions, DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tun, Wed. Thurs. Fri.
some contend it is reasonable to suppose that with winter
eta-15434 15434 15914 15931 15954 16154
July delivery in
wheat of superior quality, prices are on a healthy shipping ()rioter deliveryelevstor
In elevator
1763.4 1353 1909i I4134 1915( 1491.4
%
basis. Smaller crops abroad and less competition for six December delivery in elevator
134
13334 1383-4 13934 13854 14154
months from July 1 than for the same time in 1925, the exIndian corn advanced sharply with wheat and unseasonport may exceed 122.000,000 bushels. Chicago wired: "The ably cool weather in the belt. On the 13th inst. prices rose
Government report has partially recognized the recovery 3c. Shorts covered freely. Other buying contributed to
and improvement in winter wheat. It must ultimately rec- the rise. The American visible supply decreased last week
ognize fully the gains, in which event winter wheat crop in 1,813,000 bushels. against 2.448,000 last year. The total is
excess of 600,000.000 should appear in the final figures. still 28,520,000 bushels, against 10.646.000 a year ago. A
Judging from the conservative manner in which the Gov- feature of the trading was the selling of December and
ernment crop report figures are made, the recent private buying of September at 11
4c. discount for September.
reports of damage to spring wheat have been grossly ex- Prices had previously advanced on the Government crop
seems probable, therefore, that a total crop report. On the 12th Inst. they moved up 1/ to 2c. It put
aggerated. It
1
2
in excess of 800,000,000 bushels of wheat is practically the condition on June 1 at 77.9. against 86.4 on July 1 last
States and Canadian wheat year and 72 in 1924; crop, 2,660,680,000 bushels, against
assured." Exports of United
350
THE CHRONICLE
3,095,000,000 on July 1 last year and 2,515,000,000 in 1924.
The actual harvest last year was 2,900,581,000; in 1924,
2,312,745,000; in 1923, 3,053,537,000; in 1920, the high record of 3,230,532,000 bushels. The apparent decrease this
year of 240,000,000 bushels and the decrease in the visible
supply last week also had a stimulating effect. To-day
prices ended unchanged to %c. lower. Earlier in the day
they were 1 to 1%c. higher than on the 15th inst. Profit
taking told in the end. There was less outside buying
than on previous days despite the fact that the evidence
seems to indicate clearly enough that the crop is late. The
weather on the whole, however, was somewhat better.
What the belt wants is showers and higher temperatures.
The cash demand was fair and receipts small. Final prices
show a rise for the week of 5 to 6c.
Receipts at
-
[vol.. 123.
Flour. I
Wheat.
Corn.
Oats.
Rye.
I Barley.
bbla.196lbs.bush.60 lbs.bush.58 lbs.bush. 32 lbs.bush.48114. bush.581b2.
Chicago
18,000
254,0001 1,287,000
474,000
858,0110
82,000
Minneapolis
50,000
1,439,000
79,000
231,000
120,000
Duluth
98,000
714,000
1,000
131,000
139.000
Milwaukee_ _ _
36,0001
12,000
322,000
109.000
82,000
122.000
Toledo
48,000
31,000
2,000
518,000
Detroit
20.000
5,000
8,000
Indianapolis_
18,000
204,000
115,000
Bt. Louis_ _
77,000
579,000
486.000
288,000
10.000
Peoria
3,000
32,000
414,000
93,000
16,000
Kansas City..
5,893,000
160,000
31,000
Omaha
101,000
187,000
78.000
St. Joseph_
347,111
4,000
136.000
Wichita
2,973,111
3.000
Sioux City
52,000
45,000
10,000
Total wk '28
399,000 13,794,000 2.803,000 1,942.000
180,000
411,000
Same wk. '25
451,000 7,589.000 1,685.000 2,948,000
121,000
731.000
Same wk. '24
452,000 6,937,000 3,580,000 2,705,000
851.000
328,000
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Since Aug.1Sat. Mon. Tues. Wed. Thurs. Fri.
1925
21,162,000 340,123,000 226,356,000 213,851,00070,011,000 23,019.000
No. 2 yellow
cts_ 9051 9134 9434 9434 96
9654
1924
22,020,000 93,821,000 233,763,000 258,174,000 62,892.000 56,062,000
1923
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
.20.371,000 222.611.000 279.738 000 222.036.000 39,285.000 .744.000
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
eta. 71% 72% 75% 74% 76R 76%
Total receipts of flour and grain at the seaboard ports for
September delivery in elevator- -- - 76% 77% 8031 8034 82
82
December delivery in elevator
8434 the week ended Saturday, July 10, follow:
81% 81% 84
7734 79
Oats advanced with other grain 1 to 1%c. on the 13th
Rye.
Barley.
Wheat.
Oats.
Corn.
inst. Shorts were covering and there was some demand Receipts as- Flour.
from other sources without real activity. Cool weather in
Barrels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
New York.....
264,000
382,000
55,000. 388,000
the West assisted the rise. The American 'visible supply Philadelphia.. 255,000 1,321,0001
35,000
17,000
3,000
84,000
decreased last week 1,724,000 bushels, but the decrease in Baltimore_ __ _
21,000
6.000
22.000
288,000
51.000
Newport News
1,000
the same week last year was no less than 4,141,000 bushels. New Orleans• 85,000
137,000
221,000
30.000
The total is 36,203,000 bushels, against 29,122,000 a year Galveston_
3,183,000
Montreal
70.000 3,284,000
322,000
488.000
8,000 1,199,000
ago. Large stocks of old oats acted as a drag at one time. Boston ____
4.000
47,000
1.000
3,000
20.000
The Government report had no particular effect. It was
Total wk' 28.
596,000
851,000
309,000 1.705,000
about as expected. The condition on July 1 was 74.5, Since Jan.1'26 514,000 8,238,00
12,473,000 104,800,00
0
9.680,000 29.203,11 1 18,497,000 8,027.00
against 76.3 on the same date last year and 86.9 in 1924.
Week
.
510,000 1,321,000
950.000
71,000
The crop is put at 1,334,260,000 bushels, against 1,292,000,- Since 1925_ _ 470,000 4.150.00
Jan.1'25 13,649.000 99.304.000 3.592 000 34,472.000 16.425.00C' .2.671.000
000 estimated on July 1 last year and 1,356,000,000 two
•Receipts do
include
years ago. The actual harvest last year was 1,501,909,0 0 on through bills notlading. grain mating through New Orleans for foreign ports
0
of
bushels; in 1924, 1,522,665,000; in 1918, 1,538,124,000; in
The exports from the several seaboard ports for the week
1921 it was down to 1,078,341,000. To-day prices closed %
ending Saturday, July 10 1926, are shown in the annexed
to %c. higher, showing some reaction from the earlier high
of the day. There was only a moderate amount of trading. statement:
Still, there was rather more interest than recently. Shorts
Exports fromBarley.
Rye.
Wheat.
Oats.
Flour,
Corn.
covered. Commission houses were more disposed to buy.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
Some of the crop news was not favorable. On the whole, New York
81,079 685.084
1,171,550
78,396 216,367
however, the weather was believed to be good. Cash de- Boston
253,000
23.000
20,000
40,000
mand was fair. Country offerings showed no pressure to Philadelphia
Baltimore
539,000
2,000
sell. The tone was rather stronger. Final prices show a Newport News
1.000
New Orleans
159,000
28.000
13,000
rise for the week of 1 to 14c.
Galveston
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
5134
No. 2 white
cts_ 4934 4934 5034 5034 51
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
39
38
eta.. 37
37 X 38% 38
4134
September delivery in elevator_ - - - 3934 3934 4034 40
40
43$44%
December delivery in elevator
4234 4254 4354 43
=a CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
.
"
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_ 4754 4734 4751 4754 4734 48%
October delivery in elevator
46
4531 4654 4634 4634 46%
45%
December delivery in elevator
45
45
4434 4434 45
4,000
86,000
368,000
2,562,000
Montreal
Total week 1926._ 4.933,550
Same week 1925_ __ _ 3.008.186
159,000
lin nnn
969.000
275,000
885,000
220,396 1,218,387 358,079 1,570,084
357 225 1.364.096 2.085.009 805.224
The destinat'on of these exports for the week and since
July 1 1926 is as below:
•
Flour.
Exports for Week
and Since
July 1 to-
Week
July 10
1926.
Since
July 1
1925.
Wheat.
Corn.
Since
July 1
1926.
Week
July 10
1926.
2,590,000 4,780,000
1,488,000
944,000
4,760,000
6,472,000
12.090.000 12,090.000 15.034.000 5.718.000
5.718.000
8,674,000
Week
July 10
1926.
Since
July 1
1926.
Rye was strong in response to the big advance in wheat.
Bushels.
On the 13th inst. it rose 2c., partly on covering of shorts. United Kingdom_ Barrels. Barrels. 1,591,535 Bushels. Bushels. Bushels.
82,286
82,286
1,591,535
The American visible supply decreased last week 893,000 Continent
111.110
111,110 3,342,015 3,342,015
Cent.
9,000
67,000
9.000
67,000
bushels, in contrast with a decrease in the same week last So.dt IndiesAmer_ 18,000
West
92,000
18,080
92,000
year of 1,694,000 bushels. The total is still 9,918,000 bush- Brit.No.Am.Cols_
els, whereas a year ago it was down to 5,466,000 bushels. Other countries
The Government puts the crop at 39,660,000 bushels on
Total 1926
220,398
220,398 4,933,550 4,933,550 159,000
159,000
mn..1 109c
qR7 995
AAR 0417 20415 IRA 7 7711 972 110.000
218.000
July 1, against 41,131,000 on June 1 and 48,696,000 last
year; of barley, 190,959,000 bushels, against 218,002,000 last
The world's shipments of wheat and corn, as furn'shed by
year. To-day prices closed unchanged to 14c. higher after Broomhall to the New York Produce Exchange, for the week
considerable irregularity. The Northwestern crop news ending Friday, July 9, and since July 1 1926 and 1925,
was not good. Commission houses for a time bought. But are shown in the following:
the fly in the amber was the dulness of the export trade
That seemed to interpose an insurmountable barrier to any
Wheat.
Corn.
advance. Week-end profit-taking was also a factor. At the
1925.
1926.
1926.
1925.
close prices weakened. July, which had been 107 earlier,
Since
Week
Since
Week
Since
ended at 104%, September from $1 10 dropped to around
Since
9.
July 1.
July
July 9.
July 1.
July 1.
July 1.
$1 07, December, which had been $1 14% early in the day,
Bushels.
Bushels.
Bushels.
Bushels.
ended at around $1 12, the effect of realizing. Final prices
Bushels.
Bushels.
North Amer_ 8,187.000 8,187.000 10,012.000
65.000
85,000
113,000
show a net rise for the week, however, of 5 to 6c.
376.000
376,000
Black Sea...
893,000
893,000 1,989,000
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
10434
cis_ 9734 9734 10234 104
104
September delivery in elevator
7
10034 10034 10554 10734 10634 10
December delivery in elevator
105
10434 10935 11134 11134 1122
Closing quotations were as follows:
GRAIN.
Wheat. New YorkOats, New York
No.2 red f.o.b
5134
1.6034
No.2 white
5034
No. 1 Northern
None
No. 3 white
No.2 hard winter,f.o.b„....1.6234 Rye. New York
Corn, New York11834
No. 2, f.o.b
No.2 yellow (new) N.
9554 Barley, New York
No.3 yellow (new)
883409134
9334
Malting
FLOUR.
Spring patents
$675@$7 00
$7 75@$8 40 Rye flour patents
Clears, first spring
7750800 Semolina No.2.1b
534c
2 666 2 75
Soft winter straights__ 7 000 7 60 Oats goods
8 10 Corn flour
Hard winter straights.- 7 75
2 350 2 75
8 50 Barley goods
Hard winter patents-- 8 10
7 000 7 50
Nos.2.3 and 4
Hard winter clears
425
Fancy pearl Nos. 2.3
Fancy Minn. patents--10 50011 25
10 45011 05
and 4
City ni1lls
725
Argentina_
1,495,000
1,096,000
Australia _
936,000
India
Other countr.
Total
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, July 10, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Ft. Worth
Buffalo
" afloat
Toledo
Detroit
The statements of the movements of breadstuffs to market
micas°
indicated below are prepared by us from figures collected by Milwaukee
the New York Produce Exchange. The receipts at Western Duluth
Minneapolis
lake and river ports for the week ending last Saturday and Sioux City
St. Louis
since Aug. 1 for each of the last three years have been:
1,495.000
1,096.000
936.000
GRAIN STOCKS.
Corn,
Wheat,
Oats,
Rye,
Barley.
bush.
bush.
bush.
bush.
199,000
51,000
541,000
124,000
23.000
7.000
19,000
3.000
135,000
94,000
190,000
4,000
3,000
129,000
57,000
89,000
3.000
35,000
9,000
218.000
317,000
26,000
1,690,000
91,000
100,000
687,000
326,000
16,000
3,000
760.000 3,317,000 2,288,000
14,000
175,000
169,000
108,000
178,000
459.000
457,000
2,000
41,000
101,000
4.000
29.000
3,000
1,114,000 18.916,000 4,294,000 2,529.000
208,000
218,000
299,000
596.000
248,000
713.000
9,000 9,216,000 3,280,000
1,152.000
199,000
401,000 14,611.000 3,322.000 1,948,000
2,913,000
87,000
70,000
202.000
11,000
7,000
237.000 1.521,000
214,000
6,000
6,000
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
Barley
bush.
14,000
Rye.
bush.
70,000
Oats.
Corn.
Wheat.
bush,
bush,
bush,
630,000
1,027,000 2,936,000
1,000
3,000
1.836,000
19,000
731,000
292,000
238,000
291,000
10,000
689,000
42,000
423,000 2,193.000
255,000
25,000
465,000
103,000
6,000
12,000
8,000
16,000
Total July 10 1926_ _ _14,162,000 28,520,000 36,203,000 9,918,000 2,696,000
Total July 4 1926_ _ _.12,326,000 30,333,000 37,927,000 10,811,000 2,814,000
Total July 11 1925_ _ _ _25,881,000 10,646,000 29,122,000 5,466.000 1,539,000
-Bonded grain not included above: Oats, New York, 33,000 bushels;
Note.
Buffalo, 64,000; Buffalo, afloat, 293,000; Duluth, 69,000; total, 459,000 bushels,
against 529,000 bushels in 1925. Barley, New York, 74,000 bushels; Boston, 14.000
Buffalo, 27,000; Buffalo, afloat, 101,000; Duluth, 58,000: on Canal. 125,000: on
Lakes, 296,000; total, 695,000 bushels, against 747,000 bushels in 1925. 1Vheat,
New York, 962,000 bushels; Boston, 72,000; Philadelphia, 740,000; Baltimore,
710,000; Buffalo, 2,415,000; Buffalo, afloat, 159,000: Duluth, 133,000; on Lakes,
776,000; on Canal,60,000;total,6,027,000 bushels, against 4,453,000 bushels in 1925.
Canadian
3,457,000
128.000 1,008,000
3,164,000
Montreal
2,421,000 1,191,000 2,603,000
Ft. William & Pt. Arthur_15,116,000
432,000
119,000
6,088,000
690,000
Other Canadian
104
113
93
91
110
78
113
120
136
220
105
135
242
251
125
,-, a ..sat
AGRICULTURAL DEPARTMENT'S COMPLETE
-The Crop
OFFICIAL REPORT ON CEREALS, &c.
Reporting Board ofthe United States Department of
Agriculture made public on July 10 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
Acreage 1926.
Acres.
77.9
--77.4
76.5
64.8
78.5
73.6
74.5
- .
78:3
73.3
81.0
66.7
73.4
73.0
.-86.7
--84.4
_-_
71.9
76.0
77.0
77.0
84.5
- -75.3
--73.1
78.3
73.3
74.3
73.7
75.8
83.9- 81.4
--73.7
--73.1
--75.7
1,754,000
939,000
-.
102.1
106.9
04.4
103.2
3,202,000
832.000
1,658,000
389.000
Crop.
bu. 2,661
Corn
568
bu.
Winter wheat
200
bu.
Spring wheat
767
bu.
wheat
All
bu. 1,334
Oats
191
bu.
Barley
bu. 39.7
Rye
bu. 19.9
Flaxseed
39.6
bu
Rice
bu. 94.2
Grain sorghums_b
tons 77.8
Hay, all tame
Beans, dry edible_ b bu. 18.6
624
lbs.
Peanuts
208
Apoles, total crop_ bu.
coml crop_bbls. 37.5
Apples,
61.7
Peaches, total crop bu
bu. 24.6
Pears, total erect
tons 2.44
Grapes
334
Potatoes, white
68.3
bu
Sweet potatoes
lbs 1.139
Tobacco
29.2
gals
Sorghum slruo
543
41.1
59.3
23.6
IndiHarvested.
cated by
Condi-year
5
lion
-year
5
1925. Artie.
July 1 1925. Avg&
1921-25 1926.d
1921-25
2,905
396
271
666
1,512
217
48.6
22.0
34.3
71.0
86.7
19.5
694
172
33.0
46.6
19.8
1.97
326
62.5
1.365
25.5
2,849
549
253
802
1,327
186
68.2
17.8
36.0
92.4
90.5
14.6
711
170
30.1
46.9
17.7
e2.01
396
84.5
1,288
33.2
26.3
15.4
9.6
13.3
29.0
21.6
11.0
7.0
38.9
21.4
1.32
10.6
665
28.6
12.8
12.9
12.9
33.2
26.4
11.9
7.3
37.7
17.2
1.46
12.4
707
27.7
14.3
12.9
13.8
30.8
24.7
13.9
8.3
38.9
19.7
1.50
11.5
670
104.3
82.1
687
75.0
103:5
106.1
90.9
761
78.7
80.3
777
67.6
a Acres remaining for harvest. b Principal producing States. c Three-year
average.d Interpreted rom condition reports. Indicated production Inc eases or
decreases with changing conditions during the
season. e Four-year average.
The amount of WHEAT REMAINING ON FARMS July 1 1926 Is e ttmated
at 3.1% of the crop of 1925, or about 20,739,000 bushels, as compared with 29 348,000
bushels on July 1 1925 and 37,058,000 bushels, the average of stocks of wheat on
July 1 for the five years 1921-1925.
Details for leading crops in principal producing States follow (minor States
Included in "U. S. Total")
RYE.
Acreage 1926
for Harvest.
State.
Penna
Indiana _ _
Michigan
Wisconsin _
Minnesota.
No.Dakota
Bo. Dakota
Nebraska
TT gt total_
Condition
July 1.
-year
10
Acres
Per
1926. Avge.
in
Cent
Thouof
1925. sands. Per Ct. Per Cl.
85
115
92
97
90
74
60
110
96
176
199
248
450
1,163
121
226
88.21 3.601
Per
Cent
of
1925.
Acres
In
Thousands.
Indicated
by
-year
10
Avge. Condition
July 1
1926.1
Per Cl. Per Ct.
2,010
99
Minnesota
10,378
108
North Dakota_ _ _
2,407
92
Dakota
South
3,147
104
Montana
572
110
Idaho
1,207
71
Washington
146
26
Oregon
005 20884
TT a ...al
Harvested. If 4
1926.
69
61
35
74
83
73
75
88
84
88
79
88
76
82
04.8
84.4
1925.
-year
5
Average
1921-25.
21,913
79,132
11,626
37,260
13,056
17,622
2,300
26,390
112,378
30,940
31,773
15,080
27,540
11,200
26,002
104,921
30,975
35,718
15,082
16,516
5,020
199,A95
27057.8
959 059
,f Interpreted from condi ion reports. Indlcated production increases or decreases
with changing conditions during the season. •Reported yield per acre.
DURUM and HARD SPRING WHEAT ACREAGE, respectively, in Minnesota, the Dakotas and Montana combined is estimated at 5,367,000 acres and
0
12,575,00 acres for 1926, compared with 4,674,000 acres and 12.609,000 acres for
the
1925 and 5,042,000 acres and 11,451,000 acres,the average for the five years 1921-25.
total spring wheat acreage in the
DURUM ACREAGE represents 29.9% of
year, compared with 2.00% in 1925 and 30.6% the average for the
four States this
for the four States in 1926 is 14.8%
five years 1921-25. The acreage of DURUM
more than in 1925, and that of HARD SPRING WHEAT 0.3% less.
CORN.
82
86
80
83
62
49
40
64
92
86
87
87
84
72
84
87
66.7
83.2
Production
in Thousands of Bushels.
Indicated by
Condition.,
July 1
1926.
Condition
July 1.
Acreage
1926.
State.
1
PenneylVS0 0
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota
Nebraska
Kansas
North Carolina
Georgia
Kentucky
Tennessee
15.8.total
Per
Cent
of
1925.
100
95
101
101
97
96
103
100
100
103
97
93
101
93
100
98
Acres
in
Thousands.
1,421
3,522
4,674
9,332
1,593
2,055
4,488
11,234
6,825
4,909
8,827
6,159
2,294
3,622
3,200
3,099
004 101 074
Yield Per Acre.
Harvested.
June 1
1926.
July 1
1926.
State.
Production
in Thousands of Bushels.
Condition
July 1.
Acreage
1926.
Production
in Thousands of Bushels.
Indicated
10
-year
be
Aver. Condition
July 1
Per Cl. Per Cl.
1926.9
Harvested.
1926.
1925.
-year
5
Average
1921-25.
72
70
72
75
62
67
72
84
80
79
85
73
83
79
84
86
86
84
83
85
84
86
85
89
83
86
88
82
86
80
87
84
77.9
84.1 2.880.780 2 905 058 2 MA 155
51,667
115,874
148,072
297,458
39,506
62,646
132,486
419,927
192,738
129,917
236,342
105,657
44,744
48,643
84,672
78,621
72,471
65,526
177,936 146,262
201,318 170,801
388,080 327,930
65.680
59,373
99,556
87,102
156,852 144.659
483,062 424,381
201,338 183,041
83,405 113,358
236,600 218,107
104,643 110,517
42,014
48,616
41,676
51,840
84,800
85,052
63,240
73,997
OATS.
Total Production in Millions.
Indicated by
Condit on. (d)
86.4
65.9
88.1
734
76.3
81.2
76.8
81.5
87.0
79.9
72.2
73.0
84.8
81.0
53.3
59.0
58.7
83.8
84.1
77.2
79.8
7R a
.10v0ONet.N00..CC4MOCC.,,NNO.NO
.
. . . . P. . . . .
.
. . . . . . . . .
cy4...,1-- .0C•I 0
el.
,
V t- .q.Ca c, .d.C,V C,C., c0 C ., 0
COC-aCt•-0000C0070000tz‘OCOCGC,,00000C0000
4
-
567.762 543.300 395.610 548.843
Condition,
99.4 101,074,000
119.0 a36,803,000
99.8 20,884,000
111.3 57,687,000
101.0 45,945.000
8,842,000
107.5
88.2 a3,601,000
2.843,000
94.4
1,018,000
112.1
4,395,000
106.7
99.4 59,080,000
1
1195.6
77.5
77.4
22,720, 22,754
23,919 32,967
25,6361 28,350
45,832
34,960
15,816
13,906
30,720
21,965
46,097
31,661
74,750 113,920
39,775
25,354
6,552
15,795
10,962
19,607
14,342
10,752
26,441
9,300
15,913
7,700
11,457
11,386
SPRING WHEAT (rNCLUDING DURUM).
July 1
June 1
July 1
July 1
1926.
1926.
1925. 10-yr.A v.
Per Cent Per Cent. Per Cent. Per Cent.
I
Corn
Winter wheat
Spring wheat
All wheat
Oats
Berle
Rye
Flaxseed
Rice
Grain sorghums_b
Hay, all tame
Pasture
Beans, dry edible_b_
Peanuts
Apples, total crop
Peaches, total crop
Pears, total crop
Grapes
Potatoes, white
Sweet potatoes
Tobacco
Sorghum for struP
WINTER WHEAT.
19,594
17,901
88 I
81
32,8861 31,374
79
87
27,629 25,679
76
85
31,2031 28,873
76
72
14,1261 12,358
79 I
73
16,705
14,142
76
78
33,7191 35,139
76
57
139,989 133,172
73
73
69,531
62,730
*165 *12.1
32,436
31,479
*18.0 *11.8
8,180
10,305
84
75
16,294
19,795
77
75
21,024
20,916
79
80
18,797
17,248
87
80
15,301
14,733
80
87
110 0 313.803
Total July 10 1926_ __ _38,530,000 28,520,000 42,513,000 11,356,000 6,997,000
Total July 3 1926_ _ _ _38.229,000 30,333,000 44,950,000 12,796,000 8,037,000
Total July 11 1925...A7,530,000 10,930,000 34,290,000 6,495,000 3,089,000
Per Cl.
of
1925.
1,180
1,800
1,650
1,988
900
1,298
2,817
10,310
4,214
1,802
426
1,207
900
880
756
Penna
Ohio
Indiana __Illinois-Michigan._
MLssouri...._
Nebraska__
KAMMOklahoma _
Texas
Idaho
Colorado - _
Washington
Oregon...-.
California _
6,310,000 1,438,000 4,301,000
Total July 10 1926...._ _24,368,000
7,023,000 1,985,000 5,323,000
Total July 3 1926_ _ _ _25,903,000
284.000 5,168,000 1,029,000 1,550,000
Total July 11 1925._ _ _21.649,000
Summary
14,162,000 28,520,000 36.203,000 9,918,000 2,696,000
American
6,310,000 1,438,000 4,301,000
24,368,000
Canadian
Crop.
351
THE CHRONICLE
JULY 17 1926.]
June 1
1926.
Harvested.
1925,
5
-year
Average
1921-25,
1,425
2,422
2,547
3,808
5,720
8,833
847
2,343
1,450
2,337
2,326
3,624
6.010
10.253
1,294
2,604
1,921
1,744
2,700
3,789
7,250
15,710
1,910
2,522
2,887
3256
5'856
.
.5 336
13354
16'965
4 175
'
2374
'
39,666
41.131
48.612
RR 1 S7
New York
Pennsylvania... _
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota...
Nebraska
Kansas
Oklahoma
Texas
U.S.total
100
99
96
104
97
102
101
94
101
113
94
87
91
102
115
180
1,050
1,136
1,998
2,193
4,582
1,697
2,629
4,525
6,283
2,137
2,537
2,564
2,456
1,746
1,311
1,964
101.0 45,945
83
86
79
74
75
84
91
70
80
66
66
37
56
58
*22.1
*42.6
74.5
85
88
82
80
82
80
90
89
87
81
85
88
82
72
*23.2
*25.2
33,378
37,800
32,430
40,145
37,613
37,575
67,399
86,362
56,465
59,052
65,400
50.742
147,770 151,168 137,721
53,248
58,445
48,651
97,506
107,658 126,246
133,035 202,188 159,772
221,162 251,950 217,929
49,166
37,315
45,133
50,233
72,873
69,829
35,101 100,198
83,625
73,953
49,513
69,986
39,376
34,998
34,937
29,104
28,972
26,220
13,419
34,753
83,662
83.2 1,334,260 1,511,888 1,326,916
BARLEY.
New York
Illinois
Wisconsin
Minnesota
Iowa
North Dakota_ _ _
South Dakota_ _
Nebraska
Kansas
Idaho
Colorado
California
114
120
113
108
125
105
120
93
70
90
105
103
186
324
521
1,211
219
2,003
1,090
217
266
112
430
1,071
83
84
90
72
83
65
45
60
36
84
77
87
84
89
90
88
90
85
89
82
69
88
86
82
4,909
9,526
16,412
25,721
5,908
30,596
13,489
3,971
2,538
3,810
9,602
31,214
4,727
8,910
16,965
33,630
5,425
42,930
23,608
5,662
4,294
5,456
8,610
32,240
4,306
6,575
13,518
26,002
4,389
28,729
20,853
6,140
13,065
3,757
6,366
28,862
84.4
73.3
190,959 217,497 186.105
107.5 8,842
Interpreted from condition reports. Indicated production increases or decreases
O
with changing conditions during the season. •Reported yield per acre.
U.S.total
-The
COMMENTS CONCERNING CROP REPORT.
Department of Agriculture at Washington on July 10 also
furnished a summary of the prospects of the United States
crops, based on the July 1 condition, the report being as
follows:
On July 1, the composite condition of all crops was 6.4% below the average
July condition during the last ten years. There is still time for a substantial improvement, but, considering all crops, there is now little chance that
yields per acre will equal those usually secured. The chief reason for the
present unfavorable outlook has been deficient rainfall in portions of the
North Central and Eastern States.
