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firtartrial
The
flmnterritt
INCLUDING
Railway & Industrial Compendium
State & Municipal Compendium
VOL. 120.
tIrtintdt
,
Public Utility Compendium
Radway Earnings Section
SATURDAY, JUNE 13 1925.
Bank and Quotation Section
Bankers' Convention Section
NO. 3129.
prosperity, but what Clarence W. Barron last year
referred to as an upheaval.
PUBLISHED WEEKLY
The improvement in the railroad situation now
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only well under way, is one of the constructive facIncluding Postage—
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$10.00
$6.00
market moveIn Dominion of Canada
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ment that may be far less than what is to follow. In
NOTICE.—On SCCOWIE Of the fluctuations In the rates of exchange,
remittances for European subscriptions and advertisements must be made 1921 a prominent banking house gave its clients a
In New York Funds.
Subscription includes following Supplements—
list of 20 attractive non-dividend paying railroad
COMPENDIUMS —
SECTIONS —
stocks then selling at prices averaging 15 to 20. One
PUBLIC UTILITY (semi-annually)
BANK AND QUOTATION (monthly)
RAILWAY & INDUSTRIAL (semi-ann.)
RAILWAY EARNINGS (monthly)
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STATE AND MUNICIPAL (semi-annually) BANKERS CONVENTION (yearly)
Terms of Advertising
another is now selling for less than then because 44
Transient display matter per agate line
45 cents
Contract and Card rates
On request receivership, but most of the others are quoted
CHICAGO Orricz—In charge of Fred H. Gray, Western Representative,
three or four times as high as then, and some of them
208 South La Salle Street, Telephone Harmon 5616.
LONDON Optics—Edwards & Smith. 1 Drapers' Gardens, London, E. 0. receiving dividends.
There has been a great enWILLIAM B. DANA COMPANY, Publishers,
hancement in value, and to the student of railroad
Front, Pine and Depeyater Streets, New York
conditions this is not surprising. The movement has
Published every Saturday morning by WILLIAM It. DANA COMPANY.
President and Editor, Jacob Seibert; Business Manager, William D. Riggs; not been cyclical, but simply reflecting a restoration
Treas. Willikm Dana Seibert; See.Herbert D.Seibert. Addressesof an,01ficeof Co.
of value.
In 1920 railroads that had cost about $20,000,006,The Financial Situation.
000 were represented in the market by bonds and
The market for investment securities continues to stocks selling for roughly $12,000,000,000, or about
confuse many persons. The prevailing thought is 60% of cost. In that year the railroads were turned
that the market is too high, or if not too high, so high back from Federal to private management and the
as to be unattractive to any one who wants a profit present railroad law was passel This provided thlt
or fears a loss. This thought is causing many in- rates should be fixed so as to produce a "fair returrr
vestors to part with their securities, and is bringing on investment. A "fair return" now is 5%7, ar0
into the market many short sales and stop loss or- cording to the ruling of the Inter-State Comme0e
ders. It is a time to be wary. Speculative excesses Commission. So far this has not been achieved, be
have developed in many different branches of the there was steady approach to it up to 1923, when
stock market that furnish occasion for genuine un- there was earned 4.49%, and the subsequent falling
easiness. But thought in connection with the situa- off has not hem very great,4.35% in 1924, and 4.3870
tion as a whole should not be based altogether on in the first four months of 1925, comparing with
such considerations. There are stocks that have in- 4.45% in the first four months of 1924. Furthercreased in value during the past two years threefold more, many things are now under way promising iiiand more that still possess splendid possibilities in provement. One of these is the possibilities of ipthat respect. These stocks cannot safely be sold crease in net earnings through merger, another tle
short. Such stocks are in industi ies enjoying favor- saving to be effected by improved railroad methods,
able conditions with probability of conditions con- and not least of all and probably the most immediate
tinuing good or improving.
in general effect is probable increase in income'
There are tides and tides. Some are of the ordi- through higher rates, the Western roads now being
nary variety, others are of much greater magnitude. actively engaged in an
endeavor to secure a generid
Sometimes there are combinations of forces that pro- increase of about 11%.
duce results far out of the ordinary. This is a time
In 1920 occurred the last general rate increase,
not only when the gambler for a further rise, in prop- both freight and
passenger rates reaching a mailerties devoid of merit, should beware, but when a mum for all
time in 1921. In January 1922 there wile
"bear" on the market should carefully estimate the a general
decrease followed by another in July of the
constructive forces that are working against him.
same year. There have been no general changes
The reconstruction of Europe through the Dawes since. The following
table shows the average reveprogram, the better political outlook at home, the
nue per passenger-mile and per ton-mile in the United
return to the gold standard, a,* trite commonplaces
States during the past four years:
in themselves. To the bearish trader they are "old
RAILROAD REVENUES.
stuff," with the effect on the market long past. This,
Ycar
Per Passenger-Mile.
Per Ton-Mile.
however,is poor reasoning. These things, each taken 1921
3.088 cents
1.263 cents
itself, are tide-making, but in conjunction they 1922
by
3.029 cents
1.178 cents
3.019 cents
1.118 cents
are producing not what is ordinarily referred to as 1923
1924
2.978 cents
1.118 cent§
JhcThrotucie
2976
THE CHRONICLE
During this period railroad service has been
greatly improved. There is more equipment and in
much better average order; service has been speeded
up; congestion has been done away with, and -manufacturers can count upon such quick and dependable
deliveries that inventories have been greatly cut
down and working capital correspondingly. The
Ford Motor Co. is said to be carrying only five days'
supplies instead of from 60 to 90. Some manufacturers figure their saving in interest alone is enough to
pay the entire freight bill. With business improved
all around, the amount of freight rates is not of
prime importance, but as a matter of fact, rates as
shown above have been declining and are indeed the
lowest in the world. A general increase, therefore,
at present would be a recognition of what is required
and deserved.
The following table shows the percentages earned
for capital investment, as calculated by the Bureau
of Railway Economics:
PERCENTAGES EARNED ON PROPERTY INVESTMENT.
Eastern Rds. Southern Rds. Western lids. Entire CA
4.49
5.02
3.96
4.85
4.35
3.87
5.20
4.58
Cal. Year—
1923
1934 _ ____
4%. It
The percentage is and has been less than 53
is declining, with this tendency still more marked
the first four months of 1925. It is not open to question that rates should be raised and the roads are
pressing the Inter-State Commerce Commission to
take the initiative in this matter. The need is greatest in the Northwest, where the roads earned in 1924
only 3.12% and in the first four months of 1925 at
the rate of only 1.92%. The prospect of rate increase
in the Northwest is considered so favorable that there
are some who criticise the Milwaukee & St. Paul management for not having delayed the receivership until after the Commerce Commission had declared its
attitude on the question.
Considerations of that kind affecting the railroads
should not be overlooked. A market valuation in
1920 of $12,000p0p0 has increased perhaps 40% or
50%, but in the meantime change in general price
level as well as additional investment has made replacement cost and real value to-day at least 150%
of pre-war cost. In these circumstances it is not surprising to find that confidence in railroad security
values is still strong, notwithstanding the very substantial advances that have occurred, for all this increases wealth and in the meantime improved railroad efficiency is producing still greater wealth in
general industry.
Little that is comforting is to be found in the June
• report of the Department of Agriculture on crop conditions, which was issued at Washington on Tuesday
of this week. The winter wheat crop has suffered
further serious injury. The first estimate of this
year's spring wheat crop, for which there is a much
larger acreage than for any year since 1919, gives
evidence of a smaller yield than last year, or for 1922,
and as for oats, while the area planted exceeds all
preceding years, with a single exception, the latter
the year 1921, the output this year now promises to
be less than the' yield for five years out of the eight
years since 1916. Winter wheat fared badly during
May throughout practically the entire belt. A condition of 66.5% of normal was indicated on June 1
this year, which contrasts with 77.0% on May 1, a
decline during the month of 10.5 points. During
May 1924 the condition of the winter wheat crop
For" 120.
harvested in that year declined 10.8 points, but on
June 1 1924 the crop was 74.0% of normal, which is
7.5 points higher than this year's crop on the corresponding date. The records of the Agricultural Department back to 1890 do not disclose as low a June 1
condition for winter wheat as shown for this year.
The yield per acre this year is now estimated at 12.4
bushels, which is the lowest since 1904, and the total
production is placed at 407,000,000 bushels, a decrease since the estimate of May 1 of 38,000,000 bushels. The yield of winter wheat last year was 590,037,000 bushels, so that there is in prospect now a
reduction in the yield of winter wheat alone on the
current crop of 183,000,000 bushels compared with
1924. With an indicated loss in the yield of spring
wheat this year of more than 28,000,000 bushels compared with last year, the total production of wheat
this year is now placed at only 661,000,000 bushels,
the smallest since 1917, and 212,000,000 bushels less
than was harvested last year.
The Department of Agriculture in its June report
makes the significant statement that domestic consumption does not greatly differ from the yield now
indicated for this year,from which it is to be inferred
that there will be no wheat for export from this year's
crop. Conditions during the winter were adverse
and the crop was in no state to withstand deficient
moisture in May. In a large part of the winter wheat
belt the straw is thin and short, and the heads short
and not well filled. For Kansas, the leading winter
wheat State, the yield is now estimated at only 83,909,000 bushels, against the production of 153,644,000 bushels last year; Nebraska, 33,738,000 bushels,
against 54,483,000, and Oklahoma 26,558,000 and 54,874,000 bushels, respectively. These were the three
States of largest yield in 1924, nearly 45% of the
entire growth of winter wheat being produced
therein, and the loss for these three States this year
is practically 119,000,000 bushels. A considerable
loss also appears for Ohio, Indiana and Michigan,
but for Illinois, Missouri and Pennsylvania a larger
yield is now indicated for this year than in 1924.
The spring wheat condition on June 1 was 87.1%
of normal.. This contrasts with 82.3% at the
corresponding time last year, but is several
points below the June 1 condition for every other
preceding year back to 1912. The area planted to
spring wheat this year, however, is with the exception of 1918 and 1919 the largest since 1910, being
21,181,000 acres, against only 17,777,000 acres last
year and 18,786,000 acres for 1923. The yield this
year is now estimated at 254,000,000 bushels—last
year the production was 282,636,000 bushels and for
1923 225,422,000 bushels. The condition of the oats
crop on June 1 was 79.6% of normal; a year ago it
was 83.0%, and on June 1 3923 85.6%. The area
planted this year is 44,467,000 acres, and contrasts
with 42,452,000 acres last year, and 45,495,000 acres
in 1921, the latter the largest on record. The yield
is now placed at 1,295,000,000 bushels for the current
year's crop of oats, which contrasts with 1,541,900,000 bushels, the production of last year, the latter
having been second highest on record to the crop of
1917, which was 1,592,740,000 bushels.
A prominent American, who returned a few days
ago from Europe, was quoted as saying that the key
question in European affairs, to be settled first, was
the giving of security to France. He was reported
to have said also that after that was done all eco-
JUNE 131925.]
THE CHRONICLE
2977
nomic and financial problems would be relatively tinning to explain the pact as he understood it, the
easy of solution. There had been some uncertainty, correspondent further said: "England's promise of
largely because of the frequent changes in the Min- support against aggression would not extend to these
istry of France, as to whether she and England would arbitration treaties, as the British statesmen refused
reach an agreement as to how this should be done. to bind themselves to interfere in the quarrels of
Those best informed realized all along that this must Central Europe. But the right of France to protect
be done, else all Europe would go to pieces. Conse- herself not only from aggression across the Rhine,
quently, there could have been no real surprise over but also from aggression directed against her
the Associated Press dispatch from Geneva on June through the Allies, to whom she is bound by treaties,
8 that "British Foreign Secretary Chamberlain and would be fully recognized. Great Britain would acFrench Foreign Minister Briand announced to-day cord to France the right to cross the neutralized area
that a complete accord had been reached by Britain which would be a barrier of safety between France
and France on all points of the reply to Germany's and Germany in order to support her western Allies
proposal for a Western European security pact." It in case of flagrant violation of the treaties."
Commenting upon the announcement of the agreewas added that "M. Briand and Mr. Chamberlain
announcement jointly at 6 o'clock this af- ment between France and England, the Washington
made the
correspondent of the "Herald Tribune" said: "By
ternoon to newspaper correspondents."
long dispatch later the same evening, the New removing the hideous fear which has gripped France
In a
York "Times" representative at Geneva said that since the armistice, which has kept her an armed
"the French note as agreed to by Great Britain will camp, the guaranty of the Franco-German frontier
be the basis of a four-Power treaty, which will in- by Great Britain, which was announced to-day at
clude France, Great Britain, Germany and Belgium. Geneva, is regarded here as the greatest single step
It will be drawn within the stipulations of the toward normalcy since the armistice, with the posLeague Covenant and, consequently, will require sible exception of the Dawes plan. A conference for
Germany's entrance into the League. To the two the limitation of armaments, which will deal not only
Foreign Ministers it is an assurance of the final with naval force, but with armies,is now regarded as
peace of Europe." He added that "M. Briand and a prospect for the near future. France alone preMr. Chamberlain, side by side and smiling, received vented any limitation of land armaments being
the press this evening in the council room of the agreed on at the Washington Conference, Briand and
League. M. Briand acted as spokesman, and when Jusserand explaining that France feared another
he had finished answering questions Mr. Chamber- German invasion, adding that the French army alone
want to say formally and verbally I maintained the peace of Europe. But not only does
lain said:
everything said by M. Briand.' The latter this agreement which Britain has made with France
concur in
explained that "he thought the note sent to France to defend the frontier between France and Germany
vitally concerned her ally. France was anxious with all her military, naval and air force make for a
to reach an accord with her ally before replying to sharp curtailment of the French army, which in turn
the note. He said the reply was an acceptance of the makes possible an international agreement for the
German proposals and contained basic points of a reduction of other armies, but it paves the way to
treaty which should finally insure the peace of Eu- certain reductions of sea forces, which were prerope." The correspondent reported that "neither vented by the feeling between Britain and France so
Minister would discuss the important agreement, but plainly expressed at the Washington Conference."
ic is understood it is little changed from the text sent
In a special London cablegram to the New York
on Thursday to the Quai d'Orsay for the approval of
Downing Street." In a later cable message from the "Times" on June 5 less optimistic ideas were exAssociated Press representative at Geneva it was pressed as to the immediate effects of the agreement
asserted that, "in the security agreement between between England and France. The correspondent
Great Britain and France it is understood that Great said that, "although the agreement between Mr.
Britain agrees to come to the support of France with Chamberlain and M. Briand is well received in Brither entire military, naval and air forces in case ish political circles and the belief is general a disFrance is attacked or in case of any aggression tinct step forward toward peace has been taken
across the Rhine district. This constitutes an elab- thereby, the note of warning is struck that it is preoration of an obligation already contained in the Ver- mature to consider the whole business settled. So
sailles Treaty whereby the Allies agree to regard as far only preliminaries have been concluded. Certain
a hostile act any infringement of the demilitarized proposals have been received from Germany, and
zone between France and Germany. Great Britain Great Britain and France have agreed on the note in
gives rebirth to the old Wilsonian tripartite compact reply. These form the basis of negotiations, but
on the ground that her national interests demand nothing more than these." He observed that "there
peace in Western Europe. She declines to commit seems danger French public opinion will consider
herself to guarantees concerning Germany's eastern more accomplished than actually has been. It is
frontier, because she realizes that the British Do- emphasized here that the compact refers only to the
minions would not approve of such a commitment." western German frontier and leaves the position of
Poland absolutely unaltered. France finds it hard
According to a special Geneva cable message to to accept this with all its implications. She is althe New York "Herald Tribune," also on June 8, ways nervous about her Polish allieS and sees that
"the proposed treaty would be made up of two sep- if Germany ever invades Poland she is prevented by
arate arrangements. England, France and Germany the Western compact from sending troops rapidly to
collectively would guarantee the inviolability of the Warsaw." According to the "Times" dispatch, "the
Rhine frontier. Then Germany would sign arbitra- view of the British Government is that it is inevitable
tion treaties with Poland and Czechoslovakia guar- that France must accept the result of having her
anteeing the peace of the Eastern frontiers." Con- Rhine frontier secure, but the British consider in
2978
Tar.: CHRONICLE
making such a point France is overlooking the fact
that the treaty will never come into existence unless
Germany joins the League of Nations. But as soon
as Germany enters the League the regulations laid
down by the covenant are effective. These provide a
method whereby France can get permission to send
troops through German territory and in the British
view France must consent to the arrangements thus
laid down."
[Vou, 120.
jected treaty, although her signature would be accepted readily by France and England. Regarding
Germany, it is felt that the Reich faces the most important issue since the war. On one side is her entry
into the League and European harmony, and on the
other side an alliance with Russia. Political circles
here feel that in many ways Germany is drawn toward the Soviet to escape imprisonment by the
Franco-British hegemony, and German representatives have pointed out that friendship with Russia is
the traditional Bismarckian policy." The correspondent added that "both Austen Chamberlain and
Aristide Briand to-day continued to express confidence that the Reich would favor a policy of European security, which she herself proposed, rather
than attempt to build up a new balance of power
which would destroy any confidence in peace as the
basis of a real restoration of Europe."
While it was stated in an Associated Press cable
message from Berlin on June 9 that the Foreign
Office declined to make any comment on the AngloFrench agreement, it was reported that the whole
proceeding and the terms were not favorably received there. The New York "Times" representative
cabled that "it looks to me as if Austen Chamberlain would prove to be a sort of English Woodrow
Wilson,' said a close observer of political happenings here to-day. 'Woodrow Wilson agreed to someWhat purported to be the British attitude and polthing at Paris which the American Congress threw icy was outlined in a special London cable dispatch
down cold. It looks as if Chamberlain had agreed to to the New York "Herald Tribune" on June 9. Its
something at Geneva which the rest of the British author said: "A close linking up of the proposed
Cabinet and the British Parliament will never rati- security compact with the League of Nations machinfy.'
" Continuing, he said: "That statement ex- ery is contemplated by the British in the negotiations
presses well the view of Germans studying the con- which will follow the dispatch of the French note to
tradictory reports from Geneva, Paris and London Berlin. British diplomacy throughout the converregarding the agreement between England and sations has insisted that no obligations under the
France on a security compact. The less optimistic Versailles Treaty or the League Covenant shall be
Germans who profess to scent a Franco-British offen- affected by the new pact. Whitehall now is inclined
sive against Germany already are loudly stating that to take the position that even in case of a direct vioGermany cannot possibly sanction any proposal lation of the Franco-German frontier Geneva should
granting France the right to march troops across a first be consulted before military measures are taken.
neutral Rhineland and the rest of Germany in order The diplomats here, while sharing the Fiench belief
to help her Eastern allies. Many here suspect that that a basis of Allied accord on this question has now
England and France are using German proposals in been reached, continue to emphasize the fact that
order to forge a new instrument for torturing Ger- only the preliminary steps have been taken. The
many. As one source inspired from Wilhelmstrasse Allies, they point out, have agreed only on the comput it: 'Germany wished by her proposal to serve mon answer to Germany's proposal for a security
world peace, but France and England constructed past. In recapitulating to-day the issues at stake,
therefrom a compact condemning Germany to be the the official spokesman reiterated that the pact will
arena for French imperialistic passions and nation- concern only the Franco-Belgian-German borders
alistic agitations of little nations like Poland and and that it will be entirely bilateral. That is to say,
Czechoslovakia which must be big.' Already influ- England is bound to aid equally any of the nations
ential sources are stating Germany will refuse to which suffers frontier violations. Should a continallow France to dictate to her a compact guarantee- gency arise, however, the League's aid doubtless
ing French security irrespective of German interests. would be sought in deciding who is to be considered
Indignant Germans are pointing out that the only the aggressor and in sanctioning the ensuing milipossible agreement is one arising from free discus- tary measures."
sions among equals."
The most direct and only official statement in exReverting to opinion at Geneva as to the ultimate planation of the terms of the agreement made up to
outcome of the Anglo-French agreement, and to the the time of going to press came from Premier Baldproceedings of the League Council in that centre, win in the British House of Commons on June 10.
attention may be called to a special cable message to According to an Associated Press dispatch from
the New York "Herald Tribune." It was stated that London that evening, "Premier Baldwin to-day told
"the significance of the Anglo-French accord on the the House of Commons that no security.pact had
security question and France's reply to the German been concluded with France and that none would be
proposals for a pact guaranteeing the Rhenish fron- concluded without Parliament getting an opportutiers, combined with arbitration treaties between nity for full discussion. Premier Baldwin, replyGermany and her eastern neighbors, continued to- ing to a question by Sir Robert Hamilton, Liberal
day to dominate the interest at Geneva, where the member from Orkney and Shetland, said the British
session of the League Council is being held. Atten- and French Governments have reached a complete
tion is now centred on the attitude of Italy, which is agreement on certain basic principles to which a setnot yet a definite partner in the negotiations, and, tlement must conform and to which there is every
even more important, on the attitude of Germany. reason to expect the adhesion of Belgium and Italy."
Signor Scialoga, the Italian representative on the The correspondent added that "he declared that as
League Council, to-day issued a statement approving soon as the reply to Germany's proposals has been
the Anglo-French program, but his Government has forwarded he would take steps to place the matter benot yet officially expressed a desire to sign the pro- fore Parliament."
JUNE 13 1925.]
T1TE CHRONICLE
The London correspondent of "The Sun" indicated
in a cable message to his paper on June 10 that England was far from enthusiastic about the agreement.
He even asserted that "only a detailed statement
from the Government showing what has and what
has not been agreed to in respect to the proposed
security pact will serve to clear away suspicions and
anxieties aroused in Britain by the French semiofficial pronouncement made following Chamberlain's and Briand's agreement at Geneva. Some very
astute politicians declared to-day that it is impossible at the present moment to appraise the extent of
the mischief done by this excessive French interpretation of facts. Government spokesmen have been
quick to assure the public that Britain is not tied to
the chariot wheels of France and that this pact must
be bilateral in application—that Germany equally
with France can depend upon British support in the
event of aggression."
2979
Foreign Affairs Committee,whiich metto consider the
recent inter-Allied note on disarmament, adjourned
at the suggestion of Foreign Minister Stresemann
until the note on the security pact proposal arrives.
It is believed futile to discuss one note until aware of
the provision of the other. The note is expected here
Saturday" (to-day).
In an Associated Press cable message from Paris
on June 11 it was stated that,'.'apparently moved by
the utterances of British Foreign Secretary Chamberlain, the French newspapers are withholding comment on the Anglo-French security pact plan until
Foreign Minister Briand returns and the terms are
given out for publication."
Foreign Minister Briand of France returned to
Paris from Geneva Thursday evening and "forwarded to the Allied Governments the final text of
the French reply to the German proposal for a Western European searrity pact." According to an Associated Press dispatch from the French capital, it
Both the New York "Herald Tribune" representa- will be sent to Berlin as soon as the approval of the
tive in London and the New York "Times" represen- Italian and Belgian Governments is obtained.
tative in Berlin sent interesting cable dispatches on
In a special wireless dispatch from Rome to the
June 10 relative to the alleged German attitude and New York "Evening Post" last evening it was stated
to her suggestion of the part America might play in that "it is intimated in the semi-official press that
the settling of European problems. According to the Briand-Chamberlain agreement at Geneva for a
the New York "Herald Tribune" dispatch, "the new security pact probably will not be supported by
vehement opposition raised in the German press yes- Italy unless important clarifications are made, printerday to the Briand-Chamberlain security agree- cipally in' regard to whether the pact shall include
ment dwindled to-day with the receipt of dispatches the same guarantees for Italy as for France. Italian
from London indicating that England has not comment, which is based on sparse information of the
granted to France the unconditional right to send proposed pact, is to the effect that Italy's frontier
troops through Germany to aid Poland and Czecho- along the old Austro-Hungarian boundary must be
slovakia." It was added that, "from conversations safeguarded the same as the Rhineland boundary of
with high Foreign Office officials to-night the 'Her- France."
ald Tribune' correspondent obtained the distinct
According to a special Washington dispatch to the
impression that the Wilhelmstrasse is not displeased New York "Times" Thursday evening, "the State
with the Briand-Chamberlain understanding, and Department to-day informally, but nevertheless defithat while Germany will seek some clearer compro- nitely, reiterated through a high official that the
mise on Article XVI, of the League covenant as it United States Government would not only not enter,
affects her interests, she considers the Allied agree- but desired to play no role in connection with the
ment a satisfactory basis of discussion."
proposal for a European security compact." It was
The New York "Times" correspondent said that "it explained that "the pronouncement authorized with
is confirmed from official British sources that the respect to this Government's position in the matter
German note of Feb. 9, suggesting a security ar- was the result of inquiries based on published reports
rangement between the Allies and Germany con- that the United States might yet be asked to act as
tained a proposal that this arrangement take the custodian of commitments contained in the compact
form of commitments by the nations involved under without involving the United States."
the watchful eyes of the Government of the United
In a special Berlin cablegram to the New York
States." He also said that "the German idea ap- "Herald Tribune" yesterday morning it was stated
pears to have been that Washington without in any that "Germany is ready to accept the Allied invitaway committing the American Government to any tion to enter the League of Nations, but she wants
action would consent to be the repository of the first to hold a preliminary conference with the Allies
pledges of the European nations not to attack one for the adjustment of disputed points on the security
another. The reason for which this feature of the pact, disarmament and Cologne evacuation quesGerman proposal has been so secretly guarded is tions." It was added that "this statement was,made
believed to have been the conviction of the Allied to the 'Herald Tribune' to-day by a prominent leader
statesmen that such a plan offered great difficulties familiar with the Government's views." According
in view of the French demand that the proposed to the correspondent also, "the preliminary confertreaty be made and put into operation under the ences which Germany has in mind would serve as
League of Nations. However, it is intimated in the prelude to a more comprehensive European conofficial quarters here that the French reply to the ference. Germany's reply to the coming Allied seGerman note will contain reference to this curity note will therefore resolve chiefly around her
German idea, which will be characterized as inter- desire for a preliminary conference."
esting in the possibility it offers of asking America to
Joseph Caillaux, the French Finance Minister, has
take a part in the security arrangement much as she
part in the reparations settlement."
found it necessary to give special attention to the
took
rapidly declining franc. It has been claimed in
On June 11 the Berlin representative of the New French Government circles that its decline was due
York "Evening Post" cabled that "the Reichstag's partly to short selling. On June 8, according to
2980
THE CHRONICLE
[Vou 120.
Paris cable advices, the Finance Minister "warned earnestly desires to balance her budget and settle the
all speculators out of the franc market with the inter-Allied debts. Caillaux declared he was seeking
threat that he would use the whole $100,000,000 a formula to avoid the increase of paper franc circuMorgan loan and other 'important ammunition' lation."
against them if they tried to 'bear francs.'" Continuing, the New York "Times" representative said:
In a special Paris dispatch to the New York
"Following the publication of this warning, there "Times" later the same evening announcement was
was an imediate improvement on the Paris Bourse, made that "Finance Minister Caillaux obtained tothe franc recovering from 21.09 to 20.65 per dollar day full approval of his budget plans from the Fiduring the day, though there was a slight setback in nance Commission of the Chamber of Deputies."
the late afternoon." There was a sharp recovery also Continuing, the correspondent said: "At the end of
in the New York market. It was that "so far, the his long explanation all parties agreed to give him
Finance Minister explained, he has not used his mu- support, pushing through within the next month his
nitions because they were not needed, the recent fall proposals for increasing the revenue during the
of the franc being due to the purchase of raw mate- present year by 1,500,000,000 francs for this year's
rial abroad recently. It was not till toward the end budget and increasing the next year's revenue by
of last week that symptoms of speculation began to 3,000,000,000 francs. The whole scheme for the 1926
appear. These symptoms were not apparent either budget will be submitted by the Finance Minister
in London or New York. Paris was most largely re- during the summer so as to provide ample time for
sponsible, as it has been several times in the past,for its passage before the end of this year. M. Caillaux
the biggest selling of francs, while Madrid and Am- is seeking not only to balance his budget, but is also
sterdam were also suspected.
trying to obtain a surplus, especially on next year's
"Speculation,.therefore, is believed to be of minor workings. With that view, he succeeded to-day in
importance, and even the threat which M. Caillaux obtaining the consent of the Finance Commission to
made to-day is expected to shake the operators out practically the whole of the reductions of expendiof the market without the actual use of the funds at cures in the 1925 budget made by the Senate, which
his disposal. In Government circles, especially in made cuts amounting to nearly 2,000,000,000
the Ministry of Finance, the sitatioun as regards the francs."
foreign exchange rate, is thus regarded without disquiet. There is reason to believe that the arrangeThe very next day the Paris correspondent of the
ments with London and New York banks for even- Associated Press said that "Finance Minister Calltual stabilization have been advanced further than laux and the Finance Committee of the Chamber of
known to the general public. M. Caillaux has cer- Deputies to-day discussed a fiduciary issue of 4,000,tainly not proceeded with his plans for the eventual 000,000 francs in special bank notes to meet the
stabilization of the franc and the creation of a com- heavy retirement of national defense bonds this
bination limit of circulation and bonds without a year." He added that "M. Caillaux explained that
previous understanding with the great Anglo-Saxon nothing resembling inflation had entered his mind.
banking houses. How far the negotiations have gone The bank notes would be issued with such conditions
is still his secret, but it is certain that the proposals they would be returned to the Bank of France with
have been well received in New York and London."
short delay, he said, adding they would be guaranteed by ample reserves, the nature of which has not
That the Finance Minister feels called upon to re- been disclosed. No decision yet has been reached
sort to extreme measures in order to meet the situa- regarding the issue." Continuing, he said: "M. Cailtion was indicated in a Paris cable dispatch to "The laux gave a minute explanation of his plans to reSun" on June 9. It was stated that "in order to store confidence in the country's finances and balmeet the 22,000,000,000 francs of reimbursable bonds ance the budget by increasing taxation. The United
falling due this year, of which about 50% is expected States and Great Britain, he told the committee,
to be presented, M. Caillaux, Finance Minister, to- would be more lenient in their debt settlements if
day submitted to the Cabinet proposals entailing France taxed herself heavily, and a debt stability
monetary inflation and an advance of about 4,000,- would restore French public confidence. 'Nations,
000,000 francs to the State by the Bank of France. like individuals, must live within their means,' he
With this sum and the number of bonds which will said, 'or otherwise they, like private citizens, must
again be reinvested in State securities the situation go bankrupt.'"
is expected to be met. It is anticipated that when
In a subsequent Associated Press cable message
Caillaux has settled terms of debt funding to Britain from the French capital it was stated that "M. Cailand America large loans will be obtainable in Lon- laux and the Finance Committee of the Chamber of
don and New York."
Deputies have been threshing out the Finance MinisIt was reassuring in a way to note in an Associated ter's bill for fiscal reform during the last three days.
Press cablegram from Paris on June 10 that "Finance The discussion has been completed, but, although M.
Minister Caillaux to-day told the Finance Commit- Caillaux has apparently won over to his viewpoint
tee of the Chamber of Deputies that he intends to ob- a majority of the members of the committee, the Sotain from taxation alone all the necessary funds to cialists are still holding out and declare they will
cover all budget expenses without recourse to loans." oppose the Government in Parliament next Tuesday,
Continuing he said: "When England and the United when the bill comes up for open debate." The correStates are convinced France is making serious efforts spondent added that "a capital levy is the point at
toward internal taxation they will be better disposed issue on which both sides refuse to yield. M. Cailfor terms in the settlement of inter-Allied debts, he laux announces in a determined way that he will
declared. M. Caillaux said a foreign loan might be oppose such a measure. Close followers of French
floated, but that it was most important and urgent politics are convinced that one side will give in beto show England and the United States that France fore next week, and it seems to be the consensus that
JUNE 13 1925.]
THE CHRONICLE
'it will not be Caillaux.' The Finance Minister has
gained much supportfrom other groups in the Chamber by the directness and frankness with which he
has attacked the problem and stated his intentions
to the country."
2981
at a Franco-Spanish conference at Madrid, to commence early next week. French delegates will de-part for Madrid Sunday, it was learned." In a special cablegram from Fez to the New York "Herald
Tribune" yesterday morning it was claimed that as
a result of an interview between Premier Painleve
The French troops in Morocco, during the early of France and his suite with Sultan Moulay Youssef
part of the week particularly, appeared to be losing of Morocco the latter had pledged aid to France in
ground. They were not able to hold their lines, ac- the Moroccan war.
cording to several cable messages from Fez. It was
even claimed in a special message from that centre
Belgium, among the Allied countries of Europe,
to the New York "Herald Tribune" on June 8 that took the lead, following the Armistice and the Peace
Abd-el-Krim, the Riffian leader, intended to take it. Conference, in the rehabilitation of her own country.
It has been evident for nearly two weeks that the She put in her bill of damages at that gathering and
French Government is eager to settle the whole mat- went back home to rebuild what had been torn down
ter, by negotiation with Abd-el-Krim, rather than during the war. In the next few years all competent
continue what seems a losing military campaign. It observers agreed that she had made much greater
was regarded as extremely significant, therefore, progress in every respect than her close ally, France.
that on the evening of June 9 "Premier Painleve left Belgium, since the war, has not continuously asked
Paris for Fez, where he will consult Marshal Lyautey what America was going to do to help her, but has
on the whole Moroccan situation. Part of the jour- been occupied in finding ways to help herself.
ney from Toulouse via Barcelona, Alicante and MaAnd now, while France and Italy have done conlaga will be undertaken by airplane. The Premier siderable talking and made repeated promises to pay
is expecting to arrive at Fez or Rabat to-morrow eve- their exterior war debts in full, Belgium is the one
ning. He is being accompanied by the Air Minister, country, Great Britain excepted, that has announced
Laurent Eynac, and General Jacquemont, chief of officially that it will send a commission to the United
the Premier's military staff." The Paris representa- States, and soon, to discuss plans of settlement for
tive of the New York "Times" cabled that "an at- her war debt to this country. Representatives of
tempt of course is made to minimize the importance both the French and Italian Governments have been
of the Premier's visit. There is, however, no reason quoted, only within the last week, as claiming that
for concealment of the fact that the intensity of the they could do nothing about their part of this matter
Riff attack against Taounat and Bibane, the diffi- because of unbalanced budgets and a generally weak
culty of water supply, dissidence of local tribes and financial position.
failure to open satisfactory negotiations with Abd-elOn June 8, according to a dispatch to the New
Krim have created a situation of very great difficulty York "Times" from its Washington correspondent,
for the French. In consultation on the spot with "the State Department was to-day advised that the
Marshal Lyautey, the Premier may be better able to Belgian Debt Funding Commission, consisting of
decide a line of action than here in Paris, but there is former Premiet. Theunis and M. Hautain, head of the
little confidence that the decision can be of a nature National Bank of Belgium, will arrive in Washingto obtain the quick end to the war which is desired." ton in July for the purpose of commencing negotiations for funding the Belgian debt to the United
Cable advices from Fez while Premier Painleve States." It was added that "the actual date of the
was enroute to Morocco indicated that the Riffians departure of the commission will depend upon the
were even more aggressive, and perhaps more success- convenience of the Belgian Government, though it is
ful, than they had been. The Associated Press rep- definitely understood that the commission will come
resentative at that centre cabled on June 10 that in July. According to a Washington dispatch
"Abd-el-Krim, the rebel chieftain, apparently desires last evening, the American Debt Funding Comto provide M. Painleve, the French Premir, with an mission is likely to meet between July 10
adequate reception, now that he has arrived in the and 15. Whether Baron de Cartier de Marchienne,
fighting zone in Morocco." He added that "the offi- the Belgian Ambassador to the United States, will
cial communication issued by the French army this act with the commission is not yet disclosed. Baron
evening says that Abd-el-Krim is now attacking the de Cartier is now en route to Brussels for the purFrench along a 60-mile front. It adds that the en- pose of conferring with his Government regarding
emy pressure 'now extends to the extreme eastern the debt." The Washington representative of the
part of our front.' While the communication an- New York "Evening Post" said in a dispatch the
nounces that the attacks of the tribesmen have been same day that "the message makes it certain Belgium
repulsed, it admits that 'several small posts had to will be the first of European debtors addressed rebe abandoned'; among these places were Aouecour cenity to open the subject of settling the terms of
and Achrkane blockhouses north of El Bibane." Pre- payment of the war and post-armistice loans. The
mier Painleve started for the French front in the time suggested is unexpectedly early, since the AdMoroccan campaign early yesterday, according to an ministration did not believe any of the debtor States'
Associated Press cablegram from Fez last evening.
delegations would appear during the heated term,
From Geneva, on June 10, came the interesting re- though it was thought there would be some rivalry
port in an Associated Press dispatch that "France among them, concerning which would be the first to
and Spain have reached a full accord on the general take up the debt funding."
idea of co-operation to end finally the long-prevailAs for Italy's position,it was stated in a Washinging warfare in Morocco, it was learned authorita- ton Associated Press dispatch on June 6 that "surtively here to-day." According to the report also, prise is manifested in some circles here over the
"it was learned that details for united military and statement of Finance Minister De Stefani yesterday
naval action by France and Spain will be worked out to the Italian Senate that Italy is not now in posi-
•:2982
THE CHRONICLE
lion to fund its war debts." The correspondent observed that "the Minister declared further that no
systematization of inter-Allied war debts can be
accepted unless subordinate tc the possibility of payment, and such possibility can only be offered by
the financial situation of a State and by the budget
of international payments. This budget, he said, today cannot support any further burdens.' Continuing, he said: "The announcement surprised officials
here who had taken an optimistic view of the situation because of the Italian Ambassador's recent conversations with Secretary Mellon. It had been supposed by some that important progress was being
made toward preliminary negotiations for a settlement, but the prospect now appears to be for a considerable delay. Ambassador De Martino is said to
have sought to avoid giving the impr.ssion that Italy
was ready to act at once, although the Treasury conferences were regarded as designed to give him a definite idea as to the minimum basis of settlement which
would be acceptable to the Debt Commission. The
suggestion of Italian Senators that Italy be granted
a period of delay in starting payments on the interest and principal of her debt also has been discussed
by the Ambassador with Treasury officials. One
Senator advocated a ten-year moratorium, after
which there could be provision for settling the debt
by annual installment payments."
In view of what Finance Minister Caillaux had
been reported as saying only a short time before, it
was rather surprising to read in an Associated Press
cable message from Geneva on June 11 that "it was
understood here to-day that French Foreign Minister Briand,'conferring with Congressman Theodore
E. Burton, of Ohio, a member of the American Debt
Funding Commission, made it clear France intends
soon to take steps to settle her debt to the United
States."
Belgium has not been an exception among European Governments in the matter of frequent changes
in the Cabinet. Only last evening announcement
was made in an Associated Press cable message from
Brussels that "Viscount Poullet, who held the post
of Minister of Interior under Premier Theunis, has
finally succeeded in forming a Cabinet after ten
days' efforts. Belgium has been without a Government since April 5 except for a brief tenure of Aloys
Van de Vyvere as Premier, and on first announcement of the Ministerial list Parliamentarians were
inclined to believe that the new Government would
have a good workable majority in Parliament." It
was added that "the Ministry is a coalition one, including Socialists and Catholics." Viscount Poullet
will also serve as Minister of Economic Affairs.
Emile Vandervelde is Foreign Minister and Albert
Taussen Finance Minister.
No change has been noted in official discount rates
at leading European centres from 9% in Berlin;
/
1
2
in Paris and Denmark; 6 % in Italy; 6% in Norway; 5 % in Belgium and Sweden; 5% in London
/
1
2
and Madrid, and 4% in Holland and Switzerland.
The open market rates in London were a shade
firmer, closing at 47-16% for short bills and at 4%70
for three months' bills, against 4%(64 7-16% for both
last week. Money on call finished unchanged at
3 % from a week ago. In Paris and Switzerland
/
1
2
the open market discounts have not been changed
[Vox,. 120.
14
from 6% and 2/%, the rates previously prevailing.
An increase of no less than £598,492 in gold holdings was shown by the Bank of England in its statement for the week ending June 10. This brought
gold on hand up to £157,071,195, which compares
with £128,213,083 last year (before the transfer to
the Bank of England of the £27,000,000 held by the
Redemption Account of the currency note issue),
and £127,534,456 a year earlier. Moreover, there was
a big addition to reserve, namely £1,403,000, brought
about by contraction in note circulation of £805,000,
while the proportion of reserve to liabilities increased 1.93%, to 23.72%, as against 21.79% last
week. In the corresponding week of 1924 the ratio
stood at 16%7 and the year before at 1938%. Pub/
0
lic deposits were again heavily reduced, viz £2,650,000, while "other" deposits fell £1,682,000. The
Bank's temporary loans to the Government showed
a decrease of £3,120,000, and loans on other securities a reduction of £2,609,000. Reserve totals £28,788,000, which compares with £21,827,083 in 1924 and
£23,184,361 the year previous. Note circulation is
now £148,025,000. A year ago it was £126,136,000
and in 1923 £124,100,105, while loans aggregate
£70,500,000, which compares with £70,051,567 and
£68,088,879 one and two years ago, respectively.
The Bank's official discount rate has not been
changed from 5%. Clearings through the London
banks for the week were £790,086,000, against £747,777,000 a week ago and £613,675,000 last year. We
append herewith comparisons of the several items
of the Bank of England return for a series of years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1921.
1922,
1924.
1923.
1925.
June 15.
June 14.
June 13.
June 10.
June 11.
Circulation
5148,025,000 126,136,000 124,100,105 121,957,550 127,491,195
Public deposits
8,952,000 10,746,938 11,000,034 17,733,754 15,899,526
Other deposits
112,430,000 122,255,811 108,794,244 110,140,397 131,130,388
Govt. securities
39,875,000 58,917,467 46,338,518 46,699,377 68,430,246
Other secur1ties
70,500,000 70,051,567 68,088,879 73,605,333 77,057,769
Reserve notes dt coin 28,788,000 21,827,083 23,184,361 25,376,531 19,333,931
6Mranil bullion.. a157,071,195 128.213,083 127,534,456 128,884,071 128,375,126
Proportion of reserve
13.14%
19%
to liabilities
1634%
193%
23.72%
635%
Bank rate
3%
353%
4%
5%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency note Issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
S 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.
The Bank of France in its weekly statement reports
a further small gain of 30,550 francs in its gold item
this week. The Bank's gold holdings now aggregate
5,546,639,625 francs, comparing with 5,543,040,344
francs at the corresponding date last year and with
5,537,604,704 francs in 1923; of the foregoing
in
abroad amounts 1,864,320,907 francs were held and 1924 and 1,864,344,927 francs in 1923:
both 1925
During the week advances were increased 118,498,000
iraTcs and silver rose 56,000 francs. On the other
hand, bills discounted decreased 1,406,565,000 francs,
Treasury deposits fell off 23,249,000 francs and general deposits were reduced 15,537,000 francs. Following the large expansion last week, note circulation
took a favorable turn, a reduction of 260,805,000
francs being recorded. This brings the total amount
of notes in circulation down to 43,387,359,000 francs,
which contrasts with 39,896,671,940 francs at this
time last year and with 36,701,889,685 francs in
1923. Comparisons of the various items in this
week's return with the statement of last week and
corresponding dates in both 1924 and 1923 are as
follows:
THE CHRONICLE
JUNE 13 1925.]
BANK OF FRANCE'S
Changes.
for Week.
Francs.
Cold Holdings—
Inc.
30,550
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as o
June 11 1929. June 12 1924. June 14 1923.
Francs.
Francs.
Francs.
3,682,318,718 3,678,719,439 3,673,259,777
1,864,320,907 1,864,320,907 1,864,344,927
Inc.
30,550
Total
Inc.
56,000
Silver
Bills discounted— _Dec1406565,000
Inc.118,498,000
Advances
Note circulation_ Dec260,805,000
Treasury depositsDee. 23,249,000
General deposits_Dec. 15,537,000
5,546,639,625
314,665,000
3,770,794,000
3,163.799,000
43.387,359.000
3,992,000
2,024,865,000
5,543,040,344
299,253,565
3,726,543,734
2,732.521,484
39,896,671,940
15,413,965
1,920,239,254
5,537,604,704
292,743,828
2,195,142,911
2,138,918,179
36,701,889,685
20,093,702
2,035,705,646
As a result of the return of funds into normal
channels, the German Reichsbank, in its statement,
issued as of June 6, was able to show a reduction in
note circulation of 120,712,000 marks, which compares with an expansion of more than 400,000,000
marks a week ago. Other maturing obligations increased 96,982,000 marks and other liabilities 9,903,000 marks, but loans from the Rentenbank declined
744,000 marks. On the assets side, the Bank reported
a decline in bills of exchange and checks of 126,223,000 marks, while advances fell 23,710,000 marks. Deposits held abroad decreased .4,298,000 marks. Silver and other coins, however, gained 278,000 marks
and reserve in foreign currencies 60,000 marks. Holdings of notes on other banks increased 8,190,000
marks. There were also increases in other assets and
investments, 126,190,000 marks and 464,000 marks,
respectively. Gold and bullion holdings showed an
expansion of 180,000 marks, to 1,015,841,000 marks,
in comparison with 441,910,000 marks last year and
756,914,000 marks a year earlier. Note circulation
now is 2,488,085,000 marks.
2983
ment deposits. Time deposits were also reduced,
falling $17,986,000, to $606,347,000. Cash in own
vaults of members of the Federal Reserve Bank,
which last week expanded well over $8,000,000, this
week declined $8,595,000, to *45,235,000. This total,
however, is not counted as reserve. Reserves in
own vaults of State banks and trust companies decreased $35,000, while the reserve of these institutions kept in other depositories fell $826,000.
There was a shrinkage of $23,921,000 in the reserve;
of member banks in the Reserve Bank, whieh offs(
the curtailment in deposits and caused a loss in Ey*
plus of $16,357,610, to $33,046,710, in compariq
with $49,404,320 a week ago. The above figures II*
surplus reserves are based on legal requirements of
13% for member banks of the Federal Reserve System, but not including cash in vault to the amount of
$45,235,000 held by these member banks on Saturday
last.
Call money was firmer at 4% during the first half
4% during the latof the week and easier at about 33
ter half. Generally speaking, the position of the
money market was unchanged. Rather large offerings of new securities, that are supposed to have involved temporary borrowings, were made, but until
Thursday the volume of trading in stocks tended
downward until it closely approached the 1,000,000share level, in comparison with over 2,000,000 shares
a day not long ago, when the market was at the peak
of the upward swing. No change in the rediscount
rate of the New York Federal Reserve Bank was
made on Thursday, notwithstanding rumors that it
would be reduced. The decrease of over 390,090 tons
in the unfilled orders of the United States Steel Corporation during May was larger than had been estimated. Apparently, except for improvement in the
second half of the month, the decrease would have
been still larger. That the industry is not especially
active is shown by the additional fact that, as a
whole, it is operating at only about 69% of capacity.
To the Memorial Day holiday was attributed the decrease of 65,695 cars in the loadings of the railroads
for the week ended that day. The most important
single piece of financing for Europe has been the
offering by-J.P. Morgan & Co. and the Guaranty Co.
of $50,000,000 Kingdom of Belgium 7% bonds, the
fifth offering for that country since the war. That
there is a great amount of money seeking investment,
even in foreign securities, was shown by the fact that
the subscription books were closed 15 minutes after
they were opened yesterday. Announcement was
made at the New York Federal Reserve Bank yesterday afternoon that on June 15 the United States Government would withdraw $27,760,000 from depositories in this Federal Reserve district. Government
operations on that date will be large and may cause
higher call money rates for a few days.
The Federal Reserve statements issued on Thursday afternoon showed a small gain in gold for the
System, with expansion in rediscounts both locally
and nationally. For the banks as a group the report
indicated an increase in gold reserves of $2,900,000.
Rediscounting of Government secured paper expanded $15,000,000, but "other" bills were reduced
$10,200,000, so that the net result was a gain in
total bills discountd of $4,800,000, to $417,134,000,
which compares with $375,992,000 in 1924. Holdings
of bills bought in the open market fell $10,000,000.
Earning assets remained almost stationary, while
deposits increased $3,400,000; member bank reserve
accounts expanded $9,100,000. At New York there
was a loss in gold of $21,300,000. Rediscounts of
paper secured by Government obligations expanded
$21,900,000. "Other" bills declined $2,800,000; hence
total bills discounted registered an expansion of
$19,100,000, to $123,682,000, as against $35,154,000
last year. A gain of $21,400,000 was shown in earning assets, but a reduction in deposits of $4,500,000.
In member bank reserve accounts there was a contraction of $2,200,000 and in the amount of Federal
Reserve notes in actual circulation of $6,900,000.
For the System as a whole Federal Reserve notes
declined $15,000,000. As the changes above noted
very largely offset each other, reserve ratios showed
only slight alteration. For the combined statement
Referring to specific rates'for money, loans on call
there was a small gain,.4%,to 76.3%. At New York this week covered a range of 3%@4%, which comthe ratio declined .7%, to 80.3%, on account of losses pares with 3%@43/2% last week. The call market
in the gold reserve.
continued quiet and on Monday and Tuesday only
one rate was quoted-4%, all loans being negotiated
The New York Clearing House banks and trust at this figure. On Wednesday renewals were again
companies in their return for last Saturday showed put through at 4%, the high for the day, but before
4
some sharp changes. Loans diminished $37,653,000, the close there was a drop to 33 %. For the renet demand deposits decreased $59,390,000. The mainder of the week, that is, Thursday aud Friday,
and
latter shrinkage brought total deposits to $4,399,- all loans on call were made at 3%%,the °Illy figure
270,000, which is exclusive of $19,326,000 in Govern- named. In time money the situation was quiet
2984
THE CHRONICLE
and trading very inactive. TowardIthe latter part
of the week there was a slight stiffening and sixty day
money advanced to 3%%, against 332@3%%,
ninety days to 3%@4%, against 3%, while five
and six months' loans remained at 3U@4%, unchanged. Funds were in fairly ample supply, but
lenders were disposed to raise their price.
Commercial paper was quiet and unchanged. A
moderate inquiry was noted for the best names.
Country banks again absorbed most of the offerings.
Four to six months' names of choice character continue to be quoted at 3%@4%, with names not so
well known at 4@43.%,the same as last week. New
England mill paper and the shorter choice names are
still being dealt in at 391%.
Banks' and bankers' acceptances remained at the
levels current the preceding week. Offerings were
somewhat smaller than of late, and the aggregate
turn-over attained only moderate proportions. City
and country institutions continue to figure in the
dealings. For call loans against bankers' acceptances the posted rates of the American Acceptance
Council has not been changed from 31
4%. The
Acceptance Council makes the discount rate on
prime bankers' acceptances eligible for purchase by
the Federal Reserve Banks 31
%% bid and 3% asked
for bills running 30 days, 33. % bid and 31/% asked
1
.
for bills running 60 days, 3%% bid and 33% asked
for bills running 90 days, 332% bid and 3%% asked
for bills running 120 days, and 35
%% bid and 33/2%
asked for bills running 150 and 180 days. Open
market quotations were as follows:
SPOT DELIVERY.
90 Days.
3%12)3X
Prime eligible bills
60 Days.
334@334
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
334(53
334 bid
334 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
JUNE 12 1925.
Paper Maturing—
After 90 After 90
Days, but
but
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Com'rcial
Agric't &
Livestock
Paper.
n.e.s.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
335
334
335
,
335
,
4
4
4
4
4
4
4
3%
Secured
by U. S. Bankers' Trade Agricul.* Agricul
and
Accepand
Govern't AccepObliga- tames. tances. Livestock Livestock
Paper. Paper.
lions.
334
334
334
334
4
4
4
4
4
4
334
334
3.%
35
4
4
4
4
4
4
4
334
3%
3
4
4
4
4
4
4
4
335
,
334
334
334
334
4
4
4
4
4
4
4
4
4
354
4
4
4
4
334
•Including bankers' acceptances drawn for an agricultural purpose and secured
by warehouse receipts, Stc.
Price movements in sterling exchange during the
week under review were so narrow as to warrant the
statement that the market was in a state of suspended
animation. For the first three days of the week the
range for demand bills was only Mc., the quotation
in this period remaining at 4 853/2@4 85%. In the
1
latter half there was a decline of /0. Trading
activity was almost at a standstill, so far as local
interests were concerned. This, of course, is partly
explained by the fact that June is an "off month" in
the matter of sterling transactions; since it is, as it
were, between seasons, before crop-moving and after
[VOL. 120.
the bulk of interest payments have been adjusted.
In the latter part of July or early August, selling
against seasonal shipments of cotton and grain will
probably begin to make itself felt and there should
be a marked increase in market activity. For the
last three weeks or more, sterling rates have been
maintained at a trifle under par. That so good a
showing has been achieved is partly due to the firm
tone prevalent in London where the steady demands
incidental to tourists requirement have been more
than sufficient to counteract the strain arising from
gold purchases abroad, also heavy colonial borrowing.
It is worthy of note that speculative liquidation is
at present reduced to the vanishing point. Furthermore, although money rates in London are still well
above those prevailing in New York, there has been
a falling off in the volume of transfers of balances
from New York to London. All in all, it would seem
as if the market was in excellent condition to meet the
pressure that is expected to develop when crop
moving actually commences. Large operators are
not likely to take any great interest in sterling,
notwithstanding the general optimism concerning
British affairs, until the more serious of the uncertainties surrounding the European situation have
been removed. Real prosperity for Europe, and also
for the United States, does not seem practicable
until normal trade relations have been restored, and
this happy consummation is not thought likely before
the much-discussed debt-funding arrangements have
been made.
As regards the day-to-day rates, sterling exchange
on Saturday last was quiet but steady; demand was
quoted at 4 85 9-16@4 85 9-16, cable transfers at
4 86 1-16@4 86 1-16 and sixty days at 4 82 7-16.
Monday's market was dull; no increase in activity
was noted and quotations ranged at 4 8532@
4 85 9-16, cable transfers at 4 86@4 86 1-16
and sixty days at 4 82%@4 82 7-16. Sterling was
a shade firmer on Tuesday, although still quiet;
demand sold at 4 851%ag4 85%, cable transfers at
4 86@4 863/i and sixty days at 4 82%@4 823/2.
On Wednesday trading was still at a low ebb and the
range of quotations practically unchanged, at
4 85 9-16@4 855 for demand, at 4 86 1-16@4 863
%
for cable transfers and at 4 82 7-16@4 821% for
sixty days. Dulness was the chief characteristic
of Thursday's dealings, so that quoted rates continued at the same narrow range, with demand bills
at 4 853/@4 85 9-16, cable transfers •at 4 86(4)
4 86 1-16 and sixty days at 4 82%(4)4 82 7-16. On
Friday slight irregularity developed and there was a
.
fractional lowering to 4 8534 @4 85 7-16 for demand,
to 4 853%@4 87 5-16 for cable transfers and to
4 8234@4 82 5-16 for sixty days. Closing quotations were 4 82 3-16 for sixty days, 4 85 5-16 for
demand and 4 85 13-16 for cable transfers. Commercial sight bills finished at 4 85 1-16, sixty days
at 4 80 1-16, ninety days at 4 79 3-16, documents
for payment (sixty days) at 4 81 7-16 and seven-day
grain bills at 4 84 7-16. Cotton and grain for payment closed at 4 85 1-16.
So far as could be learned, no gold was engaged
either for import or export this week.
In Continental exchange, trading was only intermittently active, with at times an undercurrent of
nervous irregularity clearly in evidence. Most of the
limited volume of business transacted was in francs
and attention continued to centre upon French
ETIINE
131925.]
THE CHRONICLE
2985
affairs and the wide up and down movements in cable transfers, against 23.81 a week ago. Austrian
%
the currency of that harrassed country. At the kronen have not been changed from 0.00141 . Lire
%
%
opening Paris checks rallied quite sharply, on an- closed at 3.943 for bankers' sight bills and at 3.953
This compares with 3.93 and
nouncement of the French Minister of Finance for cable remittances.
that the proceeds of the $100,000,000 Morgan loan 3.96 a week earlier. Exchange on Czechoslovakia
%
were to be utilized to prevent further declines in finished at 2.963 (unchanged); on Bucharest at
%
%
exchange values. Whether or not the funds were 0.465 , against 0.473 ; on Poland at 19.20 (unactually so used seems doubtful, but the psycho- changed), and on Finland at 2.53 (unchanged).
logical effect of the news was sufficient to check Greek drachmae closed at 1.67% for checks and at
the decline and bring about enough speculative 1.68 for cable transfers, in comparison with 1.68
buying to induce an advance of more than 10 points, and 1.68% the previous week.
to 4.76. Later in the week recession set in after
As to the neutral exchanges, formerly so-called,
a high point of 4.943/ had been reached, as a result
increasing seriousness of the Moroccan cam- trading was not active and price movements conof the
paign, That Premier Painleve should feel the tinued narrow. Values were firm and the outnecessity of going to Fez for a conference with the standing feature of a dull week was an advance in
Military Commander there, and Caillaux's budget- Swiss francs to 19.413, another new high record.
ary proposals, including demands for 1,500,000,000 Danish exchange was also higher, touching 18.843,
2
francs additional taxation, exercised a severely de- while Spanish pesetas rose to 14.623/, all on a
Dutch guilders and
pressing effect on market sentiment, and sent small volume of transactions.
prices down 12 points. Enforced covering of shorts, the other Scandinavians ruled at very close to
who are afraid of being trapped through Govern- last week's levels.
ment intervention, aided greatly in maintaining quoBankers' sight on Amsterdam finished at 40.15,
tations and preventing fresh declines. Rumors against 40.163/2; cable transfers at 40.17, against
that plans were definitely taking shape for the 40.183/2; commercial sight at 40.07, against 40.07,
2
revaluation of the franc, also talk of another large and commercial sixty days at 39.71, against 39.723/
revolving credit for France, created a favorable a week ago. Swiss francs closed at 19.41 for bankers'
impression, but it is felt that no real progress in sight bills and at 19.42 for cable remittances, in
the way of financial reform can be brought about comparison with 19.373/i and 19.383/i last week.
with an expensive military campaign to be financed. Copenhagen checks finished at 18.843 and cable
A feature of the week wasthe lessening of the spread transfers at 18.883/,against 18.75 and 18.79. Checks
2
between French and Belgian francs, which from on Sweden closed at 26.723/i and cable transfers at
10 points at the beginning of the week, has been 26.763/, against 26.73 and 26.77, while checks on
2
reduced to 5 points. This is due to the persistent Norway finished at 16.83 and cable transfers at
revaluation talk in France. While it would hardly 16.87, against 16.773/i and 16.813/ the week prebe possible for Belgium to take the initial steps ceding. Spanish pesetas closed at 14.57 for checks
in this movement, owing to trade relations existing and at 14.59 for cable transfers. A week ago the
between the two countries, it is felt that once the close was 14.553/2 and 14.57.
French franc has been revaluated, Belgium will
As to South American exchange there was no
speedily follow. Announcement of the $50,000,000 change in the underlying situation. Resumption of
Belgian loan failed to affect the quotations on gold exports in the open market in Argentina on
Antwerp francs. Italian lire were a trifle firmer, Wednesday had no perceptible effect on the rate for
but less active. Since announcement at the close pesos; probably because the removal of the embargo
of last week of the $50,000,000 revolving credit means far less than at first reported. Not more than
.
for Italy arranged by an American banking syndi- 822,000,000 gold is involved and the bulk of it is
cate, lire have remained fairly steady at slightly found to be in a Government institution. Argentine
higher levels than those of the previous week. checks finished at 40.00 and cable transfers at
While none of the loan has as yet been used, the 40.05, as compared with 40.29 and 40.34 a week ago.
fact of its being negotiated was sufficient to dis- Brazilian milreis, after an advance to 11.07, receded
courage speculative attack. Talk of the revalua- and closed at 11.01 for checks and at 11.06 for cable
tion of the lira was again revived, but observers transfers, against 10.87 and 10.92. Chilean exbest posted on foreign affairs were of the opinion change was steady and finished at 11.37, against
that there is no hope of any such action being taken 11.21, while Peru advanced to 4.14, against 4.12,
until the franc has been placed upon a stable basis. the previous quotation.
Other branches of the exchange market are still
Far Eastern exchange was not essentially changed.
inactive, with quotations practically nominal. This The Chinese and Indian currencies followed the
is especially true of German and Austrian exchange. course of the silver market. Japanese yen were
Greek exchange and the exchange of the minor adversely affected by unfavorable trade conditions
Central European countries remained at close to and lost ground slightly. Hong Kong finished at
56@563/s, against 553/@55%; Shanghai at 76%
the levels of the preceding week.
2
The London check rate on Paris finished at @,773(, against 75%@76%; Yokohama at 403,(4)
/ /
100.45, as compared with 98.90 a week ago. In 403 , against 411 2@,421 8; Manila at 49%@50 (un%
;
York sight bills on the French centre closed at changed) Singapore at57(4)573 (unchanged);Bombay
New
4.8532, against 4.70; cable transfers at 4.863/2, at 36%(4)37 (unchanged), and Calcutta at 36%@37
2
against 4.71; commercial sight at 4.843/, against (unchanged).
4.69, and commercial sixty days at 4.7932, against
Pursuant to the requirements of Section 522 of the
4.63% last week. Closing rates on Antwerp france
were 4.753/i for checks and 4.763/ for cable transfers. Tariff Act of 1922, the Federal Reserve Bank is now
The previous week the close was 4.63 and 4.64. certifying daily to the Secretary of the Treasury the
Reichsmarks finished at 23.803< for both checks and buying rate for cable transfers in the different coun-
b.
2986
THE CHRONICLE
[VoL. 120.
tries of the world. We give below a record for the
week just past:
Liberty and License-The Supreme Court and
FOREIGN EXCHANGE RATES CERTIFIED BY
FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT
the Gitlow Case.
OF 1922,
JUNE 5 1925 TO JUNE 12 1925. INCLUSIVE.
A better illustration of the delay which often atNoon Buying Rate for Cable Transfers in New York.
tends the administration of justice in the Federal
Country and Monetary'
Value in United States Money
Unit.
courts could hardly be found than that afforded by
JUII6 6. June 8. June 9. June 10. June 11. June 12.
the Gitlow case, a decision in which was handed
EUROPE-$
$
$
$
$
$
Austria, krone* ______ .1.1055
.14049
.14051
.14055
.14048
.14047
down by the United States Supreme Court on MonBelgium, franc
.0466
.0474
.0486
.0485
.0480
.0474
Bulgaria, lev
007328 .007316 .007328 .007313 .007319 .007317
Czechoslovakia, kron
day. The case goes back to the publication in a rad029629 .029633 .029624 .029630 .029628 .029628
Denmark krone
1878
.1878
.1880
.1883
.1887
.1885
England, pound sterical Socialist paper, "The Revolutionary Age," in
ling
4.8602
.8600
4.8605
4.8607
4.8600
4.8586
Finland, markka
July 1919 of a "manifesto," signed by Gitlow and
.025217 .025213 .025217 .025225 .025214 .025215
France, franc
.0476
.0483
.0492
.0490
.0488
.0484
Germany,. reichsmark. .2380
.2380
others, in which the workers were urged to engage
.2380
.2380
.2380
.2380
Greece. drachma
.016715 .016737 .016689 .016571 .016580 .016754
Holland. guilder
4018
.4017
in a mass strike and other forms of mass agitation
.4018
.4018
.4018
.4017
Hungary, krone
000014 .000014 .000014 .000014 .000014 .000014
Italy, Bra
0396
.0396
.0398
with a view to bringing the Government under the
.0396
.0396
.0395
Norway, krone
1681
.1680
.1681
.1682
.1687
.1686
Poland, zloty
1919
.1919
.1918
.1917
.1918
rule of the proletariat. For the publication of the
.1920
Portugal, escudo
0507
.0506
.0508
.0508
.0508
.0508
Rumania,leu
004702 .004718 .004713 .004696 .004664 .004664
manifesto Gitlow and three associates were proSpain. peseta
.1458
.1459
.1463
.1464
.1463
.1458
Sweden,krona
2676
.2676
.2676
.2676
.2676
.2676
ceeded against under a New York statute, familiarly
Switzerland, franc.- .1938
.1938
.1938
.1941
.1941
.1941
Yugoslavia, dinar_ _ _ .016664 .016693 .016775 .016935 .016997 .017173
.
known as the Criminal Anarchy Act, passed in 1902,
ASIAChinawhen the assassination of President McKinley and
Chefoo, tadl
.7783
.7800
.7804
.7813
.7838
.7863
Hankow,tael
7709
.7719
.7725
.7734
.7750
.7781
the trial and conviction of his assailant were still
Shanghai, tact
7522
.7535
.7545
.7557
.7571
.7596
Tientsin, tact
7863
.7879
.7900
.7892
.7921
.7942
fresh in the public mind. aitlow's case, which was
Hong Kong, dollar. .5512
.5522
.5534
.5552
.5548
.5566
Mexican dollar_ ___ .5495
.5525
.5533
.5544
.5579
.5530
Tientsin or Pelyang.
tried separately, was carried through the lower
dollar
.5525
.5550
.5542
.5542
.5575
.5592
Yuan, dollar
courts to the New York Court of Appeals, and thence
5613
.5629
.5625
.5625
.5646
.5663
India, rupee
3645
.3644
.3650
.3649
.3647
.3648
Japan, yen
4104
on writ of error to the Federal Supreme Court, where
.4106
.4090
.4064
.4030
.4065
Singapore(S.S.), dolla .5663
.5664
.5672
.5666
.5672
.5672
NORTH AMER.it was twice argued,first in April and then in NovemCanada. dollar
.999972 .999961 .999963 .999963 .999971 .999954
7uba, peso
.999922 1.000000 .999974 .999870 .999479 .999427
ber 1923. Now, nearly six years after the offense at
Mexico, peso
498000 .498500 .498167 .498333 .498333 .497333
Newfoundland, doll
.997813 .997813 .997786 .997786 .997708 .997786
issue was committed, and a year and a half after the
SOUTH AMER.Argentina, peso (gold) .9147
.9156
.9103
.9073
.9087
.9095
final argument in the Supreme Court, a final deciBrazil, milreis
1077
.1093
.1093
.1079
.1082
.1085
Chile, peso (paper)
1122
.1125
.1129
.1134
.1135
.1134
sion has been rendered upholding the conviction of
Uruguay neso
9680
.9707
.9680
.9639
.9664
.9720
• One schIlling is equivalent to 10.000 paper crowns.
Gitlow in the New York courts and affirming the
constitutionality of the Criminal Anarchy Act. It
The New York Clearing House banks, in their is safe to
say that most persons who read the aboperations with interior banking institutions, have
stract of the decision in the newspapers on Tuesday
gained $8,544,122 net in cash as a result of the currency movements for the week ended June 11. had long since forgotten Gitlow and all his works,
Their receipts from the interior have aggregated and that few remembered that he had already spent
$9,765,122, while the shipments have reached $1,221,- nearly two and a half years in prison while awaiting
000, as per the following table:
judgment on his final appeal. In England such a
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
case would probably have,been disposed of in a few
INSTITUTIONS.
weeks, if not in a few days, with some resulting eduInto
Old of 1 Gabs Or Lou
Week Ended June 11.
Banks.
Banks.
to Banks.
cation for public opinion while the matter was fresh.
Banks'Interior movement
$9.765.122
$1.221.000 Gain $8,544,122 In this country it
has taken six years, for more than
As the Sub-Treasury was taken over by the Fed- two of which the
case has been before the Supreme
eral Reserve Bank on Dec. 6 1920, it is no longer Court,
and with eighteen months between the final
possible to show the effect of Government operaargument and the rendering of the o,inion. Verily,
tions on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the in this country justice sometimes moves with leaden
feet.
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
Nevertheless, the facts of the case, and the view of
AT CLEARING HOUSE.
the facts and the law,which was taken by both the
Saturday, Monday. Tuesday, Wednesd'y, Thursday, Friday,
State and the Federal courts, are important. The
Aggregate
June 6.
June 8.
June 9.
June 10. June 11. June 12.
for Week.
judgment of the Supreme Court is now, by the Con78.000.000 78.000.000 79.000,000 63,000.000 69,000.000 83.000.000
Cr.450.00 .
0 000 stitution, a part of the supreme law of the land,
NOle.-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of judicial notice to everybody
that if another similar
the Federal Reserve Systems par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing case arises it will be decided
in a similar way. GitHouse Institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of low was a prominen
t member of the "left wing" secNew York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve tion of the Socialist
Party, whose avowed aim was
Bank for collection for the account of the local Clearing House banks.
the substitution of a regime of proletarian Nile for
The following table indicates the amount of bul the existing forms of government in the United
lion in the principal European banks:
States. The manifesto, a piece of perfervid rhetoric
whose reading to-day could hardly cause the most
June 11 1925.
June 12 1924.
nervous patriot to turn a hair in fear, called upon
Total.
Gold.
Silver.
Total.
the proletariat to organize mass strikes in industry
England .._ 157,071,19.
157,071,195128,213.083
128,213,083
France a 147,292,74 12.560,000 159,852,746147,147,637 11,960,000,159,107,637 and politics, as a means of overthrowing the existing
Germany 47,958,4
d994,600 48,953.056 22,095,650 5,752,856 27,848,500
Aus.-Hun b2,000,
62,000,000 b2.000,000
I b2,000,000 political and industrial order. Strictly speaking, it
b
Spain
26.095,000127,539.000101.332,000 26,446,006127,778,000
101,444,
Italy
3,349,000 38.938,000 35.400,000 3,412,006 38,812,000 was not a plea for anarchy, but rather for the substi35,589,
Netheri'ds, 38,949,
40,749,000 44.284,000
1,800.
798,000 45,082.000
Nat. Belt:. 10,891,
13,942,000 10.819,000 2,724,000 13.543,000 tution of one form of government for another. It
3,051,
Switseri'd. 19,281,
22,854,000 20.754,000 4.019,000 24.773,000
3,573,
Sweden _ _ _ 12,939,0
12,939,000 13,751,000
13.751.000 was not addressed to particular persons, but to the
Denmark
11,636,000 1,054.111 12,690,000 11.642,000
796,000 12,438.000
Norway .._ 8,180,0001
8,180.000 8,182.000
8.182.000 proletariat in general, and it did not indicate a time
Total week 593,231,394 62.478.600645.707.994545.820,370 55,907,856601,528,220 or date at which
the mass movements in question
Prey. week 592.862,830 52.238.600645.l01.430546.010.144 55,710,850601,720 994
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 should be set on foot. Moreover, it was not alleged
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
that Gitlow or his associates had themselves done
year are exclusive of n.833.600 held abroad. d As of Oct. 7 1924.
Junin 13 1925.]
TIIE CHRONICLE
2987
it seems to us that the decision of the Court
anything to give effect to the declaration. The sole sented,
the
of in the Gitlow case is not only the better law but
offense with which Gitlow wrs charged was that
cardinal rule of judicommon sense. It is a
publishing a manifesto in which the overthrow of better
cial construction, in every way as applicable to pubby force was advocated.
the existing Government
utterances as to statutes, that words and
It was urged by counsel for Gitlow that the New lic political
to be taken in their usual and customary
York statute, which makes it a criminal offense to phrases are
or sense where the context does not clearly show a techadvocate the overthrow of Government by force,
un- nical or special one; and when a manifesto clearly
by assassination, or by any unlawful means, was
en masse for the overthrow
constitutional in that it deprived Gitlow of his right calls upon people to act
Government and the establishment of
of freedom of speech without, due process of law. of the existing
only idle but cowardly to insist,
This contention the Supreme Court, following the another, it is not
laid on its hand, that nothing more
decision of the court below, overruled. The mani- after the law has
the people addressed should
festo, said Associate Justice Sanford, who delivered was meant than that
at an orderly process of social evoluthe opinion of the court, "is neither the statement of quietly assist
Constitution which guarantees to
abstract doctrine nor, as suggested by counsel, mere tion. The same
of speech and of the press guaranprediction that industrial disturbances and revolu- the people freedom
peaceably to assemble, and to petitionary mass strikes will result spontaneously in an tees also the right
for a redress of grievances; and
inevitable process of evolution in the economic sys- tion the Government
prevent those who despise constitem. It advocates and urges in fervent language while nothing can
from rejecting them, and resortmass action which shall progressively foment indus- tutional processes
to force or revolution, such persons
trial disturbances, and, through political mass ing instead
the punishment which the
strikes and revolutionary mass action, overthrow and should not shrink from
they be shielded from it.
destroy organized parliamentary government." The law provides, nor should
it is wise, will allow to the
means advocated "necessarily imply the use of force Every Government, if
latitude of speech or publication
and violence, and in their essential nature are in- citizen the utmost
nance of order and the
herently unlawful in a constitutional government consistent with the mainte
ment itself, but against the
of law and order. . . . The freedom of speech and continuance of Govern
to overthrow it every Govof the press which is secured by the Constitution open advocacy of efforts
and should protect itself. The decision
does not confer an absolute right to speak or publish, ernment will
in the Gitlow case ought to
without responsibility, whatever one may choose, or of the Supreme Court
g those who desire a better,
an unrestricted and unbridled license that gives im- have the effect of enablin
order, to understand more
munity for every possible use of language and pre- or only a different, social
beyond which agitation may not
vents the punishment of those who abuse this free- clearly the limits
it have that effect or not,
dom." It was enough that the acts complained of lawfully go; but whether
makes clear the constitutional right of
"were advocated in general terms, and it was not it at least
its integrity against those
essential that their immediate execution should have every State to preserve
speech or implication, seek to undermine or
been advocated. The advocacy need not be addressed who, by
overthrow it, as well as the likelihood that the courts,
to specific persons."
them, will see in the inflamAssociate Justice Holmes, in a dissenting opinion when cases come before
precisely the same meaning
in which Justice Brandeis concurred, urged that the matory language used
language intended, in
doctrine laid down by the court in Schenck vs. that those who employed the
convey.
United States, according to which the question to be their hearts, that it should
considered is "whether words are used in such a manncements and the Public.
ner and are of such a nature as to create a clear and The College Comme
Before all eyes stand the great college buildings.
present danger that they will bring about the evils
universithat the State has a right to prevent," should govern Harvard and Yale keep pace with the State
witness to what is going on everywhere.
the Gitlow case. Judged by that test, the dissenting ties and bear
dollars the
opinion declares, "it is manifest that there was no The number of "drives" for millions of
year, with the many large individual gifts, only
present danger of an attempt to overthrow the Gov- past
money which
ernment by force on the part of the admittedly small instance the stream of investment of
," in
minority who shared the defendant's views." In flows every year, and in one sense is "frozen
on. The States
other words, the danger to which the State was al- housing the schools of higher educati
exact figures
leged to be exposed, and against which it was the pur- individually add to this heavily. The
the investment is to be
pose of the New York statute to guard, was a ques- of the total are unimportant;
of its intion of fact to be determined by a consideration of seen of all, and varies only in the rapidity
continuous.
all the circumstances under which the inflammatory crease which is
To this must be added the cost of the work done
statements were published, and by the question of
in them and of the administration, if any estimate is
fact as so determined the law should be construed.
in general, with the ef- to be made of the amount of money withdrawn from
We have little sympathy,
community of
forts of either Legislatures or executive officials to in- other use and the relative value to the
terfere with freedom of speech or of the press. It is the investment.
The recurrence of the Commencement season
undoubtedly annoying to be obliged to read or listen
ed questions, upon the pubto wild or violent harangues by individuals who af- crowds this, with connect
more the ambitious young life of the counfect to find the existing political or economic order lic. Once
and universities
intolerable, and who clamor for the establishment of try is pouring out of the colleges
eager for the fray but not knowing just where their
some Utopia of their own devising, but freedom of
prepared for it. Again it
utterance, even so, is usually more effective than re- job is, or whether they are
rope enough the orators and is impressed upon the country that in these young
pression, since with
of the nation. Again the State
rhetoricians will commonly hang themselves. With people lies the future
answer whether or not it is accepting
challenged to
all respect, however, to the learned Justices who dis- is
2988
THE CHRONICLE
[VoL. 120.
its responsibility towards them. It is investing sired. They may be as ready as the lad who, unable
much money. Is it well informed as to the work it is when asked to name anything he knew how to do,
supporting; are the people interested in it? Are stood a moment and then said "I can do what it says
these "going concerns" in the best sense,fully accom- on your front door;'Push'!" Enough once in a while
plishing their purpose, meeting the need, well worth to get a place, but not for the constant need.
all they cost? Do we know? And how much do we
It hardly seems necessary to assert the right of the
care?
public to be concerned about the higher schools of
The work of each institution is committed to a fac- learning, to inquire about their methods, to test their
ulty of select men and women set apart to teach in results, to be in touch with their faculties, if they are
lines of their own choice and with methods also their to do something more than to contribute money, even
own, while they diligently seek new knowledge, often though now and again in large sums, for
their supwith notable success. Are they meeting the needs of port. Their connection should be far more intimate
the hour? Everywhere about us "the new day" ad- than that. Their sons and daughters go there
for
vances. In government, in business, in the arts, its the final stage in their academic fitting for life, not
challenge is incisive. Trouble awaits all who dis- simply as individuals, but as members of the comregard it. The insistent task is twofold; to glean munity, prepared to accept their inheritance and to
the past, gathering, testing, applying its results; and play their part in contributing to the progress and
recharging all with a new life in the presence of new well-being of all.
opportunities and what is in fact a new world.
Politicians seeking new places to fill with their
The specialist to-day is everywhere. He is the man supporters, greedy contractors wanting fat jobs,
who knows at least one thing better than his fellows. even legislators to show their importance to their
He is often disregarded, sometimes discredited by congtituents and secure re-election, may want to get
busy and successful men. He has to disregard them their hands on the State universities and schools; but
in turn. Now and again he emerges with some new these apart as wholly reprehensible and obstructive,
discovery, a method, or force, or remedy, a fact new a larger, a more constant and appreciative interest
in the world about us, and all men hasten to do him in their work,should it appear, would surely be welhonor as they see profit in his discovery. On all comed by those who have the work to do and the
rehands a desire spreads for like wisdom, like power sponsibility of the position to meet.
of discerning latent opportunity in the business we
Witness the gathering of the alumni at Commencehave in hand. Can it be had? Adequate, if not spe- ment and the enthusiasm always evident. Yet
this
cial knowledge is needed on all hands. Are the young is in fact a projection of the college life into the pubpeople who come to us prepared for their task? Can lic, not of the public into the college life. The crowd
we look to graduates from college or university to comes to do honor to the college and to bear testihave understanding, not, perhaps, of our problems, mony to what it has done for them. Their coming
but of life as it is to-day? Have they the alert eager- and their enthusiasm have immense value. It heartness, the intelligence, the command of their own re- ens the instructors, it attracts new students, it insources of knowledge and devotion which will enable sures hearty support. It is wholly excellent. Indithem to tackle our job, to suggest better methods, to rectly it may lead to inquiry and
helpful criticism,
devise new economies and new products, to find new but that is not its purpose
and is not to be resented
uses and new markets, at least to bring to us some- or repressed. Witness
President Angell's reply the
thing of new energy and new enthusiasm? No intel- other day to an instance
of its most foolish form.
ligent business man can fail to ask himself these Old days are
always exalted. Laudator temporis
questions. If he does fail, he must be apprehensive oat,is the keynote
and fit description of the jubilant
of trouble, however successful he may have been in cold grads."
his own shop in the past.
We are speaking, however, of something quite difWhat, then, are we of the public doing to get such ferent, namely an
interest in the homes and offices,
support for ourselves or for others? Some corpora- and among thoughtful
people, in the colleges and
tions have set up their own special schools. The day universities themselves
and their task. Are they doof the apprentice has passed. Excellent as the old ing all that should
be done, and are they doing their
method was, it proved inadequate. Vision is wanted work intelligently, with understand
ing of the times?
as well as skill, and vision comes only with breadth Do these sons
and daughters we send them come back
of knowledge. We must look to the schools if that is understanding
in some fair degree the conditions of
to be supplied. Are we getting it as certainly, as ex- the world, of the
State, and of life as they will find
tensively, as we should? Does it come to us con- it; and are they to some reasonable
extent prepared
scious of its task, eager in its recognition, ready for to enter it and do
their part? Do they realize that
the work of which it understands sufficiently the part in its large relations
no less than from the
conditions and for which it is conscious of having standpoint of their personal interest; or
are they
some preparation and fitness?
simply eager "to live their own lives?" Are they
These are the questions which were not asked a ready, in short, to go to work with the joy of
those
generation ago; such preparation did not exist and who know what they have to do and that
they can
was not looked for. Newcomers had to "begin at the do it well?
bottom." College men were not often among them,
The great multitude of our college graduates are
and usually were not wanted. Few professional just this. Their diplomas are the
seal of good work,
schools restricted admission to college graduates or the best the country offers, well done.
It is the time,
took cognizance of them among their students. Hap- then, for closeat-hand connection, as well as for
pily, all that has changed. The questions we have generous
approval. The undergraduate body, the
asked will be promptly answered by graduate appli- faculty, the administration,
including the boards of
cants at many readily opened doors; though the trustees, would
be helped by it.
number of such young men will not be numerous
Now and again the attempt at such closer connecenough, nor will all be by any means as fit as is de- tion has been peevishly
challenged. There is nothing
JUNE 13 1925.]
THE CHRONICLE
2989
exnature of woman. In the rapid advance we are
many lines now we cannot pause too
periencing in so
women
often to pay tribute to the age-long service
given in sickness in the home. And though it
have
to-day
is observed that the professional nurse is in
r and friend in
often taking the place of the neighbo
the physithe sick room, which is the "kingdom of
call to woman to bring
cian," there waits only the
wherforth this service and sacrifice, whatever and
. And it may be accepted that as
ever be the occasion
even
woman enters the vocations, professions and
of the future she will carry into all
business affairs
willing in
of them something of this nature that is so
where love is reservice and so valiant in sacrifice
quired to smooth the way.
motherly
It would be foolish to expect that this
of mankind could find any
interest in the suffering
conduct.
direct expression in business customs or
place in the relation of employer
But it may find a
many
and employee, and in so far as it does, obviate
ties prevalent in the present period of
of the difficul
foolchange and readjustment. It would be equally
Cross nurse
ish to expect that the example of the Red
into a
The Lady of the Lamp—The Influence of
will metamorphose the so-called "flapper"
devotion to
Woman.
sedate and serious young woman. But
The commemorative service to Florence Nightin- a good, typified in the disciple of Florence Nightingale, held in the Cathedral of St. John the Divine gale, will strengthen the will of those undaunted by
May 17 last, brought together, for the first time, it the hardships of a workaday world and hearten them
is said, the professional nurses of the city, to the into nobler action and more steadfast purpose.
number of more than 2,500. This gathering of those Whether in politics and law woman will be more tolwho devote their lives to nursing the sick and injured, erant, charitable and kindly to woman than man has
featured anew the services and sacrifices of the 22,- been to woman, will be demonstrated in the future.
000 Red Cross nurses during the war. In addition Sufficient time has not elapsed to permit estimate or
to this it illuminated the question of what the young conjecture. But these self-sacrificing women, whatwomen of to-day are doing. Dr. John H. Finley in ever their vocation, will undoubtedly have a temperhis tribute to the life of Florence Nightingale illu- ing effect on what is now popularly termed the "remined this when he quoted what Theodore Roosevelt volt of youth." The present hectic hunt for sheer
said to him on recovering from a severe illness a pleasure must run its course. The yonth of both
short time before his death: "Thank God I'm not a sexes are enjoying privileges scarcely dreamed of
cynic. I've always believed in and respected Ameri- 50 years ago. They are the inheritors in our own
can womanhood; but I tell you that I leave here with country of a condition of abundant wealth following
more respect and a better appreciation of what our a convulsive war that unless it is conserved by eargirls really are. We are all apt to take some things nest and more frugal living will in time become dissifor granted. Most of us, until we are forced into a pated into privation and want.
place like this, never give a thought to the women
Those who think deeply upon this subject, the
who give so much to serve." Florence Nightingale, place of youth in the scheme of things, seemingly are
who was Longfellow's "Lady of the Lamp," was the coming to the conclusion that new estimates of man-clay the mirs and customs will be the result of what many
pioneer nurse who won for her followers of to
are universally gladly accorded to term the "abandon" of to-day. Morals are the result
freedom they now
train themselves for this profession of service to of a "consensus of opinion" of a given place and time.
humanity. And Bishop Manning, in his welcoming Freedom too long denied 'rational expression rushes
address, did not fail to ask that the service become into open rebellion. To sink back later, not to the
an annual event in order to "emphasize the close former level, but to a level different from the old but
relation between the ministry of mercy which you shorn of the extravagance, even excesses, as some
exercise, and the work of the church and the place would hold, of the new. But the possession of freewhich religion should hold in your lives," and he d an, like that of wealth, brings its own responsibilimight have added all lives. Incidentally, this service ties and duties. Those who pursue new vocations in
marks a course for the Cathedral as a great temple a new time cannot escape their sobering effect. It
of religion for the entire City of New York!
is at this point that we begin to discern the ultimate
d to broaden this consideration of effect woman is to exert upon the world. But the
We are dispose
the work of women in our modern world, using this new woman cannot utterly forsake the old. She may
example as a text, and to inquire as to the attitude of defy conventions for a time, not her own sacrificial
.
women in politics and business. The Red Cross nature. When she goes out into the battlefield to
nurse is often pictured as the mother of mankind. nurse the maimed wrecks of war, when she goes into
Save in this work woman's tenderness and "loving pestilential slums to bring health.and happiness, she
kindness" cannot be shown accompanied as it is with reaches an apotheosis of devotion to betterment and
the fearless spirit undaunted by battle and pesti- hive and kindness that in some degree will show all
lence. And yet it lightens many a stricken home along the way. She may not seem always to underthat is unknown to the world. And what now is a stand herself, but her nobler nature compels her
profession has always been the peculiar work and slog paths of helpfulness.
sacrosanct in the situation. The Senior is, of course,
"the wisest man in the world," unless it be the Sophomore,in all matters of college life; the professors are
trained for their task; and the trustees have a real
sense of their responsibility; at the same time the
full pulse of the outside world felt beating through
the collegiate body could not fail to contribute to its
vigor. Blood pressure may at times be high, but a
healthy system readily returns to normal, and such
occasional disturbance is far less evil than the dulness that creeps in when the pressure is low.
Our only purpose is to call attention to the vital
importance of the work our universities and colleges
are doing, and to help to secure for them the full
support and hearty co-operation of the public which
they deserve. There certainly is in all departments
keen appreciation of the financial aid outsiders in all
parts of the country are rendering; and the crowd of
young people pressing up to the college doors is the
best evidence of the excellence of the work, as it is the
best augury for the future of the country.
2990
THE CHRONICLE
[VoL. 120.
In the phrase which Bishop Manning aptly uses these new voters to discard much of the sophistical
in defining the work of the trained nurse, "the min- pleadings that have characterized previous camistry of mercy," there is a sermon for the whole world paigns. And if this be not true then this modern
of religion of to-day. That this is the mission of the widening of suffrage will only serve to increase conteachings of the Church there is ample warrant in fusion. Time will tell. But
the advent is propitious,
the precepts and practice of the great Teacher of for freedom from party chains
has already come as a
mankind. We concern ourselves over the codifica- result of continually seeking
for tactical advantage
tion of international law and the establishment of in organization and in legislati
on. Even the turmoil
an International Court of Justice. But the mercy advances tornado-like.
that falls like the dew upon the just and unjust has
Coming to the broadening out of the industrial life
all peoples and all places for its home. There is no by the inclusion of women
in business vocations, it
need to wait for the scales to turn, for the wheels of cannot be that volunteer
efforts in service and sufferorganization to grind, nation to nation, man to man, ing will be accepted
without an acknowledgment of
there is opportunity. Mercy does not argue or ad- this new freedom.
But all depends upon the historic
judge; it works. Mercy does not wait; it advances. education of women in
the quieter paths of family
Mercy is volunteer; not conscript. Mercy is the light and faith. If this
fails and is swallowed up in the
and life of justice. And if religion would work re- prevailing fortunehunting furore, then estimates of
demption from war, it must be tolerant of all creeds. the future of society
are worthless. Philosophers
As the Red Cross knows no race or country, so reli- rather than psycholog
ists may consider what sent
gion must unify peoples by common faith and com- these 22,000 nurses
overseas during the war. They
mon practice. It is not what the Red Cross nurse may strive to place
this devotion against the fighting
believes, it is what she does. It is not the foibles of animal thirst which
if it does not cause war embraces
her own character, but the fullness of her devotion it. Herein may dawn
a new light for the peace of
that heals the sick and soothes the dying. And in the world. Is there,
then, danger to the home that at
such way the Church must embrace all men every- last in cases where
there is no home women are freed
where.
from dependence into self-respecting toil? And can
Hers we find the basis of revolt. And there is this fail to
influence trade in its larger aspects,
much revolt, in religion, politics, business, social though for a
time many enter vocations without
standards. The great war was a fiery crucible which thought of
remaining or little appreciation of the digtested human character and burned out the dross of nity and worth of
commerce as sustainer and civilizer
hypocrisy and the intolerance of littleness. If a man, of the human race?
No wonder mercy,faith and seror a woman, gave her life for country, it was not the vice found themselv
es linked together in this simple
privilege of religion to test the soul by broken cus- meeting at St.
John the Divine!
tom and tarnished life. Who gives all the good for
all men, can give no more. The supreme sacrifice
Listings on the New York Stock Exchange
washed out the sins, large or small. And he who
for the Year 1924
would place the tottering tenets of an outworn creed,
The total of corporate listings of new and addiagainst the service that gives self for others only tional securitie
s on the New York Stock Exchange
prolongs the day of discord and prevents the univer- for the year
1924 shows a marked decrease compared
sality of love and peace. Religion is right. It saves. with the
previous year. In this the comparison difBut it is not that which is founded on a perishing fers from
that of the actual corporate financing for
belief that cannot stand in the fierce light of the new the twelve
months as represented by the stock and
truth. There is need for unity of creed as well as bond issues
offered in the investment market by corpractice. Too much thought and time in all fields porations,
where there has been a large increase over
of life are spent on non-essentials. Once principles the offerings of
the year preceding. Full details reare determined, details fall into place with clock-like garding the latter
were shown in our article on the
precision. And where principles are not possible of New Capital Flotatio
ns for the calender year 1924
distinct and comprehensive enunciation, still the in our issue
for January 24, pages 384 to 392. The
principle, though imperfectly stated, will show that latter compilat
ions constitute an accurate index of
law is superior to mere precept, and inclusive of the the new financin
g done and cover the entire country.
minor beliefs men may hold. The very independence The listings relate
to an entirely different thing.
of character is based on individual opinion. Thought They embrace
not only new, but also old securities
cannot be standardized; belief cannot be cabined; which have just found their way
to market and they
conduct cannot be stereotyped.
have reference alone to the New York Stock ExWoman enters politics at a time when the old ma- change. They also include securitie
s replacing old
chinery upon which manipulators have relied,joggles securities, which process occurs chiefly
in cases of
and balks. Elections are no longer to be predicated reorganizations and recapitalizations.
The former
on one-plank platforms. There is too much knowl- have been on the decline, whereas the
latter have been
edge of affairs,spread by countless journals through- on the increase, in recent years.
out the whole country. Readers, even unconsciously,
The larger portion of the corporate listings took
out of this daily flood and impact of news,form opin- place during the first six months.
The total corions, are no longer controlled by bosses, formulate porate listings for the whole year of
1924 aggregated
for themselves the principles at stake and vote ac- $2,972,767,110, against $3,879,437,943
for 1923 and
cordingly. Parties are tested by their ability to meet $4,366,447,816 for 1922, which latter
was the record
underlying issues. It is doubtful whether the femi- in showing the largest amount of listings
for a period
nine mind will ever become patient with details of of its length in the history of the
Exchange. As in
organization. There is always a single track for previous years, the foregoing totals,
while excluding
truth to, follow. A strong devotion to the right, Government and municipal
financing, both foreign
innate in the character of woman, a perception so and domestic, include securities of
foreign corporadirect and keen as to be called an intuition, will lead tions.
JUNH 13 1925.]
Among the principal features in connection with
the year's listings we observe the following:
1. An increase in the amount of securities of railroad companies, the total for the year having amounted to 655 millions, against 500 millions in 1923.
2. A notable falling off in the total aggregate of
securities, both bonds and stocks, of industrial and
miscellaneous companies, the total for the year having been 1,427 millions, or 989 millions less than the
previous year.
3. The further broadening of the New York market for foreign securities, both corporate, municipal
and Government. Foreign Government bonds in
1924 include $150,000,000 Japanese, $100,000,000
Canadian, $50,000,000 Dutch East Indies, $20,000,000 Norwegian, $30,000,0000 Swiss, $40,000,000 Argentina, $25,000,000 Austrian, $10,000,000 Finland
and $20,000,000 Polish Governments and Buenos
Aires, Carlsbad, Rotterdam and Trondhjem municipal issues. Foreign corporate securities include
$22,000,000 notes of the Industrial Bank of Japan,
$30,000,000 common stock and $1,962,000 bonds of
International Railways of Central America,$15,000,000 bonds of Great Consolidated Electric Power Co.
of Japan and $3,000,000 bonds of Lower Austrian
Hydro-Electric Power Co.
While the listings of securities of public utility
companies show a decrease, the total of 848 millions
comparing with 962 millions in 1923, still, if we compare the 848 millions of 1924 with the 237 millions in
1'915, we can readily see that this class of security
holds favor with investors. Included in this division
are securities of electric light and power companies.
These companies at the present time represent the
most rapidly expanding business in the country.
Their favorable financial record over many years has
had the effect of putting their securities in a class
by themselves.
The aggregate amount of stocks of industrial and miscellaneous companies listed was $1,224,594,650, compared with
1,860 millions in 1923 and 1,975 millions in 1922. As in recent years, it must be taken into account that in many cases
the Shares listed in 1924 were of no par value and were represented by more or less nominal figures. Although this
practice has to a certain extent changed the method of comparisons of the total stocks listed as expressed in dollars,
still the value of comparisons is in no way impaired, as the
figures given represent the stated or declared value of the
shares as reported in the companies' latest balance sheets.
As in previous years, our tabulation of new securities
listed does not include issues traded on a "when, as and if
issued" basis. Some of the issues admitted to trading in 1924
are: $75,000,000 Baltimore & Ohio 1st gen. 5s, due 1948;
$40,000,000 Andes Copper Mining Co. 7% bonds, due 1943;
$15,000,000 Cuban Dominican Sugar Co. 7%% bonds, due
1944; $12,000,000 Pan American Petroleum & Transport Co.
cony. 6s, due 1934; $3,930,000 pref. stock and $7,860,000
corn. stock of Pittsburgh Terminal Coal Co.; $4,500,000 bonds
of Cuba Northern Rys.; $8,300,000 bonds of Northern Central
Ry. Other issues traded on a "when issued" basis are $15,000,000 Nord Railway 6%s of 1950; $20,000,000 Paris-LyonsMediterranean external 7s of 1958 and $10,000,000 Paris-Orleans RR. 7s of 1954. If the foregoing were taken into account they would swell our totals considerably. They will
find a place in the totals when the securities they represent
are listed in the regular way.
The table of note issues not listed on the Exchange, as
compiled at the end of this article, shows an increase over
1023. The total for the year 1924 was $335,100,000, as
compared with 247 raillions in 1923; 151 millions in 1922 and
285 millions in1921. This total includes principally nOtes
issued for extension or renewal of maturing bonds or notes
;
ro represents short terrd financing. Note issues are not only
.
not usually listed themselves, but serve to a certain extent
reduce the volume ot'stocks and bOnds thni would'norto
mally be presented for liking on the Exchange.
2991
THE CHRONICLE
Railroad bonds listed during the year foot up $451,866,855,
as compared with 329 millions in 1923 and 669 millions in
1922. Chief among the issues of this class are $35,000,000
Baltimore & Ohio RR. ref. & gen. 6s, series "C," due 1995,
issued for refunding and expenditures, $14,000,000 series
"B" 5s, and $16,000,000 series "C" 4%s. Louisville & Nashville 1st & ref. bonds issued for expenditures, refunding, etc.;
/
1s,
$26,058,000 New York Chicago & St. Louis RR. ref. 52
issued for expenditures, etc., and $20,000,000 Cleveland Cincinnati Chicago & St. Louis ref. imp. 5s, series "D," issued
for improvements and refunding purposes.
The following is our usual ten-year listing table:
LISTINGS ON NEW YORK STOCE EXCHANGE.
Bonds.
Issued for New
Capital, &c.
Old Issues
Now Listed.
Replacing
Old Securities.
s
$
Total.
$
$
597,242,100
637.040,556
867,634,961
525,652,059
388,708,500
211,074,311
100,148,400
713,686,300
336,030,000
451,854.514
36,623,498
11,962,400
15,979,350
44,055,900
4,564,300
41,795,500
33,958,500
64,445,000
25,925,000
40,539,000
406,587,823
619,351,290
698,808,139
226,202,119
45,621,906
68,132,729
93,527,800
212,702,200
300,751.000
48,798,786
1,040,453,421
1,268,354,246
1,582,422350
795,910,078
438,894,706
321,002,540
227.634,700
950.833,500
862,706,000
541,192,300
625,206,192
917,756,584
981,900,977
368,715,110
1,131,237,916
565,615,760
160,688.267
616,957,245
479,263,618
319.506.950
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
286,501.896
346,922,069
335,061,654
249,931,033
343,522,220
236,060,904
44,652,250
139,877,552
69,751,785
96.127.390
1,020,604,801
1,346,405,054
1.467.062,739
481,037,553
680,638,517
474,927,828
106,684,130
724,450,548
418,186,265
523.691.900
1,932.313,089
2,611,083,697
2,784,025,370
1,099,723,686
2,155,398,653
1,266,634392
312,024,647
1,481,285,345
967,161,758
939.326.240
Stocks.
1924
1923
1922
1921
1920
1919
1918
1917
1916
1015
Note.—Appllcatiowt for the listing of trust company receipts and of securities
marked "assented" (if preparatory to reorganization), or of securities stamped
"assumad" or "assessment paid"—the securities themselves having previously been
listed—are not included in this table.
In the following table the securities of all public utility
companies are classified by themselves for the first time.
The compilations of former years haave been recast and the
securities of public utility companies heretofore classified
with industrial and miscellaneous companies have been segregated and included with "Public Utilities." This in no
way affects our totals of corporate listings as shown in former years.
Bonds.
Railroad.
Public
Utilities.
Stocks.
Indus. &
:Wised!.
Public
Railroad.VIIIdies.
d;
1924_ 451,866,855 343,819,900 244,766,666 203,465,920 504.253.169 1,224.594,690
1923._ 329,100,746 382,953,500 556,300,000 171,500,230 579,445,089 1,860,138,388
1922..669,344,650 398,447,700 514,630,100 519,467,400 289,079,132 1,975,478.838
1921_ 314,912,600 145,187,900 355,809,578 76,743,500 219,228,895 803.751,291
1920.. 243,816.550 70.300,000 124.778,756 87,122,800 70,408,255 1,997,867,598
1919.. 205,251,700 49,857,400 65,893,440 250,240,250 77,869,425 938,899,817
1918.. 61,294,600 128,305,600 38,034,500 55,268,500 15,674,482 243,245,915
1917.. 525,320,250 154,358,900 279,206,600 623 807 060 218,861,965 665.216,320
1916.. 318,729,500 143,952,000 41,164,000 161,185,600 122.622.235 683,353,923
1915_ 425.655.100 68,060,000 50,477,200 367,827,670 169,753.200 330,745,370
Other bond issues by railroad companies are the following:
$20,000,000 Southern Ry. devel. & gen. 6s, $15,000,000 Florida
East Coast 1st & ref 5s, series "A"; $15,000,000 Great Northern en. 5s, series "C"; $15,250,000 Chicago& North Western
/
1s,
1st & ref. 5s, $12,000,000 1st 52 series "A," and $15,000,000
1st 5s, series "B," of Cleveland Union Terminals Co.; $12,000,000 St. Paul Union Depot Co. 1st & ref. 5s, series "A,"
and $12,000,000 Lehigh Valley RR. gen. consol. 5s.
Public utility bond issues listed amounted to $343,819,900,
against $382,953,500 in 1923 and $398,447,700 in 1922. Principal among the issues were $100,000,000 American Telephone & Telegraph 5%% debentures issued for refunding
and capital expenditures; $22,000,000 Spring Valley Water
Co. 1st mtge.' 5s, issued for refunding and corporate purposes; $13,000,000 Market Street By. 1st mtge. 7s, series "A,"
and $17,500,000 Laclede Gas Light Co. 1st coll. & ref. 5%s,
series "C," both issued for refunding purposes. Other issues
are $26,206,000 Public Service Electric & Gas Co. 1st & ref.
.
52 $14,216,800 Brooklyn-Manhattan Transit Co. "Rapid
/
1s,
Transit Security" 6s, $8,039,5,00 Consolidated Power & Light
!Co. 1st & ref. 6%s, $10,000,000 Milwaukee Electric Ry.
& Light Co. ref. & 1st 6s, series
and $3,108,000 Tennessee
Electric Power Co. 1st & ref. 6s, series "A." .
Miscellaneous bond issues listed amounted to $244,766,666,
against 556 millions in 1923 and 514 millions in 1922. Lead-,
ing the list are $35,000,000 Western Electric Co. 5% debentures, issued for construction and -working capital; $30,000,000 American Sugar Refining Co. 6% bonds, issued for purpose of paying off current bank debts; $24,000,000 Associated
Oil Co. (of'Cal.) 6% notes,,issued for'refunding, additions,
etc.; $12,500,000 United Drug Co.'6%. NOS,.issued for refunding purposes,.and $10,000,000 Willys-Overland
'1st
•• - mtge. 62 issued for working capital,' etc.
/s,
1
2992
[vol.. 120.
THE CHRONICLE
Among the stocks of railroad companies listed we note the
following: $28,256,900 capital stock of the New York Central issued for corporate purposes; $28,000,000 corn. stock
of Southern Pacific Co., issued in connection with the acquisition of the El Paso & Southwestern System; $21,595,900
com, stock of Pittsburgh Ft. Wayne & Chicago, issued for
improvements and additions, and $28,243,800 corn. stock, and
$4,195,000 pref. stock of the Hudson & Manhattan RR.
The principal stocks of public utility companies listed are:
$153,000,200 capital stock of American Telephone & Telegraph Co., issued for new capital and conversion of bonds;
$25,000,000 6% pref. stock of Pacific Telephone & Telegraph
Co., issued for the acquisition of additional properties and
to pay current debts; $16,046,600 capital stock of Brooklyn
Edison Co., issued for capital expenditures; $16,969,900 capital stock of Detroit Edison Co., issued for construction, etc.;
$15,000,000 pref. stock of Duquesne Light Co., issued for
capital expenditures; $14,356,100 pref. stock of Columbia
Gas & Electric Co., issued principally for refunding purposes; 618,008 shares common stock of Consolidated Gas Co.
of New York, issued for additional working capital. There
was also listed during the year $16,825,150 pref. stock and
1,034,843 shares (no par value) common stock of the Radio
Corp. of America.
Prominent among the industrial and miscellaneous stock
issues added to the list are $93,398,600 General Motors 6%
cum. pref. stock, issued in exchange for old pref. and deb.
stocks; $18,950,000 Fisk Rubber Co. 1st pref. stock; $40,000,000 capital stock of Pacific Mills; $28,000,000 com, stock of
General Petroleum Co.; $15,000,000 Great Western Sugar
Co. corn. stock, and $15,000,000 7% pref. stock of SherwinWilliams Co.
The principal stock issues without par value listed are:
(a) 1.400,000 shares stock of Philadelphia & Reading Coal &
Iron Corp.; (b) 600,000 shares corn. stock Burroughs Adding
Machine Co.; (c) 445,549 additional shares capital stock of
Marland Oil Co.; (d) 250,000 shares capital stock Abitibi
Power & Paper Co.; (e) 1,641,026 shares corn, stock Congoleum-Nairn, Inc.; (f) 1,020,307 shares corn. stock Pierce
Petroleum Corp.; (g) 400,000 shares capital stock Chicago
Yellow Cab Co.; (h) 368,529 shares common stock Fairbanks,
Morse & Co., and (1) 666,425 shares capital stock Phillips
Petroleum Co.
•
GOVERNMENT AND MUNICIPAL ISSUES LISTED AND AUTHORIZED TO BE LISTED DURING 1924.
$40.000.000
Argentina, Republic of. External 6s, Series "A." 1957
25.000.000
Austrian Government Guaranteed Loan 7s, 1943
2,000,000
Bergen. City of (Norway). 6s, 1949
4,000,000
-Year Secured 8s, 1947
Bolivia, Republic of, External 25
8.445.000
Buenos Aires, City of, External 63.s. 1955
100,000,000
-Year 5s, 1952
Canada, Govt. of the Dominion of, 30
1.500,000
Carlsbad, City of (Czechoslovakia) 8s, 1954
50,000.000
-Year 5 Ms. 1953
Cuba, Republic of, External Loan 30
-Year External 5 Ms.due March 1 1953-- 25.000,000
Dutch East Indies-30
25,000,000
-Year External 5)4s, due Nov. 1 1953
30
10,000.000
Finland, Republic of, External 6s, 1945
150,000.000
Japanese Government External Loan 64s, 1954
40,000,000
-Year External 6s. 1954
Netherlands, Kingdom of. 30
20,000,000
-Year 6s, 1943
Norway, Kingdom of, External 20
25,000.000
-Year 6s. 1944
20
4.500,000
-Year 514s. 1953
Panama. Republic of, 30
19.775,750
-Year 6s, 1940
Poland. Republic of. 20
6,000,000
-Year 6s, 1964
Rotterdam, City of(Holland), 40
30,000,000
Switzerland, Government of, 51.0, 1946
2.500,000
Trondhjem, City of(Norway). 20-year 644s, 1944
200,000,000
United States of America 4% Treasury bonds, 1944-54
$788.720,750
Total
RAILROAD BONDS LISTED FIRST SIX MONTHS OF 1924.
Purpose of Issue.
Amount.
Company and Class of Bonds—
$10.000,000 Capital expenditures.
C B & Q 1st & Ref5s A 1971
Ch Ind & Lou 1st & Gan es B.'66._ 1,000,000 Capital expenditures, &c.
Ch Mil & St P 1st Secured 6s. 1934_ 14.000.000 Refunding, improvem'ts.
Chic & Nor West 1st & RefSs 2037 15.250,000 Improvements, refunding.
Chicago St Louis & New Orl—
11,604.000 Construc'n,exten'ns, &c.
Joint 1st Ref 58 A. 196.3
Chic T H & S II 1st & Ref 5s, 1960- 1,969.000 Expenditures.
B 1963_ - 7.000.000 Capital expenditures.
Chicago Un Ste Co 1st 58
Chic & West Ind Consol 4s 1952--- 4,509.000 Refunding.
Cleveland Union Terminals
12.000,0001Acquisitions, construction,
1st 5 Ms Series A 1972
15,000,000f &c.
1st 5s Series B 1973
Gloversville
Fonda Johnstown &
550,000 Refunding.
1st Consol Gen Ref 4348 1952..Lou & Nash 1st & Ref53 Ser B 2003 14,000,000 Refunding.
M St P&SSM5M% notes 1949_ - 3,316.900 Exch. Wisc. Central stock.
340,4501
Mo-Kan-Tex Prior Lien 5s A
125,475 lissued per reorganization
4s Series B
plan.
3,700
es Series 0
386,900
Cumulative Adjust Mtge 5s A__
700,000 Purchase properties.
Missouri Pac 1st & Ref68 D 1949-5,000 Iss d under reo(g. plan.
General 45 1975
NY LE &WO& RR 1st 5Ms 1942 1.100 000 6% bonds ext. at 5M%.
NYN H & Hartf4% Debs 1957... 1,589.000 Exch. for Pr. Sec. Co.Deb.
Reading Co Gen & Ref 4 Ms A 1997 52,577.332 Issued in Exch.for Gen. M.
bonds per dissolu. decree.
1,025.000 Refunding.
Southern Ry 1st Consol Ss 1994_
20.000.000 Construction, improv'to.
& Gen Os Ser A 1956
Devel
Virginian Ry 1st 58 Ser A 1962- — - 9,500 000 Additions. refunding &c.
Purpose of Issue.
Amount.
Company and Class of Bonds.
Income (Gtd) 55. 1960
6,286.100 Old bonds just listed
CC C&StLRef&Impt 5sD,'63_ 20,000,000 Refunding, improvements
El Paso & Southw 1st & Ref 5s.'65 3,525,000 Refunding, &c.
Fla East Coast 1st & Ref5s A.1974 15,000.000 Additions. betterm'ts, &c.
Fla West & North 1st 7s A,1934_ 7,000.000 Construction
15,000,000 Expenditures
GreatNorthern Gen Ss C. 1973
Int Rys of Cent Amer 1st 53 B.'72_ 1,962,000 Construction, refunding
Lehigh Valley Gen Consol 5s,2003.. 12,000,000 Refunding, additions. &c.
Lehigh Valley Harbor Term Ry1st (Gtd) 5s. 1954
10.000,000 Expenditures, &c.
L & N 1st & Ref 4348 C. 2003...... 16,000,000 Expenditures, &c.
Missouri-Kansas
-Texas
-Prior Lien 5s,A
99,4731
Issued per
Prior Lien 48, B
13.0251
reorganization plan.
75.300,
Adjustment 5s. 1967
17,000 Issued under reorg. plan
Missouri Pacific Gen 4s, 1970
New Orl Tex & Mex 1st 5Ms A,'54. 10,518,000 Refunding, acquisition
1st 5s, B. 1954
5,222,500 Retire income bonds
N Y Central Cons 4s, A, 1998_ 1,911.100 Exch. for L. Sh. Coll. 330
NY Chic & St L Ref 51.0, 1974-- 26,058,000 Expenditures, &c.
2d & Impt 6s, Ser A,B & 0,1931
611,000 Improvements, &c.
666.000 Refunding
Norfolk & West 1st Consol 4s, 1996
Philo Bait & Wash Gen 5s. B,1974. 10,500,000 Refunding, &o.
Pitts Youngstown & Ashtabula
4.474,0001Refunding, additions, bet
1st Gen 4s, A. 1948
1st Gen 55, B, 1962
4.479.0001 torments, &c.
St Louis Iron Mtn & Gulf—
South Riv & Gulf Divs 1st 4s,'33 1.500,000 Construction
St Louis-San Francisco—
8.500.000 Capital expenditures
Prior Lien 530, D,1942
Cum Adjust 6s. Series A, 1955
132.600 Issued under reorg. plan
St Paul Union Depot Co
12,500,000 Refunding, additions. &c.
1st & Ref 58, A, 1972
135.000 Additions, &c.
Union Pacific 1st & Ref. 4s,2008-Total
$254.315.09R
PUBLIC UTILITY BONDS LISTED FIRST SIX MONTHS OF 1924.
Purpose of Issue.
Amount.
Company & Class of Bonds—
Am Tel & Tel Co 53 % Deb 19434100.000,000 Refunding, capital expends.
Brooklyn-Manhattan Transit—
14.216,809 Issued per reorg. plan.
Rap Tran Security (is 1968
Consol Pr & Lt 1st & Ref630 1943 8,039,500 Refunding, acquisitions.
Kansas City Power & Light
2,000,000 Impts., additions, &c.
1st 5s Series A 1952
Kansas Gas & El 1st 6s Ser A 1952- 4,000,000 Additions. &c.
Laclede Gas Light Co
1st Coll & Ref 5348 Series C 1953 17,500.000 Refunding.
Market St Ry 1st 7s Ser A 1940--- 13,000,000 Refunding.
Metropolitan Edison 00330.000 Addns.. extensions, &c.
1st & Ref (is Series B 1953
2,150.000 Addns.. impts., &C.
1st & Ref 6s Series 0 1953
Milwaukee El Ry & Lt Co—
10,000,090 Refunding, additions.
Ref & 1st Os Series 0 1953
Montana Pow Co 1st & Ref5s 1943 2,500,000 Impts., extensions, &c.
Public Service Elec & Power Co
14,000,000 Construction of plant.
1st Mtge 6s 1948
400,000 Expenditures.
Southern Colo Pr Co 1st 6s 1947_ _
Southwestern Bell Telephone 0050,000,000 Repay adv., wkg. capital.
1st Ref 58 &vim+ A 1954
Standard Gas & El Cony 6 Ms 1933 5,417,100 Refunding, wicfe. capital. •
654,000 Conversion of debentures.
Union El Lt & Pr Ref & Ext 6s 1933
Virginia Ry & Pr 1st & Ref 5s 1934 1.300.000 To pay liens, construct., &c
7,500,000 Extensions, trains., &c.
West Penn Pr 1st 53.s Ser F 1953Total
$253,007,400
PUBLIC UTILITY BONDS LISTED SECOND SIX MONTHS OF 1924.
Amount.
Purpose of Issue.
Company & Class of Bonds-1,700,000 Expenditures.
Chicago Rye 1st 5s 1927
Duquesne Light Co—
let & Coll Tr 51.48 Series B 1949 10.000,000 Capital expenditures.
Great Consol El Pr Co Ltd (Japan)
15,000,000 Refunding,working capital
1st Mtge 7s Series A 1944
Lower Austrian Hydro-Electric
3,000,000 New construction. &c.
Power Co 01.0 1944
500,000 Corporate purposes.
Manila Elec Co 1st Ref 7s 1942. _ _
500,000 Expenditures.
Montana Pr Co 1st & Ref 5s 1943..
582,500 Construction, &c.
New York Steam Corp 1st (is 1947
Niagara Lockport & Ont Pow Co—
369,000 Refunding.
Ref(is Series A 1958
Ohio River Edison Co 1st(is 1948— 7,000,000 Construction.
/Exch. for P. S. Corp.(ion.
Public Service Elec & Gas Co—
26,206,0001 5s of 1959.
1st & Ref 530 1959
Spring Valley Water Co 1st 53 1943 22,000,000 Refunding, corp. purposes.
Tennessee Electric Power Co—
3,10S ow) Expenditures, refunding.
lst, & Ref Os Series A 1947
572,000 Capital expenditures.
Virginia Ry & Pr 1st & Ref 5e 1934
275,000 Additions, &c.
West Penn Pow Co 1st 6s C 1958_
Total
$90,812,500
INDUSTRIAL BONDS LISTED FIRST SIX MONTHS OF 1924.
Amount.
Purpose of Issue.
Company and Class of Bonds.
$30,000,000 Pay current bank debt.
Amer Sugar Refg Co 6s 1937
Armour & Co (Delaware)
10.000.000 Acquisition Morris & Co.
1st Mtge 5gs Ser A 1943
Associated Oil Co (California)
24,000,000 Refunding. add'ns, &c.
6% notes 1935
536,000 Working canital.
Mortgage Bond Co N Y 58 1932_ -Phil & Read(I & I Co Ref58 1973-- 25,742.666 Issued per dissolution plan
of Reading Company.
Pillsbury Flour Mills Co 1st 6s'43 6,000,000 Acquisition of proprietary
company,&c.
Port Arthur Canal & Dock Co
2,000,000 Refunding,Impts.,&c.
1st Mtge 6s A
Superior 011 Corp 1st Mtge Ts 1929 1,000.000 Purchase properties, &c.
35,000,000 Construction. work's can.
Western Elec Co 5% Debs 1944Willys-Overland 1st 630 1933--- - 10,000,000 Working capital,&c.
$132,278,666
Total
INDUSTRIAL AND MISCELLANEOUS BONDS LISTED SECOND
SIX MONTHS OF 1924.
Purpose of Issue.
Amount.
Company and Class of Bonds.
Am Machine & Fdy Co(Is 1939---- $1,953,000 Pay bank loans, working
capital, &c.
-Anaconda Copper Mining Co
7.731.000 Acq.. refunding, &c.
1st Cons Os Ser A 1953
6,000,000 Acquisition of property.
Antilla Sugar Co 1st 734e A 1939
Commercial Credit Co—
5,000.000 Fund obligations.
Coll trust notes A 1934
Continental Pap & Bag Mills Corp
6,000,000 Acquisition of prop., &c.
1st & Ref 634$ Ser A 1944
(Jacob) bold Packing Co 1st 6s '42 5,000.000 Pay notes & bank loans.
Federated Metals Corp Cony 7s'39 4,000,000 Working capital. &c.
4.500.090 Acq. of constlt. Co., &c.
(R)Hoe & Co Inc 1st6)0 A 1934
7.015.000 5s of 1923 extended to 1942.
Int Agricultural Corp 581942
Industrial Bank of Japan,Ltd—
22.000.000 Refunding.
External 6% notes 1927
$197.551.757
Total
Maxwell Motors Corp Cony 7s'34_ 4.750.000 Refunding.
RAILROAD BONDS LISTED SECOND SIX MONTHS OF 1924. Midvale Steel & Ordnance Co—
381.000 Exch. for bds. not gtd.
Guaranteed Cony 5s 1936
Purpose of Issue.
Company and Class of Bonds— Amount.
458.000 Additional work. capital.
Mortgage Bond Co of N Y 5s 1932_
435.000.000 Refunding, expenditures
Balto & Ohio Ref& Gen 6s C.
Cony Notes 1927 6,850,000 Pay loans, wk. cap., Sm.
Skelly Oil Co 6%
Buff Hoch & Pitts Consul 4348,'57_ 3,000,000 Refunding, expenditures
500.000 Capital expenditures.
Sugar Estates of Oriente Inc 1st 7s_
Can Pacific By 4% Perpot Deb atk 10.000,000 Construction
12,500,000 Refunding.
United Drug Co681944
Central of Ga Ref & Gen 530 13.'59 5,000,000 Refunding, expenditures
Warner Sugar Com—
142.000 Refunding
Cheri & Ohio 1st Cons 5s. 1939-5.850,000 Pay debts, wkg. capital.
lst & Ref 7s Sages A 1939
3.145.000 Refunding, impts.. &c.
Chic & NW Gen U.len
Ch It I & Poe 1st & Ref48, 1934_ _ _ 3.023.000 Corporate purposes
$100.488,000
Total
820.000 Expenditures
able Terre H & 8El 1st & RefSs.'60
JUNE
13 1925.]
THE CHRONICLE
2993
Purpose of Issue.
Amount.
Company and Class of Stock.
RAILROAD STOCKS LISTED FIRST SIX MONTHS OF 1924.
6.663,550 Acq. tonal. 011 Co.. &c.
Associated 011 Co stock
Purpose of Issue.
Amount.
Company and Class of Stock—
Susquehanna Common.. 2,997,5001Exchange for voting trust Bethlehem Steel Corp 7% Cum Prof 4.261.900 Acquisition of constit. cos.
Buffalo &
(Daniel) Boone Woolen Mills stock 4,677,500 Old stock just listed, work3,943.100! certificates
4% Preferred
ing capital, &c.
16,000 Conversion of Pref. stock
Illinois Central Common
261,500}Exch. for stocks of conBritish Empire Steel Corp Corn
9.965.800 Electrification, &c.
67 Cony Preferred
230,900 stituent companies
1st 7% Preferred B
M-K-T RR Corn (1.467 shares).- *146.7001Issued under Reorganize609200j
2d 7% Preferred
245,5001 tion plan
7% Preferred stock
Calumet & Hecla Consol Mining—
28.256.900 Corporate purposes
New York Central stock
1.134,500 Conga constituent cos
Capital stock
NY Chicago & St Louis Common.. 6,539,6001Issued in exch. for stock
Cerro de Pasco Copper Co—
4.482,300j of constituent cos.
6% Preferred
*2,371.950 Conversion of bonds
Stock (67.770 shares)
2,976.100 Conversion of bonds
Norfolk & Western Common
Pitts Ft Wayne & Chicago Com--- 21,595,900 Improvements & additions Chicago Yellow Cab—
*2,200,000 Old stock just listed
Stock (400.000 shares)
755,800 Exch. for. 5% Cony. Pref.
Wabash Common
Commercial Invest Trust Corp—
stock already listed
755.800
Preferred,A
*7,122,578lAcquis. of stock of olden
Common (350.000 shares)
51,300 Exch. for securities of
Western Maryland Corn
6,000.0001 working capital
7% Preferred stock
constituent companies
925.000 Additional capital
Corn Exchange Bank stock
Porn Products Refill Co Com stock 62,500,000 Exch. for $25 par shares,
$82.728,300
Total
25% stock dividend
6,000,000 Acquisition of old company.
Fair 7% Preferred stock
RAILROAD STOCKS LISTED SECOND SIX MONTHS OF 1924.
Fairbanks Morse & Co Corn
Amount.
Purpose of Issue.
Company and Class of Stock—
*7.565.890 Old stock just listed.
(368,529 shares)
$3.860,000 Old stock just listed
Bangor & Aroostook Corn stock
18,924.900 Old stock just listed.
Fisk Rubber Co 1st Preferred
Chesapeake & Ohio Common stock 1,530,000 Conversion of bonds
*175,870 Cony. of Prof. shares.
Foundation Co Corn (4,090 shs)
33.600 Exch.forM.C&Ft.D. bonds
Chicago Great Western Pref stock_
750,000
9,928,850 Additions & improvements General Motors 7% Deb stock........ 28,000.000 Acq. Armstrong SP. Co.
Cleve & Pitts Special Gtd stock
Old stock just listed.
Gen Petroleum Corp Common_
Hudson & Manhattan RR Com-- 28,243,800101d stocks just listed
Gold Dust Corp v t c (169,443 shs)- *867,541 Issued per plar of American
4.195,000/
Preferred
Cotton Oil Co.
11.278,500 Impts.. conversion of Pref.
Illinois Central Common
Great Western Sugar Co Common 15,000,000 Old stock just listed.
323,100 Electrification, &c.
Preferred
3,426,780 Working capital.
Hupp Motor Car Corp Common
30,000,000 Old stock just listed
Int Rya of Cent Amer Common
Stock dividend.
*12,1101Issued under reorganize- Ingersoll-Rand Co Common stock_ 2,256.300JExch.for ctfs. bearing name
M-K-T RR Corn (2,422 shs)
Internet Business Machines stock
83.7001 tion plan
Preferred stock
*13,784,4251 of Com.-Tab.-Rec. Co.
(150.688 shares)
2,500,260 Conversion of bonds
Norfolk & Western Common stock
Engineering stock
Southern Pacific Co Corn stock-.... 28.000.000 Acq. El Paso & So. West. Int Combustion
*706.080 Acq. of constit. cos.
(35.304 shares)
364,1001Exch. for 5% Cony. Pref.
Wabash Ry Common stock
Invincible Oil stock (81,600 shs).... *1,632,000 Ech.for La. Oil & Ref. stk.
364.1001 already listed
Preferred, A
101d stock just listed, wkg.
Jordan Motor Car Co Common
18,5001Exchange for securities of
Western Maryland Common
*1.868.4791 capital, red. Prof. stock.
(126,000 shares)
2,000! consolidated cos.
Second Preferred
Kennecott Copper stk (134,345 sh) *671.725 Exch. Utah Copper stock.
Kresge Dept Stores Inc—
$120.737.620
Total
'1,005,000)Acquisition of constituent
Common (114,000 shares)
3,500,0001 companies.
PUBLIC UTILITY STOCKS LISTED FIRST SIX MONTHS OF 1924.
8% Preferred
Liggett & Myers Tobacco Co—
Purpose of Issue.
Company and Class of Security— Amount.
21,496,4001Exchanged for shares o
Common
$28,461,000 Cony. of bonds, wkg.cap'!.
American Tel Sr Tel Co stock
12.882,8001 $100 par.
Common stock B
Amer & Foreign Power Co. Inc
30,311,200 Exch. for $100 par shares.
(P) Lorillard Co Common
Allotment ctfs for Pref and Cons
Ludlum Steel Co stk (120.000 ohs). *1.288.165 Wk.cap.,old stk.just listed.
*18,775,934 Acquisition of properties
stock 25% naid and full paid
6,842.301 Exchanged for voting trust McIntyre Porcupine Mines Inc
Amer Wat Wks & Elec Ce Com
300.000 Old stock just listed.
capital stock
er
certificates
6,636,000
7% Cumul 1st Pref stack
Marlin-Rockwell Co
7.497,500
Participation Pref stock
8%
*1.024,519 Exch for old certificates.
Common (81.136 ares)
Brooklyn Edison Co Capital stock_ 13.920,100 Expenditures
Marland Oil Co stk (445,549..hs)—*20.495.254 Pay bank loans, wing. cap.
Brooklyn-Manhattan-Tr Corp—
*4.848.160'Issued under reorganization Midland Steel Products Co Pre_ 3,331,300 Acquis. of constit. cos.
Common (121,204 shares)
15,760.900 Exch.for stk. already listed.
Nash Motors Co 7% Prof stock
Preferred stock (42,057 shares)_ _ '4.205,7001 plan
National Dairy Products Corp
Bklyn Un Gas stock (360,000 shs)..*18.000.000 Exch. for $100 per sh.
*5,266.588 Acquis. of constit. cos.
stock (268,566 shares)
Consolidated Gas Co. N Y—
*30.900.400 Additional working capital National Department Stores Inc—
Common (618.008 shares)
*1,239.056/Acquis. et stocks of constit.
Common (77.441 shares)
Co Capital stock-- 5,200,000 Construction. &c.
Detroit Edison
413,2001 companies.
7% Preferred stock
Federal Light & Traction Co—
1,206,325 Stock dividend.
*4,573,757101d stock just listed, cony. National Supply Co of Del Corn..
Common (60,996 shares)
Ontario Silver Mining Co stock
of debs.
*15.000,000 Exch. for shs. of old co.
(150.000 shares)
3.734,100 Stocks diva., old stock,just
6% Cumul Pref stock
Otis Elevator Co Common stock_ 15.650,800 Stk. illy., exch. for shs. of
listed
$10t) par.
13.200 Issued per reorganization
Market Street By Common
40,000,000 Old stock Just listed.
plan of United RRs. of Pacific Mills stock
3.100
Preferred
Pan American Petr & Transp Co—
San Francisco
90,500
Preferred
Prior
490,650 Exch. Met. Pet. Co. stock.
Class 13 Common stock
6,100
Second Preferred
Park & Tilford Inc stk(200,000 shs) *2,997,500 Acquis. of old company.
Metropolitan Edison Co—
Penn Seaboard Steel Corp v t c
Preferred stock (6.950 shares)... *695,000 Acquis., additions, &c.
*1,137.144 Refunding, working capital.
(284.286 sham)
New-York Steam Pref(12.921 shs).. *1.292,100 Exch. for $100 par shares
'Issued per Reading Co.
Philo & Reading Coal & Iron Corp
Niagara Falls Power Co—
*71,841,0251 dissolution decree.
stock (1,400,000 shares)
*17.619,400 Exch. for $100 par shares
Common (704.776 shares)
Phillips Petrol Co stk (296,402 shs) *9,188.462 Liquidate bank loans, &c.
16,500.200 Exch. for $25 par shares
7% Cumul Prof stock
93,053 Exch.for stk. of constit. co.
Niagara-Lockport & Ont Pr Co Pfd 3,175,000 Additions, betterments, &c. Pure Oil Co Common stock
9,649,660 Exch. for Chino stock.
Ray Consol Copper Co stock
1,339,670 Stock dividends
North Am Co Common stock
Pacific Tel & Tel Co 6% Pref..— 25,000,000 Pay indebt. acq. of prop., Schulte Retail Stores Corp Pref._ 1,200,000 Stock dividends.
Shervrin-Williams Co 7% Pref._ 15,000,000 Old stock just listed.
Public Service Corp of N J—
*701,232 Stock dividend.
Simmons Co Corn (35,061 fibs).- _ _
*495,9251Additiens, betterments,
Common (99,185 shares)
22.230 Exch. Woodburn Oil.
Simms Petroleum Co stock
stock
3,666,0001 &c.
7% Preferred
Standard Oil of Calif capital stock.. 1.211,000 Working capital.
Public Service Elec & Pr Co 7% Pfd 6,000,000 Plant construction
Standard Oil Co N J Common.... 2,427,575 Old stock just listed.
Standard Gas & Electric Co—
Standard Plate Glass Corp—
*4.252,489 Old shares just listed
Common (272.000 shares)
'3.932.7271 Refunding, acquisition of
Common (200.000 shares)
453,000 General corporate purposes
West Penn Co 7% Preferred
5.198.000! proprietary cos.. &c.
.7% Preferred
Studebaker Corp Corn (1.875.000
$226,196.635
Total
*75.000,000 Exch. for she. of $100 Par.
shares)
PUBLIC UTILITY STOCKS LISTED SECOND SIX MONTHS OF 1924c Superior Oil Corp stk (457,120 she) *3,656.960 Old stock just listed.
Amount.
Purpose of Issue.
Company and Class of Stock—
Superior Steel Corp Common stock 4.000,000 Refunding.
!Refunding, general corporAmerican Tel & Tel capital stock_$132.539,200 New capital,cony,of bonds Telautograph Corp—
*1.338,0091 ate purposes. &c.
10,000,000xc
Common (198.000 shares)
W W& El Co Common
or $100 par shares
Am
3,157,7001Exchanged for voting trust Transcontinental Oil Co—
7 Preferred
*3,830,116 Refunding. &c.
Common (957.529 shares)
Preferred
6.
2,286,700! certificates
Brooklyn Edison Co capital stock- 2.126,500 Expenditures
United Cigar Stores Co of Am Corn 25.469.600 Exch. for $100 par shares.
Exch. for Common stock,
Brooklyn-Man Transit Corp—
United States Distributing Corp
par $50. and Managers'
*5.050,000
•390,1601Issued under reorganizeCommon (9,754 shares)
Common (106.545 shares)
2,561,225 stock. par $5.
Preferred stock (3,582 shares)._
*358,200f tion plan
7% Preferred
Universal Pipe & Radiator Co—
Bklyn Un GasCo Corn(120.702shs) *603.510 Conversion of bonds
*3,550,5261Exch. for Iron Prod. and
Columbia Gas & Electric Pref
14,356,100 Refunding, &c.
Common (97.512 shares)
4.904,000f Cent. Foundry cos. stks.
Dayton Pow & Light 6% Pref....-- 1,500,000 Working capital
7% Preferred
11,769.900 Construction, cony, of bds. (V) Vivaudou Inc—
Detroit Edison Co Common
*9,000.000 Exchange for old shares.
Duquesne Light Co Preferred
15.000.000 Capital expenditures
Common (300,000 shares)
Federal Light & Traction Co—
Washburn Crosby Co 7% Pref..- -- 7.000,000 Issued upon reclassification
*942,450 Conversion of bonds
of capital stock.
Common (12,566 shares)
Preferred stock
91,200 Stock dividends
Weber & Helibroner—
*780,645 Working capital.
Common (52.043 shares)
Kan City Power & Light Co
28.242,750 Working cap., stock div.
1st Preferred (10,000 shares)— - *410,000 General corporate purposes Westinghouse El Sc Mfg Co Com
11,324,175 Exch. for shares par $25.
Manila Elec CorpCom(280,000shs) *7,000,000 Exch.for $100 par shares
Willys-Overland Co Common
25.4001
Market Street Ry Common
65,000,000 Exch. for shares $100 par.
Co stock
(Er W)Woolworth
1.689.7001Issued per reorg. plan of Yellow Cab Mfg Co Class B stock_ 6,000,000 Old stock just listed; workPreferred
4,500
United RRa.of SanFran.
Prior Preferred
ing capital.
328.300
Second Preferred
$790,208,187
Total
Metropolitan Edison Co—
*185,000 Additions, &c.
Preferred (1,850 shares)
INDUSTRIAL AND MISCELLANEOUS STOCKS LISTED SECOND
N Y Steam Corp Pref(17,000 shs.) *1,700,000 Additions, &c.
SIX MONTHS OF 1924.
Niagara Falls Power Co—
*275,720 Exch. for $100 par shares
(11,029 shares)
Purpose of Issue.
Amount.
Company and Class of Stock.
Common
147.700 Exch.for $25 par shares
Preferred
Abitibi Power & Paper Co—
770.000 Corporate purposes
• *$5,000.000 Old stock just listed.
Common (250.000 shares)
Niagara Lockport & Ont Prior Pref
1.407.325 Stock dividends
Amer Bosch Magneto Corn—
North America Co Common
10,000,000 Acquisitions, &c.
*2,747,290 Acq. Gray & Davis, Inc.
Stock (42.266 shares)
Preferred stock
- 6,250,000 Extensions
American Chicle Co—
Pacific Gas & Electric
Common_641.440 Refunding
pittaburgh Utilities Co Prof & v tc
Common v t a(80,415 shares)...... *5,468.2201Exchanged for Pref. and
1,699,9001 Common stock ctfs.
Preferred stock v t c
Public Service Corp N J—
*624.375
for old $100 par shs.
American International Corp—Exch.
Common (124,875 shares)
*14.700,0001 after being reduced to
Preferred stock
Common (490,000 shares)
413,0001Addltions,betterments,&c.
s
3,259,800
$30 per share.
7 Preferred stock
476.5001Additional working capital.
Am-La France Fire Eng Co Corn....
Radio Corp of America—
62,000/
Preferred
Common (1,034,843 shares)_ _ _ -*13,767.264101d stock,just listed
6,000,000 Acq. of constit. cos., &c.
16,825,150f
American Piano Co Preferred
Preferred stock
Am Railway Express Co stock_ _ _ _ 9,461,200 Old stock just listed.
Standard Gas& El Corn(31,447shs) *628,940 Conversion of bonds
830.000 Old stock Just listed
Amer Safety Razor Corp stock_ _ _ _ 20,000,000 Exch. for shares of $25 par.
United Rys Inv Co Prof stock
3,508,300 General corporate purposes Amer Type Founders Co Common_ 6,000,000101d stock just listed. addiWest Penn Co Prof stock
4.000,0001 tional working capital.
12.243.000 General corporate purposes
7% Preferred stock
West Penn Power Co Preferred
Archer-Daniels Midland Co—
*5.000.0001Acquisition of constituent
$278,056.534
Common (200.000 shares)
Total
4.850.006! companies.
Preferred stock
INDUSTRIAL AND MISCELLANEOUS STOCKS LISTED FIRST Armour & Co (Del) Preferred stock 2.811.300 Acq. of constituent cos.
SIX MONTHS OF 1924.
-Austin. Nichols & Co. Inc
Amount.
Purpose of Issue.
Common v t c (124.383 shares)_ - *3.221.015 Exch. for extended v. t. c.
Compacts and Class of Stock—
775,300 Acq. of constituent cos.
..'$1,080.900 Conversion of bonds
Bethlehem Steel Corp 7% Pref....
Air Reduc Co cap stk (17,293 shs)
604.500 Addi working capital, &c. British Empire Steel Corp Common
76,900 Exchange for stocks of conAmerican La France FE Co Corn..
210,600
Mill Co 7% Cum Pf_ 4,809,700 Exch. for Def. Pref. stock
stituent companies.
Preferred stock
2d
Amer Rolling
Acquire constituent co.
Iss'd with $15,000.000 Pfd.
Burroughs Adding Machine Co—
Amer Metal Co Corn (55.019 shs)_ *2,200,760 Old stock
just listed
*15,000.000 for 300,000 shs.$100 Par.
Steel Foundries Common-- 3.988,200
Stock (600.000 shares)
Amer
2994
Purpose of Isque.
Company and Class of Stock
Amount.
Calumet & Hecla Cons Copper Co
-Capital stock
569.075 Consol. constituent cos.
Cerro de Pasco Copper Co
*3.029,950 Conversion of bonds.
Stock (86,570 shares)
Coca-Cola Co Corn (500.000 shs) *15,010,000 Exchange for v. t. C.
Congoleum-Nairn Inc
Common (1.641.026 shares)_ _ --*13,754.655 Exch. for stks. constit. cos.
Continental Can Co
*4.222.950 Stock div.: wkg. capital.
Common (84,459 shares)
750,000 Corporate purposes.
Corn Products Refg Co Common
Cosden & Co Corn (140,373 shs)*4,211,190 Acquisitions.
Cuslunan's Sons Inc
-Common (95,240 shares)
*476,200
1.788,200 Old stocks just listed.
7% Preferred stock
8% Prefstock (22,560 shares)_ _ _ *2,256.000
26,000 Old stock just listed.
Fisk Rubber Co 1st Pref stock_ __ _
Foundation Co Corn (25,218 shs)
*1,084.374 Conversion of Pref. stock.
Co
General Electric
9.005,000 stock dividend.
Special stock
198,300 General corp. purposes.
Common stock
Gen Motors Corp 7% Cum Prof.... 93.398,600 Exch.for Pref. & Deb.stks.
859,450 Cony of notes, &c.
General Petroleum Common stockGinter Co. Corn (150,000 shs)
*175.000 Exch. for $100 par shares.
Gold Dust Corp v t c (216,681 shs) *189,684 Issued per plan of American
Cotton 011 Co.
Hayes Wheel Co Preferred stock
1,842,400 Exch.for stk.of constit. cos.
(R)Hoe & Co Inc CIA (80,000 shs) *4,800,000 Acquis. of constit. co.
Hudson Motor Car Co (120.050 sh) *1,500,625 Stock dividend.
Internat Combustion Eng Corp
*551,660 Additional working cap.
stock (27,583 shares)
Internat Paper Co stpd Pref stock 5.563.800 Exch. for plain stock.
*162,909 Stock dividend.
Intertype Corp Corn (18.101 shs)
Invincible Oil Corp stk (21,701 shs) *238,711 Wkg. cap., exch. v. t. c.
232,690 Exch. for no par shares.
Iron Products Corp Corn stock....
Kennecott Cop Corp (267,935 shs) *1,339.675 Exch. Utah Copper stock.
(B) Kappenheimer ez Co Inc
500,000!Acquisition of constituent
Common
2.500,0001 company.
Preferred
IStock div., exch. for stock
•
McCrory Stores Corp Cl 13 stock
*1 A80A70I purchase warrants.
(49.349 shares)
*25.750 Working capital.
Magma Copper Co stk (5,150 shs)Maracaibo Oil Exploration Corp
390.860 Cony. of notes.
stock (44,540 shares)
2,722,800 Fur. Gurney Ball Bear. Co.
Marlin-Rockwell Corp Prof stock
Martin Parry Corp stk (22,705 shs) *340,500 Old stock just listed.
Maxwell Motors Corp
*314,5501Issued under reorg. plan.
Class B (6.291 shares)
1,507,1001
Class A stock
Metro-Goldwyn Pictures Corp Pref 4,440,474 Exch. stk. of Goldwyn
Pictures Corp.
Mexican Seaboard Oil Co stock
*2.940,145 Exch. for v. t. c.
(588,029 shares)
*987,480 Acq. of constit. cos.
Nat Dairy Prod Corp (41.145 shs)Nat Distillers Prod Corp Pref v t c
IIssued per reorg. plan of
*10.242,500I U. S. Food Prod. Corp.
(102.425 shares)
Pan Amer Petrol & Trans Co Cl B 3,707,350 Working capital.
Penn Seaboard Steel Corp stock
*802,440 Refunding, working capital.
v t c (200,610 shares)
Phillips Petroleum Co (370.023 shs)*11,476.293 Liquidate bank loans, &c.
Pierce Petroleum Corp Common
*7,142,149 Working capital, &c.
(1,020,307 shares)
Postum Cereal Corn (200,000 shs)_ 1,000.000 Stock dividend.
15.000,000 Old stock just listed.
Pullman Co capital stock
2,733.100 Exch. Antilla Sugar stock.
Punta Alegre Sugar Co stock
1,225.091 Exch. stock of constit. cos.
Pure Oil Co Common stock
1.836.170 Exch. Chile Copper stock.
Ray Consol Copper Co stock
Replogle Steel Co stk (125,000 shs) *4,250,000 Acquisition, working cap.
Reynolds Spring Co
*1,052,740 Acq. Gen. Leather Co. stk
Common (210,548 shares)
Y
Royal Dutch Co Ordinary
*1,718,818 Working capital. &c.
shares 128,270)
Schulte Retail Stores Corp
*2
.812.0001 Stock dividends.
Common (76,000 shares)
1.349,8001
Preferred stock
4.000,000 Acq. assets, &c., of old co.
(Franklin) Simon & Co Inc Pref
1,340,625 Working capital.
Standard Oil Co (Calif) cap stock
Standard 011 Co(NJ)Corn stock_ - 1,800,0J0 Old stock just listed.
Standard Plate Glass Corp
*4,362.090)Exch. for ctfs. bear. name
Common (200,000 shares)
5.393,6001 of Stand Plate Glass Co.
Preferred stock
Stewart
-Warner Speedometer Corp
(92,2E44 shares)
*2,399,384 Acq. Bassick-Alemite Corp.
Common
Stromberg Carburetor Co of Am
*25.000 Exch. for stk. of const. co.
Inc stock (5.000 shares)
Superior 011 Corp stk (112.440 shs) *899.520 Corporate purposes.
Sweets Co of America Inc stock.. _ _ 5,000.000 Exch. for $10 par shares.
40,480,800 Exch.for $100 par shares
Union Oil Co of Calif stock
825,225 Stock dividends
United Cigar Stores Co of Am Corn
102,700 Exch. for 2d Preferred
United Drug Co Common stock__ U S Hoffman Machinery Corp
*636,336 Retire bonds, &c.
Common (35,352 shares)
United States Realty &Imp Co Com 4,426,900 Conversion of Pref stock
Universal Pipe & Radiator Co
*1,182,2801Exch. for Iron Products &
Common (29,557 shares)
1,487.8001 Cent. Fdy. Cos.stocks
Preferred stock
240.000 Exch. for $50 par shares
Wells, Fargo Co stock
485,250 Working capital
Westinghouse El & Mfg Co Cora-$434,386.413
Total
* Includes shares of no par value. The amounts given represent the
declared or stated value.
PRINCIPAL NOTE ISSUES NOT LISTED FIRST SIX MONTHS 1924.
Amount.
Maturity.
Date.
Rate.
Railroads.-Chic Rock Is! & Pac Ry_--5% July 1 1924 July 1 1929 $110,000,000
10,000,000
July 1 1924 July 1 1926
5
Erie RR
6,000,000
Mar. 1 1924 Mar. 1 1926
5
Hocking Valley RR
1,500,000
June 27 1924 June 27 1926
Minn St P & SI El M Ry__ _5
12,000,000
July 1 1924 July 1 1927
Missouri Pacific RR
5%
1,800,000
Apr. 1 1924 Apr. 1 1925
Portland (Me) Term'l Co_5
150.000
Salt Lake & Utah RR_ _ _ _7 o Oct. 1 1923 Oct. 1 1928
6,000,000
1927
Apr. 15 1924 Apr. 15
Wisconsin Central Ry_ _ _ _5
Total railroad company notes, first six months
Maturity.
Date.
Rate,
Public UtilitiesBlackstone Val G & E Co_5% May 1 1924 May 1 1926
Central Indiana Pow Co_ _77 Mar. 1 1924 Mar. 1 1927
CentralStatesElecCorp-..7% Mar. 1 1924 Mar. 1 1929
Columbia Gas & Elec Co..5% Feb. 29 1924 Mar. 1 1925
Edison Elec Ill Co Boston5% Apr. 30 1924 Jan. 15 1925
July 1 1920 July 1 1925
El Paso Electric Co
5
Mar. 1 1924 Dec. 1 1926
Jersey Central P & L Corp.6
June 1 1924 Dec. 1 1926
do
6
do
Malden & Melrose G L Co-5 o Feb. 15 1924 Feb. 15 1927
Massachusetts Gas Cos_ _ _57 Apr. 15 1924 Apr. 15 1927
New England Power Co_ _6 0 Feb. 11924. Feb. 1 1927
May 1 1924 Nov. I 1933
Northern States POW Co_ _6
May 1 1924 1925-1926
Northeast'n Iowa Pow Co_6
Feb. I 1924 Feb. 1 1926
Oklahoma Gas & El Co_._ _6
PeoplesGasLt&CokeCo..6% Mar. 1 1924 Mar. 1 1927
Mar. 1 1924 Mar. .11927
Pittsfield Coal Ga.s Co_ _ _ _5
Public Service Co of 0°10_6 0 May 1.1024 Apr. 30 1925
1925-1931 I
United Power & Light16% May 1 1924
Corp (Kansas)
161
4 May 1 1924'• . 1925-1931j
wasbhlgton Wat Pr Co_ _ _6% Dec. 15 1923 Feb. 2 1926
Wisconsin Securities Co..:6% Mar. I 1924;.Mar. 1 1929
• ..
.
.
, .
Total public utility company notes, first six months
Maturity.
Date.
Industrial & Other Cos. Rate.
American Furniture Mart
Building Corp: '
7%• Dec. 1 1923' Dec. I 1933
American Ice Co
7% July 15 1924 July 15 1939
1926-1932
Berkey & Gay Furn Co_ _ _6% Apr. 15 1924
[VOL. 120.
THE CHRONTCLE
$47,450,000
Amount.
$2,700,000
6,500,000
4,000,000
11,500,000
8,000.000
800,000
4,250,000
1,250,000
725,000
5,000,000
1,800,000
5,000,000
200,000
2,000,000
5,750,000
300,000
3.000.000
$1,750,000
1.000.01'0
. 1,000,000
$66,55.000
Amount.
..
• 1.000,000
3,375,01)
500,000
Industrial& Other Cos. Rate.
(C L)Best Tractor Co.... ..6
Childs Co(New York)_---6%
Grunbaum Bros Furniture
Co, Inc
Hygienic Ice Co (Del)_ _ _ _6,
Missisquoi Pulp & Paper....7
Northwestern Lumber Co_6
Ohmer Fare Register Co_ _7
Remington Arms Co, Inc-6%
Scruggs-Vandervoort-Barney Dry Goods Co
77
Solvay & Co (Belgium)_..6
Stave Falls Lumbhr Co_ 7
Terminal Freez. & Ht.Co_6
Tiona Refining Co
Titusville Iron Works C0-7eo
Willamette Iron & Steel
Works
635
Yellow Mfg. Accept. Corp.634
Mcturity.
1927-1928
June 1 1929
Amount.
400,000
2,000,000
1925-1934
May 15 1924
Dec. 15 1924 Jan. 15 1926
Apr. 1 1924 Apr. I 1929
1925-1929
June 1 1924
1925-1930
Apr. 15 1924
Apr. 15 1924 Apr. 15 1927
250,000
1.000,000
600,000
450,000
600,000
6,000,000
Date.
June 1 1924
June 1 1924
1925-1929
Apr. 1 1934
Apr. I 1927
1924-1928
1925-1930
Mar. 15 1929
3,000,000
10,000,000
150,000
100,000
250.000
650,000
Dec. 15 1923 Dec. 15 1926
Feb. 1 1924 Feb. 1 1934
400,000
5,000,000
Mar. 1 1924
Apr. 1 1924
Apr. 1 1924
June 16 1924
Feb. 1 1924
Mar. 15 1924
Total industrial & miscellaneous company, 1st 6 months_ _ -S35,725,000
Total railroad, public utility and miscellaneous cos., 1st6 mos_S149,700,000
PRINCIPAL NOTE ISSUES NOT LISTED. SECOND SIX MONTHS
1924.
RailroadsAmount.
Maturity.
Rate.
Date,
Canadian National Rys__-4% July 1 1924 July • 1 1927 $20,000,000
Canadian Pacific By
30,000.000
434 Dec. 15 1924 Dec. 15 1944
5,000,000
ChicRocklsl&PacRy....5% Sept. 1 1924 Sept. 1 1929
2,400,000
Internat-Gt North Ry_-6 0 Mar. 1 1924 Mar. 1 1930
Paris-Lyons-Medit RR
- 2,200,000
-6months notes
St Louis-San Fran Ry_ _ _ _6% Sept. 1 1924 Mar. 1 1930
3,000,000
St Louis Southwestern Ry 6% July 15 1924 Mar. 1 1930
700.000
$63,300,000
Total railroad company notes, second six months
Amount.
Public UtilitiesMaturity.
Rate.
Date.
$1,500,000
Central Indiana Power Co 534 Mar. 1 1924 Mar. 1 1927
3,000,000
Central States Mee Corp_ _5 0 Sept. 15 1924 Sept. 15 1926
3,500,000
Chic No Sh & Milw RR_ _ _6% June 16 1924 June 15 1925
1,400,000
Christiania Tram Corp _ --57 Oct. 1 1924 Oct. 1 1926
2.000.0
00
ColumhusEi&PowerCo..5% Dec. 1 1924 Dec. 1 1927
Consol Pr & Lt Co (S Dak)6
350,000
July 1 1924 July 1 1925
750,000
Continental Pr & Lt Corp-60
4 Oct. 1 1924 Oct. 1 1927
Georgia Lt Pow & Rys_ __ _6
2.500,000
Dec. 1 1924 Dec. 1 1927
1,250.000
Keystone Tel Co (Phila)..6% Nov. 1 1924 Nov. 1 1927
2,000,000
Minneapolis Gas Lt Co......6% Aug. 1 1924 Feb. 1 1930
5,000,000
Minneapolis Street Ry......534 Nov. 1 1924 Aug. 15 1928
No Amer Lt & Pow Corp„7
6,300.000
July 1 1924 July 1 1954
Ohio Public Service Co_ --5 0
1,000,000
Aug. 13 1925
700.000
Sierra Pacific Electric Co_57 July 1 1924 July 1 1925
7,500.000
Southeastern Pr & Lt Co...64 Nov. 1 1924 Nov. 11029
0
,
Southn Cities Power Co_6 0 Nov. 1 1924 Nov. 1 1926
er
300,000
Southern Gas & Pr Corp_ _67 Dec. 1 1924 Nov.30 1925
800,000
0
'I erre Haute Ind & East
Trac Co
425,000
134i Sept. 1 1924 Sept. 1 1929
Western Public Service Co(33i Nov. 15 1924 Nov. 15 1925
500,000
Total public utility company notes, second six months
$40,775,000
Amount.
Industrial & Other Cos. Rate.
Dale.
Maturity.
Atlantic Refining Co
434 July 1 1924
1926-1928 $15,000,000
Bernheimer-Leader Stores,
Inc
800,000
6% Jan. 1 1925 Jan. 1 1930
Bloedel-Donovan Lumber
Mills
1,000.000
67 Sept. 1 1924
1926-1929
1,600,000
Champion Coated Paper_ _6
May 1 1924
1925-1934
400.000
Columbia River Pap Mills 5 .. Nov. 1 1924
1925-1927
15,000,000
Fisher Body Corp
5% Jan. 2 1925
1926-1929
625,000
Fleetwood Hotel Corp_ _ _ _6% Mar. 1 1924
1926-1934
1.000,000
General Necessities Corp_7% Aug. 1 1924 Aug. 1 1929
600,000
Germain Co., Pittsburgh_6% Aug. 1 1924
1925-1929
Halligan Co, Davenport,
200,000
Iowa
1925-1927
634 July 1 1924
400,000
Kieckhefer Container Co-6 0 Nov. 1 1924
1926-1929
,
10,000,000
(Fried) Krupp. Ltd (Ger)_7°
7 Dec. 15 1924 Dec. 15 1929
Marland Oil Co
Nov. 1 1924 Nov. 1 1926
20,000.000
5
500,000
Nizer Corp. Detroit
1925-1928
634 Aug. 1 1924
350,000
Pacific Coast Glass Co. _ _ 7%_
July 11924
1926-1934
2.600,000
StMauricepaperco,Ltd..534 Dec. 1 1924 Dec. 1 1929
1,000,000
60 Broadway Bldg Corp7% Oct. 1 1924 Oct. 1 1934
2,500,000
Sloss-Sheffield S & I Co_ _ _6 c Aug. 1 1924 Aug. 1 1929
(Henry) Sonnerborn Co.
1,250,000
Inc
6% Oct. 1 1924 Oct. 1 1926
3,000,000
White Eagle Oil& Refg Co 514 July 1 1924 July 1 1926
3.500.000
Woolco Realty Corp_ - _ --5 0
1926-1932
Total industrial and miscellaneous company notes,2d 6 mos_ _S81,325,000
185.400,000
Total railroad, public utility & misc. cos.,2d 6 months
Total railroad companies for 1924
Total public utility companies for 1924
Total industrial and miscellaneous companies for 1924
Total railroad, public utilities & misc. cos. for year 1924
Total as reported for 1923
Total as reported for 1922
Total as reported for 1921
Total as reported for 1920
$110,750,000
107,300,000
117,050,000
335,100,000
247.022.500
151,811,500
285,530,966
761.910.140
Selling Gold on Credit-The Arrangement
Between the Reserve Banks and the
Bank of England.
[From the "Journal of Commerce" of New York, June 2.1
The Federal Reserve Board now characterizes the two-year
revolving credit extended by the Reserve Bank to the Bank
of England as a sale of gold on credit. Authority for entering into this long-time provisional agreement is said to be
based upon those sections of the Reserve Act which grant
the banks the power to make contracts, to deal in gold coin
and bullion at home and abroad, to purchase and sell in the
open market bankers' acceptances and bills of exchange of
the kinds and maturities eligible for rediscount and to open
accounts in foreign countries, maintain agencies abroad, etc.
All these things the Reserve banks are unquestionably empowered to do, but none of these grants of power can, without doing violence to the spirit if not the letter of the Reserve
Act, be interpreted to mean that the Reserve banks are authorized to grant revolving credits which run far beyond the
period set for the maturities of bills eligible for rediscount.
The undertaking to sell gold on credit over a two-year period,
if and when demanded, up to a maximum of $200,000,000 at
any one time obviously is only justified under the power to
enter into contracts to the extent, that such contracts in all
other respects conform to the limitati<ini set by the Reservt'
.
,
Act.
THE CHRONICLE
JUNE 13 1925.]
Finally, the fact that the law specifically grants permission to buy and sell bankers' acceptances and bills of exchange in the open market when they are of an eligible sort
indicates precisely the nature of the foreign transactions
which were contemplated by the Reserve Act. The right to
deal in gold coin and bu.11i..n, to open accounts and to maintain agencies in foreign countries is clearly incidental to the
main purpose of creating an open market for foreign bills
and providing thereby a means of control over gold movements as an indispensable part of an all-round effective
discount policy.
The critics of the arrangement concluded with the Bank of
England will not be satisfied to know that interest on the
gold loans is to be adequately remunerative, that total advances are to be limited in amount and that the New York
Reserve Bank will be duly credited with all loans made.
They, of course, concede the desirability of coming to the
assistance of the Bank of England at this juncture. They
believe, too, that the resources of the System are being employed in the interests of our citizens and of the rest of the
2995
world outside Great Britain when they are properly used to
facilitate return to the gold standard. They think, however,
—and herein lies the reason for their dissatisfaction with
the so-called plan to sell gold on credit—that these same
ends could have been attained in a fashion more consonant
with the intent of the law and better adapted to develop the
prestige of the Reserve System In the field of international
credit.
The Reserve banks are clearly empowered under the law to
buy certain kinds of bills, sterling bills included, in the open
market. This policy could be followed and judicious support
be accorded to sterling exchange in case of necessity without any sort of formal prearrangement which leaves the
initiative to the Bank of England and apparently does not
require the exercise of local discretion as to time and
amounts of bills to be purchased. Indubitably the arrangement is safe enough, but to many persons it does not seem
calculated to develop the sort of independent policy in foreign transactions so widely contemplated by the Reserve
Railroad Gross and Net Earnings for April
Our April compilation of the gross and net earnings of United States railroads makes better comparisons with a year ago than has been the case in
any monthly exhibit since that for the month of
January. The falling off in gross revenue is much
smaller, in fact relatively slight, while in the case of
the net earnings there is actually an increase over
April of last year. The comparisons are now again
improving, though as regards gross at least they still
fall much below expectations. Whereas the returns
for February showed $24,441,938 decrease in gross
and $4,981,506 decrease in net and the returns for
March $18,864,823 decrease in gross, with $5,447,665
decrease in net, now for April the decrease in gross
has fallen to $1,696,103, or only a small fraction of
1%, while the net earnings, by reason of a reduction
of $7,085,893 in expenses, record, as already indicated, an actual increase of $5,389,790, as will be
seen from the following comparative totals for the
two years:
Month of April—
(191 Roads)—
1925.
. 1924.
Inc.
or Dec.(—)
Miles of road
236,664
236,045
+619 +0.26
Gross earnings
$472,591,665 1474,287,768 —81,696,103 0.36%
Operating expenses
369,730.190 376.816,083 —7,085,893 1.88%
Ratio of expenses to earnings
78.24
79.45
(+)
Net earnings
8102,861,476
597,471,685
+85,389,790
6.63%
The change for the better here indicated should
not be misunderstood and certainly it should not
be given exaggerated importance. The improvement
is entirely in the comparisons, and the comparisons
are growing better simply because a year ago they
were growing steadily worse. In other words, the
improvement now portrayed follows entirely from
the circumstance that comparison is with greatly
reduced totals in April last year. In reviewing the
April results in 1924 we remarked that whereas the
March figures had shown a loss of $30,628,340 in
gross, or 5.73%, but only $2,914,073 in the net, or
2.47%, for April the shrinkage had reached $48,242,116, or 9.24% in the gross, and no less than $21,294,242, or 17.32%, in the net earnings. There was nothing strange or surprising in these unfavorable results in 1924, nor in their progressive nature. It
simply reflected the shrinkage in trade and industrial activity which had been proceeding at an accelerating pace since the early part of March of that
year. We pointed out, furthermore, that such a
slump in business as was then being witnessed found
its only parallel in the utter collapse which came
the latter part of 1920 following the period of war
inflation, and which extended through the calendar
year 1921. • The railroads, being the arteries of commerce, are naturally the first to feel the effects of
any contraction in trade, which inevitably means a
shrinkage in the volume of traffic, and the heavy
falling off in earnings then being recorded was evidence of the truth of the statement.
The present year's somewhat better results must
therefore be interpreted in the light of these growingly unfavorable results of 1924. Thus considered
the 1925 showing furnishes little of which to boast.
Trade and business in 1924 was badly slumping, and
the earnings statements of the railroads reflected
that fact in large losses in income, both gross and
net, and yet, despite that circumstance there is the
present year, as our compilations to-day show, a further slight increase in gross earnings, and only a
moderate recovery in the net earnings. Such comparisons would seem to be suggestive of the state of
general trade in the two years. In 1924 trade was
admittedly bad and obviously it could not have been
very much better the present year, notwithstanding
the glowing statistics regarding trade conditions
with which the public mind is being so persistently
regaled. So far as the returns of earnings are any
guide, indications of a better state of trade as compared with the very poor trade of twelve months
ago,is still largely lacking. The carriers are making
somewhat better returns of net, by reason of the increased efficiency with which railroad operations are
being conducted, but gross revenues are not even
equal to the poor totals of 1924.
Doubtless railroad transportation rates are still
tending slowly downward, even without any radical
reductions in tariff schedules, but traffic statistics
show that in the tonnage movement itself there
was only a very moderate gain over the small
tonnage of 1924, while passenger revenues in all
parts of the country are still feeling the effects of
motor competition. The Bureau of Railway Economics at Washington estimates that in April this
year the railroads carried approximately only 5.2%
more freight than they did in April 1924 and 12.4%
less than in April 1923. In the so-called Western
district, comprising the Western half of the country,
it is estimated that the freight traffic for the month
the present year increased only 4-5 of 1% compared
with April 1924. On the Southern roads, it
is figured, the freight traffic was 8.5% heavier than
in April last year and in the Eastern district, corn-
2996
THE CHRONICLE
[VOL. 120.
prising the New England States along with the the advance in wages promulgated the same time that
Middle and Middle Western, the increase is put at the Commerce Commission authorized the higher
- rate schedules already referred to. The wage award
7.4%. As to the lowering of transportation costs
railway operating expenses in April 1925 having added $50,000,000 to the monthly payrolls of the
been, as the figures already given show, only 78.24% roads figured on a full volume of business. On the
of the gross earnings, as against 79.45% in April other hand, the $55,795,762 improvement in net in
1924
-this seems to have been the result of greater April 1921 was in comparison with a period in the
efficiency of operation all along the line. According preceding year (1920), when the amount of the net
to our figures, the amount4of the reduction in ex- had been completely wiped out. The truth is, expenses was $7,085,893 and according to the figures of penses had been steadily rising for several successive
the Bureau of Railway Economics $7,203,500. The years prior to 1921, while the net had been as steadily
Bureau of Railway Economics subdivides the ex- diminishing, until in 1920 it reached the vanishing
penses under the different leading heads and finds point. Thus in April 1920 our tables showed $59,that the decrease in maintenance outlays was only 709,535 augmentation in expenses and $47,592,111
$2,784,690 out of the $7,203,500 decrease in total ex- loss in net, while in April 1919 our compilation regispenses, indicating that the bulk of the saving was tered $17,986,895 increase in gross but accompanied
by no less than $63,080,697 augmentation in exin transportation costs.
Concerning last year's heavy loss in earnings be- penses, thus cutting net down by $45,093,802 and in
cause of the slump in business, it seems only proper April 1918 our tables, though recording no less than
to point out that comparison then was with strik- $50,134,914 gain in gross, yet showed $1,696,280 loss
ingly good results in the previous year (1923), in net. Even in 1917 an addition of $37,819,634 to
though of course that in no way minimized the extent gross revenues yielded only $60,155 gain in net. An
of the falling off. The year 1923 was one of great idea of the effect of these cumulative losses in net
trade prosperity and some of the roads, particularly will be gained when we say that in April 1920 the
in the great manufacturing districts of the East, then roads fell $2,875,447 short of meeting bare operating
handled the largest traffic in their entire history. expenses (not to speak of taxes), whereas in both
As a consequence our compilations for April of that 1917 and 1916 the total of the net for the month had
year showed an addition to gross in the prodigious run above $93,000,000. In the following we give the
figure of $105,578,042 and a gain in net in the sum of April comparisons back to 1906. The totals are our
$38,240,343. The $48,242,116 shrinkage in gross and own except that for 1911, 1910 and 1909 we use the
$21,294,242 shrinkage in net, which followed in April Inter-State Commerce figures, the Commission hav1924, marked the loss of a very substantial part of ing for these three years included all the roads in the
these great gains of 1923, and it must furthermore country, while since then the smaller roads have been
be remembered that these gains followed, not alone omitted. Prior to 1909 the figures are also our own,
from the activity of general trade, but were also due, but a portion of the railroad mileage of the country
in no inconsiderable measure, to the fact that com- was then -always unrepresented in the totals owing
parison then was with the period of the colossal coal to the refusal of some of the roads in those days to
strike in 1922. That strike began on April 1 of that furnish monthly figures for publication.
year and in the anthracite regions involved a comGross Earnings.
Net Earnings.
plete shut-down, while in the bituminous regions all Year
Increase or
Year
Year
Year
Year
Increase or
Given.
Given.
Preceding. Decrease.
Preceding. Decrease.
over the country there was complete abstention from
April
$
$
work at all the union mines, though the non-union 1906
109,998,401 104,598,565 +5,399,836 31,548,660 30,137,596 +1,411,064
1907 142,884,383
+27,021,029
33,639,112 +8,882,437
mines in most cases continued at work, their output 1908 - 134,513,535 115,863,354 -30,544,943 42.521,549 47,537,110 -10,095,121
37.441,989
165,058,478
50,787,440
196,993,104
ranging from 4,500,000 tons to 5,000,000 tons a week. 1909 __ 225,856,174 175,071,604 +21,921,500 62,380,527 62,409,630 +11.593,087
1910
197,024,777 +28,831,397 66,725,896
+4,316,266
1911
226,002,657
Speaking of the roads as a whole, coal traffic in April 1912 _ 218,488,587 216.140.214 -7,514,070 64.768,090 66,709.729 -1,941,639
_ 220,678,465
+4,538,251 57,960,871 63,888,490 -5,927,619
58,082,336
1913
220,981,373
1922 may be said to have been reduced fully 50%. 1914 _ 245,170,143 245,048,870 +24,188,770 60,122,205 60,024,235 +2,039,869
-625,524
_ 236,531,600
-8,517,270 59,398,711
1915 _ 237,696,378 241,090.842 -3,394,464 67,515,544 59.266.322 +8.249.222
However, in the net, the loss was offset, and more 1916 - 288,453,700 237,512,648 +50,941,052 93.092,395 67.396,538 +25,695,857
+60,155
93,318,041 93,257,886
326,560,287 288,740.653
than offset, by economies and increased efficiency 1917 _ 369,409,895 319,274,981 +37,819,634 89,982,415 91,678,695 -1,696,280
1918 _
+50,134,914
1919 _ 388,697,894 370,710,999 +17,986,895 44,850,096 89,943,898 -45,093,802
of operations, with the result that though the gross 1920 - 401,604,695 389,487,271 +12,117,424 d12,875,447 44.716,664 -47,692,111
1921
402,281,913 +31,075,286 57,658,213 1,862,451 +55.795,762
fell off $15,866,010 as compared with the year preced- 1922 - 433,357,199 432,106,647 -15,866.410 80,514,943 57,474,860 +23,040,083
- 416,240,237
1923
21,387,412 415,808,970 +105578442 118,627,155 80.386,815 +38.240,343
ing, the net showed an improvement of $23,040,083. 1924 -474,094,758 522,336,874 -48,242,116 101,680,719 122,974,961 -21,294,242
1925 _ 72,591,665 474.287,768 -1.696,103 102.861.475 97,471.685 +5,389,790
And this gain in net in April 1922 was the more im- Note.-Includes
for April 91 roads in 1906, 91 in 1907, in 1908 the returns were
pressive because it came after very striking improve- based on 153,007 miles of road; in 1009,233.829; in 1910, 239,793; in 1911. 244,273:
In 1912, 236,722; in 1913, 240,740; in 1914. 243,513; in 1915, 247,701: in 1916, 246,ment in gross and net alike in the corresponding 615; in 1917, 248,723; in 1918, 233,884; in 1919, 232,708; in 1920, 235,121; in 1921,
month of 1921. Our compilation for April 1921 235,570;in 1922, 234,955;In 1923, 234,970;in 1924, 235,963; in 1925, 236,664 miles
In the case of the separate roads and systems,
showed $31,075,286 increase in gross, attended by
$24,720,476 decrease in expenses, the two together there is more or less irregularity in the showing
1
therefore producing $55,795,762 gain in the net. The made the present year. With the changes in the
country then was in the midst of intense business grand totals relatively so slight, that follows as a
depression, but the carriers were in enjoyment of the matter of course. The comparisons are much more
higher freight schedules put into effect towards the uniformly satisfactory in the case of the net than in
close of August the previous year (1920) and which the case of the gross, which indicates that lowering
on a normal volume of traffic would, according to of operating cost was a feature nearly everywhere.
the estimates, have added $125,000,000 a month to On the whole, Southern and Southwestern roads, the
the aggregate gross revenues of the roads. These same as in previous months, give the best account of
higher rate schedules served to offset the loss in themselves in gross and net alike, while Northwestrevenues resulting from the shrinking in the volume ern roads, some of the Pacific roads and a few of the
of business. The plight of the carriers was a desperate East and West trunk lines in the territory between
one and expenses had to be cut in every direction and the seaboard and Chicago and St. Louis have sufthe task was made increasingly difficult because of fered substantial losses in both gross and net. The
JUNE 13 1925.]
THE CHRONICLE
Pennsylvania Railroad System, including all roads
owned and controlled, reports $219,811 increase in
gross, with $654,671 decrease in net, this following
$8,076,656 decrease in gross and $602,669 decrease in
net in April 1924 as compared with April 1923. The
New York Central has $192,434 increase in gross
and $403,269 increase in net. This covers merely
the operations of the New York Central itself. For
the entire New York Central System there is a loss
of $226,342 in gross, but an increase of $643,140 in
net. The Baltimore & Ohio has $340,618 decrease in
gross, but only $18,317 in,net; the Erie has $65,091
decrease in gross, with $275,559 increase in net; the
Lehigh Valley has added $388,468 to its gross and
$555,580 to its net; the Reading has added $221,282
to gross and $312,739 to net, the Central of New
Jersey $278,031 to gross and $383,275 to net, and the
Lackawanna $356,348 to gross and $455,794 to net.
The Delaware & Hudson, on the other hand, has
fallen slightly behind in gross ($21,949), but has enlarged its net by $182,916.
Southern roads, as already stated, generally give
a very good account of themselves, though it is to be
.
noted that those big coal carriers, the Chesapeake &
Ohio and the Norfolk & Western, are exceptions to
the rule. The Chesapeake & Ohio, though having
$625,711 increase in gross, falls $122,996 behind in
the net and the Norfolk & Western has lost $583,262
in gross and $146,439 in net. The Southern Railway
- reports $312,713 increase in gross and $365,382 in
net; the Atlantic Coast Line $846,291 increase in
gross and $691,288 in net, while the Louisville &
Nashville has $119,366 decrease in gross, with $436,527 increase in net. Southwestern roads this time
have not done so uniformly well and losses are interspersed with gains in both gross and net. In some
instances a loss in gross has been converted into a
gain in net and in other instances gains in gross have
been attended with losses in net. The Missouri Pacific enlarged its gross by $636,303 and its net by
$184,357; the Missouri Kansas & Texas added $356,941 to gross and $208,220 to net; the Atchison reports $83,497 decrease in gross and $95,229 increase
in net; the Rock Island gained $86,333 in gross and
$275,584 in net, while the St. Louis-San Francisco
lost $64,040 in gross and $116,250 in net; the St.
Louis Southwestern lost $109,528 in gross, but gained
$76,025 in net.
The poorest returns as a rule are made by the Pacific roads. Thus the Southern Pacific reports
$1,307,434 decrease in gross and $2,221,051 decrease
in net; the Union Pacific $1,759,889 decrease in
gross and $377,038 decrease in net; the Northern
Pacific $419,316 decrease in gross and $234,905 in
net, and the Great Northern $50,506 in gross and
$20,454 in net. The Chicago Burlington & Quincy
suffered a contraction of $849,574 in gross and of
$592,479 in net, but the Chicago & North Western
turned a loss of $434,137 in gross into a gain of $384,033 in net. Similarly, the Milwaukee & St. Paul,
with only $32,760 addition to gross added no less
than $723,530 to net. In the following we show all
changes for the separate roads for amounts in excess of $100,000, whether increases or decreases, and
in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR APRIL.
Increase.
Increase.
$846.29. Vfo Kansas & Texas (2)
Atlantic Coast Lines
.
636,302 Delaware Lack & west..:: 5356.941
Missouri Pacific
356.348
625,711 Youthern Railway
Chesapeake & Ohio
618.979 Central New Jersey
Seaboard Air Line
278:03i
Duluth Misfiabe dc North.. 481,688 Reading Co
221,282
386.468 Central of Georgia
Lehigh Valley
210,598
Coast
362,818 Hocking Valley
Florida East
209,979
2997
Increase.
Decrease.
Duluth & Iron Range_ _ _ _ 5198,848 Illinois Central
5524.651
5192.434 Chicago & North Western 434,137
New York Central
184.894 Northern Pacific
419,316
N Y New Haven & Hartf_
340,618
Elgin Joliet & Eastern......_
164,065 Baltimore &Ohio
132,443 Los Angeles & Salt Lake
292.465
Lehigh & New England__
259,677
Wheeling & Lake Erie_ _ _ _
129,769 NY Chicago & St Louis
121,104 Michigan Central
254.231
C Mex & 0 of Tex____
115.262 Chic St Paul Minn & 0_. 246.334
Wabash
110,822 Pere Marquette
154,896
Texas & Pacific
131.873
105,652 Denver & 'Rio Grande W_
Long Island
Kansas City Southern_ _
131,840
$7,361,440 Colorado Southern (2)___120,451
Total(25 roads)
• 120,25,4
Mobile & Ohio
119,34
Decrease. Louisville &
Nashville_$1,759,889 St Louts Southwestern (2) 109,5
Union Pacific (4)
104.
1,307,434 Pittsburgh & Lake Erie. __
Southern Pacific (7)
849.574
Chic Burl & Quincy
583,262
Total(31 roads)
$8,264,52.
Norfolk & Western
figures in the above are on the basis of the returns filed
-All the
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the separate
returns seas to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
For the Pennsylvania RR. (including the former Pennsylvania Company, the Pittsburgh Cincinnati Chicago & St. Louis and the Grand Rapids
& Indiana), the result is $48,394 increase. For the entire Pennsylvania
System, including all roads owned and controlled, the result is an increase
in gross of $219.811.
S The New York Central proper shows 5192,434 increase. Including
the various auxiliary and controlled roads, like the Michigan Central, the
"Big Four," &c., the whole going to form the New York Central System,
the result is a loss of $226,342.
PRINCIPAL CHANGES IN NET EARNINGS FOR APRIL.
156,898
Cnicago Milw & St Paul- $723,530 Lehigh & New England.._
156,626
691,288 Duluth & Iron Range..__Atlantic Coast Line
114,949
555,580 Hocking Valley
Lehigh Valley
517.581 Grand Trunk Western......110,037
Duluth Missabe & North._
103,297
Del Lackawanna & West.. 455,794 Chicago & Alton
443,831 N Y Susqueh & West_..... 102.243
NY New Haven & Hartf_
Louisville & Nashville_ _ _ _
436,527
888,689
58...L
Total(33 roads)
5403,269
New York Central
vecrease.
Chicago & Northwest........ 384,033
383,275
Central New Jersey
52.221,051
365,382 Southern Pacific (7)
Southern Ry
a744,468
327,942 Pennsylvania
Seaboard Air Line
592,479
312.739 Chicago Burl & Quincy
Reading Co
377,038
27F.584 Union Pacific (4)
Chicago R I & Pacific (2)_
234,905
275.559 Northern Pacific
Erie (3)
146,439
253.869 Norfolk & Western
Boston & Maine
122.996
Union RR250291 Chesapeake & Ohio
122,831
208,220 Los Angeles & Salt Lake
Mo Kansas Texas (2)
116,250
184,357 St Louis San Fran (3)
Missouri Pacific
109,706
184,154 Chic St Paul Mimi & 0_
CCC & St Louis
182,916 San Antonio & Aran Pass.. 102,720
Delaware & Hudson
171,088
Wabash
Total(22 roads) '
$4.890.883
157.833
Wheeling & Lake Eriea This is the result for the Pennsylvania RR. (including the former
Pittsburgh Cincinnati Chicago & St. Louis and
Pennsylvania Company, the
the Grand Rapids & Indiana), the Pennsylvania RR. reporting $744,468
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease of $654,671.
is These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads,like the Michigan Central, the "Big Four," &c., the result is an increase of $643,140.
When the roads are arranged in groups or geographical divisions, according to their location, it is
found that .every group with the exception of the
Pacific shows enlarged net earnings, but three of the
seven divisions show losses in gross, namely the Middle West, the Northwest and the Pacific. Our summary by groups is as follows:
SUMMARY BY GROUPS.
•
1925.
1924.
Inc.(+)or Dec.(-)
Seaton or Group
April
$
$
5
21,409,328 21,379,672
+29,656 .090
Group 1(9 roads) New England
152,307,455 150,882,338 +1,425,117 0.93
Group 2(33 roads) East Middle
-245,873 0.57
43,024,844 43,270.717
Group 3(27 roads) Middle West
Groups 4 & 5 (34 roads) Southern... 74,603,308 72,276,213 +2,327,095 3.21
Groups 6 es 7(29 roads) Northwest__ 86,784,808 89,793,921 -3,009,113 3.36
+327,570 0.47
Groups 8 ds 9(49 roads) Southwest... 70,551,755 70,224,185
Group 10 (10 roads) Pacific Coast__ 23,910,167 26,460,722 -2,550,555 9.64
Total(191 roads)
-MileageSeaton or Group- 1925. 1924.
7,321 7,369
Group 1
34,705 34,673
Group 2
15,988 16,000
Group 3
39,141 38,995
Groups 4 & 5
67,156 66,961
Groups 6 & 7
55,299 55,095
Groups 8 dc 9
17,054 16,952
Group 10
472,591,665 474,287,768 -1,696,103 0.36
Net Earnings
1924.
Ittc.(+) or Dec.(-).
1925.
$
$
+835,646 19.40
5.143,820 4,308,174
33,968,884 31,314,774 +2.654,120 8.48
11,208,632 9,942,225 +1,266,407 12.74
19,937,144 18,105,978 +1,831,166 10.12
15,041,281 13,945,715 +1.095,566 7.86
+412.773 3.21
13,260,711 12,847,938
4,300,993 7,006,881 -2,705,888 38.62
236,664 236,045 102,861,475 97,471,685 +5,389,790 5.53
Total
-Group I. includes all of the New England States.
NOTE.
includes all of New York and Pennsylvania except that portion west
Group II.
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland. and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana, all of Michigan except the northern
Peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State lin
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma. Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a line running from the northwest corner of the State through
Santa Fe and east of a line running from Banta Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
One reason why the Western roads as a rule fall
behind is that they had a smaller movement of both
grain and live stock. The wheat and rye receipts at
the Western primary markets for the five weeks
ending May 2 were somewhat larger than for the
corresponding five weeks of the previous year, but
the receipts of corn, of oats and barley were smaller.
Altogether the receipts of the five cereals combined
for the five weeks the present year were only $41,996,000 bushels, as against 52,720,000 bushels in the corresponding five weeks of 1924. The details of the
Western grain movement in our usual form are set
out in the table we now present:
WESTERN FLOUR
Wheat
5 Weeks End. Flour
((ibls.)
May 2.
(bush.)
Chicago
1925
996,000 1,088,000
1924
1,033,000 1,175,000
Milwaukee
1925
94,000
132,000
1924
143,000
90,000
St. Louis
1925
432,000 1,683,000
1924
441,000 1,693,000
Toledo
1925
598,000
1924
135,000
Detroit
50,000
1925
1924
84,000
Peoria
91,000
1925
184,000
62,000
221,000
1924
Duluth
2,298.000
1925
1,454.000
1924
.farisayolit4,024.000
1925
4,048.000
1924
Kansas MY
1.086,000
1925
1.578.000
1924
Omaha dk Indianapolis
573,000
1925
929,000
1924 •
mix City
85,000
1925
86.000
924
.Joseph
368,000
1925
611,000
1924
tchfla263,000
1925
1924
(I( AU
1925
1924
Jan. 1 to
May 2.
-Mama-1925
1924
Milwaukee
1925
1924
St. Louts
1925
1924
Toledo
1925
1924
Detroit
1925
1924
Peoria
111 1925
1924
[voL. 120.
THE CHRONICLE
2998
AND GRAIN RECEIPTS.
Barley
Oats
Corn
(bush.)
(bush.)
(bush.)
Rye
(bush.)
4,702,000 3,113,000
5,595,000 4,810,000
484,000
756,000
636.000
79,000
911,000
928.000
791,000
771,000
48,000
35,000
1,729,000 3,423,000
4,122,000 3.382.000
52,000
9,000
10,000
144,000
319.000
581,000
269.000
1,000
2,000
6,000
4,000
23,000
72,000
116.000
190.000
1.000
30,000
774,000
1,283,000
1.350.000 1.312,000
29,000
31,000
52,000
27,000
160,000
147,000
3,000
•
728,000
620,000
324,000 1,755,000
909.000 1,587,000
913,000
903,000
242,000
281,000
6,000
12,000
1.000
6,000
466,000
803.000
187,000
326,000
913.000
2.131.000
670,000
660,000
1,400,000 1,663,000
3,612,000 2.505.000
180.000
544.000
276.000
284,000
647,000
1,226,000
104,000
100,000
116,000
20,000
1,706,000 12,339.000 12,114,000 13,458,000 2.385,000 1,700.000
.1,838,000 11,945,000 21.009.000 16.054,000 2,674,000 1,038,000
Rye
Barley
Oats
Corn
Wheat
Flour
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
(5513.)
Corn.
Wheat.
Flour.
Bush.
II(its.
Bush.
Duluth
361,000
8,917,000
1925
1924
5,412,000 6,045,000
Minneapolis
24,990,000 10,053,000
1925
1924
23,471,000 7,866,000
Kansas City
9,291,000 9,831.000
1925
1924
11,485,000 10,996,000
Omaha & Indianapolis
5,370,000 12,987,000
1925..
1924
5,066,000 20,755,000
Sioux City
571,000 2,081,000
1925
1924
485,000 3,783,000
St. Joseph
2.857.000 3.817.000
1925
1,940,000 4,051,000
1924
WichUa2,541.000 1,213,000
1925
1924
Total AU1925
1924
943,000 4,340,000 4,182,000 4,064,000
575.000 7,870.000 4.630,000 2,849,000
507,000
545,000
1,828,000 11,121.000 9.034,000 13,041,000
1,763,000 7,383,000 16,824,000 12,050,000
156,000
294,000
26,000
87.000
1,640,000 1,426,000 1,775,000
1,740,000 2,008,000 1,324,000
2.000
31,000
46,000
39,000
11,000
585,000
161,000
469,000
559,000 1,051,000 1,066.000
38,000
4,000
106,000
1,000
861,000
819.000
435,000 8,227,000 3,701,000
309,000 5.748.000 4,108,000
349,000
483,000
15,000
6,000
Barley.
Bush.
Rye.
Bush.
462,000 2,718,000
271,000 2,693,000
2,932,000
1,106,000
10.699000 6,078,000 1,346,000
7,633,000 4,009,000 1,831,000
2,441.000
3,075,000
7,236,000
8,611.000
6,000
19.000
20,000
24,000
1,140,000
1,492,000
424,000
390,000
172.000
•
7,824,000 74,650,000 95,934,000 64,398,000 14,363,000 6,123,000
63,929,000 126128.000 67,661.000 11,290,000 6.008.000
7,110,000
As to the Western live stock movement, the receipts at Chicago in April 1925 comprised only 18,509 carloads, against 20,478 cars in April 1924; the
receipts at Omaha 8,502 cars, against 10,525, and the
receipts at Kansas City 7,776 cars, against 8,918.
Southern roads on their part had the advantage
of a somewhat larger cotton movement. In April
1925 the gross shipments overland were 74,600 bales,
against 62,701 bales in April 1924; 84,151 bales in
1923 and 74,232 bales in 1922, while the receipts at
the Southern outports aggregated 281,678 bales,
against 261,201 bales in 1924 and 148,694 bales in
1923, but comparing with 427,224 bales in 1922. The
port movement in detail is shown in the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND FROM
JAN. 1 TO APRIL 30 1925, 1924 AND 1923.
4,768,000 5,505,000 32.403.000 16,068,000 3,194,000 1,353.000
787,000
4,014.000 5,504,000 39,131.000 22,176,000 3,325,000
356.000
514,000
Oats.
Bush.
Sines Jan. 1.
April.
Ports.
1924.
1923.
1925.
26,422
68,618
33,313
94,359
5,211
3
28,229
18,731
6.355
18,219
10,931
5,420
15,109
37,434
24,081
49,733
1,419
44
23,683
150
6,127
1,020
5,003
857,135
700.706
555,199
43,372
2,231
172,666
350
102,801
46,632
123,008
291 079
281.201
1925.
Galveston
Texas City, dm
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Wilmington
Norfolk
Total
63,941
79,836
62,495
5,674
1924.
1923.
535,664
224,465
410,309
20,914
4,489
110.741
410,993
176,357
418,428
13.108
3,276
137,169
2,839
49,480
18,399
65,467
37.662
17,664
80,283
148.894 2.804.104 1.442.191 1.295.516
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, June 12 1925.
It turns out that the recent hot wave had a good effect
cold
on trade over a wide range of the United States. The
of May had naturally retarded business, especially
weather
In summer fabrics. Of late there have been reports of sales
and
as high as 75,000 pieces of cotton cloths at Fall River
reof some 65,000 here in this city. Western dry goods
Eastports have also been rather more favorable. Large
natural result
ern centres have had a better business as a
doing
of more seasonable weather. And the chain stores are
excellent trade; that is to say it was noticeably larger
an
secthan a year ago, especially in the West. In the Eastern
it now
tion it has been running behind 1924 for a time, but
order
bids fair to catch up. As the case stands, May mail
were 7.7
sales for May fell off 18.6 from those of April, but
for May
larger than in May of last year. Chain store sales
May
dropped 3.1% from April, but gained 10.4 over those of
chain
last year. The grand total of sales of mail order and
%
2
1
/
stores for May was 10% under those for April but 9
order
larger than in May 1924. For five months the mail
1924.
sales were 10.7 larger than in the same months of
aggregate
2
1
/
Chainstore sales gained 12 % over 1924 and the
correspondof both chain and mail stores was 11.6% over the
ing period last year.
to
The grain markets have been tending downward, owing
at the West combined with a favorable Govbetter weather
offset
ernment report from Canada. But the better weather
the unfavorable report early in the week by the United
States Government. That showed a decrease in the total
promised crop of spring and winter wheat of over 200,000
bushels, and it looks,as though we should have little if any
wheat for export. Of late the export sales have been on only
a moderate scale, reaching not more than 300,000 to 500,000
bushels a day. Also, the total exports of wheat this week
are a little under 6,000,000 bushels, as against 10,600,000 in
the same week last year, but the total thus far this season
is nearly 395,000,000 bushels, or some 15,000,000 bushels in
excess of the same time last season.
Meanwhile Germany is complaining of hot dry weather.
And it may turn out, strange as it would have seemed a year
ago, that Russia, which has larger crops, may come to the
rescue of western Europe if there should be any serious decrease of the Western crops. It is evident in any case that
the United States can give little aid to Europe during the
coming season. The crop in this country, in other words,
will not much more than suffice for domestic needs. Cotton
has declined $4 to $5 a bale owing to the fact that taking the
belt as a whole the crop outlook seems to be favorable. It is
true that central and southern Texas needs rain in a section
which last year produced about 40% of the Texas crop.
That is to say, some 331-3% of Texas is dry. This afternoon
there were rumors that rains were falling in the central part
of that State anti even that Galveston had some 5 inches.
The forecast pointed to rains in various parts of Texas.
The hope is that the drought in parts of that State may be
broken over Sunday. On the other hand, the statistics
based on the old crop are becoming more and more acute.
It is to be feared that the carryover into next season will
be small. Spinners' takings week by week are on a large
scale and the decrease in the world's supplies this week Is
very marked. This country needs a crop of 14,000,000 to
15,000,000 bales. Whether it will get any such crop remains
to be seen. Coffee prices have broken at times quite sharply,
the shorts having been driven out and there being some of
the old disposition on the part of the trade to hold aloof
JUNE 13 1925.]
THE CHRONICLE
2999
mills of
rather than to buy at what it considers an artificial level of or more. Waterville, Me.,(wired: "Lockwood cotton
in
prices. There has been a rumor that •the Santos receipts this city employing about 1,200 will close first two weeks
may be limited to 20,000 bags a day. That would be a drastic August. Poor business conditions are given as reason."
of
measure and might react on the Santos Government in the In the Piedmont section of North Carolina about 75%
time. In
end. For it is a truism that it is inadvisable to coddle any the mills are curtailing about 25% of running
industry. It should produce what the market wants and not Gaston, N. C., it is declared that curtailment is expected
of June.
over-produce. If it does it must take the consequences to become general and heavy about the middle
until economic conditions are corrected. And significantly At Atlanta, Ga., commencing on Monday, the Exposition
enough, it was reported this afternoon that the Sao Paulo Mills will curtail 50%. Augusta, Ga., wired on the 11th
running
Coffee Defense Institute, which was recently buying in inst. that four large mills in that district which are
to sustain prices, has latterly discontinued this prac- on four days a week were planning to reduce the working
order
tice, and prices seem to have come down of their own weight, time late in June to three days. Curtailment of production
Ala.,
despite some rather bullish features of the statistical situa- among the denim mills is increasing. At Birmingham,
the Avondale Mills will lay off forces two weeks around
tion.
The iron and steel industry is for the most part quiet, July 4. Some cotton mills are expected to average 15%
although now and then there is a fair business in pig iron. curtailment during July and August. Thus far curtailment
be said,
Still, the fact stands out that iron and steel prices continue, has been the greatest in the cheaper goods. It must
In some cases at any rate, to decline. It is evident enough however, that talk of curtailment in some cases seems
performance little. Still
that the turn in the lane has not yet been reached, although to be loud and actual
comparatively small scale. Sooner or later, they want more. Masons, plasterers and bricklayers
the output is on a
County, N. J.
of course, an economic equilibrium will be established, and in Essex and the western section of Hudson
Iron and steel will develop greater activity, and will receive an increase of $1 per day July 1 under the new
then both
not improbably, higher prices. Meanwhile steel prices are agreement between the General• Contractors' Association
agreement will
the lowest for three years past and those for pig iron at the and the Building Trades Council. The new
for 2% years. Crude petroleum has shown an provide, incredible as it sounds, a wage increase from $12 to
lowest point
upward tendency. Crude rubber has been firm, though not $13 a day this year and another raise to $14 a day next year,
quite so high as at one time last week. The tire manufac- the $14 rate to continue until July 1 1929, it was stated.
turers of Ohio are seriously considering the question of the About 5,000 men are said to be affected by the settlement.
high cost of crude rubber and it is suggested that they may Announcement has also been made that roofers who have
appeal to the Holland Government for some degree of relief been on strike since April 1 have agreed to accept $10 a day
from the exactions of the British producers. The automobile beginning Aug. 1, an increase of 50 cents.
industry, while still active in the main, is not quite so busy
Shanghai cabled that thousands of striking Chinese mill
as at the high point. There is less business in soft coal and workers resumed employment on June 8 and that the general
coke. The leather industry is, if anything, quieter than strike was expected to terminate at once.
ever. The fashion in shoes partly accounts for this; it calls
The great heat wave of seven days' duration here came
for a smaller amount of leather. Wool has been steady and suddenly to an end at 10:40 p. m. last Sunday,night, June 7,
now and then there have come reports of better business, but with an east wind, the temperature falling 16 degrees in an
there is no marked increase, nor does there seem much pros- hour. It reached 60 degrees the next morning, the 8th inst.,
pect of any in the near future.
as against 94 at 4 p. m. on the previous day. At Boston on
The silk industry still makes the best showing among the the 8th it was down to 56, and at.Minneapolis to 60. The
textiles. And as regards general business, it is pointed out Central West was not relieved so quickly as New York and
that the hand-to-mouth policy of buying may be carried too other Atlantic Coast cities, not feeling the southeast wind
far. That was made plain in the recent hot weather. Many from the ocean, but the thermometer dropped on the 8th
dealers, wholesale and retail, found that they were not to 72 at Milwaukee, 78 at Chicago and Cincinnati and 50 at
carrying large enough stocks to meet the sudden demand. Portland, Me. The hot weather of seven to eight days cost
That fact has attracted a good deal of attention and not a the lives of 500 persons in the United States. On the 11th
little comment. In other words, there may be a comeback came a veritable cool wave and a fall in the temperature to
on the rigid restriction of buying, especially in the clothing .53. To-day it was clear and somewhat warmer but pleasant
trades. It is believed that retailers could have done a much with the temperature at 3 o'clock 73 degrees.
larger business during the warm spell if they had the goods
to meet the demand. In many cases they did not. Further- New York Federal Reserve Bank on Increase in Business
more, it is believed that for a year or more business in genProfits in First Quarter of Present Year
eral might have bees larger but for the fact that it was so
Over Those of Last Year.
difficult to get the kind of goods the buyer wanted. MeanThe following is from the June number of the "Monthly
while the stock market, which is very generally accepted as
of the Federal Reserve Bank of New York:
in some sense a guide of general business, has latterly been Review"
An indication of the tendency of business profits during the first quarter
more active at rising prices. Bonds also have been in good
of the year is provided by the following table, which gives net profits by
demand. Money has continued at around 3%%, something quarters since the beginning of 1924 for a list of industrial and telephone
which of itself tends naturally to encourage investment and companies whose statements are available, and for the Class 1 railroads.
During the first quarter this year the aggregate industrial profits shown
other buying. Foreign exchange has undoubtedly been irincreased considerably over the last three quarters of last year, but were
regular, but it is hoped that present unsettlement may be below the first quarter of 1924. Oil, steel and motor accessory companies
motors
the prelude of better things in the not distant future. The showed the largest increases over recent quarters, and in the case ofquarter
slightly larger than in the first
fact that the darkest hour is just before daylight often has and accessories the profits were also
railroad
of 1924. Telephone earnings continued to show an increase, and
another illustration in the practical affairs of every-day life, earnings were slightly larger than a year previous, though below the seasonal
high points in the latter part of 1924.
by no means excepting business.
(Net profits in millions of dollars.)
Following some recent disturbing reports from Berlin it
is now said that the effect of the Stinnes crisis has passed
1925
1924.
No. of
Group.
and the general credit stringency lessened. The Berlin
let
3d
4111
2d
Corpo- lot
Stock Exchange was firmer on the 11th inst., following a
rations Quar. Quar. guar. Quar. Year. Quar.
disturbed market on the 10th. The President of the Reichs32
84
19
17
17
31
13
Motor and accessories
15
51
5
14
13
12
19
bank is quoted as saying that he expects no further agitation Oil
30
107
19
17
29
42
12
11
now that an adjustment has been reached in the Stinnes Steel and food products
49
11
14
13
11
11
Food
8
26
6
7
7
6
9
Metal and mining
affairs.
6
19
4
5
5
5
12
Machine manufacturing
5
18
6
5
4
3
9
Mass., operations of the Tremont and Suffolk Miscellaneous
At Lowell,
107
354
70
77
78
118
89
Total 7
Mills, making part wool blankets, are now on an overtime Telephonegroups
44
151
43
36
35
37
70
204
987
309
193
203
188
287
basis due to a recent increase in orders. The Appleton Mills Class I railroads
355
422 1492
400
also report an improvement in the demand for wide fabrics,
341
356
314
Total
although the demand for narrow fabrics is still disappointing.
At Lawrence, Mass., the 5 local mills of the American
Woolen Co. will close July 3 for a 10 days' vacation period.
Usually the vacation period comes late in August. At Manchester, N. H., the Devonshire Mills of Goffs Falls, manufacturers of worsted and wool cloths, now running on a
curtailed schedule, will return to full capacity as soon as
possible. Capacity production will continue for a month
Further Decrease in Factory Employment in New York
State During May.
Factory employment in New York State showed a further
decrease of 1% in May, says State Industrial Commissioner
James A. Hamilton, under date of June .9. who in his remonth continues:
view of
3000
THE CHRONICLE
[VOL. 120.
This is about half as large as the April loss. The curtailment in factory mills reporting to the State during the month. Some of the cotton mills
operations which followed the spring improvement is proceeding .at a as well cut down their forces, but on a smaller scale.
Metals in this district were uneven. In some cases reductions were still
noticeably slower rate. However, certain of the metal industries, principally
steel and railroad equipment, continued to report heavy reductions in their being effected. But in the mills where the April readjustments had been
forces. In the former these were partly offset by the resumption of opera- particularly severe, production schedules were increased in May. Instruments and office equipment have lost slightly. As in other places, the dull
tions in a few mills which had closed down in April.
The only large improvement during the month, outside of those Industries season in the clothing shops meant many operatives were dropped from the
affected by seasonal demands, was in automobiles, which are advancing to payrolls.
Steel Important in Buffalo Decrease.
a point only slightly below the peak of 1924. Allied manufactures followed
Buffalo lost also in May with a decrease of almost 2% in employment.
in line.
the sewing There was a net loss of nearly 1,000 workers in the metal plants reporting
As always, seasonal elements were present in the decrease. In
trades more than 3,000 employees were released from the factories report- to the State and hundreds more were affected by changes within the various
ing to the State. The gains in building materials and some food products industries.
Large numbers of men were let go in the iron and steel mills of this disaffected a smaller number of workers.
This statement is based on payroll reports covering almost half a million trict and there were losses in shipbuilding and railroad equipment and repair
shops. Automobile production again advanced, although a few plants makworkers, who represent 55 industries of the State.
Metals again determined the course of factory employment for the month. ing parts were less busy, and castings fell off sharply. Mineral products
But decreases in industries such as furniture and pianos were equally im- gained. Manufacturers of chemicals, furniture and paper goods also reported
portant in indicating the widespread nature of the retroaction of recent declines. The food industries, which are important here, had over 150 more
months. Both these industries, which are relatively free from sharp month- employed in the reporting factories. This improvement followed recent
to-month fluctuations, were a little below May 1924, when the depression losses.
was already well advanced.
Furniture and Shoes Cause Rochester Decrease.
Rochester reported a decrease of almost 1%, largely the resfilt of genRailroad Equipment and Steel Again Lead Decreases.
The changes within the iron and steel mills reporting to the State affected eral reductions in furniture plants and in the majority of the shoe factories.
Several of the men's clothing factories continued to reduce forces, but
over 1,000 workers, though the net loss amounted to only 300. The mills
which had curtailed production sharply in April resumed work in May, while others started up in preparation for the fall trade. While there were losses
also made in the metals they did not involve many workers except in one or two cases.
others dropped hundreds from their payrolls. Some copper mills
rather heavy reductions. In railroad equipment shops, the severe curtail- Chemicals stayed fairly even and food industries showed a very small seament of April was practically repeated. Railroad repair shops were uneven, sonal gain.
Binghamton Employment Even.
although fewer were employed on the whole. Recent losses in electrical
The total volume of employment in Binghamton remained even from
machinery and apparatus have brought employment for this industry below
and other machine shops have April to May. However, the situation changed for different classes of work.
any point in the past two years. Foundries
been keeping steady, but May brought a small reduction. Conditions were ers. A large part of the cigar makers were taken back this month, but
irregular in the factories making instruments and appliances. Lens, cutlery workers in the shoe factories and metal trades were released. Reductions in
and tool firma continued to let more employees go, but in some of the cut- some of the furniture factories were accompanied by gains in others.
lery plants this followed an unusually active season.
Brick Far Behind 1924.
A small gain in May brought employment in the brick yards to a point Wages and Hours of Labor in the Paper and Pulp
40% below the corresponding month in 1924, the peak of last year. House
Industry.
trim gained in New York City, but lost up-State and is about 15% below a
The Department of Labor, through the Bureau of Labor
year ago. Cement workers were well off. The reorganization of a plant in
May meant that employment rose above any month in 1924.
Statistics, has just issued Bulletin 30, on wages and hours
Chemicals exerted a steadying influence. Drugs and household chemicals of labor in the
paper and pulp industry in 1923. Summary
chemicals stayed even, although they are relalost slightly but industrial
tively low. Changes in soap factories tended to offset each other. The figures of this Bulletin were published in the "Monthly
only large decrease for the group was in the dye plants, where employees Labor Review" for March 1924. The Bureau, under date of
have been let go for several months. Fertilizers were seasonally less active.
April 30, said:
Textiles Irregular.
Data were secured from 199 establishments located in 16 States, and inThere were few large changes within the major textile industries. Silk clude 35,799 male and 3,262 female wage earners. Of these 13,011 were
goods and knit silk products, such as gloves, hosiery and cloth, showed a employed in pulp mills, and 26,050 in paper mills. The figures relating to
small net gain. Woolen mills were rather quiet after the reductions of pulp mill employees were limited to mills making pulp by the ground.
March and April. In the cotton mills there was no established tendency wood, sulphite, or sulphate, processes. The data for paper
include mills
either up or down. It was only the knit goods industry which reported a making book paper, newsprint, wrapping paper and writing paper.
definite loss after the spring improvement. Greater activity in some of the
The average earnings per hour in the pulp mills ranged from 27.3 cents in
carpet mills was accompanied by a shutdown.
Louisiana to 49.1 cents in Michigan and Ohio. The average hourly earnings
Men's and women's clothing shops continued to adjust forces to meet the in the paper mills ranged from 42.6 cents in the writing
paper mills in
seasonal slump. Some of the up-State men's clothing factories, however, be- Wisconsin to 65.9 cents in the book paper mills in
New York.
gan to prepare for the fall. Shirt factories were busier in New York City
The average full-time hours per week in the pulp mills ranged from 50.3
but showed conflicting tendencies up-State. The straw hat season was over, in New England to 67.3 in Louisiana;
and in the paper mills they ranged
but felt and velour hat factories started up. Manufacturers of felt slippers from 48.1 in the newsprint mills in New
England to 59.5 in the wrapping
were busier, but shoe plants again reduced the number on their payrolls. paper mills in Pennsylvania,
Maryland and Virginia.
The fur trade was more active.
In addition to tables showing in detail, for each branch of the industry,
There were seasonal gains in dairy products, canning and beverages. The the average hours per week,
earnings per hour, and earnings per pay period
approach of the busy season in the last meant more work for the tin foil of employees by
occupation, sex, length of pay period and region, the report
factories. Meat packing houses and cigar plants took on more employees contains a brief
history of the industry, a description of operations and
after recent reductions, but biscuit factories again lost slightly. Candy equipment, a
glossary of occupations and general information relating to
manufacturers let more workers go.'
changes in wage rates, overtime pay, bonuses, etc.
In paper goods, it was the makers of sample cards and paper patterns who
slowed down.
Seasonal Loss in New York City.
Factories in New York City reported a decrease in employment of from Volume of Nation's Lumber Shipments Greater Than
1 to 2% in May. This keeps the level of employment slightly below a year
in 1924 for First 23 Weeks of Year—Pronounced
ago. Slack season in the clothing trades explained the largest part of the
Increase in New Business.
loss, but there were small reductions scattered through the metals and
Another sharp increase in new business, for the week
other industries of the city.
About 2,500 workers were dropped from the payrolls of the clothing fac- ending June 6, amounting to about 12% over the preceding
tories and modistes also passed their most active month. Shirt manufactur- week
and about 35% over the corresponding week of 1924,
ers and makers of soft hats were busier. These industries are better off
than a year ago. All silk goods gained. The shoe industry showed a net de- has been accompanied by an increase of national lumber
crease, partly seasonal.
production for 1925 to date over the like period of 1924,
Metals were also important in the reductions. Some factories turning according
to the weekly statement of the National Lumber
out instruments of precision had more on their payrolls but most of the
metal industries lost, particularly a few machinery and electrical equipment Manufacturers Association issued here to-day. Shipments
plants.
are now virtually as large as last year's. Cumulative new
Furniture and piano factories again released employees. Leather goods
business exceeds last year's by approximately a full week's
and miscellaneous wood products, including paper and pencils, were lower.
The cigar industry improved somewhat after the severe cuts in employ- production of the principal lumber mills of the country.
ment in April. Other food products, such as flour, candy and chocolate These statements are based on reports received by telegraph
were less active and hundreds of employees were affected by changes within
on June 11 from 369 of the leading soft wood mills of the
the baking industry where losses predominated.
country and represent fully 40% of the entire lumber producSyracuse Holds April's Gain.
In spite of further gains in the automobile industry employment in Syra- tion. According to them, new business has been proporcuse just stayed even from April to May. Some of the automobile factories tionately larger than last year for several weeks but cumuin this district have,not come up to the 1924 scale of operations as well as
lative production and shipments are just overtaking the
the industry as a whole. Other metals including steel and office equipment
gained slightly. But seasonal reductions in the clothing shops and less 1924 record.
activity in the furniture factories tended to offset these increases. ChemThe unfilled orders of 254 Southern Pine and West Coast
icals remained fairly steady, but manufacturers of various goods, such as
mills at the end of last week amounted to 638,411,326 feet
paper products and textiles, reported fewer workers on their payrolls.
as against 629,027,144 feet for 251 mills the previous week.
Capitol District Remains Low.
Employment in the Capitol district showed no improvement during May. The 138 identical Southern Pine mills in this group showed
While the steel industry was more active after the severe curtailment in unfilled orders of 247,667,880 feet last week as against
production in April, further reductions in the railroad equipment shops meant
no net gain in the employment of metal workers. Some machinery and 250,539,330 feet for the week before. For 116 West Coast
mills the unfilled orders were 390,743,446 feet as against
electrical apparatus plants also released employees.
Textiles were somewhat irregular and losses in some of the collar fac- 378,487,814 feet for 113 mills a week earlier.
tories were larger than the gains in others. A few bakeries operated with
Altogether the 369 comparably reporting mills had shipsmaller forces. Printing and paper goods were the same as in April.
ments 98% and orders 101% of actual production. For
Lowest Decrease in Utica.
The downward turn in knit goods calmed employment in Utica to drop the Southern Pine mills these percentages were respectively
about 2% below April. Almost 400 workers were released from the textile 100 and 97; and for the West Coast mills 107 and 109.
JUNE 13 1925.]
THE
3001
CHRONICLE
Ten of the 27 industries showing decreased employment in April and 23
of the 40 industries showing decreased payroll totals reported losses of 3%
or over, the 10 industries showing such losses in employment all being included in the group of 23 showing the greatest losses in payroll totals.
These 10 industries are: Cigar and confectionery, both having decreased
8% in employment and 17% and 14.5%, respectively, in payroll totals;
stoves and slaughtering, both having decreased over 6% in employment and
13.2% and 6.4%, respectively, in payroll totals; men's and women's clothing, with decreases of 5.3% and 4.4%, respectively, in employment and
16.5% and 14.7%, respectively, in employees' earnings; flour, boots and
Corresponding
Preceding
shoes; chewing and smoking tobacco, and cane sugar refining.
Week
Week 1925
The decreases noted above in the confectionery industry were brought
(Revised).
1924.
345
369 about by the customary falling off in demand after the Easter rush, while
224,722,878
237,745.504 the large decreases in the two clothing industries also appear regularly in
250.231,251
221.981,571
185,458,287
223,401,262 April.
For convenient reference the latest figures available relating to all emcompare the lumber move- ployees, excluding executives and officials, on Class I railroads, drawn from
1925 with the same period Inter-State Commerce Commission reports, are given at the foot of the first
and second tables.
Shipments.
Orders.
COMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
5,469,477.928
5,325,861,133
DURING ONE WEEK EACH IN MARCH AND APRIL 1925.
5.478,582,684
5,125.913,823
Of the comparably reporting mills 344 (having a normal
production for the week of 219,614,358 feet) reported production 106% of normal, shipments 106% and orders 109%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Past
Week.
369
250,576.763
244.470.893
252,401,238
Mills
Production
Shipments
Orders (new business)
The following revised figures
ment for the first 23 weeks of
of 1924:
1925
1924
Production.
5,532.136.033
5,511,967,706
1925 Increase
1925 Decrease
20,168,327
199.947,310
9,104,756
The mills of the California White & Sugar Pine Manufacturers Association make weekly reports but for a considerable period they have not been comparable in respect to
orders with those of other mills. Consequently, the former
are not represented in any of the foregoing figures. Eight
of these mills reported a cut of 10,339,000 feet, shipments
8,247,000 feet and orders 7,092,000 feet. The reported
cut represents 28% of the total of the California Pine region.
as compared with the preceding week there was an increase
of 74,000 feet in production, a decrease of 2,552,000 feet in
shipments and 2,746,000 feet in new business.
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and thirteen mills reporting to West Coast
Lumbermen's Association for the week ending May 30
manufactured 97,031,277 feet of lumber, sold 96,189,892
feet and shipped 112,148,734 feet. New business was 1%
below production. Shipments were 17% above new business.
Thirty-nine per cent of all new business taken during the week was for
future water delivery. This amounted to 37,627,659 feet, of which 27,
749,447 feet was for domestic cargo delivery and 9,878,212 feet export.
New business by rail amounted to 1,764 cars.
Forty-three per cent of the lumber shipments moved by water. This
amounted to 48,126,501 feet, of which 36,299,877 feet moved coastwise
and intercoastal, and 11,826,624 feet export. Rail shipments totaled
1,946 cars.
Local auto and team deliveries totaled 5,642,233 feet.
Unfilled domestic cargo orders totaled 157,252,875 feet. Unfilled export
orders 71,714,939 feet. Unfilled rail trade orders 4,984 cars.
In the first 22 weeks of the year production reported to West Coast
Lumbermen's Association has been 2,196,400,061 feet, new business 2,230.006.929 feet and shipments 2,264,203,413 feet.
Increase in Employment in Selected Industries in
United States During April-Decrease in Earnings.
While employment in manufacturing industries in the
United States increased one-tenth of 1% in April, as compared with March, the aggregate earnings of employees decreased 1.7% and per capita earnings decreased 1.8%, according to the compilations made public by the United States
Department of Labor, through the Bureau of Labor Statistics. The Bureau says:
That an improved employment status, although slight, should be accompanied by these decreases in earnings was due largely to the closing for one
or two days of a part of the establishments in various industries for the
observance of certain religious celebrations, coupled, in a few cases, with the
end of an industry's season, as indicated by a decrease in full-time work.
These unweighted figures are based on reports from 9,039 establishments
in 52 industries covering 2,835,491 employees, whose total earnings during
one week in April were $74,764,225. The same establishments in March reported 2,833,137 employees and total payrolls of $76,029,797.
The East North Central States and the Mountain States alone of the nine
geographic divisions gained both in employment and earnings in April, although the Pacific States gained about 3% and the South Atlantic and East
South Central States gained very slightly id employment alone. The losses
In employment were comparatively small, the largest being decreases of
1.2% in both the New England and the West North Central divisions. The
decreases in payroll totals, however, were of greater size in four division,s
headed by the Middle Atlantic States with 4.3% and the New England States
with 3.9%.
Comparison of Employment in March and April 1925.
There were gains in employment in April in 5 of the 12 groups of industries, 2 of the 5 groups showing gains of over 4%. These two groups were
stone, clay and glass products and vehicles, the several industries of each
group being stimulated to their greatest activities as building construction
and travel increase with approaching mild weather. These activities are
further shown by large increases in payroll totals in these groups in April,
while the other 10 groups of industries all show decreases in payroll totals.
The lumber group gained nearly 1% in employment, but payroll totals decreased over 1%.
The tobacco, food, leather and textile groups all show considerable losses
both in the number of employees and in employees' earnings.
Twenty-five of the 52 separate industries show gains in employment in
April as compared with March, the 8 largest gains being in the decidedly
-fertilizers (11.3%), automobiles (8%), brick (7.9%),
seasonal industries
ice cream (7.9%), carriages (7.1%), cement (6.1%), sawmills, (2.6%),
and automobile tires (2.3%). Only 12 of the 52 industries show gains in
payroll totals in April, and 8 of these 12 are identical with the 8 which
gained in employment, the gains in the two items being largely of proportional size.
•
Industry.
Per
Amount of Pay Roll. Per
No. on Pay Roll.
Cent
Cent
Eimbof
March
April
of
April
fish- March
1925. Change
1925. Change 1925.
1925.
matt
Food and kindred
1,054
products
Slaughtering & meat
84
packing
263
Confectionery
107
Ice cream
285
Flour
300
Baking
15
Sugar refining, can
Textiles & their prod 1,787
342
Cotton goods
Hosiery & knit goods 259
209
Silk goods
Wool.& worst.goods 196
29
Carpets and rugs_ _ _
Dyeing and finish91
ing textiles
Clothing. men's.._ _ _ 278
91
Shirts and collars_
Clothing, women's- 204
Millinery & lace g'ds 88
Iron and steel and their
1 551
products
221
Iron ttnd steel
Structural ironwork 147
Foundry & machine732
shop products
60
Hardware
177
Machine tools
Steam fittings and
steam & hot-water
heating apparatus 128
86
Stoves
Lumber & its produc 1,067
Lumber, sawmills_ 419
259
Lumber, millwork
389
Furniture
Leather & its products 359
124
Leather
Boots and shoes.... 235
804
Paper and Printing
200
Paper and PulP
163
Paper boxes
Printing, book & job 242
Printing, newspaper 199
Chemicals and allied
251
products
97
Chemicals
99
Fertilizers
55
Petroleum refining_
Stone, clay and glass
616
products
83
Cement
Brick, tile and terra
338
cotta
58
Pottery
137
Glass
Metal products, other
42
than iron & steel_
Stamped and enam42
eled ware
Tobacco products_ _ _ _ 194
Chewing & smoking
34
tobacco & snuff
Cigars & cigarettes_ 160
Vehicles for land trans920
portation
201
Automobiles
54
Carriages & wagons
Car bldg.& repaieg.
180
electric railroad
Car bldg.& rePaleg,
485
steam railroad
Miscell. industries__ _ _ 394
Agricultural'mats. 97
Electric. machinery.
apparatus & supp. 131
42
Pianos and organs
11
Rubberboots&shoes
70
Automobile tires
Shipbuilding, steel_
43
186,242
$
$
177,807 -4.5 4,631,277 4,362.697 -5.8
74,580 -6.1 1,947,549 1,822.915 -6.4
79,395
572,968
489,866-14.5
27,765 -8.0
30,190
217,309
6,943 +7.9
231.732 +6.6
6,437
368.065 338,628-8.0
13,440 -5.0
14,153
44,264 -1.2 1,177,156 1,156,344 -1.8
44,818
348,230
323,212 -7.2
11,249
10,815 -3.9
590,897 586,930 -0.712,105,962 11,558,466 -4.5
203,927 204,16 +0.1 3,418,903 3,391,821 -0.8
82,21 +0.5 1,510.991 1,473,800 -2.5
81,832
58,574
58,84 +0.5 1.288,531 1,271,275 -1.3
72,62 -1.4 1,688,124 1,620,353 -4.0
73,629
23,25 +0.3 633,909 617,022 -2.7
23,171
30,42
57,55
23.54
19,85
14,45
+0.2 765,523
733,676 -4.2
-5.3 1,535,891 1,283,017-16.5
368.693
384,934 -1.0
+1.6
-4.4
565,698 482,610-14.7
-1.5
329.699
319,958 -3.0
621,051 613,87
295,640 289,38
19,171
19,19
-1.218,513,308 17.922,313 -3.2
-2.1 9,009,725 8,768,175 -2.7
542,266
+0.1
536,560 -1.1
189,144
34,997
25,330
189,93
34,73
25,41
+0.4 5,597.286 5,478,813 -2.1
-0.7 883.73
823,964 -6.8
+0.3
753.823
758,532 +0.6
40,264
16,505
208,612
115,018
33,460
60,134
126,034
27,700
98,334
154,972
54.445
17,195
40,792
42,540
39,81
15,406
210,53
118,03
34,06
58,43
121.071
26,97
94,10
153,65
54.22
17,14
39,90
42,39
-1.1
-6.7
+0.9
+2.6
+1.8
-2.8
3.9
-2.6
-4.3
-0.9
--0.4
-0.3
-2.2
-0.4
30,374
60,769
23,180
20,757
14,684
80,240
22,851
11,111
46,278
1,245,865
480,609
4,647,54'
2.428,637
800,230
1,418,682
2,948,919
711,611
2
.237.308
4,988,006
1,455,641
510,064
1,379,195
1,643,106
1,140,984 -8.4
417,285-13.2
4,589,460 -1.3
2.444,995 +0.7
811,898 +1.5
1.332.567 -6.1
2.701,616 -8.4
657,873 -7.6
2,043,743 -8.7
4,911.312 -1.5
1,429,144 -1.8
496,527 -2.7
1,320,255 -4.3
1,665,386 +1.4
82.14 +2.4 2,360,758 2,302,346 -2.5
22,833
0.1
591.053
568,223 -3.9
192,378
12,363 +11.3
212,799 +10.6
46,945 +1.4 1,577,32 1,521.324 -3.6
104,784 109,327 +4.3 2,780,871 2,868,595 +3.2
23,153
24,557 +6.1
668,617 699,104 +4.6
29,969
13,103
38,559
32,338 +7.9
13,308 +1.6
39,124 +1.5
778,82
348,567
984.861
843,540 +8.3
341,863 -1.9
984,088 -0.1
15,546
15,203 -2.2
383,203
372,469 -2.8
15,546
43,564
15,203 -2.2
40,390 -7.3
383.203
728,758
372,469 -2.8
618.508-15.1
8.792
34,772
8,427 -4.2
31,963 -8.1
136,66:
592.088
127,879 -8.4
490,629-17.1
468.872 490,109 +4.515,301.56815.964.523 -4.3
286.029 309,044 +8.0 9,773,692 10,682,150 +9.3
75,422 +3.7
2.791
72,719
2,988 +7.1
15,481
15,497 +0.1
473,357
466.679 -1.4
164,571 162,580 -1.2 4,981,800 4,740.272 -4.8
232,323 234,452 +0.9 6,639,621 6,591,920 -0.7
725,802
731,680 +0.8
25,892 26,11 +0.9
95.641
8.302
17,809
55,908
28.771
96,21
8,14
17,44
57,20
29,32
+0.6 2,701,420 2,650,043 -1.9
222.645 -7.1
-1.9
239.69
411.302 -3.2
-2.0 424,846
+2.3 1,724,407 1,762,954 +2.2
813,296 -1.2
823,452
+1.9
90392,833,1372,835,491 +0.176.029,79774.764,225 -1.7
Total
Recapitulation
Geographic Division1.277
2,284
Middle Atlantic
East North Central 2,358
793
West North Central
941
South Atlantic
397
East South Central_
. 318
WestSouth Central_ _
139
Mountain
532
Pacific
New England
419,813
842,571
891,169
141,166
244,337
97,152
70,687
24,539
101,703
Geographic Divisions.
414,713
834,994
903,979
139,501
244,474
97,198
70,596
25,355
104,681
-1.210,135.411 9,740,820
-4).923,692,64122,684,278
+1.427,010,84527.362,539
-1.2 3,480,281 3,442.478
+0.1 4,689,499 4,582,010
+(a) 1,905.55! 1,891.560
-0.1 1,570.640 1,521,582
+3.3 688,988 692,414
+2.9 2.855,933 2,846,544
-3.9
-4.3
+1.3
-1.1
-2.3
-0.7
-3.1
+0.5
-0.3
9,0392,833,1372.835.491 +0.176.029.79774.764.225 -1.7
Total
Employment on Class I Railroads.
Jan. 15 1925
Feb. 15 1925
1,711,902
1,708,884
•=i):ti
b$236,154,031
b216,637.569
=1.5
a Less titan one-tenth of 1%. b Amount of pay-roll for one month.
Comparison of Employment in April 1925 and April 1924.
Reports from 8,029 establishments are available for a comparison of
employment and employees' earnings in April 1925 and April 1924. These
reports from identical establishments in the two years show a decrease of
3002
[VoL. 120.
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1.7% in employment in 1925 and a decrease of 1.5% in the aggregate earn- laneous group shows a gain of one-half of 1% in employment, while the
ings of employees, which result in an increase of two-tenths of 1% in per paper group increased three-tenths of 1% in payroll totals and the vehicles
capita earnings. These decreases in employment and in total payrolls in this group increased 2.2%. The remaining 10 groups in the employment list and
comparison over a period of one year are decidedly less than in preceding 9 groups in the payroll totals list show decreases. The food group decreased
months. This fact, however, is due not entirely to the present increased 6.5% in employment and 6.6 in payroll totals; the iron and steel group
employment and earnings, but also to the beginning, in April 1924, of that decreased 5.7% in employment and 6.6% in payroll totals, and the stone,
period of rather large decreases in employment and earnings which con- clay and glass products groups decreased 3.5% in employment and 4.8% in
tinued for four months.
payroll totals.
Two of the nine geographic divisions show a decided improvement in
Sixteen of the 62 separate industries gained in employment in April 1925
employment conditions in the 12-month period. These are the South Atlan- as compared with the mine month in 1924, while 18 industries gained in
tice States and the East South Central States, both of which gained over the aggregate earnings of employees. The greatest increases in employment
3% in employees, the first showing also an increase of over 5% in payroll in the 12-month period were: 18.8% in fertilizers; 17.8% in automobile
totals and the latter an increase of 6%. The remaining seven divisions all tires; 10.2% in dyeing and finishing textiles; 8.8% in silk goods; 7.3% in
had fewer employees in April 1925 than in the same month of 1024, and rubber boots and shoes; 6.9% in agricultural implements and 5.1% in cottheir payroll totals were considerably smaller. This condition was most ton goods. These same 8 industries lead also among the 18 industries showpronounced in the Pacific States, their percentage decreases being 6.4 and ing increased payroll totals in the year's time, although in slightly different
9, respectively, in the two items, while the Mountain States were second in order, automobile tires being first with 18.2% increase and the list ending
th this respect, with percentage decreases of about one-half of those in the with cotton goods with 7.3% increase.
The 36 industries which did not improve in employment conditions during
Pacific States. The New England States show the smallest decrease in employment (1.4%) and the East North Central States the smallest decrease the year were headed by chewing and smoking tobacco, with a decrease of
in payroll totals (0.7%).
14.5%, followed by slaughtering with a decrease of 10.3%, electrical maThe textile group of industries alone of the 12 groups show a decided chinery with a decrease of 9.8%, and stoves with a decrease of 8.6%. The
increase both in employment and payroll totals in April 1925 over April 34 industries which show decreased payroll totals in April 1925, as compared
1924, the percentage increases being 3.4 and 4.9, respectively. The miscel- with 1924, start with stoves, showing a loss of 17.5%, and steam fittings
with a loss of 13.5%. These industries are followed by the tobacco indusCOMPARISON OF EMPLOYMENT IN IDENTICAL ESTABLISHMENTS
tries, electrical machinery, pianos and organs, hardware, flour, slaughtering,
DURING ONE WEEK EACH IN APRIL 1924 AND APRIL 1925.
and pottery, with losses of from 12.6% to 0.8%. Nearly all of the remain1
ing 24 industries also show a decided falling off in payroll totals, although
Per Amount of Pay Roll.
No. on Pay Roll.
Per
for the most part considerably smaller than those indicated above.
Cent
RaabCent
April
April
of
of
lish- April
April
Industry.
Time and Capacity Operation.
mess. 1924.
