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firianttat
The
Urninercitl lirtitude
INCLUDING
Railway& Industrial Compendium
State & Municipal Compendium
VOL. 120.
Public Utility Compendium
Railway Earnings Section
SATURDAY,JUNE 27 1925.
3:he Throntele
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SPECIAL FEATURES
OF OUR
STATE AND MUNICIPAL COMPENDIUM
In the semi-annual number of the above publication, a copy of which goes to-day to every
one of our subscribers, there are several special
articles which have a wide degree of interest.
(1) Our customary annual analysis of the
municipal bond sales for the preceding calendar
year, this time 1924.
(2) Something never attempted before
by any publication, a study of the amounts
of the municipal bonds redeemed or retired,
the totals of which now run up into the hundreds of millions annually.
(3) An elaborate tabular statement, comparing the totals of the municipal sales, under
leading heads,for the past 24 years.
The Financial Situation.
The Inter-State Commerce Commission has before
it an opportunity to perform a great public service,
and incidentally to earn popular gratitude equal to
the opprobrium that has rested upon it during the
long period of railroad breakdown that may roughly
be placed within the first twenty years of the present
century. Whether or not the Inter-State Commission is justly chargeable with having broken down
the credit structure of the railroads and driven from
the business most men of restless and constructive
genius, the fact remains that the Commission is held
responsible for the unfortunate plight of the carriers
by the almost countless investors who directly, or
indirectly through savings banks and insurance companies, have suffered losses through the shrinkage
Bank and Quotation Section
Bankers' Convention Section
NO. 3131,
in values of railroad securities. Over a period of
twenty years the rates were held just under the line
of good credit. A penny was saved and a pound was
lost. The word niggardly rests in the public mind as
the fitting expression of a policy that has not adequately visioned the needs of national progress.
Notwithstanding this popular appraisal of inadequacy, Congress, in the Railroad Law of 1920, did
not take from the Commission its powers, but rather
enlarged them. Instead of being authorized merely
to approve rates made by the railroads, the Commission is directed also to so adjust rates that they will
yield "a fair return upon the aggregate value of the
railway property of such carrier held for and used
in the service of transportation." In this Congress
charged the Commission to become aggressive; if the
railroads do not propose adequate rates the Commission must.
For some time the roads have been urging the
Commission to assume this responsibility. During
the first four years of operation since the passage of
the law, rates have not been adequate, although conditions have been vastly better than in 1920. Especially in the Northwest have rates been deficient.
The Bureau of Railway Economics estimates that
the roads of the United States earned only 4.35% on
invested capital in 1924, instead of the 53
4% approved in principle by the Commission. The Western roads have been the worst sufferers. The record
for the several divisions of the Western roads during
1923 and 1924 was as follows:
RETURN ON PROPERTY ESTIMATED BY BUREAU RAILWAY
ECONOMICS.
Total
NormCentral
SouthWestern.
Calendar Year
western.
Western.
western.
1923
3.96%
4.50%
3.45%
3.85%
1924
3.87%
3.12%
4.21%
4.34%
First Quarter
3.58%
1924
2.59%
3.65%
4.15%
3.36%
1925
2.11%
3.65%
4.39%
Clearly the return is inadequate and the tendency
is downward. The situation is relatively the best in
the south and the worst in the north. The Western
roads have not been content with urging the Commission to do its duty, but have asked for a general
increase averaging about 11%. This case is now
before the Commission. The matter is of primary
importance, as not only are several billion dollars of
property value involved, but the correct solution is
basic to the prosperity of the West. In this lies a
great opportunity for the Commission to serve the
country.
The matters at issue are not trivial, nor is a correct analysis easy. In the following tables are
shown the total revenue tons and passengers carried
during the years 1918 to 1924, inclusive, of the four
Northwestern roads and the two great Canadian systems; also the tonnage carried through the Panama
THE CHRONICLE
3238
[vol. 120.
Canal, and the total automobile registrations in the carrying an increasing percentage`,of the passenger
United States, the latter indicating the total number and freight traffic, causing the business of the steam
railroads to be stationary or even to decline. This
of operating machines in each year.
is real competition, and it is not likely to be seriously
TONS REVENUE FREIGHT CARRIED.
Great Canadian Panama Automobile curtailed. (2) The Panama Canal is proving inChic. Ch. MS. Northern
(000s
Nothern. Pacific.a Canal.* Registra'nb
omitted) N. W. & St. P. Pacific.
6,146 creasingly useful and economically beneficial. It is
7,532
29,856
30,948
24,150
1918
40.307
58,828
7,530
6,916
25.102
27,390
40,295
21,389
1919
51.981
but very
9,177 affording the railroads slowly growing,
9,374
30,160
32,948
45,041
23,448
1920
60,275
10,464 real competition. (3) The Canadian roads are suf11,599
23,710
19,533
17,670
1921
39,227
34,067
12.239
10,834
27,744
27,450
21,451
1922
42,034
48,607
15,092 fering from the same factors as our Northwestern
19,567
30,852
51,314
24,133
36,385
1923
58,915
17,592
26,924
28,776
23,991
47,143
1924
52,158
lines. They have lowered their rates, but are not
PASSENGERS CARRIED.
Can. Nat. RII. Sts. more than holding their share of the traffic.
Great Canadian Pass'gers Tons Rev.
Ch. Ma. Northern
Chic
(0003
The remedy is probably not so simple as a general
omitted) N. W. & St. P. Pacific. Northern. Pacific. Carried. Freight.
14.502
7,264
7,813
13,175
1918
34,099
increase in rates in the Northwest or even the coun15.815
8,530
8,613
15,511
1919
37,767
try as a whole. Probably the most constructive
16,925
8,538
8,447
15,919
1920
40,692
15,318
6,194
6,178
14,240
1921
35,685
measure is the Boston & Maine formula of analyzing
14,436
5,509
13,608
5,263
1922
33,828
14,530 •23 683 •*57.248 the various divisions into those that can pay and
4.975
4,706
33,004
13,559
1923
52,498
22,707
14,031
11,950
3,607
1924
32,409
those that cannot, and building up the one and
-month periods ended June 30.
•Panama Canal record, covering I2
abandoning or cutting down the other. This policy
is National Automobile Chamber of Commerce, compiled by U. S. Bureau Pubwould probably benefit every road in the country,
lic Roads.
s• Prior figures on different basis, Canadian National Railways organized Oct. 12
but even with prospect of slow improvement along
1922.
a Includes company freight.
this line, rate increases seem necessary, at least temThe drop in figures in 1921 need not be noted here, porarily. But in making these in the Northwest,
as this is not a study in depression. Taking the neither the Canadian roads nor the Panama Canal
period as a whole, the freight business has been should be overlooked. The Canadian roads are more
nearly stationary, with some net loss, and in this anxious for increases than ours can be, for their need
respect the Canadian roads are as badly off as those is greater. If they are pushing the Northwestern
in the United States. There has been a sharp gain roads, the latter are pushing them harder. Why
in tonnage through the Panama Canal, especially in should not the Inter-State Commerce Commission
the last year or two, but the total traffic through the suggest that they make increases simultaneously?
Canal cannot be a large percentage of the total east The Panama Canal rates, too, might be raised at th.a
and west by rail; however, the Canal is, no doubt, a same time. Is it too much to ask that our Governbig factor in the situation, and most probably these ment function as a unit in this matter, for the Canal
roads are suffering from its competition. At all Zone and the Inter-State Commerce Commission are
events it is probable that the nearly threefold in- parts of the same Government.
A constructive gripping of the main problems increase in automobiles and the very great increase in
improved through automobile highways and increas volved, with the Commission's usual very great effiing use of trucks and buses have done more than ciency in handling detail, would be of unmeasurable
anything to cause the decline in railroad traffic and benefit to the West and to agriculture, as well as to
reductions in railroad rates. The passenger figures security holders in every section of the country.
suggest the same conclusions, and in fact are in very Here is an opportunity for action along broad lines.
close parallel to those for freight tonnage.
The past week has witnessed no marked changes
The following tables show the net revenues per
ton mile and per passenger mile of the same roads in the securities markets, neither as to activity, level
and also by way of comparison of the Atchison To- or character of new issues. Confidence continues as
the dominant note. Bonds are a shade higher.
peka & Santa Fe and the New York Central:
Stocks were rather weak on Monday and Tuesday,
NET REVENUE PER TON MILE.
Chic. &C.M.& North. Great Canad. Cased. A.T.& N.Y. but apparently a correcting reaction was accomN. W. St. P. Pacific North. Paz.* Nat.Rgs. S.F. Cent%
1.023 .737 plished without much loss of ground, as there wasCents- .940 .840 .819 .870
1918
1.110 .924 .961 .970 1.033 ____ 1.213 .862
1919
renewed activity at rising prices the latter part of
1 160 1.029 1.033 1.053 1.038 ____ 1.316 .930
1920
Money has been
1 410 1.266 1.309 1.301 1.196 -_ 1.544 1.208 the week, especially on Friday.
1921
1.414 1.122
1.330 1.094 1.191 1.134 .996 _
1922
1.073 1.132 1.070 .929 Se 999 1.350 1.040 slightly higher all around, but with nothing to indi1 223
1923
1.249 1.091 1.121 -----981 1.010 1.285 1.077 cate anything but month-end firmness.
1924
Definite
NET REVENUE PER PASSENGER MILE.
developments in the Nickel Plate consolidation and
Chic. & C. M. North. Great Caned. Caned, A.7'.& N.Y.
N W. St. P. Pacific North. Pac.* Nat.Rgs. S.F. Cena. the Western railroad rate case, now before the Inter2.500 2.395
Cents_2.230 2.654 2.548 2.608 2.390
1918
been
2.696 2.561 State Commerce Commission, have not yet
2.490 2.712 2.716 2.784 2.600
1919
2.899 2.734 made. Continued suspense in these important mat2.590 2.954 2.939 3.000 2.840
1020
2.850 3.294 3.365 3.442 2.910 ____ 3.400 3.084
1921
2.710 3.195 3.281 3.358 2.730 ---- 3.302 3.103 ters is to be regretted.
1922
1923
1924
'2.715 3.278 2.090
2.708 3.068 3.220 3.326 2.630.1
2.630 3.063 3.187 ---- 2.780 2.713 3.189 3.070
•These figures do not contain earnings of lake and river steamers
** Canadian National Railways organized Oct. 12 1922.
Both passenger and freight rates have been constantly lower since 1921. The Canadian rates have
been slightly lower than those in the United States,
but this may have been due more to the longer distances than to competition for our business. In any
event, the North American freight rates are the lowest in the world, as also are the passenger rates, if
character of service be taken into consideration.
Certain things seem to stand out, namely: (1)
The privately owned automobile, truck and bus are
The Dawes plan has received its first severe criticism from an international gathering. It was given
at the opening session of the congress of the International Chamber of Commerce in Brussels on June
21, which King Albert of Belgium honored by his
presence. The accounts stated that Willis H. Booth,
a Vice-President of the Guaranty Trust Co. of this
city, who as President of the Chamber, made the
"enthusiastic introductory address," was followed
by Maurice Despret, President of the Bank of Brussels, and Finance Minister Janssen. The New York
"Herald Tribune" representative said that appar-
JUNE 27 1925.]
THE CHRONICLE
ently those two speakers "decided the time had arrived to give the world the truth of the situation as
seen by business men." It was they who made the
"attack," as it was termed. The same correspondent
added that,"so uniform were their views that it was
apparent immediately that their attack on the sufficiency of the Dawes plan had been concerted."
Continuing, he said: "Briefly, both speakers said
the Dawes plan was likely to be illusory unless methods were found to transfer German exports without
injuring the markets of the receiving countries, and
that payment of inter-Allied debts tended to provoke
the same difficulties, although on a smaller scale.
The correspondent was informed that to-day's sensational utterances were only the beginning of a movement to show that the world was being misled by
the politicians and that Sir Josiah Stamp, of Great
Britain, when he discusses the transfer of reparations payments Tuesday intends to point out other
unforeseen complications in the Dawes machinery
which will stir far more excitement among the American delegation than did this morning's bombshell."
Mr. Booth was quoted in part as follows in support
of the Dawes plan: "The formation of the Dawes
Committee and the ultimate adoption of the Dawes
plan are concrete evidences of practicable application of the principles of our resolution on economic
restoration. But the adoption of the Dawes plan by
the Governments in interest has brought a serious
obligation to us. We must do everything we can to
assist those who are charged with the responsibility
of making it effective. The Dawes plan and the London agreement made profound changes in the obligations imposed on Germany by the Versailles Treaty.
Germany is required to accumulate gold marks
within Germany and place them at the disposal of
the Agent-General for Reparations, who is also the
head of the transfer committee. To this transfer
committee is given the primary responsibility of converting the gold marks existing in Germany into currencies outside Germany and available for the beneficiary countries. This committee will be aided by
the German Government and the Reichsbank, but
responsibility nevertheless rests with it. Granting
that the principles on which the Dawes plan has been
developed are fundamentally sound, the success of
the plan depends on two factors: First, the hearty
and sincere co-operation of all the Governments in
interest, and second, ability to make transfers so
that the gold marks accumulated in Germany may
reach the beneficiary nations without seriously jeopardizing the business of the rest of the world."
In reply, M. Despret was reported to have said:
"The Dawes plan—what hopes, what illusions are
contained in those three words which thousands repeat without having the faintest idea of their meaning. The greater number believe the Dawes plan
really means the payment by Germany and the receipt by Germany's creditors of sums of money
which will be devoted to the repayment of sums already spent for reparations damages caused by the
war, and the alleviation of the burden of taxation
which weighs heavily, so heavily, on the taxpayers."
Apparently the Dawes plan was not the only topic
that caused friction at the early sessions of the
Chamber. The Brussels representative of the New
York "Times" cabled on June 22 that "the unexpected outburst by Maurice Despret, financial ad-
3239
viser to King Albert, and M. Janssen, Finance Minister, is not the only incident to disturb the complacency of the United States delegates. To-day
shipping members, owners, builders and operators,
were astounded at the introduction by Sir Alan
Anderson, Deputy Governor of the Bank of England
and ex-head of the Cunard Line, in a speech at the
plenary session as Chairman of the Sea Transport
Committee, of the famous Rome agreement condemning flag discrimination in favor of freedom of the
seas. Indignation is extreme over what is considered violation of an agreement to eliminate this topic
from the agenda of the Congress. Homer L. Ferguson will reply to-morrow at a special meeting of the
United States delegation. Sir Alan spoke on the
excess of tonnage since the war and the low estate of
the industry. He condemned Government interference in private shipping, citing the United States
loss of $170,000,000 in national ship owning and
adding: 'Flag discrimination leads to war.'"
The speech on the Dawes plan by -Sir Josiah Stamp,
of Great Britain, that had been expected, was made.
at Tuesday's session of the Congress. In his account,
which seemed to be the fairest, the New York "Herald Tribune" representative said that "if the Dawes
plan is to operate successfully the receiving nations,
including the United States, must be prepared to
make economic sacrifices and even to permit an intensive reduction in their industrial production, as
reparations can be transferred only in German
goods. Moreover, since the Allied countries are
counting on German reparations to meet their debts
to the United States, American will become the nation most dependent on a rational application of
the plan, which henceforth will be virtually a business transaction between Germany and the United
States." He added that "these hard business statements were the contribution to-day of Sir Josiah
Stamp,British economist and co-author of the Dawes
plan, to the flaw-picking campaign started Sunday
by the Belgians against the sufficiency of the scheme
before the International Chamber of Commerce."
He also reported that "Stamp's speech was characterized by many delegates as violently pro-German,
the French and Belgian delegations complaining
that it smacked too much of politics, although it was
shrouded in courteous business phraseology. It was
accompanied by a 60-page report on the economic
restoration of Europe, in which Stamp, Signor Pirelli of Italy and Count de Chalendar of France proposed a fourfold scheme for effecting the reparations
transfers when German production in 1928 reaches
the desired normal and permits payment of 2,500,000,000 gold marks annually."
At Wednesday's session of the Congress the situation seemed improved from the American point of
view. In fact, the Brussels representative of the
New York "Times" said that "practically for the
first time since the opening of the third Congress of
the International Chamber of Commerce, the American delegation to-day regained its confidence, shattered by the first-day attacks by MM. Despret and
Janssen on the efficiency of the Dawes plan, the
prospects of an early settlement for inter-Allied
debts and the warnings of Sir Josiah Stamp." He
stated that "three things contributed chiefly" to the
more cheerful sentiment: "1—A speech by Maurice
Lewandoski, Vice-President of the Bankers' Syndi-
3240
THE CHRONICLE
cate of France. This was a witty and vigorous,
• though indirect, defense of the Dawes plan. He
poked fun at Sir Josiah Stamp, whom he called 'an
archmaster in the hermetic science of transfers.' He
asserted that the payments of Germany could be
transferred as easily as was the payment of 5,000,000,000 gold francs by France to Germany in 1872.
2—An unequivocal notice served on the whole Congress by the American shipping men that the United
States would not permit foreign interference in her
coastwise shipping. 3—The adoption by the Committee on Economic Restoration of a plan presented
by Edward A. Filene for an international committee
to handle the problem of trade barriers and persuade
the nations to make tariff and industrial concessions
permitting the movement in profitable channels of
big surpluses."
That undue importance had been attached to
speeches at the Brussels Congress was claimed by
the Paris correspondent of the New York "Evening
Post"in a cable message to his paper on June 25. In
part he said: "There is no need for the United
States to become jumpy or unduly concerned over
what is being said by so-called experts at the Brussels Congress of the International Chamber of Commerce. That is the gist of a careful canvass made
to-day. among officials of the Reparations Commission and at other reliable centres here of European
financial and diplomatic information. To enable
German reparations to flow to the Allied nations
these and other nations in the world are not going
either to lower their tariffs or change their standards of living. Even the Chancelleries of the nations to be benefited by such proposed assistance to
the flow of reparations well know that fact and have
no illusions to the contrary. Unfortunately, the
Brussels Congress is apparently being used as a vehicle for certain elements trying to work up sympathy for the cancellation of war debts and to create
an atmosphere for that purpose. The Brussels Congress, valuable as it is in bringing varied economic
thought to the surface, has. no official status, however, and the use being made of it by the cancellationists and others should have no effect on the stalwart front of the creditor nations nor cause them to
relax their vigilance. Experts are always playing
with the fourth dimension or unknown quantity and
later are always being let down and confounded by
the arrival of subsequent facts."
In his account of Thursday's session of the Congress, the New York "Times" representative at Brussels said: "To-day was America's at the third Congress of the International Chamber of Commerce.
The mist of pessimism and doubt engendered by the
attacks on the Dawes plan and the seeming efforts
to confuse the plans for an inter-Allied debt adjustment were dispelled by the vigorous words of John
W. O'Leary, President of the Chamber of Commerce
of the United States, and S. Parker Gilbert, AgentGeneral for Reparations. Both these quasi-official
representatives of the Government imbued the Congress with new optimism that the world situation
can be relieved not by the avoidance but by the payment of debts. Their statements were in direct reply
to MM. Despret, Janssen and Stamp, and did not
leave the American position in doubt. The charge
that the United States is mercenary and seeks to
profit by the misfortunes of Europe was indignantly
repudiated by Mr. O'Leary, who said the success of
[Vol,. 120.
the United States was bound up with the success of
the rest of the world and that the first step toward
international confidence, on which restoration must
rest, lay in the assurance of all nations that they
would meet their financial obligations. His words
were heard by the members of the Reparations Transfer Committee, which held its regular monthly meeting here to enable the members to consult the delegates. The first important contact between the
Chamber and these men was that while they were not
representatives of their own Governments, they nevertheless were sanctioned to handle on their behalf
the delicate problems of the Dawes plan operation."
The Congress held its final session yesterday. An
Associated Press dispatch from Brussels last evening
contained the following important announcement:
"The International Chamber of Commerce at its
final session here to-day adopted a resolution declaring that inter-Allied debts must be settled. Dr.
Walter Leaf, Chairman of the Westminster Bank of
London, was elected President of the Chamber, succeeding Willis H. Booth Jr., Vice-President of the
Guaranty Trust Co. The resolution declaring for
payment of the inter-Allied debts was vigorously
supported by Etienne Clementel, former Finance
Minister of France."
Foreign Minister Stresemann of Germany has been
represented in Berlin cable advices as determined
that negotiations with the Allied Powers, notably
France, relative to the proposed security agreement
should continue. The New York "Times" representative at the German capital said in a message on June
20 that"he seems resolved to stake all on holding further negotiations with the Entente, especially
France, regarding the proposed security compact.
He is quoted as saying he will resign if the plan to
have further negotiations is defeated. Meanwhile
the opposition is growing hourly against the security
compact in the form proposed in the French note
received here on Thursday." The correspondent also
claimed that "the significant point about the opposition is that it includes elements belonging to both
Right and Left parties. Arrayed against Stresemann in his endeavor to push through negotiations
regarding the security compact are not only extremists of the Right and moderate Nationalists, but also
influential sections of the Left parties."
It became known also the day before that "a
German questionnaire asking further details respecting the French reply to the German offer of a security compact was received in Paris." The New York
"Times" representative in the French capital cabled
that, "according to the Quai d'Orsay, the French reply caused a fairly good impression in German circles, and the second phase of negotiations is expected
to begin shortly under favorable circumstances." He
added that "it is reported the points on which Germany is asking details include principally her entry
into the League of Nations without reservations or
conditions."
A favorable impression appears to have been made
in Czechoslovakia by the terms of the proposed security agreement. On June 22 the Prague representative of the New York "Evening Post" cabled that
"the nervousness over the proposed security pact
which has been prevailing for several weeks in
Czechoslovakia now has disappeared." Continuing
to outline the opinion said to prevail in Government
JUNE 27 1925.]
THE CHRONICLE
circles, the correspondent said: "Government circles consider it of great importance that the French
answer to the German security proposal enables the
signatories of a Western pact to guarantee arbitration treaties to be concluded between Germany and
Poland and Germany and Szechoslovakia. Foreign
Minister Benes believes the projected guarantee pact
obliges France to hurry to the aid of Czechoslovakia
and Poland should Germany refuse to sign arbitration treaties with her Eastern neighbors or should
Germany start war on them. Dr. Benes also argues
that the arbitration treaties cannot touch the territorial questions finally fixed by the peace treaties."
An announcement was made in Paris on June 23
that may have eased the situation materially between
France and Germany with respect to the question of
security. The Associated Press correspondent at that
centre said that "it was officially announced to-day
that French operations for the evacuation of the
Ruhr will begin within a short time. The announcement was made after the Council of Ministers approved the measures taken by the Painleve Government for the execution of France's engagements concerning the Ruhr evacuation. It was explained later
that this means the evacuation of Essen and the fulfillment by the Painleve Government of the engagements of the preceding Herriot Government to evacuate the Ruhr territory by Aug. 15 to the line of Oberhausen, Mulheim and Kettwig."
In discussing the proposed agreement in the British House of Commons on June 24, "Foreign Secretary Chamberlain said that Great Britain's obligations under the proposed security pact'must be definitely limited to the frontier between Germany on
the one side and France and Belgium on the other.'"
According to an Associated Press dispatch,"the Foreign Secretary added that 'our guarantees of that
frontier cannot be invoked by a wrongdoer to shield
him in his wrongdoing.'" It was added that "Mr.
Chamberlain said the abstention of the British and
of Great Britain in particular from European affairs
never had served and never would serve the interests
of peace. Great Britain's signature to the covenant
of the League of Nations was incompatible with
isolation. 'Our safety is not in seeking an impossible
isolation,' he said, 'but in a wise and prudent use
of our influence and power to obtain peace and prevent war from breaking out again.'"
As might have been expected, "Ramsay MacDonald, for the Labor Party, attacked the proposal on
the ground that it would lead to war, since if Britain
guaranteed one frontier it meant that that frontier
would become involved in any future war. He swung
back to the Geneva protocol as the best system, and
in the arrangement he helped to draft last September he saw a far better system than the one now
offered.' The accounts stated also that "Lloyd
George, for the Liberals, of course approved the general idea and felt that England in honor was bound
to do something for France after the failure of the
tripartite treaty, due to America's not ratifying it.
While approving the general spirit of Chamberlain's
effort, he thought much effort should be directed toward protecting England against the danger of being isolated by French action." It was added that,
"in concluding the debate Mr. Chamberlain replied
to criticisms that not enough attention was paid to
disarmament in his plan by repeating his belief that
3241
disarmament would follow security, that once dread
and fear could be lifted from the Continental nations
economic reasons would bring disarmament." The
New York "Times" correspondent reported that "he
said that the British Government was ready to join
in any movement which promised a reduction of
armaments and that while the initiative in naval
disarmament might well come from the United
States he persisted in believing that security was a
prior condition to land disarmament. Neither England nor the United States, which had so reduced
their forces, was in the position to propose a land
disarmament conference. That initiative should
come from nations with great armaments." He
stated also that "Mr. Chamberlain's declarations
were well received throughout by the vast majority
of the House of Commons and as a result of the debate the Foreign Secretary undoubtedly feels authorized to carry on England's part in the negotiations."
According to all the accounts cabled from Paris,
there have been stormy scenes and even fistic encounters in the Chamber of Deputies of late. On June 23
the Associated Press correspondent in Paris cabled
that "to-day's SeSSiOR of the Chamber of Deputies
considering the Moroccan question broke up in a
free-for-all fight when the white-haired Colonel Picot, Deputy of the Right bloc, rushed to the rostrum
and struck the Communist Deputy Dorio squarely
in the face as the latter was attacking the French
Government." Continuing his account of the unfortunate incident, the correspondent said: "Deputy
Doriot staggered but clinched his astailant. Communists from the left and Nationalists from the right
came climbing up the steps of the rostrum until
twenty-five Deputies were there, milling around,
wrestling and hitting each other wildly. A turmoil
of Deputies then surged in the open space below the
rostrum and it was ten minutes before the ushers
could break up the various fights and President of
the Chamber Herriot could adjourn the session.
Before the disturbances started Premier Painleve
had commenced an address to the Chamber upon the
Moroccan situation. He said France must present
a solid front in Morocco. 'If we took the least initiative toward peace negotiations our action would be
interpreted as weakness and make our situation
more difficult. Evacuation of Morocco would be
the signal for a general massacre of all French in
northern Africa, men, women and children.' The
attack of Deputy Picot upon Deputy Doriot was
precipitated by the latter's declaration: 'We are
with Russia and against you. We are with Morocco.
We are with every nation in revolt against your capitalist civilization.'"
After the incident was over and Colonel Picot had
"apologized to the President and his colleagues for
having lost control of himself," it was reported that
"the Deputies gave a vote of confidence to the Government [on its Moroccan policy] with only the
Cbmmunists opposed and only few Socialists abstaining. The total was 510 to 30. The motion was
presented by the Socialist leaders themselves who by
so doing avoided a split between their party and
the
Government on the vital Moroccan issue." This action was the more significant because the
reports
relative to military proceedings in Morocco continued rather unfavorable for the French. They also
emphasized again that Abd-el-Krim is an adversary
3242
THE CHRONICLE
of no mean calibre and that activity on the Moroccan
front was on the increase. According to an Associated Press dispatch on June 25, "detailed accounts
of Premier Painleve's disclosures on the Moroccan
situation before the Chamber committees last week
were published, 14day. His remarks were kept
secret at the time of their delivery." Heavy losses by
the French were said to have been disclosed. In a
special dispatch to the New York "Times" from
Tetuan, Morocco, yesterday morning, it was claimed
that "no headway has been made by the FrancoSpanish conference at Madrid on the important
pressing points before it—arrangement of combined
military or naval action, permission of the French
to pursue Abd-el-Krim into the Spanish zone, an
agreement to make no separate peace or the terms of
peace to be offered the Riff. Moreover, these essential points will be the last to be decided, though
every day's delay is making Abd-el-Krim stronger."
[VOL. 120.
The new issue of gold parity bonds will be offered
only in exchange for the maturing defense bonds, but
the exchange will not be obligatory, the bill says. It
is thus hoped to consolidate the greater part of this
floating debt." It was added that "M. Caillaux's
bill met strong opposition in the Finance Committee
of the Chamber, which began consideration of the
measure soon after its introduction. The Chamber
has postponed its meeting until 11.30 to-night in
order to give the committee time to report on the
bill." The cable advices received up to the time of
going to press did not tell what action was taken.
Negotiations with Italy on the settlement of her
war debt to the United States were begun at the
Treasury Department in Washington on Thursday.
The United States was represented by Secretary of
State Kellogg, Secretary of the Treasury Mellon and
Senator Smoot, all of whom are members of the
World War Foreign Debt Commission. Nobile Giacoma de Martine, the Italian Ambassador, and Mario Alberti, Director of the Credito-Italiana, one of
the leading banks of Italy, appeared for their country. The first session resolved itself into "a preliminary discussion of the debt problem." The Italian
representatives asked for more favorable terms than
were given to Great Britain. The Washington correspondent of the New York "Times'said that "a statement by the Italian Ambassador, interpreted by
American officials as a declaration that Italy would
not ask for cancellation of any part of her $2,000,000,000 debt to the United States was a feature of
to-day's exchanges between representatives of the
two Governments."
It was stated that "Italy owes the United States
$2,138,543,582. Of this amount, $1,647,869,197 is
principal and $490,674,654 accrued interest. The
interest rate on this debt at present is 5%. Italy has
paid $164,852 principal and has made interest payments totaling $57,598,852. The small payment credited to principal is understood to represent a bookkeeping charge, while the payment credited to interest is described as payments while advances were
being made under the American Liberty loans."
Some progress appears to have been made in working out France's financial problems. Following a
meeting of the Cabinet on Thursday, a communique
was issued announcing "approval of Finance Minister Caillaux's plan for a special issue fo 4,000,000,000 francs to meet the short-term bonds maturing in
July and October." According to an Associated
Press dispatch, Finance Minister Caillaux declared
that "this is neither inflation nor a moratorium."
It was added that"M.Caillaux and Premier Painleve
in a conference with the regents of the Bank of
France are said to have reached a definite agreement
regarding the nature of the new issue. It is reported
the purchasers will be guaranteed against fluctuations in the exchange value of the issue, which will
be based upon the par value of the franc in terms of
United States dollars." Continuing, the correspondent said: "After the Council of Ministers approves
M. Caillaux's financial measures to-morrow, he will
introduce a bill embodying them in Parliament. The
bill will be referred to the Finance Committee, with
the request that it report immediately so the bill may
be debated in the Chamber before July 1." Paris dispatches received early yesterday said that the Cabinet had given its approval.
Other European debtor nations are to follow Italy
The measure was presented to the Chamber later
Minister. The following in negotiating plans for settling their war debts to
in the day by the Finance
On June 20 the Washington corare its chief provisions, as outlined in an Associated the United States.
New York "Times" sent word that
Press dispatch last evening: "Finance Minister respondent of the
has reached Washington from an auCaillaux's plans for payment of maturing bonds pro- "information
ve quarter in Paris that France will send a
vide for an increase of 6,000,000,000 francs in both thoritati
the United States early in the fall
the circulation and the Bank of France's advances commission to
charged with the duty of entering upon negotiations
to the State, and for the issuance of gold parity
of the French war debt to the
bonds exchangeable for the national defense bonds looking to a funding
r. When the na- United States. Like information has been received
that mature in July and Septembe
a
tional defense bonds are redeemed by the new gold that C4echoslovakia is about to take steps with
the maximum of the State's floating view to discharging her big financial obligations to
parity bonds
"comdebt will be fixed at the amount existing on the day the Washington Government." He added that
that
the bond subscriptions are closed. The Caillaux ing on the heels of the official announcement
her debt funding negotiations in
bill fixes the circulation of bank notes at 51,000,000,- Italy will begin
commis000 francs instead of 45,000,000,000, and the advances Washington on June 25 and that a Belgian
sion will come to this city on a similar mission in
to the State by the Bank of France at 32,000,000,000
confrancs instead of 26,000,000,000. The bill gives the July, Administration officials declare that the
the exact terms of the versations on the subject of foreign debts initiated
Government the right to fix
lead to early
new gold bond issue by Government decree. The several months ago are in a fair way to
says the Treasury's shortage is affirmative action by three of the debtor nations of
preamble of the bill
partly due to the 'continued repayment of national Europe."
defense bonds.' It says the maturing bonds for
Just as negotiations with respect to Italy's war
which the holders demand payment total 1,800,000,-'
r. debt were about to begin in Washington word came
000 francs for July and 3,800,000,000 for Septembe
JUNE 27 1925.]
THE CHRONICLE
from Rome that Premier Mussolini was promulgating legislation that, if enacted, would represent a
more comprehensive revolution than his marching
upon Rome with his "Black Shirt" troops in 1922,
and seizing it. The New York "Times" representative in the Italian capital asserted that "the present
revolution is a colossal attempt to cut all bridges
which tie Italy to the past, evolving something totally new and different from the traditional liberal
regime which Italy on gaining her independence fashioned on the English and French models." In outlining further what had been done in this direction
and what was said to be under contemplation, the
correspondent said: "In an extremely small number
of sittings the Fascist Chamber approved laws
against secret societies, granted the Government full
powers to reform the penal civil code and police
laws, carried out reform of the army, gave Ministers
the right to discharge any civil servant whose political opinions are not in line with the Government's
policy, passed a vast program of public works to reclaim Southern Italy, empowered the Government to
pass decrees having the valua of laws under specified
conditions without approval of Parliament, and
evolved new legislative measures to curb the activities of the press. In addition, a special committee
entrusted with the study of the possibility of amending the Italian Constitution is about to complete its
report."
The "Times" correspondent suggested that "all
these measures, though each in itself is extremely
important, become doubly so when examined collectively in the light of Signor Mussolini's recent statement in the Chamber:''Remember, we are not
merely a Government; we are a new regime.'"
Continuing, the correspondent said that, "at the
close of yesterday's sitting Premier Mussolini announced that the Chamber would remain in recess
probably till next December. This will give him five
months of hard work untrammeled by Parliamentary
considerations. On bidding the Deputies good-by
before their lung ilotivay lie said somewhat wistfully.
'But the Government is not taking any holiday.'
This is especially true of the Premier himself, who,
in addition to his duties as President of the Council
of Ministers, holds four Ministries, namely Foreign
Affairs, War, Navy and Air, and recently assumed
command of the 'Battle of Wheat,' which has increased Italy's cereal production. He promised besides to give special attention to economic and financial problems, to inter-Allied debts and to the security compact and to favoring proposals for reform of
the Constitution on the basis of suggestions made by
the special committee. All this ought to keep him
pretty busy, as it is enough work for ten ordinary
men. The gradual evolution of the Fascist revolution in its break with liberalism and determination
to stand on its own feet in constructing its own regime is extremely interesting. Immediately after
seizing power Mussolini, though he carried out great
reforms, scrupulously respected the traditional liberal regime, at least in outward form."
Fresh political trouble has broken out in Greece.
According to an Associated Press cable message from
Salonika on June 25, the garrison at that centre
demanded "the immediate resignation of Premier
Michalakopoulos because of his alleged inefficiency
in office and for the purpose of forming a military
3243
Government presided over by General Pangolos."
The dispatch stated that "the revolutionary officers
have occupied the public buildings and railway stations. Press censorship has been established. A
revolutionary proclamation has been issued. A military communique says the revolutionary movement
is now in control throughout Greece. The Greek
fleet, under Admiral Hadjikirakos, former Minister
of Marine, has joined the revolution. Leaders of the
revolution telegraphed the President of the Greek
Republic: 'We proclaim an overthrow of the Government. We will hold the Cabinet responsible for
any bloodshed.' The communique of the revolutionists said their movement was opposed nowhere in
Greece."
Later dispatches from Athens (June 25) stated
that "General Pangalos brought off his threatened
coup d'etat this mroning. The rest of the army has
joined him and he has taken charge of the War Office
and announced as chief of the revolution that he will
brook no half measures, but will himself take control
of the situation. The Cabinet resigned in order to
avoid the threatened bombardment of official buildings4 and leaders of the revolution are being consulted on the formation of a new Government." It
was added that "a conference of party leaders followed at the Presidency and it was decided to ask
ex-Premier Papanastasion to get in touch with General Pangalos and Admiral Hajikiriakos and consult
them regarding formation of a new Government
M. Papanastasion accordingly went on board the
Averoff with this object." According to a New York
"Times" cable message, "the rapid success of the
Pangalos coup d'etat made a great impression on
public opinion. The Government's troops, including
General Kondylis's famous chasseurs, realizing the
extent of the revolution and the futility of opposing
the superior forces at the disposal of Pangalos,
joined the movement. It appears that the revolution
was precipitated by the Government's decision to
accept Kondylis's advice to take energetic measures
to restore army discipline beginning with the arrest
of the leaders of the unrest. Pangalos and his supporters thereupon decided at a meeting Tuesday
night to strike without further delay."
An Associated Press cable message from Athens
last evening stated that "General Pangalos, former
War Minister and one of the leaders of yesterday's
revolution, assumed the Greek Premiership to-day.
General Pangalos hopes to complete his Cabinet today. The attitude of the National Assembly toward
the new Government is not yet definite."
For a week or ten days it has been claimed in foreign cable dispatches that Europe is to have a socalled "Steel Trust." In a dispatch on June 22 the
Berlin correspondent of the New York "Evening
Post" said that "French and German basic industries
have succeeded in reaching an understanding which
amounts to the foundation of a European steel
trust." It was added that "the negotiations, which
have been carried on for many months among German and French industrialists, have resulted in an
agreement that will become effective as soon as the
Franco-German trade treaty has been ratified. The
agreement provides for the mutual exchange of coal
and iron under special advantages between Germany,
France and Luxembourg. With the approval of the
German Government, a group of German industrialists agrees to import annually 1,700,000 tons of
iron
3244
ore from Lorraine, the Saar and Luxembourg, the
duty being reduced by half. The exporters agree not
to exceed the world market price. The ore will be
distributed to South German and other concerns
only through the industrial Cartel, which thus will
hold the whole situation in its hand. Concerns
manufacturing for export will be especially favored."
The managers of the railways of Great Britain
have outlined a "rigid economy campaign" that is
said to include "reduction of all emoluments, from
the lordly salaries of the railway directors to the
wages of the humblest workers." The Associated
Press correspondent in London cabled on June 25
that "it is said that one plan to be submitted to the
conference would, if adopted, entail a saving of
£35,000 weekly under this head alone." He stated
also that "the railway managers are credited with
the intention of giving the union delegates fullest
details regarding the depleted revenues and resources of the companies arising from the decline in
passenger and freight traffic, the latter being one of
the attendants of the prevalent trade depression."
Conferences were begun in London on Thursday between "representatives of the British railways and
their employees in all branches of the service."
The general labor situation in Great Britain appears unfavorable. It was outlined in some detail
as follows by the London representative of "The Sun"
in a cable message on June 24: "Great Britain it is
recognized to-day in all informed quarters is heading
for an industrial crisis as acute as that of 1921.
Now as then it affects primarily the three great key
industries—mines,railways and engineering. Ramsay
MacDonald at this critical juncture when the mine
owners are demanding return to the eight-hour day
and the railroads are about to ask for voluntary wage
cuts by all grades of railway men has tabled a motion to censure the Baldwin Government for its failure to alleviate unemployment. There are now
1,250,000 workless. The problem of unemployment
was a thorn in the side of the coalition Government;
it harassed the Baldwin Government, which succeeded the coalition, and it defied solution by MacDonald's Labor Government. Europe's tardy return
to normality has been held largely responsible for
the slow industrial recovery of Britain. There are
many economists and industrialists, however, who
insist the failure to introduce modern methods into
production is even more responsible for the country's
plight. Labor's suggested way out of the dilemma is
through nationalization, first in respect to mines
and railways, and later of land. Prime Minister
Baldwin yesterday told a delegation representing
the trade union congress that nationalization of
mines would not solve anything. It would simply
add to the cost of production."
Official discount rates at leading European centres have not been changed this week from 9% in
Berlin; 7% in Paris, Italy and Denmark; 6% in
in Lon/
Norway; 51 2% in Belgium and Sweden;
in Holland and Switzerland.
don and Madrid and 4%
The open market rates in London were a trifle higher,
/
at 4 9-16@458% for short bills and at 4 9-16% for
/
/
three months' bills, as compared with 438@41 2%
for short bills and 4%@4 7-16% for three months'
bills last week. Money on call was strong and
advanced to 3%%, but closed at 3%%, as against
31 4% a week ago. In Paris open market
/
[vox,. 120.
TEE CHRONICLE
discounts continued to be quoted at 578% and in
/
Switzerland at 21 8%,the same as a week earlier.
/
A loss in gold of £412,589 was shown by the Bank
of England in its statement for the week ended June
24, although as note circulation again decreased
£702,000, there was a further gain in reserve of £289,000. The proportion of reserve to liabilities, however, declined, and is now 24.02%, as against 25.51%
last week. At this time a year ago the ratio stood
at 161 % and in 1923 at 17%70. Large additions to
4
deposits occurred. Public deposits increased £191,000 and "other" deposits no less than £8,628,000.
The Bank's temporary loans to the Government increased £530,000, while loans on other securities
showed an expansion of £8,074,000. Gold holdings
now are £157,183,840, which compares with £128,261,164 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 £127,620,575
in 1923. Reserve amounts to £31,656,000, against
£21,501,964 in 1924 and £22,267,300 a year earlier.
Loans aggregate £79,023,000, in comparison with
£81,092,286 and £80,681,961 one and two years ago,
respectively. Note circulation stands at £145,269,000. This compares with £126,509,200 last year and
£125,103,275 the year before that. At the regular
weekly meeting of the Bank Governors the official'
discount rate was left at 5%, unchanged. Clearings
through the London banks for the week were £703,037,000, against £786,270,000 a week ago and £718,650,000 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.
1925.
1924.
1923.
1922.
1921.
June 24.
June 25.
June 27.
June 28.
June 29.
b145,269,000
Circulation
13,558,000
Public deposits
Other deposits
118,256.000
Government secure_ 39,030,000
79,023,000
Other 8ecurities
Reserve notes .1t coin 31.656,000
Coin and bullion_a157,183,840
Proportion of reserve
24.02%
to liabilities
5%
Bank rate
126.509,200
19,592,817
112.702.890
47,587,467
81,092,286
21.501.964
128,261,164
125.103,275
13,969,233
114,072,490
42,973,731
80,681.961
22.267,300
127,620,575
123,048,010
16,347,702
115,087,524
49,221,945
75,725,274
24,348,683
128,946,693
129,006,290
15,296,889
131,739,542
61,202,852
85,827,910
17,810,437
128,366.727
16(%
4%
1734%
3%
MI%
336%
12.10%
6%
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 E27,000,000 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 reports a further contraction
of 53,685,000 francs in note circulation this week.
The total amount of notes in circulation is thus
brought down to 43,000,139,840 francs, comparing
with 39,664,662,255 francs for the corresponding
date last year and with 36,689,303,865 francs in
1923. The gold item continues to show further small
gains, the increase this week being 26,318 francs.
The Bank's gold holdings therefore now aggregate
5,546,682,125 francs, as against 5,543,133,728 francs
at the corresponding date last year and 5,537,704,063
francs the year previous; of these amounts 1,864,320,907 francs were held abroad in both 1925 and 1924,
and 1,864,344,927 francs in 1923. During the week
bills discounted increased 91,463,000 francs, general
deposits rose 291,896,000 francs and Treasury deposits gained 15,392,000 francs. Silver, on the other
hand, fell off 906,000 francs and advances were reduced 58,298,000 francs. 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 27 1925.]
BANE OF FRANCE'S
Changes
for Week.
Francs.
Gold Holdings—
26,318
Inc.
In France
No change
Abroad
COMPARATIVE STATEMENT.
Status as of
June 24 1925. June 25 1924. June 28 1923.
Francs.
Francs.
Francs.
3,682,361,218 3,678,812,821 3,673,359,136
1,864,320,907 1,864,320,907 1,864,344,927
Inc.
26,318 5,546,682,125
Total
Dec.
906,000
312,937.498
Silver
Inc. 91,463,000 3,835,297,936
Bills discounted
Dec. 58,298,000 3,052,190,969
Advances
Note circulatIon Dec. 53,685,000 43,000,139,840
36,127,498
Treasury deposits_Inc. 15,392,000
General deposIts Inc. 291,896,000 2,409,434,529
5,543,133,728
299,722,383
3,696,983,022
2,641,043,225
39,664,662,255
13,385,770
2,137,256,334
5,537,704,063
293,101,652
2,486,525,764
2,068,511,821
36,689,303,865
20,165,497
2,141,924,485
The Federal Reserve banks in their statements on
Thursday showed continued expansion in rediscounts. At New York there was a decline in gold of
$17,600,000. For the System as a whole gold holdings fell off $10,300,000. Rediscounting of Government secured paper for the banks as a group increased $1,800,000, while "other" bills increased $11,600,000, making the total increase in bill holdings
$13,400,000, to $455,445,000, as compared with $350,131,000 at this time last year. Holdings of bills
bought in the open market fell off $4,400,000. Declines were also shown in deposits ($34,200,000); in
Federal Reserve notes in actual circulation $8,800,000), and in member bank reserve accounts of no
less than $73,000,000. Earning assets, however, increased $27,300,000. The New York Reserve Bank
showed an increase of $4,600,000 in rediscount of
paper secured by Government obligations, and a contraction of $2,000,000 in "other" bills; hence total
bill holdings registered a net gain of $2,600,000. Open
market purchases increased $4,700,000. Earning
assets were $6,800,000 larger. But here also a contraction was shown in deposits, namely $30,400,000,
while the amount of Federal Reserve notes in circulation remained practically stationary. Member
bank reserve accounts were reduced $42,900,000. As
the falling off in deposits was sufficient to counterbalance losses in gold reserves, reserve ratios rose
slightly. For the System the ratio went up 0.7%, to
77.0%,and at New York 0.8%, to 83.8%.
A sharp reduction in loans ($42,386,000) featured
last Saturday's statement of New York Clearing
House banks and trust companies, and this was accompanied by a contraction in net demand deposits
of $34,209,000, bringing the total down to $4,395,900,000, which is exclusive of Government deposits
to the amount of $13,196,000, a decrease in the latter
item for the week of $6,125,000. On the other hand,
time deposits were larger, expanding $8,309,000, to
$612,905,000. Loans and discounts, as already
stated, declined $42,386,000. Cash in own vaults of
members of the Federal Reserve Bank fell $1,554,000,
to $43,809,000. This, however, is not counted as reserve. Reserves of State banks and trust companies
in own vaults were reduced $252,000, reserves kept
in other depositories by these institutions decreased
$321,000. There was a reduction in the reserves of
member banks at the Reserve Bank of $1,677,000;
but as this was more than offset by the material contraction in deposits, surplus reserve gained $1,928,400, to $43,692,780, from $41,764,380 last week. The
above figures for surplus are based on legal reserves
of 13% against demand deposits for member banks
of the Federal Reserve System, but not including
cash in own vaults to the amount of $43,809,000 held
by these member banks on Saturday last.
Call money was quoted at 5% in the local market
Thursday and Friday afternoons. That the rate was
not regarded with apprehension in speculative cir-
3245
des was shown by the fact that while stocks sagged
fractionally after it was announced, the stock market held steady to the close of business on that day
and was even more active and stillstronger yesterday.
The advance was attributed to the withdrawal of outof-town funds from this centre and to preparations
for the large disbursements on July 1. Requirements
for Wall Street purposes and from industrial and
mercantile lines, according to trade reports, did not
increase to any extent. Brokers' loans on June 23
were estimated at $1,850,000,000, against $1,750,000,000 a month earlier. This week's figures are $250,000,000 below the peak so far reported. Conservative interests in the financial district have been looking for some time for liquidation in stocks that would
materially reduce the present large total. So far it
has not come, and transactions in stocks on the New
York Stock Exchange have continued at the rate of
close to 1,000,000 shares a day. The negotiations with Italy with respect to her war debt are
attracting attention in international banking circles.
Plans for further loans to Europe are said to be
under way.
Referring to specific rates for money, loans on
call this week ranged between 3% and 5%, as compared with a flat figure of 3% last week. On
Monday the high was 43/2%, the low 3%%, with
33 % also the rate for renewals. Tuesday 4% was
4
the only quotation named and the figure at which
all loans on call were negotiated. On Wednesday
and Thursday renewals continued to be put through
at 4%, which was the low, but on both days a high
rate of 432% was made in the late dealings. Increased firmness developed on Friday, when preparations for the coming month-end strain drove call
rates up to 5%; the low was 43/2%, with 432% also
the basis for renewals. In time money likewise a
slightly firmer tone has been noted, although actual
quotations continue at 3%@4% for all maturities
from ninety days to six months, the same as a week
4
ago. Sixty day money was 3%@4%,against 33 %.
Offerings were smaller than has been the case lately
and most of the business passing was at the outside
figure. The market was not particularly active.
Commercial paper was in good demand, with
country banks ready buyers of the best names. Four
to six months names of choice character continue at
3%@4%,but the bulk of the business was transacted
at the higher figure. Names less well known still
require 4@43%. New England mill paper and
the shorter choice names were usually dealt in at
39%. The supply of bills was light.
Banks' and bankers' acceptances ruled at the
levels previously current. A fair amount of buying
was recorded early in the week, but with the stiffening
in the call market there was a falling off in the inquiry. Both city and interior institutions were
among the buyers; but trading was restricted by
light offerings. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council has been advanced to 4%, as
compared with 334 0 a week ago. The Acceptance
,7
Council makes the discount rate on prime bankers'
acceptances eligible for purchase by the Federal
Reserve banks 31 % bid and 3% asked for bills
A
running 30 days, 33470 bid and 3N% asked for bills
running 60 days,3% bid and 331% asked for bills
running 90 days, 33/2% bid and 3/% asked for bills
running 120 days and 3%% bid and 31 % asked for
A
3246
THE CHRONICLE
[VOL. 120.
bills running 150 and 180 days. Open market quota- fers at 4 86 1-16@4 863, and sixty days at 4 82 7-16
@4 823.-h; the volume of business passing was light.
tions were as follows:
On Wednesday light offerings induced a slightly
SPOT DELIVERY.
30 Days. firmer tone; the day's range was 4 85%@4 85 11-16
60 Days.
90 Days.
33-og3
Prime eligible bills
433
3i@
for demand, 4 863-g@4 86 3-16 for cable transfers
FOR DELIVERY WITHIN THIRTY DAYS.
2@4 82 9-16 for sixty days; no increase in
31( bid and 4 823/
Eligible member banks
3;6 bid trade
Eligible non-member banks
activity developed. Dulness characterized
Thursday's transactions, although rates were well
There have been no changes this week in Federal maintained and demand sold at 4 85%@4 85,
Reserve Bank rates. The following is the schedule cable transfers at 4 863/@4 863 and sixty days at
8
of rates now in effect for the various classes of paper 4 823/®4 825 . Friday, although the market con%
at the different Reserve banks:
tinued dull, there was a small fractional advance to
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
4 85 11-16@4 85 13-16 for demand, to 4 86 3-16@
JUNE 26 1925.
4 86 5-16 for cable transfers and to 4 82 9-16@
Paper Maturing—
4 82 11-16 for sixty days. Closing quotations were
After 90 After 6
/
4 82% for sixty days, 4 859 for demand and 4 863 1
but
Days. but
Within 6 Within 9
Within 90 Days.
Months. Months. for cable transfers.
sight bills finished
Commercial
FEDERAL RESERVE
BANK.
5
at 4 853/,sixty days at 4 803/, ninety days at 4 79%,
2
Conercial Secured
2
Trade Agricul.* Agricul
by U. S. Bankers'
Agriel
and
and
AccepLivestock Govern': Accepdocuments for payment (sixty days) at 4 819-i, and
Paper. Obliga- tances. tances. Livestock Livestock
Paper. Paper.
lions.
n.e.s.
seven-day grain bills at 4 84%.
31i
31i
34
314
Boston
For the first time in several weeks gold exports
31i
31i
335
31i
New York
34
35.5
31i
314
31i
Philadelphia
314
were announced. The Farmers' Loan & Trust Co.
31i
31i
335
335
314
Cleveland
4
4
4
4
4
4
Richmond
is shipping $100,000 to Singapore and the Interna4
4
4
4
4
4
Atlanta
4
4
4
4
4
4
Chicago
tional Acceptance Bank $800,000 in gold coin to the
4
4
4
4
4
4
St. Louis
4
4
4
4
4
4
Minneapolis
same destination. There were no imports. The
4
4
4
4
4
4
Kansas City
4
4
4
4
4
4
Dallas
Bank of England this week reported exports of the
31i
354
314
31i
315
335
San Francisco
drawn for an agricultural purpose and secured precious metal approximating £199,000 to India and
•Including bankers' acceptances
by warehouse receipts. &c.
Argentina.
another dull and
Sterling exchange experienced
Movements in Continental exchange continue iruneventful week and quotations were again mainthe same levels as last week; regularly weak—so far as the principal European
tained at practically
that is, at about 4 855 for demand bills, with a countries are concerned—and further sharp declines
%
range of only M of a cent, or from 4 85 9-16 to in French francs and Italian lire constituted the out4 85 11-16 up to Thursday, on an exceptionally standing features of an otherwise dull week. So
small volume of trading. Yesterday there was a far as can be learned, there has been no change in
fractional advance to 4 85 13-16. In view of the fact the general situation and local operators are said to
that fluctuations in rates at the present time are so be holding off awaiting the outcome of the present
snail, operators show very little interest in the unsettlement in French and Italian affairs. Violent
day-to-day movements, and so far as speculative declines in rates were recorded in both of these curactivity is concerned, sterling has apparently been rencies, although this was chiefly a reflex of what
relegated to the background. Moreover, there is going on abroad, as the volume of business passing
has been no increase in legitimate trading and here is not large. Francs after opening at 4.71,
none is anticipated for a month at least. Offer- sold off by degrees to as low as 4.493j, the result
ings of commercial bills continue as light as ever, of sporadic but persistent attempts to sell on an unrewith the inquiry quite as restricted. In London buy- sponsive market. The principal developments of the
ing to satisfy tourists' requirements is still in full week in francs were heavy selling of francs in both
swing and cable rates were firm throughout, a fac- Paris and London, to accumulate dollars and sterling.
tor which did much to counteract the depressing in- There were some who attributed the movement to
fluence of rumors of impending labor troubles in speculative interests intent on selling for a quick
Great Britain and the possibility of a serious tie-up turn. Others claimed that preparations were under
owing to the threatened strike among railway work- way to provide for the month-end requirements,
ers and coal miners. In the opinion of leading bank- owing to fears that note circulation is to be forced
ers sterling is now so well entrenched that it would above the legal limit, while there were a few who
take nothing short of actual catastrophe to bring took the view that the erratic variations in the rate
about anything like a sharp recession. Current de- was attributable to the operations of Government
velopments in Europe are without influence and the agents. Be this as it may, the underlying reason is
sterling market gave no heed to the unsettlement ex- probably lack of confidence in the franc and the
isting in France and Italy and the consequent weak- resultant withdrawal of French capital. Finance
Minister Caillaux's demands are said to be causing
ness in the currencies of those countries.
Referring to quotations in greater detail, sterling a sort of semi-panic. Uncertainty over the fate
exchange on Saturday last was firm and a trifle of the Government's financial program and the extent
s
higher at 4 85%@4 85 11-16 for demand, 4 863/@ of the forthcoming increases in taxation is un2
4 86 9-16 for cable transfers, and 4 823/@4 82 9-16 doubtedly having a disturbing effect on the nation's
for sixty days. Monday's market was steady and trade balance. French exporters are reported as
the rate for demand continued at 4 85 9-16@ using every available means in their power to direct
4 85 11-16, with cable transfers at 4 86 1-16@ funds away from Paris, and this in turn is hampering
4 86 3-16 and sixty days at 4 82 7-16@4 82 9-16; French importers in meeting their own requirements.
trading was generally inactive. The range of quota- In the latter part of the week issuance of an imtions was narrowed 1-16 of a cent on Tuesday, so proved Bank of France statement had a reassuring
that demand ruled at 4 85 9-16@4 85%, cable trans- influence and this brought about a rally of about
JUNE 27 19251
THE CHRONICLE
3247
10 points to 4.70, but at the close renewed weakness and at 1.6434 for cable transfers. Last week the
set it and the final range was the lowest for the week. close was 1.6294 and 1.6334.
Rumors are being circulated to the effect that the
strong pressure exerted against the franc will force
As to the neutral exchanges, formerly so-called,
Government intervention and possibly hasten action further progress has been made in the upward moveon the revaluation of the franc, which, it is said, is to ment that was inaugurated last week in the quotabe fixed at around the .043/c. figure. During the tions of the Scandinavian currencies, but Dutch
2
week under review francs touched the lowest level guilders again lost ground, declining to 40.043..
reached since March 1924, when the speculative drive Spanish pesetas closed lower, at around 14.53.
was at its height.
Danish exchange shot up to 19.72, an advance of
Italian lire gave a slightly better account of them- about 57 points; Swedish krona went up to 26.79
selves, and though the general trend was still down- and Norwegian krone scored a gain of about 54
ward, the quotation at no time went below 3.583/2, points to 17.48. Locally, however, trading was dull,
which compares with last week's low point of 3.5334• and here also fluctuations in rates reflected developIn the early dealings an advance to 3.83% was scored, ments abroad. While the strength has been generally
but it was not long before weakness set in again and attributed to preparations looking for a return to the
the rate slumped, with alternate advances and de- gold standard, it is now believed that much of it is due
clines, and with the close at the lowest of the week. to transfers of funds from France and Italy for safeHeavy selling pressure figures in the dealings at times, keeping in Norway and Denmark.
mainly of Italian origin, and both speculative and
Bankers' sight on Amsterdam finished at 40.063/2,
commercial in character. As was the case last week, against 40.093/; cable transfers at 40.08, against
2
occasional support was tendered, but not sufficient 40.113/;commercialsight at 39.983/, against 40.013/
,
2
2
2
to stabilize values. For a while short covering oper- and commercial sixty days at 39.62, against 39.65/z
1
ations brought about a partial rally, which was lost a week ago. Swiss francs, which were firmly held,
when fresh selling set in. Rumors were current at previous levels, closed at 19.413/ for bankers'sight
2
that steps are to be taken shortly to restore lire bills and at 19.423/ for cable transfers, as compared
2
values, but nothing definite on this score was avail- with 19.42 and 19.43 the preceding week. Copenable; other than the directions given by Sig. Stefani, hagen checks finished at 19.72 and cable transfers
to the banks for the purpose of checking the depre- at 19.76, against 19.14 and 19.18. Checks on
ciation. In many quarters keen dissatisfaction is Sweden closed at 26.79 and cable transfers at 26.83
expressed over the collapse in lire values. Bankers against 26.72 and 26.76, while checks on Norway
here were unable to advance any adequate reason for finished at 17.48 and cable transfers at 17.52, against
failure of the authorities to utilize the $50,000,000 16.943/ and 16.983/b a week earlier. Spanish pesetas
2
credit recently granted to support the lira. It is closed at 14.53 for checks and at 14.55 for cable_reclaimed that unless lire values are restored, great mittances. This compares with 14.583/2 and 14.603/2
injustice will be done to the many Italian working the week preceding.
people in this and other countries who have so loyally FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
supported their country's currency in the belief that
.TUNE 20 1925 TO JUNE 26 1925. INCLUSIVE.
the Government would redeem their savings at a
Noon Buying Rate for Cable Transfers in New York.
reasonable figure. Other less important changes Country and Moneta
Value in United vat,' Money
Unit.
were quiet and not greatly changed. Greek drachJune 20. June 22. June 23. June 24. June 25. June 26.
mae dropped several points on news of the breaking EUROPE$
$
$
$
5
$
.14047
.14049
.14055
.14049
.14051
.14053
Austria. krone.
0467
.0462
.4065
.0462
.0460
out of the revolution, but recovered part of the loss. Belgium, franc
.0455
.007319 .007294 .007356 .007338 .007294 .007325
Bulgaria, lev
German and Austrian exchanges were inactive and at Czechoslovakia, krone .029619 .029620 .029620 .029620 .029621 .029618
1916
.1926
.1938
.1947
.1945
.1972
Denmark, krone
nominal levels and the same is true of the minor Cen- England, pound ster- 4.8611 4.8609 4.8604 4.8611 4.8613 4.8621
ling
.025208 .025209 .025225 .025225 .025220 .025210 4
Finland, markka
tral European group.
.0465
.0469
.0465
.0465
.0457 A
.0470
France, franc
.2380
.2380
.2380
The London check rate on Paris finished at 106.00, Germany, reichsmark. .2380 .2380 .2380 .016102 .015812 .016096 I
.016330 .016281 .016086
Greece, drachma
.4010
.4009
.4010
.4010
.4007
.4008 1
Holland,
as compared with 102.90 a week ago. In New York Hungary,guilder
.000014 .000014 .000014 .000014 .000014 .000014
krone
.0371
.0371
.0373
.0361
.0383
.0373
sight bills on the French centre closed at 4.491 , Italy, Brakrone
.1716
.1742
4 Norway,
.1702
.1716
.1725
.1698
.1918
.1917
.1917
.1919
.1918
.1918
Poland, zloty
against4.72; cable transfers at 4.5034, against 4.73; Portugal. escudo
.0508
.0510
.0510
.0508
.0508
.0509
.004620 .004614 .004596 .004604 .004596 .004617
Rumania,leu
commercial sight bills at 4.4834, against 4.71, and Spain. peseta
.1456
.1456
.1457
.1452
.1460
.1454
.2676
.2675
.2676
2675
.2676
.2677
Sweden,krona
commercial sixty days at 4.43, against 4.65% last Switzerland, franc .1942 .1942 .1942 .1942 .1942 .1942
Yugoslavia, dinar_ _._ .017346 .017237 .017246 .017304 .017240 .017318
week. Closing rates on Antwerp francs, which as ASIAChina.7888
.7925
.7975
.8046
.8029
.8046
usual, followed more or less the course of Paris Chefoo. tad
.7928
.7916
.7863
.7778
.7803
.7928
Hankow,tael
.7700
.7740
.7740
7604
.7627
.7748
4.4934 for checks and 4.5034 for cable Shanghai, tadl
checks, were
.8138
.8021
.8067
.8121
Tientsin, tadl
7933
.8138
.5738
.5641
.5597
.5779
transfers, as against 4.68 and 4.69 a week earlier. Hong Kong, dollar_ .5619 .5605 .5622 .5730 .5813 .5790
.5684
.5756
.
Mexican dollar_ _ _
It is worthy of note, however, that at the close the Tientsin or PelFang. 5617 .5675 .5700 .5683 .5733 .5742
dollar
.5767
.5758
.5775
.5808
Yuan, dollar
.5708
.5825
spread between the two currencies was entirely India,rupee
.3654
.3650
.3655
.3660
.3647
.3656
.4060
.4066
.4069
Japan, yen
.4069
eliminated, due not so much to betterment in the Singapore(S.S.),dollar .4073 .5654 .5650 .4063 .5650 .5642
.5638
.5642
NORTH AMER.position of Belgian currency, as to depreciation in Canada, dollar
999951 .999982 1.000000 .999972 1.000009 1.000009
.999740 .999740 .999688 .999531 .999479 .999375
France's exchange. Reichsmarks finished at 23.80% Cuba, peso
491417 .491833 .493167 .495333 .495333 .495500
Mexico, peso
Newfoundland, dollar .997500 .997474 .997526 .997500 .997500 .998021
for both checks and cable transfers, against 23.81 SOUTH AMER..9126
.1102
8 Argentina, peso (gold) .9133 .1130 .9126 .9143 .9161 .9140
Brazil, milreis
.1109
a week ago. Austrian kronen remained at 0.00143/, Chile. peso (paper) .1125 .1105 .1104 .1127 .1107 .1101
.1131
.1133
.1133
.9709
.9715
.9705
.970R
.9711
0717
2
unchanged. Lire closed at 3.583/ for bankers'sight ITrucrunv man
for cable remittances,in comparison •One whiffing is equivalent to 10,000 paper crowns.
bills and at 3.59%
South American exchange was moderately active
with 3.75 and 3.76 the preceding week. Exchange
8
on Czechoslovakia finished at 2.963/, against 2.96%; with rates at close to last week's levels, though
on Bucharest at 0.4634 (unchanged); on Poland at closing lower. Argentine checks finished at 40.20
19.20 (unchanged), and on Finland at 2.53 (un- and cable transfers at 40.25, againct 40.37 and
changed). Greek exchange closed at 1.6394 for checks 40.42, while Brazilian milreis closed at 11.15 for
THE CHRONICLE
3248
checks and at 11.20 for cable transfers, as compared with 11.14 and 11.19 last week. Chilean
exchange was firm and finished higher, at 11.40
against 11.32, while Peru closed at 4 13 (unchanged)
The Far Eastern exchanges, while not active, were
surprisingly strong, so far as the Chinese currencies
are concerned, and rates on the Chinese centres
sharply advanced in spite of the serious disturbances
in China. Bankers familiar with what is going on in
that distracted republic, explained the rise as being
due to a shortage of cash in some of the Chinese
banks. Hong Kong closed at 609(@61, against
55%@563i;Shanghai at 77%@78%,against 76@77;
Yokohama at 41@413, against 4131@)413/2; Manila
at 49%@50 (unchanged); Singapore at 57%@5732,
against 57M@57/; Bombay at 36%@373i, against
36%@37, and Calcutta at 363i@373i, against
1(4)37.
36V
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,888,341 net in cash as a result of the cur
rency movements for the week ended June 25
Their receipts from the interior have aggregated
$5,992,351, while the shipments have reached $1,104,
010, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ended June 25.
Out of
Banks.
Into
Banks.
55,992,351
Banks'interior movement
1
Gain or Lou
to Banks.
31.104,010 Gain 34,888.341
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect. of Government opera
tions on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
June 20. June 22.
Tuesday, Wednesd'y, Thursday, Friday.
June 23. June 24. June 25. June 26.
Aggregate
for Week.
81,000,000 91.000.000 69.000,000 81,000,000 71,000.000 87,000,000 Cr. 480,000,000
Note.—The foregoing heavy credits reflec the huge mass of checks which come
of
to the New York Reserve Bank from all parts of the country in the operation
the Federal Reserve Systems' par Collection scheme. These large credit balances.
reflect only a part of the Reserve Bank's operations with the Clearing
however,
House institutions, as only the items payable in New York City are represented in
of
the daily balances. The large volume of checks on institutions located outside do
New York are not accounted for in arriving at these balances, as such checks
Reserve
not pass through the Clearing House but are deposited with the Federal
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
June 26 1924.
June 25 1925.
Banks of
Gold.
Silver.
Gold.
Silver.
Total.
128,261,164
157,183,840 128,261,164
England — 157,183,840
159,111,372
France a_ _ 147,294.449 12,480,000 159,774,449147,151.372 11,960,
657,350 23,057,500
Germany c 47,998,200 d994,600 48,992,800 22,400,150
b2,000,000
b2.000,000 b2,000,000
Aus.-Hun. b2,000,000
101,443,000 25,993,000 127,436,000101,351,000 26,305,000127.656,000
Spain
35,589,000 3,349,000 38,938,000 35,413,000 3,412,000 38,825,000
Italy
862,000 45,154,000
Netheri'ds 37,945,000 1,831,000 39,776,000 44,292,000 2,700,000 13,519,000
Nat. Beig_ 10,891,000 3,132.000 14,023,000 10,819,000 4,019,000 24,558,000
19,283,060 3,589,000 22,872,000 20,539,000
Switzerni.
13,746,000
13,086,000 13,746,000
Sweden_ _ 13,086,000
898,000 12,540,000
Denmark _ 11,636,000 1,137,000 12,773,000 11.642,000
8,182,000
8,180,000 8.182,000
Norway _ 8380,000
592,529,489 52,505,600645,035,089545,796,686 50,813,350 596,610,026
Total week
55.858,850601.510,583
Prey. week 592,909,275 52,483,600645.392.875 545.651.733
£74,572,836
•Gold holdings of the Bank of France this year are exclusive of of Germany
the Bank
held abroad. b No recent figures. c Gold holdings of of
Oct. 7 19244
abroad. d As
this year are exolusive of £4,011,500 held
The Outlook for the Dawes Plan.
discussion of reparations which has been goThe
ing on during the past week at Brussels, where the
third congress of the International Chamber of Commerce has been in session, brought out an unexpected
criticism of the Dawes plan by certain Belgian and
British delegates, and more or less frank predictions
[vol.. 120.
that the plan might go on the rocks. In connection
with the criticisms, an effort was also made by the
speakers to show that the execution of the plan was
bound up with the question of the inter-Allied debts.
Had the controversy been precipitated in less respon
sible quarters it might be passed over, as, in the
main, only a repetition of arguments and objections
already familiar, but coming as it does from financial authorities admittedly of high standing, it is
entitled to be carefully considered and its substance
weighed.
At the opening of the congress on Sunday, M. Maurice Desprets, an eminent Brussels banker, launched
straight at the subject by asking whether.it were
"really possible to pay and receive thousands of millions? Will there not be disastrous consequences to
him who pays and to him who receives? And failing
payment in cash, how can he get paid? If the debtor
country pay in goods, to what extent can it do so
without harming the creditor country, which doubtless produces the very goods it must accept? Failing goods, can the debtor country pay in services,
and if so, what services can be rendered without causing prejudice to the creditor country's industry,
trade and labor?" "Who can fail to see," M. Desprets continued, "that these problems extend beyond
the reparations of war damages, and exist exactly
in the same way between debtor and creditor nations
in the matter of debts incurred during the war? Of
course, there is a wide distinction in the origin of
reparations and war debt. It makes a great difference from the moral point of view, but from the economic viewpoint, surely, payment encounters the
same difficulties. Whether inter-Allied debts shall
be paid in cash, goods or services are problems the
same as reparations, and it does not seem that the
solution can be other than the same."
The difficulties of transferring reparations payments from debtor to creditor countries were further
emphasized by M. Albert Janssen, Belgian Minister
of Finance, who also stressed "the fact that the essential necessity of balancing budgets, after having
through the Dawes plan dominated the question of
reparations, must likewise, for the same reasons, be
one of the capital considerations which, in the interest of all, will have to be taken into account in settling the question of inter-Allied debts. On Tuesday
Sir Josiah Stamp, who spoke with the authority of a
former British member of the Dawes Committee, and
who was also one of the signers of an elaborate report on reparations submitted to the congress, insisted that, in his opinion, Germany would be unable
to make the payments contemplated by the Dawes
plan unless a greatly enlarged market for German
goods were developed abroad, and intimated that the
United States would have to change its tariff policy
or incur disastrous consequences. "Either we want
reparations or we do not," he is quoted as saying.
"If we do, the duty of continuous, constructive, cooperative thought is upon us, and the day of spasmodic, destructive, sectional recrimination should
be over."
A scrutiny of the foregoing remarks shows a clear,
although not necessarily a concerted, attempt on the
part of the several speakers to impress upon the congress the inseparable connection between reparations, inter-Allied debts and national tariff policies.
Undoubtedly there is a certain fundamental connection between the three issues. Payment of the interAllied debts, for example, especially if undertaken
JUNE 27 1925.]
THE CHRONICLE
3249
on a scale or in a manner similar to those provided was published in the "Chronicle" last week, shows
by the Dawes plan for the payment of reparations, that the German budget has already been balanced,
involves much the same problems of taxation, loans, the currency stabilized, and confidence and good-will
payment in cash, goods or services, and transfer of restored. Few who remember the conditions which
funds from one country to another, as are involved obtained in Germany even a year ago will be disposed
in the execution of the Dawes proposals. Obviously, to undervalue these achievements. Payments in cash
too, Germany will not be able to pay the large sums and deliveries in kind for the eight months amounted
called for in reparations if the world markets, or a to 620,689,410 gold marks, of which 277,807,201 repconsiderable proportion of them, are to be closed to resented deliveries in kind. Of this total 265,700,000
German goods by hostile tariffs. Neither theoretic- gold marks were paid to France, 148,700,000 to Great
ally nor practically, however,is the solution of either Britain, 66,000,000 to Belgium, 44,600,000 to Italy
of these problems absolutely dependent upon any and 33,333,000 in deliveries in kind to Jugoslavia,
particular method of treating either of the others, Rumania, Japan, Portugal and Greece. Mr. Gilbert
while as a practical matter the merging of the three carefully refrains from prophecy on the basis of only
issues in a common program is out of the question eight months' operation, and makes it clear that
because of the attitude of the United States. The there are difficulties still to be met, but the success
Administration at Washington, following what is with which the problems that thus far have had to be
Unquestionably the prevailing opinion of the country, dealt with have been solved augurs well for the fuhas consistently refused to allow the question of the ture. "Probabilities," remarked Alexander Hamilinter-Allied debts, as far as its own claims are con- ton in urging upon a hostile Congress his plan for
cerned, to be linked with that of reparations; and funding the national debt, "are always a rational
while the existing American tariff policy is one ground of contract," and the probabilities which Mr.
which this journal cannot approve, the question of Gilbert's statements and figures hold out are disprotection is not now an active issue in this country, tinctly encouraging.
It is of interest to observe that the pessimistic
and there are no clear indications that it may become an active issue in the near future. What is views of some of the speakers at Brussels appear not
true of the United States in this respect seems also to have been shared by the American delegates, and
to be true of the European countries which have seen the addresses of John W. O'Leary, President of the
fit, since the war, to strengthen their tariff barriers. Chamber of Commerce of the United States, and of
If, as Sir Josiah Stamp appears to think, the success Mr. Gilbert himself, on Thursday, were apparently
of the Dawes plan depends upon a widespread and helpful in clearing the air of doubt. It seems likely
early lowering of tariffs in the countries in which that the Dawes plan will work out much as a good
Gern an goods would most naturally find a direct many other economic arrangements have worked out
outlet, we should feel compelled to agree with him in the past—substantially as anticipated by its
that the execution of the plan would before long framers, and with the silent aid of events. More
than one elaborate scheme whose difficulties seemed
come to a halt.
There are two important reasons, among others, apparent upon the surface has turned out successfor taking a more hopeful view of the situation. In fully in practice, not merely because of the intellithe first place, the reparations payments called for gent human effort applied to it, but even more
by the Dawes plan are arranged on a sliding scale, through the developing play of economic, political
and not until the fifth year is the maximum reached. or social forces, smoothing the path as time went on.
For the first, or present, year, which has still two The "hermetic science of transfers," as a witty
months to run, the amount called for is 1,000,000,000 French delegate, M. Maurice Lewandoski,is reported
gold marks; for the second year 1,220,000,000 gold to have characterized Sir Josiah Stamp's doctrine,
marks; for the third year 1,500,000,000 gold marks, may prove to be less tightly sealed than has been
subject to contingent additions or reductions of 250,- feared, and if it should be found in the end that the
000,000 gold marks; for the fourth year 1,750,000,- Dawes plan cannot be executed in its entirety be000 gold marks, with the same contingent addition cause of the heavy payments in the later years, will
or reduction as for the third year; and for the fifth, it not be possible to modify it to the extent necessary
or "standard" year, and each year thereafter, 2,500,- when the fact becomes apparent? In any case, the
000,000 gold marks,"plus a supplement computed on operation of the plan will be facilitated by keeping it
the index of prosperity." It is true that four-fifths free of entanglement with the questions of interof the total amount called for in the first year is in a Allied debts, and of the tariff policies which the naway provided for by the loan of 800,000,000 gold tions concerned may respectively see fit to pursue.
marks already floated, and that the payment for the
second year is expected to be in part provided by the
The Supreme Court Decision in the Oregon
Compulsory Education Law.
sale of 500,000,000 gold marks railway shares. In
In the decision of the United States Supreme
view of the progress that Germany has already made
in economic recovery, however, and the reasonable Court, and a unanimous decision, declaring the
assurance that the progress, if not checked by war Oregon school law unconstitutional, the weight of
or Allied hectoring, will continue, the question of the the ruling is found in the following paragraphs: "As
ability of Germany to carry the maximum burden often heretofore pointed out, rights guaranteed by
which the Dawes plan imposes may well be held in the Constitution may not be abridged by legislation
abeyancefor the present and left to time to determine. which has no reasonable relation to some purpose
The other reason for hopefulness, and the point of within the competency of the State. The fundamenprime importance at the moment, is the fact that the tal theory of liberty upon which all Governments in
Dawes plan is actually working, and working suc- this Union repose excludes any general power of the
cessfully. The report of S. Parker Gilbert Jr., State to standardize its children by forcing them to
Agent-General, covering the eight months from accept instruction from public teachers only." . .
Sept.1 1924, through April 1925, of which a summary "The child is not the mere creature of the State;
3250
THE CHRONICLE
[vol. 120.
those who nurture him and direct his destiny have would be no place for religious instruction, outside
the right, coupled with the high duty, to recognize the home, save in the public school—a condition
and prepare him for additional obligations." Two clearly contrary to the separation of Church and
appellees were joined in the case, operating as cor- State. Not only did the Roman Catholic Church proporations under Oregon charters, the Society of Sis- test through the Society of the Sisters of the Holy
ters and the Hill Military Academy, thus covering Name of Jesus and Mary, but the Protestant Episcoparochial and private schools. The Court declares: pal Church, the Seventh Day Adventists and the
"The appellees are engaged in a kind of undertaking American Jewish Committee filed briefs as friends of
not inherently harmful, but long regarded as useful the Court making the same contention. If, to revert
and meritorious. Certainly there is nothing in the again to the Tennessee case, no scientific theory may
present records to indicate that they have failed to be taught in a public school that is contrary to the
discharge their obligations to patrons, students of story of creation as told in the Bible then that book
the State. And there are no peculiar circumstances is the only source of instruction open to the pupil.
or present emergencies which demand extraordinary Here we have a position directly opposed to that settled by the Supreme Court in the Oregon case and
measures relative to primary education."
contention of ap- the public school becomes the teacher of this dogma
The Supreme Court stresses the
pellees as to their right to "protection against arbi- and the State sponsors it—teaching religion.
We do not care to notice the charge that a certain
trary, unreasonable and unlawful interference with
their patrons and the consequent destruction of their secret society was instrumental in securing the passbusiness and property." What is important is that age of this Oregon law. If so, it is only another evithis decision of our highest Court will have a wide dence of a class seeking the State to fasten its debearing on many other questions intimately involved mands upon the people. The high purpose of the
in the proper rearing of the child. Appellees also decision is to point out to the people their own natcontended that the child has a "right to influence the ural and indefeasible rights in the premises. These
parents' choice of a school." The period of compul- rights extend beyond schools and are the very life of
sory sending of the child to a public school in the our business activities. Yet they are continually bedistrict in which the child resides for the term held ing interfered with by legislation which executive
covers the age from 8 to 16 years. It will be recalled departments of State and nation are expected to enthat the limitation set, in the Child Labor Amend- force. In the contest which has arisen over Senate
ment which the States failed to ratify, on the right rules those who advocate cloture declare unlimited
of the parent to compel the child to work provided debate tends to override majority rule by a belligerCongress should so order, was 18 years. And while ent minority. The thing to be rescued from this
the right of the State to compel the parent to send maze is the Supreme Fact that there are things which
the child to some school is not clearly denied in this neither majorities nor minorities can destroy—and
decision the natural right and duty of the parent to these things are individual rights.
In assuming the right to prescribe the course of
look after the welfare of the child is as clearly afstudy in primary and secondary schools a reasonable
firmed.
This decision must have the effect upon the public construction of the power exercised is that religious
mind to show that there are limitations upon the instruction, instruction contrary to patriotism, or
powers of Government under our system—that there contravening accepted good morals shall not be
are some things even Government cannot do. It may given. Beyond the mere mention of subjects necesestablish and maintain public schools for the safe- sary to the foundations of an education, the State
guarding of the State, but it cannot invade the home, cannot well go until, as we have said, education can
take the child from parental care, and thrust it into be specifically defined. If a State undertakes to do
the school for five days in the week for the annual more it must find itself entangled in the old educaterm—at least if it can be shown that the child is tional quarrel over matter and method, one that
receiving instruction in the home or in a private or among educators themselves has never been resolved
parochial school. There is an important distinction into a clear statement. Many of our laws touch only
here. An ignorant citizenry is a danger to the State. the fringes of the real issues involved, and this power
Self-defense is a law of State as it is of individual. to prescribe a Course of Study for Public Schools is
But after provision is made for the public school, one of them. It must always be more negative than
after the subjects to be taught are declared, educa- positive, more suggestive than directory, more of
tion remains to be defined. As to what shall be principle than of practice.
It is the same in society and business. The only
taught and how it shall be taught, when the subjects
are once enumerated, the State has no power, can limitation that can be put upon the exercise of conhave none consistent with reason. Nor can the State stitutional and indefeasible rights is the exercise of
rationally declare that what is taught in the pa- the same rights by others. This places an emphatic
rochial and private school, that is not inconsistent quietus on "standardization" all along the line. If
with good government, does not constitute an educa- :the child cannot be standardized by the school neither
tion sufficiett to enable the citizen to perform his can the man be by a law. Nor should either be, in
duties to the State. The matter of religious instruc- the interest of that individual and personal develoption in the public school and by the State is now be- ment upon which all civic, social, economic and politfore the courts in the Tennessee case concerning ical progress rests. Decisions such as the one under
"evolution"; and according to the principles enun- consideration throw light upon these truths. They
ciated in the Oregon case, there is little doubt as to energize the man. They prevent the tyranny of both
the decision of the Supreme Court when the former majorities and minorities. They lead the people
back to the principles upon which limited Governreaches it.
it was contended that if the ments are founded. And accepted by the people they
In this Oregon case
parochial school must close,for want of patronage by obviate many of the troubles that nourish the
forcing all children into the public school, there Tumult!
JUNE 27 1925.]
THE CHRONICLE
The Response of the Colleges to the Public.
The college Commencements have once more been
the annual dress parade of the institutions of the
higher education. The space they have occupied in
the daily papers of the land may be accepted as witness to the public interest. It is inevitable that
many questions have been raised. Viewed from almost any standpoint, intellectual, social or economic,
the universities and colleges are, and should be, a
chief concern of the nation and of the people. Their
influence extends from top to bottom of our common
life. Their public appearances are a challenge, not
so much as an answer to criticism or an appeal for
support, both of which are desirable and have their
place, as they are their address to the people, answering their unspoken questions, justifying in the
largest way to parents as well as to taxpayers the
reason for being and the vital relation of the colleges
to the career of their children.
When "the Captains and the Kings depart" and
the crowds go home, the definite response of the colleges should be spoken. It must be in concrete form
and few words. It is no occasion for statistics or
summarized reports; from "one" we must "learn
all." Happily, a generic instance is close at hand.
Yale like Harvard is well on in her third century of
existence. She began as a college of humblest origin,
but for a hundred years she has been in fact if not in
name a university, and in the last thirty years has
been to the fullest extent a sharer in all the educational life of the land. The thousand academic degrees she conferred to her graduates the other day
covered twenty-one courses in special lines of study
in her various departments.
The thoroughness of her work will not be questioned; the inquiry will be as to her spirit, her methods, the scope of the opportunities she offers and the
extent to which they actually reach the people. On
all this the testimony is explicit, and may well answer for all. Ex-President Hadley in opening the
great assembly of the alumni emphasized the fact
that Yale has always been responsive to the sentiment of the country and that the sentiments of the
undergraduates have been singularly in line with
the current thought of the people. The war was the
best evidence of it. President Angell, coming to
Yale with his ripe experience in large universities
East and West, could testify that the stream of its
life is felt in all the educational life of the land.
Yale in growing into a university with 5,000 students
has lost nothing of the inherited college spirit; the
undergraduates are still the great centre of the
university life. To-day Yale, with others, has passed
on into the new epoch with the ideals and feelings of
her undergraduates fresh from the homes of the
people to influence and inspire her. He says there
is abundant evidence that there never was on the
campus a finer group of students, one finer, more
wholesome, more stimulating, than to-day. The undergraduate has come to see that the aim and purpose of the university is to train men of intellectual
distinction. The greatest care is given to the individual student, to secure in all, so far as possible,
high character, to impress them with the purpose of
the college to fit them to fill their place and do their
work in the world and to promote the honor of their
college.
To secure this result with the widest choice of opportunity every student from the day he enters may
3251
select the best the university has to give. A Professor in any department may have a greater proportion
of his students coming from other departments than
his; a freedom in which the best of the old regime
is nevertheless preserved.
Chief Justice Taft sent from his home in Washington a message in which he reminded all that "the
strength of the university lies in its traditions and
in the spirit of her sons." And one of the older
alumni, a man of great distinction in public life today, said that the fact that remained most impressive in his mind from college days was President
Porter's habitual prayer in the daily Chapel that
God would "purify and animate our common life,"
and he gave that as his testimony to the supreme'
function of the university to-day. Ambassador Sheffield, with the burden of the Mexican situation heavy
upon him, said that he wanted to impress upon all
the three special characteristics to-day most requisite not only in diplomacy but in our colleges and in
our common life,"Courage, Character and Courtesy,"
as it is a day in which we have obligations no less
than opportunity in our dealings with other
people.
That the doors are to be kept open for the increasing throng of newcomers and for meeting the demands of new learning in all directions, attention
was called to the purpose of the university to erect
additional dormitories that would house all the students. Two are nearing completion and others are to
follow. Ground is to be broken at once for the great
Sterling library, which is planned to be the intellectual centre of the university, and in some ways the
best of its kind in the land. The new department of
"The Drama in Its Relation to the Colleges and the
Public," and which is to start with a gift of $1,000,000 for its home and equipment, and to have Professor Baker, late of Harvard, for its head, is expected
to restore the drama to its historic place among the
Fine Arts, because of its cultural, intellectual and
ethical value. It will carry forward the influence
which the beautiful Harkness Dormitory with its
reminiscences of Oxford, has begun, in re-emphasizing Plato's aphorism: "Beauty is the splendor of
Truth."
Owen D. Young, who received special honor, was
in himself more convincing evidence of the place
available to the young thoroughly trained American
to-day than was all that he said of the effective work
of the Dawes Commission. Of that he gave a succinct report, recording its progressive success and
his conviction as to the progress already made toward restored prosperity and peace. His mastery
of his theme and the occasion, his clear-cut statements, his breadth and kindliness of view, his humor
and his winning speech won all hearers. When he
paid tribute to the work of his colleague, S. Parker
Gilbert Jr., that "32-year-old college man" now administering the collection and distribution of the
reparations funds to the satisfaction of the creditor
nations and also to that of Germany, nothing more
seemed needful to be said of the value of a "college
education," or the work our higher institutions of
learning are doing for our young people to-day. His
story of the dinosaur who lived to eat and grow big
until food failed and he passed away; followed by
the parable of the Good Samaritan and the man who
fell among thieves, whom he cared for and took to
the inn, guaranteeing all charges, thus proving who
was his neighbor, by showing mercy, with its pointed
THE CHRONICLE
3252
message,"Go thou and do likewise," left no doubt as
to his own spirit, or the purport of his address.
To one graduate, however, sitting at the back in
a growded gallery came an incident more moving
than all that was said on the great platform. By his
side sat a stranger, evidently a man of the people,
whose face indicated a foreigner, and his clothes and
hands suggested a workingman. Observing his interest, the graduate asked if he had anyone in the
crowd below. With a quick, eager look he opened
the order of exercises and turning the leaves pointed
to the name of one of the men receiving degrees.
"That is my son," he said. "He is a doctor, and he
added: "Yale make good Americans." Obvious appreciation loosened his tongue. He lived in a Connecticut town. In a foreigner's English he told of
his three sons, the one graduating in medicine, another studying law, and a third, soon to enter, also
to be a lawyer, and all taking the college course. He
had come from Odessa in Russia 25 years ago. He
said: "All have music; one, violin; one, piano; one,
`shello.' I pay $5 half-hour lesson, two days a week
for two years—to great professor here, for violin
lessons. My boy play in concert, in other places.
We have good music, all together." When the exercises ended the Russian extended his hand with a
smile to the college man, and they parted with mutual good feeling and a new respect for the American
college which makes "good Americans."
of 820,000,000 Bonds of Mortgage Bank of Chile
(Caja de Credito Hipotecario).
Kuhn, Loeb & Co. and the Guaranty Co. of New York yesterday (June 26) offered $20,000,000 guaranteed sinking
fund 6%% gold bonds, due June 30 1957, of the Mortgage
Bank of Chile (Caja de Credito Hipotecario). The bonds,
it was announced yesterday afternoon, have been disposed
of and the books closed. The issue was offered at 97%%
and accrued interest to date of delivery, to yield 6.70% to
maturity. The bonds are in coupon bearer form in denominations of $1,000 and $500 each. Principal and interest is
to be payable at the option of the holders in New York City
at the office of Kuhn, Loeb & Co. or of Guaranty Trust Co.
of New York, in United States gold coin of or equal to the
standard of weight and fineness existing June 30 1925, or
in Santiago, Chile, at the office of the Caja by sight draft
on New York City, without deduction for any taxes, imposts,
levies or duties of any nature now or at any time hereafter
imposed by the Republic of Chile or by any State, province,
municipality or other taxing authority thereof or therein
and to be payable in time of war as well as in time of peace
and whether the holder be a citizen or a resident of a
friendly or a hostile State. Interest will be payable June
30 and Dec. 31. Beltran Mathieu, Ambassador Extraordinary and Plenipotentiary of the Republic of Chile to the
United States, in a letter to the syndicate, dated Washington,
June 25, says in part:
Offering
The Bonds are unconditionally guaranteed as to principal, interest and
sinidng fund, by endorsement, by the Republic of Chile, pursuant to Decree
[VOL. 120.
Law of the Governing Council, dated March 9 1925 and an Executive
Decree, dated June 15 1925 (supplementing said Decree Law), issued under
the authority of President Alessandri and his Cabinet, who are functioning
as the Government of Chile, Congress having been dissolved in September,
1924, pending the adoption of a new Constitution which is now being
drafted. The guaranty thus authorized is valid and binding upon the
Republic of Chile.
The Caja de Credito Hipotecario was created by law of August 29 1855.
for the purpose of making available credit facilities on reasonable terms for
the development and improvement of real property in Chile. The Board,
of Directors is selected by both Legislative Chambers of Chile, and the
Chairman of the Board,the Chief Counsel, the Controller and the Secretary
are appointed by the President of the Republic.
The Caja has no capital stock and is not operated for profit. It has power
to charge a commission to provide for its expenses and for a reserve fund.
as additional security for its bonds, but having accumulated a sufficient
reserve, the Caja has now discontinued charging such commission.
The Caja issues its bonds only against mortgages registered in its name.
It makes only first mortgage loans. The loans are made on a conservative
basis and the risk is greatly diversified. On December 311924, the Cant
had outstanding various issues of bonds aggregating 584,995,700, at
approximate present rates of exchange, against which it bad made more
than 9,800 mortgage loans, being an average of not more than 69.000 Per
loan. The aggregate appraised improved value of the properties mortgaged
as security for these loans amounted to more than four times the amount
of the loans. As further security for its bonds, the Caja has accumulated
a reserve fund of approximately $5,118,000. at approximate present rates
of exchange.
The law of September 10 1892, authorizes the 0aja to issue bonds and to
make mortgage loans payable in foreign currencies. It is the practice of
the Caja to make Its mortgage loans, against which bonds payable in a
foreign currency are issued, also payable in the same currency, except in
cases where it has obtained a guaranty of the Republic of Chile for any loss
resulting from exchange fluctuations. This was done in 1912 when Fes.
58,823,500 gold bonds were issued (of which there are still Fes. 28,444,500
gold now outstanding), and is also being done in the case of the present
issue against $15,000,000 of which mortgage loans in Chilean currency will
be outstanding. The mortgage loans against the balance of 25,000,000 of
this Issue will be made at the request of the Republic of Chile, for special
purposes at lower interest rates than the Caja is paying on the Bonds and
the Republic has agreed to pay the difference and to guarantee these
mortgage loans. The entire present issue of Bonds will also be guaranteed
by endorsement by the Republic of Chile. No other issue of bonds of the
Caja is endorsed with the guaranty of the Republic.
The Bonds of the OWE' are legal investments for savings banks and trust
funds in Chile.
The present debt of the Republic of Chile, including the present and all
other obligations guaranteed by it, aggregates abiiiit $250.000,000, at
approximate present rates of exchange. The proceeds of the Government
loans have been largely used for the construction or improvement of
railways, harbors and other public works. The Government owns 3,624
miles of railroads, telegraph lines and other property, of an estimated
value of approximately $650,000,000, at approximate present rates of
exchange, which is well in excess of the entire amount of the debt. In
addition, the Government owns large and very valuable tracts of nitrate
lands.
Beginning December 31 1925, the Bonds will be redeemable through a
cumulative sinking fund calculated to retire the whole issue by June 30
1957, to be applied on each semi-annual interest date to the redemption
by lot of Bonds at par. Notice of redemption is to be given by advertisement, the first advertisement to appear at least thirty days before each
redemption date. The Caja will have the right to increase the amount
of any sinking fund payment for.the redemption of additional Bonds on
any interest date, and in any such case appropriate redpctions will be made
in subsequent sinking fund payments. This right is reserved because
repayments on the mortgage loans can be made by the borrowers either in
cash or in bonds of the Caja in excess of the fixed minimum amortization
payments and the Caja is not permitted by law to have its bonds outstanding in excess of the mortgage loans against which they are issued.
It is stated that the bonds and the guaranty are, in the
opinion of American and Chilean counsel, valid obligations
respectively of the Caja de Credit() Hipotecario and the
Republic of Chile. They were offered if, when and as issued
and received by the above concerns, and subject to the approval of counsel. In the first instance, interim certificates
of Guaranty Trust Co. of New York will be delivered against
payment in New York funds for bonds allotted, which interim certificates will be exchangeable for definitive bonds
when prepared. Application will be made in due course to
list these bonds on the New York Stock Exchange. It is
stated the bonds heretofore have been issued in only three
currencies, English pounds, French francs and Chilean dollars or pesos.
The New Capital Flotations in May and for the
Five Months to May 31.
The appeals to the investment market for new capital continue large, and the monthly totals of new offerings have
been running the present year thus far well above half a
billion dollars. If there is in any month a slackening in the
offerings from one direction, there is certain to be a large
extra supply from another direction. Our compilation this
time is for the month of May, and it serves to illustrate the
point referred to. The corporate offerings in that month
were more than ordinarily moderate, but on the other hand
municipal financing suddenly spurted up and reached an
aggregate of exceptional size. Our tabulations, as always,
include the stock, bond and note issues by corporations and
by States and municipalities, foreign and domestic, and also
Farm Loan emissions. The grand total of the offerings of
new securities under these various heads during May 1925
reached $530,841,330. This compares with $607,128,553 in
April, when the financing of the purchase of the Dodge
Brothers automobile properties added $160,000,000 to the
total; with $505.369,807 in March, with $664,632,971 in the
short month of February, with $685,403,871 in January, with
$557,168,130 in December 1924, and with $427,218,524 in
November, when the amount was relatively small, even
JUNE 27 1925.]
THE CHRONICLE
3253
though the $100,000,000 French loan was brought out in that & Elec. Co. 1st & ref. 5s, "D," 1955, offered at 9514, to yield
month. It also compares with $733,665,611 in October 1924, about 5.30%; $10,000,000 Philadelphia Suburban Water Co.
when the total included the American portion ($110,000,000) 1st mtge. 5s, 1955, sold at 972 yielding about 5.15%; $10,/
1
,
of the German loan, with $540,251,949 in September, with 000,000 Southern California Edison Co., series B, 6% pref.,
$454,483,973 in August, with $428,299,766 in July and with offered at 92, to yield about 6.52%, and $10,000,000 Cities
$619,531,648 in June, when, as on the present occasion, the Service Co. ref. deb. 6s, 1966, offered at 91, yielding about
magnitude of the awards by States and municipalities acted 6.65%.
to raise the total to unusual proportions.
Important industrial issues comprised the folio-wing:
New York City is in the main responsible for the magni- $16,000,000 Minnesota & Ontario Paper Co. 1st 6s, 1930-45,
tude of the municipal offerings for the month under review. offered to yield from 6.12% to 6.18%; $7,250,000 McKinney
The aggregate of the disposals of State and municipal bonds Steel Holding Co. 6% cum. pref., offered at 992 to yield
/
1
,
in May 1925 was no less than $188,526,385, and of this $60,- 6.03%, and 158,000 shares of no par value com, stock of Sun
000,000 was contributed by New York City, which placed Oil Co., sold at $362 per share and involving a sum of
/
1
that amount of 41/% school construction bonds. There were, $5,767,000.
4
however, several other large issues. Thus, Illinois sold $10,Farm loan financing aggregated $37,000,000 during May.
000,000 4s, Alabama $7,000,000 4s and 41
4s, Cleveland $5,173,- Twelve separate issues were disposed of at prices yielding
000 41
4s, Alleghany County $5,073,000 4s, etc., etc. Corpo- from 3.75% to 4.62%. The principal issue in this group was
rate offerings, as already stated, were relatively light, foot- $26,500,000 Federal Land Bank 4 s, 1935-55, offering of
/
1
2
ing up $295,871,945, against $482,575,138 in the month pre- which was made at 102%, to yield 4.15%. There was also an
ceding. Aside from this the only other conspicuous feature offering of $2,000,000 Federal Intermediate Credit Banks
of May financing was the floating of a new issue of Federal 4 % debs., due May 15 1927, at a price yielding 3.75%.
/
1
2
Land Bank bonds for $26,500,000, the details of which are
There was but one foreign Government loan floated here
given further below.
during May, this single issue being the $5,943,000 external
In the case of the new corporate issues, offerings on behalf 7% loan, due 1942, of the Province of Cordoba (Argentina).
of industrial corporations for the second successive month The bonds were offered at 95, to yield about 7.50%.
led in volume with a total of $124,440,115. This amount,
Offerings made during May, which did not represent new
however, showed a sharp decline from the previous month's financing by the company whose securities were offered, and
business, when the total, the largest for any month this year, which therefore are not included in our totals, comprised
reached $312,560,938. Public utility issues brought out in the following: 90,000 shares no par value capital stock of
May aggregated $122,935,330, as compared with only $82,400,- Municipal Service Corp., offered at $122 per share; 30,000
/
1
200 in April, but with $171,557,000 in March, $205,324,225 in shares no par value corn. stock of Paige-Detroit Motor Car
February and no less than $237,724,500 in January. Rail- Co. offered at $18 per share; $300,000 Pacific Car & Foundry
road offerings were relatively light in May, totaling only Co. 7% cum. pref., offered at 98/, to yield about 7.10%,
12
$48,496,500, whereas in April they amounted to $87,614,000. and $100,000 par value capital stock of Babcock & Wilcox
Total corporate offerings were $295,871,945, and of this Co., offered at $1332 per share.
/
1
amount $210,101,000 constituted long-term issues, $8,250,000
The following is a complete summary of the new financing
were short-term, while stock issues accounted for $77,520,- -corporate, State and city, foreign Government, as well as
945. The portion used for refunding purposes was $34,947,- Farm Loan issues
-for May and the five months ending
015, or almost 12%; in April, $71,134,000, or over 14%, was with May, of the current calendar year. It will be obfor refunding; in March the amount was $70,251,000, or al- served that in the case of the corporate offerings we subdimost 20%; in February it was $53,382,000, or only 10%, vide the figures so as to show the long-term and the shortwhile in January, $95,193,425, or over 18%, was for this pur- term issues separately and we also separate common stock
pose. In May last year only $48,701,000, or less than 10%, from preferred stcok, besides reporting the Canadian corpowas for refunding purposes. Of the $34,947,015 raised for rate issues and other foreign corporate issues as wholly disrefunding during May of this year, $21,848,000 comprised tinct items.
new long-term issues sold to refund existing long-term, SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
$3,409,000 was new long-term to refund existing short-term,
Total.
New Capital. Refunding.
$670,000 was new short-term to refund existing short-term
1925.
$
$
$
bonds, $3,985,515 was new stock to refund existing long-term
MAYMONTH OF
25.257,000 203,601,000
Corporate-Long term bonds and notes_ 178.344,000
670,000
5,580,000
6,250,000
bonds,$4,000,000 was new stock to refund existing short-term
Short term
300,000
31,796,085
31,496,085
Preferred stocks
8,720.015
34,504,845
43,224,860
obligations and $1,034,500 was new stock to replace existing
Common stocks _______
6,500,000
6.500,000
Canadian
stock issues.
4,500,000
4,500,000
Other foreign
34.947.015 295.871,945
The foreign corporate issues aggregating $11,000,000 com260,924,930
Total
5,943,000
5,943,000
Government
prised the following: Canadian- $5,000,000 Price Bros. & Foreign
827,900
36,172,100
37,000,000
7
Farm Loan issues
War Finance Corporation
2,868.265 188,526,385
Co., Ltd., 1st mtge. 6s, "A," 1943, offered at 101, to yield Municipal
185,658,120
3,500,000
3,500,000
Canadian
about 5.90%, and $1,500,000 National Steel Car Line Co.
U. S. Possessions
equip. trust 6s, "H," 1925-32, offered at prices yielding from
38,643,180 530,841.330
492,198.150
Grand total
FIVE MONTHS ENDED MAY 31
4.75% to 6.00%; other foreign issues were: $2,500,000 7% Corporate-Long term bonds and notes_ 1,066.499,775 225,785.425 1,292,285.200
66,270,000 174,528,750
108,258,750
Short term
cum. pref. and $500,000 com, stock of Caracas Sugar Co..
3,689,500 291,471,885
287,782,385
Preferred stocks
11,412,515 171,447,708
160,035,193
Common stocks
offered in blocks of 1 share of pref. and 2% shares of corn.,
17,750,000
69,870,000
87.620.000
Canadian
125,850,000
125,850,000
Other foreign
at $125 per block, and $2,000,000 Punta Alegre Sugar Co. 6s,
1,818,296,103 324,907,440 2.143.203,543
Total
due Nov. 1 1927, offered at 9914, to yield about 6.34%.
28,000,000 112,443,000
84,443,000
Foreign Government
8,527,900 108,925,000
Farm Loan issues
100,397,100
Railroad financing was featured by the following issues: War Finance Corporation
16,028,397 602,729,713
586,701,316
Municipal
$15,000,000 Florida East Coast Ry. Co. 1st & ref. mtge. 5s,
19,240,000
8,308,000
Canadian
27,548.000
4,050,000
U. S. Possessions
4,050,000
"A," 1974, offered at 94%, to yield about 5.30%; $10,530,000
,
Grand total
2,602,195 519 396.703.737 2 998,899.256
/
1s,
New York Central Lines equip. trust 42 1926-40, offered .
In the elaborate and comprehensive tables, which cover
at prices yielding about 4.70%; $10,491,000 Southern Pacific
/s,
1
Co. equip. trust 42 "H," 1928-40, offered at prices yielding the whole of the two succeeding pages, we compare the foreabout 4.69%, and $6,425,500 Southern Pacific RR. Co. 1st ref. going figures for 1925 with the corresponding figures for the
mtge. 4s, 1955, offered at 91, to yield about 4.55%.
four years preceding, thus affording a five-year comparison.
Public utility issues of importance included the following: We also furnish a detailed analysis for the five years of the
$14,000,000 Associated Gas & Elec. Co. secured 6s, 1955, of- corporate offerings, showing separately the amounts for all
/
1,
fered at 952 to yield about 6.34%; $10,000,000 Pacific Gas the different classes of corporatims.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF MAY
FOR FIVE YEARS,
1925.
MONTH OF MAY.
New Capital.
Refunding.
1924.
Total.
New Capital.
Refunding.
1923.
Total,
New Capital.
Refunding.
1922.
Total.
New Capital.
Refunding.
1921.
Total.
New Capital.
Refunding.
Total.
Corporate—
Long term bonds and notes__
Short term
Preferred stocks
Common stocks
Canadian
Other foreign
$
178,344,000
5,580.000
31.496.085
34.504.845
6.500.000
4.500,000
$
25,257.000
670,000
300.000
8,720,015
$
203,601.000
6.250.000
31,796.085
43,224.860
6.500.000
4,500,000
$
190,323.000
8,570.000
41,300.000
206.909.250
150,000
5
48,301.000
___ _____
400,000
$
238.624.000
8,570,000
41,700,000
206.909,250
150,000
$
106,464.000
28,484.000
13,717,800
16.713,825
1,200.000
$
32,877.500
2,100.000
150,000
$
139.341.500
30,584,000
13.867,800
16,713.825
1,200,000
$
215,900.249
2.500.000
60.032,500
10.000,000
8,350.000
5.000.000
$
36,024.101
-_ ______
25,000,000
$
251.924,350
2,500,000
85,032,500
10,000,000
8,350,000
5,000,000
$
162,538.500
5,100.000
2,732,600
1,323,225
700.000
$
17,707.500
600,000
$
180.246.000
5.700.000
2,732.600
1,323,225
700.000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
260,924,930
5.943,000
36.172.100
34,947.015
295,871,945
5.943,000
37,000,000
447,252.250
9,250,000
5.700,000
48,701.000
495,953,250
9,250,000
5.700,000
166,579.625
4,500,000
12,500.000
35,127,500
201,707.125
4.500,000
12.500.000
301.782,749
8,880.000
95,100,000
61,024,101
__ ______
42,000,000
362.806,850
8,880.000
137.100.000
172,394.325
75.000.000
18,307,500
50.000,000
190.701.825
125,000,000
185.658.120
3.500.000
2,868.265
188,526,385
3,500,000
116,848,517
596,500
2,600.000
117,445,017
2,600,000
500.000
94.171.158
1,000.000
135,000
916,888
95.088.046
1.000.000
135,000
105,735,992
5,234.000
1.142,880
1.000.000
106.878.872
6,234,000
63.179,294
2,000,000
263.000
63,442,294
2.000.000
RI R97 Ann
531 445 957
975555 7323
RA 544 RRR
314 03n 171
S15.732.741
105.155.1AI
521.899.722
312.573.619
68.570.500
381.144 110
Grand total
827,900
500,000
492.198.150
38.643.180
5311.841.330
.'179550.767
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF MAY FOR FIVE YEARS.
1925.
MONTH OF MAY.
New Capital. Refunding.
Long Term Bonds & Notes—
Railroads
Public utilities
Iron, steel, coal, copper, Szc
Equipment manufacturers
Motors and accessories
Other industrial & manufacturhig_ _
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
S
48.496,500
52,624.000
3,750.000
1.500.000
$
21.978,000
1924.
Total.
3
48.06.500
74,602,000
3,750.000
1.500.000
New Capital. Refunding.
1929.
Total.
$$
70.039,000
42,102,000 112,641,000
42,241,000
1,550.000
43.791,000
40,726.000
1,549,000
42,275.000
New Capital. Refunding.
$
36,157,000
36,053.000
6,200.000
$
1922.
Total.
New Capital. Refunding.
$
38,327.000
52,876.000
6,200.000
$
19.543.050
126,887.639
13,350.000
5.000.000
16,663.500
13.125.000
2,170,000
16,823.000
750,000
19,318.360
2,000.000
17,552,500
$
15,746,161
275,000
5,900,000
2.350,000
275.000
8,250.000
2,572,000
8,407,000
150,000
28.700.000
1.500.000
39,852,500
24,092,000
250.000
24,342,000
13,125,000
10,980.000
720,000
11,700,000
1,500.000
5.550,000
1.500.000
5.550.000
350.000
4,800,000
3,200,000
350.000
8.000,000
9.500,000
16.848.700
1,521,300
Total
Short Term Bonds & Notes—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
184,844,000
25.257.000
210,101.000
190,323,000
238.624,000
107.664,000
32,877.500
140,541,500
225,750.249
36,024,101
4,950,000
750.000
5,900,000
750.000
5.900.000
8.600,000
12.350,000
300,000
8.600.000
12,650,000
400.000
1,500,000
Total
Stocks—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
011
Land, buildings, &c
Rubber
Shipping
Miscellaneous
7,580,000
Total
Total—
Railroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufacturing
Oil
Land, buildings. &c
Rubber
Shipping
Miscellaneous
Total corporate securities
26,291.000
1.500.000
39,702,500
2,409,000
4,280,000
670,000
48,301.000
2,428,000
8,256.500
830,000
2,500.000
16,256,640
620,000
620.000
600.000
600.000
200,000
200.000
2,500.000
2,500.000
1,250.000
1.250.000
2.500.000
8,250,000
8,720.000
8,720,000
28,484,000
2,100,000
30.584,000
43,383.330
7.250,000
228.948.000
1,000.000
228,948,000
1,000.000
12,708.950
300,000
150.000
12,858,950
300.000
10.929.600
10,500,000
3,500,000
8.394.100
10.787,515
300,000
2.242,500
10.318.750
3.150,000
300,000
2.642,500
10,318,750
3.150,000
11,672.675
11,672,675
2.500,000
2,500.000
1,200.000
3,150.000
24,752,900
1,500.000
43,383.330
7,250,000
7.359.600
2.802,000
1.034.500
7,985.515
7.706.000
400,000
4,800,000
1,204.000
$
$
12,196.000
29,170,000
2,213,000
700.000
3.250.000
2.500.000
35,575.000
12.259.500
2,000.000
20.000,000
17,552.500
1.050.000
37,500.000
______ —_
18.370,000
9.500.00045.650.000
11,780,000
1,787,000
640.500
2,500,000
1,000.000
Total.
$
12,196,000
40.950,000
4,000,000
700,000
2.500.000
12.900.000
22.500.000
1.050 000
37,500,000
1,000,000
45,650,000
261,774,350
163,238,500
17,707.500
180,946.000
400.000
1,500.000
2,500,000
1,800.000
New Capital. Refunding.
750,000
600,000
1,350,000
225,000
- M0,000
670.000
$
19,543,050
142,633,800
13,350,000
830.000
200,000
3.000,000
1,204.000
1921.
Total.
300.000
300,000
300,000
225,000
3,250.000
500,000
3,250,000
500,000
300,000
125.000
250.000
2,500.000
125.000
250,000
2,500,000
25,000.000
5,100,000
10,929.600
35,500,000
3.500.000
1,323,225
1.323,225
1,932,600
1,932,600
1,200,000
3.150,000
24,752,900
1.500,000
600,000
5,700,000
7,706,000
2,250.000
2.250.000
3,250.000
3.250,000
18,000.000
18.000,000
800,000
800,000
68.500.930
9.020.015
77,520,945
248,209,250
400.000
248.609.250
30,431,625
150.000
30,581,625
73.532.500
25.000,000
98.532,500
4,055,825
4.055,825
48.496.500
100.287.330
11.000.000
1,500,000
22,648.000
48.496.500
122.935.330
11.000.000
1.500.000
70,789.000
277,089,000
41.726.000
42,602,000
1.550,000
1,549,000
113.391.000
278,639.000
43.275,000
2.170,000
17.273.000
40,746.161
30.872.650
179,633.800
16.850,000
3.443,500
7,985.515
150,000
37.294.100
12.287,515
40.452,500
575.000
8,762.500
10,318,750
,27,442,000
2,750,000
575.000
11.512,500
10,318,750
27.692,000
46,927,000
78.384,950
6,500.000
830.000
5,000.000
33,136.175
1,204.000
15.625,000
30,872,650
138.887.639
16.850.000
33.850.600
4.302.000
40.302.500
44.757.000
61.111.950
6,500.000
830,000
2,572,000
23,079.675
1,204.000
15,625,000
21,186,000
720.000
21.906,000
1,500.000
9,050,000
1,500,000
9,050,000
350.000
10,550,000
3,200,000
350,000
13,750,000
9.500,000
34,848.700
1,521,300
9,500.000
36.370.000
12.196.000
29,920.000
3,536,225
925,000
2,500,000
17,442.100
20,500.000
1,050,000
37,500,000
125,000
46,700,000
260.924.930
34.947.015
295.871.945
447.252.250
495.953.250
166.579.625
35.127.500
201.707.125
301.782.749
61.024.101
362.806.850
172.394.325
250,000
48.701.000
2,428,000
10,056.500
1,950,000
22,768.360
26,752.900
19.352.500
2,500,000
16,256.640
4,450.000
39.025.000
26,752.900
19,352,500
12,380,000
1,787.000
640.500
2,500,000
1.000.000
18.307.500
12.196,000
42,300,000
5.323.225
925,000
2,500.000
18,082,600
23,000.000
1,050,000
37.500.000
1.125,000
46,700.000
1 on 7ni 529.M
0
1925.
New Capital.
Corporate
Long term bonds and notes__ 1,066,499,775
Short term
108,258,750
Preferred stocks
287.782.385
Common stocks
160.035,193
Canadian
69.870,000
Other foreign
125,850,000
Total
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
U. S. Possessions
Grand total
1,818.296.103
84.443.000
100.397,100
586,701.316
8.308,000
4,050,000
.602,195.519
Refunding.
1924.
Total.
225.785,425 1,292.285,200
66.270.000 174,528,750
3,689.500 291,471,885
11.412,515 171,447,708
17.750.000
87,620,000
125.850.000
New Capital.
852.552,123
124,345.000
102.290,027
367.930,469
2.150,000
7.680,000
324,907.440 2,143,203.543 1,456,947.619
28,000.000 112,443.000
175,240.000
8,527,900 108,925.000
85,900,000
16.028.397
19.240,000
602,729,713
27.548.000
4,050,000
540.644,027
24.112,562
5.835,000
396.703.737 2.998.899.256 2,288,679,208
Refunding.
112,233,077
7,941,000
8,037,223
4.900.000
8,000,000
10.000.000
1923.
Total.
964,785.200
132,286.000
110.327,250
372.830,469
10.150.000
17.680.000
New Capital.
846,455,786
90,228.200
177.567.047
173.750,163
17,496,600
19,900.000
151,111,300 1,608,058.919 1,325.397,796
130.000.000 305,240,000
73.500.000
85,900.0001 176.718.000
5,649,408
6,650,000
546,293,4351
30.762.562
5,835.000
414,246,978
22,153.000
456,000
293.410.708 2.582.089,916 2.012,471.774
Refunding.
1922.
Total.
241,559.214 1.088.015,000
18,466,800 108,695.000
67.384.839 244,951,886
3,266,760 177.016,923
17,496,600
19,900.000
New Capital.
Refunding.
1921.
Total.
New Capital.
Refunding.
Total.
748.174,395
84,337.000
115.279.500
74.879.487
27.170.000
69,585,000
263.943,755 1,012.118,150
11.950,000
96.287.000
25.400.000 140.679,500
83,135,112
8.255,625
27,170,000
1,250,000
70,835.000
592.694,520
111,642.166
33,076,900
88.413,315
19,850,000
15.150,000
356,896,480
14,600,000
775,600
330,677,613 1,656.075,409 1,119,425,382
6.000,000
79.500.000 241,280.000
55.032,000 231,750.000 204.740,000
310,799,380 1,430,224,762
10.000.000 251,280,000
42,000,000 246,740,000
860,826.901
154,000.000
40.000.000
372,272.080 1,233,098,981
50,000,000 204,000,000
40,000,000
10,147.738
103,250,000
351.636.833
16,222.000
3.250.000
L'9g6T 2,g aNaf
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
FIVE MONTHS ENDED
MAY 31.
8.842.048
14,941.679
423,089.026
37,094,679
456.000
525,969,127
57.406.650
5.250,000
415.493.340 2.427,965,114 2,154.071,159
536.116.865
160,656,650
5,250.000
476,197.1182.630,268,277 1,425,935,734
4,366,595
949,591.000
126.242.166
33,852,500
88.413,315
19,850,000
15,150,000
356.003,428
16,222,000
3,250,000
426,638.675 1.852,574,409
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
1925.
New Capital.
Long Term Bonds & NotesRailroads
Public utillties
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial & manufactur1ng
Oil
Land, buildings, &c
Rubber
Shipping
Miscellaneous
s
198,794,500
456.756,500
27,000,000
6.900,000
76,150.000
108.107.300
55,400,000
212,168.700
32,500,000
684.775
51,508,000
Total
1.225,969,775
Short Term Bonds & Notes
Railroads
24,500.000
Public utilities
50,230.000
Iron, steel, coal, copper. &c
19,415,000
Equipment manufacturers
1,150,000
Motors and accessories
Dther industrial & manufacturing_
14,318.750
Dil
7,000,000
Land, buildings, &c
12,420,000
Rubber
Shipping
5,000,000
giscellaneous
6,225,000
Total
Stocks
lailroads
'ublic utilities
ron, steel, coal, copper, &c
Equipment manufacturers
dotors and accessories
/ther industrial & manufacturing_
MI
...and, buildings, &c
tubber
;hipping
,liscellaneous
Total
Totaltailroads
'ublic utilities
ron, steel, coal, copper, &c
:quipment manufacturers
Iotors and accessories
mbar industrial & manufacturing_
II
and, buildings, &c
,ubber
hipping
Iiscellaneous
Total corporate securities
Refunding.
$
86,286.000
90,393.000
2,396.000
1924.
Total.
s
New Capital.
$
285,080.500
547,149.500
29,396,000
6,900,000
76,500,000
125,413,500
68,900,000
224,730.700
32,500,000
5,000.000
60,235,000
246,639,400
309.775,723
66,941,000
5,000.000
4,460,000
80,191,000
4,196,000
102,111,500
235,835,425 1,461,805,200
350.000
17,306,200
13,500,000
12,562,000
4.315,225
8.727.000
Refunding.
$
45,038,900
42,813,277
5,369.000
1923.
Total.
$
New Capital.
Refunding.
$
$
1922.
Total.
$
1921.
New Capital.
Refunding.
Total.
New Capital.
Refunding.
$
$
$
s
$
8,315.000
18,642.900
14,000
790,000
291,678,300
352,589.000
72,310,000
5.000,000
12.775.000
98.833,900
4,210.000
102,901,500
3.000,000
39,917,500
1.250.000
3,000,000
41.167.500
862,232,123
122,233,077
984.465.200
883.852,386
241,559,214 1,125,411,600
830,429,395
265,193,755 1,095,623,150
6,000,000
9.291.000
650,000
14,550,000
71.516.000
1,325,000
1,000,000
9.000.000
1,710,000
35,509,000
2,585,000
8.600,000
18,002,200
1.000.000
830.000
15.046,000
3.000.000
39,700,000
8.600.000
25,215,000
1.000.000
830.000
24,500,000
4,800.000
39,700,000
32,351,800
10.006,000
404,200
32,351,800
21,956.000
404.200
3,250.000
1,000,000
3,050.000
15,941,000
140.436.000
90,228,200
5,292,223
26,823.737
321,857.950
11,840,000
300,000
103,153,036
24,029,710
200,000
7.445,000
3.427,000
59.335,600
43,401,930
4,343,357
1,600.000
19,155,325
104,531,058
44.638,573
2,590,000
350.000
1,335.000
16,834,149
984,690
26,073,000
212,874,500
242,617,300 109.443,300
46,806,861
181,418,139
7,300,000
11,962,000
4.288.000
86,521,447
19,357,053
1.500,000
65,005,000_
1,335,000
- 35:666
6925,000
72.394,000
34.926.000
238.947,500
352.060,600
228,225.000
7,300,000
16.250.000
105,878,500
1,500,000
65,005.000
2.000,000
925,000
107,320,000
304.633.680
222.368,039
64.150,000
73,771,270
79,583.161
1.750,000
378.404,950
301,951,200
65,900.000
4,000.000
76,395,241
42.429,300
41,202,500
2,500.000
34,604,759
68,220,700
195.000
6,500,000
111,000,000
110,650,000
41,397,500
17,360.000
57,890.635
4,568,865
Total.
$
283,531,580
27.228,500
8,287,000
17,360,000
62,459,500
83,845,420
135,103,500
12.940,000
6,195,000
14,200,000
99.073,600
125.850,000
10.650,000
67,500,000
1,835,000
65.477,000
1.000.000
73.000
367,377,000
162,332,000
21,227.000
6,195,000
14,200.000
107,200.000
153,850,000
11,300.000
67,500.000
2.835.000
65,550,000
622,669,520
356,896.480
979,566,000
14,200,000
25,355.000
40.000.000
225.000
3,200,000
3,750.000
41.200,000
3.645.000
8,126,400
28,000,000
650,000
400,000
15.670,000
2,500,000
24,900,000
65.900,000
21,915,000
1,150,000
50,200,000
14,318,750
57.200,000
12,420.000
8,550,000
62,225,000
675,000
1,000.000
9,000,000
1,710,000
35,500.000
2,585,000
5,000,000
6.225,000
3,250,000
209,028,750
124,495,000
2.563,500
206,891,755
12.890.000
26,823,737
316,565,727
11,840,000
91.659.000
57,952,085
12,668,288
17,890,000
750,000
2,250.000
51,679.950
1,110,000
7,628,000
7.985,515
120,000
3,227,000
51,890,600
43,401,930
4.343,357
1.600,000
895,000
92,769.000
65.580,085
20,653,803
18,010,000
750,000
2,250,000
52,574,950
10,528,145
52,569,508
35,525,000
88,094.508
22,485,000
22,485,000
7.387,500
250.000
7,637,500
452.067.578
20,302,015
472,369,593
470.220,496
12,937,223
483,157,719
351,317,210
70,651,599
421,968,809
193.658,987
33,655,625
227,314,612
124,865.215
775,600
125,640,815
223,294,500
711,314,755
59,305,000
8,050,000
167,809,000
180.378.135
75,068,288
242,478,700
33,250,000
7,934,775
109,412,950
86,686.000
108,626,500
4,896.000
309,980,500
819.941,255
64.201,000
8,050.000
169,269,000
205.312.335
148.753.803
255,160,700
33,250,000
12,250,000
119,034,950
282.013,137
688,568.450
79,456,000
6,000,000
16,687,000
133.791,601
83.097.930
109,039,857
1,600,000
3.000,000
53,695,645
51.038,900
57,396,500
6,019,000
333.052,037
745,962,950
85.476,000
6,000,000
25,202,000
159,879.500
83,111,930
109,829,857
1,600,000
3,000,000
54,945,645
221.774.500
363,772,536
206,447,849
8,130,000
46,163,325
194,052.505
85,838,573
67,595.000
1,685,000
1,925.000
128,013,508
26.073.000
127,732,100
51,703,621
247,847,500
491,504,636
298,151,470
8,130,000
61,240,325
232,043,707
86,823,263
87,595,000
2,350,000
1,925,000
198,464,508
347,915,080
286,264,189
85,960,450
2,500,000
31.400.000
101,780,818
110.581,710
47,487,500
4,175,000
17,485,000
83,875,635
73.771,270
117,208,786
1,750,000
421,686,350
403,472,975
87.710,450
2.500,000
33.900,000
136.385,577
186,782.410
47,682,500
4,175,000
17,485,000
88,444.500
83.845,420
156,925,990
57,388,225
6,420,000
19,982,000
123,393,600
244,750,000
15,805,000
67,500,000
2,110,000
82,706,666
283,531,580
41,428,500
8,287,000
367,377.000
198,354,490
65,675,225
6.420,000
19,982,000
132,045,600
272,750,000
16,455,000
67,500,000
3,110,000
83.429.666
310.799,380 1,430.224.762
860,826,901
372,272,080 1,233,098,981
140,258,750
•
204,328,255
12,890,000
1,818,296,103
68,770,000
1,460,000
24,934.200
71,685.515
12,682,000
4.315,225
9,622.000
10,528.145
324,907.440 2.143,203,543 1.456,947.619
8,515.000
26,087,900
14,000
790,000
1,250,000
151,111.300 1.608,058,919 1,325,397.796
7.212,800
11,950,000
16,700.000
500,000
30,000,000
1,750,000
16,700.000
500,000
30,000,000
1,750,000
11,155.000
40.000,000
225,000
3,200,000
3,750.000
41.200,000
3,645,000
1.000.000
3,050,000
125.000
3,500,000
125,000
3,500,000
275,000
9,842,166
-------400,000
275.000
10,242,166
18,466,800
108.695.000
95.337,000
107.287,000
113,292,166
14.600,000
127,892,166
11,076.000
4,896.760
300,000
114,229,036
28,926.470
10.929 600
53,890.150
21,406,250
2,500,000
10,700,000
24.885,577
38,152,410
4,535,000
4,175,000
9,454,000
1,800,000
15,077,000
37,991.202
984,690
_
_ii-135,006
70,451,000
20,490,325
121,365,207
45,623.263
2,590,000
350,000
330.677,613 1,656,075,409 1,119,425,382
11,950,000
25.675,625
----7.980,066
2.500,000
34,604.759
76,200.700
195,000
____ --_,
4,568.865
10,929.600
79,565.775
21,406,250
2,500,000
10.700,000
24,885,577
46.132,410
4,535,000
4,175,000
10,667.490
4,448,225
2,582,000
20,570,000
77,700,000
1,510,000
10,667.490
4.448,225
---__-_
525.600
-______8,652,000
28,000.000
650,000
---_---1,000.000
723,000
2.582,000
21.095,600
77,700.000
1,510,000
arlOINOUHO HILL
FIVE MONTHS ENDED
MAY 31.
3256
THE CHRONICLE
[VOL. 120.
DETAILS OF NEW CAPITAL FLOTATIONS DURING MAY 1925.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
$
Railroads
15,000,000 Additions and improvements
1,800,000 Rebuild & modernize equipment
Price.
94N,
4,250,000 New equipment
10,530,000 New equipment
10,491,000 New equipment
6,425,500 Additions and betterments
91
To Yield
about.
Company and Issue, and by Whom Offered.
5.30 Florida East Coast Ry. Co. 1st & Ref. M.5s "A," 1974. Offered by J. P. Morgan & Co., First
National Bank and National City Co.
4.10-4.85
Fruit Growers Express Co. Equip, Trust 4345"F," 1926-40. Offered by First Nat. Bank, National
City Co., Clark, Dodge & Co., Harrison, Smith & Co. and Freeman & Co.
4.75 Great Northern Ry. Equip. Trust 430 "D," 1926-40. Offered by J. P. Morgan & Co., First
National Bank and National City Co.
4.70 New York Central Lines Equip. Trust 4345, 1926-40. Offered by J. P. Morgan & Co., First Nat.
Bank, National City Co., Guaranty Co. of N. Y. and Harris, Forbes & Co.
4.69 Southern Pacific Co. Equip. Trust 430 "H," 1928-40. Offered by Kuhn, Loeb & Co.
4.55 Southern Pacific RR. Co. 1st Ref. M.4s, 1955. Offered by Kuhn. Loeb dc Co.
48,496,500
Public Utilities
14,000,000 Acquisitions, add'ns & improv'ts__
400,000 New construction
10,000,000 Refunding
1,750,000 Acquisition of add'I properties__
3,000,000 Capital expenditures
2.952,000 Additions
350,000 Finance lease of property
3,500,000 Additions; other corp. purposes
1,850,000 Acquire predecessor company
200,000 Extensions and improvements__ _
4,500,000 Acquis'iss; other corp. Purposes
10,000,000 Add'ns, extensions & improv'ts_
10,000,000 Refunding; add'ns & extensions___
3,500,000 New construction
9534
9635
91
98
9834
100
101-100
97
100
963i
9735
953i
9734
100
1,200,000 Refunding; add'ns & impts
98
1,000,000 Acquisition of addl properties_ _ _ _
89
1,200,000 Capital expenditures
98
4,200,000 Refunding; other corp. purpoess_ _
1,000,000 Acq. of prop. & constituent cos
98
100
6.34 Associated Gas & Electric Co. Secured 60, 1955. Offered by John Nickerson & Co., N. Y.; Hambleton & Co., Baltimore, and Federal Securities Corp., Chicago.
5.90 Chippewa & Flambeau Improvement Co. lot M.530, 1937. Offered by It. M. 13yllesbY & Co.,
Inc., Morris F. Fox & Co. and First Wisconsin Co.
6.65 Cities Service Co. Refunding Deb.6s, 1966. Offered by A. B. Leach & Co., Inc., Federal Securities
Corp., Chicago; H. M. Byllesby & Co., Inc., and Pearsons-Taft Co.
6.15 Communities Power & Light Co. 1st M. Coll. 6s "D," 1950. Offered by Spencer Trask dz Co.,
Wm.L. Ross & Co., Inc., Chicago, and Whitaker & Co.and Liberty Central Tr. Co., St. Louis.
5.60 Long Island Water Corp. 1st M. 530, 1955. Offered by Marshall Field, Clore, Ward & Co.
5.50 Los Angeles Gas & Electric Corp. Gen. & Ref. 530 "I," 1949. Offered by Bond & Goodwin &
Tucker, Inc.. Mercantile Securities Co. of Calif., E. H. Rollins & Sons, Harris, Forbes & Co.
and Biyth, Witter & Co.
6-7 Miami City Power & Water Co. lot (closed) M. 7s, 1926-35. Offered by Banks, Huntley & Co.,
Los Angeles, and Knight, Stetson & Lester, Inc., Pasadena. Calif.
5.20 Minnesota Power & Light Co. lot & Ref. M. 55, 1955. Offered by Harris, Forbes & Co., Bonbright & Co., Inc., Tucker, Anthony & Co. and Coffin & Burr, Inc.
6.00 Municipal Gas Co. (of Texas) 1st M. 65 "A," 1935. Offered by Arthur Perry & Co. and Paine,
Webber & Co.
5.40 Nashville Gas & Heating Co. lot M. 55, 1937. Offered by Caldwell & Co.
6.70 National Public Service Corp. Coll. Trust 630 "A," 1955. Offered by E. H. Rollins & Sons.
Blyth, Witter & Co., Eastman, Dillon & Co., Federal Securities Corp. and H. NI. Bynesby
Co., Inc.
5.30 Pacific Gas & Electric Co. 1st & Ref. M.56"D," 1955. Offered by National City Co., E. H.Rollins & Sons. Mercantile Securities Co. of Calif. and 13Iyth, Witter & Co.
5.16 Philadelphia Suburban Water Co. 1st M.58 1955. Offered by Drexel & Co., Philadelphia.
.5.50 Puget Sound Power & Light Co. 1st & Ref. M.530"A," 1949. Offered by Lee, Higginson & Co.,
Harris, Forbes & Co. and Estabrook & Co.
6.15 Savannah Electric & Power Co. 1st & Ref. M.68 "B," 1945. Offered by Stone & Webster, Inc.
and Lee, Higginson & Co.
5.80 South Bay Consolidated Water Co., Inc., 1st & Ref. 55 "A," 1950. Offered by Taylor, Ewart &
Co., Inc.
6.15 Southern Pennsylvania Power Co. 1st M.& Coll. Tr.68 "A," 1955. Offered by Schlbener, BeenOng & Co., Philadelphia,
6.15 Western Public Service Co. 1st M.6s "A," 1950. Offered by W.A.Harriman & Co., Inc., Howe,
Snow & Bertles, Inc., R.E. Wilsey & Co.. Inc., and the International Trust Co., Denver, Colo.
6.00 West Ohio Gas Co. 1st & Ref. M.68 "A," 1954. Offered by Halsey, Stuart & Co., Inc.
74,602,000
Iron, Steel, Coal. Copper, &c
2,500,000 Acquisitions; consolidate property1,250,000 Acquisitions, developments. &c___
9734
100
6.70 Cosgrove-Meehan Coal Corp. 1st (closed) M.630, 1945. Offered by Scholl(' Bros., Geo. H. Burr
& Co. and Frazier & Co., Inc.
7.00 Pond Creek Pocahontas Co. 10
-year Cony. Deb.7s. 1935. Offered by Hayden,Stone & Co., N.Y.
3.750,000
Equipment Manufacturers
1,500,000 Finance lease of equipment
Other Industrial & Mfg.
500,000 Acquire additional properties
380.000 Equipment; working capital
800,000 General corporate purposes
350,000 Improvements
1,250,000 Reduce current obligations
16,000,000 Acquisitions; add'ns, bet'ts,&c_.
5,000,000 New construction
3,000,000 Refunding; Working capital
1,500,000 Extens's; other corp. purposes._
4.75-6.00 National Steel Car Lines Co. Equip. Tr. 65 "H," 1925-32. Offered by Freeman & Co. and Bond
& Goodwin, Inc.
7.00 Aero Alarm Co. (Seattle, Wash.) Coll. Tr. 7s, 1927-33. Offered by Carsteru3 & Earles, Inc., and
Freeman, Smith dc Camp Co., Portland, Ore,
535-7 American Insulator Corp. 1st (closed) M. 7s, 1926-35. Offered by F. R.Sawyer & Co., Boston.
5-634 Frod, Herrick. E. W. Eller and Coeur d'Alene (Idaho) Mill Co. Joint Obligation 1st M.630.
1926-35. Offered by Baker, Fentress & Co. and Wells Dickey & Co.
100
6.00 (John) Farnum Co. (Conestoga Mills) 1st (closed) M. 66, 1927-35. Offered by McLaughlin,
MacAtee Sc Co., Pittsburgh.
9834
6.70 Hill Manufacturing Co. 1st(closed) M.Cony.630,1935. Offered by Beyer & Small,Portland, Me.
9936-986.12-6.18 Minnesota & Ontario Paper Co. 1st M.(is "A," 1930-45. Offered by Halsey, Stuart & Co., Inc.,
Minnesota Loan & Trust Co., First Tr. & Svgs. Bk., Illinois Merchants Tr. Co., Brown Bros. &
Co., Continental & Commercial Tr.& Svgs. Bk., Bond & Goodwin and Old Colony Trust Co.
101
5.90 Price Bros. & Co., Ltd.. 1st M.6s "A," 1943. Offered by Harris, Forbes & Co.
100
6.00 Rome (N. Y.) Wire Co. 15-yr. Deb. 65, 1940. Offered by Kidder, Peabody & Co. and Mohawk
Valley Ins . Corp., Utica, N. Y.
,
101.10-100 434-534 Showers Bros. 1st M.53.4s, 1926-35. Offered by First Tr.& Svgs. Bk.and A.G.Becker & Co., N.Y.
100
28,700,000
Oil1,500,000 Acq. Mexican Atlas Pet. Corp.,S.A 100
Land, Buildings,
104,000 New construction
7.00 Warner Quinlan Co.(N. Y.) lot(closed) M.Cony.75, 1935. Offered by Hayden,Stone & Co., N.Y.
6.50 Addison Properties 1st (Closed) M.630. 1935. Offered by Breed, Elliott & Harrison and Fletcher.
American Co.
6-634 Alden Park Manor (Phila.) 1st M.630, 1927-37. Offered by Americas Bond & Mtge. Co., Inc.
100
6.50 Argyle Shore Apt. Hotel 1st M. 630, 1927-37. Offered by Straus Bros. Co., Chicago.
Bennett Court Apts. (Chicago) 1st M.65, 1927-36. Offered by S. W. Straus & Co., Inc.
6.50 Blind Brook Lodge (Rye. N. Y.) let Si. 630, 1927-40. Offered by G. L. Miller & Co., Inc.
100
6.00 Boulevard Court Apts. (Detroit) 1st M. 6s, 1927-38. Offered by S. W. Straus & Co., Inc.
100
8.00 The Campbell Arcade (West Palm Beach, Fla.) 1st M. 85, 1926-35. Offered by Palm Beach
100
Guaranty Co., West Palm Beach, Fla.
5.8.5-6.00 Carnegie Plaza Apts. Bldg.(N. Y. City) let M.55, 1928-37. Offered by S. W.Straus & Co., Inc.
960,000 Finance construction of apartment
6.50 The Cedar Lee Realty Co.(Cleveland) let M.Leasehold 630, 1927-35. Offered by R. B. Keeler
100
225,000 New construction
de Co., Cleveland.
5.85-6.15 Central Properties (St. Louis, Mo.) 1st M. Fee and Leasehold 65, 1928-41. Offered by S. W.
4,500,000 Finance construction of bldg
Straus & Co., Inc.
6.50 The Christopher Bldg.(Chicago) 1st M. Hs, 1926-35. Offered by Cochran & McCluer Co., Chic.
6
100
57,500 Real estate mortgage
6.50 Commonwealth Apts.(Cedar Rapids,Iowa)1st M.
630,1927-35. Offered by Gerard & Co., Chic.
360,000 Finance construction of apartment 100
6.00-7.00 Dixie Court Hotel (West Palm Beach, Ha.) lot M. 7s, 1927-35. Offered by Adair Realty &
construction of hotel
275,000 Finance
Trust Co., Atlanta, Ga.
6.50 Evanshore Terrace Apts. (Evanston, Ill.) 1st M.630, 1927-32. Offered by Cochran dc McCluer
90,000 Finance construction of apartment 100
Co., Chicago.
6.0049 West 37th St. Realty Co., Inc., 1st M.6s, 1940. Offered by Frederick Southack & Alwyn.Ball.
100
1,125,000 Finance construction of bldg
Jr., Inc., New York.
100H-100 5.97-634 Fox Bldg.(Fox Phila. Bldg., Inc.) 16th and Market Sts., Phila., 1st M.Leasehold 630,1926-45.
1,800,000 Finance lease of property
Offered by Dillon, Read & Co. and Biddle & Henry.
5.80-6-20 Grandview Apt. Properties (Sioux City, Iowa) 1st M.6s, 1927-37. Offered by S. W.Straus dr Co.
850,000 Finance construction of apartment
6.50 Marvin Harrison Realty Co. 1st M.630, 1935. Offered by Merrill, Lynch & Co.
100
250,000 Improvements to property
5-6 Hibernia Mtge. Co., Inc., 1st Isl. Coll. Tr. 6s, "E," 1926-33. Offered by Hibernia Securities Co.,
100,000 Provide funds for loan purposes_ _ 100.96-100
Inc., New Orleans, I.I.
8.00 The Hibiscus Apts.(West Palm Beach.Fla.) 1st M.813, 1926-35. Offered by Palm Beaeh Guaranty
196,000 Finance construction of apartment 100
Co., West Palm Beach, Fla.
5-634 Hotel McAllister (Miami, Fla.) 1st M. 630, 1926-35. Offered by Mortgage & Securities Co.
1,300,000 Additions,improvements, &c
New Orleans.
6-634 Isham Garden Apts.(N. Y. City) let (Closed) M.630, 1926-37. Offered by Robjent, Maynard
750,000 Real estate mortgage
& Co. and Clark, Williams & Co., New York.
6.50 Henry S. Koppin Co. (Detroit) 1st (Closed) M. 630, 1920-35. Offered by Benjamin Dansard
100
115,000 Additional working capital
& Co. and Union Trust Co., Detroit,
6.50 Loomis Bldg. 1st M.630, 1927-35. Offered by Straus Bros. Co., Chicago.
100
150,000 Finance construction of bldg
6.50 The Louise Bldg. (Chicago) 1st M.630, 1926-35. Offered by Lackner. Butz & Co., Chicago.
190,000 Finance constr. store & apt. bldg. 100
7.00 Madison Square Garden Corp. lot (Closed) M.78, 1945. Offered by Hayden, Stone & Co., WA.
2,250,000 Finance constr. exhibition bldg.__ 100
Harriman & Co., Inc., and Redmond & Co.
6.50 Majestic Bldg.(Miami, Fla.) 1st M.630, 1927-35. Offered by Fletcher-American Co. and Meyer100
600,000 Finance construction office bldg
Kiser Bank, Indianapolis.
6.50 Marian Realty Co. (San Francisco) let (Closed) M.630, 1940. Offered by Carstens & Earls.
100
1,000,000 Real estate mortgage
Inc., and M. H. Lewis & Co.
535-635 Marworth Apts. (Worth Inv. Co.) 1st M. 630. 1926-31. Offered by Love, Van Riper & Bryan,
450,000 Finance construction of apartment
Inc., and Wm. R. Compton Co., St. Louis.
6.50 Marya Apts. lot M. 630 1926-33. Offered by Lackner, Butz & Co., Chicago.
Finance construction of apartment 100
120,000
6.50 Mayfair Land Co.(Detroit) 1st M.630, 1926-35. Offered by Fenton, Davis & Boyle, Detroit.
100
260,000 Finance sale of property
6-634 Medical Arts Bldg. Co.(Portland, Ore.) lot (Closed) M.630, 1927-40. Offered by Ralph Schnee600,000 Finance construction office bldg
lock Co., Portland, Ore.
6-634 Mortgage Insurance Corp. 1st Mtge. Os, Issue No.5, 1925-35. Offered by Tilyth, Witter & Co.
500,000 Provide funds for loan purposes_ _
6.00 New University Club of Boston 1st M. Real Estate Trust 68.'1946. Offered by Paine, Webber
100
1,200,000 Finance construction of bldg
& Co., Biodget & Co. and Arthur Perry & Co.
6.50 Northern Warehouse & Cold Storage Co. lot (Closed) M. 630, 1927-35. Offered by B. H.
100
250,000 Additions; other corp. Purnoses
Ottman & Co.. Inc.. Chicago.
3,100,000
300.000
250,000
900,000
200,000
160,000
Finance construction of apartment
Finance construction of apartment
Finance construction of apartment
Finance construction of apartment
Finance construction of apartment
Finance constr.store & office bldg
100
THE CHRONICLE
JUNE 27 1925.]
Amount.
Purpose of Issue.
Price.
Land,Buildings, &c.(Cone.)
750.000 Real estate mortgage
1,300,000 Real estate mortgage
Ocean Avenue & Beverly Road Apt. Bldgs. (Brooklyn, N. Y.) 1st M. 6s, 1926-37. Offered by
S. W. Straus de Co., Inc.
6.50 170 Broadway Bldg. (N. Y. City) 1st (Closed) M.Leasehold 6348, 1949. Offered by P. W.Cleoman & Co., Inc., New York.
6-6% Parkview Hotel (Kansas City, Mo.) 1st M.68, and 6165 1926-35. Offered by Arthur Fels, Kansas
City, Mo.
454-534 (.1. C.) Penney Bldg. & Realty Corp. 1st M.bits, 1926-50. Offered by Manufacturers Trust Co.,
Harris, Ayers & Co. and Geo. H. Burr & Co.
6.00 Post Street Investment Co.(San Francisco) 1st (Closed) M.6s, 1928-40. Offered by Mercantile
Securities Co. of Calif. and Bond dr Goodwin & Tucker, Inc., San Fran.
6.50 Sadonla Apts. let M. 6348, 1927-35. Offered by Straus Bros. Co., Chicago.
6.00 St. Louis Theatre Guar. (Closed) M. 6s, 1926-35. Offered by Waldhelm-Platt & Co., Inc., St.
Louis, and Stern Bros. de Co., Kansas City, Mo.
6.50 Shirley Arms Apts. 1st M. 634s, 1926-35. Offered by Garard & Co., Chicago.
6.00 680 Sixth Ave. Corp.(N. Y. City) 1st M.65, 1937. Offered by S. W.Straus de Co., Inc.
5.50 675 West End Ave. (N. Y. City) let M. 5345. 1926-31. Offered by Prudence Co., Inc.
5.85-6.00 62-72 West 47th Sc. Bldg.(N. Y. City) let M.68, 1928-37. Offered by S. W.Straus & Co., Inc.
6.50 Smith-Campbell Co. 1st M.634s. 1926-35. Offered by Backus, Fordon & Co. and J. G. Holland
de Co., Detroit.
6.50 Soiland Bldg.(Los Angeles) 1st (Closed) M.634s, 1928-40. Offered by the Citizens-National Co.,
Los Angeles.
5.50 Touro Infirmary & Hebrew Benevolent Ass'n 1st Tel. 534a, 1937. Offered by Whitney-Central
Banks, Hibernia Securities Co., Inc., Marine Bank de Trust Co., Canal Commercial Trust &
Savings Bank, Mortgage & Securities Co. and Union Title Guarantee Co.
6.00 257 West 39th St. Bldg.(N. Y. City) 1st M.68, 1928-40. Offered by Puritan Mtge. Corp., N.Y
7.00 Washington-Hall Apts.(Brooklyn, N.Y.)1st M.7s, 1927-37. Offered by G.L. Miller & Co..Inc.
5-6 (Wm.) Wilson (Memphis, Tenn.) 1st M. 68, 1926-35. Offered by Federal Commerce Trust Go„
St. Louis, Mo.
125,000 Finance construction hotel bldg...
100
250,000 Finance construction of apartment 100
. 800,000 Finance construction theatre bldg_ 100
250.000
2,200,000
540.000
1,400,000
120,000
Company and Issue, and by Whom Offered,
534-6
100
3,750,000 Finance constr. w'h'se & office bldg
600,000 Finance construction of bldg
To Yield
about.
3257
Finance construction of apartment 100
100
Finance construction of bldg
Real estate mortgage
100
Finance construction of bldg
Hip
Finance sale of properties
350,000 Finance constr. of office bldg
100
350,000 Refunding; improvements, &o_
100
100
1,050,000 Finance construction of bldg
325.000 Finance construction of apartment 100
155,000 Real estate mortgage
39,852,500
Miscellaneous
750,000 Additions
6.50 Construction Materials Co.(Chicago) lot M 0.68, 1926-35. Offered by the Tillotson de Wolcott
Co., Cleveland, and Fenton, Davis & Boyle, Chicago.
6.50 Detroit Ry. & Harbor Terminals Co. let M.Fee 6345, 1945. Offered by Howe, Snow & Bert1es,
Inc., Spencer Trask & Co., Detroit Co., Inc., Keane, Higbie & Co. and Peirce, Fair & Co.
100
7.00 Detroit fly. & Harbor Terminals Co. 10
-Year Cony. Deb. 7s, 1935. Offered by Howe, Snow &
Bernell. Inc., Spencer Trask & Co., Detroit Co.,Inc., Keane, Higble & Co.and Peirce, Fair & Co.
100
6.00 The Fair Co. 1st M.68, 1926-35. Offered by A. K. Tigrett & Co., Memphis, Tenn.
100
6.00 Hotchkiss Redwood Lumber Co. 1st (closed) M.6s, 1935. Offered by Dean, Witter & Co., Basil?
100
6.50 Interstate Bridge Co. 1st M.634s, 1950. Offered by Otis & Co. and Coffin & Burr, Inc.
100
7,00 Simbroco Stone Corp.(Miss.) 1st(closed) M.78, 1927-36. Offered by Exchange Trust Co., Boston.
101-100 6.00-7.00 Union Rock Co.(Los Angeles) 1st M.75, 1926-37. Offered by Dean, Witter & Co., California Co.
and District Bond Co., Los Angeles.
100
7.00 Virginia Alberene Corp. 1st M.78, "A," 1945. Parsly Bros. & Co. and Paul & Co.,Philadelphia,
and J. G. White & Co., Inc., New York.
100
6.00 Wisconsin Lime & Cement Co.(Chicago) 1st (closed) M.6s, 1927-40. Offered by Central Trust
Co. of Illinois, Chicago.
100
3,750,000 Acquisitions capital expenditures_ 100
1,750,000 Acquisitions capital expenditures_
150,000
1,000,000
900,000
150.000
1,000.000
Retire currentdebt working capital
Refunding other corp. purposes
Construct bridge
Retire bank loans additions, &c_ _
Additional capital
1,500,000 Working capital other corp. purp_
750,000 Refunding acquisitions, &c
11.700,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
To Yield
About.
Public Utilities
$ .
500,000 Refunding other corp. Purposes__ 100
1,000,000 Refunding additions and impts_ _ _ 99
3,250,000 Acq.control KeystonePub.B.Corp. 9934
200,000 General corporate purposes
99)g
Company and Issue, and by Whom Offered.
9;
6.00 Androscoggin Electric Co.5
-Year 6s, May 1 1930. Offered by Coffin & Burr,Inc.
5.87 Indiana Power Co. 3
-Year 534s, Feb. 1 1928. Offered by Hill. Joiner dr Co., Inc.
6.15 Municipal Service Co.(Me.) 334-Year 613, Nov. 1 1928. Offered by E. H. Rollins & Sons, Blyth,
Witter & Co. and Eastman, Dillon & Co.
5.75 Northeastern Iowa Power Co. 1-Year 5348, May 11926. Offered by Priester-Quail & Cundy, Too
4,050,0m
Other Industrial & Mfg.
200,000 Working cap. organizin purposes_ _
Land, Buildings,
100,000 Real estate mortgage
600,000 Provide funds for loan purposes_ _ _
5-5.75 (George E.) Nissen Co.(Winston-Salem, N. C.) 6s, 1926-27. Offered by Robert Garrett & Sons,
Baltimore.
100
100
6.00 (C. H.) Harrison Co. Guar. 1st M.6s, 1925-27. Offered by Backus, Fordon & Co., Detroit.
6.00 Mortgage Guarantee Co. of America Guar, 1st M.5
-Year 0% Partic. Ctfs., 1930. Offered by
Peabody, Houghteling de Co., Inc.
600,000
Miscellaneous
500,000 Construction retire current debt__
2,000,000 Capital expenditures, &c
2,500.000
101-98 4.65-644 Pacific Fruit & Produce Co. 6s, 1926-30. Offered by Geo. H. Burr dr Co., Conrad & Broom.
9934
6.34
A. B. Leach de Co. and Ferris & Hardgrove.
Punta Alegre Sugar Co.6s, Nov.1 1927. Offered by Hayden,Stone & Co.,Brown Bros.& Co.and
First National Corp. of Boston.
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Public Utilities
*35,000 shs. Acquire additional interests
*7,000 shs. General corporate purposes
750,000 Acquire additional properties
*30,0005115. Acquisitions other corp. purposes.
800,000 Fund outstanding notes
*450,0005110 New con.itr'n other cap. exp
2,000,000 Additions, extensions, &c
125.000 New exchange building
10,000,000 Additions and betterments
a Amount
Price. To Yield
Involved. Per Share. About.
3,325,000
95
616,000
88
750,000
95
2,850,000
95
960,000
30
11,700,000
26
2,000,000
95
125,000 100
10.000,000
92
5,000,000 Add, investment in utilities
5,000,000 100
4,000,000 Add. Investment in subsidiaries_ _ _
4,000,000
2,057.330 Extensions,improvements,
2,057,330 100
99
Company and Issue, and by Whom Offered.
6.30 The American Superpower Corp. (Del.) 1st Pref. Cum. $6 per share. Offered by
Bonbright & Co. Inc.
6.80 Central Illinois Public Service Co. Pref. Cum. $6 per share. Offered by Old Colony
Trust Co. and W. C. Langley & Co., New York.
7.37 Community Power & Light Co. 7% Cum. 1st Pref. Offered by Spencer Trask & Co.,
New York, and Whitaker & Co., St. Louis.
7.37 Interstate Power Co. (Del.) Pref. Cum. $7 per share. Offered by Pynchon & CO.;
West & Co. and W. S. Hammons & Co.
Lawrence (Mass.) Gas & Electric Co. capital stock. Offered by co. to stockholders.
_ Louisville Gas & Elec. Co. (Del.) Class "A" Common. Offered by H. M. ByliesbY
& Co., Inc.
6.32 ?hiladelphia Suburban Water Co. 6% Cum. Pref. Offered by Graliam. Parsons
& Co., W. H. Newbold's Sons & Co., Stroud & Co.. Inc., and Yarnalr& Co.
7.00 Santa Monica Bay Telephone Co.7% Cum.Prof. Offered by M.H.Lewis & Co.and
Citizens National Co.
6.52 Southern California Edison Co. Series "B" 6% Pref. Offered by Compnay to
Preferred and Common stockholders.
7.00 Standard Gas & Electric Co. 7% Cum, Prior Prof. Offered by H. M. Bylleaby &
Co., Inc., Janney & Co., Hambleton & Co. and Federal Securities Corp.
7.07 Utilities Power & Lt. Corp. 7% Cum. Prof. Offered by Pynchon & Co., West & Co.,
W. S. Hammons & Co. and John Nickerson & Co.
Washington Water Power Co. capital stock. Offered by company to stockholders,
43,383,330
Iron, Steel, Coal, Copper, &c.
7,250,000 Acq. control McKinney Steel Co_ _
7,250,000
9934
Other Industrial & Mfg.
*50,000 she. Acquire constituent companlea_ _
400,000 Acquisitions, working capital, &c..
1,100,000
400,000
22
48%
*33,400 shs Refunding
300,000 Working capital
*10,000shs Refunding, working capital, &c
*45,000 sits Working capital
750,000 Recap. of co., red. curr. debt
1,260,100 Acq.PLatk.Hanna Paper Corp.,&o.
*31,000 shs Acquisitions, other corp. purposes_
*28,000 ells New plant, working capital
400,000 Refunding, working capital
6.03 McKinney Steel Holding Co. 6% Cum. Preferred. Offered by the Union Trust
Securities Corp., Cleveland.
American Rayon Products Corp. capital stock. Offered by Bonner, Brooks & Co.
7.17 Animal Trap Co. of America 7% Cumul. Pref. Offered by Jay N. Schroeder & CO.;
Lancaster, Pa.
584,500 1734
Bullard Machine Toot Co. Common. Offered by Shields & Co., New York.
300,006 100
Cook Paint & Varnish Co.(Kansas City, Mo.)8% Cum. Prof. Offered by Prescott;
Wright, Snider Co., Kansas City, Mo.
990,000 99
7.07 Eastern Dairies, Inc., Pref. cum. $7 per share. Offered by Spencer Trask & Co.:
New York, and Thomson, Fenn & Co., Hartford, Conn
1,237,500 2734
Estey-Weite Corp. Class "A" stock. Offered by McCown & Co., Philadelphia.
750,000 Placed privately (S.) Oppenheimer & Co. 8% Pref. Offered by Lehman Bros. and
Heidelback, Ickleheimer & Co.
1.260,100 9934
7.03 St. Regis Paper Co. 7% Cum. Prof. Offered by E. H. Rollins & Sons and F. L
Carlisle & Co., Inc.
790,000 25
St. Regis Paper Co. Common. Offered by company to stockholders.
462,000 16%
(Bernard) Schwartz Cigar Corp. Class "A" Common. Offered by Balmer, Simonds
& Co. and H. W. Noble & Co., Detroit.
520,000 13
(V.) Vivaudou, Inc., Common. Offered by company to stockholders: underwritten.
1.66
8,394,100
Oil
0
4,428,35 Refunding
working capital
*20,000she Expansion,
*158,000sh Refunding, additional capital
*30,000shs Working capital
3,985,515
240,000
2234
12
5,767,000
3634
795,000
2634
10.787,615
Barnsdall Corp. Class "A" capital stock. Offered by aompany to Chios "A" and
"B"
stockholders.
Crown Central Petroleum Corp,. (Del.) capital stock. Offered by Lege &
Co..
New York, and Nahaus & Co., Houston, Texas.
Sun Oil Co. Common. Offered by Dominick & Dominick, Eastman, Dillon &
Co
Edward B. Smith & Co. and Chas. D. Barney &Co.
White Eagle Oil & Ref.
capital stock. Sold privately, for cash.
CO.
3258
Par or
No.ofShares
THE CHRONICLE
Purpose of Issue.
Miscellaneous—
2.000,000 Reduce current debt
500,000 Reduce current debt
*10,000 shs. Working capita!
*60,000 shs. Working capital
900,000
600,000
*27,0008118.
*25,0005115.
Acq. control additional properties_
Acq control additional properties_
Acq. control additional properties_
Additional capital
a Amount
Price
To Yield
Involved. Per Share. About.
[VOL. 120.
Company and Issue, and by Whom Offered.
2,000,000 1 ells. Prefl $125 (Caracas Sugar Co. 7% Cum.Pref. Offered by company to stockholders: underwritten •
,
500,000 235ths.Comf block (Caracas Sugar Co. Common. Offered by company to stockholders: underwritten.
Coca-Cola Bottling Co. of Chicago, Inc., Class "A" stock. Offered by Watson,
550,000 55
Williams & Co., New Orleans.
(I.) Magnin & Co., Inc. (of Del.) Common. Offered by Strassburger, & Co., and
750,000 1234
Dean, Witter & Co., San Francisco,
7.21 Puritan Bakeries Corp. 7% Cum. Pref. Offered by Spencer Trask & Co., New York.
900,000 97
Purtian Bakeries Corp. Class"A"stock. Offered by Spencer Trask & Co., New York.
1,080,000 45
Puritan Bakeries Corp. Class"B"stock. Offered by Spencer Trask & Co., New York.
1.026.000 38
900,000 36
Skouras Bros. Enterprise, Inc., Class "A" Common. Offered by Lorenzo E. Anderson
& Co. and A. G. Edwards & Sons, St. Louts,
7.706,000
FARM LOAN ISSUES.
Amount.
Issue,
Price.
$
500.000 Burlington (Iowa) Joint Stock Land Bank
434s, 1935-55
1,500,000 Des Moines (Iowa) Joint Stock Land Bank
10134
3)4o, 1935-65
21000,000 Federal Intermediate Credit Banks Deb.
risia. May 15 1927
26,500,000 Federal Land Bank 434s, 1935-55
102%
.
750,000 First Joint Stock Land Bank of Montgomery, Ala., 5s, 1935-55
103
100,00
2,000,000
500,000
1,000,000
750,000
400,000
1,000,000
Fletcher Joint Stock Land Bank 045,
1935-55
Illinois Joint Stock Land Bank of Monticello 4S45, 1935-55
Maryland-Virginia Joint Stock Land Bank
5s. 1935-55
Pacific Coast Joint Stock Land Bank of
Portland, Ore., 58, 1935-55
St. Louis Joint Stock Land Bank 4yi5,
1935-55
Tennessee Joint Stock Land Bank and
Mississippi Joint Stock Land Bank 55,
1935-55
Virginia Joint Stock Land Bank of Charleston, W. Va., 5s, 1935-55
To Yield
About.
Offered by
4.30
Halsey, Stuart & Co., Inc.. Wm.R. Compton Co. and Harris ,Forbes & Co.
4.31
Kidder, Peabody az Co. and Mitchell, Hutchins & Co., Inc.
3.75 Goldman. Sachs & Co., Salomon Bros. & Hutzler, F. S. Moseley dr Co.. A. G. Seeker
& Co., and Lehman Bros.
4.15 Alex. Brown az Sons. Baltimore, Harris, Forbes az Co., Brown Bros. & Co., Lee, Rigginson az Co., National City Co., and Guaranty Co. of New York.
4.62 Barr Bros. & Co., Inc., Central Trust Co. of Illinois. National Shavrmut Bank, Boston;
and First National Bank, Montgomery, Ala.
102
4.25 Fletcher Savings & Trust Co., Indianapolis.
101%
4.30 First Trust az Savings Bank, Chicago.
103
4.62 Brooke, Stokes & Co. and Equitable Trust Co. of Baltimore.
104
4.50 White, Weld & Co., New York.
101%
4.28 Wm.It. Compton Co. and Halsey, Stuart & Co., Inc.
103)4
4.53 Brooke, Stokes & Co.
104
4.50 Brooke, Stokes & Co. and Fifth-Third National Bank, Cincinnati.
37,000.000
FOREIGN GOVERNMENT LOANS,
Amount.
Issue.
5,943,000 Province of Cordoba (Argentina) External
Gold 7s, 1942
Price.
95
To Yield
About.
Offered by.
7.50 Harris, Forbes & Co., First National Corp. of Boston, and Kissell, Kinnicutt & Co.
a Shares of no par value.
a Preferred stocks of a stated Par value are taken at par, while preferred and common stocks of no par value are computed at their offering II
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Fridav Night, June 26 1925.
General trade has been in the main rather quiet. Heavy
rainsogt the West have interfered with it to some extent and
in the Southwest drought has been a drawback. It is the
time of the year, however, when trade and industry are apt
to flag somewhat. In the main,,both are slower than they
were a few months ago. At the same time they are more
active than they were at this time last year, when sluggishness of trade was very noticeable. One fact stands out very
clearly and that is that a period of some weeks of relatively
warm weather has helped business in summer goods. The
shoe industry has also benefited to a certain extent. Cotton
goods have been less active here following the big business
of last week, but Worth Street to-day was more cheerful and
Fall River's sales, which for many weeks were not more
than 30,000 pieces, rose to 75,000 this week. And cotton
duck mills are said to have orders enough on hand to keep
them going up to Aug. 15. Some, it seems, can continue to
run their looms through the whole of August and partly
through September. There is less talk about further curtailment. Perhaps the pessimistic note at times was overdone. In Chicago the retail sales of wash goods have been
on an unusually large scale. Indeed, dry goods reports
from the West generally are in the main favorable. Cer
tainly there is a distinct improvement as compared with
some weeks ago. Cotton has advanced during the past week,
mainly because of the continued drought in Texas, which is
becoming a serious menace. Last year the crop in that State
approximated 5,000,000 bales, but some of the tentative estimates for the present year are well below that total. It is
also noticeable that the "pars," or the calculation of 100%
yields per acre, have been reduced this year. As near as
/
can now be gathered they are some 71 2 pounds below the
ten-year average for June 25. This has resulted in a sharp
reduction in crop estimates. Recently some of them were
14,750,000 bales or more, based on a par of about 208 pounds,
but now the total is supposed to be something like 194.6, as
against a ten-year average of 202. So that latterly crop
estimates have ranged from 13,545,000 to 13,900,000. This la
all very regrettable, for it may mean another small carryover, that is, something like 2,500,000 bales, which would
be a very small increase over that of last year and about
the same as that of two years ago.
Coffee has declined somewhat, although quite irregular
during the week. The decline, however, has not been marked
and it is evident that the Brazilian Government is prepared
to contest any marked decline in prices. Sugar has declined,
with supplies for the time being liberal and the demand less
active. The grain markets have fallen, with prospects for
the crop somewhat better, despite rather sensational reports
of black rust being prevalent in the Northwest and Canada.
It may turn out that the spring wheat crop will in a measure
make up for the loss of winter wheat. Prices for corn have
declined mainly because the crop prospects are improving
and the same may be said of other grain. There have been
beneficial rains in the wheat and corn belts. -Iron and steel
have been rather quiet, and from time to time steel prices
have been lowered in order to facilitate business. Pig iron,
on the other hand, has been rather firmer, although not at
all active. Wool has been rather slower, awaiting the opening of the London sales on July 7, but in the main the tone
has been steady, especially at the West. There need be no
attempt to disguise the fact that the demand for raw wool
is not brisk and that the woolen goods industry is still more
or less depressed, although It is said that light weight woolens for late delivery have sold somewhat more readily. The
lumber movement is on a larger scale than a year ago and
business is better than it was then. Building is favored by
good weather. In the West there is'a steady demand for
commodities and money is comparatively easy, with the
supply more than sufficient to meet the current demand.
Traffic over Western railroads shows an increase over that
for May and also as compared with that of June last year.
Petroleum output has shown a decrease. The coal and coke
trades have been rather slow, with prices below the low level
of last year, although the output of bituminous is below the
normal. In the main the shoe and leather trade has been
JUNE 27 1925.1
THE CHRONTCLE
3259
As to the weather, it was 80 and cloudy on the 22d inst.
less active, despite a very fair business in summer shoes in
recent weeks. It is not surprising to learn that the Jewelry and very pleasant the next day. At Chicago on the 22d
trade in New England is quiet, when at Fall River, to go inst. it was also 80, at Cincinnati 88, Cleveland 78, Kansas
no further, the textile industries seem to be running at not City 84, St. Paul 82, Buffalo 66, and Portland, Me., 72.
over an average of 50%. Copper meets with less demand Late on the 24th inst. it was cool, cloudy and finally came a
and prices have declined. Silk Industry Is in better shape. heavy rain lasting all night and into the next day, with a
fall in the temperature to 63. Chicago fell to 62, Cleveland
The silk mills are active.
Taking trade as a whole the tendency is still to buy from and Minneapolis to 58, and Milwaukee to 54, with rains at
hand to mouth. This policy of course can be carried too far. the West and Northwest. They were heavy in Missouri,
It was carried too far recently in coffee, cotton goods and Indiana and Nebraska. On the afternoon of the 25th
rubber, not to partieularlize further. After all, restrictive there was a heavy thunderstorm here which sent the mercury
buying may reach a point where it is little better than penny- down from 80 to 70. At the West it was cool with temwise and pound foolish. Sooner or later the trade of the peratures 50 degrees at the Northwest and 56 to 64 in the
country will wake up, and buyers in many branches of trade Central West.
who have been practicing a dilatory policy of purchasing
may have an enlightening experience. The stock market New England Retail Trade During June Expected to be
Most Favorable of any Month of Current Year,
has been in the main firm, although bonds have been quiet
According to Federal Reserve Bank of
and money rates have advanced. It was noticeable, too,
Boston.
that foreign exchange has had a downward tendency with
heavy selling of French francs and Italian lire. Francs were
The volume of New England retail trade during June will
down to a new low level to-day of 4.53e. in Paris, the lowest probably prove to be the most favorable of any month of
point for the present year, and the lowest, too, since the this year, according to reports received by the Federal
collapse in March 1924. The effect of the revolution in Reserve Bank of Boston. The Industrial Statistics Division
Greece was an advance in exchange. Far Eastern exchange of the bank, in a statement made public to-day (June 27)
was somewhat steadier as the indications seem to favor an says:
early settlement of the disturbances in China. Taken as
On the basis of preliminary figures received by this bank covering the
of
that
a whole, however, the currencies of the world have been first three weeks of June, it has been estimatedmuch June sales will be of
better condition
"normal" volume. This Is a
irregular, showing that the times are still more or less out approximately been reported since last December, and is better than the
trade than has
of joint. In France it looks as though there may be some average monthly condition of retail trade during 1924.
The following summary of wholesale and retail sales Is based on the final
inflation for a time. In other words, there is to be an
figures for May and for the year to date:
increase of 6,000,000 francs in both circulation and the
SALES CONDITIONS.
Bank of France's advances to the State and the issuance of
Jan. through May 1925
May 1925
Compared with
Compared with
gold parity bonds exchangeable for national defense bonds
Jan. throuoh May 1924.
May 1924.
+0.7%
-6.3%
Connecticut department stores
that mature in July and September. M. Caillaux, however,
-3.4
-7.0
Maine department stores
-1.3
stoutly resists the capital levy.
-0.9
Massachuetts department stores
+0.5
-2.5
The cost of labor is the thorn in the flesh of industry. This Rhode Island department stores
-5.5
-7.7
Vermont department stores
-3.1
-3.7
Boston department stores
is increasingly recognized. It faces the manufacturer of Boston women's apparel shops
+8.0
+4.8
-2.2
-1.5
cotton and woolen textiles, iron and steel, the builder, and Fall River department stores
+0.5
-6.1
New Haven department stores
+1.6
everybody else who has to do with labor.
-3.5
Providence department stores
-2.6
New
-3.5
At Fall River, Mass., the Chace, Arkwright, Seaconnet, New England department stores
+0.5
-1.6
England wholesale grocers
+3.2
+2.7
Stafford and Troy mills are completely shut down. The New England wholesale shoe concerns
bear
When reading the accompanying tables, it
Pocasset Mill has adopted a three-day per week schedule. that there was one less working day during is important to than in mind
in May
May this year
The Richard Borden, Union, Durfee, Mechanics, American 1924 in both wholesale and retail lines. This will account fer a decrease
of approximately 4% in sales, &c., over a year ago. If an adjustment
Linen, Weetamore, Narragansett and Laurel Lake mills are
factor, it is found that the volume of New England whole'
operating only a part of their looms and at that on short Is made for thistrade during May, as outlined In the first table, did not
sale and retail
time. At Lawrence, Mass., the Everett Mills will close show much variance from the average of the first four months of this
June 27 for the regular vacation of two weeks. At Win- year or from May 1924.
CREDIT CONDITIONS.
chendon, Mass., the mills of N. D. White & Sons Co., Inc., Percentage of Total Accounts Outstanding at the First of May Collected During
May.
will close down for an indefinite period. Other mills of the
1925.
1924.
company in Massachusetts will close on Saturday indefi- Boston department stores
54.7%
54.2%
43.4
46.2
nitely. At Manchester, N. H., the Amoskeag Manufac- Boston women's apparel shops
60.1
56.5
New Haven department stores
58.3
60.0
turing Co. will shut down its fancy gingham department from Providence department stores
51.2
51.1
New England department stores
June 25 to the middle of July. It is expected other depart- New England wholesale grocery concerns
70.7
71.7
34.1
34.9
ments will be closed down during the summer, although all New England wholesale shoe concerns
conditions during May among the wholesale and retail concerns
departments will not be closed at the same time. At Saco, ofCredit
practically the same as a year ago. Charge sales
this district were
Me., the York Mills will close for two weeks beginning to- continued to be of relatively greater volume than cash sales, although
during May the resulting increase In the volume of accounts outstanding
morrow. At Columbia, S. C., three of the Pacific mills
was proportionately offset by a corresponding increase in collections during
closed down on the 23d inst., owing to low water. They the month.
had been running at night for three weeks past on one-half
The following table shows the condition of sales and stocks in some of
stores during
of the New
time. Rock Hill, S. C., wired that there was no disposition the leading departments this year, asEngland department corresponding
compared with the
the first five months of
toward pessimism among cotton mill officials there, in spite months in 1924:
of the fact that all but two mills were operating on short
SALES AND STOCKS BY DEPARTMENTS.
New England Department Stores.
time. Several officials declare the textile market, abnorJanuary through May 1925 compared with January through May 1924.
mally dull at present, will take on new life by or shortly after
Stocks.
Sales.
-3.0%
+11.0%
July 1 and express the hope that all mills will be able to return Silk and velvet dress goods
-18.1
+0.1
woolen dress goods
-10.5
to full-time schedules. In the Greenville, S. C., district Cotton dress goods
-8.1
+4.6
-10.0
several mills have announced vacation periods, covering a Silverware and jewelry
+10.5
Men's clothing
-8.5
-9.1
Men's
+1.0
week to 10 days. The Southern Yarn Spinners' Association Boys' furnishings
wear
+3.4
+5.7
-1.0
-10.5
of Charlotte, N. C., wired that demand was slack and spin- Women's ready-to-wear
-3.3
-3.8
Misses' ready-to-wear
ners unwilling to book orders in any volume at prevailing Junior's and girls' ready-to-wear
+11.9
+1.7
-3.0
-1.0
prices. Spinnable cotton is increasingly hard to buy and at Millinery and children's gloves
Women's
-11 8
-130
+1.0
-3.9
prices materially in advance of New York spot quotations. Corsets and brassiere hosiery
Women's and children's
+1.5
+0.0
+1.5
The present level of prices does not represent replacement Knit underwear. Including glove silk
+3.1
Silk and
-4.0
-6.5
value by more than six to seven cents, a pound, it is averred. Women'smuslin underwear
and children's shoes
-14.9
+5.6
-1.9
+0.0
At Scranton, Pa., a strike of silk workers is spreading. Furniture
Akron, Ohio, rubber mills are reported sold ahead up to and
through September. At Bradford, Eng., wool workers have Life Insurance Sales Again Break High Spring Records
-May Sales Higher Than Ever Before Except
struck for an increase in wages of 10%. The "Hardware
December 1924.
Age" said: "Hardware collections have improved greatly in
the rural districts, whereas in the cities they have been someSales of ordinary life Insurance in the United States in
what slower in the last ten days. Hardware prices are un- May amounted to $732,952,000, according to figures Just
usually firm for this time of the year, and seasonable items Issued by the Life Insurance Sales Research Bureau of
Hartare selling actively in all the markets. Stocks are generally ford, Conn. The Bureau says:
depleted." England, it is feared, faces a railroad and coal
This is an increase of la% above the figures of sales in May 1b24. It is
alao the second highest month on record. Thia is the third consecutive
strike.
3260
THE CHRONICLE
month in which sales have been higher than the previous month and in which
they have broken all records except December 1924.
Of the nine geographical sections into which the country is divided all
but one, the Mountain section, showed an increase in sales in May this year
over the sales in May last year. The lowest increase was made by the
Pacific States with a gain of 9%; the highest by the Middle Atlantic States
with a gain of 23% over May a year ago. Sales in the South and in the
Northwestern grain-growing States were very much ahead of last year.
The Bureau's figures are based upon reports of 81 companies which do 88%
of the life insurance business in the United States.
Figures for the first five months of 1925 compared with the first five
months of 1924 show an increase of 9% for the country as a whole over
last year. Every section of the country shared in this increase. This shows
the increased buying power of the country and the greater appreciation of
the needs and uses of life insurance. For the year to date, the greatest
increases have been made in Florida, where sales are running 52% above the
same period last year, and in North Dakota, where the gain for the first
five months has been 38%. This latter gain has been due principally to the
bad conditions which prevailed in this State last year and which caused life
insurance sales to be quite low.
Figures for the twelve months ended May 31 1925 show that the sales in
this period were 7% greater than in the preceding twelve-month period.
Sales of Life Insurance Increase in Canada-Over
$34,000,000 of Ordinary Life Insurance Sold
in May.
Figures just issued by the Life Insurance Sales Research
Bureau of Hartford, Conn., show that the sales of ordinary
life insurance in Canada were 3% greater in May this year
than in May of last year. There was a considerable variation in the records of the different Provinces, the Bureau
states, adding:
[VOL. 120.
Rosecrans, 20,000 barrels, against 22,000; and Inglewood,
60,000 barrels, against 47,500.
The estimated daily average gross production of the
Mid-Continent field, including Oklahoma, Kansas, north,
east central, and west central Texas, north Louisiana and
Arkansas, for the week ended June 20 was 1,207,750 barrels,
as compared with 1,266,750 barrels for the preceding week.
a decrease of 59,000 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was 948,000 barrels, against 952,100 barrels, a decrease of 4,100
barrels.