-A production of 2.660,780,000 bushels of corn, or 8.3% less than
Corn.
last year. is indicated by the July 1 Condition of 77.9% of normal. The
average production of the five years 1921-1925 is 2,848,294,000 bushels.
ThLs condition is the lowest for July on record except the 72.0% reported
24.
In
Throughout the entire country the growth of the crop is generally uneven
and backward because of the late, cool season, and deficient moisture over
wide areas. Growing conditions were improving in the northern part of
the Corn Belt during the latter part of June. In southern and eastern areas
more rain and warmer weather is needed. Over most of the Country,
352
THE CHRONICLE
[VOL. 123.
fields are clean aim IV CM cuilavated. chinch bugs are reported in unusual production of 65,391,000 bushels last year. No telecast has yet been
numbers in Kansas and Missouri.
The area in corn this year is estimated at 101,074,000 acres, which is received for Egypt but the crop condition of July 1 indicates a yield equal
to 97%
about half of one per cent less than last year. Increases of acreage are June 1. of the average for the past ten years as compared with 98% on
reported in Illinois, Indiana, Minnesota, and the Dakotas. while the other
WORLD CEREAL CROPS
-ACREAGE.
principal Corn Belt States show decreased acreages, or no change from
last year. The net decrease in the twelve Corn Belt States is 582,000 acres.
Winter Wheat.
-A total production of 567,762,000 bushels of winter
P. C.
wheat is indicated by the July 1 condition. This is an Increase of about
.
Average
Preliminary 1926
24,000,000 bushels over the outlook of a month ago, and 18,000,000 bushels
Crop and Country.
is of
1909-13.
1924.
1926.
1925.
above the average of the past five years. It exceeds the short production
1925.
of 1925 by 169,000,000 bushels.
Rains and cool weather throughout most of the important winter wheat
Wheal,
Acres.
Acres.
Acres.
Acres.
%
States resulted in considerable improvement of the crop during June just United States
47,097.000
52,364,000
52,200,000
57,687.000 111.3
prior to harvest. Heads have filled out well and the quality of the grain Canada (winter)_ _ _
1,053,000
774,000
753,000 94.8
794,000
in most States is reported as excellent. Harvest is making rapid progress Europe, 14 countries
59.646.000
55,113,000
56,373.000 56,034.000 99.4
and has extended to practically all heavy producing sections. Yields are No.Africa,3entries
7,802,000 102.2
6,531,000
7,081,000
7,632,000
generally running higher than expected a month ago,except in limited areas India
31,181.000
30,288,000 95.7
29,224,000
31,636,000
where rainfall has continued deficient.
In the Pacific Northwest, where the white wheats predominate,1 ndicaTotal 20 countries 143,551,000 146,493,000 148.635,000 152,564,000 102.6
tions point to a production more than double the short crop of 1925, and Est. world total, ex
only slightly below the average of the past five years. In the important
eluding Russia_ 197,800,000 214,900,000 220,400,000
West Central soft winter wheat States, production will slightly exceed that
Rye.
of 1925. but falls short by approximately 30,000,000 bushels of equaling United States
2,236,000
4,019,000
4,088,000
3,601,000 88.2
the five-year average. Indications are considerably higher than a month 15 foreign countries
27.180,000
22,801,000
23,936,000
23,268.000 97.2
ago. In the eastern soft winter wheat States production indications are
for a crop slightly below that of last year. but better than expected a month
Total 16 countries
26,869,000 95.8
29,416,000
26,820,000
28,024,C00
ago. Texas and Oklahoma are havesting a crop of excellent quality, almost Est. world total, ex
double the five-year average produced in those states, and about three times
eluding Russia__ _
47,600,000
42,900,000
44,800,000
the short crop of 1925. The increase of 7000,000 bushels in the Kansas
Barley.
crop results from threshing returns exceeding expectations in the eastern 'Jnited States
7,620,000
6,858,000
8,243,000
8,842,000107.5
and southern portions of the State.
t0 foreign countries
17,619,000
17,286,000 97.6
16,629,000
17,712.000
Spring Wheat.
-The acreage of all spring wheat for 1926 is approximately
the same as last year. An increase of 8% in North Dakota is offset by
Total 11 countries
26,128.000 100.6
25,239,000
23,487,000 25,955,000
declines in other States. In South Dakota, acreage declined 8%, due in L'st. world total, expart to abandonment on account of drought. In Washington and Oregon,
cluding Russia__ _
59.900,000
57.700.000 61.000.000
where the acreage of spring wheat last year was greatly increased because
of the abandonment of winter wheat,the spring wheat acreage has materially
decreased.
Production Forecasts and Estimates.
A total crop of approximately 200,000,000 bushels of all spring wheat is
Wheat.
Bushels,
indicated by the July 1 reported condition of64.8%. Last year 271,000,000
Bushels.
Bushels.
Bushels.
%
United States
bushels of all spring wheat were produced. In Minnesota, Montana, and
690,108,000 862,627,000 669.365.000 767,357,000 115.1
the Dakotas, the acreage of Durum varieties increased 15%. Indicated 8 foreign countries_ 709,205,000 643,523,000 721,530,000 701,658-000 97.9
production of Durum is given at 50,000,000 bushels compared to 66,000,000
Total 9 countries_ 1,399,313,000 1,506,150,000 1,390,895,000 1.469,015,000 105.6
bushels last year.
Weather conditions for the whole country were generally favorable for Est. world total, ex
eluding Russia_ 3,006,000,000 3,098,C00,000 3,331,000,000
the crop during the last week of June and were improving on July 1. A
Rye.
decline of nearly 14 points in condition since June 1 is reported by corres39,666,000 81.7
48,696.000
36,093,000
pondents, the greatest decline
64,038,C00
-29 points
-occurring in South Dakota, United States
64,839,000 92.6
70,040,000
66.552,000
where condition dropped from 64% to 35%. This was due to severe drought 3 foreign countries_
52.798,000
in the heavy spring wheat producing counties of that State.
Total 4 countries_ 102,645,000 116.836,000 118,736,000 104,505,00f 88.0
While rust is reported from a number of areas in the Red River Valley,
plant pathologists state that there are no inidcations as yet of a general Est. world total, excluding Russia_ _ _ 1,033,000,000 743.000,000 1,021,000,000
epidemic in the spring wheat area.
Oats.
-The condition of oats declined about 5% between June 1 and July
I. of this year, while the usual decline during this period is about 3%•
WEATHER BULLETIN FOR THE WEEK ENDED
Sharp declines in the West North Central States and Far Western States
were only partially offset by improved conditions in Eastern and Southern JULY 13.
-The general summary of the weather bulletin
States,
While the acreage of oats on July 1 showed an increase of 1% over the issued by the Department of Agriculture, indicating the inacreage harvested in 1925, the indicated production was, nearly 11% less fluence of the weather for the week ended July 13 follows:
than last year, or 1,334,260,000 bushels for 1926 compared with 1,501,
Wemperatures were generally moderate during the In eels, e.cept for some
- unusually warm weather in the more eastern States and the Pacific North909.000 last year, though slightly in excess of the five-year average produc
thin. The condition on July 1, 1926 was 74.6%, or nearly 9 less than the west during the middle days when maxima of 100 degrees or higher were
ten-year average condition of 83.2%.
reported from some stations in both these areas. Towlad the end of the
A decrease of over 30 points in the condition of oats to 37% was reported Meek cooler weather overspread tne central and eastern portions of the
in South Dakota between June 1 and July 1, where early oats were seriously country Chart 1 shows that the week, as a whole, averaged warmer than
affected by drought. Nebraska oats declined 15 points, North Dakota normal in the Atlantic area from South Carolina northward to New Jersey ,
and Minnesota oats 11 points, Kansas 8 points, Iowa 6 points, while the with the mean temperatures ranging from 2 degrees to 4 degrees above the
Far Western States with the exception of Arizona, declined from 2 to 11 seasonal average, and it was much warmer than normal over the far Icrthpoints during the month of June.
western States. Throughout the central valleys and in the South aboot
Condition improved materially in Missouri, Ohio, Pennsylvania,and New normal warmth prevailed, though the tendency was to slightly suLlicrmal.
York. The yields per acre in the Southern States have fully carried out In the interior of the western half of the country the weather was decidedly
the conditions reported June 1. In Texas this record high yield of 42.6 cool, with some areas as much as 6 degrees or 7 degrees below normal.
Rain was general o;ver the Atlantic Coast States early in the week, sad
bushels this season has been made possible by excellent moisture conditions.
In only one year, 1919, when the yield was 42.0 bushels, have oats in Texas was widespread over the northern half of the country during the middle
days, with some heavy falls locally in the Lake region and extreme lower
exceeded 40 bushels per acre.
Rye.
-The condition of 66.7% of normal indicates a production of 39.666,- Missouri Valley. The latter part was generally fair over the central and
000 bushels of rye comparing with the average crop of 68,170,000 bushels western pertioas of the country, with widely scattered showers in the East.
for the five years 1921-1925. The indicated yield of 11.0 bushels per acre Chart II shows that rainfall, as a rule, was rather light lathe East, although
is below the 11.9 bushels per acre harvested last year and 2.8 bushels below there were some fairly heavy amounts hi local areas. In the trans-Misslsthe average of 13.9 bushels for the past five Years. It is the lowest on sippi States the distribution was very irregular, with generous to heavy or
record since 1866. excepting in the years 1885 and 1887, when the averages excessive amounts over a considerable area frcm northwestern Louisiana
were 10.2 and 10.1 bushels. The 3,601,000 acres for harvest in 1926 is and northern Texas northward to the northern portions of Missouri and
11.85 smaller than the area harvested in 1925. This acreage reduction Kansas, and also in the western parts of Nebraska and South Dakota.
Showers during the week relieved to some extent the droughty conditions
is chiefly in the Dakotas.
Barley.
-The condition of barley, 73.3%,is the lowest on July 1 In fifteen that have prevailed for a long time in the immediate lower Ohio and some
years. The South Dakota condition is 44 points below the ten-year central Mississippi Valley districts, but the amounts were still too light in
average, Kansas 33 points, and North Dakota 20 points. An increased places, and some localities continued dry. In the Lake region and upper
acreage is found in all the more important States except where acreage last Ohio Valley rainfall was a oAly adequate for present crop needs,and show era
year was high following winter wheat abandonment. The indicated were helpful in the Northeast, but moisture is still insufficient in parts of
barley production of 190,959,000 bushels is slightly above the five-year the Middle Atlantic Stater, particularly in Pennsylvania, Now Jersey, and
the coast districts to the north. Temperatures were generally favorable
average, although about 12% less than last year.
wherever the!e was
throughout
FOREIGN CROP PROSPECTS.
-The latest available for growthmoisture. the northern half of the country
sufficient
In the lower Missouri Valley and southern Great Plains the rains Mere
information pertaining to cereal crops of foreign countries,
in nearly all
heavy enough to generously supply the soil
as reported by the Foreign Service of the Bureau of Agricul- districts, and this, with prevailing seasonable with moisture made a good
temperatures,
tura1 Economics, was issued on July 10 as being of interest to growing week in those sections. In the northern Great Plains, however,
where showers were scattered and uneven,
producers of grain crops in the United States,and is as follows: need of moisture, especially for the range.many localities are still bacly in
The latest available information pertaining to cereal crops of foreign
In the Southeast the.e was some interruption to field work by showers,
countries, as reported by the Foreign Service of the Bureau of Agricultural but the rains were favorable for growth. It is again too dry, however, in
Economics, is submitted herewith as being of interest to producers of grain some interior sections of the South Atlantic States, and more rain is needed
crops in the United States.
in the extreme lower Mississippi Valley. Threshing was retarded by
The wheat crop in 8 foreign countries of the Northern Hemisphere showers locally in the Southwest, but this section had a generally good
reporting to date is forecast at 701,658.000 bushels compared with estimated growing week. More moisture is still needed in much of the Great Basin,
production of 721,530,000 for 1925. Adding figures for the United States, though showers brought some relief in 'Utah and Idaho.
forecasts reported to date in 9 Northern Hemisphere countries is 1,469,015,
SMALL GRAINS.
-The cutting of winter wheat progressed during the
000 bushels as compared with 1,390,895,000 bushels in 1925. Production week to Pennsylvania, the northern portions of the Ohio Valley States, and
as reported for these countries last year comprised about 47% of the total well to the northern limits of the belt in the Great Plains area, while cutting
Northern Hemisphere crop and 42% of the total world crop, outside of was begun in eastern Montana. This work made satisfactory .prcgress in
Russia and China.
most sections, but there-was some interrupticn by rain to threshing in the
The Canadian official total wheat acreage estimate is not yet available. Southwest. In the Spring Wheat Belt the rainfall was mostly of a local
All indications to the present date point to an increased wheat acreage. character, with many places receiving only light amounts. NV here showers
Conditions are good to excellent except in Southern Alberta where they are occurred conditions were improved, but a general rain was needed toer
only fair.
most of the area. In North Dakota growth ranted from fair to very good,
The European wheat crop exclusive of Russia is expected to be below the and theie was, in general, improvement in South Dakbta. The weather
bumper harvest of 1925 although conditions so far point to a crop above the has been favorable for filling in Minnesota, but in Montana the hot, Crying
Forecasts and estimates of production received to date from winds were injurious. In the Rocky Mountain sections conditions were
average.
Spain, Bulgaria and Poland are below estimates for last year while the
favorable.
forecast for Hungary is above last year's figure. The yield in France is generally
ith additional beneficial moisture and moderate temreratures, oats
expected to be well below the high yield of 23.9 bushels to the acre obtained continued to show improvement quite generally in the northern half of
last year. A correlation of the May 1 condition of winter wheat with final the country, though the dry weatner in toe lower Ohio Valley and parts
yields for the years 1902 to 1925 indicates a yield per acre of 19.1 bushels of the upper Mississippi Valley, especially in northwestern Iowa, has Leen
as compared with a computed yield of 21.6 for last year. Last year, how- very unfavorable; harvest was begun as far north as Nebraska. 'I he
ever, conditions from that time to the time of harvest were increasingly weather was favorable for grain sorghums in the lower Great Plains and
favorable, resulting in an actual yield of 23.9 bushels to the acre, whereas these show improvement,and mostly so for flax in the northern Plains area.
this 3 ear the crop has deteriorated.
CORN.-With widespread rainfall and moderate temperatures over the
Conditions of winter wheat in Germany on June 1 indicated a yield of Corn Belt, the growth of this crop was generally fair to very good, and
27 bushels per acre compared with an indicated 28.9 based on similar reports excellent in many places. Rapid advance was reoorted from the upper
The actual yield of all wheat in 1925 as shown by; acreage and Ohio Valley districts and in most of Indiana and Illinois, though the lack
for 1925. production figures was 30.8 bushels. Germany had general rains during the of moisture was still felt in some southern sections of the latter States.
early part of June and droughty conditions were for the most part relieved. Rains were beneficial la the dry areas of the lower Ohio Valley, but more is
the
A satisfactory condition of nearly all grain crops was reported about the still needed in some places.
middle of June. A cable from Consul Dominian at Rome states that
• In Iowa progress was generally fair to very good, except in the dry northItalian wheat crop is expected to be a twelfth less than last year.
western portion, and much of the crop has been laid by. Growth was
Reports for Rumania point to a big crop of winter wheat and barley as good in Missouri, and rains in the corn sections of Nebraska, Kansas, and
conditions
well as of spring sown cereals. In Austria and Czechoslovakia
to the southward were helpful. Early fields have reached the roasting-ear
For
appear to be aoove average, but; omewhat poorer than last year. grain stage in Oklahoma, and are tasseling in eastecn Kansas. Rain was needed
Yugoslavia reports have been generally favorable in the important
iii the extreme lower Mississippi Valley and locally in Texas, but in the
growing areas although not so good as last year.
Southeast advance was mostly satisfactory, except in some interior localiPractically all reports from Russia have indicated that the outlook is ties where moisture was insufficient.
sections.
promising for cereal crops in the most important grain producing
COTTON.
-In the cotton belt temperatures were generally seasonable.
Wheat production of three North African countries, Morocco, Algeria. with generous to heavy rains over central and northern districts west of the
and Tunis is forecast at 64.595,000 bushels compared with the estimated
JULY 17 1926.]
THE CHRONICLE
Mississippi River and in parts of the southeast, anelight to moderate
showers elsewhere. These weather conditions in general were favorable for
growth, which ranged from fair to excellent in most sections, though there
was complaint of rankness locally in the southeast.
Cotton needs rain on some light soils in western North Carolina,and also
locally in northwestern South Carolina, and in northeastern Georgia, while
there were complaints of slow and rather poor fruiting in Alabama and
Mississippi. In Texas plant growth was generally excellent, and was fair
to excellent in Oklahoma, with the plants fruiting nicely and well cultivated
in the latter State, but fruiting poorly in many places in the former because
of flea damage. In Arkansas and Louisiana progress was very good to
excellent, except in areas where insects are damaging.
There were still many complaints offleas in the southern States of the belt,
and of scattered infestation in Arkansas. Tennessee and South Carolina.
RANGES, PASTURES AND LIVE STOCK.—Pastures are doing well
generally in the East, although they still need rain locally and are badly
dried in parts of the Ohio Valley. Rain is needed for the range in the
northern Great Plains, and moisture is still deficient in the Great Basin and
Oregon; elsewhere western pastures and ranges improved. Haying made
good advance in the Northeast with generally favorable weather. Alfalfa
needs rain in the northern Great Plains and in Nevada, but elsewhere this
crop is mostly good, with the second cutting under way as far north as
Idaho. Live stock continue in mostly good condition.
MISCELLANEOUS CROPS.—Potatoes are mostly doing well; digging
the early crop is progressing as far north as Wisconsin Truck crops are
• generally fair to good In the Gulf States, but rain is needed locally in North
Carolina and New Jersey; elsewhere general improvement was noted.
Tobacco needs moisture in New England. North Carolina and parts of
Kentucky and Tennessee. Harvesting this crop continues in the Southeast,
and it is reaching the topping stage in the Ohio Valley and Tennessee. The
warmth was beneficial for cane in Louisiana, but more moisture is needed.
Sugar beets continue fair to good.
Weather in Agricultural Sections of Other Countries.
Argentina (for week ending July 12).—The weather in the northern wheat
zone was rather warm for the season, the temperature averaging 54 degrees,
or 4 degrees above normal. In the South the average of 46 degrees was
exactly normal. Very light rain occurred in southern districts and none in
the northern.
In Argentina the winter, so far—now about half over—has been characterized by uniform and mostly seasonable temperatures, following an
,unusually warm fall. The temperature during the fall months (March to
June) averaged about 2 degrees above normal in the northe-n wheat zone,
with nine of the thirteen weeks warmer than the seasonal average. The
first half of the present calendar winter had only one week with temperature
below normal, and that averaging only 1 degree below, while only six weeks
of the twenty-nine since last December had temperatures below normal.
In the South reports began with April, and for the fifteen weeks since that
time about half have been relatively cool, ranging from 1 degree to 6 degrees
subnormal, and the others normal or above,ranging up to 6 degrees. In the
North rainfall since the first of March has been about 40% above normal,
and in the South, since the first of April, about 20% below normal.
Australia (for week ending July 12).—Moderate to heavy rains fell during
the past week over the western Australian wheat belt; light frosts and occasional light showers in Eastern States. Early-sown crop making good
progress and prospects for a good season probably never looked brighter
than at present.
Canada (for week ending July 11).—The temperature averaged 4 degrees
to 6 degrees above normal in Alberta and southern Saskatchewan and 2
degrees to about 4 degrees above in other Western Provinces and also in
western Ontario and western Quebec. In the Atlantic districts the weekly
means were normal or below. Light showers occurred on the 6th in Saskatchewan and heavy rains in most western districts on the 7th, with
moderate to heavy falls at the week-end over all eastern sections.
6. England (for week ending July 12).—Dull, rainy and unsettled weather
prevailed in southern dis ricts, becoming fairer and warmer toward the end
of week; mainly cloudy to fine in northern and Scottish districts first half of
week, but subsequen ly becomin gunsettled. Rainfall totals were above
normal gLmerally in eastern districts. Severe thunderstorms on the 9th.
Sunshine generally deficient, except in extreme northwest Scotland.
353
THE DRY GOODS TRADE.
Friday Night, July 16 1926.
With the exception of silks and rayons, most divisions
of the textile markets displayed an improved undertone
during the past week. For instance, the demand for cotton
goods, woolens and floor coverings was much better. On
the other hand, interest in silks and rayons waned and
Prices for the former eased off in the neighborhood of 15c.
This was due to the refusal of silk manufacturers to follow
recent advances at Yokohama. Producers have adopted
these tactics owing to their difficulties in getting higher
prices and in maintaining those current for the finished
product. Similar conditions were noticeable in the rayon
division, where buyers have been very cautious in placing
contracts for future delivery. Consumers have been more
discriminating in their purchases and the low values prevailing for silks for some time past have succeeded in injuring sales of rayon. As to woolens, following the openings of men's wear fabrics last week and the week previous
at surprisingly low prices, the undertone was declared to
be healthy, despite generally restricted business. However,
it was claimed that orders received on the new lines were
as good as expected. In regard to the floor covering division, the arrival of a large number of buyers from all sections of the country, especially the South and Middle West,
brought a marked increase in activity. There was a better
call for merchandise for August sales, and regular standard
lines were favored more freely. The undertone was firmer,
as distress lots appeared to be pretty well liquidated and
dealers will need attractive goods shortly. Some mills have
increased operations and it was admitted that the outlook
for the immediate future was now bright.
DOMESTIC COTTON GOODS: Markets for domestic
cotton goods were firmer during the week, owing to an advance in raw cotton and an actual need for goods. Inquiries
were noticeably broader, while sales were reported to be
the largest for some time past. It was found that in many
quarters burdensome stocks have been liquidated and the
situation now gives favorable promise of a restoration of
more normal business. Buyers were more inclined to cover
their spot and nearby needs. Likewise, more factors showed
a willingness to anticipate future requirements owing to
the growing firmness of values based upon the improvement
in raw materials. All this has resulted in the mills being.
the recipients of increased orders. A larger business was
The Weather Bureau also furnishes the following resume received on practically all lines. This was particularly
• of the conditions in the different States:
of print cloths, and printers were claimed to be unNorth Carolina.—Raleigh: Fields clean and crop growth good, except true
time of the year. This was not only
corn, truck, tobacco, and pastures need rain locally, especially in parts of usually busy for this
upper Piedmont. Progress of cotton very good to excellent in east, though attributed to the hand-to-mouth buying tactics practiced for
only fair in west where needing rain on light soil; chopping late-planted
so long, but to demands by retailers for prompt shipment.
nearly completed; early blooming rather freely in southeast.
South Carolina.—Columbia: Condition and progress of cotton fair, except The cotton consumption report issued by the Census Bureau
in sections of northwest where good rains needed, but good stands in northline with expectations and failed to influence
west with chopping practically completed; squaring and blooming freely was about in
elsewhere; weevil increasing, and hoppers reported in spots. Much old the market one way or the other. Consumption of lint cotlaid by in good condition. Truck and minor crops improved. Tobacco
corn
ton during June was placed at 518,504 bales, compared with
curing progressing with fair output only.
Georgia.—Atlanta: Progress and condition of cotton continue fair to 516,758 bales in May and 494,083 in June a year ago. Thus
most sections, though too much rain locally in south and
very good in
year the total for the season is 5,990,000 bales,
central where growth rank, with shedding; more rain needed in northeast far this
where growth irregular locally; bloom appearing on early crop in north; compared with 5,709,500 bales to June last year. Indicaflea continues about same area, though some reports of apparent dis
that the proposed Cotton Textile Institute has met
appearance; considerable damage; weevil continues in south and central tions are
being signed hi various parts
and increasing at points where wet. Corn made fair to excellent advance with much favor. Pledges are
generally. Tobacco mostly good.
country giving support to the plant. Print cloths,
Florida.—Jacksonvine: Rain in extreme north and west unfavorable for of the
27/
1
2
cotton; weevil more active; some early cotton open. Corn mostly good, 28-inch, 64 x 64's construction, are quoted at 5 c., and
but late-planted damaged by recent rains in north and west; maturing inch, 64 x 60's, at Sc. Gray goods in the 39-inch, 68 x72's
and south. Cane, peanuts. cowpeas, and sweet potatoes
nicely in central
improved, but moderate rains needed locally In central and south. Tobacco construction, are quoted at 84(3c., and 39-inch, 80 x 80's, at
harvesting continued.
9%c.
Alabama.—Montgomery: Somewhat warm middle of week; rain
general
WOOLEN GOODS: Once more the American Woolen Co.
and locally heavy; retarded cultivation, but favorable for rapid growth of
factors in the markets for woolens
vegetation. Cotton made rapid growth, but many reports of
fruiting provided a surprise for
poorly; condition mostly fair to good, though excellent in some sections of
southwest; hoppers and weevil becoming quite general and increasing; and worsteds. Last week, the big company opened their
hoppers causing considerable damage in some western and
northeastern men's wear tropical fancies for summer 1927. Out of a
counties.
Mississippi.—Vicksburgh: Generally light to moderate rains.
total of twenty-three cloths seven repeat numbers showed a
Cotton
progress, growth, and cultivation mostly fair, but some weevil increase reduction of from 173 to 30c. a yard, or an average of 9.9
practically throughout, and crop forming squares somewhat slowly.
ress of corn locally poor, but mostly fair. Progress of pastures fair to Prog- to 12%, compared with the 1926 lists. It was believed that
good.
Louisiana.—New Orleans: Seasonable weather and mostly
line averaged a little over 10% under last year's
but rainfall generally insufficient on uplands. Cotton growth favorable, the general
satisfactory; prices. The announcement came as a distinct shock to the
fruiting somewhat late and adversely affected by flea infestation in
north,
but weevil held in check by dryness and warmth; crop average condition trade, as it was not expected that the company would refair. Rain insufficient for early corn, although late holding up well. more
rain also needed for cane, but warm weather beneficial and considerable duce their fancy lines so radically. The first reaction to
laid by. Rice making generally excellent progress.
the new lists was that a number of independents decided to
Texas.—Houston: Scattered showers in south; moderate to good
showings until after buyers were through
rains
In north and west. Progress and condition of pastures, corn, rice, truck, postpone their
and minor crops mostly very good, although some deterioration in drier with the big factor's lines. Some have planned to make
sections. Threshing made fair progress. Growth and
condition of cotton
either the latter part of July or early August.
plants excellent, but fruiting poor in many sections account fleas; some their openings
weevil in south. but damage generally slight;
fleas less active than pre- Except for the new cloths opened last week, business was
ceding week.
conOklahoma.-0Hahoma City: Seasonable warmth and adequate rains generally quiet. Orders received for the former were
generally. Progress and condition of cotton fair to excellent; well culti- sidered quite good.
vated and early blooming and fruiting nicely; scattered weevil infestation
FOREIGN DRY GOODS: Through the naming of close
in east, but not yet serious. Progress and condition of corn fair to excellent;
early in roasting-ear stage. Threshing wheat and oats retarded by rain. prices and intensive efforts on the part of salesmen, fair
Grain sorghums and minor crops good progress and condition.
during the week.
Arkansas.—Little Rock: Progress of cotton very good to excellent, ex- activity developed in the linen markets
more
cept where damaged by weevil and hoppers; scattered infestation
in most However, the outlook for the coming week is better, as
central and southern counties, but no large areas of heavy infestation; buyers are expected to arrive to replenish depleted stocks
condition of crop fair to very good. Progress of corn very good to excellent, except in north-central and few southeastern counties where too dry. of domestics. The demand for handkerchiefs, especially
Tennessee.—NashAlle: Progress of cotton excellent in central and west those in printed effects, has continued surprisingly well and
where well cultivated, except in Shelby and Hardeman Counties where
considerable damage by hoppers; late crop is small in Hardeman County. a number of stores have added to former commitments.
but improving. Tobacco ready for topping. Good rains with warmth Prices for the latter have been steady and have greatly engenerally In east caused excellent advance of corn. Condition of wheat
couraged buyers to operate with less restraint. Plans are
excellent, but rain in east interfered with harvesting.
Kentucky.—Louisville: Heavy rains in blue-grass region and extreme About completed for the advertising campaign to encourage
west; light to none in other sections; very dry in parts of Immediate Ohio
months. Burlaps
Valley, where pastures badly dried and crops suffering. Condition and a larger use of linens during the summer
progress of tobacco and corn very good in central and east. Tobacco were firmer, owing to a scarcity of spot supplies and firmtopping stage; much smaller where dry. Oats being harvested ness in Calcutta markets. Light weights are quoted at
reaching
and baled. Progress of wheat threshing good in dry districts; delayed
7.05c. and heavies at 8.80 to 8.85c.