1925. Change 1924.
1925. piano
Reports in percentage terms from 6,801 establishments in April show a
5
5
Food and kindree
869 172,742 161,585 -6.5 4.290.721 4,006.467 -6.6 decrease as compared with March of 1% in the average per cent of full time
products
operated and no change in the average per cent of full capacity operated.
Slaughtering & mea
73,651-10.3 1,997,882 1,802,516 -9.8 The establishments in operation were working 92% of full time and employ83 82,070
packing
17.872-10.0 340,879
18,056
164
315,821 -7.4 ing an average of 83% of a full
Confectionery
normal force of employees.
4,897 -0.1
74
156,093
4,903
156,763 +0.4
Ice cream
One per cent of the reporting establishments were idle, 67% were operat260
349,678
13,353
312,510-10.6
12.478 -6.6
Flour
274
43,649
42,343 -3.0 1,126,314 1.109,574 -1.5 ing on a full-time schedule, and 33% on a part-time schedule, while 43%
Baking
10,711
10,344 -3.4
310,875
14
300,283 -3.3 of the establishments had a full normal force of employees
Sugar refining, cane
and 56% were
Textiles & their prod 1.545 522,788 540,483 +3.410.172,66610,673.056 +4.9
317 176,956 185,970 +5.1 2,869,422 3,078,097 +7.3 operating with a reduced force. Approximately 2,150,000 employees are
Cotton goods
77,121 +1.3 1,326,643 1,385,851 +4.5 represented in the following table:
76,129
Hosiery & knit good, 234
194
51,744
56,355 +8.8 1,080.044 1,212,818 +12.3
Silk goods
174 67,783 67,814 +(a) 1,490,059 1,504,699 +1.0 FULL AND PART TIME AND FULL AND PART CAPACITY OPERATION
Wool.& worst.good
IN MANUFACTURING ESTABLISHMENTS IN APRIL 1925.
21,958
22,346 +1.8
27
Carpets and rugs....
580,270
595,308 +2.6
Dyeing and finishing
26,678
86
29,396 +10.2 621,924
textiles
712,205 +14.5
Establish- % of Estab- Moe. % of Estab- Aege,
51.020 +1.4 1,167,678 1,165,991 -0.1
200
Clothing, men's..
50,293
merits
lishments °7: of lishments % of
23,409
82
Shirts and collars_
23,067 -1.5 360,052
357,267 -0.8
Reporting- Operating- Full Operating- Full
14,985
14,434 -3.7
Clothing, women's_ 150
368,548 -5.4
389,475
Time
Ca pa12,823
81
Millinery & lace g'cis
292,273 +1.8
12,960 +1.1
287,099
Industry.
Oyercity
Iron and steel and their
ated
Oper.
1,390 602,243 567,625 -5.717,844,491 16,672,328 -6.6
products
Total Per
1,5 Es- Full Part in Pt'
203 282,005 265,217 -6.0 8,577,156 8,093,519 -5.6
Iron and steel
Noes- Cent Full Part ab'ts Caps- Caps- tab'ts
19,414
18,872 -2.8
545,868
Structural Ironwork 141
528,913 -3.1
her. Idle. Time. Time. riper- city. city. Oper,
Foundry & machineating.
wing.
shop products__ ... 613 180,100 171,731 -4.6 5,269,473 5,005,130 -5.0
36,463
33,946 -6.9 900,969 802,581-10.9 Food and kindred products__
56
Hardware
777
1
52
47
06
76
168
24,658
22,930 -7.0
Machine tools
728,577
685,843 -5.9
Slaughtering &meatpacking
41
__
44
56
83
78
Steam fittings and
Confectionery
__
41
59
205
69
85
steam & hot-water
Ice cream
79
__
94
6
67
82
39,758 -7.5 1,323.077 1,144,532-13.5
43,002
heating apparatus 127
Flour
235
1
22
77
69
71
82
Stoves
16,601
15.171 -8.6
499,371
411,810-17.5
Baking
1
81
19
210
42
87
Lumber & its products 990 195.370 192,465 -1.5 4,364,747 4,210,564 -3.5
Sugar refining. cane
7
__
86
1429 92
381 110,036 106,231 -3.5 2,350,360 2,216,209 -5.7 Textiles and their products
Lumber, sawmills
1,251
1
71
28
.52
87
Lumber, millwork
31,264
30,887 -1.2
241
772,098
741,004 -4.0
Cotton goods
293
2
78
20
37
92
368
Furniture
54,070
55,347 +2.4 1,242,289 1,253,351 +0.9
Hosiery and knit goods
174
._
69
31
87
57
Leather & Its products 321 116,978 115.603 -1.2 2,600,634 2,576,622 -0.9
Silk goods
147
1
76
23
54
86
119
26,473
Leather
26,581 +0.4
669,387
-3.3
646,978
Woolen and worsted goods_ _
.
170
1
68
33
58
85
Boots and shoes_ „ 202 90,505
89,022 -1.6 1,931,247 1,929,644 -0.1
.
Carpets and rugs
20
__
80
20
50
88
Paper and printing_ _ _ 727 142,915 142.262 -0.5 4,447,952 4,463,403 +0.3
Dyeing & finishing textiles
86
52
48
82
62
. _ 173
_
Paper and pulp_
50,509
50,448 -0.1 1,341,437 1,341,876 +(a)
Clothing, men's
174
_2
72
26
55
87
148
Paper boxes
16,309
15,592 -4.4
344,568
327,866 -4.8
Shirts and collars
46
2
87
30
91
33
Printing, book & job 223
37,088
37,076 -(a) 247,296 1,239,017 -0.7
Clothing, women'
90
_.
77
23
82
60
Printing, newspaper 183
39.009
39,146 +0.4 1,514,651 1,554,644 +2.6
Millinery and lace goods
51
_.
59
41
76
73
Themicals and allied
Iron and steel and their products 1,260
1
63
36
73
76
236
79,340
79,064 -0.3 2,290,387 2,250,224 -1.8
products
Iron end steel
178
2
53
45
81
74
85
20,515
Chemicals
20,418 -0.5
530,473
524,748 -1.1
Structural-Iron work
112
._
80
20
74
80
96
9,846
11,701 +18.8
Fertilizers
178,625 . 204,152 +14.1
Foundry & machine
-shop prod 616
1
61
38
73
75
46,945 -4.2 1,581,289 1,521,324 -3.8
55 48,979
Petroleum refining_
hardware
.53
2
47
51
81
75
;tone, clay and glass
Machine tools
158
1
78
22
57
89
583 108,775 104,976 -3.5 2,895,710 2,756,928 -4.8
products
Steam fittings and steam hot76
Cement
24,305
23,206 -4.5
705,128
667,324 -5.4
water heating apparatus.- _
82
__
70
30
83
63
Brick, tile and tore
Stoves
61
3
41
56
77
74
329 32,384
31,517 -2.7
cotta
840,709
821,721 -2.3 Lumber and its products
873
1
70
29
42
90
47
Pottery
12,307
12,018 -2.3 342,860
309,244 -9.8
Lumber. sawmills
349
2
67
31
31
93
131
39,779
38,235 -3.9 1,007,013
Glass
958,639 -4.8
Lumber, millwork
206
__
79
21
91
40
v1etal products, otbe
Furniture
318
._
68
32
56
86
13,855
13,517 -2.4
38
347,720
than iron & steel_
333.146 -4.2 Leather and Ito products
261
1
60
39
66
78
Stamped and enam
Leather
88
__
82
18
69
75
38
13,855
13.517 -2.4
347,720 333,146 -4.2
eled ware
Boots and shoes
173
1
49
50
80
64
40,445
38,709 -4.3 680,815
1robacco products. _ _ _ 182
595,786-12.5 Paper and printing
529
1
76
23
36
92
Chewing & smoking
Paper and pulp
153
3
65
94
32
35
9,508
8,127-14.5
124,112-11.9
140,856
tobacco &snuff _, 33
.
Paper boxes
94
._
53
47
63
83
30,582 -1.1
30,937
191
539,959 471,679 -12.6
Cigars and eigarettu
Printing, book and job
154
__
81
88
19
44
Tehieles for land transPrinting, newspapers
128
__
7
99
99
1
777 473,974 466,012 -1.7 4,911,64315,246,996 +2.2
L'hernicals and allied products._
portation
219 (a)
80
87
20
51
185 309,957 302,430 -2.410,085,32110,474,480 +3.9
Automobiles
Chemicals
78
._
51
70
31
83
2,632
2,614 --0.7
37
67,246 +(a)
67,217
Carriages & wagons_
Fertilizers
97
1
87
88
12
51
lIar bldg. & repairing.
Petroleum refining
'
44
.
84
91
16
43
13.367
13,333 -0.3 394,601
171
390,174 +1.2 ;tone, clay and glass products
electric railroad
983
2
68
87
30
49
Cement
lax' bldg. & repairing,
86
__
87
14
27
95
Brick, tile and terra cotta
.
steam railroad_ _ 384 148,018 147,635 -0.3 4,364,504 4,306,096 -1.3
252
3
66
31
50
86
Pottery
Ilseell. Industries_ _ _. 371 223,610 224,766 +0.5 6,374.487 6,332,530 -0.7
44
__
45
55
61
86
24,371
26,046 +6.9 661,814
95
coiss
729,881 +10.3
Agricultural imprts,
121
2
70
82
28
55
detal pro.other than iron & steel
Electric. machinery,
30
3
73
78
23
67
92,228 -9.8 2,907,423 2.553,004-12.2
Stamped and enameled ware_
apparatus& supp. 125 102,196
30
3
73
23
67
78
7,913
203,557-11.2 '1Cobacco products
7,381 -6.7 229,338
33
Pianos and organs
99
3
40
75
58
71
16,254
17,444 +7.3 369,425
11
Chewing and smoking tobacco
411,302 +11.3
Rubber boots &shoes
47,398
and snarl
55,852 +17.8 1,458,723 1,724,308 +18.2
68
Automobile tires_
22
5
41
72
55
73
25,478
Cigars and cigarettes
25,815 +1.3
39
Shipbuilding,steel_ _
710,498 -5.0
747,764
75
77
3
39
58
70
Tehleles for land transportation 725 (a)
85
48
70
30
Total
R.0292.693.0352.647.067 -1.771.221.97370.118.050 -1.5
Automobiles
76
138
__
61
39
72
Carriages and wagons
gs
3
69
71
70
26
Recapitulation by Geographic D10310118.
Car building and repairing
Electric railroad
89
11
129
..
20
94
Steam railroad
Geographic Dicision46
87
423 (a)
67
33
2.1
New England
Miscellaneous Industries
1.4 9,025,059 8,837,799 1 048 380,569 375,137 32
68
294
__
86
78
Middle Atlantic
Agricultural Implements
2 013 783,299 768.748 -1.921.710,877 21,049,510 -3.0
73
73
27
74
.
_
70
Electrical machinery, appar0.7
East North Central_ __ ,203 903,861 879,504 - 26,776,934 26,576,678 2.7
ratus and supplies
West North Central_
2.9 3,331,483 3,283,875 -1.4
704 136,229 132,328 68
32
69
79
108
Pianos and organs
South Atlantic
850 216.204 224,217 +3.7 3,925,354 4,128,333 +5.2
48
83
17
23
86
Rubber boots and shoes
East South Central_ _ 342
85,077
87,774 +3.2 1,616,674 1,713,385 +6.0
80
10
20
80
76
Automobile tires
2.0
West South Central_ _ 269 66,178
64,750 -2.2 1,431,727 1,402,850 81
49
53
62
84
4.6
Mountain
Shipbuilding, steel
23,401
123
22,698 -3.0 664,839 634,323 100
__
__
26
62
66
Pacific
98,217
91.911
6.4 2,739,026 2,491,297 -9.0
477
Tntrd
Total
8 0292,693,035 2.647,0671 -1.771.221.97370.118,050
Employment on Class I Railroads.
Feb. 15 1924
Feb. 15 1925
!
1
a Less than one-tenth of 1%
1,737,029
1,708,884
___
-=-1.6
I b$223 859 559
i 5216:637;569
9 Amount of pay-roll for one month.
"n'
1
on
LP
nn
ro
on
a Less than one-half of 1%.
;Vage Changes.
Wage rate increases for the month ending April 16 were reported by 64
establishments in 23 industries, and wage rate decreases by 15 establish•
ments in 11 industries. While the number of establishments interested in
such changes was greater than has been the cane in recent months, the total
number of employees whose wages were either increased or decreased was
decidedly less, being only 4,000, as compared with 10,000 in March, 22,000 in
February, 31,000 in January and 21,000 in December.
The increases in wage rates averaged 8.7 and affected 2,433 employees,
or 19% of the employees in the establishments concerned, while the decreases averaged 6.4% and affected 1,547 employees, or 50% of the employees in the establishments eonierned.
WAGE ADJUSTMENT OCCURRING BETWEEN MARCH 15 AND
APRIL 15 1925.
Establishments.
732
177
419
259
235
200
242
199
137
201
54
Per cent of
employees.
NunsIn estabber relishnets
Total reporting In all ea
poreg
incese Flange. Ayer- nuns- increase tablishor deaoe. her,
or dements
crease
crease in report'g
in wage
wage
rates.
rates.
5
5.0
1
3
8-50 23.6
1
8
8.0
2 9.3-10 9.7
2 10-13 11.1
4
5-13 8.7
6-15 11.1
2
2-10 8.5
6
6
5-12 8.9
2 1.5-7 1.9
3
5-13 11.0
8-10 8.3
2
1 iwan 6 6.0
1 1.5-10 8.3
12 15-26 15.2
4 4.4-8.6 5.8
20 20.0
1
3
5-10 6.7
2
5-13 8.4
..=.40001b2.
263
107
300
342
259
209
88
147
Employees Affected.
19
31
38
15
43
24
23
27
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
20
25
10
50
100
19
5
37
51
75
25
CQ=0.COMNO0
Total
nunsber
report
trig,
Per cent of Increase or decrease in
wage rates.
.0
Industry,
Confectionery
Ice cream
Baking
Cotton goods
Hosiery and knit goods_ _ _ _
Silk goods
Millinery and lace goods_ _
Structural ironwork
Foundry and machine shop
products
Machine tools
Lumber, sawmills
Lumber, millwork
Boots and shoes
Paper and pulp
Printing, book and Job__
Printing, newspaper
Glass
Automobiles
Carriages and wagons
Car building and repairing,
steam railroad
Agricultural implements_
Electrical machinery, apparatus and supplies
Pianos and organs
3003
THE CHRONICLE
JUNE 13 1925.]
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
(a)
while such earnings in the remaining divisions decreased from six-tenths of
1% to 2.8%.
COMPARISON OF PER CAPITA EARNINGS APRIL 1925 WITH MARCH
1925 AND APRIL 1924 BY GEOGRAPHIC DIVISIONS.
Per Cent Change April 1925 Compared with
Geographic Division.
March 1925.
April 1924.
+0.1
-0.1
-0.8
-2.3
-2.7
-2.7
-3.0
-3.2
-3.4
+1.5
+2.0
+2.7
+1.4
-1.6
-0.6
+0.2
--2.8
-1.2
-1.8
+0.2
West North Central
East North Central
East South Central
South Atlantic
Mountain
New England
West South Central
Pacific
Middle Atlantic
Total
Indexes of Employment and Payroll Totals in Manufacturing Industries.
Index numbers of employment and of payroll totals for April 1925 for
each of the 52 industries surveyed by the Bureau of Labor Statistics, to.
gether with general indexes for the combined 12 groups of industries, appear
in the following table in Comparison with index numbers for March 1925
and for April 1924.
The general index of employment for April 1925 is 92.1 and the general
index of payroll totals is 94.2.
INDEXES OF EMPLOYMENT AND OF PAY-ROLL TOTALS IN MANUFACTURING INDUSTRIES. APRIL 1925, AS COMPARED WITH
MARCH 1925 AND APRIL 1924.
[Month y average, 1923=100.1
1925.
1924,
April.
Industry. .
March.
April.
Empty- Payroll Empty- Payroll Emprit- Payroll
ment. Totals merit. Totals merit. Totals.
94 5
3eneral Index
969
92.3
96.6
92.1
94.2
84
58
(a)
1
wwwwmcommoommv
coom,o4.4,4b4a,
1
000001
ma.b2.-00ococomv.p.
3-5.5 3.6
12 12.0
.4 ...
0
QW01.0ANO.N
2
1
0. OW
87.6
86.5
90 1
92 6
rood and kindred products
93.2
94.8
80.0
79.7
85.1
90.2
85.2
Slaughtering and meat packing 92.1
78.3
82.8
91.6
762
81.2
85.1
Confectionery
91.2
94.2
845
88.3
97.4
96.2
Ice cream
131
2 0.5-5 2.8
18
(a)
84.9
86.1
92 3
93.7
90.6
92A
Flour
1
10 8.4
42
27
(a)
99 1
97.1
100.0 102.9
98.3 100.9
Baking
102.3
101.3 102.9 105.4 110.2 101.3
Sugar refining, cane
Decreases.
91.4
91.1
92.4
97.0
91.6
89.8
rextiles and their products
87.9
88 1
87.8
88.8
86.0
84.9
Confectionery
Cotton goods
263
1
10 10.0
23
(a)
107.5
98 9 104 8
98 6 101 3
98.4
Woolen and worsted goods_
Hosiery and knit goods
196
1
5 5.0
82
(a)
9113
96 3 100.4 109.5 100.9 105.1
Silk goods
Clothing. men's
278
1
10 10.0
40
(1)
90.6
88.9
92.6
91.9
86.9
Woolen and worsted goods.... 908
Iron and steel
221
1
3.3 3.3
33
(a)
96.1
98 5
98.8
97.2
94.2
98 7
Carpets and Rugs
Machine tools
177
1
10 10.0
100
(a)
103.0 105.5
102.8 110.1
940
93.1
finishing textiles
Furniture
Dyeing and
389
2
10 10.0
100
(a)
75.2
90.0
84.3
869
802
89.0
Clothing, men's
Boots and shoes
235
4
5-8 5.5
26
(a)
899
87.8
92.0
93.0
86.4
90.8
Brick, tile and terra cotta
338
Shirts and collars
1
10 10.0
99
(a)
89.4
880
96.6
93.0 104.s
99.9
Clothing, women's
Cigars and cigarettes
160
1
4.5 4.5
29
(a)
99.3
93.4
94.8
94.8 102.4
91 2
Millinery and lace goods
Rubber boots and shoes_
11
1
10 10.0
61
(a)
91.2
88.0
88.8
94.0
93.9
97.9
Automobile tires
70
1
10 10.0
89
5,11
Iron and steel and their products_
98.4 102.9
105.6 110 3 100.6 105.6
Iron and steel
a Less than one-half of 1%.
92.6
158.4
93.7
885
91.2
93.6
Structural ironwork
81.8
81.0
83.6
81.3
86.8
Foundry dr machine-shop prod. 86.2
Per Capita Earnings.
92.2
92 4
99 2
98 4 103 3
92 9
Hardware
83.1
88.2
95.4
82.9
57.7
91 5
Machine tools
Per capita earnings increased in April as compared with March in only 4
Steam fittings dr steam dr hot
of the 52 industries here considered. This condition, of course, is indicated
951
914
95.4 102 7
101.2 106.9
water heating apparatus
797
81.7
87.5
91.8
89.8
96.9
by the slightly increased employment, coupled with decreased payroll totals
Stoves
93.7
97.3
97.9
079 101 9
'a 5
Lumber and its products
already remarked.
95.3
94.6
903
88.5
96.7 101.3
Lumber, sawmills
Newspaper printing gained 1.7% in per capita earnings, automobiles
104 1
108 7
99.9 103.7 101.7 105.3
Lumber, millwork
99.2
99.3 101.6 105 7
988
gained 1.2%, brick gained 0.4%, and machine tools gained 0.3%. The de16.8
Furniture
91.7
87.9
95.4
96.0
91.5
87.8
crease in per capita earnings ranged from less than one-tenth of 1% in Leather and its products
90.2
89.1
96.5
92.4
92.6
90 5
Leather
agricultural implements to 9.9% in cigars, 10.8% in women's clothing
874
02.2
92.4
86.0
963
95 8
Boots and shoes
and 11.8% in men's clothing.
100 8 103 9 101.5 106.0 100.6 104 2
Paper and printing
96.3 101.2
96.6
99.6
96.6 103.0
Comparing per capita earnings in April 1925 with such earnings in April
Paper and pulp
98.1 100 7
98.4 103.5
99.2 102.7
Paper boxes
1924 increases and decreases are shown to be divided equally among the 52
103.3
1908 104 4 103.4 107.9 101.1
Printing, book and Job
industries. The automobile industry shows a gain of 6.4%, while dyeing
104.7 107 7 105 6 107 6 105.2 109.1
Printing, newspaper
98.7
and finishing textiles, rubber boots and shoes, silk goods, agricultural im- Chemicals and allied products... 101.0 100 1
99.0 100.3 101.8
96.6
93.4
96.9 101.8
93.5 100.5
Chemicals
plements, hosiery and knit goods and chewing and smoking tobacco gained
128.3 153.0 141 9
124.9 137.4
129.1
Fertilizers
between 3.1% and 3.9% each. The losses in per capita earnings in this
88.9
91.3
89.4
92.2
90.6
93.8
Petroleum refining
12-month period are headed by 11.6% in the cigar industry, 9.8% in the
99.7 104.9
95.5 101 9
102.1
108.5
Stone, clay, and glass products
98.7
96 4
94.4
100 8 105.6
90.9
stove industry, 7.6% in the pottery industry, 6.4% each in the flour and
Cement
98A
14.5
102.0 106.6
102.1
108.3
Brick, tile and terra cotta
steam fittings industries, and 6.2% in the steel shipbuilding industry.
III 8 121.4 110.0 119.2 111.8 116.9
Pottery
101.7
94.1
12 7 101.8
99.3 105.3
COMPARISON OF PER CAPITA EARNINGS APRIL 1925 WITH MARCH
Glass
Metal products. other than iron
1925 AND APRIL 1924
91 8
92 9
94 5
100 0 100 7
95 2
and steel
P.C. of Change
P.C. of Change
91.8
929
945
950
Stamped and enameled ware... 100.0 100 7
April 1925
April 1925
76 1
86.4
90.4
93.6
893
92.5
Tobacco products
compared with
compared with
and smoking tobacco
Chewing
March April
March April
92.0
89.3
98 3
98 5
93 2
104 4
and snuff
IndustryIndustry1924.
1925.
1925,
1924.
4.2
86.0
89.5
93.6
91.0
889
Cigars and cigarettes
Printing, newspapers_ - +1.7
-shop
+2.3 Foundry dr machine
96.8
92 4
95.6
89.9
94.6
96.7
Vehicles for land transportation__
Automobiles
products
+1.2
+6.4
-2.5 0.4
106.9 109.6
973 105.0 105.5 1f4.7
Automobiles
Brick, tile and terra cotta- +0.4
+0.4 Shirts and collars
-2.6
99.8
+0.7
949
96.3
93.2 101.7
88.6
Carriages and wagons
Machine tools
+0.3
+1.2 Woolen dr worsted goods_ -2.7
+1.0
Agricultural implements -(a)
+3.2 Stamped dr enameled ware -2.8 -1.8 Car building and repairing. elec92.7
89.3
94.0
88.6
88.8
89.2
tric railroad
Automobile tires
-0.1
+0.3 Hosiery and knit goods.-- -2.9
+3.1
Car building and repairing,
Lumber, millwork
-0.4 -2 9 Carpets and rugs
-3.0
+0.8
85.4
84.1
89.7
85.1
88.8
86.7
steam railroad
Slaughtering and meat
Carriages and wagons._ _ - -3.1
+0.7 Miscellaneous industries
97.0
94 3
98.1
93.2
93.8
188
packing
-0.4
+0.5 Flour
-3.1 4.4
94.4 103.4
94.6
936 102.6
89.4
Agricultural implements
Baking
+1.6 Shipbuilding, steel
-0.6
-3.1
-6.2
Electrical machinery,apparatus
Fertilizer
-0.6 -3.8 Furniture
-3.3 1.4
92.6
90.1
94 4
89.6
100 9 107 1
and supplies
Iron and steel
+0.4 Pottery
-3.4 7.6
98.8
95.4
97.2 106.3
974 100.3
Pianos and organs
Cotton goods
-1.0
+2.0 Sugar refining, cane
-3.5
+0.1
90.5
84.7
93.5
71.7
86.4
76.6
Rubber boots and shoos
Ice cream
-1.1
+0.5 Car building dr repairing.
95.3 100.0 107.9 112.7 110.3 116.2
Automobile tires
Rubber boots and shoes -1.2
+3.7
steam railroad
-3.7 -1.1
93.2
92.2
94.4
90.5
91 3
96 7
shinbuiiding. steel
Structural ironwork
Chemicals
-1.2 -0.3
-3.8 -0.6
Cement
-1.4 -0.9 Dyeing di finishing textiles -4.3
+3.9
The following tables show the general index of employment in manufacMillinery and lace goods -1.4
+0.7 Boots and shoes
-4.5
i-1.6
general index of
Paper and pulp
-1.4
+0.2 Petroleum refining
-4.9
+0.4 turing industries from June 1914 to April 1925 and the
Car building and repairing,
Leather
-5.1
--3.8 payroll totals from November 1915 to April 1925.
electric railroad
-1.5
+1.4 Pianos and organs
-5.3 -4.8
MANUFACTURING INDUS
Glass
-1.5 -1.0 Hardware
-6.1 -4.3 GENERAL INDEX OF EMPLOYMENT IN
Silk goods
-1.8
+3.2 Stoves
TRIES JUNE 1914 TO APRIL 1925.
-7.0 --9.8
sawmills
Lumber,
-1.9 -2.3 Confectionery
-7.1
--6.4
(Monthly average 1923=100.1
Printing, book and Job__ _ -2.1 0.6 Steam fittings di steam dc
Paper boxes
-2.2 -0.5
hot-water heating apChewing and smoking toparatus
Month. 1914. 1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
-7.4 -6.4
bacco and snuff
-2.4
+3.1 Cigars and cigarettes.
-9.9
11.6
87.0 98.0 95.4 90.0
Electrical machinery, apClothing, women's
117.0 115.5 110.1 116.1
-10.8 -1.8 January -------91.9
87.7 99.6 96.6 91.6
paratus. and supplies -2.5 2.7 Clothing, men's
117.5 114.7 103.2 115.6
-11.8 -1.6 February -----92.9
93.2 101.8 96.4 92.3
116.5 104.0 116.9
---- 93.9
117.4
March.-a Lens than one-tenth of 1%.
82.4 101.8 943 92.1
115.0 115.0 103.6 117.1
April ----- .___ 93.9
Comparing per capita earnings in the nine geographic divisions for April May
84.3 101.8 90.8
94.9
115.1 114.0 106.3 117.4
87.1 101.9 87.9
98.9 95.9
114.8 1134 108.7 117.9
1925 with those for March 1925, decreases are found in eight divisions, June
86.8 100.4 84.8
95.9 94.9
114.2 114.6 110.7 110.0
ranging from 3.4% in the Middle Atlantic States to one-tenth of 1% in the July
88.0 99.7 85.0
112.7 114.5 109.9 109.7
August... 92.9 95.9
East North Central States. The one division that shows a gain in per capita September 94.9 98.9
90.6 99.8 86.7
110.7 114.2 112.1 107.0
92.6 99.3 87.9
earnings is the West North Central, in which the per capita earnings in- October... 94.9 100.8
113.2 111.5 106.8 102.5
94.5 98.7 87.8
110.0 97.3
November 93.9 103.8
115.6 113.4
creased one-tenth of 1%.
96.6 96.9 89.4
117.2 113.5 113.2 91.1
December. 92.9 105.9
When comparing per capita earnings for April 1925 with those for the
saute month of 1924, five increases, ranging from two-tenths of 1% to 2.7%, Average
•.,••,..• 04D 07.0 110.4 11t fl 114.2 108.2 109.9 85.1 88.4 100.0 90.3 91.5
are found, in the four central divisions and in the South Atlantic States,
485
97
•
3004
THE CHRONICLE
GENERAL INDEX'OF -PAY-ROLL TOTALS IN MANUFACTURING
•
INDUSTRIES. NOVEMBER 1915 TO APRIL 1925.
Monthly average. 1923=100J
1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924. 1925.
January
52.1
February__...._ ____ 57.8
March
60.0
April
59.7
May
62.1
June
62.5
July
58.7
August
60.9
September ---------62.9
October
65.5
November
53.8 69.2
December
56.0 71.0
69.8 79.6 104.2 126.6
70.5 79.8 95.0 124.8
73.6 88.2 95.4 133.0
69.4 88.8 94.5 130.6
75.8 94.5 96.7 135.7
76.1 94.3 100.2 138.0
73.1 97.5 102.5 124.9
75.0 105.3 105.3 132.2
74.4 106.6 111.6 128.2
82.2 110.3 105.5 123.0
87.4 104.1 111.3 111.3
87.8 111.2 121.5 102.4
80.6
82.4
83.3
82.8
81.8
81.0
76.0
79.0
77.8
76.8
77.2
81.5
71.5 91.8
76.7 95.2
74.2 100.3
72.6 101.3
76.9 104.8
82.0 104.7
74.1 99.9
79.3 99.3
82.7 100.0
86.0 102.3
89.8 101.0
92.9 98.9
94.5
99.4
99.0
96.9
92.4
87.0
80.8
83.5
86.0
88.5
87.6
91.7
90.0
95.1
96.6
94.2
[Vol,. 120.
Two grades remained unchanged-Corning oil in Buckeye Pipe Lines, at
$1.95, and Ragland pil in Cumberland Pipe Lines at $1.30.
The increase of 35c. in the posted price of Pennsylvania grade in Buckty Pipe Line lines and the increase of 25c. in the price of Pennsylvania
grade in Eureka lines established these two grades on the same parity.
Heretofore there has been a difference of 10c. per barrel in the posted price
of these oils.
Independent oil-purchasing agencies increased their premium on Pennsylvania crude oil 15 to 25c. above the market,
-- according to reports from Oil City, Pa., on June 8. Corning
----- grade crude oil, the price of which wasleft unchanged on June6
-- when other Pennsylvania grades were advanced, was raised
---- 10c. per barrel on June 10, the new price being 32 05.
Avge. for year 54.9 61.9 76.3 96_7 105.6 125.0 80.0 79.9 100.0 90.6 94.0
Gasoline price changes did not affect the Eastern portions
of the country, the chief price change being that announced
June 6 by the Standard Oil Co. of Nebraska, when it adLumber Production and Shipments During April.
The "National Lumber Bulletin," published monthly by vanced the price of gasoline 2c. a gallon in Omaha, making
the National Lumber Manufacturers' Association of Wash- the price 2234c., including the State tax of 2c. Reports
ington, D. C., and Chicago, Ill., on June 7 1925 reported late on June 12, however, stated that this advance was
rescinded on that date, because the price was not met by the
April production and shipments as follows:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY independent companies in the territory.
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFAC• The Oklahoma refinery market shows strength, accordTURERS' ASSOCIATION FOR APRIL 1925.
ing to advices received from Tulsa on June 7. The Roxana
began asking lnic. June 6 and it reports that much gasoline
April 1925.
was sold at the figure. In Oklahoma 13c. is still the basic
Production.
Shipments.
Association,
Mills.
price.
Hardtods. Softtods. Hardtods. Softwds.
M ft.
M ft.
M ft.
The Standard Oil Co. of New York, effective June 13, adMIS.
California Redwood
15
31,271
27,468 vanced tank wagon prices of gasoline lc. a gallon to 22c. in
California White dr Sugar Pine Mfrs- 28
98,551
84.377
Georgia-Florida Saw Mill
10
9,813
8,793 Greater New York. This adjustment will bring Greater
North Carolina Pine
58
37,344
39,281 New York in line with the rest of its territory, where tank
NortlYn Hemlock at Hardw'd Mfrs.- 42
44,732
10,156
22,176
15,819
Northern Pine Mfrs
10
45,844
33.364 wagon price is 22c. Sinclair Consolidated Oil Corp. will
Southern Cypress Mfrs
11
3,271
12,818
5,168
10,451
Southern Pine
174
417,265
420,663 follow the Standard' Oil Co.'s advance.
West
Coast Lumbermen's
Western Pine Mfrs
Michigan Manufacturers
Non-members
8,001
10,448
529
Total
113
36
11
21
66,452 1.253,085
400.157
152,429
2,155
35,282
5,416
6,694
428,137
123,290
2,812
42.107
39,454 1,236,562
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS' ASSOCIATION FOR APRIL 1924.
April 1924. •
Association,
Production.
Shipments.
Hardwds. Softiods. Hardtods. Windt.
M ft.
Mu.
M ft.
M ft.
Decrease Reported in Crude Oil Output.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the Smackover heavy
oil field was 381,200 barrels, a decrease of 34,000 barrels
during the week of June 6. The daily average production
in the United States for the week ended June 6 was 2,329,350
barrels, as compared with 2,346,900 barrels for the preceding week, a decrease of 17,550 barrels. The daily average production in the United States, excluding Smackover
heavy, increased 16,450 barrels. The daily average production east of California was 1,694,350 barrels, as compared with 1,723,900 barrels, a decrease of 29,550 barrels.
California production was 635,000 barrels, as compared
with 623,000 barrels for the preceding week, an increase of
12,000 barrels; Santa Fe Springs is reported at 52,000 barrels, no change; Long Beach, 110,000 barrels, no change,
Huntington Beach, 43,000 barrels, no change; Torrance,
36,000 barrels, no change; Dominguez, 36,000 barrels, no
change; Rosecrans, 25,000 barrels, no change; and Inglewood, 45,000 barrels, against 33,000 barrels.
The estimated daily average gross production of the MidContinent field, including Oklahoma, Kansas, North, East
Central and West Central Texas, North Louisiana and
Arkansas, for the week ended June 6 was 1,336,550 barrels,
as compared with 1,364,450 barrels for the preceding week,
a decrease of 27,900 barrels. The Mid-Continent production, excluding Smackover, Ark., heavy oil, was 955,350
barrels, against 949,250 barrels, an increase of 6,100 barrels.
The following are estimates of daily average gross production for the weeks ended June 6, May 30, May 23, 1925,
and June 7 1924:
California Redwood
32.044
15
38.472
California White& Sugar Pine Mfrs_ 30
66.798
108.328
Georgia-Florida Saw Mill
10
9,603
9,367
North Carolina Pine
53
36,359
38,703
North'n Hemlock & Hardw'd Mfrs_ _ Si
52,249
18,821
28,070
19,800
Northern Pine Mfrs
10
31,702
39,960
Southern Cypress Mfrs
9
8.576
10,469
2,409
2,018
Southern Pine
183
413.938
419,015
West Coast Lumbermen's
120
425,078
383,007
Western Pine Mfrs
44
119,741
158,196
Michigan Manufacturers
9
2,059
8,636
2,649
6.517
Non-members
27
41,249
14.056
26,265
49,404
Total
581
77,350 1,277,370
62.870 1.205,968
Total production: April 1925, 1,319,537 M.feet; Apr111924, 1.354.720 M.feet.
Total shipments: April 1925. 1.276.016 M.feet; April
1924. 1.268.838 M.feet.
fUMBER PRODUCTjON AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS.
April 1925
Shipments.
Production.
Mills.
M ft.
M ft.
Alabama
20
32,530
33,573
Arkansas
20
44,248
41,235
California
36
96,818
103.729
Florida
17
31,598
33,358
Georgia
10
6.315
5,635
Idaho
55.831
16
72,030
Louisiana
53
126,825
123,667
Michigan
20
15,820
21,331
Minnesota
6
27,003
33,484
Mississippi
42
117,888
120,865
Montana
9
22,564
26,340
North Carolina
13
5,412
6,268
Oklahoma
3
10,151
8,122
Oregon
54
217,826
220.111
South Carolina
20
12,799
11,843
Texas
36
76,565
78,684
DAILY AVERAGE PRODUCTION.
Virginia
19
20.025
17,257
Washington
(In Barrels.)
June 6 '25. May 30 '25. May 23'25. June 7 '24.
77
270,233
260,108
Wisconsin
454,150
34
448.600
448.100465,800
31.589 Oklahoma
45.702
Others •
104.450
24
103.900
53,976 Kansas
102,050
73,100
56.105
_
North Texas
89.300
89,250
80,250
91,400
Total
119.100
121.000
529
125.250
129.800
1,276,016 East Central Texas
1,319,537
West Central Texas- _
95,300
92.450
49.600
89,850
•Includes mostly non-member mills, not distributed.
North Louisiana
50,600
52.100
53.800
53.150
Arkansas
423.650
457.250
158.100
431.400
Gulf Coast
115.700
115,000
71,100
110.800
Southwest
54.850
52.850
42.800
52.100
Crude Oil and Gasoline Prices Show Further Advances. Eastern Texas
104.000
103.500
106,000
103,000
Rocky Mountain
83.250
88.100
127,800
92.150
Prices for both crude oil and gasoline were revised upward California
635,000
623.000
625.650
615.500
in different sections of the country during the week just
Total
2.329,350
2.346,900
1,983,800
2,314,750
closed. Quotations for crude oil were advanced 15 to 25c.
per barrel for the Pennsylvania grades on June 6, when the
Small Gain Reported in Steel Trade-Lower Prices in
following changes were posted:
Iron and Steel.
InNew
Old
Grade
crease.
Price.
Price.
The steel trade finds encouragement in the moderate inPennsylvania in New York Transit Lines
$0.25
$390
$365
Bradford District in National Transit Lines_ _ _ _
.25 crease in volume of new business that June has brought, in
3.90
3.65
Pennsylvania in National Transit Lines
.25 comparison with early May, declares the "Iron Age" in its
3.80
3.55
Pennsylvania in Southwest Pa. Pipe Lines
.25
3.80
3.55
June 11 market review. At the same time, steel works outPennsylvania in Eureka Pipe Lines
3.75
.25
3.50
Pennsylvania in Buckeye Pipe Lines
.35 put has held at substantially the rate of the last two weeks of
3.75
3.40
Gaines in National Transit Lines
3.45
.15 May. Prices, however, have given fresh indications of the
3.30
Cabell in Eureka Pipe Lines
.15
2.35
2.20
narrow operating margins of the mills under continued smallSomerset medium in Cumberland Pipe Lines.._ _
2.45
.15
2.30
Somerset light in Cumberland Pipe Lines
.15 lot buying, and plates, sheets, cold finished steel, wire nails
2.60
2.45
JUNE 13 1925.]
THE CHRONICLE
and steel scrap have gone lower, continues the "Age," adding:
It is now quite evident that the May advances in heavy melting scrap
3005
Independent makers have adopted the lower extras on heavier grades of
wire recently put out by the largest producer. Cold finished steel has been
reduced $2 per ton and ground shafting the same.
Considering the fact that operations were being contracted throughout
the month, steel ingot production for May was surprisingly large and was
only 3.6% under April with the same number of working days. The May
tonnage was equivalent to 82.3% of the high record mark for steel production, reached in March 1923. It was the lowest since November. In May
the country was moducing ingots at the annual rate of 41,368.000 tons,
compared with an annual rate of 42,910,000 tons in April.
Bridge awards have stood forth in another good week of structural activity. Jobs of this kind at Portland, Ore., Bellaire. 0., and other points accounted for about 15,000 tons. The week's total of awards was 34.165 tons.
Heavier pig iron buying has spread more definitely to the East this week
and has been featured by large purchases by sanitary ware, cast iron pipe
and radiator manufacturers. A Pittsburgh sanitary ware manufacturer
bought 30.000 tons of Northern iron and is closing on 20,000 tons of Southern additional. A New Jersey pipe maker placed 15,000 tons. An Eastern steel works placed 20,000 tons of low phosphorous partially with British
makers. More sales and inquiries in basic have appeared at Pittsburgh,
accompanied by lower prices in this grade and foundry iron. Generally
price concessions are less easily obtainable.
A new factor of importance in the pig Ron market is the offering for sale
by the American Radiator Co. of surplus iron from its recently acquired
blast furnaces at Buffalo. This company long has been looked upon as
one of the country's leading buyers of iron.
"Iron Trade Review" composite of 14 leading iron and steel products
this week Is back to the level of July 1922, with an average of $37 65. Last
week the index was $38 01.
were due to conditions in that trade and were not prophetic of the general
market.
Chicago furnishes one measure of the improvement in Western demand in
an estimate that mills in that district which roll the heavier finished products
booked 20% more new business in May than in April. In all districts the
steadiness of operations is marked,in view of the oncoming of the mid-summer season.
The official statistics of steel ingot output in May showed a larger total
than was to be expected from the weekly estimates of capacity active.
At 3,458,253 tons, or 133,010 tons to the working day, the falling off from
the daily rate in April (137,982 tons) was only 3.6%•
The May figures emphasize again the course of the industry in the second
quarter of 1925, in contrast with that in the same quarter last year. From
the peak production of 161,796 tons a day in March 1924, there was a
precipitate drop of 40% to 97,779 tons a day in May. From 161.482 tons
a day in March this year, the falling off to 133,010 tons a day in May was
but 17.5%.
Specific items in the increased volume of new orders in the past week
include 62;4 miles of 16-in, pipe for the Oklahoma Natural Gas Co., and
12 miles of 20
-in, pipe for the Hope Natural Gas Co.
There was also a total of 22,100 tons of rails placed by the Southern
Railway system-1,200 tons going to the South Chicago mlll, 2,900 tons to
Sparrows Point and 18,000 tons to Ensley. Ala.,included in which was 3.000
tons for the Mobile & Ohio. Earlier in the year the Southern Railway ordered 8,200 tons.
The prospect is good that part of the 150,000 tons of rails on which the
Government Railways of South Africa took bids last week will come to this
country. A British mill got 25,000 tons of 80
-lb. rails and a Belgian mill
Further Reduction on Steel Output During May.
20,000 tons of 45-1b. rails, leaving 105.000 tons yet to be awarded. The
Steel Corp. is Just shipping the last of a 24,000
-ton order for the same lines
A further reduction occurred in the production of steel
taken late last year.
output down to the lowest level
For 1,100 steel underframes for the Great Northern and 700 for the during May, bringing the
Pacific Fruit Express, 7,000 tons of steel will be bought at Chicago. The since November last. The American Iron & Steel Institute
Southern Railway will require 2,300 tons for the repair of 1,000 cars.
in its regular monthly statement reports the production of
Sheet and tin plate mills employing union workers will start the new scale
year in July on substantially the present wage basis, in accordance with an steel ingots in May 1925 by companies, which in 1924 made
agreement just reached at Atlantic City.
94.43% of the steel ingot production in that year, at 3,265,628
At Pittsburgh and in northern Ohio the semi-finished steel market is less tons, of which 2,754,130 tons were open-hearth, 497,708
stable. Sheet mills are trying for a $33 price on sheet bars, in view of the
falling off in sheet values since the $35 basis was fixed on their second quar- tons Bessemer, and 13,790 tons all other grades. The
ter contracts. Semi-finished steel is affected by the weakness in Valley calculated production for all companies on this basis' during
pig iron and by the fact that steel scrap has receded to $17.
May 1925 was 3,458,253 tons, which compares with 3,The United Gas & Improvement Co., which inquired for 2,000 tons of
sheet steel piling for an Ohio River dam, is reported to have placed the 587,524 tons in April, 4,198,520 tons in March and 2,640,034
order
-a large one for this product
-with a Pittsburgh mill.
tons in May 1924. The average daily output during May
While not up to the May rate, June pig iron buying in the Middle West
of this year was 133,010 tons, which contrasts with 137,982
has included some large lots. Chicago had a 150.000
-ton week and Cleveland sales were 69,000 tons. In the Pittsburgh district the 30,000 tonstaken tons in April and no less than 161,482 tons in March. For
by a maker of sanitary products brought out the lowest price since the war
- May last year the average daily production was 97,779 tons.
$18 at Valley furnace for No. 2 foundry iron. A pipe foundry purchase of
In the following we show the details of production back to
15.000 tons at $20, base, was the largest transaction in the East in several
January 1924:
months.
Equaling the lowest figure in more than three years, the "Iron Age" MONTHLY PRODUCTION OF STEEL INGOTS, JAN. 1924 to MAY 1925.
pig iron composite price has fallen to $19 21 from $19 42 last week. Not
Reported for 1924 and 1925 by companies which made 94.84% of the steel ingot
since April 11 1922, when it was $19 14, has the price been lower. It last production in 1924.
stood at $19 21 on Nov. 3 1924.
Calculared
A pprozimcde
Lower than at any time in the past 29 months, the "Iron Age" finished
Monthly Monthly No of Daily Iresteel composite price, at 2.446c. per lb., is at the level of early January
AU Production Production Work- duction AU
OpenMonths
1923. Last week it was 2.460c., having held that figure for more than
Hearth. Bessemer. Other. Companies AU Corn- Om Companies.
a month.
Reporting. ponies. Days. Gross Tons.
The usual composite price table follows:
1924.
667,032 12,577 3,440,143 3,649,913 27
January__ 2,766,534
June 9 1925, Finished Steel. 2.446c. Per Lb.
695,905 14,085 3.612,631 3.826,246 25
February- 2,902,641
Based on prices of steel bars, beams,tank June 2 1925
706,801 15,260 3,971,844 4,206,699 26
2.460c. March ___ 3,249,783
plates, plain wire, open-hearth rails, May 12 1925
2 460c. April
573,381 12.356 3.161.525 3,348.466 26
2,575,788
black pipe and black sheets, constitut- June 10 1924
2.610c. May
2,060.896
425,099 6,648 2,492,643 2,640,034 27
big 88% of the U. S. output
10
-year pre-war average, 1.689c.
June 9 1925, Pig Iron. $1921 Per Gross Ton.
5 months_ 13,555.642 3,068,218 60.926 16,684,786 17,671,358 131
Based on average of basic and foundry(June 2 1925
$19.42 June
irons, the basic being Valley quotation,i May 12 1925
310,070 2,622 1,950,352 2,065,676 25
1,637,660
20.63
the foundry an average of ChicagodJune 10 1924
1,525,912 241,880 5.162 1,772,954 1,877,789 26
20.86 July
2,042.820
Philadelphia and Birmingham
361.781 5,764 2,410.365 2,552,891 26
(10
-year pre-war average, 15.72 August
409,922 6.864 2,669,762 2,827,625 26
Finished Steel
-1925: high. 2.560c.. Jan. 6; low, 2.446c.. June 9. 1924: September 2,252,976
high. 2.789c., Jan. 15; low, 2.460c., Oct. 14. 1923: high, 2.824e., April 24; October.- 2,505.403 438,468 7,058 2,950,929 3,125,418 27
November 2,479.147 459,349 8,403 2,946,899 3,121.149 25
low. 2.441k., Jan. 2.
546,506 11,707 3,369,984 3,569.251 26
Pig Iron-1925: high, $22 50, Jan. 13; low. $19 21, June 9. 1924: December 2,811,771
high, $22 88, Feb. 26:10w, $19 21, Nov. 3. 1923: high, $30 86. Mar. 20;
low, $20 77, Nov. 20.
Total .......- 28,811,331 5,836,194 108,506 34,756,031 36,811.157 312
1925.
Buying of iron and steel is going along with less reserve January.. 3,262,748 689,996 11.960 3.964,704 4,198,564 27
602,042 13,014 3,547,020 3,756,243 24
February- 2,931,964
but the situation is subject to certain conditions which tend March
3.336,169 614,860 13,633 3,964,662 4.198,520 26
2,857,802
515,715 14.182 3,387,699 3,587.524 26
to modify the progress of general improvement, according to April
497,708 13,790 3,265,628 3,458,253 26
2.754,130
the "Iron Trade Review" this week. The heavier steel lines May .
_
1O,F55,
M011
135,182
153,050
161,796
128,787
97.779
134.896
I
82,627
72,223
98,188
108,755
115,756
124.846
137,279
117,984
155,502
156,510
161.482
137,982
133,010
seem to have approached a point of stabilization where greater
confidence of buyers is being invited. In some other products, however, the struggle for business has developed price- Steel Corporation's Unfilled Orders Show Further
Decline,
cutting of such severity that it is having a disturbing influThe United States Steel Corp. on Wednesday, June 10,
ence. More complete reports from various companies picture the gain in May tonnage over April as 10 to 20%,states issued its regular monthly statement showing unfilled orders
on the books of the subsidiary corporations as of May 31
the "Review," adding as follows:
Chicago mills have been among those favored with heavier sales and
for 1925 to the amount of 4,049,800 tons. This is a decrease
the second consecutive week have effected a slight gain in operations to of 396,768 tons from the orders on hand April 30 and of
above 88% of ingot capacity. On the other hand, Pittsburgh plants suffered a setback in the week which in part at least is attributable to the in- 813,764 tons from the unfilled tonnage on March 31. Last
tense heat.
year on May 31 the total of unfilled tonnage stood at 3,628,With the May production of automobiles varying only slightly from the
089 tons and on May 31 1923, 6,981,851 tons. In the followhigh record of April, the outlook for June operations is especially favorable.
The May output was the largest for that month in history and most of the ing we show the figures back to the beginning of 1921.
leading builders are scheduled to run through June at practically the same Figures for earlier dates may be found in the issue of the
rate. Such activity is unprecedented for this season.
"Chronicle" for April 14 1923, page 1617.
Price cutting in sheets has gone from bad to worse
until the market is
virtually demoralized. On a small lot placed this week in the Middle West
producers competed and the business was not closed until several
about 10
mills had cut their prices repeatedly. Under these conditions the leading
producer has suspended its usual custom of announcing its schedule of prices
for the third quarter. The more common basis of prices now appears to
be 3.15e., Pittsburgh, for black, 2.40c. for blue annealed,
4.25c. for galvanized, and 4.25c. for full finished, although these do not represent the low
point by $2 to $3 per ton.
pig The wire market has continued erratic. The Ford Motor Co. bought a
tonnage of plain wire at a $2 concession and some makers have cut nails $1.
January
February
March
April
May
June
July
August
September
October
November
December
1925.
5,037,323
5,284,771
4,863.564
4.446.568
4,049,800
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
4,031,969
4.816.676
1923.
6,910,776
7,283.989
7,403,332
7,288.509
6,981,851
6,386,261
5,910.763
5,414.663
5,035,750
4,672.825
4,368,584
4,445,339
1922,
4,241,678
4,141,069
4.494,148
5,096,917
5,254,228
5,635,531
5,776,161
5,950,105
6,691,607
6,902.287
6,840.242
6,745,703
1921.
7,573,164
6,933.88'l
6,284,765
5,845.224
5,482,487
5,117,888
4,830.324
4,531,926
4,560,670
4,286,829
4,250,542
4.268,414
3006
THE CHRONICLE
Shipments of Lake Superior Iron Ore Larger.
The shipments of iron ore from Lake Superior ports
during May 1925 amounted to 8,313,984 tons, an increase
of 1,730,169 tons over the movement for May 1024. For
the season to June 1 the shipments aggregated 10,434,699
tons, the season being earlier than last year when the movement for the corresponding period totaled only 7,243,202
tons. In the following we give comparisons by ports for
May 1925 and 1924 and for the respective seasons to June 1:
PortsEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Ma
1925.
1924.
837,406
530,722
462,179
241,108
949,731
858,854
2 174,879
2,008,772
2,935,868
2,139,107
953,921
805,252
--Season to June 1
1924.
1925.
629.064
1,126,229
253,225
515,376
930,882
1,185,020
2,232,836
2,709,061
2,275,954
3,619.472
921,241
1,279,541
[Vor,. 120.
Easing off continues in the anthracite trade. Plenty of coal is moving
to meet all demands. The companies are well booked to the end of June,
but the independents are not so well off. Stove and egg are in strongest
demand, pea is in good shape, chestnut more plentiful, the steam sizes
rather weak, especially No. 1 buckwheat.
The "Coal Age" index of spot prices of bituminous coal declined one point
during the past week, standing on June 8 at 161, the corresponding price
for which is $1.95.
Dumpings at Lake Erie ports during the week ended June 7, according to
the Ore & Coal Exchange, were: Cargo 681,423 net tons; steamship fuel.
39,463 tons
-a total of 720,886 net tons, compared with 660,161 tons in
the preceding week. Hampton Roads dumpings in the week ended June 4
totaled 421,608 net tons, compared with 368,836 tons in the previous week.
Holiday Causes Slump in Bituminous Coal and Anthracite Production-Coke Output Also Falls.
The production of these three fuels fell off considerably
Total
7,243,202 from the estimates of the preceding week, according to the
6,583,815
10,434,699
8.313,984
reports issued this week by the Department of the Interior
through the Geological Survey, the most obvious reason beBituminous ShipMentz and Sales Show Slight Increase
ing the observance of Memorial Day. The Survey says:
-Anthracite Trade Dull.
According to reports received from the producing centers
in Pennsylvania, Virginia and West Virginia, worth while
sales increased materially during the past week and production was increased in consequence states the "Coal
Trade Journal" this week. The central producing district of
Pennsylvania reports that conditions have improved and
that some operators have orders booked ahead. They say
that if the price could be raised slightly, they would be in
a position to do fairly well. In the Pittsburgh district, sales
increased moderately in volume, but many were for West
Virginia coal. Local industrial demand was slightly better,
though the shipment of gas coal to the Lakes was the most
important factor in the market. Prices have remained
virtually unchanged. There has been a reduction in the
demand for and production of Connellsville coke and prices
are in consequence soft, particularly for the furnace coke,
according to further observations by the "Journal" which
adds:
Because of the Memorial Day holiday, the total production of soft coal
decreased during the week ended May 30, but the rate per working day
continues to increase slowly. The output for the week Is estimated at
8.144,000 tons, against 8,451,000 tons in the full-time week of May 23.
From the loadings on Memorial Day (Saturday. May 30), which were
7,248 cars, compared with 17,900 on the preceding Saturday,it appears that
the day was equivalent to four-tenths of a normal working day. The
average daily output continues the gradual rise that began in mid-April.
Estimated United States Production of Bituminous Coal (Net Tons).
Including Coal Coked.
1924a
1925--Cal. Year
Cal. Year
to Date.b
Week.
Week.
to Date.
May 16
7.263,000 185,421,000
8,350,000 181,127,000
Daily average
1,605,000
1,392,000
1,564,000 1.211,000
May 23 c
7,397,000 192,818,000
8,451,000 189,578.000
Daily average
1,587,000
1,233,000
1,556,000
1,409,000
May 30 d
8,144,000 197,722,000
6,912,090 199,730.000
Daily average
1,574,000
1,554.000
1,280,000
1,508,000
a Original estimates corrected for usual error, which in past has averaged
2%. 11 Minus two days' production first week in January to equalize number of days in the two years. c Revised since last report. d Subject to
revision. May 30 weighted as 40% of a full working day.
The production for the calendar year to date now stands at 197,722.000
net tons, which Is within 2 million tons of that in the corresponding period
of 1924. The figures for other recent years follow:
Years of Activity.
Years of Depression.
1918
179,410.000 net tons
228,572,000 net tons 1919
1920
163,793,000 net tons
216,112,000 net tons 1921
1923
199,730,000 net tons
232,303,000 net tons 1924
There was a better demand for both low and high volatile coals in southern
West Virginia. Prepared sizes are most in demand and production has
increased slightly all around. Smokeless prepared occupies the strongest
position and all prices, with the exception of slack, are firmer. The drop
in the price of slack was due to the increased production of the prepared
sizes. In the Fairmont district prices are unchanged and production has
ANTHRACITE.
dropped a little due to limited demand. About 84% of the total production
Owing to the partial observance of Memorial Day in the anthracite reof the field is now from non-union mines. In the Virginia fields, production
gion, the production during the week ended May 30 declined to 1,723.000
so far this year is ahead of last. Railroad contracts furnish the best outlet
at prices slightly higher than open market quotations and operators are net tons, a decrease of approximately 1.5% as compared with the revised
holding back,being unwilling to tie up much more of their future production figure for the preceding week. The cumulative total since Jan. 1 amounts
at the present low prices. The prepared sizes do not enjoy a very strong to 37,259,000 tons, a decrease of about 1.3% compared with the same period
demand so slack is in a good position. In the Upper Potomac and western in 1924.
Maryland fields few plants are working satisfactorily and competition keeps
Estimated United States Production of Anthracite (Net Tons).
prices at extremely low levels.
--1925-1924
Outside of deliveries on municipal contracts, the retail anthracite trade in
Cal. Year
Cal. Year
New England is very dull at present. The hot weather has softened the
Week endedto Date.
Week.
Week.
to Dates
bituminous market and prices have been down in Boston and Providence, May 16
33,786,000
34,591,000
1,998,000
1.898.000
though one contract covering deliveries over a considerable period was May 23 is
1,750,000
35.538,000
38,441.000
1,850,000
consummated last week. The all-rail situation is quieter than usual on May 30
1,723,000
37,259,000
1.294,000
37,735,000
account of the reduced prices for tidewater coal.
a Less two days' production in January to equalize number of days in
The demand for domestic sizes of anthracite in the New York district is
the two years. is Revised since last report.
dull and probably will be so during the rest of the month. Steam sizes have
also eased off, even barley, which is in more plentiful supply. The line
BEEHIVE COKE.
The production of beehive coke during the week ended May 30 is esti
companies are making better shipments this way than for some time.
with nut mated at 132,000 net tons, a decrease of 13,000 tons. or 9%, as compared
At Philadelphia the demand is fair for anthracite stove and egg
the least active. In the steam sizes, buckwheat is slightly off but rice and with the output of the preceding week. According to the Connellsville
barley are in fair demand. The bituminous market continues dull and buy- "Courier" production in the Connellsville region declined about 7% and
ing is on a hand-to-mouth basis, while some contracts have been suspended 154 additional ovens were blown out.
temporarily. Despite the depression in soft coal in Baltimore, loadings are.
Cumulative production of beehive coke during 1925 to May 30 stands at
so far, ahead of this time last year. Exports during May were ahead of 4,707,000 net tons. Figures for corresponding periods in earlier years are
January and February but behind those of April. The hot weather has as follows:
8,947,000 net tons
temporarily killed the domestic anthracite trade and dealers' yards are 1921
3.258,000 net tons 1923
5,468,000 net tons
1922
2,919,000 net tons 1924
well stocked.
Estimated Production of Beehive Coke (Net Tons).
A better feeling seems to be creeping into the bituminous
1925
1924
Week Ended
coal trade. Even though the improvement is so slight as to
to
to
May 30 May 23 May 31
1924.
Date.
Date.a
1925.c
be scarcely perceptible, progress, such as it is, is in the right
1925.b
direction observes the "Coal Age" on June 10. While Pennsylvania and Ohio_ 93,000 104,000 97,000 3,612,000 4,348,000
11,000
5.000
275,000
290.000
West Virginia
10,000
production is gradually climbing it is still believed to be Ala., Ky., Tenn. & (la_ 15,000 16,000 19,000 452.000 442.000
5,000
6,000
180,000
184.000
5,000
.
lower than consumption, which means that dwindling stock- Virginia
5,000
5,000
94,000
115.000
piles are continuing to melt and that the inevitable upturn Colorado & New Mexico 5,000
4.000
3,090
89.000
94,000
Washington and Utah-- 4.000
cannot be postponed indefinitely. Basic conditions being
sound and the midyear turn being at hand it is considered
more than likely that an increase of buying will soon be in
evidence, adds the "Age," giving further details of interest
as follows:
Midwestern markets have been very quiet during the last week, both
steam and domestic sizes lacking activity. Running time at shaft mines has
been low, but strip mines are quite busy. Some eastern Kentucky mines
are reported well sold up for the time being, but many others are scouting
for business as usual and many are idle. Industrial demand is slowly
gaining at the head of the lakes, but many are holding off in the hope of a
readjustment in rates. Trade is still quiet in the West and Southwest,
though prices are somewhat firmer due to a durther cut in output.
The situation is much improved at Cincinnati with a good movement
lakeward and inland. Domestic coals are firmer, but slack is weaker and
smokeless not so strong. In southern and eastern Ohio the trade simply
marks time hoping for the best. An arrest of the decline in steel industry
gives a brighter aspect to the trade at Pittsburgh, but the New England and
other Eastern markets are as quiet as ever.
United States total
Daily average
132,000
22,000
145,000
24,000
135,000 4,707,000
23,000
36,000
5.468,000
42,006
a Adjusted to make comparable the number of days covered in both years.
is Subject to revision. C Revised since last report.
Transactions in Grain Futures During May on Chicago
Board of Trade and Other Contract Markets
Deliveries on May Contracts.
In making public on June 9 the usual monthly compilation
of transactions in grain futures on the Chicago Board of
Trade and other contract markets, J. W. T. Duvel, Grain
Exchange Supervisor at Chicago also supplies information
regarding deliveries of wheat during May. The total quantity of grain delivered (including re-deliveries) on May
contracts is shown to be 26,034,000 bushels, of1which
JUNE 13 1925.]
THE CHRONICLE
3007
7,532,000 bushels were wheat. The net bushels of actual Increase in Postal Receipts at Fifty Selected Cities in
wheat delivered were 2,431,000, comprising 2,248,000
May This Year as Compared With Year Ago
bushels of northern spring, 86,000 bushels of dark northern
Decrease as Compared With April.
spring, and only 96,000 bushels of hard red winter. Mr.
Postal receipts at 50 selected cities throughout the United
Duvel's statement follows:
States for the month of May 1925 amounted to $27,454,861 37,
VOLUME OF TRADING.
as against $25,914,385 99 for the same month in 1924. The
Revised figures showing the daily volume of trading in grain futures, on the
Board of Trade of the City of Chicago during the month of May 1925, together increase in last month's receipts over the corresponding
monthly totals for all "contract markets" as reported by the Grain Future
with
Administration of the U. S. Department of Agriculture. The figures listed rePre period last year amounted to $1,540,475 38, or 5.94%. Newsent sales only, there being an equal volume of purchases.
ark, N. J., led all the other cities in the percentage of in•
Expressed In thousand bushels (1. e., 000 omitted).
Wheat.
Corn.
Oats.
Rye. Barley. Flax. Total.
crease in postal receipts, amounting to 19.65%. Newark's
Dote
-May 192588,814 24,968 12,903 2,265
128,950
1
41,467 18,914 6,522 1,645
68,548 receipts for May 1925 amounted to $330,975 12, as against
2
3 Sunday
$276,615 72 for May 1924. Akron, Ohio, came next with an
82,031 14,492
4,340 3,068
83,931
4
45,424 20,261
6,322 1,763
73,770 increase in receipts of 17.65%, while Dayton, Ohio, ranked
5
59,454 33,286
7,405 2,128
102,273
6
46,691 25,624 6,569 1,583
80,647 third, her receipts showing an increase of 14.74%. While
7
5,481 1,857
55,031 23,869
86,038
46,877 14,695
4,558 1,423
67,551 the Post Office Department, in its summary made public
9
10 Sunday
June 8, reports the foregoing increases, the Associated Press
59,273 17,152
4,125 1.465
82,015
11
53,223 25,028 5,082 1,559
84,892 dispatches from Washington, June 8, comments as follows
12
45,644 20,246
3,648
968
70,506
13
48,539 17,895 4,012 1.506
69,952 on the postal revenues:
14
15
16
17 Sunday
18
19
20
21
22
23
24 Sunday
25
28
27
28
29
30 HolidaY
31 SundaY
43,188 15,756
23,516
8,810
3.777 1,279
1,720 1,893
63,998
35,939
45,426
44,949
43,728
41,798
39,376
34,198
12,344
17,253
11,119
10,984
7,890
10,12/
963
4,077
3,722 1,119
2,995
673
2,735
810
4,009 1,735
5,480
723
62,810
67,043
58,515
56.327
53.010
50,522
92.245
80,342
81,316
79,576
67,161
38,901 10,392 2,808
2.5,229
5,878 3,168
19,882
4,484 1,722
21,604 10,344 1,953
21,356
7,755 1,880
144,344
114,617
87,204
113,477
98.152
Tot.Chic.Bd.of Tr_ _ _1,347,285 477,479 138,333 41,754 --------2,004,851
.
34,739
9,527
520
Chicago Open Board_ _ _
44,786
69.329
14,009 2,834 1,557 485
Minneapolis C.of C
88,214
39,715 20,058
167
_
Kansas City B. of T
59,940
*9,338
3,393 ___ 1,156
Duluth B.of T
13,867
6,031
2,052
St. Louis Mer.Ex
8,083
1,062
1,600
1,179
Milwaukee C.of C
4,009
1,300
San Francisco C. of C..
1,300
400.
1.09Angeles Or.Ex
400
Baltimore C.of C
1,508,037 510,295 154.091 48,149 3,257 1,621 2,225,450
Total all markets
Tot all markets year ago_ 373,876 287,994 41,662 24,869 460 1,379 730.240
Chicago B.of T. year ago 318,850 265,567 37,579 14,802 --------636,798
•Durum wheat with exception of 1,608 wheat.
"OPEN CONTRACTS" IN FUTURES ON THE CHICAGO BOARD OF
TRADE FOR MAY 1925.
("Short"side of contracts only, there being an equal volume open on the"long" side)
Corn.
Oats.
Rye.
Date May 1925- Wheat.
Total.
84,878,000 56,995,000 a48,371,000 a13,172,000 a203,416,000
1
84,141,000 55,468,000 47,513,000 12,664,000 199,786,000
2
3Sunday
85,740,000 55,094,000 47,409,000 12,983,000 201,226,000
4
86,035,000 54,777,000 47,841,000 12,537,000 201,190,000
5
82,993,000 53,768,000 46,995,000 12,361,000 196,077,000
6
582,762,000 54,182.000 46.302,000 12,308,000 195,554,000
7
83,741,000 53,739,000 45,219,000 11,859,000 194,558,000
8
83,328,000 54,075,000 44,244,000 11,823,000 193,470,000
9
Sunday
10
88.733,000 54,511,000 44,390,000 11,742,000 197,376.000
11
86,838,000 54,438,000 44,681,000 11,750,000 197,507,000
12
85,710,000 54,196,000 43,867,000 11,760,000 195,533,000
13
86,498,000 53,469,000 43,087,000 11,424,000 194,478,000
14
86,598.000 52,445,000 42,703,000 11,420,000 193,166,000
15
86,573,000 552,388,000 42,289,000
9,836,000 191,086,000
16
17 Sunday
86,506,000 52,681,000 42,130,000 9,406,000 190,723,000
18
87,162,000 53,352,000 41,542,000 9,114,000 191,170,000
19
84,317,000 53,271,000 41,333,000 8,584,000 5187,505,000
20
89,192,000 52,949,000 41,259,000
8,439,000 191,839,000
21
90,093,000 53,335,000 40,551,000
8,330,000 192,329,000
22
90,471,000 54,125,000 40,450,000 8,063,000 183,109,000
23
24 Sunday
89,551,000 55,047,000 37,939,000
7,517,000 190,054,000
25
90,915,000 55,502,000 37,845,000
7,389,000 191,651,000
26
92,732,000 55,955,000 37,886,000
7,333,000 193,906,000
27
a96,987,000 57,651,000 37,892,000
6,999.000 199,529,000
28
96,771,000 a58,492,000 637,813,000 56,941,000 200,017,000
29
30 Holiday
31 Sunday
Average/
87,483,000 54,477,000 42,860,000 10,230,000 195,050,000
May 1925
90,729,000 65,755,000 66,556,000 17,838,000 240,878,000
April 1925
111,991,000 83,546,000 96,067,000 19,805,000 311,409,000
Mar.1925
114,181,000 81,782,000 110,530,000 22,886,000 329,379,000
Feb. 1925
117,119,000 73,860,000 103,716,000 22,363,000 317,058,000
Jan. 1925
124,209,000 74,800,000 91,413,000 23,889,000 314,311.000
Dec. 1924
119,173,000 67,044,000 76,459,000 29,116,000 291,794,000
Nov.1924
110,719,000 63,703,000 74,227,000 24,198,000 272,846,000
Oct. 1924
107,051,000 53,906,000 53,697,000 22,665,000 237,320,000
Sept.1924--"Open Contracts."
At the close of business on May 31 1924 customers' "open contracts"
aggregated 65.129,000 wheat, 53,146,000 corn, 12,502,000 oats. 6,073.000
rye, with a total for all grains of 136,849,000 bushels. These figures will
be of interest in comparison with the "open contract" at the end of May
1925, as shown in the foregoing table. The figures for May 1924 *were
the lowest for any month during the year.
DELIVERIES ON MAY CONTRACTS
The total quantity of grain delivered (including re
-deliveries) on May
contracts was 26,034,000 bushels, made up as follows: Wheat, 7,532.000
bushels; corn, 6,352,090 bushels; oats. 5,568,000 bushels; rye, 6,582,000
bushels.
The net bushels of actual grain delivered involved 2,431,000 bushels
bushels of corn, 3.566.000 bushels of oats and
of wheat, 3,553,000
4,647,000
bushels of rye, exclusive of corrections of minor importance. This represents an average turnover in warehouse receipts of little more than three
times in wheat, little more than 14 times in corn, little more than 1;
,
6
times in rye, with an average of little
times in oats, and mearly 1
more
than 1
for all grains. The foregoing does not include contracts satisfied
by "notices passed."
The deliveries of wheat during May were somewhat unusual. Or the
2,431,000 bushels of actual wheat involved, 2,248,000 bushels were northern
spring, 86,000 bushels dark northern spring, and only 96,000 bushels
hard red winter.
J. W. T. DUVEL, Grain Exchange Supervisor.
Postal revenues,instead of being boosted as contemplated in the increased
rates, which became effective April 15, are declining at the rate of more
than $12,000,000 a year, it was indicated to-day in a summary of receipts
for May.
Receipts at fifty selected post offices for May totaled $27,454,861, as
compared with $29,983,231 for April and $29,085,090 for March. These
offices, which turn in more than half of the country's total post receipts,
reported a decrease of more than $20,000 for each business day as compared
with March, when the old rates were in effect.
Postal officials are awaiting the June reports, which are expected to show
whether the business decreate Is temporary. A summary of the effeas
of the heavier postage rates then will be prepared for presentation to the
joint Congressional Postal Committee, which will open hearings here
July 20 looking to a permanent revision of rates to meet the $68,000,000
salary increase voted employees by the last con gess.
STATEMENT OF POSTAL RECEIPTS AT FIFTY SELECTED OFFICES
FOR THE MONTH OF MAY 1925.
%
%
%
1925 1924 1923
Over Over Over
May 1925.
May 1924.
Increase. 1924. 1923. 1922.
Offices$
$
$
New York, N. V...... 5,466,819 67 5,149,624 26 317,19641 6.16 2.60
8.23
4,839,087 08 4,434,729 79 404,357 29 9.12 10.88 9.81
Chicago, Ill
Philadelphia, Pa.__ 1,492,170 07 1,430,737 54
61,432 53 4.29 1.43
5.89
1,251,146 62 1,231,569 80
Boston, Mass
19,576 82 1.59 8.39
6.58
979,138 64
967,544 71
St. Louis, Mo
11,593 93 1.20 12.28 10.70
747.18606
698,578 06
Kansas City, Mo__ _
48,60800 6.96 7.27
7.08
708,799 39
694,958 16
Cleveland, Ohio_ _ _
13,841 23 1.99 15.34
7.86
625,871 96
28,56292 4.56 7.55 11.82
Ban Francisco, Calif_ 654,434 88
614,774 63
577.077 88
Brooklyn, N.Y
37,696 75 6.53 2.43 6.73
761,030 91
663,503 76
Detroit, Mich
97,527 15 14.70 4.72 22.44
633,981 47
652,513 38
Los Angeles, Calif_
18.531 91 2.92 11.15 26.71
578,419 05
Pittsburgh, Pa
577,506 53
•912 52 0
.16 14.08
7.11
MirmeapolLs, Minn
510,137 52
505,349 76
4,787 76 .95 *3.43 14.08
566,764 61
506,986 99
Cincinnati, Ohio
59,797 62 11.803.89 13.30
458,783 13
433,963 38
Baltimore, Md
24,819 75 5.72
.95
8.37
384 837 70
Washington, D. C.._
378,949 53
5,88817 1.54 9.33
9.07
385,996 25
357,918 32
Buffalo, N. Y
28,077 93 7.84
.63 17.89
415,325 36
381,737 54
Milwaukee, Wis
33,587 82 8.80 7.35
7.39
333,932 68
329,317 20
4,61548 1.40 8.13 13.97
St. Paul, Minn
Indianapolis, Ind.__
377,975 83
358,432 43
19,543 40 5.45 8.81 21.35
292,388 67
Atlanta, Ga
276,988 76
15,399 91 5.56 11.76 14.54
274,495 46
Denver, Colo
260,988 91
13,506 55 5.17 1.73 10.21
237,688 75
Omaha, Neb
236,563 88
1,124 87
.48 *.56 10.00
330,975 12
Newark, N. J
276,615 72
54,359 40 19.65 10.98 13.21
246,524 66
229,122 02
Dallas, Tex
17.40264 7.60
.95 14.71
239,894 85
Seattle, Wash
227,551 88
12,342 99 5.42 5.98 14.66
222.681 25
232,680 57
Des Moines,Iowa
*9,999 32 *4.49 8.10 12.09
227,070 78
224,452 41
Portland, Ore
2,61837 1.17 8.37 13.92
217,494 99
200.29092
New Orleans, La_ __ _
17,29407 8.58 11.18
7.72
Rochester, N. Y
219.664 70
221,190 24
*1,525 54 •.69
.04 20.15
217,750 98
Louisville, Ky
213,037 91
4,713 07 2.21 13.48
2.13
222,594 43
Columbus, 0
208,296 59
14,297 84 6.86 7.19 16.72
169,198 00
Toledo,0
163,044 43
6.15357 3.77 1.49 14.45
164,918 59
Richmond, Va
154,065 67
10,850 92 7.04 4.28 17.88
154,617 68
146,404 62
Providence, R.1..._
8,21306 5.61 5.58 10.48
171,003 61
Memphis, Tenn__ .._
150,815 66
20,187 95 13.39 4.13 21.28
160,049 45
Hartford, Conn
150,038 08
10,011 37 6.67 14.23 12.92
130,474 99
Nashville, Tenn.__
121,961 94
8.51305 6.984.73 21.05
155,748 83
135,736 95
Dayton, 0
20,011 88 14.74 22.79
1.63
108,935 12
101,422 70
2,51242 2.48 *7.96 •27.02
Fort Worth,Tex
128,973 48
8yracuse, N. Y
127,904 64
*931 16 *.73 13.41
8.27
137,246 98
Houston, Tea
133,541 66
3,70532 2.77 11.15
5.77
128,791 22
120,387 05
8,404 17 6.98 1.71 22.83
New Haven, Conn.._
128,339 06
113,914 64
Grand Rapids,Mich_
14,424 42 12.66 11.53
5.06
107,275 91
Jersey City, N.J.
102,923 08
4,352 83 4.23
.33 16.22
115,242 02
Akron, 0
97.95481
17,287 41 17.65 1.48 17.16
Salt Lake City. Utah
102,676 11
91,296 28
11,379 85 12.46 7.54
3.38
Springfield, Mass_
95,958 88
93,781 46
2,197 42 2.34
.89 16.27
Worcester, Mass_ _ _ _
92,244 34
89,024 72
3,219 62 3.62 6.97
.28
Jacksonville, Fla_ _ _
82,583 52
73,176 44
9,407 08 12.86 11.95
7.97
Total
27,454,861 37 25,914,385 99 1.540,47538 5.94
4.07
11.29
• Decrease.
Feb. 1925 over Feb. 1924, 1.50, Mar. 1925 over Mar. 1924, 5.91, Apr. 1925 over
Apr. 1924, 8.04.
Increase in Postal Receipts at Fifty Industrial Cities
in May as Compared with Year Ago,
The Post Office Department reports under date of June 9
that the total postal receipts for the fifty industrial cities
throughout the United States for the month of May 1925
amounted to $2,873,363 64, while for May 1924 they were
but $2,650,772 61. This shows an increase in last month's
receipts over the corresponding period last year of $222,591 03,
or 8.40%. The Department also states:
Springfield. Ohio, led the fifty industrial cities in the percentage of increase in receipts, amounting to 50.42%. Springfield's total receipts forMay 1925 were $179,996 54, while they were but $119,664 96 for May 1924,
Harrisburg, Pa., came next with an increase of 27.53%, while Oakland.
Calif., was third, showing an increase of 25.65%.
Incidentally, it may be noted, the May totals for the industrial cities are, as in the case of the fifty selected cities,
lower than those for April 1925, the total postal receipts for.
the fifty industrial cities in April 1925 having been $3,108,131
3008
THE CHRONICLE
{Wu Lit
The April figures were given in oudissue of AMay123, page awarded this year for the first time since 1916, it was an2630. The following is the summary for May:
nounced on May 18 by Arthur Williams, President of the
STATEMENT OF POSTAL RECEIPTS OF FIFTY INDUSTRIAL:CITIES FOR American Museum of Safety. In making this announcement
THE MONTH OF MAY,I1925.
Mr. Williams .said that analysis of Inter-State Commerce
-Per Cent
Commission statistics indicates that there were fewer cas1925 1924
over
over
ualties among passengers and employees in railroad acciOffices.
Increase. 1924. 1923. dents during
May 1925.
May 1924.
1924 than during any of the preceding nine
19.64
Springfield. Ohio
8179,996 54 8119.664 96 $60,331 58l50.42
Oklahoma, Okla
110.716 55
18.493 06 20.05 *4.06 years. "Mrs. E. H.Harriman has authorized the resumption
92.223 49
Albany, N.Y
9,10497 8.00 7.54 of the E. H. Harriman Memorial medals for the year ending
122,845 11
113,740 14
Scranton, Pa
90,264 55 '7.49372 +8.30 18.59 Dec. 31 1924,"
82.770 83
Mr. Williams said. "This will enable us to
Harrisburg,Pa
91,817 77 25,279 62 27.53 11.19
117.097 39
San Antonio, Texas
85,090 87
+925 84 +1.08 9.32 discover which railroad has accomplished most in protect86,016 71
Spokane, Wash
811 78 1.02 +2.97 ing the life and health of its employees and passengers dur80,364 10
79.552 32
Oakland, Calif
100.725 82 25,831 95 25.85 6.88
126,557 77
ing the past year and to give this railroad the public recogBirmingham, Ala
9,21107 9.08 10.26
101,406 05
110.617 12
Topeka, Kan
87,185 87 '290674 *3.22 14.34 nition that it deserves." The Harriman gold medal will be
84.379 13
Peoria, Ill
6.36543 8.56 +2.81 given to the railroad which has the best record for accident
74,327 90
80,693 33
Norfolk, Va
1.09 +3.03
675 40
62,111 13
62,788 53
prevention and health promotion throughout the system as
Tampa, Fla
74,84369
59,825 95 15.017 74 25.10 13.07
Fort Wayne,Ind
84,25895
4.72786 5.94 6.63 a whole; a replica in silver will be awarded to the division
79,531 09
Lincoln, Nebr
2.95682 4.37 1.21 of the road which has the best individual safety record;
67,647 44
70.604 26
and
Duluth. Minn
+.30
6.04884 10.12
59.770 76
65.819 60
a replica in bronze will be presented to the employee who, in
Little Rock, Ark
3.37
1,978 09 3.06
64,557 57
66,535 66
Sioux City, Iowa
4,311 12 6.88 +1.18 the judgment of the road, has been most conspicuous in fur62,703 11
-67.01423
Bridgeport, Conn
1.67028 2.55 +4.49 thering accident
65,577 38
67,247 66
prevention. The awards will be made by
Portland, Maine
11.08026 18.58 12.61
59,460 95
70,511 21
St. Joseph. Mo
49,381 44
2,923 12 5.92 6.58 the ollowing committee:
52,304 56
Springfield, RI
Trenton, N.J
Wilmington. Del
Madison, Wis
South Bend, Ind
Charlotte, N.C
Savannah, Oa
Cedar Rapids, Iowa
Charleston, W. Va
Chattanooga, Tenn
Schenectady, N. Y
Lynn, Mass
Shreveport,La
Columbia. S. C
Fargo, N.flak
Sioux Falls. S.flak
Waterbury, Conn
Pueblo, Colo
Manchester. N.H
Lexington, Ky
Phoenix, Aria
Butte, Mont
Jackson. Miss
Boise, Idaho
Burlington, Vt
Cumberland, Md
Reno, Nev
Albuquerque. N. Mex__ _Cheyenne, Wyo
54,51953
56,913 14
54,26269
54,435 19
68.518 40
57,863 77
44,564 73
46,150 05
37,692 87
56,850 84
44,645 29
36,278 48
34,611 06
32.10658
31,38590
33,692 33
30,732 13
27,236 76
24,286 32
31,388 73
24,095 37
19.58624
24,146 41
18.09990
18.485 17
12.608 77
12,279 85
12,085 70
10,727 25
50,79964
51,713 89
51,423 78
58,989 39
58,072 40
53,263 86
52,567 91
43,164 71
47,143 34
62,762 56
43,527 78
34,358 99
35.420 67
31,01056
25,20069
29.90538
30,799 88
25,073 49
22,216 62
29,555 10
22,201 63
20.27756
21,411 55
17.23900
18,246 28
12,688 61
13,093 02
12,614 51
8.53741
3.71989
5,199 25
2.83891
+4,554 20
10,446 00
4,599 91
*8,003 18
2,985 34
'945047
*5,911 72
1.11751
1.91949
'80961
1.15602
6,18521
3,78695
'6775
2,16327
2,069 70
1.90363
1.89374
+691 32
2.73486
860 00
238 89
+79 84
•813 17
+528 81
2,18964
7.32 6.35
10.05 5.03
5.52 5.23
*7.72 20.22
17.99 9.63
8.63 . 14.05
*15.22 24.41
6.92 7.39
*20.05 13.70
+9.42 8.57
2.57 12.95
5.59 +17.01
+2.28 11.31
3.73
24.54 +6.88
12.66
5.24
+.22 9.30
8.99 4.40
9.31 *7.74
6.20 12.92
8.53 6.42
.3.41
3.23
12.77 11.39
4.99 8.20
1.30 2.24
.62 5.23
+6.21
5.50
+4.19 4.91
25.64 *17.79
Mr. R. H. Aishton, President, American Railway Association.
Mr. Samuel 0. Dunn, Editor, the "Railway Age."
Mr. John Jacob Esch, Inter-State Commerce Commissioner.
Dr. Julius H. Parmelee, Director, Bureau of Railway Economics.
Mr. Arthur Williams, Chairman.
In announcing resumption of these awards, Mr. Williams
paid a high tribute to E. H. Harriman, declaring "he was
personally responsible for the splendid safety record of the
railroad systems in which he was interested." The conditions under which the awards will be made, which were
worked out under the direction of Julius Kruttschnitt, Chairman of the Executive Committee of the Southern Pacific Co.,
Include a table of weights providing a penalty 50 times as
great for fatal accidents as for non-fatal. Railroads are
required to report accidents in and around shops, on boats
or wharves, at stations, freight houses, engine houses, coaling stations, water stations, and accidents which occur in
connection with construction, repair, painting and mainteTotal
$2,873,363 64 82,650,772 61 8222,591 03 8.40 6.15 nance of equipment, as well as train accidents and train
service accidents. Copies of the conditions of competition
• Decrease.
.
.
Feb. 1925 over Feb. 1924, 4.68%. March 1925 over March 1924, 5.13% April and of the forms on which the accident data
are to be sub1925 over April 1924. 11.02%.
mitted have been sent to the President of every Class I
steam railroad in the United States. The award will be
Harriman Memorial Medals for Accident Prevention based on the accident experience of railroads
during the calon Railroads.
endar year of 1924; the records of this experience were reThe E. H. Harriman Memorial medals for the best record quired to be submitted to the American Museum of Safety in
in accident prevention among American railroads will be New York City by June 1.
1!
Current Events and Discussions
,
The Week- With the Federall,ReserveiBanks. '
The consolidated statement of condition of the Federal
Reserve banksTon June 10, made public by the Federal
, andservjBoa which deals with the resultslfor the
twelve Federal Reserve banks combined, shows an increase
of $4,800,000 in holdings of discounted bills and of $5,700,000
in Government securities, and a decline of $10,000,000 in
holdings of acceptances purchased in the open market.
Federal Reserve note circulation declined $15,000,000,
while cash reserves went up $7,700,000 and non-reserve
cash $6,400,000.. After noting these facts, the Federal
Reserve Board proceeds as follows:
An increase of $19,200.000 in holdings of discounted bills is reported by
the New York- Reserve Bank, of $4,000,000 by Chicago and of $2.800,000
by San Francisco, while the St. Louis bank reports a decrease of $7.800,000.
Boston of $7,600,000, Richmond of $2,700,000 and Atlanta of $2,400.000.
Acceptance holdings fell off $4.500.000 at the Federal Reserve Bank of
Chicago, 33,000,000 at Boston and S2,400,000 at Kansas City, while the
Atlanta Bank reports an increase for the week of $3,400,000. The System's
holdings of Treasury notes went up $5.800,000 and of Treasury certificates
$300.000, while holdings of U. S. bonds declined $400,000.
The principal changes in Federal Reserve note circulation during the week
comprise an increase of $3,900,000 reported by the Cleveland bank, and
decreases of $7,700,000 and $7,000,000, respectively, by Boston and
New York.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
-namely* pages 3038 and 3039. A
on subsequent pages
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
June 10 1925 follows:
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U. S. Govt. obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Increase(+)or Decrease(-)
During
Week.
Year.
+$7.700.000 -$294,200,000
+3.000.000 -333,400,000
+500.000 +220,100,000
+4.800.000
+41.100.000,
+15.100,000
+91.500,000
-10,300,000 -50,400,000
-10,000,000 +230,600,000
+5.700,000 -63,100,000
-400.000
+61.700.000
+5,800,000 -80,000,000
+300,000 -44,800.000
-15,000,000 -210,800,000
+3,500.000 +138,700,000
+9.200.000 +124,200,000
+5.400,000
+9,200,000
-11,100,000
+5,300,000
The Week With the Member Banks of the Federal
Reserve System.
The principal changes in condition of the 734 reporting
member banks in leading cities during the week ending
June 3, as shown in the statement issued by the Federal
Reserve Board, comprise increases of $72,000,000 in loans
and discounts, of $18,000,000 in investments and of $146,000,000 in net demand deposits, together with a decline of
$16,000,000 in time deposits. It should be noted that the
figures for these member banks are always a week behind those
of the Reserve banks themselves. The New York City
banks reported increases of $27,000,000 in loans and discounts, of $45,000,000 in investments, and of $84,000,000 in
JUNE 131925.]
THE CHRONICLE
net demand deposits, and a reduction of $23,000,000 in time
deposits. Further comments regarding the changes shown
by these member banks is as follows:
Loans on stocks and bonds went up $70.000,000, of which $25,000,000
was reported for the Boston district, $20,000,000 for the New York district
and $17,000,000 for the Chicago district. "All other," largely commercial,
loans and discounts changed but little during the week, small increases in
the New York, Cleveland, Chicago, Minneapolis and Kansas City districts
being nearly offset by declines in the Boston, Philadelphia, Atlanta, St.
Louis and San Francisco districts.
United States securities held by reporting banks in the New York district
aggregated $34.000.000 more than a week ago, while holdings reported by
banks in most of the other districts show small decreases. Substantial
increases in holdings of other bonds, stocks and securities reported by banks
in the New York and Chicago districts were more than offset by reduction
of $9,000.000 and $6,000,000, respectively, for the St. Louis and Cleveland
districts.
Net demand deposits increased in all districts except Atlanta, St. Louis
and San Francisco, the largest increases being reported by banks in the following districts: New York, $77,000,000; Chicago, $34,000,000, and Cleveland, $11,000,000. The only important changes in time deposits during
the week comprise a reduction of $15,000,000 in the New York diitrict
and an increase of $7,000,000 in the Philadelphia district.
On a subsequent page—that is, on page 3008—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
as compared with a week ago and with last year.
Loans and discounts, total
Secured by U.S. Govt. obligations_
Secured by stocks and bonds
All other
Investments,total
U. S. bonds
U. S. Treasury notes
U. S. Treasury certificates
Other bonds, stocks and securities_
Reserve balances with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total accommodation at P.51. banks_
Increase (±) or Decrease (—)
During
Week.
Year.
+$72.000,000 +$1,238,000,000
_
—2,000,000
—43,000.000
+70,000.000 +1.068.000.000
+4.000.000
+213,000,000
+18.000,000
+783,000.000
+9.000,000
+532.000.000
+6.000.000
—230.000,000
+7.000,000
+30,000.000
_
—4,000,000
+451,000,000
+3.000,000
+122,000,000
—7,000.000
—9.000.000
+146.000,000 +1.223.000.000
—16,000.000
+827.000,000
—1.000,000
+49,000,000
—3.000.000
+55,000,000
Return of Otto H. Kahn from Europe—Remarks Attributed to Him Regarding War Debts "Without Basis in Fact."
With his return from Europe this week, Otto H. Kahn of
Kuhn, Loeb & Co. denied the statements attributed to him
abroad, in one of which he was represented as apologizing
for the steps taken by the State Department at Washington
toward the settlement of the French debt to the United States.
Mr Kahn declared the allegations ascribed to him as "wit&
.
out basis in fact." Mr. Kahn returned on June 9 on the
steamer "Majestic." In reply to questions, Mr. Kahn said
that he would confine himself for the present to the following
statement:
3009
As to No. 2.
The occasion on which I made the speech alleged to contain the remark
—rightly open to censure if I had made it—was a private luncheon of about
twenty persons, at which no reporters or short-hand writers were present.
When unexpectedly called upon to say a few words. I emphasized, after a
few remarks in a lighter vein, the importance in this age of democracy
and the rule of public opinion, that peoples should try to understand one
another's viewpoints, psychology and problems, and not let dissonances
creep into their relationships through lack of such understanding. I continued in this strain:
'Of course, we cannot in all cases see 'eye-to-eye' with you, which is
but natural, in view of the distance in space which separates us, and of the
difference in mentality and conditions, we being young and by the favor.
of Providence, free from grave immediate problems, you being a very old
race and beset with complexities, some of them resulting from the war,
some from the peace treaties and some inherent in social, economic and historic conditions, such as, fortunately, we are not acquainted with in our
country. Frankness is always becoming and advisable among friends, and
depend upon it that America is the sincere and cordially well-meaning friend
of France. Indeed, affection for France is one of the oldest fundamental
traditions of America.
"If it occurs that words come to your ears from across the Atlantic
which wound your just susceptibilities, whether uttered by private persons,
journalists or politicians, tell yourselves that even journalists and politicians
are not clothed with infallibility, and be assured that words of that nature
do not truly echo the lasting sentiment, and do not spring from the soul,
of the American people."
These remarks had no relation whatever to the question of the debt
settlement, which question was in no way referred to on that occasion,
either by myself or by the speakers who preceded and followed me. What
I said could not possibly have been misunderstood—and I am certain was
not misunderstood—by any one present as bearing any relation to that subJock
The aay after that speech (being Sunday, which I spent in the country
with French friends), I noticed with dismay, in a French paper,the garbled
version which it published, summarizing my remarks in two or three sentences. As far as I know, this was the only French paper which made reference to my speech, and I only learned several days later that at least one
American paper in Paris contained the same reference. I considered whether
,I should publicly correct that misquotation, but reached the conclusion not
to do so, because it seemed to me that the offending generalization contained
in the sentence as published was so unthinkable a thing to have been said
by me, or any other responsible person, as to carry its contradiction on its
face, and because I felt that a public correction would tend to give the matter undue importance. When I learned, after my arrival in London,
that the unfortunate misquotation had been cabled to America, and there
been accepted as accurate and represented as illustrative of the general
attitude taken by me in Paris, I immediately cabled a correction and a true
statement of the facts to my firm for such public use as they deemed appropriate.
The statement issued in behalf of Mr. Kahn by his firm,
denying the remarks attributed to him, was given in our issue
of May 30, page 2756. During his stay in Europe Mr.
Kahn visited Morocco, Spain, Italy, France and England.
Credit Extended by German Banks to Stinnes Group to
Prevent Crash Imminent with Conflict of
Views of Members of Family.
The difficulties faced by the Stinnes enterprises of Germany, which had threatened their collapse, has apparently
been averted by the decision, announced June 5, of a group
of the larger German banks to aid the Stinnes interests.
The amount advanced was reported on the 5th inst. to be
40,000,000 marks. Under date of the 11th inst,. however,
the Associated Press announced the following from Berlin:
During my stay in Europe it was my ill-luck to be repeatedly misquoted.
I have not the presumption of considering my sayings and doings of sufficient concern to the public to justify me in setting forth a catalogue of deThe "Boersen Courier" says the obligations of the Stinnes concern are
nials or corrections. But there are two principal allegations regarding my reported to be 155,000,000 marks, of which 110.000,000 are due in July.
attitude and expressions abroad which, if they were true, deserved the disOf the total, 40% is covered by goods, leaving roughly a balance to be
approval with which, on the basis of cabled reports, they were received covered of 90,000,000 marks.
here, and which, in justice to myself, I must ask leave, by the courtesy of
According to the paper, the banking firms attending the recent conference
the press, to set right explicitly.
to consider the situation of the Stinnes concern are prepared to advance
The allegations to which I refer are:
50,000,000 marks, while the remaining 40,000,000 will be guaranteed by
1. That during my recent stay in Paris I took an antagonistic or depreca- a group headed by the Darrastaedter Bank.
tory attitude in respect of the Administration's policy and efforzs to bring
The Reichsbank, it is added, is ready to give all assistance for bills of exabout a settlement of the French indebtedness to America, and that I in- change issued by the Stinnes concern, in agreement with that body.
deed "apologized" for the steps taken by the State Department in this
The assistance, it is stated, was forthcoming because of
matter.
2. That in a speech made by me in Paris on May 16 last I said:
the fear that the threatened collapse would adversely affect
at times you hear words that offend you, always put it down to the
"If
fact that they do not come from the soul of the American people, but from German economic life. It is also stated that the funds
placed at the disposal of the Stinnes family will enable it to
her politicians, who do not represent the nation."
Both these allegations are without basis in fact.
renew short time credits. The fact that the enterprises
As to No. 1.
I have been scrupulously careful not to say one word in public, during my
stay in Europe, on the question of the foreign debts to America, with the
single exception that, in a speech before the American Club in Paris on May
14 last I used these words:
"It would be unbecoming,on this occasion, to speak of political questions,
or of the question of the French debt to America, which latter question will,
I trust and believe, be settled before very long in a manner satisfactory and
honorable to both nations."
Privately. I have told everyone who asked my opinion that, circumstances
being as they are, I am positively convinced that, in her own best interest,
France must negotiate and conclude a final settlement of the debt question
as promptly as possible.
In a recent public statement in London, I said, speaking of France:
"What is principally needed now is the restoration of confidence through
genuinely and clearly balancing the budget, and creating a revenue surplus
for the redemption of her debt, and negotiating a settlement of the debt
which she owes to England and America, so that the nation may know definitely what is the total of the obligations she will have to meet annually"
These expressions are in no way in conflict with the view I have always
held, and still hold, that, for economic and practical as well as for sentimental reasons. America should go to the limit of sensible and consistent generosity in the terms of the settlement which she will require from the European nations indebted to her on account of advances made for the prosecution of the war
faced financial difficulties became known following reports
of a break between Hugo Stinnes Jr. and Dr. Edmund
Stinnes, sons of the founder, the late Hugo Stinnes. On
May 26 the Associated Press advices from Berlin stated:
A brief announcement was issued from the Stinnes headquarters to-night
that by mutual agreement between Hugo Stinnes and Edmund Stinnes,
the latter has resigned from the firm. Edmund will continue, however,
to represent Hugo's interests, especially in the sphere of Insurance and
automobiles.
The new arrangement is believed to represent a division of the administrative organization of the vast Stinnes businaccas. Dr. Edmund Stinnes
has long specialized in the family's automobile industries and Is said to be
ambitious to develop these along American lines. Hugo Stinnes Jr. has
largely devoted himself to his shipping interests and has made Hamburg
his headquarters.
On the following day (May 27) the New York "Journal of
Commerce" announced as follows advices from Frankforton-the-Maine:
The break between the Stinnes brothers represents the culmination or
a long series of disagreements. The older brother, Dr. Edmund Stinnes,
has retired from all management and control of the main Stinnes firm,
which is now to be conducted from Hamburg by Frau Clara Stinnes, the
widow, and her second son, Hugo Stinnes Jr.
3010
THE CHRONICLE
[VOL. 120.
Dr. Edmund Stinnes, operating probably from Berlin, will direct the
Insurance and automobile activities of the firm.
The industrial and financial situation of the Stinnes concern is stated
to be very satisfactory.
of information from an authoritative source that the Stinnes affairs in
Germany had been settled "entirely satisfactorily."
marks. But this concerns the "peripheral corporations which were not
connected with the concerns original coal and steel undertakings. These
will undoubtedly be separated and the coal and steel corporations be put
under a centralized management at Mulhehm
On the basis of the official advices. the belief prevailed here that a funding
agreement could be reached in time for presentation to the next Congress
for ratification.
It was reported in a copyright cablegram from Berlin Belgian Government to Send Debt Funding Commission
to United States Next Month.
June 7 to the New York "Times" that the immediate cause
The intention of the Belgian Government to send a
simply
of the Stinnes trouble, as financial circles see it, was
lack of liquid means to meet maturing short-term debts. commission to the United States next month to confer with
members of the World War Foreign Debt Commission at
This account continued:
But the ultimate cause is considered to lie deeper. Trouble was bound Washington on the funding of the Belgian war debt to the
to come, in the judgment of financial Berlin, from the heterogeneous and United States was made known on the 8th inst. The
uztorganic character of the whole Stinnes combination, which was in fact commission will be
headed by former Premier Theunis,and
held together only by the business genius and tremendous prestige of its
will include the Governor of the Bank of Belgium and
founder.
All of the four most important banks in Berlin, as well as the Commerz Baron de Cartier, the Ambassador to Washington. Assound Privet Bank, have arranged to put up funds, with a view to preventing
ciated Press dispatches from Washington June 8 said:
violent dissolution of the Stinnes concern, the first credit being 40,000,000
Attitude at Reichsbank.
The Reichsbank is acting only as an adviser in the matter and not as a
participator in the new financial support. Friends of the Stinnse family in
Berlin affirm emphatically that the firm is solvent and is merely in an
acute degree from the lack of short-term credits and working capital which
have been afflicting industry in general. The latest report current puts
liabilities of the concern, maturing within the nest few months,at 70,000,000
marks.
Following the announcement regarding the Stinnes concern, the Stinnes
securities declined only slightly on Thursday stock market; but on„Friday
there was a very sharp reaction, which spread to heavy industrial shares in
general. Quotations of Stinnes stock between Tuesday and Friday, quoted
In marks, per 100 marks nominal of stock, declined as follows: Deutsch
Luxemburgfrom 85.25 to 72.25; Gelsenkirchen from 68.75 to 62.50; Bechum
Cast Steel from 84.50 to 65.50; Schuckert from 65 to 59.25
In reporting the action of the German banks the Associated
Press cablegrams from Berlin June 5 stated:
A communique issued at Stinnes headquarters denies flatly rumors that
the family intends to liquidate its holdings. It states the exact contrary
Is the case and that a new program, under the direction of Hugo Stinnes, Jr.,
will devote itself to rational centralization of the various Stinnes enterprises.
The voluntary support ef the Berlin banks is designated in the communique as a vote of confidence and an endorsement of the new orentation
decided on by Mrs. Claire Stinnes, widow and sole heir of the magnate,
her son, Hugo, Jr., and the intimate associates of the elder Stinnes.
The family will continue publication of the "Deutsche Allgemeine
Zeitung, which It views as a special legacy by the late Hugo Stinnes.
The present conflict in the family s affairs, says the communique, is the
outcome of the "dualism caused by conflicting views, which now have
been removed through the withdrawal of Dr. Edmund Stinnes (oldest son
of the late Hugo Stinnes).
Financial writers are inclined to view the crisis in the affairs of the Stinnes
concerns as the logical sequence of the late Hugo Stinnes,former head of the
concern, having overloaded during the inflation years. With few exceptions the writers concur in the belief that the Stinnes family s determination
to jettison doubtful holdings and return to a policy of rigid centralization
of its major properties rperesents sound procedure.
While previous announcement had been made in Washington of the plans regarding the forthcoming negotiations, it
had not been indicated until the present week when the
Belgian commission was expected to arrive. A statement
regarding the proposed negotiations was issued on May 29
by Secretary Mellon as follows:
On his return from Cuba, where he represented his Government at the
Inauguration of General Machado, the Belgian Ambassador, Baron de
Cartier, after consultation with the Secretary of State, called on the
Secretary of the Treasury and informed him of the desire of the Belgian
Government to initiate, at an early date, negotiations with the Foreign
Debt Funding Commission for the definite settlement of the Belgian
obligations to America, and that the Belgian Government will send over
to Washington a committee headed by Mr.Theunis and which will comprise
prominent Belgian financiers. Baron de Cartier plans to sail shortly
for Belgium to confer with the Belgian Government and intends to return
to Washington with the members of that committee.
Secretary Mellon Calls Meeting in July of World War
Foreign Debt Commission.
The New York "Evening Post" in its issue of last night
had the following to say in advices from Washington regarding a meeting of the World War Foreign Debt Commission
next month:
The World War Foreign Debt Commission has been called to meet in
Washington in July to consider the whole debt funding problem. The
meeting may develop into an international debt conference of far-reaching
consequences.
The Commission will give attention to any settlement plans which debtor
nations may have to offer and will discuss suggestions for hastening negotiations with Governments which are laggard.
The exact date of the meeting has not been fixed, but it is likely to continue over a period of several days simultaneously with the arrival here of
the Belgian Funding Commission. It is hoped to have representatives
of France and Italy, competent to discuss the debt question, in Washington at the same time so that the meeting may take on a wide international
The New York "Times," in indicating that the Stinnes significance.
interests would retain their coal trade, selling on a business
The calling of the meeting of the Commission became known in connecbasis their shipping and other interests, said, in a copyright tion with the arrival of Senator Smoot of Utah, Chairman of the Finance
Committee, the Senate's representative on the Debt Commission.
cable gram from Berlin June 6:
Senator Smoot said he had received word from Secretary Mellon, ChairThere is no danger of the Stinnes firm becoming seriously involved man of the Commission, that the meeting would be held in Washington.
financially, it was learned to-day.
The Senator, who has taken an active part in all the debt funding negoThe history of the Stinnes troubles may be outlined as follows:
tiations to date, said he would remain in Washington to be ready to parAfter the recent separation of the two sons of the late Hugo Stinnes, owing ticipate in the meeting.
to business differences, the younger son, Hugo, who has taken over the
Cable dispatches from Paris to-day telling of Foreign Minister Briand's
direction of most of the vast business left by the late magnate, asked the conference with Representative Theodore Burton of Ohio sent hopes of a
Reichsbank for aid to meet his obligations. Thereupon the Reichsbank French settlement soaring again. Mr. Burton has been attending the
President, Herr Schacht, summoned the directors of several important Geneva Conference as the head of the American delegation. He is also a
German banks. After conferring with Hugo Stinnes the second and other member of the Debt Commission.
Stinnes representatives, including Messrs. Voegeler and Sllberberg, wellHis conference with Briand, therefore, is expected to result in some progknown associates of the late Hugo Stinnes, the bankers decidde to grant ress in the negotiations with the French Government. News reports said
concern credits to make possible the conversion of its outstanding it was understood in Paris that Briand gave Mr. Burton
to the
assuarnces that
short-term obligations into long-term obligations. Thus the firm obtained France intends soon to take definite steps in the direction of settlement.
an additional six months for meeting its short term commitments.
Moreover, the bankers agreed to advance further sums if other notes
Creation of Belgo-American Investment Trust—Organwere presented for payment by the Stinnes creditors.
It is especially emphasized that this will tide over the difficulties which
ization to Place Funds in Established Industrial
confronted the Stinnes interests, and that every payment demanded of the
Concerns in Europe—Allied with Belgian
concern will be made.
The supporting action for the Stinnes concern was by German banks
Solvay Interests.
exclusively. They saw that united action was necsesary to prevent the posThe "Wall Street Journal" announced in its issue of June
sibility of serious economic complications and they acted t,ogether promptly.
Though the Reichsbank helped to obtain for the Stinnes firm prolonged 11 the following advices from Brussels:
credits, an emphatic declaration is made that it incurred no obligations
American and Belgian capital has combined in creating the "American
whatever, either through its affiliated gold discount bank or in any other Belgian Financial Corporation," an investment organization which will
form.
place its funds in securities of established industrial concerns throughout
It was also learned that the bankers and the Stinnes directors will proceed Europe. New company is closely allied with the Belgian Solvay interto consider the reorganization of the Stinnes interests, involving consider- ests, which, through their private bank, the Mutuelle Mobiliere et Immoable curtailment in some directions. Thus it is hoped they will release biliere, have close relationships with western and middle European industry.
money to meet obligations incurred by the Stinnes firm. Coal will remain Capital of the American Belgian Financial Corporation is placed at 50.000,the pivotal Stinnes interest, and there will be no circailment in that 000 francs. No public offering was made of the stock, but following interbranch. But there will be concentration, involving the sale of a ests participated:
considerable portion of the vast interests now controlled by the Stinnes Lee, Higginson & Co
34,135 shares 500 francs par value
heirs. Only such enterprises will be given up as do not really fit into White, Weld & Co
34,975
the curtailment and concentration scheme between the bankers and the Clark, Dodge & Co
5,890
Stinnes heads.
La Mutuelle Mobiliere et Immobiliere
14,850
Referring to the situation of the Stinnes heirs, a high business executive F. M.Philippson & Co
9,950
remarked:
Emanuel Janssen
50
"The Stinnes fortune is much less than foreigners think, though much Robert Hanker
50
44
more than the Stinnes family need."
Maurice Philippson
50
44
Referring to the Stinnes difficulties, a prominent Berlin bank director W. Hallam Tuck
50
said:
"The Stinnes people were presented with vast properties, but were not
100,000
Presented with the money needed to run them."
M. Janssen, director of the Mutuelle Mobiliere, will also head the new
organization, having as directors to aid him Gilbert Browne, Thomas
The same paper June 7 stated:
The International Acceptance Bank, of which Pau M. Warburg is McKittrick, representing Lee, Higginson, and W. Hallam Tuck,American
Chairman of the Board of Directors, announced yesterday the receipt officer with the Belgian Solvay Co.
JUNE 13 19251
THE CHRONICLE
Co. that ever since
representative of Dow, Jones &
M.Janssen told the
place capital in Belgian
Americans have been anxious to futures. Inflated stock
the Armistice.
have promising
enterprises which appeared to ge were dark points which held up realizaexchan
values and uncertainty of
concerns were
tion of projects.
months of 1925 Belgian industrial
nt
During 1924 and first
increases necessary to furnish sufficie
ed to seek large capital on the market drove shares to the Bourse,
compell
funds
turnover capital. Limited point where many attractive purchases were
a
depressing quotations to
available cash.
available to capitalists having
at Present to Consider Funding
Italy Not in Position
ding to Finance Minister
of War Debts, Accor
Is
Stefani—Reports That Moratorium
De
Sought.
5 Finance Minister De SteIn the Italian Senate on June
ced that Italy at the present mofani is said to have anoun
to consider the funding of war
ment was not in a position
d from an Associated Press cablegram
debts. This is learne
from Rome, which adds:inter-Allied debts can be accepted," he de-
the
"No systematization of
such possinated to the possibility of payment, and
clared, "unless subordi
State and by
offered by the financial situation of the
bility can only be
to-day cannot support
ional payments, which budget
the budget of internat
any further burden."
Foreign Minister, said that a creditor, when
Signor Schanzer, former
of debt payment, must consider Italy's
discussing the amount and method windfall there would be no possibility
adding: "Without a great
condition,
of immediate payment." Riceo on the necessity of obtaining a moratorium
He agreed with Senator
n of the payment of interest or amorpermitting no discussion of the questio could be provision for wiping out
which there
tization for ten years, after
payments over a long period. He declared that
the debts by installment
to return to the gold basis, but that internal
Italy eventually would have
ons were not yet ripe; it was necessary to await
and international conditi
revaluation of the lira.
considerable deflation and certain
r Be Stefani to task for not having
Senator Ricci took Finance Ministe
d early in the spring. Despite the
reduced circulation 88 he had promise ion was still above 18,000,000,000
circulat
Minister's promises, he said, the
lire.
remarked; "If we say we are rich,
Referring to debts, Senator Ricci
100%; if we say we are poor, the value
Senator Borah will want us to pay market."
e
of the lira suffers on the exchang
3011
as soon as the exchange rates abroad
as long as they are able to do so, and
As to foreign countries, only
rise above the parity of the value of gold.
free gold market.
such will be considered as also have a
uals
in practice gold exports by individ
It is, however, an open question if
Bank, through the possession
be resorted to. The Netherlands
or banks will
(on May 4 the bank possessed 152,of foreign bills and of balances abroad under the heading of miscellaneous
400,000 florins in foreign bills, while
s is
a large amount of foreign balance
accounts, amounting to 70,100,000,
to keep the rates of exit largely in its power in any case conditions with which
included), has
however, are
change below the gold points. These, exchange has to take account.
the practice of trade in gold and foreign
period of unstable values in the fore"The principal thing is that now a
Unofficially, this has
currencies has officially been closed.
most foreign
Bank of late has maintained
place long ago, because the Netherlands
of
taken
dollar—which before the restoration
the guilder around parity with the
parity. • For this purpose gold had
the gold standard was equal to gold
the gold
from the circumstance that
been exported long ago, as is shown
,000 florins, as against 740,200,000
supply on May 4 amounted to 479,400
1918.
florins as highest point on April 10
as a means of payment in this country
"Gold has not yet been restored
. We have, however, actually got
Itself, any more than it has in England
definition of Mr. Viae standard, which, according to the
the gold exchang
Bank, is 'a system by which gold
the President of the Netherlands
serling,
but by which the circulation consists
is not current in the country itself, y notes, and bank notes; but with all
exclusively of silver currency, currenc
gold value, and the par value with
fiduciary money founded on a nominal
gold values abroad availto foreign countries guaranteed by placinging medium.'
regard
ry circulat
able for payments against that fiducia
practically also in vogue in this
"The return to this system—that was
looked upon as a step in the direction of
country before the war—may be
The only abnormal thing in our currency
the return to normal conditions.
that are still in circulation. It
is the 19,200,000 florins in currency notes
redeem these now, as the Nether.
would, however, already be possible to
000 florins in silver currency."
lands Bank possesses more than 20,700,
nd Building—Old
Reconstruction of Bank of Engla
Retained.
Spirit of Architecture
ucial News" of
The following is from the London "Fina
May 8:
to the reconstruc-
with regard
The directors of the Bank of England state,
the full their historic trusteetion of their building, that, recognizing to
with the utmost sympathy for the retenship, they have faced the problem
be incorporated without too
tion of every feature of the old Bank that could
of the new working organism.
great a sacrifice of the essential efficiency
ed with the abstract archiThey felt that they were, perhaps, less concern
Taylor and Soane—on some
tectural values of the buildings of Campbell,
accord—than with the sentiPress reported on June 6 of which expert critics themselves are not in history and association of the
From Washington the Associated
they give embodiment of the
ment
some circles there over Finance Bank,to whichfamiliar and famous place in the affections of the citizens of
and its
that surprise was manifest in
when it was found possible, without undue
reports said:
Minister De Stefani's statement. Thesehad taken an optimistic London. And so they were glad set by the directors of a century ago, who,
sacrifice, to follow the precedent
announcement surprised officials here who
The
much of the work of the
of the Italian Ambassador's recent convents- with Sir John Scans as their architect, retained
view of the situation because
the building which this
had been supposed by some that impor- preceding architects—Campbell and Taylor—in
Eons with Secretary Mellon. It
with a similar, but vaster, problem,
being made toward preliminary negotiations for a settle- century inherited. Thus being faced
incorporate in
tant progress was
Court of Directors have been fortunately able to
to be for a considerable delay.
ment, but the prospect now appears have sought to avoid giving the impres- the present
g, and still more of the spirit of
the new design much of the actual buildin
Ambassador De Martino is said to
at once, although the Treasury conferences the architecture of the old Bank.
sion that Italy was ready to act
of the Bank is the blind defensive
him a definite idea of the minimum basis
To the public the most familiar feature
were regarded as designed to give
in its entirety, except for some
outer wall of Soane. This will be retained
which would be acceptable to the Debt Commission.
of settlement
a period of modifications, principally in the Lothbury front, necessitated by the rearsuggestion of Italian Senators that Italy be granted
The
been designed to
interest and principal of her debt also has rangement of the entrances and inner yards which have
delay in starting payments on the with Treasury officials.
building. Simplificameet the necessities of the greater and more complex
been discussed by the Ambassador
wall by the removal of
moratorium, after which there could tion, too, will be given to the parapet of the outer
One Senator advocated a ten-year
during the Gordon riots.
by annual installment payments.
the screen wall built as a loopholed sentry walk
be provision for settling the debt
Lothbury Court.
ed as saying that
On May 1 Premier Mussolini was report
with its colonnades
Next, perhaps, to the outside walls, Lothbury Court,
nations we will
to the public.
"if a moratorium is granted the other debtor
great arches, leading to the Bullion Court, is best known
ourselves." This statement and chief feature it has, fortunately, been found possible to incorporate,
ask a still longer moratorium for
Its
the Italian with some inevitable modifications, in the new plan, and it will continue
was said to have been made by the Premier before
as a driving way to the Treasury and its vaults.
n as of
the Associated Press advices in the to functiocentre oldthe new plan a large open court will carry on the use
Senate, at which time
of
In the
more than any other
account of his speech said:
and sentiment of the existing Garden Court, which
would do everything in her power feature gives distinction to the Bank of England among the buildings of LonItaly recognized her debts, he said, and
c situation allowed. In view, however, don and other cities.
to meet them as far as her economi
"Inner Treasthe fact that her wealth was only a
Elsewhere the little-known but beautiful "Treasury" and
of her great sacrifices in the war and
d to Great Britain's, he thought ury" and other rooms and lobbies will, it is hoped, be reconstructed and
fifth of France's and could not be compare
be seen by those who
most-favored-nation treatment.
woven organically into the new fabric, where they will
she was entitled to something more than
0
possible to embody
Italy's total war debts, he said, amounted to 100,000,000,00 lire, of do business with the Bank, and it has even been found
by some
2) was owed to the United States.
in the plan the existing Princes Street entrance, which is admired
which half ($2,138,543,85
rest of the Bank.
connoisseurs, in spite of its incongruity of style with the
streets, will see
In the external aspect the public, from the surrounding
£1,000,000 in Gold Is Sent by Holland to Bank of rising some 50 feet beyond the existing wall and the top-lit banking halls
al of
which it screens the high facades of the new building.
England—Total Net Influx Since Remov
not interOn three fronts projecting columned porticoes, where they will
Restrictions Is L1,666,000—Gold Resumption.
screen
fere with the lighting of the ground floor and where the rooms they
8, the New York are necessary for the practical requirements of the building, have been deIn its special advices from London, June
new high inner facade.
to connect the old lower outer wall and the
"Journal of Commerce" had the following to say regarding signed porticoes are necessary in the architectural composition for their
These
shipment of gold from Holland:
a
value in contrasting the horizontal and vertical planes of the long masses
ago that this week would see further of the facade. Their necessity is the greater because of the narrowness
The expectations expressed some days
by the announcement that the Bank of the surrounding streets, from many places of which so little of the higher
gold imports were confirmed to-day g
this mornin £1,000,000 in sovereigns from Hol- building will be seen that these projections will form the only visible link
of England had received
the Chancellor of the Exchequer's between the two planes of the building. But their higher value lies in
land. This makes the net influx, since
announcement on April 28, removing restrictions on the movement of gold the expression they convey of the sense of unity befitting a great building.
of some E1,666,000.
not exactly in the form expected, namely purchase
To-day's movement was
pound is quoted at ih% premium on Soviet Buys Paris Bank to Boost Franco-Russian Trade.
from the Cape, because the British
pound. The gold movement did not affect gilt-edged
the South African
The,New York "Journal of Commerce" of May 23 published
owing to the investment indigessecurities, which were still very depressed
however, were relatively comfortable.
the following Associated Press advices from Paris:
tion. Money conditions,
The first acquisition by Soviet interests of a financial institution in
The restoration of the gold standard in Holland was noted France was announced to-day. It was stated at the Commercial Bank for
May 2, page 2217. The following bearing Northern Europe that nearly all the shares of that institution had been
in these columns
2:
of
bought by two Moscow banks. The purchasers were named as the Moscow
thereon is from the New York "Times" June
of gold resumption as adopted Bank for Commercial Exchange and the Moscow Bank for Industry and
statement describing the precise nature
A
ed in the London "Economist." It emphasizes the fact Commerce.
in Holland is publish
The Commercial Bank of Northern Europe, capitalized at 15,000,000
importance will take place in this country. This printhat "no changes of
heretofore the Netherlands Bank exclusively has francs, has heretofore done business chiefly with Scandinavian countries.
cipal difference is that to resort to gold exports, while now individuals It will continue its Scandinavian business, but extend its field of operations
desided when it wished
The bank, however, has declared itself to Russia, and will serve to facilitate commercial transactions between that
also may be authorized to ship gold.
fixed price of florins per kilogram fine gold country and France.
d to issue gold at the
prepare
3012
THE CHRONICLE
[vol. 120.
It was announced that the Commercial Bank
of Northern Europe will at
once call for the payment of the part of its capital
that has not been paid Germany Gets Rumanian Bid—Contract for 17,000,000
in, and that if its resources are then insuffici
ent for its proposed increased
Marks in Rail Material Made Part of Reparations.
business a larger capital will be authorized.
The management said that although the bank will
The New York "Evening Post" reports the following
now be Russian owned,
it will remain cntirely independent, as
an institution incorporated in Associated Press advices from
Bucharest, June 3:
France.
The Government has received the Reparat
It will discount commercial paper, encourage
ion Commission's approval
exports from France to of Rumani
an contracts with German factories for 17,000,
Russia and vice versa, and act as a sort of general
000 marks' worth
financial, industrial and of railroad
material to apply on the reparation account.
commercial information bureau for Russia.
This will supply the reconstruction material
that Rumania had hoped
to buy through the foreign loan she
has been attempting to float for two
years. The contracts call for
Allied Reparations Commission Reports
Germany miles) of rails, to be delivered 600 locomotives and 2,000 kilometers (1,247
over a period of two years.
Fulfilling Reparation
Engagements.
From Paris May 29 it was reported by the Associ
ated
Hungary Repays French Loan.
Press that the Allied Reparations Commission
had
The following special cablegram from the Centra
officially announced that Germany was faithfully fulfill
l News at
ing London, June 4, is reported by the New York
News Bureau:
its reparations engagements under the Dawes plan
and that
The "Financial News"
this decision would be communicated to the Counci
Budapes
l of Government has bought has a report from Schneid t that the Hungarian
back from the
er-Creusot group the
Ambassadors the following day. It was further stated
latter's interest In the Danube Port
in
Co., through the repayment of 15,the cablegrams:
000,000 francs advanced by the French
munitions group four years ago.
The Reparations Commission considered all documen
ts dealing with the
execution of the Dawes plan up until May 1. It
had a letter dated May 27
from the Council of Ambassadors asking "Up to the
present has Germany
acquitted faithfully her obligations for reparations
as fixed under the
Dawes plan?"
The Commission, after a short exchange of views of
its members, replied:
"The answer is in the affirmative."
The British group was also negotiat
ing but Schneider obtained the concessions of 40% share of the capital.
Hungary retained 60%. The advance
has been repaid out of the internat
ional loan, the League of Nations consenting. The port is nearing complet
ion.
Colonel James A. Logan Jr. Goes to Polan With
d
Clarence Dillon—Poland to Build Railway—Diet
Authorizes $12,500,000 Line to the Sea
Two Bank Failures Reported in Germany.
at Gdynia.
We quote the following cablegram dated Frankfort on the
According to a cablegram from Paris June 9 (copyr
ight
Main,from the New York "Journal of Commerce" of June
7: by the New York "Times"), Colonel James A. Logan Jr.,
The failure is announced of the Rhoenbank of Berlin
who recently gave up his post of unofficial
and of the Disconto
American observer
Und Effectenbank of Hamburg (the latter affiliate
d with the Mannes- with the Repara
tions Commission,left Paris on the 8th inst.
mann group). Neither bank is of great importance.
with Clarence Dillon for Warsaw. The
"Times" says:
They will remain in Poland for
some time, as official guests of the Polish
German Industries Plan Curtailment.
Government, to study the economic and industri
al situation of the country,
especially with a view to
Special radio advices June 9 to the New York "Journ
al of and participation in Polishthe possibilities of extending American interests
industry to develop the rich resources of Poland.
Commerce" from Frankfort-on-the-Main stated:
Later advices to the same paper from Warsa
w Juno 11
The Reiherstieg Ship Building Co. of Hamburg
closed down for lack of (copyright) said:
orders, 1,500 workmen being rendered idle.
The Deutsche Erdoel Gesellschaft, the largest German
benzine manufacturer, is closing its Rositzer Oil Works in consequ
ence of competition by
Standard Oil and the Shell group in the German benzine
market.
Owners of German Mortgage Bank Pre-War Bonds
Urged Not to Sell at Present Prices.
In a recent letter received by R. A. Philpot, New
York
banker, Sponholz & Co., one of the oldest German bankin
g
houses, make a recommendation to owners of Germa Mortn
gage Bank pre-war bonds not to sell at prices obtain
ing at
the present time. They explain this as follow
s:
The present prices on the Berlin Stock Exchang
e for German pre-war
mortgage bonds which were issued against first
mortgages on real estate, do
not in reality represent an adequate relation
to the returns which these
mortgage bonds will realize. Considering their
repayment after the lapse
of not a very great number of years, probably
even after seven years, the
exact number of years being at the moment a
matter of consideration of the
present established laws, the present
-time amortization value of these mortgage bonds is far in excess of 20%, whereas the
present average selling price
of twenty-two such companies is only about 5%
%.
American Credit for Rumanian Railways.
A report has reached the Foreign Department of Moody
's
Investors Service that the Rumanian National Railwa
ys are
expected to secure a long-term loan in this country, aggregating 250,000,000 lei (gold), or about $50,000,000. "An
American syndicate," the report continues, "has sent
a
delegation to Bucharest, composed of Mr. Aronovici, a wellknown Rumanian banker in Paris, and Mr. Griscom, of the
New York banking house of Bertron & Griscom, and headed
by General Atterbury, of the Pennsylvania Railroad
Co."
In its further announcement June 9, 'Woody's says:
The total cost of reconstructing the Rumanian lines is
placed at
000 lei (gold), or about $132,200,000, which includes the above 661,000.amount of
$50,000,000. The balance Is expected to be utilized as follows:
Poland's desire to strengthen her possessi
on of an outlet to the sea was
further evidenced by to-day's announc
ement that work on a direct railway
line connecting Poland with
Gydnia without touching Danzig would
soon begin at a cost of $12,500
,000, which would probably be borrowed
from American bankers.
Clarence Dillon, of Dillon, Read & Co., which
has already granted a
$25,000,000 loan to Poland, is now in Warsaw
as the private guest of the
Premier. It is believed that his visit is in connect
ion with the negotiation
of a loan for the new railroad.
The Diet authorized the railway to-day and
it is expected that the road
will be completed in three years. As an
additional means of increasing the
Importance of Danzig and Gydnia, the Diet
to-day passed a law providing
that all Polish emigrants to America must leave
Poland through these two
ports. Gydnia is exclusively a Polish port
and in Danzig Poland has free
access to the sea under the treaty.
The resignation of Colonel Logan as unofficial observ
er
on the Allied Reparations Commission to become
associated
with Dillon, Read & Co. was noted in these columns
a week
ago, page 2881.
Commission Headed by Prof. Kemmerer
Departs for
Chile to Undertake Reorganization of
Financial
and Taxation System.
A commission headed by Professor E. W.
Kemmerer of
Princeton University sailed on June 11 on
the Grace liner
Santa Luisa to undertake the reorganizati
on of the financial
and taxation system of Chile at the invitat
ion of the Chilean
Government. The New York "Times" says:
Professo
r Kemmerer explained that each member
of the commission would
devote his attention to his own particul
ar field of work, but that they would
make their recommendations as
a collective body. Professor Kemmerer
will devote his attention to working
out a plan of currency and banking
reform.
Other members of the commission
and their fields of work include Howard
M. Jefferson, head of the Personn
el Department of the New York Federal
Reserve Bank, banking organiza
tion and operation; Joseph T. Byrne of
Byrne, Lindberg & Byrne, public
accountants, of New York, accounting
and fiscal control; William W.
Renwick,fiscal representative of the trustees
of the American loan to San
Salvador, customs and customs administration;
Henry H. West, South America
n representative of the National Credit
Office In Buenos Aires, General
Secretary of the commission; and Frank
W. Fetter, Secretary to Chairma
n Kemmerer.
Gold Lei.
Purchase of new and repair of old locomotives
82,500,000
Purchase of new and repair of old passenger cars
28,500,000
Purchase of new and repair of old freight cars
115,000,000
Construction of repair shops
100,000,000 Finance Minister De Stefan
i's Statement Regarding
Construction of locomotive shops
10,000,000
Extension of lines
Revolving Credit of $50,000,000 Extended by
65,000.000
It is doubtful whether Rumania will at this time succeed in
obtaining
J. P. Morgan & Co.
credit in this country. At any rate, bankers here will probabl
y await the
In addition to the statement made last week
outcome of the controversy between the Rumanian Government
by T. W. Laand the
Baldwin Locomotive Co. in reference to a debt owing to the latter
for mont, of J. P. Morgan & Co., relative to the revolving credit
purchase of locomotives, the Rumanian Government being of the
opinion of $50,000,000 extend
ed by the Morgan firm to Italian banks
that the obligation which it had handed over to the locomotive
company of
issue for exchange stabilization purposes, a statem
should be converted into Rumanian Consolidation 4% Bonds
of 1922.
ent, as
With these bonds selling in the open market at a substantial
discount. we indicated in our item (page 2880) was
also issued by
Baldwin refuses to accept the terms as proposed by the Rumanian GovernFinance Minister De Stefani. The following
ment, insisting on being paid in full as per original agreeme
report as to
nt. The
what the latter had to say in the matter
Rumanian courts recently ruled in favor of the company. It is also
possible
was contained in
that prior to the flotation of a Rumanian loan in this market
bankers would Associated Press accounts from Rome,
be interested to learn as to what steps Rumania would
June 2:
take in regard to her
The Government, through Finance Minister
debt to the United States Government.
, Professor Be Stefan!, announced this evening that support for the dangerou
sly toppling lira had come
JUNE 13 1925.]
3013
THE CHRONICLE
from the American banking Lira Rises in Rome Market—Morgan Credit Causes
from a privately arranged credit of $50,000,000
inn of J. P. Morgan 4i Co.
Lively Session in Italian Stock Exchange.
Deputies followed in the
The declaration of the loan in the Chamber of
insistence of the United
alleged
From the New York "Times" we take the following Assowake of a flood of bitter comment that the
most imminent threat
States on payment of the war debt constituted the
ciated Press cablegram from Rome, June 3:
Minister, Professor De Steagainst Italy's new economic structure.
The announcement yesterday by the Finance
Italy had taken a
Announcing to a not overly enthusiastic Chamber that
credit of $50,000,000 which the Government
upon the Morgan firm to fani, of the negotiation of a
calling
firm of J. P. Morgan & Co., stirred the
leaf from France's financial policy in
take the sting out of the had arranged with the American
hectic session, in
bolster up its currency, the Minister attempted to
Stock Exchange to-day and caused a somewhat
Government in seeking foreign aid by intimating that the step Italian the lira oscillated nervously and finally closed at 24.75 to the dollar,
action of the
only in which
would be utilized
quotation.
was semi-private and by asserting that the money
an improvement of 35-odd points over yesterday's
lira opened this
the case of emergency.
Spurred by the psychological effect of the credit, the
explains that the loan has been arranged as
,
to 24.10. It
A semi-official statement
at 24.35 to the dollar, and almost immediately went
of Italy, the Bank of Naples and the Bank of Sicily and a morning
trading.
between the Bank
then lost ground for the remainder of the day's
representative of J. P. Morgan & Co., the credit of $50,000,000 being for
of the Morgan credit seems
The general reaction from the announcement
in the fluctualeast momentarily, the
the purpose of "exercising eventually a moderating influence
to be recegnition that it has served to check, at
a protion of the lira exchange."
lira, and it is hoped that it may serve, if wisely used, as
transaction is not openly official, it is official in a practical drop of the
Although the
tection against any future attacks on Italy's currency.
because of the three banks, which are all under Government control.
sense
Statement of Finance Minister De Stefani.
Reduction in Italy's Internal Public Debt.
over
Signor De Stefani said the director of the Bank of Italy will preside
of Italian banks to which the Morgan $50,000,000 credit has
the Consortium
In a statement furnished under date of June 1 relative to
been granted.
Italy, R. Angelone, Commercial
credits, Finance Minister De the financial situation of
Continuing his explanation of the Morgan
the Royal Italian Embassy, says:
of the operation which is guaranteed by Attache
Stefani said: "The conditions
showed a reduction of
of Italy.
At the end of March 1925 the Treasury account
the Treasury, maintain fully the prestige and credit
from June 30 1924; said debt
"There is no question of opening a credit which must take on the form 1,464 million lire in the internal public debt,
of the mone- amounts now to 91,699 million lire, as against 93,163 million on July 1
of a debt, nor is it proposed to make a definite reorganization
the necessary in- 1924.
tary position which would be immature because we lack
actual revenues
During the first nine months of the present fiscal year
ternal and international conditions for such a step.
while the ex"Moreover, the facility with which the operation was concluded demon- showed an increase of 1,517 million lire over the estimates,
in penditures showed an increase of only 171 millions. The actual deficit for
strates that prudence in the use of credit renders such credit available
million lire, as
the period July 1 1924-March 31 1925 was only 193
moments when it can be utilized for national purposes.
last year.
"Italy, persevering in the future in the practice of a sound financial pol- against 210 million lire, of the corresponding period of
recorded in
During March 1925 the movement in the paper circulation is
icy, can always expect to find somewhere that financial collaboration which
State has been reis indispensable to her life and to her international and economic expansion." the following figures: circulation for the account of the
March 3L On
duced from 9,545 million lire on Feb. 28 to 9,372 million on
Further reference was made on June 5 to the credit by the other hand, circulation for the account of commerce has increased from
in industrial
Signor De Stefani, the Associated Press accounts giving as 10,325 million lire to 10,621 million lire. New investments 901 million
and commercial enterprises amounted, during March 1925, to
follows what he had to say:
month.
lire, as against 497 millions for the preceding
Referring to the credit of $50,000,000 which the Government had arA clear sign of the increased commercial activity of the country is ofranged with J. P. Morgan di Co., the Finance Minister asserted that it was fered by the recorded maritime movement: during the first quarter of this
not a debt and could not be transformed into a debt as, he added, the offi- year we note an increase of 1,442,000 tons in the goods loaded and discials of the banks of emission handling the credit were governed by rigid charged in Italian ports over the corresponding period of last year.
instructions not to use more credit than could be covered immediately to
The industrial activity proceeds very satisfactory; the unemployed are
avoid the risk of needing gold covering.
only 156,000, a figure well within the normal level.
of
The extension of the $50,000,000 revolving credit to Italy
by J. P. Morgan & Co. was endorsed by Secretary Mellon Wealth of Soviet Union Nearly 52 Billion Dollars
Oct. 1 1924.
June 4, said the New York "Journal of Commerce" in advices
from its Washington bureau, in which it was also noted:
The total wealth of the Soviet Union at the beginning of
High Treasury officials declared that extensions of such private American the present fiscal year, Oct. 1 1924, was 100,843 million
credits to European countries were important factors in exchange stabilizarubles (nearly 52 billion dollars), according to a report of
tion, which increased the prospects of funding the American debts.
the Central Statistical Bureau, Moscow, received by the
According to Associated Press dispatches from Washing- Russian Information Bureau in Washington. The figure, it
ton, June 2, the move made by the Italian Government to is stated, is 16.7% less than the pre-war total given by the
stabilize its currency by establishing a $50,000,000 credit in Tsarist Government and is about one-sixth the wealth of the
New York is regarded by Administration officials as a hope- United States. The Statistical Bureau places the total naful sign of the Mussolini Government's progress toward a tional income for the fiscal year ending Oct. 1 last at 11,770
point where it soon can begin consideration of its external million rubles (about six billion dollars). The -national
debts. These accounts continued:
wealth is divided as follows, in millions of rubles:
Inasmuch as Ambassador De Martino has already informed the Treasury of
Millions of Rubles"Percent
Wealth—
his Government's intention to take up the question of funding the American
debt, officials here viewed the announcement in Rome to-day as having
especial significance to the United States.
While the credit was established for the announced purpose of use in
currency stabilization, the intimation that it probably would be unnecessary
to draw on it except in case of an unforeseen emergency was accepted as
meaning that greater progress had been made by the Italian Government in
restoring sound financial policies than had been evident from fragmentary
statements reaching America.
Officials were careful not to expect too much from the Italian Government's program to get on a solid footing, but they were confident that it
would be carried out, and it was suggested that Ambassador De Martino
probably would not have taken up the debt funding question at this time had
he not been apprised of the trend of events at home.
On the basis of the Italian move in attempting now to get its currency to
a basis of an accepted unit in world trade some officials were inclined to
look for funding proposals from Italy by the end of the summer. This expectation, however, was explained as being based solely on analysis of the
Associated Press report of the currency stabilization move in its relation
to conditions already known to exist in Italy.
Industry
Agriculture
Buildings
Municipal utllities
Transportation
Land
5,335.8s.f
6.5
6,527.1
19.4
19,592.0
0.3
338.0
6.0
6,050.1
62.5
63.000.0
100.0
100.843.0
In the above table land values are computed on the basis
of 1914 valuations.
The national income is derived from the following sources
in millions of rubles:
Total
Source—
Agriculture
Industry
Transportation
Trade
Building
Total
Millions of Rubies. Percentafe.
49.0
5.746.7
2.629.9
22.8
7.6
894.9
20.7
2.444.1
54.4
0.9
11.770.0
100.0
Offering of $50,000,000 Belgian Government Bonds—
Books Closed—Issue Fully Subscribed.
Purchases
Abroad Had Been Deferred, But Had to Be Made.
The receipt in advance of the opening of the subscription
Under the above head the New York "Times" had the fol- books yesterday (June 12) of a heavy volume of orders to
lowing to say in a copyright cablegram from Rome dated an offering of $50,000,000 Kingdom of Belgium external
May 31:
loan thirty year sinking fund 7% gold bonds, brought about
The decline in the lira last week to the low price of the year was ascribed the closing of the books at 10.15 a. m.—fifteen minutes after
In this market to simultaneous operations of several factors, such as dis- their opening,—the orders indicating that the bonds had
cussion of the inter-Allied debts, doubt over the law against secret societies,
offered at 98% and
apparently some foreign doubts as to Italy's political stability. The move- been fully subscribed. The bonds were
ment of the franc has always had some influence on the lira, and last week's accrued interest to yield over 7.15% to maturity, by a
decline at Paris doubtless accentuated the weakness of Italian exchange.
syndicate headed by J. P. Morgan & Co. and the Guaranty
But the principal immediate cause assigned is purchase of foreign curcover orders placed abroad for import in the last few months, Company of New York. They will be dated June 1 1925,
cencies to
especially of wheat. Payment for these purchases had been deferred in hope and will mature June 1 1955. They will not be redeemable
of improvement in the lira, but as new purchases are now impending, the before maturity except for the sinking fund, as to which the
market has sold to close the transactions.
While lire Italian exchange has been losing ground abroad during the last prospectus says:
The Previous Fall in the Lira—Payment for
three months, the general price index in Italy has been falling slightly instead of rising, as it usually does when the currency declines on the exchalyge market. It is not believed, however, that this phenomenon can
continue.
A cumulative Sinking Fund for the retirement of the Bonds by purchase
or call, will be created by the Kingdom of Belgium by semi-annual payments
of $268,750 beginning December 1 1925, plus sums equal to the interest'
accruing on all Bonds acquired for the Sinking Fund. Sinking Fund
3014
THE CHRONICLE
moneys are to be applied to the retirement of Bonds, by purchase if obtainable at or below 10734% and accrued interest, or if not, by call of Bonds by
lot at 1O7%. Bonds may be called for the Sinking Fund at such price on
June 1 1926, or on any interest
-payment date thereafter prior to maturity.
As to the purpose of the issue it is stated that
Approximately one-half of the proceeds of this loan is to be advanced
to the Colonial Government of the Belgian Congo for the construction or
Improvement of public works, comprising chiefly railroad and port construction, and the balance of the proceeds is to be turned over to the
Banque Nationale de Belgique as a further reserve for the protection of
exchange, this latter operation resulting indirectly in the retirement of
floating debt.
Interest will be payable June 1 and December 1 and
principal and interest will be payable in United States gold
coin of the present standard of weight and fineness in New
York City at the office either of J. P. Morgan & Co. or of
Guaranty Trust Company of New York without deduction
for any Belgian taxes present or future. The bonds will be
in coupon form in denom. of $1,000 and $500, not interchangeable. J. P. Morgan & Co. and the Guaranty Trust
Company of New York are the fiscal agents. A statement
regarding the issue prepared from information furnished by
M. A. Vandevyvere, Minister of Finance of the Kingdom
of Belgium says:
Provisions.—The Bonds are to be direct external obligations of the
Kingdom of Belgium. They are to be issued under a Loan Contract in
which the Kingdom of Belgium will covenant that if in the future it shall
issue by public subscription any loan having a lien on any specific revenues
or assets, these Bonds shall be secured equally and ratably with any such
loan.
Government Debi.—The debt of Belgium on December 31 1924, consisted
of internal loans of 31.836,662,699 francs and external loans amounting,
at exchange rates as of that date, to approximately $672,241,695,including
all advances by the United States Government. The external debt in the
hands of the public, after giving effect to the present bond issue, will be
$260,420,000. calling for interest and sinking fund payments of $25,450,000
per annum.
Belgian Congo.—The Belgian Congo with an area of about one-third that
of the continental United States, is rich in mineral deposits, forests, and
agricultural resources. Its copper deposits are among the richest in the
world. The output of Union Miniere du Haut Katang,a, which is one of
the great copper producers of the world, amounted in 1924 to approximately
190.000.000 pounds of copper. The Colonial Government owns an
important interest in this Company and in other industrial, mining and
railway enterprises in the Congo, the present market value of its holdings
being larger than its total debt on December 31 1924. The railway and
port construction to be financed by a portion of the proceeds of this loan.
form part of a comprehensive program of the Belgian Government for the
provision in the Congo of more adequate transportation facilities, which
are expected to aid greatly in opening up the country to more active
economic development.
The amounts due on allotments will be payable at the office
of J. P. Morgan & Co., in New York funds to their order,
and the date of payment (on or about June 24 1925) will be
stated in the notices of allotment. Pending the preparation
,and delivery of the definitive bonds interim receipts will be
,delivered. Application to list the definitive bonds on the
:New York Stock Exchange will be made by the Belgian
tGovemment. The bonds were admitted to trading on the
,Exchange on a "when issued" basis yesterday. Those
associated with J. P. Morgan & Co. and the Guaranty
Company of New York in the floating of the bonds are:
First National Bank, New Yoilk; The National City Company; Bankers
Trust Company, New York; National Bank of Commerce in New York;
The Mechanics & Metals National Bank, New York; The Equitable Trust
Co., New York; The New York Trust Company; Harris, Forbes & Co.:
-Lee, Higginson Sr Co.; Kidder,Peabody & Co.; Dillon, Read & Co.; Halsey,
-Stuart & Co., Inc.; Brown Brothers & Co.; E. H. Rollins & Sons; Spencer
Trask & Co.; First Trust and Savings Bank, Chicago; Illinois Merchants
•Trust Company, Chicago; Continental and Commercial Trust and Savings
Bank, Chicago; Central Trust Company of Illinois. Chicago and The
Union Trust Company, Pittsburgh.
f
The present is the third issue of Belgian bonds to be
.disposed of here during the past year; a $30,000,000 issue of
25-year 63'% gold bonds were placed in September 1924
while in December an issue of $50,000,000 30
-year sinking
fund gold bonds was sold.
(Vol- 120.
Stock Law, signed by Governor Smith on May 1, to distribute such funds to the creditors of the firm. in reporting
the enjoining of McNulty, the New York "Times" of May 27
went on to say:
The new law provides that the broker in all trarnactions in securities must
furnish to the customer a statement showing to whom the securities were
sold or by whom they were bought and at what price. Sworn statements
must be made showing these details. The Attorney-General charged that
more than 600 customers of the McNulty firm lost the money they had
placed with McNulty for transactions in securities. One man
in Pittsburgh,
it was charged, lost more than $200,000, and half a dozen accounts represented the life savings of customers.
The present proceedings against McNulty are the result of an investigation
following a raid on his offices by representatives of
the Attorney-General
on Feb. 13 last as part of the State campaign against bucket
shops. The
court was told yesterday that McNulty's assets were found
to be about
$1,500, represented mostly by office furniture.
McNulty, who has had offices at 25 Broad Street since 1921, made
an
application to the Secretary of Banking of the State of Pennsylvania
in May
1924 for a license to do business in that
State. The application was renewed for 1925. To procure the license McNulty voluntarily
submitted hie
books to the Auditor and gave them statements of hie- financial
condition.
The results of both the audits were
put in evidence and indicated that
McNulty was not only operating a bucket shop, but that
he perpetrated a
fraud on the Pennsylvania authorities.
"On his own showing," said the Attorney-General, "he
had a deficit of
$26,352 in May 1924 and was operating at
an annual low of $52,000. This
profit and loss sheet is eloquent of the unprofitable
nature of the business
and of McNulty's need of his customers'
securities to pay his expenses."
McNulty's voluntary statements to, the Pennsylvania Commission
in January 1925 disclosed that he owed
hie customers securities of more than
$1,300,000. These he accounted for by three loan
accounts, one in the name
of J. S. Fried & Co., with securities
of more than $424 15, another in the
name of Darnell & Co, with a loan
value of $61,422; and the third in the
name of R. F. Riley, which was appraised
at $900,000. In addition he had
an assortment of securities in his
box worth less than $1,000.
"McNulty," the Attorney-General argued, "accounted
for those three
loans, which are pure fiction and which
have been repudiated by the companies named, for all the securities
owing his customers, lie operated a
typical bucket shop, selling out his
customers' stocks and pocketing the
proceeds."
F. H. McNulty & Co. maintained in addition
to its New
York office, branches in Pittsburgh and
Chleage
Arrangemente Under Way hr New York for Revolving
Cotton Credit.
While no official statement has been made in. the matter,
reports were current the present week that arrangeme
nts
have practically been completed whereby a nation-wid
e group
of banks, headed, by the Seaboard National and
other New
York institutions, will again finance the marketing
of a
large part of the cotton crop in about ten Southern
States
through a central agency, of which, the Texas Farm Bureau
Cotton Association is the nucl'eus. Formal announcement
of this year's plan is expected in about ten days; According
to the New York "Times" of June 10, from which the
foregoing is quoted., the credit is expected to be at least as
large as that of last year, when the maximum amount.
available was $40,000,000. Last year's arrangements were
,
referred to by us in our issue of June 28 1924, page 3154.
In addition to what we quote above from the "Times" we.
also take from its item the following:
The banking group to participate in thes
iransaction, which will be in the
nature of a revolving credit, is now being formed. It will
include, in
addition to New York banks, a number of institutions in Chicago,
Denver,
San Francisco and other cities, both in the East and South.
This will
make the fifth year in which this arrangement has been made.
Until the
Seaboard National Bank and Goldman. Sachs & Co. entered into the
first
contract, the co-operative cotton associations had experienced
difficulty
marketing their product in an orderly manner. Under the arrangement
,
which has increased steadily in scope for the last five years, the
growers
are enabled to prevent dumping of their productin the markets of
the world
and thereby depressing prices under the stress of a need of
money.
Under the agreement credits may be made available through acce,ptance
by members ef the banking group of drafts drawn by the cotton
association,
While a rnasirnum will be set as to the amount of the credit that
may be is
operation at one time, this does not mean that this figure will
represent
one operation or that it will be the limit of the credit which will
be extended.
Under the plan the same money may be used over and over again,
as the
credits may be advanced, paid off and then drawn on again as
the cotton
grower sees fit. The total amount which will be in use for the full
period
cannot be accurately determined. Security for the credit will
consist of
cotton in shipment or held in one of a number of specified
warehouses.
brokerage Firm of F. H. McNulty & Co., New York,
Permanently Enjoined—Receiver Appointed.
New York State Attorney-General Ottinger on May 26 obtained an injunction from Justice Ford of the New York State State Comptroller to Purchase $500,000 Bonds of Land
Supreme Court permanently restraining Frank H. McNulty,
Bank of State of New York.
proprietor of the brokerage firm of F. H. McNulty & Co., at
David B. Hutton, Managing Director of the Land Bank
25 Broad Street, this city, from conducting a brokerage of the State of New York, in an announcement June 1 to
the
business, on the ground that he had been "bucketing" orders. Savings and Loan Association of the State said:
The Attorney-General, who directed the investigation of
The Honorable Vincent B. Murphy, the present State
Comptroller, has
McNulty's affairs, charged that the broker was insolvent already completed the purchase of bonds of the Land Bank of the State of
New York, to the amount of $500,000, of which a number of
by more than $1,000,000. Justice Ford appointed Warren C. located in
associations
various parts of the State have already had the benefit.
Fielding, of 51 Chambers Street, receiver for the firm under
The Comptroller, who has had a wide experience in such
matters, after
a bond of $5,000. Under the direction of the Attorney-Gen- giving careful consideration to the security afforded by those bonds and
the public benefit resulting in the creation of homes for laborers and
wageeral's office, the receiver, it is stated, will attempt to trace earners throughout
the State, has agreed to purchase 3500.000 more as of
the funds of McNulty's patrons, which are alleged to have July 1 1925. . . .
It is the wish of both the State Comptroller and the officers
disappeared, and in case any recovery is made the State
of the Land
Bank that the associations of
.officials are authorized untier the new Martin Anti-Fraud allotment of these funds, and the State generally shall participate in the
every association, whether
it is a member
Jura, 131925.]
THE CHRONICLE
for funds, if needed for home
of the Land Bank or not, is urged to apply
funds and the distribution
building in its community, as these are State
should be Statewide.
to the Savings and Loan
The proceeds of this bond Issue are offered
43.4% per annum plus a commission
Associations of the State of New York at
associations for this money 4%%
of 4 of 1 %—making the total cost to
per annum.
allotment of the above
Should your association desire to participate in the
desired not later than
funds, application should be filed for the amount
June 15 1925.
ts with the Manufacturers
The Managing Director has made arrangemen
make temporary loans at the
Trust Co., 139 Broadway, New York City, to
their notes, whose applications for
rate of 5% per annum to associations on
such time as all
advances have been approved by the Land Bank, until
details have been completed and the bonds issued.
Brookings (Oregon) Bank Awarded Verdict Against
Federal Reserve Bank of San Francisco in Par
Check Collection Issue.
The United States District Court at Portland, Ore., we
were advised on June 9, has awarded a verdict in favor of
the Brookings State Bank of Brookings Oregon, against the
Reserve Bank of San Francisco for $17,500 damages incident
to the defendant's campaign to force the bank to remit at
par for the collection of checks. Associated Press dispatches
from Portland on June 10 stated:
from being forced to
The Brookings Bank contended it had suffered
The Brookings Bank
comply with the rule for par collection of checks.
checks, and when the
had been charging a small fee for cashing out-of-town
of making no charge for this
Federal Reserve Bank established the system
service a controversy arose.
3015
Makes It Next to Montreal Bank.
aggregating
Their paid-up capital, amounting to $28,400,000, reserves
new merger a
$22,150,000 and resources of $700,000,000, will give the
standing second only to that of the Bank of Montreal.
the variety in
Through economy in operation and greater safety owing to
will be of advanthe classes of its loans, this most recent amalgamation
customers.
tage to both its shareholders and its
Royal Bank has
The only opposition to the absorption of the Union by the
of the former
come from Winnipeg, which objects to losing the head office
by the promise
institution from the West. This objection has been overruled
directors and of the retention
of the election of several additional Western
of an assistant general manager's office in the Manitoba capital.
M. B. Wellborn of Federal Reserve Bank of Atlanta on
"Bank Failures—Their Causes and Consequences."
In discussing before the Alabama Bankers Association, at
Mobile, Ala., on May 26, the subject of "Bank Failures—
Their Causes and Consequences," M.B. Wellborn, Governor
of the Federal Reserve Bank of Atlanta, cited as the two
main causes of bank failures:"(1)defalcations and dishonesty,
which are very rare, and (2) mismanagement, under which
classification come most of the failures." Mr. Wellborn
said that:
to the
In discussing this question, I am referring more particularly
place in the
smaller country banks where most of the failures have taken
has reached a.
past few years. Officers of the commercial bank which
t the genera)
crisis in its affairs often assign as a reason for their predicamen
is, in
depression which has prevailed. The validity of this explanation
if the
my opinion, only partly justified by the facts. I say this because,
stagnation,
troubles of a bank were entirely due to depression and business
same degree,
all banks in the same locality would naturally be affected to the
percentage of
and this is certainly not the case as shown by the small
which
failures. I may liken the effect produced by the wave of depression
which.
succeeds an era of inflation to that wrought by a cyclone or tornado,
y destroys the weaker
when it passes through a given town, immediatel
buildings, whereas those which have been more solidly constructed usualty
manage to weather the storm."
Interest of $82,000,000 on Liberty Loan and Treasury
Issues Payable June I5—More Than Half Payable
at Federal Reserve Bank of New York.
The policy pursued by the Federal Reserve banks in
In announcing that more than half the 2,000,000 repreextending credit to member banks was dealt with by Mr.
senting June 15 interest on Liberty loan and Treasury issues
as to which he said:
will be payable here, the Federal Reserve Bank of New York, Wellborn, earlier in this paper, the Federal Reserve Act fixes no definite
As I stated
(June 12) said: 041114
but we have
in a statement issued yesterday
limitation on rediscounts that a member bank might obtain,
— Osi Monday, June 15 1925:approximately $82,000.000 in interest will found that, in dealing with country banks, which come to us in the spring
t on the following obligations:
be payable by the Governmen
Rate.
First Liberty Loan—
3 A%
3t. % bonds of 1932-47
Conv. 4% bonds of 1932-47
4 57
Cony. 4j% bonds of 1932-47
4
Second cony. 43% bonds of 1932-47
Treasury Bonds
4%
4% bonds of 1944-54
Treasury Notes—
Series B-1925
Series 0-1925
Series A-1927
Treasury Certificates—
3%
Series TD-1925
at
ThiiZrarr. ; the
Of the above total of $82.00070'00 about $44,000,000 is
Bank of New York. Interest on registered bonds is
Federal Reserve
to the
paid by check by the Treasury in Washington and mailed may owners
be
these obligations
of the bonds. Coupons due on June 15 on the Federal Reserve now
Bank,
Division of
sent to the Coupon Collection
which Is prepared to receive them.
Checks in payment of coupons thus deposited in advance will be ready
for delivery at 9:30 a. in. Monday, June 15 1925, or member banks, if
they so desire, may have the proceeds, when duo, credited to their reserve
accounts upon request.
from
of the year and wish to know specifically how much they can borrow
line of
us during the season, it has been necessary to give them a special
credit. In deciding what should be a reasonable amount for a member
on.
bank to borrow under such conditions, we took all factors into considerati
at a sum
and concluded to fix the maximum credit line of a member bank
surplus. We acted upon the belief
equal to its unimpaired capital and
its custhat, in ordinary circumstances, a bank should not rediscount
because
tomers' papers in an amount above its own capital and surplus
institution. In
the latter figure represents the invested capital of the
to exceed this figure, for when
ordinary business a bank should not seek
to the deIt does so it is pledging assets of the bank which really belong
not,
positors. The limitation placed by our bank upon rediscounts does
insured.
however,include paper secured by commodities properly stored and
locality where we
Furthermore. in case an emergency should arise in some
the situation.
had a member bank which needed protection to take care of
member
we would take into consideration all the circumstances and aid our
even though
bank to meet the extraordinary conditions that had developed,
credit
this might mean making advances to the bank in excess of its ordinary
line—that is, in excess of its capital and surplus.
In the course of his remarks Mr. Wellborn stated that
"a State bank which is not a member of the Federal Reserve
Chartered Bank List Is Cut to Eleven in Canada— System has to depend solely upon its city correspondent,
Tendency Toward Amalgamation Continues in
whereas a bank which is a member of the System has two
Move for Economies.
strings to its bow—it can borrow both from its correspondent
The New York "Evening Post" of May 29 printed the fol- and from the Federal Reserve." He added:
nothe
lowing special advices to it from Toronto, May 27:
In many eases, extended banks find themselves unable to collect
When this happens,
By the newly announced amalgamation of the Union Bank with the Royal from their customers, and so get into a tight place.
from which to obtain aid
Bank Of Canada the number of chartered banks in the Dominion is reduced it is obvious that it is better to have two sources
no definite limitation
than to be forced to depend on one only. While
to eleven.
amount of rediscounts which a member bank may
It is characteristic of the difficult times through which financial insti- has been fixed upon the
theoretically opposed to secure from the Federal Reserve, officers of the Reserve Bank are not
tutions are passing that the Government, although
cases where—in their opinion—such
mergers, has, in the interest of the general public, approved four amalga- required to make advances except in
safely made. Often a bank finds that it
mations of banks in the last twelvemonth. They were the union of the advances may be reasonably and
and the Banque Is in a position where it has exhausted its good paper in rediscounting, and
two French-Canadian corporations, the Banque d'Hochelaga
doubtful paper to offer to the Reserve
Nationale; the absorption of the Molsons Bank by the Bank of Montreal; has nothing but inferior and very
now the first financial bank as security for further loans. This produces a crisis in its affairs.
the union of the Standard and the Sterling, and
nt
When such a point is reached, of course, the officers of the corresponde
coalition of the present year.
much concerned, and will doubtless do all
While none of these various corporations seeking the support of some bank and the Reserve bank are
stronger bank has been in desperate straits, the Government has no doubt they can to aid the stricken bank.
in the South
Since the collapse of prices in 1920 many banks have failed
been influenced to grant approval of the merger by the failure of the Home
the brunt of the agricultural depression which
Bank, the only Canadian financial institution that has closed its doors since and West, banks which bore
dropped from $3
has prevailed since that time. Wheat in the northwest
before the outbreak of war.
South from 40 cents
a bushel to 81.17(a decrease of61%),and cotton in the
Bank Needed More Stapport.
of this necessarily
a pound to around 11 cents (a decrease of 72.5%). All
In the present amalgamation it is the Union Bank that, despite its $8,000,- brought severe financial reverses to those engaged in agriculture, and
has deeded greater support. As naturally these troubles fell ultimately upon the banks located in such
000 capital and its reserve of $1,750,000,
the Prairie Provinces, it has undergone sections. It Is noticeable, however, that those banks which have been well
211 of its total 329 branches are in
for the majority of managed, while they suffered heavy losses in many cases, have generally
great strain to supply the West with sufficient loans,
not for gain but for the accommo- been able to continue operations. On the other hand, the banks which
the small Western branches have existed
were too liberal or careless in extending credits have suffered the inevitable
dation of the farmers.
tnasas incurred in financing the West are, in the case of most banks, disaster. There is a certain class of bankers who learn quickly how to 'lly
counterbalanced by the gains in operating branches in the East, but neglect to learn how to 'light.'
more than
The Federal Reserve System, as you know, has played a very important
where most of the savings are deposited. But though the West is improvmaterially this year, the great preponderance part in endeavoring to take care of the situation, and it has saved many
ing its financial position so
heavy a burden for the Union Bank to banks by affording them liberal credits in time of need, by 'nursing' the sick
proved co
of Western branches has
there was danger of its being forced to pass ones into health, but those banks which had fundamentally weak financial
carry for the last decade that
this summer, since its old reserve of $0,000,000 had been se- constitutions were not able to survive even with the ministrations of the
its dividend
system to help them. Where bank failures of this class are threatened. the
riously impaired within the last two years.
of the Royal Bank, with its many branches general public nearly always get wind of what is going on, by observing
But it will be to the advantage
Indies and in Central and South America, those banks whose published statements continually show a large amount
the West
in Eastern Canada, in
on in the Prairie Provinces. The united banks of rediscounts or bills payable, and gradually withdraw deposits, placing
to get a greater representati
operate 813 branches in Canada alone, for 53 branches will be their surplus funds in other localities where they consider that the banks
will now
of the Royal and the Union overlapped. are in a more healthy condition. The officers of our Federal Reserve bank
closed in towns in which the services
3016
THE CHRONICLE
have found that, when a bank has lost the confidence of its community as
evidenced by deposit withdrawals, it is almost impossible to save the bank.
It has usually exhausted its good paper, and has no eligible and desirable
paper to offer the Reserve Bank for rediscount.
The Federal Reserve bank's relations to a member bank are somewhat
different from those of a commercial bank to its customer. In its nature,
our bank is a mutual organization, and being a public institution, our
responsibility is correspondingly greater. Consequently, we go as far as
we reasonably can to prevent bank failures. In deciding upon matters of
this nature, officers of a Reserve bank are necessarily compelled to take
into consideration the individual management of each bank as well as the
capacity and honesty of its official staff. In those cases where we find a
bank to be well managed and operated on sound lines, and where we have
reason to believe that the directors are honestly and squarely behind the
bank, we can go further in our efforts to aid them than would be the case
where we lacked confidence in the management of the institution.
Under the head of mismanagement, it is not unusual for the officers of a
bank to play too active a part in civic affairs in building up the town and
promoting enterprises which necessarily require the financial help of their
bank. Frequently this goes to such as extent that the funds of the bank are
tied up by one interest or group of interests. Losses ensue, and where such
a condition continues in a small bank It may end in the wiping out of the
capital and surplus of the institution. On the whole, it seems to me better
that a banker should not aspire to be the civic leader of his community.
Such practices may be very dangerous to the welfare of the bank, and it is,
in my opinion, far better that a banker content himself with shaping his
policy so as to be always in a position to serve the community adequately
through the extension of necessary credits to well conducted industries,
without going to the extreme of using the bank's money to capitalize them.
The failure of a bank is a terrible thing—to us as well as to you. We
want to do everything we can to prevent them, but we are powerless to
avert such disasters unless the bankers themselves help us by conducting
their institutions upon sound and conservative lines.
[VOL. 120.
corporations. The interest on an amount of bonds and certificates authorized by said Act approved September 24 1917, and amendments thereto,
the principal of which does not exceed in the aggregate $5,000, owned by
any individual, partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above.
The certificates of this series will be accepted at par, with an adjustment
of accrued interest, during such thne and under such rules and regulations
as shall be prescribed or approved by the Secretary of the Treasury, in
payment of income and profits taxes payable at the maturity of the
certificates.
The certificates of this series will be acceptable to secure deposits of public
moneys, but will not bear the circulation privilege.
The right is reserved to reject any subscription and to allot less than the
amount of certificates applied for and to close the subscriptions at any
time without notice. The Secretary of the Treasury also reserves the
right to make allotments in full upon applications for smaller amounts,
and to make reduced allotments upon, or to reject, applications for larger
amounts,and to make classified allotments and allotments upon a graduated
scale; and his action in these respects will be final. Allotment notices will
be sent out promptly upon allotment, and the basis of allotment will be
publicly announced.
Payment at par and accrued interest for certificates allotted must be
made on or before June 15 1925, or on later allotment. After allotment
and upon payment Federal Reserve Banks may issue interim receipts
pending delivery of the definitive certificates. Any qualified depositary
will be permitted to make payment by credit for certificates allotted to it
for itself and its customers up to any amount for which it shall be qualified
in excess of existing deposits, when so notified by the Federal Reserve Bank
of its district.
Treasury Notes of Series C-1925,maturing June 15 1925, will be accepted
at par, with an adjustment of accrued interest if any in payment for any
certificates of the Series TJ-1926 now offered which shall be subscribed
for and allotted.
As fiscal agents of the United States, Federal Reserve Banks are authorized and requested to receive subscriptions and to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks of the respective districts.
A. W. MELLON, Secretary of the Treasury.
Treasury Department. Office of the Secretary, June 8 1925.
Department Circular No. 359.
(Public Debt.)
Offering of $125,000,000 3% United States Treasury
Certificates of Indebtedness—Books Closed.
The Treasury Department's June financing, announced
on June 8, took the form of an offering of Treasury Certificates of Indebtedness, to the amount of $125,000,000 or
there about, bearing 3% interest and running for one year
from June 15 1925. The subscription books were closed at President Coolidge, in Address to Graduating Class at
the close of business June 10. On June 11 Secretary Mellon
Annapolis, Says Navy Cannot Succeed by Force—
announced that reports received from the twelve Federal
Policy of Peace Through Reason Pursued by
Reserve Banks showed that total subscriptions aggregated
America.
some $469,000,000. Allotments on subscriptions were
In an address to the graduating class of the United States
made as follows:
Naval Academy at Annapolis on June 3, President Coolidge
Subscriptions in amounts not exceeding $1,000 were allotted in full.
Subscriptions in amounts of $1.000 but not exceeding $10,000 were declared that "if we are to promote peace on earth, we must
allotted 40% but not less than $1,000 on any one subscription.
have a great deal more than the power of the sword. We
Subscriptions in amounts over $10,000 but not exceeding $100,000 were
must call into action the spiritual and moral forces of manallotted 20% but not less than
$4,000 on any one subscription.
Subscriptions in amounts over $100,000 were allotted 10% but not less
than $20,000 on any one subscription.
Reference to the expected offering was made in these
columns May 30, page 2762. Because of the fact that
Treasury notes aggregating $400,000,000 mature June 15,
a larger offering at this time, than that announced had been
looked for. Secretary Mellon,in his announcement, however
indicates that the yield from this offering, will with the balance already on hand in the Treasury and the June tax
receipts, be sufficient to meet the Department's cash
requirements mail September. Secretary Mellon's announcement follows:
The Treasury is today announcing its June
financing, which takes the
form of an offering of one year 3%
Treasury certificates of indebtedness,
dated and bearing interest from June 15
1925. maturing Juno 15 1926.
The certificates are tax certificates and the
amount of the offering is for
$125,000,000, or thereabouts. The Treasury will
accept in payment for
the new certificates 4 % Treasury notes
of Series C-1925, maturing
June 15 1925, at par, but such subscriptions will
not be given preferred
allotment.
About $400,000,000 of Treasury notes become payable
on June 15 1925.
The present offering is intended, with the balances
already on hand and
the June tax receipts, to cover the Treasury's
further cash requirements
until September when further financing will be necessary.
The certificates are designated Series T J-1926; they will
be in bearer form in denominations of $500, $1,000, $5,000,
$10,000 and $100,000. They will have two interest coupons
attached, payable December 15 1925 and June 15 1926.
Details of the offering were announced as follows by the
Treasury Department.
kind." This was prefaced by the statement by the President
that "I do not believe that the American Navy can succeed
if it represents mere naked force. Lwant to see it represent
much more than that. We must place it on a much higher
plane. We must make it an instrument of righteousness."
He further declared that "the policy of peace through reason rather than peace through force is one in which America
has taken and always ought to continue to take a leading
part." He asserted that "the power of our arms is not only
consistent with but ought to be regarded as an additional
guarantee of the peace of the world." "And," he added, "so
far as we can look into the future, so far as we can gauge
the power and temper of other peoples, there never was a
time when it was less likely that any other nation or combination of nations would or could make any attack on us.
Both by necessity and by choice the whole world is against
war. It has given incomparable hostages to peace." The
President referred to a recent speech of Ambassador Houghton in which the latter said: "Peace is an adventure in
faith." That, said the President, "was a thought most appropriate to these times." "The chief reliance of the world,"
the President continued, "is faith. We cannot maintain our
necessary relations without it." The President also remarked:
I feel that the occasion will very seldom arise, and I know it does
not now
exist, when those connected with our navy are Justified, either
directly or
by inference, in asserting that other specified Powers are arming
against us
and by arousing national suspicion and hatred attempting to
cause us to
arm against them.
UNITED STATES OF AMERICA.
The suggestion that any other people are harboring a hostile intent
Three Per Cent Treasury Certificates of Indebtedness.
toward
us is a very serious charge to make. We would not relish having
our honorSeries TJ-1926. Dated and bearing interest from June 15 1925.
able motives and peaceful intentions questioned. Others
cannot relish
Due June 15 1926.
having any of us question theirs. We should not forget that in the
world
The Secretary of the Treasury, under the authority of the Act approved over the general attitude and one of
the strongest attributes of all peoples
September 24 1917, as amended, offers for subscription, at par and accrued Is a desire to do right. Unless we
lay our course in accordance with this
Interest, through the Federal Reserve Banks, Treasury certificates of principle the great
power for good in the world with which we have been
indebtedness of Series TJ-1926, dated and bearing interest from June 15 entrusted by a Divine Providence
will be turned to a power for evil. We
1925, payable June 15 1926, with interest at the rate of three per cent per shall make no
progress and be of no benefit to ourselves or to any one else.
annum, payable semi-annually.
He further stated:
Applications will be received at the Federal Reserve Banks.
Bearer certificates will be issued in denominations of$500,$1,000. $5.000,
We shall make no progress unless we do more than undertake
to recom$10.000 and $100.000. The certificates will have two interest coupons pense evil with evil. We must make
our appeal to the greater realities.
attached, payable December 15 1925. and June 15 1926.
We must put the emphasis not upon the false, but upon
the true; not upon
The certificates of said series shall be exempt, both as to principal and corruption
and treachery, but upon purity and honor. Local and national
interest, from all taxation now or hereafter imposed by the United States, faith must be
extended to international faith.
any State, or any of the Possessions of the United States, or by any local
The President's address follows:
taxing authority, except (a) estates or inheritance taxes. and (b) graduated
additional income taxes, commonly known as surtaxes, and excess-profits Members of the Class
of 1925:
and war-profits taxes, now or hereafter imposed by the United States,
The poet reminds us that "Knowledge comes, but wisdom lingers."
It
upon the income or profits of individuals, partnerships, associations, or may not
be difficult to store up in the mind a vast quantity of facts within
JUNE
13 1925.]
THE CHRONICLE
to form correct judgments
a comparatively short time, but the ability
the tempering heat of
requires the severe discipline of hard work and
experience and maturity.
years' course at this
By your previous preparation and by your four
are possessed of knowledge.
institution, your diploma will testify that you
nts in wisdom. I have come
Your future life will reveal your attainme
in your abiding worth
here to express the faith that your country holds
and in your ability to succeed.
one of the great military
You have chosen a profession which represents
testimony throughout
arms of our Government. You will be a constant
preparation for national deyour lives that America believes in military
and peace of her citizens.
fense, for the protection of the rights, the security
command. You will
You will be called to places of responsibility and
fellow countrymen. You will
be given the power of life or death over
among foreign
represent the power, the glory, and the honor of this nation
the uniform and
peoples, with all the prominence that arises from wearing
carrying the flag.
represent the
What you are the American sailor will be, and what you
and in those
American Navy will represent in the ports of our own country
of authority
of foreign peoples, where little will be known of the nature
been chosen for
under liberty, save what is learned from you. You have
this high calling.
of endeavor, you
But while you will serve the nation in this special field
is citizenship.
will not forget that the real profession of every American
to sovereignty. Whatever
Under our institutions cash individual is born
his real business is serving his
he may adopt as a means of livelihood,
-men.
country. He cannot hold himself above his fellow
, and the
The greatest place of command is really the place of obedience
It Is your duty in
greatest place of honor is really the place of service.
largest contribution you can to
the part you propose to take to make the
the general citizenship of your country.
the sage advice of the
Not long ago I heard a navy chaplain refer to
nding that this meant
Apostle to put first things first. It was my understa
in life and disregarding so far as
putting proper emphasis on what is essential
people will,
possible that which is accidental. The great body of American
purpose has been
I hope, always be devoted to civilian life. Their main
and will be the maintenance of an honorable peace.
d in asserting
It may not have occurred to some of you, but I feel warrante
to the civilian
it to be true that your success lies in giving a large support
peace. If I were not
life of the nation and to the promotion of the public
s of the national
convinced that this is true, I should question the usefulnes
3017
tic designs and
enmities, that we covet no territory, harbor no imperialis
or being attacked.
are not arming ourselves with the expectation of attacking
ought to be reThe power of our arms is not only consistent with but
world. And so far
garded as an additional guarantee of the peace of the
gauge the power and temper
as we can look into the future, so far as we can
less likely that any
of other peoples, there never was a time when it was
make any attack on
other nation or combination of nations would or could
world is against war.
us. Both by necessity and by choice the whole
It has given incomparable hostages to peace.
Peace Through Reason.
policy of limitation of
Our own country is disarmed, has adopted the
ns upon the traffic in
naval armaments, has voluntarily imposed restrictio
an agreement to extend
arms and is taking part in negotiations to secure
of peace through reason
such restriction among other nations. The policy
America has taken and
rather than peace through force is one in which
part.
ought always to continue to take a leading
regard our navy as a great
As I have already tried to make clear, I
to secure adequate support
instrument of peace. As such it cannot fail
confidence and admiration
from the public Treasury and command the
given by voluntary associaof the American people. Whatever aid can be
,moping the public informed
'
tions in advancing the welfare of the navy and
needs is entirely welcome
of its true aims and purposes and its necessary
and thoroug'ily to be commended.
fullest latitude in expressing their
The officers of the navy are given the
course, to the requirements of
views before their fellow-citizens, subject, of
would be detrimental to
not betraying those confidential affairs which
the service.
upon any suitable occasion to
It seems to me perfectly proper for any one
with the greatness and
advocate the maintenance of a navy in keeping
is responsible not only for our
dignity of our country. But as one who
relations with other peoples and
national defense, but likewise our friendly
I feel that the occasion will very
our title to the good opinion of the world.
exist, when those connected with
seldom arise, and I know it does not now
by inference, in asserting that other
our navy are justified, either directly or
and by arousing national suspicion
specified powers are arming against us,
them.
and hatred attempting to cause us to arm against
harboring a hostile intent toward
The suggestion that any other people are
We would not relish having our honorus is a very serious charge to make.
others cannot relish having
able motives and peaceful intentions questioned:
that in the world over the
any of us question theirs. We should not forget
s of all peoples is a desire
general attitude and one of the strongest attribute
navy.
a very little to do right.
If we are to heed the admonition to put first things first,
this principle, the great
Unless we lay our course in accordance with
which lies
deliberation would reveal to us that one of the main essentials
been intrusted by a Divine
is only when power for good in the world with which we have
It
at the very beginnings of civilization is that of security.
We shall make no progress
their industry has Providence will be turned to a power for evil.
people can feel that their lives and the property which
to ourselves or to any one else.
to be safe on the morrow that there can be and be of no benefit
produced to-day will continue
developPeace an Adventure in Faith.
that stability of value and that economic progress on which human
ment has always rested.
Houghton, who represents us
where this has not been first
In a recent address made by Ambassador
We do not know of any people in history
utterance to a great truth, most admirmonarchy supported by a sufficient military at the Court of St. James, he gave
provided through some form of
e in faith." That
lly characterized ably expressed, when he said that "Peace is an adventur
force. This condition of security has long been proverbia
s of was a thought most appropriate to these times.
among English-speaking people as "the King's peace." All violation
maintain our necesWe cannot
our Republic they are
The chief reliance of the world is faith.
that security were crimes against the Crown, as in
first things which must be put
sary relations without it. It is one of those
procrimes against the State or the nation.
elements of the navy. How far could you
main
peace and security have been achieved under well- first. It is one of the
result in battle, if
It is only when such
is any ceed in organization or discipline, or what would be the
established customs and the orderly process of the law that there
in each other?
faith
begun the officers and men did not cherish an almost absolute
opportunity for the advancement of liberty. When a people have
by the knowledge that
common standards of Such a sentiment, of course, will be justified only
to respect the rights of each other and maintain
which are worthy of our trust and confiy there exists in each of us qualities
action, they have advanced to a position where they do not constantl
begin to take over the dence.
require the all-protecting power of force and can
deal with our own people or with
own government.
I want the navy, when it attempts to
making of their own laws and the determination of their
man:
, they other peoples of the earth, to remember that the dominant traits of
Finding that they are secure in the possession of life and property
ness, and that the appeal to reason
of their liberty. Gradually this policy develops kind are truth and justice and righteous
can begin the establishment
the people become must ultimately prevail.
world. We are painfully
until the last vestige of monarchy disappears and
I am not arguing that there is no evil in the
entirely free and self-governing.
r too prevalent. But we shall make no progress
presence upon the privileges aware that it is altogethe
There is no need for me to enlarge in this
e to recompense evil with evil. We must
They unless we do more than undertak
We must put the emphasis not
which come to the individual in the development of a free people.
make our appeal to the greater realities.
experiences of our daily life and the precious heritage of all upon the false, but upon the true, not upon corruption and treachery, but
are the common
n,
extended to
educatio
Americans. Freedom in religion and in expression, popular
and honor. Local and national faith must be
ence upon purity faith.
Increasing production and more equitable distribution, a larger independ
International
, a broader
which are so clearly sound,
of the mind and of the body, the works of charity and humanity
It is in accordance with these principles,
in the
to compose their differences
culture, all mark a material and spiritual advance which follows
that we base our belief in the ability of nations
judgments of duly constituted
by the
progress of this development.
by negotiation, by arbitration and
we try to disarm and mutually
In all this progress and all this advance it has never been possible to main- courts. It is under this conception that
a
force. agree to place limits on the extent of military preparation. Man is
tain that first essential of security without a background of military
assert itself.
must
nd, that support, that service which your profession reasonable being and finally reason
It is that backgrou
first things, ODO of
helps to provide that is your contribution—one of the
Peace on Higher Plane Than Force.
not be actually
theory or holding that
the essentials to the civilian life of our country. You may
We must make our choice between holding to this Carried to its logical
force.
helping to increase the value of proemployed in production, but you are
our only reliance must be placed on armed
more and more hatreds
peace, without which there could be no conclusion, that means more and more armaments,competition in military
duction and maintain the public
direct
and suspicions, a return to the old plan of
production.
the world can arm and
preparation, with the certainty that as soon as another.
war it will be plunged into
prepare itself after one
Should Be Borne by All Our People.
only we had a sufficient military
Duty of National Defense
I am not unfamiliar with the claim that if
of no nation in history
general establishment no one would ever molest us. I know
to expect
It Is my firm conviction that the duty of national defense, like the
able to attain that position. I see no reason
ever
and borne by all our people. that has couldbeenthe exception. Although I believe thoroughly in adeduty of citizenship, should be broadly extended
be
that we
they are not
hear the expense to maintain large standing quate military preparations, what I am trying to argue is that
We do not believe in or wish to
ed by sufficient unto themselves.
military forces. The very genius of a republic would be threaten
succeed if it represents mere
I do not believe the American Navy can more than that. We must
opposed to
that policy. Freedom, independence, self-government are all
naked force. I want to see it represent much make it an instrument of
anything that resembles a mercenary force.
place it on a much higher plane. We must
it is neces- righteousness. If we are to promote peace on earth, we must have a great
action the
'But while military science has advanced to such a degree that
power of the sword. We must call into
y to maintain a considerable body of trained experts in that deal more than the forces of mankind.
sary constantl
Admiral
citizen spiritual and moral
under a reign of law. Our own great the sugprofession, the true spirit of American institutions requires that each
The world moves forward
in time
ed one time with
should be potentially a soldier, ready to take his place in the ranks
Dewey, the hero of Manila Bay, being approach
what platform he
necessary productive activity. Not all gestion that he become a candidate for office, was asked
of peril, either in the field or in the
and the flag." By that he
study so as to become trained would adopt. He replied, "The Constitution
of our people can pursue a long course of
meant law and loyalty.
experts any more than they can give up the time to become trained
military
s of that great instrument,
You will stand peculiarly as the guardian
physicians, jurists, diplomats or statesmen.
provithe necessary accomplish- as supporters of that great symbol. You will always remember the
Our military forces on land and sea represent
ns are represented in sion of the sixth article, which declares that "This Constitution and the
ment in that profession the same as other professio
pursuance thereof and all
keep our standing forces laws of the United States which shall be made in
civilian life. It is exactly because we wish to
to military affairs, treaties made, or which shall be made, under the authority of the United
small that the average citizen must give some attention
ent affairs in order States, shall be the supreme law of the land."
precisely as he gives some attention to other Governm
of the land, through their
judgment at the ballot box.
Acting in accordance with this supreme law
that he may express a deliberate and informed
ent had in mind in duly constituted Government, your fellow citizens are committing into your
These are some of the principles that your Governm
and preserving the integrity
duty of guarding
giving you a training in the science of naval warfare and reposing in you keeping the solemn and sacred
and glory
learning of that profession for the pur- of the law of the land and of defending and increasing the honor
the public duty of maintaining the
for this object that our country remains of the national colors.
poses of national defense. It is
countrymen shall come to you,
When the commendations of your fellow
armed.
by the faithful discharge of your
Believes Peace Will Prevail.
when you shall have won world-wide fame
country, when in your declining years you shall
will prevail, I have too much knowl- duty in the service of your
Though ultimately I believe peace
best refuge of human freedom, may your life experience
and too much'experience with the traits seek for the last
and
edge of the history of mankind
and unhesitatingly turn your thoughts to the Constitution
assert that we shall never again be engaged in inevitably
of human nature to dare to
the flag.
is known of all the world that we have no present or traditional
war. It
3018
THE CHRONICLE
[Vol.. 120.
Address of President Coolidge at Norse-American in this State, which has so richly profited by a larger proportion of this
north-of-Europe immigration than any other Commonwealth. Minnesota
Centennial—National Unity Evolved from Melting
would not be Minnesota, the group of imperial Northwestern States would
not be what they are but for the contribuaion that has been made to them
Pot—Similar World Fraternity Urged as
by the Scandinavian countries.
Possible.
Because of a profound appreciation of that contribution and of its truly
Making a special trip to St. Paul to address in person the national value I have found it an especial pleasure to come here and join
Norse-American Centennial, President Coolidge in his speech in this commemoration. In the midst of loyalties that are all beyond possibility of question, it may be difficult to choose
many national
June 8 before a gathering said to number something like and racial groups that have sought out America among thehome and their
for their
one hundred thousand, stated that "one reason that prompted country. We are thankful for all of them, and yet more thankful that the
experiment of their common citizenship has been so magnificently justified
me to accept the cordial invitation to come here to-day was in
its results. If one were seeking proof of a basic brotherhood among
the hope of directing some measure of national attention to races of men, if one were to challenge the riddle of Babel in support all
of
the absorbingly interesting subject of the social backgrounds aspirations for a unity capable of assuring peace to the nations, in such an
inquiry I suppose no better testimony could be taken than the experience of
of our country." The President noted that "it is not so this country.
Out of the confusion of tongues, the conflict of traditions, the
many years since visitors from other quarters of the world variatins of historical setting, the vast differences in talents and tastes
were wont to contemplate our concourse of races, origins there has been evolved a spiritual union accompanied by a range of capacity
and genius
and interests and shake their heads ominously. They can people which marks this nation for a pre-eminent destiny. The Amerihave commanded the respect of the world.
feared," he continued, "that from such a melting pot of
It is a good thing that anniversaries such as this are so widely commemdiverse elements we could never draw the tested, tempered orated. The next few years will be filled with a continuing succession of
similar occasions.
metal that is the only substance for national character." celebrated that all I wish that every one of them might be so impressively
Americans would be moved to study the history which
"Instead of crumbling into a chaos of discordant elements," each one represents. I can think of no effort that would produce so much
patriotism. Occasions of this nature bring to our attention whole regions
said the President, "America proved its truly national unity.
of the past that would otherwise
unexplored, tend to be forgotten
It demonstrated conclusively that there is a spiritual quality even by scholars and pass entirely reitiainthe public mind. These incentives
from
shared by all races and conditions of men which is their to special examination of particular historical phases teach us better to
universal heritage and common nature." "If," he said, "fra- understand our country and our countrymen. Any one who will study the
institutions and people of America will come more and more to admire them.
ternity and co-operation are possible on the scale of this
One reason that moved me to accept the cordial invitations to come here
to-day was the hope of directing some measure of national attention to the
continent among people so widely diverse, why not on the
absorbingly interesting subject of the social backgrounds of our country.
scale of the world?"
The making of such a country is not
category of
Touching upon the part played by the Norsemen in the dates, battles, political evolutions and to be told in any mere Back of all
partisan controversies.
these, which are too often the chief material of history, lies the human
country's history, the President stated that "these Norsestory
men, whose beginnings in the United States we here cele- publicof the unsung millions of plain people whose names are strangers to
place and fame. Their lives have been replete with quiet, unprebrate, have exercised a great influence upon our modern his- tentious, modest but none the less heroic virtues. From these has been
composed the sum of that magnificent and wondrous adventure, the making
tory and Western civilization which it is difficult to match
of our own America.
among any other like number of people." These Norsemen, continent there will Somewhere in the epic of struggle to subjugate a
be found a philosophy of human relations that the
he said, "have from their first appearance on the margin of world will greatly prize. If we could seize and fix it, if we could turn it
over, examine and understand it, we would have taken a long step
history been the children of freedom. . . . They have been
toward
solving some of the hardest problems of mankind.
rapidly amalgamated into the body of citizenship, contributNaliona/ Unity Evolved Prom Melting Pot.
ing to It many of its best and most characteristic elements.
It is not so many years since visitors from
To their adaptability the nation owes much for its success in wont to contemplate our concourse of races, other quarters of the world were
origins and interests and shake
the enormous process of assimilation and spiritual unifica- their heads ominously. They feared that from such a melting pot of diverse
elements we could never draw the tested, tempered metal
that is the only
tion that has made our nation what it is and our people substance
for national character. Even among ourselves were many who
what they are." He added:
listened with serious concern to such forebodings. They were not quite sure
An enormous power has come to you, but you are charged with equally whether we had crested a nation with the soul of a nation. They wondered
enormous responsibilities. Those responsibilities you have never failed to if perhaps we had merely brought together a large number of people in a
large place. Had these misgivings been justified when
meet, that power you have never failed to sanctify. Therein lies the
the hour of trial
sole came it would have meant
disaster to us and to the world.
title to all the glory you have achieved in the past
and therein will lie
But instead of crumbling into a chaos of discordant elements America
the sole title to all the glory that you will achieve in the
future. Believing proved its truly national
unity. It demonstrated conclusively that there
that there resides in an enlightened people an all-compelling force
for is a spiritual quality shared
by all races and conditions of men which is
righteousness, I have every faith that through the vigorous performance
of their universal heritage and common
your duties you will add new lustre to your glory in the days
nature. Powerful enough to bold this
to come.
people to a high ideal in time of supreme trial, why may we not hope that
The voyage of the litte sloop "Restaurationen," which the same influence will at length reach men and women wherever they are
sailed from Norway July 4 1825, bringing the first organized found on earth? If fraternity and co-operation are possible on the scale of
this continent
party of Norwegian Immigrants to this country was alluded to world? It is among people so widely diverse, why not on the scale of a
not a new thought, but it is a profoundly engaging one. I
by the President in his speech, and it is noted by the Asso- firmly believe it is more than a chimera. I feel it is possible of realization.
I am convinced that our national story might somewhat help
ciated Press in its record of what the President had to say,
to guide mankind toward such a goal.
that while praising the Scandinavian immigrants for their teaching of our history. Therefore I urge the deeply thoughtful study and
No country has a history which starts with its discovery
contribution to American life, he made no direct reference
or at its
to present-day immigration problems which prompted Con- boundaries. For the real beginnings of any people we must go back to the
beginnings of all peonies. From the tombs of Egypt and the sands of
Mesogress to enact the law designed to limit
the flow of aliens potamia men are now unearthing the records of civilizations so ancient that
by comparison we think
from South Europe and encourage immigrati
recovered wonders of Carthage as almost
on from coun- modern. But all that we of thelearn from the
shall
glyphs of Ur, the tombs of
tries in the northern part of the Continent. The Norse- the
Pharaohs and the monuments of Crete and Carthage is
of
American Centennial was formally opened with divine ser- history, illumination for our to-days, guideposts on the waypart ourour own
to
tomorrows. All the past lives in the present. All the works and thoughts
vices at the Minnesota State Fair Grounds
of
at St. Paul on those who have gone before have left their mark on what we
think and do.
June 7. Addressing the gathering assembled
at the Fair
Influence Exercised by Norsemen on Modern History.
Grounds on June 9, the President spoke as follows:
These Norsemen whose beginnings in the United States we here celebrate
How often in the affairs of this world a small and
apparehtly insignifi- have exercised a great influence upon our modern history and Western
cant occurrence turns out to be an event of great
civiliimportance, carrying in zation which it is difficult to match among any other like number
its train a mighty influence for good or evil I Such
of peoimportance always flows ple. In many ways their influence upon Northern and Western Europe
from the character of those concerned. The generations
may
of the earth treas- be compared to that of the Greek States upon the civilization
ure the rude hut that sheltered the infancy of
Abraham Lincoln, seek out terranean. They were the first deep-sea navigators. They of the Medithe birthplace of Shakespeare, and give to the
uninviting soil of Palestine migrations which boldly struck across the Western waters. pioneered the
the title of the Holy Land, all because certain obscure
They were at
happenings in those once the terrors of the Western Roman Empire and
the guardians of the
places produced those who left a broad mark upon
humanity. The character of the participants brought the future course of Eastern. The medieval Mediterranean was a happy hunting ground for
future fame.
them. They branded their name upon French Normandy,
It is such an event that we meet to commemorate
and from it
to-day. One hundred descended upon Britain in the Norman conquest from
years ago a little bark sailed from Norway to America.
which there was the
It was almost un- begining of modern English history.
noticed at the time, save for the daring and hardihood
of its navigators, but
But even before William of Normandy had conquered
it brought with it the representatives of a stalwart
at Hastings, Lief,
race, men and women of the son of Eric, near 500 years before Columbus
appears to have found the
fixed determination, enduring courage and high
character, who were to New World. Indeed, there seems little doubt
that several centuries before
draw in their retinue a long line of their fellow
countrymen destined to Columbus saw the light of day there was born
upon American soil, of Norse
change the face of an area broad as an empire, direct
the historic course parents, a boy who afterward became so great a
of sovereign States and contribute to the salvation of
mathematician and astrona great nation. These omer that his studies may have contributed
much to the fund of knowledge
mighty works have been wrought because those
Norwegian immigrants were which helped Columbus formulate his vision
well worthy to follow in the wake of the Pilgrim and
of the world as we know it.
Cavalier.
Among the fascinating chapters in the history
This celebration is most happily identified with the
of the dark ages is the story
present year, which of Iceland. As a little Norse Republic it
is an aniversary of notable events in the history of
maintained itself for several cenour country. We are turies as one of the real repositories of ancient
rounding out a century and a half from the beginning
culture in a world whose lamp
of the American Revo- of learning seemed near to flickering out.
We have long known of the noble
lution. It was a half a century from the days of
Concord and Lexington to Icelandic literature which was produced
during those generations of the inthe begining of that stream of immigration from Norway
which was to help tellectual twilight; but we know too little
guarantee that the spiirt of freedom which had been
of the part which Iceland perso triumphant in the formed as an outpost of the sturdy
northern culture in bridging over he
Colonies should not be lost to the States.
gulf of darkness between the ancient
and modern eras of history.
When we consider the astonishing number of immigrants
These sons of Thor and Odin and
which the Scanthe great free North shape themselves
dinavian countries have contributed in proportion to
their own population in in the minds' eye as very princes
of high and hardy adventure. From Normaking the body of American citizenship, we will appreciate
the significance way to Iceland, from Iceland to Greenland,
from Greenland to the mainland,
of this anniversary. It well deserves the consideration it is receiving
here step by step, they worked their way across the North Atlantic.
They found
JUNE 13 1925.]
THE CHRONICLE
of the last ceny to financing immigration
The contribution of this countr
of dollars, perrun into hundreds of millions
who first traversed Bering Strait
tury and a third has certainly
ocean, and it was a Norseman
ce, both here and in
the western
connection between Asia and North
had a profound social influen
was no land
billions. It has
ted. A.
and demonstrated that there
for adventure haps into
could hardly be over-estima
whither these Northmen would turn
of all
. Its economic consequences
America. One wonders
include a close consideration
exploration offered Europe
ever be so completely charted that
d inquiry into these facts should
throughout
detaile
men
if the earth should
years one of them first traversed
have marked the distribution of
the great migrations which
challenges. Within a very few
no more
one, Amundfrom Atlantic to Pacific; and the same
ory of anithe northwest passage
now, within a few the world.
his beginnings the most migrat
of Norway to the South Pole; and
in advenMan seems to have been from
sen, carried the flag
the region of
in
to have had their chief motive
the first to make large explorations
His earlier movements appear
most comfortable.
days past, he has been
as I write, is unknown. mals.
regions where existence was
in an airplane, tempting a fate which,
tion, for it is
ture and the desire to find the
e of popula
One of
the North Pole
have been a very serious pressur
these tales of adventure and exploration.
One likes to linger over
which There could hardly c times that this factor has existed. Some very early
cance in connection with this celebration
histori
of only in recent
them has a special signifi
or other physical conditions.
c
lar reference. This, of course, is the voyage
were doubtless due to climati
the moveentitles it to more particu
organized migrations
us and economic reasons caused
ationen, which in 1825 brought the first
Later on political, social, religio conquests, others were driven out by conthe little sloop Restaur
make
y. One reared on the New Engants to this countr
went forth to
party of Norwegian immigr
Egypt to escape from famine.
legend ments. Some
Mayflower will find all the materials for a new
children of Israel migrated into
us libland tradition of the
a sloop of 45 quest The
ar,d to recover their religio
Egypt to escape from bondage
the voyage of the Restaurationen. She was
Romans
They left
of pioneering in
cians were great colonizers, the
180 tons. The Restaurationen
The old Romans and Phoeni
s the Mayflower was rated as
extend their
erty.
desire to
tons, wherea
, on July 4 1825, with a desperately heavy from imperialistic motives ash the Phoenicians from
sailed from Stavanger, Norway
52 people. She came safely into the Port of trade.
cargo of iron and a party of
Continent represented in its
American
of 14 weeks, which compares with nine weeks
The European migration to the
ages to bring
New York after a voyage
that have operated through the
of the Mayflower.
chiefly the
various phases all the causes
required for the historic voyage
ion. In the beginning there was
about such shifts of populat
desire to be freed
Arrival of Restaurationen.
and adventure. Later came the
of exploration
the realization of
those inured motive
political restrictions. Then, with
ping
rationen created a sensation among
from onerous clerical or
was the wish to share in its develo
The arrival of the Restau
that had ever
a's enormous resources, there
that she was the smallest vessel
d
Americ
people of this
to the sea. It was claime
ties threatened to
stages of the movement did the
crossing. The New York authori
riches. Only in the later
Atlantic, both
made the transatlantic
too many
welcome to the friends across the
the port on the ground that she carriedapparently country reach their hand of
deny her the privileges of
She was ultimately released,
and assisting to come.
I have been
ers and too much cargo.
ers urging
passeng
passeng
deep studies in the subject, yet
Though I snake no pretense to
to this
the Society of Friends. Most of her
through the influence of
the shift of Old World peoples
community intiimpressed that in this last regard
members of a Norwegian religious
their fast-de.
seemed to have been
of their reasons for
perhaps unique. From the time when
s, and it appears that one
of the Atlantic was
m and intel.
mately related to the Quaker
of reli- side
r government, religious freedo
the
that they had not enjoyed entire liberty
veloping institutions of popula
definite and attractive forms,
coming to this country was
the Mayliberality had begun to take
the parallel between the voyages of
lectual
European relagious opinion at home. Thus
separated by more people of the colonies took a new interest in inducing their
, a conRestaurationen, despite that they were
flower and of the
They engaged in an inverted crusade
several ways.
tives to follow them thither.
The new country offered not
than 200 years, is impressive in
s, the little company of immigrants were quest without invasion and without force.
Almost without money or supplie
of a spiritual and intellectual
Quakers, who raised funds to send them only material opportunities, but possibilities
other side
taken in charge by the New York There they secured lands and established
y wished their friends on the
County, N. Y.
emancipation which they ardentl
that it had not
to Kendall, Orleans
It is a curious circum- to share. Citizenship in the New World meant something
ian settlement in this country.
something new.
the first Norweg
New World offered
ians are among the greatest seafaring peo- meant in the Old. It was seen that the
in.
stance that although the Norweg
many burdensome traditions and
ed almost entirely of farmers, so that their first There was increasing realization that
lord
ples, this party was compos
ians
Here at last the individual was
And ever since, the greater share of Norweg
Here
stitutions had somehow been shed.
interest was to get land.
of his own sovereignty.
the land. These first immigrants having of himself, master of his own destiny, keeper
have come in search of homes on
on the shore of Lake Ontario for $5 he was free.
came
practically no money, bought a tract
of intellectual liberalism there
installments. It is hard to realize that
With the eighteenth century's epoch
per acre to be paid for in ten annual
land
new country was not bound to ancient
as 1825 was so far on the frontier. Their
yet more sharp realization that the
to the common man a
western New York so late
compelled not only to clear it but to manners and prejudices, and that therefore it offered
equality which by thie
was heavily timbered and they were
said to have been a log cabin better chance. here he might realize that ideal of
house is
build their own shelter. The first
European minds. This spiritual
In this 24 of them lived for a time, the men time was so generally finding a lodgment in
nth
12 feet square, with a garret.
to
the first two-thirds of the eightee
employment as was to be found in the neighborhood
evolution moved rather slowly during
French
seeking such scanty
who could century. The Seven Years' War, or, as we commonly call it, the
through the winter. The only one in the party
and realisupport them
s a period of rapid awakening
and he had remained in New York.
and Indian War, was for the colonie
speak English was Captain Lars Olson
ate more definite aspiracolony thrived and its members were zation. They began to find themselves, to formul
Despite poverty and hardships, the
to Norway describing the opportunities of tions for their future.
shortly writing letters back
new conception of American destiny began
From this begining the stream of NorBut it does not appear that this
ion, independAmerica and urging friends to come.
comers went much further in any important way to be shared in Europe until the Revolut
immigration set in, but most of the later
forced it upon the
wegian
at Kendall another party went to ence and the establishment of the Federal Government
West. A few years after the settlement
in the European mind.
West was fascinating them and many old countries. Then a new idea began to fix itself basically different conLa Salle County, Ill. Already the
the
.
an essentially, vitally,
The new country was seen as
l Kendall colony sold out and went on to Illinois Thence
a new country,
of the origina
West and Northwest. Even ception of human relationships. It appeared not merely as
immigration spread to other States of the Middle
red not only different from
ry, Icwa had received its first Nor- but as a different kind of country. It was conside
European peobefore it was formed into a Territo
rapidly into Wisconsin, Minne- Europe, but different from any earlier social creations. The
wegians, and from about 1835 they spread
intellectual awakening of the eighteenth
s and other States.
ples had been greatly stirred by the
sota, the Dakota
disappointed at the
not needful on this occasion, even to century, and the liberals among them had been deeply well wonder what
It is not possible, as it is certainly
ation. But it should be explained seeming meagre results which accrued from it. We may
summarize the story of Norwegian immigr
liberalism of both Engs County, N. Y., was the first Nor- would have been the fate of Europe after 1815 if the
nt and cynicism.
that while the settlement of 1825 in Orlean
first organized immigration, these land and the Continent had settled down to disappointme
wegian settlement mg represented the
ians to come here. We cannot doubt that during this period, say from 1815 to 1848, the beacon
s of the Restaurationen were not the first Norweg
a lamp to
pioneer
tionary War and some which they saw had been lighted over the Western Atlantic was
Considerable numbers had come even before the Revolu
Europe.
l days. There were Norwegians in both the feet and a hope to the hearts of liberals throughout
as far back as the earliest Colonia
the north and west of Europe was
the War of 1812. But the fact
With this period immigration from
ty
army and navy during the Revolution and
ian communities not only rapidly building this country into numbers, wealth and authori
s that the great movement which established Norweg
remain
itself.
to the building of that in the world, but it was having a tremendous reflex upon Europe
all over the Northwest and contributed so greatly
nts of 1832
of the Restaurationen. It is said But for American example and influence the democratic moveme
part of the country began with the voyage
y democountry are just about as nu- and 1898 in Europe might have been long postponed. The broadl
the
that Norwegians and their descendants in this
is credited with furnish- cratic evolution which swayed Europe so greatly in the latter half of
as the population of Norway itself. Norway
merous
States in proportion to its nineteenth century might have failed entirely.
ing a larger number of settlers to the United
to the
ing nearly all the immigration
one.
In the period we have been discuss
population than any other European country except the
its reacthat
newcomers from United States was from Northern and Western Europe. Through
It is frequently noted regarding immigration
thought
those in which they tions upon Europe it gave constant encouragement there to liberal
commonly sought climatic conditions here like
Europe
great preponfound chiefly in the northern and action. In this country, by gradually giving the North a
rid our
had been raised. So the Scandinavians are
population of Norway is agricul- derance in numbers, it hastened the downfall of slavery and helped
parts of this country. About 80% of the
y.
me and industrial. These proportions are closely institutions, of that great and threatening anomal
tural, the remainder mariti
here. A great majority sought
carried out in the occupational distribution
Body of Citizenship.
always followed the sea. Some of
Norsemen Rapidly Amalgamated Into
the land, but considerable numbers have
anniversaries we are celebrating to-day,
migration are oddly interesting.
These Northmen, one of whose
the coincidences in connection with this
chilationen brought a cargo of
on the margin of history been the
Thus we have noted that the little sloop Restaur
have from their first appearance
and a none too productive
Minnesota has more Norwegians and produces more iron ore dren of freedom. Native to a rigorous climate
iron; to-day
a land of wonderful fresh-water soil, they have learned the necessity for hard work and careful manage
than any other State. Again, Norway is
ion for a free holding in the land
ment. They have moved by that aspirat
lakes, and it is closely matched by Minnesota.
the democratic ideal was pressing
seems always to
There is one phase in the story of immigration which
which has always marked peoples in whom
ic independence, they
it. Once the tide had set in from a particular European coun- for recognition. Eager for both political and econom
characterize
so have always been among
aged by the early
d the necessity for popular education, and
the movement thereafter has invariably been encour
realize
try,
and friends in the old home to the most devoted supporters of public schools. Thousands of them voluncomers. Not only did they urge relatives
Civil and Spanish Wars, and
ity to help them. On this
teered in the service of the country during the
come, but they devoted their new-found prosper
some useful historical research. In the tens of thousands in the World War. The institutions and the manners el
subject there is an opportunity for
to have been encouris all about you, their liv.
pre-Revolutionary days immigration to America seems
democracy came naturally to them. Their glory
from political and partly from business ing and their mighty clad. They have given great soldiers, statesmen,
aged from the other side, partly
ed to control the best scientists, educators and men of business to the upbuilding of their adopted
motives. The colonizing countries of Europe compet
ing it with their colonies. Immigration country. They have been rapidly amalgamated into the body of citizenship,
parts of the New World by occupy
ments and by companies of merchant contributing to it many of its best and most characteristic elements. To
was encouraged both by the Govern
nt, of course, the colonies pos- their adaptability the nation owes much for its success in the enormous
adventurers. At that stage of the moveme
has made our nation
to come.
process of assimilation and spiritual unification that
sessed no wealth to help their friends
what it is and our people what they are.
Norway, in its essence
Changed Immigration Situation After Revolution.
Although this movement of people originated in
nothing about it of class
the situation greatly changed. New political and its meaning it is peculiarly American. It has
But after the Revolution
produced through the
ive than ever before, and develop- or caste. It has no tinge of aristocracy. It was not
by that
conditions made this country more attract
figure. It is represented almost entirely
and opportunity emphasized its invitation. So we find the leadership of some great
which we desiging wealth
usly encouraging the move- stalwart strain who make the final decisions in this world,
of our Republic deliberately and conscio
the home and the
people
strength of
There is opportunity for a much more detailed ex- nate the common people. It has about it the
, the children and the
ment in this direction.
the European migration than has yet been fireside; the family ties of the father and the mother soil, it has all been
amination of these factors in
been carried on very close to the
all
It would be a profoundly interesting contribution to the story kindred. It has
undertaken.
marvelous results it has accommigrations that humanity has ever accomplished if extremely human. When I consider the
Higher Power. Here
of this greatest of all
s which have animated it.
plished I cannot but believe that it was inspired by a
could know more of the precise motive
we
3020
THE CHRONICLE
Is something vital, firm and abiding, which I can
only describe as a great
reality.
An enormous power has come to you, but you
are charged with equally
enormous responsibilities. Those responsibilities you
have never failed to
meet, that power you have never failed to sanctify.
Therein lies the sole
title to all the glory you have achieved in the past
and therein will lie the
sole title to all the glory that you will achieve
in the future. Believing that
there resides in an enlightened people an all-compel
ling force for righteousness, I have every faith that through the vigorous
performance of your duties you will add new lustre to your glory in the
days to come.
Our America with all that it represents of hope in
the world is now and
will be what you make it. Its institutions of
religious liberty, of educational and economic opportunity, of constituti
onal rights, of integrity of the
law, are the most precious possessions bf the
human race. These do not
emanate from the Government. Their abiding
place is with the people.
They come from the consecration of the father,
the love of the mother and
the devotion of the children. They are the
product of that honest, earnest
and tireless effort that goes in the rearing
°tithe family altar and the making
of the home of our country. They can have
no stronger supporters, no more
loyal defenders, than that great body
of our citizenship which you represent.
When I look upon yon and realize what
you are and what you have done
I know that in your hands our country is
secure. You have laid up your
treasure in what America represents, and
there will your heart be also. You
have given your pledge to the Land
of the Free. The pledge of the Norwegian people has never yet gone unredeeme
d.
[VoL. 120.
petition. The Court held that "the cost of production and
prompt information as to the cost of transportation, are
legitimate subjects of inquiry and knowledge in any industry." The Court's conclusions, handed down on June 1, were
given in proceedings against the Cement Manufacturers'
Protective Association and the Maple Flooring Manufacturers' Association. The Court In its findings in the latter
case said:
We decide only that trade associations or combinati
ons of persons or
corporations which openly and fairly gather and dissemina informati
on
te
as to the cost of their product, the volume of production,
the actual price
which the product has brought in past transactions, stocks
of merchandise
on hand, approximate cost of transportation from the
principal point of
shipment to the points of consumption as did these defendant
s, and who, as
they did, meet and discuss such information and statistics
without, however
reaching or attempting to reach any agreement or any concerted action with
respect to prices or production or restraining competition,
do not thereby
engage in unlawful restraint of commerce.
The Associated Press advices from Washington state:
The case of the Maple Flooring Manufacturers' Association
was regarded
as in some measure a test of the legality
of "trade associations" such as
exist in many industries. The ostensible purpose of these associations is
to exchange information
New York Chamber of Commerce Urges
Repeal of Federal Government has of mutual value to members of the trade, but the
taken the position that in some instances, at least,
Federal Inheritance Tax.
the real object is to circumvent the Sherman anti-trust law.
Repeal of the Federal interitance tax provision
This contention as it applied to the Maple Flooring Association was
of the
Internal Revenue Law is urged in a report adopted
upheld by a
by the association. Federal Court in Michigan, which ordered dissolution of the
To-day's decision by the Supreme Court
Chamber of Commerce of New York at its monthly
meeting ation to be organized in a valid and lawful manner. declares the Associon June 4. The report, presented by James Brown,
Justice Stone, delivering the opinion, said it was not the intent of the
ChairSherman law to prohibit the intelligent operation of business. No conman of the Committee on Taxation, points out
that "the certed action to restrain inter-Stat commerce
e
, he said, had been shown
Chamber is already on record in opposition to any
by the collection of statistics by the Associati
Federal
on.
inheritance tax," and states that "your present
The court divided in deciding the issue, with Chief Justice Taft and
Committee Justices McReynol
ds and Sanford dissenting from the
on Taxation believes the Chamber should reaffirm
the posi- both cases. Both opinions were delivered by Justice majority view in
Stone, and held
tion it took in 1917, and urge upon Congress the
broadly that so far as the evidence showed the two associatio
repeal of
ns merely had
gathered data in an entirely legitimate way for the mutual information of
the Federal inheritance tax laws." The report
notes that their members.
"President Coolidge has on several occasions expresse
In the cement case the majority opinion held
d himthat the gathering and disself against a Federal inheritance tax, and also
the methods semination of information which permits sellers to prevent fraud could not
be regarded as an unlawful restraint
of such taxation in the States." The report goes
upon
on to say purpose of restraining inter-State commerce commerce, if free from the
.
in part:
A somewhat more comprehensive discussion
of the policies involved was
Multiple inheritance taxation cited by President
Coolidge is illustrated contained in the opinion in the flooring case, in which the court said that
by Professor Belknap of the Universit
"the cost of production and prompt informati
y of Louisville, who has calculated
on as to the cost of transthat:
portation are legitimate subjects of inquiry and knowledg in any industry.
e
"
"An estate of over $10,000,000, owned
"So likewise is the production of the commodit
by an American living and
y in that industry,' the
dying in Manila, would be taxed
partly in corporate securities ofat the top rate of 104%; if the estate were opinion continued, "the aggregate surplus stock and the prices at which the
Wisconsin, the rate would go to 144%, commodity has actually been sold
and if this corporation were incorpora
in the usual course of business. . . •
ted
the certificate were in a safety vault of a in West Virginia, to 179%. If
Justice McReynolds held that the purpose of the two associations was to
219%. If the transfer of the stock were bank in Seattle, Washington, to suppress competition and
tended to defeat the purpose of the Sherman
made in Denver, Colorado, to
235%. If the corporation had
If Oregon and Illinois held theiralso been incorporated in Idaho, to 250%; Act.
The Government won in both cases in the lower courts. The form of
and, as he says, 'all this without States to be States of domicile, to 294%;
leaving the Stars and Stripes.'"
organization of the two associations differed, but both were regarded as
Every State in the Union with the
exception of Florida and Alabama essentially the same in presenting a clear test of the validity of modern
taxes an inheritance. These laws vary
greatly. The situation is made development in business to obtain and distribute trade information.
still more burdensome by a Federal
Justice Stone insisted that the decision in the two cases to-day was not
tax.
Excessive inheritance taxes are a direct
levy upon capital and the eco- in conflict with the decision of the Court in the hardwood and linseed oil
nomic effect is deleterious. Thus capital
is destroyed through being used cases because, in those, the organizations were found to be engaged in an
for current operating expenses of the
Government. This is clearly shown unlawful combination In restraint of trade not because the defendants had
In the chapter upon Estate Taxes in
Secretary Mellon's book "Taxation; effected a combination to gather and disseminate information but on the
the People's Business," published
ground that the concerted action had resulted or would result necessarily in
during 1924.
Socialism should be left to each State
individually to experiment with tending arbitrarily to lessen production or increase prices. There was
should a majority of its citizens so
nothing in the present cases, he said, which leads to the necessary inference
desire. The Federal Government above
all should not lead the way "under
the guise of taxation," as President that the two associations either have made or will make any different or
Coolidge points out.
other use of it than would normally be made if like statistics
were pubFor several years a campaign backed by
the Government and many other lished in a trade journal or were published by the Department of Commerce.
agencies has been advocating thrift and
He conceded that it was not considered open
encouraging people to save. A levy
to question "that the dison capital, however, is a direct penalizati
on of thrift, and a discouragement semination of pertinent information concerning any trade or business tends
to the industrious.
to stabilize that trade or business and to produce
uniformity of prices and
All accumulation of new wealth is made
from the nation's savings from trade practices."
Increased production. This new wealth is
"Exchange of price quotations of market commoditi
new capital, and the one implees tends to produce
ment that is essential more than any other for
increased production is nea uniformity of prices in the markets of the world," he said. "It is the concapital. By means of new capital and encouragi
ng a feeling of confidence sensus of opinion of economists and many of the most important agencies of
In capital, mills, factories and machinery ificrease,
and greater opportunities Government that the public interest is served by the gathering and dissemifor employment result.
pation, in the widest possible manner, of
information with respect to the
A tax on capital invariably percolates downward
production and distribution, cost and prices
:it
in actual sales, of market comthe poor as well as the rich. It produces increased reaches all individuals, modities,
because the making available of such information tends to stacost, reduces purchasing
power, curtails production and lessens employment.
bilize trade and industry, to produce
fairer price levels and to avoid the
The capital of an estate should not be drained
into the coffers of the waste which inevitably attends the unintelligent conduct of economic
Government, but should be used in the expansion of the
country's business enterprise.
and the prosperity of the whole people.
"Free competition means a free and
open market among both buyers and
Your committee therefore offers the following resolution
sellers for the sale and distribution of commoditi
:
es. Competition does not
become less free merely because
Resolved, That the Chamber of Commerce of the State
the conduct of commercial operations beof New York
urges the Congress to repeal the Federal Inheritance Tax
provision of the come more intelligent through the free distribution of knowledge of all the
Internal Revenue Laws; and be it further
essential factors entering into the
Resolved, That copies of this report be sent to the
commercial transaction. . . . restraint
of Congress, to Chambers of Commerce, and othersPresident, the members upon free competition begins when improper use is made of that information
who may be interested:
and that members of the Committee on Taxation be authorize
through any concerted action which operates
d to
to restrain the freedom of
hearings, conferences, or other meetings in furtherance of this appear at action of those who
action.
buy and sell.
"It was not the purpose or the intent
The members of the Chamber's Committee on Taxation
of the Sherman Anti
-Trust law to inhibit the intelligen
are Mr. Brown, Chairman; William E.Peck, Acosta Nichols, its purpose was t conduct of business operations, nor do we conceive that
to suppress duch influence as might affect the operations of
inter-State commerce through
Andrew V. Stout and Willis D. Wood.
the application to them of the individual intelligence of those engaged in commerce, enlightened by accurate information as to the essential elements of the economie of
s
a trade or business.
United States Supreme Court on Trade Associations— however
gathered or disseminated."
Upholds Trade Cost Data in Proceedings Against
Maple Floor Manufacturer'Association and
Cement Manufacturers Protective
Association.
The gathering and dissemination "openly and fairly" by
trade associations or combinations of persons or corporations
of information as to the cost of their product, etc., Is, according to a decision of the United States Supreme Court
not
unlawful, or in violation of the anti-trust laws, when there
Is no attempt at concerted price fixing or restraining
com-
A request for permission to file petitions for rehearings in
the two proceedings was filed by the Government with
the
Supreme Court on June 8.
Regarding comment by the attorney for the cement association, we quote the following Associated Press dispatch
from Chicago, June 1:
The United States Supreme Court's decision to
-day, which held that the
Cement Manufacturers' Protective Association and
Maple Flooring Manufacturers' Association had not acted illegally under
the Federal anti-trust
laws, was called "a landmark in the construction
of the anti-trust laws"
by George T. Buckingham of counsel for the
cement manufacturers.
JUNE 13 1925.]
THE CHRONICLE
associations throughout the
"This decision will affect hundreds of trade
the most momentous
Mr. Buckingham said. "It is probably
land,"
Standard Oil case of 1912."
opinion on the Sherman Act since the famous
gton,
According to Associated Press advices from Washin
n will not deter the Department of JusJune 2, the decisio
gations. The
tice from proceeding with its anti-trust investi
add:
dispatches
3021
The Governors'statement follows:
if separated
"In this address President Coolidge says many things which,
local self-government.
from the context, properly belong in a sound plea for
it is impossible
But they have to be separated from the context because
self-government speech.
to read the whole address and regard it as a local
Intervention Argument.
the speech is that so
"On the contrary, the note which runs all through
is best, well and good.
long as a State settles its affairs in the way that
settle its affairs that way, then the Federal
the department would But when a State doesn't
Attorney-General Sargent asserted to-day that
step in and settle them for it.
prosecute associations whose operations authority has to
has broken down is clear—
"continue to be alert to detect and
"The President's belief that State government
e, now sanctioned by the
their full duties.' This he
go beyond the mere dissemination of knowledg
'the States,' he says, 'have not discharged
ions, conspiracies and
as a justification for Federal
Supreme Court, and actually result in combinat
seems to regard not only as a reason but
agreements in restraint of trade in violation of the law."
.
Sargent, now have "a clear definition of intervention.
ly reiterates the idea that
Trade associations, said Mr.
"In one form or another the President constant
the limits of these
own problems fairly, then the
the laws and can govern themselves accordingly within
public whenever the States do not settle their
t of the
this is most unfortunate.
decisions, and not operate in agreement to the detrimen
Federal authority must settle them, and while
in violation of the law."
yet the States have only themselves to blame.
From the "Wall Street News" of June 6 we take the following:
n to
That the Department of Justice is engaged in a vigorous campaig
recent return of 269 indictbreak up alleged monopolies is evidenced by the
individuals concerned in the manufacture
ments against manufacturers and
y known suits Pending
of furniture and case goods, as well as ether nationall
will be pressed to the utmost,
in the Federal courts. These cases are and
Department of Justice officials assert.
Favors Letting Business Alone.
is apparently in full
Despite these activities, Attorney-General Sargent
to "let business alone" except
accord with the desire of the Administration
outside the pale of the
when it is found that it has deliberately placed itself
law.
this fact clear recently when his attention
The Attorney-General made
ent by the Federal
was called to the complaints filed with the Departm
of America alleging a
Trade Commission against the Radio Corporation
t has been made
gigantic monopoly of patents. Merely because a complain
ing arm of the
against a corporation and an inquiry started by the prosecut
it is not to be assumed that
government, the Attorney-General declared,
, he declared, fits
there is something criminally wrong. The same situation
is also being investigated on
the case of the alleged "fertilizer" trust which
Commission.
complaints filed by the Federal Trade
of complaints
To give widespread publicity to every one of the dozens
month, the Attorney-General
filed with the Department of Justice each
to a public
believes, not only subjects the business concerns in question
in an
indictment before the real facts are actually known, but results often
new anti-trust cases
unfair injury to business generally. Practically 70
the new Coolidge
have been filed with the Department of Justice under
is said
Administration, but while the docket is apparently over-loaded, it
ented number of cases, mostly
to be no heavier than usual. An unpreced
been closed, but a number of nationally prominent
of lesser importance, have
ones are pending now in the courts.
Asks Who Has Right to Judge.
a State, with respect to its
"But who has the right to decide whether
not? Who has the right to say
own affairs, discharges its full duty or
fairly or not?
whether a State settles its own problems
Certainly, too, not the other
"Certainly not the Federal Government.
to
whatever to do with it. When it comes
States. They have nothing
difference whether a State settlesthem
local affairs it makes not the slightest
any other State, or all
ent or
in the way which suits the Federal Governm
it doesn't. Each State has the
the other States combined, or whether
of what
in the.way it thinks best, regardless
right to settle its own affairs
the whole theory of local selfanyone else thinks best for it. That is
government applied to the States.
Coolidge Idea "Dangerous."
s which the States will not
"President Coolidge's idea that 'question
have to be settled for them by the
fairly settle on their own account shall
ion to the theory of AmeriFederal authority' seems to me a new contribut
can Government.
s contribution. It simply
"And with great respect, it is a dangerou
the final say in every
that the Federal Government would have
means
thought the State's decision right.
State question. If the Government
If not, then the Government
then the Government would accept it.
would settle the question itself.
centralization in Washington
"The end would be sure to be complete
responsibility. The States might
and the complete obliteration of State
geographical divisions."
continue to exist, but they would only exist as
Comment by Secretary Hoover on Ruling of Supreme
Court Regarding Trade Associations—Administration Not Seeking to Promote Consolidation of
Business into Large Units.
The following account of comment by Secretary of Commerce Hoover on the Supreme Court's conclusions regarding
trade associations was contained in Washington advices
June 4 to the New York "Journal of Commerce":
Decisions by the Supreme Court in the cement and maple flooring associaactivity by trade associations,
tions cases clarifies the problem of statistical
according to Secretary Hoover.
The Commerce Secretary's comment on the Court's decisions was made
to-day in answer to an inquiry as to whether it was true, as has been reported, that it is the policy of the Administration, backed by the Commerce
Department, to promote consolidation of business into big units.
"It certainly is not," Mr. Hoover said. "It is exactly the reverse of the
truth. In the competitive industries the whole work of this Department in
assistance to foreign trade,in co-operation to establish standards and grades
on ofstatistics,
of products,in scientific and economic investigation, publicati
&c.. is for the purpose of giving the small unit the same advantages which
are already possessed by big business.
"I am advised that the recent Supreme Court decision in the trade
association cases clarifies one large point: That is, the reporting of volume
t of prices for both
of production, stocks, consumption and the movemen
farmers and business men is in the interest of competition and sound
organization.
"I am advised that it is equally clear from the decisions that any cona
spiracy to fix prices or to control distribution is as much violation of the
law as ever.
is that, while brickbats can be
"Our understanding of the distinction
of
used to commit murder, it is not necessary to prohibit the construction
brick houses in order to prevent it.
"Anybody about to enter into a conspiracy in restraint of trade naturally
such statistics are
uses figures and statistics, but this does not imply that
responsible for such conspiracies."
of Michigan
Governor Silzer of New Jersey on Action
—
Restraining Sale of Dodge Brothers' Stock
in
nment and State Rights.
Federal Gover
Association, in
Speaking before the New Jersey Bankers
or Silzer of
convention at Atlantic City last month, Govern
y must
Jersey declared that the bankers of the countr
New
rd the investing public against doubtful
adequately safegua
ment will do it. "It
or worthless securities, or the Govern
undoubted duty of the bankers to advise against
is the
d to
investments that are worthless, fraudulent or designe ng
the public," he added. The Newark "Eveni
deceive
states:
News," from which this is learned, further
State Securities
of the Michigan
The Governor referred to the action
000 stock issue of the
Commission in restraining the sale of the $85,000, established earning
entirely upon
Dodge Brothers, Inc., based "almost
amount of tangible assets, and said
power," and not upon an equivalent
such a stock issue should be restrained
this raised a question whether
by law.
business or business activities,"
"We do not want to further circumscribe
more government regulation and
said Governor Silzer. "We do not want
that we will get it unless we protect
more interference, but it is quite clear
ence and carelessness.
the public, even against their own inexperi
interests—the bankers—
"It seems entirely clear to me that the financial
will themselves step in and do the
can block such regulation only if they
rly anxious to 'secure the
regulating. Our forefathers seemed particula
es, but to their posterity.
blessings of liberty' not only for themselv
Did Forefathers Succeed?
whether they secured it. Liberty
"We have reason sometimes to wonder
be circumscribed and restrained.
means freedom of action. It means not to
and our posterity consists in
But the liberty we have secured for ourselves
do and not do.
being told on every hand whit we shall
constant and often unnecessary
"Bankers, like other people, resent this
Government would not
interference. We forget, however, that the Federal
States took care of these things at
have any occasion to step in if we in the
into this field of regulation."
home, which drives the Federal Government
company, the Governor said
Referring to the stock issue of the Dodge
attracted to this financial
the people of the country were recently
that
"because it involved $160.transaction and their imagination appealed to
Governor Ritchie, of Maryland, Disputes Theory of
President Coolidge That Federal Government Has
Right to Intervene When States Fail to
Discharge Duty.
A statement by Governor Ritchie of Maryland, taking
issue with the enunciations of President Coolidge in his
Memorial Day address relative to the Jurisdiction where a
State fails to discharge its own affairs, appeared in the
Baltimore "Sun" of May 3. The President's address was
given in our issue of a week ago, page 2889. In quoting what
Governor Ritchie has to say, the Baltimore "Sun" states:
's Arlington a ddress
t
Asked for his comment upon Presiden Coolidge
ment with the implication
d
Governor Ritchie yesterday expresse disagree
the Sovereign State can determine what the
that some influence outside
Governor Ritchie said, would ultimately
State's "duty" is. This theory,
wipe out all State responsibility.
000,000."
promoters sold to the public
"At a single stroke," the Governor said,"the had only $80,000,000 of
that
$160.000.000 of securities in a company
power."
tangible assets, plus and established earning
added,"that the promoters
"It must be said in all fairness," the Governor
and truthful,and that they made
in their advertisements were entirely frank
public."
no effort to either conceal or deceive the
Furniture
Indictments Against 269 Manufacturers of
Act.
Charging Violation of Sherman Anti-Trust
manufacturers and individuals
Indictmbnts against 269
re and
engaged in the manufacture of refrigerators, furnitu
as dining-room sets, bedroom equipment,
ease goods, such
all
radio cabinets and clock cases, whose plants are located
country, were returned on May 29 by the grand
over the
jury in the Federal Court at Chicago. The indictments.
alleging violations of the Sherman Anti-Trust Aet, were, it is
stated, divided into three classes, 190 manufacturers and
two individuals being indicted in the case goods cases,
3022
THE CHRONICLE
-55 manufacturers and two individuals in the furnitu
re cases,
and 18 manufacturers and two individuals in the
refrigerator
eases. The Chicago "Tribune," in its
account of the
indictments, said:
The indictments returned followed the
three branches into which the
furniture manufacturing industry is divided.