The following are estimates of daily average gross production for the weeks ended June 20, June 13, June 6 1925
and June 21 1924:
DAILY AVERAGE PRODUCTION.
(In Barrels)June 20'25. June 13'25. June 6 '25.
Oklahoma
451.700
454,150
451.600
Kansas
103.750
105,250
104,450
North Texas
88.900
89,300
89,650
East central Texas
119,100
113,300
117,650
West central Texas
96,600
95,70095,300
North Louisiana
51,250
50,600
50.700
Arkansas
356,200
302,250
423,650
Gulf coast
104,350
115,700
114,000
Southwest Texas
49,600
54,850
53,550
Eastern
104,500
104,000
104,000
Rocky Mountain
95,750
83,250
92,200
California
635.500
635,000
629,500
Total
2,197,450 2,260,000 2,329.350
June 21 '24.
471,950
76.100
80,800
124,101
49,350
55,750
155,100
68,750
40,700
106,500
122.700
626,758
1,978,550
Lumber Business Steady.
Lumber production for the week ending June 20, as comManitoba, Newfoundland and Alberta showed the best record. The actual volume of sales based on reports of companies doing 83% of the Cana- pared with the week before, decreased somewhat, while
dian business is $34,377,000, or well over $1,000,000 of business every day.
The records for the first five months of this year, compared to the first shipments and new business'showed no gains, considering the
five months of last, show that the average gain for this period has been number of mills reporting, according to reports received
2%. Most of the Provinces have shared in this gain. Newfoundland leads by the National Lumber Manufacturers Association from
all the Provinces in the year to date gain with an increase of 48% over the
362 of the larger soft wood mills of the country, as against
same period last year.
Changes in Automobile Prices
-New Models.
The Apperson Automobile Co. announced a reduction in
the prices on four of its six-cylinder and four of its eightcylinder models this week. The six-cylinder phaeton remains at $1,575. The new and old prices are given as
follows:
Six-CylinderSport phaeton
Brougham
Coupe
Sedan
New.
$1,650
2,050
2,050
2,100
Eight-CylinderOld.
$1,850 Phaeton
2,350 Brougham
2,350 Coupe
2,395 Sedan
New.
Old.
81,995 $2.550
2,450 2.800
2,450 2,800
2,595 2.850
355 mills of the week before. Comparing last week with the
same period in 1924, however, all three factors showed substantial increases.
The unfilled orders of 244 Southern Pine and West Coast
mills at the end of,last week amounted to 606,459,048 feet,
as against 613,738,884 feet for 245 mills the previous week.
The 131 identical Southern Pine mills in this group showed
unfilled orders of 217,755,468 feet last week, as against 218,379,588 feet for the week before. For 113 West Coast mills
the unfilled orders were 888,703,580 feet, as against 395,359,296 feet for the 114 mills a week earlier.
Altogether the 362 comparably reporting mills had shipments 101% and orders 99% of actual production. For
the Southern Pine mills these percentages were, respectively, 110 and 109; and for the West Coast mills 110 and
103.
Of the comparably reporting mills 340 (having a normal
production for the week of 217,587,413 feet) reported production 104% of normal, shipments 108%, and orders 106%
The Studebaker Corp., it was announced on June 22, reduced the price of its special six Duplex roadster from
$1,495 to 81,450. The company plans to start production
of bus chassis in July. A small model designed to carry 12
to 15 passengers will be listed at $1,785 at the factory. The
14rge model to carry 15 to 20 passengers will list at $2,150.
The prices f. o. b. Detroit of the new Chrysler four-cylinder
models, which are on exhibition in New York, are: Touring,
$895; coupe,$995; coach,$1,045; and sedan,$1,095, with two thereof.
The following table compares the national lumber movewheel hydraulic brake equipment. Four-wheel brakes are
ment as reflected by the reporting mills of seven regional
$55 additional.
associations for the three weeks indicated:
Crude Oil Prices Practically Unchanged.
Corresponding Preceding Week
Past Week.
Week of 1924. of 1925 (Revised).
During the current week the oil market remained quiet. MIlls
362
364
355
Production
243,562,128
217,019.539
248,863.072
Only two changes of any account were made in the price of Shipments
206,358.048
241.412,521
business)_ 209,451,528
crude oil. The Shreveport-El Dorado Pipe Line Co.
237,181.508
advanced the price of Smackover heavy crude oil below 24' The following revised figures compare the lumber movegravity 10 cents a barrel. The Atlantic Oil Producing Co., ment for the first 25 weeks of 1925 with the same period of
a subsidiary of the Atlantic Refining Co., followed the 1924:
Production.
Shipments.
Orders,
advance. No increase was reported in the price of gasoline. 1925
6,082,182.717 5,996,651,911
5,840,778,249
245,903,439
118:821:tta
1924
Crude Oil Output Shows Further Decline.
The American Petroleum Institute estimates that the daily
average gross crude oil production in the Smackover heavy
oil field was 259,750 barrels, a decrease of 54,900 barrels
during the week of June 20. The daily average production
in the United States for the week ended June 20 was 2,197,450
barrels, as compared with 2,260,000 barrels for the preceding
week, a decrease of 62,550 barrels. The daily average production in the United States, excluding Smackover heavy,
decreased 7,650 barrels. The daily average production
east of California was 1,561,950 barrels, as compared with
1,630,500 barrels, a decrease of 68,550 barrels.
California production was 635,500 barrels, as compared
with 629,500 barrels for the preceding week, an increase
of 6,000 barrels; Santa Fe Springs is reported at 52,000
barrels, no change; Long Beach, 108,000 barrels, against
109,000 barrels; Huntington Beach, 44,000 barrels, against
45,000 barrels; Torrance, 35,500 barrels, against 36,000
barrels; Dominguez, 32,000 barrels, against 31,000 barrels;
1925 Increase
5,968.178,257
5,893,244,505
5,529,725,213
114.004.460
103.407,406
311.053,036
The mills of the California White & Sugar Pine Manafacturers 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 apy of the foregoing figures. Nine
of these mills reported a cut of 12,986,000 feet, shipments,
8,366,000 feet, and orders 7,024,000 feet. The reported cut
represents 26% of the total of the California Pine region.
As compared with the preceding week, from reports of the
same number of mills, decrease is shown in all three items.
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and fourteen mills reporting to West Coast
Lumbermen's Association for the week ending June 13 manufactured 109,469,249 feet of lumber; sold 109,780,579 feet,
and shipped 114,700,690 feet. New business about offsets
production. Shipments were OM above new business.
JUNE 27 1925.]
3261
THE CHRONICLE
for
Forty-two per cent of all new business taken during the week was
which 32,future water *delivery. This amounted to 46,206,795 feet, of
export.
462,242 feet was for domestic cargo delivery. and 13,744,553 feet
New business by rail amounted to 1,934 cars.
shipments moved by water. This
Forty-four per cent of the lumber
coastwise
amounted to 50,706,906 feet. of which 36.280.520 feet moved
shipments totaled
and intercoastal and 14,426,386 feet export. Rail
1,948 cars.
Local auto and team deliveries totaled 5.553,784 feet.
Unfilled domestic cargo orders totaled 164,598,096 feet. Unfilled export
orders, 81,811.206 feet. Unfilled rail trade orders, 4,965 cars.
In the first 24 weeks of the year production reported to West Coast
Lumbermen's Association has been 2.412.709,567 feet. new business
2,464,426.753 feet and shipments 2,493,636.020 feet.
Steel Market Shows Steady Demand-Prices of Iron
and Steel Lower.
In the volume of business flowing to the mills the steel
industry continues to make a better showing than in respect
to prices, declares the "Iron Age" in its June 25 market
review. Sheets and wire products are $1 to $2 a ton lower
this week, and in some markets plates and cold-rolled strip
steel are less stable, while in the Central West there are
indications of weakness in semi-finished steel, continues
the "Age," which adds: .
the situation as to its fundamentals virtually unchanged
from that which existed 60 days ago. The market remains
of very liquid character with the gap between demand and
supply unusually narrowed, adds the "Review" which is
quoted further as follows:
As the weeks pass, however, a feeling of security has been strengthened
as to the perrnancency of continuing fair business even though placed on
a hand-to-mouth basis. Producers and consumers are adjusting their
mental attitude, accordingly, and less anxiety Is expressed over the possibility of sharp recession. The 60 to 65% operations of the steel industry
today compare favorably with the 45 to 50% one year ago when production
was showing a steady downward trend that reached its turning point in July.
Except for two additional furnaces blown out at Chicago, the activities
of the works this week have been modified but slightly.
Tonnage is flowing to the mills from the automobile industry at a rate
much greater at this season than for several years because production of
this class has been better maintained. Automotive business largely is
responsible for a gain of 10 to 15% in steel bar tonnage in June at Pittsburgh.
Buying from this source, while constant is not in large lots. Reports of
heavy tonnages of sheets and strip steel being placed by the Ford Motor Co.
proved to have been greatly exaggerated. This buyer three weeks ago
placed 5,000 tons of blue annealed sheets with a Mahoning valley maker
at 2.20c. Pittsburgh and this week, several small lots of black sheets in the
same territory at 3.10c. Pittsburgh. Its main needs for the third quarter.
estimated at 30.000 to 35,000 tons, however, are yet to be placed and await
the final determination of some changes in model design.
Selling of foreign steel has not been so conspicuous but the sum of recent
transactions runs up a large tonnage. Southern railroads are understood
to have closed for a total of 27,000 tons of rails in Europe at prices of $33.50
to $34 tidewater against a domestic price of $43 mill. Orders for concrete
bars and structural shapes taken along the Atlantic Coast the past 60 days.
largely from Jobbers, are placed at 16,000 to 18,000 tons.
A freer inclination is shown by buyers to contract ahead in the heavier
products especially where prices appear to be well settled. Third quarter
sales of steel bars at present quotations are numerous and in the East last
half contracts for plates have been closed though at settle expense of price.
Some wire tonnages are being sold for third quarter.
Galvanized sheets have displayed fresh raggedness with something akin
to a price war between certain producers, especially in southern territory.
As a result other mills temporarily have withdrawn from the market.
These conditions have brought out sales at 4.00c. Pittsburgh.
While sales have dwindled, pig iron is showing increased firmness.
Considerable tonnage of valley foundry iron has gone at $18.50 which is
now minimum or 50 cents above the low point. Offers of $18.25 have
been refused as well as of $18from brokers for 20,000 tons of basic. Southern
Ohio furnaces are holding at $19. Cleveland reports week's sales of 30.000
tons and New York 15.000.
The Oklahoma National Gas Co. has placed a 65-mile pipe line requiring
10,000 tons and other oil and gas requirements keep coming up in good
volume. Tank awards this week were 5,000 tons.
Scrap prices are erratic, having risen in the East and fallen at Chicago
where one large steel-maker recently closed for 50,000 tons of heavy melting
steel down to $16. A West Virginia works bought 15,000 tons. paying
$17.50 delivered for steel.
The "Iron Trade Review" composite of 14 leading iron and steel products
indicates a cdndition of market equilibrium has almost been reached.
This week is only 10 cents lower or from $37.43 to $37.33.
The comparative steadiness of mill operations and the frequency and in
some cases the urgency of current orders are still the marked feature of the
situation. Shipments of rolled products are large, and for the first six
months of the year are estimated at more than 2,000,000 tons in excess of
those for the first half of 1924.
Assuming that steel ingot production in June has been nearly 70% of
capacity, the total for the first half of the year will be in excess of 22,000,000
tons or only 1,000,000 tons less than the remarkable record of the first
half of 1923.
Though finished steel bookings are still less than shipments, a number
of producers report orders at a better rate than in May or in the early
part of June, and the indications are that the rate of production in July
will show no marked falling off from that of June.
The Pittsburgh and Youngstown districts are keeping close to their
operating schedules of the past few weeks, while at Chicago the Steel Corporation is producing at 80% of capacity against 83% in the previous week.
Sales of pig iron have fallen off somewhat, as was to be expected after
the heavy movement of May and early June. At Pittsburgh. Cleveland
and Chicago producers have secured good backlogs for the third quarter
and some of them are asking 50c. a ton more than their recent low prices.
Southern iron, however, which has been held at $20 at Birmingham, is now
$19, or more in line with the recent course of the Northern market. Chicago
sales since the middle of May are put at 300,000 to 350,000 tons. Output
has been further curtailed in June, so that a more stable market is looked
for in the immediate future, even though it be less active.
Chicago plate and sheet mills have found increasing pressure from mills
farther east and in territory readily reached from Pittsburgh, Youngstown
and Chicago the competition has been severe, prices of both products having
receded $1 to $2 a ton in the past week.
The sheet bar price for the third quarter is likely to be determined this
week. Producers thus far have talked $35, while buyers have been centering on $33.
Pipe bookings in the first half of the year. in contrast with those in
other lines, have exceeded shipments, in the case of important mills. While
there has been a considerable decline in May and June, production on a
large scale is assured for many weeks.
For the five months ended with May the sheet production of the country
was equal to 92% of the capacity, this extraordinary output accounting for
much of the weakness of prices.
Structural steel orders for the first five months of 1925 totaled 959,900
tons, compared with 962,800 tons for the similar period in 1924, according
to figures compiled by the Department of Commerce. a loss of 2,900 tons.
Awards in the past week again reached a substantial total, about 36,000
tons. At Chicago building activity shows some signs of tapering off.
Automobile companies are ordering steel more frequently than in the
earlier months of the year. In spite of some slowing down, the car output
this month promises to make a new June record and a number of builders
will operate on a large scale in July.
The one car inquiry of the week is that of the Texas St Pacific for 500,
and the Great Northern is in the market for 1,000 underframes. Along
with the cessation of car buying by the railroads there has been at Chicago
some suspension of specifications on rail contracts. Meanwhile the railroads, in spite of their prodigious traffic, have a surplus of equipment.
The St. Louis Southwestern Railway is inquiring for 15.000 tons of
90-lb. rails for delivery in the next three months.
-lb. rails for the Government Railways of South
On the 25,000 tons of 80
Africa which a British mill took in competition with American rails, the
reported price was close to $32 a ton at mill, though on home orders the
British price is about $41 and the American price $43.
Advance Report by Federal Reserve Bank of Philadelphia on Steel and Iron Foundry Operations in May.
Under date of June 26 the Department of Statistics and
Research of the Federal Reserve Bank of Philadelphia,
presented as follows its advance report for May on steel
and iron foundry operations in the Federal Reserve District
of Philadelphia:
Several additions to the list of reporting steel foundries having been
made, the following table presents the principal operating features of twelve
steel plants in this district during May and the percentages of change from
the previous month. Comparisons with the corresponding month of last
year. however, are compiled from the reports of the usual six identical
foundries.
STEEL FOUNDRY OPERATIONS,THIRD FEDERAL RESERVED!STRICT.
May
1925.
April
1925.
Per Cent
Change
Month
Ago.
May
1924.
Per Cent
Change
Year
Ago.
6,850 tons
12,490 tons 12,490 tons
Capacity
10,321 tons 7,553 tons +36.6% 3.565 tons +32.9%
Production
5,183 tons 5,198 tons -0.3% 2,959 tons +12.5%
Shipments
$1,056,539 $951,173 +11.1% $461,529 +50.0%
Value
8.312 tons 7,675 tons +8.3% 5,351 tons +12.3%
Unfilled orders
$1,939,381 81,981,530 -2.1% $938,974 +63.6%
Value
The usual composite price table follows:
Raw stock:
2,970 tons 3,092 tons -3.9% 1,764 tons +37.7%
Pig iron
June 23 1925, Finished Steel, 2.424c. per Pound.
9,992 tons 10,168 tons -1.7% 8,125 tons -1.5%
Scrap
1
2:4 c
.
439c
Based on prices of steel bars, beams,tankJune 16 1925
727 tons +11.1%
1,254 tons 1,509 tons -16.9%
Coke
2.460c.
plates, plain wire, open-hearth rails. May 26 1925
2.603c.
black pipe and black sheets, constitut- June 24 1924
The main operating items of thirty-five iron foundr es in this district.
-year pre-war average_ _1.689c.
ing 88% of U.S.output offinished steel 10
during the month of May, are presented in the table below, as compared
June 23 1925. Pig Iron, $19 13 per Gross Ton.
during May of last year.
$19 21 with their operations in the preceding month and
Based on average of basic and foundry June 16 1925
19 42
Irons, the basic being Valley quotation, May 26 1925
19 54 IRON FOUNDRY OPERATIONS, THIRD FEDERAL RESERVE DISTRICT.
the foundry an average of Chicago, June 24 1924
-year pre-war average__ 15 72
10
Philadelphia and Birmingham
Per Cent
Per Cent
-1923- -1924-- -1925-Change
Change
May
April
May
Finished steel___High 2.824c. Apr. 24 2.789c. Jan. 15 2.560c. Jan, 6
1924.
Month
Year
1925.
1925.
Low 2.424c. June 23 2.460c. Oct. 14 2.446c. Jan. 3
Ago.
Ago.
High $30.86 Mar. 20 $22.88 Feb. 26 $22.50 Jan. 13
Pig iron
Low $19.13 June 23 $19.21 Nov. 3 $20.77 Nov.20
12,931 tons
12,931 tons 12,931 tons
Capacity
6,150 tons 5,940 tons +3.5% 6,049 tons +1.7%
Production
982 tons +20.4%
1,182 tons 1.071 tons +10.3%
Malleable iron
4,968 tons 4,889 tons +2.0% 5,067 tons Gray iron
2.0%
Steel Market Shows Steady Demand-Prices of Iron
3.491 tons 3,450 tons +1.2% 3,423 tons +2.0%
Jobbing
and Steel Lower.
For further manufacture 1,477 tons 1,419 tons +4.1% 1,644 tons -10.2%
4,918 tons 4,952 tons -0.7% 4,453 tons +10.4%
Shipments
June has brought to the iron and steel industry evidence
Value
2687,468 $794,284 -13.6% $725,852 -5.3%
5,271 tons 5,419 tons -2.7% 5,905 tons -10.7%
important change in business volume, either favorable Unfilled orders
of no
$783,510 $748,905 +4.6% 81,065,436 -26.5%
Value
or unfavorable, states the "Iron Trade Review" this week. Raw stock:
8,451 tons 8,969 tons -5.8% 8.210 tons +2.9%
Pig iron
2,748 tons 2,997 tons -8.3% 3,348 tons -17 9%
Scrap
Gains in tonnage in some lines, to a large extent, have been
1.956 tons 1 935 tons -I-Li .7- 1 079 .99.
Coke
neutralized by a tapering off in others. The net result leaves
3262
THE CHRONICLE
(Vol- 120
7,970,451 and 4,787,003
in transit to manufacturers of lard
Activity in the Cotton Spinning Industry for May 1925. oleomargarine, soap, dm.pounds 1924 to May 31 1925, respectivelf substitute
Aug. 1
!Produced from 1.315,295,270 pounds crude oil.
The Department of Commerce announced on June 20 that
EXPORTS OF COTTONSEED PRODUCTS FOR TEN MONTHS ENDING
according to preliminary figures compiled by the Bureau of
MAY 31.
the Census, 37,835,708 cotton spinning spindles were in
Item.
1924.
1925.
place in the United States on May 311925, of which 33,147,Pounds 21,612,608
22,910,343
632 were operated at some time during the month, compared Oil, crude
Refined
Pounds 24.384,784
13,309,871
Cake and
421,226
tons
110,550
with 33,412,650 for April, 33,225,182 for March, 33,277,189 Linters meal
running bales
179,883
93,857
for February, 33,180,758 for January, 32,661,949 for December, 31,789,876 for November, 31,078,804 for October, Bituminous
Coal and Anthracite Markets Still Quiet.
30,122,384 for September, 28,945,605 for August and
Reports from the various distributing centres along the
30,484,052 for May 1924. The aggregate number of active
spindle hours reported for the month was 7,929,605,719. Atlantic coast show that the demand for anthracite is at a
During May the normal time of operation was 253'days low ebb, partly due to the credit situation and partly on
(allowance being made for the observance of Memorial Day account of the season, states the "Coal Trade Journal" this
in some localities) compared with 25 2-3 days for Arril, week. A large volume of company anthracite is moving
26 for March, 3 2-3 for February, 263/i for January, 26 for east, making it hard for the independent operators to market
their coal and lowering their prices, adds the "Journal,"
December, 243 for November, 26Yi for October and 253/i
•
for September. Based on an activity of 8.78 hours per giving further details as follows:
At Boston sales of West Virginia low volatile coals are few
day, the average number of spindles operated during May are being firmly held. The demand at Providence is light but but prices
prices are
was 35,417,418, or at 93.6% capacity on a single shift basis. slightly higher than those prevailing at Boston. There is no change in the
all-rail situation and
This percentage compares with 100 for April, 99.6 for dull and independentorders are few. The retail anthracite trade is very
prices are very weak. This anthracite situation is
March, 100 for February, 96.4 for January, 90.4 for Decem- also true in the New York district and the bituminous market is still in
the doldrums, without any change in prices. All the coal markets at
ber, 87.5 for November, 85.4 for October, 76.1 for SeptemPhiladelphia
ber, and 67.5 for May 1924. The average number of active In anthracitewere very dull over the past week, particularly the bituminous.
the usual summer dulness has arrived several weeks earlier
spindle hours per spindle in place for the month was 210. than usual and most dealers are well stocked up. Spot prices are unchanged. Egg is the leader with stove next and nut a very poor third.
The total number of cotton spinning spindles in place, the
Buckwheat is dull but other steam sizes are in fair demand.
number active, tho number of active spindle hours and the coal market at Baltimore continues dull and industrials are not The soft
ordering
average spindle hours per spindle in place, by States, are ahead. Prices are unchanged. Export shipments of coal have been nil
since June 5 and there has been but one of coke. Very few orders for
shown in the following statement:
anthracite
Spinning Spindles.
In Place
May 31.
Cotton-growing States
New England States
All Other State()
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire •
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All Other States
17,486,736
18,382,182
1,966,790
1,432.538
1,271.596
2,830.040
1,113,288
11,618,004
1,445,734
512,764
997,950
5,971,792
161.560
2,788,752
5,300,654
452,512
239,600
711,314
987,610
United States
are being received.
Though prices remain at a very low point, conditions have improved in
some sections of the central Pennsylvania producing district and loadings
last week were better than those of the week previous. In Pittsburgh
Average per
there are larger offerings from outside fields with less demand, which has
Spindle
in Place.
brought a little distress tonnage into the market
-not enough, however,
to seriously affect the situation. Little coal is coming from the Pittsburgh
277
district but prices are practically unchanged. Slack is a little firmer,
149
as is by-product coal. The Connellsville coke field has been slightly more
180
260
active but prices are depressed.
165
Production has increased in all high and low volatile fields in southern
263
West Virginia and, while prices have not risen, they are very firm. In
163
the smokeless fields the principal demand is from Western and Lake markets
138
180
and there is a growing labor shortage in some sections of ths field. The
199
demand in the high volatile territory is principally for the larger prepared
169
sizes and prices are well maintained with the exception of that of slack.
289
which has eased off very slightly. Production in Virginia is still about two182
166
thirds capacity and prices are very firm. Most of the tonnage on contract
292
In this district is for the railroads. In Upper Potomac and western Mary256
land fields, demand Is still sluggish and prices down as a result of lack of
256
industrial activity and many plants are down. In the Fairmont district
219
197
of northern West Virginia, production and prices are unchanged and nonunion mines continue to turn out about 85% of the coal produced.
210
Active Spindle Hours, May.
Active
during
May.
Told.
16,872,364 4,836,613,270
14,597,752 2,738,347,561
1,677,516 354,644,888
1.394.620 371.751.543
1,128,516 209.263.794
2,721,056 744,549.757
1,093,696 182,020,555
8,671,930 ,598,096,952
1,245,760 260,890,838
475,996 101,822,990
809,136 168,459,450
5.746,198 ,728,301,341
134,366
29,417.721
2.313,042 461,990.200
5,209.078 1.545,963,117
439,712 115.648,701
221.332
61.286.486
694,354 155,680.613
848,840 194,461,661
37.835.708 33.147.632 7.929.605.719
Cottonseed Production During May.
On June 24 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exported, covering the ten months period ended May 31
1925 and 1924:
COTTONSEED RECEIVED, CRUSHED, AND ON HAND (TONS).
State.
Received at Mi5.2.5
Crushed
On Hand at Mills
Aug. 1 to May 31. Aug. 1 to May 31.
May 31.
1925.
Alabama
Arkansas
Georgia
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
AU other
1924.
1925.
1924.
232,065 127,835 232,860 126,721
300,856 170,013 299.652 169,796
398,282 232,783 400,190 225.621
150,706 112.674 150,261 112,427
429,311 252,941 421,343 249,635
284,787 326.220 283,835 325,109
470,834 217,989 463.448 217,740
222,020 204,001 221,955 201,830
284,804 167.599 279,117 164.952
1 552,240 1.312,853 1,534,585 1,279.761
227.875 161,842 226,970 152,316
1925.
1924.
494
1,254
2.008
445
8,720
1,304
7,287
584
6,338
23,267
1.578
1,566
663
8,082
251
3,804
1,407
448
2.810
703
41,223
5,225
United States
4,553,780 3.286.750 4,514.216 3,225,908
53.259
66,182
•Includes seed destroyed at milk but not 21,711 tons and 12,786 tons on hand
Aug. 1, nor 117,385 tons and 129,840 tons re-shipped for 1925 and 1924.respectively.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT. AND
ON HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 110
May 31.
Shipped Out
Aug. 1 to
May 31.
On Hand
May 31.
Crude oll
1924-25 *4,052,703 1,372,356,286 1,339.104.517 *44,247.425
1923-24
(Pounds)
5,103,348 953,868.632 916,647,403 52,130,495
Refined oil
1924-25 a106,799,632 11205,783,416
a346,033,644
(Pounds)
1923-24 138,112.489 798,032.703
195.010,244
Cake and meal_ _ _ _ 1924-25
41.620
2,078.697
2,019.733
100,584
(Tons)
1923-24
49,766
1,478.530
1.408,357
119,939
Hulls
1924-25
33.515
1.294,526
1,228,521
99,520
(Tone)
1923-24
15,615
914,429
866,962
63,082
Linters
1924-25
53,410
877,005
875.730
54,685
(500
-lb. bales).
.1923-24
27,565
652,108
558,23(
121.437
Hull fiber
1924-25
82,174
76,000
6.174
(500
-lb. bales)._ 1923-24
7,265
36.372
43,257
380
Grabbota,motes,Ac 1924-25
4,644
31,325
30,381
5,588
(500-1b. bales)... 1923-24
1,605
23,984
18.696
6,893
*Includes 1,137,689 and 2,753,949 pounds held by refining and manufacturing
establishments and 302,000 and 5.628,693 pounds in transit to refiners and consumers Aug. 1 1924 and May 31 1925, respectively.
a Includes 3,406,674 and 15,551,132 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
Hand-to-mouth buying characterizes the soft coal trade
in most sections of the country, contracts being few and far
between, observes the "Coal Age" on June 24. Nevertheless, little distress coal is in evidence, producers having discovered the evils of shipping on consignment. While there
has been little change in price levels they show a slightly
firmer tendency in the face of increasing output, adds the
"Age," giving further data of interest as follows:
Business was a shade quieter in the Midwest market last week,the steam
trade being somewhat stronger with screenings in better position. Domestic demand, however, was far below normal for this season. Southern
Illinois shaft mines are almost at a standstill; running time is low and prices
unchanged. Strip mines are doing better. Several Indiana Co-operative
mines have been reorganized to conform with the Terre Haute agreement
and have increased working forces and output. Kentucky coal, particularly
from the Hazard field, is moving well to the Lakes. The movement from
western Kentucky, however, is far from heavy and running time is low, as
are prices. The situation continues to improve at the head of the Lakes,
where demand from iron mines and factories is picking up. All grades are
selling to a certain extent in Utah, the larger sizes with some difficulty. In
Colorado and the Southwest the trade is simply marking time waiting for
something to turn up-nobody knows what.
A large volume of coal is moving through the Cincinnati gateway
-more
than 13,000 cars in each of the last two weeks, one-quarter of it destined
for the Lakes. Prices are slightly less firm. Southern and eastern
Ohio
are dull but hopeful. Conditions at Pittsburgh are much the same, but
prospects are considered better. New England and the other Eastern
markets continue to drag, with only fitful changes.
The anthracite market is flat. All domestic sizes are plentiful
and
deliveries are almost uniformly prompt. Stove continues to lead in demand. Egg is active. Stove and pea are moving slowly. Prices remain
at last week's level, but independents find it hard to get more than company
prices except in the case of stove. Barley is the most active of the
steam
sizes, buckwheat and rice having eased. Wage talk next week may
tend
to quicken interest in hard coal.
The "Coal Age" index of spot prices of bituminous coal rose one point
during the past week, standing on June 22 at 161, the corresponding price
of which is $1 95.
Dumpings at Lake Erie ports in the week ended June 21, according to
the Ore & Coal Exchange, were: Cargo, 785,218 net tons; steamship fuel,
43,580; a total of 828,798 net tons, compared with 750,550 tons in the
preceding week. Hampton Roads dumpings in the week ended June 18
totaled 489,944 net tons, compared with 395,386 tons in the previous week.
Production of Bituminous Coal and Anthracite
Increases-Coke Output Also Larger.
The weekly report on the production of bituminous coal,
anthracite and beehive coke issued by the Department of
JUNE 27 1925.]
THE CHRONICLE
the Interior, through the Geological Survey June 20 1925
shows a slight improvement in the output of these three
fuels. The Survey says:
As indicated by the number of cars loaded for shipment, production
of soft coal increased during the week ended June 13. The total output,
including lignite, is estimated at 8,616,000 net tons, a gain of 244,000 tons
or about 3% over the revised figure for June 6. In comparison with
1924 the week of June 13 shows an increase of 1.231,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons) Including
Coal Coked.(a)
1824
1925-Cal. Year
Cal. Year
Week.
to Date.b
to Date.
Week.
8,141.000 197,719,000
May 30
6,912.000 199,730,000
1,508.000
Daily average
1,574.000
1.280.000
1,554,000
8,372,000 206,091,000
June 6c
7.615,000 207,345.000
Daily average
1,547,000
1,395,000
1,560,000
1,269,000
8,616,000 214,706,000
June 13d
7.385,000 214,730,000
1,542,000
1,436,000
Daily average
1,546,000
1,231,000
a Original estimates corrected for usual error, which in past has averaged
days' production first week in January to equalize number
2%. b Minus 2
ef days in the two preceding years. c Revised since last report. d Subject
to revision.
Preliminary telegraphic reports of loadings on Monday and Tuesday
of the week of June 15-20 indicate a decrease of about 2,000 cars when
compared with loadings on the first two days of the preceding week.
The total production of soft coal during the first 139 working days of
the calendar year 1925 was 214,706,000 net tons. In the corresponding
periods of the preceding years listed below, it was as follows:
Years of Activity.
Years of Depression.
253,563,000 net tons 1919
1918
197,092,000 net tons
236,054,000 net tons 1921
1920
179,696,000 net tons
254,283,000 net tons 1924
1923
214,730,000 net tons
ANTHRACITE.
From the loadings by the nine principal carriers the production of anthrs_
cite during the week ended June 13 is estimated at 1,870.000 net tons, an
3263
increase of nearly 12% when compared with the preceding week, and of
25% when compared with the corresponding week of 1924. The cumulative
total since Jan. 1 amounts to 40,803,000 tons, or 1.5% less than the same
period in 1924.
Estimated United States Production of Anthracite (Net Tons).
1925-1924
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
May 30
1,723.000
37,259,000
1,294,000
37,735,000
June 6
1,674,000
38,933.000
1.846,000
39.581,000
June 13
1,870.000
40,803,000
1.823,000
41,404,000
a Less 2 days' production in January to equalize number of dayslin
the 2 years.
BEEHIVE COKE.
The production of beehive coke increased during the week ended June 13.
From reports received from the principal coke carriers the output is estimated
at 136,000 net tons, an increase of 8,000 tons, or 6.3% over the total for
the preceding week. Compared with the same week of 1924, the increase
was 3.8%. According to the ConnellsvMe "Courier," production in the
Connellsville region increased 4.6% to a total of 80,400 tons.
Cumulative production from Jan. 1 amounts to 4,972,000 tons, or 14%
less than the same period in 1924. Figures for earlier years are as follows:
1921
3,377.000 net tons11923
8,822,000 net tons
3.138,000 net tons 1924
1922
5,748,000 net tons
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1925
1924
June 13 June 6 June 14
to
to
1925.
1925.b
Date.
1924.
Date.a
Pennsylvania and Ohio_ 96,000
92,000
93,000 3,800.000 4,551,000
10,000
West Virginia
9.000
6,000
293,000
303,000
Ala., Ky., Tenn. & Ga_ 17,000
14,000
17,000
483,000
478,000
Virginia
4.000
4,000
6,000
186,000
196,000
Colorado & New Mexico 5,000
5,000
5,000
105,000
125,000
Washington & Utah_ _ - 4,000
4,000
4.000
103,000
95,000
United States total
136,000
128,000
131,000 4,972.000 5,748,000
Daily average
22,000
21,000
22,000
35.000
41,000
a Adjusted to make comparable the number of days covered in both
years. b Subject to revision.
L Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 24, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Federal Reserve banks combined, shows an increase
of $27,300,000 in total earning assets and decreases of $8,900,000 in cash reserves and $8,800,000 in Federal Reserve
note circulation. Holdings of discounted bills went up
$13,500,000 and of U. S. Government securities $18,200,000,
while holdings of acceptances purchased in open market were
$4,400,000 below the total reported a week ago. After
noting these facts, the Federal Reserve Board proceeds as
follows:
An increase of $6,100,000 in holdings of discounted bills is reported by
the Federal Reserve Bank of Boston, of $5.000,000 by San Francisco.
34.900.000 by Cleveland, $3.000,000 by St. Louis and 62,600.000 by New
York. The Richmond and Chicago banks show reductions of 64,000,000
and 62,700,000. respectively, in this item.
Smaller holdings of acceptances purchased in the open market are reported by all of the Reserve banks, with the exception of New York and
San Francisco, which show increases of $4,700,000 and 6700,000. respectively. The Boston bank shows a decrease of $2,100,000 in acceptance
holdings, Cleveland a decrease of 61,500,000 and Philadelphia and Minneapolis of 61.300,000 each. The System's holdings of Treasury notes went
up $34,900,000, while holdings of U. S. bonds declined $11,100,000 and
of Treasury certificates $5.600,000.
The principal changes in Federal Reserve note circulation during the week
comprise an increase of $2,400,000 reported by the Cleveland bank, and
decreases of $3,300,000 and $2,300,000, respectively, reported by Boston
and Philadelphia.
counts, $18,000,000 in investments, $48,000,000 in reserve
balances, $47,000,000 and $26,000,000, respectively, in net
demand and time deposits, and $22,000,000 in accommodation at the Federal Reserve banks. The New York City
banks reported a reduction of $7,000,000 in total loans and
discounts, of $10,000,000 in investments and of $11,000,000
in accommodation at the Federal Reserve Bank, together
with increases of $23,000,000 each in reserve balances and
net demand deposits. It should be noted that the figures
for these member banks are always a week behind those of the
Reserve banks themselves. Further comments regarding the
changes shown by these member banks are as follows:
Loans on stocks and bonds went up $64,000,000, of which 656.000.000
was reported by banks in the New York district. "All other" loans and
discounts, largely commercial, were reduced $47,000.000, the banks in the
New York district reporting a decline of $49,000,000 in this item and those
in the other districts showing relatively small changes for the week.
Investments in U. S. Government securities increased $4,000,000. Banks
in the New York district reported a decline of 619,000,000 in this item,
while banks in the Cleveland district reported an increase of $13.000.000,
and those in the Boston and Atlanta districts increases of $5,000.000 and
$4.000,000, respectively. The only important change in holdings of other
bonds, stocks and securities was an increase of $12,000,000 reported by
banks in the New York district.
Reserve balances went up $26,000,000 in the Chicago district, $20,000,000
ki the New York district and $10.000,000 in the Boston district.
The principal changes in net demand deposits during the week comprise
Increases of $37,000.000 in the New York district. 620,000.000 in the Boston
district and 610.000,000 in the Kansas City district, and declines of $15,000,000 and 67.000.000 in the Richmond and Atlanta districts, respectively.
Increases in time deposits were shown for all districts except Minneapolis
and San Francisco.
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
On a subsequent page-that is, on page 3287
-we give the
on subsequent pages-namely, pages 3286 and 3287. A
summary of changes in the principal assets and liabilities figures in full contained in this latest weekly return of the
of the Reserve banks during the week and the year ending member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
June 24 1925 follows:
•
•
Increase(+) or Decrease(-) as compared with a week ago and with last year:
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. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members'reserve deposits
Government deposits
Other deposits
During
Week.
Year.
-$8,900,000 -$312,600,000
-10,300,000 -344.800,000
+27,300.000 +208,200,000
+13.500,000 +105,300,000
+1.800.000 +131.800.000
+11,700.000
26,500,000
-4,400.000 +196,600,000
+18,200.000
105,200,000
-11,100.000
+49,800.000
+34.900,000 -82,500,000
-5,600,000
72,500,000
-8.800,00209,700,000
-34,200,000 +101,900.000
-73,000,000 +104,400.000
+40,800,000
5.900,000
-2,000,000
+3,400,000
Increase (+) or Decrease (-)
During
Week.
Year.
Loans and discounts. total
+S11.000.000 +31,089.000,000
Secured by U. S. Govt. obligations_ _ _ _
,
-42,000,000
Secured by stocks and bonds
+64,000,000
+998.000.000
All other
-47,000,000
+133,000.000
Investments,total
+18,000,000
+780,000,000
U. S. bonds
+1.000.000
+511,000.000
U. S. Treasury notes
-29,000,000
-222,000,000
U. S. Treasury certificates
+32,000.000
+11.000.000
Other bonds, stocks and securities
+14,000,000
+480,000,000
Reserve balances with F. R. banks
+48.000,000
+71,000,000
Cash in vault
-11,000,000
+1.000,000
Net demand deposits
+47,000.000
+982.000.000
Time deposits
+26,000,000
+808,000,000
Government deposits
-11,000.000
16.000,000
Total accommodation at F. R. banks_ _ _ _
+22,000,000
+135,000,000
Temporary Closing of Chinese Banks.
The Week With the Member Banks of the Federal
The International Banking Corporation of this city
Reserve System.
The principal changes in the condition of 733 reporting announced on June 23 the receipt of the following cablegram
member banks in leading cities during the week ending June from Hong Kong:
"Bank of East Asia, Ltd.,
17, as shown in the statement issued by the Federal Reserve Oriental Commercial Bank, Bank of China, Bank of Canton, Ltd., and
Ltd., have closed temporarily, owing to the
Board, comprise increases of $11,000,000 in loans and dis- unsettled Chinese situation. The foreign banks are operating
as
esual,..
3264
THE CHRONICLE
[Vol.. 12i1
Hong Kong Associated Press cablegrams on June 22 Eastman, Dillon &LCo. The/bonds were offered at 92
stated:
and interest to yield about 73 % to maturity, the average
4
All Chinese banks in the city were closed today to prevent any runs on yield being
over 9.70% on bonds drawn by lot to 1935
the institutions. Strongly armed guards were posted at the bank entrances.
through the operation of the cumulative sinking fund.
The bonds will be dated June 1 1925, will become due June 1
Chinese Extend Ban on Foreign Goods.
1945, and will not be redeemable except for sinking fund
From London June 22 the New York "Journal of Com- prior to June
1 1930. They will be redeemable as a whole
merce" reported the following Associated Press advices:
or in part on 30 days' notice at the option of the Province
The boycott of foreign goods in China is rapidly increasing and is spreading to various centres of the country, according to information received in on June 1 1930, or any interest date thereafter at 102H
official circles here.
to and including June 11935; to and including June 1 1936
Canton agitators are urging that the boycott already applied against at
102, and thereafter at
less each year to and including
British and Japanese goods be extended to American products, it was
reported. This Canton group has also proposed a general twenty-four June 1 1939, and thereafter to maturity at par. The bonds
hour strike as an indication of sympathy with the anti-foreign movement. will be in coupon form in denominations of $1,000 and $500.
Denominations of $1,000 registerable as to principal. InOffering of $10,188,000 Gold Bonds of Province :of terest will be payable June 1 and Dec. 1. Principal and
Santa Fe, Argentina—Issue Sold—Books Closed.
interest will be payable in time of war or peace, irrespective
At 96% and accrued interest, to yield about 7.40% to of the nationality of the holder, at the office of the New
he final maturity, White, Weld & Co. and Dillon, Read & York Trust Co., trustee, in New York City in United
Co. offered on June 25 an issue of $10,188,000 Province of States gold coin of the present standard of weight and
Santa Fe, Argentina, Public Credit External 7% Sinking fineness without deduction for any Austrian taxes, present
Fund Gold bonds. The books were closed at 3 p. m. on the or future. The sinking fund provisions provide:
Beginning Dec. 1 1925 a sinking fund of $118,000 per annum plus sums
day of their opening, the issue having been over-subscribed. equal to
the interest accruing
previously acquired for the
The bonds bear date Sept. 1 1924 and will mature Sept. 1 sinking fund will be applied toon all bonds drawings by lot at par and
semi-annual
annum, cumulative, oper- accrued interest up to June 1 1935; thereaf.er and until maturity In 1945.
1942. A sinking fund of 3% per
bonds will be
ates semi-annually by drawings by lot in February and purchases in retired :through the operation of this sinking fund either by
the open
par or by drawings at
August for the retirement of the bonds at 100% on the inter- par. The sinking fundmarket if obtainable below one-third of the bonds
is sufficient to retire over
by lot in this period.
est date following each drawing; first retirement Sept. 1 1925.
Regarding the purposes of the issue, it is announced:
It is stated that as the sinking fund may be increased at the
The proceeds derived from the sale of the bond Issue will be used (1) for
option of the Province, additional bonds may be redeemed
developing the properties of the hydro-electric and coal companies in
at 100% on any interest date.
which the Province owns important interests; (2) for loans to the ProThe bonds, coupon, are in denominations of $1,000 and vincial Mortgage Bank, which will in turn make loans on first mortgages,
$500. Interest will be payable March 1 and Sept. 1. Prin- for the further development of agriculture; (3) for the enlargement and
better equipment of the famous
place of Bad
cipal and interest will be payable in New York at the Chat- Hall,owned by the Province, which sanatorium and bathing the Province's
should materially increase
"Phenix National Bank & Trust Co., fiscal agent, in revenues therefrom; (4) and for other purposes of a distinctly productive
ham
United States gold coin of the present standard of weight character.a The expenditure of the full proceeds of the loan will be supervised by
representative of the bankers underwriting this loan, who
and fineness, or, at the option of the holder, in Argentine must countersign all withdrawals.
national currency atIpar of exchange (2.355 pesos to the
As to the security, we quote as follows from the offering
dollar). The bonds are exempt from all Argentine taxes, circular:
present and future, when held/by others than residents or
These bonds will be a direct obligation of the Province of Upper Austria
citizens of the Argentine. The Central Union Trust Co. and will have priority over all existing or future loans or obligations, and
in addition they will be specifically secured by: (1) A first charge on the
of New York is registrar.
revenues derived from the real estate tax and such part of the province's
Information obtained, partly by cable, from Dr. Felix proportionate share of Federal taxes as will, when added to the real estate
Roca, Minister of Finance of the Province, and partly from tax, amount to three times interest and sinking fund requirements. These
two items amounted to over $1,400,000
official and other sources, is presented in the offering circu- the fundamental tax of the province. in 1924 The real estate tax is
It is of long standing, and before
the war yielded regularly over $1,200,000. This tax is similar to real
lar, from which we take the following:
Security.
These bonds are the direct obligation of the Province of Santa Fe, Argentina, authorized by law of Dec. 26 1922. They are specifically secured,
equally with the authorized balance of bonds outstanding and issuable
under the law (about 4.352,800 pesos or $1,847.700 face amount), by a first
lien and charge on the provincial taxes on alcoholic beverages and on
tobacco, originally imposed in 1921. The yield of these taxes is reported as
follows:
Equivalent in
Yield in
Year Ended
December 31
U. S. Dollars.
Argentine Pesos.
1924
6,143.000 11.
$2,607,000
2,618,740
1923
6.169,000
2,440,875
1922
5,750.000 111
The annual yield of the pledged taxes during the past three years has averaged $2,555,500, or about one and three-quarters times the annual charge
tor interest and sinking fund of all bonds authorized under this law.
The pledged taxes are to be deposited weekly In a special account in the
Banca de la Nacion Argentina, until an amount sufficient to meet each
semi-annual charge for interest and sinking fund on such bonds has been
accumulated. The law prohibits the diversion of these funds to any other
estate taxes in America and takes precedence over first mortgages and all
other liens against assessed property. (2i A first closed mortgage consisting
of a direct lien on real estate now owned by the province, conservatively
valued at over $13,000,000; (3) the obligation of the Provincial
Mortgage
Bank secured by first mortgages on farm property specifically
pledged
under this loan, covering the full amount of the funds of the loan received
by the Provincial Mortgage Bank; (4) the pledge of
the province's entire
stock holdings in certain hyro-electric and industrial companies operating
In the province, such holdings being conservatively estimated to
be worth
$1,500,000.
From the same source we take the following:
The Austrian Minister of Finance has written in his letter of June
18:
"The Austrian Government has given approval to the Province
of Upper
Austria to the making of a loan in dollars, and will make no
objection
against the purchase of dollar exchange; and also, the export of
dollars is
under no prohibition."
Province of Upper Austria.
The Province of Upper Austria, an autonomous state of the Austrian
Republic, is one of the oldest political units In Central Europe,
existing
before the formation of the Austro-Hungarian Empire. The
province
has an area of 4.700 square miles, and a population of
870.000 inhabitants
purpose.
of almost pure Germanic stock, well educated, and highly
skilled in agriPurpose of Issue.
culture, industry and commerce. It is the chief agricultural
province of
these bonds provides that the proceeds thereof shall Austria and also ranks high in industry
I The law authorizing
and commerce. About two-thirds
be employed in the construction ofroads, bridges,cold storage plant,schools, of the people are engaged in agriculture
and one-third in industry. Prinand other public works and in the payment of floating debt.
cipal industries are wood working plants, paper mills and iron
and steel
works. The province is served by several of the main trunk lines of
Provincial Finances.
Austria
The revenues of the Province have steadily increased from 14,840,486 which in turn constitute important links in the international railway
pesos in 1917 to 33,995,000 pesos in 1924. The total debt of the Province system of Central Europe. The estimated valuation of the land (excluding
as of Dec.311924.including these bonds,is equivalent to about $46,513,750 the value of improvements) of the province is $212,000,000, as compared
with total debt, including this loan, of only slightly over
U.S.),or about $40 per capita.
$5,000,000.
The conversions from Argentine national/currency into
Finance
The Province of Upper Austria has at present no external debt
U. S. dollars have been made at par of exchange, 42.45 cents
and its
internal debt Is small and unimportant, aggregating only
about $5,400.
to the peso. The current rate of exchange is/about 40.5 expressed in American currency.
The finances of the province are well
cents to the peso. The bonds were offered for delivery when, administered, and while budget deficits occurred for the first few years
as and if issued and received, and subject to the approval of following the war, the province has succeeded in balancing its budget, and
in both 1923 and 1924 showed a
counsel. Pending preparation of theldefinitive bonds, in- from all sources were $2,918,950,surplus. The province's revenues in 1924
equivalent to more than six times interest
terim receipts or temporary bonds will be/delivered. Ap- and sinking fund charges of its entire debt.
plication will be made in due course torist these bonds on
Pointing out that the Austrian currency is the Austrian
the New York Stock Exchange.
schilling worth 143 cents United States currency, it is stated
that in converting from Austrian currency to United States
• Offering of $5,000,000 Gold Bonds:of Province:ofjUpper currency, this rate of exchange has been
used. Application
Austria (Austria).
will be made to list the bonds on the New York Stock
An issue of $5,000,000 Province of Upper Austria(Austria) Exchange.
external secured sinking fund 7% gold &bonds was offered
The bonds were offered for delivery when, as and if issued
on June 23 by a syndicate composed of Blyth, Witter & Co.; and received by us and subject to approval of counsel. It
Baker, Kellogg & Co., Inc4Morgan, Livermore & Co., and is anticipated that trustee's interim receipts will be available
JUNE 27 1925.]
THE CHRONICLE
for delivery about July 1. The proposed offering was
referred to in our issue of a week ago, page 3137.
3265
amount not
vania, the District of Columbia and all other States in an
denomiexceeding 5 mills on the dollar in any one year. Coupon notes in
as a
nation of $1,000 and $500. registerable as to principal. Redeemable
102% and inwhole or in part on any interest date on 60 days' notice at
1931
June 1
terest prior to June 1 1930, the premium to be reduced H% on
and on the first day of June of each succeding year.
Offering of $800,000 Bonds of San Antonio Joint Stock
Land Bank.
The Fidelity Trust Co., Baltimore, Md., is trustee.
An offering of $800,000 5% farm loan/bonds of the San
Paul B. Leonard, President of the Guaranty Company of
Antonio Joint Stock Land Bank, at'103 Wand-interest to Maryland, summarizes from his letter to the syndicate
yield 4.53% to 1934 and 5% thereafter ..,was announced certain features, a part of which we give herewith:
"commercial bankyesterday (June 26) by Hayden, Stone & Co. and Stevenson,
Business.—The business of the company is known as
is the third
Perry, Stacy & Co. The bonds are dated November 1 1924, ing," and has been successfully operated since May 1917. It
commercial banking companies with headquarters
will run until Novenber 1 1954, and will be redeemable at largest of the so-called
is purchasing of open comin Baltimore. The business of the company
and installment
100 and accrued interest on November 1 1934 or any interest mercial accounts, acceptances, drafts, notes receivablerepurchase agreeor
date thereafter. Coupon Bonds and fully registered Bonds, Hen obligations secured by endorsement guarantee,have been purchased
ment of the firm or corporation from whom they
interchangeable, they are in denominations of $10,000, and(or) by substantial margin or lien. The Guaranty Company of Mary$5,000, $1,000 and $500. Principal and semi-annual interest land makes payment for about 80% of the accounts, notes, &c., at the
paid as the accounts are collected.
(May 1 and November 1) will be payable at The National time of purchase, the balance beingfrom the sale of this issue will be used
of Issue.—The proceeds
New York City, or at The San Antonio Joint toPurposecurrent bank loans and for additional working funds. The comPark Bank,
reduce
long
Stock Land Bank,San Antonio, Texas. The bonds are issued pany will thus be enabled to replace its bank loans with bank term maturilines for the
have large unused
rate, and will
under the Federal Farm Loan Act and are as completely ties at a settled new business. thus
development of
obligation of the Guartax-exempt as the first Liberty Loan 3M% bonds. They
Security.—The notes above offered are a direct
open
are Legal Investments for all Fiduciary and Trust Funds anty Company of Maryland and are secured by self-liquidating
notes or installment liens or mortgaged
under the jurisdiction of the Federal Government and accept- accounts, acceptances, drafts,
of $121:r
at the rate
obligations deposited with or assigned to the trustee
able at par as security for Postal Savings Funds. The for such open commercial accounts, &c., and(or) by $100 of cash or securiin the State of New York for each
present issue is we learn additional to the $1,000,000 issue ties acceptable for savings bank funds above and then outstanding. The
offered
of bonds of the San Antonio Joint Stock Land Bank, also $100 of the total of the notes therefore be as follows:
security behind these notes will
with trustee" over
dated Nov. 1 1924, and referred to in these columns on
1. A margin of 20% in value of collateral "pledged
where cash or securities'
Feb. 14 1925, page 775. The following are the loan statistics and above the amount of notes outstanding (except
are pledged).
of the bank, as of May 31 1925.
from borrowing in
2. Under this indenture the company is prohibited
Acres of real estate security
Net mortgage loans (gross loans $8,143,505)
Appraised value of land
Appraised value of improvements
772,495
$7,967,170
$17,818,674
1,420,606
$19,239,280
Average appraised value per acre
24.91
10.31
Average amount loaned per acre
Percentage of loans to appraised value of security
41.42%
95%
Percentage of loans in Texas
Percentage of loans in Oklahoma
The bank operates in the States of Texas and Oklahoma.
Offering of Bonds of Greenbrier Joint Stock Land
Bank.
C. F. Childs & Co. announced on June 24 an offering of
$400,000 5% farm loan bonds of the Greenbrier Joint Stock
Land Bank of Virginia and West Virginia at 10334 and
interest. To yield approximately 4.55% to the optional
date and 5% thereafter. Dated October 1 1924, and due
Oct. 1 1964, the bonds will be redeemable at par and interest
on October 1 1934, or on any interest date thereafter. They
are Coupon bonds of $1,000 denomination, fully registerable
and interchangeable. Principal and semi-annual interest
April 1-October 1 will be payable at the Chatham & Phenix
National Bank and Trust Company of New York City and
office of The Greenbrier Joint Stock Land Bank, Lewisburg,
West Virginia. The bonds are issued under the Federal
Farm Loan Act and are exempt from State, Municipal and
local taxation. Loans of the bank are confined to the
"Blue Grass" region of Virginia and West Virginia, comprising forty-nine counties. H. W. Comstock, President,
claims the distinction of making the first loan in the entire
Joint Stock System for the Virginian Joint Stock Land Bank
of Charleston, W. Va., of which he is a director. H. F.
Hunter, Secretary and Treasurer, is the President of the
State Bank of Greenbrier. The two land banks are associated through interlocking directors. An analysis of the
loans of the Greenbrier Joint Stock Land Bank as of June
15 1925 is furnished as follows:
Average amount loaned per farm
Average number of acres per farm
Average appraised value per acre
Average amount loaned per acre
Percentage of amount loaned to appraiser's value
$5,760.00
201
77.64
28.69
36.95%
surplus and unexcess of three and one-half times its combined capital,
all times a minidivided profits. The effect of this is that there will be at
profits.
mum margin of over 2814% in capital, surplus and undivided contain the
guarantee or
3. The collateral will bear the endorsement or
obligations were
repurchase agreement of the customer from whom the
purchased.
self-liquidating, and the
4. The assets of the company are practically
less. The capital
average life of the receivables purchased is four months or
April 30 1925
and surplus of the Guaranty Company of Maryland as of date
amounts to $1.693,864 31.
approximately 75%
5. Open commercial accounts receivable comprise
These accounts
of the total commercial paper purchased by the company.
sixteen separate
during 1924 were purchased from companies engaged in
affords substantial
and distinct lines of industry. This wide diversification
added protection.
stocks of the Guaranty
Equity and Dividends.—The outstanding capital
let preferred
Company of Maryland are as follows: 7% cumulative
$703,300: common
stock, $703.300: 8% cumulative 2d preferred stock,
These dividend
stock (without nominal or par value), 53,180 shares.
31rand!are junior to
paying shares represent equity of about $1,693,864
this issue and to all other obligations of the company.
James S. Alexander, of National Bank'offCommerce in
New York, on Growth in Time Deposits and
Increase in Investments—Fear of Impairment
of Reserve Bank System Through Criticism.
The keen competition which existsTamong commercial
banks for time deposits was referred to7by/James S. Alexander, Chairman of the Board of the NationatBank of Commerce in New York, in addressing atlIthaca,1 N. Y., on
June 23 the annual convention of the NevilYorkl(State
Bankers' Association, attention being called/to theTfact in
the past ten years time deposits of national banks have
increased nearly 350%, while demand deposits have increased about 85%. He added:
of capital
During the same period there has occurred a significant growth
on real estate
loans and investments of commercial banks. While loans
of commercial
mortgages still represent a small proportion of total loans
marked.
banks, the rate of increase during the last five years has been very
During
Of more significance, however, is the increase in the investments.
banks has increased
the last ten years the ratio of investments of national
is not limited
from 17% of total assets to 23%. This latter development
percentage of
to the last ten years, to be sure. The gradual growth of the
bank funds placed in investments has been going on for many years.
Presenting the question as to whether "the change in relative volume of time deposits and investments mean that we
are making a departure that calls for some consideration,
Mr. Alexander said:
In quoting figures for growth of time deposits a moment ago I gave you
the figures for national banks as a whole. Had I given you the figures
for New York and New England alone they would have shown an even
more striking development. What we have really been witnessing in some
cases is the development of a hybrid bank,or two banks under the same roof.
I do not believe that this change necessarily indicates an unwise departure.
Whether the departure is wise, I think, depends upon the clearness of the
distinction made between the two types of funds and the disposition of each.
It should be clearly borne in mind that we are engaged in two kinds of
banking, and that the funds in each division should be lent upon different
Principles. As you know. in some States the law requires that savings
funds and commercial funds be physically segregated. I do not believe
it is necessary that these funds be physically segregated, but in the interest
of sound banking they should be mentally segregated for commercial and
Investment purposes. I am not an advocate of much regulation in banking.
In Great Britain, where banking is ably conducted, the banks operate under
nractically no legal restriction. Unless there is to be legal restrictions,
however, the banks must see to it that no such restriction is necessary. If
Company agrees to reimburse the holders of these notes, if requested, banks will fully recognize the nature of the change that is coming about
the new development need nci
within 60 days after payment for the security tax in Maryland, Pennsyl- and will admin:ster the funds accordingly,
Offering of $1,000,000 Gold;Notes of the Guaranty
Company of Maryland.
John P. Baer & Co. of Baltimore, Paul & Co. of Philadelphia and Kelley, Drayton & Converse of New York
offered on June 23 $1,000,000 10-year 6% collateral trust
sinking fund gold notes of the Guaranty Company of Maryland, a Delaware corporation. The offering price was
9834 and interest, yielding about 6.20%. The notes will
be dated June 1 1925 and will mature June 1 1935. Interest
will be payable at the Fidelity Trust Co., Baltimore, Md.,
semi-annually, Dec. 1 and June 1, without deduction for
normal Federal income tax up to 2%. Regarding the notes,
the official circular says:
3266
THE CHRONICLE
occasion any departure from sound banking and may contribute to an
important enlargement of the bank's services to the community.
There is another development in connection with the growth of time
deposits. however. that calls for serious consideration. I refer to the
competition of the commercial banks with each other and with savings
banks for time deposits, and in this connection I would mention also the
competition among commercial banks for demand deposits. The most
important consideration for the banker both for himself and for the client
whose money he is using is the safety of the funds. If funds are to be
safely placed there should exist no influence tending toward lending money
at interest rates not consistent with safety, and this principle applies not
only to commercial loans and loans upon mortgage, but also to investments
in securities. If the banker is paying a higher rate for his money than is
consistent with the profitable placing of that money in sound investments
he is necessarily subject to influences tending to the acceptance of investments that are not first class. If money is to be invested under proper
restrictions as to security, therefore, it Is important that the money shall not
have cost the banker more than it is worth. Since one of the starting
points in unsound banking is the payment of too high deposit rates, the
banker must set his face rigidly against such payment.
The problem of competition for deposits has not been limited to the
country banker. In large cities, not only in this country but abroad.
banks have had to face this problem. Whenever competition has become
too acute it has been necessary for the bankers to revert to sound practice
through concerted action.
This question is not simply one of banking profits; it is much larger than
that. It is a question of banking ethics that goes to the root of sound
banking. Bankers owe it not only to themselves and to those whose money
they use, but also to the communities which they serve that banking be
maintained upon a plane which shall be safe and which shall not stimulate
unwise or unprofitable business enterprise. It Is the duty of the bankers,
therefore, in any community where competition for deposits has become
serious to get together and to solve the problem.
The subject of Mr. Alexander's address was "Our Increased
Financial Power—Some Problems and Responsibilities
Arising Therefrom." In his discussion he observed that
"since the opening of the Great War there have occurred
three developments of outstanding importance in American
banking. They are: the putting into full operation of our
Federal Reserve System, the change in our gold holdings,
and the reversal of the debtor relation of America with the
rest of the world." "The net effect of these three great
developments," he said, "has been to bring about a vast
enlargement of our financial power which has correspondingly
strengthened our banking position at home and has to an
mportant extent revolutionized our financial relations with
the rest of the world." Mr. Alexander referred to criticisms
which have been directed toward the Federal Reserve System, stating that "in recent months the volume of this has
been growing and to-day it has attained a magnitude that
raises in the minds of some students of banking fears of legislation that may impair the efficiency and strength of the
system." He added:
An important part of the criticism comes from within the banking system
Itself. The existence of these criticisms is, I believe, a serious matter because
many of those making them are in a position to be informed and therefore
necessarily exercise a considerable influence upon the thinking of the
business community.
I do not suggest that the Federal Reserve System should be freed of
constructive criticisms, nor that changes in the system may not prove
beneficial. In considering possible changes in our reserve system we should
recognize the dangers always possible when a great financial institution
becomes a matter of legislative alteration. Banking organization is an
intricate mechanism, which, because of its intricacy cannot be fully grasped
by the great mass of the people. The very impossibility of a wide understanding of the banking system leaves it open to more or less unsuccessful
attacks. Moreover, the fact that banking stands in the popular mind as
one of the principal elements in large wealth makes It a favorite source
of political capital. Once the institution is under fire the considerations
of real merits may be lost in the cloud of political controversy.
The Federal Reserve System has been soundly organized and for the most
part ably managed. Without the added strength which this system has
given to our banking power it would be impossible to meet the vastly
enlarged responsibilities that are placed upon American banking to-day.
If the system heeds important changes, let these proposals receive
the careful consideration that they require. Let us remember, however.
that we are dealing with a very intricate institution and one whose full
efficiency and power are absolutely essential to the development and
protection of American industry.
In declaring that the charters of the Federal Reserve banks
ought to be renewed in due time as a matter of course,
Mr. Alexander said:
The Federal Reserve banks have now been in operation about ten years.
The present charters run for another ten years. Already the question of
of the renewal of these charters is being discussed. In view of the services
which the Federal Reserve System has already rendered and the indispensable place which it now occupies in our business and financial life, the
system clearly deserves the most loyal support of business and banking
institutions, and the renewal of charters in due time ought to come as a
matter of course.
Arthur W. Loasby of Equitable Trust Co. of New York
on Cost Accounting as Applied to Banks.
In a discussion of "Cost Accounting as Applied to Banks,"
before the New York State Bankers' Association in convention at Ithaca, N. Y., on June 22, Arthur W. Loasby,
President of the Equitable Trust Co. of New York, stated
that "notwithstanding the fact that banks are now giving
a variety of services unheard of a few years ago, they are
getting less in return from the depositor than they did 30
years ago when they were mere lenders of money. This
1241.
statement is by no means theoretical. We have only to
analyze our earnings statements to-day in comparison with
those of 30 years ago, to find that a radical change has taken
place in the ratio of net to gross earnings in banks. Net
earnings have gradually decreased from one-third of gross
earnings to approximately one-quarter." Mr. Loasby stated
that "we are constantly telling our customers how broad
and comprehensive our service is, but we have been saying
nothing about the added expense of maintaining these
services. The customer has grown accustomed to having
unusual things done for him by banks, and he feels that a
fair balance with his bank is ample compensation for what
his bank in turn does for him. I sometimes feel," he added,
"that this straining for new customers against formidable
competition and holding out as an inducement some extra
degree of service has in it some of the unsound principles
of the tipping system, whereby one party gained a temporary
advantage by giving a little more than his fellows and
consequently established a dangerous precedent which later
became a general practice." In part Mr. Loasby also said:
Merchants and manufacturers found out years ago that it was highly
essential for them to know the exact cost of production before they could
work intelligently on price lists, figure trade discounts, allot salesmen's
commissions, and finally arrive at a figure which could be regarded as
their net profit.
It was not a profound problem to determine overhead in the early days
of American business. But as business developed from the small one-man
shops to the highly organized institutions of to-day, it became more and
more a problem to fix overhead. Auxiliary departments came into being,
service departments to induce the prospect to buy or to guide the customer
after he had purchased.
Now the problems of the banks are identical with the problems of the
merchants. We haven't had a great deal of respect for the business
ability of customers who did not know exactly their production costs,
yet we who so stress the importance of knowing overhead and advocate
the science of cost accounting in business have been slow in applying the
principle in our own sphere.
Unquestionably, during the past quarter of a century, banks have been
adding heavily to overhead, without much regard for the opposite side
of the ledger.
It is difficult to determine how much extra service has been made necessary by the demands of modern business and how much has been added
in an effort to outstrip our neighbor banks—but a careful checkup of
the many departments in my own institution fails to unearth any departments whose functions could be eliminated without in some way
curtailing our usefulness to our customers.
We have been busily engaged in building up gigantic resources. We
have been keeping step with the great business expansion program, but
we have made no effort to tell business men what this extra banking service
has cost us.
What has been the result of our general lack of regard for the cost of
doing business? Those of us who commenced to analyze the debit and
credit sides of the ledger following the reaction of 1921 suddenly were
confronted with a startling situation.
Declaring that "our operating expenses have not increased
if we deduct from them the amount we pay in interest
to our depositors," Mr. Loasby continued in part:
It is interesting to note also, while we are on the subject of banks earnings
and expenses, that we now pay out of our profits about twice as much to
depositors in interest on their deposits as we pay to our stockholders in
dividends.
In this section of New York State the high rate of interest paid on deposits is a serious banking problem. It is probably the largest item in
your operating cost.
It has a dangerous tendency to force many banks into investments of
a non-liquid character which may lead eventually to serious losses through
depreciation. Another important item of operating cost Is the collection
of out-of-town items. Unless a bank charges its depositors a sufficient
amount of interest the handling of out-of-town items becomes extremely
expensive.
The activity of an account also plays an important part in the final
analysis of costs. While there are other factors which must be considered,
the foregoing items. I believe, are of prime importance.
It is not an easy task to refuse the account of a prospective depositor
or tell an old depositor that his account is not profitable and must be
placed upon a different basis or withdrawn. But, if we do know our cost
of operation and after an analysis of an account find it unprofitable, we
have a perfectly legitimate reason for approaching any business man
even though his average balance has been a substantial one, providing
we
take pains to acquaint him with all of the facts and show him just
why his
account is costing the bank money rather than showing a fair profit.
Now, many of you have your own methods of determining costs,
and
I have no desire to upset any of your methods or to intimate that
my
plans are better or more complete, but I shall try to outline
briefly how
we operate our analysis department and what it accomplishes
in the hope
that you may possibly profit by my remarks.
The analysis or cost accounting department in my bank operates
on the
recognized principle that each item entered on our books entails additional
expense. The size of a man's average balance in relation to
the number
of items handled for him, while very important, is only one of a number of
factors which govern our final decision regarding the status of
his business.
For example, there are to be considered also the profile on other
accounts
carried by the depositor in his name, the profit on business carried
in other
departments, the profit on accounts introduced or controlled by the
depositor and the profit on business carried in our branch offices. On the
other side of the ledger we scrutinize carefully such items as the expense
of work done at a loss in other departments, expense of printing checks, or
work done at a loss in any of our branches.
When an otherwise desirable account is showing our bank a loss, we
generally try to place the account on a profitable basis by one of the following
means—by requesting the depositor to increase his average balance, or if
this plan is not feasible, to decrease the activity in the account. In many
instances a lessening of the activity in an account is not possible because
most business men draw checks and deposit items as their own business
activity dictates. In instances of this kind, our final resort Is to suggest
a reduction or discontinuance of interest and generally speaking this plan
JUNE 27 1925.]
THE CHRONICLE
3267
United
borrowing decision is to be taken by Mr. Stoneham to the
is acceptable when the others are not considered practicable. Our
are analyzed every month and ordinary balances at least twice a States Supreme Court.
accounts
by a
year and contrary to the popular opinion that the work is conducted
According to the New York "World" of June 12, another
a comparatively
corps of high priced experts, it is really accomplished by
decision by the Circuit Court of Appeals narrowed the
who have been specially trained for the work.
small group of employees
major scope of action by creditors who originally sought to have
I have been asked if cost accounting can be applied to the other
divisions of a modern bank. It can, but the methods employed should Stoneham adjudged a general partner of the Fuller firm and
banking department
be modified to fit the circumstances. In our general
the other members. Such a petition
we pay our customers for the use of their funds—we pay them annually, a bankrupt with
pointed out, twice the amount we pay to our stockholders, so brought by creditors had been denied by Judge Hand, and
as I have
that you can readily appreciate how necessary it is to definitely determine this denial was unanimously affirmed by the Court of Appeals
how much we can afford to pay on each average balance. The conditions
are different in the other departments, where our profits are determined on June 11.
by the fees we ask for our services and the aroount we are willing to spend
Judge Hand's ruling in December last that Mr.Stoneham
on department operating expense. I will take as an example our trust
silent partner in the Fuller
the evolution must prove that he was not a
department and since we have gone back 25 years to indicate
page
business, let us apply approximately firm was noted in the "Chronicle" of Dec. 20, 1924,
of methods in our general banking
the same measure of time to our trust department problems.
2829.
Corporate trusts 25 or 30 years ago were handled by the few trust companies then existing and they received very substantial fees for their services.
Brokers' Loans—Total EstiPersonal trust business was also very profitable. The estates, though few, New York Stock Exchange
were large, the cost of handling the business low and the statutory fees
mated $100,000,000 Up, but Well Below
afforded ample compensa on.
Peak in March.
But in 1895 there were only approximately 228 trust companies in the
country and five years later this number had more than doubled. TwentyThe following is from the "Wall Street Journal" of June 23:
five years later the total number of trust companies had increased to over
Wall Street brokers' loans show a gain of approximately $100.000.000
2.500. This remarkable increase meant a more or less acute scramble for in the past month, the total now being estimated at $1,850.000.000. On
trust business. New companies were organizing trust departments hurried- May 23 the estimated total was $1.750.000.000. The present figure is
ly and soliciting both corporate and personal business without realizing about $250,000,000 under the high point of $2.100,000.000 on March 6.
banks are satisfying
either the cost of doing business or the responsibilities involved.
While brokers' loans are relatively large, individual
The income tax laws were playing their part also in increasing trust all demands without extensive recourse to the Federal Reserve. The last
department operating expense, adding heavy burdens which could not be report of the system showed rediscounts of 3441964.000. At the high
dispensed with because of the intimate relationship of tax laws with the point in 1919 the total was slightly under $3.000.000,000. Rediscounts in
against more than $900.handling of both individual and corporate trusts.
the New York district are but 3118,257,000, as
The ratio of trust department operating costa to profits was further 000.000 at the high point of 1919.
totals of brokers'
increased in many institutions because these trust services were being used
Following is a compilation showing the estimated
as a bait to attract new business for the banking department, the business borrowings at different periods since July 1924:
$1,750.000,000
fees. I know that a cost analysis in July 14 1924
1924
being handled at totally inadequate
$1,325,000.000 Dec. 31
2,100.000.000
1,330,000.000 Mar. 6 1925
two of the largest New York City trust companies disclosed the fact that July 19 1924
1,800.000.000
Mar.24 1925
1,350.000,000
their personal trust departments and their registry and transfer depart- Aug. 18 1924
1,700.000.000
1,400.000.000 Apr. 3 1925
Sept.22 1924
1,750,000.000
ments were running at substantial losses.
1,475.000,000 May 13 1925
Oct. 7 1924
1,850,000,000
22 1925
cost accounting methods in the trust depart- Nov.10 1924
It was the introduction of
1,600,000.000 June
of some of the large New York trust companies which first checked
ments
the growth of this unsound practice and led subsequently to the gradual
development of a standard scale of fees—a scale offering adequate com-Annual Meeting of Business Organization of
Semi
pensation for the responsibilities assumed and the work involved, yet
Government—President Coolidge on Budget—
enough to allow the trust companies to continue to attract
moderate
Continued Economy Urged.
new business. . . .
We have still another cost accounting problem in our bond department
the
Stating that "in the four years of operation under
are as far reaching as
where the changes in the methods of doing business
annual expenditures [of the Government]
in the general banking and trust divisions.
budget system the
debt has been
I believe it would be a serious mistake to attempt to apply to our bond
have been reduced $2,081,000,000 and the public
business the same accounting methods used in our banking department and
the
which are smoothing decreased $3,426,000,000," President Coolidge, addressing
we haven't recourse to the rate regulating associations
our way in the trust division. For instance, our bond salesmen's salaries semi-annual meeting of the business organization of the
and commissions are carefully related to the gross profits earned, but in
Government in Washington on June 22 told the heads of the
the case of other activities of the department we make no attempt to
statistical depart- Federal departments that "there are still reductions to be
determine the profit per unit. We are glad to have our
ment study the investment lists of prospective customers merely to render made. There are yet wastes to be eliminated." "I expect
a service which we hope will establish valuable good will. It would be a
prosecute a campaign of relentless economy
mistake to base continuance of this work on estimates of the profit realized you," he said,"to
but in the
from answering these inquiries for the profit is of too indirect a nature to to that end, not only in expenditures for 1926,
measure. For our own purposes, we may make computations from time preparation of estimates for 1927." The President stated
to time of the total cost per inquiry, but we do not take these figures too
are not all in, it is estimated that we
seriously or attach undue importance to them. We use them merely to that while the returns
observe trends in expenses.
will end the fiscal year with a surplus of $290,000,000. It is
Again, we spend considerable time in our bond department making
estimated that our surplus for the next fiscal year will
investigations of proposed financing projects, of which a large proportion
that "the way has been preusually do not materialize. This also is work which cannot possibly be reach $290,000,000." Adding
reduced to a unit basis; and even if it could be done, It would be futile to pared for further tax reduction," the President said: "This I
do it. The bond department illustrates therefore the case where it is a
will recommend to the Congress in the next budget message."
mistake to attempt to break up the total profit and loss into small units.
who
In his Ithaca address, Mr. Loasby amplified some remarks
by him on the same subject before the members of Group II
of the New York State Bankers' Association at Rochester,
N. Y., on March 14. At that time Mr. Loasby stated that
"in New York City there has recently been organized a society
of comptrollers and auditors of banks for the purpose of an
exchange of views and experience and a thorough study Of
cost accounting as applied to banks."
Charles A. Stoneham Loses in Appeal From Decision,
Joining Him With Fuller and McGee as a Bankrupt—E. M. Fuller & Co. Case Trustees
Must Yet Prove He Was a
Partner in Firm.
The United States Circuit Court of Appeals on June 11
upheld the decision of Judge Augustus N. Hand, made last
December, granting the petition of creditors that Charles A.
Stoneham, principal owner of the New York National League
Baseball Club (New York "Giants") be joined with Edward
M. Fuller and William F. McGee, former partners in the
defunct brokerage firm of B. M. Fuller & Co. of this city
which failed in June 1922, as an alleged bankrupt. The
effect of the decision, it is said, is to make it necessary for
Mr. Stoneham to defend personally creditors' suits brought
against Fuller & Co. The Federal Circuit Court of Appeals,
it is understood, in upholding this decision of Judge Hand,
did not hold that Mr. Stoneham was in fact a partner in the
former firm of Fuller & Co., as according to the New York
"Times" of June 14 the decision says "it may turn out that
Stoneham never was a partner." An appeal from the
The President declared that "we are seeking to let those
earn money keep more of it for themselves and give less of
it to the Government. This means better business, more of
the comforts of life, general economic improvement, larger
opportunity for education and a greater freedom for all the
people." He further said:
in taxes.
Economy in the cost of government is inseparable from reduction
the
We cannot have the latter without the former. From some sources
drive for economy in Federal
statement has been made that this continuing
how
expenditures is hurting business. I have been unable to determine
has been
reduction in taxes is injurious to business. Each tax reduction
all others
followed by a revival of business. If there is one thing above
takes
that will stimulate business it is tax reduction. If the Government
in Federal
less, private business can have more. If constructive economy
inexpenditures can be assured it will be a stimulation to enterprise and
vestment.
The President expressed it as his desire "that the total of
our expenditures for the coming year, excluding alone the
postal service, be kept within $3,375,000,000. This is $125,000,000 less than our estimated comparable expenditures for
this year." As to the estimates for the fiscal year 1927 he
said: "It will be my effort to keep these estimates within
a total of $3,080,000,000, exclusive of the postal service.
This figure," he continued, "does not contemplate any enlargement of our expenditure program for 1927 over what is
estimated for 1926. It contemplates a shrinkage of this program. To accomplish the objective which I have outlined
for 1927 will require your fullest assistance and co-operation." The President's address follows:
We have met this evening to take counsel together for the purpose of
securing greater efficiency in government by the application of the principles of constructive economy, in order that there may be a reduction of
the burden of taxation now borne by the American people. The object
sought is not merely a cutting down of public expenditures. That is only
the means. Tax reduction is the end.
3268
THE CHRONICLE
The direct beneficiaries are composed of those who file the 9,000,000 tax
returss. The indirect beneficiaries are all the rest of the American
people, who must and do make an indirect contribution to the payment of
the enormous sum of more than $10,000,000 every day in the year which goes
out from the national Treasury. this is nothing more or less than a restriction upon the freedom of the people. This money has to be earned.
Those who have earned it, instead of being able to retain it for their own
benefit, must necessarily turn it over to the Government.
Because this gigantic task is self-imposed, it is none the less a gigantic
task. We are seeking to let those who earn money keep more of it for themselves and give less of it to the Government. This means better business,
more of the comforts of life, general economic improvement, larger opportunity for education, and a greater freedom for all the people. It is in
essence restoring our country to the people of our country. It re-endows
them not only with increased material, but with increased spiritual, values.
It cannot be too often emphasized thai the property of this country belongs to the people of this country. This Government cannot touch a cent
of it save for a public purpose. Government extravagance is not only contrary to the whole teaching of our Constitution, but violates the fundamental conceptions and the very genius of American institutions. It is the
high privilege of the people of this country to spend their own money.
should be marked by the weeding out of those no longer essential. I refer,
of course, to those functions which are within your administrative discretion.
Would Have Federal Government Confine Expenditures to Obligations
of Federal Government and Not Assume State Responsibility.
Unfortunately, the Federal Government has strayed far afield from its
legitimate business. It has trespassed upon fields where there should be no
trespass. If we could confine our Federal expenditures to the legitimate
obligations and functions of the Federal Government a material reduction
would be apparent. But far more important than this would be its effect
upon the fabric of our constitutional form of government which tends to be
gradually weakened and undermined by this encroachment.
The cure for this is not in our hands. It lies with the people. It will
come when they realize the necessity of State assumption of State responsibility. It will come when they realize that the laws under which the
Federal Government hands out contributions to the States is placing upon
them a double burden of taxation—Federal taxation in the first instance to
raise the moneys which the Government donates to the States, and State
taxation in the second instance to meet the extravagances of State expenditures which are tempted by the Federal donations.
This campaign for economy in Federal expenditures has added greatly to
the efficiency of the Federal service. Constructive economy necessarily
Accomplishments Since Adoption of Budget System.
means efficiency. It is constructive economy which we have been preachIt is four years since the holding of the first meeting of the business or- ing and practicing. You have your appropriations for the fiscal year which
ganization of the Government. The Federal budget system had just been will commence in a few days. You have already prepared your expendiestablished and we met to dedicate our services to its successful opera- ture programs, and I trust that you have not overlooked the setting up of a
tion and to reduce the cost of Government.
reserve to meet unanticipated or emergent requirements. Remember always
That first meeting was held at the end of the fiscal year 1921. During that every dollar you save will add to the prospective surplus.
that fiscal year our expenditures, exclusive of the moneys applied to the
Woukl Keep Coming Year's Expenditures Within $3,375,000,000.
reduction of the public debt and the operations of the postal service,
It is my desire that the total of our expenditures for the coming year,
amounted to $6,116,000,000. Our public debt then amounted to $23,977,000,- excluding
alone the postal service, be kept within $3,375,000,000. This is
000. We are now nearing the close of the fiscal year 1925. The expendi$125,000,000 less than our estimated comparable expenditures for this year.
tures for this fiscal year will amount in round figures to $3,035,000,000, Keep before
you always the fact that we are not practicing economy for
and the public debt will stand at approximately $20,551,000,000.
economy's sake, but for the sole purpose of reducing the tax burden of the
In the four years of operation under the budget system the annual expen- people.
Keep in mind how heroically they bore the enormous burden of
ditures have been reduced $2,081,000,000 and the public debt has been de- war taxes.
Keep in mind the sacrifices which this required.
creased $3,426,000,000. This shows concretely what has been accomplished
During the period from April 6 1917 to June 30 1920 the people paid in
by the joint effort of the executive and legislative branches of our Govern- extraordinary
war taxes alone more than ten and one-half billions of dollars.
ment. It is an accomplishment which has further tested our institutions. This was
nearly one-third of our total extraordinary war expenditures for the
It is an accomplishment which justifies the abiding faith of the people in same
period, which amounted to approximately $33,600,000,000. And they
our form of representative government. rull measure of credit is due the
loaned to the Government the remaining $23,000,000,000. This was only
Congress, which, as representing the people, has supported and aided the
the commencement of their sacrifices. The burden of war taxes, though
executive budget.
materially lessened in these last four years, is still with the people. Let us
The history of public affairs will hardly show a parallel case of retrenchcontniue in our resolution to afford them every relief possible.
ment in the cost of government. Nor will such history show a more worthy
Greater ultimate economy in Federal expenditures can sometimes be atmotive. Back of this tireless, persistent and drastic campaign for constructained by larger annual outlays on some of our existing projects. In fact,
tive economy in Federal expenditure has been the relief of the people of
greater ultimate economy can in some instances be attained by undertaking
this nation from a great burden of taxation. It has been successful. Taxes new
projects. I do not advocate the withholding of additional outlays on
have been reduced. The burden of the people has been materially lightened.
projects essential to the best interests of the Government. But our present
objective is the relief of the taxpayers of to-day, and any proposed increase
Way Prepared for Further Tax Reductions.
But the reduction has not yet reached the point where taxes have ceased of annual outlays on existing projects or any undertaking of new projects
to be a burden. It is to the reaching of this point that our efforts must be should be scrutinized with this objective in mind, and every doubt should
directed. While the returns are not all in, it is estimated that we will end be resolved in favor of the taxpayer of to-day who is carrying the burden
this fiscal year with a surplus of $200,000,000. It is estimated that our of war taxes.
For the next fiscal year the fixed public debt charges will be about
surplus for the next fiscal year will reach $290,000,000. The way has been
prepared for further tax reduction. This I will recommend to the Congress $1,315,000,000. Our other fixed charges, the amounts of which cannot be
decreased by administrative action, will approximate more than $900,000,in the next budget message.
Economy in the cost of government is inseparable from reduction in 000. This shows that of our total estimated expenditures for 1926, $3,376,taxes. We cannot have the latter without the former. From some sources 000,000, only approximately $1,160,000,000, or about one-third of the total,
the statement has been made that this continuing drive for economy in Is involved in the expenditures over which we exercise administrative conFederal expenditures is hurting business. I have been unable to determine trol. It will require your best efforts to hold the expenditures for next year
within the limitation which I have mentioned.
how reduction in taxes is injurious to business.
Estimates for 1927.
Tax Reduction and Revival of Business.
The estimates for the fiscal year 1927 are our next consideration. It will
Each tax reduction has been followed by a revival of business. If there
be my effort to hold these estimates within a total of $3,080,000,000, excluis one thing above all others that will stimulate business it is tax reduction.
If the Government takes less, private business can have more. If construc- sive of the postal service. This figure does not contemplate any enlargetive economy in Federal expenditure can be assured it will be a stimulation ment of our expenditure program for 1927 over what is estimated for 1926.
It contemplates a shrinkage of this program. To accomplish the objective
to enterprise and investment.
We adopted the principle of orderly funding and generous retirement of which I have outlined for 1927 will require your fullest assistance and cothe huge public debt left us as a legacy of the war. In the last three fiscal operation.
Scrutinize carefully each item of your estimates before you submit them
years the reduction has been $2,726,000,000, and it is probable that the
fiscal year just closing will show a further reduction of $700,000,000, a to the Director of the Bureau of the Budget. We are waging a fight for
the taxpayers. We are nearing the time when constructive economy in the
total of $3,426,000,000. Interest paid in the year 1921 was $1,000,000,000,
but interest this year will be only $870,000,000, or a saving of $130,000,- business of government will not find a reflection in continuing lessening
yearly outlays. But the necessity for constructive economy in our opera000 a year. Here is a direct saving which is plain to every one.
Let us see the part which orderly management had in effecting this sav- tions will ever be with us. Its enforcement is our privilege and duty,
because thereby we serve the people.
ing. Our sound debt policy had progressively strengthened the credit of our
I would like you to give most careful consideration to the matter of perTreasury. Bonds which in 1921 were selling much below par are to-day
selling well above. As the price of our securities goes up, the interest rate sonnel. On June 30 1915 there were approximately 440,000 employees in the
executive civil service. On June 30 1921 the total number in the executive
which we must pay on new flotations declines. This month the Treasury
civil service
offered a 3% one-year certificate on which the subscriptions were nearly from 1915 was 554,986, an increase of nearly 115,000 in the nine years
to 1924. Of this increase 46,000 was in the postal service. I am
four times the amount of the offering.
not unmindful of the fact that the annual percentage of increase in the
executive civil service for the two decades ended June 30 1915 exceeded that
Decrease in Interest Payments.
Of $130,000,000 of decrease in interest payments between 1921 and 1925, for the following nine years. The comparison is 5.2% for the former period
part of the saving came because there are less bonds outstanding upon which as against 2.9% for the latter. This, however, does not mean that we need
interest must be paid. Over thirty minion of this decrease is due to the give no attention to the personnel now in the public service. I do not advolower interest rates paid on our securities. These lower rates are the result cate an undermanned public service. This would be false economy and disof improved credit, secured by the orderly management of our fiscal af- astrous in its results. I do, however, advocate and desire the closest superfairs. Thirty million dollars a year is good pay for a sound policy. It shows vision over your personnel requirements so that any surplusage may be
prevented.
how orderly management gces hand in hand with economy.
Before turning this meeting over to General Lord, the Director of the
Four years of effort have been marked by four years of accomplishment.
Bureau of the Budget, I wish to restate my faith in the ability, resourcefulThey have been years of toil, but have yielded a full harvest. You are
justly entitled to a reward for your labors. What reward could be greater ness and courage of the personnel of the Federal service. I wish to restate
than the relief which has been given the taxpayers and the prospect for their my faith in your whole-hearted efforts to continue the campaign which we
further relief? What reward could be greater than their faith in you? have been prosecuting these last four years. That we have accomplished
There can be no interruption in this effort for constructive economy in the what we have, and the record is most commendable, we have to thank you.
Federal business. To this we are dedicated. It is an effort to enrich the The Chief Executive may preach economy, but unless the people in the service practice it the preaching is in vain.
lives of the people we serve. There could be no nobler purpose.
Ours is a Government of the people. To conduct the business of GovernReductions Still to Be Made.
ment so as to bring the greatest possible benefit to the people is to honor
There are still reductions to be made. There are yet wastes to be
elimour constitutional obligations. Constructive economy in the business of inated. I expect you to prosecute
a campaign of relentless economy to that
government is for the benefit of the people.
end, not only in expenditures for 1926 but in the preparation of
estimates for
We are fast reaching the time when we cannot look forward to appreciable 1927. I am convinced that
this way lies the welfare of the people of this
reduction in the legitimate cost of government. This nation is growing, and country. Fidelity to our oaths of office
admits of no other course. Wastrels,
in the normal course of events we must face a gradual expansion of its careless administrators
of the Government's substance, are out of place in
legitimate business, but increasing resources and numbers will leave the the Federal service. They will
not be tolerated.
burden on each of us diminished. Even greater watchfulness, greater care
If this policy means sacrifice, it is sacrifice for the beneft of 115,000,000
over our expenditures, must be exercised successfully to continue this cam- people. Their hiterests
are paramount. Criticism by a few, who look
paign. The task is becoming more difficult, but the more difficult the askance at drastic
paring down of spending, has little weight In the scale
task the greater is the reward of success.
against the spontaneous commendation of the millions of people who have
In this great business of the Government we are undoubtedly continuing had brought to them
with unmistakable clearness the result of such economy.
activities which are no longer essential or productive. The undertaking And, similarly, the strongly
urged desires of a class should have little weight
of new projects or lines of effort made essential by changing conditions with you if adverse
to the interests of the whole people.
JUNE 271925.]
THE CHRONICLE
I wish also to commend to you the efforts of the co-ordinating agencies of
the Chief Executive, including the various interdepartmental co-ordinating
boards. These agencies are applying constructive co-ordination to the vast
routine business of the Government. The many Federal business associations
,
scattered throughout the country are al o applying constructive effort and
co-operation to the work devolving upon them in the field services outside
of Washington.
It is a great work that you have been doing. It is a great privilege that
has come to you. To carry on the World War the people had to abdicate:
The control of their property and even of their persons had to be entrusted
to the Government. We are engaged in the restoration, the return of the
property, the freeing of the person. You will meet those who scoff at it,
who cannot see and who do not know, rabid partisans who think they can
advance their cause by perverting the truth to the injury of their fellow.
countrymen. But the great body of the people see and know. Their gratitude is yours.
You are not engaged in something unimportant, but rather in a great
crusade. You have made mighty progress. But not until you are done will
American opportunity again belong entirely to American youth, or the
restraints and servitudes be removed which will leave America entirely free.
Your efforts are for the restoration, for the assistance of the fathers and
mothers, for the relief of the children of the land, for the welfare of your
country. The future progress of this nation, its ability to maintain our
domestic prosperity, its ability te do our share in the advancement of the
civilization of the world, depend upon your steadfastness and your courage.
You must not, cannot fail.
I will now turn this meeting over to General Lord, the Director of the
Bureau of the Budget. You have no better friend, no more faithful adviser
in your efforts for efficient public service. His broad grasp of the needs
and requirements of the Government, his patience and careful investigation,
his sound judgment and wise discretion have all been devoted to his country
at a very great personal sacrifice.
It would be difficult to estimate the help that he has given you and me
and impossible to recompense him for the faithfulness with which he has
successfully served the American people. He stands as an example of the
honest, earnest, conscientious service which characterizes the Government of
our country. He will give you more in detail what has been done in the
past and what we propose to do in the future.
-Gen. Lord, Director of Budget, Says All Talk of
Brig.
Lower Taxes Is Idle if Federal Outgo Keeps
Pace With Federal Income.
Brigadier-General H. M. Lord, Director of the Bureau of
the Budget, speaking at the business organization of the
Government on June 22, referred to the fact that "there has
been a great deal in the papers regarding tax modification,"
and declared that "If Federal outgo marches shoulder to
shoulder with Federal income, if Government expenditure
breaks the tape nose for nose with Government receipts, all
talk of lower taxes Is idle and worse than idle." The following account of General Lord's speech is from the "Wall
Street News":
3269
to drink or eat. The Director of the Bureau of the Budget had a great
wave of sympathy and fellow feeling for Tantalus. For three years he had
labored, and desperately, to achieve with your indispensable help that
$3,000,000,000 objective. March last, it was apparently within reach. He
could almost sip the water of success and taste the fruit of attainment.
Then came the Postal Service Act with its addition of approximately $26,000,000 to the amount to be taken from the Federal Treasury.
The Treasury Department, reluctantly, I know, but fatally none the less.
increased its estimate for tax refunds by $30,000,000 and added for full
measure $5,000,000 to its estimate for interest. Other new factors swelled
the calamity; the water and the fruit receded, and disheartening defeat
crowded on the heels of anticipated achievement. These additions to the
expense account increased our $62,000,000 to $150,000,000. Deducting the
$50,000,000 accomplished saving, we were left a balance of $100,000,000 to
overcome in order to reach our objective. . . . We will end the year
with an expenditure not in excess of $3,035,000,000, exclusive of that portion of postal expenses paid from postal receipts and exclusive also of debt
reduction. This is within $35,000,000 of our objective and $13,000,000
nearer than our last year's record. After nearly 12 months of strenuous
effort to reach that exasperating objective, we find we will end the year
just about where we started. . . .
Still Sitting on the Lid.
Whetted to keen endeavor by our achievements during the year just passing into history, we eagerly and confidently challenge the year to'come. The
President has indicated that our expenditure next year, including debt reduction and excluding postal expenses, should not exceed $3,375,000,000.
Deducting from this total the amount estimated for retirement of the debt
we have $2,890,000,000, which is comparable with the familiar $3,000,000,000 that for three years has tempted, tried and tantalized us. If we hold
expenditure next year within the maximum fixed by the President—and
who will say we cannot and who dates say we will not—a surplus will he
created of not less than $290,000,000, which with this year's expected surplus will warrant the President in recommending to Congress further relief
for an overtaxed people. Such a recommendation will be fitting consummation of our efforts at retrenchment, and unanswerable demonstration of
the success that has crowned our labors.
There has been a great deal in the papers regarding prospective tax
modification. March income tax receipts were responsible for prophecies
that with the return of Congress further tax relief would be afforded a
waiting and expectant people. Whatever the revenue returns may be, from
whatever source, no matter how generous and unexpectedly large, if Federal outgo marches shoulder to shoulder with Federal income, if government
expenditure breaks the tape nose to nose with government receipts, all talk
of lower taxes is idle and worse than idle. . . .
Invariably, as we near the beginning of a new expenditure year, we face
something of a protest against forther attempt at reduction in national costs.
To-day, after four years of relentless paring down of expenses, this protest
is more pronounced than ever. There seems to be a general feeling that
further reduction is impossible. It may be that certain activities have
reached the lowest level of expenditure consonant with efficient operation.
It may be that certain important activities will need increases in appropriations. But there's no "may be" in the President's intention to still further reduce the cost of government and at the same time increase Federal
efficiency. These two are not incompatible. Constructive economy means
that—nothing more, nothing less. It is important that we have this clearly
in mind before we complete our 1926 plans and before we begin our 1926
operations. What you have done in the past four years should convince
you of the utter weakness and futility of a plea that further reduction in
costs is impossible. . . .
During the fiscal year 1916, the last pre-war year, the Government's
printing bill amounted to $6,201,864 42. For 1918 this amount had been
increased to $12,205,478 86; for 1919 it was $12,774,712 34; for 1920,
$12,589,571 79; for 1921, $12,876,362 66—indicating that without control the amount for succeeding years would not be reduced. With the advent
of the budget it was reduced. Through small savings, some of them almost
infinitesimal, the annual cost has been materially cut under executive
pressure. In 1922 it was $2,716,926 44 less than in 1921; in 1923 it was
$3,142,174 24 less than in 1921; in 1924 it was $3,596,441 49 less than in
1921; a total reduction in three years of $9,455,542 17.
This constant plea for economy gets tiresome and wearisome, I know, but
President Coolidge with a word has lifted it out of the commonplace of sordid
saving, and has raised our campaign of retrenchment to a higher plane of
endeavor. He said, "I favor the policy of economy, not because I wish to
save money, but because I wish to save people." . . .
At our last meeting we reviewed the effort we have been making to cut
down government costs in the interest of the taxpayer. Beginning with
1922, the first year of budget control, we have sought—rather we have
fought—to reduce annual Federal spending to $3,000,000,000, which has
been our definite although elusive objective. This $3,000,000,000 excludes
the amounts applied to the reduction of the debt and excludes postal expenses.
As a result of this busy campaign of retrenchment in which we have
engaged, we can point with justifiable pride to progressive and impressive
reductions in the ordinary costa of government through the budget years.
In 1921, the last year tree from budget control, we were very lavish with
the people's money. In that year we spent $5,115,927,689 30. In 1924, the
third budget year, we spent $3,048,677,965 34, which was within $48,000,000 of our $3,000,000,000 objective. This was two billions of dollars less
than we spent in 1921—a reduction in exact figures of $2,067,249,723 96.
Under the method of recording repayments which prevailed in 1921 the
reduction below that year actually was $2,191,232,994 94. In comparing
expenditures in 1921, the last pre-budget year, with what we spent in 1924.
the lost completed budget year, we are not overlooking war obligations inReduction of $300,000,000 in Fedcluded in that extraordinary 1921 program that we were not called on to Movement to Effect
face in the following years. At the same time we are not unmindful of
eral Taxation—House Ways and Means Committee
other unusual demands growing out of the World War, encountered in the
to Begin Work on Tax Revision Bill Oct. 19.
budget years, that we were not called upon to meet in 1921. Analyze it as
Following the address of President Coolidge at Monday's
you may, after all the pros and cons have been marshaled, when the last
pro has been pronounced and the last con has been concluded that saving in meeting of the business organization of the Government
the cost of government of $2,191,232,994 94 will stand in the record for
Issue), It was announced that a
all time as an example of courageous retrenchment unequaled in the history (given elsewhere in this
of Governments.
tentative understanding as to the basis for tax reduction at
Yet our critics say no real savings have been effected through the budget the coming session of Congress had been reached at a consystem. As long as expenditures are brought down and held down, as long
Treasas taxes fall and the national debt melts away, we don't care and the ference on June 23 between Secretary Mellon of the
people don't care what they say.
ury and Chairman Green of the House Ways and Means
Estimates of expenditure for the current year, made in November last,
The New York "Journal of Commerce", from
again exclusive of the postal service and reduction of the debt, totaled Committee.
$3,062,277,407. At the meeting of this organization, to which I have which these advices, are quoted, said:
referred, your attention was called to the need of eliminating the $62,000,000
It was understood that about $300,000,000, the equivalent of the next
excess over our $3,000,000,000 objective. Announcement was made at that fiscal year's surplus as forecast by President Coolidge, was agreed upon as
time of the formation of a Two Per Cent Club to effect that result. Federal the measure of the new tax cut from the standpoint of diminution of the
personnel and Federal agencies who guaranteed a 2% reduction in their Federal revenues.
New schedules of rates, it was reported, were not discussed by Mr. Mellon
operating program would be entitled to membership, and all were urged
to join. The response was immediate and gratifying. Big agencies, little and Mr. Green.
The proposal to limit the forthcoming revision of the tax laws to a $300,agencies, officials with great responsibilities, employees filling more modest
niches in the Federal service guaranteed the 2% reduction and made appli- 000,000 cut in revenue is expected at the outset to arouse opposition among
cation for membership in this new thrift club. One of the first to re- members of Congress who have been demanding that $500,000,000, or the
spond was the Navy Department, which gladdened the heart of the Director combined prospective surpluses for this year and next year, be regarded as
of the Bureau of the Budget with promise of a reduction of $8,800,000 in the measure for lowering taxes.
its estimated expenditure. . . .
President's Basis $500,000,000.
Other Agencies Attack Problem.
Such a basis, it is contended, was held out by the President in his adThe great majority of Federal agencies attacked the problem with this dress to the business meeting of the Government last night. . . .
The fact that the showing which will be made by the Treasury at the end
same fighting spirit, and that $62,000,000 shriveled and shrunk and melted
away almost to the vanishing point. March 1 it had been reduced by $50,- of the current year on June 30 will be even better than anticipated by Mr.
the Bureau of the Budget was on the point of Coolidge may be counted upon to strengthen the ranks of the adherents for
000,000. The Director of
preparing a funeral oration over the remaining $12,200,000. Then some- large-scale tax reduction.
Actual results of June income tax collections have already necessitated
thing happened. Do you remember the story of Tantalus? He was punished in the lower world by being placed in water up to his chin with fruit- an upward revision of the estimates of revenue from this source made for
laden branches overhead. The water or fruit receded whenever he wanted the President. The indications now are that the surplus for the fiscal year
3270
THE CHRONICLE
.
[Tor.. 120.
1925 will amount to about $225,000,000, or $26,000,000 more than prom- Government; but until the States had an opportunity to take advantage of
ised by Mr. Coolidge.
such a provision the amount of reduction in the Federal revenues would not
Year's Total $1,735,000,000.
be very large and could probably be made up through some provisions
It is now estimated that June tax collections will approximate $350,000,- against evasion which I shall propose and hope to have incorporated in the
000, which will produce a total of about $1,735,000,000 for the year ending new law.
June 30 1925, instead of the previous estimates of $330,000,000 for June and
On June 11 Senator Smoot, Chairman of the Senate Fia total of $1,715,000,000. Also miscellaneous internal revenue receipts are
nance Committee, indicated It as his belief that Congress
holding up better than had been hoped for.
The prospects for a larger surplus than forecast by the President can be would reduce the maximum surtax as low as 25%. The
seen from the latest daily statement of the Treasury, as of June 20, which Washington
"Post" of June 12 quoted the Senator as saying:
shows for the fiscal year to date a surplus of $218,767,000, or already an
"I want to see all discriminatory taxes eliminated from the law. Nobody
' excess of receipts over expenditures greater than estimated by the Presican tell definitely how much we can reduce taxes next session until after
dent. And there are still eight business days remaining to be accounted for
the June payments are made, and the returns are examined. I think it will
on the Government books.
be between $350,000,000 and $375,000,000. Tax reduction, in my opinion,
Stating on June 18 that Secretary Mellon had refused to is of greater interest to the American people than anything else.
"An effort will be made to increase the amount of exemption on small
confirm reports purporting to give the basis of the so-called
incomes and there may be a slight reduction in the
Mellon or Treasury program of tax reduction in the next on them, but I have always thought that men withamount of taxes imposed
incomes of from $4,000
Congress, the "Wall Street News" of June 19 in accounts to $5,000 a year are not good Americans unless they are willing to pay a
tax toward the maintenance of the Government. I think it is better for them
from Washington said:
to take a little more interest in the expenses of the Government and in the
"There is not any Mellon or Treasury plan," said Secretary Mellon. "No administration of its affairs.
A man will do so if he contributes toward its
bill has been drawn, and I have not been thinking of submitting any Mellon support."
plan to Congress."
Opposes United States Estate Taxes.
Mr. Mellon said the time is too early for Treasury officials to start
Senator Smoot said he favored elimination of Federal inheritance taxes,
framing definite recommendations to Congress. "We expect to confer
leaving that source of income to the States, which, he thought, should leave
with members of the Ways and Means Committee at the proper time and
co-operate with them in working out a tax reduction plan," he added, "but to the Federal Government the collection of income taxes.
there is no basis for reports that the Treasury itself .is working out its own
A suggestion that a conference for State and Federal offiplan."
cials to discuss
the tax situation and to determine whether
an agreement can be reached for division of the tax field
between them before Congress undertakes revision of the
revenue law next winter was made on June 16 by Senator
Smoot, according to Associated Press advices from Washington, which stated that he also favored having the proposed
conference consider gift and other taxes collected by both
the State and Federal Governments. Regarding the views
He predicted the House would pass the bill before the Christmas holidays of President Coolidge on the
Smoot proposals, Associated
and that it would become law in time to apply to taxes due next year.
Arrangements have been made by Chairman Green for a force of Treasury Press advices from Washington, June 12, had the following
experts to co-operate during the summer and early autumn with experts em- to say:
Announcement that the House Ways and Means Committee would meet Oct. 19 to undertake the work of drafting a
new tax bill was made on June 21 by Chairman Green of
the committee, who added that the latter would hold public
hearings for two weeks and would have a bill ready for the
consideration of Congress in December. The Associated
Press advices from Washington added:
ployed by the committee in going over technical features of the revenue
law and in preparing for consideration by the committee of proposals designed to improve and expedite administrative work.
While President Coolidge is inclined to favor retirement from the inheritance tax field by the Federal Government, he views suggestions that the
States be called upon to reciprocate by repealing their income tax laws as
Chairman Green, who recently returned from Europe, presenting many practical difficulties.
Chairman Smoot of the Senate Finance Committee in a
yeswas said on June 18 to have declared that he saw no reason terday expressed the opinion that the two fields of taxation statement sepshould be
arated, leaving inheritance taxes to the States and income levies to the
why the surtaxes should not be reduced to 25%; at the same
Federal Government.
time he was said to have expressed his opposition to the to working out such a President Coolidge, however, sees a serious obstacle
proposal in the difficulty some States would encounrepeal of the Inheritance tax law and to have viewed pessi- ter in raising sufficient revenues if forced to give up income taxes.
mistically the prospects for a settlement of the French debt.
The New York "Herald Tribune" on that date stated:
Secretary Kellogg's Warning to Mexico That Support
Mr. Green is waiting detailed returns from the June 15 payment of taxes,
Will Be Given to That Government Only as It
and figures on the surplus for the fiscal year and revenue estimates for the
Protects American Lives and Rights—President
next fiscal year, before expressing his views about specific rates and figures
as to tax reduc:tion. He said in a general way his views on revision had
Calles Declares Mexico Will Not Accept
not changed since before he departed for Europe. Then he put the surplus
Foreign Interference.
by the end of next fiscal year at $300,000,000.
Mr. Green made it plain he saw little likelihood of the States and the
A statement which Secretary of State Kellogg took
Federal Government agreeing on a tax program. He pointed out that reveoccasion to issue on June 12 in which he said that "this
nue bills for the Federal Government must originate in the House.
He said that while the surtaxes would be reduced, the reductions would Government will continue to support the Government in
be graded all along the line. He does not think the capital gain and loss Mexico only so long as it protects American
rights and
provision will be repealed. No general revision of administrative provisions
complies with its international engagements and obligations"
Is to be undertaken, he said.
Chairman Green's statement as above came after he had has drawn from President Calles a statement wherein he
conferred with Secretary Mellon and other Treasury offi- declares that "to my Government, conscious of the obligacials, and it is observed in the accounts in the New York tions imposed by international law, is determined to comply
"Journal of Commerce," while be consistently declines to with them, and, therefore, to extend due protection to the
discuss what transpires at such conferences, it is considered lives and interests of foreigners; that it only accepts and
that this proposal as to estate taxation is not only known hopes to receive the help and support of all the other counto these officials, but must to some degree at least have their tries based on a sincere and loyal co-operation and according
to the invariable practice of international friendship; but
approvaL"
in no way it shall admit that a government of any nation
On June 24 Chairman Green, in enunciating his stand on
may pretend to create a privileged situation for its nationals
the inheritance tax, had the following to say:
The ease with which a State tax on inheritance can be avoided by simply in the country, nor shall it either accept any foreign intertaking up a residence in either Florida or the District of Columbia, where a ference contrary to the rights of sovereignty of
Mexico."
large portion of the wealthy people now have homes, makes it entirely imSecretary Kellogg served notice in his statement that "we
practicable to abolish the Federal taxes on estates of decedents, and I an,
are looking to and expect the Mexican Government to restore
opposed to its abolishment for other reasons as welL
The end which should be sought is to so prepare the law that, instead of properties illegally taken and to idemnify
American citizens."
opportunity to escape it en the part of those who most
there being an
ought to pay, the tax should be unform or nearly so throughout the whole "A great deal of property of Americans" he said, "has been
taken under or in violation of the agrarian laws for which
country.
A step in this direction has already been taken by incorporating in the no compensation has been made."
present law my proposition that any taxes paid the States might be credited
The Associated Press in referring on June 12 to the
on the Federal tax to the extent of 25% thereof and the State of New York
has already taken advantage of this provision by so adjusting its taxes on issuance of Secretary Kellogg's statement said:
inheritances in connection therewith that this State will receive several
million dollars more in revenue without any additional taxes being paid
by its citizens.
This allowance ought to be increased at least up to 50%, and I favor
allowing a credit for the full amount paid the State, contingent upon the
State whose citizens get the benefit thereof abandoning on its part any
taxes on property forming a part of the estate of a non-resident decedent.
If this proposition is carried out it will put a stop to the overlapping
taxes imposed by different States on the property of non-resident decedents,
with the result that, as the law now stands, some parts of an estate not only
pay a tax to the Federal Government and to the State in which he decedent
resided at the time of his death, but also to other States on various grounds.
Besides making the tax uniform everywhere, this plan would enable the
several States to make full use of the inheritance tax and at the same time
make much lower the total amount of Federal and State tax paid.
Eventually this would make a large reduction in the national revenues
and possibly wipe out the Federal tax entirely, as the amount already
levied by the State now approaches the amount collected by the Federal
There is some reason to believe that the Washington Government feels so
dubious as to the strength of the present Mexican Government, and so
uncertain as to developments in the near future, that it would welcome
curtailment of American expansion in Mexico and a reduction in the
number of American nationals in that country.
The Government is known to have received authentic reports of a steady
decrease in agricultural and industrial productive capacity in Mexico, of the
spread of disorders and socialistic tendencies in the labor groups, and of
encroachments upon American-owned agricultural properties by squatters
under and even, as Mr. Kellogg pointed out, in violation of Mexican
agrarian laws.
Most of the complaints received have to do with agricultural lands, oil
properties apparently being unaffected to any great extent by these
encroachments. This situation Is traced by most observers here to the fact
that Government revenues from oil production form such an important
part of Mexican Federal or State incomes that the authorities have concentrated on protection of oil lands and have been unable if not unwilling
to afford the same security to foreign agriculturalists.
JUNE 271925.]
THE CHRONICLE
Additional significance attached to Mr. Kellogg's statement because it
was issued after White House conferences, which are known to have been
concerned almost wholly with the Mexican situation. Ambassador Sheffield
has been the President's guest since he arrived in Washington,and Senator
Borah. chairman of the Foreign Relations Committee, also was a dinner
guest last night at the White House.
There is every reason to believe that it was informally agreed during that
conference that, because of the gravity of the situation in Mexico as it
affects the rights and security of American citizens, a step as drastic as the
declaration of Secretary Kellogg must be taken.
The following is the statement issued by Secretary
Kellogg:
I have discussed Mexican affairs with Ambassador Sheffield at great
length. He has gone over the entire situation. It will be remembered that
we entered into two claims conventions with Mexico under which Joint
claims commissions were appointed to adjust claims of Americans citizens
for properties illegally taken by Mexico and for injuries to American
citizens of their rights. These commissions are now sitting and will, in due
time, adjudicate these claims. Conditions have improved and our Ambassador has succeeded in protecting American,as well as foreign, interests.
Our relations with the Government are friendly, but nevertheless conditions
are not entirely satisfactory and we are looking to and expect the Mexican
Government to restore properties illegally taken and to indemnify American citizens.
A great deal of property of Americans has been taken under or in violation
of the agrarian laws for which no compensation has been made and other
properties practically ruined and, in one instance, taken by the Mexican
Government on account of unreasonable demands of labor. Mr. Sheffield
will have the full support of this Government and we will insist that adequate
protection under the recognized rules of international law be afforded
American citizens. We believe it is the desire of the Mexican Government
to carry out the conventions and to indemnify American citizens for
property taken. So long as we are satisfied that this is the policy of the
Mexican Government and this course of action is being carried out with a
determination to meet its international obligations, that Government will
have the support of the United States.
I cannot go into the details of the many cases which Mr. Sheffield has
taken up with the Mexican Government, but they will be worked out as
rapidly as possible.
I have seen the statements published in the press that another revolutionary movement may be impending in Mexico. I very much hope this
is not true. This Government's attitude toward Mexico and toward
threatened revolutionary movements was clearly set forth in 1923, when
there was such a movement threatening the constituted Government of that
country, which had entered into solemn engagements with this Government
and was making an effort to meet those obligations at home and abroad.
The attitude taken by this Government at that time has since been
maintained and it is now the policy of this Government to use its influence
and its support in behalf of stabilizy and orderly constitutional procedure,
but it should be made clear that this Government will continue to support
the Government in Mexico only so long as it protects American lives and
American rights and complies with Its International engagements and
obligations.
The Government of Mexico is now on trial before the world. We have
the greatest interest in the stability, prosperity and independence of Mexico.
We have been patient and realize, of course, that it takes time to bring
about a stable Government, but we cannot countenance violation of her
obligations and failure to protect American citizens.
The situation in Mexico is represented by one of those at last night's
White House conference as being much worse than pictured in the Kellogg
statement. It is stated that while there have not been many recent killings
of Americans in Mexico, that American properties have been illegally taken
and without indenmification.
"The situation," said this man, "has reached the point where American
property fails to command the respect in Mexico that it should have. In
plain words, they have grabbed American property, and squat on it and
paid little attention to requests for restoration or idemnification."
Coincidental with the arrival of Ambassador Sheffield reports have
reached Washington that another revolutionary movement is pending.
The statement that Ambassador Tellez, at the Mexican
Embassy, expressed "surprise" at the nature of the Kellogg
statement was contained in Washington Associated Press
dispatches June 12, which added:
He said he had no previous knowledge that it was to be made, and that
he knew of no question pending between the two governments, nor of any
new condition in Mexico which could have prompted the statement.
"I fully concur in the belief expressed by Secretary Kellogg, that it is the
desire of the Mexican Government to carry out the conventions and to
Indemnify American citizens for property taken." he said,"In the case of
Mexico, however, that is more than a desire—It is a fixed determination
and policy."
3271
Government wishes to comply with the conventions and indemnify for the
properties taken from American citizens; that he has seen the statements
published in the press that another revolutionary movement may be
impending in Mexico and that the Department of State very much hopes
this is not true, the attitude of said department being to use its influence
and lend its support In behalf of stability and orderly constitutional procedure in Mexico, but it makes clear that the American Government will
continue to support the Government in Mexico only so long as it protects
American lives and American rights and complies with its internal engagements and obligations. He adds that the Government of Mexico is now on
trial before the world.
It is a duty for my Government to rectify said statements as required by
truth and Justice. The best proof that Mexico is willing to comply with her
international obligations and to protect the life and interests of foreigners
lies in the fact that although, according to international law, she was not
bound to do it, she invited all the nations whose citizens or subjects might
have suffered damages through acts executed during the political upheavals
that have taken place in the country with a view to conclude with them a
convention to establish joint commissions that might consider said damages
In order to grant due indemnizations. Besides that another convention was
entered into with the United States to adjust claims of citizens of both
countries against the other and in said convention are included all cases in
Which properties or rights might have been affected in disagreement with
the Mexican laws. Therefore, so long as the aforesaid commissions do not
adjust the cases submitted to their decision, it is irrelevant to charge
Mexico with failure to protect American interests and violation of her
international obligations.
The application of the Agrarian laws cannot be a subject of complaint
because Mexico has issued them in the exercise of her sovereignty, and
apartfrom that the State Department, in behalf of the American citizens,
has accepted the form of indemnization prescribed by Mexican laws.
It is to be regretted the contradiction found in Mr. Kellogg's statement,
when he declared that the United States have the greatest interest in the
maintenance of order in Mexico and in the stability of her Government and
at the same time stated that he had seen news of revolutionary movements
since this last affirmation, tends to cast some alarm in the world in regard
to the conditions of my country. And finally the statement that the
Government of the United States will continue to support the Government
of Mexico only so long as it protects American interests and lives and
complies with its international engagements and obligations embodies a
threat to the sovereignty of Mexico that she cannot overlook and rejects
with all energy because she does not accord to any foreign country the
right to intervene in any form in her domestic affairs nor is she disposed to
subordinate her international relations to the exigencies of another country.
The statement under reference affirms also that the American Ambassador has succeeded in protecting American as well as foreign interests, and
if he has thus succeeded he has no right to charge Mexico with failure to
protect said interests, and attention should be called to the fact that said
Ambassador does not represent any other foreigners but his own fellow
citizens, and Mexico could not admit that without her previous authorization the American Ambassador should act in behalf of persons or interests
alien to those of his country.
If the Government of Mexico, as affirmed, is now on trial before the
world, such is the case with the Government of the United States as well
as those of other countries. But if it is to be understood that Mexico is on
trial in the guise of a defendant, my Government absolutely rejects with
energy such imputation, which in essence would only mean an insult.
To conclude, I declare that my Government, conscious of the obligations
Imposed by international law. is determined to comply with them, and
therefore to extend due protection to the lives and interests of foreigners;
that it only accepts and hopes to receive the help and support of all the
other countries based on a sincere and loyal co-operation and according to
the invariable practice of international friendship, but in no way it shall
admit that a Government of any nation may pretend to create a privileged
situation for its nationals in the country, nor shall it either accept any foreign
Interference contrary to the rights of sovereignty of Mexico.
On June 16 Associated Press dispatches from Mexico
City said:
President Calles in a statement issued this evening said that Mexico would
not modify her Agrarian policy. The statement was issued to deny reports
that Mexico intended to change these policies because of the recent statement of Secretary of State Kellogg.
"Modification of our Agrarian policy" said the statement. "would imply
repudiation of principles heretofore stated, as well as treason to their
supporters. The Government's Agrarian policy is sanctioned by law, and
besides it satisfies the people's aspirations."
Approval of President Canes statement of the 14th inst.
by former President Obregon of Mexico was indicated as
follows in Associated Press advices from Mexico City,
June 17.
Congratulating President Calles upon his forceful statement in reply to
The reply of President Calles of Mexico issued in Washing- that issued by American Secretary of State Kellogg, former President
quoted as saying:
ton by the Mexican Embassy on June 14, taking note of Obregon is Secretary Kellogg's declaration I have been unable to find a
"Behind
Secretary Kellogg's statement that "the Government of shadow of the American people, but another quite different."
Mexico is now on trial before the world" says, "such is the
On the same date a copyright cablegram from Mexico
case with the Government of the United States as well as all City to the New York "Times" stated:
those of other countries; but if it is to be understood that
The Permanent Commission of Congress at a meeting this morning gave
Mexico is on trial in the guise of a defendant, my Govern- President Callas a vote of confidence.
"The Permanent Commission of Congress," says its announcement.
ment absolutely rejects with energy such imputation which "as the representatives of the legislative power of the nation, seconds and
in essence would only mean an insult." President Canes backs in all Its parts the patriotic declarations in answer to the statement of
the Secretary of State of the American Government." The secretary of the
also says:
provoked by Mr. Kellogg
The statement that the Government of the United States will continue commission states in the press that the incident
view of the attitude
to support the Government of Mexico only so long as it protects American would strengthen peace in Mexico, as all Mexicans, in
of Calies, have rushed to show adhesion to the Government, and not only
interests and lives and complies with its international engagements and
formerly at odds
obligations embodies a threat to the sovereignty of Mexico that she cannot those who are members of the Cellos group, but also those
have changed their opinion
overlook and rejects with all energy, because she does not accord to any with the Government. Revolutionists, he says,
aggression from beyond
foreign country the right to intervene in any form in her domestic affairs, and would help defend the Government against any
the Rio Grande.
nor is she disposed to subordinate her international relations to the exigencies
Furthermore, he concludes, there is no Mexican who will at this time
of another country.
launch an armed movement,as upon him would immediately fall the stigma
His statement follows:
of being helped by a foreign Government to alter order in Mexico, which
Declarations of the State Department have been published in which would be equal to treason.
Senator Manuel Hernandez of the State of Guanajuato visited Calks
Mr. Kellogg, answering some questions relating to the visit of Ambassador
Sheffield to said department, affirms that some properties of American today. He stated later that he congratulated the President for his declaraMexico for which no compensation has tions, and added that he is the representative of 500,000 agrarians in
citizens have been illegally taken in
been made and in one instance taken by the Mexican Government on Guanajuato, who are ready, as all other agrarians in the republic,to respond
account of unreasonable demands of labor. At the same time he refers to when the Government needs men to fight against unworthy Mexicans
the Joint Claims Commissions stating that he is convinced that the Mexican threatening a new revolution.
3272
THE CHRONTCLE
J. R. Sheffield, U. S. Ambassador to Mexico, who arrived
in New York from Me3ico on a Ward Line steamer, will
return shortly to Mexico, the State Department announced
on June 16, according to Associated Press accounts from
'Washington that day which said:
Mr. Kellogg's statement was made in reply to inquiries as to whether the
Ambassador might find his work in Mexico City embarrassed since President
'Calks had so vigorously replied to Mr. Kellogg's statement.
It was said that the State Department had no reason to believe that
Mr. Sheffield would not find himself favorably received on his return, and
that he would go back to Mexico City as soon as his personal business in the
•halted States would permit.
liThe Ambassador will return to Washington before he starts back to his
post for further conferences with Secretary Kellogg and other Government
authco hies. It is considered possible that some formal indication of the
.desirt of the Mexico City authorities to expedite settlement of pending
Anse,lean claims may be received before he leaves Washington.
While it had been stated that Ambassador Sheffield would
return to Mexico before July 1, his departure will be delayed
a week or two as a result of an operation which he underwent at St. Luke's Hospital, this city, on June 25. Reports
were current this week that the Ambassador with his return
to Mexico will take with him a note to that Government
regarding the points at issue.
Death of Senators La Follette and Ladd.
The death of Senator Edwin F. Ladd of North Dakota
occurred on June 22, the day of the funeral of Senator
Robert M. La Follette, of Wisconsin, with whose political
causes Senator Ladd had aligned himself. A year ago when
Senator La Follette was a candidate for President of the
United States on a third ticket, that of the Progressive
Political faction, Senator Ladd announced that he would
support Senator La Follette in his own State "without
leaving the Republican Party." On Nov. 28 last, at a
caucus of Republican Senators, four Senators identified with
the third party movement were ruled out of future Republican Conferences. The two others besides Senators LaFollette
and Ladd thus ruled out were (as indicated in these columns
Dec. 20, page 2831) Senators Brookhart and Frazier.
Senator La Follette's death occurred in Washington on
June 18. At the time of his acceptance of the candidacy
for President on the third ticket he said, "I am a candidate
upon the basis of my public record as a member of the
House of Representatives, as Governor of Wisconsin and as
a member of the United States Senate." Senator La Follette
was born in Wisconsin on June 14 1855. Senator Ladd died
in a Baltimore, (Md.) hospital, his death being due to
kidney trouble and other complications. He was born in
Starks, Maine on December 13 1859. He was graduated
from the University of Maine in 1884 and made chemistry
his profession. In 1890 he went to North Dakota and
helped to found the State Agricultural School and Experiment Station, serving is president from 1916 until he was
elected to the Senate in 1920. He was a leading factor in this
Senatorial farm bloc and was interested in Federal food
regulation, having served as a member of the Standards
Committee on Food Products for the United States. During
the World War he was Federal Food Administrator for
North Dakota. He was also the author of several books on
technical subjects.
Death of Warren S. Stone, Head of Brotherhood of
Engineers and Co-operative Bank.
Warren S. Stone, President of the Brotherhood of Locomotive Engineers and its numerous financial activities—including the Brotherhood of Locomotive Engineers' banks
and trust companies died in a Cleveland (Ohio) hospital on
June 12 from an acute attack of Bright's disease. Mr.
Stone, who was 65 years of age, was to have received the
degree of Master of Arts at the commencement exercises of
Oberlin (Ohio) College on June 15. At the triennial convention of the Brotherhood of Locomotive Engineers held in
Cleveland a year ago, a new office was created, viz. President of all the brotherhoods' activities, and Mr. Stone was
elected to the new office for a period of six years. His previous title had been Grand Chief Engineer. L. G. Griffing
was at that time elected Grand Chief Engineer to succeed
Mr. Stone, having charge of the labor department. W. B.
Prenter was elected First Vice-President in charge of all
brotherhood finance, and H. P. Daugherty was elected Second Vice-President in charge of the brotherhood insurance
an, pension departments. Mr. Stone had direct supervision
I
of all three offices, the three department chiefs reporting to
him. Last week (June 17) the Advisory Board of the
brotherhood named Mr. Prenter as President of All the
Brotherhood Activities, succeeding Mr. Stone. Mr. Griffing
[Vol- 120
succeeds Mr. Prenter as First Vice-President. A. Johnston,
of Chicago, Assistant Grand Chief, takes the place of Mr.
Gritting as Grand Chief Engineer. Mr. Johnston's position
was not filled. Mr. Daugherty continues as Second VicePresident. Railroad executives and bankers were present
with the various railway labor leaders in paying final honors to Mr. Stone at his funeral on the 15th inst. Daniel
Willard, President of the Baltimore & Ohio Railroad; J. B.
Yohe, Vice-President of the Pittsburgh & Lake Erie Railroad,
being among those in attendance at the services. Mr. Stone
was conspicuous not only as a labor leader, but also as the
originator of the movement which brought into being cooperative labor banks. The first of these to be established
was the Brotherhood of Locomotive Engineers' Co-operative
National Bank, which opened in Cleveland on Nov. 1 1920,
under the presidency of Mr. Stone. In its item last week
regarding the death of Mr. Stone, and his achievements, the
New York "Times" said:
The Brotherhood of Locomotive Engineers, through its ownership of 51%
or more of the stock, controls enterprises with assets of approximately $150,000,000.
These include the Empire Trust Co., New York, resources of $82,000,000;
Brotherhood of Locomotive Engineers Co-operative National Bank, Cleveland, resources $28,000,000; Brotherhood of Locomotive Engineers Co-operative Trust Co., New York, resources $6,650,000; the Philadelphia B. of
L. E. Co-operative Bank, Birmingham (Ala.) Co-operative Bank, Spokane
(Wash.) Co-operative Bank, Seattle (Wash.) Co-operative Bank, Tacoma
(Wash.) Co-operative Bank, Portland (Ore.) Co-operative Bank, B. of L. E.
National Bank of Boston, Transportation Brotherhood National Bank of
Minneapolis, People's Co-operative State Bank of Hammond, Id,; Labor
Bank of Montana,Three Forks, Mont., and Farmers and Workingmen's Savings Bank, Jackson, Mich.
Finance Companies: Brotherhood Investment Co., Cleveland, resources
$10,000,000; Brotherhood Holding Co., Cleveland, resources $1,000,000;
Brotherhood of Locomotive Engineers Securities Corporation, New York;
Brotherhood of Locomotive Engineers Securities Corporation of Pennsylvania, Philadelphia; Southern Brotherhood of Locomotive Engineers Securities
Corporation, Birmingham, and Pacific Brotherhood Investment Co.
Office buildings: Equitable Building of New York, Brotherhood of Locomotive Engineers Building, Cleveland, valued at $4,000,000; Brotherhood of
Locomotive Engineers Co-operative National Bank Building, Cleveland, valued at $6,000,000; Euclid Avenue Building of the Brotherhood of Locomotive Engineers Co-operative National Bank, Cleveland, valued at $3,000,000,
and several other office buildings occupied by brotherhood banks.
The same paper said:
The views of Mr. Stone were not always in accord with those of the leaden of other large groups of organized labor. It is well known that none of
the four great railroad unions belongs to the American Federation of Labor,
the railroad workers avoiding such an alliance on account of the difficulty
of adjusting the resulting rights and privileges of the many crafts involved.
A year ago the Federation of Labor convention at El Paso unanimously
passed a resolution demanding that the Coal River Collieries in West Virginia, of which Mr. Stone was Chairman of the Board, cease employing nonunion miners. On several occasions Mr. Stone said that he was opposed to
the closed shop.
Mr. Stone was for years a friend of Senator La Follette and a believer in
his political theories. He was one of the chief supporters of the Third Party
movement in the last Presidential campaign.
Mr. Stone was born on a farm near Ainsworth, Iowa, Feb.
1 1860. He started his business career in 1879, his first occupation being that of firing a locomotive on the Rock Island
RR. Describing Mr. Stone's progress from that period, the
Associated Press states:
Mr. Stone worked five years and nine months at the firing job before he
was promoted to engineer. Then he rounded out a quarter of a century on
the road by putting in nineteen years and three months at the throttle in
freight and passenger service.
Through all those years Mr. Stone had innate executive ability, for the
display of which he had little opportunity in the locomotive cab. But he
had shown it in the councils of his fellow engineers, and while still holding
his job in the cab wis called upon, in August 1903, to fill the position of
Grand Chief of the International Brotherhood of Locomotive Engineers, which
had become vacant by the death of P. M. Arthur while delivering an address
at Winnipeg, Man. Up to the time he started for Cleveland to take up his
duties Mr. Stone never had been east of Chicago.
The same authority said: ,
One of Mr. Stone's early achievements on behalf of the engineers was the
erection of the brotherhood 14-story office building in Cleveland. It paid
for itself in ten years, at the end of which time it was valued at snore than
$3,000,000. Another feature of his administration was compulsory life
insurance for all engineers. During more than 20 years as chief executive
of the brotherhood it increased from a membership of 38,000 with $69,000,000 insurance in effect to nearly 90,060 members carrying approximately
$200,000,000 of life, sickness and accident insurance.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Curb Market memberships changed
hands this week at advancing prices. That of R. L. Bigelow
was sold to Frank E. Snow for $15,000 and that of C. E.
Stanley Bellows Jr. to Charles P. Warwick for $16,000.
This last is the highest price on record.
The New York Cotton Exchange membership of James
H.Hard was reported sold this week to Philip G. McFadden
for a third person, for $30,000. The last preceding transaction was at $25,500.
A Chicago Board of Trade membership sold this week at
$8,300, an increase of $125 from the last previous sale.'
1
JUNE 27 1925.]
THE CHRONICLE
have
New York Stock Exchange memberships which
made substantial advances in the past few weeks, reached
the highest point at which they ever sold when it was reported
to-day that a sale had been arranged at $118,000, the particulars of the transfers not being made known. Yesterday
the membership of Samuel F. Streit, President of the Stock
Clearing Corp., was reported sold to Otto B. Reimer, the
consideration being stated as $116,000, which up to that
time was the high record. Mr. Streit's membership in the
Exchange dates from April 1899 and he has served on many
committees. His principal services have been in connection with stock clearances, of which he has made a special
study, having in 1914 spent some time abroad studying
foreign methods. He will continue as President of the
Stock Clearing Corp. Mr. Streit is reported to have paid
$34,000 for his membership in 1899. Two other seats were
reported posted for transfer this week, that of Felix Herzfeld
to Bernard E. Hyman for $114,000 and that of Herbert A.
Tucker to Everett G. Speyer for $112,000.
Dwight W. Morrow and R. C. Leffingwell of J. P. Morgan
& Co., sail for Europe today (June 27) on the Homeric.
Continued improvement in the condition of Mrs. J. P.
Morgan, wife of the banker, has been reported this week.
As was stated in these columns last week (page 3149) Mrs.
Morgan was stricken with sleeping sickness on June 14.
She has since been in a state of coma, but the fact that
on Thursday of this week she yawned for the first time
since her illness developed was taken as an indication that
she would soon return to consciousness.
3273
at 11 Wall St. on June 25. Mi. Hallock, who ita,dieemingly
been in good health when he began his day's work, collapsed
te
shortly after his arrival at the office. Death was due
disease. Mr. Hallock was in his sixty-fourth year.
heart
age
He entered the employ of Kidder, Peabody & Co. at the
of seventeen and at the time of his death was Vice-President
and a
of the Kidder, Peabody Acceptance Corporation
director of the Columbia Insurance Co., the Imperial AssurCo.
ance Co., the Central Leather Co.and the Eclipse Land
As a result of the purchase of the Union Bank of Canada
(head office Winnipeg) by the Royal Bank of Canada
our
(head office Montreal), mention of which was made in
May 30, page 2774 and June 13, page 3026, the
issues of
30
New York agency of the Union Bank will be closed on June
points the
and approximately 49 other branches at which
also4
banks are competitors will be eventually discontinued
Bank
As stated in our issue of Feb. 7, page 665, the Royal
and South
also purchased recently the Bank of Central
the stockholders of the Union Bank
America. A meeting of
purchase'
will take place on July 21 at Winnipeg to pass on the
on. The Royal Bank has a New York
of their instituti
agency at 68 William St.
.
two
An increase of $250,000 in its capital stock about
Naweeks ago by the stockholders of the Seventh Avenue
Comptional Bank of this city has been approved by the
The
troller of the Currency. It was fully paid in June 19.
previously $400,000, is now $650,000. The total recapital,
issue of
sources are approximately $7,000,000. The new
stcok was placed at $125 per share.
the
At a regular meeting of t- he board of directors of
David H. G. Penny, Vice-President National Bank of
of New York, held this week, Sosthenes
National City Bank
Commerce in New York, sailed on Thursday (June 25) on
h
Behn, President of the International Telephone & Telegrap
the Belgenland for a vacation abroad.
ion, was elected to the bank's directorate.
Corporat
One hundred automobiles will be in line for the annual
R. C. Adams and E. J. Quin- tal have been appointed Viceouting of the Cashiers' Section, Association of Stock ExPresidents of the Equitable Trust Co. of this city. The folchange Firms, at Briarcliff Lodge, Westchester County
lowing has been appointed Assistant Vice-Presidents:.
today, Saturday, June 27. Chairman of the Executive
P. W. Trudeau, H. A. Rich, C. E. Puckhafer, W. H. Eddy,
Committee Andrew Gray will have charge of the arrangeJ. Y. Robbins and A. E. Bates.
ments, assisted by Carroll S. Phelan and Charles H. Cairns.
lly from different points in the
Cars will start individua
Vice-President Frank J. Parsons of the United States
financial district and will meet in the Bronx for the run to Mortgage & Trust Co., of New York, has been in attendance
Briarcliff Lodge, where athletic games will be held, to be at the annual convention of the National Association of Real
followed in the evening by a banquet.
Estate Boards in Detroit.
Officers of the Equitable Tr- ust Co. of New York tendered
State Bank Commissioner of Massachusetts Roy A. Hovey
a dinner to E. H. Powell on June 23 at the University Club, on June 9 was authorized by the Supreme Court to pay an
to commemorate his golden anniversary of banking service. additional dividend of 5% to commercial depositors in the
Mr. Powell began his banking career exactly 50 years ago defunct Hanover Trust Co. of Boston. This dividend,
as a junior clerk in the old Importers' and Traders' National amounting to $130,000, will be distributed among 2,000 deBank. In 1893 he was made an Assistant Cashier and in positors, it is stated. Savings depositors have been paid in
1902 was appointed Cashier. As President in 1923 Mr. full. The trust company was closed on Aug. 11 1920..
Powell was active in the proceedings incident to the successful merger of his bank with the Equitable Trust Co. of New
The Comptroller of the Cur-rency has granted a charter to'
York, and has since been a Vice-President of the combina- the Franklin National Bank of Nutley, N. J. The new instition. Short informal speeches were made at the dinner tution will have a capital of $100,000. William J. Lee is
by the toastmaster, James A. Goldsmith; Alvin W. Krech, President; Perley A. Prior, Vice-President, and Frank E.
Chairman of the Equitable board; Arthur W. Loasby, Presi- Drake, Cashier. The institution began business on June 15.
dent, and Messrs. Wimpfheimer, Cooper and Townsend. The stock, in shares of $100, was sold at $130 per share.
One of the entertaining features of the evening was a series of
The Federal Title & Guarantee Co. of Orange, N. J., has
lantern slides portraying by cartoons the early struggles of
ent to'
Mr. Powell in his first attempts to secure a footing in the received a charter from the State Banking Departm
organize with a capital of $500,000. A surplus of $50,000'
fraternity.
banking
will be created through the sale of the stock (par $50) at
The new national bank, which we indicated in our issue of $55 per share. The offices of the new Company will be in,
May 30 (page 2772) is to be established in this city at Broad- the Metropolitan Building, where quarters will be opened in'
way and 40th Street, will be organized under the name of September. Among the fifteen charter members of the comthe Central National Bank. Application has been made to pany are: City Commissioner Richard J. Fitz Maurice, forthe Comptroller of the Currency for a charter under that mer Judge Thomas A. Davis, G. H. Becker and Charles
,
name. The new institution is to have a capital of $2,000,000 Edison, son of the inventor. The company expects to begin
and a surplus of $500,000.
business Sept. 1 1925.
Daniel B. Hatch, senior member of the former Wall Street
firm of Hatch & Foote, died at the age of eighty-nine on June
19 at his home in Brooklyn, Conn. Mr. Hatch started as a
clerk in the brokerage house of Fisk & Hatch and in 1866
with Charles B. Foote, also a clerk in the firm, formed the
firm of Hatch & Foote. They acted as • outside brokers,
making a specialty of Government bonds. Mr. Hatch became a member of the New York Stock Exchange in 1867.
In 1884 the firm went down in the Grant & Ward failure, and
after again resuming, failed a few years later.
Announcement is made by the Comptroller of the Currency that the name of the Hamilton National Bank of the'
Town of Union, Union City, N. J., has been changed to "The.
Union City National Bank."
On June 14 James W. S. Campbell, President of the First'
National Bank of Freehold, N. J., celebrated the fiftieth,
anniversary of his connection with the institution. In the
evening a banquet in honor of the occasion was tendered Mr.
Campbell at the Allaire Inn by the other officials and the
employees of the bank, at which he was presented with a
George D. Hallock, associa- ted with Kidder, Peabody & bronze desk set.
-0Co. of this city, died at his desk in the offices of the company
3274
THE CHRONICLE
[Vol,. 120.
As we indicated last week (page 3150), Charles B. Veghte
At the Safe Deposit Association Convention held at
has been elected President of the New Brunswick Trust Co.,
Atlantic City, L. E. Thoman, Manager of the Hibernia
New Brunswick, N. J., to succeed the late Albert Jefferson
Bank & Trust Co.'s Safe Deposit Department(New Orleans)
Jones. Mr. Veghte was for fifteen years associated with was
elected to the Executive Committee. Mr. Thoman is
the National Bank of Commerce in New York. In 1916 he Presiden
t of the Louisiana Safe Deposit Association which
was elected Secretary of the State Trust Co. of Plainfield, held
its first convention in New Orleans during the latter
N. J. For nine years he was connected with the New Jersey
part of April. Although Mr. Thoman was not present
State Banking Department BS a Bank Examiner. During at the
national convention, his election to this committee
this time he conducted examinations of practically all the
is looked upon as a well-merited recognition of his untiring
State banks, trust companies and savings institutions in efforts
on behalf of the association and safe deposit work.
New Jersey. Many special investigations for the Commissioner of Banking & Insurance have been conducted by Mr.
The Standard Bank of Canada (head office, Toronto, Ont.)
Veghte, and during the liquidation of the Mutual Trust Co. announces the declaration by the bank
of a dividend for the
of Orange, he acted as Special Assistant Deputy Commis- current quarter ending July 31 1925
at 3%, being at the rate
sioner. The personnel of the New Brunswick Trust Co. Is of 12% per annum upon the paid-up capitalstock the bank,
of
now as follows: Hon. George S. Silzer, Chairman of the and which is to be payable on and
after Aug. 1 1925, to shareBoard; Charles B. Veghte, President; John H. Conger and holders of record as of July 16
1925.
John P. Kirkpatrick, Vice-Presidents; Frank B. Whitlock.
Secretary and Treasurer; C. L. Mott, Assistant Secretary
THE CURB MARKET.
and Assistant Treasurer. The total resources of the NewTrading in the Curb Market this week was in limited volBrunswick Trust Co. at the time of the last published state- ume, with prices moving
in desultory fashion. Changes for
ment were $5,950,000, with deposits in excess of $5,000,000.
the most part were narrow. Public utility issues for a time
The Franklin Trust Co. of Philadelphia this week cele- showed decided strength and activity. General Gas & Elecbrated its first anniversary in its new home. On June 23 tric common was conspicuous for an advance from 150 to
1924 the new home of the Franklin Trust Co. was opened 180, the close to-day being at 174. The preferred stock sold
at the southwest corner of 15th and Chestnut street. Mayor up from 1493 to 179 and at 175 finally. Adirondack Power
Kendrick at that time presented to the President, C. Addison & Light common fell from 853/i to 81 and recovered finally
Harris Jr., a gold key, whereupon the Mayor and Mrs. Ken- to 823'. American Gas & Electric common sold up some
drick, together with city officials and prominent business four points to 803/ and closed to-day at 80. Arizona Power
men made an investigation of the entire building, and mo- common gained six points to 31. National Power & Light
tion pictures of this ceremony and procession were shown in common, after early loss of four points to 330, ran up to
all of the moving picture theatres in Philadelphia. Presi- 349, the close to-day being at 345. Power Corporation of
dent Harris, in a statement published this week, sets forth New York advanced from 513 to 687-i and ends the week at
%
673's. Canada Dry Ginger Ale made a spectacular advance,
the fact that since June 23 1924 the Franklin Trust Co.
luo•
added $500,000 to its surplus, the deposits have increased the A stock jumping up some 41 points to 191 and the B
stock 38 points to 192. The new stock rose 13 points to 50
$7,139,329, resources have grown $7,427,745, while the
rate and reacted finally to 48%. Chrysler
declined from 119%
of the yearly dividend on the stock has increased from
10% to 1133/2, recovered to 120 and closed
to-day at 119. A
to 12%. The Franklin Trust Co. was founded in 1904 and
its first office was located at the southwest corner of Hutch- dividend of $4 on the A stock was announced to-day. Happiness Candy Stores, Class A, rose from
73 to 93/i and closed
inson Street and Columbia Avenue; it claims the distinction
to-day at 9. The Founders' shares gained two points
of being the largest exclusively day and night bank in
to
The company declared its initial dividend of 25 cents
America, remaining open daily from 8.30 a. m. until mid 8
night; it has five offices in Philadelphia's principal business this week. National Tea advanced from 269 to 350, reactingfinally to 336. Nizer Corporation, Class A, improved from
centres.
463/ to 53. Srv-El Corporation, Class A, gained five
The Peoples National Bank of Langhorne, Pa., changed its
title, effective June 11, to "The Peoples National Bank & points to 193. Oil shares were very little changed, with
Trust Co. of Langhorne," according to the weekly bulletin, business at low ebb. Chesebrough Manufacturing sold up
from 613 to 66 and at 653' finally.
%
dated June 15, issued by the Comptroller of the Currency.
A complete record of Curb Market transactions for the
On June 17, during the convention of Rotary International week will be found on page 3302.
DAILY TRANSACTIONS AT THE NEW YORK CURB
at Cleveland, the Union Trust Co. entertained Rotary overMARKET
seas delegates and general officers of Rotary International
STOCKS (No. Shares).
BONDS (Par Value).
at a luncheon at the Mid-Day Club on the roof of the Union
Week Ended June 26
Ind.deMis.
Oil.
Mining. Domestic. For'nGoot.
Trust Building. Delegates from countries all over the
Saturday
122,750
world were among the guests and were welcomed in a brief Monday
59,290
25,100 $517,000
$49,000
158,135
96,930
32,150 1,116,000
54,000
address by G. A. Coulton, Senior Vice-President and Execu- Tuesday
152,370
105,715
47,800 1,046,000
17,000
Wednesday
144,300
95,410
35,010 1,072,000
48,500
tive Manager of the Union Trust Co. On June 15, the open- Thursday
141,730
93,720
55,700
787,000
39,000
Friday
215,340
73,650
40,610
ing day of the convention, open house was held at the
779,000
52,000
Total
934,625
524,715
Union Trust Co. from 5 to 9 in the evening for visiting Ito238,370 $5,317,000 $259,500
tarians and their friends.
THE WEEK ON THE NEW YORK STOCK EXCHA
NGE.
The Guardian Detroit Co., a subsidiary of the Guardian
Except for one or two brief periods of reaction the trend
Trust Co. of Detroit, announces the election of Andrew D. of prices on the
New York stock market has continued upHotchkiss as Vice-President of the company. Mr. Hotchkiss ward during
the present week. Railroad shares have held a
will be in charge of sales in the Detroit office.
prominent place in the further upswing
The Illinois Merchants Trust Co. of Chicago announces
the establishment of the government securities division in
its bond department. The division will be in charge of
J. H. Rumbaugh, who has for many years manager of the
Government bond department of the Federal Reserve Bank
of Chicago. The Illinois Merchants Trust Co. is a consolidation of Illinois Trust & Savings Bank, The Merchants Loan
& Trust Co. and The Corn Exchange National Bank.
Failure of the Ulen State Bank, Ulen. Minn., on June 15
because of depleted reserves has been announced by'the Min-
nesota State Superintendent of Banks. The closed institution was capitalized at $25,000 and had deposits, it was
stated, aggregating $225,000.
Leland Hume, Vice-President of the Southern Bell Telephone Co., has been elected a director of the Fourth and First
National Bank of Nashville, Tenn. Mr. Hume is an active
member of the Chamber of Commerce and a member of the
City Board of Education of Nashville.
, with motor stocks
and industrial securities well in the foreground. The twohour session on Saturday was dull and without definite
trend.
Alternate periods of strength and weakness characte
rized the
stock market on Monday. Trading was less active
and a
sharp downward reaction toward the close of the day
carried
many leading stocks to lower levels. Buying activity
centred mainly in motor stocks, though considerable interest
was also manifested in industrial shares, several of
which
forged ahead to new high points, but much of the gain
was
lost in the downward reaction of the last hour. General
Motors was unusually strong. A few of the railroad shares
dropped sharply, Louisville & Nashville declining a
point or
more and Atlantic Coast Line receding nearly five points.
The market was generally lower on Tuesday with quiet
trading conditions prevailing during most of the session.
Numerous prominent securities declined from one to five
points, notably American Can, Maxwell B, and Mack
Trucks. On Wednesday the market recovered a good part
of the ground lost the previous day. Railway stocks were
the centre of interest and substantial gains were recorded by
3275
THE CHRONICLE
JUNE 27 1925.]
for cash delivery to a premium on the 9th inst., for the first
carried silver
numerous issues in this group, particularly Chicago & North- time since April 24 last.
points.
During the month of April last silver shipments aggregating 1.395.230
western, which went briskly forward more than two
to Germany, while 327.291 ounces were
Francisco and Wabash preferred were in ur- ounces were made from New York Francisco to that country.
St. Louis-San
from San
Motor shares were also also reported as shipped
gent demand at increasing prices.
INDIAN CURRENCY RETURNS.
prominent in the trading, Maxwell B moving up five points
(In Lacs of Rupees.)
l'7323
1'7681 Afa31.
17826
4 Silver coin and bullion
common advancing two points to 303 , Notes in circulation in India
7375
7315
and Pierce-Arrow
7282
by American Silver coin and bullion out of India
and gains of one to four points were registered
3332
.255
2232
Gold coin and bullion in India
Can and General Electric. Oil shares improved, General Gold coin and bullion out of India
8fie
5713
(Indian
points and Pan American Securities (British Government)
2000
2000
1999
Petroleum advancing nearly two
Government)
600
con- Securities
Bills of exchange
recording a gain Of a point or more. Railroad shares
No silver coinage was reported during the week ending 31st ultimo.
tinued in the foreground on Thursday and oil stocks imThe stock in Shanghai on the 6th inst. consisted of about 62.600.000
another decrease in
with
proved, following the announcement of
ounces in sycee, 41,500,000 dollars and 2.150 silver bars, as compared
crude oil production. Lehigh Valley was a strong feature about 62,600,000 ounces in sycee, 42,500,000 dollars and 870 silver bars on
Bar Gold
among the railroad issues, and Chicago & North Western the 30th ultimo.
-Bar Silver per Or. Std.per Oz. Fine.
2 Mos.
Cash.
Quotations
and Northern Pacific each advanced two points. The June 4 84s. 11544.
31 9-164.
3134d.
848. 11344.
31 7-I64.
3134d.
market continued active on Friday, prices of most stocks June 5
84s. 11544.
3134d.
3154d.
June 6
84s. 11344.
31 9-164.
3154d.
showing substantial advances over the previous close. Rail- June 8
848. 1114d.
3134d.
312-164.
9
84s. 1134d.
3154ri.
road shares and motor stocks maintained the leadership, June 10
3111-164.
June
84s. 11.54.
31.552d.
31.562d.
Railway and Canadian Pacific heading the former Average
Southern
are reThe silver quotations to-day for cash and two months' delivery
group, while Pierce-Arrow, Packard and Hupmobile were in
the same as and 34d. below those fixed a week ago.
foreground of the motor group. General Motors was spectively
the
especially noteworthy because of its three points advance to
-PER CABLE.
ENGLISH FINANCIAL MARKETS
84. The industrial stocks, led by American Can with a
The daily closing quotations for securities, &c., at London,
point raise, were also in strong demand at improving
49
as follows the past week:
prices. Rubber stocks were particularly active, Lee Rubber as reported by cable, have been22. June 23 June 24. June 25. Arne.26
June 20. June
London,
going forward three points to a new top. The final tone was
Wed. 7'hitrs. Fri.
Mon. Tues.
Sat.
Weel Ended June 26327-16 32 7-18 327-18 3234
good.
d 31 11-16 3134
Silver, per es
TRANSACTIONS AT THE NEW YORK STOCK KXCHANGE,
DAILY. WEEKLY AND YEARLY
Stale,
Municipal &
Foreign Bonds,
United
States
Bonds.
Stocks.
Number of
Shares.
Railroad,
dbc.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
811,800
1,103,365
1.246,170
997,887
948,191
1,289.000
$3,647.000
5.929.000
7,544.600
6.817.000
7,722.500
6,294,000
$1,348,500
1,935.000
2,758.000
2,308,500
1,938.500
2,427,000
$195,500
2,405,750
1.500.400
1,1542,850
1.019,650
1,296,000
Total
8.198.413
337,754,100
312,709,500
$7,980,150
Week Ended June 26
Week Ended June 28
Sales at
New York Stock
Exchange.
Jan. 1 to June 26
1924
1925.
1925.
-No. Share......
Stocks
Bonds.
Government bonds__
State and foreign bonds
Railroad & misc. bonds
1924.
6,196,413
4,459,902
201,620,937
113,229.019
$7,960.150 $20,685,000
12,709,500 12,981.000
37,754,100 57,637,000
1198.981.060
358,906.900
1,878.958,075
$507,514,000
198.841,000
1,063,550,000
$58,423,750 391,283,000 $2.434,844,035 $1,789,705,000
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES
Boston.
west Ending
Juno 28 1925
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Rales.l Share.. Bond Sales
1,854
2,706
5,391
6,843
3,575
3,061
$17,000
27,600
44.500
18.300
41,400
34,000
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
11,821
20,520
*17.861
•16,535
*13.710
11.262
$14.000
15.500
33.000
28,000
26.200
22,000
8,607
12,228
11.233
11,181
8,841
5.289
133.500
46,100
113,500
27,000
167.500
33.000
Total
91.709
$138,700
57,357
$420,600
23,230 $182.800
88.832
$151,450
94.540
5262,200
17,118 $295,500
Prey, week revised
'In addition, sales of rights were: Tuesday, 450. Wednesday, 200, Thursday.
1,595.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 10 1924:
Gold. per fine ounce
Consols, 234 per cents
British, 5 per cents
British,4% per cents
French Rentes (in Paris), fr_ ____
French War Loan(InParia),tr. ____
55%
9934
94
43.05
52.95
Silver in N.Y., per oz. Cots.):
6834
Foreign
6934
5534
9934
9334
43.05
52.95
5534
9954
9334
42.00
52.95
5534
9934
9334
42.90
52.95
5534
9954
9334
42.90
58.40
The price of silver in New York on the same day has been:
70
70
7034
7034
COURSE OF BANK CLEARINGS.
Bank clearings for the present week for the country as a
whole will again show a satisfactory increase as compared
with a year ago. This is the seventeenth consecutive week
that our weekly totals have shown increases over the corresponding period last year. Preliminary figures compiled by
us, based upon telegraphic advices from the chief cities of
the country, indicate that for the week ending to-day (Saturday, June 27) bank exchanges for all the cities of the United
States from which it is possible to obtain weekly returns
will run 16.2% larger than in the corresponding week last
year. The total stands at $9,197,014,248, against $7,914,288,557 for the same week in 1924. At this centre the
increase is 16.6%. Our comparative summary for the
week is as follows:
Cleartnoo-Retumu by Telegraph.
Week Ended June 27.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1925.
1924.
$4,185,000.000 $3,588,333,354
492,064,472
538.856.202
424.000.000
489,000,000
282,000,000
359.000,000
93,545.521
108,999,907
103.800,000
114,700.000
118,100,000
142,000.000
106,827,000
120,988,000
134,975,680
150,227.805
118,284,602
143.690.889
90,659,847
4 54
80,0 6,5
75.974,633
94.543.406
48,493,623
49,352,919
Per
Cent.
+16.6
+9.5
+15.3
+27.3
+16.5
+10.7
+20.2
+13.3
+11.2
+21.5
+13.2
+24.4
+6,2
GOLD.
$6.588,818,975 $5,684,245,439 +18.3
13 cities, 5 days
930.995,025 +15.7
The Bank of England gold reserve against notes on the 3d inst. amounted Other cities, 5 days
1,077,359,565
to £154.656.960, as compared with E154,878,920 on the previous Wednes$7,664,178,540 $8,595,240,464 +18.2
Total all cities, 5 days
day.
1,319.048,093 +18.2
1,532,835,708
The following movements of gold to and from the Bank of England have All cities, 1 day
announced since our last Issue:
82.197.014_248 $7.914.288.557 -1-15.2
been
Tntal all nittpla Mr on,ek
Received.
Withdrawn.
nil
£28,000
June
nil
40,000
Complete and exact details for the week covered by the
June
nil
nil
June
week. We cannot
£1,000,000 foregoing will appear in our issue of next
nil
June
nii
nil
June
furnish them to-day, inasmuch as the week ends to-day
nil
325.000
June 1
and the Saturday figures will not be available
The £1,000,000 received on the 8th were sovereigns from Holland. The (Saturday)
destinations of the £365.000 sovereigns withdrawn were as follows: a09,000 until noon to-day. Accordingly, in the above the last day
to India, £40,000 to Italy and .C61,000 to South America. During the week of the week has in all cases had to be estimated.
under review £607,000 on balance was received by the Bank, increasing the
In the elaborate detailed statement, however, which we
net Luflux since the resumption of an effective gold standard to £1,341,000.
The arrival of the above mentioned million sovereigns from Holland was present further below, we are able to give final and complete
announced officially by the Dank of England under the heading "Received results for the previous week-the week ended June 20. For
from abroad," and not as "purchased," a phrase which,appeared in the
there is an increase of 14.8%, the 1925 aggregate
press. Such an expression would conflict with the Gold and Silver (Export that week
Control, &c.) Act 1920. which prohibits the use of any current gold or silver of the clearings being $10,186,691,031,and the 1924 aggregate
as currency, unless the Treascoin of the United Kingdom otherwise than
$8,872,242,497. Outside of New York City the increase is
ury had authorized tne Bank of England to make a "purchase" of such
centre recording a gain of
This Act, as modified in some other respects, remains in force until 15.4%, the bank exchanges at this
win.
14.4%. We group the cities now according to the Federal
the 31st December next.
SILVER.
Reserve districts in which they are located, and from this it
The market continues to possess a quiet tone, and remains fairly steady
owing to supplies being only moderate and a certain measure of support appears that in the Boston Reserve District there is an imChina has worked both ways. India provement of 16.2%, in the New York Reserve
that has emanated from America.
District
tuts bought and would probably be still more interested if quotations were (including this city) of 14.3%, and in the
Philadelphia Recovering and some orders for prompt shipment
not quite 80 high. Bear
3276
THE CHRONICLE
serve District of 20.3%. The Cleveland Reserve District
has a gain of 16.7%, the Richmond Reserve District of
16.7%, and the Atlanta Reserve District of 22.9%. In the
Chicago Reserve District the totals are better by 13.9%,
in the St. Louis Reserve District by 12.0%, and in the
Minneapolis Reserve District by 17.1%. In the Kansas
City Reserve District there is a gain of 14.3%, in the Dallas
Reserve District of 17.4%, and in the San Francisco Reserve
District of 9.4%.
In the following we furnish a summary by Federal Reserve
districts:
Wm,. 120.
Trowk Ended June 20.
Clearings al1925.
1924.
Inc. or
Dec.
1923.
1922.
$
Seventh Feder al Reserve D !strict-Ch cago
Mich.
-Adrian _
225.221
260,749 -13.6
223,778
200,122
Ann Arbor
904,970
887,621 +2.0
672,505
594,903
Detroit
189,562,683 149,910,304 +26.4 161,859,679 156,839,158
Grand Rapids_
8,290,876
6,866.603 +20.7
7,185,042
5,880,253
Lansing
2,757,268
2,167.000 +27.2
2,079,000
1,707.000
Ind.
-Ft. Wayne
2.705,380
2,105,524 +28.5
2,263,032
1,723,450
Indianapolis._ _
17,380,000
17,753,000 -2.1
19,959,000
17,247,000
South Bend_ _
2,908,000
2.780,000 +4.6
3,420,000
2,016.000
Terre Haute_ _ _
4.353,604
4.606.242 -5.6
5,128,134
Wis.-Milwaukee
40,779,742
35,585,846 +14.6
35,314,391
27,708,235
la.-Ced. Rapids
2,689,493
2.532,299 +6.2
2,349,021
1,885.512
SUMMARY OF BANK CLEARINGS
Des Moines_
11,033,300
10,238,571 +7.8
11,126,152
8,963.889
Sioux City_ _ _
7,237,901
6,016,221 +20.3
5,609.650
5,401,759
Waterloo
1,171,328
1,465,392 -20.1
1,457,181
1,302.142
Ill.
-Bloomington
1,667.200
1,296,078 +28.6
Week Ended June 20 1925.
1,293,458
1,130,960
1924.
1025.
Dec.
1923.
1922.
Chicago
701,571,417 629,854,751 +11.4 584,899,195 534,629,616
Danville
a
a
a
a
Federal Reserve Districts.
a
Decatur
1,535,745
1,281,962 +19.8
1,285,907
llert1 B061011.
1,252,475
.
12 thief, 493,495,081 424,707,956 +16.2 413,017,696 411,187,125
.
Peoria
5,276,338
4,113,807 +28.3
4,174,900
(2nd) New York
3,619,830
5,920,977,300 5,179,072,634 +14.3 4,392,193,769 4,609,149,766
11
Rockford
3.076,944
2,609,855 +17.9
2,366.444
1,940,619
(8rd) Philadelphia .. 10
682,029,452 566,846,577 +20.3 560,727,300 456,384,994
Springfield
2,588,189
2.353,094 +10.0
2,467,211
(4th) Cleveland ... 8
2,063.993
432,021,581 370,262,105 +16.7 406,789,798 323,793,649
(lith) Richmond
257,279,442 194,704,805 +16.7 187,578,482 149,248,470
. 6
Total(20 cities) 1.007,715,799 684,684.919 +13.0 855,133.675 776,106.916
6th) Atlanta ..... 11
213,148,757 173,411,103 +22.5 161,513,799 133,805,682
Eighth Federa I Reserve Dia trict-St. to uls(7th) Chicago
1,007,715,799 884,654,919 +13.9 855,133,678 776,106,916 Ind.
20
-Evansville
5.065,225
4.574,157 +10.7
6,028,090
18th) At. Louie
4,189,238
239,501,235 213,758,996 +12.0 65,887,132 53,814,778 Mo.-St. Louis_
__ 8
_ 162,000,000 147.000,000 +10.2
•fith) Minneapolis
134,627,678 114,981,874 +17.1 121,067,734 102,948,416
7
39,139,883
33.998,127 +15.1
25,265,729
30,440,798
'10th) Kansas City .12
255,310,762 223,421,107 +14.3 241,755,764 229,796,014 Ky.-Louisville
Owensboro._ _ _
314,956
336,574 -6.4
295.531
'11th) Dallas
422,541
69,475,704 59,161,320 +17.4 50,740,599 46,187,863 Tenn.- Memphis
5
19,248,344
15,876,425 +21.2
14,188,539
17,409,099
(112t.13) San Francisco... 17
511,108,160 467,229,011 +9.4 440,189,760 346,457,029 Ark.-LittleRock
11,774,234
10,384,511 +13.4
8,419,942
10,055,368
Ill.
-Jacksonville
420,734
296,199 +42.0
294,711
Grand total
280,267
127 cities 10186691,031 8,872,242,497 +14.8 7,896,596,003 7,638,880,702
Quincy
1,537,859
1,294,003 +18.8
1,236.525
Outside New York City
1,195,534
4,400,230,570 ,814,245,767 +15.4 3,629,814,710 3,136,904,445
Total(8 cities) _ 239,501,235 213.758,996 +12.0
snags
65,887,132
53,814,778
_29 Myles 286,682,850 295,205,469 -3.2 322,211,444 298,831,207
Ninth Federal Reserve Die trict-Minn moons
Minn.
-Duluth_ _
d8,793,728
9,194,590 -4.4
7,903,970
5.902,806
Minneapolis
We now add our detailed statement, showing last week's
85.462,338
68,609,032 +24.6
70,533,923
58,502,884
St. Paul
33,921,682
31,256,969 +8.5
35,535,790
31,993.742
figures for each city separately, for the four years:
No. Dak.-Fargo
1,726,658
1,532,322 +12.7
2.250,628
1,825,228
S. D.
-Aberdeen.
1,351,959
1,165,336 +160
1.246,161
1,098.395
Mont.
-Billings _
559,616
540,203 +3.6
440,503
Week Ended June 20.
527,037
Helena
2,811,697
2,683,422 +4.8
Clearings (U
3,156,759
3,098,324
Inc. or
Total(7 cities)_ 134,627,678 114,981,874 +17.1
121,067,734 102,948,416
1925.
1924.
Dec.
1923.
1922.
Tenth Federal Reserve Die trict-Kansa a
City
Neb.-Fremont
d503.520
459.022 +9.7
413,115
358,095
$
%
$
6
Beatings
535,295
428,496 +24.9
First Federal Reserve Dist rict-Bosto n440,477
442,734
Lincoln
4,686,690
3,799.556 +23.3
3.757,015
Maine-Bangor._
757,153
3.416,123
771,934 -1.9
893,702
626,623
Omaha
43.252,639
39,478.074 +9.6
Portland
3,445,802
42,316,858
39,335.403
2,596,580 +32.7
2.944,034
.2.500m00 Kan.
-Topeka
3.235,772
2,880,322 +12.3
Mass.
-Boston _ _ 439,000,000 378,000,000 +16.1 367,000,000 370,000,000
3,356.748
3,093,830
Wichita
d10,920,000
7,033,000
Fall River_ _ _ _
8,227,151
2,117,985
2,171,371 -2.5
11,336,067
1,947,712
1,781,071 Mo.-Kan. City_ 137,790.175 121,199,532 +55.2
Holyoke
aa
+13.7 135,348,394 131.973,356
a
St. Joseph_
7.439,878
6,383,172 +16.6
Lowell
6,887,909
1,284,065
'
1,250,967 '
4-2.6
1,403,090
1,044,140 Okla.
-Muskogee
a
a
a
Lynn
•
•
•
a
a
a
Oklahoma City d24,871,922
20,602,564 +20.8
New Bedford_ _
20,703,706
1.380.783
1.176.090 +17.4
20,314.024
1,306,214
1,336,773
Tulsa
a
a
Springfield _ _ _ _
a
5,456,824
5.192.430 +5.1
a
4,857,745
a
4,219,255 Colo.
-Col.Spgs.
1,211,175
998,113 +21.4
Worcester
1,125.228
3,582,762
3,704,000 -3.3
895,897
3,499,000
3.642.167
Denver
19,722,612
19,235,333 +2.5
Conn.
-Hartford.
18,342.448
13,952,223
11,714,756 +19.1
17,904.467
10,892,554
8,508,787
Pueblo
e1,141,084
923,923 +23.4
New Haven__ _
836,715
7,593,702
6,099,098 +24.5
6,080,246
726,018
4,704.330
R.1.
-Providence
14,207,700
11,360.400 +25.1
11,640,500
12,177,100
Total(12 cities) 255,310,762 223,421,107 +14.3
N.H.-Mancheer
241,755,764 229,796,014
716,082
670,330 +6.8
753,099
648,879
Eleventh Fede ral Reserve District
-Da lasTexas
-Austin
1,883,358
1,346,266 +25.0
Total(12 cities) 493,495,081 424.707.958 +16.2 413,017,896 411,187,125
1,419,245
1,014,384
Dallas
43.782,144
39,005,642 +12.2
29,397,000
25,900.000
Fort Worth
d10,600,240
9,763,839 +8.5
Second Feder al Reserve D strict-New York
9,014,759
9.952,616
Galveston
8,664,539
4,201,640 +106.2
N. Y.
-Albany__
6,808,981
6,009.016
4,958,301 +21.2
5,319,241
4,850,807
3.557,612
Houston
a
a
a
Binghamton_ _ _
a
1,117,200
1,050.400 +6.4
1,060,800
a
1,021,500 La.
-Shreveport.
4,745,423
4,843,933 -2.0
Buffalo
4,300,914
d62,892,065
47,952,728 +31.2 • 51,284,077
4,001,622
39,865,667
Elmira
919.868
739,866 +24.3
747,421
520,097
Total(5 cities).
69.475,704
59,161.320 +17.4
Jamestown_ _ _
50,740,899
c1,643,922
1,371,788 +19.8
46,187.863
1,191,708
1,025,039
Twelfth Feder al Reserve D !strict-San Franc, scoNew York... 5,786,460,461 ,057,996,710 +14.4 4.266,751,293 .501,976,257 Wash.
-Seattle
43,684,935
44.302,233 -1.4
Rochester
38.255.948
12,473,325
10,985,196 +13.5
30,323,494
10,314,794
8,385,198
Spokane
12,051,000
10,970,000 +9.9
Syracuse
11,339,000
5,792,544
6,451,764 10.2
4,371,965
10,395,000
3,405,750
Tacoma
a
a
a
Conn.
-Stamford
a
c4,216,521
3,471.657 +21.5
a
3,728,398
3,000,088
Yakima
1,353,640
1,143,009 +18A
N. J.
-Montclair
1,079,196
634,358
943.135 32.7
1.271,024
571,269
339.133 Ore.
-Portland.
40,921,878
38,168,046 +7.2
Northern N. J._
37,015,885
38.818,100
43,151,089 -10.0
47,321,237
30,682,066
46,053,425 Utah-S. L. City
16,354,329
16,032,822 +2.0
15,133,883
11,817,528
Nev.-Reno
a
a
a
•
Total(11 cities) 5,920,977,380 5,179,072,634 +14.3 4,392,193,769 4,609,149,766 Aria.
a
-Phoenix
a
a
a
a
a
Cal.
-Fresno.
3,156,855
2,484,962 +27.0
Third Federal Reserve Dist rict-Phllad elphla3,924,686
3,651,254
Long Beach
6,630,685
7,171,937 -7.5
-Altoona _ _
Pa.
8,780,656
1,381,515
1,507,738 -8.4
1,502,578
4,067,864
989,430
Los Angeles
163,036,000 143,486,000 +13.6 136.717,000
Bethlehem._ _ _
4,538,442
3,508.962 +29.3
4,815,881
95.623,000
2,934;7
8084
5 598
Oakland
20,979,447
15,067,210 +39.2
Chester
14,358,236
1,640,548
1,563,765 +4.9
1,273,886
12,199,853
Pasadena
6.163,148
5.217.323 +18.1
Lancaster
4.905,021
2,755,780 -5.0
2.616,836
3,753.913
2,797,290
2,457,357
Sacramento d8,362.493
7,381,248 +13.3
Philadelphia -- 649,000,000 537,000,000 +20.9 531,000,000 434,000,000
6,441,0M
5,525,650
San Diego_ _
5,126.555
3,778,733 +35.7
Reading
3,753,580
3,840,152
3,114,710 +23.3
3,439,216
2,834,168
2,468,358
San Francisco_ 174,815,000 164,500,000 +6.3
Scranton
152,600,000 129,100.000
6,263,601
5.681,342 +10.2
5.508,228
4,202,285
San Jose
2,386,748
2,070,113 +15.3
2,281.422
Wilkes-Barre _
4,022,707 +9.2
d4,392,395
1.860,735
4,106,380
3,372,904
Santa Barbara.
1,256,816
977,967 +28.5
1,051,883
York
2,359,182 -18.4
1,924,251
1,482,086
818.280
1,202,447
Santa Monica_
2.103,233
2.078,008 +1.2
N.J.
-Trenton
6,431,712
5,332,391 +20.6
4,801,775
3,951,831
Stockton
c2,725,400
2,399.400 +13.6
2,552,300
Del.-Wilming'n.
a
a
a
a
2,533,200
a
TOtal(10 cities)
566,846,577 +20.3
682,029,452
Fourth Feder al Reserve D strict-Clev
Ohio-Akron._
7,444,000
d6,034,000
Canton
4,711,916
4,338,006
Cincinnati
79,868,421
66,383,736
Cleveland
137,524,783 111,433,877
Columbus
12,775,600
15,572.200
Dayton
a
a
Lima
a
a
Mansfield
1,633,131
d2.266,803
Springfield _ _
a
a
Toledo
a
a
Youngstown _ _
4.385,838
5,436,729
Pa.
-Erie
a
Pittsburgh
180,980.639 161,494,007
'
Total(8 cities).
560,727,300
456,384,994
eland
-18.9
7,360,000
6,340,000
5.559,120
-7.9
3,383,152
+20.3
72,093,112
59,492,368
+23.4 117,376,850
94,137,495
+21.9
14,691,200
16,242,800
a
•
a
a
a
a
2,004,751
+38.8
1,322,669
a
a
a
a
a
a
+24.0
3.975,190
2,875,165
a
a
a
+12.1 183,729,567 140,000,000
370,262,105 +16.7
406,789,790
323,793,649
Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunt'g'n
1,646,234
2,030,497 -18.9
Va.-Norfolk
d8,171,049
7,232,115 +13.0
Richmond ___ _
51,132,000
3.4
52,931,000 S.C.-Charieston
2,059,204
2,284,888 -9.9
Md.-Baltimore _ 136,611,449 104,549,395 +30.7
D.C.-Washing'n
27.659,506
25,677,000 +7.7
2,105,028
7,334,658
46,655,000
2,878,360
106,316,997
22,288,439
1,587.318
7,348,263
41.894,992
2.768.195
77,119,093
18,530,609
187,578,482
149,248,470
6.469.929
2,937,982
18,324,934
49.785,418
1,692,929
1,293,377
a
12.342,581
19,587.900
6,434,933
2.621,334
16,165,000
35,975,396
1,483,278
1,153,957
a
10,166,198
21,605,2£0
928,826
255.010
47,894,913
782,636
233,833
37.183,827
181,513.799
133,805.682
Total(8 cities) _
432,021,581
227,279,442
194,704,895 +16.7
Sixth Federal Reserve Dist rict-Atlant a
Tenn.-Chatt ga
'
d8,250,287
7,154.847 +15.3
Knoxville
2,930.786
3.100,000 5.5
Nashville
22,541,207
16,351.285 +37.9
Georgia-Atlanta
65,422,092
52,595,450 +24.4
Augusta
1.707,000
1,397,109 +22.2
Macon
1,506,683
1,331,119 +13.2
Savannah
a
a
a
Fla.
-Jack'twine
27,279,090
18,437,777 +65.9
m
25,996.821
25,001,742 +4.0
Mobile
Miss.
-Jackson_ _
1,305,157
1,140,952 +14.4
Vicksburg
288,288
276,934 +4.1
La.-NewOrleans
55.921,348
48,623,888 +15.0
Total(11 cities)
213.148.757
173.411.103 +22.9
Total(17 cities) 511,018,160 467,229,011 +9.4 440,189,760
346.547.029
Grand total (127
cities)
10186,691,031 8,872,242,497 +14.8 7,896,596,003 7,638,880,7
02
Outside NewYork 4,400.230.570 3.814.245.787 +15.4 3,829.844,71
0 3.136,904,445
Week Ended June 18.
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
89,475,783
91,536,789
36,633.493
13,508.088
6.862,698
5,462,549
2.785,067
4,685,088
5,397,541
2.609,565
2,009,674
3,069,891
3,933.619
3,085,642
585.201
624,801
1,483,248
993,981
989,977
716.514
574,518
261,221
813,553
755.324
949,914
4,314,584
308,760
743,994
711,773
1924.
Inc.or
Dec.
96,788,084 -7.6
83,383,242 +9.8
44,041,765 -16.8
15,116,521 -10.6
6,755,209 -1.4
5,109,623 +6.9
2,964,794 -6.1
5,096,215 -8.1
6,588,573 -18.1
2.464,009 +5.9
1,995,683 +0.7
3,597,387 -14.7
4,143.804 -5.1
2,949,574 +4.6
461,247 +26.9
472,001 +32.4
1,516,455 -2.2
1,039,842 -4.4
976,727 +1.4
771,219 -7.1
579.003 -0.8
357.577 -26.9
790,370 +2.9
999,518 -24.4
934,024 +1.7
3,488.679 +23.7
297,790 +3.7
783,401 -5.0
743,142 -4.2
1923.
106.252.517
98,823,675
39,420,767
14,594,006
9,214,877
7,280,518
2,944,770
6,155,970
5.404,441
2,666,718
2,089,002
3,749,808
3,628,380
3,149.539
558,850
485,861
1,477,913
1,134,847
1,017,706
864.874
554,147
287,370
719,869
858,902
1,078,422
5,812,541
309,273
914,531
793,550
1922.
$
91.863,889
95,697,397
36,140,679
14,209,681
8,812,362
5,426.483
2,865,635
5,683.645
5,875,584
3,013.282
2,258,993
3,030,680
4,385,586
3,080,134
612,125
582,000
1,617,000
1,172,283
1,101,625
830,649
676,732
308,438
657,202
1,038,566
1.196,635
3.414,645
359,839
2.255.277
688,371
Total Can.(29) 285,682,850 295,205.489 -3.2 322,241,444 298,831,207
a No longer report clearings. b Do not respond to requests for figures. c Week
ended June 17. d Week ended June 18. e Week ended June 19. • Estimated.
•
JUNE 27 1925.]
THE CHRONICLE
',Commercial' nd 111 c Mimeo-usnews
Breadstuffs figures brought from page 3337.