In east.
354
THE CHRONICLE
ffitate anti (City gepartmaxt
[VOL. 123.
a basis of about 4.23%. Date July 1 1926. Due July 1 as follows:
*COM
1927 to 1941. inclusive, and $5.000, 1942 to 1946, inclusive.
BELLAIRE, Belmont County, Ohio.
-BOND
M. Frazier. City Auditor, will receive sealed bids until 12 m. Aug. 7 for
17,670 53 % street improvement (city's portion) bonds. Date July 1 1926.
Denom. 2400, except 1 for $70. Due $400 May and
1 1936 incl.. and $70. Nov. 1 1936. A certified checkNov. 1 1927 to May
bonds
Free State of Bavaria.
-$10,000,000 External Loan bid for, payable Vo the City Treasurer, is required. for 5% of the
Bonds Placed-Oversubscribed.
-The Equitable Trust Co. and
BENTON COUNTY (P. 0. Fowler), Ind.
-BOND OFFERING.
Harris, Forbes & Co., both of New York City, offered in Robert A. Swan, County Treasurer, will receive sealed bids until 1 IL in.
27 for $16,800
Center Township gravel road bonds. Date July
this country yesterday, July 16, $10,000,000 61
.
4% 20-year 15 1926. Denom. 4% %
Due $840 each six months from May 15 1927 to
external sinking fund gold bonds of the Free State of Bavaria. Nov. 15 1936 incl.$840. payable M. & N. 15.
Int.
The bonds were offered at 92.75 and interest to yield over
BEREA SCHOOL DISTRICT, Cuyahoga
-BOND
7.20% and were oversubscribed. They are coupon bonds in OFFERING-Lewis A. Fowles, Clerk Board ofCounty, Ohio. receive
Education, will
bids
denominations of $1,000 and $500 interchangeable and sealed 1926.until 12 m. July 26 for $50.000 4%% school bonds. Date
July 1
Due $1,000 each six months from April
registerable as to principal only. Dated Aug. 1 1925. Due Oct. 1 1927 toDenom. *1,000. and int. A.& 0. payable at the office ofand
1951 incl. Prin.
the
Aug. 1 1945 redeemable as a whole, or in part for the sinking Clerk Board of Education. A certified check for 10% of the amount of
bonds bid for is required.
fund, on Aug. 1 1930, or on any interest date thereafter, at
BERNALILLO COUNTY
100 and interest. Prin. and int. F. & A. payable in New querque), N. Mez.-BOND SCHOOL DISTRICTS (P. 0. AlbuSALE.
school
York at the Equitable Trust Co. of New York, trustee, in bonds aggregating $38,500 offered -The following two issues of-were
on June 23-V. 122, p. 3110
awarded to Bosworth, Chanute & Co. of Denver:
gold coin of the United States of America of the present $34,000 school
District No. 1 bonds at 102.07. Due June 15 as follows:
standard of weight and fineness, without deduction for any
$2,000, 1931 to 1937, incl., and $2,500, 1938 to 1945, incl.
4,500 School District No.47 bonds.at 97.22. Due June 151946;optional
present or future Bavarian or German taxes. The bonds
June 15 1936.
just placed are the remainder of a total authorized issue of
Date June 15 1926. Rates not given.
•
$25,000,000 of which $15,000,000 was sold on Sept. 28 1925.
BERTIE COUNTY (P. 0. Windsor),
-BOND SALE.'
Further information regarding this loan may be found in The $300,000 coupon road bonds offered on No. Caro.122, p. 3631) were
July 9 (V.
awarded to
our "Department of Current Events & Discussions" on a jointly, as A. T. Bell di Co., and W. L. Slayton & Co., both of Toledo,
4%s, at 101.82, a basis of about 4.62%.
July 1
preceding page.
Due July 1 as follows: $5,000, 1932 to 1941, inclusive,Date810.000.1926.
1942
and
to 1966, inclusive.
BIRMINGHAM, Jefferson County, Ala.
-BOND OFFERING.
-0.R.
Armstrong, City Comptroller, will receive sealed bids until 12 m. Aug. le
for the following not exceeding 5% bonds, aggregating 21,050,000:
$400.000 fire station bonds. Due Sept. 1 as follows: *10,000, 1927 to 1931,
ABERDEEN, Grays Harbor County, Wash.
inclusive; $16,000. 1932 to 1936, inclusive: 223,000, 1937 to 1941,
-BOND OFFERING.
Nene Thrift, City Clerk, will receive sealed bids until 7:30 p. m. July 28
inclusive, and $31,000. 1942 to 1946, inclusive.
400,000 incinerator bonds. Due Sept. 1 as follows: $10,000. 1927 to
for $50,000 not exceeding 6% coupon bridge bonds. Date July 1 1926.
1931, inclusive: 316.000, 1932 to 1936, inclusive: $23000, 1937
Denom. $1,000. Due serially, July 1 1928 to 1948 incl. A certified
to 1941, inclusive, and 831.000. 1942 to 1946, inclusive.
check for 5% of the bid required.
250,000 repair shop bonds. Due Sept. 1 as follows: $10,000, 1927 to 1936.
ADAMS AND RODMAN CENTRAL SCHOOL DISTRICT NO. 1
inclusive, and $15,000. 1937
1946, inclusive.
(P. 0. Adams Center) Jefferson County, N. Y.
Date Sept. 1 1926. Denom. $1,000.to
-BOND OFFERING.
Principal and interest (M.& S.)
Francis L. Greene, District Clerk, will receive sealed bids until 3:30 13• m• payable in gold at the Hanover National Bank, New York City. The
(eastern standard time) July 20 for $128,000 not exceeding 57 coup_on or First National Bank of Birmingham will certify as to the genuineness
o
registered school bonds. Date May 1 1926. Denom. $1,000. Due Nov. 1 of the bonds. A certified check for 1% of the bid, payable to the city.
as follows: $2,000, 1927 to 1934 incl.: $3.000, 1935 to 1942 incl.: $4.000, required. Legality approved by Thomson, Wood & Hoffman of N.Y.City.
1943 to 1949 incl., and $5,000, 1950 to 1961 incl. Rate of interest to be
BRADLEY COUNTY (P. 0. Cleveland), Tenn.
-BOND OFFERING.
stated in multiples of % of 1%. Prin, and int. M.& N. payable in gold at
the Farmers National Bank, Adams, in New York exchange, or at the -W.L. Humphrey, County Judge, will receive sealed bids until 11 a. in.
Hanover National Bank. New York City. Legality approved by: Clay & Aug. 6 for the following 2 issues of 5% bonds aggregating $50,000:
Dillon of New York. A certified check for $2,500 payable to L. F.Hurhey, 835,000 special school bonds.
15,000 high school bonds.
District Treasurer, is required.
Date July 11926. Denom. $1,000. Due July 1 1951. Prin. and int.
ALBANY INDEPENDENT SCHOOL DISTRICT, Bhackleford (J. & J.) payable at the Chase National Bank. N. Y. City. Purchaser to
County, Texas.
-PRICE PA1D.-The price paid for the $60,000 5% furnish the bonds and pay expenses of legal opinion. A certified check for
school bonds purchased by Garrett & Co. of Dallas
- 2% of the bid required.
-V. 123, p. 229
was par. Due as follows: $500, 1927 to 1936 incl.: $1,000, 1937 to 1946
BRAINTREE,
-BOND SALE.
-The $335,800
Incl.: $1.500. 1947 to 1951 incl.: 22.000. 1955 to 1956 incl.; $2,500, 1957 4% coupon schoolNorfolk County, Mass.
bonds offered on July 10-V. 123. p. 230
-were awarded
to 1961 incl., and $3,000 in 1962 to 1966 incl.
to R. L. Day & Co. of Boston at 100.61. Date July 15 1926. Denom.
ALLENDALE CENTRALIEED HIGH SCHOOL DISTRICT (P. 0. $1,000 except 1 for $800. Due serially 1927 to 1941 incl. Int. payable
J. & J. 15.
Allendale), Allendale County, So. Caro.
-BOND DESCRIPTION.
The $100,000 school bonds purchased by the South Carolina National Bank
BREVARD COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
of Charleston
-V. 123. p. 106
-at a premium of $1,225, equal to 101.22, (P. 0. Titusville), Fla.
-BOND SALE.
-The *250,000 6% school bonds
a basis of about 4.87%. bear interest at the rate of 5% and are described offered unsuccessfully on June 17 (V. 122 p. 3632) have beed purchased
as follows: Date May 1 1926. Coupon bonds in denom. of $1.000. Due by Braun, Bosworth & Co. of Toledo at 98.11-a basis of about 6.19%.
$5.000, May!1931 to 1950,incl. Int. payable(M.&.N. Date of award Date April 1 1926. Due $8,000, 1929 to 1943, 1nclusive,and $10,000. 1944
April 21.
to 1956, inclusive.
Financial Statement.
AJO SCHOOL DISTRICT (P. 0. Ajo), Pima County, Ariz.
-BOND Real value (estimated)
$9,200,000
SALE.
-The New Cornelia Copper Co. has purchased an issue of $60,000 Assessed valuation (1924)
2,314,110
school bonds at a premium of *1,125, equal to 101.87.
Total bonded debt (including this issue)
350,000
Population (estimated), 7,000.
OFFERAPPANOOSE COUNTY (P. 0. Centerville), Iowa.
-BOND
BROOKLINE, Norfolk County, Mass.
-NOTE SALE.
/NO.
-Clyde L. Ersldne, County Treasurer will receive sealed bids until
-The $250,000
-were awarded to the First National
2 p. m.July 20 for $160,000 4 A % primary road bonds. Date Aug. 1 1926. notes offered on July 12-V.123.p.230
Denom. $1,000. Due $16,000 May 1 1931 to 1940 incl. Purchaser to Bank of Boston on a 3.32% discount basis plus. premium of *10. Date
furnish the bonds. A certified check for 3% of the bid, payable to the above July 12 1926. Due Nov. 18 1926.
Albert P. Briggs, Town Treasurer, will receive sealed bids until 12 m.
named official, required. Legality approved by Chapman, Cutler &
July 19 for the following 5 issues of 4% coupon or registered bonds, aggreParker of Chicago.
gating $368,000:
AUBURNDALE, Polk County, Fla.
-All bids 250,000 fire alarm system bonds. Due Jan. 1 as follows: *3,000, 1927 to
-BIDS REJECTED.
received for the $60,000 city hall bonds offered on July 7-V.122, p.3487
1936, incl., and $2,000, 1937 to 1946. incl.
were rejected.
13,000 fire alarm system equipment bonds. Due Jan. 1 asfollows:$3,000,
1927 to 1929, incl., and $2,000 in 1930 and 1931.
BALTIMORE COUNTY(P.O.Towson), Md.-BOND DESCRIPTION.
75,000 highway construction bonds. Due Jan. 1 as follows: $8,000, 1927
-The $250,000 4 A % coupon school bonds awarded on July 7 to Strother,
to 1931, incl. and $7,000, 1932 to 1936, incl.
Brogden & Co.. MacKubin Goodrich & Co.and the Continental Trust Co.
.
all of Baltimore at 106.09-V. 123 p. 229-a basis of about 4.14%. are 180,000 Village Brook improvement bonds. Due $9,000Jan. 1 1927 to 1946
incl.
described as follows: Date Aug. 1 1926. Denom. $1,000. Due Feb. 1 as
50,000 sewer bonds. Due Jan. 1 as follows: $3,000, 1927 to 1936 incl.,
follows: $63,000. 1954: $92,000. 1955, and *95.000, 1956. Prin. and int.
and $2,000, 1937 to 1946 incl.
(F. & A.) payable at the Second National Bank, Towson. Legality to be
Denom. $1,000. Int. payable J. & J.
approved by Hon. William Cabell Bruce of Baltimore.
BUNCOMBE COUNTY(P.O. Asheville), No. Caro.
-BOND OFFERFinancial Statement.
-George A. Digges, Register of Deeds, will receive sealed bids until
Real value of all taxable property (estimated)
*200.000.000 /NO.
4%, 5 or 5% coupon road and bridge
Assessed valuation for taxation, 1925
0
165,000.0 0 12 m. Aug. 2 for $1,000,000 4,
bonds. Date Aug. 1 1926. Denom. $1,000. Due Aug. 1 as follows:
Total bonded debt (including this issue)
$20,000, 1929 to 1932, inclusive, and 840.000. 1933 to 1955, inclusive.
Total bonded debt about 4.79 assessed valuation.
Population, 1920 census. 74,817; population. 1925 (estimated),9916000 Principal and interest (F. & A.) payable at the Hanover National Bank,
0 ,.
, 00
,
75
New York City. A certified check for $20,000, payable to the County
BANGOR TOWNSHIP SCHOOL DISTRICT (P. 0. Bangor), Treasurer, required. Legality approved by Storey. Thorndike, Palmer &
Northampton County, Pa.
-BOND OFFERING.-Reimer Speer, Secre- Dodge, Boston.
tary Board of Directors, will receive sealed bids until 7:30
m• (Eastern
standard time) Aug. 3 for $175,000 4% coupon schoolpbonds. Date • BURLINGAME SCHOOL DISTRICT (P. 0. Redwood City), San
-BOND SALE.
-The *75,000 5% school bonds
July 1 1926. Denom. $1,000. Due July 1 as follows: $10,000 in 1931; Mateo County, Calif.
-were awarded to the American Securities
220.000. 1936; $25,000, 1941: $30.000, 1946: *40,000. 1951, and $50.000. offered on July 6-V.123, p.230
Co. of San Francisco at a premium of $2,415, equal to 103.22, a basis of
1956. Int. payable M.& N. A certified check for $5,000 is required.
about 4.43%. Date July 1 1926. Due July 1 as follows: $6,000, 1927 to
BARRE, Washington County, Vt.-BONDS OFFERED.
-Sealed bids 1938 incl., and *3,000 in 1939. Other bidders were:
were received until 7 p. m. (Eastern standard time) July 15 by Ralph
BidderPremium.
Oliver, City Treasurer, for $75,000 4%% coupon "State Armory bonds. Bond & Goodwin & Tucker
'
$2,414 25
Date Aug. 15 1926. Denom. $1,000 and $500. Due $7,500, Aug. 15 1927 Hunter, Dulin & Co
2.36362
to 1936, incl. Prin. and int. (F. & A.) 15 payable at the City Treasurer's Schwabacher & Co
2,21000
office. The bonds are engraved under the supervision of and certified as Bank of Italy
2,19800
to genuineness by The First National Bank of Boston: their legality will
Heller Bruce & Co
2,187 00
groj cla i
rci b epopz Gray,Bgden cmentetns zsoseu
el
i
p
s ina Per o i i i s opinion ; be urnished DeanWitter & Co
i
l
i
l
h ?
2,14900
fed
Weeden & Co
2,134 10
ban? where they may be insPected at anytime. The bonds will be delivered Blyth, Witter & Co
2.128 00
toto the purchaser on or about Aug. 15 at the First National Bank of Boston, E. H. Rollins & Sons
2.01800
Boston.
Freeman,Smith & Camp Co
1,96900
Financial Statement, June 12 1926.
Peirce, Fair & Co
1,915 00
Real value of taxable property (estimated)
00 Anglo London-Paris Co
$15,000,0
1,907 00
valuation (1926)
Assessed
8,398,065
CALDWELL UNION FREE SCHOOL DISTRICT NO.1 (P.O. Lake
Total bonded debt not including this issue)
$333,291 65
George), Warren County, N. Y.
-BOND OFFERING-Sealed bids will
-Water bonds and notes
Deductions
25,000 00
be received until 8 p. m.July 21 by Frank H. Smith, Clerk Board of Eduction, for $200,000 5% coupon school bonds. Date July 1 1926. Denom.
Net debt
$308,291 65
$1,000. Due Dec. I as follows: $5,000, 1929 to 1942, incl., and $10000.
Population, 1920, 10.008.
1943 to 1955, incl. Prin. and int. (J. & D.) payable at the First National
-Chas. Bank, Lake George, in New York exchange, or at the New York Trust Co.,
), Pa BOND OFFERING.
BEAVER COUNTY (P. 0. B
G.Galton, Deputy County Comptroller, will receive sealed bids until 2P• m• New York, at option of holder. A certified check drawn upon an incor(eastern standard time) July 19 for *590.000 43(% bridge bonds. Denom. porated bank or trust company, payable to Emmet Archibald, Treasurer.
$1,000. Due $29,500 Aug. 1 1935 to 1954 incl. A certified check for 2% is required.
of the amount bid for, payable to the County Commissioners is required.
CANTON, Saint Lawrence County, N. Y.
-BOND OFFERING.
-BOND Frank J. Ellwood, Village Clerk, will receive sealed bids until 11 a. m.
BEDFORD (P. 0. Katonah), Westchester County, N. Y.
SALE.
-The $85,000 coupon highway bonds offered on July 15 (V. 123, P. July 30 for the following two issues of 434% coupon (registerable as to
- principal) bonds:
229) were awarded to Harris, Forbes & Co.. New York,as 4%s at 100.145
NEWS ITEMS.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
JULY 17 1926.]
THE CHRONICLE
$30,000 paving bonds. Denom. $1,000 and $500. Due $1,500 July 1
1927 to 4946, inclusive.
40,000 bonds. Denom. $1,000. Due $2,000 July 1 1927 to 1946, incl.
Date July 1 1926. Principal and semi-annual interest payable at the
Village Treasurer's office.
CAPE CHARLES, Northampton County, Va.-BOND SALE.J. C.Mayer & Co.of Cincinnati purchased on July 9 an issue of $25,0005%
water bonds. Date April 1 1926. Due April 1 1946. optional April 1 1931.
CARBON COUNTY SCHOOL DISTRICT NO. 6 (P. 0. Medicine
Bow), Wyo.-BOND SALE -The $25,000 5% school bonds offered on
May 22-V. 122, p. 2690
-were awarded to the State of Wyoming at
102.01, a basis of about 4.84%. Date May 1 1925. Due $1,000, 1937 to
1941, incl., and $2,000, 1942 to 1951, incl.
CARBONDALE SCHOOL DISTRICT (P. 0. Carbondale), Lackawanna County, Pa.
-BOND SALE.
-The $150,000
% coupon school
bonds offered on July 13 (V. 122, p. 36321 were awarded to A. B. Leach &
Co.of Philadelphia at 102.56-a basis of about 4.52%. Date June 15 1926.
Due $30,000 June 15 1931. 1936, 1941. 1946 and 1951.
CARPENTER TOWNSHIP SCHOOL DISTRICT (P.O. Remington),
Jasper County, Ind.
-BOND DESCRIPTION.
-The $105,000 434%
coupon school bonds purchased on June 12 by the Fletcher Savings & Trust
Co. of Indianapolis at 101.93 (V. 123, p. 1061, a basis of about 4.22%, are
described as follows: Date May 1 1926. Denom. $500. Due each six
months as follows: $3,500 July 1 1927 to Jan. 1 1938, inclusive:
July 1 1938. $4,000 Jan. 1 1939, and $5,000 July 1 1939 to Jan. 1$4,000
1941,
Inclusive. Interest payable J. & J.
CASA GRANDE SCHOOL DISTRICT (P. 0. Casa Grande), Pina
County, Ariz.
-BOND SALE.
-The $35,000 coupon school bonds
on July 5-V. 122. p. 3488
-were awarded to Geo. W. Vallery & offered
Co. of
Denver as 5s at 101.26. a basis of about 4.90%. Date July 11926. Due
July 1 1946; optional July 1 1936.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND SALE.
-The
,
4
following 2 issues of 43 % coupon bonds, aggregating $197,000 offered on
July 10-V. 123, p. 230
-were awarded to the Union Trust Co. of Indianapolis at a premium of $3,072. equal to 101.55:
$105,000 road bonds.
$92,000 road bonds.
Due each six months in 1 to 10 years. Int. payable M.& N.
CATSKILL, Greene County, N. Y.
-BOND SALE.
-Sherwood
Merrifield of New York were awarded on July 13 an issue of $38,000 &
5%
coupon paving and sewer bonds at 104.501. a basis of about 4.42%. Date
July 11926. Denom. $1,000. Due $2.000 July 1 1927 to 1945, inclusive.
approved by Clay & Dillon, New York.
Legality
CHARLOTTE COUNTY (P.O. Punta Gorda), Fla.
-BOND SALE.
Marx & Co. of Birmingham have purchased an issue of $1,850,000 road
bonds at par.
355
Financial Statement.
*Fair market valuation for the purpose of taxation (1925)----$100,122.300
Assessed valuation 1925(50% of the above)
50,061,150
Total bonded debt (including this issue)
2,787,000
Population (permanent) estimated, 10,000.
* This valuation is based on land only exclusive of buildings and improvements thereon.
The preliminary tax roll for the year 1926 will, according to the statement
of the City Tax Assessor,approximate an assessed valuation of$100,000.000.
the fair market value on which said assessed valuation is based being
approximately 3200,000,000.
COLUMBUS, Franklin County, Ohio.
-NOTE SALE.
-Eldredge &
Co. of New York were awarded on July 12 an issue of $315.000 promissory
notes as 4.25s at a premium of $50 50, equal to 100.016 a-basis of about
4.11%. Date Aug. 1 1926. Due Feb. 1 1928. Prin. and int. F. & A.
payable at the fiscal agency of the City in New York.
COOPERSTOWN SCHOOL DISTRICT, Griggs County, No, Dak.-The $10,000 school bonds offered on June 24-V. 122,
BOND SALE.
-were awarded to the Farmers & Merchants Bank of Cooperstown
p. 3369
as 5s. Date June 2 1926. Due June 2 1946. Int. payable J. &1.
CRANSTON, Providence County, R. I.
-TEMPORARY LOAN.
The Old Colony Corp. of Boston has purchased a $69,000 temporary loan
on a 3.57% discount basis. Due Jan. 4 1927.
CRESTLINE, Crawford County, Ohio.
-BIDS REJECTED.
-All
bids received for the $9,700 534% (village's portion) paving bonds offered
-were rejected, owing to the fact that Squire,
on July 12-V. 122, p. 3632
Sanders & Dempsey of Cleveland refused to approve the issue.
CUMBERLAND COUNTY SCHOOL DISTRICT No. 68 (P. 0.
-BOND SALE.
-The Channer Securities Co. of Chicago
Greenup), III.
has purchased an issue of $19,500 53(% coupon school building bonds.
Date May 1 1926. Denom. $1,000 and $500. Due Aug. 1 as follows:
$1,000, 1929 to 1931 incl.; $1,500, 1932 to 1938 incl. and $2,000, 1939 to
1941 incl. Prin. and annual int. (Aug. 1) payable at the Continental
& Commercial National Bank, Chicago. Legality approved by Chapman,
Cutler & Parker of Chicago.
Financial Statement.
$789,426
Actual value of property, estimated
Assessed valuation
394,713
Total bonded debt
19.500
Population. 1.243.
DANVILLEMontour County,Pa.
-BONDS OFFERED.
-0.H.Davis,
Borough Secretary, received sealed bids until 5 p. in. July 16 for $16.000
% street improvement bonds. Denom. $1,000. Due $1,000 Aug. 1
1928 to 1943 incl. Int. payable F.& A.
DAVENPORT, Lincoln County, Okla.
-BOND SALE.
-The Channer
Securities Co. of Chicago, has purchased an issue of $25,000 6%
coupon water works bonds. Date Feb. 1 1926. Denom. $1,000. Due
35,000, Feb. 1 1931 ,1936. 1941, 1946 and 1951 incl. Prin. and int. (F. &
A.) payable at the Fiscal Agency of the State of Oklahoma in New York
CHICAGO SANITARY DISTRICT (P. 0. Chicago), Cook County
OFFERING.
-Sealed bids will be received until 11 a. in. City. Legality approved by Charles B.Wood of Wood & Oakley, Chicago.
111.
-BOND
'
(standard time) Aug. 5 by Harry E. Wallace, Clerk Board of Trustees,
Financial Statement.
at Room 700, 910 South Michigan Ave., Chicago, for all or any part of Actual value of taxable property, estimated
$1,000,000
$5,000,000 431% (registerable as to principal at the option of the owner) Accessed valuation, 1926
425,000
sanitary district bonds. Denom. $1,000. Date Aug. 1 1926.
debt
58,000
semi-ann. int. (F. & A.) payable in lawful money of the UnitedPrin. and Total bonded works bonds
States of
$58,000
Less water
America at the District Treasurer's office. Due $250 000 yearly from Aug
None
1 1927 to 1946 incl. A certified check (or cash) on some responsible bank Net debt
Population, 3.000.
in Chicago, for 3% of the amount of bid, payable to the above Clerk,
required. Legality approved by Wood & Oakley. Bonds to be delivered
-BOND SALE.
DAVIESS COUNTY (P. 0. Washington), Ind.
-The
and paid for at the District Treasurer's office.
following 3 issues of 434% bonds, aggregating $44,380, offered on June 25
-were awarded as follows:
-v. 122, p. 3632
Financial Statement.
To J. F. Wild & Co. of Indianapolis:
Equalized value of property, 1925
$ ,018,533,637 00 119,000 road bonds at a premium of $267 50. equal to 101.40.
2
Authorized indebtedness,4%
80,741,345 48
7,380 road bonds at a premium of $100 50, equal to 101.36.
To the Fletcher American Co. of Indianapolis:
Outstanding bonds, Aug. 1 1926
$64,243,000 00 $18,000 road bonds at a premium of$253 50.equal to 101.40.
Amount of present issue
5.000,000 00
Due each six months in 1 to 10 years. The $9.000 road bonds offered on
the same date were not sold.
Total bonded debt, including present issue
$69,243,000 00
Contract liabilities
8,339,228 26
-BOND OFFERING.
DAVIESS COUNTY(P.O. Washington) Ind.
Total
John L. Clark, County Treasurer, willlrecelve sealed bids until 2 p. m.July
$77,582,228 26 23 for $8,300 434% Steele Twp. highway bonds. Date June 15 1926.
Unexercised debt incurring power
3,159,117 22 Denom. $415. Due $415 each six months from May 15 1927 to Nov. 15
CHICOPEE, Hampden County, Mass.
-BOND SALE.
1936 incl
B. Compton Co. of Boston was awarded on July 9 an issue-The William
of $34,000 4%
sewer construction bonds at 100.317. Int. payable J. & J.
DAVIS JOINT UNION HIGH SCHOOL DISTRICT (P. 0. Wood-BOND SALE.
-The $115,500
land), Yolo and Solano Counties, Calif.
CLAIRTON SCHOOL DISTRICT, Allegheny County, Pa.
-were awarded to the
-BOND 5% school bonds offered on July 6-V. 122. p. 3632
-Carl A. Baumann, Secretary Board of Directors will
OFFERING.
of Yolo of Woodland at a premium of 36,100, equal to 105.28, a basis
receive Bank
sealed bids until 12 m.(Eastern standard time), July 26 for $255,000 4 % of about 4.51%. Tine $3,500, 1927 to 1959 incl.
434% school bonds. A certified check for $2,000 is required.
-BOND SALE.
-The t'wo
DAYTON, Montgomery County, Ohio.
CLINTON, Oneida County, N. Y.-130ND OFFERING.
-John
O'Rourke, Village Clerk, will receive sealed bids until 8 P. m. July 24 M. issues of bonds and notes aggregating 1626,977 50 offered on July 8 -V
for
$60,000 434% street improvement bonds. Date Aug. 1 1926. Denom. 122, p 3488 were awarded as follows:
$1,000 and $500. Due $3.000 Aug. 1 1927 to 1946 incl. Interest payable $500,000 00434% water works and extension impt, bonds, to the Illinois
Merchants Trust Co., and the First Trust and Savings Bank,
semi-annually. Delivery of bonds to be made 5 days after acceptance of
both of Chicago. Jointly, at a premium of $11.009, equal to
bid. A certified check for 31,200, payable to the Village Trustees and
102.20, a basi of about 4.27%. Due $20.000 Oct. 1 1927 to
corporate bank or trust company in New York State is
drawn on any
1951 l i
126,997 50 5% futickng
required.
notes, to Eldredge & Co., of N. Y. City, at a premium of $2,133 50, equal to 101.68, a basis of about 4.40%.
CLINTON, Henry County, Mo.-BOND SALE.._ The Commerce
Trust Co.of Kansas City has purchased an issue of $75,000 school bonds.
Due $12.699 75 each six months from April 01927 to Oct. 1
1931 incl.
CLINTON COUNTY (P. 0. Plattsburg), N. y.