They charge price fixing
eLimlnation of competition, allotment of
territory to certain manufacturers,
and the maintenance of exorbitant prices
since 1913. The annual business
was said to have amounted to well
over 8100,000,000, involving more
than 75% of the industry. Retail dealers
are in no wise concerned.
Four Individuals Named.
The four individuals named were:
William Coye, Clarence Coye,
William B. Baker and Arthur C. Brown.
William Coye was named in all
three indictments.
The indictments covering the three branches
of furniture manufacturing
are almost identical in their charges.
"Said corporations," the indictments read,
"in so carrying on said trade
and commerce have been throughout said
period of time separate entities
independent of each other, as the grand jurors aforesaid
, charge the fact
to be they should have competed with each
other fully and freely as to
prices and should have refrained from
engaging in unlawful combination
In restraint of Inter-State trade and commerce
."
Makers' Associations Included.
The organizations hit at in the indictme
nts are the National Refrigerators Manufacturers' Association, with headquar
ters at Grand Rapids,
Mich.. with William Coye as the cost expert; the National
Alliance of
Furniture Manufacturers, with William Coye as cost
expert; the National
Association of Chair Manufacturers, with William Coye
as cost expert
and Arthur C. Brown as Secretary.
Monthly meetings in Chicago were commented on
in the indictments,
which charge that officers, employees and agents
met "to collect and
receive of each of its members information as to the details
ofeach other's
business and to distribute such information among all
its members for
use in avoiding and preventing breaches of understandings
and agreements."
[vol.. 120.
"Since the war peak, wholesale furniture
prices have dropped over
100 points in index numbers.
Wholesale furniture prices are regulated
entirely by the laws of demand and supply.
"We never knowingly have violated
either the letter or the spirit of the
Sherman Act or any other law,
and if a technical construction upon some
isolated and unintentional acts proves
to have brought us within reach
of the Sherman Law, it will be
a matter of both regret and surprise."
North Carolina Borrows on Advantageous
Terms
Governor McLean Makes Address to Bankers—Th
e
State's New Budgetary System and New Sinking Fund Commission Act.
The First National Bank, the National City
Co., Bankers
Trust Co. and National Bank of Commer
ce have loaned the
State of North Carolina $10,000,000 for
six months at
332% interest, and the same institutions in association with
B. J. Van Ingen
& Co.
Eldredge & Co.
Wm. it. Compton Co.
E. H. Rollins St Sons
Hornblower & Weeks
Redmond & Co.
Detroit Co., Inc.
Kissel, Kinnicutt & Co.
Bledget Sc Co.
Curtis & Sanger
Taylor, Ewart & Co.
F. E. Calkins & Co. and
Eastman, Dillon It Co.
also purchased and are offering
on a 3.75% to a 4.00%
basis 89,000,000 State of North Carolina 4% Serial Notes,
due July 1 1926 to 1935
At a meeting of representatives of many investment houses
held in the Directors' Room of the
First National Bank,
New York City, on June 5 1925, there was present
by
invitation the Hon. Angus W. MoLfan, Governor of North
Carolina. Speaking at the request of Mr. Sweezy of the
bond department of the First National, Govern McLean
or
We also quote the following from the Associated Press made a brief address in which he outlined in an interesting
manner the progress made by the State in attainin sound
accounts from Chicago May 29:
g
All were charged with being engaged in a combinat
ion in restraint of financial conditions, saying in substance:
trade and commerce., and
As
well as I know many of your represent
while the indictments mention an unlawful
ative bond men, 1 find many
condition existing since as far back as 1913, yet
they specifically note new faces before me this morning and as you are interested in my State.
that the violations of the law have taken place in the
I am going to have particular pleasure
last three years.
in talking to you for a few minutes.
The indictments set forth that the refrigerator companie
When the 1925 regular session of the General
s named have
Assembly of North Carolina
done an aggregate business of 815,000,000 annually, the
chair companies adjourned, it had passed about thirty-five Acts I had requested, although
515.000,000, and the case goods manufacturers
very formidable opposition had
880,000,000.
been made during the session to some of
The indictments state that the defendants have been
members of the these measures, the opposition coming from many of the most prominent
National Alliance of Furniture Manufacturers, of the
National Association members of both Houses.
of Chair Manufacturers or of the National Refrigera
First in importance of these measures
tor Manufacturers
I rank the law which gave the
Association, and that by agreement they have maintain
ed non-competitive Governor broad powers in relation to the budget. That was a new thing
and excessive prices.
in North Carolina—in fact almost
a new thing in the laws of any State.
The furniture investigation had been under way
But North Carolina, more than other
since April 5.
States, has limited the powers of its
Among the manufacturers indicted in the case goods
cases are; Alliance Governor and this year's work of the General Assembly marked a change
Furniture Co., Inc.. Jamestown, N. Y.; Allied
Furniture Co., Jamestown: in that policy. The Governor is now empowered to cut appropriations as
Berkey & Gay Co., Grand Rapids, Mich.; the Big
Rapids Furniture Mfg. he may find necessary to the end that if revenues fall short of anticipation,
Co.. Big Rapids, Mich.; Burt Brothers, Inc.,
Philadelphia; Empire Case the budget may nevertheless be balanced and no deficit remain. This
Goods Co., Jamestown; Fancher Furniture Co.,
Salamanca, N. Y.; Grand power I have already exercised by a horizontal 5% cut of all appropriations
Rapids Bookcase & Chair Co., Hastings, Mich.;
Grand Rapids Chair Co., and with announcement that the cut go further lilt should be so necessary.
Grand Rapids; Grand Rapids Furniture Co..
The General Assembly repealed some seventy laws
Grand Rapids; Hall & Lyon
making appropriation
,
Furniture Co., Waverley, N. Y.; Hanover Cabinet
Co., Hanover. N. Y.; of indefinite amounts for definite purposes, so I feel sure that not one law
Herrick Mfg. Corp., Falconer, N. Y.; Holland
remains on the statute books authorizing an
Furniture Co., Holland,
appropriation except of a fixed
Mick.; Hughes Furniture Co., Baltimore;
Jamestown Mantel Co., James- amount.
town; Jamestown Table Cs., Jamestown; Johnson
The bill passed for the purpose of inaugurat
Furniture Co.. Grand
ing the budgetary system as
Rapids; Level Furniture Co., Jamestown;
Luce Furniture Co., Grand of June 30 1925 empowers the Governor and Council of State, with the
Rapids; Marvel Furniture Co., Jamestown;
State Treasurer, to Issue notes of the State,
Merriam. Hall & Co., Inc..
running not more than ten years
Leominster. Mass.; George J. Michelson
Furniture Co., Rochester, N. Y.: in annual serial installments. The amount of that note issue will probably
A.0. Norquist Co., Jamestown; Premier Cabinet
Co.. Jamestown; Schulze be about $9.000,000. In part, the necessity for this measure was the change
& Van Eten Mfg. Co., Inc., Jamestown; Standard
Table Co., Jamestown; I recommended in the fiscal policy of the State, by which it abandoned the
Sterling Furniture Co., Salamanca; Henry
C. Steul & Sons, Inc., Buffalo; so-called accrual basis and will henceforth proceed on a cash or fiscal year
Tilletson Furniture Corp., Jamestown.
basis, the cash revenues received in each fiscal year
.
to be used in the actual
Unincorporated concerns include: Buffalo
Furniture Mfg. Co., Buffalo; cash payment of expenditures made within the fiscal year. Heretofore.
Himebaugh Brothers. Jamestown.
our State has to some extent treated uncollected revenues
of one fiscal year
Among the 55 manufacturers and two individua
ls indicted in the chair as subject to appropriation though actual payment was not made until
cases are: Jamestown Chair Co.. Jamestown;
another fiscal year. For example, it was contende
S. Karpen & Bros., Chicago;
d that one-half of the
• New York Chair Co., Inc., New York City;
the Sikes Co., Philadelphia; 1925 income tax would accrue on June 30 of that year. although the tax will
Sikes Chair Co.. Buffalo.
not actually be collected until the spring of 1926. That
policy in my opinThe 18 manufacturers indicted in the refrigerat
or cases include: Alaska ion has many objections. For instance, estimates of accruing revenues are
Refrigerator Co.. Muskegon, Mich.; Arlington
not always accurate. We have found that a depression in
Refrigerator Cs., Arlington,
the cotton inVa.; Bohn Refrigerator Co., St. Paul, Minn.; Grand
Rapids Refrigerator dustry has materially curtailed the collection of revenues we anticipated,
Co., Grand Rapids; Gurney Refrigerator Co.,
Ltd., Fond du Lac, Wis.; and yet appropriations were of course beset upon the anticipation. On
Harder Mfg. Corp., Cobleskill, N. Y. McCray
Refrigerator Co., Kendall- more than one occasion a loss has resulted, and I should say that some of
ville, Ind.
the notes we are about to issue represent these declines in revenue.
Such
In giving a statement by counsel in behalf of the Secretary a thing cannot occur again, Under the new budgetary system a considerable part of the proceeds of these notes we shall issue will be used
in putting
of the National Alliance of Furniture Manufacturers, Asso- Into effect the balanced budget system.
ciated Press dispatches from Grand Rapids May 29 said:
I want to call your attention to the fact that we are not
issuing longtime bonds to cover this. We have determined to accompli
Advised to-day by telephone message that a
sh the result
Federal grand Jury in desired by a serial note issue the last of
Chicago had returned an indictment against the
which must be paid within ten years.
members of the National
I want to call your attention to some of the measures
Alliance of Furniture Manufacturers for violation of
pissed by the last
the Sherman Anti
-Trust General Assembly which greatly increase
Lew, A. C. Brown. Secretary of the association, issued
the worth of the bonds you gentlea statement through men have already purchased and
distributed to your clients.
his counsel. Francis D. Campeau:
One of these measures is the new Sinking Fund Commissi
"This indictment includes the leading furniture manufact
on Act. Do you
urers of the realize, by the way, that when
two years ago the Legislature created this
country and practically charges them with a conspirac
y to exact from the Sinking Fund for the $65,000,
000 highway bonds, it did a very remarkable
purchasing public more than the goods they offer
are worth.
—a very unusual thing—and the result of the
"Our members have never had anything to do with
operation of that sinking fund
the prices to the will be that in about fifteen years
consumer; nor have they ever even attempted to
before the maturity of the final installcontrol the prices to the ment, the sinking fund
will have every penny of the money necessary to
dealer.
pay all the bonds.
"Furniture is not a commodity which lends
itself to price control. Its
The State has not been content with-providing
chief values are in design and craftsmanship, neither
sinking funds for the highof which can be way bonds and the permanen
standardized.
t improvement bonds and the State school
bonds. At the general election last fall, the voters
"Actuated by a recommendation of the Federal
ratified a Constitutional
Trade Commission amendment which
made all these sinking funds absolutely inviolable. That
In their bulletin published in 1916—our organization
sought to put the was carried into effect
by an Act passed in February, in which I had the
industry on a sound basis by advising members of the cost
of the materials assistance of the bankers
and Mr. Masslich, which throws the conduct and
and fundamental processes of manufacture. We know that
there was
sewer any concerted action as to prices; and certainly no willful violation control of sinking funds in the hands of a Commission composed of the Gov ernor. the State Treasurer and the State
of the law.
Auditor, and imposes the most
severe penalties, even to the extent in one
Says Prices Decrease.
case of twenty years' imprisonment, upon any of these officers who is guilty
of any wilful breach of his
"As a matter of fact, wholesale prices of furniture have decreased more duties.
This Act provides for the investment of the
sinking funds only in
in percentage than the general average of all of the 404 commodities upon State
and Government bonds and other securities admitted
of
which the Bureau of Labor Statistics of the United States Departme
ly high class,
nt and contains many restrictions believed to be
salutary.
of Labor collects price data; and the percent of decline during the last two
By another Act it has been provided that
the highway revenues, by which
years exceeds that of any other commodity.
I refer to the automobile and gasoline
taxes, shall be used for no purpose.
JUNE 13 19254
'
THE CHRONICLE
3023
of taxes
annual debt and a statue providing for the sale of property forrthe nonpayment
not even for road Maintenance and construction, until the
for the redemption of the property.
highway bends is provided, including interest Is not void, because it fails to provide
service of all outstanding
that taxes
6. The requirement of section 135 of the State constitution
sinkin fund. Of
and principal payments as well as payments into the
sheriff has no applisecurity, for shall be assessed by the assessor and collected by the
course these provisions are only in the nature of additional
fixed by an assessgeneral obligations cation to income taxes, but only to such as can only be
you well know these highway bonds are the absolute
ment of and is primarily a charge against property.
from general funds.
although
of the State and are payable
taxes
7. A tax on net income is not a burden on interstate commerce,
You have noticed that the annual collection of these highway
interstate
increase Included there in is income derived in whole or in part from
now runs well over $8.000,000 annually and the rate of annual
in col- COMMETC0.
has been about $1,000,000. There will be now a further increase
and corporafrom
8. A State imposing a tax on net incomes of residents therein
lections, for the last General Assembly has increased the gasoline tax
include therein income derived from business
four cents per gallon. It is worthy of mention that this in- tions created by it may
three cents to
whatever, without the State.
crease in rate was accomplished with practically no opposition
due by the owner
9. The sale of land for the payment of income taxes
the entire State appearing to welcome it.
prescribed by law for sales under
I entered upon the duties of MY office. thereof made by the sheriff in the manner
I became convinced, as soon as
of the land of
the an execution on a judgment does not deprive the owner
that North Carolina was entitled to a more favorable interest rate in
without due process of law.
sale of its bonds and that it could have the benefit of a more favorable property
cannot be raised by
10. The constitutionality of a provision of a statute
rate if for a period fewer bonds were offered. But the result of our road
from the remainder of the statuteto our citizens that a policy of retrenchment one not affected thereby if it is separable
work has been so beneficial
brought about very severe opposition and for a time it appeared that nothing
our highway
could prevent the passage of an Act adding $35,000,000 to
then
debt. Wiser counsel finally prevailed and the General Assembly
Bureau of Mines Transferred from Interior Department
adopted my Measure which authorized only $20,000,000 highway bonds
to Department of Commerce.
two years, of which not more than 810,000,000 should be
in the ensuing
in the present year, and it has now been determined that none
Issued
An executive order transferring the Bureau of Mines and
of these bonds shall be issued before 1926. We have also trimmed to the
from the Department of the
for necessary permanent improvements. the Minerals Statistics Division
bone the authorizations of bonds
issued by
entirely in accord with the views of you gentlemen that the Interior to the Department of Commerce was
I find myself
bond
best thing for North Carolina's credit is a temporary cessation of these
President Coolidge on June 4. In our issue of April 18
activities, providing for our absolute needs by short term notes and keeping
(page 1965) we noted the transfer of jurisdiction of the
even these notes at the lowest figure possible.
laws passed have no purpose except to effect needed econo- patent office from the Department of the Interior to the
Some of the
mies. As an example, our revenue collection has been in the control of Department of Commerce. In recomending to the President
three State departments. Notwithstanding the very plausible argument
Bureau of Mines to the Commerce Deof convenience in distributing these duties in accordance with the nature the transfer of the
Interior
of the revenues to be collected, the General Assembly has wisely consoli- partment, Secretary Work of the Department of the
dated all the departments of revenue collection. This will result, I believe,
urged that the change would result in a better organization
in a saving of some $150,000 per annum in the costs of collecting revenues.
issued on the 4th
I could talk at grea length upon many other laws of the passage of of Government activities. In a statement
which has pleased me, because I have been known as a businessman and the Inst. Secretary Work said:
laws are certainly based upon sound business principles. I must not tresby the joint ConThe change is one of the reorganization plans approved
pass upon your time further, however, but I have been very glad of the opThe President has a limited authority under the
portunity to bring to your attention some of the high spots in what I regard gressional committee.
to make such shifts. It
organic Act creating the Department of Commerce
as very notable work on the part of the General Assembly of my State.
Congresdoes not apply to other departmental changes which must await
from
sional authority. There are other functions which will be transferred
when such
Commerce to the Department of the Interior
Mississippi State Income Tax Law Upheld by State the Department of
authority is available.
Supreme Court—Decision of Newton County
In the Interior Department, which has jurisdiction over the administrathe Indian reservaCourt Reversed.
Circuit
tion of the public domain, including the national parks,
conduct of geological and topographical survey and the reclaimfour-to-two decision, the Supreme Court of Miss- tions, the
Mines has not been
By a
ing of arid and semi-arid lands, the. Bureau of
issippi on June 1 held the State Income Tax Law, passed by
the 1925 legislature, to be constitutional and valid, reversing
the decision of Judge Roger Wilson of Newton County
Circuit Court announced on March 30—V. 120, p. 1693.
The decision was made in the cases brought on appeal from
the County Court by the States Attorney-General, Rush
Knox, against the Gulf, Mobile & Northern Railroad, a
Mississippi Corporation, and V. E. Stone, agent at Newton,
(Miss.) for the railroad, for the purpose of testing the law,
both as to rights of corporations and the rights of individuals.
In announcing the decision, Chief Justice Smith declared
that every objection raised by the appellees to the validity
of the statute had been expressly decided contrary to the
appellees' contention, "either by a former decision of this
court or by a controlling decision of the surpreme court of
the United States." We quote the following from the
"Memphis Appeal" of June 2 regarding the decision:
associated.
Its transfer with the Division of Mineral Statistics from the Department
es
of the Interior to the Department of Commerce has been resolved upon
part of the program of better grouping of Federal functions, according to
to create in the Department of COM.
that major purpose, it being proposed
ecomerce a division embracing activities of the Government scientific and
nomic research in aid to industry.
The primary objects of such segregation are, of course, to secure economy
in administration and more efficient relationship with the public. As
instances of the large areas of overlap between the Departments of Commerce
and Interior in these functions, the following may be cited:
Our investigations show that the laboratories of the Department of Commerce carry on scientific research in the use of gasoline and lubricating
oils in gas engines, while the Bureau of Mines carried on research generally
into gasoline and petroleum products. The research laboratories in the
Department of Commerce carry on investigation into the quality of materials
for manufacture of porcelain, whereas the Bureau of Mines laboratories carried on research into raw materials for porcelain manufacture. The Department of Commerce laboratories carry on investigation into the qualities of
fuel, whereas the Bureau of Mines laboratories tested fuel as to its qualities.
The Department of Commerce contains a division for service in domestic
distribution and foreign trade in mineral products, the Bureau of Mines
carried on work Of economic character of much the same implication. The
Mississippi's new graduated income tax law was held to be constitutional Department of Commerce provides statistics of mineral production every ten
and valid by a four-to-two decision of the supreme court here this morning years—in some cases every two years—whereas the Department of the inIn the case of the State of Mississippi on relation of Attorney-General Knox terior provides statistics of mineral production every year and in imam
against the Gulf, Mobile & Northern Railroad Company, and a similar cases every month. The Department of Commerce recruits statistics vs
ease against V. E. Stone, both on appeal from the circuit court of Newton production of explosives every two years, while the Bureau of Mines proCounty.
cures statistics on their production at regular intervals. The Department
These were test cases brought by Gen. Knox two months ago for the of Commerce carries on investigations into safety appliances in various Inof the law, both as to the rights of corpora- dustries, while the Bureau of Mines carries on the same as applied to the
purpose of testing every feature
tions and the rights of indhiduals.
mining industry. The Department of Commerce carries on research into the
In the trial of the case in the lower court attorneys for the appellees tensile strength of wire rope generally for all industries, whereas the Bureau
contended chiefly for two points, (1) that the income tax as levied by the of Mines investigates the 'strength of wire ropes for the mining industry,.
statute was a tax on property and was in violation of Sections 112, 135, and The Department of Commerce maintains economic research in use of raw
75 of the state constitution; (2) that in levying the tax upon income from materials for manufacture—a large portion of which are minerals, while the
property of the railroad outside of the state the law imposed a tax upon Bureau of Mines investigates the production of raw materials for manufacinterstate commerce. It was also claimed that the sale ofland for delinquent turing purposes.
taxes as provided for In the statute was unconstitutional and deprived the
While by constant adjustment, conferences and the appointment of coowner of his property "without due process of law."
operative committees a considerable amount of the achial duplication bar
Chief Justice Smith in delivering the opinion of the majority simply been eliminated during the past four years, nevertheless such duplications
said that every objection of the appellees which attacked the validity of cannot be eliminated and the confusion of citizens in dealing with differthe statute as a whole had been expressly decided to the contrary of the ent Government departments for different purposes cannot be planed out
appellees' contention, either by a former decision of this court or a controll- unless single-headed authority is given for functions having the same gening decision of the supreme court of the United States. The opinion was eral major purpose.
not read.
Over a year ago I recommended to the Joint Committee on ReorganizaThe majority opinion lays down the law of the case in the following tion of the Executive Departments that the Bureau of Mines should be
propositions:
placed in the Department of Commerce. The transfer made to-day presages
1. An income tax is an excise and not a tax on property within the action by the Congress and opens the way for the transfer to the Department
me
aning of the requirement of section 112 of the state constitution that of the Interior of bureaus from other executive branches of the Government
property shall be taxed in proportion to its value and shall be assessed for administering public lands and public works as recommended by this comtaxes under general laws and by uniform rules according to its true value. mittee.
2. The Legislature may make a reasonable classification of the subjects
of taxation and if all of the same class are taxed alike the equality clauses
of both the State and Federal constitutions are complied with.
Dr. H. Foster Bain, Director of Bureau of Mines, to
3. A tax on income graduated according to the amount of the income
Become Secretary of Metallurgical Institute.
violate either the equality clause of section 112 of the State condoes not
stitution nor the equal protection of the laws clause of the fourteenth
Dr. H. Foster Bain, whose resignation as Director of the
amendment to the Federal constitution.
Bureau of Mines was made known just prior to the announce4. An exemption from income tax which rests upon classification which
the Legislature has the power to make does not violate the equality clauses ment of the transfer of the Bureau from the Interior Deof either the State or Fede:al constitutions.
partment to the Department of Commerce, will, on July 1,
which provides for the redemption of
5. Section 79 of the con:Utution
the office of Secretary of the American Institute of
property from sales thereof for the nonpayment of taxes is self-executing assume
3024
•A
THE CHRONICLE
[VOL. 120.
.
ng and Metallurgical Engineering. In making known
In-the Philadelphia "Ledger" account from Washington
vintment of Dr. Bain, the Institute on May 29 said:
June 8 it was stated:
in has been Director of the Bureau of Mines for several years and
41 that office of the Government on the highest plane of service.
In addition to being a geologist of unusual attainments,
Dr. Bain has served
as editor of the "Mining and Scientific Press' of
San Francisco and the
"Mining Magazine" of London. He made an extensive examination
and
report on the mineral resources of China for an American financial group.
Recently, at the request of the Argentine Government,
he made an examination and report on the utilization of the mineral resources
of Argentina and
the advisability of establishing an iron and steel industry there.
He comes
to his new position with a singularly efficient mental
equipment and a
world-wide acquaintance and reputation.
To-day's decision virtually completed the Board's ruin In the view of
competent spokesmen for the railroads and the brotherhoods. Legislation
at the next session of Congress definitely wiping it out of existence and setting up new machinery for dealing with the relations of the employers and
employees on the railroads is regarded as a foregone conclusion.
B. W. Hooper Re-Elected Chairman United States
Railroad Labor Board.
For the third time former Governor Ben W. Hooper of
Mr. Bain on June 6 issued a denial of reports that his Tennessee has been re-elected Chairman of the United
resignation as Director of the Bureau was due to his opposi- States Railroad Labor Board. G. W. W. Hanger has been
re-elected Vice-Chairman.
tion of its transfer to the Department of Commerce.
He
stated that "there is no relation between the two events
W. E. Knox, President of American Bankers Associawhatever."
tion, Defends Coolidge Economy.
Coolidge economy, instead of being responsible for slackUnited States Supreme Court Limits Power of United
ened business, has brought a sound element into the times,
States Railroad Board in Matter of Compelling
saving the nation from "the danger of a real depression," it
Witnesses to Appear in Wage Disputes.
The United States Supreme Court ruled on June 8 that the was declared by William E. Knox, President of the American
authority of the United States Railroad Labor Board to Bankers Association, in an address on June 5 before the New
compel a witness in a wage dispute to appear before it in England Bankers Association at Swampscott, Mass. BusiChicago does not extend beyond the Federal District Court nes men, said Mr. Knox, who blame the public's economical
having jurisdiction in the place where the hearing is held. mood for unsatisfactory conditions in their enterprises are
The Court's conclusions were given in the suit brought by "hiding behind a sham excuse." Mr. Knox said in part:
We have
resurrection in recent weeks of one of the
the Board against D. B. Robertson, of Cleveland, President greatest and witnessed amazing
most baseless fallacies of economic history. Economic fallacies
of the Brotherhood of Locomotive Firemen and Enginemen, are peculiarly insistent in their recurrence. A number stand out particuwho refused to testify on the ground that the Board had no larly prominently.
For instance, one that has
demonstration of
legal right to question him when it assumed jurisdiction over unfortunate public experience, been often downed by the
only to rise again and again, is the great
greenback
a dispute between the brotherhoods and practically all
the can make fake—the notion that a Government stamp on a piece of paper
Western railroads. On Nov. 6 last Federal Judge James H. The whole it just as good money as gold or credit money secured by gold.
world is now turning away from the last
bitter demonstraWilkerson at Chicago had upheld the contention of the Board tion that fiat money will not work—but doubtlessgreat will always have
.
we
with us demagogues ready to rise and fool the people into believing that it
that it had authority to compel persons to given testimony
before it in wage matters considered by the Board. The will work if that particular demagogue's plan is followed.
Another great economic fallacy that yet returns at times to plague us,
Washington "Post" of July 9 says:
harks back to the time when competition was considered a cutthroat game,
a destructive business element. But finally the error of this view became
The Government contended that it was the intention
of Congress in cre- understood and
we now know that healthy competition is the life of trade.
ating the Board to permit it to apply to any District
Court to enforce its Evenso, we
still see efforts of short-sighted business men to stifle compesubpoena and compel the testimony of witnesses.
The Supreme Court tition.
however, declared that the law authorizing the Board to
Again, for
any United States District Court" meant any such invoke the aid "of
Court of competent lashed into years the working classes of one industry after another were
a
jurisdiction, and in an opinion by Justice Brandeis,
pointed out that it their trades frenzy by the fallacy that the introduction of machinery into
had been consistently held that the jurisdiction of a
Federal District Court employment.was taking bread out of their mouths by throwing them out of
did not extend beyond its own district.
It was necessary to demonstrate time and again that labor
saving devices and mechanical methods
productivity of
From the Washington dispatch to the New York "Times" the individual worker resulted in benefitfor multiplying the into being new
for all by bringing
industries, increasing total output of goods required by human beings, raisJune 8 we take the following:
ing the general standard of living and enhancing the purchasing power
The decision apparently leaves open the question of
the Board's right to inherent in the individual's labor by enlarging his power to produce goods
act through the Federal Court of jurisdiction where a desired
that others want. The result was a stimulation of business all around from
witness lives.
After the shopmen s strike three years ago, the "Big
Four" Brotherhoods, which everyone benefited, particularly through increased rather than dewhich were strong enough to make headway in direct
negotiations with the creased employment, but yet we still see labor leaders who preach restricted
railroad managements without working through the
Railroad Labor Board, output—who would undo the good machinery has done.
entered into such negotiations with a number of Western
railways. Union
But it remained for recent weeks to witness the resurrection of the most
men here who accused the Labor Board of a general effort
to reduce railroad obvious fallacy of them all—one that touches more closely the plain, everywages, said to-day the Board declined to be ignored and
tried to interpose day interests of the great masses of our people—that has to do with their
Its own authority in the negotiations. In this situation,
Mr. Robertson personal pocketbooks. It stands out as particularly flagrant, coming as it
was ordered by the Board to appear before it.
does in a period when we had begun to congratulate ourselves that our
Through his counsel Mr. Robertson challenged the
jurisdiction of the People, especially our business leaders, were developing a considerable degree
Board, which went into the Illinois Federal Court to compel
his attendance. of economic-minaedness. It illustrates again the imperative need of
more
Mr. Robertson then moved to quash the service on the ground
that he was general, thorough-going public education in economic subjects.
a resident of Ohio and not subject to the command of the
Federal Court of
I refer to the strang claim of recent weeks that personal economy on
the
Illinois. The motion was overruled and so was a motion for
dismissal for part of our people is hurting business. Those who pat forth this view have
lack of Jurisdiction over the subject matter of the suit, and Mr.
Robertson been quoted as doing the more amazing thing of blaming President Coolidge'a
was directed by the Illinois Court to appear before the Board.
The action economy program as being responsible for a slackening of trade.
of the Supreme Court to-day, in the decision which was handed
I am willing to go to the other extreme and say that if it had not been
down by
Associate Justice Brandeis. reverses the lower Court.
for the sound element of economy that the President had brought
into the
The Railroad Labor Board proceeded under a proviskin of the
Trans- times the nation would now be in danger of a real depression.
portation Act which says the Board may subpoena witnesses
Of course, in the first place, in the accusation that Coolidge economy
from any
place in the United States at any designated -place of bearing, and
that hurts business there was an obvious distortion of fact. The President's
"In case of the contumacy of any witness the Board may
invoke the aid of economy program has had to do with economy in government, with
reduced
any United States district court," which may thereupon order a
witness to public expenditures in order to make possible reduced taxes. Will
any one
Comply with the requirements of the subpoena,
carp at that kind of economy? He has not meddled with personal economy
Mr. Robertson contended that under the applicable law no district court or
private purchasing. But nevertheless, in so far as his sound, sane adIs of competent Jurisdiction to compel a defendant to obey
its decree, except ministration or public business has been copied by our citizens
and applied
the court of the district of which he is an inhabitant or where he
is found. to their personal finance, it has been good business and not bad.
The Board argued that Congress Intended to confer upon it the right
A major cause of the depression phases of business cycles in the
not
past has
only to invoke the aid of the court for any district, but to compel
the been extravagance and waste. Wastefulness in personal habits by
our
person named as defendant to litigate in the district selected by
the Board, people is a greater economic burden on business than Government taxation.
even though he is not a resident there.
On the other hand, the foundation of a sound economic
condition for the
In its opinion given to-day the Supreme Court said that
"no reason is country is the personal economy of the masses of our people—the
prudence
suggested why Congress should have wished to compel every person
sum- of the individual multiplied by the millions of our population.
moned either te obey the Board's administrative order without question,
Personal economy means increased savings, means conserved and stored-up
or litigate his right to refuse to do so in such district,
however remote from purchasing power against future needs. Is there any business man
who will
his home or temporary residence, as the Board might
select. The Inter- say that is bad for business? Judicious spending, which is just
as much
State Commerce Commission, which throughout thirty-eight years
has a part of thrift as is saving, means a sound, steady buying demand
dealt in many different ways with most of the railroads of the
for the
United States, staple products of industry—and is there any business man who
will say
has never exercised or asserted or sought to secure for itself
that is bad for business? Abstention from wastfeul
such powers."
consumption means
The Court declares that the law's grant to the Board of authority
to avoidance of exhausting our stocks of goods, with consequent
Invoke the aid of "any" court means any court of
soaring of
competent jurisdiction. prices, speculative jacking up of costs and inevitable
retrenchment and
By the general rule of law the jurisdiction of a district court in
personam reaction. Do business men say they want that? Extravagant
has been limited, the Court adds, to the district of
indulgence
which the defendant is in useless luxuries, beyond a reasonable enjoyment of
the good things of life,
an inhabitant or in which he can be found.
means engrossing large parts of our productive
industry and labor, with
"It would be an extraordinary thing," says the decision,
"If while guarding consequent unsoundly rising prices and wage scales in
all directions, again
carefully all departure from the general rule, Congress had conferred
the leading to an unbalanced price structure.
exceptional power here invoked upon a board whose functions
are purely
Business men who blame sound economical programs
advisory, and which enters the district court not to enforce a substantive
for unsatisfactory
conditions in their business are hiding behind a sham
right but in an auxiliary proceeding to secure
excuse. They must
evidence from one who may adjust their operations to conform to the present-day
be a stranger to the matter with which the
prudent public mood—
Board Is dealing. We think it not to expect the public to adjust itself to
their
made no such extension by the Transportati
on Act of 1920. It is not come from economic service to the public welfare. exigencies. Profits must
lightly to be assumed that Congress intended
to depart from a long set
As a matter of fact business to-day is good.
policy"
ness is normally good and profitable where it There is no boom, but busiis conducted efficiently and
JUNE 13 1925.]
THE CHRONICLE
goods. There are indications that
in keeping with public requirements for
business is going on reflects
the present relatively moderate pace at which
over business in this country.
a great change for the good that has come
that gives ground for hope
Economic efficiency has been carried to an extent
contrasts in the business cycle—
that hereafter we will have less marked
more efficient transportation makes
less violent ups and down. For instance,
more closely to consumpIt possible to adjust production and distribution
with such heavy inventories or
tion. It is no longer necessary to stock,up
volumes of forward buying. Lack
to anticipate the seasons with such large
by some business men as
of forward orders in some lines have been mistaken
that in a great many cases it
signs of reaction. They will probably find
better for it in the
really means a more stable, uniform course of business,
long run.
Again, through the Federal Reserve System we have established steadier
recurrent
monetary conditions that have emancipated us from the fear of
higher
money panics. Added to these and similar other developments is this
due to the leaderdegree of personal economy that prevails to-day, largely
The preservation of this attitude, with the inship of President Coolidge.
culcation of sound principles of income management in the rising generation through our schools and through other channels of public education, is
the greatest opportunity we have to-day for prolonging prosperity.
3025
each share of bank
value of American Exchange Securities Corporation for
with United States
stock owned by him, through the deposit of these stocks
agreement dated
Mortgage & Trust Co., as depositary under a deposit
the American Exchange
Jan. 2 1920. The holders of more than 97% of
privilege.
National Bank availed themselves of this valuable
Exchange Securities
To carry out the plan pursuant to which American
of incorporation, it
Corporation was organized, as set forth in its certificate
number of shares
will be necessary at this time to increase•the authorized from 50,000 to
of Class B stock without par value of that corporation Class B stock
shares of additional
75,000 shares, and to make such 25,000
deposit agreement for the
available for deposit under the above-mentioned
National Bank who deposit
account and benefit of the American Exchange
such deposit agreement. A
their additional stock in that bank under
stock of American Exchange
special meeting of the holders of Class B
vote upon such increase
Securities Corporation will be held on July 2 1925 to
stock. Each recipient of the
in the authorized number of shares of Class B
American Exchange National
25,000 shares of such additional stock of the
share of such additional
Bank will be entitled to acquire without cost one
Corporation for each share
Class B stock of American Exchange Securities
provided the recipient
of such additional bank stock acquired by him,
corporations to be deposiauthorizes such shares of additional stock in both
(or such modification
ted under the above-mentioned deposit agreement
15 1925. A transferable
thereof as may be necessary) on or before Sept.
issued by United States
receipt covering the stocks so deposited will be
15 1925 this privilege
Mortgage & Trust Co. as depositary. After Sept.
conditions as may be fixed by
will be permitted only upon such terms and
Securities Corporation.
the board of directors of American Exchange
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of the late
Bank
August Belmont was reported posted for transfer this week
The new capital of the American Exchange National
to George L. Degener, the consideration being stated as
paid up July 28 1925.
will be fully
$110,000. The membership of R. Lawrence Oakley was
Mortgage
also reported sold this week to William Evans for $108,000.
An increase in the capital stock of the Lawyers
been
Last previous sale, $106,000.
Co. of New York from $7,500,000 to $9,000,000 has
approved by the board of directors; last week on
formally
The New York Curb Market membership of Harold N.
the
2898 we referred to the tentative approval of
Raymond was reported sold this week to De Courcy L. page
of
directors. The increase will be obtained by an issuance
Taylor for a consideration stated to be $13,000. Last
at par, for which at the close of business
$1,500,000 of stock
previous sale was at $12,500.
on Aug. 15 stockholders will have the right to subscribe
membership was reported for on a basis of one share of the new stock at $100 for
A New York Produce Exchange
stockholders will be asked to
sold at auction in the call room this week to Robert Straub each five shares held. The
the
vote on the proposal on Aug. 5. Subscriptions for
for $1,135.
be payable on or before Oct. 1. It is expected
new stock will
A sharp advance in the stock of the First National Bank that the present rate of 10% will be continued.
of New York followed the announcement on June 9 of a
John F. Rivera, formerly Manager of the Bond Dequarterly dividend declaration of 123i% on the stock of the
of the affiliated First Security partment, has been appointed Manager of the National
bank, and 123'% on the stock
in Havana, Cuba. General MaCompany, or an aggregate of 25%, both payable July 1 to City Bank of New York
of
June 30. The bid and asked price on chado, President of the Republic of Cuba and a number
stockholders of record
attended a banquet held in honor Of Mr. Rivera on
.
the First National stock, June 8 had been respectively bankers
of the new building of the
$2,450 and $2,550. On the 9th the quotation advanced June 8. Mention of the opening
a further advance to $2,675. Cuban head office in Havana was made in our issue of
$140, and on the 10th there was
Last year the First National paid $55 per share on its stock, May 30, page 2772.
while the First Security Company paid $15 per share. In
The National City Bank of New York has opened a new
January of this year 10% was declared on the stock of the
office at 96th St. and Broadway. This is the third branch
bank and 5% on that of the Security Company; there were
office on New York's upper west side maintained by the bank.
similar declarations of 10% and 5% in April.
Anton H. Schefer, of Schefe-r, Schramm & Vogel, the wellRuel W.Poor, heretofore President, was elected Chairman
known dry goods factors of this city, has been elected a
of the Board of Directors of the Garfield National Bank of
director of the New Netherland Bank of New York.
New York at a meeting of the board on June 10. Horace F.
Poor, formerly Vice-President, was elected President and
James Heckscher, Vice-Pres- ident in charge of the Irving
Edward E. Watts was elected a director and Vice-President. Bank-Columbia Trust Co.'s foreign office in the Woolworth
Building, will sail for Europe to-day (June 13) on the
In furtherance of the proposed consolidation of the Pacific steamship Majestic. He will visit England, France and
Bank with the American Exchange National Bank of this countries of north and central Europe before returning
city, the latter plans to increase its capital stock from
to New York.
$5,000,000 to $7,500,000. Reference to the consolidation
was made in our issue of May 23, page 2646. As a
plans
Louis Golde, of S. Golde & Son, has been elected a director
step toward effecting the consolidation, the Pacific Bank of the Chelsea Exchange Bank of New York. On June 15
was converted to the national banking system under the title the bank will open a new branch at 109th St. and Madison
of the Pacific National Bank in New York. A special Ave., making the total number of branches operated by the
meeting of the stockholders of the American Exchange Na- bank four. The opening of three additional branches in
tional Bank to ratify the consolidation and the proposd in- the next few months is contemplated.
crease in capital will be held on July 2. In his advices to the
It was announced this week that the International Banking
stockholders on June 2, Lewis L. Clarke, President of the
Corporation, which is owned by the National City Bank of
National, says:
American Exchange
at Osaka, Japan, which
As a part of the consolidation, the present charter of the American New York, is opening a new branch
Exchange National Bank will be modified so as to provide for 25.000 shares will be in charge of Peter Davidson, formerly of the New
of additional stock of the par value of $100 per share. Of such additional
office and for a number of years stationed at various
stock, 10,000 shares will be issued to the shareholders of Pacific National York
in exchange for the 10,000 shares of outstanding capital branches of the bank in the Far East. With the opening of
Bank in Now York
stock of that bank. The remaining 15,000 shares of such additional stock the office, the International Banking Corporation will have
will be offered to the shareholders of record of the American Exchange
branches, four of which are located in Japan. It
National Bank as of July 13 1925, for pro rata subscription by them on 32 foreign
operating through
or before the close of business on July 28 1925,at the price of $200 per share, is the only American banking institution
payable in cash. Each such shareholder of the American Exchange National the Far East. It is stated that although Osaka is the
Bank will be entitled so to subscribe for additional stock equal to 30% of
industrial city in Japan and one of the most densely
his then holdings of stock in this bank. While transferable warrants largest
covering such subscription rights will not be issued to such shareholders populated in the world, the International Banking Corporauntil July 13 1925, your attention is called at this time to these subscription tion is the only foreign bank operating in that field.
rights in order that you may make suitable provision for the exercise of
these rights during the limited period within which they will remain in
existence. All such rights, as above stated, will expire at 3 p. m. on
July 28 1925.
was organized under
In 1919 American Exchange Securities Corporation
of enabling the shareholders of the
the laws of Delaware for the purpose
American Exchange National Bank to participate in various business
transactions which cannot legally be conducted by a national bank. Each
shareholder of the Ainerican Exchange National Bank was given the opportunity of acquiring without cost one share of Class B stock without par
Frederick S. Bale, of the Class of 1906, was elected President of the Amherst Alumni Association of New York at the
annual meeting of that organization yesterday, George W.
Wilder,'99,First Vice-President, and Frederick P. Smith,'08
Second Vice-President. Among those elected to the Executive Committee were Dwight W. Morrow, '95, Charles E.
3026
THE CHRONICLE
[vol.. 120.
Mitchell, '99, Howard A. Halligan, '96, and Carlisle J.
Hon. Joseph II. Himes, former Representative from Ohio,
Gleason, '96.
was elected a director of the Munsey Trust Co. of Washington, D. C., on June 2, according to the Washington "Post" of
A controlling interest in Columbia Mortgage Co., 4 East
the following day. Mr. Himes was unanimously chosen as a
43rd Street, has been acquired by Union Discount Co., Inc.,
member of the board of the trust company, it was stated,
of New York. Announcement is made by Frederick H.
because of his wide business experience not only in WashMacRobert, President, at the company's office, 50 East
ington, but in New York, where he is a special member of the
42nd Street, that hereafter the Columbia Mortgage Co. will
firm of A. A. Housman & Co. Previous to his election to
be associated with the mortgage division of Union Discount
Congress, Mr. Himes was General Manager of the Carnahan
Co. and in charge of the following officers:
Tin Plate & Sheet Co., Canton, Ohio, prior to which he spent
President, Frederick A. Yard; Vice-President, Russell B. Smith; VicePresident and Treasurer. George Lee Bready; Secretary, H. Minot Pitman. some time studying trade conditions in the United States
B. S. Eveiand of Philadelphia will Join the directorate.
and in South America.
Columbia Mortgage Co. was organized in June 1920 with
Edward J. Hickey on June 2 was elected a director of the
an authorized capital of $3,500,000. It occupies its own
building on East 43rd Street near Fifth Avenue. Frederick Detroit Trust Co., Detroit, at the regular monthly meeting of
A. Yard, the new President of Columbia Mortgage Co., the board of directors. Mr. Hickey, who is President of the
has been identified with the investment interests of Chicago E. J. Hickey Co., clothiers, Detroit, was recently elected
and New York for the past 25 years. For two years he was Olin irman of the Board of the Peninsular State Bank, of
Vice-President of the Investment Bankers' Association. In Detroit. He also is a director of the Grosse Pointe Savings
Chicago he was head of the bond firm of Yard, Otis & Tay- Bank, Grosse Pointe, Mich., and of the Peninsular State
lor, and also served as Vice-President of the Union Trust Bank, of Highland Park, Mich.
Co. In New York he managed the affairs of P. W.Chapman
A special general meeting of the shareholders of the Royal
& Co., Inc., and later organized his own bond firm of Yard,
Bank of Canada (head office Montreal) will be held on July
Hayes & Lord. When the Union Discount Co. organized
21 next, at which they will be asked to authorize the execution
the Union Mortgage Bond Corporation as its mortgage diviof the agreement providing for the purchase of the Union
sion under the Banking Law of New York, Mr. Yard became
Bank of Canada on terms already announced. They will
associated as a Vice-President of Union Discount Co. and
also be asked to amend a by-law to increase the board of
also as Vice-President and managing director of the Union
directors from 22 to 27 in number. A third item of business
Mortgage Bond Corporation.
will be to pass a by-law increasing the authorized capital
Completing a program adopted some years ago, the United stock of the bank from $25,000,000 to $30,000,000 by the issue
States Mortgage & Trust Co. on June 1 retired the whole of of 50,000 shares of the par value of $100 each, with power to
Its outstanding first mortgage trust bonds amounting to the directors to allot and issue such increased capital stock
$624,000, which were secured by a pledge of mortgages held from time to time in accordance with the provisions of the
by a trustee. In recent years the company discontinued the Canadian Bank Act. The agreement provides for the payIssuance of mortgage trust bonds, and instead now sells to ment of the purchase price by the issue of 40,000 shares of
Investors specific first mortgages or participations in mort- Royal Bank stock now forming part of its authorized ungages trusted in its trust department. The company now issued capital, being equivalent to one share of Royal Bank
has agencies in more than sixty cities throughout the coun- stock for each two shares of Union Bank stock as issued and
try and conducts its mortgage operations as a department of allotted before May 1 1925. The Royal Bank stock thus
Issued will rank for dividends as from Sept. 1 1925. Proviits general banking and trust business.
sion is also made for the purchase of the aggregate of all
Gilbert H. Thirkield, who since 1916 had been Assistant fractional shares which may arise upon a pro rata division
Secretary of the Brooklyn Trust Co. of Brooklyn, has been of the Royal Bank shares among the Union Bank shareholders at $230 per share of Royal Bank stock.
elected a Vice-President of that institution.
The foreign exchange and steamship agency of Bicluci &
Rossi at 586 Morris Avenue (The Bronx), this city, failed to
open for business on June 1 and subsequently the District
Attorney of Bronx County, John E. McGeehan, found that
the concern had been doing a private banking business
without a license and that the losses of its depositors (practically
all of whom are poor Italians) would total $100,000—it
is
now said the losses may reach $200,000. The firm
consisted
of Vincenzo Bifulci and Umberto Rossi. Rossi, it
seems,
closed the agency on May 29 and, after turning the keys
over
to the agent of the building in which it was located,
disappeared. Bifulci, his partner, who, it is said, has been in ill
health for some time, was found at his home on June
2 by
detectives, and after being placed under arrest for
alleged
The Ocean City Title & Trust Co., Ocean City, N. J., opened larceny, was removed to the prison ward of the
Fordham HosIts new bank and office building for public inspection on pital. He denied all knowledge of the firm's
difficulties. On
May 29 and May 30. A souvenir booklet entitled "Building June 3 Albert Galdini, former confidential clerk
of the partfor a Greater Ocean City," giving a description of the new ners, was taken into custody as a material
witness, and the
banking home and information pertaining to the service and following day confessed to the District Attorney
his part in
facilities the institution offers its patrons, was issued for the the looting of the bank, and stated the amount
stolen from
occasion. The personnel of the company is as follows: Wil- the depositors was about $100,000. He, Galdini,
according to
liam E. Massey, President; Henry D. Moore and Clayton H. Mr. McGeehan, got only a small portion of the
stolen money
Brick, Vice-Presidents; Russell H. Nulty, Secretary and and Rossi the remainder. Galdini said he had
deposited his
Treasurer; Clinton B. Price, Title Officer; Stirling W. Cole, share ($7,000) in safe deposit boxes in the
vaults of the
Trust Officer, and Clarence L. Cole, Solicitor.
Weehawken Trust Co. and the Hudson Trust Co. and later
In the day accompanied the District Attorney to the New
Arcadia
TheArcadia National Bank of Newark, N. J., has changed Jersey
institutions where the money was found. Galdini
Its name to the Arcadia National Bank & Trust Co., having was reported
as saying that Bifulci was ignorant of the
added to its facilities the functions of a trust company. The theft of the
agency's funds by Rossi and himself. A few
capital remains unchanged at $150,000. It now hundred
Institution's
dollars in American money and a small sum in
has a surplus of $250,000. We learn that the management Italian money,
it is understood, have been found in the
holds suficient proxies to change the name on the 19th, when safes and
a strong box in the agency's former quarters. On
the stockholders' meeting to ratify the new title will be held. June 9 the
Bronx County Grand Jury returned indictments
The directors of the Utica Savings Bank of Utica, Ohio, against each of the accused men. According to last night's
have elected W. L. Grandle Cashier to succeed P. A. Warner, New York "Sun," Rossi surrendered himself to District Atwho has accepted a position as Examiner with the State torney McGeehan yesterday, June 12, after a consultation
Banking Department. Mr. Grandle has been in the employ with his attorney, James Donnelly. He was at once arraigned before County Judge Albert Cohn, who held him in
of the bank for three years.
$25,000 bail under three indictments, namely for grand larThe National Rockland Bank of Boston, Boston (until
recently the National Rockland Bank of Roxbury) on June 1
opened its new quarters in the State Mutual Building at
Kilby and Congress Sts., Boston, and the event was marked
by a large increase in deposits. Hereafter this will be the
main office of the bank and the Roxbury office will be a
branch. Since the bank announced its plan to move to the
downtown section of Boston deposits have increased, it is
said, from $9,000,000 to $12,000,000 and much larger gains
are predicted in the future. In view of the bank's move
downtown it has been admitted to membership in the Boston Clearing House. We last referred to the affairs of this
bank in the "Chronicle" of May 16 1925, page 2506.
JUNE 13 1925.]
THE CHRONICLE
3027
ceny in the second degree his bail was fixed at $15,000; for
violating the State Banking Law, $5,000, and for accepting
deposits when the bank was insolvent, $5,000. The "Sun"
quoted the District Attorney as saying that it had been
learned that the firm had $60,000 on deposit with the Irving
Bank-Columbia Trust Co. a year ago, and their present balance is only $1,200. The "Sun" further stated that Galdini
had been released in $15,000 bail.
Staley, R. B. Jackson, W. J. McAneeny, Howard E. Coffin,
Murray W. Sales, Joseph B. Schlotman, John C. Lodge, John
H. French, Earl and George M. Holley and Mrs. Hugo
Scherer. The capital and surplus of the new trust company
is $1,000,000 each. Its subsidiary, the Guardian Detroit Co.,
With offices in Detroit and at 120 Broadway, this city, began
business last month, as noted in the "Chronicle" of May 23,
pages 2647 and 2648.
Harry V. Whipple, for the past twelve years President of
the Merchants' National Bank of New Haven, Conn., resigned on June 5, after sending the directors a letter saying
that he could not agree with them in matters of general
policy and deemed it wise to retire. Following Mr. Whippie's resignation, Samuel A. York was elected President in
his stead. Resolutions of regret were passed by the directors
at Mr. Whipple's action, which, they said, was unexpected.
Mr. York, the new President, has been interested, it is stated,
In a large number of the Tenney public utilities of Eastern
Massachusetts.
Horace E. Dodge Jr. was unanimously elected a director
of the Merchants National Bank of Detroit at a special meeting of the board held on June 5 to fill the vacancy caused
by the resignation of Frederick W. Stevens, President of the
Michigan Trust Co. of Grand Rapids, Mich., because of the
pressure of other duties. The late Horace E. Dodge Sr., Mr.
Dodge's father, was one of the organizers of the Merchants
National Bank and always showed a very deep and effectiv
e
interest in the institution's affairs, and it is regarded as
peculiarly fitting that his son should follow him on the
bank's directorate.
The Washington "Post" of June 3 stated that the Comptroller of the Currency had given his consent to a propose
d
stock dividend voted by the stockholders of the Lincoln
National Bank of Washington at a special meeting held
several
months ago, and as a consequence the bank would
disburse
a stock dividend of 331-3% to shareholders of record as
of
June 1. The disbursement gives one additional
share for
every three certificates now held. It was further
stated
that since the intention to declare a dividend was first
announced, holdings of the bank stock in other than
multiples
of three, necessitating fractional shares, have been
adjusted
Into full units on the basis of $360 a share. The
capital of
the bank is now $400,000 instead of $300,000, as
formerly,
the additional $100,000 having been taken from
undivided
profits to take care of the new stock. Undivided
profits now
total $158,520, not including earnings for the
first five
months of this year. Surplus fund is $300,000.
On June 2
the 17th and "H" Street, N. W., branch of this bank
celebrated the first anniversary of its opening and
W. McK.
Stowell, its Manager, received congratulations
throughout
the day for the success which has attended his
efforts to
bring to that section of Washington the faciliti
es of an upto-date banking institution. The officers of the
Lincoln
National Bank now are: Floyd E. Davis,
President; S.
Dana Lincoln and John W. Brawner, Vice
-Presidents; Albert S. Gatley, Vice-President and Cashier, and
W. McK.
Stowell, J. Everett Baird and H. E. Wilson,
Assistant Cashiers.
The officers and directors of Sheridan Trust & Savings
Bank, Chicago, Ill., announce the opening of its new banking and office building on June 16 from 9 a. m. to 9 p. m.
Invitations have been issued to the patrons of the institution
to inspect on that occasion the modern equipment and facilities provided for their service and convenience.
The St. Louis "Globe-Democrat" in its issue of June 4
stated that Felix E. Gunter, Executive Vice-President of the
Canal-Commercial Trust & Savings Bank of New Orleans,
had been elected President of the Liberty Central Trust Co.
of St. Louis at a meeting of the directors held the previou
s
day, June 3, and would assume his new duties on June 4.
Mr. Gunter, it was said, had purchased the stock in the Liberty Central Trust Co. held by J. L. Johnston and his father,
J. T. M. Johnston, and was succeeding in the presidency of
the bank W. N. Bemis, who had been elected President pro
tem. in March last, when J. L. Johnston became Chairman
of the Board. -It was further stated that this latter position
was abolished on June 3; also that Mr. Bemis would continu
e
with the institution as a member of the board and that
the
directors said that no other changes in the personnel
of the
bank are contemplated. In regard to Mr. Gunter's
career,
the "Globe-Democrat" went on to say:
Gunter is 46 years old and a native of Mississippi. He has
served as Vice.
President of the Merchants Bank Is Trust Co. of Jackson,
Miss., and as Chairman of the Board of Bank Commissioners of that State.
The Canal-Commercial Trust di Savings Bank of New Orleans,
of which be
has been Executive Vice-President since 1918, is the largest
financial institution in the South, having deposits of more than $74,000,0
00, capital of
$9,750,000 and surplus of $2,250,000.
Word was received in the New York financi
Gunter has taken an active part in civic, banking
al district and
and business affairs
is a member of the board of directors of the
this week that the newly organized Guardian
Trust Co., Chicago St. Louis & New Orleans Railroad; Gulf following companies:
dz Ship Island Railway
which is scheduled to open in the Buhl Building
Co.; United States Fidelity & Guaranty Co.
in
in about four weeks' time, has completed its list of Detroit Traders' Fire Insurance Co. of Hartford, Coon.; of Baltimore; MeehanicsMortgage di Securities Co.
directors. of New Orleans; First Joint Stock di Land
The personnel of the directorate includes:
Bank of New Orleans; Treasurer
and director of the Hunter Canal Co.; Secretary and director
of the Phoenix
Edsel B. Ford, President Ford Motor Co.
Development Co.; trustee of Centenary College.
Ernest Kanzler, Vice-President Ford Motor Co.
The statement of the Liberty Central Trust Co. as
William Robert Wilson, formerly President Maxwell
of April
Motor Corporation
and Vice-President Irving National Bank of New York.
6 1925 (according to the "Globe-Democrat") showed
a capiFred J. Fisher, President Fisher Body Corporation and Vice
-President Gen- tal of $3,000,000, with surplus and undivided
eral Motors Corporation.
profits of
$598,243 and deposits of $37,726,537.
Alvan Macauley, President Packard Motor Car Co.
Charles B. Van Dusen, President S. S. Kresge Co.
Louis Mendelsohn, Treasurer Fisher Body Corporation.
Roy D. Chapin, Chairman Hudson Motor Car Co.
THE WEEK ON THE NEW YORK STOCK
EXCHANGE.
James R. Murray, President Murray Manufacturing Co.
Lawrence D. Buhl, Buhl Sons Co.
Oil securities have been the most noteworthy feature
of
Frank Couzens, Frazer-Couzens Co. and son of Senator
the New York Stock Market during the present
James Couzens.
Carlton M. Higbee, President Keane-Higbee & Co.
week.
Railroad shares and industrial issues, which had
Ford Ballantyne, Michigan Alkali Co.
been well
Henry E. Bodman, counsel.
up in front the past few weeks, have been somewhat
lower.
Luman W. Goodenough, Goodenough, Poorheea, Long
& Ryan.
In the two-hour session on Saturday oil stocks held the
John C. Grier, President Guardian Detroit Co.
most
conspicuous position, with Pan American showing
Harley O. Higbie, Scherer Estate.
a gain of
Sherwin A. Hill, Warren Cady, Hill & Hamblen.
more than two points to 80M and numerous other
stocks,
Allen Shelden, President Murray Body Corporation.
particularly Mid-Continent, Phillips, Texas Co.,
Jerome E. J. Keane, Chairman Keane-Higbie & Co.
and Mar
land, at their highest prices in some weeks. Rubber
Hayward Murphy, Secretary Simon J. Murphy Co.
shares
Phelps Newberry, Newberry Estate.
displayed marked improvement, Fisk Rubber
common reStuart L. Pittmans, Pittmans & Dean Co.
cording a gain of two points to 19, and railroad
Walter S. Russel, President Russel Wheel & Foundry
stocks imCo.
proved moderately. The tend of prices was
Alger Shelden, Shelden Estate.
generally
Luther S. Trowbridge, Trowbridge, Lewis & Watkins.
toward lower levels on Monday, leading railroad and
indusHiram IL Waler, Hiram Waler & Sons, Ltd.
trial stocks recording losses during the day of one
Lewis K. Walker, former Vice-President Security Trust
to three
Co.
Clarson C. Wormer Jr., of Wormer & Moore.
points. Railroad shares became especially weak as
the
The list of stockholders contains the names of
numerous
nationally known personages in addition to
directors. Among
Truman H. Newberry, John S.
these are
Newberry, Walter
0. Briggs, W. A. Harriman, New York; Henry B.
Joy, Richard P. Joy, Charles B. Warren, Standish Backus,
John W.
day
advanced, Lehigh Valley declining 4 points to
79, closely
followed by Missouri Pacific and Baltimore &
Ohio, each
yielding two or more points. General Electric
lost 6 points
and Pan American and other oil stocks
to 283,
lost all the.
gains of the morning. Rubber issues and
motor stocks
moved against the trend, United States Rubber
corn. and
[vox- 120.
TICE CHRONICLE
3028
1st pref., also Fisk Rubber corn. and 1st pref. reaching new
tops. Movements on Tuesday were confused, though
some improvement was apparent in the general list in the
last hour, when the oil stocks again swung upward,following
advices from the South that the production of crude oil
had dropped in the Smackover field. Pan American "B"
at its high for the day crossed 80, but declined fractionally in the final hour and advances occurred in numerous
other issues in the oil group. Motor shares improved,
Hudson rebounding briskly in the final hour and recouping its loss of the morning. Railroad shares declined
sharply, Southern Pacific touching its lowest for 1925.
Oil stocks continued to hold firm on Wednesday, though
the market was comparatively dull and the movement of
prices irregular. Railroad shares were weak, New York
Central making a new low for the year and Union Pacific
selling down within a point of its low for 1925. Losses were
also sustained in Baltimore & Ohio and St. Louis-San
Francisco common. Oil shares were again the centre of
interest on Thursday, and gains of from one to eight points
were recorded by numerous issues in this group. Railroad
shares improved moderately, Del. Lacka. & Western going
forward two points. Dodge Brothers again advanced to a
new top at 81, and Mack Trucks second preferred made a
new high at 105. Maxwell Motors "B" certificates made
another spectacular advance of 7 points to 1153/2. Oil shares
continued their remarkable activity on Friday receiving
further stimulus from another drop in the Smackover
production. New high levels for the movement were scored
%
by Marland at 45, General Petroleum at 583 and numerous
other issues in this group. In the Motor stocks Maxwell
%
"B"certificates soared to 1203 and a new top was reached by
Mack Trucks at 181. Vigorous advances were also recorded
by several leading speculative industrials and specialties
notably American Can which spurted up to 18731 and United
States Cast Iron Pipe & Foundry which jumped 63/3 points
to 165. General Electric was also in strong demand at
advancing prices and railroad shares were substantially
stronger, Southern Railway improving 1% points to 95
and Frisco common going forward more than 3 points to
81%. The final tone was good.
at 633/8. Prairie Pipe Line weakened from 1263/3 to 122,
4
rose to 127 and reacted finally to 1253 . Standard Oil
(Kentucky) after early loss of some three points to 120
%
sold up to 1243 and at 124, ex-dividend, finally. Standard Oil (Neb.) after loss of five points to 250 advanced to-day
to 257, closing at 255. Vacuum Oil in the early trading
4
4
weakened from 91 to 873 , but later recovered to 923 ,the
final figure to-day being 9131. Gulf Oil Corp. ran up from
683/3 to 753.1 and rested finally at 75. Public utility shares
were less active and price fluctuations smaller than in recent
weeks. American Gas & Electric common dropped from
803 to 77 and sold to-day at 78. Electric Bond & Share
%
4
Securities sold down from 723 to 67 and at 683.1 finally.
General Gas & Electric common advanced from 124 to 150,
reacted to 141 and ends the week at 144. The preferred
sold up from 1265 to 150 and at 146 finally. Announcement
%
that Glen Alden Coal is to absorb the Delaware Lackawanna
& Western Coal was reflected in an advance of the former
from 127% to 1363/3, the final transaction to-day being at
130. Chrysler dropped from 115 to 106, then jumped up
to 12231. Kelvinator Co. rose from 30 to 353'. Conti%
nental Baking Class A gained over eight points to 1343 ,
ex-dividend. Purity Bakeries class B dropped from 47 to 43.
A complete record of Curb Market transactions for the
week will be found on page 3054.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended June 12
/nd.&11fis.
BONDS (Par Value).
Domestic. For'n
Oil.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
98,335
132,075
186.470
137,585
140.355
172.555
88,480
165.340
97.440
122,760
147.140
228,360
30,820 1545,000
8713,000
54,840
41,300 '888.000
48,870 1,239,000
970,000
55,900
60.800 1.101,000
$18,000
21,000
9,000
32,000
24,000
47,000
Total
846,355
849.520
290,330 85.619,000
8149,000
COURSE OF BANK CLEARINGS.
Bank clearings for the country as a whole will again show
an increase as compared with a year ago, but this time
the ratio of increase is more moderate. The present
is the fifteenth consecutive week that our weekly totals
have shown increases over the coriesponding period last year.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Preliminary figures compiled by us, based upon telegraphic
advices from the chief cities of the country, indicate that for
United
State.
Railroad,
Stocks.
States
Municipal &
&c.
the week ending to-day (Saturday, June 13) bank exchanges
of
NutisSer
Week Ended June 12
Bonds.
Foreign Bonds.
Bonds.
Shares.
for all the cities of the United States from which it is possible
$538,500
11,813.000
12.881.000
708.954
will run 9.5% larger than in the
Saturday
2.848,400 to obtain weekly returns
2,877,500
6,601.000
1,339,478
Monday
1,401,850 corresponding week last year. The total stands at $8,2.770.800
8,193.000
1,357,384
Tuesday
2,825.850
2.730.000
8,045.000
1.101.224
Wedneedity
1,219,300 965,105,855, against $8,187,741,477 for the same week in
3.832.500
7.388.000
1.307,390
Thursday
1,288,000
2,451,000
7,344,000
1,498,500
Friday
1924. At this centre the increase is 9.5%. Our com7212010 ISW1432 non Eta 274 anti 50710100 parative summary for the week is as follows:
.v.....1
Week Ended June 12
Sales at
New York Stock
Exchange.
-No. shares......
Stocks
Bonds.
Government bonds_.._
State and foreign bonds
Railroad & misc. bonds
Jan. 1 to Juno 12
1925.
1924.
1925.
1924.
7,312,910
4,131.185
188.098,010
104,576,231
$9,719,500 132,151,000
16,274,600 12,063,000
40,432.000 75,407.000
$182,022,300
331.452,900
1,800,697,475
$460,189,000
171,217,000
956.658.000
$86,426,100 $119,621,000 $2,314,172,675 $1,588,084,000
IA AND
TRANSACTIONS AT THE BOSTON. PHILADELPH
DAILY
BALTIMORE EXCHANGES
Total bonds
Boston.
Philadelphia.
Baltimore.
Week Ending
June 12 1925
Bond Sales
Shares. Bond Sales. Shares. Bond Sates. Shares.
$28,600
791
$18,500
8,003
$7.000
13.000
Saturday
39.000
2,489
16,000
11,458
28,600
22,516
Monday
43,000
1,778
68.780
11.551
5,500
26,958
Tuesday
78,300
2,158
41,700
13,123
12,000
19.090
Wednesday
48,200
2,967
36,000
27.779
46,700
17.382
Thursday
59,400
2,656
48,000
28,982
38,000
18,310
Friday
12,839 1294,500
1137,800 100,896 1226,980
117,254
TotaL
17,782 1203,200
85.111 $285.250
$78,100
Prey, week revised 105,079
THE CURB MARKET.
Trading in the Curb Market this week was only fairly
active. Prices showed some slight weakness in the early
part of the week, but thereafter continued to move upward.
Oil shares were the feature. Chesebrough Mfg. sold up
from 58% to 613/i and down to 5931, closing to-day at 593/2,
ex-dividend. Continental Oil gained about two points to
.
273/3 and finished to-day at 27 8 Humble Oil & Refining
after early loss from 6531 to 62% recovered to 713/3 and
closed to-day at 713.1, ex-dividend. Illinois Pipe Line
moved up from 134 to 139 and down finally to 136. Ohio
Oil was off at first from 68 to 653/3, then advanced to 713/3,
the close to-day being at 713/3. Prairie Oil dr Gas eased
%
%
off from 623 to 593.1, sold up to 635 and ended the week
Clearings-Returns by Telegraph.
Week Ended June 13.
1925.
1924.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Paltlmore
New Orleans
84,088.000,000
589.523,847
429,000,000
312,000.000
108,910.107
124.500.000
135,006,000
130.468,000
138.072.720
132.216.848
96,247.239
90,915.838
55.538.479
+9.3
83,739,938,301
511.921,332 +15.2
+7.8
398,000,000
305,000,000 +2.3
+8.5
100,398,078
+3.0
120.900,000
+2.0
132,300,000
113,500.000 +15.0
+8.4
127.875,228
17.0
113,028,438
13.1
85,093,183
18.4
78,802,505
22.2
45.459,289
13 cities. 5 days
Other cities, 5 days
16,428.396,878
1,044,524.870
$5,870,218,354
952,901,545
+9.5
+9.6
Total all cities, 5 days
All cities, 1 day
$7,470,921,548
1,494,184.309
$6,823,117,899
1,384.823,578
4-9.5
+9.5
IR WM Ins AM
as 1R7 751 A77
Total all ettlea for week
In the following we furnish a summary by Federal Reserve
districts:
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 avilable
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 June 6. For
that week there is an increase of 20.7%, the 1925 aggregate
of the clearings being $11,000,993,167,and the 1924 aggregate
$9,112,237,216. Outside of New York City the increase
is 18.3%, the bank exchanges at this centre recording
a gain of 22.4%. 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
JUNE 13 1925.]
THE CHRONICLE
an improvement of 12.1%,in the New York Reserve District
(including this city) of 22.3%, and in the Philadelphia
Reserve District of 22.9%. In the Cleveland Reserve District the totals are larger by 17.6%,in the Richmond Reserve
District by 24.3%, and in the Atlanta Reserve District
by 6.6%. The Chicago Reserve District has a gain of
22.9%, the St. Louis Reserve District of 6.3%, and the
Minneapolis Reserve District of 25.5%. In the Kansas
City Reserve District there is an increase of 20.1%, in the
Dallas Reserve District of 22.1%, and in the San Francisco
Reserve District of 14.8%.
SUMMARY OF BANK CLEARINGS.
Week Ended June 00 1925.
1925.
Federal Reserve Districts.
3
(lot) Boston
12 cities 514,649,362
(2nd) New York
11 - 6,657,255,571
(3rd) Philadelphia.. _ _10 ''
659,187,457
(4511) Cleveland
405,226,912
8 .*
6 ••
822,156,815
(5th) Richmond
11 "
164,523,610
(6th) Atlanta
(7th) Chicago
20 " 1,171,397,641
8 "
(8th) Bt. Louis
222,288,592
7 "
138,063,823
(9th) Minneapolis
255,592,431
(10th) Kansas City__ 12 "
5 (11th) Dallas
67,689,954
(12th) San Franclseo 17 "
522,960,999
1924.
$
459,231,081
,443,272,629
536,202,867
344,682,454
178,765,417
154,352,326
952,728,092
209,068,844
110,047,724
212,891,338
55,441,567
455,552,877
Inc.or
Dec.
1923.
1922.
%
$
+12.1 432,611,674
+22.3 3,904,804,281
+22.9 498,303,523
+17.6 366,460,150
+24.3 177,584,823
+6.6 160,880,866
+22.9 832,764,965
+6.3 72,413,536
+25.5 122,848,970
+20.1 264,405,261
-1-23.1 50,627,343
+14.8 434,297,272
$
378,942,870
,261,925,192
447,102,030
295,370,640
152,108,791
154,671,647
742,522,158
59,701,797
113,874,629
227,856,919
47,285,930
359,961,119
Grand total
127 °Ries 11000993167 9,112,237,216 +20.7 7,318,002,664 7,241,323,922
Outside New York City
4,473,119,891 3,780,234,865 +183 3,534,062,707 3,082,731,832
Canada
29 title. 259 40A 1A4 255190 coo -9 A 211 ARA on 'le ne.......
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending June 6.
Clearings at
1925.
1924.
$
First Federal Reserve Dist rict-Boston
Maine-Bangor _
909.841
987,806
Portland
4,517,290
3,636.067
-Boston
Mass.
452,000.000 404,000,000
Fall River _ _ _
1,810,686
1,828,412
Holyoke
a
a
Lowell
1,342,081
1,122,031
a
Lynn
a
New Bedford
1,589.831
1,218,175
Springfield
_
7,516,113
6,158,435
Worcester
4,248,690
4,042,177
-Hartford
Conn.
16,187,171
15,213.899
8.779,484
New Haven
8,161,271
-Providence
R.I.
14,828.000
12,009.200
14.E.-Manchest'r
920,175
853,608
Total(12 cities)
514,649,362
Int. or
Dec.
1923.
1922.
-7.9
+24.2
+11.9
-1.0
a
+19.6
a
+30.5
+22.0
+5.1
+6.4
+7.6
+23.
+7.
857,462
*3,300.000
383,000,000
1,947,189
a
1,444,540
a
1,521336
4318,472
3,753.000
11,069,558
8,349,569
11,748,600
901,948
779,703
3.099,863
337,000,000
2,153,531
a
1,227,716
a
1,457,882
3,914,590
3,569,000
9,268,353
5,630,741
10,275,900
665,591
459,231,081 +12.1
432,611,674
378,942,870
Second Feder at Reserve D Istrict-New York
-Albany._
N. Y.
7,182,357
7,173.923 +0.1
6,475,585
3,893,286
Binghamton_
1,318,600
1,198.700 +10.0
1,319,500
1346,600
Buffalo
d49,437,412
36.391.270 +35.8
43.566,049
40,622,528
Elmira
1,244,628
1,027,483 +21.1
895,065
525,579
Jamestown-c1,479,872
1,101,178 +34.4
873.891
1.368,935
New York, _ 6,527,873,276 5322,002.351 +22.4 3,783,939,957 4,158,592,090
Rochester
19,549.346
18,375,995 +6.3
13,521.032
11.340,278
Syracuse
7,413,712
6,807,355 +8.9
4.877,583
3,913,678
-Stamford
c4,358,354
Conn.
4,079346 +6.8
4,256,170
3,417,585
-Montclair
1.232,669
N. J.
1.386,102 -11.1
1,035,855
712,036
Northern N.J.
36,165,345
33,729,226 +7.2
44,043,594
36,392,597
Total(11 cities) 6,657,255,571 5,443,272,629 +22.3 3,904,804,281 4,261.925,192
Third Federal Reserve Dist riot-Philad elphia
-Altoona
Pa.
1,708,298
1,649,970 +3.5
Bethlehem _ _
4,074,817
3,871,823 +5.2
Chester
1.680,089
1,278,217 +31.4
Lancaster
3381,746
3,287,822 -3.2
Philadelphia _ _ 625,000,000 505,000,000 +23.8
Reading
4.079.851
3,804,320 +7.2
Scranton
7,126,328
6,185.070 +15.2
Wilkee-Barre_d
3,673,172
3,372.022 +8.9
York
2.200,531
2,527,131 -12.9
N.J.-Trentcn_ _
6.462,625
5,226,492 +23.7
DeL-Wilming'n.
a
a
a
Total(10 cities)
659,187,457
1.570,833
3,210.234
1,287,698
3,120.899
470,000,000
3.669,888
5,693,017
3,457,414
1,656,593
4,636.947
a
1,413,115
3,499.940
1,052,058
2,820,490
423,000,000
2,802,924
4,681,304
2,855,118
1,166,460
3,810,621
a
536.202,867 +22.9 498,303,523
447,102,030
Fourth Feder al Reserve D strict-Clev eland _
-Akron
01110
d5,335,000
6,115,000 -12.8
Canton
4,567,068
4,500,939 +1.5
Cincinnati. _
74.286,376
60,375,172 +23.0
Cleveland
129,189,313 106.330,888 +21.5
Columbus
15,125,600
14,630,890 +3.4
Dayton
a
a
a
Lima
•
a
a
Mansfield
d1,948,931
2,037,159 -4.3
Springfielda
a
a
Toledo
a
a
Youngstown
4.169,234
3.710,374 +12.4
a
Pa.-Erle
a
a
a
Pittsburgh...- 170,605,390 146,982,122 +16.1
8,288,000
4,970,146
64,812,900
107,633,412
15,381,200
a
a
2,045,428
a
a
4352,388
a
159,076.67
6,993,000
3,214,897
55,201,279
90,650,880
15,220,200
a
a
1,251,090
a
a
3,839,294
a
119.000,000
344,682,454 +17.6
366,460,150
295,370,640
Fifth Federal Reserve Dist rict - Rich mond
W.Va.-Hunt'g'n
2,008,021
2.317,794 -13.4
Va.-Norfolk...6.773,752
7,011,060 -3.4
46,728,000
Richmond _
47,123,000 -0.8
-Charleston
d2,058.595
2,237,353 -8.0
S.C.
Md.-Baltimore
129,938,351
97,090,210 +33.8
34,650,096
D.C.-Washing'n
22,986,000 +50.7
2,072,554
8,208,614
46,018,000
2,405,742
95,940,781
22,939,132
1,584,655
8,198,187
44,123,734
2383,671
72,044,509
23,274,035
177,584,823
152,108,791
Total(8 cities)-
Total(6 cities).
405.226,912
222,156,815 .178,765,417 +24.3
Sixth Federal Reserve Dist rict-Atlant a-Tenn.-Chatt'ga
d5,592,362
4,463,821 +25.3
3,569,848
Knoxville
3,111,929 +14.7
21,856,637
Nashville
18.400,277 +18.8
47,580,008
42,031,031 +13.2
•Ga.-Atlanta
Augusta
1,450,825
1,404,204 -1 3.3
Macon
7
a
a
Savannah
a
7,812,035
Fla.-Jack'vllle.
12,747,160 -38.7
illa.-Birming'm. 22,385,310
21,321,720 +5.0
2.252,208
1,996,339 +12.8
Mobile
1,660,000
Illos.-Jackson1,143,279 +45.2
385,179
468.188 -17.7
Vicksburg
49,979,198
.La.-NewOrleans
47,264.378 +5.7
total(11 cities)
•
164,523,610
154.352.326
+6.6
5,676,110
4.379,984
3,156,167
3.017,723
18,523,075
19,384,807
47,717,990
41,617,193
11
11
1,404,782
1,396,842
a
a
15,289,907 '11,642,825
19,377,367
21,919,840
2,078.809
1.910,269
1,144,787
1,038.371
409,078
356,664
46,102.794
48,007,329
160,880,866 154,671,8:1
1
.
3029
Week Ending June 6.
Clearings at
1925.
1924.
Inc.or
Dec.
1923.
I
1922.
Seventh Feder al Reserve D istrict-Ch ca go
Mich.
-Adrian _
248,090
245.608 +1.0
227,187
224.810
Ann Arbor.
1,213,069
1,083.444 +12.0
834.921
670,314
Detroit
165.197,705 149,928,014 +10.2 120,261.86
95.324,789
Grand Rapids.
8.827.832
7,317,468 +20.6
7.063.555
7311.411
Lansing
3,058.929
2,796,679 +9.3
2,187.000
1.675,000
Ind.
-Ft. Wayne
3.722397
2.629,633 +41.5
2.504.229
1,998.141
Indianapolis__ _
18.223,000
20,656.000 -11.8
21,768,000
19,026,000
South Bend
3363.700
2,345,100 +39.2
2.901.500
2,329,000
Terre Haute_ _
5,258.509
4,599,017 +14.3
6,558.966
Wis.-Milwaukee
46.132,432
39.255,970 +17.5
38.239,694
30.156,977
Iowa-Cad. Rap,
3,059386
2.815.296 +8.7
2.846.116
2.380,478
Des Moines_ _ _
13.588,625
13.136.591 +3.4
14.973.249
10,271,966
Sioux City_ --7,628,519
4,932.737 +54.7
6363,128
6.157,184
Waterloo
1.557,193
1,637,581 -4.9
1,674383
1,504,635
Ill.-Blooming'n.
1,948,050
1,684,301 +15.6
1,514.989
1.268,159
Chicago
873,678,533 684,728.708 +27.6 591,526,062 552,750,211
Danville
a
a
a
a
a
Decatur
1,820,230
2,035,818 10.6
1.295.668
1,271.835
Peoria
6,457,485
5,259,302 +22.8
4.609,627
4.196,754
3,340,757
Rockford
2.848,643 +17.3
2,538.204
1,917.222
Springfield
3.173,500
2.792,182 +13.7
2,476325
2.287.272
Total(20 cities) 1,171,397.641
952.728,092 +22.9
Eighth Federa Reserve Di. trIct-St. Lo ulsInd.
5,810.910
-Evansville.
4.529375 +28.3
Mo.-St. Louis.. 149,200.000 144,700.000 +3.1
Ky.-Louisville__
32,812.182
30,362.409 +8.1
Owensboro...
446,186
501,313 11.0
Tenn.- Memphis
19,860,112
16,544,057 +20.0
11.755,419
Ark.-LittleRock
10,168.738 +15.6
Ill.-Jacksonville
464,720
451,37
+3.0
Quincy
1339,063
1.811.77
+7.0
832.764.9651 742.522,158
5.145.5601
4.244.478
36.240.958
445.449
18.060.799
10,434,385
415.702
1.670,683
25,788,519
865,798
17,903,713
9,636,512
332,343
1.430,434
72.413,5361
59,701.797
8.937,918
72.406,649
34,629,406
2,104,172
1,362.206
513.369
2.895,250
8.806,215
65,977,684
32,307,989
1374,818
1,163301
676,908
2,967,814
122,848.970
113,874,629
458,961
577.476
4303,751
45.032,501
, 3.923,010
10,838,481
142,802,588
9,693,996
a
23,462,616
a
1,235,006
20.558,063
918.812
525,675
670,509
4.253,624
38,793,567
3.182,509
11,841.855
123,639,247
264,405,261
227,856,919
1.556,523
26,300.000
10.100,028
8,162,434
a 4,518,358
2,055.497
23,201,000
11,712,173
5,229,982
a
5,087,278
67,689,954
Total(5 cities).
55,441.567 +22.1
50.627,343
Twelfth Feder al Reserve D strict-San Franc isco-Seattle
Wash.
- 45,439,910
41,813.936 +8.7
37.802.300
13.959,000
Spokane
11,636,000 +20.0
11,741300
a
Tacoma
a
a
a
1,931314
Yakima
1.294,480 +49.2
1.277.560
40,838,294
35,953,109 +13.6
Ore.-Portland34,140,574
17,356,295
Utah-S. L. City
16,211,519 +7.1
15,190.321
a
Nev.- Reno_ _
a
a
a
Ariz.-Phoettlx_
a
a
a
a
3,034,709
Calif.-Fresno_ _ _
3,206,891 3,928,094
5.4
6348,001
Long Beach _ _
7.087,145
8.592.173
Los Angeles._ _ 156,916,000 132,604,00C +18.3 131.508,000
24377.181
Oakland
16,757,915 +49.1
17,484.720
6.695,279
Pasadena
5.721,550 +17.0
5,018,517
d8,433,894
Sacramento..
7,004,937 +20.4
7,138.584
5.369.626
San Diego._ _
4.052,919 +32.5
3.816.874
San Francisco. 182,618,200 164,700,000 +10.9 150,200,000
2.718,655
San Jose
2,258,858 +20.4
2,476,065
1,473,713
Santa Barbara_
1.218.149 +21.0
1,174390
2,062,028
Santa Monica_
2,135,363 3.4
Stockton
02,388.500
1.896,100 +26.0
2,806,600
29,666.936
10.707,000
a
1,393,283
29,177367
11.767,894
a
a
3,834,822
4.475.838
95,684,000
14,583,573
3,931,475
6.307,316
3,403.541
139,300,000
2,266.263
961,511
Total(8 cities)- 222.288.592 209.068,844 +6.3
Ninth Federal Reserve Dist rict-Minne apoiis
Minn.
-Duluth
d10.074,555
8372,122 +16.1
Minneapolis._ _
88,944.120
66.940.198 +32.9
St. Paul
32,291,541
28,333,140 +14.0
No. Dak.-Fargo
1,862,630
1,795.536 +3.7
S. D.
-Aberdeen.
1,407317
1.188,475 +18.5
Mont -Billings.
661.289
560.842 +17.9
Helena
2,821.771
2,557,411 +103
Total(7 cities). 138,063,823 110347.724 +25.5
Tenth Federal Reserve Dist rict- Kansa s City
Neb.-Fremont__
d454,970
397,118 +14.6
Hastings
811,310
601.422 +34.9
Lincoln
6,168,133
4,789,371 +28.8
Omaha
47,437,625
37,291,112 +27.2
Kan.-ToPeka
d3,290.540
2,693,357 +22.2
Wichita
d7,216,500
6,021,298 +19.9
Mo.-Kan. City. 135,361,587 113,424,692 +19.3
St. Joseph._
d6,948,685
6385,199 +7.1
-Muskogee
Okla.
a
a
a
Oklahoma City d22,257,933
18,088,380 +23.1
a
Tulsa
a
a
1,461,841
Colo.
-Colo.SPgs
1,145,209 +27.6
22,975,885
Denver
20,972,076 +9.6
el.207,442
Pueblo
982,104 +22.9
Total(12 cities) 255,592,431 212.891,338 +20.1
Eleventh Fege ral Reserve District
-D 811262.860.588
Texas-Austin...
1.911.177 +49.7
42,618,929
Dallas
35.408.687 +20 4
10,341,100
Fort Worth-.
8,607,959 +20.1
Galveston
7,747.000
5,193375 +4.2
a
Houston
a
a
4,122.339
La -Shreveport.
4,320.469 -4.6
a
23,242,769
a
1,028.733
19,694,332
984,099
47.285,930
2.499.900
Total(17cities) 522,960,999 455.552,877 +14.8 434.297.272 359.961.119
Grand total (127
11000993167 9,112,237,216 +20.7 7,318,002.664 7,241.323.922
cities)
Outside N.Y.... 4,473,119,891 3.780.234.865 +18.3 3.534.062,707 3,082,731.832
Week Ended June 4.
Clearings at
1925.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William. _ _
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert...Moncton
Kingston
$
85.558,610
86,951,785
42,605,438
15,684,214
5,907,020
4.847,899
2,792,529
4,844,276
5,111.172
2,267,357
1,836,274
2,724,741
4,726,442
2,819.748
522,919
503,665
1,321,402
943,717
966,995
1,010,739
672,663
265,374
669,961
868,467
861,077
3.670.365
288.528
668,688
584.099
1924.
$
87,205,205
83.484.104
53,002,279
13342.347
6.467,187
5,703,540
2,878,683
5,121,144
4,184.812
2,635,717
1383,794
2,742,544
3,969,323
2,821,021
536,041
493,657
1,543,529
1,062,595
872.111
905,067
674,875
331,170
979,923
919,546
897.310
3,197.241
323,514
946,335
815,886
Inc.or
Dec.
%
-1.9
+4.2
-19.6
+16.7
-8.7
-15.0
-3.0
-5.4
+22.1
-14.0
+2.9
-0.7
+19.1
-0.1
-2.4
+2.0
-14.4
-11.2
+10.9
+11.6
-0.3
-19.9
-31.6
-5.6
-4.0
+14.8
-10.8
-29.3
-28.4
1923.
1922.
$
$
111,723,382
96,473,122
98.348.194 102,521.193
47.423,559
39.522.068
14,028,872
14,445,986
7,965.460
9,410.565
5,993,820
6.517,136
3,299,296
3,965.376
5377.783
6,246,292
3337,260
4,628.163
2,460,817
2,822.885
2,069.362
2,332,253
4,444.400
4,266,584
4,631,714
5,150.496
3,340,535
3.090356
590,021
589,397
453,641
494,387
1,476374
*1.550,000
1,140,728
1.126,767
1,076.407
1.240331
865,663
853.267
478.378
589,865
298,140
354,162
858,618
769,106
858.447
980,085
1,355,905
1,474385
4,537,707
3,110,350
387,156
368,998
946.335
1,124,920
687.399
745,138
Tot. Canada(29 989 AOR IRA 960 R9A RAA --2 R RRI ARK 972 RIR IAA gqo
a No longer report clearings. b Do not respond to requests for figures. c Week
ended June 3. d Week endtd June 4. e NN, etk ended June 5. *Estimated.
3030
[Vol,. 120.
-THE CHRONICLE
Economic Conditions in Philippine Islands.
General economic conditions in the Philippine Islands are
now better than any time since the termination of the World
War, states Acting Secretary of Finance Unson in his annual
1924 report to Governor-General Leonard Wood. The report
Just issued in New York by the American Chamber of Commerce of the Philippine Islands shows that with the exception of the banner year of 1920, when the total trade of the
Philippines exceeded three hundred million dollars, trade in
1924 was larger than any other year since the American
occupation. Regarding the report, the Chamber under date
of June 1 says:
Imports and exports for the year 1924 in the Islands reached the total
of $243,355,552, as compared with $208,252,737 for the previous year.
Imports for the year under review in the report totaled $108,010,895, while
the exports from the Islands exceeded this value, and amounted to $133,344,662. This, the report points out, shows that the balance of the trade is
in favor of the Islands, the same as in the two preceding years.
"As usual," says the report, "the largest portion of our trade was with
the United States, 64% thereof having been with that country followed by
the United Kingdom and Japan,6% each, and by China and the French East
Indies, 4% each.
"Seventy-two per cent of the articles exported from the Islands went to
the United States. In the order of their importance as to value, the principal exports were sugar, $41,868,086; hemp, which represented 22% of
the total exports of the Islands, $29,950,458; coconut oil, $18,811,030, a
34% increase over 1923. Ninety-nine per cent of the coconut oil shipments
went to the United States.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 27:
•
of notes in circulation (17,826 lace) the metallic reserves appear to be
ample.
Bar Gold per
-Bar Silver per Oz. Std.Oz. Fine*
2 Mos.
Cash.
Quotations84s. 11 d.
31 1-164.
311-led.
May 21
84s. 11 d.
313.d.
31 I-16d.
May 22
84s. 11 d.
3134d.
3134d.
May 23
84s. 1134d.
31 5-164.
31 5-16d.
May 25
84s. 1131d.
3134d.
31 5-164.
May 26
845. ll34d.
31 3-164.
31 3-164.
May 27
84s. 11. d.
31.218d.
31.197d.
Average
two months delivery are
The silver quotations to-day for cash and
each 1-164. above those fixed a week ago.
-PER CABLE.
ENGLISH FINANCIAL MARKETS
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
London,
June 6.
Week Ending June 12d 3134
Silver, per oz
84.1134
Gold, per fine ounce
...... ____
Consols, 234 per cents
British 5 per cents
British 436 per cents
,
French Rentes (in Parls)...tr_ ____
French WarLoan(InParis).tr. _ ___
Mon.,
June 8.
3134
84.11A
5534
9934
9554
44.25
53.40
Tues.,
June 9.
310-16
84.113.4
5534
9944
9554
44.25
53.20
Wed., Thurs., FzL,
June 10. June 11.. June 12.
31 11-16 31 11-16 31,f
84.1134 84.1134 84.1)4
56
56
56
9914
9974
9934
94%
95
9534
44.10
44.25 44.10
53.20
53.20 53.20
The price of silver in New York on the same day has been:
Silver In N.Y., per oz.(cts.):
nu
Foreign
8834
68%
8834
8834
8834
GOLD.
The Bank of England gold reserve against note.] on the 20th inst.
amounted to £154,079,130, as compared with £151,830,640 on the previous
Wednesday. The following movements of gold to and from the Bank
of England have been announced since those reported in our last letter:
Received.
Withdrawn.
-The
Breadstuffs figures brought from page 3090.
May 21
£22.000
statements below are prepared by us from figures collected by
May 22
the New York Produce Exchange. The receipts at Western
May 23
13,000
May 25
lake and river ports for the'week ending last Saturday and
£1,166,000
30,000
May 26
since Aug. 1 for each of the last three years have been:
332,00G
May 27
The origin of the gold bullion received was not officially disclosed, but
Rye.
Barley.
Corn.
Oats.
1Vheat.
Receipts at- Flour.
it is generally reported to be from Soviet sources. Destbiations were
shown in respect of the £313.000 sovereigns withdrawn as follows: Z268,000
bbls.19818s.bush.60 lbs. bush.56 lbs • ush. 3219,.bush.4Slbs ush.58185.
18,000
693,000 2,758.000 1,216,611
109,000
236,000
to India, £20.000 to Italy, £15,000 to Switzerland, and E10,000 to the Chicago
275,000
591,000 245,000 105,000
1,186,000
Argentine. During the week under review £769,000 on balance has been Minneapolis_
15,000
185.000 401.000 123,000
1,750,000
Duluth
received by the bank, making the total net influx since the resumption of Milwaukee...
344,111
10,000
492.000 242,000
51.000
59,000
2,000
71.001
1,000
581,000
52,000
the gold standard £960,000. About £30,000 gold came on offer here Toledo
10,01 •
16,000
17,000
this week from South Africa and was absorbed for India and the Continent Detroit
475,11'
190,000
41,000
at 845. 1114d. per fine ounce. The Imperial Bank of India lowered its Indianapolis607,000
536.111 1,016,000
91,000
St. Louis_ ....
1,000
25,000
rate of discount on the 21st inst. from 7 to 6%. India's foreign trade Peoria
176,000
392,011
17.111
27,000
292,11
589.000
693,0C I
during the month of April last has been announced as follows:
Kansas City
347,000
478.001
270.'''
Lacs of Rupees. Omaha
14,000
379,000
112.' I
18,47 St. Joseph_
Imports, private merchandise
2,000
292.1 t i
69,000
Wichita
33,05 Sioux City_
Exports, private merchandise, including re-exports
78,600
109,000
38,001
Movements of private treasure
6,980.001 4,787.000 1.024.000 258,000
1,32 Total wk. '25 413.000 5,748.00
Gold (net imports)
5,574.000
293,000 674,000
2,63 Same wk. '24 401,000 4,371,000 3,069,000 3,183.011
Silver (net imports)
2,805,000 507,000 505,000
Same wk. '23 302,000 4.492,
2
Currency notes (net exports)
The total visible balance of trade in merchandise and treasure was Sines Aug.1- 19.883.000466,612,000220,101.000 240.847.00059,310,000 55,297.000
1924-25_ _ _.
Rs. 10,76 lacs in favor of India. The balance of Government transfers
.
1923-24.._ _ 18,410,000 202.537,000262,613.000 207,299,00037.447,00026,295,000
1922-23 _ 20 552.000352.819.000 268.280.000 201.603.00035.313M0047.402.(1110
of funds was Rs. 28 lace against India. The following figures show the
Imports and exports of gold (in thousands of dollars).to and from the
Total receipts of flour and grain at the seaboard ports forUnited States of America during March last:
Imports.
Exports. the week ended Saturday, June 6, follow:
$2.936
$50
England
Corn.
Oats.
15,120
Barley.
Rye.
Wheat.
Receipts at- Flour.
Germany
2,777
59
Canada
Bushels.
Bushels. Bushels. Bushels.
Bushels.
Barrels.
513
461
Mexico
9.000
529,000 196,000
1,160,000
12,000
New York
5,050 Philadelphia., 150,000
6.000
Argentina
147,000
4.000
1,000
41.000
577.000
63 Saltimore._ _
17,000
30,000
62,0001
71,000
25,000
.
British India
2,000
1,113 N'port News_
Hong Kong
54,000
169,0001
91,000
72,000
New Orleans *
7
Egypt
114,000
Galveston.
2,758 Montreal_ _ _ _
177,0
6.0001 1924,
4313,060
58,000 2,268,000
Australia
I
37,000
19.000
430 Boston
1,104
33,000
Other countries
449,000
197,0001 2,735,000 444,
381,000 4,281,000
Total
$25,104 Since wk. '26 11,815,000 80,794.000 3,082,000, 27,414,000 13,785,00019,292.000
57.337
Total
Jan.1'25
' .
United States for April were $21,603,945.
The total gold exports from the
131,000I, 1,191,000 287.000 1,240,000
Week 1924..
506,000 6.174,000
and the total imports $8,869.883, making a net efflux of $12,734,062 ni.,,... T... i.ni t 1 •7•27 nnn oil 19n nnn 19 155 nno lA 0351 Mil 5 'A27 nisi R R59 Mil
for the month. For the ten months ending April this year the excess of
•Receipts do not include grain passing through New Orleans for foreign ports
exports over imports was $110,301,087, while during the ten months
on through bills of lading.
ending April 1924 there was a net import of $341,425,235.
gommerctat ral
iscclianconsBerns
the several seaboard ports for the week
The exports from
SILVER.
1925, are shown in the annexed
Again some moderate fluctuations have been recorded in the prices, ending Saturday, June 6
but a substantial increase in quotations has been checked, as usual lately, statement:
and to-day buyers held back with the result that a set-back took place on
Barley.
Oats.
Rye.
Flour.
the quotations of yesterday-31 5-16 for cash and 3134 for two months'
Corn.
Wheat.
Exports/ramdelivery, the highest of the week. America has not been much inclined
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
to sell, the rate there having usually ruled a little above our parity, owing
8,681 568,392
89,850 768,111
New York
1,600,060
to some local Indian inquiry. China has worked both ways. The Con- Boston
195,000 •
10,000
tinent still keeps very inactive. The largest amount of silver held in the Philadelphia
70,000
456.000
6,000
51.000 222,000 120,000 •
455.000
Indian Currency Reserves since Dec.31 1923 was 8,653 lace on Oct.311924. Baltimore
2,000
On the former date the proportion of the silver and gold reserves to the Newport News
62,000
34,000
New Orleans
504,000 222,000
note issue was 59.4% and in the latter 60.1%. Since Oct. 31 1924 the Galveston
51,000
233,000
steadily shrunk. On May 15 the total Montreal
amount of silver has more or less
106,000 2,267,000 1,162,000 377,000•
2,451.000
was 7,282 lace and the proportion of metallic reserves to the note issue
1,302,501 1.260,392
298,650
Total
53.4%. We understand that some of the outflow of silver coin has been Same week 1925_ 5.699,060 222,000 259,629 3,198,111 1,265,600 305,958 •
986.241
week 1024..- . 7.408,163 348,571
In order to replace the one-rupee notes which are being withdrawn from
circulation. The last occasion when the silver bolding was about the
The destination of these exports for the week and since
same as on May 15 was on July 15 1921, when the proportion of metallic
reserves to the note issue was 55.9%. Considering the very large quantity July 1 1924 is as below:
JUNE 13 1925.]
THE CHRONICLE
Flour.
Exports for Week
and Since
July 1 to
-
Week
June6
1925.
Barrels.
United Kingdom_ 51,914
Continent
206.498
So.& Cent. Amer. 4,505
21.940
West Indies
Brit.No.Am.Cols.
Other Countries
- 13.793
Total 1925
Total 1924
Wheat.
Since
July 1
1924.
Week
June 6
1925.
Corn.
Since
July 1
1924.
Week
June 6
1925.
Since
July 1
1924.
222,000 3.688,001
248,571 11.485,544
The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, June 5, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924-25.
Week
June 5.
Corn.
1923-24.
Since
July 1.
Since
July 1.
1924-25.
Week
June 5.
1923-24.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
North Amer_ 6,585,000408,260,000 418.742,000
66,000 1,254,000 13,123,000
Black Sea.
3,280.000 44,666,000 1,760,000 32,832,000 35,663,000
Argentina- _ _ 2.682,000 125,122.000 155,975.000 3,916,000 154,470,000 109,566,000
Australia _ _ _ 1,816,960112,020,000 71.066,000
India
608,000 36,120,000 13,792,000
Oth.Countr's
1,840,000
1,438,000 15,572,000
Total
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on May 31:
Barrels.
Bushels.
Bushels. Bushels. Bushels.
4,155.812 2,378,242 97,895,179
80,000
9,493,302 3,208,323 182.878,035
77,961
925,336
33.000
779,300 152,000 1,621,830
1,332.202
11.000
150.950
70.000 1,901,310
6,135
21,000
575,135
88,495 1.807,022
3,900
298.650 18,487,722 5,699.060 283,311,486
259,629 14.981,314 7,498.163 225,436,201
3031
U. S. Bonds Held May 3110 Secure
Bonds on Depostt
May 311025.
On Deposit to.On Deposit to
Secure Federal
Secure
Reserve Bank National Bank
Notes.
Notes.
28, U.S. Consols of 1930
4s, U. S. Loan 01 1925
2s, U. S. Panama 01 1936
28, U. S. Panama 01 1938
Total
Held
591,236,700
39.300
48,519,560
25,707.320
665.502.880
Totals
591,238.700
39,300
48,519,560
25,707,320
665.502,880
The following shows the amount of national bank notes
afloat and the amount of legal tender deposits May 1 1925
and June 1 1925 and their increase or decrease during the
month of May:
National Bank Notes-Total .4floatAmount afloat May 11925
Net decrease during May
$747,425,819
7,856,350
Amount of bank notes afloat June 1 1925
Legal-Tender Nola
Amount on deposit to redeem national bank notes May 11926
Net amount of bank notes redeemed in May
Amount on deposit to redeem national bank notes June 1 1925
$739.569,469
388,028.261
7,152.687
$78,275,574
11,891,000684.802.000706,081.000 5,742,000 189,994,000
173,924.000
TREASURY MONEY HOLDINGS.
-The following
St. Louis Stock Exchange.
-Record of transactions at compilation made up from the daily Government statements
St. Louis Stock Exchange June 6 to June 12, both inshows the money holdings of the Treasury at the beginning
clusive, compiled from official sales lists:
_ of business on the first of March, April, May and June 1925:
Friday
Sales
Stocks--
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jon. 1.
Low.
High.
Bank Stocks
Boatmen's Bank
100
First National Bank- _100
Nat'l Bank of Qommbe.100
142
216
145
143
219
146
18 142
15 205
4 143
June 147
Jan
Jan 221
Jan
Jan 15034 Feb
Trust Company Stocks
Mercantile Trust
100
Mississippi Val Trust_ _100
396
270
398
270
32 396
5 262
June 400
Feb 280
Miscellaneous Stocks
Boyd-Welsh Shoe
•
Brown Shoe, cam
100
Preferred
100
Cert.-toed Prod, 1st pfd_100
EL Bruce, corn
•
Preferred
100
Emerson Electric, pref_100
Ely Sc Walk D G, com_ _25
First preferred
100
Fred Medart Mfg. com_ _ ..•
Fulton Iron Works, cora. •
160
I. Preferred
Hamilton-Brown Shoe-25
HUMMIIIM Rein, corn_ -__•
Huttlg S & D. corn
•
Hydr Press Brick, com-100
Preferred
100
International Shoe, cora •
Preferred
100
Johansen Shoe
•
•
Johnson-S & S Shoe
Laclede Steel Co
100
Mo Porti'd Cement
25
National Candy, coin.-100
Pedigo-Weber Shoe
•
Planters Realty, pref_100
Scruggs-V.
-B.. com .._ 100
Skouras Bros, "A"
*
Southwest Bell Tel, p1_100
Wagner Electric. corn....•
wasner Elee Corp, pre:100
3834
92
96
32
40
•
453.4
3034
95
121
5934
94
39
111
38
82
Street Railway Bonds
Alton Gran & St L Tr as'44
United Railways 4s_ __ 1934
United Railways 48..1934
4s, certif of deposit..1934
Miscellaneous Bonds
Wagner Elec Mfg, 7s, aerial
• No par value.
6934
38
39
92
92
104 10434
96
96
4734 48
101 101
97
9834
23
23
10534 106
32
33
39
42
9934 9934
4534 4834
42
4534
33
3634
7
7
94
95
142 145
121 122
46
4631
160 160
135 136
59
6034
98
98
4434 45
95
94
107 10734
3834 39
11034 11134
36
38
82
82
70
7034
7034
6934
200
28
70
25
285
110
76
3
40
39
395
100
35
580
1,327
12
618
125
55
345
2
145
1.732
10
180
10
55
975
455
410
65
70 $10,000
7034 18,000
7034 18,000
6934 5,000
10034 10034
38 June
69 May
9834 Jan
87
Jan
38
Apr
100 May
96 May
2234 Jan
102
Jab
30
Apr
34
Apr
98 May
45 May
3731 Mar
3134 Mar
6
Apr
81
Jan
115
Feb
11734 Mar
40
Mar
112
Jan
13234 May
4134 Feb
94
Apr
40
Mar
94 June
104
Feb
Apr
36
10734 Apr
2634 Jan
80
Apr
61
69
69
68
Apr
May
May
May
1.000 10044 ions
Feb
Apr
Holdings in
U. s Treasury.
Net gold coin and bullion_
Net lower coin and bullion
Net Units states notes__
bank notes_
Net n
eserve notes__
Net k,
Net Fe. t.cs. bank notes
,
Net suosidIary silver
Minor coin,.ke
Mar.1 1925. April 1 1925. May 1 1925. June 1 1925.
$
8
317,192,499
33.893,333
4,493,708
17,229,476
681,483
87.156
8.308.609
4.753.752
335,993,181
27,643.060
4,746,444
15,224,426
623.537
146.165
8,066.757
4,317,868
342,739,771
25,174,229
4,237,044
18,041.024
919,427
174.830
8,200,876
4,569.186
332,764,195
23,431.034
3.874,419
17,548,081
542,981
185.493
7.827.924
9.475,260
Total cash in Treasury. 386,640,016 396.761,438 .404,056,387 *395.649,367
5034 Jan Lessgold reserve fund._
153,620,986 153.620,986 153,620,986 153.620.986
100
May
10434 June Cash balance in Treasury. 233.019,0301 243.140,452 250.435,401 242.028,381
96 June Dep.In Neel depositories:
48 June
Acct. ctts. of indebt
156,224.000 418,114,000 270,503,000 180,594,000
101 June Dep. in Fed'i Res. banks_
40,996,001
60.724.509
38,311.698
50,090,384
101
Jan Dep. In national banks:
7,826,555
To credit Treas. U. S
25
6.879.347
7.467.358
6.832,404
Feb
21,391.159
22.746.431
106 June
To credit dish, officers.
23.292,639
22,218,685
1,085,849
3434 Feb Cash in Philippine Islands
689,779
1,165,961
1,031,885
43
371,486
322.294
403.843
Jan Deposits in foreign depts.
320,995
102
Feb Dep.In Fed'I Land banks_
4934 Jan
Net cash in Treasury
4534 June
460,914.080 753.204,823 590,990.887 403.116,714
3634 June
and in banks
834 Feb Deduct current liabilities. 237.580.532 262.471.125 261,665,888 255,049,291
96
May
Available cash balance_ 223.333,548 490.733.698 329,324,999 248,067,423
152 May
122 June
•Includes June 1, 816,040,332 81 silver bullion and $1,705,194 23 minor coins.
5234 Feb
160 June dre., not included in statement "Stock of Money."
141
Jan
6034 June
107
Jan
Auction Sales.
-Among other securities, the following,
4634 June
94 June not actually dealt in at the Stock Exchange, were sold at auction
110
Mar
3934 May in New York, Boston and Philadelphia on Wednesday of
11134 June
this week:
40
Feb
91
Feb
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
Per sh. Shares. Stocks.
$ per sh.
10 Kansaa Elec. Pow..7% cum. pt- 9634
70 June 125 Kansas City Clay County &
St. Joseph Ky. Co.. 7% pref____ 3231 3,000 Erman Develop't Co., par $1
74
Jan
150
5.000 B. B.& R.Knight,Inc.. 2d pf 50e.
74
Jan 1 New York Law Institute
Republic
Bonds.
Per Cent.
7334 Jan 100 Stewart Motor Truck, no par!
Mining Co., par $I
500
S112,156 27 Kensington Mining Co.
8 J. G. McCullough SS. Co.,Inc..1850
6% demand note dated June 1
in')
xs30 Pine Wood Realty Corp
1917, all interest unpaid
$40,000
40 Northland 58. Co.. Inc
lot $2,000 Indiana Ry. 181 .5s, 1030. ___ 65
BANK NOTES
-CHANGES IN TOTALS OF, AND
IN DEPOSITED BONDS, &c.
-We give below
which show all the monthly changes in national bank talales
notes
and in bonds and legal tenders on deposit therefor:
3
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
per sh. Shares. Stocks.
8 per sh.
20 National Rockland Bank
15 Cambridge Gas Lt.Co.. par $25- 7014
375
5 Webster & Atlas National Bank_ _221
2 units First Peoples Trust
7534
1 Quincy Market Cold Storage &
27 North Boston Ltg.Prop.,COM- 76
Warehouse Co., corn
127
5 Fitchburg Gas Sc Elec., par $50-10234
Mills, corn
1 Lancaster
100
2 Lombard Governor,com -Par 1101
10 Naumkeag Steam Cotton Co_ -18631 5 U.S. Worsted Co.. Ist pre:
131101
Amt. Bgs. on Deposit to
10 West Point Mfg, Co
National Bank ceosamon
13031 4 Plymouth Rubber Co.. prof.....1
Secure Circulation for
50 United Elec. Light of Springfield 413 3 American Glue Co., prof
Afloat on
111
40 New England Co.. 28 prof
100 Greenfield Tap & Die Corp.,
National
Fed. Res.
113-16-1134
preferred
Legal
88 Sc dIv.
Bank Notes. Bank Notes.
1 Cambridge Gas Light Co.. Dar 825 7031
Bonds.
Tenders.
Total,
corn
5 Worcester
i per right.
- 6 units First Gaa Lt.,Trust par $25_ 4334 No. Rights.
$
8
Peoples
8
334
$
7531 10 Lowell Gas Light Co
May 31 1925- - 665,502,880
120 Manchester Tree., L. & Pow_.14811 60 Lawrence Gas Sc Electric Co.... 214
661.293,895 78,275,574
Apr. 30 1925.- 666,010,330
1 Great Falls Manufacturing Co_ -- 15
861.397,558 86,028,261
Bonds.
ex Cent.
Mar. 311925.. 865.608,330
661,613.281 93,597.406 "9121 50 Heywood-Wakefield Co., corn_ _12031 $1,750 East. Mass.St. Ky.68, Jan.
717
5
.
.
Feb. 28 1925-- 686.943.330
683.324.911 100,532.368 763 887 277 1 Federal Beating Co., Inc., corn. 10
1948
8234
Jan, 311925... 725.171,780
722.092,283 47,748,139
By Messrs. R. L. Day & Co., Boston:
Deo. 30 1924_ 731.613.630
727,175,641 44,871,176 769.'840:402
Nev.30 1924_ 737,635,796
733.995,581 40.152.976 772,048,817 .Shares. Stocks.
$ Per oh. Shares. Stocks.
$ Per sh
Oct. 311924.. 739.842,890
735,602.435 38,679.189 774.148,557 1 Merchants National Bank
3343( 20 Boston Woven Hose & Rub..eom 7534
774.281.624
seat.30 1924._ 741,239,890
736,557.660 39.289384 775.826.844 50 First National Bank
311
143 Edison Elec. Ilium., Brockton,
742,462,390
1924.
Aug.30
737,141,058 10,052.136
10 Beacon Trust Co
27534
par $25
5834-5831
July 311024.. 746,611,640
740.549.740 36.537,849 777,193.194 10 Stevens Manufacturing Co_ ..121-122 8 New England Co.. corn
115
744,953.710 33.058.069 777.087.599 10 Pepperell Manufacturing Co.._ _11734 8 Eastern States Warehouse
June 3011)24.. 750.858.930
778 011 77p
dt Cold
750,113,430
545.900 745.029.518 82,460,609
May 311924..
12 Nashawerus Mills
Storage Co , prof
11834
7531
545,900 745,795,653 31.611.339 777..490..127 45 Wamsutta Mills
April 30 1924._ 750.676.680
82
5,000 Chaparral Hill Gold Mining
545.900 745,171,676 31,162,366 777.406 4/92 2 Union Cotton Manufacturing Co- 98
Mar.31 1924._ 749,974,180
Co., par $1
85101
545,900 743,454,758 30,964,444 778,334,042 3 Dartmouth Mfg. Co., corn
Feb. 29 1924_ 748.875,180
143
30 Great Northern Paper Co
261
545.900 742,670.537 30.126,232 774.419.202 15 Stevens Manufacturing Co... _121-122 No. Rights.
Jan. 811024.- 747.256.230
$ per right.
545.900 740,521.752 31.045.227 772.796.769 3,474 Brooklyn Rapid Transit Co_ ..$1 lot 300 Lawrence
Dec. 811923.. 746.577.780
771 508 p7p
Gas Sc Elec. Co_ -2 15-16
545.900 743.984,275 29,450.769
Nov.80 1923.- 748.778.030
'r.
1,415 B.K. Co.,certif.deposit$2H lot
545,900 743.806.385 28,799,884 773..435..044 5 Pittsfield Sc North Adams RR__ - 85
Oct. 811923.- 746,562,330
Bonds.
Per Cent,
545,900 742,184.915 28.137.092 772.606269 2 SpIltdorf Electrical Co., pref__-‘$81334 81.000 Montpelier
Sept.29 1923-. 746.780,830
Sc Barre Light Sc
Aug. 811923 .1 745,585.080 4.543,760 740,323.568 28,621.244 g(8);:arg 2 Splitdorf Electrical Co., corn...! lot
Power Co. 5s, Oct. 1944
22 special units First Peoples Trust_ 534 555,000 Interboro.-Metrop. 434s, 9634
$7,445,193 Federal Reserve bank notes outstanding May 3111125 secured by
lawful 5 Lynn Gas & Electric, par $25___ .106,34
16% del. distill). rec. as of
money, against 110,635,670 May 31 1924.
72 Haverhill Elec. Light. par 825.. 5634
Aug. 20 1923
$25101
By Messrs. Barnes & Lofland, Philadelphia:
8 Per *h.
Shares. Stocks.
601
10 Franklin National Bank
3 Fourth Street National Bank_ _ _ _399
.331
5 First Nat. Bank of Philadelphia..
15 First Nat.Bank of Philadelphia.33034
607
4 Girard National Bank
7 Market Street Title dr Trust Co.,
500
par $50
3 Jefferson Title & Tr. Co., par $50. 65
10 West Phila. Title & Trust Co.,
23134
par $50
5 Commonwealth Title Ins. & Tr_ _440
alth Title Ins. & Tr_ _436
7 Commonwe
3 Sixty-Third St. Title & Trust.
50
par $50
110
13 Union Passenger Icy
1 United N.J. RR.& Canal Cos_ _20135
3 Minehill & Schuylkill Haven RR_ 5134
$ per sh.
Shares. Hocks.
9534
85 Hare & Chase, Inc., pref
140 Hare & Chase,Inc.,com.,no par 26
65
Co., 1st pref
20 Donner Steel
100 Union Transfer Co.. par $25.-- 2334
15 Geo. B. Newton Coal Co.IS, DM 70
$ per rigid.
No. Rights.
46
24 Mutual Trust Co
Per Cent.
Bonds.
$100 BenevolentProtective Order of
Elks, Phila. Lodge No.2,gen.68.
84%
1942
$5,000 Zoological Society of Phila.
20
"loan"
$1,000 Phila. & Read. Term. RR.
10534
1st 58, 1941, registered
$3,000 North Pa. RR. 1st 48, 1936
9434
(currency)
-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
-The Mt. Vernon National Bank & Trust Co.. Mt.
June 4
$50,000
Vernon,Ind
Correspondent, C. F. Hoover, Mt. Vernon, Ind.
25,000
N.J
-The Alpha National Bank. Alpha,
June 4
Correspondent: M.S. Willever, Alpha, N. J.
25,000
e National Bank of Fort Lee, N.3
-The Coytesvill
jUne 4
Correspondent:George T.Yonkers,2420 Hammett Ave.,
Coytesville, N. J.
50,000
-The National Bank of Snow Hill, Snow Hill, No.Caro
June 4
Correspondent: J. C. Rasberry, Kinston, No. Caro.
25,000
National Bank of Malone, Texas
-The Citizens
June 6
Correspondent: H. 11. Hodde, Malone, Texas.
ED.
APPLICATION TO ORGANIZE APPROV
50.000
-The First National Bank of Brighton, Mich
June 4
Correspondent: Thomas S. Leith, Brighton, Mich,
June
June
June
June
June
June
June
June
June
June
[voL. 120.
THE CHRONICLE
3032
Name of Company.
VOLUNTARY LIQUIDATIONS.
--The First National Bank of Fairfax, So. Caro
-10979
1
Effective May 12 1925. Liquidating agent, National
Security Bank of Fairfax, So. Caro.
Succeeded by the National Security Bank of Fairfax,
No. 12668.
--The First National Bank of Edmond. Kan
-9160
June 2
G. 13.
Effective March 10 1925. Liquidating agent,
Gibson, Edmond, Kan.
Edmond, Kan.
Succeeded by the Edmond State Bank,
50,000
25,000
DIVIDENDS.
In the
Dividends are grouped in two separate tables. the curfirst we bring together all the dividends announcedin which
rent week. Then we follow with a second table,
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
*133 Aug. 1 *Holders of rec. June 26a
Canada Southern
26
254 July 10 Holders of rec. June 26
Chic. Indianap. & Loulsv., common..
July 10 Holders of rec. June
2
Preferred
Aug. 1 'Holders of rec. July 24a
*5
Cincinnati Northern
July 20 *Holders of rec. June 20a
Ciev. CM.Chic.& St. L.,corn.& pf.(qu.) "134 July 15 *Holders of rec. July 8a
'3
Detroit River Tunnel
*135 July 6 *Holders of rec. June126a
Joliet & Chicago (guar.)
*31.25 July 15
Little Schuylkill Nay., RR.& Coal
••12.50 Aug. 1 *Holders of rec. July 15
Mahoning Coal RR., common
22
•$1.25 July 1 'Holders of rec. June 266
Preferred
July 29 *Holders of rec. June
"10
Michigan Central
June 29 *Holders of rec. June 19
"354
Mobile & Ohio
June 26a
134 Aug. 1 Holders of rec.
New York Central RR.(guar.)
'$2.50 Aug. 1 Holders of rec. July 17a
Pittsburgh kr Lake Erie
of rec. July 20
Aug. 13 Holders
Reading Company,common (guar.). _ 'El
24.
*50c. Sept.10 Holders of rec. Aug. 22
First preferred (quay.)
*50c. Oct. 8 Holders of rec. Sept.
Second preferred (guar.)
Holders of rec. July 10
Railway, common (guar.)_ _ _ 134 Aug. 1
Southern
135 July 15 Holders of rec. June 25
Preferred (guar.)
Public Utilities.
135 July I Holders of rec. June 20
Alabama Power, preferred (guar.)
*13.5 July 1 *Holders of rec. June 16
Amer.Power & Lt., pref.(guar.)
June 18
(guar.) $1.75 July 1 Holders of rec. June 15
American & Foreign Power, pref.
1 *Holders of rec.
Amer. superpower Corp.. 1st pfd. (qu.)_ 411.50 July 15 *Holders of rec. July 31
•13( Aug.
Participating pref.(guar.)
June 15
134 July 1 Holders of rec. June 15
Asheville Power & Light, pref.(guar.)._
1 Holders of rec.
Birmingham Electric Co. pref.(guar.). 134 July 1 Holders of rec. June 13
C.(qu.)__ - 135 July
'
Capital Traction, Wash.,D.
Holders of rec. July 15
Carolina Power & Light,common (qu.). $1.50 Aug. I Holders of rec. June 15
134 July I
Preferred (guar.)
"650. July 1 "Holders of rec. June 16
Chicago Rap. Tr., pr. pf. A (mthly.)....
*65e. Aug. 1 *Holders of rec. July 21
Monthly
IS
'65e. Sept. 1 *Holders of rec. Aug.
Monthly
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
12
'134 July 1 *Holders of rec. June 30
Cleveland Ry.(quar.)
July 15 *Holders of rec. June
*2
Consolidated Trac. of N.J
30
El. L.& P., New Orl.,pf.(gu) 135 June 30 June 10 to June 15
Consumers
$1.25 July 2 Holders of rec. June
Consumers Gas, Toronto (guar.)
July 1 Holders of rec. June 15
1
Duluth-Superior Trim., pref. (quar.)
July 1 Holders of rec. June 20
Eastern New Jersey Pow.Co.,1)1.(qu.)- 2
Ally 15
Electric Bond & Share Co., Pref.(qear.) 134 Aug. 1 Holders of me. June 18
25c. July 15 Holders of rec.
Share Sec. Corp.(quar.)
Elec. Bond dc
Elec. Light & Power Co. of Abington
50c. July 1 Holders of rec. June 150
& Rockland (guar.)
rec. June 16
Elec. Pow.& Lt. Corp..Pt.(01.)(No.1) $1.75 July 1 Holders of
341.75 Aug. 1 "Holders of rec. June 30
Second preferred (guar.)(No. 1)
$1.25 June 15 Holders of rec. June 90
El Paso Electric Co., common (quar.)
30
*31.543 July 1 'Holders of rec. June 20
Gold & Stock Telegraph (guar.)
134 July 1 Holders of rec. June 27
Illinois Traction, preferred (guar.)
July 15 *Holders of rec. June
(quar.)
"134
International Telep. & Teleg.
$1.75 July 1 Holders of rec. June 15
Interstate Power, preferred (guar.)
June 17
Jersey Central Power & Light, pref.(gu.) 135 July 1 Holders of rec. June 18
3.134 July 1 *Holders of rec.
Kansas Gal3 & Elec., pref.(guar.)
22
"134 July 1 'Holders of rec. June 22
Kentucky Securities, common (quar.)
*133 July 15 *Holders of rec. June
Preferred (guar.)
Holders of rec. June 30
135 July 15
Laurentide Power (guar.)
135 July 1 Holders of rec. June 20
Long Island Lighting, pref.(guar.)
July 15 Holders of rec. July 1
2
Manchester Tr., L. & Pow.(quar.)- of rec. June 25
Massachusetts Ltg. Cos.,6% Pref.(411.)- 134 July 15 Holders of rec. June 25
July 15 Holders
2
8% preferred (guar.)
Holders of rec. June 200
$2 July 1
Missouri Power & Light, common
*Holders of rec. June 20
Metropolitan Edison Co., pref.(guar.)._ "31.75 July 1 "Holders of rec. June 22
July 14
'3
Mohawk Valley Co.(guar.)
of rec. June 156
Monon. West Penn.P.S.,7% Pf.(qu.). 43%c. July 1 Holders of rec. June 156
3735c. July I Holders
Six per cent preferred (guar.)
Holders of rec. June 30
Mountain States Power, pref.(guar.).- 134 July 20
rec. June 17
Nat.Pub.Serv. Corp.,Parte. pf.(qu.). 141 July 1 Holders of rec. June 20
Holders of
N.Y.Central Elec. Corp.,Pref.(quar.)- 134 July
of rec. June 22
'135 July 1 Holders
New York State Rya.,pref.(guar.)
Aug. 1 Holders of rec. June 30
Nor.StatesPow.of Del.,corn., A (guar.) *2
30
"135 July 20 Holders of rec. June 200
Preferred (quar.)
134 July 1 Holders of rec. June 15
Ohio Bell Telephone, prof. (guar.)
(qtr.). 134 June30 Holders of rec. June 15
Ottawa Light, Heat& Pow.,com.
134 July 1 Holders of rec. June 15
•
Preferred (guar.)
1
July 1 Holders of rec. June 30
Ottawa Traction (guar.)
July 15 *Holders of rec. June 16
*2
Pacific Gas & Elec., common (guar.)
of rec. June
Panama Power & Light Corp:, pf.(qu.). '134 July I *Holders of rec. June 20
July 1 *Holders
pref.(guar.).- "32
Pennsylvania Edison Co.,
Holders of rec. June 15
Portland Elec.Pow,Co.,1st pref.(guar.) 134 July I
16
134 July 1 Holders of rec. June
Prior preference (guar.)
rec. July 15
Public Serv. Elec. Pow., pref. (guar.)._ *135 Aug. 1 *Holders of rec. July 15
Aug. 1 *Holders of
12
Pub.Serv.of N.III., corn.(no par)(qu.) 4
15
Aug. 1 *Holders of rec. July 30
*2
Common ($100 Par) (guar.)
134 July 15 Holders of rec. June 30
Quebec Power, common (Quar.)
134 July 15 Holders of rec. June 26
(quar.)
Preferred
13$ July 10 Holders of rec. JUDE! 30
Shawinigan Water & Power (quar.)
*Holders of rec. June
Standard Gas & Electric, com.(quar.) "750. July 25 *Holders of rte. June 30
*135 July 25
(guar.)
Seven per cent preferred
156
July 1 Holders of rec. June
Toledo-Edison Co., prior preferred (qu.) 2
15
July 1 Holders of rec. June 15
Twin City Rap.Tran., Minneap.,corn- - 2
13$ July I Holders of rec. June
Preferred (guar.)
of rec. JuneI30
July 15 Holders
United Gas Improvement,corn.(guar.). $1
June 30
$1.50 July 15 Holders of rec. June 10
Common (extra)
134 July 1 Holders of rec.
Utah Power & Light, pref. (guar.)
June 15
of rec.
Utllities Pow.& Lt. Corp., Cl. A (MO-- (k) July 1 Holders of rec. June 15
135 July 1 Holders
Preferred (guar.)
June 30
134 July 20 Holders of rec. June 30
Virginia Icy. & Power, pref. (guar.)---of rec.
Western States Gas& El.of Del..pf.(411.) *135 July 14 "Holders of rec. June 250
15 Holders
134 July
Western Union Telegraph (quar.)
24
135 July 2 Holders of rec. June 15
West Kootenay Power, pref.(quar.)135 July I Holders of rec. June
Yadkin Rive'Power, pref. (guar.)
CHARTERS ISSUED.
-The Commercial National Bank of Bellflower.
-12754
1
25,000
Calif
Conversion of the Commercial Bank of Bellflower, Calif.
President, C. S. Thompson; Cashier, C. H. Connett.
-The Peoples National Bank of Los Angeles,
1-12755
500,000
Calif
Conversion of the Peoples Bank dr Trust Co. of Los
Angeles, Calif.
President, C. J. Shepherd; Cashier, 0. 0.Moreland.
25,000
-The First National Bank of Rosenberg. Texas.._
-12756
1
Conversion of the Farmers State Bank, Rosenberg, Tex.
President, A. W. Miller; Cashier, J. E. Junker.
0
-Pacific National Bank in New York, N. Y___ _1,000,00
-12757
2
Conversion of the Pacific Bank, New York, N. Y., with
office and six branches all located in the City.
main
County and State of New York.
President. 0. H. Cheney: Cashier, F. L. Kerr.
50.000
--The Farmers National Bank of Dublin. Texas-12758
3
Conversion of the Guaranty State Bank of Dublin, Tex.
, D. L. Harris; Cashier, J. S. Little.
President
30,000
-The First National Bank of Emhouse. Texas
-12759
4
Conversion of the First State Bank of Emhouse,Texas.
De La Fosse: Cashier. S. M.Garrett.
President, 0.11.
25,000
-The Citizens National Bank of Lone Oak,Tex
-12760
5
President, D.B.Corley; Cashier, R.D.Trimble.
25,000
Bank of Quinlan,Texas_ -The Quinlan National
-12761
5
President, John C. Barrow: Cashier, J. M. Allen.
Parker County National Bank of Weather-The
-12762
5
125,000.
ford. Texas
Conversion ofthe First State Bank of Weatherford, Tex.
W. Kuteman; Cashier, W. V. Shadle.
President, Mrs. H.
CHANGE OF TITLE.
-The Ardmore National Bank. Ardmore, Pa., to
-9905
3
"Ardmore National Bank & Trust Co."
June
When
Per
Cent. Payable.
Banks.
*3
Coal dr Iron National (guar.)
5
Commonwealth
1254
First National (guar.)
1234
First Security Co
3
National
Lebanon
Manhattan Co.(Bank of the)(quar.).- 4
2
New Netherland (guar.)
334
United States(Bank of)(guar.)
Trust Companies.
American (guar.)
Bank of New York & Trust Co.(guar.).
Midwood (Brooklyn)
10
July 1 *Holders of rec. June 300
June
July 15 Holders of rec. June 306
July 1 Holders of rec.
July 1 Holders of rec. June 300
24
July 1 Holders of rec. June 190
July 1 Holders of rec. June 200
of rec. June
July 1 Holders
June 220
July 1 Holders of rec.
200
134 June 30 Holders of rec. June 100
July 1 Holders of rec. June
5
June 30 June 25 to June 30
3
Miscellaneous.
134 July 2 Holders of rec. June 20
Abitibi Power & Paper, prof. (guar.)
July 15 Holders of rec. June 30
$1
Air Reduction (mar.)
Holders of rec. June 19
Shoe & Fdy.,corn.(guar.)- $1.25 June 30 Holders of rec. June 19
Amer.Brake
135 June 30
Preferred (quar.)
1 Holders of rec. JIM 18
(quar.). $1.50 July
American Car & Foundry, corn.
134 July 1 Holders of rec. June 18
Preferred (guar.)
*50c. July 1 June 21 to June 30
American Chain, Class A (guar.)
134 June 15 Holders of rec. June 56
American Fork & Hoe,corn.(gnarl
June 15 Holders of rec. June 50
1
Common (extra)
July 2 Holders of rec. June 15
American Sales Book (guar.) (Quay.). $1
July 15 Holders of rec. JulY 3
2
Founders, corn.
a
American Type
135 July 15 Holders of rec. July 200
Preferred (quar.)
June
134 July 1 Holders of rec. June 6
Amer. Wholesale Corp., pref.(quar.)_
June 13 Holders of rec.
"35
Appleton Co.(guar.)
July 15 Holders of rec. July 2
(guar.) I
Asbestos Corp. of Canada, corn.
134 July 15 Holders of rec. July 2
Preferred (guar.)
134 July 1 Holders of rec. June 15
Ault dr Wiborg Co., pref. (guar.)
Barnhart Bros. & Spindler (guar.).
I% Aug. 1 'Holders of rec. July 25
- *
First and second preferred
Sept. 1 Holders of rec. Aug. 15a
-- $1
Borden Company, common (guar.).
134 Sept.15 Holders of rec. Sept. la
Preferred (guar.)
50c. July 1 June 21 to July 1
Boyd-Welsh Shoe (quar.)
"135 July 1 *Holders of rec. June 20
Bridgeport Machine, preferred (guar.)
(quar.). "134 July 1 *Holders of rec. June 20
Brown & Williamson Tob.corn.
•134 July 1 Holders of rec. June 20
Preferred (quar.)
1 Holders of rec. June 20
BrunswIck-Balke-Coliender, pref. (Mr.)- I% July 1 Holders of rec. June 22
*50c. July
Brunswick Site Co.(extra)
134 July I Holders of rec. June 20
Bucyrus Co., common (guar.)
135 July 1 Holders Of rec. June 20
Preferred (guar.)
*135 July I Holders of rec. June 19
Burns Brothers, inet.(guar.)
75e. July 2 Holders of rec. June 15
Burt(F. N.) Co., common (qar.)
134 July 2 Holders of rec. June 15
Preferred (guar.)
135 July I Holders of rec. June 17a
Bush Terminal Buildings, pref.(quar.)...
134 July,• 15 Holders of rec. June122a
Bush Terminal,6% preferred (guar.)-134 July 15 Holders of rec. June 22a
New 7% debenture (guar.)
*50c. June 30 Holders of rec. June 19
Mining
Butte & Superior
July 2 Holders of rec. June 13
1
Canada Bread, common (guar.)
Holders of rec. June 13
stock)_ _
Common (payable in common
135 July 2 Holders of rec. June 13
Preferred (guar.)
135 July 1 Holders of rec. June 20
(guar.).
Canadian Locomotive,preferred
*134 June 30 *Holders of rec. June 20
Canfield Oil, cons. (quar.)
*134 June 30 'Holders of rec. June 20
Preferred (guar.)
$1.50 July 1 Holders of rec. June 20
Aguirre Sugar (guar.)
Central
I% June 22 Holders of rec. June 15
Century Electric (guar.)
*75c. July 1 *Holders of roe. June 19
Chandler Motor Car(guar.)
*Holders of rec. June 20
EQUIP.,corn.(quar.)-- *758. July 1
Chicago Railway
20
132
' July 1 *Holders of rec. June 30
Preferred (quar.)
_ 758
15 Holders of rec. June
Consol. Mining & Smelting of Canada_ $2 • July 1 June 14 to June 30
July
Corp.,corn., A (qu.)
Continental Baking
2
July 1 June 14 to June 30
Preferred (guar.)
*31
July 15 *Holders of rec. June 30
Crex Carpet (guar.)
'$33.75 July 2 *Holders of rec. July 15
Crown Finance Corp., corn
*1 34 July 2 *Holders of rec. July 15
Preferred (guar.)
"$1.50 July 1 *Holders of rec. June 19
Devoe & Reynolds,common (guar.).
*50c. July 1 "Holders of rec. June 19
Common (extra)
*134 July I "Holders of rec. June 19
First and second preferred (guar.)--
Juma 131925.]
Name of Company.
A
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
303,1
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends anMiscellaneous (Concluded).
Dominion Canners, common
June 30 Holders of rec. June 25
7
nounced this week, these being given in the preceding table.
4
Dominion Stores, pref., class A
July 1 Holders of rec. June 15
Eagle Warehouse & Storage (guar.)_._. 134 July 1 June 26 to July 1
1
Extra
July 1 June 26 to July 1
Per
When
Books Closed.
Eastern Rolling Mill, com.(guar.)
El
July 1 June 16 to July 1
Name of Company.
Cent. Payable.
Days Inclusive.
2
Preferred (guar.)
July 1 June 16 to July 1
Edmunds &Jones Corp.,common (qu.)_ "500. July 1 *Holders of rec. June 20
Railroads (Steam).
Preferred (guar.)
' July 1 *Holders of rec. June 20
13(
334 June 29 Holders of rec. May 25
Elec. Controller & Mfg., corn. (guar.)_ _ 51.25 July 1 Holders of rec. June 20a Alabama Great Southern, ordinary
Preferred
335 Aug. 17 Holders of rec. July 13
Preferred (guar.)
134 July 1 Holders of rec. June 20a Albany & Susquehanna
435 July 1 Holders of roe. June 15a
Elec.Storage Battery,com.dr pref.(qu.) $1
July 1 Holders of rec. June 19
Atchison, Topeka &
Elliott Fisher, corn., & Ser. B corn.(qu.) 51
July 1 Holders of rec. June 15a Atlantic Coast Line Santa Fe, pref.- 295 Aug. I Holders of rec. June 26a
RR., common
314 July 10 Holders of rec. June 15a
Common,& Series B common (extra)_ El
July 1 Holders of rec. June 15a
Corn.(extra) (from
1
July 10 Holders of rec. June 15a
Preferred (guar.)
134 July 1 Holders of rec. June 15a Bangor dr Aroostook, non-oper.
75c. July 1 Holders of rec. June 15a
com.(guar.)
Empire Safe Deposit (guar.)
1% June 29 Holders of rec. June 20a
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Famous Players-Lasky Corp.,Pref.(qu.) 2
Aug. 1 Holders of rec. July 15
Beech Creek (guar.)
50A July 30 Holders of rec. June 15a
1
Farr Alpaca (guar.)
*
2
June 30 *Holders of rec. June 18
Boston & Albany (guar.)
June
Holders of rec May 29
Faultless Rubber Co.(guar.)
1331-3c July 1 Holders of rec. June 15
Boston Revere Beach & Lynn (quar.)
134 July 1 Holders of rec. June 156
Finance Co. of Amer., corn. (quar.)
62140. July 15 July 3 to July 15
Boston dr Providence (guar.)
234 July 1 Holders of rec. June 20
Seven per cent pref. (guar.)
43)(e. July 15 July 3 to July 15
Buffalo & Susquehanna, com.(gust.)... 134 June 30 Holders of rec. Jun 100
Eight per cent pref. (guar.)
50c. July 15 July 3 to July 15
Preferred
2
June 30 Holders of rec. June 100
First Nat.Pictures, Inc., 1st pref.(quar.) *2
July 1 'Holders of rec. June 15
Canadian Pacific. corn. (guar.)
235 June 30 Holders of rec. June la
Garfield Safe Deposit
4
June 27 June 11 to June 28
Chesapeake dr Ohio, common
2
July 1 Holders of rec June 20
General Amer. Tank Car, common
41.50 July 1 *Holders of rec. June 20
Preferred. Series A
334 July 1 Holders of rec. June 20
Preferred (guar.)
131 July 1 *Holders of rec. June 20
June 25 Holders of rec. June 190
5
General Bakeries, common (guar.)
$1.50 July 1 Holders of rec. June 20a Chicago Burlington & Quincy
2
June 30 Holders of rec. June 56
Preferred (guar.)
2
July 1 Holders of rec. June 20a Chicago & North Wester, common
335 June 30 Holders of rec. June 56
Preferred
Glidden Company, prior pref.(guar.)
131 July 1 Holders of rec. June 15a
Chicago Rock Island & Pacific,6% pref. 3
June 30 Holders of rec. June 56
Goodyear Tire &Rubb.of Can., pf.(qu). *1,4 July 1 'Holders of rec. June 19
Seven per cent preferred
335 June 30 Holders of rec. June So
Preferred (acct. accumulated div.)
•134 July 2 *Holders of rec. June 19
3
an. N.0.& Texas Pacific, corn
June 26 Holders of rec. June 150
Grant(W.T.) Co., pref.(guar.)
*2
July 1 "Holders of rec. June 20
Common (extra)
334 June 26 Holders of rec June 16a
Grasselli Chemical,common (guar.)._
*
2
June 30 "Holders of rec. June 15a
2
June 30 June 20 to June 30
Preferred (guar.)
114 June 30 Holders of rec. June 15a Colorado dc Southern. 1st preferred
Consolidated RRs. of Cuba, pref. (qu.).. 134 July 1 Holders of rec. June 15
Great Lakes Towing, common (guar.)._
134 June 3() Holders of rec. June 15a
$1.30 June 30 Holders of rec. June 256
Preferred (guar.)
131 June 30 Holders of rec. June 15a 'Cuba RR..common (guar.)
Delaware & Hudson Co.(guar.)
214 June 20 Holders of rec. May 28a
Guaranteed Mortgage Co
4
July 1 Holders of rec. July 1
Fonda Johnstown & Gloversv., pref.(qu) 115 June 15 Holders of rec. June 10
Hanes(P. H.) Knitting, pref.(guar.)._ _
131 July I Holders of rec. June 20
Hocking Valley Ry
June 30 Holders of rec. June 20
2
Harmony Creamery, preferred (guar.)._
131 June 25 Holders of rec. June 15
Houston & Texas Central
3
July 10 Holders of rec. July la
Hood Rubber, com. (guar.)
*51
June 30 *Holders of rec. June 20
July 1 June 12 to July 5
2
Huttig Sash & Door,common (guar.)
37340. July 1 Holders of rec. June 20a Illinois Central, leased lines
July 1 Holders of rec. June 80
Preferred (guar.)
134 July 1 Holders of rec. June 20a Lackawanna RR. of New Jersey (guar.) 1
Lehigh Valley, com.(guar.)
8714c July 1 Holders of rec. June 130
Ide (Geo. P.) Co., Inc., pref.(guar.)._ _
2
July 1 Holders of rec. June 150
Preferred (guar.)
$1.25 July 1 Holders of rec. June 130
Indian Motocycle, pref. (guar.)
'134 July 1 *Holders of rec. June 22
Louisville & Nashville
Aug. 10 Holders of rec. July 15.
3
Interlake Steamship (guar.)
*61.25 July 1 *Holders of rec- June 17
Maine Central. prof
8215 June 15 Holders of rec. May 29
Internat. Match Corp., panic. p1.(qu.). 65e. July 15 Holders of rec.
June 250 Mobile & Birmingham, preferred
July 1 June 2 to June 30
2
Johnston (R. F.) Paint, pref. (guar.)... 2
July 1 Holders of rec. June 15
Morris & Essex
$1.75 July 1 Holders of rec. June 166
Kayser (Julius)& Co., preferred (guar.). *2
July 1 "Holders of rec.
N.Y.Chicago& St.L011113,com.(gust.). 134 July 1 Holders of rec. May 156
Kress (S. H.) & Co., Preferred (quar.)_ _ '1)( July 1 *Holders of rec. June 25
Preferred
La Salle Extension Institute,corn.(No.1) "134 July 1 *Holders of rec. June 20
194 July 1 Holders of rec. May 156
June
New York & Harlem, com. dr pref.- $2.50 July 1 Holders of rec. June 156
Preferred (guar.)
*1)( July 1 *Holders of rec. June 20
New York Lackawanna & West.(guar.) 134 July 1 Holders of rec. June 13a
Laurentlde Company (guar.)
135 June 30 Holders of rec. June 20
17
Norfolk & Western, com. ((Mar.)
Lawyers Mortgage Co.(guar.)
134 June 19 Holders of rec May 29a
'234 June 30 *Holders of roe. June 22
Northern Central
July 15 Holders of rec. June 206
Lawyers Title & Guaranty Co
$2
235 July 1 Holders of rec. June
20a Pere Marquette, com. (guar.)
July 1 Holders of rec. June 156
1
Leh.& Wilkes
-B. Coal Corp., con'.(qu.) *52
June 10
Prior preference (guar.)
Preferred (guar.)
154 dAug I Holders of rec. dJulY15a
.
750 June 10
Preferred (guar.)
134 Aug. 1 Holders of rec. July 156
Lehigh & Wilkes
-B. Coal Co., corn,(qu.) 4
13
June 10
Philadelphia, Baltimore & Wash
4
.3
June 30 *Holders of rec. June 15
Preferred (cmar.)
*13794c June 10
Pitts. Ft. Wayne & Chic., corn,(guar.). 154 July i Holders of rec. June 106
Loew's Boston Theatre, corn. (quar.)_ _ _ '134 Aug. 1 *Holders of roe.
Preferred (guar.)
Mager Car Corp., common (guar.)
134 July 7 Holders of rec. June 106
250 June 30 Holders of rec. July 15
June 23
Pittsburgh McKeesport & Youghiogheny $1.60 July I Holders of rec. June 156
Preferred (guar.)
131 June 30 Holders of
Reading Company. 2d pref.(guar.)
; 50c. July 9 Holders of rec. June 220
Mallinson(H.R.)& Co., Inc.. Pf.(au.). 134 July 1 Holders of rec. June 23
rec.
St. Louis-San Francisco, com. (guar.)._
194 July 1 Holders of rec. June 15a
Preferred (guar.)
134 Oct. 1 Holders of rec. June 22
Preferred, Series A (guar.)
134 Aug. 1 Holders of rec. July 15a
McCall Corporation, pref.(guar.)
*134 July 1 *Holders of rec. Sept.22
June 15
Preferred, Series A (guar.)
134 Nov. 2 Holders of res. Oct. 156
Preferred (acct. accum. dividends)... i8534 July 1 *Holders of
rec. June 15
m:Juae 1
St. Louis Southwestern, pref. (quar.)_ _ _
uly 1
1 L4 une 30 HHoolmdeerurs oftee 34ny 234
Merchants & Miners Transp. (guar.)... *2
June 30 *Holders of rec. June 15
of
Southern Pacific Company (guar.)
Merck de Co., preferred (guar.)
Si
July 1 Holders of rec. June
Union Pacific, common (guar.)
234 July. i Holders of rec. June la
Merrimac Chemical (guar.)
$1.25 June 30 Holders of rec. June 17
Valley Railroad (New York)
234 July 1 Holders of rec. June 20a
Mill Factors Corp. (guar.)
134 July I Holders of rec. June 13
Western Pacific RR.Corp., com
5
July 16 Holders of rec. June 30a
Mining Corp. of Canada
12340. July 30 July 16 to July 20
Corn.(payable in com,and pref.stock) (1) July 15 Holders of rec. June 30a
Missouri-Illinois Stores, common
20e. July I Holders of rec. June 29
20
Preferred (guar.)
194 June 29 Holders of rec. June 15a
Morris Plan Bank of Baltimore
3
June 30 Holders of rec. June 25
Preferred (account accum. dividends)_ ems July 16 Holders of rec. June 30a
Mortgage-Bond Co. (guar.)
2
June 30 Holders of rec. June
Preferred(payable In com.Jr pre/.stk.) (1) July is Holders of tee. June 306
Mountain Producers (guar.)
20C. July 1 Holders of rec. June 16
Extra
300. July 1 Holders of rec. June 15a
I5a
Public Utilities.
Murray Body Corp.(guar.)
*600. July 1 *Holders of
All America Cables (guar.)
134 July 14 Holders of rec. June 304
National Breweries, Ltd., pref. (guar.)._ *134 July 1 Holders of rec. June 15
rec. June
Amer. Gas & Elec., com. (guar.)
25e. July 1 Holders of rec. June 10
National Licorice,common
234 July 10 Holders of rec. June 19
23
Common (extra)
(w) July 1 Holders of rec. June 10
Preferred (guar.)
134 June 30 Holders of rec. June
23
Preferred (unstamped non-par stock). $1.50 Aug. 1 Holders of rec. July 10
National Refining. preferred (quar.)_
2
July 1 Holders of
Preferred (550 par stock)
National Supply Co.of Del., Pref.(au). 134 June 30 Holders of rec. June 15
194 Aug. 1 Holders of rec. July 10
rec. June 20
American Public Service, pref. (guar.)
National Tea.common (guar.)
131 July 1 Holders of rec. June 15a
.82
July 1 Holders of rec. June 22
Amer. Public Utilities, prior pref. (go.). 131 July 1 Holders of rec. June 166
New Bradford Olt (guar.)(No. 1)
12340. July 15
Participating preferred (guar.)
New Eng, Guar. Corp., com.(No. 1)_
194 July 1 Holders of rec. June 15a
250. July 1 Holders of rec. June
15
American Telephone & Telegraph (qu.)_ 234 July 15 Holders of rec. June 206
Preferred (guar.)
$1.76 July 1
Arkansas Natural Gas
Nizer Corporation,panic.cl A stk.(qu.) *76e. July 1 Holders of rec. June 15
Sc July 1 Holders of rec. June 116
.
*Holders of rec.
Associated Gas & Elec.Co.. Pref.(extra) 12 Mc July 1 Holders of rec. June 100
North Star Oil & Refining, pref.(guar.)_
134 July 2 Holders of rec. June 20
June
Preferred (guar.)
8734e July 1 Holders of rec. June 106
Nunally Company
*50c. June 30,*Holders of rec. June 15
Preferred (extra)
Ogilvie Flour Mills, corn. (guar.)
1234c Oct. 1 Holders of rec.Sept. 106
"51.25 July 2 *Holders of rec. June 16
Preferred (extra)
Pacific Burt Co.,common (guar.)
2l4e Jan 1'26 Holders of rec. Dec. 100
1
July 21 Holders of rec. June 18
usr.)
Class A (auay.
)
Preferred (guar.)
C
6235c Aug. I Holders of rec. July 10a
154 July 2 Holders of rec. June 15
15
•1% Sept. 15
Packard Motor Car, pref. (guar.)
512Hc Nov. 1 Holders of rec. Oct. 9a
*Holders of rec. Aug.
Bangor Hydro-Elec. Co.. prof.(quar.)
Penney (J. C.) Co., 1st pref.(quar.)_ _ _ _
134 July 1 Holders of rec. June 10
13( June 30I Holders of rec. June 31
20
Pennick & Ford, Ltd., pref. (quar.)---- 134
Barcelona Tr., Lt.& Pr.. pref.(guar.)
154 June 30 Holders of rec. June 15
1 Holders
Brazilian Tr., Lt. dr Pr.. pref. (guar,).
Preferred (acct. accum. dividends)... I M July 1 Holde of rec. June 20
114 July 1 Holders of rec. June 15
Holders of rec. June 20
Bell Telephone of Canada (guar.)
Pet Milk Co., pref.(guar.)
'134 July 1 *Holders of rec.
June
15 H ol ere
2 % July 6 HOldenl of roe.Jtine Ma
1
Bell Telephone of Pa.. pref. (guar.)..._
j ne
u
Phelps, Dodge Corp. (guar.)
*31
July 2 *Holders of rec. June 10
Boston Elevated Ry., corn.(guar.)
Pittsburgh Plate Glass, common (guar.) *2
134 July 1 Holders of rec. June 186
July 1 *Holders of rec. June 20
15
First preferred
Common (guar.)
July I Holders of rec. June 18a
4
*2
Oct. 1 *Holders of rec. Sept.15
•
5
Preferred
Common (extra)
314 July 1 Holders of rec. June 18a
Oct. 1 *Holders of rec.
Brooklyn ,Union Gas (guar.)
Price Brothers & Co., Ltd.,corn.(qu.)._
July 1 June 21 to June 30
$1
34 July 2 Holders of rec. Sept.15
Calumet Gas & Elec., pref. (guar.)._
5
634% preferred stock (guar.)
154 July 2 Holders of rec. June 15
134 June 17 Holders of rec. June 17
June 15
Holders of rec. June 30
Central III. Public Serv., pref.(guar.)
Provincial Paper Mills, common (guar.). 194 July 2
$1.50 July
Holders of rec. June 15
Central States Elec. Corp., pref. (qu.)
Preferred (guar.)
154 July 1 Holders of rec. June 10
131 July 2 Holders of rec.
Chicago North Shore & Mliw.,pref.(qu.) '194 July 1 *Holders of rec. June 15
Real Silk Hosiery (guar.)
*75e. July 1 Holders of rec. June 15
June 20
Prior lien (guar.)
Richardson&lioyntonCo.,partic.pf.(qu.)
'134 July 1 'Holders of rec. June 15
75e July 1 Holders
of rec. June 15
Cincinnati dc Suburban Bell Teleph.(gu.) 51
July i June 21 to June 30
Royal Baking Powder, com.(guar.)._
"2
June 30 *Holders of
Consolidated Gas, N.Y.. com.(guar.)._ 81.25 June 15 Holders of rec. May 120
e 1
.
*134 June 30 *Holders of rec. June 15
Preferred (quar.)
rec. June
Holdersof rec. June 15a
Cons. Gas El.Lt.& Pr., Bait..com.(gu.) 50c.
Safety Car Heating dr Lighting (guar.)._ *2
July I *Holders of rec. June 15
13
Preferred A (guar.)
July 1 Holders of rec. June 15a
2
St. Maurice Paper, Ltd. (guar.)
134 June 26 Holders of
rec. June 19
Preferred B(guar.)
Shattuck (Frank G.) Co.(guar.)
*50c July 10 *Holders of rec.
131 July 1 Holders of rec. June 15a
June 20
Preferred C (guar.)
Singer Manufacturing (guar.)
"235 June 30 *Holders of
134 July 1 Holders of roe. June 15a
rec. June
of roo JJune 15
m une 5
:
erefurred euuar)
Extra
13
ConAmpra Power tl%. ref.(guar.).- _ _ $1.50 July 1
6
*10
June 30 *Holders of rec. June 10
10
Holders
Sparks-Withington Co., com.(guar.)... *750. July
*Holders of rec. June 20
mo J ue
:
7% preferred (guar.)
Common (extra)
ulyy 11 H ders
5j y 1 Holderu of m5 3une 15
Jul
Jjulua
81g
50 .
1
"50e. July
*Holders of rec. June 20
Preferred (guar.)
Six per cent preferred (monthly)
'134 July
*Holders of rec. June 20
Holders of rec. J
June 15
6.6% preferred (monthly)
Spicer Manufacturing, pref. (guar.)._
'2
55e,
July
*Holders of rec. June 20
!Continental Gas & Elec., com.(guar.). 511.,410
.
l deru o m. J um 3a
Machinery (guar.)
1155 HoIders of re .Tune 130
5
Sullivan
$1
July 1 July 1 to July
14
Prior preference (guar.)
Thompson (John R.) Co., corn.(m'thlY) *250 July
*Holders of rec. June 23
Participating preferred (guar.)
Holders of rec. June I3a
rs
Common (monthly)-- r
*250 Aug.
135 July
*Holders of rec. July 23
Participating preferred (guar.)
E
94 July 15 Holders of rec. June 136
Common (monthly)
*250 Sept.
*Holders of rec. Aug. 24
Preferred (guar.)
Preferred (guar.)
1 M July 15 Holders of rec. June 134
*1)( July
'Holders of rec.
ue.
.
Continental Pass. Ry., Pulla
Tobacco Products Corp.,common (qu.) $1.50 July 1 Holders of rec June 23
u$3 June 30 Holders of rec May 296
June 30
Holders of
Detroit Edison Co.(guar.)
J
2
2
0a
9a
2
Torrington Co., com.(guar.)
*62340 July
*Holders of roe. June 19
Duquesne Light, 1st pref., ser. A (qu.).. I% June 15 Holders of rec. May 15a
United Shoe Machinery, common (go.). 6295c Ally
Holders of rec. June 16
yuiy
Federal Light &'Frac., new com.
20e. Jsly 1 Holders of rec. June 15a
Preferred (guar.)
3715c July
Holders of rec. June 16
Holders of rec. June 15a
New common (pay. In new corn.stk.). /15c.
U.S. Bobbin & Shuttle, pref.(guar.)... •1% June 30 *Holders Cl rec.
June 10
Frankford & Southwark Pass. Ry.(gu.) um July 1 June 2 to June 30
Utah Cornier (guar.)
$1
June 30 Holders of
July 1 Holders of rec. June 15
Virginia Iron, Coal & Coke, pref
2)5 July 2 Holders of rec. June 19a General Gas & Elec., pref., Class A (qu.) 22
rec.
Preferred, Class B (guar.)
$1.75 July 1 Holders of rec. June 15
West Coast 011, preferred (guar.)
411.50 July 6 *Holders of rec. June 20a
June 25
'ea
Georgia Ry. Jr Power. 2nd pref. (guar.) 1
Sept. 1 Holders of rec. Aug. 20
Preferred (guar.)
July 6 *Holders of rec.
Second preferred (guar.)
Dec. 1 Holders of rec Nov.20
I
Western Electric Co.,common (quar.)
$2.50 June 30 Holders of rec. June 25
June 26
Haverhill Gas Light (guar.)
66e. July 1 Holders of rec. June 15a
Preferred (guar.)
154 June 30 Holders of
Illinois Bell Telephone (guar.)
June 30 Holders of rec. June 290
2
Weetmoreland Coal (guar.)
•50c. July I *Holders of rec. June 20
MC.
ers
l H 0
Illinois Power & Light.6% Pref. (guar.) 134 %1; i Rolders ooff
1
Juneo
Weston Elec. Instrument, el. A (guar.). *500. July 1 *Holders of rec. June 22
June 16
Seven per cent preferred (guar.)
roe. June2
1
*lc. July 1 Holders of
Class A (acct. accumulated dbl.)
rec. June
Kansas City P.& L., pf., Set. A (guar.) 51.75 July 1 Holders of roe. June 16a
1M
West Point Manufacturing (guar.)
52
July 1 Holders of rec. June 16
15
Kentucky Hydro-Elec. Co.. pref. ORO
134 June20 May 30 to June 20
Wheeling Steel, preferred A (quar.)...._ 81.40 July 1 June 13 to
July 1
Laclede Gas Light, common (guar.).
- 2
June 15 June 2 to June 15
I" Preferred B(guar.)
81.70 July 1 June 13 to
Preferred
2)5 June 11 Junder20ft . J une 1
uiy 6 Hoie 8
no
o
6
%
White Motor Securities, preferred (au). 134 June 30 Holders of rec. July 1
June
ommon((MO
1%
Wright-Ilargreavee Mining (guar.)
June
214 July 1 Holders of rec. June 20a Mackay ComPan
Preferred (
1
July 1 Holders of rec. June 66
Extra
294 July 1 Holders of rec. June 15
15
Manila El •etr e Corp. (gust)
6294c July 1 Holders of rec. June 18
Name of Company.
[VoL. 120.
THE CHRONICLE
3034
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days IncIola.
Miscellaneous (Continued).
81.50 July 1 Holders of rec. June ha
American Express (guar.)
la
Am.La France Fire Eng., Inc., com.(gu) 25c, Aug. 15 Holders of rec. Aug. 15a
111 July 1 Holders of rec. June
Preferred (guar.)
1St July 1 Holders of rec. June 204
American Linseed, pref
111 Oct. 1 Holders of rec. Sept.19a
Preferred
June 30 Holders of rec. June 15a
American Locomotive, common (guar.). 82
$2.50 June 30 Holders of rec. June I5a
Common (extra)
Sept.30 Holders of reel. Sept.140
82.50
Common (extra)
$2.50 Dec. 81 Holders of rec. Dec. 14a
Common (extra)
134 June 30 Holders of rec. June 15a
Preferred (guar.)
- 134 July 1 June 16 to June 30
Amer. Manufacturing. corn.(guar.).
134 Oct. 1 Sept. 16 to Sept.30
Common (guar.)
134 Dec. 31 Dec. 18 to Dec. 30
Comenon (guar.)
13( July 1 June 16 to June 30
Preferred (guar.)
13‘ Oct. 1 Sept.16 to Sept.30
Preferred (guar.)
134 Dec. 81 Dec. 16 to Dec. 30
Preferred (guar.)
15a
American Multigraph, preferred (guar.) 13( July 1 Holders of rec. June 200
2
July 1 Holders of rec. June
Piano, common (guar.)
American
134 July 1 Holders of rec. June 200
Preferred (guar.)
June 30 Holders of rec. June 15a
31
American Radiator, coin. (guar.)
$1.50 June 30 Holders of rec. June 15a
American Railway Express (guar.)
30
American Rolling Mill, corn (quar.).,.... 500. July 15 Holders of rec. June 1
July 15 Holders of rec. July
Common (Payable in common stock).
Holders of rec. June 15
13.‘ July 1
Preferred (guar.)
American Safety Razor Corp. (guar.).- 760. July 1 Holders of rec. June 100
Aug. 1 Holders of rec. July 15
American Shipbuilding. coin. (quar.).... 2
July 1 Holders of rec. June 120
3
American Snuff, corn. (guar.)
134 July 1 Holders of rec. June 120
Preferred (guar.)
la
- 750. July 15 Holders of rec. July 150
Amer. Steel Foundries, corn. (guar.).
13( June 30 Holders of rec. June
Preferred (guar.)
40e. July 1 June 16 to July 1
American Stores (guar.)
13( July 2 Holders of roe. June la
Amer. Sugar Refining, pref. quar.)
of rec. June 10a
American Tobacco. preferred (guar.)
- 134 July 1 Holders of rec. June 12
134 July 1 Holders
Amer Window Glass Mach.. coin. (qu.)
July 1 Holders of rec. June 12
1
Common (extra)
131 July 1 Holders of rec. June 12
Preferred (guar.)
July 15 June 18 to June 25
134
American Woolen, pref.(guar.)
June 150
Armour & Co., Ill., corn,, cl. A (quar.). 500. July 1 Holders of rec. June 150
13( July 1 Holders of rec.
Preferred (guar.)
1 Holders of rec. June 15a
Armour & Co., of Del., pref. (qua?.)... 194 July
Aug. 1 :Holders of rec. July Ila
Associated Dry Goods Corp., corn.(qu.) 63c
134 Sept. I Holders of rec. Aug. 15
1st pref. (guar.)
15
134 Sept. 1 Holders of rec. Aug.
Second preferred (guar.)
50o. July 25 Holders of rec. June 304
Associated Oil (guar.)
June 15 Holders of rec. June 5
1
Atlantic Terra Cotta. pref. (guar.).June 15 Holders of rec. June 50
2
Autocar Co., preferred (guar.)
111 July 1 Holders of rec. June 20
Babcock & Wilcox Co.(guar.)
111 Oct. 1 Holders of rec. Sept. 20
Quarterly
11( Janl'26 Holders of rec. Dec. 20
Quarterly
134 Aprl'26 Holders rec. Mar 20'264
Quarterly
200
Balaban & Kate, common (monthly)... 250. July 1 Holders of rec. June
June 21
1% July 1
Preferred (guar.).1 Holders of rec. June 60
Baldwin Locom. Works,corn.& rd.(g11.) 3% July
June 250
Beech-Nut Packing, common (guar.)--- 60c. July 10 Holders of rec. July la
July 15 Holders of rec.
Preferred, Class B (quar.)
of rec. June 1
June 15 Holders
Belding-Cortieelli. Ltd., pref.(guar.).June 30
Beige
-Canadian Paper, corn. (guar.) -- 134 July 11 Holders of rec June 12
134 July 2 Holders of rec.
Preferred (guar.)
50o. July 1 Holders of rec. June 150
Bendix Corporation (guar.)
50c. July 1 Holders of rec. June 20
Berry Motor (guar.)
June 200
Bessem. Lime,Stone & Cem., corn.(au.) 114 June 30 Holders of rec June 200
111 June 30 Holders of rec.
Preferred (guar.)
July 1 Holders of rec. June la
2
Bethlehem Steel Corp. 8% pref.(guar.)
111 July 1 Holders of rec. June la
Seven per cent preferred (guar.)
50c. June 30 Holders of rec. June 200
Bingham Mines (guar.)
154 June 15 Holders of rec. June la
Borden Company, preferred (guar.).
500. July 1 Holders of rec. June 200
Borg & Beck (guar.)
(qu.) $1.50 June 15 Holders; of rec. June 1
Boston Woven Hose & Rubb.,corn.
3
June 15 Holders of rec. June 1
Preferred
Holders of rec. June 1
Brandram-Henderson, Ltd., prof.(guar.) 131 July 1 Holders of coup. No.1065
ordinary.. (s) June 30
British-Amer. Tobacco, Ltd.,
81
June 15 Holders of rec. Apr. 25
BuckeyePipe Line (guar.)
250. June 30 Holders of rec. June 10a
Budd Wheel Co., common (guar.)
13( June 30 Holders of rec. June 10a
Preferred (guar.)
of rec June 15
Burroughs Adding Mach., corn. (guar.). 750. June 30 Holders of rec. June 15
111 June 30 Holders
Preferred (guar.)
$1.50 June 15 Holders of rec. May 290
California Packing Corp.(quar.)
of rec. June 20a
California Petroleum. preferred (guar.) 111 July I Holders of rec. June d5a
500. June 22 Holders
Calumet & Arizona Mining (guar.)._
rec. June d5a
Extra (from res. for deprec. & depl.)_ 50c. June 22 Holders of rec. June 26
of
Canadian Car & Foundry. pref.(guar.). lit July 10 Holders of rec. June 13
1 Holders
Canadian General Elm, pref. (quar.).. 111 July
June 100
Carter (William) Co., preferred (guar.).. 115 June 15 Holders of rec.
Aug. 1
Casey-Hedges Co., common (qua?).... 215 Aug. 15 Holders of rec. Nov. 1
rec.
2% Nov. 15 Holders of
Common (guar.)
1% July 1
Preferred (guar.)
Banks.
134 Oct. 1
Preferred (guar.)
3
July 1 Holders of rec. June 19
America (Bank of) (guar.)
July 1 Holders of rec. June 160
Certain-teed Products Corp., corn. (qu.) $1
July 1 Holders of rec. June 15
lea
Amer.Exch. Securities Corp., Cl. A (qu.) 2
170
(quar.)---- 13‘ July 1 Holders of rec. June 200
First and second preferred
4
July 1 Holders of rec. June
Chase National (guar.)
July 1 Holders of reo. June
20e.
July 1 Holders of rec. June 170 Chatterton & Son (guar.)
91
Chase Securities Corp.(guar.)
50e. July 1 Holders of rec. June 20a
1 June 14 to June 30
Extra
July
Chatham Phenix Bank & Trust (guar.). 4
6234c. June 30 Holders of rec. June I20
115 July 1 Holders of rec. Jtmed20a Chesebrough Mfg., corn. (guar.)
Chelsea Exchange
194 June 30 Holders of rec. June 12a
Preferred (guar.)
July 1 Holders of rec. June 190
Commerce, National Bank of (qua?.)... 4
134 July 1 Holders of rec. Juned20a
June 30a Chicago MIll & Lumber, prof.(quar.)___
July 1 Holders of rec.
6
331-3e July 1 Holders of rec. June 20a
Fifth Avenue (guar.)
26
July 1 Holders of rec. June 30a Chicago Yellow Cab (monthly)
Special
331-3c. Aug. 1 Holders of rec. July 200
Monthly
4
July 1 Holders of nee June 15a
331-30. Sept. 1 Holders of rec. Aug. 200
National City (guar.)
Monthly
4
July 1 Holders of rec. June 15a
City Company (guar.)
National
(e) July 1 Holders of rec. May.29a
Childs Co., corn.(no par) (extra)
4
June 30 Holders of rec. June 20
(o) Oct. 1 Holders of reo. Aug. 284
Public National (guar.)
par value)(extra)
rec. June 240
Common (no
4
July 1 Holders of
(a) Dec. 30 Holders of roe. Nov.28a
Seaboard National (guar.)
Common (no par value)(extra)
2
July 1 Holders of roe. June 260
62%c June 29 Holders of rec. June 34
Standard (quar.)..
50c. July 1 Holders of rec. June 260 Chill Copper(guar.)
of rec. June 15
Standard Nat. Corp., corn.(guar.)
260 Cities Service Co., common (monthly). '34 July 1 *Holders of rec. June 15
111 July 1 Holders of rec. June
*Holders
Preferred (guar.)
Common (payable in common stock). *134 July 1 Holders of rec. June 15
July 1
Preferred and preferred B (monthly)..
Trust Companies.
Sept. 1 Holders of roe. Aug. 12
July 1 Holders of roe. June 150 City lee & Fuel of Cleveland. corn. (g11.) 60e. Dec. 1 Holders of reo. Nov. 11
5
60e.
Bankers (quar.)
Common (guar.)
June 30 Holders of rec. June 190
3
114 Sept. 1 Holders of rec. Aug. 1/13
Equitable (guar.)
.
F 3
10
^
leveland Stone (guar.)
June 30 Holders of roe. June
July 1 Holders of rec. June 20
Guaranty (guar.)
4 July 1 Holders of rec. May 200 Cluett, Peabody & Co.. Inc.. Pf. (q11.) 13( July 1 Holders of rec. June 15a
$1.75
Manufacturers' (guar.)
1234 July 1 Holders of rec. June 200 Coca-Cola Co., corn. (guar)
314 July 1 Holders of rec. June liSa
United States (guar.)
Preferred
July 1 Holders of rec. June 200
10
(qu.) 13‘ July 1 Holders of rec. June 15a
Extra
Commercial Invest. Trust, let pf.
July 1 Holders of rec. June 19
Commercial Solvents Corp.,let prel.(qu) 2
Fire Insurance.
July 1 Holders of rec. June 190
31
Class A (guar.)
4
June 15 Holders of rec. June 10
131 July 1 Holders of rec. June 204
North River (quar.)
$1.50 July 1 Holders of rec. June 150 Continental Can,Inc., preferred(guar.)- 250. June 15 Holders of rec. May 160
Ross% (guar.)
Continental 011 (quar.)
*50c. July 1 Holders of rec. June 15
Corona Typewriter, corn. (guar.)
Miscellaneous.
July 1 Holders of rec. June 15
*2
First preferred (guar.)
$1.50 June 30 Holders of rec. June 150
*131 July I *Holders of rec. June 15
Adams Express (guar.)
Second preferred (guar.)
of rec. June 150
Advance-Rumely Co., pref. (guar.).- 75c. July 1 Holders of rec. June 15
$1.90 June 30 Holders of rec. June 20a
Coty,Inc
2 Holders
7150. July
June 30 Holders of rec. June 15
Ahumada Lead Co.(guar.)
Craddock-Terry Co., common (qua:.).. 3
1734c. July 2 Holders of rec. June 15
Sept.30 Holders of rec. Sept.15
3
Extra
Common (guar.)
1 Holders of rec. June 15a
Dec. 31 Holders of rec. Dee. 16
3
Allied Chemical & Dye Corp., pref.(qu.) 111 July
roe. June 24a
(guar.)
Common
134 July 15 Holders of
June 30 Holders of roe. June 15
3
Allis Chalmers Mfg., pref. (guar.)
First and second preferred
of rec. June 150
Dec. 81 Holders of rec. Dec. 15
3
Aluminum Manufactures.Inc.,com.(gu) 37340. June 30 Holders of rec Sept.150
First and second preferred
3734e Sept.30 Holders
334 June 80 Holders of rec. June 15
Common (guar.)
Class C preferred
3730 Dec. 31 Holders of roe. Dec. 150
3% Dec. 31 Holders of rec. Doe, 15
Common (guar.)
Class C preferred
134 July 1 Holders of reo June 200
June 30 June 17 to June 30
Preferred (guar.)
rec. Sept.200 Cramp(Wm.)&Sons,S.&E.Blcig (guar.) $I
134 Oct. 1 Holders of
111 June 15 Holders of rec. June la
Preferred (guar.)
134 Janl'26 Holders of roe. Dee, 200 Crane Co., corn, (guar.)
111 June 15 Holders of rec. June la
Preferred (guar.)
Preferred (guar.)
15 Holders of roe. June 30
134 July
1% June 30 Holders of rec. June 15a
Amer. Art Works,corn.& prof.(guar.)
750. July 1 Holders of rec. June 154 Crucible Steel, pref. (guar.) (qua:.).. 750. July 1 Holders of rec. June 3a
American Bank Note, pref.(guar.)
July 31 Holders of roe. July ha Cuban-American Sugar, corn.
194 July 1 Holders of rec. June 3a
American Beet Sugar,common (guar.)._ I
Preferred (guar.)
of rec. Oct. 100
Oct. 31 Holders
1
111 July 16 July 7 to July 8
Common (guar.)
Jan30'26 Holders of roe. Jan.9 260 Cudahy Packing,0001.(guar.)
1
111 Oct. 15 Oct. 6 to Oct. 15
Common (guar.)
Common (qua?.)
111 July 1 Holders of rec. June 130
3
June 15 May 30 to June 15
Preferred (guar.)
rec. June lea Cumberland Pipe Line (guar.)
134 July 1 Holders of
American Can, preferred (guar.)
134 June 20 Holders of roe. June 60
134 July 1 Holders of rec. June 150 Davis Mills (guar.)
rec. June 50
American Cigar, pref.(guar.)
Decker (Alfred) & Cohn. Inc.. com.(qu.) 50o. June 15 Holders of roe. June 15a
of rec. June 15
July 1 Holders
1
American Cyanamid, coin. (guar.)
July 1 Holders of
rec. June 15
Detroit & Cleveland Navigation (guar.) 81
% July 1 Holders of rec. June 15
Holders of rec. May 290
Common (extra)
2
June 15
Diamond Match (guar.)
134 July 1 Holders of
of rec. June 15
Preferred (guar.)
Dominion Glass, Ltd., com.(quar.).- -- 11( July 2 Holders of rec. June 15
750.. 1.1une 30 June 18 to June 30
American Hardware (guar.)
111 July 2 Holders
Preferred (guar.)
SI June 30 June 18 to June 30
Extra
Public Utilities (Concluded).
$1.25 July 1 Holders of rec. June 15a
Manhattan Ry.(guar.)
150
Extra (acct. accumulated dividends).- 41.25 July 1 Holders of reo. June 30a
July 10 Holders of ree. June
Light dv Heat (qua?.)--- 2
Manufacturers
30 Holders of rec. June 15
Massachusetts Lighting Cos., corn.(qu.) 75o. June
May 29
Middle West Utilities, prior lien (guar.) 31.75 June 15 Holders of rec. June 22a
111 July 6 Holders of rec.
Midland Utilities, prior lien (quar.).__
111 July 1 Holders of reo. June 15
Minnesota Pow.& Light, pref.(qua?.)
115 July 1 Holders of rec. June 12a
Mississippi River Power, pref. (guar.)._
111 July 1 Holders of rec. June 200
Missouri Power & Light, pref. (qua?.)
July 1 Holders of rec. June 120
1
Montana Power, common (guar.)
111 July 1 Holders of rec. June 120
Preferred (guar.)
15
National Power & Light. pref. (guar.)._ 81.75 Ally 1 Holders of rec. June 27
May
.
Nat.Pub.Serv. Corp., corn. A (No.1)_ _ 400. June 15 Holders of rec. June 100
June 30 Holders of rec.
1
New England Telep. & Teleg. (quar.)__
Newport News & Hampton Ry.. Gas
111 July 1 Holders of roe. June 15a
& Electric Co., pref.(guar.)
111 July 1 Holders of rec. June 15a
New York Steam Co., pref. (guar.)____
194 July 15 Holders of rec. June 20a
New York Telephone, pref. (guar )._
May 29a
Niagara Falls Power. common (quar.)__ 50c. June 15 Holders of rec. June 30a
431(0. July 15 Holders of rec.
Preferred (guar.)
(qu.) 50c July 1 Holders of rec. June 15
Niagara Lockport & Ont.Pow.corn.
194 July 1 Holders of rec. June 150
Preferred (guar.)
ix) July 1 Holders of rec. June 50
North American Co., common (guar.)
75o. July 1 Holders of rec. June 50
Six per cent preferred (guar.)
20a
North American Lt.& Pow. pref. (qu.) 194 July 1 Holders Of rec. June
North American Utility Sectiritiee81.50 June 15 Holders of roe. May 29
First pref. allotment certifs. (quer.)-*750. July 1 *Holders of rec. June 15
Northern N. Y. Utilities (guar.)
rec. June 15
Nor.Ohio Trac.& Light,6% pref.(qu.)- 134 July 1 Holders of rec. June 15
134 July 1 Holders of
7% preferred (guar.)
31.50 July 1 June 16 to June 30
Northwestern Telegraph Co. (quar.)_
of rec. June 15
North West Utilities, prior lien pref.(gu.) $1.75 July 1 Holders of rec. Aug. 15
Ohio River Edison,6.6% pref.(guar.)._ $1.65 Sept. 1 Holders of rec. Aug. 15
134 Sept. 1 Holdres
Six per cent preferred (guar.)
111 Sept. 1 Holders of rec. Aug. 15
Seven per cent preferred (guar.)
55c. July 1 Holders of rec. June 15
6.6% preferred (monthly)
550. Aug. 1 Holders of rec. July 15
preferred (monthly)
6.8%
55e. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
134 June 15 Holders of roe. May 29
Oklahoma Gas & Elec., pref. (guar.)._ _
111 June 16 Holders of rec. May 310
(quar.).
Ottawa & Hull Power, pref.
roe. June 290
Pacific Teleph. di Teleg., corn.(quar.). 194 June 30 Holders of rec. June 30a
134 July 16 Holders of
Preferred (guar.)
July 1 Holders of rec. June 100
$1
Penn Central Light di Power, pref. (qu.)
10c. July 1 Holders of rec. June 10a
Preferred (extra)
rec. July 22
Penn-Ohio Power & Lt., 7% pref.(qu.). 111 Aug. 1 Holders of
Aug. 1 Holders of res. July 22
2
8% preferred (guar.)
July 1 Holders of rec. June 190
2
Pennsylvania Water & Power (guar.). _ _
rec. May 18a
Philadelphia Elec., corn. & pref. (guar.) 50c. June 15 Holders of
25e. July 1 Holders of roe. June 15a
Power Corporation, corn. (guar.)
111 Aug. 1 Holders of rec. July 150
Preferred (guar.)
50
Public Serv. Corp. of N.J., corn.(guar.) $1.25 June 30 Holders of rec. June 50
2
June 30 Holders of rec. June
Eight per cent preferred (guar.)
111 June 31) Holders of rec. June 50
per cent preferred (quar.)
Seven
5a
Public Serv. Elec.& Gas 7% pref.(qu.). I% June 30 Holders of rec. June 60
June
Public Service Gas & Elec..6% pref.(gu.) 134 June 30 Holders of rec
750. July 1 June 16 to June 30
Reading Traction
30
Ridge Ave. Pass. Ry.„ Phila. (guar.)... $3 July 1 June 16 to June 30
July 1 June 2 to June
$3
Second & 3d his. Pass. Hy., Plcila
115 July 15 Holders of reo. June 25a
Southern Canada Power, pref. (guar.).May 29
Southern Colorado Power, pref.(guar.). 111 June 15 Holders of reo. June 300
July 15 Holders of rec.
2
Southern New Eng. TOM) (guar.)
July 1 Holders of rec. June 15
Springfield Ry.& Light, pref. (guar.)._ - 134
June 15 Holders of rec. May 290
Standard Gas & Elec.. 8% pref. (quar.)_ 2
Tennessee Elec. Power 7% let pref.(qu.) 134 July 1 Holders of rec. June 13
134 July 1 Holders of rec. June 13
Six per cent first pref. (guar.)
rec. June 20
Tr-City Hy.& Light,common (qua?.).. 234 July 1 Holders of
234 Oat. 1 Holders of rec. Sept.20
Common (guar.)
234 Jan128 Holders of reo. Dec. 20
CC:92111109(quar
May 290
United Gas Improvement. pref.(qu.)_.. 87150 Juse 15 Holders of rec. June 15a
34.75 July I Holders of rec.
Union Passenger Ry., Philadelphia
31.50 July 1 Holders of rec. June 9a
Union Traction (Philadelphia)
15
United Light di Power, coin. A & B (qu.) 500. Aug. 1 Holders of rec. July 15
31.62 July 1 Holders of rec. June
Preferred, class A (guar.)
$1 July 1 Holders of rec. June 15
Preferred, class B (guar.)
2
Aug. 1 Holders of rec. July 15
United Light & Rys., corn. (guar.)
134 July I Holders of ree. June 15
First preferred (guar.)
2
July 1 Holders of rec. June 15
preferred (guar.)
Participating
$1.75 July 1 Holders of rec. June 15
Utah Gas & Coke. pref. (guar.)
$1.75 July 1 Holders of rec. June 15
Participating preferred (guar.)
June 30 Holders of rec. June 150
31
West Penn Company. corn. (guar.)._
134 June 15 Holders of rec. June 1
West Penn Rys.,6% pref. (guar.)
July I Holders of rec. June 15a
35
Passenger Ry
West Philadelphia
rec. June 15
Winnipeg Electric Co., pref. (quar.)... 131 July 1 Holders of rec. May 310
Wisconsin Power & Light, pref.(guar.). $1.75 June 15 Holders of
JUNE 13 1925.]
THE CHRONICLE
3035
When
Per
Cent. Payable.
Books Closed.
Per
When
Books Closed.
Days Inclusive.
Name of Company.
Cent. Payable.
Days. Inclustre.
Miscellaneous (Continued).
Miscellaneous (Continued.)
Dominion Textile, common (guar.)
*1.25 July 2 Holders of rec. June 15a Long Bell Lumber. class A (guar.)
$1
June 30 Holders of rec. June Ila
Preferred (guar.)
14( July 15 Holders of rec. June 300 Loose-Wiles Biscuit, 1st pref. (guar.).
- 154 July 1 Holders of reo. June 18a
Douglas-Pectin Corp. (guar.)
250. June 30 Holders of rec. June la
Second preferred (guar.)------144 Aug. 1 Holders of rec. June 18a
Draper Corporation (guar.)
2
July 1 Holders of rec. June 6
Lord & Taylor. corn. (guar.)
234 July 1 Holders of rec. June 16a
du Pont(EA.)de Nem.& Co.. corn.(qu) 244 June 15 Holders of rec. June 5a Lorillard (P.) Co.. corn. ($100 par) (qu.) 3
July 1 Holders of rec. June 150
Debenture stock (guar.)
134 July 25 Holders of rec. July 10a
red(no
w
(guar.)
790. July 1 Holders of rec. June 15a
du Pont(E.I.) de Nem.Powd.,coni.(gu.) 144 Aug. 1 Holders of rec. July 200
Preferred
134 July 1 Holders of rec June 15a
Preferred (guar.)
144 Aug. 1 Holders of rec. July 20a Ludlum Steel (guar.)
50c. July 1 Holders of rec. June 200
Dunham (James H.) & Co., corn. (qu.) 144 July 1 Holders of rec. June 17a Mack Trucks, Inc., coin. (guar.)
$1.50 June 30 Holders of rec. June 154
First preferred (guar.)
144 July 1 Holders of rec. June 17a
First and second Preferred (qua?.)--.
June 30 Holders of rec. June 15a
Second Preferred (guar.)
144 July 1 Holders of rec. June 170 Magma Copper
75o. July 15 Holders of roe. June 156
Eastern Steamship Lines, Inc., pf. (qu.) 144 July 15 Holders of rec. June 280 Magnolia Petroleum (guar.)
July 6 Holders of roe. June 19
31
No par preferred (guar.)
8744c July 15 Holders of rec. July 8a
1
Stock dividend
Oct. 5
Eastman Kodak,common (guar.)
$1.25 July 1 Holders of rec. May 290 Manatl Sugar.common (guar.)
144 Sept. 1 Holders of rec. Aug. 156
Common (extra)
750. July 1 Holders of rec. May 290
154 July 1 Holders of rec. June 16
Preferred (guar.)
Preferred (guar.)
134 July 1 Holders of rec. May 290 Manhattan Electrical Supply (guar.) - $1
July 1 Holders of rec. June 204
.
Eaton Axle & Spring (guar;
50c. Aug. 1 Holders of rec. July 15a Manhattan Shirt, pref. (guar.)
144 July 1 Holders of rec. June 180
Eisenlohr (Otto)& Bros., Inc., pf. (qu.) 141 July 1 Holders of roe. June 200 Marland 011
790. June 30 Holders of rec. June 200
Electric Auto-Lite (quar.)
411.50 July 1 *Helders"of rec. June 15
Preferred (guar.)
144 July 1 Holders of rec. June 15a
Emerson Elec. Mfg., pref.(guar.)
1% July 1 Holders of red. June 20
Preferred (guar.)
141 Oct. 1 Holders of rec. Sept. 154
Empire Brick & Supply (guar.)
1H June 16 Holders of rec. June 10
Mathieson Alkali Works, pref. (quar.)_ _
July 1 Holders
Endlaott-Johnson Corp., corn. (guar.)._ $1.25 July 1 Holders of rec. June 160 McCord Radiator & Mfg., Class A (gr.) 750. July 1 June 21 of rec. June 204
to June 30
Preferred (guar.)
144 July 1 Holders of rec. June lea McCrory Stores, preferred (guar.)
144 Aug. 1 Holders of rec. July 204
Fair (The), common (monthly)
20e. July 1 Holders of rec. June 20
Preferred (guar.)
154 Nov. I Holden' of rec. Oct. 20a
Common (monthly)
200. Aug. 1 Holders of rec. July 20
Mergenthaler Linotype (guar.)
244 June 30 Holders of rec. June 3a
Fairbanks. Morse & Co.. corn.(qu.)____ 650. June 30 Holders of rec. June 130 Metro-Goldwyn Pictures Corp., pf.(qu.) 134 June 15 Holders of rec. May
290
Famous Players-Lasky Corp., corn.(qu.) 2
July 1 Holders of rec. June 150 Michigan Sugar, common
15e. July 1 Holders of rec. June 15
Federal Mining & Smelting. pref.(guar.) 144 June 15 Holders of rec. May 250
Preferred (qua?.)
144 June 15 Holders of rec. May 290
Fifth Ave. Bus Securities (guar.)
16c. July 16 Holders of rec. July 20 Midland Steel Products, corn. (guar.)... *31
July 1 *Holders of rec. June 15
Fisher Body Ohio Corp., pref. (guar.)._ 2
July 1 Holders of rec. June 160
Common (extra)
0400. July 1 *Holders of rec. June 15
Fleishman° Co.(guar.)
31
July 14 Holders of rec. June I5a
Preferred (guar.)
•$2
July 1 *Holders of rec. June 15
Foot Bros. Gear & Machine,corn.(qu.)_ 250. July 1 June 21 to June 30
Preferred (extra)
'31
July 1 *Holders of rec. June 15
Common (quarterly)
290. Oct. 1 Sept. 1 to Sept.30
Montg. Ward & Co., Cl. A,& pref.(qu.) 31.75 July 1 Holders of rec. June 200
Common (quarterly)
25e. Jan1'26 Doe. 21 to Dee. 31
Moi ereal Corone,a
pr t r
!
quar Ltd., common (qu.). 144 Juno 15 Holders of rec. May 31
Foundation Co., common (guar.)
$2
June 15 Holders of rec. June la
Preferred
144 June 15 Holders of rec. May 31
Francisco Sugar (guar.)
$1.60 July 1 Holders of rec. June 20a Motherlode Coalition Mines Co
37440. June 30 Holders of rec. June 12a
Quarterly
$1.60 Oct. 1 Holders of rec. Sept 210 Motion Picture Capital Corp., corn__ 37340. June 15 Holders of rec. May 29
Gabriel Snubber, corn. (qu.) (No. 1).... 6244c July 1 Holders of rec. June 15a
Preferred
4
July 15 Holders of rec. July 1
Galena-Signal 011, corn,(guar.)
1
June 30 Holders of rec. June 10a Motor Wheel Corp., common (guar.).-- 400. June 20 Holders of rec. June 10
Preferred (guar.)
2
June 30 Holders of rec. June 104 Murray Body. corn.(pay.in coin. stock) 1144 July 1 Holders of reo. June 164
Gamewell Company, common (guar.)._ $1.25 June 15 Holders of rec. June 5
Common(payable in common stock)._ .1145 Oct. 1 Holders of rec. Sept.160
.
General Cigar, debenture pref.(guar.). 144 July 1 Holders of rec. June
Common (payable in common stock)._ JIM tuLl'26 Holders of rec. Dee. 164
23a
General Electric. common (guar.)
2
July 15 Holders of rec. June 30 National Biscuit, corn.(guar.)
75c. July 15 Holders of roe. June 30a
Special stock
15e. July 15 Holders of rec. June 3a Nat. Dairy Products(guar.)
750. July 1 Holders of rec. June 20a
General Motors, 7% preferred (guar.)._ 144 Aug. 1 Holders of rec. July 130 Nat. Enameling Stamping.
pref.(qu.)_
144 June 30 Holders of roe. June 104
Six per cent preferred (guar.)
144 Aug. 1 Holders of rec. July 13a
134 Sept.30 Holders of rec. IMPS.10
Six per cent debenture stock (quar.)__
144 Aug. 1 Holders Of rec. July 13a
154 Dee. 31 Holders of ree. Deo. 11
General Petroleum, common (quar.)_
50c. June 15 Holders of rec. May
National Lead. coin.(puss.)
2
June 30 Holders of reo. June 12
General Ky. Signal, corn. & pref. (qu.) 144 July 1 Holders of rec. June 31
Preferred (qua!'.)
144 June 15 Holders of roe. May 226
20
Giant Portland Cement, preferred
334 June 15 Holders of rec. May 29a National Sugar Refining (guar.)
154 July 2 Holders of roe. June 8
Gibson Art Co.,common (guar.)
55e. July 1 Holders of rec. June 20a National Surety (guar)
244 July 1 Holders of rec. June 196
Common (extra)
100. July 1 Holders of rec. June 200 National Transit
50e. June 15 Holders of rec. May 294
Gimbel Bros..pref.(guar.)
•144 Aug. 1 *Holders of rec. July 15
New Jersey Zinc (extra)
2
July 10 Holders of rec. June 20
Glen Sa Coal
t
33.50 June 20 Holders of rec. May 29
New York Air Brake, Class A (guar.)... 31 July 1 Holders of roe. June 104
Globe
, first, second and special
New York Canners, Inc., corn. (guar.). 500. June 15 Holders of rec. June 3a
pnei
stocks (guar.)
144 June 15 May 30 to June 16
New York Transit (guar.)
'75c. July 15 Holders of roe. June 19
Goolricli(B. F.) Co.. pref.(guar.)
144 July 1 Holders of reo. June 15a Nichols Copper, 7% pref. (guar.)
144 July 1 Holders of rec. June 80
Goodyear Tire & Rubber, prior pf.(qu.) 2
July 1 Holders of reo. June 16a Northern Pipe Line
$3
July 1 Holders of rec. June 6
Preferred (guar.)
144 July 15 Holders of rec. June 20a Northwestern Yeast (guar.)
*3
June 15 *Holders of rect. June 12
Goulds Mfg., corn, (guar.)
144 July 1 Holders of rec. June 20
Ohio 011 (guar.)
June 30 June 5 to June 30
(guar.)
Preferred
144 July 1 Holders of rec. June
*50c. July 15 *Holders of rec. July 1
Olympia Theatres. corn. (guar.)
Great Atlantic & Pacific Tea, corn.(qu.) $1.25 June 15 Holders of rec. June 20
Preferred (guar.)
10
*IH July 15 *Holders of rec. July 1
Great Western Sugar. corn.(guar.)
July 2 Holders of rec. June 15a Omnibus Corporation, pref. (guar.)._ 2
32
July 1 Holders of reo. June 204
Preferred (guar.)
144 July 2 Holders of rec.
Greenfield Tap & Die Corp..6% pf.(qu.) 144 July I Holders of rec. June 150 Orpbeum Circuit, common (monthly).. 150. July 1 Holders of rec. June 204
2
June 136
Preferred (guar.)
July 1 Holders of rec. June 150
Eight per cent preferred (guar.)
2
•
July 1 Holders of roe. June 13a Otlii Elevator, coin, (guar.)
81.50 July 15 Holders of rec. June 30a
Guantanamo Sugar. pro!(. guar.)
2
July 1 Holders of roe. June 15a
134 July 15 Holders of rec. June 304
Preferred (guar.)
Gulf Oil Corp.(guar.)
8734e July 1 June 21 to June 25
75c. July 1 Holders of rec. June 15a
Owens Bottle, common (guar.)
States Steel. common (guar.)
Gulf
144 July 1 Holders of rec. June 156
Common (quar.)
75e. Oct. 1 Holders of rec. Sept. 15a
First pref.(guar.)
134 July 1 Holders of roe. June 15a
1)( July 1 Holders of rec. June 16.
Preferred (Qum.)
First preferred (guar.)
144 Oct. 1 Holders of roc. Sept. 16a
144 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
First preferred (guar.)
144 Jan3'26 Holders of roe. Dee 15a Pacific 011
$1.50 July 20 Holders of rec. June 150
Hall (C. M.) Lamp
50e. June 16 Holders of rec. June 9a Packard Motor Car, corn. (guar.)
300. July 31 Holders of rec. July 15a
Lamp
Hall (C. M.)
25c. Sept.15 Holders of rec. Sept.10a
50o. July 31 Holders of rec. July 15a
Common (extra)
.)
Hall (C. M.) Lamp
25o. Dec. 15 Holders of roe. Dec. 100
1)( Juno 15 Holders of reo May 296
Preferred
Hammermill Paper, pref. (guar.)
144 July 1 Holders of Teo. June 20a Paige-Detroit Motor Car,common
300. July 1 Holders of rec. June 200
Hanna(M. A.) Co., lot pref. (guar.)._
144 June 20 Holders of rec. June
Common (payable in common stook). /10 July 16 Holders of rec. June 300
Harbison-Walker Refract.. pref. (guar.) 144 July 20 Holders of roe. July 10a
10a
Preferred (guar.)
144 July
Hayes Wheel, common (guar.)
75e. June 15 Holders of rec May 29a Park City Mining & Smelting (qum.).- *15c. July 1 Holders of rec. June 15
1 *Holders of rec. June 15
Preferred (guar.)
114 June 15 Holders of roe. May 296 Pennok Oil Corp. (guar.)
3744c June 25 Holders of rec. June 15a
Hecht Mining (guar.)
50c. June 15 Holders of rec. May 9
Quarterly
3744c Sept.25 Holders of rec. Sept. 154
Helme (George W.) Co., cont. (guar.)._ 75e. July 1 Holders of rec.
Juned15a Pettibone-Mulliken Co.. 1st & 2d pf.(qu) 134 July 1 Holders of rec. June 204
Preferred (guar.)
144 July 1 Holders of rec. Juned15a Phillips Petroleum (guar.)
50o. July 1 Holders of rec. June 150
Hercules Powder .com. (guar.)
144 June 25 June 16 to June 24
Pierce-Arrow Motor Car, prior pref.(qu.) 2
July 1 Holders of rec. June 150
HIbbard,Spencer,Bartlett & Co.(mthly.) 35o. June 26 Holders of reo.
June 19
Pittsburgh Steel, common (guar.)
$1
July 1 Holders of rec. June 24a
Extra
20e. June 28 Holders of rec. June 19
Pittsburgh Steel Foundry, pref. (guar.). .134 July 1 'Holders of rec. June 15
Hollinger Consolidated Gold Mines._ _
Sc. June 17 Holders of rec. June 1
Pressed Steel Car: Pref.(riar.)
154 Sept. 8 Holden) of rec. Aug. 186
Homestake Mining (monthly)
500. June 25 Holders of rec. June 200
Preferred (guar.)
134 Dee. 8 Holders of rec. Nov. 17s
Hudson Motor Car (guar.)
75c. July 1 Holders of rec. June 15a Producers Oil Corp.of Am..com.
(No.1) 50. July 1 June 16 to July 1
Humble Oil & Refining (guar.)
*60c. July 1 'Holders of rec.
Pro-phy-lac-tic Brush, pref. (guar.)._ $1.50 June 15 Holders of rec. Jun4, la
Hydraulic Press Brick, preferred (guar.) 144 July 1 Holders of rec. June 16
June 20
Pure 011, 544% preferred (guar.)
14tJuly 1 Holders of rec. June 106
Preferred (extra account accum. diva.) hl
July 1 Holders of rec. June 20
Eight per cent preferred (guar.)
2
July 1 Holders of rec. June 100
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept.21
Six per cent preferred (guar.)
144 July 1 Holders of rec. June 10a
Illinois Brick (guar.)
2.40 July 15 July 4 to July 15
Quaker Oats, corn. (guar.)
75c. July 15 Holders of rec. July la
Quarterly
2.40 Oct. 15 Oct. 4 to Oct. 15
144 Aug. 31 Holders of rec. Aug. la
Preferred (guar.)
Illinois Pipe Line
June 30 May 29 to June 28
$8
Radio Corp. of America, pref. (guar.)._
141 July 1 Holders of rec. June la
Imperial Tobacco of Canada, ordinary_ _ •144 June 29
Railway Steel-Spring, coin.(guar.)
2
June 30 Holders of rec. July 17a
Independent Oil & Gas(guar.)
25e. July 1 Holders of rec. June 15a
Preferred (guar.)
154 June 29 Holders of rec. June 66
.g2 July 1 *Holders of rec. June120
India Tire & Rubber, corn. (guar.)
Realty Associates, let preferred
3
July 15 Holders of roe. July 6
Preferred (guar.)
*154 July 1 Holders of rec. June 20
Reece Button Hole Math.,(qua:.)
35e. July 1 Holders of rec. June 16
Ingersoll-Rand Co., preferred
3
July 1 Holders of rec. June
Sc. July 1 Holders of rec. June 16
Inland Steel, preferred (guar.)
14 July 1 Holders of roe. June 170 Reece Folding Mach. (guar.)
•134 July 1 *Holders of rec. June 19
Inspiration Como'. Copper (guar.)
600. July 6 Holders of roe. Juno.15a Reliance Mfg., pref. (guar.)
8a Remington Noiseless Typew.. pf. (cm.). 134 July 15 Holders of rec. July 3
Internat. Business Machines (guar.)
$2
July 10 Holders of rec.
Internat. Buttonhole Machine (guar.)._ 150. July 1 Holders of reo. June 24a Remington Typewriter, 1st prof.(guar.) 144 July 1 June 21 to July 1
June 15
First pref., Series S (guar.)
144 July 1 June 21 to Jul.) 1
,
International Cement, common (guar.). $1
June 30 Holders of rec. June 15a
52
Second pref.(account accum.
July 14 July 4 to July 14
Preferred (guar.)
144 June 30 Holders of rec. June 154
Second pref.(account accum. div.) - 52
Aug. 14 Aug. 5 to Aug. 14
International Harvester. corn. (guar.)._
144 July 15 Holders of rec. June 250
Boo Motor Car (guar.)
20e. July 1 Holders of rec. June 15
International Paper,8% prof. (qua?,).. 144 July 16 Holders of rec. July
Extra
10o. July 1 Holders of rec. June 15
Stamped preferred((Var.)
144 July 15 Holders of rec. July 7a
1H July 1 Holders of rec. June 17a
Seven per cent pref.(No. 1)(guar.)._ •134 July 15'Holders of rec. July 7a Republic Iron di Steel, pref. (guar.)._ _
7
International Salt (guar.)
144 July 1 Holders of rec. June 15a Reynolds (R. J.) Tobacco,(tom. (guar.) 750. July 1 Holders of rec. June 18a
Preferred (guar.)
154 July 1 Holders of rec. June 18a
International Shoe, common (guar.).___ $1.25 July 1 Holders of rec. June
15a Richmond Radiator. pref.(guar.)
134 July 15 Holders of rec. June 30a
Preferred (monthly)
July 1 Holders of rec. June
$1
International Silver, preferred (guar.).- 144 July 1 Holders of rec. June 15a Rockl'd & Rockp't Lime Corp., pfd.(gu.) 134 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
144 an151,11 Holdere of rec. Doe. Ma
Preferred (account accum. dividends). Ati July 1 Holders of rec. June 15a
15a St. Joseph Lead (guar.)
600. June20 June 10 to June 21
International Text Book (guar.)
1
July 1 June 11 to June 30
60o. Sept.21 Sept.10 to Sept.21
Quarterly
Iron & Steel, preferred
lit
Interstate
July 15 July 7 to July 14
Quarterly
500. Dec. 21 Dee, 10 to Deo. 21
intertype Corporation, 1st pref. (guar.) 2
July 1 Holders of rec. June 15
Stock dividend
(1i) June 20 June 10 to June 21
3
Second preferred
July 1 Holders of rec. June 15
St. Louis Rocky Mt.& Pac., corn. (qu.) 144 June 30 Holders of rec. June 15a
144 July 1 Holders of rec. June 200
Jewel Tea, prof. (guar.)
Preferred (guar.)
1
June 30 Holders of rec. June 150
„tones & Laughlin Steel. pref. (guar.)__
134 July 1 Holders of rec. June 15.
St. Regis Paper. common (guar.)
500. July 1 Holders of rec. May 290
•75c. June 30 Holders of rec. June 15
Jordan Motor Car, corn. (guar.)
Preferred (guar.)
144 July 1 Holders of rec. June 15a
•134 June 30 Holders of rec. June 15
Preferred (guar.)
Salt Creek Consol. Oil (guar.)
*15c. July 1 *Holders of rec. June 15
Kaufmann Dept. Stores, pref. (guar.)._
154 July 1 Holders of rec. June
Savage Arms Corp., first pref. (guar.)._
134 July 1 Holders of rec. June 15a
11.50 July 1 Holders of rec. June 20
Kelsey Wheel. corn. (guar.)
Second preferred (guar.)
145 Aug. 15 Holders of rec. Aug. la
76e. July 1 Holders of rec. June 190
Kennecott Copper Corp.(emu.)
60
2
July 1 Holders of rec. June 15a
Phillip Mills (guar.)
134 July 1 Holders of rec. June 20a Schulte Retail Stores, pref.(guar.)
King
$1
July 1 Holders of rec. June 200 deiberling Rubber
Kinney(0. R.) Co.,common
Preferred
June 15 Holders of rec. June 54
134 July 1 Holders of rec. June 18a Shawmut (account accum. dividend). 52
Kraft Cheese, coin.(guar.)
Mfg.,common (guar.)
144 June 30 Holders of roe. June 200
Common (payable in common stock).. 1341 July 1 Holders of rec. June 18a
144 June 30 Holders of rec. June 20a
Preferred
2
July 1 Holders of rec. June 150 Shell Union (Uttar.)
Preferred (guar.)
Oil Corp., corn. (guar.)_ _ 350. June 30 Holders of rec. June 8a
2
July 1 Holders of rec. June 15a Sherwin-Williams
S.) Co., common (guar.)
Kresge (S.
144 June 30 Holders of roe. June 15
Co., Can.,corn.(qu.)
154 July 1 Holders of rec. June 15a
Preferred (guar.)
Preferred (guar.)
134 June 30 Holders of rec. June 15
2
July 1 Holders of rec. June 15a Shredded Wheat (guar.)
Kresge Dept. Stores, prof. (guar.)
244 June 30 Holders of rec. June 20
& Co., common.... $1
Kuppenheimer (B.)
July 1 Holders of ree. June
5
June 15 Holders of rec. June 24a Silver King Coalition Mines (guar.)..._ *250. July 1 'Holders of rec. June 21
Lake Shore Mines. Ltd. (guar.)
1
Simmons Company, corn. (guar.)
50c. July 1 Holders of rec. June 154
5
Juno 15 Holders of rec. June 1
Bonus
Simms Petroleum
50e. July 1 Holders of rec. June 15a
July 1 Holders of rec. June lb
$2
Lehigh Valley Coal Sales (guar.)
Sines-Sheffield Steel & Iron, corn.(guar.) 144 June 20 Holders of rec. June 100
Liggett & Myers Tobacco, pref.(guar.). 134 July 1 Holders of rec. June 15a
Preferred (guar.)
I44 July 1 Holders of rec. June 204
50c. June 30 Holders of rec. June 13a Solar Refining
Loew's. Incorporated (guar.)
5
June 20 May 30 to June 10a
Name of Company.
154
Name of Company.
(Vol.. 120.
THE CHRONICLE
3036
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Mjgpelloneous (Concluded).
134 July 1 Holders of rec. June 100
Rico Sugar, cont. (quar.) _
South
2
July 1 Holders of rec. June 100
Preferred (quar)
$1
July 1 Holders of rec. June 15
South West Penna. Pipe Lines (gear.)
50c. June 15 Holders of rec. May 18a
(California)(quar.)
Standard 011
6244c. June 15 Holders of roe. May 160
Standard 011 (Indiana) (quar.)
$1.
June 30 June 16 to June 30
Standard 011 (Kentucky) (guar)
June 20 May 21 to June 20
$5
Standard 011(Nebraska)
35e. June 15 Holders of rec. May 18
Standard 011 of N. Y.(qua')
Stand. 011 of N.J., core.($25 par)(qu.) 25c, June 15 Holders of rec. May 25a
1
June 15 Holders of rec. May 25a
Common ($100 par) (quar.)
1% June 15 Holders of rec. May 25a
Preferred (quar.)
pref.(guar.) 134 July 1 Holders of rec. June 206
Standard Plate Glass. prior
134 July 1 Holders of rec. June 200
Preferred (quar.)
July 1 *Holders of rec. June 20
State Theatre, Boston, pref.(quar.). _ *2
1
July 2 Holders of rec. June 20
Sterling Coal (quar.)
$1
July 1 Holders of rec. June 20
Stern Bros.. Class A (No. 1)
$1.50 July 1 Holders of rec. June 8a
(guar.)
Stromberg Carburetor
2
July 1 Holders of rec. June 10
Swift & Co. (quar.)
90e. Aug. 15 Holders of rec. July I5a
Swift Internacional
500. July 1 Holders of rec. June 15a
Symington Company.class A
134 July 10 Holders of rec. June 30
Telautograph Co., pref.(quar,)
750. June 30 Holders of rec. June So
Texas Company (quar.)
$1.75 June 15 Holders of rec. June la
Texas Gulf Sulphur (quar.)
50e. June 15 Holders of rec. June la
Extra (from reserve for depletion).$6
July 1 Holders of rec. June 20
Thompson-Starrett Co., common
June 30 Holders of rec. June 18a
$1
Tide Water Oil (quar.)
June 20 Holders of rec. June 20
$1
Todd Shipyards Corporation (quar.)
30c. June 15 Holders of rec. June ba
Truscon Steel, corn. (guar.)
1
July 15 Holders of rec. June 30
Tuckete Tobacco, common (guar.)
134 July 15 Holders of rec. June 30
Preferred (quar.)
Underwood Computing Mach.. pr. (qu.) 134 July 1 Holders of rec. June 13
134 Oct. 1 Holders of rec. Sept. 19
Preferred (quar.)
75e. July 1 Holders of rec. June 60
Underwood Typewriter, coin.(quar.).
75e. Oct. 1 Holders of rec. Sept. 10
Common (quar.)
134 July 1 Holders of rec. June 60
Preferred (quar.)
134 Oct. 1 Holders of roe. Sept. 10
Preferred (quar,)
$1.25 July 1 Holders of rec. June 5a
Union Carbide & Carbon (quar.)
2,14 Aug. 11 Holders of rec. Aug. 1
Union Storage (gear.)
2% Nov.11 Holders of rec. Nov. 1
Quarterly
2
June 30 Holders of rec. June 15a
United Cigar Stores, common (quar.)June 30 Holders of roe. June 150
stock).
Common (Payable In common
13( June 15 Holders of rec. June la
Preferred (guar.)
Aug. 1 Holders of rec. July 15a
Drug, first preferred (quer)United
13,4 Sept. 1 Holders of rec. Aug. 150
Second preferred (quar,)
14i July 1 Holders of rec. June 150
United Dyewood, pref.(guar.)
14t Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
1%3 an 1'26 Holders of rec. Dec. 150
Preferred (guar.)
2% July 1 Holders of ree. June 66
United Fruit(guar.)
244 Oat. 1 Holders of rec. Sept. 5a
Quarterly
34 July 1 Holders of rec. June 5a
United Paperboard, Inc., common
July 1 Holders of rec. June 5a
Preferred (annual)
15c. July 1 Holders of rec. June 8a
-Sharing, Corn. (quar.)-United Profit
June 15 Holders of rec. June la
U.S.Cast Iron Pipe dr Fdy.. pref.(qu.).
2.511 June 15 Holders of roe. June la
Preferred (extra)
Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
1% Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
334 July 1 Holders of rec. June 20a
U.S. Distributing Corp- Prof
40c. June 30 June 16 to June 30
U.B. Gypsum,common (quar.)
1St June 30 June 16 to June 30
Preferred (guar)
2
June 15 Holders of rec. June 5a
U. S. Realty & Impt.. common
July 15 Holders of rec. June 5a
Common (payable In common stock). fl()
134 Aug. 1 Holders of rec. June 5a
Preferred (quar.)
June 29 May 29 to June 1
United States Steel Corp., corn.(quar.)_
34 June 29 May 29 to June 1
Common (extra)
214 June 15 Holders of rec. May 290
U. S Title & Guaranty (quar.)
75c. July 1 Holders of rec. June 15a
U. S. Tobacco, COM. (guar.)
1.4d July 1 Holders of rec. June 15a
Preferred (guar
June 15 Holders of rec. June 1
Upson Company. common
2
July 1 Holders of rec. June 15
Preferred (quar.)
50c. June 20 Holders of rec. May 29
Vacuum Oil (guar.)
50c. June 20 Holders of rec. May 29
Extra
1% June 17 Holders of rec. June 12
Valvoline Oil,common (guar.)
-$1
July 2 Holders of rec. June 15
Wabasso Cotton (guar.)
14( July 1 Holders of rec. June 25a
Wahl Company, preferred (quar.)
3134c July 1 Holders of rec. June 200
Waldorf System, Inc., com.(guar.) 20c, July 1 Holders of rec. June 20
First and preferred (quar.)
350. dJunel5 Holders of rec.dJune 56
Mfg., corn.(guar.)
Walworth
75c. June 30 Holders of rec.'June 200
Preferred (quar.)
1% June 15 Holders of rec. May 20
Wamsutta Mills (guar.)
1% July 1 Holders of roe. June 150
Ward Baking, preferred (quar.)
Weber & Heilbroner$1
June 30 Holders of rec. June 15a
Common (guar.)
Sept.30 Holders of rec. Sept.15a
Si
Common (quar.)
$1
Dec. 30 Holders of roe. Doe. 15
Common (guar.)
Sept. 1 Holders of rec. Aug. 17
Preferred (quar.)
1.44 Dec. 1 Holders of rec. Nov. 18
Preferred (quar.)
June 30 Holders of rec. June 200
Welsbach Company, common (annual)- 2
344 June 30 Holders of rec. June 206
Preferred
June 15 June 6 to June 15
Western Canada Flour Mills (guar.)... 2
344 July 1 June 21 to June 30
Western Grocer, preferred
3% Jan116 Dee. 20 to Jan. 1'26
Preferred
July 31 Holders of rec. June 300
Westinghouse Elec. dr Mfg., corn. (qu.)_ $1
$1
July 15 Holders of rec. Ante 300
Preferred (guar.)
$I
June 30 Holders of rec. June 200
White Motor (quar.)
134 July 1 Holders of rec. June 20a
pref. (guar.)
Willys-Overland,
1% July 1
Winnsboro Mills, preferred (guar.)
June 200
Worthington Pump dr Rach., pf. A (qu.) 134 July 1 Holders of rec.
1%. July 1 Holders of rec. June 200
Preferred B (guar.)
Wrigley (Wm.) Jr., &
25c. July 1 Holders of rec. June 200
Monthly
June 20
WurUtzer (Rudolph) Co., pref.(qUar.)-- 1,( July 1 Holders of rec. June 6
July 1 Holders of rec.
El
Yale & Towne Mfg.(guar.)
B (monthly)._ 210. July I Holders of rec. June 200
Yellow Cab Mfg.. Class
21c. Aug. 1 Holders of rec. July 20a
Class B (monthly)
21e. Sept 1 Holders of rec. Aug. 200
Class B (monthly)
June 30 Holders of roe. June 116
(guar.) $1
Youngstown Sheet dr Tube, corn,
134 June 30 Holders of rec. June 156
Preferred (quar.)
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 June 6. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is, three ciphers (000) omUted )
New
Revery
Capital. Profits Loans.
Time Bank
Net
with
Discount. Cash
Week Ending
De- Circain
Legal Demand
June 6 1925 Nat'l, Apr. 6 InvestDeposits. Posits. lo
State, Mar.25 ments, Vault. Depo
ties
forks.
tto.
(000 emitted.) Tr.Cos.Mar.25
Members of Fed. Res.
Bank of N Y &
Trust Co...... 4,0
Bk of Manhat'n 10,000
Mech & Met Bk 10,000
Bank of Ameri
6,500
Nat City Bank_ 50,000
Chemical Nat__ 4,500
1.000
Nat Butch & D
5.000
Amer Ezell Na
Nat Bk of Cora_ 25,000
1,000
Pacific Bank..
Chat&PitenNat 13,500
Hanover Nat'l_ 5,000
Corn Exchange_ 10.000
National Park__ 10,000
East River Nat'l 2,500
First National__ 10,000
17,500
IrvingBk-Col
Continental_ ___ 1,000
Chase National_ 20,000
500
Fifth Avenue__
600
Commonwealth
Garfield Nat'l__ 1,000
Seaboard Nat'l, 5,000
Coal & Iron Nat 1,500
Bankers Trust_ 20,000
U 8 Mtge & Tr_ 3.000
Guaranty Trust 25,000
Fidelity-InterTr 2,000
10,000
N Y Trust
Farmers'Ln&Tr 10.000
Equitable Trust 23.000
Bank. Average Averag Averag
12,448
14,303
16,383
5,243
60,552
17,228
307
8,383
39.979
1,710
12,548
23,827
13,995
23,786
2.240
68,011
12,536
1,066
26,015
3,016
1,047
1,657
8,263
1,424
28,131
4,569
19,559
2,171
19,292
17,674
12,201
69,596
152,760
176,295
82.527
576,287
125,747
10,147
109,927
348,310
31,511
215.639
122,207
205,094
192,063
35,008
300,111
273,016
7,810
374,467
24,892
13,500
16,277
108,325
20,859
343.279
59,178
424,539
21,693
177,461
151,208
259,478
852
2,521
3,355
1,607
4,256
1,314
120
878
1,007
1,049
2,357
476
6,294
1,089
1,209
486
2,793
163
4,334
697
474
397
910
232
808
707
1,349
403
588
379
1,496
Average
7,241
16,875
22,063
11,734
651518
15,586
1,145
12,880
38,380
4,394
23,495
14.020
26,840
18.184
3,626
28,498
36.436
880
47,058
3,185
1,308
2.428
13,928
2,510
36.933
7.231
47,450
2,423
21,199
15,603
32,110
Average Av.fd
52,604 8,148
123,573 24,964
54
167.262 10,855
87,039 4,068
*614,344 93,943 850
348
115.032 6,448
498
441
8,726
99,109 6,735 4,941
294,145 16,993 __30,337 3,457
167,817 40,117 6,001
107,276
185,469 29:067
136,732 9,424 3:535
25,685 8,353 495
206,732 22,742 4,284
272,670 29,394
398
6,418
99
*370,329 20,621
25,214...
-9,347 3:487
370 314
15,666
49
106,636 2,879
413
17,922 1,872
*291,280 46,090 ---54,740 5,395 --*433,344 54,919 ---18,964 1,979 ---156,937 28.679 -_*120,245 28,001 __*292,429 28,963 ----
Total of averages308,100 479,5775,029.211 44,600581,161 c4,299,419538,80223.349
Totals,actuate ndltion June 615,024,127 45,23 605,438c4.282,732537.087,23,348
Totals, actuate ndition May 2935.058.783 53.830629,359c4,337,566654,94023,472
Totals, actual condition May 23 5,007,490 45,414612.025c4.266.956556,771 ,462
State Banks Not Me tubers of Fed'I Res've Bank.
21,503 1.359
22,107 1,851 1,877
Greenwich Bank 1,000 2,480
2,759 1,887
293
336
5,276
906
250
Bowery Bank
35,008 62,813
3,500 5,396 101,245 4,240 2,189
State Bank
Total of ammo
4,750
8,782
128.628
6,427
4,359
Totals, actual coinditlon June 6 127,622 .6,605 4.247
Totals, actual eolndltion May 29 129.751 6.530 4,651
Totals, actual co ndition May 23 129,788 6,584 4,921
Trust Companies Not Members of Fed'I Res've Bank •
62,360 1.465 4,619
Title Guar & Tr 10,000 16,501
874 2,059
22,303
Lawyers Trust_ 3,000 3,031
59.270 66,059
58,294 66,071
60,860 66,118
61.182 66.130
40,397
17,955
2,232
1.021
Total of averages 13,000 19,532
84,663
2,339
6,678
58.352
3,253
Totals, actual condition June 6
Totals, actual condition May 23
Totals, actual condition May 16
84,887
85,755
86,343
2,228
2,338
2,608
6,626
7,048
6.955
58,244
60,234
61,557
3,189
3,275
3,070
Gr'd aggr.,over.325,850507,8925,242,502 53,366592,198 4,417,041608,114 3,349
+7,087-2,214 -351 +20,685-18,202 -86
Comparison with prey. week _
Gr'd aggr., act' cond'n June 65,236,636 54,068616,311 4,399,270606,347 3,348
-124
Comparison with prev.week __ -37,653-8.630-24,747 -59,390-17,088
Gr'd
Gr'd
Ord
Gr'd
Gr'd
Gr'd
aggr., ern cond'n
.
!
aggr., cwt cond n
ant., act'l cond'n
aggr., acelcondli
aggr., acri cond'n
aggr., an'icond'n
May 295,274.289
May 235,223,621
May 16 5,242,655
May 95,311,176
May 25.411,201
Apr. 255.214,282
62.698641.068
54.606623,901
52,540653,583
54,854619,687
51,0276i0,808
55.225604.393
4,458,660624,33323,472
4,389,695625,971 3,462
4.426,743625,764 e 3,076
4,497,182616,844 22,982
4.603,867605,95222,825
4,407.082606,990 22.333
Note.
-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total June 6, $20,862,000; actual totals June 6.
$19,326,000; May 29, $21,470,000; May 23, $21,478,000; May 16, $23,899,000:
May 9, 528,655,000. Bills payable, rediscounts, acceptances and other liabilities
average for week June 6,$539,792,000; May 29, 3553,768,000; May 23, $532,691,000;
May 16, 8547,741.000: May 9, 3584,011,003. Actual totals June 6, 3571,002,000;
May 29, $590,735,000; May 23, 3581,948,000; May 16, $601,666,000; May 9.
3573,614,000.
'Includes deposits in foreign branches not included in total footings as follows:
National City Bank, $136,813,000: Chase National Bank, $13,271,000; Bankers
Trust Co., 516.940,000: Guaranty Trust Co., 578,226,000: Farmers' Lean & Trust
Co.. 37,238,000: Equitable Trust Co., $62,116,000. Balances carried in banks, in
foreign countries as reserve for such deposits were: National City Bank,$17,514,0001
$982,000; Guaranty Trust
Chase National Bank, 52,774,000; Bankers Trust
Co..
Co., $44,106,000; Farmers' Loan & Trust Co., $7.238,000: Equitable Trust Co.,
$8,645,000. c Deposits in foreign branches ult. included.
ruled that stock
•From unofficial sources. f The New York Stock Exchange has
z The
will not be quoted ex-dividend on this date and not until further notice.
The reserve position of the different groups of institutions
not be quoted exNew York Curb Market Association has ruled that stock will
on the basis of both the averages for the week and the actual
and not until further notice.
dividend on this date
e Payable in stock.
a Transfer books not closed for this dividend. d Correction.
at the end of the week is shown in the following
./ payable in common stock. g Payable in scrip. h On account of accumulated condition
n Payable in Canadian funds.
two tables:
dividends. m Payable in preferred stock
installments on April 1.
Annual dividend for 1225, all Payable in equal quarterlyfollows: On the common STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
as
July I, Oct. 1 1925 and Jan. 1 1926, have been declared
AND TRUST COMPANIES.
installment$1 10;Prior preference, 7%.quarterly installment
stock $4 40, quarterly
%;participating
%:participating preferred, 7% regular, quarterly installment
installment
Averages.
extra,quarterly installment 34%;preferred,6%.quarterly
Preferred.2%
134%.
Cash
I Reserve
share of no par value common stock for each share of common
I Dividend Is one
Surplus
by stockholders at meeting to be
Reserve
Total
in
Reserve
now outstanding and is subject to ratification
Reserve.
Required.
in Vault. Depositaries, Reserve,
held June 13.
.1 Two months' dividends.
3
$
1
$
Class A stock at option of holder. Members Federal
k Dividend is 50c.cash or one-fortieth of a share of
581,161,000 581,161,000575,088.530 8,072,470
Reserve Bank_
common stock in quarterly install117,400
State banks*
6,427,000 4.359,000 10.786,000 10,668,600
Declared 6% on common stock, payable In
264,200
Trust companies*._ _
2,339,000 6.678,000 9,017,000 8,752,800
ments of 134% each.
and all transfers received In order in London on
Dividend is 10 pence per share
dividend to transferees.
Total June 6_ _ 1 8,766,000 592.108.000'600,964.000 594,509,930 6,454,070
or before June 11 will be In time for payment of
Total May 29_ _ _ 8,746,000 592,549,000 601,295.000 592,472,830 8.822,170
Pacific) RR. are one share of common
f The stock dividends declared by Western
Total May 23.,._ 8.780.000 589,233.000 598,013,000 593,198,340 4.814,680
stock now outstanding, whether
and one share of preferred for every six shares of
Total May 16... _ - 8,700.000 598.787,000 607,487.000 600,975,210 6,511,790
stockholders' meeting held May 11.
eem. or preferred, and were ratified at a special
1924 income tax.
of
u Less 380. per share to cover 1st and 2d Installment no par value common stock
* Not members of Federal Reserve Bank.
r Childs Company stock dividends are one share of
a This is the reserve required on the not demand deposits in the case of State banks
Reserve Bank
for each 100 shares no par value common stock held.
of non-par corn. stk. and trust companies, but In the case of members of the Federal was as follows
so Dividend Is one-fiftieth of a share of common for each share
cents a share, at stock- includes also amount In reserve required on net time deposits, which
z Dividend is one-fortieth of a share of common stock or 85
. .
June 6,316.164.060: May 29, 316,711,680; May 23.316,715,700; May N.316 668 holder's option.
640; May 9, 516.048,710.
now held.
If Dividend is one share for each tour shares
JUNE 13 1925.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank_
State banks*
Trust companies._
6,605,000
2.228,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
3037
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
605,438,000 605.438,000 572,867,770 32,570,230
4,247,000 10,852,000 10,492,920
359.080
6,626,000 8,854.000 8,736,600
117,400
Total June 6._ _
8,833,000 616,311,000 625,144,000 592,097,290 33.046,710
Total May 29._ _
8.868,000 641,058,000 649,926,000 600,521,680 49,404,320
Total May 23_ __ _ 9.192,000 623,901,000 633,093,000 591,653,720 41,439,280
Total May 16
8,520.000 653,583,000 662,103.000 596,426,360 65,676.640
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State bank's
and trust companies, but in the case of members ofthe Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows; June 6,
216,112,610; May 29. 516,648,200; May 23, 516,703,130; May 16, $16,697,670;
May 9, $16,435,350.
June 12
1925
Changesfrom
Previous week.
June 3
1925.
Map 27
1925.
66,800,000 Inc. 1,000,000 65,860,000 65,800,000
Capital
89.538,000 Inc. 2,589,000 86,949,000 86,987,000
Surplus and profits
Loans,
(Mete & investments_ 939,022,000 Inc. 17,550.000921,472,000903,293,000
Individual deposits,incl. U.S.661,207.000 Dec. 2,028,000663,235,000649,787,000
131,452,000 Dec. 1,819,000133,271,000131,184.000
Due to banks
203,207,000 Inc. 8,964.000194,253,000192,888,000
Time deposits
7,991.000 Deo. 975,000 8,966.000 8,897,000
United States deposits
Exchanges for Clearing House 25,119,000 Dec. 11,004,000 36,123,000 27,779,000
92,190,000 Dec. 6,441,000 98,631,000 96,837,000
Duefrom other banks
Reserve in Fed. Res. Bank_ _ 77,233,000'Inc. 1,002,000 76,231,090 75.549.000
939,000 9,637,000 10,041.000
Cash in bank and F.R.Bank_ 10,576,0001Inc.
Reserve excess in bank and
18,8000
461,000
481,000
273,000 Dec.
Federal Reserve Bank...
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
-The Philadelphia Clearing House
Philadelphia Banks.
figures showing the condition of State banks and trust comreturn for the
panies in New 'York City not in the Clearing House as follows: for the two week ending June 6, with comparative figures
weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences front is not a part of legal reserve. For trust companies not memJune 6.
Previous Week.
Loans and investments
$1,086,818,400 Inc. 36,805,400 bers of the Federal Reserve System the reserve required is
Gold
4,581,500 Dec. 584,700 10% on demand deposits and includes "Reserve with legal
Currency notes
23,296,400 Inc.
492,600
Deposits with Federal Reserve Bank of New York
104,412,600 Inc. 16,307,800 depositaries" and "Cash in vaults."
Total deposits
1,146,651,200 Inc. 49,581,600
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in New York City, exchange and
U. S. deposits
1,091,032,800 Inc. 48,012,700
Reserve on deposits
168,507,600 Inc. 13,378,300
Percentage of reserve, 21.2%.
RESERVE.
State Banks
--Trust Companies
Cull in vault*
$33,200,700 16.17%
599,089,800 16.80%
Deposits in banks and trust cos_ _ _ 11.373,200 05.54%
24,843,900 04.22%
Total
$44,573,900 21.71%
5123,933.700 21.02%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 6 was 5104,412.600.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,382.661,100
6,349,571,900
6,356,838,800
6.364.862,900
6,344,910,100
6,339,319,300
6,282,558,300
6,238,906,800
6,283.140,300
6,247,899,000
6,267,964,100
6,346.753,200
6,405,646,100
6,427,995,400
6,333,256,700
6,257,736.200
6,285,428,000
6,329,320,400
Week EndedFeb. 7
Feb. 18
Feb. 21
Feb. 28
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Ain. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
Demand
Deposits.
$
5,612,344,600
5,573,095,200
5.525,329,600
5,512,101,700
5,524,265,800
5,525,702,500
5,452,289,100
5,349,637,400
5,422,329,800
5.359,115,500
5.402.569,400
5.519.884,000
5,610,150,900
5,604,043,500
5,523,581,000
5,452,014,500
5,439,376,100
5,608,073,800
S
81,537,700
85,221,200
83,100.100
82,787,900
81,257,500
83,304,800
80,044,200
81,472.700
80,546,900
83,581,500
81,882,200
81,268,000
90,497,700
81,204,700
82,201,400
80.842,200
83,550,000
81.243.900
$
746,868,900
740,911,100
731,974,800
727,617,600
726,004,600
733,263,600
725,251,500
707,162,000
722,106,500
708,755,700
722,426,700
728.651,900
749,032.400
742,761,100
729,894,600
720.787,700
719,708,300
752 297 ',An
Week Ended June 6 1925.