-The
statements below are prepared by us from figures collected
by
the New York Produce Exchange. The receipts at
Western
lake and river ports for the week ending last Saturday
and
since Aug. 1 for each of the last three years have
been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.198Ibs.bush.60 lbs.,ush..56 lbs.bush.32 lbs.bush.48Ibs
.bush.561bs.
Chicago
233,000
200,000
877,000
795,000 125,000
13,000
Minneapolis..
1,246,000
87,000
690,000 157,000
66,000
Duluth
1,303,000
63,000
434,000 302,000
65,000
Mi1waukee._ _
42,000
32,000
79,000
486,000 122,000
10,000
Toledo
205,000
8,000
530,000
1,000
3,000
Detroit
8,000
2,000
27,000
2,000
Indianapolis...
26,000
299,000
118,000
St. Louis_ .... 102,000
517,000
631,000
575,000
Peoria
37,000
24,000
382,000
146,000
21.000
Kansas City
647,000
283,000
154,000
Omaha
85.000
152,000
27*,000
St. Joseph_
111,000
147,000
22,000
Wichita
194,000
76,000
6,000
Sioux City_._
17.000
63,000
90,000
Total wk. '25 414,000 4,615,000 3,149,000
Same wk. '24 431,000 4,011,000 3,833,000 4,345.000 728,000 159,000
Same wk. '23 309,000 3,789,000 2.798,000 3,866,000 384,000 691,000
3,372,000 493,000 474,000
Since Aug.11924-25_ _ _ _ 20,708,000 476,062,000 227,260,000
1923-24._ _ _ 19,203,011 210,098,000 271,177,000 249,131,00060,818,000 55,639,000
1922-23.... 21.603.11.390.418.000 274.1S4 Ann 215,223,000 38,267,000 27,788.000
MR 117R win FL 299 (10050 'Ind nnn
Total receipts of flour and grain at the
the week ended Saturday, June 20, 1925 seaboard ports fo
follow: •
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Barrels. Bushels,
Bushels.
Bushels.
Bushels. Bushels.
179,000
934,000
9,000
358,000 394,000
66,000
40,000
149,000
2,000
21,000
20,000
16,000
1,000
5,000
21,000
2,000
1,000
36,000
9,000
50,000
18,000
13,000
19,000
36,000 1,341,000
4,000
738,000
57,000 107,000
29,000
14,000
47,000
Total wk. '25 350,000 2,453,000
70,000
Since Jan.1'25 12,478,000 87,372,000 3,265,000 1,170,000 • 498,000 195,000
30,484,000 14,826,000 19,650,000
Same wk. '24 443,000 5,972,000
218,000
990,000 286,000 826,000
Since Jan.1'24 12,616,000106,127,000 12.621.000
21.348.000 5.929.000 7.968.000
•Receipts do not include grain passing
through New Orleans for foreign ports
on through bills of lading.
New York.._
Philadelphia_ _
Baltimore_ _ _.
NewportNews
New Orleans•
Galveston... _
Montreal ..._
Boston
3277
.
By Messrs. Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per sh.
132 First Nat. Bank of New York.. 2,780
5 Tyson Co., Inc., pref
$12 lot
2 Ark.-Mo- Pow. Co., 7% pref - 8331
250 Buena Vista Silk Co_ _ _65.000 lot
770 Staked Plains Trust,Ltd.,com.15 lot
170 Healy Box Corp., corn
5 lot
40 Healy Box Corp., 2d pref
10 lot
23 Hungarian American Bank
hot
100 Single Service Package Corp 7 lot
Bonds.
Per Cent.
$1,000 City of Nen York 431%
corp.stock,due Mar.1 1930-60 _ _100%
$3,000 State of North Carolina Spec.
tax bonds (repudiated)
3 lot
Bonds.
Per Cent..
2150.000 Peerless Feature Pro- I
clueing Co. 2-yr. 6% notes. I
dated Apr. 12 1915, extended I
to Apr. 1 1924
(5340.25
$450,000 Peerless Feature Pro-I
Iota
clueing Co. 2-yr.6% 2d Mtge.
notes, dated Jan. 15 1918. ex-I
tended to Jan. 15 1924
68,500 Demand note of C. M.
Reeves and E. It. Buchan (Sanford, No. Caro.), dated Sept. 23
1920,interest6%
30 lot5219,400 Middle States Oil Corp.
4% notes, due 1924-30 _....$5,000 lot.
By Messrs. Wise, Hobbs dr Arnold, Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ Per
1 National Shawmut Bank_ _211 ex-div. 16 American Mason Safety Tread, sh.
2 Federal National Bank
100
par $25
734
1 National Union Bank
210 2 units First Peoples 'Trust
7531
5 Hill Manufacturing Co
22 5 Craton & Knight Mfg. Co.. pref. 37
5 Farr Alpaca Co
167 ex-div. 40 Montpelier & Barre Light &
5 Saco-Lowell Shops, 2d pref
23
Power Co., pref
8531
25 American Felt Co., pref _
_ _105
26 units First Peoples Trust
20 Haverhill Electric Co., par 225. 57 9 Minnesota Power & Light Co., 7534
100 Eastern Mfg. Co., pref
3931 6% preferred
8631 ex-div..
10 Am.Invest.Secur.,corn., pant° 531 10 Rheabat Corp.,com
734
4 Library Bureau, pref. class"IV __108 50 Panhandle Prod. & Ref., pref.- 10
3 Greenfield Tap & Die Corp.,
30 Riordan Pulp & Paper Co.,
pref
8731 ex-div.
Ltd. preferred
$10 lot
70 Springfield Gas Lt. Co., par 225- 57
30 special units First Peoples Trust 534
2 Montpelier Sr Barre Light &
Rights$ per Right.
Power Co., common
4031 108 Lawrence Gas & Electric Co.._ 3
12 Lowell Gas Light Co., full paid
580 Lawrence Gas .k Elec. Co_3-3 1-16.
receipts
5834
Bonds,
Per Cent.
6 Draper Corporation
149 $5,000 Framingham Southboro &
31 Merrimac Chemical Co., par
Marlboro St. Ry. let 5s, Jan.
$50
8131 ex-div. 1919, extended to Aug. 1923
2 Haverhill Gas Lt. Co.. par $25._ 4431
at 77
37 to 3734 flat
By Messrs. R. L. Day & Co. Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per
4 National Shawmut Bank__ _211 ex-div. 10 Harvard Storage Wareh'se, pref.) sh.
9 Atlantic National Bank__ _ _229 ex-div. 12 Bay State Storage VI areh'se, pre'4250
8 Phoenix Nat. Bank (Hartford)_ _312% 10 Lyon Carpet Co., pref
J lot
5 York Manufacturing Co
7831 20 Fall River Gas Works. par 825... 5934
3 Whitman Mills
9314-9354 50 Mansfield Housing Corp
$10 lot
51 Great Falls Mfg. Co
1531 5 Puget Sound Power & Light
14 Sagamore Manufacturing Co_ ....205
Co., prior preferred. _ _ _10734 ex-div,
76 Great Falls Mfg. Co
1531-16 33 Massachusetts Lighting Cos.,
25 Otis Co
60
6% preferred
8831 ex-div.
15 Bates Manufacturing Co
20331 10 American Glue Co., pref
2 Springfield Ry. Co., pref._ _49 ex-div. 10 Amer. Brick Co., pref., par $25.112
2431
2 Worcester Cons. St. Ry., 1st
40 Amesbury Electric Light Co.,
pref., par $80
4031 ex-div.
par $25
38
2 Worcester Cons. St. Ry., 1st
80 Weymouth Lt. & Pr., par $25. 4131
pref.. par $80
4031 ex-div. 10 Taunton & New Bedford Copp.175
18 George E.Keith Co.,corn
145 38 Lawrence Gas & Elec., par $25- 4231
15 Edison Elec. 111. 01 Brockton..... 5931 4 Lynn Gas & Electric Co., par 225.
100016 Colony Real Estate Trust_S5 lot
10831 ex-div.
4 Lawrence Gas Az Elec., pa. $25..- 4231 48 Cambridge Gas Lt., par 625.7054-70
34
2 Columbian Nat. Life Insur. Co. _15631
5 Great Atl.& Pac. Tea Co., pref _ _117
Rights.
$ Per Rigid.
2 Aetna Fire Insurance Co
600 200 Lawrence Gas & Electric Co__ 33{
By Mess1s. Barnes & Lofland, Philadelphia:
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange June 20 to June
26, both inclusive, compiled from official sales lists:
Stocks-
rrictay
sales
Last 19eek's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Banks
Boatmen's Bank
100
First National Bank...100 216
Nat Bank of Commerce 100 145
State National Bank __100
Trust Co. Stocks
Mercantile Trust
100
Street Railway Stocks.
United Railways 0°131..100
Miscellaneous Stocks
Beck & Corbitt, pref 100
Best Clymer Co
•
Boyd-Welsh Shoe
•
Brown Shoe, common100
Carleton D Gds cam_ -100
Certain-teed Prod 1st 1/1100
EL Bruce common
• 50
Preferred
100
Ely & Walker D G com_100 100
1st preferred
100
Fulton Iron Wks corn_ ___•
Globe Bern Pub pref -100
Hussman Refr,common_ •
Huttig S & D pref
100
Hydraulic Pr D'Is corn. _100
Internat'l Shoe, common.* 14934
Preferred
100
Johansen Shoe
•
Laclede Steel Co
100
McQuay-Norris
•
Mermod,Jaccard & Co
Preferred
100
Mo-Ills Stores, common... 1531
Mo Portland Cement-- _25 62
Nat Candy, 1st pref_100
Pedigo-Weber Shoe
• 42
Rice-Styx D G'ds 1st pf 100
2d preferred
100
Scruggs-V-B D G tom._100 114
2d Preferred
100
Scullin Steel, pre:
100 105
Securities Inv, common..*
Skauras Bros "A"
*
S'western Bell Tel pref.100 11034
Wagner Elec, common. •
Preferred
iv)
Street Railway Bonds.
E St L & Sub Co 56_ _1932
St L & Sub Ry gen m 5s'23
United Railways 48. A934
do 0-T1
1034
143
2113
145
173
143
216
145
173
398
398
25e
25c
38
30
17
14
Range Since Jan. 1.
Low.
.143
205
14334
143
4 396
300
Sc
June
Jan
Jan
Jan
High,
147
212
15034
179
Jan
June
Feb
Mar
Apr 400
Feb
Feb
Jan
25c
99
99
4334 4331
38
3931
s 9331 94
60
60
96
96
4934 50
100 10131
2334 24
104 104
42
4231
105 10534
4631
100 100
634 831
149 1503.(
120 120
4431 46
134 134
16
16
5
30
110
30
12
7
228
297
340
2
410
90
25
5
125
415
40
25
10
60
99 June
42
Feb
38 June
69
Mar
60 June
87
Jan
4931 June
100 June
2231 Jan
102
Jan
35 May
105 June
373j Mar
100 June
5 June
115
Jan
11731 Mar
40
Mar
13214 May
1431 May
101
Feb
46
Jan
5031 Jan
10034 June
80 June
96 June
50 June
10134 June
25
Feb
106 June
33
Jan
105.34 June
4731 May
100 June
834 Feb
152 May
122 May
5234 Jan
146
Jan
18 May
98
98
1531 1531
61
62
108 108
4131 42
110 110
10231 10234
112 114
95
95
105 105
42
42
40
4031
10931 111
36
3734
81
81
.
320
116
20
135
3
45
85
16
20
10
320
283
296
5
98
1534
4134
103
40
107
10034
104
92
10034
41
36
10734
2631
80
98
16
6231
108
4831
110
10334
114
95
105
44
4031
112
50
91
84
84
$3,000
78
78
1.000
7131 7131 13,000
711
“ 70I.
A WW1
June
June
Feb
Apr
Mar
Jan
Apr
Feb
Mar
May
May
Apr
Apr
Jan
Apr
84 June
77 May
6931 May
RR
/a o•
June
Apr
June
June
May
June
Mar
June
June
June
Jan
June
June
Feb
Feb
86
Feb
83
Mar
7431 Feb
"0
,
v -1,
• No par value.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
Shares. Stocks.
8 per sp.
50 Bailey, Banks & Biddle Co.,
preferred (non-callable)
85
Philadelphia Nat. Bank
3
415
1 Union National Bank
250
20 Jefferson TIZIe & Trust, par $50_ 65
11 Lancaster Ave. Title & Trust
Co., par $50
66
4 Bank of North Amer. & Tr. Co_ _29634
6 Peoples Bk. & Tr. Co., par 650_ _110%
2 2d & 3d Ste. Passenger Ry
168
14 Hare & Chase, Inc., pref
9531
Shares. Stocks.
$ per sh.
10 Hare & Chase,Inc.. corn., no par 27
134 P. J. Ritter Co., preferred_ __ _ 40
130 P. J. Ritter Co.,common
9
60 Keystone Tel. Co.,pref., no par.. 5334
Rights.
$ per right.
10 National Bank of Germantown..14534
Rights to subscribe to Mutual Trust
Co. as follows: 6 at 3531: 10 2-5
at 35; 100 at 32; 20 at 29; 286 at
30; 1 4-5 at 30.
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
June 16
-The First National Bank of South Jacksonville, Fla-- $50.000,
Correspondent, Edgar W. Waybright, 455 St. James
Bldg., Jacksonville, Fla,
June 16
-The First National Bank of Dickinson, Texas
Correspondent, J. H. Jones, Dickinson, Texas. Suc- 25,000,
ceeds the Dickinson State Bank, Dickinson, Texas.
June 18
-The First National Bank of Antioch, Ill
50,000.
Correspondent Robert C. Abt. Antioch, Ill.
June 18
-The Co-Operative National Bank of Buffalo N.Y
2.000.000
Correspondent, A. H. Bramson. Buffalo, 21. Y.
June 18
-The East Rockaway National Bank, East Rockaway,
N. Y
25.000
Correspondent, Edward Bermingham, 28 Tredwell
Ave. East Rockaway, N.Y
June 19-Haledon National Bank, Haledon, N. J
50,000
Correspondent, Marinus C. Tamboer, Haledon, N. J.
June 19
-The Central National Bank of the City of New York,
N.Y
2000000
Correspondent, I. Howard Lehman, 111 Broadway,
New York, N. Y.
June 19-The Choctaw National Bank of Hugo. Okla
50.000.
Correspondent, G. C. Waggoner, Hugo, Okla.
APPLICATIONS TO ORGANIZE APPROVED.
June 16
-The First National Bank of Eudora, Ark. Correspondent, M.Schwartz, Eudora, Ark
June 16
-The Labor Co-Operative National Bank of Newark,N.J. 30,000
Correspondent, -Henry F. Hilfers, 703 Sanford Ave., 500.000
Newark, N. J.
June 18
-Lincoln Park National Bank,Lincoln Park, Mich
Correspondent, Floyd W. Harrison, care W. S. Mc- 100,000,
Dowell. 1012 First Nat. Bank Bldg., Detroit, Mich.
June 20
-The Mount Vernon National Bank and Trust Co., Mt.
Vernon. Ind
50,000,
Correspondent, C. F. Hoover, Mt. Vernon, Ind.
APPLICATION TO CONVERT RECEIVED.
June 18
-The First National Bank of Yukon, Pa
35.000
Conversion of the First' State Bank of Yukon, Pa.
APPLICATIONS TO CONVERT APPROVED.
June 16
-The State National Bank of Lovelady, Texas
Conversion of the Loveiady State Bank, Lovelady, Tex. 25,000
June 19
-The First National Bank of Ireland, Texas
25,000
Conversion of the First State Bank, Ireland, Texas.
VOLUNTARY LIQUIDATION,
June 19
-10,627
-The First National Bank of
25.000
Effective May 14 1925. Liq, Agt. Blue Jacket, Okla_
Blue
Bank. Blue Jacket Okla. Absorbed by Jacket State
Blue Jacket
State Bank. Blue Jacket, Okla.
CONSOLIDATION.
June 20
-2,044
-The Bank of Charleston National Banking Association, Charleston, S. C
1,000.000,
and 12,702
-The Exchange National Bank of
Consolidated under the Act of Nov. Charleston, S. C. 200.000,
7 1918
charter and corporate title of "The Bank of under the
Charleston
National Banking Association" (No. 2,044),
with capital stock of $1,000,000.
DIVIDENDS.
the
Dividends are grouped in two separate tables. In curfirst we bring together all the dividends announced the
rent week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads (Steam).
Allegheny Sr Western
Baltimore & Ohio, cont. (guar.)
Preferred (guar.)
Caro. Clinchfield & Ohio,stamped stk
Central RR. of N.J. (guar.)
Extra
Delaware & Hudson Co.(guar.)
Delaware Lackawanna & Western (qu.).
Elmira dc Williamsport. preferred
Norfolk & Western, corn. (guar
Adjustment preferred (guar.)
Pennsylvania Company
Pennsylvania RR.(guar.)
Rome & Clinton
Wabash fly., preferred A (guar.)
When
Per
Cod. Payable.
3
1%
1
$1.25
2
2
*23
$1.50
$1.81
"134
"1
*3
.750.
2
1%
Books Closed.
Days Inclusive.
1 Holders of rec. June 25a
Jul
Sept. 1 Holders of rec. J ly 18a
Sept. 1 Holders of rec. July 18a
July 10 Holders of rec. June 300
Aug. 15 Holders of rec. Aug. 5
July 15 Holders of rec. July 7
Sept.21 *Holders of rec. Aug. 28a
July 20 Holders of rec. July 6
July 1 Holders of rec. June 200
Sept.19 'Holders of rec. Aug. 31
Aug. 19 *Holders of rec. July 31
June 30 *Holders of rec. June 24
Aug. 31 *Holders of rec. Aug. 1
July 1 June 23 to July 1
Aug. 25 *Holders of rec. Aug. 10
Public Utilities.
June 20 to June 30
Adirondack Power & Lt.,7% pref.(au.). 1% July 1 June 20 to June 30
July 1
2
Eight per cent preferred (guar.)
*13 Aug. 15 *Holders of rec. Aug. 5
Amer. Electric Power, pref. (guar.). _ _ _
Amer. Water Works Sr Elec., corn.
1% Aug. 15 Holders Of rec. Aug. 1
Seven per cent first pref. (guar.)
13.6 Aug. 15 Holders of rec. Aug 1
Six per cent partic. pref.(guar.)
30c. Aug. 15 Holders of rec. Aug. 1
Common (guar.)
'134 July 15 *Holders of rec. July I
APPalachlan Power, pref. (guar.)
*134 Aug 1 *Holders of rec. July 15
First preferred (guar.)
July 1 Holders of rec. June 25a
2
Arizona Power,8% pref.(guar.)
1% July 1 Holders of rec. June 25a
Seven per cent pref.(guar.)
July 30 *Holders of rec. June 29
of Pa.. corn. (guar.)._ _ "2
loll Telephone
13. July 1 Holders of rec. June 20a
3inghamton Lt., Ht.& Pr,.6% pf.(11u.) 1 X July I Holders of rec. June 20a
Seven per cent pref. (guar.)
75e. July 1 Holders of rec. Jun 15a
prof
3altimore Electric Co.,
50e. July 10 Holders of rec. June 30a
3rooklyn Borough Gas, corn.(quar.)
l( July 1 Holders of rec. June 20a
Preferred (guar.)
pref.(Q.). 1% July 1 Holders of rec. June 15a
:jauforola piee, Generating,
July 1 Holders of rec. June 19
3entral Illinois Lt. Co.,6% pref.(qu.)- 14 July 1 Holders of rec. June 19
13
7% preferred (guar.)
*14 June 30 Holders of rec. June 25
;Menge City Hy.(guar.)
1% July 1 June 14 to June 21
3Inclunati Gas & Electric (quar.)
July 15 July 1 to July 15
/inc. Newport& Cov.L.& Tr.,com.(qu) 11.4 July 15 July 1 to July 15
11.4
Preferred (guar.)
11.4 July 1 June 17 to June 30
Hy.(guar.)
3incinnati Street
June 26 Holders of rec. June 18
Stizens G.& Fuel, Terre H., corn.(qu.) 21.4 July 1 June 26 to June 30
11.(
Preferred (guar.)
of rec.
n June 30 *Holders of rec. June 25
(guar.)
=rens Gas Light, Quincy
June I5a
July 1 Holders
2
Sty Gas Co., Norfolk, pref. (quar.).._
June 30 June 21 to June 30 ,
2
Gas Co
Tolumbla (Pa.)
65e. Aug. 15 Holders of rec. July 31
Tolumbla Gas & Elec., common (qu.).13 Aug. 15 Holders of rec. July 31
Preferred. Series A (guar.)
2% July 1 Holders of rec. June 22a
:olumbus Elec. & Power, corn.(qu.)
1% July 1 Holders of rec. June 22a
First and second preferred (guar.)._
134 July 1 Holders of rec. June 15a
:olumbia fly., G. & E.. pref. (guar.)._ *2
Aug. 1 *Holders of rec. July 15
:ommonwealth-Edison Co. (altar.)....
15 Holders of rec. July la
:ommonwealth Gas& Elec., pref. (qu.)- $1.50 July 30 June 21 to June 30
li June
common (guar.).:onestoga Traction,
June 30 June 21 to June 30
1)4
Preferred (quar.)
June 26 Holders of rm. June 9
:onsumersELL.&P.,NewOrl..com.(gu.) 2
81.25 July 1 Holders of rec. June 22a
:astern Texas Elec. Co., corn.(quar.)
3% July 1 Holders of rec. June 22a
Preferred
June 30 June 21 to June 30
3
'Alison Elec. Co., Lancaster (guar.)._
134 June 30 Holders of rec. June 19a
dmira Water Light & RR., corn. (qu.). 1% June 31., Holders of rec. June 19
First preferred (guar.)
l3( June 30 Holders of rec. June 19
Second preferred (guar.)
July 1 Holders of rec. June 30a
Quitable Illuminating G.L.of Phila... 3
50c. July 1 Holders of rec. June 20a
all River Electric Co.(guar.)
134 Ally 1 Holders of rm. June 20
(quar.)___.
lorida Public Service, pref.
1% July 1 Holders of rec. June 22a
reorgia Light, Pow.& Rys., Prof.(au.).
June 28 Holders of rec. June 19
3
Iouston Gas & Fuel. corn. (guar.)
134 June 30 Holders of rec. June 19
Preferred (guar.)
Aug. 10 Holders of rec. July 31
luminating & Power Secur., com.(qu.)_ 450. Aug. 15 Holders of rec. July 31
ig
Preferred (guar.)
July 1 Holders of rec. June 240
4
Jogs County Ltg.,8% Series A
1% July 1 Holders of rec. June 24a
7% Series B (guar.)
June 30 Holders of rec. June 25a
$1
ancaster Co.Ry.& Lt.,common (qu.). lyt June 30 Holders of rec. June 256
Preferred (guar.)
June 30 June 21 to June 30
3
& Fuel (quar.)
ineaster Gas Light
500. June 30 Holders of rec. June 200
one Star Gas (guar.)
July 1 *Holders of rec. June 24
I arconl Wireless Teleg., London, pref.. p'355 Aug. 1 *Holders of rec. July 15
(guar.)._ *$1.25
Iassachusetts Gas Coe., corn.
134 July 15 Holders of rec. June 300
Ilchlgan G.& El.Co.,pr.lien (guar.)._
13.4 July 20 Holders of rec. June 30a
Preferred (guar.)
July 15 Holders of rec. June 306
$2
:ontreal Telegraph (guar.
134 July 1 Holders of rec. June 20
ational Elec. Power,7% pref.(quar.). 1X July 1 Holders of rec. June 20
pf. (qu.)_.
ew Orleans Pub. SOT.. Inc.,
134 July 1 Holders of rec. June 200
ow Jersey Power & Light. pref.(guar.) 50e. July 20 Holders of rec. June 266
klahoma Natural Gas Co.(guar.)
11.4 July 1 Holders of rec. June 150
ur Shoals Power, pref. (guar.)
July 10 Holders of rec. June 26
*5
illadelphia le Camden Ferry (guar.).$2 July 1 Holders of rec. June 19
Light
wtiand (Maine) Gas
July 1 June 24 to June 30
2
done Service Co.of Okla.,com.(qu.).. 134 July 1 June 24 to June 30
Prior lien (guar.)
134 July 1 June 24 to June 30
Preferred (guar.)
30
(qu.).. 131 July 15 Holders of rec. June 206
al Diego Como!. G.& E., pref.
134 July 15 Holders of rec. June
dme Electric Co. pref. (guar.)
75c. July 10 Holders of rec. June 150
,uthern Cities Utilities, corn.(qu.)
58 1-3c July 10 Holders of rec. June 15a
Preferred (monthly)
134 July 1 Holders of rec. June 260
uthern Gas& Power Corp.. pref.(on.) 3
July 1 Holders of rec. June 26
pref.__
uthern Indiana G.& El.8%
134 July 1 Holders of rec. June 26
7% preferred (guar.)
134 July 15 Holders of rec. July 1
(guar.)._
uth Pittsburgh Water. pref.
1). $1.50 July 6 Holders of rec. June 30
uthwestem Lt. dr Pr., corn. A (No.
July 1 Holders of rec. June 25
$2
Preferred (No. 1)
134 July 1 Holders of rec. June 20
1-City By.dr Light. pref.(guar.)
650. June 30 Holders of rec. June 30
Company. corn_
dlted Gas & Elec.
2% July 15 Holders of rec. June 30
Preferred
June 30 Holders of rm. June 180
50
kited Gas& Elec. Engineering
11.4 July I Holders of rec. June 20a
died Utilities. pref.(guar.)
Sept.30 Holders of rec. Sept.15
(guar.)._ $1
1
est Penn Company,common
151 Aug. 15 Holders of rec. Aug.
Preferred (guar.)
13.4 Sept.15 Holders of rec. Sept. 1
est Penn Rys., pref. (guar.)
Holders of rec. June 20
July 1
2
Illiamson Electric Co., pref. (quar.)
June 30 Holders of rec. June 20
$1
16a
orcester Electric Light (guar.)
500. July 1 Holders of rec. June 16a
3rceeter Gas Light, common (quar.)
July 1 Holders of rec. Juno
2
Preferred (guar.)
Banks.
oadway Central (No. 1)
nay Island (Bank of)
aeration (guar.)
'at National (Brooklyn)(guar.)
rtield National (guar.)
whanica (Brooklyn) (guar.)
Extra
micipal (Brooklyn) (guar.)
ssau National(Brooklyn)(guar.) _ _ _.
spies Commercial (guar.)
spies National (Brooklyn) (quar.).
ohington Heights.(Bank of) (quar.)..
[VoL. 120.
THE CHRONICLE
3278
2
4
2
3
3
3
1
2
3
134
21.4
1%
July
July
July
July
June
July
July
July
July
July
July
June
1
1
1
1
30
1
1
1
1
1
1
30
June 21 to July 1
June 16 to June 30
Holders of rec. June Ma
Holders of rec. June 26a
Holders of rec. June 26
Holders of rec. June 20a
Holders of rec. June 206
Holders of rec. June 200
Holders of rm. June 290
June 25 to June 30
Holders of rec. June 234
Holders of rec. June 30a
Name of Company.
Fire Insurance.
American Alliance
Great American
Hanover (guar.)
When
Per
Calif. Payable.
Boots Closed.
Daps !nebulae.
4
July 15 Holders of rec. June 300
July 15 Holders of rec. June 300
4
$1.25 July 1 June 1 to July 1
Miscellaneous.
Aug. 1 *Holders of rm. July 17a
Amalgamated Sugar, 1st pref. (guar.)._ *2
rec. Aug. la
American Bank Note, corn.(guar.).- 111.25 Aug. 15 *Holders of
Aug. 1 *Holders of rec. July 15
*2
American Glue, pref.(guar.)
I x July 25 Holders ot rec. July 104
American Ice, corn.(guar.)
10a
134 July 25 Holders of rec. July 260
Preferred (guar.)
134 Tilly 1 Holders of rec. June
American Milling, pref. (guar.)
Nov. 2 *Holders of rec. Oct. 15
*2
Amer. Shipbuilding, common (quar.)
elg Aug. I *Holders of rec. July 15
Preferred (guar.)
July 1 Holders of rec. June 254
$I
American Textile Co.(guar.)
750. Aug. 24 Holders of rec. July 154
Copper Mining (guar.)
Anaconda
July 1 Holders of rec. June 240
2
Androscoggin Mills
July I Holders of rec. June 234
2
Arlington Mills (quar.)
"250. July 31 *Holders of rec. July 18
(quar.)
Art Metal Construction
of rec. June 264
Arundel Corporation, new no par stock_ 30c. July 1 Holders of rec. July 14a
July 15 Holders
Associated Industrials, 1st pre!.(guar.). 2
134 June 30 Holders of rec. June 200
Atlantic Steel(guar.)
Holders of rec. July 206
151 Aug.
Atlas Powder, pref.(guar.)
Not closed
134 July
Augusta Knitting, corn.(guar.)
Not closed
134 July
Preferred (guar.)
*Holders of rec. July 20
Balaban & Katz, common (monthly)... *250. Aug.
*Holders of rec. Aug. 20
*25c. Sept.
Common (monthly)
*Holders of rec. Sept. 20
*25e. Oct.
Common (monthly)
•144 Oct.
*Holders of rec. Sept. 20
Preferred (guar.)
Holders of rec. June 15
July
Barker Bros.(Los Angeles), 1st pref.(qu) 134
Holders of rec. June 15
154 July
Second preferred (guar.)
1
*8 1.8734 Aug. 15 *Holders of reo. Aug.
Beacon Oil, preferred (guar.)
*Holders of roe. JtilY 21
Aug.
*2
Blaw-Knox Co.,corn.(guar.)
*Holders of rec. July 21
•1 34 Aug.
Preferred (guar.)
13.4 June 2 Holders of rec. June 26a
Boston Morris Plan Co.(guar.)
Holders of rec. June 24a
July
2
Boston Sand & Gravel, corn.(guar.)._ _ _
Holders of rec. June 24a
July
1
(guar.)
Preferred
Holders of rm. June 24a
July
2
First preferred (guar.)
Holders of rec. June 24a
62%c. July
Bruce (E. L.) Co.. corn
Holders of rec. June 24a
July
1
Preferred (guar.)
Holders of rec. June 30a
July
Butterick Publishing Co., pref.(quar.). 2
Holders of rec. June 22
July
2
Canada Salt (guar.)
Holders of rec. Sept. 25
1% Oct.
Canadian Car & Fdy., eons. & pf. (ou.)
134 June 3 Holders of rec. June '239
Canadian Consol. Rubber, pret. (qu.). _
July 3 Holders of rm. June 30a
Canadian Explosi:es, Ltd.. corn.(qu.)_. 2
Holders of rec. June 30a
154 July 1
Preferred (guar.)
of rec. June 30a
Canadian Industrial Alcohol(guar.)- -- - 32e. July 1. Holders
Hole
July 3 J unders of rec. June 30a
3
Canton Company
July 3 Holders of rec. June 30a
1
Extra
21 to July 1
Carey (Philip) Mfg. Co., pref. (guar.)._ 1% July
1,4 July 31 Holders of rec. July 15a
Cartier, Inc.. pref. (Oiler.)
134 June 22 Holders of rec. May 31a
Century Electric Co. (guar.)
1% July I June 21 to June 30
Champion Fiber Co., pref. (guar.)
62%1 July I Holders of rec. June 16a
Chicago Fuse Mfg. (guar.)
1)4 July 25 Holders of roe. July 15
ChIcauo Pneumatic Tool (guar.)
July 25 Holders of rec. July 10a
4
Chrysler Corp., pref. series A
*20c. July IT "Holders of rec. July 7
C. G. Spring & Bumper, common
July 1 June 25 to June 30
20c
Preferred (guar.)
e3:so July 1 *Holders of rec. June 15
Clifton 011 & Gas
July 1 Holders of rec. June 30a
Coleman & Bell Co.. pref.(guar.)
30a
34 July IT, Holders of rec. June 306
Consolidated Car Heating (guar.)
July 15 Holders of rec. June
2
Exirt
(uly 2.12 July 16 to July 20
dated Royalty Oil (guar.)
Cense'
ulv 1 *Holders of rec. June 20
54
Contoocook Mills, pref.(guar.)
of rec. July 6
Corn Products Refg., corn. (guar.)._ *500 July 20 *Holders of rec. July 6
•jj
July 15 *Holders
Preferred (guar.)
19 Holders of rec.. June 304
uly
1110
Cress at Consul. Gold Min. dr Mill(qu.). •1
34 fuly 15 Holders of rec. July 6
Cudahy Packing, common (guar.)
I
•
3ct. 15 *Holden' of rec. Oct. 1
Common (guar.)
July 15 Holders of rec. June 30a
3
Davis Coal & Coke
$1.25 'rlv 15 Holders of rec. July la
Delaware Lack.& West. Coal (quar.)
July 15 'Holders of rec. June 30
*2
Detroit Motor Bus (guar.)
•4
July 15 'Holders of rec. June 30
E rtra
*2
Opt. 1 *Holders of rm. Aug. 31
Diamond Match (guar.)
June 21 to July 5
uly
2
Dow Drug,common (quar.)
June 21 to July 5
1% fly
(quar.)
Preferred
duPont(E. 1.) dq Nemours & Cc.
tug. 1 'Holders of rec. July 27
Common (Payable In common stock)._ 140
Holders of rec. June 30a
uly
1 34
El"enstadt Mfg., f rsf. (guar.)
June '26 to July I
uly
1
Electric Vacuum Cleaner, Prof. (qu.)_
*Holders of rec. July 20
'23s tug.
Elgin National Watch (guar.)
Holders of rec. June 29a
1%
uly
Essex Ceti on Mills, 1st pref. (quar.)_ _
June 27 to July 1
fuly
Estey-Weite Corp., elne8 A (guar.)_-. 500
Holders of rec. June 20a
uly
23.',
Forge (quar.)
Federal Drop
Holders of rec. June 204
sly
734
Sperial
*Holders of rec. June 20
uly
Fiberlold Corp., common
•14,.
*Holders of rm. June 20
uly
Preferred (quar.)
'ly I Holders of rec. July la
Firestone Tire & Rubber,6% pf.(qu.)..
*Holders of rec. July 21
13-."$1.: tug.
Fisher Body Corp., corn. (guar.)
Holders of rm. June 23
15*
Frontenac Breweries. pref. (guar.)
illy 1 *Holders of rec. July 7
General Refractories (guar.)
.ly 3 Holders of rec. July 15
Gilchrist Co
Holders of rec. June 25a
ly
Gray & Dudley Co., corn. (guar.)
Holders of rec. June 260
ly
Preferred (guar.)
Holders of rev. June 26a
(guar.)
Great Lakes Transit, pref.
June 14 to Juno 30
fly
Hall Baking. common (guar.)
June 14 to June 30
uly
Preferred (guar.)
Holders of rec. July 3
July 1
Happiness Candy Stores, Inc.(No. 1)..
June 21 to July
July
Hezel-Atlas Glass (guar.)
July 15 Holders of roe. June 30'
HUIcrest Collieries, common (guar.)._
July 15 Holders of rec. June 30
Preferred (gmar.)
July 15 *Holders of rec. July 6
Hoe (R.) & Co., class A (guar.)
,uly 15 Holders of rm. June 29
Hollinger Cense!. Gold Mines
*Holders of rec. July 20
Aug.
Hood Rubber Co., pref. (guar.)
*Holders of rec. Aug. 14
.75c. Sept.
Household Products, Inc., (guar.)
'Holders of rec. June 24
'134 July
Hovey (C. F.) Co.. pref. (guar.)
*Holders of rec. July 15
*25c. Aug.
Car, common (guar.)
Hupp Motor
25c. June 2 Holders of rec. June 22
Hydros Corp., common
$1 June 30 Holders of rm. June 1154
Ideal Cement Co., common (guar.)
151 June 30 Holders of rec. June 15a
Preferred (guar.)
$1 Aug. 15 Holders of rec. July 17
Indiana Pipe Line (guar.)
ncial Brick, Ltd.
Interprovi
July 7 June 30 to July 6
2
Class A dr B pref. (quar.)
Holders of rec. June 20
Laclede-Christy Clay Prod., pf. (r111.)- - 1)4
July I Holders of rec. June 236
Laclede Steel, pref.(guar.)
June 30 June 24 to June 25
4
Laurens Cotton Mills
2% June 30 Holders of rec. June 25
Lawton Mills (guar.)
Aug. 31 Holders of rec. July 31
$1
Lehigh Coal & Navigation (guar.)
1% July 1 June 21 to June 30
Liberty Steel, pref.(guar.)
*50c. July 27 Holders of rec. June 30
Lion Oil Refining(guar.)
July 1 Holders of rec. June 10a
3
Manchester Cotton Mills(guar.)
3
July 25 Holders of roe. June 25
Macfadden Publications, Inc
1% July I June 21 to July 1
Manischewits Co., pref.(guar.)
1% July 18 Holders of rm. July 3
Maple Leaf Milling, preferred (guar.)
134 July 1 Holders of rec. June 25a
McCaskey Register Co., 1st pref.(qu.)._
2
July I Holders of rec. June 254
Second preferred (guar.)
h2
July 1 Holders of rec. June 254
(teem. dive.)
Second Prof.(acct.
July 1 Holders of rec. June 15a
3
Metropolitan Filling Stations, corn.(qu.)
3
July 1 Holders of rec. June I5a
Class A common (quar.)
2
July 1 Holders of rec. June 150
Preferred (guar.)
20e. July 1 June 26 to July 1
Mexican Crude Rubber (guar.)
June 30 *Holders Of rec. June 25
111
(quar.)
Mystic Steamship
Nashua Gummed & Coated Paper
19a
1
,
13 June 30 Holders of rec. June 240
First preferred (guar.)
1% July 1 Holders of rec. June
amhua Mfg., pref.(guar.)
2% July 1 Holders of rec. June 300
Nat. Automatic Fire Alarm of Cin.(qu.)
Aug. 1 *Holders of rec. July 20
*2
National Carbon, pref. (guar.)
2
1% June 30 Jane 21 to July 2
ation1.1 Casket,common (guar.)
July
34 June 30 June 21 to
Common (extra)
1
134 July 16 Holders of rm. July
prof. (guar.).
National Fireproofing.
JUNE 27 1925.]
THE CHRONICLE
Per
When
Cent. Payable.
3279
Books Closed.
Days Inclustre.
Per
When
Books Closed.
Name of Company
Cent. Payable.
Days Inclusive.
Miscellaneous (Concluded).
Railroads (Steam) Concluded).
National Grocer, preferred
3
July 1 June 21 to June 30
Chesapeake & Ohio, common
2
July 1 Holders of roe June 20
Naumkeag Steam Cotton (guar.)
3
July 1 Holders of rec. June 22a
Preferred. Series A
334 July 1 Holders of
New England Coal & Coke (guar.)
*1
June 30 *Holders of rec. June 25
Chic. Indianap..S. Louise., common...-. 234 July 10 Holders of rec. June 20
New York Dock, preferred
rec. June 26
235 July 15 Holders
Preferred
2
July 10 Holders of rec. June 26a
New York Mortgage, common (quar.)_ _ 500. July 15 June 2 of lee. July 30
to July 15
Chicago & North Wester. common
2
June 3(1 Holders of rec. June ba
Preferred (guar.)
134 July 15 June 2 to July 15
Preferred
334 June 30 Holders of rec. June ba
Norton Company, pref.(guar.)
134 July 1 June 18 to July 1
Chicago Rock Island & Pacific,6% pref. 3
Ohio Bram, Class B (guar.)
June 30 Holders of rec. June ba
$3 July 15 Holders of rec. June 25
Seven per cent preferred
334 June 30 Holders of rec. June tra
Class B(pay.In Class B stock)
200 July 1 Holders of rec. June 25
Cincinnati Northern
5
Aug. 1 Holders of rec.
Preferred (guar.)
1)4 July 15 Holders of rec. June 25
Clev.CM.Chic.& St. L..corn.& pf.(qu.) i)4 July 20 Holders of rec. July 24a
Pacolet Mfg.. common
June 26a
June 30 June 21 to June 30
Colorado & Southern, let preferred
2
Preferred
June 30 June 20 to June 30
3% June 30 June 21 to June 30
Consolidated RRs. of Cuba. pref.(qu.). 134 July 1 Holders of rec.
Page Hershey Tubes, corn. (guar.)
June 15
$1.75 July 2 June 27 to July 1
Cuba RR ,common (guar.)
$1.30 June 30 Holders of rec. June 25a
Preferred (guar.)
14 Tilly 2 June 27 to July 1
Detroit River Tunnel
3
Pelz-Greenstein Co., Inc., pref
July 15 Holders of roe. July 8a
334 July 1 Holders of rec. June 29
Great Northern, preferred
Pemberthy Injector, pref.(guar.)
234 Aug. 1 Holders of rec. June 26a
June 30 June 26 to July 1
Gulf Mobile & Northern, prof.(guar.)._
134 Aug. 15 Holders of rec. Aug. la
Pennsylvania Salt Mfg.(guar.)
$1.25 July 15 Holders of rec. June 30
Hocking Valley Ry
2
June 30 Holders of roe. June 2a
Pedigo-Weber Shoe (guar.)
8734e. July lb Holders of rm. June 25a Houston & Texas Central
3
July 10 Holders of rec. July la
Phillips-Jones Corp., preferred (guar.)._
Aug. 1 *Holders of rec. July 20
Illinois Central. leased lines
2
Pierce. Butler & Pierce Mfg.,com.(qu.)_
July 1 June 12 to July 5
1
July 15 Holders of rec. July ba Joliet & Chicago (guar.)
154 July 6 Holders of rec. June 260
Common (extra)
1
July 15 Holders of rec. July ba Kansas City Southern, preferred (guar.)_
1
July 15 Holders of rec. June 30a
Pilgrim Mills (guar.)
2
June 30 Holders of rec. June 27a Lackawanna RR. of New Jersey (guar.) 1
July
Pittsburgh Coal, preferred (guar.)
Holders of rec. June 84
135 July 2 Holders of rec. July 100 Lehigh Valley, corn.(guar.)
8734c July
Pro-phy-lac-tic Brush (guar.)
Holders of rec. June 13a
*50o. July 1 *Holders of rec. July 1
Preferred (guar.).
$1.25 July
Extra
Holders of rec. June 13a
.
25e. July
Little Schuylkill Nay., RR.& Coal
$1.25 July 1 June 20 to July 15
Putnam (Robt.) Candy,common (guar.) 134 July 1 *Holders of rec. July 1
Holders of rec. June 200 Louisville & Nashville
3
Preferred (guar.)
Aug. 1 Holders of rec. July 15a
134 July
Holders of rec. June 200 Mahoning Coal RR., common
$12.50 Aug.
Rice-Stix Dry Goods, common (quar.)... 134 July
Holders of rec. July 154
Holders of rec. June 250
Preferred
$1.25 July
First and second preferred (guar )_
Holders of rec. June 224
13 July
Holders of rec. June 250 Michigan Central
10
River Basin Paper
July 2 Holders of rec. June 26a
15c. July I Holders of rec. July 3
Missouri-Kansas-Texas, pref. A (guar.).
Rogers(Wm. A ), Ltd., pref. ((Mar.)
1)4 Aug.
Holders of rec. July lba
134 July
Holders of rec. June 18
Mobile & Birmingham, preferred
2
Ryan Car, common (guar.)
July
June 2 to June 30
2% July
Holders of rec. June 20a Mobile & Ohio
3% June 2 Holders of roe. June 19a
Preferred (guar.)
2
June 30 Holders of rec. June 20a Morris & Essex
St. Joseph Stock Yards (quar.)
$1.75 July
Holders of rec. June 15a
1% June 3 June 21 to June 30
New York Central RR.(guar.)
St. Lawrence Paper, pref. (guar.)
134 Aug.
Holders of rec. June 26a
*2
July
*Holders of rec. June 20
N. Y.Chicago& St.Louis.corn.(quar.)
St. Louis National Stk. Yds.. pref.(qu.) 2
135 July
Holders of roe. May lba
July
June 30 to July 2
Preferred
Sandusky Cement (guar.)
131 July
Holders of rec. May 154
$2
July
Holders of rec. June 25
New York & Harlem. corn. & prof....
Sayers & Scoville Co., common (guar.)._
July
Holders of rec. June 15a
1% July
Holders of me. June 200 New York Lackawanna & West.(qua?.) $2.50 July
ar
Common (extra)
134
Holders of rec. June 13a
1
July
Holders of rec. June 200 Northern Central
Preferred (quar.)
$2
July 1 Holders of rec. June 350
1%
Holders of rec. June 200 Northern Pacific (guar.)
Schwartz(Bernard) Cigar Corp.(guar.). 25e. July
134 Aug.
Holders of rec. June 30a
July
June 21 to June 30
Northern Securities
Scovill Manufacturing (guar.)
4
July I June 27 to July 10
3
July
Holders of me. May 23a Pere Marquette. com. (guar.)
Scruggs
-V. B. Dry Goods, first pref.... 3
July
1
Holders of rec. June 155
July
Holders of roe. June 20
Prior preference (guar.)
Second preferred
134 Aug
Holders of roe. July 15a
334 July
Holders of roe. June 20
Preferred (qua?.)
Scullin Steel, preferred (guar.)
134 Aug.
Holders of rec. July 15a
134 July
Holders of rec. June 27
Philadelphia. Baltimore & Wash
Seagraye Corp., common (guar.)
*3
June 30 *Holders of roc. June 15
July 2 Holders of ret. July la Philadelphia & Trenton (guar.)
Preferred (guar.)
235 July 1 July 1 to July 11
14 July 2 Holders of rec. July la Pitts. Cin. Chic.
Securities Company
2
July 2 Holders of rec. July 200
234 July 1 Holders of rec. Juno 30a Pitts. Ft. Wayne& St. Louis. pref
Sharon Steel Hoop, preferred (quar.).._ *2
& Chic., corn.(guar.). 134 July
Holders of roe. June 10a
July
*Holders of rec. June 25
Preferred (guar.)
Smith (Howard) Paper Mills, pref.(qu.) 2
134 July
Holders of rec. June 104
July 2 Holders of red. July 10
Pittsburgh & Lake Erie
Soden (G. A.) & Co., first pref. (guar.). 134
$2.50 Aug.
Holders of rec. July 17
0
July
Holders of rec. June 25
Pittsburgh McKeesport& YoughleghenY $1.50 July
Second preferred (guar.)
Holders of rec. June 154
2
July
Holders of rec. June 25
Reading Company,common (quar.)....
Spanish River Pulp & Paper Mills
Aug. 1
Holders of rec. July 20a
First preferred (guar.)
common and preferred (guar.)
50c Sept.1 Holders of rec. Aug. 24a
1)1 July 1 Holders of rec. June 30
Secon I preferred (guar.)
Spartan Mills
50c July
Holders of rec. June 220
4
June 30
June 25
Second preferred (quar.)
Standard Screw, common (guar.)
•3
50e Oct.
Holders of rec. sept.22a
July 1 *Holders of rec. June 22
Rensselaer & Saratoga
Preferred A
.3
4
July
June 18 to June 30
July 1 *Holders of rec. June 22
St. Louis-San Francisco, core.(quar.)„ 134 July
Standard Safe Deposit (quar.)
Holders of rec. June 154
3
June 30 Holders of rec. June 26a
Preferred, Series A (quar.)
Stedman Products. preferred (quar.)135 Aug.
Holders of rec. July 150
134 July 1 June 25 to June 30
Sterling Salt (guar.)
Preferred, Series A (guar.)
134 Nov.
Holders of roe. Oct. 15a
2
July 1 June 26 to June 30
St. Louis Southwestern, pref.(quar.)... 134 June 30 Holders
Extra
2
of rm. June 130
July 1 June 26 to June 30
Southern Pacific Company (guar.) •
Telling-Belle Vernon Co., common (qu.)
134 July 1 Holders of rec. May 28a
50e. June 30 Holders of rec. June 18
Southern Railway, common (quar.)_
Preferred, A & B (guar.)
134 Aug. 1 Holders of rec. July 100
134 June 30 Holders of rec. June 18
Preferred (guar.)
Thayer-Foss Co., preferred (guar.).1
July 15 Holders of rec. June 25a
134 July 1 Holders of rec. June 20a Union Pacific. common
Mlle Standard Mining
(guar.)
235 July I Holders of rec. June la
40c. June 29 June 24 to June 29
l'Intic Standard Mining (guar.)
United N.J. RR.& Canal Cos.(guar.)- 235 July 1 June 21 to June 30
40c, June 29 June 24 to June 29
Trumbull Steel, common (guar.)
Valley Railroad (New York)
235 July 1 Holders of rec. June 204
350. July 1 June 21 to June 30
Western Pacific RR.Corp., corn
Preferred (guar.)
5
July 15 Holders of rec. June 30a
134 July 1 June 21 to June 30
Union Discount Co , common
Corn.(payable in oom.and Prat stook
(0 July 15 Holders of rec. June 30a
(quar.)-- $1.25 July 1 Holders of rec. June 27
Preferred (guar.)
Preferred (guar.)
135 June 29 Holders of rec. June lba
Union Stock Yards(Omaha)(quar.).... 134 July 1 Holders of rec. June 27
Preferred (account accum.dividends) 01.558 July 15 Holders of rec. June 300
June 30 June 21 to June 30
United States Can, common (quar.)_..... 2
Preferred (Payable ID coin.& Prof.stk., (t) July 15 Holders of rec. June
750. July 15 Holders of rec. June 30
30a
Preferred (guar.)
144 July 15 Holders of rec. June 30
United States Can, corn. (guar.)
Public Utilities.
750. July 15 Holders of rec. June 30
Alabama Power, preferred (guar.)
Preferred (guar.)
14 July 1 Holders of rec. June 20
154 July 15 Holders of rec. June 30
U.S Gauge. preferred
All America Cables (quar.)
134 July 14 Holders
U S. Paper Goods, preferred (quar.)._.. 334 July 1 June 21 to July 5
American & boreign Poser, pref.(guar., $1.75 July 1 Holders of roe. June 300
of roe. June lba
U.S. Playing Card ($20 par stock) (qu.) 134 June 30 Holders of rec. June 22a Amer. Gas & Elec.. corn. (guar.)
25o. July 1 Holders of rm. June 10
$1.50 July 1 Holders of rec. June 200
Stock. $100 par (guar.)
Common (extra)
(w) July 1 Holders of
734 July 1 Holders of rec. June 20a
U.8.Ptg.& Litho., corn & pref.(gu.) Preferred (unstamped non-par stock) $1.50 Aug. 1 Holders of rec. June 10
1
July 1 Holders of rec. June 206
rec. July 10
11. S. Safe Deposit
Preferred ($50 par stock)
134 Aug. 1 Holders of rec. July 10
July 1 June 30 to July 1
U.S.Sheet & Window Glass. pref.(qu.)_ 5
American Gas of New Jersey (guar.)_
1)4 July
2
U.S. Smelt. Ref. & Min., corn. (guar.),*75c. July 1 Holders of rec. June 200 American Gas of Pennsylvania (guar.). 75e. July 15 Holders of rec. June 300
Holders of me. June 30a
1
July 15 *Holders of me. July 6
Amer.Power & Lt., pref.(guar.)
Preferred (guar.)
114 July
Holders of rec. June 18
Universal Leaf Tobacco, Inc., pref.(qu.) *8734c July 15 *Holders of rec. July 6
American Public Service, pref. (guar.).
2
134 July
Holders of rec. June 154
July 1 Holders of rec. June 22
Victor
-Monaghan Co., preferred
Amer. Public Utilities, prior pref. (qu.)
14 July
(guar.) 134 July 1 Holders of rec. June 206
Holders of roe. June 150
Wagner Elec. Corp., pref. (guar.)
Participating preferred (guar.)
134 July 1 Holders of rec. June 206
131 July
Holders of rect. June lba
Warner (Chas.) Co., common (guar.).
Amer. Superpower Corp.. 1st pfd.(qu) $1.50 July
Holders of rec. June,200
First and second preferred (guar.) - 50c. July 10 Holders of rec. June 300
Participating pref.(guar.)
1% Aug. 1 Holders of rec. July 310
134 July 23 Holders of rec. June 30a
Winnsboro Mills. common (guar.) --- American Telephone oc Telegraph (qu.)
July 1
2
2
Holders of roe. June 20a
July 1 Holders of rec. June 26
White Eagle 011 & Ref.(guar.)
Amherst Gas (guar.)
50c.
154 June 3 Holders of lee. June 15
White Rock Mineral Springs, corn.(qu.) 30c, July 20 Holders of rec. June 306 Arkansas Central Power. pref.(qua?.).
$1.75 July
Holders of rec. June '23
July 1 Holders of rec. June 22
Common (extra)
Arkansas Natural Gas
Sc July
211c. July 1 Holders of rec. June 22
Holders of rec. June lb
Common (guar.)
Asheville Power & Light, pref.(qua?.).
30o, Oct. 1 Holders of rec. Sept.
134 July
Holders of rec. June 15
Common (estm)
Associated Gas & Elec.Co.„ pre'
.(estra
200. Oct. 1 Holders of rec. Sept. 22
1234c July
Holders of rec. June 10a
22
Common (guar.)
Preferred (guar.)
30e, Dec. 31 Holders of roe. Dee. 22
8734e July
Holders of rec. June 10a
Common (extra)
Preferred (extra)
20c. Dec. 31 Holders of rec. Dec. 22
12%c Oct.
Holders of rm.Sept. 100
First preferred (guar.)
Preferred (extra)
134 July 1 Holders of rec. June
1234c Jan 1'2 Holders of rec. Dec. 10a
22
First preferred (guar.)
Class A (guar.)
6234e Aug.
134 Oct. 1 Holders of rec. Sept. 22
Holders of roe. July 100
First preferred (guar.)
Class A (guar.)
134 Dec. 31 Holders of rec. Dec. 22
6235e Nov.
Holders of rec. Oct. Pa
Second preferred (guar.)
Bangor Hydro-Elec. Co.. pref.(guar.)-- 134 July
14 July 1 Holders of roe. June 22
Holders of rec. June 10
Second preferred (extra)
Barcelona Tr.. Lt. d. Pr., pref.(guar.)
1
134 June 30 Holders of rec. June 15
July 1 Holders of rec. June
Second preferred (guar.)
Bell Telephone of Canada (guar-)
134 Oct. I Holders of rec. Sept. 22
2
July 1 Holders of rec. June 23
22
Second preferred (extra)
Bell Telephone of Pa., pref. (guar.)
1
Oct. 1 Holders of rec. Sept. 22
14 July 1 June 21 to July 21
Second preferred (guar.)
Birmingham Electric Co., pref. (guar.)
134 July
Dec. 31 Holders of rec. Doe. 22
Holders of rec. June 15
Second preferred (extra)
Barton Elevated Ky., corn.(guar.)
1
1% July
Dec. 31 Holders of rec. Dec.
Holders of rec. June I50
Woodley Petroleum (guar.)
First preferred
15e. July 20 Holders of rec. July 22
4
July
Holders of rec. June 18a
50
Worcester Salt (guar.)
Preferred
134 June
334 July
Holders of rec. June lita
Yellow Taxi Co. of Detroit, pref.(guar) 134 July 30 June 25 to June 30
Brazilian Tr., Lt. & Pr., pref. (guar.)... 1% July
15 July 2 to July 15
Holders of rec. June 15
Yellow Taxi of Detroit, pref. (guar.)._
Bklyn.-Manhattan Tmn., pref. (guar.). $1.50 July 1 Holders
134 July 15 July 2 to July
of rec. July la
Young (J. S.) Co.. common (guar.)
Brooklyn Union Gas (guar.)
2% July 1 Holders of rec. June 15
$I
July
June 21 to June 30
Preferred (guar.)
134 July 1 Holders of roe. June 19a Buffalo General Electric (guar.)
40e. June 30 Holders of rec. June lba
19a Capital Traction, Wash., D.C.(qu.)
154 July
Holders of rec. June 13
Carolina Power & Light,common (qu.). $1.50 Aug.
Holders of rec. July 15
Below we give the dividends announced in previous
Preferred (guar.)
134 July
weeks Cedar Rapids Mfg.& Power
Holders of rec. June 15
(guar.) _
yet paid. This list does not include dividends
and
34 Aug. 1
of rec. July 31
an- Central IU, Public Sere.. pref.(qua?.).. $1.50 July 1 Holders of rect. June SO
Holders
Central Power Co.(Neb.), pref.(guar.)_
nounced this week, these being given in the preceding
134
Holders
table. Central Power & Light. preferred (guar.) 134 July 1 Holders of roc. June 30
Aug.
of reo. July 15
Central States Elec. Corp., pref. (qu.)... 1,1
Holders of rec. June 10
Chicago North Shore & MUw.,pref.(qu.) 1;4 July
Per
When
July
Holders of roe. June 15a
Books Closed,
Prior lien (guar.)
Name of Company.
Cent. Payable.
134 July
Holders of rec. June 16a
Days Inclusive.
Chicago Rap. Tr., pr. pf. A (mthly.)... 650.
.
July
Holders of rec. June lea
Prior preferred (monthly)
Railroads (Steam).
65e, Aug.
Holders of roe. July 254
Prior preferred (monthly)
Alabama Great Southern, ordinary
334 June 29 Holders of rec. May
Holders of rec. Aug. 1134
Cincinnati & Suburban Bell Teleph.(qu.) 65c. Sept.
Preferred
334 Aug. 17 Holders of roe. July 25
July
June 21 to
Citizens Pass, Ry., Philadelphia (guar.). $1
Albany & Susquehanna
434 July 1 Holders of rec. June 13
$3.50 Ally
June 21 to June 30
150 Cleveland RY.(guar.)
Atchison, Topeka a: Santa Fe. prof
235 Aug. I Holders of rec. June
154 fuly
Holders of rec. June 184
Atlantic Coast Line RR.. common
3% July 10 Holders of rec. June 28a Coast Valleys Gas& El., pref. A (guar.). 135 June 30 Holders of rec. June 15
lta
Preferred,series B (guar.)
Com.(extra) (from non-oper. Inc.)._
1
July 10 Holders of rec. June 15a
134 June 30 Holders of rec. June 15
Commonwealth Pow.Corp.,corn.(qu.).
Bangor .9. Aroostook, corn. (guar.)
750. July 1 Holders of rec. June
$1.50 July 20 Holders of rec. July 1
15a
Preferred (guar )
Preferred (guar.)
134 July 1 Holders of rec. June 154 Cons.
Gas El. Lt.& Pr.. Balt., oom.(qu.) 134 Aug. 1 Holders of rec. July 13
Beech Creek (guar.)
50o July 1 Holders of rec. June 15a
50o. July 1 Holders of rec. June 154
Preferred A (guar.)
Boston 1. Albany (guar.)
234 June 80 Holders of roe May
2
July 1 Holders of rec. June
Preferred B(guar.)
29
134 July 1 Holders of rec.
Boston Revere Beach & Lynn (guar.)._
154 July 1 Holders of rec. June lba
June
Preferred C(guar.)
Boston & Providence (guar.)
234 July 1 Holders of rec. June lba
1% July 1 Holders of rec. June 15a
Consolidated 'Fran. of N.J
Buffalo & Susquehanna. corn.(quar.)_ _
134 June 30 Holders of rec. Jun 20
2
Tub 15 Holders of rec. June 15a
,
100 Consumers
Preferred
2
June 30 Holders of rec. June 100 Consumers El. L.& P., New Orl.,pf (qu) 154 lune 30 June 10 to June 30a
30
Canada Southern
$1.25 July 2 Holders of rec.
134 Aug. 1 Holders of rec. June 260 Consumers Gas. Toronto(guar.)
Power.6% prof.(Quar.)Pacific. corn. (guar.)
Canadian
$1.50 July 1 Holders of roe. June 15
234 June 30 Holders of reo. June
.6% preferred(guar.)
750. July 10 Holders of rec. June la
Caro. Clinchfield & Ohio. corn.
$1.65 July 1 Holders of roe. June 15
30a
7% preferred (qua?.)
14( July 1 Holders of roe. June 15
June 15
Name of Company.
not
June 30
Name of Company.
[VOL. 120.
THE CHRONICLE
3280
When
Per
Cent. Payable.
Books Closed.
Days Inclusive
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive
Public Utilities (Concluded).
July 31 Holders of rec. July 1
Public Utilities (C(mlinued).
Philadelphia Company, common (guar.) El
July 31 Ilolders of rec. July 150
$1
Consumers Power-(Concluded)
Philadelphia Rapid Transit (guar.) _ . __
Holders of rec. June 15
50c. July
cent preferred (monthly)
62Sic July 15 Holders of rec. June 300
Six per
Philadelphia & Western Ry.. pref. (qu.)_
Holders of rec. June 15
of rec. June 15
550. July
6.6% Preferred (monthly)
Portland Elec. Pow. Co., 1st pref.(guar.) 134 July 1 Holders of rec. June 15
Holders of rec. Sept. 15
$1.50 Oct.
134 July 1 Holders
6% pref .(guar.)
Prior preference (quar.)
Holders of rec. Sept. 15
$1.65 Oct.
June 16 to July 1
194 July 2
6.6% preferred (gear.)
Porto Rico Rye. pref. (guar.)
Holders of rec. Sept. 15
$1.75 Oct.
25c. July 1 Holders of rec. June 150
7% preferred (guar.)
Power Corporation, com. (guar.)
150
Holders of rec. July 15
50c. Aug.
6% preferred (monthly)
134 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
Holders of rec. Aug. 15
Sept.
500.
July 1 holders of rec. June
SI
6% preferred (monthly)_
Providence Gas (guar.)
ba
Holders of rec. Sept. 15
50c. Oct.
6% preferred (monthly)
of N.J., corn.(guar.) El .25 June 30 Holders of rec. June ba
Public Serv. Corp.
Holders of rec. July 15
55e. Aug.
June 30 Holders of rec. June
2
6.6% preferred (monthly)
Eight per cent preferred (guar.)
Holders of rec. Aug. 15
550. Sept.
6.6% preferred (monthly)
134 June 30 Holders of rec. June ba
Seven per Cent preferred (guar.)
Holders of rec. Sept. 15
5e. Oct.
(qu.). 194 June 30 Holders of rec. June 6a
6.6% preferred (monthly)
Holders of rec. June 13a Public Serv. Elec. & Gas 7% pref.
'Continental Gas & Elec., coin.(guar.). $1.10 July
134 June 30 Holders of rec. June ba
6% preferred (guar.)
Holders of rec. June 13a
1% July
134 Aug. 1 Holders of rec. July 15a
Prior preference (guar.).
Public Serv. Elec. Pow., Prof. (guar.)._
Holders of rec. June 130
134 July
Aug. 1 Holders of rec. July 15
ng preferred (quar.)
$2
Participati
(no par)(qu.)
Holders of rec. June 130 Pub. Serv. of N.III., corn.
Si July
Aug. 1 Holders of rec. July 15
2
Participating preferred (extra)
Common (8100 par) (guar.)
Holders of rec. June 130
1% July
July 15 holders of rec. June 200
Preferred (quar.)____
Power & Light, corn.(qu.). 1
29a Puget Sound
143 June 30 Holders of rec. May 200
Phila
July 15 Holders of rec. June 200
1%
Continental Pass. Ry.,
Prior preferred (guar.)
200
July 15 Holders of rec. June
2
Detroit Edison Co.(guar.)
134 July 15 Holders of rec. June 30
Preferred (guar.)
22 to June 30
134 July 15 Holders of rec. June
Dominion Power & Transmission (guar.) 1% July 15 June
(guar.)
July 1 Holders of rec. June 150 Quebec Power, common
of rec. June 30
1
__
134 July 15 Holders
Duluth-Superior Trac., pref. (quar.)_
Preferred (guar.)
of rec. June 30
75e. July 1 June 16 to June 30
East Bay Water, pref., Class A (guar.). 134 July 15 Holders of rec. June 30
Reading Traction
16 to June 30
1% July 15 Holders
Preferred, Class B (guar.)
Ridge Ave. Pass, Ry., Phila. (guar.)... E3 July 1 June
1 Holders of rec. June 20
1% July
July 1 Holders of rec. June 130
Eastern Kansas Power, pref. (quar.)__
Savannah El.& P.deb.(1st pt.) A (qu.). 2
July 1 June 21 to June 30
July 1 June 2 to June 30
$3
Eastern New Jersey Pow. Co., pr.(go.). 2
Second & 3d Sts Pass. Ry., Phila
June 30 Holders of rec. June 15
2
134 July 10 Holders of rec. June 26
Easthampton Gas (guar.)
Shawinlean Water Sc Power (quar.)_ __ _
of rec. July 15
134 July 20 Holders of rec. July 100
Electric Bond & Share Co., pref. (guar.) 134 Aug. 1 Holders of rec. June 18
South Pittsburgh Water, corn. (guar.)._
134 July 15 Holders of rec. July la
& Share Sec. Corp.(quar.). 2,5c. July 15 Holders
Elec. Bond
Seven per cent preferred (guar.)
5a
234 Aug. 19 Holders of rec. July 254
Elec. Light & Power Co. of Abington
Five per cent preferred
50c. July 1 Holders of rec. June I5a
& Rockland (guar.)
(guar.).- I% July 15 Holders of rec. June 300
Southern Canada Power. pref.
le
15 Holders of rec. June
1) 31.75 July 1 Holders of rec. June 30
July
2
Elec. Pow.& Lt. Corp.. Pt.(WI.)(No.
Southern New Eng. Teiep (guar.)
"81.75 Aug. 1 "Holders of rec. June
13.1 July 1 Holders of rec. June 200
Second preferred (guar.)(No. 1)
rn Bell Telco., pref.(quar.)
1% July 15 Holders of rec. July la SouthwesteRy. Sc Light, pref. (guar.)... 111 July 1 Holders of rec. June 15
El Paso Electric Co., pref. A (quar.).300
1% July 15 Holders of rec. July la Springfield
com.(quar.)._ 75c. July 25 Holders of rec. June 300
Preferred. Series B (guar.)
1 Holders of rec. June 150 Standard Gas Sc Electric, (guar.)
134 July 25 Holders of rec. June
Federal Light & Trae. new com.(qu.) _ _ 200. July 1 Holders of tee. June 150
Seven per cent preferred
July 1 June 21 to July 1
3
new com.stk.). fl5e. July
New common (pay.in
Tacony-Palmyra Ferry
July 1 June 2 to June 30
of rec. June 13
Frankford 'Sc Southwark Pass. Ry.(qu.) $4.50
Tennessee Elec. Power 7% 1st pref.(qu.) 134 July 1 Holders of rec. June 13
July 1 Holders of rec. June 15
134 July 1 Holders
General Gas & Elec., pref., Class A (qu.) $2
Six per cent first pref. (guar.)
15
1 Iloiders of rec. July 13
El .75 July 1 Holders of rec. June 20
$1.50 Aug.
Preferred. Class B (guar.)
2d pref.(quar.).
Sept. 1 Holders of rec. Aug.
Sept. I holders of rec. Aug. 15
1
Georgia Ry. & Power. 2nd pref. (guar.) 1
Texas Electric Ry., common (quar.). __
Holders of rec Nov 20
Dec.
1
134 July I Holders of rec. June 18
Second preferred (guar.)
First preferred (guar.)
July 7 June 18 to July 6
134 July 15 Holders of rec. Aug. 1
Germantown Passenger Ry. (guar.).-- $1.31 June 30 Holders of rec. June 15
Second preferred (guar.)
July 1 Holders of rec. June 150
Greenfield Elec. Lt. & Pow., common__ 2% June 30 Holders of rec. June 15
Toledo-Edison Co.. prior preferred (qu.) 2
370.
214 July 1 Holders of roe. June 20
Employees' stock
Tri-City Ry.& Light.common (guar.)._
25c. June 30 Holders of rec. June 15
234 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
300
Common (guar.)
$1.50 July 1 Holders of rec. June
231 Jan1'26 Holders of res. Dee. 20
Gold dr Stock Telegraph (guar.)
Common (guar.)
1% June 30 Holders of rec. June 18
134 July 10 July 1 to July 10
Harrisburg Light & Power, pref.(quar.)_
Elec. Co., Ltd.(guar.)
56e. July 1 Holders of rec. June 15a TrinidadFalls Pow.& El. Co.,corn.(qu.) 134 June 30 Holders of rec. June 15
Haverhill Gas Light (quar)
June 30 Holders of rec. June 290 Turners
2
173ic. June 30 Holders of rec. June 15
(quar.)
Illinois Bell Telephone
Employees'stock (guar.)
Aug. 1 'Holders of rec. July 15
July 1 Holders of rec. June 154
2
Illinois Northern Utilities. pref. (guar.). •1% July 1 Holders of rec. June 15
Twin Clty Rap.Tran., Minneap.,corn
1%
104 July 1 Holders of rec. June 156
Illinois Power Co..6% pref. (guar.). _
Preferred (quar.)
July 1 Holders of rec. June 15
134
$4.75 July 1 Holders of rec. June lba
ia
7% preferred (guar.)
90
July 1 Holders of rec June 10a Union Passenger Ry., Philadelph
$1.50 July I Holders of rec. June 16
Illinois Power & Light, 6% Pref. (guar.) 134 July 1 Holders of rec. June 100 Union Traction (Philadelphia)
of rec. June
(guar.)
Seven per cent preferred
United Gas Sc Elec. Corp., pref.(guar.). 134 July 1 Holders of rec. June 300
July 1 Holders of rec. June 20
134
July 15 Holders
Illinois Traction, preferred (guar.)
nt, corn.(quar.). $1
1% July 15 Holders of rec. June 270 United Gas Improveme
$1.50 July 15 Holders of rec. June 306
International Telep. & Teleg.(quar.)
Common (extra)
of rec. July lb
$1.75 July 1 Holders of rec. June 15
Interstate Power, preferred (guar.)
United Light Sc Power. corn. A Sc B (qu.) 50c. Aug. 1 Holders of rec. June 15
Holders of rec. June 17
July 1
$1.62 July 1 Holders
Jersey Central Power & Light, pret.(qu.) 194
Preferred, class A (quar.)
Aug. 15 Holders of rec. July 31
2
El July 1 Holders of rec. June 15
(guar.)
Kaministiquia Power
Preferred, class B (guar.)
1 Holders of rec. June 150
Aug. 1 Holders of rec. July 15
2
Kansas City P.& L.. pt.. Ser. A (quar.)- $1 .75 uly 1 Holders of rec. June 20
United Light Sc fly's,, com.(guar.)
1% July
134 July 1 Holders of rec. June 15
Kansas Electric Power, preferred (guar.) 1% July 1 Holders of rec. June 18
First preferred (guar.)
July 1 Holders of rec. June 15
2
Kansas Gas dr Elec.. prof.((War.)
Participating preferred (guar.)
1% July 1 Holders of rec. June 220 Utah Gas Sc Coke, pref. (guar.)
$1.75 July 1 Holders of rec. June 15
Kentucky Securities, common (guar.).
1% July 15 Holders of rec. June 220
$1.75 July 1 Holders of rec. June 16
Preferred (guar.)
Participating preferred (guar.)
July 15 Holders of rec. June 30
131
134 July 1 Holders of rec. June 10
Laurentide Power (guar.)
Utah Power Sc Light, pref. (guar.)
Holders of rec. June 15
1% July 1 Holders of rec. June 20
Long Island Lighting, pref.(guar.)
Utilities Pow.& Lt. Corp., Cl. A (rm.)._ (k) July 1 Holders of rec. June 15
1% July 1 Holders of rec. June 60
134 July 1
)_ _ _
(q
Mackay Companies, common
Preferred (guar.)
1 Holders of rec. June 60
July
1
134 July 20 Holders of rec. June 304
Preferred ( uar.)
Virginia Ry. Sc Power. pref. (quar.)._
of rec. June 22
July 15 Holders of rec. July 1
2
Manchester Tr., L. & Pow.(quar.)
Sc Elec., corn. (acct. aecum.) "h20 July 1 Holders of rec. June 254
$1.25 July 1 Holders of rec. June 154 Wash. Ry. Water Power,Spokane (qu.) 2
July 15 Holders
Manhattan Ry.(guar.)
Washington
June 30a
1 Holders of rec. June lba
134 July 15 Holders of rec. June 306
Extra (acct, accumulated dividends).. 831.25 July 1 Holders of rec. June 18a
Western Power Corp., pref. (guar.)._
Holders of rec.
62Si c July
& El.of Del„pf.(qu.) 134 July 15 Holders of rec. June 25a
Manila Electtic Corp. (quar)
July 10 Holders of rec. June 30a Western States Gas
2
134 July 15
Manufacturers Light & Heat (guar.).
Western Union Telegraph (guar.)
24
June 30 Holders of rec. June 15
151 July 2 Holders of rec. June 156
Massachusetts Lighting Cos., corn.(qu.) 75e. July 15 Holders of rec. June 25
West Kootenay Power, pref.(guar.)._ _ _
1%
June 30 Holders of rec. June
$1
6% pref.(qu.)
West Penn Company, corn. (quar.)
Holders of rec. June 25
Holders of rec. July 15
July 15
2
8% Preferred (guar.)
West Penn Power Co.,7% pref.(guar.). 131 Aug. 1 Holders of rec. June 156
1 Holders of rec June 20
July 1
$5
Memphis Power & Light, pref.(quar.). _ $1.75 July 1 Holders of rec. June 200 West Philadelphia Passenger Ry
July
Holders of rec. June lb
154 July
Metropolitan Edison Co., pref.(quar.). _ $1.75
rec. June 300 Winnipeg Electric Co., pref.(guar.).- 154 July 1 Holders of roe. June 15
1
1% July 15 Holders of
Middle West Utilities. pref. (guar.). _ _ _
River Power, pref. (guar.)
Yadkin
154 July 6 Holders of rec. June 220
lien (quar.)......
Midland Utilities, prior
1% July 1 Holders of rec. June lb
Banks.
Minnesota Pow.& Light. pref. (quar.)_ _
1% July 1 Holders of rec. June 120
July 1 Holders of rec. Julie 19
3
Mississippi River Power. pref. (guar.)._
July 1 Holders of rec. June 20a America (Bank of) (guar.) (guar.)- -July 1 Holders of rec. June 26a
$2
Missouri Power & Light, common
rec. June 200 American Exchange National el. A (qua
July 1 Holders of roe. June 15
I% July 1 Holders of
Corp.,
Preferred (guar.)
July 1 Holders of rec. June 220 Amer.Exch. Securities
3
July 1 Holders of rec. June 15a
3
(guar.)
Mohawk Valley Co.
c July 1 Holders of rec. June 150 Bryant Park
1% July 1 June 26 to June 30
Monon. West Penn. P. S., 7'1 pf.(qu.). 4354 July 1 Holders of rec. June 150 Capitol National (guar.)
July 1 Holders of rec. June 176
4
3714c
Six per cent preferred (q•eir )
July 1 Holders of rec. June 120 Chase National (guar.)
July 1 Holders of rec. June 176
$1
1
Montana Power,common (.1, n.r )
1 Holders of rec. June 120 Chase Securities Corp.(guar.) (guar.)
July 1 June 14 to June 30
4
184 July
Phenix Bank Sc Trust
Preferred (guar.)
206
Aug. 15 Holders of coup. No. 36r Chatham
2
134 July 1 Holders of rec. June 200
& Pow.(,m01.(qu.)
Chelsea Exchange
Montreal Lt.. Ht.
Aug. 15 Holders of rec. July 31
July 1 Holders of rec. June
4
Montreal Light. Heat & Pow . Co (guar.)
Holders of rec. June 10a
June 30a Chemical National (hi-monthly)
94 July 20 Holders of rec.
July 1
3
.
.1 -,r.)- - Mountain States pow
Coal Sc Iron National (guar.)
July 1 Holders of rec. June 200
$
3
July 1 Holders of rec. June 13a Colonial (guar.)
Narragansett Electric Lighting (quar.)_ _
July 1 Holaers of rec. June 190
34 July 15 Holders of rec. June 300 Commerce. National Bank of (guar.).
- 4
National Fuel Gas(guar.)
5
July 15 Holders of rec. June 306
- $ .75 July 1 Holders of roe. June 15
alth
& 1.181,t. 'ref.
Commonwe
Nati. nal Power
Si July 1 Holders of rec. June 17
3% June 30 June d27 to June 30
Nat Pub. Serv. Corp., partly of.(au.)East River National (guar.)
June 30
July 1 Holders of rec. June 200
3
% Aug. 1 Holders of rec.
Bank of (guar.)
Nevada-Calif. Elec. Corp., pref. (quar.)_
July 1 Holders of roe. June 30a
Jun( 30 Holders of rec. June 100 Europe,
6
Fifth Avenue (guar.)
New England Telco. & Teleg. (quar.)
July 1 Holders of rec. June 306
26
Special
Newport News & Hampton Ity„ Gas
12% July 1 Holders of rec. June 30a
July 1 Holders of rec June 15a
pref. (guar.)
National (guar.)
First
& Electric Co..
% July 1 Holders of rec June 20
1234 July 1 Holders of rec. June 30a
N.Y.Ceatral Elec. Corp.. pref.(guar.)
ti July 1 Holders of rec June 220 First Security Co )(guar.)
Juno 30 June 26 to June 30
2
(Brooklyn
New York State Rys., pref.(guar.)
July 1 June 21 to June 30
3
lUly 1 Holders of me June 150 Flatbush
(guar.).
National (Brooklyn)
New York Steam CO., pref.
July 1 June 21 to June 30
3
% July 5 Holders of rec June 200 Greenpoint
Extra
New York Telephone, pref. (guar )__
of roc June 300
4394c July 5 Holdets
July I Holders of rec. June 200
3
Greenwich (guar.)
Niagara Falls Power. pref. (guar.)
Ciders of roe June 15
July 1 June 21 to June 30
103 July 1
6
National (guar.)
Niagara Lockport dr Ont.Pow.com.(qu.)
July 1 Holders of rec. June 290
July 1 Hi.iders of rec. June 150 Ilanover National
3
Preferred (guar.)
July I Holders of rec. June 50 Lebanon
July 1 Holders of rec. June 19a
4
North AMeEIMU Co.. common (guar.). 75c. July 1 Holders of rec. June 50 Manhattan Co.(Bank of the) (guar.)... 5
July 1 Holders of rec. June 20a
Nat.(quar.)
Six per cent preferred (guar.) (qu.)
of rec. June 200 Mechanics Sc Metals
July 1 Holders
July 5 Holders of rec. June 20a
2
(Brooklyn)(guar.)
American Lt & Pow„ pref.
North
July 14 Holders of rec. June 300 Municipal
July I Holders of rec. June 220
3
pt. A (qu.)
Northern Indiana Gas & El
July 1 Holders of rec. June 15a Mutual (guar.)
July 1 Holders of rec. June 15a
4
75c,
National City (guar.)
Northern N. Y. Utilities (quar.)
July I Holders of rec. June 15a
4
134 JUIY 1 Holders of rec. June 15
Light.6% pref. (qtr.).
Company (guar.)
National City
Nor. Ohio Trxc.&
1% July 1 Holders of rec. June 15
July 1 Holders of rec. June 20a
2
(guar.)
7% preferred (guar.)
Aug. 1 Holders of rec. June 30a New Netherland
July 1 Holders of rec. June 22
2
6
Nor.States Pow.of Del., corn., A (guar.) 1% July 20 Holders of rec. June 30a Park. National (guar.)
June 30 Holders of rec. June 20
4
Public National (guar.)
Preferred (guar.)
June 16 to June 30
July 1 June 28 to July 1
2
$1.50 July
Richmond Hill Nat. (Brooklyn)
Northwestern Telegraph Co. (guar.).
Holders of rec. June 15
July 1 Holders of roe. June 246
4
$1.75 July
North West Utilities, prior lien pref.(qu.) 131 July
Holders of rec. June 200 Seaboard National (guar.)
July 1 Holders of rec. June 260
2
Standard (quar.)„
Ohio Bell Telephone, pref. (guar.)._
Holders of rec. Aug. 15
Sept.
50c. July I Holders of rec. June 280
$1.65
Standard Nat. Corp., corn. (guar.)
Ohio Edison,6.6% pref. (guar.)
Holders of rec. Aug. 15
1% July 1 Holders of rec. June 266
134 Sept.
(guar.)
Preferred (quar.)
Six per cent preferred
Holders of rec. Aug. 15
1% Sept.
July 1 Holders of rec. June 190
4
State (quar.)
Seven per cent preferred (guar.)
Holder8 of rec. June 15
530. July
234 July 1 Holders of rec. June 220
United States(Bank of)(guar.)
6.6% preferred (monthly)
Holders of rec. July 15
550. Aug.
6.6% preferred (monthly)
Holders of rec. Aug. 15
55c. Sept.
Trust Companies.
6.6% preferred (monthly)
Holders of rec. June 17
134 July
200
Ohio River Edison. preferred (guar.).-134 June 30 Holders of rec. June 15
134 June 30 Holders of rec. June
American (guar.)
Ottawa Light, Heat Sc Pow., corn.(qu.)_
of rec. June 15
July 1 Holders of rec. June 196
194 July 1 Holders
Bank of New York Sc Trust Co.(guar.). 5
Preferred (guar.)
July 2 Holders of rec. June 15
July 1 Holders of rec. JUDO 150
5
1
Ottawa Traction (guar.)
July 15 Holders of rec. June 30a Bankers (guar.)
2
July 1 Holders of rec. June 25a
6
Pacific Gas Sc Elec.. common (quar.)... 1% June 30 Holders of rec. June 20a Brooklyn (guar.)
July I Holders of rec. June 250
3
Extra
Pacific Teleph. & Teleg., corn. (quar.)_ July 1 holders of rec. June 22
6
1% July 15 Holders of rec. June 30a Central Union (guar.)
Preferred (guar.)
Holders of rec. June 16
June 29 Holders of rec. June 200
3
1% July I
Panama Power Sc Light Corp., pt. (qu.) El
July 1 Holders of rec. June 100 Empire (guar.)
June 29 Holders of rec. June 200
I
Extra
Penn Central Light & Power, pref. (qu.) 10c. July 1 Holders of rec. June 10a
June 30 Ilolders of rec. June 190
3
Equitable (quar.)
Preferred (extra)
1% Aug. 1 Holders of rec. July 22
2% June 30 June 20 to June 30
Fidelity-International (quar.)
Penn-Ohio Power & Lt.. 7% pref.
Aug. 1 Holders of rec. July 22
2% July 1 Holders of roe. June 220
2
(guar.)
8% preferred (guar.)
July 1 Holders of rec. June 200 Fulton
June 30 Holders of reo. June 19
3
Guaranty (guar.)
Pennsylvania Edison Co., pref.(quar.).. $2
of rec. June 19
$1.75 July 1 Holders of rec. June 15
Bank-Columbia Trust (quar.)_. 334 July 1 Holders of rec. June 204
Pennsylvania Pow. Sc Lt.. pref. (qu.)
July 1 Holders of rec. June 190 Irving
134 June 30 Holders
- 2
(qear.)
Pennsylvania Water dr Power (guar.).
July 17 Holders of rec. July 30 Lawyers
2
(guar.)
Peoples Gas Light dr Coke
134
54
34
114
,x)
134
1%
J ENE
Name of Company.
When
Per
Cent. Payable.
Trust Companies (Concluded).
4
Manufacturers (guar.)
July 1
June 30
Mldwood (Brooklyn)
3
July 1
Mutual of Westchester County
3
Extra
1
July 1
New York (guar.)
June 30
5
Peoples (Brooklyn) (guar.)
June 30
5
Title Guarantee & Trust (guar.)
3
June 30
Extra
June 30
4
Extra
Sept.30
4
United States Mortgage & Trust(guar.) 4
July 1
United States (guar.)
1234 July 1
Extra
July 1
10
Fire Insurance.
continental
Fidelity-Phenlx
Niagara
Reeds (gear.)
Per
Books Closed.
Days Inclusive.
Name of Company.
Holders of rec. May 205
June 25 to June 30
Holders of rec. June 30a
Holders of rec. June 300
Holders of rec. June 200
Holders of rec. June 290
Holders of rec. June 22
Holders of rec. June 22
Holders of rec. Sept.22
Holders of rec. June 276
Holders of rec. June 200
Holders of rec. June 200
July 10 Holders of rec. June
83
$3
July 10 Holders of rec. June
$2.50 July 13 Holders of rec. July
$1.50 July 1 Holders of rec. June
30a
300
30
15a
Miscellaneous.
Abitibi Power & Paper, pref. (guar.) _ _
1% July 2 Holders of rec. June 200
Acme Road Machinery, preferred (quar.) 2
July 1 Holders of rec. June 100
Adams Express (guar.)
$1.50 June 30 Holders of rec. June 156
Advance-Rumely Co.. pref. (guar.).
- 75c. July 1 Holders of rec. Jane 15a
Aeolian Company, preferred (quar.)_
lei June 30 Holders of rec. June 200
Ahtunada Lead Co.(guar.)
7340. July 2 Holders of rec. June 15
Efira
17340. July 2 Holders of rec. June 15
Air Reduction (guar.)
July 15 Holders of rec. June 306
51
Alabama Fuel & Iron (guar.)
2
July 1 Holders of rec. June 20a
Allied Chemical & Dye Corp., prof.(qu.) 134 July 1 Holders of rec. Jane 156
Allis Chalmers Mfg., pref. (guar.)
lei July 15 Holders of roe. June 240
Aluminum Manufactures. Inc.,com.(411) 37 mc June 30 Holders of rec. June 156
Co nmon (guar.)
3734c.Sept.30 Holders of roe. Sept. 15a
CArnmon (guar.)
3734c.Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
I% July 1 Holders of rec. June 20a
Preferred (guar.)
lei Oct. 1 Holders of roe. Sept.200
Preferred (quar.)
134 Janl'26 Holders of rec. Dec. 20a
American Art Works,corn.& pref.(qu.)_
134 July 15 Holders of rec. June 306
American Bank Note, prof.(guar.)
750. July 1 Holders of rec. June Ms
American Beet Sugar,common (qear.)._ 1
July 31 Holders of rec. July 110
Common (guar.)
1
Oct. 31 Holders of rec. Oct. 100
Common (guar.)
1
Jan30'28 Holders of rec. Jan.9 26a
Preferred (guar.)
131 July I Holders of roe. June 130
American Bond & Mortgage, pref. (qu.) 134 July 1 Holders of rec. June 20
Amer. Brake Shoe & Fdy.. coin.(guar.)_ 31.25 June 30 Holders of rec. June 190
Preferred (guar.)
134 June 30 Holders of rec. June 190
American Can. preferred (guar.)
134 July I Holders of rec. June 16a
American Car & Foundry,corn.(quar.). 81.50 July I Holders of rec. June 18a
Preferred (guar.)
1% July 1 Holders of rec. June 180
American Caramel, preferred (guar.)
July 1 June 21 to June 30
2
American Chain, Class A (guar.)
500. July I June 21 to June 30
American Cigar, pref.(guar.)
lei July I Holders of rec. June 15a
American Cyanamid, corn. (quar)
July 1 Holders of rec. June 150
1
Common (extra)
ei July 1 Holders of rec. June 150
Preferred (guar.)
13.4 July 1 Holders of rec. June 15
American Express (guar.)
81.50 July 1 Holders of rec. June 110
Amer. Furniture Mart Bldg., pref.(qu.)_ 1% July
June 21 to June 30
American Hardware (guar.)
75e. June 30 June 18 to June 30
Extra
$I June 30 June 18 to June 30
Am.La France Fire Eng., Inc., com.(qu) 25c. Aug. I Holders of rec. Aug. la
Preferred (guar.)
I% July
Holders of rec. June 156
Amer.Laundry Machinery,corn.(qu.).- 75c. Sept.
Aug. 23 to Sept. 1
Common (guar.)
Nov.23 to Dec. 1
75c. Dec.
Preferred (guar.)
I% July 1 July 5 to July 15
Preferred (quar.)
1% Oct. 1 Oct. 6 to Oct. 15
American Linseed, pref
Holders of rec. June 20s
i34 July
Preferred
Holders of rec. Sept. 190
lei Oct.
American Locomotive, common (guar.). $2
June 30 Holders of rec. June 15a
Common (extra)
$2.50 June 3 Holders of rec. June 156
Common (extra)
$2.50 Sept.30 Holders of rec. Sept.140
Common (extra)
$2.50 Dec. 31 Holders of rec. Dec. 140
Preferred (guar.)
134 June 30 Holners of rec. June 150
Amer. Manufacturing, corn.(guar.)._
151 July 1 June 18 to June 30
Common (guar.)
lei Oct. 1 Sept. 18 to Sept.30
Common (guar.)
1% Dec. 31 Dec. 18 to Dec. 30
Preferred (guar.)
134 July 1 June 18 to June 30
Preferred (guar.)
1% Oct. 1 Sept. 18 to Sept.30
Preferred (guar.)
134 Dec. 31 Dec. 16 to Dec. 30
American Milling. common (quar.).... 2
July I Holders of rec. June 250
American Multigraph, preferred (guar.) 134 July 1 Holders of rec. June lba
American Plano, common (guar.)
2
July 1 Holders of rec. June 200
Preferred (guar.) '
134 July 1 Holders of rec. June 20a
Amer. Pneumatic Service, pref. (guar.)_ 75c. June 30 Holders of rec. June 20a
American Radiator, corn. (quar.)
June 30 Holders of rec. June lba
$1
American Railway Express (guar.)
51.50 June 30 Holders of rec. June 150
American Rolling Mill, corn.(quar.)____ 50e. July 15 Holders of rec. June 30
Common (payable in common stock). 5
July 15 Holders of rec. July 1
Preferred (qaar.)
134 July 1 Holders of rec. June 15
American Safety Razor Corp. (guar.) .75c. July 1 Holders of rec. June 104
American Sales Book (guar.)
July 2 Holders of rec. June 15
81
American Screw (guar.)
134 July 1 Holders of rec. June 20a
Amer. Seeding Machine, pref. (guar.).- lei July 15 Holders of rec. June 300
American Shipbuilding, eons. (quar.) _
Aug. I Holders of rec. July lb
Amer.Smelting & Refg.,common (guar.) lei Aug. 1 Holders of rec. July 100
Preferred (guar.)
lei Sept. 1 Holders of rec. Aug. 70
American Snuff, corn. (guar.)
3
July 1 Holders of rec. June 120
Preferred (guar.)
lei July 1 Holders of rec. June 120
Amer. Steel Foundries, corn. (quar.)
The. July 15 Holders of rec. July la
Preferred (guar.)
1% June 30 Holders of rec. June 150
American Stores (guar.)
400. July 1 June 16 to July 1
Amer. Sugar Refining, pref. quar.)__
134 July 2 Holders of rec. June la
American Surety (guar.)
3
June 30 Holders of rec. June 206
Extra
1
June 30 Holders of rec. June 206
American Tobacco, preferred (guar.). - lei July 1 Holders of roe. June 10a
American Type Founders, corn. (guar.). 2
July 15 Holders of rec. July 30
Preferred (guar.)
134 July 15 Holders of rec. July 30
Amer. Wholesale Corp., pref.(quar.)._
1% July 1 Holders of rec. June 20a
Amer. Window Glees Mach.. corn. (qu.) lei July 1 Holders of rec. June 12a
Common (extra)
1
July 1 Holders of rec. June 120
Preferred (guar.)
lei July 1 Holders of rec. June 126
American Woolen, pref. (guar.)
1% July 15 June 18 to June 25
Apeo Manufacturing, Class A (guar.).
50c. July 10 Holders of rec. June 20
Armour & Co., Ill., corn., cl. A (quar.)_ 50c. July 1 Holders of rec. June 156
Preferred (guar.)
lei July I Holders of rec. June 156
Armour St Co., of Del pref. (guar.)._
151 July 1 Holders of rec. June 156
Armstrong Cork, corn.(guar.)
151 July 1 June 19 to July 1
Preferred (guar.)
1% July 1 June 19 to July 1
Asbestos Corp. of Canada, corn. (quar.) 1
July 15 Holders of rec. July 2a
Preferred (guar.)
134 July 15 Holders of rec. July 2a
ABsociated Dry Goods Corp.. corn.(qu.) 83c
Aug. 1 Holders of rec. July 110
1st pref.(qUM%)
lei Sept. 1 Holders of rec. Aug. 15
Second preferred (guar.)
134 Sept. I Holders or rec. Aug. 15
Associated 011 (guar.)
50e. July 25 Holders of rec. June 30a
lei July 1 June 21 to July 1
Auburn Automobile, preferred (guar.)._
Ault & Wiborg Co., pref. (guar.)
134 July 1 Holders of rec. June 15a
Austin, Nichols & Co., Inc., pref.(qu.). 1% Aug.
Holders of rec. July 156
Babcock & Wilcox Co.(guar.)
134 July 1 Holders of rec. June 20
Quarterly
I% Oct. 1 Holders of rec. Sept. 20
Quarterly
184 Janl'28 Holders of tee. Dee. 20
Quarterly
134 Aprl'26 Holders tee. Mar 20'28a
Balaban & Katz,common (monthly)._ _ 250. July 1 Holders of rec. June 200
Preferred (guar.)
1% July 1
June 21
Baldwin Locom. Works. corn.& pf.(q11.) 334 July 1 Holders of rec. June lia
Baltimore Acceptance Corp., pref.(qu.). lei July
Holders of rec. June 200
Bancitaly Corporation (guar.)
2
June 30 June 16 to July 5
lei July
Barnet Leather. preferred (quar.)....,___
Holders of rec. June 290
Barnhart Bros. & SpindlerFirst- end second nssterred (guar.).
134 Aug. 1 Holders of rec. July 250
Bayuk Cigars,first pref.& cony.p1.(qu.) 134 July 1 Holders of rec. June 300
2
Second preferred (guar.)
July 15 Holders of rec. June 30a
Beck & Corbitt Co., pref.(guar.)
134 July
Holders of rec. June 250
3281
THE CHRONICLE
27 1925.]
Cell).
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued)
Beatrice Creamery, common (guar.)_ _ _ $1.25 July 1 June 26 to June 30
lei July 1 June 21 to June 30
Preferred (guar.)
Beech-Nut Packing, common (guar.) -- 80c. July 10 Holders of rec. June 250
.
Preferred, Class B (guar.)
134 July 15 Holders of rec. July la
Beigo-Canadian Paper, coin. (guar.) .
134 July 11 Holders of rec June 30
Preferred (gnar.)
134 July 2 Holders of rec June 12
2
July 1 June 17 to June 30
Belton Mills, corn
3% July I June 17 to June 30
Preferred
50e. July 1 Holders of rec. Julie ISO
tsendix Corporation (guar.)
50c. dJune30 June 21 to June 30
Berry Motor (guar.)
(g) lei June 30 Holders of rec June 206
Bessem. Lime, Stone & Cem.,corn.
1% June 30 Holders of rec. June 200
Preferred (guar.)
July 1 Holders of rec. June la
Bethlehem Steel Corp. 8% prof.(guar.) 2
134 July I Holders of rec. June la
Seven per cent preferred (guar.)
250. July 15 Holders of rec. July 1
Big Store Realty Corp
50c. June 30 Holders of rec. June 206
Bingham Mines (guar.)
134 July 2 Holders of rec. June 15a
Bird St Son (guar.)
June 30 June 28 to June 30
Black & Decker Mfg., corn.& Pref.(qu.)
1.25e. July 1 *Holders of rec. June 1.
Bliss (E. W.) Co., common (guar.)
1
11
July I 'Holders of rec. June 19
First preferred (guar.)
*15e. July 1 *Holders of rec. June 19
Second preferred (guar.)
134 July 1 Holders of rec. June 200
Am) Company, pref. (guar.)
Bon
Sept. 1 Holders of rec. Aug. 15a
Borden Company, common (guar.)_ _ $I
1 ei Sept.15 Holders of rec. Sept. la
Preferred (guar.)
50e. July 1 Holders of rec. June 200
Borg & Beck (guar.)
3
June 30 Holders of rec. June la
Boston Wharf Co
Bowman-Biltm.HotelsCorp.,1st pf.(qu.) lei July 1 Holders of rec. June 17a
50c. July 1 June 21 to July 1
Boyd-Welsh Shoe (guar.)
Brandram-Henderson, Ltd., pref.(guar.) 1% July 1 Holders of rec. June 1
194 July 1 Holders of rec. June 200
Bridgeport Machine. preferred (guar.).50c. July 2 Holders of coup. No.14
British-American 011 (guar.)
British-Amer.Tobacco, Ltd., ordinary_ _ (3) June 30 Holders of coup. No.106s
134 July 1 Holders of rec. June 20
Brown & Williamson'rob, corn.(quar.)_
1% July 1 Holders of rec. June 20
Preferred (guar.)
1% July I Holders of rec. June 200
Brunswick-Balke-Collender. Pref. (111.)
50c. July 1 Holders of rec. June 22
Brunswick Site Co.(extra)
600. July I Holders of rec. June 20
Buckeye Incubator (quar.)
134 July 1 Holders of tee. June 200
Bucyrus Co., common (guar.)
134 July 1 Holders of rec. June 200
Preferred (guar.)
250. June 30 Holders of rec. June 190
Wheel Co., common (guar.)
Budd
134 June 30 Holders of rec. June 10a
Preferred (guar.)
Bullard Machine Tool (guar.) (No. 1).5 37340. July 1 *Holders of rec. June 20
Burns Brothers, Pier.(guar.)
134 July 1 Holders of rec. June 196
Burroughs Adding Mach., corn.(quar.)_ 75e. June 30 Holders of rec June 15
1% June 30 Holders of rec. June 15
Preferred (guar.)
756. July 2 Holders of rec. June 150
Burt(F. N.) Co., common (guar.)
Preferred (guar.)
131 July 2 Holders of rec. June 15a
Buildings, pref. (guar.)._
Bush Terminal
131 July 1 Holders of rec. June 170
1% July 15 Holders of rec. June 226
Bush Terminal,6% preferred (guar
New 7% debenture (guar.)
134 July 15 Holders of rec. June 22.
50c. June 30 Holders of rec. June 196
Butte & Superior Mining
By-Products Coke Corp., pref.(guar.)_. 23.4 July 1 Holders of rec. June 200
July 1 Holders of rec. June 15
(MO- 2
Cadet Knitting, pref. di 1st pref.
(ialifornia petroleum, preferred (guar.) 1% July 1 Holders of rec. June 200
July 2 Holders of rec. June 13
Canada Bread, common (guar.)
Holders of rec. June 13
Common (payable in common stock)_ _
Preferred (guar.)
134 July 2 Holders of rec. June 13
134 July 16 Holders of rec. June 300
Canada Cement, Ltd. (quar.)
Canada Dry Ginger Ale, Inc., Class A
75e. July 15 Holders of rec. July la
B (guar.)
50e. July 15 Holders of rec. July la
Class A & B (extra)
Canadian Canners, Ltd., pref.(Interim). 2% July 2 June 28 to July 2
Canadian Car di Foundry pref (guar.)
154 July 10 Holders of roe. June 28a
July 1 Holders of rec. June 19a
Can.Connecticut Cot.Mills part. pf.(qu.) 1
July 4 Holders of rec. June 24a
Canadian Cottons, Ltd.,common (guar.) 2
134 July 4 Holders of rec. June 24a
Preferred (quar.)
154 July 1 Holders of rec. June 13
Canadian General Elec., pref. (guar.)
Canadian Locomotive,preferred (guar.). 1% July 1 Holders of rec. June 20a
2
July 1 Holders of rec. June 25.
Canadian 011, preferred (guar.)
July I Holders of rec. June 190
2
Canadian Westinghouse (guar.)
13.4 June 30 June 21 to July 4
Canfield Oil, common (guar.)
194 June 30 June 21 to July 4
Preferred (guar.)
2% Aug. IS Holders of rec. Aug. 1
Casey-Hedges Cot, common (quar.)
234 Nov.15 Holders of rec. Nov. 1
Common (guar.)
134 July I
Preferred (eller.)
134 Oct. 1
Preferred (guar)
$1.50 July 1 Holders of rec. June 200
Central Aguirre Sugar (guar.)
$1
July 10 Holders of rec. June 25
Central Steel, common (guar.)
2
July 1 Holders of rec. June 1.56
Preferred (guar.)
July I Holders of rec. June 180
Certain-teed Products Corp., corn.(qu.) $1
151 July 1 Holders of rec. June 180
First and second preferred (guar.).75c. July 1 Holders of rec. June 19a
Chandler Motor Car (guar.)
20c. July 1 Holders of rec. June 200
Chatterton & Son (guar.)
50c. July 1 Holders of rec. June 200
Extra
62eic. June 30 Holders of rec. June 120
Chesebrough Mfg., corn. (guar.)
131 lune 30 Holders of rec. June 12a
Preferred (guar.)
Chi. Jet. Rye.& U.Stk. Yds.,corn.(an.) *2% July 1 *Holders of rec. June 15
July I *Holders of rec. June 15
Preferred (guar.)
15t July 1 Holders of rec. June 200
Chicago Mill & Lumber. prof.(guar.)...
134 July 1 Holders of- rec. June 300
Chicago Morris Plan Bank (guar.)
75c. July 1 June 21 to July 5
Chicago Railway Equip.,corn.(guar.)
I% July 1 June 21 to July 5
Preferred (guar.)
-3c July 1 Holders of rec. June 200
33I
Chicago Yellow Cab (monthly)
331-3c Aug. 1 Holders of rec. July 200
Monthly
33I
-3c Sept. 1 Holders of rec. Aug. 200
Monthly
(
5
Childs Co., corn.(no par) (extra)
) July 1 Holders of rec. May 290
par value) (extra)
(5) Oct. 1 Holders of rec. Aug.280
Common (no
(o) Dec. 30 Holders of rec. Nov.286
Common (no par value)(extra)
82ei June 29 Holders of rec. June 3a
Chill Copper(guar.)
June 30 June 21 to Jane 30
Cincinnati Union Stock Yards (guar.).- 2
Cities Service Co.. common (monthly). •34 July 1 *Holders of rec. June 15
*Holders of rec. June 15
Common (payable In common stock)_ .134 July
4
,14 July
1 'Holders of rec. June 15
Preferred and preferred B (monthly).Aug. 1 Holders of rec. July 15
Common (monthly)
Common (payable in common stock). •135 Aug. 1 'Holders of rec. July 15
Aug. 1 *Holders of rec. July 15
Preferred and preferred B(monthly)-City Dairy (Toronto), corn. (guar.).--- 75e. July 2 Holders of rec. June 180
134 July 2 Holders of rec. June 180
Preferred (guar.)
City Ice & Fuel of Cleveland, corn.(Mt) 50e. Sept. 1 Holders of rect. Aug. 12
50o. Dee. 1 Holden of roe. Nov.11
Common
July 1 Holders of rec. June 2134
5
City Investing, common
Preferred (quar.)
lei July 1 Holders of rec. June 28a
Holders of too. Aug. 15a
151 Sept
Cleveland Stone Omar.). _
July 1 June 21 to July 1
Cleveland Union Stock Yards (guar.)--- 2
Holders of rec. June 20a
Cluett, Peabody & Co., Inc.. pf. (qu.) lei July
$1.7 July 1 Holders of ree. June lba
Coca-Cola Co., corn. (guar.)
Preferred
334 July 1 Holders of rec. June 15a
Colt's Patent Fire Arms Mfg.(quar.)_
50c. July 1 Holders of rec. June 13a
Columbia Sugar (quar.)
15o. July I June 21 to June 30
June 16 to June 30
4
July
Columbus Mfg. Co
Commercial Credit, common (gust.)... 3734°. June 30 June 21 to June 30
Preferred (guar.)
lei June 30 June 21 to June 30
June 3 June 21 to June SO
Preferred. Class B (guar.)
2
Holders of rec. June 15a
Commercial Invest. Trust, 1st pf. (qu.) lei July
Holders of rec. June 19
Commercial Solvents Corp., 1st pref.(eu) 2
July
Class A (guar.)
$I
July 1 Holders of rec. June 19.
Concrete Steel, preferred
3% June 30 Holders of rec. June 23
Conley Tank Car, common (guar.)
Holders of rec. June 90
lei July
July
Holders of rec. June 90
Preferred (guar.)
2
Holders of rec. June 190
Connor (John T.) Co., corn. (guar.).--- 50e. July
Holders of rec. June 19
Preferred
$3.50 July
Consol. Mining & Smelting of Canada.. 750. July 1
Holders of rec. June 30a
Continental Baking Corp.,corn., A (au.) $2
July
June 14 to June 30
Preferred (guar.)
2
July
June 14 to June 30
Continental Can.Inc.. preferred (guar.).
July 1 Holders of rec. June 290
Cornell Mills (guar.)
1
July 1 Holders of rec. June 186
Corona Typewriter, corn. (guar.)
50c. July 1 Holders of rec. June 15g
First preferred (guar.)
2
July 1 Holders of rec. June 154
Second preferred (guar.)
154 July 1 Holders of rec. June 150
Coty. Inc
$1.90 June 30 Holders of rec. June 206
Cramp(Wm.)&Sons.S.&E.Bldg.
June 30 June 17 to June 30
(guar.)
3282
Name of Company.
{you 120.
THE CHROMCLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent, Payable
Books Closed.
Days Imita(ed.
Miscellaneous (Continued).
Miscellaneous (Continued)
Craddock-Terry Co., common (quar.)-_
3
June 30 Holders of rec. June 15
Goodyear Tire & Rubber, prior pl. (qu.) 2
July 1 Holders of rec. June 154
Common (guar.)
3
Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
131 July 15 Holders of rem June 200
Common (guar.)
Dec. 31 Holders of rec. Dec. 15
Goulds Mfg., corn. (guar.)
3
134 July I Holders of rec. June 20
First and second preferred
Preferred (guar.)
3
June 30 Holders of rec. June 15
151 July I Holders of roe. June 20
First and second pre/erred
Grant (NV. T.) Co., Prof.(guar.)
3
Dec. 31 Holders of rec. Dec. 15
2
July 1 Holders of rec. June 206
Class C preferred
Grasseill Chemical, common (quar.)____
334 June 30 Holders of rec. June 16
2
June 30 Holders of rec. June 150
Class C preferred
Preferred (guar.)
31e Dec. 31 Holders of rec. Dec. 15
115 June 30 Holders of rev. June 156
Creamery Package Mfg., cons.(guar.).- 50c. July 10 July 1 to July 10
Great Lakes Steamship (guar.)
134 July I June 21 to July 1
Preferred (guar.)
Great Lakes Towing, common (guar.)._
114 July 10 July 1 to July 10
134 June 30 Holders of rec. June 156
Crex Carpet (guar.)
81
July 15 Holders of rec. June 30a
Preferred (quar.)
131 June 30 Holders of rec. June 15a
Crown Finance Corp.. common
$3.75 July 2 Holders of rec. dJune 25a Great Western Sugar, cont.(guar)
$2
July 2 Holders of rec. June 150
Preferred (guar.)
Preferred (guar.)
131 July 2 Holders of rec. dJune25a
131 July 2 Holders of rec. June 15a
Crucible Steel, common (guar.)
1
July 31 Holders of rec. July I6a Greenfield Tap & Die Corp. 6% pf.(qu.) 11e July 1 Holders of rec. June 160
Preferred (guar.)
131 June 3() Holders of rec. June 15a
Eight per cent preferred (guar.)
2
July 1 Holders of rec. June 136
Cuban-American Sugar, corn. (guar.)._ 75c. July 1 Holders of rec. June 3a Grennan Bakeries, corn.(guar.)
25c. July 1 Holders of rec. June 14a
Preferred (guar.)
131 July 1 Holders of rec. June 3a
Preferred (guar.)
134 July 1 Holders of rec. June 146
Cudahy Packing,corn.(guar.)
Guantanamo Sugar. pref. (qual.)
134 July 15 July 7 to July 5
2
July 1 Holders of rec. June 15a
Common
(quar.).131 Oct. 15 Oct. 6 to Oct. lh
Guaranteed Mortgage Co.
4
July 1 Holders of rec. July 1
Dalton Adding Machine, pref. (guar.).- 131 July 1 June 21 to June 30
Gulf Oil Corp.(guar.)
3715c July 1 June 21 to June 25
Davis Mills (quar.)
115 June 20 Holders of rec. June ha Gulf States Steel, common (guar.)
134 July I Holders of rec. June 150
Detroit & Cleveland Navigation (guar.) 31
July 1 Holders of rec. June 150
ling pref. (guar.)
lel July 1 Holders of rec June 156
Detroit Creamery (guar.)
Finn preferred (guar.)
30c. July 1 June 21 to July 1
131 Oct. 1 Holders of rec. Sept.156
Detroit Steel Products, Pref.(guar.).- 131 July 1 Holders of rec. June 20a
First preferred (guar.)
134 Jan 3'26 Holders of rec. Dec 156
Devoe & Reynolds,common (guar.)._ $1.50 July 1 Holders of rec. June lye Hall (C. M.) Lamp
250. Sept. 15 Holders of rec. Sept.106
Common (extra)
50c. July 1 Holders of rec. June lea Hall (C. M.) Lamp
25e. Dec. 15 Holders of rec. Dec. 106
First and second preferred (guar.)__
131 July 1 Holders of rec. June lea Halle Bros., preferred (guar.)
131 July 31 July 25 to July 31
Dictograph Products Corp., pref. (qu.)_ 2
June 30a Hamilton-Brown Shoe, corn. (monthly). 1
July 15 Holders of rec.
July 1 June 24 to June 30
Dixon (Joseph) Crucible (guar.)
2
June 30 June 24 to June 30
Hammermill Paper, pref. (guar.)
131 July 1 Holders of rec. June 206
Dodge Bros., pref. (guar.)
$1.75 July 15 Holders of rec. July la Hanes(P. H.) Knitting, pref.(guar.)._ _
131 July 1 Holders of rec. June 20
)old (Jacob) Packing, pref. (quar.)
134 June 30
Flarbauer Company (quar.)
450. July I Holders of rec. June 15a
Dome Mines, Ltd.. (guar.)
50c. July 20 Holders of rec. June 300 Harbison-Walker Refract.. Prof. (guar.) 1 h July 20 Holders of rec. July 106
Dominion Canners, common
7
July 2 June 26 to July 2
Harris Automatic Machine (guar.)
750. July 1 IIolders of rec. June 200
Dominion Glass, Ltd., corn. (quar.)
Harris Bros.. preferred (guar.)
I% July 2 Holders of rec. June 15
931 Aug. 1 *Holders of rec. July 20
Preferred (guar.)
131 July 2 Holders of rec. June 15
Heath(D. C.)Sr Co., pref.(guar.)
131 July 1 June291 to June 30
Dominion Stores, pref., class A
of rec. June 15
4
July 1 Holders
Helme (George W)Co., corn. (guar.)... 75e. July 1 Holders of rec. June I5a
_Dominion Textile, common (guar.)
$1.25 July 2 Holders of rec. June 150
Preferred (guar.)
13( July 1 Holders of rec. June 150
Preferred (guar.)
134 July 15 Holders of rec. June 30a Hibbard,Spencer,Bartiett & Co.,
(mthly) 35e. July 31 Holders of rec. July 24
Douglas
-Pectin Corm (guar.)
25c. June 30 Holders of rec. June la
Monthly
35c, Aug. 28 Holders of rec. Aug. 21
Douglas(W. L.) Shoe, Preferred
315 July 1 June 16 to June 30
Monthly
350. Sept. 25 Holders or rec. Sept. 18
Draper Corporation (guar.)
2
July 1 Holders of rec. June 6
Extra
20e. Sept. 25 Holders of rec. Sept. 18
Drayton Mills. preferred
335 July 1
Hibernia Securities, pref.(guar.)
114 July 1 Holders of rec. June 26
ru Pont(E. I.) de Nemours & Co.
Holly 011
25c. June 30 Holders of rec. June Ila
Debenture stock (guar.)
114 July 25 Holders of rec. July 100 Holmes (D. H.) Co., Ltd.(guar.)
315 July 1 June 21 to June 30
'u Pont (E.I.) de Nem.Powd..comegu.) 114 Aug. 1 Holders of rec. July 20a
Holt. Renfrew & Co., pref. (guar.)
131 July 2 Holders of rec. June 270
Preferred (guar.)
111 Aug. 1 Holders of rec. July 20a Hood Rubber, comrnbn (guar.)
$1
June 30 June 21 to June 30
Duncan Mills, preferred (guar.)
131 July 1 Holders of rec. June 200 Hoover Steel Ball (guar.)
2
July
Holders of rec. June 25a
Dunham (James H.) & Co. corn. (qu.) 11e July 1 Holders of rec. June 170 Houseman, Spitzley Corp., corn. (guar.) 11e July
June 26 to June 30
First preferred (guar.)
134 July 1 Holders of rec. June 17a
Preferred (guar.)
131 July
June 26 to June 30
Second preferred (guar.)
131 July 1 Holders of rec. June 17a Howe Scale, pref. (guar.)
134 July
June 14 to July I
lagle Warehouse & Storage (guar.)... _
115 July 1 June 26 to July 1
Hudson Motor Car (guar.)
75c. July
Holders of rec. June 15a
Extra
1
July I June 26 to July 1
Humble Oil & Relining (guar.)
30c. July
June 17 to June 30
'astern Rolling Mill, corn. (guar.)
81
July 1 June 16 to July I
Ffussmann (Harry L.1Refr. (guar.).- 6215e. July
Holders of rec. June 20e
Preferred (quar.)
2
July 1 June 16 to July 1
Iluttig Sash & Door.common (guar.)._ _ 373.4e. July
Holders of rec. June 200
:astern Steamship Lines, Inc., pf.(qu) 134 July 15 Holders of rec. June 2l'
Preferred (guar.)
134 July
Holders of rec. June 200
No par preferred (guar.)
873-I c July 15 Holders of rec. July ha Hydraulic Press Brick, preferred (guar.) 114 July
Holders of rec. June 20
lastman Kodak,common (guar.)
$1.25 July 1 Holders of rec. May 22a
Preferred (extra account accum. dive.) hl
July
Holders of rec. June 20
Common (extra)
75c. July 1 Holders of rec. Slay 206 P Preferred (guar.)
11e Oct.
Holders of rec. Sept.21
Preferred (guar.)
115 July 1 Holders of rec. May 29a Ide (Geo. P.) Co., Inc.. pref. (guar.)... 2
July
Holders of rec. June 15a
*ton Axle & Spring (guar.)
50c. Aug. 1 Holders of rec. July 150 Illinois Brick (guar.)
2.40 July 15 July 4 to July 15
:dmunds & Jones Corp., common (qu.). 50c. July 1 June 21 to June 30
Quarterly
2.40 Oct. 15 Oct. 4 to Oct. 15
Preferred (guar.)
Illinois Pipe Line
131 July 1 June 21 to June 30
$6
June 30 May 29 to June 28
:dwards (Wm.) Co.. pref. (guar.)
134 July I Holders of rec. June 200 Imperial Tobacco of Canada, ordinary
115 June 29
3senlohr (Otto) dr Bros., Inc.. pf. (qu.) I% July 1 Holders of rec. June 200 Independent Oil & Gas(guar.)
25c July 1 Holders of rec. June 160
3der Mfg., pref. (guar.)
2
July I Holders of rec. June 200 Independent Pneumatic Tool (guar.).- $1 July 1 June 26 to June 30
3ectric Auto-Lite (guar.)
$1.50 July 1 Holders of rec. June 150 India Tire & Rubber, corn. (quar.)
3
12 July 1 'Holders of rec. June 20
lee. Controller & Mfg., corn. (quar.)
51.25 July 1 Holders of rec. June 20a
Preferred (guar.)
*131 July 1 'Holders of rec. June 20
Preferred (guar.)
131 July I Holders of rec. June 20a Indian Motocycle, pref. (guar.)
131 July 1 Holders of rec. June 220
lee.Storage Battery,corn.& pref.(qu.) $1
July 1 Holders of rec. June 196 Industrial Acceptance, lot pref. (guar.). 131 July 1 Holders of rec. June 200
Mott Fisher, corn., & Sec. B corn.(qu.) 81
July 1 Holders of rec. June 150
Second preferred (guar.)
2
July 1 Holders of rec. June 200
Common,& Series!) common (extra). Si
July 1 Holders of rec. June 15a Ingersoll-Rand Co., preferred
3
July 1 Holders of rec. June 170
Preferred (quar.)
134 July 1 Holders of rec. June 15a Inland Steel. preferred (guar.)
134 July 1 Holders of rec. June 15a
ly-Walker Dry Goods,corn.(guar.)... 25c. Sept. 1 Aug. 22 to Aug. 31
Inspiration Consol Copper (guar.)
50e July 6 Holders of rem June 180
First preferred
31e July 15 July 4 to July 14
Interlake Steamship (guar.)
81.25 July 1 Holders of roe- June 17a
Second preferred
3
July 15 July 4 to July 14
Internat. Business Machines (guar.) _ __ _ $2
July 10 Holders of rec. June 246
134 July 1 Holders of rec. June 220 Internat, Buttonhole Machine (guar.)._ 15c. July 1 Holders of rec. June 15
lyria Iron & Steel. peel. (guar.)
:merson Elec. Mfg., pref.(guar.)
131 July 1 Holders of red. June 20
International Cement, common (quar.)_ Si
June 30 Holders of rec. June 150
metre Safe Deposit (quar.)
131 June 29 Holders of rec. June 200
Preferred (guar.)
131 June 30 Holders of rec. June 150
ndicott-Johnson Corp.. corn. (quar.)
$1.25 July 1 Holders of rec. June 160 International Harvester, corn. (quar.)134 July 15 Holders of rec. June 250
Preferred (guar.)
lei July 1 Holders of rec. June 16a Internat. Match Corp.. matte. p1.(qu.).
65e. July 15 Holders of rec. June 250
vans(E. S.) & Co.. class A (guar.).- '50c. July I •Holders of rec. June 20
International Paper,6% pref. (guar.)._
114 July 15 Holders of rec. July 7a
air (The), common (monthly)
200. July 1 Holders of rec. June 20
Stamped preferred (guar.)
115 July 15 Holders of rec. July 70
Common (monthly)
200. Aug. 1 Holders of rec. July 20
Seven per cent pref.(No. 1)(guar.)._
131 July 15 Holders of rec. July 7a
660. June 30 Holders of rec. June 130 International Salt (guar.)
alrbanke. Morse & Co.. corn.(gu.)
134 July 1 Holders of rec. June 1.50
amous Players-Lasky Corp.,corn.(qu.) 2
July 1 Holders of rec. June 15a International Shoe. common (quar.)
81.25 July 1 Holders of rec. Julie 15a
2
Aug. 1 Holders of rec. July 150
Preferred (qual.)
Preferred (monthly)
$1
July 1 Holders of rec. June 15a
arr Alpaca (guar.)
2
June 30 Holders of rec. June 184 International Silver, preferred (guar.)._
131 July 1 Holders of rec. June 15a
Special
2
June 30 Holders of rec. June 180
Preferred (account accum. dividends). 7r11 July 1 Holders of rec. June 15a
witless Rubber Co.(guar.)
I 331-3c July 1 Holders of rec. June 15
International Text Book (guar.)
1
July 1 June 11 to June 30
aderal Motor Truck (guar.)
Interstate Iron & Steel, preferred
30e. July 1 June 21 to July 1
hl
July 15 July 7 to July 14
1th Ave. Bus Securities (qual.)
16e. July 16 Holders of rec. July 2a Intertype Corporation, corn. (quar.)
25o. Aug. 15 Holders of rec. Aug. 60
Common (extra)
lnance Co. of Amer.(Balt.), corn.(qu.) 62 hc. July 15 July 3 to July 15
250. Aug. 15 Holders of rec. Aug. 30
First pref. (guar.)
Seven per cent preferred (guar.)
4331c. July 15 July 3 to July 15
2
July 1 Holders of roe. June 15
50c. July 15 July 3 to July 15
Second preferred
Eight per cent preferred (guar.)
3
July 1 Holders of rec. June 15
334 July 1 June 28 to June 30
Island Creek Coal, corn. (guar.)
restone-Apsley Robber. pref
82
July 1 Holders of rec. June 256
F sat Nat. Pictures, Inc.. 1st pref.(quar.) 2
July 1 Holders of rec. June 15a
Common (extra)
$1
July 1 Holders of rec. June 230
2
July I Holders of rec. June 18a
Preferred (guar.)
sher Body Ohio Corp., pref. (guar.)._
$1.50 July 1 Holders of roe. June 250
21
July 14 Holders of rem June 150 Jewel Tea, prof.(gear.)
eishmann Co. (quar.)
134 July 1 Holders of rem June 206
-Manville, Inc. (calm.)
list Mills (guar.)
1
July 1 Holders of rec. June 170 Johns
75c. July 1 Holders Of rec. June 20a
Johnston (It. F.) Paint, pref.(quar.)
tot Brae. Gear & Machine. corn.(qu.). 250. July 1 June 21 to June 30
2
July 1
June 16
25c. Oct. 1 Sept. 1 to Sept.30
Jones & Laughlin Steel. prof. (guar.).Common (quarterly)
131 July 1 Holders of rec. June 15a
Jordan Motor Car, corm (guar.)
Common (quarterly)
250. Jan1'26 Dec. 21 to Dec. 31
760. June 30 Holders of rec. June 15a
*d Motor Co. of Canada
10
June 30 Holders of rec June 20
Preferred (guar.)
13-i June 30 Holders of rec. June 15a
Judson Mills, common
*ter (W. C.) Co., common (guar.)._ 760. July I June 21 to June 30
4
July 1 Holders of rec. June 230
Preferred (guar.)
$1.75 July 1 June 21 to June 30
Preferred (guar.)
ln July 1 Holders of rec. June 260
"
Preferred (extra)
3715 July I June 21 to June 30
Kaufmann Dept. Stores, pref. (guar.).154 July 1 Holders of rec. June 20
$1.50 July 1 Holders of reo. June 200 Kaynee Company, pref.(guar.)
'ancisco Sugar (guar.)
134 July 1 Holders of roe. June 200
81.50 Oct. 1 Holders of rev Sept 21e
Quarterly
Kayser(Julius) & Co., prefer red (guar.). 2
July 1 Holders of rec. June 250
ench Bros., Bauer Co., pref.(quar.)
115 July 1 June 21 to June 30
Kelly Island Lime dr Transport (guar.).- 2
July 1 June 21 to July 1
tbriel Snubber. corn. (au.) (No. 1)._ 62150 July 1 Holders of rec. June I5a Kelsey Wheel. corn. (guar.)
$1.50 July I Holders of rec. June 190
1
June 30 Holders of rec. June 10a Kennecott Copper Corp. (guar.)
75c. July 1 Holders of rec. June 60
tlena-Signal Oil, COm.(guar.)
Preferred (guar.)
2
June 30 Holders of rec. June 10e King Phillip Mills (guar.)
13-4 July I Holders of MC. June 206
'Meld Safe Deposit
4
June 27 June 11 to June 28
Kinney(G.It.) Co., common
Si
July 1 Holders of rec. June 206
moral Amer. Tank Car, common
81.50 July 1 Holders of rec. Juno 200 Kirschbaum (A. B.) Co., pref. (guar.).- *1.31 July 1 Holders of rec. June 20
Preferred (guar.)
lei July I Holders of rec. June 200 Kraft Cheese, corn.(guar.)
115 July 1 Holders of rec. June 180
rneral Baking common (guar.)
51.50 July I Holders of rec. June 20a
Common (payable in common stock). 1151 July 1 Holders of rec. June 18a
Preferred (guar.)
Preferred (guar.)
2
July 1 Holders of rec. June 200
2
July 1 Holders of rec. June 18a
;floral Cigar, debenture pref. (quar.)_
let July 1 Holders of rec. June 230 Kresge (S. S.) Co.. Common (quar.)
2
July 1 Holders of rec. June 150
moral Electric. common (guar.)
2
July 15 Holders of rec. June 30
Preferred (quar.)
131 July 1 Holden' of rec. June 160
Special stork
15c. July 15 !Folders of rec. June 3a
Kresge Dept. Stores, Prof. (guar.)
2
July 1 Holders of rec. June 15a
Kress (S. H.) & Co., preferred (guar.)._
neral Fireproofing, cont. (guar.)
50c. July 1 June 21 to June 30
131 July 1 Holders of rec. June 200
Kuppenheimer (11.) & Co., common._ _ _ SI
Preferred (guar.)
111 July 1 June 21 to June 30
July 1 Holders of rec. June 240
neral Motors, 7% preferred (guar.)._
134 Aug. 1 Holders of rec. July 130 La Salle Exten. University. corn.(No. 1) 11e July 1 Holders of rec. June 200
Six per cent preferred (guar.)
Preferred (quar.)
115 Aug 1 Holders of rec. July 130
134 July 1 Iloiders of rec. June 200
Six per rent debenture stock (guar.)._
Laurentide Company (guar.)
114 Aug. 1 Holders of rec. July 13a
114 June 30 Holders of rec. June 17
,neral Ry. Signal. corn. & pref. (qu.) 134 July 1 Holders of rec. June 200 Lawyers Mortgage Co.(guar.)
21e June 30 Holders of rec. June 220
.neral Tire & Rubber, pre/. (guar.)._ died July 1 Holders of rec. June 200 Lawyers Title & Guaranty Co
214 July 1 Holders of rec. June 200
Lehigh Valley Coal Sales (guar.)
bson Art Co., corn. (guar.)
550. July 1 June 21 to June 30
82
July 1 Holders of rec. June ha
Common (extra)
Library Bureau, corn.(guar.)
10c. July 1 June 21 to June 30
50e. July 1 Holders of rec. June 20
Preferred (guar.)
Preferred (guar.)
131 July l June 21 to June 30
2
July 1 Holders of rec. June 20
GI mbel Bros.,pref.(guar.)
151 Aug. 1 Holders of rec. July 150 Liggett dr Myers Tobacco, Prof. (guar.). 134 July 1 Holders of rec. June 156
01alden Company, prior Prof.(guar.)...
134 July 1 Holders of rec. June 15a Loew's Boston Theatre, corn. (guar.)... 111 Aug. 1 Holders of rec. July 15a
odrich (B F.) Co.. prof (guar.)
Loew's. Incorporated (guar.)
131 July 1 Holders of rec. June 150
50c. June 30 Holders of rec. June 130
Cc,ssard (H. W.) Co.(monthly)
250. July 1 Holders of rec. June 200 Loew's London Theatres(Canada), pret 311 July 15 Holders of rem June 30
'Monthly
200. Aug. 1 Holders of rec. July 821a Loew's(Marcus)Theatres, Canada, pref. 31e July 15 Holders of rec. June 30
Monthly
250. Sept. 1 Holders of rec. Aug.d2la Long Bell Lumber, class A (guar.)
Si
June 30 Holders of rec. June Ila
Monthly
25c. Oct. 1 Holders of rec. Sept dlea Long Island Safe Deposit
4
July 1 Holden] of reo. June 25
Monthly
250. Nov. 22 Holders of rec. Oct.d2la Loose-Wiles Biscuit, 1st pref. (guar.).- 134 July 1 Holders of rec. June 180
Monthly
Second preferred (guar.)
250. Dec. 1 Holders of rec. Nov. 200
131 Aug. 1 Holders of rec. June 186
odyear Tire dr Rub.. Can., pr. pf.(qu.) 134 July 2 Holders of roe. June 19
Lord SC Taylor, corn. (guar.)
234 July 1 Holders of rec. June 164
Preferred (guar)
25 preferred (guar.)
131 July 2 holders of rem June 19
2
Aug. 1 Holders of tee. July Ida
Preferred (acct. accumulated div.)
1 ti July 2 Holders of rec. June 19
Lorrain Trout Lake Mines, Ltd
50. July 15 July 2 to July 14
uNE 271925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued.)
Lorillard (P.) Co.. corn.($100 par)(an.) 3
July 1 Holders of rec. June 150
Common (no par value) (guar.)
75c. July 1 Holders of rec. June 15a
lee July 1 Holders of rec June lba
Preferred (guar.)
Ludlure Steel (quar.)
50c. July 1 Holders of rec. June 200
MacAndrews & Forbes, corn. (quar.)-- _
23.4 July 15 Holders of rec. June 300
Preferred (guar.)
134 July 15 Holders of rec. June 30a
Mack Trucks, Inc., corn. (guar.)
$1.50 June 30 Holders of roe. June 15a
First and second preferred (quar.)
15 June 30 Holders of rec. June 150
Macy (R. it.) & Co., pref (guar.)
134 Aug. 1 Holders of rec. July 180
Magma Copper
75e. July 15 Holders of rec. June 15'
Magnolia Petroleum (guar.)
$1
July 5 Holders of rec. June lira
Stock dividend
1
Oct. 5
Mager Car Corp., common (guar.)
25c. June 30 Holders of rec. June 230
Preferred (guar.)
1M June 30 Holders of rec. June 236
Matson Blanche Co., New 011, com.(qu.) $1.50 July 1 Holders of rec. June 27
Preferred
3)5 July 1 Holders of rec. June 27
Co., Inc., id.(cm.). 134 July 1 Holders of rec. June 22a
Malilu.son (H.It.) &
Preferred (guar.)
1M Oct. 1 Holders of rec. Sept.220
Manati sugar. common (guar.)
134 Sept. 1 Holders of rec. Aug te.
Preferred (guar.)
14( July 1 Holders of rec. June 160
Manhattan Electrical Supply (guar.)-- $1
July 1 Holders of rec. June 200
Manhattan Shirt. Pref. (quar.)
1 et July 1 Holders of rec. June 16a
Manning, Maxwell & Moore, Inc.(qu.). 1M July 2 Holders of rec. June 306
Mariana Oil
The. June 30 Holders of rec. June 200
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Marlin-Rockwell Corp., corn.(guar.)._ 25e. Aug. 1 Holders of rec. July 20a
Preferred (guar.)
1 M July 1 Holden; of rec. June 22a
Niathieeon Alkali Works, pref. (guar.)._
134 July 1 Holders of rec. June 20a
•j4 July 1 *Holders of rec. June 15
McCall Corporation, pref.(guar.)
Preferred (acct. accum. di vidends)_ _ _ •5534 July 1 'Holders of rec. June 15
McCord Radiator & Mfg., Class A (qu.) The. July 1 June 21 to June 30
mcCrory btores, preferred (guar.)
134 Aug. 1 Holders of rec. July 200
Preferred (guar.)
lee Nov. I Holders of rec. Oct. be
Medart (Fred) Mfg., pref. (guar.)
2
July 1 Holders of rec. June 20
Merchants & Miners Transp. (guar.)._
2
June 30 Holders of roe. June 156
Merck & Co.. preferred (guar.)
$1
July 1 Holders of rec. June 17
Mergenthaler Linotype (guar.)
234 June 30 Holders of rec. June 36
Merrimac Chemical (guar.)
$1.25 June 30 Holders of rec. June 13
Metropolitan Paving Brick, pref.(guar.) 134 July 1 June 16 to July 1
Mexican Petroleum, corn. (guar.)
3
July 20 Holders of rec. June 300
Preferred (Our.)
2
July 20 Holders of rec. June 30a
Michigan Llmeetone dr Chem., pi.(tN.). 1M July 15 Holders of rec. June 306
Michigan Sugar, common
I5c. July 1 Holders of rec. June 15
Midland Steel Producta. corn. (guar.).- $1
July 1 Holders of rec. June 150
Common (extra)
d39e. July 1 Holders of rec. June 150
Preferred (guar.)
$2
July 1 Holders of rec. June 150
Preferred (extra)
$1
July 1 Holders of rec. June 150
MIII Factors Corp. (guar.)
134 July 1 Holders of rec. June 20
Mining Corp. of Canada
1234c. July 30 July 16 to July 29
Missouri-Illinois Stores, common
200. July 1 Holders of rec. June 20
Montg. Ward & Co., Cl. A,& pref.(qu.) $1.75 July 1 Holders of rec. June 20'
Morgan Lithograph Co., corn. (quar.)
$1
July 1 Holders of rec. June 22a
Preferred (guar.)
134 July 1 Holders of rec. June 22a
Monts Plan Bank of Baltimore
3
June 30 Holders of rec. June 25
Mortgage-Bond Co. (guar.)
2
June 30 Holders of rec. June 16
Motheriode Coalition Mines Co
3734e. June 30 Holders of rec. June 12o
Motion Picture Capital Corp., Pref._
4
July 15 Holders of rec. July la
Mountain & Gulf Oil (guar.)
20 July 15 Holders of rec. July la
Extra
le July 15 Holders of rec. July la
Mountain Producers (guar.)
20c. July 1 Holders of rec. June 15a
Extra
30c. July 1 Holders of rec. June 150
Murray Body Corp.(guar.)
60c. July 1 Holders of rec. June 15a
Common (payable in common stock)-- /1 M July 1 Holders of rec. June 160
Common (payable In common stock).- 11M Oct. 1 Holders of rec. Sept. 160
Common (payable in common stock)._ /1)4 Jan.116 Holders of rec. Dec. Ina
Murray-Ohio Mtg., pref.(guar.)
2
July 1 Holders of rec. June 300
National Biscuit, corn.(guar.)
75e. July 15 Holders of roe. June 300
Common (guar.)
75c. Oct. 15 Holders of rec. Sept. 300
Preferred (quar.)
1X Aug. 31 Holders of rec. Aug. 170
National Breweries, Ltd., pref. (guar.)._
14e July 2 Holders of rec. June 19
National Cloak & Suit, corn. (quar.)__ $1
July 15 Holders of rec. July 90
Nat.Dairy Products(guar.)
75c. July 1 Holders of roe. June 20a
Nat. Enameling &Stamping. pref.(qu.)- 144 June 30 Holders of rec. June lila
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. le
Preferred (guar.)
lee Dec. 31 Holders of rec. Dec 11
National Lead,corn.(guar.)
2
June 30 Holders of rec. June 12
National Licorice,common
2M July 10 Holders of rec. June 23
Preferred (guar.)
134 June 30 Holders of rec. June 23
National Paper & Type, prof. (guar.).- 2
July 15 Holders of rec. June 30a
National Refining, preferred (guar.).-- 2
July 1 Holders of rec. June 15a
National Sugar Refining (guar.)
134 July 2 Holders of rec. June 8
National Supply Co.of Del., pref.(qu.). 134 June 30 Holders
of rec. June 20a
National Surety (guar.)
234 July 1 Holders of rec. June 19,1
National Tea,common (guar.)
*$2
July 1 *Holders of rec. June 22
New Medford Oil (guar.)(No. 1)
12M0. July 15 Holders of rec. July la
New England Equity Corp., pref.(guar.) 2
July 1 Holders of rec. June 15
New England Fuel Oil (guar.)
25e. July 1 Holders of ec. June 24a
New Eng. Guar. Corp., corn.(No. 1)
250 July 1 Holders of rec. June 15a
Preferred (quar.)
$1.75 July 1 Holders of rec. June 15a
New Jersey Zinc (extra)
2
July 10 Holders of rec. June 20
New Orleans Cold Storage & Warehouse. 5
July 1 Holders of rec. June 15
New York Air Brake, corn. (guar.)
$1
Aug. 1 Holders of rec. July 86
Class A (guar.)
$I July 1 Holders of rec. June 100
Class A (guar.)
$1
Oct. 1 Holders of rec. Sept. 90
New York Title & Mortgage (guar.)._ 3
July 1 Holders of rec. June 260
New York Transit(guar.)
75e. July 15 Holders of rec. June 19
New York Transportation (guar.)
50c. July 15 Holders of rec. July la
Newton Steel, common (citutr.)
*50c. June 30 'Holders of rec. June 20
Preferred (guar.)
•1 et June 30 'Holders of rec.
June 20
Nichols Copper, 7% pref. (guar.)
let July I Holders of rec. June 20
Nil:easing Mines Co. (guar.)
15e. July 20 July 1 to July 19
N leer Corporation, panic.el. A stk.(qu.) •75e July 1 'Holders of ec. June 20
North American Car, class A (guar.)... 62M July 1 Holders of rec. June 230
North Star Oil & Refining, pref.(quar.)_
134 July 2 Holders of rec. June 15
Northern Pipe Line
$3
July 1 Holders of rec. June 5
Nunally Company
50c June 30 Holders of rec. June 18a
Ogilvie Flour Mills, corn. (guar.)
$1.2 July 2 Holders of rec. June 18
Onio Leather, first pref. (guar.)
2
dJ'ne 3i) Holders of rec. June 200
Ohio 011 (guar.)
50o. June 30 June 5 to June 30
Olympia Theatres, corn. (guar.)
50e. July 15 Holders of rec. July la
Preferred (guar.)
1M July 15 Holders of rec. July la
Omnibus Corporation, pref. (quar.)_-- 2
July I Holders of rec. June 20a
Open Stair Dwellings (guar.)
134 June 30
Orpheum Circuit, common (monthly)_ 150. July 1 Holders of rec. June 205
Preferred (guar.)
2
July 1 Holders of rec. June 15a
Otis Elevator, corn. (guar.)
$1.50 July 15 Holders of roe. June 30a
Preferred (guar.)
13.4 July 15 Holders of Fee. June 30a
Overman Cushion alre,com.el.A&B(qu.) 1)4 July 20 Holders of rec. June 300
Preferred
334 July 10 Holders of rec. June 300
Owens Bottle, common (quar.)
75c. July 1 Holders of rec. June lba
Common (guar.)
75e. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
154 July 1 Holden, of rec. June 15e
Preferred (guar.)
1)( Oct
1 Holders of rec. Sept. 15a
Pacific Burt Co., common (guar.)
1
July 2 Holders of rec. June 15
Preferred (guar.)
1M July 2 Holders of rec. June 15
Pacific Oil
$1.50 July 20 Holders of rec. June 15a
Packard Motor Car, corn. (guar.)
30c. July 31 Holders of rec. July 15a
Common (extra)
50c. July 31 Holders of rec. July 15a
Preferred (guar.)
134 Sept. lb Holders of rec. Aug. 31
Paige-Detroit Motor Car,common
30c. Jury 1 Holders of rec. June 200
Common (payable in common stock). /10 July 15 Holders of I ec. June 300
Preferred (guar.)
1)f July 1 Holders of rec. June If,
Pan-Am.Pet.& Trfurri.,eom.& cOm.B(qu) $1.50 July 20 Holders of rec. June 306
The. July 1 Holders of rec. June 150
Park City Mining & Smelting (guar.).
Parke, Davis &CO.(quar.)
Juned20 to June 30
$1.50 June 30 Juned20 to June 30
Extra
.quar.)
lee July 1 Holders of rec. June 20a
Penick & Ford, Ltd., pref. ,
(aoct.swum. dividends)._ _
Preferred
134 July 1 Holders of rec. June 200
lei June 30 Ilolders of rec. June
Penney (J. C.) Co., let pref.(guar.). _ _ _
20a
Quarterly
37Sic Sept.21 Holders of rec. Sept. 15a
Name of Company.
3283
When
Per
Cent. Payable.
Books Closed.
Daps /IICIUSIOS.
Miscellaneous (Continued).
Pet Milk Co.. pref.(qear.)
•134 July
*Holders of rec. June 10
Pettibone-Muillken Co., let & 2d pf.(qu) 134 July
Holders of rec. June 20a
Phelps, Dodge Corp. (guar.)
Si
July
Holders of rec. June 20.
Philadelphia Finance, corn.(guar.)
50c. July
Holders of rec. June 20
Preferred A (guar.)
2
July
Holders of rec. June 20
Preferred B (guar.)
Holders of rec. June 20
134 July
Philadelphia Insulated Wire
Holders of ree July lba
Aug.
52
Phillips Petroleum (guar.)
Holders of roe. June 16a
50e July
Pick (Albert) & Co., pref.(guar.)
144 July
June 23 to June 30
Pierce-Arrow Motor Car,prior pref.(au.) 2
Holders of rec. June lf,a
July
Pittsburgh Plate Glass, common (guar.) 2
July
Holders of rec. June 15a
Common (guar.)
Oct.
Holders of rec. Sept.15a
2
Common (extra)
Oct.
Holders of rec. Sept.15
5
Pittsburgh Steel, common (guar.)
Holders of rec. June 24a
July
$1
Pittsburgh Steel Foundry, pref. (quar.)_ '134 July
*Holders of rec. June 15
Prairie Oil & Gas (guar.)
50e. July 3 Holders of rec. June 30a
Prairie Pipe Line (guar.)
2
July 3 Holders of rec. June 300
Premier Gold Mining_
Sc. July a Holders of rec. June 18a
Pressed Steel Car pref.(guar.)
Holders of reo. Aug. 18a
144 Sept.
Preferred (guar.)
134 Dec. 8 Holders of rec. Nov. 17a
Price Brothers & Co., Ltd.,corn.(qu.)_ _
Si July 2 Holders of roc. June 15
6 M % preferred stock (guar.)
134 July 2 Holders of rec. June 15
Aug. 15 July 16 to Aug. 16
Procter & Gamble,corn.(guar.)
5
Com.(extra) (pay. in new corn. stk.)_ f4
Aug. 15 July 16 to Aug. 16
Eight per cent preferred (guar.)
2
July 15 Holders of rec. June 250
Producers Oil Corp.of Am _corn.(No. 1) 5o. July 1 June 16 to July 1
Provincial Paper Mills. common (guar.). 134 July 2 Holders of rec. June 15
Preferred (guar.)
1)4 July 2 Holders of rec. June 15
Pure 011, 534% preferred (guar.)
134 July 1 Holders of rec. June 10a
July 1 Holders of roe. June 10a
Eight per cent preferred (guar.)
2
Six per cent preferred (guar.)
134 July 1 Holders of rec. June 1(34
Quaker Oats, corn. (guar.)
750. July 15 Holders of rec. July la
Preferred (guar.)
Aug. 31 Holders of rec. Aug. la
1
Radio Corp. of America, pref. (guar.)._
144 July 1 Holders of rec. June 10
Railway Steel-Spring, corn.(guar.)
2
June 30 Holders of rec. July 17a
Real Silk Hosiery (guar.)
75e. July 1 Holders of rec. June 20a
July 15 Holders of rec. July 6
Realty Associates, 1st preferred
3
Reece Button Hole Mach., (guar.)
35e. July 1 Holders of rec. June 15
Reece Folding Mach. (guar.)
Sc. July 1 Holders of rec. June 15
Reid Ice Cream Corp., corn. (quar.)._.. 750. July 1 Holders of rec. June 20
Reliance Mfg., pref. (guar.)
lx July 1 Holders of rec. June 19a
Remington Arms, 1st pref., ser. A (qu.). 134 July 1 Holders of rec. June 20a
Remington Noiseless Typew.. pf. (a1.). 134 July 15 Holders of rec. July 3
Remington Typewriter, let pref. (guar.) 144 July 1 June 21 to July 1
First pref., Series S (guar.)
154 July 1 June 21 to July 1
Second pref.(account accum. div.)_ 52
July 14 July 4 to July 14
Second pref.(account accum.(ay.).-- 52
Aug. 14 Aug. 5 to Aug. 14
Re° Motor Car (guar.)
20c. July 1 Holders of roc. June 15
Extra
10e. July 1 Holders of rec. Julie 15
Republic Iron & Steel, pref. (quar.)_ _ _ _
111 July 1 Holders of rec. June 170
Reynolds(It.J.)Tob.,com & cont.B(qu.) 75e. July 1 Holders of rec. June 184
Preferred (guar.)
134 July 1 Holders of rec. June 1.88
RIchardson&lioyntonCo.,partic.pf.(qu.)
75e July 1 Holders of rec. June 15
Richman Bros.(guar.)
$1.50 July 1 Holders of rec. June 200
Richmond Radiator, pref (guar.)
134 July 15 Holders of rec. June 300
Rocki'd & Rocklet Lime Corp., pfd.
(qu ) 134 Oct. 15 Holders of rec. Sept.30a
Preferred (guar.)
154 Jan1516 Holders of rec. Dee. 810
Royal Baking Powder, corn. (quar.)..... 2
June 30 Holders of rec. June 156
Preferred (guar.)
114 June 30 Holders of rec. June 15a
July 17 Holders of rec. July 100
Royal Typewriter, corn.(guar.)
$1
Preferred (guar.)
134 July 17 Holders of rec. July 166
Saco-Lowell Shops, pref. (guar.)
134 July 1 Holders of rec. June 206
July 1 Holders of rec. June 136
Safety Car Heating & Lighting (guar.)._ 2
St. Joseph Lead (guar.)
50c. Sept. 21 Sept. 10 to Sept.21
Quarterly
50c. Dec. 21 Dec. 10 to Dec. 21
St. Louis Rocky Mt.& Pao., corn. (cal.) 134 June 30 Holders of rec. June 15a
Preferred (guar.)
1
June 30 Holders of rec. June lba
St. Regis Paper, common (guar.)
500. July 1 Holders of rec. May 250
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Salt Creek Consol. 011 (guar.)
15c. July 1 Holders of rec. June 15a
savage Arms Corp., first pref. (eliar.)-134 July 1 Holders of rec. June 15a
Second preferred (guar.)
1)e Aug. 15 Holders of roe. Aug. la
2
July 1 Holders of rec. June 15a
Schulte Retail Stores, Prof.(guar.)
Sefton Mfg., corn
50c. July 1 Juned21 to July 1
Preferred (quar.)
134 July 1 June2ld to July 1
Shattuck (Frank G.) Co.(guar.)
50c. July 10 Holders of rec. June 206
Shawmut Mfg.,common (guar.)
1M June 30 Holders of rec. June 200
Preferred (guar.)
154 June 30 Holders of rec. June 200
Shell Union Oil Corp.. corn. (guar.). _
35e. June 30 Holders of rec. June 8.
Sherwin-Williams Co.. Can.,corn.(qu.)_
134 June 30 Holders of rec. June 15
Preferred (guar.)
134 June 30 Holders of rec. June 15
Shredded Wheat (guar.)
2M June 3() Holders of rec. June 20
Silver King Coalition Mines (quar.)
2Se. July 1 June 21 to June 30
Simbroeo Stone Co., preferred
$2
July 1 Holders of rec. June 16
Simmons Company, corn. (guar.)
500. July 1 Holders of rec. June 15a
Simms Petroleum
50c. July 1 Holders of rec. June 15a
Singer Manufacturing (guar.)
234 June 30 June 11 to June 30
Extra
June 30 June 11 to June 30
10
Sloss-Sheffield Steel & Iron, pref.(qu.)
- 154 July 1 Holders of rec. June 200
South Porto Rico Sugar, corn. (quar.)_. 1is July 1 Holders of rec. June 106
Preferred (quar)
July 1 Holders of rec. June 10a
2
South West Penna. Pipe Lines (quar.).. $1
July 1 Holders of rec. June 15
Southern Baking, pref. (guar.)
July 1 June 19 to June 30
52
Sparks-Withington CO., coin. (guar.)... 75e. July 1 Holders of roe. June 156
Common (extra)
50e. July 1 Holders of rec. June 156
Preferred (guar.)
134 July 1 Holders of rec. June 15a
Spicer Manufacturing, pref. (guar.).-- 2
July 1 Holders of rec. June 206
Stahl (H. A.) Co., pref. (guar.)
134 July 1 Holders of too. June 20a
Standard Comma Tobacco, corn. (qu.). 250. July 1 Holders of roe. June 23
Preferred
334 July 1 Holders of roe. June 23
Standard 011 (Kentucky) (guar.)
June 30 June 16 to June 30
$1
Standard Plate Glass, prior pref.(guar ) 134 July 1 Holders of rec. June 2Qps
Preferred (guar.)
154 July 1 Holders of rec. June 2)0
1
Stanley Co. of America (guar.)
$1.50 July 1 Holders of rec. June 2
State Theatre, Boston. pref. (quar.)July 1 *Holders of rec. June 20
*2
Steel Co.of Canada,corn.& pref.(guar.) 13.4 Aug. 1 Holders of rec. July 8
Sterling Coal (guar.)
1
July 2 Holders of rec. June 2(
1
Sterling Products(guar.)
Aug. 1 Holders of rec. July 154
Si
Stern Bros., Class A (No. 1)
$1
July 1 Holders of rec. June 20
Stetson (John B.) Co.,common
52.50 July 15 Holders of rec. July la
Preferred
July 15 Holders of rec. July la
$I
Stromberg Carburetor (guar.)
$1.50 July 1 Holders of rec. June 80
Sullivan Machinery (guar.)
July 15 July 1 to July 14
$I
Swift & Co. (guar.)
July I Holders of rec. June 10
2
Swift Internacional
90e. Aug. 15 Holders of rec. July 156
Symington Company, class A
50e. July 1 Holders of rec. June 15a
Telautograph Co., pref.(guar.)
144 July 10 Holders of rec. June 30
texas Company (guar.)
75c. June 30 Holders of rec. June 5a
Texon Oil & Land
•fo. July 10 *Holders of roe. June 25
Textile Banking (guar.)
2
June 30 Holders of rec. June 23a
rhompson (John It.) Co., corn. (m'thly)
25c July 1 Holders of roc. June 23a
Common (monthly)
25c Aug. 1 Holders of rec. July 236
Common (monthly)
250 Sept. 1 Holders of rec. Aug. 240
Preferred (guar.)
1)4 July 1 Holders of rec. June 236
thompson-Starrett Co.. common
July 1 Holders of roe. June 20
$6
Tide Water Oil (guar.)
June 30 Holders of rec. June 18a
$1
Tobacco Products Corp.,common (qu.). $1.50 July 1' Holders of rec June 30
Torrington Co., corn. (guar.)
82340July 1 Holders of rec. June 19
Transue & Williams Steel Fore. (quar.). 50c. July 15 Holders of rec. June 306
Trumbull-Cliffs Furnace. pref. (guar.)._
114 July 1 Holders of ree. June 20
uckett Tobacco, common (guar.)
July 15 Holders of rec. June 30
1
Preferred (guar.)
131 July 15 Holders of rec. June 30
Tulip Cup Corp., corn. (guar.)
373.4e July 1 Holders of rec. June 22
Preferred (guar.)
lee July 1 Holders of rec. June 22
Underwood Computing Mach., pf.(qu.) 134 July 1 Holders of rec. June 13
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 19
Underwood Typewriter, corn.(quar.)_
75c. July 1 Holders of rec. June 66
Common (guar.)
750. Oct. 1 Holders of rec. Sept. is
Preferred (guar.)
154 July 1 Holders of rec. June 60
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. la
Union Carbide & Carbon (guar.)
$1.25 July 1 Holders of rec. June 5a
3284
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Union Storage (quar.)
2% Aug. 11
Quarterly
24 Nov 11
Union Twist Drill, pref.(quar.)
14 June 30
United Alloy Steel Corp., pref.(quer.). _ 14 July 1
United Cigar Stores,common (quar.)
June 30
'e
Common (payable in common stock). 11 1'4 June 30
United Drug, first preferred (guar.).14 Aug. 1
Second preferred (guar.)
1 4 Sept. 1
United Dyewood, pref. (qua?.)
134 July 1
Preferred (illar.)
14 Oct. 1
14J an 1'26
Preferred (guar.)
United Fruit(quer.)
24 July 1
24 Oct. 1
Quarterly
United Ice Service, pref. A (guar.).- $3.50 July 1
UnIted Paperboard, Inc., common
Si July 1
July 1
6
Preferred (annual)
United Profit-Sharing, corn. (guar.).
- 150. July 1
United Shoe Machinery, common (qu.). 624c July 6
374c July 6
Preferred (quar.)
!lilted Verde Extension Mining (quer.). 50c. Aug. 1
U.S.Bobbin & Shuttle, pref.(quar.)
14 June 30
14 Sept.15
U.S. Cast Iron Pipe & Fay., pref.(qu.)_
Preferred (guar.)
14 Dec. 15
U. S. Distributing Corp., pref
34 July 1
U.S. Gypsum,common (mar.)
40e. June 30
14 June 30
Preferred (quar.)
U.S.Industrial Alcohol, pref.(quar.)
14 July 15
V.S. Radiator, common (qua?.)
July 15
1
14 July 15
Preferred (qua?.)
U. S. Realty dt Improvement
July 15
Common (payable in eommoa stock). 110
14 Aug. 1
Preferred (quar.)
United States Steel Corp.. corn.(quar.)- 14 June 29
Si June 29
Common (extra)
75e July 1
U. B. Tobacco, corn. (qua?.)
ig July 1
Preferred (quer)
July 1
Upson Company, preferred (quer.). - 2
350. July 15
Utah Apex Mining (qua?.)
June 30
$1
Utah Copper (quar.)
dJune30
1
Utah-Idaho Sugar, corn. (guar.)
14 dJune30
Preferred (quar.)
Van Dorn Iron Works, pref. (quar.).... 14 July I
24 July 2
Virginia Iron. Coal & Coke, past
July 2
$1
Wabasso Cotton (quar.)
14 July 1
Wahl Company. preferred (quar.)
Waldorf System. Inc., corn. (qua?.).... 31%c July 1
20e. July 1
First and preferred (qua?.)
750. June 30
Walworth Mfg.. preferred (quar.)
14 July 1
Ward Baking, preferred (guar.)
July 1
81
Warren Bros., corn.(quar.)
75e. July 1
First preferred (qua?.)
Second preferred (quar.)
874e July 1
Weber & HellbronerJune 30
Common (quar.)
$1
Sept.30
$1
Common (guar.)
Doe, 30
$1
Common (qua?.)
1.4 Sept. 1
Preferred (qua?.)
14 Doe. 1
Preferred (qua?.)
14 June 30
Weber Plano, pref. (quar.)
June 30
Welsbach Company, common (annual). 2
Preferred
34 June 30
West Coast Oil, preferred (quar.)
$1.50 July 6
July 6
$3
Preferred (quar.)
July 1
West Point Manufacturing (quar.)
$2
Western Electric Co.,common (quar.)_. 22.50 June 30
1% June 30
Preferred (quar.)
34 July 1
Western Grocer, preferred
3% Jan 1'26
Preferred
21.50 July 31
Westinghouse Air Brake(quar.)
July 31
Westinghouse Elec. dt Mfg., coin.(qu.)_ 31
July 15
$1
Preferred (qua?.)
50e. July 1
Westmoreland Coal (quar.)
Weston Elec. Instrument, el. A (qua?.). 50e. July 1
10. July I
Class A (acct. accumulated div.)
Wheeling Steel, preferred A (guar.)._ $1.40 July 1
$1.75 July 1
Preferred B (quar.)
June 30
$1
White Motor (quar.)
White Motor Securities. preferred (qu.). 14 June 30
Whitman (William) Co.. Inc., pref.(qU)• 14 July 1
July 1
WW & Baumer Candle, Inc.. Pf. (q11.)- 2
14 July 1
Wlllys-Overland. pref. (qua?.)
14 July 1
Winnsboro Mills, preferred (quar.)
14 July 2
Woods Mfg., pref. (quar.)
Worthington Pump & Mach., Pl. A (riu.) 14 July 1
134 July 1
Preferred B (quar.)
2% July 1
-Hargreaves Mining (quar.)
Wright
24 July 1
Extra
Wrigley (Wm.) Jr.,, & CO.
25e. July 1
Monthly
250. Aug. 1
Monthly
250. Sept. 1
Monthly
25e. Oct. 1
Monthly
25C Nov. 1
Monthly
25C Dec. 1
Monthly
July 1
WurlItzer (Rudolph) Co., pref.(quar.)._
$1
July 1
Yale & Towne Mfg.(quar.)
Yellow Cab Mfg.. Class B (monthly)._ 210. July 1
210. Aug. 1
Class B (monthly)
21c. Sept 1
Class 13 (monthly)
June 30
Youngstown Sheet dz Tube, corn.(quar.) $1
194 June 30
Preferred (quar.)
Books Closed.
Days Inaustre.
Holders of rec. Aug. 1
Holders of roe. Nov 1
Holders of rec. June 200
Holders of rec. June 200
Hoidens of rec. June 15a
Holders of rec. June 150
Holders of rec. July 150
Holders of rec. Aug. 150
Holders of rec. June 150
Holders of rec. Sept. 150
Holders of rec. Doe. 150
Holders of rec. June 6a
Holders of roe. Sept. 5a
Holders of rec. June 200
Holders of rec. June 5a
Holders of rec. June 50
Holders of rec. June 8a
Holders of rec. June 16
Holders of rec. June 16
Holders of rec. July 60
Holders of rec. June loa
Holders of rec. Sept. la
Holders of rec. Dec. la
Holders of rec. June 200
June 16 to June 30
June 16 to June 30
Holders of rec. June 300
Holders of rec. July 1
Holders of rec. July 1
Holders of rec. June 5a
Holders of rec. June ba
May 29 to June 1
May 29 to June 1
Holders of rec. June 150
Holders of rec. June 150
Holders of rec. June 15
Holders of rec. July 3
Holders of rec. June 190
Holders of rec. June 18a
Holders of rec. June 180
Holders of rec. June 220
Holders of rec. June 200
Holders of rec. June 15
Holders of rec. June 25a
Holders of rec. June 200
Holders of rec. June 20
Holders of rec. June 200
Holders of rec. June 15a
Holders of rec. June 220
Holders of rec. June 220
Holders orrec. June 220
Holders of roe. June 150
Holden, of rec. Sept.150
Holders of roe. Dec. 15
Holders of rec. Aug. 17
Holders of rec. Nov. 16
Holders of rec. June 200
Holders of rec. June 200
Holders of rec. June 200
Holders of rec. June 250
Holders of rec. June 25a
Holders of rec. June 15
Holders of rec. June 26
Holders of rec. June 200
June 21 to June 30
Dee. 20 to Jan.1'26
Holders of rec. June 300
Holders of rec. June 300
Holders of rec. June 300
June 23 to July 1
Holders of rec. June 160
Holders of roe. June 160
June 13 to July 1
June 13 to July 1
Holders of rec. June 200
Holders of rec. June 20a
Holders Of rec. June 160
Holders of rec. June 19
Holders of rec. June 200
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
Holders of rec. June
250
200
200
15
15
Holders of rec. June 200
Holders of rec. July 200
Holders of rec. Aug. 200
Holders of rec. Sept.200
Holders of rec. Oct. 200
Holders of rec. Nov.200
Holders of rec. June 20
Holders of rec. June 6
Holders of rec. June 200
Holders of rec. July 200
Holders of rec. Aug. 200
Holders of rec. June lia
Holders of rec. June 150
[Vol.. 120.
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 20. 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
-Mat is, three ciphers (000) omitted)
(Stated In thousands of dollars
New
Capital. Profits. Loans,
Reserve
Time
Discount, Casts
with
Net
Week Ending
DeLegal Demand
In
June 20 1925 Nat'l, Apr. 6 InvestState. Mar.25
Vault. Deposi- Deposits. posits
rte.
tortes.
(000 omitted.) Tr.Cos M ar.25
Members
Members of Fe d. Rea.
Bank of N Y &
Trust Co...-. 4,000
Bk of hlanhat'n 10,000
Mech & Met Bk 10,000
Bank of America 6,500
Nat City Bank. 50,000
Chemical Nat.. 4,500
Nat Butch & Dr 1,000
Amer Exch Nat 5.000
Nat Bk of Corn. 25,000
Pacific Bank... 1.000
Chat& Phen Nat 13.500
Hanover Nat'l. 5,000
Corn Exehange. 10.000
National Park_. 10,000
East River Nat'l 2,500
First National__ 10,000
Irving Bk-ColTr 17,500
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
3.000
U 8 Mtge &
Guaranty Trust 25,000
Fidelity-InterT1 2,000
10.000
N Y Trust
Farmere'LndtTr 10,000
Equitable Trust 23,000
69,527
162,446
180,097
86,160
605,010
125,377
10,258
111,893
341,278
30,924
215,190
118,679
204,748
178,299
37,728
317,304
270,695
7,725
365,915
25,189
13.616
16,613
108,100
21,620
341.095
58,723
418,282
21,524
178,193
152,02
255.137
909
2,664
3,393
1,678
4,294
1,20
149
931
987
989
2,295
540
6.267
1,022
1,239
437
2,678
163
4,452
724
397
434
967
251
865
742
1,398
396
631
479
1,394
7.172
13,348
22,239
12,431
70,139
15,286
1,268
13,607
38,336
4,504
24,730
15,845
27.354
16,996
3,839
27,875
35,782
918
46,041
3,175
1,326
2,485
14,091
2,443
37,430
7,368
48,361
2,556
21,591
15,664
30,209
1400
Average
Averag Ao• gs
52,705
134,363
167,620
93,170
647,473
*
114,449
9.443
102,232
288.920
30.110
166,005
106,633
187,063
128,021
26,732
209,076
268,097
6,335
*360,657
24,409
9,408
16,170
107,328
17,937
.
292,390
53,453
*426,022
19,020
157,820
•119,086
*289,327
_
7,770
24,384
11,742
546
4,080
850
87,010
348
6,522
473 497
7,262 4,955
18,502 _
_3,356
40,076 5:944
Bank. Average Aosta° Average
12,448
14,303
16,383
5,243
60,562
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
Bank
Mew
29;iii
10,382 3.535
10,065 493
23,168 4,329
27,957
400
20,103 454
5;i4i
256
3,138
2,017
44,405
4,927
54,37
1,965
29,779
28,281
32.617
397
49
408
Total of averages 308,100479,577 5,049,379 44,969589,409 c4,315,304 537,977123,340
Totals, actual to ndition June 205.013.514 43,809616,182 c4,279,246 543,426'23,433
Totals, actual c. ndition June 135,056,30 45,3631617,859 c4,313,602 535,23823,280
Totals, actual condition June 615 024,127 45,235605.438 c4,282,732 537,087 23,348
.
State Banks Not M tubers of Fed'I Res've Bank.
21,229 1,398
21.398 1,805 2,418
Greenwich Bank 1,000 2,480
2,707 1,893
347
349
5.254
906
250
Bowery Bank..
35,218 62,981
State Bank__ 3.500 5,396 101,839 4,145 2,212
Total of average
4,750
8,782
128,491
6.299
59,154 66,272
4,977
129,558 6,241 4,513
Totals, actual c. ndition June
Totals, actual c. ndition June 13 128,486 6,398 4,807
Totals, actual 0. ndition June 6 127,622 6,605 4,247
Trust Companies Not Hem. rs of Fed 'I Res've Bank.
61.876 1,377 4,565
Title Guar & T 10,111 16,501
838 1,808
21,404
Lawyers Trust_ 3,000 3,031
59,812 66,337
59,139 66,144
58,294 66,071
39,512
16,870
2,186
1,019
13,000 19,532
83,280
2,215
6,37
56,382
3,505
Totals, actual c. ndition June 20
Totals, actual to ndltion June 1
Totals, actual condition June 6
83,372
84,041
84,887
2,147
2,242
2,228
6,507
6,534
6,626
56.842
57,368
58,244
3,142
3.214
3,189
Total of averag
53,483600,759 4.430.840607,4543,34O
Gest aggr.,aver. 25,850507.892 5,261,1
Comparison wi h prey. week_ +17.237 1,574 +11767 +26,459+3,136 +32
Gr'd aggr., act' cond'n June 205,226,444 52,197627.202 4,395,900612,905 23,433
Comparison wl h prey. week _ _ -42,386-1,806-1,998 -34,209 +8,309 +153
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
Gr'd
aggr.. act' cond'n June 135,268.830
aggr., ace/cond'n June 65.238,636
aggr., aa'lleond'n May 29 5,274,289
1
aggr., ea' cond'n l'hiay 235.223,621
aggr., am' cond'n .May 16 5,242,655
aggr., act' concru May 95,311.176
54.003629.200
54,008616,311
02,698641,058
54.606623.901
52.546653,583
54.854619.687
4,430,109604,596 23,280
4.399.270606,347 23,348
4,458,660624,333 23.472
4.389,695625,971 23,462
4.426.743625,764 23,076
4.497,182816,84422,982
Note-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total June 20, $14,541,000: actual totals June 20.
$13,196,000; June 13, $19,321,000; June 6, $19,326,000; May 29, $21,470,000; May
23, $21,478,000. Bills payable, rediscounts. acceptances and other liabilities,
average for the week June 20. 3542,184,000; June 13. $551,357.000; Juno 6, $539,792,000: May 29, $553,768,000; May 23, $532,691,000. Actual totals June 20,
$559,866,000: June 13, $588,412,000; June 6, $571,002,000; May 29, 3590,735,000;
May 23, $581,948,000.
•Includes deposits in foreign branches not included in total footings as follows:
National City Bank. $140,519,000: Chase National Bank. $12.179,000; Bankers
Trust Co., $15,583,000; Guaranty Trust Co., $76,713,000; Farmers' Loan At Trust
Co., $6,417,000; Equitable Trust Co., $64,759,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City, $18,842,000:
Chase National Bank, $2,762,000; Bankers Trust Co., $2,016,000; Guaranty Trust
Co., $4,660,000; Farmers' Loan & Trust Co., $6,417,000; Equitable Trust Co.,
$8,690,000. c Deposits in foreign branches not Included.
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. s The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. a Payable in stock.
!Payable In common stock. g Payable In scrip. h On account of accumulated
dividends. m Payable in preferred stock n Payable in Canadian funds.
The reserve position of the different groups of institutions
Annual dividend for 1925. all payable In equal quarterly installments on April 1,
July 1, Oct. 1 1925 and Jan. 1 1926, have been declared as follows: On the common on the basis of both the averages for the week and the actual
sitook $4 40, quarterly installment$1 10;prior preference, 7%,quarterly installment condition at the end of the week is shown in the following
134%;Participating preferred. 7% regular, quarterly installment 14%:Participating
Preferred,2% map,quarterly installment Si%;Preferred.6%,quarterly installment two tables:
14%.
Dividend is one share of no par value common stock for each share of common STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
now outstanding and is subject to ratification by stockholders at meeting to be
held June 13.
Averages.
dividends.
/Two months'
k Dividend is 500.cash or one-fortieth ofa share of Class A stock at option of holder.
Cash
Reserve
13
I Declared 6% on common stock, payable in common stock in quarterly installSurplus
Reserve
Total
in
Reserve
ments of 14% each.
in Vault. Depositaries Reserve,
Reserve.
Required.
p Less income tax.
Members Federal
Transfer books closed from June 21 to July 1, both inclusive.
Reserve Bank _
589,409,000 589,409,000 577,128,830 12,280,170
?Payable to holders of record July 31.
628,280
State banks *
6,299,000 4,977,000 11,276.000 10,647,720
per share and all transfers received in order in London on Trust companies •._ 2,215,000 6,373,000 8,588,000 8,457,300
s Dividend is 10 pence
130,700
transferees.
or before June II will be in time for payment of dividend to
Total June
8.514.000 600,759,000 609,273.000 596,233,850 13,039.150
1 The stock dividends declared by Western Pacific RR. are one share of common
Total June 13.._ _ 8,658,000 588,992,000 597.650,000 592,700,700 4,949,300
and one share of preferred for every six shares of stock now outstanding, whether
Total June 6._ 8.766,000 592,198,000 600,964,000 594,509,930 6,454,070
earn, or preferred, and were ratified at a special stockholders' meeting held May 11.
Total May 29._
8,746,000 592.549,000 601,295.000 592,472,830 8,822,170
is Less 38e. per share to cover 1st and 2d installment of 1924 Income tax.
Chlida Company stock dividends are one share of no par value common stock
• Not members of Federal Reserve Bank.
for each 100 shares no par value common stock held.
a This lathe reserve required on the net demand depoeits in the case of State banks
to Dividend Is one-llftleth of a share of common for each share of non-par corn. stk. and trust companies, but in the cage of members of the Federal Reserve Bank
z Dividend is one-fortieth of a share of common stock or 85 cents a share, at stock- includes also amount in reserve required on net time deposits, which was as follows:
June 20, $16,139,310: June 13, 216,050,600; June 6,216,164,060; May 29, $16,711,holder's option.
680: May 23,816,715,700,
y Dividend is 30 cents in cash or 24% in common stock.
JUNE 27 1925.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank
State banks *
Trust companies 4 _
._
6,241,000
2,147,000
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
3285
Boston Clearing House Weekly Returns.
-In the iol
lowing we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING ROME MEMBERS.
616,182,000 616,182,000 572,804,760 43,577,240
4,513,000 10.754,000 10,766,160
12,180
6,507,000 8,654,000 8,526,300
127,700
Total June 20
8,388,000 627,202,000 635,590,000 591,897,220 43,692,780
Total June 13_ __ _ 8,640,000 629,200,000 637,840,000 596,075,620 41.764,380
Total June 6
8,833,000 616,311,000 625,144.000 592.097,280 33,046,710
Total May 29._
8,868,000 641,058.000 649,926,000 600,521.680 49,404,320
•Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members ofthe Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: June 20,
$16,302,780: June 13, $16,057,140: June 6, 116,112,610; May 29, 616,648,200: May
23, $16,703,130.
June 24
1925
Changesfrom
previous week.
June 17
1925.
June 10
1925.
Capital
66,800.000 Unchanged
66,800,000 66,800,000
Surplus and profits
89.532,000 Dec.
17.000 89,549.000 89,538.000
Loans, dlscts & inveetments. 954,031.000 Inc. 7,289.000 946,742,000 939,022.000
Individual deposits.inel. U.S.677.385,000 Dec. 7,323,000 684,708.000 661,207,000
Due to banks
129.723,000 Dec. 8,415,000 38,138,000 131.452.000
Time deposits
207,853,000 Inc. 3,958.000 203.895,000 203,207,000
United States deposits
8,937,000 Inc.
379.000 8,558,000 7,991,000
Exchanges for Clearing House 29,210,000 Dec. 4,610.000 33.820,000 25,119,000
Duefrom other banks
97.329,000 Dec. 784.000 98,113,000 92,190.000
Reserve in Fed. Res. Bank... 78.334,000 Dec. 587,000 78,921,000 77,233.000
Cash In bank and F.R.Bank_ 10,324,000 Inc.
158,000 10,166,000 10.576,000
Reserve excess In bank and
Federal Reserve Bank
138,000
393.000 Dec.
531.000
273,000
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.
-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New 'York City not in the Clearing House as follows: return for the week ending June 20, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members
of the Federal Reserve System
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from
is not a part of legal reserve. For trust companies not memJune 20.
Previous Week
Loans and investments
$1,075,028,900 Dec. 6943,800 bers of the Federal Reserve System the reserve required is
Gold
4,151,300 Dec. 693,400
Currency notes
23,402,900 Dec. 122,800 10% on demand deposits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York_
97,876,000 Inc. 2,751,300 depositaries" and "Cash in vaults."
Total deposits
1,128,325,200 Inc. 3,469,400
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N.Y.City,exchanges & U.S.deposits_ 1,071,600,100 Inc. 3,984,900
Reserve on deposits
167,984,000 Inc. 2,594,500
Percentage of reserve, 21.5%.
RESERVE.
-State Banks
- -Trust Companies
Cash in vault *
$32,908,500 16.11%
$92,521,700 16.08%
Deposits in banks and trust cos_ _ _ 11,644,000 5.70%
30,909,800 5.37%
Total
$44,552,500 21.81%
$123,431,500 21.45%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on June 20 was $97,876,000.
Banks and Trust Companies in New York City.
-The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Loans and
Investments.
Week EndedFeb. 21
Feb. 28
Mar. 7
Mar. 14
Mar. 21
Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16
May 23
May 29
June 6
June 13
June 20
Demand
Deposits.
•Total Cash
in Vaults.
Reserve in
Depositaries.
$
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
6,319,885.700
6.336.178.900
$
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
5,508,073,800
5,471,996.200
5.502.440.100
$
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
83,427,400
81 037.200
$
731.974,800
727,617,600
726.004.500
733,263.600
725,251.500
707,162,000
722,106,500
708,755,700
722,426,700
728,551,900
749,032,400
742,761,100
729,894,500
720,787,700
719,708,300
732,827,700
726,011.100
741 155 me
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:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is. three ciphers 10001 omitted.)
Net
CLEARING
Capital. Profits.
NON-MEMBERS.
Nat. bke. Dec. 31
Week Ending State bks. Nov.15
June 20 1925. Tr. cos. Dec. 31
Loans,
DUcounts,
Investmenu,
cec.
Members of
Fed'i Res've Bank
Grace Nat Bank _
Average Average Average Average Average.
Total
State Banks
Not Members of
Fed`l Res've Bank
Bank of Wash'n H
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
MechanTr,Bayonn
Reserve
Net
Net
Cash
with Demand Time
In
Legal Deposits.Deposits.
Vault. Depositortes.
$
1.000
1,736
11,026
48
826
5,237
4,373
1,000
1,736
11,066
48
826
5,237
4,373
200
1,200
512
2,447
8,136
28,600
787
3,013
375
1,494
6,251
25,000
2,418
3,849
1.400
2.060
36,736
3,800
1,869
31,251
6,267
500
508
9.034
387
95
3,177
6,005
500
508
9,034
387
95
3,177
6,005
Grand aggregate._ _
2,000
Comparison with prey, week
5,205
56,836
+49
2,900
2,900
2,900
2.900
5,205
5,205
5,'205
5.205
56.7871 4,
,
56.462
4.349
56:725
4,321
56,060
4.310
Total
Gr'd agqr., June 13
or'd ag zr., June 6
Gr'd aggr., May 29
Gr'd aggr., May 23
4,235
-170
T075
2,790 a39,665
+53
-89
16,645
+65
2,737
2,851
2,730
2 746
16,580
16,516
16,511
16.926
a39,754
a39.616
a39,820
239 641
a United States deposits deducted, 642,000.