-BOND
Date July 1 1926. Following is a list of the other bids:
On July 7 Geo. B. Gibbons & Co.. Inc. and Roosevelt & Sons, both of
For the $500,000 434% bonds
New York, jointly, were awarded an issue of $52,000 5% highway bonds
Bid.
Bidderat 103.21, a basis of about 4.37%. Date Feb. 15 1926. Denom. $1.000. The Equitable Trust Co. of New York and Howe Snow &
Due Feb. 15 as follows: $2,000 in 1927 and $5,000, 1928 to 1937 incl.
$510,549 50
Bertles, Inc
Prin. and int. F. & A. payable at the Plattsburg National Bank & Trust Guaranty Co. of New York
510.54950
Co. of Plattsburg. Legality approved by Clay & Dillon, New York.
510,215 00
Benjamin Dansard & Co. and R. M. Grant & Co
509,355 00
Eldredge & Co
COACHELLA SCHOOL DISTRICT (P. 0. Riverside),
Northern Trust Co
-BOND SALE.
County, Calif.
-Elmer J. Kennedy of LosRiverside E. H. Rollins & Sons andHarriman & Co.and L. F. Rothschild 509 265 00
Angeles The Herrick Co., W. A.
purchased on July 12 an issue of $40,000 5% school bonds at a premium
509,195 00
& Co
of $22 50, equal to 100.05.
509,050 00
Otis & Co
509,026 00
Detroit Trust Co. and Blodgett & Co
CODY, Cherry County, Neb.-BOND SALE -The United
States
508,441 00
Bond Co. of Denver has purchased an issue of $20,000 5% refunding A. G. Becker & Co. and A. B. Leach & Co
Tillotson & Wolcott Co., Bankers Trust Co. and Stevenson,
water bonds. 507.145 50
Perry, Stacy & Co
Continental & Commercial Trust & Savings Bank and William
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 47
(P.O.
506.627 00
-BONDS REGISTERED.
Coleman), Texas.
R. Compton Co
-The State Comptroller of
Harris, Forbes & Co., The National City Co. and Hayden, Miller & Co.
Texas registered on July 8 an issue of $8,000 5% school bonds. Due
submitted a bid for both $500,000 Water Works and $126,997 50 Deficiency
serially in 10 to 40 years.
Notes with a premium of $8,897.
COLLINGDALE (P. 0. • Darby), Delaware County,
For the $126,997 50 5% notes
-BOND
DESCRIPTION.-The $20,000 5% registered borough bonds Pa.
Bid.
Bidderawarded on
$128,653 50
June 7 to the Lansdowne National Bank of Lansdowne at 107.019- Detroit Trust Co. and Blodgett & Co
v. 123, p. 230-a basis of about 4.57%, are described as follows:•
128,483 50
The Herrick Co
Date
128,472 50
July 1 1926. Denom. $1,000. Due July 1 1956. Interest payable J. &J. First Citizens Corp.(Columbus, Ohio)
128,447 50
Otis & Co
J.
CORAL GABLES, Dade County, Fla.-BOND SALE
128.419 90
.-A syndicate Weil, Roth & Irving Co
Van Ingen & Co. and
composed of H. L. Allen & Co., B.
127.877 60
Batchelder, The City Trust & Savings Bank (Dayton, Ohio)
of New York City and the Century Trust Co. of
Wade & Co. all
Harris, Forbes & Co., The National City Co. and Hayden, Miller & Co.
Baltimore
have purchased the following improvement bonds, aggregating $2.187,000, submitted a bid for both $126,997 50 Funding Notes and $500,000 Water
$1,787,000 6% improvement bonds. Date July 1 1926. Due July 1 as Works Bonds with a premium of 38.897,
follows: $150,000. 1928 to 1933 incl.; $175,000, 1934 to
1937
incl. and $187,000 in 1938. Int. payable J. & J.
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
400,000 53•6% improvement bonds. Date April 1 1926. Due April 1 E, Hagerman, City Accountant, will receive sealed bids until 12 m.(dayas follows: $3,000, 1928;$4,000, 1929 to 1931 incl.; $7.000, 1932 light saving time) Aug. 5 for the following two issues of coupon bonds,
to 1934 incl.; $8,000, 1935; 113.000, 1936; 311,000. 1937 and aggregating $525,000;
1938;$12,000.1939;$15,000,1940;314,000. 1941; 315.000.
$500,000 434% sewage-disposal plant bonds. Due $20,000 Oct. 1 1927 to
314,000, 1943; $15.000, 1944; $18,000, 1945; $17,000, 1942:
1951. inclusive.
1946;
$18.000, 1947: 117,000, 1948: 118,000, 1949 and 1950: $23,000,
25,000 5% street improvement, series A bonds. Due Oct. 1 as follows:
1951: $22,000, 1952 to 1955 incl., and $19,000 in 1956. Int.
$2,0,..0, 1927 to 1931.inclusive,and 13,000,1932 to 1936,inclusive
payable A. & 0.
Date Aug. 1 1926. Denom.$1.000. Principal and semi-annual interest
Coupon bonds in denom. of $100,000. Prin. and int. on 6s payable in payable at the office of the fiscal agent of the city of Dayton in New York
gold at the Chase National Bank, New York City. On 534s at the United City. A certified check on a solvent bank, payable to the above-named
States Mortgage & Trust Co., also of New York City. Legality to be official,for 5% of the par value ofthe bonds,is required. Legality approved
approved by Chester B. Masslich, of New York City.
by Squire. Sanders & Dempsey, of Cleveland.
CHELSEA, Suffolk County, Mass.
-BOND SALE.
-Merrill, Oldham
& Co. of Boston have purchased an issue of $25.000 4% departmental
equipment bonds at 100.04. Due serially 1927 to 1931 incl.
356
THE CHRONICLE
Financial Statement.
Bonded debt, including these issues.. $13,909,047 50
Sinking fund_
2,?45,312 37
Water-works bonds included in the total amount of all general
bonds issued and outstanding
4,502,000 00
Sinking fund applicable thereto,included in the $2,945,312 37
sinking fund applicable to general bonds
490,833 58
Special assessment bonds separate from and not included in
the general bonds, issued and outstanding
1,764,090 00
Assessed valuation taxable pror erty, 1925-1926
2
504 0
332,714,22 00
Tax rate per $1,000 valuation, 1925-1926
Population Census 1910, 116,577; 1920, 152,599; 1925, 177,986; estimated 1926, 183.071.
DE KALB cOUNTY (P. 0. Auburn), Ind.
-BOND OFFERING.
Carrie P. Weaver, County Treasurer, will receive sealed bids until 10 a. m.
July 31 for the following 3 issues of 434% road bonds, aggregating $29.650:
$4,950 Stafford Twp. road hnpt. bonds. Denom. $247 50. Due $247 50
each six months from May 15 1927 to Nov. 15 1936 incl.
11,600 Grant Twp. road impt. bonds. Denom. $580. Due $580 each six
months from May 15 1927 to Nov. 15 1936 incl.
13,100 Richland Twp. road impt. bonds. Denom. $655. Due $655 each
six months from May 15 1927 to Nov. 15 1936 incl.
Date Aug. 1 1926. Prin. and semi-annual Lat, payable at the County
Treasurer's office.
DELAWARE (State of).
-BOND SALE.
-The $500,000 4% coupon'
highway bonds offered on July 9-V. 122. p. 3633
-were awarded to Barr
Bros. & Co., Inc. of New York at 99.439, a basis of about 4.03%. Date
Jan. 1 1926. Denom.$1,000. Due Jan, 1 1966 but may be redeemed after
one year at 105. Int. payable J. & J. Other bidders were:
Bidder
Bid.
Rate 49
Fanners Bank
Harris, Forbes & Co.; Laird, Bissell & Meeds
9978..331
15
Graham,Parsens & Co.; Wm.R.Compton Co
Bankers Trust Co.; Guaranty Co.of New York
98.8291
National City Co
98.099
Estabrook & Co.; Hannahs,Bailin & Lee
Redmond & Co.;Phelps. Fenn & Co
999789.18904919939
Kean Taylor & Co
[VOL. 123.
FAIRPLAY SCHOOL TOWNSHIP (P. 0. Switz City), Greene
County, Ind.
-BOND OFFERING.
-Avery Beck, Township Trustee, will
receive sealed bids until 2 p. m. Aug. 17 for $29.000 5% school bonds._ Date
Oct. 1 1926. Denom. $500. Due each six months as follows: $500 Jan.
and July 1 1928 and $1,000 Jan. and July 1 1929 to July 1 1942 incl.
FALLS CREEK, Clearfield County, Pa.-130ND OFFERING
.Guy
F. Bundy, Borough Secretary, will receive sealed bids until 7:30 p.
July 22 for $32,000 6% (special assessment) street bonds. Date July 3/
1926. Denom.$100. Due $6,400 July 31 1927 to 1931 incl.
FORT BEND COUNTY COMMON SCHOOL DISTRICT NO. 30
(P.O. Richmond), Tex.
-BONDS REGISTERED.-The State Comptroller
of Texas registered on July 8 an issue of 112.0005% school bonds. Due serially in 5 to 40 years.
FORT EDWARD, Washington County, N. Y.
-BOND OFFERING.
Fred J. Betts, Village Clerk, will receive sealed bids until 7:30 p. m.July 26
for $12,000 5% paving bonds. Date July 1 1926. Due serially 1930 to
1933 incl.
FOUNTAIN COUNTY (P. 0. Covington), Ind.
-BOND OFFERING.
-Elizabeth W. Spence, County Treasurer, will receive sealed bids until
10 a. m. Aug. 2 for $19,000 434% Cain Twp. road bonds. Date May 15
1926. Denom.$950. Due $950 each six months from May 15 1927 to Nov.
15 1936 incl. A certified check for 5% of the amount bid is required.
FRAMINGHAM, Middlesex County, Mass.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler of Boston were awarded on July 13 a $100,000
temporary loan on a 3.38% discount basis plus a premium of $2. Due
Dec. 15 1926.
FROSTPROOF, Polk County, Fla.
-The following
-BOND SALE.
two issues of 6% bonds aggregating $50.000 offered on June 26-V. 122,
-were awarded to J. C. Mayer & Co. of Cincinnati at 90, a basis
P• 3633
of about 6.93%:
$40.000 town hall bonds.
$10,000 refunding bonds.
Dated June 1 1926. Due June 1 1946.
FULTON, Whiteside County, Ill.
-Sealed bids
-BONDS OFFERED.
were received until 2 p. m. July 16 by the City Clerk for 125,000 5% water
works bonds. Date July 1 1926. Denom. $500. Due July 1 as follows:
11,000,1927 and 1928;$1,500, 1929 to 1935 incl.; 12.000, 1936 to 1940 incl.
and $2,500, 1941. Legality approved by Chapman, Culter & Parker of
Chicago.
DELAWARE TOWNSHIP SCHOOL DISTRICT (P. 0. Marlton
R. F. D.), Burlington County, N. J.
-BOND OFFERING.
-W.R. Stafford, District Clerk, will receive sealed bids until 8 p. m.(daylight saving
time) Aug. 3 for an issue of 5% coupon or registered school bonds not to
exceed $123.000, no more bonds to be awarded than will produce a premium
GALLATIN COUNTY SCHOOL DISTRICT NO. 69 (P. 0. West
of$1.000 over $123,000. Date Aug. 11926. Denom.31.000. Due Aug. 1 Yellowstone), Mont.
-BOND OFFERING.
-11. G. Bartlett. District
as follows: $3.000, 1927 to 1931 incl.. and $4,000, 1932 to 1958 Incl. Prin. Clerk, will receive sealed bids at the County court house in Bozeman
and int.(F.& A.) payable at the Haddonfield National Bank. Haddonfield. until 2 p. m. Aug.3 for $14,000 not exceeding 6% school bonds. A certified
A certified check for 2% of the bonds bid for, payable to the Custodian of check for 11.400 payable to the above named offical at West Yellowstone.
School Moneys, is required.
required. Bids to be made for either amortization or serial bonds.
-The
GARDNER, Worcester County, Mass.
-TEMPORARY LOAN.
DENVER,Denver County,Colo.
-BOND SALE.
-The $149,000 53 % Gardner
Trust Co. of Gardner was awarded on July 9 a 1200,000 temporary
special impt. district bonds offered on July 8-V.123, p.230
-were awarded
to the United States National Co. of Denver at a premium of $3,804, equal loan on a 3.39% discount basis, plus a premium of $3.
to 102 553. Due in 1 to 8 years.
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND OFFERING.
DE SOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 13 Alfred Johnston, County Auditor, will receive sealed bids until 10 a. in.
July 19 for $29,400 43% Patoka Twp. road bonds. Date July 15 1926.
(P. 0. Arcadia), Fla.
-BONDS NOT SOLD.
-The $10,000 534% school Denom.$470 and $500.
15 1927 to
bonds offered on July 3-V. 123, p. 107
-have not been sold. The De /iota Nov. 15 1936 incl. Int. Due $1,470 each six months from May
payable M. & N. 15.
National Bank of Arcadia submitted the only bid, offering par.
GLASSPORT, Allegheny County, Pa.
-Sealed
-BOND OFFERING.
DILWORTH, C'ay County, Minn.
-BOND OFFERING.-TheVillage bids will be received until 7 p.
N. J.
Clerk will receive sealed bids until July 26 for $25,000 water works bonds. Chaverinl, Borough Secretary,m.(eastern standard time) July 19 by
for $150,000 4%% coupon borough bonds.
Date Aug. 1 1926. D morn. $1,000. Due $50,000 Aug. 1 1936, 1940 and
DONA ANA COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Las 1955. Int. payable
F. & A. Purchaser to pay for the printing of the bonds.
Cruces), N. Mex.-bOND SALE.
-The $20,000 school bonds offered on A certified ch ck for $1,500, payable to the Borough Treasurer is required.
June 15-V. 122, P. 2845
-were awarded to George W. Vallery & Co. of
Denver as 534s at 103.569, a basis of about 5.03%. Date June 15, 1926.
GLENOLDEN, Delaware County, Pa.
-BOND OFFERING.
-H. L.
Simon, Borough Secretary, will receive sealed bids until 7 p. m. (standard
Due $2.000, 1931 to 1940 incl.
time) Aug. 2 for 135,000 434% borough coupon (registrable as to principal
DONA ANA COUNTY SCHOOL DISTRICT NO. 17 (P. o. Las only) bonds. Pate Aug. 2 1926. Denom. $1,000. Due Aug. 2 1956.
Crucer), N. Mex.-bOND SALE.- The $8,000 school bonds offered on optional on any interest paying date after 1941. Legality to be approved
,
June 15-V. 122, p. 2845
-were awarded to George W. Vallery & Co. of by Townsend, Elliott & Munson of Philadelphia. A certified check for
Denver as 53 s at 101.71, a basis of about 5.25%. Date June 15 1926. 2% of the amount bid is required.
,
(
Due $1,000, 1931 to 1938 incl.
GLOUCESTER TOWNSHIP SCHOOL DISTRICT (P. 0. Black-NO BIDS.
-No bids were received for
DONA ANA COUNTY SCHOOL DISTRICT NO. 28 (p. o. Las wood), Camden Cbunty, N. J.
Cruces), N. Mex.-LOND SALE.
-The $20,000 school bonds offered on the $153,000 4 t % coupon or registered school bonds offered on July 14June 15-V. 122, p. 2845
-were awarded to George W. Vallery & Co. of V. 122, p. 3489.
Denver as 534s at 102 436, a basis of about 5.12%. Date June 15 1926.
GOWER, Clinton County, Mo.-BOND SALE.
--Ford & Porter of
Due $4,000. 1931 to 1935 incl.
St. Joseph have purchased an issue of $25,000 5% paving bonds. Date
DU PONT CONSOLIDATED SCHOOL DISTRICT, Clinch County, July 1 1926. Denom. $1,000. Due July 1 as follows: $4,000, 1931;
Ga.-BOND SALE-The Channer Seccurities Co. of Chicago has pur- $1.000, 1932 to 1940 incl., and $2,000, 1941 to 1946 incl. Prin. and
chased an issue of $9,000 6% coupon school bonds. Date Oct. 1 1925. int. (J. & J.) payable in St. Joseph. .Legality approved by Bowersock,
Denom. $1.000. Due $1,000, Oct. 1 1932 to 1950 incl. Prin. and int. Fizzell & Rhodes of Kansas City.
(A.& O.) payable in New York City. Legality approved by A. A. & E. L.
GRAHAM SCHOOL DISTRICT NO. 30 (P. 0. Sumter), Sumter
Meyer of Atlanta.
-J. F. Bland of Moyesville. recently
County, So. Caro.
-BOND SALE.
Financial Statement.
purchased an issue of $5,000
% school bonds at par. Due in 10 years.
Assessed Valuation, 1925
-BOND SALE.
Total bonded debt
8621590907
,8
GRAINGER COUNTY (P. 0. Rutledge), Tenn.
The Channer Securities Co. of Chicago has purchased an issue of $25,000
Population 1,500.
514% coupon refunding bonds. Date Feb. 1 1926. Denom. $1,000.
EAST BRADY, Clarion County, Pa.
-S. M. Vochel - Due Feb. 1
-BOND SALE.
Prin.
& Co., of Pittsburgh, have purchased an issue of $20,000 4%% street im- and int. (F.as follows: $5,000. 1936. 1941, 1946, 1951 and 1956. City.
& A.) payable at the Chemical National Bank, N. Y.
provement bonds at 101.28.
Legality approved by Charles & Rutherford of St. Louis.
Financial Statement.
EASTCHESTEP. (P. 0. Tuckahoe), Westchester County, N. Y.
BOND SALE.- Pulleyn & Co. of New York were awarded on July 14 an Estimated real value of taxable property
112.000,000 00
5.252,734 91
issue of $30,000 4,1i %, registered highway bonds at 100.58, a basis of Assessed valuation (1925)
about 4.38%. Wate July 1 1926. Denom. $1,000. Due $3.000 July 1 Total bonded debt
535.000 00
1927 to 1936, ltd. Prin, and int. J. & J., payable at the First National
Population 13.369.
Bank & Trust Co., Tuckaln e.
-BOND OFFERING.
GRANT COUNTY(P.O. Marion),Ind.
-Arthur
EAU GALLIE, Brevard County, Fla.
-BOND SALE.-Prudden & Green, County Auditor, will receive sealed bids until 12 m. Aug. 6 for
Co. of Toledo have purchased an issue of $130,000 6% im.pt. bonds. Date $8.476 53 6% ditch bonds. Date Sept. 1 1926. Denom. $847 65 except
Nov. 1 1925. Deno-n. $1,000. Due Nov. 1 1955. Prin. and int. (M. 1 for $847 68. Due Sept. 1 as follows: $847 65, 1927 to 1935 incl. and
& N.) payable at the Hanover National Bank, N. Y. City. Legality $847 68 in 1936.
approved by•Clay & Dillon, N. Y. City.
GRANT SCHOOL TOWNSHIP (P. 0. Switl City), Greene County,
-BOND OFFERING-Wayne W. Wakefield. Township Trustee,
EDEN, Concho County, Texas.
-We are now In- Ind.
-CORRECTION.
formed that the report of a sale of $60.000 6% water works bonds to will receive sealed bids until 2 p. in. Aug. 17 for 129.000 5% school bonds.
Garrett & Co. of Dallas , 123. p. 107
Date Oct. 1 1926. Denom. $500. Due each six months as follows:
- V.
-was erroneous.
Jan. and July 1 1929 to July 1 1942 Incl.
ELMA SCHOOL DISTRICT (P. 0. Montesano) Grays Harbor Jan. and July 1 1928 and $1,000.
GREATER GREENSBORO SCHOOL DISTRICT, Guilford County
County, Wash.
-BOND SALE.
-The State of Washington purchased
-BOND OFFERING.
-F. Archer, Superon June 26 an issue of $40,000 434% school bonds at par.
(P. 0. Greensboro), No. Caro.
sealed bids until Aug. 3 for $1,300,000
intendent of Schools, will
ESCAMBIA COUNTY SCHOOL DISTRICTS (P. 0. Pensacola), 4% or 434% school bonds.receive
Denom. $1,000. Int. semi-annually.
-BOND OFFERING.
Fla.
Instruction,
-W. Tyler, Supt. Board of Public
-PRICE PAID.
-The price paid for
will receive sealed bids until 10 a. in. Aug. 3 for the following 6% bonds,
GREELEY, Weld County, Colo.
aggregating $50.000:
the $85,000 4%% Paving District No. 2 bonds purchased by the United
140.000 Special Tax School District No. 5 bonds. Due July 1 as follows: States National Co., and Gray, Emery, Vasconsells & Co., both of Denver,
-V. 123, p. 231-was 98.11. a basis of about 4.64%. Date July I
SI 200, 1927 to 1936 incl.; 11,300, 1937 to 1946 Inc' , and $1.500, jointly
1926. Due July 1 1948, optional any time.
1947 to 1956 incl. A certified check for $1,000 required.
10,000 Special Tax School District No. 20 bonds. Due July 1 as follows:
-BOND OFFERING.
GREENE COUNTY (P. 0. Bloomfield), Ind.
$300. 1927 to 1946 incl., and $400, 1947 to 1956 incl. A certified William H. Radcliff, County Treasurer, will receive sealed bids until Julycheck for S5C0 required.
28 for $3,500 5% coupon Washington Twp. road bonds. Date Aug. 15
Date July 11926.
1926.• Denom.$175. Due $175 each six months from May 15 1927 to Nov.
-Sealed 15 1936 incl. Prin. and int, payable at the County Treasurer's office.
ESSEX COUNTY (P. 0. Salem), Mass.
-LOAN OFFERING.
bids will be received until 11 a. m. July 20 by the County Treasurer for
BOND OFFERING -William H. Radcliff, County Treasurer, will
the purchase on a discount basis of a $200.000 temporary loan. Due receive sealed bids until July 28 for $11,000 5% Stafford Twp. road bonds.
Nov. 15 1926.
Date July 15-1926. Denom. $550. Due $550 each six months from May
NOTE SALE.
-The Merchants National Bank of Salem has purchased 15 1927 to Nov. 15 1936 incl.
$5,000 bridge notes on a 3.37% discount basis, plus a premium of 46 cents.
-BOND OFFERING.
GREENSBURG, Westmoreland County, Pa.
Due Jan. 15 1927.
Robert L. Potts, Borough Secretary, will receive sealed bids until 8 P. in.
0
•NEVERETT, Middlesex County, Mass.
-William (Eastern standard time) Aug. 2 for $100,000 4319 coupon improvement
-BONDS OFFERED.
E. Emerton, City Treasurer, received sealed bids until 10 a. in. (daylight bonds. Date May 1 1926. Denom. 11,000. Due May I as follows:
saving time) July 16 for the following 4% coupon or registered bonds, $10,000 in 1931, 1936 and 1941; $20,000 in 1946 and 1951 and $30.000 In
1956. These are the bonds offered for sale on July 12-V. 122, p. 3489.
aggregating 0212,000:
$86,000 sewer bonds. Due July 1 as follows:x 13.000, 1927 to 1952 incl.
-BOND SALE.
HALE CENTER, Hale County, Texas.
-The Municiand 12.000, 1953 to 1956 incl.
pal Securities Co. of Dallas has purchased an issue of $45,000 6% city
126,000 sidewalk bonds. Due July 1 as follows: $26,000 in 1927 and $25,- improvement bonds.
000, 1925 to 1931 incl.
-BOND OFFERING.
Date July 1 1926. Prin. and int. J. & J. payable at the Old Colony
HAMILTON COUNTY (P.O. Noblesville), Ind.
Trust Co., Boston, which will certify as to the genuineness of the signatures -Sealed bids will be received until 10 a. m. July 24 by T. E. Setters,
of the officials and the seal impressed thereon. Legality will be approved by County Treasurer, for $66,500 431% highway improvement bonds. Date
July 241926. Due each six months from May 15 1927 to Nov.15 1936 incl.
Ropes, Gray, Boyden & Perkins of Boston,
JULY 17 1926.]
THE CHRONICLE
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.
-BOND OFFERING-Albert Reinhardt, Clerk Board of County Commissioners, will
receive sealed bids until 12 m.(daylight saving time) July 30 for the following 3 issues of 431% bonds, aggregating $177,219 16:
$82,601 60 Water Supnly Line No. 14 bonds. Denom. $1,000 except 1 for
$601 60. Due Dec.30 as follows: $5,601 60 in 1927 and $4,000,
1928 to 1946 incl.
58.448 08 Water Supply Line No. 16 bonds. Denom. $1,000 except 1
for $448 08. Due Dec.30 as follows: $3,448 07 in 1927;$3,000,
1928 to 1944 incl. and $2,000 in 1945 and 1946.
36.169 48 Water Supply Line No. 34 bonds. Denom. $1,000 except 1 for
$169 48. Due Dec. 30 as follows: $2,169 48 in 1927; $2,000,
1928 to 1942 incl., and $1,000, 1943 to 1946 incl.
Date June 30 1926. Prin. and int. payable at the County Treasurer's
office. A certified check for $1,500 is required.
BOND SALE.
-The $86,900 58 43-% Camargo Road impt. bonds offered
on July 9-V.123, p. 107
-were awarded to W.L. Slayton & Co.of Toledo
at $87,526 58, equal to 100.72, a basis of about 4.35%. Date June 15
1926. Due Dec. 15 as follows: $8,900 58, 1927: $9,000. 1928 to 1933
incl., and $8,000, 1934 to 1936 incl.
HANCOCK COUNTY (P. O. Findlay), Ohio.
-BOND OFFERING.
G.R. Morehart, County Auditor, will receive sealed bids until 12 in. July 22
for $23,000 5% road improvement bonds. Date April 1 1926. Denom.
$1.000. Due Oct. 1 as follows: $3.000. 1927 to 1931, and $4.000 in 1932
and 1933. Prin. and semi-ann. int. payable at the County Treasurer's
office. Legality approved by Squire, Sanders & Dempsey of Cleveland.
A certified check for $200 is required.
HANOVER, Plymouth County, Mass.
-BOND SALE.-Estabrook &
Co. of Boston have purchased an issue of $71,500 4% school bonds at
100.43. Date July 11926. Due serially 1927 to 1940 incl.
HARRISBURG, Saline County, Ill.
-BONDS NOT SOLD.
-The
$80.000 5% city hall bonds offered on July 10-V. 123. p. 231
-have not
been sold. Following is a list of bids received:
Names of BiddersPrice Bid.
Seipp, Princell & Co
383.664 00
Wm. R. Compton Co
83.458 56
Illinois Merchants Trust Co
83,275 00
Mississippi Valley Trust Co
83,256 00
Stix & Co
83.252 00
Hanchett & Co
83,240 25
White-Phillips Co
83,192 00
Hill,Joiner Co
83,045 00
Kauffman, Smith & Co
82,225 00
W.W. Wheatley
81,225 00
HASTINGS, St. Johns County, Fla.
-BOND SALE.
-The $180.000
6% series "A" paving bonds offered on June 30-V. 122. p. 3370
-were
awarded to J. B. McCrary & Co. of Atlanta at 95, a basis of about 7.17%.
Date July 1 1926. Due $18,000 July 1 1927 to 1936 incl.
HAYES CENTER, Hayes County, Neb.-BOND ELECTION.
-An
election will be held on Aug. 10 for the purpose of voting on the question
of issuing $440,000 4 Ji% school bonds.
HENDERSONVILLE, Hendersonville County, No. Caro.
-BOND
SALE.
-The Hanchett Bond Co. of Chicago has purchased an issue of
$50,000 5% of incinerator bonds. Date July 1 1926. Denom. $1,000.
Due July 1 as follows: 32,000, 1929 to 1932 incl., and $3,000, 1933 to 1946
incl. Prin. and int.(J. & J.) payable at the National Park Bank, New York
City. Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston.
HOCKING COUNTY (P. 0. Logan), Ohio.
-BOND OFFERING.
D. M. Heft, Clerk Board of County Commissioners, will receive sealed
bids until 12 m. July 23 for the following 5% bonds. aggregating $442,510:
$6,300 road bonds. Date March 10 1926. Denom. $630. Due $630 Sept.
10 1927 to 1936 incl.
4,210 ditch impt. bonds. Date March 101926. Denom.$400 except one
for $610. Due Sept. 1 as follows: $610 in 1927 and $400. 1928 to
1936 incl.
32,000 road bonds. Date July 23 1926. Denom. $3,200. Due 33.200
Sept. 1 1927 to 1936 incl.
A certified check for 2% of the amount of bonds bid for: payable to the
County auditor Is required.
HOHENWALD, Lewis County, Tenn.
-BOND OFFERING.