Two Ciphers(00)
omitted.
Membersof Trust
P.R.Bpsiern Companies
1925
Total.
May 29
1925
May 23
192$.
541,841,0 $5,000,0 $46,841,0 246,841.0
Capital
125,576,0 16.703,0 142,279,0 142,279,0
Surplus and profits
Loans,disc'ts & Invest'ts._ 812,900,0 47,629.0 860.529,0 861,553,0
766.0 38,926.0 42,533,0
Exchanges for Clear.Houee 38,160,0
16,0 113,442,0 107,306,0
113,426,0
DueBan from
147,159,0
943,0 148,102,0 139,912,0
Bank dePosttek8
f
ban
597,753,0 27,837,0 625,590,0 632,426,0
Individual deposits
2,927,0 97,893,0 94,184,0
94,966,0
Time deposits
839,873,0 31,707,0 871.585,0 866,522,0
Total deposit•
12,258,0 13,185,0
U. S. deposits(not incl.).
3,581,0
3,632,0
3,632,0
Reeve with legal dePoleles.
65,265,0 64,563,0
65,265,0
Reserve with F. R.Bank
1,412,0 11,300.0 11,531,0
9,888,0
Cash in vault •
5,044.0 80,197,0 79,675,0
Total reserve & cash held._ 75,153.0
4,345,0 69,019,0 69,087.0
64,674,0
Reserve required
699.0 11,178,0 10.588,0
Excess res. & cash in vault_ 10,479,0
•Cash In vault not counted an reserve for Federal Reserve members.
$46,841.0
142,279,0
860.952,0
36,736,0
110,612,0
143,915.0
630,979,0
92,813.0
867.707,0
13,334,0
3,389.0
64,340,0
11,613,0
79.342,0
68,867,0
10,475,0
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 June 10, 1925 in
comparison with the previous week and the corresponding
date last year:
June 10 1925. June 3 1925. June II 1924
$
$
$
Resources356,243,000 356,242,000 635,351,000
Gold with Federal Reserve Agent
1,963,000
7,906.000
9,046,000
Gold redemp. fund with U. S. Treasury_
Gold held exclusively agst.F.R.notes_ 364,149.090 365,289,000 637,313,000
197,610,000
Gold settlement fund with F. R. Board_ 217,314,000 241,154.000
331.448.000 327.823.000 202,784,000
Gold and gold certificates held by bank
912,911.000
35,094,000
934,266,000 1,037,7070,00
31,789,000
24,831,000
Total reserves
948,005,000
Non-reserve cash
18,083,000
Bills discounted
Secured by U. S. Govt. obligations.-- 96,222.000
27,460.000
Other bills discounted
966,055,000 1,062,538,000
16,120,000
14,241,000
Total gold reserves
Reserves other than gold
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Slated in thousands of dollars-that is, three ciphers (0001 omitted.)
'
I Net
CLEARING
Capital. Profits.
NON-MEMBERS.
Nat. bks. Dec. 31
Week Ending State bks. Nov.15
June 6 1925. Tr. cos. Dec. 31
• Members of
Fed'I Res've Bank
Grace Nat Bank._ _
Total
State Banks
Not Members of
Fed'I Res've Bank
Bank of Wash'n Ms
Clolonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
weehanTr,Bayonne
2
1,000
1,000
Loans,
DUcounts,
Investments,
&c.
123,682.000
64,881,000
•
8,542.000
60,200.000
1,466,000
104,506,000
64,522,000
35,154,000
8,163,000
8,542,000
58,457,000
1,276,000
1,282,000
83,180,000
15,060,000
70,198,000
2,835,000
68,275.000
2,835,000
102,442.000
261,690,000
240,138.000
145,759,000
Uncollected items
Bank premises
All other resources
137,955,000
16,885,000
8,042,000
172,727,000
16,873.000
7,397,000
127,954,000
15,160,000
9,015,000
Total bills discounted
Bills bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total U. S. Government securities
Foreign loans on gold
Total resources
Reserve
Net
Net
Cash
with Demand Time
in
Legal seposits. Deposits.
Vault. Depositortes.
Average Average Average Average Average.
$
$
2
S
2
11,220
51
850
5,501
4,370
.---1.736 11,220
Si
850
5,501
4,370
2
1,736
512
2,447
8,142
28,150
843
3,063
383
1,524
6.393
24,600
2,379
3,786
1,400
2,960
36,292
3,905
1,907
30.993
6,165
500
608
8,950
393
94
3,122
334,243,000
832,881,000
7,607.000
17,241,000
342,616,000
818,077,000
7,315,000
10,291,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
857,729,000
131,692.000
31,555.000
58.749,000
3,463,000
835,683,000
106,165,000
29,972,000
59,929,000
2,181,000
853.208,000
116,143,000
31,555,000
58,749,000
3,624,000
1 390,566,000 1,417,431.000 1,376,546,000
5,981
94
1 390,566,000 1,417,431,000 1.376,546,000
LiabitUtesFed'l Reserve notes in actual circulation_ 327,287.000
Deposits
-Member bank, reserve acc't
830,593,000
Government
8,451,000
Other deposits
14,164,000
Total liabilities
200
1,200
500
508
8.950
393
3,122
5,981
5,205
56,482
-263
4,349
+28
2,851 239,616
+121 -204
16,516
+5
5205,
5205,
5,205
5.205
56.725
56,960
57,282
56.624
4,321
4,310
4,510
4.309
2,730 a39,820
2.748 a39,641
2,768 839,938
2 845sexo fly,
16,511
16.926
17,119
..., ,.-
1
•United States deposits deducted, $33,000.
Bills payable, rediscounts, acceptances and other liabilities, $1.137.800.
Excess reserve, $207.130 increase.
Ratio of total reserves to deposit and
Fell Res've note liabilities combined.
Contingent liability on bills purchased
for foreign correspondents
80.3%
81.0%
90.2%
9,080,000
9,250,000
11,294,080
CURRENT NOTICES.
;rand aggregate_ _ _
2,900
.Iomparison with prey, week
---led aggr., May 29, 2,900
2.900
1r'd &Ur., May 23
)d agge., May 16
1,
.
2,900,
led aim. May 9
2.900
Total
20,844,000
14,310,000
Total earning assets
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing House
by clearing non-member institutions and which are not included in the "Clearing House Returns" in the foregoing:
74,225.000
30,281,000
-Eastman, Dillon ,k Co. announce that R. A. BiVIIIS and E. A. Crone
have become associated with their Municipal Bond Department.
-National Bank of Commerce in New York has been appointed Transfer
Agent for 500.000 shares Independent 011 & Gas Co.capital stock.
-Bonner, Brooks & Co. have moved to larger and more commodious
offices in the Equitable Building, 120 Broadway. New fork.
-John F. Weigold has become associated with J. R. Schmeitzer & Co. in
their trading department.
-Samuel D. Lindsay has joined the retail sales department of H. I).
Williams & Co.
[vol.. 120.
THE CHRONICLE
3038
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,June 11, and showing the condition
for the system
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the resultsweek last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding
The second table shows the resources and liabilities separately for each of tho 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 3008, being the first item in our department of "Current Events and Discussions."
JUNE 10, 1925.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS
June 11 1924
June 10 1925. June 3 1925. May 27 1925. May 20 1925. May 13 1925. May 6 1925. April 29 1925 Apr. 22 1925.
$
8
RESOURCES.
2,091,061,000
1,516,627.000 1.504.694,000 1,521,237,000 1,531,216,000 1,581.014,000 1,564,821,000 1,547,198.000 1.563.377,000
Gold with Federal Reserve agents
37,532,000
50.639.000
51,345,000
49,114,000
47,968.000
62,460.000
50,679,000
62,312,000
65,861.000
Gold redemption fund with U.S. Treas.
2,128,593,000
asst. F.R.notes. 1,582,488,000 1.567,006.000 1.583.697,000 1.581,895,000 1,628,982,000 1.613,935,000 1,598,543,000 1.614.016.000 601,165,000
Gold held exclusively
637,899,000 657,496,000 651,885.000 654,157,000 614,266,000 611,846,000 636,928,000 632,337.000 424,690,000
Gold settlement fund with F. R. Board_
600.706,000 593,638,000 602.429.000 598,569,000 610.267.000 619,750.000 615.631.000 597,910,000
Gold and gold certificates held by banks_
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
All other earning assets
2,844.263.000 3,154,448,000
2,821,093,000 2,818,140,000 2,838,011,000 2.834,621,000 2,853,515,000 2.845,531,001 2,851.102,000 141.491.000 105,047,000
144,159.000 139,397,000 143,814,000 145,974,000 140.721,000 141,691,000 142,009,000
3,259,495,000
2,965,252,000 2,957,537,000 2,981,825.000 2,980.595.000 2,994,236.000 2,987.222.000 2,993.111.000 2,985,754,000
55,944,000
55,757.000
54.536.000
53,388.000
52.450.000
56,366.000
50,665.000
48,557,000
54,963,000
219,920.000 131,268,000
222,808,000 207,758,000 216.007,000 160,854,000 161,263,000 208,269,000 215,871,
244,724,000
194,320,000 204,584,000 197,992,000 177.548.000 177,459,000 202.333.000 184,114,000 192.455,000
375,992,000
417.134,000 412,342,000 413,999,000 338,402,000 338.722,000 410,602,000 399,985.000 412,375.000
44,381,000
274,952,000 284,954,000 278.413,000 276,026,000 282,986.000 278,466,000 266,828 000 275,501.000
22,190,000
84.930.000
85.138,000
85,012,000
85.227,000
85,529.000
85,377.000
84,338.000
83,900.000
334,024,000
254,030.000 248,200.000 241,904,000 251.108,000 270.988,000 265,527.000 241.980,000 244,202.000
66,691,000
23,949,000
21,921,000
22,298,000
24,960.000
21.745,000
23.612,000
21,567,000
21,918,000
359,848,000
10,500,000
2,250.000
354,105,000
10,500.000
2,250,000
349,214,000
10.500,000
2,250.000
1,064,684,000 1.064,151.000 1,054,376,000
. 618.656,000 683,820,000 584,282,000
59.867,000
59,874.000
59.976,000
23.792.000
23,518.000
23,949,000
Total earnings assets
Uncollected items
Bank premises
All other resources
375,714,000 349,039.000 353.081,000
10.500.000 10,500.000
10,500,000
1,400,000
1.400,000
1,400,000
422,905,000
985.560,000 1,013.585.000 1.076,682.000 1,027.752,000 1.052,857,000
674.761,000 690,032,000 601,598,000 592,804.000 671.528,000
59.263.000
59,266,000
59,283,000
59,701.000
59,498,000
23,378,000
22,286,000
22,715,000
23,199,000
23.221,000
844,579,000
573,457,000
57,274,000
27,773,000
358.382,000
10.500,000
2,250,000
379.977.000
10,500,000
1,400,000
1,301,000
000
4,818,522,
4,787,480,000 4,837,457,000 4.756,592,000 4,780,481,000 4,836.938,000 4.800.888.000 4.749.755,000 4,848.537.001
Total resources
LIABILITIES.
000
1,659,673,000 1,674.686,000 1,670,635,000 1,656,474.000 1,676,204.000 1,682.971,000 1,683,880,000 1,687.690.000 1,870,518,
R. notes in actual circulation
F.
F.It. bank notes in circulation-net...
Deposits
2,031,905,000
2,156,090,000 2,146,921,000 2,138.174,000 2,118,163,000 2,153,999,000 2,180,024.000 2,134.562,000 2,163,116,000
-reserve account
Member banks
35,172,000
30,454.000
27,059.000
38,624,000
23.980,000
32.732,000
19,532.000
39,032,000
44.404,000
Government
19,802,000
24,184.000
25,764,000
25.076.000
28,333.000
25.527,000
26.499,000
36392,000
25,112,000
Other deposits
2,217,754.000 2,086,879,000
2,225.606,000 2,222,145.000 2,201,874.000 2.176,422,000 2,200.030,000 2.232,337,000 2,187,385.000
Total deposits
0
513,620,00
554,517,000 503,749.000 537,025.000 601.151,000 614,531,000 539,846.000 532.714.000 598,159.000 111,442,000
Deferred availability items
115,527.000 115,539.000 115,525,000 115,448.000 115,270,000 115,226,000 115.207.000 114.693.000 220,913,000
Capital paid in
217,837,000 217,837.000 217,837,000 217,837.000 217.837.000 217,837,000 217.837,000 217,837,000
Surplus
15,148,000
12,404,000
12.732,000
13,696,000
13,149.000
12,671.000
13,066,000
13,501.000
14,320.000
All other liabilities
4,818,522,000
4,787,480.000 4,837,457,000 4,750.592.000 4,780,481,000 4.836. 38,000 4,800.888,000 4,749,755,000 4,848,537.000
Total liabilities
Ratio of gold reserves to deposit and
79.7%
72.8%
73.6%
73.9%
73.2%
72.6%
73.6%
72.2%
72.5%
F. It. note liabilities combined
Ratio of total reserves to deposit and
82.4%
76.5%
77.3%
77.0%
77.8%
76.3%
77.2%
75.9%
76.3%
F. It. note liabilities combined
Contingent liability on bills purchased
39,628,000
43.485,000
47,656.000
35,780,000
45.337,000
39,007.000
42,828,000
35.069.000
34,034,000
for foreign correspondents
$
8
8
Distrilmtion by Maturities
24,494,000
92,293,000 100,059.000
106.694,000 101,805,000 105,406.000 109,929,000 124,639,000 117,490.000
194.504,000
1-15 day bills bought in open market._
303,262.000 295,716,000 302,955.000 226,929.000 231.963.000 301,583.000 294,009,000 306.278.000
1-15 days bills discounted
31,312,000
1,391.000
61,000
50.000
542,000
77.000
567,000
1,000
184.000
indebtedness_
1-15 days U. S. certif. of
1-15 days municipal warrants
12338,000
54,126,000
61,997,000
56,877,000
56.847.000
60.153,000
60.242,000
61,614,000
50,124,000
41,214,000
16-30 days bills bought in open market.
24,528.000
23.587,000
22,653,000
22,889,000
25,151,000
25,208.000
27.948.000
26,274.000
944,000
16-30 days bills discounted
51,000
16-30 days U. S. certif. of indebtedness
16-30 days municipal warrants
5,125,000
81,652,000
74,789.000
64,109.000
70.384,000
63,360.000
63,048.000
63.887,000
65,730.000
31-60 days bills bought in open market_
57,778,000
32,719.000
38.079,000
37.938.000
40,693,000
38,253,000
39,329,000
37,611,000
35,885,000
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
1,940,000
33.698,000
32,681.000
29.120.000
48.181.000
30.761,000
38.381,000
50,804,000
44,696,000
61-90 days bills bought in open market.
37,679,000
22.234,000
24.087,000
23.857,000
23.386.000
22,131.000
19,853,000
23,093,000
22,580,000
61-90 days bills discounted
61-90 days U. S. certif. of indebtedness.
684,000
61-90 days municipal warrants
5,966,000
5,068,C00
4,625.000
3,750,000
4.296,000
4,203,000
6.844.000
7,708.000
Over 90 days bills bought in open market
43,817,000
26,616,000
20,223.000
21,580,000
27,067,000
23,445,000
25,762,000
27,974,000
29,133,000
Over 90 days bills discounted
34,435,000
22,558,000
21.860,000
24.418,000
22,248.000
23,045.000
21.668,000
21,566,000
21,734.000
Over 90 days certif. of indebtedness...
Over 90 days municipal warrants
Federal Re361118 Notes
2,000,685,000 2.017375,000 2,363.666,000
1,969,808,000 1,963,638.000 1.973.093,000 1.985,011,000 1,986.076,000 2,000,009.000 316.805,000 329,485.000 493,148,000
Outstanding
310,135,000 288,952,000 302,458.000 328,537.tit 309,872.000 317,038,000
Held by banks
1,683,880,000 1,687,690,000 1,870,518,000
1,659,673,000 1.674,686,000 1.670,635,000 1,656,474,0 II 1,676,204,00 1,682,971
In actual circulation
2.958,665,000 2,980,208,000 2.979,174,000 2,993.562,000 2,999.734,000 3,005.446.000 3,318.336,000
Amount chargeable to Fed. Res. Agent 2,974,405.000 2,955,645,000 985.572,000
995.197,000 993,098,000 993,553.000 999,049,000 988.271.000 954,670,000
1,004,597,000 992.007,000
In hands of Federal Reserve Agent
1,973,093,000 1,985,011,003 1.986,076,000 2,000,009,000 2,000,685.000 2.017.175,000 2,363,666,000
1.969.,808 1,963.638.000
Issued to Federal Reserve Banks
How Secured
277,316.000 335.864,000
287,666.000 287,666.000 288,566,000 289,011,000 282,316,000 276,316.000 275.816.000 453.798.000 272,605.000
By gold and gold certificates
453.181.000 458,944,000 451,856.000 453,795,000 405,062.000 435,188,000 453.487.000 108,898.000 110,243,000
By eligible paper
98,032.000 105,154.000 110,224,000 108,400.000 102,622,000 115.266.000
110,983,000
Gold redemption fund
1,644,954,000
1,117,978,000 1318,998.000 1.127,517.000 1,131,981.000 1.190.298,000 1.185,883.000 1,156.116.000 1,177,163.000
With Federal Reserve Board
Total
Eligible paper delivered to F.It. Agent._
2,000,685.000 2.017.175.000 2.363,666,000
9
1.969,808.000 1,963,638.000 1,973.093.000 1, 85,011.000 1.986.076,000 2,000.009,000
658.561,000 404,656,000
671,638.000 675.772.000 668.350.000 579,198.000 589,468,000 659.890.000 639.244.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 10 1925.
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Adarda. Chicago. St. Louts. Minneay. Kan. City
Federal Reserre Bank of
$
$
8
8
$
5
$
$
S
RESOURCES.
34,701,0 116,266,0 135,429,0 23,728,0 53,949,0 55,332,0
Cfold with Federal Reserve Agents 184,948,0 356,243.0 140,202,0 180,330,0 2,736,0 1,575,0 4,504,0 2,388,0 1.096,0
1,816,0
4,523,0
7,906,0 18,343,0
Gold red'n fund with U.S. Treas. 17,240,0
184,853,0 37,437,0 117,841,0 139,933,0 26,106.0 55,045,0 57,148,0
Gold held excl. agst. F.R.notes 202,188,0 364,149.0 158,545,0
81.705,0 22,070.0 16,796,0 115,817,0 7,640.0 13,840,0 33,710,0
()old settle't fund with F.R. B'rd 44.143,0 217,314.0 42,770,0 38,094,0 22,099.0 4,290.0 104,219,0 10,438,0 7,225,0 3,355,0
gold ctfs. held by banks 21,834,0 331,448,0 21,843,0
aold and
94,213,0
268,165,0 912,911,0 223,158,0 304,652,0 81.806.0 138,927,0 359,969,0 44,184,0 76.110,0 4,557,0
Total gold reserves
35.094,0 7,673,0 7,824,0 5348,0 16,147,0 18,673,0 19,350,0 1,312,0
12,701.0
Reserves other than gold
77,422,0 98,770,0
280,866,0 948,005,0 230,831,0 312.476,0 86,754,0 155,074,0 378,642,0 63,534,0 1.078,0 2,125,0
Total reserves
18,083,0 1,488,0 2,617,0 3.126,0 4,644,0 6,570,0 4,220,0
5,575,0
Non-reserve cash
Bills discounted:
413,0 1,240,0
96.222,0 23,006,0 28.336,0 12,171,0 1,345,0 26,849,0 6,059,0
Sec. by U.S. Govt. obligations 11.753,0
27,460.0 12,813,0 15,631,0 34,014,0 18,489,0 20,440,0 11,885,0 4,555.0 5,924,0
19,753,0
Other bills discounted
31,506,0
Total bills discounted
Rills bought in open market.- 34,087,0
EL 8. Government securities:
583,0
Bonds
863,0
Treasury notes
Certificates of indebtedness. 3,034,0
Total U. S. Govt. seem-Alen
4.4800
Dallas. San Fran.
Total.
$
8
$
33,231,0 202,258,0 1,516,627,0
65,861,0
1,775,0 1.979,0
35,006,0 204,237,0 1,582.488,0
7,579.0 34.515.0 637,899,0
7.758,0 28,103,0 600,706,0
50,343.0 266,855,0 2,821.093.0
9,611,0 6,069,0 144,159,0
59,954,0 272,924,0 2,965,252,0
54,963.0
2,554,0 2,883.0
542.0 14,872,0
5,378,0 17.984,0
222,808,0
194,326.0
123,682.0 35,819,0 43.967,0 46,185,0 19,834,0 47,289,0 17,944,0 4,968,0 7,164,0 5,920,0 32,856,0
64,881,0 19,929,0 24,207,0 9.933,0 13.833,0 34,537.0 11,475,0 20,221,0 11,702,0 8,416,0 21.731,0
637,0 9,520,0 1,780,0 3,089,0 20,398,0 4,766,0 8.736,0 10,958,0 10,044,0 4,847,0
8.542,0
60,200,0 17,244,0 12,982,0 4,441,0 12.706,0 21,217,0 30,202,0 8,599,0 23.253,9 22,640,0 39,683,0
544,0 5.366,0
206,0 2,381,0
819,0
102.0 1,233,0 1,308,0
60,0 5309,0
1,456,0
417.134,0
274,952,0
6.323.0 17.028.0 42.11220 257870 17.541.0 26502 A 22 995 n in soon
2511 545 A
70.198.0 17.941.0 27.911.0
83,900,0
254,030,0
21,918,0
JUNE 13 1925.]
RESOURCES (Concluded)
Two ciphers (00) omitted.
THE CHRONICLE
Boston.
IS
777,0
Foreign loans on gold
All other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
New York.
$
2,835,0
3039
Clercland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan City
Phila.
$
976,0
2,250,0
$
1,124,0
$
557,0
5
430,0
$
1,449,0
$
483,0
5
346.0
$
420,0
Dallas. San Fran.
368,0
$
735,0
Totes.
$
10,500,0
2,250,0
70,850.0
53,327.0
4,190,0
138,0
Total resources
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member bank-reserve sect
Government
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
Contingent liability on bills purchased for foreign corresponcrts
261,596,0 76,915,0 97,209,0 62,998,0 51,125,0 126,198,0 65,689,0 43,076.0 55,878,0
137,955.0 57,961,0 54,691,0 52.582,0 33,194,0 77,758,0 34,030,0 14,693.0 37,756,0 47,932,0 105,218.0 1,064.684,0
16,885,0 1,139,0 7,573,0 2,446,0 2,780,0 8,099,0 4,364,0 3,049,0 4,339.0 25,141,0 39,568,0 618,656,0
1,833,0 3,279.0
59.976,0
8,042,0
446,0
290,0
676,0 2,721,0 1,374,0
327,0 2,839,0
615,0 1,651,0 4,780,0
23,949,0
414,946,0 1,390,566,0 368,780,0 474,856,0 208,582,0 249,538,0 593,641,0 172,164.0 142,207,0
199,483,0 139.065.0 428,652.0 4.787,480.0
194,620.0 327,287,0 156,249,0 206,938,0 70,814,0 136.702,0 157.884,0 45,139,0 62,271,0
63,136,0 39,988,0 198,645,0 1.659.673.0
138,723,0 830,593,0 127.913.0 175.091,0 64,768,0 70,003.0 316,469.0 75,920.0 53,395,0
86.656,0 57,746,0 158,813,0 2,156,090,0
4,254,0
8,451,0 1,568,0 6,434,0 4.619,0 3,807.0 5,856,0 2,300,0
939,0 1,650,0 1,583,0 2,943.0
94,404,0
290,0
14,164,0
510,0 1,176,0
202,0
207,0 1,337,0
1,392,0
304,0
466.0
175.0 4,889,0
25,112,0
143,267.0 853,208,0 129,991.0 182,701,0 69,589.0 74,017,0 323,662,0 79,612,0 54,638,0
88,772.0 59,504,0 166,645.0 2,225.606.0
51,540,0 116,143,0 50,702,0 48,490,0 49,598,0 24,474,0 69,223,0 31,781.0 13,216.0
33,712,0
8,486,0
31,555,0 11,212.0 12,968,0 5.093,0 4,623,0 15,547.0 5,097,0 3,236,0 4,326,0 26,950.0 38,688,0 554,517,0
16,382.0
58,749,0 20,059,0 22.462,0 11,701,0 8,950.0 30,426.0 9,971,0 7.497,0 8,977,0 4.297,0 8,187.0 115,527,0
7,592,0 15,071.0 217,837,0
651,0
3.624.0
567,0 1.297,0
887,0
772.0 1,899,0
564,0 1,349,0
560,0
734,0 1,416,0
14,320.0
414.946,0 1,390,566,0 368,780,0 474,856,0 208,582,0 249,538,0 598,641,0 172,164,0 142,207,0
199,483,0 139.065,0 428,652,0 4,787,480.0
83.1
80.3
80.6
80.2
61.8
73.6
78.6
50.9
66.2
65.0
60.3
74.7
76.3
2,530,0
9.030.0
3.179.0
3.658.0
1.812.0
1.402.0
4.717.01
1.572.0
1.128.0
1,367.0
1,196.0
2.393,0
34.034.0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS
AT CLOSE OF BUSINESS JUNE 10 1925.
Federal Reserve Agent at-
Boston New York Phila
Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand
78,370
Federal Reserve notes outstanding
223,715
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
31,050
Gold redemption fund
14,898
Gold fund-Federal Reserve Board
139,000
Eligible paper)Amount required
38,767
)Excess amount held
26,826
Clete'd. Richnt'd Atlanta Chicago St Louis Minn
Total.
3
$
$
$
$
8
$
263,507 24,960 22,106 27,823 22,872 70.800 1.004,597
168,236 51,148 65,305 71,525 95,273 237,443 1,969,808
186,698 6,000 8,780 2,000 9,000
28,545 12,813 11,550 3,406 8,266
141,000 121,389 160,000 29,295 99,000
98,761 49,828 46,312 51,469 33,056
77,949 1,150 20,736 4,280
332
13.075 13,052
18,011
287.666
4,784 1,663 1,897 3,972 2.720 16,469 110.983
130,645 9,000 39,000 51,360 12,500 185,789 1,117,978
32,807 27.410 11,356 16,191 12,042 35.185 453,181
48,823 1,585 13.713 2.480 2,278 18,305 218,457
Total
552,626 1,299,697 418,610 527,020 201,405 366,200
LtabitutesNet amount of Federal Reserve notes received from
Comptroller of the Currency
302,085 766,744 227,430 279,642 110,960 216,546
Collateral received from(Gold
184,948 356,243 140,202 180,330 34,701 116,266
Federal Reserve Bank iEligible paper
65,593 176,710 50,978 67,048 55,744 33,388
Total
552,826 1,299,697 418,610 527,020 201,405 366.200
Federal Reserve notes outstanding
Federal Reserve notes held by banks
K. City Dallas San Fr.
$
s
$
$
s
311,740 37,400 53,000 24,795 67,224
455,004 190,030 226,642 86,165 149,322
648,802 128,841 166,429 173,353 115.696 563.991 5,162,670
431,743 76,108 87,411 99.348 68,145 308.243 2,974,405
135,429 23,738 53,949 55,332 33,231 202,258 1,516,627
81,630 28,995 25.069 18.673 14.320 53,490 671.638
648,802 128,841 166,429 173,353 115,696 563,991 5,162,670
223,715
29.095
168,236 51,148 65,305 71.525 45.273 237,443 1,969,808
10,352 6,009 3.034 8,389 5.285 38,798 310.135
194,620
Federal Reserve notes in actual circulation
455,004 190,030 226,642 86,165 149.322
127,717 33,781 19,704 15,351 12,620
327,287 156.249 206.938 70.814 136.702
157.88' 45.139 62.271 63.136 39.988 198.645 1.659.67
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal
Reserve Board, giving the
the liabilities of the 734 member banks from which weekly returns are obtained. These principal items of the resources;
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 3008.
I. Data for all reporting member banks In each
Federal Reserve District at close of business June 3 1925. Three ciphers
(000) omitted.
Federal Reserve District.
Boston. New York Phila. Cleveland.
Richmond Atlanta. Chicago. St. Louts. Minneap. Kan. City Dallas. San Fran. Total.
Number of reporting banks
42
104
55
76
36
33
73
100
25
71
L•08/1/3 and discounts, gross:
49
S
70
s
734
s
3
$
5
5
$
Secured by U.S. Gov't obligations
$
5
8,031
$
65.133
13,585
18,502
6,204
7,678
26,952
10,127
2.862
Secured by stocks and bonds
3,718
3,269
9,715
325,760 2,216,025 333,782 471,516
175,776
127,752
85,709 772,949 167,537
59,111 105,063
All other loans and discounts...... 632,374 2,511,358 356,690
69,992 229,805 4.965,001
742,806 351,940 375,288 1,212,917 294,658 174,272 318,943
212,808 855,341 8,039,395
Total loans and discounts
966.165 4,792,516 704,057 1,232,824 485,896 468,675
2,012,813 472,322 236,245 427,724 286,069 1,094,861 13,180,172
:nvestments:
U. S. pre-war bonds
9,691
39,822
9,594
30,805
25,188
14,894
17,644
12,707
6.896
U. S. Liberty bonds
9,357
17,980
24,162
76,399 607,818
218,74
0
56,181 158,719
33,826
12,512 170,509
21,367
24,971
U. S. Treasury bonds
48,348
18.104 137.436 1,366,190
22,076 178,107
20.868
33,081
11,384
65,385
6,090
14,239
11,920
U.S. Treasury notes
18,273
8,944
55,207
445,574
7.224 205,941
12,650
38,507
1,424
2,666
84,740
11,521
18,358
U.S. Treasury certificates
14,913
9,001
25,629
432.574
2,874
62.669
6,053
7,461
1,957
1,541
6,726
1,993
2,752
Other bonds, stocks and securities 197,556 1,138,477
3,019
2,726
13,332
113,103
260,381 352,306
62,711
44,047 428,217 115,891
41,106
75,755
19,653 190,963 2,927,063
Total investments
315,820 2,232,834 365.727 620,879 136,490
81.750 773,221 177,718 105,003 169,665
76.408 446,729 5,503,244
Total loans and investments...,.. 1,281,985
7,025.350 1,069,784 1,853,703 622.386 550,425 2.786,039 650,040 342,248
leserve balances with F. It. Bank
597,389 362.477 1,541,590 18,683,416
90,197 747,764
80,147 128.761
38,131
43,227 226,710
44,242
24,632
L'ash in vault
51,147
33.061 103,020 1,811,039
20,610
77,493
15,872
30,258
14,832
10,071
51.144
7,718
let demand deposits
5,527
11,991
10,550
21,603
277,619
862,264 5,627.049 767,937 1,005.104 350,100 329,476 1,756,070
382,166 222.944 474,163 264,659 749.384 12.791,315
rime deposits
357,569 1.197.585 180,588 730,356 199.336 200,318
983,149 206,069 102.660 136,010
1overnment deposits
93,223 766,454 5,153,317
9.031
31,002
17,078
19.247
6,638
6,222
19,391
7,999
Mils pay'le dr redisc. with F. It. Bk.:
1,676
3.304
4,933
11,775
138,290
Secured by U.S. Gov't obligations
6,300
58,595
3,546
14,932
4,647
2,607
17,575
1,361
All other
105
1,176
75
12.999
15,908
123,918
20,372
6,117
7.969
14,272
4,894
2,633
12.108
limiters' balances of reporting mem416
671
1,166
4,169
90.695
ber banks in F. It. Bank cities:
Due to banks
128,464 1,082,096 188,167
52.330
30,573
20,325 419,050
93.373
55,280 104,254
Due from banks
29,040
95,282 2,298,244
47,423 104,308
74,966
29,192
15,381
13,164 196,452
32.717
25.568
46,113
28.260
44,862
858,406
2. Data of reporting member banks in New York City, Chicago,
and for whole country.
5
All Reporting Member Banks.
Reporting Member Banks in N. Y. City.
5
Reporting Member Banks in Chicago.
June 31925. May 27 1925. June 41024. June 31925. May 27 1925.
June 41924.
Number of reporting banks
734
736
749
63
65
Loans and discounts, gross:
67
46
46
$
$
48
$
$
$
$
Secured by U.S. Govt. obligations
175,776,000
$
5
178.163,000
$
218.481,000
60,033,000
60,890,000
80,264,000
Secured by stocks and bonds
19,910,000
20,253,000
4.965,001,000 4,894.846,000 3,897,030,000
29,728.000
1,978,235,000 1,955,533,000 1,465,302,000 583,455,000 569,954,000
All other loans and discounts
8.039,395,000 .8,034,921,000 7,826,430,000 2,208,378,000
2,203,185,000 2,192.739,000 635,984,000 685,600,000 436,421,000
666,986,000
Total loans and discounts
13,180,172,000 •13107930000 11,941,941,000
4,245,646,000 4,219,658,000 3,738.305,000 1,289.349.000 1,275,807,000
Investments:
1,133,135,000
U.S. pre-war bonds
218,740,000
218,674,000
271,780,000
29.095,000
29.127,000
39,757,000
U. S. Liberty bonds
1,933,000
1,366,190,000 1,352,943,000 1,157,265.000
1,933,000
4,188,000
515,883,000 494,660,000 510,215,000
U. S. Treasury bonds
84,377,000
84,191,000
445,574.000
449,741,000
57,073,000
69,045,000 161,660,000 162.254,000
19,328,000
U. S. Treasury notes
27,895.000
432,574,000
26,384,000
426,327,000
662,816,000 191,955,000 183,992,000
4,348,090
314,364,000
15. 8. Treasury certificates
60.033,000
113,103,000
60,015,000
106,162,000
80,676,000
61,081,000
54,091,000
18,974,000
Other bonds, stocks and securities_ 2,927,063,000 2,931,498,000 2 483,056,000
1,848,000
2,171.000
. 76,436,000 855,517,000
13,449,000
846,361,000 752,410,000 204.889,000 196,454,000
162,793,090
Total investments
5.503,244.000 5.485,345,000 4,720,398,000
1,815,191.000 1,770,485,000 1,655,048.000 380,975,000 371,148,000
322,527,000
Total loans and investments_
18,683,416,000 v18 593 275000
Reserve balances with F. It. banks.. 1,611,039,000 1,608.346,000 16,662,339,000 6,061,837,000 5,990,143,000 5,393,353.000 1.670,324.000 1,646,955,000
1, 89.196,000 639,541,000
4
698,306,000 637,338,000 155,509.000 153,674,000 1.455,662,000
Cash in vault
277,619.000
284,987,000
148,567.000
287,114,000
61,826,000
66,097.000
65,858,000
Net demand deposits
12.791,315,000 12,644,776,000 11,568,713,000
24,001,000
23,768,000
28,532,000
Time deposits
5,153.317.000 5,169,061,000 4,326,320.000 5,070,105.000 4,986,571,000 4.631,772,000 1,160.648.000 1,134,008.000 1,037,825.000
822,917,000 846,184,000 642.751,000 477,963,000
Government deposits
138,296,000
139,667,000
484,541.000 383,610,000
89,168,000
24,114,000
24,114,000
21,797,000
Bills payable and rediscounts with
10,712,000
10.618.000
5,408,000
Federal Reserve Banks:
Secured by U. S. Govt. obligations
123,918,000
129,303,000
58,063.000
48,325,000
50,175,000
2,125,000
All other
90,695,000
2.415,000
88,756,000
4,455,000
101.972.000
458,000
18,461,000
22,903,000
2,001.000
280,000
990,000
2,464.000
Total borrowings from F.R.bks.
214,613.000
218.059,000
160.035,000
68,636.000
71,228,000
4,126,000
•13etvl sinr1 T1171,1.0.
2.695.000
5.445.000
2.922.000
June 3 1925.
May 271925.
June 4 1924.
[Vou 120.
THE CHRONICLE
3040
Paris Bankers' Francs
4.9531
4.9431
4.8834
High for the week
4.75
4.74
4.6731
Low for tho week
Germany Bankers' Marks
23.81
23.81
High for the week
23.803i
23.8031
Low for the week
Amsterdam Bankers' Guilders
40.1934
40.1731
39.7334
High for the week
40.17
40.15
39.71
Low for the week
15@25c. per S1.00
-Chicago, par. St. Louis,
Domestic Exchange.
par. Cincindiscount. Boston, par. San Francisco, par. Montreal,
nati, par.
Vanittrs' 6azette.
Wall Street, Friday Night, June 12 1925.
-The review of the
Railroad and Miscellaneous Stocks.
this week on page 3027.
Stock Market is given
The following are sales made at the Stock Exchange this
United States Liberty Loan Bonds and Treasury
week of shares not represented in our detailed list on the
-Below
Certificates on the New York Stock Exchange.
pages which follow:
we furnish a daily record of the transactions in Liberty Loan
Range Since Jan. 1.
Range for Week.
Sales
bonds and Treasury certificates on the New York Stock
STOCKS.
Week Ended June 12. for
Highest.
Lowest.
Highest.
Exchange. The transactions in registered bonds are given
Lowest.
Week
I
of the tabulation.
per share. 5 per share $ per share. in a footnote at the end
Par. Shares $ per share.
.
Railroads.
25 9431
Buff Roch & P pref__1
354
Duluth S S & AU_ _ _1
ill 531
100
Preferred
200138
1
Hocking Valley
1001 77
Ill Cent Leased Linelsi
M St P&SSM leased
1001 5734
II,
line ctfs
168 7834
Morris & Essex
100 414
NatRysMexlstpreflis
141 283
N Y Rye partic ctfs____
51 934
N Y Rys pr ate
I 3631
1
N Y State Rys
111 66
Pacific Coast let pre 1
.11 1734
1,
Reading rights
June12 94%
June 9 3%
June12 5%
Junel 1 138
June10 77
Junel2 88
June 9 254
Junel2 334
Junell 127
Junel0 723'(
Apr 99
Apr 4
Apr 631
May 138
Ap 77
May
Jan
Jan
May
June
June 9 57%
79
June
June 9 4%
June 6289
June10 10
June12 36
June12 66
June 9 18%
June 9
June 8
June 9
Junel2
Junel0
June 8
Junel2
Junel2
5714
7731
354
78
934
%
35
64
1734
June 63
Jan 80
Apr 6
May 294
Mal 1134
June 4431
Jan 69
June 2434
Feb
May
May
May
May
Apr
Jan
Jan
Industrial & Misc.54 June
54 June 6 1-16 Jun
12,3 I 1-16 June 9
Amer Chicle rights
1 9534 Feb100 June
1 100 Junel1 100 Junel 111
Am-La F F Eng Prof-1 1:
__I.
Mar 116% Jan
June12 11331 June12
11111331
Amer Metal pref_ _
Apr
1 130 June12 130 June12 12631 Jan 130%
Amer Radiator pref__1
June
Jan 76
• 2,700 69 Junel 1 76 June12 48
Amer Republics
Junel1 13831 Apr1503l Feb
Junel 1 144
144
Ps
lii
American Snuff
May
is 10031 June 9 102 June10 9831 Mar 102
lii
Preferred
Jan
11110731 Junel1 10731 Junell 10531 Ma 110
Am Type Fdrs pref 100
June 6 45 June 5231 Feb
46
• 300 4534 June11
Atlas Powder
Ma
431 Feb
• III 4 June 9 4 June 9 4
Atlas Powder
Ap 1654 Feb
15 June 9 15 June 9 13
Preferred
Ap 9831 Feb
100 95 June10 95 Junel0 95
Bayuk Bros 1st pretlsu
Jan
500 231 June12 254 Junel2 154 May 331 June
Steel_100
British Empire
% June 134
June10 134 June12
%
CalUornla Petroleum no_ 89,525
100 9531 June 9 9534 June 9 8954 Jan 9531 Mar
Cert-Teed Prod let p1100
Feb
June 810331 Jan 108
June 8 106
100 106
Cluett,Peab&CopLlsi
May
Mar 51
3
200 48 June 131 48 June 6 36
1
Crex Carpet
9754 June12 9531 June 9831 May
Packing__100 2,100 95% June
Cudahy
96 June
100 9614 June12 9631 June12 8231 Jan 4554 June
lii
Deere & Co pref
100 4531 Junel1 4531 Junel1 4334 June 94 June
Durham Hosiery pref III
4,000 9031 June 6 94 June10 90 Jun 87
Eleo Pow & Lt pref ctfs_
Mar
Jan
100 86 June 9 88 June 9 85
Fed Light & Trac pf_100
Jun I0131 June
Junell 101% Junel1 101
300 101
First Nat Pictures 1st pf_
June
June 911134 June 910431 Mar 111% Jan
20011131
FisherBodyOhloptlsl
Ma 10431
10010331 June 919331 June 10131 June 168 June
Franklin Simon preLlss
Junell 168 June12 144
General Railway Signal_ 2,900144
June
Junel1 10131 May 114
500112 Junel2 114
Gt Western Sugar pf_100
Jan
5 June10 5 June10 431 May 614 Jan
50
.
Guantanamo Sugar _ _ _•
June10 10131 May 10531
105 June10 105
Gulf States St'l 1st p1111100
Feb
May 89
51
300 5334 June12 60 June 6
HannalstprefClAAus
June
700 1631 Junel1 1631 Junel1 1831 June 1631 June
Howe Sound
% June 1
June12
% June 6 1
Ind 011 & Gas rights__ 12,800
Jan
49
May 2
60224 Junell 225 Junell 218
Is,
Ingersoll Rand
1% May
I% Jun
Int Business Mach Lights 8.000 113 June 6 134 June 6
% May 134 June
June 6
1
54 June
10 2,000
Kansas & Gulf
Jan 103% June
10010314 Junel1 10331 Junel1 99
K C Pr .3r Lt 1st pref___•
June
100 112 June12 112 June12 10731 Jan 112
KelseyWheellncpreflus
Feb
Apr 100
95
97 June
100 97 June
1
Kinney Co pref
Jan 96 June
95 June 9 96 June12 88
Dept St pref_ 1
Kresge
5214 Apr
48% Junel0 45% M
6
47 Junel2
Long Bell Lumber A__ _
Feb 111% June
June 911131 June12 104
200111
L-wilesnisc2dpretlls
Apr
Feb 107
10010531 June10 10531 Junel 10231 Marl 7814 Feb
McCrory Stores pretlil
1 66
1001 6731 Junel1 6731 Junel
100
Mackay Cos pref
Jan1163i Apr
ii,
10011634 June1111634 Junell 11431
Macy Co Prat
Ma 5354 Feb
20 49 Junel1 49 Junel1 46
ill
Malian Sugar
1 12254 June10 12234 June10 11631 Ma 12331 Jan
MayDeptStspreL..AsI
June
9131 June 9 9131 June 9 8331 Ap 92
1
roipref.1Il
Mid-ContPet
M 117 June
100 117 June10 117 June10 109
MontanaPowerpreLili
Mar
• 500 38 June11 3831 June 8 3231 Ap 4231 May
Murray Body
Feb 6531
65 June12 52
60 June
NptN&HRyG&EjiI
May
M 100
95
99 June 9 99 June 9
1
NYCannerslstpreLlIs
Jan 102 June
• 300 10031 Junel1 102 June 9 97
NY Steam let pref
May
86
100 80 June 9 80 June 9 7834 M
Onyx Hosiery pref__ _1
Feb 107 June
1 107 June 8 107 June 8 101
Otis Elevator pref_ _ _1 ii
Jan 6054 Feb
200 54 June 6 5414 June12 43
Panhandle P & R pLiul
134 June
936 131 Junel1 134 June12 134 Jun
Peoples Gas Chicago rte.
May
Apr 28
2731 June12 2731 June12 18
6
Phoenix Hosiery
June
Ap 91
June 9 84
90 June 9 91
100 300
Preferred
May 4734 Feb
44 June 8 44 June 8 4314
1
Prod & Ref Corp pref _50
May
1
34 Ma
% June; % June 6
.
PS Corp of NJ rights_ 26,700
9514 Jime12 9214 May 9531 June
9454 June
P S Elec & Gas pref..100 1,
10434 Junel0 105 June12 10031 Jan 105 June
Serv Elec Pr pref 100
Pub
Feb
100 119 June12 119 June12 11431 Ma 120
fly Steel Spring pref _100
May
5
1 43 June 8 334 Jun
-4
Rossia Insurance rights. 1,600 354 Junel
May
500 52 June10 5231 June12 5055 Mar 543.4 Jan
El pref__50
Stand Gas &
June 8 2014 June 8 1831 Ap 23
300 20
United Paperboard 10
10554 Ap 11031 Mar
USTobaccopref._100l 500107 June10 108% Junel1 33 Jun 4331 Jan
100 33 June10 33 June10
Virginia Coal &Coke 1001
8 73 Junc 7931 Jan
100 73 June 8 73 June
1
Preferred
June
800 48 Junel1 4631 Junel1 46 Jun 4631 June
Warren Bros
100 43 Junel1 43 Junell 43 June 43
1st preferred
Jan nom June
200110 June 911031 June12 104
West Penn Pow pref_100
4ssi
•No par value.
-Sterling exchange was stagnant all
Foreign Exchange.
Conwith rates steady though a trifle lower. In the
week,
the undertone was irregular on narrow
tinental exchanges
ground.
trading. French francs gained for a time, then lost
established a new high record. All other curSwiss francs
rencies remained at clost to last week's levels.
for sterling exchange were 4 82%1®
To-day's (Friday's) actual rates 857-16 for cheques, and 4 8534
8534@)4
482 5-16 for sixty days, 4
Commercial on banks, sight, 4 85@4 85 3-16, sixty
4 85 15-16 for cables.
days 4 79% ®4 80 3-16, and documents for
days 4 80®4 80 3-16, ninety
81 9-16. Cotton for payment 4 85®
payment (sixty days) 4 8114(5)4 85©4 853-16.
payment 4
4 85 3-16, and grain for
for Paris bankers' francs were 4 7531 ®
y's (Friday's) actual rates short. German bankers' marks are not
To-da
for
4 7934 for long and 4 81 @4 85 bills. Amsterdam bankers' guilders were
yet quoted for long and short
for short.
39.71 for long and 40.07London, 100.45; week's range 98.75 francs high
Exchange at Paris on
and 100.85 francs low.
for the week follows:
The range for foreign exchange
Cables.
Sixty Days. Cheques.
Sterling Actual4 8634
4 8534
4 8234
High for the week
4853-4
482344853.4
Low for the week
10 June 11
Daily Record of U. S. Bond Prices. June 6 June 8 June 9 Jane
(High 1011.2 101..3 101.32 101.32 101.22
First Liberty Loan
101.22
,
334% bonds of 1932-47-(Low- 1003.32 100.132 100 .2 101122 101 32
,
,
[Close 1011.2 101.122 101 s2 101.32
(First 334s)
438
148
121
47
6
Total sales in $1,000 units_ __
-- --- ---- - - ---Converted 4% bonds of (High
Total sales in $1,000 units _ _ _
Converted 4%% bonds (High
of 1932-47 (First 4lis)( Low(Close
Total sales in $1,000 units_
Second Converted 434%(High
bonds of 1932-47 (First( Low_
(Close
Second 434s
Total sales in $1,000 units__ _
iHigh
Second Liberty Loan
(Second 4s)
Total sales in $1,000 units_ __
Converted 434% bonds (High
of 1927-42 (Second (Low_
(Close
434*)
Total sales in $1,000 units__
(High
Third Liberty Loan
(
434% bonds of 1928_ _ Low_
(Close
(Third 43.48)
Total sales in $1,000 Unit,?_-_
(High
Fourth Liberty Loan
434% bonds of 1933-38-4Low.
(Close
(Fourth 434s)
Total sales In $1,000 units_ _ _
(High
Treasury
(Low.
4518, 1947-52
(Close
Total sales in $1,000 units__ _
(High
48, 1944-1954
(Low.
(Close
,,,, ...0.. 4. el nnn ...ID
,
7
- --- - -- 10-n 102,212
---- 102
-- -- 1021.32 10211.2
--__ 10220.3 102"32
121
314
____
--------102.00
---- 102.00
-- - ---------102.00
16
-- --- - -- -- --- -1092
101..2
101..2
11
102122
,
101 an
1013132
110
1021.22
1021.32
102".2
131
106"..
106"as
106,132
40
102"..
102".2
102"..
--101.8.2
101.23
1011.32
584
102133
101,0n
102.00
156
1021.2,
1021,33
102",,
684
107"n
106"ss
107.32
553
103.00
s,
102,,
103.00
lid
- -.
1011.32
1011,22
1011,32
567
1021.2
101".,
st
102,
112
1021132
102,3n
102".,
295
107"n
,
107 .,
1071.32
82
103".,
102"s,
103"n
IA
tit
June 12
,
101 32
101.32
101.22
41
---
,3
-102 .1
1025022
1022.32
11
103.00
1021.32
103.00
36
----
------,4.2
..
1022, 102
..
102,0.2 1022,
102,132
102.132
47
28
---1021.33
-1021.32
---1021,23
- -1011..2
1011122
1011.32
248
102.32
102.00
,
102 n
1426
1021132
,4n
102
102".,
336
107".,
,
107 n
107".,
46
103".,
,
103 n
103".,
--1011.33
1011132
1011.22
30
,
102 33
102.00
102.00
74
102,133
102,,n
102".,
146
107"a:
107"s:
107"n
167
103"..
103"82
103".,
150
34
- - --
---- -1011.32
101"32
1011.32
285
102.32
102.00
102.00
184
103.00
102"..
102,1a.
321
107".,
107"..
107"..
55
1031 ..
,
103 ..
103"..
256
-The above table includes only sales of coupon
Note.
bonds. Transactions in registered bonds wore:
206..2 to 1011,3s
..
101 1.2 to 101, 68 2d 43413
1 let 356s
101"n to 101"..
102111.2 13 3d 434s
102.22 to
n
,
101 .. to 101, 45 4th 434s
8 1st 414s
1 2d 48
102".. to 102".
dness, &c.
Quotations for U. S. Treas. Ctfs. of Indebte
Maturity.
lot.
Rate.
Bid.
Mar.15 1926--- 431% 10134
Dec. 16 1925___ 45.4% 101%
Sept.15 1926___ 431% ton.
Asked.
Maturity.
,
101 .. Dee. 15 1927___
1011112 Mar. 15 1927.-ion. Sept. 15 1925-Dec. 15 1925.--
tn..
Rate.
Bid.
Asked.
414% 10211.
,
434% 102 1.
9
234% 99 1.
99".,
3%
102.1,
102 'is
100
10041
Companies.
New York City Banks and Trust
All prices dollars per share.
Ask
Banks-N.Y Bid
America •---- 299 303
Amer Each -- 405 420
Amer Union*. 140 150
650
Bowery*
Broadway Gen 200
Bronx Bort).- 575
Bronx Nat..... 150
BryantPark* 190 210
Butch & Drov 155 165
190 195
Capitol Nat
Cent Mercan. 268 278
444 448
Chase
Chath Phenix
Nat Bk &Tr 321 326
Chelsea Each* 200 210
650 660
Chemical
Coal & Iron-- 276 290
500
Colonial*
360 365
Commerce
Com'nwealth• 310 325
220 230
Continental
Corn Exch.__ 505 512
Cosmop'tan•- 180
East River.._ 270
Fifth Avenue. 1900 2555
2700 2800
First
345 355
Garfield
Greenwich.- 415
Trust Co. Bid
Ask
Bid
New York
995 1020
480 500 American ____
175 180 Bank of N Y
& Trust C 590
418 425
Bankers Trust 488
425
___ Bronx Co Tr_ 250
170
480 490 Central Unio 800
308
250 275 Empire
475 485 Equitable Tr- 272
117 125 Farm L & Tr_ 500
Fidelity Inte 250
_
190
248
480 48111 Fulton
505 515 Guaranty Tr_ 300
124 130 Trying Bank340 -Columbia Tr 259
80 Lawyers Tr
470
144 160 Mutual(West
185
cheater)
200 210
440
N Y Trust
300
Title Gu & Tr 480
U 8 Mtg dr Tr 346
Brooklyn
860
United Ste
Coney Island* 200
Westches Tr_ 350
450
First
Brooklyn
Mechanics'* _ 225
Brooklyn Tr. 720
200 -Montauk• _
315 325 Kings County 200
Nassau
Manufaoturer 355
260
People's
720
Queensboro• _ 175 185 People's
Banks
-Hanover
Harriman____
Manhattan* _
Mech & Met.
Mutual'
Nat American
National City
New Neth•_.
Park
Penn Exch
Port Morris__
Public
Seaboard __ _ _
Seventh Ave.
Standard
State*
Trade*
United States*
Wash'n Hts•_
Ask
610
495.
216810.
607
7
218
310.
263-
444
485
365
1685-
2400
365738
etwok•
•Banks marked with (*) aro State banks. (a) Ex-dividend. (I) New
(Ii) Ex-rights.
es.
New York City Realty and Surety Compani
AB prices dollars per share.
Bid
150
137
264
225
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee 273
Ask
142
259
227
280
Mtge Bond__
Nat Surety_
NY Title &
Mortgage..
US Casualty.
US Title Guar
Bid
131
208
348
315
240
Bid
Ask
139 Realty Assoc
(Bklyn)coin 340
215
93
1st pref
83
2d pref.__
352
330 Westchester
Title & Tr_ 350
250
Ask
-5611.
88
-The review of the Curb Market is
The Curb Market.
given this week on page 3028.
theA complete record of Curb Market transactions for
week will be found on page 3054.
3041
New York Stock Exchange-Stock Record, flatly, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually inactive, see preceding page.
HIGH AND LOW SALE PRICES
--PER SHARE, NOT PER CENT.
Saturday,
June 6.
Per share
Monday,
June 8.
Tuesday, 'Wednesday] Thursday,
June 9.
June 10.
June 11.
Friday,
June 12.
S per share $ per share $ per share $ per share S per share
3112
•29
*5212 5612
11812 11812
96
96
*412 43
4
16218 16314
7818 783
8
•64
6412
*3914 392
4
.90
924
4812 4918
80 4 81
3
*2912 31
*30
31
3038 303 *30
8
3012 *30
31
•5212 55
*53
55
*54
563
4 54
54
*5312 56
118 119
1173 119
4
1175 11812 1175 11812 11812 1187
8
8
2
96
96
9612 963
4 9613 963
4: 963 963
4
4 9612 9612
412 458
438 412
414 44
414
4
414
424
16212 163
16212 163
16112 1623 16112 162
4
16212 163
76
7814 754 764 753 77
4
753 763
4
4
8 7618 773
*64
6412 64
64
637 64
8
6412
64
64
*64
14 3914 3914 *39
3914 3914 3914 39
3912 3912 3912
8
.90
9252 *9114 94
•907 91 I 9118 9114 91
91
483 50 4 4912 5112. 493 503
8
3
4
4 493 50 8 497 50 8
8
4
,
,
81
807 8114 81
8
81
81 I 81
81
8112 8118
*79
81
*80
81
*80
81
79
7912 *80
83
*80
81
14014 14014 13912 141
13812 13934 13812 1383 13812 139
4
138 13912
0290 303
3013 30134 *285 300
4
292 292 *290 300 .290 300
96
96
933 9514 93 93 4 93
4
9312
3
9314 9312 933 94
8
•108 110
108 108 *10634 108 *1063 109 *10634 10812 *1063 10822
4
4
5
5
43
4 514
434 43
4
5
5
5
5
5
5
814 814
73
8 8
758 8
8
8 14
814 814 *2
10
•142 160
148 148 *146 155 *146 155
151 151 .146 150
*337 3412 .333 3414 33 8 337
2
4
7
8 333 333 *3312 34
4
4
3312 333
4
*4512 4612 45 4 45 4 *4412 46
3
3
*4412 46
44
44
44
45 4
3
1218 1212 1112 1134 1052 1112 1012 11
103 1114
4
1114 1114
2412 2434 2312 2452 223 2312 2212 23
2
23
2312 23513 2418
87
8 912
814 87
8
814 85*
82
2 812
814 8515
814 812
16
1612 15
1614 147 153
8
2 147 153
8
4 15
155
8 151g 15 4
3
*5512 557
8 533 5512 53
4
54
5234 533
4 525 53e 5318 55
8
*10314 10612 .105 107
105 105
105 105 *103 10612 102 106
44
4438 4214 4412 4112 427
8 42
4212 4278 4352 4314 44
•9412 9512. 95
9514 94
947 *9312 9412 94
8
9412 94
94
847
843 8518 84
8 837 83 8 84
8
8314 86
8
8412 8412
7
84
.40
41
*39
4012 *39
4012 4038 403 •39
4012
8
4012 •39
.80
8212 .79
80 .80
85
•79
85
*79
83
79
79
*5812 6112 5812 5812 *5812 59
.59
61
58
58
575 58
8
63
.6214 63
63
•63
6412 64
64
*63
6414 6418 6418
4
601 *593 61
.59
*5912 61
6012 6012 *5912 61
*5912 61
148 1487 147 148
*147 149
14778 14812 14712 148
8
148 1433
2
14512 147'2 143 1478 14212 145
4
14312 1467g 145 14712 14418 146
-.36
.3612 39 4 37
3
37 I 37
37
.3712 38
-2
.
8 2818 2812 28
94 - 1
16
2818 293
28
2828 28
28
287
8
3612 38
3712 38
36
3612 3512 363
2 355 36
8
355g 3612
373
8 3612 3714 3812 3512 *343 36
*37
4
35
35
3514 3514
673 677
8
8 667 673
8
66
667
8 6514 68
6514 6612 6612 67
28
28
28
28
2712 2772, 2772 27 8 *277 28
7
8
28
2884
8 29
291
295 295
8
2812 28121 2814 2814 2818 2812 2818 2818
9612 9612 9614 961
9614 9612 9612 9612 9614 9612 9614 96 8
,
170 18412 174 18314 180 18612 180 18514
1533 155 167
4
14612
8
3014 303g 30
303 3012 303 301
2
3014 30
3014 30
3014
4
49 8 703 *6914 701 *6914 703 *69
7
4
70 4 .69
3
7012
701 .69
.
1123 1131 1127 113 1 1125 1123 1125g 113 - 11312 113 2
4
*113 114
8
8
4
,
11512 11512 *114 116 *114 117 *114 117
0114 117 *114 117
72
*70
713 713
4
.7012 72
4 717 72
8
*70
723 *70
4
'
2312 231
*2318 24
223 2312 *223 2312 *2212 2312 *2212 2
4
4
312
*64
65
.64
65
*64
65
*64
65
*64
65
65
65
2312 243
23
24
23
2452, 23
243g 24
2412 2312 24
3212 3212 3112 32
3014 31141 3014 313
8 30
3114 303 32
8
591 *59
*59
*583 59
4
5012 *59
5914 *59
5914 583 59
4
831
78 4 80 1 7912 80
833
3
s 79
82
80
805 x80
8
8134
11012 11014 110 11012 11114 11114 11014 11014
1103 111
2
111 111
•66
70
70
.67
78
784 .66
78 .66
3
783 *66
4
7834
45
45
45
4518 45
454 *45
4538 45
4514 45
4514
.9
10
.914 10
*914 10
•
914 912 *812 9
4
7 4 818
3
34
*30
34
*30
34
.30
*30
34 .27
3212 *27
3212
50 50
5014 50 4 504 501
49
49 •483 50
,
8
•4814 49
•19
23
22
•19
20
20
*19
20
*19
25
*19
2034
27
*23
4 3
*23
4
*234 3
234 23
4 *234 24
23
4 2
*32
34 .32
34 .32
34
*32
34
*32
34
•32
34
*45
491 *47
*45
50
50
*4712 50
*4712 50
48
48
313 323
4
3318 3312 314 331
8 3112 32
313 323
8
8 3214 3234
*8214 8212 8112 82
81
8112 81
8114 803 81
4
8012 8112
3334 34
3312 34
3314 3413 33
3314 3212 3318 33
3334
4
78
7518 7612 753 763
783
4 753 781
8
8 76
7612 763 77
8
.17
8 2
•134 2
*17
8
•17
2 2
*13
4 218
17
8
17
•1161z 121 •11818 12218 *1161z 121 .11612 120 *11612 120 •11612 120
116 11612 11518 11614 11418 1153 11314 115
4
114 115
11514 116
12312 12312 123 12312 1235 12352 12312 12312 12312 12313
•121 125
8
91
91 12 9112 9112 9112 91
91
913
4 9112 913
4 9114 9114
8
8 313g 32
323 3318 315 333
4
31
32
3114 313
4 3114 3214
23
233 2312 2312 24
8
23
23
23
223 23
4
23
23
3512 3712 35
36
33
353
4 34
34
35
37
3614 3714
,
128 128 4 12712 1284 126 127121 12618 1263 12614 127
4
1267 12714
8
767 768 764 764 7614 7614 *7812 7712 *77
8
7712 *77
7712
4
6428 65 2 623 6514 624 63
,
62
6212 6218 623
4 625 637
8
8
433 44
4
4378 44
433 44
4
4378 444 44
4414 4418 4414
18 •1712 18 .17
*17
173 *17
4
18 .17
18
*17
18
.634 6614 .6314 6414 *6312 64
6212 6318 63
63
•62
63
80
81
80
80
80
.80
81
•79
80
80
*80
807
8
*704 72
*704 7112 .70
•7018 72
7112 *70
7112 .70
7112
*713 723
4
4 70
7012 70
8 7012 713
7018 6914 7014 70
702 2
8714 8418 8614 843 8614 8514 8614 8614 8714
4
8758 85
87
3814 3814 3914 3914 *38 3918 .39 3938 394 3938
40
*38
4112 4112 41
*4112 42
4112 42
42
4214 4214 4212 4212
*50
60
*53
60
60 .53
*54
60
•53
58
*52
58
4
8 784 8012 787 793
827
8 8012 8212 793 807
82
8
4 8018 817
8
8412 *8212 84
*84
85 4 •82
,
8212 8212 8252 823 *8212 8412
2
44
45
4414 44
44
4512 44
*45
43 4 4412 4414 4414
3
72
*7012 7114 *71
714 *7118 713 *69
4
*7012 713 .71
4
70 2
,
2914 3014 293 3018 30% 31
4
323 3 '8 3118 3218 3018 31
4 3
4212 4212 42
4214 407 413
8
4 4014 41
404 407
8 41
42
4
9914 997
4
8 9812 9912 985 9918 99
8 973 9914 973 985
8
9912
4
9314 947
8 9312 94
9512 9312 9514 923 91
95
9418 95
8612 88
8618 8612 8614 8614 862 863
4
4 8614 8612
884 89
4714 4914 473 48
8
463 4712 4614 474 465 48
8
,
4914 49 2
8
13
13
4
1214 1334 113 12
11
12
12
11
12
1212
65
65 65
6512 6518 *66
65 .60
68
•6412 65
382
13418 1355 13334 13512 134 134
8
1354 137
135 136
137 13712
74
7418 74
74
74 .74
7412 747
8 744 744 74
7412
*24
30
*23
*23
*2212 29
29
30
•23
*2412 30
29
•68
7212 70
70
70
70
70
70
72
•68
*70
70
4
11812 11912 1174 1193 119 12012 120 1223 119 119
4
11812 119
26
,
267
8 253 2618 2618 2672
4
28 8 2714 284 2614 27
,
28
4 6514 657
663
2 65 653
8 6518 6512 6514 6618
0618 667
8 65
47
47
*46
49
49
*46
*47
49 .46
49
847
49
4
1214 1212 127 13313
8
1318 123 13
1338 135
,
8
1318 13 2 13
18
18,
18
4 1718 18
1918 1918 195
184 10
8
•1812 19
8
8
4 407 413
4 407 413
4
4 41
414 41
.4119 413
4112
2 413 433
9112 9118 91
91
91
91
915 92
8
9112 9112 91% 92
8
144 1514 15
151
8 145 15
15
15
1512
•154 15,
2 15
2712 28
*273 2812 28
4
2712 28% *2812 30
31
28
•29
72
•131
*9314
*1412
*5212
2
113
70
6958 72
72
1333 *131 133 *131
4
9312 93 2 9314
,
94
*1429 15
1314
15
8
5412 525
5412 *52
4 1112 1112 •1114
113
•Bid and asked prices
70
7012
133 *131
9314 93
1412 1312
53
5212
1112 1118
7212 7012 7114 71
133 *131 133 *131
93
94
94
933
4
1414 *133 153
4
4 15
5212 *5312 5412 54
1114
11
11,
2 11
x Ex-di•idend.
b Ex-rights.
7178
133
94
15
5414
111
,
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
IVeek.
PER SHARE
Range for Year 1925.
On Oasts of 100
-share lots.
Lowest
Highest
Shares.
$ Per share
Par
Railroads.
100
100 Ann Arbor
100
100 DO pre(
11,390 Atch Topeka & Santa Fe_ _100
100
1,600 Do pref
4,9001Atiantc Birm & Atlantic_ 100
,
'Atlantic Coast Line RR_ 100
100
12,100 Baltimore & Ohio
100
900 Do pref
60
400 Bangor & Arooetook
100
300 Do pref
57,700 Bklyn Manh Tr v t a __No par
No par
2,600 Do pref v t o
64 Buffalo Rochester dr Pitte_100
100
5,700 Canadian Pacific
200 Central RR of New Jersey_100
100
9,800 Chesapeake & Ohio
100
Do pref
100
100
2,300 Chicago & Alton
100
Do pref
2,100
100
200 C C C & St Louis
100
500 Chic & East.Ill RR
100
Do prat
900
100
7,600 Chicago Great Western
10
Do prof
12.900
27,600 Chicago Milw Sr St Paul_ 100
10
43,200
Do pref
13,600 Chicago & North Western.
100
Do pref
200
25,300 Chicago Rock Isl & Pacific _100
100
1,200
Do 7% preferred
100
1,300
Do 6% preferred
500 Chic St Paul Minn & 0m.,100
100
Do pref
100
100
700 Colorado & Southern
100
Do 1,t pref
400
100
Do 2d pref
100
100
2,500 Delaware & Hudson
14,000 Delaware Lack & Western_ 60
200 Denver Rio Or & West prat 100
100
6,100 Erie
100
Do 1st pref
11,800
100
Do 2d pref
1,000
100
10,400 Great Northern pre:
Iron Ore Properties_ _No par
6,700
100
1,900 Gulf Mob & Nor
100
Do prof
1,300
72,800 Havana Elee Ry, Lt & P._100
100
4,200 Hudson& Manhattan
100
Do pref
100
4,200 Illinois Central
100
100
Do pref
510
Do RRSec,Series A _ _1,000
500 Int Rys of Cent America_ _100
100
100
Do prat
4,500 Interboro Rap Tran v t a _100
100
6,900 Kansas City Southern
100
200
Do pref
60
19,100 Lehigh Valley
100
1.300 Louisville & Nashville
100 Manhattan Elevated guar_100
100
1,800
Do modified guar
100
200 Market Street Ry
100
Do prof
100
Do prior pref
100
501000
Do 2d pref
100
0 Minneap & St L
Minn St Paul & 5 S Marle_100
100
Do pre!
100
15,400 Mo-Kan-Texas RR___.No par
100
2,800
Do prof
100
7,600 Missouri Pacific
100
23,500
Do pref
200 Nat Rys of Mex 2d pref
100
100
New On Tex & Mel
100
26,100 New York Central
100
600 NYC &St L Co
100
Do pref
1,100
20,100 NY N H & Hartford
100
2,600 N Y Ontario & Western_ 100
16.600 Norfolk Southern
100
11,000 Norfolk & Western
100
300
Do pref
100
13,200 Northern PacInc
100
14,500 Pennsylvania
50
Peoria & Eastern
100
5001 Pere Marquette
100
300' Do prior prat
100
Do prof
100
3.700 Pittsburgh dr West Va
100
31.900 Reading
ao
400
Do 1st prof
50
2,000
Do 2d pref
50
Rutland RR pre(
100
31.100 St Louis-San Francisco_
100
300
Do pref A
100
3,300 St Louts Southwestern_ __ _10
Do prof
10
18,100 Seaboard Air Line
10
4,700
Do prof
10
38.100 Southern Pacific Co
10
31,700 Southern Railway
10
2,000
Do pref
10
14,300 Texas & Pacific
10
3.100 Third Avenue
100
City Rapid Transit_ _100
4001 Twin
26.000 Union Pacific
100
Do pref
100
1.300
United Railways Invest__ -100
Do pref
100
300
5.800 Virginia Railway & Power 100
20,300 Wabash
100
100
21,400
Do pref A
150
Do pref B
100
100
4.900 Western Maryland
100
2.100
Do 2d pref
100
.900 Western Pacific
3
100
3.100
Do pref
4,700 Wheeling & Lake Erie Ry_ _100
1,000
100
Do pref
5 Per share
22 Feb 17
40 .Mar 24
11614 Jan 16
9212 Feb 17
3 Jan 14
14714 Jan 16
71 Mar 30
627 Apr 21
8
3514 Mar 23
90 Feb 19
3518 Jan 5
727 Jan 2
8
48 Apr 2
13612 Mar 30
265 Mar 30
8914 Mar 30
10514 Apr 14
34 Apr 24
518 Apr 23
140 May 20
293 Mar 30
4
40 Mar 30
9 Jan 2
1914 Mar 30
314 Apr 20
7 Apr 20
47 Apr 14
1013 Apr 14
4
4018 Mar 30
92 Jan 2
82 Mar 30
334 Apr 22
7314 Apr 21
4418 Jan 6
60 Mar 26
54 Jan 21
13312 Mar 30
125 Mar 30
3612 Mar 24
263
4May 15
354 Apr 27
35 Apr 24
60 Apr 24
273 Apr 22
8
23 Mar 30
8912 Mar 30
112 May 16
4
213 Mar 18
6412 Feb 18
111 Mar 31
11212 Apr 23
7052 Jan 6
18 Jan 8
5912 Jan 2
1312 Mar 23
285 Mar 30
8
57 Jan 15
69 Mar 30
106 Jan 16
64 May 20
324 Mar 23
714 Mar 11
20 Jan 13
43l4 Mar20
16 Mar 19
212 Jan 5
3052 Apr 4
40 Mar 30
2814 Jan 2
743 Jan 2
4
3058 Jan 5
71 Mar 30
14 Apr 3
11314 Feb 21
11314June 10
120 Mar 30
884 Jan 6
28 Mar 24
205 Apr 4
8
217 Apr 22
8
12312 Mar 30
7512 Jan 8
5814 Apr 25
424 Apr 9
1334 Apr 30
621,June 10
7812 Apr 15
6812 Apr 16
63 Mar 19
693 Mar 30
4
357 Mar 18
8
3614 Mar 18
42 Apr 24
5712 Jan 16
76 Jan 20
4334June 11
7012 Jan 19
203 Jan 16
8
35 Mar 30
973
4June 8
7752 Jan 2
83 Jan 1
434 Jan 27
712 Apr 17
58 Jan 22
13314 Apr 24
72 Jan 30
1814 Mar 19
4812 Mar 23
6418 Jan 14
1912 Mar 30
563 Jan 20
4
3812 Jan 21
11 Mar 24
16 Mar 27
3212 Jan 5
8412 Jan 6
103 Mar 31
4
22 Apr 2
347
8May 8
6012May 8
1277 Mar 2
8
4June 9
963
712Mar
166 Mar 3
8414 Mar 6
6612 Jan 6
4214 Jan 15
9412 Jan 6
5112June 9
8114 Mar 14
923
8May 2
8
1521 Jan 8
321 Jan 3
9918May 18
11118May 29
1052 Feb 9
191/ Feb 21
16412 Feb 11
3618Mar 13
57 Jan 2
/
1
4
15 Feb 7
323 Feb 0
2
1638 Jan 7
2882 J...12 7
75 8 Jan 12
3
117 Mar 5
5414 Mar 3
994 Feb 21
8912Mar 3
5912 Jan 13
108 Jan 13
6512 Apr 18
644June 12
60 May 6
155 Apr 8
14734June 8
60 Jan 12
34 Feb 24
467 Jan 2
8
434 Jan 5
714 Jan 8
4038 Jan 19
34 May 8
10112 Jan 10
18612June 11
3212IMay 6
703
8June 3
11953 Jar 7
119 Jan 7
74 Apr 17
254 Apr 28
/
1
65 Apr 25
3412 Feb 9
4012 Feb 21
595 Feb 24
8
833
8June 6
11714 Mar 2
100 Jan 14
511 Feb 9
/
4
1012 Jan 2
34 May 8
66 May 7
25 May 7
4 Mar 6
5814 Jan 14
71 Jan 9
4014 Mar 4
874 Feb 5
41 Feb 11
84 May 20
23 Jan 12
4
1233
2May 8
1243 Jan 13
4
13714 Feb 24
9214 Mar. 3
3612Mar 2
274 Jan 7
3712June
1345 Mar 20
8
79 Apr 3
4
713 Mar 6
487 Jan 5
8
2078 Jan 12
72 Feb 25
84 Jan 16
7514 Jan 10
7378 Jan 2
9114June 1
41 June 1
8June 1
443
6278 Jan 9
844May 20
8512May 20
5334 Mar 2
7534 Mar 11
353
4May 20
48 May 7
1083 Jan 9
8
977
8June 2
923 Feb 25
4
583 Mar 13
4
1434 Jan 12
70 May 27
15314 Jan 10
76 Feb 26
,
33 2MaY 18
7814May 18
123 June 3
293
4hlay 22
68145,1ay 20
497 ay 21
ghf
174 Jan 9
2614 Jan 9
55 Mar 11
100 Mar 11
1812May 21
3312May 21
I
2,700
I
1,000
1,100
1,000
2,100
Industrial & Miscellaneous
Abitibi Power & Paper_No par 62
100 119
All American Cables
100 90
Adams Express
100 13
Advance RumelY
100 47
Do pref
1
93
4
Ahumada Lead
Jan 6 754May 29
Jan 5 133 May 26
Apr 16 10314 Jan 9
1512May 13
Apr 11
Feb 18 59127*lay 18
Apr 21
125
8May 27
PER SHARE
Range for Prerious
Year 1924.
Lowest
Highest
Per share 5 Per agars
12 Apr
25 Mar
9718 Jan
8612 Jan
152 Feb
112
Jan
5218 Apr
5614 Apr
394 Dec
Jan
88
1312 Jan
483 Jan
4
40 May
14234 Mar
199 Mar
673 Feb
4
9912 Jan
314 Apr
818 May
100 Apr
21 May
37 May
4 Apr
1012 June
8
107 Oct
1814 Oct
4914 Jan
100
Jan
2112 Feb
761 Feb
4
6538 Jan
Jan
29
6814 Apr
Jan
20
Jan
50
45
Jan
10412 Mar
1104 Feb
42 Dec
2034 Jan
285 Feb
8
2518 Jan
533 Mar
4
26 May
1114 Apr
Jan
50
227 Dec
8
4614 Dee
12014 Dec
9652 Dee
5 Dec
15214 Dee
847 Dee
8
664 Dee
444 Dec
/
1
95 Nov
414 Dee
754 Dee
683 Dee
8
15612 Nov
295 Dec
9814 Dee
10918 July
1012 Dee
194 Dec
15014 Nov
38 Dee
627 Dee
8
114 Nov
313 Nov
2
4
183 Nov
3218 Nov
4
753 Dee
1144 Dec
50 Nov
974 Dee
87 No•
11
57 Dee
11
94 Deo
49 Nov
654 Dee
59 Nov
13958 Dee
1493 Dee
8
4312 Dee
353 14111
8
4914 Dee
464 Dee
75 Dee
3914 Nov
2912 Dec
99 Dec
205 Nov
8
5714 Oct
1004 Mar
104 Mar
Jan
64
111.4 July
4414 May
124 Jan
171 Mar
4
5114 Mar
93911 Apr
873 Jan
8
Jan
42
3012 Jan
63 Mar
4
20
3
4ct
41 Nov
14 Mar
13 Jan
2
2814 Mar
60 June
1012 May
293 Feb
4
93 Jan
4
29
Jan
118 July
9312 Feb
9918 Feb
7212 Feb
83 May
1418 Jan
16 May
1212 Apr
10212 Jan
724 Feb
474 Mar
4214 Jan
94 Mar
4012 Mar
7112 Apr
Jan
60
Jan
38
517 May
8
Oct
34
D334 Jan
Jan
32
194 Apr
425 Jan
8
Jan
33
574 Jan
614 Jan
1414 Jan
8512 Ma
3812 Jan
663 Jan
4
Jan
19
84 May
3912 'gct
12852 Mar
70 Mar
74 1*pr
2612 I4pr
36
Feb
103 Jan
4
34
Jan
2212 Jan
838 June
154 May
1434 Jan
58
Jan
712 Jan
1414 Jan!
2914 Dee
647 Dec
8
1174 Dee
11714 Dec
73 Dee
184 Nov
63 Nov
3914 July
4152 Dec
5911 Dee
85 De
109 13( a
85 Da.
5172 July
1312 Jan
42 Dee
714 Jan
Jan
30
4
Jan
5311 Dee
75 Dee
341 Dec
8
753 Dee
4
344 Nov
74 Dee
3 Dec
12112 May
119% Dee
128 Dee
9318 Sea
3314 Dec
2814 Nov
29 Nov
13314 Dee
8012 June
73 Dee
50 Dee
224 Nov
73 Dec
8512 Aug
77 Aug
754 Dee
794 Deo
5612 Jan
Jan
56
66 Nov
85 Dee
8212 Dec
557 Dec
8
74 Nov
244 Dee
4512 Dee
1051 Nov
,
794 Dee
85 Dec
483 Dee
8
1812 July
66
Jan
1514 Dee
764 Aug
41
Dee
644 Dee
723 July
4
243 Dec
8
603 Da.
4
421 Dee
8
1614 Dee
2614 Dee
387 Dec
8
8612 Dec
1712 Dee
3212 Dec
61 Dec 64
Dee
9612 May 12212 Dec
7312 Jan
9312 Dee
6 June 163 De,
8
2814 June 54
Dee
-- --
3042
New York Stock Record -Continued-Page Z
page proceding.
Pot sates during rho week or stocks usually inactive. see second
6t, SHAna
I-ER ,Jti A tit:
Range for Previous
Range for Year 1925.
STOCKS
Sales
Year 1924.
tots
AND LOW SALE PR10ES-PER SHARE, NOT PER CENT.
-share
HIGH
On bast, of 100
NEW YORK STOCK
for
EXCHANGE
the
Friday,
Highest
Wednesday. Thursday,
Lowest
Tuesday,
Monday,
Highest
Saturday.
Lowest
Week.
June 12.
June 11.
June 10.
June 9.
June 8.
June 6.
per share S Per share $ per share $ per share
& Miscell. (Con.) Par
per share $ per share $ per share Shares. Indus.
per share
6714 Jan 93 Dec
11113 Feb 26
$ Per share 3 Per share
4 Jan
.
10212 10318 2,700 Air Reduction, Ina _No par 863 Mar 30 1478May 12
14% Dec
412 May
101 10112 10118 10114 .102 103
•10314 10433 102 104
19
10
.
3
1% Mai
8 133 1413 25,700 Alas Rubber, Inc_ _ No par
133
13
78 Jan
1314
8 13
214 Mar 27
127 133
8
4 1312 13% 1318 133
1 Jan 6
600 Alaska Juneau Gold MM__ 10
13,4
4
13
4
13
4 •15
13
8
65 Mar 87% Dec
1%
95igMay 28
134
4
13
4
13
4
13
134
•158
9014 9112 16.900 Allied Chemical & Dye_No par 80 Mar 30 120 Feb 26 110 I Apr 1185 Dec
8
8
4 9018 913
4 895s 9012 89% 90% 895 90
9012 913
100 117 Jan 9
Do pre!
200
120 120
8
3
41% May 73% Deo
11934 119 4 *1193 120
5
8
8
•1193 120 *1193 120 *118 8 120
100 7112 Jan 5 8618 Mar 13
5,700 Allis-Chalmers Mfg
8012 81
4
81
803 81
4 81
803
ALM' 104% Dec
70
90
80
8318 80
83
100 10314 Jan 3 108 June 3
Do prof
101)1
102 1021g 10712 10712
718 Apr 1718 July
21% Feb 11
•10512 108 •105I2 108 *10512 108 *10512 108
4 2,809 Amer Agricultural Chem_100 1312 Mar 19 58 May 25
18% 183
4
8
4
183 Apr 49% Jan
3
1912 1912 18 8 19% 181g 1812 183 183 98% 19
100 3613May 23
Do pre!
8 507 51% 51% 5212 50% 51% 4,500 American Beet Sugar
g
523
36 Mar 4913 Feb
5312 5312 5118 5212 51
100 36% Mar 19 43 Jan 7
500
,
*3913 4012 *3912 40 2
88% Oct 83 Dec
39
3
3
39% 397g 39 4 39 4 39
*3912 40
Jan 19 8712 Jan 13
100 8014
Do pre!
100
•8514 88
88
8712 87 87
•87
2214 Apr 38% Jan
8712 .85
•8412 877g •85
,Jan 3
8 6,600 Amer Bosch Magneto. No par 2618 Mar 24 641 May 5
333
32
31% 32
32
Apr 102 Dec
8 3114 3212 32
76
3218 3318 3214 333
600! Am Brake Shoe & F.__ _No par 90% Mar 30 109
4
1033 103% 10313 10312
10312 10312 104 104 •103% 104
20 10414 July 110 Mar
106
•10312
100 10713 Jan 12 11314May
Do prof
100
112 112
95% Apr 16313 Dec
•111 115 •111 115 •111 11414 '111 114 *111 114
100 15818 Jan 16 194 May 23
84,900 American Can
4
4
Jan 119 0431
4
18612 18914 18314 1863 18214 18412 18214 18518 1823 18514 1853 18714
100 115 Jan 29 121I2June 12 109
Do Ore!
121 12114 12112 12112 1,100
4
ii2May 8
•121 122 •121 1213 .121 121% 121 121
1027g 10273 3,100 American Car& FoundrY Nolaar 9713 Apr 27 126 June 10 118' Apr 125 Ju89
10212 103
103 103
8
103 103% 102% 103
1033 104
4
100 1203 Apr 2
Do prof
200
*12612 12712
126 126 •125
8
213 Mar 25 Sept
•125 127 .125 127 *125 127
500 American Chain. class A. 25 22% Apr 22 27 Feb 14
s
8
8 235 233
7
8
8 233 23% 23 8 237
23% 233
*23Is 237 *2314 24
s
1484 AD1' 407 Dec
No par 37 Jan 27 62 Apr 18
7
5213 52 3 3,500 American Chicle
4
, 5112 Feb 9312 Dec
4 523 5318 5213 527u
4 5318 5412 538 533
4
533 533
100 94 Jan 5 109 June 3
200
Do Ore
4
23 Sept 39 Dee
*105 109 *105 109 .105 109 .105 1083 105 105
5812 Apr 18
•105 110
No par 37 Jan 7
Do certificates
400
52
*51
Oct
7
4
4
5214 513 513 .5112 52
4
03 Jan 22
52
54
*53
312 June
54
•53
514 Mar 17
900 Amer Druggists Syndicate_ 10
3
4
3
5 1 54
8 573
57
API' 1643 Dee
57
88
8
34 57
5% 5%
4 58 *5
5%
*53
100 125 Apr 27 166 Jan 2
400 American Express
13013 13012
4
132 *1313 133 2132 132
132
4June 12
4
•133 135 *1313 131
414 61,500 Amer & Yarn Pow new_No par 2714 Apr 7 411 Feb 19 ---- --4 39
38% 3814 403
8 3234 3334 327* 3313 33
343
34
No par 87 Jan 6 94
Do Ore!
3.700
917* 92
917* 92
92's Mar i5ii. Dee
8 9012 9012 90 4 9013 9012 91
,
3
90 4 907
114% Apr 7 13014June 12
Do 25% paid
3
14% Dec
12914 13014 13012 130 4 1,000
124 126
7% Apr
14 Jan 14
12318 12318 123 123 •120 124
812 Mar 31
700 American Hide & Leather.100
5012 Jan 72% Dec
1114 *1012 1114 *1012 1114 1118 1114 *10% 1118 2,300
11
75% Jan 14
12
•11
59 Mar 31
100
Do pre!
7112
Feb
7014 7112 71
70
84 693 6912 70
8
72 Aug 98
June 6
7218 7218 7012 71
100 83 Mar 18 115
11014 11212 6,200 American Ice
111 111
73% Nov 83 Feb
107 11212 111 114
11112 112
113 115
100 7413 Mar 17 84 May 21
Do Prof
500
843
8312 8318 8312 *83
17% Mar 35% Nov
84% 8314 8314 *83
84 .83
41 Feb 5
84
6,100 Amer International Corp_ _100 3218 Mar 30
3314 3312 3212 3314 327 347* 3412 35
10 May 1214 Jan
*3312 35
•3312 35
10 1114 Jan 2 14 Jan 15
8
125 127* 1,100 American La France F E
4
4
4
8 123 123
1314 May 283 Dec
4 127 127
0
4
1212 12 8 123 123
13
13
100 20 Mar 25 303galay 6
1,300 American Linseed
4
Apr 53% Dee
3
3
30
2712 2612 2612 •25 8 29 4 263 2773 *2712 2812 2812 287* 3.300
4June 12
•2512
100 53 Jan 2 721
Do pref
7224
72
71
7013 70
7018 Apr 109% Dee
8
.69
698 6914 6914 6912 698 70
10,100 American L000m new_ _No par 10413 Jan 5 1447 Mar 6 116% Apr 120% Sept
122 123
8
1197 12038 12012 122
12013 121
12012 122
122 122
100 11812 Mar 20 124 Feb 16
Do pref
200
4
4
38% June 64 Dec
4
1213 1213 *1213 124 .12112 12213 .12112 12212 12212 12212 1.000 American Metals
•12112 124
4
No par 453 Mar 30 53% Jan 2
4614 4614 4612 4612 4614 4614 4612 47
9414 Apr 136 Dec
47
4614 4614 47
25 89% Jan 3 105 Jan 17
1,600 American Radiator
Oct
83
77% Nov
9418 9414 9414 9414 96
94
94
94
95
9512 94
•95
701451ay 13 84 Jan 13
Amer Railway Etpress____100
7712
7712 .76
7712 •76
12
77 *76
5% Apr 1014 Nos
•76
78
78 .76
•76
.
3,200 American Safety Razor_ _ _100 36% Jan 2 5914 Mar 12
50
4 48
4
473 473
2
47
2
477 483 •47
50
1018 Oct 153 Feb
12 4912 49
49
814June 8 1412 Feb 28
par
87* 812 1.500 Amer Ship & Comm _No
814 812
814 814
84 814
,
814 8 3
12 812
8
2
57% Jan 1008 Dee
8
8M ar 30 1065 Feb 10
1001g 10112 101 10312 44,400 Amer Smelting .4 Refining_100 903 Jan 5 1103 Feb 5
Jan 107% Dec
3
96
4
3
3
102 4 10 % 1013 10312 100 4 10212 100 102
3
100 10512
Do pre!
300
110 110
110
110 110 *109 110 .109 110 *109
•109 110
Amer Steel Foundries_ _No par 3738 June 11 40 May 28
5,200
4
373 38
4
377* 38
4
3
4 38 4 38% 373 3812 373 38
3
38 4 383
100 108 Jan 7 112 Apr 18 10i' Apr 6134 Feb
Do pre!
.110 112
Oct
36
Apr 14
•110 112 910 112 .110 112 .110 112 *110 112
63% 8,400 American Sugar Refining_ _100 47% Jan 16 71 14 Feb 28
63
2
63
6212 6318 63
Oct 997 Feb
g 6118 63
77
3
62 4 63% 62% 637
100 9114 Jan 16 10112
900
Do pre
9712 9612 9712 9712 9712
8
63 July 2813 J&I)
9714 97
4 97
2412 Feb 14
4 963
May 6
*9612 9712 963
500 Amer Sumatra Tobacco._ _100
3
.812 8 4
Jan
9
9
9
9
2212 Sept 69
8% 838
.812 9
8% 9
100 28 Apr 27 8818May 28
300
Do pre(
8412
84
84
84
85
83
86 •
3814 Dec 431g Jan
*82
85
•82
85
•82
4June 1 47 Feb 25
200 Amer Telegraph & Cable_ _100 373
40
40
40
40 .38
40
41
*38
12 121 18 June 13484 De0
51
*40
40
*38
100 130% Jan 2 141 2June
8,600 Amer Telep & Teleg
4
3 1403 141
3
957 May 23 136% Mar 1697s Nov
140 14012 140 14012 140 14012 140% 140 4 14013 140 4 943 95
50 85 Feb 17
3,200 American Tobacco
8
3
8
Apr 10612 July
8 943 95 4 9412 9412
4
4 923 947
953
3
*9518 95 4 95
100 10412 Jan 5 108 June 8 101 Mar 168% Nov
Do prof
500
x1061z 10612 .10612 10712 107 107
98%June 1 13514
108 108 *107 10813
•107 108
Do common Class B____60 8412 Feb 17
947* 2,100
9414 94
Sept
4
943 *94
•9412 95
9412 9514 9313 9412 94
103 Apr 22 118 June 11 106 Sept 115 Dee
116 1167* 2,300 American Type Founders_100
40 Feb 144
114 11512 113 113 *11212 11312 112 11414 114 118
8
20 343 Jan 13 68 June 2
6514 17,000 Am Wat Wks de El
34 65
13318 64
89% Mar 101 Dec
647
8 637* 6512 621 647* 63
663
85
100 100 Jan 9 103 Feb 18
200
Do 1st pre!(7%)
8
101 101 *1007 10112
10012 101
66 Feb 102 Nov
1
3
101 101 •100 101 *100 4 101
800
Do panic p1(8%) __ _ _100 9512 Jan 2 108 June 6
.10512 10614
8
8
51% Sept 78% Jan
3
3
•106 107
10638 1063 106 8 1068 1063 1063 106 1077
100 3434a1ay 6 64% Jan
3618 368 17,600 American Woolen.
8
Oct 1025 Jan
4 3614 36
3
90
35% 3614 35 4 363
36% 36% 3518 37
100 13912MaY 6 9618 Jan 20
Do pref
4 1,600
7913 7914 7912 793
7 July
113 Apr
79
711 Jan 3
3
79 4 787* 784 79
79
Apr 2
3
78 4 78%
212
1,000 Amer Writing Paper prof _100
4
4
4
4
4
• 7 Mar 12% Dec
3% 312
37*
312 312
312 312
7 May 12 1213 Jan 9
25
900 Amer Zinc. Lead & Smelt
77*
*7
7
7
7
7
24 June 36% Dee
39 Jan 9
7
712
77*
8May 1
14 712 •7
•7
25 247
300
Do pre!
*2818 27
28% May 4814 Dec
261g 2512 251z *2553 27
26
27
28 .26
•28
3514 Apr 21 48 Jan 3
4
363 3714 364 3718 3714 387* 13,800 Anaconda Copper Mining...50
8 3614 37
3714 3713 3612 373
28% Dec 29 Dec
13
26 Jan 7 3514 Feb
1.100 Archer. Dan'Is Midi'd_No par
3412 3234 34
•3212
34
90 Dec 911s Dee
33% 34
12 3312 •3212 3312 33
•32
100 90% Jan 5 9812June 10
400
Do pre(
98
8
9813 *97
9812 •96
83% June 943 Dec
98
9812 •96
98
•96
98 .96
Mar 31 9718June 12
90%
,
4 9512 9614 968e 97 8 8,500 Armour di Co (Del) ore!.._100 20 Mar 19 2213 Mar 18
9512 953
96
•9418 9434 9412 95% 95
2114 2114 2112 7,600 Armour of Illinois Class A._25
Oct 15 -ai;
2118 21
6
2114 2114 2114 2118 2134 21
21
8 Jan 8 12% Jan 28
par
91
400 Arnold Constle&Covto No
91
---•9
_
9
9
914
*914 10
3
*914 9 4 *914 10
No par 3914May 14 44 May 18
Artloom
*3912 41
•3912 40
*3912 41
---*3913 41
*3912 41
4May 14 103141Vlay 19
•3912 41
100 1013
500
Preferred
102 10212 102 102% •10112 103
51i2June 10 5412June 8
•102 10218 902 102Ig *102 103
1
5214 527* 52% 527* 8,600 Associated Dry Goods_ _ _ _100 94 Jan 7 99% Mar 12
5112 523
8313 May 94 - 46;
5214 53
5212 53% 5318 541
100
200
Do 1st Ore!
Jan 102% Dec
9912 9912 .9812 9912 *9812 9922
89
*9812 100
9814 9814 •9813 100
100 101 Jan 2 108% Feb 7
Do 2d pre!
22
32
2712 July 34% Feb
107 .10512 107 *106 107 *10512 107 *106 lig12 *12 112 173
30 4014May 22
•106
25 32 Mar
14,800 Associated 011
3912 39
39
10% Mar 23 Dec
4 38% 391
393
3918 39
39
20 Jan 5 5112June 12
g 4534 47
458 5012 492 5112 33,100 Atl Gulf St WI SS Line____100 31 Jan 5 4812June 12
1213 Jan 31% Dec
2 45% 467
483
47% 46
48
100
Do pro!
4 48
48 2 7,000
,
3
45 4 473
3
4614 45 4 46
78% July 14018 Jan
4512 4612 46
5
4
5
48 8 463
100 9512 Jan 2 11713 Feb
14,700 Atlantic Refining
4
4
4
Oct 118 Feb
4June 8 108
1104 11412 11014 1113 111 1123 112 1133 114 115
11058 113
100 11313 Jan 6 1173
300
Do pre(
4
4
4
4
1173 1173 916 118 *1163 1173
4
5 June 1118 Jan
4
4
9% Feb 16 13 Apr 28
•11714 11734 1173 1173 *1173 118
No par
Atlas Tack
*1014 11
81014 11
*1014 11
11
Mar 33% Dec
*1014
1813
•1014 1112 •1014 11
2314 Apr 30 3212 Jan 12
900 Austin, Nichols &Covtc No Par
4
2418 24Ig 233 24
24
24
25
79 Apr 91 Nov
2412 .24
24
25
24
.
100 87% Jan 27 93 May 14
D
100
90
90
92
92 .90
8% Jan
90
93 .
112 Nov
93 .90
414May 14
*90
1% Jan 7
93
90
•
1,400 Auto Knitter Hoalery_.NO Par
2
4
33
2
3
2
8
313 •3
4 .3
33
Mar 30 146 Feb 26 104% May 1343 Dec
4 •3
*314 33
g
1117* 1127 39400 Baldwin Locomotive Wks_100 107 May 1 11634 Jan 31 1101,June 117% Noy
4
11014 1113 110 Ill
3
8
109
1117 11212 11012 11212 109 4 112
100
200
Do pre!
a
11012 11012 *11012 1107
8
14 Feb 2313 Dee
*11012 1117 •11012 111
•110 111 •11012 11212
25 21 Mar 24 30 Mar 3
7
23 8 244 2412 2518 2434 2512 38,300 Barnsdall Corp. Class A
17% Dee
Jan
10
237* 24
4 234 243
243
24
25 1614 Apr 22 23 Feb 6
1,500
Do Class B
20
193
1934 1923 20
4 1813 18% *18
3
•18 4 1912 1838 183
231/ Nov 39 Dee
No par 35 Jan 5 4978 Mar 4
Barnet Leather
3212 38
Jan
*3212 38 .
*321k 38
3012 May 50
*3212 38
28 5314 Feb 14
*3212 40 .3212 40
No Par 39 Apr
8
393 39% 2,100 Bayuk Cigars, Inc
393 40 .3912 40
% 40
4434 Apr 72% Dee
4
39
393 39
40
40
20 60 Mar 23 7413 Jan 10
6814 68 4 6814 68% 1,300 Beech Nut Packing
,
68
6713 68
4
373 Oct 6218 Feb
3
4
683 68 4 67
37 June 5 5312 Jan 13
67
100
• 12 6814
25,000 Bethlehem Steel Corp
4
,
Apr 11014 Feb
4 3713 3828 3714 38 4 373 39
3712 373
3713 38
3734 38
.100 109 Mar 18 IN% Feb 8 10114 June 97 Feb
Co cum cony 8% pre!.
300
8912
110 110 •110 112 *11012 112 *110 112
110 110
100 0314June 1 102 Jan 31
•110 112
900
Do pre! 7%
4
943 943
4
93% 94
71s Jan
3% June
7 Jan 10
9312 9312 .9314 94
24 .9314 94
418May 4
No par
*39314 04
300 Booth Fisheries
4
412 *414 43
412
414 414 *414 412
par 33% Mar 17 441251ay 25
*414 4% .414 47*
4
8 4012 417* 403 41% 40% 42% 32,800 Briggs M anufacturing_ _No 100 1203 Jan 2 1405
8MaY 22 107'g June i24' Dec
4212 407* 417
8
4112 423
2 41
1,900 Brooklyn Edison, Inc
13312 134
8
7
132 1327 133 133
8
663 Apr 82% Dec
75% Feb 17 9158May 22
1327* 1334 1327* 133
•133 135
No par
88% 8,800 Bklyn Union Gas
288
88% 89
8812 89
39 May 76% Dee
.Iune 1
8
100 6413 Mar 31 10012
8914 89 4 877* 8912 873 88
,
9112 9112 92% 4,700 Brown Shoe Inc
93
88
84 June 99% Dee
9418 90
93
Mar 25 105 June 8
9412 96
100 98
4
963 96%
Do Ore!
100
107
24i4June 9 49% Jan 21
105 105 •105 107 .105 107 *105 107 *105
•105 110
265s 2618 26% 11,600 Bruns% lek-Balke-Coll'r No par 9212 Feb 11 10912May 9
26
95 Dec 112% June
8 25% 25% 2414 2512 2412 2614 100% 105 •102 105
52 263
25
No par
1,700 Burns Brothers
8
193 Feb 29 Noy
4
107 1073 106% 10718
17 Mar 31 30 June 6
10712 107%
108 108
Do new Class B corn No par
8 7,500
26% 267
28
26
82% Nov 6713 Oot
4
283 29
29
29
2912 30
2912 30
400 Burroughs Add'g Mach.No par 65 Jan 3 82% Mar 15
79
*78
•781z 79
78
7812 7812 78
1434June 10 1812May 15
7812 79
•7812 79
1,100 Bush Terminal new _ _ _.No par
15%
15
•14% 15
4
1514 143 15
1512 1512 *15
16
100 80 May 14 8SI4June 12
*15
Debenture
,
8
24
86
864 873 88 4 2,600
3% June --b- Dec
4
8% Jan 2
,
85 4 8412 8514 843 86
8412 8412 85
414 Mar 31
5
512 5 3 2,400 Butte Copper & Zino
4
512 .514 53
51
17 Apr 25% Dee
,
3
512 5 2
5% 513
512 512
100 17 May 13 28% Jan 9
700 Butterick Co
18
18
18
14 May 251s Dee
18
19
19
812alay 5 2414 Jan
1814 1814 1812 19
20
•19
11,100 Butte & Superior alining_10
414 Jan
8 10% 1133 1118 1218
1 Nov
113
2% Jan 12
4 10
914 93
12 Apr 25
10
3
*9 4 1012 10
8 5,600 Caddo Cent Oil& Ref__No Dar 10013 Jan 27 118 June 1
7
llg
4
3
8
5
80 Apr 10614 Dee
1%
1% 114
114
112
114
8 1%
13
No par
2,300 California Packing
11314 114
113 114
111 11112 113 113
1912 July 2914 Feb
11312 11313 111% 113
8 Mar 7
25 23% Jan 2 327
Jan
2914 3034 78,500 California Petroleum
92% July 107
22
8 2814 29
100 100 Jan 2 123 May 19
2838 288 2812 28% 2818 287* 2818 283 121% 12118 12114 12114
800
Do pre!
5% Jan
21s May
4
43 Feb
212May 8
10
12114 12114 12114 12114 12118 12118 12118 12118 *234 3
1,500 Callahan Zino-Lead
3
4
3
4
413 Mar 583 Dee
68 Jan 7
8 3
•23
3
3
3
7
2
8
7
2 3 27
100 Calumet Arizona Mining_ 10 45 Apr 22 18% Jan 5
49
1318 May 19% Dec
49 .47
8
477 *47
8
*4714 477 *47
49
25 1214May 26
4738 4734 •47
300 Calumet & Ilecla
13
14 Mar 35 Dee
4
8
4
18 3512a1ay 28
4
123 123 *125 1312 121 123 *1212 34
*1212 13
.
•
127* 13
Case Thresh Machine_ _ _100 24 Mar 11 801421ay 26
Jan
*32
4114 May 77
34
*32
34
*32
33
*32
34
*32
100 60 Mar
34
.32
Do pre(
100
8
787 78%
9% Mar 21% Dec
79
*77
79
4
*77
79
Mar 28 213 Feb 7
*77
80
*79
100 1434
80
*79
4 2,500 Central Leather
177* 173
2914 Mar 58% Doe
171s 1714 1712
17
4
100 4914 Mar 24 66 Fob 7
1812 164 16% 163 17
•18
Do Ore!
8 4,000
597 61,
2534 Apr 3514 Nov
4 5912 60
5 4711Mar 11
4 5738 5818 5912 593
4 573 583
3
.58 4 593
300 Century Ribbon Mills_No par 3112 Jan 3 983 Jan 14
35
35
Jan 95% July
36
91
4
36 .35
3
8
353 35 3 *35
8
*355 36
100 9512 Jan
36
36
Do prof
100
98
4
*9514
4
403 Mar 563 Dee
59514 98
•95% 98
*9514 98
96
9613 96
CopPer_No par 43% Mar 24 5513 Jan 2
•96
4914 5118 9,000 Cerro de Pasco
8
247 June 4412 Deo
4914 50
8May 29
Ma: 24 513
4912 497* 50
49
50
4 49
Produots_No par 40%
4914 493
3
8
2(17 Nov 6612 Jan
4
4 473 49 4 4834 4914 13,600 Certain-Teed
7
39%June 9
4718 4818 47 8 483
478 49
4873 487
41,900 Chandler Motor Car _ __No par 2812 Jan 22 9853 Jan 3
s
8
79% May 1007 Des
3813 375 387*
3914 38
8 38
8
373 392
373 39
3614 39
700 Chicago Pneumatic Tool_100 8014 Mar 19 55 Jan 3
'
30 May 6112 Apr
9014 *892u 9112
90
89
89
87
87
89
*87
95
•88
300 Chic Yellow Cab tern ctf No par 46 June 18 59% Mar 10
47
*46
47
*46
47
47 .46
4712 46
4712 *47
No par 49% Mar 31
547
8 5838 5934 22,000 Child. Co
25% Mar 387* Dec
8 581g 593
8 5814 595
587
8 57
3
58% 573 587
25 3011 Mar 30 37% Jan 2
57
4
333 11,400 Chile Copper
29
33
8
8.
7
8
3318 327 3318 32 8 3314 327 33
a 19 Apr 23 28% Feb ; 65 Mar 7511 Deo
3313 3314 33
300 Chino Copper
20
*19
Jan
(act
20
2012 204 .19
20
2012 .19
100 5812 Mar 17 71% Jan 12
21% *19
•19
700 Cluett,Peabody & Co
60
6112 80
Apr 83% Dee
61
3 60
*5914. 6112 *60
6 122IgJune 12
59
60 60
61
•60
NO Par 80 Jan
, 25,800 Coca Cola Co
24% Feb 5414 Aug
g
116 12012 11818 1197 120 12112 120 122 8 8,900 Colorado Fuel & Iron
119% 122
100 3214 Apr 21 4814 Jan 13
120 122
8
373
*
3612 37
4
393 Sept 553 Jan
36
4
Mar 24 513 Jan 8
4
4 373 3812 3612 3712 3612 37
383
38
4 2,700 Columbian Carbon y t o No par 45
4914 493
4813 48% 498
48
49
49% '48
49
4912 50
z Ex-dividend.
a Ex-rights.
no sales on thla day.
•Bia and &egad orlon;
New York Stock Record-Continued-Page 3
3013
For sales during the week of stocks usually Inactive. see third page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Monday,
June 6. 1 June 8.
Tuesday. Itrolnesday. Thursday,
June 9.
June 10.
June 11.
1 Sales
for
Fridao,
the
June 12.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On bags of 100-share lots.
I,owest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
per share $ per share
Per share
S per share S per share $ per sharel S per share $ per share S per share Shares. Indus. & Miscell.(Con.) Par $ per share
33 Mar 48 Deo
4May 21
No par 4534 Jan 21 693
6312 62
6318 625 633
8
645 65
8
6312 6434 62
8 623 633 30,000 'Col Gas & Elec
4
8
8June 8 10314 Dec 105 Dec
100 10414 Jan 5 1097
Do pref
.10914 110
109 10914 *109 10912 1,100
•10934 110
4
1093 1097 10912 1093
4
8
304 May 58 Nov
/
1
100 Comm'l Invest Trust__No par 50 Jan 2 67 Feb 16
*6612 69 1 *6612 70
*6212 70 , *6612 70
*60
70
65
65
93 May 103 Nov
100 102 Mar 19 10612 Jan 19
Do pref
•10312 10412 *102 104, *102 10412 *102 10412 *102 10412 *102 10112
2
4312 Jan 13114 Dec
Commercial Solvents A No par 80 May 25 190 Jan 29
90
95
95
850
90
90
8912 8912 89
90
90
90
90
33
Jan 1294 Dee
76 May 25 189 Jan 29
No par
Do "B"
1,900
85
8614 8614 86
90
95
99
*80
90
85
*95
90
4
323 May 663 Feb
3
4 2614 263
4 2613 267
8 2618 2612 11,000 Congoleum Co new_ _ _No par 25 Apr 29 434 Jan 2
267 267
8
8 263 2714 2614 263
4
73 May 1414 Dec
4
47, 1
12May 19 17 Feb 10
7
4
7g .
7
8
7
8
*7
1
7
500 Conley Tin FollstampedNo par
3
4
7
8
4
113 Mar 30 Nov
8
4018 404 3812 40 4 3818 387
8 3812 3812 3814 383
4 3812 403
4 8,600 Coneolldated Cigar___No par 264 Jan 2 4418May 29
3
5912 Apr 84
Jan
4
100 793 Jan 2 8978 Feb 111
8512
8512 *82
8,5
*81
8512 81
86
86
*82
85
*82
100
Do prof
18 Jan
3 Dec
/
1
4
932 Feb 19
318 Jan 7
4
4 14
33
4 4
33
4 414 12,100 Consolidated Distrib'rs No Par
43
4 43
4
35
8 438
312 412
s
6072 Jan 797 Dec
8
4
87 8712 86
/ 8712 86
1
4
3
867
8 8612 87 4 865 8712 8612 873 23,200 Consolidated Gas(NY) No par 744 Mar 30 8912May 23
2 Apr
/
1
4
8
Jan
514 Jan 7
234J tine 9
284 3
21
8 3
27
8 3
23
4 28
7
27
8 27
8
3
9,500 Consolidated Textile_ __No par
4318 Apr 695 Dec
8
2
635 637
8
65
653
8 6412 65 8 64 6412 6334 64
3
8 6412 65
6,600 Continental Can, Inc__No par 6012 Mar 30 697 Jan 2
8918 Apr 10912 Dee
25 103 Jan 5 12012 Jan 26
11278 113
113 115
113 113
113 113
1127 113
8
4,100 Continental Insurance
1123 114
4
87 Deo
2
6 Apr
8May 9
814 Jan 2 113
1012 105
8 1012 103
8 1018 103 27,000 Cont'l Motors tern ctfs_No par
8
4 1014 10 4 1014 1012 1014 103
3
3112 Jan 433 Nov
4
8
8May 29 415 Feb 25
3312 34
337 337
8
8 333 34
4
3314 3312 3318 3338 3312 333
4 9,500 Corn Products ROM w l___25 323
/
1
4
100 11818 Jan 7 12412June 12 11518 Apr 123 Aug
12412 12412
*122 124 *122 124
Do pref
124 124 *12212 124 *12212 124
400
48 May 76 Dee
4
6612 6612 653 66 4 6412 66
4
3
65
6714 6618 663
4 6614 6714 18,000 Crucible Steel of Amerlca_100 8412 M ar 30 793 Jan 17
86 May 98 Dec
100 92 May 8 96 Jan 15
945 9458 *94
8
*94
95
95
95
95
95
95
300
Do pref
*91
95
1012 Oct 18 Feb
/
4
/
1
4
No par 10 Apr 29 141 Feb 9
1112 1218 3,500 Cuba Cane Sugar
•1134 12
113 113 *1112 1134 *1112 1134 1134 12
4
4
/
1
g
534 Apr 717 Feb
/
4
100 4734 Apr 30 621 Feb 26
51
5114 5038 5114 5014 507
11,600
Do pref
8 493 507s 495 503
4
8
8 4934 51
2814 Nov 384 Feb
2918 2914 283 2918 2814 287
8 2812 2812 2814 2812 283 287
8
8 3,700 Cuban-American Sugar____10 27 May 6 3312 Mar 3
4
98
Jan 10014 Nov
100 9512May 5 101 Mar 13
*933 97
*933 97
4
pref
4
*9334 97
*933 97
4
Do
*933 97 j *933 97
4
4
44 June
84 Feb
64 Feb 27
/
1
4 June 5
*418 414
4
114
4
418 *418 414 *418 414 *418 414
1,900 Cuban Dominican Sug_No par
38 Dec 52 Feb
100 31 June 3 4412 Jan 6
*31
3312
*30
32
32
32 1 32
32
*31
3312 *31
32
200
Do pref
/
1
5612 Aug 764 Sept
8212 843 87
No par 62 Mar 30 87 June 8
4
*84
87
87
8012 8212 8212
1,900 Cushman's Sons
8212 87
*82
1.518 Nov
7412 Jan
No par 50 Feb 17 59 May 25
5214 5214 535
,
5212 53
5212 533
si 5112 5218 52
8 53 4 5514 6,800 Cuyamel Fruit
6 Nov 3214 Mar
74 Jan 9
14 Apr 23
213
212 1,000 Daniel Boone Woolen Mills_25
238
238
212
212
212 212 *21
212 212
214
3812 Nov 694 Jan
4
8
8
3
36
4
36
4
2 333 3412 3312 3412 333 3414 343 35 4 3,200 Davison Chemical v t a.No par 277 Apr 30 493 Jan 23
1814 Jan 2214 Dec
*2114 22
*2118 22
*21
2112 *2018 211.
De Beers Cons Mines__No par 2014 Mar 18 2412 Jan 28
*203 22
4
*203 22
4
4
25iay 22 10114 Jan 1153 Dee
12312 122 12314
100 110 Jan 5 1257
•122 12312 12212 123
123 123
1227 123 *12112
8
1,800 Detroit Edison
23
2238 1378 14
14
143
8 1,900 Dodge Bros Class A _ __No par 2134June 9 26 May 11
2312 2214 2318 213 2214 22
4
4June 12
185 185
8
785 7912 7912 8014 7912 80
8
4
Preferred certlfs_ _ __No par 7312May 7 823
793 8018 1812 19
8 1,300
204
/
1
113 Nov
4
No par
123 Apr 14 164 Jan 19
4
8
137 1378
8
131 137
8
8 137 137
s
8 137 137 11118 11118 *111 1113
8
8
700 Dome Mines, Ltd
18 Dee
9 Jun
/
1
4
2312 2418 53,200 Douglas Pectin
No par 14 Feb 16 $012May 12
•1814 1834 *1818 1814 18
1818 18
1814 221s 24
1004 Ma 10814 Sept
8114 8234 59,300 Duquesne Light 1st prat _100 105 Jan 7 1114June
11114 11112 1117 1117 *111 11112 11112 11112 7934 813
8
8
4
2
10818 10812 10818 1085g 10818 10814 108 10818 10712 108
107 10712 4,000 Eastman Kodak Co__No par 107 June 12 118 Jan 19 10418 Apr 1147 Noy
83 Sept 2418 Jan
4
18 .1714 18 .1714 1758 165 1712 163 17
8
163 17% 4,000 Eaton Axle dr Spring_ _ _No par 1012 Feb 13 2014May 27
18
4
4
drCo_100 13414 Jan 5 177 June 3 112 May 142 Dec
16912 170
16412 16912 163 167
4
165 16714 16514 1673 1663 16812 9,500 E I du Pont de Nem
4
85
Apr 98 Dee
•97
97
/ 97
1
4
/ 99
1
4
*981 100
,
9812 9812 .98 100
987 987
8
100 94 Jan 23 99 June 8
400
8
Do pref 6%
173 Apr 25 37 May 20
8
3214 323
4 313 333
4
4 317s 3314 32
327
8 32
327
8 32
323 88,300 Elec Pow & Lt els__ _No par
4
2May 29
100 Mar 18 1087
4
/
1
410512 1057 1053 10612 107 10812 108 1084 108 1083 108 1083
12
6
8 6,500
Pr Pd
3
40%
10634 10712 107 8 109
10012 Mar 28 1094May 29
5
109 109
10818 1091 *108 109
10614 107
Prof full paid
2,500
504 May 66 Dee
/
1
4
*635 64
8
4
6312 635
6318 635s 635 64 8 2,400 Elee Storage Battery_ No Par 603 Mar 30 70 Jan 3
6314 64
8 633 631
8
8
3
312 July
4 June
212 Jan 3
*112 2 1 *112 2
112 11
*112 2
*112 2
1 18Nlay 1
*112 2
100 Emerson-Brantingham Co.100
/
1
557 May 734 Dec
2
6912 8912 3,800 Endlcott-Johiason Corp__ 50 633 Apr 2 72 Jan 9
6718. 67
67
6678 67
67
69
4
6718 6718 67
Jan
/
4
4
100 III May 28 1161 Feb 18 10512 June 115
•1123 1133 *1123 1133 1123 11314 *1123 11314 *1123 1131 *11234 11314
4
4
4
4
4
4
Do prof
200
18 Dec 2412 14115
18
•17
18
*17
1512 Apr 8 1972 Jan 3
.17
18
*17
18
*17
173 *17
17
/
1
4
Exchange Buffet CorP_No par
•312 412 .34 412 .312 412 *37
412May 28
44 Jan
2 Dec
8 418 *312 41
*312 412
25
214 Mar 27
Fairbanks Co
2512 May 34 Dee
No par 3214 Jan 2 4012June 10
*37
3712 3718 377
8 37
38
38
4012 3914 393 2383 3912 7,200 Fairbanks Morse
4
61
Jan 9812 Dec
103 1043 10312 10514 1031s 10412 10314 1043 104 106
8
4
102 1043 47,000 Famous Players-Lasky_No par 9014 Feb 17 10812May 19
4
8
.Iune 11
877 Jan 1084 Dec
111 11112 11112 11112 112 1121 11218 11212 1,200
•11012 1121..110 111
100 1031 Feb 17 II 212
8
Do pref (8%)
4 3018 3014 3012 303
15 30 May 21 3314May 14
305 305
8
; 3012 303
4 3012 321
32
3238 9,700 Federal Light & Trac
4
54 Apr 243 Dec
17 1 1612 1612 •151 17
1634 163 *16
4
*1614 17
*1614 17
200 Federal Mining & Smelt'g_100 154 Mar 13 25 Jan 19
4112 Jan 6412 Dee
55
55
54
55
5412 5412 5314 531 *54
100 4912 Mar 11 6414 Jan 15
5412 55
Do pref
5412 1,300
•165 166 *160 165 *162 165
16412 16412 *162 165 *162 165
50 Fidel Phan Fire Ins of N Y25 14712 Jan 6 175 May 15 118 Mar 146 Dee
04 Jan
8June
13
/ Jan
1
4
12 Jan 8 157
81
8
153 153
8
8 15
8 154 157 *1414 167 .1414 167
15
*1414 1618
400 Fifth Ave Bus tern ctfs_ No par
25 6014 Feb 17 73 May 28
71
7212 70
71
6912 703
4 6912 70
•7•212 73
69
/ 70
1
4
/ 6,200 Fisher Body Corp
1
4
137 Dee
2
54 June
1012 Mar 24 20 June 12
1812 1912 177 185
No par
8
8 18
167 19
8
1812 1818 183
4 187 20 274,400 Fisk Rubber
8
3818 July
86 Dee
100 7512 Jan 16 10518June 12
99
9914 99
96
99
98
100 10014 10014 101
10112 10513 3,000
Do 1st pref
83
8418 83
4414 Jan
9014 Nov
8414 8312 8312 83
No par
75 Mar 19 87 .May 21
8318 84
83
83
8334 3,900 Fleischman Co
/
4
6612 Jan 941 Dee
No par 90 Jan 6 11634May 19
4
116 11612 115 1163 11318 1145 114 114
8
1137 115
8
115 1153
4 6,900 Foundation Co
1372 Jan
712 Sept
8 Mar 18 1812N1ay 11
1478 155
No par
8 16
8 1514 163
173
8 163 1814 17
4
181
17
175 111,000 Freeport Texas Co
8
7
3
/ Oct
1
4
Jan
44 Jan 2 1814 Mar 2
8
No par
8 103 107
1012 103
3
8 1018 103
4 105 117
4 103 103 *1012 107
4
4
8 4,200 Gardner Motor
3512 May 53 Dec
100 4434 Apr 27 5812 Jan 10
4514 4618 *4514 46
*1612 48
457 457
8
8 46
4772 4714 4712 2,800, Gen Amer Tank Car
92 Feb 9912 Dec
100 933 Feb 16 99 Jan 19
4
*97
99
•97
99
*97
99
*97
99
*97
99
Do pref
*97
99
I
311 Apr 634 Dee
/
4
/
1
4
/
1
100 4212 Mar 30 63 Jan 2
543 553
4
2
/ 5214 54
1
4
3 523 55
5212 534 5312 5412' 543 557 11,100 General Asphalt
4
8
7111 Apr 100 Dec
100 8612 Mar 17 100 Jan 2
*9414 97
*9414 97
9612 9612 *9414 9578 *9414 96 1 96
96
3001 Do pref
93
Jan 160 Sept
No Par 121 Mar 7 14734 Jan 2
Baking
•13314 137 *13312 13712 *13312 136 *13312 136
135 13612' 1363 11434 7,000 General
8
82 Apr 981 Dee
/
1
4
4Mar 4
/
4
100 8412May 4 1013
8512 8512 8578 86
86
86
86
86
*86
8612 8614 86 4
1,1001 General Cigar. Inc
,
100 22714 Feb 17 320 Jan 2 19312 Jan 322 Dee
282 28434 284 2873 28412 2863 2853 28912 19,900 General Electric
289 29058 282 288
4
4
4
1112 July
1012 Apr
10
11 Jan 2 11135135 26
1112 1114 113
1138
8 1114 1112 1114 1112 1114 1112 113 1112 13,500' Do special
8
553 Oct 664 Dee
4
7718 7712 783 7718 755 7614 7534 763
8
8
8 757a 7612 755 767 54,200 General Motors Corp_ _No par 6.15s Jan 5 79 Feb 10
8
s
80 June 93 Dee
100 90 Feb 13 9412 Jan 21
*91
94
*9212 _ -- - *9212 *93
Do pref
____ *93
*93
8018 June 9312 Dec
94
*9212 94
*9212 94
*91
*93
Do deb stock (6%).__ _100 8812 Apr 21 94 Jan 13
94
*93
94
*93
94
9518 July 10312 Dee
100 102 Jan 5 109 June 6
1083 109
4
1083 109
4
10812 1083 1085 1083 10834 10834 1085 109
4
8
4
Do 7% pref
8
3,400
383 June 45 Aug
*
25 42 Jan 16 59 June 12
523 5358 5214 543
4
8 52
5358 5312 5518 55
8
5814 565 59 189,310 Genera Petroleum
Jan
31 June 55
43 Apr 28 5812 Jan 14
*49
348
50 '
50
*48
50
*48
49
49
49
49
49
300 General Refractories_ __No par
2
474 June 647 Dee
No par 47 Mar 16 62 June 9
*5412 5512 557 573
8
4 56 8 62
,
Gimbel Bros
5834 593
2 58
59
58
58
17,200
99
Jan 107 Sept
100 10214 Mar 14 10514 Jan 20
•101 104 *102 104 *101 12 104 *10D2 104
Do pref
104 104
400
10412 10412
21 Dec 27 Nov
2234 Feb 13 407
/
1
4
8MaY 15
3512 36
35
35
3512 35 4 36
3
3712 364 3714 37
/
1
38
4,800 Ginter Co temp ctfs_ _ _No par
8 June 15 Nov
8May 1
No par 1212 NI ar 19 233
2012 21
2018 204 1914 20
1912 1972 193 197
2
2 20
204 13,100 Glidden Co
2812 Apr 437 Nov
2
37 Mar 3 4212May 20
.No par
*3812 40
*3812 3912 3812 3812 *3812 40
385 385
600 Gold Dust Corp v t e.
8
8 383 383
4
4
17 June 38 Dec
363 Jan 5 5512 Apr 6
4
No par
517 5212 51
8
53
503 511
4
8 503 5112 5012 52
8
17,200 Goodrich Co (B F)
505 52
8
21)lay 22
7014 May 92 Dec
100 92 Jan 3 997
*9714 9712 973 9712 *9714 99
Do pref
*9712 99
3
400
*9712 9912 99
99,
2
39
Jan 90 Dee
/
1
4
8May 27
8 9912 100
993 10018 100 1003
1
99
995 *99 100
8
9912 9912 3,000 Goodyear T dr Rub pf v t c_100 8618 Jan 6 1017
884 Jan 1084 Dee
0106 10612 *106 1061 10614 10614 10612 10612 1065 1063 *106 1064
100 103 Apr 27 10714Mar 6
Do prior prof
8
4
500
1212 Apr 217 Dec
2
Mln Sin & Pr _100 13 Mar 30 2114 Jan 14
1418 1418 1418 1418 .1312 1412 *1314 14
137 1512 3,100 Granby Cons
8
*1314 14
8314 Oct 9672 Dee
10518 106
105 10612 101 1047 103 105
106 10614 14,100 Great Western Sugar tern ctf 25 91 Jan 16 110 June 3
8
1037 107
8
10 May 214 Dee
/
4
.1212 13
1212 1212 *1212 13
Greene Cananea Copper_ _A00 111 Mar 19 1914 Jan 2
•l23 13
8
123 1238 1212 1212
8
300
62 May 8914 Feb
100 6718 Mar 24 944 Feb 5
83 8 84
7
8112 8212, 80
82
8012 13,000 Gulf States Steel
783 803
*
4 78
7914 79
444 Feb
/
1
31 Sept
4
*2812 2912 2818 2812' 28
2758 28
2712 2712 28
28
28
1,900 Hartman Corporation_ No par 253 Apr 24 3712 Jan 7
324 May 5272 Feb
/
1
No par 30 Mar 14 434 Jan 3
Wheel
36
36
36
4
36
36
3614 353 3614 361s 3634 3,300 Hayes
357 36
8
4814 Dec 514 Dec
*46
4618 467
4712 .46
8
47
.4512 47
4712 *46
471 *16
100 Hoe(R)& Co tern ctfs_No par 45 Apr 1 4872 Jan 9
35 July 5612 Jan
100 43 Jan 2 50 Jan 12
*44
*14
45
44
44
45
45
*4412 45
4414 441 *44
300 Homestake Mining
311 Apr 38 Nov
/
4
*353 36
4
4
354 36
353 353
4
*353 30
4
36
36
1,900 Househ Prod,Inc,tem ctf Nopar 3412 Jan 5 374 Jan 20
4 353 36
Apr 8212 Feb
61
674 69
6918 713
8
4 6814 701 _ 89
70
694 72
/ 7314 745 17,900 Houston 011 of Tex tern etts_100 59 Apr 22 85 Jan 29
1
4
2012 May 36 Dee
623 6312 603 6314 58
4
603 645 61,400 Hudson Motor Car_ _ _ No par 3334 Jan 5 6514June 3
4
8
6112 60 603
4 60
61
4
Jan
Ills May 18
173 18
4
10 1414 Mar 18 1914 Jan 5
1712 18
1812 33,500 Hupp Motor Car Corp
1718 1712 174 1712 17
188
8 18
53 Sept 164 Dec
4
3912June 12
1312 Jan
3034 315
8 3118 323
3912 148,100 Independent 011 & Gas_No par
4
8 3118 3134 313 3314 3314 3512 36
1512 June 2514 Feb
•17
*17
1712 17
*1712 18
17
13 Mar 24 20 Jan 3
No par
17
17
17
17
1714
500 Indian Motocycle
818
812
8
74 June
3
/ Apr
1
4
512 Jan 2 104 Feb 6
/
1
73
4
734
83
4 93 13,200 Indian Refining
10
77
8 8
818 9
7 4 818
2
89 •79
60 Mar 75 Dee
83
.79
82
82
89
*79
83
•79
82
82
.100 77 Mar 24 95 Jan 7
Do pre!
300
8 40
*39
407
40
2
3112 May 483 Nov
39
39
*39
40
39
39
39
40
/
1
No par 384May 1 50 Feb 2
800 Inland Steel
4
*108 11018 •108 11018 *108 109 *108 109 *108 11012 *108 11012
100 10412 Apr 13 110 Jan 22 10114 Jan 1073 Dee
Do pre(
257 2574 253 257
8
4
8
2212 Feb 337 Dee
2512 25
8 25
2518 *25
25
/ 2512 274 2,600 Inspiration Cons Copper
1
4
20 2214 Apr 22 3234 Jan 12
4 1118 1118 11
1114 113
/
1
107 107 *105 107
8
8
11
93 Jan
2
3 June
712 Jan 7 1312 Feb 5
8
No par
8 104 104 1,000 Internat Agrlcul
120 122
*118 122
8
8
11912 11912 12012 12012 1207 1207 *120 124
83 Apr 1134 Dec
4
700 lot Business Machines_No Par 110 Mar 30 1263 Mar 25
67
67
12 66
665
8 65
8 6712 683
683
8 6712 687
40% Apr 5912 Noy
6712 5,700 international Cement_ No Par 52 Jan 5 687
8June 10
8 67
4212 43
4038 423
4
4 4013 413
8
405 4112 415 4314 50,400 Inter Combus Engine...No par 311 Jan 21 44 2June 3
8
4 403 42
22 Mar 39 Dee
3
/
4
10512 10614 10614 10612 10618 107
Jan 11012 Dee
1083 109
78
4
410712 10712 10512 107
3,800 International Harvester ___1001 9612 Mar 25 11414Ma$ 20
/
1
4
8
4
8
s
8
/
1
4
4
11712 1183s *117 1183 *1173 1183 •____ 1183 *1177 1183 117 1173
8
Mar 3 118 June 5 106 Feb 11512 Nov
200
Do pref
100 114
83
8 83s
812 812 *814 812
814 8 2 *812 85
,
8
15 Dec
/
1
4
8
/ 8
1
4
/
1
4
/
4
8
74June 2 147 Feb 5
900 lot Mercantile Marine_ __ _100
61 Jan
335a 3414 3312 341s 34
/
1
4
4
2612 Mar 47 Dec
*3418 35
35% 343 3612 9,900
4
Do pref
100 3312June 2 523 Feb 5
8
4 285 29
287 3014 29 4 303
8
8
3
8
2
4 305 3114 107,100 International Nickel (The)_25 2414 Mar 18 3114June 12
1112 May 2718 Dec
285 283
98
98
*98
99
*9812 99
7512 May 95 Nov
*99
99
99
9912
*9714 98
Do pref
100 94 Jan 6 9912 Feb 8
400
6812 6938 6514 6812 6412 663
8 655 677
8
8 663 67
8
3112 Apr 80 Dc
6812 34,000 International Paper
/
1
/ 67
1
4
100 484 Mar 19 744June 1
7814 7814 *7814 7912 *78
SO
785 788 7812 78 2
8
747 Oct
*6918 70
2
6212 Ma
100 71 Mar 9 8212May 28
,
Do stamped prof
700
141 141 *143 148 *145 149
73 AD 119 Nov
No par 108 Feb 2 150 June 1
*141 147 .144 147 *140 147
100 International Shoe
*11772 12112 *120 12112 *120 12118 *120 1214 *120 12118 *120 12118
100 119 Apr 18 121 June 3 11514 May 1194 Dee
Do pref
11812 11414 11612 40,500 Internat Telep & Teleg
8
8
8
4
4
94 Dec
66 Fe
100 8712 Apr 3 11934Juue 3
1113 1123 1097 1153 11112 11412 1135 11678 11458
23' *22
2
2312 22
22
*22
2312 *22
No par 2112May 16 2612 Jan 5
.213 2312 *22
4
2412 Dec 324 Mar
2312
200 Intertype Corp
1812 1812 183 183 *18
4
4
183 *18
4
183
4 183a 183
8
164 Apr 2314 Jan
/
1
100 181 Mar 30 2172 Feb 26
*1818 19
300 .towel Tea, Inc
105 10512 *102
___ •103 106 *105 106
2
78 Mar 106 Dec
100 le. . Jan 19 110 Feb 25
•104 10512 *102 106
200
Do pref
8
143 141
4
1514 1514 .143 1512 .1412 1518 .1412 1512 44312712 Jai
,
143 Sep
4
2
/
4
500 Jones Bros Tea,Inc,stpd_ A00 14 May 22 217 Feb 3
122 14342
4
113 4212
4
4June 9 5912 Mar 3
4 2,200 Jordan Motor Car
No par 413
4312 4214 43
213 May 62
4
44 1234 123
43
/
1
4
4
8
277 31313 283 303
8
-34 29 30 2914 3012 18,100 Kayser (.1) Co v t er __ _No par 1834 Mar 17 9012June 12 1614 Au 381 Dec
6
28
28
/ Jan
4
*96
99
*98
99
*98
99
9812 *9012 99
77 Au
NO par 83 Mar 30 10014June 2
*97
10212 Feb
Do let pref
*9312 99
175 185* 9:7156 Kelly-SPringneln TIN'
8 1714 175s 173 18
8
4
9114 Jun
25 1214 Mar 21 1912May 12
1714 1812 1712 1858 1714 175
35
Jac
5812 5812 5812 593 60
58
5814 5814 *57
4
33 Jun
100 41 Mar 25 60 June 12
5912 58
88
500
•58
Do 8% Prat
Jan
*5814 593 *5814 5934 *584 80
4
60
60
60
60
40 Jun
100 43 Mar 25 60 June 8
400
Do 6% pref
5912 5912
784 Jan
95
95
*94
95
95
100 88 Mar 26 10412May 12
76 May 104 Dec
9512 9614 9512 9512 9514 9514 *94
Kelsey Wheel, Inc
4810 4731 P534 473 4534 4731 1791. 19 503 1Cennat.911 Conner
48
,
485,, 487
No mu. 451.7k1nr1411 573, Jar, 13
341, Jan
-03
, 481. 49
5734 Dec
:
•
Bid and allied 9r10133 no Wee On this day. •Ex-dividend. S Par value Changed from $100 to $50 and prices on that basis be Inning June 3. a Ex-righte.
3014
New York Stock Record -Continued -Page 4
For gales during the week of str.cks usually inactive, see fourth
page preceding.
HIGH AND LOW SALE Ph:ICES-PER SHARE, NOT PER CENT.
Saturday,
June 6.
Monday.
June 8.
Tuesday,
June 9.
Wednesday I Thursday,
June 10.
June 11.
Sales
for
the
Week.
YCK Zlielftb
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1925.
On basis of 100
-share lots.
oil ANA
Range for PreViOtil
Year 1924.
Friday.
June 12.
Lowest
Lowest
Highest
Highest
$ per share S per share
per share $ per sharelS Per share $ per share Shares. Indus. & blisceli.
(Con.) Par $ per share $ per share $ per share $ Per share
23
2 212
238
234
212
212
238
238
212 212
212 212 4,400 Keystone Tire & Rubb_No par
Ps Jan 9
314 Feb 5
8
113 Oct
43 Jan
*811 82
*81
83
794 80
*801g 83 1 99
83 1 •79
83
300 Kinney Co
No par 74 Star 25 873
4Nlay 25
5214 May 0614 Dec
*390 395
39014 39014 395 3954 *390 410 *400 425 *401 415
300 Kresge (85) Co
100 335 Apr 28 532 Mar 24 28712 Jan 47514 Dec
*36
373 *36
4
373 *36
4
373 '
4 336
3734 *3573 3712 *36
100 Kresge Dept Stores_ _ _ No par 311 Jan 21 45 Jan
3712
/
4
/
1
4
4212 Nov 624 June
/
1
166 166
160 164
157 157
155 A60 ;960 169 I 159 159
2,000 Laclede Gas L (St Louis)_ _100 11014 Jan 5 178 Mar 7
31
79
Jan 113 Noe
13
1312 *13
1313 93
14
*1314 137
8, 133 137
8
81 137 141 2,000 Lee Rubber & Tire_ _ _ _No par
/
4
8
111 Feb 20 15 Feb 5
/
4
8 May 1718 Jan
627 627 *613 6212 62 62
8
8
4
614 614 *62
6212 6212
1
25 57 Mar 25 7112 Feb 6
•11912 1213 *11912 12138 *11913 1214 11913 1213 •I1912 1213a •11912 62 2 1,700 Liggett & Myers Tub new
50 Mar 68 Dec
/
1
4
8
8
Do prig
1213
8
100 11612 Jan 16 121 May 20 1147 July 121 June
8
*6012 61
6012 61
6018 61
61
61 1
613
4 6112 613
4 1,6001 Do "B" new
25 5512 Mar 27
7954 Feb d
82 82
487 Mar 6812 Dec
8
613 62
4
6114 6114 6112 61341 61
6112 *6114 6112 1,300 Lima Loo Wks
No par 01 June 11 74 8 Jan 14
3
2912 30
56 June 71 Dec
2912 30,
4 29
294 294 293
8, 2918 2912; 2284 2913 11,500 Loew's Incorporated_ _ _No par 22 Feb
17 313
713 712
8June 2
1518 June 25 De
712 712
712 7 8
3
712 7 4'
3
74 74'
7 2 7 2 1,400 Loft Incorporated
,
,
No par
6 Jan 28
918 Apr 6
90
91
*8913 90
512 Apr
84 Jan
88
8912 88
88 1 *8812 89 1 89
93
2.400 Loose-WilesLitscult
100 77 Feb 17 07's Mar 7
35
3514 35
50 Mar 84 Nov
3514 35
354 3518 354 3514 353
8' 354 3513 3,400 Lorillard
25 3014 Jan 24 37 Jan 13
•11014 112
/
1
4
11014 111 *11014 112 *11113 112 19.11 112
333 Dec 4014 July
8
112 112
3001
Do Prof
100 10818 Feb 27 112 Jan 12 112 Nov 117
18
187
8 177 194 17 4 183
Feb
8
3
8 18
/ 1918 187 1912 19
1
4
8
/ 194 32,900, Louisiana 011 temp ctfs _No par
1
4
141 Mar 31 233 Feb 3
/
4
343 34 4 3312 3412 3312 34
4
3
4
3338 34 1 334 34
/
1
33
4,3001 Ludlum Steel
/ 34
1
4
par 314 Feb 17 55 Mar 4 .
12114 12114 121 121
11 Oct -5T3r4 Des
12113 12113 122 12212 "122 123
122 4 12214
,
600 Mackay Companies
No 1(10 114 Mar 20 12312May 22 107
17612 17818 1734 17713 172 1753 174 17614 1763 178
Jan 119 Aug
4
8
17712 1803 83,000 Mack Trucks, Inc
4
No par 117 Jan 16 1853
8Stay 28
75
/ Apr 11878 Dec
1
4
111 111 '909 111
110 11012 III 11112 *10912 111141 11012 11012
700
Do 1st pre(
100 104 Jan 27 11112June 10
9513 Jan 10714 Dec
•104 1043 *104 105
4
10412 10112 1043 1043 105 105 1.10514 108
4
4
400
Do 2d Pre
100 99 Jan 2
•8713 8812 87
87
Apr 1014 Dec
8938 86
8913 87
88
88
88121 88
3,800 Macy (It II) & Co,Ino_No par 0012 Jan 3 105 June 11
88
40
91 June 3
4018 40
59 May
4012 394 4018 3912 40 1 3918 3912. 3913 403
7113 Dec
5.900 Magma Copper
No Oar 34 Mar 31
4414 Jan 2
26
2612' 2614 263
2818 June 453 Dec
8
4 2618 263
4 2613 264. 26
274, 267 2714 11,300 MallInson (II It) & Co.No par 214 Mar
8
3712 Jan 23
30
.52
18 Mar 411 Dee
53
/
4
*511 5212 51, 5112 5112 514 *51
/
4
2
5112' 51
51
300 Staab Elea S u pp tern ctfs No par 32 Mar 21 59 Mar
3314 mar
49 July
/
•2612 267
1
4
10
8 2618 264 2514 2612 2512 2512 26
8,
263 "26
27
1,200 Manhattan Shirt
2014 Mar 16 30 Jan 3
•4012 42
/
1
4
2612 Dec 44
Jan
4012 4012 4012 41
*4012 42 1 *4012 4241 404 401
500, Manila Electric CorpNo par 2812Mar 5
27
2738 2612 28
283 Dec 3112 Dec
4
2618 27
2614 27, 27
274 2713 29
11,700 Maracaibo Oil Expl___No par 2514 Apr 2 4912 Apr 24
433 41
3512 Jan 31
8
8
243 Oct 371 Jan
/
4
4273 4412 424 44
433 4414 437 4412! 4412 451 221,000 Marland 011
8
8
No par 32 Aar 30 4814 Jan 31
/
1
4
18
18
29 May
42
Feb
1712 1712 17
17
1712 173
41 173 1812' 1913 20
4
1,700 Marlin-Rockwell
No par 103 Mar 13 21 May 27
8
30 30
Jan
8
17 Mat
/
1
4
28
29
2818 283
4 2878 2914' 293 293
4
41 2913 29
2,900 Martin-Parry Corp
3
_No par 2512 Mar 24 374 Jan 7
3118 Nov 37
/ Jac
1
4
7918 7913 79
79
77
78
*78
801 79
79181 79
8412 6,700 Mathieson Alkali Wkstemetf50 51 Jan 6 8112 June 12
_291 May 58 Dee
/
4
/
1
4
Maxwell Motor Class A_ _100 744 Jan 27 12112June 3
/
1
38 Apr 841 Dec
/
4
Maxwell Motor Class B NO par 3314 Jan 27 12712June 3
914 116 *113 116
1018 Apr 3934 Det
113 115
113 114 1 114 11412 114 11414 5,200, A certificates
10712May 6 1161251ay 29
11314 11412 11012 1133 106 1103 10514 1087 10912 1154 1173 121 102,100
4
4
8
/
1
4
B certificates
7712 Apr 24 121 June 12
120 121
1174 12314 11712 120
11218 11714 11314 11614 115 116
38,300 May Department Stores___50 101 Mar
*87
9012 *8514 9012 *8514 9012 *85
23 1283
4May
82121 Apr1 115 - iie
1589 1 "85
9013 *85
90
McCrory Stores Class B No par 79 Mar 17 944 Jab 25
•173 18
13
*173 18
86
Oct 1063 July
4
173 173
8
4 173 173
4
4 173 173 "1713 18
8
8
500 McIntyre Porcupine Mines__5 16 Jan 2 1818 Feb 24
•103 109 *104 109
143 Dee 1814 Jan
8
10418 10418 9.04 10912 104 104 1.104 105
200 Metro Edison Power pf _No par 9712 Apr 21 10118June
*20
2034 *20
9
9014 Apr!101
Dec
203
4. 20
2012 *20
20 1 20
20
20
1,700 Metro-Goldwyn Pictures pf _27 18 Jan
20
16
1613 1618 1612 154 16121 15 4 163
15 Sept, 19 Dee
3
8 16
17
163 17
12,200 Mexican Seaboard Oil_ No par 1112 Mar 3 2214 Feb 5
8
17 2212 Jan 6
1418 Jan 25 Sent
/
1
4
94 938
9
91
873 9 1
83
4 87
8
813 8 8
7
85
8 87
8 4,9001 Miami Copper
8 May 12 244 Jan 13
5
/
1
35
36
20 May
34
3618 337 3514. 344 3514 3412 35
25 AUC
8
35
36 109,200, Slid-Continent Petro_ _No par 2618 Apr 17
23
4 318
278 314
3618June 8
212 278
2
21
/
4
2
2 14
214
8
23 74,8001 Middle States 011 Corp_ _
/ Apr
1
4
10
314June 6
115 115
11412 1141 "11212 114 1 113 11314 113 113
1 Aug
-/ Jan
6
1
4
113 113
600 Midland Steel Prod pref._ 100 96 Jan 16 116
2
794 80
9113 June 98 Nov
May 23
77
12 797
9112
8 774 7812 78
80
79
807 2773 783 20,700 Montana Power
8
4
8
100 64 Apr 17 87i4May 25
524 534 511 523
/
4
6114 June
741 Dec
5073 517
/
4
8, 5114 517
8 5112 523
4 5212 5314 33,500 Montg Ward & Co Ill corp_ _10 41 Mar 30
323 333
8
4 3113 334 30
8
553 Jan 13
213 May
4812 Det
317
4
3 303 313
4
8 303 323
4
8 314 323 62,300 Moon Motors
8
No par 223 Mar 19 3334June 6
4
63
4 67
3
67
67
8 67
8 7 1
1712 Oct
8
67
8 7
271 Feb
/
4
678
7
264 67
3 7,800 Mother Lode CoalltIon..No par
2478 25
6 May 4
24.3 25
94 Jan 3
2418 2412 2234 2413 24
6 May
94 Feb
/
1
2414 2414 244 9,800 Motor Wheel
/
1
No par
18 Apr 9 263
•17
sMay 18
1712 1712 1712 163 163
4
4 1618 1618 16
16
16
16
600 Mullins Body Corp_
No par
*3113 32
143 Feb 2 211 Feb21
4
/
4
*3113 32
*3112 32 1 *3113 32
9 Mar
18'4 Dec
*3112 32
3112 311z
100 Stunsingwear Co
No par 3018 Apr 23 34 Jan 23
•435 440
43912 43912 422 437 *420 430 *425 440
2918 July
391,4 Jab
431 431
800 Nash Motors Co
par
No ioo 19313 Jan 5 448 May 4
•10518 10512 *1051 -- "105
41612 Apr 204 Dec
/
4
- *1054 ---- •10518
•10518
Do pref
10334 Jan 21 106 Fen 2e
.63
4 712 .612 7
634 67
8 *7
9814 July 1041 Nov
714
/
4
71_ *7
733
714
800 National Acme stamped____10
414 Mar 24
653 6614 653 66
4
8 June 5
4
6512 66
1014 Jao
*653 657
4
4
33 Oct
8 653 66
4
66
6612 1,700 National Biscuit
25 65 Apr 29 75 Jan 2
924 128 *1223 126 •1223 123 *12234 125 9223 125
4
4
5014 Mar
7714 Sent
4
1243 1243
4
100
4
Do prof
100 12312
74
74
7113 737 •72
3
74 • 727 7314 713 72
4
8
4
711 7178
/
4
1,500 National Cloak & Suit _ _ _100 6513 Mar 11 12812May 9 12012 Jan 1263 Dee
*10112 103 90134 103 *10112 103 *10112 103 *10112 103 *10112 103
Mar 5 78 Jan 26
44 June
707s Dec
Do prof
100 99 Jan 13
•
56
5612 56
Jan
57
9112 Mar 1004 Dec
/
1
0514 5512 5313 5514 54
54
5514 55
/ 6,800 Nat Dairy Prod tern ctfriNo par 42 Jan 2 104 8May 29
1
4
4312 4313 4312 43.2 92
587
25
3018 Apr
4313 4214 4214 *4218 4312 4238 423
4414 Dec
3
500 Nat Department Stores No par 3812 Jan 2 45
9712 9712 *9714 97
Slay 12
13 9712 9712 *9712 973 *9712 973
3614 Oct 43
Jan
4
4 973 9734'
4
500
Do Prof _
100 913 Apr
3312 3418 33
8' 324 3434 3314 3412 34
333
923 June 101 Dec
8
3414 3334 33
/ 4,500 Nat Distill Products_ _ _No par 30 Apr 15 102 Jan 2
1
4
• 4 6712 663 663
9 3714Slay 27
663
4
4 66
663
4 66
66
6618 6618 0512 6612 2,100 Nat Distil Prod pf
tem ctf No par 5212 Jan 8 693
451ay 23
3012 Aug - 64 Dec
•25
26
2512 2513 2512 2512 *2514 26
*26
27
*26
27
3001 Nato imo & Stamping
Enam
100 25 Apr 30 367 Jan 21
95
80
3
*76
80 92
1811 Sept 444 Jan
80 1 *74
/
1
80
*74
80
94
80
Do
100 79 May 23 894 Jan 12
•
148 150
1484 150 94714 14814 14913 150
67 Sept 89
Jan
14912 14912 *146
900 National Lead
100 13812 Apr 27 1664 Jan 9 12312 Apr 16914 Aug
*11612 11712 91612 11713 *11612 11712 *11612 11712 117 117 *11612 149
/
1
11712
100
Do pref
100 116 Jan 5 118 Mar 4 11112 May 118 Sept
6218 64
6312 6312 6218 6218 63 63
63
6312 6312 64
2,100 National Supply
50 615s Apr 2
123 123
4
Jan
4 1214 1214 117 1212 12
5412 Oct 7212 Feb
3
1218 1218 1214 123 12
8
/ 2,900 Nevada Consol Copper,__ 5 113 Apr 27 71 Jan 29
1
4
4
1038
*45
46
45 45
45 45 1 45
1178 Jan
1634 Dec
45
*443 45
8
447 44e
8
500 NY Air Brake tern ctfs_No Par 423 May 1 581 Jan 7
4
53 53
4
•523 53
/
4
3
523 523 *513 52
4
3618 Apr 57 Dee
4
4
524 5214 *513 5212
4
600
Do Class A
No Dar ill Mar 19 67 Jan 7
4312 433
4 4314 43
/ 4218 437
1
4
8 427 4418 431, 44
4714 Jan 57 Dee
8
4212 46
12,900 N Y Canners temp ctfs_ No Par 313 Mar 30 46
4
•
26
2812 *25
28
May 22
264 27
32
une 37 Dee
4
263 263 *263 27
4
4
*263 28
4
500 New York Dock
100 18 Mar 24 3118 Apr 14
*66
67
665 664 *6612 67
/
1
2
Jan 371 May
19
/
4
6612 6612 663 664 67
8
6738
Do pref
100 5213 Jan 14 88 May 27
•
66 ____ *66
411 Feb 5514 May
"66
/
4
"66
*66
75
*66
76
Niagara Falls Power_ _ _No par
4518 Jan 5 69 May 15
*2814 28 8 *2814 2833 2814 2814 2818 3
42 Sept
47 Ma,
2818 *28
2814 283 284
8
500
Do pref new
25 28 Jan 5 29 Jan 2
4713 48
4714 477
8 463 473
8
27 June
29 sew
3 4 12 47
6
464 47
4614 47
21,100 North American Co
/
4
10 411 Jan 6 603
493 50
4
8Ntay 7
494 493
4 493 497
8
22
Jan 45 Dee
8 50
50
493 497
4
8 493 494 2,100
8
Do Pre(
50 463 Jan 2 5018June 2
8
10
10
*912 10
*93 10
437 Jan
4
8
5014 July
*93 10
*93 10
4
4
10
10
200 Nunually Co (The)_ _ _ No Dar
8 Jan 18 101 Jan 30
/
9
4
73
8 *614 74 *7
738 *612 712 *6,
7 Apr
918 Dec
7
4
*614 7
Ontario Silver kiln now No par
512 Jan 22
712June 5
*233 30
•2334 26
4
.233 26
434 Mar
4
8
/ Oct
1
4
*233 26
*233 24
4
*233 26
4
4
Onyx Hosiery
183 Jan 6 2S' May 12
8
No Par
*264 267
8 263 263
8
18 May
4 263 26 4 27
4
30
3
Jan
27
27
27
263 264
4
/
1
800 Orpheurn Circuit, Inc
253 Jan 16 293 Feb 27
1
4
8
O11212 113
4
18 Feb 29 Dec
/ 1123 113
1
4
11212 11614 11513 1164 1153 116 *114 117
4
2,400 Otte Elevator (k)
/
1
4
50 87 Feb 27 11812 Apr 17
1318 133
8 13
683 June 92 Doc
8
133a 123 13
4
1278 1318 13
133
8 1318 1312 17,200 Otis Steel
ar
No 200
5
8 Mar 18 143
8May 21
70
70
614 Nov
70
70
111 Jan
/
4
69
69 1 6814 69
693
4 69
6912 711 1,900
/
4
Do pref
5014 Mar 18 743
4812 49
44
4MaY 25
Oct
/ 49
1
4
744 Mar
/
1
50
/ 493 503
1
4
8
8 4913 494. 493 49
8
/ 4914 49
1
4
/ 41,900 Owens Bottle
1
4
423 Mar 1
4
51 1251ay 29
39, May
4
4714 Jan
116 117
11412 116
11438 11512 11612 1177 *116 1174 115 1164 2,300 Pacific
3
Gas & Electric
100 10212 Jan
11814June 3
*9
9018 Jan 105 Dec
/ 10
1
4
9 4 93
3
10
1 10
1014 1014 1014 1014 *1014 1012 1,300 Pacific Mall Steamship
512 Apr 1
11 Slay 26
5
7 Apr
1034 Jan
583 5914 58
4
5914 573 583
4
4 58
/ 591 5918 6012 607 617 85,400 Pacific Oil
1
4
/
4
8
8
No par 5214 Star 30 6514 Jan:11
45 Apr 6814 Feb
28
/ 29
1
4
2812 2912 2712 2812 273 28
4
/ 273 28 1 27
1
4
4
/ 2812 47.500 Packard Motor Car
1
4
304June 3
10 15 Jan 1
9 May
/
1
4
•11018 1104 11018 11018 11018 1104 11018 11018 11018 11014 *11014 1104
1613 Deo
/
1
900
Do met
100 10214 Jan
11218May 26
8913 Apr 10214 Deo
22
2213 2114 2214 21
2112 204 21 1 21
2112 21
2114 9,700 Paige Del Motor Car_ _No par 1738May
8MaY 29
23,
7814 797
3 763 807
4
8 77
79
78
7914, 783 70
4
79
80 1 23,400 Pan-Amer Petr & Trans.__ 50 64 Jan
837 Mar 3
8
4414 Feb 66 -Lee
7914 807
8 7712 82
78
80
79
8014' 793 8014, 8014 811 224,000
8
/
4
Do Class II
50 633 Jan
2
8412 Mar 3
411 Feb 64 Dec
/
4
418 4141
/
1
4
4
414 *34 4
4
4 1 *3
/ 41g:
1
4
44 44 3,300 Panhandle Prod & Ref _No par
54 Feb 26
3 Jan
DI Sept
418 Jan
•11
138 •112 13
8 *112 11 *113 13
/
4
8,
112
112. •112
14
/
1
100 Parish & Bing staruped_No par
/
4
11 Jan 1'
1 7 Feb 11
8
/ July
1
4
29
29 1 29
11 Dec
/
4
293
4 283 283 *2813 29 1 29
4
4
297
8' 293 293
4' 1,600 Park & TIMM tern ctfs_No par 201515Y
4
/
4
3512 Jan 10
24 Sept 35 Dee
*22
2212 *223 2314 22
/
1
4
4
22
2214 2212, 22
23 1 2112 2112 1,800 Penick & Ford
No par 2112Nlay 2
28 Apr 14
-*14
1478 14
14
*1312 14
/ *141 144, *144 1441 141 144
1
4
/
4
/
1
/
1
/
1
/
4
600 Penn Coal & Coke
___ 50 121 Apr 29 2638 Jan 2
/
4
1814 Nov 3013 Jan
112
138'
13
13
8
133
8
138
138
112
138
112;
114
112 21,700 Penn-Seaboard SO vtc No par
114 Mar 31
3 Jan 9
113 Oct
•117 118 1 117 118
414 Jan
117 117
117 117 1 11612 117 1 117 1177
8 1,900 People's0 I. & C(ChM)___100 112 Jan 1
121 Feb 11
*5612 567
92 Apr 1194 Der
8 5614 563
/
1
4
4 56
66
553 553
8
4 5514 55 4 55
3
5512 3,000 Philadelphia Co (Pittsb)-- 50 8412 Marl
59
/
1
4May 7
4232 May 674 Dc)
48
4712 4712 4712 4712 4784 48
.47
/
1
48 1 *47
*4712 4813
Do pref
60 4512 Jun
48 June 1
4214 Jan 47
3914 393
8 38
/ 39 8 38
1
4
3
/ 39
1
4
Jan
3913 41
4078 4114 41
42
7,000 Phlia & Read C & I __No par 373 May
4
5212 Jan 9
344 Mar 5414 Dec
/
1
*3912 41
40
3914 3914 .38
•39
41
*40
42
90
42
100
Certificates of Int_No par 39 June
5011 J41123
35 Mar 5238 July
*5712 69
*5712 60
5712 5712 55
55
*55
64
200 Phillips-Jones Corp_ _ No par 55 June 1
"55
64
.
9018 Jan 12
1512 16
44 May 88 July
/
4
8
1512 151 153 153
8
8 153 1512 153 1618 16
8
1614 6,500 Phillip Morris & Co, Ltd._ _10 12 Mar 1
/
1
4
1738May 28
11 July 2334 Jan
7
43 8 45
44
/ 457
1
4
8 43 4 453
3
8 4518 4534 451. 4612 463 4718 201,800 Phillips Petroleum
8
No par 3614 Mar 30 4718June 12
2212 234 221.2 237
2812 Oct 4212 Apr
8 214 2212 2112 2214 2153 224 2218 23 . 55.400 Pierce-Arro
w Mot Car_No par 104 Mar 30 237
8June
618 May 16 Dec
75
764 74
7714 71
744 723 7418 72
8
/ 737
1
4
8 733
3 23,4001 Do pref
100 43 Mar 24 7714June 8
1818 May 54 Dee
122 125 •110 125 *117 123 ,*117 123 •117 123 *117 4 757
4001
Do prior prof
123 1
No par 85 Mar 18 125 June 6
24 214
24 214
218 24
5913 June 95 Dee
218 214,
218 2
/
1
4
214
2
/ 7,800 Pierce 011 Corporation
1
4
134 Jan 2
2'
34 Feb 5
*333 35
112 Apr
4
4
/ Jan
4
1
4
4
343 343 *33
35 1 3514 35 4' 36
,
37
36
Do pref
373
4 1,900
100 2512 Jan 2 40 Feb 213
20 Mar 36
73
Jab
8 712
74 712
714 712
714
714
714 712
73
8 73 23,000 Pierce Petroi'm tem ctfs.No par
4
5 Jun 2
/
1
4
814 Feb 6
46
46
453 45 4 45
438 Oct
453 *45
534 Dec
3
4
4
4
64 *4512 4612 9478 46
800 Pittsburgh Coal of Pa
100 .47i4 May 2 5412 Jan 13
*8312 85
471 Dee 63 Mar
/
4
*8314 85
*8314 85
844 8434 *8312 85
/
1
4
*8312 85
Do pref
500
100 80 Stay 4 99 Jan 5
95
941 Aug 100 Apr
/
4
95
94
9412 *9518 97
*95
97 1 98 100
09
99
1,500 Pittsburgh Steel pref
100 94 Mar 26 10212 Jan 8
*35
39
*35
95
39 .35
38
3512 3512' *35
Jun 103 Aug
38
•35
100 Pitts Term Coal
38
100 30 Apr 27 6311 Jan 17
/
4
*80
83
*80
83
*80
83 .80
5874 Dec 633 Dee
83
4
*80
83
80
100, Do prof
80
100 80 June 12 88 Jan 6
1412 1412 14
*1412 15
1414 1414 1414 14
83 Dec 8754 Dec
14
14
14
1,000 Pittsburgh Utilities pref....10 121 Mar 24 163
/
4
1338 1338 "1312 14 .13
•134 14
14
/
1
94 Jan
/
1
167 Dec
8
*1312 14
*13
Do pref certificates_ _ _ _10 123 Mar 20 15 8MaY
14
100
3
Jan 15
11 18 Feb
11212 11212 11214 11214 11218 11212 113 113 91334 116
1612 Dec
11418 11412
900 Post'm Cer Co Inc temctliVo pa
9314 Feb 16 1184 Apr 17
.5012 52
/
1
49
49 4 48
3
4813 Apr 10313 De
504 51
,
48
*4814 4912 483 483
4
900 Pressed Steel Cur
4
100 48 June 10 69 Jan 23
99
82
99
80
79
79
*77
85 '79
39 Aug 02
Jan
82
*7712 81
Do pre!
100
100 79 June 9 9212 Jan 3
2714 2714 267 27 4 2613 2612 26 4 267
3
8
67 Aug 90 Feb
8 2714 277
,
8 28
284 4,500 Producers & Refiners Corp_ 5
22 Mar 30 324 Feb
*683 6938 69
/
1
4
4
/ 683 69
1
4
69
4
/ 683 6918 683 69
1
4
223 Apr 4312 Jan
4
4
6814 683
4 6,900 PubServCorp of NJ newNO Par 623 Mar 30 74 May 3
8
102 102 •99 100
*99 100
100 100
21
39 Mar 70 Deo
*9912 10134 *9913
200
Do 7% prof
4
100 99 Jan 7 10212June 3
•111 116 *111 116 *111 116 .111 11412 *11312 11412 114 1013
964 Mar 10118 Dee
/
1
100
114
Do 8% pref
10 108 Apr 1 1144June 4
/
1
4
13734 138
136 138
13512 13612 136 1363 13614 13612 13614 13714 4,700 Pullman
4.
991 Apr 115 Dee
/
4
Company
100 129 Mar 30 1513 Jan 3 11312 Apr 1513 Dec
.40
4
4012 4014 4014 40
4014 393 40
4
39
8
/ 393
1
4
4 39
/ 40,4
1
4
1,400 Punta Alegre Sugar
50 383
4May 25 4714 Jan 7
29
2934 2812 30
373 Dec 674 Mar
2914 30
8
2934 304 30
/
1
3012 3013
60,000 Pure Oil (The)
25 254 Apr 17 333 Feb 4
•106 108 .10612 108 *105 108 •1011 107 •10112 107 *10112 31
.
20 June 3014 Dee
flu 4 4 ncof
,
107
inn i024 Ian 5 107 4may
02
Ian 10514 Den
211
• siet and
pmes; uo sales on tuts uaY • x Ex-dividend. a 1:x-new riga ts.
n No par. z Ex-rights. k Trading on New
because of small amount of stock outstanding.
York Stock Exchange suspended
161
5001
New York Stock Record-Continued-Page 5
3045
For sales during the week of stocks usuaiiy inactive. see fifth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
June G.
Monday,
June 8.
Tuesday,
June 9.
Friday,
Wednesday, Thursday,
June 11. 1 June 12.
June 10.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
aHAFGA
Range for Year 1925.
On basis of 11,o-share Iota
Lowest
5 Per share S per share S per share s per Share $ per share S per share Shares. Indus. & Miscell. (Con.) Par $ per share
8
5312 55
523
8 5112 5238 523 5312 36,300 Radio Corp of Amer_ _No par 483 Mar 27
4
51
5314 503 5214 51
4
50 4838 Julie 9
.485 50
Do pref
8
8
4
50
4
400
493
4 4912 493
50
4
4838 483 .483 493 *49
100 12212 Feb 17
•12514 127
12412 12412 *124 125 *125 126
125 12514 124 124
800 Railway Steel Spring
No par 33% Jan 7
.3612 38
3
*3618 38
*3614 373 .3614 37 4 3614 3614 •3618 38
4
300 Rand Mines, Ltd
8
113 11% 113 1171 1138 113
1218 1238 12
4
4
12
4 113 1212 11,100 Ray Consolidated Copper_ 10 113 Apr 22
4
10 Stay 16
VO Par
8 2014 21781 217 223
20
1912 193
205
8 2112 223 12,800 Reis (Itobt) & Co
8
8
4 19% 21
4
7414, 72
5 70
72
7312
72
7312 743 16,900 Remington TyPewriter__100 463 Jan 27
71
8
7412 7018 723
100 100 Jan 2
•103 104 *103 104 •103 104 *103 104 1*103 104 .103 104
1
Do lot pref
100 108 Mar 30
109 109 *105 10912 *105 110
10812 10812 *109 110
•105
Do 2d pref
2001
14
No par 12%June 12
14
4
1312 1418 123 1312 13
1318, 123 13
4
125 1314 8,500, Replogle Steel
8
44381 44
4314 438 43
100 42% Apr 30
443 443
44
4
4414 44% 8,800. Republic Iron & Steel
4 4312 44
100 86 Apr 22
88
87
8612 8612 .86
.87
87
875 *86
8
875 *86
8
Do prof
400
875
8
Vo par 1014June 11
8 12
1214 1214 1214 123
1218 11
113
12%1 1014 1114 11
8 7,500: Reynolds Spring
8 7618 7614 758 7638, 76
7618 763
4 7612 765
7614 755 78 4 3,900 Reynolds(R J) Tob Class B 25 7214 Mar 24
8
,
8
•
12112 122 *12112 122 •12112 122 .12112 122 *12134 122 *12112 122
100 1197 Jan 8
Do 7% pref
1
8812 8912 8812 89
.8714 92
25 S714June 11
8812 8812 8714 88
*8712 88
800 Rossia Insurance Co
513 52 , 517 5212 51% 5214 513 5214 513 52% 5314 541s 30,500 Royal Dutch Co(NY shares)_ 4814 Mar 24
4
8
4
4
49
491s 485 4914 4712 4818 48
8
10 3932 Feb 17
485
8 473 4818 464 48
4
6.500 St Joseph Lead
6214 6214 61% 6218 60
6012 59
60
5914 59% 5912 613
4 3,700. Savage Arms CorporatIon_100 5512MaY 14
.11012 11012 10912 110
4
109 109
10812 10912 1083 110
10812 109
2,800, Schulte Retail Stores__No par 108 May 16
114100 110 Jan 6
4
1113 1113 .14412 112 *11112 1113 *11112 114 *11112
4
4
-1113 114
4
100 Do pref
1312June 9
14
1414 14
1312 137
8 1312 1312 1312 14
14
14
14
2,000' Seagrave Corp
167 2 168
,
paO
166 16712 16514 16712 167 16812 167 168% 16812 169
9,700 Sears. Roebuck & Co Vs 10r 14712 Mar 30
*538 6
*53
8 618 ..57
6
6 , *55
8 8
5% Apr 22
818
*55
8 6
100 Shattuck Arizona Copper_ 10
46:7 S r 0
par 3018 N Lay 33
64 64
62
4
63
60
6212 613 6414 6318 64
6414 6412 5,100 Shattuck (F G)
.4018 42
4138 413
8 42
40
4038 *4012 42 I 4078 41
42
1,500 Shell Transport dz TradinNtro_
243 25
8
2243 2518 243 25 I 243 25
4
8
243 20
No 10o 2212 Jan 6
4
par
8
25
253 53,100 Shell Union 011
4
99% Jan 2
•10114 105 *10114 102 1'
010114 1015 *10114 102 *10114 102 *10114 102
8
Do pref
2412 247
8
8 2458 2512
2412 243 247
2512 26
2418 2478: 24
10 1912 Mar 17
39,000 Simms Petroleum
4014 408 4014 403
par 311 Mar 17
4
.4 4014 4012 4012 4012 403 4114 4114 4112 5,900 Simmons Co
2112 22
2114 2214: 2114 213
17 Jan 6
4 217 2218 22
0
2212 223 2314 155,200. Sinclair Cons 011 Corp_NIVO
4
9078 9078 907 91 I *9012 91
.903 91
4
903 9112 913 92
4
100 783 Jan 2
4
1,800, Do pref
2778 281
2712 283
2712 2818 2714 28
4 2812 2914 29
4
295 103,000 Skelly 011 Co
25 213 Star 30
8
85
84
84 I *84
*8412 85
28212 823 083
4
85
84
84
000 , Sloss-Sheffield Steel & Iron 100 8012 Mar 30
70
70 1 *67
*69
70 .65
71
70
*66
70
*66
70
300 South Porto Rico Sugar__.100 62 Jan ti
*2212 2312 .2219 23
.2212 23
*2212 23
2212 2212 *2212 23
211251ay 15
100 Spear & Co
9212 *91
9212 .91
.91
9212 *91
92
*91
92
*91
92
A' p % 9112May 22
oh
1
Preferred
212 2138 2012 21 1 1918 2012 20
2014 2014 21
No par 1512 Feb 17
207 2114 7,900, Spicer Mfg Co
*103 10518 *103 1051s •103 10518 *103 105 *103 10518 *103 10518
100 92 Apr 1
1
Do pref
5114 4918 504 4812 5014 49% 497
503 51 1 50
4
8 493 503 29,100 Standard Gas & El Co_No par 4014 Jan 2
8
8
*67
71 .
69
70 1 6918 71 1 7112 7412 7112 743
4 74
7512 9,350 Standard Milling
100 62 May 19
1 86
*8212 80 1 .84
.82
85 1 *82.2 86
*84
86
86
86 3
8
100 81 Jan 20
300
Do pref
1
7
5812 59341 59
4 59
5838 593
6178 45,900 Standard 011 of California_ 25 56% Mar 30
603 , 5812 59
8
6038 61
4334 4414 4333 4458: 4312 4414 4418 4434 44
455
8 45% 46 142,900 Standard 011 of New Jersey 25 3838 Star 30
•118 11812,•11812 11812 11818 11812 1183 118, 11838 11812 11818 11812 3,300
8
2
Do pref non-voting____100 11612May 25
1012 10121 1012 1038. *103 11
1012 1038 •1014 1012 1018 1018 2,500 Stand Plate Glass Co__No par 10 Feb 11
4
21 633 6338 63, 6312 6312 6312 63
6312 63121 63 63,
8
2
03
No par 6214 Mar 25
1,300 Sterling Products
6618 6714 6518 6633 6512 663
671
683
8
8 66
66
6714 677 12,000 Stewart-Warn Sp Corp_No par 55 Mar 18
7014 *6612 69 I .6612 6912 69 69
*6612 69
.
68
*6612 69
200 Stromberg Carburetor_No par 61 Mar 18
455
8 443 453
4
8 443 4514 4438 4512 79,300 Stubeirr Corp ('l'he) new No par 4114 Jan 28
4
468 46541 4512 4614 45
4
•116 1183 *116 118 1.'116 117 *11712 118 .117 118 *117 118
100 112 Mar 13
I
Do prof
812 838,
812 812
812 812
812 9
88 812
84 8% 5,600 Submarine Boat
83
8June 9
No oar
414 43*
418 43
8
418 414
418 414
418 43
8
414 434 14,400 Superior 011
pa
0
No 10r
4MaY 28
33
*23
25
*23
*2312 25
2512 *23
2512 *23
253 *23
4
20 May 1
2512
1 Superior Steel
*714 8
07
*714 8
73
4
714 714 *7
*714 8
712
5(1
100 Sweets Co of America
5% Mar 19
1514 1514 1514 1614 1514 1514 *15
153
4 1514 1514
1518 1512 1,600 Symington temp ctfs__No par 1012 Jan 15
4 2138 2138 2112 2112 213 213
2112 2112 .2112 213
8
8 2112 2112
600
Class A temp ctfs_ __No par 2014 Mar 19
*1212 1234 123 13
13
•12
4
13
13
13
13
13
13
1,000 Telautograph Corp___No par 11% Mar 30
8 105 118 1112 117
10% 1012 1014 107
8
8 1114 11% 1112 1138 37,700, Tenn Copp & C
par
75 Apr 1
8
485 4914 4858 4912 4812 493
8
4 493 5038 5012 523
4
4838
42% Jan 5
4 5312 54% 360,500 Texas Company (The)....
N
10718 10814 105 10714 10518 10612 10558 107
106 106% 1055 10714 11,900 Texas Gulf Sulphur
10 97% Feb 17
1612 15
15
16
15
157
1512 157
8 153 168s
4
163 1712 41,900 Texas Pacific Coal & 011_ 10 1112 Jan 5
4
145 146
144 148
144 144
145 14614 14714 149
1458 147
100 122 Mar 30
6.900 Tidewater 011
403 403
41
8
41% 4012 41
4 4018 403
4014 40
8 40
4012 8,100, Timken Roller Bearing_No Par 373 Mar 18
4
77
7812 75% 763
79
79
4 7714 783
8018 7914 80% 22,800. Tobacco Products Corp_100 70 Jan 2
4 79
•
100 1008 100 100'4 997 10014 *100 10014 100 10014 100 100
100 93141 Jan 2
1,900
Do Class A
51g
47
47
4% 518
4% 5%
5
37 Jan 2
5
47
5
8 5'83 32,100 TranscTI011tem ctf new No par
•
2514 2718 *253 271 *253 2718 *253 28
8
4
8
*253 26
8
253 258
8
200 Transue & Williams St'l No par 2514May 13
4334 4218 43
43
4312 44
425 4218 428 43
8
*4212 4312 2,500 Underwood 1 ypew
25 383* Mar 26
49
4514 48
48
51
51
*4612 47
4514 48
4614 48
3,500 Union Bag & Paper Corp__100 36 API" 1
14
2
8
8
8
12
5
8
12
% 12,400 Union 011
8
8
8
5
8
%
.21 Jan 3
No par
3838 3734 383
38
385
38
383
3738
383
4 39
8 38
40
25 3618 Apr 27
34,400 Union Oil, California
124 124 .123 125 *123 124
*124 126
124 124 *123 125
100 11812 Jan 17
200 Union Tank Car
.
112 115 *112 115 .112 115 *112 115 *112 115
115 115
100 1133 Feb 18
8
200
Do pref
26
253 253
26
26
26
4 25
2512 25
25
25
25
1,500 United Alloy Steel
2
20 j
an 6
No par 6414May 15
6812 65
68% 6914 67
6918 09
72
72
751
7414 7612 35,900 United Cigar Stores
12112 12112 121 12112 12012 12112 12112 122
122 1233 123 1233
s 2,900 United Drug
100 1107 Feb 4
*
4
553 553
4
4
4 553 553 *553 56
4
553 55 4 *553 56
4
3
4
*553 56
4
400
50 52 Jan 16
Do 1st pref
•
207 215 *207 215 .207 214
214 214
2123 213
4
2127 213
8
600 United Fruit
100 204% Mar 31
3212 3412 3312 35
3512 363
4 3412 36
3414 3411 3412 3614 19,700 Unlversal Pipe & Rod. No par 2612 Apr 27
783
8 7714 7714 75
78
75,
2 75
75
*74
75
75
76
1,310
100 6612 Apr 27
Do pref
161 165
15912 16412 155 160
1563 16112 15812 15912 16012 165
4
15,400 US Cast Iron Pipe & Fdy_100 13114 Apr 22
4
*95
993 *97 100 .95 100
*95
98
*95
98
*95
98
Do prof
100 100 June 5
343 343
4
333 35
4
3318 34
3312 3312 3312 34
3312 3312 3.800 U S Distrlb Corp tern ctf No par 30% Feb 17
•120 150 *120 150 *121 150 *120 150 *120 150 *120 150
100 130 Mar 9
Do met
343 347
4
343 35
4
343 343
4
4 3412 35
341 347
343 347
4
2,600 U SEloff Mach Corp v t o No pa
23 Jan 3
4 841 86
8712 8814 8514 873
8
8512 8614 86
8638 ' 863 873* 21,900 U S Industrial Alcobol.._.l00 76 Mar 19
*113 115. .113 117 *113 1164 *113 1164 .113 1164 *113 1164
3
3
3
3
Do pref
100 105 Jan 29
127 12812 12512 128
4
130 1303 12814 131
12514 12612 127 128
10.000, US Realty dr Improv't
100 11412 Star 30
---- -----..-_
Do pref
:
10 1331 NIar 30
00 221 Jan 2
01
3114 46% 48% -ilia Iti 7 3. la; "iii 471* 4634 iiii 45.200 United States Rubber
5ii 64
s
-1 4
0
102 10234 102 10214 102 102
101% 102
1013 102 *102 1023
4
4 2.200
Do lot pref
100 9234 Mar 30
347 35
35
*3518 3612 35
347 35
3312 3412 33 4 35
3
3,500 US Smelting, Ref & Min
50 30 Feb 17
45
45
45
45
45
45
443 443 *45
4
4
46
*45
46
700
Do pref
50 44 Apr 10
11378 1143 11312 11412 11312 11418 1133 11458 11418 1148 1143* 115
8
4
91,100 United States Steel Corp_100 1123
8Mar 3
4
1235 12338 1234 1233 1234 1233 1233 124
4
12358 1237 124 12418 1,700, Do prof
8
100 122%May 7
*85% 897 *857 897 *857 898 *847 877 *847 897 *8478 897
8
8
8
8
1 Utah Copper
10 82 Mar 19
275 275* 2714 2712 27
8
27
*27
2712 27
2718 27
2712 2,000 Vanadium Corp
No par 255
8May 4
*20, 23
2
*2012 22 .2012 23
*2012 24
*21
23
*21
23
1 Van Raalte
No par 163
4May 13
73
*71
*71
73
73 .71
*71
73
.71
7214 *71
72
Do 1st pref
100 60 Apr 1
43
*4
418
418
418 414
4% 418 *4
4
3% 4
3,400 Virginia-Caro Chem___No par
2% Mar 23
4 16
1612 167
1614 153 153
8 163 163
4
4
4 1312 155
8 1118 1312 6,9003
Do prof
813 Jai, 5
100
8
*158
17
s •15
1% *1% 17
8
15
8 18
13
4
13
4 *17
8 3
300
No par
Do "B"
1 Jan 17
4 1312 1312 *13% 1312 1314 1312 1314 1314 1312 1312 2,800 Vivadou (V) new
1312 133
No par
714 Jan 13
4 1012 1612 16% 1612 1014 1614 1614 1612 16
1612 163
1614 3,200 Waldorf System
No par 1512May 11
151 152
154 154 .150 160 *150 156
151 151
155 155
600 Ward Baking Class A_ _No par 116 Apr 30
51
518
50 4 518 5114 5112 513 528 527 60
3
508 51
4
8
37,6001 Class B
No par 3714 Star 30
•
10312 105 *10312 104
104 104 *103 105 *103 105
105 105
No par 9412 Feb 11
3001 Preferred (100)
52
5212 5212 5212 *5212 53
52
52
52
550
5212 5212 1,300; Weber dr Helibr. new...e No par 51 Apr 17
*353 5
.3
5
*3
8
43
8
*314 __5 *111% 34
._
1
314June 12
100 Wells Fargo
011612 _-__ .11612 11712 *11612 11712 *11612 11712
..........I Western 1000 7% pref
100 113% Jan 9
8
12812 1303 130 13214 6,600 Western Union Telegraph 100 11614 Jan 2
*13112 1337 13053 13112 130 13134 12812 130
4
4
4
1003 1003 *10035 101 ,.10038 101
10012 101
•10012 102
1003 1003
4
4
700 Westinghouse Air Brake__ .50 97 Apr 9
7112 72% 705s 7138 705* 713
4 71
713 72
7112 7038 7112 11,100 Westinghouse Elea & Mfg- 50 6614 Mar 28
4
10
1012 123 *1112 1214: 1,700 West Elcc Instrument
•1012 1112 1012 1012 1018 101s 10
4
914 Apr 1
4
4 223 2234 *2212 2234 2234 2338 •223 233
4
223 223
2234 23
4
8 1,200
1938 Mar 31
Class A
126 126
0130 132 *125 130 *126 130 1 120 120
1293 13112
No par 105 Mar 2
800 West Penn Co
98
*98
9812 *98
.98
9818
98
9818
98
98
2 98
600
Do 7% pf tern ctt new_ 100 94 Apr 3
4
4
274 2853 273 283* 273 28
28
29
28
28
283 29% 13,100 White Eagle Oil
4
No par 25%Slar 31
683
41 07% 6814 6712 68
69% 67
673 6912' 16,100 White Motor
4
69% 7038 69
50 57la Mar 30
•12
8
8
as
12
5
8
5
81
12
12
12
12
*12
3
8 1,400 Wickwire Spencer Steel_No par
1113 Jan 30
418 453,
8
43*
433 43
43*
4
4
412 412
4
4
4 May 28
CortIficatcs
2,300
19 1 18
193
4 18
1818 18
19
1812 18% 20 131,300 3Villys-Overland (The)
8
1914 197
5
9% Jan 26
1015 102
8
1017 10214 10153 1023 10212 103% 0,800
8
8
1013 1028 1015* 103
4
100 72% Jan 28
Do pref
53
4 53
64 1,400 Wilson dr Co, Inc
oss 55*
512 53
512 May 29
5 2 512
,
*512 6
6
No par
20
20
20
20
21
1934 193
2078 207 .20
4 193 193
8
4
4
100 18 Apr 24
Do pref
800
1323 135
4
13438 1373 13512 1367 21.200 W 2olworth Co(F W)
4
13712 1383* 134 13712 13318 135
25 11214 Jan 28
38% 39
*38
40
3912 4035 383 4012 5,600 Worthington PA M
4018 4018 38% 40
4
100 363
41121 14
82
*8112 82
2
*8112 82
*79
82, .80, 8212, 82
2
410000
100 79 Apr 6
B
A
6612 6612 *6712 6812 06
67 .68
6812 *68
6812 :688112 6882,2
100 65 Apr 7
Do pref
24
243* 2412 2412 2412 257 •25
,
24 2
24 2 2412 24
,
2512 3,800 Wright AeronautIcal___No par 16 Mar 30
52
52
52
8
52
52
52
513 513 *513 515s
4
4
52
52
par 4512 Star 30
600 Wrigley(Wm Jr)
4
373
373 *37
1
38 38
.373 3812 *37
4
38
*3712 3912 38
200 1", now Cab Mfg tern ottNs_o_
3312 Feb 18
(1117 (1111 611 1 611t 6(131 6631 •6611 663i
*64% 6174
.
641. 67
700 V. ,nestow 3(1(20*' 44 T V. aar R3 Nfq,27
•Bid and &diced priees. no Weft on this day. I Ex-dividend
e New BgJoli on the JasIs of 1 new snare for [brae old saaas.
Highest
ran onnita
Range for Preotoisa
Year 1924.
Lamest
Highest
$ per share $ Per share Per share
77% Jan 2
25% Oct 66% Dec
54 Feb 4
45% Oct 50 Dee
Jan 13712 Dee
14134 Jan 5 106
Jan 3312 Nov
3814May 1
30
1712 Dee
9 Mar
17 8 Feb 9
,
Oct
1(112 Jan
22335521 29
9
7412June 6
3214 Jan 54,2 Dec
105 Apr 21
9014 July 99% Dee
11312 Apr 29
9012 May 110 Dec
23% Jan 13
714 June 2314 Nov
6438 Jan 3
42 June 6338 Dec
95 Jan 13
82 June 95 Mar
18 Jan 5
9% May 223 Jan
4
615 Mar 793 Dot
8
783
8
4May 25
122 Apr 29 11514 Mar 121 June
86 Mar 96 Sent
9712 Feb 20
57% Jan 31
403 Sept 5912 Feb
s
Jan 45% Dec
22
521251ay 25
32% Jan 88% Dec
1083 Mar 3
8
1167 Feb 9
96% %Pr 12914 Aug
115 Feb 19 105 May 112% Dec
14381121 16
788 May 155 Dec
4
17414Slay 20
77 Jan
4 Apr
8 July
6534SJ n 3
46 I y 2
0
9
33 Jan 42 Dee
1534 July
2212 Dec
283 Feb 4
8
91% Jan 9912 Dee
10218June 1
1038 Jan 24 Dee
268 Jan 12
22 Apr 37 Deo
441451ay 27
15 July 2712 Jan
24% Feb 2
75
Oct 90
9412 Feb 3
Jan
17% July 29 Feb
30% Feb 3
52 May 847 Dee
2
97 Feb 5
58 Oct 95% Mar
73 Mar 2
_
24 May 28
92 May 19
7% June -0 -De;
28MaY 25
233
78 July 9814 Dee
106 May 18
3112 May 41% Dee
5178May 20
7512June 12
3912 May 73% Dec
70 July 85 Mar
8June 12
863
5512 Apr 6812 Jan
6714 Feb 2
33 May 4214 Jan
4712 Feb 3
4
119 Feb 24 1153 Mar 11953 Aug
1318 Oct 3514 June
16 Jan 16
5512 Apr 6512 Nov
6614May 29
7778 Jan 3
4812 July 1007 Jan
79% Jan 3
5412 May 847 Jan
49 May 27
3012 May 4614 Dec
8
11834June 3 1097 Nov 115
Jan
6 Nov
123 Dee
12 Mar 6
8
232 Jan
818 Aug
6% Feb 9
23 July 35 Dee
41% Jan 10
1% Sept
1154 Jan 7
3
Jan
19 Mar 12
2312 Jan 17
1434 Dec
614 June 15 Feb 7
93 Jan
8June
634 Mar
117
3734 June 458 Jan
8June 12
543
574 Apr 110 Den
1133 Mar 13
4
Oct 151 Feb
8
233 Feb
8
152 Feb 27 11614 Oct', 151
Feb
3112 May 41
44% Feb 13
Jan
52 Apr 733* Dee
82 May 25
8314 Mar 9313 Oct
10014June 8
30 Apr
578May 9
614 Jan
35 Jan 10
2853 Oct 351 Jan
45 Mat. 16
3618 Sept 43
Jan
6012May 25
3312 Sept 645* Feb
18 Feb
1.00 Feb 28
gs Apr
35 Nov
39 Nov
43% Feb 5
j
94
Jan 1327 Sept
12814 Feb 27
1171sMaY 6 10814 Feb 1163 July
4
20
Oct 37 Feb
36% Mar 4
4212 June 0414 Nov
8114 Mar 3
8May 21
71 May 12138 Dee
1275
4612 May 53 Deo
5534June 6
Jan 224121 Aug
231 Jan 3 182
13 July 48 Dee
50% Feb 11
4712 Oct 79 Dee
94 Feb 11
64 Feb 1695* Dee
250 Feb 11
11212 Feb 27
81% Jan 10414 Oct
2112 May 42 Dec
3934 Jan 17
98 .11111 168 Dec
,
154 Jan 8
3612June 1
165* Star 243 Pet
8
61% May 8714 Dec
945
8Stay 26
98
Jan 106% Dec
113 June 3
90 June 14312 Dec
14734May 12
142 May 4 100 June 143 Dee
2212 May 427 Jan
4814June 8
6612 May 95% Dot
4June 8
1023
1811 Mar 4112 Dee
39 Jan 7
4612 Jan 5
2
371 Max 467 Dec
2
1
1814
:ul e
12938 Jan 23 19438 JFeb*n 1 23 Dey
12638 Jan 26
64
Jan 88% Dee
92 Jan 15
31% Jan 3
1918 June 3312 Feb
24 4May 19
3
153 Oct 33% Jan
4
Jan
53 Sept 80
73 May 22
8
5 Apr 17
38 June 103 Jar)
212 June 34% Jan
20% Apr 17
2% Apr 18
3 June
8
7
Jan
4% July
1518 Jan
153 Apr 15
4
19% Jan 0
14 An
, 20 Nov
155 June 12
60 June 12
105 June 12
5212June 9
14 May 22
1212 Noc
5 Oct
117 Slay 12 11152 Apr 117 July
135 Apr 23 105 May 118% Dee
1137 Jan 7
8
Jan 111 Dee
84
84 Jan 3
5518 May 75 May
14 Jan 29
241sMay 22
145 May 21
4713 Jan 127 Dec
9814Slay 26
8712 Apr 97 Dec
31% Feb 2
23% May 29% Feb
78 Jan 13
5012 Apr 7212 Dee
15 Jan 10
8
Jan
14 Vet
5
53
8May 15
-- - 2412May 11
Ws May -141, Jan
111 May 22
6112 May 88
Jan
1334 Mar 7
Cs May 28
Jan
6(1 Mar 7
11 Aug 7218 Jan
13834June 5
7212 Apr 1263 Dee
,4
79% Jan 2
23% June 81
Dee
88 Jan 9
68 July 89% Dee
763 Feb 11
4
5812 Jan 75% Dec
283
9% May 23% Dee
8May 25
5'2% Feb 7
35 Apr 46% Deo
42 Jan 3
32 Nov 85% Mar
7381. FP11 13
79 Doc
3046
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed and Prices are now "and interest"—ereept for income and defaulted bonds.
BONDS
4. Y. STOCK EXCHANGE
Week ended June 12.
4
.Sm
it
Price
Friday
June 12.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
14,
ec,
h
BONDS.
N.Y.STOCK EXCHANGE
Week ended June 12.
I
t.a
a.
Price
Friday
June 12.
Feet's
Range or
Last Safe
Range
Sines
Jots. I.
U. S. Government.
High No. Low
High
Bid
Ask Loto
Id
High
Ask Low
High No. Low
First Liberty Loan
Panama (Rep) 5145 tr rects_1953 J D 103 Sale 10214
17 10014 104
103
854% of 1932-1947
./1 D 10114: Sale 100134, 101134 801 1001141 0111,, Peru (Rep of) extl 83
977 1023a
8
1944 A0 1003 Sale 1024
4
10112 70
Cony 4% of 1932-47
101",, 021,1 Poland (Rep of) g 6,i
J D
1021nMay'25
665 79
1 44 AO 6912 Sale 6912
1940
8
697
8 42
Cony 41 of 1932-47
/
4%
Ext'l s f g 88 interim recta _1950 j j 834 Sale 8912
J D 102111: Sale 10214,10214, 521 1015n 021,4,
87
98
89, 415
4
2d cony 434 % of 1932-47
47 101
103
Porto Alegre (City of) 85_1961 J O 9514 Sale 95
103
J D)02 103
102
15
94
9612
96
Second Liberty Loan
Queensland (State) ext al 76 1041 AG
112 11134
11214 14 109 11254
45 of 1927-1942
1001041 02"4,
25-year 68
M N 1011,4:10115n 1014:June'25
1947 FA 10412 Sale 10413 10514 19 10115 10512
Cony 41% of 1927-1942
/
4
1996 100,51i 01153t Rio Grande do Sul 841
MN 1013332 Sale 10154,
94
9812
98
973
4
11)46 A0 97
9812 47
Third Liberty Loan
Rio de Janeiro 25-yr a f 88_194 A0 9512 963 95 4
93 974
10
9
1
97
4
,
494% of 1928
Sale
1024: 2082 10114,021n
M S 102
25-yr extl 86
92
97
AO 9514 Sale 95
953
4 46
Fourth Liberty Loan
Rotterdam (City) external 861964 MN 104 Sale 1033
4
10413 30 100 10412
41% of 1933-1938
/
4
1913 10114, 103
El Salvador (Rep) 813
A 0 102", Sale 10211,,103
20 103 105
105 Sale 10412
1948
105
Treasury 41
/
4e
1947-1952 A 0 1071142 Sale 10654,1071,n 1127 104114, 07154, Sao Paulo (City) s f 88
3
97 101
100
1952 MN 100 Sale 100
Treasury 48
1944-1954.5 D 103114: Sale 1021441031,n 1093 100".,03154: San Paulo (State) ext et 86_1936 J J 10214 Sale 1021
21 100 10314
103
State and City Securities.
External s f 88 int reels_ _ _ 19 2'.5 100 Sale 100
9912 10012
30
100
40
5
N Y City-434s Corp stock_1960 M S 101 1014 101
10118
8912 113
7 10053 10112 Seine (France) ext 7e
• J 8918 Sale 883
8214 91
4
Registered
10014 1004 Serbs. Croats & Slovenes 88_ 1 932
M
1004 Jan'25
84
90
96
89 4 277
,
N 89 Sale 88 2
,
6
{Me Corporate stock
6 10114 1035s Solesons(City) 68
1033
8
1035
8
1034
82
8512 61
87
MN 851e Sale 85
102 10314 Sweden 20-year 65
494s Corporate stock
1972 M O 1035 10418 10314 May'25
9 4A S
6
8
8
104 2 54 103 10454
,
4
1939 J D 1043 Sale 1033
age Corporate stock
/
4
8
1966 A 0
8
External loan 534s
1023 Apr'25 - -- 1011 1023
9815 1013
8
4
1954 MN 10012 Sale 10012 1007 124
494, Corporate stock
1971 J D 10818 ____ 10814 May'25 -- 14,672 10814 Swiss Confeder'n 20-yr e f 8a
24 113 117
115
1940 j J 114 Sale 114
Me Corporate stock _July 1967 J
8
8
8
__ 1077 May'25 - -- - 1057 1077 Switzerland Govt ext 534s_ _1946 AO 1023 Sale 1024
140
9812 1045
4
103
8
4.411 Corporate stock
10612 108
1965 J D 1074- Tokyo City 58 loan 01 1912
10778 10812 108
108
5
13
641 6814
/
4
6812 68
6814
M 5 68
4345 Corporate stock
1053 1075 Trondhiem (City) eat'
8
8
1963 M S 10778 10812 1073 May'25
8
4
97 10112
10112
6348_1944.5' 10012 Sale 10012
4% Corporate stock
98 100
1959 M N 101 10138 997
13
8
Uruguay (Republic) ext
IGO
109 Sale 109
109 4 15 10814 1104
,
9814 984 Zurich (City of) a f 88 8s_ _1946 P A 10914 Sale 109 4
Registered
M N
9814 May'25
10912 31 1083a 11112
,
1945 AG
4% Corporate stook
2
9838 99 8
1958 MN 993
7
___ 997
8
997
8
Railroad.
4% Corporate stock
98 100
Ala Gt. Sou 1st cons A 6s_....1943 J D 1003 102 1007 May'25
1957 M N 993 100 100
44
Apr'25
1003 10114
4
8
4
984 995 Ala Mid let guar
4% Corporate stock
8
1956 M N 9912 100
994 June'25
101 1014
8
gold 541-1928 M N 10012 10158 1015 May'25 - Registered
9814 984 Alb & SUBC1 cony
82
9814 Feb'25
M N
2
8414
8414
8414
A 0 8414
4% Corporate stock
983 984 Alieg & West 1st334e9
4
1955 m N
984 Slar'25 814 8312
834 May'25 - - 9314 g 45 gu1199488
99
97110O
Registered
62
A Beg Val gen guar g 413
109
91
8
53 N 100 Sale 997
944
5
9418
934 944 933
8
/
1
8
434% Corporate Mock__1957 M N 107 1075 1075 June'25 -- 1063 10714 Ann Arbor let g 4s___July 1 942M
8
8
6314 75
75
96
9 Q S 75 Sale 72
95
JI
% Corporate ateck___1957 MN 1077 Sale 107
8
10714
88'4 9234
92
3 1051e 10758 Atch Top & S Fe—Gen g 48_1995 A 0 913 Sale 9138
4
79
Registered
105
Feb'25 -8614 9053
MN
Registered
905 May'25 -- 8
A 0
89
9
33.4% Corporate stk_M5y1954 MN
8414
905 June'25 -- 10512 19064
8
6
8112 8454
AdJuatrnent gold 45_ .July 1995 Nov
90 4 8312
,
334% Corporate stk _Nov 1954 NI N 905 ____ 91 May'25 ---90
91
8
823 8514
4
Stamped
8412 15
8418
July 1995 M N 8414 85
New York State Camd Ilia- 45196 j
C12% 0 1 Coriv
8
3
____
1025 Apr'25 -- 1015 103:4
8
794 8012
8012 Apr'25 -- -Registered
SIN 7912 _ _
46Canal
1942 j j
10118 Mar'25'- - - 814 85
gold 4a 1909
8
85
_ _ 85
1955 J 0 845
434e Canal !mot
4
1964 j J
11414 May'25 - - -- 1123 11414
Cony 4a 1905
8113 844
4 19
843
843 Sale 844
4
45 Highway Impt register'd 1958
0 ,2 76
6
Cony g 45 Issue of 1910
814 8312
---- - - 103 Feb'25 ---- 173 103,2
8312 Feb'25 _
1955 .1 13 8012
60 1
Highway Improv't 4348_1963
4
113 May'25 -- 1113 113
East Okla Div 1st g 451928 M S 984 98 100
1
99
_
9914 99
Virginia 2-3e
1991 j .1
7612 Feb'25
Rocky Mtn Div let 4a_
84 87 3
__
,
4
1965 J J 874 873 8718 June'25
Foreign G00000merit.
Trans
86
89
-Con Short L let 451958.1 J 8654 8812 89 June'25
Argentiue (Govt) 7,
4
1927 F A 1C27 Sale 10212 103
8
Cal-Aria
92
307 1013 1034
1
9434
95
4
& ref 4 Ms"A"1962 M S 9454 9512 943
Argentine Treasury be_ £__ _ _1945 m
8112 88,4
8312 851e 85
8514 12
Registered
913 Jan'25 --- _
3
8
914 913
M S
95
Sinking fund 68 Ber A
9712 All Knoxy dc Cin Div 4e____1955 MN 92
1957 m
953 275
4
961e Sale 96
35
884 9354
93
92
92
9 3 107
9 ,42 9
3
4
Ext1 134 ser 11 temp_ _Dee 1958 J D 963 Sale 96
0
963 548
4
All Knory &Nor 1st g 513_1946 J D 1023
8
10214 103
4
-- 1C212 May'25
96
965 Atl &Cheri A L 1st A 430_1944 J i 964- - 964
S 1 6s of 1925 w I
951 404
8
1959 J D 963 Sale 96
8
95
2
964
98 4
,
Austrian (Govt) 5 f 75
192
1943 j D 99 Sale 984
1st 30-year 5s Series B____1944 J J 1025 1 -4 10214
100
3 102 1033
10258
4
3 031
Belgium 25-yr eat, f 734e g_1945 J D 109 Sale 1085
1097 149 107 11014 Atlantic City 1st cons 4s....1951
2
8512 May'25
4
8512 85 2
8418
,
J i
10638 1082 All Coast Line 1st con 4a_h1
20
-year e f 86
3
1941 w A 10714 Sale 107
108141 8
0
89
9412
19 0 0, DNS 9354 Sale 93
92 M
934 23
3
5
25-yr ext 634,interim rcta-1949 M S 9314 Sale 93
9512 325
2
96
10-year secured 7e
9 10718 Sale 10714
10713 27 1053 108
4
8338 8814
EVA I f 66 inter eels
574
1955 .1 J 864 Sale 8618
88
945 Sale 94
3
General unified 434e
907 944
9438 25
4
Bergen (Norway) I 8a____ .1946 m N 11412 Sale 11438
12 10812 11514
L & N coil gold 4s___ _Oct 1N4 t'IN 89 Sale 89
11514
897
8 31
864 897s
1 2
95
994 All & Deny 1s1 5 4e
-year sinking fund 68
25
8
763 80
79
5
9914
7918 79
4
A 0 987 9914 99
15
19483 i 78
Berne (City of) f 86
1945 m N 10918 Sale 10918
10914 26 108 11132
2d 48
623 7011
3
69
4
69
1948J J 684 69
92% ,7
412 9613 AtAdr Yadlt gu 8 m 4s_ 1949 A 0 794 80
Bogota (City) ext'l 5 f as__ _1945 A 0 9514 Sale 943
9512 40
All N W Is
A
1
75
79
80
79
4
lot guar
9552 181
Boiltua (Republic of) 8s
1947 ea N 9512 Sale 9518
985 9912
8
___ 99 May'25 - _
Bordeaux (City of) 15-yr 88_1934
8512 58
Bait & Ohio prior 3345
80
86
997 10018
8
997 100 160 June'25 -8
N 85 Sale 8412
1945 j 1 9921 J
Braxi 15 S. external 83
954 99
1941 j D 973 Sale 9718
4
9954 994
994 Apr'25 --or,
Regletered
July 1925 Q J
18,04,73;41
139
75 (Central Ry)
104
8
85 4 9214
,
1952 J D 8312 Sale 834
lst b0-sterr d
84
Re2 yeae gold 4s_July 1943 A 0 907 Sale 903
91
3
i
3 10954
83:2
9 3
7345 (coffee secur) (flat)_1952 A 0 106 10614 1057
_ 9014 May'25 _- -106
854 9014
8
July1948 Q J
99i4 69
Buenos Aires (City) ex 16481955 j
8918 95
964 Sale 9814
10
-year cony 434e
9412 195
1933 M 8 9418 Sale 94
8
Canada (Dominion of) g 66_ _ 1 926
3113 84
1 1
855 9112
4
1003 Sale 1005
8
4
Refund & gen be Series A.1995 J 13 9112 Sale 90
10114 93 10012 1112.4
56
3
10312 155 100 104
1033 Sale 10214
8
103
let g be int etre
0 1033 Sale 10318
31
10
914 9 4
-year 534,
1025 Sale 10214
99 1024 1041
10312 Sale 1033
8
104
8
10
1033
-year Ss
8 77 102 1033
/
4
1929J
5e
104
50 1005 1044
10312 Sale 10312
Ref & gen 66 eer C temp_ _19245 .1
1041, 50
4
1952 M N 1034 Sale 1034
1 99998 J
Carlsbad (City) e I 88
P Jet dr M Div 1st g 3346_1925 M N
9954 993
99 Sale 99
994 _ _ _ _ 903 Nlay'25
1954 j
_
4
99 4
9
9: 3
8
28 108 4 1100914
Chile (Republic) extI s f 851941 F A 108 Sale 10714
P LE& W Va Sys ref 45_941 M N 877 Sale 874
835 9014
8
8
108
88,
8 61
_1
4
External 5-year e 1 8s
1
995 100 8
997
3
8
8
8oIth w D, t gold 3348_1925 J J 997 _ _ _ _ 997
8
Sc h D y 1st
10212 18 102 1033
1926 A 0 10213 Sale 102
,
l
i
20-year eat]75
98
98 7 347
8
8
994
1942 NI N 10112 Sale 101
10112 53
5.
1950 J J 983 Sale 98
:4
06
-year 5 f Si
9
25
8813 78 8
3
1946 im N 108 Sale 10812 1083
4 20 104 110191,14
77
Tol &CM Div lot ref 45 A_1959. J 7612 77
,
773
4 29
1
413 4812 Battle Cr & Slur let gu 3s I989J D 603 644 625 May'25
3
Chinese(Hukuang Ry)55
48
6053 624
1951 J D 474 Sale 47
8
48
4
ChriatlanIa (Oslo)!!!85
9218 9312
26
1
9314
1945 A 0 11012 Sale 1104
Beech Creek 1st, gu g 4e
111
934 9314
1936 J i 93
30-year e 154
10114 47
954 10112 Beech Cr Ext 1st g 3Ms
4
781 8112
8014
/
4
1951 M S 110 Sale 100
_ _ 8014
1951 A 0
99 10014 Blg Sandy 1st 4s
30
-year 5 f 6s int ctf
86
88
8718 89 6812 June'25
8012- 1955 m N 9914 Sale 99
89
10014 123
9914 10012 B & N Y
Colombia (Republic)694o..1927 A 0 100 10012 10014
2
87
10012 13
89'2
734
Air Line 1st 45
1944 j D 6912 Sale
955 F A
Copenhagen 25
-year,f 5348_1944
_
944 100
93
j 984 Sale 984
94
94 May'25
983 138
4
Bruns & W 1st gu gold 46 _ 1937 JNii
938 m i 94
954 10012 Buffalo It & P gen gold 5e 1937
Cuba 55 of 1904
1004 163 10012
1944 M S 100 ____ 1001, 1001
10011 1024
1604
,
1
Etter debt 56 1914 Ser A_ _1949 F
9314 99
27
8012 8812
9812
56
87 Sale 864
99
9812
87
Consol 4 Ms
External loan 4346
8814 June'25
1949 F A
82
8
M N 867 87
825 May'25
8
854
Registered
94 10881'' Burl C It dr Nor
864
1953 .1 J 1005 Sale 10014
8
10078 -124
9953 10012
5346
10018 May'25
let be
9 : 133 Canada
981 100014
Caechoelovak (Repub of) 83.1951 A 0 100 Sale 9912
10018 115 73
103 10312 101
6 1004 1034
10312
Sou cons go A 58--AN
44
Sink fund 88 Ser B lot ctfe_1952 A 0 100 Sale 9912 1C0
54 113 117 s
117
Canadian North deb s f 7,9._1940 J 0 116 Sale 116
,
43 109 1103
Danish Con MunIcip 85"A"_1946 F A 109 110 10912
4
110
11818 Sale 11814
20-year a f deb 6 Ms
1183
8 12 116 1184
812
9 1109
Series B sf88
184
1946 F A 10912 Sale 10912 10911
79
81
Canadian Pac lty deb 45 stoc94 j I 8054 Sale 8012
81
1k _6 J
11
Denmark external el 88
1943 A 0 11012 Sale 11014
Carb & Shaw 1st gold 4s
1105
93
8 68 109 111
9312 Slay'24
937
2
1932 M S
9912 104
-year (9)
1942 J .3 10314 Sale 103
Cam Cent 1st con g 48
1033 103
4
8014 ____ 793 May'25
4
20
78
8314
4
Dominican Rep Con Adra
.
10
53 58 F A 102 103 102
100 1014
214 15 101 1033 Caro Clinch & 0 1st 3-yr 58_193 j D 10112 ____ 10114 June'25
193 J D..
8
8
92
9512 61
9512
Custom Administr 5 Ma_ _1942 M S 95 Sale 95
8
108
38 1057 10812
18t & con g 68 ser A
1952. 5, 10712 Sale 1071e
1
984 10318 Cart & Ad lot gu g 45
Dutch East Indies ext 6s
8
8514 88
1947 .1 J 1023 Sale 16214
1023
Jan'25
84
4 99
84
84
987 10318 Cent Branch U P 1st g 4s
8
1025 145
8
1962 M S 10214 Sale 10214
40
-year 65
7452 80
784
6
1 9 8 j : 7854 Sale 78
41 J D
8
I
43914 30
934 101 18 Cent New Eng 1st gu 48
5418 7014
30
8
-year ext 530
8
1953 M S 1003 Sale 1003
Sale 68
100
4 145
1961 ...
i: 6814 ____ 99 May'25
923 101 18 Central Ohio Reorg 434— 1930 m .2 99
4
8
30
8
9714 99
1953 MN 1003 Sale 1003
-year ext 548
10054 116
s
246
983 1043 Central of Ga 1st gold 5(1_1/1945 F ..", 102
4
8
French Repub 25-yr ext 85_ _1945 M S 10214 Sale 10214
103
1014 102
____ 1023 Feb'25
4
93 10112
9914 1024
D 9818 Sale 973
4
4
20-yr external loan 7348_1941
(7811801 gold ba
98 2 362
10212 10
,
1945 M ^ 102 10213 1015
98 1004
1949.5 D 9058 Sale 90
External 7801 1924
Registered
9
94 452
1 al N 10014 ____ 10012 May'25
85 92714
8 12 92 2
6
4 31 10113 1044
4
8
8
Finnish Mon L'n 63.4e A__1954 A 0 923 Sale 913
9212 42
g 3e 5 A 3
ReflO-45ear encur 65ser 8 June 1929 J D 1035 104 10312 1033
8512 9213
99 103
10214
15
1959 A 0 10214 Sale 10218
External 634s Series B_ _ _1954 A 0 924 Sale 914
9212 38
37
8314 89
84
8414 Mar'25
89
8414
1945 NI 5 89 Sale 8812
Chatt Div pur money g 45_1951 J D 8412 87
Finland (Rep) ext 68
9712 530
949713
994 100
4
s
External s f 72 Int ctie_ _1950 M S 957 Sale 9512
Mac & Nor Div 1st g 5/1_1946 J i 994 ____ 993 Apr'25 _ _ _ _
973 1C74
4
98
10018 ____ 100 Dee'24
4
German external loan 714 rc _ 1949 A 0 964 Sale 963
Mobile Division 5s
95
8
97
8
8
3
977 97
98
97
8
107
353 1047 1077 Cent RR & B of Ga coll g 68_1937
0501111 & Irel (UK of) 5342_1937 F A 1065 Sale 10613
1946
110
5 10718 110
11714 103 1154 11824 Central of NJ gen gold 6
110
1929 F A 11718 Sale 11718
10-year cony 5341
1
8
1987 J,-, t 10912 110
89
10614 10812
9413
9413 160
3
1952 M N 9412 Sale 933
Greater Prague 7345
Registered
81987 1 .1 108 110 10712 June'25 4
88
865 90
83 8813 Cent Pac 1st ref go g 4s_ _ _1949 F A 8914 Sale 8914
8
32
893
s
7
4
1964 M N 863 Sale 863
Greek Govt 76 Int rcta
4
9513 9613
9114 9612
Mtge guar gold 3 Me
1952 A 0 9613 Sale 96
Haiti (Republic) 66
k1929 J D 9618 9)312 9618 June'25
9612 37
8553 894
87
943
4
Through St L lot gu 4s_ _ _1954 A 0
943 453
4
Hungary (KIngd of)s f 7348_1944 F A 941e Sale 9214
985 100
1124 1175
8
86
16 1 8 _58
8
4
100
8
Charleston & Savannah 78_1936. J. 18714 _ _7 _ 11212 Feb'25
Ind Bank of Japan 6% notes 1927 F A 997 Sale 993
11
9853 102
7
81
8412 Chee & Ohio fund &'met 55_1929 J J 10118 10218 10112 102
8412 487
8
1931 .1 J 8414 Sale 835
Japanese Govt £ loan 4a
90
1025
4
95
8
.5 1013 1034
8
9478 Sale 937
1025 103 10212
8
95 1331
1954 F A
let consol gold be
30
-year s f 634s
10114
__ 10114 May'25
83)2 8714
1004 10114
Reg
Registered
193 M N
Oriental Development 68.1953 M 8 8614 Sale 85
99 M N
863
8 31
3
874 93
93
50
3
803 8812
4
8512 80
Lyons (City of) 15-year 841_1934 M N 85 Sale 8412
General gold 434s
1992 M 8 93 Side 923
90
80
9012 9012 June'25
86
854 9013
854 56
Marseilles (City of) 15-yr 65_1934 51 N 85 Sale 8414
Registered
193 24
4
9MS
OA 9812
983
8 68
5
20-year convertible 434s....1930 F A 98 Sale 98
21
21
Mexican Irrigation 4 Ms-- —1943 MN
192
01
24
03
3 45)2
1 2 25 .
)
2
106 Sale 104 516( 7 . 82 1014 1094
24
Jan'25 30-year conyn secured ba __ _1946 2
1943 _
Assenting s f 434e
oy
103 4 1061
,
38 May'25 -/
4
--.1
Mexico (U S) ext1 be of '99 £ 1945 Q
827 41
8
985 June'25
8
974 993
__
4
Craig Valley let g 58
363 Sale 364
4
3815 49
1945 _
1940 J J 98,
Assenting bs of 1899
36
824 83
8512 83 Mar'25
/
1
3713
Pone Creek Branch let 4s.1946 J 1 84
371e May'25
Assenting 5s large
813 8514
4
_ 85
35
3712
1
85
R & A Div 1st con g 4s_ _1989 . J
3712 May'25 -- -11
Assenting 55 small
4
8518- -18 2 2653
93 2
79
;
823
823 May'25
8118 83
4
17
4
2d consol gold 48
26
1954 J D 26 Sale 22
Gold deb 48 of 1904
955 977
97
1
9812 9714
974
8
16
Warm Springs V 1st g 5s_ _1989 j
213 Sale 213
1
4
4
22
4
Assenting 4s of 1904
19 1 M
2813 2612 Chic & Alton RR ref g 36 _ _ _1949 A 0 644 647 6514 June'25
62
8
68
2613 Jan'25
Assenting 48 of 1904 large
615 June'25— 8
,
584 6254
20
2412
8
Certifs dep stpd Oct 1924 tnt_ --- - 61 8
Assenting 48 01 1904 small........ 23 Sale 243 May'25
23
2412
4
4 63 663 June'25
60
Certif dep strupd Apr 1925 Ini - --- 603 - 624
225 2312 2412 May'25
8
Assenting 45 of 1910
2218 3054
4414 58
5312 92
2
267
8
Railway first lien 3348
_ 264
/
1
4
19,50 J J 53 Sale 5112
Assenting 46 of 1910 large
2012 284
45
52
If)
Ctfs dep Jan '23&subcouP-- -- 52 Sale 517
553
2318 Sale 23
2414 76
4
Assenting 4s of 1910 email_
3613 43
Chic Burl & Q—III Div 330.1949 J 1 863 Sale 8512
8
8114 8613
863
8 16
3
401,
Tress 6s of '31 assent(large) '33 "j--.1 4014 Sale 4014
J J
8012 ----8438 Apr'25 _ _ _ _
843 8438
8
Registered
_
3858 May'25
Small
933 Sale 93
8
9512
43
88
3
6
9338 .13
Ilinola Division 45
884 944
9513 46
8
Montevideo 76
1952 .1 D 9513 Sale 945
4
Geneaal 43
N brrska Extension 4a
9938
1
0812 100
Netherlands Sc (fiat prices)
1949 ?N N
10612 231 1023 107
57 M s 981e 9914 984
28
i
.1972 M S 10614 Sale 10618
913 Sale 913
8
8
8818 9214
9158 42
105 1004 10412
104
30
-year external 65 VIA 1954 A 0 1034 Sale 10358
M S
_
8954 89 4
91 11014 11312
893 Feb'25 _ _ _
4
111
4
Norway external s f 88
Registered
8
,
1940 A 0 1107 Sale 1103
1971 F A 10318 Sale 103
9718 10112
lot & ref be
103141 30 10012 10314
-year ext '85
1003
4 68
8
20
8
1943 F A 1005 Salo 1003
9712 1014 Chic City & Conn Rye 5a
46
49
4 90
15
1927 A 0 49 Sale 48
-year external tis
1003
83
1944 F A 1005 Sale 10014
20
s
974 10112 Chicago & East Ill 1st 6s
65
1934 A 0 102 10718 1074 May'25
-year extl Be
101
/
1
_ _ 1054 10714
80
1952 A 0 10012 Sale 10012
• P III RP (new en) gen 55 _1951 M Ts
741. 7932
. 1 971
741, Sale 7412
7512 64
4
40-yecsrsf5i4swl
9718 111
1085.5 D 954 Sale 963
161.1.
101'.i,
981, 163,
,
196., 105
01 9
4
1S
91.4
2
44
8
Vi.
5;
--
13
554=4 a Due Jan. h Due July, 8 Due Aug. p Due NOV. a Option Sale.
3047
New York Bond Record—continued--Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended June 12.
Price
Friday
June 12.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BON415.
N.Y.STOCK EXCHANGE
Week ended June 12.
••••••••
Price
Friday
June 12.
Week's
Range or
Last Sate
4
1,
Range
Since
Jan. 1.
High
High No. Low
Ask Low
Bid
H406
High No. Low
Ask Low
Bid
84 84
Jan'25
9912 10114 Erie & Pitts gu g 33-4s B____1940 j j 84% ____ 84
10114
7
1982 MN 10114 -- 101
ChM & Erie 1st gold Es
Oct'24
8483
84
234
59% 0812
66
Series C
8
Chicago Great West let 45 1959 MS 6512 Sale 653
_ 100 100
100
Jan'25
10914 112
Fla Cent & Pen 1St ext g 58_1930 j j 100
Chic Ind & Loulav—Ref 60._1947 j j 11112 11212 112 May'25
5
9612 100
9912 100
9612
9912
1943 j
9012 100 4
Consul gold 55
,
1947 j j 100 10012 100 May'25
Refunding gold be
7 Sale 9638
3
9612 963
1
9612
96
1943
1
4
853 87
Temporary 55
87
87
45 Series C___ _1947 j j
Refunding
8
9214 967
D
.1 - - 9412 9514 9514 June'25
10
9214 Florida East Coast 1st 432e_
87
92
Sale 9112
1966 MN 92
General 58 A
9712
93
9683 44
9612 Sale 964
4
let & ref Is Series A
an NI S
1035
4
8 36 1013 104
May 1966 J J 103 Sale 1023
General 68 B
9514 96%
8
967 125
4
8
lot & ref 55 Scr A w I_ _ _ _1974 Ni S 96% 96% 9614
4
77, 793
Ind & Louisville 1st gu 419_1958 J J 7912 801a 793 May'25
11814 106 102% 11914
88% SS
_
Fla West dr Nor 75 Series A 1934 m N 11712 Sale 11714
88 May'25
-year 48_ _1956 j j
Ohio Ind & Sou 50
6412 73
15
,
68 4
1952 m N 6810 Sale 68
9312 9334 Fonda Johns dr Olov 454s
4
4
Ohio L S dr East let 4%6_1969 J D 933 ____ 933 May'25
89% 90
4312 5812 Fort St U D Co 1st g 43.48_1941 j j 8938 ____ 90 May'25
17
5018
o M & Puget Sd 1st gu 48_ __1949• j 48 Sale 4778
8
104% 1047
4 _
10434 Apr'25
16
7014 80
80
Ft W & Den C 1st g 5348_1901 j D 1043
ChM & St P gen g 45 Ser A_e1989 j j 80 Sale 79
4
92% 97
97
4
6214 6912 Ft Worth & Rio Grist g 45.1928.9 j 953 97 97
8
6912
6912
General gold 3%5 Set B__e1989 j j 69
10712 1094
121
7718 90
Frem Elk de Nlo Val let 68_1933 A 0 10812 10912 10812 June'25
90
8912 Sale 89
Gen 4348 Series C__ _May 1989 JJ
100 100%
43% 54% Gli&SAM dr P 1st 5a
5112 172
1931 MN 10014 ____ 100% June'25
Gen& ref Series A 4%8_02014 AO 4834 Sale 4812
48
,
99 4 1011s
4 100
1931 j .1 100 100% 993
4418 58%
5018 156
2d extents Es guar
Gen ref cony Ser B 5s___a2014 FA 4918 Sale 4814
901a 95
5
8
928
42
9612 103% Galv Hoes & fiend lot 513_1933 A 0 9283 Sale 925
10312
1934 j j 10318 Sale 103
151 sec 65
5 10014 10412
10412
4
6012 Genesee River 1st 5 1 5a
1957 j j 10412 Sale 1033
254
44
52
1932 in 4914 Sale 4818
-is
Debenture 43
,
14
93 102 4
96
953 Sale 953
01945 J
46
262
51
7812 Ga de Ala Ity let cons 5s
1925 in 4914 Sale 4818
Debenture 45
k
1
991e 997e
997
997
44
A
J (!) 997 100
106
51
5614 Ga Caro & Nor 1st gu g 58
1934• j 4912 Sale 48
-Year debenture 48
25
6414 67
67 67 June'25
66
1946
33
94% 100
Georgia Midland 1st 38
Chic dr Mo my Div 58_ _1926 J J 100 Sale 99% 100
4
1
8
983 10018 Gouv & Oswegatch 5s
1942 j D 993 ____ 984 Feb'24
9914
Chic & N'west Ext 45__1886-1926 FA 9914 9912 9914
"di" -id 4
41
ext let gu g 434s_ 1936
8
.1
S 953 964 96 May'25
8
895 9983 G2 R
1888-1926 FA 985 9918 9/358 May'25
Registered
24 11512 112
21
7318 77
4
1987 MN 743 77
Grand Trunk of Can deb 75_1940 A 0 116% Sale 116% 1168
General gold 33-f13
1077
4
8
1077 Sale 1073
s 24 108% 108%
7214
72
75 755 —
72 Feb'25
15
Q F
-years 1 es
Registered
4 11014 84 10812 Ill
j 1097 Sale 1093
27
8112 8612 Great Nor gen 75 Series A 1936
85
1987 MN 85 Sale 8412
General 48
,
92 4
91
,
92 2 53
82
85
4
1st & ref 43-fs Series A _ _ _1961 .1 J 9214 92% 9212
1987 MN 843 85 85 June'25
Stamped 4s
10112 52 10014 1024
10138 Sale 10114
4 101 18 1043
1952 j J
4
1987 MN 10312 104 10258 102%
General 534s Series B
General ba stamped
92
95 4
,
9483 95
94%
9514 30
3 1033 104%
1973 j
4
10414
General 58 Series C
1879-1929 AO 10312 104 10414
fund 138
Sinking
78
72
78 May'25
80
104
7 103 104
AO 103 104 104
Green Bay & West deb etre "A"-- Feb 78
Registered
1212 1812
165
4
16%
8 14
10018 101
Feb 163 17
1879-1929 AO 100% 101 101 May'25
Debentures ells "B"
Sinking fund be
86
8812
____ 8812 June'25
9912 10012 Greenbrier By 1st gu 45-1940 M N 87
9912 May'25 -1879-1929 AO 9912 101
Registered
31 101 12 103
103
9914 103
1
100
1933 MN 100 Sale 100
Guff Slob & Nor lot 53-ss _ _1950 A 0 10278 Sale 10258
Sinking fund deb Es
9818 102%
4
10114
101 101
1933 MN 9912 101 101 Mar'25
Gulf A 13 I lst ref & t g 58__b1952 J J 10114 Sale 1011g
Registered
543
80
.4
2
8418
8
1074 12 105 11218 Harlem It dr Pt Chea let 4s...1954 M N 841g 843 8418
1930 ID 1068 Sale 1067
-year 'secured 75 g
10
15
8912 91%
8
913 917 9114
8
917s
4 17 107 • 11212 Hocking Val let cons g 4%8-1999 J
4
199
-year secured 8345 g------.136 MS 110% 1103 11012 1103
15
9012
88
May'25
957
9112 102
52
8
May 2(137 J D 943 Sale 9438
Registered
g 58
let & ref
99% 100%
6
- 1901j
Y0 4
00l .215
0
27
82% 86
85
8
1937.1 .1 10014
J 845 Sale 8412
H & T C 1st g Int guar
Chie R I & F—Italiteay gen 481988
99
96
9812 35
9S782
__
8314 May'25
4
8314 Houston Belt & Term 1st 58_1937 J J 98 - - 8 97%
J J 823 83
Registered
9983100
Jan'25
____ 100
83 4 89% Houston E& W Tex let g 50_1933 MN 100
,
1934 AO 8818 Sale 88
83
,
88 2 3
48
Refunding gold
8
99741 997
8
997 Jan'25
10808114'
863 8814
4
8818 May'25 -AO
1933 M N
Registered
1st guar 58 red
921e 9412
9412 May'25
_ _ 10112 103
.
— 10212 May'25
1937 MN 943 96
Housatonic Ry cons C 5a
Mc St L& N 0 gold 58_ _1951 • D 1011
,
8612 93 e
127
92
10114 103
10114 102 10114 May'25
2F A 91 Sale 9114
1 I)
Hud & Manhat 55 Series A 1957
Registered
67% 774
4
773 106
__
79% 79%
7983 Jan'25
1957 A 0 7683 Sale 76%
1951 in 783
Adjustment income 55_
Gold 354s
1
91 , 94
_
s
4- 8512 Apr'25
83% 857 Illinois Central 1st gold 48_ 1081 .1 j 9314 ____ 9314 May'25
951 ..3 J
1951 J o 8414
MemphltDiv 1st g 4s
9012 90 2
,
8714
9012 Apr'25
7 101 103
10118
____ 101
1032 AO 101
Registered
0 St L & P let cone g be
,
81 4 84
85
84 June'25
100% Jan'25 - -- 100 8 10083
,
8
1951 J J 84
AO 1003
let gold 3148
Registered
831.
83
2 1023 10812
10314
_- 8
8
J J 83% ____ 8312 Mar'25
& 0 cons 88_1930 ID 10314 1037 10314
Registered
Chic St P 86
8012 84%
8312 May'25
_
9214 93
93 June'25
95 1 A s
Extended 1st gold 3%5_1081 si O 84
Cons 68 reduced to 334s.._1930 • D 9218 93
82 62
71
64
62 Feb'25
9734 37
9212 10514
1930 MS 9612 Sale 9612
1st gold 38 sterling
Debenture 58
8818 89
89
88
89 June'25
2
98
97
8
4
993
953 9712 97
Collateral trust gold 45_1952 A 0
Stamped
85% 85%
85% Apr'25
75
8
887
A 0
8
885 211
Registered
Ohio T II & So East let 5e1960 J D 883 Sale 8612
92%
88
4 26
913
55
8112 Sale 7818
818 439
81%
1955 M N -014 32:1e- 91
1)ee 1 1960 M
let refunding 48
Inc go 58
78% 8412
8412 8412 June 25
7 Sale 9314
83
26
,
91 4 94 8
94
,
19321 .1
Purchased lines 3345
Ohio Un Sta'n let gu 434s A 1963 J J 93
79
8312
8312 May'25
10212 41 100 102,
4
J J 7583 ___
1963 J J 10213 Sale 102
Registered
1st be Series B
83
8534
3
85 4 36
63
9714 10014
997
1944 JD 9934 Sale 9918
Guaranteed g 58
Collateral trust gold 43_1953 M N 85 Sale- 85
82
81
82 Mar'25
4
4 1173
4
M N
7 11814 118
1983 J J 1173 Sale 1173
Registered
1st6 48 Series C
,
1061.-_
1064 15 10312
____ 10512 May'25 ---- 10512 1053
1955 M N
4
Refunding 55
Ohio & West Ind gen g 68._p1932 QM 106
8
15 102 1033
33
82
8
1934
J 103 Sale 10212 103
7612 8312
J 81.3 Sale 81
1952 J
-year 48
15-year secured 5345
Consol 50
11218
8 10912 11238
112 11212 112
10012 45
97 8 1003
1936 J J
,
4
-year secured 8148 g
15
1 st ref 512a ser A temp_ _1982 86 S 10014 Sale 100
8814 90,e
5
901e
9018
4
993 101
-_
19501 D 891s 91
1952 MN 101 10112 10012June'25
Cairo Bridge gold 45
Crime Okia & Gulf cons 5a
70
73
73 May'25
9312 95
Litchfield Div lot gold 36_1951 J J 721g -Cie H & D 2d gold 434s_ _ _1937 J J 9212 ____ 953 May'25 -7712 82 4
,
-- 8214 May'25
82
91% 9332
1
93% ____ 93
933
0 1 Est 1,& C 1st g 4s_ __ Aug1938 Q
Loulsv Div & Term g 3348 19531 J el
7012 74
74 June'25
92 May'25
9012 92
9112
Aug1936 Q
1st gold 35_ _ _1951 F A 7383 74
Omaha Div
Registered
71% 77
May'25
744
871e 8912
90
89 May'25 & Term 38_1951 J J
1942 MN 89
Louis
3
StG is1
Cin Leb & Nor gu 413 g
79
8334
4
837
-215
83 2
1
9978
,
99 4 100
8
1951 J J 813 8312 7
I928 J J 997 ____ 99%
Cin ES & CI cons 1st g be.