Bills payable, rediscounts, acceptances and other liabilities, $1,247,000.
Excess reserve. $95.010 decrease.
Week Ended June 20 1925.
I
Two Ciphers (00)
omitted.
Membersof Trust
F.R.System Companies
1925
Total.
Capital
$41,875,0 15,000.0 $46,875.0
Surplus and ProfIts
125,576,0 16,703,0 142,279,0
Loans, dtsc'ts & investm'ts 812,943,0 48,324,0 861,267,0
Exchanges for Clear.House 41,273.0
940.0 42,213,0
Due from banks
17.0 112.783,0
112,766,0
Bank deposits
938,0 147.851,0
146,913,0
Individual deposits
604.766,0 30,516,0 635,282,0
Time deposits
2,909,0 98,291,0
95,382.0
Total deposits
847,061,0 34,363.0 881.424,0
U.S.deposits (not Intl.)...
7.967,0
5,579.0
Res've with legal depos'les
5,579,0
65,553,0
Reserve with F.R.Bank
65,553.0
Cash in vault •
1,377,0 11,508,0
10,131,0
Total reserve & cash held... 75,684,0
6.956,0 82,640,0
Reserverequired
4,719,0 69,565.0
64,846,0
Excess res. & cash in vault 10.838.0
2.237.0 13,075.0
•Cash in vault not counted as reserve for Federal Reserve
June 13
1925.
June 6
1925.
$46,875,0
142,279,0
864,673,0
34,579,0
110,134.0
145,930,0
625.626,0
96.749,0
868,305,0
11,980,0
3,342,0
64,465,0
11.658,0
79,465,0
69,174,0
10,291.0
members.
$46,841.0
142,279.0
860,529.0
38,926,0
113,442,0
148,102.0
625,590,0
97.893.0
871,585,0
12,258,0
3.632.0
65.265.0
11,300,0
80,197,0
69,019,0
11.178,0
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 24 1925 in
comparison with the previous week and the corresponding
date last year:
June 24 1925. June 17 1925. June 25 1924
Resources$
S
$
356,159.000 356,159,000 635.262,000
Gold with Federal Reserve Agent
4,074,000
6,610,000
10.345.000
Gold redemp. fund with U. S. Treasury_
Gold held exclusively agst. F.R.notes_ 366,504.000
Gold settlement fund with F. R. Board.. 233,767,000
Gold and gold certificates held by bank- 336,040.000
362,769.000
257,668,000
333,481,000
639,336,000
148.845.000
195,377,000
936,311.000
36,674.000
953,918,000
35,870.000
983,558,000
28,571,000
Total gold reserves
Reserves other than gold
Total reserves
972.985.000
Non-reserve cash
18,665,000
Bills discounted
Secured by U. S. Govt. obligations- 93,672.000
27,213.000
Other bills discounted
289,788.000 1.012.129,000
14,934,000
17,658,000
118.257,000
30,858,000
41.920,000
12,733,000
6,122,000
50.781.000
891.000
Total U. S. Government securities__
Foreign loans on gold
25,703.000
16,217,000
120,885,000
35,587,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
89.035.000
29.222,000
8,542,000
40,452,000
9,276,000
1,202,000
102.453,000
32,582,000
57,794.000
2.835.000
58.270,000
2.835.000
136.237.000
Total earning assets
217,101,000
210,220,000
190,890,000
Uncollected Items
Bank premises
All other resources
147,510,000
16,897.000
5,809,000
204,762.000
16,890.000
5.878.000
131.971,000
15,549,000
7,310.000
Total resources
1.378,967.000 1,445.196.000 1.372,783.000
LiabilitiesFedi Reserve notes In actual circulation_ 327,030.000
Deposits-Member bank, reserve acc't-- 809,187.000
Government
12,308,000
Other deposits
14.212,000
327.221.000
851,090,000
217,000
13,894.000
341,286,000
813,381,000
8.268.000
12,173,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
865,201.000
158.907.000
31,570.600
58,749,000
3.548.000
833,822.000
105.560.000
29.983.000
59.929,000
2,203,000
Total liabilities
834.705,000
123.273,000
31,580,000
58,749,000
3,630,000
1 378,967.000 1.445,196,000 1.372,783,000
Ratio of total reserves to deposit and
Fed'l Res've note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
83.8%
83.0%
86.1%
10,442,000
6.529.000
11,312,000
CURRENT NOTICES.
-The Chatham Phenix National Bank & Trust Co. has been appointed trustee of $1,500,000 guaranteed beneficial certificates issued by
the Prudence Co., Inc., and secured by bond and mortgage on property
known as the Langham, 135 Central Park West, New York City.
-The Chicago office of Loge & Co. announces that William P.
Roberts has become associated with them as Manager of the investment
department.
-Empire Trust Co. has been appointed registrar of
(Capital steak
of the Mu-cad Radio Corporation.
[Var.,. 120.
THE CHRONICLE
3286
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,June 25, and showing the condition
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 3263, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 24, 1925.
June 24 1925. June 17 1925. June 10 1925. June 3 1925. May 27 1925. May 20 1925 May 13 1925 May 6 1925 June 25 1924
3
$
$
RESOURCES.
1,473,117,000 1,500,333,C00 1,516,627.000 1,504.694.000 1,521,237,000 1.531,216,000 1,581.014,000 1.564,821.000 2,118,093,000
Gold with Federal Reserve agents
49,114.000 38,491,000
47.988.000
62,460,000
62,312.000
50.679.000
65,881,000
38,062.000
53.819.000
Gold redemption fund with U. S. Treas.
2.156,584.000
Gold held exclusively agst. F.R.notes- 1,526,936.000 1,538.39.5,000 1,582,488,000 1.567,006.000 1,583,697.000 1.581,895,000 1,628,982,000 1.613.935,000 579,518,000
Gold settlement fund with F. R. Board_ 674,499,000 678.157.000 637,899,000 657,496,000 651.885.000 654,157.000 614,266.000 811,846,000 419,468.000
and gold certificates held by banks.. 609,329,000 604.515,000 600,706.000 593,638,000 602,429.000 598.569,000 610,267.000 619,750,000
Gold
2,810,764,000 2.821,067,000 2,821,003,060 2,818,140,000 2,838,011.000 2,834,621.000 2.853,515.000 2,845,531.000 3,155.570,000
Totalgold reserves
148,049,000 146,659,000 144,159,000 139.397,000 143.814,000 145.974.000 140,721,000 141,691,000 115,833,000
Reserves other than gold
2.958,813,000 2,967,726.000 2,965,252,000 2,957,537,000 2,981,825,000 2.980,595.000 2,994,236.000 2.987,222.000 3,271,403.000
Total reserves
53.388.000 64,006,000
56,366,000
48.557,000
56,665,000
52.450.000
54,983,000
54.613,000
55,739.000
Non-reserve cash
Bills discounted:
118.117,000
- 249,914.000 248.122,000 222.808,000 207.758.000 216,007,000 160.854,000 161.263.000 208,269.000 232,014,000
S. Govt. obligations
Secured by U.
205,531.000 193,842.000 194.326.000 204,584.000 197,992.000 177,548,000 177,459,000 202,333,000
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of indebtedness
455.445.000
241.666,000
441.964,000
246,083.000
417.134,000 412.342,000
274.952.000 284,954,000
413,999.000
278,413,000
338,402,000
276,026,000
338,722,000
282,986,000
410,602.000 350,131,000
278,466,000 45,034.000
72.297.000
226.083.000
26,229,000
83.366.000
191,151.000
31,882,000
83,900,000 84,338.000
254,030,000 248.200.000
21,918,000
21,567,000
85,012,000
241.904.000
22.298.000
85.529,000
251,108.000
21.745.000
85.377.000
270.988.000
23,612.000
22.542,000
85,227,000
265.527,000 308,551,000
98,700,000
24,960.000
Total U. S. Government securities_
Foreign loans on gold
All other earning assets
324,609.600
10,500.000
2,250,000
306.399.000
10.500,000
2.250.000
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
358.382,000
10,500,000
2,250,000
379.977.000
10.500.000
1,400,000
375,714,000 429,794,000
10.500.000
1,301,000
1.400.000
Total earnings assets
Uncollected items
Bank premises
All other resources
1.034.470,000 1,007.196.000 1,064,684,000 1.064.151.000 1.054,376.000 985,560.000 1,013485.000 1.076,682.000 826.260,000
619.112,000 811,856.000 618,656,000 683,820.000 584.282.000 674,761,000 690,032.000 601.598.000 556,594,000
57,772,000
59,283.000
59,701,000
59,498.000
59.887.000
59.874.000
59.976,000
60,162,000
60,173.000
22,715.000 24,746.000
23.221.000
23.199,000
23.792.000
23.518.000
21,138,000 23,949,000
21.152.000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits
Member banks-reserve account
Government
Other deposits
4,749,459.000 4.922.689,000 4.787,480.000 4,837,457,000 4.758,592.000 4,780,481.000 4.838,938.000 4400.888.000 4,790,781,000
1,634.235,000 1,643,047,000 1,659,673.000 1.674,686,000 1,670,635.000 1,658,474,000 1.676.204,000 1.682.971.000 1,843.922.000
2,139.779.000 2,212,772,000 2,156,090,000 2,146,921,000 2,138.174.000 2.118,163.000 2.153,999.000 2.180,024,000 2,035,342,000
52,110,000
23.980.000
19,532,000
32,732,000
38.624,000
39,032.000
44,404.000
5,364.000
46,207,000
21,007.000
28.333.009
25,527,000 28,499,000
25,076.000
36.192,000
25,112,000
26,466,000
24,428,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
2.210.414,000 2,244,602,000 2,225,608.000 2,222.145.000 2,201,874.000 2,176,422.000 2.200.030,000 2.232,337.000 2,108,459,000
557.073,000 087,156,000 554,517.000 593.749.000 537.025.000 601,151.000 614,531,000 539,846.000 490,757,000
115,561.000 115,543,000 115,527.000 115,539.000 115,525,000 115,448.000 115.270.000 115,226,000 111,420,000
217,837,000 217,837,000 217,837.000 217.837.000 217.837.000 217,837.000 217,837,000 217.837,000 220,915.000
15,308,000
12,671.000
13,066.000
13.149.000
13,696.000
13,501.000
14,320,000
14,504.000
14.339.000
4,749,459,000 4,922.689.000 4.787,480,000 4.837.457,000 4,756492.000 4,780.481.000 4.836, 38.000 4.800.888.000 4,790,781.000
Total liabilities
Ratio of gold reserves to deposit and
79.8%
72.6%
73.6%
73.9%
73.2%
72.2%
72.5%
72.5%
73.1%
F. R. note liabilities combined
Ratio of total reserves to deposit and
82.8%
76.3%
77.2%
77.8%
77.0%
75.9%
76.3%
76.3%
combined
77.0%
F. R. note liabilities
Contingent liability on bills purchased
38,897,000
45.337,000
42,828.000
39,007.000
35.780,000
35.069.000
33.482,000 34,034,000
37.105.000
for foreign correspondents
$
$
$
Distribution by Maturities
18,390,000
86,923.000 106.694.000 101,805.000 105,406,000 109.929.000 124,639.000 117,490.000
86.317,000
1-15 day bills bought in open market_ _
330,416,000 330,730,000 303,262.000 295,716,000 302,955,000 226.929,000 231,963.000 301,583.000 175,793,000
1-15 days bills discounted
542,000
77,000
567.000
50.000
1,000
184,000
8,034.000
967,000
S. certif. of Indebtedness_
1-15 days U.
1-15 days municipal warrants
8,969,000
56,847.000
60,242.000
60,153,000
56,877,000
61,614.000
50.124.000
45,275,000
47,746,000
16-30 days bills bought in open market_
35,038,000
22,889,000
25,208.000
25.151.000
22,653.000
27.948.000
26.274,000
23.860,000
28,148,000
16-30 days bills discounted
16-30 days U. S. certif. of Indebtedness_
51,000
11,907,000
16-30 days municipal warrants
70.384.
63.048.000
63,360,000
64,199.000
63,887,000
65,788,000
65,730.000
72,685,000
31-60 days bills bought in open market_
55,717,000
40.693,000
38,2.53.000
39,329.000
37,938.000
37,611.000
35,885,000
34,825.000
39,472,000
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness_
4,074,000
31-60 days municipal warrants
29,120.000
30,761.000
38.381,000
48,181.000
50,804,000
44,696.000
41.417,000
29,858,000
38,390,000
61-90 days bills bought in open market_
23,857.000
19,853,000
22,131,000
23.386,000
23.093.000
22,580,000
23,488.000
26.718,000
61-90 days bills discounted
10,805,000
15,814,000
61-90 days U. S. certif. of indebtedness_
1,694,000
61-90 days municipal warrants market
4,625,000
4,296,000
4,203.000
3,750.000
6,844,000
7,708.000
6,680.000
5,030,000
45,193.000
Over 90 days bills bought in open
21,580.000
23,445,000
25,762.000
27,087.000
27,974,000
29.133,000
29,061,000
30,421,000
98,700,000
Over 90 days bills discounted
24.418,000
23,045,000
21,868,000
22,248,000
21,566.000
21,734,000
12,983,000
9,448.000
Over 90 days certif. of indebtedness..
Over 90 days municipal warrants
Federal Reserve Notes
1,941,511,000 1,955,308,000 1.969,808.000 1,963,638,000 1.973,093.000 1.985,011,000 1,986,076,000 2,000.009,000 2.339,991,000
Outstanding
307,276.000 312.261,000 310,135,000 288,952.000 302,458,000 328.537.000 309.872.000 317,038,000 496,069,000
banks
Held by
1,634,235,000 1,643,047,000 1.659.673.000 1.674,686,000 1,670,635.000 1,656,474,000 1,676,204.000 1,682,971,000 1.843,922,000
In actual circulation
3,281,912,000
Agent 2,945,097,000 2,963,134,000 2,974.405,000 2,955.645,000 2.958,685,000 2.980.208.000 2,979,174.000 2,993.562.000 941.921,000
Amount chargeable to Fed. Res.
1.003.586.000 1.007,826,000 1.004.597.000 992,007,000 985,572.000 995,197,000 993.098.000 993,553.000
In hands of Federal Reserve Agent
1,941.511,000 1,955,308,000 1.969,808.000 1.963.638,000 1,973.093,000 1,985.011,000 1,988,078.000 2,000,009,000 2,339,991,000
Issued to Federal Reserve Banks
How Secured
286,016,000 2 6.016.000 287,866.000 287,666.000 288,566,000 289.011,000 282,316,000 276,316.000 334.604,000
By gold and gold certificates
468,394,000 454.975.000 453,181.000 458,944,000 451.856,000 453.795.000 405,062,000 435,188,000 221,898,000
By eligible paper
98,032.000 105.154.000 110,224.000 108.400.000 102,622.000 108,817,000
1010255,000 104.643.000 110,983,000
Gold redemption fund
1.030,846,000 1,109,674,000 1,117,978,000 1,118.996,000 1,127,517,000 1,131,981,000 1.190,298,000 1.185,883,000 1,674,672,000
With Federal Reserve Board
1,941,511,000 1,955,308,000 1,989,808,000 1,963,638.000 1.973.093.000 1,985,011.000 1,986,076.000 2,000,009,000 2,339,991,000
Total
667.202,000 680.315.000 671.638.000 675.772 000 668,350.000 579,108.000 589,468.000 659.006.000 383.434,000
delivered to F.R. Agent
Eligible paper
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 241925.
WEEKLY STATEMENT OF RESOURCES
Two ciphers (00) otlicted.
Boston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. Mir
FideraI Reserve Bank of$
$
$
S
$
$
$
$
$
$
RESOURCES.
136,902,0 179,091,0 31,599,0 108.763,0 135,384,0 24.390,0 53,669,0 53,447.0
Clold with Federal Reserve Agents 177,640,0 356,159,0 9,334,0 3,489,0 3,797,0 1,893,0 7,211.0 2.019,0
789,0 2,855,0
10,345,0
Treas. 7,947,0
C101d red'n fund with U.S.
182,560.0 35.396.0 110.656,0 142,595,0 26,409,0 54,458.0 56,302,0
Gold held excl agst. F. R.notes 185.587,0 366.504,0 146,236,0 73.881,0 19,679,0 17.545.0122,514.0 8,541,0 16,118,0 34.877.0
Dold settle't fund with F.R.13'rd 48,826,0 233,767,0 49,066,0 39,764,0 22,649,0 4,254,0102.563,0 10,972,0 7,330,0 3,366,0
and gold ctfs. held by banks 26,319,0 336,040.0 21,878.0
Ciold
260,532.0 936.311,0 217,180,0 296,205.0 77,724,0 132,455,0 367.672,0 45,922,0 77,908.0 94.545.0
Total gold reserves
36,674.0 8,384.0 7,942.0 5,559,0 16463.0 18.011,0 20,713.0 1,525,0 4.649,0
13,365,0
Reserves other than gold
273,897,0 972,985,0 225,564,0 304,147,0 83,283,0 148,918,0 385,683,0 66,635.0 79.431.0 99,194,0
Total reserves
18.665,0 1,962,0 2,782,0 3,261,0 4,220,0 6,318,0 4,072,0 1,023,0 2,399,0
5,729.0
son-reserve cash
Bills discounted:
938.0
317.0
93.672,0 23,749,0 39,486,0 15,087,0 3.401.0 29,878,0 6.241.0
S. Govt. obllgations 14,656.0
See. by U.
27.213.0 13,987,0 15,101,0 33,396,0 21,216,0 23,966,0 12,739.0 4.374,0 6,009,0
19.114.0
Other bills discounted
33,770.0 120,885,0 37,736,0 54,587,0 48,483,0 24,617,0 53,844,0 18,980,0 4.691,0 6.947,0
Total bills discounted
35,587,0 17,533,0 20,526,0 9,421,0 18,156.0 29,287.0 10,729.0 18,382,0 15,117.0
32,605.0
Bills bought In open market
17. S. Government securities:
620.0 9,004.0 1,585,0 1,954,0 20,356,0 3,391,0 8,345,0 9,334,0
6,122,0
569,0
Honda50,780,0 17,207,0 11,571,0 4.019,0 11,288,0 19,117,0 27,227,0 7,752.0 19.293,0
1,145.0
Treasury notes
63,0 1,121,0 2,497,0
128.0 2,748.0
544.0
57,0 8,305.0
892,0
indebtedness- 3,893.0
Certificates of
58870 14 363 n 41 0700 21 1590 15 99K 0 21 11.11 A
K7 704A 17 8$14 0. 28880.0
a AIWA
'Fatal'"? SI nem* usenwItla.
Dallas. San Fran.
Total.
S
S
$
26.164,0 189,909,0 1,473,117,0
1,713.0 2,447,0
53.819,0
27.877,0192,356,0 1.526,936,0
11,083,0 38,802,0 874,499,0
8,810,0 25,384,0 609,329,0
47,770,0 256,542,0 2,810,764.0
9,199,0 5,565.0 148,049,0
56,960,0 262,107,0 2.958,813,0
2,639,0 2,669,0
55,739,9
786.0 21.703,0
5,869,0 22,547.0
249,914,0
205,531,0
6,655,0 44,250,0
12,482.0 21,841,0
455,445,0
241,666,0
7.760,0 3,257,0
20,450.0 36,234.0
898.0 5,047,0
72.297,0
228,083,0
26,229.0
528 n
una 01500
90 508n
AA
JUNE 27 1925.]
RESOURCES (Concluded)
Two ciphers (00) emitted.
THE CHRONICLE
Boston.
New York.
$
777,0
Foreign loans on gold
MI other earning assets
Total earning assets
Uncollected items
Bank premises
All other resources
72.759.0
55.893.0
4,190.0
58,0
Phila.
$
2,835,0
3287
Cleveland. Richmond Atlanta. Chicago. St. Louis. Mittneap. Kan City Dallas. SanFratt.
$
976,0
2.250,0
$
1,124,0
$
557,0
$
430,0
$
1,449,0
$
483,0
$
346,0
$
420,0
368,0
$
735.0
TO441.
$
10500,0
2,250,0
217,101,0 76,379,0 105,117,0 64,128,0 57,566,0 126.550,0 61.354,0 39.644,0 53,895,0 48,613,0 111.364,0 1.034,470,0
147,510,0 60,062.0 59,550,0 51,312,0 29,200,0 78,267,0 30,664,0 13,488,0 35,659,0 20,748.0 36.759,0 619,112.0
16,897.0 1,139,0 7,573,0 2,446,0 2,780,0 8,099,0 4,549,0 3,049.0 4,339,0 1,833.0 3,279,0
60.173,0
5,809,0
153,0
683,0 2.592,0 1,380,0
321,0
322.0 3.318,0
459,0 1,564.0 4,493,0
21,152.0
Total resources
412.526,0 1,378,967,0 365,259,0 479,490,0 205,113,0 245,276,0 606,297,0 167,596,0 139,953,0 195,945,0 132.366,0 420,671,0 4349459,0
LIABILITIES.
F.R.notes In actual circulation.. 186,180,0 327,030.0 153,061.0 203,425,0 69,715.0 135,127,0 155,794,0 44,455,0 62,650,0 62,311,0 38.631,0 195,858.0 1.634,235,0
Deposits:
Member bank-reserve acct._ 142,299,0 808,187,0 123,531,0 182,820,0 64,744,0 68,749 0 327 805 0 75,395,0 51,945,0 84,815,0 54,590,0 154,899,0 2,139,779.0
Government
2,799,0
12,306,0 2,837,0 1,615.0 3,116,0 5.140,0 4.898,0 1.749,0 1,690,0 2,450,0 3,495,0 4,112,0
46,207.0
Other deposits
363,0
14,212,0
416,0 1,281,0
182,0
164.0 1,384,0
843.0
270,0
544,0
144.0 4,625,0
24,428,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other Ilabllitlee
145,461,0
55,345,0
8.486,0
16,382,0
672,0
834.705,0 126,784.0 185,716,0 68,042,0 74,053,0 334,087.0 77,987,0 53,905,0 87,809,0 58,229.0 163,636.0 2,210.414.0
123,273,0 53,565,0 53,605,0 48,729,0 21,735,0 68,495,0 29,476.0 11.623,0 31,939,0 22,819,0 36,469,0 557,073,0
31,580,0 11,217,0 12,977,0 6,002,0 4,593,0 15,549,0 5,097,0 3,235,0 4,330,0 4,313,0 8.182,0 115,561,0
58.749,0 20,059,0 22,462,0 11,701,0 8,950,0 30,426,0 9,971,0 7,497,0 8.977,0 7.592,0 15,071,0 217,837,0
3,630.0
573,0 1,305,0
924,0
818,0 1,946,0
610,0 1,043.0
579,0
782,0 1.457,0
14,339,0
Total liabilities
412.526,0 1,378.967,0 365.259.0 479,490,0 205,113,0 245,276,0 606.297,0 167,596,0 139,953,0 195,945,0 132,366.0 420,671,0 4,749.459.0
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities combined, per cent
82.6
83.8
80.6
78.2
78.7
71.2
60.5
54.4
68.1
58.8
66.1
72.9
77.0
Contingent liability on bills purchased for foreign corresPondla 2.703,0
10,442,0 3,397,0 3,908,0 1,938,0 1,498,0 5,040,0 1.680.0 1.205.0 1.461,0 1.278.0 2.557,0
37,105,0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 24 1925.
Federal Reserve Agent at-
Boston New York Phila
Resources(In Thousands of Dollars)
$
Federal Reserve notes on hand
86,020
Federal Reserve notes outstanding
211,757
Collateral security for Federal Reserve notes outstanding
Gold and gold certificates
31,050
Gold redemption fund
•
17,590
Gold fund-Federal Reserve Board
129,000
Eligible paperjAmount required
34.117
1Excess amount held
32,258
Clewed, Richm'd Atlanta Chicago St Louis Minn. K. City Dallas San Fr.
Total.
$
$
$
$
$
308,140 38,600 47.700 24,794 66.354
450,289 186,429 226,804 83,563 148,688
3
$
$
$
$
$
$
266,507 24,960 20,916 28,373 22,522 68,7 1,003,586
166,377 50,100 66,214 70,891 44,506 236,093 1,941,511
186,698 5,600 8,780 2,000 9,000
28,461 9,413 10,311 3,304 6,764
141,000 121,889 160,000 26,295 93.000
94,130 49,527 47,713 51.964 39,925
40,583
324 27,180 4.449 2,768
12,775 13.052
17.061
286.016
4.739 1,615 1,617 4,087 2,603 15,752 106,255
130,645 10,000 39,000 49,360 6,500 174,157 1,080,846
30,993 25,710 12,545 17.244 18.342 46.184 488,394
51,978 3.834 10,383 4,713
790 19,548 198,808
Total
541,792 1,249,301 411,782 528,488 196.369 366.498
Liabilities
Net amount of Federal Reserve notes received from
Comptroller of the Currency
297.777 758,429 225,029 274,504 108,357 215,042
Collateral received fromiGold
177.640 358,159 136,902 179,091 31,599 108,763
Federal Reserve BaniclEligIble paper
66,375 134,713 49,851 74,893 56,413 42,893
651,239 128,994 163,727 174,468 112,324 560,434 5,083,416
Total
432,884 75,060 87.130 99,064 67,028 304,793 2.945,097
135,384 24,390 53,669 53,447 26.164 189,909 1.473.117
82,971 29,544 22,928 21.957 19.132 65,732 667,202
541,792 1,249,301 411,782 528.488 196,369 366,498
651,239 128,994 163,727 174,488 112.324 560.434 5.085,416
211,757
25,577
450,289 186,429 226,804 83,583 148,688
123,259 33,368 23,379 13,848 13,561
166,377 50.100 66.214 70.691 44,506 236.093 1.941,511
10,583 5,645 3,564 8,380 5.875 40.237 307,276
186.180
Federal Reserve notes outstanding
Federal Reserve notes held by banks
327.030 153.061 203.425 69.715 135.127
155.794 44.455 62.650 62.311 38.831 195.856 1.634.235
Federal Reserve notes In actual circulation
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources;
the liabilities of the 733 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our Department of "Current Events and Discussions," on page 3263.
1. Data for all reporting member banks In each Federal Reserve District at close of business June
17 1925. Three ciphers (000) omitted.
Federal Reserve District.
Boston. New York
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
Total loans and discounts
Investments:
U.S. pre-war bonds
U.S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds, stocks and securities
42
103
Phila.
Cleveland. Richmond Attanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran.
55
$
$
$
7,657
62,665
13,793
328,837 2.252,434 330,931
641,256 2,449,888 366,910
76
73
$
$
18,126
6,103
472,066 128,068
745,902 354,316
977,750 4.764,987
711,624 1,236,094
9,791
39,946
78,723 597,845
21,088 193.926
6,486 196,487
6,641
58,401
199,092 1,147,320
9,620
50,105
20.150
10,421
9,993
261,822
31,844
170,258
32,726
39.359
16,726
351,234
321.821 2,233,924
362,111
642,147
138,502
Total loans and Investments- 1,299,571 6,998,911 1,073,735 1,878,241
Reserve balances with F.R.Bank-- 103,452 765,119
80,624 120,655
Cash in vault
20,958
75,816
16,281
30,944
Net demand deposits
894,296 5,622,549 770,464 1,004,913
Time deposits
367,145 1,201,088 180,432 735,531
Government deposits
8,606
19,109
11,665
19,731
Bills pay'le & redisc. with F.R.Bk.:
Secured by U.S.Gov't obligations
4.669
74,819
7,888
20,366
All other
8,569
20,338
4,659
9,819
Bankers' balances of reporting member banks In F. R. Bank cities:
Due to banks
133,7381,085,234 181,861
55,081
Due from banks
52,106 112,969
64.686
26.715
626,989
38,170
14,190
342,647
200.554
4,324
Total Investments
488,487
25,237
35,727
9,108
1,322
3,877
63,231
36
100
$
$
6,951
28,028
86,807 774,452
373,291 1,210,425
467,049 2,012,905
33
71
Total.
$
10,181
168,031
296,574
25
$
2.762
69,446
171,404
3,716
102,438
322,347
733
$
$
$
9,648
3.073
172,693
72,298 233,745 .5,019,5.53
214,875 861,100 8.008.288
474,786
243,612
428,501
290,24; 1,104,493 13,200,634
12,707
21,715
13.339
8,355
3,600
113.027
6,811
25,588
11,943
18.184
4,041
41,877
9,333
48,488
17.391
16,403
3.141
76,252
$
13,592
11,367
8.797
3,762
4,325
43,280
17,590
172,032
63.419
75,582
14.520
433,068
85,123
776.211
172.743
108,444
171,008
552,172 2,789,116
40,316 263,512
10,631
49.964
327,957 1,770,288
200,219 991.675
7,532
22,148
647,529
45,118
7,285
390,690
207,037
3.680
352,056
25,000
5,688
232,302
102,329
1,887
599.509
52,022
11,894
484.997
138,589
1.481
49
70
17,678
18,060
7,893
7,702
4.336
19,380
24,000
218,148
138.305 1,368,213
53.518
453,298
26.337
410,400
145,184
15,583
194,652 2,944,235
75,049
452,395 5,339,478
365.295 1,556,888 18,740.012
30,169 102,951 1,667,108
9.624
22,147
275.422
260.970 763,252 12,885,325
95.118 768,061 5,187,778
4,472
8,971
113.586
8,093
14,968
3,940
5,055
33,362
2,207
500
2,789
422
665
701
600
1.115
29,280
15,715
18,602
13,652
395,532
190,323
87,240
30,436
50,479
26,580
104,270
45,270
25,351
25,161
19,085
6,791
173,987
77,433
97,673 2,264,341
51,764
655,357
2. Data of reporting member banks In New York City. Chicago,
and for whole country.
All Reporting Member Banks.
Juno 171925. June 101925.
June 18 1924.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
June 17 1925. June 10 1925. June 181924. June 171925. June 101925. Jane 181924,
%
Nutn
- f reporting banks
733
733
749
82
62
67
46
46
48
Loanshind discounts, gross:
$
$
$
$
$
$
$
$
$
Secured by U.S. Govt. obligations
172,693,000
178,730,000
214,639,000
57,627,000
62,079,000
85,457,000
20,810,000
20.807.000
25.601,000
Secured by stocks and bonds
5,019,553,000 4.956,034,000 4,021,215,000 1,999,954,000 1,955,553.000
MI other loans and discounts
8,008,288,000 8,054,849,000 7,875,648,000 2,147,021,000 2,193,835,000 1,609,052.000 581,206.000 581,076,000 440.531,000
2.203,561,000 682,441,000 689,964,00
688,964,000
Total loans and discounts
13,200,534,000 13,189,613,000 12,111,500,000 4,204,602,000
4,211,467,000 3,808,070,000 1,284,457,000 1.291,847,000 1,155.096,000
Inyestmenta:
U.S. pre-war bonds
218,148,000
218,355.000
272,824,000
29,012,000
28,746,000
39.927,000
1,933,000
1,933,000
4,189.000
U. S. Liberty bonds
1.368,213,000 1,378,873,000 1,186.031,000 506,751,000 521,793,000
504,397,000
85,067,000
84.719,000
60.761,000
U.S. Treasury bonds
453,298,000
441,761.000
69.309,000 178,817.000 166,146,000
18,702,000
26.701,000
25,961,000
4.355.000
U.S. TITARIlry nOtree
410,400,000
438,902,000
632,643,000 183,032,000 193,538.000 296,354,000
55,466,000
60.455.000
77.866,000
U. S. Treasury certificates
145,184.000
112,722,000
134,318,000
54,974,000
61,468,000
53,737,000
7,398.000
2,102.
6,499,000
Other bonds, stocks and securities_ 2,944,235,000 2,930,546,000 2.464,157,000 860.499,000 850.983.000
732,495.000 204,935,000 205,260,000 164,184.000
Total investments
5,539,478,000 5.521,159,000 4.759,282,000 1,813,085.000 1,822,672,000
1,645,612,000 381,500,000 380,430
317,854,000
Total loans and Investments_ 18,740,012,000 18.710,772,000 16,870,782,000 6,017,687,000
Reserve balances with F. R. banks_ _ 1,667,108,000 1,619,400,000 1,596,232,000 710,869,000 6,034.139,000 5,543,682,000 1,665.957,000 1,672,277,000 1,472.950,000
688,236,000 742,072.000 177,110,000 157,002,000 171,853,000
275,422,000
Cash In vault
286,025,000
274.700,000
60,793,000
64.335,000
82,149.000
23,568,000
24,839,000
12,865,325,000 12,818,319,000 11,882,989,000 5,052,840,000 5,029.378,000
27,355,000
Net demand deposits
5,187,778,000 5,161,930,000 4.379.316.000 821,834,000 817,442,000 4,865,141,000 1,163,973,000 1,166,123.000 1.076,235,000
Time deposits
664,090,000 483,997.000 480,067,000 386.554.000
Government deposits
113,586,000
125,007,000
129,485,000
14,966,000
21,701,000
23,614,000
11,625,000
9,646,000
gigs payable and rediscounts with
8,082,000
Federal Reserve Banks:
Secured by U. S. Govt. obligations
173,987,000
150,869,000
41,791,000
62,190,000
75,515.000
5,650,000
13,668,000
2,290,
77,433,000
668,000
78,509,000
All ether
74,443,000
19,529,000
17,519,000
1,927.000
1.005,000
750,000
2,167.000
251.420.000
Total borrowings from F.It bka.
229,378.000
116,234.000
81.719.000
93.034.000
7.577.000
14 673 tawi
5 nan non
[Vol.. 120.
THE CHRONICLE
3288
Vaulters' %azeitt_
Wall Street, Friday Night, June 26 1925.
Railroad and Miscellaneous Stocks.—The review of the
Stock Market is given this week on page 3274.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended June 26.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan.1.
Lowest.
Highest.
Par.Shares $ per share. $ per share. $ per share $ per share.
Railroads.
100203 June 20203 June 20 203
Albany & Susqueh_ _ _100
Buff Roch & Pitts pf-100 439 95 June 25 953IJune 26 86
10 58 June 22 58 June 22 56
Southern__..100
Canada
Det& Mackinac pref 100
100 60 June 25 60 June 25 60
Duluth S S& Atl pref 100 600 4%June 24 4%June 26 334
100 115 June 26 115 June 26 115
HavanaElRy,L&Ppf 100
5535 June 22535 June 22 510
Michigan Central___100
20 8054June 23 8034June 23 7734
50
Morris A: Essex
*
57283 June 23285 June 23 278
N Y Rys part ctfs
• 800 11 June 24 11 %June 23 934
Pref ctfs
10 141 %June 25 14134June 25 139
Pitts Ft W & Chi pf_100
8.700 1734June 23 1834June 25 1734
Reading Rights
June203
Apr 99
Jan 59
June 72
Apr 634
June 118
Feb 535
Jan 8
034
May294
May 12
Jan 142
June 2
434
June
May
May
Jan
Jan
June
June
June
May
June
may
Jan
Industrial & Misc.
100 5734June 22 5734June 22 5334 Jan 583.c June
Am Bank Note pref_50
%June 20 1-32 Jun
% June
Amer Chicle rights
18,100 1-32June 22
Jan 76 June
• 500 67 June 26 6834June 25 48
Amer Republics
100 142 June 23142 June 23 13834 Apr 150% Feb
100
American Snuff
Jan
100 108 June 24108 June 24 1053-4 May 110
Am Type Found pref_100
Jan 1534 June
100 1534June 25 1534June 25 15
Art Metal Construen_10
Atlas Powder
* 600 48%June 24 49 June 22 45 Jun 523.4 Feb
Jan 94
Jan
100 300 9234June 23 94 June 24 92
Preferred
200 9434June 23 98 June 25 933.4 Jan 98 June
Barnet Leather pref_100
100 7%June 26 7%June 26 734 June 1134 Feb
Brit Emp Steel 2d pf_100
604) 9434June 24 9534June 20 933 Jan 9734 Apr
-4
100
Burns Bros pref
May
200 9834June 25 983-4June 25 9634 Jan 101
Bush Term Bldg, p1_100
134 June
% Jun
%June 23 1 June 20
Calif Petroleum rights__ a ,900
300 9734June 22 98 June 25 8934 Jan 98 June
Cert-Teed Prod let pf100
100 200 86 June 22 8934June 25 8034 Feb 90 June
2d preferred
Feb
Oluett,Peab & Co,W.100 200108%June 25 07%June 2610334 Jan 108
Jan 10134 Mar
100 600 100 June 26 I00%June 22 99
Coca-Cola pref
Feb 11634 Feb
100 115%June 23115%June 23 114
Continental Can pref.100
Cudahy Packing_ _ _100 9,900 99 June 201043jJune 22 9534 Jun 10434 June
1l l
300 98 June 22 9834June 24 8234 Jan 9834 June
Deere & Co pref
Elea Pow & Lt pf ctle.100 2.800 9134June 26 9334June 29 20 Jun 94 June
53-4 June
Fam Players-Lasky rta__ 11,600 4%June 22 534June 20 434 Jun
Jan 87
Mar
Fed Lt & Trae pref_100
800 85343une 23 8634June 25 85
200 1003.4June 26 101 June 26100 Jun.10134 June
First Nat Pic 1st pf_ _100
200109%June 23109%June 2310434 M 11134 June
Fisher Body Ohio pf_100
100 300 1043IJune 26 1053June 1 0134 M 10534 June
Franklin Simon pf
Gen'i Railway Signal.100 2,100 160%June 24 173 June 20 144 Jun 178% June
200 92 June 25 92 June 25 02 Jun 9
100
334 June
Preferred
Great West Sus pref_100 1.100 114 June 23115 yiJune 2510134 May 11534 June
Guantanamo Sugar-.- -• 200 5%June 22 5%June 22 43-4 May 634 Jan
May 89
Feb
Hanna 1st pref c 1 a_100 300 52 June 26 53 June 24 51
Jan 10534 May
l00 200 10334June 20103qiJune 22 100
Hayes Wheel pref
May 83
Apr
25 200 68 June 25 68 June 25 66
Heinle(G W)
Howe Sound
• 900 183.4June 24 1934June 20 1634 Jun 1934. June
Apr 89
Apr
100 87 June 25 87 June 25 83
Indian Mot Cycle p1_100
% Jun, 134 June
Indep 011 & Gas rights._ 23,700 5-16June 20 1 34Jufle 20
May 249
Jan
50 23 June 22223 June 22 218
100
,
Ingersoll Rand
134 Apr
Int Business Mach rights 2,400 134June 20 I %June 20 134 Jun
300 88%june 23 8934Jtme 25 8834 Jun 9034 June
Int Paper preferred_100
Int Cement rights
5,800 23iJune 26 35-4June 24 234 Jun. 33-4 June
Jan 10534 June
K C Power & Lt1st pf_ _• 800 104 June 20105%June 26 99
% May 134 June
10 300
%June 20
%June 20
Kansas & Gulf
300 110 June 23110%June 2210734 Jan 112 June
Wheel Inc pref100
Kelsey
Feb 85 June
100 85 June 22 85 June 22 81
Laclede Gas pref____100
Long Bell Lum "A"._ --• 400 47 Jim 24 4734June 22 4554 Ma 5234 Apr
Ma 7834 Feb
Mackay Cos pref.__ _100 600 6734,tune 23 6834June 25 66
Mar 92
Apr
100 90 June 20 90 June 20 81
MallInson & Co pref_100
May 533.4 Feb
100 600 51 June 24 53 June 20 46
Manati Sugar
200 93 June 25 94 June 22 8334 Apr 94 June
Mid-Cont Petrol pref 100
• 900 343-4June 24 353.4June 22 3234 Apr 4234 Mar
Murray Body
Feb 8634 June
NptN&H RyG&Elec 100 800 7834June 22 865-4June 26 52
Feb 2834 Feb
• 200 25 „Tune 23 2554June 22 17
N Y Shipbuilding
Ja.102 June
* 400101 June 22102 June 25 97
NY Steam 1st pref
Feb 107% Feb
200 107 June 20 10730une 24 107
Niagara L &0Pr pfd 100
May
200 83 June 22 83 June 22 7834 Ma 86
Onyx Hosiery pref___100
Oppenheim, Collins dr Co 1,100 46 June 25 4636June 26 46 June 4634 June
Peoples Gas, Chic, rts__ 18,610 1 %June 24 1 %June 22 124 June 2 June
100 81 %June 23 81 %June 23 8134 Jun 9531 Jan
Phillips Jones Corp pf100
Apr 28
May
100 2534June 25 2534June 25 18
5
Phoenix Hosiery
Apr 91
June
100
100 90 June 23 90 June 23 84
Preferred
new... 200 1434June 26 143lJune 26 14 Jun 1434 June
Pitts Util pf ctfs
Jan
100 5034June 26 50%June 26 4034 Mar 53
Porto Rican-Am Tob.100
Prod & Ref Corp pre1.50 600 44 June 25 45 June 24 4334 May 4754 Feb
May
1
% Jun
%June 20
%June 24
P El Corp of N J rights._ 5,300
P S Elec & Gas pref _100 600 94 June 26 95%June 22 9234 May 9534 June
May 85
may
100 8134June 23 81 %June 23 63
Rels(Robt)&Co 1st pf100
May
5
Ronda Insurance rights- 1,000 3 June 23 3%June 25 3 Jun
100 104%June 23104((June 23 10434 Jun• 10634 Apr
Sherwin-Williams p1.100
100 9234June 26 9234Jtme 26 9234 Jun 9834 Feb
Sloss-Sheff S& I pref.100
034 Ma 5454 May
500 53 June 22 533.4June 22 5
Stand Gas& Elec pref _50
Mar 120 June
100 120 June 26120 June 26 115
Underw Typew pref_100
100 118 June 23116 June 23 116 „Tune 119% Jan
United Cig Stores pf-100
Jan
Unit Paperboard Co 100 300 1954June 22 20 June 26 1834 Ap 23
• 500 5434June 26 545June 26 5134 Mn 5634 June
U S Tobacco
100 2 June 25 2 June 25 13.4 Feb 234 Apr
Virginia-Carolina certifs.
Jun 4334 Jan
100 31 June 23 31 June 23 31
Virginia Coal& Coke.100
• 1,400 43 June 24 4534June 20 43 Jun 4634 June
Warren Bros
Jan 1104 June
100110 June 20 110 June 20 104
Weet Penn Pow pref_100
7,100 4234June 26 443.4June 25 4234 Jun 4434 June
White R&M sp ctfs
100 86%June 26 86%June 2e 7954 Ma 8654 June
West Elec 1st pref.__ .50
•No par value.
Foreign Exchange.—Sterling continues to rule steady
and substantially unchanged, on very narrow trading. The
Continental exchanges were dull but irregular, with pronounced weakness in French francs and Italian lire and an
almost equally marked strength in the Scandinavian currencies, the outstanding features of the week.
To-day's (Friday's) actual rates for sterling exchange were 4 82 0-160
4 82 11-16 for sixty days,4 85 11-16(04 85 13-16 for cheques and 486 3-16
(04 86 5-16 for cables. Commercial on banks, sight 4 85 7-1604 85 9-16,
sixty days 4 80 9-16, 7-16(04 80 ninety days 4 79 9-1604 79 11-16, and
documents for payment (sixty days) 4 81 13-16(04 81 15-16. Cotton for
payment 4 85 7-16004 859-16. and grain for payment 4 85 7-1604 85 9-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 4.430
4.5134 for long and 4.4831@4.563( for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.61039.63.4 for long and 39.979439.9934 for short.
Exchange at Paris on London 106.00 francs; week's range, 104.12 francs
hip and 106.00 francs low.
The range for foreign exchange for the week follows:
Cables.
Sixty Datjs. Cheoues.
Sterling Actual—
High for the week
4 82 11-16 4 85 13-16 4 86 5-16
4 86 146
4 859-16
Low for the week
482 7-16
Paris Bankers' France—
4.72
4.71
High for the week
4.6434
4.5034
4.4931
Low for the week
4.43
Germany Bankers' Marks—
23.81
23.81
High for the week
23.8034
Low for the week
23.8034
Amsterdam Bankers' Guilders—
40.12
40.10
39.66
High for the week
40.0634
Low for the week
40.0434
39.6034
---Chicago, par. St. Louis, 15(025c. per $1,000
Domestic Exchange.
San Francisco, par. Montreal, $.15625 per
discount. Boston, par.
$1,000 premium. Cincinnati, par.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock.
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
•
Daily Record of U. S. Bond Prices. June 20 June 22 June 23 June 24 June 25 June 26
,,
(High 1014n 1014,1 101ln 101.00 1014,,. 1014
First Liberty Loan
9
354% bonds of 1932-47_ _{Low_ 1014s, 101.00 100",, 10044,2 100441, 100 ,1
,,
(Close 101'n 1014s, 1009s, 101.00 1009 10041,,
(First 3Sis)
28
56
114
35
14
109
Total sales in $1,000 units__
Converted 4% bonds of (High
(
Total sales in $1,000 units__
Converted 4Si% bonds (High
of 1932-47 (First 4%s)(Low_
(Close
Total sales in $1.000 units...
Second Converted 4%%(High
(
bonds of 1932-47 (First Low(Close
Second 454s
Total sales in $1,000 units-Second Liberty Loan
(High
4% bonds of 1927-42_ __ ..I Low_
(Second 4s)
Total sales in $1,000 units_ _
Converted 4%% bonds {High
Low_
of 1927-42 (Second
Close
454s)
Total sales in CIAO units-(High
Third Liberty Loan
l Low_
434% bonds of 1928
(Close
(Third 434s)
Total sales in $1,000 units...
illIgh
Fourth Liberty Loan
4%% bon of 1933-38-- Lowbonds
Close
(Fourth 434s)
Total sales in $1,000 unite__
(High
Treasury
(Low_
45is, 1947-52
(Close
Total sales in $1.000 units...
(High
4s, 1944-1954
(Low_
(Close
_ .. ..... .._....
....-...
--i
-24i102",,102sin 102Ws, 1024 n
-102",,102",102",,10
,,
9
10244n 10244,, 102 ,1 10244s, 10244s, 1029
9
9
102,412 1021132 102 n 10244s, 102 s, 10244,s
.7
18
25
32
17
1
---.--- ------------ ---------------- ----------- - --------- —
------ ------------- -------------------__-____
__—
____
1019s,
,2
1019
1019
s,
38
102.00
10140,2
n
1019
54
1034s,
9
102 ,2
10231,2
41
10744s,
107un
1079
4,
6
9
103 s,
1039
,,
10340s,
____
,,
1019
101",,
10114s,
171
102.00
%
1011
101441,
115
103.00
1029
s,
103.00
750
107 ,,
9
10714,2
1079
,2
30
10344s,
9
103 ,1
10344n
---,2
1019
101",,
101111,2
172
102.00
101"31
,,
1019
49
1034n
103.00
1034s,
526
s,
1079
107 ,,
9
10744,,
231
10344,2
10344s,
9
103 ,1
------,,
- ,1
1019 101442, 1019
101",, 101"11 10114ss
,,
,
1019 1019 10144
,2
79
188
280
,s
,,
102.00 1019 1019
,,
,1 10114
101",, 1019
n
,2
102.00 1019 1019
41i
50
360
1034s, 1034n 1034n
9
103 ,1 10244/1 102241,
9
103.00 102 s, 103.00
560
491
525
10744,, 10724,1 107liss
s,
107428, 1079 107uss
n
,2
9
107 ,, 1079 1079
80
150
10
10344s, 103",, 10344,1
9
9
103448, 103 s, 103 ,s
t,
9
103 ,1 1039st 103.,
9
..
"
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
9
10144s, to 101 s,
9
102 s, to 1034,
9
102 ,1 to 102 ,2118 3d 434s
9
,1(88 4th 454s
1014lst to 1019
6 1st 454
,
23 2d 4545
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Mar.15 1926___ • % 101
Dec. 15 1925._ • % loom
Sept. 15 1926._ 414% 10141,
9n
June 15 1928—
3% 99
Maturity.
Asked.
,
1014
,
1006
1014,,
100ln
Rate,
Bid.
% 1024te
Dec. 15 1927._.
Mar. 15 1927... 444% 1024ts
Sept.15 1925._. 2% % 99441,
99"ss
Dec. 15 1925— - 8%
Asked.
10241,
102 11
,
998,a
10(Pos
New York City Banks and Trust Companies.
All prices dollars per share.
Bid
Ask
Ask
Trust Cos
Aa
Bid
Banks
Banks—N.Y Bid
New York
1010 1030
America• _ 299 303 Hanover_
4C8 416 Harriman_ _ _ 487 495 American.......
Amer Exch
Manhattan*. 178 183 Bank of N Y
Amer Union'. 150
Is Trust C 610 620
Mech & Met_ 417 427
650
Bowery*.-Bankers True 492 497
425
Mutual.
Broadway Cen 200
Bronx Co Tr. 195 205
Nat American 170
Bronx Bow.. 575
National City 492 407 Central Union 810 825
Bronx Nat.... 150
320 330
Bryant Park' 190 210 New Neth•_. 260 275 Empire
510 520 Equitable 'Tr_ 282 288
Butch 44 Dro, 155 165 Park
Capitol Nat.. 192 200 Penn Etch._ 117 125 Farm L & Tr- 500 510
Fidelity Inter 250
190
Cent Mercan. 290 300 Port Morris
312
485 500 Fulton
460 475 Public
Chase
Guaranty Tr_ 343 347
Seaboard ___. 515
Chath Phenix
Nat Bk &Tr 330 337 Seventh Ave. 128 138 Irving BankColumbia Ti 283 280
Chelsea Excho 210 215 Standard __. 360
._
500 510 Lawyers Tr
675 680 State*
Chemical
143 Manufaaturer 382
Coal & Iron_. 276 290 Trade* ......
(West
United States. 225 235 Mutual
Colonial* _ 500
190
chaster)
373 877 Wash'n Hts•_ 300
Commerce
N Y Trust
458 463
Com'nwealth• 325 335
Brooklyn
Title Gu OC 'Tr 590 598
Continental. 220 230
U Mtg & 'Tr 355 385
Corn Exch... 606 615 Coney Island 200
450
United States 1775 1825
First
Cosmop'tan• 180
Wenches Ti. 376
East River__ 315 325 Mechanics'* _ 225
200
Brooklyn
Fifth Avenue* 2000 2200 Montauk•
310 320 Brooklyn 'Tr_ 720
2725 2775 Nassau
First
280
Kings County 2200 2150
7
355 -- People's
Garfield .
770 790
People's
Greenwieli•
415 -- Queensboro• 175
387
•Banks marked with (• are State banks. (x) Ex-dividend
(y) Ex-rights.
(I) New stook.
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
135
145
270
233
Alliance !Pity!
Amer Surety_
G.
Bond &
Lawyers Mtge
Lawyers Title
e4 Guarantee 270
Ask
186
275
236
280
Mtge Bond..
Nat Surety..
N Y Title &
Mortgage-U 8 Casualty_
USTItleGua
Bid
131
214
355
315
260
Ask
Bid
139 Realty Assoc
218
(BitlYn)core 375
1st prat__ 93
860
2d pref.... 84
330 Westchester
270
Title & Tr. 400
dal
380
os
83
The Curb Market.—The review of the Curb Market is
given this week on page 3274.
A complete record of Curb Market transactions for the
week will be found on page 3302.
3289
New York Stock Exchange -Stock Record, Daily, 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 20.
per share
Monday,
June 22.
S per share
Tuesday,
June 23.
Wednesday
June 24.
Thursday, I
June 25. 1
Friday,
June 26.
Sales
for
r he
Week.
per share $ per share $ per share $ per share Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Ranee for Year 1925.
On basis of 100
-share lots.
Lowest
$ per share
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ per share 'S par chore $ per elan
Railroads.
Par
*2512 3113 *2912 3112 30
*29
30
*29
30
31
•29
31
100 Ann Arbor
100 22 Feb 17 347
8hiay 8
12 Apr 227 De'
8
•5212 54
*53
54
53
53
5212 5213 5212 5212 *5212 553
300 Do pref
8
100 40 Mar 24 6012May 8
25 Mar 464 Dec
1173 118
4
117 118
1164 11718 1174 11814 1173 117
/
1
8
/ 11818 1183
1
4
8 9,300 Atch Topeka & Santa Fe 100 11614 Jan 16 1274 Mar 2.
9718 Jan 12034 Dec
967 967
8
8 963 9714 964 964 9614 963
8
/
1
4 964 97% 29412 947
pref
8 3,100 Do
100 924 Feb 17 973
8.1une 25
8812 Jan 9658 Dee
44 47
/ 5
1
8 *4
4
412 44 *412 43
418 44
/ 1,900 Atlantc131rm & Atlantic
1
4
418 4
4
100
3 Jan 14
712 Mar 6
15 Feb
8
5 Dec
161 1614 1563 1604 15714 158
4
/
1
159 159
15814 15912 159 159
4,200 Atlantic Coast Line RR_ _ _100 14714 Jan 18 166 Mar 3 112
Jan 1524 Dee
7714 7712 7614 774 76
77
7618 76'
/ 76
1
4
/ 7712 7 4 77 4 10,300 Baltimore & Ohio
1
4
63
100 71 Mar 30 8414 Mar 6
,
5218 Apr 847 Dee
8
6418 6418 6412 6412 6418 6412 6418 6412 *6418 65
*6418 65
900 Do pref
100 627 Apr 21 6612 Jan 8
8
564 Apr 664 Dee
38
38
38 38
*37
/ 39
1
4
*37
/ _
1
4
*373 3812 *37
/ 3812
8
1
4
300 Bangor & Aroostook
50 354 Mar 23 424 Jan 15
394 Dec 444 Dee
*89
893
89
4 89
*89
893 *89
4
91
*89
91
*89
91
100 Do pref
100 80 June 22 9412 Jan 5
88
Jan 95 Nov
5314 533
4 5212 533
/
4
4 511 5214 517 5318 5112 53
8
5114 513 29.800 Bklyn Manh Tr v t c__ No par 3518 Jan 5 55 June 17
4
1312 Jan 4178 Der
8014 8014 .80
81
8014 80 4 8012 8012 *8012 81
,
*8012 81
700 Do pref v to
No par 727 Jan 2 814 Mar 14
8
484 Jan 754 Dee
*75
79
*75
79
*75
79
76
7712 76
76
*75
79
100 Buffalo Rochester & Pitts _100 48 Apr 2 923
8hlay 2
40 May 683 Dec
8
*14012 142
14014 14034 140 140
13914 14014 1403 1403 142 145
4
4
9,000 Canadian Pacific
100 13612 Mar 30 15238 Jan 8 14214 Mar 15812 Nov
*290 300 *29012 295 *285 295 *285 295
292 292
290 290
200 Central RR of New Jersey-100 265 Mar 30, 321 Jan 3 199 Mar 295 Dec
9412 93
94
/ 9434 93
1
4
/ 94
1
4
9334 943
8 9312 9414 934 933
/
1
100 8914 Mar301 994May 18
4 6,600 Chesapeake & Ohio
673 Feb 9814 Dec
4
*108 10812 *10712 10812 *10712 108 *10712 108
108 108 *10712 108
Do pref
100
100 10514 Apr 141 11118May 29
9912 Jan 10918 July
5
/
1
4
5
4
/ 5 1
1
4
4
/ 5
1
4
*43
4 5
4
/ 47
1
4
8
47
8 478 2,100 Chicago At Alton
100
35 Apr 24 105 Feb 9
8
8
314 Apr 1012 Da
83
8 8
84 83
/
1
4
818 8
4
818 8
/
1
4
/
77
1
4
8 914
77
8
77
2 3,300
Do pref
100
54 Apr 23 1912 Feb 21
818 May 197 Dee
8
*146 155 ,*146 155 *116 155 *146 155 *146 155 *146 155
CCC&StLouls
100 140 May 20 16412 Feb 11 100 Apr 15014 Nov
*3312 3412' *3312 34 I 3314 3314 *3314 34
*3314 34
*331 34
/
4
200 Chic dr East.Ill RR
100 293
4 ar 30 3618 Mar 13
21 May 38 Dec
*44
46 1 4478 4478 *4334 45
*433 45
4
*4334 45
*433 45
4
100
Do pref
100 40 Mar 30 574 Jan 2
37 May 627 Dee
8
12
12181 113 12141 1114 113
4
4 11
113
4 113 12
4
113 113
8
8 5,100 Chicago Great Western_100
9 Jan 2 15 Feb 7
4 Apr 117 Nov
8
253 263
4
8' 25
26121 24
2514 24
/ 257
1
4
8 25
257
8 2414 2513 10,200
Do peel
100 1914 Mar 30 324 Feb 8
1012 Jun
314 Nov
818 812'
818 83
41
814 812
8
918
83
4 93
8
9
9
/ 45,600 Chicago Milw & St Paul_ 100
1
4
8
107 Oct 184 Nov
314 Apr 20 163 Jan 7
8
15
/ 16 1 15
1
4
/ 16 41 1514 16
1
4
,
154 1618, 153 163
4
8 157 1614 29,100
8
Do pref
100
7 Apr 20 2812 J .n 7
184 Oct 3218 Nov
59
/ 60
1
4
/ 59
1
4
/ 607
1
4
g 59
6012 594 624 6212 6412 623 64
52,400 Chicago dr North Western.100 47 Apr 14 754 Jan 12
4
494 Jan 753 Dec
108 108 1 10812 1083 108 108
4
8
108 10812 109 10912 *108 10912 1,500
Do pref
100 1013 Apr 14 117 Mar 5 100 Jan 11414 Dee
4
4414 443
4' 44
443
4 43 433
/ 4313 43
1
4
4 42
434 4318 413 13,100 Chicago Rock Is'& Pacific_100 4018 Mar 30 5414 Mar 3
4
2112 Feb 50 NOT
*923 933 *9212 9312 93
4
4'
/ 93
1
4
/ *923 93 4 93 8 93
1
4
4
3
7
/ *9312 94
1
4
1,200
Do 7% preferred
100 92 Jan 2 994 Feb 21
764 Feb 974 Dec
837 8 1 .83
8 4
833 *83
4
833 *83
4
83 4 83
3
83,
8 837 83
800
8
Do 6% preferred
/
1
4
100 82 Mar 30 8912Mar 3, 85
/ Jan 874 Nov
1
4
4112 4212 *42
4212 *42
44
*4313 47
*4312 46 1 *4312 47
400 Chic St Paul Minn & Om.._100 3318 Apr 22 5912 Jan 131
29
Jan 5712 Dee
85
8714 *87
89 1 *87
90
8912 91
92
923
4 93
93
1.400
Do pref
100 734 Apr 21 108 Jan 131 8814 Apr 94 Dec
5912 60
*593 60131 60
4
60
593 60
4
59
59 1 *59
59,
2 1,200 Colorado & Southern
100 444 Jan 8 6512 Apr 18
20
Jan 49 Nov
*61
641* *61
6412 *61
64
*62
64
63
63 1 *6212 64
100
Do 1st pref
100 60 Mar 26 6412June 16
Jan 654 Dec
50
*59
61
*59
61 1 *59
61
*5812 61
*5812 61 r *5812 61
Do 2d peel
10
54 Jan 21 6012June 16
45 Jan
*146 148
39 Nov
146 146
145 146
14512 14512 146 146
147 147
1,600 Delaware & Hudson
100 13312Mar 30 155 Apr 6 10412 Mar 13958 Dec
14212 143
142 14312 14014 141
1403 14134 14014 14134 14078 1411
4
3,600 Delaware Lack & Western_ 50 125 Mar 30 14734June 8 1103 Feb 14938 Dec
.
37
4
38
*3714 38 1 *3714 38
*374 38
3714 3714 *37
39
100 Denver Rio Gr & West pref 10
3612 Mar 24 60 Jan 12
*27
42 Dec 434 Dec
28
*27
27341 *27
27
/ 27
1
4
2738 2718 2718 2714 274 1,900 Erie
10
283
4May 15 34 Feb 24
35
203 Jan 353 laug
.4
12 353
8
4 3538 35341 35
355, 353 353 *354 353
35'l 35
4
4'
2,800
Do let pref
100 35 June 23 467 Jan 2
8
285 Feb 494 Dec
*3414 3614 *3414 36
8
3414 341 *33
3512 .34
36 1 *3414 343
200! Do 2d pref
100 3414June 23 434 Jan 5
2518 Jan 484 Dec
70
703
8 70
703
4 69
70
6912 714 7012 71121 2684 687 26,600' Great Northern pre
100 60 Apr 24 7112June 25534 Mar 76 Dee
2712 2778 2712 273
4 2712 2734 2714 2712 2712 2712 273 28
4
6,4001 Iron Ore Proper ties__No pa
2714June 24 403 Jan 19
8
28
26 May 3934 Nov
28
273 2812 *273 20
4
2713 2712 2718 2712 •27
4
28
1,300 Gulf Mob dr Nor
100 23 Mar 30 34 May 8
114 Apr 294 Dec
*95 9614 *95
12
96
*9518 96
*95
9613 *95
9612 *95
961
Do pref
10
8912 Mar 30 10112 Jan 10
50 Jan 99 Dec
171 176
172 174
165 169
166 176
17318 178
176 182
26,900 liavana Mee By, Lt & P_ _10 112 hilly 16 18612June 11
304 30
/ 30
1
4
/
/ 311 303 311 3112 324 3218 33
4
1
4
/
4
4
3218 32
/ 34.000 Hudson & Manhattan
1
4
100 213 Mar 18 33 June 25
4
2914 Dec
*69
No
70
70
70
70
70 1 *7012 7113 7138 7138 *71
600
Do pref
7112
10
Feb 18 713
8June 25
41123 1133 1123 113
4
5714 Oct 647 Dee
8
4
4
1123 113 *113 114
4
1133 1133 113
8
8
800 Illinois Central
100 111 Mar 31 1195 Jai
8
10014 Mar 1177 Dec
.11412 1164 *11412 116 *11412 1163 *115 1164 •115 1163 •115 11338
8
/
1
4
8
8
1163
8
Do pref
100 1124 Apr 23 119 Jan 7 104 Mar 1174 Dec
*701 72
*7012 724 *71
73
72
72
*71
73 .71
73
Do RR Sec,Series A _ _1,000 70 Jan 6 74 Apr 171 64
90
/
1
4
*223 23
4
Jan 73 Dec
*22
23
2234 2234 23
23
*22
2314 23
/ 23
1
4
300 lot Rys of Cent America 100 18 Jan 8 2514 APr,28: 111 July 184 Nov
/
1
4
*64
4
75
*64
65
65 65
•64
/ 65
1
4
*643 65
8
•6412 65
100
Do pref
100 594 Jan 2 65 Apr 25' 444 May 63 Nov
2612 2612 27
2912 263 2814 263 28
4
4
2612 27
/ 2614 27
1
4
10,400 Interboro Rap Teen v t 0..100 1312 Mar 23 3412 Feb 9
3112 3134 3112 314 314 311 31
123 Jan 394 July
s
/
4
313
3 3112 32
3118 314 2,800 Ran/3880V Southern
/
1
100 284 Mar 30 4012 Feb 21
/
*59
1
5912 .594 5912 59
174 Mar 4158 Dec
/
1
591 59
/
4
/ 5912 59
1
4
5913 *5913 59
/
1
4
900
Do pref
100 57 Jan 15 593 Feb 24' 514 Mar 5912 Dec
8
79
79
*79
793
4 784 79 •79
79 4 797 811 80
3
8
/
4
/ 813 12,200 Lehigh Valley
1
4
8
50 69 Mar 30 833
8June 8 63912 Apr 85 Deo
*1114 11212 110 11012 1107 1107 1101g 11012 111
g
8
11114 iniz 1,500 Louisville & Nashville
III
100 106 Jan 16 1174 Mar 2
•
78
8758 Jan 109 Des
81 .78
81
•78
81
*78
81
78
78
80 80
125 Manhattan Elevated guar_100 64 May 20 100 Jan 14
*42
42 Jan 85 Dee
45
43 43
*424 44
"425 4418 *4258 4334 .425 4413
8
8
Do modified guar
200
100 3218 Mar 23 514 Feb 9
3012 Jan 5178 July
8
8
8
838 *84 83
4 "814 94
84 84
912 10
1,200 Market Street RY
100
74 Mar 11
•
21
104 Jan 2
63a Mar 1312 Jan
23
*28
33
*30
33
*29
33 .30
33
3312 34
Do pre/
200
100 20 Jan 13 34 May 8
50
20 'act 42 Dec
61
50
5114 49
/ 51
1
4
504 51
6112 534 5312 55
/
1
/ 5,600
1
4
Do prior pref
100 434 Mar 20 56 Slay 7
*19
*19
20
41 Nov
7112 Jan
22
*19
20
21
21
*21
23
23
24
Do 2d pref
500
100 16 Mar 19 25 May 7
.234 2
14 Mar 30
24 3
3
/
1
4
Jan
*23
4 3
*278 3
*234 2 8 *23
7
4 27
8
300 IfInneap & St L
100
24 Jan 5
*34
4 Mar 6
40
138 Jan
3912 3912 *36
4
Jan
40
*36
40
39
39
*37
3812
200 Minn St Paul.866 Marie 100 305 Apr 4 5614 Jan 14
8
59 59
59
2814 Mar 534 Dec
59
*57
60
5718 574 *55
59
*56
60
Do pref
300
100 40 Mar
3214 32
/ 317 3214 3114 313
1
4
50 June 75 Dec
g
4 314 3218 311 32
/
1
/
4
317 3218 10,500 Mo-Kan-Texas RR_ __ No par 2814 Jan 30 71 Jan 9
8
2 404 Mar 4
*8112 82
811 82
/
4
1012 May 344 Dec
*8112 813
/
1
4 8112 813
4 811 817
/
4
8 8112 813
Do pref
4 1,700
100 743 Jan 2 874 Feb 5
4
33
33
3212 33
2934 Feb 75 4 Dec
/ 32
1
4
3
3233 314 33
3214 33
3214 327
8 6,900 Missouri Pacific
100 305e Jan 5 41 Feb 8
77
/ 78
1
4
77
94 Jan 344 Nov
78
75 3 7614 754 773
3
/
1
8 76
7714 763 773
4
8 7.000
Do pref
100 71 Mar 30 84 May 20
*112 13
29 Jan 74 Dec
4 •112 134 *112 13
113 III *112 13
4
*112 13
100 Nat Rya of Men 2d pref_100
4
*12014 120 *12014 1204 9203 1207 1207 1204 *12012 122
112Junc 24
23 Jan 12
/
1
4
4
/
1
118 July
3 Dee
3
g
8
200 New ON Tex de Mex
100 1134 Feb 21 1233
116 1164 11618 1167 11512 1163 115 4 11612 116 1163 122 122
/
1
8hlay 8
934 Feb 12112 May
8
8
3
4 21143 11514 19,600 New York Central
4
100 11314June 10 12434 Jan 13
121 121 *120 123
9918 Feb 119 Dec
120 120
/
1
4
118 118 ,*120 125 *120 122
800 NYC&ERLCo
100 118 June 24 1374 Feb 24
*9114 92
9134 911 914 911 9112 91121 *9114 913 *9114
7212 Feb 128 Dec
/
4
/
4
4
Do pref
913
400
4
100 8812 Jan 6 9214 Mar 3
317 3214 313 32
8
83 May 937 Sept
4
3114 317
8
8 313 32141 314 3214 311 311 8,300 N Y N H &
s
/
4
/
4
Hartford
100 28 Mar 24 363 Mar 2
2314 2312 23
8
1418 Jan 3314 Dee
231 2212 223
/
4
22's 23 1 224 234 2212 2212 3,200 NY Ontario
/
1
& Western_ _100 205 Apr 4 2718 Jan 7
*33
8
35
18 May 2814 Nov
3314 334 3312 333
8 3318 334 3314 3412 3314 3414 1,800 Norfolk Southern
100 217 Apr 22 3712June 8
127 12814 12718 127
8
1212 Apr 29 Nov
/ 12612 127
1
4
1263 128
4
128 12834 *128 1283
4 7,700 Norfolk & Western
100 123'IMar3O 1345 Mar 20 10212 Jan 13314 Dee
8
•78
79
*78
79
*763 78
4
78
78
•78
79
*78
79
Do pre!
100
100 7512 Jan 8 79 Apr 3
67
724 Feb 804 June
6712 66
/ 673
1
4
8 654 663
/
1
4 66
674 6714 68
6714 67
/ 23,500 Northern Pacific
1
4
100 584 Apr 25 7134 Mar 6
464 467
477 Mar 73 Dee
/
4
8
8 461 464 464 4713 4738 48
/
1
467 473
8
4 46
/ 4712 79,500 Pennsylvania
1
4
50 4212 Apr 9 4878 Jan 5
19
*18
*17
424 Jan 60 Dec
19
*17
19
*17
19
*17
19
*17
19
Peoria & Eastern
100 133 Apr 30 207 Jan 12
*6218 823
4
8
94 Mar 2212 Nov
4 6212 6212 .62
6212 613 6218 *614 6214 62 62
4
700 Pere Marquette
4June 24 72 Feb 25
100 613
81
81 *--_- 803
4012 Mar 73 Dec
4 80
80
*793 81
4
80
80
*793 81
4
400
Do prior pref
100 7813 Apr 15 84 Jan 16
*6712 71 •___
71
7112 Apr 8512 Aug
*6712 71
*6712 71
70
70
7012 701
400
Do peel
100 6812 Apr 16 754 Jan 10
*693 701
4
80
704 701 704 7018 7012 7012 7012 7012 701
Jan 77 Aug
, 69
/
1
/
1
/
4
3,400 Pittsburgh & West Va
100 63 Mar 19 737 Jan 2
853 8614 8518 8612 833 8512 8412 85
8
4
38
Jan 754 Dec
4
/ 85
1
4
8614 85
853 16,600 Reading
50 693 Mar 30 9114June 1
*3912 40
4
3912 3912 38
517 May 7912 Dec
8
/ 38
/ 38
1
4
1
4
/ 38
1
4
/ *383 394 383 391
1
4
4
4
500
Do 1st pref
4112 4112 24112 4112 40
60 354 Mar 18 41 June 1
40
34
*3918 40
Oct5612 Jan
•3918 4112 *39
/ 411
1
4
400
Do 20 pref
50 364 Mar 18 443
*55
*54
59
68 •52
8June 1 53318 Jan 56
58
•52
1
68
Jan
*52
58
5712 571
100 Rutland RR pre!
100
80
8012 7918 8014 794 797
32
Jan 86 Nov
8 7914 8114 80
803
4 80 4 8114 14,400 St Louis-San Francisco__ 100 42 Apr 24 6273 Jan 9
,
5718 jail 16 8.418May 20
*84
/
1
8412 844 8412 8412 85 .8414 85
1918 Apr 65 Dee
8414 844 *84
85
600
Do pref A
100 76 Jan 20
*444 4512 4438 45 4 44
/
1
3
425 Jan 8212 Dec
/ 45
1
4
8
45
45
45
45
45
457
8 2,000 St Louis Soutbwestern100 4334June 11 8512May 20
*7013 7112 *70
71
53 4 Mar 2
•70
3
714 *70
33
/
1
Jan 554 Dec
70
/ 704 7018 703 703
1
4
4
200
Do prof
100 7018June 25 7534 Mar 11
313
31
8 304 304 293 30
/
/
1
1
8
/ 30
1
4
577 Jan 74 Nov
8
3012 30
304 30
301 29,100 Seaboard Air Line
/
4
100 2038 Jan 16 35 1May 20
401 407
/
4
/
1
4
8 4012 404 404 404 4014 41
/
1
els Jan 244 Dec
40
405
8 40
/ 404 4.600
1
4
/
1
Do pre!
100 35 Mar 30 48 May 7
994 100
9918 997
2
2 983 9912 987 9914 9834 993
144 Jan 454 Dee
4
8 987 99
8
12,200 Southern Pacific Co
100 973
95
/ 963
1
4
943 963
4
4June 8 1083o Jan 9
8 944 95
947 951g 9514 954 96
8512 Mar 10512 Nov
8
9714 27,000 Southern Railway
100 775 Jan 2 97
8712 87
s
12 8712 874 86
86 8 86
/
1
4June 2
,
384 Jan 794 Dec
/ 864 2857 86
1
4
8512 5512 2,400
/
1
8
Do pref
*4714 4912 471 48
100 83 Jan 2 923 Feb 25
/
4
4712 47
47
4
/ 4814 4734 4818 48
1
4
664 Jan 85 Dec
493
8 5,600 Texas de Pacific
100 4314 Jan 27 584 Mar 13
8
127 12
/ 127 133
1
4
8
8 12
/ 12
1
4
/ 13
1
4
19
13 '12
Jan 481 Dec
13
,
*12
123
4 1,700 Third Avenue
100
711 Apr 17 144 Jan 12
8 May 1812 July
/
1
4
65
/ 68
1
4
6713 68
*6512 663 .64
4
66
*63
*633 653
66
4
8
700 Twin City Rapid Translt_-100 58 Jan 22
13712 138
137 138
70 May 27
13614 136
3912 Oct86 Jan
/ 1363 137
1
4
4
/ 138 138 8 1371g 1384 7.500 Union Pacific
1
4
,
/
1
100 13314 Apr 24 1534 Jan 10 12658 Mar 1515 Dee
74
74
7412 744 7412 7412 74
/ 74
1
4
/ *743 75
1
4
4
8
744 75
/
1
1,100
Do pref
100 72 Jan 30 78 Feb 26
29
2914 31
30
*27
2912 3014 31
70 Mar 7612 Aug
30
3112 30
31
2,300 United Railways Invest
100 184 Mar 19 3312May 18
77
76
76
72
76
76
78
81
80
71 58pr 41 Dec
/
4
834 8012 8112 8,900
Do pref
100 4812 Mar 23 8314June 25
11812 1197 11914 120
11812 119
8
119 1211 *119 121
2612 Igpr 647 Dec
/
4
8
119 120
8.400 Virginia
283 28
s
28
/ 29
1
4
/ 2712 2814 27
1
4
/ 2914 28's 2918 285 29'* 44,200 Wabash Railway & Power_100 8418 Jan 14 123 June 3
1
4
36 Feb 724 July
8
100 1912 Mar 30 293 ay 22
661g 665
664 663
8 6514 664 6558 67
4M
104 Jan 243 Dec
664 67
/
1
8
603 6718 15,300
4
Do pref A
100 553 Jan 20 6814May 20
4
4818 4818 4712 4712 48
*481g 55
48
Jan 604 Dec
34
/ *4712 49
1
4
*4712 48
1,100
Do pref B
131 131
/
4
100 3812 Jan 21 497
1318 13
/ 13
1
4
1318 12
8May 21
/ 13
1
4
224 Jan 423 Dec
13
13
8
1314 134 2,800, Western Maryland
100 11 Mar 24 173 Jan 9
1912 1912 19
20
20
8
19
1814 1814 *1812 193 •19
83 June 1614 Dec
8
1912
4
800' Do 2d pref
100 16 Mar 27 2614 Jan 9
424 4218 4212 423
4 40
/ 4218 41
1
4
424 42
154 May 264 Dec
/
1
4314 4218 4212 5,4001 Western Pacific
100 3212 Jan .5 55 Mar 11
90
/ 904 89 8 9014 893 9112 90
1
4
*904 92
/
1
7
4
144 Jan 367 Dec
/ 91,
1
4
8 91
8
91
2.400
Do pre!
100
1638 17
1612 1612 154 16
1614 1614 1513 15 4 15
58
Jan 8812 Dec
3
/ 1614 2,200 Wheeling & Lake Erie Ry 100 8412 Jan 6 100 Mar 11
1
4
103 Mar 31 1812May 21
4
31
*3014 3114 *30
*2912 3012 294 293
4 30
74 Jan
30
1718 Dec
3014 3014
6001 Do pref
100 22 Apr 2 3312May 21
1414 Jan 3212 Dee
Industrial & Miscellaneous
0912 693
67
68
6612 6713 663 67
8
673 68 '67
4
6813 2,400 Abitibi Power & Paper_No par 82 Jan
(I 7512May 29
•131 a 133 •131 133 *131 133 '131 132 "131 133 •131 133
81 Dec 84 Da
All American Cables
100 119 Jan 5 133 May 26
•90
8
94 '9012 943 .9018 944 *91
943 .91
96'zMay 12212 Dec
8
943 .91
8
943
8
Adam, Express
100 90 Apr 16 10314 Jan 9
14
14
7318 Jan 9312
141
*1312 14
*14
•1312 14
51312 14
14
14
200, Advance Rumely
Dee
100 13 Apr 11 1812May 13
*523 54
4
523 523
4
5523 54
4
8 June 1134 1)(11
4 5213 5212 *5212 55
*5212 55
/
1
400
Do pre!
100 47 Feb 18 5912May 18
104 10
10 4 10.
3
3
1034 1114 11
4 10'* 11
2814 June 54 ilea
1114 1114 1114 4,100 Ahumada Lead
1
9 Apr 21
/
1
4
125
8May 27
0 Bid and asked prices.
s Ex-dividend.
b Ex-rights.
1
New York Stock Record—Continued--Page 2
3290
For sales during the week of 8v-iota 434uaily inactive, 800 8MCOnoll U012. Preceding.
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday,
June 20.
Monday,
June 22.
Tuesday.
June 23.
Wednesday. Thursday,
June 25.
June 24.
Friday.
June 26.
Salts
for
the
Week.
$ per share $ per share $ per share $ per share S per share $ per share Shares.
2,800
4
3
10012 100 4 10014 10218 1003 101% 10118 102
102 102
,
100 4 101
8
,
,
4 14 8 14 4 143 1478 22,600
144 1418 143
1518 1512 14% 1512 14
800
1%
15*
,
1 8 134
9
, 17
8 *1 8
17
8 .138
17
8 .138
,
.1 8 17
9212 12,800
91
913
91
8
9018 897 91
9012 918 9014 914 90
300
4
4
4
4
11934 1193 11938 11938 1193 1193 *11812 1193 .11814 1193
•11934 120
,
8114 81 12 82 8 4,900
8112 81
4 81
813
,
8112 8112 8113 81 4 81
100
10814 10614 .105 108
•106 108 .106 108 *106 108 .105 108
1814 1812 1812 4,800
18
,
4
4 173 1814 17 8 18
4
183 1884 1818 183
4814 5012 10,200
4
4812 49
4
514 5112 503 5118 483 5012 4814 50
1,300
42
*41
41
8 41
415
4112 4112 .41
4218 4214 4112 42
300
8
8
8
7
7
87 8 87 9 *877 887 .87% 88% 87% 877
87
89 .86
.87
3512 3512 3714 26,700
35
7
37 8 3414 3638 3412 35
35
3514 37
100
0
,
•1005* 104 *100 4 103 .101 102 900 4 10112 810118 10114 103 103
100
8109 112 *189 112 .1094 112 *10914 113 ,*113 11314 1314 1314
18114 18512 18112 1844' 184 186% 186 19012 114,500
18494 185 4 184 8 187
,
,
1197 12018 1,600
4
11913 11912 11918 1194' 11912 1194 *1193 120
*11914 120
4 3,700
9912 1003
4
3
10212 10212 10118 10212 10014 10112' 9912 100 4 1003 101
400
4
4
1273 1273
128 126 1 127 127
1211. 127 *1243 125 .125 126
8
4 1,900
4
8
,
,
**2312 23 4 235 23 8 2312 23 8 227 2312 2312 23 4 233 233
,
STOCKS
NEW YORK STOCK
EXCHANGE
YAK SHARI.
Rance for Year 1925.
-share tots
On Oasts of 100
Lowest
Indus. h Miscall. (Con.) Par
Air Reduction, Inc___ _No par
Ajax Rubber, Inc__..No par
Alaska Juneatt Gold Min_ 10
Allied Chemical Jr Dye_No par
100
Do prof
100
Allis-Chalmers Mfg
100
Do pref
Amer Agricultural Chem I00
100
Do prof _
100
American Beet Sugar
100
Do pref
Amer Bosch Magneto_.No par
Am Brake Shoe & F____No par
100
Do pref
100
American Can
100
Do prof
American Car& FOUndryNopar
Do prof.
100
American Chain. class A__ 25
$ per share
8684 Jan 30
10 Mar 19
1 Jan 6
80 Mar 30
117 Jan 9
7112 Jul. 5
10314 Jan 3
1312 Star 19
381:Slar 23
36% Mar 19
8014 Jan 19
264 Mar 24
9014 Mar 30
10712 Jan 12
1584 Jan 16
115 Jan 20
9712 Apr 27
3
120 4 Apr 2
2238 Apr 22
Highest
Lowest
per share $ per share $ Per Mara
6714 Jan 93 Dee
11112 Feb 26
1413 Don
412 May
8June 19
157
14 Mar
78 Jan
2.4 Mar 27
65 Mar 8712 Dee,
9518MaY 28
120 Feb 26 110 Apr 118% Dee
,
41 8 May 73 8 Dec
,
864 Mar 13
Apr 10478 Dec
90
108 June 3
1713 July
718 Apr
8
217 Feb 11
18% Apr 49% Jac.
58 May 25
36 Mar 4913 Feb
43 Jan 7
6812 Oct 83 Dec
83une 19
877
4
2214 Apr 387 Jan
5412 Jan 3
Apr 102 Dee
76
109 May 5
11314May 20 10414 July 110 Mar
8
957 Apr 16312 Dec
194 May 23
Oot
Jan 119
12112June 12 109
11112May 8
1- 1
4June 26 - 1-3-34 Apr 121) .Jill;
1273
,
21 2 Mar 25 Sept
27 Feb 14
No Par 37 Jan 27 62 Apr 18
52
3,800 American Chicle
41 5112 53121 52
51121 514 5112 5114 513
52 I 51
.51
,
3
100 94 Jan 5 109 June 18
prof.D
•105 1083 .105 109 *105 108 .105 107 ,*105 107 .105 107
4
Do certificates
No Par 37 Jan 7
400
52
50 ! 5012 5012 *50
50
51
51
52
52 1 .51
50
64 Jan 22
3
514 Mar 17
5
8
,
5 8 518, *512 5 4 1,100 Amer DruggIsta Syndicate_ 10
4
53
4 584
57 .
,
5
5
,
512
5 4 5 4'
8
600 American Express... _ _ .100 125 Apr 27 166 Jan 2
1388, 139 1 13914 139141 13614 13614 135 135 .132 13412 .133 13612
4
,
4 417 42 8 • 413 4312 30,000 Amer & Porn Pow new_No Par 274 Apr 7 47 June 17
4 40% 428
3
44 81 4012 423
43% 4478 42
No par 87 Jan 6 94 Feb 19
Do pref
91
2,700
91
91 1 9034 91
91
9112' 9012 9112
9112 92 I 91
Do 25% Paid.
700
132 132
...... 114% Apr 7 135 June 17
*131 138 1.130 140 ;.125 13212 131 131 1 131 131
812 Star 31
14 Jan 14
100 American Hide & Leatber_100
4
4
103 103
3
4
4
*103 1112 .10 4 1112 *103 1112 *1012 1112 *1012 11
75% Jan 14
Do pref..
10(1 59 Mar 31
1,600
4
,
7014 70 4 7012 703 *7114 72
,
72 1 71 4 72 1 7018 71
*71
100 83 Mar 18 115 June 8
108 109 *108 109 I 10834 10912 110 11012 6,100 American Ice
109 112
•l0912 111
Do prat
10() 7412 Mar 17 84 May 21
600
8212' 8212 8212
82 1 82
82
82
82
83
83 1 .82
.82
3412 3,000 Amer International Corp_ _100 3218 Mar 30 41 Feb 5
3358' 34
3
4
4 323 33 8 3313 3318 33
3312 333
34
34
2 14 Jan 15
8 1212 1212 1212 1212 1284 1212 .123 1212 1284 1212 3,200 American LIS France F E.. 10 1114 Jan
,
12 4 127
0.1ay 6
American Linneed
100 20 Mar 25 303
28
28 1 .27
4
*27
4
28 I *263 278 .264 28 .264 28 1 .27
,
53 Jan 2 72 81unc 15
pref
Do
100
1,200
7012 7012 7012 .7014 71
70 I 6914 69% 70
70
70
70
.No par 1044 Jan 5 144% Mar 6
8
4
4
8
11712 11712 114 11712 11112 11438 1111 1123 11212 113 1 1123 1133 15,000 American Locom new.
100 11812 Mar 20 124 Feb 16
Do prof
100
*120 12314 .120 12212 120 120 *1171, 121 *1175 1207 1.117 120
,
Vs par 454 Mar 30 53 8 Jan 2
8
4712 4712 2,800 American Metals
47
4
8 473 48 1 4712 47 4 4712 4712 47
4814 487
4
25 892 Jan 3 105 Jan 17
1,300 Anierlean Radiator
9512 94% 947
96 , •9412 9512 95
95
*9612 97 I 9612 9612
Amer Railway Exprees.___100 764May 13 84 Jan 13
7712 .76
7712 *76
7712
7712 *78
7712 .76
*76
77
75
.
4 4.500 American Safety Razor.___100 38% Jan 2 5914 Mar 12
573
4 5712 5712. *5612 5712 57
573
4 56
583
4
573 58% 57
84June 8 1412 Feb 28
8
814 83
812 812 9,300 Amer Ship & Comm. .No par
814 812
814 812
814 812
814 814
8Mar 30 10838 Feb 10
4
1044 1033 104 4 27,300 Amer Smelting & Refining_100 903
8
,
,
103% 104% 10318 10418' 102 1034 10212 103 8 1033
100 10512 Jan 5 111 June 25
Do Prof
111 III
1,200
8
,
110 110 4 1107 111
110 110
110 110
.109 110
,
.No par 37 8June 11 40 May 28
384 384 4,225 Amer Steel Foundries.
4 384 3812 3812 383
384 383
3818 3814 3812
38
Do Prof
100 108 Jan 7 112 Apr 18
200
.109 112 .109 112 ,*1.09 11118 110 110 *110 1104 1104 11018
4
633 6412 634 6412 13,400 American Sugar Refining. _100 4738 Jan 16 71 14 Apr 14
,
6514 65 4 64% 661s 6314 6518 6312 64
100 9114 Jan 16 101 12 Feb 28
Do prat.... _._
900
7
98
9812 .97
9712 .97
9712
98 1 974 97
9712 97% 98
6 May 6 2412 Feb 14
300 Amer Sumatra Tobacco.. 100
*812 9
9
9
.84 9
,
8% 838 .8 8 9
.812 9
100 28 Apr 271 8618May 28
Do pref
200
85
.80
82
82
83
.7512 8512 83
•7512 87
*7512 80
47 Feb 25
1 Amer Telegraph & Cable.. 100 374Juac 1
40
40 .39
40 .39
40 .39
40 .39
•39
40
39
.
8
,
14112 1417 14118 141 8 1414 1415 14114 14112 11,700 Amer Telep & Teleg ------100 130% Jan 2 14414-lune 18
8
14184 1423 1415 142
8
8May 23
50 85 Feb 17 967
2,200 American Tobacco
96
96
4 957 96
8 9538 953
8 9578 957
957
95% 95% 95
100 10412 Jan .5 108 June 8
600: Do pref
4
10612 10612 10614 1063 *10612 10712 .10612 10712
107 107
107 107
8 947 958 9412 9512 9,000' Do common Class B._ _ 50 8412 Feb 17 9612June 1
9412 9484' 9418 947
8
947 95
95
,
95 8
124 124
12312 12312 2,6001 American Type Founders..100 103 Apr 22 124 June 25
123 12312 *12312 124
120 121 18 122 123
20 343 Jan 13 88 June 2
6512 6312 6414 6312 6414 635 644 20,200 Am hat Wk8 & El
6614 6714 6514 6614 63
100 994June 25, 103 Feb 18
Do 15t prof (7%)
1,800
4 9912 101
8
995 993
4 10112 100 101
,
•100 4 102 •10114 102 i 1003
9,5001 Do panic pf(6%) —.100 954 Jan 2 10814 June 26
108 10814
•10012 10712 10714 1074 107 108 1 10739 10712 10712 108
,
4May 6 64 4 Jan 6
100 343
3
Ws 363 10,600' American Woolen.
8 347 3512 3512 3614 353 3638
3518 357
35% 36
. ... . _ 100 8912May 6 964 Jan 20
4 2,1001 Do pre(
783
78
78
4 78
783
7812 .78
8 78
781* 785
78
78
712 Jan 3
212 Apr 2
.
Amer Writing Paper pref _100
900
335
9
312
8 37
.33
3
312 3 8 *312 4
3 412
*312 412 *33
7 May 12 1212 Jan 9
712 3,100 Amer Zinc. Lead & Smelt_ 25
75* *7
74 74 *7
714 812
4
812 83
78
•, 812
8May 1 39 Jan 9
25 247
800' Do prof
.2812 2912 2812 2812
28
2918 2914 2814 2812 .2712 2912 28
4 3814 38% 384 3
84 7,100 Anaconda Copper MinIng_50 354 Apr 21 48 Jan 3
,
3914 39 4 388 394 3812 3918 3814 388
26 Jan 7 354 Feb 13
4001 Archer. Danis MIdl'cLAto par
*3212 34
8
3314 3314 .334 3312 324 33141 325* 325 •3212 34
397
100 904 Jan 5 9812J11ne 10
Do pref
100
975*
98 .97
98
98 1 .97
•97
98
97 .97
97
3 9614 1,800 Armour & Co (Del) pref
100 9018 Mar 31 98 June 13
9612 953 954 9512 954 95 4
,
96 4 9714 98
9718 977
78,400 Armour of Illinois Class A..25 20 Mar 19 24 June 20
,
2314 22 4 2314 2318 24
225* 2312 23
2318 24 1 2318 24
8 Jan 6 1212 Jan 28
300 Arnold Const'le&Covtc No par
3
912
912 *9
3
,
9 8 9 8 *9
3
8'
84 87
94
9 4 94 *9
No par 39 June 19 44 May 18
100 Artloom
40
3912 3912 039
40
40 .39
.39
.38% 40
*3912 41
10314Slay 19
100 10134May 1
Preferred
100
8
1017 1014
.101 102 .101 102 *101 102
'101 102 ,*10112 102
525
51
4,400, Associated Dry Goode...A00 4812June 23 5412June 8
9812 5012 494 4914 4914 51
*5112 5212 5012 51
100 94 Jan 7 100 June 18
200, Do 1st prat
993 994
4
,
99 8 998 .99 100
4
993 *98 100
*9912 100 I .98
100 101 Jan 2 1084 Feb 7
I Do 21 pref
'106 107 ,*105 107 .105 107 0105 107 .105 107 .105 107
26 32 !Mar 30 41121nne 15
3838 3814 383* 3814 38% 9,700 Associated Oil
39% 375 38% 38
3912 3934 39
5414 5214 5438 525* 538 26,800 Atl Gulf & W 185 Line_._ _ 100 20 Jan 5 5438 June 25
5018 5112 50
52
5012 52 . 5014
100 31 Jan 5 5114June 26
8,300: Do pref
51
8
514
4812 494 4912 507
49
493* *47
4878 49 1 48
100 9512 Jan 2 11712 Feb 5
2,900, Atlantic Refining
,
112% 112 8 112 112
110 11318 11112 112
1144 11438 11312 114
100 11312 Jan 6 11734June 8
1001 Do prof
4
4
4
4
•117 1173 .117 1173 .117 11784 *11712 1178 11712 11712 .11712 1173
918 Feb 16 13 Apr 28
No par
Atlas Tack
800
,
1118 11 8 1112 1114 1114 *1114 1135 11% 1112
11141 *11
.11
2314 Apr 30 32% Jan 12
2412 2418 1,000 Austin, Nichols&Covt()No par
,
,
.2312 25 1 2418 2418 2418 251 4 2438 24 8 •24 8 25
8
100 873 Jan 27 93 Slay 14
Do prof..
92
*90
200
92
*90
92
92 .90
•90
91
91
92
*90
414May 14
14 Jan 7
_.No par
214
200 Auto Knitter Hosiery.
214 .2
218 *2
.2
2
2
214
214 *2
.2
107 Mar 00 146 Feb 26
8
8
3
109 110 4 1095* 1107 11012 111% 11114 1123 42,600 Baldwin Locomotive Wks_100 109 May 1 1163 Jan 31
9
,
1118 1117 1104 11112
*
100
Do pref
200
*11114 1113
112 112
4
11114 11114 .11114 112 •11114 11112 *11114 112
2412 24% 10,300 Barnsdall Corp. Class A.__ 25 21 Mar 24 30 Mar 3
s 2412 25
2414 2510 2412 247
253
8 25
2514 257
25 1614 Apr 22 23 Feb 6
Do Clam B
1912
300
1912 •19
20 .19
1912 .18.2
8
8
20 1 197 197 .19
20
8
No par 35 Jan 5 497 Mar 4
600 Barnet Leather
42
42
41
35
*3212 36 1 *3212 35
*3212 38 1 .3212 38
No par 39 Apr 28 5314 Feb 14
1,600 Bayuk Cigars. Inc
8 4212 4238 414 4214 4212 4212 4112 4112 4112 4112 1,300 Beech Nut Packing
4212 427
20 60 Mar 23 744 Jan 10
4
6712 673 16818 6814 '6712 6812
3
683 68% 6718 6712 673* 6712
100 37 June 5 5373 Jan 13
Bethlehem Steel Corp
,
4
3813 373 38 8 375* 38 • 384 3838 384 3912 17,300, Co cum cony 8% pref 100 109 Mar 18 1164 Feb 8
3812 3812 38
100;
11312
•11112 112 1 11112 11112.11112 112 1.11112 11318 •11112 11312 •11112 94 1
100 934June 1 102 Jan 31
600; Do pref 7%
94
9412 9412 *9312 9414
94
94
947
944' .94
94
7 Jan 10
418May 4
No par
43
500 Booth Fisheries
4 •414 44
412 412 *414 484 *414
412 412
412
*4
334 Star 17 4412Slay 25
4114 407 4114 19,600 Briggs Stanufacturing_.No par 120% Jan 2 140%MaY 22
404 413* 4012 41 I 41
4034 4034 41. 41%
100
1,2001 Brooklyn Edison, Inc
1344 135
13412 135 1 13412 13412' 1344 13512
,
,
•13412 135 4 135 135
754 Feb 17 91 8May 22
No par
13,700i Bklyn Union Gas
89
8938 88
8714 8814 88
8 8718 88
8
89 1 877 887
.88
100 6412 Mar 31 10012June 1
944 2,900. Brown Shoe Inc
9412 9412 9454 .91
9314 93
4
913 914' 9212 9314 93
100 96 Mar 25 10634June 15
Do prof
I
106
*103 10612 *103 10612 .103 106 1.103 108 ,.103 106 .103
8
par
23 493 Jan 21
2414 244 2414 3,200 Brunswick-Balke-Coll'r No par 24 June
8
2518 2518' 2518 2512 247 2512' 2418 2412 24 104
924 Feb 11 10912May 0
No
4,000 Burns Brothers
9812 102
3
9
1073* 1073 *106 106 4 1058, 106 1 104 105 1 101
B corn No par
17 Mar 31 30 June 6
Do new Class
7,800
,
284' 2738 28 8 2414 2712 204 23
2712 2812 28
28
28
600 Burroughs Add's Mach_No par 615 Jan 3 824 Star 15
7912
379
79
7912 7912 7912 7912 7912 7912 79
.7912 81
5,300 Bush Terminal new__.No par 1434June 10 1912 June 15
4
8 17
4 173 18
173
3 1812 177
173
17
1738 18
18
•17
80 May 14 8978.1une 20
Debenture
1()8
2,800
88
8712 8712 874 8712 874
,
88 4 87
8914 89% z88
5 414 Mar 31 84 Jan 2
522 512 1,100 Butte Copper & Zinc
514 5%
,
512 .5 8 512
A
54 512
512 512
100 17 May 13 284 Jan 3
900, Butterick Co.
1818 1818
18 I 1814 1814
1814. 18
18
184 .1814 19
18
612MaY 5 2414 Jan 9
1218 12
124 1214 12% 6,7001 Butte & Superior Mining __10
12% 1184 1214' 12
4
4 Apr 25
123 12% 12
,
2 8 Jan 12
7
2,200, Caddo Cent 011.9 Ref_ _No Dar
1
8
*7
78
4
3
7
3
3
8
7
4
3
4
4
3
No par Mil Jan 27 118 June 1
1,400; California Packing
113 114
113 113 0,114 115
114 114
11412 1144 114 115
8
25 2378 Jan 2 327 Mar 7
68,700 California Petroleum
2912 2834 29
4
2938 2812 2918i 283 29181 29
29
,
29 8 30
100 100 Jan 2 123 May 22
1001 Do prof
121
,
,
4
,
1194 119 4 .1193 120 .1194 ___ ,•119 8 12014 *119 8 121 *11918
44 Feb 19
10
24May 8
238
25* 1,700, Callahan ZIno-Lead
4
259 23
234 24
3
2 4/
4
8 23
,
2
238
25* 24
2,400' Calumet Arizona Mining._ 10 45 Apr 22 68 Jan 7
49
4912' 484 4918 48% 487 .48
5039 99
4818 4818 49
,
25 1214hlaY 26 18 8 Jan 5
8
,
8' 13 8 135* 133 133* .1318 1314 1,500 Calumet & Becla
1418 1312 137
14
137 14
'Case Thresh Machine__ __100 24 Mar 18 3512May 28
4012 •30
3412
3412 .30
3414' .31
3412 .31
35 .31
33
•
100 60 Mar II 8014May 26
200; Do pref
8
767 7678
75
7712 75
7712' .75
7712 *75
.
771 *75
*75
,
4
100 143 Mar 28 21 4 Feb 7
17 I 1,200, Central Leather
1712 1712 1819 17% 174' 1714 174 *174 1712 17
*17
100 4914 Mar 24 66 Feb 7
1,5001 Do prat
5812 5914
58% 5812 5818 6012 5812 59 I *5812 594 5814 5814 .35
Century Ribbon atIlls...No par 314 Jan 5 474 Mar 11
3612 • 2001
4 3612 3638
37 '3512 363
*36
36
*35
36
*35
4June 23 984 Jan 14
100 943
200' Do pref
98 1
98 .95
98 .95
4
9514 9514 943 944 .94
*9514 98
5,513 Jan 2
5112 5218, 6,9001 Cerro de Pasco Copper_No par 4318 Mar '24
4 5112 52
513
51
517
51
5112 52
514 52
8May 29
4
463 4714 4712 4812' 12,5001 Certain-Teed Products_No par 4054 Mac 24 513
48
47
47
47
4734 474 4614 477
,
4 6,6001 Chandler Motor Car_ ...No par 2812 Jan 22 39 8June 9
361
36
3
3512 3514 36
4
4 343 35 4 3518
363
*3612 37
35
1,500, Chicago Pneumatic Tool..11)0 8014 Mar 10 98% Jan 3
90 .901. 92
90
91
,
9012 90 4 *90
3
9214, 90 4 91
91
1,7001 Chic Yellow Cab tern ctf No par 46 June 18 55 Jan 3
50
4712 4712 4712 48
4712 *46
4712 .48
4712' .48
No par 497 Mar 31 5958 Mar 10
8
4,200, Childs Co
57
8 57
8 56% 577
,
5712 564 57 8 5618 565
*5614 57 1 57
25 3012 Mar 30 37% Jan 2
7,200: Chile Copper
4 3338 3419' 3312 337
3312 334 3318 333
3418 3338 337
335*
8
6 19 Apr 23 285 Feb 1:
500: Chino Copper
8 2018 21
2018 203
21
.20
22 .2012 2112
•2114 22 1 .21
,
300, Cluett. Peab3dy & Co. _ .100 5812 Mar 17 71 4 Jan 12
594 60
61
.59
4
6112 594 593 *5912 61
*60
*5914 61
-No par 80 Jan 6 12218.1une 12
4 700 COCA COI,CO
8
8
11618 1177 116 1187 116 11614 116 118
11818 11712 118
11712
100 3214 Apr 21 4814 Jan 13
41 1 40'* 40* 15,4001 Colorado Fuel & Iron
,
40 4 40
3918 41 I 40
8 394 42
8
413 427
474 484 3,800 Columbian Carbon ir r 'N.* liar 45 Mar 24 514 Jan 8
4
4918 483 49
8 4914 4912 4912 4912 49
491, 507
s Ex-dividend
a Ex-rights.
•11141 and asked prices; no sales on this day.
sii.thA
Range for Prerialu
Year 1924.
Dote
Do3
Dec
Oat'
Doe
8
,
14 4 Apr 407
p3in
5112 Feb
23 Sept 39
7
34 June
4
Apr 1643
88
_
9212 Mar
714 Apr
5012 Jan
72 Aug
734 Nov
,
17 8 Mar
10 May
,
13 4 May
30 Apr
7018 Apr
11614 Apr
38% June
9414 Alar
7712 Nov
5% Apr
104 Oct
5713 Jan
Jan
96
1321, 'ire;
14% Dee
,
72 8 Den
96 Feb
83 Feb
354 Nov
1214 Jan
284 Dee
,
13 8 Dee
,
109 4 Dee
12012 Sept
54 Dee
136 Dec
83 Oct
1014 Nov
,
15 9 Feb
,
100 8 Dec
10738 Dec
10114 Apr
Oct
36
Oct
77
6% July
:
221 Sept
3814 Dec
12114 June
138% Mar
Apr
101
1354 Mar
106 Sept
40 Feb
8913 Mar
Feb
66
5114 Sept
90 Oct
14 Apr
7 Mar
24 June
2812 May
284 Dec
90 Dec
8314 June
10914 Noy
,
61 4 Feb
99% Feb
284 Jan
Jan
69
4312 Jan
,
134 4 Dee
16978 Nov
10612 July
1684 Nov
115 Sera
144 Dec •
Dee
101
102 Nov
8
787 Jan
1025 Jan
5
7 July
1214 Dec
8
367 Dec
4814 Dee
29 Dee
9112 Des
94% Dec
6
Oct
834 May
Jan
89
2712 July
104 Mar
1212 Jan
7812 July
Oct
108
5 June
184 Mar
79 Apr
112 Nov
104% May
11012 June
14 Feb
10
Jan
234 Nov
3912 May
4434 Apr
4
373 Oct
10114 Apr
8913 June
3% June
16
-itin
Nov94
10214 Dec
,
34 8 Feb
23 Dec
3112 Dee
14018 Jan
118 Feb
1118 Jan
334 De..
91 Nov
812 Jan
134% Dec
1174 Nov
234 Des
174 Dec
39 Dec
Jan
59
,
72 4 Dec
6218 Feb
1104 Feb
97 Feb
74 Jan
14 - 1O7' June 114 11e42
3
563 Apr 824 Dec
39 May 764 Dec
4
84 June 993 Dec
_
95 Dec -nil,June
19% Feb 29 Nov
4
623 Nov 674 Oot
3% June
17 Apr
14 May
1 Nov
80 Apr
194 July
924 July
212 May
,
41 4 Mar
1318 May
14 Mar
414 May
9% Mar
294 Mar
,
25 4 Apr
Jan
91
,
40 4 Mar
8
247 June
8
267 Nov
79% May
39 May
_
25% Mar
1. Mar
Oct
85
Apr
61
8
247 Feb
,
39 4 Sept
e9
-- - 14 -13- a
25% Deo
2512 Dee
414 Jan
10614 Dec
2914 Feb
Jan
107
5% Jan
58% Dee
194 Dec
35 Dec
Jan
77
21% Dee
5814 Dec
3514 Nov
9513 July
6634 Dee
444 Dec
WI Jan
,
1007 Dec
814 Apr
38%
—
29
:64
8318
54%
55%
Doe
Dee
Jan
Dec,
Aug
Jar.
New York Stock Record-Continued-Page 3
Par wales during the week of stocks usually inactive. see third page
preceding
3291
P1,14 SHARIs
HIGH AND LOW SALE PRICES
PER SH Alta
-PER SHARE, NOT PER CENT.
Saks
STOCKS
Range for Year 1925.
Range for Praetors
NEW YORK STOOK
for
On basis of 100
-share lots.
*ntordav.
Year 1924.
Monday,
Tuesday. 1Wednesday. Thursday.
Friday.
the
EXCHANGE
June 20.
June 22.
Junt 23.
June 24.
June 25.
June 26,
Week.
Lowest
Highest
Unmet
Highest
per share
Per share $ per share 8 per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $
per share $ Per share $ per share Per
64
6414 63 4 647
3
8
8 637 65118 6418 6478 64
skirre
6518 6418 643 18,300 Col Gas di Elea
4
No par 4534 Jan 21 693
481ay 21
•10812 109 *10812 109
33 Mar 48 Dec
109 1094 *10812 109
109 109
10914 10914
Do pref
500
100 10414 Jan 5 1097
8June 8 10314 Dec 105 Dec
.64
6512 64
64
*61
68
*61
68
*63
68
100 Comm, Invest Trust-NO Par 50 Jan 2 87 Feb 18
68
*102 104% *102 10412 •102 10413 •102 10412 *102 10412 *64 10412
304 May 58 Nov
*102
Do pref
100 102 Mar 19 10612 Jan 19
"86
93 May 103 Nov
90 "85
90
*85
90
*85
90
88
88
893 94
4
700 Commercial Solvents A No par 80 May 25 190 Jan 29
.86
4312 Jan 13112 Dee
93
*85
90 .85
90
*85
90
91
91
93
95
Do "B"
400
No par 76 May 25 189 Jan 29
2534 26
83 Jan 12912 Dec
25
53 253
4 2582 26
2512 25 8 2512 254 2512 25 3 7,200 Congoleum Co new.__ _No par 25 Apr
7
7
*3
4
8
2
29 4312 Jan 2
*3
4
2
8
444
8
2
323
3May 68 4 Feb
452
3
3
4
*53
Conley Tin FollstampedNo par
7
8
"8
7
8
128fay 19 17 Feb
78 May 1414 Dee
3812 3944 387 3104 36
2
53 383
4 38
40
3812 393
8 3812 3812 9.100 Consolidated Cigar_No par 2612 Jan 2 44181Vlay 10
.8214 8414 *8212 8512 *82
114 Mar 30 NOT
29
8512 *82
8412 8312 8414 *82
85
Do prof
300
100 7934 Jan 2 897 Feb 14
412 412 *412 412
1
564 Apr 84
Jan
418 418
38
4
4
4
3 8 34 1,000 Consolidated Distrib'rs No par
7
3 Jan 7
18
Pe Feb
865 873
8
3 863 8718 8614 87
1 Jan
8
133 Dee
3
4
8614 873
4 87
874 874 873 19,700 Consolidated Gas(NY)No par 7418 Mar 30 8912'May 19
4
23
3
3
278 3
607 Jan 79% Dee
8
278 3
2 8 278
7
28 3
7
3
3
4,400 Consolidated Textile..
.,_No par
234June 9
514 Jan 7
63 8 6414 635 6412 63118 632
7
43 A pr 6
2
%, Ap
8 Dee
06 lan
3
4 644 6418 6412 658
3 6512 65 4 5,400 Continental Can, Ine__No par 6012 Mar 30 697 Jan 2
3
88
*1154 117
115 11614 115 11512 115 115 •11514 116
116 11612 1.800 Continental Insurance
25 103 Jan 5 12012 Jan 26
103 1012 103 1012 1014 1013 1014 1012 1014
2
8918 Apr 10918 Dee
8
1013 1014 1013 16,600 Cont'l Motors tern etls_No par
814 Jan 2 11118May 9
3413 345
8 3418 3412 34
6 Apr
We Dee
3438 34
41
3418 3412 3412 347
25 328
•12412 127
sMay 29 415* Feb 25
3112 Jan 434 Nov
12518 12518 924 127 •125 127 *125 127 •125 127 8 9,700 Corn Products Refin wl
I
Do pref
100
100 11818 Jan 7 12518June 22 1151 Apr 123
664 66 4 65 8 6612 6512 66
8
3
7
/ Atte
3
4
653 6612 6614 663
4
4 667 6712 5,500 Crucible Steel of America 100 6412 Mar 30 793 Jan
8
4
48 May 76 Dec
17
*93
96 892
12 94
93 4 93 4 *923 9312! *9212 9312 .9212 9312
3
3
4
100
DO prof
100 92 May 9 98 Jan 15
1214 1212 124 1234 123* 128 1214 123 *12
86 May 98 Dec
8
1214 1218 1218 3,400 Cuba Cane Sugar
No par 103 Apr 29 145 Feb 9
8
8
5312 5312 534 5418 .5214 53
1012 Oct 18 Feb
52
523
4 523 53
4
*513 5212 6,700
2
Do pref
100 473 Apr 30 6253 Feb 26
4
294 294 29
534 Apr 717 Feb
2912 283 29 2 283* 29
2
8
3
28311 283
4 2834 287
8 5,400 Cuban-American Sugar--10 27 May 6 3312Mar 3
.96
97 I *96
284 Nov 384 Fen
97 1 *95
97
*95
97
*95
96
*95
97
Do pref
100 9512Mas 5 101 Mar 13
4
96
412'
43* 412
Jan 1004 Nbv
412 4 2
2
4
418
428 '412
412 412 2,000 Cuban Dominican Sug_No par
4 Jtme 5
84 Feb 27
2
3012 3012 3.2
44 June
32 I 33
812 Feb
334' *31
33
*32
34
•32
33
Do pref
400
100 30 June 19 4412 Jan
*7212 82 1 sizt 765' 76
38 Dec 52 Feb
76
*70
77
*70
74
*72
74
100 Cushman's Sons
No par 62 Mar 30 87 June 8
543 553
8
564 Aug 764 Sept
8 56
5514, 5412 55
543 55
4
5412 541
5412 548 3,200 Cuyamel Fruit
No par 50 Feb 17 59 May 25
2
2 1
4514 Nov 74% Jar
2
2 1
2
2 18
15
178
1
13*
14
11
4,800 Daniel Boone Woolen M111s_25
1 June 25
7s
7
35 4 35 8 34 8 3512 3312 343
3
7
3
9
8 Nov 324 Mat
8, 3514 3512 34
3412 3524 3,700 Davison Chemical v t c.No Par 277 Apr 30 493 Jan 23
35
8
4 Jan
•2022 22 I *2018 22 •21
3812 Nov 6912 Jan
213 997 21
8
8
*1934
21
21
100 De Beers Cons Mines No Par 2014 Mar 18 2418 Jan 28
12212 12212 1224 12212 12212 1223 12218 12218 1224 21
184 Jan 2212 Dec
81
1234 123 12314 2,400 Detroit Edison
100 110 Jan 5 1257
8May 22 1014 Jan 11532 Dee
2312 2418 234 24$4 24
2434 2378 2418 2334 24
233 243 49,300 Dodge Bros Clals A___No par 213
4
4.Iune 9 26 May 11
821s 82
53' 82 8 83 88, 82 4 83 81 8253 83
5
_
3
3
3
8212 823
8212 83
26,200
Preferred certifs.... No par 7312May 7 833
2June 22
1414 14141 144 1412 1414 1412' 1414 141
1412 141
144 148
8 1,300 Dome Minos. Ltd
No par 123 Apr 14 1612 Jan 19
4
•1912 1978 99
Ili, Nov 2014 Juz'
193 *1812 1912, 9812 19
4
99
20
20
Douglas Pectin
No par 14 Feb 16 203
91012 111 1•1101 1103 *110 110 4' 11012 1111 •11012 11112 •19
4June 16
94 June 18 Dee
4
4
3
800 Duquesne Light 1st pref___100 105 Jan 7 1117
8June 8 10012 Mar 108 8 Sept
1064 106 8 106 1063 1047 10512 105 8 I078 1073 10734 111 111
7
4
1
8
7
4
10718
4 5.200 Eastman Kodak Co_
8
NO Par 1047 June 23 118 Jan 19 1041s Apr 114% Nov
1758 177
8 17
12 17 8 174 1712 1712 1732 17h 17 4 1714 1073
7
3
1712 3.500 Eaton Axle & Spring -No Par 1012 Feb 13 2014May 27
17714 17912 177 18212 176 178 1 1773 178'8.
12
82
4
17718 178 8 179 180
3
19,100 E I du Pont de Nem &Co_ _100 1341 Jan 5 182121une 22 1123 Sept 244 Jan
4
10014 10014 900 102 8 *100 10014 *100 1001
May 142 Dee
7
1001s 10018 10014 10014
300
Do prat 6%.
100 94 Jan 23
3412 364 34 8 36
3
85
33 8 35
APr 96 Dec
7
141 3414 34
2
344 35 ' 3414 3614 110,300 Elec Pow & Lt etfs___.No par 173 Apr 25 1004Juue 24
8
2714June 16
109 8 100 4 109 2 10978 10918 109 8 109 109 3 109
3
3
4
3
3
109121 10814 10912 5,200 1 40% Pr Pd
100 Mar 18 110 June 18
110 4 1103 *10914 111
3
4
10914 10914 10918 1091 10912 10912 109 109
Pref full paid
800
10012 Mar 28 1103
6212 63
4June 24
6312 6412 *63
64 1 6312 64
6314 635
8 633 6312 2,200 Eke Storage Battery...No par 603
8
4Mar 30 703 Jan 3
*14 2
4
112 112 *13
Ws May -66 2 18
15;10
*114 1h •114
14 *112
14
100 Emerson-Brantingbam Co_100
1 18May 1
212 Jan 3
67
12 6712 67
78 June
6714 66 4 663 *6512 66 .65
3
J1117
7
6678 *65
600, Endleott-Johnson Corp_.- 50 633 Apr 2 72 Jan 9
4
•____ 114
1134 11318 *11314 114 i 114 114 •1123 115 •__ 67
887 May 73 s Dee
2
3
4
115
3001 Do pref
100 111 May 28 11634 Feb 16 10812 June 115 Jan
9612 171 9612 174 96
18 1 *174 18
1612 1612 •16
17
300 Exchange Buffet Corp-NO Par 1512 Apr 8 197 Jan 3
•
312 412 *312 412
8
18 Dec 241s lane
312
312 *112 412 *2
412
4
300, Fairbanks Co
4 12
25
214 Mar 27
3712 38
41281ay 2S
38 8 38 8 38
3
2 Dec
7
4% Jan
38 4 38
3
38
387 38 2 3812 3812 1,7001 Fairbanks Morse
8
7
No par 3214 Jan 2 4012June
104 1043 102 4 10312 102 103 1 10278 103
4
3
26% May 34 Dec
1023 10314 103 1033 19,1001 Famous Players-Lasky-No par 9014 Feb 17 10612May 10
4
12
8
116 1173 11414 1153
8
19
61
Jan 9812 Dec
4914 115 914 115
115 115 *114 115
1,800I Do prof (8%)
100 1037 Feb 17 1173
8
8June 20
3414 35 2 335* 347
3
87% Jan 108% Dec
8 33
34
8
3312 33
3353 3413 3312 3412 21,300 Federal Light & Trae
15 30 May 21 36 June 19
9612 19
*1612 184 1614 1612 *16
_
18
*1512
*1512 18
3001 Federal Mining & Smelt'2_100 1514 Mar 13 25 Jan 19
5512 55 4 5 4 54 4 5412 5412 544 5412 *5414 18
51g Apr - 44 lice
3
43
1
3
56
5413 5412
8001 Do Orel
16012 16982 *165 169
100 4912 Mar 11 6414 Jan 15
4112 Jan 6411 Dee
165 165;963 16539o.1 166 *163 166
200 Fidel Phan Fire Ins of N Y__25 1471k Jan 6 175 May 15 118 Mar
96
1712 .16
146 Dec
167
8 16
16 1 944 15 4 9418 153 •1418 1534
3
4
1001 Fifth Ave Bus tern ctts_No par 12 Jan 8 167
6912 704 71
sJune 19
912 Jan 13% Jan
713
4 70
7212 6912 7014
72
10,400 Fisher Body Corti
4 71
25 6014 Feb 17 73 May 28
184 183
4 1812 184 1712 18 4 175 1814 6912 703
3
8
18
1812 1814 1912 72,600 Fisk Rubber_
No par
1012 Mar 24 20 June 12
10214 103
10012 103
5% June 137 Dec
102 10318 100 4 100 4 102 102
.
3
3
102 102
1,000
Do let prof
100 7512 Jan 16 10518June 12
8312 85
38% July 86 Dec
844 85 4 83
3
844 834 84
84
85
8414 85
14,900 Plelaehman Co
No par 75 Mar 19 87 May 21
114 4 11512 11312 11412 115 116 1 1163 118 4 117
3
444 Jan 904 Nov
2
3
118 4 1173 121
3
3
14,800 Foundation Co
No par 90 Jan 6 121 June 26
• 1712 173
4 17
66% Jan 94% Dee
184 163 1714' 165 173* 1718 18
8
*
17
1712 20,200 Freeport Texas Co
No par
8 Mar 18 187
1012 10 4 1014 10 4 10
3
712 Sept
81u11e 15
3
13% Jac
1013 10
10
10
1018 *9 4 10181 2,500 Gardner Motor
3
No par
4% Jan 2 164 Mar 2
314 Oct
7
Jan
•
46
47
*4612 47
*46
4612 *46
461 *45
47
45
46
800 Gen Amer Tank Car
*9614 go
4
,9814 gs
100 4414 Apr 27 58% Jan 10
•96
99 .
3512 May 53 Des
96
99
*96
98
9653 97
200
Do pref
53
5312 5312 5414 52
100 9334 Feb 16 99 Jan 19
92 Feb 9912 Dec
8
53 8 513 53 .52
4
53
5214 521
4,700 General Asphalt
100 4212 Mar 30 633 Jan 2
95 4 96
3
4
313 Apr 638 Dec
*9412 9613 9413 9412 934 931 .
8
5
93
95
*93
94
500
Do prof
100 8612 Mar 17 100 Jan 2
144 144
14114 14112 140 142
7111 Apr 100 Dee
140 143
142 14213 143 144
1,900 General Baking
No par 121 Mar 7 149123une 15
•
138
89
8712 89
93 Jan 160 Sept
87 873 *87
4
88
8713 8712 87
88
2,400 General Cigar Inc
100 8412May 4 1014Mar 4
4
2873 2873 284 286 4 281 285
4
8214 Apr 98% Dee
3
2814 284
28212 28612 284 285 4 10,300 General Electric
3
100 2271 Feb 17 320 Jan 2 19311 Jan 322 Dec
4
•1112 118
1 1112 1112 113 1112 1112 111
2
1112 1158 115 115
8
8 2,500
Do special
10 11 Jan 2 1158.June 15
77
79
78
3 80
1012 Apr 1185 July
79 8 81
3
80
801
8038 81
807 84
8
99,700 General Motors Corp-.NO Par 648. Jan 5 84 June
*9412 9512 95 8 9514 *9512 99
3
9412 991 *97
26
554 Oct 667 Dec
2
98
*97
9812
Do prof
100 90 Feb 13 953
*944 96
*95
8June 22
9612 *95% 100
80 June 93 Dec
*9612 98
*97
_ *97
9814
2001 Do deb stock (6%).-100 8812 Apr 21 9612J une 24
•11018 111 11012 111
111 112
801 June 9312 Dee
11112 1131 11278 11328 1123 1127
4
8 7,200
Do 7% pref
100 102 Jan 5 1133
557 567
8
8 55
8June 25
5614 547 5712 57
8
95% July 10313 Dee
583
58
583
4 5714 5812 134,300 Genera Petroleum
25 42 Jan 16 59 June 12
.47
48
48
48
48
48
48
38% June 45 Aug
48
47
484 46
46
900 General Refractories
-No par 43 Apr 28 5812 Jan 14
*5712 5812 *5712 58
8
31 June 55
563 56 $ 55 8 55 8 56
2
3
Jan
56
3
56
57
1,5001 Gimbel Bros
No pa
47 Mar 16 62 June 9
•104 107 •103 104 *103 104
474 June 647 Dec
103 103
103 103 *103 108
*
2001
Do Prof
100 10214 Mar 14 10514 Jan 20
3612 3612 *3612 38
36
99
3612 *36
Jan 107 Sept
37
3712 377 *36
8
3734
800 Ginter Co temp ctle
No pa
2234 Feb 13 407
193 20
2
193 193
2
8May 15
4 1812 1912 185 19
21 Dec 273 Nol
8
7
8
194 20% 197 2014 7,500, OUddenCo
8
No par 1212Mar 19 23113MaY 1
39
39
3814 38 8 3814 39
7
8 June 15 Nov
*3812 39
*3814 39
383* 391
2,900 Gold Dust Corp v t
53
37 Mar 3 4212May 20
53
52
52 4 51111 5212 5112 52
2812 Apr 43 8 Nov
3
52
7
52 14 5212 5314 11,400 Goodrich Co (B F) a No pa
----No pa
*9753 99188 *97 8 994 973 978 • 2 99
36 4 Jan 5 554 Apr 6
3
3
17 June 38 Dec
8
8 973
*97112 983
4 983 99
4
300
Do prof
100 92 Jan 3 997
10112 103
102 10214 10114 10212 10114 1013 1013 1033 10214 1033
8May 22
7014 May 92 Dec
4
4
4
2 8,500 Goodyear T & Rub pf v t 0_100 864 Jan 6 1033
*105 10512 105 105 8 105 105
2June 25
3
39
10414 10414 *10412 1054 10412 10434
Jan 90% Dec
700
Do prior prat
100 103 Apr 27 107 Mar 6
14
8814 Jan 1084 Dec
•15
16
15
15
9414 1518 •1414 15141 *1414 1514 *1414 1514
100 Granby Cons Min Sm ct Pr_100 13
11014 1117 109 111
8
108 110
124 AP
10712 1081* 108 109
217 Dec
8
10712 10818 11,800 Great Western Sugar tern ctf 25 91 Mar 30 214 Jan 14
Jan 16 11318June 19
1312 131
1312 1312 93
13
5
8314 Oc
•13 133 *123 133 *123 133
967 Dee
8
4'
4
4
4
4
200 Greene Cananea Copper-100 114Mar 19 194 Jan 2
81
81
78
81
10 May 21% Dee
79
8014 794 797
8' 794 791
795 8112 11,100 Gulf States Steel
8
100 6718 Mar 24 944
263 27
4
273 2732 274 2712 2718 2712 2712 29
8
62 May 894 Feb
2812 29
4,300 Hartman Corporation....No par 254 Apr 24 3712 Feb 5
4
363 39
38
383
Jan 7
8 37
31 Sept
377
8 37
4434 Feb
37
37
37
3712 373
4 6,800 Hayes Wheel
No par 30 Mar 14 434 Jan 3
•46
4614 1046
4612 4612 4614 .46
324 May 52% Feb
4614 *46
4614 *46
48141
100 Hoe(R) 4t Co tern ctfs_Ne par 45 Apr 1 4878 Jan 9
8
'4312 45
444 444 *4312 44 •
4812 Dec 617 Dec
4312 44
43 8 44
7
*4334 44
8
300 Homestake Mining
100 43 Jan 2 50 Jan 12
381
38
37
384 374 373
35 Jul
8 3712 38
3712 38
5612 Jan
3712 373 13.000 HousehProd,Inc,temettNopar 341j
4
76
Jan
7512 7612 74
777
74
31% Apr 38 Nov
73% 744 744 7612 74
75 I 6,400 Houston 011 of Tex tem 0[8_100 59 Apr 6 3812June 20
6312 641
6314 6412 6218 6312 623 634 6318 64
22 85 Jan 29
61
2
AP
82% Feb
635* 63428.000 Hudson Motor Car.....
1912 2014 1918 20
18
3
1914 183 1912 18 4 193
204 May 36 Dec
8
3
8 183 194 59,900 Hupp Motor Car Corp No Par 834 Jan 5 65 4June 13
4
1
385 4014 3714 38
10 1412 Mar 18 2012June 19
8
3512 373 361
4 3814 3714 3812 3712
1118 May 18
4
Jan
1312 Jan 6 414June 17
175 17
8
53 1712 1712 9714 1712 *174 1812 1712 174 174 38 I95,700 Independent Oil & Gas_Ne par
54 Sent 164 Dec
174
800 Indian Motocycle
914 92
8
No par 1312 Mni 24 10 Jeb 3
2
9
2 2 8. Fan 6
94
0
83
2 8
84
2 814
/
1
4
15111 June 254 Feb
83
4 87
88
8
53 8341 4,300 Indian Refining
10
Jan
92
*85
•84
92
*85
92
*83
92 1 *83
34 Apr
92
74 June
*83
92
Do pref
*40
404 4018 40
100 77 Mar 24 95 Jan 7
401
40
*40
4012' 40
60 Mar 75 Dec
40
*40
4012
600 Inland Steel
No Par 383
•10614
2May 1 50 Feb 2
- - •10614 ____ *10614
- •106 10614 *10614 11018 *10614 -._ _1
31% May 484
Do Prof
*26
100 10412 Apr 13 110 Jan 22 1014 Jan 1074 Nov
263 *2614 263
2 2614 265* 26 281 4 2614 2612 2618 2618
X
Dec
1,300 Inspiration Cons Copper__ 20 2212 Apr 22
11
11
107 114 114 114 114 1314 117 127
8
32 4 Jan 12
3
2218 Feb 33% Dee
8
8 12
1218 12,400 1nternat Agrlcul
71 Jan 7 13%
No Par
8
1247 1247 1243 1243 *124 125 z123 123
2
2
1215 12212 .12112 124
8
3 June
9% Jan
700 Int Business Macbines_No par 110 Mar 30 12814 Feb 5
68
6714 68
88
63 4 6412 6212 63 8 623 623
3
7
Mar 25
83 Apr 1187 Dec
4
4 613 63
2
8
4,700 International CementNo par 52 Jan
4338 44
4253 433
4 4113 4212 42
5
8June 10
42 4 423* 435
3
404 Apr 5912 Nov
81 43
44
37,700 Inter Combus Engine_ _No par 313 Jan 21 687
4
4514June 18
22 Mar 39 Dee
10812 1087 108 10812 108 10838 3107 107
•108 109
11
107 107
2,100 International Harvester-100 9618 Mar 25
118 118 *11734 118
1173 1174 1177 118 *1173 118
4
1144Ma) 20
8
78
4
Jan 110%
1177 117 8
8
7
600
Do pref
81
100 114 Mar 3 118 June 5 106 Feb 1151 Dec
81
84 812
812 812
74 8
718 712
Nem
7
4 84 7,400 Int Mercantile Marine„ 100
3338 34
32
34
718June 25 147 Feb 6
3112 323
2 303 3212 293 3112 3112 32
2
8
8
64 Jan
155* Dec
24,300
Do Orel
100 293
2913 20 8 294 30 I 29
2912
8June 2
29
3
1 30
523 Feb 5
4
29% 3018 2912 304 38,700 International
264 Mar 47% Dee
Nickel (The)25 244 Mar 18 3114June 12
11974 100
59714 100 *9718 100
*974 9912 994 9912 *9812 10010
1111 May 2718 Dec
0
Do pre(
6674 68
100 94 Jan 6 9912 Feb 6
6518 673
8
8 635 667
8. 6418 6653 667 675* 67
7512 May 95 Nov
8
6814
100 4814 Mar 19 745
*7812 79
*7812 70
78188 7811 7812 7812 7812 78 4 *7812 7913 36,900 International Paper
8June 1
3412 Apr 60 Dee
3
1,000
Do stamped prof
100 71 Mar 0 8212MaY 26
150 150 148 151 •148 150 •148 149
14712 14712 149 149
6211 Mar 747 Oct
k
400 International Shoe
No par 108 Feb 2 150 June 1
119 12112 *119 121 *119 12012 *119 12012 *119 120
119 121
73 Apr
Do pref
4
100 119 Apr 18 121 June 3 1154 May 119 Nov
8
116 1177 116 11814 1152 11812 117 118 2 117% 11811 x117 11712 18.300 Internat
3
1191g Dee
3
8
Telep & TeJeg_100 8713 Apr 3 1193
2312 *22
2312 *22
*22
2313 *22
2312 .22
2.1une 3
2312' 2312 23%
66 Feb 94 Dee
100 Intertype Corp
No par 2112May 16 2612 Jan 5
4 18
,
1812 18
1812 1812 *18
19
18
•17
18 I .17
2415 Dec 321 Mar
1814
400 4ewel Tea, Inc
100 18 June 24 217 Feb 26
•10314 10518 •104 106 •103 106
103 105 *103 106 *10312 105
8
165 Apr 234 Jar
,
Do prof
100 10212 Jan 18 110 Feb 25
4
15 .144 147
8 133 133 .1434 15
15
1
4
15
15
78 Mar 106 Dee
153 1812 2,600 Jones Bros Tea,Inc,stpd....100
4
1334June 23 217 Feb 3
43
41
4178 42
4412 42
42
4112 413
43
4
8 41
141 Sept2712 Jai.
42
4,500 Jordan Motor Car
No par 3912June 17 5912 Mar 3
3082 312
8 3138 324 313 324 32
4
3212 *311 324 314 3112 4,300 Kayser (J)
/
4
214 May 62% Dee
Co v t o
No par 1832 Mar 17 9012June 12
97
97
*95
957 97
99
*963 09
8
3
95
95 I *93
1612 Aug 888* Jan
97
600
Do let prat
No pa
83 Mar 30 10014June 2
18141812 18
8
2
8 18
183
8 18
77 Aug102% Pet,
1912 12,300 Kelly-Springheld Tire
66 2 6612 48612 1814 173 1918 173 183
,
25 124 Mar 24 1912May 12
68
67
674 67 67
.8512 663 *6512 663
1
932 June 35
4
500
Do 8% prof
Jac
100 41 Mar 25 69 June 17
66
*60
6612 60
6612 *62
66
*60
•62
66 1 *60
33 June 88
653
4
100
Do 6% prat
Jac
100 43 Mar 25 66 June 17
90
*91
97 1 9012 9012 90
*92
97
*91
97 I '
391
97
40 Jun
200 KelseY Wheel. Inc
784 Jan
100 88 Mar 26 10412May 12
5053 515
4 50
5012 so
8 504 502
5114 52 '
503
8 5014 503 17,600 Kennecott CODPer
76 May 104 Dee
8
No par 4612 Mar 30 573 Jan 13
2
341 Jan 575
520 sad salad golloor no ealee on this day. p Er-addead. 1 Par value changed
•
Dec
from $100 to $50 and Prices on that basis be
11101418 June 3. a Ex-riglita
3292
New York Stock Record -Continued-Page 4
page preceding.
For sales during the week of str.cks usually Inactive, see fourth
ralt SHAter_
1'Eft .1114MS
Range for Previow
Range for Year 1925.
STOCKS
Sales
81011 AND LOW SALE PRICES-PElt SHARE, NOT PER CENT.
Year 1924.
-share lots.
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Monday, 1 Tuesday, 1 Wednesday 1 Thursday. 1 Friday.
Highest
lafaraati.
Lowest
Highest
Lowest
Week.
June 26.
June 25.
June 24.
June 23.
June 22.
June 20.
Par
share
Per share $ per share Per Mar.
per share I $ per sharel $ per share Shares. Indus. & Miscell.(Con.) par $ Per Jan 9 $ 314 Feb 5
438 Jar
$ per share $ per share I $ per share I $
Ds Oct
8
17
,
212 2 8 2,800 Keystone Tire & Rubb _No
212 212
212 24
212 24
212 24
4
212 23
5214 May 8614 Dec
4May 25
No par 74 Mar 25 873
KI e nee C 8)
300 Krnsg y(so co
82
82
80
80
8212' 80 80
4
823 *8118 8212 .80
*80
100 355 Apr 28 532 Mar 24 28712 Jan 47614 Dat
*420 430
____ *410 ____ *410 430
2
____ •410 425 1*410
*406
4212 Nov 827 Just
4
500 Kresge Dept Stores_ ___ No par 3112 Jan 21 453 Jan 7
8
8
3
4
8
8
7
Jan 113 Nos
35 8 3614 357 357 •3514 38 I *35 4 3713 *353 37'3 363 363
79
Laclede Gas L (St Louls)_ _100 11014 Jan 5 178 Mar 31
*150 157 *150 160 *150 158 *150 157 *148 158 1'150 156 8 13,200, Lee Rubber & Tire__ ._Ho par 114 Feb 20 157
8 May 1718 Jar
8June 26
157
8, 15
8
137 147
1418 *1312 14
8
143 143
s 1414 144 14
Mar 6854 Der
3001 Liggett & Myers Tob now,.. 25 57 Mar 25 71.2 Feb 6 60 July 121 June
8
63 1 *615 62
8
627 *62
6312 *83
63
64
*63
64
*63
100 11612 Jan 16 121 May 20 11478
Do Prof
5001
11812 11812 118 119 *11812 11912 *11812 11912
•11802 120 *11812 119
484 Mar 684 De
25 5512 Mar 27 704 Feb 6
Do "B" new
8 3,0001
8
,
8
8 615 61 8 615 617
4 6112 6134 6112 617
D.
4
8 613 613
8
613 617
56 June 71
No par 60 June 23 744 Jan 14
700 Lima Lot Wks
60
61 1 60
*60
60
60
6012 6012 60 60
62
.81
154 June 25 De
8June 2
No par 22 Feb 17 313
7,2001 Loew's Incorporated
8
8
4 2812 284 287 2918 2812 29
Ja•
2918 293
8 2814 2918 283 283
54 Apr
918 Apr 6
No par
6 Jan 28
Loft Incorporated
712
8 1,700.
5
712
2
712 712
712 741
3
,
78 74
712 712
50 Mar 84 Nos
100 77 Feb 17 9718Mar 7
200: Loose-Wiles Biscuit
93
92 1 *90
92
92
*90
,
91 1 *89 8 90
91
93
*90
3338 Dee 404 Jul,
25 3014 Jan 24 374 Jan 13
8,8001 Lorillard
7
354 344 35 8 *3412 35
354 35
Fe
4
344 344 343 3538 35
100 1084 Feb 27 114 June 26 112 Nov 117
Do met
1001
•108 117 *108 115 *109 114 *109 114 *109 114 1 114 114
4
1458 Mar 31 233 Feb 3
1814 18,400' Louisiana OH temp ctfs_No par
1812 1815 1812, 18
4 18
8 1812 19 1 1814 183
4
183 193
Oct 38'a Dv
17
4
No par 313 Feb 17 55 Mar 4
Ludlum Steel
2,600
4
3414 334 3441 333 34
3414 3518 3414 344 34
Jan 119 Am
3414 35
4June 25 107
100 114 Mar 20 1293
8 3,000 Mackay Companies
4'
12812 1293 1284 1287
12514 129
8
8
.12318 1243 •12318 1243 12414 126
4
753 Apr 1184 De,
14MaY 28
No par 117 Jan 18 1855
43,300 Mack Trucks, Inc
17518 17712 17714 179 1 17714 180
1784 180
177 17912 1754 178
9313 Jan 10714 Dee
I
100 104 Jan 27 11112June 10
Do 1s1 pref
200
, 11014
1
Apr 10114 De
0108 4 11014 *1084 10914 10914 10914 10914 10914 *10912 11014 *109 8 105
87
100 99 Jan 2 105 June 11
Do 2d prat
100
105 105 *103 105 *103 105 *103 105 *103
•10312 105
59 May 714 De,
8 1,700 MacY (1k II) & Co, Ino_No par 694 Jan 3 01 June 3
g
8 867 873
*8512 867
8712 8612 8612 8512 86
8812 87
.87
2618 June 454 De,
No par 34 Mar 31 4414 Jan 2
)
i
i afft,,oC
ll iia n oSper
7
1:
8 7 500
40 .4014 4012 404 407
4018 40
4 40
4112 413
4 414 413
18 Mar 414 Der
8
I R dr Co_No par 213 Mar 30 3712 Jan 23
8
2514 244 257
,
274 25 8 2614' 2512 2534 25
2714 2714 26
3314 Mar 4934 July
4 1.200 Manh ElecSupptemetfsNo par 32 Mar 21 59 Mar 10
4 5012 523
*5114 523
4
Jar
4
513 513 *5114 52
53
5114 5114 .51
2612 Dec 44
3
25 2014 Mar 16 30 4 Jan 3
Shirt
1,100 Manhattan
261
264 267
8 264 201 2612 264 *2614 2612 2618 2618 *2614 4618 3,100 Manila Electric Corp_.No par 2812Mar 6 4912 Apr 24
284 Dec 314 Dec
4 46
453
3
45 4 *42
44 1 *41
4634 44
4534 4634 40
244 Oct 3712 Jac
2,700 Maracaibo 011 Expl___No par 2514 Apr 2 354 Jan 31
27
4
2714 263 274 2712 2712 27
8 274 2734 27
42 Fa
2838 283
29 May
8
No par 325 Mar 30 4614 Jan 31
4 4312 444 76,100 Marland 011
4
,
4 42 8 4414' 424 4414 433 443
8 434 443
174 Mar
Jan
8
4438 447
8
No par
103 Mar 13 24 May 27
2314 6,800 Marlin-Rockwell
8
8
203 2034! 2014 204 203 2114 22
2034 21
21
21
314 Nov 374 Jar
Martln-Parry Corp.__ _No par 2512 Mar 24 3718 Jan 7
29.4 3014 1,200
29
29
29 1 2812 29
29
30
*29
*2834 30
4
294 May 583 Dec
3,100 Mathieson Alkali Wksternctf50 51 Jan 6 84121une 12
8114 83
80
80
79
*78
8114 7812 79
80
82
5
*80
38 Apr 8418 Der
.
____ ____ ____ ______ 1 Maxwell Motor Claris A _.100 74 3 Jan 27 12112June 3
____ ____ k____ ____ k____ ____ _
1018 Apr 394
Class B No par 3314 Jan 27 12712June 3
_ Maxwell Motor
k____ ____ k____ ____k____ ___k___ ____'k____ ____
10712May 6 11812June 2(1
A certificates
115 11812 7,700
115 115
114 1154 *113 115 *114 115
114 114
8June 16
7712 Apr 24 1217
8
4
8
1173 11914 1173 1187 62,4001 B certificates
116 11812 11212 117 1 114
11714 118
8212 Apr 115 Doi
4May 25
MOO' May Department Stores _50 101 Mar 23 1283
113 11412
113 113 *113 114
114
114 114 1 114
*115 116
Oct 1084 July
86
79 Mar 17 9412 Jan 13
1 McCrory Stores Class 13 No par
*85
90
8934
85
90 •
4
*8514 893 *8512 8934 *8514 8934 .85
14% Dee 1814 Jac
18 Jan 2 1818 Feb 24
.5
Porcupine Mines..
200, McIntyre
4
1712 1712 *1712 173
9014 Apr 101
4 174 174 *1712 18
Dee
*1712 173
*1712 18
100. Metro Edison Power pf _No par 974 Apr 21 105 June 15
1 102 102 *105 109 ,*104 109
*10212 10512 *10212 105 ,*102 104
16 Sept 19 Dec
700 Metro-Goldwyn Pictures pf_27 18 Jan 3 224 Feb 5
20 1 204 204
2012 2012 2012 *2018 2012 2014 2014 20
*20
4
1418 Jan 253 Sent
par 1112 Mar 17 2212 Jan 6
154 1514 144 15 I 3,900 Mexican Seaboard 011__No
8
147 15
o151
16 1 j47
15
16
'15
5 8 May 12 244 Jan 13 20 May 25 Ant
84 84 3,1001 Miami Copper
84 8341
83
918
4 84
9
918 9141
94
9
3312 26,200, Mid-Continent Petro_ _No par 2(14 Apr 17 3618June 8
33781 33
8
3414, 3278 334 327 3312 33
3414 3412 33
1 Aug
6* Jar
314June 8
Apr 16
States 011 Corp_ _ 10
21
4
13 19.000; Middle
8
13
2 1
17
2
218 214
218 214!
218 214
914 June 98 Nos
100 96 Jan 2 116 May 23
11212 11214 11234 1,200' Midland Steel Prod pref
8
8
8
4
8
4
•110 1137 1123 1127 112 1127 1124 1127 *110
6114 June 743 De,
100 64 Apr 17 8714May 25
34,200 Montana Power
4
8
817 823
83
8 82
4
813 837
8
814 8258 807 82121 8018 82
4812 Dec
214 May
Ward & Co III corn_ _10 41 Mar 3) 554 Jan 13
5214 5214 5314 6212 53 1 20,300 MontgMotors
4
523 53121 524 5312' 5214 524 52
2712 Felt
1712 Oct
No par 223 Mar 19 34141110e 17
4
4 3212 3312' 17,500 Moon
323
8 314 3214 314
324 33121 3212 33121 314 323
914 Fet
6 May
918 Jan 2
6 May 4
718 9,700 Mother Lode Coalition_No par
7
74
7
8 7
67
8
67 .7
7 1
7
7 1
7
_
8May 18
18 Apr 9 283
No par
254 28,100 Motor Wheel
4
2412 2414 2 8 243 2514 25
57
4 2418 244 24
2412 243
Dec
9 Mar
4
143 Feb 2 2112 Feb 20
900 Mullins Body Corp__ No par
1714
4
*153
4 1714 1714 •1612 17
•1534 1712' 1712 18 1 974 173
3914 Jac
2918 July
No par 304 Apr 23 34 Jan 23
200 Munsingwear Co
*3212 33
33
*32
32
32
Der
984 Apr 204
*3112 3 34' 314 314 *3112 32
No par 19312 Jan 5 448 May 4
43312 43634 1,400 Nash Motors Co
430 *420 435
434 435 1'430 435 1.425 435 *420
984 July 1044 Nos
4
100 1033 Jan 21 HA Feb 28
Do pref._
200
4
4
4
3
3
410518 ___ 105 4 105 4 *10514 1053 1053 1053
•10518 •1054
1018 Jar,
4
8 June 5
44 Mar 24
33 Oct
700 National Acme stamped _.... _10
7
7
8
73
74 *7
•*7
7
7
141
714 7
712
*7
774 Seto
5014 Mar
25 65 Apr 29 75 Jan 2
8 5,500 National Biscuit
4 7014 707
8
4
6912 683 697 *6812 6912 6914 703
6912 6978 69
4
100 1234 Marl! 12812MaY 9 12012 Jan 1263 Der
Do pref
125
4
4
8
•123 126 *1223 126 1'1223 125 *123 125 *123 125 *123
44 June 707 Der
700 National Cloak & Suit_ _100 6512 Mar 5 78 Jan 26
6914 6914
72
70 .69
*69
6912
41 69
4
693 70 1 6912 693
2
9112 Mar 1007 Dec
100 99 Jan 13 104 Jan 29
Do pref
103
*101 103 1*10114 103 .101 103 *101 103 *10114 103 •10114 551
301s Apr 4414 Dee
8May 25
4,400 Nat Dairy Prod tern othiNo par 42 Jan 2 587
5638 5512 564 55
4 55
4
543 542
544 5612 56
55
Jan
3614 Oct 43
700 Nat Department Stores No par 3812 Jan 2 45 May 12
4214
*4212 43 1 4218 423.1 4218 424 4214 4214 *4214 43 1 4214 99
8
923 June 101 Dee
100 96 Apr 15 102 Jan 2
Do pref
100
41
4
983 983 •9812
4
4
*983 9914 .983 99
*9834 9914' *9814 09
4 9,900 Nat Distill Products. _ _ No par 30 Apr 9 374May 27
34123412 343
344 3412 34
8
343 35
3614 3412 364
38
3012 Aug
8 1,000 Nat Distil Prod pf tern ctf No par 524 Jan 8 6934May 23
8
4
663 6714 *6612 6712 6614 6614 673 673
*6712 68 I 674 68
1812 Sept 4472 Jac
8
3138 3114 313
31
4 1,800! Nat Enam & Stamping_100 25 Apr 30 367 Jan 21
31
3012 3012 3012 *30
30
*2912 30
Jac
67 Sept 89
4
June 22 893 Jan 12
100 75
2001 Do pref
80
80
80
*78
80
*78
80
*76
75
75
80
75
.
8
100 13812 Apr 27 1667 Jan 9 12312 Apr 16914 Aug
5,3001 National Lead
4
1473 1474 148 151
148
147
145 14512 14514 14614 14411 147
100 116 Jan 5 118 Mar 4 11112 May 118 Sept
Do pref
119t
1
200
8
8
1187 1167 117 117 .118 119 *116 11912 *116
•118 117
5412 Oct 7212 Fel
50 614 Apr 2 71 Jan 29
1,200 National Supply
6
4
4
623 623 *62
63
62 6214 •62
8 6212 63
834 637
1634 De.
8
117 Jan
8
163 Jan 7
4
1,400 Nevada Consol Copper _ _ _ _ 5 113 Apr 27
124 121
2 124 1214 1214 124 1212 1214 1214
*1212 1278
3818 Apr 57 Dec
Air Brake tern ette_No par 4234May 1 664 Jan 3
44
1,700 NY
4312 434 *434 4514 434 4334 44
44
434 4412 44
4714 Jan 67 Dec
No par 51 Mar 19 67 Jan 7
Do Class A
521
*5112 524 *5112 5212 *52
•5112 5212 *514 5212 *5112 5212
une 37 Dec
32
4
6,000 N Y Canners temp ctfs_No par 313 Mar 30 4718June 18
3
4318 4418 43 4 45
4
433 45
4258 45
451
464 45
48
Jan 374 May
19
100 18 Mar 24 3118 Apr 14
2618 2618 2612 2914 2,5001 New York Dock
28
.26
4
253 26
3
4
253 25
•2512 28
4118 Feb 554 May
100 524 Jan 14 7214June 26
Do pref
1,9001
4
4 693 721
693
.69
6814
68
68 68
68
68
*6612 70
42 Sept 47 May
200 Niagara Falls Power__.No par 454 Jan 5 69 May 15
68
*67
68
68
68
*87
68
*65
68
*65
68
68
27 June
29 Bern
25 28 Jan 5 29 Jan 2
Do pref new
1,500
8 2814 281
283
s
46 Der
Jan
2818 281s 283 283* *2814 2812 2812 2812 *2814 485
22
8May 7
03
10 414 Jan 5
481 35,000 North American Co
8 48
4 48
483
3
4734 48 4 48
4658 4634 464 48
2
437 Jan
5014 July
,
46 2 Jan 2 504June 2
50
Do pref
8 494 4958 4912 494 1,300
8
8 497 497
8
8
495 494 494 497 *494 497
94 Dec
7 Apr
8 Jan 16 104 Jan 30
..No par
100 Nunnally Co (The)
9
9
10
*8
10
*812 912 *812 912 *8
10
*9
414 Mar
2
83 Oct
712June 5
512 Jan 22
500 Ontario Silver Min new No par
61
,
64 64 *614 6 8 *834
614 7
•
Jar
18 May 30
*612 74 *612 7
2
183 Jan 6 2518MaY 12
Onyx Hosiery
No par
26
*25
26
*25
26
*25
26
*25
26
*25
29 Doi
•2412 26
18 Feb
8
4
253 Jan 16 293 Feb 27
27
2714 2,000 Orpheurn Circuit, Ins
27
27
27
27
4
2658 284 263 27
684 June 92 Dec
*2612 27
8
Otis Elevator (k)
50 873 Feb 27 11812 Apr 17
1,100
8
11412 11412 *114 11512 1147 1151
114 114
114 114
114 Jan
*11318 115
614 Nov
8May 25
8 Mar 18 143
No par
4 134 134 1312 1378 14,400 Otis Steel
4 1318 133
133
13
8 134 14
44
7414 Mar
Oct
•1314 133
4May 25
100 504 Mar 18 743
Do pref
8001
8
737 74
73
73
7312 7112 7112 *7212 73
8
*7112 743 *72
3914 May 4714 Jac
Mar 17 6112May 29
4
25 423
8 2,900 Owens Bottle
483
4712 4712 474 48
4
4 473 4812 464 4712 *47
4812 483
9018 Jan 105 Dec
100 10212 Jan 5 I1814June 3
800 Pacific Gas & Electrie
11414 11414
4
1143 11512 114 114 *11414 116
Apr 103 Jac
4
7
4
•11512 1163 11514 116
612 Apr 18 11 May 28
5
100 Pacific Mall Steamship
*1014 103 *1014 103
4
4
*1014 103 *1014 103
10
45 Apr 5814 Feb
4 10
103
*10
No Par 5214 Mar 30 664 Jan 31
Pacific 011
574 5814 574 573 25,400
574 58
1612 Dec
7
9 8 May
8 574 5812 5714 58
5818 587
10 15 Jan 16 3114June 26
4
4 293 3134 85,100 Packard Motor Car
2914 294 2912 293
8 2878 2958
294 297
8913 Apr 10214 Der
2912 30
100 10214 Jan 6 112451ay 26
Do pref
100
8
*11014 112 *1103 111
3
4
1738:)lay 6 2318NIay 20
•11014 1104 *11014 1103 *11014 1104 110 8 1103* 217 2214 22
2214 9,200 Paige 1)et Motor Car_ _No par
8
81
2114 27
22
21
4
444 Feb 85 Dec
4 213 22
4
Mar 3
213 213
7818 794 794 807 36,100 Pan-Amer Pete & Trans.__ 50 64 Jan 8 834
7912
78
78
4 77
7634 773
4114 Feb 64 2 Dec
,
7718 78
8
50 633 Jan 8 84101ar 3
Do Class 13
4 784 7912 7812 797 91,500
793
8 78
44 Jac
112 Sept
3 Jan 6
8
53 Feb 26
7814 7914 774 7918 7712 787
200 Panhandle Prod dt Ref _Na Par
*312 378 •314 4
312 *314 4
312
4
4
13 Dei
4
3 July
4
8
17 Feb 11
112 Jan 12
•34 4
100 Parish & Bing stamped_No Par
3 14
13
14
8 *14
8 *112 17
17
24 Sept 3514 Dec
8 *112 14 •14
•112 17
900 Park & Tilford tern etfs_No par 26128'3510y 9 3512 Jan 10
3012 301
30
8
307 3112 3018 3018 301s 3014 30
*3018 32
No par 2112May 28 28 Apr 14
1,700 Penick & Ford
221
8 2314 2212 2212 22
8
224 234 2314 243 *225
184 Nov
3018 Jar
8
*2218 23
4
60 123 Apr 29 263 Jan 2
400 Penn Coal & Coke
4
4
4
*143 1514 *143 1514 *143 1514
.15
15
15
414 Jarr,
14 Oct
3 Jan 9
8 15
114 Mar 31
7
14 8 147
11
9,800 Penn-Seaboard St'll vta No par
138
11
13
, 14
14 13
112
8
13
112
112
924 Apr 11912 Dec
16
8 14
13
21•116 11612 11612 11613 1,800 People's 0 L & 0(Chic)„.100 112 Jan 16 12214June 26
8
4
4
1173 1173 11612 1177 11614 1161
*11812 119
4274 May 674 De'
Philadelphia Co (PIttab)_ 60 6112kIar 18 6114June
2 584 6114 35,800
8 5812 593
4
Jan
4214 Jan 47
8 573 5914 5714 6814 5712 587 *48
587
50 4512 Jail' 48 June 1
57
Do pref
49
4812 *48
49
*48
49
,
344 Mar 54 4 DIM
*4712 4812 •4712. 4812 *48
No Par 373 5laY 6 524 Jan Ii
4
7,400 Phila & Read C & I
408 3912 40
30
39
4
3912 404 383 3914 39
40
35 Mar 5244 July
40
Certificates of int__ _No par 39 June 5 5012 Jan 23
40
*39
40
*39
*3812 40
40
*3812
42
*39
44 May 88 July
42
*39
Phillips-Jones Corp._ __No par 55 June 10 9018 Jan 12
80
*51
60
*51
60
*51
57
*51
60
*56
11 July 234 Jut
60
4
*58
1712 11,900 Phillip Morris & Co, Ltd _10 123 Mar 19 1712June 26
17
4
163 17
4
8 153 17
163
16
4
2812 Oct 424 Am
*1512 1612 153 16
No par 3614 Mar 30 4718June 12
50,400 Phillipe Petroleum
44% 4514 4458 45
45
8 44
453
4618 44
4534 4618 45
618 May 16 Dec
8June 18
8
107 Mar 30 347
8
324 343 67,700 Pierce-Arrow Mot car.No par
304 334
8 2712 3012 264 2914 2714 30
313
29
Juno
Do pref
8212 24,900
8 80
4
783 813
3
3
3
7914 81
'
7712 8014 75 8 78 4 7612 79 4 160 165 1 165 173
2
1
:1
klar n 173(1
3 1 M py 1'
1 112 June
i ' a r 9ila Er
0
pa
No 10r fg
ar
7914
! Do prior pref
1,600
14518 15412
146 148 *125 140
150 155
25
2
241
218 6,400 Pierce 011 Corporation
2
24 218
218 218
214 214
Jar
214 238
20 Mar 36
404
100 2r1;
2t1
pref
Do
700
35
35
37
*35
36
3712 3514 3514 *34
814 Feb4 8 Oct
54 Da
.
3
3
:1 n
5 5 .ty 2
35 8 3512 *35
718 714 11,900 Pierce Petrol'in tern ctfs_No par
718
714
7
718
7
74 714
7
74 712
.
1 47
17 8 Dec,,g
2 5412 Jan 13
100 371
Pittsburgh Coal of Pa
4
4 463 4712 4712 47121 4712 4712 1,400
463
180 r'lP
:114 A a
4634 4812 4612 *45
*46
:
5
100 80 May 4 99 J
Do pref
300
8512 *8614 90 1 *8612 9012
85
87
8
883 *85
*85
85
Jan 103 Auk
85
95
100 94 Mar 26 10212 Jrr: 8
200 Pittsburgh Steel pref
*99 100
*99 100
*99 100
*99 100
99
99
4
*89 100
8
587 Dec 6314 Dec
17
1:
100 30 Apr 27 633 Jan ,; 5
Pitts Term Coal
500
37
3712 3712 374 3712 37
37
*36
37
37
4
37
35
•
83 Dec 873 Dec
100 80 June 12 814 Jan 8
Do pref
100
81
81 1 .78
81
82
*78
81
*78
*8012 81
82
*80
7
8Mar 24 17 1
8
4
1614 1778 163 173 16,300 Pittsburgh Utilities pref____10 127
e
1514 1512 1512 1512 1512 16
184 E8r
1412 15
171'
I9 ;, Feb'ai
1 153 16
4
_10 123 Mar 20 16 8J
Do pref certificates
6.200
4
4
8
8 147 153
4
8 143 147
147
J.ei7eb
.)i,
*14
902
144 1418 *141,3 15
A. n r
,, g 8
8June 19
934 Feb 18 1187
4
61i12 , ig 1(134 I.,:n
3
4,200 Post'm Car Co InctemcHNo pa
11512 116
11512 116
8
117 11834 116 11778 11512 1167 11512 11558 4514 453
100 45 June 25 69 Jan 23
Pressed Steel Car
1,300
4 4514 451
454
45
48
4812 4812 4812 4812 46
25 92 2 Jan 3
100 77
Do pref
400
77
77
77
77
79
*78
79
*78
79
79
79
79
4 u
223 Apr 4312
8
Mar 30 325
1,100 Producer,& Refiners Corp_ 50 22 June1 Feb 3
26
2512 2512 2512 26 1 *25
28
25
26
26
*2812 27
39 Mar 70 Doe
6812 6818 8812 674 88's 5,900 PubServCorp of NJ newNo par 624 Mar 30 74 May 21
6858 68
6812 6834 684 6834 68
9812 Mar 10114 Doe
100 99 Jan 7 10212June 3
Do 7% pref
200
*100 10012 *100 1001
10014 10014 *100 10012 *9912 10012 100 100 *III 113
9914 Apr 115 Deo
100 108 2 Apr 1 11458June 4
,
Do 8% pref
200
113 113
*105 107 .111 11312 •111 11312 *111 11314 *1383 139 *139 140
4
00 129 Mar 30 1513 Jan 3 11312 Apr 15114 De,
6.100 Pullman Company
4
.
4
4
1373 140
1393 142 I 13912 1401 139 139
3738 Dec 07es Mar
4MaY 25 4714 Jan 7
2,200 Punta Alegre Sugar
16. 383
4
71 , 393 393
4012 4112 *4012 4212 40's 4012
20 June 3014 Deo
4
, n Oil804 ne
25 25 8 Apr 17 333 Feb 4
3
)
,
19,600 Pure 011(Th r
2912 30
8
8 3018 297 30 1 *101110e
Jan 10514 Do'
3018 3012 294 3014 2912 3018 295 107
1
A2
pref
Ion 1021. Jan c 107 May 26
107 101
•104
4105 107 *106 107 *106 107
n No par. z Ex-rights.
k Trading on N. Y. Stock Exchange trust/ended
-dividend. a Ex-new rights,
*Bid and asked prices: no sales on this day. s Ex
111eeause of small amount of stock outstanding.
lin
Lan. 'I
Feb
New York Stock Record-Continued-Page 5
3293
Per sales during the week of stocks usually inacti•e, see fifth page preceding.
HIM AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
June 20.
Monday,
June 22.
Tuesday,
June 23.
Wednesday, Thursday,
June 24.
June 25.
Friday,
June 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Att :Al ANIS
Range for Year 1925.
On basis of 11,d-share lots
riCit AEI A KA.
Range for Previous
Year 1924.
Lowest
Highest
Lowest
Highest
$ per share $ per share I $ per share $ per share $ per share $ per share Shares. Indus. & Miscall. (Con.) Par $ per share
$ per share $ Per share $ per sbars
524 527
8 5112 525
8 5114 513
8
4 515 5212 5212 54121 535 5714 37,400 Radio Corp of Amer___No par 4838 Mar 27 774 Jan 2
8
257 Oct 684 Dec
8
04714 504 5018 5018 84912 504 4912 4912 5014 5014'
Do pref
*4912 5014
50 485
300
8June 9 54 Feb 4,
457 Oct 50 Dec
8
•123 12512.12212 125 *12212 125
123 123 18123 125 1 *123 12412
300 Railway Steel Spring
100 12212 Feb 17 1413 Jan 5 106
Jan 13712 Dee
4
03412 37
*343 37
8
*343 3714 *34
8
40 .34
40
*3318 40 1
Rand Mines, Ltd
No par 3378 Jan 7 3814May 1
Jan nil Nov
30
123 13
4
1278 13
1214 127
8 1214 1212 1214 123
8 1214 123
4 9,300 Ray Consolidated Copper_ 10 113 Apr 22 173 Feb 9
8
8
9 Mar 174 Dec
2418 2434 243 2512, 24
8
2518 243 25121 25
8
2541 243 253 32,200 Reis (Robt) & Co
No par
10 May 10 2534 June 26!
4
4
9
Oct 1612 Jan
75
75
743 7512 723 743
8
4
8 723 737
4
8 7412 7553! 743 75
4
5,200 Remington Ty pewriter____100 4634 Jan 27 763
4June 15
3214 Jan 5412 Dec
*10114 104 *10114 104 1.10114 104 *10114 104 1.10114 104 1 .1014 104
Do lot pref
1
100 100 Jan 2 105 Apr 211 9014 July 993 Dee
4
•103 108 *102 108 *102 108 *102 108 ,*104 108 *107 108
Do 2d pref
100 107 June 19 11312 Apr 29
9012 May 110 Dec
1312 133
4 133 137
4
81 1312 1812 13
1338 133 134. 1312 1312 5,000 Replogle Steel
8
No par
125
8June 12 2314 Jan 13
714 June 2314 Nov
•4434 45
4412 4412; 44
4414 *4412 4478. *4414 44121 4412 4412
600 Republic Iron & Steel
100 4218 Apr 30 643 Jan 3. 42 June 633 Deo
8
8
*86
875
8 873 873 .8414 8712 .85
8
81
8712, .8414 863 08414 863
4;
.100 86 Apr 22 95 Jan 13
Do Drat
100
4
82 June 95 Mar
10
11
10
113
8, 10
1088, 10
107
8 10
10381
08 103 14,900 Reynolds Spring
7
8
No par
97
8June 18 18 Jan 5
94 May 223 Jan
4
7612 7612 7618 7634 765 767
8
8
8 765 7678' 7618 77
763 77
4
8,600 Reynolds(R J) Tob Class B 25 7214 Mar 24 783
4May 25
6152 Mar 794 Dec
•1191z 121 *11912 121 111912 121 •11912 121 1 1203 1203 *11912 121100
4
4
100 1197 Jan 8 122 Apr 29 11514 Ma 121 June
Do 7% pref
8
*8552 86
86
8512 8512 8512 8512; 85
86
85 .85
500 Ross% Insurance Co
87
25 85 June 25 9712 Feb 20
86 Ma
96 Sept
5212 524 52
5212 5112 52
52
523
8 517 52181 5112 5214 5,900 Royal Dutch Co(N Y shares)_ 484 Mar 24 5738 Jan 31
8
5912 Feb
403 Sep
8
4834 4878 73712 39 1 364 363
4 37
37141 374 3712 374 3712 4,800, St Joseph Lead
10 3638June 23 5212May 25
22
Jan 457 Dee
8
5614 574 5714 574 543 57
4
55
56 I 5512 5512' 56
3,500; Savage Arms Corporation_100 54 June 18 1084 Mar 3
60
325s Jan 887g Dec
10918 11012 10912 10912 10914 10914 10914 109121 110 110341 110 110
1,600 Schulte Retail Stores_No Par 108 May 16 1167 Feb 9
2
963 4P 12914 Aug
4
•11034 114 *11034 114 .1103 116
4
11034 1103 .110 116 .110 116100
4
Do pref
100 110 Jan 6 115 Feb 19 105 May 1123 Dec
4
15 4 165
3
8 153 163
4
4 157 1614 15.14 16
8
1512 16
155 16
8
30,800 Seagrave Corp
No par 1312June 9 1634June 22
1693 17912 16814 170
4
168 169 *16812 169
169 17018 *169 17014 3,900 Sears, Roebuck & Co
100 14712Mar 30 17414May 20
7834May 155 Dec
*6
618 *6
614
6
6
6
6
6
6
1,200 Shattuck Arizona Copper
10
6
514 Apr 22
6
74 Jan 3
4 Apr
8 July
*6212 6518 *6212 65
62
63
62
64
6412 65
65
1,600 Shattuck (1 G)
65
No par 4018 Mar 30 6612June 15
,
4214 4214 *414 4214 4118 4114 414 4214 4112 4112 .4114 43
1,100 Shell Transport 8 Trading. £2 397
85lay 3 4534 Jan 30
Jan 42 Dec
33
2514 245 25
243
4
8
237 245
8
8 2378 244 24
2414 237 2414 28,300 Shell Union 011
8
No par 2212 Jan 6 283 Feb 4
8
15% July 224 Dec
•1013 102 *1013 102 .1013 102
4
4
4
102 102 .10134 102
102 10212
Do pref
500
100 9912 Jan 2 10212June 26
9112 Jan 9912 Dec
2418 2434 24
2412 25
2412 2418 2438 2418 2414 2418 2414 7,200 Simms Petroleum
10 1912 Mar 17 263 Jan 12
4
10 2 Jan 24 Dec '
3
4338 44
4334 44
433 44
4
4334 44
437 4412 44
8
4534 11.200 SIMM0128 CO
T70 par 3114 Mar 17 4534June 26
22 Apr 37 Dec
234 243
8
8 223 2314 2214 223
4 2218 2234 2214 223
4 2214 223 99,500 Sinclair Cons Oil Corp_No par
17 Jan 6 247 Feb 2
4
8
15 July 2718 Jan
94
94
94
9334 93
94
9312 94
*93
93
93
94
Do pref
1,700
100 783 Jan 2 944 Feb 3
4
Oct 90
75
Jan
2834 2912 2818 29
2712 283
8 2758 283
8 2712 28
2712 28
24,400 Skelly 011 Co
25 213 Mar 30 3012 Feb 3
4
1718 July 29 Feb
*8512 8712 885
87
8338 86
8358 84
835 834 843 8412 1,600 Sloss-Sheffield Steel & Iron 100 8014 Mar 30 97 Feb 5
8
8
52 May 847 Dec
2
74
75
7312 75
73
73
7214 721
70
727
8 7212 7212 3,800 South Porto Rico Sugar_ .100 62 Jan 6 753
4June 19
68 Oct 954 Mar
2112 2112 2012 21
2012 2012 *20
21
*20
21
*20 21A: Co
400 Spear Vopar 2012June 22 24 May 28
91
91
90
91
90
90 .89
90
90
90
*90
Preferred
91
600
100 90 June22 92 May 19
_
194 20
197 2014 1912 203
8
8 195 20
8
195 20
8
193 207
4
8 6,000 Spicer Mfg Co
NO par 1512 Feb 17 233
8May 25
73 June 20 Dec
8
•102 105 *102 105 *102 1045 103 103 *102 105 *102 105
8
100
Do pref
100 92 Apr 1 106 May 18
78 July 9814 Dee
5212 53
5212 534 51, 523
8
4
52
4 513 521
525
8 52
525 18,400 Standard Gas & El Co_No par 40 4 Jan 2 517
8
,
8May 20
3111 May 415 Dee
8
80
803
8 7812 7912 755 78
8
754 773
8 77
7714 77
7712 3,900 Standard Milling
100 62 May 19 804June 18
391! May 7332 Dee
•85
8612 8514 8514 *8514 86 .853 86
4
857 854 *85
8
86
Do pref
200
100 81 Jan 20 863
8June 12
70 July 85 Mar
60
6012 594 593
4 58 4 5918 59
3
5912 5914 593
8 5918 593
8 7,900 Standard Oil of California_ 25 565 Mar 30 6714 Feb 2
8
5512 Apr 6812 Jan
445 45
8
4438 4434 44
4412 4418 45
443 4518 4434 4514 49,700 Standard 011 of New Jersey 25 3838 Mar 30 4712 Feb 3
4
33 May 4214 Jan
1177 ll77 11778 118
8
s
1177 118
11638 11734 1164 117
8
1163 11714 8,200
4
Do pref non-votIng____100 1163
8June 24 119 Feb 24 11514 Mar 11918 Aug
•10
103
8 10
10
10
10
10
10
103 123
8
8 1114 117
8 6,600 Stand Plate Glass CoNo pa
10 Feb 11
16 Jan 16
134 Oct 3514 June
65
6514 6434 643
4 6412 6412 6412 6434 6412 644 64
6412 1,500 Sterling Products
No pa
6214 Mar 25 6614May 29
554 Apr 6512 Nov
6712 6712 6614 6614 653 6612 654 67
8
663 6734 6712 687
4
8 8,300 Stewart-Warn Sp Corp_No pa
55 Mar 18 7778 Jan 3
484 July 1004 Jan
.67
69
69 - 6612 6612 643 65
*67
4
*65
66
6714 6812
800 Stromberg Carburetor_No pa
61 Mar 18 793 Jan 3
4
5412 May 8478 Jan
4534 4638
4578 4714 45 8 464 45 4 4614 46
5
3
47
4634 4714 70,500 Stubeb'rCorp(The)newNo pa
414 Jan 28 49 May 27
3012 May 4614 Dec
•116 118
117 117
116 116 *117 118 *117 118 *117 118100 112 Mar 13 11834June 3
Do pref
500
8
1097 Nov 115
Jan
85
8 9
87
8 9
83
4 83
4
812 83
4
812 84
812 8'2 2,500 Submarine Boat
No pa
83
8June 9 12 Mar 6
6 Nov
123 Dee
2
412 5
438 43
4
414 414
44 414
44 414
418 414 3,000 Superior Oil
No pa
334May 28
238 Jan
618 Feb 9
818 Aug
•23
2512 *23
25 .23
25
*23
25
*23
25
*23
Superior Steel
25
10
20 May 1
414 Jan 10
23 July 35 Dee
.64 714 .63
#334
8 7
*6
63
4 63
4 *614 63
4
7
7
800 Sweets Cool America
50
54 Mar 19 1134 Jan 7
134 Sept
3 Jan
1512 1614 1618 164 157 157
8
1618 1618 1558 155
8 1618 1618 1,800 Symington temp ctfs__No pa
1012 Jan 15 19 Mar 12
2112 2112 *21
215
8 2112 2112 2112 2112 21 12 2112 2112 2112 1,000
Class A temp Otis_ No pa
2014 Mar 19 2312 Jan 17
1234 127 *1212 124 1258 125
8
8 123 123
4
4 123 1234 *1214 123
4
Telautograph Corp_No pa
4
800
1134 Mar 30 15 Feb 7
614 June
113 115
8
8
8 113 113
4 11
1114 103 1114 105 11
4
8
103 11
4
9,200, Tenn COPP dc C
No pa
75 Apr 1 1178June 9
8
63 Mar
4
94 Jan
52 4 5318 514 5212 5012 513
,
4 5014 5112 51
5112 514518 99,300 Texas Company (The)._7
25 4214 Jan 5 544June 12
373 June 454 Jan
4
10418 108
10712 10914 10614 10814 10614 1114 11012 114
11218 11312 94,700 Texas Gulf Sulphur
10 9712 Feb 17 114 June 25
6714 AM 110 Dee
1612 1612 1., 8 1504 15 8 153
5
,
4 155 153
8
4 155 1618 1512 153 10.000 Texas Pacific Coal & 011
8
4
10 1112 Jan 5 233 Feb 6
2
8 Oct 154 Feb
144 144 *141 145
141 14212 *143 144
141 141 *142 144
100 122 Mar 30 152 Feb 27 11614 Oct 151 Feb
500 Tidewater 011
405 405
8
8 4052 41
405 414 4012 404 407 4114 407 42
8
8
19,200 Timken Roller Bearing_No par 374 Mar 18 4412 Feb 13
8
3112 May 41
Jan
793 803
4
4 80
813
4 7912 8118 8012 8218; 8212 8378 827 8312 53,100 Tobacco Products Corp
8
100 70 Jan 2 837
8June 25
52 Apr 7332 Dec
102 102
102 102
102 102
101 1017 102 102
8
8314 Mar 9318 Oct
1024 10212 1.6001
Do Class A
100 934 Jan 2 10212June 26
47
8 5
47
8 5
43
4 5
43
4 5
45
8 478
412 45 15,000 TranacT1011 tem at new No par
8
34 Jan 2
67
8May 9
64 Jan
34 APr
*2514 26
2514 254 .25
26
*25
26
*25
26
•25
26
100 Transue & Williams St'l No par 2514May 13 35 Jan 10
283 Ott 354 Jan
8
*4314 4334 45
4534 433 433
8
8 423 4234 43
4
43
*425 433
8
8
700 Underwood Typew
25 384 Mar 26 4534June 22
3618 Sept 43
Jan
481 48'Z 48
48
4612 47
4614 47
47
47
•46
4712 1,300 Union Bag & Paper Corp._100 36 Apr 1 6012May 25
3312 Sept 645 Feb
8
12
12
*12
58
3
8
38
5
8
3
a
3
8
3
8
*313
No par
.21 Jan 3 1.00 Feb 28
5 Apr
12 1,10 Union 011
13 Feb
39
393
4 383 394
4
8 30
38
383
4 3818 387
8 3814 385 12,10 1 Union Oil, California
8
25 3612 Apr 27 4338 Feb 5
35 Nov 39 Nov
.126 133
126 12614 12512 127 *126 132 *127 129
129 129
900, Union Tank Car
100 1184 Jan 17 134 June 19
94
Jan 1327 Sept
8
.115 11718 *115 117 *115 117
11614 11614 11512 11512 *115 117
2001 Do pref
100 11314June 17 1171gMay 6 10614 Feb 1164 July
25
25
253 253
8
8 25
25
25
2514 *2412 247
8 243 247
4
8 1,000 United Alloy Steel
Vo par 24 May 15 367e Mar 4
20
Oct 37 Feb
p 7714 82
81
854 8414 867
8 86
89
89
9112 9034 933 115,000 United Cigar Stores
8
25 6014 Jan 6 933
8June 26
4212 June 6414 Nov
122 8 123
,
122 122
122 1224 1227 1224 1225 123
8
8
12212 12312 3,300 United Drug
100 11078 Feb 4 1275
8May 21
71 May 12153 Dee
547 Ws 543 543
8
4
4 5 4 5 4 *543 55
4
4
5434 543 *543 544
4
4
Do 1st pref
600
50 52 Jan 16 56 June 15
464 May 53 Dee
L21812 22014 216 21678 *213 215
215 21512 215 215
2157 2157
8
8 1,400 United Fruit
100 200 Mar 31 231 Jan 3 182
Jan 22418 Aug
3412 35
344 354 335 344 3418 3412 3314 35'2 35
8
353 17,200 Universal Pipe & Rad__No par 2612 Apr 27 504 Feb 11
4
13 July 48 Dec
.72
74
75
75
*72
75
*7214 75
*7214 75
75
79
Do pref
400
100 6612 Apr 27 94 Feb 11
4712 Oct, 79 Dec
116112 16212 15612 15734 156 15714 1553 1574 15718 15718 1583 160
4
4
Cast Iron Pipe &Fdy_100 13114 Apr 22 250 Feb 11
4,400 US
64 Feb 1694 Dee
.9512 100
*9512 100
*94 100
98
*9712 98
98
•96
98
Do pref
200
100 98 June 24 11212 Feb 27
817 Jan 10414 Oct
8
*33
333
4 323 323
33,2 *33
4
4 335 335
8
8 33
331
3312 337
8 1,100 US Distrib Corp tern ctf NO par 304 Feb 17 393 Jan 17
4
2112 May 42 Do,
*116 150
135 150
140 140 *1163 150 *11612 150 .116 150
4
Do ore
100
100 130 Mar 9 154 Jan 8
98 July 168 Dec
35
35
347 35
35
3514 35
35
3412 35
3414 345
8 2,300 US Hoff Mach Corp v t c No par 23 Jan 3 3612June 1
165 Mar 244 Oct
8
8712 8712 8612 8712 8512 863
8, 843 86
4
854 863
8 857 8612 6,600 U S Industrial Alcohol
8
100 76 Mar 19 944May 26, 614 May 8714 Dec
•11412 120
115 115 *11412 118 1 °11412 1163 *11412 1163 *11412 1163
4
4
4
Do pref
100
1001 105 Jan 29 115 June 221 98
Jan 1063 Des
4
12812 1287 12812 129
8
1284 12934 *12714 129
1293 130 1 130 130141 2.800 US Realty & Improv't____100 11412 Mar 30 1473
4
4hlay 12
90 June 14312 Dec
100 12214 Jan 2 142 May 4 100 June 143 Do,
-4634 17 4 -464 - - - -,
-147
Thli8 471s --i5i4 46 2 -461. 163 --;ii- 181; -- .to United States Rubber
8
.14
33-2
100 334 Mar 30 485
8June 18
2212 May 4278 Jan
10212 1024 10212 1023 10214 10212 10218 10212 10212 10234 10212 104
4
Do lot pre(
2,800
100 9234 Mar 30 104 June 26
6612 May 957 Dec
8
36
364 36
3614 35
353 *343 354 3518 36
4
4
3514 3512 2.600 U S Smelting, Ref .8 Min
50 30 Feb 17 39 Jan 7
1812 Mar 4112 Dee
1 443 443
4
4 45
45
*4414 45
4412 45
45
4.3
*45
46
50
Do prat
50 44 Apr 16 4612 Jan 5
374 Mar 4672 Dec
11155 11614 115 1157 11418 11518 11412 1153 1143 11512 1147 11512 72,100 United States Steel
8
8
8
8
8
Corp 100 1123g Mar 30 12958 Jan 23
9414 Juno 121 Dee
1234 12334 124 124
•12312 124
124 124
124 124
1237 124
8
Do pre(
1.900
100 12218May 7 1265 Jan 26 11853 Feb 123 July
8
9012 9012 90 90341 885 8918 88
2
88
88 14 8814 8814 8814
1,100, Utah Copper
10 82 Mar 19 92 Jan 15
Jas 883 Dec
64
4
*283 2812 2812 2918 277 28
8
8
274 2712 28
28
2818 2818 2,500 Vanadium Corp
No par 255
8May 4 3184 Jan 3
191g Jun
3312 Feb
.1,2012 23
*20
22
*18
20
*19
217 *18
8
22
*18
22
Van Raalte
No par
4May 13 243
4May 19
163
154 Oct3318 Jan
4.71
73
*71
73 .71
73
*71
73 .71
73
*71
73
Do 1st pref
100 60 Apr 1 73 May 22
53 Sept80 Jan
110418 434
414
4
4
4
4
418 .312 4
*37
8 4
1,0001 Virginia-Caro Chem___No par
24 Mar 23
CgJune 103 Jan
5 Apr 17
8
124 1418 13
133 141
4
1314 1314 14
1312 1418 14
1414 5,0001 Do prat
84 Jan 5 203g Apr 17
100
212 June 344 Jan
.2
21
21
*2
218 218 *13
4 214 *13
4 214 .13
4 21
2001 Do "B"
No par
1 Jan 17
212 Apr 18
June
7
Jan
144 153
p
8 145 153
8
8 1514 1512 1512 16
P icz 141
16
163 40,900' Vivadou (V) new
No par
714 Jan 13 163
434 July 154 Jan
4June 26
*1614 164 1614 165 *163 1612 *163 1612 163 163
8
8
8
8
8 16
16
7001 Waldorf System
Ne par 1512May 11
197 Jan 3
8
14 Apr 20 Nov
•150 155 .150 155
155 155 *150 155 .150 155 *150 155
100 Ward4BakIng Class A_ _No par 116 Apr 30 158 June 17
6112 624 6112 633
8 6112 623
4 6114 625
8 615 63
8
62
633 31,900
8
Class B
No par 3714 Mar 30 663
4June 15
105 106
105 105
10512 1054 10512 10512 10612 10612 10512 10512 1,700
Preferred (100)
No par 9412 Feb 11 10612June
54
54
56
55
54
5618 *55
56
55
56
555 5.55
8
8 2,100 Weber .8 Hellbr, new_c No par 51 Apr 17 5714 Feb 25
9
•3
34 *3
5
*3
34 *3
34 34 *3
318
9
100 Wells Fargo
1
318June 25 14 May 22
5 Oct 1218 No,
•11514 118 *11512 118 *11512 118
117 117
11712 11712 •11512 118
200 Western Eleo 7% prat
100 11354 Jan 9 11712June 25 11152 Apr 117 July
8
13112 13134 1317 1324 131 13112 132 13212 z131 13112 13118 1317
3,000 Western Union Telegraph 100 1164 Jan 2 135 Apr 23 105 May 1183
4 Dec
102 103 *101 1023 10114 10212 *102 105
•103 104 •103 104
goo Westinghouse Alr Brake_ __ 50 97
4
Apr
Jan 111 Dee
84
713
8 703 714 704 71
71
4
714 71
707 71
7214 11,100 Westinghouse Elea & Mfg_ 50 6614 Mar 9 11378 Jan 7
8
71
28 84 Jan 3
554 May 75 May
8
113 12
8
113 1218 *1112 12
8
,
•104 11 2 107 12
117 117
8
\Vest Elea Instrument
2,900
914 Apr 1
14 Jan 29
2312 224 233
23
*2212 23
8 2318 243 *2312 24
8
2334 234 4,000
Class A
195
8hlar 31 2438June 24
130 134 •128 130
•128 134 •130 134
126 126
12712 12814
500 West Penn Co
No par 105 Mar 2 145 May 21
4718 Jan 127 Dec
4 9712 99
,
*98
983 983
99
4
984 983
8 983 983 *9714 9817
4
4
400
Do 7% pf tern ctf new _100 94 Apr 3 99 June 17
874 Apr 97 Dec
4
2712 28
28
28
273 28 2 273 28
*277 28
4
s
,
28
28
2,700 White Eagle 011
No 2ar 254 Mar 31 313 Feb 2
4
2318 May 294 Feb
72
733
s 7314 7515 7112 741
7318 743
8 7218 73 8 7212 734 73,000 White Motor
3
50 574 Mar 3
76 Jan 13
2
8
5012 Apr 7211 Dee
.3
38
8
1
12
12
12
"2
5
8
5
8 1,900 Wickwire Spencer Steel_No par
•2
3 Jan 30
8
14 Jan 10
34 Oct
5
Jan
4
4
331
. 4
4
34 4
3
334 3
4
4
3
4 33
8 4,900
312 35
Certificates
312J00e 26
538Nlay 15
8
1812 191
185 1914 187 193
8
8
8 1914 207 135,800 Willys-Overland (The)
197 2014 193 20
8
8
5
94 Jan 26 2412MaY 11
07 May -- 414 Jan
8
1- 10158 1027 1015 10214 10218 103 8 103 10312 4,900
102 10214
8
5
8
1027 103
Do pref
100 7214 Jan 28 III May 22
614 May 88
Jan
614 *5 4 61
.6
614 *6
3
53
4 54
3
53
4 53
800 Wilson & Co, Inc
4 *53
4 614
512515y 29 1334 Mar 7
No par
44 May 28
23
Jan
•20
23 .21
*21
2214 .20
22
2112 .20
*20
21
Do pref
100 18 Am.24 60 Mar 7
11
Aug 724 Jan
134 1343 13414 1351 13412 13512 135 13633 1364 141
4
1344 135
19,800 W Oolworth Co(F W)
25 11214 Jan 28 141 June 26
7212 Apr 1263 Dec
4
3918 3918 3712 394 38
381
39
3812 3918 383 41
39
4
7,000 W orthington P.8 M
45fa1 14 793 Jan 2
100 363
4
2314 June 81 Dee
82
*77
*77
82
*77
80 .77
*77
82
82
*77
82
Do prat A
100 79 Apr 6 88 Jan 9
68 July 8912 Dee
*6514 67 .654 67
.6514 67 .