Fite, City Recorder. will receive sealed bids until 1 p. m.July 26 for-Jacob
$55.000
not exceeding 6% coupon water works bonds. Date Aug. 1 1926. Denom.
$1,000. Due Aug. 1 as follows: 31.000, 1931 to 1935 incl.: $2.000.
1936 to 1940 incl.; 33.000, 1941 to 1946 incl.: 34,000. 1947 to 1949 incl.,
and $5,000, 1950 and 1951. The rate of interest must be in multiples
of
of1% and must be the same for all the bonds. Prin. and int.(F. As A.)
payable at the City 't reasurer's office or at the Hanover National Bank.
N. Y. City, at option of holder. A certified check for $1,000
Legality approved by Peck, Shaffer & Williams of Cincinnati. required.
HORSHAM TOWNSHIP SCHOOL DISTRICT (P. 0. Horsham)
Montgomery County, Pa.
-BOND OFFERING.
-Charles S. Maan,
Secretary Board of Directors, will receive sealed bids until 7 p. m. Aug. 11
for *60.0004 Y% coupon school bonds. Date Sept. 1 1926. Denom.
i
$LOW.
Due $10,000 Sept 1 1931, 1936, 1941. 1946, 1951 and 1956. A certified
check for 2% of the bonds bid for payable to the District Treasurer is
required.
-BONDS REGISTERED
HOUSTON,Harris County,Tex.
Comptroller of Texas registered on July 8 the following two .-The State
issues of 5%
bonds aggregating $1,510,000:
$1,500,000 water works bonds.
10,000 general !rapt. bonds.
Due serially.
HUNTINGTON, Cabell County, W. Va.-BOND
OFFERING._
George w,sharp, Secretary State Sinking Fund Commission,
sealed bids at his office in Charleston, until 2 p. m. July 20 for will receive
coupon improvement bonds. Date July 1 1925. Denom. 3146.000 5%
31.000. Due
July 1 as follows: $15.000, 1928;$16,000. 1929:817,000.
319.000, 1932; 320.000, 1933 and 1934. and $21,000 1930;$18,000. 1931;
in 1935. Principal
and interest (J. & .J.) payable in gold at the State Treasurer's
the National City Bank, New York City. Legality approved office, or at
Thomson, of New York City. A certified check, payable by John C.
to the State,
for 2% of the bid required.
Financial Statement.
Assessed valuation
3123,990.865
Total debt, including this issue
2,085.000
Population (1920 Census), 50,177.
HUNTINGTON PARK CITY SCHOOL DISTRICT (P.
0. Los Angeles), Los Angeles County, Calif.
-BOND SALE.
school bonds offered on June 28-V. 122. p. 3634 -The 3120,000 5%
-were awarded to the
Harris Trust & Savings Bank of Chicago at a premium of $8,076.
106.73. a basis of about 4.48%. Date April 11926. Due April equal to
lows: $2,000, 1927 to 1941 incl.; $4.000, 1942 to 1956 incl., and 1 as fol$3,000,
1957 to 1966 incl.
IDAHO COUNTY (P. 0. Grangeville), Ida.
-BOND
-The
$40.000 highway bonds offered on June 22-V.122. p.3489 SALE.
to Blyth, Witter & Co. of Spokane as 5)is at a premium -were awarded
of 3157,
100.39, a basis of about 5.47%. Date July 1 1926. Due July equal to
1 1946:
optional July 1 1936.
INDUSTRY TOWNSHIP SCHOOL DISTRICT (P. 0.
Industry),
Beaver County, Pa.
-BOND SALE.
-The $10.000 4 J.67,, coupon
bonds offered on June 28-V. 122, p. 3634-were awarded to the school
Co. of Pittsburgh at par. Date Aug. 1 1926. Due $5,000 J. H.
Holmes
Aug. 1
1931 and 1936.
ISLIP UNION FREE SCHOOL DISTRICT No. 4 (P. 0.
Sayville),
-BOND OFFERING-Albert
Suffolk County, N. Y.
m
District Clerk, will receive sealed bids until 3 p.
school bonds. Date Sept. 1 1926. Denom. 31.000. Due
4,4%
1931 to 1958 incl. and 315,000 in 1959 and 1960. Prin. and int. 311.000,
M.
payable at the Oystermen's National Bank. Sayville. A certified & S.
check
for $500 payable to Dow Clock, President Board of Education, is required.
JACKSON COUNTY (P. 0. Jackson) Ohio.-BOND OFFERING.C. W. Scurlock, County Auditor, will receive sealed bids until 12 in. July
19 for $35,061 5% Jackson-McArthur road bonds. Date July 19 1926.
357
Denom. $1,000, except 1 for $1.061 50. Due Sept. 1 as follows: $4,000.
1927 to 1934 incl.. and $3,061 50 in 1935. Prin. and semi-ann. int. payable
at the County Treasurer's office. A certified check for 5% of amount bid
for, payable to the County Treasurer, is required.
JAMESTOWN, Chautauqua County, N. Y.
-BONDS OFFERED.
G. S. Doolittle. City Treasurer, received sealed bids until 2 p. M. July 16
for $102.408 86 not exceeding 6% grade-crossing-elimination registered
bonds. Date Aug. 11926. Denom. $1,000 except one for $4408 86. Due
Aug. 1 as follows: $33,408 86 in 1927 and 311.000. 1928 to 1936 incl. Prin.
and int. (F. & A.) payable at the City Treasurer's office in New York exchange. A certified check for 35,000, payable to the City Treasurer, is
required.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND DESCRIPTION.
-The $6,880 4 % coupon Shelby Township road bonds purchased
by William Glenn of Brooksburg at 101.45-V. 123. p. 108-a basis ofabout
4.20%, are described as follows: Date June 8 1926. Denom. $344. Due
$344 each six months from May 15 1927 to Nov. 15 1936, incl. Int. payable M. & N.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Louis-Roy V. Harris. Attorney, for the Disville), Ga.-BOND OFFERING.
trict, will receive sealed bids until July 24 for $14,000 6% school bonds.
Date July 1 1926. Denom. 31,000. Due 31.000 on July 1 1928 and on
July 1 of every other year thereafter, up to and including 1954. Prin. and
annual int. (July 1) payable in N. Y. City. Purchaser to print the bonds
and furnish legal opinion. A certified check for 5% of the bid required.
o. Dover), Boone County,
JEFFERSON SCHOOL TOWNSHIP
-BONDS OFFERED.
-Sealed bids were received until 10 a. m.July 15
Ind.
by Leo D.Grines. Township Trustee.for 380.0004H% coupon school bonds
Date July 15 1926. Denom. $500. Due each six months as follows:
$3,000, July 15 1927 to Jan. 15 1932 incl.: $2,500. July 15 1932 to Jan. 15
1937 incl. and 33,000. July 15 1937 to Jan. 15 1941 incl. Int. payable
J. & J. 15%
JEFFERSONVILLE, Sullivan County, N. Y.
-BOND SALE.Shulter & Co.. Inc.. of N. Y. City, purchased on July 6 an issue of $25,000
5% water works bonds at 104.26. Due sertally, 1931 to 1955 incl.
Int. J. & J.
JOHNSTOWN, Cambria County, Pa.
-BOND OFFERING.
-Pearl I.
Hood. City Treasurer, will receive sealed bids until 10 a. m. Aug. 4 for
3350,000 4)1% improvement bonds. Date July 1 1926. Denom. 31.000.
Due July 1 as follows: $17,000, 1927 to 1936. incl., and $18.000. 1937 to
1946. incl. A certified check for $3,000 is required.
KILLINGLY, Windham County, Mass.
-BOND DESCRIPTION.
The 3150.0004 ti% coupon school bonds purchased by It. M.Grant & Co.
of Boston at 100.76-V. 123, p. 108-a basis of about 4.18%, are described
as follows: Date July 11926. Denom. $1,000. Due $5,000, July 1 1927
to 1956 incl. Int. payable J. & J.
-BOND OFFERING.
KINGSTON, Ulster County, N. Y.
-William 0.
De Witt, City Treasurer, will receive sealed bids until 10 a. in. Aug. 3 for
3150.000 4Ji% redstered water bonds. Date Aug. 1 1926. Due $20,000
In 1937. $40,000 1938 to 1940 incl. and $10,000 in 1941. Bonds to be delivered and paid for in cash on day of sale.
KNOXVILLE SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny
-BOND OFFERING-Sealed bids will be received until 7
County, Pa.
p.m.July 22 by R.B. Gardner,Secretary of School Board.for 326,000434%
coupon school bonds. Date Aug. 2 1926. Denom. $1,000. Due Aug. 2
as follows: $5,000 in 1931. 1936. 1941, 1946 and 36.000 in 1951. Int.
payable F. & A. Legality to be approved by Moorhead & Knox of Pittsburgh. A certified check for 31,000, payable to the District Treasurer.
is required.
KOSSUTH COUNTY (P. 0. Algona), Iowa-BOND OFFERING.
Blanche Cross, County Treasurer will receive sealed bids until Aug. 11 for
s32 634 4() drainage bonds. These are the bonds scheduled for sale on
.
June 29.-V. 122. p. 3635.
-The following
LA CROSSE, La Crosse County, Wis.-BOND SALE.
2 issues of 4 Ji% bonds aggregating $50,000 offered on July 8-V. 123, p.
-were awarded to the Second Ward Securities Co. of Milwaukee at
108
a premium of $466. equal to 100.93, a basis of about 4.30%:
$25,000 permanent street impt. bonds. Due Jan. 1 as follows: $2,000.
in 1928 ,1930, 1932. 1934 and 1936, and 83.000 in 1927, 1929,
1931, 1933 and 1935.
25,000 sewer bonds. Due Jan. 1 as follows: $2,000 in 1928, 1930. 1932.
1934 and 1936, and $3,000 in 1927, 1929, 1931, 1933 and 1935.
Date July 11926.
Other bidders were:
Premium.
Bidder$43800
First Wisconsin Co., Milwaukee
Mississippi Valley Trust Co., St. Louis
307 00
187 50
Hill, Joiner & Co., Inc., Chicago
Fla.-BOND OFFERINO.-J. L. Davis,
LAKELAND, Polk County
City Clerk, will receive sealed bids until 7:30 P. m. July 20 for the following
Issues of bonds, aggregating 31,068,000:
$250,000 sewer bonds. Date June 1 1926. Due 310.000 June 1 1931 to
1955 incl.
216,000 street improvement bonds. Date July 1 1926. Due July 1 as
follows: 321,000, 1927, 1929. 1932 and 1934 and 322,000. 1928,
1930. 1931, 1933, 1935 and 1936.
150,000 civic center bonds. Date June 1 1926. Due $15,000 June 1 1936
to 1945 incl.
75,000 Nurses home building bonds. Date June 1 1926. Due June 1
1956.
65,000 stockade building bonds. Date June 1 1926. Due June 11956.
59,000 Lake Shore impt. bonds. Date June 11926. Due June 11946.
42.000 park bonds. Date June 1 1926. Due June 1 1956.
40,000 street impt. bpnds. Date June 1 1926. Due 34.000 June 1 1927
to 1936 incl.
42,000 street impt. bonds. Date May 1 1926. Due May 1 as follows:
54,000, 1927 to 1930 incl.; 35,000, 1931; $4,000, 1932 to 1935
incl. and $5,000 in 1936.
40,000 incinerator bonds. Date June 11926. Due June 1 1956.
38,000 street impt. bonds. Date June 11926. Due June 11946.
30,000 building grounds impt. bonds. Date June 1 1926. Due June 1
1941.
30.000 fire extension bonds. Date Sept. 11925. Due Sept. 11955.
Bidders are asked to bid on each issue separately. A certified check for
3% of the amount of bonds bid for, required. Lerlaity to be approved by
Caldwell & Raymond of New York City. These are the bonds mentioned in
V. 123, p. 108.
Financial Statement (As Officially Reported).
Assessed valuation, 1926:
Real estate
549.533,039 00
Personal
5.579,782 00
Total
355.112.821 00
Actual valuation (est.)
.000 00
$75(g)()
Population (est.). 30.000.
Bonded Debt (Not Including Bonds to be Sold July 20th).
General (payable from taxes).
Gross debt
$2,733,500 00
Less: Unexpended balances---3446.356 89
Sinldng funds
110.948 99 557,305 88
Net general debt
$2,176,194 12
Light and Water (payable from light and Water revenue).
Gross debt
31,457,000 00
Less: Sinking fund balance
22,622 37
Net light and water debt
1,434,37763
Street Improvement (payable from special assessments).
Gross debt
52,375,189 46
Less: Unexpended balances____$146.713 22
Sinking fund balances
91.528 32 238,241 .54
Net balance (offset by liens and certificates
$2,136.947 92
held by City)
Net street improvement debt
Floating debt: (Light and water)
None
46,000 00
358
THE CHRONICLE
-The $730.-BOND SALE.
LAKE COUNTY (P. 0. Waukegan), Ill.
-were awarded
000 4%% road bonds offered on July 12-V. 123, p. 232
to the H.C.Speer & Sons Co. of Chicago at alpremium of$33.900, equal to
104.64. a basis of about 3.94%. Date July 1 1926. Due $36.500, July 1
1927 to 1946 incl.
-The following
LAKE WALES, Polk County, na.-BOND SALE.
four issues of 6% improvement bonds. aggregating $278,000 offered on
July 7-V. 122. p. 3635
-were awarded to the Hanchett Bond Co., of
Chicago, as follows: $116,000 street bonds (dated June 1 1926) and $74,000
sewer bonds (dated July 1 1926) at 96.50, and $59,000 street bonds (dated
July 1 1926), and $29,000 sidewalk bonds (dated July 1 1926) at 95. All
due serially in 1 to 10 years.
LA SALLE COUNTY COMMON SCHOOL DISTRICT No. 9 (P. 0.
Cotulla), Tex.
-The State Comptroller of Texas
-BONDS REGISTERED.
registered on July 8 an issue of $22,000 5% schorl bonds. Due in 10 years.
-BOND OFFERING.
LAWRENCECOUNTY (P. 0. Bedford), Ind.
Charles E. Graham,County Treasurer, will receive sealed bids until 1 p.m.
July 22 for $90,000 431% township road bonds. Date July 15 1926.
Due $9,000 each six months from May 15 1927 to Nov. 15 1936,inclusive.
-Sealed bids
LIBERTY, Sullivan County, N. Y.
-BOND OFFERING.
will be received until 8 p. m. July 19 by Theo. S. Kessler. Village Clerk, for
the following 4%% registered bonds aggregating $9,500:
$6.000 corporation building repair bonds. Due $500. July 29 1927 to
1938 incl.
3,500 sewer extension bonds. Due $500, July 29 1927 to 1933 incl.
Date July 29 1926. Denom. $500. Prin. and int. J. & J. payable ln
Liberty. A certified check for 5% of bid is required. 1411
-The Charmer
LICKING, Crawford County, III.
-BOND SALE.
Securities Co. of Chicago has purchased an issue of $25.000 5% coupon
(registerable as to principal) road bonds. Date July 1 1926. Denom.
$1.000 and $500. Prin. and annual int. (July 1) payable at the Bellaire
State Bank of Bellaire. Due July 1 as follows: $3.000 July 1 1927 to 1932
incl. and $3,500 in 1933 and 1934. Legality approved by Chapman,
Cutler and Parker of Chicago.
Financial Statement.
$1197,402
,
Value of taxable property, estimated
598,701
Assessed valuation, 1926
25,000
Total bonded debt
Population, 1,800.
LOGAN Hocking County, Ohio.
-The $16,500 535%
-BOND SALE.
-were
ofp
Third St. improvement bonds offered on July 7-V. 122.. 3635
$596 equal to
awarded to A. E. Aub & Co. of Cincinnati at a premium
103.61. Date July 1 1926.
LOGAN TOWNSHIP SCHOOL DISTRICT (P. 0. Altoona), Blair
County, Pa.
-BOND SALE.
-The $145,000 43 % coupon school bonds
offered on July 12 (V. 122, p. 3490) were awarded to A. B. Leach & Co.,
Inc., of New York,at 101.07-a basis of about 4.35%. Date April 1 1926.
Due April 1 as follows:$10.000, 1928 to 1940,inclusive,and $15,000 in 1941.
-P. B. Garrett of
LOMETA, Lampasas County, Tex.
-BOND SALE.
Dallas purchased during March an issue of $40,000 6% water works bonds
at a premium of $1,375, equal to 103.43, a basis of about 5.68% • Due
$1,000, 1927 to 1966 incl.
LOS ANGELES HEIGHTS INDEPENDENT SCHOOL DISTRICT,
La Salle County, Texas.
--The Central Trust Co. of
-BOND SALE.
,
.an Antonio has purchased the $75,000 school bonds recently voted
V. 122, p. 3635
-at a premium of $1,575, equal to 102.10. W. H. Shaw,
Secretary.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND SALE.-Stranahan,
Harris & Oatis, Inc., of Toledo were awarded on July 12 an issue of $15,406
5% water supply line No. 135 bonds at a premium of $235 62, equal to
101.52.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Adelaide E. Schmitt, Clerk Board of County Conunissioners, will receive
sealed bids until 10 a. m. July 22 for the following 5% bonds aggregating
$349,420:
$113,180 highway impt. No. 238 bonds. Denom. $1,000 except 1 for
$1,180. Due $38,180 in 1927;$38,000 in 1928 and $37,000 in 1929.
132,554 highway impt. No. 288 bonds. Denom.$1.000, except 1 for $1554.
Due $15,554 in 1927, $15,000 1928 to 1932 incl. and $14,000
1933 to 1935 inc.
11,564 highway impt. No. 275 bonds. Denom.$1.000. except 1 for $564.
Due $4,564 in 1927, $4.000 in 1928, and $3,000 in 1929.
45,266 highway impt. No. 284 bonds. Denom. $1,000, except 1 for
$1,266. Due $6,266 in 1927, $6,000, 1928 to 1931 incl., and
$5,000. 1932 to 1934 incl.
46,856 highway impt. No. 296 bonds. Denom.$1,000, except 1 for $856.
Due $6,856 in 1927,$6,000, 1928 to 1932 incl., and $5,000, in 1933
and 1934.
Prin. and semi-ann. int. payable at the County Treasurer's office. A
certified check for $500 for each issue is required.
LUXORA SPECIAL SCHOOL DISTRICT NO. 2 (P. 0. Luxora),
-The Channer Securities Co.
-BOND SALE.
Mississippi County, Ark.
of Chicago has purchased an issue of 322.000 5% coupon school bonds.
Date April 1 1926. Denom. $1,000 and $500. Due Nov. 1 as follows:
31.000, 1938; 31,500. 1939 to 1942, incl.; $2,000, 1943 to 1947, incl., and
32.500, 1948 and 1949. .Prin. and int. (M. & N.) rtayable at the Chase
National Bank, N. Y. City. Legality approved by James B. McDonough
of Fort Smith.
Financial Statement.
$2,000.000
Actual value of all taxable property (estimated)
1.025,000
Assessed valuation, 1925
00
58,0
Total bonded debt
Population, 5,500.
-G. F.
McCOOK, Red Willow County, Neb.-BOND OFFERING.
Moss, City Clerk, will sell at public auction on Aug. 2 at 7:30 p. m. the
following bonds, aggregating approximately $535,000:
$225,000 Paving District No. 8 bonds. Due serially in 2 to 10 years.
205,000 Paving District No. 7 bonds. Due serially in 2 to 10 yeats.
105,000 water extension bonds. Due in 40 years. optional after 10 Years•
Denom. $1.000. Rate of interest to be decided upon at sale.
McSWAIN SCHOOL DISTRICT, Merced County (P. 0. Merced),
Calif.
-BOND SALE.
-The $7,000 6% school bonds offered on July 7
-V. 123, p. 109
-were awarded to the Merced Security Savings Hank of
Merced at a premium of $81, equal to 101.15, a basis of about 5.80% •
Date July 15 1926. Due $500. 1927 to 1940 incl.
MAHASKA COUNTY (P. 0. Oskaloosa), la.
-BOND OFFERING.
E. IL Roffety. County Treasurer, will receive sealed bids until 2 P. ra.
July 21 for $200,000 43.% primary road bonds. Da Aug. 11926. Due
Date
May 1 as follows: 315. (10, 1929 to 1938 incl., and 310,000, 1939 to 1943
Incl.: optional May 1 1932 and after. Prin. and int. payable at the County
Treasurer's office. Purchaser to furnish the bonds. A certified check for
3% of the bid required. Legality to be approved by Chapman, Cutler &
Parker of Chicago. These are the bonds mentioned in V. 123. p. 232.
MANCHESTER, Hillsborough County, N. H.
-BOND SALE.
Harris. Forbes & Co. of Boston were awarded on July 13 the following two
issues of 4% bonds, aggregating $200,000, at 98.70, a basis of about 4.21%:
$100,000 street bonds. One $10,000 June 1 1927 to 1936 incl.
100,000 street bonds. Due $5,000 June 1 1927 to 1946 incl.
Date June 1 1926. Prin. and int. (J. & D.) payable at the National
Sbawmut Bank, Boston. or at the Amoskeag Trust Co.. Manchester.
MANNINGTON ROAD DISTRICT, Marion County (P. o. Fairmont), W. Va.-BOND OFFERING.
-G. W. Sharp, Secretary State Sink3•
ing Fund Commission, will receive sealed bids at Charleston until 2 1 m.
$149.000 5% coupon road bonds. Date June 1 1924. Denom.
July 20 for
31,000 and $500. Due June 1 as follows: $22,500, 1945; 339,000, 1946;
329,000, 1947; $28,500, 1948 and E30,000 in 1949. Prin. and int. (J. & D.)
payable in gold at the State Treasurer's office, or at the National City
Bank, N. Y. City. Legality approved by John C. Thomson of N. Y. City.
A certified check, made payable to the State, for 2% of the bid, required.
Financial Statement.
$19,249,689
Assessed valuation
875.000
Total debt including this issue
Population (1920 census), 8,107.
[VOL. 123.
MAPLEMEIGHTS (P. 0. Bedford R. F. D.), Cuyahoga County,
Ohio.
-BOND SALE.
-The $47,908 30 534% coupon (special assessment)
street impt. bonds offered on July 7-V. 122, p. 3371-were awarded to
Stranahan, Harris & Oatis, Inc.. of Toledo, at a premium of 41.204, equal
to 102.51. a basis of about 4.98%. Date July 11926. Due Oct. 1 as follows:$4,000, 1927;$5,000, 1928 to 1930,incl.; 34,000,1931;$5,000, 1932 to
1935, incl., and $4,908 30 in 1936,.
-The
-BOND SALE.
COUNTY (P. 0. Linden), Ala.
Channer Securities Co. of Chicago has purchased an issue of $25,000 531%
$1,000. Due Jan.
coupon funding bonds. Date Jan. 15 1926. Denom.
15 as follows:$1.000, 1930 and 1931:32,000. 1932:31,000. 1942,and $5,000,
1943, 1944, 1946 and 1947, incl. Prin. and int. (J. & J. 15) payable at the
National Bank of Commerce, N.Y. City. Legality approved by Caldwell
WWI
& Raymond of N.Y. City.
Financial Statement.
318,000,000
Estimated actual value of taxable property
11,875,000
Assessed value of taxable property
250.000
Total bonded debt
_Population (1920.) 36.065.
.-^
,
MARION COUNTY (P. 0. Marion), OFtio.-BONDS 01
Sealed bids were received until 12 m. (Central standard time) July 15 by
T. A. O'Leary, Clerk, Board of County Commissioners, for the following
2 issues of 5% bonds, aggregating $69,417:
$50,225 "Marion-Mt. Galhead" I. C. H. No. 111 bonds. Date May 11
1926. Denom, 31,000, 11.250 and $725. Due each six months
as follows: $2,000, Mar. 1 1927; 32,725, Sept. 1 1927, and $3,250.
Mar. and Sept. 1 1928 to Sept. 11934. incl.
10,192 "Somerlott--Huffman" road impt. bonds. Date April 1 1926.
Denom. $592. $750 and $600. Due each six months as follows:
$592 Mar. 1 1927; $600, Sept. 1 1927, and $750. Mar. and Sept. 1
1933. incl.
Prin. and int.(M. & S.) payable at the County Treasurer's office.
MARENGO
-The Channer
-BOND SALE.
MARTIN, Crawford County, 111.
Securities Co.of Chicago has purchased an issue of $30,000 51 coupon road
bonds. Date July 1 1926. Denom. $1,000. Due 15,000, July I 1927 to
1932,incl. Prin. and annual int.(July 1) payable at the Crawford County
State Bank, Robinson. Legality approved by Chapman, Cutler & Parker
of Chicago,
Financial Statement.
$1,517,854
Caluation of property (estimated)
758,927
Assessed valuation, 1926
30,000
Total bonded debt
Population, 2,000.
(P. 0.
MARTIN COUNTY COMMON SCHOOL DISTRICT NO. 3
-The State Comptroller of
Stanton), Texas.
-BONDS REGISTERED.
Texas registered on July 10 an issue of $15.000 5% school bonds. Due
serially in 5 to 10 years.
-John M.
-CERTIFICATE OFFERING.
MARYLAND (State of).
Dennis, State Treasurer, will receive sealed bids until 12 m. Aug. 11 for
$820,000 4%% certificates of indebtedness. Date Aug. 15 1926. Denom.
$1,000. The certificates are in coupon form, registerable as to Winer
Due Aug. 15 as follows: $48,000. 1929: 350.000, 1930; 352,000, 1 31:
354,000, 1932: 357,000. 1933: 360,000, 1934; 362.000, 1935; $65,000, 1936:
$68,000. 1937; 371,000, 1938; 374.000. 1939: 378.000, 1940, and $81,000.
1941. Int. payable F. & A. A certified check for 5% of the par value
of the amount bid for, payable to the State Treasurer. is required.
-Sealed bids
MAUMEE, Lucas County, Ohio.
-BONDS OFFERED.
will be received until 12 m. July 12 by E. W. Masters, Village Clerk, for
$17,500 531% coupon bonds. Date July 15 1926. Denom. $1,000 and
one for $500. Date July 15 1926. Due Sept. 15 as follows: $2,000, 1927
to 1933 Ind.: $1.500, 1934 and 31,000, 1935 and 1936. Int. payable M.&
S. 15. A certified check fqr 1% of bid, payable to the Village Treasurer
Is required.
MECHANICSVILLE INDEPENDENT CONSOLIDATED SCHOOL
-The 862.000 coupon
DISTRICT, Cedar County, Iowa.
-BOND SALE.
school bonds offered on June 24-V. 122, p. 3491-were awarded to Geo.
M. Bechtel & Co., of Davenport, at a premium of $80, equal to 100.13, as
follows:
$42,000 bonds as 4%5.
20.000 bonds as 4%5.
Date May 1 1926. Denom. $1.000. Due serially May 1 1928 to 1943
incl. Int. payable M. & N.
-The
-BOND DESCRIPTION.
MIAMI BEACH, Dade County, Fla.
$098,000 6% improvement bonds purchased on June 23 by Eldredge & Co.
of New York City and Wright, Warlow & Co. of Orlando. jointly at 97
-V. 123, p. 109-a basis of about 6.47%, are described as follows:
$488,000 series "K" impt. bonds. Due July 1 as follows: $47,000 in 1928
and $49,000 1929 to 1937 incl.
350,000 water works bonds. Due July 1 as follows: $17.000. 1927 to 1931
incl.; $18,000. 1932 to 1936 incl.; $17,000, 1937 to 1941 incl., and
318.000,'1942 to 1946 incl.
72,000 street paving bonds. Due July 1 as follows: $3.000, 1927 to 1931
incl.; $4.000. 1932 to 1936 incl.: $3,000. 1937 to 1940 incl.; 85.000.
1941 and 1942; $4.000. 1943 to 1945 incl., and $3,000 in 1946.
40.000 bridge bonds. Due $2,000. July 1 1927 to 1946 incl.
25,000 sanitary disposal plant bonds. Due July 1 as follows: $2,000,
1927 to 1931 incl. and 11.000. 1932 to 1946 incl.
bonds. Due July 1 as follows: $1,000. 1927,
13,000 fire department '
1929, 1931 and 1933: 32,000, 1935. 1937 and 1939, and $1,000,
1941. 1943 and 1945.
10,000 public park bonds. Due July 1 as follows: $1,000, 1927, 1929,
1931. 1933, 1935. 1937, 1939. 1941, 1943 and 1945.
MIDDLESEX SCHOOL DISTRICT (P. 0. Bound Brook), Somerset
-L. A. Walters, District Clerk, will
-BOND OFFERING.