797 82%
8
8
3
84%
,
81 4 84%
▪
Springfield Div 1st g 3345_1951 .1 J 7814 ____ 827 May'25
Cleve Cin Ch & St L gen 45_1993 J o 8414 Sale 8414
8812 98
_ _ 88 June'25
2
9834
96
8
4
4
987
1951 F A 87
1931 • J 983 Sale 983
Western Lines 1st g 4s
-year deb 4345
20
87
84
8412 May'25
9912 101%
.
1951 F A 85
1011 Apr'25
1993 3D 993
4
Registered
General be Series B
10418 13 103 10418 III Central & Chic St L & N ()—
1929 J J 104 Sale 103
Ref & Mint es Series A
,
96 4 10012
10014 104
10334 107%
1941 J J 104 10514 10412 May'25
Joint let ref 58 Series A. 1963 J D 10018 Sale 100
6e &dee C
8712 9112
9078
1
907
9412 100
908
1930J
997 125
1963 J J 997 Sale 9914
Ind III & Iowa 1st g 4,s
58 Series D
2 100 101
10014
J 10014 ____ 10014
__
9034 June'25
8914 91
8
1939 ▪ J 905 91
Ind Union By gen 5s Ser A 1965
Cairo Div 1st gold 48
,
1 100 100 4
10014
9
8
8212
19651 J 10014 ____ 10014
s
80
82%
8
NI Div 1st g 4a__1991 J J 805 823 813
Gen de ref 58 Series B
Cin W &
10484 28 100 10512
811a 85
8414 8412 June'25 - - _
Int & Grt Nor let es Ser A 1952 J J 1043 Sale 10414
St L Div lst coil tr g g 4s-1990 MN 84
78
66
73 Sale 73
7338 134
MN
_
83 May'25
83
83
Adjustment 6s, Series A 1952 Apr
Registered
87
67
67 Apr'25
338
73
Aprl 68
8
883 8912
Stamped
Bpr & col Div 1st g 411—__1940 86 S 8912 ____ 8912 Apr'25
7812 8042
81 1 7
0
71
9
7
8034 22
87% 88
Int Rya Cent Amer 1st 5a___1972 M N 89 Sa2e 2 8834
W W Val Div 1st g 48-1940 J J 8814 9012 88 June'25 -65
57
1
,
107 4 108
4
1934 II 10734 ____ 1073 May'25
Iowa Central 1st gold 5a____1938 J D
& I gen cons g 8s
00
,
59 4 6214
62 May'25
10014 10214
Certificates of deposit
Olev Lee & W con lot g 55.. 1933 AO 10118 102 10112June'25
19% 2614
2238
8
1951 M S 2238 Sale 2214
96% 97
1935 MN 9 7 99% 97 May'25 Refunding gold 48
0
CI & Mar 1st gu g 4%s
86% 90
5
1938 J J 10014
_
9814 99 8 James Frank & Clear let 48_1959 J D 90 Sale 90
,
9918 Apr'25
Mahon Vail g ba
Cleve dr
)0
8 18 _a e 0 134
1( 172 s _l_ _ 180 No724
_
1938.1
1942 AO _ _ _ 9912 8412 Aug'24
KaA&GRIstguil58
DI& P gen gu 4%a Ser B
80 84
3
1990 A 0
99 -dics Kan& m ist 5u g 48
99 May'25
1942 J 1 9914 102
ye
20 28-ar 88
Series A
9914 10012
10018 10083 10012 May'25
1927 J
8512 8618
1948 MN 84
8512 8512 May'25
SS s
Series C 3
10212 10383
1928 M N 10318 10383 10314 June'25
4
4
cons g 68
4
84
4
853 K C Ft S &
1950 FA 833 853 853 Mar'25 - _
Series I) 3345
,
80 8 88%
8
4
8
877 108
7
100
95% 100
4
Ry ref g 48_1936 A 0 873 Sale 875
983
K C Ft S &
Cleve Shor Line 1st gu 4348_1961 AO 99 100
98 10014
4 27 104% 10712 K C &
4
R dr B ist gu bs 1929 A 0 985 ____ 98% June'25
Cleve Union Term 534s_ __.1972 AO 1063 Sale 10612 1063
701s 75
59
8
75
8
9912 102
10012 • 39
8
1973 AO 1003 Sale 100
Kansas City Sou 1st gold 38_1950 A 0 745 Sale 737
lets I 58 Ser B
8 50
923
884 9284
A pr 1950 J J 92 Sale 9134
D 87
_
8712 8712 May'25
1945
8314 8712
Ref & Impt 5s
Coal River By 1st gu 4s_
1
/
834 87 1
7
86341 66
4
96% 99
9
4
983
Kansas City Term let 48_ _ _1960 .1 J 868s Sale 86
Colorado & South 1st g 48_1929 FA 9812 983 9812
84
2
8712
171
96
4
00% 9612 Kentucky Central gold 48_1987 J
Refunding & exten 43-48_1935 MN 953 Sale 958
B
.
2
87
6
8717 Nov1 4
8612 86% Keok & Des Si 58 et( dep___1934 A 0 8483
4
863 May'25
AO 863
4
1948
Col & II V Ist ext g 48
4
1 100 1001
100
_
8414 8414 Knoxville & Ohio 1st g 68....1925 J J 100 10038 100
1955 P A 8418 ____ 8414 Apr'25
Ool & Tol 1st ext 45
3
99 4 100%
6
10083
81% 8138 Lake Erie & West list g 58.
81% Jan'25
.19371 J 10083 10183 10083
84
Conn & Passum Ely 1st 4a_ _1943 AO 78
9511 Ars
9612 May'25
9683
_1052 J J 8814 Sale 8712
8814 29
1041 J .3
4
2
2d gold 55
83, 88,
-year 55g...
Cuba RR 1st 50
784 81
6
80
8
2 10212 108
D 10318 Sale 10318
104
19971 D 80 Sale 797
1936
Lake Shore gold 3 Sis
let ref 7545
76% 79
8
79
8
783
1997 J D
89
9212 70
9314
1968 Ii 9214 Sale 91
Cuba Northern fly let 5e
9712 98%
98% 38
4
1928 M 5 9812 984 9812
1931 ii 973 ____ 9712 May'25
9712
96
Debenture gold 4e
Day & Mich let cons 4348
9511 97
18
14
971g
1931 M N 97 Sale 967
9112 18
,
88 2 9212
25-year gold 45
Del& nucleon let & ref 413_1943 MN 913 Sale 91
95% 99%
9414 ____ 957 Jan'25
AO 10712 Sale 10612 10712 05 10114 108%
1931 M N
Registered
1935
-year cony 58
30
6 100% 103
4 00
i3_ 10234
103
10238 15 101 103
1937 MN 102% Sale 102
15
Leh Val Harbor Term 5a_....1954IF A _9714
-year 5345
98
05
1
96
3 107 110
1930 ID 10812 Sale 10812 10812
Leh Val NY 1st go g 43-48_19401J J
-year secured 78
10
93 93
Jan'25
93
A 9414 ____ 94 May'25
19401J J
94
94
13 RR de Ildge let gu 4s g__A036 P
79
82%
8212 59
4
82
843 103
cons g 45..2003 MN 82 Sale 8114
8534 Lehigh Val
-1st cons g 45 1938 ii 8412 Sale 8414
R
& R0
Den
8
7812 787
78% Apr'25
86
1936 J J 8814 8912 89
8912
8
Registered
e
857 8912
Congo! gold 43-45
24
93
88
93
4
8 27 • 96
985
8
1928 ID 985 Sale 9818
2003IM N 92 9212 913
99
Improvement gold 58
higneral R nsge%6
LeGe h va lcos 40 88
17
9838 301¼
10114
Serles_2003 SI N 10114 Sale 1008i
L & T dep rete for
Farmers
10118 1023
4
4512
6112 Feb'25
59
Aug 1 1955
70
Leh V Term Ry 1st gu g 58_1941 A 43 10118 10238 1028 June'25
lot& ref be
84% 89
Bankers Tr Co etre dep
Leh & N Y 1st guar gold 48..1945 NI S 8612 8712 8712 May'25
1 10311 107
_ _ 60
107
4512
_ 69
Jan'25 _
% 6912 Lex & East lst 50-yr ba gu_ _1965 A 0 10612 108 107
to June 15 '23 agree
Aslant
8314 84
Apr'25
84
49
63
6234 Feb'25
1952 M N
4
Stamped
5618 703 Little Miami 4s
107% 108
60% Feb'25
603 60% Long Dock coiasol g 63
s
1935 A 0 10812 ----108 Apr'25
Am Ex Nat Bk Ws Feb '22
4
993 10214
MN 5714 Sale 57
8
1003 10218 10014 June'25
151
5814
1955
55
8611 Long Isid 1st con gold 5a_h1931 Q
West 5s
Den & R
94
9418
j j 51 Sale 5078
94 May'25
4
933 95
51%
7
311931 Q
92
3 , 51%
let consul gold 48
Des M & Ft D let go 45._1935
8918 9114
9113 91 June'25
50 May'25
48% __
19383 D 91
45% 50
ctfs of deposit
General gold 4s
Temporary
89% 93
__
____ 93 June'25
MN 9014
19321 D 90
,
93 4 9312
Gold 48
Dee Plaines Val let 4345_ _..1047 ID 75 Sale 9312 Feb'25 _ _ _
8214 85
4
84% 853 848 June'25
75
75
4a_ _1995
1949 M
73
Unified gold 48
75
Pet & Mack—let lien g
3
9734 Juno'25
95, 98
6712 65 June'25
1934 J D
1095 3D 65
65
67 2
Debenture gold 58
,
Gold 48
87% 91%
90 12 12
90 Sale 90
94
5
1981 MN 93
91
9414
,
93 2
9412
2000Det Rio Ton 4345
82
9
85 4
,
937 NI
3414
din eb 58
Ye relunm dg go1d 48_1949 M N 8418 Sale 84
ar ar
& Nor gen 55_ _1941 II 10214 103 10214 June'25 _ _ _ 102 104
Del MIssabe
,
98 1 100 e
3
994
,
AO 10134 _ _
9914 100
9912
107 June'25
_ 100% 107
Nor Sh B let con g gu 5s_o1932 Q
Dui& Iron Range 1st 55.-1937 J J 87
991s 101%
100 10054 100 June'25
3
8718
8778
88
1937
8218 90
Louisiana & Ark 1st g 58.. 1927 m
Sou Shore & All g 5a
Dul
83 87
AO 907
87
875 86% June'25
8
8
907 May'25 _ _ _
88
907 Lou &Jeff I3dge Co an g 48 1945 M
8
Emit By Minn Nor Div let 48.'48 MS 10012
100 105%
104 June'25
1017
8
1017
1
8
,
09 4 1017 Louisville & Nashville 5s-1937 M N 10312
East Tenn reorg lien g 5s_ _ _1938 J J 10012 Sale 10012 10012
9514
8
91% 95%
7
9518 953 9515
19401
2 100 101
1930
xjnified gold 48
& Ga Div g 58
East T Va
4
913 Dec'24
8
8
9218
8
1017
1017
1 100% 1017
1940 J
1958 MN 1017
Registered
8
Cons let gold be
id61
;
MN 102
102 May'25 _ _
101 102%
Collateral trust gold 58_1931 M N 10018 10112 101 May'25
Elgin Joliet & East 1st g 5s 1941 AO 10214
105% 108
10712
1930 M N 107 10712 107
4
1023 101 May'25 _
1965
secured 75
,
Ist 5s
99 e 101
10-year
El Paso & W
107% 34 10414 108%
4 107 109 4
,
e
Eri 1st ecnsol gold 7s ext..1030 86 S 10812 Sale 10812 10934
let refund 514s Series A 2003 A 0 10783 Sale 10714
12 10134 105%
4
10214
2003 A 0 10212 103 102
1996 J J 7214 Sale 713
7214 45
70
7212
1st & ref bs Series B
let cons g 48 prior
95%
92
9538 41
6812 Mar'25 _ _
2003 A 0 9514 9512 9438
1906 J J
87114 8812
let & ref 434s Series C
Registered
46_1996 J J 623 Sale 6283
_ 10414 1047
6334 132
4
19301 J 105 107 1041e May'25
8
4
613 661e
N 0 & 511sf gold 85
let consol gen lien g
6214 Feb'25
19303 .3 10418 ____ 10383 Dec'24
4
1996 .1
62, 87
gold 6s
2d
Registered
95
4
8914 Feb'25
891g 90l
_
Penn coil trust gold 4s 1951 FA -664 Ifs; 953 May'25
Paducah & Nlem Div 4s 1946 F A 91
9512 98
64
10
4
4
65% 17
651 65
6112 85
6212 69
St Louis 131v 2d gold 38 19S0 M S 633 Sale 633
-year cony 45 Ser A-1953 AO 65
50
6517 13
9712Jnne'25 ____
96
69
1953 AO 64% 65% 65
60
971!
1st g 4%6.1945 .M S 973
L dr N & &
do Series 11
7178 42
4
8612
9112 8612
8612
3
1952 J .1 8512 88
1953 A tO 703 Sale 7012
69% 7534
L & N South joint NI 4s
Con cony 45 Berea D
5 101% 1964 Louisv Cln de I.ex gold 43-f8_1932 NI N 9914 ____ 9914 June'25
1955 J J 105 Sale 10412
105
98% 9 ,
let f fts
02
Zile & Jersey
c Due June. e Due May. 0 Due July. a Due Sept. 0 Due Oct. V Due Dec. s Option sale.
a Due Jan, 8 Due Feb
e
ioaf, 6;1-- 10614
3048
BONDS
N.Y.STOCK EXCHANGE
Week ended June 12.
New York Bond Record-Continued-Page 3
Price
Friday
June 12.
Week's
Range or
Lass Sale
Range
Since
Jan, 1.
BONDS
N. Y.STOCK EXCHANGE
Week ended June 12.
Price
Friday
June 12,
Week's
Range or
Last Sale
Ramos
Sines
Jan. 1.
Bfa
Ask Low
High No, Low
Nigh
Bid
Ask Low
High
Mob No. Lose
Mahon Coal RR lst bs
1934.3 J 10134 103 10178 May'25
99 1017 V Y Sung & W let ref 58_ _1937• J 72
s
66% 76
73% 72
7312
Manila RR (South Lines) 48 1939 M N 63 Sale 63
1
5911 631s
83
2d gold 4 He
61% 68
1937 FA 5918 6678 6414 Mar'25
lat 44
1959 M N 663 69 6714
6312 6714
4
6714
General gold 511
59% 66
1940 FA 6212 84 62 June'25
Manitoba CoionisatIon 58_ 1934.3 D 9918 10014 10018 June'25
973 10012
4
Terminal 1st gold 58
93 95
97 95 June'25
1943 MN 95
Man OB&NW let 3;46_1941 J J 805 ____ 84 Mar'25
8
82% 84
N Y W'ches & B 1st Ser I 4H8_46 I
59% 7014
33
Mlohlgan Central 56
ion% 101
1931 M
10034 10112 101 Feb'25
Nord Ry s f0Hs lot recta- -1950 * 0 10714 Sale 6212
83 S l
6
7912 8414
86
%
63
873' 33
Registered
78 M 10014 ____ 10012 May'25
10012 10012 Norfolk Sou let & ref A 58_1961 FA 8334 Sale 8212
112
70% 84
84
1940.3dl
9112 May'25
J 912
9114 9112 Norfolk & Sou let gold 56_1941 MN 96% ___ 9618 Mar'25
9434 9611
J L & lin gold 332s
1951 M S 7734 ____ 77% Apr'25
Norf & West gen gold 66-1931 MN 107 los 10712 10712
5 106% 108
let gold 3)48
841
1952 MN 8412 Sale 8412
if ici
Improvement & ext 68„.1934 FA 108 ____ 10834 Apr'25
108% 108%
20
-year debenture 48
1929 A 0 9752
9812 98
975
975
New River let gold
108 108
108 Mar'25
1932 * 0
Mid of N J 1st ext 58
1940 A 0 90
9312 91 May'25
88 9312
N & WRy lstcons g 46-1998 AO 92 88 923
4
9252 9114
4
92
MIlw L & West imp g 58_1929 F A 100 ____ 10014 May'25
100 100%
Registered
88 89
1996 AO
89 May'25
MS & Nor let ext 4348(blue)1934
D 895 91
8714 May'25
8512 94
Ditel let lien & gen g 44_1944 J J 872--- 9055
9012 9158
83 92
14
9114 13
Cons ext 4).28 (brnwn)l934i D 8814 89 8932 June'25
82% 9112
10
-year cony 6.
129 13112 12834 130
37 12512 134
1929 MS
Mil Spar & N W 1st gu 46_1947 M 8 8814 887 88 June'25
864 89%
4
Pocah C & C Joint 481941 J D 9134 95
91 9314
33
92
911
MIlw & State L lst gu 3348_1941 J J 8018 --__ 8612 July'24
Nor Cent gen & ref 58 A1974 M
10212 102% 1027s 10278
5 1014 103
Minn & St Louis 1st 76
1927.3 D 10132 10234 16134 June'25
9834 10118 North Ohio let guar g 5a
3 88 94
1945 A0 89
90 89%
8918
1st consol gold 58
60 63 62 June'25
5134 6212 Nor Pacific prior lien 4s
86% Sale 8618
83% 87
8678 28
1997 Q
Temp ctls of deposit _________ M N 5852 --__ 60 May'25
5818 60
__
Registered
8214 84%
8434 ____ 8458
8452 15
1997 Q
let & refunding gold 48_ _1949
23
1984 26
2312 2234
21
23
General lien gold 3s
60 02
29
62 Sale 6158
62
a2047 Q
Ref & ext 50-yr Ser A_ _1962 Q F 16 Sale 16
1312 2114
9
16
Registered
2
59% 60
a2047 Q F 5912--_ 60
60
MERP&S8Moongtstntgu'38 J
8512 Sale 8512
4 34% 90
8618
Ref & !rapt 4)0 ser A_2047 J J 86
83% 8712
8612 8618 ' 8612 25
1st cons En
1938.3 .1 9518 9714 96%
9714 15 94% 100%
Registered
853 853
4
'
'
J
853 Feb 25
4
4
10 year coil trust 6
__ _1931 MS 10212 103 10212 103
29 10212 1043
4
Ref & inapt 68 ser B
66 105% 10812
6
7
2047 Ii 10634 Sale 10 12 l0
let & ref (la Series A
1946.3 .1 10018 Sale 10018 1014 11 100 103
Registered
105 1067
06% May'25
8
'
J
25
-year 534e
5
1949 M S 8314 8434 84%
833 9012
4
85
Ref & impt bs ser C
95 4 977
3
8
2047 J i -15614 97 97 June'25
1st Chicago Term f 481941 MN 9212 ___ 9212 Dec'24
Ref & impt 58 ser D
9514 98
9614
2047 J J 9614 Sale 9614
ME313M& A bag 4sintgu_1926 J .1 9958 100
i(71618
9934 May'25
St Paul & Duluth let 58_1931 Q F 84% 86% 9914 Mar'24
Mississippi Central let bs_ _ _1949 J
93
94
9378 93
91
10
93
let consol gold 4s
84 e 8434
8
in 100% ____ 8432 Jan'25
Mo Ran & Tex-let gold 4s_1990 J D 85 Sale 85
851
44
8014 8512 Nor Pac Term Co 1st g 68 1968 J
10914 1094
10412 ____ 10912 May'25
/
1
1933
Mo-K-T RR-Pr I be Ser A.1982 .1 J 9514 Sale 9418
86 953 No of Cal guar g 5s
4
953 120
102 10314
1938 * 0 10412 ____ 0314 Mar'25
40
-year 48 Series B
78
7834 79
1982 .1
711 80
8
79
14 13
North Wisconsin let 68_1930 J J 10034
103 4 10412
3
__ 10334
10
-year 6s Series0
1932.3 J 10234 10312 10234 103
1014 10414 Og & L Cham lot gu 4s 8_1948 J J 7414 /5 7414 Apr'25
7113 75
5
74%
Cum adjust bs Ser A Jan 1987 A 0 854 Sale 8412
263 763 89 Ohio Conn Ry 48
4
86
9034 Dec'24 _
1943 MS 91-tdIssourl Pacific (reorg Co)
Ohio River RR lot g 58
9814 10134
1936 J D 100 102 10138 May'25 _
1st & refunding 68 Ser A 196b F A 90 Sale 893
4
4
9014 30 83 903
General gold 58
99 100
1937 *0 9834 10014 99 May'25
let & refunding 58 Set C-1926 F A 10018 10014 10012 10014
100 10114 Ore & Cal let guar g En
1 100% 1017
1927 J J 101 10138 10138 10138
8
lot & refunding Its &ter D.._1946 F A 102 Sale 10112 102
99 10214 Ore RR & Nay con g 48
77
8814 90 4
9014 908, 9014
9
3
9012
1st & refund 68 Set E int_1955 M N 10134 Sale 10112 102
283 10112 102 Ore Short Line-lot cons g 1946 in 1053 10612 10612 10612
4
1 10328 107
58246 J J
General 48
1975 M S 66 Sale 6558
6212 67
663 371
4
Guar cons 58
' 10534 10614 1057
I
s 1057g
1 10352 107
1946
hio Pao 3d 78 ext at 4%
2 84 4 89%
1938 M N 8518 Sale 8512
8512
3
Guar refund 48
9638 97%
1929 ID 9738 Sale 972
Mob & Blr prior lien g 5&.__1945J .1
9712 52
100 May'25
- 100 100 Oregon-Wash let & ref 48_1981 J J 8418 Sale 84
8114 85
84% 53
Mortgage gold 43
1945.3 _ 7812 82 91
2 76 91
91
1
Pacific Coast Co 1st g 56_ _1946 in 9114 93 9114
82 94
1
9114
Mobile & Ohio new gold 69--1927
103
u 102% 104 1027
18 10234 10312 Pan RR of Mo let ext g 48_1938 FA 92
9014 98%
___ 92 May'25
let extended gold Its_ _81927 Q 1 10278 103 10212 May'25
- 102 104
2d extended gold bs
9814 100
1938 J J 9912 100 100 May'25 - General gold 48
8912 9012 90
90
2 8112 9018 Paducah & Ills lets t 434e._1955 '
94% 96
J
9572 97
96 May'25
Montgomery Div 1st g U 1348 F A 100% 101 100
7
3 MS
96% 101
11
101
Paris-Lyons-Med RR 6s_.1958 FA 787 Sale 7812
7012 80%
7912 184
St Louts Div 58
99% 10012
1927 1 D 100 10014 10014 May'25
S f external 75
8014 89
126
87
1958 MS 8512 Sale 8534
Moh & Mar in fru 48
1991 M S 85% 95 85 Feb'25
84% 85 Paris-Orleans RR s f 78
8012 90
4
1954 MS ____ 8534 843
8512 38
MontCletgug6e
1103 1107 Paullsta
11012 113 110% 11012
2
3
19371 /
2
Ry 78
97 100
•S 99 100 9914
942
6
let guar gold 54
9912
10212 104 10214 10214
19371
1 10118 10314 Penylvania RR-cons
ns
9178 95
4
4
M & E 1st gu 3444
g 4111943 MN 943 _-- 943 June'25 7634 82
20003 D 81 Sale 803
4
8112
Consol gold 4s
86% 94%
11948 MN 9252 Sale 9232
925e 29
Munn, Chatt & St L lot 56-1928 A 0 10112 102 10112 10112 76 10012 102
1
45 stamoed
9012 93
9234 June'25 - May 1 1948 MN
NFla&Slotgug58
1937 F A IC2 103% 162
1 1007g 102
102
Consol 4tis
9814 100
9914
1960 FA 9914 Sale
9934 11
Nat Ry ot Me's pr lien 4;46._1957
30 Sept'23 - General 494e
93 95
76
1965 J D 9314 Sale 9318
937
July 1914 coupon on
19 Apr'25 - - "ii 19
General bs
4
1968 ID 102 Sale 102
10212 56 10118 1033
Assent e f red June coup OD
17
1412 21114
2
17
10-year secured 7s
1930 AO 1077s Sale 108% 108% 35 10712 110
Guar 70
-year s f 4s
8712 July'23 --1977
15
-year secured 6)4e
4
11012 32 109 4 11112
1936 P A 11018 Sale 110
April 1914 coupon on
18 May'24 ---14
Registered
10912 10912
F
1 10914 10914
Geo.1 45 assenting red
15 June'25 -- "fit; "i91;
40
-year gold be
971s 983
4
1964 MN 9812 Sale 9712
9812 427
Nat RR M ex prior lien 4%8_1926
3812 June'23 ---Pa Co
-Cu 3Hs coil tr A reg 1937 MS 86
8614 8614
87 8614 May'25
July 1914 coupon on
25 July'24 - Guar 3548 coil trust Ser 13_1941 PA 8334 84 837s
88 83%
5
838
" 32l
Assent with July '24 coup on
29
31 May'25 ---Guar 334e trust ctfs C
82% 83
1942 I D 8214 84 83 June'25
lit consol 48
1951 AO
28 Apr'25 - Guar 33(8 trust etre D
82 8212
___ 9534 June'25
1944 J O
April 1914 coupon on
36 Jan'25 -953 96
952
Guar 15
953
9414 95 4
-25-year gold 48_1931 *0 821413
3
Assent with Apr 1924 coupon
1534 "g- 1534
153
4
2 16 20
Guar 48 Ser E
85 861s
1952 MN 855 868 85%
85% 10
Naugatuck RR let 46
1954 MN m!
66 May'23 -Peoria & East let con 248_1940 * 0 82 Sale 8112
77% 82 4
5
823
4 78
New England cons 58
6411 96
9452 June'25 -1945 J
-156 Income 48_
313 367
s
8
1990 Apr. 3518 Sale 351
367 178
4
Como! 4s
8134 8118 Pee& Pekin tin
8134 8312 8134 June'25 - 34
1945 J
99 101
Is65348
1974 *0 10014 100341 0012 10012
11
NJ June RR guar lot 4s
1986 FA 8312 86 88 May'25
86 86 Pere Marquette let Bey A 84_1956 J J 10012 Sale 100
975510018
10012 79
NO& NE lstref &Imp 430A'52'.3 92
86 9114
97 9112
9114 38
1st 4s Ser B
81% 85
895 38
1956 J J 86 Sale 8412
New Orleans Term let 48.._1953.3, 8318 Sale 83%
8014 84% Phila Bait & W let g 4s
84
6
9272 94%
1
1943 MN 9312 Sale 9312
9312
NO Texas & Mexico let 68_1925 J D 10014 100% 10038 June'25
10018 101%
Gen 55 Series B
10678 10 104 108
1974 FA 10678 Sale 1067e
Non-cum income 56
* 0 9712 97% 9712
1935
973
4
7 92% 9814 Philippine Ry 1st 30-yr s 1 48 1937 J J 4255 43 4255
40 441
s
43
27
let 58 Series B
9012 973 Pine Creek
972
4 81
1954 A0 9732 Sale 97
4
regstd 68
32 J D 10712 ____ 10512 Mar'25 -- - 10512 10511
let 534s Series A
98 10212 PCC&StLgu434sA
1954 * 0 101% Sale 10152 102
26
1940 A0 97 Sale 97
97
2 96 9934
Temporary
AG 102 Sale 10152 102
12 10014 10212
Series B 454s guar
96 967
1942 * 0 96% 9714 967,
2
96%
3
N & C Bdge gen gu 4 Ms____1945 J J 93% ____ 94% May'25
93% 9412
Series C 4 As guar
9514 9612
97
1942 MN 95
9514 June'25
NYB&MB lat con g 56_1935 A0
9934 May'25
9914 100
Series D 48 guar
8934 9314
1945 MN 9314 ____ 9314 May'25 _
N Y Cent RR cony deb 68_1935
N 108% Sale 10812 1093
s 15 10618 11712
Series E 354e guar gold
90% 93%
1949 P A 9314 ---- 9314 June'25 _ MN 10814 Sale 10814 10814
Registered
5 106 11612
Series G 46 guar
9014 93
1967 MN 9314 ---- 9314
1
14
9314
Consol 48 Series A
1998 FA 8614 86% 85%
82% 87
8612 40
Series H 48
91 93 2
1960 P A 9312 ---- 933 May'25
8
Ref & Inapt 434s"A"
9314 923
2013 * 0 93
4
88% 93%
931s 16
Series I cons guar 4;44-1963 FA 9534 -.-- 9632 June'25
95 967
s
Ref & Irnpt bs Series C 2013 A0 1017s Sale 10112 102
99 10214
88
Series J 434*
N 951 ____ 96 June'25
9412 96
1984
A0
Registered
9913 102
10118 Apr'25
General M 56 Series A
9912 101
1970 J D 9958 Sale 9912
9952 14
Y Central & Hudson River
Gen mtge 58 Series B
99 99 4
1975 *0 9912 Sale 993
99% 124
3
Mortgage 330
1997 J J 7834 Sale 7718
75 79% Pitts & L Erie
795
8 27
997 101
al928 A0 10014 10012
8
58
_
Registered
77% - - 7814 June'25 1997 J
74 7814 Pitts Melt & Y2d ggu 6s____1932 3.3 1047g ____ 10014 June'25
let
105 Dec'24
Debenture gold 44
2
9312 36
9212 96
1934 MN 9518 Sale 647
2d guaranteed 6s
1934ii 103 --- 9834 Aug'24
MN
Registered
_ 9214 Mar'25 -9214 9234 PittaSh&LElotg
10112 May'25
foiii Mit;
1940*0
58
30
-year debenture 48
913 ---- 9212
4
1942 .1
9212
2 91 92%
1st consol gold 58
10018 10112 10014 May'25
loots 101
1943 ▪ J 102Registered
93 93 Pitts Va & Char 1st 45
93 Feb'25 -9114 9114
1943 MN 90 ---- 9114 May'25
Lake Shore coil gold 330_1998 P A 7818 Sale 7714
7434 784 Pitts Y & Ash let cons 58-1927
7734 19
N 993 ---- 100
100 100
4
100
RegIstered
1998 P A 79 Sale 7614
79
2 74 79
let gen 48 series A
87 87
1948'3D 88-- - 87 Mar'25
Mich Cent coil gold 3H8 1998 P A 78% 75 78%
7818
78%
' 102 10212 10212 10212
7
A
lot gen 5s series B
1962
2 10014 10212
Registered
1998 P A
,
7512 May'25
751s 75% Providence Secur deb 48-1957 M N 5414 59 5912 May'25
5312 5912
N Y Chfc & St L 1st g 4s_1937
94% Providence Term 1st 4s
4
u 9278 933 93 June'25
91
813 ---- 80 Sept'24 -s
1956
1937 A 0 9114 --- 89 Jan'25 ---Registered
89 89
2 (iti
1997' J 9552 ____ 98
96
3
1 -4131- 927 ugh Reading Co gen gold 45
4
25
-year debenture 4a
9514 Sale 94%
1931 _M
9514 1 10
J J 9434
Registered
9412 9514
-94 8 May'25
7
_
2d 6s Series A B C
10314 Sale 10314 10312 32 102% 10412
1931 155
Jersey Central coil g 46-1951 A 0 9312 143 9312
88 95
;
94
20
1974 A 0 98 Sale 9734
Ref 5Hs Series A
9814 123
93% 98%
' 9514 Sale 95
3
9212 96
9512 54
Oen&rof454eSerA
1997
N Y Connect let gu 4Y41 A-1953 __F A 93 Sale 93
90 9312 Richm & Danv deb 55stpd_ _1927 *0 10014 Sale 10014
9314 121
99% 1001s
10014
5
N Y & Erie lat ext g 4s--- 1947
89 89 Rich & Meek let g 4a
89 June'25
7412 7912
1948 MN 7718 7912 7912 June'25
ad ext gold 4)4a
93% _
_ 9512 May'25
1933 m
95% 95% Richm Term Ry 1st gu 58.-1952
' 10012 101 101
3
10114 13 100% 10114
4th ext gold 54
1930 A 0 10014
99 100% Rio Grande June let gu
10032 May'25
92% 96%
56-1939 J O 9414 9512 9414 June'25 5th ext gold 48
1928 J
9714 Dec'24
Rio Grande Sou 1st gold 46-1940 J J
5 Sale
S
5
5
7
2
Y & Green L gu g be
1948 MN
2 90 921k
91%
9118
6
Guaranteed
- 6 May'25 -6
6
1940 J J
2000 M N
NY & Harlem g 334e
7834 June'25
75% 78 4 Rio Grande West let gold 46.1939Ii 86 Sale 86
3
8212 8912
86% 20
NY Lack & W let & ref 56_1973 M N
9812 Nov'24
*0 7434 Sale 7434
Mtge & coil trust 48 A
71% 7514
7434 12
1949
lot & ref 4348
i66(4
1973 MN
1001 Feb'25
RI
MB 8918 Sale 88%
85 89%
8914 42
106 10712 Rut Ark & Louis let 4346-1934 J
NYLE & W 1st 78 ext1930 MS
1071 Apr'25
7314 7412
-Canada let gu g 44
7214 7412 7412 May'25
1949
Dock & Impt 58
1943 J
99% Mar'25
99 4 9 4 Rutland let con g 4Ha
7
97
J , 86 _
and
8618
85% 8812
1941
8618
2
Y & Jersey 1st 5s
Ws 100114 St Jos& Grand Isle la
1932 P A
10014 10014
1
80 Sale 7818
75% 8112
1947 .1
80
15
NY & Long Branch gen g 481941 MS
9014 Dec'24
Lawr dt Adir lat g be
1998.3, 9314 9558 9518 Feb'25
94 9512
NYNH& Hartford
2d gold 68
Jan'25
_ 101 101
1996 AO 102% ___ 101
M
Non-cony deben 48
[66
_ 66 May'25 -1947
61 68 St L & Cairo guar g 44
' 9518 97 96
3
94 9612
1931
9612
2
MS
_
Registered
60 Jan'25 -- 60 60 St L 1r M & SI gen con g 54_1931 *0 10014 1007 10014 100% 33
s
9914 1007
8
•B 56 1612 8912
Non-cony deben 3tie_ _1947
5912
1
56 s 61
5
9134 9612
Unified & ref gold 48
1929 J J 9614 Sale 96
9655 48
*0 5512 57
Non-cony deben 3t46-.1954
aa 60
3
5612
J J
5612
9112 93
Registered
93 Apr'25
62% Sale 62%
Non-oony deben 48
1955 J
62%
4 60 65
Riv & G Div lot g
83% 90
90
1933 MN 90 Sale 8912
Non-cony deben 411
86 65% St L M Bridge Ter gu4s5s- _1930 AO l00l2 an 100% June'25 151
1958 MN 6212 63% 63
6312 18
99% 100%
g
J
Cony debenture 33is
57
56
4 63 5912 StL &Elan Fran (reorg co) 48 19 J J 773 8_9113_ 77471132
4 .
1956 J J 5612 58
.
r82 5 128
71
78
5 J J
0
J
8614 9213
92 Sale 92
Cony debenture 64
1948
923
s 8
4
Registered
7412 7412
Apr
_
'.3
Registered
90 June'25
8312 90
Prior lien Ser B be
8514 9312
1950 J J 92 Sale 91%
923 100
4
9614 96 4
Collateral trust 65
1940 *0
3
9512
27
J J 103 Sale 10234 103
9612
Prior lien Fier058
1928
19 10172 103%
Debenture 48
1957 MN
53% 6114
5914 22
4
583
Prior lien 5)46 Set D
1942 J J 100 Sale 9934 10012 166
93% 1007
8
Cons Ry non-cony 4s_ _ 1954.3'
63
55 64
4
83
Cum adjust Ser A 68-0195 *0 907 Sale 9034
,
84% 92%
9134 193
5 Oct.
J
Non-cony deben 46
64
1955
63
63
3 62
Income Series A 68
51980
8812 Sale 8712
7614 89%
8914 333
ii
Non-cony deben 4s
1956
5712 84 Stuis & San Fran Ry gen 68 '31 J J 10534 __- 10534 June'25
5712 May'25 - -Lo
1043 1057
4
1
NY & Northern let g 58-1927 A0 ioois
_ 00% 10052
General old 5s
2 100 10052
1931 J J
___ 10034 June'25 - -- 100% 101
NY0& W ref let g 4s_June 1992 M
69 Sale 69
6952 25 65 7012 St I.Peo & NW let gu 58 1948 J J 1003410234 103 103
103
8 102 10412
General 4s
1955 J D 6312 64% 85 June'25 ---63 6912 St Louis SOU la gu e 4s
933
933 Apr'25 _92% 937
2
in
5,r 5.
bi S
Registered
65 Apr'25 -- 65 65 St L 51 W lot a 4s bond ctts 1931 •-• -. 83 Sale 8218
1989
80 833
83
12
4
N Y Prot- & Boston 48
_ _ 8612 Apr'25 -- -1942 *0 873
86% 8612
2d g 45 income bond cite_ p1989 a
7
72% 78
78 May'25
'77
N Y & Putnam let con gu 46.'93 * 0 8514 8814 87 May'25 --- 88214 8714
Consol gold 4s
9014 Sale 9014
85% 90%
9012 27
NY&RB Ist gold 58
1927 MS 10014 101 100 Feb'25;---- 100 100
let terminal & unifying 58_1952 j D 89 Sale 8814
3
9 i J
81% 90
89
10
St Paul & K C Sh L 1st 4J48-1941 F A 87 Sale 87
80 873
8712
4
St Paul E CB Trunk 414s_ _1947 J 1 9034 ____ 9112 Apr'25 -54 9112 9612
a Due JOD. 6 Due July. 2/ Due Nov. sOp ion sale.
__--
__--
----
--__
----
____
r. q
y
New York Bond Record-Continued-Page 4
Price
Friday
June 12.
BONDS
N.Y.STOCK EXCHANGE
Week ended June 12.
Week's
Range or
Last Sale
13
84
Range
Sines
Jan. 1.
Bid
Ask Low
High No. Low
High
441, 9612
St Paul Minn & Man con 48_1933 J A 9612 ____ 961 May'25
9412
Registered
94
1
94
J J 94 Sale 94
1st cense! g 138
10712 10912
8
1933J A 1083 1091 1085 May'25
68 reduced to gold 434a
1933 J J 100 Sale 10018
20
100
9512 10014
Registered
1933 .7 J 98
9912 9712 Apr'25
97% 98
Mont ext led gold 4s
93
8
1937.7 D 927 95
93
923 9512
4
2
9212
Registered
.1 D 9012 9412 9212
3
9212
92
Pacific ext guar 48___ __1940 J J 8712 8812 891 Apr'25 _89%
88
St Paul Union Depot Ea_._..1972.7 .j 10134 1023 10214
4
5 100 10212
10212
9 A & A Pass 1st gu g 4s----1943 J .1 845 Sale 8412
8
8514 30
81
8514
Santa Fe Free & Phen 5s__-1942 M 9 101
_ 10034 Feb'25
4
1003 101
Say Fla & West 1st S 6s----igN 2
10712 111
10918 iff 111 Mar'25
lst 1025
g 5s
8
10114 Nov'24 _
Scioto V & N E lat gu g 48.._1989 M N 901 908 897 June'25
873 90
4
8
Seaboard Air Line g 48
1950 A 0 7814 783 8112 June'25
4
74
8112
Gold 45 stamped
8
1950 A 0 783 79
8212
79
2
79
74
Adjustment be
Oct 1949 F A 81 Sale 7934
8112 198
73 8312
Refunding 4s
72
1959 A 0 7114 Sale 7114
71
5912 7312
htt & cons 13s Series A
I945 M S 9418 Sale 94
9412 113
84% 953
4
Atl & Birm 30-yr let g 43_61933 M S 893 Sale 8938
8
893
4 12
8
83% 897
Seaboard & Roan 1st 5s
1926 .7 J 101 10118 101
1
101
99% 101
8 & N Ala eons gu g be
1936 F A 10678 1077 10312 May'25
s
10218 1033
4
Gen cons guar 50-yr 55_ _1963 A 0 _
107 June'25 _
103 109
So Pac Col 48(Cent Pao col)k1949 J D 8714 8812 8714
8812
8812 16
84
20-year cony 4e
June 1929 M S 9712 Sale 9738 . 977 126
8
0812 98
20
-year cony 58
1934 J D 10034 1007 10034 1008
8
9934 10313
5
20
-year g 58
1944 M N 100 10014 10014
10014 10 100 101
San Fran Terml 1st 45_1950 A 0 877 Sale 8714
8
8414 88
46
877
Registered
A 0 7814 843 83 May'25
4
83 854
So Pao of Cal--Gu g 5s
8
1927 M N 1035 ____ 10314 Feb'25
103 10314
So Pac Coast let gu e 45.. 1937.7 J 9414
9412 Jan'25
9432 9412
9118 f3;1-- 91%
So Pao RR 1st ref 45
e
1955.7 J
913 314
8
8818 92
Routhern-Ist cons g 5a
1994 J .1 10314 Sale 10314
10338 35 10014 1033
4
Registered
J D
9958 Apr'25
99
99%
Develop & gen 45 See A__1956 A 0 8014 Sale 7912
8014 168
733 8014
8
Develop & gen 68
1956 A 0 10634 Sale 10612 1067
8 51 103 107
Develop & gen 634e
1956 A 0 110 Sale 110
11114 53 10834 111%
Mem Div let g 414s-5s
1908.7 J 10212 ____ 10212 10212
gg12 1023
1
8
St Louis Div Ist g 4e
1951J J 8612
85% 8712
1
8638
8638
Mob & Ohio coll tr g 4a_1938 M S 8618 - - -- 8678
1
867
8
868
8
82 8 883
3
Bo Car & Ga let ext.5%s_1929 M N 10018 - -- 103
2 100% 103
103
Spokane Internet 1st g 58_1955 J J 8438 86
1
86
86
83 8713
/
1
4
Term An of St L lst g 4%6_1939 A 0 85 Sale 97 May'25
9514 9814
let cone gold 59
1944 F A 1003
101
101
4
99 10114
Gen refund s f g 40
1953.7 J 85
8514 28
8514 848
8212 8514
Tex & N 0 con gold 58
1943 J .1 9618
99 May'25
9834 99
Texas At Pac 151 gold 59_
2000 J D 102 10212 102
10212
8
99% 102%
gold Income 58
2d
2000 Mar
90 Dec'24
La Div 1; L 1st g 56
1931j J 90--- 995
99% - 4
993
8
993
4 10 -66" -991
4
Tex Pac-Mo Pac Ter 634e1954 M 5 998 Sale 995
8
981,10014
998 14
Tol & Ohio Cent 1st gu 58._1935 J .1
__ 10014 May'25
9938 101
Western Div 1st g 5s
1935 A 0 10038-100 10014 10014 May'25
99% 10014
General gold 55
1935 J D 984 9913 983 June'25
4
963 993
8
4
Toledo Peoria & West 413_1917 J J 273 30
4
28 May'25
28
30
Tol St L& W pr lien g 334s_1925 J .1 997 100
8
9978 May'25
99% 99%
60
-year gold 4s
1950 A 0 863 Sale 8614
4
6
863
4
8218 863
4
T01WV&Ogu4338A
19313 J 0614 ____ 967 Dec'24
8
Series B 4lis
1933 3 J 9614
Jan'25
- 97
if ifSeries C 4s
• 194233 S 8912
8938 Jan'25
mos 99%
Tor Ham & Buff 1st g 45
1946 J D 86%
86 Apr'25
84% 8612
Ulster & Del 1st cons g 58_ 1928.7 D 841 86
88 May'25
8712 9218
1st refunding g 4s
1952 A 0 543 548 5478
1
547
8
50% 62
Union Pacific let e 411
1947.7 .1 9312 gale 9312
933
4 52
4
903 9412
Registered
.7 J
9234 Apr'25
8918 93
20-year cony 4s
1927 J .1 -9914 _ale 9914
9912 74
9814 99
%
Registered
J J
Jan'25
98
98
- --98
1st & refunding 48
e2008 M S 157 Sale 873
712
8
873
4 86
84% 90
let lien & ref as
82008 M S 10738 107'z 10712 10712
19418 10718
10
-year perm secured 6s._1928 J J 10334 1037 10312 10312
4 10312 1045
s
8
U N J RR At Can gen 4s
_1944 M
93
___
0238 Feb'25
9214 9212
Utah & Nor gold 5s
1926.7 J 10014 101 10014 10014
10014 101111
let extended 45
1933 J J 938 ____ 93 Aug'24
--Vandalia cons g 45 Ser A_ _1955 F A 87
873 8714 May'25
4
8
863 8714
Consol 48 Series B
1957 M N
86% Apr'25
86% 86%
Vera Cruz & P let gu 4 Ms_ _1934 .7 J Oct'24
20
- -Assenting 1st 43.4s
1931
2412 Jan'25
2412 2412
Verdi V 1 & W lst,g bs
1926M S 10018 ____ 100% May'25
9938 10
014
Virginia Mid Series E 5s.._ _1926 M S 10014 10012 10014 May'25
10018 10012
58 Series F
.
1931 J .3 100
9912 101
____ 101 June'25
General 581
..
1936 M N 10012 ____ 10212 May'25
100 0212
Va & Southw'n let gu 5s..2003.7 .7 993 ____ 10114 May'25
9312 102
4
let cons 50-year 55
1958 A 0 92
8
913
4
4
9312 913
8414 933
4
VI/nil:den 1st 55 Series A__ _ _1961 M N 1003 Sale 10014
8
10012 108
95 101%
Wabash 1st gold Es
1939 M N 1013 Sale 10038 1017
4
8 23 10014 102
2d gold 5e
1939 F A 9812 100
9412 9812
978
9812 16
Ref a f 534s ser A temp__ _1975 111 S 973 Sale 9718
8
9838 268
9412 98%
Debenture B fle registered_ 1939 M S
9334 Feb'25
9334 93%
let lien 50-yr g term 48._ _1954 J J 8138 838 81
8
81 18
77% 83 8
7
Det & Ch ext let g 58.-1941 .7 J 10112 ____ 10114
2
10114
9912 10114
Des Moines Div 1st g 4s_ _1939 J J
86 May'25
8134 86
Om Div 1st g 3He
1941 A 0 7512 77
77 May'25
74
77
Tol & Ch Div g 4a
1941 M S 85
87
863
4
7
87
8412 87
Warren let ref gu g 3%tr._ 2000 F A
77% Oct'24
Wash Cent let gold 4s
1948 Q M 8514 8812 867 June'25
8
83 867
s
Wash Term 1st gu 3348
1945 F A 787 ____ 8338
8312 11
81% 8512
let 40-Year guar 48
1945 F A 8918 __-- 893 Mar'25
8
8938 893
8
W Mhz W & N.W lst gu 58_1930 F A 97
985 9612 Mar'25
8
9534 983
4
West Maryland 1st g 4s
1952 A 0 66% Sale 6614
6318 6712
663
4 44
1937 3 j 9912 10012 10012
West N Y & Pa let a be
2
983 10012
4
10012
Gen gold 4s
1943 A 0 8114 Sale 8114
7912 823
4
8214 37
Income g 5s.
Apr 1 1943 Nov 3514 46
45 Feb'25
45
45
Western Pac let Ser A 58_1946 M 8 95% Sale 9518
9512 60
9014 96
Series B
let gold 68
1946 M S 103% 104 103
4 10014 10418
1031
West Shore let 45 guar
2361 J J 833g 843 8212
843
4 11
8
81% 8614
Registered
2361 J .7 8212 Sale 8212 June'25
1
793 8212
4
Wheeling & L E 1st g 5s_1926 A 0 101 10118 10118
10118
1 10011 1013
8
wheeling Div let gold 55.1028.7 J 9914
- 100 May'25
9938 101
Ext'n & impt gold 55
1930 F A
993 Mar'25
4
994 9
94
Refunding 434s Series A1966 M S 7414 Sale 733
4
7414 36
68
7514
RR let consol 4e
1949 M 9 76
763 763
4
4
7712 21
72
7812
19423 D 6618 6612 66
Wilk & Emit 1st gu g 5a
2
66
63% 6712
1938.7 D 10234 104 10314 May'25
Will & S F let gold 58
102 10314
Winston-Salem El B 1st 4s1960 J J 8412 Sale 8412
8512 27
823 87%
2
1949 .7 J 80 Sale 80
Wis Cent 50-yr let gen 45
803
8 17
7812 8114
Sup & Dul lily & term let 45'36 M N 86
8514
8638 8514
7
82 87 4
/
1
4
,
INDUSTRIALS
Adams Express coil tr g 4a 1948 M 13 85
86
8514
8514
85
8712
Rubber 1st 15-yr s f 8s_1936 J D 10112 Sale 101
Ajax
10158 17
9412 10212
4% 5
Alaska Gold M deb 68 A_ __ _1925 M S
4 June'25
312 6%
1926M S
418 73
Cony deb fls &Mee B
8 67 Apr'25
s
4
678
A 0 10214 Sale 10218
1st 58
1928
Am AgrIc Chem
10214 44
9814 103
1st ref a 1 7348 g
1941 F A 10234 Sale 10234 10314 74
94 4 10312
1
Amer Beet Sur; cony deb 65_1935 F A 10038 Sale 10018
10012 50
973 1003
4
4
American Chain deb 5 f 6s_ _1933 A 0 9812 Sale 98
99
31
9
6% 993
4
4
Am Cot 011 debenture 5a1931 M N 953 ____ 9512
957
12
91% 95%
19383 J 1067 10712 10734 June'25
68
Am Dock & Impt gu
10612 10812
1939 A 0 99
993 99 June'25
4
Am Mach & Fdy s f (la
98 100
97
Am Republic Corp deb 68_1937 A 0 96
96
9612 25
9112 9712
Am Elm & R lst 30-yr be eerA 1947 A 0 9812 Sale 9814
99
122
9512 9912
1947 A 0 10712 Sale 10712 108
let 51 68 series B
17 103% 10812
6s_ _ _1937 J J 102 Sale 102
10212 125
Amer Sugar Ref 15-yr
9912 10412
Am Telep & Teleg coil tr 48_1929 J J 9734 Sale 973g
977 506
9
618 97%
1936 M El 9218 Sale 92
Convertible 4s
9218 10
903 9218
8
1933 M S 9614 971* 97
20-year cony 4 Hs
97
1
943 115
8
19463 D 1013 Sale 1013
4
4 102
-year coil tr 58
111 100 10214
30
19603 J 9738 Sale 9712
563
35-yr s f deb 58
98
9412 98
1943 M N 104 Sale 10334
10412 143 101 105
20
-year a f 5lia
1925 F Al 13234 Sale 13112 133
-year convertible tis
7
61 125 13314
Am Wat Wks & Eloc Es_ _ _1934 A 0 97 sale 964
97
92% gg
41
Due may. e Due June. 6 Dun July. 4 Due Aug. s Option sale.
8
--
BONDS
N. Y. STOCK EXCHANGE
Week ended June 12.
3049
Pries
Friday
June 12.
Week's
Range or
Last Sale
ft
Rangi
Sines
Jan. 1.
High
Bid
Ask LOW High No. Low
44 631e
6312 116
1939 J J 627 Sale 5712
Am Writ Paper 81 7-68
43 63
63
126
63 Sale 59
Temp interchangeable ctfs den.
99% 101%
4
Anaconda Cop Mhz let 6e _1953 11 10038 Sale 10018 1003 378
99/4 104
143
1938 FA 10112 Sale 10114 102
15
-year cony deb 78
94 1004
9712 171
Andes Cop Min deb 7525% p443 J J 97 Sale 9658
9112 94%
1
92
Antilla (Comp Azur) 730 1939 J J 92 Sale 92
91
94%
8
9418 18
Ark & Mem Bridge & Ter55.1964 MB 935 Sale 9358
86
90
/
1
4
89 4 78
3
Armour & Co let realest 4%51939 J D 8912 Sale 89
91
9414
9414 120
9414 Sale 94
Armour & Coot Del 5318-1943 .11
1031 Sale 10212 10312 31 101% 10312
Associated 0116% gold notes 1935 M
97% 98%
4
Atlanta Gas L 1st 543
1947 J D 983
9838 May'25
18
26
4
1934 3D 983 ____ 1912 May'25 -Atlantic Fruit 75 ctfs dep
1512 22
1512 June'25
Stamped ctfs of deposit
97% 100
35
1937 33 100 Sale 993* 100
Atlantic Refg deb bs
10258
6 102 105
Baldw Loco Works let 5s_..-1940 MN 10234 104 10238
106
2 103 10612
Baragua(Coup As)7yie_ _19373, 10514 10614 106
4
10518 Bale 10518
10514 17 10212 1061
Barnsdall Corp s f cony 8% A1931 .1
4
10234 Sale 10238 1023
4 66 1001 103
1948 .1
Bell Telephone of Pa Ss
10012
4 100141011*
10038 10012 1003s
1926
Beth Steel 1st eat s f bs
93 97
/
1
4
9438 32
MN 941 Sale 94
1st & ref 55 guar A
90
9312
932 26
' 9312 Sale 9212
3
1 42
3
30-yr p m& imp I bs___ _19 6
9313 9712
18
9 34 108
82
5
56844Serleseriese0Ai_11994538 FA 94% Sale 94
C 0,,
Cons 3086
89
/
1
4
FA 87 Sale 87
30-year
942 95 95
95 98
9514 34
Bing & Bing deb 8348
1950 M
701 85
8
8
78
7518
7618
Booth Fisheries deb s f 681926 A0 75
97 10114
4 29
1942 AO 10014 Bale 10018 1003
Brier Hill Steel let 534e
79
68
8
79
98
1943 J O 7834 Sale 757
B'way At 7th Av Isle g 5s
67
/ 78
1
4
78
24
78 Sale 74
Ctrs of drip stmpd Dec '24 list
903 93
2
12
_
/
1
Brooklyn City RR 55
1041 3.7 924 ____ 93 May'25
99% 108
1025
8 71
.• 1 10238 Sale 102
939
Bklyn Edison Inc gen 58 A 1940
10514
7 104 10612
' 105 Sale 105
3
General 65 Series B
82% 9012
90% 1101
Bklyn-Man R Tr Sec 6s
1968 3' 9014 Sale 8918
2
811 71
1
66
6612 66
Bklyn Qu Co & Sub con gtd 58'41 MN 65
80 80
80 Feb'25
1st 5s
1941 3, 7818 85
90 Nov'24
Brooklyn Rapid Trans g 58-1945 AO
96 June'24
Trust certificates
92
92
2
92
let refund cony gold 48__2002J .1 7618 ___- 92
10912 Sept'24
3-yr 7% secured notes_._1921J .1
Mar'24
122
Certificates of deposit__________
121 12314
12314 May'25
Ctfs of deposit stamped_________
8111 994
13
8838 ---883 Sale 8818
4
Bklyn Un El let g 4-5s
1950
8112 8812
1
8812
8812
4
Stamped guar 4-5s
1950 F A 883 89
994 1017
2
5
8
Bklyn Un Gas let cons g 58..1945 M N 1013 102 10112 10188
155 172
13514
_ 172 May'25
10-yr cony deb 78
1932 M N
2
2 10712 1103
8 11012
1st lien & ref 68 Series A_1947 M N 11012 Sale 1103
911 93
/
4
/
1
4
94
92 May'25
i9323 D 91
Buff&Suscilronef5e
91
84
__
8714 June'25
8
Bush Terminal let 4s
1952 A 0 885 88
8618 9114
9012 14
Congo' Es
1955 J J 90 Sale 9012
93 99%
/
1
4
9678 32
8
e
Building 5e guar tax ex_1960 A 0 967 Sale 963
98 10112
Cal G At E Corp unit& ref 58_1937 MN 101 10114 10118 10114 21
4
4
4 10412 22 1003 10412
Cal Petroleum 5 f g 63.48_. _1933 A 0 1033 Sale 1033
9112 9518
Camaguey Sug let ef g 7s__ _1942 A 0 9112 9312 92 June'25
968 9912
4
20
99
Canada SS Lines let con 5 f Is '42 M N 99 Sale 9812
10214
2 10012 10214
Cent Dist Tel 1st 30-yr 58-1943 J D 10214 Sale 10214
94 97
1
95
1931 F A 937 9514 95
Cent Foundry 1st e 16s
9738 1014
Cent Leather 1st lIen s f (is_ _1945 J J 10012 Sale 10012 101% 95
11 110 114
114
g s f 8s_ _ _ _1941 MN 114 Sale 112
Central Steel lst
984 1014
1
101
Ch G L At Coke lst gu g 58_1937 J .1 101 Sale 101
75% 88
77
34
1927 F A 7638 Sale 7612
Chicago Rye 1st Le
107
196 105 11112
1932 A 0 1063 Sale 106
Chile Copper 6s Ser A
gals 1043
2
1043
8
7
s
CIncin Gas & Elec let & ref 5a '56 A 0 1018 Sale 1017
1043e
1 10013 105
8
1961A 0 1043 Sale 10438
5Hs Ser 13 due Jan 1
80
80
Jan'25
8
./ 805 ____ 80
Clearfield Bit Coal 1st 4a__ _1940
87% 93
13
91
F A 91 Sale 90
Colo F & I Co gen s f
80
83%
823 82
8
8212 36
Col Indus 1st & coil 58 gu_ .1934 F A 82
82 82
82 Feb'25
F A
Registered
11 10012 101%
61;1- 100% 101
e1927 J J
Columbia 3& E let be
5
25 100 1013
4
Stamped
1927 J J 1003 Sale 100/2 101
9 4 14
1
15
13 June'25
MS 13
Col & 9th Av lst gu g
98 997
12
2
- 9912 May'25
_.1932J .1
Columbus Gas 1st gold 5e_
713 77
2
12
8
7612 777
Commercial Cable let g 4s2397 Q J 9938-- - 77 May'25
98 101
27
Commercial Credits I 6s
1934 M N 10012 Sale 10012 Ica
9714 10315
4 103% 47
Commonwealth Power 68
1947 M N 10214 Sale 1013
1 10114 1044
Computnrg-Tab-Rec s t 68_1941 J J 103 104 10318 10318
9018 9012
90 Mar'25
/
1
4
Conn Ry & L lst & ref g 4 Ms 19513 J 914, 93
89 93
923
4
9
1951.7 J 9234 Sale 9138
Stamped guar4l4s
81
90
83
54
Cons Coal of Md let & ref 58_1950 J D 8212 Sale 8218
10412 180 10114 105
Consol Gas(N Y)deb 5 s._1945 F A 10414 Sale 104
1041E 21 10018 106
04
Cons'd Pr & Ltg let 63.4s
194 M 8 10034 Sale 104
3
874 9213
893
8 11
Cont Pap & Bag MIlls 6318_1944 F A 88 Sale 88
92 8 100%
7
4
10018
Consumers Gas of Chic gu 5819383 J 997 Sale 997
90 4 100
3
244
Consumers Power 1st 5s--- _1952 M N 998 Sale 9938 100
July'24 _ _2
01
Corn Prod Refg f g 58
1931 M N
1001, 1028
10078 101- 1099154
- 3
4
lst 25-year s f bs
74
80
933 FA
77
77
8
Crown Cork & Seal 1st sf6s_ 1944M N 76
76
93% 98
9512 20
Cuba Cane Sugar cony 7s
1930
.1 9512 Sale 954
9914 102
/
1
4
X
68
Cony deben stamped 81 4_1930 .1 J 101 Sale 10012 101
/
1
4
22 107 110
Cuban Am Sugar 1st coil 88_1931 M S 10713 Sale 10713 108
9612 983
4
98
49
Cuban Dom Sug let 7348_1944 M N 98 Sale 9712
97 10112
.7 101 Sale 101
101
15
Cumb T & T 1st & gen dr__ _1937
9914 33
98
9912
Cuyamel Fruit 1st 68 lot We'40 A 0 98 Sale 98
9213 97
31
951
Den Gas & E L letAtref f g bs'51 MN 9512 Sale 951
82
75
4
78
Dery Corp (1) G) 1st e f 7s 1942 M
7712 777 778
8
99% 102%
102
7
J 10114 10113 102
Detroit Edison 1st coil tr 58_1933
99% 102%
let & ref 58 Series A_July 1940 M S 10178 Sale 10138 10214 23
9758 101%
1194409m O 998 Sale 9934 1013
A s
4 57
Gen & ref 58 Series
8 1077
8 22 Ng% 108%
A9
1077 Sale 1075
lst & ref &Series B_ _July
87% 93
/
1
4
6
893 Sale 8934
4
90
Det United 1st cons g 4;is_ _1932 J
9412 9912
983 420
8
Dodge Bros deb Os lot rots_ _1941 M N 9734 Sale 97
82
881
2
8512 12
8412
1942 M N 84
85
Dold (Jacob) Pack let 6s
50 68%
53
54
5
Dominion Iron & Steel 58_19393, 5214 54
88% 91%
90
16
1942 3' 90 Sale 89
Donner Steel 1st ret 78
90% 94%
8
_____ 945 May'25
du Pont(El) Powder 4343_1936 3D 95
8
duPontdeNemoure&Co 734s 1931 MN 10814 Sale 108
l08'c 46 1061 1084
1074 10718
MN
10718 June'25
Registered
_
1
4 10614 54 104 8 10734
Duquesne Lt let & coil 6s___1499 J J 1ll578 Sale 1053
' 10512 Sale 10512 10512
3
2 104 106
1st coil trust 5345 Series B..1949
51 103 106%
East Cuba Bug 15-Yr s f g 734s'37 MS 105 Sale 10438 1051
904 94
' 94
3
93
1
95
93
Ill Bkn let con g 48___1939
Ed El
9912 103
2
103
Ed Elec III 1st cons g 5e--19953' 103 Sale 103
en, 884
8814 23
8712
Elec Pow Corp(Germany)63.38'89 MS 8712 88
97 100
5
97
s
1925 3D 9614 987 97
Elkhorn Coal6% notes
9714 105
321
105
Empire Gas & Fuel 734s1937 MN 105 Sale 10414
993 10013
4
10012 May'25
997
Equit Gas Light let con 5s 1932 M
88
9614
1
94 94
94
9312 1942 M
Federal Light at Tr 1st bs
964 103
4 14
10714 102 10118 1013
1942 M
1st lien 138 stamped
10238 63 101 107
Federated Metals s f 75
1939 J D 102 Sale 102
19 108 114
1941 MS 11238 Sale 11238 114
Fisk Rubber 1st e f 88
7613 79
97383144
9332 May'25
78
94
Ft Smith Lt & Tr lst g 59-1936 M
891 95/4
4
'
3
31
Sale
Frameric Ind & Dev 20-yr 7%6'42
7 10312 106%
1061
Francisco Sugar 1st 81 73.4s _1942 MN 1051 107 106
98% 984
__ 9812 Feb'25
4
Berg Co cons g 581949 J D 993
Gas & El of
103
10 101 103
1939 AO 10238 103 103
Gen Asphalt cony 65
4 104% 106%
General Baking let 25-yr 68_1936 3D 10412 Sale 10412 10438
83 84
8538 84 June'25 _
1942 FA 85
Gen Electric deb g 334s
4
1061
33 10112 18612
1952 MS 1053 10612 106
Debenture 58
1011
75 100 102%
1952 FA 101 10112 101
Gen Refr lat ri g 6a Ser A
7 137
J 935 Sale 933
8
8
93
93
14 94%
German Gen Elea 75 temp 1945 .1
8 1051 131 100% 106%
1947 3' 10518 Sale 1053
Goodrich Co 634s
4
m 80 119 121
Goodyear Tire & Rub 1st et 1941 MN 1203 Sale 12012 1203
4
d1931 FA 1093 Sale 10912 10934 73 1083810938
10-year s deb g 85
100
1
931 1001
8
8
Granby Cons MS & Peon 68 A'28 MN 10018 ____ 100
8
1003
8
2
11992258 MN 1003 ____ 10014
9318 10038
Stamped
MN _
_ 100
100 1 95 10014
Cony debenture 88
4
9314
931
2
92
93
Gray & Davis 1st cony s f 78_1932 FA 95r iE
/
1
91
76
87 9112
/
1
4
Gt Cons El Power(Japan)7s1944 FA 91 Sale 904
/
1
1O27
s 14
99% 1027
Great Falls Power 1st e I 5s 1940 MN 1024 Sale 10214
8
J
86
____ 86 May'25
_
83 86
Hackensack Water 1st 48_ _ 1952
53
4
95
/ 41
1
4
861 9533
8
Havana El ity L & P gen 55 A '54 M S 933 Sale 917e
3050
New York Bond Record-Continued-Page 5
BON DS.
N.Y.STOCK EXCHANGE
Week ended June 12.
Price
Friday
June 12.
Week's
Range or
Last Sala
to 53
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week ended June 12.
Price
Friday
June 12.
Week's
Range or
Last Sale
Bast*
Mace
Jae I
BM
Ask Lots
High
High No Low
ASS Low
Bid
H101
High No. Lew
9514 97
9538
92% 96
953
4 15
Philadelphia Co coll tr as A_1944 F A 1047 Sale 1045
29 101% 105
8
8
105
Hershey Choc 1st I g 68_1942 M N 104 Sale 10378 10418 11 103 105
15
-year cony deb 534s
60
93 4 100
3
8
1935 M S 995 Sale 9914
100
Hee(R)& Co lst 6 Ns temp_1934 A 0 103% Sale 103
,
10414 31 100% 104 4 Phila & Reading C olt I ref 5.6_1973 J J 100% Sale 10018
994 10218
10034 28
Holland-Amer Line 6s (f3a1)-1947 MN 87
8934 Pierce-Arrow Mot Car deb 581943 M S 10334 Sale 1023
79
90
88
89% 29
91 104
4
1033
4 85
Hudson Co Gas 1st g 5s----1940 MN 10012 ---- 100% 100%
1
981a 10012 Pierce Oil sf 88
1025
8107
19313
1067 107 1081s May'25
8
Humble 011 & Refining 5345.1932.2 J 102 Sale 101% 102
65
994 1024 Pillsbury Fl Mills 20-yr Os. _1943 A 0 102 - 10214 132
99% 102%
6
102
Illinois Bell Telephoae 56_1958 J D 10112 Bale 10114
117
97 1017 Pleasant Val Conlin g f 56_1928 j
8
10112
9734
97
9/14
9712 May'25
Illinois Steel deb 445
924 963 Poefth Con Collieries lst a 3561957 J J
1940 A 0 943 Sale 943
4
4
9512 18
9212 P.%
- 12
-3
; 9213
9212
Ind Nat Gae & 011 58
2
874 94
1936 M N 9314 Sale 93
94
9918 102
Port Arthur Can & Dk 68 A.1953 F A ia 10212 101% 102
3
Indiana Steel 1st 55
103% 103% 11 1014 103%
1952 M N 103% Sale
1st M 63 Series B
5 101 10112
4
1953 F A 102 1023 10112 10112
ngersoll-Rand let 156
92 9914 Portland Elec Pow 1st (is 13_1947 M N 100 Sale 993
1935 J J 993 101
4
92 May'25
27
9612 100
4
100
Interboro Metrop coll 4)48.-1956 A 0 11
10
Apr'25
11
11
13
Portland Gen Elec 1st 58_1935 J J 100,
8
984 1007
9914 June'25
11
Ctf dep stpd asstd 16%
104 1012 Portland Ry let & ref 5s_1930 M N 954
812 __ _- 1012 Mar'25
9218 96.8
4
943
4
96
Intel:tor° Rap Tran let 58-1966
4
59% 743 Portland Ry Lt & P 1st ref 581942 F A 91
68 Sale 68
89 12 "139
p4t4 92
4
V136 9114
92
Stamped
8
227
59
68 Sale 677
6914
7312
let 1 & ref 6s ser B
94 100
1917 M N 100 Sale 99%
100 4 20
,
10
-year 61
613 80
1932 :6
4
703
-11 704 Sale 69%
4
let & refund 7348 Ser A 1946 IN N 10618 1067 10618
2 105% 107
8
106%
10
-year cony 7% notes..._1933 hf
85 95
9014 Sale 9018
907
8 72
Porto Rican Am Tob 83
6 101 105
1931 IN N 101 Sale 101
101
Ins Agric Corp 1st 20-yr 56..1932 M N 72
67
743 Pressed Steel Car 58
4
4
7614 743 May'25
1
93% 97
9414 Sale 9
9414
414
Stamped extended to 1942.. _ _IN N 6734 69 69 May'25
6212 704 Prod & Refer 8s(witli war'n1s9 .1
104 1184
11312 115 113 May'25
333
1 '31
)
Inter Merean Marines 1 ba._1941 A 0 87 Sale 80
4
84% 9112
8712 48
Without warrants attached___ J D 11118 Sale 11118
11118 12 110 1114
International Paper 56
924 66
8713 94
1947j J 923 Sale 9214
8
Pub Serv Corp of N J gen 56.1059 A 0 1043 1047 1043
3, 104% 105%
4
4
8
1043
4
1st & ref 5/3 B
_19473 .1
84 Mar'24
Secured g (36
s
95 997
0812 Sale 9812
99
% 85
Ref s f 63 Ser A temp_1955 M S 973 Sale 974
9718 98
975
4
987 105
8
8 85
Pulv t & ret1e% Gas lst 5Ns1944 P O 1044 105 1047
17
6 Serv E 6 .
&
8 105
1959 14 A
Jut-gene Works 65 Ulm krica)-1947 j j 9912 Sale 9912 100
39
88 10018
903
99% 305
1961 A 0 1044 Sale 1044
105
Kansas City Pow & Lt 56._ _1952 M
104
95% 101
101
8
Pub Sem El Pow & Ltg 6s...1948 A 0 10714 Sale 106%
,
S 1003 Sale 100%
10714 46 1024 10714
Kansas Gas & Electric 88_ _1952 MS 10212 Sale 102
9814 10312 Punta Alegre Sugar 75
46
103
4 1023 10711
4
1937 .1 N 1053 10014 105% 1054
M J
4
Kayser & Co 7s
39 1014 104
86% 02
1942 FA 103% 104 10334 104
Remington Arms 138
8858 Sale 88
883
4 21
Kelly-Springfield Tire 813_1932 MN 10138 Sale 101% 10211 69
90 103
93% 98
Repub I & 23 10-30-yr 56 s _19( A 0 973 Sale 9712
42
98
4
1947
31
Keystone Telep Co let 58
82
91%
1936 ii 91 Sale 88
91% 28
46
Ref & gen 54s ser A
03
1953 J J 92% 9314 92%
90% 94
Kings County El & P g 58
3 1004 102
102
1937 AO 10214 __ 102
Alma Steel lit is
8818 90
8818
88% 21
1955 F A 8818 90
Purchase money 6s
1 11412 12014 Robbins & Myers St 76
1997 AO 11814
11914
11914
63% 734
26
75
72
64
1952 J D 70
KIM County El 1st g 48_1949 FA 7812 79
3
75
7812 Rochester Gas & El User B.1946 M
7812
7812
110 11114
11114
1107 June'25
8
-Stamped guar 48
74
783
4
78
1949 P A 77
77 June'25
Gen Mtge 536s series C_ _ _1948 M
10312 105
IC43 10
4 -4
514 1043 Jane'25
Kings County Lighting 513_1954.3, 974 100
89 10114 Roch & Pitts Coal & Iron 58.1946 IN N 91%
97% May'25
90. Aug'24
6348
3
4 1064
1954 .3.2 1063 Salo 1063
4' 6 103% 108 4 Rogers-Brown Iron Co 76....1942 M N 72 - --- 73%
4
6
W3-78 ii1;
763
4
763
4
Kinney Co 73613
10614 1084 St Jos Ry Lt Ht & Pr 5s_
8518 911s
1936 J o 10714 108 10718 May'25
8
9112
_ _1937 MN 92 Sale 9112
Lackawanna Steel 58 A
89% 94 4 St Joseph Stk Yds 1st 4145.19303 J 953 100
3
1950 MS 93% Sale 9312
933
4 22
1)512 955
8
95% May'25
4
Lao Gas L of ER rehkext 6s 1934 AO 1004 Sale 10012 101
9814 1017 St L Rock Mt & P 53 stmpd_1955
11
6
771s 85 4
4
83
J J 8212 83 83
Coll & ref 516s Series C.
9514 102
8
_1953 FA 1013 Bale 10114 10144 69
St Louis Transit 55
74 81%
70-. - 81
Feb'25
1924 j
A
Lehigh C& Nay ii 4 Ns A.
5
953 100
4
.1954 J J 100 Sale 99%
100
St Paul City Cable Se
95
9512 9614 9614
97
9614
Lehigh Valley Coal 1st g 58_1933 ▪ J 10112 Sale 10114
6 100 10112 saxon Fu1/ 7
10112
Saks c0 7
92 03
6. ks(Germany) 75'45 F A 933 Sale 93
8
'2
9312 227
1937
1st 40
-year int red to 4'7 _1933• J
4
8934 Sept'24
_ 104 1074
107 10712 10714 June'25
Lex Ave & P F 1st gu g 58_1993 MS 43% _ _ - 43 May'25
3912 43 San Antonio Pub
99% 102 4
7
1
102 10212 102
11212
Ser 8s19 2
19
4
- 52
Liggett ik Myers Tobacco 75.1944 AO 11918 121 119
12 116 120
119
1057, 10718
Sharon Steel Hoop let 85 sex A '41 IN
1065 1C712 10611 June'25
8
Registered
1173 1173 Sheffield Farms646A
4
_ 118 1173 Apr'25
4
4
AO
1 106 1071
4
8
10644
0 1067 10712 1(6%
as
97% 1007 Sierra & San Fran Power
1951 P A 10018 Bale 100
8
1003
8 19
90 964
4
047 9414
8
58.19 F A1 94
194
1
9 14 27
5
LorMard Co (P) 78
8 1154
4 11414 1173 Sinclair Cons 011 15
8
1944 AO 11618 117 1165
88 96
208
4
95
-year 78-1937 M S 943 Sale 93%
Registered
115 115
115 115 Mar'25
A0
1st lin co6 tre ser wi warr 1927 J
e ien 11% fla C rith
11612 1087 1043 117
116 Bale 1123
4
4
as
9514 9812
1951 P A 97 973 9718
4
973
4 13
4
1
82% 90 4
1938 3 HI 8914 Sale 88 • 80 173
Louisville Gas & Electric 58_1952 MN 983 Sale 98%
90% 994 Sinclair Crude 011
8
987 115
8
99% 101
101
115
3-yr 8s A 1928 F A 101 Sale 100%
Loulay Ry 1st con 58
93 93
1930 J J 9114 9212 93 May'25
Opipe LesBFeb 15 1928 F A
%not
10012
1003
5a
%
4 16 10012 100
Lower Austrian Hydro-Elec CoSinclair
8712 65
82
87 Sale 87
Line
814
8618 8618 Skelly
lst s f 6)4a
194.4 P A 8512 Sale 85%
8514 12
8
3
011 634% notes
11912 Sale 11444
11912 887 1007 120 8
Manta! Sugar 7346
99 102
8
1942 AO 1005 Sale 100% 1003
4 17
South Porto Rico Sugar 7s-19 2 'I e 105 10514 104%
1047
8
2 102 10
614
1941 SA D
Maiahat Ry(NY)cone g 45.1990 AO 6214 Sale 6214
574 64
62 4 16
3
99 10211
South Bell Tel & Tel lst 81561927 J J 101% Sale 10112
1015
8 28
1941
2d 4s
61
56
3
2013 3D 5412 Sale 5414
Sweet Bell Tel
9618 10112
5412
10114 128
1015 Sale
8
Manila Electric 78
9714 1023 Southern Colo let & ref 55_1954 F A 98 Sale 10012
4
1942 MN 10212 Sale 10212 1023
984 27
4 15
934 09
Power 65____1947 J J
98
%
Manila Elec Ry & Lt at 5s_ _1953 MS 90
85
92 Spring Val Water g
968 9812
8
9012 91 June'25
9812
1948M N
- 9812
53
2
Market St Ry 78 Series A1940 Q J 9912 Sale 9912 100
974 100
27
10 1084 13512
Stand Gas & El deb g 46-1933 M
118 1197 1203
98%-- 8
126
4
Metr Ed let & ref gesSer B.1952 FA 10518 10512 10512 106
10 1014 106
Standard Milling let 58
/ 10012
4
9912 100
%
1930 M N 10014 Bale 1001
4
914 97
let & ref 56 Series C
1953 J J 9512 96% 9614
Steel & Tube gene f 7sSer0 1961
9614 26
107513 1077 1C712
10758
*
:31 105 108
Metropolitan Power 1313
*
8 1003 104
us
/
4
8
1953 3D 10314 104 1031 1035
Sugar Estates (Oriente) 78-1942 64 5 98 Sale
954 97
4
Met West Side El (Chic)48.1938 FA 973 Sale 74 June'24
7014 80
1
Superior 011 let Cf
96
97 96
14
95
99
96
9514 987 Syracuse Lighting 76
241d-Cont Petr 1st 6Ns_ _ A940 MS 9712 Sale 9714 • 973 119
2
9718 1004
4
10014 100 4 1004 June'25 - - - let
4
Midvale Steel &0cony 51158 1936 MS 92% Sale 9134
874 9314 Tenn Coal Iron St R g n a
9212 71
5
- 1004 102 4
1J V D
5
6 l SM. 9g7 J ‘-1 101% 10312 10112 May'25
R e
0
Mil,Elec Ry & Lt cons g 56_1926 FA 100 10012 100
3 100 101% Tennessee Cop lit
100
v
M N 10018 10114 10112 May'25 --.- 100 102
95
Refunding & eaten 4348_1931
9334 Tennessee Rice Power Os...1925 J D 103 Sale 103
5
' 964 Bale 963
4
3
9914 10414
4
963
4
103313 59
at 68_194
94 100
General 5a A
8
100
Third Ave lit ref
1951 J O 9914 9912 9914
5712 Sale 5712
51
5818 99
5812
• 1st 58 B
844 927 Thir, A ye5a taie 48
8
112
188
Ac0 lnc R, x-e2 66 Y.-.a196 ji
92
1961 3D 92 Sale 91%
413 Sale 4112
4
43
3414 50
%
9
t 6 61
1960 A
Ist & ref g th) Series C
98 4 104
3
101 Sale 1007
1953 M
8 10112 31
943 95
4
94 June'25
93% 964
Milwaukee Gas Lt 1st 48... _1927 MN 99
9614 9912 Tide Water 011
9918 12
994 994
102% 104
10312
's
1931 F A
10-yr 6 Ns_ _ 1937 .1.1 10312 Sale 1034
Montana Power 1st 58 A...1943 3' 997 Sale 993
97% 1005 Toledo Edison
8
4 10014 26
27 10818 110
8
1093 Sale 1093
110
4
4
1st 7s
94
Montreal Tram 1st & ref 55_1941
9812 Toledo Trac Lt & Pr 6.3,
2 1004 1001
' 9814 Sale 9818
10018
3
4
9814 38
s
F' S
1921 '-\1 A 10018 1003 1004
Morris & Co 1st 81 4368_. _1939
784 847 Trenton 0 & El 18t g 58_notes'45
a
98 987
8
' 84% Sale 8418
3
84% 33
_ _1949 IN 8 99- 987 Apr'25 - Mortgage-Bond Co 46 Ser 2.1966 AO
77
7712 Twenty-third Bt Ry ref 55..1962 1 3 al II 61 May'25 -- -7711 Mar'25
al
70
10 -year be Series 3._ 1932• J 96% 9712 92%
-25
95% 9712 Un ergr e 6f
1
tleom d o London 434s- -1933
9712
89
9v8
9012 Apr'25
' 6
90
4
Murray Body let 6368
965 993
8
4
1934 3D 9914 Sale 99
Apr'25
993
8938
89
4 15
8618 89
1948
Mu Fuel Gas let 4 g 56--__1947 MN 9712
954 9714 Union Bag & Paper 1st M 66.1942 IN N 97 Sale 971
gala 994
_ _ 9712 June'25
/
4
972
4 19
Mut Un atd bonds est 4%.A941 ▪ N 997
977 101
8
2
993 10112
4
Union &ext6s Pr let g 58_1932 M S 101 101% 101
Re ElecLt &
101 June'25
101
Nassau Elec guar gold 45. _1951 3' 63 Sale 623
574 8314
98% 101
10012 1003 10312
4
634 127
4
1002
4 14
Nat Enam & Stampg let 58_1929• D 9934 ____ 9912 May'25
98
994
15 100 104
1st 61536sserlee A
102 Sale 10112
102
National Acme 714s
80
94
7512 May'25
76
771
4
1931 3D 90
Union Elev Ry (Chic) 58-119535 jr o 7614 77
9012 8934
N
j
9
012 "jai
9 34
4
119:
Nat Starch 20
993 10112 Union 011 1st liens 58_1931
4
-year deb 58_ _1930 3' 985 _
9934 10011
8
10014
10014
9944 Feb'25
f
3 10012
National Tube 1st 56
4
1 1003 103
3 1024 101%
1952 MN 102 103 10214 10214
--F A 104 1043 10414
30-yr 66 Ser
10414
Newark Consol Gas 56
9811 10012 Union Tank Car eoulp 7s_ yA9 0 F A 104
3
1 10312 10518
1948 3D 10012 Sale 10012 10012
104
104
AMa_ 1932
4
New England Tel & Tel 53..1952 3D 101 Sale 10014
9313 102
4
24 100 104
68
United Drug 20-yr 6s_Oct 15 1944 A 0 103% Sale 1E312 104
14
101
NY Air Brake 1st cony 68_1928
103 1043 United Fuel Gas 1st a f 6s...1936
4
N 1014 1027 103 May'25
98 101%
8
1013
4
J J 101% Sale 101%
NY Dock 50
77% 813 United Rye Inv 58 Pitts Issue 1926
-year lst g 4s.A951 FA 79
4
1
18
99 1001s
_ __, 81
81
100
3
IN N 100 Sale 99 4
NY Edison lat & ref 634s A_1941 AO 1154 Sale 114
112 11512
50
99% 1004
993 110
4
993 June'25
4
let lien & ref 55 B temp_1944 AO 10134 Sale 10112 11512 111
99% 102
69
Unitad ped
Stem R ys
7414
70 2 73
704 13
,
704
1934
NY Gas El Lt & Pow g 56._1948 3D 10312 Sale 10212 1014 18 1001* 1044 United SS St L let g 46
7
Co 15-yr 6s
10
4
9412
91
1937 MN 94% Sale 94%
9614
Purchase money a 4e
se
90 4 United Stores Realty 20-yr 66'42 A 0 1033 104 104
3
1949 FA 9014 Sale 1 90
14 10214 105
90 4 14
3
4
104
NY L E&WeetC&18R534s 1942 MN
10012 1004 U 8 Rubber 1st & ref 56 ser A 1947 3 J 8918 Sale 89
86 894
10012 Apr'25
893 280
8
NY Munk! Ry let if 58 A1966
' 805 ____I 814 Apr'25
3
8
1930 F A 1083 Sale 10612 1083
8
4 23 10412 107%
Y Q El L & P let g
Difs 101112
P A 10012 1003 10012 May'25
42 100% 102
4
4
101
928 % NN 1003 Sale 1004
96963 Ms A
3
NY Rye let R E& ref 46...1942.33
45
.Cyrorupfearegisuc°tespoternnved_ _6a:dd-I
544
1054 Sale 10512 1057
5118
15
52
8 87 104% 1005
Certificates of deposit
42% 54
8
17
5078 Sale 501*
9 1037 10612
_ - 105
1054
513
30
-year adj Inc 56._ __Jan 1942 AO
44
831, 911s
tT °8180-18S1Y t liti rac l: 5a1944 A 0 90% Bale 90
UUtah L-69e T f8e&eid ref
4
47
8 512 May'25
89
nieer l itl
91
st
a
Certificate, of deposit
34
Utah Power & Lt let 58.-1944 F A 9712 Sale 9712
15
412 5
5
5
ai 984
9814 54
N Y Rys Corpinc 68._ __Jan 1965
2813 32% Utica Elm & Pow 1st s f
239
30 Sale 30
31
100% - - 994 Dec'24
56_1950 J
N Y & Rich Ga8 1st 66
994 100
1951 MN 9912 100
1
14
9912
9912
10012
re & ext 56 1957 J J 10012 101 1004
c.
:
1161001,
NY State Rya 1st cons 4346.1962 MN 6612 8718 6612
64 6814 Ulccar ni &lst e
V tito aaaeI Eiec
63 57
23
57
65
67
Si June'25
1953
Registered
63 63
73 98%
MN
Viv-Caro Chem 1st 78
83 Apr'25
9712 184
1947 J0 96 Sale 9512
1st con 64s serles B
88
97
1962 MN 89
7
9018 8912
3
954 96
9034
Certificates of deposit
9612
714 97
NY Steam 1st 25-yr Os Ber A 1947 MN 10312 Sale 103
974 104
11
90
5
9212 9(111
104
Certificates of deposit stmpd
9012
as
92
Y Telep 1st & Renal 446.1939 MN 98 Sale 98
95
98%
43
701
*
748 with & without war_ _1937 JO 66 Sale 665
9814 80
6918 83
8
30
-year deben 81 66....Feb 1949 FA 11012 Sale 11012 11034 23 1077 110%
s
Certita of dep without war?
66% 67 6912 June'25
424 6912
20
-year refunding gold 66_1941 AO 108 Sale 108
10814
41
Certifs of dep with warrants
6512
67 6512 May'25
10814 64 190% 10812
Niagara Falls Power 1st 58_1932.3, 103 Sale 103
103
Vs Iron Coal & Coke 1st g Si 1949 MS 91
90 96
3
103
913 90
4
90
Ref & gen 138
.3as 1932 AO 10512 Sale 10512 1057
Va Ry Pow 1st & ref bs
s 17 1034 106
1943 .1 J 9812 Sale 98
983 101
4
9314 99
aflag Lock & 0 Pow let 561_1954 MN
1044 110
10978 Apr'25
Yertlentes Sugar 1st ref is. _1942 J o 9712 Sale 91
18
9412
91
9112
let & ref 58 ser A Int rec18.1955 AO 9912 Sale 9912
9812 100
897 995
Warner Sugar Refit) 1st 75 1941 J O 94 Sale 9514
8
1
24
004 113
96
Refunding 66 Series A-1958 FA 11018
1043 110
6
_ 110 June'25
Warner Sugar Corp let 75
6
8312 823
1939.23 83
774 87
4
823
;11
4
Nor Amer Ediaon 68
964 10212 Wash Wat Power e f 5s____1939 J
.....-1952 MS 1013 Sale 10112 102
4
99% 101 a
51
4
10114
101
10118
Secured if g 636s Ser B1948 M
4 10512 Westches Ltg g 5a stmpd gtd 1950 J O 101%
1
10512 Sale 10434 10512 25 100
1013 May'25 _
98 102
8
Nor Ohio Tree le Light 66 -1947 MS 955 Sale 9534
924 97
8
West Ky Coal 1st 76
40
14 10012 192 5
96
N 102 10214 102
1944
10214
2
,
ggt West Penn
8
Nor States Pow 25-Yr Si A-_1941 AO 9814 Sale 9818
93
933 95,
4
3
8
Power Ser A 01_1948 MS 997 Sale 9912
9812 35
997
8 18
Registered
AO
9314 9314
18t 76 Series D
9314 Jan'25
5 105 4 107N
106 107 10614
1946 M
4
10614
lit & ref 25
-pr 68 Ber B---1941 AO 10444 Sale 10444 10512 10 103 10714
934 991s
1st 54 Series E
70
1963 MS 99 Sale 98
99
Northweat'n Bell T let 74 A.1041 AA
1073 1077
8
8
let 6344 Series F
10712 Jan'25
1953 A0 10414 Sale 10414
10412 12 loos, lova
North W T 1st fd g 4Ns gtd..1934
' 9614 9712 9612
94% 98
3
West Va C & (l 1st es
1
9612
914 9114
sec 96
1950 ▪ J 91
9212 12
Ohio Publio Service 7344 A 1946 AO 11012 Sale 11012 111
4
98 101
6 108 1123 Western Electric deb 56.....1944 AO 10012 Sale 10814
1003
4 77
FA 109% 110 109
1st & ref 78 series B
1947
9918 102
9 107% 11112 Western Union coli tr cur 56.1938 3' 1002 Sale 1003
110
1013
4 25
4
Ohio River Edison let 66___1948 33 10314 Sale 10314
984 104
Fund & real estate g 43481950
2
1032
4 15
N 95
924 9612
963 96
8
95
Old Ben Coal let aff
963 99
4
1944 P A 98 Sale 971
15
82
2 10912 112
98
-year 6 Ns g
8
1936 J A 1107 Sale 1115
4
1113
4
Ontario Power N F 1st 68.
98 1004 Weetinghouse E & M 7s. _ _1931 M
._1943 FA 10014 1004 10014
8
8
10014 14
1067 Sale 1067
8
10718 51 10014 10814
Ontario Transmission 58
N 99
97
993 WickwIre Spen Steel let 75..1935
1
1945
9914 993*
76
7
91
5
991
J 80 Sale 8214
824
Otis Steel 88
95% 1024
1941 P A 102 Sale 102
1024 33
Certificates of deposit
7612 88
793 Sale 793
4
4
804 25
list 25-yr 8 f g 7366Ser B1947 P A 97 Sale 9612
89% 984
9718 61
894 81
Certificates of deposit stamped MN
___ 797 8018 June'25
8
9312 99
Paoific G & El gen & ref 58_ _1942 33 9812 Sale 9814
99% 182
129
99
WillYs-Overiand 81 6)48..___1933 al
1013 Sale 10112 1013
4
4 69
Pao Pow de Lt Ist&ref 20
98 100
-pr 58'30 P A 9934 100
916 99%
Wilson & Co let 25-yr s t 68.1941 A0 99 Sale 984
8
9934 100
20
9914 68
Pacific Tel & Tel let tie
994 102
19373, 1015 Sale 10112 1015
8
* 81
Registered
93
43
3
93 Feb'25
. 9218 )0012
Ref Al 58 series A
1952M N 9914 Bale 9814
10
60
-year cony if 66
994 106
55
681
764
1928 J o 68 Sale 6714
Pan-Amer P & T 1st 10
4
-yr 7s 1930 F A 106% 1063 10614
55
107
6 1044 107
75
Certiticatee of deposit......
6818 Sale 68
6814 60
Conyf 6s
1934 M N, 115 Sale 1124
2187 103 118%
10.yr eony f 7 Ns
116
53% 27
p1931 PA 67 Sale 66%
674 34
Park-Lex It leasehold 648-106313
9412 09
99 Sale 96
24
69
99
67% Sale 864
Ce-tifIcates of deposit......
593 74%
6
681
Pat & Paseuta & El eons 58 1949 M
96 10014 Winchester Arms 7348
11014 May'25
16 100% 102%
10014
102
1941
10112 Sale 101%
107 110
Poop Gas & C 1st cons g 68_1943 A 0 110
_ _ 110
1
954 1003
110
Young'n Sheet & T 20-yr as 194l J J 10014 Bale 9914
,
8
100% 185
1 Q47 M S
94 4 9914
3
Refunding gold ba
99 Bale 99
1
99
BATS= Elec consol g &L.-1952 F A
a Due Jan, 4 Due April.
p Due Dee. ir Option lab.
BOSTON STOCK EXCHANGE-Stock Record SeeBO
3051
Range for Year 1925.
PER SHARE
Range for Preslow
Year 1924.
Lowest
Lowest
'
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
June 6.
Monday,
June 8.
Tuesday,
June 9.
Wednesday, Thursday,
June 10.
June 11.
Friday,
June 12.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Highest
Highost
Railroads
•
100 156 Feb 18 16444 Jan 7 145% Mar 164 Dec
159 159
154 Boston dr Albany
15812 159
15714 15714 158 15812 15812 15812 *21584159
7114 Aug 85 Dee
100 7514 Mar 17 86 Jan 2
8114 8412 8012 8114 8012 8012
813 82
4
267 Boston Elevated
8112 82
8114 82
100 92 Jan 16 9812June 11
8714 Dec 961g May
_
9812 9812 --------14 Do pref
*9812 ____ *9812
*98
__ +9812
100 109 Mar 31 11512June 11 107 Dec 1164 Jan
__ 115 115
115 11512 11512 15
89 Do let pref
-11412 11412 115 115 *115
12
4
92 Sept 1011 Dee
100 94 Mar 20 102 Jan 9
9812 99
98 18
--------226 Do 2d pret
98
99
9712 98
.97
98
812 Jan 2514 Nov
8June 5
100 10 Apr 17 207
1912 19
1812 19
19
19
4 19
19 4 2.497 Boston & Maine
3
20
2014 1914 203
8
12
Jan 267 Nov
100 114 Apr 24 23 June 4
21
21 .19
Do pref
*20
24
20
•_ __
. 24
--------24
24
*20
13 June 3714 Nov
8
8 243 2512 244 245 --------1,956 Do Series A let pref_100 17 Apr 27 30 Feb 26
2612 2514 253
2518 2612 26
174 Jan 48 Nov
•39
40
39 39
38
38
40
40
--------202 Do Serino B let pref-100 29 Apr 27 40 Mar 4
40
40
143 Feb 41 Nov
34
33
33
34
34
35
35
--------762 Do Series C lot pref_ _J00 25 Apr 25 36 Feb 25
4 35
343 343
4
lop 3512 Apr 25 55 Feb 26
23 Jan 62 Nov
*50
52
5214 40
52
*50
52
52
190 Do Series D let Ara
_______
52
52
43 Jan 172 Nov
100 167 Feb 26 180 May 28
__ _ Boston St Providence
____
_ *____ 180 •__ 176 .175 176 *175 176
18 May 381 Dee
2
35
3412 - __- ---246 East Mass Street Ry Co 100 30 May 4 39 Feb 11
36
3412 3412 *34
*32
35
35
*31
35
*31
584 Jan 71 Dee
100 65 Feb 2 71 Apr 3
-_
68 •_ _- 68
- 68 *____ 68
68 *_
67
67
68
60 Do let pref
48 May 6112 Nov
100 57 Jan 23 6212 Jan 12
61
3
pref B
41
62
603
4 6012 60 4 61
61 .60
*59
--------160 Do
100 ggigune 9 48 Mar 10
28 May 4614 Dec
3812 3912 40
40
3914 4014
39
39
40
40
40
40
596 Do adjustment
25 June 374 Ape
100 23 May 27 3712 Jan 29
*27
28 4 27
3
27
27
26
27
1327
30
84 Maine Central
25
25
26
14
Jan 834 Dee
100 28 Mar 30 3814 Feb 25
32
/
4
3214 3318 3112 3111 31
*3114 313
327 33
8
881 N Y N H & Hartford
4 313 3218
e
82 Jan 81 Nov
__ *27612 7712 *x7612 7712 7612 7612
____ *r7612, 79
7 Northern New Hampsb8re_100 70 Feb 16 78 Apr 9
Jan 108 Nov
80
____-•i1212 ____ *11212 113 *111 113 *113 11312 113 115
_-__ ____
25 Norwich d2 Worcester pref-100 100 Jan 13 115 June 11
7211 Jan 98 Nov
100 98 Jan 2 107 June 9
Igo Old Colony
107 107 I 10612 106121*105 10612 z105 106
105 105
105 106
6312 Jan 2
34 Mar 84 Nov
100 4514May 1
___ ____ _ _ Rutland pre!
____ . _ ____
*51
59
Jan 934 No•
70
93
9112 9314 *91 - *91
93 92
9314
;156;2 12 *91 89 Vermont & Massachusetta_100 87 Feb 24 9314June 12
Miscellaneous
41 Dee
4
414 Jan 7
1 Nov
212 Mar 25
212 2 :3
3
234 2 4 *Vs 3
3
*234 3h *234 3
--------920 Amer Pneumatic Service___25
12
Jan 2014 Dec
50 1612 Mar 25 1934Ma3f 7
18 2 17
,
1714 1712 17
1912 17
•18
1912 +18
345 Do pref
12
12
% 7
3
3
3
4
140 1403 1393 14614 140 140 8 14014 14034 14038 140 4 14012 141
2,066 Amer Telephone St Te1eg_100 130 8 Jan 2 141 June 12 121 June 1344 Dec
4
Jan
574 Oct 83
No par 6112May 6 77 Jan 13
1
4
4 67 4 6814 6712 68
6914 673 683
746 Amoskeag Mfg
67
6712
4
4
69
Oct 79 Aug
No par 7014May 11 76 Jan 15
*74 ____ *74 ------------108 Do prat
74
74
74
74
•7314 74
16 Feb
13 Aug
_ *14
_ ____ ____
_ *14 _
_ *14
•14 . _ •14
Art Metal Construe, Inc__ 10 14 Jan 16 15 Feb 25
97 Jan 6 13 Apr 28
6 June 1014 Jan
No par
11
11
-- *1014 --- --__ ____ ___ __ _ Atlas Tack Corp
*1014 11
-- *1014 --- *1014 --- *1014 11
11
107 1073 --------100 Boston Cons Gas Co prof-100 103 Jan 17 108 Mai 12 100 Dee 108 July
107 107
107 107
4
*106 11j7 *106 107
Jan
.05 Dec .20
.07•_- .07
.07 *---__ ___ _ Boston Mez Pet Trus No par
.07 •---•-__
.07 *.- -2018 Dec 284 Mar
10 20 Jan 26 28 M ay 18
25
8
3
247 25
8
25
2512 2512 25 4 247 2512 25
25
___--2512
905 Connor (John T)
2412 May 35 Sept
4
35
____ *32
4
*313 ____ *313 ---- 314 313 *32
4
--------25 Dominion Stores, Ltd _ _No par 2814 Jan 30 35 Feb 13
Jan 884 Dee
84
99 June 12 99 June 12
6
_ __ *96 . __ *96
100
_ __ 99
99
•96 .- *96 - - 4
10 Do pref A
8 Feb
2 Sept
3 Jan 2
112 Apr 30
*23 4 3
10
*23
4 3
*23 4 3
*23
4 3
•234 3
--_ _ _ .. __ __ _ East Boston Land
811 Feb
4 Oct
63 Jan 24
4
4
4
*4
5
5
3 Apr 11
12
5
41
4 - if _ 200 Eastern Manufacturing
412 412 *4
*412 5
4
Jan 5514 Mar
38
5112 5112 5112 5312 53
51
25 42 Mar 9 5514May 22
54
5212 5112 5214 51
51
2,460 Eastern SS Lines. me
3418 Jan 40 Feb
38
38
373 373
4
4 38
38 38
38
38
377 38
8
No par 35 Jan 15 3814May 4
38
435 Do pref
854 J511 98 Mae
100 89 Jan 8 9,5124une 11
9512 9512 --------120 let preferred
*91
95
95
95
95
95
*91
93
21012 2103 210 210 4 2104 211
4
3
20212 211
100 200 Jan 61 213 May 21 16312 Jan 20412 DM
21012 21114 210 21
729 Edison Electric Mum
43 4 418 *33
51 Mar It)
5 Del
2 Jan
11
4 41
4 44 *33
3 Feb 2
14
10
3
*312 34 5312 33 --- ider Mrg Co(v t c)
4
18
Jan 41 Dee
*29
31
*29
31
31
*29
31
*29
*29
31
Galveston-Houston Elea -100 20 May 28 88 Jan 7
---- --__
611 Jai
3 4 Sept
1
4 Jan 8 16 Apr 4
No par
Gardner Motor
4
4
14
100 1153 Feb 27 1151 Feb 27 11314 Mar 1164 Serd
3
415 --- •115 ____ *11534 ____ *11534 -_-_ *115 4 --- ---- ---.
4
Georgia Ry & Elan
Jam
79 Aug 80
4
_ _ *7812 --__
*7812
__ _ __
- '1812
2
-- *7812
Do 5% non-cum pref 100 7812 Apr 15 793 Feb 27
_- _
12
5512 Oct 58 001
68 184
-6814 6814 -3
6914 6912 - -- 1831 Gillette Safety Razor__No par 5712 Jan 2 704 Apr 16
*68 18 4 68 681
70
1514 Jag
124 Nov
13
13
13
14
-------- 155 Greenfield Tap ex Die
13 I *13
25 11 May 12 1512June 1
13
14
•13
13
46 Mar 60 Dec
54
54
54
53
*53
*53
54
53
No par 52 May 6 5812 Jan 8
5312 53
*53
31 Hood Rubber
53
41 Apr 59 Noe
86
663 68
4
3 *65
68
*68
69
*67
-_ ____
*67
68
5 Internet Cement Corp_No par 5212 Jan 5 6718June 4
3 Dec
2 Jan 3 .10 Feb
3.30 .50 •.30 .50 •
1.30 .50 '
•
.30 .50 "
.30 --_- ---- ____
International Products-No pa .25 May 19
2 May 26 104 Jan 9 .25 Feb 14 Dec
100
Do pref
Kidd r, Peabody Acceptance
Jan 884 Dec
80
199 8212 Jan 6 94 June 8
4
4 _ __ *9412 - _
94
. *9112.- -- -- -- -- -*94
-- 94
100 Corp Class A pref
4 June
93 Jan 7
8
84 Dec
63
*IA -7
67
s 7
4 64
1
614 Apr 16
*7
712
10
7
-74 --------81 Libby, McNeill St Libby
Jan 71 Nos
70
•
7014 *- - 7014 *
7014• 20 70 Mar 18 7014 Mar 2
7014 *7014 _ Lincoln Fire Insurance
9 Mar 13 Dee
12
;1- jig 12 ;8- 4 12
1
1
25 1112 Feb 17 1378 Jan 5
lii4 1114 ____:47 Loew's Theatres
iii 12
14
;iii4 1218 ii
66 Nov 81 Pet
7414 74
7212 7314 7312 7412 74
743
8 7312 74
7412 74
931 Ma++echusetts Gas Cos_100 68 Feb 3 75 Mar 6
Jan
82 June 70
6538 653
2 6618 6618 66
6618 6612 67
684 66
100 634 Jan 9 6712 Feb 14
6612 6612
354 Do pref
_• 175 175 I 175 175
17512 17512 177 177
17512 17512
Linotype--100 167 Jan 7 188 Mar 5 150 Apr 172 Dec
80 Mergenthaler
811 Jan 174 Feb
4
ez17511111 -1212 1214 1214 *1112 1212 •1112 1212 *Ills 13
84 Apr 4 163 Jan 15
10
1212 13
920 Mexican Investment, Ino
19 Feb 3614 Dec
4912 4912 4912 4912 494 50 1 497 4274 1212 4912 4912 1912
100 36 Jan 2 50 May 21
244 Mississippi River Power
Jan 90 Sept
80
•92
94 , *92
94 • *92
93 "92
93 1 *92
87 Jan 10 93 Apr 21
12
94
10
Do stamped pref
---Ps NO1
2 Apr
412 47
8
63 Jan 13
4
438 434
458 438
4 8 Os
1
438 412
4 Apr 22
418 43
10
8
975 National Leather
513 API
14 Jan 6 .50 Dec
118
114 *1
114
114 *118 114 *14 114
.20 Feb 9
Ref. Co. tr etfs
114 ---- --- 206 New Eng. Oil
_ .8 ------------245 Do Prof (tr otts)
*8
6 Dec 3114 Mal
_
. *8
10 I *8
54 Apr 7 10 May 14
10
100
98 Dec 11513 Jan
110 11761 110 11118 110 110 4 4,586 New England Telephone._100 99 Apr 21 11134J'ane 6
11012 1113 11012 ifi 11012 1141
4
3
211 Dec 2238 Dec
4May 16
2434 25
3
2434 2434 24% 25
2518 2514, 24 4 25
19 Mar 18 263
2468 247
4,660 Olympia Theatres, Ine_No pa
Jan 284 Del
14
Mar 3
*2612 2712 *2614 2712 *2612 271 *2612 27
*2614 27141
4
I 253 Jan 16 29
--- -__ ___ _ Orpheum Circuit, Inc..
8412 5412 5112 5112 53
6918 Oct 87 Feb
.
5412 53
5312 5312 5212 53
531
100 5212June 12 8112 Jan 13
595 Pacific Mills
4
118 Jan 17 Job
17
*17
1714 1714 1714 1714 1714
17
*1812 171 *1612 17
153 Feb 24 18 Apr 3
4
1
90 Reece Button Hole
3 Jai
218 May
234 Jan 8
.214 238 *214 27
*214 24 •214 2
214 Apr 9
e *214 2 8 ---- 3
Reece Folding Machine___ 10
Oct 40 Feb
10
•.20* . .20•
.20 *
- 5
.20 *
- - ____ Simms Magneto
.20
11112 112
.
Feb 6 100 June 118 Dec
16919
iiii, 111141 112 112
100r2 11012 H&j.' 110l4 ioiiz
loo 10914 Apr 22 120
23 swift .1, co
354 June 52 Dec
4May 25
4
3
3
*53
54 1 53 4 53 4 *533 54
4
3
533 54
4
533 53 4 533 54
4
25 4512 Apr 13 563
180 Torrington
_
_
7
7 .._
7 s_
7 4_ _
7 •_
•_
5 Dee 10 Feb
74 Jan 23
7 Mar 4
5
Union Twist Drill
4218 42i8 4214 :a
4
Jan 431 Dec
84
4218 42T8 4214 iii4 4212 :121 iifs
25 4114 Mar 19 45 Feb 14
4 ills 3.686 United Shoe Mach Corp
2712 *27
274 2714 .27
2434 Feb 2814 Not
274 27
2718 *27
2718 27
25 2612 Jan 13 28 Jan 16
2712
168 Do pref
2312 223 23
Oct 27 Ja
8
227 2338 23
8
223 2234 223 2312 2314 23 8 5,228,Ventura Consul Oil Fields_ 5 1912 Jan 3 25 Febd4
8
7
4
1914
l
8 164 1612 1612 1612 1614 164 ---1612 1612 *1614 167
18% Apr 20 Nos
193 Jan 3
4
1512May 11
227 WaidorfSys,Ino.new eh NO par
13
•1734 1812 1818 1818 *1734 1812 *1712 1814 174 17 4 174 18 Jan 10 Feb
13
8 Jan 6 1818June 8
714
3
147 Walth Watch Cl B oom-No par
14 June 233 Feb
•40
45 •_ _ - 45
*40
*40
45
40
40
*40
45
45
14
100 17 Jan 3 40 June 2
8 Do pref trust °Us
6212 Dee 73 Feb
11512 8512 *86
88 88
88
90
8712 8712 8812 8812
88
100 65 Jan 8 8812June 12
73 Do prior prat
18
18 *21712 18
1512 June 22 Tel
1712 1712 1712 1712 *21712 18
173 173
4
4June 2 20 4 Jan 3
4
885 Viralworth Manufacturing_ 20 163
3
3
*46
461s 4514 45 4 4514 4518 45
5
3
223 Jan 39 4 Nos
3
46
464 45 4 4614 1,340 Warren Bros
12 46
50 37 Jan 2 48 Mar 6
Jaz
4
*41
*41
43
343 Apr 41
43
43 "4a
41
42
--__ ---42
42
8
40 Do let pref
50 373 Jan 10 43 Feb 7
88 Mar 42 Jas
444
..-- ----'
45
*43 -___ *44
Do 2d Prof
50 4012 Jan 17 46 Mar 2
Mining
•
.15 .40 *15 .40 *.15 .40 •.15 .40 ..15 .45 *.15 .40
Adventure Consolidated
25 .15 Feb 16 .25 Jan 26 .15 Dee .51 Dec
•_.„
.25
r
-----------------------.25
.10 .10 *_„
25 .10 Mar 3 .25 Jan 2 .10 June .25 Dec
220 Algomab Mining
811 Dec
6 June
3 Jan 10
1 May 11
114
114 *114
112
•
14 14 •114 14 •
25
30 Arcadian Consolidated
1
,12
114
112 *14
8 Jan 16 Dec
912 Mar 28 153 Feb 6
5
03 10
4
1018 1018 1014 104
10
10
9 4 98
3
8
9 4 10
3
7
645 Arizona Commercial
14 June 3134 Dec
29
297
8 2914 3012 1,665 Bingham Mints
30
*30
304 2912 30 •2912 30
10 2834May 5 3614 Feb 11
30
133 May 19% Jar
8
12 8 1278 12 8 123
7
8
8
4 121 134 1,626 Calumet & Heela
3
8
4
8 123 123
8
4 123 127
4 123 123
25 1238June 8 187 Jan 2
3 Pet
*.25 .35 +.25 .35 . 25 .28 +.25 .50 '
3.25 .50 •.25 .50
1 .20 May 5 .70 Jan 5 .37 Nov
700 Carson Hill Gold
1812 June 334 Dec
193
8 1912 2012 1,505 Copper Range Co
1912 20
19
183 1914 187 19
4
18 4 20
3
8
25 1834June 8 33 Jan 10
•.03 .05 1 .03 .05 •
3.03 .05
.03 .05 '
.03 .05 ..03 .05 •
.
1 .03 May 28 .78 Feb 6 .30 Dec .70 Mal
Davis
-Daly Copper
6% Dec
34 July
314 314 *314 3 4 *334 33
314
314
314 312
*3
3h
3
614 Jan 2
3 June 5
4
240 East Butte Copper Mining_ 10
Jaz
1
111.70
*1.70
1
'
1%70
1
•.70
1
•.70
1
8
"
1.70
1
1
13 Jan 24 .40 May
Franklin
25 .40 Jan 7
2 Jaz
•
.75
•
.75
1
.75 1
.75 .75 •
1.50 .80
•.50 .75 .
134 Feb 6 .30 Oct
1
25 .50 June 3
100 Hancock Consolidated
1912 1912 1913 191s 1914 1914 19
4
19 4 193
3
4 183 20
194 Dec 2812 Jai
19
1 174May 8 23 Jan 24
710 Hardy Coal Co
3
2 4 Dec
8
14 112 *112 178 *112 17
*112 17
8 *112 17
312 Feb 5 .30 May
114 Jan 6
8
25
Ps
11
8
100 Helvetia
13312 134
13312 135
944 Apr 142 1601
135 13512
135 135
134 135
131 135
1 121 Mar 28 140 Feb 5
528 Island Creek Coal
1
96 '9814_._ *9614 97 59614 97 •97
96
96
90 June 100 Se131
12
*95
__
1 9414May 27 9814Mar 9
25 Do pref
1112 1112 11
1112 1118 111
4
4
12 June 2213 Dec
1118 1118 113 113 •11
-12
9 2 Apr 22 2012 Jan 7
7
25
345,Isle Royal Copper
.95 .95 *1
114
211 Pet
114 11..90
114 *1
*1
114 *1
14 Mar
5 .95 June 9 113i. Feb 4
114
50 Kerr Lake
14 Nos
3.70
1
.70 .90 '
•
.75
1
•
50 Jan
.75 .75
•.70
1
114 Jan 10
25 .60 May 29
.80 .80
150 Kew eenaw Copper
3 4 Dec
1
*118 lh *118 112 •114 112 .118 114 *118
90 Apr
112
114
1 Apr 11
25
9 Jan 2
Co
114
50 Lake Copper
*114
13
13
4 *114
4 *114
13
4 *114
114
14
4
2 4 Jan 10 .70 June • 8 Dec
3
114 *114
118May 14
25
13
4
25 La Salle Copper
4
8 13
4 *I% 13
3 13
4 *111
211 Dec
13
1314 14 • 3 14 •13
114 Oct
4 •13
21 Jan 18
4
8 17
13 Apr 23
8
5
IMason Valle, Mine
.41 .41 •
.40 .60 •.40 .80 *.45 .80
13 Ani
4
60 Jan
•.40 .60 •.40 .60
14 Jan 2
25 .41) May 14
25 Mass Consolidated
1
1
1
11
114
*1
118 •1
114 *14 112
118
8 Jell
80 Apr
8 Jan 2
1 Apr 4
220 Mayflower-Old Colony-- 25
2714 2712 27
2512 27
28
23% June 4.1 Dec
28
28
27
28
25 2512June 9 41 Jan 13
28
29
563 Mohawk
8
19.4 1938 19 8 197
3
s 193 19111 1918 191
1914 1912
19
1612 Jan
1914
Ws Dec
6 18 Mar 30 25 Jan 2
506 New Cornelia Copper
2 4 AV
1
40 Dec
*.15 .25
.15 June 12 .85 Feb 18
.15 .15
•.15 .25 *15 .25 •.15 .25 *..5 .2
299 New Dominion Copper
86 June 40 Ma
*____ 28 •---- 28 •---- 28 •_-_ - 25 •__.- 28 •__ - 28
100 25 Apr 2 25 Apr 2
______ New River Company
45 ..
574 Dec 75 Ma
..
45 *__
45 •____ 45 •___ 45 •__
100 45 May 20 60 Jan 3
'
---45
111..
Do pref
47
47
*93.
4 47
84 Dec
534 Jan
*434
63 Jan 10
4
9
43
8May 25
5
47
8 •412 4 4
i4i4 47
2 •434
89 Nlpisaing Mines
3
.88 ,95
1
.95 .95 •.95
.99
1
84 Jul]
178 Oct
.99 .99
314 Jan 14
15 .89 June 5
.95 .97
645 North Butte
.51
.51 •
.51 .90 •.51 .70 •.50 .90
1 Noi
40 June
114 Jan 10
25 35 Apr 22
•.51 .90 0.51 .90
200 Olibway Mining
1612 161 •18
12
Jan 28 De,
25 1712June 9 27 Jan 10 • 15
1812 18
1814 1814 1814 1812 1712 '8
1812
508 Old Dominion Co
512 51
5
5
41
6
5
51 Pet
8
312 Jan
512 Feb 19
514 514
4 May 19
514 514
305 Park City Mining & Smelt_ 5
3
5--1
104 July 1512 Jul
4
14% Jan 24
•I03 11
4
8 11114 11 4 *10 4 1112 *105 la
4
*107 12
8
114 113
115 Pd Crk Pocabontee Co_No DOT 103 Apr I
21 .2012 22 *2012 22
14 June 844 De
.
21
2112 2178 22 2
21
23
25 19 Apr 22 3912 Jan 10
7
*22
Quincy
475
31
26 June 49 De
3018 3012 30 4 31
31
31
3
31
31
25 2812 Apr 21 48 Jan 12
31
32
31
480 St Mary's Mineral Land
•
,60 .70 •
.50 .70 *.50 .70
14 Jan 9 .30 AP
.50 .70 *40 .70 •
14 Sep
10 .50 May 1
.50 .50
100 Shannon
25 July ,78 De
3.25 .75 •.25 .75
3.25 .75 '
25
•
.25 .75 *.25 .76 *.25 .75 '
South Lake
90
Jan
214 Jan 27
24 De
2 Jan 3
25
Superior
115
2 Jan 5
134 *.99
25 Aug
211 De
*1
114 --------------------l's
75 Superior az Boston Copper- 10 .70 May 13
57 6°
17 June
8
514 64
Xe
618 638
3 2 Jan 2 8116 Jan 23
7
5
512 5 3
51s 5
31)
3 2 De
7
7
Mining
53
3 5 4 31,764
3
.50 .53
.53 .53 •
.50 .53
.52 .53
1 48 Jan 43 98 Jan 29 .19 Jun
.70 Jut
.50 .52 1,700 Utah Metal dc Tunnel
.53 .53 •
.37 .60 3
`.37 .60 5.37 .60, *.40 .60
Apr
114 Jan 81 .15
.37 .60 •
25 35 Apr 16
.41 .41 •
1 AU
100 Victoria
.30 *.15 .18
.15 .16 •
.15 .20
25 10 Mar 8 48 Jan 7 .13 Feb .71 Jul
•.15 .17 •.15 .17 .15
610 Winona
in •
10 July 25 Ina.
ear_____
.
25 Is+ too, 14 21 Fah 11
in
.10 *____
.10 •____
.10 •____
.10'
1-•
• Bid and asked Prices. no *5101 on this day, a Ex-rights. S Ex-div. and rlgh
z Ex-div. 0 Ex-stock div. I Aseeesment paid, g Price on new basis.
921
3052
THE CHRONICLE
Quotations of Sundry Securities
AlMond prices are • and interest" except where marked 'f.'
[Vol-- 120.
Outside Stock Exchanges
Standard 011 Stocks Par Bid. Ask.
Boston Bond Record.
-Transactions in bonds at Boston
Railroad Equipments Per Cl. Basis
Anglo-American Oil new.£1 *23
2312 Atlantic Collet Line 88
5.20 5.00 Stock Exchange June 6 to June 12, both inclusive.
Atlantic Refining
100 114 115
Equipment 6348
5.00 4.80
Preferred
4
100 1163 1173 Baltimore & Ohio Os
4
5.30 5.05
Friday
Borne Serymeer Co
100 205 215
Equipment 4315 & 5e__
5.00 4.75
Last Week's Range Sales
Range Since Jan. 1.
Buckeye Pipe Line Co
50 6012 6112 Buff Roth & Pitts equip Os. 5.00 4.75
Sale
ofPrices.
for
Chesebrough Mfg new.. 25 *5912 61 CanadianPacific 4345 & 13s_ 5.05 4.80
BondsPrice. Low. High. Week.
High.
Low.
Preferred
100 112 114 Central RR of N J 68
5.20 5.00
Continental Oil new.... 25 •2712 271s Chesapeake A Ohio 68
5.30 5.05 Atl G & W I SS Lines 55'59 6934 68% 70 874,500 63
Jan 7034 Mar
Rights
*83c 85c
5.10 4.85 Chic Jct Ry & U S Y 451940
Equipment 634e
85% 85% 2,000 84
Feb 8631 May
Crescent Pipe Line Co-.. 50 *1112 13
4.90 4.75
55
Equipment 51
1940 9831 9835 9834 4,000 96
Apr
Feb 99
Cumberland Pipe Line. 100 142 145 Chicago Burl A Quincy Os
5.20 5.00 East Mass St RREureka Pipe Line Co..
78 Chicago & Eastern Ill 5)48. 4.50 4.10
..100 76
Ser A 431s
1948 68
68
Feb
68% 6,000 64
Jan 72
Galena !Renal011cm...100 55 5512 ChicagoA North West 68„ 5.35 5.05
Series B As
1948
Mar
7234 7254 1,150 70
Jan 78
Preferred old
100 107 112
5.15 4.90 Hood Rubber 7s
Equipment 8348
1936
10431 104%
May
1,000 101% Jan 105
Preferred new
100 102 104 Chic RI & Pao 4345 & S8.. 5.15 4.90 Maas Gas 4313_____1929 99
9834 99
4,000 9734 Feb 99 June
5512
Humble Oil & Ref new... 25 *55
4315
5.55 5.25
Equipment
1931
98% 98%
1,000 0434 Jan 9631 Jan
Illinois Pipe Line
100 136 140 Colorado & Southern
5.45 5.20 Miss River Power 5s__1951
9931 99% 14,000 9654 Jan 83% June
Imperial 011
25 *136 140 Delaware & Hudson 13s
5.25 5.00 New Log Tel 58
1932 10034 10054 10031 12,000 9934 Jan 101
Jan
New when lathed
3415 3438 Erie 430 & 58
5.35 5.05 Punta Alegre Sugar 78 1937
103 103
1,000 103 June 103 • June
Indiana Pipe Line Co__ 50 *7212 7312
5.55 5.25 Swift A Co 58
Equipment6s
1944 100
9934 100
7.000 9754 Jan 10034 June
International Petroleum.
8
(1) 2712 275 Great Northern Os
5.35 5.10 Western Tel .4 Tel Ss_ 1932 mote 10014 10014 5.000 9914 Jan 10036 June
Magnolia Petroleum__ __100 149 150
5.00 4.75
Equipment 58
National Transit Co_12.50 *2134 2214 Hocking Valley 5s
5.05 4.80
Baltimore Stock Exchange.
-Record of transactions at
New York Transit Co__100 55
59
5.40 5.10
Equipment 8/3
Northern Pipe Line Co100 79
80 Illinois Central 435e az 58.. 4.95 4.70 Baltimore Stock Exchange June 6 to June 12, both inODlo 011 new
5.20 5.00 clusive, compiled from official lists:
25 *7112 72
Equipment Os
Penn Max Fuel Co
25 *2714 30
Equipment 7s & 6)48..... 5.00 4.80
.
i
Prairie Oil A Gas new.... 25 *gn 6312 Kanawha & Michigan 0a... 5.40 5.20
Friday
Sales
Prairie Pipe Line new
5.20 5.00
100 125 126
Last Week's Range for
Equipment431e
Range Since Jan. 1.
Solar Refining
228 235 Kansas City Southern 5348. 5.35 5.05
100
Sale
ofPrices.
Week.
Southern Pipe Line Co.
Stocks-100 8012 82 Louisville & Nashville Os... 5.20 5.00
Par. Price. Low. High. Shares
High.
Low.
South Penn 011
5.00 4.80
100 171 173
EquipmentOhs
Southwest Pa Pipe Mies 100 *66
69 Michigan Central be &Be
5.30 5.00 Amer Wholesale pref_100 97
97
97
5 9234 Jan 9831 Mar
Standard Oil (California) 25 *61
6114 Minn St PA SSM 435e& Si 5.30 5.00 Armstr-Cator 8% pref.100
40
40
Jan
Apr 57
10 36
Standard Oil (Indiana)... 25 *683 69
4
Equipment 6318 & 78.... 5.35 5.00 Arundel Corp new stock__• 2734 2731 28
2,635 2034 Mar 2931 May
Standard Oil (Kansas) 25 *37
3712 Missouri Kansas dr Texas 138 5.65 5.35 Atlan Coast L(Conn). eS
.17131 172
Jan 17234 June
45 160
Standard 011 (Kentucky) 25 *12312 124
Missouri Pacific fie & 6)45.. 5.60 5.25 Baltimore Trust Co_ -50
12034 12134
121 11131 Feb 12134 June
Standard 011(Nebraska) 100 252 255 Mobile & Ohio 4355 & 55... 5.00 4.80 Baltimore Tube
100
Jan
23
23
7 19 May 32
Standard On of New Jer_ 25 *4512 458 NewYork Central 4315 & 58 4.85 4.65
Preferred
56
56
15 55 May 70
100
Jan
118 11812
Preferred
5.20 5.00 Benesch (I)com
100
Equipment 65
• 40
3934 40
161 3834 Jan 40 May
Standard On of New York 25 .48
4612
5.00 4.80
Preferred
25
Equipment 75
2634 2634
20 2634 Feb 2654 Apr
Standard Oil (Ohio)
......1O0 360 365
Norfolk & Western 4345.... 4.80 4.60 Cent Teresa BUB pref. 10
Jan
1
June
2
1
1
65
Preferred
5.10 4.90 Ches & Po Tel of Balt_ _100
100 120 122 Northern Pacific 75
11454 11434
21 11034 Jan 11454 June
Swan de Finch
100 1612 17 Pacific Fruit Express 7s._
5.00 4.85 Commerce Trust
50 5834 5831 5854
Feb
60 5731 Mar 60
Union Tank Car Co......100 124 126 Pennsylvania RR eel 5s & (is 5.10 4.70 Commercial Credit
• 27
26
2734
1,490 22% Mar 2734 June
Preferred
5.10 4.00
.100 114 115 Pitts & Lake Erie 6315
25
Preferred
24% 25
258 24
Apr 25)4 Jan
Vacuum Oil new
5.50 5.25
. 25 *9112 92
Preferred B
Equipment 85
25 26% 253i 2654
303 2435 Apr 28% June
Washington 011
35 Reading Co 4315 & Si
.30
4.75 4.50 Consol Gm EL & Pow--• 4
10
689 32
Jan 44 May
054 4034 42
Other OH Stocks
634% preferred
St Louis & San Francisco Si. 5.15 4.90
100
110 11034
151 105
Apr 110% .101113
Atlantic Lobos Oil
(I) *314 35s Seaboard Air Line 5315 & Os. 5.60 5.25
8% preferred
100 12834 126 12634
223 122
Mar 12734 May
Preferred
*10
13 SouthernPacific Co 4315
4.85 4.50 Consolidation Coal
60
100 45
Jan
4434 45
469 38
May 72
Gulf Oil new
5.00 4.85 Eastern Roiling Mill
25 *3815 41
Equipment 75
Feb
278 103
• 115
Apr 115
107 113
Mountain Producers.... 10 *743 75 Southern Ry 4318
4
8% preferred
100 120
Jan
& 55.... 5.05 4.80
118 120
601 111
Apr 120
41.
2
Mexicali Eagle Oil
4
5.40 5.10 Fidelity & Deposit
5 *33
Equipment(ie
50
9854 99
Jan 100
May
91 89
National Fuel Gm
100 iii 113 Toledo & Ohio Central 65.... 5.35 5.10 Finance Cool America-25 50
Jan
50
50
4 50
Apr 52
*g
Salt Creek Cons Oil
5.00 4.80
10
Union Pacific is
25 2634 2635 2631
Preferred
23 26
Apr 2654 Jan
Salt Creek Producers... 10 *277 28
5 814
Finance Service el A_ -10
19
19
15 1834 Jan 19% Jan
Public Utilities
Tobacco Stocks
Preferred
10
,
40
934 935
Jan
9
934 Apr
Amer Gas & Elec new ...(I) * 76
78 American Cigar common 100 77
79
Houston Oil pref tr ctts_100
87
87
50 78
AP1' 97
Jan
6% Pref new
90
99
(f) 89
Manufacturers Finance-25
Preferred
100 97
5234 54
119 5234 May 58% Feb
Deb 65 2014
99
160 170
MAN 98
1st preferred
Amer Machine & Fdry_ _100
25
22% 23
Jan
84 22% June 25
Amer Light A Tree com_100 162 164 British-Amer Tobac ord.
2d preferred
25
£1 *2712 2812
2331
22
91 22 Arne 2435 Feb
Preferred
100 99 101
Trust preferred
25
Bearer
Feb
£1 *2712 2812
21%
21
June 24
90 21
Amer Power & Lt common.. 59 60 Imperial Tob of0 B & herd 24
25
Maryland Casualty Co-25 9634 95
115 8231 Apr 9934 May
9754
Preferred
90 Int Cigar Machinery.. 100 70
80
100 89
Merch A Min Tr Co.--100 137
137 137
Jan 140
May
1 115
Deb 58 2016
98 Johnson Tin Foil & Met_100 •60
MAS 97
Monon Vali Tree pref __ -25 2134 2135 2234
127 2034 Jan 2234 June
Amer Public UM corn.__100 90
92
MacAndrews & Forbes_ _100 153 155
Mtge & Accept
•
18
18
10 1334 Jan 1831 June
7% prior prelerred____100 90
93
Preferred
Preferred
100 100 102
50
4434 4431
Jan
20 4331 Jan 45
4% panic pref
79
81
63 64
100
Mt V-Woodb Mills v t r 100
Mengel Co
100
180
Jan
1254 1235
9% Apr 15
Associated Gas & El pt._(() *52
54 Porto Rican-Amer Tob.
55
Preferred v t r
.100 45
100 61
61
61
145 55
Jan
Mar 66
Secured gold 6)4854-1&J 102 104
41
39
Universal Leaf Tob com-100
New Amsterd'm Cas Co-10 49
210 4234 Jan 49 June
4834 49
Blackstone VaIG&E com 50 *81
9412 Northern Central
Preferred
100 93
50 8034 80
8034
45 7631 Jan 80% June
Carolina Pow A Lt corn... _ 385 400 Young (J
Penne Water & Power_100 144
5) Co
140 144
100 127 130
630 12854 Jan 14434 May
Cities Service common_ _ _20 *387 393
5
s
104 106
Rol Pk Homel'd 1st p1-100
Preferred
9835 9835
100
Jan
6 9754 Jan 99
Preferred
4
100 8212 823
Security Mtge Co pref.-25
25% 25%
175 2534 May 25% June
Preferred B
s
10 *712 75 Rubber Stocks (Cleveland)
United Ry & Electric-50 18
18
1854
217 1534 Apr
1034 Jan
Preferred B-B
*773 7814 Am Tire & Rub com
4
3
8
100
US Fidelity A Guar____50 210
204 210
331 179
Jan 210 June
Cities Service Bankers Shares •1914
40
Preferred
Wash Bait & AnnaP---50
534 Apr 12% Feb
65
854 10
Colorado Power common 100 34
-14
Firestone Tire & Rub corn 10 *1 - -12 115
Preferred
50 17
17
17
May
May 22
75 11
Preferred
93
96
100
6% preferred
West Md Dairy Inc preL50 52
51
100 9812 100
June 5334 Feb
5235
80 51
Com'w'ith Pow Corp coma) *146 148
98
7% preferred
Bonds
100 97
Preferred
100 83 8512 General Tire de Rub com_ 50 •230 240
Alabama C & I 5s._ - _1933 9534 9554 9534 51,000 9534 Jan 9631 Jan
Elea Bond & Share pref.
_100 .104 105
10212 Balt Sparr P & C 4345_1953
Preferred
86
86
100
1.000 85
May 8854 Feb
Elec Bond & Sh Secur
_ _ 67 68 Goodyear Tire & R com_100 /64 3114 Balt Traction let 5s_ _1929
1
99% 9934 11.000 9931 Apr 100
May
Elea Ry Securities
*14
15 Goody'r T & R of Can p1100 96
963
4 Bernheimer-Leader 78_1943
104 10431
1,500 103% Feb 10434 Feb
Lehigh Power Securitlee.(i) •142 144
4 215 Commercial Credit 65_1934 100% 10034 101
Mason Tire & Rub com-(1) *15
25,000 9831 Apr 101
June
Mississippi Rio Pow com 100 49
50
18
14
Preferred
10134 10134 6,000 101)
100
Consolidated Gas 55-1939
Jan 10131 June
100 91
Preferred
93
Miller Rubber
1954
General 454s
9434 9434 8.000 9231 Jan 9454 May
100 132 140
First mtge Si 1951
J&J 9911 10014
Preferred
9734 9734
ConsolGEL &P 4301935
100 1021z 105
1,000 9334 mar 9731 June
S F g deb 7s 1935
-MAN 103
35
Mohawk Rubber
1952
Series E 5345
10531 10531 5.000 10254 Jan 10554 June
100 25
Nat Power & Lt com
(:) *324 327
72
67
Preferred
1951
11034 11031 2.000 109
Series D 6515
Jan 110% June
Preferred
a)*101 103 Stdberling Tire & Rubber (/) *22
23
Series A 138
1949 10731 10734 10731 10,000 10454 Jan 107% May
Income 7s 1972
103 104
J&J
Preferred
100 101 102
Consol Coal ref 4%s_ _1934 9234 9134 9234 3,000 9134 June 98
Feb
North States Pow com 100 115 118 Swinehart Tire &
9734 9754 4.000 9754 June 100
R com-100 Elkhorn Coal Core 65-1925
Jan
Preferred
100 99
Preferred
100
Fair & Clarks Tr 5s. -1938
92
2,000 92 June 95
92
Jan
Nor Texas Elm Co com_100 43
Ga Car A Nor 1st 58.-1929
9954 9934 2,000 9934 Feb 997 June
4
Preferred
65
100 60
Sugar Stock.
Md Elee Rys 1st 5a...1931
95
95% 8.000 95
May 9751 Mar
tie6g
Pacific Gas A El let pref _100 96
98 Caracas Sugar
412
so
1957
2,000 97
6318
9736 9734
Apr 100
Mar
Power Securities com
20 Cent Aguirre sugar corn.. 20 *8112 83
(:) *17
Norf & Ports Trac 5s_ _1936
97
9731 13,000 92
Jan 9735 June
41
Second preferred
(I) *37
Fajardo Sugar
120 122
100
North Dalt Trac 5s...1942
9931 9931
1,000 9934 Jan 99% Feb
Coll trust 65 1949__J&D *92
95
Federal Sugar Ref oom-100 55 65
7034 25,000 6835 Apr 71
United Ry & E 4s_ _1949
70
June
Incomes June 1949_F&A *80
83
Preferred
100 80 95
1949 5034 5034 5031 30,000 49
Apr 6254 Jan
Income 45
Puget Sound Pow & Lt_ -100 52
55 Godchaux Sugar, Ino-(:) *8
10
15.300 89
71
Apr 74
Fundings 5s
Jan
1936 7034 70
6% preferred
86
100 83
Preferred
100 45
65
99
1927
3,000 9831 May 9931 Jan
99
7% preferred
100 10612 10812 Holly Sugar Corp com-(1) *44
47
3.000 93
63
96
95
1949 96
Apr 9634 Jan
let & ref 5345 1949__J&D 100 101
ur...,....,. v. ...., v. lasi
Preferred
96
Rau 113
100 93
Bb
37.000 58
Apr 69
May
Republic Ry & Llght-100 60
62 Juncos Central Sugar-100 so 125
•No par value.
Preferred
81
100 79
National Sugar Refining-100 9912 10012
South Calif Edison com_100 113
_ New Niquero Sugar-.100 87 92
Philadelphia Stock Exchange.
-Record of transactions
8% preferred
100 125 fio Banta Cecilia Sug Corp pf100
4
2
Standard(AEI7% Pr of 100 99 101 Savannah Sugar com
at Philadelphia Stock Exchange, June 6 to June 12, both
(1) *99 101
Tennessee Elee Power--(1) •621z 65
Preferred
100 99 101
inclusive, compiled from official sales lists:
83 Sugar Estates Oriente p1.100 85
Second preferred
(1) *81
88
57
Western Power Corp.
-100 56
With warrants
95 100
Friday
Sales
97
Preferred
100 92
Last Week's Range for
Range awe Jan. 1.
92
West Missouri Pr 7% pfr _- 90
IndustrIal&Miscell
ofPrices.
Week.
Sale
Short Term Securities
American Hardware___100 9014 91
-Pax.Price. Low. High. Shares.
Stocks
Low.
High.
Anaconda Cop Min 65'29J&J 103% 104
Babcock & Wilcox
100 1361 13812
97
Federal Bug Ref(Ss'33.M&N 97
Bliss(E W)Co new
18
(1) *16
Alliance Insurance
60
897 37% Jan 60 June
10 59% 54
8
Hocking Valley 58 1926 M&S 1003 1003
4
Preferred
55
so *53
Amer Elm, Pow pref....100 100
100 10131
331 96
Jan 104% Apr
K C Term Ry 6355 '31 J&J
_ Borden Company oom (t) *175
77
Amer Gas of N J
162 162
46 135
100
Jan 217% Mar
- 1gs
s
1928 161 2 1017
Preferred
100 107 110
American Storm
• 5634 55% 5634 3,428 45% Jan 58
May
Lehigh Pow See 6s '27-F&A 2024 2025 Celluloid Company
8
30
100 28
11035 11034
20 11035 Mar 133
.100
Baldwin Locomotive..
Jan
Slose-Sheff S&L es '25_F&A 102 10212
Preferred
80
100 75
80
Amer Gas of Pay t c. _50
82
1.468 80 June 8831 May
US Rubber 73151930...F&A 1063 107 Childs Company pref_100 115 117
4
Bell Tel Co of Pa pref.... ...... 10934 110
158 107% Apr 110
Mar
Joint Stk Land Bk Bends
Hercules Powder
115
100 112
Brill(JO) Co, pref._ _100
98
98
41) 98 June 110
Mar
Chic it !Ink Lel Bk 58_1961 10212 10312
Preferred
100 107 109
3914
Cambria Iron
39
50 39
110 38
Mar 40
Jan
10212 10312 International Silver pref_100 *107 110
54 1952 opt 1932
40
40
9 35% Mar 43
Mar
10212 10312 Lehigh Valley Coal Sales 60 *8112 8312 Congoleum Co Inc
55 1963 opt 1933
Consul Tree of N
40
40
1041i 10512 Phelps Dodge Corp
9 35% Mar 43
Max
534s 1951 opt 1931
100 100 103
East Shore Gi & E 8% pf_25
2535 2531
31 25
Feb 2635 Feb
Afts 1952 opt 1932
1013 1023 Royal Baking Pow com-100 142 144
4
4
Elsenlohr (Otto)
31
35
100
230 27 May 41
Feb
1131s 1952 opt 1932
100 101
Preferred
100 102 104
Preferred
82
82%
100 82
135 82
May 85% Feb
435e 1964 opt 1934
101 102 Singer ManufacturIng.....100 265 275
Eke Stu Battery
6354 64%
100
285 61% Apr 70% Feb
efts 1963 opt 1933
10112 10214
Insurance Co of N A_ ___10 5834 5634 57
493 4635 Feb 70
Jan
Pao Coast of Portland. Ore..
Recta full paid
54% 55,4 1,038 4931 Apr 55% May
55
fis 1953 opt 1923
4
Ma 102 1033
Keystone Telephone.
9
7
9% 3,605
-50
Jan
6
9% June
5s 1954 op 1934
1037
8
1025
8
24
Preferred
35
50 35
1,740 20
Apr 35 June
4
4
4
320
'Per share. 5 No par value. b Basis 0 Purchaser also pays soothed div dead Lake Superior Corp_ _..100
4
754 Feb
AM
50 10931 99 109% 33,865 80% Mar 10935 June
Mew stock. IFlat price. 1 Last sale. n Nominal. SEX-dividend. v Es-rights. Lehigh Navigation
Lit Brothers
10 2451 23% 25
5.921 2154 May 25 June
oEx-stock dividend a Sale price. r Canadtaa quotatim
v Ex interest.
JUNE 13 1925.]
THE CHRONICLE
Friaay
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Minehlll & Schuyi Hay--50
Northern Central
50
Penn Cent Light & Pow_ *
Pennsylvania RR
50
Pennsylvania Salt Mfg50
Phila Co pf(cum 6%)- -50
Phila Elec of Pa
25
Preferred
25
Phi's, Insul Wire
•
Phila Rapid Transit..._ _50
Philo, Traction
50
Phlia & Western
50
Preferred
50
Scott Paper Co, pref__ _100
Tono-Belmont Devel_ _1
Tonopah Mining
1
Union Traction
50
United Cos of N J
100
United Gas Impt
50
Preferred
50
Warrants
Victor Talking Mach Co_ _
Victory Park Ld Imp_ _10
W Jersey & Sea Shore_50
Westmoreland Coal_ _ _ _50
York Rys, preferred
_50
•
Bonds
Am Gas & Elec 5s_ _ _2007
Amer Gas of NJ 7s_ _ _1928
Consol Trac of NJ lot 5s'32
Elec & Peoples tr °Us 4s'45
General Asphalt 6s_ _ _1939
Inter-State Rys coil 4s 1943
Keystone Tel 1st 55-1935
Leh C & Nay cons 414s '48
Peoples Pass tr etts 48_1943
Phila Co cons & stpd 50.
51
Phila Elec 1st 9!45_ _1966
55
1960
1st 5s
1968
Small 5s
1968
5145
1953
1941
United Rye g tr ctfs 45 1949
United Rys Invest 50_1926
* No par value.
74
39%
38%
48
46%
5815
85
58
31%
44
Range Since Jan. 1.
Low.
HWY.
52
52
25 51
Jan 524 Feb
80
80
100 764 Feb 80 June
6414 64%
5 60
Jan 67 May
43% 444 4.244 4211 Apr 4834j Jan
74
74
20 70 May 854 Jan
47
142 45
Apr 4734 May
4714
38% 39% 13,710 37% Apr 47% Feb
37% 38% 3,118 374 Apr 45
Feb
48
48
10 46 May 51% Jan
4514 4731 1,295 40
Jan 51 gi Mar
584 58%
299 57
Apr 63% Mar
15
225 15
1514
Mar 18%1 Jan
36
36
50 3511 Jan 37
Mar
9814 98%
27 96
Jan 98% Mar
9-16
14
700
14 Jan 15-16 Feb
114 Mar
334 313ir 4,665
teir May
39% 41
845 39% Mar 44
Mar
201% 20114 A
7 199% Jan 201% June
84% 8934 5,695 7934 Mar 9611 Mat
58
58% 2,032 56% Mar 58% Mar
31
33
7,993 31 June 33 June
69
72
120 69 June 97 May
4
4
300
4
Apr
44 May
31% 31%
60 31% June 40 A Jan
44
46
425 43 May 57
Jan
36
36
25 35% Feb 364 Jan
91
93%
160 164
75
73
75
57
62
10334 103%
56
56
91
874 91
100 101
101
65
65
97
96% 974
85
85
10331 10134 10311
10311 103 193%
102% 1024
107 107
108% 108 108%
63
6614
994 994
91
ra;
88,900
2.500
5,000
15,580
3.000
300
54,000
16,000
1.000
7,000
8.000
12,000
64,500
1,000
5.000
17,000
2,200
2.000
87
Apr
136
Jan
73 May
57 June
100
Jan
5014 Jan
824 Jan
96
Jan
65
Mar
9334 Jan
Apr
82
99
Mar
1004 Jan
10011 Jan
10411 Feb
106
Jan
63
Jan
99
Apr
94 June
215
Mar
784 Mar
65
Mar
103% June
60
Apr
91 June
101
June
70
Jan
9711 June
85
Mar
1034 June
103% June
102% June
107% May
108% June
674 Feb
100
Jan
Cincinnati Stock Exchange.
-Record of transactions at
Cincinnati Stock Exchange June 6 to June 12, both inclusive,
compiled from official sales lists:
Stocks-
Frtaay
sates
Last Week: Range for
Sale
ofPrices.
Weak
Par. Price. Low. High. Shares.
II II
x xx
12ggaU
Wal
x
High.
113 June
5734 Jan
11134 June
37 June
1074 June
10834 June
105
Apr
704 June
2534 Jan
21 May
1054 June
7634 Apr
4034 June
113 May
2234 June
40
Feb
1154 Apr
884 Apr
33
Feb
103
Mat
106
Jan
68 June
2034 Apr
1134 June
1134 June
13
Apr
914 Mar
131
Apr
110
Apt
89 June
10534 June
116 June
6054 June
1044 June
120
Ape
7234 Mar
9434 June
1034 Feb
64
Feb
10911 June
90
90
1154
7834
63
110
38
15
58
Jum
June
Api
Jung
Ma]
Jung
Jung
Mal
Jun
.1
•
•
0
.
SC
•
100 515
515 515
-- •
"" -^"'--
xxxxx x
36
3734
1134 1134
55
58
Om
RailroadsONO&TP,com
..._•____.
36
1134
574
RS0
.
Tractions
53
Ono Street Ry
Ohio Traction, com _ _100
Preferred
100
.MC.V0,
1010 10
Cl M
Public UtliftlesCincinnati dc Sub Tel.-50 9034 8634 91
Gino Gas di Elea
100 884 8834 8911
Chic Gas Transport'n-100 115
11434 1154
C N & C Lt & Tr, com_100 7834 78
7834
Preferred
MO 6134 6134 62
Ohio Bell Tel, pref. _ _ _100 10934 10934 1094
x x
118
6934
9411
7
514
10634
x
113
124
8
12334
109
8814
105
110
5734
xx xxxx xx
10234
68
2034
I
Low.
C.N...00%.
C.Me
NOMOMMOWM!.00.NWONMOOOt".P..0....... 4.....f
1
C.00.1000.,N.104M..
10.mMoNVN.. .0000100000C.
.
.
.
.
..
..
.
.. .
.
.
..
86
3014
1044 113
5514 5734
1104 1113.4
3634 37
107 10711
10814 10834
104 104
69
7034
2334 2434
204 21
10134 10234
72
75
33
33%
11234 11234
1934 2234
38
38%
11434 115
86
86
3034 3034
102 1024
100 103
6734 68
2034 20%
101 106
113 1134
12
124
8
84
12334 12454
1084 10934
8634 8734
105 10534
109 110
5714 7034
10414 104%
117 118
6934 6934
9436 9434
7
74
5114 5234
10634 10634
.N,t.......WVOMM.NNw0m.NVWC.4.NVNC..MS.....9 OW4
.04
c
VC.
NM.
N0 M
N
107
544
110%
37
107
1084
104
6934
2434
21
102
75
33
11234
214
38
aa
Industrials
Am Laundry Mach,com.25
Amer Rolling Mill, com_25
Preferred
100
Amer Seed'g Mach,com..60
Baldwin, new pref
100
Champ. Fibre, com
100
100
Preferred
Churn:gold Corporation..'
City Ice & Fuel
•
Cooper Corp,"A"
20
New preferred
100
Dalton Add Mach,com_100
Eagle-Picher Lead, com_20
Fleffichmann, prof
100
Formica Insulation
•
Gibson Art, corn
•
Preferred
100
Globe Wernicke, com--100
Omen Watch, corn
•
Preferred
100
Hatfield-Reliance, pref_100
Kemper-Thomas, com.-20
Kodel Radio, pref
20
Kroger, corn
10
First preferred
too
McLaren "A"
•
Paragon Refining, oom-25
Procter dr Gamble, com_20
8% preferred
ioo
6% preferred
100
Pure 011, 8% pref
100
Richardson, corn
100
Us Can, corn
•
Preferred
100
U S Playing Card
20
IJ El Print & Litho,com-100
Preferred
100
US Shoe. corn
•
Preferred
100
WurIltaer, 8% Pref -100
-
Range Since Jan. 1.
515 Jun
_ __
U lux g June 10334 Jan
• No par value.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 6 to June 12, both inclusive,
from official sales lists:
compiled
Stock,-.'
Yrtaay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
18
184
All Amer Radio, Class A_ _5 18
92
Amer Pub Serv, pref...100
9234
82
82
100
Amer Pub Util pref.
52
54
American Shipbuilding_100 54
86
100
Preferred
8834
9411 97
Armour & Co(Del) pret 100 97
100 894 8714 8934
Armour & Co prof
2134
Common Class A v t c-25 2134 21
15
334 334
Armour Leather
Balaban & Katz v t c _ _.25 6134 5834 62'
100 10215 101 1024
Preferred
434 43-4
•
Beaver Board v t c 13_
r.......
--a ...,.•••••••,..la IN
913.t 9914
780
73
10
110
79
5,265
3,310
6,600
20
9,040
715
100
9111
Range Since Jan. 1.
Low.
18
89
75
49
85
90
84
194
334
504
95
434
91 U
High.
June 3611 Feb
Mar 9334 Mar
Apr 8834 may
Apr 60
Jan
June 89
Feb
Mar 97 June
Apr 94
Feb
Mar 24
Feb
May
534 Jan
Feb 6314 May
Jan 10334 May
May
7
AD/
71..,a 9n , . _
t
3053
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Bendiz Corp Class A. ..10
Booth Fisheries pref_ -100
•
Borg & Beck
Bridgeport Machine Co_ •
Central III Pub Serv pref.'
Chic City & Con Ry pt oh •
100
Preferred
Chicago Fuse Mfg Co_ _ *
Chicago Rys part °VI ser 4_
Commonwealth Edison-100
20
Consumers Co
100
Preferred
Continental Motors
25
Crane Co
100
1,r,-Preferred
.
Cudahy Packing Co_ _100
Decker & Cohin,Inc, prof.'
100
Diamond Match
Elec Research LaboratOrY •
Evans dr Co, In:, Cl A_ _ _5
•
Fair Co(The)
100
Preferred
Foote Bros(G & M) Co_ •
GIII Manufacturing Co_ •
•
Godchaux Sugar
•
Gossard Co (IL W)
Great Lakes D & D__ - _100
10
Hupp Motor
Hurley Machine Co
100
Illinois Brick
Illinois Nor Utilities p1.100
Indep Pneumatic Tool__ •
_25
Kellogg Switchboard
Kentucky Hydro-Elec-100
25
Kraft Cheese Co
La Salle Exten Univ (III).10
Libby, mcH&Libby,newl0
10
Lindsay Light
McCord Radiator Mfg A_•
Middle West Utilities_ _•
Preferred
160
Prior lien preferred.._100
Rights
Midland Steel Products_ _•
Midland Util prior llen-100
Morgan Lithograph Co_
Natl El Power pref _ --100
10
National Leather
Omnibus pref A w l..100
1
Voting trust Ws vr- a_•
Peabody Coal Co prof.. _100
Philipsborn's, Inc,It ctf _ I
10
Pick (Albert) & Co
5
Pines Winterfront A
•
Pub Serv of Nor Ill
Pub Sem of Nor 111_ -100
100
Preferred
100
7% preferred
100
Oats Co
Quaker
100
Preferred
Real Silk Hosiery MIlls--10
10
Reo Motor
25
Ryan Car Co (The)
Standard Gas& Electric _.*
50
Preferred
Stewart-Warnar Speedom.*
100
Swift & Co
15
Swift International
25
Thompson (J R)
Union Carbide de Carbon_•
United Iron Works v t c_50
United Light & Power
Common Class A w I a_ _
Common Class B w la_ •
•
Pref Class A w 1 a
•
Pref Class B w la
20
Gypsum
U
100
Preferred
Univ Theatres,Cone Cl A.5
•
Wahl Co
ward(Montgomery)010
100
Preferred
•
Class A
•
Wolff Mfg Corn
Portl Cement_10
Wolverine
•
Wrigley Jr
Yellow Cab Mfg Cl B._-10
Yellow Cab Co,Inc (Chic)'
Bonds
Chic CIty&Con Rys 551927
Chicago Rys 5s Ser A-1927
Metr W Side El 1st 48_1938
1945
Ogden Gas Co 5s
Pub Serv 1st ref g 5s.1958
Co lot s f g 58_1944
Swirl d.
•No par value.
29%
2634
29%
25
26
934
86%
34
411
29
31
26
274
911
88
Si
5
2911
34
5
294
34
139% 1394 140
3
314
31
3234
1034 10% 10%
57% 5714 5811
114% 114%
94% 96
99
99
99
118 119
1834 20
2634 27
27
3314
33% 33
10514 105 105%
1314
13
9
9
32% 34
13114 129 132
18% 17% 18%
48% 45% 51
32
35
32
91% 91%
50
51%
38
39
90% 90%
76
73
74
15% 14% 174
711 715
7%
1% I%
40
40%
9315 92% 94%
9715 9634 97%
102% 102% 103
1% 2
1%
44
4211 42
100% 101
101
48
51
51
96%
9611 96
4% 4%
43-4
92
92
92
13% 13% 15
102 102
%
14
%
18% 18% 19
34
35
3534
123% 124
124
123 123%
99% 99% 99%
110 110
110
108 112
108
103% 104
6634
5511 51
184 17% 18%
24
25
25
50%
50% 49
52
51% 52%
68
67% 65
11014 109% 112%
25%
25% 25
44% 45
66% 66% 67
3
3
82
1644
53
11%
51%
37
48%
4834
56%
3.930
50
2.725
300
240
150
1,400
190
125
1.645
25
30
1,420
120
80
495
25
200
950
962
4,900
85
200
75
350
1,250
1,048
9.425
1,775
4,125
35
30
675
20
4,775
11,420
1,705
16
550
61
1,480
65
19,707
655
2,090
2,620
710
1.070
100
2,200
50
13,800
440
1,575
128
100
79
25
650
185
9,885
788
420
205
90
20,550
1,830
1.460
1,330
3,700
25
Range Since Jan. 1.
Low.
High.
Mar
24
25 June
2434 Mar
814 Apr
Jan
84
4 Apr
334 Apr
28% Mar
3-4 Jan
130% Apr
11 Jan
30
Mar
811 Jan
May
51
113
Apr
79
Jan
98
Jan
11534 Feb
15
Mar
2334 Mar
3111 Apr
104
Mar
12
Apr
4
Jan
3
Jan
2634 Jan
9434 Jan
14% Mar
41% Mar
28 May
Jan
85
50
Apr
38 June
854 may
35% Jan
1434 June
634 Apr
1% Feb
37% Apr
82% Feb
91% Jan
Ja
98
I% Apr
32% Jan
984 Apr
Mar
42
Apr
95
4
Apr
90
Jan
11% May
102 June
14 Jan
18% June
3331 May
107% Jan
108
Jan
92
Jan
10414 Jan
95
AP
102% Jan
Mar
48
14% M
Mar
21
40% Jan
50
Jan
55% M
1094 Apr
24% Jun
4414 May
Mar
65
11 Feb
Jan
36
25 June
29
May
1011 May
91% Mar
134 Jan
9% Jan
39% Apr
34 Jan
14111 June
4 May
49% Jan
11% May
Feb
70
Feb
118
1084 Feb
Jan
99
12214 May
3714 Jan
304 Jan
3514 Mar
109% Mar
164 Mar
7 May
914 May
34% May
134% June
1914 Jan
58
Jan
36 June
924 Apr
70
Jan
48
Jan
92% Feb
76 J111103
2111 May
94 Jan
2% Feb
42
Feb
1024 Mar
9811 Mar
10711 May
3% May
44 May
101 June
51 June
98% June
654 Jan
95% Feb
1714 Mar
102 June
14 Jan
23% Jan
Jan
74
124 June
124 June
99% JUIN
11014 June
400 Mar
Feb
105
75% Feb
22% Mar
25 June
54% May
Feb
54
77% Jan
12014 Feb
Jan
36
48
Apr
73% Feb
5
Jan
81
8534 14,600 44
84
85
335 49
85
169 81
8516
125 42
4914 504
159 170
3,100 112
116 116
40 112
6
634 1,325
6
14
13
410 11
51
53% 2,730 41
112% 11214
16 112%
112 11714
685 110
8% 84
460
5%
1011 11%
84
10
51% 5214 6.53
48%
37
324
3834 1,99
4634 47
1,22
4654
Mar
Jan
Ap
Jan
Feb
J
Jun
May
Mar
AD
May
Jan
Jun
Jan
Feb
June
4731 4811 $7,000
564 564 1,000
74
74
2,111
984 984 4,111
101% 101%
500
100 100
1,000
Mar
Apr 63
Ap
784 May
Mar
Mar 80
Jan
9814 June
Jan 102% June
Jan 100% Map
46
54%
73%
974
92
98
8534
85
86%
53
175
116
53
23%
55%
116
123
10%
14%
52%
43
55%
J1/11/3
June
Feb
may
June
May
Jan
Feb
Jan
May
Jan
Mar
Jan
Feb
Jan
Jan
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange June 6 to June 12, both inclusive, compiled from official sales lists:
Stocks
-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Pa. Price. Low. High. Shares.
Am Wind Glass Mach-100
100
Preferred
7
Arkansas Nat Gas. com-10
734
Carnegie Lead dr Zinc----5
66
Citizens Traction
100
Colonial Trust Co
Consolidated Ice, com_50
50
Preferred
•
Federated Metals
.25 38
Lone Star Gas
Nat Fireproofing, com_50 144
50 35
Preferred
25 321.4
Ohio Fuel COM
1 133-4
Ohio Fuel 011
Oklahoma Natural Gas_25 2834
2%
Pittsburgh Brew,corn---50
50 10
Preferred
Pittsburgh Coal, corn. 100
100
Preferred
Pitts Term. Whse & Transf -See
7
5
Pittsburgh Oil& Gas
Pittsburgh Plate Glass_100 290
84
Salt Creek Cons Oil_ _ _ _10
Stand Sault Mfg, corn._25
Superior Fire Ins Co-_ _50
10
Tidal Osage 011
West'house Alr Brake._ _50 10134
West Penn Rys, pref__ _100
Bondsvr•-... .‘-.... Wyse F...-Qae. ATM ahalnw
92
92
95
95
834 754
7
8
37
37
210 215
13.4 1%
12
12
31
31
38
39
13% 1434
3434 3554
324 3234
124 1334
2834 294
10
10
45
45
84
84
Note below
64 7
288 290
734 854
104 10434
107 10734
1034 1054
101 102
9154 9134
Range Since Jan. 1.
Lew.
High.
170 88
90 93
511
8,849
4
1,025
18 37
43 190
450
13.4
14 12
100 31
1,375 32
3,690 1134
640 3136
2,544 31
645 12
670 26
150
136
150
6
10 3914
20 8334
Jan 110
May 110
Apr
834
Jan
834
Apr 38
Jan 225
Mar
2
June 15
June 41
Jan 40
Jan 1434
Jan 3536
Apr 343.4
Mar 164
Jan 3134
4
Mar
Mar 114
May 55
June 994
Mar
Feb
Feb
Mar
Apr
May
Mar
Feb
Jan
Feb
June
Jan
Feb
Mar
Feb
May
May
Jan
Jan
1,348
6
290 257
1,168
74
117 102
157 105
150
834
514 97
25 89
May
811
Jan 295
Feb
9
Feb 138
Apr 11034
Jan 1334
Apr 113
Apr95
Feb
Feb
Feb
Jar:
Jar,
Feb
Jar
Feb
•No par value.
-Sold last week and not reported: 29 Pitts. Terminal Warehouse d: Transfer
Note.
at 35, West Penn Rys 5s of 1931, $1,000 at 08Se •
3054
St. Louis Stock Exchange.
-For this week's record of
transactions on the St. Louis Stock Exchange see page 3031.
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from June 6 to
June 16, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below. .
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
P0,. Price. Low. High Shares.
Week Ended June 12.
Stocks-
{VOL. 120.
THE CHRONICLE
Range since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Adirondack P de L com_100 844 82
87
2.300 33
Feb 954 June
7% preferred
1015 102
101% 1044
60 92
Jan 107 May
Allied Packers corn
•
54 5%
100
Apr 10
5
Feb
Prior preferred
100
200 60 May 67
50
504
Jan
Amalgam Leather com •
9% 94
100
84 Apr 1034 Jan
American Cigar oom__ _100 774 774 86
20 77g June 89
Jan
Amer Cyanamid pref__100
85
85
100 85 June 85 June
Amer C.as & Lleeme
• 78
Common
76
80% 4,600 6834 Feb 844 May
Preferred
•
89% 89H 1,020 834 Apr 90
May
American Hawaiian 05_10 10
10
800
10
84 May 134 Feb
Amer Lt & Trao. com__100 1644 159 1644 4,725 137
Jan 174% May
Preferred
100 100
325 94
100 100
Jan 100 May
Amer Pow a Lt corn new.' 59g 57% 61
13,500 484 Feb 67g Jan
Preferred
100 89h 894 89% 1,150 84
Apr 90 May
Amer Rayon Products__ _• 38h 31% 38% 11,000 265i May 38% June
Am Superpow Corp.Cl A-• 35
35
36% 1.500 264 Mar 38% May
Class 13
• 36
35% 36% 9,400 27% Mar 4034 May
Prior preferred
25
400 24% Feb 26% Mar
25% 25%
American Thread pref. _6
3% 3%
500
34 Jan
4% Feb
armour & Co (Ills) oomB2b 12
12
2,600 11
12
Apr 15
Feb
Preferred
100 90
87
90
670 84
Apr 944 Feb
Assoc U & E Class A_ ---• 32
30% 33
5,100 254 Mar 34% May
Atlantic Fruit &
820
14 7,500 80o Jan
14 Mar
Boissonnault(0)Co
520 78e
6,500 310 May
• 78c
34 Feb
Borden Co, common__ _100
149 152%
160 133
Jan 1544 Mar
Common new
50 75% 75
754
800 68
Mar 76K June
Preferred
100
107% 107%
10 106
Jan 113 May
B,tany Consol Mills corn.' 23% 22% 234 2,000 18 may 23% June
Class A
454 454
50
200 434 Mar 484 Jan
Bridgeport Machine corn.'
800
94 10
9%
4% Feb II
May
ant
-Am Tob ord bear....£1
27% 284 2,400 25% Jan 284 Apr
Ordinary registered_ __LI
28
28
200 21% Feb 2834 Apr
Brooklyn City RR.
10
fig 8% 8,700
8%
94 Feb
74 May
Brown & Will Tob Cl B_10 15
13
15
1,500 10
Jan 15 June
Bucyrus Co corn
155 155
100 155
25 121
Jan 163 May
Buffalo Gen Elec new oom• 87
66
68
1,600 50
Apr 7014 May
Burroughs Add Mach 14100
105 105
40 103
Jan 105% Jan
Canada Dry Ginger Ale A• 1294 122 129% 1,680 90
Apr 129% June
Class B
• 1294 1244 1294
95 80
Apr 1294 June
Car Ltg & Power corn_ __25
4
4% 5,900
434
14 Jan
54 May
Carolina Power & Light 100 385
385 400
160 300
Feb 430 May
Celluloid Co. prof
100
75
75
20 75 May 97
Jan
Cent Teresa Sug oom__ _10
100 50e Apr 610 Jan
500 50c
Cenuifugal Pipe Corp _....• 15% 154 16
900 10
Mar 274 Jan
Chapin-Sacks Inc
• 38% 374 40
14,300 1614 Jan 40 June
Chattertoo & Son
10 28
3,500 12
26% 28
Feb 28 June
Chic Mil& St Paul(new oo)
Common w
17% 17%
200 174 June 174 June
Preferred WI
26% 284
900 264 June 2814 June
Chic Nipple Mfg el A.__BO 3354 30
334 4,700 29
Apr 334 Jan
Childs Co pref new._ _ _100 116
180 1134 Jan 117
115% 1164
Feb
Chrysler Corp w 1
• 1224 106 122% 11,300 754 Apr 1264 June
Cities Service corn. w 1_20 39
37% 39
9.800 35
Mar 43
Feb
Preferred
100
81% 824 2.500 811( Jan 824 June
Preferred B
10
200
7%
7% 7%
74 Ma
7% Feb
Bankers' shares
19% 19
194 1,100 1734 Mar 214 Feb
Cleveland Automobilecom• 24% 23H 24% 7,000 194 Feb 26 May
Colombian Syndicate
1% 2
1%
16,900 60e
Ian
24 May
Com.wealth Pow Corp... 1444 143% 153
•
7,175 106
Apr 173 May
Common new
• 3614 364 38% 10,800 3614 June 4334 May
Preferred
100 824 824 83%
975 79% Jan 85 May
Warrants
65
1,225 25% Feb 86
634 68
May
Cons Gas,E L&P Balt new• 40% 40
6,000 314 Jan 44% May
42
Continental Baking,comA• z134% 128 134% 12,700 108
Jan 134% June
Common B
27% 31% 114,600 21% Jan 30A June
• 30%
8% Preferred
100 1004 z1004 103
7,900 914 Jan 103 June
Continental Tobacco
18
800 18 Jun
19%
•
mg Jan
Coty, Inc. w I
• 40% 404 434
400 374 Apr 45
May
• 384 374 394 7,400 3514 AP
Cuba Company
404 Mar
Cuban Tobacco v
...... 33
2,300
43
64 Jan 43 June
Preferred v t c
60
61
200 60 June 65
Mar
CUrtImAeropl dr M cOm. • 184 17
184 1,600 13
Feb 22 May
Preferred
160
74
73
300 55
Ma
79 May
De Forest Radio Corp-- -• 254 224 26
8,400 18)4 Ma
34
Feb
Del Lack & Wt Coal--60 136
130 137
1,475 119
AP 137 June
Doehler Die-Casting
• 164 164 174 1,100 10
20% Jan
AP
DubillerCondsr& Bad new• 144 144 15
2,800 12% Ma
354 Jan
Duplex Cond & Tadior L0
400
6
54
34 mar 17
Jan
Du Pont Motors, Inc....* 600
500 60c
1,310 50o May
1% Jan
Durant Motors. Ina
• 13
12K 14
6,800 114 Jun
21
Jan
Dus & Co,Inc. Class A ' 224 224 23
600 20% Apr 33
Feb
Elec Auto-Lite Co
714 734 1,125 71
• 73
May 76M May
Elec Bond & Share.pref 100 104% 104 105
625 1014 AP 105 May
Elea Bond & Share See.- -• 684 67
724 27,600 as% Apr 914 Feb
Elm Invest without warts' 584 57
814 24,100 40
Jan 64 June
Elec Ry Securities
14% 14%
•
100 124 Ma
May
16
Essex Foundry
374 37%
100 374 Mar 3914 Mar
Eureka Vac Cleaner.-- • 50
50
51
2,500 46
MAY 52% June
Fajardo Sugar
122 122
leo
30 120
Feb 129
Apr
Federated Metals Corp_ •
294 304
Feb
500 294 June 42
Film Inspection Machine.*
44 44
100
434 Jun
114 Jan
Ford Minor Co of Can.Wu 490
482 490
130 462
Feb
Ma 524
Franklin(H H)Mfg ooro • 24% 234 24% 2,700 18% AP
25% May
Preferred
8914
175 76
86
100
Apr 894 June
Freed-Elsemann Radio- -•
Apr 33% Jan
8% 9% 1,000
7
9
Freshman(Chas)Co
• 134 13H 144 1,700
9% Ma
Jan
28
Gabriel Snubber w 101 A • 28% 26% 29
10.800 26
2914 May
AP
Garod Corporation
•
34 3% 2,200
Apr 17% Jan
3H
2
General Gas & Elec, corn-• 144
124 150
645 80
Jan 150 June
Convertible preferred • 146
126% 150
965 80
Jan 150 June
Gen'l Outdoor Adverg Inc
Common v t o
• 21
204 21
800 20% Jun
244 Feb
Class A
Apr
• 44
47
424 45
4,700 42% Jun
Gillette Safety Razor..' 704 67% 70% 8,400 674 Jan 70% Apr
Glen Alden Coal
Mar
• 135
127% 137A 6,600 117
Feb 138
Goodyear Tire & Axel:11100
3014 31% 13,600 24% Jan 35% Mar
Grand (F W)5-10-25c SUL. 55
734 Jan
55
55
100 55 Jun
Grennan Bakeries Inc_ _ _ _• 17% 16% 111
214 May
3,700 154 Ma
Grimes(D)Its & Cam Rec. 22
24% May
21% 224 5,900
9
Ma
June
HabishawEICable new cow)
200 184 May 21
20% 21
Happiness Candy St el A_•
744 Jan
84 Jan
64 74 1,100
6%
Hazeltine Corp
5134. Jan
1,400 14% Jun
• 14% 14% 18
Hercules Powder eons. _100 112
20 108% Jun 112 June
112 112
Hayden Chemical
Jae
300
2
2
1% AP
Horn & Harden Co
• 51
51
700 48 May 58% Mar
60
Imperial Tob of GB dz Ire_
Jan 24,4 June
400 21
2414 24%
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sate
Week
ofPrices.
(Concluded).
Par. Price. Low. High Shares
Range Since Jan. 1.
Low.
High.
200
7% May
Imperial Tob of Canada.
7.
6% Mar
7
.5
Intercontinental Rubb_100
54 Jan
914 May
9
9
9% 2,600
Int Concrete Ind Fdrs shrs 114 11
Mar 13% May
7
11%
500
Inter Match non-vol pf
43
424 434 2,100 37% Jan 434 June
Int Utilities, Class A
200 36 June 464 Jan
36
39%
•
Jan
Class B
634 May 17
900
714 84
Jan
Jones(Jos W)Radio Mfg.*
3
2,600
9
2A 3
1 May
22
Reiner Williams Stpg_ - *
22
100 214 Jan 23% Jan
Keivinator Corp -.
354 18,600 184 Feb 3534 June
.
• 354 30
Kraft Cheese
1,300 64 May 76K June
25 734 72
76H
3
Lake Torp Boat let pf _ _10
100
3 June
3 June
16
La Salle Exten Unlvers10
2
500 16 June 17% Juno
17
3H
Lehigh Coal & Nay
600 90 May HA% Juno
50 1074 1004 108A
Lehigh Power Securities..' 1414 138 1444 8,500 82
Feb 160 June
Jan
Lehigh Valley Coal Sales 50 82
82
84%
775 78 May 87
Leh Vail Coal otts new... 414 37A 41% 18,700 33
Mar 50% Jan
Libby McNeill & Libby-I0
94 Jan
7
74 1,600
64 AM
Jan
Liberty Radio Ch Stores..'
9
64 8% 3,100
7%
64 June
Library Bureau corn
30
Apr
200 30
Mar 32
30A
•
Marconi Wirel Tel of Can.1
14 Apr
Mg mar
134 114
200
Jan
Marconi Wirel Tel of Lond
8
400
8%
8 June 10
McCord Rad & Mfg vtc w I 224 2214 234 5,900 224 June 23% June
Jan
McCrory Stores
DO
200 87
90
Mar 95
Mengel Co
Jan 644 June
1,210 30
104
.) 64
Mercantile Stores
141 122411 1,000 140 June 155 June
69
100
4% Jan
Mesabi Iron Co
800
24 244
24
24 May
•
Middle West CUMIN own. y934 93A 944 5,480 8214 Feb 1024 Mar
Prior lien stock
80 984 Jae 107
102 102%
May
100
Jan 97% May
Preferred
400 91
100 96% 98% 97
Midvale Co
Jan 284 Jan
24 •
500 24
24
• 24
Mississippi River Pow_100
75 47 May 494 June
4916 494
Moore Drop Forging el A.•
400 634 Mar 684 May
654 68
Motion Picture Corp
600 17
174 17%
Mar 18% Apr
18
• 144 13
Music Master Coro
14% 8.400
8% Mar 21% Jan
Nat Power & Light. oom • 323
5,410 184% Feb 360 May
309 332
June
20 95
101 101
Jan 101
Preferred
•
Nat Pub Serv,Class A,core 2344 234 24% 9,800 22% June 24K June
Class B common
4,300 14 June 154 June
144
National Tea
290 300
Jan 305 May
240 230
14
15K
• 290
June
10 102 May 111
New Eng Tel & Tel._..100 111
111 111
New Mex & Ariz Land-1
744 sg 3,700
7%
84 Jan 11% Feb
Feb
N Y TeleD 6 A % Pref.-100 113
1114 113
300 1104 Jan 114
Apr
N Y Transportation...-10
50
100 384 Jan 60
50
Nickel Plate corn, new, WI. 86
85)g 8614 1,300 82% Mar 9034 Feb
Preferred, new. w
83%
400 814 Mar 87% Jan
83
83
Kizer Corp Class A w _.• 45% 454 464 2,100 37
Apr egg May
6 4 10
7,300
Northern Ohio Power Co.'
9%
8)4 Mar 1234 May
46
North Ont Lt dr Pr corn 100 49
3,050 454 June 53 May
51
No States P Corp,com_100
140 1024 Jan 126 May
192129% 120
8
210 9434 Feb 100 June
100
254
Preferred
100 99%
Nor States Pow Del war'nts 24
4,000
Feb 294 June
6
2,100 12 May 174 Jan
Omnibus Corp v to
• 1334 134 15
Feb
92
Apr 96
92
100 89
Series A preferred..100
Feb
45
2,600 40% Mar 46
Ormenheitn. Collins & Co.' 44% 44
Paths Exchange Inc el • 69% 68% 73% 24,400 4234 Mar 734 June
65 127
Penns, Water & Power_100 1444 144 145
Jan 1454 May
54% 9,600 33
Power Corp of N Y. corn.• 524 51
Jan 554 June
Apr
200 40
64
Pratt & Lambert. Ino_-- -• 42% 454 43
424 4
Feb 44
Apr 484 June
300 35
Purity Bakeries class A..25
47
43
Mar 47 June
6,600 34
Class B
• 43
100 93
97% 974
Mar 97A May
Preferred
100
500 104 Apr 124 Mar
414 44
Pyrene Mfg
10% 11
10
Jan
200 35
Reid Ice Cream Corp cora•
Jan 48
Feb
95
100 90 May 101
95
Preferred
100
Mar
Rem NoiselessTypew,C1A• 444 42% 444 1,400 37
Mar 48
50 964 Mar 113 may
109% 109%
100
Preferred
Mar
R.eo Motor Car.
10 18% 184 18% 3,600 15% Apr 23
100 79% June 79% June
79% 79%
Republic By & Lt pref _100
300 47A Feb 494 Feb
484 48%
Rosenb'm Grain Corp pf 50
55
4
500
544
74
4
3% May 144 Jan
Rove Radio Corp tr ctfs •
2,700 364 Apr 53 June
St Regis Paper corn
• 5614
1,100
May 18 June
Schwarz (Bernh) Cig. A w 1 174 17% 18
944 Apr 11% Mar
Sery. El. Corp. el A. w I__ 11% 10% 114 7,800
Jan
400 124 Mar 21
174 18%
Silica Gel Corp.corn. v t e.•
120 1924 Jan 275 June
250 275
100 275
Singer Mfg
7)4 June
Mar
5% 74 4,100
4
/1
Singer Mfg Ltd
74
49
49
25 49 June 49 June
Smith(A 0)Corp
113% 115%
650 1014 Jan 120 June
Sou Calif Edison com._100 115
107 107
25 10414 Mar 10744 NitaY
7% pref series A_ -100
94
94
25 88
Jan 94 June
6% prof series B____100 94
Ian
56
40 May 10e
101,000
Southern Coal & Iron_....5
4° 234
4 5°
300 234 June 23 June
Southern G &P el A w I_ -• 234 23
7
May
97% 2,300 62% Feb 10
Ereastern Pr & Lt corp..* 974 93
20 108
110% 110%
Bou'west Bell Tel7% pf 10
Mar 110% June
0
44 54
5% Mar
yi Jan
600
Standard Motor Constr_10
700 19 May 27% Feb
20
204
Stand Publishing CI A._25 20
714 9% 4,900
Stutz Motor Car
84
6
Apr 1054 May
•
Feb
1094 111% 1,610 109
Swift & Co
Mar :()
100 110
Swift International
15 254 254 254 4,300 24% June 354 Jan
Tenn Elec Power, corn...' 6315 624 644 3,100 484 Feb 694 May
• 814 81
200 73
82
Jan 82A May
Second preferred
10
800
10%
64 Mar 22% Jan
Thermiodyne Radio
• 11
Jan
9% 2,900
May 25
8
9%
Thompson(RE)Radio vto•
94 June
3% Jan
700
7% 9.4
84
Timken-Detroit Axle.. _10
6% Jan
600
814 May
Tob Prod Export Corn-- •
34 34
Mar
37g
35
300 38
Mar 42
Todd Shipyards corp. •
100 184 June 19% Feb
184 18%
Trumbull Steel corn....25
Mar 73% Feb
1,100 65
Union Carbide & Carbon.'
Feb 60 June
25
6
46 4 4
United G & E corn new_ _10 4514 634 67% 4,00
4414 Mar 86 June
19,70
United Lt & Pow coin A • 82% 804 86
54 Jan 1114 Mar
714
2,000
United Profit Sharing----1
54 May
544 May
100
5% 5%
U SLt & Ht corn new_ _ _10
2H Jan
14 Jan
900
24
10
Preferred
Mar 30 June
2,800 24
24 2
7
2 4 29
29
Universal Pictures
27 • 5.400 22% Mar 294 MAY
.25
27
Utilities Pr & Lt ol
Apt 105
Jan
134 1,060 65
69
104 73
Victor Talking Macbine100 71
Mar 40)4 Jan
9
600
Ware Radio CorP
• 134
Feb 16% June
15% 164 2,900 14
Warner Bros Piet. corn...'
900 144 Apr 17)4 May
Class A
10 15% 15% 15%
1,000 250 May 55o
Jan
Wayne Coal
5
100 22 June 23 May
524
6
5
21° 25°
52
2
West Pan RR corn new_100
Mar 6614 June
18,100 30
Western Pr Corp, oom_100 554
80 864 Jan 93 May
92%
Preferred
100 92% 91
Feb 40 May
2,600 16
36% 38
White Rock Min Spgs corn* 38
Jan 40 May
384 3,600 16
37
Vot tr Ws for COM stock* 38
134 1,900 11% Apr 15 • Apr
13
Wilson & Co (new) w 1.--Apr
284 1,000 264 AM 85
28
-Class A w I
754 Apr
884
700 68 Jun
68
Preferred w I
Jan
Yellow Taxi Corp N
12% 11% 124 1,300 114 June 22
Rights.
Borden Co w 1
Middle West Ermines
2%
2
24
2
2% 14,600
214 21,500
114 Apr
141 Apr
2% Juno
2% May
Former Standard Oil
Subsidiaries
Anglo-American Ott....21 23
.100
Borne Scrymser Co...
Buckeye Pine Line
50
Chesebrough Mfg
25 594
Preferred
100
Continental Oil View I... 27%
Cumberland Pipe Line_100 145
Galena-Signal 011. com.100 554
Old preferred
100
New preferred
100
23
24
3,000 18
205 2104
20 205
60% 61%
200 5834
58% 614
650 484
115 115 •
80 110
26% 27% 71,600 21%
140 145
70 132
54% 554
600 54
105 105
10 105
1004 101
40 100
Jan
Apr
May
Jan
Mar
Mar
Mar
Apr
Mine
Feb
2634
235
72
6634
115
314
150
65
114
105
Ave
Feb
Jan
May
May
Feb
Feb
Feb
May
Feb
3055
THE CHRONICLE
JUNH 13 1925.1
Sales
Friday
Last IVeek's Rang( for
Former Standard 011
Week.
Sale
ofPrices.
Subsidiaries
Par. Price. Low. High. Shares.
(Concluded)
Range Since Jan. 1.
Low.
Bonds (Concluded)
High.
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Jan 994 Slay
98
9834 252,000 95
Amer G & E deb 68..2014 98
Mar 11514 June
112 11515 81.000 103
113
American Ice 78
American Power & Light
9814 May
96% 9754 106.000 93% Jan
68 old without warr 2012 97
Mar
9831 May
97)4 135,000 95
97% 97
65. new
Jan 1034 June
Mill 88 .1938 1034 1024 1034 16.000 100
Amer Rolling
7,000 80 Slay 98% Apr
92%
92
Amer Burnet Tob 745_1925 92
Feb
10314 103% 12,000 1024 Jan 104
American Thread 68.1928
May
103% 1034 2,000 10254 Jan 104
Anaconda Cop Min 68.1929
June
Apr 118
18,000 103
117 118
Andian Nat Corp 65_ _1940
May 100% May
60.000 98
100
100 100
Without warrants
May 10651 May
Assoc Gas & Elec 6148 1954 10234 10134 10234 40,000 1004
9514 9515 15.000 9554 June 964 June
1965
68
kesoe'd Simmons Hardware
Feb 8414 Mar
8315 83% 20,000 81
1935
83-48.
Jan
7054 Star
MI(I&WISSL 55..1959 69)5 6834 69% 140,000 62
Jan
96
Jan
88_1935 9214 914 9314 38.000 88
Heaver Board Co
2,000 1064 Slay 107
Slay
107 107
Beaver Products 7145_1942 107
4,000 9751 Jan 100 June
9934 100
Paper 65.1943
lielgo-Can'n
June
38.000 97% Feb 100
bell Telep of Can 55_ _1956 9934 99% 100
Mar 104% Jan
Refit Steel equip 78_ ..1931r 10334 103% 103% 31,000 103
27,000 934 June 95 June
9355 95
'34 95
Botany Cons Mills 645
1084 Jan 1124 Apr
Canadian Nat Rye 78 1936 111% 11154 111% 3,000 924 Jan 95
June
11,000
.1954 9415 944 95
4158
Chic MOW & St P (new co)
June 83% June
8254 83% 161,000 81
50-yr g 55 Ser A w 1_1975 83
Other Oil Stocks.
2000 524 50% 54% 361.000 5314 June 5414 June
Ad) M 55w I
2,000 10034 Jan 101% Jan
1014 10151
4% May
414 54 7,700
54 June Chic RI & Pat 534s..1926
514
Amer Controlled 011 F'Ids 5
1966 90% 9014 9134 63.000 9014 June 9114 June
954 June Cities Service 65
24 Jan
8% 94 37,800
9%
Feb
Jan 128
Amer Maracaibo Co
120 12214 28,000 111
C_1966 121
4,600
rApr
Cities Service 7s Ser
854 Feb
634 734
5
10
7%
48,000 984 Jan 106% Feb
Arkansas Nat Gas
434 May Cities Service 78 Ser D 1966 10134 10114 101% 3.000 109
31e
1,100
3
215 Ma
Jan 11314 May
Atlantic Lobos 011 corn_ ..•
Serv 75, Ser E._1966 11115 11114 112
44 2,400
44 Feb Cities
34 Ma
44
4
Feb
9451 Mar
125,000 92
Carib Syndicate
Jan
1
600
1
14 Jan cities Fiery Pr & Lt 60.1949 93% 9334 9351
1
1
Consolidated Royalties. _ _1
3,900
12
84 Jan
144 Apr Cons G, EL & P. Balt11
5 11%
June
Creole Syndicate
1074 107% 10.000 10434 Jan 108
1949
5,400 114 June 124 May
6s Series A
11% 12
Crown Cent Petrol Corn.• 11%
1951 110% 1104 1104 10,000 10851 Jar 11014 Slay
1,500
648 serle8
Feb
456 Apr
7
44 54
June
1,000 10134 Jan 105
Derby Oil & Ref,cora _ __•
105 105
1952 105
3.800 23
26
Series E
Apr 27
5348
Feb
23
• 26
Preferred
7,000 10054 June 10016 June
10054 10015
1965
Jan
1% June
55 Series F
131
14 1% 3,700 870
Jan
Apr 95
14,00(1 80
Euclid 011
8454 86
1941 85
154 Jan
6,200
34 Feb C,oneel Textile 88
3
2% 3
1
Gibson 011 Corp
974 9834 15,000 974 June 9814 June
700
34 Mar Cosg Aleehan Coal 6165'54
3
1)5 May
254
Mar
Gilliland 011 corn v t c_ •
93
93% 29.000 914 May 98
1935 93%
Apr 270
1,000 15e
Feb Cuba Co 65
170 17c
10
Jan 11154 June
Glenrock Oil
1094 11151 10,000 106
7514 June Cuban Telep 7348....1941 110
68% 7511 36,700 634 Mar
20 75
Feb
Gulf 011 Corp of Pa
42.000 8914 Jar, 95
545-.1937 9234 9214 93
International Petroleum_.• 2756 264 27% 47,100 2211 Mar 28)4 Feb Cudahy Pk deb
June
Apr 95
1,000 90
95
95
1946
314 2,600
64 Jan
251 Jan
55
314
•
334
Feb
Jan 105
Kirby Petroleum
1044 10414 104% 11,000 104
49,100
June
434
1931
Deere & Co 745
74 Apr
44 54
515
Lego Petroleum Corp_ _•
1947 1054 1054 1054 49,000 1024 Jan 10614 May
800 75c
1
Jan
14 May Bet City Gas 68
1
•
Livingston Petroleum_
14,000 11034 Jan 124 Slay
100 50c
Jan
680 660
•
134 Mar Detroit Edison 80_ _ _1932 12156 1204.122
Margay Oil Corp
40.000 993-4 June 100 June
1955 99% 9954 100
100
434 Feb
154 Jan
5s Series B w 1
334 3%
Marland 011 of Alexleo_ .1
10511 80,000 1004 Jan 10534 MAY
105
1,000 56e
Apr
75c 80e
Dis Feb Dunlop T&R of Am 78 1942 105
Mexican Panuco 011_ _ _ _10 800
8834 Feb
834 84% 91.000 784 Aor
1,900
2
14 Jan
114 1%
Mar Est RR of France 78 .1954 84
1
Mountain Ar Gulf 011
Mar
7.000 924 Apr 99
1933 9554 95% 96
Federal Sugar 68
2354 June
Mountain Producers_ _ __10 2314 22% 2314 34,400 184 Jan
AD 1024 Feb
100 10015 17,000 99
64 16,800
614 June Gait' (Robert) Co 78_1937 100
3% Jan
_.. _5
634
oil.
New Bradford
Feb
Petroleum 68_1928 10134 10155 10151 24,000 10054 Jan 101% June
400
64 May
6)5 6%
6%
4 May General
Jan 10954
New England Fuel 011w L _
854 Feb 124 June Grand Trunk Ry 6148_1936 1084 10854 1094 22,000 10556 Jan 10154 May
2,500
25
1134 12%
New York 011
25,000 984
99% 100
1937 100
6c
5,000
Jan
6c
Sc
30
Cc June Gulf Oil of Pa 55
1
Northwest Oil
1,000 100% June 10214 Jan
1926 100% 1007.4 1003.4
100 31
Mar 3451 Feb
3254 32%
26
Serial 548
Jan 1044 June
Ohio Fuel Corp
5,000 102
104 104
1930 104
14
14
7,100
1
900 Slay
14 Feb Hood Rubber 75
•
Jan 994
Peer Oil Corp
Power 8348...i928 99)4 9954 9914 5,000 9751 Ma 1024 Slay
26% 264 2851 10,400 174 Jan
2814 June Italian
Jan
Pennock Oil Corp
101% 1014 2,000 10154
444
7,300 16
Mar 444 June Kan City Term 5343. _1926
34
5
. 40
2
96% Apr
Red Bank 011
7,000 964 Ma
25
May Kaufmann Dept Stores_ _ _ _ 964 964 96% 113,000 92
Corp _ _.• 24% 2354 24% 4,200 224 May
Reiter-Foster Oil
994 JAI]
AP
Ltd 78 1929 9211 924 94
7,20
950
Apr
87e 960
Isrupp (Fried)
85o June
2
Royal Can 011 Syndicate. _
17,000 10034 Ma 101% Mar
2,700
34 Jan
914 Mar Lehigh Power Secur(is 1927 101% 101% 10155
53.4 611
Jan 10474 May
Ryan Consol Petroleum.. •
5,000 102
1034 10354
2,100
614 Jan
811 Mar Libby, MeN & Lib 78_1931
7% 834
834
Salt Creek Consol 011_11
1,000 1074 Jan 1084 Jan
108 108
75.1942
Jan 28
11,100 24
June Liggett Winchester
274 28
Salt Creek Producers_ _ _ 10 28
103 1044 17.000 9814 Jan 1054 June
134
100
14 Mar
2
135
5
Jan Manitoba Power 75-1941
Refining
Sapulpa
22,000 9814 Jan 1044 Feb
1930 1024 10234 103
300
134
114
134 May
5
334 Jan Morris& Co 74s
Jan 10214 June
Savoy 011
1,000 100
10254 1024
1930
• 4534 41% 464 66,500 384 May 464 June Nat Dist Prod is
Sun 011 Co w I
95 June
9354 95 598,000 8614 Jan
7,800 35
May 3734 June New Orl Pub Serv 58_ _1952 94
w i.....• 37% 3614 3734
Tide Water Oil new
11515 115 117 177,000 105% Jan 120 June
4%
4
4% 11,400
354 Jan
474 Apr Nor States Pow 648-1935
Venezuelan Petroleum. _ _.
10311 1044 47,000 9914 Jan 10434 May
634s gold notee__.A933 104
F) Oil & Gas new 304 29% 30% 1,500 29% June 3034 June
Wilcox (II
Jan 964 Slay
95
95% 14.000 89
8.000
64 June
1
554 6
751 Jan Ohio Power 5s Ser B_ _1952 95%
Mar
Wilcox Oil& Gas
May
95
94
9451 107,000 94
55e
2,900
7
114 Mar
Mar Oklahoma Gas & El 58 1950 944
554 5)e
Woodley Petroleum Co_ _•
Jan
98
5,000 9534 An
9635 9634
70
70 13,000
6c
Jan
Sc
7c
1
Feb Park & Tilford 6s_ _ _ _1936
"Y" 011 & Gas
Jan 9835 May
Light 58 '52 984 984 9814 6.000 93
Penn Power drApr 984 May
8.000 95
1953 9834 9814 984
55 series D
Jun 10134 June
21,000 98
98 101
1960
Mile Electric 5s
Mining Stocks
Jan 106% June
1947 1064 10615 1064 2,000 104
5348
June
6,000 1044 Jan 107
107 107
1953 107
26c
23c 29c 24,000
70
Jan 36c Feb
Globe Conner-A
534s
Arizona
Mar
May
99
98% 27,000 97
65_ _1962 9834 98
200
2
2
156 Feb
5
2
Feb Phila. Rap Trail-Sit
Calaveras Copper
63,000 97% Jan 1024 May
1933 101% 1014 102
160 16c
2,000
15c Mar 26c Mar Pure Oil Co 6558
Calumet &Jerome Copper.
Jan
AP 104
10134 1014 8,000 100
9,800
5%
315 Feb
6 Slay Shawsheen MIlLi 78_ _ _1931
514 531
10
Canario Conner
28,000 10014 Jun 1004 June
Jan
154
14 154 8,300 400
1% June Schulte R E Co 65_ _ _ _1935 10016 10034 10054 64,000 96
Chino Extension
Jun
994 Feb
96
96%
1,800
211.6
254 Mar
4
2,116 236
Feb Siemens & Halske 78_ _1920 96
Copper Mines_
Consol
Jun
96% Feb
42.000 94
9434 95
1935
151
1,200
14
114 Slay
78
114 Apr
Continental Alines Ltd_ _15
Jan 1024 June
102 102% 34,000 101
600
34 Jan
4
3% 3%
Feb Sloss-ShefI St az I 65..1929
Creesou Cons Gold NI&M.I
May
Jan 104
10314 103% 18.000 100
1934
5,000 21c June 53c
21c 21e
Reserve
Jan Solvay dr Cie 68
Crown
Jan 974 Slay
20,000 92
96% 97
2c
5,000
2c
Jan South Calif Edison 55_1944
2c Mar
40
1
Divide Extension
10654 Jan 14514 Slay
Jan
1,600 35e
60c 56c
75c
Feb Stand Gas & El 6156_1954 13434 13015 135 161,000 9534 Ma
Dolores Esperanza Corp_ _2
9634 Slay
57
484 454 494 5,900 1454 Jan
May Stand Milling 5548___ 1945 95% 9554 95% 11,000 1064 Jan 108
Engineer Gold Minee,Ltd
Feb
54,000
Jan
10e
9c lie
70
13,000
1
Feb Stand 01101 N Y 6%6_1933 10716 10714 10754 89,000 954 Jan 984 May
Eureka Croesus
230
984
1939 9834 98
18e 30c 20,000 10c May 58c
Jan Sun 011 5148
Thought Gold Mines1 30c
First
Jan 9634 June
15 1932 96% 964 9651 45,000 94
3,000
Jan 400 May Swift & Co 55_ _Oct
22c 23c
Sc
1 220
Forty-nine Mining.
May
9914 Feb
9554 378,000 92
5c
1,000
Jan
50
lc
8c Mar Thyssen(Aug)I&SW 78 '30 044 94
Goldfield Consol Allnes_.1
Jan 104% Jan
7,000
6c
Sc
Sc June 14e
2,000
1
Feb Tidal Osage Oil 7s- --1931 104% 10454 10451 191,000 103
Goldfield Florence
May
90
9114 May
9014 904 91
15c 17o
Sc Feb 230
4,000
Apr Toho El Pow (Japan) 7855
Hawthorne Mines Inc_ _ _1
46,000 9914 Apr 103% May
134 14% 2,400 124 Apr 16% Feb Trans-Continental 0117830 10114 101 102
1315
25e
Ueda Mining
9615 9654 8,000 9614 June 96% May
745'55
it
lo
it Feb
1,000
Sc Mar Tyrol Hydro-El Pow
Hilltop Nevada Mining...I
1935 95% 954 9554 45,000 9434 May 9614 Mar
14% 15
200 1334 Mar 1615 May UnlonGilCal5s
Hollinger Consol G M _ _ _
June
Jan
50
14,000 28
41
40
United Oil Prod 85_ _ 1931 40
Rowe Sound Co
Jan
1094 109% 3,000 10714 Mar 110
800 1534 Apr 21% Feb United Rysof Hay 7481936
1634
16
•
New vot tr ars
101% 10151 3.000 10054 Apr 102% Mar
1%
1,200 980
Jan
134 134
Apr U S Rubber Ser 6145.-1026
2
Jerome Verde Bevel
Mar
5,000 100% Apr 102
21re
134 Jan
1
notes_ _ 1927 10134 101% 10116
24 2§14 54,000
24 May
Serial 634%
Kay Copper Co
26,000 1004 Apr 10231 Mar
1
100 88o May
1
5
14 Feb
Serial 654% notes_ _1928 10154 101% 102
Kerr Lake
101 101% 16,000 994 Apr 1014 Mar
154
400
1%
114 Mar
134
5
2% Jan
Serial 654% notes. _1920 101
Mason Valley Mines
1004 10051 13.000 9951 Apr 10151 May
10c
90
100
70
4,000
Jan
505
180 Mar
Serial 64% notes_ _1930 100%
National Tin Corp
9751 Apr 1004 May
350 181
183% 1854
IOC
Slay 199
Jan
Serial 615% notes_ _1931 1004 100 10054 24,000 97
New Jersey Zino
Mar 10054 June
18,000
4,90
44 Slay
454 5
NIpissing Alines
654 Jan
Serial 64% notes_ _1932 9915 9955 100
20,000 964 Apr 9954 June
82c 94c
7,800 75o Mar
1 86c
154 Jan
Serial 614% notes....1933 9955 994 9914
Ohio Copper
June
52.000 964 Slay 99
33c 340
9,000 15c
Feb 52c
Porcupine Alining' 34e
Jan
Serial 614 % notes. _1939 98% 98% 99
Parmac
Apr 98% June
96
20c 23c
1,000 18c June 85c Mar
Serial 634% notes_ _1935 9834 9834 98% 28,000 95% Apr 9851 Slay
Plymouth Lead Alines__ _1 23e
Jan
2
2%
234 235 8,10
Premier Gold Mining. Ltd)
254 Jan
Serial 64% notes...1936 98% 984 9815 39,000 95% Slay 98% June
98
9851 40,000
250 25c
2,000 200 Feb 48c
Jan
Serial 654% notes_ _ 1937
Red Warrior Mining
9815 47.000 9514 Apr 9834 June
70
70 10,000
5c
Jan
4o
70 June
Reorganized Divide Ann_ _
Serial 64% notes_ _1938 984 98
984 June
984 53,000 954 May
70
8c
4,000
Apr
Sc
14c
Rochester Silver Corp-Serial 64% notes_ _1939 984 98
Jan
9834 31.000 9514 May 9835 June
98
lc 15,000
lc
it Feb
98
40 Feb
Serial 63-4% notes...1940
Sliver Dale Mining
69.000 105% June 10711 Jan
200
214 May
234 251
1936 10534 105% 106
3% Jan Vacuum 011 78
South Amer Gold &
97% Mar 1034 Jan
8c
8c 17,000
4c
Feb
6c
12c May
Webster Nillls 6548-1933 9834 981i 98% 18,000
Spearhead Gold M ining _ _1
. 1,200
Prz 18
14 Jan
1
154 Feb
Teck Hughes
61e 63c
900 .52c
Apr 85e Mar
Tonopah-13elmont Devel_ 1
15e
Pre lure 7,400
1•14 June
1
Foreign Government
Viz Feb
Tonopah Extension
3111,
,
1 16 Mar
1
3)4 3urr 3,600
4
and Municipalities
May
Tonopah Mining
8c
200
8o
70 May
10c
Jan
S& D
13c
Tri-Bullion
May 98% Slay
9835 16,000 97
98
2,600 390
50c
48c 50c
Jan 63c Feb Gratz (City) Austria 88 '54
United Eastern Mining._ _1
Feb
1,000 2014 Apr 29% Jan Denmark (King)65_ _ _1970 99)4 9954 99% 12,000 98% Mar 100
United Verde Extens_ _ .60c 2415 24% 25
Jan
20,000 77% Apr 91
83
90
90
90
Sc
3,000
Jan
Mall SS 75 1949 82% 82
_ _5
16c Mar French Nat
S Continental Mines_
(35c 95c
1,400 60c Mar 95o June Indust Mtge Bk of Finland
75c
Unity Gold Mines
9214 Mar 97
June
5%
556 615 9,500
451 Jan
lot AI coil s f 78_ _ _ _1944 96% 9614 97 129,000 102% Mar 107
85( Jan
Utah Apex
Feb
34 3% 8,900
10634 1064 11,000
2
Jan
315
Apr Netherlands(KIngd)(3513'72
5
Wend en copper mining- -I
Jan 10054 Feb
4c
4c
4c June 17e 1/Jan Peru (Republic of) 88_1932 10015 100 1004 10.000 99
1,000
West End Exten Mining_ A
5,000 1214 June 1731 Feb
134 135i
1,000 11c June 25c
lle
lbo 110
Govt64s__ _ _1919
Copper._ _ _1
Feb Russian
Western Utah
12
Feb
1215 64.000 111e June 17
100 15
1919 12
Jan
1534 1534
16
6348 ctfs
11.Jan
Yukon Alaska tr ctfs
Jan 102
101% 7,000 101
400 35e
350 35e
Feb 50c
5
Feb Switzerland Govt 55481929 101% 101% 1001e 6,000 1004 Mar 101% Jan
Yukon Gold Co
Jan
1004 1004
External 5% notes_ _1926
Bonds
Humble 011 & Refining_ _25 17114
100 136
Illinois Pipe Line
344
Imperial 011 (Can) new
60
Line
Indiana Pipe
Magnolia Petroleum_ _ _100 149
22
National Transit.
100 58
New York Transit
Northern Pipe Line__ _100
71%
Ohio Oh
25 27%
Penn Alex Fuel
25 6354
Prairie Oil& Gas
100 125%
Prairie Pipe Line
100 230
Solar Refining
101 172
South Penn Oil
Southern Pipe Line__ _101
Standard 011 (Indiana). _25 68%
Standard 011 (Kansas)25 37%
25 z124
Standard 011 (Ky.)
Standard 011 (Neb)_ __ _100 255
011 of N Y_ _ 25 46
Standard
Stand 011 (Ohio) corn__101 362
100 121
Preferred
2' 9154
Vacuum 011
6254 z7114 119,700
220
134 139
334 34% 20,800
40
7234 73
1,010
144 150
400
22
22
120
62
57
40
80
79
654 7174 9,600
1,200
25
31%
5931 63% 40,700
5,060
122 127
150
221 230
1,130
167 173
30
8034 81
6615 69 111,100
5,200
3534 3754
120 1244 7,100
450
2444 257
26,400
434 47
410
352 362
40
120 121
12,900
87% 92
804
Allied Pack cony deb 68'39 9015 9034
1939
8s, Series B
9114
Alpine Montan St 78_ _1955 9134 1074
Aluminum Coot Am 78 '33 10733
4211 Jan
Jan
127
2734 Mar
69% Apr
13054 Apr
2154 June
57 June
June
79
6214 Mar
June
25
5034 Slat
Jan
106
Jan
202
Jan
139
8034 Jrinc
594 Mar
304 Apr
11454 Mar
240
Apr
Apr
41
Jan
338
11714 Jan
8014 Jan
z7114 June
15454 Jan
34% June
Jan
84
159
Feb
254 Jan
Jan
79
Feb
88
753( Feb
444 Mar
6514 Jan
127
June
254
Jan
197
Jan
103
Jan
70
Feb
46
Feb
124% Feb
Jan
270
48% Feb
Jan
369
123
Mar
9634 Feb
1,000 74
8034
Mar 844
7,000 84
907-4
Mar 9454
914 9,000 91
Mar 914
107% 12.000 106% Jan 107)6
Feb
Feb
May
June
Listed on the Stock Exchange this week, Niters
• No par value. k Correction. I
additional transactions will be found. o New stock. a Option Bale. tr When
issued. :Ex-dividend. y Ex-rights. z Ex-stock dividend.
pmestutent anti Sailroati intelligent&
3056
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the first
week of June. The table covers 7 roads and shows 4.77%
decrease from the same week last year.
First Week of June.
1925.
1924.
Increase. Decrease.
$
$
$
$
Ann Arbor
101,512
96,862
4,650
Buffalo Rochester & Pittsburgh
254,664
302,050
47,386
Canadian National
4,029.141 4.302.203
273,062
Canadian Pacific
2,860.000 3,248,000
388,000
Minneapolis & St. Louis
285.021
280.278
4.743
St Louis-San Francisco
1,745,714 1.617.182 128.532
St Louis Southwestern
486,400
405.683
80.717
Total (7 roads)
9,762.452 10,252,258 218,642 708.448
Net decrease (4.77%)
489,806
In the table which follows we also complete our summary
of the earnings for the fourth week of May
Fourth Week of May.
1925.
1924.
Increase. Decrease.
•
$
$
$
$
Previously reported (6 roads)__ 12,345,948 14.100,418
96,081 1,850.551
Duluth South Shore & Atlantic_
177,674
175.144
2,530
Georgia & Florida
126.200
133,455
7,255
Great Northern
2,585.000 2,684,933
99,933
Mineral Range
15,428
10.442
4.986
Mobile & Ohio
450,907
547,688
96,781
Nevada California & Oregon
9.056
8,143
913
St Louis Southwestern
606.000
594.591
11.409
Southern Railway System
4,583.645 4,950.140
366.495
Texas & Pacific
784,335
793.376
9.041
Western Maryland
493,161
474,927
18,234
Total (16 roads)
22.177.354 24,473.257 134.153 2,430.056
Net decrease (9.38%)
2,295,903
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
Previous
Year.
Increase or
Decrease.
%
$
5
let week January (16 roads)
15,199,517 15,542,805 -1.288 2.20
2d week January (16 roads)....
15,731,346 16,308,703 -577,357 3.54
8d week January (16 roads)
16,863.185 17,375,859 -512.674 2.91
4th week January (16 roads)
22.784.700 23.080.725 -296.025 1.29
lit week February (16 roads)....- 16.669,351 17.205.585 -536,234 3.11
2d week February (16 roads)..„. 17,244.485 17.670,268 -425.783 2.40
ad week February (16 roads)___. 16.855.777 17,219,271 -363.404 2.11
4th week February (16 roads)..--. 16.957.292 19.300.342 -2,343.050 12.13
let week March (16 roads)
16,523,764 18,225.842 -1.702,078 9.33
Sad week March 16 roads)
18.002.499 9,134.428 -1.131.929 5.91
3rd week March 16 roads
wk
16.940.753 7,960.532 -1,019.779 5.67
4th week March 16 roads
23.153.228 24.130,086 -976,858 4.04
lst week April 6 roads
16,570,808 7,191.341 -520.533 3.58
2d week April 16 roads
16.384.924 7.347,429 -962.505 5.55
3d week April 16 roads
16,289.410 16.754.973 -465.563 2.77
4th week April (16 roads)
22.389,690 22.677.078 -287.388 1.26
1st week May (16 roads)
16.992.850 17,081.956
-89,106 0.52
2d week May (16 roads)
16.598.018 16.938.303 -304.285 2.00
3d week May 6 roads)
16.688,462 17.019.350 -330.888 1.94
4thweek May 16 roads)
22,177.354 24,473.257 -2.295.903 9.38
1st week June 7 roads)
9.762.452 10,252.258 -48,1.806 4.77
We also give the following comparisons of ihe 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.
Gross Earnings.
Mosta
Net Earnings.
1925.
1924.
Increase or
Decrease,
3
$
$
1925.
1924
Increase or
Decrease.
$
$
$
Gross
Net after
Balance,
Fixed
Earnings.
Charges.
Taxes.
Surplus.
Companies.
Appalachian
May '25
323.265 *194.736
84,365 'If 110,371
Power Co
'24
273,716 *137.323
64,350
"
72,973
12 mos ended May 31 '25 3,823.201 *2.231.818
990,973 1.240,845
.'24 3,513,722 *1,767.379
702,077 1,065,302
Asheville Power
Apr '25
93,342
32,492
5,988
*38,480
& Light Co
'24
85,582
5,889
*36.616
30,727
12 mos ended Apr 30 :
25 1.098.206 *452.261
381,527
70,734
24 1.007.765 *410.461
344,987
65,474
Associated Gas
Apr '25
780,509
145,312
123,284
268.596
& Electric Cos
'24
264.727
45,917
47.829
93,746
12 mos ended Apr 30 '25 7.683,670 2,893.985 1,249.479 1,644.506
'24 3,444.514 1,269.615
646,128
623,487
Carolina Power
Apr '25
272.084 *113,403
50,065
63,338
& Light Co
'24
197,878
52.396
35.622
*88.018
12 mos ended Apr 30 '25 2,965,137 *1,551.366
548.700 1,002.666
'24 2,413,035 *1,158.308
757.592
400,716
Ft Worth Power It Apr'25
225,124 *118.729
16,811
101.918
Light Co
'24
252,741 *113.690
95,972
17.718
12 mos end Apr 30_...'25 2.947.957 *1.421.088
121.920 1,219,168
'24 3,083.603 *1.368.506
221.594 1,146,912
Havana Elec Ry
Apr'25 1,264,220 *J667.113 /117.749
549,362
Lt & Pr Co
'24 1,108.205 *J604,605 /118,110
486,495
4 mos end Apr 30 '25 5.076.360 *12.649.347 /470,437 2,178,910
'24 4.665,720 *.i2.408.814 1472,721 1,936,093
Kansas Gas & Elec Apr '25
96.119
504.405 *169.842
73,723
Co
'24
489.836 *171.992
90.988
81,004
12 mos end Apr 25 '25 5,749.132 *2.067.072 1,157.356
909.716
'24 5,573,319 *1,794,626 1,075.270
719.356
Lake Shore Elec
Mar'25
271,680
14.823
37.169
51.992
Ry System
'24
35,319
281.300
61.124
25.805
3 mos end Mar 31 '25
140.191
776.608
28,598
111.593
24
796.293
106.078
158.335
52,257
Manila Elec Corp May'25
293.909
43,171
128.972
85,801
'24
289.037
87,904
36.785
124.689
12 mos end May 31 '25 3,752.775 1,623.853
497,927 1,125,927
'24 3.649.487 1.588.878
447,149 1,141.729
Nebraska Pow Co
Apr'25
339,489 *182,905
114.538
68.367
'24
313.488 *147.548
94.567
52.981
12 mos end Apr 30 '25 4,001,741 *2.091.4'19
727,672 1.363.797
'24 3.885.191 *1.814.809
653.100 1,161,709
Pacific Power &
Apr'25
283,974 *124,422
58.830
65,592
Light Co
'24
270.058 *132,255
71.786
60,469
12 mos end Apr 30 '25 1.420.473 *1.420,473
666,896
753,577
'24 1.572,953 *1.572.953
859,385
713,568
Portland Gas &
Apr'25
332.878 *115.620
73,818
41.802
Coke Co
'24
312.633 *120.613
82,117
38.496
12 mos end Apr 30 '25 3.850,444 *1,365,322
887,603
477.719
820,972
'24 3,506,020 *1,287.444
466,472
Southwestern
Apr '25 1,050.227
504.011
Power & Light Corp '24 1,038.998
465.330
12 mos ended Apr 30 '25 1 2.961.735 6.222,237
'24 12,146,397 5,649.712
Texas Power &
Apr'25
154.737
83.216
510.341 *237,953
Light Co
'24
539.550 *231.361
165,158
66.203
12 mos end Apr 30 '25 6.543,784 *2.947.990
888.253 2,059.737
'24 5,949.453 *2,541.108
728.564 1.812,544
Yadkin River
Apr '25
188.545
61,006
*95.669
34.663
Power Co
39,280
'24
*73.945
134,507
34.665
12 mos ended Apr 30 '25 2,044,828 *1,077,098
661,888
415.210
604,400
'24 1.887,036 *1 017 568
413.168
* Includes other income. j Before taxes. k Includes taxes.
FINANCIAL REPORTS.
-An index to annual reports of steam
Financial Reports.
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
May 30. The next will appear in that of June 27.
Southern Railway Company.
(31st Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Fairfax Harrison; together with
comparative income account, profit and loss account and
omparative balance sheets for two years past, will be found
nder "Reports and Documents" on subsequent pages.
Jan._ 483,195,642 167.329.225 +15,866.417 101,022,458 83.680,754 +17.341,704
OPERATING STATISTICS FOR CALENDAR YEARS.
Feb_ 454.009.669 178,451.607 -24.441.938 99.460,389 104,441,895 -4,981,506
.
1923.
1922.
1924.
1921.
Mar... 485,498,143 504,362.976 -18.864.833 109,230,086 114.677,751 -5,447.665 .
6,971
6,869
verage miles operated6,971
6,971
Apr__ 472.591,661 174.287.768 -1.696.103 102,861,475 97,471,685 +5,389,790
x Equipment1,755
1,796
1,744
1,865
ocomotives
Note.
-Percentage of Increase or dem ease in net for above months has been
1,183
1,142
1,156
1,171
January, 20.73% Inc.; February,4.77% dec.; March,4.74% dee.; April. 5.53% inc. Passenger equipment...
53,383
52.181
55,300
51,198
In January the length of road covered was 236.149 miles in 1925, against 235.495 Freight equipment
1,790
1,923
1.894
1.972
miles in 1924; in February, 236,642 miles, against 236,031 miles; in March. 236,559 Road service equipment23
20
Marine equipment
23
20
miles, against 236,048 miles; in April, 236,664 miles, against 236.045 miles.
Operations
14.837.988 14.653.689 16.220.874
12.430,597
Passengers carried
Net Earnings Monthly to Latest Dates.
-The table Passengers care. 1 mile_904.875,587 978.088,285 877,546,000 927,854,000
3.451 asfollowing shows the gross and net earnings for STEAM Av.rev. per pass. per m_ 3.435 cts. 45,573.936 3.449 cts. 3.460 cts.
35,498,269 30,121.296
Tons carr.(rev.freight)- 42,750,281
.
railroads reported this week:
Tons 1 mi.(rev.frt.)(000) 7,585,374 8,123,383 6,512,961 5,563.471
Av.
-Gross from Railway- -Net Porn Railway- -Net after Taxes
- Av.rev. per ton per mile 1.316 cts. 1.298 cts. 1.353 cts. 1.531 cts.
437.58
417.59
438.87
rev,train load (tons)
386.49
1924.
1925.
1925.
1924.
1924.
1925.
$2.56422
Rev, per pass. train mile 32.41081
32.36809
$246246
$
$
35.67964
$5.64811
Rev. per ght. train mile $5.77665
55.91768
American Ry Express
-V.120. p. 2812, 1324.
x Includes narrow-gauge equipment.
February -A2.017,836 12,623,586
253,028
46,394
76,064
215.930
From Jan 1 24.109,464 25.404,341
503,935
131,332
154,625
480,956
Pittsburgh & Lake Erie RR. Co.
Pullman Co
-Year Ended Dec. 31 1924.)
6,007.914 5.878.099
April
841.007
443,893
(46th Annual Report
549,903
712,980
From Jan 1 24,250,010 23,036,819 3,499,041 2,503,765 2,316,401 1,490,444
Crowley reports in
President Patrick E.
substance:
-During 1924 the company moved 37,081,805 tons
Year's Business.
of revenue freight, a decrease compared with 1923 of 13,631,023 tons.
Depression in the iron and steel industry caused a reduction In the movement of coal, coke and ore as well as of finished products. The movement
of coal was affected to a large extent by prevailing labor conditions which
brought about higher production costs in the Pittsburgh and related
districts. This resulted in the movement from the non-union fields of
-Gross Earnings--Net Earnings
- Kentucky and southern West Virginia of a considerable amount of coal
Current
Previous
Previous
Current
formerly drawn from mines tributary to the line of this company, this being
Year.
Companies.
Year.
Year.
Year.
particularly noticeable with respect to lake-cargo coal. The decrease in
5
coke tonnage was due to the closing down of many of the blast furnaces.
The furnace situation at the end of June showed only 45% of the stacks in
Brazilian Traction Light &
April 2.194.295 2.239.842 1,247,878 1,406.746 blast compared with 70% at the beginning of the year. After Sept. the
Power Co Ltd
9,239.971 8.808.832 5,371.640 5.483.015 situation gradually improved so that at the end of the year 75% of the
From Jan 1
Federal Lt & Trac Co-April 475.195
463,012 *176.204 *175,484 furnaces were in operation.
There were 5,665,045 passengers carried, a decrease of 354,649. 51% of
From Jan 1
2,055,520 1,996.189 *802.475 *797.041
this decrease was in commutation passengers, that class of traffic having
aSouthwestern Power & Light
been greatly affected by the industrial depression already referred to.
April 1.050.227 1,038.998 *504.011 *465.330
Co
-The total operating revenues were $31,421,148.
Operating Revenues.
12 mos end April 30..___12.961,735 12.146.397 *6.222.237 *5.649.712 a decrease of $13,245,541. Freight revenue was 327.160.765. a decrease
April 9.874.000 9.036,000 '1290000 *1.119.000 of $13.098,763. or a total decrease in tons handled of 13.631.023, coal,
Western Union
From Jan 1
38,454.000 35,813,000 *4,569.000 *4.018.000 coke and iron ore account for 68%. Passenger revenue was $3.091,841.
a decrease of $213.558. Mail revenue was869,183, a decrease of $176.
* After taxes. a Earnings from operation of the properties of subsidiary Express revenue was $150,425, a decrease of $34.852, due to a falling off
companies and not the earnings of the Southwestern Power & Light Co.
business.
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
JUNE 13 1925.]
Incidental and other transportation revenues were $948,933, an increase
of $101,808, but in 1923 there was an adjustment in demurrage revenue
covering the cancellation of charges for prior years aggregating $224,787.
Without this adjustment there would have been a decrease of $122,978,
attributable to the business depression.
Operating Expenses.
-Total operating expenses were $25,590,147, a
decrease of $5,087,751.
Railway Tax Accruals.
-Railway tax accruals were $1,908,505, a decrease
of $845,375. caused by the smaller provision necessary for federal income
tax. There was some increase in property taxes, due to increased holdings,
higher valuations and increased rates, and in capital stock tax because of
increased valuation.
-Non-operating income was $1,079,675, a
Non-Operating Income.
decrease of $140,345. There was a decrease of $73,908 in income from lease
of road resulting from an adjustment of accounts in 1923 in connection
with settlement with the Railroad Administration for the period of federal
control.
Dividend income decreased $149,975, caused by the receipt of dividend
of 6% on capital stock of Monongahela Railway in 1923 against none in
1924.
Deductions from Gross Income.
-Deductions from Kress income were
$3,060,741, a decrease of $563,768.
Rent for leased road decreased $35,113, due to the payment of principal
installments in connection with equipment trusts of Pittsburgh McKeesport
& Youghiogheny RR. with consequent reduction of interest accruals.
Interest on funded debt decreased $34,089, due to accrual of interest on
a smaller amount of equipment trust certificates outstanding during the
year.
Interest on unfunded debt increased $219,209, as the result of an adjustment of interest due New York Central RR. on one-half of the depreciation
reserve balance held by this company accrued on Pittsburgh McKeesport
& Youghiogheny RR. equipment.
Income transferred to other companies decreased $709,256, because of
decreased payment to New York Central RR. on account of its proportion
(one-half) of net profit from operation of the Pittsburgh Mcl.Ceeport &
Youghiogheny RR.
-The net income of the company was
Net Income before Dividends.
36,165,154, a decrease of $7,004,951.
-Increases in the property investment
Property Investment Account.
account for the year, were as,follows: Road $1,263,991; Equipment
$4,539,213; Total $5,803,205.
.-The bids which were requested during the latter
Automatic Train Control
part of 1923 for the installation of automatic train control upon a division
each of the lines of this company, the New York Central RR., the Boston
& Albany RR., the Cleveland Cincinnati Chicago & St. Louis Ry. and
the Michigan Central RR. were received and considered, and as a result
contracts for the purchase of materials for the installation of the Union
Switch and Signal system upon a division of the Pittsburgh & Lake Erie,
the Sprague system upon a division of the New York Central and the
General Railway Signal system upon a division each of the Boston &
Albany, the Michigan Central and the Cleveland Cincinnati Chicago &
St. Louis were made in March, the materials to be purchased from the
manufacturers of the designated devices and the installations to be made
by company forces in each instance. Work proceeded and at the close
of the year upon this company's line 20 miles of four-track had been installed
and twelve engines were equipped.
-S. C. Commission,fixed Jan. 11925,
The order of June131922. of the I.
as the time for a full division installation upon each of these roads and other
roads of the country. That time was, upon application, extended to July
1 1925.
-S. C. Commission made a further order requiring
On Jan. 14 1924, the I'
the installation of automatic train control devices upon a second division
of each of the above roads, but no work has been done under that order.
Up to the close of 1924, this company had made expenditures or was
committed to future outlay for automatic train control to the extent of
approximately $240,000.
Consolidation of Railways.
-In the report for 1923 attention was called
to the pendency of the proceeding before the 1.-s. C. Commission for the
consolidation of the railways of the continental United States into a limited
number of systems, and reference was made to the manner in which such
proceeding might affect the interest of the New York Central Lines. It
was stated that the taking of testimony by the Commission was concluded
in December, 1923.
The case was argued and submitted in Jan. 1924. No report has yet
been made by the Commission. However, the subject of the grouping of
the railroads has continued to receive the consideration of the Commission
and of railroad managements.
Among those called upon to deal with the subject there is a growing
appreciation of the difficulty of making, in advance of any consolidations,
final plans for the allocation of all the railways of the country, and there
are those who advocate an amendment of the law which will permit the
Commission to approve specific consolidations in harmony with the general
purposes of the law in advance of the promulgation of all-inclusive plans.
-During the year the company advanced to
Chanters Southern Railway.
Chanters Southern Railway (capital stock owned one-third by this company,
one-third by Pittsburgh Cincinnati Chicago & St. Louis Railway and onethird by the Baltimore & Ohio RR.), for additions and betterments and
other corporate purposes, $400,882. The total amount of indebtedness
of Chartiers Southern Railway to this company on Dec. 31 1924, was
$1,070.769.
Monongahela Railway -Company advanced to Monongahela Railway
for its corporate purposes $1,400,000. making total advances to that
company on Dec. 31 1924, $2,200,000.
Pittsburgh McKeesport & Youghiogheny RR.
-Company advanced to
Pittsburgh McKeesport & Youghiogheny RR.for additions and betterments
and equipment the sum of $655,228,an equal amount for the same purposes
having been advanced by New York Central RR. The total of such
advances charged by the company against Pittsburgh McKeesport & Youghiogheny RR. to Dec. 31 1924, amounted to $14,302,074.
Mahoning State Line RR.
-The company advanced during the year to
Mahoning State Line RR. for additions and betterments $11,069, making
the total of advances to Dec. 31 1924. $367.903.
OPERATING STATISTICS FOR CALENDAR YEARS.
1924.
1922.
1923.
1921.
231
234
231
Miles operated
227
37,081,805 50,712,828 32,384.577 22,657,225
Tons (revenue) freight
Company's freight
1,093.942 . 1,260,729
814,881
1,376,270
Revenue tons 1 mile_ _ _ _2194868207 3257651935 1926889230 1366341765
Company freight 1 mile_ 48,798,474 59,590,990 37,905.493 60.598,714
13,761,149 20,271,320 10,207.899 10,318,984
Bituminous coal
5,232,917
3.154,111
Coke
2,335,130
1.453,959
4.499,112
5,239,311
3,802.454
Ores
2,014.771
3,947,309
4,824,771
4.050,952
Stone, sand, &c
2,339.666
carried
6,019,694
Passengers
5,665,045
5,494,522
5.580.212
Passengers one mile_ _ -124,512,841 131,072,713 113,670,244 115,794.891
1.24 cts.
1.24 cts.
Earns. per ton per mile
1.33 cts.
1.37 cts.
1,531
1,597
1.409
Ton load (all)
1,396
$190.631
$127,897
Gross earnings per mile_ $135,752
$101.904
OPERATING RESULTS FOR CALENDAR YEARS.
1924.
• 1923.
Earnings1922.
1921.
$27,160.765 $40.259.528 $25,618,907 $18.746.699
Freight
3,091,841
3,305,399
2,815,647
Passenger
2,974,303
836,842
918,443
837.617
Mail. express. &c
1,109,719
331,701
183,320
298,812
Incidental, &c
395,338
operating rev-431,421,149 $44,666,690 $29,570.983 $23,226.059
Total
Expenses
Maint. of way & struc-- $4,564,537 $5,212,893 $3,341,517 $2.826.413
Maint. of equipment__ 9,737,964 11,993,699 10,933.565
7,311.236
281,398
262,071
256,908
Traffic expenses
241,597
Transportation expenses 10,138,401 12,414.060
9,781,745
9,103.749
867,848
857,441
795,175
766,277
Gen'i & miscel. expenses
$25,590.148 $30,677,898 $25,080,013 $20,340.438
Total expenses
(68.68)
(81.44)
(84.81)
(87.58)
P.C. expenses to earnings
Net railway revenue_ _ _ _ $5,831,001 $13,988,792 $4,490,969 $2,885.623
Railway tax accruals--.. $1,908,506 $2,753,881 $1,096,446 $1.201,858
1,261
2,953
1,658
Uncollectible ry. rev_ _
1.409
Railway operating Inc__ $3,919,542 $11,233,849 $3,392,865 $1,682,355
4,503.194
1,966.635
Equip. rents, net credit_ $4,292,149
2.410.986
162.248
79,758
65.471
Joint fac.rents, net debit
26,470
Net ry. oper. ineome- $8,146,221 $15,574,595 $5,279,742 $4,066,870
3057
THE CHRONICLE
Other IncomeAddl comp. & adj of
standard return Federal control period -Inc.from lease of road....