6514 67
*6514 67 .6514 67
Do pref B
100 65 Apr 7 763 Feb 11
4
584 Jan
754 Dea
2712 29
28
284 28
285
8 283 2912 12,500 Vi right Aeronautical_ _ _No par
8
8
285 2914 2812 29
16 Mar 30 3012June 19
94 May 23 3 Dee
,
51
514 5112 511
51
*51
5114 5114 .5012 Ills
50 50
400 Wrigley(Wm Jr)
No par 4512 Mar 30 5272 Feb 7
35 Apr 464 Dee
8 437 47
4012 3912 3912 3912 397
2 3812 4114 4112 443
8
39
31,000 Yollow Cab Mfg tern ctfs__ 10 3312 Feb 18 47 June 26
32 Nov
64
64
•6414 66
855 Mar
*641s 65
• 43359
8
46418 66
653 653s
4
400 V/'plasma;a sheet & T No ear 63 m ar 27 Mit Feb 13
593., Oct
7?
Dec
Ex-dividend
c New stock on he 'oasis of 1 new share for three old shares.
•1111(1 and asked prices; no sales on this day.
3294
New York Stock Exchange-Bond Record Friday Weekly and Yearly
Jan. 1 1909 ihe Exchange method of quoting bonds was changed and wires are now "and interest"--daceIS for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ended June 26.
is
Price
Friday
June 26.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No,
Ask Low
Bid
U. S. Government.
Vint Liberty Loan
032
834% of 1932-1947
J D 100. Sale 1003132 101.32 367
_
_
1021732Jun'25
Cony 4% of 1932-47
.1 D 1021.32 _
Cony 451% of 1932-47
J D 1023332 Sale 1021.32102.132 99
2
102.32 102332
2d eon, 434% of 1932-47
J D 102 103
Second Liberty Loan
46 of 1927-1942
_ 101232June'25 - - __
M N 101.32
Cony 434% of 1927-1942
MN 1011.32 Sale 1011.321011.32 928
Third Liberty Loan
1047
434% of 1928
M S 101..32 Sale 10132102
Fourth Liberty Loan
Sale 1022.32103432 2844
434% of 1933-1938
A 0 103
Treasury 434s
1947-1952 A 0 1072332 Sale 1071.321073.32 506
Treasury 49
1944-1954 „1 0 1032.32 Sale 10319331031932 1721
State and City Securities.
NY City-434s Corp stock_1960 31 5 101 1013 10118
8
10118
048 Corporate stock
8
1964 M 5 10312 ___- 1033 June'25
4502 Corporate stock
1972 A 0 1033 10414,10314 May'25
4
4146 Corporate stock
8
1966 A 0 10312 _ _0.023 Apr'25 -4546 Corporate stock
1971 .1 D 10818 1087 10814 May'25
8
454e Corporate stock_July 1967 4 J 1077 _ _ - - S1077 May'25 _ _8
8
6545 Corporate stock
1965 J D 1077 10812 108 June'25 -s
450 Corporate stock
8
1963 M s 1077 10812 1077 June'25 -8
1
100
6% Corporate stock
____ 100
1959 wi N 100
Registered
9814 May'25 ____
M N
6% Corporate stock
10014 June'25 --__
1958 MN 100
____ 10018 June'25
4% Corporate stock
1957 MN 100
5
8
997
8
4% Corporate stock
1956 m N 993 -___ 997
4
Registered
9814 Feb'25
M N
4
983 Mar'25
4% Corporate stock
1955 MN
Registered
m N --------100 June'25
634% Corporate stock__1957 MN 107 1073 1075 June'25 ---,
8
8
8
10714
4
02% Corporate steck__1957 MN 107 1075 10718
105 Feb'25
Registered__
8
341% Corporate stk_May1954 ill: / -66E8 __:: 905 June 25
1
) 11
91 May'25
8
351% Corporate eta _Nov 1954 MN 905
1
10312 10312
New York State Canal Ira-48196 i 3 y
10118 Mar'23
4sCanal1942 4 J
11414 May'25
1964 j J
4348 Canal impt
103 Feb'25
48 Highway impt register'd 1958
113 May'25
Highway Improv't 4515_1963 ,45
7612 Feb'23
Virginia 2-38
_1991 J .1
Foreign Government.
8
Argentine (0ovt) 7a
1927 y A 1027 Sale 10278 10318 71
3
8514
4
Argentine Treasury 55.£
1945 M 5 8514 863 8514
8
4
9614 369
Sinking fund 13e Ser A__ _1957 M s 957 Sale 953
9614 235
Extl Os ser B temp_Dee 19.58 J D 96 Sale 953
4
963 256
8
S 168 of 1925 temp
1959 4 o 9614 Sale 96
4
983 162
Austrian (Govt.) a f 79
1943 4 o 9814 Sale 98
: 68
1081
Belgium 25-yr ext a f 7)48 g_1945 3 )108 Sale 108
s
20
1941 y A 1073 Sale 10714 10712 94
-years f 88
921: 49
25-yr ext 6%sInterim reta_1949 M s 9218 Sale 92
8
863 194
EU!,f 68 inter rcta
1955 4 4 8618 Sale 86
Est!5 f 7s when issued..,1955.1 13 98 Sale 98
9818 374
11412 50
Bergen (Norway) a f 8s
1943 M N 114 11412 114
985
8 10
25
-year sinking fund 68
A 0 98 Sale 98
8
10912 17
Berne (City on 4 f 88_ _ ___ 1945 m N 1093 Sale 10914
9514 41
Bogota (City) ext'l 5 f 88..„1945 A 0 95 Sale 9418
99
4
95
Botlym (Republit of) Sa
1947 m N 943 Sale 9418
8458 31
Bordeaux (City of) I5-yr 68_1934 m N 8418 Sale 8418
977 130
8
Brash U El, external 85
1941 3 o 9712 Sale 97
8312 55
78 (Central Ry)
1952 4 D 8214 Sale 8218
734is (coffee secur) 3(flat).1952 A 0 10614 Sale 10618 10614 10
100
99
Burma Alres (City) ex.I 64451955 J 3 9812 Sale 9812
8
Canada (Dominion or) g 58_1926 A 0 1005 Sale 1005s 10034 11
20
1931 A 0 103 10312 10258 103
Se
4
1929 F A 1023 Sale 10234 10314 81
534s
10438 73
1952 m N 104 Sale 104
58
5
99
8
Carlsbad (City) a f 86
1954 4 J 985 99 99
8
Chile (Republic) esti a f 88_1941 F A 1075 Sale 10712 10812 75
21
8
1926 A 0 1027 Sale 10212 103
External 5-year If 88
203
102
20
-year ext175
1942 MN 10112 Sale 10114
4 10812 44
4
25
1946 M N 1073 Sale 1073
-years f 88
43
71
Chineee(Hukuang RY)56_1951 J D 4014 Sale 4014
1945 A 0 11012 111 11012 11012 31
Christiania (Oslo) ef 81)
7
4
10014
1954 M s 991z 10014 993
30
-year 8 f 58
72
100
4
1955 M N 983 Sale 9814
-year 5 1 6s int etf
30
25
8 101
Colombia (Republic)0145....1927 A o 101 Sale 1003
985
8 64
Copenhagen 25
-year 8 f 5448_1944 J .1 98 Sale 98
1
100
1944 pg 5 98 101 100
Cuba 58 of 1904
9912 100 June'25 ____
Net A 1949 F A 95
Exter debt 58 1914
1949 F A 8812
External loan 440
881' 1
8 '4
0
8 3
8
1953 4 j 1015 Sale 10858 1015 11
530
8
Czechoslovak (Repub of) 88_1951 A 0 993 Sale 9912 10014
100
99
Sink fund 88 Ser B Int ctfa_1952 A 0 98381 99
43
4 110
4
Danish Con Mtmlelp 88"A" 1946 F A 1093 Sale 1093
4 11014 24
1946 F A 110 Sale 1093
Series B a f 8s
1945 A 0 11012 Sale 11012 11034 84
Denmark externals!88
10318 54
1942 4 J 103 Sale 103
-year (is
20
4
Dominican Rep Con Adm s f155'58 F A 10214 1023 10214 June'25 ___
65
95l
Custom Administr 5516-.1942 M 5 9518 Sale 95
56
102
1947 .1 .1 10114 Sale 10114
Dutch East Indies ext 6s
1017 115
8
1962 M 5 10114 Sale 10114
-year 68
40
4
6
1953 M 5 100 Sale 9912 10014 381
-year ext 5445
30
30
1953 M N 9912 Sale 9912 10014 90
-year ext 5348
4
French Repub 25-yr ext 83_1945 M S 1013 Sale 0112 10212
161
99
4
20-yr external loan 7348_1941 J D 9814 Sale 973
905 459
8
8
8
19494 D 895 Sale 895
External Teo( 1924
22
92
tin 644s A_ __ _1954 A 0 91 Sale 9012
Finnish Mon
9
92
1954 A 0 91 Sale 9012
External 634s Series B
19
88
1945 M S 8414 Sale 8414
Finland (Rep) ext 6s
95
61
Sale 9414
1950 M S 9412
External s f 7e Int ctle
97
485
8
German external loan 7a rate_1949 A 0 97 Sale 965
10558 455
8
Gt Brit & Ire!(UK of) 5348_1937 F A 1047 Sale l0478
8 78
4
1929 V A 1163 Sale 11638 1165
-year cony 534,
10
9412 86
4
1952 M N 9412 Sale 933
Greater Prague 7448
8614 61
1964 M N 85 Sale 8334
Greek Govt 78 lot rcta
41
96
1952 A 0 96 Sale 9512
Haiti (Republic) 68
136
94
Hungary (Kingd o() 8 f 7548.1944 F A 9312 Sale 931s
49
4 100
A 100 Sale 993
Ind Bank of Japan 8% notes 1927 F
77
84
1931 .1 J 83 Sale 83
japanese Govt £ loan 4s
8
9412 816
1954 F A 937 Sale 9312
30
-year s f6 As
8
8618 30
Oriental Development 68-1953 M 5 86 Sale 855
841
62
-year 65_1934 M N 8412 Sale 84
Lyons (City on 15
85
71
Marseilles (City of) 15-yr 68_1934 M N 8414 Sale 84
14
1943 MN --------21 June'25 ____
Mexican Irrigation 454s
24
Jan'25
1943
Assenting 8 f 4445
Mexico(US)esti 58 of'99 £1945 Q J ____ ____ 38 May'25
____ ____ 3312
3353 39
1945
Assenting 55 of 1899
3712 May'25 ____
Assenting Os large
---- -- 3712 May'25 ____
Assenting 58 small
2014 June'23 ____
___ __
1964.1 D
Gold deb 4a of 1904
4
20
41
183 Sale 183
4
Assenting 4s 0( 1904
_
------------ 2613 Jan'25 __ _
Assenting 48 of 1904 large
2438 May'25 _ _
small
Assenting 45 of 1904
2 8
A
- --3- 2014 June'25 ____
1-3 TA
Assenting 4s of 1910
2314 41
223 Sale 2234
4
Assenting 4s of 1910 large
2012 81
,
8
3014 Sale 197
261 3
Assenting 48 of 1910 emall
4014 June'25 ___ _
Trees es of'31 amentaarge)'33 ri
371: June'25 ____
Small- i4 6;1-e- 95
96
109
1952 J 13 iii
Montevideo 78
10618 28
Netherlands 68 Mat yrfrea) 1972 M 5 106 Sale 106
3 -year external so (flat) _mg A 0 10312 Sale 10314 1033 155
0
4
8
4 68
1940 A 0 1103 Sale 11038 1107
Norway external 5 I Pe
8
1003 222
4
1943 F A 1003 Sale 10014
-year ext Os
20
8
10012 292
1944 F A 1003 Sale 10018
20
-year external 68
1052 A 0 10013 Sale 10018 10053 69
-year Willa
30
8
4
967 190
8
40
-years 1 5445 temp__ _,.i905.1 13 967 Sale 963
354t=k a Due Jan 5 Due July. k Due Am. P Due Nov
BONDS.
N.Y.STOCK EXCHANGE
Week ended June 26.
E't2
Price
Friday
June 26.
Veers
Range or
Last Sale
High No.
Bid
Ask Low
High
1
Panama (Rep) 550 tr recta-1953 J D 1027 10312 102%
102%
8
382 Peru (Rep of) exti 8s
10017,2 01.
1003
4 32
1944 * 0 100 Sale 100
1021182 02"32 Poland (Rep of) e (is
703
1940 AO 6912 Sale 6912
4 19
1012532 02332
8
Ext'l s f g 88 interim recta _1950 J J 9012 Sale 893
903 822
4
7
101
103
9514
Porto Alegre (City of) 8s
1961 JO 9514 Sale 9514
13
8 111
Queensland (State) eats f 75 1941 A0 111 1113 1107
4
29
100. 021.22
033
25
-year 68
105
1947• A 105 Sale 104
12
1001.32 01"82 Rio Grande do Sul 8s
4
97
1946 A0 963 Sale 9612
11.10 de Janeiro 25-yr 5 f 8s 1946 * 0 9514 Sale 9412
953
4 12
10138202.n
4
25-yr eat' 8s
9512 32
1947 * 0 95 Sale 913
Rotterdam (City) external 651964 MN 103 Sale 103
10312 22
13
1011.32 03432 El Salvador (Rep) 89
4
4
106
1948 ii 1043 Sale 1043
1041.82 07..32 Sao Paulo (City) a f 8s
4
1952 MN 993 10014 100
10014 13
1001.32 931131 San Paulo (State) ext s f 8s 1936 ii 103 Sale 10212 10314 17
Externals 1 85 Int recta_ 195() J J 055s Sale 9912 10014 25
1005 10112 Seine (France) ext 7s
8
78
4
4
887
1942 J J 873 Sale 873
8
10114 1033 Serbs, Croata & Slovenes 89_1962 MN 8814 Sale 8753
885 132
8
_
102 10314 Soissons(City) 6s
843 8412 June'25
4
1936 MN 84
1023 Sweden 20
8
10114
10412 29
-year 6s
1939 -ID 104 Sale 104
1067 10814
8
10012 152
External loan 5145
1954 MN 10012 Sale 0018
8
1057 1077 Swiss Conteder'n 20-yr s f 88 1940 J J 1153 Sale 143
8
4
8
1153
8 56
10612 108
Switzerland Govt ext 551s_ _1946 A0 10112 Sale 0112 10213 160
8
1053 1077 Tokyo City Os loan of 1912
8
681: 37
MS 6814 Sale 6814
7
98 10018 Trondhjem (City) esti 6548_1944 J J 1005 Sale 005
8
8
10114
4
15
9814 98, Uruguay (Republic) ext 85_1946 P A 110 Sale 0912 110
983 10014 Zurich (City of) 5 f 85
8
1093
4 10
1945 * 0 10912 Sale 09
98 10018
Railroad.
9818 100
Ala Gt Sou 1st cons A 5s
s
4
4
1943 J D 1003 1013 007 May'25 -9814 9814 Ala Mid 1st guar gold 5a
8
8
1928 MN --__ 1017 015 May'25 -983 983 Alb & Susq cony 33-45
4
4
8
1946 S O 8214 845 8414 June'25 -977 100
8
8314 May'25 -Aileg & West 1st g sis gu_1998 A0
1063 19714 Alleg Val gen guar g 4s
8
8
1942 MS 917 9418 9418 June'25 -34
73 Sale 73
1051s 107% Ann Arbor 1st g 4s
74
July 1995 Q
917 120
8
8
8
105 105
Atch Top & S Fe
-Gen g 45_1995 A0 907 Sale 907
8912 9117
s
905 May'25
8
Registered
A0
91
90
8414
Adjustment geld 4s .July 1995 Nov -8414 3;1; 8414
z
1025 10312
8
8412
6
Stamped
July 1995 MN 8412 8412 8414
8012 Apr'25
10118 10118
Registered
MN
1
112 11 1144
4
4
Cony gold 45 1909
843
4
9
1955 ID 8412 843 843
6
8412
8412
103 103
Cony 4e 1905
1955• D 8412 86
8312 Feb'25
_
1113 113
4
Cony g 45 issue of 1910
1960 J O 8012
9812 9912 985s
985
8
7612 7612
9
East Okla Div 1st g 4e
1928 MS
8712
1
Rocky Mtn Div 1st 4a_
1965 J J 8712 8814 8712
1013 10314
4
e
8
8814 13
Trans
-Con Short L 1st 48_1958 J J 877 ____ 877
9478 95
8112 8814
935
5
93 -5s
Cal-Ariz lat & ref 450"A"1962 MS
9138 Jan'25 ---3
93
97.2
Registered
MS 92
92
16
9434 97
9178 9134
Atl Knoxy 32 CM Div 4s_ _l055 MN 91
1027
8
1027
96
8'
1
965 Atl Knox,32 Nor 1st g 5a___1946 J O 10278 _ _
8
9718
15318 100
9718
3
Atl & Chart A List A 450._1944 J J 97 103
1027 Sale 1027
8
107 11014
8
10314 11
1st 30-year 58 Series B____1944 J
8512 May'25
1063 1993 Atlantic City 1st cons 4s___1951 J J 8414 _
8
8
96
8
8
933
4 99
92
All Coast Line 1st con 48_31952 MS 933 Sale 925
19712 17
.
8
833 8814
10
-year secured 75
1930 MN 10718 10714 10712
12
94
8
983
98
General unified 451s
1964 J D 9314 Sale 9314
4
1081s 11514
8914
883 883
4
.6.
L 32 N colt gold 48.___Oct 1952 MN 88
9914 Atl & Deny 1st g 48
7818
79
.
1
7812 79
95
1948 J J
2
681:
108 IL 11 12
687 6812
8
2d 45
1948 J J 68
80 June'25
80
9418 9612 Atl & Yad 1st g guar 48.-1949 AO 78
99 May'25
923 97
8
A & N W 1st gu g 58
1941 J J 10014 102
8
86
80
Bait & Ohio prior 3545
1925 J J 997 10014 100 June'25 -997 Apr'25
8
9518 99
Registered
July 1925 Q
907
8 71
8014 843
4
1st 50
-year gold 4s_July 1948 * 0 -56i2 Sale 9018
9014 May'25
10312 10712
Registered
July1948 Q
8
94 Sale 935
9414 229
9512 9914
10
-year cony 4545
1933 ni
4 81
90
8
4
10012 102
/
1
4
Refund 32 gen 55 Series A.1995 J O 908 Sale 905
10358 1.47
10112 103
1st g 58 lot etre
1948 A0 10318 Sale 103
10313 88
8
102 1033
4
10
-year 65
1929 J J 1033 Sale 10318
10358 87
Eel & gen 68 set C temp.-1995 JO 10314 Sale 1031s
1012 105
4
99
993 May'25
4
8
96
P Jet & M Div let g 3545_1925 MN 997 _ _
4
8814 199
10614 10914
PLE&W Va Sye ref 40_1941 MN 88 Sale 873
2
997
8
4
1
102 1033
Southw Div 1st gold 354)2_1925 J J 9815 Sale 997
983 345
4
4
983 103
Southw Div 1st 55
1950 J J 9814 Sale 98
10614 110912
7618 15
Tol & Cln Div let ref 48 A_I959 J J 7512 Sale 7512
8
4
4014 4812 Battle Cr & Stur 1st gu 3s 1989 J O 803 6412 625 May'25 -4
9612 9314 June'25 ---3
1053 11114 Beech Creek 1st gu g 1s
1936 ii 93
2
81
81
81
9512 10112 Beech Cr Ext 1st g 352s
1951 AO
88 June'25
4
9814 10014 Big Sandy let 48
1944 J D 873 89
5
71
71
9914 101
B & N Y Air Line 1st 4a...,1955 FA 6914 71
9414 100
Bruns & W 1st gu gold 48_1938 J J 931.2 -- 94 May'25 -4
9512 10012 Buffalo R & P gen gold 58 1937 MS 1003 103 10012 June'25 -737
873 204
4
9314 100
Comm! 4515
1957 MN 8714 Sale 87
8
8
Registered
MN 825 ____ 825 May'25 ---8.1 .12 1011)12 Burl C R & Nor lat 55
16144 1(3) Z
44, .(
1
01
1934 * 0 10012 --- 10018 May'25 ---7
8
8
103
Canada Sou cons gu A 5s
1962 A0 1023 10313 1025
8
4
1167
8 43
Canadian North deb s f 78/ 1940 J O 1167 Sale 1163
109 110 4
11814 51
20-year s f deb 15548
3
1946 J J 118 Sale 118
81
5
8
Canadian Pao Ry deb 45 stock.. J J 80 Sale 80
10812 111
109 111
Carb & Shaw 1st gold 45-1932 M S 9212 ____ 9312 May'25
81 June'25 -9912 104
Caro Cent 1st con g 48
19384 D 8114
10134 20
101 1033 Caro Clinch &0 1st 3-yr 55-10384 D 10114 Sale 10114
4
1071: 61
9512
92
ist & con g 6s ser A
1952J D 10712 Sale 10714
84
Jan'25 -9814 10318 Cart & Ad 1st gu g 48
1981J D 8514 88
7938 783 June'25 -4
Cent Branch U P 1st g 4s
98 103
1948 J D
8
93 4 104388 Cent New Eng 1st gu 4s__ _ _1961 .1 J 6814 69
8 :4 01 L
8
687
9
6788'8
912 683
____ 99 May'25
923 1003 Central Ohio Reorg 451s-1930 M S 99
4
4
Central of Ga let gold Se. p1945 F A 102 103 1023 Feb'25
4
10214 32
93 1002
Consol gold 55
1945 M N 1013 10218 102
10014 June'25
927
,
Registered
151 N 10014
86
2
8
1031:
8512 9213
10
-year secur6s
June 1920.1 D 10312 1035 10312
22
103
8512 9212
1959 A 0 10214 Sale 10218
ltef&gens3-4sserB
86
87 , 86
8612 11
Chatt Div pur moneY g 48-1951 11
8314 8918
993 Apr'25
4
94
9712
Mac & Nor Div let g 3a__1946 J J 995s
4
Mobile Division 58
913 98
1946 .1 J 10018 ____ 100 Dec'24
9818 28
1047 1077 Cent RR & B of Ga coil g 55_1937 M N 9818 Sale 98
2
s
11
8
4
110
11512 11814 Central of NJ gen gold 55
1987 .1 J 109 1097 1093
89
943
4
Registered
k1987 Q J 108 10912 10712 June'25
83
8812 Cent Pao let ref gU g 48----1949 F A 8918 Sale 89
8914 91
1
9114 9612
Mtge guar gold 3528
k1929 J D 9614 Sale 9614
9638
2
8
8
4
873
4
Through St L let gu 481954 A 0 875 887 873
87
943
4
11212 Feb'25
985 100
8
Charleston dr Savannah 7e__1936 J J
8
81
1003 22
a
8412 Ches & Ohio fund & Rapt 58.1929.1 J 10012 102 1005
8
8
1023
90
95
let conml gold 58
1939 M N 1025 10234 1025
4
8
8
8312 8714
Registered
1939 Pa N 1015 ____ 1015 June'25
8
803 8612
General gold 4525
199281 S 92 Sale 917
4
923
4 22
9012 901: June'25
80
86
Registered
1992 M S 90
8
8
193 24
4
98 -171
20-year convertible 4545_1930 F A 977 Sale 975
4
8
10612 494
30
-year cony secured 58.....1946 A 0 1053 Sale 1055
10412 Mar'25
A0
Registered
8
327 41
1
8
Craig Valley 1st g ba
1940 J .1 9812 993 985 June'25
84
36
3712
83 Mar'25
Potts Creek Branch lat 48_1946 J
35
R & A Div let con g 431_1989 J .1 8512 ____ 85 June'25
3712
1912 26
4
2d consol gold 48
1980.1 J 8118 83 823 May'25
1812 245
8
98
Warm Springs V let g 5s1941 M S 93
9812 June'25
)3
2612 2612 Chic & Alton RR ref e 3s
8
6434 44
1949 A 0 643 Sale 643
6
Certifs dep stpd Oct 1924 int__ -- 615s ____ 61
61
20
2412
2014 2412
Centf dep strand Apr 1925 Int -- 803 62
4
603 June'25
4
40
2213 303
Railway first lien 351s
5012
52
4
1950 .1 .1 5014 51
6
193 287s
8 431e
Ctfe dep Jan '23&aub coup__ -483
4
433
4
6
8614
36.2
Chic Burl & Q-Ill Div 350_1949 J
8614 Sale 8614
36
43
J .1 81
84
Registered
8438 Apr'25 -88
965
8
Ilinols Division 48
4
4
9334 23
1949 J .1 913 Sale 913
1023 107
4
Nebraska Extension 48_1927 M N 993 100
))
993
8
993
3
7
912
4 28
1001s 10412
General 4s
9038 907 91'4
8
1958 M
11014 11312
893 Feb'25 --,3
4
Registered
M
9712 10112
let & ref 5/3
4
10214 91
1971-F A 102 Sale 1013
9713 1011
49
City & DO/121 Rya 5a_1927 A 0 47
49 June'25
/
4
1
9711 11)08 Chicago & East 111 15t 60_1934 A 0 105 10713 107
107
47
4
76
4
96389712 C & Kill RR (new co) gen 5a-1951 81 N 743 Sale 742
Low
:::: B rti:
a Option sale.
Range
Since
Jan. 1.
Low
HMI
9912 104
97% 103
663 79
8
87
08
94 9613
109 112
/
1
4
1011 105
/
4
/
1
4
9813
94
93
9713
92 97
100 10413
103 10613
97 101
100 104
9913 10013
8214 91
84 90
82 87
103 10514
98 1014
/
1
4
/
1
113 117
9812 1043
5
6414 881a
97 1014
/
1
1064 110
/
1
/
1
4
1083 11112
s
/
4
100 1011
/
1
4
/
4
101 1011
82
8414
8113 8313
9413
91
6314 75
8814 9212
8
8614 901
8114 85
822 85 4
4
,
7978 8012
813 85
2
8112 84 8
7
811s 8312
98 100
84 873
2
89
86
92 95
912 913
1
2
883 923
2
4
10214 103
95
9814
102 10834
8512 8512
9412
89
105 4 100
3
907 95
2
861g 897
2
7612 80
623 7012
4
75
80
983 9912
3
99 1001
/
1
4
/
4
993 997
4
4
85 4 9214
3
81515 9014
8918 95
2
85 4 917
3
100 104
1025 10414
s
100 4 1043
3
4
993 9934
4
83
/ 9014
1
4
9938100
5
,
98
99 8
7
6811 783
1
603 623
8
3
52
/ 93
1
4
/
1
4
7814 811
/
4
88
85
87
73
/
1
4
93 94
10013 1021s
8012 88
/
1
4
82
85
14
99 10013
/
1
4
10012 103
.
7
115 117
/
1
4
110 118111
79
81
93
937
8
78
83
/
1
4
100 1011
/
4
1057 1081
2
2
84
84
7422 80
641s 7014
97 4 99
,
1013 1023
2
4
99 1022
/
1
4
4
98 10012
10112 1043
4
99 103
84
8612
991,100
95
9538
10718 110
10614 10812
863 90
1
951a 9612
855 893
5
4
112 1173
/
1
4
8
98 102
/
1
4
1013 103
4
/
1
4
1004 10214
/
1
874 93
/
1
85
/ DOls
1
4
945 9813
4
1011 1091
/
4
4
103 10814
/
1
4
9713 993
4
821 88
4
811 854
/
4
/
1
79
823
4
955 9812
8
62 66
/
1
4
58
/ 62
1
4
13212
80
4414 4814
45
553
4
811 8
4 612
843 84
8
/
1
4
8813 9411
9812 100
881/ 9214
4
89114 1193
10012 10314
83
48
1053 107
4
/
1
4
8
741 791/4
New York Bond Record-Continued-Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended June 20.
1C.0
Price
Friday
June 26.
Week's
Range or
Last Sate
g
Bid
Ask Low
High No.
13
102
1982 M N 10114 102 10114
Chle & Erie lot gold 65
182
66
'Chicago Great West let 48_1959 M s 65 Sale 65
1
ChM Ind & Loulsv-Ref (is_ _1947 J J 11118 11212 11212 11212
Refunding gold be
1947 1 .1 100 10012 100 May'25
Refunding 45 Series C
1947 J j 87
____ 87
87
1
General 58 A
4
1966 m N 92 Sale 92
92 12
May 1966 .1 J 1023 10312 103
General 6s B
8
10312
4
Ind & Louisville let go 45_1956 .1 J 79
8018 795
795
10
Ohio Ind & Sou 50
-year 4s__1956 j J 8818 ____ 88 May'25 -ChM LS & East let 4SO_ -1969 J D 96
____ 933 May'25--6
4
C M & Puget Sd let gu 413___1949 j j 48 4 Sale 4734
130
49
,
Oh M &St P gen g 48 Ser A_e1989 J J 8013 Sale 80
8012 39
General gold 314e Bet 13...e1989 .3 y 70 Sale 70
4
70
Gen 4346 Seriee C_May 1989 1 ,1 9014 Sale 90
90% 79
Gen & ref Series A 4Sis...52019 A b) 993 Sale 4812
493
4 64
8
Gen ref cony Ser B 58_52014 p A 4918 Sale 49
493
4 78
let sea tle
1
103 8 91
1934 J J 10314 Sale 103
Debenture 414e
69
812
4912 1a
tm
8
D 487 Sale 9958
Debenture 46
Sale 48
1E
4912 88
/
1
4
D 49
-year debenture 4e
25
1934 J ..1 4812 4912 48%
Chic & Mo Riv Div 56_1926 J 2 9938 997
8
Chic & N'west Rat 45__1886-1926 F A 9914 991 9914
2
/
4
.
991
Registered
1888-1926 F A 9852 99
983 June'25 ---4
General gold 33413
1987 m m 7434 7512 743 June'25 -4
Registered
Q F --____ 72 Feb'25 ---General 45
1987 m N 84
4
/ 853 85 Juoe'25 -1
4
Stamped 48
3
1987 M N 8412 85
8418
8418
General 58 stamped
1987 M N --------105 June'25 ---.
fund 65
10312 Jan'25 ---_
1879-1929 A 0
1Staking
Registered
104 I 11
A 0 104 Sale 104
blinking fund 58
1
1879-1929 A 0 10014 101 10012
10012
Registered
1879-1929 A 0 9912 101
9912 May'25 -Sinking fund deb be
1933 m N 100 101 100
100
1
Registered
1933 m N 9912 101 101 Mar'25
10
-year secured 78g
33
1930 J D 10618 Sale 10618 107
15
-year secured 634e g
9
1936 m 0 1103 Sale 11012 1103
4
4
let & ref g be
May 2037 .1 D 963 Sale 961
4
/
4
964 101
/
1
848 23
Chic R I & P RaDwalt gen 961988 2 .3 84 Sale 84
Registered
j J 823 _. 823 June'25
4
4
Refunding gold 48
1934 A 0 873 Sale 87%
8
8814 378
Registered
8818 May'25
_
A 0
4
10314
. 016 5
(1166 St L & N 09
6----1951 .1 D ii5 ,.t 1 liil 4 10318
Registered
1
__ 10214
10214
J D 10114
Gold 330
7938 Jan'25
1951 .1 D 7838
Mempb it Div let g 4e
1951 .1 D 8418 85
8512 Apr'25
0 Bt L & P lel cons g 5e
1
__ __ 10112 10112
1932 A 0 101
Registered
A 0 10018
1003 Jan'25
8
Chic St P M & 0 cone 68_1930 j D 104 Sale 10318
15
104
Cone 66 reduced to 3145_1930 1 D 928 93
93 June'25
4
Debenture 58
1930 m s 96
2614 26
97
96
Stamped
953 97 97 June'25
4
Chile TB & So East 1st 5e1960 1 D 8838 Sale 8813
89% 81
Inc gu be
Dec 1 1960 M 0 8238 Sale 8212
8338 141
Chin Un Sta'n let gu 434e A.1963 j j 93 Sale 93
937
16
let 58 Series B
1963 J J 10318 Sale 100
10
100
Guaranteed g 58
101
1944 J D 993 Sale 993
4
4
100
let 6346 Series0
1963 J J 1173 1173 117
8
4
11738 23
Chin & West Ind gen 5 611_0932 Q m 106
_ _ 10513 May'25
Consul 50
-year 48
1952 J j 803 Sale 80
4
/
1
4
8112 45
1 et ref 5126 ser A temp-1962 M 5 99 Sale 9912
99% 134
Oboe Okla & Gulf cons 64_1952 ivi N 101 10112 1001E June'25
Gin H & D 2d gold 434e
1937 j J 9512 Sale 9512
9512 27
01St L & C let g 48.__Aug1936 Q F 9338 -_-_ 933 June'25
8
Registered
Aug1936 Q F 901 thaw 92 May'25
Gin Lob & Nor gu 4s5
8912
8913
1942 M N 8912
Gin B & Cl eons 1st g 65
5
1928 J J
10018
10018
Cleve Cm n Ch & St L gen 48_1993 J D 10018- - - 8 843
2
84%
8
84% 847
20
-year deb 434e
Sale 981s
9818 10
General be Series B
121
ii 1gg3818 -___ 10113 Apr'25
Ref & impt 68 Sales A...1929 J j 1033 Sale 1033
8
8 1033
4 29
86 Series 0
1941 j J 10514
10514 June'25
5,1 Series 13
1963 .1 1 9918 Sale 9918
9918 "134
Cairo Div let gold 49
1939 1 J 90891 June'25
,
Cin W & M Div let g 46-1991 J J 8118 - - 8138
4
82
ii
St L Div let coll tr g g411-1990 MN 84
85
84 June'25
Registered
83 May'25
_
M N
Elpr & Col Div lets 46_1940 M S 81- -- 8912 Apr'25
894 91
W W Val Div let g 45- _1940 J .1 883 9012 88 June'25
4
0 0 I gen cones Oa
&
1939 1 J 1073 -- -- 1073 May'25
4
4
Cley Lor & W eon 1st g 68..1933 A 0 1011 ____ 10112 June'25
4
01 & Mar let gu g 414e
9981 June'25
_
9
8
1935 M N 967
Clove & Mahon Vall g 68.
Apr'25
..-1938 J J 10014
01
(31 & P gen gu 434e Sec B_-.1942 A 0 99
9914 8412 Aug'24
Series A
1942 .1 I 99 102
99 May'25
Series C 3145
1948 M N 84
8518 8512 May'25
Series D 3340
1950 F A 834 853 85 Mar'25
4
/
1
4
9914
Cleve Sher Line let gu 430_1981 A 0 99% 100
7
100
Union Term 5Ms
Cleve
4
34
1972 A 0 1053 10638 10612 107
let e 1 68 Ser B
38
101
1973 A 0 10038 Sale 10018
Coal River Ry let gu 4a
8713 8812
1945 J D 87
8812
Colorado & South let g 46_1929 F A 98 Sale 98
9813 29
I Refunding & exten 4348_1935 M N 953 Sale 953
4
79
4
957
Col & H V let ext g 4e
/
1
1948 A 0 863 --__ 864 May'25
4
Col & Tol let ext 45
8414 Apr'25
1955 F A 84
Conn & Passum RIv let 48_1943 A 0 78 8
84 ' 813 Jan'25
Cuba RR let 50
-year be g
/
4
19b2 J j 8238 881 8712
8814 20
let ref 7348
1936 J D 104 Sale 10312 10418 13
Cuba Northern Ry let 5a
104
1966 J J 93 Sale 9214
93
Day & Mich 1st cone 4346.-1931 J J 973 4 - 9712 May'25
Del& Hudson let & ref 48..._1943 M N 90% Sale 907
91 14 22
80
-year cony 66
1935 A 0 10612 Sale 106
10714 44
15
1937 im N 102
-year 5348
8 27
10
-year secured 78
/
1
1930 J D 10838 1084 1083
8
9
1083
4
D RR & Bdge lot Fru 48 6_1936 F A 941 6 e_ 94 May'25
/ .ii_
4
Den & It 0
-let cons g 48-1936 J J 8414
8434 86
89
Consul gold 4345
8
1936 J J 883 Sale 88%
7
88 2
,
Improvement gold be_ 1928 J 13 9812 Sale 98 s
9838 21
,
Farmers L & T dep rcts for
let& ref be
611 Feb'25
/
4
/
1
Aug 1 1955 ____
4
45 -___
Bankers Tr Co cdfs dep
Assist to June 16'23 agree __ 951
360 Jan'25 --Stamped
45 4
6i" 623 Feb'25 ---Am Ex Nat Bk etfe Feb
'2270 6038 Feb'25 --145
Den & R.0 West 5s
1955
57
i -. a -13 Sale 56
5
Dm M & Ft D let gu 48
1935 J J 5114 Sale 5114
5113 17
Temporary ctfs of deposit _____ __
4
493 Salo 493
4
50
17
Dm Plalnee Val let 4S46.. 1947 M N 90
____ 934 Feb'25 ---.
/
1
Dot & Mack-let lien g 48-1995 J D
75 June'25 ---Gold 45
7214- - 3 65 June'25 --- _
6(i
;
1995 J D 55
Dot Riv Tun 4345
1961 M N 9318 937 9314
8
937
8 13
1023 June'25 ---Dul Miesabe & Nor gen 58_1941 J .1 103_
4
Dul & Iron Range 1st 68..._1937 A 0 10212 102 4 10212
1
10212
2
Dul Sou Shore & Atl g 5s.„1937 J J 8338 86% 863
4
10
87
East Ry Minn Nor Div let 43248 A 0 907 -___ 907 May'25 -- _ _
s
Tenn reorg lien g 5s
East
1938 M 8
----101
1021 10
/
4
East T Va & Ga Div g 58_1930 J J ioi512 ____ 10011
1
10013
Cons let gold 511
1956 M N 10212 _____ 10212 10234
3
102 May'25 ---z
Elgin Joliet & East lets be-1941 M N 10214 _
1965 A 0 10214 10i13 101 May'25
El Paso & SW 1st 58
8
Erie let consol gold 76 ext 1930 M 5 10838 1087 10834 1087 12
s
let eons g 41 prior
1996 J J 717 Sale 717
8
31
72
Registered
1996 .1 J
Mar'25 ---let consol gen lien g 48_1998 J 1 -8
6312 63
4
.2i4 Sale 623
Registered
1998 1 J --------58 June'25 -8
Penn coil trust gold 48_1951 F A 957 -___ 9638 June'25 ---liG•year cony 95 Sec A1953 A 0 8418 1341 8418
2
8514 17
1953 A 0 8414 Sale 641
647
/
4
4
do Series B
s
1953 A tO 703 Sale 7012
4
Con eons 4s Beres D
707
8 11
mu & jersey let if Si
19881 1 104 10412 10914
10412 14
J
;
a Doe Jan. b Dee Feb
cDusiun..
e Due May. hDuiJuly
Range
Since
Jan, 1,
Low
High
9912 10212
59% 681
/
4
10914 11212
9912 10014
85% 87
87
9212
101 109
7718 79
/
1
4
8618 88
9313 93 4
3
4312 581s
701 8012
/
4
6214 70
7718 92%
4313 5414
9418 58%
961 103%
/
4
44
6012
46
7813
44
5614
9418 1011
9832 111018
89% 99%
7318 77
72
7214
8112 8613
82 85
10118 105
10312 10412
103 104
10018 101
9912 10012
991 103
/
4
101 101
105 112%
107 11212
9113 102
82% 86
82
8314
8314 897e
86 4 8814
,
10112 10314
1011 103
/
4
79% 79%
83% 857
e
101 103
1003 100%
2
102% 10812
9214 23
9212 10514
96
99%
76
90%
8412
55
913 94%
4
100 10314
971 10014
/
4
11614 118
10512 105%
7612 8312
97 e 1003
,
4
993 101
4
9312 95 4
,
91% 93%
9012 92
87% 8912
993 10018
4
818 85
4
96
98%
99 1011
/
1
4
/
4
103 10418
103% 107%
9412 100
8914 91
80
8212
81% 85
83
83
88% 8912
87% 88
1073 108
4
10014 10214
96 s 981s
,
981 99%
/
4
BONO&
N.Y.STOCK EXCHANGE
Week ended June 26.
Erie & Pitts go g 314e B1940 J J
Series C
Fla Cent & Pen let ext g 58_1930 y y
Consul gold 58
1943 J J
Temporary be
1943
Florida East Coast 1st 4348_1959 1115
lot & ref 55 Series A
1974 m s
1st & ref 58 Ser A w L
m s
Fla West & Nor 7s Series A 1934 m N
Fonda Johns & Cloy 4SM1952 m N
Fort St U D Co let g 4SM1941 j y
Ft W & Den C let g 5346
D
1961
Ft Worth & Rio Cr let g 4s 1928
Frem Elk & Mo Val let 6s-1933 A 0
GH&SAM&P let 58
1931 m N
24 extent) be guar
1931 J J
Galv Ilona & Bend lot 56_1933 A 0
Genesee River let e f 58
1957 j J
Ga & Ala Ry 1st cons 58.-51945 J J
Ga Caro & Nor let gu g 55 1929 J J
1946 A 0
Georgia Midland lot 35
Gouv & Oswegatch 1st gu 581942
D
Gr It & I eat let gu g 4348.-1941 J
Grand Trunk of Can deb 76_1990 A 0
1936 m s
-year e f (le
15
Great Nor gen 78 Series A 1936 ,y j
let & ref 4346 Series A _ 1973 j
961 J
General 5345 Series B1952
General 58 Series C
Green Bay & West deb etfs"A"-- Fe
Debentures ctfe "B"
Fe
Greenbrier Ry let gm 481940 m N
Gulf Mob & Nor 1st 534s ..1950 A 0
Gulf & S I 1st ref & t g 58.8952.3 „1
Harlem R & Pt Ches 1st 4s-1959 J N
199 M j
9
Hocking Val 1st cons g 4%8_1999 J
Registered
H & T1st g Int guar
Houston Belt & Term let 50_19377 j j
93 J J
Houston HA W Tel lst g 5s-1199333 MN
3
N
let guar 58 red
Si
Housatonic Ry cons g 56
1937 MN
Bud & Manhat be Series A 1957 F A
Registered
F A
Adjustment income 58,, 1957 A 0
Dunote Central let gold 4a_1 9 1 J J
195
5
12ttestered
11.e soid 3
1951.3
Registered
J J
Extended let gold 3%8_1951 a O
19 m s
5
1st gold 30 sterling
Collateral trust gold 46_1952 A 0
Registered
A 0
let refunding 45
1955 M N
Purchased lines 3340
1952 J J
Registered
J J
Collateral trust gold M___1953 M N
Registered14
M
Refunding be
1955 M N
-year secured 5345
15
1934 J J
-year secured 8348 g_1936 J .1
15
Cairo Bridge gold 45
1950.3 D
Litchfield Div let gold 38_1951 1 J
Louis' Div & Term g 3SM 1953 J J
,
Omaha Div 1st gold 3s
1951 F A
19 1j
5
St Louis Div & Term g 35_1951 J
Gold 334e
Springfield Div let g 3348-1931 J
Western Lines jots 4s
1951 F A
Registered
1951 F A
Ill Central & Chic St L & N 0
Joint 1st ref 58 Series A
1963 J D
Ind III & Iowa 1st g 45
1950.3 .1
J
Ind Union Ry gen M Ser A 1965
Gen & ref 5a Series B
1965.3 J
Int & GB Nor lot(is Ser A 1952 J J
Adjustment Be. Series A...1952 Apr
Stamped
Int Rye Cent Amer let be.„1972 APri
M N
Iowa Central lot gold 5a____1938 J D
Certificates of deposit
Refunding gold 48
1951 f 1-14
1
/
James Frank & Clear let 46_1959 J D
Ka A & G R let gu g bs
1938
J
Kan & M lot gu 545
1990 A 0
2d 20
-year be
1927.3 J
K C Ft SA M eons g Be
1928
N
K C Ft 8 & M Ry ref g 48._1936 A 0
K C & 51 R & B lst gu 58_1929 A 0
Kansas City Sou let gold 30_1950 A 0
Ref &'met bs
Apr 1950.3
Kansas City Term 1st 46_1960 1 .1
Kentucky Central gold 48_ A987 J .1
Keok & Dee M 55 ett dep_1934 A 0
Knoxville & Ohio let g 66_1925 J
Lake Erie & West lot g Se.,.1937 J J
2d gold 56
1941 J J
Lake Shore gold 3346
1997 J D
Registered
1997 J D
Debenture gold 46
1928 51
25
-year gold 48
1931 M N
3295
Price
Friday
June 26.
Week's
Range or
Lint Sale
ce
Rasps
Since
Jan, 1.
Bid
High No. Low
Ask Low
High
Jan'25
84 84
8438 --- 84
8438
84
Oct'24 100
9938
993 100
8
99%
I
9956
993 100
's236
9614
95 2
4
9614 100
9512 90%
9214 96%
9612 14
95
9218
9612 92
96 Sale 9512
93 9712
9512 Sale 9512
963
954 96%
/
1
6 61
23 102 8 1194
117
7
/
11612 1163 116
1
4
6818 21
6413 78
6712 6814 6718
90 May'25 -893 90
s
8918
1043
8
/
1
4
1043 Apr'25 -- 1043 104
4
9614 Sale 9512
9218 97
9614
7
10814 109 10814 June'25
10713 10914
10014 Sale 10014
10014
5 100 100%
993 100 s
4
100 10038 100
100
7
5
904 95
/
1
9314 94
933
8
933
4
4
8
104 1053 10412 10512
7 10014 10513
2 Sale 95
/
1
4
95% 26
93 10234
95
99 100
8
/
1
4
997 100 100 June'25
56'8
-- 67 June'25 -641 67
4
997
8
_ 983 Feb'24 ---9512 9614 95l
4 98
1167 Sale 116 2 16 72 38 1151f 117
8
16
6
6
8 63 Hops 109%
10738 Sale 107% 1077
10914 Sale 10912 11018 196 1081: Ill
92 2 9
,
1
9212
9213
91
93
9213 146 10014 103
10251 Sale 1053: 106
911
22
9
Sale
92
96
1
80
80
72
80
7618 Sale 1612
17
67
17
1212 1812
8813 June'25 -86 8812
102 Bale 102
1027
8 56 10111 103
981 102%
/
4
1
10112
1013 ____ 10112
4
833 8412 8418
80
4
84 4
3
8418
1
9112
9112 Sale 9112
8913 92
7
838 ____ 9013 May'25
88
90%
99 1007
/
1
4
10014
10014 June'25
6
96
99
98
6
98
98
100
____ 100
Jan'25
995 100
s
10014 ____ 9472 5
1Ln:25
25
9 18 .1
9
997 99%
g
9418
9218 9413
sois 93 1
3
9214 101
92 Sale 913
4
9114 9114
9114 June'25
754 Sale 7512
/
1
763 153
674 77%
8
/
1
93%
934 May'25
/
1
014 94
90
/ 9012
1
4
8714
90
Apr'25
84
____ 84 June'25
81% 84
933 _ _
8
833 June'25
83 85,
4
80 84%
/
1
4
84
8312 May'25
6414 71
62 Feb'25
62 62
_8_812 Sale 8712
.
8
8812
8618 89
85% Apr'25
851 85 8
1
8
91 Sale 9038
92%
9112 84
88
83
7934 84
8314 8412 June'25
/
1
4
757
8312 May'25
79 8312
847 8514 85
83 86%
85 12 12
_
82 Mar'25
82
1
105 106 - 10612
82-4 10312 10612
10612
1023 Sale 1023
4
8
4
10314 70 102 1033
/
1
11114 112 11134
/
1
4
11214 12 1094 112
91% 9214 9112 June'25
881 9112
9
7318 75
73%
73
73 14 16
76
8112 ____ 8112 June'25
7712 82%
733
7013 74
4
7334 June'25
743 June'25
8
71% 77
731
813 83 2 823
4
4--1
5
79 83 4
1
023
4
8314
827 May'25
8
79 82%
.
7
8714 88
8712 June'25
8613 58
85
____ 8412 May'25
84 87
100 Sale 100
10038 78
NU 100 8
5
9078 _-__ 92
92
3
8718 92
10014
10014 June'25 -- -- 100 101
100
_ 1004 June'25
_ 100 100 4
/
1
,
1031 Sale 10318
8
10414 16 100 10612
72 Sale 713
78
66
4
731 223
681a ____ 727
73
67
6
73
78
/
1
4
7612 80
7814 78
52
78 1
6012 Sale 5912
61
20
69
66
60
72 May'25
5938 6214
2212 S.; 1e 2214
-19% 2 /
6
1
4
223
4 33
8914 9013 90 June'25
863890
99 -1564
.
10012 _ _ 100 Nov 24
8513 861e
81 4 - 8 817 June'25
, 843
8
84
85%
10018 10014 10012 May'25
_
9914 10015
95% 100
10314 Sale 10314
1033
8 18 10213 103%
164% 10713
8612 8712 8714
873
4 75
805, 8838
9912 102
9912 98 1001
9912 June'25 ____
4
8314 88%
7314 gale 7318
74
70
/ 75
1
4
37
96% 9E1
4
88
/ 923
1
4
9113 9134 9138
9214 29
90% 9612
87 Sale 863
8
22
87
83% 87%
8613 86%
86% 8712 863 June'25
12
84 87
8
8414 84 4
,
84% _ _ 86 Nov'24
81% 81%
100 i - 8 100 June'25
o03
100 lOOsg
8313 8812
10012 1013 1003
8
3
99 4 100
3
4 1003
2
4
10213 106
1
9518 97
96%
89
9314
80
80 Sale 80
7814 81
8
96
9713
791
/
4
4
7914
7812 80
7638 7914
8813 9212
98% Sale 9813
137 2 98%
,
98% 68
10114 1083
3
973
12
97% Sale 9678
951 97
8 37
6
101 103
5
957 Jan'25
8
96% 97
9538 997
107 110
Leh Registered3 SiM N 103 Sale 103
Val Harbor Term 55_113541 F A
103
3
1 100 4 103
94
94
Leh Val N Y lat gu g 4%6_1940 J 1 9712 98
96
2
90
9738
975g
82
853
4
Registered
1940J J
93
Jan'25 ----9393
85% 901 Lehigh Val (Pa) cone g 46_2003 M N 82 Sale 813
/
4
6
82
79
4
8212
96
99
Registered
81
80
80
M N 77
1
7812 80
General cons 434e
9238 92
92
4
93
88
9214
69 70
Lehigh Val RR gen be Series_2003 M N 1007 101 101
2 3M
00
8
983810138
10114 39
Lob V Term Ry ltit gu g 56_1941 A 0 102
1011e 102%
8
____ 1013 June'25
59% 6912 Leb & N Y 1st guar gold 461945 M S 8312 8713 8712 May'25 --__
843889
56% 703 1,ex & East let 50-Yr be CU- _1965 A 0 10612 107 1065
4
2 10312 107
10638
e
603 607 Little Miami 48
8
8
1952 M N
84
84
/
1
4
1
83 84
68
6612 Long Dock consol a 65
1935 A 0 10812 ____ 108 Apr'25 ____ 1077 108
s
39
/ 517 Long laid let con gold be_h1931 Q J 10014 102 10014 June'25
1
4
8
998 10214
45% 50
1st consol gold 4e
61931 Q J
94 May'25
94
9412
9314 9312
General gold 46
D 9114 9113 9113 June'25
1938
89% 9112
73
75
Gold 4s
1932.3 D
93 June'25
897 92
4
65 6712
Unified gold 48
1949 M
843 853 843 June'25
2
4
8214 85
4
91
9413
Debenture gold be
1934 1 D 97
98
973 June'25
4
9538 98
102 104
20
-year p m deb bs
9113 Sale 9114
915
19
874 91%
1004 102%
/
1
Guar refunding gold 4s-1 7M N
1949 MS
63
8412
84
2
82
8514
8218 90
Nor Sh B let con g gu 58_51932 Q J 991 997 100 June'25
/
4
981s 100
1e
88
90% Louisiana & Ark let g 56_1927 M
100 1003 1003 June'25
4
991s 10112
4
9914 10212 Lou & Jeff Bdge Co gu g 4s1945 M S 8638 Sale 863
8
87
83 8714
24
100 101
Louisville & Nashville 66_1937 M N 10312
_ 104 June'25 ____ 100 10511
1003 1023
e
Unified gold 48
4
19401 J 9514 Sale 95
9514 71
911 95
2
/
1
4
101 1023
s
Collateral trust gold 58_1931 M N 10018 1013s 101 May'25
10012 103
99% 101
10-year secured 78
107 Sale 107
10714 17 1051 10818
4
107 1093
let refund 5340 Series A 2 0 M N 10812 Sale 1077g
4
1003 A O
63
10813 27 10414 10812
70
721
/
4
lst & ref 59 Series B
2003 A 0 1035s Sale 10312 1045, 33 10138 10534
673 6812
4
1st & ref 4 Ms Series 0_2003 A 0 968 Sale 96
97
55
92 97
N 0& M 1st gold 68
61114 9131e
1930.3 J 105 107 10414
10414
1 10414 194 8
7
68
2d gold Be
67
1930.3 J 10414
__ 1033 Dee'24
6
95M 98
Paducah & Mem Div 48_1946 F A
Feb'25
s3,
2
62 69
/
1
4
St Louie Div 2d gold 38 1980 M
63
64
6836148
iii
6113 es
60 69
L&N&M&MIste4348.1945 M
9812 ___ 974 June'25 /
1
9712
98
69% 75 4
L & N South joint M 4s
3
1952 J J 8112 853 855
3
,
8538
sus 8612
10112 10814 Loulsv Clo & Lex gold 4%5_1932 M N 9912 ____ 0014 June'25 io
98189918
---si Due Sept. o Due Oot. 10 Due Deo. *Option gale.
4
New York Bond Record—Continued—Page 3
3296
BONDS
N. Y.STOCK EXCHANGE
Week ended June 26.
t
Price
Friday
June 28.
Week's
Range or
Lase Sale
Range
Singe
Jan. 1,
Hick
High No. Low
Ask Low
Bid
99 1017
8
Mahon Coal RR lot 58
8
4
1934 ii 1013 103 1017 June'25
5912 6318
2
Manila RR (South Lines) 48 1939 MN 823 Sale 623
4
623
4
4
6312 6714
let 4s
69 6712 June'25
1959 MN 64
97 1008
/
1
4
Manitoba Colonization 5s_ _1934 J D 9918 10014 10018 June'25
8283 84
Man GB&NW lat 30_1941 ii 805 ___ 84 Mar'25
8
1004 101
/
1
Michigan Central 58
Feb'25
____ 101
1931 MS 101
10012 10012
Registered
78 Si 10012 ____ 10012 May'25
9114 9184
fa
1940 J J 92 ----9138 June'25
J L & S 1st gold 3ha
/
4
1951 MS 773
__- 771 Apr'25
86
81
let gold 310
/
4
4- 8
1952 MN 8412 855 841 June'25
964 98
/
1
20
-year debenture 4a
1929 AO 9712 977 9712 June'25
88
9312
Mid of N J lat ext 68
9212 917 June'25
1940 AO 92
5
100 1003
?Allw L S & West imp g 58_1929 P A 10014
_ 100 June'25
$5
/ 94
1
4
Mil & Nor let ext 4 hs(blue)1934 J D 90
4
92
873 May'25
82
/ 9112
1
4
Cons ext 434s (brown)
893 June'25
8
4
1934 J D 893 92
8
864 893
/
1
Mu Spar & N W let gu le_ _1947 MS 877 883 88 June'25
8
4
Milw & State L let gu 3;0_1941 J J 805
/
4
-- 861 July'24
2
8
9838 10138
8 1013
Minn & St Louts 1st Ta
1023
4
1927 in 102 8- - 1013
511 6218
/
4
lit consol gold 5s
1934 MN 597 6212 62 June'25
581 60
/
4
Temp etre of deposit
60 May'25
8
585 65
193 26
4
2312 15
lit & refunding gold 48_1949 MS 23
2312 23
1312 211
/
4
Ref & ext 50-yr Ser A_ _ 1962 Q F 15
16
1512 June'25
8418 go
M St P&SSM con g 45 Int gu'38 J J 845 86
85
/ 36
1
4
85
8
94 1007
/
1
4
8
let eons 50
9714 9618 June'25
1938 ii 96
4
16 10212 1043
10
4
-year coil trust 634s.,...,.1931 M S 1023 Sale 10212 103
9 100 103
lat & ref 6s Series A
4
10014
1946 J J 10018 1003 10018
8314 9012
3
/
1
833
4
25
833 834
4
-year 634s
1949 MS
lot Chicago Terms f 48_ 1941 MN 9238
9212 Dec'24
9914 i66ii
2
SSM44 A late 4sintgu_1926 J J 995 997 995
8
8
8
995
8
94
91
9314 June'25
94
Mississippi Central lot 5s...,1949 J J 93
804 8512
/
1
843
4 22
8
ago Kan & Tex—let gold 40_1990
D 85 Sale 845
86
953
4
9514 68
ado-K-T RR—Pri 88 Bar A.1962 J J 9414 Sale 94
7114 80
40
8
784 28
/
1
-year 48 Series B
1962 • J 785 787 7814
4 60 10112 10414
8
8 1033
10
-year 6s Series C
1932 J J 103 1033 1033
76 4 89
3
Cum adjust 58 Ser A Jan 1987 AO 843 Sale 84
/
1
4
854 318
/
1
4
Missouri Pacific (reorg Co)
9018 32
83
903
4
1st & refunding 58 Ser A._1965 FA 8912 Sale 8912
6 100 10114
100
lot & refunding 5s Ser C1926 FA 100 Sale 100
99 1021
/
4
88
102
let & refunding 6s Ser D_ _1949 P A 101 Sale 101
4
8
4 1015 316 1003 102
4
1st & refund 6o Ser E int_1955 MN 1003 Sale 1003
6212 67
653 380
4
B 6412 Sale 6412
General 4e
1975
84
/ 8983
1
4
3
853
8
Mo Pac 3d 78 ext at 4%
1938 MN 8414 _--- 8538
100 100
100 May'25
Mob & Bit prior lien g 5a
1945 J J
91
78
82
/
1
4
80 June'25
Mortgage gold 421
1945 J J 80
3 1023 10353
1035
8
4
Mobile & Ohio new gold 68_1927 J D 103 104 103
103
1 102 104
1st extended gold 68____01927 Q J ____ 104 103
811 9018
/
4
00 June'25
General gold 4s
1938 MS
9618 101
10018 15
Montgomery DI, 1st g 58_1947 P A 9938 100 10018
997 10012
8
St Louis Div 58
/
1
1927 J D 100 1034 10014 June'25
Moh & Mar lat gu g 48
843 85
4
85 Feb'25
1991 MS 8712 95
11038 1107
8
Mont C lot gu g 68
1937 ii 11038 113 11012 June'25
10118 10314
let guar gold Es
1937 ii 10218 104 10214 June'25 _
763 82
4
M & E 1st gu 3he
1
80
2000 J o 80 Sale 80
/
1
Nash, Chatt & St L 1st 5E1_1928 AO 10118 Sale 101
10112 28 1004 102
1004 102
/
1
N Fla & 1st gu g 58
102 June'25
1937 P A 102
Nat Ry of Mex pr lien 4 348_1957_1957 J J
30 Sept'23
19
19
19 Apr'25
July 1914 coupon on
1412 213
4
3
15
1414 1512 1412
Assent s 1 red June coup on
-7A 0
Guar 70
8718 July'23
-years 145
1977
18 May'24
April 1914 coupon on
14 -fil8
Gen 81 4s assenting red
14
15
14 June'25
Nat RR Mex prior lien 43.(e_1926
3812 June'23
July 1914 coupon on
25 July'24
-3213
Assent with July '24 coup on
2612 June'25
24
26
lit consol 46
28 Apr'25
1951 WO
Jan'25
April 1914 coupon on
36
14 "ici"
Assent with Apr 1924 coupon
- 2 14 June'25
17g1Naugatuck RR 1st 48
- 66 May'23
1954 MN
-915- 96
8
New England cons 58
8
941, 96
945 June'25
1945 ii 7334- -813 813
4
4
Conaol 4s
4
83
813 June'25
1948 J J 81
85
86
NJ Juno RR guar 1st 4a_
86 May'25
1986 P A 8318 86
80
92
NO&N E 1st ref &imp 4348A '52 J J 913 9214 92 June'25
8
8014 84%
New Orleans Term 1st 4s__ _1953 J
6
8312
8312 Sale 8314
/
4
N 0Texas dc Mexico 1st Os.._1925 J D 1003 1004 1003
2 10018 1011
8 10038
8
/
1
AO 9612 9753 97
923 981
8
/
4
Non-cum Income 58
97 12 36
1935
gniz 973
4
1st 5s Series B
/
1
97
/ 72
1
4
8
1954 AO 965 Sale 964
98 10212
1st6s Series A
28
1954 AO 10112 Sale 10114 ' 102
/
4
AO 1005 10112 10112
102
36 1001 10212
8
Temporary
9318 9418
N & C Bdge gen gu 4 hs_ —1945 J J
9418 May'25
/
4
991 100
N YB &M B lstcon g 58_1935 AO 100
4
993 May'25 _
N Y Cent RR cony deb 68_ _1935 MN 10834 Sale 10812 1083
4 24 10618 1174
/
4
106 1161
MN 104 116 10814 June'25
Registered
/
4
823 871
4
Conaol 4s Series A
8714 18
/
1
1998 P A 864 Sale 86
887 93
8
%
Ref & Impt 4 hs"A"
32
93
2013 AO 93 Sale 9212
99 10214
Ref &impt 55 Series C2013 AO 101 Sale 101
10214 126
_1 9912 102
AO
10118 Apr'25
Registered
Y Central & Hudson River—
1
79
/
1
4
J
/
1
4
79
/ 63; 75
1
4
785 Sale 78
8
Mortgage 3348
1997
7814
74
7814 June'25
84
RegRegistered1997ii 82
14. 9212 96
95
Debenture gold 48
1934 MN 95 Sale 95
4
9214 923
MN 93
9214 Mar'25
Registered
92
/
1
4
91
80
9212 June'25
/
4
-year debenture 48
1942• J 911 _
93 93
93 Feb'25
Registered
7434 7812
7712 41
Lake Shore coil gold 31.0_1998 PA 7714 Sale 7714
74
7
9
79 June'25
/
4
Registered
1998 FA 761 78
783
8
75
P A 78
25
7818
79
Mich Cent coil gold 334s 1998
78
7518 75
/
1
4
7512 May'25
Registered
1998 P A 7618 80
943
8
91
7
933
4
N YChic &StL let g 4m
/
1
4
1937 AO 934 943 9312
89
89
A _
Jna'25
89
Registered
1937 _ 0 9218
9'27 9612
4
2
9512
94% 9712 9512
25
-year.debenture 48
1931 M
/
4
10318 Sale 10318 10318 10 1021 10412
Id6sSerieeABC
1931 M_
93
/ 9814
1
4
9778 82
/
1
Ref 5
Series A
1974 A U 974 Sale 9712
9312
90
1
93
NY Connect 1st gu 4348 A.1953 F A 93 Sale 93
89 89
89 June'25
Fl Y de Erie 1st est g 4a___ 1947 61
_
9512 9512
9512 May'25
ext gold 4348
9318
1933 m
gs) 1003
8
8
/
4
4th ext gold 58
1930 A 0 1001 -- 1003 May'25
_ -- 9714 Dec'24
6th ext gold 43
1928 in 971
90
91
5
94
4
923
9
Y & Green L gu g 58
1946 MN 93I2- 4
752 78
8
/
1
4
4
N Y & Harlem g 3 hs
2000 MN 7938 8312 783 June'25
9812 Nov'24
NY Lack & W 1st & ref 58_1973 MN
4
10038 i663N 10038 101'2 1004 June'25
/
1
1st & ref 4 ha
1973
106 10712
1930 M S 106/8 10812 10712 Apr'25
NYLE&W lst 78 ext
s
99 4 997
3
99% Mar'25
-Dock & impt 58
1943 J J
gees 1003
4
N Y & Jersey let 58
1932 P A 10018 10012 10014 June'25
9014 Dec'24
s
N Y & Long Branch gong 451941 MS 907
NYNH& Hartford—
68
61
1947 MS 6618 -- -- 66 May'25
Non-cony deben 4e
60
60
MS 62
Jan'25
60
Registered
55 61
/
1
4
6012 5912 June'25
Non-cony deben 3he_ __ _1947 MS 58
55 60
AO 561 5612 5618
5618 11
/
4
Non-cony deben 3h8.._ _1954
60 65
1
623
4
623
4
1955 J J 6214 64
Non-cony deben 45
56 653
8
25
63
623
4
8
Non-cony deben 45
1956 MN 625 63
53
5912
563
4 48
Cony debenture 3 he
1956 J J 5618 5612 6618
8614 9212
9218 58
4
/
4
Cony debenture 88
1948 J J 911 Sale 913
8312 90
J J 54
1
881
/
4
_ _ 8814
Registered
9014 963
4
9612 58
Collateral trust 65
1940 AO 9534 Sale 9513
533 611
4
/
4
MN 59 Sale 683
4
6918 24
Debenture 45
1957
55 64
8
Cons Ry non-cony 4s.._ _ _1954 J J 6014 613 63 June'25
62 64
4
/
4
Non-cony deben 48-1955 ii 601 6214 623 June'25
5712 64
4
Non-cony deben 48
1958 J J 8014 _- -- 623 June'25
/
1
100 1004
8
__ 1005 June'25
Fi Y & Northern lat g 5/8-1927 AO 10058
85
7012
682,
6912 20
NY 0& W ref let g 4a_June 1992 M
683 - 8 69
63 6912
J D .
4
65
64
64% 65
General 48
1955
65 135
J D
Apr'25
65
Registered
gals gall
8612 Apr'25
N Y Prov & Boston 48
1942 AO
/
1
4
8214 87
8738
N Y de Putnam let con gu 48293 AO 8614 lily 8614
8
100 1003
8
/
1
1927 MS 10014 101 1004 1003
NY&RB1stgold5e
.6 Due Jan. 6 Due July.
Due Nov. 8 Option sale
BONDS
N. Y. STOCK EXCHANGE
Week ended June 26.
,
t1
hO
Y Suaq & W let ref 50....__1937
2d gold 43.4s
1937
General gold 58
1940
Terminal 1st gold 58
1943
N Y W'ches & B latSer I 4;48;46
Nord Rye f 6 3'48 lot rtct4.,_ _1950
Norfolk Sou lot & ref A 5s_ _1961
Norfolk de Sou let gold 5s
1941
Norf & West gen gold 65_......1931
Improvement & ext 65_1934
New River lot gold
1932
N & W Ry 1st cOnS g
Registered
1996
DWI 1st lien &gen g 48_1949
10
-year cony fls
1929
Poeah C & C Joint 461941
Nor Cent gen & ref 55 A
1974
North Ohlo lot guar g 58. __ _1945
Nor Pacific prior lien 48_ _1997
Registered
1997
General lien gold 3s
a2047
Registered
a2047
Ref & Rapt 43.48 ser A
2047
Registered
Ref &'rapt 6s ser B
2047
Registered
Ref tit inapt Is ser C
2047
Ref & impt 55 ser D
2047
St Paul & Duluth lot 5s_1931
let count gold 4s
1968
Nor Pac Term Co lot g 68._1933
No of Cal guar g 58
1938
North Wisconsin 1st 68
1930
Og & L Chem 1st gu 4s g- _ _1948
Ohio Connecting Ry 1st 48_ _1943
Ohio River RR let g bs
1936
General gold 58
1937
Ore & Cal lot guar g 541
1927
Ore RR & Nay con g 4s
1946
Ore Short Line—let cons g 58_'46
Guar cons Is
1946
Guar refund 48
1929
Oregon-Wash let & ref 48_ _ _1961
Pacific Coast Co 1st g 58_ _ _1946
Pac RR of Mo lst ext g 41
3-1938
2d extended gold 58
1938
Paducah & Ills lots f 4 hs_ _1955
Paris-Lyons-Med RR 68__1958
(external 78
1958
Paris-Orleans RR s 1 7s
1954
Paullsta Ry 7s
1942
Pennsylvania RR—cons g 40 1943
Consol gold 48
1948
48 stamoed
May 1 1948
Conaol 4345
1960
General 434s
1965
General 55
1968
10-year secured 70
1930
15-year secured Ohs
1936
Registered
40-year gold 58
1964
Pa Co—Gu 334s coll tr A reg 1937
Guar 3348 coil trust Ser 13_1941
Guar 3345 trust cue C_ __ _1942
Guar 3;0 trust Ors II_ _ _1944
Guar 15 -year gold 48_1931
-25
Guar 4s Ser E
1952
Peoria & East 1st con e48_ _1940
Income 48.
1990
Peo & Pekin 13n lst5348 _ _ _ _1974
Pere Marquette lot Ser A 50.1956
let 48 Ser B
1956
Phila Bait & W lot g 4s
1943
Gen Is &rice B
1974
Philippine Ry let 30-yr s148 1937
Pine Creek regstd 65
1932
PCC&StLgu4345A
1940
Series B 430 guar
1942
Series C 430 guar
1942
Series D 45 guar
1945
Series E 3340 guar gold__ _1949
Series F 4s guar gold
1953
Series G 45 guar
1957
Series H 4s
1960
Series I cons guar 434s
1963
Series J 434s
1964
General M 58 Series A
I970
1975
Gen mtge 5s Series B
Pitts & L Erie 2d g 59
a1928
Pitts McK & Y 1st gu 88_ ___1932
1934
2d guaranteed 68
Pitts Sh & L E 1st g 58
1940
let consol gold 55
1943
1943
Pitts Va & Char 1st 48
1927
Pitts Y & Ash 1st cons 5a
1948
1st gen 4a series A
1962
let gen 58 series B
Providence Secur deb 4a._ _1957
1956
Providence Term 1st 48
1997
Reading Co gen gold 48
Registered
Jersey Central coil g 48__1951
1997
Gen & ref 434s Ser A
Richm & Deny deb 5s stpd_ _1927
1948
Rich & Meek let g 48
Richm Term Ry lst gu 58_ _ _1952
Rio Grande June lat gu 5s._1939
Rio Grande Sou lot gold 4s 1940
1940
Guaranteed
Rio Grande West lot gold 48_1939
1949
Mtge & coil trust 48 A
RI Ark & Louis let 4348_1934
1949
-Canada 1st gu g 48
Rut
1941
Rutland lot con g4 3.48
St Jos & Grand Isl 1st g 4s..1947
1996
St Lawr & Adir 1st g 5s
1996
2d gold 68
1931
St L & Cairo guar g 4a
& S gen con g 55_1931
St L Ir
1929
Unified de ref gold 48
Registered
1933
Riv & G Div lot g 4s
St L Si Bridge Ter gu g 5s- _ _1930
St 1.& San Fran (reorg co) 4s 1950
1550
Prior Ilen Ser 13 55
1928
Prior lien Ser C 58
1942
Prior lien 534e Ser
Cum adjust Ser A 8a____01955
61960
Income Series A Si
StLouls & San Fran Ry gen fis '31
1931
General gold 55
St L Peo Jr N W 1st gu 54-1948
St Louis Sou let gu g 411
1931
St L SW isle 48 bond ctfs_ _1989
2d g 45 Income bond ale-0989
1932 J D
Consol gold 45
lot terminal & unifying 58_1952 .11
St Paul & K Sh L lst 4;0_1941 F A
St Paul E Or Trunk 4 he-1947 J J
Price
Friday
June 26.
Veek's
Range or
Lass Sale
Nana
MSC/
Jaw, 1.
Loss, HISS
filchoh
72
i
7338L
Ask Low
Bid
687 76
2
7114
614 68
5918 6278 6414 Mar'25
597 68
4
625 June'25
8
5918 60
93 95
95 June'25 - - -97
95
59
51
/ 7014
1
4
32
1
92
6
7
663 Sale 6614
4
7912 8414
2
Sale
81 3
8214 Sa2e8 82,s
703 84
8
8212
8
805
8
1
94
/ 97
1
4
_
97
97
965
8
/
1
-107 108 - 10712 June'25 - - 1084 108
1083 1088
8
2
1083 Apr'25
8
1083
8
108 Mar'25 -- -- 106 108
1073
8
2
88
92
928
4
/
4
913 Sale 911
4
86
89
_
89 May'25 - - _
88
8814 92
90 - -- 9012 June'25
/ 9114
1
4
4 12914 39 12512 134
128 12912 1283
91
9314
9134
8
911
/
4
913 93
8
1011 103
/
4
/
4
8
10238 1021 1023 June'25
86
94
/
1
4
89
893 89 June'25
4
83 s 87
7
887
8 30
861 Sale 8618
/
4
3
3
823 84 4
4
4
843
4
84
/ __ 843
1
4
60 62
31
62
8
617 Sale 615
8 ale 6138
5918 60
60 June'25
5912
7
83 e 87
3
12
4
863
4
861 - - - 8 863
/ 8
4 6785 853
/
1
4
4
____ 853 Feb'25
4
3
1071 80 105 8 10812
/
4
107 Sale 10718
105 1087
s
_ 10678 May'25
95
/ 977
1
4
2
-9714 61de 97
954 98
/
1
963 Sale 961
4
/
4
9714 31
9
9
1001
/
4
9914 Mar'24
545 85
8
843 ---- 85 June'25
8 867
10914 10911
/
4
_ 10912 May'25
10912
10314 Mar'25 ---- 102 1034
10412
/
1
4
___ 1033 Apr'25 -- 103 10418
4
101
7112 75
7414
3
7414 Sale 7414
__
903 Dec'24'
4
91
9814 10155
8
102 103 - 1013 May'25 —
99 100
983 10014 99 May'25
4
100 1017
/
1
4
a
101
/
4
1003 1011 101
4
8814 90 4
4
3
9014
9014 Sale 9014
/
1
4
2 103 107
106
1053 106 106
4
/
1
4
1053 106 10614 June'25 ---- 103 107
4
973
4 94
963 97 s
8
7
975 Sale 97
8
811 85
/
4
84's 50
84 Sale 84
82
94
92
2
911 1)
/ ;21_e_ 99
4
/
1
4
904 98
92
2
92
984 100
/
1
9912
9911
1
9912
94
/ 96
1
4
95%
7012 80
/
1
4
95
/
4
77 6
a1
7614 Sale 761 MaY.214 114
804 89
/
1
861 83
/
4
853 Sale 8512
4
804 90
28
85
8412 Sale 8412
97 100
15
100 Sale 9912 100
917 95
4
943 June'25
4
943
4
8818 94 1
/
1
4
14
93
93 Sale- 9218
/
1
904 93
94
9 28
9%
9218 r
ie 9214 June' 7
9
98 100
/
1
4
30
99 4 Sale
,
93
95
93
/ 71
1
4
9318 Sale 93
4
10212 32 10118 1033
10218 Sale 102
8
8
10814 24 18712 1103
10814 Sale 1075
4
11012 75 1093 11112
110 Sale 11014
/
1
4
/
1
4
10914 109
10912 June'25
9718 11804
/
4
983 -ig§
8
98 Eit;le 971
8614 8614
88
8612 8614 May'25
83
84
8
833 843 84 June'25
4
8212 83
83 June'25
8214 84
82 82
12
8214
8214
8214
8
9414 95 4
1
9514
953
4
9514
85 884
5
855 Jan'25
8
85% 87
77
/ 82 4
1
4
3
4
803
4 12
803 Sale 803
4
313 367
8
s
341 24
/
4
33
3414 34
99 101
4 10014 12
993 10014 993
4
973810055
100
1003
4 39
100 Sale
811 85
/
4
8
8412
8412
85
927 94 s
4
3
9312 June'25
-65T2
104 108
/
4
1067 108 1061 June'25
8
40
448
8
4312
423 4322 4314
4
10512 1054
10512 Mar'25
10712
96
99
/
1
4
9714
97
9714 9714
96
967
e
/
4
98 4 Sale 961 June'25
,
9514 Ha
i
9618
963
4
963
4
898 9312
4
6
9314
9312
933
5
004 931s
1
9314
9314
9338
934 934
/
1
/
1
9314 June'25
9314
904 9314
9314 June'25
9314
91
94
94
94
9312
95 967
s
9638 June'25
953
4
9412 96
96 June'25
9514
9812 101
9914
995
8 11
9914 Sale
/
1
4
08 99
/
1
4
981
/
4
9912 228
983 99
4
99 101
/
1
4
101 June'25
1003
8
Dec'24
105
10638
/
1
984 Aug'24
103
1061" 1021;
:
10218 June'25
102
10014 101
1001 May'24
/
4
10018
911 9114
/
4
9114 May'25
8812
100 100
100 June'25
10014
87 87
87 Mar'25
88
1 10014 10212
102
10218 10211 102
534 594
5912 May'25
5212
-80 Sept'24
813
8
9313 96
95
95
95
9413 954
944 May'25
/
1
943
4
88
95
923
4
923
4
923 93
4
924 96
58
95
94 Sale 94
993 10018
4
10014 June'25
1003
8
/
4
741 7912
78 If/ 7912 June'25
1004 1014
10112 10212 10114 June'25
1
4
1
4
6 92/ 96/
95
4
943 Sale 943
4
5
7
5 June'25
8
6
6 May'25
8218 8912
24
86
8512 8712 86
711 7512
/
4
25
75
7512 7412
7.5
85 89
/
1
4
8
884 33
/
1
883 Sale 885
4
7314 77
34
77
7412 7638 75
8514 8812
23
88
87 Sale 8614
/
1
4
754 8112
/
1
8112 13
81 Sale 80
94
953
4
1
9314
95
/
1
4
953
4
101 101
101
Jan'25
10212
94
9612
2
96
9512 9614 98
951 100
/
4
6
/
1
4
10012
10014 10012 10014
911 90
/
4
43
/
1
4
955 Sale 95
8
96
/
1
4
MI 93
93
/ 9514 93 Apr'25 -- - 1
4
834 90
/
1
/
4
70
90
8918 Sale 881
99 1004
/
1
4
9914 101 10012 June'25
78
71
77 Sale 77
773 189
4
8514 934
9212 89
9112 Sale 9114
2
1027 Sale 10278
8
/
1
4
10314 27 1017 103
s
9912 Sale 993
9388 1007
8 100
107
848 928
4
4
893 Sale 8914
4
907 219
8
1
7614 897
8712 Sale 87
8812 300
10534
1043 1057
4
a
1053 June'25
4
10012
3 10018 101
1003
4 1003
4
10218 103 10212 10338
- - -18
6 102 104
4
9318
9231 937
/
8
934 Apr'25
/
1
4
8338
827 - 14 8212
8 81
6 80 833
720 78
5
80
78
78
78
85 8 907
3
s
893
4
893 90
4
9012 331
813 90
4
8812 Sale 881
9
/
4
883
4
80
873
4
85
865 8612
8
887
8 28
911 964
/
4
9112 Apr'25
90
/
1
4
3297
New York Bond Record-Continued-Page 4
BONDS
N.Y.STOCK EXCHANGE
Week ended June 26.
Price
Friday
June 26.
Weeks
Range or
Lou Sale
rO
Range
Since
Jan. 1.
P2222
Friday
June 28.
BONDS
N. Y. STOCK EXCHANGE
Week ended June 26.
Week's
Range or
Lan Sale
Rases
&mu
Jan. 1.
High
Bid
Ask Low High No, Low
High
High No. Low
Bid
Ask Low
92% 98
96
/ 33
1
4
941, 9612 4.121 Wat Wks & Elec bs__1934 A 0 953 Sale 95%
4
97
9612 May'25
A 95
6312
44
603
4
6114 93
9412 Am Writ Paper S f 7-68
1939
94
94 June'25 .7
43
63 4
3
6112 21
8
Temp interchangeable MD dep_ j j 61 Sale 61
1083
8
1 10712 10912
8
let colasol g Os
1933.1 A 1083g Sale 1083
9918 101%
4
1003 246
9512 10014 Anaconda Cop MM lot 138_ _1953 l'i 10058 Sale 10014
1933 J J 10018 ____ 100 June'25
Ss reduced to gold 434s
993 104
4
1017 189
4
10112 Sale 10112
1938 F A
15
-year cow/ deb 78
973 •98
s
9912 9712 Apr'25 _
Registered
1933 J .1 98
94 1001s
287
97
96
877 9512 Andes Cop Min deb 7325% p643
s
6
8
9312
Mont ext let gold 45
8
1937 .1 D 873 Sale 873
911 9412
/
4
1
9112
9112
9212 Antilla (Comp Azuc) 714e I939
92
Registered
.1 D 9012 9412 9212 June'25 - - 91
9514
9478 58
935
pe jj 8 2 88al ee
4
89% Ark & Mem Bridge d,Ter 50_1964 jj s 96111144 Saalle
88
Pacific ext guar 48___ __I940 .7 .1 875 883 8912 Apr'25 ---8
4
85
90
80
90
8912
10214 26 100 10212 Armour & Co let real est 49481939
8
St Paul Union Depot 5s_ _ __1972 .1 .7 102 Sale 1013
9412
91
9414
9412 77
851 Armour & Co of Del 594s
/
4
1943
81
847s 52
B A & A Pass lst gu g 4s_ _1943 J .1 8414 Sale 8414
4
/
1
i p 873: 1_aa_1_ee
.11 o 081 3
is s
4j
9_
9
Associated 0116% gold notes 1935 j D 1_9212 SS03i8 1024 10228 86 1011 10312
1 100% 102
102
____ 102
Banta Fe Pres & Finn 5s1942 M S 102
973 98 4
4
5
985* May'25
Atlanta Gas L let bs
1947
Bay Fla & West 1st g 6s_ ___1934 A 0 10914 111 111 Mar'25
- 10712 111
18
26
195 June'25 --Atlantic Fruit 75 ctfs dep
1934
1 102 102
102
1st g 5s
8
1934A 0 1023 ____ 102
1512 22
1512 June'25 -.1912 23
Stamped ctfs of deposit _______
4
873 903
4
90
3
933 90
8
Scioto VANE let gu g 4&J989 M N 90
9754 100
45
100
1937 .r./ 9912 Sale 9912
8112 Atlantic Refg deb bs
74
7
8
8
79
Seaboard Air Line g 48
1950 A 0 783 Sale 783
10318
1 102 105
8212 Baldw Loco Works 1st 55_1940 Ail N 10318 Sale 10318
74
7818 15
Gold 48 stamped
1950 A 0 7814 Sale 7818
10612 18 103 10612
73 8312 Baragua(Coup Az)774 _ _ _ _1937 J J 1061s 107 106
68
81
Adjustment be
Oct 1949 F A 8012 Sale 80
10512 30 10212 10512
7134 39
5912 7312 Bamsdall Corps I cony 8% A1931 i j 1051g Sale 10518
Refunding 4s
1959 A 0 7114 Sale 7114
103
75 10014 103
1948 i j 10212 Sale 10238
4
84% 953 Bell Telephone of Pa to
115
95
let & cons Os Series A_ __ _1945 M S 9414 Sale 94
/ 10038 13 10014 10114
1
8
1926 .2 .7 1003 Sale 1004
837 897 Beth Steel let ext e f 5s
8
s
2
8914 893 891s
4
8914
Atl &Birm 30-Yr let g 43-41933 M
9312 97
95%
95% 30
993 101'8
4
let & ref 5s guar A
MN 9512 96
10118
4
Seaboard & Roan let 5s
1926
.1 10118 ____ 10118
90
9312
9312 27
30-yr p m & imp s f 5s.... 1946 71 .7 927g Sale 9234
92
3
4
8
8
B & N Ala cone gu g 58
1936 F A 1033 1043 10312 May'25 __-- 10218 1033
9312 9712
4
943 147
Cons 30
-year 68 Series A._1948 F A 94 Sale 94
2 103 109
8
Gen cons guar 50-yr 58_ _1963 A 0 1063 108 10712 10712
8912
85
8814 61
8712
Cons 30
8812
-year 5948 Series B 1953 F A 87 8 Sale
84
lilo Pan Col 48(Cent Pao col)k1949 J D 8612 8712 8612
86%
8
94
96
9512 139
94
9612 98
Bing & Bing deb 614s
1950 ivi 8 9413 95
8
4
8
977 161
20
-year cony 4s
June 1929 M S 973 Sale 973
7012 85
78
8
6 5 78
54
993 10312 Booth Fisheries deb 5 f 6s
4
1926 j O 7 : 8712 78
A D
10012 13
-year cony be
20
1934.1 D 100311 10012 10014
97 1014
10014 47
7014
34
Brier Hill Steel let 51477
1942 A 0 106 Sale 9923
8
10014 60 100 101
-year g bs
20
1944 M N 993 10014 100
79
68
78 June'25 -8414 8838 B'way & 7th Av let o g 58.._ _1943
8838 27
8
San Fran Terml let 48_1950 A 0 8712 877 871
674 78
4
763
4
763
4
1
Ctte of dep stmed Dec '24 lot ._ _
83 8514
_
May'25
Registered
83
A 0
904 95%
/ Brooklyn City RR 55
1
4
1941 J .1 95% -- -- 9512 June'25 -103 103
_ 10314 Feb'25 _
Bo Pac of Cal-Gu g 5s
1927 M N 102
9915 103
4
10212 97
8
,
94% 94 2 Bklyn Edison Inc gm te A 1949 .2 j 1017 Sale 1013
9412 Jan'25'
Bo Pao Coast let gu g 48___ _1937 J .1 9414
7 104 10512
10514 Bale 105'sl05'
General 677 Series 13
1930 4
884 92
/
1
903 Sale 9028
8
Bo Pao RR let ref 48
1955.1
9114 75
82 92
14
550
92
8
9118 Sale 907
Bklyn-Man R Tr Bee 6s_1968 J
/
1
103 Sale 103
104
39 1004 104
Southern
-let cone g 5e___ _1994 J
61% 71
3 66 June'25 8
!8
N 651 6
99 993 Bklyn Qu Co & Sub con gtd 58'41
s
9972 Apr'25
Registered
J D 98
80 80
80
Feb'25 ---let bs
1941
s
7352 8
012
8012 347
Develop & gen 48 Ber A1956 A 0 797 Sale 793
4
Brooklyn Rapid Trans g 5e 1945 AO -------- 90 Nov'24 ---72 103 107
8
4 106
Develop & genes
1956 A 0 1057 Sale 1053
96 June'24 ---Trust certificates
4
61 1063 111%
111
Develop & gen 614s
1956 A 0 11014 Sale 11014
92 June'25 - - "ids 'lir
9972 10212
let refund cony gold 48_20021j 8812
Mem Div let g 4)45-522_ _1996 J J 10118 1017 10212 June'25 -s
3-yr 7% secured notes__ _1921 ii ---- ---- 10912 Bept'24 -8514 8712
8612 June'25 -_ -Bt Louie Div lst g 48
8
1951.1 J 867 ____
12314 May'25 -- -- 121 12714
Ctfs of deposit stamped.....
_ ---- -823 883s
8
8778
7
Mob & Ohio coil tr g 48_1938 M S 87
/ 883 867
1
4
4
8
8112 89l2
88'z 15
A 88 Sale 88
Bklyn Un El let g 4-5s
1950 I103
2 10072 103
BO Car & Ga Ist ext 530_ _1929 114 N 103 ____ 103
8112 88%
3
8812
81
83 8712
/
1
4
8
Stamped guar 4-58
F A 0
1950 555 N 181% 6 14 88
86 June'25
_
Spokane Intenaat let g 5a_1965 J .1 844 86
994 102
17
101% 102
9514 9814 Akin Un Gas 1st cons g 58_1945
s
Tam Asan of St L 1st g 4)0_1939 A 0 96% 9772 967 June'25 - _
172 May'25 ---- 165 172
10-yr cony deb 7s
1932
99 10114
1st cone gold be
1944 F A 10112 _ 1004 June'25
2
110 June'25 - - 1074 11011
let lien & ref 68 Series A 1947
8218 8514
8434 11
4
Gen refund f g 45
1953 .1 .7 84% 8514 843
9115 934
92 May'25 -- -Buff de Sum Iron 51 be
98
99 May'25
Tex & N 0 con gold be
9
654 99
1943.7
91
84
997 10223 Bush Terminal let 48
us
19993552 MMI DNN 18 2 9094: 86 June'25 -5 A O 093795114
2
102
5
Texas & Pao 1atgoldSa20O0J D 102 10214 102
864 914
913
4 13
8
.1 4 913 Sale 9114
Consul 58
90 Dec'24
2d gold income 58
2000 Mar 90 101
5
93% 99 4
9612
9672 53
gg
9934
Building be guar tax ex_ 1960 M N
AO
La Div B L let g 5e
4
4
_
1931.1 J 9912 993 993 June'25
98 101%
12
101
10 1 8a18 101
9
01 101
9818 10014 Cal G & E Corp unit& ref 58_1937
Tex Pao-Mo Pao Ter 5948..1964 M S 9912 1001s 9912
9912
7
0%
104
17 1004 1 4
992 101
4
Cal Petroleum f g 63.4e__.1933 A 0 1035* 1037 10312
Tol & Ohio Cent let gu
10058
I
_1935 J .1 10112
10023
1 .9112 9512
9112
O 100 619292 9112
N 9112 1 3
1942
Western Div Ist g del
9958 10014 Camaguey Bug let of g 7e
1935 A 0 100 10014 100 June'25
964 100
9912 100
40
gees 9934 Canada BS Linee 1st coll 8 78'42 MN
8
4
General gold 5e
1935.1 D 987 9912 983 June'25
2 10015 1024
10214
! 3
J A 931
28
3112 Cent Dist Tel let 30-yr 56-1943 F D 1027 Sale 10214
29
3112 30 June'25
Toledo Peoria & West 46_1917 J
97
94
95 June'25
9911 997 Cent Foundry let s f 68
1931
g
997 May'25 - _
8
Tol St L & W pr lien g 3)0_1925 J J 997 100
974 10112
10112 208
Cent Leather let lien of 65._1945 j j 1005* Sale 10012
8612 8614
82% 87
8614
7
50
-year gold 4s
1950 A 0 86
110 114
8
Central Steel 1st gs 7 8e
1941 54N 1133 Sale 11212 113%
967 Dec'24
8
T0IWY&Ogu4945A
1931 J
984 10115
100% June'25 -Ch G L & Coke 1st Dig 5s...1937
Series B 4He
97 97
9614 ___ 97
Jan'25
1933.1
75% 88
7712 87
l
F j 99 2 le
1927 j A 177178 Sale 7612
8
893 Jan'25 8
Series C 45
8938 897 Chicago Rye 1st bs
1942 M S 8912
1084 268 105 11112
/
1
1932 A 0 10758 Sale 7075*
8612 Chile Copper Os Ser A
Ham & Butt lat g 4e_ _1946 I D 8612 Sale 8612
8612
Ter
848
5
9872 104%
6
2 10123
8
1003 1013 1013
4
844 9218 Cincin Gas 42 Elea let & ref be '56 A 0
/
1
4
_
Ulster & Del let cons g W-1928 J D 8512 8612 843 June'25
10412 22 100% 105
8
A .1 00 3
1961 j 0 1845, Sa_ _i_e_ 10412
594s Ser B due Jan 1
502 62
4
4
3
let refunding g 48
1952 A 0 5358 543 5418
5 'l
4
80
80
Jan'25 -80
gm 9412 Clearfield Bit Coal let 48-.1940
9313 53
Union Pacific 1st g 48
1947 J .1 9318 Sale 93
31
87 8 93
7
91
9012
1943 F A 9012 Sale
ggis 93
Colo F 42 I Co gen s f 55_
_
Registered
J .1 8912 ____ 9112 June'25
41
80
84
84
F A
1934 F A 8238 Sale 8214
9874 997 Col Indus 1st & coll be gu
8
9912 Sale 993
8
9958 67
20
-year cony 45
1927.1
82 82
82 Feb'25 77
Registered
98
98
Registered
98
Jan'25.
J J
1007
8
1007
2 15 10012 102
1927
Columbia G & E let 5e
8713 10
let & refunding 4e
8414 90
87 Sale 87
e2008 M
8
10074 13 100 1511
1007
8
1927
Stamped
/
4
10818 108 1071s
let lien & ref 577
107'z 22 1041 10712
e2008 M
914 14
1314 June'25 -15
MS 13
2
10
-year perm secured 68_1928 J
1037 104 1037
2
8
104
19 10312 1047 Col & 9th Av let gu g &L....1993 1
9812 997
8
993 June'25 ---2
19 128
22
973
U N J RR & Can gen 4s
9214 9212 Columbus Gas let gold be_ 1932
923 Feb'25
8
_1944 M
12
8
713 77
8
'
I
76
7612
7618 78
/
4
1001 10118 Commercial Cable let g 48_ _2397 Q
10014 10012 10014 June'25
Utah & Nor gold 58
1926 J
66
98 1013
4
1013
1934 5.7 ry 10012 Sale 10012
Commercial Credit e f 68
933 ____ 93 Aug'24
2
let extended 48
1933 J
97% 103%
50
02
2 102
e
et4
J
Commonwealth Power 08_1947 M N 103 Sale 1013
VandaOa cone g 4s Ser A_1955 F A 8718 8712 8714 June'25
8658
5 1011 10412
4
2 104
1037
862 8623 Computing-Tab-Rec s 7 6s_ _1941
4
Conaol 48 Series B
863 Apr'25
2
_
1957 M N
9018 9212
9212 June'25 -Conn Ry & L lst & ref g 4Hs 1951
Vera Cruz & P let irti 4)0_1934 J J
20
Oct'24
-89
93
924 June'25 -1951
Stamped guar 4548
241k 24'2
Aasenting let 43.2s
2412 Jan'25 _
1934 81
90
8134 29
8112
995 10014 Cons Coal of Md let 42 ref 58_1950
8
10018 ____ 10018 May'25
Verdi V I & W lst,g 5s
1926M
367 10114 105
104
2.
3
3
4
2
02
F A
NI 5 8990 84,e32 10312
j :99ll _
10014 10012 10014
Virginia Mid Serial E 5a___ _1926 M
10014
2 70074 10012 Consol Gas(NY)deb 594e_1945 jiI l3 101314 S_,,3e.
10438 15 10018 105
104
Cons'd Pr & Ltg let 6 Hs
1943
9912 101
58 Series F
1931 J .1 10012 ____ 101 June'25
9211
87
8712 11
Geoeral5a
_ _ 100 10212 Cont Pap & I3ag Mills 6 He_ _1944 FA 87 Sale 87
1936 M N 10058 ____ 10212 May'25
92% 100%
4
9314 102
Consumers Gas of Chic gu 581936 J 4 10012 1003 10012 June'25
Va & Bow5law'n let gu 5s2003 J J 100 1017
8110114
10114
3
90 4 lock
3
9912 145
97% Sale 975
844 933 Cc neumers Power IN Se..,...,l952 M N
/
1
4
9113
1
Let cone 50-year be
1958 A 0 9118 9134 9112
9072 July'24
1931
94
9511 90921:
2
Virginian let be Serbia A___ _1961 M N 10012 Sale 100
10012 143 100 1013 Corn Prod Refg 51 g 58
190i 102°.
101
101 Sale 101
let 25
-year a f 53
Wabash let gold 58
10212 16
1939 M N 10214 Sale 102
3
74
80
78
/
1
4
Seal .sy 7 _ 1 33 F A
CubaCroaa an A Se ec nt s 1 6_s 1944 MIVI NN 78 Sale 77
c
l1 ,
0J T
983 Sale
4
20 gold be
1939 F A
934 98
9714 113
97, Sale 9514
8
CorkCane Sugar
,
:
3
967 Sale
3
Ref s f 5Hs ser A temp
9 1! 997
4
33
20i
1975 M S
43
9914 1027
8
: 102
10072 Sale 1001
Cony deben stamped 894.19303 .1
Debenture B 69registered_1939 M S
_
933 Feb'25
4
__
1077
8 33 10712 110
4
let lien 50-yr g term 4s
7
7712 837 Cuban Am Sugar let coil 85_1931 M 5 10712 1073 107%
5
1954 .1 J 8218 83 2 82 June'25 -- -/
1
4
9672 98
42
98
6
914 0
89 4 18112 Cuban Dom Bug let 734s_..1944 hi N 98 Sale 972
101
____ 10112
10112
Det &
ext let g 5s__ _1941 J .1
1
6
97 10112
100
Cumb TAT let & gen 68_1937 J J 100 10012 100
Dee Moines Div let g 4a 1939 J J 86
86 May'25
2
977 99%
8
97%
Cuyamel Fruit let 65 int ctfs '40 A 0 9712 973 9712
7612 77 May'25
Om Div 1st g yis
74
77
1941 A 0 75
9512 25
5272 97
4
Den Gae & E L let&ref s f g 58'51 MN 943 9514 95
Tol & Ch Div g 4a
87
5
8412 87
1941 M S 87 Sale 87
6
75
82
78
77
78
Dery Corp(D G) 1st s 1 75_ _1942 M S 77
Warren let ref gu g 3146
773 Oct'24
8
_
2000 F A
2
9934 10214
12
4
8512 86% June'25
Wash Cent let gold 4s
83 -Ws Detroit Edison let coil tr 58_1933 .1 .1 101 1013 10112 101
__
1948 Q M 84
9912 10214
4 10214 32
1013 Sale 1013
4
let & ref 58 Series A_July 1940 M
8
Wash Term let gu 3Hs
1945 F A 8338 ____ 833 June'25
8
3
99
/
1
4
971 1013
8
4
4
1940 A 0 993 Sale 99
99
893
8
893 Mar'25 _
8
let 40-year guar 417
81% 9'
9 5 886
914 98.%
58
1945 F A
: Gen & ref 5s Series A
22 1063 10812
8
4
108
4
1073 107% 1073
lst & ref 677 Series B__July
M
9712 9828 9612 Mar'25
WM1nW&NW1stgu5.A93F A
__
13
8
4
877 931
90
8918
891s Sale
634 6712 Det United 1st cons g 4)4s-1932 I
West Maryland let g 45
663 123
8
1952 A 0 66 Sale 66
262
9412 9912
98
1
9832 19312 Dodge Bros deb 65 Int rcts 1941 M N 9712 Bale
79 4 00
1
Wed N Y Pa let g 5s
1937 / J 10012 Sale 10012 10012
7
82
8814
4
85
85 Sale 1 843
Dold (Jacob) Pack let 617_1942 M N
813
4
817
8
7
Gen gold 45
1943 A 0 8112 82
4
50
685
8
54
54
54
52
Dominion Iron & Steel 58_1939 .1
45 Feb'25
Income g 5s.
Apr 1 1943 Nov 3514 46
_
6
8
88 4 Ms
91
90
9012 91
Donner Steel 1st ref 444,93 J
_ _1942
1 6
95 Sale 95
Western Pao let Ser A 527...A946 M
953
8 67
9012 9458
945 May'25
2
____
45
I D 95
14 844
10312 Sale 10312 10312
2 12 4 10851s du Pont(El) Powder
1946 M
let gold 65 Series B
223 10658 108%
1083
2
duPontdeNemours&Co 7)45 1931 M N 10612 Sale 10612
837 Sale 8358
8
2361 .1
853
4 29
West Shore let 48 guar
107% 107%
105
__ __ 10712 June'25
813 8 4
7: 6
Registered
9
2
83
831: 8314
Registered
84
6 1001 1002
/
1
4
2
10612 49 1047 107
J .1
Duquesne Lt let & coll 68_ __1499 14 N 106 Sale 10514
100 Sale 100
100
1
Wheeling & L E let g 6s_
1053
4 17 104 106
1st coil trust 5Hs Series B_1949 J J 10514 Sale 10514
9914 ____ 100 May'25
993s 101
_
Wheeling Div let gold bs_1928 J
8
1063 122 103 1087
4
105 Sale 1044
4
4
4
993 993 East Cuba Bug 15-yr 8 f g 7Hs'37 M S
Ext'n & impt gold 5s
1930 F A 9712 ---- 993 Mar'25
901 9514
4
4
Ed El RI Bkn let con g 45___1939 J J 913 ____ 9514 June'25
7514 7718 753
76
4
7834 14
Refunding 414s Series A 1966 M
68
9912 103
____ 103 June'25
Ed Elec III let cone g be_ __ _1995 J .1 102
7718 Sale 7718
7812
2
1949 M
72
RR let comol 471
7858
884 29
87 8 12
14 8
8
1942.1 D 6514 663 6612 June'25 - _63 6712 Elec Pow Corp(Germany)6Hs'50 M S 88 Bale 8712
/
1
4
Wilk & East 1st ftU g 68
97 100
8
1925.1 D 9612 987 97 June'25 217
4
1938.1 D 1023 104 10314 May'25
102 10314 Elkhorn Coal6% notes
Will & F 1st gold 50
9714 105
105
8
10412 Sale 1043
84
8514 8412 June'25
1960 J
Winston-Salem S B let 4s
823 8712 Empire Gas & Fuel 734s_,.1937 M N
8
__
993 10018
4
,
73t2 81, Equit Gas Light let con 5s_ _1932 M 5 10012 101 100 2 May'25
793 83 80
8
4
80
18
Wie Cent 50-Yr let gen 45--1949 J
88
9814
9412 16
8
863 June'25
4
Bup & Dill div & term let 48'36 M N 853 86
823 87 4 Federal Light & Tr let 58- _1942 M El 9314 937 9314
8
,
_
6
9614 103
1025
M El 10212 Sale 102
7512 -___ 761s June'25 _ _ _
1st lien 68 stamped
76
76%
Wor & Con East lot 434s....1943 -1
9
997 107
8
10012
s
Federated Metals s 1 78
INDUSTRIALS
119939 J D 100 Sale 997
42
22 108 115
115
1145 Sale 114
8
85 Sale 85
Fisk Rubber lets f 8s
85
4
Adams Express coil tr g 48_1948 M
7612 79
__ 78% June'25
1017
19 1
3
82
9
44
9 12 10 : Ft Smith Lt & Tr 1st g 5s_ _ _1946 M S
84
5
Ajax Rubber let 15-yr 5 f 88_1936 .1 D 10112 Sale 10114
894 908
9312 25
8
4
418 5
J .7 78'8
418
Framerio Ind & Dev 20-yr 7)0'42 M 8 923 933 93
415
1
Alaska Gold M deb Os A-_1925 M
34 VS
12 10312 1067
8
10558
10612
418 5
67 Apr'25 _ _
2
1926M
4
6% Francisco Sugar lit of 754s _1942 M N 10612 Sale
Cony deb 68 Series B
981 9812
8
4
8
Gas& El of Berg Co cons g 551949.7 D 993 .-_ 9812 Feb'25 /
1
10232 16
1928 A 0 102% Sale 1023
984 103
AM Ag210 Chem let 58
6 101 103
103
94 1033 Gen Asphalt cowl Os
/
1
4
4
A 0 10212 ____ 103
1941 F A 1023 Sale 102
6
1027s 128
25_yr 69_193
1 39
4
let ref ef 7945 g
4
1043 10584
8
General Baking 1st
.1 D 10418 105 1043 June'25
102
97% 102
94
Amer Beet Sug cony deb 62_1935 F A 102 Sale 101
6
85
83
85
1942 F A 8518 _ ___ 8414
99
43
96% 993 Gen Electric deb g 394s
4
American Chain deb S f 6s1933 A 0 9814 Sale 98
43 10112 107
107
96
9612 96
Debenture bs 69 695
2
9118 9672
963
8 12
,
_ 1952 M 5 10614 Sale 106
195
Am Cot OH debenture 58-1931 M N
67 100 10212
101%
8
1067 10712 1073 June'25
s
F A 1017 Bale 101
4
A.
1936J
_ 10612 10812 Gen Refr 1st 8 t
Am Dock & Impt gu Os
93 4 106
3
93% 9475
2 99 June'25
German Gen Elec 75 temp 1945 I J 933 Sale 9312
1939 A 0 99
98 100
_
Am Mach & Fdy s f 6s
2 1058 259 100581065*
s
1947 J 1 1053 Sale 1053
91 12 9712 Goodrich Co 630
964
5
Am Republic Corp deb 6s._1937 A 0 908 Sale 9658
1205 139 119 121
8
9512 9912 Goodyear Tire & Rub 1st of 1941 M N 12014 Bale 12014
99
160
Elm & R let 30-yr be serA 1947 A 0 9812 Sale 9814
AM
72 1084 110
110
4
4
10
41931 F A 1093 Sale 1093
-year 81 deb g 8s
8
4 70 1035 10812
1947 A 0 10728 108 1 0738 1073
let M 138 series Id
4
93% 100%
9912 10412 Granby Cons MS & P con 6a A'28 M N 100's - -- - 100 June'25
103
55
Amer Sugar Ref 15-yr 677_ _ _1937 .1 J 1023 Sale 10214
2
4
9318 10038
1928 M N 1003 ____ 10038 June'25
Stamped
8
373 173
4
9618 977
Telep & Teleg coll tr 48_1929 J .1 973 Sale 9714
Ana
1
1003
2
92
94
02
95 1003
1925 M N --------10038
Cony debenture 821
92
2
903 9212
8
10
1936 M
Convertible 45
4
92%
9234 923
9614 Sale 9614
Gray &Davis let cow/ a 772..1932 F A 92
92
9614
1933M
95
943 115
2
8
-year cony 4He
20
9114 105
101% Sale 10172 102
87 9112
14
81 100 10214 Gt Cons El Power(Japan)76.1944 F A 9114 Sale 905*
-year coil tr be
80
3
10238
2
997 1027
8
Great Falls Power lets i 5e 1940 MN 10112 10212 10238
973 458
4
1941
960
8
94% 98
9 D 9758 Sale 973
J
35-yr f deb 58
2
4
8
Hackensack Water let 48_ _ _1952 J J 8623 ____ 863
8 4
83% 86%
63
132 101 105
1943 M N 1033 Sale 10312 104
20
-year e f 514s
7
93 4 53
3
8
1357
8 79 125 13812 Havana El Ry L & P gen 55A '5488 S 9272 Sale I 92 2
1925 F A 135 Sale 1347
85% 954
-year convertible 68
7
if Due May 0 Due June. 5 Due July k One Aug a Option sale.
8,Paul Minn & Man con 401933.1
Registered
J
3,,
Sale
10:
-871,1
In pi
3298
New York Bond Record-Continued-Page 5
BONDS.
N.Y STOCK EXCHANGE
.
Week ended June 26.
Range
Week's
Pried
BONDS
Price
Ranee
Week's
Friday
Since
Range or
N. Y. STOCK EXCHANGE
Range or
Mee
Friday
3
11
Last Sale
June 26.
Jan. 1.
Week ended June 26.
June 26.
Jan, 1
Last Sale
High
Ask Low
Bid
High No Low
High
Bid
Ask Low
High No. Low
Havana Elea consol g 58--1952 F A 9512 97
923 96
Philadelphia Co coll tr 65 A_1944 FA 10414 Sale 10414 1045
8
953 June'25
4
/
4
8 31 1011 105
Hershey Choc 1st 6 f g es__ __1942 MN 10418 Sale 10418
15
-year cony deb 548_ _ _ _1938 MS 9934 Sale 99
315
1043
4 20 103 105
/
1
4
93 100
99
/
1
4
Hoe(R)& Co let 6348 temp-1934 A 0 1035s Sale 1035
8
8 10514 22 1003 10514 Phi's & Reading C & I ref 58_1973 J J 10012 Sale 10012
9934 10218
1003
4 40
Holland-Amer Line 68 U1614_1947 MN 85
79
87
87
893 Pierce-Arrow Mot Car deb 881943 MS 105 Sale 105
87 3
4
4 11
10512 108
91 105h
Hudson Co Gm let g 58......1940 m N 1007 ____ 1003
4
9818 100
8
4 1003
4
5 1021 107
/ Pierce OH s f 86
1
4
8
1931 J D 1064 107 107
/
1
107
Humble Oil& Refining 546_1932 J 2 102 Sale 102
10212 89
994 10212 Pillsbury Fl Mills 20-yr fls_ _1943 A0 1014 102 1013
/
1
8
6
991 10218
4
1013
4
Minole Bell Telephoae 56-1956 .1 D 1003 Sale 10012
97 1017 Pleasant Val Coal 1st g 6 f 58_1928
10112 167
4
s
973 983 977g June'25
97
4
9814
4
Illinois Steel deb 434e
923 963 Pocah Con Collieries lets f 581957.7'
4
9412 33
1940 a 0 9414 Sale 9414
4
923 9212 June'25
8
8
9212 941
Ind Nat Gas & 011 58
874 94
1936 m N 90
Port Arthur Can & Dk 66 A.1953 FA 1017 10238 1013
927 9314 June'25
8
/
1
4
9
994 102
8
4
1023
4
Indiana Steel lot 56
1952 al N 10312 Sale 10312 10418 20 10114 10418
1st M (is Series B
1953 FA 10112 io278 102 June'25
101 102
ngesooll-Rand let 58
9914 Portland Elec Pow 111 68 13_1947 MN 9911 993 9.912 100
92
92 May'25
101
1935.7 .1 99
/
1
4
16
4
964 100
Interboro Metrop coil 4348_ _1956 A 0 11
10
11
11
Portland Gen Elec lot 58_1935
13
Apr'25
3
994 Sale 9912
98 100%
/
1
4
99
/
1
4
Ctf dep stpd asstd 16% sub__ _
1012 1012 Portland Ry lot is ref 58_ __ _1930 MN 95% Sale 95%
612 _ _ 1012 Mar'25
4
9212 9612
95%
Interboro Rap Tran let 56_1966 .T1-54 92
593 743 Portland Ry Lt & Plot ref 581942 FA 91 Sale 90%
6
/
1
4
i68 Sale 673
4
4
43
6912 142
92
Stamped_ 67 Sale 6712
59
1st 1 dr ref 68 ser B
7312
/
1
4
6914 106
1947 MN 9912 Sale 9912
8912 26
94 100
10
-year 66
613 80
4
64
1932 ;1:13 7012 7134 7112
let & refund 74s Ser A 1946 MN 10618 10612 10618
73
4 10518 107
10614
10
-year cony 7% notes_ _ _1932 M S 9012 Sale 9014
85
95
Porto Rican Am Tob 8e_1931 MN 101 10212 101 June'25
9112 61
101 106
Int Agile Corp lot 20-yr 55_1932 M N 7412 7614 74
67
4
7414
743 Pressed Steel Car M
4
8
91
9418 931294
1933
93% 97
Stamped extended to 1942_ _ _ _ MN 713 Sale 69
111
6211 72
72
Prod & Ref 018e(with waents)'31 3D 11012 Sale 11418
4
7 104 11514
11412
Inter Mercan Marines f 58_ _1941 A 0 86 Sale 86
113
843 914
3
Without warrants attached__ 3D 1103
87
4
4
110 1113
11012 11012
International Paper Se
874 94
Pub Serv Corp of NJ gen 58_1959 A0 1043 1047- 10418
4
1947.7 J 913 923 9178
8
9312 74
4
8
1043 10518
8
104%
let & ref 56 B
- -9914 175
Secured g 65
1947 J J 9214 Sale 84 Mar'24
1944 P A 99 Sale 99
8
95 997
Refs 1 68 Ser A temp
435
97% 98
Pub Seri Elec & Gas let 5401 44 4 0 104 Sale 104
65
l955 M 5 98 Sale 9714
,
00
1
195
98% 105
105
9
Jurgen/ Worker 66 Was prtee)_1947 J .1 993 Sale
88 1005
1st & ref 530
1090838 109
54
8
4
1964 AO 104 Sale 104
9953 105
105
Kansas City Pow & Lt 53_1952 M S 9914 Sale 991 10012 48
95 101
Pub Sent El Pow & Ltg 6s_ _19 4 AO 106 Sale 106
/
1
4
36 10212 10714
/
4
1 48
107
Kansas Gas is Electric 68.-1952 M 5 10212 Sale 102
9814 10312 Punta Alegre Sugar 7e
1023
/
1
4
4 21
4
1937.7, 107 Sale 10514
1074 65 1023 107
10418 10 10112 10414 Remington Arms 66
Kaiser & Co 78
4
8512 92
4
1942 F A 1033 10418 1033
MN 885 Sale 88
8
88% 13
Kelly-Springfield Tire 881932 IN N 10158 Sale 10112 1023
90 103
8 35
Repub I & S 10-30-yr 58 f 1937 AO 963 Sale 9612
13
9312 98
4
940
97
Keystone Telep Co let 50_1936 J J 91
82
17
92
8
9112 913
9214
Ref & gen 5368 ser A.,,.1953'.7 93 Sale 93
901 94
/
4
9314 44
1004 103
Kings County El & P g 561937 A 0 1023 ___ 103 June'25
Rime Steel lot 7s
8818 90
s
1955 FA 8818 Sale 8813
8814 45
Purchase money 66
11 11412 12014 Robbins & Myers s f 76
11912 120
8
1997 A 0 11812
72
1952• D 7014 Sale 7014
Kings County El 1st g 4s...1949 F A 7814 78127812 June'25
75
7812 Rochester Gas & El 75 ser 13.1946 MS 1104 - -- 1103
4 110
4
1103
/
4
1
74
Stamped guar 48
783
77 June'25
Gen Mtge 5366 series C__ _1948 MS 1043 3
79
1
4
1949 F A 78
4 1051 1047
8
1047
8
89 10114 Roch & Eltte Coal & Iron 5s_19413 MN 911 _
Kings County Lighting 56_1954 J J
9918 10
9918
/
4
Aug'24
90
Ohs
/
1
4
8 103 108
8 108
8
Rogers
1964J J 108 Sale 1073
-Brown Iron Co 7s
1942 MN 72 Sale 7112
638 83's
7212
Kinney Co 74e
2 10614 108% St Jos Ry Lt
6
1936.7 D 10712 108 10712 10712
/
4
& Pr 58._ _ _1937 MN 911 92
8512 913
4
911
/
4
911
/
4
Lackawanna Steel 56 A
89
15
/ 944 St Joseph Stk Yds let 448_1930
1
4
94
95 95%
1950 M 8 94 Sale 934
/
1
/
1
4
95% May'25
95% 100
Lac Gas L of St L reftsext 54 1934 A 0 101 Sale 100
9814 1017 St L Rock Mt & P65 stmpd.1955
7
14
10112
8
7718 85
824 83 82
85
14
9514 102
Coll & ref 548 Series 0_1953 F A 1003 Sale 10014
10138 126
s
St Louis Transit M
A0 70
_
8118
81
Feb'25
74
Lehigh 0& Nay s f 4 Ms A_ _1954 J J 9912 1004 100 June'25
953 100
4
2
St Paul City Cable 58
' 9614 Sale 95
3
06¼
95 97
Lehigh Valley Coal 1st g 58_1933 J J 10118 ____10114 10114
1 100 10112 Saxon Pub Wks(Germany)7: 325 FA 92 Sale 92
221
10114
/
1
4
93
12
92 93
919 24
'4
list 40
-year int red to 4%A933 J .7 ____
8958 Sept'24
6 104 107
Saks Co 70
8
MS 1067 10712 1064 1063
/
1
4
/
1
4
3913 43s San Antonio Pub Ser 68_19
Lex Ave & P F 1st ECU II 56-1993 MS 4333 __- 433 June'25
8
8
9918 104
104 Sale 102
104
952
42
Liggett & Myers Tobacco 76_1944 A 0 1197 121 11978
7 116 120 8 Sharon Steel Hoop 1st &ger A '41 MS 1064 1063 10614
1203
8
,
/
1
1064 11 105 1074
4
/
1
/
1
4
117 1174 Sheffield Farms 6350
11734 Apr'25
/
1
4
/
1
A 0
2 105 1073
5eRegistered
/
1
4
AO 106 10714 1064 1063
4
/
1
4
973 10112 Sierra & San Fran Power 56_19 FA 9212 933 94%
8
8 10112 51
4
1951 F A 1013 Sale 1003
90 95 4
1
9412 28
19
42
49
LorMard Co (I') 76
8
1944 A 0 116 11612 1157 June'25
1144 1173 Sinclair Cons 011 15-year 75_1937 MS 95 Sale 944
142
3
88 95
/
1
95
Registered
115 115
A 0 --------115 Mar'25
let In coil tr Os C with warr 1927
8
1133 Sale 11212 11812 960 1044 11812
/
1
58
9514 9812
1951 F A 9712 Sale 963
4
163
9712 48
let lien 630 Her B
90
825 90 4
/
1
4
/
1
4
8
1
1938• D 88 Sale 88
Louisville Gas & Electric 58.1952 MN 97 Sale 97
9052 993 Sinclair Crude Oil 3-yr 138 A 1928 P A 101 Sale 1003
116
98% 120
4
9914 101
4 101
Loulsy Ry 1st con 58
9114 93
1930 J J 9114 94
9114 June'25
3-yr 6% notes B Feb 15_1926 FA 1003 Sale 1003
4
4 100% 52 10018 100%
Lower Austrian Hydro-Elec CoSinclair Pipe Line M
82 88
87 5
8 69
1942 A0 874 Sale 87
lin a 1634s
86
/ 864 Skelly 01163.4% notes
1
4
1944 F A 854 Sale 854
239 1067 12012
8518 10
8
s 120
1922 A0 1174 Sale 1173
47
Maned Sugar 745
99 102
18
1942 A 0 10018 Sale 10018 101
South Porto Rico Sugar 76_1941 JO 105 Sale 105
10512 10 102 106
Manhat By(N Ti cons g 46_1990 A 0 6253 Sale 62
5712 64
62 3
8 22
South Bell Tel & Tel let of 561941
1013 Sale 101
4
8
99 1021
1013
4 22
2d 4s
7
7
51
D 5334 55
56
1
54
9618 10112
274
2013.7
S'west Bell Tel let & ref 56_1954 FA 100 Sale 100
54
101
Manila Electric 78
9714 1023 Southern Colo Power 68....1947
1942 M N 102 Sale 102
4
1023
4 26
983 Sale 984
8
9314 997
/
1
997
8 14
Manna Elec Ry & Lt if 55_1953 M S 8912 90
85
3
92
90
90
Spring Val Water ll 53
96h 98
18
9812 June'25 _
1948 MN 9812
Market St Ry 76 Series A__ _1940 Q 3 99 Sale 9912
9712 100
/
1
4
5
Standard Milling 1st 55
997 107
100
100
9913 100 4
5
1930 MN 100
Metr Ed 1st is ref g 613 Ser B_1952 F A 10553 Sale 10512 1053
34 105 108
Steel & Tube gene f 7s Ser C 1951
4 13 10112 106
107 Sale 1074 108
/
1
4
lot is ref 58 Series C
914 97
21
4
1953 J J 953 Sale 9512
8
Sugar Estates (Oriente) 76_1942 MS 95
9512 97
9614
96
9612 96
1s
Metropolitan Power 65
3 100 104
104
1953 J D 104 Sale 10314
/
1
4
2
Superior 011 let 81 78
94
9714 95
95
95 99
1929 FAMet West Side El (Chic)48_1938 F A --__ 74
7014 80
6
74
74
97 100 4
1
/
1
4
Syracuse Lighting let g 56_1951
10012 10012 10014
10014
3
Mid-Cont Petr 1st 634s_ _ _1940 M S 987
954 99
211
99
1007 102 4
Term Coal Iron & RR gen 55_1951
8
1011 10312 10112 May'25
/
4
3
Midvale Steel &0cony sf 50 1936 M S 9112 Sa e 9112
874 9314 Tennessee Cop let cony 66..1925 M N 10018 10114 10112 May'25
113
l 9812
92
100 102
Milw Elec Ry & Lt cone g 56_1925 F A 1003 Sale 1004 1004
2
6 100 10112 Tennessee Elec Power let 65.1947
80
10214 Sale 10214
/
1
/
1
10314
9914 10414
Refunding & °sten 446_1931 J J 965 Sale 965
95
8
953 Third Ave let ref 4s
4
21
8
963
4 21
58
5812
51
1960 JJ 5712 Sale 584
General 56 A
94 100
1951 J 0 9918 Sale 994
4
73
9914
AdJ Inc 5s tax-ex N Y___a1960 AO 423 Sale 42
4
43
/
1
4
3414 5014
let 55 B
31
1961 J 13 9114 Sale 9114
847 92% Third Ave Ry let g M
8
5
913
943 Sale 943
4
4
4
941
/
4
1937
93% 96
let & ref g 68 Series C
1953 M S 101 10114 101
98 104
/
1
4
5
Tide Water 011 10-yr 614o_1931 FA 103 Sale 103
10112
1035
8 17 10238 104 8
1
Milwaukee Gas Lt let 4&l927 IN N 99
9614 9912 Toledo Edison let 76
9914 99
9915 12
1093
4 12 lows 110
1941 MS 10914 Sale 10914
Montana Power let 56 A
97 1001 Toledo Tree Lt & Pr 6% notes'25 FA 100 10012 10018
/
1
4
1943 J J 10014 Sale 100
10012 42
/
4
1 10018 1008
10018
1
Montreal Tram 1st & ref 58_1941 J J 973 Sale 973
94
38
9812 Trenton G & El lst g 5s__ _1949 MS
_ 98% Apr'25
4
98
4
98 8
7
98
Morris & Co let St 432s_ _ _ _1939 J J 84 Sale 84
7811 847 Twenty-third St Ry ref 5s 1962 JJ 6018 6i 61 May'25
8412 14
8
9913- 61
70
Mortgage-Bond Co 46 Ser 2_1966 A 0 78
___ 7718 Mar'25
77
774 Undergr'd of London 448_1933
9212
918 - --- 9212 June'25
4
89
955 9712
10 -year 65 Series 3
-25
8
2
/ -ale 963
1
8
1932 1 J 964 8
Income 68
963
89
8
/
1
4
Apr'25
89
1948
8614 8
9
Murray Body jot 632s
96 1004 Union Bag is Paper lot M
/
1
4
38
1934 J D 9912 Sale9912 100
MN 9614 gsJe 964
5
9412 9918
97
954 974 Union Elec Lt & Pr 1st g 68_1942 MS 10114 10112 10114
/
1
/
1
Mu Fuel Gas list el5 511
99 10112
8
/
1
4
10112
58_1932
1947 M N 9712 ____ 9712 June'25
Mut Un gill bonds ext 4%.194l IN N 997
974 101
_ 101 June'25
8
MN 99 10012 10014
Ref & ext 55
24
/
1
4
1004
1933
9814 101
Nassau Elec guar gold 48_1951 . J 62 - . 63
5712 64
63
6
63
1st g 534s series A
14 100 104
1
102
1954.73 10112 Sale 10112
NM Enam & Stamps 1st 55_1929 J D 63 Sale 9912 May'25
98
993 Union Elev By (Chic) 58_ 1945 A0
3
4
77
75
761
/
4
77 4
1
763
4
54
National Acme 748
80
94
' 86 Sale 86
g 27
Union 011 let lien s I Ss_ _1931
3
1
1931 . 0 8912 Sale 89
897
1
193l
86
86 10012
99 10112
/
1
4
Nat Starch 20
8
4
-year deb 56_1930 J i 985 ____ 993 Feb'25
30-yr Os Ser A
2 102 1045
May 1942 FA 10411-- _ 1043
8 1044
8
/
1
/
1
4
National Tube 1st 58
4
1 1003 103
Union Tank Car eaulp 78_ _1930 P A 10418 10414 104
8 103
13 10312 10514
1952 M N 103 Sale 1025
104
Newark Consol Gas 58
9812 101
15
101
United Drug 20-yr 6s_Oct 15 1944 A0 10234 Sale 102
4
1948j D 101 Sale 1003
/ 1034 68 10014 10
1
4
4
New England Tel .t Tel 58_1952 J D 1003 Sale 1003
991 102
4
80
United Fuel Gas lots f 88.__1936
4
1023 Sale 101
4
4
101
1023
4 26
98 102h
103 1043 United Rye by 5e Pitts issue 1926 MN 100 Sale 993
NY Mr Brake let cony 68_1928 M N 10112 10238 103 May'25
27
4
100
4
99 1004
NY Dock 50
77 4 813
8012
8
2
14
4
-year lot g 48_1951 F A
Stamped
8012
993 100
4
99 10018
/
1
4
993
4 100
5 112 11512 United Rye St List g 4s____1934
N Y Edison 1st & ref648 A-1941 A 0 1 iii8 g;-- 1145
.
8 115
1e
703 72
4
713
4
713
4 10
744
69
995 102
8
let lien & ref 136 B temp. 1944 A 0 10112 Sale 1018 1017 169
United SS Co 15-yr 60
63
8
4
95
95
1937 MN 943 Sale 9412
/
1
4
91
NY Gas El Lt & Pow g 58_1948 J D 10312 104 10312 1034 15 10018 1041z United Stores Realty 20-yr 66 '42 A0 104 Sale 1037
16 10212 106
8
10414
86
'
Purchase money g ge
3
90
/ US Rubber lot &ref terser A 1947 _ . 89 Sale 8812
1
4
8
9012 28
8
1949 F A 895 Sale 895
891 140
/
4
/
1
4
85 89
10012 10012
N Y L E&West C &RR 5481942 MN _--- 10212 10012 Apr'25
10-yr 74% sec notes
10612 Sale 10612 1063
4 22 10412 10712
1930 r_
N Y Q EiLI y Ist sg:_A 1063 F A 100 4 _____ 8112 Apr'25
US Smelt Ref & M cony 66_1926 3* _^ 100 100% 1005
y Music a, p ist f
4 100 102
t
3
/
1
4
8
10052
93 J J 8 %
/
1
4
_
612 U S Steel Corp(coupon _ „d1963 111 _N 1053 Sale 105'4
10
-4
/
1
10012 May'25 - 1054 240 1944 1083
/
1
8
_
45
of 10-60-yr tiCregistered_d1963
5412
NY Rye leit RE & ref 48-1942 J J 5018 - - - 507 June'25
104h June'25
8
53
4
10378 10512
42
/ 54
1
4
Utah Lt &'Frac lst & ref 58_ _1944 "
903 Sale 90
8
Certificates of deposit
904 -ZOO
/
1
8318 911
/
4
/
4
_, 5018 5214 511 June'25
_
1
418 6
64
Utah Power & Lt let 58_
1
80
4
-year ad1 Inc 5s...--Jan 1942:CO
9712
4 53
/
1
9812
4 53
43
4
1944 r A 963 Sale 964
54
3
91
31/4 51/4 Utica Elm L& Pow 1st f
/
1
Certificates of depoedt
434 6
99% Dec'24
514
514 20
58_1950 J J 1004 ---2812 324 Utica Gas & Elea ref & ext 58 1957
N Y Rys Corp Inc 613_ _ _ _Jan 1965 ---- 293 Sale 2958
9
100% Bale 10018
265
/
1
31
1004
/
1
4
"
98'i 10058
994 102
N Y Is Rich Gas 1st 6s
Victor Fuel lst 615s
1
88
102
57 June'25
102
1953 J J 55
53
1951 MN 102
57
6814 Va-Caro Chem let 78
NY State Rye let cons 445_1962 M N 6412 Sale 6412
64
9712 Sale 965
6652 15
to, 446
8
1947.
73 9812
7
63 63
Certificates of deposit
39
M N
97 Sale 964
Registered
98
63 Apr'25
714 98
/
1
88 97
1st con 654s series B
5
923 Sale 92
4
Certificates of deposit stmpd
89
/
1
4
9612
9612 10
1962 M N89 Sale 89
68
N Y Steam llet25-yr(38 Ser A 1947 MN 103 10312 103
9712 104
710 with & without war 1937
89
67 Sale 6512
1034 13
68
43
70%
95
Certifs of dep without warr ---- 67
NY Telep let & gen 8 f 448.1939 M N 98 Sale 9812
52
99
1
99
6812 6512
/
1
4
6512
4212 6918
8
Certife of den with warrants
2
-year deben s f 68_ _ _Feb 1949 F A 1103 Sale 1103
4
67% Sale 6712
8 23 1077 1103
80
2 1105
8
6712
41
6712
20
-year refunding gold 68.1941 A 0 107 Sale 1073
93
/
1
4
8 1073 135 10614 10812 Vu Iron Coal dc Coke lot g 56 19491W 5 92
915 June'25
8
4
90 96
Va Ry Pow 1st & ref 5s
Niagara Falls Power let 5s. A932 J J 102 Sale 102
8 10018 103
102
9812 24
1943 J J 9814 Sale 98
9314 99
4
6
91
Ref & gen 66Jan 1932 A 0 10514 Sale 10514
92
1055
8 25 1033 10612 Vertlentes Sugar let ref 76_ _1942 J
91
9112
9412
91
1041 110
/
4
Warner Sugar RefIn lot 78_1941
Nies Lock &0 Pow 1st 58_1954 M N ____ ___. 1097 Apr'25
9412 Sale 94
8
9412 10
1
807 991
8
981z 100
Warner Sugar Corp lot 7s_,,1939'
is dr ref 53 ser A temp- -.1955 A 0 9812 Sale 9812
8218 8312 8218
9952 47
823
4 14
7718 8718
Refunding 5 del
8 i" A
1955 F A 110
/
1
7 1044 1103 Wash V7at Power s f 58_1939
110
8
991 101%
____ 110
/
4
J 10114 ---- 10118 June'25
967 10212 Westches Ltg g 5s stmpd gtd 1950 J
8
49
Nor Amer Edison Os__ _1952 m 13 10134 Sale 10112 102
101
4
1013
8
1011
/
4
98 102
3
West Ky Coal led 7s
Secured 5 f g 634s Ser B._I948 M S 1043 Sale 1043
102 1024 102
4
4 10512 27 100 4 106
1944
10218 59 10012 102
/
1
4
9218 97
West Penn Power Ser A 5s,1946 M N 99
Nor Ohio True & Light (is 1947 M 8 95 Sale 95
955
8 56
9914 99
MS
993
93
4 23
/ 99%
1
4
93 9918
1st 711 Series D
Nor States Pow 25-yr 56 A.-1941 A 0 98 Sale 98
8 78
985
10618 Sale 1057
8
10614 22 105 4 107
8
/
1
4
9314 9314
A 0 9412 _ __ 9314 Jan'25
let 55 Series E
Registered
9812 Sale 98
41
9318 9912
9912
let & ref 25-yr 66 Ser B_ _.1941 A 0 1043 106 10514
Temporary 5s Series E 19963 MM S
7 103 10714
4 28
10614
119436 M S8
6
99
983
4
98
/ 99
1
4
1953 A 0 ioii. 1644 10412 1043
1073 107
8
1st 54s Series F
/
1
4
Northwest's' Bell T 1st 76 A.1941 A A--------10712 Jan'25
- 7 100 4 1043
4
3
4
943 98
8
North W T 1st fd g 4343 gtc1_1934 J J
West Va C & C 1st 68
964 June'25
90
4 972
1950'
9112 12
9112 9018
90% 96
108 1123 Western Electric deb 58__1044 A 0 100 Sale 100
Ohio Public Service 745 A 1946 A 0 11012 112 111 June'25
4
1005 138
8
98 101
2
2 1073 11112 Western Union coll tr cur 56_1938 J J 1011 Sale 10112
110
151 & ref 78 series B. . 1947 F A 11012 112 10918
/
4
9
1015
994 102
8
984 104
Ohio River Edison lot 68_1948 J . 1031 Sale 10314
Fund & real estate g 445_1950 MN 95 Sale 95
1033
/
4 13
4
/
1
4
1
9
/
1
4
953
4
92 964
/
1
4
1944 P A 971 Sale 963
963 99
4
1936F A 111 Sale 1104 111
Old Ben Coal 181 68
15
-year 64s g
9712 44
4
/
4
32 10912 112
/
1
98 1003 Westinghouse E & M 76_1931 M N 107 Sale 107
4
Ontario Power N P let 58
8
10018 21
4
A 10014 1003 997
1943 F
1075
8 73 1004 1081
4
_ 9917
9912
97
5
99
/ Wickwire Spen Steel let 76 1935 J J 8012 82
1
4
Ontario Transmission be
1945 MN 9912
80 June'25
91
76
953 10212
4
Certificates of deposit
10212 10
One Steel 88
- 12
1941 Y A 102 162 102
76
8012 80
2
/
1
4
803
764 88
4
894 984
/
1
1st 25-yr s f g 7346 Ser B 1947 F A 974 sale 974
/
1
87
98
/
1
Certificates of deposit stamped
-- 76% 8018 June'25
8018 81
934 99
Pacific 0& El gen & ref 58_ _1942 J J 978 Sale 9718
WIllys-Overland a I 6 As__ _1933 M S i021 Sale 102
9814 118
4
0918 111218
10212 41
98 100
Pao Pow & Lt lettere/ 20-yr 58'30 F A 993 10014 994
Wilson & Co let 25-yr of 68_1941 A 0 99 Sale 99
9
995
8
4
99
/ 74
1
4
911 99 8
8
4
994 102
Pacific Tel & Tel let Si
Registered
8 41
1937 J .1 10112 10114 10112 1017
93 Feb'25
03
96
924 1001
/
4
Ref M Mendes A
10
-year cony s I 8s
998 173
7012 Sale 7012
8
1952 MN 9812 Sale 9838
761s
55
723
8 42
Pan-Amer P & T let 10-yr 7.1930 F A 10613 Sale 106
12 10412 107
Certificate! of deposit---------- 707 Sale 701
10618
g
7214 86
58
/
4
75
...
Conysfos
10yr cony a f 746
1127 607 103 1185
8
s
8
/
1
4
1934 M N 112 Sale 1107
6912 Sale 6912
5
p1931
70
5318 77
Park-Lag at leasehold 648-1953
9412 99
2
Certificates of deposit
4
963
4
69
/ 71
1
4
28
9614 963 06'4
72
/
1
4
8
69
59 8 741
1
"
Pat& Pamela0& El cons 55 1949M S lOOLt ____ 10014
96 10014 Winchester Arms 748
1
1004
/
1
10112 1011 10112 10214
9 10014 10214
/
4
Poop Gas & C lot cons 2 66-1943 A 0 110 11012 110 June'25
_ 107 110
Young'n Sheet & T 20-yr 68-:11
995 Sale 9928
8
1
95 100h
14
10014 89
94 4 9914
Refunding gold 56
4
4
4
9914
1947 M 8 9918 Sale 983
a Due,an. 4 Duo April. le Dim Dee. 8 Option gala.
631, 7313
nit,
low,low,
3299
BOSTON STOCK EXCHANGE-Stock Record See13Next
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
SaturhaV.
June 20.
Monday,
June 22.
Tuesday,
June 23.
Wednesday, Thursday,
June 24.
June 25.
Friday,
June 26.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
501896 10? Year 1925.
PER SHARE
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Hiehest
Railroads
100 156 Feb 18 16433 Jan 7 14578 Mar 164 Dec
91 Boston & Albany
/
1
':159 160 '
3z159 15912 159 1594 15914 15914 159% 15912 15914 15914
7114 Aug 85 Dec
/
1
100 754 Mar 17 86 Jan 2
80
80
79
79
550 Boston Elevated
8014 8014 8012 jlips 8084
79
7912 79
87 Dec 96 May
/
1
4
/
1
4
100 92 Jan 16 9812June 11
54 Do pref
____ 945 95
*29412 95
94118 945 *2945 --__ *295
10 Do let pref
100 109 Mar 31 il5i2June 11 107 Dec 11614 Jan
112 112 '
3
:112
*x____ 113
113 113 *x____ 113
92 Sept 10114 Dec
100 94 Mar 20 102 Jan 9
102 Do 2d pref
99
*98
99
99 99
99
99
98
98
*98
/
1
4June 5
812 Jan 2514 Nov
100 10 Apr 17 20
566 Boston & Maine
•1834__
19
19
1814 1814 1814 1814 i§- 1814
1812 19
12
Jan 267 Nov
8
100 1112 Apr 24 23 June 4
19
*19 - - *19
24
24
19
15 Do Prof
*19
24
*19
24
13 June 3714 Nov
100 17 Apr 27 30 Feb 28
24
24
2334 24
2312 233
4 2312 2312 *2312 24
293 Do Series A lst pref
---- --__
1712 Jan 48 Nov
100 29 Apr 27 40 Mar 4
37
3712 36
36
36
36
36
36
224 Do Series B let pref
*36
16 Feb 41 Nov
100 25 Apr 25 36 Feb 25
32
32
31
32
*31
_
32
479 Do Series C let pref
/
1
4
23 Jan 62 Nov
100 39 Apr 25 55 Feb 26
47
47
*4714 IC 4718 4718 *4718 ____ *4712 50
38 Do Series D let pref
43 Jan 172 Nov
100 167 Feb 26 180 May 28
'176
_ '
3
:176 ____ 17712 17712 *x176
iia- fiti18 Boston & Providence
18 May 3812 Dec
14 •____ 34
3312 3312 *---- 3312 *---- 3312
25 East Mass Street Ry Co-100 30 May 4 39 Feb 11
5812 Jan 71 Dec
*66
69
66
66
90 Do let pref
69
*66
*65
66 66100 65 Feb 2 71 Apr 3
68
66 66
48 May 61 Nov
/
1
4
100 57 Jan 23 6212 Jan 12
*61
62
+61
61
61
61
61
61
6112 61
200 Do pref B
28 May 46 Dec
/
1
4
100 3812June 9 48 Mar 10
3912 3812 3912 *3812 3012 -55- -31*39
40
39
39
39
435 Do adjustment
25 June 37 2 Apr
/
1
4
5
100 23 May 27 37 Jan 29
*26
30
26
26
26
175 Maine Central
26 I *2512 26
26
26
26
27
14
Jan 33 Dee
14
/
1
100 28 Mar 30 364 Feb 25
*313 32
4
318 317
4
606 NY N H & Hartford
3118 318 *315 317
8 31% 315
4
8
8 313 32
62 Jan 81 Nov
*277
80
15 Northern New Hamgehire_100 70 Feb 16 78 Apr 9
78
77
77 "x77
78
78 *z77
78
Jan 108 Nov
80
117 118
119 120
119 12013'z____ 119 'z___118
360 Norwich & Worcester pref_100 100 Jan 13 12012June 23
7212 Jan 99 Noy
100 96 Jan 2 110 June 22
109 109
110 110
10912 110
102 Old Colony
109 109I 109 110
110 110
34 Mar 64 Nov
100 4514May 1 6312 Jan 2
59
47
47
200 Rutland pref
"55
70
Jan 931 Nov
8
94
*9312 9412 *93
96
17 Vermont & Massachusetts_100 87 Feb 24 96 June 26
.9312 9412 *93
94
*92
94
96
Miscellaneous
414 Dee
4 Jan 7
/
1
4
1 Nov
212 Mar 25
234 23
*234 3
*234 3
3
3%
3W4 314
318 314 6,360 Amer Pneumatic Service_25
12
Jan 2014 Dee
50 102 Mar 25 1934May 7
1712 1712 *217
18
1712 171
17
334 Do pref
19 ':18
188
/
1
4June 18 121 June 13412 Dec
1413 142
8
1413 1411 14114 1418 141 14138 141 14112 iii- 1113-8 1,913 Amer Telephone & Teleg 100 13038 Jan 2 143
8
/
4
Jan
5712 Oct 83
No par 6112MaY 6 77 Jan 13
664 663
/
1
4 6512 663
8 6512 6512 653 66
69
731 Amoskeag Mfg
67
4
66
66
69
Oct 79 Aug
7014May 11 76 Jan 15
7414 7414 7414 7414 *7414 ____
7414 7414 *7414
74
74
53 Do pref
13 Aug 16 Feb
e_o 10
*1414 _-_- 1412 1412 14
16 Art Metal Construe, InN _ par 14 Jan 16 15 Feb 25
14 ____ *15
17
6 June 10
14 Jan
9 Jan 6 13 Apr 28
/
1
4
No par
Atlas Tack Corp
*ioi- IVA- ** g14 log34 ** 04 1O134 ;834 1oR 441 181 : 10712 10734 ----75 Boston Cons Gas Co pref__100 103 Jan 17 108 May 12 100 Dec 108 July
4 1
1
3
.05 Dec .20 Jan
Boston Mex Pet Trus_ _No par
201 Dec 2818 Mar
8
*29433 25 2414 2438 2414 2414 *22414 2412' 24 24 24 24
10 20 Jan 26 28 May 18
530 Connor (John T)
2412 May 35 Sent
*35 ____
Dominion Stores. Ltd_No par 2914 Jan 30 35 Feb 13
*34
84
Jan 8812 Dec
99 June 12 99 June 12
Do pref A
100
*295
*292
____ "292
____ "292
2 Sept
3 Feb
3 Jan 2
112 Apr 30
*212 3
10
*212 3
100 East Boston Land
*212 3 I *212 3
212 -14
1
3 Apr 11
4 Oct
818 Feb
/
1
4
6 4 Jan 24
1
*4
5
*418 5
418 412 *4
412
*4
412
120 Eastern Manufacturing-. 5
4
4
'8
38
Jan 5514 Mar
25 42 Mar 9 5514May 22
51
513
4 5112 52
523 5212 2,105 Eastern 85 Lines, Inc
8
51
51
511 5212 5214 53
/
4
341 Jan 40 Feb
8
*3712 38
*3712 38
3712 38
38
144 Do pref
No Par 35 Jan 15 3814May 4
*3712 38
38
38
38
8512 Jan 93 Mar
*94
9512 •94
let preferred
100 89 Jan 3 9512June 11
9512 *94
9512'293
95 ,*293
95
211 21114 210 211
569 Edison Electric Illum
100 200 Jan 5 213 May 21 16312 Jan 20412 Dee
211 21112 *209 210 I 2093 2103 iiii- iff4
4
5 Des
212 Jan
512 Mar 16
3 Feb 2
14
10
100 Elder Mfg Co(v s e)
• 13 3 2 *312 3
3
5
52 *312 3 2 *312 3
5
52
3
12 312 ---- ---13 Jan 41 Dec
30
30
1,253 Galveston-Houston Elee -100 28 June 19 38 Jan 7
30
33
333 37 I 3412 37
4
3112 33
612 Jan
3 Sept
/
1
4
4 Jan 8 16 Apr 4
Gardner Motor
No par
---*11814
4
4
*118l
Georgia Ry & Elea
100 1153 Feb 27 1153 Feb 27 11314 Mar 11612 Sept
*ii3T4
----_ 'l18'
79 Aug 80 Jan
/
1
4
Do 5% non-cum pref_100 7812 Apr 15 79 Feb 27
4
*803 ---- *803
4
* 0 4 ---- *803 ---- *803
83
4
4 /
1
4
55
/ Oct 58 Oct
1
4
12
75
7512 75
4:592 Gillette Safety Razor_No par 97 Jan 2 76 June 19
753
4 74
75
757
8 75
743
4 74
75
758 _ /
1
4June 1
1218 Nov 157 Jan
.
*13
14
25 11 May 12 15
13
13
*13
14
13
305 Greenfield Tap & Die
13
13
127 227
g
8 13
46 Mar 60 Dec
4 58
CorpNoar 52 May 6 5012June 19
No parp
58
59
5818 593
8 57
573
4 57
58
573 573
4
5814 1,756 Hood Rubber
41
Apr 59 Nov
8June 4
5212 Jan 5 673
_
*2673 6812 *267
6318 0318
6734 *z633 64 ' 6212 6314 +z62
50 Internat Cement
4
/
1
4
63
3 Dee
2 Jan 3 .10 Feb
International Products_No par .25 May 19
*.30 ____ •
.30 ____ '
3.30 ____ '
3.25 .50
2 May 26 1012 Jan 9 .25 Feb 14 Dee
100
Do prof
Kidd r, Peabody Acceptance
80
Jan 8812 Dee
100 8212 Jan 6 95 June 16
95
95
+95
____ 95
110 Corp Class A prof
95
95
95
95
95
812 Dec
els Apr 16
4 June
93 Jan 7
8
10
7
/ 712
1
4
269 Libby, McNeill & 'Abby
78 78
3
3
712 7 2
7
718 7 8
7
74 7
3
/
1
4
Jan 71 Nov
70
Lincoln Fire Insurance_ __ _ 20 70 Mar 18 7014 Mar 2
•____ 7014 *_-_- 7014 *____ 7014 *---- 7014 --- 7014
9 Mar 13 Dec
/
1
4
1212 1212
/
4
25 111 Feb 17 13 Jan 5
1212 1212 1212 1212 *12
94 Loew's Theatres
12
12
1234 12
12
3
66 Nov 81 Feb
7384 7312 74
1,226 Massachusetts Gas Coe._100 68 Feb 3 75 Mar 6
73 4 738 573
4
*7312 74
7312 7312 7312 74
70 Jan
62 Ju
/
1
67
68 1 67
100 634 Jan 9 6812June 18
67 ' 6612 6612 67
257 Do prof
67
67 67
683 6714
4
.:175 178
3
27 Mergenthaler Linotype_100 167 Jan 7 188 Mar 5 150 Ap 172 Dec
17712 17712 *2175 178 *x173 176 '
178 178
3
:176 178
812 Apr 4 164 Jan 15
6
/ Jan 17 8 Feb
1
4
1
/
1
*10
11
*10
20 Mexican Investment,Inc_ 10
11 1 *10
11 I 1012 1012
11
14
19 Feb 36 Dec
66
7012 69
1,154 Mississippi River Power-100 36 Jan 2 7012June 20
71
69 69 *____ 66
59
65
6314 64
Jan 90 Sent
*292
80
93 ,*:92
Do stamped pref
100 8712 Jan 10 93 Apr 21
93 *x92
93 .:92
3
93 *z92
95
5sa Nov
63 Jan 13
4
4
/ 4141
1
4
2 Apr
4 Apr 22
438 - - 2
41439 National Leather
10
8
412 4 8 *43
3
8 484
418 413
418 48
5 1 APT
1
2 June 22 .50 Deo
*PA 114'
1.4 114 3,600 New Eng. Oil Ref. Co. tr otfs_ .20 Feb 9
112
112
114 2 1 *112 2 I
PA 114
4
914 914
6 Dec 311 Mar
5 Apr 7 10 May 14
/
1
4
100
*7 ----I*7 ____I *7 ----I
330 Do pref (tr °Rs)
/
1
4
98 Dec 115 Jan
/
4June 6
11014 1103 11014 11012 11014 11012 11014 11012 11012 1103 11012 1103
1,830 New England Telephone_100 99 Apr 21 1111
4
4
4
/
1
4
21 Dec 22 Dec
/
1
4
*2412 2478 *2412 2478 2433 25
4May 16
1,897 Olympia Theatres, Ino_No par 19 Mar 18 263
4 2533 253
4
i 25
14
Jan 28 Dee
/
1
4
*22612 2712 *22614 2714 *22614 27 +z2614 2714 *z27
1 2534 Jan 16 29 Mar 3
OrPheum Circuit, Inc..
2712
6918 Oct 87 Feb
•5512 ____I 56
573
4 57
_ 0:
6_
100 5212June 12 8112 Jan 13
59 I 593 5978 5912 -4
59 I 59
220 Pacific MIlla
11114 Jan 17 July
*21618 1718 "21618 1718 *21612 171g *21612 1718 *21612 1718
4
Reece Button Hole
10 153 Feb 24 18 Apr 3
3 Jan
218 May
*2218
238 *2218 2 8 *2218 2 g *2218
3
2,Jan 8
5
238 *2214 238
3
214 Apr 9
Reece Folding Machine..... 10
Oet 40 Feb
10
Simms Magneto
5
.15
11012 11012 110 11012 10912 11012 *21091211014! 11014 11014 11014 11014
350 Swift & Co
100 10 / Alm 22 120 Feb 6 100 June 118 Dee
91
4
35 June 52 Dee
/
1
4
52 *250
51
52
4May 25
5112' 5012 51
5012 5012 51
52
52
25 4512 Apr 13 563
100 Torrington
5 Dec 10 Feb
7 Jan 23
/
1
4
5 June 19
5
Union Twist Drill
5
34
41
4118 41
4112 4114 4133 415 423
Jan 43 Dee
/
1
4
/
1
-42- ii-1 _ - 4
__
3,831 United Shoe Mach Corp_ 25 404June 19 45 Feb 14
4 413 42
245 Feb 2814 Nov
8
2712 2712 27 4 2754 2754 273
,
/
1
28
4 273 2 3
28
25 264 Jan 13 28 Jan 16
28
496 Do pref
4 7 4 28
1914 Oct 27 Jan
7
3
4
2318 23 2314 23
23
5,078 Ventura Conso1011Fields
5 1912 Jan 3 25 Feb 24
2333 2414 23 4 24 I 223 23 8 23
ig1
/
4May 11
1612 1618 1618 1612 1612 16
13 8 Apr 20 Nov
7
1934 Jan 3
1612 1684 1614 1614 *216
179 WaldortSys.Inc,new oh No pa
16
•1712 1812 *18
612 Jan 1012 Feb
1814 *1712 18
1814 *18
8 Jan 6 1818June 8
1712 1712
100 Walth Watch CI B com-No Paz
*38
40
38
38
14 Jane 23 Feb
12
38 "38
40
38
/
1
4
38
38
40 Do pref trust etts
100 17 Jan 3 40 June 2
6212 Dec 73 Feb
8912 90 "88
90
90 I *87
90 "87
90
90
30 Do prior prof
100 65 „Jan 6 90 June 20
1513 Juno 22 Feb
1714 1714 "1712 173 *17
4
12 173 *1712 173 *1712 173
5 Walworth Manufacturing_ 20 16343'une 2 203 Jan 3
4
4
4
4
3
8
44
4514 45
/ 4484 4512 43 4 443
1
4
295 Jan 39 t Nov
8
4 43
4314 44
ii- 14 - 1,479 Warren Bros
50 37 Jan 2 48 Mar 6
4
3454 Apr 41
43 '
3
:40
40
/ 403 "x40
1
4
Jan
4
____ *24014 ---50 308 Jan 10 43 Feb 7
50 Do let pref
*x4012 ____
4012 4012 *24012
88 Mar 42 Jan
_ •x4012
5 Do 2d pref
50 4012 Jan 17 46 Mar 2
Mining
•.18 .40 '
3.18 .351 *18 .401 *15 .40 *15 .40 *.15 .40
Adventure Consolidated- 2 .15 Feb 16 .25 Jan 26 .15 Dec .51 Des
.25 -25*
Algomah Mining
2 .10 Mar 3 .25 Jan 2 .10 June .25 Dec
5 June
3 Dec
/
1
4
112
4 *112 133
112
3 Jan 10
112 112
114
114
138
*112 18
112
2
360 Arcadian Consolidated
1 May 11
912 Mar 28 153 Feb 6
8 Jan 16 Dec
1112 *10
1012 .10
11
1012 10
1114' 103 1118 +11
4
8
1012
645 Arizona Commercial
3012 *22912 3084 "22912 3012 297 297 --------10_
14 June 315 Dec
8
*z3012 3112 *x29
8
Bingham Mince
4May 5 3614 Feb 11
10 283
8
1352May 19 2 Jan
7
8
/ 1312 13
1
4
/ 13
1
4
/ 1312 1314 312 3,247,Calumet & Hecla
1
4
133 14 I 133 14 , 1312 13
4
8June 8 187 Jan 2
4
123
2
3 Feb
•
.25 .50 *.25 .60 •
.25 .50 •
.25 .50
.25 .25 --------500 Carson Hill Gold
.20 May 5 .70 Jan 5 .37 Nov
18 June 33 Dec
/
1
4
2012 20
2134 22
/ 2012 22 I 20
1
4I
/
1
4
4June 8 33 Jan 10
20
/ 20
1
4
20
1912 191
2
183
880 Copper Range Co
.03 .05 '
3.03 .05
•
.03 .05 '
3.03 .05 '
3.03 .05 •
.03 .03
-Daly Copper
100 Davis
1 .03 May 28 .78 Feb 6 .30 Dee .70 Mat
/
1
4
6 8 Dec
7
/
1
4
314
314
3
34 34
3
3 July
3
312 3
312 312
312 3 8
6 Jan 2
/
1
4
3 June 5
705'East Butte Copper Mining- 10
3
/ 312
1
4
1
Jan
'
3.70 1
'
3.70
1
'.70 1
'
3.70 1 I *.70 1
15 Jan 24 .40 May
8
'
3.70
Franklin
1
25 .40 Jan 7
.75
114 +.75 114 •
.75 .75 •
*.60 .75
2 Jan
134 Feb 6 .30 Oct
100 Hancock Consolidated _- 2 .50 June 3
.75
114 -------1834 1884 1834 83
1834 183
4 183 183 *183 1914 *1812 1914
4
4
4
/
1
4
19 Dec 28 Jan
/
1
4
110IHardy Coal Co
1714May 8 23 Jan 24
4
•1613 134 .13
13
4 *11 13
2 13
4 "13
8
2 4 Des
5
/
4
4 *11 13
/
4
4 *11 134
/
4
Helvetia
1 Jan 6
/
1
4
3 Feb 5 .30 May
/
1
4
2
8
4
3
135 135 4 1357 136 . 13512 1363 136 13612 13312 135
9414 Apr 142 Nov
132 133
1,049 Island Creek Coal
1 121 Mar 28 140 Feb 5
*97
99 "29512 98
9612 9612 *9614 98
.9614 98
90 June 100 Sept
50 Do pref
1 9414May 27 9833Mar 9
12
1114 1114 1112 118 ;Hi's -- -1
1218 1212 12
•1212 13
12 June 2212 Dec
4
1 1:2
We Apr 22 2012 Jan 7
205 Isle Royal Copper
2
'.90 114 '
3.90 114 '
3.90 114 *.90 114 '.90
21 Feb
8
114 *.90
112 Mar
1
Kerr Lake
.95 June 9 113i. Feb 4
112 *1
/
4
112
.75 .75 +.90
14 14
/
1
/
1
14 11 *1
/
1
Jan
14 Nov
/
1
112June 19 .50
114
250 Keweenaw Copper
2 .60 May 29
•118
112 *118
112 *118 112 *118 112 *118
112 *118
314 Dec
112
Lake Copper Co
3 Jan 2 .90 Apr
2
1 Apr 11
•138 212
112 112 *13
4 212 *13
4 212 * 3
4 212 * 3
3 Dec
4 212
15 La Salle Copper
118May 14
2 4 Jan 10 .70 Jun
5
2
8 13
4 *13
*13
8 14 *13
/
1
8 13
4 *13
8
8 134 *13
2 4 Dec
5
13
Mason Valley Mine
1
/ Oct
1
4
4 *14 13
11 Apr 23
/
4
2 Jan 13
/
1
4
/
1
4
•.50 .80
.60 .60 '
3.60 .80 ".60 .80 '
3.60 .80 '
lst Aug
Jan
3.50 .70
100 Mass Consolidated
2 .40 May 14
1 Jan 2 .50
/
1
4
134 +114
13
41 "114 13
4
114
114
118
118 *114
•114
July
184
205 Mayflower-Old Colony-- 25
1 Apr 4
2812 •27 29
2912 26
26 I •27
*2714 30
131 Mohawk
J
uge 611i
29
2714 2714
N
/ A r
1
4
l
25 2512June 9 41 aan 1:
/ 2012 1912 2014 *1912 20
1
4
3
1912 1912 1984 20
193 19 4 19
4
5
1,625 New Cornelia Copper
164 Jan 25 8 Deo
/
1
5 18 Mar 30 25 Jan 2
.20
.15
.15
2 APT
/
1
4
600 New Dominion Copper
.15 June 12 85 Feb 18 .40 Dec
28 *___ 28 *_-_- 28 *____ 28 +____ 28
_..., - - 2
New River Company
40 Mar
i
100 25 Apr 2 25 Apr 2
35 Jun
. 4212 *-__ 45 *___ _ 4212 41
4212 *--.
41
*41
46
35 Do prof
100 41 June 25 62 ..Jan 1g
12 Dec 75 Mat
% 67
*48
8 Vs
04 4 4
8
47
8 47
8
484 434
48
4 484 .484 47g
295 Nipissing Mines
633 Dee
412June 13
5
533
.95 1 I
.99 .99
.96 .96
.99 .99
.95 .95
.95 .99 1,220 North Butte
1
/ Oct
1
4
6 2 July
1
314 Jan 14
15 .89 June 5
•
.50 .90 x5% __ , * .50 .90 •
:
.00_ ;
538
.50 .90 '
3.50 .90 *.50 .90
Olibway Mining
25 35 Apr 22
11 Jan 10 .40 June
/
4
1 Nov
/
1
19
104 2014 *1914 204 *18
1812 1812 *18
188 *17
4
18
15
J
90 Old Dominion Co
25 1712June 9 27 Jan 10
28 Dee
12
53
8 53
8
53
8 53
- *253
8
4 May 19 121132 .ab e
*25 8
3
8
30 Park City Mining & Smelt_ 5
P. t
'
le
its:
: Feb
1 18
3
*11
12
11 - - +11 -- - *11
171
12
12
*11
12
125 Pd Crk Pocahontas Co_Ne Par 1012June 18
July
1012
2
23
23
2312 2212 228 *2212 23
1 Dec
4 23
4
22 22425 19 Apr 22 3912 Jan 10
2312 24
June
85s1mari
15 Quincy
14 Je 34 t
3312 3312 .32
34
3212 33 .32
33
3514 +3412 35
'8 Mineral Land
25 2812 Apr 21 48 Jan 12
26 June 49 Dee
35
.60 .75
.60 .60
.55 .60 •
.60 .60 •
.60 .70
531 Shannon
10 .50 May 1
Di Jan 9 AO
•
.60 .90
Apr
1 Sept
/
1
4
.25 .75 '
3.25 .75 +.25 .75 '
3.25 .75
South Lake
•
.25 .75 +.25 .75' •
25
.25 July .75 Dee
--__
---______ Superior
25
2 Jan 3
2 Jan 27 .90 Jan
/
1
4
214 Dec
. -- 4 *1 --1- -ii4
1
111 41
114 112
12 Jan 5 .25 Aug
11-18 -ii
, - - •1 -i4
225 Superior & Boston Conner- 10 .70 May 13
if
4
3 Dee
/
1
4
57
8 618
618 63
6/, 6
618 63
4
8
618 6
/
1
4
/
1
4
5
3 Jan 2 8316 Jan 23
/
1
4
VA Jun
6
/ 6
1
4
/ 5,812 Utah-Apex Mining
1
4
37s Dec
.46 .46
1 .43 Jan 43 98 Jan 29 .14 June .70 July
.
45
.
45 .50 *.48 .50 '.48 .50
475 Utah Metal & Tunnel
+.46 .50
.
3.40 .60 •
.40 .50 '
3.40 .60 ".40 .60 '
3.40 .55
Victoria
25 .35 Apr 16
14 Jan 31 .15 Apr
/
1
'.49 .60 '
1 Aug
.25 .25
.20 .20
.19 .18 '
3.20 .25
.25 .30
.25 .25 1,835 Winona
25 .10 Mar 8 .48 Jan 7 .13 Feb .71 Jag
Wvandot
25 .05 Apr 14 21 Feb 11 .10 July .25 July
.75 *a_ _ _ .75 *a.25 .40 *eh__ .75 *a_ _ _ .75
.75
•Sid and asked prices; no sales on this day. s Ex-rights. 5 Ex-div. and rights z Ex-dle. 0 Ex-stock div. a Assessment paid. p Pries on new basis.
3300
TH/4] CHRONICLE
[VOL 120.
Quotations of Sundry Securities
Outside Stock Exchanges
Standard 011 Stocks Par BM. dek.
Railroad Equipments Pere,. Bate
Anglo-American 011 new_L1 .212 2234 Atlantic. Coast Line 6a
2
5.15 5.00
11212
Atlantic100
Equipment 6348
4.95 4.80
Preferred
4
100 117 1173 Baltimore & Ohio (ki
5.30 5.05
Borne Scrymser Co
100 210 225
Equipment 4345 & 55--.. 5.00 4.75
Buckeye Pipe Line Co_
50 6012 61 Buff Roch & Pitta equip Os. 5.00 4.75
Cheeebrough Mfg new
25 *6512 66 CanadianPacific 434e & 6s. 5.00 4.70
Preferred
100 111 11312 Central RR of N .2 (18
5.20 5.00
Continental 011 new_ _ 25 .2618 2614 Chesapeake & Ohio es
5.30 5.05
Rights
*83e 854
5.10 4.85
Equipment 1334e
Crescent Pipe Line Co_- 50 *1114 1212
4.90 4.75
Equipment 53
Cumberland Pipe Line_100 140 141
5.20 5.00
Chicago Burl & Quincy 6e.
Eureka Pipe Line Co _ _ -100 73
76 ChicagoII Eastern 111 634.. 4.50 4.10
Galena Signal 011 com-100 54
55 Chicago& North West Os.. 5.10 4.85
Preferred old
100 105 110
5.05 4.75
Equipment6355
Preferred new
100 10114 102 Chic RI & Pee 435s & 58... 5.15 4.90
Humble Oil& Ref new_ 25 *6912 70
5.55 5.25
Equipment68
Minols Pipe Line
100 135 137 Colorado & Southern 6....... 5.45 5.20
Imperial 011
25 .135 137
5.20 5.00
Delaware& Hudson Os
New when issued
33
3314 Erie 4356 & 58
5.35 5.05
Indiana Pipe Line Co__ 50 .7212 73
5.55 5.25
Equipment65
International Petroleum.U) 2512 253 Great Northern 6e
4
5.35 5.10
Magnolia Petroleum____100 147 14712
5.00 4.75
Equipment 58
National Transit Co__12.50 .211? 22
5.05 4.80
Hocking Valley 6e
New York Transit Co
57
59
5.40 5.10
100
Equipment tle
Northern Pipe Line Co__100 78
783 1111nois Central 435a & Si.. 4.95 4.70
4
Ohio Oil new
693
4
5.20 5.00
25 .69
Equipment(Ss
Penn Mex Fuel Co
25 *2512 27
5.00 4.80
Equipment 75 & 640Prairie 011.k Gas new.
25 *6072 6118 Kanawha & Michigan 6e___ 5.40 5.20
Prairie Pipe Line new..
5.20 5.00
.100 126 12612
Equipment 434e
Solar Kenning
100 230 233 Kansas City Southern 5358. 5.35 5.05
Southern Pipe Line Co 100 79
8012 Louisville & Nashville ft.__ 5.20 5.00
South Penn 01.1
5.00 4.80
100 171 172
Equipment6348
Southwest Pa Pipe Lines 100 .65 68
Michigan Central Si &(R.__ 5.30 5.00
Standard 011 (California) 25 *59
593 Minn St P & 88 M 434e & 58 5.30 5.00
8
Standard 011 (Indiana)._ 25 *662 667
s
8
Equipment 03413 it
- 5.35 5.00
8
Standard 011 (Kansas)._ 25 .3512 363 MIlleCnirl Kansas & Texan 6a 5.65 5.35
Standard 011 (Kentucky) 25 •1223 124
4
Missouri Pacific 13e & 0345.. 5.60 5.25
Standard 011(Nebraska) 100 250 254
Mobile dr Ohio 4345 do 5e-- 5.00 4.80
4
Standard 011 of New Jer_ 25 .443 45
New York Central 434e & 55 4.85 4.85
8
Preferred
5.20 5.00
100 117, 11712
Equipment fie
Standard 011 of New York 25 .4514 4512
5.00 4.80
Equipment 7e
Standard 011 (Ohio)_--100 2,58 259
Norfolk & Western 4 Ms_ _ _ _ 4.8 4.60
Preferred
5.1 4.90
Northern Pacific 75
100 120 121
Swan & Finch
1612 Pacific Fruit Express 78____ 5.0 4.85
100 16
Union Tank Car Co
100 127 129 Pennsylvania RR eq 58 & Os 5.10 4.70
Preferred
5.10 4.85
100 1151 11612 Pitts & Lake Erie 6346
Vacuum 011 new
4 Equipment65
25 *1391 893
5.5 5.25
35 Reading Co 4346 & 58
Washington 011
10 .30
4.75 4.50
Other 011
St Louie & San Francisco Se. 5.1 4.90
*3
34
3
Atlantic Loboe Oil
(t) .8 1112 SeaboardAir Line 530& 68. 5.60 5.25
Preferred
oo .36 40 SouthernPacific Co 434s.. 4.7 5.65
Gulf 011 new
25
5.0 4.85
Equipment 78
Mountain Producers.... 1 .777 7814 Southern Sty 445 & 58.... 5.0. 4.80
8
Mexican Eagle 011
*312 414
5.4 5.10
Equipment(is
18 Toledo & Ohio Central
National Fuel Gas
100 116
65... 5.35 5.10
Salt Creek Cons 011
4 8 Union Pacific 711
10 *73
5 0 4.80
Salt Creek Producers___ 10 *2718 273
8
Public OtIlltles
Tob
Stocks
Amer Gas dC Elec new ___(3) *80 82 American Cigar common 100 791 8112
91
6% pre: new
98
Preferred
(2) .90
100 96
99
Deb ths 2014
MAN 98
Amer Machine & Fdry__100 164 168
Amer Light & Tree com_100 170 172 British-Amer Tobao ord.
26
£1 25
Preferred
100 100 102
26
Bearer
41 *25
59
Amer Power & Lt common_
60
25
Imperial Tob of CI B & herd 24
91
Preferred
100 90
78
Int Cigar Machinery.