County, N. J.
receive sealed bids until Aug. 9 for $115,000 431% school bonds.
-BONDS VOTED.
-At a recent
MILAN, Washtenaw County, Mich.
election the voters authorized the issuance of $8,000 bonds by a count of
78 for to 3 against.
-The folMILLERSBURG, Holmes County, Ohlo.-BOND SALE.
lowing six issues of coupon street impt. bonds, aggregating $73,077 11.
-were awarded to the Commercial
offered on July 10-V. 123, P. 109
& Savings Bank of Millersburg as 53is at a premium of $2,491, equal to
103.40, a basis of about 4.23%:
$19,496 61 Admas St. bonds. Due $966 61 March 15 and $1.090 Sept. 15
1927 and 31.090 March 15 and Sept. 15 1928 to 1935 incl.
6,477 66 Alexander St. bonds. Due $502 66 March 15 and $375 Sept. 15
1927 and 8375 March 15 and Sept. 15 1928 to 1935 incl.
10.187 92 Clinton St. bonds. Due $497 92 March 15 and $570 March 15
and Sept. 15 1928 to 1935 Incl.
25,927 56 Crawford St. bonds. Due $1.277 56 March 15 and $1,450
Sept. 15 1927 and $1,450 March 15 and Sept. 15 1928 to 1935 incl
3,641 06 Grant St. bonds. Due $241 06 March 15 and $200 Sept. 15
1927 and $200 March 15 and Sept. 15 1928 to 1935 incl.
7,346 30 Walnut St. bonds. Due $546 30 March 15 and $400 Sept. 15
1927 and $400 March 15 and Sept. 15 1928 to 1935 incl.
Date June 1 1926.
-B. S. Lowry, State
-BOND OFFERING.
MISSISSIPPI (State of).
Treasurer, will receive sealed bids until 12 m. Aug. 9 for $500.000 435%
State bonds. Denom. $1,000. A certified check for 5% of the amount
bid, payable to the above-named official, required.
MOBILE FALLS INDEPENDENT SCHOOL DISTRICT, Tyler
-The State Comptroller of
County, Texas.
-BONDS REGISTERED.
Texas registered on July 8 an issue of $8,500 5% school bonds. Due
serially.
MOFFAT TUNNEL DISTRICT, Denver County, (P. 0. Denver),
Colo.
-BOND DESCRIPTION.
-The $3,500,000 55.1% supplemental
tunnel bonds purchased by R. M. Grant & Co., Inc., of New York City,
at par (V. 122, p. 3113) are described as follows: Date Jan. 1 1926. Due
$350,000 July 1 1947 to 1956,inclusive. Coupon bonds in denom of $1,000.
with privilege of registration as to principal only or as to both principal and
interest. Principal and interest (J. & J.) payable in gold at the American
Exchange National Bank, New York City, or at the International Trust
Co., Denver. Legality approved by Storey, Thorndike, Palmer & Dodge,
of Boston, and Pershing, Nye, Tallmadge & Bosworth, of Denver.
JULY 17 1926.]
THE CHRONICLE
359
Financial Statement (from Official Sources).
1926 at the First National Bank of Boston. A certified check for 2% of
the amount bid for is required.
Assessed valuation (real estate and improvements fixed as of
$289,427,911
subject to levy)Financial Statement July 11926.
1921
Denver's portion of this valuation is $260,000,000, or 90%.
$219,700,748 00
Net valuation for year 1925
$12,720,000 Debt Limit 214% of average valuation three preceding years 5,381,182 31
Total debt (including these bonds)
Population of district (officially estimated), 330,000; population city and Total gross debt
13.810,00000
county of Denver(U.S. Census, 1920), 256.369; population city and county Exempted debt
-Water bonds
$1,820,000 00
of Denver (est. 1926), 285,000. Denver's portion of the district population
Other bonds (sewer, school, bridge, park
is 285,000, or 85%.
6,684,000 00
and building, &c.)
8,504,000 00
MONONA INDEPENDENT SCHOOL DISTRICT (P. 0. Monona),
-The White-Phillips Co. of
Clayton County, lowa.-BOND SALE.
$5,306,000 00
Bonded debt within debt limit
Davenport recently purchased the following two issues of 4%% bonds
funds
293,000 00
aggregating $95,000, at a premium of $1,955, equal to 102.05, a basis of Municipal sinking
about 4.25%:
$5,013,000 00
Net debt
$75,000 school bonds. Denom. $1,000. Due $1,000, May 1 1928 and
368,182 31
$1,000, Nov. 1 1929 and $1.000, May and Nov.192;
1 1930 to BOITOWillg capacity
648.000 00
1932, incl.; $2,000. May 1 and $1,000 Nov. 1 1933 to 1935, incl.; Water sinking funds
293,000 00
$2,000, May and Nov. 11936; $13,000. May 1, and $1,000. Nov. Municipal sinking funds
504,274 10
11937; $2,000, May and Nov. 1 1938 to 1943, incl.: $3.000. May All other sinking funds
1 and $2,000, Nov. 1 1944; $3,000, May 1 and $2,000, Nov. 1
81,445,274 10
Total sinking funds
1945; and $5,000. May 1 1946.
20,000 school bonds. Denom. $500. Due Nov. 1 1936, optional after
-BOND OFFERNEW BRUNSWICK, Middlesex County, N. J.
May 11928.
-William 0. Howell, City Treasurer, will receive sealed bids
ING.
Legality to be approved by Chapman, Cutler & Parker of Chicago.
until 10 a. in. (daylight saving time) July 27 for the following coupon or
-The $60,000 5% registered bonds, aggregating $405,000:
MONROE, Walton County, Ga.-BOND SALE.
impt. bonds offered on July 8-V. 123, p. 232
-were awarded to the 8227,0004)4% general impt. bonds. Due July 1 as follows: 87,000. 1928
school
to 1931 incl.; $9,000 in 1932 and $10,000, 1933 to 1951 incl.
Robinson-Humphrey Co. of Atlanta at a premium of $1.200, equal to 102.
178,000 431% school bonds. Due July 1 as follows: $7,000, 1928 to 1931
a basis of about 4.87%. Date July 1 1926. Coupon bonds in denom. of
incl. and $10,000. 1932 to 1946 incl.
$1.000. Due Jan. 11956. Int. payable J. & J.
Date July.1 1926. Denom.$1,000,no more bonds to be awarded than will
MONTGOMERY. Crawford County, 111.
-BOND SALE.
-The Chan- produce a premium of $1,000 over the above issues. Prin. and int. J. & J.
rner securities co, of Chicago has purchased an issue of _$20,000 5% coupon payable in gold at the City Treasurer's office. The bonds will be prepared
road bonds. Date July 1 1926. Denom. $1,000. Due $5,000 July 1 under the supervision of the United States Mortgage & Trust Co., New
1927 to 1930 incl. Prin. and annual int. (July 1) payable at the Peoples York, which will certify as to the genuineness of the signatures of the
State Bank of Flat Rock. Legality approved by Chapman, Cutler & officials and the seal impressed thereon. Legality will be approved by
Parker of Chicago.
Caldwell & Raymond, New York City. A certified check for 2% of the
Financial Statement.
bonds bid for, payable to the City Treasurer, is required.
Value of taxable property, estimated
$1,611,012
NEWBURYPORT, Essex County, Mass.
-TEMPORARY LOAN.
Assessed valuation, 1926
805,506
Co. of Boston were awarded on July 9 a $100,000 temporary
Total bonded debt
40,000 R. L. Day &
loan on a 3.39% discount basis.
Population, 1,800.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.
NEWCASTLE ELEMENTARY SCHOOL DISTRICT,Placer County,
-BOND
-The price paid for the $20,000 5% coupon school
-PRICE PAID.
OFFERING.-Cl.vde Rogers, County Treasurer, will receive sealed bids Calif.
-V.122,
until 10 a. m. July 23 for the following 3 issues of 4%% bonds aggregating bonds purchased on May 4 by the First National Bank of Auburn
-was 103.02, a basis of about 4.63%. Date May 1 1926. Denom.
$35,600:
2847
.
1,000. Due $1,000, May 1 1927 to 1946, Md. Int. payable M.& N.
$12,000 Franklin Twp. road bonds. Denom. $600. Due $600 each six
months from May 15 1927 to Nov. 15 1936 incl.
-TEMPORARY LOAN.
-SaloNEWPORT, Newport County, R. I.
18.400 Brown Twp. road bonds. Denom. $920. Due $920 each six mon Bros. & Hutzler of Boston were awarded on July 8 a $100,000 tempomonths from May 15 1927 to Nov. 15 1936 incl.
3.37% discount basis, plus a premium of $3.
5.200 Franklin Twp. road bonds. Denom. $260. Due $260 each six rary loan on a
months from May 15 1927 to Nov. 15 1936 incl.
NEW PROVIDENCE SCHOOL DISTRICT (P. 0. New Providence),
Date July 15 1926.
-BOND OFFERING.
-John E. Parker, District
Union County, N. J.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-BONDS OF- Clerk, will receive sealed bids until 8 p. m.July 20 for an issue of5% coupon
-Sealed bids were received until 10 a. m.(Central standard time) or registered school bonds not to exceed $45,000, no more bonds to be awardFERED.
July 16 by F. A. Kilmer, Clerk Board of County Commissioners, for ed than will produce a premium of $1,000 over $45.000. Date July 101926.
10 as follows: $2,000,
$38.500 5% coupon water supply bonds. Date July 15 1926. Denom. Denom. $1,000. Due Jan.Prin. and int. (J. & J.)1927 to 1935 incl., and
payable at the Summit
$1.000, except one for $500. Due Oct. 1 as follows: $1,000, 1927:$1,500, $3,000. 1936 to 1944 incl.
1928, and $2,000. 1929 to 1946 incl. Prin. and int. (A. & 0.) paable .Trust Co., Summit. A certified chedk for $2% of the bonds bid for, payat the County Treasurer's office. Legality to be approved by eck, able to the Board of Education, is required.
Shaffer & Williams of Cincinnati.
-TEMNEWTON (P. 0. West Newton), Middlesex County, Mass.
MONTGOMERY RURAL SCHOOL DISTRICT (P. 0. Meeker), PORARY LOAN.
-The Boston Safe Deposit & Trust Co. of Boston was
-NOTE OFFERING.
Marion County, Ohio.
-Sealed bids will be received awarded on July 13 a 0
400,000 temporary loan on a 3.10% discount basis
in. July 24 by H.E. Wiley, Clerk Board of Education,for 38,139 30 plus a premium of $4. Date July 14 1926. Due $200,000 Feb. 10 1927 and
until 12
% funding notes. Date Aug. 1 1926. Denom. $813 93. Due $81393 $200,000 May 12 1927.
each six months from Mar. 1 1927 to Sept. 1 1931. incl. A certified check
NICKERSON SCHOOL DISTRICT, Tulare County (P. 0. Visalia),
for 5% of bid, payable to the above named official, required.
-The $5,500 6% school bonds offered on June 24-BOND SALE.
Calif.
MONTGOMERY TOWNSHIP SCHOOL DISTRICT, Wood Count
-were awarded to the Pacific Southwest Trust & Savings
-R. H. Bolen, Clerk Board of Education' V. 122, p. 3636
-NOTES OFFERED.
Ohio.
a premium of $10, equal to 100.18, a basis of about
bids until 12 m. July 15 for $5,698 55 6% net deficiency Bank of Visalia at7 as follows: $200, 1929 to 1942, and $300, 1943 to 1951
received sealed
*
notes. Denom.$1,000, $500 and $698.55. Due $1,000 April 1 1927'$698.55 5,98%. Due June
Oct. 1 1927, and $500 each six months from April 1 1928 to Oct. 1 1931.
*
A certified check for 5% of amount bid, payable to the above named
NORTH CASTLE (P. 0. Armonk), Westchester County, N. Y.
official is required.
-The $32,620 414% coupon or registered highway improveBOND SALE.
MONTPELIER, Washington County, Vt.-BOND OFFERING.
ment bonds offered on July 12 (V. 123, P. 110) were awarded to Geo. B.
nc., of New York, at 100.947-a basis of about 4.387 •
T. R. Merrill, City Treasuren, will receive sealed bids until 7 p. m. July 28 Gibbons &
1 926. Due June 1 as follows: $2,000, 1928 to 1943, and
for $100,000 4% coupon street construction. Date Aug. 2 1926. Denom. Date June Co..1
In 1944.
$1,000. Due $5,000. 1927 to 1946 incl. Prin. and int. F. & A. payable at
the Atlantic National Bank, Boston.
-BOND SALE -The $40,000
Wayne County, Mich.
MORGANTOWN, Mongolia County, W. Va.-BOND OFFERING.
-were
$6 fire department bonds offered on June 28-V. 122, P• 3636
Sealed bids will be received by George W. Sharp, Secretary State Sinking 5%
to Stranahan, Harris & Oatis, Inc., of Toledo, at a premium of
awarded
Fund Commission, at his office in Charlestown until 2 p. m. July 20 for $3,160. equal to 107.90, a basis of about 4.41%. to optional date and a
$200,000 5% coupon city bonds. Date July 1 1925. Denom. $1,000. basis of about 4.52% if allowed to run full term of years. Due in 1956;
Due July 1 as follows: $5,000, 1927; $6,000. 1928 to 1931 incl.• $7, 0* optional after 1946.
,00
1932 to 1934 incl.; 88.000, 1935 and 1936: $9,000, 1937 and 1938: 810 000.
'
*
-At a recent elec-BONDS VOTED.
NOTUS,Canyon County,Idaho.
1939 to 1941 incl.; $11,000. 1942; $12.000. 1943 and 1944; $13,000, *
1945
$11,000, 1948. Prin. and in J. & J. payable tion the voters authorized the issuance of $35,000 school bonds.
and 1946; $14,000, 1947 and
in gold at the State Treasurer's office or at the National City Bank. New
-BOND SALE.
-The $.50,000
NUNDA, Livingston County, N. Y.
York City. Legality approved by John C. Thomson, New York City.
bonds offered on July 13-V. 123, p. 110- were
A certified check, payable to the State of West Virginia for 2% of bid, 414 7, coupon water works
awarded to the Nunda Bank. Nunda, at 100.93, a basis of about 4.40%.
required.
Financal Statement.
Date Aug. 1 1926. Due $2,000. Aug. 1 1927 to 1951, incl.
Assessed valuation
OAKLAND,Alameda County, Calif.
-BOND SALE.
-The $2,000,000
$33-274 205
Total debt including this issue
-were awarded
1,48400 4%% harbor impt. bonds offered on July 7-V.122, p.3636
Population (1920 census), 12,127.
to R. H. Moulton & Co. of San Francisco at a premium of $41.015, equal
to 102.05, a basis of about 4.33%. Date July 1 1926. Denom. $1,000.
MOUNT HOLLY, Gaston County, No. Caro.
-BOND OFERINGJ. W. Holland, City Clerk, will receive sealed bids until Aug. 10 for $30,500 Due 8249,000, 1927 and 1928; $40,000. 1929 to 1965 incl. and $22,000
.
in 1966. Prin. and int. (J. & J.) payable in gold at the City Treasurer's
53 % improvement bonds. Denom. $1,000.
office. Legality approved by Goodfellow, Eels, Moore & Orrick of San
MOUNT KISCO, Westchester County, N. Y.
--BOND SALE.
-The
414% registered bonds, aggregating $214,200,offered
Financial Statement.
following four issues of
-were awarded to Barr Bros. & Co., Inc., New TotaI i ico ded debt (Including these bonds)
on July 13-V. 123: p. 232
88,378,597
Franc : on
Yor,k at 102.069, a basis of about 4.74%:
253,951.015
Assessed value, 1925
634,877.530
$147,000 street impt. bonds. Due on Aug. 1 as follows: $8,000. 1927 to Real value (estimated)
1938, incl.: $7,000, 1939 to 1945, incl., and $2,000, 1946.
25,145,216
Value a property owned by municipality
population, 1920 census, 216,261; 1926 (estimated), 295,000.
24,000 sewer bonds. Due $1,000, Aug. 1 1931 to 1953, incl. *
23,000 water bonds. Due $1,000. Aug. 1 1931 to 1953, incl.
OAKLYN SCHOOL DISTRICT (P. 0. Oaklyn), Camden County,
20.200 street impt. bonds. Due on Aug. 1 as follows: $1,000, 1927 to
-BOND OFFERING
-.William C.',hick, District Clerk, will receive
1945, incl., and $1,200, 1946.
N. J.
% coupon school bonds to the
sealed bids until 8 p. m. July 28 for
Date Aug. 2 1926.
amount of $155,000, no more bonds to be awarded than will produce a
MOUNT PLEASANT INDEPENDENT SCHOOL DISTRICT, Titus premium of $1,000 over $155,000. Denom. 81,000. Due $4,000. 1928 to
-BONDS REGISTERED.
County, Texas.
-The State Comptroller of 1962,inclusive, and 85,000, 1963 to 1965,inclusive. Principal and interest
Texas registered on July 9 an issue of 8100,000 5% school bonds. Due (F.& A.) payable atthe Oaklyn National Bank. Oaklvn, . A certified check
serially.
for 2% of the bonds bid for, payable to the Board of Eudcation,is required.
NAPOLEON SCHOOL DISTRICT, Logan County, No. DakOCEAN COUNTY (P. 0. Toms River), N. J.
-BOND SALE.
-The
-The State of North Dakota has purchased an issue" of $64.000 ($66,000 offered) 5% road improvement funding bonds offered on
BOND SALE.
4100,000 high school bonds.
-were awarded to the Ocean County Trust Co. of
July 13-V. 122, P. 3636
Toms River at 103.15, a basis of about 5.58%. Due $4,000 Aug. 1 1927
NEPTUNE CITY (P. 0. Avon-by-the-Sea), Monmouth County, too942 inclusive.
1LA spEcu
-The $15,000 5% coupon general improvement
-BOND SALE.
N. J.
L SCHOOL DISTRICT, Yell County, Ark.
-BOND
-were awarded to the Seacoast
bonds offered on July 7-V. 122, p. 3372
-The Channer Securities Co. of Chicago, has purchased an issue
Trust Co. of Asbury Park at a premium of $50, equal to 100.33. a basis of SALE.
about 4.96%. Date July 1 1926. Due July 1 as follows: $1,000, 1928 to of $28,500 5% coupon school bonds. Date March 1 1926. Denom.
$1,000 and $500. Due Sept. 1 as follows: $1,000, 1931 to 1938 incl.:
1936, incl., and 31.500. 1937 to 1940. incl.
$1,500, 1939 to 1936 incl.: $2,000, 1947 to 1949 incl., and $2,500 in 1950.
(M.& S.) payable at the Chase National Bank, N. Y. City.
BEDFORD, Bristol County, Mass.
-BOND OFFERING.
NEW
- Prin. and int.
John Morris, City Treasurer, will receive sealed bids until 12 m.(daylight Legality approved by James B. McDonough of Ft. Smith.
Financial Statement.
saving time) July 21 for the following two issues of 4% coupon bonds,
aggregating $470,000:
Estimated actual value of taxable property
Water Supply Loan Act of 1924 bonds. Due $4,000 July 1 Assessed valuation, 1925
$120,000
$ 80 00
3 7,1
7
0 41
1927 to 1956 inclusive.
34,000
Total bond debt
350,000 School Loan Act of 1922 bonds. Due July 1 as follows: $18,000,
incl., and 817,000, 1937 to 1946 ind.
1927 to 1936
28 5 °°
5: 00
Sinking fu _d --Net debt_n _
Date July 1 1926. Prin. and int, payable at the First National Bank of
Population,------Boston in Boston. The bonds are engraved under the supervision of and
-BOND SALE.
-The $122,400
OLEAN, Cattaraugus County, N. Y.
certified as to genuineness by the First National Bank of Boston; their
-were awarded to Geo. B.
legality will be approved by Storey, Thorndike, Palmer & Dodge of Boston, sewer bonds offered on July 13-V. 122, p. 3636
at a
whose opinion will be furnished the purchaser. All legal papers incident Gibbons & Co., Inc. of New York as 4 Aug. premium of $342.35. equal to
I 1926. Due $6,120 Aug 1
with saki bank
to these issues will be filed delivered to the where they may be inspected 100.27, a basis of about 4.23%. Date
purchaser on or about July 27 1927 to 1946.
at any time. Bonds will be
v
360
THE CHRONICLE
[VOL. 123.
ORANGE, Franklin County, Mass.
Bros.
-BOND SALE.
PLYMOUTH, Richmond County, Ohio.
-The follow-BOND SALE.
of Boston were awarded on July 8 an issue of $170,800 -Edmund bonds ing
4% school
2 issues of 6% coupon bonds, aggregating $10,037 60 offered on July 2
at 100.78.
were awarded to the Geo. W. York Co. of Cleveland at a premium of $632,
ORANGE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1 equal to 106.29, a basis of about 4.86%:
(P. 0. Orlando), Fla.
-BOND OFFERING.
Chairman $4,000 00 (village's portion) paving bonds offered on July 2-V. 122, P.
-James A.
3492. Date Jan. 11926. Duo $500 Jan. 1 1928 to 1935 incl.
Board of Public Instruction, will receive sealed bids until Knox, July 23
10 a. m.
6,037 60 (special assessment) paving bonds offered on July 2-V. 122, p.
for $500,000 5% school bonds. Date Feb. 1 1926. Denom.$1,000. Duo
3637. Date Jan. 1 1926. Due on Jan. 1 as follows: $537 60,
$15,000, Feb. 1 1929 to 1955. incl., and $95,000. Feb. 1 1956. Prin. and
1928; $500, 1929 to 1935 incl., and 31,000, 1936 and 1937.
int. (F. de A.) payable at the Hanover National Bank, N. Y. City. A
.
certified check for 1% ofthe par value of the bonds bid for,required. Legal
PORTER COUNTY (P. 0. Valparaiso), Ind.
-The
-BOND SALE.
ity approved by John C. Thomson of N. Y. City. The
above corrects the following two issues of 4%% gravel road bonds offered on July 10-V. 123.
raztgiven in our issue of July 3-V. 123, p. 110.
p. 111-were awarded to the Fletcher Savings & Trust Co. of Indianapolis
at a premium of $51130, equal to 102.43:
P ORLEANS COUNTY (P. 0. Albion),
N. Y.
-BOND OFFERING.
Francis W. Buell, County Treasurer, will receive sealed bids until 12 m. $13.000 road bonds.
21,000 road bonds.
July 20 for $25,000.5% coupon or registered highway bonds. Date July 1
Due each six months in 1 to 10 Years.
1926. Denom. $1,000. Due July 1 1933. Prin. and int. (J. & J.)
payable at the Citizens National Bank of Albion or at the request of the
PORTLAND, Maine.
-LOAN OFFERED.
-John *R. Gilmartin, City
registered holder, in New York exchange. Legality approved by Caldwell Treasurer,
received sealed bids until 11 a. m.(Eastern standard time) July
& Raymond of New York. A certified check for 2% of bid, payable to 16for
the purchase on a discount basis of a $300,000 temporary loan in anticithe County Treasurer, is required.
pation of taxes for the year 1926. Date July 20 1926. Denom. to suit
purchaser. Due Oct. 4 1926. Legality approved by Ropes, Gray, Boyden
OTTAWA COUNTY(P.O.Port Clinton),Ohio.
-BOND OFFERING.
-Sealed bids will be received until 12 m. July 26 by E. A. Guth, County & Perkins of Boston. The notcs will be payable at the First National
Auditor,for $60,000 5% coupon road bonds. Date July 26 1926. Denom. Bank of Boston.
R
$1,000. Duo each six menths as follows: $4,000 March and $3,000
PRINCE GEORGES- COUNTY(P.O.Upper Marlboro), Md.-BOND
Sept. 26 1927 to Sept. 26 1932 and $3,000 March and Sept. 26 1933 to Sept. DESCRIPTION.
-The $29,0005% coupon lateral road bonds purchased by
26 1935. Prin. and int. M.& S. payable at the County Treasurer's office. Strother,
Brogden & Co., the Continental Trust Co., and MacKubin,
A certified check for $1,000, payable to the County Treasurer is required. Goodrich &
Co. all of Baltimore at 108.178-V. 123.
0en0m.
1 a basis of
$
P•1
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 24 (P. 0. about 4.38% are described as follows: Date July 11926.
Due July 11946. Int.
Hon.
SeaCliff), Nassau County, N. Y.
-George F. William Cabell Bruce payable J. & J. Legality to be approved by
-BOND OFFERING.
of Baltimore. Date of award June M.
Butler, Village Treasurer, will receive sealed bids until 8 p. M. (daylight
saving time) July 21 for $200,000 4%% coupon or registered school bonds.
Financial Statement (As Officially Reported).
Date July 1 1926. Denom. $1.000. Due July 1 as follows: $6.000, 1929 Assessed valuation,actual
$36,500,000
to 1933 incl.; $8.000. 1934 to 1938 incl., and $10,000, 1939 to 1951 incl. Assessed valuation,estimated
60,000,000
Prin. and int. (J. & J.) payable in gold at the Irving Bank-Columbia Trust Total bonded debt,including
1,900,000
this issue
Co.. New York. Legality approved by Hawkins, Delafield & Longfellow, Sinking fund
75,800
New York. A certified check for 2% of the bonds bid for, payable to the Netdebt1,824,200
Village Treasurer, required.
Population, 1920 census, 44.000; 1926 est., 46,000.
PADUCAH, Cottle County, Tex.
-George
-The
PRINCETON, Mercer County, W. Va.-BOND OFFERING.
-BONDS REGISTERED.
State Comptroller of Texas registered on July 8 an issue
of $70.000 5% W • Sharp, Secretary State Sinking Fund Commission, will receive sealed
school bonds. Due serially.
bids at his office in Charleston, until 2 p. m. July 20 for $96,000
%
coupon city bonds. Date Aug. 1 1924. Denom. $500. Due Aug. 1 as
PARIS, Bear Lake County,
-BOND SALE.
-The Palmer follows: $2,000, 1927 and 1928: $2,500, 1929 to 1032 incl.: 53.000. 1933.
Bond & Mortgage CO. of Salt LakeIdaho.
City purchased on June 14 an issue of 53.500, 1934:54,000, 1935 to 1938 incl.: 54,500, 1939;$5,000. 1940 to 1944
333.000 5J.i% refunding bonds.
incl., and $6,000, 1945 to 1949 incl. Prin. and int. F. & A. payable mnold
at the State Treasurer's office or at the National City Bank, New York
PARKE COUNTY (P. 0. Rockville),
-BOND OFFERING.
Sealed bids will be received until 1 p. m. July Ind. Homer Arnold, County City. Legality approved by John C. Thomson. of New York City. A
24 by
certified check for 2% of the bonds, payable to the State, required.
Treasurer. for 16.000 4 4% Adams and Washington Twps. gravel road
bonds. Date July 17 1926. Denom. $300. Due $300 each six months
Financial Statement.
Assessed valuation..
$8 345,373
from May 15 1927 to Nov. 15 1936 incl. Int. payable M. le N. 15. da
-Total debt including
________________ '176,000
-thisIsus e_
PAWNEE COUNTY (P. 0. Pawnee), Okla.
Population (1920 census), 6,224.
-BOND OFFERING.
Maude C. Cunningham. County Clerk, will
PRINCETON SCHOOL DISTRICT (P.O.Princeton), Mercer Couna. m. Aug. 10 for 5400.0004)4% road bonds. receive sealed bids until 10 ty, N.
Denom,
Date
J.
-BONDS OFFERED.-Gharles A. Seidensticker, District Clerk.
$1,000. Due 3100,000 June 1 1931, 1936, 1941 andJune 11926.
received sealed bids until 4 p. m.(standard time) July 16 for an issue of
1946.
434% coupon school bonds in the amount of $43.000, no more bonds to be
PEABODY. Essex County, Mass.
-Elmer J.' awarded than would
-BOND OFFERING.
Foley, City Treasurer, will receive sealed bids until
produce a premium of $500. Date Oct. 1 1926.