Miscel. rent income--Dividend income
Inc.from fd. securities_ _
Inc.fr. unfd.sec. & accts
Miscellaneous Income......
$185,895
$40.307
149.707
431,766
455,346
2,550
$73,908
$46,359
299,682
340,639
448,957
10,475
$34,141
$32,816
121,857
94,025
297,551
235,696
684.232
384,567
deb.99,556 deb.1276262
$738,561 deb.$43,597
Total other income-- $1,079,676 $1,220.022
$9,225,897 $16,794,616 $6,018,303 $4,023,274
Gross income
Deductions
$709,868
$854,822
$779,759
$819.708
Rents for leased roads
519,589
450,655
577,966
543.876
Interest on funded debt_
119,311
572,706
130,115
349.323
Int. on unfunded debt_ 2,018.318
.80,505 Cr.135,681
1,309.061
Inc.trans. to other cos
40,764
38,773
43.290
187.128
Other miscel. charges...._
Total deductions
Net income
a Dividends
$3,060,742 $3,624.510 $1,686,292 $1,638,312
$6,165,155 $13,170,106 $4,332,011 $2,384,961
3,598,560
3,598,560
2,384,961
3,598,560
$733,451
$2,566,595 $9,571,546
Surplus for year
a Dividends declared, 10% each year; in 1921 6.62% charged
and 3.38% to profit and loss.
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
1924.
Assets
35,985,600
Road & equip't_ 61,189,783 55,386.578 Capital stock_
Prem. on stock
Inv.in affil. cos.
285
sold
7,773,178 7,773,278
Stocks
1,003,158
Notes
603.158 Funded debt...... 9.561,617
_ 20.580,340 18,457,789 Accts. & wages.. 2.115.592
Advances_
75.000
2,500,000 2,857,754 Loans & bills pay
Bonds
Other investm ts 3,256,930 3,256,672 Traffic bals. pay. 661.064
151,566
Int. accrued, &c
Deposits in lieu
Divs. declared__ 1,799.280
of mtg prop.
sold
5.786 Taxes accrued.... 1.820.746
60.205
44,247
44,247Int. mat d
Misc. phys. prop
8,242,756 12,450,659 Miscellaneous__ 1,985,361
Cash
173,156
Def. credit items
Loans & bills rec. 1,500,000 1,499.930
Traffic bal. rec..
531,862
514,196 Deprec. (equip.) 7,425,982
Misc. accounts_
715,370 1,225,551 P.McK.&Y.RR.
Acc.dep.ep q_ 5.808.607
accr.int.,divs.,&c 405,820
293,819
880,512
Unadj. Ducts0th. curr. assets
337.088 5,232,242
2,424
3.532 Oper. reserves_
Other advances884,001
Unadj d debits.
1,317,636 Addns through
income & our.
Special deposits343
60,615
P.& L.E.RR. 2.849,220
38,095
252,181
Agts. & conduc_
Material & suPp. 3,563,838 4,346,071 Profit and loss__ 41,215,440
173
U.S.Govt.assets
Total
112,569,235 115,581,869
-V. 120, p. 1447.
Total
to income
1923.
35,985,600
285
10,219,739
2,857,864
75,000
737,991
162,734
1,799,280
2,728,693
60,435
5,872.859
227,638
6.619,652
4,909,152
1,236,982
465,761
2,848,838
38,753,364
112,569,235 115,581.869
New Orleans Texas & Mexico Ry. (Gulf Coast Lines).
(9th Annual Report-Year Ended Dec. 31 1924.)
INCOME STATEMENT FOR CALENDAR YEARS.
1922.
a1921.
1923.
1924.
NA
$11,180,225 $9,019,943 $7,811,368 $8,159,444
Freight
1,914.565 2,284,941
2,190.111
Passenger
2.094.656
688.042
645,716
701,366
976.665
Mail, express, &c
_
Total oper.revenues_ _$14,251,546 $11,911,420 $10.413,975 $11,090,101
Maintenance of way,&c.$2480,419 $1793.529 $1,837.921 $1,999,098
1,718.844
.
. .
Maintenance of equip't- 1,879,741
319.891
311,555
368,813
371,763
Traffic expenses
2,785.312 3,697,160
3,588.280 3,132.761
Transportation
397,133
439.818
442,617
526,408
General
Total °per.expenses
Net earnings
Taxes,&c
$8,846,612 $7,456,564 $6.926,774 $8.215,473
$5,404,935 $4,454,857 $3.487,201 $2,874,628
554,366
431.378
787,094
732,738
Operating income_. $4,672,196 $3,667,762 $2.932.835 $2,443,249
45,955
Cr.46,131 Cr.140.887
Equipment rents (net)
483,204
255,588
257.873
263,222
Joint facility rents (net)..
243,901
Net operating income_ $3,945,091 $3.450,671 $2,815.848 $2,141,708
721.033
Incomefroni lease ofroad
18,825
13,287
12,302
Miscell. rent income__ __
13,421
19,482
1,018
Dividend income
46,811
4,418
400
Income from funded secs.
400
36,437
93.385
104,193
Inc.from unfunded secs_
94.970
19,359
33.379
208,232
Miscellaneous Income...... deb.73,939
$861,946
$145.487
$325.126
Total non-oper.Inc_ _ _
$34.853
$3,979,944 $3,775,797 $2,961,336 $3,003,655
Gross income
Loss on separately oper.
property (New Iberia
55,556'
29,731
170,822
& N. RR.)
143,494
1,114,390
1,203,830
1,166,679
Interest on funded debt_ 1,027,320
9.612
668
982
Int. on unfunded debt
35,584
10,829
5.313
9.160
Miscellaneous charges
9,789
Total deductions
81,216.187 $1,347,644 $1,239.543 $1.190,386
Net income
$2.763,756 $2,428,153 $1,721,793 $1.813,268
890,848
889,8.52
1,050,557
Dividend appropriations 1,038,198
pm
Surp. approp. for by.in
323,107
594,632
796,655
physical property_
3599.312
$237,309
$580,940
Balance to profit &loss $1,725,558
Profit and loss account shows: Credit balance at the beginning of yeaT,
brought forward from income account,$1
$3,836,652; income balance
558; profit on road and equipment sold, 3163.451: other credits. $13.739;
deduct dividend appropriations of surplus, $2,447,181; debt discount
extinguished through surplus. $577,710; other debits, $54,038; credit balance Dec. 31 1924, 32,660.571.-V. 120, p. 2266, 1878.
International-Great Northern RR. Co.
(3rd Annua! Report-Year Ended Dec. 31 1924.)
Pres. L. Warrington Baldwin, St. Louis, March 31, wrote
in brief:
-Final settlement of the Guaranty period accounts are
Guaranty Period.
-S. C. Commission and
being withheld pending adjustment between the I.
company on the questions of (a) proper division of counsel fees in the
the
Pierce Oil Corp. suit; (b) the maintenance factor, and (c) lap-over items
since Dec. 31 1921. Al other matters have been adjusted and cash settlements made. It Is expected that a final settlement will be concluded within
the next few months.
-Long term debt outstanding in the hands of the public
Funded Debt.
increased $410,245, covered by two issues of Equipment Notes,(a) Baldwin
Locomotive Works amounting to $215,273, and (b) American Car &
Foundry Co. amounting to $194,972.
During the year there were issued $1,809,000 1st Mtge. Bonds, of which
bond required
$500,000 were pledged as collateral security for a supersedeasare being held
to be given in the Texas Co. case, the remaining 31,309,000
provision
In the company's treasury. These bonds were issued under the property.
made to the
of the Mortgage to cover additions and betterments year continue to show
results from operations for the
-The
Operations.
increases in the volume of business handled since the re-organization of the
property on Dec. 1 1922.
The total railway operating revenues for the year were $16.901,447. an
revenue amounted
Increase of $1,094,840, or 6.9%. The increase in freightof revenue
number
freight
to $1,065,421. or 9.2%. The totalwhile the of tons
tons miles increased 6.5%,
handled increased 258,853 or 6.2%,
average haul being 163 miles compared with 162.53 miles in the previous
the
year. The average Revenue per ton mile was 17.55 mills, compared with
17.13 mills in the previous year.
3058
[vol.. 120.
THE CHRONICLE
The increase in tonnage handled applied to nearly all commodities,
alight decreases being shown in a few commodities. The principal increases
are cotton and cotton seed products. 17%; crude petroleum 11%, and
refined petroleum and its products 66%. Manufactures and miscellpneous
shows an increase of 16%.
Passenger revenue shows a decrease of $172,527, or 6.2%. The number
of revenue passengers shows a decrease of 11.8%, while the number of
passenger miles decreased 5.7%, with an average distance carried of 78.73
miles compared with 73.65 miles in the previous year. The average revenue
per passenger per mile was $0.03393, compared with $0.03412 last year.
Total railway operating expenses increased 3.3%, while the operating
expense ratio shows a decrease of 2.70% and the transporation ratio shows
a decrease of 1.04%. The net train load increased 4%.
Federal Valuation.-TentatIve report of valuation has been served on the
company by the I.
-S. C. Commission and exceptions thereto in writing
have been filed with the Commission in the regular and formal way. The
case has been set for hearing before the Commission in Washington on June
10 1925, and all necessary preparations are now being made to defend our
position on the exceptions already filed. 1By mutual agreement between
representatives of the International-Great Northern and the Commission,
disputed questions in the valuation will be threshed out at informal conferences instead of at open, formal hearings. A hearing scheduled for June 10
before Examiner Kelley was indefinitely postponed while representatives
of the commission's bureau of valuation and representatives of the railroad
conferred in an effort to reach a satisfactory agreement on protested items.]
Road and Equipment.
-The amount charged, under the accounting rules
of the I. 0.Commission, to capital account during the year, was $2,908,
-S.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1924.
1923.
1922.
Tons rev, freight carr'd_ 4,429,176 4.170,323
3,857,959 4,132,086
Tons rev.fr't car. 1 mile.721.963,934 677,805,666 618,063,625 736,286,482
Rev, per ton per mile_ __ 1.755 cts. 1.713 cts. 1.736 cts. 1.787 cts.
Tons rev. fr't carr'd per
rev, freight train mile_
390
383
376
370
Rev, passengers carried_
973,646
1,103,625
1,080.005 1.277.209
Rev, pass. carr'd 1 mile_ 76,652,171 81,281,988 73,147.728 88,099.198
78.73
73.65
67.73
Aver.distance car., miles
68.98
Aver, rev, per passenger
$2.67
$2.51
$2.30
$2.32
Rev. per passenger mile.. 3.393 cts. 3.412 cts. 3.390 cts. 3.363 cts.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1924.
1923.
Operating Revenue1922.
1921.
$12,673,345 $11,607,925 $10,733,365 $13,160,128
Freight
2,600,576
2,773,103
2,479,459
2,962,550
Passenger
401,491
378,681
397,173
Mail
450,774
496,577
407,858
Express
477.974
320,880
529,981
Miscellaneous
431,589378,476. 23
208,864
236,032
Incidental
219,439
290,820
-net.. Dr.9,388 Dr.28,560 Dr.11,770
Joint facility rev.
20,518
Total operating rev__316,901,447 $15,806,608 $14,674,116 $17,622,093
Operating ExpenseMaint. of way St struc__ 2,988,936
2,965,152
2,273,391
2,929,392
Maint. of equipment__ _ 2,999,927
2,742,532
2,831,968
3,546.089
423,536
318,233.
Traffic expenses
379,569
316,219
Transportation expenses 6,112.183
6,222,477 8,534,907
5,879.493
66,519
Miscellaneous operations
74.578
77,564
80,278
604,962
568,999
General expenses
573,836
622,321
240,823
Trans. for invest.-Cr._
72,527
15,047
71
Deductions from total gross income decreased $.5,754. or 2.35%, due to
reduced interest account of redemption of Equipment Trust certificate%
and reduction in miscellaneous income charges. The net income decreased
$5,581, or 5.71%.
Funded Debt.
-The funded debt has been changed during the year, and at
Dec. 31 1924 was $4,358,000.
On March 26 1925 the 1.-s. C. Commission authorized the issuance of
$702,000 First Mtge. 5% 50
-Year Gold bonds to recoup the treasury for
capital expenditures made in prior years, making a total of $1,193,000 First
Mtge. bonds now held in treasury.
Additions and Betterments.
-The net charges to investment in road and
equipment amounted to $389,773 during 1924.
The ratio of operating expenses to operating revenues was 83.62% in
1924, compared with 83.60% in 1923.
Federal Valuation.
-During the past year only two conferences were held
with representatives of the I.
-S. C. commission, and,very little has been
accomplished in arriving at a final valuation.
OPERATING STATISTICS FOR CALENDAR YEARS.
1924.
1923.
1922.
1921.
Revenue tons carried.._ - 3,381,037
3,446,353
2,096.948
2,900,752
Revenue ton miles
331,556,543 318,584,257 313,778.826 215,682,801
Average revenue per ton
$1.13
1.3$11.
eta,34
Avge. rev. per ton mile
1.15 cts.
1.19 as
$1 1.
9
1.13 cts.
$1
Avge.rev.per mile of road
$13,027
$13,340
$13,042
$12,034
Revenue pass. carried_
331,338
457,343
490.375
586,516
Rev,pass. carried 1 mile. 14,527,302 17,458.141 17,921,632 22,910,517
Avge. rev. per passenger
$
31.162
Av.rev, per pass, per m_ 2.651 cts.
2.623 cts1
31. . 3.054,1ts
00
1 c 15 2.990 eta.
.
ACCOUNT FOR CALENDAR YEARS.
Revenues1924.
1922.
1921.
Freight
$3,843,261 $3,814,516 $3,547,571 $2,826,527
Passenger
457.871
547A98
685,076
385.053
Mail, express, &.1
292,415
356,957
268.624
204,969
Total
Maint. of way, &c
Maint. of equipment
Traffic expenses
Transportation
General, &c
34.520,729 $4.629.344 34.363,693
$532,084
$602,418
$566.458
960,011
958,662
I,033,846
139.439
169,295
131,075
1.890.305
1,884,969
1.826,367
261,223
223,457
245,301
33.716,572
$742,807
1,136.067
136.713
1,845,442
287.107
Total oper. expenses__ $3,780,199 $3,870,014 $3,774,696 34,148,136
Net earnings
$588,998 def$431,564
$740,530
$759,331
Taxes, &c
154,356
198.744
238,179
228,729
Operating income-- _ Non-operating income__
$511,801
69,813
Gross income
$581,614
Hire of fr't cars(Dr. bal.)
$34.931
Rent for equipment, &c
34,132
Joint facility rents
181,556
Rent for leased road, &c..
8,453
lot, on first mtge. bondsl 226,2541
Int. on equipment trusts(
Int. on bills payable_ _ _ _
1,714
Misc, income charges..
2,378
$521,151
93,037
$390,253 def$585,920
855,909
62,450
3614,188
$57,750
35,130
178.978
8,344
183.750
47,804
1,858
2..797
$452,703
3131,986
37,678
207,054
3.265
146,271
24,667
30,604
$269.990
49,657
165,249
2,831
133,750
30,156
Net income
397,777 def$128,823 def$111,654
392.195
GENERAL BALANCE SHEET DECEMBER 31.
1924.
1924.
1923.
1923.
AssetsLiabilities$
8
$
InvesPts in road_ .13,417,675 13.302,854 Common stock.. 5,350,000 5,350,000
Invest'ts In equip_ 3,706,362 3,431,410 Preferred stock 5%
Inv. In MM. cos__ 126,250
non-cumulative- 5,350,000 5,350,000
126,250
Other investments.
2,000 1st M.5% bonds- 3,675,000 3,675,000
2,000
Cash for mat'd int.
Equipment trust__ 683,000
855,000
on 1st M. bonds
6,478 Traffic and car ser5,765
Total opera. charges.... $1,374,287 $1,088,049 $1,075,428 $1,710,319
Dem.loans & dep..
200,000
vice balances_
351,724
280,959
148,646 Loans & bills pay_
27,589
10,000
275,115
Operating income- $2,571,920 $2,175.926 $1,318,388 def3114,649 Cash
Audited vouchers
102.261
160,453
Other income
133,967
61.772 Traffic and car service balance_ _ 45,883 and payrolls.._ 616,532
599,660
.
37,807
Misc. accts. pay'le
19,993
7,515
$2,674,181 $2,336,379 $1,452,356
Total income
$52,877 Net bal, rec. from
agents & conduc.
41,250 Int. mat'd unpaid_
6,477
5,765
34,597
Deductions from Inc.
151,696 Unmat'd int. accr_
37,894
36,297
Misc. acc'to reedy. 135,794
$24,126
Rentals
$38,884
$15,086
287,601 Other curr.
12,969
12,511
5,329
Miscellaneous
2,249
8,984
42,513 Mat'l & supplies.- 228,262
Int.& divs. recelv_
1,417 Deferred liabilities 103,833
1,643
14,028 Tax liability
205,325
15,945
197,354
329.454
Total deduc.fr. inc.__
$41,133
$24,071
$42.513 Other curr. assets_
Accrued deprec'n_ 353,234
317,950
Bal.available for int., &c $2,644,727 $2,295,245 $1,428,285 def$95,392 Working fund ad1,175 Other unadj. cred_ 310,591
1,641
vances
252.487
Int. on fixed chg. oblig. 1,191,314
1,183,734
1,180,767
10,794
15,536 Add'ns to property
Insurance prepaid_
Int.on Adj. Mtge. bonds
134,609
through Income
Other unadj.debits 136,759
680.000
680,000
at 4%
Disc. & exp. fund.
and surplus
_ 990,290
984,930
291,296 Profit and
285,132
debt
_ 340,690
225,910
Balance of income...-- $773,413
$431,511
$247,518
-The consolidated profit and loss account for
Profit and Loss Account.
Total
Total
18,419,897 18,202,129
18,419,897 18.202,129
the year ended Dec. 31 1924 shows: Credits-Credit balance Jan. 1 1924,
$69,915; balance transferred from income account, $773,413; donations -V. 120, p. 1877.
-see contra), $40,877; profit on road and
(for construction ofindustry tracks
Carolina Clinchfield & Ohio Ry.
equipment sold, $91,702; miscellaneous credits, $6,879; total credits,
$982,787. Debits-Surplus appropriated for investment in physical prop(14th Annual Report-Year Ended Dec. 31 1924.)
erty (see contra), $40,877; surplus available for capital expenditures and
other corporate purposes, but not available for dividends as per Adjustment
Pres. N. S. Meldrum, New York, April 22, wrote in
Mortgage, $340,000. loss On retired road and equipment, $48,377; miscellaneous debits, $3,389; credit balance Dec. :31 1924, $550,143; total, substance:
The Atlantic Coast Line RR. and the Louisville & Nashville BR.. under
$982,787.
an indenture dated Oct. 16 1924. have leased the properties of the CaroCONSOLIDATED BALANCE SHEET DEC. 31.
lina Clinchfield & Ohio By. and subsidiaries for a period of 999 years from
1923.
1924.
1924.
1923.
May 11 1923, at an annual money rental as follows:
Liabilities3
Assets
%
42,573,082 40,387,494 Commonstock ___ 7,500,000 7,500,000 Jan. 1on $25,000,000 capital stock, or $750,000 annually. for 3 years from
Investments
1925.
1,985,280 1,126,425 Long-termdebt__ _17,250,000 17,250,000
Cash
4%
Adj. Mtge. bonds_17,000,000 17,000,000 from on $25,000,000 capital stock, or $1,000,000 annually, for 10 years
Time deposits_ - 1,000,000 2,250,000
Jan. 1 1928.
525,072 6% Gold notes_ __ 2,400,000
Special deposits..- 528,040
5% on $25,000,000 capital stock, or $1,250,000 annually, from Jan. 1
649 BalwIn Loc. Work.
822
Loans & bills rec
1938 to May 10 2922.
-Notes
215,273
Traffic & car serv.
In addition to the foregoing money rental, the lessees agree to pay the
155,097 Am. Car & Fdy.balances rec'ble_ 154,835
interest charges on the outstanding funded debt of and guaranteed by the
299,782
Notes
194,972
Agts.& cond. bals. 466,147
Carolina Clinchneld & Ohio By. and on any bonds that may be issued to
568,510 U.S. Govt. notes_
2,400,000 refund the same.
Miscel. accts. rec_ .596,602
Mat'is & supplies_ 2,396,352 2,359,916 Traffic & car serv.
The lease also provides that the lessees will pay all charges and other
13,873
3,733
balances
1,363,735
853,537
Int. & UlvS. rec.__
with the payment of interest, shall pay all taxes
55,244 Aud.acc W.& wages 863,459 1,282,941 expenses in connection leased property and the income
5,386
Working fund adv.
Upon the franchises and
and shall
Misc, accts. pay
71,218 also pay a sum equal to the annual corporate expenses ofthereof,
50,583
U. S. Govt. guar.
the lessors not in
448,853 Int. mat'd unpaid_ 628,040
525,072 excess of $12,000 per annum. All rental payments under the lease are the
account
192,435
28,676 Unmet.int. accr
741,536
728,000 joint and several obligations of the Atlantic Coast Line RR. and the
assets
Other def.
11,502 Unmet.rents neer_
9,561
13,262 Louisville & Nashville RR.
13,262
Rents & ins. paid_
575,468 0th. curr. liens
15,904
22,142
0th. unadj. debits 614,803
The lease expressly provides that in case of the issuance of any additional
Deferred liabilities
4,114 capital stock of the railway, it shall be stock of a class which has no right to
45,242
Tax liability
85,834 participate in any dividends declared from the money rentals above men119,031
0th. unadj. credits 943,043
661,026 tioned, which money rentals have been fixed at the amount specified for
Add'ns to prop. th.
the purpose of enabling the railway to pay dividends upon the $25,000,000
5,738 capital stock at the rates and for Hie periods above mentioned, and are
Inc. & surplus
46,616
Sur.avail,for corp.
not intended to be used for any other purposes whatsoever. In considera340,000 tion of these money rentals. the stockholder agrees with the lessees that he
expend., &c_
680.000
69,915 Will vote his stock in such manner as is necessary to carry out the proProfit and loss_ _
550,143
visions of the lease from time to time.
50,527,078 48,806,564
Total
50,527,078 48,806,564
Total
The payment of the above-mentioned annual money rental is to be made
in equal quarterly installments beginning April 1 1925, to enable the lessor
- 120, p. 1583, 1323.
V.
to pay dividends upon its 325.000,000 capital stock at the rates specified.
Possession of the leased properties was delivered to the lessees on Dec. 1
Cincinnati Indianapolis & Western Railroad Co.
1924, and the first payment of the money rental under the lease was made
to the lessors on April 1 1925. On April 10 1925 the first dividend of 75
(Annual Report
-Year Ended Dec. 311924.)
cents per share, payable out of said money rental, was paid by this company
Pres. Fred Zimmerman, Indianapolis, Ind., May 25, to the record holders of the 325.000.000 outstanding capital stock.
The making of the aforesaid lease was authorized by the L-S. C. Comwrote in substance:
mission on June 3 1924.
Results.
-Operating revenue decreased $108.615, or 2.35%, and operating
In accordance with a resolution adopted by the directors at a regular
expenses decreased $89,814, or 2.32%. Net operating revenue decreased meeting held on Oct. 9 1924, the capital stock of the company was de$18,800, or 2.48%. Tax accruals, &c., decreased $9,450, or 3.97%. Net creased to $25.000,000 of Common stock (par $100) by the retirement of
operating income decreased $9,350. on .79%. Other operating charges $13,500,000 of Preferred stock. This action of the board was approved
decreased $25.289. or 11.1%. Net railway operating income for the year by the stockholders of the company at a special meeting held Oct. 20 1924.
1924 was $308,810 as compared with $292,870 in 1923, an increase;of
On Oct. 16 1924 there were retired and canceled $5,000.000 6% Cumu$15,939, or 5.44%. Non-operating income decreased $27,274, or 55.1%, lative Income Debentures, issued July 1 1920, due July 1 1935.
due to interest accruals in 1923 on funds deposited with trustee pending
On June 1 1924 an agreement was entered into between Chase National
payments on equipment purchased; no Income from this source in 1924. Bank, New York, trustee, and Carolina Clinchtield & Ohio By., under
Total operating exps_$12.955,240 $12,542,633 $12,280.299 $16,026,423
Net operating revenue-- $3,946,207 $3,263,975 $2,393,816 $1,595,670
Operating Charges
$555,456
$485,295
$392,817
$448,312
Taxes
3,246
14,161
Uncoll, railway revenues
616
16,942
-Debit
760,045
Hire of equip.
555.069
628,546
1,177,482
55,540
47,069
39,904
Joint facility-Net
67,583
13 1925.]
THE CHRONICLE
which there was constituted "Carolina Clinchfield & Ohio Ry. Equip.
Trust, Series I." This agreement covers the lease of 10 Mallet articulated
compound freight locomotives and 10 Mikado type freight locomotives
purchased on Dec. 6 1923, and the trustee under said agreement has issued
certificates designated as "Carolina Clinchfield Sz Ohio Sty. Equip. Trust,
Series I." of a total amount of $1,000.000. bearing 5% annual dividends,
for rent or hire of said locomotives for a period of ten years.
The builder's cost of these locomotives was $1,441,320, of which $441.320
has been paid in cash.
The certificates are payable in amounts of $50.000 on June 1 and Dec. 1
of each year, the last payment being due on June 1 1934. When the final
payment of rental is made, the ownership of said locomotives shall be
vested in Carolina Clinchfield & Ohio Ry. The amount of $50,000 rental
due on Dec. 1 1924 was paid on that date. These certificates were issued
under authority of the 1.-S. C. Commission and were sold for cash.
Payments were made during the fiscal year on account of principal of
Equipment Trust obligations amounting to $700.000.
TRAFFIC STATISTICS FOR YEARS ENDED DEC. 31.
1924.
1923.
1922.
1921.
309
309
299
Average miles of road operated__
291
504,782
606,507
Number of passengers
574.121
643,569
do
one mile._ _ 12.675,269 15,742,298 13,689,866 14,782,566
do
3.50 eta.
3.52 cts.
3.52 eta.
Avge. receipts per pass, per mile_
3.54 eta.
81.5760
51.9090
Paas, train rev, per train mile...
51.7290 . 51.7928
3,887,353
3,823,222
4,302,889
3,326,264
Tons of coal carried (revenue)._
do
do _ _713,104,553 733,090.800 652.123,327 620.794,859
one mile
0.67 cts.
0.68 Ma.
0.60 cts.
Average receipts per ton mile_ _ _ _
0.65 eta.
2,641,555
2,849,901
1,767,493
1,561,728
Tons of revenue mdse. carried_
do one mile.368.957,023 317,562,389 202.392.726 197.167.511
do
do
1.13 eta.
1.04 cts.
1.26 eta.
1.40 eta.
Average receipts per ton per mile_
6,944,424
6,537,254
5,590,715
Tons of revenue freight carried
4,887,990
do one mlle_1082,061,576 1050853.189 864,516,053 817.962,370
do
do
0.75 eta.
0.81 eta.
0.82 eta.
0.83 eta.
Avge. received per ton per mile
$28,105
$29,931
525,439
Gross oper. rev, per mile of road_
525.649
$7,367
59,013
$8,419
$8,669
Net oper. rev, per mile of road. _ _
SUMMARY OF OPERATING REVENUES FOR 10 YEARS 1915 TO 1924, INCL.
Mail and At
Merchandise FassenCoal
[ace!.
Total Oyer.
Years Ended
laneous.
Express.
Freight.
17cr.
Freight.
Revenues.
Dec. 31$27,016
$25,853 32,515,071
31,483,576 5784,470 $194,157
1915
6
37,721
4 75
53„125 3,18 ,Z
253,985
1,783,739 1,147.917
1916
322,119
46,554
207
2,217,198 1,639,312
1917
2,972,225 1,508,955
36,588
62,890 5,022,385
441,727
1918
3,906,669 1,815,700
69,752 6.277,826
440,684
45,022
1919
546,480
4,478,865 2,371,381
97,692
66,458 7,580,880
1920
4,024,728 2,765,419
68,272 7,464,112
522,693
83,000
1921
100,746
52,445 7,608,602
482,369
4,414.683 2,558,360
1922
4,934,252 3,595,294
551,331
95.789
80,653 9,257,319
1923
4,258,449 3,818,027
97,735
73,719 8,692,524
446,594
1924
SUMMARY OF OPERATING EXPENSES FOR 10 YEARS 1915 TO 1924, INCL,
TransyorxTotal Oyer.
Year: Ended Maint. of Maine. of
Traffic.
General. Expenses.
Dec.31- Way et Strut. gulp f.
3288,890 $303,090 $113,005 $467,423 $126,669 81,284,731
15
289,720
647,025
447,318
147,773 1,742,278
221,017
1918
426,170
988,370
635,480
179,023 2,450,310
227,980
1917
884,515 1.171,405
163,390 3,748,030
110,363 1,621,288
1918
966.414 1,524,824
70,045 1,966,366
176,507 4.702,571
1919
1,050,18,5 1,915,918
259.762 5,991,271
221,020 2,546,886
1920
979,799 1,740,747
269.116 2,084,818
250.255 5,320,171
1921
890,359 1,621,032
263,707 2.011.720
231,823 5,015,787
1922
302.808 2,536,396
942,975 2,631,855
242,856 6,653,392
1923
309,045 2.122,075
1.045,064 2,163,352
269,738 5,904,984
1924
a After allowing for transportation for investment, a credit item.
RATIO OF EACH CLASS OF OPER. EXPENSES TO TOTAL OPER. REVENUES.
1915. 1916. 1917. 1918. 1919. 1920. 1921. 1922. 1923. 1924.
Maintenance of way
and structures._ _11.41 8.84 9.95 13.63 15.39 13.89 13.13 11.70 10.19 12.02
Maint. of equip__ _.12.05 13.65 14.83 23.32 24.28 25.34 23.32 21.31 28.43 24.89
4.49 6.75 5.32 2.20 1.11 2.92 3.61 3.47 3.27 3.55
Traffic
18.58 19.75 23.01 32.28 32.31 33.68 27.93 26.44 27.40 24.41
Transportation
5.04 4.51 4.18 3.25 2.81 3.44 3.35 3.05 2.82 3.10
General
-51.08 53.18 57.18 74.63 74.91 79.24 71.28 65.92 71.87 87.92
Total
SUMMARY OF INCOME ACCOUNT FOR 10 YEARS 1916 TO 1924, INCL.
Fixed
Gross
Year:Ended Net Oyer. Non-Oper,
Revenues. Revenues. Income.
Taxes.
Charges.
Surplus,
Dec. 3181,230,340 $222,166 $1,452,507 3164,267 81,058,003 $209,886
1915
398,684 1,932,892
1,534,208
155,280 1,189,893
1916
587,719
567,436 2,402.517
1,835,080
226.877 1,275,846
1917
899,794
1.274,355
208,458
229.648 1,503,696
1918*
132.298 1,707.553
1,575,255
228,523
1919.
1,569,609 1,167,933 2,737,543
370,750 1,618.274
1920*
748.518
2,143,942
877.2003.021,148440,000 1,594,720
1921
983,428
2,592.816
565,000 1,553,570 1,437.367
963.122 3,555,937
1922
2,603,927
837,572 3,441,499
600,000 1,531,621 1,309,878
1923
2,787,540
752,188 3,539,729
690,000 1,532,846 1,316.882
1924
Data fcr 1918, 1919 and Jan.and Feb. 1920 furnished by U.S.RR.Administra'n.
•
annual compensation received from the Government during Federal
-The
Note.
control was at the rate of 51,804,970 per annum.
Profit and loss statement Jan. 1 to Dec. 31 1924 shows: Credit balance Jan. 1
1924, 36,158,249, credit balance from income account for the year 1924, 51,549.133,
unrefundable overcharges, $7,437. donations, 54,748. miscellaneous credits, $15,688,954, total debits. 564,640, credit balance, Dec. 311924. 523,343,881.
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
Liabilities
1924.
1923.
$
S
(Concluded)$
Assets$
Interest accrued.. 272,602
Investment in:
482,231
49,732,728 49,527,553 Traffic & car serv.
(a) Road
balance payable 189,734
(5) Equipment .17,125,125 15,745,245
235,375
Other Investments 7,599,654 7,326,055 Audited accts. and
wages payable__ .539,005
Depos. In lieu of
616,052
C. C. & 0. Ry. of
,
8 399
ratged. property
8. C. dep. acct.
14,238
Misc, pbys. prop__
57,829
1,441,320 Spartanburg Land
Am.Loco. agreem.
Co. depos. acct_
3.058.293 2,492,659
7,486
Cash
Other cure. assets_ 3,669,803 1,749,597 U. S. RR. Admin.
3,104 z1,143,394
trustee accountDeferred assets
2,288
1,516,562 Other cure. Habil.18,521
339
Int. on bds. owned
310,075 Non-nego'bie debt
Unadjusted debits 261,342
to affiliated cos_
35,435
81,470,686 81,252.461 Deferred liabilities
4.184
. Total
Accr. depr. equip. 3,065,666 2,594,071
Other unadl. cred. 467,541
Liabilities
289.171
Common stock.. _25,000,000 25,000,000 Additions to prop11,500,000
erty through inPreferred stock _ _ _
_28,474,000 27,145,000
come & surplus_
60,116
55,368
Long term debt_ _
___,.._ _ 2,141,000 Profit & loss, bal_ _23.343,881 6.158.249
Equipment trusts_
U. S. RR. equip.
Total
4.968,000
81,470,686 81,252.461
trust notes
in 1923: Holston
a Deferred assets$249,047; Erwin Corp. advances, $773.402: Black Mountain
Electric Light & Power Co. advances, $35.948;
advances.
Sty. Co.
working fund advances, $4,106; insurance paid in advance, $17,986; value of mil
leased to industries, $30,059; Southport Harbor Co., $17,103; Clinehrield Nor. Ry.
of Ky. advances, 39.342; Guaranty Trust Co. of N. Y.. 56,399. z Alter deducting
amount held by carrier, 51,050.000.-Y. 120, p. 1454, 1322.
.
.
•
•
3059
the receiver at the same ime cash and cash items and certain properties of
Denver & Rio Grande Western RR., concerning which disputes existed
as to whether or not they were subject to the lien of the mortgages. This
suit was entitled "Bankers Trust, Co., as trustee, plaintiff, versus Denver &
Rio Grande RR. and Denver &Rio Grande Western RR., defendants,
Docket No. 7381, Consolidated Cause.'
On Sept. 18 1924, final decree was entered by the Court in said consolidated cause, and on Oct. 29 1024 the properties constituting the Denver &
Rio Grande Western RR. System (including properties subject to the lien
of said mortgages and the properties concerning which disputes existed,
and certain other properties), were sold at public auction pursuant to said
final decree, and were purchased by representatives of the reorganization
managers under the reorganization plan. The purchasers afterwards assigned all their rights to the railroad company. Said sale was confirmed by
the Court on Nov. 20 1924 and deed from the special master and others
to the railroad company was thereafter executed and delivered, and at
12:01 a. m.on Dec. 20 1924 such deed was presented to the receiver (T. H.
Beacom), who immediately transferred and delivered to the railroad company all of the railroads and property previously held by the receiver. At
that date and hour the railroad company resumed possession and operation
thereof.
This report comprises 11 months and 19 days operation by T. IT. Beacom.
receiver, Jan.. 1 to Dec. 19 1924, inclusive, and 12 days operation by the
corporation.
-CLASSIFICATIONS CHAA'GED-COMCOMMODITIES CARRIED
PARISONS SOIEWFIAT INACCURATE.
Mfrs., c8c.
Forest.
Ore.
(Tons.) Aoricul. Animals. Coal, A:c.
('61,558 .1.39,247
1924
860,927 254,114. . •
900,7313 308,636 1,323.423
6,383,904
1923
895.588 260,204
774,910 246,356 1,151,918
777,519 232,677 6,460,917
1922
670,504 222.658 1.120.982
1921
857.472 198,111 5,439,898
812,799 329,2'34 1,566,455
1920
851,495 236,219 8,156,087
1919
842,740 295,772 6,263.927 2.960.922 300.839 1,099.098
1918
796,022 286,645 6,009.978 4,986,816 327.056 1,524,992
1917
750.053 236,087 5.546,562 4,018,575 331.041 2.814,921
TRAFFIC STATISTICS FOR YEARS ENDING DEC. 31.
1921.
1922.
1923.
1924.
2,592
2,596
2,593
2,600
Average miles operated_
1,188,032
1,128,6.33
1,099.890
910,919
Passengers carried
182,060,997 207,769,288 192,075,075 185,519,657
Pass. carried 1 mile
3.25 Ms.
2.91 eta.
2.79 eta.
2.83 cts.
Rate per pass, per mile
8.509,625
9,644,097
Revenue freight (torts)- _ 10.489,440 10,162,403
Rev.freight 1 mile (tons)1770901 992 1712121.686 1648233,163 1371900.588
1.765 cts.
1.519 cts.
1.478 cts.
1.418 cts.
Rate per ton per mile
RESULTS FOR CALENDAR YEARS.
1921.
1022.
1923.
1924.
11
$
8
8
°aerating RerenUeS25,107,743 25,309,886 25,0:16.212 24,216,606
Freight
6.022,383
5.585.624
.5.789,354
5,151,130
Passenger
1.547,284
1,804.858
2,55.3,032
1,921,894
Mail, express, &c
807.714
833,507
890,296
795,191
Incidental
27,431 .
30,392
44.926
35,600
Joint facility
33,011.558
34,587,496
33.350,593
32.621,419
6,128.432
9,151,008
615,702
11,378.447
574,466
1,034,556
291,156
5,534,639
9,653,291
591,502
12,698,471
669,891
1,015,083
132,210
4,997.381
7,570.119
543,647
11,615,142
618,623
998,407
38,513
6.422.430
7.894.511
514,892
11.285.464
610.663
1.029.724
11.593
Total oper. expenses__ 28,591.457 30,030,669
4.556,827
Net revenue from oper_ _ 4,420,101
1.885,130
1,986,335
To- accruals
8.137
9,837
Uncollectible revenues
26,304,805
7,045.789
1.830,015
7.706
27.746,090
4,875.329
1,844,146
4.579
Total over. income_ _ _ 2,423,929
Non-operalino Income
-recta.. 1,550.614
0'ire of fr t cars
163
Rent from equipment._ _
024
'
432.
Joint facility rent income
57.372
Miscell. rent income....
16,147
prop.
Misc.non-op.ph.
Dividend income
Income from unfunded
62.681
securities & accounts_
Inc.from sink,and other
reserve funds
409
Miscellaneous income..
2,663,560
5,208,068
3.026,604
2,039,970
153,585
434.837
58,807
18,154
1,614.654
137,490
423,874
49,0.35
16.270
1.642.870
141.718
398,623
47,364
17.899
293,850
48.482
64.431
53.167
270
460
2,282,576
4.706.504
2,754,184
5,417,744
2,306,026
7,514,094
2.596,373
5,622,977
1,583.938
29,628
171.246
413,223
964
5,321,926
677,419
74.422
38,458
253,064
1,837,359
47,914
174,863
447.212
1,111
4,974,658
700,000
52,805
38,739
261,500
1,546,402
104,427
174,805
425,609
1,029
4,8.35,440
700,000
55.588
39.258
260.962
1,569,057
56.165
175,240
434,262
1,383
4,848,531
700.000
x1,546,415
65,579
296,708
3,100
310.000
240,000
Total oper. revenues_ _
Operating ExpensesMaint.of way & struct__
Maint, of equipment_ _ _
Traffic
Transportation
Miscellaneous operations
General
Transp. for invest.- Cr_
Total non-oper.income
Gross income
Deductions
Hire of freight cars
Payments
Rent for equipment
Joint facility rents
Rent for leased roadsMiscellaneous rents.._ _
Int. on funded debt_ _
Int.on Adiust. M.bonds
Int, on unfunded debt
Misc. Income charges_ _ _
Income /optic. to sk. fd_
Inc.applic.to renewalfd.
Inc. applic. to red,equip.
trusts
421
347
Balance,deficit,transf.
629.428 4,073.464
3,356.410
to credit of P.& L__ 4,167.784
1924 shows:
The profit and loss statement from Dec. 20 to Dec. 31 unrefundable
Credit balance transferred from income account, $160,720: debits, $31;
charges (dr.), $12: miscellaneous credits, $34: miscellaneous
credit balance, Dec. 31 1924, 8160,711.
CONSOLIDATED GENERAL BALANCE SHEET DEC. 31.
1923.
1924,
1923.
1924.
$
8
Liabilities$
5
Assets191.014,502 Common stork_ 72.065,186 57,988,582
Inv. in rd. & eq.187,976,090
Preferred stock- 16,445,600
Impts, on leased
229.075 Funded debt-- _115,120,000 129,726,000
271,556
ry. property_ 5.596 Non-negot. debt
Sinking funds.
713,218
, to attn. cos_ __
Dens. In lieu of
Traf. & car serv.
.
mtg'd prop'ty
257,195
276,593
3,658 . bals. payable_
28.320
sold
290,815 ;Aud, accts. and
305.457
Mise.phys.prop.
2,315,647
payable 2,051.115
wages
984.807
Inv. In attn. cos- 10,912,041
86,010
87.526
6.380 Misc.accts. pay.
Other invests- .
Int. mat'd unp d 1,231.967 8,401,792
Cash (incl. $11.pink. fund (de231.967 to pay
290,000
3,771,146 • faulted)
bond coupons) 3,457,133
23,155 Unmatured int.
23.495
Special deposits_
1,175,196
278,029
•
.2,000 : accrued
Loans & bills rec.
Unmatured rents
Tref. & car serv.
1,113,648
34,497
accrued
9413,224
787,131
bals. rec
Unreported Prerec. fr.
Net bals.
38.831
41,948
pay freight_ _ _
141.417
91,573
' agts.& roads_
23,786
88,197
1,408,465 Der.liabilities
Misc. accts. rec. 1,987,236
1.204,856
5.010,255 Tax liability_ _ _ 1,343,549
3,809,294
- Mat'l & supplies
10,058 Accrued deprec.,
10,584
. 0th. cure, assets
7,043,656
19,961
8,160 . equipment. _ _
8.688
Work. Id. advs.
571,713
189,887
Denver & Rio Grande Western RR. Co.(and Receiver). 'Oth. def. assets_
55,857 Oth.unadj.ered.
I Add'ns to prop. .
•
,Rents & Maur.
(Annual Report-Year Ended Dec. 31 1924.)
through inc.
in.
• Prems paid
8,432. and surpiu.72,396
5.750
, advance
•371,658
6
, • ..9- i7
Pres. J. S: Pyeatt, Denver, Colo., May. 1, wrote in brief: '• Depr. on equIP49.696 sing, fund res._
9.078
j6b.711 def4,814,722
receiver was appointed for Denver & Rio Grande . Other items- _
141;861' , .727,77.2 P,& L.aurplus._ .
.
(en July 21 .1,922 a
.
.
Western RR. System by the I. S. District Court for Colorado.In suits to ,
' •'209,1126,289 204,597.181
Total
209,826.289 204,697,371
foreclose She 1st & Ref. Mtge. and the Adiustine4 Mtge.,of,Denver & . Total
•
Rio Grande RR.(the old Denver company), WI there were trAnsferred to -V 120, p. 1744. 953.
3060
THE CHRONICLE
Pan American Petroleum & Transport Co.
(Annual Report-Year Ended Dec. 31 1924.)
For,. 120.
RESULTS FOR CALENDAR YEARS.
1922.
1923.
1924
1921.
Net sales
62,347,887 $4,297,134 $2,737,218 $3,071,411
Cost of manufacture_
2,447,907 3,779,793 2,724,836 2,742,396
Selling & general expense
457,354
297,348
356,078
312.244
RESULTS FOR CALENDAR YEARS.
1921.
1922.
1924.
1923.
Profit from operation__ _$29,721.151 $32,412.906 $48,049,737 613,490,983
Net earnings
def$412,264
$59,986 def$284,966 def$27,063
1,108,622
950,261 Int. and discount earned
Int.& amort. chgs.(net) 1,586.610
809,962
1,057
6,002
14,164
24,104
Depreciation & depletion 10,577,180 8,359,269 10,785,178 2,598,812
900,000
'Federal taxes
Net profit
2,250,000
2,500,000 4,580.000
def$388,160
574,150 def$278,964 def$26,006
Appl. to min. interests
Interest, &c., deduct'ns
122,289
391,288
114,685
128,910
Inv.losses, bad debts,&c
606,365
383,415
Net income
$15,185,072 $20,352,387 $31,575,937 $9,041,910 Net loss from br'ch oper.
498
9,120.703
'Other income
Balance, surplus
def$517,567 def$40,535 def$662,378 def$632,376
Total income
$15,185,072 520,352,387 531.575,937 $18.162,613 Previous surplus
4,122,395 4,777,704 5,404,414
4,531,441
Previous surplus
L276,917 30,830,122 25,457.423 15,560,971
Total
54.013,874 $4,081,380 $4,115,326 $4,772,043
Total surplus
$23,461,990 $51,182,510 $57,033,360 633,723,584 Adjustments
Cr.5,661
Cr.7,069
Dr.224
Prop. aband. waamort.
Organ, exp. charged off_ Dr.12,516
discount & premium
Capital stock sold
1.261,714
xCr.449,805
Common divs.,approx
x4,006,228 x8,012,448 x6,510,101 x6,007.985
(12%)
Rate of Common divs_
(13%).
Profit and loss surplus $4,001,359 $4.531.441 $4,122,395 $4.777,704
(16%)
(8%)
do Class B., apprex_ x6.361.443 x12.445 062 x4,051,407 x2,411.010
x Excess of sales price over declared book value of $5 per share.
Rate
(12%)
(13%)
(8%)
(16%)
BALANCE SHEET DEC. 31.
do Common stock_
(20)21232088(25)21231900
1923.
Assets1924.
1924.
iInvest,, &c., adjust__
1923.
Dr.1,215,994Cr.5.590.170 Cr.153.733
Land & buildings $2,261,160 $2,133,291 Capitalstock_ _.131,149,945 $1,149,945
275,538
2,100,000 2,100,000 Accounts payable_ 120,679
Profit & loss surplus_ _$11.832,605 $8,276,917 $30,830,122 $25,457,423 Goodwill
Cash
313,378
720,804 15-year 711% cony.
x Approximation inserted by Editor.
925,000
950,000
Notes receivable_ 1
debentures
i
CONSOLIDATED BALANCE SHEET DECEMBER 31.
Accts.receivable...I 153,736k 227,791 Depreciation, &c.,
1923.
1924.
1923.
594,157
442,295
1924.
Mdse. Inventory__ 1,525,195 1,924,122 reserve
$ ,
Assets55,566
60,482
Branches - cash.
Accrued accounts.
Properties __ x129,012,857 123,125,208 Common stock. 50,077,850 50,077,800
4,001,359 4,531,442
rec'bles & invent 228,177
Surplus
Investmentsy2.145,990 2,145,002 Corn, stock B__ 83.748,850 77,856,600 Miscellaneous __
10,015 ' 31,443
Acets receivable 11.874,613 8,282,242 Controlled comDeferred charges_ 255,044
272,251
panies' stock_ 81,659,288 2,372,140
U. S. Govern10-yr.conv.s1.68 12,000,000
ment-rec. in
$6,846,706 $7,409,703
Total
$6,846,706 $7,409.703 Total
oil
2,531.841 3,000,230 Marine eq't bds_ 5,656,500 6,416,500
declared under the Stock
x Authorized-263,000 shares
940,300 8,607,500 Corporation Law of the State of no par value, $5 per share. 31,315,000;
Sub.cos.' bonds.
Deposited with
New York at
Mtges. secured
Mexican Gov421,733 less unissued (33.111 shares). $165.055.-V. 120, p. 1758, 596.
460,967
by lands
ernment t o
Notes payable 12,200,000
Protect minorUlster & Delaware Railroad Co.
6,497,387 5,313,496
ity interest_ _ _ 1,500,000 1,500.000 Acc'ts payable
Notes payable
Loan applicable
(Annual Report-Year Ended Dec. 31 1924.)
2,500.000
in payment of
Feb. 26 1924_
2,696,438 4,382,179 Divs. payable__ 2,714,168 5,192,409
taxes
OPERATING RESULTS FOR CALENDAR YEARS. ,
14,102,829 8,479,313 U. S. Govt. rec.
Cash
Combined
()morale
Nay.Res. No.
.S. Gov. rec's 1,634,674
1921.
1924.
1923.
1922.
985,126
20,473,198 1-suspense__
Inventories_ _ _ _ 26,178,776
$880,137
Freight revenue
8882,615
$766,874
5720.895
Deferred charges 2,883,204 2.076,872 Res. for tax.,&c. 4,687,679 4,876,548 Passenger
537,429
482,066
revenue
362,675
437,808
b12,931,908 9,829,515
Surplus
330,122
Mail, express, &c
403,865
421,413
421,579
194,560,023 173,464.242
Total
194,560,023 173,464,242 Total
Operating revenue_
$1,504.984 $1,742,002 $1.652,803 51.747.687
x Oil lands, leases and development, steamships, refineries, marketing Maint. of way & struc__ $224,841
$93.986
$280,897
3217.900
stations and facilities, &c., $192.783.154; less reserve for depreciation and Maint. of equipment_ _ _
225,302
283,835
201.376
269,512
depletion,$63.770.496. y Includes: American Oil Co.(affiliated company), Transportation expenses_
917,265
874,964
707,082
837,300
$1,750,000; Bankers & Shippers Insurance Co., $250,000; miscellaneous, Traffic expenses
35,389
35.333
22,223
30.804
$145,990. a Includes Mexican Petroleum Co., Ltd.(of Delaware), Pre- General
100,225
100,213
91,305
76,165
ferred 8% non-cumulative stock, $273,800; Common, $1,088,800; Caloric Miscellaneous
7,646
5,338
944
Co., Preferred 8.7,, cumulative stock, $59.014; Common,$187,586; Mexican
Petroleum Co. (California) stock, $50.088. b Includes $11.832,605 appliOperating expenses._. $1,231,687 $1A47,855 61,580,579 $1,_379,815
cable to Pan American Petroleum 8c Transport Co., and $1,099,303 appli- Net operating revenue-- $273.297
8387,872
$72,224
$294.147
-V. 120, p. 2952, 2411.
cable to minority stockholders.
Railway tax accruals and
82,659
72.103
uncollectible ry. rev__
66.128
62,162
Fisher Body Corp. (and Subsidiaries).
(Annual Report
-Year ,Ended April 30 1925.)
COMBINED INCOME ACCOUNT FOR YEARS ENDED APRIL 30'
1921-22.
1922-23.
1924-25.
1923-24.
*Net earnings
$18,394.205 $26,607,163 $20,591,666 19,155,545
Deduct$272.995
Int. charges, bank loans$216,244
$30,122
$33,920
663.023
On bonded debt
723,246
999,674
1,221,234
1,177,500
Provision for taxes
2,120,000 3,250.000 2,480,000
848.572
Reduction of inventory..
Total oper. income...
Non-operating income__
3211,135
28.244
5228.019
38.966
Gross income
Joint facility, &c., rents
Interest on funded debt_
Other deductions
Dividends
$239.379
3,386
140.000
84,868
$266,984
4,462
140,000
106,726
5121
109,136
5285,214
Dr.32,192
$253,021
5109.256
9,296
4.643
140,000
140,000
97,998
77.184
(3%)57.000 (3%)57.000
215.796 def$169,570 def$51,273
$11,125
GENERAL BALANCE SHEET DECEMBER 31.
1924.
1923.
Liabilities1924.
1923.
AssetsBalance, net income__$15,244,409 522,102,009 $17,172,176 $6,193.455 Road & equipm't_56,152,155 $6,087,924 Capital stock
51.900,000 51,900,000
Previous surplus
5,854.537 Cash
31.157,877 15.757.850 7,695,211
68,112 1st cons. M. bonds 2,000,000 2,000.000
59,191
Bur.bal.Fish.Body 0.Co.
290.278
4,325 1st Ref. M. bonds 1,000,000 1,000.000
Special deposits_ _ _
6,190
198,413
281,238 Current liabilities_ 180,874
Materials & supp_ 210,692
6,514
Total surplus
783
846,402,286 $37,859,859 $24,257,665 $12,047,992 Loans & bills rec..
Tax liability
Disc. on Pref, stock of
17,735 Accrued depreciaMisc. accts. recle_
14,486
Fisher Body Ohio Co_
Cr.69,342
583,706
Cr.485
Cr.6,215
25,038 tIon-equipmeat 581,205
Traf.& car serv. bal 29,049
Preferred divs. (7%)_
228,781 Bal.rec.from agts.
182,038
Other unadjusted
6,297
21,574
Corn.divs.($7.50 per 8h) a9,000,000($10)5981407($10)5000000($10)5000000
17,457 credits
and conductors.
5,760
Pref. dive. Nat'l Plate
64,810
84,810
269 Add'ns to property
Other curr. assets_
253
24,000 Deferred assets_ _ _
792,908
Glass Co
793,378
28,486 Profit and loss_ _
28,486
s% Pref. divs. F.B.O.Co 587,327
609,470 2,358,700
37,558
20,614
Unadjusted debits.
Accrued dive. on F.B.O.
$66,528,877 $6,568,393
Co.Preferred
58,960
53,460
54,193
Total
$6,526,877 56.568,393 Total
Prem. paid ownotes,&c.,
-V. 120, p. 2144.
redeemed
949,769
266,341
Amt. trans. to cap. acc't
Indian Refining Co., Inc.
due to exch. of stock
from no par to $25 par
(Annual Report-Year Ended Dec. 311924.)
per share
22,788.675
Prop. of cur. appl.to corn
President J. H. Graham wrote in substance:
13,942
19,690
stock of F. B.0. Co.._
63,126
Early in 1924 the general offices of the company, employing nearly 400
Profit and loss surplus.$13.693,026 $31.157.877 $15,757,800 $6,795.211 persons, were moved from New York to Lawrenceville. During the year
*After deducting all expenses of the business, expenditures for repairs the accounting and other general office work has been simplified and
and maintenance of the properties and an adequate allowance for accruing coordinated with the operation of the plant. The cost of this change was
renewals and depreciation. a $5 per share on 600,000 shares of no par value absorbed in the expenses of the year. The move has resulted in many
economies tangible and intangible.
and $2 50 per share on 2,400.000 shares, par $25 each.
The underlying policy of the reorganization of departments has been,
CONSOLIDATED BALANCE SHEET APRIL 30(COMPANY & SUBS.), first, to draw together into closest daily contact, the sale direction, the
1924.
plant operation, the crude acquisition and the general office functions; and
1924,
1925.
1925.
second, to place an increasing responsibility for local management in the
$
Liabilities$
$
Assets
Property 1=3_ .s57,249,377 52,341,875 Common stock-c60,000,000 b37,211,325 district offices of the selling organization. In the development of gasoline
marketing facilities, the aim has been to increase the stations in the zone
3.182,724 3,146,565 F. B. Ohio Co.
Good-will
205,108
121,775 8% Pref.stock 8,019,000 8,129,000 of low freights from the plant, which incidentally contains one-fourth of
Patents
the automobiles in the United States, and gradually to withdraw from
F. B. Ohio Co.
Inv.in MM.cos.
91,505 distant points. On the other hand, we aim to make Havoline oil available
104,792
& misc.secure. 1,159,123 1,074,039 Cora. stock__
Serial notes____ 15,000,000 17,500,000 and in demand everywhere. The chief purposes of our additions and
Bk.rd.for red.of
betterments in the plant have been, first, to make it yield a higher percentAccounts paysF.B.Ohio Co.
9,151,191 8,618,246 age of gasoline per barrel of crude without reducting quality, and second,
3,038
ble, &c
Pref. stock_ _
to reduce operating costs. Substantial progress was made in 1924 in each
Accr. Pref. dive.
Notes and accts.
of these directions. The effects are now showing but the work is far from
17.270,171 10,723,787 of F. B. Ohio
receivable_
54,193 complete.
53,460
19,271,785 24,607,209 Co
Inventories
In order more intelligently to carry forward these policies, the whole
5,823,150 10,301.473 Prov. for Federal
Cash
,
2,120,000 3,250,000 system of accounts of the Company has been royal:1 1)W so that small unit
taxes, &c
U. 8. & Domin.
1,481,498 1,621,005 Operations in the marketing system as well as in the plant and crude oil
of Can. bonds. 2,318.255 3,380,959 Reserves
13,893,028 31,157,877 divisions are accounted for in the nature of P. & L.statements each month.
Deferred oblhes. 3,343.294 1,932,431 Surplus
The improvement in current ratio from 1.08 to 1, as shown on the
109,822,988 107,633,152 balance sheet of Dec. 31 1923, to 2.19 to 1, as of Dec. 31 1924, was ac109,622,968 107.633.152 Total
Total
of certain capital assets not
amortization reserve. complished chiefly by the sale Central Refining Co. placing a necessary to
a After deducting 514.432.271 for depreciation and
funded debt
and by the
-V.120,p. 1096.336. successful operation tank cars. On the other hand, all the outstanding
b 600,000 shares of no par value. c Shares of$25par.
of $1.000,000 on the
preferred stock of the Central Refining Co.. amounting to $277,550 was
called and retired during the year; $100,000 was paid on the pipe line notes;
Stutz Motor Car Co. of America, Inc.
and $250,000 paid to the trustees against the tank car loan.
-Year Ended Dec. 31 1924.)
(9th Annual Report
The change in the capital assets account also warrants comment. During
: 1924 fixed chiefly (1) certain producing properties and gathering These
Pres. F. E. Moskovics, New York, June 2, wrote in brief constitutedproperties aggregating in book value $867,764 were sold.lines in
The total number of cars sold during 1924 was 1,292, of which 1,108 Illinois which, due to decline in the field, could be operated more profitably
were six-cylinder cars and 184 were four-cylinder cars. At the date of by the purchasers than by the company and (2) certain gasoline distributing
facilities located beyond a reasonable rail haul from the plant. On the other
writing this report, all of our four-cylinder cars have been sold.
The chief sales of our product are now oentered around six branches hand, book investments in fixed property during the year amounted to
located in New York, Chicago, Indianapolis, Los Angeles, Newark and 81.596,836, consisting of (1) plant improvements and (2) distributing
Boston. Each of these branches has an efficient manager, working under facilities in the five states nearest the plant. New properties went into
the direct supervision of the officers of the company. Company is in a operation during the year costing (1) at the refineries $1.000,000 and (2)
at the distributing stations $750,000.
strong cash position and it is intended to maintain this advantage.
Balance
JUNE 13 1925.]
THE CHRONICLE
As of June 30 1924, the firm of Coats & Burchard appraised the plants,
tank cars and bulk selling stations of the consolidated company. This
covered all fixed property more than three years old. The appraisal showed
a net appreciation in present sound value over true consolidated book value
amounting to 34,283,844. In the consolidated statement at Dec. 31 1923,
however, the Central Refining Co. was carried in the capital assets account
This
at cost. Cost was 52,333,789 above book value at date of purchase.figure
figure has been written out of the capital assets account, and the net
added to the capital assets accountfrom the appraisal is therefore 51,930.056
so that all items are now carried at appraised value or cost less accrued
depreciation, and there is no "good will" figure carried as a capital asset.
The net Surplus account has improved during the year $3,479,383. It
will be seen that $1,930,056 of this sum is net appreciation due to appraisal
and therefore does not represent realized profit. The net realized profit
for the year, 51,560.405, represents the reduction in profit and loss deficit
as a result a the year's activities. It will be noticed that the deferred item
for financing expense in connection with issue of common stock at a premium
of $704,755 as carried on the 1923 statement has been charged against the
corresponding capital surplus.
The usual income account was given in V. 120, p. 2950.
CONSOLIDATED BALANCE SHEET DEC. 31 (INCL. SUBSID. COS.).
1924
1923.
1923.
1924.
$
Methinffes$
Assets7% Cum.Pref.etk 2,296,400 2,296,400
Refineries, equipx13,088,316 14,482,444 Common stock.-- 7,850,680 7,850,680
meat, &c
855,412 Capital stk., Cent.
547,888
Cash
Refining Co_
277,550
Accts.& notes rec. 1,176,627 1.400,675
Nat. Steel Car
Adv. to agents,
94.685 Equip. trusts_ _ _ 875,000
69,732
salesmen,
500,000
2,775,076 2,890,099 Ind, Pipe L. let 78 400,000
Inventories
Accounts Payable_ 1,425,468 1,679.089
Adv. to & inv. In
206.761 Notes pay., banks 650,000 3.167.000
other ccmpanies
14,218
184,657 Notes pay., others
4.833
Prepd.ins.,int.,&c. 247,585
Liab,for constr. of
Financing expense.
105.321
704,755 plant prop
new Cora.stocky
119,229 Accr. int. on Nat'l
Ed. disct. & exP
Steel Car Lines
5,954
Special deposits_ _ _
64% equip. tr.
Cash in fund for
notes amine. to
Nat'l Steel Car
23,698
sink. fund
Lines6;4 %equip
Mtges. pay. dr est.
127,865
trust notes
purch. contracts 138,451
81,185
Securities owned
930,524
2,582,964 4,132.291 Res. for Fed.taxes 750,000
Deficit
96,835 3.513.134
Other reserves_ _
(each side)_20.703,172 25.071,009 Capital surplus_ _z 6.077,101 4,851,800
Tot.
x Refineries, selling stations, tank cars, pipe lines and equipment, 217,134,652; less reserve for depreciation, $4,046,335. y In connection with
new issue of Common stock. z Being premium paid on issue of 485,180
shares of Common stock, including Pref. stock converted net 54,147,044:
appreciation of property through appraisal of Coats & Burchard Co. as of
June 30 1924. $4,263,844; less cost of Central Refining Co. Common
-capital stock in excess of book value 52,333,789.-V. 120. p. 2950.
3061
b Landr2213,727; Buildings as appraised Dec. 311923, with subsequent
additions at cost $1,804,359; motor coaches 23,679,362; service equipment
$86.948; shop tools and machinery 958,116; sundry equipment $46.778,
office furniture and fixtures $25,029; organization and development:
franchises, &c. 9946,398.
c 594,015 shares no par value.
INCOME ACCOUNT YEAR ENDING DEC. 31 1924.
(CHICAGO MOTOR COACH CO.)
$4,990,434
Total gross earnings
4.175,859
Operating expenses
265.701
Taxes
Net operating income
Non-operating income
$549,075
18,849
Gross income
Interest
Federal income tax accrual
5567,915
105,980
61,179
Net profit for
INCOME ACCOUNT
AR
BUS SECURITIES CORP.]
-New York Transportation Co
Dividends
Interest
$400,764
[FIFTH
AVEFIOE
2308,486
83
Total
Expenses (net)
2308,568
6.067
Net income
Previous surplus
2302,501
4,435
Total surplus
Dividend paid
2306,936
306.126
$810
Surplus
-DECEMBER 31 1924 [FIFTH AVENUE BUS
BALANCE SHEET
SECURITIES CORP.]
Liabilities
Assets
$95,553
$96,363 Current liabilities
assets
Current
b5.828,976
a5.828,978 Common stock
Inv. in N. Y. Tramp. Co_
810
Surplus
$5,925,339
$5,925,339 Total
Total
a 190,074 shares representing ownership of 80.833% of outstanding
shares at approximate market value at dates of acquisition.
I, 598,450 shares no par value.
-DECEMBER 31 1924.
CONSOLIDATED BALANCE SHEET
-Fifth Ave Coach Co. and
New York Transportation Co. and Subs.
100% Owned.]
Metropolitan Express Co.
LiabilUtesAssets
$4,938,458 Capital stock (235,000 shares
Fixed assets
$2,350,000
506,401 at $10 each)
Omnibus Corporation.
Cash
401,068
58,413 Accounts payable &c
Accts.& notes rec.(after res.)
292,340
-Year Ending Dec. 31 1924.)
(Annual Report
713,640 Taxes ace. incl. Fed. taxes..
Materials & supplies
9.671
290,460 Deposits
process
Work in
Tres. John A Ritchie, May 14 wrote in substance:
1,532,363
3,242,220 Reserve for depreciation
Marketable securities
338,413
167,123 Other reserves
The Omnibus Corp. is a holding company. It owns all of the capita Deferred charges
4,992,859
Surplus
-stock of the Chicago Motor Coach Co., and in Aug. 1924, through a plan
.and agreement for Unification, Recapitalization and Reorganization of
$9,916,715
$9,916,715 Total
Fifth Avenue Bus Securities Corp., New York Transportation Co., and
Total
Chicago Motor Coach Corp., it effected a practical consolidation of bus
income account of New York Transportation Co. was gives in V.129,
lines in N. Y. City with those in Chicago, under the name of Omnibus p.The
1881.
•Corp. (see V. 119, p. 82,205)•
-DEC. 31 1924 [ST. LOUIS MOTOR COACH CORP.]
As an outgrowth of this, Omnibus Corp. owned as of Dec. 31 1924, BALANCE SHEET
Liabilities
546,770 shares of Fifth Avenue Bus Securities Corp., which in turn owned.
Assets
41,315,103 Capital stock (no par value)_b$1,400.000
date, 190.074 shares of New York Transportation Co., which Investments
.as of that
673
94,823 Accounts payable
company owns all of the capital stock of the FiftWAvenue Coach Co.,operat- Cash
1,741
3,525 Taxes accrued
ing buses in N. Y. City. This ownership gives Omnibus Corp. approxi- Organization expenses
11,038
Surplus
mately a 75% interest in the outstanding stock of the New York Transportation Co., whose net profit for the year ending Dec. 31 1924, was
$1.413,452
$1,538.201.
$1,413,452 Total
Total
The Omnibus Corps. interest In the Fifth Avenue Bus Securities Corp.
a Capital Stock of People's Motorbus Co. of St. Louis (15,260 shares.)
Is carried in the balance sheet as an investment, and there is therefore
b Class "A" Shares 35,000; Class "B" Shares 35.000.
credited to the income account merely the dividends received. As the
Plan was consummated in Aug., 1924. but two dividends on the stock of INCOME ACCOUNT YEAR ENDING DEC.31 1924 [PEOPLE'S MOTORBUS COMPANY OF ST. LOUIS.]
the Fifth Avenue Bus Securities Corp. were received during 1924 and
$1,273,474
.credited to the Omnibus Corps. income account.
Income from operation of buses
Recently the Fifth Avenue Coach Co. and the Chicago Motor Coach Operating expenses
1.191,990
Co. made applications for additional franchise routes in the Cities of New Other deductions
71,739
York and Chicago, respectively, which applications are still pending.
2,043
paid (net)
Interest
Late in 1924 the Fifth Avenue Coach Co. was granted a temporary Fire loss
4,257
New York. Service
permit for operating buses on the Grand Concourse in
has been so satisfactory to the inhabitants of the Bronx that this permit
$3.445
Surplus
has been renewed from time to time, and is at present in force. From a
rather unsatisfactory start the popularity of this line has increased slowly BALANCE SHEET -DEC. 31 1924 [PEOPLE'S MOTORBUS COMPANY
OF ST. LOUIS.]
but steadily, and proves to the management that the use of buses is a habit
Liabilities
gradually acquired, and that it takes a certain length of time to develop
Assets
$193,278
$73,083 Current liabilities
the riding habit in any district to be served. This has been the experience Inventory
680,963
4,580 Purchase money obligations_
of the Chicago Motor Coach Co. in Chicago, where extensive franchise Accounts receivable
- Due from employes
25,143
8,075 Res. for injury & dam. claims
rights-in serving much more territory than in the City of New York
146,783
214,021 Reserve for deprec.
belong to the corporation, but where the growth of the riding habit has Cash
5,171 Capital stock (15,260 Ms)._ 1,290,187
been but gradual, due to the newness of the service, and also in the case Cash with trustees
25.286
1,997,255 Undivided profits
of the past year to unusually severe climatic conditions. Receipts in Capital assets
60,455
Chicago, however, have shown a steady increase; the service is popular, Deferred charges
and as in New York, of exceptional excellence; and it can be predicted
$2,362,639
with confidence that for the coming year the earnings in Chicago will be
$2,362,639 Total
substantially in excess of the earnings for the year 1924, which was in large
-v. 120, P. 2551. 1552
.
.degree a pioneering year.
The corporation owns also ono-third of the Class A stock and one-sixth
Guantanamo & Western RR.
of the Class B stock of the St. Louis Motor Coach Corp., which company
in turn owns all of the stock of Peoples Motorbus Co.of St. Louis, operating
-Year Ended June 30 1924.)
(Annual Report
buses in that city. This company, too, has shown a steady growth, and
once the bus riding habit becomes developed, as it will, should become a
INCOME ACCOUNT YEARS ENDED JUNE 30.
1921.
1922.
1923.
1924.
substantial contributor to the Omnibus Corporation's earnings.
Railway Oper. Revenue
$699.394
$845,904
$542,706
The outlook for the coming year is most encouraging; present Indications Freight
$574.380
438,585
231.147
269,623
278,892
point to a substantial increase in gross and net earnings for all of the Passenger
39,752
70,284
companies.
119.101
125,825
Mail, express, &c
(CONSOLIDATED INCOME ACCOUNT (OMNIBUS CORP.) YEAR
$931,430 51,116.803 $1,208,263
Total ry.oper.revenue 5979,097
ENDING DEC. 31 1924.
Railway Oper. Expenses
Chicago Motor Coach Co.: Net profit for year (see below)____ $400,764 Maint.of way and struc_ $163,242
2159,991
$169,060
2154,580
'Omnibus Corp.: Dividends on investments $172,172; interest
143,159
226.040
155,480
22,136
Deprec.of way & struc_ _
received $4.295
176,468 Maint. of equipment.._ _
175,582
233.376
170.257
106,014
.Less: Corporate expenses 55.808; interest paid $17.486
23.094 Deprec'n ofequipment_
51,746
121,330
50,791
51,568
242,742
210,926
274,990
204,465
Conducting transport'n.
net profit for year
Consolidated
5554.138 Miscellaneous
6.301
1.040
782
.Surplus, December 31 1923
107,741 General expense
107.696
106.907
100,894
78.469
Surplus arising from appreciation of buildings
417,599
275.771
5230.377
587.463
Net rev,from ry.oper. 2352.121
Total surplus
51,079,478
Miscellaneous Revenue
38.738 Profit on operation of
. Sundry adjustments
586.081
Dividends on Preferred stock paid and accrued
2103.389
466,450
Boqueron Terminal_
25,051
764
$1,976
51.328
Profit on sales
$574,290 Rentsfrom property.._ _ _
Surplus, Dec. 31 1924
15,686
16,076
15,335
15.103
44,231
58.333
23,471
29.053
equipment (net)_
Hire of
BALANCE SHEET, DEC. 31 1924 [OMNIBUS CORP.]
5,305
6.150
Profit on insur. ofsugar_
-100% Owned.]
[Consolidating Chicago Motor Coach Co.
3,000
428
19,040
17.318
Miscellaneous
Liabilities
Assets
$712.501 Accounts payable
2269.616
5401.025
2147,286
$414.923
$278,267
'Cash
Gross income
55,009 Pref. div. pay. Jan. 2
8.217
90,334
20.783
30,132
176,358 Less taxes, &c
Accounts receivable
28,747 Accruals
employes
243,624
Due from
6.026 Def. pay. on coaches pur.... 1,053,751
2340,691
$139.069
$248.834
2384,791
Accrued int. receivable
Net income
87,483 Notes payable (secured)
597,049
Dividends receivable
Deduct
244,911 Reserves
2183.971
$182.150
$178.718
696,820 Interest on funded debt- $180,470
Inventories
75,250 8% Prof. stock
1,715
15,918
8,817,239 Int. on unf'd debts (net)
Spec. deps. with Park boards
60,808 Common stock
ins., taxes. &o.
bond disc3,190,158 Amortization of
Prepaid int.,
14.174
13.784
13,394
27,698,103 Surplus
14.983
574,290
Investments
count and expense- _ ..
111.248
24,644
3.549
5.254
Property, equipment, &c____ 68,858,718
Bad debts vrritten off_ _ _
Total (each side)
1.029
16.057
11:522
$15,627,556 Reserve for claims, &c
Avenue Bus Securities Corporation. 546.770 shares $7,231,423
a Fifth
3185.673 103497.566 x$28.558
24,146
Net profit
a
St. Louis Motor Coach Corp., ()lass "A" 11,667 shares, Class "B" 5.834
Afta. Cuban taxes, but before United States taxes.
shares 2466,680.
3062
THE CHRONICLE
[vol.. 120
BALANCE SHEET JUNE 30.
The bondholders object to giving to the stockholders for the assessment
The
1924.
1923.
$60.000,000 of bonds which are permanently a prior lien to the security
1924.
1923.
Assets$
which the old bondholders receive. They think the stockholders should
Liabilities
$
Road, shops, sta1st pref.7% stock_ 2,750,000 2,750,000 have received either income adjustment bonds or Preferred stock for the
tions. ,ke
17,024,774 6,796,587 2d pref. 5% stock_ 250,000
250,000 new money.
New York office,
The Preferred and Common stockholders object to the fact that they have
Common stock_ __ 2,750,000 2,750,000
furniture, &e__ _
1,494
3,867 First mortgagees_ 600,000
600,000 to pay such a heavy assessment, for which they do not get a security which
Equipment, free &
Refunding mtge.65 4,300.000 4,300,000 is worth par at this time. For $4 of the assessment of one-eighth or oneleasehold
y892,491
926,927 Equip, trust bonds
70,000
98,000 seventh, respectively, which the stockholders are asked to pay, they will
Salvage from cars
receive a new security. This aggregates $10,000,000. for which they would
Cuban Governm't1
destroyed
16,359
12,910
10-year loan_ _ _ 450,000
450,000 like to get something. Substantially all of this $10,000,000 is necesssary to
Cap,stock in treas.
1
1 Cuban Governm't
Pay reorganization expenses and to make good deferred maintenance.
Ref. M.6s in treas. 2,058,275 2,058,275
Neither of these items should be capitalized.
Joan to be liquiDeposits acc't cusThe Preferred stockholder objects to the fact that his preference ahead of
dated by transtom duties, &c_ _
2,603
11,018
portation service
92,307 the Common stock has been reduced from 7%to 5%•
88,404
Materials and supThe Common stockholders object to the fact that t`ley are expected to
Reserve for claims
plies(at cost)._ _ 254,746
237.080
7,910 pay a larger assessment than the Preferred stockholders and that they get
dr contingencies_
3,947
Loans receivable
27,000
27,000 Accounts payable_
29,023 a stock so far remote from the property which, according to the experts'
27,923
Accounts receivable
reports, even ten years hence will not be earning a dividend.
Wages accrued and
(less reserve)_
92,534
118,817 • unpaid
There is more or less force to all these objections.
109
11,639
Station are bats_
398
409 Interest accrued
We are naturally inclined to take the bondholders' point of view. The
81.373
56,592
Notes receivable
110,090
110,090 Employees' pension
bondholder, who is not receiving either principal or interest on his bonds,
Interest accrued on
& hospital fund_
20,443 is entitled to the entire equity. This equity is now greatly attenuated
33,765
notes receivable.
13,415
5,415 Checks outat'g on
unless new money is furnished. Therefore. the question is: Does the
Cash
520,844
378,465
Banco Nacional
stockholder furnish the new money on the best possible terms to the bondBond disc. & exp._ 198,822
212,216
de Cuba
501
501 holder, or does he not?
Disc, on bonds in
If the bondholders are in a position to organize a syndicate which will
Income tax reserve
24,000
treasury
383,225
363,225 Deferred items._.
50 underwrite the $70,000,000 assessment on the stock and give the stock50
Deferred charges
8.796
4,508 Surplus
holder only adjustment bonds to the extent of 60% of the new money and
172,126
Claim for refund of
stocks for the rest, then the piroposed plan is not a fair one. Unless the
U.S.income tax
2,131
3,081
bondholders are prepared to do this, they should not object to the plan.
Deficit
140,794
Stockholders simply do not like to pay assessments, but we think the plan
as a whole is very favorable to them, though the earnings would have to
Total
11,588,946 11,409,714
Total
11,588,948 11,409,714 increase tremendously before the Common stock 19 in sight of any dividends.
The net earnings for 1925 are estimated at $17,640,000.
x Road.stations, warehouses,shops, &c.,$7,657,107; less depreciation on
buildings, track and roadway, $632.333. y Equipment, free, $946.146:
Interest charges of the new company before issuing additional securities
leased, $350,807 total. $1,296,954; less depreciation, $404,463.-V. 118. for betterments and improvements are $11,467,000.
p. 198.
Allowing $2.500.000 for betterments to be paid out of earnings there
would be left $3,600,000 applicable to interest on adjustment bonds or
about 1.55%.
GENERAL INVESTMENT NEWS.
Net earnings would have to increase by about $16,000,000 to about
$33,000,000 before full 5% dividends can be shown as earned on the Preferred stock. No doubt the net earnings would have to be fully $35,000,000
before the directors would be justified in declaring 5% dividends on the
STEAM RAILROADS.
Preferred stock, because the average fixed charges during the next five
U. S. Supreme Court Decides U. S. RR. Labor Board Can Not Force a Years will increase, if the bonds can be sold on a 514% basis, by an average
Union Official Living in Another Jurisdiction to Appear in Chicago as of about $480,000 per annum or 112,400,000 in five years. Furthermore,
In 1930 the company will have to set aside annually $1,150.000 for a sinking
Ifriiness.-New York "Times" June 9, p. 36.
Matters Covered in "Chronicle" June 6.-(a) Commissioner Easteman of fund on the income bonds.
I.
-S. C. Commission advocates competitive bidding for railroad securities,
New Plan Reported for St. Paul.
especially equipment trust issues, p. 2896. (b) Expenditures by Class I
Developments in the St. Paul situation June •11 included an announceroads in 1924 for wages, maintenance, &c., nearly 5 billion dollars. p. 2896.
(c) RR. freight traffic during 1925 expected to exceed that of previous tnent by Edwin C. Jameson, Pres. of the Globe & Rutgers Fire Insurance
Co. that work was progressing on the preparation and underwriting of a
years-record car loadings, p. 2897.
new reorganization plan. This plan, it is stated. "will afford reasonable
Aberdeen & Rockfish RR.
protection to the stockholders and to the junior lien bonds without the
-Tentative Valuation.
The I.
-S. C. Commission has placed a tenative valuation of $496.940 payment of exorbitant commissions to reorganization managers."
Roosevelt & Son, the investment house which made known its opposition
on the wholly owned and used properties of the company as of June 30 1917.
to the plan of reorganization offered by Kuhn. Loeb & Co. and the National
-V. 118. p. 2302.
City Co. the day following its announcement, are understood to be in
sympathy with the new plan and to have a hand In its preparation.
Abilene & Southern Ry.-Tentative Valuation.
The objectors, it is said, will hire counsel to present their plan to the
The I.
-S. C. Commission has placed a tentative valuation of $803.577
on the wholly owned and used properties of the company as of June 30 1918. I-S. C. Commission, and possibly to the court if court proceedings follow.
The main theme of their argument will be that the present rates the St. Paul
-V. 112, p. 160.
is receiving are insufficient and should be increased.
The report filed with the U. S. District Court at Chicago on June 10
Atlantic & Western RR.
-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of $238,720 by the engineering firm of Cloverdale & Coplitts, who investigated both the
on the total owned and used properties of the company as of June 30 1917. Physical and financial condition of the road, discloses some of their findings
Which have not been mentioned in previous summaries.
-V. 110, p. 2386.
The engineers say that the total cost of the Puget Sound extension to the
Augusta Southern RR.
end of 1924 was $252,812,000. Of this $99,455,000 was financed by the
-Final Valuation.
The I.-S. C. Commission has placed a final valuation of $919,976 on the sale of stock between 1906 and 1909 and the balance by the sale of bonds.
It is also set forth in the report that the experience of the St. Paul in
owned and used properties, and $2.214 on the used but not owned properties
of the company as of June 30 1916.-V. 119, p. 2642.
respect to the monetary return on property investment has been almost
identical with that of northwestern trunk lines taken as a whole. The
Baltimore Chesapeake & Atlantic Ry.-Annual Report. St. Paul increased its investmentfrom an average of$277,348,000 in 1908-11
The income statement for the year ended Dec. 31 1924 shows: Total to an average of $694.760,000 for 1923-4. The increase in annual net
operating income of $1,519,848; total railway operating expenses, $1,498.- income between the two periods is equivalent to a return of 0.6% on the
306; railway tax accruals. $49.272: uncollectible railway revenues. $20: increase in investment. For the same period the aggregate increasd investrailway operating deficit. $27.750: and total deficit, after charges, $213,024. ment in the property of the St. Paul, Northern Pacific. Great Northern.
The amount to debit of profit and loss Dec. 31 1924 was $2.262.189.
Burlington and Chicago & North Western was 51,122.371.000, and the
President Turnbull Murdoch says in part: "Final settlement was effected increase in net income on the total equivalent to 0.5% on increase in induring the year with the U. S. Govt. for the Guaranty Period, under which vestment.
the company paid $68,118 as the amount due by it covering unpaid balance
The Bankers Trust Co., N. Y. City, has been appointed as successor
of the Government's claim. Pending ascertainment of this final sum due trustee under indenture dated June 1 1912, under which $50,000,000 of
for the Guaranty Period, $29,349 had been carried on the general balance 4I4% Cony. Gold bonds were issued to fill the vacancy caused by the
sheet under "Other unadjusted credits. as a credit resulting from the resignation of the United States Trust Co. of New York as such trustee.
Federal control period settlement, and as the final accounting results for -V. 120, p. 2935. 2932.
both periods have been ascertained, that item has been closed out through
the profit and loss account."
Chinese Railways.-Int. on Hukuang Railway.
-V.119. p.3004.
J. P. Morgan & Co. announce that funds have been received to pay the
Boston & Maine RR.
-To Extend Bus Operations.
coupons due June 15 on the American, British and French issues of the
In filing with the New Hampshire P. S. Commission applications for Imperial Chinese Government 5% Hukuang Rye. Gold Loan bonds of 1911,
4 motor coach routes in that State on June 8, the Boston ct Maine Trans- and also to pay the bonds of the same series drawn last December for reportaticm Co. announces also plans for establishing inter-State motor coach demption on June 15. No advices have as yet been received from China
operations between Boston and the White Mountains and between Boston regarding the coupons and drawn bonds of the German issue due on that
and Portland, Me. It is expected that the company will have thesp lines date.
-V. 120, p. 1199, 827,
in operation about July 1.-V. 120, p. 2810.
Carolina Western RR.
-Operation
Cincinnati Northern R R.-5% Dividend.
of Line.
A
of record
A certificate was issued May 29 by the I.
-S. C. Commission authorizing July dividend of 5% has been declared payable Aug. 1 to holders
24. A
the company to operate a line of railroad extending from a connection 3% paid on similar distribution was made on Mar. 1. This compares with
Mar. 1 and Aug. 1 1923 and 1924.-V. 120. p. 827.
with the Atlantic Coast Line RR.at St. Stephens in a general southwesterly
direction to Halls a distance of approximately six miles, all in Berkeley
Cuba Northern Ryst.-Listing.County, So. Caro.
The New York Stock Exchange has authorized the listing of $10.000.000
The company was incorporated Nov. 17 1923 in South Carolina. It is let Mtge. 6%
-Year sinking Fund Gold bonds dated July 1 1916, due
controlled by the Camp Mfg. Co. Construction of this line was started July 11966, 50
during 1919 and the work was completed prior ,to March 1 1920. It
Years Ended June 30
7 Mos,End.
was first operated as a private logging road by the Santee Timber Corp.
1923.
1924.
1922.
EarningsJan. 31 '25.
and later by the Camp company. The company acquired the road from Total oper. revenues_
- 52,546,217 $5,243,958 $5,111,796 $3,654,741
company and commenced its operation April 3 1924.
the Camp
Total oper. expenses_ _ _- 1,672,398
3,049,517
2,159,213
2,487,851
The company proposes to Issue at par $49,100 of Its Common stock
to the Camp company in exchange for the road and equipment acquired.
Net operating income_ $873,819 $2,194,441 $2,623,945 $1,495,528
Taxes,&c.,less other inc. Cr.40.817
147,756
63,000
124,255
Central Indiana Ry.-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of $1,904.560
Gross income
$914,636 $2,131.441 $2,476.189 $1,371,273
on the total owned properties and $1.905,155 on the total used properties
Int., &c., charges
668,428
873,491
1,028,198
940.364
of the company as of June 30 1917.-V. 118. p. 1519.
5246,207 $1,103,242 $1,535,825
Net income
$497,782
Chattahooche Valley Ry. (Ala.).
-Tentative Valuation.
The.I.
-S. C. Commission has placed a tentative Valuation of $585,137 -V. 120, p. 205.
on the total owned and $589,360 on the total used properties of the company,
,a
Delaware Lackawanr & Western RR.
-New Pres.as of June 30 1917.-V. 111, p. 2227.
The resignation of William II. Truesdale. for 26 years President of the
company, will be submitted to the board of managers when it meets June 25.
Chicago & Eastern Illinois Ry.-New Directors.
W. C. Potter and J. R. Swan, both of the Guaranty Trust Co., have it was announced on June 5. Mr. Truesdale will retain his interest in the
road as Chaitman of the Board, but will resign his other business positions,
been elected directors.
-V. 120, p. 2677.
Chicago Milwaukee & St. Paul Ry.-Reorganization including the Presidency of 13 railroad companies owned or controlled by
the Lackawanna.
.
John Marcus Davis, President of Manning, Maxwell & Moore, Inc..
Plan Favored by Lisman.-In a summary discussing the
been'selected to succeed
reorganization plan, F. J. Lisman of F. J. Lisman dr Co., has RR.-V. 120, p. 2136. Mr. Truesdale as President of the D. L. &
W.
•
bankers, pays that the main question is whether or not the
securities have been fairly treated. He says:
-Valuation.-.
Detroit Grand Haven & Milwaukee RR.
The I.
-S, C. Comitission has,placed.a tentative valuation of $11.042,500
• Objections to the plan bY the holders of junior bonds and stocks are:
on the total owned and $13,517,650 on the total used properties of the com• 1. That the Government loan should not be paid in cash, when it might pany as of June 30 1917.-V: 120, p. 1877.
and ought to have been willing to fund its loan at a lower rate of interest
for along period, thus obviating the necessity of raising a very large amount
Eastern Kentucky RR.Tentative Valuatiqn.of money at this time.
. The L-S. C. Commission has plaeed a tentative valuation of $1-,005,370
2. That the road should not be reorganized at this time when, by keep ng on the wholly owned and uSed.property of the company as of June 30 1910.
the property in the hands of receivers for a year or two, a much more -V. 108, p. 1511.
favorable plan might have been possible, because it is expected' that by
that time the I.
-S. C. Commission will comply with its duties, as defined
Gulf-Florida &-Alabama Ry.-Tentative Valuation.ive
under the Transportation Act of 1920
-that is, that the Commission will • The 1,-S.m ission has placed a
-S. C. Commission
'
valuation or $2,445.625
authorize a rate structure which will enable the railroads in the Northwestern .on the total owned anil S2;363.800 on thetentatiie properties of the comtotal used
States to earns return of 5j(% on theit'fair value,'
pany as of June 301919.-V. 114. p. 1890.
JUNIO 13 1925.]
THE CHRONICLE
3063
Green Bay & Western RR.
-Annual Report.-
Virginia-Carolina Ry.-Tentative Valuation.
-
Missouri & North Arkansas RR.
-Tentative Valuation.
-
PUBLIC UTILITIES.
American Superpower Corn. (Dela.).-Initial Pref.Div.
Calendar Years1924.
1923.
1922.
1921.
I
The I.
-S. C. Commission has placed a tentative valuation of $1,812,415
Grose earnings
$1,497,686 11,317,716 $1,349,239 $1,395.576 on the total used, and $1,826,815 on the total owned properties of the
Misc.earns.,rentals,&c_
86,533
118.249
60,900
75,548 company, as of June 301916.-V. 103, p.321.
Total
$1,584,219 $1,435,965 $1,410,139 $1,471,124
Western Pacific Railroad Corp.
-Cash and Stock DiviOperating expenses
1,147,111
1,117,623
1,066,884
1,076,859 dends Declared.
-Following the approval of the plan (V. 120,
Taxes, rents, &c
164,225
114,455
127.591
130,617
Res.for add'ns, &c
75.000
31,013
43,164
31,000 p. 1583), by the stockholders on May 11, the directors, in
Dividends Declared
order to make the plan effective, took the following actions
On Deb."A"(5%)
30,000
30,000
30,000
30,000
On Debs."B'
(%%)35,000
(/%)17,50004 %)17,500(%%)35,000 at a meeting held May 19:
On capital stock (5%)
125,000
125,000
125,000
125,000
1. The board declared a special cash dividend of $1.558 per share on the
present Preferred stock of this corporation, payable July 15 to holders of
Balance, surplus
$7,883
$374
$42,648 record June 30. This is to be paid out of a similar dividend to be declared
Prof.&losssun Dec.31- $325,335
$327,303
$181,109
$235,833 on the Preferred stock of the Western Pacific RR. Co. (the operating com-V. 120. p. 580.
pany) out of past earnings of that company applicable to dividends on its
Preferred stock.
Hawaii Consolidated Ry., Ltd.
-Report Cal. Year 1924.
2. The board declared a special cash dividend of $5 per share on the
Revenue from transportation, $827,254; other revenue and nonpresent Common stock of this corporation, payable on July 15 to holders of
operating income, $107.075; total revenues
$934,329 record June 30 1925. This dividend is to be paid out of a similar dividend
Maitenance of way and structures
229,490 to be declared on the Common stock of the Western Pacific RR. (the
Maintenance of equipment
99,568 operating company).
Traffic, transportation, and general expenses
299,029
3. The board declared a stock distribution to the holders of the present
Taxes
38,902 stock of the corporation registered on the books of this corporation at the
Interest and miscellaneous rents
118,609 close of business June 30 1925. This stock distribution is at the rate of one
share of new Preferred stock and one share of new Common stock for each
Balance,surplus
$148.732 six shares of present stock, irrespective of class. The new certificates
-V.103, p. 2426.
representing the stock distribution will be ready on or after July 15 for
delivery to stockholders when they surrender their old certificates for
Ligonier Valley RR.
-Tentative Valuation.
exchange for new certificates, referred to below in following paragraph.
The I.
-S. C. Commission has placed a tentative valuation of $689,150 on
4. The board adopted new forms of certificates representing Preferred
the total owned and used properties of the company as of June 30 1917.- stock and Common stock in order to make the certificates conform to the
V. 81, p. 559.
articles of incorporation, as amended by the stockholders on May 11.
These new certificates will be ready for delivery, share for share, to stockLouisville & Nashville RR.
-Insurance for Emplouee.- holders upon surrender of their old certificates on or after July 15.
Pres. W. L. Mapother announces that the company, together with its
5. Inasmuch as the rate of the stock distribution, namely, one share of
two subsidiaries. the Louisville Henderson & St. Louis and the Nashville new Preferred and one share of new Common for six shares of old stock,
Chattanooga & St. Louis R Rs., have taken out insurance for every employee. would involve the issuance of a great number of fractional non-dividendMore than 60,000 men and women will be protected by the policies to be bearing certificates, this corporation has arranged with the Equitable Trust
issued, effective July 1, on acceptance of 75% of the railroad workers. Co. of New York to purchase from, or sell to stockholders entitled to fracThe amount of protection afforded each employee is based on monthly tions of shares, sufficient fractional amounts to give to the holders full
earnings of that employee. The lowest is placed at $1,000 and the highest shares. Blanks indicating choice in the matter should be filed with the
at $3,000, with $1,000 additional in the event of death from accident. trust company on or before July 10. Purchases and sales of fractional
Each employee will pay a part of the premium cost, while the railroad will amounts will be figured at the approximate rate of the market quotation
bear the remaining expense and will take care of the accounting and clerical for full.shares of stock on July 15, or at such later date as the transaction
work, the announcement said.
-V. 120, p. 2546.
takes place.
6. This corporation has made a similar arrangement with the Equitable
Mahoning Col RR.-Cornmon Dividend of $12 50.
Trust Co. in relation to fractional stock scrip (old stock) now outstanding,
The company has declared a dividend of $12 50 a share on the Common except that the price to be paid to holders for fractional Preferred stock scrip
stock, par $50, payable Aug. 1 to holders of record July 15. Similar (old stock) is the approximate rate of the market quotation on full shares of
disbursements were made Feb. 2 and May 1 last. Dividends of $10 a stock plus any dividends heretofore declared and held undistributed for
share were paid on the Common stock in Feb., May, Aug., Nov. and Dec. account of the holders of such fractional Preferred stock script.
-V.129. p.
1924, a total for 1924 of $50 a share. The same rate was paid in 1923.
2682.
The company has outstanding $1.500,000 Common stock, of which the
New York Central owns $894.650.-V. 120, p. 1878. •
The I.
-S. C. Commission has placed a tentative valuation of $9,177,460
on the total owned and $9,177,507 on the total used properties of the company as of June 30 1919.-V. 117, p. 2890.
Minneapolis & St. Louis RR.
-Receiver's Certificates.
-
The L-S. C. Commission on June 3 authorized the issuance of $1.000.000
7% receiver's certificates at par, the proceeds of which are,to be used to
pay vouchers awaiting payment which represent debts and obligations
incurred during the receivership in the ordinary operation of the trust
estate, and to pay such other vouchers as represent obligations created
by orders of the Court. It is represented that the current revenues of the
trust estate have been seriously diminished and the receiver left without
sufficient working capital because of a marked decline in the business of
the trust estate during the past several months.
The proposed certificates are to be in such denominations as the receiver
shall determine, are to be dated when issued, and are to be payable six
months or longer, but not exceeding one year, from date of issue. They
will bear interest at a rate not to exceed 7% per annum, and will be issued
direct to the purchasers at par. There are no contracts, underwritings
or other arrangements made or proposed to be made in connection with
the issue.
-V. 120, p. 2939.
An initial quarterly dividend of $1 50 per share has been declared on the
1st Prof. stock (no par value). payable July 1 to holders of record June 15.
See offering in V. 120, p. 2398.
American
of Bonds.
Telephone &
-Conversion
Telegraph Co.
Holders of 7
-Year 6% Cony. Gold bonds due Aug. 1 1921 are by their
terms entitled to convert their bonds into stock of the company up to and
incl. August 1 1925, the date the bonds mature. These bonds will be
accepted until then for conversion at the office of the Treasurer. 195 Broadway, N. Y. City or 125 Milk St., Boston. Bonds deposited for conversion
before August 1 1925, should have the final coupon attached.
The principal of the bonds not converted and the August 11925. coupon
will be paid at the office of the Treasurer in New York or in Boston.
It is understood that over $3,000,000 bonds at this issue are still outstanding.
-V. 120, p. 2682, 2547.
-A. E.
Arkansas-Missouri Power Co.
-Bonds Sold.
Fitkin & Co., Beverley, Bogert & Co. and R. E. Wilsey &
North East Pennsylvania RR.
-Tentative Valuation.
- Co. Inc. have sold at 9554 and int. to yield 6.35% $800,000
The 1.-S. C. Commission has placed a tentative valuation of $751 726
on the total used, and $751,471 on the total owned properties of the com- 1st Mtge. 6% 30
'
-Year Sinking Fund lold Bonds.
1917.
pany, as of June 30
.
Date Jan. 1 1923; due Jan. 1 1953. Denom. $100, $500, 81.000 c5
Int. payable J. & J. at Guaranty Trust Co.. New York and St. Louis
Union Trust Co.. St. Louis, Mo., trustee. Callable on any Int, date at
The company's annual report covering operations for the year ending 106 and int. Conn. state personal property tax refunded. Mass, state
Dec. 31 1924 has been issued. Our usual statistical tables, income account income tax refunded. Penn. state personal tax refunded. Federal income
and balance sheet were given in V. 120, p. 2005.
tax up to 4% paid or refunded.
In his remarks to stockholders, Chairman Howard Elliott calls attention
Data From Letter of T. R. Crumley, Vice-Pres. of the Co.
to the strong financial condition of the company and given a table showing
Company.-Incorp. in Ark. in 1923. Will furnish without competition,
that in the 9 years ending Dec. 31 1924 there has been added to the com- electric light
and
6,781 customers (exclusive of towns served
pany's Property $79,908,972. while in the same period, not counting increase wholesale) through power to miles of transmission lines. in 27
its 187
In debt due to the refunding of Northern Pacific-Great Northern Joint 4% communities, with an aggregate population in excess of 57.000,prosperous
located in
bonds in 1921, the total debt outstanding in the hands of the public de- the
Southeast section of Missouri and in the neighboring Northeast section
creased $5,583,900.
present aggregate
The strong financial condition of the company is further indicated by the of Arkansas and extending north into Missouri. The hydro-electric and
net additions and betterments made to property of $8,627,334 during 1924, plant capacity is in excess of 6.300 h. p., principally
against which no securities have been issued, while the outstanding funded diesel engine generation. The aggregate daily capacity of the various
debt has been reduced by $1.200,500 to $318,649,000. The company now artificial ice plants is over 140 tons.
icEarnings Year Ended March 31 1925.
has an established credit basis for the issue of bonds under the provisions
$653.614
of its Ref. & Impt. Mtge. of about $79,000,000, represented by additions Gross earnings
392,493
Operating expenses and taxes other than Federal income taxes_
betterments not capitalized.
and
116.501
Chairman Elliott also reports that the soil, moisture and crop conditions Annual interest requirements on First Mortgage Bonds
in the States served by the Northern Pacific are better than they were at
$144.620
Balance
time last year.
-V. 120, p. 2939, 2005.
this
xIncludes partially estimated net earnings of small properties to be leased
of the total).
Prescott & Northwestern RR.
-Tentative Valuation.
- (which aggregate less than 5%property values based upon recent appraisals
-The depreciated
The L-S. C. Commission has placed a tentative value of $350.120 on byValuation.
Day & Zimmermann. Phila., covering the eastern group and by Hagenah
total owned properties and $350,152 on the total used properties of
the
& Erickson, Chicago, covering the Walnut Ridge and Mammoth Spring
the company as of June 30 1916.-V. 119, p. 76.
group plus subsequent capital expenditures since the date of appraisal
aggregate 82,968,807.
San Antonio & Aransas Passenger Ry.-Report.--Proceeds from the sale of these bonds together with proceeds
Purpose.
1924.
1923.
pay in part for
the sale of
Railway operating revenues
$7.424.448 $6,455,496 from properties, $500,000 Debenture Bonds will be used to
increased generating capacity and extension and internew
Railway operating expenses
6,274,907
5,421.599 connection of transmission lines.
Railway tax accruals
196.003
190,589
Sinking Fund.
-Mortgage provides for a sinking fund of 1% during 1925
Uncollectible railway revenue
7.045
5,405 to 1934 inclusive, 1 3.4% during 1935 to 1944 inclusive and 2% for each year
thereafter until maturity.
Total operating income
$946,494
$837.902
Outstanding.
Authorized.
Capitalization78.655
Other income
64.214 1st Mtge. Bonds
41,873,000
$5.000.000
500.000
Debentures 6%% Ten Year
5.000,000
income
$1.025.149
Gross
$902,117 Preferred Stock 7% Cumulative
1.000.000
24,568
Joint facility rents
25.262 Common Stock (no par value)
630,000 abs.
30,000 shs.
Miscellaneous rents, interest, &c
1,654,399
1.400.141
a 5%, $32,000: 6%, 81,396.900: 7%. $444,100. b All owned by Interstate Electric Corp.
$653,819
Net loss
$523,286
-Company is controlled through stock ownership by InterManagement.
1878. 207.
-V. 120. p.
state Electric Corp. and is uneer the supervision and management of General
Engineering & Management Corp.
-V. 118, p. 3082, 2707.
-Contracts for Rails.
Southern Railway.
Binghamton (N. Y.) Ry.-Protective Committee.
Contracts have just been let by the company for the purchase of 27,300
Default has been made in the payment of the interest upon the $1,745,000
tons of now rails for delivery during the last half of 1925. This is in
addition to 55,Q00 tons ordered for delivery during the first half of the 5% 1st Mtge. Consol. Gold bonds due May 1 1925.
The company also was unable to securefunds for the payment of$5919.000
year and makes a total of 82.300 tons of new rail for the year, enough to
Of the
lay more than 500 miles of track. Iron & present order, 23.200 tons win of underlying bonds due June 1 1925 and was unable to secure funds for the
RR. Co. at its Ensley, Ala., payment of $175,000 of notes also past due, nor for the heavy paving assessbe rolled by the Tennessee Coal,
plant and the remainder by the Bethlehem Steel Corp. and the Illinois ments.
Under the present conditions, It is stated that it is impossible for the comSteel Co. As the new rail is laid, an equal mileage of lighter section rail
now in service in the main lines will be released for use on secondary lines, pany to meet its current obligations and a plan of reorganization is being
-V. 120, p. 2812, 1324.
submitted to the bondholders which in many respects is believed to be in
which are now equipped with lighter rail.
best interests of the bondholders, thus making it necessary
opposition to
Vicksburg Shreveport & Pacific Ry.-Tentative Valua'n. and desirable the immediate and untied action should be taken by the bondthat
-S. Cl. Commission has placed a tentative valuation of $8,726,200 holders to protect their interests.
The I.
the total used properties of the
At the request of a large number of the holders of the above bonds, the
on the total owned, and 88,466,200 on
committee below has been organized to represent their interests.
company, as of June 30 1918.--V. 120, p. 1745. 1743.
Northern Pacific Railway Co.
-Annual Report.
-
THE CHRONTCLE
3064
Bonds with all coupons maturing on or after May 1 1925 attached may be
deposited with the depositary.
B.
-Frank 7' Newell (Pres., People's Trust Co.), Binghamton,
Committee.
N. Y.; Charles D. Bostwick (Comp., Cornell University), Ithaca, N. Y.
Frederick W. Swan (V.-Pres., Chemung Canal Trust Co.), Elmira, N. Y
Charles E. Trernain (Pres., Ithaca Trust Co.),Ithaca. N. Y.; John W.Van
Allen, Buffalo. with Hubert C. Mandeville, counsel, Robinson Building,
Elmira, N. Y., and M.H. Sawtelle, Sec'y, People's Trust Co., Binghamton
N. Y. People's Trust Co., Binghamton, depositary, and Liberty Bank of
-V. 120, 13• 700.
Buffalo, agent of depositary.
-Earnings.
Boise Valley Traction Co.
Income Account Three Months Ended March 31 1925.
Operating revenue
Operating expenses, including
$64,981
62,908
Federal and other taxes
Net revenue from operation
Non-operating revenue
$2,074
16
Gross corporate income
Int. on bonds, $21,425; other int. & deducts., $3,913; total
Renewal and replacement appropriation
$2,090
25,338
1,535
$24.783
Net loss
-V. 120. p. 2267.
-Middle West Utilities Co. to
Central Maine Power Co.
Acquire Control of Company.
-V. 119. p. 1398.
See Middle West Utilities Co. below.
-Bonds Offered.
Central Illinois Public Service Co.
This company, the largest of the Middle West Utilities Co.'s
operating companies, has sold a new issue of $4,600,000 1st
Mtge. & Ref. 25-Year 5% Gold bonds, Series "D," to
Halsey, Stuart & Co., which soon will be offered for public
-V. 120, p. 2399, 1201.
subscription.
-New Financ'a
Chicago North Shore & Milwaukee RR.
Further extension of Chicago residential suburban centres on the North
Lake Shore will be encouraged by the construction of the new double track
line of the company to be financed by the $2.950,000 1st & Ref. Mtge.
bonds sold to Halsey, Stuart & Co., Inc., and the National City Co.
The bonds, which soon will be offered for public subscription, are an
additional issue under the company's 1st & Ref. Mtge. Series "A" maturing
Jan. 1 1955, under which $7.000,000 were sold to Halsey, Stuart & Co.,
Inc., and the National City Co. last December.
The new line will parallel the company's main Milwaukee-Chicago line
between Niles Center and Lake Bluff, Ill., at a distance of about two miles
to the west and will touch many new but rapidly developing suburban
residential centres west of the Lake Shore, and also will be In the line of
growth of all the existing cities and towns now served. Greater speed between Evanston and Lake Bluff than now is possible through the older
established suburban areas is one of the primary benefits which will result
-V. 120, IP• 1585, 85.
from the extension.
rVor.. 120.
-To
Edison Electric Illuminating Co. of Brockton.
Increase Capital Stock.
The stockholders will vote June 25 on increasing the authorized capital
stock by 32,280 shares, par $25. It is planned to offer the stock to stockholders at $40 per share.
A letter to the stockholders says in part: "In addition to the capital
expenditures paid for from the proceeds of the sale of the last stock issue,
in 1923, the company has made expenditures amounting to approximately
$886,000. principally on account of the company's investment in Montaup Electric Co. and its own power plant and transmission line additions
necessary to connect with the Montaup Co.'s lines. Its cash requirements
for the balance of 1925, including the retirement of its present floating indebtedness of $555,000. will be approximately $1,325,000. In order to
capitalize permanently a portion of these expenditures, the directors mommeat to the stockholders that they authorize a petition to be filed with the
Department of Public Utilities for approval of an issue of 32,280 additional
-V. 119, P. 3009
shares of capital stock at $40 per share."
.
--Initial Dividend.
Electric Power & Light Corp.
An initial quarterly dividend of $1 75 per share has been declared on
the outstanding Cumulative Prof. stock (no par value), payable July 1 to
holders of record June 16 (see offering in V. 120. p. 1457).
An initial quarterly dividend of $1 75 per share has also been declared
on the 2d Pref. stock of no par value (all owned by the Electric Bond &
Share Co.), payable Aug. 1 to holders of record June 30.-V. 120. p.2814.
-Annual Report.Fifth Avenue Bus Securities Corp.
-V.119.P.
See Omnibus Corporation under "Financial Reports" above.
1961.
Great Northern Power Co., Ltd.
Judgment to enforce a mortgage against the property of the company
has been granted in the Ontario courts on the application of the Montreal
Trust Co., trustee for the holders of bonds to the extent of $850.000, upon
which there was default of interest due on May 1 to the extent of $29,750.
Company was organized late in 1922 to serve the gold mining district
of Northern Ontario. Its capital is $2.000,000 Common stock and the
-V. 120.
$850,000 bonds soldst 95 with a bonus of 50% in Common stock.
P. 2400.
-Proposed Acquisitions
Harlem Valley Electric Corp.
Refused.
The New York P. S. Commission on May 5 refused to consent to the
purchase of six New York State electric companies by corporations organized
In other States. The Commission held it would not be good policy to
Permit such utilities in this State to be controlled by firms over which the
Commission has no jurisdiction, and that while better service and more
equitable rates might result, these benefits might be negative because the
corporations were not under Commission control. On the same grounds
the Commission refused to permit a Delaware corporation to acquire the
capital stock of two other electric companies.
The Commission thus refused the petition of the Harlem Valley Electric
Corp. of Dutchess County, to purchase the Morgan & Wyman Electric
Light & Power Co. of Dover; the Lebanan Valley Lighting Co., Inc., of
Canaan; the Chatham Electric Light. Heat & Power Co., Inc., of Chatham.
and Cannel Light & Power Co., Inc., of Carmel, and the Cold Spring
Light, Heat & Power Co., of Cold Sprinv.
-Stock.
Charlestown (Mass.) Gas &,Electric Co.
Another petition denied was that of the Ridgefield Electric Co. of Conn.,
The Massachusetts Department of Public Utilities has authorized the to purchase the Katonah Lighting Co., of Katonah.
company to change the par value of its Capital stock from $50 to $25 per
The Delaware corporation mentioned was the Consumers Electric
-V. 120. p. 2683.
share.
Service Corp., which sought to acquire the capital stock of the Harlem
Valley Electric Corp. and the Amenia Electric Light & Power Co.. of
- Amenia.
-Bonds Called.
Cincinnati Gas Transportation Co.
All of the outstanding First Mtge. 5% Gold bonds, due July 1 1933.
Chairman William A. Prendergast. who beard arguments on the petitions,
have been called for redemption July 1 at 110 and interest at the Provident disclosed that the capital stock of all companies involved was held by the
Savings Bank & Trust Co.,successor trustee, Cincinnati,0.-V.120,p.2548 same interests, the Associated Gas & Electric Co., and that the Delaware
eorporation would only acquire control of the companies it sought to
/
-141 5c. Div. on Bankers' Shares.
Cities Service Co.
-V. 120, p. 2241, 2400.
A cash dividend of 144c. has been declared on the bankers'shares. paya- purchase to entrust it to the associated firm.
15. Cash distributions made on these
ble July 1 to holders of record June
-Offers Bonds.
Houston (Tex.) Electric Co.
shares since and Ind. Mar. 1 1925 follow: Mar., 15.1c.; April, 15.1c.;
The company is offering locally $1,000,000 additional 6% 1st Mtge.
-V. 120, p. 2683.
May, 13.75c.; June, 14c.
about 6.8%. Payment
bonds,
and int., to yield
-Bonds Auth.- may bedue June 1 1935, at 943on the partial payment plan.
Columbus (Ga.) Electric & Power Co.
made either in cash or
This offering is in addition to the $4,000,000 of 1st Mtge. bonds sold
The Alabama P. S. Commission has authorized the company to issue
$2,000,000 additional 1st & Ref. 5% Mtge. bonds of Series "B," due last week. See V. 120. p. 2941.
Nov. 1 1954.-V. 119, p. 2877.
-Earnings.
Idaho Power Co.
-Earnings.
Continental Gas & Electric Corp.
12 Months Ended April 30Gross earnings
Operating exp., maintenance and taxes
1925.
*1924.
$21.319,008 $21,695,389
12,131,855 11.922.112
Income Account Three Months Ended March 31 1925.
Operating revenue
Operating expenses, including Federal and other taxes
$630,617
322,432
$308,185
Net revenue
$9,187,152 $9,773,276 Non-operating from operation
Net revenue
8,317
revenue
3.457.645
Total int. & div. charges of sub. cos. /Jc other prior deductions..
201.090
Int. en Continental 1st Lien 5s, 1927
$316,503
Gross corporate income
327.672
Int. on Continental Refunding 6s, 1947
173,129
_
350,315 Int. on bonds. $152,500: other int. & deducts., $20,629; total_-- 119,324
Int. on Continental Collateral Trust 7s, 1954
760.500 Divs. on Pref. stock, $63,075; Common dive., $56,250; total
Int. on Continental Secured 63s. 1964
821,331
Dividend on Continental Prior Preference 7% stock
$24,049
Net profit
209.112
Dividend on Continental Participating Pref.6-8% stock
-V. 120, p. 2268. 1457.
Balance available for depreciation and Common stock div__ $3,645,611
Indiana Coke & Gas Co. (Incl. Vigo Mining Co.).
-V. 120. p. 2683, 2011.
•For comparison.
1923.
1924.
Income Account for Calendar Years$1,627,669 $3,040,130
- Total sales
Danbury & Bethel Street Ry.-Notice to Bondholders.
275,973
167,528
Other income
The following notice has been addressed to the owners and holders of Deduct
62.873 incr.190,316
-Decrease in inventory of mfd. products...
undeposited bonds of Danbury & Bethel Street Ry. secured by Consol.
Mtge. dated May 1 1906:
$1,732.324 $3,506,419
Totalincome
1,475,221
James E. Wheeler, 42 Church St., New Haven, Conn., has been ap- Coal used in coke ovens
870.102
1,069,693
pointed a committee of the Superior Court to sell, and has sold, at fore- Mfg.& mining exp.,incl. res,for maint.& coating's
358,257
part of
177.046
130,212
closure sale the property of the company. He has in his hands a
expense,Incl. selling commissions
General
62,633
28,247
the proceeds of sale in cash which belongs to certain of tho owners of such Royalties, taxes & Maur., excl. of income tax
of the bond266,712
of the bonds as have not been deposited with the committee
208,297
Depr.. deple.. amort.& res's for contingent losses_
19,201
holders. The names and addresses of such owners are unknown to he Adjustment of value of coal in stock
84,502
committee (J. S. Wheeler), and request is made that the owners and holders Interest on bonds and notes
87,592
-V. 120. p. 452.
28,403
21,221
will communicate with him.
Other charges
16,691
67,698
Dividends
-Earnings.
Dallas Power & Light Co.
Income Account for Three Months Ended March 311925.
$39,300prof$306,316
deducted from surplus
Net loss
$905.841 -V. 118, p. 1275.
Operating revenue
446.727
Operating expenses, including Federal and other taxes
Net revenue from operating
Non-operating revenue
$459,114
4,024
Gross corporate income
Int. on bonds,$136,875; other int. & deducts., $6,320; total
$463.138
143,195
Balance
Divs. on Pref. stock, $47,007; Common div., $91,884; total
Renewal and replacement appropriation
$319,942
138,891
175.000
Not profit
-V. 120, p. 1457.
-Earnings.
Dallas Railway Co.
Income Account for Three months Ended March 31 1925.
Operating revenue
Operating expenses, including Federal and other taxes
Int. on bonds, $66,698; other int. & deducts., $14.349; total
Divs. on Prof. stock, $8,750; Common diva., $41,170; total
Renewal and replacement appropriation
Net profit
-V. 120. p. 1457.
$6,052
-Earnings for 1924.
Jamaica Public Service Co., Ltd.
Gross earnings:(a) Tramway dept.,$368,145; Light & power dept.,
$570,055
$207,951; non-operating,$2,959; total
368,539
Oper. expenses: Operation, $302,446; maint., $68,093; total
23,865
Taxes
76,998
Interest charges
38,500
Dividends on Preferred stock
11,761
to profit and loss
Miscellaneous debits
25,000
Appropriated for retirement reserve
Balance, surplus
Prior surplus
$34,392
27,030
$61.422
$844,839
Surplus at Dec. 31 1924
672,225 -V. 120, p. 86.
81,047
Manchester (N. H.) Traction, Light & Power1C
49,920
33,988 Negotiations for New Control Reported Under Way.
-V. 120, p. 2147.
See Middle West Utilities Co. below.
$7,660
-Bond Issue Approved.
Detroit Edison Co.
The Michigan P. U. Commission has approved the $8,000,000 of 5%
Gen. & Ref. Mtge. bonds, Series"B." See offering in V. 120. p. 2941.
-Regular Dividend.
Duluth-Superior Traction Co.
the
The directors have declared the regular quarterly dividend of 1% on
Preferred stock. payable July 1 to holders of record June 15. See also
V. 120, p. 1325.
-New Control.
Iowa Light, Heat & Power Co.
-V. 120, p. 2942.
See Sioux City (Ia.) Gas & Electric Co. below.
-To Acquire Control of CenMiddle West Utilities Co.
tral Maine Power Co.
The company has contracted to buy all the Common stock of the Centre.
Maine Power Co.for approximately $140 a share, Walter S. Wyman,President of the Maine company, announced on June 4. Final transfer of the
Common stock, of which there are 25,000 shares outstanding, and quite
generally distributed throughout Maine, Will take place about July 1,
involving about $3,500,000
JUNE 13 1925.]
THE CHRONICLE
Following the above announcement, it was reported that the Instill interests had also begun negotiations for the purchase of the Manchester (N. H.)
Traction, Light & Power Co.
-V. 120, p. 2943.
Montreal Tramways Co.-Listinq.---The New York Stock Exchange has authorized the listing of $3.266.000
additional 1st & Ref. Mtge. 5% 30
-Year Collateral Trust Coupon Bonds,
Series "A", due July 1 1941. making the total amount applied for $21,351,000.
Income Account Year Ended Nov. 30 1924.
Gross earnings, $12,537.865; operating expenses, $9.217,205:
net earnings
$3.320,660
Interest allowance, $2,391,100;financing allowance, $181,431_
2,572,531
Balance
•$748,128
* This amount applicable under contract to the city of Montreal account
rental.
General Balance Sheet as of Dec. 311924.
AssetsLiabilities
Cost of road & equipment$41,125,400 Common stock
$4,000,000
Other fixed assets
4.539.571 Debenture stock
17.650,000
*Investments
46,374 1st & Ref. Mtge. bonds.. 21.351,000
Cash
1,161.712 Mortgages
843
Guarantee fund
500,000 Loans
50,000
Underlying bd. red. fund
3,362 Accts. & wages payable
1,225,725
Accounts receivable
397,918 Unredeemed tickets
746.875
Stores
574.691 Suspense
672.614
Bal. aft. co.'s allowances
223,573
Reserve for financing_ _ _
486,951
Maint. & renewals res
90,202
Reserve
1,000.000
Total (each side)
$48,349,029 I Surplus
851,244
-V. 120, p. 1327, 1747.
New Orleans Public Service, Inc.
-Bonds Sold.
Dillon, Read & Co. have sold at 953. and int., to yield
about 5.37%, $5,000,000 1st & Ref. Mtge. 5% Gold bonds,
Series "B.'
•
Dated June 1 1925; due June 1 1955. Denom. c• $1,000 and $500, and
r* $1.000 and $10,000. Principal payable in New York. hat. payable
J. & D.in New York and New Orleans. Red. all or part on 6 week's notice
at 105 and int, on or before June 1 1930; at 104 and Int. in the next 5 years;
at 103 and int. in the next 5; at 102 and int. in the next 5: at 101 and int.
in the next 5; and at 1001. and int. thereafter and prior to maturity.
Compaany grees to pay int. without deduction for the present Federal
normal income tax up to 2%.
Penn. 4
-mill tax refunded.
Chase
National Bank, New York, trustee.
Data From Letter of H. B. Flowers, Presldent of Company.
Company.-Suppltes electric 'power and light, gas and street railway service in City of New Orleans, La. Properties owned and operated include
all the plants (with one minor exception) now generating electric energy
for commercial power and light, the entire gas manufacturing and distributing properties in the city and 221 miles of electric at.eut railway system.
Present population of the city served estimated at 422,000.
-Secured on properties which have a value of over $61.500,000,
Security.
subject only to $10,834,090 divisional issues. This valuation is determined
In accordance with a rate settlement with the City of New Orleans. This
settlement provides that rates may be established to enable the company to
earn 734% return on this value and the additions thereto, after operating
expenses, taxes and reserve for renewals and replacements.
The direct first mortgage lien of these bonds covers properties having a
value under the settlement ordinances in excess of $18,000.000 and the direct
general mortgage lien extends over additional properties valued at about
$43.000,000. subject only to divisional issues of $10.783,000. Since
the Series A bonds were issued in 1922, the company has, through consolidation proceedings, brought under the first mortgage lien of the 1st & Ref.
Mtge. bonds the properties of the New Orleans Gas Light Co., and under
the direct mortgage lien of the bonds the properties of the New Orleans City
RR. and the St. Charles Street RR., practically all of the stocks of which
were formerly pledged as collateral. The physical property upon which
these bonds are a first mortgage lien has thus been increased by $13,000.000,
and the physical property upon which these bonds are a direct mortgage
lien has been increased by over $27,000,000. The mortgage provides that
underlying bond issues cannot be increased in amount and must be paid by
maturity and not extended.
Since the 812,000,000 First & Refunding bonds, Series A, were issued in
1922, the company has received $7,500.000 from the sale of Common stock
and over $1,750,000 from the reinvestment of cash dividends by stockholders, for which additional Common stock was Issued.
Gross and Net Revenues, After Operating Expenses and Taxes, Available for
interest and Renewals and Replacements.
Gross Revs. Net Revs.
Orals Revs. Net Revs.
$8,646,509 $2,158,994 1922
1918
$14.666,922 $4,962,291
11,325,577
1919
3.408,876 1923
14,559,695
4.755.579
12,627,374
1920
2,425,834 1924
15,021,483 4,984.975
14,853,426
1921
4,082,975 *1925
15,162,464
5,168,787
• 12 months to April 30.
Capitalization as of June 1 1925 (Including This Issue).
Underlying divisional issues
,.
$10,834.000
let & Ref. Mtge. 55 (incl. $12,000.000 Series "A")
17,000.000
General Lien 430
13.467,350
Income 6s, Series A
4.772,600
Income 64, Series B
106.000 francs
Preferred stock, cumulative $7 per annum
42,753 shs.
Common stock
694,030 shs.
Income Account for Three Months Ended March 31 1925.
Operating revenue
$4,113,788
Operating expenses, including Federal and other taxes
2.611,788
Net revenue from operation
$1,502,000
Non-operating revenue
28,971
Gross corporate income
$1,530,971
Int. on bonds, $511,855: other Int. & deducts, $35,907; total
547,792
Divs. on Pref. stock, $74,818; Common diva.. $3813.287; total- - 461,105
Renewal and replacement appropriation
354,000
Net profit
3065
The new station will be the height of seven stories, 207 ft. by 1,100 ft.
the equivalent of four average city blocks. It is being built on an Irregular
tract at 14th Street and the East River. While the station is designed
to enable the company to serve the increased population of New York city
In 1930, it represents only a step in the company's plans to equip itself to
serve the much larger growth of population in the metropolitan area by
1950, when,according to estimates submitted to the Committee en Regional
Plan of New York and Its Environs, 16,000.000 persons will reside in this
area.
The mammoth size of the new station becomes apparent when it is compared with other large steam and hydro-electric plants in America and
abroad. Its ultimate capacity will be twice as great as the largest electrical
generating installation now operating under one roof in the central station
field. It will equal the combined cacity of the great Hell Gate station,
and the famous Waterside No. 1 and Waterside No. 2 stations, which with
the Sherman Creek station, now serve all Manhattan, the Bronx, Westchester County, and part of Queens. It will have twice the capacity of the
station at Gennevillers. Just outside of Paris, France, the largest In Europe,
and it will be capable of producing 100,000 more kilowatts than the projected power development at Muscle Shoals.
It is expected that the building itself, which will cost approximately
$12,000,000, will be completed by the end of the year. and that the initial
Installation of generating equipment will be completed in the spring of 1926.
The station will contain nine gigantic turbo-generators, each having a
capacity of 60.000 k. w.-80,000 h. p., or 10,000 k. w. greater than the
capacity of the largest single unit machine now in operation, and additional
equipment which will give the station a total capacity of 700,000 k. w. The
contract for the first two of these machines has been given to the General
Electric Co. of Schenectady, N. Y. Each of the nine generators will weigh
1,182,500 lbs.
When the new station is operating at full capacity, it will require for steam
condensing purposes twice as much water as is brought down through the
Catskill Aqueduct to the City of New York, but it will use East River
water, not city drinking water. The station will borrow 800.000 gallons
of water from the East River each minute and return it the next minute.
A total of 1,150.000,000 split:ins of water will, therefore, be pumped in and
out of the station every 24 hours.
The New York Edison Co. was the first central station of the kind in the
World and the first in the United States to use the steam turbines which are
now universal. In the new East River station it will again introduce
improved devices and practices which should benefit not only New York
-V.120, p. 829, 703.
City, but the entire electrical generating industry.
-Rate Increase Upheld.
New York Telephone Co.
The New Jersey P. U. Commission on June 6 held that the Increases
made effective Jan. 1 1925 by the Delaware & Atlantic Telegraph & Telephone Co. were neither discriminatory nor unreasonable. The company
serves Trenton and south New Jersey. See also V. 120, p. 2543, 2684.
New York Transportation Co.
-Balance Sheet.
For balance sheet as of Dec.31 1924.see Omnibus Corp. under "Financial
-V. 120, p. 1881.
Reports" above.
Niagara Lockport & Ontario Power Co.-Listina
The New York Stock Exchange has authorized the listing of 815,000,000
1st Mtge. & Ref. 5% Gold bonds. Series "A," dated April 1 1925, due
April 1 1955.-V. 120. p. 2684. 2551.
-Kalman,
-Preferred Stock Offered.
Otter Tail Power Co.
Gates, White & Co., and Grubbs, Booraem & Co., St. Paul,
recently offered at 87 and dividend, to yield over 6.90%,
$200,000 6% Cumul. Prof. (a. & d.) stock.
Callable, all or part, upon 60 days' notice, on any dividend date at 100
and dividend. Dividends payable 01.-J.
Company.-Incorp. in Minnesota in 1907 and is engaged in the business
of generating and distributing electrical energy produced by hydro-electric
and steam power. Company serves with light and power 127 communities
in 30 counties of Minnesota, North Dakota and South Dakota, with a total
population of approximately 100.000. Company owns and operates three
nYdro-electric installations on the Otter Tail River in Minnesota and operates a fourth under lease. A fifth is now under construction. The total
energy thus generated being 7,000 h. p. Four primary steam generating
Plants are also owned, having a capacity of 8.000 h. p. Auxiliary stations
are located at strategic points on the company's lines.
Company operates approximately 1,200 miles of transmission lines well
built and maintained, which connect with the lines of the Northern States
Power Co. at Fargo, and with those of the Northwestern Public Service Co.
at Aberdeen.
Capitalization as of March 31 1925 (After Giving Effect ts Present Financing).
$1,000,000
First Mortgage 6% bonds, due 1933 (closed)
800,000
General Mortgage 6
bonds. due 1939
1,200,000
General Mortgage 5)4% bonds, due 1945
16,000
*Sheyenne Valley Power Co. bonds (assumed)
Five-Year 6% notes due Jan. 1 1930
330,000
547,700
7
Cumulat ve Preferred stock
6% Cumulative Preferred stock
Common stock,surplus and contingent reserves (excl. deprec'n)_ 646:926
•To be retired in near future.
-Proceeds will be used for general corporate purposes, including
Purpose.
the acquisition of additional 'Property to be connected with the present
system, which it is expected will materially increase earnings.
Earnings of Company for Three Years and of Consol. Properties for One Year.
Consolidated
--Otter Tail Power Co.
Year Ended Year Ended Year Ended Year Ended
Dec. 31 '22. Dec. 31 '23. Dec. 31 '24. Mar.31 '25.
Gross earnings
$876,894 $1,280.891
$626,913
$542,868
Oper. exp., incl insur686,127
ance, taxes, maInt'ce232.618
423.870
311,511
Net operating earns
Int.on bds., mtgs., notes
$310,250
88.155
$315.402
93,752
$453,024
134,516
$594,764
199,080
Net earns,after chgesRequirements for divs.
on all Prof. stock presently to be outstand'g.
$222.095
$221,650
$318,508
$395,684
67,721
67,721
67.721
67,721
3.2
No. of times earned
$168,075 -V. 120, p. 2817, 2402, 2021.
3.2
4.7
5.8
Balance Sheet as of March 311925.
Assets,
Liabilities.
Plant
$55,771,015 Capital stock
5521.443,625
Construction expenditure& _ _ 4,412,971 Funded debt
1,106,619
Construction contract advs.. 3,361,524 Notes and loans payable_ _ _
. 1,500,000
Investments
220,359 Dividends payable
461,105
Cash
1,232,241 Accounts payable
712,553
Notes & loans receivable....
115,361 Deferred paving assessment&
41,488
Accounts receivable
985,928 Customers' deposits
651,003
Materials and supplies
1,341,966 Employees' deposits
35,946
Prepaid accounts
123,765 Tickets outstanding
7.746
Special deposits
388 Accrued accounts payable___ 1,297,137
Sinking funds
186,846 Renewal & replacement res._ 1,198,554
.Unamortized diset. & exp._ 1,935,214 Other reserves
583,066
206,457 Surplus
Deferred debits
855,191
$69,894,037
Total
Total
$89,894,037
x Represented by 42,753 shares Prof. stock and 686,733 shares Common
stock all of no par value (auth., 150,000 shares Pref. and 1,025,000 shares
Common). • Discount and expense on bonds amortized over life of issue.
-V. 120. P. 1881, 1459
'
-Listing.
Pacific Gas & Electric Co.
The New York Stock Exchange has authorized the listing of $143,000
additional Common stock (authorized $80.000,000), par $100. on official
notice of issuance and payment in full, making the total applied for $45,775,400. All of said 1,430 shares of stock has been purchased by 175 of
the company's customers or other residents of the territory served.
Income Account Period Ended March 31 1925.
3 Months. 12 Months.
Gross revenue
$12,274,542 $46,055,825
Open exp., maint., taxes (incl. Fed.taxes),rentals
and reserves for casualties & uncollect. sects
7,317.735 28,747,396
Bond interest and discount
1,919,835 6,880,675
Reserve for depletion
962,957 3,113.652
Dividends on Preferred stock(6%)
815,999 3,259.672
Dividends on Common stock(8%)
844,483 ?,172,382
Balance (unappropriated surplus)
$413.533
$882,048
Balance Sheet.
Mar.31 '25. Dec. 31 '24.
Mar. 31 '25.Dee. 31 '24.
$
Liabilities$
Assets$
$
Plants & prop_ _256,054,815 249,178,252 Common stock_ 45,630.832 42,805,932
-Plans New Generating Station.
New York Edison Co.
- D'art. & exp. on
Preferred stock_ 54,464,532 54,464,412
New York City, which already has the largest electric service company in
capital stock_ 9.107,418 9,104,812
the world, will have the world's largest electric generating station when the Investments.....1,355,850 Stock of sub.cos.
own.by public
18,197
18,775
East River station of the company, now under construction, is completed. Trustees
Funded debt.... _152,952,300 153,357,300
ofsk.fds.
This one station, which will cost in the neighborhood of 550.000,000, will
470,705
(uninv. fds.).
232,914 Current liabil's_ 9,601,367 8,541,541
have a capacity of 700,000 k. w., or approximately 1.000.000 h. p.
-enough
8,891,695 8,779,321 Res. for renewls
to light at least 3.000.000 six-room homes. With the addition of this new Cash
12,083,868 12,904,757 & replacem'ts 17,735,034 18,712.782
Plant there will be on Manhattan alone electrical generating equipment suffi- 0th. curr. assets
Other reserves__
cient to light the homes, factories, streets and public buildings of all New Disct. & exp. on 8,053,313 8,148.977 Surplus unappr_ 4,279,126 2.340,935
funded debt.10,151,908 9,760,960
York State, exclusive of New York City. The new station itself operated
171,482
297,755
at full capacity, would be capable of serving any State In the Unjjed States Unexp.taxes,&c.
York, according to data compiled by the united States
outside of New
294.833.296 290,002,638
Total
Total
294,833,296 290,002,638
Geological Survey.
-V. 120. p. 2944, 2817.
3066
THE CTTRONTCLE
-Fares.
Pennsylvania Power & Light Co.
In our histle of June 6, on'page 2944, the statement that the East Penn
Electric Co. on May 25 reduced fares in Pottsville. Pa., from 10 cents to
Scents is incorrect. We are advised that the facts are as follows:
The East Penn Electric Co. has put into use a transferable weekly pass
which provides substantial reductions in fare when used to any extent.
This pass costs $1 25 a week and can be used as many times in the first fare
zone as the holder presents it. The company is also following the policy
or 3
of haying its conductors sell tokens at a price of 12 tokens for $1. to gofor
to
25 cents. In the past it was necessary in order to buy these tokens the cars
the company's office and to buy 12 at a time. The conductors on
-V. 120, p. 2944.
did not have them for sale.
rvoL. 120
Bank & Trust Co.of Toledo, acting as trustee for bondholders. The amount
involved is about $135,000. The petition asks that the line be sold to satisfy
the claims. Several months ago the line was sold to the Tiffin, Fostoria &
Findlay Co., which is operating it now. The sale price was about $30,000.
-V.
The latter company is not made party to the suit. (Toledo Blade).
119, p. 2288.
Texas Interurban Ry.-Earnings.•
Income Account Three Months Ended March 311925.
Operating revenue
Operating expense including taxes
$84,274
65,472
$18,801
Net revenue from operation
2,364
-Listing.
Peonies Gas Light & Coke Co.
Non-operating revenue
The New York Stock Exchange has authorized the listing on or after
$21,165
Gross corporate income
June 17 of $3,850,000 additional capital stock (par $100), on official notice
37,500
that it has been issued and paid for in full, making the total amount ap- Interest on unsecured notes
plied for $42.350,000.
$16,335
Net loss
The stockholders of record June 17 are given the right on or before July 17
to subscribe for such additional shares to the extent of 10% of their holdings: -V. 120, p. 1461.
subscriptions to be paid either (a) in one payment on or before July 17_,
-Hill,
-Bonds Sold.
Twin State Gas & Electric Co.
or (b)in four installments of 25% each on or before July 17. Oct. 19. Jan. 18
1926 and April 19 1926, respectively, or (c) in 10 installments of 10% each, Joiner & Co., Inc., New York, have sold at 953' and int.,
the first on or before July 17 and one of the nine succeeding installments
Mtge.
on or before the 17th day of each of the succeeding consecutive calendar yielding over 53'%, $1,900,000 1st Lien & Ref.
months ending with the month of April 1926, except that the Oct. 1925 5
Gold bonds, Series "A."
S. in New
installments shall be payable on or before Oct. 19 1925 and the Jan.1926
Dated March 2 1925; due March 1 1945. Int. payable M.&
installment shall be payable on or before Jan. 18 1926. and the April 1926 York and Chicago without deduction for Federal income taxes not in excess
installment shall be payable on or before April 19 1926.-V. 120. D. 2944.
of 2%. Denom. c5 $1.000, $500 and $100 and 0' $1,000 and authorized
notice at
multiples thereof.
all
- the following prices Red.Int.:or .part, at any time upon 30 days'and from
Public Service Co. of Northern Illinois.- Larger Div.
and
Prior to March 1 1930 at 105; on
The directors have declared a quarterly dividend of $2 each on the $100 March 1 1030 to March 1 1935 at 104; on and from March 11035 to March 1
of 1940 at 103: on March 1 1940 and thereafter to Sept. 1 1944 at 10235.
par Common and no par Common stocks, payable Aug. 1 to holders
record July 15. This increases the annual rate on both classes of Common less % of 1% for each full year elapsed after Feb. 29 1940: on and after
-V. 120. p. 2149.
Sept. 1 1944 at 100. Penna. and Conn. 4 mills and Maryland 43 mills
stock from $7 to 38 a share.
taxes and Mass, income tax on int. not exceeding 6% of such interest
Savannah Electric & Power Co.-Annuol Report.
per annum refunded. Bankers Trust Co., New York. trustee.
1921.
1922.
1923.
Issuance.
1924.
-Authorized by the New Hampshire and Vermont P.S. Comm.
Calendar Years$280,897 Data from Letter
$1,904.044 $1,774,881 $1,603,092
Gross earnings
of W. A. Buttrick, President of the Company.
$183,460
Oper. expenses & taxes_ _ $1,182.373 $1,151,180 $1,022,983
46,648
Company.-Incorp. In Connecticut in 1906. Now owns and operates
284,066
330,725
373.770
Int, and amort'n chges_ 17,334 a group of public utility properties supplying 57 communities with electric
104,000
104.000
104.623
Debenture dividends...
light and power, 3 communities with gas service and one community with
--60,000
60.000
60.000
Preferred dividends_
motor bus transportation. Territory served lies north and west of the city
$33,455 of Boston and centres about the cities and towns of Dover and Berlin,
$132,043
$128,976
$183,278
Balance, surplus__ - _
N. H.; Bennington, Brattleboro and St. Johnsbury, Vt.: Berwick, Me.,
-V. 120. p. 2818, 2270.
and Hoosick Falls, N. Y. Combined population of the territory served
Approximately
estimated
Sioux City Gas & Electric Co.-Pref. Stock Sold.- rived fromat 150.000. electric light and 924% of the net earnings are depower.
the sale of
Blyth, Witter & Co., New York, have sold at 100 and div.
Security.
-Bonds in addition to being secured by a mortgage covering
as a direct lien all of the property, rights and franchises of the company
7% Cum. Prof. (a. & d.) stock.
$3,000,000
will. together with all other bonds issued under
now or hereafter
-J. Call., all or part, on any div. date on 30 days' the mortgage, be owned, by pledge with the trustee, upon the issuance of
Dividends payable Q.
secured
notice at 110 and divs. after Nov. 1 1927. Transfer agents. Guaranty these bonds, of $1,900,000 of 1st dr Ref. Mtge. 5% Gold bonds. due 1953.
Trust Co.. New York and First National Bank, Sioux City. Ia.; registrars, of the company, and by the pledge thereafter of additional 1st & Ref.
Seaboard National Bank. New York, and Security National Bank of bonds as required by the mortgage provisions. No additional let & Ref.
Sioux City,Ia. Dividends exempt from present normal Federal income tax. Mtge, bonds, due 1953, of which there are $2.005,000 now outstanding
Data from Letter of P. H. Gadsden, Vice-President of the Company, with the public, can be issued except for pledge as further security for the
-A subsidiary of United Gas Improvement Co. Incorp. in 1st Lien & Ref. Mtge. bonds.
Company.
*Earnings 12 Months Ended Dec. 31.
1901 in Iowa. Does entire electric light, power and gas business in city of
1924.
1923.
1922.
Sioux City, Ia., and owns all of the outstanding capital stock of the Sioux
City Service Co., which owns and operates street railway and heating Gross earnings, incl. merchandise sales $1,351,396 51.486.707 31,548,377
949,538
959.156
847,964
business in Sioux City. Company sells power and steam to the Sioux City Oper.exp., incl. maint., taxes sr depr_
Service Co.. and in addition sells electric current wholesale for distribution
5598.839
3527.551
3503.432
to consumers in 70 conununities within a radius of 75 miles of Sioux City.
Net earnings
$227,343
Through the Iowa Light. Heat & Power Co., all of whose Common stock Annual Mt. on total funded debt, incl. this issue, requires_ _ _ _
Sioux City Gas & Electric Co. has contracted to acquire, company also
°Including Berwick & Salmon Falls Electric Co., whose stock is owned
serves electric light and power to a contiguous agricultural territory in by Twin State Gas & Electric Co.
western Iowa. Properties of Iowa Light, Heat & Power Co. have been
-Company is controlled by the Middle West Utilities Co.
Control.
inter-connected with the transmission lines of the Sioux City Gas & Electric Capital. Outstanding with Public (Upon Completion of Present Financing).
52,183.300
Co.and all of the properties will be under unified direction and management. Prior Lien 7% Cumulative stock
1552,509
Preferred 5% Cumu at ve stock
Population of the territory served by company and subsidiaries, 150,000.
1.792,900
Common stock
Consolidated Earnings 12 Mos. Ended Dec. 31 1924 (Under New capitatiza'm
Funded Debt
$4.729,101 b 1st Lien & Ref. Mtge. 534%. Series A (this issue)
$1,900,000
Gross earnings
2,005,000
Operating expenses, maintenance and taxes (other than Fed'i)_ 3,236.919 a First & Refunding Mortgage ENS. 1953
617,181 Underlying divisional bonds (closed), var. issues, meter.
276,500
Interest and prior charges
181,000
Berwick & Salmon Falls Elec. Co. Is & Ref. 5s, 1953
Balance available for 7% Cum. Pref. stock dividends, de31900,000 pledged under 1st Lien & Ref. M.gold bonds.
a Not including
$875.001 Auth. 550,000.000: issuance limited by conservative restrictions of Mtge.
preciation and Federal taxes
245,000
Preferred stock dividends, including this issue
-Proceeds will be used for the refunding of underlying and
Purpose.
divisional bonds,for reimbursing the treasury on account of the redemption
3630.001 of the 10
Balance
-year 8% bond secured gold notes and for expenditures heretofore
For the year ending Dec. 31 1924 approximately 68% of the net revenues made on account of additions and improvements to the property.
-V. 120.
were derived from the sale of electricity and 20% from the sale of gas.
P. 2150. 706.
Authorized. Outstand'o
Capitalization--Dividend.
Union Passenger Railway Co.
$8,000,000 634,600,000
Common stock
3.500.000
6,000,000
Cum. Pref. stock (including this issue)
A semi-annual dividend of $4 75 per share has been declared on the stock.
a8.350.000 payable July 1 to holders of record June 15, leas That and second quarterly
c
First Mortgage bonds
-Iowa Light, Heat & Power Co. will have outstanding in the hands Installments of the 1924 income tax, amounting to 60 cents per share.
Note.
of the public, after completion of this financing. $2,080,000 1st Mtge. -V. 117. D. 2649.
bonds and $800,000 Pref. stock (closed issue).
-Div. on Class "A"
Utilities Power & Light Corp.
a Series A.6%.due 1947,53.500,000: Series B.6%,duo 1949,52.550,000;
Series C, 5%%. due 1950, $2.300.000. b Additional Common stock of Stock Payable at Holder's Option Either in Cash or Stork.
approximately $900.000 will be issued and subscribed for at par during the
the regular quarterly dividend of 50 cents per
The directors have declared
balance of the year for additions and betterments to the property. c Auth- share on the Class "A" stock, payable July 1 to holders of record June 15,
orized amount limited by the conservative restrictions of the mortgage.
cash but, as an alternative. in Class "A" stock at the
-Proceeds will be used to reimburse the company for expendi- payable not only in share for each share of outstanding Class "A" stock.
Purpose.
one
tures made in connection with the purchase of the companies and properties rate of 1-40 of will be issued for fractional shares. An initial distribution
Scrip certificates
about to be acquired, to reimburse United Gas Improvement Co.for moneys of 50 cents per share was made on the Class "A" stock on April 1 last -V.
previously advanced and for other corporate purposes.
-United Gas Improvement Co. controls and manages the 120, p. 2552.
Management.
Sioux City Gas & Electric Co. through ownership of over 90% 01 its issued
-Earns.3 mos.end.Mar.31 '25.
Utah Light & Traction Co.
and outstanding Conunon stock. Upon completion of the pending merges Operating revenues
$476,459
with United Gas Improvement Co. of American Gas Co. (which company Operating expenses, including Federal, &C., taxes
368,936
owns all the Common stock of the Central Iowa Power & Light Co.) the
northern part of the
electric properties of these companies operating in the
$107.524
Net revenue from operation
State of Iowa will be brought under one management permitting through
131,514
revenue
inter-connection of electric lines, the pooling of their power resources with Non-operating
consequent improvement in load factors and reduction in operating ex$239,038
corporate income
Gross
penses. The properties will form an inter-connected system between their Int. on bonds,5210.441; other int. & deducts., 028,166; total
238.608
principal generating centres of Sioux City on the west and Waterloo on the
-V. 120, P. 1090, 059.
east, a distance of over 200 miles.
$430
Net profit
Balance Sheet.
-Notes Sold.-Hamblrton
Southern Gas & Power Corp.
mar.31'25 Dec.31'24
Mar.31'25 Dec.31'24
& Co. have sold, at 9834 and interest, to yield about 6.35%,
s
LtabtlUtes$
Assets-Year Convertible 6% Gold notes.
1,150,875 1.150.875
$1,000,000 5
Plants & invest's_ _22,933,852 22,905,800 Capital stock
79,205
166.080 Funded debt
18,218,300 18.218,300
Dated June 1 1925; due June 11930. Interest payable J. & D. in New Cash _
186,735 Adv.fr. affIl. cos._ 1,738,329 1,793,937
65,930
York and Baltimore, without deduction for any Federal income tax not in Accts. receivable_
88,422
75,215
106,253 Accounts payable_
excess of 2%. Company will agree to refund Penn. and Conn. personal Maths & supplies- 104,054
75,801
4,117 Tickets outstdg_ ._
4,064
75.881
property taxes not exceeding 4 mills each, District of Columbia personal Prepaid accounts_
9,991 Accrued accounts_ 402.123
507.056
9,991
property tax not exceeding 5 mills. Maryland securities tax not exceeding Trust funds
1,759,041 1,778,969
1,000 Reserves
4% mills, and Mass,income tax not exceeding 6% per annum on the interest. Funds with trustee
1.000
1,941,399 1,940,989
Redeemable, all or part, by lot, at any time. after 30 days' notice. at 102% Unamort. dLse't &
Surplus
177,749
174,169
and interest on or before Juno 1 1926, with successive reductions in the
expense
2.025
3,478
redemption price of % of 1% during each 12 months period thereafter, until Deferred debits_ _ _
maturity. Principal payable at the office or agency of the company in
N'.
23,374,291 23,541,202
23,374,291 23,541,202
Total
New York. Denom.$1.000 and $500. Guaranty Trust Co.,In Y.. trustee.
Total
conversion,
-Notes are convertible into Class A stock.
Convertible.
2271.
share at which -V. 120. p. 2402.
the notes shall be taken at their face value, and the values perthe case of
the
-Earns.3 Mos. end. Mar.31 '25.
Utah Power & Light Co.
the Class A stock shall be taken shall be as follows: $25 In
first 5250.000 principal amount of notes presented for conversion: $26 in
[Incl. Western Colorado Power Co. (inter company items eliminatod)•1
the case of the next $250,000 principal amount of notes presented for con$2.491,269
version: and $27 in the case of tho remaining 5500.000 principal amount of Operating revenue
1.189.224
notes presented for conversion, with adjustment of interest and dividends in Operating expenses, including Federal and other taxes
each case. No fractional'shares of Class A stock will be issued, but upon
$1,302,044
Net revenues from operation
company will clear fractional shares on the basis of the then
conversion the
77.209
current conversion rate. Ifcalled for redemption, notes may be converted Non-operating revenue
at any time on or before the 10th day next preceding the redemption date.
31,379,253
Gross corporate income
capitalization, earnings, &c., were given in
Details regarding the history,
539,541
Int. on bonds, $489.337: other int. & deducts., 550,204; total_ _ _
V. 120, p. 2944.
Divs. on Pref. stock, $330,959; diva. on 2d Pref. stock, 317,500:
348,459
total dividends
Ry.-Sole.Tiffin & Fostoria
of receiver was
or suit to foreclose s mortgage and for the appointment theaOhio Savings
$491,253
Net profit
at Tiffin, 0., June 5 by
begun In Common pleas court
JUNE 13 1925.]
Consolidated Balance Sheet.
Assets
Mar.31 '25. Dec. 31 '24.
Mar.31'25. Dec. 31 '24.
7% Pref. stock_ 19,056,400
Plants,Feeholds,
& securities_ 82,453,556 82,330,912 7% 2d Pref. stk. 1,000,000
Common stock_ 30,000,000
Constr. contract
804,392 Funded debt_ __ 36,847,000
advances __ 1,208,281
350,987
851,960 Divs. declared__
622,015
Cash
Accts. payable_
433,217
Demand Ins. rec. 1,555,000
445,274
Adv. to attn. cos 1,738,329 2,538,937 Customers' deps
5,002 Accr. accounts.
5,002
986,330
Notes receivable
2,175,960 Progr. Co. note30,000
Accts. receivable 2,205,091
760,410 Utah Lt. & Tr.
Mat'is & suPPI.
788 865
34,263 Co. bonds and
33,913
Prepaid sects___
30,000
notes
30,000
13,872,000
Progr. Co. notes
Reserves
2,723,553
Utah Lt. & Tr.
Surplus
3,023,979
Co. bonds and
13,872,000 13,872,000
notes
Unamort. disc't
4,187,314
and expense- 4,240,471
16,534
12,777
Deferred debits.
Total
108,768,740 107,603,927
-V. 120, p. 2402. 2271.
3067
THE CHRONICLE
Total
18,056,400
1,000,000
30,000,000
36,847,000
333,487
621,762
458,945
1,123,885
30,000
13,872,000
2.722,724
2.537,723
108,768,740 107,603,927
United Gas Improvement Co.
-Extra Dividend.
An
dividend of 3% has been declared on the Common stock in
addition to the usual quarterly dividend of 2%, both payable July 17 to
holders of record June 30. See also V. 120, p. 2945.
year. Two hundred miles of high voltage transmission line will interconnect
the Lakeside steam-electric station at Milwaukee with the plants of the
Peninsular Power Co. in Northern Micihgan. President F. L. Dame, of
the North American Co., said in part*"When these lines are completed,the
North American system will be able to bring surplus energy from its Northern Michigan hydro-electric stations into greater Milwaukee and Fox
River valley. Power from Lakeside can be called upon to serve Upper
Michigan during periods of low water. Thus both water power and coal
will be conserved, and eastern Wisconsin will have a bigger power reserve."
-V. 119, p. 2534.
-Annual Report.
Worcester Gas Light Co.
Calendar YearsGas sold, cubic feet
Operating revenues
Gross income
Deductions
Net income
-V. 120. p. 960, 707.
1922.
1923.
1924.
1005595200 1030585900 985,157,600
$1,492,262 $1,577,869 $1.601.420
$343,095
$311,060
158,574
147,112
122,247
$319,992
$197,745
$163,948
$184.521
INDUSTRIAL AND MISCELLANEOUS.
-On June 9 Arbuckle announced a reduction of
Refined Sugar Prices.
delayed shipment and on June 11 made
5 pts. to 5.55c. prompt and 5.60c.
a further reduction of 5 pts. to 5.50c. per pound.
Bricklayers, Masons and Plasterers of New Jersey Win Wage Increase of
-Present wage is $12 per day. A
1.
$1 per Day, Effective July take place July 1 1926 to continue untilfarther
July I
increase of $1 per day will
agreement affects about 5,000 men. New York "Times"
1929. The
June 10.
of
Virginia Railway & Power Co.
-Bonds Sold.
-Stone &
Webster, Inc., Blodget & Co.,and Blair & Co., Inc., have
Plasterers' Strike Affects 9100.000,000 Building Program-Secretary sold $2,660,000 Virginia Ry. & Power. Co. First & Ref. Labor Davis to Hold Conference with Plasterers' and Bricklayers' Leaders.
Old differences responsible-main disagreement is over the question of the
Mtge. 5% Gold bonds, due July 1 1934, and $486,000 Virof resident plasterers in different localities, especially in Florida, to
ginia Ry. & Power Co., Norfolk & Portsmouth Traction Co. right on the formation of locals where work has been dons formerly by
vote
plasterers identified with the Bricklayers' International Union. New
First Mtge. 5% Gold bonds, due June 1 1936, both at 98M
and interest. These offerings are part of the issues already York "Times" June 12. p. 13.
Boot e% Shoe Workers Union Recognized by A. M. Creighton Shoe Co.
-Boston "News
of Lynn, Mass., Employing from 1,000 to 1,200 Operators.
outstanding and do not represent new financing.
Both issues are the direct obligation of the Virginia Railway & Power Co.. Bureau" June 9, p. 15.
"Chronicle" June 6.-(a) Inheritance tax law of
Matters Covered in can levy only on groin estates wholly within their
does the entire electric light and power and traction business in Richwkich
mond. Norfolk, Portsmouth, Petersburg and surrounding territories, and
through stock ownership and control the gas business in Norfolk, serving a
total population in excess of 450,000.
The First & Ref. Mtge. 5s are a first closed mortgage on the entire light
and power, traction and office building property in Richmond and Petersburg, conservatively valued at more than $29,000.000. These bonds have
been issued in the amount of $15,000.000. including $1,921,000 held alive
In the sinking fund. There are but $12.614,000 bonds of this issue outstanding with the public, and $465.000 held by the company. The Norfolk
& Portsmouth Traction Co. First Mtge. 55 are a first closed mortgage on
electric light, power and traction properties in the Norfolk district, conservatively valued at $14,000,000. They are, in addition, a direct mortgage on
property valued at $1,600,000,subject to $478,000 underlying liens. There
are$7,240.000 of these bonds with the public, $211.000 held by the company
and $549,000 held alive in the sinking fund.
Earnings for the 12 months ended April 30 1925 show an amount available
for interest and reserves over four times the annual interest on all bonds
outstanding in the hands of the public. Similarly in each of the past ten
Years, the company has earned these present charges at least twice. The
outstanding Preferred and Common stock issues have a present market
value of over $22,000,000.
Pennsylvania-States
borders, U. S. Supreme Court decides, p. 2893.
-New Financing.
Abitibi Elec. Development Co., Ltd.
See Abitibi Power & Paper Co., Ltd., below.
-Forms Power SubAbitibi Power & Paper Co. Ltd.
dines Island Falls Plant.
sidiary to Acquire Hollinger Goldthe power plant of Hollinger ConsoliThe taking over by the company of
dated Gold Mines, at Island Falls, has resulted in the formation of a sub-
sidiary to the paper company to be known as the Abitibi Electric Development Co.. Ltd. The additional expenditures that will be required as a
financresult of the acquisition of the power plant will be provided by newElectric
ing in the form of 51.600.000 6% guaranteed notes of the Abitibi
will
Co., maturing from July 1 1926 to July 11929. Interest and principal
Co.
be guaranteed by the Abitibi Power & Paper Peabody, Houghteling & Co.
It is understood the notes will be offered -by
The new capital will be used for installing two new units and swinging
so as to
around the transmission line which now runs to the Hollinger minesmiles of
carry the power to Iroquois Falls. It is probable that about ten
towers will be required to complete the new line, the present line
new steel
Control Purchased by Stone (Cc Webster and Aga Interests.
- being used up to the point where a turn must be made at right angles eastFormal announcement was made June 9 of the sale by Frank J. Gould of ward towards Iroquois Falls.
units,
his interest in the Virginia Railway & Power Co. The syndicate which
The present power plant at Island Falls was designed for four
brought negotiations to a successful close consists of Stone & Webster, Inc., but only two have been installed, so far, representing a total of 25,000
Chase Securities Corp., Blair & Co., Inc., and Blodget & Co. The syndi- h. p.capacity. The new units will Increase this to 50,000 installed capacityi
cate also purchased Mr. Gould's holdings in the Dominion Iron & Steel Co., which will be adding to the 55,000 h. p. at present developed ay Abitib
the Sabine Collieries and the Spottsylvania Power Co. The consideration at Twin Falls and Iroquois Falls.
se far
Involved or the terms were not announced by either principal in the transacIt is understood that no immediate cash payment will be required
tion.
as the Hollinger Company is concerned, but that bonds will be given for the
Charles A. Stone, of Stone & Webster, said:
time being. The Abitibi company, it is understood, will own the entire
-V. 120, p. 1330.
"It has been felt for some time that Mr. Gould might consider selling his capital stock of Abitibi Electric.
interest in the Virginia public utilities, and we feel that we are very for-Div. on New Corn. Shs.Foundry Co.
in successfully making the purchase. We are very glad to have the
tunate
American Car &
50 per share on
opportunity to assist in the development of this part of Virginia. The
The directors have declared a quarterly dividend of
properties will be under the executive management of Stone ar Webster, 600,000 shares of no-par Common stock, and the regular quarterly dividend
Ina. The policy of the new owners will be to render first-class service, to of 1 0018 on the Preferred stock, both payable July 1 to holders of record
y7
co-operate fully with the customers, the general public, and the authorities, June
and to provide extensions of the plants and other facilities as rapidly as is
The payment on the new Common stock is on the same basis of return
ne:essary to keep pace with the growth of the territory served.
a,s the $3 quarterly previously paid on the old Common, which was ex"We expect to co-ordinate the street railway and bus services of the com- changed on the basis of t.vo shares of new no-par Common for each share of
pany and its subsidiaries in Norfolk, Richmond and environs. Engineers
•
par Common stock.
are already on the job investigating the possibilities in connection with elf $100
The company issued the following statement in connection with the curdeveloping the valuable power sites acquired through the deal."
dividend: "Those stockholders who have not exchanged,
Dominion Iron & Steel Corp. has $360,000 of Capital stock out- rent Common their certificates representing the former Common stock.
The Old
as of June 18,
standing, and its funded debt is $500,000. The stock was formerly owned Par $100, shall be deemed the owners of two shares without par value for
by the Virginia Railway & Power Co., but in 1918 was distributed by that each share of the 9100 par value for the purpose of the dividend on the Comcompany to its Common stockholders on a share for share basis. The mon stock."
-V. 120, p. 2271.
-V. 120. p. 2685. 1749.
Goulds also have been in control of this company.
--Listing.
West Penn Power Co.
-Issues Warrants-Listing.
American Chicle Co.
The New York Stock Exchange has authorized the listing of $6,500.000
The plan of readjustment of the capital structure of the company having
-E," 5%, due March 1 1963, making the been declared operative, warrants are now being issued to shareholders.
1st Mtge. Gold Bonds, Series "
1st Mortgage Gold Bonds, the listing of which has been These warrants, if exercised, must be accompanied with a payment of $25
total amount of
applied for, $40,093,000, consisting of $8,500,000 Series "A," 5.%; 55,503,- a share for each share subscribed on or before June 22, when the rights ex$12,500,000 Series "E," pire.
000 Series "C." 6%; $6,000,000 Series "D," 7
Preferred shareholders will be notified soon that they may surrender their
5% and $7,500,000 Series "F,"
ates of stock, together with claims for accumulated and unpaid
certific
Consolidated Income Account
-3 Months Ended March 311925.
Prior Preference stook, par
$3,915,498 Surplus Dec. 31 1924
Gross earnings
8402648 dividends, and receive certificates of Cumul. 1 1925 on a basis of 13I
June
Sundry additions (net)
Operating exps. $1,738,076;
4.652 par value, with dividend cumulative from
shares of Cumul. Prior Preference for one share of Preferred held.
for renewals and
Reserve
The New York Stock Exchange has authorized the listing of temporary
Total surplus
replacements $289,453-. 2,027,529
$1,958,849
shares Cumulative Prior Preference stock without
Common stock dividends paid
Federal taxes $100,000; State
564.000 certificates for 37,500
Par value, on official notice of issuance In exchange for present outstanding
186,500
taxes $86,500
and listed 30.000 shares 6% Cumulative Preferred stock and accumu.549.919
Fixed charges
lated dividends; and also for the listing of temporary certificates for 24,670
187,500
$1,151,549
Balance Mar. 31 1925.-- $1,394,849 additional shares of Common stock without par value (authorizedthe total
Net income
shares), on official notice of issuance and payment in full, making
Consolidated Balance Sheet (Incl. Sub. Cos.),
amount applied for: Cumulative Prior Preference stock without nominal
Mar.3l'25. Dec. 3124.
Mar.31'25. Dec.31'24. or par value, 37,500 shares; Common stock without nominal or par value.
Liabilities$
$
$
Assets$
Voting trust certificates representing the above shares
elant,prop.&inves.65,704,778 85,177,105 Preferred stock_ _12,707.700 12,707.700 187,170 shares.authorized for the list.
_
1,407,392 1.762,098 Common stock. _14,100.000 14.100,000 have also been offers: (1) To the holders of the present outstanding 30,009
Cash
The company
Funded debt
rec.
36,104,800 36,408,500 shares of 6% Cumul. Prof. stock an opportunity to exchange their shares
Notes & sects
951,575 Pref. div.Payable1,046,958
214,466 with all claims for dividends accrued and unpaid thereon on a basis of 1 Y4
(less res.)
Materials & supple. 812,779 1,139,774 Accounts payable_ 1,040,616 1,202,578 shares of Cumulative Prior Preference stock for each share of 6% Preferred
Matured int. on
Due from subscrs.
stock surrendered.
245,450
funded debt_ _ _ _ 184,882
171,775
38,010
to Pref.stock_ _ _
(2) To the holders of the outstanding 185,025 shares of both 6% Cumul.
635,984 Matured fd. debt_
79,000
60,000 Pref. stock and Common stock. 24,670 additional shares of Common stock
Due from &MI.cos. 718,088
Accrued liabilities_ 1,296,116 1,442,910
Disc, on bonds &
Warrants for subscription to shares of Common stock
3,640,062 3,678,457 Deferred liabilities 1,143,539 1,172,972 at $50 per share. stockholders of record June 4, entitling such holders,
notes &a
will be issued to
89,037 Due to attn.cos. _ _ 180,643
218,221 whether Pref. or Common, to subscribe for 2-15 of a share of Common stock
Unclassified ch'ges 294,548
Reserves
5,766,737 5,514,014 for
Comm. & esp on
each share (whether Common or Pref.) held. Subscriptions must be
202,500
302,500 Surplus
1,394,849
802,648 made and the first installment of $25 per share paid on or I3efore June 22.
Rale of 3tock____
--Ths balance of the subscription price must be paid before July 15.
Total
73,998.882 73.881,980
73,998,882 73.881,980
Total
The proceeds of sale of 24,670 shares of additional Common stock will
120. P. 2685
.
be used, with other funds if necessary, by the company for the payment
-Year notes outstanding.
of its bank indebtedness and of its 6% 5
West Philadelphia Passenger Ry.-Dividend.-By amendment to the certificate of incorporation, the capital of the comA semi-annual dividend of $5 per share has been declared on the stock,
pany is also reduced so as to equal the sum of $100 per share for each issued
payable July 1 to holders of record June 15, less first and second quarterly
share of Cumulative Prior Pref. stock, plus the sum of
installments of the 1924 income tax amounting to 63 cents per share. and outstanding value of all issued and outstanding shares having par
the aggregate par
-V. 119. p. 2649.
sum of $20 on respect of each issued and outstanding share
value, plus the
-Tenders.
Western States Gas & Electric Co.
of Common stock without nominal or par value.
On May 1 1925 the deficit of the company amounted to $2,114.406.
The Girard Trust Co., trustee, Philadelphia, Pa., will until July 7
to it of First & Ref. Mtge. 5% Gold bonds, due The directors have authorized a reduction in the amount attributed in the
receive bids for the sale
June 1 1941, to an amount sufficient to exhaust $135,851, at prices not item carried on the books for "good-will, patents and trade-marks" from
-V. 120, p. 2013.
$8,766,098 to 55.000,000. By the reduction in capital above referred to,
exceeding 105 and interest.
the amount of the deficit and the amount of the reduction in good-will,
Wisconsin Gas & Electric Co.-Construction.a total of 55,880,504 is eliminated and, assuming that the entire 37.500
Wisoonsin's largest power transmission line has been started by the com- shares of Cumulative Prior Preference stock are issued in exchange for exNorth American Co., and will be completed this isting Preferred stock and 24,670 shares of additional Common purpany, a subsidiary of the
-v.
3068
[VOL. 120.
THE CHRONICLE
chased by the stockholders at $50 per share,the company will have a paid-in
-Bonds Offered.
Brewerton Coal Co., Lincoln, Ill.
surplus of $1,385,502.
True-Webber & Co., Chicago are offering at 983/i and int.
Income Account 3 Months Ending March 31 1925.
to yield over 6.65% $500,000 1st (Closed) Mtge. Convertible
Gross profit from sales after deducting cost of material,labor and
manufacturing expense (including depreciation)
$728,939 63/9% 15
-Year Sinking Fund Gold Bonds.
Other income
30,465
Dated April 1 1925; due April 1 1940. Principal and int. (A. & 0.)
$759,403yable at the office of Continental & Commercial Trust & Savings Bank,
Total income
income tax up to
a
503,037 thicago, trustee, without deduction for normal Federal on any int. date
Deductions
-Selling & adm. exp., $446.759; interest, $56,277
2%.
enom. $1,000. $500 and $100 c*. Callable at 105
Net profits
$256,367 on 45 days' notice as a whole or in part.
Data From Letter of W. A. Brewerton President of the Company.
Deficit Dec. 31 1924
2,377,344
Surplus adjustments
6,571
Company.-1111nois corporation, established in 1916. From a modest
beginning, company has developed until it is now one of the well known
Deficit March 31 1925
$2,114,406 operating coal companies of Illinois. Company controls 5,640 acres of
tested coal lands in Sangamon and Logan Counties, Ill., and 1,587 acres of
Consolidated Balance Sheet.
tested coal lands in Parke and Clay Counties, Ind. It is estimated that
Mar. 31'25. Dec. 31'24. the properties contain 17,300,000 tons of recoverable coal in veins which
Mar.31 '25. Dec. 31'24
AssetsLiabilities
$
are currently operated. There are now 3 mines developed: one at SpringLand,bldgs. dr maPreferred stock- 3,000,000 3,000,000 field, Ill., and 2 at Lincoln, Ill. The developed capacity of the 3 mines is
clVy, att. deer_ 3,057,094 3,284,153 Common stock_x10,395,166 10,395,166 4,000 tons per day. The annual output has been running approximately
Good-will, patents
684,000 600.000 tons.
5
-year notes,1927_ 684,000
& trade-marks__ 8,766,099 8,766,099 Derd debs., 1928_ 275,500
275,000
Earnings.
-The consolidated net earnings statement for the 8 years
Cash
275,445
452,408 Sen Sen bonds._ __ 1,720,000 1,720,000 ending Dec. 31 1924, shows average annual earnings for the period (after
Meta& notes rec.,
106,299 all maintenance) of $164,791 available for interest, depletion, depreciation
Accounts payable_ 227,739
less reserve
915,200 and federal taxes.
432,792
280,010 Notes payable..._ _ 915,200
Chicle at for.supp_ 167,373
72,144
57,315
167,373 Accruals
The above earnings are over 5 times the maximum interest requirements
548,190 of this issue and over 2 times the maximum interest and estimated sinking
Inventories
2,146,336 1,556,251 Res. for contIng._ 357,590
Mc' with foreign
ts
33,299
Res. 1925 Inc. tax.
fund charges.
agents
15,914
26,992
Sinking Fund.-Under the sinking fund provisions,there will be deposited
Adv. chicle purch
312,628
321,478
monthly with the trustee an amount equal to Sc per ton for all coal mined.
Investments
146,500
146,500
commencing Jan. 1 1926. Funds so deposited are to be applied by the
Deferred charges
246,051
323,062
trustee to the purchase of bonds at not to exceed the call price, or to
Profit& loss deficit 2,114,406 2,377,344
Totalleach side) 17,680,639 17,701,670 redemption by lot at 105 and int. Payments made to the trustee in this
manner will be sufficient to retire the total issue prior to maturity date.
-V. 120, p. 2945, 2685.
x Representing 155.025 shares of no par value.
Conversion.
-During the life of the issue, legal holders of these bonds will
American-Hawaiian Steamship Co.-Purch. Steamers. have the privilege and option of converting them into the Capital shares of
The company has purchased from W.R. Grace & Co.,subject to ratifica- the company, upon the basis of $40 per share (the present approximate
tion of the stockholders of the owning company, the 6 steamers Santa book value) and par for the bonds with adjustment for fractional shares.
Purpose.
-To provide funds for the redemption of a present outstanding
Barbara. Santa Clara, Santa Malta, Santa Olivia, Santa Paula and Santa
Rosa. The employment of these additional steamers is as yet undeter- bond issue and to provide additional working capital.
mined. The steamers purchased will be named American, Columbian,
Balance Sheet
-April 1 1925 (after financing)•
Hawaiian, Kansas, Montanan and Oregonian. The present American
Assets
Liabilities
and Oregonian will be renamed Coloradan and Honolulan. The price Cash $74,615
$79,816 Accounts payable
and terms of sale are private.
-V. 120, p. 2403.
41,449
Securities owned (cost)
77,283 Accrued pay rolls, not due_ - 11,809
Sundry reserves
120,331
American Type Founders Co.
-Larger Common Divs.- Accounts receivable
2,312
29,710 Unadjusted items
The directors have declared a quarterly dividend of 2% on the Common Inventory
500,000
1st Mtge.610
Real estate,coal rights,equip.
stock and the regular quarterly dividend of 1 % on the Preferred stock,
819,348
1,032,514 Capital stock & surplus
arc
both payable July 15 to holders of record July 3. From Jan. 1924 to April
109,877
1925 quarterly disbursements of 1 j were made on the Common stock. Prepaid exp.& def. charges
%
-V. 120, p. 2014.
$1,449,533
Total
$1,449,533
Total
X
Appleton Co., Lowell, Mass.
-Reduces Dividend.
The directors have declared a quarterly dividend of 5%,payable June 13
to holders of record June 6. Three months ago 7%% was declared and
six months ago 10%.-V. 120, p. 1462.
Asbestos Corp. of Canada, Ltd.
-l% Common Div.
The directors have declared a dividend of 17,, on the Common stock
and the regular quarterly dividend of 1X% on the Preferred stock, both
payable July 15 to holders of record July 2. See also V. 120. p. 586. 961.
Associated Oil Co. of Calif.
-Sub. Co. Dividend.
The West Coast Oil Co., in which the Associated Oil Co. owns 60.40%
of the outstanding stock, has declared an extra dividend of $3 a share and
the regular quarterly dividend of $1 50 a share, both payable July 6 to holders of record June 25.-V. 120, p. 2947.
-Sale.Associated Packing Co., Des Moines, la.
The property was sold at receiver's sale June 1 for $16,000.-V. 111. P.
1663.
Atlantic Fruit & Sugar Co.
-Definitive Bonds.
The Irving Bank-Columbia Trust Co., as trustee, Is prepared to deliver
definitive bonds in exchange for temporary 8% Income Gold debenture
bonds due June 1 1949.-V. 120. p. 2151.
Atlantic Tar & Chemical Works, Ltd.
-Sale.
The real and personal property of the company at Elizabeth, N. J.. will
be offered for public sale by the receivers at the main entrance of the plant
of the company in Elizabeth, N. J.. on July 2. Willard N. Lynch and
Alfred A. Stein are receivers.
-V. 120, e. 708.
Baldwin Locomotive Works.
-Wins Suit.
A Vienna dispatch on May 28 stated that the company obtained judgment
In Bucharest courts against the Rumanian Government amounting to
59.000,000. which must be paid within three months.
-V. 120, P. 1884,
1462.
Bancroft
-Jones Corp.
-Receivership.
-
E. Bright Wilson and Frederick R. Hazard were appointed receivers on
May 1 by Federal Judge Winslow at New York. Creditors must file
notice of claims on or before July 15. Mr. Hazard, who is President, said
that the book value of the company which operates a factory at Buffalo
s about $500,000. and he estimated the liabilities at $300.000. Unfavorable conditions in the steel trade and lack of liquid assets to finance the
business were attributed as the causes of the embarrassment which is regarded as of a temporary character. The business will be continued under
the receivership and it is expected that a reorganization will be effected.
Barnsdall Corp.
-$1,500,000 Additional Bonds Called.
Bridgeport Machine Co.-Bal. Sheet Dec. 31.1924.
1923.
1924.
Assets
Property & plant _
Goodwill, patents,
Cash
Notes& accts. rec.
Inventories
Rental stock
Sund.notes& sects
rec. & sec
Deferred charges_ _
$
623,892
598,292
67,895
325,962
883,280
75,000
14,201
69,078
1923.
Liabilities$
$
710,653 Pref. 7% cumul.
stock
5
xl,gg2,21 1,2,0 0
599,724 Cora. stock
387,500
62,323 Notes payable,&c. 395,000
48,903
31,862
165,585 Accts. payable
34,138
7,838
1,161,035 Accrued accounts_
83,750
75,000 Dividends payable
Purch.money oblig.
27,500
18,600
22,000
24,741 Res.for coatings
78,685
2,657,601
Total
Total
2,657,601 2,877,746
z Represented by 150.000 shares of no par value.
The income account was published in V. 120, p. 2947.
4',9
2,877,746
-Common Dividend No. 2.
Bucyrus Co.
The directors have declared the regular quarterly dividend of 1 % on the
Common stock, payable July 1 to holders of record June 20. An initial
quarterly dividend of like amount was paid on the Common stock on April 1
last.
-V. 120, p. 1208.
(Edward G.) Budd Mfg. Co., Phila.-Tenders.-
Lee, Higginson & Co., sinking fund agents, invites tenders of 6% Sinking Fund Convertible Gold bonds for sale and delivery on or before June 20
at a price less than 110 and int, to the extent of the sum available in the sink-V. 120, p. 2819.
ing fund for the purchase of said bonds.
-Initial Div. on Debentures.
Bush Terminal Co.
An initial quarterly dividend of 134% has been declared on the new 7%
Debenture stock, payable July 15 to holders of record June 22. This stock
was issued under a recent capital readjustment plan.
The directors also declared a semi-annual dividend of $3 a share on the
old Pref. stock, payable July 15 to holders of record June 22. See also
V. 120, p. 2554.
-Nothing for Stock.
C. & E. Shoe Co Columbus, 0.
Complete loss to stockholders of the company, a former Dollings
subsidiary, with holdings of more than $1,000.000, is indicated in a report
of the receiver, Frederick N. Sinks, filed June 1 in common pleas court
at Columbus, 0.
Approved creditors' claims approximating $500,000 probably will be
allowed in the receiver's final settlement, which is expected shortly. Dividends of 35% to creditors, totaling $171,275, were approved June 1 by
p
Judge 8
Robert P. Duncan, bringing the total amount received by creditors
up
The report showed, since Oct. 31 1924, disbursements of $187,047,
chiefly to creditors and as taxes and fees. A balance of $83.206 probably
will be used in discharging the remaining 15% of creditors' claims and
court and receiver fees.
A claim of the R. L. Dollings Co., amounting to about 570,000. Is being
contested.
-V.117 P. 784
The corporation has called for redemption on July 13. $1,500,000 Sinking
Fund Cony. 8% Gold bonds, due Jan. 1 1931, Series "A" and "B.' Payment will be made at 105 and interest at the offices of Lee, Ffigginson & Co.,
at New York, Boston or Ch:icago.. The right to convert into Class "B"
Common stock the principal of any of the bonds designated for redemption,
will expire at the close of business on the 10th day preceding July 13.
-Listing.
California Packing Corp.
The $1,500,000 bonds to be redeemed on July 13 are in addition to the
The New York Stock Exchange has authorized the listing of 15,000 shares
5477.200 already called for redemption on July 1 at 105 and interest. See
additional Common stock without par value, which are now issued to
V. 120, p. 2947:44
L. A. Woolaros as trustee, pursuant to the terms of an offer dated Jan. 2
1924 made to the employees, with authority to add to the list from time
Bemis Bros. Bag Co.-Acguisition.sale
on official
sent out to the cotton and jute goods trade and the many to time 13.292 shares of Common stockof shares notice of issue and
IP Notice was
total number
of Common stock applied
buyers of cotton and jute bags May 23 that the company will carry on the to employees, making the
bag business hitherto done by the Riegel Sack Co. The formal notice for 500,000 shares.
Consolidated Balance Sheet Feb. 28.
stated that the Riegel company has decided to discontinue the manufacture
1924.
1924.
1925.
1925.
of burlap and cotton bags. Its business will be carried on by the Bemis
$
Liabilities$
company. The latter company began operating the Jersey City plant
$
$
AssetsCapital stock.. _ y21,694,486 20,569,485
..
June 1 and will operate the Ware Shoals (S. C.) plant at a later date. Lands, buildings,
mach.&eq.,&c. x15,643,584 15,228,878 Notes payable......3,324,737
--V. 90, p. 374.
.
by.In other cos_ 9,064,261 9,024,361 Accounts payable_ 2,821,784
(Daniel) Boone Woolen Mills, Inc.
- Inventories
707,562
-Relief Possible.
10,474,989 11,166,615 Dividends declared 730,062
Relief for the company, which has been wrangled by opposing receivers Adv. to growers._ 1,133,477 1.307,578 Federal tax provi675,000
975,000
sion
and internal dissensions, is in sight if stockholders will give their assent Notes & acc'ts rec_ 5,563,217 4,875,866
22,529,568 19,299,337
5,035,879 1,491,146 Surplus
to an issue of 8% Preferred to a total of $800,000 and 206,250 shares of Cash
Common stock with a par value of$5. It is proposed by Samuel Rosenthal, Deferred charges_ 1,835,492 1,481,676
.
head of a New York distributing house that he will purchase 206.250 shares
48,750,900 44,576,122
48,750,900 44,578,122
Total
of the junior issue at $1 a share and the entire Preferred, and that 93.750
Total
shares of new Common be exchanged for 187.000 shares of $25 par value
x Land and buildings, machinery, equipment and ranches, $22,846.762:
now selling around $2 a share on the Chicago Stock Exchange. A meeting less reserve for depreciation, $7.203,179. y Represented by 486,708 shares
Is scheduled to be held by the two receivers, creditors and stockholders of stock of no par value.
on June 22, at which the reorganization plans will be gone over. (Chicago
Note.
-The usual comparative income account was published in V. 120,
"Economist.").
-V. 120, P. 2686.
p. 2554.
(F. S.) Bowser & Co., Inc.
-Earnings.
Calendar Years1924.
1921.
$655.780
z Net earnings
$395,632
1923.2 8 loss5347.879
1 5,97
4
$3 92 .
x Net earnings, after depreciation, but before Federal taxes, applicable
to interest. See also V. 119, p. 2290.
Brantford (Ont.) Computing Scales, Ltd.
-Sale.
National Trust Co., Ltd., Toronto, is offering for sale a plant of the
company, consisting of a gray iron and brass foundry, engine house and
plant.
-V. 116, p. 2997.
California Petroleum Corp.
-Listing.
The New York Stock Exchange has authorized the listing of not to exceed
$13.199,450 additional Common stock (par $25) on official notice of issuance and payment in ?full maldng the total amount applied for $30.699( 0.
ven
Holders of the Common and Preferred stock of record Juno 2 are
the right to subscribe on or before June 23 for the shares at $27 50 per snare,
pro rata, to the extent of 45% of their holdings, 1. e., 1 4-3 shares for each
share of Preferred stock and 9-20 of a share for each share of Common stock.
The offer of subscription rights to stockholders has been underwritten at
$27 50 per share.
JUNE 13 1925.]
THE CHRONICLE
Comparative Income Account 3 Months Ended March 31.
1924.
1922.
1925.
1923.
Gross earnings
$4.769,530 $4,912,980 $5,290,020 $2,017,385
Operating expense
1,862,008 2,532,749
1,993,494
920,177
Depree'n. deple'n. &c.._ 1.542,269
918.521
676,060
429,340
Int. & disct. on bonds
150,515
149.319
11.867
12,786
Res. for Fed. taxes, &c109,000
139.775
316,238
83,512
Preferred dive. (7%)
207,814
210.544
220.175
177,475
Common dive. (7%)
304.098
304.098
304,098
Pref. stock & bond red'n
93,531
152,706
172,391
56.360
Balance, surplus
Unapprop. bal. Jan. 1
$500,296
$505,267 $1,595,698
12,295,072 10,301,660 6,277,101
$337.735
3,371.657
Total surplus
$12,795.368 $10,806,927 $7,872,799 $3,709,392
The company is carrying 4,939,765 bbls. of oil in storage at cost of
$4.126,643, as compared with 4,302.583 bbls. at a cost of $2,901,417 in the
corresponding quarter of last year.
-V. 120. p. 2686, 2541.
3069
Common stock and empowering the directors to direct the officers to issue
from time to time all or any number of the shares at not less than $40 per
share. Present stockholders will have no subscription rights to the additional issues.
The proceeds of all of the 150,000 shares of Common stock issued under
this application will be used exclusively in retiring its 1st Mtge. 635%
Serial Gold bonds, of which there are outstanding $7,760,000.
Income Account for 4 Months Ending April 30 1925.
*Gross oper. profit after deducting repairs, maint. and deprec'n,
$1,832,901
$1,829,922; income from other sources. $2,979
Selling, admin. & gen. exp. and bank int., $1.067,780; interest
1,315.380
on bonds, $176,800; Federal taxes, $70,800
899
Sundry adjustments-Cr
Dividends paid on 1st Pref. stock, $81,725: on 2d Pref.,$46,812.. 128,538
Balance to earned surplus
Earned surplus as at Dec. 31 1924
$389,884
1.195,417
Canada Bread Company, Ltd.
-Recapitalization Plan.
$1,585,302
Total
169,800
The stockholders on June 1 increased the authorized capital stock from Less appropriation for 1st Pref. stock sinking fund
37,500 shares of $100 each to 62,500 shares, by the issue of 25,000 new
$1.415.502
shares without par value.
Earned surplus April 30
The 25,000 shares of Common stock, par $100, which have been issued
*After deducting: Depreciation, $211,667: depletion, $2,763; total,
and fully paid up will be converted on and after June 15 into Class "B' $214.430.
Comparative General Balance Sheet.
Preference shares and Common stockholders of record June 13 will also
receive for each share of Common (par $100) held by them, one share of
Apr.30'25.Dec.31'24.
Apr.30'25. Dec. 31'24.
Common of no par value.
g
Liabilities
AssetsThe Class "B" Preference shares shall be entitled to non-cumulative Land, bldgs., ma1st Pref. 7% stock 4,670,000 4,670,000
dividends at the rate of 7% per annum. If in any year after providing for
chinery, &c_ _ _x17,213,412 17,260,120 2d Fret. 7% stock_ 2,675.000 2,675.000
the full dividend on the 1st Preference shares and on the Class "B" Prefer- Good-will, tradeCommon stock_ __y3,070,000 3,070,000
ence shares, there shall remain any surplus net profits, such surplus may
lstMtge.834s____ 8,000,000 7,780,000
marks, patents,
be applied first to dividends upon the shares without par value, up to but
400,000
1 Notes payable_ __ _ 1,300,000
1
&c
not exceeding $7 per share, and the remainder may be distributed in pay- 1st Pfd.stk.sk fd. 130,833
779,781
Acc'ts payable_ _ _ _ 1,290,744
ment of further dividends, but such further dividends if declared shall be Bond Red. acc't__ 240,000
128,538
Dividends payable
distributed in equal amounts upon each of the Class B Preference shares Cash
80.000
709,271 Bonds maturing_
451,755
and each of the shares without par value. Class B Preference shares may Notes receivable_ 164,563
166,226 Accrued local and
be retired by purchase at such price as may be agreed upon or at the Acc'ts receivable 3,497,628 2,038,266
185,992
Federal taxes.,.,150,604
discretion of the directors without any prior notice thereof at $110 and divs. Inventories
4,743,283 4,417,893 Reserves:
46,138
56,415
For
stockPresident Mark Bredin in a letter to the shareholders says: Employees'acc'ts_ 531,803 603,114 For gypsum sacks 148,000 150,000
contingencies
purchase
The company* was organized on July 1 1911, with a capital of $3,750.000
70,800
31,079 For 1925 Fed.tax
28,514
Inv. in other cos
($1,250,000 Preferred and $2,500,000 Common). A dividend of 7% has Exp. paid in adv
5,736,345 5,400,893
120,369 Surplus
166,117
been paid on the Preferred from the formation of the company to the present.
The holders of the Common shares received no dividend. until April 1 1924,
27,167,908 25,346,340
27,167,908 25.346,340 Total
Total
with the exception of a dividend of 2%, paid on Jan. 2 1918. This means
x Land, buildings, machinery and equipment at manufacturing plants.
that for 14 years all the profits over and above the interest on the bonds
and the 7% on the Preferred were re-invested in the building up of the warehouses and offices at sound value as determined by appraisal, plus
company, in the purchase of going concerns, the erection of new buildings, subsequent expenditures at cost, less reserve of $2.585,665 for depreciation.
$13,553.857: water power rights at Marseilles, Ill., at appraisal value, less
and the purchase of the most up-to-date equipment.
When first organized the company conducted business in 3 cities
- depreciation, $662,752; gypsum deposits at appraisal value less $18,097
Montreal, Toronto and Winnipeg. We have since established branches in for depletion, $2,996,803. y Common stock, 92,000 shares of no par value.
Hamilton and Ottawa, and now have 9 branches, in active operation on at value declared under laws of Maryland or at issue price. a Includes
bread and 4 on cake, as compared with a total of 4 when first organized. surplus of $1,159,800 appropriated for redemption of First Pref. stock.
The management appreciates the patience and forbearance of the holders V. 120, p. 2686.
of the Common shares, which have made this expansion possible, and we
-Report.
now feel that the time has arrived when something should be done to show
Cerro de Pasco Copper Corp. (& Subs.).
1921.
that appreciation in a tangible form. This is, therefore, the object of our
1922.
1923.
1924.
Calendar Years-new financing, by which it is proposed to change the character of the Sale of copper,silver,&c.$20,836,689 $20,982.085 $17,805,585 $17,592,080
present 25,000 Common shares into what will be known as B Preference, Divs.andint.received- 160.093
447,007
577,817
524,361
1.173,035
to be placed on a 7% dividend basis, payable out of surplus earnings, after Miscellaneous receipts-- 1.429,906
1,181,313
1,197.411
taking care of bond interest and the first preference dividend. We are, Inventory Dec. 31
4,863,822 5,793,896 3,708,405 4,357,183
in addition, making an issue of 25.000 shares without par value, which
will be issued by way of a special dividend to the holders of the present
$27,654,778 $28,551.209 $23,142,310 $23,282,391
Total
Common shares at the ratio of one share without par value for each share Smelt.,refin. & gen.exp.$10,432,834 $12,455,014 $10,008,010 $9,946,053
of Common stock now held.
-V. 120. p. 2819.
Inventory previous year. 5,793,896 3,708,405 4.357,183 7,009,177
2,161,262 3,010,688 2,808,739
2,381,88
Custom ores
Canadian Atlas Crucible Steel Co.
-.
-Bankrupt.
477,964
576,272
882.328
948,619
S.and foreign taxes- _
A receiving order has been issued under authority of the Canadian U. interest
635,570
595,360
373,000
49,000
Bond
courts whereby the company of Welland has been declared bankrupt. Divs. paid (per share).
(50c)449.115
($4)4.413,608($3)2971.686
G. T. Clarkson, of Toronto, has been appointed custodian. The liabilities
are approximately $700,000 and the assets $550,000. There has been paid
$3,634,934 $5,999,514 $4,594,798 $1,955,774
Balance, 'surplus
Into the company by the shareholders $513,675.
40,336
5,518,240
302,607
30,786
Add balance Jan. 1
Canadian Canners, Ltd.
-Offer to Dominion Canners.
-
See Dominion Canners, Ltd., below.
-V. 120, p. 2015.
Canadian Explosives, Ltd.
-To Amalgamate.
Canadian Explosives, Ltd. and the Giant Powder Co. will be merged
Into a new company to be kriown as the Canadian Giant, Ltd. The plant
of the Giant Powder Co. at Powder Point, Nanoose, B. C. will be closed
down and the business concentrated at James Island, B.0.-V.119, p.2884.
$3,665,720 t6,302,121 $4,635,134 $7,474,014
Total
975.942
1,026,223
Deprec'n of plants, &c--1 4,824,215 2.271,031
4,120.650
4.000,303 3,295,475
Depletion of mines,84c-- J
608.942
years)
Taxes (prior
Deb10,830 Deb41.383
Adjustment
Surplus of subsidiaries
2.295,703
eliminated by consol'n
$40.336
$30,786
$3302,606
Bal.,p.& 1., Dec.31-df$1.767.437
Consolidated Balance Sheet Dec. 31.
1924.
1923.
1923.
1924.
Assets1924.
1923.
1924.
1923.
Liabilities$
2
Land, bldgs.. maAssetsPreferred stock...21.000,000 $1.000,000
Capital stock
6,200,000 6,200,000
chinery & equip_21,046,325 $1,005,804 Common stock... 5,492,000 5.492.000 Metal,&c.,mineel
Cap.surpi-StockmIn'l, &c.,
Pats., brands,trade
Dry Milk Co., pre1z21,445,7681 5,386,703
holders' equity in
Inks.& good-will 5,448,805 5,487,942
leases
ferred stock _ _ _
29,699
29,699
120,218,035
owned propert's39,976,486 36,198,486
Inv.in stk. of affilAccts. payable__ 280,380
278,825 Plant equip..&n• I 1,304,472 1,248,939 10-yr. 8% bonds,.
3.827.000
Misc. investments
iated cos.,
335,611
335,811 Due Casein Co. of
179,060 Res. for U. S. and
289,133
Cash
251,837
121,746
Amer. (Del.)._
40,198
40,198 Deferred charges__
583.795
N.Y State tax_ 335,703
.
1,757,239
Accrued interest
884
Sinking fund
Special reserves_
x40,970
x38,016
Accts. payable... 1,439,927 1,817,502
Liberty bonds_ - _ 42,200
42,200 Surplus
1,291.358 1,209,381 Supplies for opera3,535.652 3,098,316 Drafts payable... 1,013,598 1.005,283
Accts.& notes rec_ 425,119
tions, &c
338,811
321,201
336,766 Due bankers
282,890
280,987
Mdse. inventory_
Inventories
589,411
733,542
Open accounts....
34,414
22,643
Total (ea. side).$8,174,608 28,088,100 Accts. receivable 1,605,807 2,839,562 Wages accr. & un269,527
199.885
claimed
497,341
Co.& custom ores_ 862,979
x Including reserve for taxes.
30.786
def1,767,437
Surplus
Copper, silver and
The income account was published in V. 120. p. 2948.
gold inventory 4,863,822 5,793,898
Cashmere (Wash.) Cold Storage & Warehouse Co.
- U.S. Treas. ctfs 4.835,000 3,500,000
8,657.431 5,399,724
Bonds Offered.
-Murphey, Favre & Co., Portland, Ore, are Cash
47.881,053 50,253.582
47.881.053 50.253,582
offering at 100 and int. $50,000 7% 1st Mtge. Serial Gold
Total
Total
Bonds,
x Metal and coal mines, mining leases and miscellaneous properties.
$33,308,398; plant, equipment, concession, construction, &c.. $29,153.304:
Dated May 15 1925; due serially May 1 1926 to 1935. Denom. $500.
Commercial Bank & Trust Co., Wenatchee, Wash., trustee. Callable on less reserves for depreciation and depletion,$41,015,934.-V. 120. p.335.
60 days' notice at 102 and int. on May 1,of each year beginning May 1 1926.
-Organized.
Chrysler Corp. (Del.).
Interest payable M.& N.at office of trustee or through offices of Murphey,
Fevre & Co.
See Maxwell Motors Corp. below and V. 120. p. 1884.
Company.
-Operates a cold storage and a common storage plant at Cashmere. Has approximately 54 members who have entered into legal and
City National Bank Building, Omaha, Neb.-Land
binding contracts to deliver their entire crops to this organization. The Trust Certificates Offered.
-Central Trust Co. of Baltimore
signed financial statements of the members of this organization show net
and C. T. Williams & Co., Inc., Baltimore, are offering
worth in excess of $1.000,000.
-Bonds are secured by a first mortgage on the present plant at $1,000 per unit Land Trust certificates representing 1,000
Security.
and a thoroughly modern cold storage plant to be presently erected upon
equal undivided parts of the equitable ownership in the
their real estate at Cashmere, conservatively appraised at $102,000.
-In addition to the charge of Sc per box which applies on the fee simple title in the premises occupied by the City National
Revenue.
payment of growers' notes deposited with the trustee as security for these
ioonds, the trust deed also provides that the company must deposit monthly Bank Building, Omaha, Neb.
with the trustee 5c per box of all apples sold, and such proceeds of sale
-Each certificate represents 1-1000 undivided interest, or
Certificates.
received by the company will apply directly on the interest and principal multiple thereof, in the equitable ownership in the fee simple title to approxiof these bonds.
mately 13,000 sq ft. of land located at the Southeast corner of 16th and
It is estimated that the average number of boxes of apples shipped through Harney Sta., in the centre of the retail district of Omaha, Neb. The land
this organization each year will be in excess of 200,000. The yearly average has a frontage of 132 ft. on 16th St.. 99 ft. on Harney St. with a 20 ft.
for the past five years has been 206.000 boxes.
alley on the south.
The average yearly income available from this charge of Sc per box is esThe title to the land is vested in Union Trust Co., Cleveland, Ohio, as
timated to be $10,000, or more than the maximum annual interest and trustee. The certificates are dated June 1 1925, from which day rental is
-M.through the
principal requirements.
payable at the annual rate of $55 per certificate payable Q.
trustee by check to the certificate holders.
-Stock Exchange Offer.
Central Foundry Co.
These certificates are subject to purchase at any time as a whole at $1,050
-V. 119. p. 2183.
See Universal Pipe & Radiator Co. below.
for each 1-1000 part, upon exercise by the lessee of Its option to purchase
the leasedpre.
-Listing.
-Certain-teed Products Corp.
-The land has been appraised by Burt C.
Value of Land ct Improvements.
The New York Stock Exchange has authorized the listing of 150,000 Fowler, of Burt C. Fowler Co., of Omaha. at $1.000.000. It is improved
Common stock without par value (auth. 500,000 with the 10 story City National Bank Bldg., which has also been appraised
additional shares of its
shares), on official notice of issuance and payment in full and distribution by Burt C. Fowler at 21,500,000. Holabird & Roche, Chicago, who built
to the public, making a total amount applied for 290,000 shares without the building in 1910, estimate that it would cost $1,630,000 to reproduce
par value.
the buildirig at present day prices.
At a meeting of the directors held May 21 1925 the issuance of 150 000
-The land and bullding have been leased for a period of 99 years,
Lease.
additional shares of Common stock was authorized, under authority given renewable forever, to the City National Bank Building Co. By the terms
at a special meeting of the Second Preferred and Common stockholders of this lease the lessee agrees to pay all assessments, taxes, trustee's current
held Sept. 30 1924. At the special meeting of stockholder:4, corporate action expenses and in addition the sum of $55,000 per annum for distribution
was duly taken authorizing the issuance of 340,000 additional sham of to the certificate owners.
Casein Co. of America (N. J.).
-Balance Sheet Dec. 31.-
3070
THE CHRONICLE
[VOL. 120.
Earnings.
-Net earnings of the building applicable to the payment of
Cutler-Hammer Mfg. Co.
-To Retire Pref. Stock.
ground rental for years ended Dec. 31 were as follows: 1923, $133,453:
The entire outstanding Preferred stock has been called for redemption
1924. 3136,186. The 1924 earnings were 2.4 times rental requirements.
July 1 at 110 and diva, at the company's office, 12th St. and St. 'Paul
Ave., Milwaukee, Wis. The corporation is prepared to redeem any part
Coniagas Mines, Ltd.
-Annual Report.
of the Pref, stock prior to July 1 at 110 and divs. to date of presentation.
Calendar Years
1924.
1921.
1922.
1923.
Ore revenue
$394,806
3912,547 -V.108, p. 2332.
$853,504
$811,874
Other income
481.486
82,527
67.697
86,233
(Wm.) Davies Co. Inc., & Sub. Cos.
-Report.profits
Total
$894,401
$980,244 Gross $z gen. for year ended Dec. 27 1924, after charging all mfg.,
$876,292
$939.737
sell.
Operating expenses, &c276,554
518,912 Reserved for exp.(incl.repairs & maint.exp.)and hit,on bank loans_ $687,677
466,818
463,906
282,278
depreciation of buildings, plant and equipment
Res, for conting., acc
61,706
43,121
94,018 Interest on bonds
194,800
195,109
Other deductions
58,382
138.607
39,093
61,372
Dividends
100.000
800,000
200,000
200,000
Net profit for year
$210,290
Balance, surplus
Consolidated Balance Sheet.
$126,080 def$471,779
$299,425
$19,659
Previous surplus_
1,878,858
1,695,890
2,148,511
1,852,170
Dee.27'24. Dec.2923.
Dec.27'24. Dee.29'23.
Miscell. adjust. (Cr.)
30.200
19,158
90,159
7.029
Assets
$
$
LiabilitiesProperties
x6,401.111 6,834,946 Class "A" Cumul.
Total surplus Dec.31- $2,268,442 $1,878,858 31,852,170 31.695.890 Inv.in Cl. A shares
stock
y2,329,900 2,329,900
-V. 119, p. 1738.
held by Can. Co. 866,481
831,450 Class "B" stock_y1,536,100 1,536,100
Good-will, tradeBonded debt
3,013.500 • 3,113,500
Conley Tank Car Co.
-7'o Change Par Value.
marks. dtc
1,555,000 2,000,000
1
1 Bank loans
The stockholders will vote July 8 on converting the 15.000 shares of Sees, with trustees
350,000
Acceptances
1,096,857
capital stock. Par :leo, into an equal number of shares of no par value.for bondholders_ 288,664
483,333
72,460 Accounts payable_ 635.793
Inventories
120. p. 2015.
3,298,682 2,244,514 Accrued interest,
71,561
Consigns. dr accts.
90,358
taxes, Src
In Torn countries 681,576
33,589
24,875
Commercial Credit Co. Balto.-Financing.-Robert
638,382 Bank overdrafts
Co.,
3,292,399 3,082,109
100,855
585,220 Surplus
Garrett ,$ Sons, Baltimore;
Trask & Co. IVIarshall Inv.in assoc. cos
Other investments.
47,684
40,301
Field1oiCCo., New York, and Firs't Trust & Accts. & notes rec.
(less reserves)
Savings Bank, Chicago, will shortly offer $5,000,000 10
-Year Mtges. receivable_ 1,114,631 1,080,408
68,764
63,781
5%% Collateral Trust Sinking Fund Gold Notes, Series "A," Cash
373,179
230,903
Deferred charges
338,137
372,746 Total (each skle)_13,574,782 13,000,092
due 1935.
x Consisting of
buildings and equipment, on basis of appraised
The company's'purchases for the month of April were over $21,000,000, depreciated values land, 27 1919, plus additions since, less sales of property,
Sept.
which is the peak month in its history and while the figures from the branch and less depreciation provided during the years ending Sept. 25 1920.
offices for May have not yet been compiled, It appears that they will Sept. 30 1922 and Dec. 27 1924. y Represents 91,000 Class "A" no par
considerably exceed those of April.
-V. 120. p. 2820, 2555.
value shares and 60,000 Class"B" no par value shares.
Note.
$195.000 given to
-(a) Contingent liability under
Continental Asphalt & Petroleum Co.
-Foreclosure.
- bank in respect of the Ontario Fertilizerguarantee up to
Co.. Ltd., an affiliated company.
D. D. Brunson, Special Master, will on June 15, at the front door of the (b) Dividends on Class "A" Cumulative shares have been paid to June 15
Court House of Murray County, in Sulphur. Okla., sell at public auction 1921.-V. 118, p. 2829.
for cash to the highest bidder the property, both real and personal, of the
company.loeated in Oklahoma. 0.0.Johnson, receiver. -V.116, p.2012.
Davison Chemical Co.
-Listing.
The New York Stock Exchange has authorized the listing of permanent
Continental Baking Corp.
-Stock Offered.
-Palmer & certificates for 234,345 shares of its Common stock without par value, on
Co., White, Weld & Co., Clark, Dodge & Co., Dominick & official notice of issuance in exchange for outstanding voting trust certificates,
Dominick and Dawson, Lyon & Co., Inc., are offering a stock with authority to add to the list certificates for 655 shares of Common
which have been issued and are outstanding in the hands of the
block of 70,000 shares of the 85 Cum. Pref. (a. & d.) stock public, but which were never deposited under the voting trust agreement,
making the total amount applied for 235,000 shares.
-V. 120, p. 2949.
of the corporation. The offering
does not represent new
financing on the part of the company.
-Glen
Delaware Lackawanna & Western Coal Co.
Corporation was Organized in Maryland in Nov. 1924, and now controls Alden Coal Co. to Offer Stock in Exchange Sharefor Share.
many established and successful
baking companies operating 104 baking
plants. These plants are located in 82 cities throughout the United States
and Canada,including New York. Washington, Chicago, Boston, St. Louis,
Detroit, Denver, Los Angeles, Minneapolis, Seattle, Montreal, Toronto,
Hamilton and Windsor. The principal products of the company consist
of bread and cake and are sold under such widely advertised trade names
as "Certified Bread," "Merit Bread." "White Rose Bread,' "Holsum
Bread," "Hostess Cake," &c. Plans are under way for intensive advertising and sales campaigns which are expected to result in a greatly increased volume of business in 1925.
As of May 16 1925 the company had outstanding $49,276,200 8% Cum.
Pref.stock,288,554 shares of no par Class"A"Common stock and 2,000,000
shares of no par Class"B" Common stock. On the same date funded debt
of subsidiary companies amounted to $8,421,532 and minority interests
consisting principally of Pref. stocks, to $3.316,826. Based on a consolidated balance sheet as of May 16 1925, current assets aggregate over
$14,642,000. against current liabilities of only $3,631,954. Cash and
Government securities alone amount to more than $8,434.000, and the
balance of the current assets, it is stated, is readily convertible into cash.
Total net assets (including good-will), after deducting all liabilities and
reserves, are $53,154,722.
Dividends on Pref. stock payable Q.
-J., the initial dividend having been
paid Jan. 2 1925. Callable, all or part. on any div. date on 30 days' notice
at $110 and dive. The Class "A'and Class "B" Common stock which
was outstanding as of May 16 1925 Indicates a current market equity in
excess of $90,000,000.
For the 52 weeks ended Dec. 27 1924 the constituent companies of
Continental Baking Corp. reported total sales of $76,548,751. Net earnings for such period, after all charges including depreciation of $2,343.822
and Federal taxes, amounted to $6,014,163. or more than $12 per share on
the $49,276,200 8% Cum. Pref. stock outstanding as of May 16 1925.
More than 55% of the net earnings were supplied by United Bakeries Corp.,
which contributed only 43% of the sales volume.
Sales and net earnings for 1925 to date have shown large increases over
the same period of 1924, and the company estimates that earnings available
for Prof. dividends for the current year (including those from additional
properties acquired) should be in excess of $10,000,000, or more than 23i
times the annual dividend requirement of the Pref. stock now outstanding.
The 8% Cum. Pref, stock is listed on the Boston Stock Exchange, and
it is the intention of the company to make application to list on the New
York Stock Exchange. All three classes of stock are traded in on the New
-V. 120, p. 2687, 2555.
York Curb Market.
Continental Motors Corp.
-Semi-Annual Report.
Six Months Bnded April 30Operating profits
Interest charges
lDreciation
Federal taxes for period
Dividends paid
Premium on 7% notes redeemed
Surplus
Previous earplug (adjusted)
1925.
1924.
32,461,131 32,366.287
286,762
309,616
571,096
712,927
200,409
180,000
704,338
352,169
30.000
$698,526
8,945.848
$781.575
7,553.976
Profit and loss, surplus
$9.644,374 $88.335,551
Comparative Balance Sheet.
Apr.30'25. Oct.31 '24.
Apr.30'25. Oct. 31 '24.
$
$
LiabilitiesAssets$
$
Property account al5,382,387 15,689,991 Common stock_ b17,308,450 17,308.450
6ji% bends
Patents, good-will,
7,500,000 7,500,000
27,500
27,500
trade name, &c_ 5,908,317 5,908,317 Pur. money Ong_
492.484 Accounts payffble_ 1.166,597
622,783
868,590
Investments
5,445.125 4,774,536 Accr. pay-rolls,&c. 580,938
435,543
Cash
425,868
Notes & acc'ts res. 2.717,667 1,692,979 Federal tax reserve 390,203
47.522 Surplus
Sundry debtors_
26,566
9,644,374 8,945,848
Inventories
5,349,958 5,637,214
Prepaid int., taxes,
&c
919,454 1,022,898
See Glen Alden Coal Co. below.
-V. 120, p. 1095.
-To Issue Stock.
Dennison Mfg. Co., Boston.
The directors have voted to issue for cash 2,000 additional shares 2d Prof.
stock, par $100. After this issue the outstanding stock will consist of 45,000
shares of let Pref., 15.000 shares 2d Prof.(par $100), and 309,516 Industrial
Partnership shares, par 310.-V. 120, p. 1464.
-Bonds Offered.Dermon Building, Memphis, Tenn.
Greenebaum Sons Investment Co. is offering, at prices
ranging from 100 and int. to 101 and int. according to
maturity,$575,000 1st Mtge. Serial Real Estate 61.4% bonds.
Dated June 11925;due serially (J.& D.)from Dec. 1 1927 to'June 11940.
Denom. $100. $500 and $1.000. Penna.4 mill tax and 2% Federal normal
income tax paid by borrower. Principal and int. (J. & D.) payable at
offices of 0reenebaum Sons Investment Co. Red. on 60 days notice at
-story office and store building in
103 and int. Secured by land and 10
Memphis, together having an estimated valuation of $880,000.
Income.
-Gress annual income from the property is very conservatively
estimated at $143,920, including $120,852 for 9 floors of office space, on a
basis of $2 per sq. ft.; $23.068 for 8 stores at the rate of $3 to $4 tier sq. ft.;
expenses estimated at 341.088, leaving a net yearly income of $102,832.
Which is approximately 3 times the maximum annual interest charges on
the entire issue, reduced semi-annually.
-The property is owned and the building
Ownership and Management.
will be operated by Dave Dermon Developments, Inc., the officers of which
Include some of the leading citizens of Memphis.
-Extra Dividend of 50 Cents.
Devoe & Raynolds Co., Inc.
The directors have declared an extra divid nd of 50c. on the Common
and the regular quarterly dividend of 1,J5% on the Common and 1 I%
each on the 1st and 2d Pref. stocks, all payable July 1 to holders of record
June 19. The Common stock was put on a regular dividend basis of 6%
Per annum (compared with 5% per annum, thsprevious rate) by the payment on April 1 of a quarterly dividend of 134 e•
The company states that the declaration of the extra Common dividend
-V.120.
was due to increased earnings during the first half of its fiscal year.
P. 1334.
Dictaphone Corp.(& Subs.).-Consol. Earns. for 1924.
$240,739
Profit
Less: Depreciation,$47,640;amortization leasehold improvements,
78,513
$8,406; reserve for income tax, $22,467; total
112,000
Cash dividends on Preferred stock
$50.226
34,291
deb.13,548
Balance,surplus
Surplus Jan. I 1924
Organization expense written off
Su7 1 0 p. 17 1924
. 1 Dec 31 .
11
. 5
,
$70,969
-Balance Sheet Dec. 31.Dominion Stores, Ltd.
1924.
AssetsCash
$201,899
5,274
Acc'ts receivable_ 57,464
Advances
Mdse. inventory
1,361.533
9,535
Investments
Deferred charges
48,735
Stores, machinery
274.828
& equipment
Motor cars, trucks,
128,203
&e
252,066
Good-will
Liabilities1924.
Bills& Reels pay- $613,830
Sundry creditors
Bank loans
400,000
Accrued expenses_
Divs. payable..._.
32,506
Pref. 01. A stock
593,900
do a. B stock 250,000
219,545 Common (25,000
shares)
210,135
27,165 Surplus
x239,167
252,066
1923.
$190,694
9,157
52,957
883,272
5,610
58.580
1923.
$444,968
8,719
2,110
31,918
593,900
250.000
210,133
157,296
Total
$2,339,538 $1.699,047
$2,339,538 51,699,047
Total
x Subject to provision for 1924 Federal income tax. See also V. 120,P
36,618,062 35,265,992
Total
36,618,062 35,265,992 709.
Total
a After deducting depreciation and accruing renewals. b Represented
-Offer to Stockholders.
Dominion Canners, Ltd.
by 1,760,845 shares of no par value.
Halsey, Stuart & Co., fiscal agents. 201 South La Salle St., Chicago,
The directors of Dominion Canners and Canadian Canners announced
will until June 15 receive bids for the sale to it of 1st Mtge. S. F.63 % Gold June 5 that a basis of liquidation of Dominion Canners' assets had been
bonds due Mar. 1 1939, at not exceeding the prevailing call price and ac- reached. The liquidation has been brought about by the co-operational
crued interest, to exhaust the sinking fund of $292,875.-V. 120, p. 1094, both companies, which involves the issuance of general mortgage bondsby
458.
Canadian Canners, Ltd., to the extent of the loan of working capital; up-.
Plied by the Dominion Canners, Ltd. A statement issued by the companies
.-Acquisition.--Continental Oil Co. (Me.)
says:
Vice-President George F. Smith on June 3 announced that officials of
A payment of $7 on the Dominion Canners Common stock will be made
the company have purchased all holdings of the B. & L. Oil Co.. which on June 30 to stock of record June 25. Subject to an arrangement of letoii
operates in 17 towns in Nebraska. Consideration, it is stated, amounted and technical details at meetings to be called forthwith by both comp:tiles
to approximately 3300.000.-V. 120, p. 2274.
to ratify the 1149110 by Canadian Canners of an issue of general mortgdge
bonds for the debt owed to Dominion Canners, and to dissolve Dominion
Cuba Company.
-Earnings.
Canners as soon after July 1 as feasible, dividends on Dominion Canne
Net income for the 7 months ended Jan. 31 1925, after expenses. taxes, Preferred and Common to be brought to the equivalent of 7% per an um
&s., amounted ta $2,641,056.-V. 120. p. 587, 335.
for the first half of 1925.
JUNE 13 1925.]
THE CHRONICLE
3071
Subsequent to this, offering Is to be made to liquidate one share of Domin- approximately three times the maximum annual Interest charges on entire
ion Canners Preferred by issuing $115 general mortgage bonds, and $75 issue.
Common stock of Canadian Canners, Ltd., and for one share of Common
Everglades Club Properties, Palm Beach, Fla.
-Bonds
of Dominion Canners, 2.45 shares of Canadian Canners Preferred, exdividend to be declared forthwith by that company of 2q%, which it is Offered..-Spitzer, Rorick & Co., New York, and McLaughunderstood will be the only dividend paid on Canadian Canners Preferred
lin, MaeAfee & Co. Pittsburgh, are offering at 101 and int.,
during 1925.
The offer to the Common shareholders is to be subject to the privilege to yield from 6.46% to 6.75%, according to maturity,
open to the Preferred shareholders of taking the Canadian Canners Preferred in lieu of the first offer to the Common. The third option is to take 81,600,000 1st (Closed) Mtge.7% Sinking Fund Gold bonds.
an even division of the bonds. Preferred and Common of the Canadian Can- Bonds issued by Ocean & Lake Realty Co.
ners held by the Dominion, the Common therefore to accept the residue pro
Dated May 1 1925, due $400,000 each May 1 1927 to 1930. Prin. and
-V. 120. p. 2820.
rata.
int.(M. & N.) payable at Spitzer-Rorick Trust & Savings Bank, Toledo,
trustee, or Spitzer-Rorick & Co., N. Y. City. Denom. $1,000 c*. Int.
-Sale.
Dorris Motor Car Co., St. Louis.
The $540.000 assets of the company were sold at auction April 30 to the payable without deduction of any Federal income tax not in excess of 2%.
highest bidder, H. B. Krenning, for $115.000. He will reorganize the com- Refund of Pennsylvania 4 milt tax. Callable at 103 and int. on any int.
pany and continue the manufacture of motor cars. Mr. Krenning was an date in their numerical order, on and after May 1 1927 upon 60 days notice.
organizer of the concern and its President until 1917. The sale was under a Data From Letter of Paris E.Singer,Pres. of Ocean & Lake Realty Co.
-A Florida corporation. Organized and largely
Court order of Feb. 14 1924. sustaining a petition of stockholders for volun
Ocean tee Lake Realty Co.
-V.118, p. 913.
tany dissolution. ("Iron Age.")
owned by Pres. Singer to manage and control the Everglades Club Properties. The Everglades Club has a membership at present of approximately
Durant Motors, Inc., New York.
-Annual Report.800 members, including leading financiers and business men of most of
-Calendar Years- 15 Mos.End the larger cities east of the Mississippi.
The Everglades Club Properties covered by this mortgage include the
1924.
Dec. 31 '22.
1923.
buildings which are
Not stated.
Gross profit
jY55,528,821 Club building proper; the servicecovering almost an separate and apart(
bungalows
Miscellaneous net additions
J
1 2,438,239 the Spanish villas and shops and maisonettes alreadyentire square or block
constructed, and the
close to the Club; the
42,172,311 $4,405,385 $7,985,059 new Parigi Building and the Everglades golf course and tennis courts, with
Total income
1,690,139
Administration & engineering expense 1,404,735
2,133.407 the buildings and improvements thereon,all of which are located together.
Security.-These bonds will be secured by a first and closed mortgage on
Net inc. after provision for Fed'l tax $767,577 $2,715,226 $5,831,652 lands and buildings appraised on May 1 1925 by the Palm Beach County
Real Estate Board as having a sound present value of $7,830,595. As
Surplus Jan. 1 1924 (adiusted)
41,649,178 41,152,990
this bond issue is the only funded debt of the company, it will also be a
Less-Proportionate earnings of div.
direct charge upon the entire holdings of the Ocean & Lake Realty Co.
2,219,038
cos. credited to Particip'n contracts
appraised by the Board on said date at $10,372,151. Upon the completion
Deduct for depreciation, doubtful acof inv. in affil. cos-- 17,526.906
of the present financing the above values will be increased by the proceeds
counts & revel.
of this loan, or approximately $2,000,000,and it is estimated by Pres. Singer
Add-Premium received from sales of
Capital stock, less selling expense
354,567 that the value of the 50 acres to be filled in and reclaimed out of Lake
Worth will alone have a ready market value of between $3,000.000 and
Stocks in affiliated corporations in
excess of cost
12,947,505 $5,000,000.
Participating contracts
Earnings.-Earnings of company are from the dues of members, which
23,488.000
for the past season amounted to $76.044. These properties have been
Total surplus as per balance sheet....$24,889,849 541,649,178 $42,621.724 in successful operation since 1918 and the not earnings after depreciation,
x Total income for 1924 stated as "dividends and miscellaneous income." taxes, insurance and operating expenses for season 1923-24 were $284,515:
y Net sales, $39,296,381, less cost of sales, $33,767,561.
for 1924-25 they were $714.377, and it is estimated that the earnings for
the coming season 1925-26 will be much greater than for any previous year.
Balance Sheet December 31 (Included in 1922,Divisional companies).
1923.
1924.
1924.
-Listing.
1923.
Fairbanks, Morse & Co., Inc.
Liabilities$
Assets$
$
$
The New York Stock Exchange has authorized the listing of $7.528,700
Capitalstock _ _ _ _x40,650.069 21,069,382 7% Preferred stock, with authority to add $725 on official notice of issuance
Real estate,plant&
80,822 Acc'ts pay., curr't. 277,384 1,238,448 in exchange for outstanding scrip, making the total amount applied for
eaulp.,less depr_ 117,712
Partleg contractsa17,015,169 21,268,962 Taxes, payrolls &
$7,529,425 (authorized, 512,500.000).-V. 120, 13- 2638, 2016.
sundries, not due 595,517
Inv. in & adv. to
311,695
affiliated cos_ _ _43,105,825 41,378,677 Res.for sund.cont. 200,000
-Special Dividend of 2%.
Farr Alpaca Co.
Listed sees. at cost 3,856,271 3,423,060 Adv. by Star MoThe directors have declared a special dividend of 2% in addition to the
718.299 1,044,628
tore, Inc., agst.
Cash
regular quarterly dividend of 2%, both payable June 30 to holders of
mfg.operation_
Notes receivable_ _11.195,0051 4,808,914
9,603,252 record June 18.-V. 118, p. 3203.
1, 534,882 Surplus
24,889,849 41,649.178
Accounts recelvle _ 1
56,411
475,234
Material & supp_ _
-Misrepresentation Charged.
Federated Radio Corp.
856,776 Total(each side)_ _66,612,829 73,871.955
Deferred charges_ _ 548,137
Two New York Stock Exchange firms-Carden Green & Co. and
in a suit filed May 19 in the
-were named defendants
a Participating contracts, $21,268,962, less amortization, $4,253,792.
E. W. Ciucas & Co.
x Represented by 2,036,030 shares in 1924 and 1,200,216 shares in 1923. New York Supreme Court in connection with the sale of stock of the corW.O. Durant, early in May, organized a syndicate to trade in the stock poration, of which Louis T. McFadden, Chairman of the House Committee
of the Durant organization have the on Banking and Currency. is President.
of Durant Motors Inc. Stockholders
privilege of participating in this syndicate, but they are requested to give
Affidavits submitted to Justice Lydon contain charges of misrepresentaMr. Durant an option to buy the stock held by them as of April 15 at $10 tion of material facts. On these affidavits William Rosenblatt obtained
a share more than the stockholder paid for his holdings.
an order directing Mr. McFadden, Edward W. Clucas and George A.
The agreement is drawn up between Mr. Durant, as manager of the Carden to show cause why they should not be compelled to testify to
syndicate, and the stockholders, and under this agreement each stockholder enable Mr. Rosenblatt and his attorneys to prepare a complaint, either
has a participation equal to the number of shares of the corporation he holds In a suit to rescind the contract for the sale of the stock or "for damages
as of April 15 1925. It is further stipulated that the manager of the syndi- by reason of misrepresentation of material facts.
cate is authorized to buy sell, nold or dispose of the stock acquired on or
Mr. Rosenblatt said he bought 400 shares of the Federated Radio stock
after this date at such prices as he deems advLsabia.
for $8,400 from Carden, Green & Co. His affidavit asked that the persons
The profits of the syndicate, it was pointed out, will be divided on a pro named be examined concerning the actual property owned by the Federated
rata basis to the participants in the syndicate, and the liability of each Radio Corp. and its constituent companies, the Rove Radio Corp., the
subscriber will be limited to $3 a share, which amount is to be forwarded Equitable Radio Corp., the Volume Products Co., the Radcab Co. and the
with the agreement. The syndicate agreement will expire on Oct. 15 1925, Eureka Battery Co., and stated he wanted to find out whether Carden.
unless 75% of the subscribers vote to continue it if necessary.
Green & Co. acted as principal or agent in selling stock to him.
The terms of the option provide that the stockholders will deliver to the
According to Mr. Rosenblatt, the two brokerage firms offered 110,000
syndicate on written order and on payment of $10 a share more than the shares of Federated stock at $21 a share in February, representing that the
price paid for the Durant Corporation stock standing in the subscribers' corporation would be in control, through stock ownership, of five radio
name on April 15 1925. In consideration of this option, the syndicate will corporations "successfully engaged in various branches of the radio induspay interest at the rate of 5% annually on a valuation of $20 a share.
- try, with large assets and earning powers."
V. 118, p. 3202.
The claims for these earning powers, Rosenblatt alleges, were false and
fraudulent. Rosenblatt declared that later 100 shares of stock were sold
Oil Transport Co., Ltd.
Eagle
-Annual Report.
at $5 50 a share,although he bought the same stock for $21.-V. 120,p.1210
1924.
Calendar Years1921.
£1,073,121 £1,103,904 £1,412..202 £1,064 27
Trading profit
1 2
1923.92
1186
(Theodore) Ficke Warehouses Inc.-To LiguidateAssets
58,054
Interest received
79,489
90,047
'
Judge Marcus B. Campbell in the U. S. District Court in Brooklyn
Transfer fees
113
79
63
27 recently appointed Eugene F. O'Connor Jr. as special master to liquidate
the assets of the company within the jurisdiction of the court. The corTotal income
£1,131,238 £1.183,473 £1,502,363 £1,066,440 poration went into bankruptcy on April 20, a few days after the Federal
Salaries, rent and general
Food Stores, Inc., was declared insolvent. The Federal Food Stores. Inc..
51,459
office expenses
45,721
47,494
45,443 stored vast quantities of merchandise in the warehouse of the Picke corDirectors' fees, &c
3,627
3,937
3.967
3,931 poration. Harold L. Turk was appointed receiver on April 20.
Interest
210,000
193,628
164,917
72.750
Transferred to deprecia'n
-Dividend, Listing, &c._
First National Pictures, Inc.
617,837
& sinking fund reserve
750,000
750.000
425,000
The directors have declared a regular quarterly dividend of 2% on the
Divs. on Pref. abs.(6%)
120,000
120.000
120,000
120,000 Cum.8% Partic. 1st Prof.stock, payable July 1 to holders of record June 15.
dividend of 2-3 of 1%, covering the period from March 1 to
Balance, surplus
£46,632
£499.440
£68,414
£399,315 An initial paid on April 1 last.
April 1, was
-V. 118, p. 2830.
The New York Stock Exchange has authorized the listing of $2,500,000
-- Cumulative 8% Participating 1st Pref. stock (par $100)•
-To Declare Extra Dividend.
Edmunds 8c Jones Corp.
The directors have declared the regular quarterly dividends of 50c. a share
Earnings for Fiscal Years Ended,
on the Common and of 1 % on the l'referred stock, both payable July
Net
Interest Deprecia- Fed. &
Net
to holders of record June 20, and announce that an extra dividend, the
lion. State Tax. Earnings.
Paid.
Profit.
amount to be determined later, would also be paid on the Common stock. Dec. 29 1923
$1,257,338 $385,769 $121.129 $198,392 5937.818
In each of the previous eight quarters, the company paid an extra of 50 Dec. 27 1924
287.532 1,878.998
132.404
145,913
2,298.924
cents per share for the Common stock, in addition to the usual quarterly
The estimated output for the current year 1925 Is about 52 pictures.
-V. 120. p. 983.
of 50 cents per share.
estimated total gross revenue is from 524.000.000 to 525.000.000.
The
See also V. 120. p. 1095.
-New Director.
(Otto) Eisenlohr & Bros., Inc.
Harry 8. Rothschild of New York has been elected to the board, filling
-To Retire Preferred.
Fisher Body Ohio Co.
the vacancy created by the death recently of Ben R.IAchty.-V. 120,p.1465,
retire
President F. J. Fisher announces that the company on Oct. 1 willstock.
110 and divs. the entire outstanding $8,019,000 8% Cumul. Prof.
at
Elliott-Fisher Co., New York.
-Extra Dividend.
holders can turn in their stock after
have been made so that
The directors have declared an extra dividend of $1 per share on the Arrangements
Co. and receive payment at 110 and diva.from
Common and Class "B" Common stocks, in addition to the regular quar- July 1 at the Bankers Trust The Fisher Body Corp. owns practically the
July 1 to date of payment.
terly dividends of $1 per share on the Common and 1 % on the Preferred, entire issue of Fisher Body Ohio Co. Common stock.
-V. 120, p. 1098.
July 1 to holders of record Juno 15. An extra dividend of
all payable
$1 50 per share was paid on both issues of Common stock on Jan. 2 1925.