...100 74
98 Johnson Tin Foil & met_wo .60
Deb 68 2016
M&S 97
Amer Public Util com___100 78 85
MacAndrewe & Forbes. 100 151 154
7% prior preferred_ ---100 90
93
Preferred
100 100 102
4% partie pref
_
100 79
65
Mengel Co
100 63
54 Porto Rican-Amer TO_
Associated Gas & El pf_a .52
55
_100 50
Secured geld 6358'54.J&J 102 104
45
Universal Leaf Tob com_190 43
.81
Blackstone VaIG&E corn 50
96
Preferred
100 92
Carolina Pow & Lt corn... 395 405
Young (.75) Co
100 126 130
Cities Service common_ _.2 *39
3912
Preferred
100 105 110
Preferred
4
100 8212 E23
8
.712 73 Rubber Stocks (Cleveland)
Preferred B
1
4
Preferred B-B
100 .773 78
8
Am Tire & Rub coin
4
/
1
4
Mice Service Bankers Shame .19
40
20
Preferred
3414
Colorado Power common 10
Firestone Tire & Rub cam 10 *116 11712
93 98
Preferred
6% preferred
100
100 99 10012
Com'w'Ith Pow Corp com(2 •164 166
7% preferred
9914
100 97
Preferred
100 82 84 General Tire & Rub coin 50 *230 240
Elea Bond & Share pret_100 104 106
Preferred
100 102
Elea Bond & Sh Secur
_ .6812 6012 Goodyear Tire & R com.100 32
321
;
16
Elee Sty Securities
9212
Goody'r T & P.of Can pf 100
(2 *14
Lehigh Power Securities-a) 142 152
Mason Tire & Rub coin-(2) .112 218
Mississippi RI,Pow corn 100 62 69
18
Preferred
100 16
loft 92
94
Preferred
Miller Rubber
100 16212 165
First mtge 5e
_J&J 9912 10014
Preferred
100 10312 106
F g deb 7s 1935_.M&N 193
30
1951_Mohawk Rubber
100
Nat Power & Li cern__(j) *345 MS
70
60
Preferred
(3) *10112 103 Seiberling Tire & Rubber (2) *20
Preferred
22
104
Jdo 103
Income 7e 1972
Preferred
100 100 102
North States Pow com_.100 115 120 Swinehart Tire & R com_100 12
18
100 99 102
Preferred
_
Preferred
100
Nor Texas Elea Co com-100 45
Preferred
Sugar Stocks
100 55 60
*3
08 Caracas Sugar
412
Pacific Gas & El lit pref _100 .
50
0
,°,
18
Power Securities corn....(7)
87
20
-35 38 Cent Aguirre Sugar corn-100 .8518 124
Second preferred
122
Fajardo Sugar
a) 1
95 Federal Sugar Ref corn._100 50
Coll trust 68 1949_ __S&D
65
Incomes June 1949 F&#. *7
95
Preferred
100 80
_
9 82
Puget Sound Pow & Lt 100 01
10
' 57 Godchaux Sugar, Inc_(I) •8
100 83 86
6% preferred
Preferred
52
100 45
42
7% Preferred
100 108 198 Holly Sugar Corp com--(2) *39
let & ref 548 1949-JAB 100 101
Preferred
90
100 93
Republic Sty & Light__100 6112 5312 Juncos Central Sugar.-100 90 125
83
Preferred
National Sugar RefinIng_100 100 10112
100 .9,1
South Calif Edison corn-100 .
92
New Nlquero Sugar___100 87
.a 120
100 120
8% preferred
4
2
Santa Cecilia Sue Corp Pf100
Standard G&E17% or pf 100 _9 , 101 Savannah Sugar corn...
„
9
.(I) *10112 103
Tennessee Klee Power--(2) "" 0812
Preferred
0 2
100 9812 100
83 Sugar Estates Oriente pf.100 83
Second preferred
87
(2) *91
_
65
Western Power Corp
92
87
With warrants
-100 64
97
Preferred
100 94
92
90
West Missouri Pr 7% pft. __
ndustrial AM he'll
American Hardware_ ___100 85
Short Term Securities
87
Anaconda Cop Min 68'291.20 10338 104
Babcock (I( Wilcox
100 135 137
Federal Sug Ref 68 33M&N 95 2
17
Bliss(E W)Co new
(2) *16
'
_
Reeking Valley 5e 1926 M&S 1003 160 4
8 - -3Preferred
60 *54
K C Term Ry 6%s '31 J&J
Borden Company corn.-(t) .75
77
Preferred
100 1071 10912
ago
1926 10138 1018
8
Lehigh Pow Sec Os '27..F&A 10118 1013 Celluloid Company
25
100 20
7512
,
Bloas-Sheff El&I 6s '25_F&A 10214 102 4
Preferred
100 67
,
138 Rubber 73.is 1930„F&A 10612 106 4 Childs Company pref...l00 1151 11612
Joint Stk Land Bk Bends
Hercules Powder
100 112 115
Chic Jt Stk Ld Bk 68-1951 10212 10312
Preferred
100 107 109
10312 International Silver pref.100 •106 108
Si 1952 opt 1932
1024 10312 Lehigh Valley Coal Sales 50 *82
02 2
Se 1963 opt 1933
84
10412 10512 Phelps Dodge Corp
635e 1951 opt 1931
100 100 108
1011.4 1023 Royal Baking Pow corn.100 140 150
4
44e 1952 opt 1932
100 101
1341 1952 opt 1932
Preferred
100 101 103
102 Singer Manufacturing..
434e 1964 opt 1934
.100 267 272
10112 10212
0
.1%5 1963 opt 1933
Pao Coast of Portland_ Ore.5.1953 opt 1923
J&J 1021s 10318
1023 1033
55 1954 op 1934
4
4
bonds at Boston
Stock Exchange June 20 to June 26, both inclusive.
all bond prices are end 'merest except where marked "t.'
-
ieriday
Sales
Last 1Veek's Range for
Sale
ofPrices.
Week.
Price. Low. High. Shares.
Bonds-
Range Since Jan. 1.
High.
Low.
Atl Gulf & W I SS L 5s'59 70
694 70 835,000 63
Jan 70% Mar
Bur & Wain Ltd 6s _ _ _1940
95)i 05% 5,000 95% June 92% June
75
Chic Jet Ry&U S Yds 5s'40
98% 99% 25,000 96
Feb 99 June
E Maas St RR ser A 4%s'48
Feb
68
684 3,000 64
Jan
Series B 55
1948
73% 734 2,000 70
Jan
Series C (is
1948
83% 84
4.000 83% June
Series 13 Os
1948 84
84
84
:
Feb
M
F
F
6.000 804 Jan 10N bIea
8
875
Hood Rubber 75
1936
10334 104
6,000 101% Jan
Mass Gas 44s
1929
9931 993( 4,000 97% Feb 9
9
9 June
448
1931
631Jan
9641 96% 1,000 944 Jan
Miss River Power 58_ _1951 99% 994 100
June
6,000 964 Jan 100
New England Tel 58_ _1932 100% 100% 100% 15,000 99% Jan 101
Jan
Swift & Co 58
1944 100
100 100
14,000 9734 Jan 100% June
Wegtern Tel & Tel 5s .1032 100
100 100% 12.000 9934 Jan 100% June
Philadelphia Stock Exchange. Record of transactions
at Philadelphia Stock Exchange, June 20 to June 26, both
inclusive, compiled from official sales lists:
40
1134
278
5434
44
10434
2314
7334
40
3934
4834
98
3934
8934
384
4434
9354
7634
6234
10034
10334
10634
__..
94 549,000
91
9934 9931 3.000
4,000
7634 77
62
6234 16,300
5834 5834
3,000
9134 9131 27,000
100 1004 8,000
1,000
99
99
2,000
65
65
1034 10334 2.000
964 964 8,000
854 4,000
85
10034 102
3,500
10331 10335 41,300
6,000
10634 107
10635 10634 30.000
10734 10734 15,000
95
5,000
95
1,000
101 101
99% 9914 4,000
High.
Low.
g4liggng4g:VrEigVAlin44‘la4t4Tiliaggg4nliggiggrs
173
8634
5634
58
155
5934
101
116
10134
173 175
129
8694 8734 1,931
5634 5624 3,096
235
10834 10935
3935 40
200
36
36
5
10
12
2,700
8034 8034
80
276 276
96
514
5534 5634
243
5334 5434
44
44
825
6,937
10334 108
21
7834 80
2335
23
228
8134
23
81
65
65
5
46
48
15,826
73
115
74
134
135
100
5834 5835
270
4731 4835
345
4034 7,518
40
537
3934 393.4
1.325
4935
48
59
527
5934
05
15
15
36
100
36
54
98
98
4
4
30
334 3IS s 1,59
343
3934 3934
7.583
8934 91
36
3834 3.134
ao
67
704
731
3634 40
25
4435 4435
11
36
36
60
10434
21734
8835
58
11034
40
51
12
8534
280
70
5534
74
110
814
25
8134
67
4834
8534
3
5834
4835
4734
45
51
6334
1835
48
9834
"to
4 te
,
44
ilignVagrAgggggrgg i g
r
5894
rxx
Alliance Insurance
10
Amer Klee Pow pret- -100
American Gas of N J..- _100
Amer Gas of Pa v t c --50
.
American Stores
•
Bell Tel of Pa pref
Cambria Iron
50
Eisenlohr (Otto)
100
New stock
25
Preferred
100
Fire Association
50
Insurance Co of N A. _10
Ras full pald
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50
Lehigh Valley
50
Lit Brothers
10
Northern Central
50
Penn Cent Light & Pow_ •
Pennsylvania RR
50
Pennsylvanla Salt Mfg_ _50
Pennsy Seaboard Steel_ •
Philadelphia Co(Pitts)
..50
Preferred (cumul 6%)-50
Phila Electric of Pa
25
Preferred
25
Phila. Rapid Transit._ _ -50
Philadelphia Traction_ .50
Phila & Western
50
Reading Co warrants
Scott Paper Co pref_ _ _100
.
Tono-Belmont Bevel- -1
Tonopah Mining
1
Union Traction
50
United Gas Impt
ISO
Warrants
Victor Talking Machine_
West Jersey & Sea Shore_50
Westmoreland Coal
50
York Rys pref
50
Bonds
Amer Gas& Elec 5.31.- _2007
Baker&Co(A T)Inc 635540
Consol Trac NJ 1st Se 1932
Elec & Peoples tr etre rs'45
Interstate Rye coll 48.1943
Keystone Tel 1st 58-1935
Lehigh C & N cons 44s'54
Registered 434s....195
4
Peoples Pass Cr ctfs 48_1943
Phila Co lat 59stpd _.1949
Cons & stpd 5a
1951
Phila Elec 1st s f 43-1966
960
1st 5s
1966
1947
535s
1953
535s
fle
1941
Reading gen 434e
1997
Spanish Amer Iron 66.1927
United Rya Invest 55.1929
_
_
orKstyslstOs
Range Since Jan. 1.
zool,0000C0oco=m000q 0-4,
cW.C.A.WW.O.o.
,
IW
00, 4.4.Wmw ,
.‘.4.wW.WW04 WWOw
,
DwOw..w0o0www0Mo.o....4WW.4 004..4.00. m=4.-40-4-40W.ONOm..P.O.F,
4M.40004 4
D0-4004.
44
X4 X 4X
X X X
SXXX
X
4W XX 4 444X XX 4
44
X
Stocks-
tertaay
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
94
9934
7834
65
60
9235
101
99
70
10391
9734
854
10331
10334
107
10714
10834
95
10135
100
June
Apr
Mar
May
May
June
Jan
Feb
June
Feb
Mar
Jan
May
Feb
June
June
June
June
May
Jan
Jan
Jan
June
June
Feb
Feb
Mar
Mar
Jan
Jan
May
Feb
May
Mal
oog Mat
3834 June
97 May
40
Jam
57
Jan
3635 Jan
June
June
Mar
Mar
Apt
June
June
May
Jar
June
June
June
Juni
Jun(
Jun(
Mal
Jun(
Ma5
Jar
Jar
•No par value.
Baltimore Stock Exchange. Record of transactions at
Baltimore Stock Exchange June 20 to June 26, both inclusive, compiled from official lists:
T`rm.t nessforrat1
9c
114
5835
26
2534
42
10994
12434
45
120
120
9934
2735
2231
X44 4 4 4 V
40
75
High.
WX4
3134
12034
Low.
40
40
38 36
Apr
2934 324 12,221 2034 Mar
12035 121
86 11134 Feb
23
25 19
2331
May
5534 5534
45 55
May
394 40
67 3834 Jan
2635 264
4 2631 Feb
73
20 54
75
Jan
240 34
40
39
Jan
.40 .40
100
.40 June
1
1
700
June
1
11334 114
116 1104 Jan
30 574 Mar
5734 5834
26
26
413 2274 Mar
25
217 24
26
Apr
254 254
193 244 Apr
4
224 32
Jan
034 42
tog 1094
237 105
Apr
112 1124
46 109
Mar
12434 12434
95 122
Mar
45
45
70 36
May
110 120
665 103
AD
Apr
11834 120
146 111
140 89
Jan
9934 9934
40 oe
6194 5231
AP
27
2735
123 26
AP
131
1834 19
1831 Jan
25
25
20 25 Jun
874 8734
25 78
AP
23: 235
2
250
May
June
5134 52
113 51
22
22
June
120 22
150 22 June
2294 2234
2211 24t4
1.82?. 21
June
l ......
-,
gV E lnlms'InstIlmsgV0z Vnw..gg.
Armstrong-Cator 8% Pf100
Arundel Corp, new stock -•
Baltimore Trust Co
50
Baltimore Tube
100
Preferred
100
Benesch (I), corn
"
Preferred
25
Boston Sand & Gravel_100
Central Fire Insurance_ _10
Central Teresa Sug,com.10
Preferred
10
Chas dr Po Tel of Balt. _100
Commerce Trust
50
Commercial Credit
•
Preferred
25
Preferred B
25
Consol Gas, EL & Pow.
.°
634% preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ __AO°
Eastern Rolling Mill
•
8% preferred
100
Fidelity & Deposit
50
Finance Co of America_ _25
Preferred
25
Finance Service, Class A 10
Greenwald Packing A_
•
Houston 011 pref tr etfe_100
Lorraine Pet Co_ _ le shares
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Range Since Jan. 1.
XX
Stocks-
fertaay
cales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
ONNVW..0
0
.
Nb.b2.0.1 ON.WO,
.4•0.0.4.4MOVNOOON,
IM04.
00..40.
4N . .
A
1,N. 00 000Nt
q
*Per share. 3 No par value. b Basis. a Purchaser also pays accrued dividend.
Mew stook. !Flat price. k Last sale. n Nominal. I Ex-dividend
v Cs-rights.
oEx-stoelt dividend s -1ale One
late Tat.
r Chn sdian quotation. o
Boston Bond Record. Transactions in
-
JUNE 27 1925.]
97
9734
Maryland Casualty Co_.25 97
138 138
Merch & Min Tr Co.._ _100 138
2234 23
Monon Vail Tram, pref _ _25 23
•
Mtge& Acceptcom
18
18
Mt V-Wood M pf v t r_100
60
60
New Amsterd'm Cas C0.10 50
4934 50
50
Northern Central
8034 81%
Penns Water & Power.100
148 150
Roland Pk Hemel 1st 91100
98
98
Silica Gel Corp
• 18
18
18%
United Sty & Electric_ __SO 1834 18
18%
US Fidelity & Guar_ _ _50 213
211 214
Wash Bait & Annan_ _ _ _50 12
12
12
Preferred
50
20
21
•
West Md Diary, Inc
51
51
25
Preferred
52
5234
BondsBernheimer-Leader 75_1943
Commercial Credit 69.1934
Consolidated Gas 55..1939 101
Consol GEL &P 43451935
1952
Series E 5348
1943 107
Series A 65
Consol Coal ref 4345_ _1934
Davison Sul & Phos 6s 1927 99
Elkhorn Coal Corp 613_1923 9734
Fair & Clarks Trac 53_1933 9434
1945
Ga Sou & Fla 58
Macon Dub & Say 58_1947
MU Elextric Sty 1st 53_1931
1957
6345
Mon-West Penn 65__ _1923 101%
Newp N & Old Pt 1st 58'33 96
Norfolk & Alt Term 5s 1929
Nor? & Ports Trite 55_1936
United Ry & El 4s.. _ 1949
Income 48
1949
Funding 58
1936
6s
1927 98%
fis
1949 9634
Wash Balt & Annan 581941 69%
10434 10434
100% 10034
99 101
9734 9734
10534 105%
107 10734
91
9134
99
99
9731 9734
9434 9434
9934 9934
8434 84%
9534 96
9734 97%
101% 10134
96
96
99% 9934
97
97
6934 70
5034 51
70% 71%
9834 98%
96% 9634
69
70
Range Since Jan. 1.
Low.
165 82%
45 115
841 20%
80 13%
10 55
735 4234
140 7634
120 12634
10 96%
360 12
40 1534
323 179
5%
389
124 11
10 44
12 51
$1,000
1,000
2,000
5,000
1,000
10,000
5,000
2,000
35,000
5,000
10,000
1,000
2,000
3,000
1,000
1,000
1,000
3,000
17,000
8,000
7,400
14,000
4,000
35.000
High.
Apr 99%
Jan 140
Jan 23
Jan 1834
Mar 66
Jan 50
Jan 81%
Jan 15234
June 99
May 22
Apr 1934
Jan 214
Apr 1434
May 23
Apr 51
June 5354
103% Feb
9834 Apr
99 June
9334 Mar
102% Jan
104% Jan
June
91
9834 Jan
97% June
92 June
97% Mar
75% Jan
95
May
Apr
97
Apr
100
96 Jun
9934 Jun
92
Jan
6834 Apr
49
AP
69
AP
98% May
93
Apr
Anr
58
May
May
June
June
Jan
June
June
June
Jan
Jan
Jan
June
June
June
June
Feb
104% Feb
June
101
10134 June
9734 June
105% June
107% May
Feb
98
99% Feb
Jan
100
Jan
95
99% June
85 June
97% Mar
Mar
100
101% June
June
96
9934 June
9734 June
June
71
62% Jan
74
Jan
99% Jan
96% Jan
70 June
• No par value.
Pittsburgh Stock Exchange.
-Record of transactions at
Pittsburgh Stock Exchange June 20 to June 26, both inclusive, compiled from official sales lists:
Stocks-
Frtaay
Sates
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Am Vitrified Prod corn_ _50
Am Wind Glass Mack_ _100
Preferred
10(
Am Wind Glass Co p1_100
ArXansas Nat Gas com_10
Byers (A M) Co corn....°
Preferred
10(7
Carnegie Lead & Zinc_ __ _5
Colonial Trust Co
100
Duquesne Light pref... _100
Fayette County Gas_ _100
First National Bank.- _100
Harb-Walk Refrae corn 100
Indep Brewing com
50
Preferred
50
Jones & Laughlin pret _100
Lone Star Gas
25
Nat Fireproofing corn_ _ _50
Preferred
50
Ohio Fuel Corp
25
1
Ohio Fuel Oil
Oklahoma Natural Gaa_ _25
Peoples Says & Tr Co_ _100
Pittsburgh Brew,com _ _ _50
50
Preferred
Pittsburgh Coal coin_ _ _100
Preferred
100
Pittsburgh Oil & Gas
5
Pittsburgh Plate Glass_100
Pitts')Steel Fdy com
Preferred
Salt Creek Cons 011
10
San Toy Mining
1
Stand Sanitary Mfg corn 25
Preferred
100
Superior Fire Insurance_50
Tidal Osage Oil
10
Weerhouse Air Brake. _ _ 50
63,4
1934
734
11434
38
3534
3234
2834
234
28734
2034
8
10034
107
10
103
2534 2534
89
90
95
95
113 113
734
674
1934 1954
9434 9434
7
734
203 205
11054 Ill
90
90
31734 31733
115 115
2
2
7
7
114 11434
3734 38
14
1434
3554 3634
3234 3234
1434 1434
2834 29
365 365
234 234
934 93,4
47
47
85
86
654 65,4
28631 28734
20
2034
6934 70
8
834
4c
4c
100 103
115 115
106 10734
9
10
103 105
325
145
20
10
1,490
85
20
700
106
60
10
5
20
129
40
238
741
250
1,435
2,845
40
720
40
110
40
20
117
25
50
288
68
960
1,000
1,190
11
856
73
282
Range Since Jan. 1.
Low.
1934
88
93
110
554
1934
9454
4
190
10534
90
31234
115
134
4
11134
32
1134
3134
31
12
26
325
114
6
3934
8334
6
257
20
69
73,4
3c
100
11434
105
834
97
Jan
Jan
May
Jan
Apr
June
June
Jan
Jan
Jan
June
June
May
Mar
Feb
Jan
Jan
Jan
Jan
Apr
Mar
Jan
Feb
Mar
Mar
May
June
May
Jan
June
June
Feb
May
June
Mar
Apr
Jan
Apr
High.
2634
110
110
115
8%
1934
9434
834
225
111
90
31734
140
35,4
734
11434
40
1434
3574
3434
1633
3134
365
4
1134
55
9934
8%
295
2034
7034
9
8c
136
11533
11034
1334
113
June
Mar
Feb
Jan
Feb
June
June
Mar
May
June
June
June
Feb
Apr
May
June
Feb
June
Jan
Feb
Mar
Feb
June
May
May
Jan
Jan
Feb
Feb
June
June
Feb
Feb
Jan
June
Jan
Feb
Jan
Bo ndsMonongahela L & P 5s 1949
100% 10031 81,000 100% June 10031 June
Morton Rly Cons C & R 6s -See Nate below.
PIttab Brewing 6s
-See Not e bole w.
West Penn Trac 5s_ _ _1960
Fe'
8934 8974 5,000 87
8934 June
•No par value.
-Sold last week and not reported: 7 Colonial Trust Co. at 205; 316 Ohio
Note.
Fuel Corp. at 3234 @3234; 101 Pittsburgh Coal, pref., at 840/58434; 35 Pittsburgh
Steel Foundry, pref., at 6934; 100 Superior Fire Insurance Co. at 107: $5,000 Monongahela River Consol. Coal & Coke68 at 109; $10,000 Pittsburgh Brewing 68 at 90.
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange June 20 to June 26, both inclusive,
compiled from official sales lists:
Stocks-
3301
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price Low. High. Shares.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. I.
Low.
1934 23
3,325 18
June
All Amer Radio class A._5 23
9034 90%
319 89
Mar
Amer Pub Serv pref. _100
American Shipbuilding.100
53% 55
290 49
Apr
95% 98
3,237 90
Mar
Armour & Co(Del)Pref-100 96
Apr
Armour & Co pref___ -100 89% 8834 89% 2,585 84
Common el A v t c_ ..25 23% 22% 2334 21,675 1954 Mar
Common clBvt C.__ _25 1434 13% 14% 6,770 1134 Apr
15
334 3%
125
Armour Leather
333
334 May
1,710 5034 Feb
Balaban & Katz v t c...25 6034 5834 61
4% 5
175
4 June
Beaver Board v t c "B" •
100 34% 30
35
1,016 21% June
Preferred ars
...10
Mar
Bendix Corn class A. _10 3131 -28% 3134 2,990 24
• 27
26% 2734
960 2434 Mar
Borg & Beek
234 2%
15
100
234
2% June
Case (J I) 2d pref
8634 88
230 84
Jan
Central Ill Pub Ser pref. _•
170
34
54
34
34 Apr
Chic City & Con Sty pt eh •
4% 5
265
334 Apr
•
Preferred
102 102
63 102 June
Chic Mill & Lum pref. _100
37
38
420 26
Chicago Nipple Mfg el A 15 38
Apr
138% 13934
920 13034 Apr
Commonwealth Edison 100 139
30
30
20 30
Mar
Consumers Co pref--- _100
• 10% 10
1034 1,480
8% Jan
Continental Motors
160 51
May
25
56% 5634
Crane Co
160 113
Apr
100 11534 11534 115%
Preferred
Jan
CudahY Packing Co_ _ _100 102% 99 10434 2,135 79
134
1
2
1
780
June
Boone Wool Mills 25
Daniel
High.
36%
9354
60
98
94
24
15
534
6334
7
39%
36
29
2%
9134
134
9%
102
40
141%
4934
1134
70
118
108%
73,4
Feb
Mar
Jan
June
Feb
Feb
Feb
Jan
May
Apr
Jan
Jan
May
June
Mar
Jan
Jan
June
June
June
Jan
May
Feb
Feb
Feb
Jan
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Decker(A10 & Cohn,Inc
-Preferred
100
Deere & Co pref
100
Diamond Match
100
Elec Research Lab
•
Evans & Co Inc el A....5
Fair Co (The)
•
Preferred
100
Foote Bros(G & M)Co_
Gill Mfg Co
•
Godschaux Sugar
•
Gossard Co (H W)
•
Great Lakes D & D_ _ _100
FIammermill Paper Co_ _10
Hart Schaffner & Marx100
Hibbard,Spencer,Bartlett & Co
25
Hupp Motor
10
•
Hurley Machine Co
100
Illinois Brick
Illinois Nor UM prof. _ _100
.
Indep Pneumatic Tool__ 5
Kellogg Switchboard.. _25
Kentucky Hydro-Elec_100
Kraft Cheese Co
25
La Salle Exten'Univ (Ill).10
Libby,NcN&Libby,new_10
McCord Radiator Mfg A..*
•
McQuay-Norris Mfg
Middle West Utilities... _•
Preferred
100
Prior lien preferred_ _100
•
Midland Steel Products..
Midland UM prior lien_100
Morgan Lithograph Co_ _•
Natl Elec Pow Corp.._100
National Leather
10
8
Omnibus bot tr etts w ia.
Phllipsborn's,Ine.tr ctfs_ _1
10
Pick (Albert) & Co
5
Pines Winterfront A
Pub Serv of Nor
Pub fiery of Nor Ill_ _100
Preferred
100
7% preferred
100
Quaker Oats Co
100
Preferred
100
Real Silk Hosiery Mills_ _10
Iteo Motor
10
25
Ryan Car Co(The)
Standard Gas & Electric_*
Preferred •
50
-Warned Speedom•
Stewart
Studebaker Corporation_ _•
100
Swift & Co
15
Swift International
Union Carbide & Carbon.*
United Iron Works v t c_50
United Light & Power
Common CI A w I a_ _•
Common CI B w 1 a._ .•
Preferred CIA w a_ _ _*
Preferred Cl B w I a_ _
United Paper Board_ _ _100
20
S Gypsum
100
Preferred
Univ Theatres Cone Cl A.5
Utilities Pow & Lt Cl A. *
Wahl Co
Wanner Malleable Caat'gs*
Ward(Mongtomery)&Co 10
Class A
•
Wolff Mfg Corp
Voting trust certificates.*
•
Wrigley Jr
Yellow Cab Mfg Cl B.
..1O
Yellow Cab Co,Inc(Chic)_•
99
9834
99
99
98
9834
11734 118
23% 1934 24
26
26
27
33
32% 3334
105% 10534
12% 1234 1234
6
6
8% 8%
33
33
34
131)4 13334
132
29
29
29
11534 11534 11531
19
72%
1534
7%
39
93%
9834
102%
40
9934
54%
9534
54
1834
39
12334
104%
54
1834
5234
6834
110
2634
6634
Range Since Jan. 1.
Low.
High.
Jan
Jan 99
160 98
Jan 98% June
120 83
225 11534 Feb 12234 May
Mar 37% Jan
1,050 15
825 2334 Mar 30% Jan
3,110 31% AM' 3534 Mar
Mar 109% Mar
15 104
Apr 16% Mar
10 12
May
4
Jan
7
100
Jan
9% May
800
3
395 26% Jan 3434 May
585 94% Jan 13434 June
Apr 29% May
450 29
Jan 125
Jan
25 ill
74
74
65
18% 20
13,360
46
810
48
31
131
31
92
92
10
50
5134 5134
37% 3834
100
90
9034
30
1,517
72
73
15
1554
895
2,677
• 7% 8
10
39
39
16
135
16
9134 9434 1,365
98
952
9834
703
102% 103
625
40
40%
1,106
9934 101
3,265
54% 55
347
95% 9534
434 4%
485
575
1454
13
34
34 2,950
1,255
18% 19
2,785
34
39
201
12334 124
12334 12434
70
163
9934 100
20
109 109
266
106 106
121
10434 105
2,750
5031 54
18% 1834
738
2434
185
24
52% 53
735
53
53
194
65
68% 12,420
46% 4634
100
109% 11034 1,408
27
26
2,310
3,620
68% 67
3
5
100
Jan
68
1434 Mar
41% Mar
28
May
Jan
85
Apr
50
3734 June
85% May
35% Jan
1434 June
634 Apr
37% Apr
Mar
13
82% Feb
91% Jan
Jan
98
3234 Jan
9834 Apr
42
Mar
Apr
95
4
Apr
11% May
34 Jan
1834 June
33 June
107% Jan
Jan
108
Jan
92
104% Jan
95
Apr
102% Jan
48
Mar
14% Ma
Ma
21
4034 Jan
Jan
50
5534 Ma
4334 Jan
109% Apr
24% Jun
Ma
65
34 Fe
11,095 44
883,4 95
9634 98
190 49
93
92
3,920 81
186 42
5034 53
19% 19%
150 1854
695 112
165% 164% 16734
116 116
48 112
5
5
5
100
5
28% 29
300 2234
1234 1234
30 11
35
149 22
33
53% 2,230 41
52% 52
114 114
114
340 110
8
834
534
335
400
6
8
8%
51 '5154 1,587 4634
51
3834; 46% 46,125 323'l
46
4831 46 ; 4934 5,255 4634
94%
9234
Bonds
Armour & Co of Delaware
-year gold 5345._ _1943 94% 9434 9434 $2,000 9134
20
76
5,000 74
76
Chicago City Sty 5s_..1927
48
48
8,000 46
Chic City & Con Rya 6s '27
76
2,000 76
76
Chicago Railways 55..1927
38
38
4.000 35
45, Series B
1927
11034 11034
3,000 1C0
Commonw Edison 5a_ _1943
102% 10234
1,000 102%
Commonw Elec 5s_ ..1943
100 100
5,000 100
100
Jewelers 65
74
73%
74
11.00
Metr W Side El 1st,4s_1928
9734
98
98
2,00
1945
Ogden Gas Co 55
6,000 98
100 100
Swift & Co 1st sf g 55_1944
7434 Feb
2054 June
Jan
56
26 June
9234 Apr
Jan
70
48
Jan
92% Feb
76 June
21% May
9% Jan
42
Feb
1854 May
102% Mar
98% Mar
107% May
44
May
101
June
5.5
June
9634 June
8% Jan
17% Mar
1% Jan
2334 Jan
74
Jan
124 June
12434 June
100 June
11034 June '
400
Mar
Feb
105
76% Fels
22% Mar
2534 June
54% May
54
Feb
77% Jan
4634 June
120% Feb
36
Jan
7334 Feb
Jan
5
Mar 95
Jan 98
Apr 99
Jan 54
Apr 225-4
Feb175
Jan 116
June 53
Mar 2934
2334
Ma'
Jai
35
Mar 5534
May 123
Jan 1034
Jan 10
Jan 5234
Feb 4634
June 5534
June
June
June
June
Feb
June
May
Jan
June
Feb
June
Jan
Jan
Mar
Feb
Feb
June
Jan
9434
84%
63
855,4
4634
110%
102%
IN
80
98%
100%
June
Mar
Mar
Feb
Mar
Jane
June
June
Mar
June
May
Jan
Apr
Apr
June
Apr
May
June
June
Ma
Jane
Jan
•No par value.
-Record of transactions at
Cincinnati Stock Exchange.
Cincinnati Stock Exchange June 20 to June 26, both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price, Low. High. Shares
Am Laundry Mach com_25
Amer Rolling Mill, com_25
Preferred
100
Carey (Philip), pref_ _ _ 100
Churngold Corp
•
CM Union Stock Yds_ _100
City Ice & Fuel
•
Cooper Corp (new)_ _ _ _100
Dalton Add Mach com _ 100
Dow Drug common_ _ _ _100
Eagle-Picher Lead com_ _20
Fleischmann, preferred_100
Formica Insulation
•
Gibson Art,common
•
Globe Wernicke, corn..100
Gruen Watch, common_•
Johnston Paint, pref___100
Kroger, common
10
McLaren "A"
*
Paragon Refining com_ _25
Procter & Gamble corn_ _20
6% preferred
100
Pure Oil6% pref
100
Richardson common__ _100
U 8 Can common
•
II 8 Playing Card
20
U 33 Ptg & Lith corn_ _100
Preferred
100
U 8 Shoe common
•
Preferred
100
Whitaker Paper pref _ _ _100
Wurliteer 8% pref
100
103
54
109
11034
68
140
23%
101
7254
150
.33
11234
2134
37%
85
3054
100
98
1234
8
120
109
8434
10854
57
11734
68
97
7
'
5134
5654
105
103 104%
54
55
10851 109
11034 1103,4
6734 70
140 140
23% '2434
101 102%
7134 7234
150 150
33
335-4
11234 11234
21
21%
3731 3774
85
85
303,4 3034
100 100
98 101
1154 123-4
8
834
119 1223,4
10754 109
8434 8634
10834 108%
67
57
11734 11834
68
68
9514 97
7
7
5034 5134
56% 57
105 10634
Bank Stocks
Pint National Bank_ ..i00 303
301
Rannnii Neatinnol nonla. 1011
101
101
303
101
297
1,030
210
35
100
6
84
40
80
100
843
10
360
215
50
60
6
186
173
189
1,725
82
57
34
50
75
20
63
153
525
40
14
Range Since Jan. 1.
Low.
11 270
1R
High.
72
Feb
5034 Apr
10654 Feb
Jan
105
4834 Jan
Jan
129
23 June
9534 Apr
56 June
149
May
June
31
Feb
112
18% Mar
Apr
35
8334 Jan
Feb
30
Mar
100
73% Mar
1134 May
531 Jan
112
Jan
10731 Jan
81
Jan
Feb
90
51
Jan
10734 Mar
59
Feb
779.1 Jan
531 Apr
47
Jan
44
Jan
104
Feb
1RM
113
5734
11134
112
71
141
2531
10534
7634
160
4031
114
2234
40
8834
33
103
11334
13
954
131
110
89
116
6
054
120
7234
97
1054
84
57
10954
Jan 303
T...
Ine
June
Jan
June
June
Julie
Apr
June
June
Apr
Feb
Mar
June
June
Feb
Apr
Feb
Feb
June
Apr
Mar
Apr
Apr
May
Juno
June
Apr
Mar
June
Feb
Feb
June
June
June
•
3302
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Public UtilitiesCinc & Sup Tel
Cin Gas AL Elea
C N& C Lt Sz Tr corn.
Preferred
Ohio Bell Tel pref
50 89
88
89
100 89
8855 89
100 83% 83
83%
100 62% 6255 8351
100 107
107 107
TractionsCin Street Ry
•
50
Ohio Traction common_100
Preferred
100
3455
11
57
Railroads
Little Miami RR special_50
94
3335 35
11
11
5651 57
94
94
Range Since Jan. 1.
Low.
20 79
425 82
69 75
405 60
303 108
138
2
451
75
High.
Jan 94
Jan 90
Jan 83%
Apr 63%
Mar 110
June
June
June
June
June
32% Jan
Apr
9
40
Jan
38
15
58
June
May
June
92
95
May
Jan
• No par value.
St. Louis Stock Exchange.
-For this week's record of
transactions on the St. Louis Stock Exchange see page 3277.
New York Curb Market. Official transactions in the
New York Curb Market from June 20 to Tune 26, inclusive:
Friday
Sales
Last Week's Range for
Sate
Week.
ofPrices.
Par. Pride. Low. High. Shares.
Week Ended June 26.
Stocks-
Indus. & Miscellaneous.
500 50c
10
Acme Coal MLning
8535
Adirondack P & L com_100 8255 81
100 10234 101 10234
7% preferred
534 634
•
Allied Packers eons
5231
100 5234 51
Prior preferred
235 934
Amalgam Leather cam_ *
45
45
100
Preferred
78
78
American Cigar corn -_100
Amer Gas & Electric
7634 8034
• 80
Common
•
8934 90
Preferred
10
10
American Hawaiian SS_ _10
Amer Lt & Trao,oom_100 17059 165 173
10055 10054
100
Preferred
Amer Multigraph com_* 2174 2134 2134
Amer Pow & Lt com new..• 5955 5834 8034
100 9034 89
Preferred
9034
5134
Amer Rayon Products_._' 493-( 46
3534 37
Am Superpow Corp,Cl A_• 3534
• 3834 38
3734
Class B
2534 2534
25
Prior preferred
334 334
334
American Thread pref ___ _5
25
31
Arizona Power coin_ _ _100 31
Armour & Co (Ills) comB25 1434 1334 15
90
88
100 90
Preferred
• 3234 31
Assoo G & E Claim A ---..
3334
85c 90c
Atlantic Fruit & Bug----• 88c
48
4634
Atlas Portl Cement new.'
455 455
Beaverboard Co class B. •
34
34
100 34
Pref vot tr ctfs
500 75c
• 810
Bolssonnault(G) Co
76
7834
Borden Co corn new.......50 76
74
76
Corn subscrip'n stock.50
Botany Consol Mills com.• 2334 2334 2334
4534
45
50 45
Class A
Bridgeport Machine com.•
934 934
25
26
-Am Tob ord bear_El
Brit
10
835
834 831
Brooklyn City RR
15
15
Brown & Will Tob Cl B_10
149 149
100 149
Bucyrus Co corn
67
6734
Buffalo Gen Elec new com•
105 105
Burroughs Add Mach pf100
150 191
Canada Dry Ginger Ale A• 19
154 192
• 192
Class B
50
New stock when Issued__ 4834 37
334
434
334
Car Ltg & Power corn_ __25
400 403
Carolina Power & Lt___100 400
1895 27
100
Celluloid Co corn
100
70
85
Preferred
1
1
Cent Teresa Sugar pref...10
Centrifugal Pipe Corp ---• 14
14
18
• 4034 3835 42
Chapin-Sacks Ino
10 3154 2955 32
Chatterton & Bon
40
38
Chic Nipple Mfg ci A.-50 38
50 1534
1434 17
Class B
11355 120
• 119
Chrysler Corp w 1
3834 39
Cities Service coca. w 1_20 39
100 8255 8255 8234
Preferred
734 735
10
Preferred B
1955 1935
•
Bankers' shares
2345 2435
Cleveland Automobilecom• 24
13-4
234
Colombian Syndicate
234
Gom'wealth Pow Corp--• 16555 160 168
• 4174 4034 4154
Common new
84
100 8345 82
Preferred
78
75
8334
Warrants
4035 42
Cons Gas.E L&P Balt new• 42
Continental Baking,comA• 13334 132 13434
33
31
• 33
Common B
100 100% 10034 10134
8% preferred
• 4034 39
4034
Coty. Inc. w I
• 48
4434 48
Cuba Company
39
4134
Cuban Tobacco v t c
2035
19
Curtiss Aeropl & M com__• 2034
100 77% 75
7774
Preferred
25
28
De Forest Radio Corp._.' 26
Del Lack & West Coal_50 12934 129 130
143 148
Dixon(Joseph) Crucible100
Doehler Die-Casting
• 1635 1634 1734
17
DubillerCondisr& Rad new' 1855 15
Dunhill International---.' 2634 2651 2631
6
7
Duplex Cond &Radio v t c*
50c 500
Du Pont Motors, Inc-- •
1255 1234
• 1234
Durant Motors, Inc
2251 23%
Dux & Co, the, Class A- •
72
70
• 70
Eke Auto-Lite Co
Eleo Bond & Share.pref 100 104% 10434 105
7095
Mee Bond & Share Seo....• 6934 67
57% 6034
Else Invest without warts' 60
• 1534
1534 18
Eleo Ry Securities
52
50
• 52
Eureka Vac Cleaner
Federated Metals Corp. •
21
2534
96
96
Firestone T & R 7% p1.100
486 499
Ford Motor Co of Can.100 486
Fox Film class A
5034 4955 50%
Franklin(H II) Mfg com_• 2334 2134 2455
Freed-Elsemann Radio _ _ _• 1134
945 1134
Freshman(Chas)Co
• 16
1434 18
Gabriel Snubber w I CIA • 27
2634 2734
Galv-Hous'n El Co com100
36
35
Oared Corporation
•
334 454
General Gas & Elec. corn.' 174
149 180
Convertible preferred..' 175
14934 179
Preferred class A
125 138
• 131
Preferred class B
103 125
• 123
Deal Outdoor Adver'g Inc
Common v t o
21
•
2134
ellm A
• Lau
s4...4 satz
100
1,000
50
800
1,000
100
100
20
Range Since Jan. 1.1
1
Low.
High.
500
33
92
5
50
834
42
78
Apr
134 Jan
Fen 9534 June
May
Jan 107
Apr 10
Feb
May 67
Jan
Apr 1034 Jan
Jan 47 June
June 89
Jan
.4tv., t
2,900 6834 Feb 8451 2
. 182
500 8334 Apr 90
May
400
834 May 1334 Feb
5,850 137
Jan 17434 May
350 94
Jan 10034 June
100 1835 Mar 22
Jan
9,300 4894 Feb 6751 Jan
370 84
Apr 91
June
17.900 2834 May 5134 June
8,100 2834 Mar 3834 May
2,200 2734 Mar 4055 May
100 2434 Feb 263's Mar
100
435 Feb
334 Jan
1,800 1734 Jan 31
June
38,400 1134 Apr 15
Feb
60 84
Apr 9454 Feb
5,700 2534 Mar 3454 May
2,800 800
Jan
114 Mar
300 44 June 48
May
100
434 June
434 June
100 34 June 3734 Feb
3,800 310 May
355 Feb
400 68
Mar 7655 June
400 6734 Mar 76
June
900 18
May 2334 June
800 4334 Mar 4835 Jan
400
May
455 Feb 11
4,300 2434 June 2834 Apr
2,000
735 May
934 Feb
500 10
Jan
15 June
25 121
Jan 183
May
400 50
Apr 7034 May
100 103
Jan 10534 Jan
June
Apr 191
348 90
Apr 192
115 80
June
21,700 3435 June 50 June
4,300 135 Jan 534 May
90 300
Feb 430
May
160 1834 June 5034 Feb
130 65 June 97
Jan
100
1
May
134 Apr
2,200 10
Mar 2734 Jan
13.900 1634 Jan 43 June
7,900 12
Feb 32 June
1.700 29
Apr 40 June
1,010 1135 June 17
June
3.700 7534 Apr 12634 June
10,600 35
Feb
Mar 43
1,400 8155 Jan 8234 June
200
755 Mar 734 Feb
200 1744 Mar 2134 Feb
2,400 1934 Feb 26
May
70,900 600 Jan
234 May
4,145 106
AM 173
May
30,700 3659 June 4334 May
600 7945 Jan 85
May
1,750 2534 Feb 86
May
4,400 3134 Jan 4434 May
4,800 108
Jan 13734 June
72.800 2134 Jan 3334 June
4,900 9134 Jan 103 June
400 3734 Apr 45
May
28,900 3534 Apr 48 June
1.200
691 Jan 43 June
3,800 13
Feb 22
May
600 55
Mar 79
May
5,500 1845 Mar 34
Feb
850 119
Apr 137 June
180 143 June 148 June
1,000 10
Apr 2034 Jan
4,000 1234 Mar 353.4 Jan
100 25
Apr 31
Jan
400
334 Mar 17
Jan
300 50o May
115 Jan
2,800 1134 June 21
Jan
600 2034 Apr 33
Feb
525 70 June 7634 May
400 10134 Apr 105
May
13,000 5574 Apr 9144 Few
Jan 64
9.500 40
June
900 1234 Mar 16
May
2,900 48
May 5234 June
500 25 June 42
Feb
10 96 June 9744 Feb
80 462
Feb
Mar 524
7,200 4731 June 51
June
4.200 1834 Apr 2534 May
4,900
7
Apr 8334 Jan
914 Mar 28
Jan
1,500
Apr 2934 May
2,400 26
180 25 June 36
June
2
Apr 1734 Jan
900
2,445 80
Jan 180 June
Jan 179 June
2,160 80
2,185 106
Jan 138 June
Apr 125 June
2,240 97
1,500
7 100
2034 June
42.11 June
2434 Feb
47
Anr
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
ofPrices.
Week.
(Concluded).
Par. Price. Low. High. Shares.
[Vox,. 120.
Range Since Jan. 1.
Low.
High.
Gillette Safety Razor
7355 75% 12.100 5734 Jan 7531 June
_' 75
Glen Alden Coal
128 130
•
Mar
1,200 117
Feb 138
Goodyear Tire & R.cora100 3255 31
3335 15,700 2444 Jan 35% Mar
Gt Atl & Par Tea pref .100 118% 11855 118%
10 111
Jan 118% June
Grennan Bakeries Inc._ __• 17%
1734 18
1,700 15% Mar 2134 May
Grimes(D)Ra ar Cam Rec•
2,800
2135 23
Mar 24% May
9
HabIrshaw El Ca new tow I 19% 19% 19%
June
200 1845 May 21
Hall Switch & Signal cm100
455 4%
200
555 Feb
355 Jan
Happiness Candy St el A-•
9
755 955 40.000
8% Jan
9% June
Founders shares
835
1,400
6% 835
834 June
5% Feb
• 14% 14% 1535
Hazeltine Corp
600 14% June 6144 Jan
Hercules Powder pref__100
110 110
40 10455 Feb 115
May
Hoyden Chemical
1% 1%
300
Jan
8
1% Apr
Horn & Hardart Co
• 50,95 50
51
900 46
May 58% mar
26
Hunt Bros Pack cl A w I_
28
26
500 28
June 2655 June
Interoontinentai Rubb_100 10
8
10
2,400
534 Jan
10 June
Int Concrete Ind Fdrs shre 1155
10% 1155
Mar 13% May
1,100
7
47
Inter Match non-vot of
43% 49% 10.400 3734 Jan 4945 June
Int UtWties, Class A
35
• 35
3551
300 35 June 4835 Jan
9%
Class It
6% May 17
sy, 10
Jan
5,800
2
Inter-Ocean Radio Corp_*
2
100 80c May 14
Jan
Jones(Jos W)Radio Mfg_•
3% 3% 2,500
Jan
9
1 May
Kehler Williams Stpg_
2055 22
•
500 2055 June 2335 Jan
Kelvinator Corp
• 3891 3515 40
23,200 1891 Feb 40
June
Kraft Cheese
25 72
350 64 May
7654 June
7134 74
La Salle Extension Univ_10 1555 15% 15%
100 1541 June 17% June
Landover Holding Corp A 1
19% 19%
100
835 Jan 23% May
Lehigh Power Securities.. 149
145 151% 6,400 82
•
Feb 180 June
Lehigh Valley Coal Sales 50
83% 86
425 78 May 87
Jan
4031 4055 41% 4,400 33
Leh Vail Coal ate sew
Mar 50% Jan
Libby McNeill & Libby_10
791 795
200
945 Jan
644 Apr
182 210
Libby Owens Sheet Glass25 188
880 182 June 200 June
Liberty Radio Ch
755
7
-•
735
1,400
9
Jan
6% June
Lupton(F II) Pub ClaA*
Store'Class
4% 4%
100
8% Jan
344 June
Marconi Wire'Tel of Can_l
155
135 I%
300
151 Apr
11114 Mar
Marconi Wirel Tel of Lond
700
754 795
Jan
7% June 10
McCord Rad & Mfg vtc WI 2255 22% 2255
800 2241 June 23% June
6455 8455
Mengel Co
210 30
100
Jan 68 June
145 15154
Mercantile Stores
900 140 June 155 June
100 150
•
255
Mesabi Iron Co
2% 2% 2.000
4% Jan
2% June
Middle West Utilities com• 9355 92
9535
3.500 8244 Feb 10244 Max
102% 103%
Prior lien stock
100 103
240 98% Jan 107
May
Preferred
98
100
99
80 91
Jan 99 June
23
•
Midvale Co
23
100 23 June 2845 Jan
153 166
168
Miller Rubber
1,160 145 June 188
June
Mohawk Valley Co new w I 40
39% 4295 1,500 39% June 4295 June
Moore Drop Forging cl A_•
6434 68
400 6334 Mar 68% May
Motion Pict Capital Corp * 18% 17% 1895 2,900 17
Mar 1855 Apr
• 18
Music Master Corn
14
18% 6.700
8% Mar 2144 Jan
National Groceries
6%
655 8%
300
6% June
644 June
National Leather
4% 4%
10
Apr
100
694 Jan
4
322 349
Nat Power & Light, corn..' 345
3,180 184% Feb 350 May
Preferred
10135 102
•
Jan 102 June
100 95
Nat Pub Serv CIA coin... 2854
2815 28% 22,100 22% June 28% June
20
Class B common
1735 20
14,100 14 June 20 J11110
298 350
National Tea
• 336
500 230
Jan 350 June
New Mex & Aria Land..
.1
900
8% 9
1145 Feb
845 Jan
N Y TeleP 855% pref._100 112% 111% 112%
350 110A Jan 114
Feb
Nickel Plate corn, new,Sw I.
8535 88
400 8255 Mar 9034 Feb
4855 53
Niter Corp Class A w I_ • 53
5,800 37
Apr 53 June
1054 10% 8,400
Northern Ohio Power Co.' 1035
635 Mar 12% May
North Ont Lt & Pr corn 100 48;5 48
49
500 45% June 53 May
118 119
No States P Corp,com.100
130 10235 Jan 128
may
100
99% 101
Preferred
140 Poi Feb 101 June
100
Nor States Pow Del waents 24% 22
1,600
Feb 2944 June
6
2434
1455 14%
Omnibus Corp v t 0
400 12 May
• 14%
17% Jan
46
Oppenbelm, Collins & Co.'
700 4034 Mar 4615 June
4835
Pathe Exchange Inc CIA.' 7435 69% 75
8,300 42% mar 75 June
145 149%
Penne Water & Power_100 145
335 127
Jan 153% May
Phila Elec Co corn
40
25
40
Apr 4354 Jan
100 39
Pittsb Plate Glass
288% 288%
100
40 278
May 290 June
67% 51% 6855 41.600 33
Power Corp of NY.cotn-•
Jan 68% June
4155 4231
Pratt & Lambert Inc
Apr
Feb 44
400 40
" 42;5
40
42
Pro-phy-lac-tic Brush com• 40
900 38% May 44
Jan
Purity Bakeries class A..25 45% 45
45%
Apr 4845 June
1,400 35
Class B
Mar 47
3,100 34
• 39% 3855 41
June
Pyrene Manufacturing..10
11
11
200 1054 June 1255 Mar
Reid Ice Cream Corp corn• 3835 38% 40
Jan 43
1,400 85
Jan
94
94
100
Preferred
100 90 May 101
Feb
41% 42
Mar 46
Rem NolselessTypew,C1 A•
800 37
Mar
104 104
100
Preferred
60 9645 Mar 113
May
18% 18% 1,205 15% Apr 23
Reo Motor Car
10
Mat
Rove Radio Corp tr etfs_ _•
6
6
5,200
4
391 May 14% Jan
120 120
Safety Car Heat & Ltg_100
60 10735 May 121
Feb
• 83% 55% 65
10,800 3659 Apr 85 June
St Regis Paper tom
Schwarz (Bernard) Cis A._ ------ 1855 1631
600 16% June 18 June
22
100 22 June 25
22
Seiberling Rubber corn...*
May
1955 14% 1995 43,200 915 Apr 19% June
Serv. El. Corp. el A. w i.17
May 20% Jaa
Sten a Sac Eiec Co com_100
200 16
18
1795 18%
400 12% Mar 21
Silica Gel Corp,corn. v t c.•
Jan
273 273
Singer Mfg
10 19251 Jan 275 June
100 273
4,700
£1
4
935
Mar 10 Jane
Singer Mfg Ltd
851 10
754
1,200
5
7%
•
4% May
Sleeper Radio v t o
19% Jan
3,205 10134 Jan 12055 June
Sou Calif Edison corn. 100 11951 118 12055
107% 107%
25 104% Mar 107% May
7% pref Series A._.A00
1.100 23% June 23% June
2355 23%
Southern G & P cl A w l_.•
S'eastern Pr dr Lt corn__• 9895 96% 9955 3,600 5295 Feb 107
May
Southw Bell Tel 7% Pf.100
110% 110%
10 108% Mar 110% June
900 1735 June 2745 Feb
Stand Publishing CI A..25
17% 20%
Standard Tank Car corn_ _•
855
200
855
855
855 June
844 June
2154 2135
Stand Textile prod corn 100 2155
200 21% June 2145 June
Preferred 13
100 35 June 35 June
35
100 35
35
8% 9% 3.000
891
Stutz Motor Car
•
6
Apr 1034 May
109 111
100
Swift & Co
280 109
May 120
Feb
26
15 2855
2754 4,800 24% June 3544 Jan
Swift International
137% 88
Tenn Eleo Power, corn...' 88
2,300 4845 Feb 89% May
Common ctfs of deposit_
68
200 68 June 68 June
68
83
81
84
Second preferred
375 73
June
Jan 84
12
Thermiodyne Radio
12
900
1251
6% Mar 2244 Jan
935
Thompson(RE)Radio vto•
1,000
831 955
6
May 25
Jan
935
9%
9
Timken-Detroit Axle-._10
1.700
3% Jan
944 June
331
Tob Prod Export Corp...
354 334
1,300
844 May
5% Jan
39
600 36 June 42
Todd Shipyards Corp- • 38% 38
Mar
9%
Tower Mfg Corp
7% 9%
5
600
5
Mar 2491 Jan
186 180
Tubize Artif Silk A v I c.• 178
80 166
June 180 June
Byte
Class
180 185
90 175 June 200 June
800 65
88% 6734
•
Union Carbide & Carbon.
Mar 73% Feb
47
50
United 0 de E corn new_10 47
12,400 25
Feb 50 June
43
4355
Trust certificates
900 37
Jan 44 JUDO
89
United Lt & Pow corn A • 95
95
30,400 4444 Mar 95 June
8%
Profit Sharing__ __1
United
7% 814 19,300
5% Jan 1154 Mar
355
S Lt & Ht com new...10
351 455
700
3% June
555 May
Preferred
10
2% 255
155 Jan
800
255 Jan
3255 32
Universal Pictures
33
2,900 24
Mar 33 June
27% 30% 11.800 22% Mar 3055 June
Utilities Pr & Lt el A....* 29
88
Victor Talking Machine100 70
70
825 65
Jan
Apr 105
• 14% 1455 1531 1.100
Ware Radio Corp
9
Mar 4054 Jan
Warner Bros Pict, com. •
18
1635 2,700 14
Feb 1644 June
21
West Par RR corn new_100
23
400 21
June 23 May
75
Preferred new
100 75
7555
400 75
May 7555 June
8151 67
Western Pr corp. corn-100 64
32,800 30
Mar 88 June
9451 9655
Preferred
100 95
320 8844 Jan 9854 June
White Rock Min Spas corn' 43
4155 4855 9.000 16
Feb 46% June
Vol Cr etts for corn stock*
4031 4535 8,100 16
Jan 4545 June
14% 1555 4,000 1114 Apr 15% June
Wilson & Co(new) w
1455
Class A w I
29
27% 30% 2,880 26% Apr 35
Ayr
Preferred w I
8954 7155 1,800 88
June 7534 Apr
82
83
Woodward Iron pref_ _ .100
120 79 June 85
Feb
Yellow Taxi Corp N '1
1154 13
•
Jan
500 1134 June 22
JuNn 27 1925.]
Stocks-
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par.
Low. High. Shares.
Former Standard 011
Subsidiaries
Anglo-American 011_ _81
Borne Scrymser Co__ _100
50 6034
Buckeye Pipe Line
25 65%
Chesebrough Mfg
26%
Continental 011 v to w 1_ __
Cumberland Pipe Line.100 141
100
Eureka Pipe Line
Galena-Signal Oil.com_100
100
New preferred
Humble Oil & Ref'Mug _ _25 69%
Illinois Pipe Line
100
33
Imperial 011 (Can) new _
50
Indiana Pipe Line
Magnolia Petroleum-- -100 14759
National Transit_ _12.50
100 58
New York Transit
Northern Pipe Line_ _ _ _100 79
25
Ohio Oil
25
Penn Mex Fuel
25 z61
Prairie Oil & Gas
100 z126
Prairie Pipe Line
100
Solar Refining
South Penn 011
100 171
100 8034
Southern Pine Line
So West Pa Pipe Lines _100
Standard 011 (Indiana)_ _25 66%
....25 36
Standard 011 (Kansas)
Standard 011 (Ky.)
25 123
Standard Oil(Neb)..100
Standard 011 of N Y._ _ _ 25 45%
Stand Oil (Ohio) corn.. 100
100 17
Swan & Finch
25 8939
Vacuum 011
22% 23
206 207
60% 61%
61% 66
26
2679
140 143
72
75
53
56
1015( 101%
67% 70%
13534 136
32% 34%
7254 73%
147% 14854
21% 21%
56
58%
78
79
68
7034
26
26
5934 62%
12434 127
231 234
171 17454
80% 80%
65
66
66% 6734
35% 36%
122% 124
252 255
44% 46%
355 358
1554 17
88% 90%
3,100
20
215
3,200
45,500
90
60
375
250
17.000
30
7,900
90
1,440
100
70
90
1,600
100
12,800
3,790
40
993
150
40
36,100
800
2,900
120
10,600
70
180
1,900
Range Since Jan. 1.
Low.
High.
18
Jan
205
Apr
5859 May
48% Jan
2139 Mar
Mar
132
72 June
June
53
100
Feb
42)4 Jan
127
Jan
27% Ma
69% Apt
13059 Apt
21% Jun
56
Jun
78 Jun
62% Ma
25 Jun
503( Mar
106
Jan
Jan
202
139
Jan
80 Jun
Ma
65
59% Ma
3051. AP
114% Mar
240
Apr
Apr
41
338
Jan
15 June
8059 Jan
26% Apt
Feb
235
Jan
72
68% May
31% Feb
150
Feb
Jan
96
Feb
65
Feb
105
72% June
15459 Jan
34% June
Jan
84
159
Feb
2539 Jan
Jan
79
Feb
88
755( Feb
4459 Mae
6559 Jan
127 June
254
Jan
197
Jan
Jan
103
Jan
84
70
Fel
48
Feb
126
June
Jan
270
48% Feb
369
Jan
Jan
27
96% Feb
Other 011 Stocks.
659
Amer Controlled Oil Inds 5
55% 6%
Amer Maracaibo Co
1059 10% 1154
7
Arkansas Nat. Gas
10
7%
7
3% 3%
Atlantic Lobos 011 corn_•
Preferred
10
•
10
339
Carib Syndicate
3% 454
111/
1
134
Consolidated Royalties_.1
Creole Syndicate
11%
15 1134 11
Crown Cent Petrol Corp_• 10%
9% 11%
1
Darby Petroleum
•
1
1
Derby Oil & Ref, torn......5
4% 4%
1%
Euclid OH
1
154
354
Gibson Oil Corp
1
3% 3%
1% 1%
7
Gilliland 011 com v t 0- •
Glenrock 011
10 230
180 230
Gulf MCorp of Pa
26 78
7639 78%
International Petroleum_ _• 25% 2555 26%
Kirby Petroleum
•
3% 354
334
554
Lago Petroleum Corp__ _•
47
% 5%
154
Livingston Petroleum_
134 1%
•
Margay 011 Corp
950 950
Marland Oil of Mexico_ _ _1
354 37
%
Mexican Panuco 011_ _10
650 650
Mexico 011 Corp
20c 200
10 20c
1%
Mountain Sr Gulf 011
1%
154
1
Mountain Producers_ _ _ _10 22
22
22%
National Fuel Gas
118
118 118
5%
New Bradford Oil
5
534 6
New England Fuel Oil w I.. -----8
8
New York Oil
11
25
11%
Ohio Fuel Corp
32%
25 325.4 32
1%
Peer 011 Corp
•
154 1%
Pennock 011 Corp
2654 27%
• 2659
Red Bank Oil
25 37% 3554 40%
Reiter-Foster Oil Corp_ _ _* 31% 26% 33%
Royal Can 011 Syndicate_* 800
75c 900
Ryan Comm'Petroleum •
5
5%
Salt Creek Consol Oil_ .10
7% 8%
754
Balt Creek producers....
.10 2754
2734 27%
Sun 011 Co w 1
44%
• 43% 42
Tide Water Oil new w
35
*
3594
4%
Venezuelan Petroleum_ _
4%
4
Ventura Cons 011 Fields 5
24%
23
150 210
Western States Oil & Gas_l 200
31%
Wilcox(H F)Oil& Gas new 3059 30
Woodley Petroleum Co_ •
539 6
7c
8c
ry" 011 & Gee
1
9,300
439 May
63.4 June
41,700
234 Jan 113.6 June
2,600
Apr
5
894 Feb
400
259 Mar
454 May
10
6% Mar 1254 May
1,800
334 Mar
434 Feb
1,70
I% Jan
950 Jan
3,50
8% Jan
1459 Apr
4,30
954 June 1234 May
30
1
Apr
50c
Jan
100
454 Ant
7
Feb
9.900 870
159 June
Jan
22,200
134 Jan
339 June
200
394 Mar
134 may
3,000 15c
Apr 27c Feb
19,800 6339 Mat 79 June
14,700 2234 Mat 2834 Feb
2,300
314 Jan
23-4 Jan
24,800
754 Apr
459 June
200 750 Jan
134 May
100 500
Jan
154 Mar
100
454 Feb
134 Jan
400 56c Apr
Ist. Feb
2,000 100 Feb37c Mar
800
2
Mar
134 Jan
9,200 1859 Jan
23% June
20 106
Jan 122
Mar
2,500
359 Jan
659 June
200
834 June
634 May
600
1239 June
834 Feb
800 31
Mar 3434 Feb
2,100
990 May
134 Feb
3,400 1734 Jan 2854 June
2,300 16
Mar 4459 June
30,900 2239 May 3354 June
5,300
750 June
2
Apr
600
339 Jan
959 Mar
1,100
634 Jan
8% Mar
3,400 24
Jan 2859 June
11,400 3834 May
4654 June
900 3
5 May 3734 June
4,100
3% Jan 11434 Apr
200 2234 Mar 2434 June
35,000
70 June 210 June
4,600 2934 June 3134 June
800
334 Mat
7
Mar
5,000
50
Jan
90 June
Mining Stocks
28c
Arizona Globe Cooper_ _1 28c
Calumet &Jerome Copper_
16c
559
Canatlo Copper
10
53.4 534
Chino Extension
70c
45e
68c
Consol Copper Mines__ A
259
234 234
Consol Nevada-Utah.. _ _3
Sc
50
Cot tez Silver Mines Co _ _ _1
8c
Sc
8c
3%
Cresson Cons Gold M&M_1
354 3%
Dolore Esperanza Corp...2
51c
51c
East Butte
10
354
354
4734 58
Engineer Gold Mines.Ltd 5 57
100
Sic
Eureka Croon's
1
10c
41c
First Thought Gold MInes1 400
36c
Forty-nine Mining
1 23c
17.3
23c
it
Goldfield Bluebell
Jr
Jo
50
Goldfield Consol Mines_ _ I
Sc
6c
15c
Hawthorne Mines Inc_ _1
15c
1334 1334
Heels mining
25e 1355
Hollinger Consol G M_ _5
1434 1434
1
1%
Jerome Verde Devel
2111t
Kay Copper Co
1
294 2%
5
I
Kerr Lake
1
1% 1%
159
Mason Valley Mines
5
60e
National Tin Corp
7c
7c
20
20%
New Cornelia Copper_ _ _ _5
18334 18574
New Jersey Zinc
100 185
Newmont Mining Corp_10 46% 45% 4636
439
4% 5
NIplasing Mines
8
154 134
15
North Butte
81c
87c
1
Ohio Copper
35o
36c
Parmac Porcupine Mining]. 360
20c
25e
Plymouth Lead Mines__ _1 200
Premier Gold Mining. Ltd]
2311 234
25e
25c
1
Red Warrior Mining
40
6c
Reorganized Divide Ann_
Sliver King Coalition
7
7
6c
7c
6c
Spearhead Gold Mining-A
1% 1%
1
'reek Hughes
60c
60c
Tonopah Belmont Devel_ 1 600
1
13-4
TOnopan Extension
134
1
Tonopah Mining
391 3ts
United Verde Extens..
2434 25
8c
7o
9C
.5
S Continental Mines..
90c
90c
900
Unity Gold Mines
6%
Utah Apes
6
634 634
334
354
3%
Wenden Copper Mining_ _1
55c
55c
West End Consolidated_ ..5
15% 1534
Yukon Alaska tr ctfs
Bonds
Allied Pack cony deb Sc'39
Alpine Montan St 75._1955
91%
14,000
70
Jan 36o
1,000 150 Mat
26c
6,900
359 Feb
6
21,30
300 June
159
3,20
4
2% June
1,00
4c
Apr
60
1,000
8c June 25c
800
3% Jan
4
100 350
Jan 75o
100
354 May
459
19,100 1459 Jan
58
4,000
70
Jan 230
21,000 10c May 58o
10,000
Sc
Jan 400
3,000
lc June
lc
8,000
lc
Jan
80
1,000
Feb 230
1,10
12)4 Apr
1654
100 13% Mar 1634
1,00
98o
Jan
2
49,70
1% Jan
2%
800 88c May
139
60
139 Mat
2%
1,00
70
Jan
180
60
1854 Mar 24%
370 181
May 199
18,200 45% June 4659
2,400
4% May
654
100
1% Jun
2%
6.600 75o Mar
139
7,000 150 Feb 520
5,000 18c Jun
85c
1.200
2
Jan
239
1,000 20o Feb 480
3,000
40 Jan
70
3C0
5
Jan
7
5,000
4.3 Feb
12c
500
1% Jan
154
200 520 Apr 85e
1,500
1111 June
3111
1,600
1116 Ma
4
300 2039 Apr 2934
6,000
7o Jun
18c
300 50o Ma
95c
1.900
8%
4% Jan
2
Jan
4,500
5
100 24c
Apr 55c
100 15
Jan
16
9194 9191 39.000
91
9154 8.000
84
91
Mar
Mar
Feb
Mar
May
June
Feb
Apr
Feb
Feb
Feb
Mar
June
Feb
Jan
May
June
Mar
Apr
Feb
May
Apr
June
Feb
Jan
Mar
Jan
Jan
June
Jan
Feb
Jan
Jan
Mar
Jan
Jan
June
June
May
Feb
Mar
Feb
May
Jan
Mar
June
Jan
Apr
June
Jan
9434 Feb
9134 May
Bonds (Concluded)-
3303
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
10739 10734 9,000 10631 Jan 10734 June
Aluminum Coot Am 75'33
1925 10039 10039 10039 10,000 101
7s
June 102% Jan
Amer G & E deb 6s..2014 98% 98
9894 318,000 95
Jan 9934 May
American Ice 7s
11234 11254 114 126,000 103
Mar 115% June
American Power de Light& old without warr 2012 9734 9759 9759 69,000 9394 Jan 9839 May
9759 97
9759 107,000 95
68„ new
Mar 9831 May
23,000 100
Amer Rolling MW 65 A938 10254 102% 103
Jan 10354 June
93
93
Amer Sums;Tob 7590_1925 93
7,000 80 May 9834 Apr
10359 104
American Thread 65._1928
10,000 10234 Jan 104
Feb
Anaconda Cop Min 65_1929 10394 10394 10394 16,000 10231 Jan 104
May
125 125
Andian Nat Corp 65..1940
3,000 103
June
Apr 125
100 10054 164.000 98
Without warrants
May 100% May
33,000 9559 June 96
June
Assoc Gas & Elec 68 .i965 9554 9536 96
Assoc'd Simmons Hardware
58,000 81
Feb 88 June
1933 8794 8554 88
83.4s
2054 2036
2,000 1854 Jan 27
Mar
Atlantic Fruit 88
69
70 161,000 82
Jan 7034 Mar
Atl G & WI SS L 58_1969 70
Jan 96
Jan
Beaver Board Co 85..1935 9434 9394 9434 35,000 88
66.000 9734 Feb 100 June
Bell Telep of Can 58_1955 9994 9994 100
Beth Steel equip 78_ _1935 10396 1039410374 41.000 103
Mar 10431 Jan
3,000 8259 Mar 8831 June
8754 8834
Boston & Maine RR 651933
94
9434 29,000 9359 June 95 June
Botany Cons Mills 6595'34 94
111% 11239 41,000 10834 Jan 11239 Apr
Canadian Nat Rys 78 1935 112
94
94
2,000 92% Jan 95 June
1954
459e
Chic Milw & St P (new co)
82
8234 10,000 81
June 8354 Arne
50-yr g 5s Ser A w 1_1975
101 101
6,000 10931 Jan 19131 Jan
Chic RI & Pac 534s.1926
1966 9034 9054 9094 52,000 90% June 9159 June
Cities Service 6s
12254 123
11,000 111
Jan 128
Feb
Cities Service 7s Ser C-1966 123
Cities 8er-0007615er D 1966 10134 10134 101% 94,000 9859 Jan 10634 Feb
Feb 9434 Mae
Chios Sery Pr & Lt 68_1949 9334 9334 9354 212,000 92
102 102
June
1,000 9934 Jan 102
1954 102
Cleve Elec III 5s
Cons G,EL & 1'. Balt107 10734 13,000 10459 Jan 108 June
1949
65 Series A
1951 11054 11036 110% 5,000 10854 Jan 110)4 Mal
659s Series fl
1,000 10191 Jan 105 June
105 105
1952
5398 Series E
1966 10059 100 10039 64,000 100 June 10034 June
55 Series F
Apr 95
85
Jan
1941
8574 8,000 80
Consol Textile 85
9754 9734 29,000 9734 June 9854 June
Cosg Meehan Coal 634*'54
94
Mal
1935 95
9536 348,000 9154 May 98
Cuba Co 6s
1093610994 11,000 106
Jan 11134 June
Cuban Telep 7595_ _1941
•
Fat
Cudahy Pk deb 5%s_ -1937 9254 9254 9234 9,000 8954 Jan 95
9454 94% 11,000 90
Apr 95 Jun(
1946
Is
Fel
1931 10334 10354 10436 8,000 103.39 June 105
Deere & Co 7948
1947 10536 10539 10534 34.000 10294 Jan 10634 Mal
Det City Gas Co
12134 123
27,000 11054 Jan 125 JUDI
1932 123
Detroit Edison 6s
1955
9934 9974 29,000 9954 June 100 Joint
Is Series B w 1
105 10554 52,000 10094 Jan 105% Mal
Dunlop T&R of Am 75 1942 105
8859 Fel
Est RR of France 73 .A954 8336 839,4 84 173,000 7834 Ayr
6,000 9259 Apr 99
Ma
1933
9594 96
Federal Sugar 65
101 101
2.000 99
Apr 10259 Fel
Gait'(Robert) Co 75_1937
Galena-Signal 011 7s-1930 10454 10494 10494 13.000 10459 June 10559 Fel
Jnn,
102 102
12,000 101
June 102
Galena-Sig Oil Tex 65_1933
19,000 10034 Jan 102 Jun,
10134 102
General Petroleum 65.1928 102
10854109)4 47,000 10594 Jan 10959 Juts
Grand Trunk RY 8146-1038
1937 100
100 10036 38,000 9834 Jan 10154 Mal
Gulf Oil of Pa 55
1926 10094 10059 10034 6,000 10059 June 102% Jar
Serial 5948
Jar
102 102
1.000 10154 Mar 102
1928
Serial 5545
104 10434 6,000 102
Jan 10434 JUDI
1936
Hood Rubber 75
9874 9934 29,000 9734 Jan 9951 Ma]
Italian Power654s_ _ _ _1928
9655 9634 5,000 9639 Mar 9674 AP
ICaufmann Dept Stores613'35
Krupp(Fried) Ltd 78 1929 9134 9034 9134 121,000 9034 June 9934 Jai
Power Secur 651927 10154 10134 10136 2,000 10034 Mar 10154 Ma
Lehigh
9,000 102
Jan 10434 Mal
Libby, McN & Lib 75_1931 10334 10334 104
Liggett Winchester 7s_ 1942 10734 10734 10734 22,000 107% Jan 10854 Jar
10354 104
19,000 9839 Jan 105% Jun,
Manitoba Power 7o._.1941
10059 10094 5.000 9934 Apr 101
ME
Mo Pao RR 55 w i..._1927
7,000 9894 Jan 10434 Fel
1930 10234 10254 102%
Morris& Co 7598
gs Jun
-4
New on Pub Benz 5s.1952 9339 9334 9434 210,000 863 Jan
Nor States Pow 6%8_1933 11394 11359 116 119,000 10534 Jan 120 Jun
103 10334 33,000 9959 Jae 10444 my:
6395 gold notes_ _ _ _1933 103
Jan 9634 ME
Ohlo Power 5s Ser B _ _1952 9454 945i 953-i 30,000 89
Ma
Oklahoma Gas & El 5s 1950 9359 933-4 9434 108,000 9359 June 95
Jal
97
97
4.000 9554 Apr 98
Park & Tilford 65_ _ _ _1936
98
Jan 9831 Jun
9894 40,000 93
Penn Power & Light 58 '52 98
1953
9831 9834 26.000 95 Apr 98% Ma
5s series D
10734 10754 10,000 106
Jan 108 Jun
1941
Phila Electric68
Jan 10659 Ja
10639 10656
1,000 104
1947
53,4s
98
9854 5,000 97
may 99 Ma
Phi% Rap Tranrdt 65_ _1962
1933 10134 10111 10234 47,000 9739 Jan 10259 Ma
Pure 011 Co 6598
Apr 104
in
Shawsheen Mills 78.„1931 10136 10159 10159 6,000 100
41,000 100 June 10034 Jun
100 100
Schulte R E Co 65-1935 100
June 9959 Fe
9634 26,000 95
5 9654 96
Siemens & Halske 78_ _192/
%
1935 9534 947 9554 20,000 94 June 9651 Fel
78
Jan 10259 Jun
Sloss-Sheff St az 1 68_1929 10259 10234 10254 17.000 101
Jan 104 Ma
1939 1033-4 10359 10359 5,000 100
Solvay & Cie 65
Jan 9731 Ma
61,000 92
9659 97
South Calif Edison 55_1944 9659
Stand Gas & K16%0_1954 13794 136% 13934 101,000 10634 Jan 1453.4 Ma
Stand Milling 539s_ _ 1945 9554 9534 9554 9.000 9534 June 9654 Ma
8.000 10659 Jan 108
Fe
Stand 011 of N Y 659s-1933 10794 10759 10754 5
1939 98% 9854 9894 193,000 9554 Jan 98,‘ Ma
Sun Oil 5398
Jan 9694 Jun
Swift & Co 55_ _Oct 15 1932 9659 9654 9659 111,000 94
May 9959 Fe
Thyssen(Aug)LkSW 7s '30 9434 9434 9454 141,000 92
Jan 10451 is.
12,000 103
10334 104
Tidal Osage 0117s_ _ _ _1931 104
May 9159 Ma
Toho El Pow (Japan)76'55 9034 9034 9051 159.000 90
Trans-Continental 01178'30 10055 10054 10134 31,000 9954 Apr 10359 Ma
9659 9631 31,000 9654 June 9654 Ma
TyrolHydro-ElPow 7358'55
78,000 9459 May 9659 Ms
1935 9534 9534 96
UMon Oil Cal 5e
is
1094 110
13,000 10754 Mar 110
Rysof Hay 75901936
United
17 S Rubber Ser 6%8_1926 10159 10139 10159 13,000 10054 Apr 10254 Me
Ms
Serial 634% notes_1927 10155 10154 10134 28,000 10034 Apr 102
Serial 639% notes_1928 10194 101 101% 30,000 10031 Apr 10234 Ms
Serial 654% notes_ _1929 10134 10034 10194 49,000 9934 Apr 101% Ms
995410034 42,000 9954 Apr 10131 Ma
Serial 639% notes_ _1930
9934 10054 45,000 9754 Apr 10055 Ma
Serial 659% notes__1931 100
Mar 10054 Jur
Seidel 636% note& _1932 987-4 9859 9974 35,000 97
Serial 639% notes_ _1933 9859 9859 9834 19.000 9654 Apr 9959 Jur
Jut
36,000 9659 May 99
99
Serial 654% notes_ _1939 9834 98
Apr 9854 Jut
Serial 634% notes_ _1935 9834 973-4 9859 18,000 96
14.000 9554 Apr 9854 Ma
Serial 634% notes_ _1936 9736 9794 98
Serial 659% notes_ _1937 9794 9755 9834 12,000 9554 May 9854 Jun
Serial 694% notes_ _1938 9759 9755 9754 9,000 9534 Apr 9835 Jun
9854 Jut
Serial 639% notes_1939 9734 9734 9774 11,000 9554 May
Serial 634% notes_ _1940 9734 9734 9751 16.000 9554 May 0834 JD"
Vacuum 01178
1936 10554 10559 10574 51,000 10559 June 10734 Jo
105 105
Jan 106
Mt
1,000 104
Valvoline 011 6s
1937
Webster Mills 6 As__ _1933 9859 9834 9859 20,000 9739 Mar 10311 Js
Foreign Government
and Municipalities
Grata (City) Austria 88 '59 98
9714
gg
Denmark (King)6s._ _1970
French Nat Mall SS 781949 81
81
Indust Mtge Bk of Finland
let M coils f 78._ _1949
.
96
106
Netherlands(K1ngd)601'72
Peru (Republic of) 85.1932
10139
Russian Govt6598._ _1919
.
1334
1919 1259
639e ctfs
1259
1921
555s
13
534s certificates_ _ _ _1921 12
12
Switzerland Goyt5%s 1929 10194 10134
100
External 5% notes_ _1928
98 526,000
994 59,000
8234 63,000
9654
10659
10159
1354
1334
13
12
10154
100
May 9834 Ma
97
9839 Mar 100
re
773S Apr 91
Js
41,000 9234 Mar 97 Jut
43.000 10234 Mar 107
Fe
15,000 99
Jan 10159 Jut
4.000 1234 June 1754 Fi
45,000 1154 June 17
Fl
1,000 1159 May 1739 Js
5,000 1059 May 1554 Jf
43,000 101
Jan 102
Jo
1,000 100 June 10194 Jo
* No par value. k Correction. 1 Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. 8 Option sale. to When
issued. z Ex-dividend. y Ex-rights. z Ex-stock dividend.
Xnutstutent and
3304
ailroad intellioente"
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of June. The table covers 7 roads and shows 4.76%
decrease from the same week last year.
Third Week of June.
1924.
1925.
$
Ann Arbor
108,861
Buffalo Rochester Sz Pittsburgh_
292,981
Canadian National
4,190,930
Canadian Pacific
2,895.000
Great Northern
2,192,000
St Louis San Francisco
1,729,608
St Louis Southwestern..
433,600
Increase. Decrease.
$
11,530
266,353
$
121,667
115,038
18,118
11,842,980 12,435,752
Total (7 roads)
Net decrease (4.76%)
97,331
4
302,050
4,634,986
3,301,000
2,070.333
1,614,570
415.482
9,069
444.056
406,000
859,125
592.772
In the table which follows we also complete our summary
of the earnings for the second week of June.
Second Week of June.
Increase. Decrease.
1924.
1925.
$
Previously reported (4 roads) -- 8,889,325
Ann Arbor
102,591
Duluth South Shore & Atlantic_
117,246
Georgia & Florida
29,600
Great Northern
2,165,000
Mineral Range
11,075
Minneapolis & St Louis
283,528
Mobile & Ohio
322.615
Nevada California & Oregon__ _
6.152
St Louis Southwestern
486,800
Southern Railway System
3,621,677
Texas Pacific
617,557
Western Maryland
329,495
$
9.636,381
93,977
126,661
27,825
2,129,476
7,809
286,395
365.472
•
8,553
371,073
3,435,566
564,195
335,262
16,982,661 17,388,645
Total (16 roads)
Net. derresLca (2a,1
$
127,520
8,614
$
874,576
9,415
1,775
35,524
3.266
2.867
42,857
2,401
115.727
186,111
53,362
5,767
531,899
937,883
405.954
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
Previous
Year.
Increase or
Decrease.
%
$
$
$
15.199,517 15,542,805
343,288 2.20
jet week January (16 roads)
15,731,346 16,308,703 -577.357 3.54
2d week January (16 roads)
16.863,185 17.375,859 -512,674 2.91
3d week January (16 roads)
296,025 1.29
22.784,700 23,080,725
4th week January (16 roads)
let week February (16 roads)
16,669,351 17,205,585 -536.234 3.11
17.244,485 17,670.268 -425,783 2.40
2d week February (16 reade
Bd week February (16 roads)__... 16.855,777 7,210,271 -363.494 2.11
4th week February (16 roads)_..__ 16.957.292 19.300,342 -2.343.050 12.13
1st week March (16 roads)
16.523,764 18,225.842 -1,702,078 9.33
2nd week March ?6 roads)
18.002.499 9.134.428 -1,131,929 5.91
3rd week March 16 roads
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
1st week April 6 roads)
16,570,808 7,191,341 -620,533 3.58
2d week April 16 roads
wk
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
16,688,462 17,019,350 -330.888 1.94
Bd week May (16 roads)
Ithweek May (16 roads)
22.177.354 24.473.257 -2.295.903 9.38
1st week June (16 roads)
17.075.429 57.337.267 -261.838 1.51
2d week June (16 roads)
16,982.661 17.388,645 -405,984 2.33
3d week June (7 roads)
11.842.980 12.435.752 -592.772 4.76
We also give the follow'ng comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes),these being very comprehensive. They
Include all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
(dross Earnings.
Month
1925.
Jan__
Feb_
Mar._
Apr_ _
1924.
Increase or
Decrease.
1925.
1924.
483.195,642 467,329.225 +15,866.417 101,022,458 83,680,754
454,009.669 478,451,607 -24,441.938 99.460,389 104,441.895
485,498,143 504,362,976 -18.864,833 109,230,086 114.677,751
472,591,665 474.287,768 -1,696.103 102.881.475 97.471.688
Increase Of
Decrease.
+17,341,704
4,981,506
5,447,665
+5,389,790
-Percentage of increase or dee:ease in net for above months has been
Note.
January, 20.73% inc.; February, 4.77% dec.: March,4.74% dec.; April, 5.53% inc.
In January the length of road covered was 238,149 miles in 1925, against 235,498
miles in 1924; in February, 236,642 miles, against 236.031 miles; in March, 236.559
miles, against 236,048 miles; in April. 236,664 miles, against 236.045 miles.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from Railway- -Net after Taxes
1924.
1924.
1925.
1924.
1925.
1925.
Ann Arbor
447,000
472,000
May
From Jan 1_ 2,266,000 2,277,000
Boston & Maine
6,305,334 6,374,482
May
From Jan E31,634,128 32,264.719
Brooklyn Eastern District Term
116,103
117,975
May
600,524
From Jan 1_ 585,283
Buffalo dr Susquehanna
130,687
May
96,055
870,856
From Jan 1_ 748,994
Chesapeake & Ohio
May
10,276,000 8,679,000
From Jan E45,988,000 42,473,000
Chicago & Alton
May
2,405,355 2,465,781
From Jan 1_11.915,116 12,354,870
Chicago dr Eastern Illinois
May
1,971,008 1,845,134
From Jan 1_10,321,925 11,010,733
Chicago Milwaukee dr St Paul
May
11,921,557 12,553,262
From Jan 1_60,333,731 62,706,480
Delaware Lackawanna & Western
May
7,527,123 7,447,665
From Jan E35,831,329 35,789,393
Erie System
May
10,021,208 9,887,122
From Jan L47,089,174 49,325,329
*123,000
*403,000
*49,000
*185,000
794,417
965,336
1,221,840 1,055,665
5,641,773 4,988,364 4,343.762 3,762,267
48,478
236.875
-16,615
148,863
48,164
244,905
-26,694
-32,329
41,257
201,118
-20,015
-2,137
40,762
208,284
-28.944
-61,683
*2,787,000 *1.980,000
*9.887,000 *8,929,000
408,194
335,226
428,418
507,543
2,499,226 2,469,873 2,001,684 2,011,088
.-102,639
*32,514 4
*266,642 *324,968
4
.-315,108 *365,003
*2,951,593 *3,140,663
2,143,374 2,093,141 1,513,120 1,478,070
8,883,855 8,300,424 6.009,853 5,621,596
*1,459,890 *1,237,411
*5,035,520 *6.272,597
-Gross from Railway- -Net from Railway- -Net after Taus
1924.
1925.
1925.
1924.
1924.
1925.
5
8
$
Grand Trunk Western
*164,745 *-108,327
May
1,626,115 1,517.667
*14,321
*212,911
From Jan 1_ 7,182,826 7,946,199
Illinois Central System
5
*1,981.42
*2,207,086
May
14,095,908 13,982,035
'
37
*11,517,3444 12,5153
From Jan 1_70,237,351 72,522,090
Kansas City Southern (incl Texarkana & Ft Smith)
301,015.
424,633
May
1,827,123 1,743,934
400,475
536,925
From Jan 1_ 8,426,669 8,764,286 2,469,998 2,411,514 1.915,250 1,876,871
Lake Terminal
-4,73&
4,372
May
1,667
111,751
97,042
10,271
From Jan 1_ 461,997
420,641
17,543 --26,078 --12,957 --58,101
Lehigh Valley
940,262
May
6,819,071 6,430,809 1,998,639 1,169.980 1,592,805
.
From Jan 1_31,517,398 31,076,638 7,509,687 5,576,023 5,845,807 4,418,840
Maine Central
a12,062
a109,099
May
1,687,417 1,641,158
a85,345.
a389,495
From Jan 1_ 8,400,587 8,654,864
Midland Valley
96,261
91,350
115,406
May.
357,953
388,497
108,676
590.466.
533,215
675,549
From Jan 1_ 1,795.494 1,924,506
617,822
Minneapolis St Paul &58 Marie
10,557
136,869
152,296
May
1,951.733 1.979,534
290,326
173,010
887,122
891,999
From Jan 1_ 9,792,116 9,347,302 1,637.345
Minneapolis St Paul dr 8 S Marie
Total System
*311,917 *140,937
May
3,573,678 3,528,242
*1.461,815 *929,844
From Jan 1_17,504,458 17,227,283
Wisconsin Central
178,825.
237,080
332,404
273,867
May
1,621,945 1,548,709
From Jan E 7,712,343 7,879,982 1,556,871 1.452,929 1,099,905 1.005,140
Missouri-Kansas-Texas
May
4,281,511 4,232,297 1,285,857 1,184,956
From Jan 1_22,600,555 20,861,447 6,971,135 6,716,927
Mobile & Ohio
446,840
247,087
May
1,494,958 1,742,641
,
1,560,142 1,966,730
From Jan 1_ 7,777,510 8,528,501
Connecting
Monongahela
-5,408
31,765
38,188
May
178,213
149,847
54,922
119,073
81,502
142,914
969,184
From Jan 1_ 997,890
Montour.
4,610.
-4,451
326
10,699
125,311
May
74,291
5,784 -22,500 -19,008
2,449
579,642
From Jan 1_ 496,962
Newburgh & South Shore
9,353 -14,921
-1.645
161,264
22,158
161,142
May
23,362
148,383
213,703
90,867
850,469
From Jan 1_ 865,337
New Orleans Great Northern
53,013
32,879
70.912
52,906
261,070
May
226,585
290,393'
242,888
378,326
342,375
From Jan 1- 1,186,062 1,247,605
New York Chicago & St Louis
712,545.
942,252 1.015,891
4,584,825 4,441,903 1,262,748
May
From Jan E22,288,561 22,963,405 5,962,932 5,339,145 4,722,895 4,166,013
New York New Haven & Hartford
10,659,820 10.558,778 2,530,230 2,304,511 2,112.259 1,901,217
May
From Jan 1_52,032,255 51,896,070 12,904,230 11,386,050 10,898,776 9,334.015.
New York Ontario & Western
*174,641 "102,890'
1,140,726 1,070,360
May
*61,634 *114,717
From Jan 1_ 4,702,940 4,849,648
Norfolk & Western
862,174
1,539,584 1,696,153
7.729,035 6,868,748 2.296,635
May
From Jan L38,884,205 38,538,913 11,769,967 8,645,777 8,768,478 5,566,519
Norfolk Southern
144,106
86,842
188,163
133.103
787.958
705,582
May
855,051
718,053
949,635 1,071,905
From Jan 1_ 3,746,764 4,098,150
Marquette
Pere
*480,338 *321,049
4,367,364 3,341,651
May
*2,583.529 *2,192,510.
From Jan L15,916,428 17,184,251
Pennsylvania
54,676,413 52.290,448 11,909,847 10,392.986 8,822,825 7,600,149
May
From Jan 1.263031707264284,591 46,305,173 50,264,463 34,906,445 40,017,162
West Jersey & Sea Shore
11,720
151,495
94,436
935,992
234,572
1,067,237
May
137,824
449,981
254,458
568,476
From Jan E 4,680,662 4,408,707
Pittsburgh & West Virginia
"92,178
*186,236
344,432
418,053
May
*760.246 '553.560From Jan 1_ 1,881,081 1,573,734
Reading Co
7.768.277 8,094,273 1,950,903 1,941,430 1,583.373 1.555,260
May
From Jan 1_38,254,560 39,151,743 9,128,290 8,339,850 7,289,626 6,407,500St Louis Southwestern
307,015
419,536
363.306
472,304
1,376,290 1.338,267
May
From Jan 1_ 7,396,243 7,459,267 2,225,139 2,196.719 1,974,203 1,890,552
Total System
318,976
246,267
328,291
398,508
1,904,448 1.899,283
May
From Jan 1_10,432,588 10,506.010 2,112,870 2,043,870 1,699,737 1,608,882
Southern Pacific System
22,787,988 23,005,831 4.136,833 5,056,896 2.945.130 3,426,283
May
From Jan 1 A09660759 113659,480 20,212,530 23,615,628 12,369,783 15,668,002
Southern Ry Co
2,208,123 2,412,38511,469,204 11,695,947
May
12,673.188 11,803,304
From Jan h59,286,262 58,609,274
Georgia So & Florida
143,529
407,796
92,150
498,342
May
649,794
396,867
From Jan 1- 2,387,079 2,042,389
Staten Island R T
216,534
26,995
31
10,986
245,899
-14,527
May
32,004
35,545 --46,087 --43,454
From Jan 1_ 1,105,147 1,044,290
Union Pacific System
14,068,601 14.876,657 3,354,466 2.872,899 2,150.709 1,637,165
May
From Jan 1_68,159,996 76,327,048 16.104,149 19,241,455 9,952,138 13,057,074
Wabash
May
5,697,632 5,181,056
•1,161,685 *706,193
*4,875,343 *4,108,094
From Jan L27,256,319 26,709.481
Western Maryland
1,583,910 1,535,610
472,803
393,071
407,803
313.071
May
From Jan 1_ 7,959,264 8,174,356 2,303,734 2,106,704 1,988,755 1,696,704
• After rents. a After charges.
Western Maryland
Income,
Charges
$
May 1925 *348,397
252,836
1924 *262.281
258,356
Total Net
Fixed
Income.
Charges.
Balance.
95,581
3.924
Balance.
St Louis Southwestern (inel St Louis Southwestern
of Texas)
May 1925 *333,815
95,399
238,416
34,153
1924 *269,290
235,137
543,496
From Jan 1 to May 31 1925'1,711,343 1,167,847
495,982
1924'1.646,206 1,150,224
Balance.
Charges.
Income.
344,564
New York New Haven & Hartford_ _ _ May 1925.2,247,198 1,902,634
Jan 1 to May 31 1925.11,684,205 9.573,249 2,110,956
-Gross from Railway- -Available for Int.
Net Income
1924.
1925.
1924.
1925.
1924.
1925.
$
$
$
$
Missouri Kansas-Texas Lines
269,478
May
346,782
4,281.511 4,232,297
941,421
894,110
From Jan 1_22,600,555 20,861,447 4,940,711 4,220,359 1.916,172 1,069,966
•Includes other income.
JUNE 27 1925.]
3305
THE CHRONICLE
Balance,
Gross
Net after
Fixed
Earnings.
Taxes.
Charges.
$
$
$
Surpls.Comanie
35,277
31,818
67,095
May '25
195.714
Texas Elec By
35,642
39,116
217,026
74.758
24
602.181
425,243
12 mos ended May 31 '25 2,665,006 1,027.424
435,514
836,760
'24 3,040,480 1,272.274
-Gross Earnings--Net Earnings
112,272
239,465
870,494 *351.737
Virginia Ry &
May '25
Current
Previous
Current
Previous
109.001
211,523
'24
858,612 *320,524
Power Co
Year.
Year.
Year.
Year.
Companies.
559,239 1.204.605
5 mos ended May 31 '25 4,427.747 *1.763,844
538,024 1,180,987
'24 4,410,594 *1.719,011
May 868,030
699,600 *422.361 *334,449
Power Co
Alabama
52,507
202,306
439,861
254.813
12 mos ended May 31_ _ 9.555,034 8.567,707 *4,774,821 *3,993.328 Washington Water May '25
50.609
200,539
426,892
251.147
'24
Power Co
May 1,960,820 1,855,491 1.898,419 1,795,252
Cities Service Co
259,060 1,037,658
5 mos ended May 31 '25 2.220,090 1.296,718
12 mos ended May 31_ _ _17,971,738 16,970,501 17,218,106 16,432,588
249.597 1,011,543
'24 2,173,544 1,261,140
157,588
152,981
438.430
Federal Lt & Tr of N Y_May 499,675
c194,109
825,980 1631,871
May '25 2,068,117
12 mos ended May 31_ _-- 5,736,404 5.578,239 *2,171.626 *2,103.160 West Penn Co
c218,554
858,120 1639.566
'24 2.132,869
and subs
May 1,409,132 1 323 748 *423,231 *420,669
zGeorgia Ry & Pr Co
12 mos ended May 31 '25 25,401.695 10,756.506 17,897,076 c2,859,430
7.260,074 6,893,178 *2,426,686 *2,212,574
From Jan 1
'24 25.483,817 10.431.677 17,326,857 c3,104,820
Philadelphia Co & affiliated
* Includes other income. c After depreciation. b After rentals. f InMay 4,862.165 4,728,618 *1,274.213 *1,157,812 cludes preferred dividends of subsidiaries. g Includes depreciation. e Incorp
27,617.158 27,195,655 *8,785,743 *8,056,131 cludes all interest charges and amortization of debt discount & expense.
Jan 1
New York City Street Railways.
•After taxes.
*Net
Fixed
Net Corp,
Gross
zIncludes Atlanta Northern Ry. Co. and Gainesville Ry. Co.
Charges.
Revenue.
Income.
Revenue.
Companies.
Balance,
Net after
Fixed
Gross
$
$
$
Taxes.
Charges.
Surplus.
Earnings.
176.461
43,307
982,428
133.154
Apr '25
Brooklyn City
Companies.
42.061
182.258
224.319
$
'24 1,016.954
180,665
476,729
657.394
4 mos ended Apr 30 '25 3,811,942
b70.393
150,543
640.478 c220,936
Adirondack Power May '25
171,547
672,860
844.407
'24 3,953.564
117,243 b103.047
'24
558,970 c220,290
& Light Corp
57.954 --50,970
6,984
1,560
12 mos ended May 31 '25 7,737,458 c2,425,018 1.640,877 5784,140 Brooklyn Heights Apr '25
'24 7,107,889 c2,206,644 1.242.805 b963,839
58,229 --49,609
6.704
8,620
'24
26,971
231.816 --204,845
6,367
4 mos ended Apr 30 '25
244,240
519,740
May '25 3,929,533 *763,980
American Gas &
406,492 --379,255
26,233
27,237
'24
118,718
596,317
'24 2,991,340 *715,035
Electric and Subs
39,810
53.438 --13,628
mos ended May 31 '25 40.348,290 *9.615,159 2.283,605 7,331,554 Bklyn Queens Co & Apr'25
223,106
12
--4,802
'24 35,743,533 *7,260.253 1.273.508 5,986,745
47,146
51,948
217,972
'24
Sub
213,022 --89.718
864,844
123,304
388,464
Wat Works May'25 3,252,322 1,417,439 11.028,975
4 mos ended Apr 30 '25
Amer
214.753 --17,690
188,063
833.514
'24
386,320
'24 3,142,276 1,334,267 1947,947
Co and sub cos
18,626
32.039 --13.413
228,271
12 mos ended May 31 '25 38.980.508 17,500.034112,081,025 5,419,009 Coney Isl & Bklyn Apr '25
'24 36,040.268 16,444,852110,836,205 5.608,647
23.026
50,365
27,339
228,234
'24
127,245 --82,210
45,035
855,063
4 mos ended Apr 30 '25
37.910
28,531
Arkansas Central
Apr '25
167,709
*66,441
109,758
89.718
199,476
878,127
'24
24,224
'24
172,149
4,550
Power Co
*64,774
512,474 Coney Island &
328,868
13,515 --13,185
330
12 mos ended Apr 30'25 2,118,936 *841,342
6,398
Apr '25
284,169
'24 2,116,814 *764,672
13,553 --13.437
480.503
116
7,123
'24
Gravesend
54.091 --57,338
-3,247
21,968
4 mos ended Apr 30 '25
e35,274
Arkansas Light & Apr '25 *142,707
65,211
39,937
54.194 --62,997
--8,803
23,256
'24
e26,219
46,860
Power Co
'24 *143,034
73,079
92,402 --18,160
503,788 Nassau Electric
836,164 e332,376
74,242
12 mos ended Apr 30 '25 *1.877,008
498,235
Apr '25
436,651
'24 *1,612,626
743,038 e306,387
91,377 --23,609
67.768
480,531
'24
372,031 --92,913
279,118
Apr'25 2,356,188 *c362,311
4 mos ended Apr 30 '25 1,889,366
177,634
k184.677
Atl G & WI SS
367.483 -47.902
324.581
'24 1,855,533
136,933
Lines and sub SS cos '24 2,225,253 *c335,075 k198,142
23,827
5,001
639,347 South Brooklyn
4 mos end Apr 30 '25 9,851,421 5c1,389,383 k750.036
28,828
95,747
Apr '25
'24 8.935.281*c1,116,922 k815,437
--7,720
301,485
17,306
25,026
93,844
'24
--528
96,373
96.901
484,775
4 mos ended Apr 30 '25
26,465
Bangor HydroMay'25
115,397
53.471
27.006
--6,591
84,378
90,969
'24
361,484
26.742
Electric Co
'24
118,920
52,387
25.645
1,87J
12 mos end May 31 '25 1,538.777
814,126
297
504,076 Manhattan Bridge Apr '25
310,050
22,542
2,176
2.415
'24 1,559,608
2,676
261
499,994
294,659
794,653
23,736
'24
3c Line
2,591
3,777
1,186
84.756
4 mos ended Apr 30 '25
987,157 *217,111
171,496
45,615
Brooklyn City RR May '25
5,079
6,258
1,179
'24
91,174
40,711
'24 1,039,656 *233,040
192.329
Co
limos ended May 31 '25 10,402,85 *1,840,525
452,363 1,388,162 Interboro Rapid Transit
477.548
Apr '25 3,475,089 1,554.931 1,077.383
Subway Div
'24 10,783,614 *2,377,305
522,890 1,854,415
475,132
'24 3,419.230 1,535,008 1,059,876
May '25
Central Maine
313,865 c157,663
4 mos ended Apr 30 '25 13,966.955 6,284.318 4,307,069 1,977.249
Power Co System
'24
294,635 c135,812
'24 13,691,292 6,097.733 4,238,729 1,859,104
mos ended May 31 '25 3,987,123 c1,863,809
12
465,172
688.891 --223,719
Apr '25 1,619,530
Elevated Div
'24 3,787,280 c1,639,946
624,446 --109,227
515.219
'24 1,641,115
Columbia Gas &
May'25 2,705,789 *c1,264,547 1630.446
634,101
4 mos ended Apr 30 '25 6.331,318 1,596,225 2,756,560--1,160,335
Elec Co and sub cos
'24 1,782.403 *c916,313 1492,289
424.024
'24 6,420.501 1.810,284 2,497,176 -686,892
5 mos end May 31 '25 13,494,733 *c6,971,156 12.752,643 4,218,513
497,778
902,323
2.649.625
404,545
'24 13.418,703 *c6,314,028 12,670,117 3,643,901 New York Rapid Apr '25 2,420.266
481,809
811,337
329,528
'24
Transit Corp
Commonwealth
May'25 2,615,661 1,033,007
4 mos ended Apr 30 '25 10,357.902 3,422.889 1,988,960 1,433.929
Power Corp
'24 2.503,880 1,026,535
800,375
'24 9,413.726 2,732.094 1,931,719
12 mos end May 31 '25 31,618,830 13,044,666 7.377,904 5,666,762 Third Ave By
224,402
219,539
4,863
Apr '25 1,222,452
'24 31,626,002 12,514,261 6,486,937 6,027.324
241,881
224,592
17,289
'24 1,236.583
System
Consumers Power CoMay'25 1,615,604
712,273
895,400 --143.727
751,673
4 mos ended Apr 30 '25 4,671,138
'24 1,477,673
729,393
901,542 --59,369
842,173
'24 4,806.942
12 mos end May 31 '25 18,733.385 8,854.896 2,625,321 6.229,575
179,644 -47.581
132,063
Apr'25
657.533
'24 18,047,812 8,302,027 2,307,503 5,994,524 New York Rys
76,315
213,305 --136.990
'24
749.134
(Rec)
Houston Lighting & Apr '25 307,572 *139,936
46,719
93,217
821,139 --371,761
449.378
4 mos ended Apr 30 '25 2,457,017
Power Co
'24
250,951
36,784
*111,821
75,037
865,328 -658.140
207,188
'24 2,878,264
12 mos ended Apr 30'25 3,303,329 *1,435,135
548,588
886,547 Eighth Avenue
2,103
--9,137
94,198
-7,034
Apr'25
'24 2,739,394 *1,080,779
327,398
753,381
11,343 --11,291
101,414
48
'24
Interboro R T Co May '25 5,068,505 1,606,026 1,291,823
314,202
8,248 --75,786
345,087 -67.538
4 mos ended Apr 30 '25
'24 5,103,524 1,889,648 1,265.134
624,514
43,252 --71.587
390,292 --28,339
'24
11 mos ended May 31 '25 54,021,987 17,005,251 14,170,420 2,834,831 Ninth Avenue
3,793 -12.860
Apr'25
43.071
--9,067
'24 53,400,368 6,155,223 13,901,627 2,253,596
1,535
--4.867
'24
39,977
--3,332
Knoxville Power & May '25 203,059
*71.209
17,762
53,447
16.269 --81.554
153,221 -65,285
4 mos ended Apr 30 '25
Light Co
'24
*59,041
191,687
23,362
35,679
6.235 -35.642
'24
158.155 --29,407
226,653
12 mos ended May 31 '25 2,400,000 *764,491
537,831 NY & Harlem
71,916
122,076
50,160
Apr'25
121.336
'24 2,299,700 *700,305
241,944
458,368
115.768
49,455
66,313
'24
135,150
Mississippi Power Mar '25 *130,708
47,428
242,202
442,279
200,077
454,834
4 mos ended Apr 30 '25
'24 *104,777
37,977
& Light Co
483,227
198,306
284,921
'24
523,047
12 mos ended Mar 31 '25 *1,455,417
512,240
252,840
259,400 Second Ave(Rec)
10,823
17,242
-6,419
89,543
Apr'25
415,490
'24 *1,234,439
7,505
23.894 -16,389
'24
93.553
Mississippi Pow &
Apr'25 *125,670
c41,855
190
59,472 -69.282
4 mos ended Apr 30 '25
326,617
Light Co
c28,866
'24 *100,064
88.866 --52,118
26,748
359,439
'24
12 mos end Apr 30 '25 *1,481,024
c525,230
252.841
272,389 N Y & Queens
20.729
13.105
-7,624
Apr'25
64,663
c413,483
'24 *1,235,758
25,646 --17,978
7,668
'24
54,556
Nevada-Calif Elec May '25 452,730 *271,040
105,910
165.130
31,068
95,551 -64,483
258,369
4 mos ended Apr 30 '25
'24
Corp and Sub Cos
402,345 *244,097
89,993
154,104
24,561
103,566 --79,005
213,649
'24
12 mos ended May 31 '25 4,715,725 *2,137,748 1,230,721
907,027
5.851
4,436
62,928
1,415
'24 4,290,481 *2,119,334 1,052,214 1,067,120 Steinway Ry(Rec) Apr'25
6,026
4,259
'24
54,030
1,767
New Bedford Gas May'25 324,100 *128,473
53.296
75,177
13,162
17,799
4 mos ended Apr 30 '25
198,806
--4,637
'24
273,283
*90,881
49.792
& Edison Light Co
41,089
17,178
17,032
'24
307,237
146
mos end May 31 '25 3,740,815 *1,421,031
608,878
12
812,153 Long Island Elec
6,183
4,563
Apr'25
35,616
1,620
'24 3,542 452 *1,237,329
587,880
649,449
(Rec)
33,131
--2,530
3,563
'24
-6.093
Orleans Public Apr '25 1,274,036 *447,501
New
184,265
263,236 •
17,982
15.037
4 mos ended Apr 30 '25
131,277
2,945
'24 1,254,834 *437,739 • 181,679
Service Inc
256.060
14,091 -26,427
'24
122,353 --12,236
12 mos ended Apr 30 '25 14.988,944 *5.168,787 2,172,995 2.995,792 NY & Long Island Apr '25
8,073
6,827
39.537
1,246
'24 14,706,840 *4,803,929 2,212,964 2,590.965
(Rec)
6.330
'24
35,214
. 6,884
554
Newpt N & Ramp May '25 163,393
53,413
20,593
32,820
4 mos ended Apr 30 '25
26,896 --14.557
143,618
12,339
'24
151,731
48,825
Ry, Gas & Electric
20,567
28,258
26,941
1,516
25.425
'24
137,757
661,071
248,562
12 mos ended May 31 '25 2,020.047
412,509 Ocean Electric
Apr'25
--4,043
3.977
17,627
-8,020
'24 2,044,027
633,563
253,631
379,932
3.689
'24
17,297
--681
-4,370
May '25
289,402
3151.911
k88,463
New York Dock
63,448
4 mos ended Apr 30 '25
13,786 -21.389
--7,603
67,398
'24
5159,556 k105,758
274,291
Co
53,798
'24
66,974
741
13,753 -13,012
5739,139 k489,511
5 mos ended May 31 '25 1,384,981
249.628 Manhattan &
Apr'25
8,878
9.955
35,924
-1,077
'24 1,329,814 3763.671 k531,837
231,834
Queens(Red)
'24
6,862
10,363
34,460
-3,501
May'25
941,541
241,360
Nor Ohio Pow
4 mos ended Apr 30 '25
39,397 -14,950
130.789
24,447
'24
844,528
163,066
Co
41.116 -19,066
'24
129,030
22,050
12 mos end May 31 '25 10.698,448 2,515,715 2,155,739
359.976 Richmond Light & Apr'25
60,926
5,473
10.967
-5,494
'24 9,810,967 2,169,594 1,928,048
241.546
RR Co
64,216
8,412
8,783
--371
029,706 Penna Coal & Coke May'25 349,382 *-31,712
-61.418
4 mos ended Apr 30 '25
294,565
-7,354
47,008 --54,362
subs
'24
430,046 *--17,653
031,887 Corp &
-49,540
'24
253.908
18,287
35.234 --16,947
5 mos ended May 31 '25 2.269,244 *-120,309 0162,443 --282.752
z Includes other income. -Deficit.
'24 2,629,398
*80,344 0166,857 -86,513
Apr '25 1,507,453 *653,494
223,890
429,604
Penns Power &
'24 1,290,666 *542,644
163,024
Light Co
379,620
12 mos ended Apr 30 '25 16,895,591 *7,069,455 2,114.033 4,955,422
'24 14,837,716 *6,642,773 1,831,818 4,810,955
Annual, &c., Reports.
May'25
915,378 367,249 205,842
-The following is an index to all
Portland Electric
161,407
895,144
'24
363,457
177,035
Power co
186,422 annual and other reports of steam railroads, public utilities,
12 mos end May 31' 25 10.836,102 4,313,691 2,386,088 1,927,603 industrial and miscellaneous
companies published since and
'24 10,979,893 4,266,004 2,094,636 2,171,368
including May 30 1925.
Tennessee Elec Pr Co (Incl
945,083
456.559
184.076
Nashville Ry & May'25
272,483
This index, which is given monthly, does not include
362,958
'24
778.692
160,082
202,876
Light Co)
12 mos end May 31 '25 10.253,944 2,885,099 2,085,461 2,799,638 reports in to-day's "Chronicle."
'24 9.312.216 4,418,715 1,817,869 2.600.846
Boldface figures indicate reports published at length.
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:
FINANCIAL REPORTS.
3306
THE CHRONICLE
Steam RoadsIndustrials (Continued)Page.
Page.
Baltimore Chesapeake& Atlantic Ry.3062 Casein Co. of Amer.(N. J.)_2948. 3069
Baltimore & Ohio RR
2809 Cerro de Pasco Copper Corp. (&
Boston & Albany RR
sUbsidiaries)
2810
Buffalo & Susquehanna RE
2808 Certain-teed Products Corp
3069
Carolina Clinchfield & Ohio Ry
3058 Chapin-Saks Corp
2948
Central Railroad of New Jersey__ _ _2806 Charcoal Iron Co. of America
2948
Chicago Milwaukee & St. Paul Ry 2932 Chicago Yellow Cab Co., Inc
2820
Chicago Union Station Co
2811 Coca-Cola Bottling Co. of Chicago.
Cincinnati Indianan. & West. RR 3058
Inc
2820
Colorado & Southern Ry. Co
2807 Commercial Credit Co.(Balt.)
2820
Cuba Northern Railways
3062 Coniagas Mines, Ltd
3070
Denver & Rio Grande West. RR__ _3059 (John T.) Connor Co
2948,3192
Fort Worth & Denver City Ry
2811 Consolidated Copper Mines Corp-2948
Green Bay de Western RR
3063 Continental Baking Corp
3192
Guantanamo & Western RR
3061 Continental Motors Corp
3070
Gulf Mobile & Northern RR
3181 Copper Range Co
2948
Hawaii Consolidated Ry., Ltd
3063 Corticelll Silk Co
3193
International-Great Northern RR_ _3057 Cuba Company
3070
Kansas City Southern Ry_-_3180, 3207 (Wm.) Davies Co., Inc.(& subs.).-3070
Lehigh & New England RR
2939 Davison Chemical Co
2949
Mississippi Central RR
2809 Dictaphone Corp.(& subs.)
3070
National Railways of Mexico
2811 Dominion Stores, Ltd
3070
New Orleans Texas & Mexico Ry...
.3057 Dominion Textile Co., Ltd
2949
New York Central RR
2805, 2827 Durant Motors Inc
3070
North. Pacific Ry. Co_3063, 3180. 3203 Eagle Oil & Transport Co.. Ltd
3071
Pere Marquette Ry. Co
2831 East Butte Copper Mining Co
2949
Pittsburgh dz Lake Erie RR
3056 Elder Mfg. Co
3193
Rutland Railroad Co
2932 Electric Storage Battery Co
3193
San Antonio de Aransas Pass Ry.--3063 Elk Horn Coal Corp
2949
Southern Railway Co
3056, 3079 Federal Mining & Smelting Co
3194
Tonopah & Goldfield RR
31 4 First National Pictures, Inc .3071, 3194
Toledo & Ohio Central Ry
3060
2812 Fisher Body Corp. (dz subs.)
Toronto Hamilton & Buffalo Ry
2939 Foster & Kleiser Co
2949
Trinity & Brazos Valley Ry
2812 Fox Bldg.(Fox Phila. Bldg., Inc.)._2821
Ulster & Delaware RR
3194
3060 Fox Film Corp2949.
Western Pacific RR
2808 Freeport Texas (Sulphur) Co
2821
Wheeling de Lake Erie Ry____2812, 2934 General Ry. Signal Co
3072, 3195
Public Utilities
2950
General Refractories Co
All America Cables, Inc
3184 Gill Mfg. Co
3195
American & Foreign Power Co.,Inc..3181 Gimbel Bros., Inc., & subs
3195
Appalachian Power Co
2940 Ginter Co
3072
Arkansas Light & Power Co
3184 Glidden Co., Cleveland
2821
Arkansas Natural Gas Co...-2813, 2940 Gorton-Pew Fisheries Co., Ltd_ _3195
2813 (F.& W.) Grand 5 -25
Associated Gas & Electric Co
-10 -Cent Stores,
3064
Boise Valley Traction Co
3072
Inc
Central Connectient Pow.& Lt. Co_2940 (W. T.) Grant Co., Boston
3072
2940 Great Western Sugar Co.(& subs.)
Central Illinois Light Co
.3072
Central Illinois Public Service C0.-3184 Greene Cananea Copper Co
3072
3185 (M.A.) Hanna Co
Cities Service Co
2950
2814 Hardy Coal Co
Columbia Gas & Electric Co
3072
Commonwealth Pow.Corp.(& Subs)2814 Hedley Gold Mining Co
3072
Consolidated Gas Electric Light de
3072
Hfilcrest Collieries, Ltd
2940 Holland Land Co
Power Co. of Baltimore
3073
2940 Holland St. Louis Sugar Co
Consumers Power Co
2950
Continental Gas & Electric Corp-3064 Hollinger Consol. Gold Mines, Ltd_ _3073
3185 (R. M.) Hollingshead Co
Coos & Curry Telephone Co
3196
3064 Holly Sugar Corp.(dz Subs.)
Dallas Power & Light Co
3196
Dallas Railway Co
3064 Hood Rubber Co
3196
2814 Howe Sound Co
Denver & Interurban RR
3196
2941 Hunt Bros. Packing Co
Detroit Edison Co
3073
3180 Hurley Machine Co
Detroit United Ry
2950
Electric Light & Power Co.of Abing3073
Hydraulic Press Brick Co
3186 Independent Pneumatic Tool Co.,
don & Rockland
2814
Electric Power & Light Corp
3073. 3196
2814 Indian Refining Co
Light & Traction Co
Federal
2950, 3060
3064 Industrial Acceptance Corp
Fifth Ave. Bus Securities Corp
2821
3186 International Business Machines
Georgia Hydro-Electric Co
Great Western Power Co. of CaUf_ _3186
3073, 3196
Corp
2941 Internat. Buttonhole Machine Co_ _3073
Houston Electric Co
3064 Internat. Combustion Engin. Corp_2822
Idaho Power Co
3187 Internat. Mercantile Marine Co_ _ _2934
Illinois Power & Light Corp
Indiana Coke & Gas Co
3064 International Nickel Co
2822, 2934
3180 International Paper Co
Indianapolis Street Ry
2821
Interborough Rapid Transit Co..._2815 International Shoe Co
2950, 3074
2815 Inter-Island Steam Navigation Co. 3074
International Tel. & Teleg. Co
2815 Jewel Tea Co
Interstate Power Co
2950
Jamaica Public Service Co.. Ltd..._3064 King Edward Hotel Co., Ltd
3197
Los Angeles Gas & Electric Corp.- _2816 (G.R.) Kinney Co.,Inc
3074
2815 Koloa Sugar Co
Louisville Gas & Electric Co
3074
Lowell (Mass.) Electric Light Corp_3187 Kraft Cheese Co.(& Subs.)2822, 3074
3187 (S. S.) Kresge Co
Manila Electric Corp
2951
2816 (S. H.) Kress & Co
2951
Memphis Power dr Light Co
2816 Laclede Steel Co
Memphis Street Ry. Co
3197
2816 Lanston Monotype Machine Co....3197
Minnesota Power & Light Co
3065 Lawrence Mfg. Co
Montreal Tramways Co
3197
2944 Loew's New-Broad Properties, New
2unicipai Service Co
3188
3197
York and Newark, N.J
National Fuel Gas Co
2816 Lord & Taylor
3074
National Power & Light Co
3198
National Public Service Co _.2818, 3188 Ludlum Steel Co
;
.
New Or ace Public Service. Inc---3065 (P.) Lyall & Sons Construction Co.,
3188
2951
Ltd
New York State Rye
2816 Lyon & Healy,Inc
3074
North American Co
2951
--3188 McCord Radiator & Mfg. Co
Northwestern Bell Telephone Co.
2822, 2951
3188 McCrory Stores Corp
Ohio Public Service Co
2951
3061, 3188 MacAndrews & Forbes Co
Omnibus Corp
3198
3065 (R. H.) Macy & Co., Inc
Otter Tall Power Co
3198
2817,3065 Maple Leaf Milling Co
Pacific Gas Sz Electric Co
3198
-2817 Mass. Consol. Mining Co
Puget Sound Power & Light Co.
3198
Savannah Electric & Pow.Co_2818,3066 May Dept. Stores Co.(& Subs.)
2944 Mayflower Old Colony Copper Co._3075
Southern Gas & Power Corp
2823
Southern Indiana Gas dr Elec. Co 2945 Maxwell Motor Corp
3075
2945 Mercantile Stores Co., Inc
Syracuse Lighting Co
Tennessee Elec.Power Co.(.4 subs.) 2818 Merchants & Miners Transport'n Co 3199
3075
3066 Metropolitan Chain Stores,Inc
Texas Interurban Ry
3199
3066 Metropolitan Coal Co
Twin State Gas dr Electric Co
2945 Mexican Seaboard Oil Co----2823, 3199
Co
United Light & Power
3199
2818 Moir Hotel Co
United Rys. Co.01St. Louis
3073
3066 Monarch Knitting Co., Ltd
Utah Light & Traction Co
2952
3066 Montgomery Ward & CO
Utah Power & Light Co
3199
3067 Mountain & Gulf Oil Co
West Penn Power Co
3199
Western N. Y.& Pennsylvania R1L3189 Mt. Royal Hotel Co., Ltd
3199
3067 National Bond Investment Co
Worcester Gas Light Co
3075
National Breweries, Ltd
Industrials
3076
Acadia Sugar Refining Co., Ltd.---2945 National Supply Co.(dz Subs.)
3075
Neptune Meter Co.. New York
2
Amalgamated Silk Corp
3076
2945 Niplesing Mines Co., Ltd
Amalgamated Sugar Co
2945 Oceanic Steam Navigation Co., Ltd_3200
American Beet Sugar Co
3076
3067 Olaa Sugar Co., Ltd
American Chicle Co
2824
2946 (S.) Oppenheimer & Co
American Express Co
2824
2946 Otis Co.. Boston
American Ice Co
2952
American Insulator Corp.(N. Y.)-2818 Pacific Burt Co., Ltd
2946 Pan American Petroleum & Trans
American Radiator Co
2946
American Railway Express Co
2824
Amer.Ship & Commerce Corp-2946.3189 Pennsylvania Coal dr Coke Co
2824
2947 Price Bros. & Co., Ltd
Amparo Mining Co
3201
2947 Producers' & Refiners' Corp
Oil Co., Ltd
Anglo-American
3201
2947 Pyrene Mfg. Co
Arnold, Constable & Co., Inc
3201
2947 Rand Mines, Ltd
Assoc. Simmons Hardware Co
2825
Atl. Gulf & West Indies SS. Lines 2947 Real Silk Hosiery Mills, Inc
3201
2819 Republic Motor Truck Co
Atlantic Lobos 011 Co
3201
2947 Royal Dutch (Petroleum) Co
Refineries, Ltd
Atlantic Sugar
3077
2947 Schulte Real Estate Co.. Inc
Austin, Nichols & Co
2953
2819 Sears, Roebuck & Co
(Sydney) Blumenthal & Co
2953
(Frank G.) Shattuck Co
3190
Botany Consolidated Mills. Inc
Trading Co., Ltd_3201
(F. S.) Bowser & Co., Inc---3068, 3190 Shell Transport &Co
2953
Lincoln, 111--3068 Sinclair Pipe Line
Brewerton Coal Co..
2947, 3068 (Howard) Smith Paper Mills, Ltd__ _2953
Bridgeport Machine Co
2810
2819 Standard Oil Co. of California
Brown Shoe Co
2825
Burns Bros.(N..7.and N.Y.).2819. 2948 Standard Textile Products Co
2953
90 Sterling Coal Co., Ltd
(A. M.) Byers Co
3068 Stromberg Carburetor Co. of AmerCalifornia Packing Corp
2825, 3077
ica. Inc
3068
California Petroleum Corp
3190 Stutz Motor Car Co. of Am.,Inc...3060
Canadian Converters Co., Ltd
2825
Sun Oil Co
3190
Carnegie Lead & Zinc Co
3077
3198 Swift International Corp
(J. I.) Case Plow Works Co
[Vox,. 120.
Industrials (Concluded)Page.
Timken-Detroit Axle Co
2826
3202 Vulcan Detinning Co
Todd Shipyards Corp
2829
3202 Wells Fargo & Co
Tonopah Extension Mining Co.2826,3077 West Virginia Coal & Coke Co
2826
Transcontinental 011 Co
3202
3202 White Eagle 011 & Refining Co
Tuckett Tobacco Co., Ltd
3078
2954 White Motor Securities Corp
United Cigar Stores Co. of America_3078 Winchester Co
2828
United Dyewood Corp
2954 Winchester Repeating Arms Co__ _3078
United Oil Co
2954
2826,3078 (F. W.) Woolworth Co
United Shoe Machinery Corp
3081
2809 (P. B.) Yates Machine Co
Velie Motor Corp
3202 Yellow Cab Mfg. Co. (.4 subs.).._ _3078
Victor Talking Machine Co
3078
3078 Yellow Mfg. Acceptance Corp
American Car & Foundry Co.
(26th Annual Report-Year Ended April 30 1925.)
The report of President W.H. Woodin, with balance sheet,
income account, &c., will be found on a subsequent page.
RESULTS FOR FISCAL YEARS ENDED APRIL 30.
1924-25.
1923-24.
1922-23.
1921-22.
Earnings from all sources
after providing for tax. $9,781.085 $10,786,574 $10,633,562 $9,051,721
xRenewals,repairs, &c__ 3,616,981
2.468,401
4.419.951
4,481,607
Net earnings
Pref. dive. (7%)
Divs. on Corn. (12%)
$6,164.104 $6,304,967
2,100.000
2.100.000
3,600,000
3,600,000
Balance
Previous surplus
$464.104
37,278,466
$6,213,611
2,100.000
3.600.000
$6.583,320
2,100,000
3,600,000
$883,320
$604,967
$513,611
36,673,499 36,159,888 35,276,568
Total surplus
$37,742.570 $37,278.466 $36,673,499 836,159,888
x Incl. yearly renewals,replacements,repairs, new patterns,flasks. &c.
BALANCE SHEET APRIL 30.
1925.
1924.
1925.
Assets
Liabilities-Cost of properties_73,289,438 73,359,828 Preferred stock_ _30,000,000
Material on hand_15,210,356 16,533,747 Common stock_ __30,000.000
Accts. and notes
Accts.payable,&c 13,032.317
receivable
8,576,596 11,918,697 Federal taxes
875,000
Stocks and bonds
Insurance reserve.. 1,500,000
of other comFor gen. overhead
panies (at cost
impts. & maint_ 212,642
or less)
6,869,389 6,257,206 Reserve for dive.on
U. S. ctfs. of inCommon stock_10,800,000
Res. for employ
140,794
debtedness and
Liberty bonds. 14.085 864 8,656,864 Divs. pay'le July 1 1,425,000
Cash
7,690,679 7,590,726 Surplus account-37,742,570
Total
125,728,322124,316,969
--V. 120. p. 3067, 2271.
Total
1924.
30.000.000
30,000,000
12.272,809
680.000
1,500,000
212,642
10.800,000
148,052
1,425,000
37,278,466
125,728,322124,316,969
Cincinnati New Orleans & Texas Pacific Ry. Co.
(43d Annual Report-Year Ended Dec. 31 1924.)
INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenues1923,
1924.
, 2 ,859
Freight
1581
$16,624,457 $17,407,411 $12,9 9,.
1592962 $12 9 6
2
Passenger
3,516,636
,
3,330,277
Mail, express, &C
791,396
',999
8347
74,106
623,591
Incidental, &c
247.644
275,553
347,068
348,918
Total oper. revenues..$21,951,667 $23,049,393 $16,801,374 $17,170,446
Operating Expenses
Maintenance of way,&c. $3,126,750 $3,134,703 $1,938,245 82,326.988
Maint. of equipment_
4,359,478
4,465,183
5,185,537
4,308,898
Traffic expenses
481,575
460,592
351,867
364,132
7,107,572
Transportation
6,479,175
7,052,468
6,125,702
127,320
Miscellaneous operations
145,847
131,025
108,081
General expenses
504,123
579.508
558,035
498,457
Transport'n for invest..
Cr.377
Cr.227
Cr.76
14
Total oper.expenses--$15,277,812 $16,522,285 $13.331.264 $14,789.237
Net revenue from oper.. 6,673,855
2,381,209
6,527,108
3,470.110
$643,547
Taxes
$782.302
8994,315 $1,033,020
Uncollectible revenues
8,086
2,593
4,436
6,653
Hire of equipment
37,132
562,243
729,019 Cr.259,728
Joint facility rents
46,859
65,372
42.117
70.703
Operating income_ _ - - $5,574,443 $4,856,706 $1,910,018 $1,942,444
Non-Operating Income
$1,486
Incomefrom lease of road
$1,234
$1,235
$1.235
Misc,rent income
22,870
54,429
24,584
24,682
9.281
3,785
Income from leased rail..
25,984
22,184
Dividend income
1,000
1,000.
1,060
1,073
185,502
Inc.from funded seem.73,333
307,794
232,485
57,975
76,682
Inc.fromunf.sec.&accts.
69,745
69,537
66,155
Miscellaneous income.-Gross income
$6,004,845 85,207.903 $2,187,879 $2,219,314
Deductions
Rent for leased roads.-- $1,429,207 $1,407,701 Ii1P88.1.651 $1,324,206
31,867
1,988
32,873.
Miscellaneous rents__ - 31.867
131,720
3,074
153.645.
Int,on equip.obligations
221,867
3.282
3,422
Int. on unfunded debt
3,074
5.649
878
1,317
1,632
Misc. income charges_ - 1,081
122,670
122,670
122,670.
Preferred dividends(5%,)
122,670
Common dividends--(13%)388,700 (13)388,700 (13)388,700 (12)358,800.
Additions and betterm'ts
.
charges to Income....
884,847
469.332
•
Bal. carried to credit
of profit and loss..... $2,918,957 82,651,961
$125,199
$222.065.'
The profit and loss as at Dec.31 1924 shows: Credit balance Dec.31 1923.
$13,719,900; add credit balance of income for year, $2,918.957; net miscellaneous credits, $22,162; total credit balance Dec. 31 1924, $16,661,020.-V. 120, p. 2938.
Producers & Refiners Corporation.
(Annual Report-Year Ended Dec. 311924.)
CONSOLIDATED INCOME ACCOUNT FOR YEARS END. DEC. 31.
1924.
1922.
1923.
Gross sales & earnings from oper----$16,582,501 $12,816,319 810.910,725.
Producing, oper., gen. & adm. asps-- 13,409,512
6,783,106
8,833,221
Gross earnings
Other income
$3,172,988 $3,983,098 $4,127,620
189.175
191,917
249,438-
Total earnings
Deduct
-Depreciation
Interest and bond expense
Federal tax provision
$3,362,164 $4,175.015 84,377,058.
712,041
499,759
1,075.289
549,304
1.089,552
523,716
63,312'
120,000
Net income before depletion
Previous surplus
a$1,197,323 $2,819,257 $3,264,684
16,620.792 16,052,631 12,991,360
Total surplus
Adjustments prior years
Preferred dividends
Common dividends
Minority interest in subsidiaries
$17,818,115 $18.871.888 $16,256,044
Dr2,607.704 Dr254,647
203,413.
206,288
199.174
1,776.309
13,851
Total surplus Dec. 31
$15.011,237 816,620,792 $16,052,631
Surplus
-Earned (subj. to depl. ded.) $4,353,734 $5.963,289 $5,395,128
Wom appr. of deve.oped leasehlds 10,657,503 10,657,503 10.657.503*.
a Earnings included above applicable to miniorty holdings in subsidiary:
companies amounts to $10,563.
JUNE
THE CHRONTCLE
271925.]
CONSOLIDATED BALANCE SHEET.
1924.
1924.
1923.
Assets
$
Properties, plants
Common stock-37,435,050
& developm't__:63,074.554 51,474.892 Preferred stock- 2,845,350
Inv. In assoc. cos_ 3,844,633 4,113,648 Int. of minor. st'kAdv.to assoc. cos..
7,706,259
holders in subs_ - 850,350
Deferred charges__ 1,088.030 1,352,918 let M.(closed) 10Cash
370,377
186,227
Yr.8% s. f. bds_ 3,393,700
Marketable secur_
190,882 Def'd obligations
Accts.& notes rec_ 4,059,190 2,398.463 Notes & accounts
Crude & ref. oils
978.357 1.021,140
payable
14,360,818
Materials & supp_ 672,578 1,510,973 Accr. int., tax., &c
80,027
Prepaid int., insurRes. Fed. taxes..,,_
175,776
ance, &c
64,591
106,091 ySurplus
15,011,237
3307
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
37,395,927
2,845,350
885,328
3.916,000
1,194.764
1924.
1923.
1922.
1921.
516,512,963 516,937.781 515,101.087 515,345,283
1,842,690 2,043,608
1,813,031
1,866,840
818,648
832,029
741,138
741,921
290,080
298,997
222.747
236,135
Freight
Passenger
Mail, express, &c
Incidental, &c
Total oper.revenues.. _ $19,464,381 520,112.416 817,878,005 518,190,180
Operating Expenses-
Maint. of way & struc
32,847,032 $2,812.790 $2,139,157
Maint, of equipment.,,. 3,538,048 4,556.580 3,908,679
6,901,149 Traffic
575,792
553,662
515,336
104,033 Transportation
6,746,967
7,360,708 6,695,226
217.929 Miscellaneous operations
4,877
10,831
3,874
18,620,792 General
582,006
556,434
565,267
Transp'n for invest't-Cr
4,322
6,990
275
Total
74,152.307 70,061,273
Total
74.152,307 70,061,273
Total oper.expenses $14,290,401 $15,837,060 813,834,221
x Includes real estate, plant and equipment, &c., $67.741,688; less
Net revenue from oper
reserve for depreciation, $3,524,947, and reserve provided out of proceeds
$5,173.980 84,275,356 $4,043,784
of donated stock sales, 1,142.187. y Including appreciation of developed Taxes
$1.062,373
$981,331
5761.596
leaseholds. $10,657,503, subject to deduction for depletion.
6,065
4,529
1,279
-V. 120. Uncollectible revenues
Hire of equipment
p. 3201. 1596.
305,806
321,894
227.162
Joint facility rents
267,580
272,593
340,465
Alabama Great Southern RR.
Total other expenses
$1,641,824 $1,580,347 $1,330,502
Operating income
$3,532,155 82,695.009 62,713.282
(48th Annual Report-Year Ended Dec. 31 1924.)
Non-Operating Income
TRAFFIC STATISTICS FOR CALENDAR YEARS.
From U. S. Govt. acct.
Operations1924.
1922.
1923.
1921.
6 months guarantee
Dr.$99,820
Average miles operated_
318
318
318
313 Income from lease ofroad
$169
$150
Passengers carried
745,845
806,914
696,283
804,477 Miscell. rent income_ _ _ _
34,709
34,848
55,181
Passengers carried 1 mlle 59,048.339 61,712.697 53.131.976 59.291,274 Income from rail leased..
22,823
33,680
3,738
Rate per pass. per mile
3.50 cts,
3.50 cts.
3.47 cts.
3.43 cts. Dividend income
1.770
1,773
1,770
Revenue tons carried__ _ 5,198.461
5,696.877
4,156,465
4,227,156 Income
4,985
17,635
do
do
1 mile_ 826.663.424 904.558,398 658,754,077 684,172,644 Income from funded secs.
from unfunded
Rate per ton per mile... 0.90 cts.
0.89 cts.
0.94 cts.
1.01 cts.
securities & accounts..
55,625
42.306
63,905
Av. train load rev. tons..
720.77
682.07
623.02
547.71 Miscellaneous income
1,184
380
408
Gross earnings per mile_
$31.705
$34,092
$26,778
$30,449
Total gross income__ _ $3,653,421 $2,847,382 82,716.865
CORPORATE INCOME STATEMENT FOR CALENDAR
YEARS.
Operating Revenues-
Freight
Passenger
Mail, express, &c
Incidental, &c
1924.
1923.
1922.
1921.
$7.401,183 68,051,920 $6,171,637 56.910.461
2,065,295
2.159.451
1,845.890
2,035,374
603,139
614,241
493,948
543,092
23,832
27.607
13,329
53,297
Total oper. revenues_ -$10.093,450 $10,853,219 $8,524,804 $9,542,225
Operating Expenses-
Maint. of way & struc__ $1,439.706
Maint. of equipment _ _ _ 2,084,705
Traffic
248.618
Transportation
3,178,754
Miscell. operations
82,440
General
301.070
Transport, for inv.-Cr_
21
Total oper. expenses- $7,335,272
Net rev,from operations $2,758,178
Taxes
5554.690
Uncollectible revenues.3.521
Hire of equipment
Cr.429,078
Joint facility rents
141,967
Operating income____ $2,487.078
Non-Operating IncomeMiscell. rent income......,,
$9,990
Income from rail leased_
4,326
Dividend income
137,388
Inc. from funded & unfunded securities
164.895
Miscellaneous income
15,002
Gross income
$2,818,680
Deductions
-
Rent for leased road..
Miscellaneous rents....
Separately oper. prop
Int. on unfunded debt
Miscell. income charges_
Interest on funded debt_
Int. on equip. obliga•ns_
7% Preferred dividends_
7% Ordinary dividends_
$19,451
192
2,675
3,774
475,944
153.387
253,526
587,250
$1,267,688
2,301.856
261,346
3,519.753
76.431
289,347
44
$994,417 $1,177,062
1,737,193
1.933.307
217,624
272,162
3,266,259
4,426,152
65,888
79.587
285,239
308,048
859
2
$7,716,378 $6,565,760 68,196,320
$3,136,841 $1.959.044 $1.345,905
5641,842
5490,600
5325,691
4,909
3.848
2.731
Cr.124,203 Cr.178,335 Cr.161,693
144,750
159,021
158,390
$2,469,543 $1,483,909 $1,020,786
58.552
6,424
134,974
87.024
5,658
137,526
515,604
5,990
127,607
162.891
10,625
142,611
22,651
103,109
175,388
52,793,010 51,799,379 81,448,483
519,451
190
209.162
2,267
5,809
475,944
49,747
236.625
548,100
819,450
147
189.740
1,094
1,341
475.944
29,232
236,625
548,100
$174,751
132
222,214
820
4,689
475,944
34,842
x
x
52,487,323
4,906,173
540,060
7,548.454
13,900
628,924
304
$16,124,530
52.065,650
6737.627
2.040
Cr.140.890
291,900
6890,676
81.174,974
$705,556
43,589
Dr,1,395
1,720
36,532
667
61,961,644
Deductions
-
Rent for leased roads_
Cr.$11
Cr.$8,627
Miscellaneous rents_ _ _ _
88,809
87,493
7,602
7.912
Separately oper. prop's_
255.584
229,758
274,455
Int. on unfunded debt
6,376
4,942
35,836
26,959
Misc. income charges...,,
4.412
4,392
4,653
11,396
Interest on funded debt_ 1,353,840
1,353,840 1,353.840
1,354,215
Int. on equip.obligations
198,912
93.162
75,102
84.751
Common dividend_ _ (7%)421,176 (7)421,176 (4)240,672
x
Bal. carried to credit
of profit and loss
$1,659,894
$706.792
$778,290
$201.705
x Dividend of 8240,672 for 1921 charged to profit and loss.
The profit and loss account Dec. 31 1924 shows: Credit balance Dec. 31
1923. $9.492.410; add credit balance of income for year 1924, 81,659,894;
total, $11,152,304; deduct property retired, $93,603; discount on equipment
trust obligations. $142.456: net miscellaneous debits, $25,680; credit balance Dec. 31 1924, $10.890,564.
GENERAL BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
Assets$
$
LiabtlitiesRoad & equipm't_50,100,234 48,408,761 Common stock_ 6,016,800
Sinking funds.__
.
5,931
5,931 Funded debt
28,171,000
Cash dep,in lieu of
Equip, trust oblig_ 5,532,500
mortgaged prop.
250
250 Government grants 221,150
Physical property- 500,498
493,771 Traffic, &c., bale_
182,785
by.in affil. cos.:
Accounts & wages_ 2,015,547
Stocks
177,504
177,504 Misc, accts. pay'le 127,987
Bonds
603.000
803,000 Int, matured unpd
132,495
Notes
178.172
178.172 Dive.
'
172,679
Advances
75,459
48,720 Funded debt mat'd
5,700
Other investments. 1,960,077
55,378 Interest accrued
305,826
Cash
1,281,256 1.001,385 Other curr. Hahn's. 167,394
U.S.Treas. notes_
101,400
697,844 Deferred liabilities 181,684
Special deposits__
995,871
923,115 Taxes
330.057
Loans & bills rec
8,595
3,412 Operating reserves 168,837
Traffic, &c., bale_
294.955
248,235 Accrued depreciaBalances due from
tion on equipl
2,987,180
agents & conduc
89,390
97,665 Other unadj. ered. 1,136.221
Misc.accts. receiv. 418,291
561.185 Additions to propMaterial & supp's.. 1,409,830 1,751,495
erty through inOther assets
32,307
38,935
come & surplus_
370,318
Deferred assets_ _ _
136,762
145,544 Profit and loss_ ....10,890,564
Unadjusted debits. 707,901
833,284
1923.
libPs1
6,016,800
28,171,000
2,700,000
219.621
202,538
2,912,684
130,671
138.042
156,825
5,700
299,150
186,455
145,146
258,707
243,272
3,159,821
1,181.592
353,131
Bal.car. to cr. of p.&I $1,322,480 $1,245,712
$297,706
$535,090
9,492,410
x Dividends of 63i% on Preferred and Ordinary stock in
1921 charged
to profit and loss.
The profit and loss, Dec. 311924, shows: Credit balance Dec. 31
Total
59,077,684 55,973,567
Total
59,077,684 55,973,567
1923,
$7,926,176: add credit balance of income for the year 1924, $1,322,480;
Note.-Unpledged securities of the company held by it amount to
net miscellaneous debits,$12,208: credit balance Dec.31 1924,59,236,448.
82,215.200.-V. 120. p. 2397, 2283.
BALANCE SHEET DEC. 31.
1924.
1923.
Assets
Investment Inroad
and equipment_29,753,264 29,177,257
Miscell's physical
property
52,227
62,816
Inv. in affil. cos.:
Stocks
1,598,558 1,598,558
Bonds
481
481
Notes
299,807
299,807
Advances
182,525
80,493
Other investments.
50
50
U.S.Govt.secure. 2,847,020 2,127,804
Cash
708,279
888,261
Special deposits_ _
113,495
125,708
Traffic & car service balance rec. 348,034
314,900
Agents' & conductors' balances
3,923
10,582
Misc.accts. reedy. 243,036
690,786
Marls & supplies. 507,212
510,427
Int.& dive. reedy_
32,193
25,834
Other curr. assets_
23,830
33.912
Deferred assets_ _ _
21,649
6,305
Insur. proms. paid
in advance
2,326
3,491
Other unadjusted
debits
223,641
279,692
1924.
LiabilitiesOrdinary stock__ 7,830,000
Preferred stock_
3,380,350
Funded debt
9,518,890
Equip.trust oblig_ 2,946,000
Govt. grants in aid
of construction1,500
Traf. & car service
balances payable
33,995
Audited accts. and
wages payable__ 457,162
Misc. accts. pay__ 483,149
Int. mat'd unpaid_
86,155
Divs. mat'd unp'd
31,179
Unmat'd dive. dec. 118,312
Unmat'd lot. ricer69,571
Unmat'd rents accr
8,464
Other curr. Habil__
31,892
Deferred liabilities
11,936
Taxes
276,810
Operating reserves 119,009
Accrued deprec. on
equipment
1,625,074
0th. unadj. credits 457,010
Add'ns to property
thro. Inc. & surp
38,845
Profit & loss bal.- 9,236,448
1923.
$
7,830,000
3,380,350
9,518,890
3,257,000
1,500
26,546
652,825
846,299
87,517
43,256
118,312
72,681
9,080
65,787
10,541
355,050
125,985
1,557,649
512,753
"Shell" Transport & Trading Co., Ltd.
(Annual Report-Year Ended Dec. 31 1924.)
INCOME ACCOUNT YEAR ENDED DEC. 31 1924.
1924.
£337,355
4,521,239
1923.
£409,199
2,639,470
1922.
£461,033
4,477,051
1921.
£483,040
5.143,632
Total income
£4,858,594
Expenses
£41,684
Stamp duty on new cap
Exp.on new iss.2d pf.sh
£3,048,669 £4,938,084
£40,484
E40.111
100,000
164,813
£5,626,672
£39,251
100.000
Profit
£4,816,910
Prof. dividends (5%),,,, E100,000
2d Prof. dive.(7%)
350.000
Ordinary dividends
•
4,365,369
Rate paid
(22%%)
£3,008,185
Interest
Dividends
Balance
Brought in
Carried forward
£100,000
350.000
4,357,157
(223i%)
£4,633.160 £5,487.421
£100.000
£100,000
216,542
4,357,157
5,325,414
(22M%)
(27%%)
£1,540df£1.798.972 def£40.539
230,084
2,029.057
2.069,596
£231.624
£230.084 £2,029,057
£62,007
2,007,589
£2,069.596
BALANCE SHEET DEC. 31.
38,785
7,928,176
Assets1924.
1923.
1922.
1921.
Property (shares, &c.)...£23,503,053 £23,410,372 £20,473,267 £20,256,603
Debtors and loans
99.856
116,612
175,802
99,672
Dividends duo
4,159.261
Total
36,761,351 38,238,946
4.399,943
4.378,731
Total
4,722,739
36,761,351 36,236,946 Investments
7,988.874
8,355,402 12,820,686
6,820.359
Note.
-Securities of the company held by it unpledged, $2,749,710. Fixed dep. with bankers_
50,000
50,000
100,000
- *. 120, P. 2137.
-9
Cash
598,228
99,136
439.293
2,438,771
Total
£36,399,273 £36,431,466 £38,387,780 £34.338,143
Mobile & Ohio Railroad.
Liabilities
Capital
(77th Annual Report
-Year Ended Dec. 31 1924.)
£26,401,644 £26,365,144 £26,365,144 £21.365,144
Reserve, &c
5,000.000
5,000,000
5,000,000
5,000,000
TRAFFIC AND TRANSPORTATION FOR CALENDAR
Creditors
YEARS.
212,346
290,800
443,235
526,162
Unclaimed dividends_ _ ..
1924.
17,456
1923.
1922.
17,447
22,353
1921.
26,826
Pref, dividend accrued....
Average miles operated_
1,165
25.000
1,165
25.000
1,165
25.000
1,165 2d Prof. div. accrued...
25,000
Operations
-145.833
145,833
145,833
Passengers carried__ _ _ 1,363,904
4,596.994
1,509,933
4,587,241
1,441,489
6.386,214
1,597,601 Profit balance
7,395,010
Pass. carried one mile__ 55,258,934 58,998.558 53.744,723 55,138,654
Total
Av.rate per pass. p.m__ 3.335 cts.
3.464 cts.
£36,399,273 £36.431,466 £38,387,780 £34,338,143
3.373 cts.
3.386 cts.
Revenue tons moved_ _ _ 7,282,813 7,587,637 6,374,296
"The investments, taken at market price or under on Dec.
6.083,674
31, include
Tons moved one mile_ _1788761.000 1902116,000 1653772,000 1565272,000 £1,149,916 National War bonds.
Avg°,rate per ton p.m. 0.923 as. 0.890 ctn. 0.923 cts. 0.980 cts. and municipal stocks, £5,623,398£807.540 Colonial Government railway
Treasury bonds, £408.020 War Loan
Avge.rev. tr.-load (tons)
600.91
587.44
514.15
490.92 bonds, and £28,647 foreign Government and municipal stocks.
Gross earnings per mile_
$16,251
-V. 120,
$16,798
614,970
$15,274 p. 3201. 2825.
THE CHRONICLE
3308
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
New Equipment.
--Class I railroads from Jan. 1 this year to June 1
placed in service 70,949 freight cars. This was an increase of 12,394
cars over the number installed during the corresponding period last year.
Of the total number installed from Jan. 1 to June 1, this year, 37.698
were box cars, an increase of 10,869 over the number placed in service
during the same period last year. There were also 25,117 coal cars placed
In service during the five months period in 1925, or 6.295 more than during
the same period in 1924. The railroads also placed in service 2,703 refrigerator cars and 2,807 stock cars. During the month of May alone,
freight cars installed totaled 13,023, which included 7,379 box cars, 4,413
coal cars, and 281 refrigerator cars. Freight cars on order on June 1
totaled 36,515. compared with 61,256 on June 1 last year.
Class I railroads during the first five months this year also installed
In service 748 locomotives, of which number 147 were placed in service
during the month of May. Locomotives installed during the first five
months last year numbered 911. The railroads on June 1 this year had
329 locomotives on order, compared with 447 on the same date one year ago.
Car Surplus.
-Class I railroads on June 8 had 318,805 surplus freight
cars in good repair and immediately available for service, according to
reports filed June 19 by the carriers with the Car Service Division of the
American Railway Association. This was a decrease of 4,819 under the
number reported on May 31. Surplus coal cars in good repair on June 8
totaled 125.785, a decrease of 7,774 within approximately a week, while
surplus box cars in good repair totaled 143,800, an increase of 3,124 during
the same period. Reports also showed 23.879 surplus stock cars, an increase of 917 over the number reported on May 31, while there was a decrease of 1,280 during the same period in the number of surplus refrigerator
ears, which brought the total for that class of equipment to 17,287.
-No car shortage is being reported.
Car Shortage.
Matters Covered in 'Chronicle" of June 20.-(a) Movement for wage
Increase under way by railroad trainmen and conductors, p. 3148. (13)
Death of Julius Kruttschnitt, formerly Chairman of Southern Pacific Co.,
p. 3148. (c) Service of railroads revolutionizing business methods and
saving millions of dollars to shippers, according to H. P. Thom. p. 3148.
(d) R. H. Aishton points out that return to railroads does not reach 53 %
designated as fair return. p. 3148.
-New Director.
Baltimore & Ohio RR.
Delos W. Cooke has been elected a director, succeeding
Charles A.
Peabody.
-V. 120, P. 3182.
-To Start Motor Coach Lines.
Boston & Maine RR.
In filing with the New Hampshire P. S. Commission applications for
four motor coach routes in that State, Boston ee Maine Transportation Co.
announces also plans for establishing inter-State motor coach operations
between Boston and the White Mountains, and between Boston and
Portland, Me. It is h* ped to have these lines in operation about July 1.
o
The motor coach routes projected in New Hampshire are intended to
provide service in new territory or to extend or supplement service now
given by passenger trains of the Boston & Maine RR. It is reiterated
that there is no intention to operate motor buses on lines paralleling the
railroad in commuter zones.
The lines for which approval of the New Hampshire Commission are
now asked are:
Plymouth to Lincoln. traveling via the main highway through Campton,
Thornton and Woodstock, in the Pemigewasset Valley.
Franklin and Franklin Falls to Bridgewater, via the main highways
through Hill and Bristol and along the shores of Newfound Lake.
Concord to Dover, traveling via the main highways through Chichester,
Epsom, Northwood, Barrington and MadburY.
Concord to Sunapee and Newport(N. H.), traveling via the main highway
through Hopkinton, Warner, Bradford and Newbury, and along the
shores of Lake Sunapee.
The Boston & Maine Transportation Co. is to operate motor coaches
on the Boston-Portland run, and in a service to the White Mountains,in
Is announced "in an effort to determine for itself and for the public the
extent to which such services may offer attractions not presented by the
railroad, and the extent to which such services may be developed along
sound economic lines."
The Boston-Portland service will be direct; the White Mountain service
will be via Portsmouth, N. H., Intervale, N. H., and Bretton Woods,
N. H.. with a terminal at Bretton Woods or at Bethlehem.
In every case: arrangements will be made for the transportation of handbaggage with passengers.
The Maine P. 17. Commission has granted authority to the Boston &
Maine Transportation Co. to operate jitneys between Portsmouth, N. H.,
Kittery Junction and Wells. Me. •
-S.
Files Briefs With I. C. Commission Presenting Arguments
for Discontinuance of Lines.
-S. C. Commission and also with the
The company has filed with the I.
Massachusetts Dept. of Public Utilities two briefs, one in support of its
petition for discontinuance of certain lines in Massachusetts and the other
covering lines in New Hampshire, concerning which hearings ha ge already
been held. The road declares that it is willing to turn these lines over to
protestants if they wish to continue their operation, but states that they
have shown no interest in assuming their operation. In fact their counsel
has "exercised much ingenuity in suggesting why the railroad could not
legally transfer these properties to others for operation."
The briefs recite that for many years B. & M. has failed to earn a fair
return on its property. No dividends have been paid on its 540,000.000
of Common stock since 1913. In 1919 there was a reorganization of its
finances following a receivership, in course of which the holders of lease.
linesecurities which theretofore had received dividends by way of rental
exchanged their securities for some $38.000,000 of B. & M.Preferred stock.
This failure of the road to earn dividends is an undue hardship on its
stockholders because the road's capitalization is conservative. The
tentative valuation found by the Commission plus additions and betterments to Dec. 31 1923, is approximately 5288,000.000: its investment
account as of the same date 5262,000.000. anu the par value of securities
In the hands of the public about 8222,000,000.
It would seem clear that a railroad with so conservative a capitalization
and investment account is entitled to earn a fair return upon them, but
unfortunately such a return the B.& M.has been unable to realize for many
years. For the past 10 years its showing has been as follows:
Rate of
Rate of
Rate of
Rate of
Return. YearReturn.
Return. YearReturn. YearYear1921-(Deficit) 1923
1.21
.82
4.64U 1918
1915
2.72% 1924
3.63%
.82% 1922
5.89 ,,, 1919
1916
3.30% 1920- -__(Deficit)
1917
It is apparent that these results have not afforded a basis for good credit,
for the road has not been able to sell any stock for many years; with the
exception of a small issue of bonds in 1922, it has been able to finance its
needs only by loans from the Government.
It is pointed out that coincident with the effort to re-establish the credit
of the company, desirability of reducing unprofitable branch mileage has
received much attention. In meeting the reduction in traffic through
inroads of motor vehicles, B. & M. has been active in attempting also to
reduce expenses. For example passenger train miles have been reduced
from 12,200.000 in 1913 to 9,700,000 in 1924, and since Federal control
approximately 80 stations have been discontinued or made non-agency
stdtions and 25 or 30 cases of similar curtailment are pending.
The Boston & Maine's average freight density per mile of road in 1922
was about 1,100,000 tons while for the roads in the Eastern district outside
New England the average was three times as much, or about 3.350,000
tons. The three branches of the B. dr M.in Essex County, Mass., are the
product of a period of competitive railroad building in the 40s and 505.
The population of several of the communities served by these lines is actually
less than when the branches were built three-quarters of a century ago.
Upon thorough analysis of revenues and expenses of these lines. i.e., the
Newthuyport branch, the Lawrence branch, the South Reading branch and
the Tewkesbury branch, it is apparent that their operation involves losses
of at least $250,000 per year.
While it does not seem that allowance of these applications will involve
substantial hardship to the local communities, if the contrary were true,
it is contended, it would not be of controlling importance.
A similar situation prevails on the New Hampshire lines which the B.& M.
p asking permission to discontinue. Their operation, it Is stated. involves
losses of at least $225,000 per year.
Vor.. 120.
With these losses established beyond question, the briefs contend, the
Commission must weigh the public convenience and necessity of the protesting localities against that of the larger community. "It is the broad rather
than the local interest to which the law directs that the Commission give
primary consideration. The broader and controlling interest requires that
the inadequate earnings of the B. dr M.no longer be dissipated in supporting
these lines which these local communities are unable or unwilling to support."
-V. 120, p. 3062. 2810.
Cambria & Indiana RR.
-Tentative Valuation.
The I.
-S. C. Commission has placed a tentative valuation of $3,800,000
on the total owned and used properties of the company as of June 30 1918.
-V. 120, p. 1086.
Canadian National Rys.-Definitive Bonds Ready.
-
Dillon, Read & Co. announce that interim receipts for the issue of
$35,000,000 Canadian National Rys. 4 % Guar. Gold bonds (consisting
of $18,000,000 Canadian National Ry. Co. 5
-year bonds, due Feb. 15 1930
and $17,000,000 Canadian Northern Ry. Co. 10
-year bonds, due Feb. 15
1935) are now exchangeable for definitive bonds at the Bankers Trust Co.
(See offering in V. 120 p. 698.)
The L-S. C. Commission has placed tentative valuations as of June 30
1917 on the following subsidiaries of the Canadian National By. Co.:
(1) The St. Clair 'runnel Co. of Michigan, $1,765,591 on total owned
and $1_,800,980 on the total used properties.
(2) The Detroit & Huron Ry..$261,500 on the total owned and $264,300
on the total used properties.
(3) The Grand Trunk Milwaukee Car Ferry Co. of Michigan, $965,320
on the total used properties.
(4) The International Bridge Co. of New York. 5975.000 on the wholly
owned and used properties.
-V. 120, p. 952.
Carolina Western RR.
-Stock.
-
The I.
-S. C. Commission on June 13 authorized the company to issue
$50.000 capital stock (par $100 each) for the purpose of acquiring approximately 6 miles of road which has been operated by the company since
April 3 1924. The line was Tormerly operated as a private logging road by
the Camp Manufacturing Co., from which the company acquired property
valued at $49,100. The Camp Manufacturing Co. is willing to accept in
payment for the property $49,100 of the company's capital stock.
-V. 120.
p. 3062.
Central Railroad of New Jersey.
-Special Dividend.
-
A special dividend of 2% has been declared on the Capital stock, payable
July 15 to holders of record July 7. Special dividends at the rate of 4%
per annum have been paid since Dec. 1899.
The regular quarterly dividend of 2% has also been declared payable
Aug. 15 to holders of record Aug. 5.-V. 120. p. 2806.
Chesapeake & Ohio Ry.-Directors Re-elected.
Despite opposition from the Scott protective committee. Messrs. 0. P.
and M.J. Van Sweringen, Harahan, Bernet, Bradley, Ross, Colston, Nutt,
Miller, Hanna and Louderback were re-elected directors at the annual
meeting of stockholders at Richmond, Va., June 23. This meeting was
originally scheduled for April 21 but was postponed. Of the 680,138 shares
of stock represented at the meeting, 548,254 shares voted in favor of reelection of these directors, while 131,880 were opposed.
In addition to protesting against the re-election of directors, the Scott
committee, through their attorneys, W. C. Faulkner, protested and voted
against the holding of the annual meeting at this time, against the ratification of the minutes of the April 1924 annual meeting, and against the acts
of officers and directors of the company since the 1924 annual meeting.
Voting in all cases was the same.
The meeting approved the leasing of three small roads in the vicinity of
Ashland, Ky., the Scott committee not voting.
-V. 120. p. 3182.
Chicago Kalamazoo & Saginaw Ry.-Valuation.The I.
-S. C. Commission has placed a tentative valuation of $1,249,635
on the total owned, and $1.117,635 on the total used properties of the
company as of June 30 1918.-V. 104, p. 1590.
Chicago Milwaukee & St. Paul Ry.-Receivers Offer
Rate Plan to Aid Road-Propose that Surplus from Higher
Tariff for West Go to Roads with Deficit-Proceeds of the
Increased Charges to Be Segregated and Divided Later.
-For
statement of receivers, given out June 19, supporting above
plan, see under "Current Events and Discussions' on a
preceding page.
Registrar for Certificates of Deposit Issued Under Plan.
The American Exchange National Bank has been appointed registrar
of the certificates of deposit issued by the United States Mortgage & Trust
Co. as depositary for the 4% bonds of 1925 under the plan and agreement
dated June 1 1925.
The Chase National Bank has been appointed registrar for an authorized
issue of Guaranty Trust Co. certificates of deposit for Gen. & Ref. Mtge.
gold bonds. Series "A," amounting to $43,089,000, and Series "B," amounting to $29,141,300.
The Equitable Trust Co. of New York has been appointed registrar for
certificates of deposit for Pref. stock issued by the New York Trust Co. as
depositary under plan and agreement dated June 1 1925.
Bondholders' Protective Committee Urges Acceptance of
-The bondholders' committee (F. H.
Reorganization Plan.
Ecker, Chairman) has issued a circular letter to the holders
of bonds which are being disturbed under the reorganization
plan announcing that it has adopted and approved the plan
promulgated by Kuhn, Loeb & Co. and National City Co.,
as reorganization managers. The committee says in substance:
This plan is the result of long and careful study given to the financial
problems of the system, extending over a considerable period during which
the reorganization managers were co-operating with the directors of the company in endeavoring to find some way to solve the company's immediately
pressing difficulties without the necessity of a receivership, and is also
based upon the report on the company made by Coverdale & Colpitts,
engineers.
Readjustment of the financial structure, much more than rehabilitation
of physical property, is the chief need of the St. Paul System. Under its
existing financial structure the St. Paul has failed to earn its fixed interest
charges during the years 1921-1924, inclusive, by an average of over
,
$5,000,000 per year. Were the acounts re-stated as recommended by
Coverdale & Colpitts to give effect to increased rates for depreciation of
equipment and certain other items properly chargeable against the earnings
of the system, this average annual deficit would be materially larger.
,
Company has also been unable to provide for approximately $48,000,000
of bonds which matured June 1. and it faces the maturity of over $190,000.000 of additional obligations in the ten years to 1934.
It is essential for the rehabilitation of the company and its re-establishment as a financially strong system: (a) that it be freed from the constant
threat of financial embarrassment through fixed interest obligations for
which there is no substantial margin of earnings; (b) that provision be made
for the funding into long-term bonds of all the bonds secured by the junior
mortgages maturing in the next ten years; and (c) that provision be made
for future requirements by a mortgage of sufficient security to enable bonds
secured thereunder to be sold on a normal interest basis.
The proposed plan meets these requirements (a) by reducing the fixed
interest charges by over $10,000,000 a year, bringing them well within
,
present income; (b) by converting the short-term maturities above referred
to into long-term obligations; and (c) by providing necessary means for
financing future capital requirements.
The committee believes that nothing can be gained but much may be
lost by the bondholders, by continuing the receivership and delaying the
reorganization in the hope that any increase in rates which may be authorized by the I.
-S. C. Commission or any favorable developments in the
Northwest will make the readjustment of the system's capital structure
unnecessary or more advantageous to the bondholders.
So long as the receivership continues the entire income of the property
not required for interest on underlying bonds will undoubtedly be devoted
to capital expenditures (for which purposes Coverdale & Colpitts recommend over $50,000,000 (largely for equipment) during the three years
1925. 1926 and 1927); therefore the junior bondholders would be entirely
JUNE 27 1925.]
THE CHRONICLE
3309
deprived of income, and capital expenditures for which the income did not
Chicago Rock Island & Pacific Ry.—Equip. Trusts
provide would either have to be postponed or be financed through the issue
of short
-time receivers' certificates except in so far as part of the cost of Sold.—Speyer & Co. and Dillon, Read & Co. have sold
new equipment could be financed by equipment obligations. Furthermore, at prices to yield from 43% to 4.80%,according to maturity,
the time when the L-S. C. Commission will act, and the nature and the
extent of any relief which it may grant, cannot be foretold. It is not (an average price of 98.43 and div. for equal amounts of all
believed that the continued insolvency of the system will in any way expe- maturities being an average yield of 4.75%) $5,400,000
dite a beneficial increase in rates, while if an early reorganization is accomplished the bondholders as holders of new securities issuable under the 43..% Equip. Trust certificates, Series N (issued under
plan will be the first to receive the benefits of any increase which may ulti- Philadelphia plan).
mately be obtained.
Dated Aug. 11925: due in annual installments of $360,000 each Aug. 1
The committee also believes that, irrespective of any increase in rates
.
which may be obtained, it would be distinctly unwise to reorganize the 1926 to 1940 incl. Denom. $1,000c5 Dividends payable F. & A. Prinsystem in any manner which did not provide a financial structure capable cipal and dividends payable in N. Y. City. Equitable Trust Co.. New
of surviving a repetition of even such adverse conditions as have prevailed York, trustee.
Guaranty.—Company unconditionally guarantees the payment of prinduring recent years.
In the opinion of this committee the early achievement of the ends above cipal and dividends on these Equip. Trust certificates by endorsement on
outlined is of prime importance to all holders of the bonds which this com- each certificate.
Security.—These certificates are to be issued under an equipment trust
mittee represents. This necessarily requires that the $230,950.796 of bonds
secured under the Gen. & Ref. Mtge. and the Puget Sound Mtge. be con- agreement and lease with the Equitable Trust Co., New York, as trustee,
verted into income obligations, which will be junior to the new securities whereby the trustee will hold title free and clear to new equipment valued
at cost at approximately $4.729,536 and to rebuild equipment appraised
provided for the raising of new money.
The stockholders cannot be expected to provide the large amount of new at $2,565,000, a total of $7,294,536. Title will remain in the trustee
money presently required unless they are given, for a substantial part of until full payment of _principal and dividends of all of the certificates.
These Equipment Trust certificates are issued for approximately 75%
that new money, a security upon which the interest is certain and which
has a value, together with the stock to be issued to them, sufficient to of the stated value of the pledged equipment. The equipment consists of
10 8
-wheel switching locomotives, 10 2-10-2 type locomotives, 5 baggage
justify their paying the assessments required by the plan.
Mack
The liquidation of the $55,000,000 debt to the United States as provided and mail cars, 1,200 box cars, 400 coal cars. 2 buffet baggage cars. 2fme
in the plan the committee believes is essential. These loans are now as a motor trucks, 1 locomotive wrecking crane, 4 Jordan ditcher spreaders,
and 1.000 rebuilt refrigerator cars.—V. 120, p. 2811. 2261.
practical matter ahead of the bonds represented by this committee.
Were the debt to the Government to be extended and the new securities
Chicago St. Louis & New Orleans RR.—Joint First
issuable against the present collateral, or other new securities, pledged as
collateral, the question of the ultimate refunding of the debt would remain Refunding 5s Offered.—
a constant drag on the new company's credit. Bonds would have to be
see Illinois Central RR. below.—V. 118, p. 2437.
reserved under the new First & Ref. Mtge. for such refunding, possibly to
be sold, eventually, at a discount or at a higher rate of interest than 5%.
Chicago St. Paul Minneapolis & Omaha Ry.—Tentaper annum, thereby materially weakening the value of that security and
tive Valuation.—
Its adequacy as a provision for future capital expenditures.
The report made by Coverdale & Colpitts has been filed with the Court
The I.
-S. O. Commission has placed a tentative valuation of $86,710,600
by the receivers, together with a statement by the receivers that they agree on the total owned, and $86,734,107 on the total used properties of the
with the facts therein set forth and concur generally in the recommendation company as of June 30 1917.—V. 120, p. 2811.
of the engineers as to the advisability of an increase in the rates for depreciation of equipment and as to the capital expenditures necessary for addiCleveland Union Terminals Co.—, Bonds.—
tions and betterments to road and equipment and for the acquisition of new
The I.
-S. C. Commission has authorized the company to issue not
equipment.
exceeding 215,000,000 1st Mtge. Sinking Fund Gold bonds, Series B,
The committee believes that the reorganization of the St. Paul under the to be sold at not less than 98.21% and int. and the proceeds used for conproposed plan will be to the interest of the holders of the bonds of the issues struction. The New York Central, Cleveland Cincinnati Chicago & St.
which the committee represents, and that with the co-operation of such Louis, and the New York Chicago & St. Louis roads were authorized to
holders a long receivership can be avoided. The committee, therefore, guaranty the bonds.—V. 118, p. 1771.
urges all bondholders to deposit their bonds under the plan at once, and,
in any event, before July 15 1925.
Delaware & Hudson Co.—Managers Approve Lease of
Orders Interest Paid on $10,000,000 Government Loan.—
Buffalo Rochester & Pittsburgh.—
Federal Judge Wilkerson in the U. S. District Court at Chicago. June 25.
The board of managers of the Delaware & Hudson Co. approved the
ordered the receivers to pay interest of $300,000, due July 1 next, on a lease June 24 of the Buffalo Rochester & Pittsburgh By. for a term of 999
years. The lease provides rental sufficient to pay 6% annual dividends on
$10,000,000 Government loan.
the $6.000,000 outstanding Preferred stock and the 210,500,000 Common
Abandonment of Branch Line.—
stock, besides paying all fixed charges and assuming maturing debts.
The I.
-S. C. Commission on June 13 issued a certificate authorizing the
The directors of the Buffalo Rochester & Pittsburgh approved the
abandonment of a portion of a branch line of railroad in Marinette County, lease of their property on May I. Stockholders of both companies have
Wis. The entire length of the branch is given as 17.69 miles and extends yet to approve the lease.—V. 120, p. 2811. 2265.
from a point 0.44 of a mile north of a connection with the main line of the
Superior division at Wausaukee, Wis., to Girard Junction, Wis.—V. 120,
Delaware Lack. & Western RR.—New President.—
P. 3183.
John Marcus Davis, President of Manning, Maxwell & Moore, Inc., has
been elected President, succeeding William H.Truesdale, effective July 1.—
Chicago North Shore & Milwaukee RR.—Bonds Offered. V. 120, p. 3062.
—Halsey, Stuart & Co., Inc., and the National City Co. are
offering at 99M and int., to yield about 6%,82,950,000 1st
& Ref. Mtge. 6% Gold bonds, Series "A." Dated Jan, 2
1925i due Jan. 1 1955. (See original offering and description in V. 119, P. 2877.)
Data from Letter of Chairman Samuel Insull, Chicago, June 16.
Company.—Owns and operates the railroad running from Evanston,
Ill., along the shore of Lake Michigan to Milwaukee, Wis. with a branch
to Mundelein, Ill., all electrically operated. The lines owned, nearly all
of double-track construction, are equivalent to 200 miles of single track.
Through lease and traffic agreements, the company operates into the Loop
district of Chicago and south to 63d St., and renders a complete service to
the "North Shore" residential district and manufacturing centres, including merchandise dispatch service and through all-steel dining, parlor and
observation train service, carrying passengers to and from the heart of the
business district of Chicago to its centrally located terminal in Milwaukee,
Wis. Company has completed a 5
-mile extension from the lines of the Chicago Rapid Transit Co. at Howard St., Chicago,to Niles Centre, over which
the latter company operates under lease and traffic agreements. This line
Is now being extended through Skokie Valley to connect with the main line
near Lake Bluff, Ill.
Security.—Secured (a) by a direct first mortgage on the important extension from Howard St., Chicago, to the main line near Lake Bluff, Ill.,
the first section of which is now in operation;(b) by the pledge of $5,500,0110
of underlying bonds, being approximately 58% of such bonds outstanding;
and (c) by a direct mortgage lien on the balance of the company's physical
property now or hereafter owned,subject only to prior lien bonds from time
to time outstanding.
Sinking Fund.—Mortgage provides for a sinking fund beginning Dec. 1
1925, with semi-annual payments equal to % of the principal amount of
bonds then outstanding under the mortgage and underlying bonds at such
times in the hands of the public. This fund will be applied to the purchase and retirement of 1st & Ref. or underlying bonds in the order named,
If obtainable at or below the then redemption price, or, if not so purchasable, used against capital expenditures which might otherwise have been
made the basis for the issuance of additional bonds under the mortgage.
Capitalization—
Authorized. Outstanding.
Prior lien 7% cumulative stock
$10,000,000 a$2,500,000
Preferred 6% Non-Cumulative stock
5,000.000
5,000.000
Common stock
5,000,000
5,000,000
-Year Non-Int.-Bearing notes due July 1 1928
5
d2,684,208
1st & Ref. Mtge.6% Gold bonds, Ser. A (incl. this issue)
b9,950,000
Underlying divisional 5% bonds, due July 1 1936 (closed)
c4.000,000
a Includes amount now being sold on deferred payment plan. b Issuance
of additional bonds limited by the restrictions of the mortgage. c Does
not include $5,500,000 pledged as part security for the 1st & Ref. Mtge.
bonds. d Exchangeable at maturity at option of company for 5
-Year 5%
notes or 6% Non-Cum. Prof. stock.
The above table does not include $1,154.000 6% Equipment Trust certificates and $625,713 real estate mortgages, interest on which is included
in operating expenses.
Purpose.—Proceeds will be used on the construction of the extension of
the company's line from Niles Centre to a point on the main line near Lake
and for other corporate purposes.
Bluff,
Consolidated Earnings 12 Months Ended March 31.
1924.
1925.
$6,177,789 $6,550,078
Gross revenue, including other income
Oper. exps., incl. maint., rentals and taxes
4,753,897
4,961,207
Net earnings before depreciation
$1,423,891 $1,588,871
Annual interest requirements on 213,950,000 mortgage bonds
presently to be outstanding in the hands of the public amt. to
707,000
—V. 120. P. 1385, 3064.
Chicago & North Western Ry.—Changes in Personnel.—
Marvin Hughitt has resigned as Chairman of the board of directors of
the Chicago & North Western Ry. and its subsidiary. the Chicago St. Paul
Minneapolis & Omaha By. The office of Chairman has been discontinued
by both roads. Mr. Hughitt has been elected Chairman of the Finance
Committee of the Chicago & North Western Ry.
F. W. Sargent. Vice-President & General Counsel of the two roads, has
been elected President of the North Western and Omaha, succeeding W. H.
Finley, who resigned because of ill health.
& North Western
• The directors of the Chicago the Inter-State By. on June 23 authorized
Commerce Commission for
that application be made to
permission to acquire the Chicago St. Paul Minneapolis & Omaha By.
Sufficient stock of the latter, it was said, has been deposited to warrant
the action.—V. 120, p. 2938.
Florida East Coast Railway.—Listing.—
The New York Stock Exchange has authorized the listing of $15,000,000
additional 1st & Ref. Mtge.5% Gold Bonds, Series "A," due Sept. 11974,
making the total amount of Series "A" bonds applied for $30,000,000.
Income Account 3 Months Ended March 311925.
27:730:765
Railway operating revenues
343
Railway operating expenses
344,297
Railway tax accruals
2,031
Uncollectible railway revenue
2,508,092
Railway operating income
131,421
Non-operating income
32.839,514
915,058
Gross income
Total deductions from gross income
$1,724,457
Balance Sheet as of March 31 1925.
Liabilities—
Assets—
$37,500,000
$75,575,240 Common stock
Total investments
9,596,539 Funded debt
32,175,000
Cash
899,464
Time drafts & deposits-- 1,000,000 Traffic & car ser. bal. pay
895,148 Aud. accts. & wages pay_ 2,298,635
Special deposits
'21,638
Loans & bills receivable_ 1,388,189 Miscell. accts. payable__
34.045
176,699 Int. matured & unpaid_ _
Traffic & car serv. bal.rec
292,937
267,469 Unmatured int. accrued_
Bal.rec.fr. agts.& cond9,153
724,859 Unmatured rents accrued
Miscall. accts. rec
4,017,983
Materials & supplies_ _ _ _ 2,634.438 Unadjusted credits
20,348 Additions to prop. thro.
Int. & divs. receivable__
201,924
4,025 income & surplus
Deferred assets
1,510,282 Profit & loss balance__ _ _ 16.342,436
Unadjusted debits
Net income
Total
—V. 120, p. 2681.
$93,793,238
Total
$93,793.238
Graham County RR.—Construction of Line.—
The I.
-S. C. Commission on June 15 issued a certificate authorizing the
company to construct and operate a line of railroad extending from a point
on the Murphy branch of the Southern Ry. about 3 mile east of Topton
Station to Robbinsville, a distance of approximately 11 miles, all within
Graham County, N. 0.
Company was chartered by special Act of the Legislature of North Caroline in 1905, and on April 22 1912 issued 598 shares of stock of the par value
of $100 each, all of which are now outstanding. The grading of the railroad was practically completed in 1916, but work was suspended on account
of lack of funds. It appears that nothing further was done toward completing the railroad until the outstanding stock was acquired by the present
holders about Dec. 1 1924.
Illinois Central RR.—Bonds Sold.—Kuhn, Loeb &
Co. have sold at 100 and int. $7,094,000 Illinois Central
RR. and Chicago St. Louis & New Orleans RR. Joint 1st
Ref. Mtge. 5% bonds, Series "A," due Dec. 1 1963.