11
saving time) July 21 for $21.000 4% coupon school loan a. xn. (daylight Denoms. $1,000 and $500. Due Oct. 1 as follows: $1.000. 1928 to 1955
of 1926 bonds. incl., and $1,500, 1956 to 1965 incl. Prin, and int. (A. dc 0.) payable at
Date July 11926. Denom. $1,000. Due July 1 as follows: $2,_000. 1927
the Princeton Bank & Trust Co. of Princeton.
to 1931 incl. and $1.000, 1932
.
at the First National Bank ofto 1942 ind. Prin. and Int. J. & J. payable
QUAY COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 53
Boston, Boston. The bonds are engraved
the supervision ofand certified
0. Tucumcari), N. Mex.-BIDS REJECTED-CORRECTION. All
Bank of Boston; their legality will as to genuineness by the First National (P. received for
be approved by torey, Therm- ike. bids
l
the $31,500 school bonds offered on June 10-V. 122, 13•
Palmer & Dodge, whose opinion will be furnished the 'purchaser. All legal 2993
-were rejected. In V. 123, p 111 we erroneously stated that these
papers incident to this issue will be filed with said bank where they
may be bonds had been awarded to Benwell & Co. of Denver.
inspected at any time. Bonds will be delivered to the purchaser on or about
RENDVILLE VILLAGE SCHOOL DISTRICT (P. 0. Rendville),
Monday. July 26 1926. at the First National Bank of Boston. Boston.
Perry County, Ohio.
-J. C. Aivrine. Clerk Board
-BOND OFFERING.
of Education, will receive sealed bids until 12 in. July 19 for $13.500 5% %
Financial Statement, July 1 1926.
Valuation for year 1925, less abatements
$21,993,440 00 school bonds. Da*e July 1 1926. Denom. $1.000 and one for $500. Due
Debt limit 2;4% of average valuation
529.855 33 Sept. 15 as follows: $500, 1927 and $1,000. 1928 to 1940. incl. A certified
Total gross debt
1,212.000 00 check for 5% of bid, payable to the above named clerk, is required.
Exempted Debt:
-The
RIVER ROUGE, Wayne County, Mich.
-BOND SALE.
Water bonds
$229,000
-were
8110.910 pavement bonds offered on Junes 22-V. 122, P. 3492
Electric light bonds
28.000
awarded to Stranahan. Harris & Oatis. Inc., of Toledo, at 104.17. Date
School and sewer bonds
562,000
June 11926. Duo 322,182, 1927 to 1931 incl. (Rate not stated.)
Tuberculosis hospital
911,000 00
92,000
RIVERVIEW, Wayne County, Mich.
-The $55,000
-BOND SALE.
Net debt
$301,000 00 5% water extension bonds offered on June 26-V. 122. P. 3637 ware
Borrowing canscity
$228,855 33 awarded to Lewis & CO., Joel Stockard & Co. and E. E. Macerone & Co.'
__Population (1920), 19,552.
Population
all of Detroit. jointly. at 104.838, a basis of about 4.555. Date June 30
1926. Due $1.000, 1927 to 1931, incl., and $2,000. 1932 to 1956, incl.
r'OUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
Minn.-CPMT/F./CATES
ROBINSDALE, Hennepin
Clearwater). Fla.
County,
-POND SALE.
-The following 10 issues ofschool bonds OFFERED.
-H. E. Clasen, Village Clerk, received sealed bids until July
aggregating *1.870.000 offered unsuccessfully on June 23-V.123, p.233
have been purchased by the R. Ballinger Co. of Cincinnati as 6s at 96.70: 14 for $33.000 not exceeding 534% water works extension certificates of
indebtedness. Date July 1 1926. benom.$500 and $1,000. Int. Payable
$650,000 speeim Tax School District No.3 bends.
J. & J.
425.000 Special Tax School District No. 12 bonds.
360.000 Special Tax School District No. 7 bonds.
ROCHESTER, N. Y.
-On July 12 the following four
-NOTE SALE.
125.000 Sneciol Tax School District No. 10 bonds.
issues of notes, aggregating 3308.000,offered on that date-V.123. P.233100.000 Special Tax School District No. 2 bonds.
were awarded to the National Bank of Rochester at 3.42% interest plus a
80.000 special Tax
District No.
premium of $6:
60.000 anode' Tax School District No. 15 bonds.
School
bonds.
$58.000 municipal building, as per ordinance of the Common Council
30,000 Special Tax School District No.6 bonds.
8
June 8 1926.
26.000 Special Tax School District No. 1 bonds.
25,000 municipal hospital, as per ordinance of the Common Council
25.000 Special Tax School District No. 5 bonds.
June 22 1926.
PIONEF.R VILLACF.SCHOOL DISTRICT(P.O.Pioneer), Williams 175.000 subway railroad, as per ordinance of the Common Council
March 24 1925.
County, Ohin.-NOTF OFFERTNG.-L. B. Wolf, Clerk Board of
'Educa50,000 water improvement, as per ordinance of the Common Council
tion, will receive sealed bids until 12 rn. July 24 for 85.52834 6% net defiFeb. 23 1926,
ciency notes. Date July 15 1926. Denom. $550, except 2 for $564 17.
Due Feb. 15 1927. Other bidders were:
Due each six months as follows* $564 17. Jan. 15 and July 1.5, 1927 and
Premium.
Interest.
$550,Jan. and July 15 1928 to July 15 1931 Incl. A certified check for 5% S.Bidder
$700
3.48
N. Bond & Co., New York
of the notes bid for, payalbe to the Board of Education, is required.
3.50
650
Robert Winthrop & Co., New York
225
3.50
PITTSFIELD, Berkshire County, Mass.
Genesee Valley Trust Co., Rochester
-The fol
-POND
lowboy bonds. aggreeeting $197,000 were awarded to SALE. Hobbs & Salomon Bros. & Hutzler New York
3.54
700
Wise,
Arnold of Boston on July 13 at 101.036. a basis of about 3.82.
-BOND OFFERING.
ROCKY RIVER, Cuyahoga County, Ohio.
$100,000 4% "Sewer Loan of 1926" bonds. Due $5,000 July 15 1927 to
Sealed bids will be received until 12 m. Aug. 30 by Frank Mitchell, Village
1046 inel.
Clerk. for 38,800 6% special assessment storm sewer bonds. Date Aug.
57,0004% "Paving Loan of 1926" bonds. Due July 15 as follows: 1
1926. Denom. $1.000, except one for $800. Due Oct. 1 as follows:
$m.000. 1927 to 1931 and $7.000.
5800. 1927 and $1,000.
40,000407: "Water Loan of 1926" bonds.1932.
to 1935. incl. A certified check for 10% of
Due $8,000 July 15 1927 to amount bid, payable to 1928Village Treasurer, is required.
the
1931 incl.
Date July 15 1926. Denom.$1,000. Prin.and int. J. & J. 15 payable at
-The $15,000
-BOND SALE.
ROME, Sunflower County, Miss.
the First National Bank of Boston, Boston. The bonds are engraved under registered school bonds offered on July 6-V. 123, p. 111-wore awarded
the supervision of and certified as to genuineness by the First National to the First National Bank of Memphis as 534s at a premium of $150,
Bank of Boston. Legality will be approved by Ropes. Gray, Boyden & equal to 101, a basis of about 5.38%. Date May 1 1926. Denom. $500.
Perkins. Bonds will be delivered to the purchaser on or about July 19 at Due May 1 as follows: $500, 1927 to 1931,incl.: 51,000,1932 to 1942, incl..
the First National Bank of Boston, Boston.
and 51,500 in 1943. Interest annually on May 1.
Financial Statement, July 11926.
ROOSEVELT SCHOOL DISTRICT NO. 51 (P. 0. Garrison), McNet valuation for year 1925
-The $30.000 5% school bonds
$54,632,530 00 Lean County, No. Dak.-BOND SALE.
Debtlimit
May 12 (V to 2 p. 2250) were awarded to the State of North
par. Doe. 122
1.325.206 66 offered
6
Total gross debt, including these issues
at
2,575,700 00 Dakota pn
Exempted debt:
RYE UNION FREE SCHOOL DISTRICT NO.1(P.O. Mamaroneck),
Water bonds
$924.000
-The 53,000 school bonds
-BOND SALE.
Westchester County, N. Y.
Sewer bonds
165,000
-were awarded to the Union Savings Bank
offered on July 9-V.122,p.3637
Paving bonds
272,000
of Mam Teieck as 4%S. Date July 15 1926. Due $1,000, July 15 1927
to 1p2
9ai n.
School bonds
213,000
Playground bonds_
7,000 1.581,00000
ST. AUGUSTINE, St. Johns County, Fla.
-BOND OFFERING.Net debt
$994,700 00 O. G. Oldfather, City Clerk, will receive sealed bids until 12 in. Aug. 16 for
Borrowing capacity. $330,506 66.
$300.000 5%% coupon general improvement bonds. Date Jan, 1 1926.
Denom. $1.000. Due Jan. 1 1956. Prin, and int. (J. & J.) payable in gold
PLEASANTVILLE, Westchester County, N. Y.
-BOND SALE.
- In New York
City or St. Augustine. A certified check for 5% of the bid.
The following two issues of 5% registered bonds. aggregating $90,000. payablen.
;
tee yoy Treasurer,
. ..
city
offered on July 13-V. 123, p. Ill-were awarded to Geo. B. Gibbons & Thomso toNhw CltrkTreas . required:, Legality approved by John C.
Co. Inc. of New York as follows:
,
ST. GEORGE, Dorchester County, So. Caro.
-BOND SALE.
000 highway bonds at 103.237, a basis of about 4.47%. Due $5,000
-The
$70.
Peoples Securities Co.of Charleston has purchased an issue of$22,000554%
June 1 1927 to 1940 incl.
20,000 water bonds at 101.897, a basis of about 4.59%. Due $2,000 Aug. paving bonds. Due Jan. 1 as follows: $5,000. 1931. 1936 and 1941, and
$7,000 in 1946.
1 1927 to 1936 incl.
JULY
17 1926.]
THE CHRONICLE
361
ST. JOHNS COUNTY SPECIAL TAX SCHOOL DISTRICT NO. I $21,000 Versailles-Sidney I. C. H. No. 217 bonds. Denom. $1,000,
.
(P. 0. St. Augustine), Fla.
-BOND OFFERING.
except 1 for $2,000. Due $2,000 each six months from March 1
-Robert B. Menerve,
Superintendent Board of Public Instruction, will receive sealed bids until
1927 to Sept. 1 1931 and $1.000 March 1 1932.
10 a. m. Aug. 3 for $250.000 6% school bonds. Date June 1 1926. Denom.
15,000 Piqua-St. Marys I. 0. H. No. 170 bonds. Denom. $500. Due
$1.000. Due June 1 as follows: $35,000, 1929. 1932, 1935, 1940. 1945 and
$1,500 March 1 1927 to 1936, incl.
1950, and $40,000 in 1955. Prin, and hit. (J. & D.) payable at the First
Date March 1 1926. Prin. and int. M. & S.. payable at the County
National Bank, St. Augustine or at the Chase National Bank, New York Treasurer's office. A certified check, payable to the County Auditor, for
City at option of holder. Purchaser to print and furnish the bonds. A 3% of the amount of bonds bid for is required.
certified check for 1% of the bid, payable to the Board of Public Instruction,
SHENANGO TOWNSHIP SCHOOL DISTRICT (P. 0. New Castle)'
required. Legality to be approved by Thomson, Wood & Hoffman of New
-BOND OFFERING.
-The Clerk of Board of
Lawrence County, Pa.
York City.
School Directors will receive sealed bids until 7:30 p. m.(Eastern standard
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
% school bonds. Date July 1 1926. A
-BOND OFFER- time) Aug. 2 for $100,000
ING.
-George A. Swintz, County Treasurer, will receive sealed bids until certified check for $200 is required.
11 a. m.July 22 for $66,0004 % unit highway bonds. Date July 151926.
-BOND DESCRIPTION.
SHERBURNE, Cbanango County, N. Y.
Denom. $1,000 and $660. Due $6,600, May 15 1927 to 1936 incl.
The $7,090 5% paving registered bonds purchased on June 21 by the Sher-V. 123. p. 112-are described
SALEM, Essex County, Mass.
burne National'Bank of Sherburne at par
-TEMPORARY LOAN.
-The Merchants National Bank of Salem was awarded on July 10 a $250,000 tempo- as follows: Denom. $1,000. Due $1,000. July 1 1927 to 1933, incl. Int.
rary loan on a 3.31% discount basis, plus a premium of $1 88.
payable J. & J.
-BOND SALE.
SHIAWASSEE COUNTY (P. 0. Corunna), Mich.
SANDUSKY, Sandusky County, Ohio.
-BOND OFFERING.
-Carl Benjamin Dansard & Co. of Detroit have purchased an issue of $82,000 6%
F. Briening, City Treasurer, will receive sealed bids until 12 m. (Central
standard time) Aug. 5 for $60.000 4 % grade crossing elimination bonds. road bonds at 100.43. Int. semi-annually.
Date July 1 1926. Denom. $1.000. Due $3,000, July 1 1928 to 1947 incl.
-BONDS VOTED.
-At a
SHUBERT, Richardson County, Okla.
Prin. and semi-ann. int. payable at the City Treasurer's office. A certified recent election the voters authorized the issuance of $22,000 water bonds by
check for 10% of the amount of bonds bid for, payable to the City Treas- a count of 117 for to 57 against.
urer, is required.
-At a recent
SILVER CITY, Mills County, Iowa.-BONDS VOTED.
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND OFFERING. election the voters authorized the issuance of $14.000 school bonds.
-Sealed bids will be received until 11:30 a. m. July 24 by K. R. Richards,
-At an election
SMITHVILLE, Clay County, Mo.-BONDS VOTED.
County Auditor. for $38,000 5% I. C. H. No. 515 bonds. Date April 16
1926. Denom. $1,000. Due Oct. 16 as follows: $4,000, 1927 to 1933 incl. held on July 6, the voters authorized the issuance of $80,000 water and
and $5,000 in 1934 and 1935. payable A. & 0. 16. Purchaser to pay for sewer bonds by a count of 336 for to 114 against.
legal opinion of Squire, Sanders & Dempsey of Cleveland. Bonds must
-BOND SALE.
-The
SOMERSET COUNTY (P. 0. Somerset), Pa.
be received and paid for within 20 days notice of award. A certified $500,000 4 % coupon or registered county bonds offered on July 8-V.
check for $2,000, is required.
& Co.
• 3637-were awarded to M. M. Freeman about of Philadelphia at a
122.
4.09%. Date Aug.
premium of $11,195, equal to 102.23, a basis of
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND SALE.
-The
1926. Due $100,000 Aug. 1 1936. 1941. 1946. 1951 and 1956.
$22,500 5% road impt. bonds offered on July 3-V. 123, p. 112
-were 1
awarded to the Herrick Co. of Cleveland at a premium of $513, equal to
SOUTH ORANGE AND MAPLEWOOD SCHOOL DISTRICT (P. 0.
102.28, a basis of about 4.57%. • Date May 6 1926. Due Nov.6 as fol- South Orange), Essex County, N. J.
-BOND SALE.
-The Guaranty
lows: $500, 1927; $2,000. 1928 and 1929. and $3.000. 1930 to 1935, incl.
Co. of New York purchased on July 13 an issue of $60.000 temporary bonds
3.70% discount basis plus a premium of $2. Date July 15 1926.
on a
SAN JOSE,Santa Clara County, Calif.
-BOND SALE.
-The Bank of
15 1927.
s
o
Italy, San Francisco, has purchased an issue of $500,000 5% water works Due
RD SCHOOL DISTRICT (P. 0. Sanford), Lee
SA
bonds at 102.75. Due in 1951.
-C, Heck. Secretary Board of
-BOND OFFERING.
County, No. Caro.
SANTA MONICA, Los Angeles County, Calif.
-BOND SALE.- Education, willreceive sealed bids until July 19 for $15.0006% school bonds.
The $860,000 clover field purchase bonds offered on June 28-V. 122, p.
-BOND SALE.
-The Channel.
SPRING CITY, Rhea County, Tenn.
3637
-were awarded to the Citizens National Bank of Los Angeles, at par
Securities Co. of Chicago has purchased an issue of $24,000 6% coupon
as follows:
ktreet impt. and funding bonds. Date June 1 1925. Denom. $500. Due
$330,000 bonds, due $22.000 July 10 1940 to 1954 incl., as 4jis.
June 11945. Prin. and bat. (J. & D.) payable at the Chemical National
286,000 bonds, due $22,000 July 10 1927 to 1939 incl., as 5s.
City. Legality approved by Peck, Shaffer & Williams of
Bank, New
244,000 bonds. due $22.000 July 10 1955 to 1964 incl., and $24,000 July Cincinnati. York
10 1965 as 4Iis•
Financial Statement.
Date June 1 1926.
$1.000,000
Actual value of taxable property, est.
The above supersedes the report in V. 123, p. 112.
486,300
-The price paid for the $50.000 library bonds awarded Assessed valuation, 1924
PRICE PAID.
54,000
bonded debt
on June 28 to the American National Bank of Santa Monica
-V. 123, p. Total Waterworks bonds
$30,000
Less:
112
-was a premium of $13, equal to 100.02, a basis of about 4.49%, for
24,000
bonds. Date June 1 1926. Due $1,500, 1927 to 1958 incl., and Net bonded debt
%
Population, 1.200.
$2,000 in 1959.
SPRINGDALE TOWNSHIP SCHOOL DISTRICT (P. 0. Harwick),
SARANAC LAKE (Village), Franklin County, N. y.
-R. H. Kelly, Secretary
-BOND OFFERING.
-BOND Allegheny County, Pa.
OFFERING.
-Seaver A. Miller, Village Clerk, will receive sealed
of Directors, will receive sealed bids until 7 p. m. (eastern standard
until 4 p. m. July 26 for the following three issues of not exceeding bids BoardJuly 27 for $10,000 436% coupon school bonds. Date Aug. 10 1926.
5% time)
registered or coupon impt. bonds, aggregating $18,000:
$1,000. Due $5,000 Aug. 10 1946 and 1951. Purchaser to pay
$4,000 St. Bernard St. paving bonds. Date June 1 1926. Denom.$1,000. Denom.
for the printing of the bonds. A certified check for $500 is required.
Due $1,000 June 1 1927 to 1930 incl. Int. J. & D.
-BOND OFFERING.
SPRING LAKE, Ottawa County, Mich.
8,000 Winona Ave. paying bonds. Date Aug. 1 1926. Denom. $1,000.
Due $1,000 Aug. 1 1927 to 1934 incl. Int. F. & A.
William D. Spencer, Village Clerk, will receive sealed bids until 7:30 p. m.
6,000 storm sewer bonds. Date Aug. 1 1926. Denom. $1,000. Due (Eastern standard time) Aug.2 for the following not exceeding 6% sanitary
$1,000 Aug. 1 1927 to 1932 incl. Int. F. & A.
sewer bonds. aggregating $62,900:
Prin. and int. payable at the Adirondack National Bank of
$50,200 special assessment bonds.
Lake in New York exchange. Bids must be unconditional, and Saranac
12,700 general assessment bonds.
accompanied by a certified check, drawn on a national bank, or trust
Purchaser is required to pay for printing of the bonds and securing legal
company. opinion. Bidder is to state denominations in which he desires the bonds
for 5% of the bid.
the wands and the Place for payment
the date
Financial Statement (as Officially Reported).
to be issued, interest. of certified check for $1,000 is required. of both
A
Assessed valuation of real property subject to taxation as
principal and
same appears on the 1926 asseesment roll
-PRE
-ELECTION SALE.
SPRINGVILLE, Utah County, Utah.
$7,249,550 00
Bonded debt
-Water bonds
$127,900 00 The Palmer Bond & Mortgage Co. of Salt Lake City has purchased an issue
Abutting owner bonds
,
35655 78 of $80.000 water works impt, bonds, subject to their being voted at an
All other bonds
265.680 00 election to be held to-day (July 17)•
-The
Total indebtedness
STAMFORD, Fairfield County Conn.-TEMPORARY LOAN.
$429,235 78
'
Bank of Stamford was awarded on July 13 a
Sinking fund to pay water bonds, about
$13.500 00 First Stamford Nationalon a 3.37% discount basis plus a premium of $1.
Annual receipts for water rent
temporary loan
40,000 00 $100,000
No floating indebtedness. Property is assessed at from 40
Date July 15 1926. Due Oct. 6 1926. Legality approved by Storey,
of its estimated actual value. Tax rate for 1926 is $17 per $1.000.to 50% Thorndtke. Palmer & Dodge. of Boston.
has never been any default in payment of any obligation. ThereThere
is no
litigation pending or threatened regarding the issue of any of these bonds.
STOKES TOWNSHIP RURAL SCHOOL DISTRICT,Logan County,
-E. L. Van Horn, Clerk Board of Education,
Population, census of 1925, 6,579.
-NOTE OFFERING.
Ohio.
will receive sealed bids until 12 m. July 17 (to-day) for $15,610 33 6% net
SCAPPOOSE DRAINAGE DISTRICT, Columbia County, (P. 0. deficiency notes. Date June 1 1926. Denom. Si.561 03. Due $1.561 03
St. Helens), Ore.
-BOND SALE.
-George IT. Burr, Conrad &
each six months from June 1 1927 to Dec. 1 1931 incl. A certified check
Inc., of Portland have purchased an issue of $310.000 6% drainageBroom, for 5% of bid payable to the Board of Education is required.
bonds.
Date Sept. 1 1925. Denom. $1,000. Due Sept. 1 as follows: $10,000,
STRUTHERS, Mahoning County Ohio.-BOND OFFERING.1930 to 1933 incl.: $15.000, 1934 to 1935; $16.000. 1936 to 1937; $21.000,
1938 to 1940 incl.; $26,000. 1941 to 1943 incl.; $31,000
Sealed bids will be received until 12 m. July 23 by Albert G. Jones, City
in 1945. Prin, and int. (M. & S.) payable in gold at in 1944 and $36,000 Auditor, for $19,320 35 555% special assessment paving and curbing bonds.
the
the State in New York City. Legality to be approved by fiscal agency of Denom. $1,000 except 1 for $320 35. Date July 15 1926. Due Sept. 15
Ridgway. John$3,320 35. 1929 and
son & Montgomery of Portland and John C. Thomson of
as follows: $4,000 in 1927 and 1928;certified check for $4,000 in 1930 and
N. Y. City.
$500. payable to the
Financial Statement.
1931. Int. payable M.& S. 15. A
Total number of acres
City Treasurer is required.
5.763
Appraised value of land and improvements
-BOND SALE.
$960.000 00
-The
SUMNER COUNTY (P. 0. Wellington), Kan.
Bonded debt_______________________
-were awarded
310,000 00 $33.000 434% road bonds offered on July 12-V.123, p. 112
Bonded debt Per acre
53 80 to the Guarantee Title & Trust Co. of Wichita at a premium of $380. equal
Number of owners in district
32 to 101.15, a basis of about 4.25%. Date July 1 1926. Due $3,300, July 1
Average number of acres per owner
180 1927 to 1936 incl.
Estimated annual maintenance charge per acre
80 cents
SUSQUEHANNA COUNTY (P. 0. Montrose), Pa.
-BOND SALE.
SCARSDALE, Westchester County, N. Y.
-BOND
-The $90.000 4 It% coupon water bonds awarded on JuneDESCIFF137-710.. The $450.000 434% coupon county bonds offered on July 12-V. 122. D.
29
-were awarded to the Guaranty Co. of New York at 102.309. a basis
facturers & Traders Trust Co. of Buffalo at 101.458-V. to the Manu- 3493
basis of about 4.14%, are described as follows: Date June 123. p. 112-a of about 4.09%. Date July 11926. Due July 1 as follows: $25,000, 1931:
11928.
$1,000. Due $3,000, June 1 1931 to 1960, incl.... Int. payable J.Denom. $50,000, 1936 and 1941; $75.000, 1946; $100.000, 1951 and $150,000, 1956.
It+ n
SWARTHMORE SCHOOL DISTRICT (P. 0. Swarthmore), DelaSEA CLIFF, Nassau County, N. Y.
-BOND OFFERING.--fir-i1iT1-.
-BOND OFFERING.
-J. A. Perry, President of School
Branthwalte, Village Clerk, will receive sealed bids until 8
ware County,Pa.
p. m.(daylight Beard, will receive sealed bids untll 7 P. m. (standard time) July 27 for
saving time) July 27 for $15.500 not exceeding 5%
Improvement bonds. Date Aug. 1 1926. Denom. coupon or registered $150,000 434% coupon (registerable as to principal) school bonds. Date
$1.000. except one for
mon, Due Aug. 1 as follows: $4,000 in 1927
and 1928: $1,000, 1929 to Sept. 1 1926. Denom. $1,000. Due $5,000 Sept. 1 1927 to 1956 incl.
Legality will be approved by Duane, Morris & Heckscher of Philadelphia.
1934, inclusive, and $1,500 in 1935. Rate of interest to be
tiples of If or 1-10 of 1%. Principal and interest payable stated in mul- A certified check for 2% of the par value of the bonds bid for, payable to
State Bank of Sea Cliff in New York exchange. Legalityin gold at the the District Treasurer is required.
Clay & Dillon of New York. A certified check for $300 is approved by
TAHOKA INDEPENDENT SCHOOL DISTRICT, Lynn County,
required.
-The Central Trust Co. of San Antonio has pur-BOND SALE.
Texas.
SHEFFIELD LAKE (P. 0. Lorain), Lorain County,
Ohio.
OFFERING.
-Frank Field. Village Clerk, will receive sealed -BOND chased an ISSlie of $100.000 5% school bonds at. premium of $1,025, equal
bids until to 101.025. Due serially in 40 years. These are the bonds voted at the
12 m. July 27 for $17,000 53.% water-works improvement
Aug. 15 1926. Denom. $500. Due Sept. 15 as follows: bonds. Date election held on Mar. 6-V. 122. p. 1665.
$2.000,
1930. Inclusive. and $1,500. 1931 to 1936. inclusive, A certified 1927 to
TEANECK TOWNSHIP SCHOOL DISTRICT (P. 0. West Engle3% of the bonds bid for, payable to the Village Treasurer, is check for
wood), Bergen County, N. J.
-BOND SALE.
required.
-The $21.000 5% coupon
SHELBY COUNTY (P. 0. Shelbyville), Ind.
or registered school bonds offered on July 9-V. 123. p. 112-were awarded
-BOND OFFERING:
- to B. J. Van Ingen & Co. of N. Y. City at a premium of $169. equal to
00o. W. McKenney, County Treasurer, will receive
sealed bids
10 a. m. July 22 for $9420 5% Hanover Twp. highway bonds. until 100.80. a basis of about 4.83%. Date Aug. 1 1926. Due 52.000 Aug. 1
Date 1927 to 1935 incl., ancr$3,000, Aug. 1 1936.
July 15 1926. Denom. $471. Due $474 each six months from
May 15
Nov. 15 1936, incl. Int. payable M. & N. 15.
192 to
TELFAIR COUNTY (P. 0. McRae), Ga.-BOND OFFERING.
-H. S.
BOND SALE.
-The Fletcher American Co.of Indianapolis has
Tucker, Clerk Board of County Commissioners, will
bids
an issue of $13,300 43.5% Moral Twp. road bonds at a premium purchased until 12 m. Aug. 2 for $185,000 4I4% bridge bonds. receive sealed1926.
Date July 1
of 491 50,
enual to 100.59. Due each six months in 1 to 10 years.
Due July 1 as follows: $3,000, 1928 and 1929; $4,000, 1930: 53.000. 1931:
$4.000, 1932 to 1934, bicl.; $5.000, 1935;$4,000. 1936;$5.000, 1937 to 1939.
r SHELBY COUNTY (P. 0. Sidney), Ohio.
-BOND
incl.; $6,000. 1940; $5.000, 1941: 56,000, 1942: $7,000, 1943: $6,000. 1944;
C. M. Fogt, Clerk of Board of County Commissioners, willOFFERING
receive sealed $7,000. 1945 to
1950 to 1953.
bids until 10 a. m. July 26 for the following two issues of 6% road bonds, incl.: $11,000. 1947, incl.•, $8,000, 1948 and 1949: $9,000.certified check
1954; $10,000, 1955 and $12,000 in 1956. A
aggregating $36,000: LYNAM warn
for 1% of bid required.
•
362
THE CHRONICLE
TEXAS (State of).
-BONDS REGISTERED.
-The State Comptroller
of Texas registered during the week ending July 10th the following bonds
aggregating $16,300:
Amount.
Place.
Date Re0.
Due.
Int. Rate.
$3,000 Live Oak Co. Com.S.D. No.9-- 6%
July 8
Serially
2,800 CollingsworthCo.Com.S.D.No.2$ 5.4% 10 to 40 years July 8
2,700 Coleman Co.Com.S.D. No.54-10 to 20 years July 8
5%
2,000 CollingsworthCo.Com.S.D.No. 9 5%% 10 to 20 years July 8
, 2,000 Colernan Co.Com.S.D.No.38-8
5%
10 to 20 years July „
2,000 Burnett Co. Corn. S.D. No, 23-Serially
July 5
5%
1,800 Martin & Dawson Cos. Corn.