Franklin Apartments (Franklin-Kellum Co., Inc.).
-v. 119, P. 2767.
are offering at 100 and
-J. G. White & Co.
Bonds Offered.
Embassy Apartments, St. Louis.
-Bonds Sold.-Greene- int. $400,000 1st Mtge. 6% gold bonds.
baum Sons Investment Co. have sold (all maturities, 5 to 12
Dated May 15 1925: due May 15 1935. Int. payable M. & N. without
up to 2%. Company agrees
years) at par and int. $610,000 1st Mtge. 63.4% Serial Gold deduction for the normal Federal income tax income tax not to exceed 6%.
to refund the Penna. 4 mills tax or the Mass.
bonds.
c*. Red., all or part, on any int. date at 102
Denom. 51,000 and $500
Dated June 1 1925; due (J. & D.) from Dec. 1 1927 to June 1 1937. and int. on 60 days' notice. Empire Trust Co., NewYork, trustee.
-Payment of principal and interest of these bonds is guaranPrincipal and int. (J. & D.) payable at offices of Greenebaum Sons InvestGuaranty.
ment Co. without deduction for Federal normal income tax not exceeding teed by the National Surety Co.
-Franklin-Kellum Co., Inc.. has been organized in New York
Rea. in whole or in part on any int. date upon 60 days' notice at
Business.
2%
.and int. Denom. $100, $500 and $1,000 c*. Legal investment for for the purpose of erecting and operating a building to be known as the
103
Missouri trust funds.
Franklin Apartments on a site which it has acquired at Garden City. L. I.
"'Situated on an attractive corner facing Washington Terrace, the property This site has an area of 35,000 square feet. Company has begun the conis in the heart of one of the finest residential districts of St. Louis, being struction upon this site of a 4-story concrete and brick building, which
and housekeeping apartments of
a short distance from Forest Park and within a few minutes' ride of Wash- will contain shops doctors' offices on the ground floor the garden type
and a number of
-story and basement apartment There will also be
ington University. Building consists of 8
building of fire proof construction; contains 78 apartments of two to five private garages will be erected in the rear.
-The land and building upon completion are appraised by
-car garage.
Appraisal.
rooms; also 40
-Expert appraisal of the land, building and equipment, when Pease & Elliman, Inc., of New York, at $650,000. On the basis of this
pft Valuation.
completed, places the total value at $935.000.
appraisal the total issue will be less than 62% of the value of the property.
--Gross annual rental conservatively estimated at $136.680,
-The earning power of the building is estimated as follows:
Earnings.
Earnings.
and expenses at $26.000; leaving a net yearly income of $110.680. which Is Gross rentals, $93,850; operating expenses, taxes, &c., $19,500: allowance
3072
THE CHRONICLE
[VOL. 120.
for vacancies, &c., $9.500; net earnings, $64850. These estimated net
(W. T.) Grant Co., Boston.
-May Sales, &c.
earnings are equivalent to more than 23i times the maximum annual
Sales for May were $2,292,856, an increase of 18% over May 1924, and
interest requirements of these bonds, which amount to $24,000.
Sinking Fund.
-The mortgage provides that bonds will be retired on for the first 5 months totaled $10,245,436. an increase of 22% over the corNov. 15 of each year as follows: 1926 and 1927, $7,500; 1928, $10,000; responding period a year ago.
Balance Sheet Jan. 31.
1929. $12,500; 1930 and 1931, 415,000; 1932, 1933 and 1934,. $17.500.
The company may buy bonds In the market for this purpose if they are
Assets
1925.
1924.
1925.
1924.
obtainable below the call price, but, if not so obtainable, they will be called Cash
8599,835 $886,851 Notes payable.....$55,030
$40,000
by lot at 102 and interest.
Accounts reale,&c
27,507
231,503
21,256 Accounts payable_ 385,558
Inventories
•
2 687,035 2,476,726 Accr. accts. (incl.
Frost
-Johnson Lumber Co.
-Change in Name Approved. Life insur. policies. 27,001
431,005
Fed'i inc. tax)_ _ 435,097
18,350
5,804
10,133 Dividend payable
The stockholders on June 3 approved a change in name to Frost Lumber Empl. acc'ts rec'le
Industries, Inc. to date from July 1 1925 and amended the articles of in- Furn. & fixt., &c.,
75,000
Feb. 1 1925.__
less depreciation 1,022,787
'
corporation broadening the powers of the company. The new articles of
768,276 Reserve for paint13,989
Incorporation permit the company to do and transact any and all business Alterations & impt.
ing stores
25,301
of leased stores_ 2,167,439 1,533,436 Real estate mtge.
75,000
properly connected with or incidental to the development, operation and
Unexpired insuece
1,971
maintenance of its properties.
Derd income rents
Premiums, dm__ 219,661
144,569 8% Pref. stock_
The Frost Lumber Industries, Inc., together with its subsidiaries, own
2,430,500 2,500,000
more than 450,000 acres of timber lands in Arkansas, Louisiana and Texas. Pref.stk. of Realty
Common (50,000
Corp.for empl__
Officers of the Frost Lumber Industries, Inc., are: E. A. Frost, Pres.;
31,401
shares, no par). 1,500,000 1,500,000
F. T. Whited. 1st V.-Pres.: G. S. Prestridge, V.-Pres.; C. W. Nelson, Sundry notes, &c.,
1,896,565 1,066,127
Surplus
receivable
V.-Pres.; R. B. Bearden, Gen. Sales Mgr.; S. H. Dowell, Sec.-Treas.
14,750
Invest't sub. co.....
1
-V. 118, P. 2
956.
Frost Lumber Industries Inc.
-New Name.See Frost-Johnson Lumber Co. above.
Furniture Exhibition Building, Chicago.
-Bonds Offered.-Greenebaum Sons Investment Co. are offering (all
maturities 5 to 10 years) at par and int. $475,000 1st Mtge.
6% Serial Gold bonds.
Total
$6,803.021 $5,859,597
-V. 120. p. 2408. 2017.
Total
$6,803,021 $5,859.597
Great Western Sugar Co. & Sub. Cos.
-Annual Report.
Consolidated Income Account Years Ended Last Day of February.
1922-23.
1923-24.
1924-25.
Profits from operation
$11,614,119 $13,760,579 48,056,092
Interest income
247,508
211,369
278,738
Income from investments
146,273
450,733
527,895
Dated June 1 1925; maturing 2 to 10 years. Principal and int. (J. & D.)
payable at offices of Greenebaum Sons Investment Co. without deduction
Total income
$12,420,752 $14,422,681 $8,449.873
for Federal normal income tax not exceeding 2%. Red., all or part, on Interest on money borrowed
493,113
any int. date upon 60 days' notice at 103 and int. Denom. 4100. $500 Loss on farming, &c.,side operations48,125
1,162
and $1,000 c*. Greemebaum Sons Bank & Trust Co. Chicago. trustee.
1,176,765
Depreciation of plants and railroad
1,202,520
1,224,511
the
Location -Property is situated directly opposite' furniture mart, Adjustment of construe.in suspense252,756
one-half block west of Lake Shore Drive. in the north central business Federal taxes
1,214,696
618,967
district of Chicago.
-New 11-story and basement building of fireproof conImprovements.
Balance, surplus
$10,577,274 $12,004,304 40,879.114
ibition of Previous surplus
struction, practically completed; especially designed for the
10.699,927 25.145,623 19,868,560
furniture and affiliated lines; suitable also for office and general com- Deduct-Preferred dividends (7%)
1,002,050
1,050,000
1.050,000
.
mercial occupancy.
Common dividends
(32%)4,800,000(16)2400.000 (4)600,000
-Land, building; and equipment estimated at $750,000.
Valuation.
Earnings.
-Gross annual income, estimated on a lower basis than for
Profit and loss
$38.427,201 $33,699,927 425,145,623
similar space in the same district, placed at $141,250, and expenses at
Consolidated Balance Sheet.
$42.375, leaving a net annual income of $98,875.which Is almost 3 times
Feb. 28 '25 Feb. 29 '24
Feb 28'25 Feb. 29'24
.
issue.
the maximum yearly interest charges on the entire
$
Assets
LiabilitiesPlants, RR., real
General Motors Acceptance Corp.
-New Director.
Preferred stock...15,000,000 15,000,000
estate & equip't-29,513,228 29,088,911 Common stock_ ..15,000,000 15,000,000
Alfred P. Sloan Jr., President of General Motors Corp., has been elected
Investments
756,828
791,527 Taxes, pay-roll and
a director, succeeding Irenee du Pont. who has resigned.
-V.120, P.835.
716,497
Cash
6,279,887 12,283,698 accts. Payable_ _ 900,568
U. S. Treas. notes
-Production.
General Motors of Canada, Ltd.
Reserve for defer.
and certificates_ 9,675,000 6,895,000
manufac's costs. 6,095,238 7,393,320
Production in May, it is reported, totaled 5,467 cars, against 4,850 in
April. The company expects to resume exports to England about Aug. 1. Accts.& notes rec. 2,586,608 2,447,416 Depreen reserve__ 3,880,874 3,014,782
Refined sugar, &c_26,592,796 19,654,166 Accrued inc. taxes. 1,171,198 1,238,908
-V. 118, p. 3084.
Beetseed & SUPP_ - 4,080,751 4,250,631 Surplus
38,427,201 33,699,927
Deferred assets... 990,200
General Railway Signal Co.
-Listing.
652,085
The New York Stock Exchange has authorized the listing of $2.417,900
80,475,079 76,063,435
Total
Total
80,475,079 76.063,435
(authorized, $4,000,000) 6% Cumul. Pref. stock (par $100) and 44,067,200
authorized $6,500.000) Common stock(par $100), with authority to add -V. 119, p. 700.
2,000,000 Common stock on conversion of 1st Mtge. 6% Cony. Gold
-Annual Report.
Greene Cananea Copper Co.
bonds, making the total amount applied for $2,417,900 6% Pref. stock
1921.
1922.
Calendar Years1923.
1924.
and $6,067,200 Common stock.
Total receipts
45,340,596 46,497,318 $2,494,130 44,174,097
Income Account Quarter Ended March 31 1925.
6,129.483
Exp.,taxes, admin., &c.. 4,828,461
3,601,939
6.192,055
4493,880 Shutdown expense
Gross operating income
493,089
367,532
168,987 Interest
Selling expenses, administrative and general expenses
19,696
85,158
Cr.15,695
46.490
80,982 Depreciation,&c
Int., discount & miscell. charges (net) incl. res. for deprec
376.036
409.523
*4243,911
Net profit before Federal and State taxes
Balance, sur. or def__ sur$56,122 def$155.932df$1,459,642df$2,468,091
2.033.253
Surplus Dec. 31 1924
Balance Sheet December 31.
[Including assets and liabillties of subsidiary companies owned.)
Total
42,277,165
1923.
1924.
1923.
Less-Divs. on Pref. stock, $36.268; diva, on Corn. stock, $61,1924.
$
130,046
Assets008; adjustments applicable to prior periods, $32,769
8
50,000,000 50,000,000
Capital stock
Mines and mining
533,128
Reserve for deprec.
claims, lands,
Surplus March 31 1925
$2,147,119
Mexican legal re* The G. R. S. Products, Inc. a subsidiary, has made a loss, the probuildings, rail4,000
4,000
portion of which applicable to Wick owned by General Railway Signal Co.
ways & equip't_51,710,981 52,238,300 serve
80,886 Accounts dr wages
80,886
is estimated at about $25,000 for the period, and the figures of the Canadian by.in sundry cos_
Payable & taxes
and Australian companies are not as yet available.
-V. 120, p. 2688.
Supplies and pre301,893 1,196,788
accrued
paid expenses__ 1,313,464 1,434,281
Ginter Co. of Boston.
3,869,840 3,813,718
-May Sales.
Surplus
Metals in process
-1924.
-May
Increase. 1 1925-5 Mos.-1924.
Increase.
1925
hand__ 660,341 1,513,100
and on
122,621
41.045,969
$1,106,614
$403,847 Accts.receivable_ _ 101,640
$60,645 45,644,195 $5,240,348
158,465 Total(each side)-54,175,733 55,547,634
-V. 120, p. 2555, 2275.
Cash & cash assets 308,440
-V. 118, p. 2831.
Glen Alden Coal Co.
-To Increase Stock for Purpose of
Exchanging Stock for Stock of Del. Lacka. & Western Coal.
-
The stockholders will vote Aug. 10 on increasing the capital stock from
846.000 shares to 1,168,693 shares and on authorizing the issuance of one
share of the additional 322.693 shares for each share (par $50) of the Delaware Lackawanna & Western Coal Co. outstanding capital stock.
The Glen Alden directors have voted to cancel the existing contract with
the Delaware Lackawanna & Western Coal Co. for sales and distribution
of Glen Alden coal, the latter to assume merchandising as well as production
of anthracite coal following the merger. The merger would eliminate
many duplications of executive duties and simplify and reduce the expense
of hard coal distribution, and should substantially increase Glen Alden
earnIngs.-V. 119, p. 2294.
Glidden Co., Cleveland.
-Sales for May.
Sales for May amounted to $2.285,316, an increase of $425,133 over May
-Y. 120, p. 2821.
of last year.
-Sale.
Goff Mills, Inc.
The old D. Goff & Sons, Inc., worsted and braid mills, Pawtucket, was
recently purchased by Edward Badding, Allis Zura and David Leand, all
of Providence, in a transaction approaching $1,000,000. The property.
Including 15 buildings, was bought through the bondholders' protective
committee, representing a large number of bondholders who purchased
the plant for approximately $650,000 last summer. The bondholders'
protective committee took over the establishment Sept. 10 last and operated
-V. 119. p. 1848.
t under the name of the Pawtucket Falls Mfg. Co.
Goodyear Tire & Rubber Co. of Canada, Ltd.
Declares 1%% on Account of Arrears on Preferred Stock.-The directors have declared a dividend of 1U% on account of arrears on
the Pref. stock and the regular quarterly dividend of 1 i%, both payable
July 2 to holders of record June 19.-V. 120, p. 1335.
-Balance
(F. & W.) Grand 5-10-25 Cent Stores, Inc.
Sheet Dec. 31 1924.AssetsFurn.,fixt.& struc. alterations
Net investment in F. & W.
Grand Holding Corp
Leaseholds (less amortization).
Cash
U. S. Government bonds
Prepayments, deposits, &c-._
Due from employees, &c
Inventories
Deferred charges
8777,645
x236,631
146,498
403,692
5,460
48,918
23,561
884,296
36,074
LiabiiitiesAccounts payable-Trade__ - $40,283
Tenants' deposits
5,157
Misc.liabilities & accruals_ _
58,545
Reserve for Fed. Inc. tax (est.)
65,000
Cum. Cony. Preferred stock 1.150,000
Common stock, no par,& sur.:
Com.stk., 100,000 elm., no apr 500,000
320,359
Appropriated surplus
Profit dr loss surplus, 1924_ _ _ 423,432
-Annual Report Calendar Year 1924.
Hardy Coal Co.
4246,349
Earnings from coal sales &c
Interest, $89,321; administrative and general expenses, 410,760:
111,226
corporate and income taxes. $11.146; total
$135.122
Net profit before depreciation and depletion
In the year 1924 the company mined and sold 410,755 tons of coal, an
increase of 257,617 tons over 1923.
Comparative Balance Sheet December 31.
Liabilities1924.
1923.
1923.
1924.
Assets$56,083
$56,063
Property account.52,919,065 $2,743,735 Capital stock
866,100
769,100
16,367 Funded debt
57,581
Sinking fund
29,907 Deferred payments 125,000
210,000
41,014
Cash
Notes payable_ _ _ _ 430,097
307,040
Accounts & notes
131,807 Accounts payable_
97,092
216,166
108,703
receivable
32,543
27,899 Accrued Interest._
35,191
40,523
Inventory
8,632 Accrued taxes......19,785
8,142
7,731
Deferred charges..
Reserve for depr'n,
depletion, &c.__ 113,378
Accr. sinking fund
22,042
15.290
Earned surplus... 132496
57,373
Total(each side). _84,174,617 $2,958,350 Capital surplus_._ 1,277,374 1,288,631
-V. 118. p. 3204.
-Annual Report.
Medley Gold Mining Co.
Net earnings for the year ended Dec. 31 1924 were $34,852.
During the year 48,300 tons of $9 06 ore was mined and milled, and
sufficient new ore developed to show a reserve tonnage of 48,000 tons of
918 per ton.
-V. 111. p. 1665.
-Annual Report.
Hillcrest Collieries, Ltd.
Calendar YearsNet profit, after all exp.
Miscellaneous revenue__
1924.
$4,797
52,195
1923.
$117,959
37.704
1922.
$91.961
34,770
1921.
$100.192
33,473
Total income
Interest on bonds
Res. for contingencies_
Preferred diva. (77)._
Common diva.(6 o
)
$56,992
16,250
$155.663
16,250
15,000
49,399
60.000
$126,731
16,250
$133,665
16,250
49,399
60,000
49,399
60,000
49.399
60,000
48,016
def$68,657
Balance, surplus
$1,082
$15,014
Pres. C. B. Gordon says: "During 1924 the company's mines, in
common with all other mines in the district, were closed for almost seven
months, due to a strike over the question of wages, the men demanding
an increase and the operators demanding a decrease from the peak wages
of war times. The outcome was a reduction of wages, but at a substantial
loss to the company.
"We have maintained our plant and property in thorough working
condition, both underground and on the surface."
-V. 118. p. 2445.
$2,562,776
Total
$2,562,776
Total
x Contingent liability on mortgages. The F. & W. Grand Holding Corp.
-Receivership.
-Himler Coal Co.
ovrnd real estate valued at 4666.806. which is subject to mortgages aggreFred G. Hatton has been appointed receiver for the company of Rimiergating $430,175, upon which the F. & W. Grande 5-10-25 Cent Stores,
-V. 120. p. 2949, 2408.
vile, W. Va., by Federal Judge Hough in the suit of the Buck Creek
Inc.. is contingently liable.
JUNE 13 1925.].
THE CHRONICLE
Land & Development Co., Kentucky. In its petition the land compah/
says the coal company has obligations aggregating $200,000 and is with-V. 118, P. 672.
out funds and that $5,761 is owing to the land company.
-Annual Report.
Holland Land Co., San Francisco.
Calendar YearsLease rentals
Farming operating (net)
Profit on land sales (net)
Int, on land sales contracts
Interest on warrants
Miscellaneous income
1924.
826,445
24,077
201,143
121.748
5.708
3,556
1923.
$35,557
970
282,407
95,014
6.898
8,898
1922.
$70,119
5,926
226,538
185,201
11,444
11,264
Total
Admin., oper., &c., expenses
Depreciation
Int., loss on equip. sales, &c
$382,678
106.031
15,258
16,314
$429,745
142,086
16.028
72,447
$510,493
154,619
13,179
111.326
_
$245,075
$199,184
$231.369
Net profit before Fed. inc.
tax_-Profit for January and February 1925 amounted to $56,664. compared
with $43,123 for the corresponding two months of 1924.-V. 120, p. 710.
Hollinger Consolidated Gold Mines, Ltd.
-Sells
Island Falls Power Plant
-Annual Report.
-
3073
The present combined capacity or the company has grown from 50,000
cases to approximately 1,500,000 cases, or a volume of business of between
$5,000,000 and 86,000,000 per annum.
In addition to the packing plants, company owns and operates the wellknown Linden Orchard, near Stockton, Calif. This orchard, with approximately 325 acres of bearing fruit trees, has shown an average net profit of
$30,000 per annum to the company in the past eight years. These profits
are arrived at by paying the Linden Orchard the average price that the company pays for its fruits.
Capitalization (No Bonds)Authorized. Outstanding.
Class "A" stock no pal
500.000 shs. 100,000 she,
Class "B" stock no par
to
500,000 she. 60,000 she.
Earnings.
-Company s present assets have been built up from a capital
of less than $80,000, after having paid the stockholders $1,710,000 in dividends, $498,000 of which is represented by stock dividends. In addition
to this, the company has retired its Preferred stock, which,figuring principal and premiums, amounted to approximately $541,000, which is the
equivalent to an average of $200,000 per year for 25 years, or the amount
of the annual dividend requirements of Class "A" stock.
The present financing gives the company approximately 84,000,000 of
assets, after deducting approximately $800,000 for depreciation. Considering the original capital of $80,000, this represents a very substantial and
constant earning record from the inception of the company for the present
time.
Net Earnings (After Giving Effect to This Financing)for the Past Three Years.
1924.
1923.
1922.
Net earnings after taxes but before deprec'n _8509,649 $324,436 $386,165
Net earnings after deprec., avail,for
_ 405,172
215.001
279,260
The average net earnings for five dlvs_yearsprior to 1923 were $398,268 per
annum after taxes and before depreciation, exclusive of the year 1920, when
the deflation period caused a heavy inventory shrinkage and showed a loss
of $466,000: the average net earnings on the same basis for the past three
years were $406,750.
Purpose.
-The sale of this stock will make available funds to retire the
funded debt of $1,250,000: acquire all of the plants, property and assets of
Hunt Brothers Packing Co. of California, and provide ample working
capital.
Consolidated Balance Sheet Feb. 28 1925 (After Financing).
AssetsLiabilities
Land, bldgs. & equip----$2,547,910 Accounts payable
$28,645
Good-will
I Accrued taxes & pay-roll __
18.911
Cash
259,836 Deferred credit item
4,134
Notes receivable
19.975 Res.for Fed.taxes(1924)_
41,216
Accountsreceivable
163,374 Res. for allowance & cl'ms
11.796
Special deposits
4,929 Class "A" stock (100,000
Finished goods
563,135
shares)
2,600,000
Raw materials
113,113 Stock and surplus
a1,111,333
Deferred debit items
143,763
President N. A. Timmins in the annual reports says:
"At the end of 1924 work on the power plant at Island Falls had advanced
to such a point that early in the present year the work was completed and
the plant able to supply all the present and future requirements of the mine.
"It transpired, however, some time after the company was committed
to the Island Falls project that Northern Canada Power, Ltd. the company then supplying power to the Hollinger company, acquired a water
power lease, commenced the installation of a power development at the
Quinze in the Province of Quebec. and built a power transmission line
from the Quinze to the mines in the Porcupine gold-fields, thus greatly
increasing the available power supply. Plans were also made by the
Power company to consolidate the three power developments owned and
operated by it on the Mattagami River with the new development at the
Quinze into one continuous system. This changed the whole situation
so materially and presented so many advantages that a reconsideration of
the power problem and its attendant difficulties became desirable, provided
a favorable contract with the Power company could be secured and a
satisfactory disposition made of the Hollinger company's power development at Island Falls.
"Negotiations have been under way for some time to effect a workable
plan which would be acceptable to the directors as a solution of the unsatisfactory power situation, terminate the litigation and remove all causes
of friction between the Hollinger company and the Power company. Negotiations have also been proceeding with a view to effecting a sale of the
company's power development at Island Falls as obviously a settlement
Total
with the Power company could not be made until a sale had been arranged.
Total
$3,816,036
$3.816.036
a Represented by 60,000 shares of no par value.
"The directors are now glad to be able to announce to the shareholders
-V. 118. p. 2709.
that a highly advantageous solution of the matters referred to has been
Hupp Motor Car Co.
-Shipments.
arrived at, which is briefly as follows: A new power contract has been
Month of Mayentered into with Northern Canada Power, Ltd., which materiqly reduces
1925.
1924.
the rates for power from those now being paid and the power development Number of cars produced and shipped
2,636
1,808
at Island Falls has been sold to the Abitibi Paper & Power Co., Ltd., at a -V. 120. p. 2821.
figure which reimburses the Hollinger company for its entire expenditure."
Hydraulic-Press Brick Co., St. Louis.
-Earns.for 1924.
Income Account for Calendar Years.
Net profit for year (incl. profit of $201,459 on land sold)
$838.465
1924.
1922.
1923.
1921.
327,870
Production
$13,429,227 $10,446,412 $12,274.114 $10,031,050 Cash dividends on Preferred stock
561,887
Other revenue
567,790
550,493
283.464
Balance. surplus
$510,59¢
81,575,096
Total income
$13.991.114 $11,014,202 $12,824,608 $10,314,515 Profit and loss surplus, Dec.31 1924
Operating charges
7,404,899 6,639,715 6,346,004 5,222,855 -V. 117. p. 2440.
318,377
451,621
518,223
Taxes
420,889
Independent Oil & Gas Co.
-Rights.
Depreciation,&c
1,162,801
979,829
813,680
643,842
of record June 15 will be given the right to subscribe.
3,198,000 3,198,000 3,198,000
Dividends
3.198,000 onThe stockholders for 50,000 shares of Capital stock (no par value) at
or before July 6,
$30
per share, in the proportion of one share of new capital stock for each nine
Surplus
$1,907,037 def$254,964 $1,948,690
8828,927 shares then held.
-V. 120, p. 2821.
Fractional warrants desired by holders to complete full warrants, or fractional warrants which it is desired to dispose of, must be bought or
Hood Rubber Co. Watertown, Mass.
-Sales for Year. the market, as the company will not sell or purchase such fractions. sold in
Where
Years. end. Mar. 31- '
1924-25.
1923-24.
1922-23.
1921-22.
one or
a subscription
Sales
$29,096,635 $28,248,654 $28,180,007 $25,239.604 a warrant authorizesto subscribe forto portion more shares, holders of wara
of the shares covered by the
rants who may wish
-Ir. 116, p. 2263. 2521.
warrant and dispose of the balance, or who may wish to dispose of a portion
of the shares covered by the warrant to one yoerson and the'balance to
-Listing.
Howe Sound Co.
another, should deliver their warrants on or before July 6 to the National
The New York Stock Exchange has authorized the listing of voting trust Bank a
York, 31
certificates representing 290,979 shares of the capital stock without par changed Commerce in New specifying Nassau St., N. Y. City, to be exin writing the number of shares to
for other warrants,
value, with authority to add voting trust certificates representing 24,511 be covered by each.
on official notice of issuance against the deposit of shares of capital stock
be made at the National Bank of ComPayment of subscriptions
now outstanding, with further authority to add voting trust certificates merce in New York by bank must or certified check
draft
representing 81,340 shares, on official notice of issuance, in exchange for funds, payable to the order of National Bank of drawn upon New York
Commerce in New York.
par value shares or voting trust certificates, making the total amount
will be ready for
July
applied for voting trust certificates for 396,830 shares of capital stock. Stock certificateslist the new stockdelivery onNew 11 1925. Application
upon the
Will be made to
York Stock Exchange.
-V.120.p. 1591.
The stock transfer books of the company will not be closed for this offering.
-V. 120, p. 2950.
Hunt Brothers Packing Co. (Del.).
-Stock Offered.
Hunter, Dulin & Co., Pynchon & Co., George IT. Burr,
Conrad & Broom and Charles D. Robbins & Co. are offering
at $26 per share, yielding 7.70%, 100,000 shares "Class A'
stock (Participating and Preference).
Has priority over Class "B" stock as to assets and dividends. Cumulative as to dividends and non-callable. Shares are fully paid and non-assessable. Dividends not subject to normal Federal income tax. Transfer agents, the Chase National Bank, New York; Wells Fargo Bank &
Union Trust Co. San Francisco. Registrars, Equitable Trust Co., N. Y.
City; Anglo & London Paris National Bank, San Francisco.
Class "A" stock is entitled to cash dividends of $2 per share per annum
before any dividend shall be set apart or paid on Class "B" stock: After
dividends aggregating $2 per share per annum shall have been paid on Class
"B" in any year, both classes of stock shall share equally in any additional
dividends paid in that year. Class "A" is preferred as to dividends of $2
per share per annum,and as to assets in the event of liquidation up to $30
per share. No bonds or notes of longer maturity than one year, or prior
stock, can be issued without the consent of the majority of the total outstanding stock, excepting purchase money obligations. Additional Class
"A" stock can be issued and sold only subject to the following restrictions:
(1) For not less than $25 per share in cash, or (2) For acquiring other
properties or plants in an amount up to but not exceeding 70% of the aggregate appraised valuation of property then owned and to be acquired, and
(3) In either case only provided the aggregate net earnings of the corporation for any 12 of the preceding 14 months, plus the earnings of the property to be acquired, are at the rate of at least 1 ji times the dividend requirements on the outstanding Class "A" stock, including that to be issued.
Class"A" will have no voting power except in the event the company passes
four consecutive quarterly dividends, in which event it will vote equally,
share for share, with the"B"stock until the accumulated and accrued dividends have been paid.
If the total number of shares of outstanding "B" stock at any time exceeds the total number of the theretofore issued shares of "A" stock, the
Class "A" stockholders in their proper proportion shall have the privilege
of purchasing such number of shares of Class "A" stock as shall equal
the difference between the number of the outstanding shares of Class "B"
and the number of the theretofore Issued shares of Class "A" stock.
Data From Letter of Pres. G. H. Bradt, San Francisco, May 12.
Company.-Incorp. in Delaware April 29 1925 to acquire and operate all
of the plants, properties and assets of Hunt Brothers Packing Co. of California. Business was organized in 1896 as Hunt Bros. Co. and has grown
to be the third largest fruit packing institution on the Pacific Coast. From
a meager starting in 1896, with only one plant at Hayward, Calif., and a
paid-in capital of less than $80,000, the company now has nine canning
plants in California, Oregon and Washington, with a combined capacity
of 1,500,000 cases per annum. Company's canneries in California, located
at Hayward, Alameda County; San Jose, and Los Gatos, Santa Clara
County,and Exeter,Tulare County,pack peaches, apricots, pears,cherries,
plums, tomatoes and spinach; while those in the Northwest, located at
Salem, Albany, McMinnville, in Oregon, and at Puyallup and Sumner,
Wash., pack apples, pears, cherries, prunes, squash and such bush fruits
as blackberries, raspberries, strawberries, gooseberries and loganberries,
in which the Northwest enjoys a leading position.
Independent Pneumatic Tool Co.
-Earnings.
--
Net earnings for 1924 were $720,255 on the 180,000 shares of no par value
stock, after reserve for taxes, depreciation, &c. The net earnings for 1923
of $1,467,119 were $8 15 per share on the no par value stock. After payment of dividends, reserve for taxes and liberal depreciation of buildings
machinery, patents, &c., in 1923, $253,786 was added to surplus.
-V.119,
P. 947.
International Business Machines Corp.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
June 23 of 10.046 additional shares of capital stock without par value
(authorized 200,000 shares), on official notice of issuance, making the total
amount applied for 160,734 shares.
Holders of capital stock of record June 6 are entitled to subscribe at $100
Per share to the 10,046 shares to the extent of one-fifteenth of their respective holdings. Payment of the subscription price of $200 per share for all
shares subscribed for must be made in full on or before June 30 1925 at office
of Empire Trust Co., 120 Broadway, N. Y. City.
Consolidated Income. Surplus and Declared Capital,3 Mos.End. Mar.31'25.
Net profit of sub. cos., after deducting maintenance and repairs
of plants and equipment, provision for doubtful accounts,
the proportion of net profit applicable to unacquired shares,
and expenses of corporation
$1,162,903
Depreciation of plants, equipment and rental machines, $253.444; development and patent expenses, $76,106
329,551
Interest on bonded indebtedness and borrowed money
85,872
Dividend due April 10 1925 ($2)
301,354
Balance
Declared capital and surplus Jan. 1 1925
$446,127
21,647,086
*Declared capital ($13.784,425) and surplus represented by
150,688 shares of capital stock without par value
$22,093,213
-V. 120. p. 2821, 2277.
•Subject to Federal taxes.
International Button-Hole Sewing Machine Co.Earnings Cal. YearsGross earnings
Expenses
Dividends
Balance, surplus
-v, 120, p. 1211.
1924.
$204,222
1923.
$50,260
12500,009302
2 :000
10 972
8
$33.290
$11,288
1922.
$39.161
16,680
20,000
1921 02
$ 82 3
2 ,0
3. 5
4
27,500
$2,481 def$13,318
International Cement Corp.
-To Increase Capital
Additional Preferred and Common Stock to be Issued-Acquisition of Additional Properties Under Way.
The stockholders will vote June 19 on increasing the authorized Preferred
stock from $5,000,000 (par $100) to $15,000,000 (par $100) and the authorized Common stock from 400,000 shares without par value to 600.000 shares
Without par value.
A letter to the stockholders dated June 4 says:
The directors have considered and approved proposals contemplating
the acquisition through stock ownership or otherwise of additional plants
3074
120.
THE CHRONICLE
and properties. The proposed acquisitions are located in the United
States; serve territories not now covered by corporation's subsidiaries, and
compare favorably with the present domestic subsidiaries of the corporation.
The directors believe that the acquisition of these properties will
strengthen the corporation's position by supplementing the present subsidiaries and better enable the corporation to serve the public. Full details
will be presented at the stockholders' meeting on June 19.
To finance the acquisition of these additional plants and properties, it
is proposed to issue approximately 67,500 shares of additional Preferred
stock and 100,000 shares of additional Common stock.
Application will be made to list the Preferred stock on the New York
Stock Exchange.
Upon approval by the stockholders, it is intended to offer to the Common
stockholders, at $50 per share, the additional 100,000 shares of Common
stock proposed to be presently issued, such offering to be made pro rata to
holders of record June 23, payment for the shares to be made not later than
July 7 to Equitable Trust Co., 37 Wall St., New York. The offering of
the 100,000 shares of Common stock will be underwritten.
Authority is also asked for the directors to reserve all or any part of 20,000
shares of the increased Common stock for sale at not less than $50 per
share to such officers and employees as may be designated by the directors
from time to time, the manner and terms and conditions of the allotment
to be in the sole discretion of the board. (Signed, F. R. Bissell, Chairman;
H. Struckmann, President.]
Certain of the provisions of the Preferred stock, after giving effect to
the amendments now proposed, are:
(a) No mortgage or other liens (except purchase money mortgages)
shall be issued by the company or any subsidiary without the consent of
the holders of two-thirds of the outstanding Preferred shares; (b) No debentures, bonds or other debt shall be issued by the company or any subsidiary maturing later than one year from date of issue, nor shall the corporation or any subsidiary corporation guaranty any debentures, bonds or
other debt of any other corporation maturing later than one year from the
date of issue thereof, nor guaranty the dividends or any other payments
upon the stock of any other corporation, without the consent of the holders
of two-thirds of the outstanding Preferred shares.
(c) The Preferred stock shall be callable in whole or in part at $110 and
dive., at any time upon 30 days' notice, and shall be entitled to receive
$110 a share and dividends in liquidation before any payment shall be
made upon Common stock.
(d) A sinking fund shall be created,into which there shall be paid annually
a sufficient amount to retire either by purchase or redemption Preferred
stock in par value equal to 2% of the largest amount in par value of Preferred stock which shall ever have been issued and outstanding which
sinking fund shall be used in the purchase or redemption of Preferred stock
at not to exceed $1.10 per share plus accrued dividends. Sinking fund is
cumulative and has preference over dividends on Common stock.
(e) The Preferred stock has voting power; and if 4 quarterly dividends
are unpaid, or if the corporation shall have made default in retiring Pref.
stock through the sinking fund, the Preferred stock shall be entitled to
elect a majority of the directors.
(f) No stock having priority over the Preferred stock shall be issued.
-V.120. p. 2557. 2408.
Kraft Cheese Co.
-Annual Report.
President J. L. Kraft, Chicago, May 19, said in part:
Several important changes in the capital structure of the company have
been effected during the last half of the year. Consolidation of all American
companies has been effected and an issue of $2,000,000 Debenture bonds
sold for additional capital. Subsequently the outstanding 40% minority
interest in the Common stock of the Canadian subsidiary, Kraft-McLaren
Cheese Co.. was acquired by exchange of stock, leaving your company now
the owner of the entire Common stock of this Canadian subsidiary, subject
only to its outstanding issue of $499,700 Preferred stock. A 100% stock
dividend was paid by the Kraft-McLaren Cheese Co.. and a 50% stock
dividend by your company.
The P. E. Sharpless Co. of Philadelphia was purchased in September.
It has taken us up to the present time to reorganize this company and put
it on a profitable basis. The coming year should see considerable profits
accruing from this source.
Perhaps the most encouraging feature of the year's results is the continuance of the growth in the size of the business being handled by the Kraft
organization. The following tabulation is enlightening on this point:
When the business was first incorporated in 1909. the gross business
handled amounted to approximately $500.000. In 1917 the business had
grown to $2,161,621. In 1922 and subsequent years as follows: 1922,
$11,014,480; 1923, $18,290,167; 1924, $23,754,546; 1925, 831,097,386.
Both business and profits for the next year look encouraging and favorable. Increasing volume over last year is being maintained. Several new
items have been added to our line which are finding favor with the public.
In view ofthe outlook for continued growth of the company's business,it is
the sense of the directors that the increasing surplus earnings can be more
profitably and wisely used both from the standpoint of the company and its
stockholders. by being re-invested in the business to help finance this
growth. It seems, however, fair to represent these re-invested earnings, at
least in part, by stock dividends to the stockholders. The llirectors propose, therefore, in lieu of any increase in the cash disbursement of 6% per
annum, which has been paid quarterly since 1917, to add thereto a 6%
annual stock dividend, also payable quarterly. Earnings will undoubtedly
warrant this disbursement, while at the same time adding substantially to
the surplus from year to year.
The income account was given in V. 120, p. 2822.
Consolidated Balance Sheet March 31 1925.
Liabilities
Assets
Plant, equip,& real estate_._ $2,011,750 Preferred stock issuedKraft-McLaren Ch.Co.,Ltd 8499,700
Patents,trade marks & copy2,000,000
Kraft Cheese Co
887,178
rights
4,041,775
929,849 Common stock
Cash
2,454,199
Notes & accounts receivable_ 2.579.049 Notes payable
1.113,734
7,187,448 Accounts payable
Inventories
212,482
8,746 Res've for Petri & State taxes
Investments
93,549
300,979 Reserve for dividends
Deferred charges
28,789
Other accruals
10-year 6% s. I. gold debs_ _ _ 2,000.000
1,480,802
Surplus
813.905,029
$13,905,029 Total
Total
International Combustion Engineering Corp.-Listin
-V. 120, p. 2822. 2689.
New York Stock Exchange has authorized the listing of 33,
The
La Salle Extension University of 111.-Initial Div.
additional shares of capital stock without par value (authorized 750.000
Initial quarterly dividends of 1 4% on the Common stock and 1i%
shares), on official notice of issuance in exchange for shares of the Vickers
Combustion Engineering Ltd., making the total amount on the Prof. stock have been declared, both payable July 1 to holders of
& International
record June 20. See also V. 120. p. 1755. 2690.
applied for 471,572 shares of capital stock without nominal or par value.
The issuance of 33.000 shares was authorized at a meeting of the direc-Bonds Called.
having been increased from
Lever Bros. Co., Cambridge, Mass.
tors May 27 1925, the authorized capital stock
Certain 1st Mtge.7% S. F. gold bonds. Series "A," aggregating $26.000,
450.000 to 750,000 shares at the annual meeting May 20 1925. This stock
exchanged for 200,000 shares of El each of the capital stock of Vickers have been called for payment July 1 at 102 and int. at the office of Lee,
is to be
-V. 120, p. 338.
& International Combustion Engineering Ltd., a company incorporated in Higginson & Co.. 44 State St., Boston. Mass.
England having an authorized capital of E500,000. par El each, of which
-Receivership Suit.
Lewis Oil Corp.
this corporation owns 250.000 shares, on the basis of one share of International Combustion Engineering Corp.stock for each 6 2-33 shares of Vickers
An action in equity asking the appointment of a receiver for the cor-V. 120, P. 2822, 2689.
& International Combustion Engineering Ltd.
poration was filed in the Federal District Court at Los Angeles June 2.
The plaintiffs are Alice B. Gillespie and Lucy Tucker, who assert that they
-Exchange.
International Paper Co.
fear $5,000 in gold bonds of the corporation will depreciate in value before
The company has notified holders of the 6% Preferred stock that they they become due and payable in 1928. The bill asserts that the credit of
their stock with either the Bankers Trust Co., New York, or the corporation is being impaired because the defendants are "confusing
may deposit
First National Bank, Boston, with $10 a share cash and receive temporary the assets of the Lewis 011 Corp. with those of the Julian Petroleum Corp."
According to S. C. Lewis. President of the company and of the Julian
certificates for new 7% Preferred in exchange. The right to make exchange may terminate Jan. 15 1926. or the basis of exchange may be Petroleum Corp., the suit is without merit and is the outgrowth of a dechanged after that date. As books are closed for the payment of the mand made by George S. Gillespie, the original holder of the bonds, that
initial dividend on the 7% Preferred stock no exchanges will be made the company "make a bid for them, which would be to your interest,'
between July 7 and July 15. After July 15 further exchanges may be several months ago.
"There is absolutely no excuse for this action," said Mr. Lewis. "The
made on the payment of $10 a share but company may require interest on
notes are not due for three years to come, Interest has been paid, and in
Payments made subsequent to July 15.
The company announced June 8 that it had appointed the Montreal this particular instance offers have been made to buy the $5,000 in notes
Trust Co. as Montreal transfer agent and the Royal Trust Co. as Montreal at par.
.
registrar of its 7%, Pref. stock and the Common stock. The step was
-Final Dividend on 7% Notes.
-V. 120,
Liberty Oil Co.
taken because of tile larger number of stockholders in Canada.
The Bankers Trust Co. Is now prepared to pay a first and final dividend
p. 2821.
A, B, C. D and E. See also V. 118, p. 914.
on the 7% notes, Series
International Shoe Co.
-Balance Sheet April 30.1924.
1925.
1925.
1924.
$
5
AssetsPhysical prop_ x12.104,732 12,034,415
Good-will, trademarks& brands.12,750,000 12,750,000
Inv. In stocks and
312,371
bds.of other cos. 193,129
2,448.920 3,580.426
Cash
Bankers'acceprec. 4,499.290
Brokers'coll. loans 1,500,000
95,700
Notes receivable-118,842,7141
117,811.864
Accts.receivable-1
29,154,034 29,560,273
Inventories
Loans & advances
296.205
to employees_
172.322
. 196,351
Def. charges, &c_
Preferred 8% cum.
17,800,000
stock
Common stock
y58,507,827
equity
Notes payable__
Accounts payable- 3,118,653
Officers and employees' balance,
523,690
dep., &c
Reserve for taxes_ 2,650,000
Preferred stock
89,000
dividend reserve
17.
800,000
50,893,171
2,845.000
2.339.346
547,059
2,100,000
89.000
-Report.
Inter-Island Steam Navigation Co., Ltd.
1921.
1924.
$473.944
x349,812
79.903
1923.
$370.782
330,000
1922.
$504.321
284,998
$352,316
307.500
$219,323
$44.816
$44.229
$40.782
Balance, surplus
x The regular 11c. per share per month dividend was maintained during
1924 and an extra dividend of 8c. per share paid during December 1924.
-Stock Exchange Offer.
Iron Products Corp.
-V.120, p. 1755.
See Universal Pipe & Radiator Co. below.
-Bankruptcy.
Ivanhoe Mfg. Co., Smithfield, N. C.
Following a directors' meeting May 19 the company filed a voluntary
tition in bankruptcy in the U.S. District Court at Raleigh, N. C.,listing
Liabilities of $692,636 and assets of a book value of $834,451.and has been
fire
The company has lost one of its two cotton mills by funds,
compelled to close the other on account of shortage of City. due to the
The bankY.
attachment of $120,000 in insurance money in N.proceedings.
ruptcy petition was filed to cut off the attachment
-May Sales.
(G. R.) Kinney Co., Inc.
Mos.-1924.
-May-----1924.
1925
31.552.423
$1,569,075
-V. 120. p. 2689, 2409.
Increased 1925-5
$16.652($6,828,583
$6,334,676
Increase.
$493,907
-Annual Report.
Koloa Sugar Co., Hawaii.
1922.
Net plrofits
Dividends
1924.
$206,395
1921.
1923.
$96,811 loss$156.150 loss$84.279
(7%)70.000
$96,811 loss$156,150 loss3154.279
x$206,395
Balance,surplus
x Before deducting $34,823 for 1924 accrued territorial and Federal in-V.105, p. 1902.
come taxes.
This loan is a first mortgage on properties conservatively appraised as
having a value in excess of $4,000,000.
Net earnings, available for the payment of interest on this loan, derived
from the operation of those properties alone, for the year ended May 10
1925. were $519,414, or over 3.6 times the maximum annual interest
charge of $143,400.
-Earnings.
Lord & Taylor.
82,689,171 76,613,576
82,689,171 76.613,576
Total
Total
x After depreciation. y Represented by 920,000 shares of no par value.
-v.120. p.2950. 710.
Calendar YearsNet profits
Dividends
Reserve for 1924 inc.tax_
-Bonds Offered.
--P. W.
Loew's New-Broad Properties.
Chapman & Co., Inc., Now York, and Federal Securitites
Corp., Chicago, are offering at 100 and int. $2,400,000 1st
Mtge. Fee and Leasehold 6% gold loan, due June 1 1945.
Principal and interest on this loan are guaranteed by written
unconditional endorsement by Loew's Incorporated.
y Net
Pros, for
Calendar
x Profit. Deprec'n, Interest, Fed'l Tax. Income.
Years$526.464 $87,327 $104,846 $16,000 $318,290
1917
307,868
583.528 85,181
90,818 49,660
1918
926,625
1,444,542 115,381
65.696 336,839
1919
302.423
558.563 100.352
51,556 104,231
1920
729,475
1,002,944 104,998
14,471 164.000
1921
1511,816 107,102
6 179,000 1.225,708
1922
1,297.559 114.879
16 150,000 1,032.663
1923
95,808 z1,135,254
1,349,789 118.726
1924
x Before depreciation, interest and Federal taxes. y After applying to
income of each year any adjustments of surplus account in such year.
x Before deducting dividends paid or declared as follows: On 1st Pref.
stock, 6%. $143.100: on 2d Prof. stock, 48%, incl. 2% declared Dec. 22
1924 and paid Feb. 2 1925, $909,648; on Common stock, 2.5% declared
Dec. 22 1924 and paid Jan. 15 1925, $74,950.
A comparative balance sheet as of Dec. 31 was given in V. 120. p. 966.
-New Directors.
(P.) Lyall & Sons Construction Co.
J. W.Pyke. Hugh MacKay and C. R. Redfern have been elected directors
succeeding J. N. Greenshields, H. M. Scott and Robert Scott. See also
V. 120, p. 2951.
-Bankruptcy Suit Dismissed.
Lucey Mfg. Corp.
The bankruptcy petition of the corporation has been dtsmised.-V. 118,
P. 318.
-To Reduce Par.
Mackintosh-Hemphill Co., Pittsburgh.
The stockholders will vote Aug. 18 on changing the par value of the stock
from 3100 to no par value.
-V. 117, p. 1354.
Lyon & Healy, Inc.-Earnings.-
•
Pres. M.A. Healy in a letter to the bankers In connection with the sale o
$2.000,000 6% Serial notes (see V. 120, p. 2951) gives the following:
Net Earnings After All Charges, Except Federal Income Tams.
$567.291
$1,023,72111923
5810.58011920
1917
168.912
315,871 1924
765,989 1921
1918
414,449
1.545.180 1922
1919
JUNE 131925.]
THE CHRONICLE
Balance Sheet as of March 31 1925 (After Financing).
Assets
Liabilities
5808,340 7% Pref. stock
Fixed assets
$2,000,000
Cash
204,270 Common (200,000 eh., par $5) 1,000,000
2,200,000
Notes & accts. rec.(less res've)*2,855,377 5% Serial gold notes
24,27e Mortgage indebtedness
170,000
Advances to Couturier Co_ _ 1,576,300 Notes payable
44,000
Book inventories
67,465 Accounts payable, A:c
323,948
Employees'Corn.stk.subser__
50,419 Mtge.installment due Oct.30_
10,000
Sundry Investments & accts._
Reserves and accruals
335.497
Balance due from sale of fixed,
620,000 Deferred liabilities
137,000
&c., assets
Leasehold guar. depositfund__ 100,000 Reserve for contlrgencies__ _ _
50.000
172,975 Surplus
Deferred charges
208,986
1
Good-will, trade-marks, &c_
$6,479.431
Total
Total
$6,479,431
*Including $2.200,000 installment notes (approximately $600,000 maturing after March 31 1926) pledged as collateral to 6% Serial gold notes.
See also V. 120. P. 2951.
3075
Earnings for Years E'ndett January 31.
1922.
1923.
1924.
1925.
Profit from operations__ $2,629,679 53,102.964 $2,665,561 $2,291,956
Unearned Profit on installment sales deferred
176.625
197,725
157,067
64.887
until collected
$2,564,7,12 $2,945,897 $2,467,836 $2,115,331
Gross profit
116,223
38,963
28.413
Prov.for doubtful sects_
58,120
59,562
66.756
72,136
Depre.of delivery equip.
Deprec. of fix. & bldg.
180,624
185,729
195.256
214,003
Improvements
10,880
14.004
20,481
18,430
Deprec. of bides. owned
471,787
447.132
469.855
455.194
Reserve for merchandise
Reserve for Federal taxes
321,198
351.934
343.901' 330,788
and contingencies_ _ _ _
$956,499
Net profit of subsidiaries $1,459.077 $1,836.399 $1,369,512
111,753
64.088
47,140
70,739
Profit parent company_
McCall Corp., N. Y.
-53.i% on Acc't of Accumulations.
-
$1,506.217 51,907.138 51.433,600 51.068.252
Total net profit
Earned per share on present capitalization:
$35.35
$19.80
$26.57
$27.92
Preferred stock
4.27
6.52
9.45
6.97
Common stock
-On the Capital stock of $100 par value, the company
Dividend Record.
paid an initial dividend of $2.50 per share on Feb. 15 1923. A dividend
of $3 was paid on Aug. IS 1923: $4 on Feb. 15 1924: $3 on May 15 1924:
1925. On
McWilliams Buildings, Clarksdale, Miss.
-Bonds Of- $4 On Aug. 15 1924: $5 on Nov. 15 1924 and $4 on Feb. 16the Capital
a plan
stockholders
Jan.
fered.
-Caldwell & Co., Nashville, Tenn., and Mortgage & stock14 1925 the value by the approvedCommonto reclassify par value.
stock of no
issue of
of $100 par
Securities Co., St. Louis, are offering at 100 and int.$350,000 On Feb. 20 1925 a stock dividend of 1 share of Preferred stock and 2 shares
of Common stock on each share of Common stock was paid.
7% 1st Mtge. (Closed) Serial Coupon gold bonds.
On May 15 1925 an initial quarterly dividend of $1.75 per share was
Dated April) 1925; due April 11926-1937. Principal and int.(A. & 0.) Paid on the Pref. stock, together with a dividend of 29 cents a share to
payable at Liberty Central Trust Co., St. Louis, Tyro., or at Chemical cover the period from Feb. 1 to Feb. 15. An initial dividend of 75 cents
National Bank, New York, trustee, at 102 and int. on any int, date, on
share on the new no par value Common stock was paid on May 15 1925.
60 days' notice, in the inverse of their numerical order. 2% normal Federal Per comparative balance sheet as of Jan. 31 was given in V. 120. p. 2019.
A
income tax paid by borrower. Denom.$1,000.$500 and $100 c*.
-V. 120. p. 2277.
Security.
-Those bonds are secured by a closed first mortgage on completed business property in the central portion of Clarksdale, h4iss., con-May Sales.
Metropolitan Chain Stores, Inc.
servatively appraised by independent realtors of that city at $700,000.
Increase.
Increased 1925-5 Mos.-1924.
--1924.
-May
1925
The business property included in the McWilliams Buildings group
$233,317
885,969152,756,562 $2,523,245
$541,421
-story office building, 3
consists of a modern 7
-story department store, $627,390
-V. 120, p. 2410. 2020.
theatre building and store building. The buildings are completed and in
full operation. R. N. McWilliams, the sole owner of this property and the
Mitchell Motors Co., Racine, Wis.-Payment to Creditors.
mortgagor for this issue of bonds, is one of the leading business men of
Unsecured creditors of this defunct company, numbering about 600,
Clarksdale, with personal net assets of over $1,000.000.
their claims, a first and final dividend in this sum
-These buildings are now leased to responsible occupants and will receive 20.7% on
Earnings.
ordered paid by the referee at a meeting held April 28. Total
are producing an annual net income of $49,300, or more than twice the having beenon assets was $1,322,000, and after paying prior lien and
realization
greatest annual bond interest requirement.
Preferred claims, expenses, &c., there remained $905,000 for distribution
went into liquidation on April IS 1923.
among creditors.
Marks Bros. Theatre & Commercial Building.
-Bonds -V.120, p. 2410.The company
The directors have declared the regular quarterly dividend of 14% on
the 1st Pref. stock, together with a dividend of 5 Ys % on account of accumulations, both payable July 1 to holders of record June 15. On Jan. 2
and April 1 last distributions of 334% each were made in addition to the
usual quarterly disbursements of P4%.
-V. 120. p. 1212.
Offered.
-American Bond & Mortgage Co. is offering at par
and interest $1,150,000 First Mtge.65'% Serial Gold bonds.
-Annual Report.
Monarch Knitting Co., Ltd.
1922.
1923.
1921. '
1924.
Calendar YearsDated April 20 1925: due serially (A.& 0.)from Oct. 1927 to April 1937.
$184,888
$186,531
417.675
$98,654
Interest payable A. & 0. Callable at 103 and interest. Normal Federal Net profits
70.000
70,000
70.000
70.000
tax up to 2% on the annual interest paid by the Marks Bros. Res. for depreciation
income
52,500
52.500
52.500
52,500
Preferred divs. (7%)
Theatre, Inc., through the American Bond & Mortgage Co., Inc., Denorn.
$100,$500 and 91.000. American Trust & Safe Deposit Co., Chicago. trim
$6.03l de$23.846
$62,388
Balance, surplus__ __loss$104.825
-These bonds will be secured by a direct closed first mortgage
Security.
547.104
609,492
483.073
1.005.124
on the land owned in fee simple, having a frontage of 200 ft. on Sheridan Previous surplus
Cr.1.795
Over-approp.of inc. tax_
Road with a depth of 208 ft. 634 in, on the south line and of 148 ft. 64 in. Amount written off ydeb.499,999
on north line. Also covered by this mortgage will be a three-story 4,000
seat theatre, store and office building to be erected at 6427-6445 Sheridan
$609.492
$547.104
$483,073
P.& L.surp. Dec. 31_ 9504,667
Road, Chicago. The security for the land, building and equipment used
x After making provision for all bad and doubtful accounts and for
for its operation has been appraised at $1.800.000.
Amount written off in respect of capital stock of the
-The building, three stories in height, with fireproof theatre, income taxes. y Co.. Ltd., of N. Y., reducing to nominal value of $1.
Building.
Knitting
will be of pressed brick with terra cotta front, and will be designed in the Monarch
Renaissance style of architecture. The lobby will be of a very artistic and -V. 120, p. 2278.
elaborate design, having a height of 72 ft. At the end of the lobby a grand
Mortgage & Acceptance Corp. (Del.), Balt.-Rights.stairway of Italian marble and bronze, will lead to the mezzanine floor.
In order to keep pace with the demands on their business the directors
The seating arrangement and acoustics will be of the best. All the latest
have decided to increase the outstanding capitalization of the company by
details of construction and equipment assuring safety and convenience
have been provided in the building. There will be five stories facing on the issuance of 10,000 additional shares of First Prof. stock and 7,590 shares
Sheridan Road, 14 shops on the second floor and 14 offices on the third floor. of Common. This stock will be disposed of in units of one share of First
at the rate of $56 42
-After allowance for operating expenses, including Pref, and 34 of a share of Common is entitled to subscribe per unit.
Estimated Earnings.
for one of these
Each stockholder of record June 6
taxes and insurance, the net annual income derived from the theatre, stores
units for each three shares of Common stock held.
and offices is estimated to be at least $178,800. or over 2 1-3 times the
Subject to stockholders' subscription rights, the entire new issue has alheaviest annual interest charge.
ready been underwritten. As a result of the new financing the Corporation's capitalization will be increased from 91,000,000 First Prof. to $1,-To Transfer Assets.
Maxwell Motors Corp.
The stockholders will vote June 24 in respect to the following special 500,000. and the Common stock outstanding from 30,474 to 37,974 shares.
--V. 120. P. 837
.
matters:
1. To sell, assign and transfer all the property and assets of the corpora-Certificates Offered.
Mortgage Co. of Maryland, Inc.
tion to Chrysler Corp. of Del. for a purchase price consisting of (a) approximately 239,700 shares of the Pref. stock, Series "A," without par value. Robert Garrett & Sons, Gillett & Co. Mercantile Trust &
out of 275.000 shares of Pref. stock authorized, and approximately 677.000
shares of the Common stock, without par value, out of 800.000 shares of Deposit Co. Baltimore, and Tucker, Inthony & Co. New
Common stock authorized. of Chrysler Corp., and (b) the assumption by York,are offering at 100 and interest $1,000,000 First Mtge.
Chrysler Corp. of, and its agreement to pay, all of the outstanding debts,
obligations and liabilities of the corporation of every kind, character and (Guaranteed) 534% certificates, maturing $500,000 June 1
description whatsoever (except capital stock liability).
1930 and $500,000 July 11930.
2. To dissolve the corporation and to discontinue Its business.
Denom. $1.000, $500 and $loo c*. Principal and interest (J. & D.)
The Chrysler Corp. was incorp. in Del. June 6 1925 for the purpose of
New York City.
at office of trustee in Baltimore ot
taking over the properties of the Maxwell Co. pursuant to the Maxwell payable mortgages securing these certificatesat agency in
are guaranteed as to principal
plan dated April 15 1925, and supersedes the Chrysler Corp. previously All first
and interest by Maryland Casualty Co., Baltimore.
organized with a nominal capital.
-V.120, p. 2951. 2823.
-All first mortgages pledged as security
Character of Mortgage Security.
certificates are a lien on fee simple real
Mayflower-Old Colony Copper Co.
-Annual Report.- for theseresidential and business properties, in an estate, consisting princiamount not in excess of
pally of
Calendar Years1924.
1923.
1922.
1921.
50 of the conservative appraised value thereof. In cases where at least
Receipts
566,684
$54.513
$159.538
$37.458 50 of the principal amount is amortized in equal annual payments the
Payments
79,087
97.444
92,951
104,726 company has the right to accept mortgages at not in excess of 60% of such
seldom
Balance, surplus
def412,403 def.$42,931
$66,587 def.$67.268 valuation, but as a matter of policy and practice this privilege is
exercised.
-31. 118, p. 2312.
-These certificates are a direct obligation of the
Securz:y Guaranteed.
They are
Mercantile Stores Co., Inc.
-Stock Sold.-Seholle Mortgage Co. of Maryland, Inc. Mortgage unconditionally guaranteed,
capital and surplus
principal and interest, 13y Maryland
Brothers and Shields & Co. have acquired and placed of over $890,000. Each mortgage pledged asCo.. with is also guaranteed,
security
by the Maryland Casualty Co..
privately a large block of Common stock. The stock was Principal and interest (except as to title) companies in the United States.
and best
acquired at private sale from one of company's largest one of the largestsurplus ofknown surety
over $11,000,000, and with total resources of
with capital and
stockholders and does not represent any new financing on more than 532,500.000.
-Company agrees to refund State. county and city personTax Refund.
part of the company.
the
alty tax up to 36 of 1% in whatever State held (provided notice is given
Company.-Incorp. in Delaware Jan. 12 1919 to acquire the assets and within sixty days after payment of any such taxes), and also to pay interest
business of the Mercantile Stores Corp.. which in turn was formed in 1914 without deduction of the normal Federal income tax up to 2%.-V. 120, p.
in the reorganization of the old dry goods house of H. B. Claflin Co. 93.
Company now owns the entire capital stock of 21 stores engaged in the
-Extra Dividend of 3%.
Mountain Producers Corp.
retail dry goods and department store business, located in the principal
cities of the country. The stores are of various types and sizes, but in
The directors have declared an extra dividend of 3% (30c. a share) in
general handle medium and low-priced goods. Trade and credit reports on addition to the regular quarterly dividend of 2% (20c. a share), both
the individual stores show a uniformly high credit standing and good payable July 1 to holders of record June 15. In the previous three quarters
-V. 120. p. 2677.
management. In all locations except Norfolk, Va. and Butte, Mont., extras of 24% were paid.
where general business conditions have been unfavorable, each store
-Annual Report.
National Breweries, Ltd.
appears to be doing a profitable business.
1924.
1923.
1922.
1921.
Calendar Years-CapitalizationAuthorized. Outstanding.
$1,072,897 $1,029,704 $1,254,674 $1,243.220
Cumul. Pref. stock (par $100)
$5.400,000 $5.394,916 Profits
7%
78,000
73,200
82,800
87,600
Bond interest
162,000 shs. 161,847 sh
Common stock (no par value)
212,155
187,093
189,902
183,361
Company has no funded debt outstanding, excepting $490,000 of purchase Depreciation
194,250
194,250
194,250
194,250
Preferred diva, (7%)--..
mortgages.
money
360,688
360,688
360.688
360,688
Prior to Feb. 20 1925, the company had outstanding only $5,394,916 of Common divs. (16%)--Capital stock of $100 par value. On Jan. 14 1925, however, the stock9232,604
$209,673
$427,034
$417,321
plan to reclassify the Capital stock by the issue of
Surplus
holders approved a
$2,904.872 $2,672,267 $2,462,594 $2,035,559
Common stock of no par value. On Feb. 20 1925, moreover, the directors Profit & loss, surplus
declared a stock dividend of 1 share of Pref. stock of $100 par value and -v. 118, p. 2711.
2 shares of Common stock of no par value on each share of Common stock
-Notes Sold.
-George
Neptune Meter Co., N. Y. City.
of no par value held.
Preferred Stock has preference as to cumulative dividends at the rate of H. Burr & Co., Merrill, Lynch & Co., New York, and
7% per annum, and no more, and as to assets, in case of voluntary or Geo. H. Burr, Conrad & Broom,Inc. ,San Francisco, have
involuntary liquidation or dissolution or distribution of the assets, to par
and all accumulated dividends. It is redeemable at $105 and diva., in sold at prices ranging from 98.44 and int. to 101.88 and
whole or in part, on any date on 30 days' notice. Preferred stock has no
yield from 4% to 634%, according to maturity,
voting power, except in case of default in the payment of dividends on the int., to
$2,000,000 6% Serial Gold notes.
Preferred stock for a period of two years.
3076
THE CHRONICLE
Dated June 1 1925; due $125,000 semi-annually, Dec. 15 1925 to June 15
1933 incl. Int. payable J. & D. at Bankers Trust Co., New York. trustee.
Denom. 31,000 c*. Red., all or part by lot, on any int. date upon 30 days'
notice at 102 and int., any partial redemption to retire the notes in the
inverse order of their maturities, the latest maturities being redeemed first.
Company will refund the Penna.. Conn. and Calif. 4 mills taxes, the Maryland 4% mills tax, the District of Columbia and Michigan 5 mills taxes
and the Massachusetts income tax up to 6%.
Data from Letter of J. Herbert Ballantine, President of Company.
Company.
-Is the largest manufacturer of water meters in the United
States, conducting a business which has been in successful operation since
1892. 75% of the company's business is with municipalities. Company's
plants, located in Long Island City. N.Y..Los Angeles, Calif., and Toronto.
Canada, are modern in every respect and maintained in the best possible
physical condition.
Earnings.
-Company is one of the'few large companies which earned a
profit throughout the period of deflation following the war: furthermore,
during the past 20 years this company has never failed to earn a good profit
each and every year. Net profits, after providing for depreciation. Federal
income taxes and interest charges, for the 10
-year period ending Dec. 31
1924 averaged annually $382,773, or in excess of 3 times the annual interest
requirements of this issue, and for the 5 years and 4 months period ending
April 30 1925 were as follows:
4 Months to
1920.
1921.
1922.
1924. Apr. 30'25.
1923.
$131,411
$205,650
3284,162
3678.015
3795.727
$887,054
For the 3 years and 4 months period ending April 30 1925 the company's
net profits averaged 3793,487, or equal to approximately 6.6 times the
annual interest requirements of this issue.
Purpose.
-To reduce current liabilities, to provide for the expansion of
business and to secure additional working capital.
Balance Sheet April 30 1925, Adjusted to Give Effect to This Financing.
Assets.
Liabilities.
Real est.,b1dga.,mach.,&c.$1.104.729 Preferred stock
31,964.100
Cash
1,991.830 Surplus (representing no
Marketable securities_ _
317.565
par value Corn. stock-- 1.512,546
Accts. rec. (less reserves)_
754.596 Bills payable
90.000
Inventories
874.499 Accounts payable
152,901
Stock purchase & officers'
Res. for Fed. & Can. taxes
83,904
& employees' loans__
345,075 6% serial gold notes
2,000,000
Sundry investments
245,817
Prepaid ins., taxes & exp_
Total (each side)
169,339
35,803.451
-V. 118, p. 675.
National Supply Co.(of Del.) & Subsid. Cos.
Consolidated Income Account of Company and Subsidiaries.
Calendar Years1924.
1923.
x1922.
x1921.
Gross income
36,999,919 310.261,926
Selling & general exp
4,176,742
Not stated
4,888,988
Net inc.from oper
Other income
$2,823,177 35.372,937 $4,498,880 $2,362.507
562,066
588,819
721.788
492,540
Total income
$3,385,243 $5,961,756 $5,220,668 32,855.047
Depreciation
694,167
555,001
616,363
678,224
Interest
50,826
150.759
Taxes
} 566,729
145,882
182.267
575,1701
Miscell. deductions
40.617
Federal income tax
540,312
672,497
277,077
217.447
Amt.attrib. to min. st'kholders in sub. cos
1.596
350,568
498,759
Preferred divs. (7%).-494,669
494,423
377,018
263,199
Common divs. (cash)- -(6%)758,316 (6)714.591 (6)568,144 (6)581.463
Balance, surplus
$594,284 $2,825,255 $2,394,621
Add-Previous surplus- 12,060,581
8,949,850 13,395,983
Unearned surplus-13,425
Min. surpl. int. acq.
with stock purch_
435,562
293,013
Miscellaneous credits..
122,133
$542,469
12,777,998
5.084
70,432
Total surplus
$12,668,290 $12,068,118 $16,348,299 313,395,983
Stk.div.on Com.shs.(10%)1,206,570
Div. on Corn. stk. of N.
S. Co. (Ohio) applied
to reduce purch. cost_
z7,253,025
Miscell. adjustments__
145,423
30.846
7,538
Profit & loss surplus_ _311.430,873 $12,060,580 $8,949,850 $13,395,983
x Predecessor corp. and subsidiaries. z After deducting amount received
In partial liquidation of Common stock of the National Supply Co. of Ohio
in excess of its book value, $6,048,520.
Consolidated Balance Sheet of Company and Subsid. Corps., Dec. 31.
1924.
1923.
1924.
1923.
Ands$
$
$
Liabilities$
Land & buildings_ 5,131,076 4,987,345 Preferred stock___ 7,095,160 7,076,780
Mach'y, tools & eq 5,307,602 4,106,499 Common stock___13,295,025 12,060,025
Patterns. drawings
Cap. stk. & sur. of
& patents
424,696
398,129 sub. corps
x30,780
:30,780
Furn.,fixt.& autos 971,160
915,466 Union Tool Co. 1st
182,000
Mtge.6s
118,500
11,834,534 11,407,440 Notes payable_ _ _ _ 1,000,000 2,502,500
Less-Res.for depr 4,068,301 3,44,154 Accounts payable_ 3,238,813 2,331,864
Accr. taxes, wages,
7,786.233 7,953.286 &c
260,356
185,399
Cash
2,610,704 1,600,989 Accr. Fed, taxes
Notes receivable 2,945,888 3,275,946
pay. l925& 1924
Accts. rec. less res. 9,939,098 8.672.274
672,497
respectively.__ 277,077
Mdse. inventories_13,501,626 16,038,229 Ins,fund reserve__ 764,978
679,875
Investments
618,833
291,052 Earned surplus- (12,060,581
54.223
Deferred charges
44,886 Other surplus_ _ _ )11,430,8731
13,425
-----37,436,608 37.876,662
Total
Total
37,436,806 37,876,662
-V. 119, p. 819.
x Not owned by company.
[VOL. 120.
Pacific Mail Steamship Co.
-Liquidation Assured.
-
The plan for winding up the affairs of the company with cash realization
to stockholders and sale of the company's vessels is assured, the stockholders on June 10 having approved the offer of Herbert M. Fleishacker
and associates to purchase from holders up to 150.000 shares (50.7 of
0
capital) at $10 50 a share, providing the company purchases from W. R.
Grace & Co. the remaining 150.000 shares, which they own or control, for
$450.000 cash and all vessels except one,together with miscellaneous properties, and simultaneously releasing Pacific Mail from its $1.000.000 mortgage
bonds. See also V. 120. p. 2824.
New President, &c.
Gale H. Carter has resigned as President and a director of the Pacific
Mail Steamship Co., and L. H. Sherman and J. P. Grace resigned as directors. John H. Conway, T. E. Bragg and R. D. Purcell were elected directors to succeed them.
Matthew C. Brush, Chairman, was elected President, and G. H. Balch
as Vice-President.
-V. 120, p. 2824.
Park Lane Corp., New York City.
-Bonds Offered.
Edmund Seymour & Co., Bodell & Co., and Clark Williams
& Co., are offering, at 100 and interest, $1,750,000 First
(Closed) Mtge. Leasehold 63'% Sinking Fund Gold bonds.
Dated June 11925; due June 11943. Denom. 31,000. 3500 and $100 c*.
Redeemable on any interest date on 30 days' notice as a whole at 103 to and
Including June 1 1930; at 102 to and including June 1 1935; at 101 thereafter to date of maturity, or in part or for sinking fund on any interest date
at 105 and interest. Interest payable J. & D. without deduction for normal
Federal income tax not in excess of 2%. Payment of Conn. and Penna.
4 mill tax, and the Mass, income tax not to exceed 6% on the interest,
refunded. Chatham Phenix National Bank & Trust Co., N. Y., trustee.
By reason of the use of the sub-surface for railroad and terminal purposes
by the New York Central RR. Co., the Park Lane Corp. is required to
pay only one-half of the taxes on the land unimproved.
Data from Letter of Fullerton Weaver, President of the Corporation.
Location.
-The 13
-story Park Lane, completed in the fall of 1924. occupies the entire block fronting on Park Ave., east side, between 48th and
49th streets, N. Y. City. It is in the centre of the highly developed Park
Avenue section, only a few steps from the Ritz-Carlton, the Hotel Ambassador, Sherry's, Maillard's and the Grand Central Terminal. The Park Lane
is of the highest type residential hotel construction containing 600 rooms.
The building was designed by Schultze ,Ic Weaver, and erected by the
George A. Fuller Co. It covers an area of 30,000 sq. ft., extending 200 ft.
along Park Ave. and Park Lane, a private right of way,and 150 ft. along
48th and 49th streets. Dwight P. Robinson & Co., Inc., have appraised
the cost of producing the building. including equipment, at $3,901.000'.
Security.-Secured by a closed first mortgage lien on the leasehold acquired from the New York State Realty & Terminal Co., a subsidiary of the
New York Central RR., covering the above-mentioned block and the Park
Lane erected thereon. The value of the property mortgaged has been
appraised lasto$432(000ofbiheWa.ppArlabiesrt Pease Jr. The principal amount of
iss
ed
Lease.
-The lease, containing favorable terms, extends with renewal
privileges, to 1964. and may be further extended for 21 years, unless the
lessor purchases the building. The first lease period terminates after the
maturity of these bonds. This mortgage will be placed upon the property
with the consent of the New York State Realty & Terminal Co. This
lease is not subject to the lien of the New York Central land issues. A
mortgage of $2,000,000 has been given by the New York State Realty &
Terminal Co. on its interest in the premises, and the leases is subject
thereto. This mortgage is not an obligation of the Park Lane Corp., and
the New York State Realty Sr Terminal Co. indemnifies it against any loss
or action arising therefrom.
Earnings
.-Of the total rentable space 78% is already under lease and
net earnings as taken from the company's books by Linsley, Baird & Dixon,
including new leases effective on or before Oct. 1, are now at the rate of
$239,951 per year before Federal taxes and depreciation, or over twice the
maximum annual interest charge of $113.750 on this issue. Based on
present leases and operating expenses and after allowance for vacancies, an
average annual net Income of $624,525 per year before Federal taxes and
depreciation, or over 5.4 maximum annual interest charges and over 2.9
times average interest and sinking fund charges on this issue, is estimated.
Ownership.
-Stock is owned by the U. S. Realty & Improvement Co. and
S. Fullerton Weaver.
Sinking Fund.
-A sinking fund ,commencing June 1 1926, calculated to
retire the entire issued by maturity, is provided in the mortgage securing
these bonds. The sinking fund is to purchase bonds at or below 105 in the
open market, or if not so obtainable to call bonds by lot at 105.
-Back Dividends.Penick & Ford, Ltd. Inc.
The directors have declared the regular quarterly dividend of 11%% and
a further dividend of
% on accumulated, unpaid dividends on the
Preferred stock, payable July 1 to holders of record June 20. Similar
distributions were made on the Preferred stock on April 1. A distribution of 1% on account of arrears was made on Jan. 2 last. The payment
on July 1 will leave 1131% unpaid dividends on the Preferred stock.
V. 120, p. 2279.
-Initial Preferred Dividend.
Pet Milk Co.
The directors have declared a regular quarterly dividend of 1 q% on the
Preferred stock, payable July 1 to holders of record June 10. (For offering
of stock, see V. 120, P. 1595.)-V. 120. p. 2952.
-Receivership Ended.
Phoenix Portland Cement Co.
The receivership of the company, a Dollings subsidiary, terminated
June 2 and the property and assets of the company were restored to management of its officers and directors by Judge Robert P. Duncan of Common
Pleas Court at Columbus, 0., upon recommendation of the receiver,
Freeman T. Eagleson.
-V. 119, p. 1405.
-5% Extra Dividend.
Pittsburgh Plate Glass Co.
The directors have declared an extra dividend of 5% on the cannel
stock, payable Oct. 1 to holders of record Sept. 15, and two regular quarterly
Nipissing Mines Co., Ltd.-AnnUai Report.
dividends of 2%, payable July 1 and Oct. 1 to holders of record,Jhne 16
Calendar Years1924.
and Sept. 15, respectively. An extra of 5% was paid on Feb. 113t ast.1921.
1923.
1922.
Total income
31.115,000 31,115,119 $1,120,092
$935,187 -V. 120, p. 1338.
Expenses
35.357
36,589
35,336
40.739
1,080,000
Dividends
900.000
-Acquires Pittsburgh Steel Products
1.080,000
1,080.000
Pittsburgh Steel Co.
Balance, surplus
def$357
def$1,402 CO.
def$217
def$647
P.& L.surplus Dec. 3137.595
$8,816
At the office of Speyer dc Co. it was announced yesterday that the Pitts37,952
$8,169
-V. 120, p. 1595.
burgh Steel Co. is publishing a notice to its stockholders calling a special
Meeting of the stockholders of the company, to be held Aug. 20 1925, for
Nizer Corp., Detroit, Mich.
-Initial Class "A" Div.
the jourpose of approving an increase in the Capital stock of the company
The directors have declared an initial quarterly dividend of 75c. a share by $20,000,000. consisting of 200,000 shares of Common stock of the par
on the Cony. Partic. Class "A"stock, no par value, payable July 1 to hold- value of $100 each, and an issue of $2,500,000 Unsecured Short
-Term notes.
ers of record June 20. (See offering of stock in V. 120, p. 2020.)
The proceeds of the notes and part of the increase in the Conunon stock
The company reports net earnings for the first quarter of 1925 of $206,921. are to be. used for the acquisition of the Capital stock of the Pittsburgh
after reserve for Federal taxes, an increase of $59,681 over the corresponding Steel Products Co. The balance of the Common stock will remain in the
period of 1924.-V. 120. p. 2020.
company's treasury unissued.
The Pittsburgh Steel Products Co. is a Pennsylvania corporation with a
-Stock Dividend Proposed.
Ohio Brass Co.
capitalization of 36,000,000. It has plants at Allenport and Monosson.Pa.,
The stockholders will vote June 19 on increasing the authorized Class"A" and is one of the largest makers of seamless tube in this country.
and Class "B" from 50.000 shares each to 150,000 shares each and on apThe Pittsburgh Steel Co. has now outstanding $17,500,000 Common
proving the declaration of a stock dividend of two shares of stock for each stock and $10,500,000 Preferred stock. The company has no bonded
share now held. This will increase the outstanding Class "A" stock to indebtedness.
144,153 shares and the Class "B" stock to 144,144 shares.
It is announced that regular dividends of $4 per annum will be paid on the
Postum Cereal Co.
-To Reduce Authorized Stock.
new stock to be issued. This is at the rate of $12 per annum on the present
Notice has been received by the New York Stock Exchange of proposed
Common stock, on which a quarterly dividend of $1 per share and an extra
reduction in the authorized Capital stock by $6,500,000 8% Cumul. Pref.
-V.120. p. 1595.
were paid on April 15 last.
of $2
stock.
-V. 120, p. 2022.
-Annual Report.
Olaa Sugar Co., Ltd.
1924.
1923.
Calendar Years1921.
1922.
x$403,978
3435,202 def$148,047 def$393,547
Net profit
-V. 105. p. 1903.
x Subject to deduction for income taxes.
-New Treasurer.
Old Dominion Co. (Maine).
-
Rand (Gold) Mines, Ltd.
-Gold Production.
Jan.
Feb.
May.
March.
April.
813,249 787,519 825,479 753,929 823,692
Month of
Gold output (oz.)
-V. 120. p. 2559, 1891.
St. Louis Screw Co.
John Macnair has been elected Treasurer of both the Old Dominion Co.
-To Increase Capital, &c.
.and the Arizona Commercial Mining Co., to succeed the late Charles H.
The stockholders will vote July 21 on increasing the authorized Capital
Altmiller, Mr. Macnair will assume his new duties with both companies stock from $760,000 to 32,000.000. Of the increase. $750.000 in 7% Pref.
July 1.-V. 120, p. 1890.
stock will be issued as a stock dividend. It is also proposed to change
JUNE 13 1925.]
3077
THE CHRONICLE
the par value of the $1,250,000 Common stock (to be amount authorized
after increase) from $100 to $25 per share, the new $25 shares to be issued
in exchange for the old on the basis of four to one. The 20.000 shares of
Common stock remaining unissued will be issued at not less than par
-V. 120, p. 1339.
when the directors so determine.
-Bonds
St. Margaret's Hospital, Hammond, Ind.
-Mississippi Valley Trust Co., St. Louis, are offerOffered.
ing at par and int. $650,000 St. Margaret's Hospital, Hammond, Ind.; and The Poor Sisters of St. Francis, Seraph,
of the Perpetual Adoration of Lafayette, Ind., 1st Mtge.
/
51 4% Serial Real Estate Gold notes.
due serially, 1928 to 1938. Denom. $1,000, $500
Dated April 1 1925:
and $100. Red. at 102 and int. on 60 days' notice. Principal and int.
(A. & 0.) payable at the Mississippi Valley Trust Co. St. Louis.
This loan is secured by a first mortgage on St. Margaret's Hospital,
located in Hammond, Ind.: owned and operated by the Poor Sisters of
St. Francis, Seraph, of the Perpetual Adoration. St. Margaret's Hospital
was founded in Hammond in 1899, and has served this great industrial
centre to the full extent of its capacity as the city has grown from less than
12,000 at the time of the hospital's origination to its present population of
more than 50,000.
This loan is a direct obligation of the Poor Sisters of St. Francis, Seraph,
of the Perpetual Adoration, an Indiana corporation with net assets estimated
at over $9,000.000, and is secured by a direct first mortgage on the property
of the St. Margaret's Hospital, which is appraised as follows: Gound,
150.000: buildings. $1,200.000: total. $1,250.000.
The Order of the Poor Sisters of St. Francis, Seraph, of the Perpetual
Adoration was organized in 1860 at Olpe. Germany. In 1875 a branch of
the order was established at Lafayette, Ind., and incorporated under the
laws of that State. The corporation owns and operates 20 hospitals
located in Indiana, Ohio, Illinois, Nebraska, Colorado, Kansas. Tennessee
and New Mexico. They also operate a hospital in Columbus, Neb., which
is now owned by the order.
-Common Dividends.
-(Bernard)Schwartz Cigar Corp.
The directors have declared the regular quarterly dividend of 25c.
a share on the "A" and "B" Common stock, payable July 1 to holders
of record June 20. See also V. 120, p. 2560.
-Year 7% Secured S. F. Gold
Dillon, Read & Co. interim receipts for 3
bonds. due Jan. 1 1928, and for 10-Year 7% Secured S. F. Gold bonds.
exchangeable for definitive bonds at the Central
due Jan. 1 1935, are now
Union Trust Co., 80 Broadway, N. Y. City. See offering in V. 120.
P. 595, 968. and also p. 2953.
-Larger Dividend.
Silver King Coalition Mines Co.
The directors have declared a quarterly dividend of 25c. per share,
payable July 1 to holders of record June 21. The previous distribution
-V. 118, p. 2836.
was 20c. per share.
-Injunction.
Sinaloa Exploration & Development Co.
Supreme Court Justice Levy, who heard argument some months ago
in the suit by James Drury, Albert E. Lester and Joseph Ryan. as stockholders of the company, to restrain Henry L. Doherty from paying $77,000
to Philip Francis for stock of the Union Public Service Co.. alleged to have
belonged to the Sinaloa company and to have been sold by Francis as
his own pror•erty, recently handed down a decision granting the injunction. The decision continues a temporary order granted last year
-V. 119. p. 1965.
when the money was due.
-Declares Extra Div. of 10%.
Singer Mfg. Co.
The directors have declared an extra dividend of 10% on the stock, in
addition to the regular quarterly dividend of 234%. both payable June 30
to holders of record June 10. The company on March 31 last put the
stock on a regular dividend basis of 10% per annum, through the payment
of a quarterly dividend of 234%. The previous rate was 7% per annum
and in addition an extra distribution of 2% was made in December 1924.V. 120, p. 1339.
-Bonds Offered.
675 West End Avenue, New York City.
Guar-The Prudence Co., Inc., are offering $540,000 5
anteed Prudence-Certificates. Legal for trust funds.
-story fireproo
The mortgage is a first lien on the land and modern 15
apartment house fronting 74.6 ft. on West End Ave. with a depth of
100 ft., and 51.2 ft. south of West 93d St. The building is of fireproof
brick and steel construction containing 59 apartments divided into 3, 4.5
and 6 room suites.
-Listing.
Standard Oil Co.(N. J.).
The New York Stock Exchange has authorized the listing of 17,500.000
$25) on official
-Notes Sold.
-Dillon., (authorized $625,000,000) additional Common stock (par amount applied
Schulte Real Estate Co. Inc.
notice of issuance
-Year 6% Sinking Fund for $515,429,700. and payment in full, making the total
Road & Co. have sold $10,000,000 10
-V. 120.
This stock is to be sold to the employees.
Gold notes (with Common stock).
p. 2540.
for the notes (with Common stock) is to
-Payment
Part-Paid Receipts.
-Permanent Notes Ready.
Standard Plate Glass Co.
be made in two installments: $500 on account of each $1,000 note on or
about June 22 1925, and $500 on Dec. 11925. The company will issue its
part-paid receipts in transferable form entitling the holders on payment of
the second installment on Dec. 1 1925 to exchange such receipts for notes
(with Common stock) and to receive 6% interest on the first installment of
the purchase price from the date of payment thereof. The notes will bear
coupons for interest from Dec. 1 1925.
The purchaser of each $1,000 note, upon full payment therefor, will be
entitled to receive five shares of the Common stock of the company.
Dated June 1 1925; due June 1 1935. Principal and interest (J. & D.)
payable at Dillon, Read & Co.. N. Y. City. Denom.$1,000 c*. Redeemable, all or part, by lot on any interest date at 105 and interest to and
including June 1 1927; thereafter at a reduction of 1% for each succeeding
two-year period to and including Dec. 1 1934. Interest payable without
deduction for Federal normal income tax up to 2%. Penna. 4 mills tax,
Maryland 434 mills tax. Conn. 4 mills tax, refunded. National Park
Bank. New York. trustee.
Data from Letter of D. A. Schulte. President of the Company.
Organization and Eguity.-Schulte Real Estate Co., Inc. (Delaware) will
be the principal real estate operating company of Schulte Retail Stores Corp.,
conducting all transactions in fee real estate heretofore carried on by subsidiaries of the parent company. Operations will be confined to city properties used or suitable for commercial purposes. The proceeds of these notes
will _provide funds for the purchase of such real estate or interests therein.
The initial equity for these notes will be represented by 13.000.000 Pref.
stock, to be issued in payment for fee properties with an appraised value of
more than 13,000.000 (or in payment for all the Capital stock of the company owning such properties). In addition 425.000 shares of the Common
stock will be purchased by Schulte interests for $637,500 in cash. The fee
properties referred to are located on important corners in New York City at
42d St. and Third Ave.. 72d St. and Broadway, 86th St. and Third Ave..
and Fulton St. and Hanover Place (Brooklyn), and are used for commercial
purposes. They have been appraised by Geo. R. Read & Co.. representing
the bankers, and Chas. F. Noyes & Co.. at $3.037,500, and under existing
agreements, will be leased to responsible tenants, for terms extending
beyond the maturity of these notes. at an aggregate annual net rental
of $235,000.
Capitalization of Schulte Real Estate Co., Inc., upon Completion of This
Financing.
Authorized.
Issued.
-Year 6% Sinking Fund Gold notes (this issue)-410.000.000 $10.000.000
10
15.000.000 13,000.000
6% Preferred stock
500.000
Common stock (no par value) shares
500,000
-Through its subsidiaries, is the second largest
Schulte Retail Stores Corp.
retail distributor of cigars, cigarettes and tobacco products in the United
States. The business. begun apprmdmately 40 years ago, to-day sells its
products direct to the public through more than 260 stores, owned or leased,
in more than 98 cities. Including these stores, the Schulte companies
control more than 470 locations and parcels of real estate in 31 States and
more than 100 cities.
Among the companies controlled by or affiliated with Schulte Retail
Stores Corp. are: D. A. Schulte, Inc., New York; B. G. Davis & Co., Inc •
Alfred Dunhill of London. Inc., and Park & Tilford, Inc.
-Annual consolidated gross business, net earnings available for
Earnings.
Common stock dividends and number of stores in operation, of Schulte
Retail Stores Corp. and subsidiaries, for five calendar years 1920 to 1924.
are as follows:
Calendar
Years
Gross
Business.
Net Earns. Avail. No. of Stores
for Dividends. in Operation.
-Year 6% Gold notes, due March 1 1930, are now ready
Permanent 5
for delivery upon surrender of the outstanding interim receipts at the Bank
of Pittsburgh, N. A., 226 Fourth Ave., Pittsburgh, Pa. (For offering,
see V. 120, p. 1101.)-V. 120, p. 2561.
-Balance Sheet.Stromberg Carburetor Co.
Mar.31'25 Dec.31'24
LiabilitiesAfar. 31 25 Dec. 31 24
AssetsProperty & plant_82,330,372 $2,297,414 x Capital stock___ $omme $600,000
811,566 Accts. payable &
608.351
Cash
163,740
80.128 accrued accounts 179.657
80,659
Liberty bonds.-- 80.000
50,480 Federal taxes res__ 104,000
53,820
Other bonds
677,523
262,925 Depreciation res__ 685,421
404,145
Notes & accts.rec_
3,071,555 3,031,250
640,485 Surplus
847,862
Inventories
30.004
40.874
'3ther assets
207,495
196,256
Patents
Tot.(each side)_14.640,633 $4,552.513
172,015
78.294
Deferred charges..
-V. 120. p. 2825, 1893.
x Represented by 80,000 no par value shares.
-Balance Sheet Dec. 31.Swift International Corp.
1924.
1923.
1923.
1924.
$
Liabilities$
$
Assets22,500,000 22,500,000
Stock Investment_40,572.678 41,232,711 Capital
Owing to assoc. cos 4,732.213 10,072,923
Due from associa697,838
ted companies__ 3,306,612 5,703,334 General reserve.._ 806,963
15,973,558 13,776.560
111,276 Surplus
133,444
Cash
Total
44,012,734 47,047,321
Total
44,012,734 47,047,321
-Figures are shown in Argentine gold.
Note.
income account was given in
V. 120. p. 1470.
Syracuse (N. Y.) Washing Machine Corp.-Stk.Div.ofcc.
The usual comparative
The corporation plans to issue three additional shares of Class "B"
Common stock for each share of Class "A" and "B" Common of no par
now outstanding, as a stock dividend.
The stockholders will vote June 19 on increasing the Class"B" Common
-V .119, p. 2891.
stock from 190,000 to 690,000 shares.
-Sale.
(Joseph S.) Thropp Co., Inc., Everett, Pa.
w, S. Pilling, Philadelphia, was the successful bidder in the purchase
of the blast furnaces and other properties of the company, which were
sold at public auction on May 5 and 6. The purchase price was $800,000.
The property has been in the hands of a receiver, Andrew S. Webb. and
-V. 120. p. 2023.
was sold by his order to satisfy creditors.
-Receivership.
Tidewater Portland Cement Co.
William J. O'Brien and Jesse N. Bowen May 26 were appointed by
Judge Morris A. Soper in the U. S. District Court at Baltimore temporary
receivers for the company. The appointment was made with the consent
of the company. Bills of complaint filed by W. A. Spurrier, a stockholder,
and the Farrell Fuel Corp. of Pa., alleged that the concern was insolvent.
The cement company is a Delaware corporation, with a plant at Union
Bridge, Md.
-Omits Dividend.
Tonopah Extension Mining Co.
The directors have voted to omit the quarterly dividend usually paid
July 1. Distributions of Sc. (5%) each were made on Jan. 1 and April 1
last. Complete dividend record (in %) follows:
1905. '06. 12. '13. '14. '15. '16. '17. '18. '19. '20. '21. '22. '23. '24. '25.
15 5 15 20 3234 4734 25 5 30 15 20 20 30 20 10
15
Total distributions to date amount to $3.927,220.
Income Account for Years Ended March 31.
1921-22.
1922-23.
1924-25,
1923-24.
$989,449
$2,408.610 $1,856,389 $1,874,718
Gross receipts
1,351.193
917,716
1,459.563
Hips., taxes & deprec'n_ 1.739,473
$16,299.1631607,492
196
1920
1.017,712
20,699.151
222
1921
2,481,672
23.765,363
239
1922
26,148.136
3.319,241
250
1923
30,542,204
3,886.615
263
1924
Schulte Retail Stores Corp. has outstanding 17,100,000 8% Prof. stock
and 375.000 shares of Common stock with a combined market value, based
on recent New York Stock Exchange quotations, of approximately $49,$71,733
1669.137
$398,825
$523.525
Net income
000,000.
28,779
21,961
21,692
17,982
Earnings from Schulte Real Estate Operations.-Average net earnings Other income
arising from the real estate operations of the various Schulte companies, for
$100,512
$416,807
$545,486
$690.829
Total income
years and 11 months ended Nov. 30 1924. were at a rate in excess of
the 2
321,716
299,258
187,508
379,722
$1.000,000 per annum. The organization of Schulte Real Estate Co.. Inc., Depletion
417,816
263,543
282,793
278,543
will provide capital largely in excess of that hitherto used for real estate Dividends
and it is expected that profits will be substantially increased.
operations,
$28,314 def$183,452 def$171,587 def$350,539
Balance, surplus
-Indenture will provide for a semi-annual sinking fund
Sinking Fund.
commencing Oct. 11926, through the operation of which at least $500.000 -V. 118. P. 2584•
retired annually and a total of 15,000,000 on or before
-Declared Solvent.
Triumph Electric Co., Dayton, 0.
of notes will be
maturity, such retirement to be effected through purchase of notes by the
Petitions of three creditors against the company, manufacturer of
company and cancellation thereof by the trustee or through call by lot at electrical equipment, were dismissed by judicial decree in the Federal Court
price.
-V. 120, p. 2023.
the then current redemption of Schulte Real Estate Co.. Inc., will
May 11 and the company declared solvent.
maimement,-Management
be in at Dayton
who have been responsible for the successful
-Exchange Offer.
Universal Pipe & Radiator Co.
the hands of the executives business of the Schulte companies,
and will
development of the real estate
The directors have authorized the exchange of a limited number of Pref.
A. Schulte as President and Arthur Meyer as Vice-President.
of two shares of Common for each share
include D.
shares for Common on the basis
-New Real Estate Company of Preferred. It is understood that the offer is limited to 10.000 shares.
Schulte Retail Stores Corp.
The stockholders of the Iron Producers Corp. and Central Foundry Co.
have been advised by the Universal Pipe & Radiator Co. that they may
Formed-New Financing.
exchange their stock into Common and Preferred stocks of the Universal
-V. 120. p 2953, 2560.
above.
See Schulte Real Estate Co., Inc.,
Co. on the same basis on which Universal stock was originally issued to
Co.
stockholders of those two companies. As a .condition to acceptance of
(Frank G.) Shattuckthe -Dividend No. 2.
regular quarterly dividend of 50c. per Iron Products Common stock on the basis of exchange referred to, depositors
The directors have declared
stock, no par value. payable July 10 to of such stock shall also deliver certificates for shares or scrip certificates in
share on the outstanding capital initial distribution of like
20. An
amount was respect of fractions of shares of Essex Foundry at the rate of one-fifth of a
holders of record June
share of Essex stock for each share of Iron Products Common offered for
-V. 120, p. 2953, 1597.
made on April 10 last.
exchange. Stock of Essex Foundry Co. was recently distributed to holders
Products Common. The offer will remain open until close of busiSiemens & Halake (A. G.) Siemens Schuckertwerke of Iron 3. The right is reserved to withdraw the offer at any time after
ness July
-Definitive Bonds Ready.
that date without further notice.
B. H.).
(G. M.
3078
THE CHRONICLE
The original basis for exchange of Iron Products and Central Foundry
stock into that of Universal Pipe & Radiator was as follows: Each share of
Iron Products Common may be exchanged for one share of Common and
one-half share of Preferred of Universal Pipe & Radiator. Each share of
Central Foundry 1st Pref. may be exchanged for 5-6 share of Pref. and 1 2-3
shares of Common of Universal. Each share of Central Foundry Ordinary
Pref. may be changed for one share Common and 31 share of Pref. of
Universal. Each share of Central Foundry Common may be exchanged for
)i share of Common and 31 share of Preferred of Universal.
-V.120, p.1894.
United Cigar Stores Co. of America.
-Listing.
The New York Stock Exchange has authorized the listing on or after
June 30 of $434,200 (auth. 260.000,000) additional Common stock. par $25,
on official notice of issuance as a 131% stock dividend, making the total
amount applied for to date $34,971,113.
Balance Sheet April 1.
[As filed with the Massachusetts Commissioner of Corporations.]
1925.
1924,
1925.
1924.
AssetsLiabilities$
$
Real estate
895,685
38,630.616 37,392,348
111,369 Capitalstock
Furn., fist., &c..- 4,095,091 4,421,753 Accts. payable- 7,379,001 7,609.411
Automobiles
131,171
889,370
121,035 Reserve for taxes- 896,043
Merchandise
9,915,962 10,738,035 M!seen. reserve_ 3,833,053 3,890.417
Accts.receivable 4,968,904 2,113,819 Rent advances__ _ 715.892
769,981
Cash
8,940,147 7,379,862
5,261,583 3.876,167 Surplus
Securities
2,275,724 4,418,177
Pat., good-w., &c_21,400,000 21,400,000
mtge.,&e.6,384,846 4,632,368
Improvements._
4,008,005 4,333,895
Rent advances_ _ _ 827,892 1,064,898
Insur. unexpired._ 229.889
699,873 Total(each side)_60,394,752 57,931,389
-V. 120, p. 2562, 2414.
United Oil Co.of Calif.
-Bonds Authorized.
The directors have authorized the issuance of $5.000.000 Convertible
bonds to be sold during the fall for the purpose ofenlarging the refining units.
the extension of pipeline facilities, provision for harbor terminal and
marine transportaticn and extending the marketing facilities of the Richfield Oil Co.
The company through President J. A. Talbot also announced that its
recent offering of 50.000 shares of capital stock at $50 per share had been
completely subscribed as of May 22.
The company, it is stated, has been making large profits. Profit and
loss statement covering the first four months of 1925 shows net earnings
after reserves and taxes at the rate of $2,082,000 per annum, as compared
with net earnings in 1924 of $1.223.058.
Consolidated Balance Sheet.
Mar 31 '25. Dec.31'24
ar.31 '25. Dec. 31'24.
LtabilttiesAssets$
5.846,650 4,500,000
Fixed assets
11,511,600 12,145,791 Capital stock
Cash
205.370
330.095 1st M.Cony. bds_ 1,001,200 2,617,000
Notes receivable
45,185
42,039 Notes payable._
539,924
738,026
Acc'ts receivable__ 1,218,957 1,225,075 Acc'ts payable__ _ 1,082,069 1,401,752
Exchange acc'ts reUnred'm'd coup's_
25,742
ceivable (oil)_ _
31,386
Accrued items_
98,541
76,563
Inventories
975,979 1,073,408 Accrued State gasInvestments
96,451
274,950
314,994
85,001
oline tax
Deferred charges__ 155,123
162,265 Deferred purchase
380,493
money obliga'ns 348,453
48.033
Res.forincome tax
Res. for conting's_ 144,619
4.829,868 5,034,845
Surplus
Total
-V. 120.
14,240,051 15,063,6741
Total
[voL. 120.
Dated May 15 1925; due 2 to 8 years. Bonds and int.(M.& N.) payable
at any office of the Adair Realty & Trust Co. and offices of the Adair
Realty & Mortgage Co„ Inc., 270 Madison Ave., New York. Callable
at 104 and int, within six years, and 102 and int, thereafter until maturity.
Trustee, Frank Adair. Federal income tax up to 4%; personal property
tax: Penna., Conn., Maryland, and District of Columbia: Mass, income
tax up to 6%;refunded by borrower, West Coast Holding Co.. upon request.
Security.
-The site for the West Coast Title Bldg. at the northeast
corner of Central Ave. and Fourth St., is probably the most desirable
location for an office building in St. Petersburg. The West Coast Title
Bldg. will be situated in the very heart of the business and financial section.
The land fronts 50 ft. on Central Ave. and 100 ft. on Fourth St. This plot
has been appraised by the Realtors Association of St. Petersburg at $250,000.
The building will be of the most modern type fireproof steel construction.
Eleven stories in height, and basement, the West Coast Title Bldg. will
be one of Florida's finest office buildings.
The structure will contain 141 office suites on nine typical floors; mezzanine; banking quarters and two stores on the first floor.
Cost of the completed structure is estimated at $.24.000. making the
total appraised value of the security back of these bonds 8684,000.
Earnings.
-Annual net earnings, after all operating expenses and a
liberal allowance for vacancies, are estimated at $57.470, over twice the
greatest annual interest requirements and much more than ample to
meet interest charges and yearly amortization payments.
Westinghouse Electric & Mfg. Co.
-New Director.
-
P. K. Merrick has been elected a director to succeed the late A. G.
Becker.
-V. 120, p. 2676.
Wheeling Steel Corp.
-Smaller Preferred Dividends.
The directors have declared quarterly dividends of 131% on the "B'
Preferred and $1 40 per share on the "A" Preferred stock, both payable
July 1 to holders of record June 12. Previously, quarterly disbursements of
2% on the"A"and 231% on the"B"Pref.stock were made.
-V.120.p.2414
White Motor Securities Corp., Cleveland.-Earninas.
Net profit Jan. 1 to March 31 1925
Dividend on Preferred stock
Balance, surplus
AssetsCash in banks
Notes receivable
Deferred charges
Total (each side)
-V.119, p. 2892.
$73.936
43,750
$30.186
Balance Sheet March 31 1925.
Liabilities
82.969.392 Preferred stock
62,500,000
6,065,814 Corn, stock (no par value) 500,000
47,581 Notes payable
5,300,000
Accts, payable still. cos
560,323
Accr. State & Co. taxes_ 3,750
Reserve for Federal taxes_
11,000
Deferred income
177,067
$9,082,787 Profit and loss, surplus__ 30.647
Winchester Repeating Arms Co.
-Annual Report.
Consolidated Income Account for Calendar Years,
1924.
1923.1922.
1921.
$12,497,262 $18.684,882 $16.176,650 $11,835.050
10,122,456 14,993.326 12,296,363 8,706.693
Net sales
Cost of sales
Gross earnings
$2,374.806 13,691.556 83,880.286 83,128,357
Sell.& gen.exp„incl.depr 2,858.901
1,569,886 2,081,336
2,743,188
Interest
926,208
949,974
1,048,617
925,393
Cost of development of
new products
526.124
Profit for period__ _loss$1,410,303
14.240.052 15,063,674 'Proportion applying to
stockholders of subs..
$645.571
29.367
55,120
loss$1,410,303
.1674,938
$750,333 loS4485,104
415,000
p. 2414.
United States Steel Corp.
-Unfilled Orders.
see under "Indications of Business Activity" on a preceding
Net profit
page.
- Dividends(cash)
V. 120, p. 2562.
Victor Talking Machine Co.
-Annual Report.Pres. Eldridge R. Johnson, April 24, said in substance:
The year 1924 was unusual in the experience of the company. In all
prior years it had been impossible to satisfy the demands of the trade at
the Christmas season. Consequently, with the additional facilities provided by recent plant enlargements, an increased manufacturing schedule,
considered adequate for the anticipated demands for the year. was put into
effect. The sales for the first 10 months were about on a par with the
previous year (one of the largest in the history of the company), thus indicating that the program was well advised. However,an exhaustive canvass
in Oct. gave indications of a decrease in the holiday trade, owing to the
,
great demand for radio receiving sets and the general business depression.
Schedules were reduced, but it was impossible to check the output before a
considerable surplus of instruments, which under normal conditions would
have been absorbed in Nov. and Dec., had accumulated, resulting in the
Increase in inventory as compared with the previous year.
It is noted that the volume of the export business showed a substantial
increase over that of the previous year.
A controlling interest in the capital stock of the Berliner Gramophone
Co.. Ltd., of Montreal, Canada, was purchased during the year, thus forging another link in the chain for international distribution of Victor products.
The name of the company has been changed to "Victor Talking Machine
Co. of Canada, Ltd."
Plans carefully and deliberately developed toward meeting the conditions confronting the industry are rapidly nearing maturity. and are anticipated to maintain the company in its position in the van of the entertainment field. (It is reported that the company is entering the radio field and
is now manufacturing a loud speaker on which it holds exclusive patent
rights and which carries the Victor trade-mark.]
Balance Sheet Dec. 31.
1923.
1924.
1924.
1923.
s
$
Assets
Liabilities34,8930200 34,999,900
Plants, mach., &c_14,037,865 13,119,924 Capitalstock
Pats. & ter'y rts__
1
1 Accounts Payable,
Matrices
1
1
including proviInvestments
5,101,724 4,367,187 sion for income
a5,652,625 7,222,089
Trust funds (cash
taxes
5,008,724 6,624,967
& Investments), 167,110
107,110 Surplus
Deferred charges_ _ 479.098
663,230
13,495,117 11,661,533
Inventory
Notes dr acc'ts rec_ 5,538,519 6,055.989
Marketable secure. 4,711,355 7.270.468
2,023,761 5,541,513 Total(each side) 45,554,550 48,846,956
Cash
a Includes the remaining amoun payable on call on subscription to
of the Gramophone Co., Ltd.(£637.500, converted at the precapital stock
vailing rate of exchange as of Dec. 31 1924).-V. 119. p. 1637.
-Wanner Malleable Casting Co. (Del.).
-Defers Div.
The directors have deferred action on the quarterly dividend of 2%
due July 1 on the 8% Cumul. S. F. Pref. stock, par $50. An initial quarterly distribution of 2% was made on this issue on April 1 last.
-V. 120.
P. 1639, 2282.
Warren Brothers Co.
-Listing.
--
$750,333 1034540,224
Balance, surplus__def $1,410,303
8674,938
$750.333 def$900,104
Consolidated Balance Sheet Dec. 31.
•
1924.
1923.
1924.
1023.
$
LiabilitiesAssets$
$
t
Plants, equip.,&ca28,701,366 29,700,975 Capitalstock
10,000,000 10,000,000
559,457 Accounts and notes
573.653
Cash
Accts.& notes rec.. 629,652 2,219.553 Payable
432,882
733,254
137,594 Due Simmitt Co.._ 236,353
Marketable occur..
8,520,396 10,703,820 Due W.Ret.St.Co 498.1.60
Inventories
Bank loans
Due fr. Winch.Co. 870,383
4,526.000 5,223,750
Accrued interest_ _1 475,915 1141,572
Inv.in and adv. to
114,543 Accrued taxes_ _ _ _f
affiliated cos.
1191,045
b1,137,622 cMiseell. reserve.... 1,246.654 1,246,654
Exp,for dev., &c
General reserve__. 514,110
Unamort.bd.disc.,
575,634
750,842 1st mortgage 20Preis Int.,Ins. &c 714 519
year 734,
Due fr. Winch.Re'l
6,582,000 6,722,000
343,099 Surplus
Stores Co
15,497,894 20,833,597
Total
40,009.970 45.667.506
Total
40.009,970 45,667,506
a Plants, land and buildings, mach nery and equipment, &c., less reserve
for depreciation. b Cost of establishing selling agencies. c Including
-V. 118, 13. 2079.
interest of stockholders in subsidiaries.
Wynne Claughton Office Building, Atlanta, Ga.Receivership.-
Eugene R. Black, Pres. of Atlanta Trust Co, and Robert P. Jones.
Atlanta, were appointed temporary receivers May 30 for the Wynne
Claughton 0Mce Building by Judge E. D.Thomas of Fulton Superior Court
on petition of creditors holding about 835.000 in claims.
An order temporarily restraining T. B. Connor, chief examiner of the
Georgia Securities Commission, "from making, publishing, circulating
either by word of mouth. interviews, telegrams, or in any other manner,
false, libelous or slanderous matters, statements, writings or communications concerning G. L. Miller & Co. or its officials, or any of its bonds or
bond issues sold or underwritten by it," was signed by Judge E. D.Thomas
in Fulton Superior Court June 3. The peition is a counter action to a suit
and petition filed May 29 by the State of Georgia against the Miller company involving the financing of the Wayne Claughton Office Building and
St. Andrews Apartment.
-Annual Report.
Yellow Cab Mfg. Co.(& Subs.).
Calendar YearsNet sales
Net profit from operation
Selling and administrative expenses
Depreciation
Federal taxes
Cash dividends on Class "A"stock
Cash dividends on Class"B"stock
1924
1923
110.690,245 122.558,196
45.765.253 16,495.834
2,330,614
1,689,379
309.231
220.736
383,000
565,625
147,250
47.250
1,650.000
2,876.000
Balance, surplus
def. 8180,842 $2,322.844
Profit and loss surplus Dec.31
$4.304,081 $4,507.342
x Including the net result of operating the Acceptance Company. Compare also V. 120, p.2282.
Yellow Manufacturing Acceptance Corp.
-Consoli-
The New York Stock Exchange has authorized the listing of(a)$2,000.000 dated Balance Sheet Dec. 31 1924.(0444
."....-.
AssetsLiabilities1st Pref. stock (par $50), and (b) 102.083 shares Common stock without
$1,009,181 Capital stock
par value, with authority to add 14,727 shares of Common stock on con- Cash
$3.000.000
-V.120, p.1639. Pur. mon.secured obligs- 9,269,235 Collat. Gold notes of'23- 3.880,000
version of $438.500 outstanding of 731% Debenture bonds.
928,000 Coll.631% gold notes.'24 5,000,000
Collateral gold notes_ _Weston Electrical Instrument Corp.
-Dividend No. 2. Sundry notes receivable- 597,049 Note collections in transit 115,832
Acc'ts pay., incl. accrued
The directors have declared the regular quarterly dividend of 50c. per Accr. int, on pur. money
secured obligations, &c.
253.874
int. on 631% notes-140,429
share on the Class "A" stock, no par value, payable July 1 to holders of
92,278 Unearned Interest
46.205
record June 16. A dividend of lc, a share was also declared on the Class Accounts receivable
Reserve for exchange...-.
3.363
"A" stock covering the period from Dec. 29 to Dec. 31. An initial quar- Acc'ts & notes receivable cos_ _ _ 69,221 Surplus _
from affiliated
376.508
terly distribution of 50 cents per share was made on this issue on April 1
Furniture & fixtures.-26,041
last.
-V. 120. p. 2829.
Deferred charges
317.459
Total (each side)
$12,562.338
-In addition to the notes discounted as above,
- Contingent Liabilities.
West Coast Title Building, St. Petersburg, Fla.
there is a continent liability on guarantee of foreign notes discounted by
-Adair Realty & Mortgage Co., Now York, affiliated cos. of $458,014.
Bonds Offered.
,.....
The earnings of the Yellow Cab Mfg. Co.are given above.
are offering at prices to yield from 6% to 63.%, according to
-V.118,1;0.'564;
maturity, $400,000 1st Mtge. 63/3% Serial Gold bonds. A 1111
For other Investment News, see page NH.
JUNE 13 1921
3079
THE CHRONICLE
•geRarts pumaotnut
., Ments.
SOUTHERN RAILWAY COMPANY
THIRTY-FIRST ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1924.
Richmond, Va., May 29 1925.
To the Stockholders of Southern Railway Company:
The Board of Directors submits the following report of
the affairs of the Company for the year ended December
31 1924:
FINANCIAL RESULTS.
The income account for the year 1924 was published on
January 20 1925. It is reproduced in detail as Table
No. 1 in this report. The balance of income over fixed
charges amounted to $17,769,140, equivalent to 12.30% on
the common stock after providing for the dividend on the
preferred stock, compared with $15,136,998, equivalent to
10.11% on the common stock in the preceding year.
The gross operating revenue amounted to $142,486,514 in
1924, compared with $150,467,985 in 1923, a decrease of
$7,981,471, or 5.30%. Operating expenses were reduced
$9,739,584, or 8.66%. The ratio of operating expenses to
gross revenue was 72.%6, compared with 7.71% in the preceding year. The net income from operation remaining after the payment of operating expenses, taxes and equipment
and joint facility rentals was $30,442,720, compared with
$28,128,137 in the preceding year.
The operating income in 1924 was equivalent to 5.04%
on the investment in the property which produced the
Income.
Dividends at the rate of 5% per annum were paid on both
classes of stock.
The real improvement in 1924 is more substantial than
the reduction of 3.28% below the ratio of 1923 would suggest. The' amount actually expended for transportation
expense in 1924 was $50,056,191 compared with $54,649,659 in
1923, a reduction of $4,593,468, or 8.41%. The smaller percentage decrease in the ratio was due to the decline in gross,
much of which was in passenger revenue without corresponding opportunity to reduce passenger train mileage.
Some of the economies effected in transportation costs are
reflected in the following table:
1924.
Number of tons hauled per freight
1.203
locomotive mile
Number of gross ton miles per freight
train hour (a unit reflecting improvement both in the loading and
15.700
movement offreight cars)
Wage cost of freight train crews per
thousand gross ton miles (the
economy here reflected having been
effected notwithstanding increazas
In rates of pay effective March 1
35.09c
1924)
Number of pounds of coal consumed
in freight train locomotives per
204
thousand gross ton miles
Number of poundsof coal consumed in
passenger train locomotives per
18.6
passenger car mile
1923. Increase. Decrease.
1.138
5.71%
14.050 11.74%
37.63c
6.75%
229
10.92%
20.2
7.92%
Maintenance.
The property has been fully maintained and is in good
physical condition, both actually and comparatively.
The amount expended for maintenance of the roadbed
and fixed structures in 1924 was $19,566,826. This compares with $20,680,326 in 1923 and with $17,295,517 in 1922.
Of each dollar of the 1924 expense account 19.05 cents was
devoted to this purpose compared with 18.40 cents in 1923
and 17.80 cents in 1922.
A total of 3,110,937 new cross ties were placed in main line
tracks. This compares with an average of 2,962,733 per annum over a ten-year period. The number of track miles of
new steel rail laid in 1924 was 312. This compares with an
average of 233 miles per annum over a ten-year period.
The amount expended for maintaining engines and cars in
1924 was $25,511,591. This compares with $29,251,199 in
1923 and with $21,927,548 in 1922. Of each dollar of the
1924 expense account 24.85 cents was devoted to this purpose compared with 26.02 cents in 1923 and with 22.57 cents
in 1922. This comparison is distorted by the consequences
of the shopmen's strike in 1922, an influence of general application, as shown by the fact that while the Southern's maintenance of equipment expenditures in 1924 were 12.78%
below those of 1923, the like expenditures in 1924 of all class
one railroads in the United States averaged 13.80% below
their 1923 expenditures. A better idea of the Southern's
relative money expenditures for maintaining equipment can
be obtained by comparing the year under review with the
average of the two preceding years:
OPERATING REVENUE.
Freight.
The gross revenue on freight traffic in 1924 amounted to
$99,842,143, compared with $105,439,499 in 1923, a decrease
of $5.597,356, or 5.31%.
The volume of freight traffic in 1924 was somewhat
smaller than in 1923. The decline was due to a falling off
In coal and lumber shipments. The tonnage of other manufactured products and of agricultural products carried was
approximately the same as in the preceding year. In 1924
our trains hauled 42,750,281 tons of freight an average distance of 177.43 miles, producing 7,586,374,000 ton miles, in
comparison with the preceding year's traffic of 45,573,936
tons hauled an average distance of 178.25 miles, producing
8,123,384,000 ton miles. The average revenue per ton per
mile in 1924 was 1.316c., compared with 1.298c. in 1923, the
slight increase in this figure being due not to an increase in
rates, which in fact tended to decline during the year, but
1923-1922
to the handling of a relatively larger percentage of the
Average.
1924.
125.589.373
higher classes of freight consequent upon the decline in the Maintenance of equipment expenditures- -325.511.591
24.297,
24.85%
cent of total operating expenses
Per
volume of coal and lumber traffic.
17.91%
18.25%
Per cent of gross revenue
But the money figures do not tell the whole story. Old
Passenger.
during the year with
The gross revenue on passenger traffic in 1924 amounted machinery in the shops was replaced before possible and
to an extent never
to $31,083,146, compared with $33,756,011 in 1923, a decrease modern machinery
this resulted in substantial reductions in the dollar cost of
of $2,672,865,,or 7.92%.
number of
Passenger business continued to display the character- the same quantity of maintenance work. The
in bad order was substantially the
istics of recent years. Automobile competition for local locomotives classified as
previously, the
passenger travel increases with the extension of improved same at the end of 1924 as twelve months 220 on Decemhighways. On the other hand, the volume of through record showing 229 on December 31 1924 and
freight cars to
passenger travel continues to expand and to afford ample ber 31 1923. The percentage of "bad order"
from 4.76% to
business justification for progressive improvement in total cars owned increased during the year
setting aside
through train service available to the long distance traveler. 6.74%, but this increase was due largely to the
during the latter part of 1924 of cars selected for rebuilding
OPERATING EXPENSES.
with steel underframes.
The problem of controlling the expense account, without
Hire of Equipment.
detriment to the property, confronted the management
The hire of equipment account reflects the results of the
throughout a year of declining gross revenue. That the
policy of liberal purchases of new freight cars plus extraoreffort was successful is amply proven by the statistics dinary efforts put forth by the operating staff to keep cars
which accompany this report.
moving. In this account the net balances charged against
the Southern during the last three years have been:
Transportation.
84,213.619
ratios of transportation expense to gross revenue a e., 1922
The
2,042,237
1923
748.542
number of cents from each dollar of gross revenue ex- 1924
the
Taxes.
for operating trains, stations and yards—expendipended
tures which produce nothing but transportation and which
There was no halt in the upward trend of taxes. The tax
are to be distinguished from maintenance expenses in that bill of the Southern was $7,702,699 in 1924, compared with
they put nothing back into the property) during the five $6,994,407 in 1923. This levy called for no less than 5.4c.
years succeeding Federal operation have been as follows:
out of each dollar of the gross revenue of 1924, against 4.6c.
Transportation In 1923, a comparative increase of 17%. What this means is
War-Ratio.
apparent in the fact that one-fifth of the net operating reve1924
35.13
1923
36.32
nue was appropriated to government. In such a parlous
1922
39.50
situation the only comfort is that public sentiment seems to
1921
9
9..0
43 5
1920
46.07
be now alive to the vital importance of so reducing govern-
3080
1110,
THE CHRONICLE
mental expenditures as to make possible relief from the diversification and rotation of crops, protection from plant
current heavy burden of taxation.
disease and insects, breeding and care of farm animals and
marketing of farm products. The effort has been to do this
ADDITIONS TO THE PROPERTY.
job along practical lines, and, as examples of success, there
Roads and Structures.
may be cited the adoption, over a wide field and with excelThe improvement program for which financial provision lent results, of suggestions concerning the cultivation of cotwas made by the issue in November 1923 of $20,000,000 De- ton under boll weevil conditions and the inauguration of
velopment and General Mortgage bonds was actively under tobacco growing in Georgia on a substantial scale.
way during 1924. A number of important projects were
Forestry.
completed and placed in operation toward the close of the
The diminishing timber supply of the United States has
year, including a new locomotive and car repair shop at Bir- forcibly
directed attention to the importance of reforestamingham, Ala., a new car repair shop at Spartanburg, S. C.,
tion. On account of the longer growing seasons trees will
a new roundhouse at Spencer, N. C., additions to the shop fa- grow far
mare rapidly in the South than in the colder regions
cilities at Princeton, Ind., electric automatic signals on the of
States Forthe
line between Atlanta, Ga., and Birmingham, Ala., and tele- estry North. In co-operation with the United
Service and the forestry officials of the various States
phone train dispatching circuits between Atlanta and Birthe Southern is carrying on an educational campaign to
mingham and between Salisbury, N. C., and Knoxville, Tenn.
emphasize the importance of reforestation to the nation as
Other major construction jobs nearing completion include well
as
a source of income
a large classification yard, engine terminal and cut-off line to the the value of farm woodlands as campaign a large
Southern farmer. As a part of this
at Knoxville, Tenn., additions to the yard and engine tertract
by the Company, betminal facilities at Asheville, N. C., a new locomotive repair ter of land in South Carolina owned
suited to the growth of pine trees than to any other use,
shop, engine terminal and coach yard at Atlanta, Ga., a threehas been
demonstration of the possibility of
mile cut-off line at Spartanburg, S. C., and a seventeen-mile growing devoted to a
trees for profit.
cut-off line from Bulls Gap to Leadvale. Tenn.
To all officers and employees who have faithfully and
efficiently performed their duties the thanks of the Board
Rolling Stock.
Fifty new locomotives, 41 new passenger train cars and of Directors again are tendered.
Respectfully submitted, by order of the Board,
3,500 new freight cars contracted for in the autumn of 1924
FAIRFAX HARRISON, President.
have been delivered and placed in service. The cost of this
equipment was $8,843,350, which was paid partly from current treasury funds and the remainder from the sale of
Table 1.—INCOME STATEMENT.
1923.
1924.
$7,050,000 Series "Z" 4% equipment trust certificates Operating Revenues:
Freight
$99,842,143 47 $105,439,499 17
dated October 1 1924, payable in thirty equal semi-annual
31,083,146 48 33,756,011 37
Passenger
1,111,905 67
1,139.977 74
installments.
Miscellaneous Passenger-Train
Mail
3,361,070 45
2,985,727 24
2,652,890 25
2,616,730 50
INDUSTRIAL AND AGRICULTURAL DEVELOPMENT. 'Express
1,375,232 42
Other Transportation
1,355,965 41
2,387.089 75
2.239,477 33
Industrial.
Incidental
759,629 36
Joint Facility
848.003 01
In the expansion and diversification of the manufacturing
Total Operating Revenues
$142.486.514 39 $150.467,985 23
activities of the South during the last twenty years the
Company has secured a steadily increasing volume of all Operating Expenses:
Maintenance of Way and Structures-- $19,556,826 06 $20,680,325 55
classes of freight traffic with only such temporary interrup29,251,19943
25.511,591 11
Maintenance of Equipment
tions in the upward trend as have followed lulls in the opera2,908.42691
2,703.532 03
Traffic
50,056.191 50 54,649,659 19
tions of individual industries. Expressed in tons of each
Transportation
1,052,633 51
1,045.479 05
Miscellaneous Operations
general class of freight handled, this growth rs set forth in
3,893,773 32
3,888,813 24
General
21,759 24
87,758 57
the following figures:
Transportation for Investment—Credit
Year
1924.
Manufactured Products. including also all
less than carload freight
12,291,573
Products of Mines
18.009,314
Products of Forests
7.785.836
Products of Agriculture
4.232,224
Products of Animals
431,334
Totals_
Year
1904.
Increase
5.820.828 111
8,568.471 110
3.607.174 116
2,450.732 73
285,844 51
42,750,281 20,733,049 106%
Total Operating Expenses
$102,674.674 42 $112,414,258 67
Net Revenue from Operations
839,811.839 97 $38,053.726 56
Taxes
Unoollectible Revenues
Hire of Equipment
Joint Facility Rents
Total Other Expenses
$7,702,699 01
49,405 59
748,542 46
868.47309
$6,994,407 26
47.388 42
2,042,236 94
841,55710
$9,369.120 15
$9.925,589 72
A noteworthy feature of this exhibit is the evidence it
$30.442,719 82 $28,128.136 84
affords of the South's uniform development along all lines Operating Income
of economic endeavor. More and more every year Southern Non-Operating Income:
$63.957 24
$64,003 33
Income from Lease of Road
factories draw their raw materials from Southern farms,
282,753 97
268,822 49
Miscellaneous Rent Income
forests and mines.
Miscellaneous Non-Operating Physical
102.044 87
133,728 20
Property
Notwithstanding the fact that these two decades have wit1,747.377 42
1,565,674 80
Dividend Income
1,370,865 83
938,815 80
nessed the utilization on a large scale of the water power
Income from Funded Securities
Income from Unfunded Securities and
available throughout the southern Appalachian protaxis,
1,269.023 19
612,285 51
Accounts
the Company's coal traffic has doubled during the same pe6,592 74
882 69
MiscellaneousIncome
riod. A single central power plant located on the Southern
$4.842,661 35 $3,584.166 73
Total Non-Operating Income
during the past year is expected to use annually 400,000
535.285,381 17 831.712,303 57
tons of coal in the operation of steam driven generators Total Gross Income
which will produce electric energy sufficient to operate Deductions from Total Gross Income:
$2,775.403 11 $2,656,961 82
Rent for Leased Roads
300,000 cotton spindles.
31.533 64
31,285 86
Miscellaneous Rents
An interesting feature of the cotton manufacturing in543.124 06
*Separately Operated Properties
46,461 97
50,110 17
Interest on Unfunded Debt
dustry in the South during the past year has been the exten186.648 94
158,654 97
Miscellaneous Income Charges
sion westwardly of its field of intensive activity. A number
of new cotton mills on the Company's rails in western North
Total Deductions of this Class
$3,040,047 66 $3,440,136 88
Carolina, eastern Tennessee and northern Georgia were Total Available Income
$32,245,333 51 $28,272,166 69
under construction at the close of the year.
$12,747.775 84 $11,665,046 67
on
At the end of 1924 there were 17,359,420 cotton spindles in Interest on Funded Debt
1,244,113 80
Interest
Equipment Obligations
1,502,409 59
the South, constituting 45.82% of the cotton spinning maDividend on Southern Railway—Mobile
and Ohio Stock Trust Certificates
226,008 00
226,008 00
chinery in the United States. During that year there was a
net increase of 612,374 spindles in the South and a net deTotal Deductions of this Class
$14,476,193 43 813.135,16847
crease of 362,545 spindles in States outside of the South.
of Income over Charges
08
The Southern spindles operated 49,603,270,297 spindle hours, Balance for Dividends on Preferred Stock_ U7,769,140 00 815.136,99822
Reserve
3.000.000 00
3,000,000
while the mills of all other States, with 20,526,118 spindles,
Balance Carried to Credit of Profit and
operated 30,473,333,254 spindle hours. In other words,
Loss
$14,769,140 08 $12,136,998 22
Southern mills, with 45.82% of the total spindles in the
* This item In 1923 represented the expense to Southern RalwaY ComUnited States, worked 61.94% of the total spindle hours in pany of the terminal facilities at New Orleans owned by New Orleans
1.1i24
Terminal Company, the stock of which is owned and the bonds of which
the Southern. Since
New Orleans
Marked expansion has taken place in the cement industry are guaranteed by has received directly a Jan. 1 1924 the gross revenue
Terminal Company
proportion of the
in the South. One important plant, placed in operation only on traffic handled over its facilities sufficient to support its operating
the
The effect of this
one year ago, already is being enlarged. Another new plant expenses and fixed charges. Southern's income change in accounting inand
Year 1924 was to relive the
account of this charge
is being constructed and two others are in prospect for loca- correspondingly to reduce its gross revenue.
tions on the Company's lines within the near future.
Table 2.—PROFIT AND LOSS.
The healthy growth of the Southern iron and steel indusCredit
$67,513,272 37
try has been sustained. In the manufacture of finished steel Add: Balance December 31 1923
Credit Balance of Income for the Year-414,769,140 08
and iron products the South now converts more than 80% of
Net Miscellaneous Credits
160,514 93
the production of Southern iron.
14.929,655 01
Agricultural.
$82,442,927 38
The distinct improvement in agricultural conditions in the Deduct: of 5%
Dividend
on Preferred Stock
$3,000,000 00
territory along the Company's lines has been contributed to
Dividend of 5% on Common Stock
6,000,000 00
Discount on Securities
544,060 50
substantially by the work of the Company's field organization
Property Retired
67.667 33
gaged in agricultural, horticultural, live stock and immi9,611,72" 13
gration work. This work takes theform of helpful suggestions
572,831,19 55
concerning farm problems, including methods of cultivation, Credit Balance December 31 1924
JUNE 13 1925.]
THE CHRONICLE
3081
•
Table 3.
-GENERAL BALANCE SHEET.
LIABILITIES.
Dec. 31 1924.
ASSETS.
Investments:
Investment in Road
Investment in Equipment
Dec. 31 1924.
Dec. 31 1923.
$366,491,874 53 9354,066,936 39
118,511.949 60 107,712,631 53
Total Investment in Read and Equip$485,003,824 13 $461,779,567 92
ment
Funds Appropriated for Construction--- $7,592.968 75 $18,589,406 26
Proceeds from sale of Mortgaged Property, held by Trustees for Reinvestm't
$4.975 00
3684.147 31
Mheellaneous Physical Property
$1,002,704 38 $1,010,020 05
Investments in Affiliated Companies:
Stocks
$35,129,200 73 $35,147,261 75
Bonds
24.710.970 19
24,935,973 19
Notes
4,585,116 77
4,674,201 57
Advances
3,153,937 71
2.731,681 16
Total Investments in Affiliated Co's $67,579,225 40 $67,489.11767
Other Investments:
Stocks
Bonds
Notes
Advances for Purchase of Additional
Equipment
Total Other Investments
Total Investments
$93,80800
2,378,30821
17,34279
993,808 00
2,429,003 21
120,892 79
6,286,85000
58.776.309 00
$2,643,704 00
$569,960,006 66 5552,195.963 21
Current Assets:
Cash
$10,428,530 69
United States Government Securities_ 16,283,640 64
Special Deposits
2,860.410 15
Loans and Bills Receivable
22.268 16
Traffic and Car Service Balances Receivable
1,531,010 43
BalancesduefromAgentsand Conductors
54,753 99
Miscellaneous Accounts Receivable_
6,181,070 04
Material and Supplies
11,379,189 29
Interest and Dividends Receivable
787.797 86
Other Current Assets
245,996 35
Total Current Assets
$9,975,262 26
9,984,187 51
2,824,975 40
34.967 92
1,765,847 49
. 92,329 69
6.375,645 69
17,194,734 59
632,555 55
256.119 08
549,774,667 60 549.136,625 18
Deferred Assets:
Working Fund Advances
Cash and Securities in Insurance FundCash Deposited under North Carolina
Railroad Lease
Other Deferred Assets
$72,402 43
900.658 76
175,000 00
212,416 73
175,000 00
172,823 67
$1,513,505 32
Total Deferred Assets
$105,715 28
1,020,373 31
$1,320,884 88
Unadjusted Debits:
Insurance Premiums and Rents paid
in Advance
$2.410 62
Additions and Betterments Expenditures:
Freight Claims. Foreign Mileage and
Sundry Items in Suspense
4,218,132 99
Total Unadjusted Debits
54.220.543 61
94.836 52
4,015,467 86
$4,020,304 38
5625.468.723 19 5606.673,777 63
White Rock Mineral Springs Co.
-Registrar.
The Bankers Trust Co. has been appointed registrar of voting trust
certificates representing 1st Preferred, 2d Preferred and Common stock
-V.120, p. 1471.
of the White Rock company.
(P. B.) Yates Machine Co. (Del.).
-Stock Sold.
-F. S;
Moseley & Co., Boston; John Burnham & Co., Inc. Chicago,
Merrill, Lynch & Co., and McClure, Jones & Reed, New
York, have sold at $28Y to net 9.20%, 100,000 shares
1,
Participating Preference stock, Cumulative, non-callable.
The sale of this stock does not represent any new financing
on the part of the company, but is the result of the purchase
of the business from the trustees of the P. B. Yates Estate.
Preferred as to
cumulative dividends at the rate of 92 60 per share per
annum and participating with the Common stock in the ratio of 60% to the
Participating Preference stock and 40% to the Common stock after the
Common stock has received 81 a share in any year; non-voting. The
Participating Preference stock is non-callable, out the company has the
privilege of retiring these shares by purchase in the open market. Cumula-J. (first quarterly dividend payable
tive Preferred dividends payable Q.
Oct. 1 1925). Preferred over Common stock as to assets up to $50 a share
and dividends in the case of voluntary liquidation, and, after the Common
stock has received $33 1-3 per share, participates in any further liquidation
in the ratio of 60% to 40% with the Common stock. In the case of involuntary liquidation. Participating Preference stock receives $30 per share and
dividends, the Common stock then receives $20. after which further liquidation is in the ratio of 60% to 40% with the Common stock.
CapitalizationAuthorized. Outstanding.
Participating Preference stock (no par value)_ _100.000 shs. 100,000 shs.
Common stock (no par value)
100.000 shs. 100,000 shs.
First Mortgage 63 % Gold bonds, due 1939
82,000,000 81,956.000
Data from Letter of P. G. Farrow, V.-Pres. & Can. Mgr., Beloit. Wis.
Company.-Incorp. in Delaware June 8 1925, succeeding a Wisconsin
corporation of the same name. Is the largest manufacturer and distributor
of woodworking machinery in the world. Established in 1884, it has grown
steadily and now manufactures over 100 distinct types of woodworking
machinery, including sanders, surfacers, moulders, matchers, flooring
machines, sizers, planers, cut-off saws, circular saws, scroll saws, vertical
and horizontal band resaws. The various machines manufactured cover
all woodworking operations from the sawmill to the finished product.
The plant, located at Beloit, Wis., has a floor area of approximately
435.000 sq. ft., Is thoroughly modern and is equipped with the latest types
of machinery, laboratories, complete engineering departments, and foundries which produce all of the castings. The company owns practically the
entire Capital stock of P. B. Yates, Ltd., of Hamilton, Ont., which was
incorporated in 1906. Company and its subsidiary have over 1,200
employees, have branch offices in many of the important centres of the
United States, and maintain sales representatives in the principal cities of
the world.
Customers include car and railroad shops, flooring plants, planing and
saw mills, box factories, ship yards. sash, door and interior trim plants,
furniture and chair factories, manufacturers of automobile bodies, wheels
veneers and panels, and, generally, all industries using woodworking
machinery and equipment. A large number of other industries also use the
company's products, among them being manufacturers of rubber goods,
linoleums, pianos, mosaic flooring, paper mills, stone quarries, packers and
general contractors.
-Consolidated net income, after all charges, depreciation and
Earnings.
income taxes, but before bond interest, averaged $623,649 per annum for
the five years ended Dec. 311924. On the basis of the present capitalization, net income for the past three years, after all charges including depreper slows
ciation and allowing for annual bond interest and income tax, were as folhare:
.
Per share.
5736,006
8736i1924
$581,767
1922
$5 81
-year avge. 727,956
866,096
8 66 3
1923
727
Dec. 31 1923.
$120.000.000 00 $120,000,000 00
60,000,000 00 60.000,000 00
Total Southern Railway Co. Stock ..5180,000.000 00 $180,000,000 00
Southern Ry.-Mobile & Ohio Stock
$5,650,200 00
Trust Certificates
55,650,200 00
Long Term Debt:
Funded Debt
Equipment Trust Obligations
$259,213,500 00 5259,213,500 00
36,528,200 00 26,049.400 00
Total Long Term Debt
$295,741.700 00 5285,262.900 00
Total Capital Liabilities
5481,391.900 00 5470,913,100 00
Governmental Grants:
Grants since July 1 1914, in aid of Construction
$225,855 34
Current Liabilities:
Traffic & Car Service Balances Payable_ 51,620,079 11
Audited Accounts and Wages Payable_ _ 13.905,192 83
2,120.127 50
Miscellaneous Accounts Payable
Interest Matured,including interest due
2,830,032 10
January I
4,076 25
Dividends Matured Unpaid
26,651 80
Funded Debt Matured Unpaid
Unmatured Dividends Accrued on
Southern Ry.-Mobile & Ohio Stock
56,502 00
Trust Certificates
2,379,441 32
Unmatured Interest Accrued
203,975 00
Unmatured Rents Accrued
1,514,767 71
Expenses Accrued not vouchered
1,375,092 11
Other Current Liabilities
Total Current Liabilities
5214,150 34
51.850.84677
15,996,797 22
1.515,22049
2,794.118 60
1,625 00
29.581 80
56,502 00
2,249,561 40
311,153 49
2,058,378 57
1,470,943 78
526,035.937 73 $28,334,729 12
Dividend Reserves
$4,500,000 00
Deferred Liabilities:
Sundry Deferred Liabilities
$2,656,014 23
$2,147,183 39
$2,011,856 58
1,420,373 31
1,198,616 98
$2,465,064 11
1,300.658 76
1.199,542 16
143,269 72
25,533.934 75
533,211 56
4,026,113 10
129,776 08
24.733,867 21
570,205 15
4,111.933 14
Unadjusted Credits:
Taxes
Insurance Reserve
Operating Reserves
Depreciation accrued on:
Rail Leased to Other Companies._ _ _
Equipment Owned
Equipment Leased from Other Cos
Sundry Items
Total Unadjusted Credits
Securities of the Company held by it:
1924.
1923.
Unpledged 536.171,200 00 531,171,20000
Grand Totals
Capital Stock:
omni
Preferred
$34,867.376 00 $34,511,046 61
Corporate Surplus:
Additions to Property, since June 30
1907, through Income and Surplus_ _ $1,841,587 74
Appropriated Surplus since Jan. 11921.
for Non-productive Capital Charges,
1.118,85260
required by Public Authorities
Miscellaneous
Total Appropriated Surplus
-Balance
Profit and Loss
Grand Totals
$2,960,440 34
81.812,07585
1.206,62673
21.593 18
$3.040.295 80
$72,831,199 55 567.513.272 37
$625.468,723 19 $606,673,777 63
Consolidated Balance Sheet as at Dec. 31 1924 (After Capitalization).
Liabilities
AssetsProperty, plant & equip_ _$2,158,340 Accounts payable and ac
441,838 crued expenses
8448.309
Casio
152,484 Sinking fund for redempU. S. Government securs_
tion of bonds
88,939
Customers' notes and ac1.429.954 Prov. for State & Fed'l tax 266.770
counts receivable
34 375 First Mortgage 6%s. 1939. 2,000,000
Other accounts receivable_
2,116.256 Interest of minority stockInventories
1,646
24,414 holders
Prepd.ins. prem.,&c.,exp_
Capital account
a3.821.921
Investment in other cos
39,319
and sundry real estate88,939
Sinking fund for bonds.._ __
86,627.585
Unamortized bond discount 141,667 Total (each side)
a Net equity applicable to 100,000 shares of no par value Participating
-Y.
Preference stock, and 100,000 shares of no par value Common stock.
118, p. 1163.
CURRNT NOTICES.
-L. S. Sproul, Buffalo representative of Halsey, Stuart & Co., Inc.,
Investment bankers, has opened his new office in the Ellicott Square
Beading. During the past several years Mr. Sproul has been in charge
of the sales work in the district centering in Binghamton, and in his new
position will continue sunervision of this territory as well as that surrounding
Buffalo. Mr. Sproul, who enjoys a wide acquaintance among the bankers
of Central and Western New York, has been associated with Halsey,
Stuart & Co.,since 1919, joining them after being mustered out of the army
as a second lieutenant. He is a graduate of Clark University and was an
instructor in economics before the war.
-Announcement has been made of the formation of the firm of Bell,
Speas & Co., Inc., with offices in the Grant Building, Atlanta, Ga., to
conduct an investment business dealing in general market municipal and
corporation bonds. The officers are J. W. Speas, formerly Manager of
the Atlanta office of the Hibernia Securities Co., President: John Bell:
formerly Atlanta representative of the National City Co., Vice-President;
and Frank C. Owens,formerly with the National City Co.'s Atlanta office.
Treasurer. The directors of the new company are as follows: John W.
Grant, Asa W. Candler, J. W. Speas, John Bell and Frank C. Owens.
-A summary of the more important new provisions concerning publication of notices in connection with the sale of securities of the Webb-Phelps
Bill of 1925 has been prepared by Rudolph Guenther-Russell Law. Inc.,
financial advertising agency. The provisions sof this bill are important to
all dealers in securities transacting business in New York State.
Geo. W. York & Co., 215 Euclid Ave., Cleveland, Ohio. announce
that they have purchased and will continue the business of the Milliken &
York Co. as dealers in municipal, public utility, real estate and corporation
bonds, land trust certificates and joint stock land bank bonds and shares.
-Buell & Co. have prepared a special analysis of Chicago Terre Haute &
Southeastern income mortgage 5% bonds with a comparison between this
issue and the new bonds to be issued under the St. Paul reorganization.
-George W. Heiser, formerly with the new business department of the
New York Trust Co., Is now associated with the New York office of Laird,
Bissell Sz Meeds.
-The Seaboard National Bank of the City of New York has been appointed registrar of the prior preference and preferred stocks of American
Chicle Co.
3082
THE CHRONICLE
[vol.. 120.
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
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."
3s at 24e, and 4s for July-Aug.
-Sept. shipment at 23c. The
absence of competition from mild coffee acts as a kind of
bulwark for prices for Brazilian coffee. It was reported that
the Sao Paulo Coffee Defense Institute, which has been buying coffee in order to sustain the price, has stopped buying.
To-day trade was quiet, closing irregular, that is, 15 points
lower to 15 higher, with transactions in futures estimated at
40,000 bags. Futures end 30 to 64 points lower than a
week ago. The New York Coffee & Sugar Exchange will be
closed every Saturday until the first Saturday in October.
Closing prices were as follows:
Friday Night, June 12 1925.
COFFEE on the spot advanced at one time with a moderate business at the rise. No. 4 Santos, 24% to 25e.;
No. 7 Rio, 22c. The cost and freight offers were at times
irregular. Prompt shipment Bourbon 3s-4s here 233 0. to
/
243c.; 4s at 233 to 243e.; 4s-5s at 23.10 to 243c.; 4s-6s
-3s
at 23c.; 8s at 19e.; part Bourbon or flat bean 2s at 253/2c.;
Spot
September 16.70 _ _ March_
2
3s at 25.20c.• 3s
04
-5s at 23 to 243.c.; 4s-5s at 223/ 4s-6s July unofficial_ _22 Mc. December _15.40 15.45 I May _ --14.50 - -14.00 ---19.10(4)
at 23.35 to4.20c.• 5s
-6s at 220.; 6s at 22.40c.• 6s-7s at
SUGAR.-Prompt Cuban raw was quiet in the forepart
-8s
-8s
213c.; 7s at 19qc.; Rio 7s at 19c.; Victoria 7s at 200.; of the
/
week at 2 21-32c. c. & f., after being held at 23 0.
Maracaibo, Trujillo, 223/i to 23c.; fair to good Cucuta, 24
July-September
Colombian 23 to 233/2c.; 4 decline in futures affected prompt sugar.a feature. Porto
to 250.; prime to choice 253' to 26e.;
account
Bucaramanga, natural 253'to 263/20.; washed 273/i to 28%c.; liquidation for Wall Streetdelivered,wasequal 2 21-32c. for
Rico was offered at 4.43c.
or
Honda 283/2 to 2830.; Medellin 283 to 29%c. Futures Cuba.
/
%
Europe bought two cargoes of Cuban raw for prompt
early in the week declined 115 to 135 points with Brazilian
cables somewhat weaker, despite reports of rains and hail shipment to the United Kingdom at 12s. 63d. Czecho
in Brazil. Liquidation here was very heavy. It is true sugars sold at 16s. 103'2d. c. 1. f., a decline of 1%d. Offerings
to
were at 17s. 4d.,
that advances occurred at times when the cables were for a Europe of American granulated sugar the German beet
decline of 2d. Hamburg cabled that
the time steadier. Importers reported business better
with most cost and freight offers accepted. Some traders sugar crop greatly needed rain. Sugar beet sowings in
switched to distant months at premiums of 210 to 220 France were 200,600 hectares, it was said, or about SM%
declines in
points ruling from July to September, 330 points for July higher than Licht's estimate. Despite recenthave turned
prices, the sugar trade is believed by many to
to December and 440 points for July to March. There was
high
talk of the possibility of receipts at Santos being restricted its back on the extreme depression of the past, due to
record world crops. It now faces more hopefully the world's
to 20,000 bags. Rio exchange on London fell 1-16d. to
demand in hot weather for refined sugar. It seems singular
/
532€1., with the dollar 60 reis net higher. Terme prices that the enormous consumption by the world has been disdropped 1,225 reis. Zantos lost 325 to 400 reis, with the
of the
the
exchange rate improved 1-64d. at 5.33-64d. and the dollar regarded. Everybody has emphasizedthan big crops Yet
last year.
world,
rate 30 reis net lower. Advancing exchange and the lower- this is admittedly nearly 20% larger
consumption even
ing of the dollar rate raised costs to the importer. Total greater.offset by an increase in world's
almost the
Brazilian stocks in the interior and at the seaports are stated whole of Europe, it is pointed out, has absorbed than that
a beet root crop, 2,000,000 tons greater
at 4,300,000 bags with the opening of a new season only a of
the previous year. The The cormorant demand is
few weeks off. It remains to be seen whether Brazil will
that the stock in Europe
trump this or try to cut down permissible daily receipts strikingly illustrated by the fact crop there, is only about
despite the vast increase in the
at Santos.
a year ago. Europe's buying power
ow.Total world's deliveries for the last 11 months are stated 300,000 tons larger thanincrease in the sugar output. The
at 19,056,000 bags which is about 1,300,000 less than in the has increased with the
weather throughsame period last year. Up to July 1st they will it is suggested, fact was repeatedly stressed that seasonable
Some think
reach 20,400,000 bags with the world's visible supply out the country has stimulated consumption.
the next fortnight,
that
5,100,000 bags. Some 2,000,000 bags are likely perhaps to as this demand will increase during to carry the trade
present contracts seem inadequate
remain in the interior of Sao Paulo. Some crop estimates
for the 1925-6 indicate 5,500,000 bags to 6,000,000 for beyond that period. contracts was in a measure counterSelling out of July
Rio, Victoria, Bahia and Pernambuco. These figures which
Europe.
are regarded as bullish by many derive added interest from balanced by buying of distant futures, partly for against
May contracts as a hedge
the fact that the supply of mild coffee is expected to be as Sugar firms, it seems, sold switches from July to September
a rule only moderate if not actually small for several months Java sugars. There were
to come. Columbian coffee may be an exception. Dealers at 14 points, July-December at 21 to 22 points, July-Januand Septemin Sao Paulo recently threatening position has been measur- ary at 16 points, July-March at 24 to 25 pointsin refined to
Later
ably relieved it appears by recent c. & f. sales to America ber-December at 8 points. on the a decline raws. Sales
market for
andtEurope of nearly 500,000 bags. Receipts at the ports 5.50c. had a sobering effect 258c. basis, as against 2 21-32c.
/
have continued to be small as the Rio and Victoria crops of Porto Ricos were made atCuban. Trade, too, was dull.
appear to be late. The movement of coffee into Santos has as the previous basis for
reported
been delayed by strikes. American dealers have been in a On the other hand, foreign sugar. markets were
measure circumvented by those in Brazil. The dealers in as firmer. Dry weather, it is said, prevails in Czechocargoes or
this country have been dozing in fancied security; they could slovakia as well as in Germany. Sales of two the United
buy when they liked at whatever price they liked. But 7,000 tons of Santo Domingos were reported to half of July
Brazil has not 0.K'd. this program. It presents one of its Kingdom at 12s. 9d. c.i.f. for June and .the first raw sugar
said, of Cuban
own. In Affect it is "Take it now at our price or let it alone loading. Two cargoes, it is 12s. 73/2d. for prompt shipuntil perhaps it is much higher." American stocks are sold to the United Kingdom at f.o.b. for a small cargo of
2.55c.
.
small; Brazil recently at least was whipping the American ment. Hong Kong bid tons of Cuban raw sugars was reCubas. A sale of 2,000
roaster and the American dealer into the traces.
granuOne idea is that stocks of actual coffee are so small that ported to South America at 2.58c. f.o.b. American offered
it would seem inevitable that July should move up to 20c. lated sugar sold to Europe at 17s. 6d., though later
6d.,
or more to get into more logical touch with cheap No. 7 Rio at 17s. 43d. Java sugars for May-June sold at 16s. were
in the Street. Meanwhile an official statement by the Sao an advance of 3d. Sugar stocks in Europe on June 1
Paulo Institute for the Defense of Coffee states the stocks in estimated at 210,000 tons.
For refined the demand is only moderate. New business
the interior of Brazil on May 30 at 2,403,430 bags, and declares that no more of the 1924-25 crop or of the 1923 carry- in refined was done late in the week, but withdrawals were
over remains. Such a price as 193/ to 20c. for June-July de- fair. Western beet sugars quoted at Chicago and westward
livery is considered by some as exorbitant and one that it will to the Pacific Coast at 5.40c., seaboard basis. United States
not be easy to maintain, either by Brazilian dealers or any- Atlantic port receipts for the week were 86,113 tons, against
body else. But on the other hand distant months are at 55,441 last week, 95,220 last year and 55,985 two years ago;
discounts so large as to suggest caution in selling at such meltings, 75,000 tons, against 75,000 last week, 63,000 last
prices. Meanwhile, the stock in New York available for year and 62,000 two years ago; total stock, 229,340 tons,
delivery in contrast is considered dangerously small. Small against 218,227 last week, 249,142 last year and 188,895
wonder that the recent outstanding factor has been the keen two years ago. The United States Sugar Association
review said: "Since Jan. 1, receipts of duty free Porto Ricos
demand for the actual coffee.
On the 11th inst. prices advanced on covering in a some- have been 120,000 long tons, and of Philippines, at Atlantic
what oversold market, and the smallness of the cost-and- and Pacific ports, 22,000 long tons in excess of last year.
freight offerings, owing to holidays in Brazil. Stress was That the market has been able to absorb all of these increases
laid on the smallness of the stocks of Rio and Bahia coffees without extreme depression is an evidence of its stabilized
afloat as well as on the spot. Sales of Santos 4s were made condition. Total exports from Cuba to May 30 were
ex-ship at 2534, an advance of %c. from recent spot quota- 2,613,390 long tons, compared with 2,231,001 long tons to
tions, and the cost-and-freight offers included Santos 4s at same date last year. No great difficulty should be experi25; Santos 3s-5s at 23 to 2334c.; 4s-5s at 223c.; 3s-4s at 23c.; enced during the next seven months of heaviest consump-
JUNE 13 1925.]
THE CHRONICLE
tion in absorbing approximately 2,236,000 long tons, being
the balance of Cuban production less Cuban consumption
of 150,000 long tons."
Receipts at Cuban ports for the week were 78,422 tons,
against 114,612in the previous week,45,983 in the same week
last year and 63,338 two years ago; exports, 114,191 tons,
against 123,439 previous week, 75,496 last year and 71,649
two years ago; stock, 1,254,894 tons, against 1,290,663 previous week, 899,726 last year and 661,232 two years ago.
Centrals grinding numbered 31, against 40 in the previous
week, 13 last year and 9 two years ago. Of the exports,
U.S. Atlantic ports received 40,768 tons,New Orleans 13,460
tons, Savannah 4,000 tons, Galveston 5,440 tons, Europe
44,523 tons, and Canada 6,000 tons. To-day futures closed
2 to 5 points lower with total sales of 61,000 tons. It was
hot and dry in the European beet section. Sales were reported of prompt Cuba and Porto Rico at 25sc. c. & f., and
/
4.40c. duty-paid. Futures end 3 to 7 points lower than a
week ago, and prompt at 2%c. is 1-32c. lower than then.
The New York Coffee & Sugar Exchange will be closed
every Saturday until the first Saturday in October.
Prices closed as follows:
3083
better export inquiry. Advices from Tulsa on the 11th
inst. stated that the Oklahoma refinery market was strengthening further as jobbers and exporters vie with each other
for the gasoline production of the State and the Mid-Continent district. The Carson Petroleum Co. has taken, it is
said, 1,000,000 gallons of 64-66 grade of gasoline out of
Oklahoma and Texas for export, and 60-62 grade is cleaned
up tight. Many refiners are starting to make 56-58, 450
end point and 58-60, 450 end point gasoline natural gasoline
at 153/3o. to 16e., but fuel oils softened a little from 95c. to $1.
Third sand developed at Smackover opened by the Texas
Pacific Cold & Oil Co.for 6,000 barrels initial in No.5 Laney
in 31-15-15 Ouachita County at 2,582 ft. may halt a crude
advance just when one is surely expected. The third sand
development yields 23 gravity oil and the deep sand there
21 gravity at 2,362 ft. New York refined export prices:
Gasoline, eases, cargo lots, U. S. Navy specifications,
deodorized,30.65e.; bulk, per gallon, 16.50c.; export naphtha,
cargo lots, 19.25c.;62-63 deg. 11, 20.50c.• 63-68 deg., 22.00o.;
Kerosene, cargo lots, cases, 16.40c. . Fuel oil (bunkers),
'
per barrel f. o. b. dock, $1 75; Diesel oil, Bayonne, barrel,
$2 30. Gas oil, Bayonne, tank cars, 28 to 34 deg., 5340.;
Spot unofficial _ _2 c
September - _2.81 ® _ _ _ I March
2.90®
36-40, 53/20. Petroleum, refined, tanks wagon to store,
July
2.67@
I December _ -2.88 ®2 I May
.89
2.98®
TEA.
-In.London on June 9th at auction sales of 28,400 13c. Motor gasoline, garages (steel barrels), 21c.; uppackages of Ceylon teas the tone was steady. Buyers State, 22c.
$2.02
$3.80 Bradford
$3.90 Illinois
absorbed some 27,000 packages at prices ranging from is Pennsylvania
Corning
2.05 Corsicana,light_
2.00 Crichton
1.70
43/2cl to is 7d for medium pekes; is, 73/2d to 2s 33/2d for fine Cabell
2.35 Lima
2.23 Plymouth
1.55
2.00
2.60
2.03 Mexia
pekoes; is 5d to is 8d for medium orange pekoes and is Somerset, llght_-- 2.15 Indiana
Princeton
Wyoming
2.02 Calif., 35 & above- 1.85
83'cl to 2s 5d for fine orange pekoes.
2.63 Gulf. coastal
1.75
Smackover,27 deg. 1.30 Canadian
2.00
2.00 Worth=
2.00 Richland
LARD on the spot was steady with only a moderate de- Powell
Buckeye
3.40 Eureka3.50
mand and cables higher. Prime Western at one time, Oklahoma, Kansas and TexasMid-Continent
-$1.35
Below 30 deg
Under 28 Magnolia
17.80 to 17.90c.; Middle Western, 17.65 to 17.75c.; City
$1.00
1.55
31-32.9
30-32.9
1.55
lard in tierces, 17%c.• in tubs, 16% to 17%e. Compound
1.80
39 and above
33-35.9
2.25
carlots in tierces, 12to 1234c. Refined pure lard to ConBelow 30 Texas Co
2.00
36 and above
1.35
%
'
33-35.9
1.80 Caddo
tinent, 183 to 183'c.; South America, 19.3.- Brazil, 20c.
1.70
Below 32 deg
2.35
42 and above
To-day spot lard was quiet and steady; prime Arestern, 180.;
1.85
2.05
38 and above
refined Continent, 18.500.; South America, 19.250.. Brazil,
RUBBER early in the week was quiet and easier in sym20.25c. Futures advanced, partly owing to large Western
'
buying on the idea that later in the season supplies will fall pathy with London. Ribbed smoked sheets, spot-June,
-Sept., 65% to 663/3e.;
to a very low stage. English prices advanced. On the 6th 733/3 to 743/3c.; July, 71 to 72c.; Aug.
-Dec., 653/2 to 665/3c. First latex crepe, spot-June, 72
inst. Chicago prices advanced 10 to 20 points in the face of Oct.
-Sept., 65 to 65c. There
lower cables on that day. They wPre steady on the 8th to 73c.; July, 70 to 703/3.3.; Aug.
inst., even with hogs and grain lower. The statistics are so has been a better demand of late for Pares and Centrals bebullish that they keep in the foreground and dominate the cause of a shortage in plantation grades. Para upriver fine,
situation. To-day prices advanced 8 to 10 points, closing spot, 63c. London on the 10th inst. declined Yid. on spot
and June and was unchanged on distant deliveries for ribbed
35 to 38 points higher for the week.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. smoked sheets. Crepe closed unchanged. Spot smoked
Sat.
4
Mon. Tues.
ribbed sheets there, 363 d.; June, 363/2d.; July-Sept., 31%d.;
Wed. Thurs.
Fri.
July delivery
cts-17.12 17.10
17.35
17.22 17.25
17.35
4
-Dec., 273 d. Spot-June crepe, 33d.; July-Sept.,
Oct.
September delivery---17.37 17.37 17.62 17.47 17.52
17.60
October delivery
-Dec., 2734d. In Singapore on the 11th lead31 Yid.; Oct.
17.40
17.67
17.42
17.55 17.57 17.65
PORK steady; mess, $39 50, nominal; family, $37 50 to ing American tire manufacturers were said to be buying on
,
4
$40 50. Fat back pork $36.50 to $40. Beef quiet; mess, c. i. f. terms. Spot-June there, 315/3d.; July-Sept., 287 d.;
-Dec., 253/3d. Stocks in London were 5,455 tons,
$19 to $20; packet, $19 to $20; family, $20 to $24; extra Oct.
India mess, $32 to $33; No. 1 canned corned beef, 32 75 against 5,691 in the previous week, 9,886 same week a month
No. 2, six pounds, $17 50; pickled tongues, $55 to $60 ago and 51,098 a year ago. In London on the 9th inst.
nominal. Cut meats quiet; pickled hams, 10 to24 lbs. 213 prices dropped in a dull market, eyeing New York, where
4
to 233c.; pickled bellies, 6 to 12 lbs., 23 to 25c. Vutter, prices are braced, it is said, by Mincing Lane. Yet on the
%
creamery, lower grades to high scoring, 39 to 433/3c. Cheese, 9th inst. London itself fell % to Yid. net. Spot, 373/3 to
4
flats, 21% to 273/3c. Eggs, fresh gathered, mediums to 38d.; June, 373i to 373 d.; July-Sept., 3134d. to 323/3d.;
4
-Dec., 273 d. to 2834d. In Singapore on June 9 prices
Oct.
extras, 293/3 to 35c.
OILS.
-Linseed was in better demand and higher. Spot- weakened under the influence of the London decline. Spot,
-Dec., 243/d.
8
August raw oil in carlots, cooperage basis, was quoted at 313/3d.; June, 313/3d.; July-Sept., 273/gd.; Oct.
Si 08. Paint manufacturers have been making fairly large A rather better demand appeared late in the week and prices
contract withdrawals but new buying is lacking. On the were stronger at 743/3 to 753/3c. for ribbed smoked sheets
-Sept.,
whole buying is of a hand-to-mouth nature. Most of the spot-June; 72 to 723/3c. for July, 663/3 to 67c. for Aug.
-Dec. For first latex crepe, spotbusiness is against standing contracts. Export demand is and 583 to 5834c. for Oct.
June, 73 to 74c. was quoted; July, 70 to 713/3c.; Aug.
-Sept.,
small. Cocoanut oil, Ceylon, bbls., 10% to 105/3c. Cochin,
-Dec., 57 to 58c. Paras continued in
103/3 to 103/3c. Corn, crude, tanks, 103 c.; edible, 100-bbl. 65 to 66c., and Oct.
%
demand, with holders getting good prices. Up-river
lots, 123/3c. Olive, $1 20 to $1 25. Soya bean, crude, fair
tanks, 12c.; China wood, spot, bbls., New York, 133c. fine spot, 63c.; coarse, 56c. In London on the 11th inst.
3
Lard, prime, 193c.; extra strained, New York, 1434c. the market advanced Y. to /d. on good support from New
%
Cod, domestic, 61 to 63c.; Newfoundland,63 to 65c. Spirits York and Singapore. Spot-June, 37d.; July-Sept., 323d.;
-Dec., 28%d. In Singapore on that day the market
of turpentine, 98c. to $1 01. Rosin, $8 55 to $14 60. Oct.
Cottonseed oil sales to-day, including switches, 8,400 P. closed firm on foreign support; spot-June, 31%d.; July-Sept.,
-Dec., 2534d. Imports of rubber for May
293/3d.; Oct.
Crude S.E., 93 c. Prices closed as follows:
4
showed an increase of approximately 13,000 tons over those
Spot
10.75§11.25 August ---11.20111.251November-10.80
10.94 for the same month last year, according to the Rubber
June
10.80 11.25 September..11.39 11.40 December -i0.75@10.78
July
11.01 11.02 October-_11.25 11.27 January_ -10.75
10.80 Association of America. They were 36,889 tons, against
PETROLEUM.
-Gasoline consumption is steadily in- 23,914 in May last year; for the 5 months ending May 31
creasing and prices have been firm. U. S. motor in bulk they were 151,450 tons, against 137,476 in the same period
at local refineries was held at 15e. at New Orleans 1434e. last year.
Kerosene has been slightly firmer at 63'2c. for water white
At Akron, Ohio, on June 11 Directors of the Rubber Asrefinery, and 6c.for prime white. There is a more optimistic sociation of America met to consider the situation in the
among refiners due to the fact that European buyers rubber trade. Owing to British restrictions on rubber outfeeling
are expected to onter the market soon for their fall require- put, it is complained, crude rubber has risen from 17 cents a
ments. Of late export business has been small. Bunker pound to 78 cents within a year, and notwithstanding they
oil steady at $1 75. Gas oil has been dull at 5%c. for 36-40 have twice increased the price of tires from 5 to 25%, the
at local refineries and 554c. for 28-34. Lubricants havp manufacturers are hard put to it to go ahead at present
been quiet but steady. There was a fair business in cylinder crude rubber costs. It was suggested that British producers
stocks. For Pennsylvania 600 s.r. 273/3 to 29c. New York may overreach themselves, and that Americans may offer
was asked. There was a fair movement in paraffin oils. inducements to the Holland Government to furnish larger
On the 10th inst. Corning crude was advanced 10c. to $2 05 supply from Dutch possessions.
a barrel. Late in the week there were reports of a better
HIDES fell Mc. on Venezuela and Orinoco touching 20e.
export demand for gasoline and advices from the Gulf section with Laguayra 19
and trade small. Some
said that French buyers had purchased two mixed cargoes were sold on terms not disclosed. Country 2,500 Savanilla
hides were 133/30.
of kerosene and gasoline averaging 42,000 barrels each for for good extremes with reports of a somewhat
larger business
July-August shipment. At New Orleans U. S. motor was of frigorifico; 2,000 Wilson steers sold at $36.50; some
quoted
held at 143/2c. and 64 gravity at 17c. At local refineries 16 7-16c. In Chicago 35,000 May-June sold with
native cows
U. S. motor was quoted at 15e. Kerosene is moving more at 14c. Heavy native steers brought 14
heavy Texas
freely, with water white firmly held at 63/3e. There was a and butt branded steers 1330. and
,
branded cows 13c. with
3084
THE CHRONICLE
extreme light Texas and Colorado steers 123'e. The tone
was reported to be steadier. Packers say the real level of
prices is c. higher, as there was no grubbing allowance for
June hides, which was fully 25 per cent grubs. Local independent packers for June production ask 14c. for all weight
native cows and steers. Tanners balk at this. Packer
calfskin 24c. May production. First salted Chicago city
calfskins sold at 21 Y
2c. Packers have disposed of their
kipskins aside from June production and are not offering
much at this time. Previous business was 17c. City lopskins were on the basis of 163 c. to 17c. For all weight
4
country hides 12c. was bid for selected delivered practically
free of grub, averaging 46 to 47 pounds. Good quality
buff weights, free of grubs were said to be selling at 12c.
Extreme weights were firm at 13 to 14e. though some 25-50
hides, free of grubs, were available at 133/2c. Leather has
been as dull as ever. Fashion hits it. Less leather is used
in footwear for women. Low shoes for men are in almost
universal use. Later came sales of 9,000 Santa Anna
Argentine steers at $39 and 2,000 Swift frigorifico steers at
$36.50. Later a sale was reported of 2,000 Wilson light
frigorifico steers at $35 the equivalent of 15 7-16c. c. & f.
OCEAN FREIGHTS have recently been noticeably less
active. For instance, it is pointed out that last week the
number of sugar charters was down to 4 from 7 in the preceding week. Coal cargoes numbered 9, a decline of 5.
Lumber fixtures were 7 against 8. The now historic heat
wave of last week accounts in some degree for the falling off
in business, even though there was a small gain in time and
petroleum charters. Pacific time tonnage later became
more active. Grain rates continued to fall. Later grain
rates weakened. Tanker intercoastal rates were firm.
Charters included grain from Montreal to Mediterranean not east of
West Italy, 15c. with options,prompt;time charter,round trip West Indies,
prompt. 1.441-ton steamer $1 10; sugar from Santo Domingo to United
Kingdom-Continent. 195., June;fuel oil from U. S. Gulf to North Hatteras,
21c., June; cargo of building bricks from Rotterdam to New York. 53 25
prompt; crude oil from U. S. Gulf to Boston, 24c. June;fuel oil from U. S.
Gulf to North of Hatteras, 25c. June; coal from Hampton Roads to Rio,
$3 30: from Hampton Roads to Barbados. Si 70 June; time charter two
round trips North Pacific. 3,184-ton steamer, 85c.: petroleum and products
from Tampico to Philadelphia, 24c. June; from Tampico to Boston, 26c.
July; from Gulf to North Hatteras, 20c.; from Tampico, 23c.; grain from
-Oct.: from
North Pacific to United Kingdom-Continent, 33g. 9d. Sept.
Montreal to United Kingdom-Continent, heavy, 11 he.: barley, 12c.:
oats, 1334c., prompt; grain from Montreal to United Kingdom, one port
2s., two ports 2g. 130., prompt; coal from Hampton Roads to Rio, $3 35
June; coal from Hampton Roads to Rio, 53 30 June; lubricating oil from
U.S.Gulf to Copenhagen,23g., option North Atlantic, 19s. July-August.
[VOL. 120.
11,232 in April and 12,600 in March. Refined copper recovered from scrap in May reached 2,342 tons, against
1,785 in April and 5,090 in March.
TIN early in the week declined to 553.c. for Straits, but
later on advanced to 553/20. in sympathy with a higher
London market. On Wednesday prices advanced 2s. 6d.
A
to 5s. at London and 5 points here. Straits, 553 c. Dehveries this month are expected to be around 5,500 tons.
LEAD early in the week fell off $3 per ton in the outside
market to 8.850., New York, and 8.55c., East St. Louis.
The demand was smaller. June supplies are ample. Later
on offerings were rather free at 8.40c. for spot to July.
The leading refiner was quoting 8.40e. or the same price as
a week ago. Lead ore in the tri-State district was quoted
at $110. Later there was a further decline to 8.40 to 8.60c.
for New York and 8.25 to 8.30c. for East St. Louis on larger
offerings. Late in the week prices eased a little both here
and in London. The price in the outside market is now
about the same as the leading refiner, i. e.,8.40c., New York.
At East St. Louis prices fell $2 per ton to 8.15e. A good
demand was reported for futures but spot is neglected.
ZINC has been quiet and easier. Spot New York, 7.30
to 7.35c.; East St. Louis, 6.95 to 7c. In the tri-State district
zinc ore prices were 548 50 to $49 50. Slab zinc, according
to the American Institute, increased 2,873 tons in May.
They were 21,210 tons. Production for the month was
49,738 tons and shipments 46,865 tons. Zinc shipped from
plants for export was 5,888 tons. Retorts operating at the
end . the month were 86,457, against 86,674 a month
of
previous. May output of zinc for the United States was
49,738 tons and for Canada 2,651 tons. The American
Bureau of Metal Statistics put the world's stocks of zinc
on May 1 at 35,756 tons, against 30,534 on April 1, 28,219 on
March 1 and 27,778 on Feb. 1. Late in the week the market
was quiet and easier at 6.9734c. to 7c., East St. Louis, and
7.323/i to 7.35c., New York.
STEEL.
-The actual position does not seem to change
much for the better. The feeling in some directions is more
hopeful, but that does not appear to preclude an easing of
prices now and then, when a good order may in that way be
secured. In Pittsburgh it is stated small declines have
occurred on cold finished bars, where the size of the order
made it worth while. Yet for the most part the sales are
of small amounts. Buyers rigidly restrict their purchases
to small quantities. Several consuming lines, including the
automotive industries, are, it is said, taking 25 to 50 tons at
increase
time occasionally. In some cases a moderate .
in new trade in June is reported but output does not increase;
the demand does not call for an increase. And prices for
plates sheets cold finished steel and wire nails, despite
be
optimistic prognostications, have declined. Prices may.
nearing the bottom; time will show. The decrease in,shipments may be near its halting point; that also remains to
.
be seen. There is plenty of room for improvement in the
steel business. One item of semi-finished steel that declined
recently has been skelp, which is now quoted at 1.90o.
Pittsburgh. Tank plates are down it seems, $2 at Pittsburgh to 1.90c., the price in the East for several weeks.
Iron bars are $1 per ton lower at Chicago at 2c. Chicago.
Black sheets are off $2 per ton at Chicago to 3.30c. Galvanized sheets have dropped $3 at Chicago to 4.35e. Blue
annealed sheets are $2 per ton lower there to 2.40. Wire
nails are $2 per ton lower at Chicago 94 2.750. per pound.
nigher,
Iron and steel scrap on the other hand, is 50c. to $1.
depending on the item and the district. But sheet prices are
uncertain. In eastern Pennsylvania, it is declared black
sheets have been offered at 3.10c., blue annealed sheets at
2.30e. and galvanized sheets at 4.20e.
PIG IRON has recently been more active. Sales at Chicago last week were 150,000 and at Cleveland 70,000 tons.
Yet there has been no improvement in prices. The composite price is $19 20, as against $19 40 a week ago. At
Buffalo as low as $18 50 has been reported, although in most
cases it is insisted that $19 is the minimum. It is a striking
fact in any case that pig iron prices average about as low as
at any time during the last three years. The tendency naturally under the circumstances is to cut down operating cost!.
The trend towards an amalgamation of selling interests is
not difficult to understand.
-There are reports of a rather better inquiry
WOOL.
recently at New York, Boston and Philadelphia, and that
prices show grater steadiness. But there has been no real
activity, and opinions differ as to the real trend of prices.
There are those who think that the turn is towards some
advance; others that the resumption of London and Australian auctions next month may usher in lower prices because
of the not inconsiderable surplus stocks hanging over the
'market before the opening of the new wool season. New
York nominal prices were:
Ohio-Pennsylvania fine delaine, 49 to 50c.; H blood, 48 to 49c.: 3i
TOBACCO has been in less demand so far as leaf tobacco is
concerned. But Java and Sumatra met with a fair amount
of attention. It is still said that the Sumatra crop will be
5,000 bales smaller than the last one. In the open market,
it is reported, not more than 14,000 bales will be offered. In
New York the stock of the old crop tobacco is very small and
the price is regarded as firm. Washington wired: "The
tobacco crop in Cuba for 1925 is not expected to be as large
as the crop of 1924, but it is the general opinion of tobacco
authorities that its quality will be up to the usual standard,
reports Consul Hurst to the Department of Commerce. A
normal crop is expected from the Partidos section, as the
weather prevailing in that district during the growing season
has been quite favorable but the crop from the Vuelta Abajo
district will be somewhat less than usual. A number of
large purchases of tobaco in the Partidos district were made
during the month of March, due principally to the small
amount of stock from this sectionin the handsof local dealers."
COAL.
-Anthracite became rather more active later in
the week, but as a rule business remained dull. Later there
was rather more prospect of business in bituminous coal with
Italy and South America.
COPPER for the first time in several weeks declined He.
on the 9th inst. to 13
Some producers adhered to the
13%e. level, but others followed the lead of second hands
and customer smelters who were selling at 133/20. Lower
cables from London contributed to the weakness here.
Very little business was reported. Another weakening
factor was the anxiety of custom smelters to sell. However,
some thought that it was unfair to call the market 13Mc.
They were of the opinion that the demand was too small
to test the market. On the other hand, the statistical
position is improving. It is predicted that stocks of refined
copper will show a decline of 20,000 to 30,000 tons for the
second quarter. Consumers of copper are working at about
70% of capacity. The Lake district reported that total
deliveries by water in May were 13,014,000 lbs. Refined
stocks of copper declined 50,000,000 lbs. the past two
months to the lowest surplus since July 1 1923. Total
short
stocks at the beginning of this month were 97,000.
tons, according to the American Bureau of Metal Statistics,
against 122,348 tons on April 1. Late in the week there
was quite a little copper to be had at 133'c., but there was a
tendency to stiffen prices. Standard copper in London on
the 11th inst. dropped 2s. 6d. to £59 5s. for spot and £60 5s.
for future on sales of 500 tons of spot and 1,500 tons of futures. Output of copper by North American smelters
Territory, clean basis, fine staple,
blood, 46 to 47c.: 3
in May reached 81,967 short tons, against 83,207 in April 51 25 to Si 28; fine blood. 45 to 46c. combing, $117 to $1 20: medium
medium, French
93
and 92,202 in March. Total receipts of American.refmers clothing, $1 12 to $1 15; 3 blood, staple, $1 10 to $115; % blood, 25 to
basis, fine 12 months,
to 87c. Texas,
98c.;
in May were 100,175 short tons against 110,969 in April $1 30; f blood, 82$1 22 to $1 25; 6 cleanmonths, $110 to $115. $1 to
Pulled,
to 8
10 months,
and 128,684 in March. Production of Chile copper, New scoured basis, A super,$1 08 to Si 12; 13, 92 to 95c.; 0,72 to 78c. DomesCornelia and Lake Mines in May was put at 15,651 tons, tic, mohair, best combing. 75 to 80c.
Boston wired that business had broadened somewhat at
against 14,281 in April and 17,058 in March. Receipts of
blister copper from smelters totaled 71,608 tons in May slightly firmer prices in most domestic wool. Some advances
against 83,671 in April and 93,936 in March. Production occurred, it is said, in the finer qualities of fleeces and
of blister copper by refiners in May was 10,574 tons, against territory stock of similar grade has moved at a little higher
JUNE 13 1925.]
THE CHRONICLE
price. Choice delaines were quoted 50c. to 52c. in grease.
Fine and fine medium staple of French combing length has
sold at $1 25. At Liverpool on June 9 the East India wool
auctions opened, it was said, with prices on a parity with
those prevailing at the close of the last series. Super
Jonas were 21d. to 23d. at the close of the last series and
super first white vicaneres, 20d. to 22d. Demand on the
9th inst. was fair. The offerings for the curernt series
which closed on the 12th inst.,.comprised some 17,000 bales.
Usually the offerings on the first day include largely, it is
recalled, the less attractive wools. It was expected that
prices would fall for the best wools unless there should be
good American demand. It was only fair.
COTTON.
Fridat Night, June 12 1925.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
21,739 bales, against 31,997 bales last week and 44,085 bales
the previous week, making the total receipts since the 1st
of August 1924, 9,005,531 bales, against 6,502,221 bales for
the same period of 1923-24, showing an increase since Aug. 1
1924 of 2,503,310 bales.
Receipts at-
Mon.
Sat.
417
Galveston
Houston
New Orleans
Mobile
535
555
2,213
Tues.
Wed.
562
1,843
662
246
507
2,085
1,072
100
Thurs.
Fri.
Total.
53
3,317
478
3085
From
Exported toAug.1 192410
GerJune 12 1925. Great
Japan&
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
Galveston__
Houston_ ___
Texas City__
New Orleans
Mobile
Jacksonville..
Pensacola..._
Savannah__
Charleston__
Wilmington_
Norfolk
New York__
Boston
Baltimore_ _.
Philadelphia.
Los Angeles_
San Diego_ _ _
SanFrancisco
Seattle
Total
Told.
740,927 411,684 576,301 264,081 33,250 334,112 412,759 2,773.114
549,868 325,054 419.112 150,031 66,600 99,528 145,970 1,756,163
8,034
8,760
16,794
471,769 86,670 226,790 174,716 98,636 135,055 119,108 1,312,744
415
41,838 1,308 34,908
• 1,818 80.287
51
1,486
60
1,597
415 1,145
6,588
300
8.448
200,506 8,831 219,380 6,820
24,600 11,185 471,322
98,120
386 84,017
28,900 19,304 230.727
42,347 24,800
104,013
36,866
117,829
435 115,879
4,000 2,300 240,443
150,689 35,920 102,681 51,075
34,194 65,978 440,537
•
165
100
6,515 12,568
5,788
218
3
100
26
347
6,128
52
367
225
639
7,411
37,605 1,300
15,744
507 55,156
23.211
23,811
600
111.957
5 111,962
83,959
152 84:111
2,497,981 872.155 1831177 672,481 198.486 872,649 786,626 7,731,555
Tot.1923-24. 1,635,391 686,168 1231166 493,198 86.459 573,236 566,629 5.272,247
Tot 1022-22 1 240 627 592.528 869.181 450.019
200 5S1f1.174 552.501 4.111.624
-It has never been our practice to include In the
NOTE -Exports to Canada.
above table exports of cotton to Canada, the reason being that virtue ly all the
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts
on the Canadian border are always very slow In coming to hand. In view, however.
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of April the exports to the Dominion the present season have been
19.587 bales. In the corresponding month of the preceding season the exports
were 10,328 bales. For the nine months ending April 30 1925 there were 173,362
bales exported,as against 127,282 bales for the corresponding nine months of 1923-24.
In addition to above exports, our telegrams to-night also
436 2,510
shipboard, not
---- 7.800 give us the following amounts of cotton on
296
144 4,865 cleared, at the ports named:
3
349
1
1
Savannah
95
69
17
---82
37
On Shipboard, Not Cleared for
300
205
Charleston
75 1,040
269
116
304 2,009
162
Wilmington
19
396
___8
Leaving
25
Great
GerOther Coast610
278
Norfolk
509
532
445
140
Stock.
95 1,999
June 12 at- Britain. France. many. Cont'nt. wise. Total.
New York
-157
229
Boston
449
'i6
184
86.566
2.900 6.400 5,000 10,800 2,500 27,600
938 Galveston
Baltimore
201
309 22.096
71.028
201 New Orleans.... 1,031 2,199 4,488 14,069
12.737
Savannah
Totals this week.. 1,516 4,108 4,733 4,505 5,631 1,246 21.73
9
8,442
9
Charleston
100
1,564
100
Mobile
The following table shows the week's total receipts, the Norfolk
100
36,196
100
500 9.000 144.238
total since Aug. 1 1924 and stocks to-night, compared with Other ports*__ 1,500 1.000 2,000 4,000
last year.
1924-25.
Receipts to
June 12.
This Since Aug This Since Aug
Week. 1 1924. Week. 1 1923.
Galveston
Texas City
Houston
Port Arthur, &c
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News, &c_
New York
Boston
Baltimore
Philadelphia
Totals
1923-24.
2,510 3,609,971
62,126
7.800 1,799,946
Total 1925._ 5,631 9,599 11.488 28.869
Tota. 1924._ 12,263 10,569 6,219 16,738
Total 1923._ 10,006 4,425 11.547 15,546
* Estimated.
Stock.
1925.
1924.
5,502 2,810,151
18,606
1,471 1,053,272
114.166
536
58,874
19
4.865 1,871.347 11,260 1,313,203
93,124
105,276
349
150,275
10.062
1
3.693
300 616,991
539
2,009 266,925
74,103
11,771
3,926
8,844 410,993
880
877 187,708
1,664
2,033
334
12,737
1,837
27,215
8,451
14,749
610
1,999
134,075
385,766
36 124,756
2,642 407,631
10.605
36,296
12,929
35,193
157
938
201
22,664
37,004
33.102
1.045
135.112
1,589
1,364
3.698
A101170
60,916
4,744
1,426
3.102
Ono n.n
3,710
800
376
184
16,152
40,829
26,916
1,324
21.719 0.005 811 nn 909 A 809 991
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20.
2,510
5,502
8,580
24.951
44,296
8.969
7,800
1,471
3,181
13,337
384
2,479
4,865
11.260
6,732
17,923
20,811
10,332
349
3,710
3,441
542
422
1,537
300
8.844
3,580
13,086
17,458
3,154
260
500
2,009
877
3,358
4,125
712
320
610
36
3.396
1,432
2,224
6
1,999
2,642
1,941
2,152
6,483
1,567
26
1,297
1,360
341
2.821
7,813
1,261
21,739
35,702
Tot. this week
31,651
70.575 113.556
30,151
ninee Aug. I_ 9.005.531 6.502.221 5 578 440 8 779 Ann n 190 tuti a
Galveston...-.
Houston,&c_ New Orleans_
Mobile
Savannah
Brunswick_
Charleston.-Wilmington
Norfolk
N'port N.,&c.
Alf others
The exports for the week ending this evening reach a total
of 37,521 bales, of which 7,099 were to Great Britain, 2,762
to France, 6,625 to Germany, 4,724 to Italy,
to
Russia, 9,883 to Japan and China, and 6,428 to other
destinations. In the corresponding week last year total
exports were 50,168 bales. For the season to date aggregate
exports have been 7,731,555 bales, against 5,272,247 bales
in the same period of the previous season.
Below are the exports for the week:
Exported to
Week Ended
GerJapan&
June 12 1925. Great
- Britain. France. many. Italy. Russia. China. Other.
Exports from
Galveston
Houston
New Orleans.... _
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
883
1,843
Total.
2,975
900
115
1,217
689
2,417
95
5,193
250
1,320
380
724
7.157
Total
7,09!
2,762
6,625
4,724
9,883
3,858
6,377
4,459
175
1.190
2,238 2,238
4,000
1.320
-200 13,904
6,428 37.521
Total 1924
Total 1
8,526
2.707
2,243 10,625
6,982 9.135
4,301 19,905
40
4.473
11,625
4,528 50,168
2.031 36,953
3.560
175
1,190
4,000
3,318 58,905
1.500 47,289
2.113 43,637
360.771
281.024
308.050
Speculation in cotton for future delivery has been on a
moderate scale, at irregular but on the whole declining
prices. This was largely due to good rains in various parts
of Texas and also in the eastern belt. It caused a good deal
of selling here and at the South. It also influenced Liverpool prices. London and the Continent sold in Liverpool to
some extent. Also, Manchester was quiet, with no very
favorable outlook for trade with either India or China.
Shanghai riots seem to have died down, but the strike there
has not altogether subsided. In this country Fall River
has been mostly quiet and also Worth Street, although
earlier in the week Worth Street showed more activity.
And there were similar reports about its business on Wednesday. But taking the textile business by and large it has
been quiet and curtailment reports persist. It is true that
there is a certain amount of skepticism about such reports.
The comment is made that the threats of curtailment are
more numerous than the actual curtailment. Still, there is
no denying that trade in textiles has been for the most part
quiet, and there were complaints that goods are selling on
the basis of raw cotton prices considerably under those actually ruling. It was estimated, too, that the consumption
for May would not much exceed 543,000 bales, against 597,104 in April, with 413,649 bales in May last year and 620,854
the high record for May, in 1923. And as regards the crop
outlook, the last weekly report had some favorable features
which attracted attention. It said that Texas had been benefited by recent rains. While it mentioned dry weather in
*the eastern belt there have latterly been good rains in that
section, notably in Georgia, where they were much wanted.
In various parts of Texas there have been rains of 1 to 2
inches, and according to private reports, some precipitations
have been much larger in that State. The Carolinas have
also been helped by timely rains. It is true that much of
the rain in Texas has fallen in the western, northwestern,
eastern and northeastern sections where least wanted, but
there has also been some in the southwestern part of that
State if the central section has had very little. It was believed that the rains having started they would spread over
the entire State and that with an acreage of some 17,700,000
acres, Texas has a chance of making a good crop in spite
of the fact that it lost the winter rains. At times there has
been heavy selling here, attributed to Wall Street and New
Orleans, with more or less selling also by the West and
various parts of the South. Local traders have inclined to
the selling side. Also, there has been considerable selling of
July. Recently it was at a premium of 74 points over October here, but in the middle of tbe week it dropped to 40.
Large spot interests were understood to be selling it. It
was also sold with a good deal of freedom in New Orleans.
In fact, New Orleans on the 10th inst. showed more weakness, if anything, than New York, although at one time New
Orleans July was 60 points over New York July. The talk
is now that the July notices which will be in circulation
within two weeks are likely to be heavy. This is mentioned
merely for what it is worth, for it is a prediction that will
3086
THE CHRONICLE
puzzle a good many. But of one thing there can be no
doubt. The speculative sentiment is for the most part very
bearish. The speculation itself is still overshadowed by
stocks and grain. The mill product sells slowly. Exports
of raw cotton have fallen off. And It is a well-nigh universal assumption that with an acreage approximating 44,000,000 acres the next crop, with fairly satisfactory weather, is
likely to be large, if for no other reason than that the acreage is of a size entirely unparalleled In the history of cotton
raising in this country. And the next Bureau report is expected to show an improvement over that for June 2. It is
recalled that only twice in the past ten years has the June
25 figure on condition failed to increase over that for May 25.
In 1919 it dropped from 75.6% to 70 and in 1923 from 71 to
69.9. In the past ten years the average increase has been
2 points. In 1924 the improvement was 5.6 points on June 25
over the condition of May 25.
On the other hand, with the sentiment running in this
groove, not only here, but all over the South, it stands to
reason that the short interest is large. That it is large crops
up every now and then with quick rallies after breaks
Profit taking on the short side makes this inevitable. Everybody recalls how quickly the market rallied from the break
following the Bureau report. Many think that the present
price discounts anything at all bearish in the situation. Recently there has been a decline of some $6 a bale, on Texas
rain and talk of dulness of trade, and so on. But the late
hot wave disclosed the fact that the retailers were carrying
small stocks of goods. They were caught napping. Early in
the week Worth Street sold in one day 100,000 pieces of various cotton goods. In the middle of the week there was
another revival of business reported in that district. From
time to time a better inquiry was reported in Fall River,
even if actual business did not at first increase very much.
And many persist in the belief that there is less retrenchment of output by the mills than is commonly supposed.
And as regards the crop, Texas will have to have rains from
time to time, Just at about the right intervals, or it will suffer from the lack of the winter deposit of moisture. As it
is now, central and southern Texas greatly need rain and
these are the sections where very much of the crop of that
State is produced. Meanwhile the trade is a persistent buyer
on the declines and it gets the cotton mostly from short selling. There is no big long account. The public is not in cotton. The trading is mostly professional. Shorts every now
and then sell themselves into predicament. That was the
case, it will be recalled, right after the drop on the Bureau
report; the violent rebound is by no means forgotten. And
although many of the crop advices are favorable, it is recalled that they almost invariably are favorable in June.
June is not the crucial period. That comes in July and
August. And the weekly Government report was not in all
respects favorable. And while the average gain in the belt
for ten years past between May 25 and June 25 in the Bureau condition has been 2% in every one of these ten years
there has been a drop from May 25 to the end of the season
of anywhere from 10 to 31%. It was the epilogue rather
than the prologue that counted in the end.
On Thursday cotton advanced 18 to 25 points on the continued drought in central and southern Texas, higher cables,
Liverpool spot sales of 10 000 bales, higher spot markets in
this country and foreign buying of October, December and
January. Liverpool and the Continent bought. Only 58 out
of 238 stations reporting had rain, I. e. a trace to 2.50, the
latter in Florida, and less than a dozen had more than half
an inch. New Orleans was said to have sold 5,000 to 6,000
bales and is to ship 16,000 bales to Russia. Texas crop prospects were not considered as brightening with one-third of
the State, and a very productive portion, suffering from
drought. But July was a drag. Liquidation In it was noticeable on Wednesday and continued on Thursday. And at one
time its premium fell to 33 points, as against 40 the day
before. Some Georgia and North Carolina mills were said
to be planning further curtailment. Some mills at Waterville, Me., will close for the first half of August. On the
other hand, Fall River sold, it was said, 75.000 pieces of
low counts In the first half of the week and Worth Street on
Wednesday and Thursday 65.000. The India monsoon is
favorable. It may yet help Manchester. Meanwhile it is
a matter of interest that the average rainfall in Texas during May was only 2.63 inches, compared with 4.36 in May
last year and a ten-year average of 3.46 inches. Rainfall in
April, moreover, was only 2.09 inches, and from October to
the end of April it was but 7.90 Inches. against a ten-year
average of 16.88. Texas weather, it is considered more than
ever plain, must be good all the season or the expectations
of a big crop cannot be realized in that State, even on its
high record acreage of 17.700.000 acres.
To-day prices were irregular, ending at a small net decline for the day, owing to rumors of five inches of rain at
Galveston and more or less at Temple in central Texas.
This was taken to mean that rains had actually begun in
southern Texas and might amount to something. In fact,
they might effectually relieve the drought in a section
which last year raised something. like 2.000.000 bales. The
weather for the time being counted for more than anything
else. But nobody denies that the statistics are also of great
importance. It looks now as though the carryover would be
small. Meanwhile the spinners' takings were some 20,000
bales more than had been expected and were very large also
[Vox,. 120.
in contrast with the same week last year. And the decrease
in the visible supply both in the American and other grades
was far greater than in the same week last year. A year ago
it was indeed very small. Meanwhile there was a good demand for spot cotton reported in New Orleans and Galveston from Japanese and even, it is said,from Russian sources.
The premium on July in New Orleans was up to 71 points
over October. There is a large short interest in July there.
Here July ended at 42 points over October, a recovery of
9 points from the lower level of the premium on Thursday.
Last prices show a decline for the week of 90 to 104 points,
the latter on July. Spot closed at 23.65c., a decline for the
.
week of 105 points.
The following averages of the differences between grades,
as .figured from the June 11 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on June 18.
2.85 off
1.01 on Middling "yellow" stained
Middling fair
.77 on Good middling "blue" sta1ned_1.44 off
Side 'good middling
55 on Strict middling "blue"stained_ _1.85 off
Good middling
2 65 off
Strict middling •
.34 on *Middling "blue" stained
12 on
Basis Good middling spotted
Middling
18 off
.60 off Strict middling spotted
Strict low middling
61 off
Low middling
1.43 off Middling spotted
2.52offStrict low middling spotted___1.42 off
*Strict good ordinary
243 off
3.62 off. Low middling spotted
*Good ordinary
Strict good mid."yellow' tinged.0.02 on Good mid, light yellow stained... .88 off
Good middling "yellow" tinged_ .34 off *Strict mid, light yellow stained_1.40 off
Strict middling "yellow" tinged .80 off *Middling light yellow stained_ _ _2.11 off
49 off
1 48 off Good middling "gray"
*Middling "yellow" tinged
.88 off
*Strict low mid."yellow" tinged_2.44 off *Strict middling "gray"
1.40 of
*Low middling "yellow" tinged..3.53 off *Middling "gray"
*Not deliverable on future contracts.
Good middling "yellow" siained_1.61 off
*Strict mid."yellow"stained_ _ _ All off
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 6 to June 12Sat. Mon. Tues. Wed. Thurs. Fri.
24.45
Middling upland
23.55 23.95 23.55 23.70 23.65
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 12 for each of the past 32 years have been as follows:
1925
1924
1923
1922
1921
1920
1919
1918
23.650.
29.834.
29.70c.
21.15c.
12.500.
40.00c.
32.934.
29.600.
1917
1916
1915
1914
1913
1912
1911
1910
25.00c.
12.90c.
9.80c.
12.300.
12.30c.
11.80c.
15.900.
15.200.
11.20e.
ll.40c.
13.134.
11.234.
8.700.
12.85c.
12.350.
9.44c.
1909
1908
1907
1906
1905
1904
1903
1902
8.380.
9.00c.
6.31c.
6.560.
7.690.
7.440.
7.250 I
7.310.
1901
1900
1809
1898
1897
1896
1895
1894
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot
Market
Closed.
SaturdayMonday --Tuesday -Wednesday_
Thursday __
Friday
SALES.
Spot.
Contr't. Total.
Quiet. 25 pts. dec.... Irregular
Quiet. 90 pts. dec__ Easy
Steady, 40 pts. adv_ Steady
Quiet. 40 pts. dec__ Barely steady
Quiet, 15 pts. adv_ _ Steady
Quiet, 5 pts. dec. Quiet
100
100
Total__
100
100
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday,
June 6.
Tuesday, Wednesday. Thursday,
June 11.
June 10.
June 9.
Monday,
June 8.
Friday,
Arse 12.
June
Range._ -- -- ---- -- -- -- -- ---- -- -- -- -- -Closing_ 23.83 ---- 22.94 ---- 23.30 ---- 22.90 ---- 23.20 ---- 23.10 -July
Range.. 23.60-23.92 22.80-23.60 22.81-23.23 22.71-23.05 22.78-22.98 22.73-^3.07
Closing_ 23.69-23.73 22.80-.22.86 23.20.-23.22 22.80-22.82 22.92-22.92 22.87- 2.89
August
22.80- .511
Range..
-Closing_ 23.24 ---- 22.50 ---- 22.90 -22.60 ---- 22.72 ---- 22.03
Sept.
22.72-22.72-----Range._ -- -- -- -- -- -Closing. 23.14 ---- 22.40 ---- 22.80 ---- 22.50 ---- 22.62 ---- 22.55 ---October
Range.. 23.00-.23.36 2.33-22.98 22.27-22.73 22.22-22.60 22.41,22.65 22.35-22.66
Closing_ 23.06-23.10 2.33,22.36 2.70-22.72 2.40-22.42 22.52-22.54 22.45-22.46
NovemberRange._ -- -- -- -- -- -- -- -- -- -- -- -- -- -- -Closing_ 23.14 ---- 22.40 ---- 22.78 ---- 22.48-22.61 ---- 22.53 DecemberRange._ 23.16-23.49 2.48,23.15 2.45,22.90 2.40-22.67 2.63,22.82 22.53-22.81
Closing_ 23.23,23.26 2.48,22.52 2.87-22.90 2.57-22.61 22.70 ---- 22.61-22.63
January
Range._ 22.73-23.05 1.95-22.68 2.00-.22.45 1.95-22.20 2.20-22.37 22.08-22.36
Closing. 22.79-22.80 1.95-22.04 2.40-22.43 2.15-22.18 2.25,22.27 2.15-22.18
February
Range.. -- -- -- -- -- -- -- -- -- -- -- -- -- -- -Closing_ 22.93 ---- 22.11 ---- 22.54 ---- 22.27 ---- 22.36 ---- 2.27 ---March
Range.. 23.03-23.33 22.27-22.97 2.30.22.70 2.28,22.41 22.43-22.61 2.35-22.60
Closing. 23.07-23.09 2.27-22.34 22.68 ---- 22.40 ---- 22.48-22.49 2.40 ---.8570
Range.. -- -- -- -- - -- -- -- -- -- -- -- -- -- -Closing_ 23.17 ---- 22.39 ---- 22.75 ---- 22.47 ---- 22.57- 2.49 ---May
Range.. 23.40-23.52 22.60.23.10 2.46,22.83 2.55-22.52 22.70-22.75 2.52-22.88
2527 ---- 22.51 ---- 22.83 -22.55 ---- 22.66 ---- 2.58 ----
Range of future prices at New York for week ending
June 12 1925 and since trading began on each option.
Option for
June 1925
July 1925 22.71
Aug. 1925_ 22.45
Sept. 1925.. 22.72
Oct. 1925_ 22.22
Nov. 1925
Dec. 1925._ 22.40
Jan. 1926_ 21.95
Feb. 1926_
Mar. 1926.. 22.27
Apr. 1926
May 1926- 22.45
Range for Week.
June
June
June
June
10 23.92
10 22.80
9 22.72
10 23.36
June
June
June
June
June 10 23.49 June
June 8 23.05 June
June 8 23.33 June
Range Sinus Beginning of Option.
22.55
6 21.40
12 21.75
9 21.75
6 31.50
32.16
6 21.73
6 21.40
21.94
6 21.64
Sept. 11 1924
Sept. 16 1924
May 13 1925
May 13 1925
Nov. 1 1924
May 14 1925
May 13 1925
May 13 1025
May 14 1925
May 13 1925
25.55
27.50
25.78
25.68
35.71
34.40
25.73
25.45
24.53
25.05
Oct. 2 1924
Aug. 6 1924
Mar. 4 1925
Mar. 3 1925
Mar. 3 1925
Dec. 27 1924
Mar, 3 1925
Mar.3 1925
May 26 1925
Apr. 20 1921
June 923.52 June 6 32.45 June 9 1925 23.57 June 5 10
JUNE 13 1925.1
3087
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made overland movement for the week and since Aug. 1, as made
up by cable and telegraph, is as follows. Foreign stocks, as up from telegraphic reports Friday night. The results for
well as afloat, are this week's returns, and consequently the week and since Aug. 1 in the last two years are as follows:
----1924-25---all foreign figures are brought down to Thursday evening.
----1923-24---June 12Since
Since
But to make the total the complete figures for to-night ShippedWeek. Aug. 1.
Week. Aug. 1.
(Friday), we add the item of exports from the United States,
2,775 708.697
2,133 576,893
Via St. Louis
650 255,390
3,000 195,620
Via Mounds, &c
including in it the exports of Friday only.
1925.
bales_ 760.000
3,000
110,000
June 12Stock at Liverpool
Stock at London
Stock at Manchester
1924.
495,000
873.000
559.000
10.000
139,000
109.000
15,000
91,000
11.000
12.000
1.000
575.000
12.000
60.000
64.000
8.000
71.000
14.000
15.000
3.000
956,000
33,000
236.000
147,000
9.000
83,000
15,000
12,000
2.000
540.000
Total Continental stocks
64,000
1922.
889,000
1,000
66,000
224,000
162.000
8,000
90.000
29.000
25.000
2.000
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
1923.
526,000
1.000
48.000
388,000
247.000
537,000
Total European stocks
1.413,000
India cotton afloat for Europe.-- 138.000
American cotton afloatfor Europe 192,000
Egypt,Brazil,&c.,afloatforEurope 115.000
Stock in Alexandria, Egypt
100.000
Stock in Bombay, India
835.000
Stock in U. S. ports
419.676
Stock in U. S. interior towns
285.662
U.S. exports to-day
1,320
947,000 822,000 1,493,000
139,000' 108,000
81,000
172.000
94.000 310,000
97.000
62.000
59.000
103,000 188,000 257,000
807.000 712,000 1,154.000
328.313 351,687 787,914
312,127 391,675 627,463
45,179
Total visible supply
3,499,658 2.905.440 2,729,362 4.814,556
Of the above, totals of American and other descriptions are as follows:
American
-
bales_
Liverpool stock
Manchester stock
Continental stock
American afloatfor Europe
U. S. port stocks
U.S. interior stocks
U.S. exports to-day
Total American
East Indian, Brazil, &c.-
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
527,000
99,000
4 1.000
192.000
419.676
285,662
1,320
233.000
51.000
270,000
172.000
328.313
312.127
228.000
29,000
164,000
94.000
351,687
391,675
521,000
43.000
448.000
310,000
787,914
527.463
45,179
1,965,658 1,366,440 1.258,362 2,782,556
233.000
3.000
11,000
99.000
138.000
115.000
100.000
835,000
262,000
13.000
118.000
139,000
97.000
103,000
807.000
298.000 368,000
1,000
1,000
19,000
23,000
83,000
89,000
108,000
81.000
62.000
59,000
188,000 257,000
712.000 1.154.000
Total East India, Stc
Total American
Via
Via
Via
Via
34.349_
-288
49,335
232,020
3,219
478.402
14,112
48
532
5.243
10.809
Rock Island
Louisville
Virginia points
other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, dtc
Between interior towns
Inland, &c.,from South
20.057 1.758,193
21,024
25.746
194,421
443,579
22,752 1,457,283
1,296
693
11,143
13.132
794,497
5,199
722,769
6,925
Total to be deducted
Leaving total net overland *
96.263
25.673
672,561
963.696
17.553
734,514
1,360
675
3,164
85,094
25,758
611.917
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 6,925 bales, against 17,553 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago of
229,182 bales.
-1924-25
-1923 24
-
Since
In Sight and Spinners'
Week.
Aug. 1.
21,739 9,005,531
Receipts at ports to June 12
26.1,25
963.696
Net overland to June 12
Southern consumption to June asiio.ouo 3.975.000
Takings.
Week.
Since
Aug. 1.
35.702 6,502,221
17.553
734.514*
92,000 3.759,000
138.664 13,944.227 145.255 10,995.735
103,416 *20,929
52,844
*26.634
Total marketed
Interior stocks in excess
Excess of Southern mills takings
over consumption to May 1
613,719
220.660
124,326
Came into sight during week___I12,030
14.661.362
11,269.239
Total in sight
Nor,spinners' takings to June 12- 16.553
1.861,389
19,623 1,739,625
*Decrease.
Movement into sight in previous years:
Week1923
-June 15
Bales. I Since Aug. 1127,11811922-23
Bales.
11,022,988
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
1,534,000 1.539,000 1,471.000 2,032.000 middling cotton at Southern and other principal cotton
1,965,658 1.366,440 1,258,362 2,782.556
markets for each day of the week:
Total visible supply
3,499,658 2,905,440 2,729.362 4,814,556
uplands, 'LiverpoolMiddling
13.36d. 17.14d.
16.61d. 12.78d.
Closing Quotations for Middling Cotton on
Middling uplands, New York... 23.65c. 30.10c. 29.20c. 22.40c.
Week Ended
Egypt, good Sokol, Liverpool---- 35.50d. 24.958. 17.50d. 22.00d.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday
June 12.
Peruvian, rough good, Liverpool_ 20.75d. 24.00d. 18.75d. 13.50d.
Broach, fine, Liverpool
11.458. 13.85d.
12.858.
11.55d.
24.10
23.70
23.80
23.70
23.80
24.60
Tinnevelly. good, Liverpool
11.85d. 15.00d. 14.00d. 12.258. Galveston
24.10
24.50
23.90
23.90
24.05
New Orleans... 24.75
24.00
23.60
23.75
23.75
23.75
24.50
Continental imports for past week have been 131,000 bales. Mobile
23.60
24.00
23.60
23.73
24.52
23.78
Savannah
The above figures for 1925 show a decrease from last week Norfolk
23.88
23.50
23.50
23.50
23.50
24.50
23.75
24.50
23.75
23.75
24.00
of 180,463 bales, a gain of 594,218 from 1924, an increase Baltimore
24.31
23.94
24.00
24.00
24.00
24.81
Augusta
of 770,296 bales from 1923, and a falling off of 1,314,898 Memphis
24.00
24.00
23.75
23.75
24.00
23.75
23.55
23.90
23.50
23.60
bales from 1922.
24.30
23.60
Houston
24.50
24.80
24.80
23.80
23.80
Little Rock___ 25.00
23.40
23.75
23.35
23.45
AT THE INTERIOR TOWNS the movement
24.25
23.45
-that is, Dallas
23.70
23.30
23.40
23.30
23.40
Fort Worth_
the receipts for the week and since Aug. 1, the shipments
for
the week and the stocks to-night, and the same items for the
-The closing
NEW ORLEANS CON TRACT MARKET.
corresponding periods of the previous year-is set out in quotations for leading contracts in the New Orleans cotton
detail below:
market for the past week have been as follows:
Movement to June 12 1925.
Towns.
Receipts.
Ship- Stocks
mews. June
Week. Season. Week. 12.
6 54,661
Ala.,Birming'm
574
418
Eufaula
19,586
---1 1,326
11
Montgomery
82,542
208 5.957
97 64,375
Selma
289 1,166
____
Ark., Helena
63,201
__ 1,040
6 205,922
Little Rock340 3,285
---- 126.214
Pine Bluff
642 4,429
3,891
---Ga., Albany
34 2.024
200 52,183
Athens
600 5,732
954 225,763 2,319 13,478
Atlanta
818 232,706 2.821 23.186
Augusta
20 76,857
Columbus._.
618 1,208
104 48,704
Macon
394 6,545
45 47.431
Rome
150 5,000
____ 102,000 1,100 2,300
La., Shreveport
156 37,189
Miss..Columbtui
186
257
1 112.122
Clarksdale
63 2.450
1 135.090
Greenwood...
132 6,032
54 37,868
Merldian
126 1.943
30 42.697
Natchez
63 1.115
90 31.689
550
145
Vicksburg
____
33,140
39
Yazoo City_ 254
Mo., St. Louis_ 2,519 738.790 2,775 4,634
340 72,277
N.C.,Greenstiro
859 8,124
12
8,360
213
50
Raleigh
284 2,178
90 218,579
Okla., Altus_
107 155,912
204 1,229
Chickasha
1 140,008
Oklahoma.__
257 2,063
S.C.,Greenville 1,712 242,559 4.063 27,374
- --1
- 3,264--__ 4,416
Greenwood-Tenn.,Memphis 2,190.80,919 4,389 19,048
950 -___
-----81
Nashville
____
235
Tex., Abilene
--- 71.387
-____ 3.701
Brenham----- 23.237
-34,609
37
37
Austin
95.971
600 1.643
Dallas
,717,468 13.749119,438
Houston_.
93,516
____
10
Paris
550
10
-- 65.769
--65,769
San Antonio
74
159,035
340
Fort Worth
Total. 40 towns.
Movement to June 13 1924.
Ship- Stocks
mews. June
Week. Season. Week. 13.
34,585
9,394
52.595
33,827
15.136
112,379
60,870
2.073
45,257
157.249
195.311
77,853
32,001
29,872
113,500
19.973
79,093
97,854
31,241
31,387
17,188
19.324
553,605
62.850
14,234
119,256
98,826
62,255
156.814
10.752
907.477
90
1,513
1,250
32
407
397
430
___.
272
3,442
3,012
826
990
100
1,900
__ ._
752
666
470
6
51
384
2,133
867
200
54
56
355
2,745
__
7,304
___- 63,534
19 26.635
____
39,796
699 127,238
4.0403,454,877
____
77.238
____
49,416
502 91.941
-___
24
66
1,463
7,327
44
____
886
33
178
110
26
-___
30
2,349
1.474
____
255
50
100
139
154
59
305
1
____
____
1,846
787
86
1
12
19
1,669
____
4,440
6
---545
1,005
2.117
6,767
1,981
1,869
5,981
11,039
2.038
8,960
12,804
15,154
8.001
3,835
3,482
7,500
1,218
9.206
17,519
6,344
2.989
1,358
4,240
5,792
6,380
1,813
14.013
4,018
7,227
13.574
10,291
41,641
53
208
632
76
2,547
67.235
50
513
657
10068441 37.839285,662 20 3137.184.706 46 1AS. 107
119
The above total shows that the interior stocks have decreased during the week 26,634 bales and are to-night
26,465 bales less than at the same time last year. The
receipts at all towns have been ,8,434 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
Saturday,
June 6.
Receipts.
Monday,
June 8.
Tuesday,
June 9.
Wednesday, Thursday,
June 10.
Junell
Friday,
June 12.
23.3023.68 bld 23.2523.31 -23.51 24.0224.12-24.17 23.40-23.45 23.78-23.81 23.35-23.38 23.41 -43.61-23.62
22.64-22.6t 21.88-21.9, 22.27-22.30 41.99-22.02 22.12-2i.13 22.06-22.07
22.71-22.75 21.93-22.00 12.37-22.39 22.09-22.13 2220-22.22 22.13-22.14
22.7222.74 42.06-22.0: 22.42-22.44 22.13-22.15 22.26-22.28 22.2022.3422.32 bid
22.90 bid 22.07-22.15 22.47-22.48 22.2722.85 bid 22.02 bid 22.43 bid 22.21 bid 22.29 bid 22.38 bid
May
Tone
Quiet
Steady
Steady
Quell
Steady
Steady
Spot
Easy
Quiet
Steady
Steady
Steady
Options.-- Steady
June
July
October
DecemberJanuary
March
-Chicago's rise
THE CHICAGO COTTON MARKET.
as a cotton market has been given further impetus by the
establishment of a Government board of cotton examiners
at Houston, according to an announcement on June 9 by
Parker M. Paine, Chairman of the Cotton Committee of
the Chicago Board of Trade:
Growing importance of the Chicago cotton market and of the great spot
market of Houston and Galveston has been recognized by the establishment
of the new board of examiners," said Mr. Paine.
"In the past cotton intended for delivery on Chicago contracts has been
Classified by the board of examiners at New Orleans. This has involved
slight delay, extra expense and at times a little dissatisfaction. These difficulties have now been overcome, and cotton can be handled completely at
Houston for delivery on Chicago contracts.
"This gives Chicago official government recognition and all of the privileges which New York and New Orleans enjoy. The Chicago market,
Whose contract provides delivery of cotton at Houston and Galveston, has
grown steadily for several months. Establishment of the new board of
examiners at Houston, of which we have Just been advised, is an important
raarket.
forwarci ftep and will mean still more rapid growth of Chicago as a cotton
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the weather during
the week has been generally favorable throughout the cotton
belt. Rain has fallen in practically all parts of the belt,
precipitation ranging from light to moderate.
-The progress of the cotton crop in most parts of
Texas.
this State has been fair. Rains have fallen in most parts
of the State during the week which should prove very beneficial.
-Cotton has made good progress. There
Mobile, Ala.
have been beneficial effects from the light rains which have
fallen over most of the cotton belt in this district.
Thermometer
high 84 low 72 mean 78
high 96 low 66 mean 81
high 99 low 69 mean 84
high 92 low 74 mean 83
high 88 low 74 mean 81
high 93 low 72 mean 83
high 102 low 63 mean 83
high 98 low 69 mean 84
high 99 low 69 mean 84
high 93 low 60 mean 77
high 97 low 72 mean 85
high 92 low 67 mean 80
high 94 low 70 mean 82
37 in. high 97 low 67 mean 82
2 days
3 days 0.36 in. high 96 low 72 mean 84
low 72
1 day 0.08 in.
1 day 0.12 in. high 93 low 67 mean 80
1 day 0.10 in. high 95 low 66 mean 81
1 day 0.22 in. high 101 low 60 mean 81
1 day 0.17 in. high 96 low 67 mean 83
2 days 1.35 in. high 93 low 63 mean 78
high 100 low 66 mean 83
dry
high 98 low 67 1116611 83
dry
2 days 1.88 In. high 95 low 69 mean 82
1 day 0.04 in. high 99 low 67 mean 83
high 96 low 69 mean 83
dry
3 days 0.84 in. high 91 low 63 mean 77
mean 78
5 days 2.57 in.
1 day 0.03 in. high 95 low 69 mean 82
4 days 1.78 in. high 95 low 61 mean 78
high 97 low 64 mean 87
dry
2 days 1.33 in. high 96 low 64 mean 80
high 92 low 69 mean 81
dry
3 days 0.37 in. high 88 low 70 mean 79
2 days 0.93 in. high 94 low 66 mean 80
1 day 0.18 in. high 93 low 67 mean 80
2 days 0.12 in. high 93 low 65 mean 79
5 days 1.36 in. high 94 low 66 mean 80
3 days 0.48 in. high 93 low 67 mean 80
4 days 0.63 in. high 91 low 66 mean 78
1 day 1.15 in. high 97 low 63 mean 80
2 days 0.11 in. high 93 low 67 mean 80
4 days 1.47 in. high 96 low 66 mean 81
1 day 0.52 in. high 88 low 72 mean 80
1 day 0.76 in. high 91 low 66 mean 79
low 66
1 day 0.18 in.
2 days 1.05 in. high 93 low 57 mean 75
2 days 0.14 in. high 96 low 68 mean 82
2 days 1.09 in. high 97 low 65 mean 81
2 days 1.60 in. high 98 low 69 mean 84
1 day 0.16 in. high 95 low 70 mean 83
Rain. RainfoU.
3 days 1.2 in.
2 days 0.22 in.
3 days 0.83 in.
6 days 1.21 in.
5 days 2.65 in.
2 days 2.57 in.
1.83 in.
1 day
dry
1 day 0.05 in.
dry
2 days 0.39 in.
1 day 0.20 in.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Long view
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Okolona, Miss
Columbus
Greenwood
Vicksburg
Mobile,Ala
Decatur
Montgomery
Sblma
Gainesville, Fla
Madison
Savannah,Ga
Athens
A
i
Cguratus
Charleston, S. 0
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Memphis
RECEIPTS FROM THE PLANTATIONS. The following table indicates the actual movement each week from
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.
NW*
imams 1925 1924
1923
Mar.
20 148,871
100.249
Apr.
109,150
10._ 74.709
17.. 74.512
24.. 50,632
May
64,025
45.115
15_. 49.177
22.. 44.069
29._ 44,085
June
5.. 31,997
12._ 21,739
[VOL. 120.
THE CHRONICLE
3088
Stocks at Interior Towns.
1925
1924
1923
ReceiptsfromPla nsatione
1925
1924
56,871 68,644 893,950 662,025 775.517 73,473 22,214
49.733 62,634 837.776 623,832 742.998 43.67, 11,54
55,370 63.854 753.81 588.349 690,625 25.591 17.887
60,709 34,990 708,223 555.542 665,834 29,115 29,902
69,435 34,681 630.689 517.534 631.756 10,304 31.427
58,54: 35,743 594.768 486.199 604.340 14,711 28,821
64.783
44,272
52.395
50.868
50,424
28,589
35.332
26.647
36,894
28.322
510,646
469.706
420.119
561.725
340,62
443,328
420.213
392,300
372.553
347,017
572,660
540.812 4.178
508,435 n11
471,972 3,916
447,224 4,739
21,912
21,157
24,482
31,121
24,888
Great
Great Conti- Japan&
rttain. neat. lChina. Total. Britain.
1.983
5,568
133
43,377 25,060 312,296 333,056 419,670 3,673, 29,416
I 14,773 5,244
35,702 31,651 285,662 312,127 391,675
Japan &
China.
Total.
13,000
1,1166 10,000
1,000 29,000
Total all
1924-25._
1923-24_.
1922-23__
7.0001 25,000 33,000 65,000 159,000 977.0001,664,0002.800.000
7,0001 30,000 17,000 54,000 276,000l,362,0001.443,0003.081,00
3,
29,000 69.000101,000 194.000 850.0501,923,5002.967,550
7,000 12,000 33,000 52,000 89,000 547,000 ,664,0002,280,000
6,000 20,000 17,000 43,000 150,000 886,000 ,443,0002,479,000
2,000
69,000 71,000 122,000 590,500 ,923,5002,636,000
13,000 90,000 430,000
11,
126,000 476,000
30,000 72,000 259,550
520.000
602,000
331,550
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
7,000 bales. Exports from all India ports record an increase
of 11,000 bales diming the week, and since Aug. 1, show a
decrease of 281,000 bales.
-We
ALEXANDRIA.RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Receipta (cantors)
This week
Since Aug. 1
1924-25.
1923-24.
1922-23.
22,000
7.111.909
Alexandria. Egypt,
June 10.
13,000
6.388.347
2,500
6.651.652
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1
Exports (bales)
-
To Liverpool
188,760
208,886
To Manchester, Stc
5:666 220.849 7.750 204,544
To Continent and India- 9,000 355.189 6.750 354,737
To America
800 106,829
1.000 124.202
3,750 225,923
166,812
7
6,4341)304,672
750 207,698
Total exports
15.000889,000 15.300874,996 11.100905.105
Note.
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ending June 10 were
22,000 canters -and the foreign shipments 15,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for home trade is
good, but for foreign markets poor. We give prices to-day
below and leave those for previous weeks of this and last
year for comparison:
1924.
1925.
43,543
30,115
5,420
Continent.
Bombay
1924-25._
1923-24._
1922-23_ _
Other India
1924
-25.
1923-24._
1922-23_ _
1923
11,481
10.199
67
10,436
Since August 1.
For the Week.
Exports.
32s Cop
Twist.
Mar
20
27
April
3
10
17
24
May
1
8
15
22
29
June
5
12
814 lbs. Shirt- Ora
040, Common Mid.
UpFs
to Finest.
325 Cop
Twist.
834 lbs. Shirt- Cot's
ings. Common Mid.
Ogre
to Finest.
I. d
e. d
d
s. d d. d.
6.
d. s. d.
0 2414 172 @175 14.08 25 34(3 27 175 @180
23
2234 0 2434 17 2 617 4 13.88 204 0 2834 17 4 017 7
0
223.4 0 24 17 1 017 4 13.72251.4 0 2734 17 6 0018 0
0 2933 18 1 018 4
2214 0 24 17 1 017 4 13.2327
6
2234 0 2334 17 1 017 4 13.39263.1 0 2834 18 3 018 0
0 2334 17 1 017 4 13.40 2614 0 2814 18 4 019
22
oh @ 2234 16 6 017 0 12.98 2634 0 2834 18 3 618 7
0 2214 16 4 016 8 12.62253.4 46 283.4 18 3 018 7
11
0 2134 16 3 016 5 12.36 2534 0 2834 18 3 018 7
10
2034 0 2134 164 @174 12.84 2534 0 2814 18 1 @185
2034 0 2134 184 @174 13.04 2534 6 2834 181 @185
tl.
17 09
16.01
17.68
18.96
18.35
17.76
17.35
17.37
17.89
17.46
17.99
The above statement shows: (1) That the total receipts
1034 0 2134 16 4 017 4 13.48251.1 0 2834 18 1 (4)18 5 17.30
from the plantations since Aug.1 1924 are 9,133,397 bales;
tnt.4 6,1 2144 16 2 tale 4 13.36 2514 0 2814 18 0 018 3 17.14
5,112,531
in 1923-24 were 6,482,80 bales,and in 1922-23 were
-As shown on a previous page, the
SHIPPING NEWS.
the
bales. (2) That although the receipts at the outports
the United States the past week have
from exports of cotton from
past week were 21,739 bales, the actual movement
bales. The shipments in detail, as made
having reached 37 521
plantations was nil bales, stocks at interior towns
up from mail and telegraphic returns, are as follows:
decreased 26,634 bales during the week. Last year receipts
Bala.
650
and NEW YORK
-To Genoa-June 5-Moncalieri, 650
from the plantations for the week were 14,773 bales
200
-Oscar IL. 200
To Copenhagen
-June 8
for 1923 they were 5,244 bales.
250
-De Grasse, 250
To Havre-June 10
380
n, 380
-George Washi
To Bremen-June 10
7.157
To Japan-June 9
-Bengal Maru. 7,157
SUPPLY AND TAKINGS OF COTTON.
WORLD
To Liverpool
-May 29-Cameronia. 2,045: Cedric, 2.728_ __
5,193
-Franconia, 420
June 5
1923-24.
74
To Venice-June 11-Clara. 74
1924-25.
Cotton Takings.
95
-Gard. 95
NEW ORLEANS
-To Havre-June 5
Week and Season.
Season.
115
Week.
Week.
Season.
To Antwerp-June 5
-Gard, 115
366
-Emergency Aid. 366
To Hamburg-June 6
3,194
2,912,905
3,680,121
To Bremen-June 6
-Emergency Aid, 3,194
Visible supply June 5
2,024.671
150
2,190,493
To Liverpool
-June 6--Abercos, 150
Visible supply Aug. 1
539
To Manchester
-June 6-Abercos, 539
American in sight to June 12..,.. 112,030 14.661,362 124,326 11,269,239
2,975
40.000 3,205,000 GALVESTON-To Barcelona-June 6
-Cadiz. 2,975
47.000 3,331.000
Bombay receipts to June
602,000
883
11.000
520.000
'To Japan-June 8
13,000
-Canada Meru, 883
Other India shipnfts to June 11
1,843
2.600 1,277.000 HOUSTON-To Japan-June 6
--Canada Marti, 1,843
4,400 1.414.400
Alexandria receipts to June 10_ _
391,000
674
10,000
To Liverpool
14.000
455,000
-Steadfast, 674
-June 9
Other supply to June
543
To Manchester
-June 9-Steadfast. 543
2,417
To Havre
-Michigan. 2,417
3,870,551 22,572,255 3.100,831 18,768,910
-June 10
Total supply
900
To Copenhagen-June 5-Ivar. 900
Deduct
2,238
3,499,658 3,499,658 2,905.440 2.905,440 CHARLESTON-To Antwerp-June 10
-Jan. 2,238
Visible supply June 12
175
-Saco, 175
-To Bremen-June 8
MOBILE
1.320
-June 12-Logie. 1.320
-To Bremen
Total takings to June 12-a_-__ 370,893 19,072,597 195,391 15.863,470 NORFOLK
775
-Lancaster Castle, 776
236.493 13.694,197 147,791 10,756,470 SAVANNAH
-To Bremen-June 9
Of which American
415
47.600 5.107.000
To Hamburg-June 9
134.400 5.378.400
-Lancaster Castle, 415
Of which other
4,000
WILMINGTON-TO Genoa-June 10-Nicolo Odero. 4.000
•Embraces receipts in Europe from Brazil, Smyrna. West Indies, dtc.
by
37,521
Total
a This total embraces since Aug. 1 the total estimated consumption
-24
Southern mills, 3,975,000 bales In 1924-25 and 3,759,000 bales in 1923 -By cable from Liverpool we have the folLIVERPOOL.
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 15,097,597 bales in 1924-25 and 12.104,470 bales in lowing statement of the week's sales, stocks, &c., at that port:
1993-24, of which 9,719,197 bales and 6,997,470 bales American.
June 5. June 12.
May 22. Mau 29.
Estimated.
29,000
14,000
Sales of the week
38.000
50,000
22,000
9.000
Of which American
29,000
39.000
INDIA COTTON MOVEMENT FROM ALL PORTS.
6.000
1.000
3,000
Actual exports
3.000
72.000
The receipts of India cotton at Bombay and the shipments Forwarded.
33,000
67,000
70,000
821,000 799,000 801,000 760,000
from all India ports for the week and for the season from Total stock
Of which American
608,000 576,000 569,000 527,000
36,000
Aug. 1, as cabled, for three years have been as follows:
30,000
42,000
Total imports
1
17-T
46.000
12,000 • 14,000
Of which American
14,000
c
Amount afloat
143,000 148,000 155.000 145,000
1022-23.
1923-24.
1924-25.
32,000
43,000
Of which American
40,000
37,000
June 11.
Since
Since
Since
The tone of the Liverpool market for spots and futures
Week. Aug. 1. Week. Aug. 1. II*eek.1 Aug. 1, each day
of the past week and the daily closing prices of
47.000 3.331.000 40.000 3.205.000 62 000 3.490.000 spot cotton have been as follows:
Bombay
JUNE 13 1925.]
THE CHRONICLE
3089
two years ago, 280,720,000 in 1922 and 214,589,000 in 1921.
Total of spring and winter, 661,000,000, against 872,673,000
Moderate
last year, 797,381,000 in 1923 and 867,598,000 in 1922. It is
More
Quiet.
Quiet.
demand, demand,
212,000,000 smaller than in 1924, with very little for export
did.11prds
13.57
and none from the next crop. The winter wheat condition on
13.31
13.35
13.18
13.36
June 1 was 66.5, against 77 on May 1, 74 on June 1 last year,
4,000
Wes
5,000
5,000
10,000
8,000
76.3 in 1923, 81.9 in 1922 and 77.9 in 1921; of spring wheat
HOLIDAY
Qt but sty Q't but st'y
Futures.