Interest payable J. & D. Denom. $1,000 c* and r*. Entire issue red.
as a whole only at the option of the Chicago St. Louis & New Orleans RR.
at 110 and int. on any int. date upon not less than 90 days' notice.
Issuance.—Issuance and sale approved by I.-0. C. Commission.
Data from Letter of Charles A. Peabody, Chairman Executive
Committee, New York, May 26.
Security—Bonds are the joint and several obligations of the Illinois
Central RR. and Chicago St. Louis & New Orleans RR., and are secured
(under the Joint 1st Ref. Mtge. made by the Illinois Central RR.. Chicago
St. Louis & New Orleans RR. and the Canton Aberdeen St Nashville RR.
to Farmers Loan & Trust Co., as trustee) by a direct mortgage on about
1,542 miles of railroad (in addition to trackage and leaseholds), including
the important bridge over the Ohio River at East Cairo. Ky., with its
Kentucky approach, and on valuable terminal properties in New Orleans,
La. Louisville Ky. Memphis, Tenn., Evansville, Ind., and elsewhere,
subject to existing liens which may not be renewed or extended and for the
retirement of which, at or before maturity, provision has been made.
The system of railroads covered by this mortgage includes the main line
of the Illinois Central System from Cairo, Ill. to New Orleans, La. and
connects such important traffic centres as New Orleans, Memphis and
'
Louisville with the main line to Chicago and the North, and comprises all
lines of the Illinois Central System south of the Ohio River, with the exception of the Chicago Memphis & Gulf RR., the Brookhaven & Pearl River
RR. (with mileage of 52 miles and 21 miles, respectively) and the Yazoo
& Mississippi Valley RR. System, which is operated independently.
3310
THE CHRONICLE
-The present issue of bonds is being sold to reimburse the
Purpose.
Illinois Central RR,for advances made for additions and betterments to the
railroads and other properties subject to the Joint 1st Ref. Mortgage.
Illinois Central RR.
-Has paid dividends on its capital stock uninterruptedly since 1860. Company has at present outstanding $20,498,000
of 6% Pref, stock and $121.331,300 of Common stock, on which dividends
are being paid at the rate of 7% per annum. The net income of the Illinois
Central RR.for 1924, after payment of all taxes, amounted to $36,102,989.
while its total fixed charges for rentals, interest. &c.(including interest on
the Joint 1st Ref. Mtge. bonds then outstanding in the hands of the public),
amounted to only $15.379.747.
-Are issuable in series bearing
Joint First Refunding Mortgage Bonds.
interest at not exceeding 59' per annum. The present issue of bonds will
be part of Series "A." Both principal and interest will be payable in gold
without deduction for any tax, assessment or Governmental charge (except
Federal income taxes) which the companies or the trustee may be required
to pay thereon or to retain therefrom under any present or future law of
the United States of America, or of any State, territory, county or municipality therein. Total authorized is 5120.000.000. of which there will be
.
outstanding in the hands of the public, after the present issue, $48,698,000
of Series "A" and Series '13" 5% bonds. In addition, $17,350.000 of
Series "A" 59' bonds are pledged as part collateral for the Illinois Central
6
-Year 51, % Secured Gold bonds, due Jan. 11934, and 53,820.000
RR. 15
-Year
bonds are pledged as part collateral for the Illinois Central RR. 15
63.5% Secured Gold bonds, due July 1 1936. The balance of $50.132.000
bonds Lssuable under this mortgage are reserved to retire a like face amount
of _prior lien bonds.
-Application will be made in due course to list these bonds on
Listing.
-V. 120. p. 2005, 1744.
the New York Stock Exchange.
-Bond Application.
Kentucky & Indiana Terminal R R.
The L-S. C. Commission on June 15 denied the company's application
for authority to procure the authentication and delivery of $426,600 of
-V. 120. P. 3183.
First Mortgage Gold bonds.
-Merger.
Long Island RR.
The New York Brooklyn & Manhattan Beach By. has been merged
-V. 120. p. 2546.
with the Long Island RR.
Moore Haven & Clewiston Ry.-Control, &c.
[Vor. 120.
Date July 1 1925. Due in 15 equal installments of $240,000 on each
July 1 from 1926 to 1940 inclusive. Not redeemable before respective
.
maturities. Denom. $1.000 c5 Dividend warrants payable J. & J.
Farmers' Loan & Trust Co., New York, trustee.
The company unconditionally guarantees payment of principal and dividend warrants by endorsement on each certificate.
Security.-Certlficates will be issued for not to exceed 75% of net cash
cost of new standard equipment comprising 36 electric power locomotives.
The net cash cost of the new equipment will not be less than $4,815,410,
of which the company will make an initial payment of $1,215,410, or over
-Stockholders of the Norfolk &
Virginian-Norfolk & Western Lease.
Western fly. on May 23 and stockholders of Virginian fly. on May 29
ratified an agreement to lease the railroad, property and franchises of
Virginian Ry, to the Norfolk & Western for a term of 999 years, subject to
the approval of the L-S. C. Commission and any other public authorities
that may be necessary. The terms of the proposed lease provide for the
payment by the Norfolk & Western of operating expenses, taxes, interest
on funded and unfunded debt, a reasonable amount for maintenance of the
corporate organization, and dividends at the rate of 6% per annum on
Virginian fly, outstanding Pref. stock (279,550 shares) and on its Common
-V.120.p. 2812,2547.
stock (312,715 shares).
Vicksburg Shreveport & Pacific Ry.-Listing.The New York Stock Exchange has authorized the listing of(a)$2.125,700
5% Non-Cumulative Preferred stock (par $100), with authority to add
$17.100 on official notice of issuance in exchange for outstanding lithographed certificates: and (b) $2,836,400 Common stock (par $100), with
authority to add $20,100 on official notice of issuance in exchange for
outstanding lithographed certificates.
Income Account 4 Months Ended April 30 1925.
$1,281,795
Railway operating income
6,545
Other income
Gross income
Railway operating expenses
Taxes
Interest on funded debt
Other income charges
31,288.341
1,060,080
89.245
70,233
19,464
$49,317
Condensed Balance Sheet as of April 30 1925.
Liabilities
Asset
$2.856.500
Investments
$11,205.312 Common stock
2.142.800
1,264,205 Preferred stock
Current assets
3.845.000
266,021 Funded debt
Deferred assets
477,388
156,419 Current liabilities
Unadjusted debits
908,489
Unadjusted credits
2,661,780
Total each side)
$12,891,958 Corporate surplus
-To Issue Bonds.
Morris & Essex RR.
The stockholders on June 24 approved a resolution to issue $35.000,000 -V.120. p.3063.
bonds and to mortgage the company's railroads and property for $35.000,000
-Notes.
Washington & Lincolnton RR.
to secure such bonds, in order to provide by such bond.ksue for the payment
The
C. Commission on June 13 authorized the company to issue not
and reimbursement to the Delaware Lackawanna & Western RR. Co.,
with the purchase
,
properly chargeable to construction account amount- exceeding: 18,250 of promissory notes in connectioninto an agreqment of
lessee, of expenditures
of
to
one
tag approximately to $11,600,000, and for the payment and reimbursement leaselocomotive. The company proposes for enter
locomopurchase of
to the lessee of future capital expenditures for improvements, extensions, tive with the Baldwin Locomotive Works will the paid in cash onedelivery
on
be
for $21,000. Of this amount $5,250
-V.120, p.2811
lawful purposes.
additions and betterments and for all other
of the locomotive and the remainder in 36 equal monthly installments of
---- $437 50.-V. 113. p. 72.
-Valuation.
New York Philadelphia & Norfolk RR.
of $11,200,000
The L-S. C. Commission has placed a final valuation
Wellington Grey & Bruce Ry.-Interest Payments,
on the owned and used properties of the company as of June 30 1915.-year ending June 30 1925. applicable
The estimated earnings for the half
V. 120. p. 827.
to meet interest on the bonds, will admit of the payment of £3 9s. 8d.
-Note.
Norfolk & Portsmouth Belt Line RR.
per £100 bond. This payment will be applied as follows. viz.: E2 2s.
-S. C. Commission on June 15 authorized the company to issue in final discharge of coupon No. 82 due July 1 1911. and Ll 7s. 8d. on
The I.
to Norfolk (Va.) National Bank a one-year 6% promissory note for $50.000 account of coupon No. 83 due Jan. 1 1912. and will be made on and after
in renewal of a promissory note in like amount maturing July 16 1925.- July 1 next at the offices of the Canadian National fly. Co., Orient House,
42-45, New Broad St., London, Eng. The coupons must be left three
V. 118, p. 3078.
clear days for examination. Last January £3 8s. 8d. per £100 bond
Northern Pacific Ry.-Changes in Personnel.
was paid.
Forty seven- (f4.700) 1st Mtge. 7% bonds have been called for payment
.
President Charles Donnelly announced on June 20 the appointment of
D. F. Lyons as general counsel of the company, effective July 1. Mr. July 1 at par and interest at the offices of the Canadian National fly. Co.
will remain with the company as Vice- in Montreal, Canada, and London, Eng.-V. 120, p. 84.
Lyons succeeds C. W. Bunn. who
President and special counsel.
B. W. Scandrett, at present Asst. Gen. Solicitor, is promoted to the
-V. 120, p. 3184, 3180,
osition of Gen. Solicitor, succeeding Mr. Lyons.
-S. C. Commission on June 6 approved the acquisition by the AtThe I.
lantic Coast Line RR. og control of the Moore Haven & Clewiston fly.
by purchase of capital stock. The Commission also approved the acquisition by the Atlantic Coast Line RR. of control of the railroad of the Moore
Haven company by lease.
The Atlantic Coast Line RR. was also authorized to assume obligation
and liability in respect of $50,000 of 1st Mtge. bonds issued by the Moore
Haven company.
g
-A.E..Ames
Pacific Great Eastern Ry.-Bonds Offered.
& Co., Ltd., Wood, Gundy & Co. and Dominion Securities
Ltd.,
Corp., Ltd. are offering at 94.21 and int., to yield 5%,
of British Columbia Guaranteed 43%
$5,925,195
•Coupon bonds issued by the Pacific Great Eastern Ry.
Dated Jan. 15 1925: due July 15 1942. Principal and interest (J. & J.)
payable at Canadian Bank of Commerce in Victoria. B. C. Vancouver.
or Toronto. or at the office of Brown, Shipley & Co. in London, Eng.. in
'
sterling at the fixed rate of $4 86.66 to the L. Denom. $1,000 and $500 c.
Subject to favorable legal opinion of E. G. Long, K.C.
This issue of $5,925.195 bonds of the company consists of $2,565,195
5
,
0
1st Mtge. 4%% Guaranteed bonds and $3,360,000 0 % Guaranteed
bonds, all of which equally enjoy the guarantee of the Province of British
to principal and interest and, in the opinion of counsel, are se-Columbia as
cured by the full credit and taxing power of the Province equally with its
direct obligations.
The Government of the Province of British Columbia has undertaken to
Initiate legislation establishing a sinking fund of $325,931 per annum, payable out of the consolidated revenue fund, which will be sufficient to meet by
July 15 1942 40% of the entire issues of the Pacific Great Eastern fly. Co.'s
securities guaranteed by the Province, aggregating $20,160,000, composed
of $16,800,000 1st Mtge. 434% Guaranteed bonds issued at the rate of
$35,000 per mile over 480 miles, and $3,360,000 43i% Guaranteed bonds
(Second Mortgage) issued at the rate of $7,000 per mile over the same mileage.
In 1918 the Province of British Columbia became the owner of the Pacific
Great Eastern fly. through acquiring all the issued capital stock, since
which time the railway has remained in the full possession and control of
-V.119, p. 1173.
the Province.
Surplus
PUBLIC UTILITIES.
-Discontinues Line.
Albia (Iowa) Light & R. Co.
The company has discontinued service on the interurban operated between Albia and Hiteman, Ia. It has been operating at a loss for the last
-V. 105. p. 496.
few years ("Electric Railway Journal").
-Plan
American Water Works & Electric Co., Inc.
to Retire $10,000,000 Participating Preferred Stock Aug. 24
Listing, &c.
The New York Stock Exchange has authorized the listing of 35.000,000
additional (authorized $20.000.000) 7% Curnul. 1st Pref. stock (par $100)
and $1,000.000 additional (authorized 550,000,000) Common stock (par
$20) on official notice of issuance, making the total amount applied for
$14,050.000 7% Cumul. 1st Pref. stock and 311.000.000 Common stock.
The directors (with the approval of the stockholders) on June 23 approved
the issuance of the additional 7% Cumul. 1st Pref. stock and COM, stock
pursuant to the terms of an agreement with a syndicate of bankers viz.,
W.C. Langley & Co., Dominick & Dominick and W. A. Harriman & Co.,
which provides for the issue, sale and delivery of the stock by the company
to or upon the order of the bankers on or before Aug. 1 1925. The agreement provides that the bankers shall make an offer to the holders of the
100,000 shares of6% Participating Pref.stock (which the company proposes
to redeem on Aug. 24 1925 at 105 and div.) whereby such holders will be
given the privilege of surrendering their stock on or before July 24, in
exchange for 3.6 share of 1st Pref. stock, l.i share of Com, stock and $27
In cash for each share of such stock so surrendered. The 1st Pref. stock
and Com, stock will be used by the bankers, so far as may be necessary.
for the purpose of making delivery to such holders of Participating Pref.
stock who avail themselves of such offer and any and all such stock which
has not been so used on or before July 24, will be taken up by the bankers
on or before Aug. 1 1925. The additional 1st Pref. stock and Common
stock is to be issued in connection with the company's purpose to redeem
Stockholders.
-Number of
Pennsylvania RR.
its entire Participating Pref. stock on Aug. 24. and the proceeds will be
The number of stockholders on June 1 were 147,185, an increase of 388 applied to that and other corporate purposes of the company.
over May 1 and an increase of 1,488 over June 1 1924. Average holdings
See Monmouth County (N. J.) Water Co. below.
on June 1 1925 was 67.84. as compared with 68.02 on May 1 and with
Earnings 12 Months Ended May 31.
68.32 on April 1. Foreign holdings totaled 3.78%.-V. 120, P. 3184.
1924.
1925.
Period-Tentative Valuation.
Pittsburg Lisbon & Western RR.
$38.980.508 338.040.268
earnings
Gross
The L-S. C. Commission has placed a tentative valuation of $662,832 on Operating expenses, maintenance and taxes
21,480,474 21,595.415
the total used properties of the company,
the total owned, and $659,450 on
6,982.887
-subs
7,751,237
Interest and amortization of discount
as of June 30 1918.-V. 112. p. 2643.
692,991
663.027
Interest Amer. W. W.& E. Co
2.521,544
3,219,835
Preferred dividends of subsidiaries
-Construction of Extension.
Southern Pacific Co.
638,783
446,925
interests
Minority
The L-S. C. Commission on June 9 issued a certificate authorizing the Res. for renewals & replacements
2,415,752
2,697.737
point
company to construct an extension of its Sutter Basin branch from a all in
near Hinsdale in a northwesterly direction. approximately 5.6 miles,
$2,721.272 $3,192,895
Net income
Sutter County, Callf.-V. 120, p. 2812,0184.
James A. Hill, President of the Knickerbocker Fuel Co., has been elected
Ry.-Sale.-V.120. P.
Toledo Peoria & Western
a director of the American Water-Works & Electric Co., Inc.
Federal Judge Louis Fitzhenry on June 22 ordered the sale of this road. 2813, 2682.
proceedings
The action was taken following the completion of foreclosureby a master
-Statement of Progress
Associated Gas & Electric Co.
Instituted by the bondholders. The sale 111 to be conducted
In chancery at the Peoria shops of the railroad at a date to be announced. and Earnings.
-Letters are being forwarded to the stock-V. 120, p. 2682.
of the formal
-Tentative Valuation. holders in anticipation of the publication
Toledo Saginaw & Muskegon RR.
annual report, which awaits the completion of the annual
audit by certified public accountants, advising them as to
the progress of the company and describing activities of the
-The National City company in the acquisition of new properties. The letter,
Virginian Ry.-Equip. Trusts Sold.
Co., Lee, Higginson & Co. and Kissel,. Kinnicutt & signed by President J. I. Mange, states in substance:
a tremendous growth. In many respects it
Growth.
Co. have sold a new issue of 33,600,000 Equip. Trust4% Is to-day -Company has hadas compared with the situation which existed
Gold Ctfs., Series "E" (Philadelphia plan) at prices to when the hardly recognizable took charge during the latter part of 1921
present management
Obviously, progress has been made. The natural question is whetherl .
yield 4% to 4.75%.
The L-S. C. Commission has placed a tentative valuation of 51 A00,000
on the wholly owned and used property of the company as of June N
-V. 71. P. 1
0.
JUNE 271925.]
has been along sound lines and in the proper direction. This can only be
answered by studying the important features of the company's affairs
(given briefly as follows):
Financial Structure.-DurIng 1924 the policy previously undertaken of
modernizing the financial structure of the company was concluded, and the
management now feels that the financial structure is firmly established on
a broad, sound and conservative basis.
-On Jan. 1 1922 the number of individual stockNumber of Stockholders.
holders was approximately 200. In Feb. 1924 it had grown to 4,000, while
at the present time there are more than 14,000 of whom over 7,000 each
hold 10 shares or less.
Preference Stock.
-In Feb. 1924 there were 52,000 shares of Preference
stock outstanding. To-day the corresponding number is 479,860. The
preference value then was $2,600,000; now it is 522,736,000.
-At Jan. 1 1922 the bonded debt of the company represented
Banded Debt,
61% of the total capitalization. To-day the Secured Gold bonds, including
$14,000,000 recently issued (V. 120, p. 2813) constitute only 35%.
the
-The consolidated balance sheet at Jan. 1 1922 showed
Balance Sheet.
a ratio of approximately 66% bonds to 34% stock. Since that time such
relationship has greatly improved, being now only 50% bonds to 50%
stock and Convertible debentures.
-The improvement in the credit position is well illustrated
Credit Position.
by the decreased cost of the money obtained from the recent issue of 6%
bonds compared with the cost of the money obtained from the 63i% bonds
issued in July 1924. The annual saving on the issue is substantially more
than $100,000 and over the life of the bonds will be more than $3,000.000.
-The consolidated book value of the properties
Book Value of Properties.
at Jan. 1 1922 was $5.473.190, whereas the cost of replacing all properties
operated at June 1 1925 has been appraised at more than $75,000,000.
Properties.
-At Jan. 1 1922 the properties served slightly more than 29,000
electric and gas consumers in communities in 4 States, serving an aggregate
population of 132.100, whereas at June 1 1925 the properties served more
than 200,000 consumers of electricity, gas or water in over 400 communities
In the 9 States of New York, Massachusetts, Connecticut, Vermont, Ohio,
New Hampshire, Maine, Kentucky and Tennessee, as well as the city of
Manila, serving an aggregate population of more than 1,000.000.
At Jan. 1 1922 the combined generating capacity of the power plants
was 6,150 k.w. with 208 miles of high tension transmission lines, whereas
at the present time; the combined generating capacity is 112.000 k.w. with
1,268 miles of transmission lines.
The output of electricity of the properties operated during the calendar
year 1921 was 12,622,930 k.w.h., while for the year 1924 the output of
the properties now operated was M6,079.519 k.w.h., and ample capacity
for substantially increased output remains.
Oversubscription of Bonds.
-The recent issue of $14,000,000 of bonds was
very favorably received by the investing public and was, we were advised
by the bankers who offered them, oversubscribed approximately 4 times on
the offering day. This is unusually satisfactory for an issue of this size
when offered at one time.
-As to the effect of the
Effect of Manila Electric Corp. Acquisition.
acquisition of the Manila Electric Corp. upon the showing on tire enclosed
earnings statement for the 12 months ended April 30 1925 had such Manila
stock been held during the past 12 months, and upon the assumption that
all of the present holdings of the Manila stock had been acquired under the
exchange offer which was made, the earning's statement would show the
following:
Associated
Manila
12 Months EndedMar.31 '25. Apr. 3025. Combined.
Gross revenues
$3,744,791 $7,683.670 $11,428,461
Oper. exp., maint. and all taxes
6,678,553
1,888,868 4.789.685
Net earnings
$1.855.923 $2,893,985 $4,749.908
Fixed charges and other deductions...
824,687
1,249,479
2,074,166
Ann. int. requirements on $9,100,000
at 6ii%, assumed cost of 182.000
shs. of Manila Electric Corp.stock591,500
Balance
$1,644.506 52,084.242
Preferred dividends
345,698
345,698
'Times Preferred dividends earned.-4.75
6.02
Capitalization June 1 1925, and Reflecting Completion of Pending Proceedings.
Outstanding
Stated Cap.
No. of
Par Val.
Shares.
Authorized.
$2.500,000
a
Sec. Gold bds., 63s cony. ser. 1954
14.000,000
a
6% series due 1955_ _ __
do
% Manila
Cony. Deb. ctfs.,
5.000.000
Electric Series
9,000,000
200,000 shs. 180.000 shs.
Original series Preferred stock
$6 Div. series Preferred stock-125.000 shs. 40,000 shs. 4.000,000
986,000
9.860 shs.
27 Div. series Preferred stock-175,000 she.
300.000 shs. 250,000 shs.1b13,000,000
Class A stock
300.000 shs. 300.000
Class B stock
a Issuable in accordance with the terms and restrictions of indenture.
-V.120, p.2813,2547.
b Includes stated capital and consolidated surplus.
-Report.
Arizona Power Co.
Calendar YearsOperating revenue
Operating exp. & taxes-
1924,.
5779.770
417.523
1923.
$872,624
440,725
1922.
$625.846
303,679
1921.
$587.032
287,038
Net operating revenue
Non-operating revenue_
$362,247
17,513
$431.899
2,565
5322.166
3,138
$299.995
1,969
Total income
DeductInt,on bonds & notes_
Int, on floating debt
Amort,debt disc.&exp
$379,760
5434,464
$325,304
$301,964
$192.919
3,671
19,689
$191,174
4.864
25,053
$194,848
8,741
26,558
$186.848
13.041
26.558
Bal. for prop, retirement reserves,
class "A." dc "13" divs. & surplus.
1,298,808
1,738,544
Equivalent per share on 210,000 shares
of class "A" stock
$6.18
$8.27
It will be noted from the foregoing statement projecting the acquisition
of the Manila interest back 12 months, and the interest charges incident
to such acquisition, that instead of actually showing the Preferred dividends
earned 4.75 times, the figure would have been 6.02 times, and that the
balance available for the 210,000 shares of class "A" stock outstanding at
March 31 instead of actually being $6.18 per share would have been $8.27
per share.
During May there were authorized for issue practically 40,000 additional
shares of class "A" stock to be exchanged for the 6 % Secured Gold
bonds of the company, which it was thought desirable to acquire. Without
giving effect to the saving of interest incident to such acquisition, but
Including such additional 40,000 shares of class "A" stock, the balance
available for the class "A" stock as shown above on the full 250,000 shares
would amount to $6.95 per share.
The foregoing changes have favorably the stock
the company from
the standpoint of increased equity and earnings. For the calendar year
1921 the gross earnings were $1,560,000 and the Preferred dividends were
earned 4.4 times. In the 12 months ended April 30 1925 the gross earnings,
exclusive of earnings of companies prior to their acquisition, were $7,683,670
.
and the Preferred dividends were earned 4.75 times, notwithstanding the
great improvement in the ratios of capital stock and funded debt. The
gross earnings are now at the annual rate of $14,500,000 with corresponding
increases in net earnings.
Consolidated Earnings (Incl. Subsid. and Affil. Properties now Operated),
Calendar Years1922.
1923.
1924.
a1925.
Gross revenue (including
other income)
511.239,231 312,161.747 $13,064,666 $13,563.805
Exp., maint. & all taxes- 7.158.730
7.569,789
7,958.676
8.063,241
Net avail, for interest,
dive. & reserves_ _ _ _ $4,080.501 $4.591,958 $5,105,990 $5,500,564
a Twelve months ended March 31.
Of the net earnings for the 12 months ended March 31 1925 approximately
80% was derived from electric light and power operations.
For the last 12 months ended March 31 1925 the amounts set aside or
expended for maintenance and renewals and replacements averaged 14.9%
of gross operating revenue.
Consolidated General Balance Sheet at April 30 1925.
[Reflecting subsequent important financial changes to June 10 1925.]
Assets.
Liabilities.
Plants and properties_ _479.203,664 Cap. stock & surplus_ a$13.714,208
„
Investments
2,421.664 Cap. stock of subsid. &
affiliated companies._ 88.882,487
Cash and deposits
6,985,944
Preferred stock
Notes & accts. rec.. less
c13,999,800
reserve
2,416,869 Int.-bearing stock scrip__ d222,800
Materials & supplies.... 2,159,575 Assoc. Gas & Elec. Co.
Prepayments
203,247
Secured bonds
16,281,000
Manila Elec. A & B debs. 5.000,000
Unamort. debt discount
and expense
4,824,329 Funded debt of sub. &
676,714
Other unadjusted debitsaffiliated companies-- 26.919.600
Notes payable
1,420.849
Accounts payable
1,299,626
Accrued interest
537,147
Accrued taxes
627.862
Consumers' deposits__
787,258
(each side)
$98,892,005 Reserves
Total
.9.199.568
a Class A and B stocks and surplus applicable thereto: Class A stock
of no par value (authorized 300,000 shares: outstanding, 238,533 shares):
class B stock of no par value (auth. and outstanding. 300,000 shares).
b Held by public and surplus applicable thereto. c Preferred stock of no
par value: Original series preference value $50 per share, outstanding
and and subscribed, 180,000 shares, 59.000,000; $6 dividend series, preference value $100 per share, outstanding and subscribed, 40.138 shares,
$4.013,80 :$7 dividend series, preference value $100 per share, subscribed,
0
not issued, 9,860 shares, 5986,000. d Cape and Vineyard Electric Co.6%
Convertible Loan Certificates.
Capdal Securities of Operating Properties Outstanding at March 31 1925
(after giving effect to completion of pending proceedings),
Funded debt
$23,940,400
7,213.425
Capital stock and surplus applicable thereto
3311
THE CHRONTCLE
$103,157
$213.373
Net inc., before depr_ $163,481
General Balance Sheet December 31.
Liabilities1924.
1923.
1924.
AssetsProperty invest't_27,491,805 $7,395,025 Preferred stock_ _ _21,029,900
Common stock__ 3,000,000
Unamort.debt dis321,236 Funded debt:
count& expense. 334,022
1st M.68, 1933_ 679,000
45,559
31,435
Cash
1stIn.&un.6s,'47 2,168,000
Cash to redeem 7%
A.S.G.lst 6s,'33 225,700
340,000
notes
P.G.&E.1st6s,'40 174,000
1,080
880
Cash in sink.fund_
90,920 7% notes (ret'd)
80,780
Accts.receivable
40,000
Notes payable_ ___
10,209
Stock subscrip'ns.
33,042
50,875 Vouch.&accts.pay.
48,663
Materials & supp23,968
1,949 Consumers'depos.
2,200
Prepared accounts.
45,094
Accrued liabilities_
4,142
Operation suspense
218,146
3,740 Reserves
3,740
Treasury securities
Suspense
Corporate surplus_ 371,025
28,007,875 $8,250,384
Total
-V.119, p. 1284.
Total
$75,517
1923.
$975,000
3,000,000
699,000
2,117,500
225,700
174,000
340,400
40,000
53,582
17,270
52,392
225,579
971
328,983
$8,007,875 $8,250,383
-Larger Common Div.
Boston Consolidated Gas Co.
The directors have declared a quarterly dividend of 3% on the Common
stock, payable June 30 to holders of record June 25. From Sept. 30 1922
to March 31 1925 incl., the company paid quarterly dividends of 2% on
the Common stock.
The regular semi-ann. dividend of 33/v has been declared on the 634%
Cumul. Pref. stock, payable Aug. 1 to holders of record July 15.-V. 1204
p. 3184.
Broad River Power Co.
-Acquisitions.
The company has purchased three small properties which will extend its
electric light and power system to Johnston and Trenton, So. Caro. The
property at Johnston was purchased from the Johnston Electric Light &
Ice Co., the distribution system in Trenton from B. J. Day Jr., and the
transmission system from Johnston to Trenton from the Bouknight Electric
Light Lines Co.
-V. 120, p. 954, 581.
Brockton (Mass.) Gas Light Co.
-To Increase Stock.
The company has applied to the Massachusetts Department of Public
Utilities for authority to increase its capital by 5550.000. The new stock
will be issued at par ($100) and the proceeds used to pay for new construction, &c.
-V. 120, p. 1585.
Brooklyn Union Gas Co.
-$1 Gas Law Void.
Judge Marcus B. Campbell, in the Federal Court in Brooklyn, N. Y.,
June 24, approved the findings of Special Master Almet Reed Latson in
the action in which the company was plaintiff, holding that the so-called
$1 gas law was unconstitutional and confiscatory. In a long opinion, in
which he went into the report of the master, Judge Campbell made some
slight modifications but no material change in the master's findings.
The Judge took up separately the two main contentions advanced by
the company-first, that the law impairs obligations of valid existing
contracts in violation of the Constitution. and, second, that the law is
confiscatory and deprives the plaintiff of its property without due process
of law. As to the first contention, the Court held that the statute in that
respect does not violate the Constitution.
Discussing the second contention, the opinion quoted from the report
in the case of Willcox vs. the Consolidated Gas Co., in which the Court
said that there were cases where the rate was so low that there was no
doubt of confiscation. Judge Campbell declared that the present case
comes under that exception.
"Reluctant as any court should be to declare a statute of this charactex
confiscatory until it has been demonstrated so to be during a test period,"
the opinion read, "I am of the opinion that the plaintiff in the action at
the bar brought itself within the exception to the general rule that is laid
down in Wilcox vs. Consolidated Gas Co."
Sustaining the master that the $1 gas rate fixed by the P. S. Commission
In 1923 was unconstitutional, the opinion stated that the value of the
franchises could not be included in making up a rate base. The question
was,could gas be manufactured at a $1 rate and provide for the maintenance
of the plants at a profit.
"It is not the province of this Court to prescribe rates. The question
with which we are concerned is to determine whether the rates prescribed
by the Legislature are confiscatory," the opinion continued.
After reviewing the evidence presented by the company to show that the
rate was confiscatory, Judge Campbell stated:
"In the case at the bar it appears that the Act is confiscatory even if
gas of the standard of 537 British thermal units is required to be furnished
at $1 per 1.000 cu. ft.; therefore if the standard is declared unconstitutional
and the provision as to the rate sustained. the P. S. Commission would be
obliged to establish a standard which they could constitutionally require
to be furnished for the prescribed rate, and that would mean gas of a
much lower rate than that required at the time of the passage of the statute."
It is expected the case will be carried to the U. S. Supreme Court before
it is finally settled.
-V. 120, p. 85, 701, 1585. 1875.
Calumet & Arizona Mining Co.
-New General Manager.
Harry A. Clark. smelter superintendent, has been elected General manager, succeeding Colonel John C. Greenway.-V. 120. p. 2948. 2686.
Calumet Gas & Electric Co.
-Acquisition of Calumet
Power Co.
-To Issue $3,200,000 in Bonds and Stock.
Plans for the purchase of the super-power system of the Calumet Power
Co. by the Calumet Gas & Electric Co. are outlined in a petition filed with
the Indiana Public Service Commission. A joint petition, signed by
officials of the two companies was presented to the commission asMng for
authorization of the sale and purchase. Approval of the purchase will
mean that the Calumet Gas & Electric Co. will acquire the following
property:
(1) The 132,000 volt super-power transmission line extending from the
Indiana-Illinois state line to Aetna, east of Gary.
(2) The big super-power substation at Aetna, with a capacity of 55,000
hp., which is the electrical distributing center for the transmission systems
of the Calumet Gas & Electric Co.and the Northern Indiana Gas & Electric
Co. in the great industrial section of northwestern Indiana.
(3) The private right-of-way, 150 feet in width, on which the superpower line is built from the Indiana-Illinois state line to Aetna and from that
point to Michigan City, on which work has already been started for an
extension of the big power line.
The Calumet Gas & Electric Co. proposes as soon as it acquires the
property to continue work on the extension of the line to Michigan City.
It Is contemplated that this extension will be completed before the end of
3312
THE CHRONICLE
the year. The foundationsfantotings for thellsteelltowers are already
in and the steel for the towers i expected to be delivered in July.
.A lane electric substation wil
built in Michigan City with a capacity
of 15N0 kilowatts or 20.000 hp. The super-power line when completed
to Michigan City will be 37 miles in length in Indiana and at the state-line
connects with similar system built by the Commonwealth Edison Co. of
Chicago and the Public Service Co. of Northern Illinois, making northwestern Indiana an integral part of the great super-power zone in and
around Chicago.
The Calumet Gas and Electric Company in order to provide funds for
this transaction and for other purposes seeks authority from the commission to add $3,200,000 to its capitalization.
It proposes to issue $2,200,000 of its 1st & Ref. Mtge. 6% bonds to be
sold at no less than 90. to yield $1,980,000 and 100,000 shares of its common
stock without par value to be sold at not less than $10 per share to yield
$1.000,000.
The actual expenditure already made by the Calumet Power Co. to
April 30 1925 in acquiring property and building the super-power system
Is set down in the petition as $1,146,862. The construction budget for the
extension of the line calls for expenditure of $1,397,659. In addition to
covering these expenditures, the Calumet Gas & Electric Co.seeks authority
to issue securities to provide funds for other additions and extensions to its
Property totaling $241.806 and to call and retire bonds of the Indiana
Electric Utilities Co., recently acquired, which will require $194,069.
Capitalization.
-Upon completion of the proposed financing, the capitalization of the Calumet Gas and Electric Company will be as follows:
$5,200,000
Funded debt
1,900.000
Preferred stock
2,529,000
Common stock
-V. 120. p. 3184. 2940.
[Vox.. 120.
Consot. Bal. Sheet March 31 1925 (After this Financing).
[Rockland Light & Power Co.]
Assets
Plant & equipment
a9,331,254 R.L.& P., Preferred stock__ 9100,000
Investments
324,676 R. L.& P., Common stock__ 2,121,400
Sinking fund
133,785 R. L. & P. Deb. bonds
2,028,600
Material & supplies
268,011 Total mortgage bonds
b4,953,100
Cash
256,728 Accounts payable
78,934
Notes & accounts receivable_
267,888 Notes payable
757,011
Prepaid accounts
35,3j$
42,953 Customers' deposits
Unamortized bond discount_
562,363 Other accrued liabilities
147,636
Other suspense
260,447 Res. for renewals & replace_
794,038
Surplus
432,068
Total (each side)
11,448,105
a (This was the conservative value carried on the books of 2 hydroelectric generating stations (capacity 5,980 h.p.) 4 steam stations (capacity
10,685 h.p.) together with a complete high tension distribution system
with all necessary sub-stations and switching stations, of 2,447 miles of
lines supplying 25,148 electric customers. 3 gas plants (capacity 1,882,000
cubic feet per day) and 63 miles of gas mains, water power rights, land and
flowage rights, together with other real estate and property necessary to
furnish electric and gas distribution service over an area of more than 600
square miles to a population of over 102,000.)
b Mortgage debt of the Rockland Light & Power Co. and its subsidiaries
outstanding in the hands of the public.
Central Maine Power Co.
-Bonds Offered.
-Harris,
Forbes & Co. and Coffin & Burr, Inc., New York, are
offering at 97 and int. to yield about 5.20%, $1,500,000
- 1st & Gen. Mtge. Gold bonds, Series D 5%, due 1955.-New Control.
Canada Northern Power Corp., Ltd.
-V. 120, p. 1745. 209.
See Power Corp. of Canada, Ltd., below.
V. 120, p. 3064.
-Acquisitions.-----Central Illinois Public Service Co.
Chicago Lake Shore & South Bend Ry.-New Company
The Illinois Commerce Commission has authorized the company to purchase the electric light plant at Galatia, Ill., and also the municipal plant Organized by Insull Interests to Acquire Property.
at Thebes, Ill.
-V. 120, p. 3184.
-Bonds Offered.-EstaCatskill (N. Y.) Power Corp.
brook & Co., Putnam & Co., H.C. Warren & Co.and Charles
U Tenney St Co. are offering at 95 and in+. yielding over
5.85% $2,500,000 1st Mtge. 532% Gold Bonds, Series "A."
St
Dated May 1 1925; due May 1 1955. Denom. es $1,000, $500 and $100
and v* $1,000 or some multiple thereof. Principal and int. (M. & N.)
payable at Bankers Trust Co., New York, trustee. Red. all or part on any
int. date on 30 days notice at 1073- on Nov. 1 1925 and at 1074 less %
of 1% for each 6 months thereafter to and incl. Nov. 1 1927 and at 105
thereafter to and incl. Nov. 1 1954. Company agrees to pay on behalf of
or reimburse Series A bondholders for any Federal income tax up to 2%
and also agrees to reimburse Series A bondholders upon application within
60 days after payment for all taxes (except transfer, estate, inheritance
and succession taxes) not exceeding in the aggregate for any one year %
of 1% of the face value of their holdings assessed under the laws of either
Mass., Vermont, New Hampshire, Penn., Rhode Island or Conn.(but only
one of said States) and paid by bondholder.
Data From Letter of Pres. D. Manson, Middletown, N. Y.
Cermpang.-Incorp. in New York. Feb. 11 1925. Was formed to take
over and develop the hydro-electric properties of the Rockland Light &
Power Co. System on the Mongaup River.
Corporation, when the bonds are issued, will own a modern hydro-electric
plant at Mongaup Falls on the Mongaup River, having an installed capacity
of approximately 4,370 h.p. The land on which the power house stands is
held in fee and the remainder under perpetual easements for dams,flowage,
etc., entirely adequate for the company's purposes.
Company in addition to the Mongaup Falls development will then own,
either in fee or under similar perpetual easements, partially developed and
undeveloped water power sites having a potential hydro-electric generating
capacity in excess of 20,000 h.p. with an estimated output of approximately
80,000000 k.w.h. and will own or control storage reservoir sites having a
potential capacity of 3,000,000,000 cubic feet.
The real estate of the company so held will then include 16,500 acres of
lands adjacent to the Mongaup River.
Corporation will also have a half interest in the Oakland Power Co.,
Inc., owning important hydro-electric sites on the Neversink River capable
of a development of 24.000 h.p.
-The properties of corporation will be leased to the Rockland Light
Lease.
& Power Co. and the Orange County Public Service Co., Inc. (reserving
certain rights.to cut timber, fish, hunt, etc.), for 999 years, the lessees
agreeing jointly and severally to pay an annual rental equal to twice the
interest charges on all bonds from time to time outstanding under this
mortgage, and. in addition, to pay taxes, maintenance and replacement
charges necessary to keep the property in good working condition and to
make such further payments as will enable corporation to comply with all
its obligations under this mortgage.
The Rockland Light & Power Co. owns all the stock of the Orange
County Public Service Co., Inc., which in turn owns all the stock of Catskill
Power Corp. It is the intention that these three companies will be consolidated into one operating company as soon as it is practicable to do so.
-Proceeds of this bond issue, together with those of the sale of
Purpose.
approximately 22,000 shares of capital stock to be taken by Orange County
Public Service Co., Inc., at $50 per share, will be used in the purchase of
the above property,in meeting the cost of installing forthwith an additional
unit of 1,457 h.p. at the Mongaup Falls plant and in constructing the
Toronto Lake Reservoir. with an estimated storagecapacity of 1,200,000,000
cubic feet.
Rockland Light and Power Company System.
Rockland Light & Power Co. in conjunction with its subsidiaries, the
Catskill Power Corp. Rockland Electric Co. and Orange County Public
Service Co., Inc., serves 59 communities, including Upper Nyack, Nyack,
South Nyack, Grand View,Prermont, Port Jervis and Middletown, N. Y.
with gas and electricity, and practically all of the communities in Rockland
County,in parts of Sullivan and Orange Counties, N. Y., as well as in the
northeastern part of New Jersey (Bergen County) with electricity for
light and power.
Capitalization Outstanding-Rockland Light & Power Co. & Subs. Cos.
$2,500,000
Catskill Power Corp., 1st Mtge.514s Series A
,1st (closed) Mtge. as 1939_ 1,461,100
Orange County Public Service
144.000
Corp.
Rockland Electric Co.. 1st (closed)Mtge. 5s 1953
848.000
Rockland Light & Power Co., 1st Mtge. 5s 1938
2,000,000
Rockland Light & Power Co., Cony.6% Debs. 1934
28,600
do Cony.7% Debs. 1926
100,000
Rockland Light & Power Co.,6% Pref. stock
2,121.400
Common stock (par $50 paying 9% dividends)
do
Consolidated Earnings of Rockland Light & Power Co. System
12 Months Ended March 31.
1924.
1925.
$1,884,722 $1,997,706
Gross Revenues
1,094,389
1,165,522
Operating expense & taxes
Net earnings
Annual int. requirements: Mtge. bonds (Ind. this
Issue) $274,766; debenture bonds $122,002
$790.333
$832,184
396,768
Preliminary plans for acquiring control of the Chicago Lake Shore &
South Bend Ry., better known as the South Shore Line, by the Midland
Utilities Co., of which Samuel Insull is President, were taken in Chicago
June 24.
A petition was filed with the Illinois Commerce Commission by the
Chicago South Shore & South Bend RR., a newly organized corporation,
asking for authority to buy the _property of the South Shore Line at the
public sale to be held at Gary. lnd., June 29, under the direction of the
U. S. District Court. Authority was asked also for the issuance of securities to finance the purchase.
A petition seeking similar authority will be presented to the Indiana
P. S. Commission. As the railroad operates in both States, authority must
be obtained from both Commissions. The railroad has been in receivership
since Feb. 28, pending the working out of a reorganization plan by the
First Lien Holders' Committee of Cleveland, Ohio.
The Illinois Commission was asked to authorize the newly organized
company to bid for the property of the railroad at a price not to exceed
$6,474,844. This is the amount of principal and interest due upon the
bonds for the payment of which the property is to be sold. The Commission also was asked to authorize the new company to issue the following
securities to finance its purchase of the property and to provide working
capital for the reorganization:
30
-Year 6%% First & Refunding Mtge. Gold bonds
$2,000,000
50
-Year 6% Second Mtge. Gold bonds
1,250,000
50
-Year Adjustment Mtge. Gold bonds (bearing no interest during the first 2 years,2% during the 3d year,4% during the 4th
year, and 6% annually thereafter
1.750,000
Common stock (without par value)
150,000 shs.
The Midland Utilities Co. and the present bondholders will be jointly
interested in the property after the reorganization. The Midland company, however, will have a controlling interest and the operation of the
lines will bounder the management of Samuel Insull and his associates.
The present value of the physical property of the railroad is given in the
petition as $5,836,943. exclusive of real estate used by the railroad in
Cook County, Ill., referred to as the Pullman tract.
"A survey of the traffic possibilities of the territory served by said property. says the petition, "indicates that under a reorganized structure of
capitalization and funded debt such as that above proposed, and by a progressive program of physical rehabilitation, petitioner will be able to restore the property to a condition of profitable operation and render adequate
and dependable service to the shippers and the traveling public of the
territory. It is the desire and intention of petitioner to place the property
Into its road and equipment account at the amount of the value thereof,
to-wit, $5,836,943: to place upon its books at the par value thereof the
1st & Ref. Mtge. bonds, 2d Mtge, bonds and Adjustment Mtge. bonds:
to place upon its books at a price of $10 per share the 150,000 shares of
Common stock, and to enter as a credit to its surplus account (but not applicable to the payment of dividends) the sum of $336,943, representing the
excess of its road and equipment account over the aggregate amount of the
foregoing items of funded indebtedness and invested capital."
-V. 120.
P. 2940.
Chicago South Shore & South Bend RR.
-Acquisition.
See Chicago Lake Shore & South Bend Ry. above.
Cities Service Co.
-Oil Production and Shipments.
Total crude oil runs at the refineries of the subsidiaries of the Cities
Service Co. amounted to 3,000,103 barrels during the first 4 months of 1925
compared to 2,928.076 during the same period of 1921, and represent an
increase of 2.5%. The total production of gasoline from these runs amounted
to 56,564,313 gallons during the first 4 months of 1925, against 40,924,107
in 1924, or an increase of 38.3%. This compares with the increase in production for the total United States of 15.9% over this period.
Total shipments from the refineries of the Cities Service groupin the same
period of 1925 amounted to 50,726,011 gallons, compared to 33,213,931
gallons in 1924, or an increase of 53%, compared with the total increase
in demand for the entire United States of 26.8%.
The total sales of gasoline by Cities Service subsidiaries, including the
sales of refineries, marketing companies and export with all inter-company
transactions eliminated, amounted to 107,544,171 gallons, or an increase
of 82% over the first 4 months of 1924.
During May a contract was entered into for the purchase of the property
of the Lawrence County Water, Light & Cold Storage Co., which supplies
electric service at retail to the towns of Verona, Aurora, Marionville,
Billings, Republic and Crane, Mo.-V. 120. p. 3185, 3064.
Cleveland Southwestern Ry. & Light Co.
-Sub. Co.
-
The Western Reserve Power & Light Co. of Cleveland has applied to the
Ohio P. U. Commission for permission to purchase the distribution power
and light system in Medina. 0., from the East Ohio Power & Light Co.,
and to purchase the distribution power and light systems in Nova, West
Salem, Sullivan and Spencer,from the Cleveland Southwestern Ry.& Light
Co.
Since its reorganization in May 1924 the Cleveland Southwestern Ry. &
Light Co. has acquired control of the light and power companies in Nova.
West Salem, Sullivan and Spencer, which will be operated by the Western
Reserve Power & Light Co.
-V. 120, p. 3185.
Columbia Gas & Electric Co.
-Regular Dividends
-Subsidiary Calls Bonds
-Merger of Sub. Cos. Effected.
-
President Philip G. Gossler in monthly letter to shareholders says:
The directors have declared quarterly dividends of $1 75 per share on
the Curnul. 7% Pref. stock, Series A, and of 65 cents per share on the nopar value Common stock, both payable Aug. 15 to holders of record July 31.
1914.
1924.
Cincinnati Gas
10.440,000 32,500,000 July 1 1925 all ofTransportation Co.,a subsidiary,has called for redemption
Output(12 months): Electric (k.w.h.)
its outstanding $1,480,000 1st Mtge.5%
98,547 000 169,736,000 July 1 1933. Holders should present them with coupons Gold bonds due
do Gas (cubic feet)
maturing July 1
191g.
1925.
1925 and all subsequent coupons
6,988
25,148 Cincinnati, Ohio, trustee (see V. to Provident Savings Bank & Trust Co..
Customers Served: Electric
120, p. 3185).
4,536
7,050
do Gas
Columbia Gas &
73,419
102,141 Gas & Electric Co.Electric Co., owning all the Common stocks of Union
Population Served
and Ohio Gas & Electric Co. has felt that the con-The water power sites, both developed and proposed, ofthe sumers of these two subsidiaries could be better served and operating econoFranchises.
Catskill Power Corp. are on lands that will be owned either in fee or under mies effected by a consolidation. These subsidiaries distribute gas and elecfor the company's purposes. The tricity in Cincinnati and Middletown, Ohio, with neighboring communiperpetual easements entirely adequate
franchises under which the Rockland Light & Power Co. System operates ties in each case. Accordingly, Union Gas & Electric Co. has acquired
and distributes gas and electricity are satisfactory and for the most part all the property and business of Ohio Gas & Electric Co. and effected such
are perpetual.
consolidation.
Management.-Ilockland Light & Power Co. System has been under the
The Dayton Power & Light Co.. 99.8% of whose Common stock has been
acquired by Columbia Gas & Electric Co. as of April 11925, will acquire
management of Charles H. Tenney & Co. since May, 1912.
Balance available for depreciation & dividends..
Growth.
$435,416
THE CHRONICLE
JUNE 27 1925.]
3313
Payment.
-The allotment price of$100 for one share of Pref.stock together
with 44 share of Common stock is payable 505' on or about July 7 1925.
subsequent calls to be at intervals of not less than JO days and no call to
be made before Jan. 1 1926 or for more than 10% of the allotment price
plus div. on the amount of the call. Purchasers have the option, however,
to make payment in full at any time with adjustment of accrued div. on
amount of payment, and on such full payment, but not before July 1 1926.
be entitled to receive the certificates
unless anticipated
$11,445,425 810.143,875 for the Pref, stockby the directors, willaddition
Net operating earnings
share of Common stock
1.959,001 with each share ofso paid for and in
2.309,995
Other income
Pref. stock.
will be deliverable on or about July 7
Transferable
$13,755,420 $12,102,876 1925. Holdersallotment certificateswill be entitled to receive divs, at the
income
Total
of these certificates
4,678,338 4,779,534 rate of7% per annum on the amount paid in on the allotment price as shown
Lease rentals
175,036 on the allotment certificates, when declared as dividends on the Pref. stock
868,251
Int. charges and tilt's. of subsidiaries
926,896
1,003.341 and also any dividends that may be paid on the Common stock called for
& Electric Co.)._
Interest charges (Columbia Gas
the allotment certificate.
$7,281,885 $6,144,965 in Shares without nominal or par value and without voting rights except
Surplus available for dividends
-V. 120, p. 2814, 2400.
in case of dividend default,and otherwise as provided in charter. Preferred
per share and
over
-Stock Increase Approved. 'div.,the Common stock and entitled in liquidation to $100 be voluntary.
Commonwealth Power Corp.
plus a premium of $10 per share if such liquidation
The stockholders of June 23 authorized:(a) an increase in Preferred stock Red., all or part, upon 30 days' notice at $110 per share and div. Divs.
(par $100)from 300,000 shares to 500,000 shares:(b) an increase in Common payable Q.
-J. (First payment to be due Oct. 1 1925). Chase National
stock from 300,000 no par shares to 2,000,000 shares;(c) issue of four shares Bank, N. Y., and Stone & Webster, Inc., Boston, transfer agents; Hanover
of new Common stock in exchange for each share of present Common stock; National Bank, N. Y., and National Shawmut Bank, Boston, registrars.
(d)issue of Preferred and Common stock for the acquirement of a majority
Listing.-Application will be made to list allotment certificates on the
of the stock of the Tennessee Electric Power Co. in accordance with this N.Y.Stock Exchange. Certificates have been listed on Boston Stk. Exch.
company's exchange offer dated May 22 (see V. 120. p. 2683).
June 24
expected that the directors will meet in the near future to take Data from Letter of Charles A.Stone,Chairman, New York,
It is
Company.
-Organized in Delaware June 23 1925 by Stone & Webster,
action with respect to the issuance of the stocks as authorized by the stockInc. and associates to acquire public utility properties directly or through
-V. 120, p. 3185.
holders.
subsidiaries. Through its initial purchase it will acquire more than two- thirds of the Common stock of Virginia By. & Power Co.. and will have
-Chairman of Board.
Community Power & Light Co.
David A. Belden has been elected Chairman of the board and Chairman voting rights in respect to a majority of the Pref, stock of that company
under arrangements whereby it may purchase such Pref, stock prior to
-V. 120. p. 2548.
of the executive committee.
July 1 1926, if it so elects. Company will acquire at an aggregate price
Consolidated Gas Co. of Pittsburvh.-Tenders.of about $2,500,000 directly or through a subsidiary the entire capital stock
supThe Maryland Trust Co., trustee, Baltimore, Md., will until July 3 of Spottsylvania Power Co., a majority interest in coal properties
Power
receive bids for the sale to it of First Mtge. 5% Gold bonds, dated Feb. I plying a substantial portion of the requirements of Virginia Ry. & Pow
Co. and valuable water rights and other properties in this territory. The
1898. to an amount sufficient to exhaust funds now in its hands, being the
proceeds of the sale of certain property covered by the mortgage.
-V.118, policy of the company will be to acquire additional properties when obtainable on advantageous terms and pursuant to this policy several other propp. 1141.
erties are under consideration. The companies to be initially included
Consolidated Gas, Electric Light & Power Co.
-Offers furnish electric light and power, electric railway and(or) gas service in
Petersburg, Hopewell, FrederRichmond, Norfolk, Portsmouth.
- icksburg and Ashland. Va., and Suffolk, and Roanoke Rapids, N. C..
to Purchase Series "D"dlA% Bonds Prior to Aug. 1 1925.
Weldon
% 1st Ref. Mtge.S. F.Gold bonds,dated Feb.1 1919, and surrounding territory with an aggregate estimated population of about
The Series"D"
have been called for redemption on Aug. I 1925. The company is willing 500,000. The properties include electric generating stations with a capacity
to anticipate the redemption of these bonds by purchasing them on or after of 165,000 h.p., of which 28,000 h.p. is hydro-electric, also rights for further
June 16 1925.
hydro-electric developments of over 100,000 h.p.
Treasurer John L. Bailey says: "The company will purchase any such
Virginia Ry. & Power Co. does the electric light and power and electric
bonds on the basis of $1,121 67 for each $1,000 of bonds, less a discount railway business in Richmond, Norfolk, Portsmouth and Petersburg, and
of 12.463c. per day (at the rate of 4% per annum)from the date of sale and the electric light and power business in Suffolk and Hopewell. Va., and sursurrender thereof to Aug. 1 1925. $1,121 67 includes the redemption price rounding territory. A portion of the operations in Norfolk and vicinity
of $1,100, plus $21 67 accrued interest to Aug. 1 1925.
-year lease of Norfolk By. & Light Co. Virginia
are carried on under a 99
"Any person desiring to sell such bonds on these terms may do so by pre- Ry. & Power Co. owns or controls the entire capital stock of City Gas Co.
senting the bonds at the Bank of the Manhattan Co., N. Y. City, or at of Norfolk, which does the gas business in Norfolk. It also owns over 99%
the banking house of Alexander Brown & Sons, Baltimore, Md." See also of the capital stock of Roanoke Rapids Power Co which does the electric
V. 120, p. 2940, 2814.
light and power business in Weldon and Roanoke Rapids, N.C., and vicinity. These companies own electric generating stations with an aggregate
Dayton (Ohio) Gas Co.
-Merger.
capacity of over 155,000 h.p., transmission and distribution lines totaling
See Columbia Gas St Electric Co. above.
-V. 118, p. 1274.
over 1,600 miles, street and interurban railways with 245 miles of equivalent single track and ample rolling stock, including 227 one-man safety
Dayton Power & Light Co.
-Merger.
cars and gas plants with 2.400.000 cu.ft. daily capacity. In addition, they
See Columbia Gas & Electric Co. above.
-V. 120, p. 2400, 1088.
own rights for hydro-electric developments of about 65,000 h.p. ultimate
capacity.
Denver & Northwestern Ry.-Plan Operative.
Spottsylvania Power Co. does the electric light and power business in
Fredericksburg and Ashland. Va., and vicinity. Its power station has an
See Denver Tramway Co. below.
-V. 120. p. 2267.
installed generating capacity of 5,400 h.p. It also owns rights for hydroDenver Tramway Co.
-Plan Declared Operative.
electric developments of about 35,000 h.p. ultimate capacity.
The joint reorganization committee for the Denver Tramway Co. and
Other properties which will form a part of the system include a majority
the Denver & Northwestern Railway Co.,consisting of Claude IC. Boettcher, Interest in a 3.700 h.p. hydro-electric development now leased to Virginia
George C. Clark Jr. and Samuel M. Perry. issued a notice June 24 to Ry. & Power Co. and over 805' of the capital stock of Sabine Collieries
holders of certificates of deposit for the various securities, announcing that Corp. now supplying a substantial portion of the requirements of Virginia
the committee has declared operative the plan and agreement as to all By. & Power Co.
classes of securities entitled to participate therein, and that the time for
Outstanding.
Authorized.
Capitalizationmaking deposits of any such securities has been extended to and including Bonds ofsubsidiaries and securities of leased co.
(x)
$28 017:98
127 50
:2 4 8
July 15 1925. after which date no further deposits of any such securities Pref,stock and minority Common of subsid's_ _
will be accepted, except upon such terms and conditions as the committee Pref. stock (incl. 87 div. stock now offered unmay determine.
400,000 abs. y200,000 shs.
der 50% paid allotment certificates)
Deposits of stock must be accompanied by the first installment of 20% Common stock (100,000 shares to go with allotof the payments required under the plan, that is to say. $2 per share of
ments and 400,000 shares sold for cash)- -1.000,000 abs. z500.900 abs.
stock of the Denver & Northwestern By. and $1 20 per share of stock of
x Principal mortgages closed except for refuhding. y The full amounts
the Denver Tramway Co.
will not be outstanding until the allotment price is paid in full. z The purB. W. Jones of 16 Wall St. is Secretary of the committee and R. L. chasers of 400.000 shares of Common stock in connection with such purStearns. Asst. Secretary, Denver, Colo. See plan in V. 120, p. 2548.
chase will receive option warrants for purchase of an additional 200,000
shares of Common stock on or before Jan.2 1928 at $25 per share, thereafter
Detroit City Gas Co.
-City's Petition Dismissed.
per share and thereafter on or before
before
at $27
The petition of the City of Detroit for a rehearing of the Detroit City on or2 1933 July 1 1930share. 50
Such purchasers will also participate in
Jan.
at $30 per
Gas Co. rate case has been dismissed by the Michigan Supreme Court. underwriting commissions on this offering.
This means that the rate fixed by the arbitrators and upheld by the Supreme
Purpose.
-The net proceeds from these 50% paid allotment certificates
Court in April will stand, and finally disposes of the litigation over higher
from the sale to the organizers of the company of 400,000 shares of
gas rates put in effect in May a year ago. The Detroit City Gas Co. is and
Common stock will provide funds for the purchase of the above Common
a subsidiary of the American Light & Traction Co.
-V. 119. p. 584.
stock of Virginia Ry.& Power Co.,for working capital and for ether corporate requirements.
Detroit Motor Bus Co.
-Extra Dividend.
Consolidated Earnings and Expenses 12 Months Ended Dec. 31 1924.
The directors have declared an extra dividend of 1% and the regular (Virginia R.& Power Co. and subsidiaries and Spottsylvania Power Co.]
quarterly dividend of 2%.both payable July 15 to holders ofrecord June 30. Gross earnings and other income
$11,834,790
This is the same rate as paid in the two previous quarters.
-V.120. p.86.
:6,982.838
Operating expenses, maintenance and taxes
as of July 1 1925 all the Properties and business of Dayton Gas Co.,99.8%
of whose stocks Columbia also owns.
Earnings 12 Months Ended May 31.
1924.
1925.
$26,767,706 $24.887,790
Gross earnings
15,322,282 14.743,915
Operating expenses. taxes and depreciation
Eastern New Jersey Power Co.-Eornings.For 12 Months EndedGross income
Operating expenses, maintenance and taxes
Net income
-V. 120, p. 2550, 329.
Feb. 28 '25. Feb. 28 '24.
$1,234,418 $1,207,211
724,849
751,682
$509,569
$455,529
Eastern Shore Gas & Electric Co. Subs.).
(&
-Earnings.
Calendar YearsGross earnings
(per. elms. & taxes....-
1924.
8621,389
385.961
1923.
$560,977
351.575
1922.
$502,005
335,773
1921.
$457,692
309.449
Fixed ehmgm.
Income dOuctions
Renewal reserve
Fed. income tax
$107,219
11,069
38.774
9.428
8103,680
7,452
36,319
7,744
$95,527
9,260
33,107
4,240
$79.702
15,537
21.912
2,825
Balance
-V. 120, p. 1202.
$68.938
$54,207
824,098
$28,267
Electric Power & Light Corp.
-To Increase Capital.
-
The stockholders will vote June 29 on increasing the authorized capital
stock to 4,020,000 shares without par value, divided into 800,000 shares
of tat Pref. stock, 120,000 shares of 2d Pref., Series "A," 100,000 shares of
2d Pref., Series "AA," and 3.000.000 shares of Common stock. The
2d Pref. stock, Series "AA," will rank pani passu with the 2d Pref. stock,
Series "A."
The original authorized capital consisted of 500,000 shares of 1st Pref.,
120.000 shares of 2d Pref.. Series "A," and 2,400,000 shares of Common.
-v. 120. p. 3064.
Engineers Public Service Co.
-Initial Issue of 200,000
-Stone & WebShares 7% Dividend Preferred Stock Sold.
ster, Inc., Blair & Co., Inc., Brown Brothers & Co. and
Blodget & Co. have sold 200,000 shares of Pref. stock
in the form of allotment certificates under which each share
share of Common stock. The
of preferred will carry
allotment certificates were offered at $100 per share, one-half
of which is payable at the date of purchase and the remainder
is subject to call by the company, but no call can be made
before Jan. 1 1926. The shares of Common stock not included in the allotment certificates are being purchased by
the syndicate for cash.
$4,851.952
Net earnings
Deductions for int., rentals, Pref. divs, and amounts for reserves,
3.019,842
retirements and diva, applicable to minority holdings
Balance avail for res.. retirements & diva. applic. to this co_ $1,841,110
700,000
Required for 7% dividend on 50% paid allotment certificates_
of gross
x Includes maintenance charges totaling $1,472,590. or 12)
earnings, but does not include depreciation.
Supervision.
-Stone & Webster. Inc., will be identified with the operation
of subsidiary companies of Engineers Public Service Co.
-Guaranty
-Bonds Sold.
El Paso Electric Co. (Texas).
Co. of New York and Stone & Webster, Inc., New York,
and Boston, have sold at ,95% and int., to yield about
5.30%, $3,000,000 1st Mtge. Gold bonds, Series A, 5%.
Dated June 11925: due June 11950. Interest payable J. & D. in New
York, Boston and Chicago without deduction for normal Federal income
tax up to 2%. Denom. $1,000 and $500c5 Red., as a whole at any
.
time, and in part on any int. date, upon 30 days' notice. at 105 and int,
on or before Dec. 1 1930, thereafter at 104 on or before Dec. 1 1934, thereafter at 103 on or before Dec. 1 1938, thereafter at 102 on or before Dec. I
1942, thereafter at 101 on or before Dec. 1 1946, thereafter at tooq on
or before Dec. 1 1947, thereafter at 100% on or before Dec. 1 1948, thereafter at 1003i on or before Dec. 1 1949, and thereafter at par. Penna.
4
-mill tax refundable. State Street Trust Co. Boston. trustee.
Company.
-Does entire electric lighting, coiumerciai power, and street
railway business in El Paso, Texas, and in addition operates two toll
bridges across the Rio Grande. Property comprises a steam station of
31,500 k. w. capacity (of which 15.000 k. w. was installed last year),
261 miles of electric transmission and distribution lines, 39 miles of railway
track, 90 railway cars, and the American half of each of the toll bridges.
Principal franchises, including all those under which it conducts its
power and light business, expire subsequent to the maturity of these
bonds, and all operations are carried on without competition. On the
street railways, a fare of 6c. has been in effect for several years.
Purpose.
-Proceeds will be used for refunding purposes. Upon completion of this financing. these 83,000,000 bonds will constitute the company's only outstanding funded debt.
Earnings for Calendar Years.
Gross Earns.
Oyer. Exp.
Net Earns.
& Other Income. Maint. & Taxes. (before Depree.)
1915
8930.124
$472,104
$458.020
1917
1,240,723
746,062
494,661
1919
1,505.063
1,067,508
437,555
1921
2,157,671
1.501,527
656444
1923
2,274.370
1.446,124
828,246
1924
2,257.355
1.473.374
783.981
THE CHRONICLE
3314
Management.
-Property has been under the executive management of
Stone & Webster for more than 23 years.
Control.
-El Paso Electric Co. of Texas is controlled by the El Paso
Electric Co.of Delaware,and contributes more than 90% of that company's
earnings.
-Seeks Bids.
Fall River Electric Light Co.
The company is asking bids on 52,000,000 5% 1st Mtge. bonds, due
July 1 1945, first series of an aggregate issue not to exceed $6,000,000.
Proposals must be received at the office of the company in Fall River,
Mass., before noon on Tuesday, June 30.-V. 120, p. 3186.
-Listing.
Federal Light & Traction Co.
The New York Stock Exchange has authorized the listing on or after
July 1 of not exceeding $57,844 Common stock (par $15) on official notice
of issuance as a stock dividend making the total amount applied for
$5,842,219 Common stock.
Statement of Earnings for 4 Months Ended April 30 1925.
$598,073
Total income
98,890
Expenses
174,435
Interest and discount
Net profit
Prof. diva. paid & res., $235,380; Corn, diva., $134,768
Balance Sheet as of April 30 1925.
AssetsLiabilities
Stocks & bds.ofsub.cos-$14,384,584 Preferred stock
Securities of other cos_ _ _
1,347 Common stock
Office furniture & fist's_
19,346 Funded debt
Sinking fund cash
215 Current liabilities
Total current assets_ ___ 1,159,482 Unadjusted credits
Due from sub. cos
4,075.598 Corporate surplus
Unadjusted debits
1,268,473
$324,748
$370,148
$3,937,440
5,784,375
9,472,000
189,941
178,184
1,347,104
[1T0L. 120.
temporary bonds. (For offering of bonds see V. 120, p. 330.)-V. 120,
p. 1881.
Interborough Rapid Transit Co.
-Earnings.
Net Earnings of the Interborough System Under the Plan.
Month of May- -11 Mos. May 311925.
1924.
1924.
1925.
Total revenue
$5,068,505 $5,103,524 $54,021,987 $53,400,368
a Oper.exp.,tax.& rent.
paid city for old sub
3,354,865 3.247,594 35,726,317 35.823,105
a Maint.in excess ofcontractual provisions_ _ _
$1,713,640 $1,855,930 $18,295,670 $17,577,263
107,614
Cr.33,718
1,290,419
1,422,040
Income available for
all purposes
$1,606,026 $1,889.648 $17,005,251 $16,155,223
Int. I.R.T. 1st M. 5s_ _
7,394,518
672,683
7,398,279
672,475
Int. Manhatt. Ry. bds150,687
150,687
1,657,553
1,657.553
Int.I.R.T.7% sec.note,s
197,761
187,581 2,178,100 2,058,839
Int.I.R.T.6% 10-yr.notes
37,710
28,780
360,464
232,128
Int.on equip. trusts__
64,820
15,783
5,600
149,503
Miscell. income deduc's504,232
32,442
38,993
394,197
b Sinkingfund on III.T.
1st Mtge.5% bonds
184.757
181,019
2,032,323 1.989,537
Res.to cover add'l rental
which may become payable to owners of Man.
Ry.Co.'s stock not assenting to the plan
ofreadjustment
5,550
60,026
Div.rent.on $60,000,000
Man.stk. at 4% p.an_
2,200,000
250,000
2,750,000
200,000
Balance
553.595
524,804
$58.652
6424,513
a From the commencement of operations under Contract No. 3 and the
related certificates, respectively, it has been the practice to include in all
-Petition Denied.
- reports of operating expenses 14% of the gross operating revenue upon the
Fort Smith Light & Traction Co.
The Arkansas RR. Commission has refused the petition of the company Manhattan division and 17% of the Subway Division to cover maintenance
to remove the track from the city limits of Van Buren to the Falcon Zinc and depreciation. These are the percentages fixed for the first year of oper& Smelting Co.'s plant. The traction company has filed an appeal in the ation in each case. Negotiations have been pending between the company
Circuit Court. It alleges that the operation of that part of the line should and the Commission ever since the end of the first year to determine what.
be discontinued on account of the increased use of the automobile ("Elec- if any, changes in these percentages should,be made for subsequent years
Prior to July 1 1923 the amount expended in excess of 14% upon the Mantric Railway Journal").
-V. 119. P. 1064.
hattan Division was approximately
under 17% exFrankford Tacony & Holmesburg Street Ry.-Sale.-- pended upon the Subway Division. offset by the amountfor maintenance
The net expenditures
Receivers for the company sold equipment, tracks, franchise and real in excess of the amounts therefor, included in "operating expenses, taxes
estate June 19 for $350,000. Hamilton Disston and Henry J. Redman, and rental paid city for old subway," are shown hereinabove as "maintereceivers, accepted the bid of John Gilpin, acting for the bondholders' pro- nance in excess of contractual provisions."
tective committee, the minimum offer under order of sale issued by the
b Under the plan of readjustment payment of the sinking fund is deferred
Court of Common Pleas. It was said the sale was a matter of form to clear until July 1 1926 on condition that, prior to that date, an amount equal
away the receivership in advance of the city-P. R. T. agreement as to to the deferred sinking fund be expended on additions or improvements
purchase and operation of the line as part of the P. R. T. system in which to the property.
-V. 120, p. 2941, 2815.
the city is partner.
-V. 120, p. 1585.
Total
$20,909,046
-V. 120, P. 2814, 2550.
$20,909,046
Total
Kentucky-Tennessee Light & Power Co.
-Acquisitions.
-Financial Plan.
General Gas & Electric Corp.
The directors June 24 appointed a committee to submit to the stockholders a plan to retire the bonded indebtedness of more than 63,000,000,
and for the deposit and exchange of existing stocks of the corporation for
the securities of a new company of the same name to be organized in
Delaware. An incorporation in Delaware, it is stated, has the advantage
of broader powers, desirable when mergers and consolidations of utilities
are a matter of daily occurrence. Pres. W. S. Barstow said that the plan
had been evolved at the request of many holders of each class of the stock
of the corporation, and, be said. "It is believed will accomplish the purposes
which have been suggested," including an improvement in the corporations'
capital structure.
To meet this plan, the Class A and Class B Preferred stockholders are
to be asked to take the equivalent of their present holdings in shares of
the Delaware corporation, bearing exactly the same dividends and all
conditions of the stock except that the new stocks will not be participating.
It is stated that capital can more readily be secured by the sale of a straight
cumulative Preferred stock without participating privileges, or Class A
Common stock which would be junior to the existing Cumulative Preferred
stocks. The sale of additional Partic. Preferred would, it is pointed out,
naturally weaken the participating value of the present stock, as It means
much more stock to share in the surplus earnings.
President W. S. Barstow in a Statement says:
Each share of the Cony. Preferred stock of the Maine corporation is
to receive four shares of Common stock Class A of the Delaware corporation, entitled to dividends at the rate of $1 50 a share before any
dividends are paid on the Common stock. This dividend paid upon four
shares of stock is equivalent to toe $6 dividend provided for the present
Cony. Preferred stock. It is also preferred in liquidation at the rate of
$25 a share over the Common stock, but is to share with the Common
stock in liquidation after the Common has received $25 a share. It Is
also to share pro rata with the Common and the participating certificates
In any amounts declared as dividends after the Common has received
$1 50 a share.
Each share of the Common stock of the Maine corporation is to receive
four shares of Common of the Delaware corporation, which is entitled to
receive $1 50 a share per asnnum before any additional payments are
made upon the Class A shares, or the participating certificates, and is
entitled to equal pro rata distribution of addtional amount declared as
-V.120, p. 2814. 2011,2005.
dividends after it has received $1 50 per share.
-Subscriptions.
Hackensack (N. J.) Water Co.
The New York Trust Co. has been appointed agent to receive subscrip-V. 120. p. 2941. 2815.
tions for 7% Cum. Prof. Class "A" stock.
-Earnings.
Indiana, Columbus & Eastern Traction Co.
1922.
1921.
1923.
1924.
Calendar Years$1,397,226 $1,564,827 $1,572,352 $1,699,170
Gross earnings
1,456,250
1,617,858
1,416.057
Operating exps. & taxes_ 1,285,793
Net earnings
Other income
$111,433
11,347
$148,770
7,889
$116.102
4,578
$81,312
3,422
Total income
Bond interest
Other interest
Other deductions
$122,780
128,385
14,000
8.325
$156,659
129.473
14,000
5,986
$120,680
131,826
10.208
5,464
$84,734
128,252
Deficit
-V. 120. p. 2815, 86.
$27,930
sur7,200
526.818
3.138
546,656
-Acquires
International Telephone & Telegraph Corp.
French Company.
-
The following statement was given out over the signature of the Pres.
Colonel Sosthenes Behn, June 12.
"Although the earnings of the corporation from ordinary operations
continued to show the steady growth which has characterized them in the
past, the board considers it advisable at this time to continue the policy
of increasing as much as possible our reserves and surpluses in order that
the corporation may be in a position to extend its operations whenever
opportunities for profitable expansion arise.
"Corporation's most recent expansion has been the acquisition of a
substantial interest in the Compagnie des Telephones Thomson-Houston.
This company has been recently organized in France to take over the
manufacturing and sales activities of the Telephone Department of the
Compagnie Francaise Thomson-Houston.
"Through this operation the new French company acquires a manufacturing plant which for years has produced successfully on a large scale
various types of telephone apparatus and equipment. The plant taken
over by the new company has an established foreign trade in „Europe and
has supplied automatic telephone installations for the French Government
in several of the principal cities.
The co-operation resulting from this association of interests in the new
company, which is mutually beneficial, will tend to stimulate its foreign
-V. 120, P.
business and to reinforce its strong position in France."
2815, 2683.
-Bonds Ready.
Jamaica (N. Y.) Water Supply Co.
The Farmers' Loan & Trust Co. is now prepared to deliver permanent
let Mtge. 54% bonds, due Jan. 1 1955. in exchange for outstanding
The company has acquired by purchase utilities at Hardinsburg, Hawesville. Lewisport and Cloverport, all in Kentucky, including an ice plant
at Cloverport and a water plant at Hawesville. The company is reported
to be negotiating for the acquisition of the electric properties at Irvington
and Brandenburg, with a water-power plant at the latter town. All the
properties will be inter-connected by transmission lhaes.-V. 120, p. 2550
Lynchburg (Va.) Trac. & Light Co.
-Acquisition.
-
The company has acquired the property of the Amherst (Va.) Light &
Power Co.
-V. 119. p. 1625.
Marconi's Wireless Telegraph Co., Ltd., London.
Semi-Annual Dividend Declared on Preference Shares.
The Radio Corp. of America has received the following radiogram from
the Marconi Co. of London: "A dividend has been declared on the Preference shares for the half year ending June 30 at the rate of 7% per annum,
less tax, payable July 1 to shareholders registered June 24 and holders or
share warrants. Transfer books are closed from June 24 to June 30 incl."
A dividend of 7% (for the year 1924) was paid Jan. 1 last on the Preference
shares.
-V. 120, p. 1327.
Maritime Coal, Ry. & Power Co., Ltd.
-Income Account
for Year Ending Feb. 28 1925.
Operating profits after all expenses
$148,816
Bond interest
104,940
Reserve for deprec., $25,000: depl. res., $979; total res. for sk. fd_ 28,915
14,276
Written off discount on securities
Surplus for year
-V. 104. p. 2343.
$684
Metropolitan Edison Co.-Pref. Stock Sold.-Pynchom
& Co., West & Co. and Jackson & Curtis, New York,have
sold, at $100 per share and divs., 17,000 shares Series B
Preferred stock. Annual cumul. divs. $7 per share. Free
of Pennsylvania State tax.
As provided in the Federal income tax law of 1924, dividends are exempt
from normal Federal income tax. They are exempt also from all Federal
income taxes when received by an individual whose net income, after all
allowable deductions, does not exceed $10,000. Dividends are not subject
to Federal income tax when received by a domestic corporation. Divs.
payable Q.
-J. Pref. stocks (without par value) are preferred as to cumul.
dividends over the Common stock in the case of the Series B Pref. stock
to the extent of $7 per share annually, and in liquidation or dissolution
are entitled to a preferential payment of $100 per share and all unpaid
divs, before any distribution of assets is made to the Common stock.
Series B Pref. stock may be called for red., all or part, on any div. date
upon 30 days' notice at 110 per share and diva. Whenever at any one
time four quarterly dividends payable on the Pref. stock shall be in default.
holders of Pref. stock shall have the exclusive right to vote for and elect
such number of the directors as shall constitute a majority of the authorized
number. This voting right will cease as soon as all accumulated and
unpaid dividends have been paid in full. With the consent of the holders
of not less than two-thirds in number of the outstanding shares of ths
capital stock of each class (both Pref. and Common) the company may (1)
Increase the authorized number of shares of the capital stock of any class:
(2) create other Prof. stuck with such rights and preferences as may be
determined.
Transfer agents: Seaboard National Bank, New York; Old Colony
Trust Co., Boston: Bank of North America & Trust Co., Philadelphia.
Registrars: New York Trust Co., New York: State Street Trust Co..
Boston; Fidelity Trust Co., Philadelphia.
Data from Letter of President E. L. West, Reading, Pa., June 23.
-Formed in Pennsylvania July 24 1922, succeeding company
Company.
of the same name formed in 1917 through consolidation of the Metropolitan
Electric Co.(which had been operating in Reading and vicinity since 1894),
the Edison Electric Illuminating Co. at Lebanon, Pa.. and the Lebanon
Valley Electric Light Co. In addition to its property owned direct.
company owns the entire outstanding Common stocks of (a) Pennsylvania
Edison Co., Easton, Pa. (which controls Eastern Pennsylvania Power
Co., Phillipsburg N. J., Easton Gas Works, and Interurban Gas Co..
Nazareth, Pa.): 11) Hanover (Pa.) Power Co. (which controls Hanover &
McSherrystown Street Ry.); (c) Gettysburg (Pa.) Ellectric Co.: (d) York
Haven (Pa.) Water & Power Co.; (e) Cumberland Valley Light & Power
Co., Dillsburg, Pa., and (f) Metropolitan Power Co., Middletown, Pa.
It also owns $750.000 Reading Transit Co. Class B Pref. stock which is
paying dividends at the annual rate of 7%.
Company supplies electric light and power in an extensive territory in
the eastern part of Pennsylvania, serving the cities of Reading and Lebanon.
Pa., and surrounding districts, that part directly served including 76
communities, in addition to which power is wholesaled to local companies
in 92 large boroughs and towns. It supplies also practically all power
used by the Reading Transit Co. Through a system of high-power transmission lines the company controls an inter-connected power system
extending from Easton, Pa., and Phillipsburg, N. J., on the Delaware
River, southwesterly across Pennsylvania to Gettysburg and Hanover
near the Pennsylvania-Maryland line. As of Dec. 31 1924 the companies
had 75,031 electric customers against 64,940 at Dec. 31 1923.
Company's franchises and rights to operate in the communities served
are, in the opinion of counsel, unlimited as to time and without, burdensome
restrictions. There is no competition of similar class of service.
The properties of company and subsidiaries include 670 miles of transmission lines and 981 miles of distribution lines. Of these lines the company
owns direct 316 miles of transmission lines and, 391 miles of distribution
lines. The principal power plant, located on the Schuylkill River at
West Reading, has an installed generating capacity of 71,500 k. w.
The property of the Pennsylvania Edison Co., which operates in and
about Easton, Pa., includes its main steam station with a generating
capacity of 35.000 k. w., three small hydro-electric plants, together with
200 miles of transmission lines and 398 miles of distribution lines.
The York Haven Water & Power Co., which operates in and about York
Haven, York and Middletown, Pa., owns a hydro-electric power plant
on the Susquehanna River at York Haven with a generating capacity of
15,000 k. w.: also 76 miles of transmission lines and 55 miles of distribution
lines. including_ the line connecting with the plant of the Metropolitan
Edison Co. at Reading.
-The Metropolitan Edison properties form a conSuper-Power System.
siderable portion of the Pennsylvania-New Jersey Power system of the
General Gas Electric Corp. Being interconnected by high-tension
transmission lines, they are operated as a super-power system and are
included in the Boston-Washington zone of the Super-Power Survey,
made for the Department of the Interior of the United States Government.
To add to the power supply of this system Metropolitan Power Co., a
subsidiary of Metropolitan Edison Co., completed and placed in service
early in 1925 the first 30,000 k. w. unit of a 200,000 k. w. steam power
station on the Susquehanna River near Harrisburg, Pa.
Authorized. Outstanding.
CapitalizationCumulative Preferred stock
Series A r7 per share annually Participating 75,000 shs. 74,314 shs.
17,000 shs.
150,000 shs
Series B $7 per share annually
None
150,000 shs.
Series C $6 per share annually
500.000 shs. 129.842 shs.
Common stock
61,593,000
Metropolitan Edison Co. Mtge. Series A 8 bonds, 1935._
6.080,000
do
do
do
Series B 69 bonds, 1952._
do
3.150.000
Series C 59 bonds, 1953-do
do
do
do
2,418,000
Metropolitan Electric Co. Mtge. 5% bonds, 1939
-Year Ended May 31.
Consolidated Income Statement of Earnings
1924.
1925.
$8,270,477 $8,406,576
Operating revenue and other income
3.359.513
3,776,599
Operating expenses and taxes
1,523,435
1,457,196
Maintenance and depreciation
66.198
66.198
Rentals
$2,904.243 63,523,669
Total income
Deductions, incl. int. on funded debt and provision for diva.
$1,828,723
on Pennsylvania Edison Co. Preferred stock
61,694,946
Net income
Annual dividend requirements of company Preferred stock
$639,198
outstanding (including this offering)
Purpose.
-Proceeds are to be used for additions and betterments and
-V. 120, p. 2816, 2683.
other corporate purposes.
-Plans to Acquire
Midland Utilities Co., Chicago.
Control of Chicago Lake Shore & South Bend Ry.-Listing.See that company above.
The Chicago Stock Exchange has authorized the listing of 22,000 additional shares of 7% Prior Lien stock. This, with 120,000 shares listed
last Feb., makes a total of 142.000 shares, with a par value of $14,200.000.
The new issue is to be used to secure money for corporate purposes, the
acquisition of securities and the financing of subsidiaries. Company is
an investment or holding company controlling public utility properties in
northern Indiana and western Ohio, which now serve 139 communities with
electric light and power, gas or transportation service. Gross business
of the operating companies in the Midland group last year was in excess of
$12.000,000.-V. 120, p. 1327. 1203.
-Sale.
Monmouth County (N. J.) Water Co.
The New Jersey P. U. Commission has authorized the transfer of all the
outstanding capital stock of the company, amounting to $257,000, to the
American Water Works & Electric Co.. Inc.
-V. 116, p. 1904•
-Annual Report.
Montreal Water & Power Co.
Years ended April 30-- 1924-25.
1923-24. 1922-23.
Gross revenue for year-- $1,242,799 $1,170.481 $1.073.491
Oper. exp. (Incl. maint.,
repairs, legal, gen. &
other expenses
430,784
456,457
450.535
Interest(net)
227,452
237,519
242,486
Exp, on sales of bonds
written off
18,245
17,730
16,800
Res. for damage claims_
25,000
25,000
25,000
Sinking fund for bonds58.655
58,127
57,147
Reserve for bad debts15,000
15,000
5.000
Prov.for gen. deprec'n151,847
164,618
170,237
Written off back river
prop. acct.
25,000
35.000
Preferred dividends
35,000
35,000
19,600
Common dividends(I o
28,000
42,000
1921-22.
8997,748
$133,029
$648,680
35,000
$91,908
$616,680
60,000
$24.865
$591.815
$746,617
$658.237
Balance Sheet April 30.
1924.
1925.
$648,588
$616,680
Balance, surplus
Previous surplus
Less res. for Fed. taxes.,.
Less written of franch
Balance
3315
THE CHRONICLE
JUNE 271925.1
$173.595
$746,617
40.000
221,976
Assets
Real estate, plants.
10,813,388 10,633,397
244,748
1
Franchises
50,127
Prior lien bonds_ _
y50,127
Disc. & exp. of
134,256
prior lien bonds- 104,508
Cowden materials
23,091
on hand
24,258
Furniture, tools,
54,823
52,755
equipment, &c_
2,961
5,461
Unexp.taxes & ins.
59,468
66,204
Accts.receivable__
167,238
Secured call loans- 129,676
52,331
Secured loans__ _ 230,109
130,709
Investment secure 174,165
60,401 • 45,505
Cash
1925.
Holders may, however, at their option, surrender any of the notes owned
by them at any time prior to Aug. 1 1925, at the office of the trust company,
or at the office of Continental & Commercial Trust & Savings Bank,Chicago.
Ill., and receive, in payment therefor 105 and int. to the date of surrender.
-V. 120, p. 2402, 2013.
Omaha & Council Bluffs Street Ry.-Fares Increased.
The Nebraska Railway Commission on June 10 granted the company
an increase in fare to bring annually between $311,000 and $367,000 more
revenue. The company accepted the increase and put the new rate in
effect at once.
The new fare schedule follows: Adult cash fare, 10c.; adult tickets,
5 to
6 for 40c.; children's cash fare, Sc. (tickets 10 for 35c.), from ages ofthey
12 years. These formerly were 3c. each. School tickets abolished;
formerly sold at 5c. This is an increase of 3c. in the adult cash fare and
five-twelfths of a cent in the token fare.
R. A. Leussler, V.-Pres. and Gen. Mgr. says in part: "The rates of
'
fare fixed by the State Railway Commission will not, in our opinion, yield
the increase in net income to which the Commission states the company
Is entitled. The company will, however, make every endeavor to make
the rates prove sufficient. To that end it will seek to increase travel and
will at the earliest date possible start bus service to supplement its street
car service. This bus service will necessarily be limited at first, but if it
proves satisfactory the company will add to it from time to time as results
Justify."
In its opinion the Commission holds that if operating costs continue at
the same favorable level the rest of the year that they have held the first
5 months, the company will receive a return of 7% on the valuation of'
$14,100.000. In its application the company sought an increase of $400,000a year in revenue and made a claim for amortization of losses for 5 years
back. The Commission holds that as the company in 1923 withheld a
request for an increase, it is a party to previous losses and cannot now ask
to have them made up. Depreciation set up and additions and better-V.119. p. 1510.
ments practically offset each other, said the Commission.
-Tenders.
Ontario Power Co. of Niagara Falls.
The Toronto General Trusts Corp., mortgage trustee, 253 Bay St..
of
Toronto, Ontario, Can., will, until July 13, receive bids for the sale to it to
5% First Mortgage Gold bonds dated Feb. 2 1903, to an amount sufficient
-V.118, p.3206.
and interest.
exhaust $134,444, at a price not exceeding 110
Orange County (N. Y.) Public Service Co., Inc.
Acquires Control of Catskill Power Corp.
-V.120, p. 2817.
See Catskill Power Corp. above.
Ottawa & Hull Power Co. Ltd.-New Control.-
-V. 119. p. 2530.
'
See Power Corp. of Canada. Ltd., below.
-New Control.
Ottawa-Montreal Power Co., Ltd.
-V. 120, p. 2551.
See Power Corp. of Canada, Ltd., below.
Pacific Electric Ry.-Annual Report.
Calendar YearsGross earnings
Net (after taxes)
Other income
Int., rents, &c
1921.
1922.
1923.
1924.
820.729,483 821,641.554 $18,307,733 $17,096,117
$3,542.207 63,192,423
63,714.351 $4,463.752
Cr98,215 Cr104,382
Cr292,163 Cr216,292
4,096,439
4,216,411
4,598,699 4,349,129
Balance, deficit
-V. 120, p. 705.
$592,185 sui.$330.915
$575,989
$799,634
-Acquisition.
Pacific Telephone & Telegraph Co.
The stockholders of the Mutual Telephone Co., Tillamook, Ore., on
June 13 voted to accept the $20,000 offer of the Pacific Telephone & Telegraph Co. for purchase of their holdings. The transfer would become
effective in about two months, it was said, after approval by the Public
Service Commission And other legal details were arranged. The Mutual
company operates only in Tillamook County, having about 600 sub-V. 120, p. 1748.
scribers.
-Annual Report.
Peninsular Telephone Co.
Calendar YearsGross revenues
Operating expenses
Maintenance
1921.
$611.612
233.036
136.861
1922.
$703,071
245,666
159,093
1924.
1923.
$852,058 $1.161.653
416,076
285,167
293,208
194,733
Net earnings
Bond, &c., interest
Preferred dividends
Res. for depreciation
$241,715
$298,312
$372,158
62,897
25.998
171.390
8452.369
74,647
51.518
200.454
$111.872
$125,750
Balance, surplus
435,892 -V. 120. p. 2270
222,016
-Earnings.
Penn Central Light & Power Co.
21.858
59,482
27.000
152,035
35,000
19.600
Consolidated Income Accounts Year Ended Dec. 31 (I714er-company Items
Eliminated).
1921.
1922.
1923.
1924.
Calendar Years$3.689,337 $3,329,354 $2,481,064 62,218,212
Gross earnings
1,422,342
1.308.364
1.862,855
Operating exp. & taxes- 1.848,632
Gross corporate income- 81,840.705 61,466,499 $1,058.722
$345.559
6403,644
6809.090
Fixed charges
13,312
17,853
48,490
Income deductions
228,574
327.919
249,017
Renewal reserve
58,773
91,734
Federal income tax
89.298
$909.848
$343,051
12.476
217.977
31,892
$412,504
1304.453
Balance to surplus...
-V. 120. p2817.
.
1924.
Common stock-- 1,120,000
560,000
Preferred stock-- - 500,000
500,000
- 4,774,200 4,784,907
Prior lien 4
868,692
lst Mtge.5s
928,081
Accts.due munlcip 3121,076
125,030
Prov. for prior lien
163,024
bonds
155,260
233,410
Sinking fund
176,263
Reserve accts. for
depreciation, &c 1,612,539 1,484,030
81,962
Reserve for taxes_
75,703
Current ordln. liab 205,359
157,996
96,941
Accr. let. & wages
97,486
45,500
Div. pay. May 15_
31,499
Cap, surplus acct. 1,222,948 1,782.948
658.237
Profit &loss
746,617
Total
11,703,888 11,605,822
11,703,888 11,605,822
Total
x The amount shown above as "due municipalities" is payable, in respect
of a portion of the liability, when the extensions concerned produce a
certain return for the company and in respect of the balance, over a varied
term of years, all, however, without interest. y These bonds are held by
the Royal Trust Co., trustees, as guarantee for the fulfilment of one of
-V. 119. D. 1850.
the company's contracts.
$644,810
$625,349
-Valuation.
Peoples Gas Light & Coke Co.
The Chicago "Journal of Commerce" of June 23 says: The City of'
Chicago won a big victory to-day when the People's Gas Light & Coke Co.
dismissed its case in the Sangamon County Circuit Court after litigation
lasting more than 7 years. By this action the value of the company is
definitely fixed at $85,000,000 instead of $168,350.000. As a result the
Illinois Commerce Commission's order of 1920 is permanently effective.
The order was reversed by the Circuit Court in April 1922 after the company had appealed the case. That Court was in turn reversed by the
Supreme Court.
-V.120, P. 3066, 2944.
-Listing.
Philadelphia Electric Co.
The Philadelphia Stock Exchange has authorized the listing of $2,914,775
additional Common stock, reported issued in exchange for a like amount
of8% Cum. Pref. stock, converted June 15 1925, making the total amount
of Common stock listed $62,732.750, and reducing the amount of Prof.
stock listed to 82,310.125.-V. 120. p. 3188.
-Preferred Stock Offered.
Power Corp. of Canada, Ltd.
Nesbitt, Thomson & Co., Ltd., Montreal, are offering at
par and interest $2,500,000 6% Cumul. First Pref. (a. & d.)
stock.
-J. (first
Free from normal Federal income tax. Dividends payable Q.
payment Oct. 15 1925). Redeemable on any dividend date on 30 days'
notice at 110 and dividend. Transfer agent, Montreal Trust Co., Montreal.
Registrar, Eastern Trust Co., Montreal.
Issued.
Authorized.
Capitalization6% Cumul. First Preferred (par $100)
15.000,000
$2,500,000
2,500.000
New York Brooklyn & Manhattan Beach Ry.-Merger. 6% Non-Cumul. Particip. Preferred (par $50)... 5.000,000 100.000 shs.
Common shares (no par value)
250,000 shs.
-V. 115. p. 2794.
See Long Island RR. under "Railroads" above.
Company.
-Has been organized under the laws of the Dominion of Canada
to acquire and hold securities of electric power and light companies, and to
-Listing.
North American Co.
fiscal agents for electric power and light
manage and
The New York Stock Exchange has authorized the listing on or after operate andand to deal inact as securities.
other
$766,640 (authorized $60,000,000) additional Common stock properties,
July 1 of
Company, through its Second Preferred and Common stocks, has ac(par $10) on official notice of issuance as a stock dividend, snaking the quired the controlling interest in the following companies: (1) Canada
total amount applied for to date $31,481,250.-V. 120, p. 2817, 2684.
Northern Power Corp.. Ltd.; (2) Ottawa-Montreal Power Co., Ltd.; (3)
Hull Power Co., Ltd., which controls Ottawa River Power CO..
- Ottawa &Also a
-Merger.
Ohio Gas & Electric Co., Middletown, O.
Ltd.: (4)
substantial interest in the following companies: (a) East
-V. 119. P. 2530.
See Columbia Gas & Electric Co. above.
te
Koonay Power Co., Ltd.;(b) Southern Canada Power Co., Ltd.: c) Win-Notes Called.
Oklahoma Gas & Electric Co.
nipeg Electric Co.; (d) Dominion Power & Transmission Co.; (e) Manitoba
An of the outstanding Bond Secured 8% Cony. Gold Notes, dated Power Co., Ltd.
The properties which this company controls or in which it holds a subFeb. 1 1921, have been called for payment Aug. 1, at 105 and int. at the
stantial interest, are situated in Quebec, Ontario, Manitoba and British
New York Trust Co., 100 Broadway, N. Y. City.
3316
1HE CHRONICLE
Columbia, have an installed capacity of over 300,000 h. p., with an ultimate
capacity of 600,000 h. p., and serve a population of over 1.000.000 with gross
earnings of over 212.000,000.
Company is primarily interested in the acquisition and development of
hydro-electric and public utility companies, but will also supervise the
management of any properties it controls and will be in a position to offer
experienced management services to other properties as well.
;pose.
-Proceeds will be used for the acquisition of the control, or a
substantial interest, in other electric power and light properties; but temporarily may be invested in high-grade bonds and dividend-paying stocks.
Earnings.
-From the actual income on investments, and from dividends
on the Common stocks held, it is estimated the net earnings for the first
year, without taking into consideration management fees, &c., will leave a
substantial surplus after providing for all dividend requirements
Directors.
-J. B. Woodyatt, A. W. McLimont, N. A. Titnmins, P. A.
Thomson, A. J. Nesbitt, J. M. Robertson, Col. J. R. Moodie, K. S.
Barnes (Sec.).
[VoL. 120.
bonds of the Tr -City Gas Co. and the Valdosta Gas Co. See also V. 120,
P. 2944, 3066.
Southern California Edison Co.
-Balance Sheet Dec. 31.
Calendar YearsGross earnings
Expenses
1924.
$303,866
60,853
1923.
$546,944
69,095
1922.
$398,746
75.336
Net earnings
Int. on Nat'l Sec. Corp. Pr. Lien 6%
Gold notes
Int. on Coll. Tr. 6% bonds
Int. on floating debt
Prem. on Pr. Lien notes retired
$243,013
$477,849
$323,410
52,584
4,140
91,250
52,584
13,533
30,855
186,990
52,584
8,620
1924.
1923.
1924.
1923.
Assets$
LiabIlUtesPlants & prop-I91,390,977 163,196,182 Capital stock:
Cash with trus_
425,047 - 220,416
Original pref. 4,000,000 4,000,000
Invest., he., in
7% pref."A". 13,489,400 9,602,300
subsidiary cos 3,187,795 3,084,876 6% pref."B". 9,999,600
Sundry Investls
14,545
Corn, stock_ _ 41,833,472 40,478,072
Corn, stock subs x4,227,326 5,049,842 Subscr. common 4.864.500 4.713,300
Cash
3,900,748 1,427.302 Public subscrip.
Working funds.
123,560
capital stock_ 1,910,200 2,831,000
Notes & acc'ts
Funded debt_ _ _114,721.100 102.157,700
receivable....y2,119,967 2,068,240 Acc'ts payable__ 4,566.829 3,783,596
Material & 81.11M 6.110.430 6,216,949 Notes payable. _ 9,473,000 2,172,000
Unamortlzed dis247.344
4 22,534
2
Consum. depos_
count and preConsumers'adv. 1,067,251
mium on bds_ 6,814,096 6,343,638 Interest accrued 2,019,769 1,823,304
Capital stock_
830,821
10,814 Taxes accrued__ 1,129.768 x1,363,624
Debentures
66.384 Depreen reserve 9,541,068 9,311,511
Miscell. deferred
1,522.605
Res've for contin
charges
1,438,469 1,290,893 Sundry reserves.
683,567
640,621
Deferred credits
880,360
80,000
Dividends pay'le
80,000
1,465,913 3.393.009
Surplus
Balance
Res've for'd from pr. periods
bit, paid on Income bonds
Ree'd for future Inc. bond int
$186,289
227,142
$289.627
4,700
227.142
$75.216
5.596
75,714
4.700
Total
221,092,781 188.975.537 Total
221,092,781 188.975,537
x Due by officials, employees and public on stock subscriptions. y After
deducting $65,174 reserve for uncollectible accounts. z Accrued taxes, including provision for 1923 Federal taxes.
The usual comparative income account was given in V. 120, p. 1748.
def$40,853
$67.185
$398
$56,079
$728,263
$722,714
Power Securities Corp.
-Annual Report.
-
Balance, surplus
-V. 118, p. 1784.
Southern Indiana Gas & Electric Co.
-Stock.
-
The company has changed its authorized capital stock from 35,000.000
Common (par $100) and $5.000,000 Preferred (par $100) to 500,000 shares
of Common, no par value, and $10,000,000 Preferred, par $100.-V. 120.
Public Service Electric & Gas Co.
-Bonds Authorized.
The New Jersey P. U. Commission has authorized the company to issue p. 2945, 2149.
$2,500,000 1st & Ref. Mtge. Gold bonds, due 1965, at 9334 and int., and
Southwestern Light & Power Co.
-Initial Dividend.
750,000 additional shares of Common stock, no par value, at $10 per share.
The directors
initial
The application for the issuance of 50.000 shares of 6% Cumul. Pref. stock Class A Commonhave declared dividenddividends on the Preferred and
stock. The
on the Preferred stock amounts
and 1,000,000 additional shares of Common stock was held up pending an to $2 a share for four months, payable July 1 to holders of record June 25.
Investigation by the State board.
The dividend on the Common stock amounts to $1
The bonds are to be secured by a mortgage dated Aug. 1 to the Fidelity July 6 to holders of record June 30. See also V.120, 50 a share payable
p. 1091, 1748.
Union Trust Co. and arrangements have been made for their sale to the
Prudential Insurance Co.
-V. 120. v. 1587.
Spokane & Eastern Railway & Power Co.
-Sale.
The sale of the company's Nine Mile hydro-electric plant to the WashingRepublic Ry. & Light Co.(& Subs.).
-Earnings.ton Water Power Co. was recently
-Month of May- -12 Mos. End. May 30- plant, which is on the Spokane River.announced. The Nine Mile power
has an installed generating capacity
Period1925.
1924.
1925.
1924.
of 20,000 h. p. In four units.
Gross income
$890,485
$879.278 $10,735,692 $10,470,229
A contract will be entered into between the Washington Water Power
Oper.exp. and taxes.582,271
573,797
7,302,221
6,850,420 Co. and the railway company for furnishing power for the operation of the
Interest on funded debt184,946
190,641
2.217,998
2,118,692 railway system for a term of years. The purchase of this plant gives the
Other interest & disc.-. Cr.11,177
Cr.10,304 Cr.362,193
59,163 Washington Water Power Co. six hydro-electric plants on the Spokane
Div. on pref. stk. of subs
72,264
69,065
849,402
719,241 River aggregating 185,000 h. p.
-V. 115, p. 1839.
Bal, for deprec. dlvs.
and surplus
-V. 120, v. 1084. 705.
•
$62,181
Rockland Light 8c Power Co.
-Expansion, &c.
-
See Catskill Power Corp. above.
-V. 120, p. 2818.
St. Maurice Power Co., Ltd.
-Balance Sheet Dec. 31.1924.
1923.
1923.
1924.
Assets$
LtalAtUtes$
$
$
Property
7,600.000 7,800,000 Capital stock
7,200,000 7,200,000
x Construction _ __ 9.517.872 8,539,090 Bonds due 1953_ _ _ 9,028.600 9,026,600
Call loans & Inv_
78,530 3.627.776 Deb.stk.(3200,000) 973,400
973,400
Prov.on Queb.dep
4,931 Accounts payable_
17,067
305,034
Cosh
88,575
4,071 Accr. int. on bonds 270,833
270,833
Mole receivable. _ 202.923
17,487,900 17,775,867
Total
Total
17,487,900 17,775,867
x Expenditure to date, including discount on bonds and after deducting
interest received on investments and income from power sold. y Balance of
proceeds of bonds held by trustee for completion of construction.
-V.118,
P. 2836.
• San Antonio Public Service Co.
-Preferred Stock.
At a special meeting of the stockholders on May 21 the authority to issue
83.000,000 in Common stock (authorized last February) was rescinded,
and authority given for an increase of $3,000,000 of 8% Pref. stock. This
stock will probably all be distributed locally.
-V. 120, p. 2944.
Saxon Public Works, Inc. (Aktiengesellschaft Sachs-Bonds Listed.
lsche Werke), Germany.
The New York Stock Exchange has authorized the listing of $15,000,000
let Mtge. 20-Year S. F. 7% Guar. External Loan Gold Coupon bonds.
due Feb. 1 1945.
Balance Sheet as of April 1 1924.
Liabilities.
Assets.
Property, plant & equip.$20,908,813 Stock,Ser."A,"20,000sh. $4,761,905
Inv. & secur. of 0th. cos.
650.290 Stock,Ser. B. 20,000sh. 4,761,905
Cash, accts. rec. & accep.
991,331 Renew. & deprec. res've 7,163,392
Materials and supplies__
119,047 Other reserves & surplus 1,190.476
Prepayments
419,481 Mortgages on coal lands
109,345
Mortgages on buildings_
57,321
Purchase contracts on
real estate & min. rig. 2,349,490
Janus Insurance Co
238,095
Adv. made by State..... 1,891,771
Total (each side)
565,260
$23,088,983 Current liabilities
Compare V. 120, v. 706. 3189.
-Report.
Sierra Pacific Electric Co.
Calendar YearsTotal earnings
Expenses and taxes
Interest and amortization charges
Preferred dividends paid
Net credit to reserves and surplus
Retirement reserve
Balance,surplus
p e. i
re 4
Ir r2l
r
Mated dividends paid
Current surplus
-V.120, p. 2684.
1924.
1923.
$1,094.187 31.023.648
651,661
535.828
72.834
63,354
210,000
210,000
52,385
38.466
90.000
90,000
$122,078
1,214,084
$162,932
1,156,152
105.000
$1,336.162 31.214.084
Standard Power & Light Corp.(Md.).-New Delaware
Company of Same Name Formed-Exchange of Stock for Stock
of Delaware Company
-To Acquire Majority Voting Shares of
Pittsburgh Utilities Corporation.
-
The Standard Power & Light Corp. has completed arrangements to
acquire by purchase a majority of the voting shares (represented in part
by voting trust certificates) of Pittsburgh Utilities Corp. which controls
the utilities supplying all the electric power, natural gas ' artificial gas
and
to the city of Pittsburgh, Pa., and to its surrounding territory, as well
as its street railway system and other large properties in connection therewith. In connection with the direct acquisitidn of this stock by Standard
Power & Light Corp.(Md.)there would have been required certain amendments to its certificate of incorporation which it would have been difficult
or burdensome to obtain under Maryland laws, and the stock will be
acquired, therefore, by Standard Power & Light Corp. (Del.) which will
issue to the Maryland corporation, 100,000 shares of its Cumul. Pref. stock
(entitled to annual dividend at the rate of $7 per share) and 410,000 shares
of its Class "A" (non-voting) Common stock. [Standard Power & Light
Co.(Del.) was incorporated in Delaware June 20 1925, with an authorized
capital of 1,300,000 shares of no par value, divided into 800,000 shares
Class "A" Common,30,000 shares Class "B" Common and 500,000 shares
Pref. stock.]
In order to give holders of trust receipts the benefit of direct ownership
in the Standard Power & Light Corp. (Del.) there will be issued to them
for each share of Cumul. Pref. stock of Standard Power & Light Corp.
(Md.) an exactly equivalent share of Cumul. Pref.stock (entitled to annual
dividend at the rate of $7 per share) in the Delaware corporation, and for
each 10 shares of Common stock of the Maryland corporation there will
be issued to them 11 shares of the Class "A" Common stock of the Delaware corporation. (Scrip certificates will be issued to those entitled to
less than a full share.)
The Standard Power & Light Corp. (of Del.) will have outstanding on
the completion of the transaction 100,900 shares of Prof. stock (exchanged
for the 100,000 shares of Pref. stock of the Maryland corporation). and
440,000 shares of Coin. stock (of which 30,000 voting Class' 13" shares will
be controlled by the management) in lieu of 400,000 shares of Common
stock of the Maryland corporation, of which 110,000 shares will be exchanged ibr the 100,000 shares represented by the trust receipts.
The stock of Standard Power & Light Corp. (Del.) will be ready for
exchange for trust receipts on July 10 1925 at which time holders of trust
receipt;for stock can send their trust receipt to Continental & Commercial
Trust & Savings Bank, Chicago, Ill.
Ladenburg, Thalman & Co. and H. M. Byllesby & Co. will jointly
control Standard Power & Light Corp. United Railways Investment Co..
which owns nearly all of the remaining voting shares of Pittsburgh Utilities
Corp., will be jointly controlled by Ladenburg, Thalman & Co. and H. M.
Byllesby & Co.
The United Railways Investment Holding Corp. was incorporated in
Delaware June 20 1925 with a stock capitalization of 310,000.000. It is
said there may be some connection between the two companies.
-V. 120.
p. 212, 88.
Tennessee Electric Power Co.
-Listing.
The New York Stock Exchange has authorized the listing of $230,000
additional 1st & Ref. Mtge. Gold bonds. Series A 6%, due June 1 1947.
making the total amount applied for $25.903,100, of which $839,800
acquired and cancelled by the sinking fund.
See also Commonwealth Power Corp. above.
-V.120, p. 3189.
Texas Electric Ry.-Annual Report.
Calendar Years1924.
1923.
1922.
1921.
Gross earnings
$2,794,636 $2,980,475 $2,706,995 $2,879,359
Oper.exp., taxes & maint 1.691,415
1,747,501
1,651,527
1,726,191
Net earnings
$1,103,221 $1,232,975 $1.055,467 $1,153,167
Add int. on deposits, &c_
-Listing.
Southern Gas 8c Power Co.
1,629
840
2,397
10,478
The Baltimore Stock Exchange has authorized the listing of $1,500.000
Total net earnings_ __ _ $1,104,061 $1,234,604 $1.057,865 $1,163,646
1st Lien Coll, Trust Gold bonds, Series B, 04%, dated Dec. 11924, due
Deduct-Int. on 5% bds
337,588
337,903
337,600
Dec. 1 1949.
Int. on 6% dabs_ __ _
428,1691
8
98, 99
129,600
117,866
Balance Sheet as of Jan. 31 1925.
Sundry int. charges-5,173
6,233
5.389
Liabilities
AssetsDivs.on7% lstPref.stk
109,761
84,828
49,000
62.689
Cash
$3,226,460 Divs.on 7% 2d Pt.stk..
$16,833 Common stock
210,000
210.000
210,000
210,000
Accounts receivable
437,800 Common dividends(47)
60,533 Preferred stock
240,000
24C,000
240,000
240,000
Office furniture
870 Subs. to 7% Prof. stock-- 1,000,000 Disc, on bonds
Cr.1,450
Investments
6,665,411 Series A bonds,due 1939-- 400,000 Res've for renewpurchol_
Is, &c
100,000
100,000
130.000
100,000
Special fund, Century Tr.
Ser. B bonds, due 1949-- 1,500,000 Disc. on Pt. stk. writ. off
25,000
Co
14.320 1-Year 6% Gold notes.-- 800,000
Subs. to Prof. stbck
775,859 Accounts payable
65,736
Balance, deficit
$62.359
$15,681
3158.125
$8,870
61,943 -V. 118, p. 2706.
Deferred charges
361,917 Deferred credits
390,771
Capital surplus
Total (each side)
13,032
$7,895,743 Current profit and loss...
Tr -City Gas Co., Gadsden Ala.
-Sale.The Maryland P. S. Commission has authorized the company to issue
See Southern Gas & Power Corp. above, and in V. 120, p. 2944.20,000 shares of Class"A"stock,$50 000 of Preferred stock and $1,000,000 V. 119, v. 3012.
of 5
-Year Convertible 6% Gold notes.
Union Gas & Electric Co., Cincinnati.
-Acquisition.
The Commission also authorized the company to issue from time to time
See Columbia Gas & Electric Co. above.
an additional $1,000,900 of Preferred stock and to acquire all the stock and
-V. 120. p. 2402.
JUNE 27 19251
United Gas Improvement Co.
-Plan Approved.
-
Belding Bros. & Co.
-To Offer Stock.
-New Control.
-
The stockholders on June 26 approved the plan of acquisition of the
American Gas Co. by the exchange of stock on the basis of one share of
United Gas Improvement Co. for each share of American Gas Co. of Pa.
stock -V. 120, p. 3067.
Washington-Virginia Railway Co.
-Earnings.Calendar YearsGross earnings
Operating exp. & taxes
3317
THE CHRONICLE
•
z1924.
$846,684
758,874
z1923.
937,035
790.364
1922.
908,653
x781,043
1921.
938.103
x863.099
$87.810
y270.059
$146,671
y285,013
$127.610
295,211
$75.004
311,496
Net earnings_ _ _Fixed charges
Balance, deficit
$182.249
$236,492
$138,342
$167.601
x Includes depreciation.
y Estimated from Nov. 23 1923 to Dec. 31 1924.
z Includes operations of Receiver from Nov. 23 1923 to Dec. 31 1924.
-V. 117, p. 2434.
York (Pa.) Railways.
-Earnings.
Years end. Nov. 301924.
1922.
1923.
1921.
Gross earnings
$2,163.927 $2,007,462 $1,810,787 $1,720,417
Over. exp. & taxes
1,390,033
1,230,290
1.122.966
1,140.497
Fixed charges
252,195
226.208
224,661
229.290
Depreciation
211,612
169.293
159,839
159,755
Balance
$310,087
$381,672
$303,331
$190.876
-V. 119, V. 1512.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.
-On June 25 Federal Sugar Refining reduced price
5 points to 5.50c. per pound. Arbuckle on same date reduced price 10
points to 5.500. and National 10 points to 5.60c. Revere on June 26
reduced price 10 points to 5.60c.
Advances Tube Prices.
-General Tire & Rubber Co. has advanced prices
of inner tubes 33 1-3%, effective immediately. Company has made no
change in tire prices, but is taking orders for tires with the proviso that they
will be billed at prices prevailing at time delivery is made. Firestone, Goodyear, Goodrich and U. S. Rubber are reported to be advising their dealers
of advances ranging from 10% to 15% in tire and tube prices to go into
effect July 1.
Price of Lead Reduced.
-American Smelting & Refining Co. reduces price
of lead 10 points to 8.20c. a pound.
Newsprint Reduced $5 a Ton.
-The Belgo-Canadian Paper Co. announces
reduction in price of newsprint of $5 a ton to $65. effective Jan. 1 1926.
"Wall St. News" June 20.
Secretary Davis Fails to End Plasterers' Strike.
-Fears grave troubles in
building trades unless issues are definitely settled. N.Y."Times" June 21.
Ford Ship Wages.
-$100 a month is minimum wage paid by Ford on
freight ships, according to shipping articles filed for the freighter Oneida.
On Shipping Board vessels, messmen receive $52 a month and ordinary
seamen $47 50. First engineer and first mate are paid $225, compared
to $180 on Shipping Board vessels and $155 on ships of the American
Steamship Owners' .Association. "Wall St. Journal" June 25.
Japan and Manila Cable Rates Cut.
-Clarence H. Mackay, Pres, Postal
Telegraph-Commercial Cables, announces a reduction in cable rates to
Japan and Manila, to become effective July 1. The charge for ordinary
messages to both Japan and Manila from New York will be 87 cents per
word, compared with $1 09 to Japan and 92 cents to Manila under present
schedules. The deferred rates will be 43% cents per word to both places,
as against 54 cents and 46 cents, respectively, at present. A reduction in
press rates of 3 cents per word, to 34 cents, also will become effective.
N. Y. "Times" June.
24.
Matters Covered in 'Chronicle" of June 20.-(a) Indications of cotton
acreage in June 1925. p. 3117-3126. (b) Protective committee representing
holders of Russian bonds in default emends time for deposit of participation
certificates.D. 3138. (c) Offering of Capital stock of First Carolinas Joint
Stock Land Bank, p.3138. (d) Offering of Capital stock of Equitable Joint
Stock Land Bank of Macon, p. 3142. (e) President Coolidge
against recommendations of Tariff Commission to reduce tariff ondecides
sugar,
p. 3142.
Anglo-Persian Oil Co., Ltd.
-Dividend.
-
In our issue of May 30, page 2819, we stated that the company
omitted the ordinary dividend usually declared at this time. We had
are
advised that the ordinary dividend is paid once a year only, and that in
January. A distribution of 10% was made on the ordinary shares in the
first month of this year.
-V. 120, p. 2819.
Argo Oil Co.-Acquisitions ctc.-
The banking group headed by Edward B. Smith & Co., and the Bankers
Trust Co., which purchased a controlling interest in this company, one of
the best known silk manufacturers in the country, will shortly make a publicoffering of approximately $17,000,000 of the company's Capital stock.
V. 114. p. 857.
Berkeley-Carteret Hotel, Asbury Park, N. J.
Definitive Bonds Ready.
G. L. Miller & Co., Inc., of New York, announce that they are ready
to exchange the definitive bonds of the $1,000,000 1st Mtge. 71 Rear
Estate Gold bond issue secured by the Berkeley-Carteret Hotel, Asbury
Park, N.J.,for outstanding interim certificates of that issue. See offering
In V. 120, p. 1589.
Brandram-Henderson, Ltd.
-Annual Report.
Calendar YearsNet profits
Bond interest, &c
Depreciation reserve_ .. _
Income tax
Other reserves
1924.
$101,827
83,793
7,500
9,180
30.000
1923.
$144,121
63,460
7.500
8,621
1922.
$163,704
59,581
7,500
1921.
$147,742
.
60.444
7.500
Balance, surplus
der$28.646
Previous surplus
$836,929
Preferred dividends(7%)
35,000
Common dividends
(4%)47,196
$64,640
$854.586
36,000
(4)47,196
$96,623
$828,360
35,000
(3)35,397
$24,798
$897,507
35,000
(5)58,945
55,000
Profit & loss, surplus_ $726,088
$836,929
$854.586
$828,360
Balance Sheet December 31.
Assets
1924.
Liabilities1923.
1923.
1924.
Preferred stock_ _ _ $500,000 8500,000.
Real estate, goodCommon stock_ _ _ 1,179,900 1,179,900
will, pat'trights,
• $2 418,349 $2,388.801 8% s.f. let M.bds 299,600
&c
299,600
Capital stock of
Consol.6% bonds_ 879,000
898,000
subsidiary comBond redemp. res. 155,000. 155,000
346,923 Bond prem.acct.._
348.923
panies, &c
6,182
4,957
Merchandise
840,573 Res.for deprec'n_ _ 102,500
972,375
95,000
Acc'ts receivable_
525,489 Royal Bank of Can 307,713
135,111
452,073
97,942 Bills payable
78,817
Cash
24,784
28,404
Brandram Bros_
1,408 Accounts payable. 107,060
115,167
Deferred charges_ _
3,774 Res. for Pref. div.
18,280
payable Jan. 2_ _
8,750
Bond discount and
8,750
19,992
20,326
80,409
charges
72,903 Res.for bond int
Reeve for possible
loss on acc'ts rec.
30,000
Unclaimed diva_ _ ..
678
668
Total(each side)_ _ S4,347,227 84.277.813 Surplus
726,088
836,929
-V. 118, p. 2828.
Burmeister & Wain, Ltd., of Copenhagen.
-Bonds
-Brown Bros. & Co.; Blair & Co., Inc., and White,
Offered.
Weld & Co., New York, are offering at 9534 and int., to
yield 6%%,$2,000,000 I5-Year 6% Sinking Fund External
Gold bonds.
Dated July 11925; due July 1 1940. Interest payable J. & J. Denom.
.
$500 and $1,000c5 Principal and int. payable in N. Y. City at office of
Brown Brothers & Co.,fiscal agents for the loan, in U. S. gold coin without
deduction for any Danish taxes present or future. Red., 011 or part, at
100 and int. on any int. date on six months' notice. Staking fund beginning
Jan. 1 1926 is to retire 1-30 of principal amount of the loan semi-annually
either by retirement of bonds purchased at not exceeding 100 and int.,
or, if not so purchased, by redemption at 100 and int. on three weeks'
notice. Sinking fund sufficient to retire all bonds of this issue by maturity.
Company.
-Is at present the world's largest manufacturer of marine and
stationary Diesel engines. Company also owns the largest shipyards in
Scandinavia which are devoted chiefly to repair work and to construction
of ocean-going Diesel motorships. Originally established as a partnership
in 1846, this company is one of the leading industrial enterprises in Denmark.
The demand for Diesel engines-particularly for the marine types for
vessels in the international trade service-has been growing rapidly in
recent years because of the great operating economies effected by their
use as compared with steam power units.
Security.
-These bonds are to be the direct obligation of company.
They will rank equally with 4,250,000 kroner ($807,500) 5% outstanding
bonds of the company. Except for 1.283.720 kroner ($243,907) mortgages,
the properties of the company are entirely free from mortgage lien. Company agrees that if in future it shall give a lien on any of its assets or
revenues in favor of any obligation (except obligations for not greater
amounts given in renewal of existing real estate mortgages, current indebtedness maturing not later than one year incurred in the general conduct
of its business which may be secured by pledge of accounts receivable or
other liquid assets, and except obligations for advance payments on orders
and indebtedness secured by purchase money mortgages created by the
company, or existing, on real estate hereafter acquired) these bonds shall
be equally and ratably secured on such assets or revenues.
Earnings
-Years Ended Dec. 31.
1924.
1923.
1922.
1921.
Net income from riper.,
$623,842
$475,278
$760,837
$1,529,184
royalties, &c
226.078
131,336
261.279
Res.for depr., taxes, &c.
489,462
This company was recently organized in Delaware for the purpose of
taking over and operating a substantial group of producing properties,
of developing and acquiring new properties, developed and and undeveloped, as rapidly as they can be obtained under existing favorable
cumstances. It has an authorized capitalization of $20,000,000 (par cirThe company is engaged in acquiring, by the exchange of its own $10)•
therefor, the outstanding stocks of the Western States Oil & Landstock
Marine Oil Co., Wyokans Oil Syndicate, Royalty & Producers Corp.,Co.,
and
Glenrock Oil Co., Inc. Of these stocks, 97% of Wyokans.95% of
60% of Western States, and 26% of Royalty & Producers have Marine,
already
been exchanged for Argo stock. The basis of exchange for these stocks
are 17 shares of Argo for 200 shares of Wyokans. 1 share of Argo for 4
shares of Marine, 1 share of Argo for 40 shares of Western States, 1 share
5492.506
$249,200
Balance
$499,658
of Argo for 100 shares of Royalty & Producers, and 1 share of Argo for Interest applic. to int- $1,039,722
67,988
125,009
152.050
166,106
40 shares of Glenrock. In addition to the stocks mentioned certain operating contracts, royalties, and undeveloped holdings have been taken
$124,191
$347,508
Surplus for year
$424,518
$873.616
into the company.
At present the company has enough orders on hand to keep its plants
The company holds leases, working interests, or royalties on 27,256
for the next 18 months.
three
acres, well located on 36 structure.s in Wyoming, Montana, Oklahoma, fully occupied on givingshifts daily present financing and to the issue of
effect to
Assets.
-After
Colorado, Utah, Kansas, and South Dakota. It has 9,911 acres in proven
which was sold in early part of 1925
kroner of capital
fields, of which 3,876 acres are productive. with 235 producing wells and 5,000,000 the balance sheet stock Dec. 31 1924 would show net tangible
at 102%,
as of
202 undrilled locations. During 1924 the company's share of the pro- assets equivalent to about 3 times the total funded indebtedness including
duction from these properties was 2.081 barrels daily production. In this issue.
proven fields from which the company is not yet receiving an income
Purpose.
-Proceeds will be used to increase the working capital to
on account of lack of marketing facilities, such as uncompleted pipe lines, enable company to handle the large amount of business on hand and the
or because the company's own holdings have not yet been drilled It has large number of now orders which are being received.
9,049 acres, of which 4.090 acres are within the probable limits of pro'
Equity.
-The bonds are followed by 20,000,000 kroner ($3,800,000)
duction. On geologic structures not yet tested, but carefully
capital stock. On the basis of the current market price of about 111%,
on the hest of geologic advice, the company has approximatelyselected this
represents an equity of approximately $4,200,000. In each of the
38,684
acres, of which at least 19,290 acres may be productive if the structures past ten years company has paid substantial dividends on its stock, the
are found to be oil-bearing.
rate ranging from 10% to 2.5%. The current dividend rate is 12%.The company will have a substantial foundation of settled production V.120, p. 3190.
in ten producing fields; a substantial earning capacity based on this production; a potential additional earning capacity in holdings proven but
Burns Bros. (Coal).
-Changes in Personnel.
now shut in or not yet developed; excellent connections for adequate
As a result of
staff en June
financing; and strong speculative possibilities, based on holdings on 22 S. M. Schatzkinthe changes announced in the executive accounts. S.22,
of
A.
was elected Vice-President in
untested geologic structures in seven States and in deeper sands beneath Werthcin. an associate of Mr. Schatzldn's, wascharge Vice-President and
elected
itsTresent producing properties.
General Manager. Thomas F. Farrell, who was with the Farrell Coal Co.
The directors of the company are as follows: James Owen, Chairman before it was merged with the Burns Brothers Co.. was re-elected Vice
(Pres. Salt Creek Consolidated Oil Co.); Max W. Ball, Pres. (Pres. Western President. George S. Weaver was chosen Secretary and Treasurer. S. M.
Pipe Line Co.); John W. Finch, V.-Pres.; E. F. Randolph. V.-Pres. & Williams, Chairman of the Board of Directors. and Moritz Rosenthal,
Treas. (Sec.-Treas. Western Pipe Line Co.); C. W. Burdick (Pres. Enalpac Chairman of the Executive Committee, were both re-elected.
:Pres. Midwest Refining Co.);
Oil & Gas Co.); H. C. Bretschneider
In view of these changes it was announced that Grove D. Curtis resigned
Clark G. Mitchell (V.-Pres. Denver National Bank).
as Vice-President and John V. Chambers as Secretary. The resignation of
H. S. G. Brooks as Vice-President was announced June 20.
-Directors.
Artloom Corporation.
The vacancy caused by the resignation of Frank Burns as President has
At a special meeting of the stockholders held last week James Mills, John not been filled. See also V. 120, p. 3190.
McDade, Samuel Johnston, Max Hilbert and Joseph Blankmeyer, all
executives of the company, were elected to the board of directors.
(Frank L.) Burns Coal Co.
-F. L. Burns, Former PresiV. 120. p. 2553.
dent of Burns Bros., Forms New Company-Sequel to ResignaAtlantic Gulf & West Indies SS. Lines (& Subs.).- tion Following Schatzkin's Capture of Control of Old Company.
-
-Month of April- -4 Mos. End,Apr.30A new company of the above name has been organized for the distribution
1924.
1925.
Period
1925.
of coal in the Metropolitan district by Frank L. Burns, former President of
1924.
$2,356,188 $2,225,253 $9.851,421 $8.935,281 Burns Brothers. The new company has established offices at 30 Church
Operating revenues
St. and all arrangements have been made for obtaining and distributing
Net revenue from oper.
328,464
316.364
(incl. depreciation)
1,294,730
1,020,925 coal. Mr. Burns resigned last week as head of Burns Brothers when S. IL
362,311
335,075
1.389,383
Gross income
1,116.922 Schatzkin and associates gained control at the annual stockholders' meet198,142
184,677
Interest, rents & taxes
750,036
815,437 ing. There will be no public offering of stock of the new company. Mr
Burns said that a number of his old associates were interested in the new
5177,634
$136.933
$639,347
Net income
$301.485 company and that it was the aim of the sponsors for the new company
-.V. 120. p. 2947. 2819.
"to keep itlin the family."aNumerous:offers for stock in the new company
3318
THE CHRONICLE
have been received, according to Mr. Burns. One banking group has sunscribed to a large block of the Common stock, but none is expected to be
placed on the market.
According to the incorporation papers, the new organization will have an
authorized capital of 5.000 shares of Cumulative 8% Preferred stock (par
$100) and 25,000 shares of no par value Common stock. The Preferred
stock is callable on 90 days' notice at 115.
The voting power of both the
Common and Preferred is equal, the Preferred shares having five votes each
and the Common shares one vote.
Moos & Gonnet, who resigned as counsel for Burns Brothers following
Mr.Burns's resignation as head of that company, will act as counsel for the
new company. Mr. Burns is President of the new organization; Harry S. G.
Brookes, former Vice-President of the old company, will be Vice-President
In charge of construction and transportation; Grove D. Curtis, former
Vice-President of the old company, will be Vice-President in charge of sales:
James F. Cavanagh, Secretary; Joseph B. Chambers, former Secretary of
the old company, will be Treasurer. These officers and Louis H. Moos,
attorney, will constitute the board of directors for the present.
[VOL. 120.
The stockholders on June 26 approved a by-law creating an issue of
-Year Sinking Fund General Mortgage gold bonds and
$6,000,000 6% 25
increasing the board of directors to ten. Avern Pardoe and Mark Bredin
were elected new directors.
-V. 120. p. 3190.
-Alex.
Canton Co. of Baltimore.
-Bonds Offered.
Brown & Sons, Baltimore, have underwritten and will
shortly offer for subscription $1,500,000 53% 15-Year
Gold Debenture bonds. Dated July 1 1925: due July 1 1940.
The holders of the $1,500,000 5% 10
-Year Gold Debenture bonds due
April 1 1926 were given the privilege to exchange them for a like principal
amount of the new $1,500,000 5 s. In the exchange Alex. Brown &
Sons will pay 1004% and int. for the 5% bonds.
To obtain this privilege holders had to deposit the 5% bonds with all
unmatured coupons at the banking house of Alex. Brown & Sons before
June 23, at which time the privilege of exchange ceased.
-V. 119. p. 815
Carolina Coal Mine Co.
-Receiver.
-Dominick
Bush Terminal Co.
-Preferred Stock Sold.
Judge Bryson at Rockingham, N. C., on June 18, after hearing argument,
& Dominick, Eastman Dillon & Co. and F. J. Lisman & made the temporary receivership of the company permanent, continuing
Co. have sold at 87.50 per share (ex-div.) a block of 20,000 John H. Kennedy, the temporary receiver, as permanent receiver. The
shares (par $100) of 7% Cumulative Debenture stock. temporary receivership was ordered by Judge F. A. Daniels on June 8.
-Bonds Offered.
Cathedral Mansions, Pittsburgh, Pa.
The sale of stock does not represent any new financing by
-The F. H. Smith Co., Washington, D. C., are offering
the company.
Listing.
-Listed on the New York Stock Exchange.
at par and int. $900,000 7% 1st Mtge. Coupon Gold bonds.
Authorized. Outstanding.
Capitalization
-May 31 1925$2,300,000
$2,300,000
6% Cumulative Preferred stock ($100 par)
a6.889,986
25,000,000
7% Cumulative Debenture stock ($100 par)
250,000 abs. 137.800 shs.
Common stock (no par value)
$3.500,000 632.743.000
First Mortgage 4s. due 1952
c6,629.000
10.000.000
Consolidated Mortgage 5s, due 1955
a This is the amount authorized to be issued in exchange for a like
amount of the old par value Common stock and which will be outstanding
when ail of said old Common stock bas been surrendered for such exchange
b Entire authorized issue was outstanding, but $757,000 has been retired
through sinking fund as of Dec. 31 1924. c None of remaining amount
authorized can be issued except to refund First Mortgage 4s.
Bush Terminal Co. is also guarantor as to principal and interest on he
following:
Authorized. Outstanding.
Bush Terminal Bldgs. Co. 1st Mtge.5s,due 1960-$12.000,000 x$8327,000
1,950,000
Exhibition Building.Inc.. Bond & Mortgage
7,000.000
Bush Terminal Bldgs. Co.7% Preferred stock_ _ 7.000,000
000 thereof has been retired
x Of the $9.753,000 originally issued, $1,626,
through sinking fund as of Dec. 31 1924.
The Bush Terminal Co. owns directly or indirectly 100% of the Common
stock of each of the above named subsidiaries.
Data from Letter of Irving T. Bush, President of the Company.
-Organized in New York in Feb. 1902 to own, maintain and
Company.
operate piers and warehouses for manufacturing and storage purposes.
Company and its subsidiaries own approximately 200 acres of land in fee
located on the Brooklyn side of New York Harbor. Upon this property
there has been erected one of the largest and most modern terminal and
industrial plants in the world, consisting of8steamship piers with total deck
area of approximately 50 acres; 116 warehouses of steel and reinforced concrete construction, containing about 25,000,000 Cu. ft. of space, a cold storage plant containing about 1.500.000 cu. ft. of space; 16 model loft and
manufacturing buildings of steel and reinforced concrete construction, containing about 5.500.000 sq.ft. of space,or approximately 135 acres;30 miles
of railroad equipped with steam and electric locomotives,railroad yars with
facilities for handling 1.000 cars and a complete car float system by which
connections are made with every railroad entering N. Y. City.
-The principal sources of income of the company are rentals
Revenue.
from leases of steamship piers, warehouses. approximately 275 tenants
occupying and leasing space in 16 loft and manufacturing buildings, and
leases of space in Bush Building in West 42d St., N. Y. City, and Bush
House. Aldwych, London; also revenue from the operation of cold storage.
handling merchandise, storage and railroad transportation.
The present rent roll of the company and subsidiaries aggregates $4,930.000 per year.
Earnings after Taxes as Applied to $6,889.986 7T Cumul. Deben. Stock.
$690.185
$576,598 1924
$267,55511922
1920
731,923 1925 (3 mos.)- 195,665
463,54511923
1921
-Company has an uninterrupted record of dividends since the
Dividends.
declaration of the first dividend in 1906.
Consolidated Balance Sheet (Company and Subsidiary Cos.).
Mar.31'25. Dec. 31'24.
Mar.31'25. Dec. 31'24.
Assets
12,562,869 12,562,869 Preferred stock__ 2,300,000 2,300,000
Land
Pref. stock (BuildPiers, warehouses,
7,000,000 7,000,000
hugs Co.)
&c., less deprec_16,225,294 16,243,362
Common stock_ _86,889,986 6,889,986
Sales Bldg. & an2,743,000 2,743,000
nex, Manhattan 2,469,709 2,469,709 First Mtge. 4s_ _
Como'. Mtge. 58_ 6,629,000 6,629,000
Inv., Bush House,
Ltd., London- 3,019,204 3,019.204 Bldgs.Colst M.5s 8,127,000 8,127,000
Construction exp. 1,419,315 1,420.009 Exh. Bldg. Inc.,
bond & mtge.._ _ 1,950,000 1,975.000
3,000,000 3,000,000
Good-will
183,055
238,645
Equip.(less amor.) 1,058,199 1,044,600 Accla payable_ _
34,730
34,364
440,135 Exp.accr., not paid
438,413
Furniture & fist's_
Int. seer. on bondMisc. secs. owned
344,031
361.135
ed debt
37.143
37.143
& investments
2,238,420 1,988,156 Taxes accrued__ _ _ 2,370,794 2,121,206
Cash
241,141
704,052 Dividends payable
Acc'ts rec.(less res.) 692,523
287,343 Res. for sundry reDue from TJ.S.Gov. 287,343
70,685
pairs
Accr. storage, &c..
528,223
59.710 Sundries curr. nab. $96,377
73,852
charges
273,135
210,624 Rentals pd.in adv. 257,059
Securities owned- 211,263
102,234 Storage billed in
113,305
Special deposits_ _
16,185
16,185
advance
166,491
adv..- 230,146
Exp. paid in
30,098
30,098
17,784 U. S. Govt. met28,054
Ins, losses recovle
16,878
18,829
262,198 Reserve for labor_
329,594
Mat'ls & supplies_
60,817 Empl.
60,555
Sundries
20,676
15,746
reserve fund_
91.025
92,376
Sundries
4,751.922 4.532.072
Surplus
44,493,202 44,096,443
Total
44,493.202 44,096,443
Total
the
May 6 1925 as
a Common stock reclassifiedCommon stock 7% Debenture stock and120,
of no par value; see V.
shares of
Issuance of 137.800
p. 2405.-V. 120, p. 3068.
-Common Stock Sold.
California Petroleum Corp.
Blair & Co., Inc., and Hallgarten & Co., managers of the syndicate which
underwrote the offering to the stockholders of 527,978 shares of California
Petroleum Corp. Common stock at $27 50 per share, announce that the
stockholders of the corporation exercised their rights to subscribe to the
extent of over 97% of the total amount of stock offered. The fractional
balance remaining has been disposed of by the syndicate. See also V. 120.
p. 3190.
-Annual Report.
Canadian General Electric Co., Ltd.
1924.
Calendar Years$1,593.632
Operating income
600.000
Depreciation
415,158
Interest
364,912
Preferred dividends_ 147,315
Common dividends
Surplus
Previous surplus
1923.
$1,482,234
400,000
404,151
175,000
647,985
1922.
$532.791
428,227
140,000
701.879
1921.
31.707.340
599,417
401,831
140,000
787,038
$66.247 def$144,902 def$737,315. def$220,946
5,778,672
6,820,411 y7,557.726
6,629,769
$6,696.016 $6,675,569
Total surplus
45,740
Investments written off_. 1.951,910
Transfer, to gen. reserve 2,000.000
$6,820,411
$5,557,726
Profit and loss,surplus $2.744,105 $6,629,769 $6,820.411 $5,557.726
9 Adjusted to include $2,000,000, being $3,800,000 of excess depreciation
3 ears, less Common stock dividend of
3i
charges deducted
proar.3 .
p
-Initial Pref. Dividend &c.
Canadian Canners, Ltd.
4% on the Preferred
The directors have declared an Initial dividend of 2
stock, payable July 1 to holders of record June 25.
Dated June 1 1925: due serially June 1 1927 to 1935. Interest payable
J. & D. at offices of F. H. Smith Co.. Washington, D. C. Penna. 4-mills
tax refunded. Legal investment for trust funds in Penna. Denom.
$1,000. $500 and $100c*.
Cathedral Mansions located at the southwest', corner of Ellsworth Ave.
and Clyde St., Pittsburgh. These bonds will be secured by a closed first
mortgage covering the land, building and equipment of Cathedral Mansions.
and also by a first lien in effect on the earnings of the property during the
life of the mortgage. The property is conservatively appraised at$1 650.000, thereby constituting this issue a 60% first mortgage. This
lot has an area of 41,250 sq. ft., fronting 225 ft. on Ellsworth Ave. and
150 ft. on Clyde St. Real estate values in this section are firmly established.
Cathedral Mansions will be a nine-story and basement fireproof structure
of steel and concrete construction. The structure will contain 247 apartments ranging from one room and bath to four rooms and bath.
The gross annual earnings of Cathedral Mansions are estimated at
$325.000. The net annual earnings are estimated in excess of 24 times
the greatets annual interest charge on the 1st Mtge. bonds and considerably
In excess of both the interest and sinking fund charges.
-Proposes to
Chesebrough Mfg. Co. Consolidated.
Retire Preferred Stock on Sept. 30 Next.
The stockholders will vote Aug. 3 on reducing the authorized Capital
stock from $5,000.000 to $4,000,000 by the retirement and elimination of
the $1,000,000 of 7% Cumul. Non-Voting Preferred stock, now authorized
and outstanding, on Sept. 30 next at 1124 and dividends.
President C. W. McGee, June 18, says in part:
The company has on hand sufficient cash and investment securities
readily convertible into cash, in the opinion of the directors, to permit the
redemption of the Preferred stock, as proposed, and leave sufficient working
capital in its treasury, and the directors recommend to the Common stockholders that the latter should authorize the necessary reduction in the
Capital stock required to effect the redemption of the Preferred stock.
After the redemption of the Preferred stock. if it Is effected, the company
will have an authorized Capital stock of $4,000,000, par $25. of which there
will be issued and outstanding $3,000,000, consisting of 120,000 shares, par
$25.-V. 119. P. 1955
.
-Bonds
Chicago Junction Terminal Building Co.
Offered.-Pickhardt & Ellis, Boston, are offering at prices
to yield from 4% to 6%, according to maturity, $450,000
1st Mtge. Serial Gold 6s.
Dated June 1 1925: due serially June 1 1926-40 incl. Callable as a
whole only at 105 and int. on or before June 1 1927 and thereafter at
of 1% less each year to June 1 1936, and thereafter to maturity at par.
Normal Federal income tax up to 2% assumed by company. Mass. income
tax up to 6% refunded. First Trust & Savings Bank, Chicago, Ill., trustee.
Control oc Management.
-Company is one of a group of railway, terminal
and warehouse properties controlled and operated by well-known Boston
and Chicago interests. These properties include: Chicago Junction
Railways & Union Stock Yards Co., Central Mfg. District of Chicago,
Central Mfg. District of Los Angeles, Kansas City Cold Storage & Warehouse Co., United States Cold Storage Co. of Chicago,
-The property of the company consists of a modern warehouse
Property.
building constructed over the tracks of the Chicago Junctions Rys. and
fronting on Pershing Ave. one block east of the stock yards. Twelve
'
cars can be placed within the building at one setting. The property is
connected by a platform with the universal freight station of the Chicago
Junction Rye. Co.
The tenants are of the most desirable class including the CongoleumNairn Co., Western Electric Co., Great Atlantic & Pacific Tea Co., Willard
Storage Battery Co.. and others.
Earnings -Earnings for the past five years have averaged 'more than
24 times maximum interest requirements on this issue of bonds, and in
1924 were approximately 24 times such interest requirements.
-Listing.
Childs Company.
The New York Stock Exchange has authorized the listing on or after
July 1 of 3,031 shares additional of its Common stock without par value
on official notice of issuance as a stock dividend, making the total amount
applied for 328.546 shares.
Consolidated Balance Sheet.
Mar.3125. Dec. 31'24.
Mar.3125.Dee.3124.
Liabilities
. AssetsEstabla & plants 810,600,983 10,562,281 Preferred stock_ _ 5,000,000 5,000,000
Realestate
128,466,814 7,355,043 Common stock_ __c8,220,037 5,346,000
1,200
1,200
Sub.co. min.stock
Spec. deposit, EmChilds Bldg.& 1m.
400,000
pire Trust Co_
Corp.1st M.bds. 585,060
Real estate cos.:
626,918 Real est. mtges. &
726,918
Capitalstock _ _ _
gr'd rent leases_ 3,654,750 3,672,750
tges., notes &
566,191
569,370 5
-year 6% notes_ _ 606,000 1,980,000
accounts
Sub, real est. cos.'
Leaseholds, good9,810
3,916.685 3,916,685
accounts
23.60$
will. &c
$85,097
30,000
530,000
Notes payable. __
Treasury stock_ _ _
1,382,028 1,141,507 Accounts payable
Cash
593,269
_ _ 1,185,086 1,346,334
and payroll
Govt.& State bds_ 293,375
419,368
342,117
4,550
4,550 Reserve for taxes_
Other securities_
268.751
313,718
222,500 Deferred credits_ _
180,000
Mtges. receivable_
191,423 Accr. int. AL taxes_ 254,040
Notes & ace'ts rec. 251,172
5,179 Res've for con ting _ 1,000,000 1,000,000
300
rec.
Accr. mtg.I.
272,506 Special reserve
d1,785,574 1,626,917
Mdse.Inventories_ 296,867
5,698,259 5,782,251
Deferred charges._ 1,528,464 1,022,144 Surplus
Total
29.199,446 26,483.374
29,199,446 26,483.374
Total
a After deducting $4,838,168 for depreciation. b After deducting
$247,319 for depreciation on buildings. c Represents 307,508 shares of no
par value when exchanges shall have been made. d Invested in real estate,
first mortgage on real estate, Government and other bonds and cash on
deposit.
Note.
-Contingent liability on guaranty of mortgage bonds of a subsidiary
real estate corporation, $500,000.-V. 120. p. 2948, 2273.
Chrysler Corp. (Del.).
-Initial Dividend.
The directors have declared a dividend of $4 on the Series "A" Pref.
stock for the first and second quarters of 1925, payable July 25 to holders
of record July 10.
President Chrysler stated that the company has unfilled orders for more
than 4 ,0 000 cars and operations are being carried on at capacity.
See Maxwell Motor Corp. below.
-V. 120, p. 3069, 1884.
Cities Service Oil Co. (Ohio).
-Acquisition.
The company has purchased the Pennsy Oil Co., operating in Galion, O.,
It was announced on June 23 by Henry L. Doherty & Co. This adds 5
service stations to the Ohio operation of the company.
JUNE 27 1925.]
THE CHRONICLE
3319
Arrangements have been made for the sale of $8,000,000 of Pref. stock
of the Managers' Securities Co., which was received
Galen L. Stone. Richard F. Hoyt, Franklin D. Mooney, Andrew J. the sale of an interest in its General Motors holdings inin part payment for
1923. The receipts
Miller, Andrew Fletcher, H. H. Raymond and Hubert E. Rogers, all
of the bonds.
directors of the Atlantic, Gulf & West Indies SS. Lines, have been elected from the sale of this stock will be used for the retirement$15,000,000 of
After this sale the Du Pont Co. will have remaining about
Colombia syndicate, to succeed the old board.
directors of the
-V. 118. the Pref. stock of the Managers' Securities Co.
p. 2955.
[The stockholders on June 18 increased the authorized Common stock
from $100,000,000 to $150,000,000. par $100.1-V. 120. P. 3193.
Continental Asphalt & Petroleum Co.
-Sale.
-All properties of the company were sold June 15 for $350,000 to Peter W.
Dwight Mfg. Co., Boston.
-Rights, &c.
Gebel, President of the Liberty National Bank, Kansas City, representing
Stockholders of record June 15 are offered the right to subscribe on or
the bondholders' protective committee.
-V. 120, p. 3070.
before July 10 for $2,400,000 additional capital stock at par ($25 per share)
Curtice Brothers Co., Rochester, N. Y.
-Bonds Offered. in the proportion of 4 new shares for each share of reduced par value stock
New York funds at
Subscriptions
-Schoellkopf, Hutton & Pomeroy, Inc., Buffalo, and Sage, held. England l'rust are payable in Boston or Boston, Mass., eitherthe
in
New
Co., 135 Devonshire St.,
Wolcott & Steel, Rochester, are offering at 983' and int_ cash in full on July 10 or in 2 installments, viz., $12 50 on July 10 and
on Oct. 1.
to yield over 6%%, $500,000 1st (Closed) Mtge. 6M% $12 50 stockholders on April 28 last adopted a plan changing the par value
The
Sinking Fund Gold bonds. Dated April 1 1925; due April of the shares from $100 to $25 each and reducing the issued capital from
$2,400,000 to 8600,000 by such change in the par value. The stockholders
1 1940.
also authorized the directors to issue at par ($25) 96,000 additional shares
Debenture Bonds Offered.
-The same bankers are offering of capital stock.
&Colombia Syndicate.-New`Board of Directors.
-
at 101 and int., to yield 63 %,$500,000 5
-Year 7% Sinking
4
A letter to the stockholders, dated at Boston, Mass.,
Fund Debentures. Dated July 1 1925; due July 1 1930.- June 16, says in part:
V. 120, p. 2153.
On Aug. 1 1924 the directors advised you of their feeling that a part of
the large sums (well over $4,000,000) spent during the last 15 years in an
Detroit-Cleveland Warehouse & Realty Co.
-Bonds effort to bring the property up to date should be permanently financed in
Offered.
-The Tillotson & Wolcott Co., Guardian Trust Co., order that the company may be independent in making its financial arrangements. The desirability of this has since been emphasized because
Cleveland, and Wm. L. Ross Co., Inc., Chicago, are offering the last 18 months the cotton industry has been going through a during
period
at par and int. $1,400,000 1st Mtge. & Coll. Trust 10-Year such as has not been previously known for over 50 years. The combination
of high prices for raw cotton and low prices for finished goods has resulted
Sinking Fund Gold bonds.
6
in the case of many mills in actual losses in operations. In the case of
Dated June 11925; due June 11935. Denom. $1,000, $500 and $100.
Principal and int. (J. & D.) payable at the offices of American Trust Co.,
Detroit, Mich.,trustee, or Guardian Trust Co., Cleveland, Ohio,co-trustee,
without deduction for normal Federal income tax up to 2%. Personal
property taxes of any State, under any present law, not in excess of five
mills, refundable. Red., all or part, upon 30 days' notice at 102 and
int. until June 1 1930; 101 and int. until June 1 1933, and 100 and int.
thereafter.
Security.
-These bonds are secured by a first closed mortgage upon
properties as follows: (1) Six warehouse and business properties, five in
the City of Detroit. Mich., and one in the City of Cleveland, Ohio, all
leased for a term of years to responsible tenants of national reputation.
The lessees are: Westinghouse Elec. & Mfg. Co., Western Electric Co.,
H. J. Heinz Co., Lamed Tool & Die Co., Simmons Co., and Western
Electric Co. (warehouse in Cleveland).
(2) Developed real estate consisting of about 275 acres of land in the
northwest section of Detroit and in the highly restricted North Woodward
Ave.
-Bloomfield Hills section of the metropolitan district of Detroit.
About 75% of this property, comprising over 800 building lots, has been
sold for approximately $1,350.000 under land purchase contracts upon
which cash payments in excess of$300,000 have been made,leaving balances
payable aggregating over $1.039.173. The sale of the rest of the property
Is proceeding steadily, and is expected to produce additional land contracts
to the amount of over $650,000 by Jan. 1 1926. All of these leases and
land purchase contracts now made and to be made will be assigned to and
deposited as collateral security with the trustee, who will make all collections.
Mortgage Provisions & Sinking Fund.
-The trust deed will contain carefully drawn provisions for the release of property from the mortgage only
upon payment to the trustee for the purchase or redemption of bonds of
sums aggregating over 120% of this bond issue, and for a sinking fund
to be set up by the Trustee from monthly collections and to be applied
to the retirement of bonds at least twice a year. The operation of these
provisions should retire over 80% of the issue prior to maturity and assure
a constantly increasing margin a safety.
some mills, including those owned by the company,it has become necessary
to arrange to secure new capital to improve the current position, and the
issue of $2,400,000 of new stock, authorized at the stockholders meeting
April 28 1925, is being made for this purpose.
The letter also gives in some detail the history of the
Dwight Mfg. Co. and the value of its assets.
.-The company is a Massachusetts corporation,
Organization and Business
organized in 1841. It OWIls in fee, free and clear of any lien, two mill
properties (at Alabama City, Ala., and Chicopee. Mass.), comprising
209,492 spindles, manufacturing shootings, shirtings, drill sand fabrics
for dress and other purposes. In addition, the company owns in Alabama
City, Ala., a mill village consisting of 453 houses for operatives, and at
Chicopee 273 similar buildings.
Assets Values.
-The value of the real estate, machinery and equipment
as of Nov. 30 1924 on a cost less depreciation basis, as required by the
Federal Government for purposes of taxation was $5,623,850. The value
of the property as determined by the local assessors is $6,861,437, and the
value used by the Mutual Insurance Companies in fixing the value of the
company's property under the system of Mutual Insurance in New England
is $12,591,676. These properties are carried on the company's books at
$3,000,000.
Earnings.
-The conditions in the mill industry during the last few years
have been abnormal. In some years the conditions have been unusually
good and in others bad. In addition, the figures of the company during
the recent years do not reflect the true earning capacity of the property,
because the mills, particularly those at Chicopee, have been in process a
reconstruction. The following figures, however, have been prepared by
Messrs. Stewart, Watts & Bollong on the basis of an annual sum of $1 50
per spindle charged against earnings to cover repairs and depreciation.
Interest is charged one-third to Alabama City and two-thirds to Chicopee.
Alabama City- -Chicopee-Profits.
Profits.
Net Sales,
Net Sales.
$346,561
1917
$3,693,786
$584,375 $4.307,903
$750,000 Notes Offered.
703,226
453,840 6,252,060
-Fenton, Davis & Boyle, Detroit, 1918
4,339,211
486,353
6,733,425
1919
874,305
5,753,487
are also offering at 100 and int. $750,000 7% Secured Sinking 1920
6,703,855
255.127
742,876
5,369,180
Fund Gold notes.
1921
2,251,363 df.668,080 3,571.693 def101,678
def359
4,185,520
3,441,830
*261,128
Dated June 1 1925; due June 1 1935. Principal and int. (J. & D.) 1922
4,815,152 def277,837
4,720,367
264,409
payable without deduction for normal Federal income tax up to 2% at 1923
1924
2,997,108 def928.646
3,160,245 df.130,264
Michigan Trust Co., Grand Rapids, Mich., trustee. Red., all or part,
on 30 days' notice at 105 and int. for the five-year period ending June 1
Total
$27.506
$2,382,590
1930 and at a reduction of 1% per annum for each remaining year thereafter. Denom. $1.000 and $500.
•A bad debt of a very unusual nature amounting to $284.086, charged
Security.
-Secured by a deed to all of the property, subject only to a against 1922 earnings on the company's books, is not included in this figure.
funded debt against the above properties of $1,400,000. A recapitulation
While the Chicopee mill has not been a source of profit to the company,
Is as follows: Total appraised value of properties deeded and assigned, the earnings of the Alabama City mill have averaged, during the above 8
$2,907,871: less 1st Mtge. debt outstanding, $1 400,000; net worth. $1,- years, 9.9% on $3,000,000. These earnings do not reflect the benefit to
507,871; this issue of notes, $750,000. In addition the company has be derived from the more economical operation of the properties by the
cash and unpledged assets of over $200,000.
Improvements referred to.
Sinking Fund.
Dividend Record.
-The minimum sinking fund, as estimated under which
-The company has had an unbroken dividend record
this issue of notes is payable, will retire over 60% of the issue prior to of almost half a century following its resumption of dividends after the
maturity, and at the same time will continuously increase the margin of country's recovery from the depression following the panic of 1873. On
security.
its outstanding capital stock of $1,200,000, increased in 1920 to $2,400,000
Company.
-A Michigan corporation. Owns subdivision properties in by a stock dividend, the rates of cash dividends by decades beginning 1880
the northwest section of the metropolitan district of Detroit, partially have averaged as follows:
in the city limits, and in the Bloomfield Hills district north of Detroit;
Average Cash
also valuable warehouse properties in the cities of Detroit. Mich., and
Dividend Rate.
8.6% on $1,209,000
Cleveland, Ohio., leased to responsible tenants for a term of years (see 1880 to 1889
above)
1890 to 1899
11.2
"
Earnings.
-The income from collections on contracts and rentals for 1900 to 1909
12.8
"
the 12-months period ended April 30 1925 was $219,610. This income 1910 to 1919
12.6
"
for the seven-months period ending May 1 1925 is at the annual rate of 1920 to 1924
6.3 0 on $2,400,000
over $260,000, and with the completion of the company's present program,
During the period covered by the above table, the lowest cash dividends
it is estimated, the income will be increased to over $300.000 per annum.
paid in any year prior to 1924 was the 6% dividend paid in 1885. 2% was
paid in 1924.
Dorris Motor Co., St. Louis.
-Organized.
General Conditions.
-The directors felt that it was wise to arrange this
The Dorris Motor Co., St. Louts, has been incorp. in Missouri to carry financing by means of Common stock rather than by the issue of bonds or
on the business of the Dorris Motor Car Co., St. Louis, whose assets were Preferred stock, which would have committed the company to a fixed charge
sold to H. B. Krenning, one of the organizers of the original company. against earnings, ahead of the present stock.
-V. 120, p. 2274.
Other officers of the new company are: V.-Pres., George P. Dorris; Sec.Dolese & Shepard Co. Chicago.
-$1.50 Dividends.Treas., J. F. Culver. Directors include the officers and George L. Jeck,
Supt., and Henry Becker. The company will manufacture passenger
The directors have authorized the retirement of $24,000 of outstanding
cars, trucks and buses ("Iron Age").
bonds, reducing the issue to $200,000. and declared a dividend of $1.50 a
share on the Capital stock, payable July 1,to holders of record June 25.
Draper Corporation.
-New Director.
See also V. 120, p. 1095.
Thomas B. Gannett has been elected a director to succeed the late E. D.
(E. B.) Eddy Co., Ltd.
Bancroft.
-V.120, p. 2948.
-Debentures Called.
Twenty-two ($22,000)6% 1st Mtge. 30
Debentures, dated June 14
(E. I.) du Pont de Nemours & Co.
-40% Stock Dividend 1905, have been called for payment Sept.-Year
1 at 102% and int. at the Royal
-V. 118, p. 3203.
-To Retire Outstanding 7%% 10
-Year Gold Bonds.
-The Trust Co., 105 St. James St., Montreal, Canada.
directorc on June 22 declared a 40% stock dividend on the
outstanding $95,060,900 Common stock, par $100, payable
Aug. 10 to holders of record July 27.
Dividend Record on Common Stock from 1919 to Date.
1919. 1920. 1921. 1922. 1923. 1924. 1925.
Regular (cash)
(%) 18 10%
8
8
6%
8
5
Extras (in Common stock)(%) -7%
-50
--x40
x Payable Aug. 10.
The directors also authorized the retirement on Sept. 1
1925 at 106 and int. of the outstanding 7%% 10
-Year
Gold bonds. The following statement was issued by the co.:
(Otto) Eisenlohr & Bros., Inc.
-New Ctfs. Ready.
Certificates for new Common stock of $25 par value, are now ready to be
issued on surrender of the present outstanding Common stock. of$100Par.
on the basis of 4 shares of new for one of old. Transfer agents are: The
Bank of North America & Trust Co., Phila., and the Guaranty Trust
Co. of N. Y.
-V.120, p. 3071, 1465.
Elder Mfg. Co.
-Balance Sheet April 30.-
Assets1925
1924
Liabilities1925.
Plant,&c., less dep. $77,398
$99,882 8% 1st Pref.stock $328,600
Good-will
1,200,000 1,200.000 8% 2d Pref.stock_ 938,900
Cash
182,207
118,011 Common stock_ __ 750,000
Notes dr accts. rec.
Mortgage debt__ _
8,000
less reserve
590,934
713,986 Notes payable__ _ _ 500,000
Inventories
1,033,251 1,246,592 Accounts payable_ 385,771
Due by employees
5,982
7,219 Due to empl.& off.
21,179
Sundry investin'ts
5,250
5,550Wages accrued_ _ _
18.361
Deferred charges_ _
31,647
34,464 Res. for taxes_ _ _ _
13,000
Surplus
1628 2
5
1924.
$328,600
938,900
750,000
8.000
850,000
414,292
22,956
14,810
The dividend action was taken in order to capitalize an increase of about
$36,000,000 in surplus brought about by the revaluation of the books of
the Du Pont Co. of its interest in General Motors Corp. Common stock,
heretofore carried at $55,589,160, equivalent to about $42 35 a share of
General Motors Common stock to a new figure of $70 a share, which cor98,146
responds to its net asset value on the books of the company.
The Du Pont Co.'s equity in General Motors held directly and indirectly
Total
$3,126,662 $3,425,704
Total
$3,126,662 $3,425,704
Is equivalent to about 1,340,000 shares of the Common stock of that comA comparative income account was published in V. 120, P. 3193,
pany, or slightly in excess of one share of General Motors Common for
each share of Du Pont Common stock after the distribution of this stock div.
Elgin National Watch Co.
-10% Annual Div. Basis.
present time there remains outstanding in the hands of the public
At the
-Year 754% Gold bonds sold May 1 1921 to
The directors have declared a quarterly dividend of 2%% on the capital
about $10,000,000 of the 10
provide funds in most part for the financing of an important addition to stock, payable Aug. 1 to holders of record July 20. On May 1 a regular
quarterly of 2% and an extra of I% were paid.
-V.120. p. 2016.
the Du Pont Co.'s holdings of General Motors stock.
3320
THE CHRONICLE
Estates of Francis Palms, Detroit.
-Bonds Offered.
First National Co., Security Trust Co., Detroit, and Detroit
Company, Inc., are offering at 100 and int. $1,700,000 5%
1st Mtge. Serial Gold bonds.
Exempt from existing personal property taxes in Michigan. Legal investment for Michigan savings banks. Dated June 15 1925: due serially
Dec. 15 1926 through 1943. Prin. and int. (J. & D. 15) payable at offices
of First National Co. of Detroit or Security Trust Co. of Detroit, Mich.,
trustee. Callable on any int, date on 60 days' notice at 101. Denom.
$1,000 and $500 c*. Mortgagor agrees to pay normal income tax up to 2%.
Security.
-These bonds are the direct obligation of the Estate of Francis
Palms, and are specifically secured by a first mortgage upon improved property, the greater part of which is located in the heart of the downtown retail district of Detroit. With the exception of the interest in the property
at 48 Monroe Avenue. the land and buildings thereon are owned in fee.
The real estate and buildings have been appraised by the Security Trust
co.at 53,585,850.
Income.
-The ineome from properties after deduction of all taxes. insurance and carrying charges is approximately $209,475 per year. Most of
the parcels are under graduating leases for periods of years. according to
the terms of which the net revenue will be materially increased.
Purpose.
-Proceeds will be used to retire the $1,700,000 6% bonds of the
Estate of Francis Pahns, now outstanding, which have been called for payment as of Oct. 1 1925.
-Earnings.
Fairbanks Co. and Subsidiaries.
Four Months Ended April 30Gross profit
Operating profit after expenses
Interest, depreciation, &c
Net profit
-V. 120. p. 2555. 1591.
1925.
$315.426
$187,761
110,098
1924.
1923.
5342.103
$349.388
$115,109 def361.785
163,902
132,856
$77,663 loss$17,747loss$225,687
Exchange Buffet Corn.
-Report.
Years Ended. Apr. 30
1922.
1925.
1924.
1923.
Gross profits
$624.877
$670,099
$732.953
$815,753
93.412
89,375
Deduct
-Depreciation
108,914
104.087
30.948
Interest
25,417
27,941
39,280
Amortization of debt
7.172
discount & expense_
7,731
Prov.for Fed.Inc. tax
64,000
70,000
150.000
58,000
Dividends
(51.87)468.489 (52)497,790 ($2)485,20546%1453584
Net profit
def$35,944
-V.120, p. 1886, 964.
def$23,719
$37,325
$84,674
Financial Investing Co. of New York, Ltd.
-Trust
-Financial Investing Co. of New York,
Certificates Offered.
Ltd., Bauer,'Pond & Vivian, Inc., and Russel A. Cowles &
Co., New Vork, are offering at $33 per trust share, to yield
about 6.60%, Foreign Government Bond Trust Certificates
issued under a trust. agreement dated June 15 1925, between
Financial Investing Co. of New York, Ltd., settlor, and
Empire Trust Co. trustee.
-The trust certificates will be issued by the trustee in
Trust Certificates.
amounts evidencing 500 trust shares for each investment unit deposited
with the trustee. The interest of the owners of the trust certificates will
be that of beneficiaries under an express trust, and the trust certificates
evidencing the owner's interest will be in the nature of "trust company safekeeping receipts." Trust certificates are transferable at the office of the
trustee upon payment of the transfer fee.
-Bonds will be deposited with the trustee in identical
Trusteed Bonds.
investment units, each of which will consist of one $1.000 piece of each of
15 foreign Government bonds, listed on the New York Stock Exchange. as
follows:
Peru External 8s, 1944
Austria Guaranteed 7s. 1943
Bolivia External 64, 1947
-Belgium External 65, 1955
Chile 8s. 1946
Czechoslovak External 8s, 1952
Salvador First Lien 8s, 1948
Finland Sinking Fund 7s, 1950
France Ext. Sinking Fund 65, 1945 Uruguay 8s, 1946
Brazil External 8s. 1941
Germany External 7s, 1949
Japan External 64s. 1954
Greece 7s. 1964
Hungary 734s, 1944
-To avoid depreciation of principal or to take
Protection of Principal.
capital gains, the creator of the trust. Financial Investing Co. of New York.
Ltd., may require the trustee to sell any of the bonds held by the trustee
and, upon the approval of owners of trust certificates given at a meeting to
be held within 15 days after each such sale, may require the trustee to reinvest such proceeds in additional bonds to be held by the trustee as a part
of each investment unit.
fIrConversion.-At any time, upon presentation to the trustee of trust certificates evidencing 500 trust shares and payment of the trustee's conversion
fee of $5, the owner will be entitled to receive all bonds then held by the
trustee in one investment unit, together with a cash adjustment, if any, cn
account of principal and income.
Income.
-Based upon present (June 1925) market prices of the trusteed
bonds, the net income to be distributed by the trustee to the owners of
trust certificates, after deducting the fees and charges for the administration
of the trust, should be equivalent to approximately 6.60% per annum upon
the purchase price of trust certificates. Such net income will be distributed
by check to the registered owners of trust certificates on Dec. 31 and
June 30. In the event any capital gains are taken In any year, notice
thereof will be sent with the subsequent Dec. 31 income check.
-Annual Report.
Fisher Body Ohio Co.
Dec. 1 '21 to
Year Ended April 30
1924.
Apr. 30'22.
1923.
1925.
Period$398,759
$2,380,356 $5,539,581 $3,705,519
Earnings after deprec_
549,712
58,482
909,542
__
428.725
Int. Fed. taxes. &c_ _
Portion of comm.on sale
50,000
120.000
of Preferred stock_ _
53.367
Organ. exp. written off__
755.600
200.1)00
704,133
648,000
Preferred dividends_ _
[vol.. 120.
or St. John, N.B., or at the agency of Royal Bank of Canada, New York,
in U. S. gold coin or its equivalent, or at Royal Bank of Canada, London.
England,at the rate of$4 86 2-3 toLl sterling. Denom.$1,000 and $500c*.
Callable, all or part, on any int. date at the following prices and interest:
at 106 to Jan. 1 1930: at 105 thereafter until Jan. 1193.5; at 104 thereafter
until Jan. 1 1940; at 103 thereafter until Jan. 1 1945, and at 101 thereafter until maturity. Company assumes U. S. normal income tax up to
2%. and will refund Penna. 4
-mills tax. Montreal Trust Co., Montreal,
trustee.
Capitalization
Authorized. Outstanding.
1st Mtge. Sinking Fund bonds
$10,000.000 P6,000,000
7% Cumul. Red. Cony. Preferred shares
1,950,000
3,000,000
Common shares
10,000,000
10,000,000
*Of Series A, 6%.
Data from Letter of Archibald Fraser, President of the Company.
Company.
-Is one of the largest Canadian manufacturers of bleached
and easy bleaching sulphite pulp, spruce lumber and cedar shingles. The
business has been in successful operation for nearly 50 years. Company
owns valuable leases of timber limits, which-together with timber areas
owned in fee, aggregating about 210 square miles-total over 2.189 square
miles, estimated to contain 1,892,000,000 ft. b. m. of spurce, pine and
cedar sawlogs and 4,998.000 cords of pulpwood.
Mill properties include a bleached sulphite pulp mill at Edmundston,
N. B., and an easy bleaching sulphite pulp mill at Chatham, N. B. with
a total capacity of 58,000 tong per annum. Company has a lumber nianufacturing capacity of about 124,000,000 ft. b. m. and 158,000,000 shingles,
200,000,000 laths and 100.000 railway ties per annum. A modern fine
paper mill at Madawaska, Me., which will utilize bleached pulp to be
delivered in slush form from the Edmundston mill is now in course of construction by Fraser Paper, Ltd.. a subsidiary, and will have a capacity of
apprordmately 20,000 tons of fine sulphite paper annually, as from Jan. 1
1926.
Company controls, through ownership of the entire capital stock of
Stetson, Cutler & Co.. Ltd., a valuable lumber business, operating approximately 2,100 sq. miles of Quebec and New Brunswick leasehold timber
limits, and saw mills having an annual capacity of approximately 60,000,000 ft. b. m.
Security.
-Secured by specific first mortgage and charge on all fixed
assets now or hereafter owned, including bonds, debentures and shares,
and by a floating charge on all other assets. Included in the security
specifically pledged will be $2,500,000 6% 1st Mtge. bonds and all the
issued capital stock (less directors' qualifying shares) of Fraser Paper, Ltd.
Valuation -As at April 30 1925, company's timber limits, plants,
properties and other fixed assets had a book value of $15,113,083, from
which there has been written off out of earnings $3,429,248 for depreciation
and depletion, leaving a depreciated valuation of $11,683.835. Net
current assets as at April 30 1925 after deducting all current liabilities
and including inventories at cost or market value, whichever is less, and
excluding proceeds of this financing and investments having a book value
of $930,017 are certified as $3,298,528. Properties and plants of Fraser
Paper, Ltd., being acquired or constructed at a cash cost of approximately
$2,000.000, will increase the total depreciated net valuation of fixed assets
securing 1st Mtge. bonds to approximately $13,683,835, against $6,000,000
1st Mtge. bonds Series A, now being issued and outstanding.
Earnings.
--Average annual net earnings, based on the annual earnings,
after deducting operating and maintenance expenses, local taxes and bank
Interest, and after deducting depreciation of inventories written off during
the deflation period of 1921 and 1922, but before depreciation of fixed
assets and depletion and available for bond interest for the six years ended
Dec.31 1924,as certified by George A.Touche & Co.,amounted to $980,226
Net earnings, after operating and maintenance expenses, local taxes
and bank interest, but before depreciation and depletion, as certified.
amounted to $999.218 for the year ended Dec. 311924.
Net earnings on the same basis for the year ending Dec. 31 1925 are
estimated at 51.100,000
-equivalent to over three times annual interest
of 5360.000 on total 1st Mtge. bonds outstanding. It Is estimated that
substantial profits will accrue to thecompany during 1926from the operation
of the Madawaska sulphite paper mill.
-V. 120, p. 964.
-Annual Report.
(Robert) Gair Co., New York.
-
The company reports an operating deficit of $236,193 at Dec. 31 1924.
against $600,083 at Dec. 31 1923.
Balance Sheet December 31.
1924.
1923.
1924.
1923.
AssetsLiabilities$
$
land, buildings,
7% Pref. stock_ _ _ 3,993,400 3,993,400
mach.& equip_a13,154,138 13,581,709 Common stock_ _ _ 2,335,660 2,335,660
Good-will
1 Capital surplus__ _ 7,707,962 7,955,861
1
Invest. In Thames
let Mtge.7s, 1937. 3,500,000 3,850,000
Realty Co
147,721
Oblig. on contract
Cash dep. with true
23.554
for purchase of
Inventories
2.164,742 2.369,364
Quincy plant_ __ 240,000
340,000
Accts.& notes rec.,
Accounts payable,
less reserve
1,338.050 1,193,377 including payroll 706,858
693,118
Stocks and bonds,
Accrued interest &
42.264
90,264
at coat
taxes
240,026
308,127
Cash
1,285,043 1.321,755 Interest payable in
351,189
lieu of dividends
Deterred charges. _ 332,198
600,083 on Pref. stock_
Deficit
236,193
31,575
Total
18,723,907 19,507,741
Total
18,723,907 19,507,741
a After deducting depreciation reserve of $4.590,432.
Note.
-An agreement is in force under which the company may be
called upon to redeem $505,000 of the Preferred stock at par In quarterly
cumulative installments of $75,000 or 25% of the quarterly net earnings,
whichever is lower and is to pay 6% per annum on the par value in lieu of
dividends, until the said Preferred stock shall be redeemed. Dividends
have not been paid on an average of 30,233 shares of 7% Cumulative Pref.
stock since June 1 1921, but dividends to Dec. 1 1921 were declared on
Jan. 16 1925, payable March 1 1925.-V. 118, p. 1526.
General Electric Co.(Allgemeine Elektricitats Gesell-Listing.
schaft), Germany.
The New York Stock Exchange has authorized the listing of 510.000.000
-Year 7% Gold debentures due Jan. 15 1945. See description in V. 120.
20
p. 589.
General Outdoor Advertising Co., Inc.
-Earnings.
--
Income Statement for Quarter Ended May 31.
$90,278 Operating revenue
$1,247,498 $3,874.439 $2,334,440
$7,219,839
Balance Sheet April 30.
Operating expenses and depreciation
6,674,109
1924.
1924.
1925.
1925.
Net revenue
$545,730
Liabilities
Assets
145,252
8% cum.Pref.stk_ 8,335,000 9,135,000 Miscellaneousincome
Land, buildings.
500,000
machinery,&c_ _x9,527,400 9,102,747 Common stock_ _ _ y500,000
Total income
$699,982
500,000 Accounts payable. 2,408,368 2,009,195
Contr., pat'ts, &c_ 500,000
177,574
Owing to MTh.cos_ 385,238
388,602 Interest. $104,230; Federal taxes. $73,344; total
Cash for red. of
3,039 Adv. by Fisher
Pref.stock
Net profits
$513,408
Body Corp
1,000,000
4,454,164 5,178.657
Inventories
-V. 120, p. 2555. 2275.
Prov. for Federal
Fisher Body Corp.
681,000
551,126 income tax
296,000
739,922
and subsids_
General Refractories Co.
-Changes in Personnel.
Accts.receivable 2,361,757 1,295,245 Prov.for Pref.stk.
Burrows Sloan, Vice-President, has been elected President, succeeding
58,233
60,900
534,779
dividend
1,112,098
Cash
William C. Sproul, who has been elected Chairman of the board.
-V. 120.
6,021,173 4,765,596
374,699 Surplus
Deferred charges._ 308,670
p. 2950
Total
19,004,012 17,540,293
19,004,012 17,540,293
Total
Gilchrist Co., Boston, Mass.
-Stock Sold.
-Hayden,
x After deducting $1.656.149 reserve for depreciation. y Represented by Stone & Co. and Blake Brothers &
Co. have sold a block of
100.000 shares of no par value held by: the public, 1,607 shares, $8,035:
Fisher Body Corp., 96,393 shares. $491,965.-V. 120, p. 3071, 1096.
Common stock of the company at $35 per share, yielding
Balance, surplus
- 8.57%.
-Bonds Called.
Follansbee Bros. Co., Pittsburgh, Pa.
-Year 7% Collat. Trust Gold bonds, dated
One hundred fifty-eight 20
March 1 1921 (numbers ranging between 11 and 3998). have been called
for payment Sept. 1 at 103 and int. at the Bankers Trust Co., trustee,
-V. 118, p. 3203.
10 Wall St., N. Y. City.
-Royal Se-Bonds Offered.
Fraser Companies, Ltd.
curities, Ltd., and Wood, Gundy. & Co., Montreal are
offering at 98 and int., to yield about 63/8%, $2,500,000
6% 1st Mtge. Sinking Fund Gold bonds, Series A.
III1Dated Jan. 1 1925: due Jan. 1 1950. Prin. and int, payable at Royal
Bank of Canada, Montreal, Toronto, Winnipeg, Vancouver, Halifax,
The Atlantic National Bank, Boston, transfer agent: Old Colony True
Co.. registrar. Exempt from Mass, and normal Federal income tax.
Capitallmtion.-Common stock (no par value) to be outstanding. 106,667
shares. No funded debt of Preferred stock.
Company -Founded by John Gilchrist in 1859 and incorp. under Mass.
laws of 1901. The present management took control in 1912, and have
developed the business from one of moderate size to its present position as
the fourth largest department store in Boston. The store is located at the
corner of Washington and Winter Streets, with entrances on Washington
St., Winter St. and Hamilton Place. This location is in the very heart
of the retail shopping district of Boston, with unexcelled transportation
facilities. The premises are occupied under long leases on favorable terms.
JUNE 27 1925.]
THE CHRONICLE
The total floor area is approximately 233,085 sq. ft. The merchandising
Is conducted through 98 separate departments covering the entire retail
field with the exception of groceries and perishable goods. Four floors
have recently been added to the main building, and this additional space
is expected to increase substantially the gross sales. Over 83% of the sales
of the business is for cash.
-The balance sheet of Jan. 31 1925, adJusted to give a proper
Assets.
valuation to the fixture account, and the investment in the Merchants
Legal Stamp Co.. shows net tangible assets of $16 14 per share. This
figure does not Include any item of good-will or any value to the leaseholds
under which the company operates.
-Sales of the company, net profits and net profits per share
Earnings.
on stock to be outstanding for the 5 years and 6 months ending Jan. 311925,
after interest and depreciation and Federal taxes at present rates, have
been as follows:
Net
Net Profit
Year Ending July 31Sales.
Profit.
Per Share.
1920
$9,254,204
8619,391
85 80
1921
10.375,044
370.166
363
1922
10.159.098
441.579
4 14
1923
10.577,104
389.320
3 64
1924
11.056,087
568.927
532
1925 (6 months)
8,783,228
249.998
Average
10,400.870
479.80
4 50
Dividends.