S. D. No.9
5%
10 to 20 Years July 10
THREE RIVERS, St. Joseph County, Mich.
-The
-BOND SALE.
-were
170.000 414% hospital bonds offered on June 30-V. 122, p. 3638
awarded to Stranahan, Harris & Oatis, Inc.. of Toledo, at 102.014, a basis
of about 4.33%. Date June 30 1926. Due Dec. 31 as follows: $2,000,
1926 to.1945, incl., and $3,000, 1946 to 1955, incl.
TIPTON, Tillman County, Okla.
-BOND SALE.
-The $60,000 6%
coupon sewer and city hall bonds offered on July 9-V. 123, p. 112
-were
awarded to R. J. Edwards, Inc., of Oklahoma City at a premium of $2,570,
equal to 104.28. Duo serially in 25 years.
TOLEDO, Lucas County, Ohio.
-NOTE SALE.
-The $843,895 34
5% deficiency notes offered on July 13-V. 122, p. 3638
-were awarded
to Eldredge & Co.of New York at a premium of$12.657 41,equal to 101.49,
a basis of about 4.36%. Date Aug. 1 1926. Due $84,000, Feb. 1. and
$85.000, Aug. 1 1927 to 1930 incl., and $84,000, Feb. 1, and $83,895 34,
Aug. 1 1931.
BOND SALE.
-The $50,000 4%% fire station bonds offered on July
13-V. 122, p. 3493-were awarded to W. L. Slayton & Co. of Toledo at a
premium of $1,333, equal to 102.66, a basis of about 4.37%. Date June 1
1926. Due Nov. 1 as follows: $3,000. 1927 to 1936 incl., and $4,000, 1937
to 1941 incl.
TOMBERLIN SPECIAL RURAL SCHOOL DISTRICT NO. 1,
Tonoke County, Ark.
-BOND SALE.
-The Channer Securities Co. of
Chicago has purchased an issue of $33,000 5% coupon school bonds. Date
June 1 1926. Denom. $500. Due June 1 as follows: $1,000, 1931 to
1935 incl.: $2.000. 1936 to 1940 incl., and 13.000. 1941 to 1946 incl. Prin.
and int.(J.& D.) payable at the Bankers Trust Co., Little Rock. Legality
approved by James B. McDonough of Ft. Smith.
Financial Statement.
Actual value of taxable property (estimated)
$1,500,000
Assessed valuation
433,817
Total bonded debt
33,000
Population, 1,500.
TOM GREEN COUNTY SCHOOL DISTRICTS P. 0. San Angelo),
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas registered
on July 8 the following two issues of 557 bonds aggregating $20,000:
$10,000 Common'School District No. 8 bonds.
10,000 CO11111100 School District No. 4 bonds.
Due serially in 5 to 40 years.
TOPEKA, Shawnee County, Kan.
-BOND SALE.
-The $84,025 39
paving bonds offered on July 13-V. 123, p. 234
-were awarded to the
Branch-Middlekauff Co. of Wichita at 100.009. Date July 11926.
TRUMBULL COUNTY (P.O. Warren), Ohio.
-W.L.
-BOND SALE.
Slayton & Co. of Toledo have purchased an issue of $76,000 4%% road
improvement bonds. Date June 1 1926. Denom. $1,000. Due each six
months as follows: $4,000, April 1, and $5,000, Oct. 1 1927 to 1930 incl.;
14,000, April 1 and Oct. 1 1931: 13,000, April 1 and Oct. 1 1932 to 1935
incl., and $4,000. April land Oct. 1 1936. Prin. and int.(A.& 0.) payable
at the County Treasurer a office. Legality approved by Squire, Sanders &
Dempsey of Cleveland.
TULSA, Tulsa County, Okla.
-BONDS VOTED.
-At an election held
on June 22 the voters authorized the issuance of 11.490,000 municipal
Improvement bonds.
UNION COUNTY (P. 0. Morganfield), Ky.-BOND SALE.
-Rogers.
Caldwell & Co. of New York have purchased an issue of 1150.000 434%
road and bridge bonds at a premium of $100. equal to 100.06, a basis of
about 4.49%. Date July 1 1926. Denom. $1,000. Due July las follows
$15,000, 1931; $4,000. 1932 to 1936 incl.; $5,000, 1937 to 1941 incl., and
16,000, 1942 to 1956 incl. Prin. and In (J. & J.) payable at the Chemical
National Bank, N. Y. City. Legality approved by Chapman, Cutler &
Parker of Chicago.
URBANA, Champaign County, Ohio.
-11. M.
-NOTES OFFERED.
Crow, City Auditor, received sealed bids until 12 m. July 12 for 13.987 14
6% net deficinecy notes. Date July 1 1926. Denom. $500 except one
for 1487 14. Due each six months as follows: $487 14 March 1 1927
and $500 Sept. 1 1927 to Sept. 1 1930 inclusive.
VERMILION, Erie County, Ohio.
-Sealed bids
-BONDS OFFERED.
were received until 12m. July 12 by W. H. Mitchell. Village Clerk, for
124,0005% water bonds. Date April 11926. Denom.$1,000. Due $1,000,
Oct. 1 1927 to 1950. incl. Int. payable A. & 0. Legality approved by
Squire, Sanders & Dempsey of Cleveland.
VERNON CIVIL TOWNSHIP (P. 0. Fortville), Hancock County,
Ind.
-BOND OFFERING.
-Harry Wood, Township Trustee, will receive
sealed bids until 10 a. m. July 27 for $57,000
% school bldg. bonds.
Date May 1 1926. Denom. $1,000. Due each six months as follows:
11,000, July 1 1927; $1,000, Jan. 1 and July 1 1928 to July 1 1934 incl.,
and 52,000, Jan. 1 and July 1 1935 to Jan. 1 1945 incl. Prin. and int.
(J. & J.) payable at the First National Bank of Fortville.
-BOND
VERSAILLES SCHOOL DISTRICT (P. 0. Versailles), Pa.
SALE.
-The $70,000 4%% coupon school building bonds offered on
July 12-V. 122. p. 3638
-were awarded to S. M. Vockel & Co. of Pittsburgh at a premium of $927 25, equal to 101.32, a basis of about 4.37%.
Date July 1 1926. Due Jan. 1 as follows: 12,000, 1931; $3.000. 1932;
$2,000, 1033:13.000. 1934:12,000, 1935:13.000. 1936;$2,000, 1937:$3.000,
1938; $2,000. 1939: $3,000, 1940; 12,000, 1941; $3,000, 1942; $2,000, 1943;
$3,000, 1944; $2,000, 1945, and $3,000, 1946 to 1956 incl.
WABASH COUNTY (P. 0. Wabash), Ind.
.-BOND OFFERING
Amos Smith. County Treasurer, will receive sealed bids until 2 p. m. July
20 for 110.000 4%% La Gro Twp. road bonds. Date July 15 1926.
Denom. $500. Due $500 each six months from May 15 1927 to Nov. 15
1936 incl.
WALNUT INDEPENDENT SCHOOL DISTRICT, Pottawattamie
County, Iowa.
-BOND SALE.
-The $25,000 coupon school bonds offered
on June 25-V. 122, p. 3374
-were awarded to Geo. M. Bechtel & Co. of
Davenport as 4%s at a premium of $380, equal to 101.52. Date June 1
1926. Due serially June 1 1927 to 1946 incl.
WANAMINGO, Goodhue County, Minn.
-The $15,-BOND SALE.
000(not $115.000) water works bonds offered on June 23-V. 122, p.3638
were awarded to the Farmers State Bank of Wanamingo as 4%s at a premium of $201. equal to 101.34, a basis of about 4.29%. Date July 1 1926.
Due $1,000, July 1 1927 to 1941 incl.
WASHINGTON (State of.)
-PRICE PAID.
-The price paid for the
$300.000 capitol building bonas awarded on June 23 to the State Accident
Fund-V.123, p. 113
-was par for 4%% bonds. Due in 20 years.
WASHINGTON COUNTY (P.O. Vernon), Fla.
-WARRANT OFFER-T. D. Owens, Chairman Board of County Commissioners, will
ING.
receive sealed bids until 11 a. m. Aug. 2 for $50.000 6% time warrants.
Data Feb. 1 1926. Denom. $1,000. Due Feb. 1 1946. Prin. and int.
(F. & A.) payable at the Chase National Bank, N. Y. City or at the First
National Bank, Chipiey. A certified check for $1,000 required. These
are the warrants offered for sale on June 21-V. 122, p. 2994.
WASHINGTON COUNTY(P.O. WashingtoR),Pa -BOND SALE.
The $350,000 434% road impt. bonds offered on July 13-V. 122, p.3638
we awarded to the Union Trust Co. of Pittsburgh at a premium of $21,038 50, equal to 106.01. a basis of about 4.13%. Date June 1 1926. Due
June 1 as follows: 13.000. 1940; $5,000, 1941 to 1949 incl.: $30,000, 1950;
132,000, 1951; $40,000, 1952, and 150,000. 1953 to 1956 incl.
-The
WATERBURY, New Haven County, Conn.
-BOND SALE.
following two issues of 431% coupon or registered water bonds aggregating
-were awarded to Pulleyn &
offered on July 13-V. 123. p. 113
$585,000
both of New York, jointly, for $589,327, equal
Co. and F. B. Keech &
Co..
to 100.73, a basis of about 4.19%:
Wm.. 123.
$285,0d0 Sixteenth series bonds. Hate July 1 1924. Due on July 1 as
follows: $8,000, 1927 to 1945 incl., and $7.000. 1946 to 1964 incl.
300,000 Nineteenth series bonds. Dated July 15 1926. Due $10,000,
July 15 1927 to 1956 incl.
WATJWATOSA, Milwaukee County, Wis.-BOND OFFERING.
A. V. Brigham, City Clerk, will receive sealed bids until 7:30 p. m.July 20
for•the following two issues of 4.%% bonds aggregating $50,000:
$25,000 street impt. bonds. Due Mar. 15 as follows: $1,000, 1927 to 1941,
incl., and $2,000, 1942 to 1946. incl.
25,000 water works bonds. Due Mar. 15 as follows: $1,000, 1927 to 1941,
incl., and $2,000, 1942 to 1946, incl.
Date June 15 1926. Denom. 11,000. Prin. and int. (M. & S. 15)
payable at the First National Bank or the Wauwatosa State Bank, both of
Wauwatosa, at option of holder.
WAYNE COUNTY (P. 0. Monticello), Ky.-BOND SALE.
-The
$75,000 coupon road and bridge bonds offered on June 21-V. 122, p. 3494
-were awarded to Caldwell & Co. of Nashville as 55 at a premium of
$2,663, equal to 103.546. Date June 1 1926. Denom. $1,000. Due
serially. Int. payable J. & D.
WESTFIELD UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Westfield), Chautauqua County, N. Y.
-The 1125.000
-BOND SALE.
5% school bonds offered on July 12-V. 123. p. 113
-were awardedto the
Grape Belt National Bank of Westfield at 106.495. a basis of about430%•
Date May 1 1926. Due $5.000 Nov. 1 1927 to 1951 incl.
WEST LAMPETER TOWNSHIP (P. 0. Lancaster), Lancaster
County Pa.-BOND OFFERING.
-John F. Weaver. Township Secretary.
will receive sealed bids until July 19 for $20,000 434% coupon or registered
township bonds. Date July 11926. Denom. $1,000. Legality approved
by Townsend, Elliott & Munson of Philadelphia. A certified check for
2% of the bonds bid for is required.
WEST ORANGE, Essex County, N. J.
-Ronald
-BOND OFFERING.
C. Alford, Town Clerk, will receive sealed bids until 8:15 p. m.(daylight
saving time) July 27 for the following 4%% coupon or registered bonds
aggregating $414,000:
$308,000 assessment bonds. Due Aug. 1 as follows: 130.000, 1927 to 1934
incl.; $33,000. 1935, and 135,000, in 1936.
106.000 street and sewer bonds. Due Aug. 1 as follows: 13,000. 1927 to
1936 incl., and $4,000, 1937 to 1955 incl.
Date Aug. 11926. Denom. $1,000. Prin. and int. (F. & A.) payable
at the First National Bank, West Orange. No more bonds to be awardea
than will produce a premium of $1,000 over each of the above issues. The
bonds will be prepared under the supervision of the United States Mortgage
& Trust Co., New York, which will certify as to the genuineness of the signatures of the officials and the seal impressed thereon. Legality will be
approved by Hawkins, Delafield & Longfellow, New York. A certified
check for 2% of the amount of bonds bid for, payable to the Town Treasurer, is required.
WEST WARWICK, Kent County, R. I.
-Harris,
-BOND SALE.
Forbes & Co. of Boston were awarded on June 25 an issue of $350,000 4%.%
junior high school bonds at par.
-Redmond
WHITESBORO, Oneida County, N. Y.
-BOND SALE.
Co. of New York purchased on June 29 an issue of 125.000 4,Jto (village's
portion) paving bonds at 100.09-a basis of about 4.49%. Date July 1
1926. Denom. $1.000 and $500. Due $2,500 July 1 1927 to 1936. inclusive. Principal and interest (J. & J.) payable at the Whitestown National
Bank, Whitesboro. Legality approved by Clay & Dillon, New York.
WINCHENDON, Worcester County, Miss.
-BOND SALE.-Estabrook & Co. of Boston were awarded on July 9 the following 2 issues of 4%
bonds aggregating $225,000:
$200,000 sewer bonds.
$25,000 town hall bonds.
WINSTON-SALEM, Forsyth County, No. Caro.
-BOND OFFERING.
-W.II. Holcomb, Commissioner of Finance, will receive sealed bids until
12 m. July 28 for the following coupon bonds aggregating $1,575.000:
1700,000 5% street assessment bonds. Due $70,000, July 1 1928 to 1937
inclusive.
400,000 43% water works bonds. Due $10,000, July 1 1928 to 1965
incl., and $20,000, July 1 1966.
275.000 44% general impt. bonds. Due July 1 as follows: $13,000.
1927 to 1935 incl.; $14,000, 1936 to 1944 incl., and $16,000, 1945
and 1946.
100,000434% sewer bonds. Due July 1 as follows: $2,000, 1928 to 1941
incl., and $3.000. 1942 to 1965 incl.
100,000 4Si% city garage bonds. Due July 1 as follows: $5,000. 1928 to
1942 incl.: 18,000, 1943 and 1944, and $9,000 in 1945.
Date July 11926. Denom. 81.000. Prin. and int. (J. & J.) payable in
gold at the United States Mortgage & Trust Co. New York City. The
bonds will be prepared under the supervision of theUnited States Mortgage
& Trust Co.. which will certify as to the genuineness of the official signatures
and seal thereon. A certified check for 2% of the bid required. Legality
to be approved by Reed, Dougherty, Hoyt & Washburn of N. Y. City.
Financial Statement.
Total assessed valuation of taxable property
1130.000.000 00
Actual value of taxable property (estimated)
200,000,000 00
Gross bonded debt (incl. proposed issues of bonds)
15.191,581 95
Water bonds
$2,606,091 89
Sinking funds (for bonds other than water
161,006 49
bonds)
Special assessments (actual or estimated) applicable to payment of bonded debt
4,376,231 67
Total deductions
7,143,330 05
Net bonded debt
$8,048,251 90
Population, 1920 Census, 48.395; 1925 (estimated), 74,000.
WINTER PARK, Orange County, Fla.
-BOND OFFERING.
-E. F.
Bellows, City Clerk, will receive sealed bids until 7:30 p. m. July 30 for
1283.000 not exceeding 6% impt. bonds. Date July 1 1926. Denom.
$1,000. Due Jan. 1 as follows: $28,000. 1928 to 1936 incl., and 831.000
in 1937. Prin. and in (J. & J.) payable at the National Bank of Commerce, N. Y. City. A certified check for 2% of the bonds required.
Legality to be approved by Caldwell & Raymond of N. Y. City. •
WINTER14AVEN SPECIAL TAX SCHOOL DISTRICT NO. 3, Polk
County (P. 0. Bartow), Fla.
-BOND . OFFERING.
-A. B. Connor,
Secretary Board of Public Instruction, will receive sealed bids until 2 p. m.
Aug. 10 for $150,000 6% school bonds. Date July 1 1926. Denom.
$500. Due July 1 as follows: $4,500, 1929 to 1933. incl.•. $5,500, 1934 to
1954, incl., and 16,000. 1955 and 1956. Prin. and int. (J. & J.) payable
at the National Park Bank, N. 1. City. A certified check for $3.000
required.
WOLCOTTVILLE, Lagrange County Ind.-BOND OFFERING.Sealed bids will be received until 1 p. m. July 24 by the Town Clerk for
$4,500 public comfort station bonds.
WOOD-RIDGE (P. 0. Rutherford), Bergen County, N. J.
-BOND
SALE.
-The 365,000 434% coupon or registered sewer bonds offered on
July 14 (V. 122, p. 3639) were awarded to the Carlstadt National Bank of
Carlstadt at 100.15, a basis of about 4.49%. Date March 11926. Due
March 1 as follows: $1,500. 1927 to 1956, inclusive, and $2,000, 1957 to
1966, inclusive.
WOONSOCKET,Providence County, R. I.
-Eldredge
-BOND SALE.
& Co. and Blodget & Co., both of N. y, City, have purchased, jointly,
the following two issues of 01% bonds, aggregating $400,000, at 99.21:
$250,000 water bonds.
150,000 high bonds. Due serially from 1927 to 1936, incl.
Interest J. & D.
-The $380.000
-BOND SALE.
WYANDOTTE, Wayne County, Mich.
-were
434% water extension bonds offered on June 28-V. 122, p. 3639
awarded to Benjamin Dansard & Co., Whittlesey, McLean & Co. and the
Union Trust Co., all of Detroit, at 102.82, a basis of about 4.25%. Date
June 15 1926. Due June 15 as follows: $5.000. 1927 to 1930 incl.; $10,000,
1931 to 1936 incl., and 115,000. 1937 to 1956 incl.
-BOND
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
(Central standard
OFFERING.
-Sealed bids will be received until 10:30 a. m.
time) July 17 (to-day) for the following 3 issues of 5% bonds, aggregating
$26,284 88:
$17,958 38 Salem-Mifflin Twp. Road Impt. No. 124 bonds. Denom.
$1,000. $800 and $758 38. Due Sept. 1 as follows: $1,758 38
in 1927 and $1,800, 1928 to 1936. incl.
JULY
363
THE CHRONICLE
17 1926.]
4.642 35 Crane-Tymochtee Tvrp. Road Impt. No. 132 bonds. Denom
$450. except 1 for 3592 35. Due Sept 1 as follows: $592 35 in.
1927 and $450, 1928 to 1936, incl.
3,684 15 Tymochtee Twp. Road Impt. No. 106 bonds. Denom. $350,
except 1 for $350. Due Sept. 1 as itllows: $534 15 in 1927, and
$350, 1928 to 1936, incl.
Date July 1 1926. Prin. and int. (M. & S.) payable at the County
Treasurer's office. A certified check for 5% of the face value of the bonds
bid for is required.
ZAVALLA COUNTY COMMON SCHOOL DISTRrCT NO. 1 (P. 0.
-BONDS REGISTERED.
-The State Comptroller of
Batesville), Tex.
Texas registered on July 9 an issue of $45,000 5% school bonds. Due
serially.
MONTREAL PROTESTANT CENTRAL SCHOOL DISTRICT, Que.
-The $1,400,000 5% school bonds offered on July 14-BOND SALE.
V. 123. p. 235-were awarded to a syndicate composed of McLeod, Young,
Weir & Co. and Bell, Gouinlock & Co. and Mead & Co., all of Montreal.
Date May 1 1926. Due May 1 as follows: $20,000, 1927 to 1930 incl.;
830,000. 1931 to 1937 incl.; 110,000. 1938 to 1942 incl.; 150.000, 1943 to
1946 incl.; $60,000, 1947 to 1950 incl.; $70,000, 1951 and 1952; $80,000.
1953 to 1955 incl., and $90,000 in 1956.
-BOND OFFERING.
-E. N. Rhodes,
NOVA SCOTIA (Province of).
Provincial Treasurer, will receive sealed bids until 2 p. in. (standard time)
for 4 and 434% provincial coupon bonds to the amount of $2,500,000
July 20
as follows:
-year bonds. Principal and interest payable in Halifax,
$2,500,000 20
Montreal, Toronto or New York. or
-year bonds. Principal and interest payable in Halifax,
2,500.000 10
Montreal, Toronto or New York, or
-year bonds. Principal and interest payable in Halifax,
2,500,000 3
Montreal, Toronto or New York, or
-year bonds. Principal and interest payable in Halifax,
2,500,000 2
--William A. Robinson,
CANNINGTON, Ont.-BONDS OFFERED.
Montreal, Toronto or New York.
Clerk, received sealed bids until 12 m. July 14 for $27,422 95 5l4% paving
Definite bonds may be registered as to principal at the office of the
Due in 15 equal annual installments. Int. payable annually.
bonds.
Provincial Treasurer, Halifax. N. S.
CHICOUTrMI Que.-BOND SALE.-Th , $215,000 improvement
-H. R. Bain & Co. have purchased
RIVERSIDE, Ont.-BOND SALE.
bonds offered on July 12(V. 123, p. 235) were awarded to Rene T. Leclerc,
-installment local improvement bonds.
Inc., of Montreal as 5s at 98.
an issue of $350,000 534% 20
-BOND SALE.
-An issue of 140,000 6%
DELTA DISTRICT, B. C.
-F.E.Le Page,Secretary
ST.FLORENCE Que.-BOND OFFERING.
I0
-year school bonds was sold to Royal Financial Corp., at 98.76, equal to Treasurer, will receive sealed bids until lip. m. July 17 (to-day) for $5.000
a basis of about 5.16% •
-installment bonds. Denom. $500.
6% 5
-The $13.398 5% local improveFOREST HILL, Ont.-BOND SALE.
-The 1100,000 improveST. JOSEPH D'ALMA, Que.-BOND SALE.
-were awarded to H. R.
ment bonds offered on June 22-V. 122, p. 3639
ment bonds offered on July 12 (V. 123, p. 235) were awarded to Versailles,
Bain & Co. of Toronto at 98.80. Due in 10 annual installments.
Vidricaire & Boulais, of Montreal, as 53is at 100.39, a basis of about
-BOND SALE.
FREDERICTON. N. B.
-J. M. Robinson & Sons, of 5.47%. Due serially in thirty years.
St. John, have purchased an issue of $70,000 5;4% school bonds at 100.50.
-The $80,000 534% school bonds
SANDWICH, Ont.-BOND SALE.
Due serially in 25 years.
-were awarded to Wood, Gundy & Co.
offered on July 12-V. 123, p. 235
-F. J. Hooper, Treasurer, will of Toronto at 100.62. Due in 20 installments.
KENORA, Ont.-BOND OFFERING.
receive sealed bids until 12 m. July 24 for the following two issues of bonds,
SCARBOROUGH TOWNSHIP (P. 0. Birch Cliff), Ont.-BOND
aggregating $29,325:
-A.E. Ames & Co. of Toronto were awarded on July 12 the followSALE.
$16,637 5% bonds.
$12.688 534% bonds.
ing eight issues of 5% bonds, aggregating $166.601, at 99.50, a basis of
Due 1953.
about 5.09%:
L
LA SALLE, Que.-BOND SALE -The $30,000 53(% school bonds of- $4,129 40 Godfrey St. extension bonds. Due in 20 equal annual install-were awarded to the Dominion Securities
fered on July 5-V. 123, p. 113
ments of principal and interest.
102.53, a basis of about 5.34%. Date May 1 1926.
Corp. of Montreal at
2,686.95 Cornell Ave. widening bonds. Due in 20 equal annual installDue May 1 1956.
ments of principal and interest.
8,060.55 water-works bonds. Due in 20 equal annual installments of
-The $10,000 534% 20
LAVAL DES RAPIDES, Que.-BOND SALE.
principal and interest.
-were awarded to Versailles,
year bonds offered on June 18-V. 122, p. 3375
.Agincourt pavement bonds. Due in 15 eqaal annual installments
Viducaire & Boulais of Montreal at 100.21, a basis of about 5.48%. Due 36,535.00 of principal and interest.
May 1 1946. Other bids were as fyitows:
52,608.70 sidewalk bonds. Due in 10 equal annual installments of princiBidderRate Bid.
pal and interest.
Lagueux & Darveau
100.00 37,880.40 grading bonds. Due in 5 equal annual installments of principal
M.G. Brunelle
97.92
and interest.
MONTREAL METROPOLITAN COMMISSION (P. 0. Montreal),
2,200.00 school bonds. Due in 5 equal annual installments of principal
-All bids received for the $1,000,000 4l5
and interest.
Que.-BIDS REJECTED.
dated Nov. 1 1924, due Nov. 1 1953, and $1,000,000 434% bonds. 22,500.00 school bonds. Due in 30 equal annual installments of principal
bonds,
and interest.
dated Nov. 1 1925. and due Nov. 1 1954, were rejected. Bids were asfollows
BidderRate Bid.
-W. L. McKinnon & Co. of Halifax
-BOND SALE.
SYDNEY. N. S.
L. G. Beaublen & CO
93.925
-year improvement bonds at
have purchased an issue of $55,000 534% 30
Dominion Securities Corp.; Dillon, Read & Co., and Bankers
basis of about 5.43%. Due in 30 years.
101, a
Trust Co
93.287
Wood, Gundy & Co.; Royal Bank, and Guaranty Co. of New York
Ont.-BONDS APPROVED.
THORNBURY,
-The Council approved
(Canadian payment)
92.709
the expenditure of $33.700 for sewage system.
Wood, Gundy & Co.; Royal Bank, and Guaranty Co. of New York
-The $100,000
(New York and Canadian).
TORONTO SCHOOL DISTRICT,Ont.-BOND SALE.
92.15
-were awarded
Harris, Forbes & Co., and the National City Co
92.689
5%, coupon school bonds offered on July 9-V. 123, p. 113
Bank of Montreal; First National Dank of New York: Redmond &
C. H • Burgess & Co. of Toronto at 99.83, a basis of about 5.09%. Date
to
Co.; Halgarten & Co.; Kissell, Kinnicut & Co.; Aldred & Co.;
June8 1926. Denom.$1,000. Due June 81946. Interest payable J.& D.
A. E. Ames & Co.. Ltd., and Hanson Bros92.5979
-BONDS APPROVED.
-The Council passed
VANCOUVER, B. C.
Fry, Mills. Spence & Co.; and Dyment, Anderson & Co..
92.14
$304,066.
Rene T. Leclerc Inc,
local improvement by-laws totalling
91.05
CANADA, its Provinces and Municipalities.
NEW Lt,ANS
NEW LOANS
NEW LOANS
FINANCIAL
S25.000
Frederick, Maryland
We Specialize in
City of Philadelphia
3s
/
31 29
48
/
41 48
42
/
1
s
58
/
51 48
529
/
1
4W/ BONDS
o
Sealed
proposals will be received by the Mayor
and City Register of Frederick. Maryland, until
7.30 P.M., August 4, 1926, for the whole or any
part of $25,000 bonds of the Corporation of
Frederick, dated August 1, 1926. due $1,000
yearly on August 1st from 1928 to 1952. Denom.
$1,000 each. Interest 4h% semi-annually, February and August 1st. Tax free. A certified
check for 5% of the par value of bonds bid for,
Payable to the Mayor and Aldermen of Frederick
must accompany each bid. Purchaser to pay
accrued interest. Right to reject any and all bids
is reserved.
LLOYD C. CULLER, Mayor.
AUBREY A. NOCODEMUS,
City Register.
Biddle & Henry
REDEMPTION NOTICE
104 South Fifth Street
Philadelphia
ESCAMBIA COUNTY, FLORIDA
Private Wire to New York
Call Canal 8437
ROAD BONDS
Adrian H. Muller & Son
Notice is hereby given that bond trustees of
Escambia County. Florida have called in for
redemption on August 15, 1926, Road Paving
Bonds of Escambia County, Florida, Numbered
from 261 to 325, inclusive. Said bonds must
be presented to Guaranty Trust Company, New
York City on the above date for payment as
interest will cease after that time.
BOARD OF BOND TRUSTEES
ROAD PAVING BONDS,
Escambia County, Florida.
THOS. JOHNSON.
AUCTIONEERS
OFFICE NO. 55 WILLIAM STREE'l
Corner Pine Street
Stocks and Bonds
Bond Salesmanship
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THE CHRONICLE
[VOL. 123.
COTTON GRAIN, SUGAR AND COFFEE VERCHRNTS AND BROKERS
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