Quiet
Quiet
Quiet, 1 pt. 87.1, against 82.3 last year, 90.2 in 1923, 90.7 in 1922 and 83.4
1110 17pts. 17 to 2Opts.5 toll pts. 1 to 5 pts. advance to
darket 5
advance,
decline,
opened I
advance.
decline. 4 pts. dec. in 1921; spring wheat acreage 21,191,000, against 16,920,000
last year; winter, 32,813,000, against 36,438,000 last year
darket, I
Quiet
Steady Q't butst'y Steady
Steady,
3 to 6 pts. 10 to Apts. 2 to 7 pts. 7 to 12 pts. 3 to 7 pts. and 39,548,096 in 1923 and 42,358,000 in 1922. The winter
4
i
r M. I
advance,
decline,
decline,
advance.
decline
wheat yield per acre is the smallest.since 1904. The Kansas
Prices of futures at Liverpool for each day are given below: crop is said to be only 83,909,000 bushels or only a little more
than half of last year's crop. Dry weather and high winds
had reduced the probable yield 12,000,000 bushels since
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
June 6
May 1. To-day wheat dropped 4% to Sc., closing with
to
1254 1254 123( 4:00 123( 4:00 12541 4:00 1254 4:00 1254 4:00
about half of the loss regained. Large operators, however,
June 12.
were selling; also cash interests. Prices were down 13c.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
June
12.87 12.79 12.61 12.60 2.6512.53 12.48 12.6512.66 12.62 from the high early in the week. Rains fell in both the
July
12.8012.72 12.52 12.53 2.60 12.47 12.44 12.5812.59 12.55 spring and winter wheat belts. Export sales were not over
August
12.63 12.5312.34 12.36 2.44 12.31 12.2%12.42 12.41 12.37
Receipts
September,...,,..
12.46 12.35 12.16 12.20 2.28 12.15 12.1312.2512.23 12.20 500,000 bushels to England, Greece, Italy, etc.
October
12.29 12.18 11.9912.03 2.12 11.9911.9812.0912.07 12.03
were fair. Rains will delay Southwestern harvesting.
November
12.19 12.09 11.9011.95 2.04 11.91 11.90 12.01 11.98 11.94
World's shipments will reach less than 80,000,000 this week.
December
HOLI- 12.17 12.07 11.8811.93 2.02 11.8911.88 11.99 11.96 . •
January
DAY
12.15 12.04 11.8511.91 2.0011.87 11.86 11.97 11.94 11.90 Germany's crop prospects are endangered by drought and
February
12.14 12.03 11.84 11.91 2.01 11.88 11.87 11.97 11.9411.90 heat.
March
12.15 12.05 11.86 11.93 2.03 11.90 11.89 11.99
Spot.
Saturday.
Monday.
Tuesday.
Wednesday. Thursday.
larket, I
12:15 {
P. M. L
April
May
Friday.
A fair
business
doing.
11.9511.92
--i
12.13 12.03 11.84 11.92 2.03 11.90 11.89 11.98I 11.94 11.01
12.13 12.03 11.84 11.93 2.04 11.91 11.90 11.98 11.95 11.92
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
No.2 red
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_20354 199% 20134 19934 19734 19834
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
BREADSTUFFS.
Friday Night, June 12 1925.
Flour has shown no change so far as the monotonous
swing of trade is concerned. Buyers take small lots; they
will take small lots and nothing more. Their policy on that
score seems inflexible. Prices steadied somewhat, owing to
an impression that the Government report on the 9th inst.
would be in at least some respects bad and that it would offset wheat prices. At the Northwest trade at one time was
better. Meanwhile the supply is moderate, if not small.
Frequent purchases are imperative. At the same time buyers
In general look for lower prices later in the year, especially
as unusually early harvesting is reported in southern Kansas. Export business has been small. Hopes of better things
in this respect have been disappointed. Both the United
States and Canada feel this foreign trade stagnation. The
United States Government report proved to be very bullish,
but later the Canadian official report was very favorable.
Exports were light on the 8th inst., 14,957 sacks being
shipped from New York to England and Holland. Later in
the week prices were steady, but business was as slow as
ever. On June 10 clearances from New York were 18,447
sacks, or 12,000 bbls.
Wheat prices fell early in the week because of much
cooler weather all over the winter and spring wheat belt and
some rmns in the Northwest. On the 8th inst. the decline
was li4c. to 4c. in Chicago and the Northwest and Winnipeg. Also, Liverpool was weaker than due. The talk was
that Russia might have a crop of 300,000,000 bushels larger
than last year. European crop news has been very favorable. Its surplus seems likely to be larger than that of last
year. World's shipments were 11,691,000 bushels, or slightly
larger than last year, while the amount on passage decreased somewhat, to 53,032,000 bushels. The decrease
in
the visible supply was only 454,000 bushels, against 3,196,000
in the same week last year. The total is now 34,514,000
bushels, against 39,915,000 a year ago. Also, on the 6th
inst.
the export business was small, I. e. 100,000 bushels, though
on the 8th 500,000 to 600,000 bushels were reported. Meanwhile everybody eagerly awaited the Government report
of
June 9. Dry weather was complained of. On the 9th inst.
prices advanced lc. net at Chicago and was unchanged to
higher at Winnipeg. Liverpool was stronger than lc.
due,
Western weather was dry, little rain fell in the
Northwest
and the receipts moderate. Exporters took 500,000 bushels
In all positions, including low grade Manitoba; some Duluth,
No. 1 Northern, and rumored quite a little hard winter for
Greece. In the Southwest the weather was good for
ing. On the 10th inst. wheat fell 5 to 7%c.from the harvestmorning
top. ending 3 to 4c. net lower on a favorable Canadian Government crop report. It put the condition of the wheat
crop
on May 30 at 102% of the average yield per acre of the previous ten years. This compares with 96% on May 30
199
4
and 98% on May 30 1923. In the different Prairie Provinces
figures are: Manitoba, 102%; Saskatchewan,
the
100%,
and Alberta, 107%. Winnipeg broke 8%c. on July and 6%c.
October. Moscow cabled June 10: "The Rosta, the
for
official news agency, says that the crops throughout
Russia are
average and that the next harvest will
above the
yield
proximately 60.000,000 tons. The official estimate is ap.
be possible to export 5,000,000 tons of grain. that
it will
The
Government report on the 9th inst. was worse than
expected.
On winter wheat it was the worst in 35 years, owing to cold
weather, drought and damage by Hessian flies, chinch
bugs
and "take all." Instead of 420,000,000 to 430,000,000 bushels as many expected, the official total of the winter wheat
crop was put at 407,156,000 for June 1, against 444.833,000
on May 1, a decrease of 37,677,000 bushels in a month. Last
year the winter wheat crop was 590,037,000 bushels. Decrease this year, 182,881,000 bushels. The spring wheat Crop
is put at 254,000,000, against 282,636,000 last year, 225,422,000
Sat.
cts_169
July delivery in elevator
September delivery in elevator--165
__
December delivery in elevator_ _ _ _16735
Mon.
165%
162%
164
Tues.
166%
163
165
Wed. Thurs.
16254 162$
159
160
162
Frt.
1608
157Y
159
181
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
July delivery in elevator
October delivery in elevator
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_183% 180
181
175% 177
173%
15354 14934 149% 144% 145% 142%
Indian corn declined on better crop reports and sympathy
with a fall in wheat prices. Rains occurred or were predicted. Crop reports became more cheerful. The American
visible supply, moreover, increased last week 1,232,000 bushels, against a decrease in the same week last year of 412,000
bushels. The total rose to 18,372,000, against 11,876.000 a
year ago. World's shipments Were 4,096,000 bushels, and
the amount on passage 14,170,000 bushels. On the decline
there was steady buying. Interior receipts at times have
fallen off. There was a fair cash demand at the Southwest.
Still, prices sagged in the fore part of the week on reports of
rains here and there and long liquidation. Offerings to
arrive were small, even on upturns, due to dry hot weather
and the likelihood that the hay crop will be only 82,500.000.
tons (tame), against 98,000,000 last year. This, it is felt,
more and more will increase the buying of feeding grains as
time goes on. On the 9th inst. prices rose 1% to 2c. Receipts fell off. A good demand at the West was reported
for No. 2 yellow, but white corn was dull. Dry weather
caused buying. Oats and mill feed prices were strong. Milt
feed is said to have risen $3 latterly. To-day prices were
1% to 2V
2c. lower, but closed irregular. with small net
changes. Corn felt the weakness in wheat. December was
the firmest delivery. September, however, was in good demand. Receipts were not large. Cash markets were steady
or firmer. Old corn was not in very good supply everywhere.
But African corn was said to be offered at $1 c.i.f. New York,
but details none too clear. For the week there is a decline
of 1%c. on July and 14c. on December, with September
about 34c. higher.
/
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon.
No.2 mixed
cts_1345
Tues. Wed. Thurs. Fri.
132% 13534 13334 13434
13334
4'
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts_116% 115% 116% 115% 116
111
September delivery in elevator_ - - _116% 116
117% 116% 117% 117
December delivery in elevator---- 9834
97
98%
97%
9754
97
Oats advanced 3 to 4c. early in the week on a speculative
flurry in Chicago, due largely to reports of serious damage
to the crop. Some reports said it reached 25% of it. Speculation became much more active, for the damage was mostly
In the big oats States. Stop orders were caught on the way
up. Dealers had been selling too freely. They had assumed
that damage reports were exaggerated. It actually turned
out that the strength of oats at one time helped to steady
wheat; oats bulked large for a time in the world of grain
trading. All the commission houses seemed to have buying
c•rders. The American visible supply, it is true, decreased
last week only 157,000 bushels, against 1,467,000 last year
and the total is 35,004,000 bushels, against 5,253,000 a year
agc But if the crop is to be short it may speedily take the
edgt, off such visible supply figures as these. People look
ahead. Many covered, fearing a bad Government report.
Fxporters, however, did little. Yet both oats and forage
crops have seemed unpromising. The fact that oats at one
time in a sense took wheat under their protection was a
striking fact indeed. The Government report put the June
1 condition at only 79.6, against 83 last year and 85.6 in
1923; crop down to 1.295,000,000. against 1,541.900.000 last
year. 1,305,883,000 in 1923, 1,215.883,000 in 1922 and 1.59 .9
740,000 in 1917; acreage 44,467,000, against 42,452.000 last
year and 40,981,000 in 1923. December oats reached a new
high for the season, with private reports pointing to a prac-•
tical failure of the early sown crop. On the 9th inst. prices
rose 2% to 3c., with July leading, trading larger, and an expectation of a bullish Government report. It was expected
to make a poor showing on feed crops generally. Mill feed
3090
I
THE CHRONICLE
prices were advancing. Receipts were moderate and cash
prices strong. Bullish ideas spread. Profit taking made
little and only transient impression. Mill feed was said to
have risen $1 a ton, or $3 recently. Damage to oats and hay
was the prime factor. To-day oats made a small net advance. Liquidation and other selling caused a sharp decline early, but commission houses bought on a large scale
and export demand increased. Export sales were estimated
at 500,000 bushels, all Canadian. But receipts were small
and crop reports on the whole not good. For the week there
is a rise of 3 to 3%c.
On Canal and River
Wheat.
bush,
426.000
Corn,
bush,
Oats.
bush,
108,000
Rye.
bush.
Barrey
bush
44,000
Total June 6 1925_-__34,514.000 18 372,000 35.004.000 10.287,000 1,874.000
Total May 30 1925_ _34,968.000 17,140.000 35,161,000 10,226.000 1,798.000
587,000
Total June 7 1924,,..39.915,004) 11.876,000 5,253,000 18,317.000
Note.—Bonded grain not Included above: Oats. New York, 109.000 bushels:
Baltimore, 44,000. Buffalo. 200.000: Buffalo afloat. 106.000: Duluth, 77.000:
On Lakes, 100,000; total, 636,000 bushels. against 1.493,000 bushels in 1924.
Barley, New York, 462,000 bushels: Boston, 10.000: Baltimore, 26,000; Buffalo,
120,000; Buffalo afloat, 5,000; Duluth. 47.000: On Canal, 140.000; On Lakes. 126.000:
total, 936,000 bushels, against 272 000 bushels in 1924. Wheat, New York, 1.084,000 bushels: Boston. 55.000; Phlladelnhla, 1,126.000; Baltimore. 95.000; Buffalo,
1,570,000; Buffalo afloat, 160.000; Duluth, 95,000; Toledo, 57.000: On Canal,
344.000: On Lakes, 289,000: total, 4,875,000 bushels, against 7,257.000 bushels in
DAILY CLOSING PRICES OF OATS IN NEW YORK.
1924.
Sat. Mon. Tues. Wed. Thurs. Fri.
Canadian—
65A 65A Montreal
64
65
67
cts_ 64
No.2 white
515.000
113.000
69,000 2,083,000
2,315.000
5,151.000 1,881.000 2,001.000
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO. Ft. William & Pt. Arthur_24.685.000
258,000
239,000
983,000
Other Canadian '
Sat. Mon. Tues. Wed. Thurs. Fri.
3,553.000
cts_ 531 53
July delivery in elevator
55 A 53A 53A 53N
56A 54A 54A 5441
Total June 6 1925____30.553.000
September delivery in elevator..__- 54
53
69.000 8,217.000 2,233,000 2,774,000
84.000 8,788.000 2.112,000 3,153.000
December delivery in elevator---- 56
Total May 30 1924.-31,362.000
56
58A 5654 5654 5754
20,000 7,438,000 1,408,000 1,981,000
Total June 7 1924- —20.445,000
IN WINNIPEG.
DAILY CLOSING PRICES OF OATS FUTURES
Summary—
Sat. Mon. Tues. Wed. Thurs. Fri.
American
34,514.000 18,372.000 35.004.000 10,287.000 1,874.000
July delivery in elevator
5854 5954 60
60
5954 60
69,000 8,217.000 2,233.000 2.774,000
30,553,000
Canadian
October delivery in elevator
5554 5454 5554 5355 5354 53
Total June 6 1925_65,067.000 18,441,000 43,221.000 12,520.000 4,648.000
Rye advanced at first with other grain, even though not
Total May 30 1925_66.230.000 17,224,000 43,949,000 12,338,000 4.951.000
at all active. Exporters indeed mostly held aloof. There
Total June 7 1924____60.360,000 11,896,000 12,691,000 19,725,000 2,568,000
was covering for several days previous to the appearance of
WEATHER BULLETIN FOR THE WEEK ENDING
the Government report on the 9th inst. Yet on the 8th rye JUNE 9.—The general summary of the weather bulletin
gave way 3c. witk other grain, with business slow. The issued by the Department of Agriculture, indicating the
American visible supply increased last week 61,000 bushels, influence of the weather for the week ending June 9, follows:
. against a decrease in the same week last year of 508,000
Unusual pressure conditions dominated the weather during the week
bushels, a difference of 569,000 bushels. Still the total was An area of high barometer persisted over the Central-East and Southeast
until near the close of the week, with several "lows" in succession formonly 10,287,000 bushels, against 18,317,000 a year ago. The ing in the middle -West and Southwest and moving northeastward over
result of this
trouble was that trade was so slow. Exporters did little, the northern Plains and upper Mississippi Valley. As a over the Cenhigh ternneratures prevailed
either because Europe was plentifully supplied for the time pressure distribution unusually of the Mississippi River during practically
tral anti Northern States east
being or because they preferred to await further enlighten- the entire week, with maximum readings of 96 to 100 degrees reported from
many points in the Middle and North Atlantic :gates and eastern Lake rement as regards the crop. Some of the private crop reports gion, which were the highest of record for so early in the season In many diswere bad, but buyers awaited the Government report. It tricts. At the same time temperatures were persistently low west of the
average in
the
to
was
Plains, but
showed a condition of 78.6%, against 87.6% •the ten-year GreatPlaces beforethereclose a warming up At nearsameseasonal showers
time local
the
most
of the week
the
average, and the crop 53,317,000 bushels, or 4,651,000 bushels and cooler weather brought relief from the intense heat In much of the East
As the result of the northeasterly movement of several western "lows,"
under the estimate for May 1. Last year the total was 63,rainfall was frequent,
in many places substantial, over the North400,000. The condition of 78.6 compares with 87.4 last year. west, Including at least and general rains in the area from the tipper Missistwo
There were scattered
But the yield of barley is 205,000,000 bushels, against 188,- sippi Valley westward to the Rocky Mountains. week and also in the
the Northeast at the beginning: of the
000,000 last year. The condition was put at 83.1%, against showers innear the close, with local thunderstorms in the middle Atlantic
Southeast
79.5 last year. Of hay (tame), 82,500,000 tons, against 98,- section. Over the Southwest, including the central Gulf States, and also
dry, except in local areas.
000.000 last year; hay (wild), 13,400,000 tons, against 14,- over the Eastern States, the week was generally week, as a whole, averaged
Chart I. shows that the temperature for the
east of the Great Plains,
500,000 last year. On the 9th inst. came a rise of 1% to 2c. much above normal in all sections of the country where temperatures were
south Atlantic
on the rise in other grain, small offerings and covering. It except in the Gulf andespecially warm districts, Ohio Valley northward
from the
near normal. It was
from 10
would evidently have gone higher but for the lack of export and eastward, the weekly mean temperatures ranging generallythe westIn
degrees
as
business and a rumor that Germany was going to resell ern halfto themuch as 18 degrees above the seasonal average.in all districts.
of
country the week was much cooler than normal
1,000.000 bushels. On the 10th inst. rye fell 3% to 6%c. on especially In central Rocky Mountain sections, where in some places the
minus departures
to 12 degrees. Maximum temperatures ranged
the Canadian Government crop report and sympathy with generally from 90were 10 degrees in the interior and Eastern States, and
to 100
a break in wheat. The Canadian condition of rye was given
th s reported from only a few points in the higher eleva.wertwas
c
as 98%, against 92 last year; of barley, 100, against 94 last freezinrf the
rainfall
tionsExcept in the area from the upper Mississippi Valley westward,
year; bay and clover, 96, against 96; alfalfa, 97, against 95; was very unevenly distributed and generally of a local nature, as shown on
NorthHay and clover are estimated at Chart II. There were good rains In West Virginia, locally In the from
pasture, 96, against 91.
southern districts, but most sections
the same percentage as last year. To-day prices fell 3% to eastern States, and in a few and also from the Ohio Valley northward
Texas and Oklahoma eastward,
was a high percentage of
4c., but got most of it back, despite weakness in wheat, good and eastward, received very little rain. There but much cloudy weather
the eastern half of the country,
in the Northwest of late and liquidation. Export busi- sunshine over the Northwestern States.
rains
prevailed in
The generous and widespread rainfall over the Northwestern and most
ness, however, reached 300,000 to 500,000 bushels, and there
States was very timely and greatly improved agriculwere rumors of 1,000.000 bushels. The buyers were Ger- of the far Western those sections. The increased moisture wasespecially
tural conditions in
many, Norway and Denmark. For the week there is a de- helpful over the spring wheat belt and the central and northern portions
of the great western grazing area. It continued dry in most of the far
cline of 4 to 5%c.
and deSouthwest however while the high temperatures, drying winds
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
113
July delivery in elevator
11854 11254 114
cts_119A 117
September delivery in elevator_ ---12141 11854 1203i 1154f 11654 114A
December delivery in elevator_ ---125
11911 11954 118A
124
122
Closing quotations were as follows:
FLOUR.
$6 50037 25
$8 750 $9 25 Ryo flour. patents
516c.
7 75
8 25 Seminole No. 3,lb
0
15 30
2
3:2
8 500 9 00 Oats woods
335
Hard winter straights_ 8 505, 9 00 Corn flour
Hard winter patents.. _ 9 000 9 60 Barley goods—
4 50
Hard winter clears__ _.. 7 500 8 25
Nos. 2. 3 and 4
Fancy Minn. patents_ 10 1058 1°'5
Fancy pearl, Nos.2,3
7 50
City mills
10 250 10 55
and 4
GRAIN.
Wheat, New York:
Oats:
6554
No. 2 red. rob
No. 2 white
19854
6354
No. 1 Northern
178g
No. 3 white
No.2 hard winter, f.o.b---A80
Rye. New York:
12334
No. 2 f.o.b
Corn:
Barley. New York:
111 (5)114
No. 2 mixed
13354
Malting
No. 2 yellow
1345k
For other tables usually given here, see page 3030.
ring patents
9ears, firststraighte
spring_
Soft winter
The visible supply of gra'n, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 6, were as follows:
United States—
ecNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph. MO
Peoria
Indianapolis
Omaha
On Lakes
GRAIN STOCKS.
Wheat.
Corn.
Oats.
Rye.
bush,
bush,
bush.
bush.
256,000
356,000
57.000
923.000
6,000
380.000
7.000
923.000
145.000
484.000
45.000
3,661.000
97,000
150,000
384.000
52.000
563,000
2,000
135,000
76,000
318.000
3,985.000 1,087.000 1,616,000 1,840"0
23,000
798.000
139,000
502.000
620,000
197.000
22,000
463,000
170.000
20.000
10.000
180,000
3.906,000 9,271,000 8.740,000 4,094.000
144.000
3.000
240.000
194.000
7,745.000
31.000 6.551.000 2,657,000
6,494,000
320.000 13,211.000
412.000
208.000
153,C00
98.000
157,000
2,000
801,000
316,000
1,776.000 3,181.000
145.000
534.000
681.000
15.000
378.000
19.000
1,000
296.000
35,000
106,000
160,000
673,000
115,000
11,000
313,000
351,000 1,060,000
246,000
776,000
331,000
Barley.
bush.
159.000
1.000
49,000
29.000
174,000
2,000
159,000
59.000
496.000
646,000
7.000
17,000
14.000
14.000
4,000
ficient soil moisture were unfavorable for crops in the central and southern
Great Plains. Ifigh winds caused much drifting ofsoil in parts of the Southwest, which was also injurious to field crops.
the
While local rains had set in over the Southern States at the close of
week, more moisture was needed in that section and many crops made
was still urgent need at the close of the week
poor advance. In fact there
for generous and widespread rains in nearly all sections east of the Rocky
Mountains, except in the Central-Northern States. The soil was in fairly
good condition, however, in the extreme Northeast, parts of the AppalaMississippi
chian Mountain area, the eAtrerne Southeast and in the lowerunfavorable
Valley. The drought and high temperatures were especially Lake region,
the lower
for growing crops in much of the Ohio Valley and in
prematurely develParticularly for truck and also small grains, which were
oping.
past week
SMALL GRAINS.—Conditions have been favorable during thein the exover the spring wheat belt, except that more rain is needed be in good
generally reported to
treme southern portion. This crop is
heading short locally
condition and making satisfactory progress, but is winter wheat situation
and is only fair to poor in Nebraska and Iowa. The
some benefit locally, but condiwas less favorable. Showers have been of
tion generally is poor to fair, except in Missouri where it is very good.
beading
This crop is thin In Illinois, shriveling from heat In Indiana, and Indiana
short ever where. 'Oklahoma and southern Kansas. Missouri and
begun prematurely on account of hot, dry weather.
report harvesting
Oats are mostly poor and heading short in the Ohio Valley, Michigan
they
and the Southwest. In the upper Mississippi and Missouri Valleys soon
are better, but are heading prematurely in Iowa and ripening too flax
In Kansas. Rye is good in the Eastern States, and rye, barley and
are all doing well in the Missouri Valley region.
CORN.—In the South Atlantic and Gulf States corn is suffering from
lack of moisture. Farther north this crop is recovering where recently
Injured by frost, and progress and condition have been mostly very good
in the principal producing areas, although rain is needed in many sections.
The warmth and rainfall were very beneficial in the upper Mississippi
Valley. particularly in Iowa. There has been some damage by cutwornus
in South Dakota and by frost in the ear Northwest. This crop is generally
well cultivated, except in parts of Minnesota and North Dakota where it
has become weedy because of frequent rains. Some replanting is still
necessary in South Dakota.
COTTON.—The effect of the week's weather and general soil condition
on the cotton crop was rather irregular. It was generally warm, but rainfall
was of a local nature and more moisture was needed, particularly for latePlanted cotton,in many localities.
In Texas tbte progress of the crop was fair in northern and western portions, but pdor in most of the central counties and in the south where
many plants were small and blooming prematurely in some sections: the
general condition averages rather poor. but rain over much of the State
at the close of the week will be helpful. In Oklahoma and Arkansas
cotton made very good advance, with the fields generally clean and chopping
well along; early plants were setting squares in southeastern Oklahoma and
a few blooms were appearing as far north as central Arkansas. The weather
was generally favorable in Louisiana.
Progress was mostly only fair in Mississippi and Alabama, as growth
was checked by dry soil, with some late-seeded not yet up in the latter
State. In Georgia early cotton made fair growth and was withstanding
the drought well, but the late made poor progress, with some still ungerminated. Rainfall was beneficial in Florida. and while there was some
retardation of growth from lack of moisture in South Carolina, the early
and intermediate crops did fairly well. The warm nights were helpful to
JuNB 131925.]
THE CHRONICLE
cotton in North Carolina. but there are complaints of poor stands in some
late-planted fields, and the high temperature was beneficial in Virginia.
In Tennessee conditions were mostly favorable, though rain would be
beneficial. In the more western States the cool weather and high winds
made conditions less favorable than heretofore.'
3091
bushels last year. Although the forecast/is lower than the crop of last year
In nearly every State, it is much higher in California. where a quarter of the
crop of last year was produced, and a third of the crop of this year will be
produced, according to the forecast.
GRAIN CROPMPROSPECTS INIFOREIGN COUNThe Weather Bureau also furnishes the following resume
TRIES.
-The United States Department of Agriculture at
of the conditions in the different States:
-Richmond: Abundant sunshine and high temperatures very Washington, in giving its report on June 9 of the grain crops
Virginia.
favorable for corn and cotton and for tobacco plants set out, and these in the United States also added the following:
crops made good progress. Considerable acreage of tobacco
not planted
weather. Wheat ripening rapidly middle and southern
on account,
counties. Un avorable for potatoes and garden truck; potato harvest
under way in Northampton County. Very favorable for hay harvest and
good progress made. Rain needed generally all parts of State.
-Raleigh: Warmth favorable, but only light rains
North Carolina.
near close of week. Truck suffering and corn, tobacco, peanuts, potatoes.
and sweet potatoes need rain. Warm nights improved cotton; progress
of early very good, but much late poor stand; weevil appearing in increasing
numbers in south. Favorable for harvesting wheat and oats.
South Carolina.
-Columbia: Condition of early and intermediate cotton
fair; lack of rain retarding germination of late; few weevil thus far. Corn
deteriorating generally and germination of late slow. Potato harvest nearing completion with only fair results; sweet potato transplanting continues,
plants small. Rain badly needed.
-Atlanta: Warm and dry, except local showers beneficial at
Georgia.
close. Early cotton withstanding drought well; progress fair; progress
of late poor and some not up; few weevil. Corn and minor crops making
fair progress; have suffered from dryness. Peaches ripening rapidly. Still
some dry areas; more rain needed.
Florida.
-Jacksonville: Rain met crop needs locally in Peninsula, but
more needed in west and north. Progress and condition of cotton very
good; early blooming and squaring, except some late backward. Early
corn laid by and mostly good; late fair and improving. Cane and peanuts
Improved. Tobacco benefited by showers. Citrus groves improved by
rain; June bloom appearing and will reduce loss of fruit from drought.
-Montgomery: Beneficial, scattered rains latter part inadeAlabama.
quate in most sections. Corn slow progress; condition fair to good where
rain sufficient; otherwise mostly poor. Oats, pastures, truck crops, and
vegetables improved somewhat where rains occurred. Apples badly
blighted. Progress of cotton mostly fair: conditic n spotted, varying from
poor to very good; some late-planted not up; clopping well advanced:
weevil increasing locally in south where lice reported locally.
-Vicksburg: Days mostly warm with abundant sunshine.
Mississippi.
Progress of cotton mostly fair in Delta counties, but poor to fair elsewhere;
growth of all somewhat checked, lacking rain: cultivation very good; few
weevil. Progress of corn mostly poor; needing rain, especially in east,
north and south.
Louisiana -New Orleans: Beneficial rains last two days in south, with
light showers in central and north, very favorable for all crops; previous
drought injured some rice and corn. Condition of cotton generally very good
to excellent; blooming extensively;few weevil. Cane greatly improved and
making rapid growth. Rain still needed in north and extreme west.
Texas.
-Houston: Harvesting winter wheat and oats made good progress:
condition poor. Progress and condition of pastures, corn and minor crops
poor, except fair to good in west: corn failure in drier sections. Progress of
cotton fair in north and west, while it deteriorated in most of central and
south, where plants small and blooming prematurely in some sections; general condition averages rather poor, but rain at end of week beneficial over
nearly half of State: few weevil; chopping and cultivation well advanced,
Oklahoma.
-Oklahoma City: Heat, dryness and high, drying winds unfavorable for all crops; rain needed in all sections. Progress and condition of
cotton generally very good;fields clean and chopping well advanced; squares
setting on early-planted in southeast. Winter wheat ripened rapidly and prematurely in many sections and harvesting becoming general; condition generally poor. Progress and condition of corn generally fair to very good, but
needing rain in most sections. Oats fair to good; maturing fast and prematurely.
-Little Rock: Cotton made very good advance; condition very
Arkansas.
good to excellent,except in some north-central and northeast portions. where
stands poor due to dryness; excellent progress in chopping and cultivation;
squaring in many localities and some bloom in central. Progress of corn
fair to very good in most western and southern portions, but very poor to
poor elsewhere due to drought. Light to moderate rains in west and central
very beneficial to all crops.
Tennessee.
-Nashville: Progress of cotton rather fair to very good, and
condition generally fair, except late not germinating: warmth favorable,
but affected some by dryness; cultivation excellent. Progress and condition
of corn fair and some very good; cultivation excellent. Winter wheat
cutting begun and general condition fair with some very good.
-Louisville: Rain locally in central where tobacco setting reKentucky.
sumed• otherwise slow progress, only with machines; one-third of crop not
out and early settings slow growth and died badly due to intense heat.
Condition and progress of winter wheat fair; heads short and drought
affecting filling. Condition and progress of early corn fair; clean and good
color; later plantings poor to fair stand.
The latest available information pertaining to cereal crops in foreign
countries, as reported by the Foreign Service of the Bureau of Agricultural
Economics, is submitted herewith as being of interest to producers of
grain crops in the United States.
The situation of cereals in foreign countries generally is favorable.
althoug a few reports of dry weather have been received from Europe and
North Africa.
In Canada, rains during the past week have helped the new crops which
were needing it in a number of districts of Manitoba and Saskatchewan.
Wheat seeding was finished by May 26 and in most places the crop was up
and doing well. Oats and barley acreages in Saskatchewan are expected
to be larger this year than last.
Conditions in Europe continue to be generally favorable. France,
according to latest reports, is having good weather for cereals, and in
Italy a wheat yield above the average is expected. In Spain the crops
are reported to be in good condition, although the farmers in many regions
would welcome more rain. In Rumania propitious rains the latter part
of May benefitted the cereals which are in good condition. Hungary
expects the wheat and barley crops to be above average, rye to give a
good crop, and oats about an average one. The condition of winter grains
in Germany on May I was good and abandonment of acreage had been
slight as compared with last year. Later reports mention some lack of
rain. In Russia the total sown area is reported to be 4% greater than
in 1924. Winter wheat is about average in condition and the spring
cereals are generally satisfactory. Poland. the most important rye prodicer aside from Russia and Germany, has reduced her estimate of rye
acreage from 12.214,000 acres to 12,076,000 acres, which is still the largest
she has reported in recent years.
No reports have come in as yet on cereal production in North Africa,
where harvesting has been going on during the past month. Conditions
generally are favorable although some reports mention drought in Morocco.
WORLD CEREAL CROPS
-ACREAGE.
Chang
from
Average
Crop and Country.
1925.
1923.
1924.
1909-13.
1924.
acres.
acres,
acres,
Wheatacres.
%
United States-Winter _ __ 28,356,000 39,518,000 35,438,000 32,813,000 -10.0
Spring_ _ -- 18,695,000 20.141,000 17,771,000 21,181,000 +19.2
Foreign countries report98,132,000 93.666,000 92,637,000 93,883,000 +1.3
in 1925 (20)
Total U. S. and 20
145,183,000 153.325,000 146,846,000 147,877.000 +0.7
foreign countries
Estimated world total, ex197,800,000 221.000,000 217,800,000
cluding Russia
Rye
2,236,000 5,171,000 4,173,000 4,184.000 +0.3
United States
Foreign countries report27,308,000 24,301,000 22,948.000 23.693.000 +3.2
ing in 1925 (16)
Total I.T. S. and 16
29,544,000 29,472.000 27.121,000 27,877,000 +2.8
foreign countries
Estimated world total es
67.600.000 46,000,000 42,900,000
eluding Ruasla
Barley
7.835,000 7.086,000 8,826,000 +24.6
United States
Foreign countries report17.442.000 16,790.000 17,276.000 +2.9
log in 1925 (14)
Total U. S. and 14
foreign countries
25.277,000 23.876.000 26,102.000 +9.3
-
Production Forecasts and Estimates.
bushels. 1 bushels. I bushels.I bushels. I %
Wheal351,841,000 372.661,000 363,888,000 323,415,000 -11.1
India, all wheat
United States, all wheat,. 690,108.000 797,381.000 872,673.000 660,885.000 -24.3
AGRICULTURAL DEPARTMENT'S COMPLETE OF-The Crop ReportFICIAL REPORT ON CEREALS, &c.
ing Board of the United States Department of Agriculture
June 9, its forecasts and estimates of grain
made public on
COMMENTS ON CROP REPORT.
-The United States crops of the United States as of June 1, based on reports and
Department of Agriculture at Washington in giving its report data furnished by crop correspondents, field statisticians
on June 9 on the grain crop in the United States also added and co-operating State Boards (or Departments) of Agriculture, as follows:
the following:
All Wheat -With a forecast of a crop of 407.156,000 bushels of
wheat and of 253.729,000 bushels of spring wheat, the total forecast winter
wheat
crop of this year becomes 660,885,000 bushels, the smallest since 1917.
The requirements of wheat for domestic consumption does not greatly differ
from this amount.
Winter 1Viteca.-Winter wheat fared badly throughout most of the winter
wheat belt. The average May temperature was below normal east of the
100th Meridian. During the same time the rainfall was deficient throughout most of the country, emphatically so from Indiana to eastern•Nebrasica.
The vitality of the plant had already been weakened by an adverse winter,
so that it could not make the usual resistence to frosts and freezes and to
low rainfall and deficient moisture in soil and subsoil.
In a large portion of the belt winter wheat has short straw and short
heads and the heads are often not well filled. Reports of thin stands are
common. The Hessian fly is considerably in evidence in parts of Illinois,
Missouri. Nebraska and Kansas, and chinch bugs in Missouri. The "take
all" disease is becoming more serious in the central region of Kansas. In
Kansas, the leading winter wheat State, the crop has also had to contend
with frosts, low rainfall and deficient subsoil moisture.
In the Pacific Northwest the small area of winter wheat that survived the
winter improved in condition during May.
-Spring-sown wheat outskie of South Dakota has not
Spring Wheat.
suffered severely from the dry, cold weather of May. Since the sowing
was done early, this crop is in fair to good nandition. In South Dakota
the low condition on June 1 has doubtless improved with subsequent rains.
Although cold weather has injured spring wheat somewhat, the reports
are that no serious damage has been done. On the other hand, weather
conditions on the whole have favored a sturdy growth and hardiness of
plant. In the Pacific Northwest the rainfall has been ample and the temperatures not low enough to be damaging, and the prospects are fair to
excellent.
As a partial offset to the reduction of winter wheat acreage, the spring
wheat acreage increased 19%. The replacement of abandoned winter wheat
by spring wheat was particularly marked in the Pacific Northwest.
-An acreage of 44,467,000 acres of oats is forecast, exceeded only
Oats.
in 1921. The increase over last year is 4.7%. partly because some of the
large abandoned winter wheat acreage was sown to oats. Increases were
not large in the main oat States, as a rule, but the percentage changes were
heavy in many other States.
-The acreage of barley is estimated to have increased 24.6%
Barley.
this year, or to 8,826,000 acres. This acreage was exceeded in 1917 and
1918 on account of war demands, but with these two years excepted, the
area of this crop is much larger than ever before. A crop of 204.687,000
bushels is indicated, the largest barley crop since the war year 1918. The
feeding of this grain to livestock is becoming more general.
-The prospective apple crop, with a June 1 condition of 63.4
Apples.
of normal, compares with a ten-year average condition of 70.1% on June 1
and with 74.0% on June 1 last year. The causes of this unfavorable comparison are reduced'formation of fruit buds in 1924 for the 1925 crop on
account of drought on the Pacific Coast, a poor set of fruit this year in other
parts of the country because of frosts and freezes, and a heavy drop. .
-A peach crop of 47,055.000 bushels is forecast, comparing with
Peaches.
a five-year average crop of 46,519.000 bushels and with a crop of 53,137,000
Acreage, 1925.
Crop.
Percent
of 1924.
Winter wheat
Spring wheat
All wheat
Oats
Barley
Rye
Hay, tame
Hay, wild
Hay. all
Pasture
Apples, total crop
Apples. comm'i crop._
Peaches, total crop_
Pears, total crop
Acres.
90.1
119.2
99.6
104.7
124.6
100.3
98.8
101.5
99.4
32.813,000
21.181,000
53,994,000
44,467,000
8.826,000
4,184.000
60,745,000
15,151.000
75,896,000
Condition.
June 1
1925.
May 1 I June 1 June 1
1925. I 1924. 10-yr.As
66.5
87.1
73.2
79.6
83.1
78.6
78.6
75.4
78.1
73.1
63.4
66.4
62.3
63.8
77.0
86.8
87.6
88.7
87.8
86.5
-
74.0
82.3
76.0
83.0
79.5
87.4
84.3
77.9
83.0
82.2
74.0
71.6
72.7
71.3
79.7
90.7
83.0
88.2
88.6
87.6
87.6
288.6
88.1
89.8
70.1
64.4
67.2
Production indicated by the condition of crops on June 1 1925 and comparison
with harvested production in preceding years follow:
Total Production
In Thousands.
Crop.
Yield per Acre.
Farm Price
per Bush.
May 15.
Harvested.
1Fore-year
cast
5-yr. 1925. 1924.
5
Average 1925. 1924. Aver. Cents Cents
'20-'24
1920-24. (b)
Harvested.
Forecast
1925.
(b)
1924.
Winter wheat_bu 407,000 590.000 592,000
Spring wheat_ _bu 254.000 283,000 245,000
bu 661.000 873.000 837,000
All wheat
bu 1,295,0001,542,0001,328.000
Oats
bu 205,000 188,000 182,000
Barley
bu. 53,300 63,400 70.400
Rye
91,000
Hay,tame_ _ _ ..tOna 82.500 98.000
16,200
tons 13,400 14.500
Hay,
tonS 95,800 112,000 107,000
Hay, all
179,000 182,000
Apples,total- bu
28,700 30,400
Apples, coml_blits
47,100 53,100 46,500
Peaches. total. bu
17.500 18,600 17,100
Pears, total.--_bu
12.4
12.0
12.2
29.1
23.2
12.7
1.36
16...2
116
5
36.3
26.5
15.2
1.59
.7
9
1.26 1. 7
4
-_
____
14.
3 ..93
27
.---
----
14911- 9 :_i
-.
6 .
.
i
31.3 45.4 46.3
24.5 75.9 60.0
14.1 103.6 60.1
1.52 _ _ ..
1
.
1 II11- - ii 31-.
4
2
.
3ii
179.2 131.3
---- $5.301 $3.90
a Eight
-year average. b Interpreted from condition reports Forecasts increase
or decrease with changing conditions during the season.
DURUM WHEAT acreage this year in Minnesota, the Dakotas and Montana
is estimated at 4,670,000, or 27.3% 01 the total of 17,093,000 acres of spring wheat
3092
THE CHRONICLE
in the four States. This compares with 4,202,000 acres of durum or 28.0% of the
total spring wheat in these States in 1924, and an average of 4,995,000 acres of
durum or 30.3% of the total spring wheat in these States for the five years 1920-1924.
The increase in durum acreage in the four States over last year is 468,000 acres, or
11.1%.
Details for leading crops In principal producing States follow:
SPRING WHEAT (INCLUDING DURUM).
[VOL. 120.
to dry goods merchants was the report on wheat crop conditions. They had been hoping for a good yield on which
to base a satisfactory fall trade. Business in the Western
and Midwestern centres thus far this year has been better
than it was a year ago, but a continuation of this prosperity
is not in sight if the crop falls short. Seasonal buying stimuFarm
Acreage
Condition
lated by the high temperatures was centred largely in silks,
Price
June 1.
Production.
1925.
wash goods and some woolen goods. In regard to.silks, mills
per Bush.
15.
May
Harvested.
Per Acres ,
10Forecast
State.
have continued to operate at record levels, with manufacCent in 1925. year 1925 (c)
5-yr. Aver. 1925.1924. turers seemingly unable to satisfy the consuming demand
of Thou- Per Av. from June 1
1920-24. Cts. Cu. for this line of goods. Sales have been full in both retail
1924.sands. Cl. P.Ct Condition.
1924.
and wholesale channels, with fall commitments steadily in26,044,000 145 100
Minnesota 120 1,889 88 92
23,272,000 34,313.0
creasing. Despite this enormous consumption, however.
No.Dakota 112 9,727 85 89
95,081,000134,618,000 98,728,000 139 99
29,584,000 135 92
So.Dakota 112 2,482 77 94
21,978,000 33,018,
it was a noticeable fact that when raw silk gets above the
Montana _119 2.995 87 88
39.085,000 40,775,00 34.033,000 138 95
parity of $650 per pound for the choice Japanese grades,
so
Idaho ____ 119
690 100 92
17,940,000 12,180,000 15.862,000 151
14,814,000 162 85
Wash'
ton _ 175 1,656 96 87
28,616,000 7,946,00
the demand falls off. Apparently producers are convinced
h,
that the popularity is, in a great degree, due to the popular
245,159.000 ---B. tota1119.2 21,1811 87.1 90.7253,729.000282,636
prices at which the goods can be furnished. Thus, when the
WINTER WHEAT.
price of the raw materials rises above a certain level mills
do not care to assume the risk of putting out the best selling
Farm Price
Condition
items at higher prices. The Silk Association of America has
per Bush.
Production.
June 1.
May 15
recommended the simplification of the number of trade
State.
Forecast 1925. (c)
terms used in quoting prices on Japanese silk. Eight names
1925 10 yr
5-yr. Aver. 1925.1924. have been suggested by a committee in the hope that the
PerC Av. From June 1 From May 1
1920-24. Cis. Cu.
PerCt Condition. Condition.
uncertainty and confusion existing in the trade, especially
since the earthquake,'will be relieved.
New York 83 86
7,186.000 7,234,000 6,588,000 8,251,000 168 110
Pennsylv' 86 87
21,333,000 21,085,000 19,850,000 22,926,000 165 110
DOMESTIC COTTON GOODS: The markets for domesMaryland_ 88 86
9,198,000 9,148,011 8,632,111 9,603,000 174 105
Virginia __ 82 87
9,350,000 9.269,011 9,628,000 10,120,000 174 117
tic cotton goods ruled irregular during the week. Owing to
22,060,011 37,313,111 34,982,000 171 106
54 83
19.408,000
Ohio
98
the high temperatures of the past fortnight, a sustained
Indiana
84 80
23,354,000 26,283,000 31,365,001 28,684,000 167
7,948.00
1
37,705,000 44,940,000 „ 46,697.000 160 100
'Linde
68 78
demand for immediate shipment of small lots was reported
99
15,959,000 166
Michigan _ 75 80
14,656,000 15,670,000 19.888,
for certain seasonal fabrics. Sales of such merchandise as
91
8,078,000 10,952,000 145
Iowa
73 84
7,326,000
99
28,465,000 30.865,000 24,589,000 34,501,000 157
Missouri
76 77
wash goods, printed voiles and broadcloths, and silk and
85
33,738,000 37,939,000 54.483,00 51,090,000 142
Nebraska _ 64 80
rayon and cotton mixtures, were particularly encouraging.
146
92
128,298,0
Kansas.__ 59 73
83,909,000 95,997,000 153,644.
178 112
6,136,000 5,8.58,000 „
6,368,000
Kentucky_ 78 so
The most urgent call was reported to have come from the
Texas_... 42 74
4,708,000 „ 25,826,000 18,715,000 152 103
Northern sections and was confined largely to the lighter
95
Oklahoma 53 76
26,558,000 27.789,000 54,874,000 45,116,000 137
95
2,467,000 2,846,000 10,893,000 8,809,000 138
Montana 55 78
goods and garments. Despite this activity in such classes
15,904,000 139
84
Colorado 60 84
14,688,000 20,846,000 15,974,
of fabrics, it was noticeable that no price advances were
80
5.848,
8,892,000 151
Idaho
90 90
6,372,000 5,544,00
162
85
9,384,000 8,559,000 19,354,111 29,292,
Wash'gton 80 84
announced and it was claimed that none were contemplated
90
6,610,000 5,630,000 13,035,000 17,915,000 153
Oregon - _ 90 90
at this time. Production has been so full and competition
4.770.111 10,917,000 157 110
California_ 88 78
10.465,000 l0,587.00
for business so keen that it has served to prevent the estabU. S. total 66 79.7 407,156,000444,833,00d590,037,000591.957,000
lishment of a satisfactory profit margin. Elsewhere in the
cotton goods market, as for instance the more staple fabrics,
RYE.
the demand has been draggy and uninterestin.g Buyers
90
3,397,0001 3,453,
Pennsylv's 90 92
3,264,000 3,367,000 123
manifested little or no interest in offerings, as there has
60
3,026,000; 3,402,000 3,682,000 3,988,000 103
Indiana_ _ _ 76 89
65
2,232,000 2,442,00
100
Illinois _ _ _ so so
2,580,000 3,282,
been a strong feeling that raw cotton will work to lower
56
87
4,514,000 4,875,000 6,006,000 8,191,000 95
Michigan _ so
levels and they prefer to wait until such time before making
59
3,838,000 4,056,000 5,457,000 5,773,
106
Wisconsin_ 76 89
52
8,012,000 9,109,000 11,780.000 13,205,000 102
Minnesota 73 87
purchases. Thus the effort to bring about larger curtail48
12,013.000 13,810,000 13,860,000 14,621,000 99
N. Dakota 76 84
ment of production at mill centres has been meeting with a
45
2,414,000 3,069,000 2,956,000 4,277,000 89
Bo.Dakota 88 89
so greater degree of success. For instance, it was reported
97
Nebraska _ 86 89
1,995,000' 2,094,
1,914,000 1,868,00
so that most of the mills situated in the South would, on the
2,132,000 2,030,000 1,750,000 1,719,
95
Montana - 84 89
U. S. tots 78.6 87.6 53,317,000 57,968,0001 63,446,000 70,410,000 103.6 60.1 average, curtail their production 15% during July and August. Tentative plans provide for mills shutting down June
c Interpreted from condition reports. Forecasts increase or decrease with 27
until after July 4 and from Aug. 29 until after Labor Day
changing conditions during the season.
on Sept. 8. Other mills have already gone on either a three
OATS.
or four-day-a-week schedule, and it is claimed that they will
not abandon their plan unless trade improves. Thus far,
Acreage
Condition
Farm
Production
•
1925.
June 1.
in Thousands of Bushels.
Price Per
the greatest curtailment has been in the coarser and more
Bushel
staple goods. However, at this time, indications do not
Per Acres
10- Forecast
May 15.
Stale.
Harvested.
Cent in
Yr. 1925(d)
Point to as extensive a curtailment as last year, nor is it exof thou- 1925 Av. Jr. June 1 1924. 5-yr. Ay. 1925. 1924.
pected. Print cloths, 64 x 64's construction, are quoted at
1924. sands PerCi PerCi Conditn,
1920-24. Cis. Cie.
6%c., and 27-inch, 64 x 60's, at 6%c. Gray goods in the 89.
87
32,851 59
56
New York-- 109 1,031 90
34,332
34,056
inch, 68 x 72's construction, are quoted at 10%c., and 38-inch,
Pennsylvania 112 1,154 91
38,653 58
56
90
39.380
37,080
80 x 809s, at 12c.
125 1,971 81
46
Ohio
86
52,084 50
66.255
64,657
44
116 2,138 68
Indiana
88
55,246
70,034
54,623 44
44
WOOLEN GOODS: Hot weather has had a stimulating
Illinois
106 4,338 73
89
129,836 163,680 140,345 41
49
Michigan
102 1,632 78
86
49,645
50,787 44
67,200
effect upon the markets for woolens and worsteds. Demand
99 2,564 86
92
50
Wb3consin
94,817 103,600
93,832 44
for the seasonal fabrics has been satisfactory and at the
39
93
Minnesota
98 4,410 85
142,443 193,500 145,990 36
41
92
101 5,832 82
Iowa
196,072 248.282 213,986 41
same time revealed the extensiveness of the hand-to-mouth
56
83
112 1,700 82
43,911
39,381 53
Missouri_
41,745
buying tactics. As a result of carrying only small and poorly
36
89
63,558
93,364
67,263 32
No. Dakota. 99 2,719 85
93
36
67,654
76,906 37
50. Dakota_ 100 2.650 74
98,050
assorted stocks of merchandise, retailers were said to have
90
40
108 2,652 82
73,938
73,277 44
Nebraska
76,136
lost a large volume of business. It is expected that any
51
79
122 1,888 74
41,299 40
45.617
39,806
Kansas
57
75 1,078 52
77
21,189
48,892
38,509 66
further improvement will probably benefit the men's wear
Texas
80
98 1,411 70
75
32,199
36,526 59
Oklahoma
38,880
division most, as the vogue for silks has somewhat re46
112
754 88
89
21,896
17,948 64
19,854
Montana
stricted the use of woolens for women's garments. Accord45.4 46.3 ing
U. S. total 104.7 44,467 79.6 88.2 1.295.456 1.541.900 1.327.642
to general opinion, the trade should begin to show signs
of greater stability shortly. New lines for fall are being
BARLEY.
rapidly opened and houses are soliciting new business. It
76
264 oo
87
7,437
4,870 97
6,900
New York__ 115
Is generally expected that the London sales in July will dis92
246 87
7,781
6,016 69 69
98
7,170
Illinois
75
4,414 77
171 77
87
4,743
pel many doubts concerning the stability for both raw wool
3,818
Michigan - 112
70
499 84
91
13,513 ss
118
13,832
13,536
Wisconsin_
and fabrics.
58
92
23,687 71
24,587
29,248
115 1,051 85
Minnesota
60
202 83
93
4,393 74
135
Iowa
5,248
4.710
FOREIGN DRY GOODS: Although a better feeling and
51
89
23,839 86
30,294
35,100
No. Dakota_ 120 1,620 85
51
buying interest was reported for certain fabrics in the mar93
961 75
21,491 66
18,019
22,428
So, Dakota_ 120
49
6,492 71
259 85
90
6,275
6,275
103
Nebraska _
kets for linens, orders were still confined to small purchases
55
875 69
125
83
14,490
11,550 16,937 76
Kansas
75
covering immediate requirements. This improvement was
34 45
2,249 82
76
467
3,220
so
Texas
70
131 54
75
2,016
4,675
3,035 78
Oklahoma__ _ 70
particularly noticeable in the costume linen division, where
55
6,026 79
425 72
92
8,160
8,262
Colorado__ _ 125
a good business has been reported in many sections of the
65
27,207 91
80
34,943
10,080
230 1,159 90
California_
country. However, the size of the orders was not, as yet,
204,687 187,875 182,382 75.9 60.0
U. S. total__ 124.6 8,826 83.1 88.6
large enough to absorb the huge quantities of merchandise
on the market. An item of particular interest to the trade
was the report that Belfast mills were sponsoring the use
of fabrics made of a combination of flax and rayon yarns.
THE DRY GOODS TRADE.
The future of this fabric was said to be very promising.
Friday Night, June 12 1925.
Other reports from Belfast claimed that a number of BelDevelopments in markets for textiles during the past fast firms were in financial difficulties as a result of the
week have been rather mixed. Although the continued hot keen competition and lack of interest on the part of the conweather resulted in a good volume of sales for the more sumer. Burlaps have ruled firmer, owing to the increased
part of both speculators and consumers. Nuseasonal fabrics, a softening tendency, accompanied by interest on the
merous reports were current of damage by weather to the
of new jute crop. Light weights are quoted at 7.40c. and
further plans for curtailment, were noticeable in many
the staple goods. A particularly disappointing development heavies at 9.60c.
JUNE 13 1925.]
THE CHRONICLE
j5tatt anti Titg glepartnunt
NEWS ITEMS.
Belgium (Kingdom of).—$50,000,000 External Loan
Offered in United States.—Yesterday, June 12, a syndicate
of bankers, headed by J. P. Morgan & Co. and the Guaranty
Co. of New York, offered at 98 and accrued interest, to
-year
yield over 7.15% to maturity, $50,000,000 7% 30
external sinking fund gold bonds of the Kingdom of Belgium. The bonds were quickly disposed of, announcement
being made of an oversubscription, resulting in the closing
of the books within fifteen minutes after their opening at
10 a. m. Bonds are coupon bonds in denominations of $1,000
and $500, not interchangeable, to be dated June 1 1925 and
mature June 1 1955. Bonds are not redeemable before
maturity except for the Sinking Fund, of which the offering
circular says:
A cumulative sinking fund for the retirement of the bonds by purchase
or call will be created by the Kingdom of Belgium by semi-annual payments
of $268,750 beginning Dec. 1 1925, plus sums equal to the interest accruing
on all bonds acquired for the sinking fund. Sinking fund moneys are to be
applied to the retirement of bonds, by purchase if obtainable at or below
107%% and accrued interest, or if not, by call of bonds by lot at 1O73%.
Bonds may be called for the sinking fund at such price on June 1 1926 or
on any interest payment date thereafter prior to maturity.
Principal and semi-annual interest (J. & D.) payable in
United States gold coin of the present standard of weight and
fineness in New York City at the office of either J. P. Morgan & Co. or of Guaranty Trust Co. of New York (fiscal
agents for the loan) without deduction for any Belgian taxes,
present or future.
Further information regarding the loan may be found in
our "Department of Current Events and Discussiqns" on a
preceding page.
Chicago Sanitary District, Ill.—U. S. Supreme Court
Refuses District Rehearing in Lake Drainage Case.—On June 8
the U. S. Supreme Court refused the rehearing, asked for
by the district on June 1 (see V. 120, p. 2966), in the case
in which that court on Jan. 5 of this year affirmed the decree
entered by the District Court of the United States in Illinois
bearing upon the water flow into the sanitary canal from
Lake Michigan. As a result the district, it is stated, must
comply with the orders of the Secretary of War governing
the water withdrawals.
Connecticut (State of).—Legislature Passes Law Authorizing Investment by Savings Banks in the Bonds of Certain
Additional Public Service Companies.—At the 1925 session
of the Legislature a law was passed extending the field of
investments for savings banks so as to include the bonds
of certain electrical corporations and of corporations engaged
in furnishing telephone communication. This is in addition
to the bonds made legal under Sections 22, 23, 24, 25 and
26 of 3972 of the General Statutes. Under the law savings
banks are permitted to invest in (1) the bonds of any corporation engaged in the generation and sale of electricity, or in
the generation and sale of electricity and in addition thereto
some other form of public service enterprise, incorporated
under the laws of the United States or any State thereof
and doing a major portion of its business in the United
States, and operating under the supervision of a public
service or other commission requiring a uniform system of
accounting; and (2) in bonds of corporations engaged in
furnishing telephone communication, incorporated under the
laws of the United States or any State thereof and doing
major portion of their business in the United States. The
text of the Law follows:
AN ACT authorizing investment by savings banks in the bonds of certain
public service companies.
Be it enacted by the Senate and House of Representatives in General Assembly
convened:
Section 1. Savings banks may invest in the bonds of any corporation
engaged in the generation and sale of electricity, or in the generation and
sale of electricity and in addition thereto some other form of public service
enterprise, incorporated under the laws of the United States or any State
thereof and doing the major portion of its business in the United States,
and operating under the supervision of a public service or other commission
requiring a uniform system of accounting, subject (A) to the following
restrictions as to the corporation issuing or assuming the bonds: (a) The
gross income of such corporation shall be not less than one million dollars
for the year immediately preceding the time of making such investment
and shall be derived (1) at least seventy-five per centum from the sale of
electricity and (2) not to exceed ten per centum from the operation of street
railway properties; (b) such corporation shall have either a franchise or
franchises under which at least seventy-five per centum of its gross income
is earned, extending at least ten years beyond the maturity of any such
bond, or an indeterminate permit from, or agreement with, a public service
or other commission; (c) such corporation shall own and operate steam or
hydro-electric power plants capable of generating at least sixty per centum
electric sales for the year
or its actualinvestment; (d) the capitalimmediately preceding the time of
stock of such corporation shall be
making the
equal to at least two-thirds of the total funded debt of such corporation,
provided, in the case of a corporation having shares without par value, the
amount of capital which such shares represent shall be the stated capital
as shown by the books of the corporation; (e) the combined surplus and
reserves for depreciation and for contingencies of such corporation shall
be not less than the following percentages of the actual value of the fixed
property of such corporation as shown by its books: (1) Ten per centum
in the case of a corporation generating more than fifty per centum of its
electrical output from water power, or (2) fifteen per centum in the case of
a corporation generating more than fifty per centum of its electrical output
from steam; (f) for five years immediately preceding the time of making
such investment, the officially reported net earnings of such corporation,
as shown by its annual reports or other sworn statements to the municipal,
State or United States authorities, available for interest charges, after
deducting charges to cover depreciation, taxes and rentals, shall have
been equal to at least twice the interest charges for the period on such
corporation's total outstanding funded debt, and for the year immediately
preceding the time of making the investment such net earnings less such
deductions shall have been equal to at least twice the interest charges on
the corporation's total outstanding funded debt; (g) the term "funded
debt" as used in this Act shall be construed to mean all interest
-bearing
debt maturing more than one year from date of issue; and (B)to the restrictions as to such bonds that any such bond shall be one of an issue of not
million dollars, and such issue, plus the total amount of
lessithan one
3093
any underlying bonds, shall be outstanding in an amount not to exceed
sixty per centum of the value of the actual fixed property securing such
bonds, as shown by the corporation's books, exclusive of work in progress,
and any such bond shall be either (a) a closed underlying mortgage bond
secured by property owned and operated by the corporation issuing or
assuming the bond, which property is of currently usable value to the
corporation and is so used a major portion of the time, provided such
bond is to be refunded by a junior mortgage providing for its retirement.
and that such underlying mortgage may remain open solely for the issue
of additional bonds which are to be pledged under such junior mortgage;
or (b) a first mortgage bond constituting the only mortgage debt of such
corporation, and,in case such mortgage is not closed, its terms shall prevent
the issuance of additional bonds for extsnsions, improvements and property
acquisitions unless such additional bonds are to be issued either (1) for an
amount not to exceed seventy-five per centum of the actual cost of such
extensions, improvements and property acquisitions, when net earnings
available for interest charges, for twelve months out of the fifteen months
preceding application to the trustee under such mortgage for authentication
of such additional bonds, have been equal to at least one and three-quarters
times the interest charges for one year on the total amount of bonds outstanding under such mortgage and the proposed additional bonds, or (2) for
an amount not to exceed eighty per centum of the actual cost of such extensions, improvements and property acquisitions, when net earnings
available for Interest charges, for twelve months out of the fifteen months
preceding application to the trustee under such mortgage for authentication
of such additional bonds, have been equal to at least twice the interest
charges for one year on the total amount of bonds outstanding under
such mortgage and the proposed additional bonds; or (c) a refunding
mortgage bond providing for the retirement of all prior lien or divisional
mortgage bonds of such corporation outstanding at the time of making
the investment, which refunding mortgage bond is secured by a lien on
property owned and operated by the corporation issuing or assuming the
bonds, provided any mortgage prior in lien to such refunding mortgage
shall be closed unless such prior mortgage shall remain open solely for the
issue of additional bonds which are to be pledged under such refunding
mortgage, and provided, if there shall exist a mortgage junior in lien to
such refunding mortgage bond, such refunding mortgage bond is to be
refunded by such junior mortgage, and provided, in case such refunding
mortgage is not closed, its terms shall prevent the issuance of additional
bonds for extensions, improvements and property acquisitions unless such
additional bonds are to be issued either (1) for an amount not to exceed
seventy-five per centum of the actual cost of such extensions,improvements
and property acquisitions, when net earnings available for interest charges,
for twelve months out of the fifteen months preceding application to the
trustee under such mortgage for authentication of such additional bonds,
have been equal to at least one and three-quarters times the interest charges
for one year on the total amount of bonds outstanding under such mortgage,
those secured by equal or prior liens, and the proposed additional bonds,
or (2) for an amount not to exceed eighty per centum of the actual cost of
such extensions,improvements and property acquisitions, when net earnings
available for interest charges, for twelve months out of the fifteen months
preceding application to the trustee under such mortgage for authentication
of such additional bonds, have been equal to at least twice the interest
charges for one year on the total amount of bonds outstanding under such
mortgage, those secured by equal or prior liens and the proposed additional
bonds.
Sec. 2. Savings banks may also invest in the bonds of corporations
engaged in furnishing telephone communication, incorporated under the
laws of the United States or any State thereof and doing the major part
of their business in the United States, subject (A) to the following restrictions as to the corporation issuing or assuming the bonds: (a) The gross
income of such corporation, for three years prior to the time of making
the investment,shall have been not less than fifteen million dollars annually;
(b) the total outstanding funded debt of such corporation at the time of
making the investment shall not exceed the outstanding capital stock of
such corporation;(c)for five years immediately preceding the time of making
the investment, the officially reported net earnings of such corporation
available for interest charges, after having made adequate provision for
maintenance and for depreciation of the physical assets of the corporation,
shall have been equal to at least twice the interest charges for the period
on the corporation's total outstanding debt, and for the year immediately
preceding the time of making the investment, such net earnings shall have
been equal to at least twice the interest charges on the corporation's total
outstanding debt;(d) the term "funded debt" as used in this Act shall be
construed to mean all interest-bearing debt maturing more than one year
from date of issue; and (B) to the restrictions as to such bonds that any
such bond shall be one of an issue of not less than five million dollars, that
not to exceed thirty-three and one-third per centum of the specific security
for such bond may consist of stock or unsecured obligations of affiliated
that such bond, plus the total
or other telephone companies or both, and outstanding
in an amount not
amount of any underlying bonds, shall be
of the actual fixed property of such
of the
to exceed sixty per centum bonds,valuethat any
and
such bond shall be either
corporation securing such
()a first mortgage bond secured by property owned and operated by the
a
corporation issuing or assuming the bonds, provided, if there shall exist a
mortgage junior in lien to such first mortgage bond, such first mortgage
bond is to be refunded by such junior mortgage, or (b) a bond secured by
a refunding mortgage providing for the retirement of all prior lien mortgage
bonds ofsuch corporation outstanding at the time of making the investment
which refunding mortgage bond is secured by a lien on at least fifty per
centum of the property owned and operated by the corporation issuing or
assuming the bond, provided, if there shall exist a mortgage junior in lien
to such refunding mortgage bond, such refunding mortgage bond is to be
retired by such junior mortgage, and provided any mortgage prior in lien
to such refunding mortgage bond shall be closed. and 3978 of
the General
Sec. 3. The provisions of Sections 3976, 3977
Statutes shall apply to Section 1 hereof.
Sec. 4. No savings bank may invest more than fifteen per centum of
its deposits and surplus in the bonds which may become legal under the
provisions of Section 1 of this Act, or more than two per centum of such
deposits and surplus in the bonds of any one such corporation engaged in
the generation and sale of electricity. No savings bank shall invest more
than four per centum ofits deposits and surplusin the bonds ofany telephone
company which may become legal under this Act or more than one-half of
one per centum of such deposits and surplus in the bonds of any one such
telephone corporation.
This Act all not affect the provisions of subdivisions 22, 23,
24, 25 and 26 of Section 3972 of the General Statutes, and savings banks
may continue to invest in bonds authorized under said subdivisions.
Sec. 6. This Act shall take effect from its passage.
Mississippi (State of).—State Income Tax Law Held
Constitutional and Valid by State Supreme Court—Decision of
Newton County Circuit Court Reversed.—For particulars
regarding this decision the reader is referred to our "Department of Current Events & Discussions" on a preceding
page.
New York (State of).—Legislature Called into Extra
Session to Consider Measure to Make Available $6,000,000
of the Bond Issue Carried Last Fall for State Parks—To Convene June 22.—Governor Smith on June 10 called an extraordinary session of the Legislature to convene June 22 exclusively for the consideration of an appropriation measure
to make available for immediate use $6,000,000 out of the
$15,000,000 park bond issue approved by the voters of
the State at the November 1924 election (V. 119, p. 2671).
At the regular session of the Legislature this year a bill,
known as the Thayer Bill, was passed proposing to make
available $6,000,000 of the bonds, but was vetoed by the
Governor, who objected to its terms. The bill would have
given complete jurisdiction over the acquisition of land
for park purposes to the State Land Board, which authority
the Governor contends should be placed with the State
Council of Parks. On Thursday night,. June 11, Governor
Smith made an address over the radix) with a view to
3094
acquainting the people with the conditions relating to the
situation. In his message after reviewing the controversy
which marked the last regular session of the Legislature,
the Governor offered what many persons regarded as the
basis for a possible compromise to be reached at the special
session. The compromise would eliminate the Land Board
as a factor in the approval of new park sites and the possible
inclusion of the State Council of Parks as a Bureau under
the Conservation Commission.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-BOND DESCRIPTION.
ABERDEEN,Grays Harbor County, Wash.
-The $200,000 city coupon bonds awarded on May 6 to the Lumbermen's
-are described
Trust Co. of Portland as 434s, at 100.03-V. 120. P. 2582
as follows: Date July 1 1925. Denom. $1,000. Due serially July 1 1927
to 1945. Principal and interest (J. & D.) payable at the fiscal agency of
the State of Washington in New York City or at the office of the City
Treasurer In Aberdeen at option of holder. Legality to be approved by
Shorts & Denney of Seattle.
Financial Statement.
$19,290,536.16
Actual value estimated
7,948,840.00
Assessed value of taxable property, 1924
662,000.00
Total bonded debt, including this issue
335,428.65
Net bonded debt
Population, 1920 census 15,337; present population, est 19,831.
ABINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Abington)
-The $65,000 434%, school
-BOND SALE.
Montgomery County, Pa.
Freeman & Co. of Philadelphia. Denom.
bonds have been sold to M. M.
$1,000. Date June 1 1925. Prin. and semi-ann. Int. (J. & D.) payable
at the Glenside Nat. Bank of Gienside. Due yearly on June 1 as follows:
$12,000, 1935: $13,000. 1940: $15,000, 1945 and 1950 and $10,000, 1955.
Legality approved by Saul. Ewing. Remick & Saul of Philadelphia.
-BOND SALE-The
ADAMS COUNTY (P. 0. West Union), Ohio.
% property owner's portion J. C. H. No. 7 Sec. "Manchester"
218.700
-were sold to the Title
June 6-V. 120, P. 2843
coupon bonds offered on
Guarantee & Trust Co. of Cincinnati for a $827 36 premium, equal to
104.47. a basis of about 4.49%. Date April 15 1925. Due every 6 months
as follows: $1,000 March 1 1926 to Sept. 1 1934, incl., and $700 March 1
1935. incl.
ADAMS TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Toledo
-Proposals will
-BOND OFFERING.
R. R. No. 2) Lucas County, Ohio.
be received at the office of H. P. Hubert, Clerk of Bd. of Ed. until 3
p. m.(centralstandard time)June 27 for the purchase of serial bonds in the
sum of $200,000. dated June 1 1925, the maximum maturity of the bonds
being in excess of 26 years. The bonds are numbered from one to two
hundred, both inclusive, and are each for the sum of $1.000 and payable
$8.000 October 1. in each of the years 1926 to 1950 both inclusive. Bonds
shall bear interest at the rate of 5%, payable semi-annually. No interest
shall be due on said bonds until October 11925. All bids. except those of
the State
the Industrial Commission of Ohio, and the Retirement Board
Teachers Retirement System, must be accompanied by a certified check
of not less than 2% of the amount bid upon, upon some solven.., bank,
payable to the order of the Board of Education.
-The'Guaranty Co. and the Equitable
-BOND SALE.
ALBANY, N. Y.
Trust Co. of New York at 100.639, a basis of about 3.88%. purchased
the following 4% bonds, dated May 1 1925, with privilege of registration
as to both principal and interest, on June 9-V. 120. p. 2842:
$185.000 public impt. bonds, series A, maturing $9,250 on May 1 in each
of the years 1926 to 1945 incl.
540,000 public impt. bonds, series B. maturing $36,000 on May 1 in
each of the years 1926 to 1940 incl.
53,000 public impt. bonds, series C. maturing $5.300 on May 1 in each
of the years 1926 to 1935 incl.
280.000 water supply system bonds, maturing $7,000 bonds on May 1
in each of the years 1926 to 1965 incl.
225,000 street limn. bonds for the year 1924, maturing $45,000 on May 1
In each of the years 1926 to 1930 incl.
428,000 street impt. bonds for the year 1924, maturing $42,800 each
of the years 1926 to 1935 incl.
ALBANY COUNTY SCHOOL DISTRICT NO. 1, Larimer County,
-An election will be held on June 22 for the
Wyo.-BOND ELECTION.
purpose of voting on the question of issuing $104,000 school building bonds.
E. E. Fitch, District Clerk.
-Braun,
-BOND SALE.,
ALLEN COUNTY (P. 0. Lima), Ohio.
Bosworth & Co. of Toledo have purchased the two issues of 5% coupon
-as follows:
on June 4-V. 120. p. 273
bonds offered
$33,000 Lima-Ottawa Road I. C.H.No. 129 bonds. Sec."L."for a premium
of $938. equal to 102.84, a basis of about 4.36%. Date June 1
1925. Due $4,000 Sept. 1 1926 to 1933, incl., and $1.000 1934.
58.000 Lima-Ottawa Road I. C. H. No. 129 bonds, Sec. "K," for a
premium of $1,659. equal to 102.85, a basis of about 4.36%•
Date March 1 1925. Due $7.000 Sept. 1 1926 to 1933, incl., and
$2.000 1934.
-BONDS NOT SOLD.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
The $350,000 434% county infirmary construction bonds offered on Juno 4-were not sold. Dated June 3 1925.
V. 120, p. 2320
-Harvey
-BOND OFFERING.
ALSTEAD, Cheshire County N. H.
bids at the Connecticut
'
T. Moore. Town Treasurer, will receive sealedat 2 p. m.(standard time)
River National Bank. Charlestown, until June 18
for $22,500 5% State aid road coupon bonds. Date July 11925. Denom.
July 1 1926 to 1940. The bonds will be
$1,000 and $500. Due $1,500 the First National Bank, Boston. Prin
certified as to genuineness by
(J. & J.) payable at the Connecticut River National
and semi-ann. int.
Bank, Charlestown. Legality approved by Ropes. Gray, Boyden &
Perkins, Boston.
Financial Statement.
$776.105
Assessed valuation
None
Bonded debt
SCHOOL DISTRICT, Wise County,
ALVARD INDEPENDENT
-The State Comptroller of Texas registered
-BONDS REGISTERED.
Tex.
$23,000 534% school bonds on June 2. Due serially.
-Jewell
-BOND OFFERING.
Potter County, Tex.
AMARILLO,
Davidson. City Secretary, will receive sealed bids until 7:30 p. m. June 23
not exceeding 4%% water works bonds. Date Aug. 11925.
for $1,750.000
is
Due $5.000 yearly 1931 to 1965 incl. A certified check for 3% of bid
required.
-The $40.000
-BOND SALE.
APOLLO, Armstrong County, Pa.
-were sold to
434% borough bonds offered on June 8-V. 120, p. 2583 to 106.60, a
M. M. Freeman & Co. of Philadelphia, for $42,640, equal 1 as follows:
4.07%. Date Nov. 11924. Due yearly on Nov.
basis of about
51,000, 1941 and 33,000, 1942 to 1952 inclusive.
-V. 0.
-BOND OFFERING.
ARCADIA, De Soto County, Fla.
23 for
Fussel, City Recorder, will receive sealed bids until 12 m. June
1 1925. Denom. $1.000. Due
% city bonds. Date June
$350,000
to 1945
June 1 as follows: $11,000. 1928 to 1938 incl.• $12,000. 1939
Ind. Prin.
.
incl.• $14,000. 1946 to 1950 incl., and $15,000. 1951 to 1955
Y. City.
and Int. (J. & D.) payable at the Chase National Bank, N. certified
approved by Chapman, Cutler & Parker of Chicago. A
Legality
Recorder, is required.
check for $7,000, payable to the City
-The
-BOND SALE.
ARKANSAS CITY, Cowley County, Kan.
on June 8-V. 120.
$60,000 4%% water works improvement bonds offeredof Arkansas City at
Home National Bank
-were awarded to the
13• 2967
Due
a premium of $897, equal to 101.38. Date June 1 1925. gave in 20 Years.
the amount
Interest payable (J. & D.). In our notice of offering we
of bonds offered as $65,000, which was incorrect.
OFFERING.
-BOND
ARLINGTON, Snohomish County, Wash.
W. T. Dilley, Town Clerk, will receive sealed bids until 7 p. m. June-29
for $6,000 5% main trunk sewer bonds. Due $500 yearly.
County,
AROMAS SCHOOL DISTRICT (P. 0. Salinas), MontereyMay 25-The $22.000 6% school bonds offered on
-BOND SALE.
Calif.
[Vol.. 120.
THE CHRONICLE
a
-were awarded to R. H. Moulton & Co. of Los Angeles at
V. 120. p. 2713
31 11M7giad
renlyt139260
tflb'47brilcslt(isfii,1,
ertay
te
Daw_
un
s ,886
1 P
25 171! ige ii2
Bank of Italy
$1,848 Freeman, Smith & Camp Co_ _az,o76
Anglo-London-Paris Co
1,8171
-11. L. Carroll,
ASHLAND Boyd County, Ky.-BOND OFFERING.
City Clerk, will receive sealed bids until 10 a. m.June 30 for $100,000 434%
water bonds. Date Aug. 11925. Denom. $1,000. Due $50.000. Aug. 1
1960 and 1961. Int. (F. & A.) payable at the American Exchange-Pacific
National Bank, New York, unless the purchaser of the entire offering
desires the payment of interest in Chicago or New York at a bank mutually
agreed upon. A certified check for 2% of bid, payable to John W. Henderson, City Treasurer, is required.
-BOND OFFERING.
ASHTABULA COUNTY(P.O.Jefferson),Ohio.
-Sealed proposals until 1 p. m. (Eastern Standard time) June 22 will be
received by W. W. Howes, Clerk Board of County Commissioners, for
$64,900 5% coupon Jefferson-Geneva I. C. H. No. 152 road impt. bonds.
Denom. $1,000 and one for $900. Date June 15 1925. Int. A. & 0.
Due every six months as follows: $2.900, April 1 1926: 83.000. Oct. 1
1926 to April 1 1929 incl., and 34.000. Oct. 1 1929 to Oct. 1 1934. incl.
Certified c.heck for $1,000. payable to the County Treasurer, required.
-The $125.000
-BOND SALE.
ATCHISON, Atchison County, Kan.
-were awarded to
434% school bonds offered on June 8-V. 120. p. 2843
Taylor, Ewart & Co. of Chicago at a premium of $2,331 25. equal to 101.86.
a basis of about 4.31%. Date July 1 1925. Due $5,000 yearly July I
1926 to 1950. inclusive.
-The follow-BOND DESCRIPTION.
BANDON, Coos County, Ore.
ing 534% refunding bonds, aggregating $50,000, purchased by Haltrem,
-are described as follows:
Nelson & Co. of' Portland-V. 120, P. 2583
$25,000 refunding bonds. Due in 10 years optional after 5 years.
25,000 refunding bonds. Due in 20 years optional after 10 years.
Date April 1 1925. Denom. $500. Interest payable (A. & 0.).
BARRY SCHOOL DISTRICT (P. 0. Barry) Pike County, Ill
BOND SALE.
-Recently, an issue of $33,000 school bonds was disposed of.
-The following bonds,
-BOND SALE.
BARTOW, Polk County. Fla.
-were awarded
aggregating $311,000, offered on June 8-V. 120, p. 2713
to Caldwell & Co. of Nashville as 4.345 at 100.77, a basis ofnbout 4.68%:
$120,000 water bonds. Due July 1 as follows: $4,000 1931 to 1935,incl.,
and $5,000 1936 to 1955, incl.
100,000 hospital bonds. Due $4.000 July 1 1931 to 1955, incl.
50,000 park bonds. Due $2,000 yearly July 1 1931 to 1955. incl.
41,000 sewer bonds. Due July 1 as follows: $1,000 1931,00 1939, incl.,
and 32,000 1940 to 1955, incl.
Date July 1 1925.
BEALLSVILLE SCHOOL DISTRICT (P. 0. Beallsville), Washington County, Pa.
-The $20,000 5% school bonds offered
-BOND SALE.
on May 11-1. 120, p. 2459
-were sold to M.M. Freeman & Co. of Phila.
at 105.115. a basis of about 4.16%. Date June 1 1925. Due yearly on
Dec. 1 as follows: $2,000 1928, $3,000 1929, $2,000 1930, $3,000 1931,
$2,000 1932, $3,000 1933. 32.000 1934 and $3,000 1935.
BECK CONSOLIDATED SCHOOL DISTRICT (P. 0. Aberdeen),
-A. K. Tigrett & Co. of Memphis
-BOND SALE.
Monroe County, Miss.
have purchased an issue of $25,000 534% school bonds.
BEDFORD VILLAGE SCHOOL DISTRICT (P. 0. Bedford)
-R. P. Orchard. Clerk
-BOND OFFERING.
g
Cuyahoa County, Ohio.
Board of Education vill receive sealed bids until 8 p. m.June 19 for $36,100
5% coupon school bonds. Denom. $700 and one for $400. Date May 1
1925. Int. A. & 0. Due every six months as follows: $400. Oct. 1 1925
and $700. Apr. 1 1926 to Apr. 1 1951 incl. Certified check for 2% of the
bonds bid for, on some solvent bank, payable to the Board of Education,
required.
-Sealed
-BOND OFFERING.
BELLAIRE, Belmont County, Ohio.
Proposals until 12 m. June 15 will be received by Chas. P. Hoffman, City
Auditor,for $38,975 534% coupon street impt.city portion bonds. Denom.
$1,000 and $300 and one for $575. Date May 15 1925. Int. M.& N. 15.
Due yearly on Nov. 15 as follows: 34.575. 1926 and $4.300. 1927 to 1934
incl. Certified check for 5% of the amount of bonds bid for, payable to
the City Treasurer, required.
-Percy A.
-BOND OFFERING.
BEVERLY, Essex County, Mass.
Wallis, City Treasurer, received sealed bids up to June 11, for 863.0004%
coupon school bonds. Denom.$1,000. Date May 1 1925. Prin, and semiann. int.(M.& N.) payable at the Old Colony n•ust Co. of Boston. Due
yearly on May 1 as follows: 84.000. 1926 to 1937 incl.: 32,000. 1938 to 1944
incl. and $1,000. 1945. Legality approved by Thorndike, Palmer & Dodge
of Boston.
-BOND OFFERING.
BINGHAMTON, Broome County, N. Y.
Sealed bids will be received until 11 a. m. June 18 by Harry H. Evans,
City Comptroller, for the following issues of 434% coupon or registered
bonds:
$500,000 Binghamton City Hospital building and equipment of 1925 bonds.
Int. J. & D. Date June 11925. Denom. $1.000. Due $25,000
June 1 1926 to 1945.
100.000 Binghamton City Hospital equipment of 1925 bonds. Int.
J. & D. Date June 1 1925. Denom. $1,000. Due $10.000
June 1 1926 to 1935.
105,000 Pavement of 1925 bonds. Int. M. & S. Date March 1 1925.
,
Denom, 31.000 Due March 1 as follows: 310,000, 1926 to
1935, and $5.000, 1936.
75,000 Daniel S. Dickinson School building and equipment of 1925
bonds. Int. M. & N. Date May 1 1925. Denom. $1,000.
Due 83.000 May 1 1926 to 1950.
80,000 Binghamton City municipal barns and storage facilities building
and equipment of 1925 bonds. Int. J. & J. Date Jan. 1 1925.
Denom. $1,000. Due 34.000 Jan, 1 1926 to 1945 incl.
34,000 Brandywine Swamp drainage system of 1925 bonds. Int.
F. & A. Date Feb. 1 1925. Denom. $1,000. Due
Feb. 1 1926 to 1942.
26,000 Christopher Columbus School site of 1925 bonds. Int. J. & J.
Date Jan. 1 1925. Denom. $1,000. Due $2,000 Jan. 1 1926
to 1938.
18,000 high school site of 1925 bonds. Int. A. & 0. Date April 11925.
Denom. $1,000. Due $1,000 April 11926 to 1943.
30.000 Department of Public Safety Imp., of 1925 bonds. Int. F. & A.
Date Feb.'1 1925. Denom. $1,000. Due $2,000, Feb. 1 1926
to 1940.
2
9,500 Binghamton-Johnston City trunk sewer, Series No.andbonds.
$500.
Int. M. & S. Date March 1 1925. Denom. $1,000
Due March 1 as follows: 31,000. 1926 to 1934, and $500, 1935.
Henry St. Imp. of 1925 bonds. Int. M. & N.
4,500 Chenango and
Date May 1 1925. Denom. $500. Due $500 May 1 1926 to
1934.
Prin. and int, payable in gold at the4F Treasurer's office. Legality
ellow, N. Y. City. Enclose
approved by Hawkins. Delafield &
a certified check for 2% of the amount b for. payable to the City Comptroller.
BLAIRSVILLE SCHOOL DISTRICT (P. 0. Blairsville), Indiana
-A description of the $35,000
-BOND DESCRIPTION.
County, Pa.
434% coupon school bonds sold to Lewis & Snyder of Philadelphia at
Date May 1 1925.
102,93 (see V. 120, p. 2458) follows: Denom.
Int. M.& N. Due on May 1 as follows: 35.000 1933 and $10.000 1943,
1950 and 1955. Legality approved by Townsend, Elliott & Munson ol
Philadelphia.
Financial Statement.
$3,345,531
Assessed valuation
86,000
this issue
Bonded debt,including
5,000
Population 1920,4,500; present, estimated
-At
-BONDS VOTED.
BLOOMINGTON, Victoria County, Tex.
an election held recently the voters authorized the issuance of $55,000
school building bonds by a count of 135 for to 25 against.
BOONE SCHOOL DISTRICT, Jackson County, Mo.-BOND DE% school building bonds pzurchased by the
-The $35,000
SCRIPTION.
Fidellty National Bank & Trust Co. of Kansas City-\? 120. p. 2321are described as follows: Date May 1 1925. Denom. 11.000 and $500.
Coupon or registered bonds. Due serially 1926 to 1945 incl. Interest
payable (J. & D.).
-The follow_
BRADENTOWN, Manatee Countytyla.-BOND SALE.
Ing 5%% coupon bonds, aggregating $i83,000 offered on June 5-V.120.
$2..000
$1,000.
JUNE 13 1925.]
THE CHRONICLE
p.2714-were awarded to the Ringling Bank & Trust Co.of Sarasota and
John Nuveen & Co. of Chicago, jointly, at a premium of $68,747, equal
to 108.77.
$200,000 gas plant
$72,000 storm sewers
.350,000 water works improvement
20,000 bridge
141,000 sanitary sewer extension
Date May 1 1925. Due serially in 10, 15, 20, and 30 years.
BRAINTREE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
Grafton Co. of Boston has purchased $100,000 temporary loan notes, due
Nov. 9 1925. on a 3.28% discount basis.
BRIDGETON, Craven County, No. Caro.
-BOND OFFERING.
Sealed bids will be received until 12 in. July 3 by C. A. Ryman, Town
Clerk, for $15,000 6% street improvement coupon bonds. Date June 1
yearly 1928 to 1942 incl. Interest payable semi-ann.
1925. Due $1,000
A certified check for 2% of bid is required.
BRISTOL, Sullivan County, Tenn.
-BOND DESCRIPTION.
-The
following municipal improvement bonds, aggregating $239,000, awarded
on May 26 to the City Bank of Bristol as 5s at 105.75-V. 120. p. 2844a basis of about 4.54% are described as follows:
3150,000 school bonds. Denom. $1.000. Due $5,000 yearly 1926 to 1955
inclusive.
50.000 fire department bonds. Denom. $1,000. Due in 1955.
26.000 street improvement bonds. Denom. $500. Due $2,000, 1926 to
1931 incl., $3,000 in 1932 and 1933 and $4,000 in 1934 and 1935.
13,000 general improvement bonds. Denom. $500. Due $5,000 in 1935
and $8.000 in 1945.
Date June 1 1925. Principal and interest (J. & D.) payable at the
National City Bank, New York City.
BROOKLINE, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
City Treasurer has awarded to the Brookline Trust Co. of Brookline on a
3.19% discount basis, plus a $8 premium, a temporary loan of $250.000,
due Nov. 4 1925.
BROTHERS VALLEY TOWNSHIP (P. 0.
R D.) So
-BOND OFFERING.
County, Pa.
-Victor B. Glessner. Secretary Board
of Supervisors until June 20 for $20,000 5% coupon Road bonds. 'Denom.
$500. Date July 1.1925. Int. J. & J. Due $1,000 July 1 1926 to 1945
Incl., optional after Jan. 1 1927. Certified check for 5% of the bonds bid
for, required.
BROWNFIELD INDEPENDENT SCHOOL DISTRICT, Terry
-BONDS REGISTERED.
County, Tex.
-$30,000 5%% school bonds were
registered on June 2 by the State Comptroller of Texas. Due serially.
BROWNSVILLE INDEPENDENT SCHOOL DISTRICT, Cameron
-BONDS REGISTERED.
County, Tex.
-The State Comptroller of Texas
on June 2 registered $75,000 5% school bonds. Due serially.
BRUNSWICK, Cumberland County, Me.
-TEMPORARY LOAN.
The Merchants' National Bank of Boston has purchased a temporary loan
of $20.000 on a 3.65% discount basis. Due Nov. 15 1925.
BUCK CREEK SCHOOL TOWNSHIP (P.O. R. R. No. 1, Mt. Comfort) Hancock County, Ind.
-BOND SALE.
-The $30,000 451%
coupon school bonds offered on June 5-V. 120, p. 2714
-were sold to the
Merchants Nat. Bank of Muncie at 102.05, a basis of about 4.26%. Date
Feb. 23 1925. Due $1.000 July 15 1926 to Jan. 15 1941 incl.
CAMDEN, Knox County, Me.
-BOND OFFERING.
-Sealed bids vrill
be received by J. H. Hodgeman, Town Treasurer until 2 p. m. (daylight
saving time) June 26 for $70,000 4% coupon school bldg. bonds. Denom.
$1,000. Date July 1 1925. Prin. and semi-ann. int. (J. & J.) Payable at
the Camden Nat. Bank of Camden. Due $5,000 Jan. I 1928 to 1941 incl.
Legality approved by Cook, Hutchinson dr Pierce of Portland.
CAMDEN COUNTY (P. 0. Camden), N. J.
-BOND SALE.
-The
issue of 4%% coupon or registered road and bridge bonds not to exceed
3158.000, offered on June 8 (V. 120, p. 2717). was awarded to Harris,
Forbes & Co. of New York on a bid of $158,631 31. equal to 100.39, a basis
of about 4.20 Vo_for 3157.000 bonds. Date June 15 1925. Prin. and semiann. Int. (J. & D.) payable in gold at the West Jersey Trust Co.of Camden.
Due yearly on June 15 as follows: $10,000. 1927 to 1931 incl.; 312.000.
1932 to 1939 incl.and 311,000. 1940. Legality approved by Hawkins,
Delafield & Longfellow of New York. Bids were as follows:
Take.
Bid.
Austin. Grant & Co
158
$158,663 60
A. M. LamportCo
157
158.055 00
Eastman. Dillon Co
158
158.881 64
Batchelder. Wack & Co
158
158.715 00
G. D. Gibbons & Co
157
158.020 50
Harris, Forbes & Co
157
158.631 31
H. L. Allen & Co
157
158.014 22
J. B. Van Ingen & Co
158
158,489 80
Graham. Parsons & Co
158
158,788 40
West Jersey Trust Co
157
158.593 30
A. M. Grant & Co
158
158.320 00
CAMDEN COUNTY (P. 0. Camden), No. Caro.
-BOND SALE.
The $25,000 road bonds offered on June 1-V.120. D. 2184
-were awarded
to Ryan. Sutherland & Co. of Toledo at a premium of 8200. equal to 100.80,
a basis of about 5.64%. Due May 1 as follows: 31.000 in 1928 and 1929,
$2.000. 1930 to 1933 incl. and $3,000. 1934 to 1938 incl.
CANTON, Stark County, Ohio.
-BOND SALE.
-Sealed bids will be
received by Samuel Barr, City Auditor, until 12.30 (Eastern standard
time) June 22 for the following issues of 5% coupon bonds:
$6,728 20 4th Bt. N. E. storm sewer bonds. Denom. 31,000. $500 and
one for $228 20. Dueyearly on March 1 as follows: $728
20
1927. $1,000 1928, 1930, 1932 and 1934, and $500 1929. 1931
and 1933.
15,443 85 13th St. N. E. city's portion improvement bonds. Denom.
81,000, $500 and one for 3443 85. Due yearly on March
follows: $1.443 85 1927. 32.000 1928, 1930, 1932 and 1934.1 as
and
31,500 1929, 1931. 1933 and 1935.
Date March 1 1925. Principal and semi-annual interest (M. &
payable at the office of the City Treasurer. Certified check for 5% S.)
of
the bonds bid for on some solvent bank required.
CARLTON (P. 0. Albion) Orleans County, N. Y.
-BOND SALE.
An issue of 86.000 5% Highway bonds was disposed of at public auction on
May 20. Dated May 11925. Denom. $1,500. Due $1,500 May 1 1926
to 1929 incl.
CARROLL COUNTY (P. 0. Westminster), Md.-BOND OFFERING.
-Samuel J. Stone, County Clerk, will receive sealed bids until July I
(to be opened July 2, 10:30 a. in.), for 339.000 4%% lateral road coupon
bonds. Date July 1 1925. Denom. $1,000. Due July 1 as follows:
$5,000 in 1928 to 1934 and 34,000 in 1935. A certified check for $500 is
required.
CECIL COUNTY (P. 0. Elkton), Md.-BOND OFFERING.
-Sealed
bids were received by C. H. Reckefus, President Board of County Commissioners. until 12 in. June 9 for $26,000
% coupon lateral road bonds.
Denorn. $1,000. Date May 1 1925. Interest M. & N. Due $2.000
May 1 1930 to 1943, inclusive.
CENTRAL CITY SCHOOL DISTRICT, Merrick County, Neb.-The proposition to issue $175,000 434%
BONDS DEFEATED.
school
bonds, submitted to a vote of the people at the election held on May 21-was defeated.
V. 120, p. 2584
CHARLTON COUNTY (P. 0. Folkston), Ga.-BONDS VOTED.
At an election held on June 9 the voters authorized the issuance of $175.000
road bonds.
CHATHAM COUNTY,(P.O. Pittsboro), No. Caro.
-BOND SALE.
Bray Bros. of Greensboro have purchased an issue of $71.000 5)4% road
and bridge bonds at a premium of $420.68. equal to 100.59. a basis of
about 5.47%• Due 311,000 in 1956 and $15.000. 1957 to 1960 incl.
CHISHOLM, St. Louis County, Minn.
-BOND DESCRIPTION.
% sewer bonds awarded to Lane, Pipe & Jaffra_y of MinneThe $50,000
apolis at 100.53-V. 120. p. 2321-are described as follows: Date March
1 1925. Denom. $1,000. Coupon bonds. Due serially March 1 1939 to
1943. Interest payable (J. & DO.
CLACKAMAS COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Mil
-BOND OFFERING.
-C. C. McLaughlin, Clerk, Board
ukee), Ore.
of Trustees, will receive sealed bids until 2:30 p. m. June 15 for $186.000
wa
not exceeding 5% school bonds. Date July 1 1925. Denom. $1,000,
Legality approved by Teal, Winfree. Johnson & McCulloch of Portland.
A certified check for 35,000 is required.
3095
CLEVELAND, Cuyaboga County, Ohio.
-BOND OFFERING.
Sealed bids will be received at the office of W.J.Simple. Director of Finance.
Room 228, City Hall, Cleveland. until 12 m.July 9 for the following issues
of 4)4% coupon bonds, purchase of:
$1.240,000 City's Portion Paving and Sewer Coupon Bonds and maturing
as follows: $72,000 on September 1 1926 and $73,000 on Sept.
1 in each of the years from 1927 to 1942 both inclusive.
460,000 City's Portion Street Opening Coupon Bonds and maturing as
follows: $18,000 on Sept. 1 in each of the years from 1926 to
1940 both inclusive, and $19,000 on Sept. 1 in each of the years
from 1941 to 1950 both inclusive.
100,000 Bridge Coupon Bonds and maturing as follows: $5.000 on
Sept. 1 in each of the years from 1926 to 1945 both inclusive.
Date July 11925. These bonds will be issued under authority of law and
ordinances, both principal and interest (M. & S.) being payable at the
American Exchange National Bank in New York City. A certified or
cashier's check drawn on some solvent bank other than the one bidding
for 3% of the amount of bonds bid for and payable to the order of the
"Treasurer of the City of Cleveland," must accompany each bid. No bids
will be entertained unless made on a blank form furnished, on application,
by the Director of Finance. No bids for less than par and accrued interest
to the day of delivery will be accepted. Bonds to be delivered to the buyer
at Cleveland. Bids may be made separately for each lot or for "All or
None." All bonds are One Thousand Dollars ($1,000) denomination. The
bonds to be duly and legally executed, but bidders shall be required at their
own expense to satisfy themselves of the legality of said bonds. According
to law, coupon bonds of the City of Cleveland may be exchanged for bonds,
registered as to principal and interest at the request of the
owner..
CLERMONT, Lake County, Fla.
-BOND SALE.
-The $222.000
6% city bonds offered on June 6 (V. 120, p. 2844) were awarded to Ryan,
Sutherland & Co. and W. L. Slayton & Co., both of Toledo, jointly, at a
premium of $200. equal to 100.09, a basis of about 5.97%. Date Apr. 1
1925. Due serially 1926 to 1935.
CLINTON COUNTY SCHOOL DISTRICT NO. 32 (P. 0. Carlyle),
III.
-BOND SALE.
-The $30.000 5% school bonds offered on April 14
(V. 120, p. 1918) were sold to Kauffman, Smith & Co. of St. Louis for
$30.103. equal to 100.31, a basis of about 4.97%. Due yearly on July 1
as follows: 31.000. 1926 to 1936 incl.: $2,000. 1937 to 1244, and $3,000.
1945. This sale was reported in V. 120,p 2584, under the incorrect caption of "Carlyle School District No. 32, III."
CLOVER, York County, So. Caro.
-BOND DESCRIPTION.
-The
$75,000 street improvement bonds awarded on May 20 to J. H. Hilsman
& Co. of Atlanta as 5s at 101.07-V. 120. p. 2844-a basis of about 4.93%,
are described as follows: Date June 1 1925. Denom. $1,000. Due
June 1 1955. Interest payable annually Jan. 1.
COLORADO, Michell County Tex.
-BOND ELECTION.
-An election will be held on June 16 for the purpose of voting on the question of
issuing $30.000 city hall bonds.
COLORADO SPRINGS,El Paso County,Colo.
-BONDS AWARDED
IN PART.
-Of the $850,000 light plant construction bonds offered on
June 9-V. 120, p. 2968-$800,000 were awarded to .Boettcher, Porter
& Co. of Denver and Barr Bros. & Co. and Blodget & Co. both of New
York. jointly, as 434s at 102.19, a basis of about 4.23%. Denom. 31,000.
Due $80,000 yearly 1930 to 1939. 11/fifi Mogi
COLUMBIA COUNTY (P. 0. Lisbon), Ohio.
-BOND OFFERING.
L. H. Johnson, Clerk Board Of County Commissioners, will receive sealed
bids until June 25 at 10 a. m. (Central standard time) for $30,000 5%
I. C. II. No. 384 bonds. Date July 1 1925. Denom. $1,000. Due
33,000 Oct. 1 1926 to 1935. Prin. and semi-ann. int. (A. & 0.) payable
at the Peoples State Bank, Lisbon. A certified check for 5% is required.
COLUMBIA DRAINAGE DISTRICT NO, 1 (P. 0. Cortland), Mult-BONDS NOT SOLD.
nomah County, Ore.
-The 890,000 6% drainage
bonds offered on May 21-V. 120. p. 2185
-have not been sold. Date
June 1 1925. Due serially June 1 1930 to 1945.
CONCORD (P. 0. Springville), Erie County, N. Y.
-BOND OFFER-Sealed bids will be received until 11 a. m. June 13 by Ira H. Vail.
/NO.
Town Supervisor, for the purchase of the following issues of 5% bonds:
$10,961 highway bonds. Due May 1 as follows: $961 1936 and $1,000
1937 to 1946.
3,000 highway bonds. Due May 1 1938.
4.286 highway bonds. Due May 1 as follows: $1,286 1932 and $1.000
1933 to 1935.
21.400 highway bonds. Due May 1 as follows: $1,400 1932 and $2,000
1933 to 1942.
Date May 1 1925. Principal and semi-annual interest payable at the
Citizens National Bank, Springville. Enclose a certified check for 10%.
CONCORD, Middlesex County, Mass.
-BOND SALE.
-The $5,000
47 coupon road bonds offered on June 4-V. 120. p. 2844
-were sold to
the Merchants National Bank of Boston at 100.58, a basis of about 3.80%.
Date June 11925. Due $1,000 1926 to 1930, inclusive.
CONCORD, Merrimack County, N. H.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler of Boston have purchased a temporary loan of
3100.000 on a 3.36% discount basis plus a 31 75 premium. Due Sept.
15 1925.
CONCORD TOWNSHIP SCHOOL DISTRICT (P. 0. St. Joe)
-BOND OFFERING.
-Sealed bids will be received
De Kalb County, Ind.
by Frank L. Millman, Township Trustee until 10 a. m.June 27 for $30,000
43.4 % coupon school bonds. Denom. $500. Tht. J. & J. Due every six
months as follows: 51,000, July 1 1926 to July 1 1933 incl.
CORONADO HIGH SCHOOL DISTRICT, San Diego County,
-BOND OFFERING.
-Sealed bids will be received until 11.30 a. in.
Calif.
June 15 by J. B. McLees, Clerk Board of Supervisors, for $16,000 5%
school bonds. Date May 11 1925. Denom. $1,000. Due $1,000 yearly
1926 to 1941, inclusive. Principal and interest (M. & N. 11) payable at
the County Treasurer's office. Legality approved by Goodfellow. Hells,
Moore & Orrick of San Francisco. .A certified check for 3% of bid, payable
to the County Treasurer, is required. The assessed valuation of taxable
property for 1925 is $3,451,405 and the amount of bonds previously issued
and at present outstanding is.$113,000. Estimated population is 4.390.
CORONADO SCHOOL DISTRICT, San Diego County, Calif.-J. B. McLees, Clerk Board of Supervisors, will
BOND OFFERING.
receive sealed bids until 11.15 a. in. June 15 for $50,000 5% school bonds.
Date May 111925. Denom. $1,000. Due $2,000 yearly May 11 1926 to
1950. inclusive. Principal and interest(M.& N. 11) payable at the office
of the County Treasurer. Legality approved by Goodfellow, Bells, Moore
& Orrick of San Francisco. A certified check for 3% of bid, payable to
the County Treasurer, is required. The assessed valuation of taxable
property for 1925 is $3,451.405, and the amount of bonds previously issued
and at present outstanding is $36,000. Estimated population is 4,900.
COTTLE COUNTY (P. 0. Paducah), Tex.
-BOND ELECTION.
On June 27 an election will be held for the purpose of voting on the question
of issuing $75,000 road bonds. J. M. Whatley, County Judge.
COTTONWOOD COUNTY (P.O. Windom), Minn.
-BOND SALE.The $11,000 refunding bonds offered on June 3-V. 120, p. 2715
-were
awarded to the Minneapolis Trust Co. of Minneapolis as 4%8 at a premium
of 847, equal to 100.42, a basis of about 4.21%. Date May 1 1925. Due
Nov. 1 1935.
CRESTLINE, Crawford County, Ohio.
-BOND SALE.
-The following issues of 53.4% coupon bonds, offered on May 25-V. 120, Ir• 2717
were sold to the Farmers State Bank of New Washington for a premium
of $714 65, equal to 103.32:
$3,200 North'Henry St. bonds.
3,000 Union St. bonds.
15,300 Clink Blvd. bonds.
Date April 1 1925.
CRAWFORD COUNTY (P.O. Meadville), Pa.
-BOND OFFERING.
The County Commissioners until 2 p. m.June 23 will receive sealed bids for
$400,000 4% coupon highway bonds. Denom. $1,000. Date July 11925.
Int. J. & J. Due yearly on Jan. 1 as follows: $36,000, 1931; 313,000, 1932
to 1934: 815.000, 1935; 314,000, 1936: $16,000, 1937 and 1938: 317.000
1939 and 1940: $19,000. 1941 and 1942; $20,000, 1943: $21,000. 1944
$22,000, 1945: 323,000, 1946; 324.000, 1947: 525.000. 1948: 326.000, 1949
$27.000. 1950. and 34,000. 1951. Certified check for $10,000 required
Bonds are subject to opinion of Townsend, Elliott & Munson of Philadelphia.
3096
THE CHRONICLE
CUSTER COUNTY SCHOOL DISTRICT NO. 15 (P. 0. Merna),
-At the election held on May 25-V. 120, p.
Nab.
-BONDS VOTED.
2584
-the voters authorized the issuance of $25,000 5% school bonds.
These bonds were purchased subject to being voted by Benwell & Co. of
Denver, see above reference.
8
DALLAS COUNTY SEWER IMPROVEMENT DISTRICT NO. of
-The State Comptroller
-BONDS REGISTERED.
Q.0. Dallas), Tex.
Texas registered $3,500 6% sewer bonds on June 6. Due serially.
DANA SCHOOL TOWN (P. 0. Dana), Vermillion County, Ind.
BOND OFFERING.
-Sealed bids will be received by the Board of School
Trustees until 1 p. m. June 12 for $24,880 5% coupon school bonds. Denom. $620 and one for $700. Date July 1 1925. Prin. and semi-ann. int.
(J. & J.) payable at the State Bank of Dana. Due every six months as
follows: $700 July 1 1926 and $620 Jan. 1 1927 to July 1 1945 incl.
-Richard
DANVILLE,Pittsylvania County, Va.-BOND OFFERING.
P. Moss, City Auditor, will receive sealed bids until June 20 for $750.000
city bonds. Due in 1 to 20 years.
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glendive),
-BOND SALE.
-The $18.000 school bonds offered on June 8Mont.
V. 120, p. 2968
-were awarded to the Montana State Land Department
as 5s. Date July 1 1925. Due July 1 1945, optional July 1 1935.
-E. E.
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
Hagerman, City Accountant, until 12 m. (daylight saving time) June 24
will receive sealed bids for $300.000 43.% coupon street impt. bonds.
Denom. $1,000. Date July 1 1925. Prin. and semi-ann. int. (M. & S.
payable at the office of the city fiscal agent. Due $30,000 Sept. 1 1926
to 1935 incl. Certified check for 5% of the par value of bonds bid for,
on a solvent bank, required. The bonds to be sold may be exchanged for
registered bonds, both as to principal and interest on payment of $2.00
for each registered bond of one maturity.
Financial Statement (June 11925).
General Bonds outstanding (not including above $300,000)-- $11,116,580
2,702,280
Sinking Fund applicable thereto
Water Works Bonds included in the total amount of all General
2,770,000
Bondsissued and outstanding
Sinking Fund applicable thereto, included in the $2,702,280
436,400
Sinking Fund applicable to General Bonds
Special Assessment Bondsseparatefrom and not included in the
1.521.600
'
General Bonds, issued and. outstanding
Tax Rate for
Assessed Valuation
$1,000 Valuation.
Tax Year
Taxable Property.
$21.00
1919-1920
$216,164.740
25.00
1920-1921
227.339.580
29.60
1921-1922
236 829.650
29.00
1922-1923
231 373.170
28.20
1923-1924
235 675.560
20.80
1924-1925
.83
Population, census 1910. 116,577; population census 1920. 152,599.
-BOND OFFERING.
DE KALB COUNTY (P. 0. Auburn), Ind.
Sealed bids will be received by Carrie P. Weaver, County Treasurer, until
10 a. m. June 15 for the following issues of 4%% coupon road bonds:
$10,200 Christian M. Funk et al. road bonds. Denom. $510.
10,500 John S. Wing et al. road bonds. Denom. $525.
10.800 David Shook et al. road bonds. Denom. $540.
Date June 15 1925. Prin. and semi-ann. int.(M. & N. 15) payable at
the office of the County Treasurer.
DE SOTO COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 13
-The $30,000 53-6%
-BOND DESCRIPTION.
(P. 0. Arcadia), Fla.
school bonds purchased by Prudden & Co. of Toledo at 103.21-V. 120,
-are described as follows: Date April 1 1925. Denom. $1.000.
p. 2460
Coupon bonds. Due serially April 1 1928 to 1955. Interest payable
(A. & 0.).
-BOND OFFERING.
DOBBS FERRY, Westchester County, N. Y.
Chas. E. Storm, Village Clerk will receive sealed bids until 8 p. m.(daylight
saving time) June 15 for $16,000 43/,% fire equipment registered bonds.
Date July 1 1925. Int. J. & J. Due $2.000 July 1 1926 to 1933 incl.
Legality approved by John C. Thomson of New York. Certified check
for 2% of the amount bid, payable to the Village Treasurer, required.
-BOND SALE.
DOUGLAS COUNTY (P. 0. Lawrence), Kan.
The $3,400 43 % road improvement bonds offered on June 10-V. 120.
1
,
-were awarded to the Lawrence National Bank of Lawrence, at a
p. 2968
premium of $35.95, equal to 101.05. Date July 1 1925. Due serially in
10 years.
DOUGLAS COUNTY(P.O.Omaha), Neb.-BOND DESCRIPTION.
The $300,000 highway bonds awarded on May 5 to the United States
Trust Co. of Omaha as 5s at 110.41. a basis of about 4.26%-V. 120.
-are described as follows: Date Oct. 1 1919. Denom. $1,000.
p. 2460
Coupon bonds. Due Oct. 1 as follows: $100,000 in 1945 and $200,000
in 1946. Interest payable (A. & 0.).
-John Olsen,
DUNDEE, Polk County, Fla.
-BOND OFFERING.
Town Clerk, will receive sealed bids until 3 p. m. July 7 for $115,000
6% streetimpt.bonds. Date July 11925. Due July 1 as follows: $11.000
in 1926, 1928, 1930, 1932 and 1934, and $12.000 in 1927, 1929, 1931, 1933
and 1935. Prin. and int.(J. & J.) payable at the National Bank of Commerce, N. Y. City. Legality approved by Caldwell & Raymond of N. Y.
City. A certified check for 2% of bid is required.
DUNDY COUNTY SCHOOL DISTRICT NO.27(P.O. Max), Neb.-The United States Bond Co. of Denver has
PEE-ELECTION SALE.
purchased an issue of $20,000 5% school building bonds, subject to their
being voted at a coming election.
DURANGO PAVING DISTRICT NO. 2, La Plata County, Colo.
-The $122,370 paving bonds offered on June 2 (V. 120, n•
BOND SALE.
2715) were awarded to the International Trust Co.and Bosworth, Chanute
& Co., both of Denver, jointly as 55 at par. Coupon bonds. Denom.
$1,000 and $500. Due in 15 years, optional.
-P. A•
-BOND OFFERING.
EAST CHICAGO, Lake County, Ind.
Parks, City Comptroller, will receive sealed bids until June 24 at 2 13.
bonds. Dated
for $100.000
% refunding
(daylight saving time),
June 201926. Denom. $1,000. Due $10,000 June 1 1926 to 1935. Principal and semi-ann. int. (J. & D.) payable at the City Treasurer's office.
Legality approved by Matson. Carter, Ross & McCord, Indianapolis.
Enclose a certified check for 2% of the amount bid.
-BOND OFFEREAST PALESTINE, Columbiana County, Ohio.
-J. Horace Leake, City Auditor, will receive sealed bids until 12 m.
ING.
June 25 for $6,918 54 5% w Park Ave. inapt., city's portion, bonds. Dated
April 1 1925. Denom. $500, one for $418 54. Due $500 semi-annually
from Oct. 1 1926 to Oct. 1 1932. and $418 54 April 1 1933. A certified
check for 2%. payable to the City Treasurer, required.
EAST STROUDSBURG SCHOOL DISTRICT (P. 0. East Strouds-Sealed bids will be
-BOND OFFERING.
burg) Monroe County, Pa.
received until 8 p. m. (standard time) June 26 for $40,000 5% coupon or
bonds. Denom. $500. Date July 1 1925. Int. semiregistered school
ann. Due July 1 1930. optional at anytime. Certified check for 2% of the
bid, payable to the District Treasurer, required.
-Batchelder,
-BOND SALE.
EASTWOOD.Onondaga County, N. Y.
Wack & Co. of New York have purchased the following bonds as 4 qs at
100.437, a basis of about 4.20%;
$21,000 paving bonds. Due $3,000 July 1 1939 to 1945 incl.
20,000 sewerage bonds. Due $1,000 yearly on July 1 from 1926 to 1945,
incl.
60.000 paving bonds. Due $3,000 yearly on July 1 from 1926 to 1945 incl.
Date July 1 1925.
-The
-BOND SALE.
EDENTON, Chowan County, No. Caro.
$65,000 street improvement bonds offered on June 9-V. 120, p. 2716 of
were awarded to Braun, Bosworth & Co. of Toledo, as 5s at a premium
basis of about 4.99%. Date June 11925. Due June
370, equal to 100.12.a
1 as follows: $5,000, 1926 to 1935 incl.; $2,000. 1936 to 1940 incl. and
$1.000, 1941 to 1945 Incl.
EDGEWATER SCHOOL DISTRICT (P. 0. Edgewater), Bergen
-BOND OFFERING.-Thos, F.Rigney, District Clerk, will
County, N.J.
receive sealed bids until June 24 at 7 p. m. (standard time), for $130,000
57 school coupon or registered bonds. Dated July 15 1925. Denom.
,
$1°000. Due July 15 as follows: $6,000. 1927 to 1929, and $7,000, 1930
to 1945. Principal and semi-ann. int. (J. & J.) payable in gold at the
Edgewater Trust Co. Bank, Edgewater. It is required that the above sum
[VOL. 120.
be raised and the bonds will be sold to the bidder offering to pay not less
than said sum and to take therefor the least amo_nt of bonds commencing
with the first maturity, and if two or more bidders offer to take the same
amount of bonds, then to the bidder offering the highest additional amount
of less than $1,000. A certified check for 3% of the bonds bid for, payable
to Joseph F. Murphy, Custodian of School Moneys, required.
-C. W. McNear
-BOND SALE.
ELKHART, Elkhart County, Ind.
& Co. of New York have purchased $925,000 4%% water works revenue
as follows: $6,000, 1930 and
bonds. Date Apr. 1 1925. Due on Apr. 1
1931; $7,000. 1932 to 1934 incl.; $8,000, 1935; 89,000. 1936 and 1937;
$10,000, 1938 and 1939; $11,000, 1940 and 1941; $12,000, 1942 to 1944
incl.; $13,000, 1945; 514.000, 1946 and 1947; $15,000, 1948 and 1949
$16,000, 1950; $17,000, 1951 and 1952; 818.000. 1953: 819,000, 1954
$20,000, 1959 $23,000, 1960; $24,000, 1961 $25,000. 1962; $26,000, 1963
$28,000, 1964 $29,000, 1965; $30,000, 1966 532,000, 1967; $33,000, 1968
534.000, 1969 $36,000, 1970; $38,000. 1971 $39,000, 1972, $41,000, 1973
$43,000, 1974 and $45,000. 1975. Legality approved by John C. Thomson
of New York. Principal and semi-annual interest (A. & 0.) payable in
gold at the National City Bank. New York City. Coupon bonds. denom.
$1,000, registerable as to principal.
Financial Statement.
$50.000,000
Actual Valuation, estimated
38,535,754
Assessed Valuation, 1924
1,098,000
Total Bonded Debt (including this issue)
925,000
Waterworks Bonds (payable from gross water revenues)
38,703
Sinking Fund
135,297
Net Bonded Debt
Population, 1920 U. S. Census 24,277; Present estimate 30,000.
-BOND OFFERING.
ELKHART COUNTY (P. 0. Goshen), Ind.
Roy M.Stark, County Treasurer, until 10 a. m.June 16 will receive sealed
bonds:
bids for the following issues of 43. % coupon
89,000 Ed. Iffert et al, road bonds. Denom. $225. Due $225 May 15
1926 to Nov. 15 1945 incl.
18,000 Harold Brown et al. road bonds. Denom. $450. Due $450
May 15 1926 to Nov. 15 1945 incl.
54,000 H. M. Thornton et al. road bonds. Denoms. $500 and $350.
Due $1,350 May 15 1926 to Nov. 15 193.5 incl.
Date June 15 1925. Int. M.& N. 15.
-The $35,000
ELMO, Nodaway County, Mo.-BOND DESCRIPTION.
% school bonds purchased by the Commerce Trust Co.of Kansas City
V. 120, p. 2322
-are described as follows: Date May 1 1925. Denom.
Interest payable(M.& N.).
81.000 and $500. Due serially 1926 to 1945.
-BONDS REGISTERED.
EL PASO COUNTY (P. 0. El Paso), Tex.
The State Comptroller of Texas on June 5 registered 8286.000 45i% court
house and jail bonds. Duo serially.
-The following bonds,
-BOND SALE.
EMM T, Gem County, Idaho.
-were awarded
aggregating $21.216 25, offered on June 4-V. 120. p. 2585
to the High & Fritchman Co. of Boise:
81.000,
$8.305 03 general bonds as 5%s. Due in 20 years. Denom.
except one for $305 03.
10 years. Denom. $500, except
12.911 22 special bonds as 7s. Due in
one for $411 22.
Date July 1 1925.
ERATH COUNTY ROAD DISTRICT NO. 5 (P. 0. Stephensville),
-The proposition to issue $75.000 road bonds
Tex.
-BONDS DEFEATED.
submitted to a vote of the people at the election held on May 16-V. 122,
P. 2322
-was defeated.
ERVIN MAGISTERIAL DISTRICT (P. 0. Clintwood) Dickenson
-W. S. Resnick, Clerk Board of
County, Va.-BOND OFFERING.
Supervisors, will receive sealed bids until July 17 for $225,000 5% road
bonds.
-Halsey, Stuart & Co.,
-BOND SALE,
EUGENE, Lane County, Ore.
-year water and 8135.111*
Inc., of Chicago, have purchased the $200,000 30
-as 4%s.
25
-year water extension bonds offered on June 8-V.120, p. 2969
-The
EVANSVILLE, Natrona County, Wyo.-BONDS NOT SOLD. 2585.
-30
$60,000 15 -year optional water bonds offered on June 1-V. 120, p.
-have not been sold.
-BOND SALE -During the
EVERETT, Middlesex County, Mass.
Past week this city awarded to the Old Colony Trust Co. of Boston $125,000
water and macadam bonds, due 1926 to 1930, incl., at 100.468.
-BOND
FAIRFIELD TOWNSHIP, Westmoreland County, Pa. 2584
% bonds offered on June 5-V. 120. P.
SALE-The $68,000
Co. of Philadelphia for $70.631 60, equal to
were sold to Halsey, Stuart &
Int. J. & D. 15.
103.87, a basis of about 4.09%. Date June 15 1925. and 1929: $3,000,
Due on June 15 as follows: $4,000, 1927; 82,000. 1928
1930 and 1931; $2,000. 1932; 83,000, 1933 to 1935 incl.; $4.000. 1936;
$3,000, 1937;$4,000, 1938 to 1941 incl.; 55.000, 1942;84.000, 1943;85,000.
1944, and $8,000, 1945.
-The
-BOND SALE.
FERGUS FALLS, Otter Tail County, Minn.
-were
2322
120,
$20,000 water works bonds offered on May 18-V.as 4s.p.Date May 1
Water and Light Sinking Fund
awarded to the City
1925. Due $1,000 yearly May 1 1930 to 1949 incl. Coupon bonds.
County,
FLINT UNION SCHOOL DISTRICT(P.O.Flint), Genesee
-J. W. McCue, Secretary, will receive bids
Mich.
-BOND OFFERING.
17 for $300,000 Jefferson
until 11:30 a. m. (Eastern standard time) June
semi-ann.
school bonds. Denom.$1,000. Date March 1 1925. Prin. and
int.(u.& S.) payable at the office of the District Treasurer. Due yearly
and
on March 1 as follows: 550.000, 1930 to 1933, incl.; $65,000, 1934,
the district, required
335.000, 1935. Certified check for $2,000, payable to%7 or 4347 bonds.
either for 4
with each bid. Bids will be entertained
°
Chicago
y i &
The district will furnish the legal opinion of WcAollalso defray the expens
he
0
rif tts v 3
o pr
sprcati g ie tllig of such issue of bonds and
-On
-BOND ELECTION.
FOARD COUNTY (P. 0. Crowell), Tex.
on the question of
June 23 an election will be held for the purpose of voting
County Judge.
Hicks,
issuing $460,000 road bonds. Warren
OFFE. Lac),
FOND DU LAC COUNTY(P.O.Fond Dua. an. Wis.-BOND
June 17 by Chas. A.
bids will be received until 11
ING.-Sealed
for $300.0005% highway improveFriedburg, member Bonding Committee,
1 1937 and 1943.
rnent bonds. Date Apr. 1 1925. Due $150.000 Apr.
PurPrin. and semi-ann. int. payable at the County Treasurer's office.
certified check for
chaser to furnish printed bonds and legal opinion. A
81,000 is required.
-The $125,000
-BOND SALE.
FORD CITY, Armstrong County,Pa.
on May 29-V.
434% coupon (registerable as to principal) bonds offeredPhiladelphia, for
-were sold to M. M. Freeman & Co. of
120, p. 2460
Denom. $1,000. Date
$132,850. equal to 106.28. a basis of about 4.01%. years 1935, 1940, 1945,
May 1 1925. Due $25,000 on May 1 in each of the
1950 and 1954.
Hills), AlleFOREST HILLS SCHOOL DISTRICT (P. 0. Forest Co. of Phila.
-M. M. Freeman &
gheny Count Pa.-BOND SALE.
-at
the school bonds offered on June 8-V. 120, p. 2716
"
have purchased
103.80, a basis of about 4.26%. Date May 1 1925. Due $10,000 May 1
1930, 1935, 1940 and 1945.
-BOND OFFERING.
FORT BEND COUNTY (P.O. Richmond),Tex.
-W.I. McFarlane, County Judge, will receive sealed bids until 10 a. m.
today June 13 for the following bonds, aggregating $675,000.
$625,000 5.54% road bonds.
50,000 5% road bonds.
A certified check for 2% of bid payable to the County Judge is required
-J. G. Crawford,
-BOND SALE.
FRANKLIN, Venango County, Pa.
City Clerk, will receive sealed bids until 4 p.m. June 25 for $60,000 4%%
coupon or registered street and sewer impt. bonds. Denom.$1,000. Date
July 1 1925. Prin. and semi-ann. int. payable at the office of the City
Treasurer. Due yearly on July 1 as follows: $10,000, 1935: $15,000.
1940 and 1945, and $20,000. 1950. Legality approved by Townsend.
Elliott & Munson of Philadelphia. Certified checic for 2% of the amount
bid for required.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
Hayden, Miller & Co. of Cleveland have purchased the $125,000 43•i%
-fora
Road Resurfacing coupon bonds offered on June 6-V. 120, p. 2845
premium of $2,149, equal to 101.71, a basis of about 4.22%. Date May 15
1925. Int. M.& S. lb. Due every six months as follows: 189.000 Mar.15
1926 to Mar. 1 1932 incl. and $8001Sept. 1 1932.
Jurno 13 1925.]
THE CHRONICLE
Bids were as follows:
Name of Bidder-.
Prem.
Stranahan, Harris & Oatis, Toledo
$1,794.60
W. L. Slayton & Co., Toledo
1,750.00
Seasongood & Mayer, Cincinnati
1.710.00
Second Ward Securities Co., Milwaukee
1,900.00
H. M. Byllesby & Co., Chicago
1,337.00
Stevenson, Perry & Stacy & Co., Chicago
1.477.50
Halsey, Stuart & Co., Chicago
1,775.00
Minton. Lampert & Co.. Chicago
1,975.00
Asset, Goetz & Moerlein, Cindnnati
1,727.00
Herrick & Co., Cleveland
2,125.00
State Teachers Retirement System
1,137.50
Haydon, Miller & Co., Cleveland
2,149.00
Braun, Bosworth & Co., Toledo
1,939.00
Otis & Co., Cleveland
1,662.50
First Winconsin Co.. Milwaukee
1,920.50
First-Citizens Corp., Columbus
1,812.00
Vandersall & Co., Toledo
1.678.00
Bonbright & Co., Chicago
1,287.75
FRANKLIN COUNTY (P.O. Columbus), Ohio.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m.June 25 by Opha Moore, Clerk
Board of County Commissioners, for $66,000 4X% Sewer District Truro
No. 1 Impt. No. 66 bonds. Denom. $1,000. Date June 1 1925. Prin.
and semi-ann. int. (J. & D.) payable at the County Treasurer's office.
Due $4,000 each June 1 and $3,000 each Dec. 1 from June 1 1926 to Dec. 1
1931 incl. and $3,000 June 1 1932 to Dec. 1 1935 incl. Certified check for
1% of the bonds bid for required.
FULTON COUNTY (P. 0. Wauseon), Ohio.
-BOND
0. L. Watkins, Clerk Board of County Commissioners willOFFERING.
receive sealed
bids up to 1 p. m. June 29 for $44,250 5% coupon road bonds. Denom.
$1,000 and one for $250. Prin. and semi-ann. int.(M. & S.) payable at
the office of the District Treasurer. Due on Sept. 1 as follows:
$8.250,
1926 and $9,000, 1927 to 1930 incl. Certified check for 5% of the amount
bid for, required.
GAINES (P. 0. Albion) Orleans County, N. Y.
-BOND SALE.
An issue of $10,000 5% Highway bonds was disposed of at public
on May 20. Dated May 15 1925. Denom. 51.000. Due $2,000 auction
May 15
1926 to 1930.
GALVESTON COUNTY COMMON SCHOOL DISTRICT
NO. 7
(P. 0. Galveston), Tex.
-BOND SALE.
-The Blanton Banking Co. of
Houston has purchased an issue of $8,000 5% school bonds at par.
Due
in 10 to 20 years.
GAY VILLE INDEPENDENT SCHOOL DISTRICT (P. 0. Gayville
)
Yanktown and Clay Counties So. Dak.-BOND SALE.
-The $35.000
school bonds offered on June 6- V. 120, p. 2846
2
-were awarded to Paine,
Webber & Co.of Minneapolis as 4'%s at a premium of $710,equal
a basis of about 4.54%. Date July 1 1925'. Due $1,000. 1926 to to 102.02,
1930 incl.,
$1,500, 1931 to 1940 incl. and $3,000, 1941 to 1945 hid.
GENEVA, Ontario County, N. Y.
-BOND SALE.
-The Nationa
Bank of Geneva was the successful bidder for the following 4
%% bonds.
$42.000.00 Local Imp., Series "A" bonds, for a premium of $961.20.
equal
to 102.28, a basis of 4.13% •
37.702.45 Local Imp., Series "B" bonds, for a premium of $487.48,
equal
to 101.29, a basis of 4.25%•
14,000.00 Sewer. Series "A" bonds, for a premium of $319.20,
equal to
102.28. a basis of 4.13%•
Geo. B. Gibbons & Co.. Inc. of New York at the same time were
awarded
an issue of 4%% Sewer, Series "B" bonds amounting to $16,569.16,
for a
premium of $61.84, equal to 100.37, a basis of 4.37%.
follows: $3,069.16. 1925: $3,000, 1926 and 53.500, 1927 toDue Oct. 1 as
1929 incl.
GEORGE SCHOOL DISTRICT, Lyon County, Iowa.
-The White Phillips Co. of Davenport has purchased an -BOND SALE.
issue of
4%% refunding school bonds, at a premium of $770, equal to $50.000
101.54.
Due in 10 years.
GLEN LAKE IRRIGATION DISTRICT (P. 0. Eureka),
Lincoln
County, Mont.
-BONDS NOT SOLD.
-The 5128.680 6% refunding
bonds offered on June 5-V. 120, p. 2846
-have not been sold. Date
April 1 1925.
GOLDFIELD, Wright County, Iowa.
-BONDS VOTED.
-At the
election held on May 21-V. 120 p. 2585
-the voters authorized the
issuance of $12,000 memorial building bonds.
GOREE INDEPENDENT SCHOOL DISTRICT, Knox
County,
Tex.
-BONDS REGISTERED.
-On June 2 the State
Texas registered $4,000 6% school bonds. Due serially. Comptroller of
GRANITE CITY UNION SCHOOL DISTRICT NO. 126
(P. 0.
Granite City) Madison County, 111.
-BOND SALE.
-An issue of
000 5% school bonds has been sold to the Illinois Merchants Trust $175.Chicago at a premium of 55,510, equal to 107.34, a basis of about Co. of
Denom. $1,000. Date June 1 1925. Prin. and semi-ann. int. (.J.4.2717..
&
payable at the First Nat. Bank of Granite City. Due yearly on June D.
1 as
follows: 51.000, 1930: 52.000, 1931: 53,000. 1932; 54.000, 1933:
$5,000,
1935 to 1937 incl.; $6,000, 1938 to 1942 incl.: $7,000, 1943 and $8,000,
1944.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-BOND
W. II. Radcliff. County Treasurer, will receive sealed bidsOFFERING.
until
for $77,000 5% Richland Twp. road bonds, dated July 15 1925. June 25
Principal
and interest payable at the County Treasurer's office.
GREENSBORO, Guilford County, Iowa.
-BOND SALE.
-The
following
% bonds, aggregating $1,500,000 offered on June
5-V. 120,
-were awarded to Dillon, Read & Co.; Hemphill,
p. 2846
and A. G.Becker & Co.all of New York,jointly, at a premiumNoyes & Co.
of$1,519.35,
equal to 100.10, a basis of about 4.48%_.
$1,000,000 street improvement bonds. Due $100,000 Feb.1 1927
to 1936
incl.
500.000 water and sewer bonds. Due Feb. 1 as follows: $8,000,
1934 incl.: $10,000, 1935 to 1942 incl.; $12,000. 1943 1928 to
incl.:$15,000, 1950 to 1955 incl.; $18,611141. 1956 to 1960 to 1949
incl. and
$20.000, 1961 to 1965 incl.
Date Feb. 1 1925.
GUERNSEY County(P.O. Cambridge), Ohio.
-BOND OFFERING.
-Sealed bids will be received until 1 p. m. June 16 by Ben.
County Auditor, for $14,000 5%% coupon Senecaville-Cla F. Deselm,
ysville Road
Sec. C" in Valley Tvrp. bonds. Denom. $500. Date June 5
1925. Prin.
and semi-ann. Int.(M.& S.) payable at the office of the County
Treasurer.
Due yearly on Sept. 5 as follows: $1,000. 1926 and 1927
and $1,500, 1928
to 1935 incl. Certified check for 5, of the amount of bonds bid
%
for,
some solvent bank payable to the County Commissioners, required. on
HAGERIWAN, Chaves County, N. Mex.-BONDS
VOTED.
-The
voters authorized the issuance of $13,000 high school building bonds
at an
election held recently.
HAMILTON COUNTY(P.O. Noblesville),Ind.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m. June 13 by T. E.
Setters,
County Treasurer, for $12,000 4%% coupon Will Williamson, Theo,
R.
Haworth road in Washington
bonds. Due one series every 6 months
beginning May 15 1926. Int. M.& N. 15.
Twp.
HAMILTON COUNTY (P.O. Webster City),
lowa.-CERT
-An issue of $60,000 4 X% road certificates has been soldIFICATE
SALE.
par. Date Apr. 11925. Denom. $1,000. Due Dec. 31 1926. locally at
HAMMOND, Lake County, Ind.
-BOND OFFERING.
-Sealed
will be received until 1 P. m.(standard time) July 3 by H. Broerties, bids
City
Comptroller, for $59.034.48 6% street widening impt. bonds.
Denom.
$500 or less. Date Mar. 25 1925. Prin. and semi- ann. int. payable
at
Treasurer's office. Due yearly on Dec. 1 as follows:
the City
1925 to 1932 incl. and $5,903.44, 1933 and 1934. Certified $5,903.45,
check for
$1,500, required.
3097
Board of Public Instruction, will receive sealed bids until 2
p.
for $90,000 6% school bonds. Date June 1 1925. Due June 1m. June 22
as follows:
53.000, 1928 to 1952 incl. and 55.000. 1953 to 1955 incl.
Principal and
interest (J. & D.) payable at the Chase National Bank, New
York City.
Legality approved 13y Chapman. Cutler & Parker of Chicago.
HARLINGEN INDEPENDENT SCHOOL DISTRICT,
Cameron
County, Tex.
-BONDS REGISTERED.
-The State Comptroller
registered $100,000 5% school bonds on June 1. Due serially. of Texas
HARMON COUNTY (P. 0. Hollis), Okla.
-BONDS VOTED.
-At an
election held recently the voters authorized the issuance of $100,000 court
house bonds.
HARPER COUNTY (P. 0. Anthony), Kan.
-BOND SALE.
-The
Citizens National Bank of Anthony has purchased an issue of $50,000
44% road improvement bonds at a premium of $250, equal to 100.50, a
basis of about 4.70%. Due $2,500 yearly Jan. 1 1926 to 1945,inclusive.
HAYESVILLE TOWNSHIP, Franklin County, No. Caro.-BO/VM
SALE.
-The $25,000 road bonds offered on June I-V. 120,
were awarded to Ryan. Sutherland & Co. of Toledo as 534s at ap. 2461
premium
of $251, equal to 101. Date June 1 1925. Due serially in 30 years.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 28 (P. O.
Long Beach), Nassau County, N. Y.
-BOND SALE.-Fairservis & Co.
of New York have purchased $227,500 school bonds as 4548 at 100.327, a
basis of about 4.22%.
HENNEPIN COUNTY(P.O.Minneapolis), Minn.
-BOND DESCRIPTION.
-The following bonds, aggregating $950,000, awarded on May 25
to a syndicate composed of the Guaranty Co. of New York, Continental
& Commercial Trust & Savings Bank and Illinois Merchants Trust Co..
both of Chicago, and Northwestern Trust Co. of St. Paul as 434s at 101.20
(V. 120, p. 2846), are described as follows:
$600,000 bridge bonds.
250,000 poor house bonds.
100.000 road bonds.
Date June 1 1925. Denom. $1,000. Due serially June 1 1930 to 1934.
Interest payable J. & D.
HILLSIDE TOWNSHIP SCHOOL DISTRICT (P. 0. Elizabeth),
-BOND SALE.
Union County, N. J.
-J. S. Rippel & Co. of Newark
have purchased the 2 issues of 4%% coupon or registered bonds offered on
June 9-V. 120. p. 2847
-as follows:
8119.000 (8120.000 offered) school bonds for $120,369. equal to a basis
of about 4.38%. Due July 1 as follows: 85.000. 1927 to 1931:
56.000. 1932 to 1934: 57.000. 1935 to 1944 incl. and 86.000. 1945.
175,000 school bonds for $175.984. equal to 101.14. a basis of about 4.38%.
Due July 1 as follows: $7,000, 1927 to 1931 and 810,000. 1932 to
1945.
Dated July 11926.
HOLLIS, Harmon County, Okla.
-PURCHASER.
-The purchaser
of the $100,000 water works bonds reported sold in V. 120. p. 1240, was
John Nuveen & Co. of Chicago. The bonds bear interest at the rate of
5% and mature serially in 25 years.
HOLMES COUNTY(P.O. Millersburg), Ohio.
-BOND OFFERfger'=":
Sealed bids will be received by the Board of County Commissioners until
p. m. June 27 for $3,342
% coupon property owners' share Section
"D." I. C. H. No. 24, Columbus-Wooster Road impt. bonds. Denom.
$334 20. Date July 1 1925. Int. M.& S. Due $334 20 Mar. 1 1926 to
Sept. 1 1930 incl. Certified check on some solvent bank in Holmes County
tor 5% of the bonds bid for required.
HUNTINGTON COUNTY (P. 0. Huntington), Ind.
-BOND
OFFERING.
-Sealed bids will be received until 10 a.m.June 19 by Guilford.
Morrow, County Treasurer,for the following issues of 434% coupon bonds.
Kriegbaum, et al road bonds. Denom. $700 and $600.
$74,000 Jno. P.
Due $3,700 May 15 1926 to Nov. 15 1935 incl.
30,500 Frank D. Hier, et al road bonds. Denom. $500 and $525. Due
$1,525 May 15 1926 to Nov. 15 1935 incl.
17,000 R.L. Ditzler, et al road bonds. Denom.$850. Due $850 May 15
1926 to Nov. 15 1935 incl.
59,000 Josiah C. Kitch, et al road bonds. Denom. MO and $950. Due
$2,950 May 15 1926 to Nov. 15 1935 incl.
Date June 15 1925. Int. M. & N. 15.
JACKSON,Jackson County,Ohio.
-BOND OFFERING.
-Sealed bids
will be received until 12 m. June 16, by W. P. Turner, City Auditor, for
$20,000 6% funding bonds. Denom. $1,000. Date May 1 1925. Prin.
and semi-ann. int.(M.& N.) payable at the City Treasurer's office. Due
$4,000 May 1 1927 to 1931 incl. Certified check for $1,000, required. Al
JAY COUNTY (P. 0. Portland), Ind.
-BOND OFFERING.
-Myrtle
Nears, County Treasurer, will receive sealed bids until 1 p. m. June 15 for
$20,800
% coupon Marion Burtner et al. road bonds. Denom. $1,040.
Date June 1 1925. Int. M.& N. 15. Due $1,040 May 15 1926 to Nov. 15
1935, inclusive.
At the same time 85.400 4% %
coupon Adam Baldauf et al road bonds
will be offered. Denom. $270. Date June 1 1925. Int. M. & N. 15.
Due $270 May 15 1926 to Nov. 15 1935 incl.
JEFFERSON COUNTY (P. 0. Madison), Ind.
-BOND SALE.Geo. Schuman, a local investor, has purchased the $7.000 434% coupon
Edw. J. Heitz. et al. road bonds offered on June 2-V. 120.
t
-for
2847
0 102.14. a basis of about 4.07%.
11912r5emi.
JEFFERSON COUNTY (P. 0. Brookville), Pa.
-BOND SALE.
M. M.Freeman & Co. of Philadelphia have purchased the $200,000 4%
tax-free road bonds issue of 1925 offered on June 9-V. 120, p. 2715
-at
100.56, a basis of about 4.07%. Date June 1 1925. Due on June 1 as
follows: $40,000 in 1935, 1940, 1945, 1950 and 1955.
JENA SCHOOL DISTRICT NO. 20 (P. 0. Jena), La Salle Parish,
-BOND SALE.
La.
-The 840,000 school bonds offered on May 30V. 120, p. 2717
-were awarded to M. W. Elkins & Co. of Little Rock and
L. E. French & Co. of Alexandria, jointly, as 84 at a premium of $600.
equal to 101.50.
ICAUFMAN COUNTY ROAD DISTRICT NO. 4 (P. 0. Kaufman),
-BOND DESCRIPTION-The $65.000 road bonds purchased by
Tex.
the Brown-Crummer Co. of Wichita at 100.22-V. 120, _p. 16.53-bear
Interest at the rate of 534% and are described as follows: Date March 10
1925. Denom. $1,000. Due serially. Interest payable (M.& S.).
KENT, King County, Wash.
-BOND SALE.
-An issue of $5,000 5%
fire bonds has
awarded to the Sinking Fund at par. Due May 1
1935, optional May 1 1930.
KIT CARSON COUNTY SCHOOL DISTRICT NO.35(P.O.
Flagler),
-ELECTION SALE.
-PRE
Colo.
-The United States National Co. of
Denver has purchased an issue of $13.000 434% refunding bonds at a
discount of $100, equal to 99.23, subject to their being voted at a coming
election.
KIT CARSON COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Vona),
-BONDS DEFEATED.
Colo.
-The proposition to issue 88.500 5% school
building, submitted to a vote of the people at an election held recently.
failed to carry. These bonds were purchased subject to being voted by
Peck, Brown & Co. of Denver
-V. 120. p. 2588.
LABETTE COUNTY (P. 0. Oswego), Kan.
-BOND OFFERING.
Sealed bids will be received until 10 a. m. June 17 by E. E.Barker. County
Clerk. for $150,000 4%% road improvement bonds. Date June 1 1925.
Denom. $1,000. Due $15,000 yearly Aug. 1 1926 to 1935 incl. A certified check for 2% of bid is required. These bonds are offered subject to
their rejection by the State School Fund Commission.
LAFAYETTE PARISH ROAD DISTRICT NO.8 (P. 0. La Fayette),
La.
-BOND OFFERING.
-Sealed bids will be received until 12 m. July 9
by Geo. Crouchet, Secretary Police Jury, for $30,000 not exceeding 6%
road bonds. Denom. $500. Due serially Jan. 1 1927 to 1953. inclusive.
A certified check for $600, payable to the order of the Lafayette Parish
Police Jury is required.
1r1r3iVc.
HANCOCK CONSOLIDATED SCHOOL DISTRICT (P. 0.
LAGUNA SCHOOL DISTRICT (P. 0.Santa Ana), Orange County,
Webster
Grove) St. Louis County, Mo.-BOND SALE.
-Kauffman, Smith
-BOND OFFERING.
-J. M. Backs, County Clerk, will
of St. Louis have purchased an issue of $77,000 5% school bonds. & Co. Calif.
Date sealed bids until 11 a. m. June 23 for 89.000 5% school bonds.receive
May 1 1925. Denom. $1,000. Interest payable (M. & N.).
July 1 1925. Denom. $1,000. Due 81,000 yearly 1926 to 1934. Date
incl.
Principal and semi-annual interest payable at
HARDER COUNTY SPECIAL TAX SCHOOL DISTRICT
County Treasurer's
NO. 3 office. A certified check for 3% of bid, payablethe the
P. 0, Wauchula), Fla.
-BOND OFFERING.
to
-J. B. Rooney, Secretary of
Chairman Board
Supervisors is required.
3098
THE CHRONICLE
[VOL. 120.
-The following
-BOND SALE.
-The
MEMPHIS, ShelbywCounty, Tenn.
-BOND SALE.
LAPEER COUNTY (P. 0. Lapeer), Mich.
-were sold to 4 issues of general liability negotiable coupon bonds, aggregating 3612.000
2588
$150.000 5% road bonds offered on June 5-V. 120.
-were awarded to the Harris Trust &
p.
equal to 103.01, a basis of about 'offered on June 9-V. 120, p. 2719
the Detroit Co. of Detroit, for 3154,526,
Savings Bank of Chicago at a premium of $821, equal to 100.13, a basis of
4.42%. Due in 2 to 10 years.
about 4.30%.
-The 5400,000 improvement bonds as 434s.
-BOND SALE.
County, So. Care.
LEESVILLE, Lexington
100,000 general hospital bonds as 48.
following 6% bonds, aggregating 360,000, offered on June 9-V. 120. 1).
75.000 auditorium and market bonds as 4s.
-were awarded to the Peoples Securities Co. of Charleston at a pre2970
37.000 special assessment bonds as 4s.
mium of $4,401. equal to 107.33. a basis of about 5.44%: 1930 to 1949
Date Jan. 1 1925. Maturities range from 1 to 27 years with an average
$40,000 water works bonds. Due Jan. 1 as follows: $1,000.
of about 831 years for the 4 issues combined. Interest payable (J. & J.).
1950 to 1959 incl.
incl., and $2,000,
1940 to 1959 incl.
1
,
-The following 43 %
20,000 sewerage bonds. Due $1,000 yearly Jan. 2
-CERTIFICATE SALE.
MARYLAND (State of),
-were sold
Date Jan. 2 1925.
9-V. 120. p. 2463
- certificates of indebtedness offered on June
LEMON GROVE SCHOOL DISTRICT, San Diego County, Calif.15 to a syndicate composed of Estabrook & Co.; Mercantile Trust & Deposit
a basis
-Sealed bids will be received until 10.45 a. m. June
BOND OFFERING.
Co.;Baker, Watts & Co., and Stein Bros. & Boyce at 104.8741.
6
,
by J. B. McLees, Clerk Board of Supervisors for $18.000 5) % school of about 3.88%:
yearly on
bonds. Date May 11 1925. Denom. $1,000. Due $1,000 yearly May 11
3300,000 "Bridge and Grade Crossing Loan of 1924." Due
1922
1930 to 1947 incl. Principal and interest(M.& N.) payable at the County
June 15 as follows: $18.000 1928 Series "N". 318.000 "Q.
Treasurer's office. Legality approved by Goodfellow, Eells, Moore &
Series "0," 318.000 ip3o Series "P," $21,000 1931 Series
the
Orrick of San Francisco. A. certified check for 3% of bid payable to
1932 Series 'R.' $21,000 1933 Series •S. 324,000
521.000
County Treasurer is required. The assessed valuation of taxable property,
1934 Series "T," $24,000 1935 Series "U," $24,000 1936 Series
at
"
1925 is $373.400.00. and the amount of bonds previously issued and
"V, $27,000 1937 Series "W."$27,000 1938 Series"X,"$27.000
present outstanding Is nil. Population (estimated) is 1.088.
1939 Series "Y. 830.000 1940 Series "Z," and
1924." Due yearly on June 15
CLARK COUNTY SCHOOL DISTRICT NO. 4 (P. O. 1,500,000 'Lateral and Post Road Loan of 'N, 190,000 1929 Series '0,
LEWIS AND
'
, ,
as follows: $87,000 1928 Series
-The $3,000 coupon school bonds
-BOND SALE.
Canyon Creek), Mont.
$104,000
'
396.000 1930 Series 'P. $99,000 1931 Series Q,1934 Series
-were awarded to the State of Montana
offered on April 24-V.120,p. 1792
1932 Series "R," $109,000 1933 Series "S," 3114.000
"V,'
as 6s at par. Due in 10 years.
"
"T." $120.000 1935 Series 'II," 3125.000 1936 Series
LIBERTY COUNTY (P. 0. Hinesville), Ga.-BONDS VOTED.
3131,000 1937 Series "W," $136,000 1938 Series "X." $142,000
At an election held recently the voters authorized the issuance of $40,000
1939 Series "Y" and 147,000 1940 Series "Z." each, subject
court house bonds.
Ninety-one certificates are of the denomination of $1,000
coupons
County, to registration as to principal, and all were issued with interest
LIBERTY TOWNSHIP (P. 0. Port Allegheny) McKean 3 p. m. attached. Dated June 15 1925.
until
-Sealed bids will be received
-BOND OFFERING.
Pa.
Bids were as follows:
, for $3,000 6%
June 15 by C. A. Grimes. Secretary Board of Supervisorssemi-ann. Due Mercantile Trust & Deposit Co.. Baker. Watts & Co. and Stein
104.8741
coupon bonds. Denom. $500. Date May 1 1925. Int.
Bros. & Boyce. Baltimore; Estabrook & Co., New YorkSecuri$500 May 1 1930 to 1935 incl.
H. L. Allen & Co., Chase
T Hambleton & Co., Baltimore:
ties Corp., Hornblower & Weeks and B. J. Van Ingen & Co..104.11
LIBERTY TOWNSHIP INDEPENDENT SCHOOL DISTRIC
-The $25,000
-BOND SALE.
New York
(P. 0. Calumet) O'Brien County, Iowa.
103.16386
-were
120, p. 2847
434% school building bonds offered on May•30-V. a premium of $580, John P. Baer & Co. and Equitable Trust Co., Baltimore & Co..
'Bechtel & Co. of Davenport, at
Geo. M.
Graham, Parsons & Co.. First National Bank, Redmond
awarded to
Co., N. Y_*103.715:"103.705
Phelps, Fenn & Co.and G. H. Sticknev &
equal to 102.32. Date May 1 1925.
**103.25386
Crook), Century Tr. Co. and J. A. W.Iglehart & CO.. Balt_*103.2646:
LOGAN COUNTY SCHOOL DISTRICT NO. 12 (P. 0.-At an Nelson, Cook & Co.. Baltimore: Remick, Hodges & Co. and
-ELECTION SALE.
103.556
-NEW PRE
-BONDS DEFEATED
Colo.
school buildWilliam R. Compton Co., New York
election held recently the proposition to issue $17,000 451%
Trust Co.. Baltimore;
purchased, subject to being Robert Garrett & Sons and Baltimore and Barr Bros. & Co.,
ing bonds failed to carry. These bonds werethe United States Bond Co.,
Co.
Dillon. Read & Co., Hallgarten &
103.329
voted, by the United States National Co. and
New York
and Boshas been
both of Denver-V. 120, p. 733. A new electionthe bonds called to their Equitable Trust Co.. New York: Union Trust CO. of Md., Jensubject
worth. Chanute & Co. of Denver have purchased
Baltimore_ _104.739
kins, Whedbee & Poe and Strother,Brogden & Co.,
being voted.
City Co., Guaranty Co.of
-The Owen, Daly & Co., Baltimore; National York
103.5871
LONE JACK, Jackson County, Mo.-BOND DESCRIPTION.
N. Y. and Bankers Trust Co., New
104.393
by the Commerce Trust Co. of Kansas Alex. Brown & Sons. Baltimore
$30,000 5% school bonds purchased
1 1925.
**105.00
-are described as follows: Date March
-V. 120. p. 1367
City
Fred. Bauernschmidt. Baltimore
$2,000.
51.000. Coupon bonds. Due $1,000. 1926 to 1930. incl.;payable
Bid for 3300.000 issue only.
Denote.
• Bid for $1.500.000 issue only. **
D SALE.-1931 to 1935. incl., and 33,000, 1936 to 1940. Incl. Interest
MERCER COUNTY (P. 0. Harrodsburg), Ky.-BON 2589
-were
J. & D. Legality approved by Bowersock & Fizzell of Kansas City.
June 6-V. 120, p.
The 360,000 5% ccrinty bonds offered onCo. of Cincinnati at a premium
County,
LOS ANGELES CITY SCHOOL DISTRICTS, Los AngelesCity Co.. awarded to the Title Guarantee & Trust
$1,000.
composed of the National
a basis of about 4.58%. Denom. payable
-A syndicate
of $2,266, equal to 103.77.
-BOND SALE.
Calif.
& D.)
of Los Angeles.
E. H. Rollins & Sons and Citizens National Bank, allR. Stoats Co. of Due 3:3„000 yearly 1927 to 1946 incl. Prin. and int. (J.
Anglo California Trust Co. of San Francisco; William Co., both of San at the First National Bank of Kentucky, Louisville.
&
-At an election
Los Angeles: Pierce, Fair & Co. and Heller, Bruce
-BONDS VOTED.
Co. and
MESA, Maricopa County, Ariz.
Francisco; California Co. of Los Angeles and M. H. Lewis & following held recently the voters authorized the issuance of 3228,000 water and
Banks. Huntley & Co., both of San Francisco, was awarded the 120, p; light bonds.
8-V.
5% school bonds aggregating $3,000,000, offered on June
County,
MEXIA INDEPENDENT SCHOOL DISTRICT, Limestoner of Texas
2970 and 2971-at 107.30, a basis of about 4.40%:
yearly
-On June 4 the State Comptrolle
Tex.
-BONDS REGISTERED.
$2,000,000 Los Angeles City School District bonds. Due 350,000
Aug. 1 1925 to 1964 inclusive.
% school bonds. Due serially.
registered $100,000
-The $10,000
1.000.000 Los Angeles City High School District bonds. Due $25,000
-BOND SALE.
MIDDLETOWN, Butler County, Ohio.
yearly Aug. 1 1925 to 1964 inclusive.
-were sold to the
5% sewer bonds offered on June 5-V. 120. p. 2589 premium of $232,
Date Aug. 1 1924.
a
Co. of Cincinnati for
- Provident Savings Bank & Trust
LOUDON SPECIAL SCHOOL DISTRICT,Loudon County,Tenn.of equal to 102.32, a basis of about 4.50%. Bids were as follows:
Prem.
Prem. Name of Bidder-J. W.Jakes & Co. of Nashville have purchased an issue
BOND SALE.
Name of BidderAssel, Goetz & Moerlein, Cin.$221 00
$25,000 school bonds at par.
Provident Savings Bank &
5232 00 Ryan, Sutherland & Co.,Tol_ 163 00
-BOND
Trust Co., Cincinnati
156 50
LOYALHANNA TOWNSHIP, Westmoreland County, Pa. 2589
Cindnnati_ 229 00 Poor & Co.. Cincinnati
.135 00
-The $40.000 47 bonds offered on June 5-V. 120. p. 102.93, A.E.Aub & Co.,
SALE.
Mayer. Cin--- 223 00 First Citizens Corp.. Colum_
equal to
were sold to A. B. Leach & Co. of Philadelphia for $41.174,D. 15. Due on Seasongood &
VOTED.
-BONDS
a basis of about 4.12%. Date June 15 1925. Int. J. &
MILFORD, Seward County, Neb.-BOND SALE
election held
June 15 as follows: $3,000, 1927; $2.000. 1928; 33.000. 1929: 32.000, 1930 -The 523,000 5% reservoir bonds, which were voted at the par. Date
-have been sold locally at
and 1931: 33,000. 1932 and 1933; 32.000. 1934: 33.000. 1935 and 1936; on April 7-V. 120, p. 1654
1938; 54.000. 1939; and 33.000. 1940.
54.000. 1937; $3,000,
June 11925.
-BOND OFFERING.
-An election
-BOND ELECTION.
LUBBOCK,Lubbock County,Tex.
MINERAL CITY,Tuscarawas County, Ohio. Clerk until 12 m. June
issuing
will be held on June 23 for the purpose of voting on the question of
Sealed bids will be received by A. L. Brick, Village
1925.
June
street impt. bonds. Denom. $170. Date check 15 10%
following bonds:
the
27 for $1.360 6%
for
$200,000 sewer bonds.
Int. J. & D. Due $170 Oct. 1 1926 to 1933 incl. Certified
of the bonds bid for, required.
• 150.000 water bonds.
DISTRICT NO. 3 (P. 0. Superior),
LURAY MAGISTERIAL DISTRICT (P. 0. Luray), Page County,
MINERAL COUNTY SCHOOL Board of Land Commissioners has pur-Sealed bids will be received until 11 a. m. June Mont.
-The State
Va.-BOND OFFERING.
-BOND SALE.
/
43-5 8
22 by Grover C. Miller. Clerk Board of Supervisors, for 5125.000July 1 chased an issue of $20,000 school bonds as 5s at par.
Due
County, Neb.-BOND
road coupon bonds. Date July 1 1925. Denom. 31,000.
interest, payable
MINDEN SCHOOL DISTRICT, Kearney
offered on Juno 9-V. 120,
1933, optional July 1 1929. Principal and semi-annual
is required.
SALE.
-The 575.000 44% school bonds
States Trust Co. of Omaha at a
at the County Treasurer's office. A certified check for $1,250
-were awarded to the United
-Stern Bros. & to• 2848 of $3,360. equal to 104.48, a basis of about 4.29%. Date June 1
-BOND SALE.
McCRACKEN, Rush County, Kan.
school building premium
1930 to 1935, Ind.: $4,000
' Co.of Kansas City have purchased an issue of 530,000 4 %
1925. Due $2,000 1927 to 1929, incl.: $3,000and $12.000 in 1945.
incl.,
bonds.
1936 to 1941, incl.; 35.000 1942 to 1944,
County,
SCHOOL DISTRICT NO. 7,
McINTIRE INDEPENDENT SCHOOL DISTRICT, Mitchell
MINERAL SPRINGS TOWNSHIP
-Until 3 p. m.
-BOND OFFERING.
-The proposition to issue 847,000 school Richmond County, No. Caro.
-BONDS DEFEATED.
Iowa.
on June 2 July 6 sealed bids will be received by H. C. Wall, Chairman Board of
bonds submitted to a vote of the people at the election held
bonds. Date
-failed to carry.
Commissioners. for $15,000 not exceeding 6% school
County
-V. 120. p. 2462
Principal
$1,000. Due July 1 1926 to 1940 incl.
RURAL SCHOOL DISTRICT NO. 7 (P. 0. July- 11925. Denom,payable at the Hanover National Bank, New York
McKINLEY COUNTY
-J.H.Seymour,County Treasurer, and interest (J. 8: J.) registerable as to principal only or as to both prinGallup), N. Mex.-BOND OFFERING.
bonds
exceeding 6% City.
of bid drawn on an incorpowill receive sealed bids until 5 p. m. July 1 for $10,000 not 1940, optional cipal Coupon
Interest. A certified check for 2% to above named official. is
school bonds. Date July 1 1925. Denom.$500. Due July 1 at the State rated and
•
bank or trust company and payable
payable
July 1 1928. Principal and semi-annual interest payable to the County
required.
Treasurer's office. A certified check for .5% of bid,
SCHOOL DISTRICT, Palo
Treasurer, is required.
MINERAL WELLS INDEPENDENT
-The J. E. Jarrett Co. of Dallas
-BOND SALE.
Tilden), Tex.- Pinto County, Tex.
McMULLEN COUNTY SCHOOL DISTRICT (P. 0.
Stacy & Co. of Chicago, jointly, have purchased
Perry.
-J.E. Jarratt & Co. of San Antonio have purchased an issue and Stevenson.
• BOND SALE.
an issue of $100,000 5% school bonds at 103.86.
of 520,000 school bonds.
-The $7,500.000 431% Series
f).
MISSOURI (State 0 -BOND SALE.
-WARRANT OFFERING.
-were awarded
(P.O. Madison),Fla.
MADISON COUNTY,
bonds offered on June 10-V. 120. p. 2848 Ingen & Co.:
receive
--D. F. Burnett Jr., Clerk, Board of County Commissioners, will 1 1925. "F" coupon road
Geo. H. Burr & Co.: B. J. Van
syndicate composed of
sealed bids until July 1 for $75,000 6% time warrants. Date June 1935. to aL. Allen & Co.: Stranaham. Harris & Ostia; Hornblower & Weeks;
H.
1931 to
of St. Louis:
Due June 1 as follows: $7,000, 1926 to 1930, and 38.000.
Co.: Austin, Grant & Co.: Mercantile Trust Co.
certified
Prin. and int. (J. & D.) payable at any bank in Madison. A required. J. G. White & 8: Co. of St. Louis and the Chicago Trust Co. at 102.21, a
J. H. Walker
10 as follows:
check for 5%.of bid, payable to the Board of Commissioners, is2971.
about 4.52%. Date July 10 1025. Due April
basis of
These are the warrants offered for sale on June 9-V. 120. p.
incl.: 33,000,000 in 1938 and 52.000.000 in 1939.
- 3500.000. 1933 to 1937
-BOND SALE.
DISTRICT, Polk
MARION (P. 0. Marion), Wayne County, N. Y.
MITCHELVILLE INDEPENDENT SCHOOL Bank of Des Moines
on May 29 purchased an issue of
Sage. Wolcott & Steele of Rochester
-The Valley Savings
-BOND SALE.
of 4.26%. Dated County, Iowa.
538.000 cement paving bonds as 4)s at 101.50, a basis as follows: 32.500. has purchased an issue of 575.000431% school bonds at a premium of $425,
May 11925. Denom. $1.000 and $500. Due May 1 (M.& N.) paya- equal to 100.56.
1926 to 1939. and $3.000, 1940. Prin. and semi-ann. int.
Clay &
-BOND SALE.
J.
MONMOUTH BEACH, Monmouth County, N.
ble at the First National Bank of Marion. Legality approved by
120. p. 2589
The issue of 531% road impt. bonds offered on June 8-V. of $90,179.10.
Dillon of New York.
on a bid
New York.
-Sealed bids will was awarded to B. J. Van Ingen & Co.of
-BOND OFFERING.
MARION, Perry County, Ala.
1 equal to 101.70, a basis of about 5.27%, for 3187.000 bonds ($190.000
Date July
be received until 10 a. m. June 18 for 826.0006% city bonds. J. A certi- offered). Date July 1 1925. Due yearly on July 1 as follows: $5,000,
1925. Denom. 31.000. Due July 1 1955. Int. payable J. &
1926 to 1940 incl. and 53.000. 1941 to 1944 incl.
fied check for 10% of bid is required.
-BOND
Ind.
MONTGOMERY COUNTY (P. 0. Crawfordsville), King. County
,Marshall
Chas. H.
MARSHALLTOWN INDEPENDENT SCHOOL DISTRICT
-Sealed bids will be received
-D. R. incic.son, Secretary, Board OFFERING.
-BOND OFFERING.
for $5,5004% coupon William ThompCounty, Iowa.
p. m. June 17 for 8400.000 Treasurer, until 10 a. m. June 14
of Directors, will receive sealed bids until 7:30check for 34.000 is required. son et al, road bonds. Denom.$275. Date ay 15 1925. Int. M.& N.
not exceeding 4h% school bonds. A certified
Due 5275, May 15 1926 to Nov. 15 1935 incl.
-BOND SALE. 15.
-BOND OFFERMEMPHIS CITY SCHOOLS, Shelby County, Tenn. June 9-V. 120.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio. Board of County
school bonds offered on
-The 5750.000 coupon or registered
-Sealed bids will be received by F. A. Kilmer, Clerk, 23, for the fol& Mayer ING.
-were awarded to a syndicate composed of Seasongood
a. in. (Central standard time) June
p. 2719
of New York. Commissioners. until 10
of Cincinnati; Geo. H. Burr and B. J. Van Ingen & Co.; both
Due June 1 lowing issues of 5% coupon bonds:
Denom. $1,000 and
as 4Yis at a 102.88. a basis of about 4.31%. Date June 11925.
incl. and 319.500 Keefer and Couch Plat storm sewer bonds. 1940 incl.
$15,000. 1930 to 1939 incl.; 520,000. 1940 to 1954
as follows:
$300. Due $1.300 yearly on Oct. 1 1926 to
330.000. 1955 to 1964 incl.
JUNE 131925.]
THE CHRONICLE
8,700 Bruce Ave. sanitary sewer system bonds. Denoms. $500 and
$100. Due $600 yearly on Oct. 1 1926 to 1940 incl.
8,925 Bruce Ave. water supply system bonds. Denoms. $300 and $500
and one each for 15125 and $200. Due yearly on Oct. 1 as follows:
$325, 1926; $400, 1927 to 1931 incl.: $500. 1932: $300, 1933; $800.
1934: $300. 1935; and $500, 1936 to 1945 incl. (Maturity totals
$9,225.)
Date June 1 1925. The interest (A.& 0.)and principal payable at office
of County Treasurer. The bonds will not be sold for less than their par
value and accrued interest to date of delivery, the privilege being reserved
to withhold from sale any part of issue or reject any or all bids. The apmoving opinion of D. W. at A. S. Iddings. Dayton,and Shafer & Williams,
Cincinnati, will be tarnished the successful bidder. Otherwise bids naust be
unconditranal, the question of the legality of the issue to be determined before the bids are made. A certified check, drawn on any solvent bank in
Montgomery County,for the sum of $50 dollars, is required with each bid.
Separate bids must be submitted for each issue.
MOREHOUSE PARISH SPECIAL ROAD DISTRICT NO. 2 (P. 0.
Bastrop), La.
-ADDITIONAL INFORMATION.
-We are now in receipt
of the following information regarding the $63,300 road bonds awarded
on June 2 to Prudden de Co. of Toledo at 100.34-V. 120, P. 2971-a basis
of about 4.97%. The bonds bear interest at the rate of 5% and are
scribed as follows: Date Feb. 1 1923. Denom. 81,000. Due Feb. 1deas
follows: $14,000 in 1954 and $49,300 in 1955. Int. payable F. SG A.
MOUNT LEBANON TOWNSHIP SCHOOL DISTRICT (P. 0. Pittsburgh), Allegheny County, Pa.
-BOND OFFERING.
-Sealed proposals
will 13e received until 7 p. m. (Eastern standard time) July 6 by J. W.
Howell, Secretary. Suite C, Arnett Bldg.. Pittsburgh. for $90,000 4 %
coupon school bonds. Denom. $1,000. Date June 1 1925. Int. J. & D.
Due on June I as follows: $15.000 in 1931 and 1937,and $20.000 in the years
1943. 1949, and 1955. Certified check for $1,000 required.
MT. UNION, Huntington County, Pa.
-BOND ELECTION-An
election will be held on June 16 to vote on the question of issuing $185,000
storage, reservoir and water system bonds.
MULESHOE INDEPENDENT SCHOOL DISTRICT, Bailey County,
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas Registered
$60.000 6% school bonds on June I. Due serially.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Portland), Ore.
-BOND OFFERING.
-R.E. Fulton, Clerk Board of Directors,
will receive sealed bids until 12 m.(Pacific tbne) July 1 for $1.000.000.
not
exceeding 6% school bonds. Date July 15 1925. benom. $1,000. Due
July 15 as follows: $55,000 1928 to 1935, incl.. and 156,000 1936
Incl. Principal and semi-annual interest payable at the fiscal to 1945.
the State in New York or at the County Treasurer's office. agency of
approved by Storey, Thorndike, Palmer & Dodge of Boston. A Legality
certified
.check for 5% of bid Is required.
NAVARRO COUNTY (P.O. Corsicana), Tex.
-BOND ELECTION.
An election will be held on June 20 for the purpose of voting on the
question
of issuing $7.000,000 road bonds. These are the bonds which failed to
carry at the election held on May 7-V. 120, p. 2589.
NARBETH, Montgomery County, Pa.
-BOND
-Sealed
bids will be received until 7:30 p. m.(standard time)OFFERING.
June 29
Noel, Borough Secretary, for the purchase of $75,000 4% by Chas. V.
coupon street
paving bonds. Denom. $1,000. Prin. and semi-ann. int.
payable at the
office of the Narberth Nat. Bank of Narbeth. Due on
Aug. 1 as follows:
$15.000, 1935, 1940, 1945. 1950 and 1955.
NEW BREMEN, Auglaize County,
-BOND OFFERING.J. M. Brucken, Village Clerk, will receive Ohio. bids
sealed
for $7,300 6% coupon street impt. assessment bonds. until 12 m. July 3
Denom.
one for $1,000. Date June 11925. Int. J. & D. Due yearly $700 and
on Dec. 1
as follows: $1,000, 1926 and $700, 1927 to 1935
5% of the bonds bid for, payable to the Village incl. Certified check for
Treasurer, required.
NEW CASTLE COUNTY (P.O. Wilmington), Dela.-BOND
OFFER/NO.
-Sealed bids will be received by Chas.
Chairman Finance
Committee, until 11 a. m. (standard time) on Simpson, at the
June 23.
office of the
Levy Court in the Court House of the City of Wilmington,
of $47.000 Work House Loan Bonds, Third Series. maturingfor the purchase
$5,000 annually
on June 1 1926 to 1934, both inclusive. and
$2.000
the bonds will be in coupon form with privilege ofon June 11935. All of
registration as to both
principal and interest in the denom. of $1,000 each,
Principal and semi-annual interest J. & D. at the rate dated June 1 1925.
the Farmers Bank at Wilmington, Delaware, in gold of 4;4% payable at
coin of the United
States of America equal in weight and fineness to the
The legality of the bonds to be examined by Caldwell present standard.
and
New York City, whose favorable opinion will be furnished to Raymond, of
The bonds will be prepared under the supervision of the the purchaser.
United
Mortgage & Trust Company of New York City. which will certifyStates
as to
the genuineness of the signatures of the County officials
impressed thereon. Bids are desired on the forms which willand the seal
be furnished
by the United States Mortgage & Trust Company. A
certified check
2% of the face value of the bonds bid for payable to the Treasurer, for
must
accompany each bid. The bonds will be delivered at the office of
the
County Treasurer in Wilmington, on June 26 1925 at 12 m.
(standard time)
or as soon thereafter as the bonds may be prepared.
Financial Statement.
Assessed valuation of taxable property 1923-24
$175,529,966
Bonded debt, exclusive of this issue
5,114,000
Population (Census of 1920) 148.239.
NEW JERSEY (State of).
-BOND OFFERING.
-Sealed bids will be
received by N. A. K. Bugbee, State Comptroller, until 10 a.
m.
standard time) June 23 for the following issues of 45i% coupon or (Eastern
registered
bonds:
$5.000,000 highway bonds. Due July 1 1955, optional July 1
1940.
3,000,000 road bonds. DuoJulyl 1940.
2,000,000 bridge bonds. Due July 1 1940.
Interest semi-annually. Certified check for 3% of the bonds
bid for,
required.
NEW ORLEANS, Orleans Parish, La,
-CERTIFICATE SALE.
The First National Co. of St. Louis and Eldredge & Co. of
jointly, have been awarded the $990,000 paving certificates, New York,
as 435s at
100.94.
These bonds were offered for sale on March 16-V.
120, p. 986. No
award was made on that date.
NEWPORT, Newport County, R. I.
-TEMPORARY LOAN.
-The
Aquidneck National Bank of Providence has been awarded a
loan of $200,000 on a 3.28% discount basis. Due Oct. 1 1925. temporary
NORFOLK, Norfolk County, Va.-BOND OFFERING.
will be received until 12 m. June 23 by W. B. Causey. City-Sealed bids
Manager, for
the following coupon or registered bonds, aggregating $1,846,000:
$1,304,000 3.. % public improvement bonds. Date July 1 1925.
Due
July 11947.
400,000 5% port terminal bonds. Date May 11922. Due May
11952.
142,000 5% water Series "0" bonds. Date May 11922. Due May 1
1922. Due May 11952.
Denom. $1,040. Legality approved by Reed. Dougherty & Hoyt
of
New York. A certified check for 2% of bid is required.
NORTH ADAMS,Berkshire County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank of Boston has purchased a temporary loan
of $100,000 on a 3.30% discount basis. Due Nov. 2 1925.
NORTH CAROLINA (State of).
-STATE BORROIVS $19,000.000.
The First National Bank, The National City Co., Bankers Trust and the National Bank of Commerce, all of New York. have loaned Co.
the
State of North Carolina $10,000,000 for fOx months at 3% 7,_ interest. The
0
same institutions in association with other bankers of New York (the names
of which will be found on a preceding page of this issue, in our Department
of "Current Events and Discussions'') also purchased and are offering on
a 3.75% to 4.10% basis, $9,000,000 '
State of North Carolina 43i%
notes. due July 1 1926 to 1935, registerable as to principal only or serial
both
principal and interest, notes in denominations of $1,080 each, dated July
1
July 1 as follows: $400.000 1926. $450.000
1925 and maturing
1927.
000,000 1928 to 1934, incl., and 81.150,000 1935, interest payable Jan.$1,and
each, both principal and interest being payable in New York City
1 of
J
or ftaleigh, at option of holder. Legality of issue to be approved by Chester
u
B. Masslich of New York City. An address was made to representatives
of many investment houses by Angus W. McLean, Governor of North
Carolina, who was present by invitation at a meeting held in the Directors'
Room of the First National Bank on June 5. This will also be found on
Preceding page in our Department of "Current Events and Discussions." a
3099
NORWALK SCHOOL DISTRICT, Los Angeles County, Calif.BOND OFFERING.
-Sealed bids will be received until 2p. m. June 15 by
L. E. Lampton, Clerk Board of Supervisors, for $40.000 5% school bonds.
Date June 11925. Denom. $1,000. Due $2,000 yearly June 1 1926 to
1945, inclusive. Principal and semi-annual interest payable at the County
Treasurer's office. A certified check for 3% of bid, payable to the Chairman
Board of SupervLors, is required. The assessed valuation of taxable
property for 1924 is $5,950,335, and the amount of bonds previously issued
and now outstanding is $36,000. Estimated population is 2.980.
OAKLAND HIGH SCHOOL DISTRICT, Atasneda County, Calif.
BIDS.
-Following is a list of bids received for the 8540,000 5% school
bonds awarded on May 18 to the Anglo California Trust Co. and R. H.
Moulton & Co., both of San Francisco, at 103.67, a basis of about 4.35%V. 120, p. 2719:
Premium.
BiddersAnglo-London-Paris Co. Schwabacher & Co., Bank of Italy
$18,787
Heller, Bruce & Co., Illinois Merchants Trust Co.. Wells Fargo
Bank & Union Trust Co.. Dean Witter & Co., iunter, Dulln
18,111
& Co
E. H. Rollins & Sons, Bond & Goodwin & Tucker, Wm. R. Staats
16,458
Co
National City Co., Harris Trust & Savings Bank, Mercantile
16,428
Securities Co
-BIDS.
OAKLAND SCHOOL DISTRICT,Alameda County,Calif.
Following is a list of bids received for the $1.040,000 5% school bonds
awarded on May 18 to Heller, Bruce & Co. of Los Angeles, Illinois Merchants Trust Co. of Chicago, Wells Fargo Bank & Union Trust Co. of San
Francisco, Dean Witter & Co. of Los Angeles and Hunter. Dulin & Co. of
San Francisco, at 103.52, a basis of about 4.36%:
Premium.
BiddersAnglo-London-Paris Co.,Bank of Italy, Schwabacher & Co., Blytb,
855.137
Witter & Co
National City Co., Mercantile Securities Co., Harris Trust &
53.358
Savings Bank
53,305
Anglo-California Trust Co., R. H. Moulton & Co
E.H.Rollins & Sons,Bond & Goodwin & Tucker,ffm.R.StaatsCo 47,238
-BOND
OASIS SCHOOL DISTRICT, Riverside County, Calif.
-Sealed bids will be received until 10 a. m. June 15 by D. G.
OFFERING.
% school bonds.
Clayton, Clerk Board of Supervisors. for $7,500
Date June 1 1925. Denom. $500. Due $500 yearly June 1 1928 to
1942 incl. A certified check for 5% of bid, payable to the above clerk, is
required.
Financial Statement.
Assessed valuation is $195,230. and the outstanding bonded indebtedness,
not including this issue, is $1.000. Actual valuation is estimated at
$585,690 and population is estimated at 200. The rate of taxation per
$100 of said districts, as assessed in 1924, is 8465.
OCALA SPECIAL TAX SCHOOL DISTRICT NO. 1 (P. 0. Ocala),
-BOND SALE.
-The $20,000 5 % school bonds
Marion County, Fla.
offered on May 5(V. 120. p. 21881 were awarded to Mr. W.C.Roy of Ocala
at a premium at$775,equal to 103.87. a basis of about 5.01%. Date May 1
1925. Due May 1 as follows: $3.000 in 1928 and $1,000 1929 to 1945 incl.
OCEANSIDE SCHOOL.DISTRICT, San Diego County, Calif.
-Sealed bids will be received until "1 a. in. June 15
BOND OFFERING.
by J. B. McLees, Clerk Board of SupErvisors, for $10,000 6% school
bonds. Date May 11 1925. Denom.$1,000. Due $1,000 yearly May 11
1928 to 1937. inclusive. Principal and interest (M. & N. 11) payable at
the County Treasurer's office. Legality approved by Goodfdlow, Eons,
Moor, & Orrick of San Francisco. A certified chock for 3% of bid. payable
to the County Treasurer, is required. The assessed valuation of taxable
property for 1925 is $592,590 and the amount of bonds previously issued
and at present outstanding is $19,500. Estimated population is 2.160.
OGLE COUNTY SCHOOL DISTRICT NO. 61 (P. 0. Mt. Marion),
-Thompson, Kent & Grace of Chicago have purchased
-BOND SALE.
111.
$25,000 5% coupon school bonds. Denom. 81.000. Date May 1 1925.
Principal and semi-annual interest (M. & N.) payable at the Continental
& Commercial National Bank of Chicago. Due yearly on May 1 as
follows: 81,000 1929 and $3,000 1930 t,o 1937, incl. Legality approved
by Chapman. Cutler & Parker of Chicago.
-BONDS REGISTERED.
ORANGE COUNTY P. 0. Orange), Tex.
The State Comptroller a Texas registered $201,506 534% road and bridge
bonds on June 3. Due serially.
-BOND DESCRIPTIONOREGON CITY, Clackamas County, Ore.
-The $25,000 5% city hall bonds purchased by the Western Bond & Mort:
gage Co. of Portland at par (V. 120, p. 1513) are deseribed as follows.
Date July 1 1920. Denom. $500. Coupon bonds. Due July 1 1940
or on any interest payment date at option of the city. Int. payable J. & J.
-At an election
ORLEANS, Harlan County, Neb.-BONDS VOTED.
held recently the voters authorized the issuance of 575,000 school building
bonds by a 2 to 1 majority.
-BOND OFFERING.
-Sealed bids
OSWEGO, Labetta County, Kan.
will be received until 8 p. m. June 15 by J. F. Waskey. City Clerk, for
bonds issued to take up outstanding warrants. Date June 1
$5,250 5%
1925. Denom. $1,000 except 1 for $250. Due Aug. 1 as follows: 81.000.
1926 to 1929 incl. and $1,250 in 1930. Interest payable (F. & A.). A
certified check for 2% of bid is required.
OYSTER BAY COMMON SCHOOL DISTRICT NO.23(P.O. Massa.
-Sealed bids until
-BOND OFFERING.
pequa), Nassau County, N. Y.
3.30 p.m. June 15 will be received by James F. McCarthy, District Clerk,
for 892,000 4% coupon or registered school bonds. Denom. $1,000.
Date June 11925. Principal and semi-annual Interest (J. & 1).) payable
In gold in New York. Due yearly on June 1 as follows: $4,000 1926 to
1935, inclusive; 85.000 1936 to 1944. Inclusive, and $7,000 1945. Legality
approved by Reed. Dougherty & Hoyt of New York. Certified check
for 2% of bonds bid for, required.
-E. H.
-BOND OFFERING.
PANAMA CITY, Bay County, Fla.
Wilkerson, Member Board of Trustees, will receive sealed bids until 11 a. m.
June 23 for 850,0005% city bonds. Date March 11920. Denom.$1.000.
Due March 1 1950. Legality approved by Chas. B. Wood of Chicago.
A certified check for 5% of bid is required.
-BOND SALE.
-The
PARKE COUNTY (P. 0. Rockville), Ind.
$216,000 43% road coupon bonds offered on June 2-V. 120. p. 2849
to J. F. Wild & Co. of Indianapolis. Date June 1 1925. Due
were sold
In 20 years.
PARKSLEY, Accomac County, Va.-BOND OFFERING.
-J. Abbott
Byrd, Town Clerk, will receive sealed bids until 12 m. June 20 for $20.000
5% high school building bonds. Due serially in 5 to 20 years.
PAWNEE COUNTY UNION SCHOOL DISTRICT NO. 1 (P. 0.
-BOND OFFERING.
-Sealed bids will be received until
Road), Kan.
%
3 p. m. June 16 by W. W. Christian, District Clerk, for $20.000
school bonds. Date March 11 1925. Denom. $1,000 and $500. Due
Jan. 1 as follows: 81,000 in 1927 and 1928 and $1,500, 1929 to 1940 Incl.
Interest payable (J. & J.). A certified check for 2% of bid is required.
-BOND SALE.
-The 870,000 43i %_Park
PERU, Miami County, Ind.
-were sold to the Harris Trust
bonds offered on June 5-V. 120. p. 2849
& Savings Bank of Chicago for $73,626, equal to 105.18, a basis of about
4.20%. Date May 25 1925. Due annually for 29 years.
-BOND DESCRIPTION.
POLK COUNTY (P. 0. Des Moines), Iowa.
-The $450,000 road bonds awarded to the Polk, Corley, Wheelock Co.
of Des Moines at 100.80-V. 120. p. 2464-bear int. at the rate of4%
and are described as follows: Denom. $1,000. Interest payable M.& N.
Due serially, 1940 to 1945.
POLK COUNTY SPECIAL TAX SCHOOL DISTRICTS P. 0.
-BOND SALE.
-The school bonds, aggregating $707.000.
Bartow), Fla.
-were awarded as fellows::
offered on June 9-V. 120. p. 2849
To 9easongood & Mayer of Cincinnati and Guardian Detroit Co. of
New York. jointly:
% Special Tax School District No. 3 bonds at 106.57, a basis
8250,000
of about 4.90%. Due June 1 as follows: 58,000 1928 to 1937,
incl.: $10,000 1938 to 1947Jncl., and 514.000 1948 to 1952,incl.
200,000 5Si% Special Tax School District No. 1 bonds at 108.39. a basis
of about 4.74%. Due June 1 as follows: $6,000 1928 to 1937,
incl. 88.000 1938 to 1942, incl., and 510.000 1943 to 1952. incl.
To W. L. Slayton & Co. and Ryan, Sutherland & Co., both of Toledo,
Jointly:
3100
THE CHRONICLE
$100,000 5%% Special Tax School District No.4 bonds at 105.34, a basis
of about 5.01%. Due June 1 as follows: $3,000 1928 to 1937.
incl.; $4,000 1938 to 1942, Incl.; $5,000 1943 to 1946, incl., and
86.000 1947 to 1951, incl.
To Vandersall & Co.of Toledo and Hanchett Bond Co.of Chicago,jointly:
880,000 6% Special Tax School District No. 48 bonds at 106.91, a basis
of about 5.31%. Due June 1 as follows: $3.000 1928 to 1942,incl.
$4,000 1943 to 1947, Incl., and 85.000 1948 to 1950. incl.
77,000 6% Special Tax School Disirict No. 6 bonds at 106.46, a basis
of about 5.34%. Due June 1 as follows: $3,000 1928 to 1938,
incl.. and $4,000 1939 to 1949, incl.
Date June 1 1925.
-The
-TEMPORARY LOAN.
PORTLAND,Cumberland County, Me.
City Treasurer has awarded a temporary loan of $200,000 on a 3.32%
discount basis, plus a $3 premium. Due Oct. 5 1925.
-BOND OFFERING.
PORTSMOUTH, Rockingham County, N. H.
Charles R. Kimball. City Treasurer will receive proposals for the purchase
of
$30,000 4% coupon street and sewer bonds issued in denom. of 81.000
each, dated June 1 1925, and payable $3,000 June 1 1926 to 1935
Inclusive.
30,000 4.3,1% coupon water bonds issued in denom. of 81,000 each, dated
June 1 1925. and payable 82.000 June 1 1926 to 1940 inclusive.
Both principal and semi-annually int. (J. & D.) payable in gold coin
at The Merchants National Bank of Boston, in Boston. Bonds are engraved
under the supervision of and certified as to genuineness by The Merchants
National Bank of Boston; their legality will be approved by Ropes, Gray,
Boyden & Perkins, whose opinion will be furnished the purchaser. All
legal papers incident to this Issue will be filed with said bank where they
may be inspected at any time.
-Sealed bids will
PRATT, Pratt County, Kan.
-BOND OFFERING.
be received until 12 m. June 15 by Leila Magruder, Clerk Board of Education, for $35,000 4% %
refunding bonds. Date July 11925. Due July 1
as follows: 811.000 in 1931, $12,000 in 1932 and 1933. A certified check
for 2% of bid is required.
.PULASKI, Pulaski County, Va.-BONDS AWARDED IN PART
-Of the 8175.0005% water improveOPTION TAKEN ON REMAINDER.
-the Well, Roth & Irving
ment bonds offered on June 2-V. 120. p. 2849
Co. of Cincinnati purchased $100,000 at par, with an option to purchase
the balance of $75,000 at the same price.
-Matilda
-BOND OFFERING.
PULLMAN, Whitman County, Wash.
m. June 23 for
F. Gannon, City Clerk, will receive sealed bids until 5
yo,'
$35,000 not exceeding 6% city bonds. A certified check for 5% of bid is
required.
-BOND OFFERING.
PUNTA GORDA, Charlotte County., Fla.
Sealed bids will be received until 2 p. in. June 15 by L. E. Robinson, City
Clerk, for 8272,000 6% public improvement bonds. Date May 15 1925.
Denom. $1,000. Due May 15 as follows: $27,000 1926 to 1933, incl.
and 828.000 in 1934 and 1935. Principal and interest payable at the
American Exchange National Bank in New York City. Delivery of bonds
on or about June 25 at place of purchaser's choice. A certified check for
$1,000, payable to the City Clerk is required.
PUTNAM COUNTY (P. 0. Brewster), N. Y.
-BOND OFFERING.
Sealed bids will be received by Edward D. Stannard, County Treasurer,
until 12 in. (Eastern standard time) June 16 for the following issues of
4%% coupon bonds:
$60,000 Highway, Series No. 12, bonds. Due $2,000, July 1 1926 to
1955 incl.
30,000 County Building, Series 13, bonds. Due 81.000, July 1 1926 t
1955 incl.
Date July 1 1925. Prin. and semi-ann. I.(J. & J.) payable at the
County Treasurer's office or at the First Nat. Bank of Brewster. Legality
approved by Clay & Dillon of New York. Certified check for 2% of the
bonds bid for required.
RAFT RIVER HIGHWAY DISTRICT (P. 0. Burley) Cassia,
County, Idaho.
-BOND ELECTION.
-An election will be held on June 15
for the purpose of voting on the question of issuing $60,000 highway bonds.
-At
-BONDS VOTED.
REAGAN COUNTY (P. 0. Big Lake), Tex.
an election held recently the voters authorized the issuance of $50,000
court house bonds.
-BOND SALE.
RENSSELAER COUNTY (P. 0. Troy), N. Y.
Sherwood & Merrifield, Inc.. of New York were awarded the 1163,000
--at
coupon or registered road bonds offered on June 5-V. 120, p. 2720
100.13, a basis of about 3.99%. Date June 1 1925. Due yearly on
June 1 as follows: $3,000 1926 to 1928, incl., and $2,000 1929 to 1955, incl.
RICHARDSON COUNTY CONSOLIDATED SCHOOL DISTRICT
-The
NO. 15 (P. 0. Dawson), Neb.-BOND SALE
-BONDS VOTED.
Peters Trust Co. of Omaha has purchased an issue of $50,000 school bonds
at par. Due in 20 years. These bonds were favorably voted at the election
held on March 14-V. 120. p. 1243.
RICHFIELD SCHOOL DISTRICT (P. 0. Minneapolis) Hennepin
County, Minn.
-BOND SALE.
-Paine, Webber & Co. of Minneapolis
have recently pruc.hased an issue of $119.000 4%% school building coupon
bonds at a premium of $885, equal to 100.74. Date Jan. 1 1925. Denom.
$1,000. Due serially Jan. 1 1926 to 1940. Interest payable (J &
RICHARDSON COUNTY SCHOOL DISTRICT (P. 0. Falls City)o
-The United States Trust Co. of Omaha has purNeb.-BOND SALE.
chased the following bonds. aggregating $250,000.
$182,000 4j % school bonds.
68,000
% school bonds.
Denom. $1,000. Due serially in 30 years.
-NOTE OFFERING.
ROCHESTER, N. Y.
-Joseph C. Wilson. City
Comptroller, will receive sealed bids until June 17 at 2:30 p. m. for the
following 8 months' notes:
1400,000 subway railroad, as per ordinance of the Common Council
March 24 1925.
150.000 water works impt., as per ordinance of the Common Council
Dec. 111923.
Notes will be made payable 8 months from June 22 1925 at the Central
Union Trust Co., New York City, will be drawn with interest and will be
deliverable at the Central Union Trust Co., June 22. State rate of interest,
designate denominations desired and to whom notes shall be made payable;
notes will not be made payable to bearer.
ROSEBURG, Douglas County, Ore.
-The $43,113 36
-BOND SALE.
6% street and sewer improvement bonds offered on May 18-V. 120.
-were awarded to the Douglas National Bank of Roseburg at a
p. 2590
premium of $2,342. equal to 105.43. Due serially in 1 to 10 years.
ROSENBERG INDEPENDENT SCHOOL DISTRICT, Fort Bend
-BONDS REGISTERED.
-On June 1 the State Comptroller
County, Tex.
of Texas registered $40,000 534% school bonds. Due serially.
-The 810,000
ST. ALBANS, Franklin County, Vt.-BOND SALE.
4% coupon sidewalk bonds offered on June 8(V. 120, p. 2850) were sold to
the People's Trust Co. of St. Albans at 101. a basis of about 4.28%. Date
July 1 1925. Due $2,000 July 1 1928 to 1932 incl.
ST. JON.N LEVEE AND DRAINAGE DISTRICT (P. 0. St. John),
-The Liberty Central Trust Co.
St. Louis County, Mo.-BOND SALE.
of St. Louis has purchased en issue of $170,000 5)4% levee and drainage
bonds. Date May 1 1925. Denom. 81,000 and $500. Due May 1 as
follows: $500 in 1930 and 1931; $1,000 in 1932; $500, 1933 to 1937 incl.;
$22,000. 1938 and 1939: $20,000, 1940 and 1941; $10,000, 1942; $12,000,
1943;$10,000, 1944, and $49,000. 1945. Prin. and int.(M.& N.) payable
,
at the Liberty Central Trust Co. of St. Louis. Legality to be approved
by Charles & Rutherford of St. Louis.
IIISACRAMENTO, Sacramento County, Calif.
-BOND OFFERING.Sealed bids were received until June 12 by Fred L. Martin. City Treasurer,
for 8225,400 4)4% municipal improvement Series 1923 bonds. Denom.
1,000 and $300. Due Jan. 1 as follows: $5,300. 1926 to 1939 incl., and
6,300_, 1940 to 1963 incl. Legality approved by John C. Thomson of
New York City.
SAFFORD SCHOOL DISTRICT NO. 1 Graham County, Ariz.
-At an election held recently the voters authorized the
BONDS VOTED.
issuance of $56,000 school building bonds.
-A. E. Aub &
-BOND'SALE.
SALEM, Columbiana County, Ohio.
Co. of Cincinnati have purchased the following issues of coupon bonds
offered on June9(V.120, p.2721)fora premium of $501,equal to 101.61:
I
[Vu,. 120
$14,194 42 5% city's portion Franklin Ave. bonds. Denom. 8500 and one
for $694 12. Date Apr. 1 1925. Due yearly on Oct. 1 as
follows: $694 12, 1926, and $1,500, 1927 to 1935 incl.
1,986 78 5% city's portion Hawley Ave. bonds. Denom. 8200 and one
,
for $186 78, Date Apr. 1 1925. Due yearly on Oct. 1 as follows: $186 78. 1926, and $200, 1927 to 1935 Incl.
11,966 20 5% special assessment McKinley Ave. bonds. Date Jan. 1
1925. Due yearly on Sept. 1 as follows: $1,166 20, 1926, and
81.200,1927 to 1935 incl.
1,077 30 6% special assessment Summit Street bonds. Denom.$107 73.
Date Jan. 1 1925. Due $10773 Sept. 1 1926 to 1935 incl.
-BOND SALE.
SALISBURG (P.0. Elk Lick), Somerset County, Pa.
-The 812.0005% street paving bonds offered on June 5-V.120. P. 2721'
were sold to Redmond & Co. of Pittsburgh. for a premium of $931.95, equal
to 107.76, a basis of about 4.15%. Date June 151925. Due $500 June 15
1926 to 1949 incl.
-The First
SAN ANTONIO, Boxes County, Tex.
-BOND SALE.
0
National Co. of St. Louis purchased an issue of 87.000,000 5%7 water
works coupon bonds at par. on Jan. 31. Date May 1 1925. Denom.
$100. Due serially 1926 to 1965 incl. Int. payable M. & N.
The above supersedes the notice of sale given in V. 120, p. 2465.
-BOND ELECTION.
SAN DIEGO, San Diego County, Calif.
An election will be held on July 14 for the purpose of voting on the question
of issuing $450,000 hospital and detention home bonds.
SAN DIEGO HIGH SCHOOL DISTRICT, San Diego County,
Calif.
-BOND OFFERING.
-Sealed bids will be received until 10:30 a. m.
June 15 by J. B. McLees, Clerk Board of Supervisors. for 8400.000 5%
high school bonds. Date May 4 1925. Denom. 81,000. Due $12,000,
1932 to 1961 Ind., and 810,000, 1962 to 1965 incl. Principal and interest
(M.& N.4) payable at the County Treasurer's office. Legality approved
by Goodfellow, Bells, Moore & Orrick of San Francisco. A certified check
for 3% of bid, payable to the County Treasurer, is required. The assessed
and the amount of
valuation of taxable property for 1925 is
867.002.155'
bonds previously issued and at present outstanding Is $1,735,000. Estimated population is 137,000.
-BOND
SANTA BARBARA COUNTY (P. 0. Santa Barbara), Calif.
SALE.
-R. E. Campbell & Co. of Los Angeles and Vandersall & Co. of
Toledo, jointly, have purchased an issue of 8210.000 5)4% Lompoc Road
Division bonds at a premium of $1,771. equal to 100.84, a basis of about
5.40%. Date Jan. 19 1925. Denom. $1.000. Due $10,000 yearly, Jan.
19 1926 to 1946 incl. Principal and semi-annual interest payable at the
County Treasurer's office. Legality approved by John C. Thomson,
New York City.
In V. 120 p. 1655
-we reported the sale of these bonds to Sutherlin,
Barry & Co. of New Orleans, which was incorrect.
SANTA ROSA COUNTY SCHOOL DISTRICT (P. 0. Milton), Fla.
-BOND OFFERING.
-J. S. Cox, Chairman Board of Public Instruction,
will receive sealed bids until 12 in. June 15 for the following 6% bonds,
aggregating$13,000:
$5,000 Munson Consol. Spec. Tax Sch. Dist. No. 10-B. Due Jan. 11945.
4,000 Chumukla Consol. Spec. Tax Sch. Dist. No.8-B. Due Jan. 1 1945.
4.000 McLellan Consol. Spec. Tax Sch. Dist. No. 11-B. Due Jan. 1 1935.
Date Jan, 1 1925. Denom. $500. Prin. and int. (J. & J.) payable at
the First National Bank, Milton. A certified check for $100, payable to
the Board of Public Instruction, is required.
.
1•
These are the bonds offered for sale on Mar. 3-V. 120, 1: 735
-The
-BOND SALE.
SHELBY COUNTY (P. 0. Memphis) Tenn.
8550.000, offered on June 9-V. 120.
following 43 % bonds. aggregating
Chicago at a
IL 2721-were awarded to the Harris Trust & Savings Bank of
premium of 828.985. equal to 105.27. a basis of about 4.32%:
$375,000 school bonds. Due $25,000 yearly, March 1 1935 to 1949 Incl.
100,000 jail bonds. Due $5.000 yearly May- 1 1935 to 1954 incl.
75,000 auditorium and public market house bonds. Due $5,000 yearly
May 1 1935 to 1949 incl.
Date May 1 1925.
-BOND OFFERING.
SOUTH EUCLID, Cuyahoga County, Ohio.
Sealed bids will be received by Paul H. Prasse. Clerk of the Village, at his
Town Hall and at his office at No. 900 Marshall Building,
office in the
Cleveland, until 12 in. eastern standard time, June 16, for the purchase
Euclid,
of bonds, with interest coupons attached, of the Village of SouthBonds."
In the aggregate of $104.750, designated as "Street Improvement
Due yearly on Oct. 1 as follows: 89.750. 1926; 111.000. 1927:810.000. 1928;
811,000, 1929: 810.000. 1930: 111.000, 1931: $10.000. 1932; 811.000. 1933:
interest
110.000, 1934, and 111,000. 1935. The bonds, together with
assessments
coupons are issued in anticipation of the collection of special Grosvenor
for the cost and expense of improving westerly
heretofore levied to provide
Road, from the centre line of Warrensville Centre Road to the Warrensthe
Corporation line, and East Antisdale Road.fromline,centre line of draining,
by grading,
ville Centre Road to the westerly corporation
bonds to draw
curbing and paving with brick, asphalt or macadam. All
date at the rate of 5%. payable (A. & 0.) Bonds and
Interest from their
the Cleveland Trust Co.
Interest thereon shall be payable at the office of
All of the above described bonds shall be dated June 11925. and, together
All
with interest coupons, shall be issued and signed according to law. the
bids to be accompanied by a certified check on some bank other than the
the bid, payable to the Treasurer of said village. for 5% of
one making
amount of the bonds bid for.
SPRINGFIELD TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
-BOND SALE.
-The $25,000 5)4%
Holland), Lucas County, Ohio.
bonds offered on May 25 (V. 120. p. 2591) were sold to Ryan, Sutherland
$25,720. equal to 102.88-a basis of about 4.67%.
& Co.. of Toledo, for
Date June 1 1925. Due yearly on Oct. 1 as follows: $4,000, 1926 to 1930,
inclusive, and $5,000, 1931.
-BOND OFFERING.
STILLWATER, Washington County, Minn.
Chas. A. Lammer, City Clerk, will receive sealed bids until 7:30 In• ,
June 23 for $15,000 4%% water-works improvement bonds. Date May 1
1925. Denom. $1,000. Prnicipal and interest (J. & .) payable at the
Merchants Trust & Savings Bank of St. Paul. A certified check for $500.
Payable to the City Treasurer, is. required.
-BOND SALE.
STOKES COUNTY (P. 0. Danbury), No. Caro.
The Wachovia Bank & Trust Co. of Winstom-Salem was awarded on April
18 an issue of $75,000 43% paving bonds at 104.62.
-Sealed bids
-BOND OFFERING.
SULLIGENT, Lamar County, Ala.
will be received until July 1 for $25,000 6% school bonds. Due in 25
Years. Interest payable semi-annually.
-BOND OFFERSULLIVAN COUNTY (P. 0. Blountville), Tenn.
ING.
-Sealed bids will be received until June 22 by Jos. A. Caldwell,
County Judge, for $17,000 5% highway bonds.
-BOND OFFERING.
SUMMIT COUNTY (P. 0. Akron), Ohio.
Sealed proposals will be received by E. C. Jarvis. Clerk Board of County
Commissioners until 12 in. June 15 for 878.500 5% coupon Sec. "A"
Cuyahoga Falls-Mogadore Road C. H. No. 76, bonds. Denom. $1,000
and one for $500. Date May 11925. Prin, and semi-ann. Int. (A. & 0.)
Payable at the office of the County Treasurer. Due yearly on Oct. 1 as
1932.
follows: 18.000. 1926. 1928 and 1930: 89.000 in 1927, 1929, 1931. bonds
1933. and $9.500, 1934. Certified check for 5% of the amount of
bid for, required.
SUNOL GLENN SCHOOL DISTRICT, Alameda County Calif.-V. 120,
-The $45,000 5% school bonds offered on May 2g
BOND SALE.
P. 2721-were awarded to the Bank of Italy of San Francisco. at a premium
of $2,238, equal to 104.97, a basis of about 4.46%. Date May 15 1925.
Due May 15 as follows: $2,000, 1927 to 1948 incl. and $1,000 in 1949.
Following is a list of other bidders.
Premium
Name of idder$2.139.00
Blyth, Witter & Co
1,756.00
R. H. Moulton & Co
1,930.00
Mitchum, Tully & Co
1,835.00
Dean Witter & Co
1,817.00
The American Bank
1,391.00
The Anglo London & Paris Co
1.551.00
Wm. Cavalier & Co
1.941.00
E. H. Rollins & Sons
-BOND
SUNSET SCHOOL DISTRICT, Monterey County, Calif.
school bonds offered on May 25-V. 120, P.
SALE.
-The 150.000 5%
2721-were awarded to the William R. Stoats Co. of Los Angeles at a
premium of 12.286, equal to 104.57. a basis of about 4.49%. Date May 25
1925.UDue $2,500 yearly 1927 to11946 incl.
JUNE 13 19251
THE CHRONICLE
Following is a list of other bidders.
Name of BidderPremium.
E. H. Rollins & Sons
$1,908.00
Dean Witter & Co
1,898.50
Wm. Cavalier & Co
1,805.00
Harris Trust & Savings Bank
2.085.00
Mitchum, Tully & Co
1,631.00
Anglo London Paris Company
1,570.00
R. H. Moulton & Company
1.826.00
Blyth, Witter & Co
2,051.00
Bank of Italy
2,178.00
All bids'include accrued interest.
SWEETWATER COUNTY SCHOOL DISTRICT NO. 2 (P. 0.
Green River), Wy .-BOND SALE.
o
-The $38,000 6% school bonds
offered on June 8-V_. 120, p. 2721-were awarded to the Gray, Emery &
Vasconcelles Co. of Denver, as 431s at par. Due in 20 years.
TALBOT COUNTY (P. 0. Talbotton), Ga.-BOND DESCRIPTION.
-The $30,000 5% school bonds awarded on May 16 to J. H. HiIsman
& Co. of Atlanta at 99.83-V. 120. p. 2722-a basis of about 5.02%. are
described as follows: Date May 1 1925. Denom. $1,000. Due May 1
1955. Interest payable (M. & N.).
TARKI0 SCHOOL DISTRICT, Atchison County, Mo.-BOND
SALE.
-The Commerce Trust Co. of Kansas City has purchased an
of $115,000 4(% school bonds at 100.075. Due in 10 to 20 years. issue
TARRYTOWN, Westchester County, N. Y.
-BOND SALE.
-The
$36,000 public park coupon or registered bonds offered on June 9 (V. 120,
p. 2973) were sold to Rutter & Co. of New York as 431s for $36,725, equal
to 102.01-a basis of about 4.14%. Date July 11925. Due $3,000
July 1
1926 to 1937, inclusive.
Other bidders were:
Rate.
Bid.
Fairservis & Co
431%
101.21
Clark, Williams & Co
431
$60.84
Farson, Son & Co
431
101.835
Sherwood & Merrifield
4
101.55
Geo. B. Gibbons & Co
4i
101.21
THE DALLES, Wasco County, Ore.
-BOND SALE.
-The $13,808
impt. bonds offered on June 3-V. 120. p. 2851-were awarded to 81
Ladd & Tilton Bank of Portland as 5s at 101.13. Date June 11925. the
TONAWANDA, Erie County, N. Y.
-BOND OFFERING.
-Edward
F. Fries, City Treasurer until 8 p. m. June 15, will receive sealed
bids for
the following issues of 431% coupon bonds.
$25,000 water bonds. Due $1,000 July 1 1931 to 1955 incl.
15,000 sewer bonds. Due $1,000 July 1 1931 to 1945 incl.
Denom. $1,000. Date July 11925. Prin. and int, payable at the
Nat. Bank of New York. Certified check for $500. required for each Chase
issue.
Legality approved by John C. Thomson of New York.
TROY, Rensselaer County, N. Y.
-BOND SALE.
-The $370.000
% harbor and dock and the $200.000 431% public impt. coupon
registered bonds offered on June 5-V. 120, p. 2851-were sold to or
the
Guaranty Co. of New York at 103.76. a basis of about 3.90%. Date
July 1 1925. The harbor and dock bonds shall be payable in 40
annual installments, the last of which shall become due at the end equal
years after its issue. The public inapt. bonds shall be payable in 20 of 40
annual installments, the last of which shall become due at the end equal
of 20
years after its issue.
UMATILLA, Umatilla County, Ore.
-BONDS NOT SOLD.
-The
$16,000 5% city hall bonds offered on June 1-V. 120, p. 2592
been sold. The maturity of the bonds will be revised and -have not
the bonds
readvertised. Date June 1 1925.
UNION FURNACE SCHOOL DISTRICT (P. 0. Union
Furnace)
Hocking County, Ohio.
-BOND OFFERING.
-Sealed bids
received by the Clerk Board of Education until 1 p.m.June 22,for will be
$20,000
school bondq.
WAKEENEY, Trego County, Kan.
-BOND OFFERING.
Pierson, City Clerk, will receive sealed bids until 7 P. m. June -Ralph S.
16
426 55 5% internal improvement bonds. Date Feb. 1 1925. for $57,Due in
10 years. A certified check for 2% of bid is required.
WALKER COUNTY (P.0. Huntsville), Tex.
-BONDS REGISTERED,
-On June 2 the State Comptroller of Texas registered $15,000 5%
special
road bonds. Due serially.
WASHINGTON COUNTY (P. 0. Plymouth), No. Caro.
-BOND
SALE.
-Bray Bros. of Greensboro purchased an issue of
funding bonds. Date March 1 1925. Due $5,000 yearly $35,00015%7.
March
1954
to 1960, inclusive.
WASHINGTON SCHOOL TOWNSHIP (P. 0. Delphi), Cavvo
County, Ind.
-BONDS NOT SOLD.
-The $45,000 431% coupon school
bonds offered on June 1-V. 120. p. 2592
-were not sold because of a
restraining order from Court.
WAUCHULA, Hardee County, Fla.
-BOND OFFERING.
-A. G.
Smith. member Board of Bond Trustees, will receive sealed bids
2 p. m. June 15 for $.08,000 6% improvement bonds. Date June 1 until
Denom.$1.000. Due June 1 as follows: $2.000. 1927 to 1930 incl.: 1925.
$4,000,
1931 to 1935 incl.; 86,000, 1936 to 1940 incl.; $8,000, 1941 to
1945,ncl.;
$10,000, 1946 to 1950 incl. and $12,000, 1950 to 1955 incl. Principal
semi-annual interest payable at the Chase National Bank, New York and
City.
Legality approved by Chapman, Cutler SG Parker of
check for 34,500 payabh to the Board of Trustees isChicago. A certified
required.
WAYNESBORO, Augusta County, Va.-BOND OFFERING.
-Sealed
bids will be received until 7.30 p. in. June 23 by C. J. Wright, Town
Clerk,
for $50,000 5% refunding bonds. Date April 1 1925.
Denom.
Due $2,000 yearly April 1 1926 to 1950, inclusive. Principal and $1,000.
(A. & 0.) Tiayable at the First National Bank in Waynesboro. interest
approved by Reed. Dougherty & Hoyt of New York City. A Legality
certified
check for 2% of bid is required.
WEBSTER CITY, Hamilton County, Iowa.
-BOND DESCRIPTION.
-The $15.000 water bonds awarded to the White-Phillips Co.of
Davenport
as
120,p. 2328
-are described as follows: Date May 1
1925.
Coupon bonds.
enom. $1.000. Due in 1938. Int. payable (M. & N.)
WEIMAR, Colorado County, Tex.
-BONDS REGISTERED.
-The
State Comptroller of Texas registered $8,000
% water works bonds on
June 1. Due serially.
WELLS COUNTY (P.0. Bluffton), Ind.
-BOND SALE.
-The
5% Samuel Banter et al. road in Jackson and Washington Twps. $7,500
coupon
bonds, offered on June 9-V. 120, p. 2850
-were sold to the Fletcher
Sayings & Trust Co. of Indianapolis for $7,788 80, equal to 103.85,
a basis
of about 4.22%. Due $375 May 15 1926 to Nov. 15 1935, inclusive.
WESTBROOK, Mitchell County, Tex.
-BONDS VOTED.
-At an
election held recently the voters authorized the issuance of $35.000
school
building bonds.
WESTFIELD SCHOOL DISTRICT(P.O.Westfield),
Union County,
-BOND OFFERING.
N. J.
-Sealed bids until 8 p. in. (daylight
time) June 18 will be received by Frances Peirce, District Clerk, saving
for an
issue of 4347j coupon or registered school bonds not to exceed
no more bon to be awarded than will produce a premium of $200.000,
$200,000. Denom.$1,000. Date July 1 1925. Principal and $1.000 over
semi-annual
interest (J. & J.) payable at the Peoples Bank & Trust Co. of
Westfield.
Due yearly on July 1 as follows: $4.000 1927 to 1931, incl.; $5,000
1932 to
1955, incl., and $6,000 1956 to 1965. incl. Legality approved
by
Dougherty & Hoyt of New York. Certified check for 27 of the Reed,
bonds
bid for, payable to the Custodian of School Moneys, required.
WEST POINT SCHOOL DISTRICT, Cuming County, Neb.-The Peters Trust Co. of Omaha has purchased
BOND SALE.
% school bonds at a premium of $223, equal to an issue
of $28,000
100.79, a
basis of about 4.43% if called at optional date and 4.44 if allowed
full term of years. Date May 15 1925. Denom. $1.000. Due to run
July
1945, optional July 1 1940. Principal and interest (J. & J.) payable 1
at
the office of the County Treasurer. Legality to be approved by
Chapman,
Cutler & Parker of Chicago.
Financial Statement.
Assessed value, as returned 1924
S2.275679:000065
Total bonded debt
Population, estimated
2,150
In V. 120, p. 2584, we reported the sale of the above bonds under
the
caption of "CUMillg County School District, Neb.,"
which was incorrect.
ois-v.
3101
WEST SALEM, Wayne County, Ohio.
-BOND OFFERING.
Sealed proposals will be received at the office of Gladys Walker. Village
Clerk. until 12 in. July 6 for $2,500 5% coupon village's share I. C. H.
No. 139 bonds. Denom. $500. Date July 1 1925. Int. M. & S. Due
$500 Sept. 1 1926 to 1930 incl. Certified check for 5% of the amount
of bonds bid for. required.
WEST SIDE UNION HIGH SCHOOL DISTRICT (P. 0. San Jose),
Santa Clara County, Calif.
-BOND SALE.
-The $250,000 57. school
bonds offered on June 1-V. 120, p. 2723
-were awarded to the Bank of
Italy of San Francisco at a premium of $15,719, equal to 106.28, a basis of
about 4.61%. Date June 1 1925. Due June 1 as follows: $12,000, 1931
to 1940, incl., and $13,000. 1941 to 1950, incl.
WHITE HALL, Green County, III.
-BOND OFFERING.
-The City
Finance Committee will receive sealed bids up to 7 p. in. June 16. for the
purchase of $58.000 water bonds of 1925, of the denom. of $500 each,
dated May 1 1925. bearing interest at 5%. Principal and interest payable
at the office of the City Treasurer, the first 6 due May 1 1926, the next
6 due May 1 1927, and so on to the end of the series, each 6 bonds being
due one year after the preceding 6, except the last 8 which are due May 1
1944. Bids must be unconditional and accompanied by cash or a certified
check on some responsible bank for an amount equal to 10% of the bid.
made payable to the City.
WHITMAN COUNTY SCHOOL DISTRICT NO. 47 (P. 0. Colfax),
-The State of Washington has purchased an issue
-BOND SALE.
Wash.
of $20,000 school building bonds at par. Due in 20 years.
WICHITA, Sedgwick County, Kan.
-BOND OFFERING.
-Sealed
bids will be received until 3.30 p. in. June 15 by E. S. Worrell, City Clerk,
for the following 43 % bonds:
$76,000 (approximately) sewer and paving improvement bonds. Denom.
$1,000 and $500 and 1 odd bond. Due in 1 to 10 years.
74.000 (approximately) internal improvement park bonds. Denom.
$1,000. Due in 1 to 10 years.
20,384 internal improvement repair bonds. Denom. $1.000, except 1 for
$384. Due in 10 to 20 years.
Date June 1 1925. These bonds are offered subject to their rejection
by the State School Fund Commission. A certified check for 2% of bid
is required.
WILMINGTON, New Castle County, Del.
-BOND SALE.
-Harris,
Forbes & Co. of New York and Laird, Bissell & Meeds of Wilmington
have purchased the following 2 issues of 431% bonds, offered on June 8V. 120, p. 2850
-for $184.356, equal to 102.42, a basis of about 4.12%:
$100.000 Park Issue of 1925 bonds. Due $83,900 Oct. 1 1957 and $16.000
April 1 1958.
80,000 Sinking Fund bonds. Due April 1 1958.
WINNSBORO INDEPENDENT SCHOOL DISTRICT, Wood
County, Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas
on June 2 registered $50,000 5% school bonds. Due serially.
WOODBURN, Marion County, Ore.
-BOND SALE.
-Clark. Kendall
& Co.of Portland have purchased an issue of $28,558 22 6% street improve
ment bonds at a premium of 81.157 38. equal to 104.05. Due in 10 years.
WORCESTER, Worcester County, Mass.
-TEMPORARY LOAN.
Curtis & Sanger of Boston have been awarded a temporary loan of 8500.000
on a 3.23% discount basis plus a $7 75 premium. Due Nov. 24 1925.
WRIGHTSVILLE BEACH, New Hanover County, No. Caro.BOND OFFERING.
-R. H. Northrop. Town Clerk, will receive sealed
bids until 12 m. June 18 for $60,000
water works system bonds.
Date June 1 1925. Denom. 81.000. Due $2,000 yearly, 1926 to 1955.
Incl. Prin. and int. _payable in New York. Legality approved by Reed,
Dougherty & Hoyt. N.Y.City. A certified check for 2% of bid is required.
These are the bonds scheduled to be offered on June 5.-V.120,p.2851.
WYOMING, Stark County, III.
-BOND SALE.
-An issue of $15,000
street paving bonds was sold recently.
-BOND SALE.
YORK, York County, So. Caro.
-The $17,000 water
system refunding bonds offered on April 18-V. 120. p. 1796
-were awarded
to J. H. Hilsman & Co., Inc.. of Atlanta as 5s. Date March 1 1925.
Denom. $1,000. Due March 1 1955. Principal and interest (M. & 8.)
at the Mechanics & Metals National Bank, New York City.
Legality approved by J. N. Nathans of Charleston.
ity
Financial Statement.
Actual values
$6.000.000
Assessed values 1924
903.000
Total bonded debt (including this issue)
103.000
Population (estimated)
3.000
YORKTOWN, De Witt County, Tex.
-BOND SALE.
-H. C. Burt
& Co. of Houston have purchased an issue of $50,000 531% sewer bonds
at a premium of $1,065. equal to 102.13. a basis of about 5.09%•
-The State Comptroller of Texas registered
BONDS REGISTERED.
the above bonds on June 5. Due serially.
YOUNGSTOWN, Mahoning County, Ohio.
-BOND OFFERING.
Sealed bids will be received by A. H. Williams, Director of Finance, until
12 in. (standard time) June 22 for $105,000 5% coupon West Federal St.
coupon bonds. Denom. 81.000. Date June 1 1925. Principal and semiannual interest(A.& O.) payable at the office of the Sinking Fund Trustees.
Due 55.000 Oct. 1 1926 to 1946, inclusive. Certified check for 2% of the
bonds bid for, on a solvent bank, payable to the above Director of Finance.
required.
YPSILANTI,Ypsilanti County, Mich.
-BOND SALE.
-The following
two issues of 5% bonds have bean sold:
$9,090 sanitary sewer improvement bonds.
8,500 paving improvement bonds.
sq%
Legal
CANADA, its Provinces and Municipalities.
AMHERST, N. S.
-BOND SALE.
-J. C. Mackintosh & Co. have
purchased $13,000 5% 30
-year bonds.
CHILLIWACK, B. C.
-BOND SALE.
-L. Read & Co. were the
successful bidders for $20,000 531% 10
-year local impt. bonds, due June 1
1935. paying 99.87. which is equal to a cost basis of 5.52%. Bids were as
follows:
99.87 Royal Financial Corp
98.81
L. Read & Co
Pemberton & Son
99.40 V. W. Odium & Co
98.30
99.21 Gillespie, Hart & Todd, Ltd_ _-98.30
A. E. Ames & Co., Ltd
CRYSTAL BEACH, Ont.-BOND SALE.
-MacKay-MacKay pur-installment waterworks bonds, guaranteed by
chased the $67,000 5P4% 30
the County of Welland. At the purchase price of 105.41. the money is
costing 5.02%. Bids were as follows:
Macitay-MacKay
105.41 W.C. Brent & Co
104.41
Housser, Wood & Co
105.387 Dyment, Anderson & Co_ __ _104.09
Matthews & Co
105.24 Macneill. Graham & Co_
103.91
Fry, Mills, Spence & Co_
105.191 Wood, Gundy & Co
103.80
Gairdner, Clarke & Co
105.07 McLeod, Young, Weir & Co_103.76
C. H. Burgess & Co
104.46
CUMBERLAND TOWNSHIP, Ont.-BOND SALE.
-An issue of
-installment bonds was sold to M. Russell, Cumberland. at
$1,402 6% 6
100.91, which is equal to a cost basis of 5.73%. Bids were as follows:
100.91 C. H Burgess & Co
100.00
M. Russell
McDonagh. Somers & Co_ _ _ _100.551MacKay & MacKay
96.27
NORTH BAY, Ont.-BOND SALE.
-Hanson Bros. purchased 878,000
-installment bonds at 98.877, which is,equal to a cost basis of 5.12%.
57 20
Alternative bids were asked for 5 and 534% bonds. Bids were as follows:
57
0
_
53i%
Hanson Brothers
98.877
102.17
C. H. Burgess & Co
98.53
102.28
Wood. Gundy & Co
98.57
102.57
Bell, Gouinlock & Co
98.28
102.48
Dyment, Anderson & Co
98.08
102.21
98.01
Matthews & Co
102.10
97.79
Fry, Mills, Spence & Co
102.07
Macneill. Graham & Co
97.75
101.73
Gairdner, Clarke & Co
97.732
101.732
McLeod. Young, Weir & Co
97.63
101.63
MacKay & MacKay
97.50
100.90
A. E. Ames & Co.. Ltd
97.33
[VOL. 120.
THE CHRONICLE
3102
-install-An issue of $65,000 5% 30
ORILLIA, Ont.-BOND SALE.
ment school bonds was awarded to A. B. Thompson, OriIlia, at 105.61,
Which is equal to a cost basis of 5.01%. Bids were as follows:
105.03
105.61 Bell. Gouinlock & Co
A. B. Thompson
104.87
Municipal Bankers Corp.._ --105.54 Macneill, Graham & Co
104.87
105.462 Fry, Mills. Spence & Co
Clarke & Co
Gairdner,
104.84
Worthington-Savage Co .._..105.46 Wood, Gundy & Co
104.75
105.23 A. E. Ames & Co.. Ltd
Cochran, Hay & Co
104.69
- _105.11 Goss, Forgie & Co
McLaren, Fletcher & Co__
103.78
Dyment, Anderson & Co__105.09 R. A. Daly & Co
105.08
C. H. Burgess & Co
-The Protestant School Board has
OUTREMONT,Que.-BOND SALE.
-year bonds to Mead & Co. at 103.19. which is equal
sold $50,000 53. % 20
were as follows:
to a cost basis of 5.24%. Bids
102.067
103.19 IA. E. Ames & Co., Ltd
Mead & Co
Dominion Securities Corp_ _ _102.716 I
-H. R. Bain & Co. have purPORT HOPE, Ont.-BOND SALE.
-installment bonds at 103.81, which is equal to a
chased $22,545 5% 20
cost basis of 6.05%. Bids were as follows:
*103.883
103.81 Goss, Forgie & Co
H. R. Bain & Co
103.54 Municipal Bankers Corp_ -103.76
Matthews & Co
Toronto Bond Exch.. Ltd103.66
103.773
Dyment, Anderson & Co
103.532
103.33 Gairdner, Clarke & Co
MacKay-MacKay
103.42
103.38 R. M.Bird & Co
Cochran. Hay & Co
103.68
Gouinlock & Co
McLaren. Fletcher & Co--_103.73 Bell,
103.35 Macneill. Graham & Co_ ___103.54
Wood. Gundy & Co
103.53 Worthington-Savage Co_ _103.26
J. L. Goad & Co
103.11
103.07 Harris, MacKeen & Co
Hanson Bros
102.92 McLeod. Young, Weir & Co_102.86
C. 11. Burgess & Co
McDonagh,Somers & Co..__- 98.87
101.76
W.C. Brent & Co
* Conditional bid.
%
-The $5,000,000
-BOND SALE.
of).
QUEBEC (Province
-were sold to a
sinking fund bonds offered on June 5-V. 120. p. 2974 & Co. and the
syndicate composed of Wood, Gundy & Co.. Harris. Forbes Mar. 2 1950.
National City Co. at 96.159. Date Mar. 2 1925. Due
We are informed that the above negotation completes the year's financing
as authorized at the last session of the Legislature.
Alternative bids were asked for $5,000.000 long-term and $5,000,000
short-term bonds. The complete List of bids follows:
Wood, Gundy & Co.; Harris, Forbes & Co., Ltd., and National City Co.,
-year notes.
-year bonds and 99.86 for 2
96.159 for 25
& Co.
Bank of Montreal, First National Bank of N.Y. Kissel, Kinnicutt
-year bonds and 100.01737 for
and Redmond & Company, 95.65906 for 25
-year notes.
2
Ames & Co., Guaranty Company Inc., Bankers' Trust Co., Estabrook
and 95.549
& Co. and Old Colony Trust Co., 95.499 Canadian funds N.Y.funds
-year bonds and 99.9556 Can,funds and 100
N.Y.funds for 25
-year notes.
for 2
Co.,
Halsey, Stuart & Co.: Blair & Co., Equitable Trust Co., Hallgarten
Bank,
Rountze Brothers, Continental & Commercial Trust & Savings
Matthews & Company, Gairdner,
L. G. Beaubien Co.. Johnson & Ward,
-year bonds.
25
Clarke & Co. and Canadian Bank of Commerce 95.57 for Hailgarten Co.,
Halsey. Stuart & Co., Blair & Co., Equitable Trust Co.,
Kountze Brothers. Continental & Commercial Trust & Savings Bank and
Canadian Bank of Commerce, 99.95 for 2 year notes. and Mead & Co.,
Salomon Bros. & Hutzler, N. Y.: Goldman, Sachs Co.
-year notes.
Ltd., 99.81447 for 2
Aird, McLeod & Co.. Fry Mills, Spence & Co.; Dyment, Anderson &
Co.; Cochran, Hay & Co.; Bell, Goulnlock & Co. and Mead & Co., Ltd.,
-year bonds.
95.03 for 25
Kerr, Flemming & Co.: Lee. Higginson & Co., Boston, and E. H. Rollins
-year notes.
-year bonds and 99.713 for 2
& Sons, Boston, 93.546 for 25
StimMarshall Field, Glore & Ward and syndicate represented by G. A.
-year notes.
son & Co., 99.66122 for 2
-year 4% notes 98.86714.
Messrs. Salomon Bros. & Hutzler also bid for 2
and for 2
-year 335% notes 97.91981.
-An issue of $170,000 5%
RIVIERE DU LOUP, Que.-BOND SALE.
-year serial bonds was awarded to Municipal Debentures Corp. at 98.876.
30
of 5.10%. Bids were as follows:
which is equal to a cost basis
Municipal Debentures Corp 98.876 Vray, Caron & Dube, Ltd___}98.334
98.67 Ernest Savard. Ltd
L. G. Beaubien & Co
Provincial Securities, Ltd____98.55 Versailles, Vidricaire &
98.27
Boulais. Ltd
Credit Anglo-Francais, Ltd- -98.41
98.91
Hanson Bros
95.856
Geoffrion & Co
-Proposals are
SHAWINIGAN FALLS, Que.-BOND OFFERING.
5% bonds. Of
invited up to 4 p. m.June 17 for the purchase of $245.700and are redeemshort term loan
the total, $195,700 are for the renewalof a
able by series from 1926 to 1960, being dated May 1 1925 and in denominations of $100:$500 and $1,000 each. Of the balance, $50,000, there are
dated May 1 1925 and are redeemable by series from 1951 to 1960, and are
in denominations of $500 and $1,000 each. The bonds are payable as
sShawinigan Falls, Montreal and Quebec. A. J. Meunier, Secretary-Trea
urer.
-R. M. Bird & Co.
TISDALE TOWNSHIP, Ont.-BOND SALE.
-installment bonds guaranteed by the
have been awarded $42,000 6% 20
Provincial Government, at 107.76, which is equal to a cost of 5.10%.
Bids were as follows:
106.94
R M Bird & Co107.76 J. L. Goad & Co
106.838
107.75 Goss, Forgie & Co
Doherty-Easson Co
106.82
Bankers Corp---107.744 Bell, Goulnlock & Co
Municipal
106.34
Burgess & Co
Worthington-Savage Co____107.15 C. H.
107.61 McLeod, Young, Weir & Co-106.29
Harris, MacKeen & Co
106.18
107.473 Macneill, Graham & Co
Dyment, Anderson & Co 107.44 MacKay-MacKay
105.70
Matthews & Co
105.43
107.272 W.C.Brent & Co
Gairdner, Clarke & Co •
107.07
Wood Gundy & Co
-An issue of $126,000
SALE.
-BOND
WEST VANCOUVER, B. C.
-year bonds has been sold to Royal Financial Corp. at 98.642.
20, 25 and 30
Bids were as follows:
98.642
Royal Financial Corp
97.676
Gillespie, Hart & Todd, Ltd
97.09
Pemberton & Son
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GREENE CANANEA COPPER CO.
NOTICE OF ANNUAL MEETING.
Notice is hereby given that the Annual Meeting of the Stockholders of the Greene Cananea
Copper Company will be held at the office of
the Company. 25 Broadway, New York, N. Y.,
on Monday. the fifteenth day of June, 1925,
at twelve o'clock noon, for the election of three
directors to hold office for three years, and for
the transaction of such other business as may
come before the meeting, including the consideration, approval and ratification of all acts
and proceedings of the Board of Directors during
the past year, and of all matters that may be
referred to In the Annual Report to the Stockholders.
The transfer books of the Company w I
not close, but only stockholders of record as
at 12 o'clock noon, Saturday. May 23. 1925
will be entitled to vote at this meeting.
By,Order of the Board of Directors.
5.11W. ALLEN, secretary.
@FedFRASER