-The present capital stock has been Lt?on a dividend basis
of $3 per share by the declaration of a quarterly dividend of 75c. a share,
payable July 31 1925 to holders of record July 15 1925. For over 5 years
roast the company has paid average dividends equivalent to over 83 per
share on the present capitalization, and, as pointed out above, it has earned
well in excess of this rate for the last 5% years.
-Company will make application to list these shares on the BosListing.
ton Stock Exchange.
Glenrock Oil Co.
-Merger.
See Argo 011 Co. above.
-V. 116, p. 302.
Gordon-Pagel Co.(Del.).
-Bonds Offered.
-Detroit Trust
Co. and First National Co., Detroit, are offering at 100 and
int. $2,000,000 1st Mtge. 6% Serial Gold bonds.
Dated June 1 1925, due serially June 1 1928 to June 1 1944.
$1,000 and 8500 c*. Red. on any int. date on 30 days' notice at Denom.
102 and
int. Both principal and int. (J. & D.) payable at Illinois Merchants
Trust Co., Chicago, or Detroit Trust Co., trustee. Exempt from existing
personal property taxes in Michigan.
Company.
-Organized In Delaware. Owns the entire capital stock of
the Gordon-Pagel Co. of Detroit. the Cable-Draper Co., the Gordon Baking
Co. in Chicago, the Gordon Baking Co., Inc., of New York, the Strong
Baking Co. of Flint, and the Northville Condensing
own and have in operation at the present time 4 Co. These companies
modern baking plants
located In Detroit, Chicago and Flint. and a modern milk condensery
at
Northville, and plans are under way for the construction of an additional
plant in New York City.
The original Gordon-Pagel partnership was formed in 1901 with
investment of 81,200 and one small building located on Chene a capital
present site of the main plants of the Gordon-Pagel Co. The St., the
the company has been financed entirely from earnings, with thegrowth of
exception
of a loan of $100,000 several years ago, which has been entirely liquidated,
until at the present time it has fixed assets with an appraised
value of
approximately $5,000,000.
As the business increased company acquired additional plants
and
facilities in 1913 by the acquisition of the Cable-Draper
Baking Co. In
1919 it incorporated the Gordon Baking Co. in
In operation during the past four years. In 1924 Chicago, which has been
there was
Gordon Baking Co., Inc., and land purchased in New York established the
City, on which
a modern plant will be constructed during the coming year.
The Strong
Baking Co. of Flint was recently incorporated and is practically
ready for
operation at the present time.
The growth of the business of the company is shown by the fact
1907 its production was 5,067,710 pounds of bread, while during that in
the year
1924 this output was increased to 74,844,886 pounds, or
practically 1.400%•
The total number of ovens in operation at the present time
New York plant will have 30 ovens in operation by next is 101, while the
spring and the
Strong Baking Co. at Flint will provide 8 additional, making
a total
ovens. Company maintains 251 delivery routes, or an increase of 139
of 111
since 1919.
Security.
-Secured by the pledge of stock of the 6 subsidiary
and by a direct first mortgage to Detroit Trust Co., trustee, companies
given by the
subsidiary companies on land, buildings and equipment
located in Detroit,
Chicago, Flint and Northville, and on land in N. Y. City.
This property
has been appraised by the American Appraisal Co. as of Sept.
verified by Detroit Trust Co. as regards land and buildings 30 1924 and
in Detroit, as
follows: Land and buildings, $2.400,925; machinery
and equipment.
$1,873,320: total valuation, $4,274.245.
Earnings for Calendar Years.
Net Sales.
xNet Profit.
yNet Profit.
1921
$4,602,659
$596.217
8270,616
1922
4,605,236
630,779
369.236
1923
5,482.041
625,331
351.323
1924
6,591,150
493,096
a Net profit before depreciation, &c. y Net 878,234
profit after depreciation,
Government taxes, ate.
The average annual net profits for the years
1915 to '1924, inclusive,
have been 8308,188.
CapitalizationAuthorized. Outstanding.
First Mortgage 6% bonds
$3,000,000
$2,000,000
Preferred stock
-6%
662,400
662,400
Common stock (no par value)
30.000 shs. 30.000 sbs.
Purpose.
-Proceeds will be used to acquire new property, for
improvements in the present plants, and for additional reserve working capital.
Consolidated Balance Sheet as of April 30 1925 (After This
Financing).
AssetsLiabilities
Cash
8284.679 Accounts payable
$132,065
Accounts receivable
56,410 Taxes accrued
64,208
Inventories
402,651 1st Mtge. Os
2,000,000
Cash reserve for building
6% Preferred stock
construction, &c
1,706,000 common stock (30,000 658,200
Land, bldgs. & equipment 3,065,518
shares no par)
2,827,993
Deferred charges & prepaid expenses
167,206
Total (each side)
$5,682.468
Great Atlantic & Pacific Tea Co.
-Registrar.
The National Bank of Commerce
Registrar for the 500,000 shares 1st in New York has been appointed
Preferred stock, 200,000 shares of
2nd Preferred stock, 1,400,000 shares of voting Common stock and 1,400.000
shares of non-voting Common stock.
-V. 120, p. 2950, 2555.
Great Falls Mfg. Co., Boston.-Bal, Sheet April 30.-
Assets1925.
1924.
Real est.& mach_ _$4,924,301 $4,915,795
Mdse., material &
stock In process
879,435 1,650,359
Cash and accounts
receivable
772,943 1,025,634
Deferred charges_ _
69,623
79,682
Liabilities1925.
1924.
Capital stock
$2,500,000 $2,500,000
Notes payable
2,820,000 3,710,000
Acceptances pay'le 311,801
Deprec'n reserve
261.967
264,078
General reserve_ _
97,407
100,332
Surplus
655,127 1,097.060
Total
86,646,302 $7,671,470
Total
36,646,302 $7,671,470
-V.118. p. 3204.
Guaranty Company of Maryland (Del.).
-Notes Offered.
-John P Baer & Co., Baltimore; Paul & Co., Phila.; and
Kelley, Drayton & Converse, New York are offering at
983 and int., yielding about 6.20%, $1,000,000 10-Year
6% Collateral Trust Sinking Fund Gold Notes. Dated
June 1 1925; due June 11935. Further details of the offering
under "Current Events and Discussions" on a preceeding
page of this issue.
Gunns, Ltd., Toronto.
-.-Annual Report.
-
The company's report of operations for the fiscal year ending Feb. 28
1925
shows a profit of $295.644, from which were deducted reserve for depredation of fixed assets of $88,575 and the proportion of profits earned by
asso-
3321
dated companies applicable to shareholders other than Gums, Ltd.,
$67.368, leaving a net profit for the period of 8139,701. thus reducing the
deficit in profit and loss account to 8162,813.
Consolidated Balance Sheet Feb. 28 1925.
Assets.
Liabilities.
Land, bides.. plant & equip-12,776.521 Capital stock
$3,212,850
Sundry investments
20,353 Capital of associated cos
130,700
Cash
36,963 Surplus in assoc. cos. aPnlic.
Accounts & bills receivable
931,013 to outside shareholders
77,590
Inventories
1.875.617 Banker (secured)
1.438,729
Life insurance
26,610 Special advances
650,750
Sundry deposits & bats. rec
6,761 Creditors and accrued charges 283,638
Due by shareholders & empl_
59,138 Depreciation reserve
444,899
Deferred charges
26,260
Good-will
120,000
Expenses of Pref. stock issue_ 197,107
Deficit
162,813
Total (each side)
$6.239,156
-V. 116, p. 2395.
Happiness Candy Stores, Inc.
-Initial Dividend.
-
An initial semi-annual dividend of 25 cents a share has been declared
on the Capital stock, payable July 15 to holders of record July 3.-V. 120.
p. 2821.
(R. M.) Hollingshead Co., Camden, N.J.
-Stock Offered.
-An issue of 12,000 shares Preferred stock (no par value),
967 dividend series, is being offered in blocks of one share of
Preferred and one share of Class A Common stock, at 100
and dividend, by John Nickerson & Co., New York.
Dividends on the Preferred stock are cumulative, payable Q.
-.T.,in preference to dividend payments on the Common stock. Redeemable as a whole
or in part,after three yearsfrom its issue,on 30 days'notice,on any dividend
date. at $107 50 per share and dividends. Preferred as to assets and dividends and entitled in case of dissolution to $107 50 per share and dividends.
Dividends exempt from present normal Federal income tax. Mass. 6%
Income tax. and Maryland securities 4% mills tax refunded. Transfer
agent, Bank of America, New York City. Registrar, Chase National
Bank, New York City.
Data from Letter of Pres. R. M. Hollingshead, Camden. N. J., June 9.
Company.-BusIness was founded by President Holling:shead as an individual enterprise in 1890, and was incorporated Dec.31 1897 in New Jersey.
It has grown from a modest beginning to the leader in its line. Its products
are distributed through over 100.000 dealers throughout the United States
and various foreign countries.
The business comprises the manufacture and distribution of 98 automobile and household products sold under the widely known trade name,
"Whiz." These include soaps, body polishes, greases and other lubri.
cants, radiator stop-leaks, enamels, metal polishes, leather dressings. furniture and floor polishes. &c. Fifty branches and warehouses are maintained
In the United States and Cuba, and present plans provide for opening 22
additional branches and 17 warehouses during the current year. All
"Whiz" products are manufactured at Camden. N. J., and are shipped in
car load lots to branch warehouses situated at advantageous distributing
points. Company's distributing organization has been established as a
wholesale chain store system. Through its chain distribution system the
company is able to get the maximum benefit from its national advertising
of"iiz" products.
Company has a substantial investment in the Frank Miller Co., of
Brooklyn.
Y., which was established in 1838. This company manufactures a similar line of products but sells only to jobbers.
Growth of the Business.
1922.
1924.
1919.
1906.
No. of salesmen
633
374
246
10
No. bchs. Sr warehouses..
32
50
6
No. of dealers sold
103,761
74.892
47,510
2,345
No. of "Whiz" packages
sold
41,460.520 24,380.715 15.600,121
588.500
Purpose.
-Proceeds will provide for 22 new branches and 17 additional
warehouses which the company plans to establish this year in important
distributing centres in the United States.
CapitalizationAuthorized. Outstanding.
First Mortgage bonds
$1.000,000 $1,000.000
Preferred stock (no par value)
20,000 shs. 13,482 shs.
Common stock (no par) Class A (non-voting)_ -1300.000 shs.1275.000 shs.
Class B (voting)
do
I 25,000 shs.
J
Sales and Net Earnings Available for Dividends after Interest, Depreciation
and All Taxes (Federal and ,State Taxes Figures at Present Rate)
Calendar
Net
Net
Calendar
Net
Net
YearsEarnings.
Sales.
YearsSales:
Earnings.
1918
$2.534,434
$200,094 1922
$3,468.852
$336,598
1919
2,210,399
211,255 1923
4,995,943
430.831
2,679,925
1920
ra71,980 1924
5,744,341
480.109
1921
a53,689
2,605.840
a Losses on inventories due to post-war conditions reduced profits.
The company has a record of 34 years of uninterrupted profits. Future
earnings are expected to considerably increase due to the additional capital
furnished through this financing. the above earnings reflect no benefit
from the substantial investment of the company in the Frank Miller Co..
of Brooklyn. N. Y.
Common Stock.
-The Common stock which is offered with the Preferred
stock represents the first opportunity which has ever been given the investing public to participate in the profits of this company. As the balance of
the Common stock will be owned by R. M.Hollingshead Corp., opportunities
for the public to purchase additional Common stock in the future will
probably be limited.
The Class A and Class B Common stocks are fully paid and non-assessable
and except as to voting rights are identical in all respects.
Net earnings in 1924 after all charges and after deducting the annual dividend requirements on the Preferred stock to be presently outstanding
were equivalent to $1 28 per share. The additional profits expected on
account of the enlarged distributing facilities made possible by the new
capital, added to the business through present financing, were not reflected
in the foregoing calculation.
Balance Sheet as of December 31 1924 (after Present Financing).
AssetsLiabilities
Cash
8843,613 Notes payable
$150.000
Acc'ts rec., due from cwt.. 1,369,282 Accounts payable
30,955
Accounts payable
2,754 Wages,int. & exp. accrued
39,648
Inventories
843,092 Reserve for income taxes- 68.265
Cash on deposit, in escrow 152,624 First mtge. 7s. 1938
1,000.000
Sundry notes, acc'ts rec'le
Reserve for sinking fund.23,106
and investments
82,262 Capital stock and surplus_a3,558.553
Inv.in & adv. to other cos. 238.639
Land. bldgs., mach. & eq_ 1,080,237
Formulae,trade marks and
good will
1
Deferred charges
258,019 Total (each side)
$4,870,524
a Represented by no par value stocks: Preferred. $7 Cum., 13.482 shares;
Common.Class A,275,000 shares; Class B,25,000 shares.
-V.120. p.3196.
(R. M.) Hollingshead Corporation.
-Organized
Incorporated in Delaware May 28 1925 with an authorized capital of
201,000 shares of no par value. Company will own a majority of the Common stock of R. M.Hollingshead Co., of New Jersey. See latter company
above.
Household Products, Inc.
-Proposed Acquisition.
-
See Sterling Products (Inc.) below.
-V. 119, p. 2537.
Hudson Motor Car Co.
-Earnings.-
-3 Mos.End. May 31- -6 Mos.End.May 311925.
1924.
1925.
1924.
*Net income
85.968,783 $2,699,610 $9.795.715 $4.000,973
Net income after all expenses, depreciation and reserve for taxes.
V. 120. p. 2556. 2018.
Hudson Navigation Co.
-Plan Operative.
-
The reorganization plan dated April 28 has been declared
operative.
Bonds have been subjected to the plan to the following amounts: New
Steamboat 5s, more than 95%; Hudson Navigation 6s, more thanJersey
93%;
Hudson Navigation Collateral 5s, more than 96%.-V. 120. p. 2556.
THE CIIRONT OLE
3322
Independent Oil & Gas Co.
-Listing.
The New York Stock Exchange has authorized the listing of 50,000 additional shares of capital stock without par value on official notice of issuance
and payment in full, making the total amount applied for 500,000 shares.
The stockholders of record June 15 are given the right to subscribe for
the 50,000 shares at $30 per share in the proportion of 1 share of new stock
for each 9 shares held. Payment of subscriptions in full will be required
not later than July 6.
The proceeds will be used for the following purposes: (a) In reduction of
existing bank loans; (b) in future development of the business, including
drilling of additional wells and the acquisition of additional leases;
Profit and Loss Statement. 4 Months Terminated April 30 1925.
$1,814,554
Total sales
139,246
Total operating expense
103,101
Administrative and general expenses
357,802
Depreciation and depletion
Net operating income
Other operating income
Other operating expense
$1,214,403
10,965
116,334
Income from operations
-V. 120, p. 3196. 3073.
$1.109,033
The New York Stock Exchange has authorized the listing of 100,000
additional shares Common stock without par value, on official notice of
Issuance and payment in full on subscription at $50 per share, with authority
to add 20,000 shares of Common stock upon official notice of issuance and
sale thereof to officers or employees and payment in full, making a total
amount applied for of 520,000 shares of Common stock (compare V.
120, p. 3073, 3196.)
-Four Months 1922.
Consolidated Income Statement
(Corporation and all Subsids., except Indiana Portland Cement Co.]
$2,115,799
Gross sales, $4,550,021; mfg. cost, $2,434,222; mfg. profit
800,224
Shipping, selling and administrative expenses
Net operating profit
Other income
$1,315,575
24,479
Total profit
Miscellaneous charges
$1,340.054
247,290
$1,092,764
Net to surplus
4,635,134
Balance as at Dec. 31 1924
33,182
Net credit to surplus account of exchange, adjustments, &c_ _ _ _
$5,761,081
459,876
$5,301,204
Balance as at April 30 1925
Consolidated Balance Sheet.
Apr.30'25 Dec.31'24
Apr.30'25 Dec.31 '24
Liabilities$
$
Assets$
$
7% Pref. stock__ 3,411,800 3,411,800
Plant sites, lands,
Common stock_ _y11,115,135 11,115,135
bidgs., mach'y,
829,680
x15,876,023 14,822,512 Accts.& accrs. pay 873,327
dcc
410,024
892,140 U.S.& brine.tax_ 440,602
825,472
Cash
51,352
196,059
Accts.rec. less res_ 1,389,006 1,209,280 Reserves
242,625 Cap. stk, of subs.
Notes receivable_ 266,266
42,228
15,228
not owned
2,788,866 2,594,112
Inventories
5,301,204 4,635.134
681,970 Earned surplus_
19,793
U.8.Govt.,&c.,secs
Loss in exch. on net
current assets__ Dr79,040 Dr100,437
3,826
Investments
153,152 Tot.(each side)_21,353,356 20,495.355
263,143
Deferred charges
x After deducting $5,268,269 reserve for depreciation and depletion.
-V. 120, P. 3196. 3073.
par value.
y 400,000 shares of no
(Anton) Jurgens' United
Balance Sheet Dec. 31.1923.
1924.
The New York Stock Exchange has authorized the listing of 12,500 shares
of stock without par value, on official notice of issuance and payment in
full, making the total amount applied for 82.500 shares.
The company has acquired the entire issued and outstanding capital
stock of Halliwell Electric Co., Inc., of New York, through the exchange of
11,000 shares of this company' stock (such issue being on the basis of $50
per share) for the entire outstanding Capital stock of Halliwell Electric
Co., Inc.
Income Account, Three Months Ended March 31.
1924.
1925.
Net sales
$2,204,679 $2,444,913
Cost of sales
1,753,652
1,948,217
• Gross profit
Miscellaneous profits
$451,027
46,016
$496,697
47,385
Total profits
Operating expenses
$497,043
400,441
$544,082
a433,187
Net( before Federal taxes)
$96,602
$110,895
a Includes selling, general and administrative expenses and reserve for
taxes and depreciation.
-V. 120, p. 1336.
Marine Oil Co.
-Merger.
See Argo Oil Co. above.
-V. 118, p. 2958.
-Listing.
International Cement Corp.
Total
Dividends paid
[VOL. 120.
(Margarine) Works.
1924,
£
Liabilities£
£
Assets6% cum. pref. sh_ 2,384,167
Factory. buildings,
116,667 6% cum, partic.116,667
machinery,&c
"B" pref. shares 2,860,400
Shares in various
9,568,037 9,568,037 "C" pref. shares 1,666,667
undertakings_
Ordinary shares-- 2,718,917
Accounts with as8,333
5,397,436 4,417,586 Priority shares___
sociated cos
6% debentures__ - 3,333,333
Debtors51,975
Sundry creditors-Dividends and
8,925
820,047 Unclaimed diva__
interest due_ - 698,320
1,663,536
• 742,937 1,033,755 Reserve fund
Bankers
8,959 Reserve for red. of
3,593
Sundry
87,500
6% debenturesReserve for deprec.
91,743
Total (each side)_16,526,991 15,965,049 Profit & loss surp- 1,651.495
The usual income account was published in V. 120, p. 1888.
1923.
£
2,384,167
2,860,400
1,666,667
2,718,917
8,333
3,333,333
33,138
8,247
1,663,536
84,847
1,203,465
Kresge Department Stores, Inc.-Earnings.(Incl.returns of L.S.Plaut & Co., Newark & Palais Royal, Washington.)
1925.
1924.
Quarter Ended April 30-$89,825
$52.665
Net profit after taxes
-V. 120. p. 2019, 1888.
•
-Listing.
Lake Superior Corp.
The stock list committee of the Philadelphia Stock Exchange has admitted to the regular list $1,980,500 Lake Superior Corp. Extended 5%
Income bonds, extended 5 years from Oct. 1 1924 to Oct. 1 1929. This
amount is part of a total of $2.500,000 applied for, leaving $519,000 to be
listed upon official notice of their extension under the plan outlined in
V. 119. p. 1177.
.
Of the previously outstanding $3,000,000 of these bonds (the total authorized issue) $500,000 acquired and held by Lake Superior Corp. have been
cancelled and destroed in accordance with the terms of the plan, leaving
outstanding and subjectto extension a total of $2.500,000. The $519.500
unextended bonds ofthis issue will be stricken from the regular list of the
Exchange at the close of business June 30 1925.-V. 120, p. 711.
-Prudence
-Bonds Offered.
(The) Langham, N. Y. City.
Co., Inc., are offering $1,500,000 532% Guaranteed
Prudence-Certificates.
-story fireproof
The mortgage is a first lien on the land and modern 12
apartment house known as The Langham, at 135 Central Park West and
occupying the entire block front of 204.4 ft. on Central Park West, opposite
the park, with a depth of 100 ft. on 73d and 74th Sts.
This property has been conservatively appraised as follows: Land,
$1,400,000; building, $986,000; total, $2,386,000.
This appraisal shows the offering of $1,500.000 to be less than 63% of
the value of the property.
The total annual rentals exceed $3300,000.
Marland Oil Co.
-Retiring 5% Gold Notes.
The company is reported to have purchased and canceled $4,000,000 of
the $20,000,000 2
-Year 5% Gold notes which were offered in Oct. 1924.V. 120, p. 3198.
"
Maxwell Motor Corp.
-Stock Certificates Ready.
The stock certificates of Chrysler Corp., the new company organized to
carry out the plan and agreement dated April 15 1925, are ready for delivery
at the office of Central Union Trust Co., depositary, 80 Broadway, N. Y.
City. On and after June 25 holders of certificates of deposit for stock
upon surrender thereof to the depositary, will be entitled to receive the new
stock deliverable as provided in the plan in respect of the respective classes
of deposited stock. Application will be made to list the stock upon the
New York Stock Exchange.
The Chrysler Corp. on June 23 acquired all the business and properties
of the Maxwell Motor Corp. The sale, pursuant to plans of April 15 1925,
was authorized at a meeting of Maxwell stockholders held in Detroit
June 25.-V. 120, P. 3075, 2823.
Mines & Metals Investment Trust, Inc.
-Trustee.
The Empire Trust Co. has been appointed trustee under an agreement
dated May 1 1925, respecting the deposit of stock of 44 companies, and
the issuance of trustees shares thereagainst.
-Listing.
Mortgage & Acceptance Corp., Baltimore.
The Baltimore Stock Exchange has authorized the listing of $500.000
additional First Pref. stock and 8,000 shares (without par value) additions
Common stock.
Condensed Financial Statement May 31 1925.
Assets
Liabilities
Total current assets
$5,187,137 Total current liabilities
$3,587,117
Other assets
167,698
75,914 Reserves
Interest paid in advance
1,500,000
53,013 First Preferred stock
Furniture and fixtures
1 Common stockholders' equity- a61,250
Total
$5,316,065
$5,316,065
Total
a Represented by 37,974 shares, without par value surplus.
-V. 120.
p. 3075.
Morgan's Inc.-Pref, Stock Offered.
-F. J. Lisman & Co.,
New York, are offering at 9732, to yield 7.20%, $1,200,000
7% Cum. Pref. (a. & d.) stock.
Exempt from normal U. S. income, tax exempt from Mass, income tax,
as well as free of Mass. inheritance tax, in the estate of a citizen of New
York. Dividends payable Q.
-J. Red. at 115 as a whale. A cumulative
sinking fund of 1% per annum must purchase preferred stock each year at
a price not to exceed 115%. The Preferred stock shall have no voting
power unless company shall be in arrears in the payment of four quarterly
dividends, in which event, until all arrears shall have been paid, the voting
power for election of directors shall be vested exclusively in the holders
of the Preferred stock.
Data from Letter of President Abner Cohan, Boston, June 10.
Company.
-Business consists almost exclusively of the retail sale of
furniture, carpets, rugs and general household goods through its two well
established stores located on Washington St., Boston, in the centre of the
acknowledged furniture distributing district. Business is broad in scope.
serving a population of nearly 2,000,000 in the greater Boston area as well
as an excellent clientele throughout the New England States. The sale of
furniture upon deferred payment plan is well established and losses are
almost negligible.
The present organization engaged exclusively in installment furniture
business was incorp. in 1919 with $35,000 capital and with gross business
for the first year of $300,000. This by steady progression had reached
well over $2,000,000 in 1924. Within the last 60 days Morgan's, Inc., has
purchased the entire business of the Haines Furniture Co., including all
its inventory, accounts receivable, real estate, valuable leases, trucks, &c.
The Haines Furniture Co. was organized in 1918 as the successor corporation to the old established name and individual business of James E. Haynes
Furniture Co. which originally started in 1855.
Purpose -Proceeds are to be used in connection with purchase of the
Haines Company and for other expansion and development plans contemplated by the company.
Consolidated Income Account of Morgan's. Inc., and Haines Co.
1922.
1923.
1924. 1925 (4Mos.).
Net sales
$2.183,501 $2,587,085 $2,810.637
$956,878
Net after Fed. taxes_ _ _ _
453,727
317.400
323.537
189.981
Average earnings are therefore over 43 times the dividend charges on
this issue of $1,200,000 Preferred stock.
Listing.
-Application will be made to list the Preferred stock on the
New York Stock Exchange.
Consolidated Balance Sheet April 30 1925 (After Financing).
Liabilities
AssetsCash
$509,098 Accounts payable
$419,617
Accts. receivable, less reserve_ 2,036,336 Trade acceptances
4,416
413,096 Notes payable
Merchandise
175,542
Insurance
1,420 Accrued wages
8,613
8,761 Accrued int, and commissions_
Deferred charges
24,698
1,236,266 Accrued Fed. and State taxes..
Capital assets
19,970
Real estate mortgages
468,000
Total (each side)
$4,204,977 Capital, surplus and reserve.. 3,084,121
Capitalization Authorized and Outstanding.
Preferred stock (par $100)
$33,000,000 $1,200,000
Common stock "A." (no par value)
45,000shs. 18,000slut.
Common stock "B" (no par value)
100.000shs. 100.000sbs.
Motion Picture Capital Corp.
-Stock Offered.
-Watson
-Notes Offered.-Peabody,
• (Fred T.) Ley & Co., Inc.
& White, New York, are offering at $18 per share an addiHoughteling & Co., Inc., New York, are offering at prices tional 30,000 shares Common stock (no par value).
ranging from 97.26 and int. to 100.48 and int., to yield from
CapitalizationAuthorized. Outstanding.
53/2% to 6%%, according to maturity, $800,000 Secured 8% Cumul. Pref. stock (par $25) convertible
share for share into Common stock
$613,400
$625,000
Serial6% Gold notes.
Common stock (no par value)
200,000 sits. x140,000 sks.
Company is one of the largest and best known contracting and building
organizations in the country, business originating in 1893.
-Earns.8 Mos. Apr. 30 '25.
Louisiana Oil Refining Co.
$5,225,465
Net sales
4,516,222
Costs and expenses
777,905
Deprec. & depl., $393,855; int. & other charges, $384,050; total139,523
Miscellaneous credits
Net profit
-V. 120, p. 2690. 1888.
$70.861
-ListingManhattan Electrical Supply Co., Inc.
Acquisition.
-
xAmount outstanding May 31 1925, 70,000 shares; 30,000 shares are
now being issued and approximately 40,000 shares will be exchanged for
the net assets of the Cinema Finance Corp. of Los Angeles.
Consolidation With Company on Pacific Coast.
-Recently the corporation
came to an agreement with the Cinema Finance Corp. of Los Angeles by
which the Motion Picture Capital Corp. will tske over the Cinema Finance
Corp. by issuing Common stock for their entire Preferred and Common
stock at the actual present book value.
The Cinema Finance Corp. was organized in Los Angeles five ytkars ago,
Its principal stockholders being John E. Barber, V.-Pres., First National
Bank; Motley Flint, Pres. Pacific Seuthwest Trust & Savings Bank;
Thomas H. Ince; John B. Miller, Pres, Southern California Edison Co.,
and other leading capitalists of Los Angeles. John E. Barber. V.-Pres.
JUNE 271925.]
THE CHRONICLE
First National Bank. Los Angeles, and John B. Miller, Pres. Southern
California Edison Co., will become directors of Motion Picture Capital
Corp., and the present organization of Cinema Finance Corp. will act as
the Western representation of the Motion Picture Capital Corp.
-At the beginning of the present year earnings
Earnings & .Dividends.
applicable to dividends were at the rate of over $3 70 on the 30.000 shares
of Common stock then outstanding after allowing for the full 8% on the
outstanding Prof. stock. On account of the substantial increase in the
amount of Common stock to be outstanding, the rate per share in the
immediate future is expected to be less until the new capital becomes
operative. Current earnings from the 70,000 shares outstanding at this
time, plus the current earnings from the Cinema Finance Corp. of Los
Angeles, are more than sufficient to pay the $1 50 dividend on the shares
to be outstanding.
Dividends at the full rate of 8% on all outstanding Preferred stock have
been paid continuously to date. An initial dividend of 37} cents per
share on the Common stock was paid June 15 1925.
The present rate of earnings are equivalent to an annual rate of more than
3 times the amount required to pay the full 8% on the outstanding Pref.
stock. The working capital and surplus had on May 29 1925 grown to
$1,452,874, as against a total of $613,400 par value of Pref. outstanding.
The present capital and surplus will be increased by approximately $1,050.000 from the proceeds of the sale of 30,000 shares of Common stock now
being issued and the absorption of the Cinema Finance Corp. These
earnings are without any benefit from the present financing, exclusive
of the earnings of the Cinema Finance Corp. and with only partial earnings
from the last issue of 40,000 shares of stock. Compare also V. 120, p. 1337.
2823.
Munsingwear, Inc.(& Subs.).
-Earnings.
Six Months Ended May 31Net after all charges and taxes
-V. 120, p. 217.
1925.
$168,286
1924.
$18,403
Murray Body Corp.
-Listing.
The New York Stock Exchange has authorized the listing on or after
July 1 of 3,448 additional shares of its Common stock (no par value) on
official notice of issuance as a stock dividend, making the total amount
applied for 234,573.
Income Account
-Three Months Ended Dec. 31 1924.
Profit froin operations
$231,382
Depreciation
122.984
Interest charges
31,782
Provision for Federal income tax
9,577
Net profit
$67,039
Total net worth Dec. 31 1924
$7,502,923
Balance Sheet December 31 1924.
Assets.
Liabilities.
Cash
$1,693,982 Accounts payable
$707,655
Notes receivable
3,317 Accrued int.,ins.,taxes,dec__
250,095
Accounts receivable
926,097 Provision for Federal taxes_ _
172,783
Inventory
2,461,412 1st Mtge.634s. 1934
4,000,000
Miscellaneous investments_
22,024 Purch. money obligations_
225,000
Capital assets
10,068,362 Reserve for contingencies_ _ _
406,827
Good-will
I Preferred stock
2,500,000
Deferred charges
590,089 Common stock and net worth x7,502,923
Total
$15,765,284
Total
$15,765,284
x Represented by 150,000 shares, no par value.
-V. 120. p. 2823.
Mystic Steamship Co.
-Dividend of $1.
-
The directors have declared a quarterly dividend of $1 a share, payable
June 30 to holders of record on June 25. On March 31 a dividend of 50c.
a share was paid.
-V. 120, ra. 2157.
National Fireproofing Co.
-Larger Preferred Dividend.
The directors have declared a dividend of 1 !et'% on 7% Non-Cumul.Pref.
stock, payable July 15 to holders of record July 1. In April last the company made a distribution of 1 i% on the Pref. stock -V.120. p.967. 2411.
National Tea Co., Chicago.
-May Sales.
-
Sales forMonth of May
Five months ended May 31
-V. 120, p. 2690.
1925.
1924.
$3.732,533 $3,193,561
18,971,277 16,209,206
Increase.
$538,972
2.762,071
New Cornelia Copper Co.
-New General Manager.
-
Michael Curry has been elected General Manager, succeeding Colonel
John C. Greenway.-V. 120, p. 2952, 2411.
New York Dock Co.
-Resignation.
-
Charles A. Peabody has resigned as a director.
-V. 120, p. 2690.
3323
Dated April 1 1925; due serially April 1 1927 to 1935. Principal and hit.
(A. & 0.) payable at Federal Commerce Trust Co., St. Louis, trustee.
Denom. $500 and $1,000 and $100 c*. Red., all or part, on any int. date
on 30 days' notice at 102 and hit.
Company.
-Does a very large ice and cold storage business. Company
is incorporated with a capital stock of $250.000, of which $196,000 is paid in
in cash, and E. T. Noel, President, holds practically all of the stock of the
company.
Purpose.
-The volume of business done by the company for the past
3 or 4 years has ranged from $185,000 to $215,000 per annum, which is
about the limit of business possible with their present facilities. The
business of the company has increased to such an extent that they have been
forced to turn business away on account of their present limited facilities.
It, therefore, now becomes necessary for them to enlarge their facilities.
and this loan is for the purpose of paying for the construction of a modern
8
-story, reinforced concrete, ice and cold storage building and a new and
larger modern ice house. The cost of these buildings will be between
$340,000 and $350,000 and these new facilities will enable the company
to very materially increase their earnings, with very little increase in
overhead expenses.
-With the present limited facilities net earnings have been
Net Earnings.
more than twice the greatest annual interest requirement under this loan,
after charging off heavy depreciation, taxes, &c. Earnings will be materially increased by reason of the large increase in storage space and facilities afforded by new buildings now being constructed with proceeds of
this loan.
Nordyke & Marmon Co., Indianapolis.
-Earnings.
The net earnings of this company, manufacturers of automobiles and
flour mills machinery, for the six months ended May 31, after taking all
depreciations and allowing for contingencies, amount to $1,174.198.
This information is contained in a report submitted June 26 to stockholders
by Pres. G. M. Williams, who further says:
"The progress of the company during the past six months has been very
satisfactory. Sales have increased steadily and the retail distributing
organization has been strengthened and broadened. An increase of 207
in the Marmon distributor and dealer list has been made since Jan. 1
°
.
Shipments of Marmon motor cars during the past six months have been
greater by 99.04% than shipments dur'ng the corresponding period of 1924.
"By reason of the reduction of inventories during the latter part of
1924 and the introduction of modern management control methods, it has
been possible to revolve inventory during the six months' period at the
rate of 10.28 times per annum.
"The new Marmon series 74 is proving highly satisfactory both in operation
and from the standpoint of sales appeal, distributors and dealers finding
that the cars are selling more easily in large volume and allowing for satisfactory trades and good profits.
"For the future prospects are encouraging. Sales are being maintained
at a high rate and there are indictions that next fall's business will duplicate
the increases shown during the spring."
-V. 119, p. 587.
North Park Hotel, Chicago.
-Bonds Offered.
-Continental First Mortgage Bond
hicago, are offering at 100
and interest $1,500,000 First
Co.,Mtge. 63'% Serial Gold bonds.
Dated May 1 1925; due serially (M. & N.) from May 1 1927 to May 1
1935. Principal and interest (M. & N.) payable at Chicago Trust Co..
trustee. Denom. $1,000. $500 and $100 c*. Redeemable on any interest
date upon 60 days notice in reverse of numercial order at 102. Interest
payable without deduction for normal Federal income tax not to exceed 2%.
Data from Letter of John C. Love, Pres. North Park Building Corp.
Security.-Bonds will be secured by a direct closed first mortgage on the
11-story building offireproof reinforced concrete construction, to be erected
at Ogden Boulevard and Clark St., Chicago, and the land of which a frontage of 115 ft. on Clark St., with a depth of 165 ft. on the south line between
Clark St. and North Park Ave., is owned in fee simple, and of which the
remaining 61 ft. on Clark St. is a very valuable leasehold estate running for
the unexpired term of 195 years. These bonds will further be secured by the
furnishings, fixtures and equipment of the entire hotel. Chicago Title &
Trust Co. has issued its guarantee policy, guaranteeing the titles for
$1,500.000. which is the amount of this bond issue.
Valuation.
-The security is valued by independent appraisers at $2,459,723, leaving an equity of $959,274 above this bond issue.
North Terminal Corp., Boston.
-Bonds Offered.
Arthur Perry & Co., Boston, are offering at 101 and int.,
to yield over 6.40%, $625,000 1st (closed) Mtge. 6M%
Sinking Fund Gold bonds.
Dated May 1 1925: due May 1 1945. Int. payable M. & N. at First
National Bank of Boston, trustee, without deduction of normal Federal
income tax not exceeding 29. Denom. $1,000 and $500 c't. Red., all or
part, on any hit, date upon 60 days' notice at 105 and int.
Sinking Fund.
-The mortgage provides for an annual sinking fund commencing Nov. 1 1926, which will retire a minimum of $391,000 bonds
prior to maturity.
New Ycrrk Furniture Exchange Building.
-Bonds
Offered.
-Peabody, Houghteling & Co., Inc., are offering
Pref. Stock Offered.
-Whitney, Cox & Co., Inc., Boston,
at prices to yield from 53'% to 7% according to maturity,
and Bennett, Post & Coghill, Inc., are offering at 100 per
$600,000 6% Serial Mortgage Gold Bonds.
Dated June 1 1925: due serially June 1 1926 to 1935. Interest payable share, to yield 7%,$400,000 7% Cum. Pref. (a. & d.) stock.
J. & D. at Chase National Bank. New York, trustee. Denom. $1,000 and The purchaser is entitled to 8 shares of Common stock
$500 c*. Red. all or part in reverse order of maturities on any int, date on
30 days' notice at par and int. together with a premium of .4 of 1% for each with each 25 shares of Pref. stock.
year or fraction thereof of the unexpired term of the bonds so redeemed.
Int. payable without deduction for any Federal income tax up to
2%•
Company will refund the Penn. and Conn. personal property taxes not in
excess of 4 mills per annum, the Maryland personal property tax not in
excess of 4M mills per annum, the District of Columbia personal property
tax not in excess of 5 mills per annum, and the Mass, income tax up to
69' of the int.
Building.
-Will be located on the west side of Lexington Avenue. N. Y.
City, occupying the entire block front between 32nd and 33rd Streets.
The land area is approximately 34,560 sq. ft., the property fronting 197 ft.
6 inches on Lexington Ave., and 175 ft. on both 32nd and 33rd Sts. The
plans provide for the construction of a 16 story steel frame, fireproof loft
building, occupying approximately 29,600 sq. ft. of the property and
having a volume of approximately 6,200,000 Cu. ft. and a net rentable area
of approximately 447,000 sq. ft.
Security.
-These bonds will be a direct obligation of
Street Corp. and will be secured by a closed mortgage lienLexington-32nd
of $600.000 on
the land and building owned in fee subject to a first mortgageto Metropolitan
Life Insurance Co. of $2,200,000 with interest at 6% until 1931. and thereafter at 534%, the principal of which will be completely amortized in
semi-annual instalments up to 1946 when the final payment is due.
This property upon completion has been independently appraised as
follows: W. Albert Pease, Jr., New York, N. Y., $4,300,000: William
Kennelly, Inc. New York, N. Y. $4,250,000. The combined mortgage
debt aggregating $2,800,000 is less than 66% of the minimum appraised
value.
Lease.
-Under the terms of the lease to the New York Furniture Exchange
Association, Inc., the lessee covenants to pay as rent, during the term of
21 years, which is fixed to begin on the first day of the first calendar month
after the completion of the building but not earlier than Feb. 1 1926.
$325,000 per annum plus all operating expenses, taxes and fire insurance.
As additional rental the lessee covenants to pay the cost of partitions,
payable 10% semi-annually. It is estimated that the additional rental from
this source will average $40,000 annually, during the first five years of
operation.
The New York Furniture Exchange Association. Inc., futher covenants
to deposit with the Lexington-32nd Street Corp. $300,000 in cash, $100,000
of which has already been deposited, as a guarantee of the performance of
Its obligations under the terms of the lease and to apply on the last year's
rent.
New York United Hotels, Inc.
-Trustee.
-
The Chatham Phenix National Bank & Trust Co. has been appointed
trustee for an issue of 3
-Year Serial Gold Notes.
-V. 118. p. 2711.
Noel & Co., Inc. Nashville, Tenn.
-Notes Offered.Federal Commerce Trust Co., St. Louis, is offering at prices
to yield from 5M to 6%, according to maturity, $350,000
1st Mtge. Real Estate 6% Gold notes.
Redeemable, all or part, upon 30 days' notice at 105 and dividend.
Dividends payable Q.
-F. First National Bank of Boston, trustee.
CapitalizationAuthorized. Outstanding.
First Mortgage bonds
$625,000
$625,000
7% Preferred stock
450,000
400.000
Common stock (no par value)
5,000 shs.
5.000 shs.
Data from Letter of John Heard Jr., Treasurer of the Corporation'
Company.
-Owns in fee land comprising an area of about 70,500 sq. ft..
fronting on Commercial, Prince and Hull Sts.. Boston, and is erecting
thereon a 3
-story truck garage with a capacity in excess of 800 trucks.
The structure will be of modern type reinforced concrete construction, and
is expected to be ready for occupancy before Dec. 1 1925.
Earnings.
-The property has been leased for 25 years to Edward W.
Malley, who has had long and successful experience in operating truck
garages. The terms of the lease provide that the corporation shall receive
a net rental of $100,000 per annum for the first 10 years and $105,000 for
the succeeding 15 years. A $100,000 bond, running until Nov. 1927, has
been obtained by the corporation guaranteeing the performance of the
lessee's covenants in the lease. Corporation has agtood to make application
from time to time for the renewal of this bond dining the term of this lease,
or until the sum of $100,000 has been deposited with the trustee in lieu
thereof. The minimum rental will provide about twice interest and sinking
fund requirements for this issue.
O'Gara Coal Co.
-Notes Offered.
-W.S. Aagaard 8: Co.,
Chicago, are offering at prices ranging from 973-'2 and int.
to 101 and int., to yield from 6% to 6.85% according to
maturity, $1,000,000 61 % Cony. Serinl Gold roles.
A
Dated May 11925,due serially May 1 1927 to 1935. Convertible at any
time at par ($100) into shares of the Com.stock at the rate of$75 per share.
Denom. $1,000, $500 and $100 c*. Red. in inverse order of maturities at
105 and int. on any int. date upon 60 days' notice, provided call is made
five or more years before date of maturity; otherwise at a premium of 1%
per year or fraction thereof intervening between date of call and date of
maturity. Company agrees to reimburse the holders of notes. upon
application within 60 days after payment, for the Penna. 4 mills tax and
for the Mass. income tax on not exceeding 6% of such int. Int. payable
M. & N. without deduction of normal Federal income tax up to 2% at
Central Trust Co. of Illinois. trustee.
Data From Letter of Frank H. Woods, President of the Company.
Company.
-Organized in 1905 in New York. Is engaged in the mining
and distribution of coal for industrial, railroad and domestic use. Company's coal lands are located in Saline County, Ill,, comprising with the
adjacent counties of Franklin and Williamson, the southern Illinois coal
field, the most important field in the State. The coal is obtained from
the famous Saline County No. S seam and has long been marketed as
Harrisburg coal. Company's product is distributed under the well-known
trade name "Sahara". It is conservatively estimated by independent
3324
appraisers that the company's properties contain in excess of 124,000,000
tons of recoverable coal. The properties are developed by 9 mines with
aggregate daily capacity of upwards of 16,000 tons. Production and sales
for a number of years have averaged over 2,000,000 tons annually.
-Direct obligation of the company, subject only to $1,653.000
Security.
1st Mtge. 5% bonds, due 1955, and to any purchase money mortgages on
properties hereafter acquired. The present properties comprise over
25,000 acres of minable coal land, of which approximately two-thirds is •
owned in fee and one-third held under lease. Also mining and plant
equipment, buildings. &c., appraised at approximately $3,870.000 after
depreciation. Total fixed assets have been appraised as of Nov. 30 1924
and show a sound value of $13,843,376, or approximately 53.6 tbnes the
total funded debt outstanding, including this issue of notes. Current
assets are $1.528,085 and current liabilities $358,299, a ratio of 434 to 1.
Net current assets total 81,169,785.
-For the 8 years from 1917 to 1924,inclusive, notwithstanding
Earnings.
a loss far the year 1924, the net profits averaged $626.050 per annum.
These figures are after deducting administrative and selling expenses.
sinking fund requirements of the first mortgage bond issue of 5c. per ton
mined, royalties paid under coal leases, and income tax at the present
rates, but before depreciation and interest.
-year period, applicable to interest
Average annual earnings during such 8
themes, have exceeded 4 times the requirements on both the first mortgage
bonds and this issue of notes;after deduction of first mortgage bond interest,
average annual earnings have amounted to more than 8 times interest
requirements on these notes.
-Proceeds will be used to retire a small amount of bank loans.
Purpose.
to provide additional working capital and for general corporate purposes.
Company also contemplates use of a portion of the proceeds to open and
equip valuable stripping properties of No.6 coal which overlies the No. 5
coal. Present conditions in the industry indicate that the possibilities of
-V. 120, p. 838.
such development offer additional immediate revenue.
-200% Stock Div., &c.
Ohio Brass Co. Mansfield, Ohio.
'
The directors have declared a 200% stock dividend on the Common
stock, payable about July 1 to holders of record June 25.
The stockholders on June 19 increased the authorized Class "A" and
Class "B" from 50,000 shares each to 150,000 shares each and approved
the declaration of a stock dividend of two shares of stock for each share
now held. This will increase the outstanding Class "A" stock to 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 new stock to be issued. This is at the rate of $12 per annum on
the present Common stock, on which a quarterly dividend of $3 per share
will be paid on July 15 to holders of record June 25.-V. 120, p. ao76.
-To Reduce Notes.
Ohio Leather Co., Youngstown, 0.
The directors have authorized the payment of 8200,000 6% notes.
reducing the amount outstanding to $1,200.000 out of an original issue of
$1,500.000. The regular quarterly dividend of 2% has been declared on the
1st Pref.stock,payable July 1 to holders ofrecord June 20.-V.120, p.2279.
-Listing.
Oppenheim, Collins & Co., Inc.
The New York Stock Exchange has authorized the listing of 94,56534
shares of capital stock without par value (authorized 220,000 shares),
with authority to add 105,43434 shares, on official notice of issuance in
exchange for outstanding Class A and Class B Common stock without
par value, share for share.
Consolidated Income Account.
The financial statements include the figures of all predecessor companies
op to the date of the consolidation (Sept. 10 1924). Thereafter the figures
are those of the company only.
PeriodAug.1
Year Ended July 31
'241oJan10'25
1924.
1923.
1922.
820,717,128 820,936,272 $21,000,626 $9,636,300
Bales
7,102,054
15,559.606 15,559,955 15,638,021
Cost ofsales
Gross rev, from sales- $5,157,522 $5,376,317
1,283,653
'Discount,rentals, &c- - 1,326,310
I VoL. 120
THE CHRONICLE
$5,362,605 $2,534,246
628,327
1.318,857
Total inc., excl. of int. $6,483,832 86.659,970 $6.681,462 $3,162,573
5,151,946
2,300.600
5,049,336
-Oper., adm.& sell. exp_ 4,805,526
Inc. before in depr.,
$861,973
or Federal taxes_ _ _ _ $1,678,306 $1,610,635 $1,529,517
Cr.27,967 Dr.32,473 Dr.105,487
Cr.171,440
interest earned
Income before deprec.
or Federal taxes__ _ _ $1,849,746 $1,638,602 $1,497,043
233,468
212,211
224,530
Depreciation
179.415
156,316
258,019
!Federal taxes
$1,367,198 $1,246,976 $1,107,257
Net income
See also V. 120, p. 713.-V. 120, p. 967, 1890. 2559.
8756,487
104,059
121,734
$530,694
-Bonds Offered.Orndorff Hotel, El Paso, Texas.
-Caldwell & Co., St. Louis, Mo.1 are offering at prices to
.yield from 6% to 6%%, according to maturity, $825,000
1st Mtge. (closed) 06% Ser:al Coupon Gold bonds.
Dated July 11925. Due serially July 1 1927-1940. Principal and int.
(J. & J.) payable at Chemical National Bank, New York. Red. at 103
and int. on 90 days' notice on any int. date in the inverse of their numerical
-order. 2% normal Federal income tax paid by borrower. Denom.
11.900, $500 and $100 c*. Trustee, Randal Curell, V.-Pres. and Trust
Officer Fourth & First National Bank, Nashville. Tenn.
These bonds are secured by a direct closed 1st Mtge. on all of the property
-of the Orndorff Hotel, now being erected in El Paso, Tex. The 11-story
building, built of reinforced concrete, with brick and stone exterior, con-tains 260 guest rooms, 4 large stores and one floor designed as club rooms
for an exclusive club of El Paso. The hotel will be one of the finest in
'the entire Southwest.
The hotel has been leased to the Orndorff Hotel Operating Co. for the
ull term of the bond issue at an average rental of 8111,970 a year net,
-more than twice the greatest annual bond interest charges.
-Bonds
Pacific Coast Club, Long Beach, Calif.
-Security Co., Los Angeles, recently offered, at
'Offered.
prices to yield from 6% to 6.83%, according to maturity,
$500,000 First Mtge. 7% Serial G' old bonds.
-Balance Sheet March 31 1925.Pennok Oil Corp.
Assets
Oyer, and unoPerated leases_ _$1,605,243
485,411
Physical equipment
1,522.297
Cash and collateral loans
142,493
Accounts receivable
69,615
Inventories of oil & supplies
. 497,813
Securities owned (at cost)._ _
3,148
Insurance fund
Liabilities
$156,782
Accounts payable
45.000
Accrued interest on notes
Res.for depletion,depreciation
542,588
and Federal taxes
8,610
Reserve for contingencies
2.250.000
-Year 6% Gold notes
3
Capital stock and surplus_ _ z1,323,041
$4,326,021
Total
$4,326,021
Total
x Represented by 150,000 shares of no par value.
for the three months ended
The usual comparative income account
March 31 was given in V. 120. p. 2691, 2952.
-Earnings.
Pennsylvania Coal & Coke Co.
Month of May- -5 Mos.End. May 311924.
1925.
1924.
1925.
8430,046 82,269,244 $2,629,398
Gross
8349,382
9,610
53,963
210,486
Deficit after taxes
0
31, 88
80,344
17,652 def120,309
Total income
def31,712
def86,513
x Balance
def49.540 def282,752
def61,419
x After depreciation and depletion, but before Federal taxes. Federal
taxes for five months are estimated at 81,800.-V. 120. p. 2824, 2559.
Philadelphia Insulated Wire Co.-Bal. Sheet Dec. 31.1924.
AssetsProp.& good-will_ $939,942
Cash
73,709
Notes and accounts
232,303
receivable
Inventories
352,306
Prepaid insurance
4,312
and taxes
Total
-V. 119,
1923.
1924.
Liabilities1923.
$861,406 Capital account
154,257
(25,000 shares)-$1,393.641 $1,393,641
33,759
19,739
Res.inc.&prof.tax.
4,238
8,442
199,132 Res,for bad debts_
50,000
50,000
359,361 Dividends declared
2.310
1,950
Accrued wages__
95,482
5,275 Surplus account.. 128,799
$1,602,572 $1,579,432
Total
$1,602,572 $1,579,432
p. 704.
-Report.Philipsborn's Ind.
The company reports losses from operations: Aug. 27 1922 to June 30
1923, per books, $1,215,025: loss for 18 months ended Dec. 27 1924.
$2.764.347: total loss, 83.979,372. Cash dividends paid on Preferred stock.
8216,782; total loss, $4,196.153.
Balance Sheet Dec. 27 1924.
Liabilities
Assets$2,462,500
8334,390 Preferred stock
Land, bldg., equip., tie
1,373.428
1,079,787 Common stock
Inventories
x1.966,999
92,339 Capital surplus
Accounts receivable
420,000
292,487 Bank loans
Cash
144,155
Accr'd wages, taxes, ins., &c
Invest. in bonds of Paulina
848,500 Amt. due from employees__ _ _deb 62,364
Building Corp
415,478
72,873 Accounts payable
Organization exps., &c
57,427
154,288 Federal and general taxes....
Deferred charges
293,193
Amounts due customers
4,196,153
Deficit
$2,874,664
Total
$2,874,664
Total
x Arising from recapitalization at Sept. 20 1923. less premium on stock
repurchased, $1,904,752; surplus at date of acquisition, $62,247.
Suit has been instituted to recover for the company a sum in excess of
$1,000,000 from the stockholders of the predecessor corporation under the
terms of the contract of sale dated Aug. 10 1922. Because of the uncertainty as to the exact amount to be recovered, no effect has been given to
this suit in the above balance sheet.
No divs. on Pref. stock have been paid subsequent to the dividend
payable Nov. 15 1923.
The company is contingently liable in respect to 1st Mtge. bonds of a
par amount of 3571.500. secured by the property conveyed to the Paulbaa
Bldg. Corp.,and also as guarantor of the principal and interest on $1,120,000
-V. 120, p.
isralue 6% 2d Mtge.serial bonds of the Pauline Bldg. Corp.
fogif.
-Balance Sheet Dec. 31.
Phoenix Hosiery Co.
1924.
1923.
1923.
1924.
$
$
5
Assets7% cum. pr. stk. 3,759.700 3,880,000
Land, buildings,
500,000
cum.2d pf.stk. 500,000
mach. & equip_14,855,876 4,944.810
875,000
553,729 Common stock.. _ 875,000
51,848
Cash
70,000
Purch. mon. mtge.
Customers' accts.
and notes rec.__ 2,328,387 2.067,461 Notes payable_ _ _ 1,300,000 1,782,500
Trade accep. Pay_ 1.080,900 1,148,660
Other accts, and
665.771 1,006,792
Accts. payable__
.57,816
notes receivable
426,530
Accrued liabilities.
Cash value of life
24,848
25,550
63,429 Res,for pref. diva_
91.453
insur. policy
4,876,994 6,507,939 Res.for tax.&cont. 227,246
Inventory
605,979
120,409 Say. ctfs. dr depos_ 631,054
126,804
Prepaid expenses_
45,744 Surplus
3,870,402 3,982,511
45.744
Sundry investm'ts
12,934,921 14,303.521
Total
12,934.921 14.303.521
Total
x After deducting 3165,000 serial mortgage 5% bonds.
The usual comparative income account was published in V. 120, p. 987.
-Bank Debt Cut.
Pierce-Arrow Motor Car Co.
President M. E. Forbes on June 22 announced a further reduction of the
company's bank loans by the payment of $225,000. bringing the total loans
down to $975.000. During the past two months the company has paid
off $1,225,000 of its bank debt and, after the payment which has just been
made, cash on hand totaled 31,841,283.-V. 120. p. 3201, 2952.
-Extra Dividend.
Pierce, Butler & Pierce Mfg. Corp.
The regular quarterly dividend of 1% and an extra dividend of 1% have
been declared on the Common stock, payable July 15 to holders of record
July 5. Extra dividends of 1% each were also paid on the Common stock
-V. 120, p. 2022.
on Jan. 15 and April 15 last.
-Valuation of Coal Lands.
Pittsburgh Coal Co.
James Carothers & Co., Pittsburgh, have made the following valuation
of the coal lands of the company: On account of the excess profits tax
the coal lands of the company were revalued during 1917, so the following
Dated Jan. 1 1925: due serially Jan. 1 1927-39, inclusive. Denom. figures are taken from Dec. 31 1917 to date:
Beach Branch
$7 899,965
$500 and $1.000 c*. Principal and interest payable at Long any interest Total amount charged to depletion in seven years
Security Trust & Savings Bank. Redeemable, all or part, on
9,9 5 acres
Total area exhausted in seven years
days' notice at 103 and interest. Normal Federal income tax Or an average depletion charge of an acre
date upon 50
$792
Exempt from personal property tax in The company's total acreage is carried at a price of, an acre_ _ _ _
up to 2% paid by corporation.
$636
-California.
$156
So their average depletion charges have been, an acre
secured by first closed mortgage upon the real estate in
These bonds are
More than the price at which they carry their coal.
Long Beach,
fee (both land and building) of the Pacific Coast Club of
321.229,292
Total quick assets Dec. 31 1924
• twether with all furniture, fixtures and other property of the club.
including all bonds
17.521,384
The building, under Total liabilities,
The cost of the site of the club house was 8200,000
construction, will cost in excess of $800.000. The furniture and fixtures will
Net quick assets over all liabilities
83,707.908
$150.000, making a total investment of over $1,150,000 In addition there are $4,359,000 in U. S. Govt. bonds and cash
cost approximately
-more than twice the bond issue.
• held by the Union Trust Co. in lieu of the mortgage lien of
Estimated net annual earnings approximate 234 times the maximum
the Monongahela River Consolidated Coal & Coke Co.,
require1
interest requirement and over 1,i times the largest annual fixed
4,359.000
which would be released on payment of the bonds
,ment for payment of both principal and interest.
$8.066.908
Company.-Earnings.Packard Motor Car
$332
-Quar.End. May 31--9 Mos. End. May 31- Book value of the Common stock, a share
$22,648,381
Value of plant and equipment Dec. 31 1924
1924.
1925.
1924.
1925.
Period15,881,589
Value of plant and equipment Dec. 31 1917
84.756,975
Net earnings after all charges $3,299,383 32,325,000 $6.254,128
Pres. Sloan MacAuley says: 'We regard the returns for the third quarter Increase in seven years
36,766,792
just closed as quite satisfactory, but expect an even better showing for Amount charged to depreciation in seven years
10,214,704
June,July and August. We have never before in the history of the company
unfilled orders on our books, and we are increasing
had such a volume of
Total amount vent on plant and equipment in seven year:3.-816,981,496
those
production materially. Our shipments of cars for June will exceed and -V. 120, p. 1469.
of May by more than 30% and there will be a further increase in July
-V. 120, p. 2952, 2824,
-Extra Dividend.
probably in August."
Pro-phy-lac-tic Brush Co.
The directors have declared an extra dividend of 25 cents per share on the
-Bonds Called.
Pathe Exchange., Inc.
of Common stock, no par value, in addition to
8% Sinking Fund Gold bonds of $1,000 each, 24 outstanding 100,000 shares
-Year
Sixty-five 10
regular quarterly dividend of 50 cents per share, both payable July 15
bonds of $500 each and 30 of $100 each (total 880,000) have been called the
amounts were paid on the Common stock
;for payment Sept. I at 1Ia_and interest at the Harriman National Bank, to holders of record July 1. Like
-V.120, D. 1338.
on April 15last.
2539.
119. p.
• trustee. New York City.-
-Listing.
Pittsburgh Steel Foundry Corp.
ThePittsburgh Stock Exchange has authorized the listing of 30,000.shares
without par value of Common stock and 7,500 shares, par 8100 per share, of
5% Cumul. Pref. stock.
Earnings Three Months Ended March 31 1925.
Gross sales, 8591,884: interest and discount, 81.495; increase on
8717,887
inventory. $124,507
Melting,8307,940;cleaning and shipping, 861,734; power and light.
401,536
822,162; defective castings, $4,619; freight, 85,081
Depreciation
10,940
General foundry expense, 843816; general business expense, $44,186; workmen's compensation, $889; discounts, $1,77$; mold239,332
ing. $148,666
$66,076
Gain to April 1 1925
Balance Sheet April 1 1925.
Assets
Liabilities
$2,216,741 Preferred stock (5%)
Plant
Inventory, &c
351,641 Common stock
Surplus
Flasks
178,
Patterns,drawings & pat'ts 121,903 Federal tax reserve
Deferred debits
4,553 Depreciation reserve
Industrial, &c., bonds_ _ _ 40,900 First Mortgage bonds
Accounts receivable
308.656 Accounts payable
Cash on hand
222.951
Total
-V. 120, p. 2824.
3325
THE CHRONICLE
JUNE 27 1925.]
$3,445.792
Total
$750,000
600,000
656,705
17,942
585,357
750,000
85.788
83,445,792
offering at 96.89 and interest $150,000 Subordinated First
Mortgage Real Estate 6% Gold bonds of Joseph Seltzer,
Series "B."
Bonds are dated June 1 1925; due June 1 1930. Interest payable J. &
Callable at 102 and interest on any interest date upon 60 days' notice.
Denom. 81,000. Real Estate Title Insurance & Trust Co., Phila., trustee.
These bonds are a part of a closed first mortgage of $700,000 secured on the
property, and the "A' bonds are senior in distribution to 8150,000 "B"
bonds which are subordinated to the "A" series. The "B" bonds are
unconditionally guaranteed as to principal and interest by the Independence
Indemnity Co., while the "A" bonds have no such guaranty.
The property consists of a lot 173x148 ft. (23,700 sq. ft.) and a six-story
brick and stone modern hotel building with six-story brick back building,
covering almost the entire lot, with the exception of a small yard space
with entrance on Van Pelt St. Contains 189 rooms, net including bathrooms, parlors, dining rooms and restaurant in basement, assessed at
$760,000. Appraised by Frank H. Massey: Ground. 8474,000; buildings.
$426,000; total, $900,000.
-Stock Offered.
-J. A. Ritchie
Schaffer Stores Co., Inc.
& Co., Inc., lbany, N. Y., are offering 7,500 shares
7% Cumul. lst Preferred stock (par $10) and 250 shares
Participating stock (preferred as to assets) (par $100, now
paying dividends of $10 per share) in units of 30 shares of
1st Prof. stock and 1 share of Participating stock at $400 per
unit (plus divs. from April 1 1925).
Port Alfred Pulp & Paper Corp.
-Stock Increased.
- Both classes of stock are non-callable. Dividends payable Q.
-J.
Supplementary letters patent have been issued by the Department of
Authorized. Outstanding.
CapitalizationState, Ottawa, Can., increasing the Capital stock of the company from 7% Cumulative 1st Prof. stock (par $10)
$125.000
$125,000
30,000 shares of no par value to 60,000 shares of Common stock of no par Participating stk.-Pref. as to assets (par 8100
value and 60,000 shares of 7% Preferred stock, par $100.-V. 119, p. 1405.
8125,000
8125.000
per share-paying divs. of 10%)
2,000 shs.
2,000 shs.
Common stock (no par value)
Portland Gold Mining Co.
-Report.
Corporation has no general bonded indebtedness.
Calendar Years1923.
1924.
1922.
Cornpany.-Is the leading independent quality chain store organization
Net profit from operation
$35,496 loss$90,602
$246,418
Interest paid (net)
6.442
7,503
5,550 in Eastern New York State, and operates a chain of 63 "Quality" grocery
stores throughout this territory. Company owns a large administration
Bills collectible charged off, &c
1,946
Discount, registration fees, &c
Cr.230
Cr.123 , and distributing warehouse in Schenectady. Company has a valuable
Cr.876
Depreciation
96,435
133,309
'127.629 asset (not capitalized on the balance sheet) in several brands which now
stores. These brands are
Depletion
76,047
84,335
33,229 have a wide consumers' demand throughout its corporation. In addition,
registered and are the exclusive property of the
Net profit to surplus
$58,136 def8181,136 def$256,888 it is the policy of the company to stock and feature nationally well known
and advertised brands of merchandise.
-V. 119, p. 589.
Financial Results Years Ended Dec. 31.
Public Service Gas Co. of Kentucky.
-Stock Offered.
1924.
1923.
1921.
1922.
1920.
A syndicate, including Pope & Co., New York; Whitney,
Cox & Co., Inc., Boston; and Bennett, Post & Coghill, Inc.,
New York, is offering a new issue of 3,000 shares of $7 Cumulative Preferred stock of no par value at $100 per share and
dividend. Each share of Preferred stock carries a share of
Common stock. See further details in V. 120, p.3201.
Pure Oil Co. 53.(% Preferred Stock Stricken from List.
-
Net sales
528,831 657,548 880,165 1,240.152 1.581. i
77,Ii
37,201
Surplus (Dec. 31)
5,485 16,846
1,187
Net avail, for diva. for 1st
53,085
20,321
32,397
Pref. divs
2,141 12,845
L
Ratio of profits to div. re11.77
10.52
quirements for 1st Pref_ _ _
1.01
6.39
8.92
Net assets applic. to lot Prof.
251,394
and Participating Pref_ _ 91,937 103,085 136,316 185.561
Net assets per $10 share of
13.41
15.30
12.45
11.77
1st Pref
Owing to the fact that the greater part of the original issue of 54% Net profits avail, for divs. 11.39
Cumul. Pref. stock has been exchanged into the 6% Cumul. Pref. stock.
48,575
29.320
38 10.836 18.041
for Participating Pref__ _ _
and that there remains outstanding only about 81,000,000 of the 54%
to div. rePreferred, in which there are but few transactions, the issue has been Ratio of profits Partic. Prof ---3.11
4.86
1.84
2.35
quirements for
stricken from the list of the New York Stock Exchange.
-V.120, p. 2539.
Net assets per $100 share of
134
152
117
124
113
Participating Pref
Quebec Pulp & Paper Mills, Ltd.
-Financial Statement.
-With additional working capital provided from the present
Purpose.
The Chicoutimi and Saguenay bondholders' committees in their explanatory statement accompanying the plan for the reorganization of these two financing, company proposes to establish additional stores.
companies (V. 120, p. 3191) present a balance sheet set up of the new
-S. H.
Scranton (Pa.) Lace Co.-Pref. Stock Offered.
company, Quebec Pulp & Paper Mills, Ltd., which it is proposed to form,
together with an estimated profit and loss account based on the average Brooks & Co. are offering at 971 , to yield 7.18%, $750,000
A
annual earnings of the constituent companies. The set-up shows a company with total assets of 817,707,634, with no bonded indebtedness, save 7% Cumul. Pref. (a. & d.) stock (par $100).
-M. Registrar and
for small underlying issues, and an estimated surplus of 8856,086 for depreRedeemable at 110 and diva. Divs. payable Q.
ciation, reserves and Common stock.
transfer agent, Lackawanna Trust Co., Scranton, Pa.
Authorized. Outstanding.
Estimated Profit and Loss Account of Proposed Company.
Capitalization850,000
$50,000
Operating profit
$1,614,392 Debenture
3,000.000
2.437,500
a Quebec Streams Corn
100,000 7% Cumulative Preferred stock
2,001..600
1,000.000
Common stock
Bond interest and sinking fund
97,213
Scranton. Pa.,
Bank interest
Company.
-Plant located on Glenn and Meylert
70,000
Ayes..
Preferred dividend
491,092 occupies a number of modern buildings. The land owned by the company
blocks. Company is one of the largest and most
comprises about 4 city
b Balance
856,086 substantial of northeastern Pennsylvania's manufacturing enterprises.
a To insure adequate flow of water from Lac Kenogami reservoir. b For Company commenced selling its own product to the trade about 17 years
depreciation, reserves and Common stock.
ago instead of handling it through selling agencies, as was done previously.
In the above table operating profits are based upon the five-year aver- At that time Scranton lams were sold in only 134 cities and towns. At
age.19I 141923itclrsiveanlover,52010Owededuurf
from the present the product is distributed by over 7,800 merchants in over 1,200
)ang21pr6fisuu6repreulli0pulpzuud inventories.
cities and towns scattered throughout the United States, in addition to a
very considerable business in Cuba, Porto Rico, Mexico. Canada and South
Balance Sheet.
America.
Assets1 Liabilities
Purpose.
-For extensions and additions to their plant, and to provide
Limits, water powers,
Preferred stock
$7,015,600 additional working capital.
mills, &c
815,961,415 Common stock
7,113,100
Earnings applicable to dividends on the Preferred stock for the last five
Investments
5,100 Chicoutimi Freehold Esfiscal years, ending Sept. 30 1924, have averaged over 2.4 times the amount
Def'd pay'ts on prop.sold
124,099 tates, Ltd., 1st 6s_ _ _ _
511,486 required to pay dividends on the amount of Pref. stock then outstanding.
Cash in banks and on
Chic. Port Co. 1st 53s..
325,500 The Preferred stock, after giving effect to this new financing, will have a
hand-net
49,384 Ha Ha Bay Land and
book value in excess of $171 per share and is followed by $1.000,000 ComNotes & acc'ts receivable
245,184 Building Co.54s
85,700 mon stock for which 8135 per share is now bid and none offered.
-V. 120.
Inventories
1,074,307 Deferred payments
7,322 p. 1214.
Prepaid expenses
34,089 Bank loans on demand.._ 1,221,993
Employers'Bab.ins.fund
45,451 Accounts payable
77,303
-Preferred & Corn. Divs.Seagrave Corporation.
Amts. depos. with trus__
57,924 Due to contractors
16,179
The directors have declared a quarterly dividend (No. 2) of 14% on
Sinking fund
109,474 Accr. wages, &c., charges
14,610 the Preferred stock, payable July 1 to holders of record June 20, and
Claims against Becker &
Bond interest accrued_ _ _
5,114 quarterly dividend of 30 cents per share or 21.1% in Common stock, at the
Co., Ltd., &c
1 Res, for stumpage claims
103,261 option of the stockholders, on the Common stock, payable July 20 to
Charter fees
1,200 Other reserves
70,198 holders of record July I. Initial distributions of like amount were made on
Capital surplus
1,140,261 the respective stocks in April last. (See also offering of 85,000 shares of
Common stock of no par value in V. 120, p. 462.)-V. 120, p. 2560
Total
$17,707,634 Total
$17,707,634
-V. 120, p. 3201.
-Adds Coal to List.
Sears, Roebuck & Co., Chicago.
See under "Indications of Business Activity" in last week's "Chronicle,"
Rauch & Lang, Inc.
-Successor Company.page 3132.-V. 120, p. 2953, 2280.
fw The plant of this company at Willlmansett, Mass., manufacturer of
-Reorganized.
Selden Truck Corp.
electric automobiles, has been acquired at public sale by a new company
A new Selden Truck Corp. was recently organized and will continue
of the same name, Rauch & Lang, Inc., recently organized by Robert W.
Stanley, Holyoke, Mass., and associates. About 8200,000 it is said, was without interruption the manufadture, sale and service of Selden trucks
which was formed in
-V. 111, p. 596.
given for the property.
begun in 1923. The former Selden Truck
Corp.'
1919 by consolidating the Selden Motor Vehicle Co and Selden Truck
Reece Button-Hole Machine Co.
-Annual Report.
Sales Co. has been dissolved and the new corporation started operating
Years Ended Jan.11925.
the business on May 1.
1924.
1923.
1922.
Earnings
The management and operation of the Selden plant will be continued
8742,317
$828,142
$809,889
$645,163
Expenses
588,173
622,938
553.695
500,634 by the former executives, elected as follows: A. S. More. Pres. and Gen.
Dividends paid
(14%)140.000 (14)140,000 (12)120,000 (12)120,000 Mgr.; W. C. Barry, V.-Pres.: S. P. Gould. Sec.; E. B. Osborn, Treas., and
F. J. Kolb, Asst. Sec. and Asst. Treas., Rochester.
The Fabric Body Corp. of Detroit. the new owners of the Selden Truck
Balance, surplus
$14.144
$65,204
$136,194
$24,529
-v. 120. p. 1214.
Corp.. will act as a holding company through the following board/ofdirectors:
A. S More, W. C. Barry, K. L. Childs (Pres. Fabric Body Corp.), New
Reiter-Foster Oil Corp.
-Listed on Curb.
York; F. E. Devans, Rochester; W. W. Gedge, Detroit (Sec. Fabric Body
.
The New York Curb Exchange has admitted to trading the stock of Corp.): W. S. Speed, Louisville, Ky.: Merlin Wiley. Detroit; James Wilson,
this corporation; authorized 200,000 shares (without par value), of which Detroit (V.-Pres. & Treas. Fabric Body Corp.); H.E.Zimmerman,Compt.):
-V. 120, p. 1597.
140,000 are outstanding. The company is engaged in oil production in Standard Textile Products Co.), New York.
Kansas. Oklahoma and Texas. and its earnings for the first quarter of the
Silver King Coalition Mines Co.
-Annual Report.
year, as shown by its statement to the Curb Exchange. were $123,423 net
Calendar
1922.
1921.
1924.
1923.
after charges, equal to approximately $2 50 a share on the authorized capi- Ore sales Years$3,409,075 $2,352,671 $1,415,278
$497,598
tal. William A. Reiter is President.
33,333
51,099
58,124
29,786
It was recently announced that the Prairie Pipe Line Co. has completed Other earnings
the laying of a 16-mile 4-inch pipe line to the Reiter-Foster Oil Corp.
Total earnings
$3.460.174 $2,410,795 81,448,611
8527,384
properties located in the Throckmorton field in Texas. The Prairie Pipe
Line Co.,it is stated,is buying practically all of the oil produced in this field Devel., mining, milling, $1,407.545 $1,124,323
&c., expenses
8653,440
$618,215
Depreciation
49.595
47.146
48.978
Rittenhouse Hotel, Philadelphia.
40,550
-Bonds Offered.
- Tax reserve
214.078
122.388
58,881
35,016
Baker, Young & Co., Philadelphia, are offering at par and Dividends paid
790.465
851.270
364,830
364,830
interest $500,000 First Mortgage Real Estate 6% Gold
bonds of Joseph Seltzer, Series A. The same bankers are
Balance, surplus
-V.120, p. 3077.
$998,491
$265,668
8322,483 def$531.229
Sinclair Pipe Line Co.
-Balance Sheet Dec. 31.1924.
8
1923.
1924.
1923.
Liabilities
AIMS$
28,084,400 28,084,400
Capital stock
equip. &c
75,657,588 45,735,688 20-yr.5%s.f.g.bds_24,495,000 25,000,000
465,366
223,489 Depr. 8c amort.res17,162,155 9,922,207
Specific funds_ _
223,489
Cash
1,473,177 19,030,295 Insurance reserve_ 382,528
293,040
995,316 Other reserves_ _
Accts.receivable_ _ 1,377.268
1,888
3,249,011 3,445,981 Deferred credits_
Inventories
5,500,000
41.875 Notes payable__
Deferred charges_ _ 2,084,322
Accounts payable.. 597,646 .1.147,324
Accr. int., tax., arc 1,113,147 1,182,260
Tot.(each side) 84,306,733 69,472,644 Earned Surplus_ _ _ 6,678,815 3,911,076
The income account was published In V. 120, p. 2953.
Real estate, lines,
[Vou 120.
Ti-iE CHRONICLE
3326
-Organized.
Southern Cotton Oil Co. of La., Inc.
The company on June 16 filed its charter at Baton Rouge, La. See also
V. 120, p. 2953, 2825.
Security.
-This loan will be secured by a closed first mortgage upon
(a) the land, owned in fee, consisting of over 9,600 sq. ft., located at the
northeast corner of 8th Ave. and 26th St., and measuring about 71 ft.
on 8th Ave. and 125 ft. on 26th St.; (b) a 20
-story modern fireproof steel
and brick mercantile building to be erected thereon.
Bond of the National Surety Co. to be deposited with the trustee will
guarantee to the extent of $550,000 completion of the building free from
mechanics' liens. The plans and specifications for this building have been
prepared by George and Edward Blum, architects. N. Y. City. The title
to the property and the validity of the first mortgage securing this loan
will be guaranteed by the Lawyers Title & Guaranty Co. The mortgage
will provide that the company will carry, in favor the trustee, adequate
fire and other insurance for the protection of this loan.
-The land and building as at completion are appraised
Appraisals.
independently as follows:
61,785,000
.7. Romaine Brown Co., New York City
1.725.000
William Kennelly, Inc., New York City
$1,755.000
Average of appraisals
On the basis of the lower of these appraisals the total loan will be about
64% of the value of the property. Through operation of the sinking fund
-Year Sinking Fund the amount of the loan will be reduced by maturity to less than 34% of
One hundred thirty-seven ($137,000) 1st Mtge. 20
Gold Coupon bonds, due 1927, have been called for redemption July 1 at the lower appraisal.
par and int, at the Girard Trust Co., trustee, Philadelphia. Pa.
Estimated Annual Income and Operating Expenses of the Property.
The following bonds remain unpaid: Called for July 1 1923. 109; Jan. 1
J. Romaine IVm.Kennelly, Arge.
1925. 339, 370, 1119, 2309. 2392, 4306, 4460,4587, 4797.-V. 119, p. 26.58.
Inc. ofEstimates
Brown Co.
$319,000 6282,859 6300,929
Income
-Special Dividend.
G.) Spring & Bumper Co.
(C.
91,993
93,386
The directors have declared a special dividend of 20c. a share on the Taxes, oper. exp., allow, for vacancies, &c_ 90,600
Common stock, payable July 15 to holders of record July 7. The last
Net available for interest (est.)
$228,400 $189,473 3208 936
dividend declared was Sc. a share, payable May 15 1925.
371.500
Secretary J. J. Jennings, June 22. says: "The corporation's new plant Maximum Interest on this loan
-The mortgage securing this loan will provide for semiSinking Fund.
In Chicago is now entirely completed and in full operation. Its two acres
of property are located in the Central Manufacturing District on Pershing annual sinking fund payments commencing June 1 1927, which will be
Road and its buildings cover 50,900 sq.ft. of floor space filled with modern sufficient to retire over 1500,000 of the loan by maturity by purchase at
type of machinery and equipment for manufacturing 3,000 to 4,000 com- or below 102 and int., or, if not so obtainable, by call by lot at that price.
plete automobile bumpers a day. Completion of this plant and full
(August) Thyssen Iron & Steel Works (August Thysoperation of the large Detroit factory have resulted in considerably greater
production and earnings this year than a year ago, as shown by monthly sen-Hutte Gewerkschaft) and Affiliated Mining and
net earnings (after taxes) given below:
-Definitive Bonds Ready.
Sales Companies.
Jan.
Feb.
April.
March.
May.
-Year 7% Sinking Fund
Moll, Read & Co. interim receipts for the 5
$11,006
$22,272
$39,300
872,432
$91,016
1925
16,663 def.6,544 Mortgage Gold Bonds (closed issue), due Jan. 1 1920, are now exchangeable
36,816
45.818
17,664
1924
for definitive bonds at the Equitable Trust Co., 37 Wall Street, N.Y. City.
-V.120, p. 1892.
(See offering in V. 120, p. 218.)-V. 120, p. 1471.
-Bonds Called.
Spanish-American Iron Co.
-May Acquire
Sterling Products (Inc.).
Interest in Caldwell's Syrup Pepsin Corp.
One-half
Negotiations are under way for the joint acquisition of the Caldwell's
Syrup Pepsin Corp. by the Sterling Products, (Inc.) and the Household
-V. 120, p. 840.
Products Corp.
-Bonds Offered.Steubenville (Ohio) Pottery Co.
Dinkey & Todd Co., Pittsburgh, are offering at 993/i and
int. to yield over 63/2%,$250,000 1st (Closed) Mtge. 15-Year
634% Gold bonds.
Dated April 1 1925; due April 1 1940. Denom. $1,000 and $500. Callable, all or part, on any int. date on 60 days' notice at 10234. Int. payable
A. & 0. at Dollar Savings & Trust Co.. Pittsburgh, trustee. and Union
Savings Bank & Trust Co., Steubenville. Ohio, ulthout deduction for
-mill tax refunded.
Federal income tax up to 2%. Penna. 4
Data from Letter of Pres. H. D. Wintringer, dated April 1.
Cornpany.-Is one of the oldest potteries in the country, having been
Incorporated in Ohio in 1879. Manufactures a diversified line of the
highest grade semi-vitreous porcelain tableware. Products are distributed through its own sales organization, with offices in Boston, New
York, Chicago, San Francisco and other cities. Company's customers
include Strawbridge & Clothier.John Wanasnaker's,Phila.; Gimbel Brothers
and Macy, New York; Marshall Field & Co., Carson-Pine Scott & Co.,
and Mandell Bros., Chicago: J. L. Hudson Co., Detroit; McAlpin's,
Cincinnati; May Co., Cleveland; Joseph Horne Co., Pittsburgh; Nugent's,
St. Louis; S. S. Kresge Co., and others.
-To complete new plant now under construction, and for the
Purpose.
retirement of $29.500 1st Mtge. bonds.
-Net earnings after depreciation available for interest and
Earnings.
taxes were $433,460 for the ten years ending June 1 1925. or over $43,346
per annum, which is equivalent to approximately three times interest
charges on these bonds. Company has operated at a profit every year
since incorporation and has paid dividends for the last 12 years without
Interruption, averaging 20% on its capital stock outstanding.
-Company will pay to the trustee $500 per month as a
Sinking Fund.
minimum sinking fund for the retirement of these bonds and also one-sixth
of the next installment of interest. If net earnings in any one year are in
excess of $24,000. the company will pay 25% of such excess to the trustee
to be used for the retirement of these bonds. In addition 75% of the
proceeds of the sale of the adjoining homesites will be deposited with the
trustee and made available for the retirement of additional bonds.
Authorized. Outstanding,
Capitalization$250,000
$250,000
1st Mtge.6s (this issue)
400.000
Common stock (par $100)
-Protective Committee.
Tidewater Portland Cement Co.
The following committee has been formed to protect the interests of the
holders of 1st Mtge. 6% Gold bonds: Wilson A. Campbell, Sewickley,
Pa.; Malcolm McGiffin, Fidelity Bldg., Pittsburgh, Pa.; Thomas T.
Tongue, 10 Guilford Ave., Baltimore, Md.; Edward H. Letchworth.
Marine Trust Bldg., Buffalo, N. Y.: W. C. Fownes, 313 Sixth Ave., Pittsburgh, Pa. Fidelity Title & Trust Co., depositary, 341 Fourth Ave.,
Pittsburgh, Pa., and Fidelity Trust Co., sub-depositary, Baltimore, Md.
-V. 120, p. 3202.
-New President.
Union Twist Drill Co.
William B.McSkimmon,formerly Vice-President, Secretary and Assistant
Treasurer, has been elected President to succeed the late J. A. McGregor.
-Ir. 119, p. 2189.
-Listing.
United States Realty & Improvement Co.
The New York Stock Exchange has authorized the listing on and after
July 15 of $2,414,100 Common stock on official notice of issuance as a stock
dividend, making the total amount applied for $26,658,300.
Canso!. Balance Sheet Apri130,George A.Fuller Co.and Geo.A.Fuller Co.,Ltd.
1924.
Liabilities1925.
1924.
Assets1925.
Real est.,stor.yds_31,151.525 $169,347 Preferred stock__-$1,000,000 $1,000,000
Cash
1,650,491 1,618,732 Common stock__- 2,000,000 2,000,000
260,002
398,588 Accounts payable_ 455,669
279,329
Bills receivable_
122,176
Res. for Fed. taxes 141,146
Arc'ts receivable
(sub.,. to rea'ves) 1,385,139 2,151,399 Res.for sects rec.,
21,449 accident'astir. dc
49,105
Interest accrued
contingencies._ 580,247 1,424,950
278,101
Plant, material,&c 282,508
9,200
30,792 Arced int. payable
21,039
Def'd charges, &c_
128
299,581 Deferred credits__
Sec. of realty cos_ _ 463,421
645,000
Lib, bonds borrow.
Stocks and bonds
589,424 Surplus
3,749,041 2,659,632
of other cos_ _ _ _ 1.573,237
N. Y. City bonds_ 223,936 1875,963
Inv. in & adv. to
contr.or affil.cos. 221,000 1.344,383
334,000 Total(each slde)$7,935,431 $8,111,759
634,700
Loans on mtges
x Includes Liberty bonds.
The annual report of the H. S. Realty & Impt. Co. for the year ended
April 30 1925 was given in V. 120. p,, 2539.-V. 120. p. 2954.
--Earnings.
Ventura Consolidated Oil Fields.
1922.
1921.
1923.
1924.
Calendar YearsProfit from operations__ $3.329,115 63.525,591 $4.867,682 $4,847,192
$441,100
3447,551
1475.768
6472,514
Selling expenses
General & admin. exp. &
471,263
600.974
567,838
547,755
local
- Intang. taxes costs &
-Sale.
drilling
Superior Fire Insurance Co., Pittsburgh, Pa.
1,152,835
555,674
663.091
675,742
abandonments
This company has been sold to the Firemen's Insurance Co., Newark,
93,411
262,970
313,418
51,639
N. J., effective July 1. The transaction involves $2,750,000.-V. 119, p. Provision for inc. taxes_
678.608
723.859
608.846
697.060
Res. for deprec. & depl2891.
Supreme Council of the Western Catholic Union,
-First National Co., St.
-Bonds Offered.
Quincy, Ill.
Louis, Mo., are offering at prices to yield from 5% to 534%,
according to maturity, $400,000 1st Mtge. Serial 534%
Real Estate Gold bonds.
Dated Nov. 1 1924;due annually Nov. 1 1926 to 1934. Coupons payable
M.& N. at the office of the First National Co., St. Louis. Mo. St. Louis
$1,000.
Union Trust Co.. St. Louis, Mo.,trustee. Denoms.$100,.$500 andprior to
Subject to call on any int. date on 60 days' notice at 105 and int.
if called on or after that date.
Nov. 1 1927, or at 103 and int.
-The bonds are secured by a direct first mortgage lien
Value of Real Estate.
on the ground and the new building, now approaching completion, known
Main
as the Western Catholic Union Building, located on the south side ofentire
Street, between Fifth and Sixth streets. Quincy,Ill. The value of the
been appraised by the mortgage loan department
completed property has
of the First National Company at: The ground, $150,000; the building,
$694,000; total, $844.000.
-The net income from the building, after deducting
Rental Income.
operating expenses, taxes and insurance, as estimated by the officers of the
Supreme Council of the Western Catholic Union, will be in excess of 23i
times the interest charges on this loan.
-story office building of
-The improvements consist of a new 10
Property.
steel construction with exterior walls of brick and terra cotta trim, which
will be fully completed on or about Sept. 15 1925. The basement contains
large, well-appointed club rooms, a community centre for the Western
Catholic Union, and a well-arranged gymnasium and swimming pool.
The ground floor, above which is a mezzanine floor, has a spacious tiled
lobby with a news stand, barber shop and one large store. Seven floors,
from the second to the eighth inclusive, are devoted solely to office space;
the ninth and tenth floors being occupied by the Western Catholic Union
as general offices, board room and meeting hall.
-Bonds
322 Eighth Avenue Building, N. Y. City.
-Peabody, HouOteling SE Co., Inc., New York,
Offered.
are offering at 100 and int. $1,100,000 1st Mtge. 15-Year
634% Sinking Fund Gold Loan.
Dated June 1 1925: due June 1 1940. Int. payable J. & J. at Chatham
Phenix National Bank & Trust Co., New York. trustee. Denom. $1,000
and $500 c*. Red., all or part by lot, on any int. date at 102 and int.
Int. payable without deduction for any Federal income tax up to 2%•
Company will agree to refund the Penna. and Conn. personal property
taxes not in excess of 4 mills per ann., the Maryland personal property tax
not in excess of 4;i mills per ann., the District of Columbia personal property tax not in excess of 5 mills per ann., and the Mass, income tax up to
6% of the interest. Legal for the investment of trust funds under the
laws of the State of New York upon completion of the building.
Net profit
Sundry additions
Previous surplus
Total
Dividends
6884,406 31.001,623 $2,321,904 41,859,731
78,494
.437,726adj3.920,213adj3.907,947adj3,195,528
3
34,400,626 $4.921,836 36,229,851 65.055.259
1,484,110 2,223,340 y1,260,048
891,576
Profit & loss, surplus_ $3,509,050 $3,437,726 $4.006.511 43,795,211
x Includes $1,830.397 surplus to Ventura Consol. 011 Fields and $29.333
to minority stockholders of sub. cos. y Includes $1.183,726 paid Ventura
Consol. 011 Fields stockholders and 376.322 paid minority stockholders.
z Includes $3,753,256 to Ventura Consol. 011 Fields and $41,954 to minority
-V. 118, p. 2592.
stockholders.
-Annual Report.
(V.) Vivaudou, Inc.
1922.
1924.
1923.
Calendar Years$3.725,954 36,741,182 35.414,968
Grosssales-customers
-Trade & special dIscts., freight,
Less
776.466
837.337
812,666
&c.,returns and allowances
Net sales
Cost of sales
62,949,488 35.903,845 $4,602.303
1,806,871 2.989.847 2,489.468
Gross profit
Selling & administrative expenses_ _
Other income
Income charges
31.142.617 32,913,998 32,112,835
1,483,403 1,997,784 1,407,050
101,476
258,685(net)112,839
Net profit
3592,947
loss$442,262
3657.529
Previous surplus
273,262
224,864 def288.083
Profit on sale of real estate
45,000
Common divs. paid (cash)
($2)600,000
Preferred divs. paid (cash)
2,625
Div.on Com.stock paid in Pref.stock
150,000
Inventory adjustments, &c
617,223
Res.for inv.in & adv.to sub.&affil.cos.
313,598
Charges not applicable to year's oper311,614
80,000
Provisions for taxes
54,131
Profit and loss
-V. 120, p. 2826, 2694.
def.$1,564,060 sur$273,262 sur$224,864
Virginia Carolina Chemical Co.
-Appeal on Sale.
Announcement was made June 20 in Newark,according to The Associated
Press, that Federal Judge Runyon had signed an order allowing an appeal
to U. S. Circuit Court for his decision that Herbert M. May of New York
must forfeit a deposit of $205,200 paid to bind the purchase of 1,172 shares
of the stock in the three German potash mines owned by the Virginia
Carolina Chemical Co. The appeal, it is stated, will be taken by May.
JUNE 271925.]
THE CHRONICLE
After the Court forfeited May's deposit the receivers of the
were
authorized to readvertise the stock for sale at a price of company than
not less
$1,250,000.-V. 120. p. 2693.
Waldorf Building Co., San Diego, Calif.
-Bonds
Offered.
-Stephens & Co., San Francisco, are offering at
100 and int. $325,000 1st (Closed) Mtge. (Fee and Leasehold) 7% Sinking Fund Gold bonds.
3327
CapitalizationAuthorized. Outstanding.
% 1st Mtge. bonds, due Apr. 1 1940 (this issue) $160,000
$160,000
Common shares
160,000
160.000
Compary.-Incorp. in Ontario. Has acquired from the trustees of the
Baldwin Estate a lease for 966 years of the land on the southeast
Adelaide and York Streets, having a frontage on Adelaide St. ofcorner of
mately 208 ft. and extending southerly on the east side of York approxinorth side of Pearl St., having a frontage on York St. of 188 ft. St. to the
Security.-Secured by a first (closed) mortgage on the
erected on the easterly portion of the land, known as the building alread
ing." which is now fully rented and consists of 2 stories"Adelaide Buildand
and covers a ground area of about 96 ft. by 188 ft. The bonds a basement
will also be
secured by a first mortgage on the new building, which is now being erected
by the Carswell Construction Co., Ltd., on the westerly portion of the said
lands. This building will consist of 3 stories without basement and will
cover a ground area of 102 ft. by 188 ft. This building is to be completed
and ready for occupation not later than July 1 1925. The present building
has been appraised at $145,547. The cost of the new building when completed will be $160,000, making a total valuation of the present building
and the new building of $305,547, against which there will be a closed mortgage of $160,000.
Earnings.
-The annual net earnings, based on actual rents being received
from the Adelaide St. building and based on leases which have already been
signed for the two top floors and part of the ground floor of the new build.
ing, will be $61,396. Total operating expenses are estimated at $26,930.
leaving estimated net profits of $34,466 available for bond interest and depreciation, which is equivalent to 3.3 times the amount required for annual
interest on the total issue of 8160,000 of bonds (this issue).
Dated June 1 1925; due June 1 1940.
.
Interest payable J. & D.at Southern Trust &Denom. $1,000 and 8500c5
Commerce Bank, San
trustee, or National City Bank, New York, without deduction Diego,
normal Federal income tax up to 2%. Red. on 30 days' notice, all for the
or
at 102 and int. Exempt from the California personal property tax. part,
Company owns in fee the real property and the modern six-story
hotel
building, together with furnishing's and equipment, comprising the
Waldorf
Hotel, located at San Diego. The hotel has enjoyed
steadily increasing business for several years and in order toa successful and
meet the
for additional hotel accommodations the company has recently demand
acquired
the 99
-year leasehold on the property adjacent and
now in
erecting thereon an eight-story Class A reinforcedisconcrete proceess of
hotel and
store building which will be constructed as an integral
part of the present
building.
Upon completion of the new addition, the building will contain
200
rooms and will be suitably furnished and operated as a moderately guest
priced
hotel, under lease throughout the life of this issue to Becker Bros.,
Inc.,
who now operate the present Waldorf Hotel.
Conservative appraisals,therefor, place a total valuation on
securing this issue of over 8635,000, without giving any valuethe property
to the leasehold estate.
Yukon Gold Co.
-Annual Report.
Earnings.
-Net earnings available for bond
Calendar Years1924.
1923.
1922.
1921.
Federal taxes, &c., amount to $43,307. Basedinterest, sinking fund, Operating revenues
on this estimate, net
81,091,887
$953,416
$834.185
$970,923
earnings will be approximately two times maximum interest
Operating expenses
requirements
686,547
702.125
706.282
716.787
and over 1; times average interest and sinking fund
,
6
requirements on these
Operating income_ _ _ _ $405,340
bonds.
$251.291
8127,903
$254.136
Non-operating income
105.923
128.331
161,135
70,769
West Coast Theatres, Inc.
-Bonds Offered.
Total operating gains_ $511,263
-An issue Royalties
8379.622
$289,038
8324,905
paid
of $1,500,000 Gen. Mtge. 63/2% Serial Gold bonds is being
64,489
57,025
34,749
35,193
charges
341,001
320,941
267,2531
271,665
offered by a syndicate comprising Banks, Huntley & Co., Interest exp. & exams
General
68,680
42.394
53,3831
M. H. Lewis & Co„ Bond & Goodwin & Tucker, Inc. Depletion
30,596
117,151
129,837
158.770
Depreciation
The bonds are dated March 1 1925 and will mature serially
183,343
264.020
314,978
206.152
1926-1930,
inclusive. They are priced as follows: 1926 maturity.
Balance, deficit
$176.947
100.75,
$421,909
8511,162
3346,87
5.50%; 1927 maturity, 100.40, to yield 6.25%; 1928. 1929 and to yield -V.118, p. 2329.
1930 maturities, 100, to yield Oi%•
West Coast Theatres, Inc.
-Operates a chain of more than 100 theatres
in 33 cities and towns of California, from Sacramento in
CURRENT NOTICES.
the North to
San Diego and El Centro in the South. The aggregate
seating capacity
is approximately 100,000. Paid admissions are running
-The Ronald Press Co. has just issued a text book of 500 pages on the
at the rate of
about 50,000,000 persons annually.
"Principles of Investment," by Dr. A. M. Sakolski, the investment analyst
West Coast Theatres, Inc., was incorp. in California
1920, with Paine, Webber & Co. The book is
at which time It took over desirable theatres,film franchises,in
written for investors. Dr.
&c.,
Gore Bros., Sol Lesser and Adolph Ramish, and consolidated of Messrs. Sakolski for a number of years has been
a lecturer on investments at New
them into
one company. The company owns, leases and operates
motion picture York University as well as a practical investment statistician and railroad
theatres, and is one of the largest and most successful
theatre-operating expert. He was at one time Secretary of the Valuation
companies in the United States.
Committee of the
Security.
Delaware & Hudson Co., and is considered an expert in rate cases.
-These bonds will be a direct
of the
He
a general mortgage on all of its properties, obligationland, company, and has been connected with Paine,
including
Webber & Co. for the last three years.
hoids, licenses, &c. In addition, there will be pledged buildings, leasefor the protection of the bondholders the company's with the trustee He has published several books well known to Wall Street. The present
stock in affiliated book is intended as a broad survey
companies having a value of $2,947,845 and interests of
of the investment field. It deals with
theatre-operating contracts, having a value of $150.880, the company in all classes of investment, including mortgages,
commercial loans, Governor a
098,726, as appraised by the American Appraisal Co. Theretotal of $3,- ment and municipal
bonds, and railroad, public utility and Industrie
assigned to the trustee the company's contracts for the purchasewill also be
of approxi- securities. There are also excellent chapters on bank and insurance
mately 99% of the capital stock of West Coast Theatres,
comInc., of Northern pany stocks as investments.
Calif.. upon which there has been paid in cash
$1,000,000.
The company, with affiliated companies, has total
-The second meeting of the Standard Bank Forum was held to-day
assets of $12,742,927,
and a total funded debt, including purchase money
obligations and this in the bank building. Ernest F. Clymer
issue, of $4,36 ,8 986.
of Moore & Schley, who was
Earnings.
-Net earnings, after all interest charges and
the principal speaker, gave a talk on the "New York Stock Exchange.'
are as follows: 1921, $400,132; 1922, $685,164; 1923, Federal taxes, The Standard Bank Forum
is an informal gathering of a group of officers
$1,882,563, and
1924, 81,885,921.
and employees of the Standard Bank who meet once a week for discussions
Current earnings are at a rate in excess of
charges on the entire funded debt, including 7 times the total interest on banking and allied topics. The first session was held last Friday, when
this issue, together with
purchase money obligations.
Richard M. Lederer. President of the bank, spoke on "Real Estate from
Sinking Fund.
-The corporation will deposit with the
in advance,a sum which shall be equal to one-twelfth of trustee monthly, the Investment Standpoint."
the annual interest
due for the year, together with one-twelfth of the installment
-Rutter & Co., 14 Wall St., New York, are distributing a
of principal
circular
falling due for said year.
entitled "Public Utility Bonds for Savings Bank Investment." which
Purpose.
-Proceeds will be used to retire floating debt incurred in
the contains a digest of the new Connecticut law and a list of the bonds made
construction of new buildings.
-V. 119. p. 822.
legal. Investors and students interested in public utility securities
will find
Western States Oil & Land Co.
-Merger.
-this circular a valuable contribution to the existing literature on this
See Argo Oil Co. above.
sub-V. 111, p. 1958.
ject. Copies of this circular will be sent on request.
White Rock Mineral Springs Co.
-Extra Div., &c.
The American Bond & Mortgage Co. is distributing a sixteen-page
The three extra dividends of 20 cents a share each, in
regular quarterly dividends of 30 cents a share, declared addition to three illustrated booklet entitled "Our Forty-fourth Semi
-Annual Investment
on
stock are payable July 1, Oct. 1 and Dec. 31 to holders of the Common Offering," which contains descriptive and statistical
data on fourteen
record June 22,
Sept. 22 and Dec. 22, respectively. An extra dividend of 20
cents was also real estate mortgage bond offerings. Copies of this booklet may be obpaid on the Common stock on Mar. 31 last in addition to a
quarterly divi- tained on request from the company's New York and Chicago
dend of 30 cents.
offices or
any of the branch offices throughout the country.
The New York Stock Exchange has authorized the
certificates for 156,645 shares of the Common stock listing of stock trust
(authorized 200.000
-Eastman, Dillon & Co. announce the opening of an office in Pittsburgh
shares) without par value, with authority to have listed additional
stock which is located at 326 Oliver Building, under the management
trust certificates for 43,355 shares, making the total
of Mr.
stock trust certificates for 200,000 shares of Common amount applied for Thomas Osborne Cowdrey. Their private wire, which now connects
stock.
their
Philadelphia, Reading and Lancaster offices, has been extended to
Income Account for Stated Periods.
Pitts3 Mos.End. -Calendar Years- burgh.
PeriodMar.31 '25.
1924.
-Milliken & Pell, specialists in Standard Oil securities, 9 Clinton
1923.
Income from sales
St.,
$618,598 $2,860,584 $2,549,321 Newark. N. J., are
Other income
distributing a series of letters containing analyses of
12,799
46,882
39,321 production and
consumption, statistical data on pipe line deliveries, studies
Total income
8631,397 $2,907,466 $2,588,643 in current conditions and tendencies and forecasts of future development
Cost of goods sold
s
270,399
1,321,510
1,215,778 in the industry. Copies of these letters will be sent on request.
Taxes
46,000
200,376
145,000
Administration expenses
-A booklet giving the bid and asked prices on more than
36,726
146.389
119,782
2.000 unlisted
Selling expenses
69.416
337,446
321.101 public utility and industrial bonds has been prepared for free distribution
Profit and loss charges
3,406
12,345
10,802 by Lilley, Blizzard & Co., Philadelphia. The quotations
are arranged in
Net revenue
alphabetical order, making it very convenient for the investment
8205,449
8889.400
dealer to
$776,179
Previous surplus
$1.267.723
$901,593
$575,351 find the quotations.
Miscellaneous additions to surplus..._
2,355
1,783
1,844
-Adams & Peck, 20 Exchange Place, New York,specialists
in guaranteed
Gross surplus
$1,475,528 $1,792.776 $1,353,373 stocks, are distributing a circular offering blocks of guaranteed stocks of
Dividends declared and payable
648,333
390,000
408,750 four different railroad companies. This firm also has special circulars
Miscellaneous charges to surplus
53,455
135,053
43,030 on many merger and minority stocks. Any of these circulars
will be
Profit and loss,surplus
furnished free on request.
$773,739 $1.267,723
$901,593
P. A. S. Franklin, President of International Mercantile
National Bank of Commerce in New York has been appointed
Marine Co.,
has been elected a director, succeeding Lucien Oudin.-V. 120. p.
registrar
3081.
for the Great Atlantic & Pacific Tea Co. of America
500,000 shares first
Wisconsin Alabama Lumber Co.
preferred stock, 200,000 second preferred stock,
-Bonds Called.
1,400.000 voting common
Certain First Mtge. 6%% Sinking Fund Gold bonds, due
stock and 1,400,000 non-voting common stock.
Jan. 1
1927 and 1928, aggregating $160.000, have been called for payment 1926,
July 1
-Charles E. Norris of Carthage, N.Y., has been elected
at par and interest, together with a premium of 3 of 1% for each year or
a vice-president
of F. L. Carlisle & Co., Inc., 49 Wall St., effective
or part of a year to maturity. Payment will be made at the Continental
&
July 1. Mr. Norris
Commercial Trust & Savings Bank, Chicago,
will make his headquarters in New York.
117. p.2554.
(P. B.) Yates Machine Co. (Del.).
-Eugene F. E. Jung, who has been associated
-Registrar.
The National Park Bank has been appointed registrar for 100,000 shares Co. for the past two years and has had charge of with the Bankers Trust
their statistical departof Participating Preference stock, no par value. See offering in V. 120, ment, is now associated with A. Iselin & Co.
p. 3081.
-Chester Dale of W. C. Langley & Co., has
been
of the West Penn
Co. and West Penn Rys. Co. elected a director
York Street Buildings, Ltd.
-Bonds Offered.
Mr. Dale
-R. A. a director of West PowerCo. and American Water Works & Electric is also
Penn
Co.
Daly & Co., Toronto, are offering at 983i and int., yielding
-J. Frederick Talcott, President
over 6.65%, $160,000 1st (closed) Mtge. Leasehold 63 2% Baltic to study textile conditions in of James Talcott, Inc., sailed on the
England and France. He is accom/
panied by Mrs. Talcott and his daughter, Miss
Sinking Fund Gold bonds.
Martha E. Talcott.
Dated April 1 1925: due April 1 1940. Prin. and int.(A. & 0.) payable
& Co. of this city have prepared an analysis
showing in detail the
Bank of Nova Scotia, Toronto or Montreal. Denom. 8100, $500 and resul-ts accruing to the roads involved of the proposed
at
new plan ofincrease
81,000 c*. Red. all or part on any int. date on 30 days' notice at 103 in railroad rates in the Northwestern zone.
and int. up to April 1 1930; at 102M and int. from April 1 1930 to April 1
-Harvey Fisk & Sons announce that Daniel G.
2935; at 102 and int. thereafter. National Trust Co., trustee.
associated with the firm as Manager of the foreign Boissevaln has become
department.
Nov.
THE CHRONICLE
SCIXOrts puantly pocumelli5.
AMERICAN CAR AND FOUNDRY COMPANY
3328
[vol..
120.
TWENTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDING APRIL 30 1925.
To the Stockholders:
The Company begins its twenty-seventh fiscal year with
its financial and other affairs in an entirely satisfactory condition. The earnings for the year have been sufficient for
the payment of dividends aggregating $2,100.000 on the
Preferred and $3,600,000 on the Common Capital Stock,
and for the transfer to surplus of more than $450,000.
As shown by the General Balance Sheet (which with the
usual Certificate of Audit is annexed), at the close of the
year the Company had in its treasury more than fourteen
million dollars in United States securities, more than seven
and one-half million dollars in cash and more than six million
dollars in stocks and bonds of other companies. Accounts
and Notes Receivable were about three and one-half million
dollars less than at the close of the preceding year. Inventories at fifteen million two hundred thousand dollars are
not in excess of reasonable requirements. Current Assets
increased during the year by more than one million four
hundred thousand dollars, as compared with an increase for
the same period of nine hundred and fifty thousand dollars
in Current Liabilities.
The buying of new equipment by the railroads during
the year has been intermittent rather than steady. The
repairing of old equipment has been apprerebuilding
n
ciably less in volume than in prior years. Buying for foreign
delivery has been in small volume. Competition in all
branches of the Company's activities has been no less keen
than heretofore—with a resulting narrow profit margin.
An important factor in the production of the year's earnings
has been the business done in the manufacture and sale of
the Company's miscellaneous products.
The Company enters upon its new year with a fair amount
of business on its books. It may reasonably be expected
that before the close of the year now current, buying by the
railroads will be resumed in increased volume, and that
the Company will obtain its full share of such business.
Shortly before the close of the fiscal year, and by vote
of the Stockholders, both Preferred and Common, the
Company's corporate structure was altered by the substitution of six hundred thousand no-par-value Common
shares for the previously existing three hundred thousand
Common shares having a par value. The reasons which
led the Directors to recommend such change to the favorable
consideration of the Stockholders were fully set forth at
the time—and it is not necessary now to refer to them further.
A very large proportion of the holders of both classes of the
Company's stock recorded themselves as in favor of the
change, and no shares were recorded as voting against it.
It is proper, however, to call to the attention of the
Stockholders that the old par-value Common shares are
no longer "good delivery" on the New York Stock Exchange.
It will be well, therefore, for all holders of such shares to
cause them to be exchanged for the now authorized nopar-value Common shares. Such exchange can be effected,
without expense for stamps or otherwise, by forwarding
.the old shares to the Company's Transfer Agent, Guaranty
Trust Company of New York.
During the year, and by order of the Board of Directors,
there has been organized American Car and Foundry Securities Corporation. Such corporation serves as a facility for
the convenient handling of some of the Company's activities.
Its entire capital stock is owned, and will be held, by American Car and Foundry Company, and each Director of the
Company is a member of the Board of the Securities Corporation.
On December 27 1924 death took from us Safford S.
DeLano, a member of our Board of Directors for twentyfive years, and for twenty-four years the Treasurer of
our Company.
Than Mr. DeLano the Company has had no official more
competent and efficient, or one more loyally and unselfishly
devoted to its interests.
Since the last report to the Stockholders, the country
has once again gone through the turmoil of a Presidential
election, with all that implies of business unsettlement.
Happily, what was feared by many—the throwing of the
election into the Congress—did not happen. The new
Administration was firmly seated by a large majority of the
electoral vote, and has already won for itself the confidence
of the nation. Apparently we are to have what is so much
to be desired—a quiet, methodical and businesslike administration of our national affairs. Among other things, it
seems now quite likely that the Congress which will assemble
in December next will give to us some measure of relief
the
from the intolerable burden of taxation under which long
industries of the country, and its citizens, have so
suffered.
Also there are indications of the disappearance of the
numerous Congressional "blocs," which so seriously ham-
pered the enactment of constructive and remedial legislation during the last Congressional session—and with the
disappearance of that element in our national legislation it
is probable that the problems of the railroads will be dealt
with sorely, and the roads given the support and relief to
which they are justly entitled and without which they cannot adequately discharge their functions as one of the chief
factors in the development and maintenance of the national
prosperity.
The Management once again records its high appreciation
of the service during the year rendered by the members of
the Company's working organization and which has contributed so largely to the results shown by the annexed statement of the Company's condition.
By order of the Board,
Respectfully submitted,
W. H. WOODIN, President..
June 25 1925.
GENERAL BALANCE SHEET APRIL 30 1925.
ASSETS.
$73,289,438 21
Property and Plant Account
52,438,884 18
Current Assets
Materials on Hand, inventoried at cost or
lees, and not in excess of present market
$15,210,356 10
prices
8,576,598 51
Accounts and Notes Receivable
Liberty Loan Bonds and U. S. Treasury
14,085,864 18
Notes
Stocks and Bonds of other companies at
cost or less, and not in excess of present
6,869,388 75
market value
7.696,678 64
Cash in Banks and on Hand
$125,728,322 39
LIABILITIES.
Capital Stock:
00
Preferred (300,000 shares—par value $100 per share)--- 530,000,000 00
30,000,000
Common (600,000 shares—no par value)
15,332.317 29
Current Liabilities
Accounts Payable, not due; and Pay Rolls
$13,032,317 29
(paid May 9 1925)
875,000 00
Provision for Federal Taxes
Dividend No. 105 on Preferred Capital
525,000 00
stock (payable July 1 1925)
Dividend No. 91 on Common Capital
900,000 00
Stock (payable July 11925)
12,653,435 51
Reserve Accounts
$1,500,000 00
For Insurance
For General Overhauling, Improvements
212,641 86
and Maintenance
For Dividends on Common Capital Stock,
to be paid when and as declared by
10,800.000 00
Board of Directors
For Improving Working Conditions of
140,793 65
Employees
37,742,569 59
Surplus Account
$125,728,322 39
STATEMENT OF NET EARNINGS AND DISPOSITION
OF SAME.
Earningsfrom all sources for the twenty-sixth fiscal year ending April 30 1925—before deducting Repairs, Renewals,
Sec., as noted hereunder—and after making provision for $9.781,085 05
taxes
Less: Renewals, Replacements, Repairs, New Patterns,
3,616.981 43
Flasks,&c •
86,164.103 62
Earnings
Net
Less: Dividends:
$2,100,000 00
On Preferred Capital Stock,7%
$3,600,000 00
On Common Capital Stock
5,700,000 00
Surplus Earnings for the year
Surplus April 30 1924, as per last annual statement
.
Surplus, April 30 1925
$464,103 62
37,278,465 97
837.742,569 59
STATEMENT OF WORKING CAPITAL.
Working Capital, April 30 1924
Add: Surplus Earnings for year ending April 30 1925
$23,918,638 05
464,103 82
$24,382,741 87
Add: Net amount deducted from Property and Plant Account through sales of miscellaneous equipment during
70,389 71
year
$24,453,131 38
Net Working Capital, excluding reserves, April 30 1925
TV. H. Woodin, Esq.,
President American Car and Foundry Co., New York.
Dear Sir:—We have made an audit of the books and accounts of the American Car and Foundry Company for the
fiscal year ending April 30 1925, and in accordance therewith we certify that, in our opinion, the foregoing statements
of Income and the General Balance Sheet are true exhibits
of the results of the operation of the Company for said period,
and of its condition as of April 30 1925.
THE AUDIT COMPANY OF NEW YORK,
A. W. DUNNING. President.
H. I. LUNDQUIST, Secretary.
New York, June 20 1925.
JUNE 27 1925.]
THE CHRONICLE
3329
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-WOOL
-ETC.
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
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."
equal to 2.48c. f.o.b. Cuba. About 500 tons of Philippine
Island centrifugal for the first half of July sold at 4.37c. delivered. Some 75,000 bags of Cuba were bought by New
%
York and Texas City refiners at 25 c. Rains in Europe
benefiting beet root crops had a weakening effect on markets
there. London was dull. British refiners reduced their
prices 6d. per 100 lbs. Refined here was 5.55 to 5.70c.,
with a smaller demand partly because of a weaker market
for raws. Receipts at Cuban ports for the week were 59,874
tons against 84,953 in the previous week, 29,874 in the same
week last year and 47,184 two years ago; exports 116,464
tons, against 130,359 in previous week, 72,684 in same week
last year and 64,202 two years ago; stock 1,152,098, against
1,209,488 a week previous, 843,198 last year and 608,979
two years ago. Centrals grinding numbered 18 against
24 in previous week, 6 same week last year and 8 two years
ago. Of the exports U. S. Atlantic ports received 53,065
tons; New Orleans, 17,705 tons; Savannah, 6,409; Galveston, 2,857; Europe, 32,643; Canada, 1,785, and Buenos
Aires, 2,000 tons. Havana cabled "Rain continues."
There was a further decrease in meltings of refined sugar
on the part of Atlantic seaboard refiners during the week
ended June 24. Receipts for. the week were 77,378 tons,
against 82,810 in previous week, 62,297 last year and 43,.854
two years ago; meltings 69,000, against 71,000 in previous
week. 86,000 last year and 52,000 two years ago; total stock
249,528 tons, against 241,150 in previous week, 224,424 last
year and 173,310 two years ago.
The consumption from September-October 1924 to April
30 1925 was as follows: United Kingdom, 954,000, or 12%
increase over the previous year; Holland, 132,000, 19%
increase; Germany, 812,508, or 53.6% increase; Poland,
138,183, or 43.7%; France 616,000, or 9%; Czechoslovakia,
227,000, or 3%; Belgium, 113,000, or 6.6%; Austria, 94,000,
or 9.3%, and Hungary, 43,000, or 53%. The average increase of consumption in the above countries is about 20%.
Assomeregard it, with the summer season nowhere, no•mal!y
the largest consuming period, a considerable increase in
buying may reasonably be expected and a very much freer
movement. Some of the refiners are said to be offering
their production but sparingly, with a view of selling on a
gradual rise. Depressing factors are known and discounted
in the opinion of some. The refiner's margin is now about
1.13e. a pound, according to the United States Sugar Association, if figured on the basis of 5.70c., less 2%. This
compares with a margin of 1.335c. at this time last year.
Later prompt Cuban raws fell to 2 9-16c., c. & f. basis, or
4.33c. c. i. f., with sales of 75,000 bags Cuban and Porto
Rican raw sugars for spot prompt, and July shipment on
this basis. Refined sugar went to the lowest.point, 5.50c.,
touched so far this year. Futures were under pressure
and fell 4 to 6 points. A further decline of 1 Md. took place
in raw sugars for export. Cubas for prompt shipment to
the United Kingdom sold at 12s. 3d. The Java market was
dull and declining owing to Chinese political disturbances,
which check export trade.
One view on this side of the water was that bad weather
for the beet crops here and in Europe had had a sustaining
effect on prices.. On the whole a sugar crop is not often harvested under such favorable weather throughout the season
all over the world. Every sugar-producing country has not
only reached its estimate, but in some eases gone beyond it.
It would be rather remarkable, however, to have two consecutive years of such ideal conditions. And Europe and
this country report that the warm and dry weather has had
a detrimental effect on the growing crops. Beet sowings in
Europe as well as in this country do not show much if any increase over those of last year. Bad weather during the growing season might easily much reduce the crops. Yet before
the end of this year it may be found that the world's sugar
consumption will readily take the total output. To-day
futures were unchanged to 1 point lower, with sales of 29,700
tons. Prompt raws were still quoted at 2 9-16c. and dull.
Futures ended the week 10 to 13 points lower.
Friay Night, June 26 1925.
COFFEE on the spot was in fair demand and steady.
/
Santos 4s, 23% to 25140.; No. 7 Rio, 213 0.; fair to good
Cucuta, 24 to 243'c.; Medellin, 28 to 290.; Robusta, washed,
203 to 21e. Rio 7s later were 213o. and Santos 4s, 243'
to 25c. Cost and freight offers included prompt shipment
Bourbon 2s-3s at 23%c.; 3s4s at 22.85 to 233c.; 4s-5s at
22 to 223/20'; Bourbon grinders 78-8s at 15% to 193/20.; 6s
at 213'o.; part Bourbon or flat bean 3s4s at 23e.; 3s-5s at
228 to 223'c.; 4s-5s at 213/2 to 223/20.; 5s-!6s at 20%c.; 6s
%
/
at 2134c.; 6s-7s at 1930.; 7s at 20.40c.; Santos peaberry
38-6s at 233jc.; 5s-6s at 21%e.
Futures advanced for a time with Brazilian cables higher
and shorts covering. Santos rose 75 to 325 reis in terme
prices. Exchange advanoed 3-64d. to 5.19-32d. The dollar rate declined 90 reis. Rio terme prices earlier in the week
declined 75 to 125 reis. Exchange was up 1-32d. and the
dollar rate down 50 reis. Bulls insist that there is no big
crop in sight for next year. At the same time it is contended
that Brazil still holds the whip hand. The total in sight for
the United States is 825,347 bags, against 785,934 a year ago.
New York has 297,190 bags, against 333,963 last year. Rio
stock is down to 95,000 bags, against 305,000 a year ago.
Santos holds, on the other hand, 1,630,000 bags, against
1,333,000 at this time last year. Trading has not been on
a large scale and much of it has been in switches. Daily
fluctuations have been comparatively small. It is evident
enough, however, that the undertone was firm and that opertors were none too ready to take the short side after the recent roweher lurid experiences on that tack. The fact is commented upon that comparative firmness of the near months
has recently tended to steady prices. Any momentary depression was plainly due chiefly to larger shipments from Brazil and more favorable crop advices, confirming, as some
maintain, the earlier reports of a possible yield of 10,000,000
bags of Santos. Some contend that there will be an ample
supply of coffee in the coming season and that any artificial
methods of maintaining prices will have to face the law of
natural supply and demand. The Brazilian Government,
however, is believed to have studied the conditions existing
ia the large consuming countries and it is suggested would
modify its policy under certain circumstances in order to
market their crops promptly and at satisfactory prices.
The stock of mild coffee in New York on June 22 was 236,552
bags, against 239,118 on June 15. In the United States on
June 22 it was 302,616 bags, against 304,538 on June 16
and last year 352,661 bags. Arrivals at all ports since June 1
were 151,022 bags and deliveries 156,503 bags.
On the 25th inst. futures declined 12 to 22 points, but near
months rallied later. Brazilian markets fell. Santos broke
750 to 1,000 reis for terme price with exchange reduced 1-64d.
and the dollar rate 40 reis net higher. Cost and freight
offers were unchanged to a shade lower. Rio 7s, prompt
shipment, were 19c.; for August, 183'c. Rio declined 1,700
reis in the case of the June option, with September off 400
reis. Exchange lost 1-64d. and the dollar exchange was
unchanged. Santos Bourbon 4-5s were offered at 223.4 to
223'c., and Santos 3-4-5s at 223c. Existing differences
between months are being gradually reduced and this ac2.84c.
2.69c.I March
counts for the lower cables for the near positions. To-day Spot unofticial_2 9-16c.jI September
July
2.93c.
2 55c. December
2.80c. May
prices declined 20 to 30 points with lower cables and liquiTEA.
-In London on June 24 offerings were 22,000
dation very general. Sales were 46,000 bags. Last prices
showed a decline for the week of 5 to 25 points on September packages of Indian teas, of which 20,000 packages sold.
Prices weakened: Medium pekoe Is. Id. to Is. 3d.;fine pekoe,
and December, with July up 5 points.
.
16.25c. I March
Spot unofficial--213(c. I September
13.57c. Is. 6d.to 2s. 2d.; medium orange pekoe, Is. Id. to is. 53/2d.,
18.75c I December-14.60 ©14.63 I May
July
13.00 ® 13.01 and fine orange pekoe, is. 7d. to 2s. 3d. In London on
SUGAR.
-Prompt raws have been inclined to sag partly June 23, of Ceylon teas, 30,600 packages were offered, of
because of weaker foreign markets and the liquidation of which some 29,000 packages were sold at lower prices.
July. July notices for some 12,000 tons were circulated on Medium pekoe, is. 4d. to is. 63'd.; fine pekoe, Is. 7d. to
the 24th inst. and stopped. Sugar firms were large sellers 23s. 3d.; medium orange pekoe, Is. 4 Md. to Is. 7Md •
of March and September against purchases of July. Prompt fine orange pekoe, is. 8d. to 2s. 33'2d.
LARD on the spot was lower with a moderate business.
raw sold on the basis of 2 29-32c. to a moderate extent.
Some 3,000 tons of Cuban for July shipment sold to the Hog packing in the West for the week ended June 20 was
United Kingdom at 12s. 43d., a decline of 3d. This was stated by the "Price Current" at 695,000, against 713,000
3330
THE CHRONICLE
'
.
(Not.. 120.
the previous week and 766,000 last year; for the summer
season to date the total is 9,386,000, against 11,926,000 last
year. English prices declined, corn fell and export demand
was light. Prime Western, 17.65 to 17.75c.• Middle Western, 17.50 to 17.60c.; City lard in tierces, 1:74c.• in tubs,
173 to 18c.; compound, carlots in tierces, 123 to 13e.;
4
A
refined pure lard, Continent, 183/i to 183ic.; South America,
19c.• Brazil, 20c. Lard futures were lower partly in sympathy with grain. Cash demand was not active, but some
'
support appeared at lower prices. Hogs on the 22d inst.
closed 10e. higher, with the top $13 40. Western receipts
that day were only 125,000, against 178,000 on the same day
last year. July was 55 points under September. Eastern
cash handlers bought later, also exporters and a reaction in
prices was attributable more to a break in corn than to
anything inherently weak in the lard position. To-day
prices were higher, with commission houses buying and shorts
covering. Also the cash trade seemed to be better. The
Government report shows that about 25% fewer sows are
farrowing in the corn belt. That was considered a bullish
factor. Hogs advanced 10e.; the top was $13 65. Export
demand was slow, however. Last prices on lard show a dedine for the week of 15 to 20 points.
tember and 60c. for October-December. First latex crepe
spot and future deliveries averaged 2c. under smoked sheets.
Amber No. 3 was 75c. for spot and June, 74c. for July, 72
for August-September, and 61%c. for October-December.
Fine up-river Para was quoted at 70c. for spot, June and
July, with 68c. for August-September. It is recalled that
in November 1922 the Stevenson plan was adopted and the
price of rubber rose to 37c. hi January 1923, but that after
January 1923 the price fell steadily to its low point of 17c.
one year ago. At 85c. crude rubber had risen 68c. per pound
in the last year and unless there is a very marked falling off
in the demand, some predict $1 per pound. On the 24th
inst., with an unabated demand, prices again advanced on
all deliveries for which there was an equally eager demand.
Spot smoked sheets moved up to 86c., the highest in eight
years. London advanced id. to 39d. Smoked ribbed sheets
for June were 85c.1 July 83c., August-September 70e.
Clean brown crepe thin was 76c. for June, 74c. for July, and
70c. for August-September delivery. First latex crepe was
84c. for June, 82c. for July, and 76c. for August-September.
Amber 3 was 76c. for June, 74c. for July, and 70c. for
August-September. Fine up-river para was 69c. for June,
and July, with 68c. for August-September.
Harry S. Firestone, President of the Firestone Tire &
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Tues.
Wed. Thurs
Sat.
Mon.
Rubber Co., is quoted as saying that if the British restriction
July delivery
17.05
cts_ 17.30
17.25
17.07
16.95
16.90
on production is continued it will soon put a heavy burden
September delivery__--17.57
17.17
17.30
17.52
17.32 17.17
October delivery
17.32
17.37
17.25
17.20
upon the motor car owners in this country. He recalled
17.60
17.57
PORK quiet; mess, $41, nominal; family, $38 to $40; that crude rubber prices have advanced from 17 to 86 cents
fat back pork, $38 to $43. Beef steady; mess, $19 to $20; a pound in the last year and tire prices have also advanced.
packet, $19 to $20; family, $20 to $23; extra India mess, He has been making every effort in the last two and a half
$32 to $34; No. 1 canned corned beef, $2 75; No. 2, 6 pounds, years to have the British crude rubber restrictions Act
$17 50; pickled tongues, $55 to $60, nominal. Cut meats rescinded and to encourage planting rubber in countries
quiet; pickled hams, 10 to 24 lbs., 223 to 243,4c.; pickled not affected by restriction. Dutch East Indies and other
bellies, 6 to 12 lbs., 24 to 25c. Butter, creamery, lower countries had increased their percentage of production of
grades to high scoring, 38 to 43c. Cheese, flats, 213/ to the world's supply from approximately 15% in 1922 to 50%
273'c. Eggs, fresh gathered, mediums to extras, 29 to 40c. in 1925, but the popularity of the balloon tire which takes
approximately a third more
OILS.
-Linseed has been quiet but steady at $1 02 for tire has had a telling effect. rubber than the high pressure
the largely
spot August raw oil in carlots, cooperage basis. Buying is increased use of rubber in This, together withthe normal
Europe
of a hand-to-mouth nature. Linoleum interests are taking world's workingstock in London of has reduced 75,000tons
approximately
very little. In tanks 96e. is quoted; less than carlots, $1 05; to 5,000 tons. If the British Government would
less than 5 barrels, $1 08. There was a better demand restriotion on production, which is now 65% ofabolish its
potential
reported late in the week and prices remained steady. at production to-day, and allow the farmers and plantation
$1 02 for spot raw oil in carlots, cooperage basis. Buying owners in the colonies under its control to produce all the
of boiled oil was more active. Linoleum manufacturers rubber they could, their entire potential production, Mr.
were said to be buying more freely. But paint makers were Firestone thinks, would no more than equal the world's repurchasing very sparingly. Cocoanut oil, Ceylon barrels, quirements. But on the 25th inst. the demand fell off and
4
10Yic.; Cochin barrel, 103c.; Corn, crude, tanks, 103c.; prices receded to 84c. for ribbed smoked sheets. July was
4
2
barrels, 12c.; edible, 100 barrels, 123/0. Olive, $1 15 to quoted at 79 to 80c., August 73 to 74c. and September at
$1 20. China wood oil,• spot barrels, New York, 133 c.; 71 to 72c. First latex crepe, June, 81 to 82c.; July, 78 to
4
Lard, prime, 193/2c.; extra strained, winter, New York, 79c.; August, 72 to 73c.; September, 71 to 72c. Brown
1794e. Cod, domestic, 61 to 63c.; Newfoundland,63 to 65c. crepe fell off slightly;
763/c.; specky, 753/2c.
I
Spirits of turpentine,$1 00 to $1 03. Rosin,$9 45 to $14 60. Paras remained steady thin, clean,up-river fine, spot, and
at 73c. for
Cottonseed oil sales to-day, including switches, 58,100 P. 62c. for coarse. In London prices declined Id. to 1 %d.
Crude S. E. nominal. Prices closed as follows:
on profit taking. Spot,38d.;July-September,34d.; October4
4
Spot
.991November_10.80010
.95 December, 303 d. Singapore was also lower; spot, 343 d.;
10.500 ---- August _ _ _10.950!10
June
10.500 ---- September.11.32011.33 December _10.88010.89 July 343 d.; August-September, 325 d., and October4
%
10.55610.56 October _ _ _11.26011.29 January_ --10.91010.93 December, 30%d.
July
PETROLEUM.
-Gasoline was in better demand for exHIDES.
-Common dry hides of late have been rather
port early in the week. The United Kingdom and French
buyers were active. U. S. Motor at the Gulf was held firmer. River Plate frigorifico hides were steady at $40, or
17e.
at 143/20. and 64 gravity at 173c. Locally, U. S. Motor and to 17%c. c. & f. City packer were in better demand
higher. Common dry hides, Orinocos, 20c.; Peruvians,
was quoted at 15%c., refinery. Later on the demand for 213'c.;
Central American, 20c. to 21c.; Laguayra, 1934c.;
export fell off and the tone was easier. And while the price
Ecuador, 19c. to 24c.; Savanillas, 22c.; Santa Marta, 23c.;
in steel barrels to garages is held at 22c., the retail price in Puerto
Cabello, 20c.; San Domingos, 18c.; wet salted,
several sections of the city is quoted at the same figure.
Central
Kerosene has been quiet but steady at 63c. for water white brands, America, 15c.; packer native steers, 14c.; butt
13c.; Colorados, 12c.
in tank cars at local refineries. At the Gulf water white
was offered at the same price. The tank wagon price was
OCEAN FREIGHTS were quiet for the most part with
I3c. Cylinder stocks have been quiet and easier. Bunker grain tonnage early in the week at 9c. Full cargoes were
oil was dull at $1 75 a bbl. at refinery for grade C. Diesel steady. Later in the week grain and coal rates were firmer.
-40
oil quiet at $2 30 per bbl. Gas oil steady at 5%c. for 36 CHARTERS included
gravity in bulk at refinery and nic. for 28-34. New York ports in United Kingdomrefined sugar from New York-Philadelphia to four
at 17c., 18c., 19c. and 20c.; coal from Hampton
Roads
refined export prices: Gasoline, cases, cargo lots, U. S. Plate. to Western Italy, $2 35 prompt; lumber from Gulf to lower River
Santa Fe excepted. at $15 50 late June; part cargo of coke from
Navy specifications, deodorized, 30.65c.; bulk per gallon, Atlantic range to Genoa, $6; 30.000 qrs. heavy grain 10% from Montreal
16.50c.; export naphtha, cargo lots, 19.25e.; 62-63 degrees to Antwerp-Hamburg, Oic.; option oats at 12c. June; 42,000 qrs. 10%
, two,
H, 20.50c.; 66-68 degrees, 22c.; kerosene, cargo lots, cases, from Montreal to Antwerp-Hamburg range, 9c. one port, 935c.from option
barley at lc. and oats at 2c. more June 30, canceling; lumber
North
16.40c. Petroleum refined, tanks, wagon to store, 13c.; Pacific to Australia, $14 July; from two ports North Pacific to two Australian ports, $14 50 August;from Gulf to 'River Plate 149s. 9d. July; time,
motor gasoline, garages (steel bbls.), 22c.; up-State, 22c.
6 to 9 months, 4046 ton steamer, 90c. South Alberta lumber; wheat from
$3.90 Illinois
$2.02
Pennsylvania
$3.80 Bradford
1.70
2.05 Corsicana,light_ - 2.00 Crichton
Corning
2.23 Plymouth
1.55
2.35 Lima
Cabell
2.03 Mesta
2.00
Somerset, light-- 2.60 Indiana
2.02 Calif., 35 & above_ 1.85
Wyoming
2.15 Princeton
2.63 Gulf. coastal
1.75
Smackover,27 deg. 1.30 Canadian
2.00 Richland
2.00
2.00 Wortham
Powell
3.75
Buckeye
3.65 Eureka
Mid-ContinentOklahoma, Kansas and Texas
BeLw 30 deg
$1.35
$1.00
Under 28 Magnolia
3032.9
1.55
1.55
31-32.9
1.80
2.25
33-35.9
39 and above
2.00
36 and above
1.35
Below 30 Texas Co
1.80 Caddo
33-35.9
1.70
Below 32 deg
2.35
42 and above
1.85
32-34.0
2.05
38 and above
RUBBER advanced 43. to 63'c. here on active and
excited trading on the 23d inst. to the highest prices seen
since 1917, owing to shortage of supplies. Futures advanced
on the same day 3 to 5c. Heavy buying by tire manufacturers and factors was the big factor next to the scarcity.
Spot smoked ribbed sheets closed at 85c. on the 23d inst.
June was quoted at 83c., July at 81c., August-September,
743'c., and October-December, 66c. Clean brown crepe
thin was 76c. for June, 73 for July, 72c., for August-Sep-
Bahia BlancaUnited Kingdom, us.6d. option Antwerp-Hamburg us.;
to
25,000 qrs. 10% option grain from Montreal to Antwerp-Hamburg, £4;ic.
base July 5 cancellng; from North Pacific to United Kingdom Continent,
315. 3d. September; coal from Hampton Roads to Montreal, 95c. prompt;
lumber, 1100-1200 standards from New Richmond to West Britain-East
Ireland, 57s. 6d. per standard deals one port. 60s. two ports; petroleum.
&c., from Tampico to north of Hatteras, 23c. July 10 canceling; lubricating
oil from United States Gulf to Copenhagen 23s. August;from United States
Gulf to United Kingdom-Continent, 25s.: coal from Hampton Roads to
Rio, $3 30 June;from Hampton Roads to Chita Vecchia and Genoa. $2 80
prompt;from Hampton Roads to Pernambuco, $3 45 July; from Hampton
Roads to River Plate, $3 50 first half July; sugar from San Domingo to
United Kingdom its. Id. one port. 16s. 7d.two ports July; oilcake from
United States Gulf to Denmark, four ports, $6; lumber two ports North
Pacific to two ports Pine-Newcastle range, N. S. W., $14 25; one port
North Pacific to one north of Hatteras, $14. ,
COAL has been quiet. The industries bought very little.
Exporters did a little business owing to the disturbed labor
situation in Nova Scotia, but it was not enough to be a
feature. Coke on the other hand sold more freely.
Bituminous, New York tide water quotations, f.o.b. piers,
prices are as follows: Navy standard, $5 30 to $5 60;
Navy supplementary, $4 80 to $5 10; superior low volatile,
$4 50 to $4 75; high grade low volatile, $4 65 to $4 75;
ordinary low volatile, $4 15 to $4 40; high medium volatile,
$4 40 to $4 65; high volatile steam, $4 40 to $4 65; low
JUNE 27 1925.]
THE CHRONICLE
3331
sulphur gas, $5 to $5 25; gas and steam, $1 45 to $1 70. end,it is believed, ought to put the statistical position in betAnthracite f.o.b. mines, company prices: Broken, $8 to ter shape. As the ease stands, the tone, it is insisted, is
$9 35; egg, $8 35 to $9 10; stove, $8 35 to $9 10; chestnut, better not only in the East but in the Pittsburgh, Cleveland
$8.35 to $9 35; range, $9; pea $5 to $5 75; No. 1 buckwheat, and Chicago districts. In those sections some, it is asserted,
$2 50 to $3; No. 2 rice, $2' $2 25; No. 3 barley, $1 50; have advanced prices 50 cents per ton above the minimum
to
birdseye, $1 60. Coke, Connellsville, $2 75 to $3 50. quotations recently accepted. There is no denying the
There is a normal demand for anthracite. Rail shipments to fact, however, that business of late has
very small.
Eastern New York and New England over the Hudson for A large Eastern concern, it is said, will gobeen blast again.
into
the year to June 6 1925 were 67,831 cars, or only 741 cars This, it is suggested, will not tend to relieve the situation.
less than a year ago. The May-June rail movement narrow- Meanwhile, charcoal pig iron is selling, it is said, at $26 at
ed the gap between 1925 and 1924 totals, those for 1925 Lake Superior furnace, but the consumptio
this grade of
early in the year being smaller than those of 1924. Lake iron, it is stated, has fallen off, as railroad n of wheel buildErie shipments of anthracite down to June 14 were 378,613 ers are said to be less insistent on charcoal car
iron. The comnet tons in excess of a year ago.
posite price of pig iron is $19 13. This, it is pointed out, is
TOBACCO has been in rather better demand with the within $1 11 of the lowest price seen in the post-war period.
tone steady, without anything like genuine activity. New
WOOL has been steady with some recent
Remedios Cuban tobacco, however, has been something of ness. The Central West has been holding increase in busia feature. The buying of this tobacco is said to have been 52c. for fine delaines. Australia remains at around 50c. to
quiet,
at high quotations. Porto Rico is selling on a high plane resumption of London sales on July 7. Bradford pending a
trade
also, with the crop smaller than the last one. A fair demand been slow. South America has been reported firmer has
with
was reported for Java and Sumatra tobacco.
some English, French and German inquiry, as well as some
COPPER was weaker because of a slack demand both for buying reported for the United States. New York quotaexport and domestic account and a belief among many in tions were as follows:
Ohio and Pennsylvania fine delaine, 51 to 53c.; X blood, 50 to 52c.:
the trade that the recent advance was only a flurry. They
li
basis,fine
look for lower prices before long. Second hands and custom $1 blood,49 to 50c.: X blood,48 to 49c. Territory, cleanmedium, staple.
28 to $1 32; medium, French combing,
smelters were offering at 133 0. early in the week. On the Si 14 to 51 16; X blood,staple,$1 10 to $1Si 20 to $1 22; to Si; clot
15: X blood,96c.
/
Ii blood.
85c. to 90c. Texas,clean
23d inst. sales were reported at 13.70c. delivered in Con- $1 22 to 51 25: 6 to 8 basis,fine, 12 months,$1 28 to Si 32; 10 months,
Pulled, scoured basis,
$1 10 to 51
necticut Valley. On the 24th inst. the price fell another A super, $1 10 to Si 15; months,to Si; C. 77c.15. 82c. Domestic mohair,
B. 95c.
to
3/sc. per pound, when sales by custom smelters and second best combing, 75c. to 80c.
In Boston, Ohio and Pennsylvania fleeces were quoted
hands were made at 13%c. for June and July shipment.
For August shipment 138 0. was asked. The demand con- as follows:
/
Helaine, unwashed,54c.to 56c.; X blood, combing,53c.to 54c.; X blood,
tinued small. Exporters bid 13.45c. f. a. s. New York, and
to
York
business was reported at that price in some cases. London combing.52c.X 54c. Michigan and New 51c.: fleeces: Helaine, unwashed
52c. to 53c.;
blood, combing, 50c. to
X blood, combing, 51c. to
has been lower.
52c.: 3 blood, combing, 50c. to 51c.; fine unwashed, 44c. to 45e. Wisconsin, Missouri and average New England, X blood,48c. to 49c.; ii blood,
TIN early in the week advanced Nc. to 563jc.for prompt 49c. to 50c.: X blood, 48c. to 49c. Scoured basis, Texas. fine, 12 months
$1 30 to $1 35; fine,
Si
Straits. In some cases as high as 56Mc. was quoted. There (selected),$1 25 to Si 30; middle 8 months. 10 15 to $1 20. California.
northern,
county. $1
to $1 15; southern,
was a better demand reported from consumers, whose stocks to Si 10. Oregon, eastern No. I staple, $1 25 to Si 30; fine andSi 05
fine
medium combing. Si 20 to 51 25; Eastern clothing. Si 05 to Si 10; Valley
are believed to be low. London was higher. That market No. 1. Si 10 to 1 15. Territory,
Montana and similar fine staple, choice.
on the 23d inst. rose 7s. 6d. on spot standard and
Si 30 to Si 35;
blood, combing, $115 to Si 20: X blood, combing. $1
to 51
X blood, combing, 90c to 92c. Pulled: Delaine,_ 51 35; AA.
futures. Later on there was a further advance to 10s. on Si 30;02;supers,
A
56
Si 10 to Si 15. Mohairs: Best combings. 78c• to 20c.:
for spot Straits due to the scarcity of tin for that position. best carding, 65c. to 70c.
Futures sold at 560. London advanced 10s. on spot standard
Sales in San Angelo, Texas, have been recently reported
and 5s. on futures on the 24th inst. Spot Straits declined
later on to 563/sc. and futures to 555/sc. in sympathy with of good 12 months wool at $1 25 clean basis and 8 months'
,
wool at about $1 12 clean basis, landed Boston. Foreign
lower London prices. In London on the 25th inst.
spot markets have been
standard fell £1 12s.6d. to £251 2s.6d.and futures £1 7s. 6d. wool from Boston quiet. The rail and water shipments of
from Jan. 1 1925 to June 18 1925, inclusive
to £253 5s.
were 75,450,000 lbs., against 82,529,000 lbs. for the same
LEAD has been quiet and lower. The American Smelting period last year. The receipts from Jan. 1 1925 to June 18
& Refining Co. reduced its price $2 per ton on the 24th inst. 1925, inclusive, were 142,641,600 lbs., against 48,141,400
to 8.20c. New York. The East St. Louis price has been for the same period last year. In Melbourne at a meeting
easier at 7.80 to 7.850. Of late London has been higher. of Australian wool growers on June 24, Sir John Higgins
Spot there on the 24th inst. advanced 2s. 6d.
proposed the formation of an association with capital of
ZINC advanced $1 on prime Western slab on the 23d £50,000,000, half of which will be in wool certificates and
half in £1 shares. It is designed to give greater stability to
inst. to 7c. East St. Louis. Actual sales were reported
at
that price. Most of the demand was for export. This prices. The association would buy the wool by appraisedemand was the result of a strike in Antwerp, which was ment and would sell according to the best collective methods
expected to interfere with shipments from Belgium. Later of marketing. All receipts would be distributed as payment
on foreign buying fell off and the market here was quiet. for wool. Wool Growers' organizations decided to fully
discuss the proposal.
Ore in the tri-State district was firmer at $49.
The Melbourne Wool Buyers' Association, Australia, asks
STEEL.
-The output is now said to be at about 65%
the general opinion
capacity. And there is this to be said that, though it of resumption of wool of the Boston trade in regard to the
sales
is
some 15% higher than a year ago, it is very far from being the early fall. Boston in July or their suspension until
dealers took a vote on two propoa very satisfactory state of things. Moreover, prices
have sitions, the first that sales be resumed next month with
recently declined. There is the compensating circumstan
ce, offerings in
of 125,000 bales monthly during July,
however, that lower prices of sheets have enabled American August and all centres ,and
September
the second that sales be
manufacturers to compete successfully with foreign manu- ed until September in all markets. Boston voted suspendin favor
facturers in foreign markets. Tin plate prices, it is under- of resumption of sales
in July by 70%. English and Constood, have had to be cut rather sharply. It is said
tinental markets have, it is assumed, been asked the same
the
quotation ordinarily is $5 50 per box of 100 lbs. but
question and
large consumers this nominal price is now and then that to ference held inthat the answers were considered at the con'
Australia on June 24. The sales,it is believed,
shaded
$1 or more. Railroads are not buying on any important in Boston will be resumed
in Australia as wool is firmer,
scale. That is an outstanding factor. Several
railroads and it would be difficult to revive such a plan as the"Bawra."
have, it is stated, sharply reduced rail deliveries.
That It is thought now
means that rail mills will not be operating on as large a occur soon after that the opening sales in Australia will
the London opening on July 7. Possibly
scale during the summer months as had been expected. the Australian resumption
will take place on July 13.
In fact, the whole-steel industry is in a sense marking
time.
It is suggested that in July the output may actually fall
to
something like 60%. This certainly would be a big change
COTTON.
from the total reported earlier in the year of some 90 to 95%.
Friday Night, June 26 1925.
Wire products are said to have declined $2 per ton.
THE MOVEMENT OF THE CROP, as indicated by
worthwhile orders it is said that wire nails are $2 65 On our telegrams
from the South to-night, is given below. For
plain wire 2.40 to 2.45c. Steel sheets are reported to and the week ending
this evening the total receipts have reached
fallen $1 to $2. Japanese buyers are said to have taken have 14,161 bales,
quite
a substantial amount of sheets and tin plate at Youngstown, the previous against 39,633 bales last week and 21,739 bales
week, making the total receipts since Aug. 1
but in general steel business is not satisfactory.
1924, 9,072,501 bales, against 6,587,155 bales for the same
period of 1923-24, showing an increase since Aug. 1 1924
PIG IRON has been steadier without much increase
in of 2,485,346 bales.
business. There appears to be less trading in Eastern
Pennsylvania iron at $20 and a more general adherence to
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
quotation of $20 50. In the Valley district there is saidthe
Total.
to
have been a rise of 50 cents to $18 50, although there was Galveston
495
232
531
07
740
580 2,885
Houston
recent business reported at $18. Some are sceptical as to New Orleans_ _ _ 1,432 ------------100 1,836 3.368
_
617 1,604
255
397
396
201 3.470
whether that price was ever really accepted. In any case, Mobile
103
43
_-- 26
97
26
295
Savannah
514
234
$18 50, it is insisted, is now the real market and nothing un- Charleston
121
23
so
11
983
112
213
344
713
167
202 1,751
der it. Canadian pig iron has recently dropped 75 cents Wilmington
148
--220
63
---_
421
Norfolk
102
per ton without stimulating business. And as to the Ameri- New
7
48
85
84
124
447
York
can situation, many are expressing themselves as hopeless of Boston
26
--__
300
--------326
any marked improvement until next fall. Production con- Baltimore
205
tinues at about the same capacity as recently and this in the Totals this week_ 3.375 2.507 1.296
2.071 1,727 3.185 4.161
3332
THE CHRONICLE
I V of
I Ye
Speculation in cotton for future delivery has at times
The following table shows the week's total receipts, the
drought and heat in
compared with been active at rising prices, due to
total since Aug. 1 1924 and stocks to-night,
Texas and Oklahoma and high temperatures in the eastern
last year.
belt. Texas has had 100 to 109, Oklahoma 100 to 106 and
Stock.
the country to the eastward 100 to 105 for days. But it was
1923-24.
1924-25.
Receipts to
not weather conditions alone that gave the upward impetus
This Since Aug This Since Aug
June 26.
1924.
1925.
to prices. The June 25 pars have been issued and they
Week. 1 1924. Week. 1 1923.
of a sensation. They are figured as
47,427 caused something
77,767
average
2,885 3,618.573 3,573 2,820,192
Galveston
19 averaging 194.0 lbs. to the acre, against a 10-year
531
18,606
61,981
Texas City
3,368 1,825,800 1,856 1,065,789
Houston
of 202. This decrease of about 73 lbs. was the signal for
private report had
Port Arthur. &c_
89,040 some reduction in crop estimates. One
97.919
3,470 1,894,103 9,459 1,329,475
New Orleans
put it at as high as 14,750,000 bales, with the condition
Gulfport
2,011
2,113
78,632
295 150,934 1,663
Mobile
75.1%, against 76.6 on May 25 and 71.2 on June 25 last year.
11.521
10,104
Pensacola
1,838 The acreage was given ha this report as 45,136,060 acres, an
334
4,227
3,854
Jacksonville
43.936
10.351
983 618.285 10,698 435,133
Savannah
increase of 5.8%. The acreage increase is crystallizing
944
539
Brunswick
14,040 around 6%. But with a par of 194.6, some are estimating
10,495
372 190,472
1,751 271,746
Charleston
like 13,850,000 bales. Of course
Georgetown
13,656 the yield at something
11,268
431 135.058 4,435 133,045
Wilmington
27,785 all this is purely tentative. That will have to be kept
28.285
2,085 410,847
447 387,343
Norfolk
But the Texas drought question is beginN'port News, &e_
49.916 clearly in mind.
16,402 128.095
200
weather
23,564
New York
4,572 ning to be regarded as more and more serious. Dry
1,443
42,635
651
37,847
326
Boston
1,449 has prevailed in that State for the greater part of a year.
1.288
27,929
729
33,725
205
Baltimore
3,048
3,755
1.306
1.045
Philadelphia
The worst sections, as everybody knows, are the central
spreading
14.161 9.072.5111 35.721 6.387.155 373.644 298.737 and southern parts, but damage is now said to be
Totals
interest
other years, to the northward and northwestward. And it is of recent
In order that comparison may be made with
to notice that the Government report stated that
seasons:
we give below the totals at leading ports for six
rains at one-half of the reporting stations were mostly too
it added, continued in
Receipts at- 1924-25. 1923-24. 1922-23. 1921-22. 1920-21. 1919-20. light to be effective. Deterioration,
the central, southern and some portions of the eastern part
8,056
46,701
19,952
9.263
3,573
2,85
Galveston_ ___
528 of that State, except where there were local rains. The
.9,274
504
1,856
3,368
Houston, Jac_
13,378
21,689
17,594
7,550
9,459
ranged from very poor to very
3,470
New Orleans475 general conditions in Texas
6,862
2,976
468
1,663
295
Mobile
2.360 good. But the crop is stunted in the dry areas and bloom11.757
10,811
5,071
10,698
983
Savannah _ _ _ _
831
of it is dying and some has never
Brunswick
49 ing prematurely; some
1,182
2,841
1,242
372
1,751
Charleston_ _
24 germinated. Weevil, lice and grasshoppers are increasing,
893
2,376
2.268
4,435
431
Wilmington__
1,440 but damage thus far is slight. The comment of the report on
2,777
1,974
1,950
2,085
447
Norfolk
23
N'port N.,&c.
1.027 Oklahoma is that the drought and heat were unfavorable
2,185
13,159
1,055
1,580
531
All others____
for all crops; that the condition of cotton in that State is
27,337
72,514 103,323
29.371
35,721
14,161
Tot, this week
fair to excellent, but generally needs rain. It may be
MisSince Ana. 1 _ _ 0.072.501 6.557.155 5.635.545 3.020.633 6.332.124 6.680.923 added that weevil is increasing in Georgia, Alabama,
and is numerous in South Carolina.
The exports for the week ending this evening reach a total sissippi and Louisiana there has been any serious damage
that
of 25,559 bales, of which 6,956 were to Great Britain, 1,827 It does not appear far. But the fact that it is increasing is
the pest thus
to France, 2,936 to Germany, 2,953 to Italy, 7,200 to Russia from
attention. In South Carolina the farmers are
and 3,687 to other destinations. In the corresponding week attracting vigorously, but in some other parts of the belt
it
last year total exports were 47,390 bales. For the season to fighting
they are rather careless about the matter.
date aggregate exports have been 7,832,963 bales, against it is feared that
of the cotton growers seem to be natural born fatal5,377,277 bales in the same period of the previous season. Some The weevil is there or is not there. It will do harm,
ists.
Below are the exports for the week:
or it will not. The farmer has oftentimes left too much to
Exported tochance. Meanwhile it is evident that some large operators
IVect Ended
Japanct
GerJuno 26 1926. Great
in Wall Street, uptown and in Chicago have become nervous
- Britain. France. many. Italy. Russia. China. Other. Total.
Exports from
over the outlook, particularly some in Wall Street, whatever
1,800 3,721
1,521
400
at the Exchange may think of the matter.
Galveston
100 3,146 the rank and file
1,432
1,613
Houston
909 9.536 Large Wall Street interests are credited with buying here
7,200
1,427
New Orleans_
3,151
75
- 3,076
like 100.000 to 125.000 bales on the 23d. 24th and
Savannah
200 3.150 something
1.567
1,383
Norfolk
largely
678 2,856 25th insts., of which about 20% was July and the rest
1,294
884
New York
October. Shorts evidently did not like the drought. the
3,687 25,559
2,953 7,200
6,956 1,827 2,936
Total
reduced pars, the weevil talk, the scarcity of contracts on
300 3,318 47,390 declines, and the fact, indeed, that most of the selling was
540 5,005 14,044 8.455 15,728
Total 1924
200 43,956
18.105
8,478 11,723
5.450
Total 1923
for short account and very little from the long side, seeing
Exported to
From
that there is not much of a long account. Of course it is
Aue.1 1924 to
Japance
Gertoo early for selling against cotton. The offerings are
June 26 1925. Great
Total.
China. Other.
Exportsfrom- Britain. France. many.' Italy. Russia.
mostly for short account. Every now and then the short
The technical position
2,805,457
Galveston_ _ _ 744,854 420,740 583,694 269,229 33,250 334,112 419,578 1,781,456 side becomes more or less congested.
Meanwhile spot markets
Houston_ ___ 551,481 325,730 424,274 155,859 77,325 99,528 147,259
16,794 in other words becomes stronger.
8,034
8,760
Texas City__
1,335,675 for the most part have been firm. Exports in the middle
New Orleans. 471,769 88,097 230,065 184,196 105,836 135,055 120,657
80,287
1,818
415
season to date got close to 8,000,000
41,838 1,308 34,908
Mobile
1.768 of ,the week for the
132
65
1,561
Jacksonville_
8,490 bales and passed it on the 25th inst. Worth Street has been
300
42
415 1,145
6,588
Pensacola_ _ _
24,600 11,185 474,473 steady if less active than last week. And it is remarked as
Savannah...._ 203,582 8,831 219,455 6,820
28,900 19,304 233,275
386 86,565
98,120
Charleston_ _
104,013 a rather curious circumstance that Manchester, while it
42,347 24,800
36,866
Wllmington _
4,000 2,500 246.093 complains of dulness of trade, also complains that mills
117,446
435
121,712
Norfolk
66,555 448,275
35,269
New York__ 155,420 36,287 102,301 52,443
13,535 using American cotton are not conforming in every case to
7,323
100
193
5,919
Boston
397 the short time aggreement. Some of the recent reports
76
218
100
3
Baltimore_
7,945
639
190
436
of the later
52
6,628
Philadelphia.
55,156 about the monsoon were favorable, even if some
507
15,744
37,605 1,300
Loe Angeles_
23,811 advices were not quite so much so. French mills are gen600
23,211
San Diego_
5 111,962
111,957
reports were not unfavorSanFrancisco
84,111 erally busy, and recent German
152
83,959
Seattle
able. Reports from the wool trade are rather better. Chi2.515,917 883,681 1850928 694,312 216,411 873.724 797,990 7,832,963 cago reports a large business of summer goods at special
Total
575,549 5.377,277
Tot. 1923-24 1,655,284 701,650 1257584 504,669 109,025 573.536 557,564 4,400,612 sales.
290 617.979
Tot. 1922-23 1,265,099 599,357 895,751 464,572
On the other hand, there has been a rise in prices this
-It has never been our practice to include in the
to Canada.
NOTE-Exports
all the month of some 160 to 180 points and not a few maintain that
above table exports of cotton to Canada, the reason being that virtua ly returns
such an advance has, for the time being at any rate, discotton destined to the Dominion comes overland and It is impossible to get
districts
concerning the same from week to week, while reports from the customshowever, counted most if not all of the bullish features in the situaon the Canadian border are always very slow in coming to hand. In view, say that
tion. July and August are the crucial months. It is posof the numerous inquiries we are receiving regarding the matter, we will
been
conditions may improve during that
for the month of May the exports to the Dominion the present season have
season the exports sible that weather
17,380 bales. In the corresponding month of the preceding there were 190,742
July has been under liquidation. Some weeks ago
were 8,029 bales. For the ten months ending May 31 1925 months of 1923-24. period.
ten
bales exported, as against 135,311 bales for the corresponding
it was at a premium of 74 points over October. In the midIn addition to above exports, our telegrams to-night also dle of the present week it was down to the same price as
give us the following amounts of cotton on shipboard, not October. On the 25th it fell to 30 tinder October. with notices for 100.000 bales. Drastic liquidation has been going
cleared, at the ports named:
On Shipboard, Not Cleared for
on in July cotton at New Orleans also. There had been a
great deal of selling in the fear of the July notices being very
Leaving
Other CoastGerGreat
Stock.
large. Estimates of 100.000 bales were made with the cer- Britain. France. many. Cont'nt. wise. Total.
June 26 at
51.067 tificated stock down to 116,600 bales. Liverpool from time
3,000 4,000 6,000 11,700 2,000 26,700
Galveston
79,587 to time has been a seller here. Its own market has been for
166 18,332
New Orleans_ _ 2.733 2,465 5,011 7.957
10.351
and also,
Savannah
10.350 the most part sluggish. The South has sold here
145
145
Charleston
1.823 at times, Wall Street and the West. A good many people
290
290
,
Mobile
28.285
and they also believe that at least
Norfolk
500 6.000 140,714 stress the big acreage,
500
Other ports *_ - 3,000 1,000 1.000
75% of the cotton belt is making good progress, and that
Total 1925-- 9,023 7.465 12,011 20,157 2.811 51,467 322,177 with reasonably favorable weather the crop will be well
1.939
Total 1924-- 12,759 9.699 8.716 18.572 1.823 51.685 247,052 over 14.000.000 bales. Moreover, speculation, aside from
54.695 264.701
Total 1923- - 18.992 9,672 13.473 12.735
that of a certain large interest, is quiet. The public still
* Estimated.
I
JUNE 27 1925.]
TTTF, CHRONICLE
awaits broader markets in cotton. Sooner or later cotton
speculation is bound to revive. But just now the fluctuations in the main are so small that the market is not so inviting to the outside public as it naturally will be when the
old-time activity returns. Exports of late have fallen off.
Spot markets are quiet. Cotton goods trade, both at home
and abroad is more or less listless, so far as wholesale
business is concerned. Finally, as regards raw cotton, the
big covering of late has naturally weakened the technical
position by just that much. It is a weather market and
will be governed largely by the question of rains or drought
in Texas and by the amount of damage done by the weevil
in the eastern belt. Of course, too, the coming Bureau report on July 2 is a factor of supreme importance. On the
26th inst. notices for 100,000 bales for July were not stopped
at once and July went to a discount of 30 points under
October, but rallied to 8 points later as big houses and some
Japanese interests finally took them. Texas was still dry
and hot. After early liquidation the technical position
became stronger. Worth Street was gradually improving.
To-day prices advanced 40 to 50 points, with Texas
drought still on and a tendency to reduce crop estimates.
The range was 13,544,000 to 13,900,000, as against 14,750,000
recently under old pars. The new pars account for a reduction in the estimates of some 850,000 to 1,250,000 bales. Of
course, such estimates are merely tentative at this time.
But the Texas crop outlook is regarded as more and more
menacing. The reduction of 72 pounds, as compared with
/
1
the 10-year average of 202 makes a big difference. That is
conceded. Furthermore, the reports to-day indicated an
Increasing infestation of weevil in Georgia and South Carolina and also in Alabama. Contracts were not so easy to
obtain. Recently short sellers have been supplying them.
Now they are more wary about doing it. It is even hinted
that some of the big shorts of Wall Street have covered up
and are rather inclined to take the short side. At least
some reports say they have actually done so and are gradually accumulating a line. Spot people were buying October.
Large Carolina interests were said to have bought to-day
some 25,000 bales of October and January. July acted better. There were no notices. It ended at only 3 points under
October. Some suggest that it will yet go to a considerable
premium over October. After all, the notices were disposed
of in very satisfactory fashion, even if they hung fire for a
while. Spot markets were up. Fall River's sales of print
cloths for the week were 75,000 pieces. Worth Street seemed
a little more cheerful. There was general covering of shorts.
Also, there was some trade buying. Speculation as a rule
was not large. But there was the undercurrent of fear
Texas. Drought-stricken central and southern sectionsfor
that State had no rain, or practically none. Nor did of
forecast promise any. There is a growing fear that the
Bureau report on July 2 will put Texas at around 65 the
and
the belt 74 to 75%, as against 76.6 last month, 71.2 last year
and a 10-year average of 74.8. Unless Texas gets
good
rains before long there will be, it is feared, an unusual
deterioration there during July and August. Final
prices
show a rise for the week of 35 to 60 points. Spot cotton
ended at 24.45c., an advance since last Friday of 30 points.
The following averages of the differences between grades,
as figured from the June 25 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 July 2.
Middling fair
1 01 on
Stric 'good middling
77 on
Good middling
55 OD
Strict middling
34 on
Middling
Basle
Meet low middling
.58 off
Low middling
1 31 off
*Strict good ordinary
2.37 off
*Good ordinary
3 44 off
Strict good mid."yellow' tinged.0.04 on
Good middling "yellow" tinged
.28 off
Strict middling "yellow" tinged.. .67 off
*Middling "yellow" tinged
1.42 off
Strict low mid."yellow" tInged..2.24 off
*
eLow middling "yellow" tinged._3.25 off
Good middling "yellow" stained.1.56 off
"yellow"stained....1.99 off
*Strict mid.
Middling "yellow" stained
2 65 off
Good middling "blue" stained_1.44 off
Strlet middling "blue" stained 1.85 oft
*Middling "blue" stained
2.65 oft
Good middling spotted
13 on
Strict middling apotted
16 off
Middling spotted
.513 oft
Strict low middling spotted...A.27 off
Low middling spotted
2.25 off
Good mid, light yellow stained
.80 off
*Strict mid, light yellow stained..1.33 off
*Middling light yellow stained..._1.96 oft
Good middling "gray"
.49 off
*Strict middling "gray"
88 of
*Middling "gray"
1 40 Of
*Not deliverable on future Contracts.
3333
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Monday,
June 20.
Jules 22.
Fri.
24.25 24.10 24.20 24.20 24.00 24.45
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 26 for each of the past 32 years have been as follows:
1925
1924
1923
1922
1921
1920
1919
1918
24.45c.
30.50c.
28.26c.
21.50e.
11.20c.
38.25c.
34.95c.
32.00e.
1917
27.15c.
1916
13.30c.
1915- -___ 9.45c.
1914
13.25c.
1913
12.40e.
1912
11.60c.
1911
14.75c.
1910
15.10c.
1909
1908
1907
1906
1905
1904
1903
1902
11.80c. 1901
11.60c. 1900
12.90c. 1899
10.80c. 1898
9.30c. 1897
11.05c. 1896
13.35c. 1895
9.31c.I1894
MARKET AND SALES AT NEW YORK.
Spot
Market
Closed.
Ftaures
Market
Closed.
Saturday_ _
Wet, 10 pts. adv_ _ Steady
Monday - - 'get, 15 pis. dec___ Barely steady_
Tuesday _ - - ulet, 10 pts. adv_ _ Barely steady
Wednesday_ Wet. unchanged_ _ Barely steady_ _
Barely steady_ _
Thursday _ _ ufet, 20 pts.dec_
teady, 45 pts. adv. Very steady__ _
Friday
Total
SALES.
303
Friday,
June 26.
Caostrig.. 23.65 -23.5023.55- - -- - -- .-- July
Range._ 23.30-23.65 23.37-23.75 23.27-23.83 23.33-23.75 22.91-23.47 23.44-23.74
Closing- 23.50-23.53 23.37-23.38 23.44-23.47 23.40-23.45 23.25-23.28 23.72AugustRange 23.40-23.40- - -23.43-23.45 23.52-23.70 23.17-23.67 23.63-23.90
23.85Closing- 23.40 -23.3523.2523.42 -23.45Sept.
23.80Closing _ 23.38 -23.3223.42 -23.2823.40October
Range... 23.07-23.48 23.28-23.60 23.21-23.55 23.30-23.73 23.17-23.50 23.48-23.78
Closing. 23.38-23.38 23.28-23.29 23.37-23.42 23.40-23.43 23.33-23.35 23.75-23.78
Nov.
Range...----------- - 23.30-23.30- - 23.8323.4023.4823.47Closing_ 23.46 -23.37Dec.
Range.. 23.27-23.63 23.45-23.77 23.40-23.73 23.50-23.86 23.39-23.66 23.72-23.93
Closing. 23.56-23.60 23.47-23.48 23.58-23.60 23.55-23.80 23.50-23.54 23.91-23.93
January
Range __ 22.75-23.14 22.94-23.27 22.90-23.2 23.00-23.35 22.80-23.12 23.16-23.37
22.94-22.95 23.06-23.13 23.05-23.03 22.96-22.97 23.36-23.37
Closing_ 23.08Feb.
23.5123.21 - 23.20
23.08Closing_ 23.21 23.10
March
Range.. 23.02-23.34 23.23-23.52 23.14-23.42 23.29-23.60 23.12-23.39 23.48-23.87
23.66-23.87
23.34-23.38 23.26Closing. 23.34 -23.2323.35April
23.7723.3523.45 -23.44Closing. 23.44 --23.30May
23.37-23.76 23.37-23.55 23.49-23.78 23.43-23.81 23.65-23.89
Range.. 23.28-23.60 --- ....... ....
_. .
00 A0 no A000 00
- -osIng Riots.
•
.
Range of future prices at New York for week ending
June 26 1925 and since trading began on each option.
Option for
June 1925
July 1925._ 22.91
Aug. 1925._ 23.17
Sept. 1925
Oct. 1925._ 23.07
Nov. 1925._ 23.30
Dec. 1925._ 23.27
Jan. 1926., 22.75
Feb. 1926
Mar. 1928._ 23.02
Apr. 1926
May 1928._ 23.28
Range Since Beginning of Option.
Range for Week.
June 2523.75
June 2523.90
June
June
June
June
2023.78
2523.30
2023.93
2023.37
June 20 23.67
22.55
June 22 21.40
June 26 21.75
21.75
June 26 21.50
June 27 22.16
June 28 21.72
June 26 21.40
21.94
June 26 21.64
Sept. 11 1924 25.55
Sept. 16 1924 27.50
May 13 1925 25.78
May 13 1925 25.68
Nov. 1 1924 25.71
May 14 1925 24.40
May 13 1925 25.72
May 13 1925 25.45
May 14 1925 24.53
May 13 1925 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 1925
June 2023.89 June 28 22.45 June 9 1925 23.89 June 26 1925
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and censequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item.of exports from the United States,
including in it the exports of Friday only.
June 26Stock at Liverpool
Stock at London
Stock at Manchester
1922.
868,000
1,000
65,000
1925.
708,000
3,000
97,000
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
1924.
480,000
1.000
63,000
1923.
478,000
1.000
45,000
808.000
bales
544,000
8,000
128,000
95,000
16.000
89.000
17,000
4,000
1.000
524.000 934,000
33,000
9,000
45,000 224,000
64,000 145.000
11.000
7,000
74,000
79,000
4.000' 13,000
8.000
15,000
1,000
3,000
207.000
148.000
7.000
81,000
32.000
25,000
2.000
Total Continental stocks
509.000
502,000
358,000
226.000
1 310,000
Total European stocks
India cotton afloat for Europe___ 121.000
American cotton afloat for Europe 158,000
Egypt,Brazil,&c.,afloatforEurope 115,000
Stock in Alexandria, Egypt
87,000
Stock in Bombay, India
746,000
Stock in U. S. ports
373,644
Stock in U. S. Interior towns
234,869
U.S. exports to-day
1.583
902,000
100,000
156,000
102,000
84,000
751,000
298,737
266.789
6.771
750.000 1.443,000
58,000
107,000
91,000 294,000
89,000
43,000
175,000 248,000
632,000 1,128,000
319,396 747.127
348.278 540.737
6.825
Total visible supply
3.147,096 2,667.297 2.465,674 4.554,689
Of the above, totals of American and other descriptions are as follows:
American
-
Liverpool stock
bales..
Manchester stock
Continental stock
American afloat for Europe
U. S. port stocks
U. S. interior stocks
U. S. exports to-day
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, dec., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
474.000
87,000
403,000
158,000
373,644
234,8q9
1 583
201,000
46,000
248,000
156,000
298,737
266,789
6,771
188,000
24.000
138,000
91,000
319,396
348,278
510,000
44,000
425,000
294,000
747.127
540,737
6,825
1.732,096 1,223,297 1.108.674 2.567,689
234,000
3.000
10,000
99.000
121,000
115,000
87,000
746,000
279,000
1.000
17.000
110,000
100,000
102,000
84,000
751,000
290,000 358.000
1.000
1,000
21.000
21.000
84,000
88.000
58,000
107,000
89.000
43.000
175.000 248,000
632.000 1,128,000
8.88c.
Total East India, &c
9.56c.
1.415,000 1,444,000 1,357,000 1.987,000
Total American
6.00c.
1.732,096 1,223,297 1,108,674 2.567.689
6.38c.
Total visible supply
7.75c.
3.147.096 2,667,297 2,465.674 4,554,689
7.50c. Middlind uplands, Liverpool
13.53d. 16.88d. 16.52d. 13.08d.
7.000. Middling uplands, New York_.... 24.45c. 30.25c. 28.55c. 22.100.
Egypt, good Sake], Liverpool...... 35.20d. 24.65d. 17.60d. 22.004.
7.31c.
Peruvian, rough good, Liverpool_ 20.75d. 24.00d. 18.754. 14.00c1.
Broach, fine, Liverpool
11.90d. 13.456. 12.954. 11.800.
Tinnevelly. good. Liverpool
12.30d. 14.60d. 14.100. 12.70c1.
Continental imports for past week have been 108,000 bales.
The above figures for 1925 show a decrease from last week
of 142,415 bales, a gain of 479,799 from 1924, an increase
303
of 681,422 balesfrom 1923, and a falling off of 1,407 593 bales
from 1922.
AT THE INTERIOR TOWNS the movement-thatlis,
the receipts for the week and since Aug. 1, the shipments for
303 the week and the stocks to-night, and the same
items for the
Spot. Contr't, Total.
303
Wednesday, Thursday,
June 24.
June 25.
June-
The official quotation for middling upland cotton in the
Total American
New York market each day for the past week has been:
East Indian, Brazil, &a.Liverpool stock
June 20 to June 26Sat. Mon. Tues. Wed. Thurs.
Middling upland
Tuesday,
June 23.
[VOL. 120.
THE CHRONICLE
3334
-The closing
NEW ORLEANS CONTRACT MARKET.
corresponding periods of the previous year-is set out in
quotations for leading contracts in the New Orleans cotion
detail below:
market for the past week have been as follows:
Movement to June 26 1925.
Movement to June 27 1924.
Ship- Stocks
meats. June
Week. Season. Week. 26.
Ship- Stocks
meas. June
27.
Week. Season. Week.
54,809
19,596
1
71 82,702
14 64,402
____
63,203
8 205,966
____ 126,21
__
3,891
100 52,458
533 227,296
733 234,394
18 76,875
95 49,023
18 47,449
200 102,200
37,189
____
54 112,242
26 135,116
! 37,883
15 42,716
31,705
---33,140
_ _ __
1.425 741.561
273 72,688
8,368
_ _ _ _ 218,619
__ 156,162
__ _ _ 140,008
1.552 246,002
13,264
____
2,1 :1.285.963
___
71,387
____
7 23,256
34,609
196,157
1
5.6144.726.353
93.516
65,778
___ _
119 159.243
133
_ ___
131
168
35
210
357
____
418
2,232
2,458
10
311
50
800
81
122
419
77
39
211
152
1.549
1.175
_ __ _
910
930
906
2,773
_ _ __
4.112
310
1,229
5,894
886
1,135
2,759
3,685
2,024
5,639
10,745
19,729
816
6,090
4,868
400
176
2,378
5,504
1,645
943
355
465
4,233
6,847
196
1,251
223
1,014
24,479
4,416
15,546
235
U...
5 3,696
23
14
208 1.641
7,504 92,393
10
-___
545
14
365
181
28 34,991
9,394
____
72 53,159
5 34,047
8 15,144
232 112,833
56 60,985
2,081
8
69 45,459
2,042 160,485
1,230 197,737
314 78,367
279 32,407
29,872
110 114,000
19,973
____
79,346
_ _ __
223 98,212
34 31,325
5 31,392
17,188
____
9 19,337
3,097 559,065
26 63,099
62 14,313
____ 119,364
98,826
____
13 62,282
1,314 159,093
10,752
____
3,022 914,888
69
285
46
227
437
367
61
847
4,688
1,313
902
206
300
_ _ -__1,622
303
493
28
77
3,408
868
100
238
207
118
1,218
5,324
63,534
____
20
13 26.663
-- _ _
39,801
____
408
130 127,441
2,5523,460,011 6,189
77,238
_ _ __
49.416
____
390
200 92.243
OW0-4...WWW0.•W00-4NWIPM0WWWWWONC.W.,002.4.014,00..4N,
no
1
Ala.,BIrming'm
Eufaula
Montgomery
Selma
Ark., Helena _ Little Rock
Pine Bluff_ _ _
Ga., Albany_
Athens
Atlanta
Augusta
Columbus...
Macon
Rome
La., Sbrevepor
Miss.,Columb
ClarksdaleGreenwood_ _
Meridian__ _ _
Natchez
Vicksburg-Yazoo City
Mo., St. Louis_
N.C..Greensb'r.
.
Raleigh
Okla., Altus_ _ _
Chickasha....
Oklahoma...
S.C.,Greenvill
Greenwood _ _
Tenn.,Memph
Nashville__ _ _
Tex., Abilene
Brenham _ _ _ _
Austin
Dallas
Houston....
Parts
San Antonio_
Fort Worth_
r......., an •.,...... 12 001 levermaaa
00 ROM ORd CIAO
IC 1 a 7 OIR 1210 gll 7KA9RA 700
The above total shows that the interior stocks have decreased during the week 14,446 bales and are to-night
31,920 bales less than at the same time last year. The
receipts at all the towns have been 1,850 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
-1924-25Since
Week. Aug. 1.
1,549 711,844
350 256,190
34,349
49,594
3,205 238,699
5.698 491,480
-1923-24----
10,802 1.782,156
Total gross overland
Deduct Shipments
98,629
Overland to N. Y., Boston. &c.-- 531
26,437
335
Between interior tovrns
8,099 690.498
Inland, &c.,from South
16,814 1,492.489
June 26Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Week.
3,408
1,620
50
83
3,730
7,923
Aug. 1.
583,483
199,400
21,249
26.202
201,435
460.719
1,580
729
3,613
88,163
27,082
618,252
8.965
Total to be deducted
Leaving total net overland*.
815,564
5.922
733,497
- 1,837
966,592
10,892
758,992
•Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 1,837 bales, against 10,892 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
207,600 bales.
1923-24
-1924-25----Since
In Sight and Spinners'
Aug. 1.
Week.
Takings.
14,161 9,072,501
Receipts at ports to June 26
966,592
1.837
Net overland to June 26
Southern consumption to June 26.. 85.000 4.145,000
100.998 14,184,093
Total marketed
49,337
*14,446
Interior stocks in excess
Excess of Southern mill takins over
405,921
consumption to June 1
Since
Aug. 1.
Week.
35,721 6.587,155
758,992
10,892
68,000 3,895,000
114,613 11,241,147
7,506
*16,862
108,055
Came into sight during week-- 86,552
14,639,351
6
2
Total in sight June.
97,751
1,869,515
16,944
North. spinns's takings to June 26 8,126
11.356,708
1.769,598
•Decrease.
Movement into sight in previous years:
Bales. I Since Aug. 1-23
126,76811922 -June 29
Week1923-4une 29
Bales,
11.099.807
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations for
OTHER MARKETS.
middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Jun.. 26.
Galveston
New Orleans.Moblle
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _ _
Dallas
Fort Worth_ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Email.
24.50
23.95
24.00
24.43
24.38
24.53
24.25
24.30
24.62
24.05
____
24.40
23.75
23.80
24.27
24.38
24.75
24.38
24.25
24.15
24.62
23.85
23.85
24.50
23.55
23.80
24.36
24.50
24.75
24.50
24.25
24.25
24.62
23.95
23.95
Saturday,
June 20.
Receipts.
Receipts.
.
.
w..
. .
4.
vowwww.ww.s.....wwv..1wwwww....4.ww..ww.
..aw
,..o mw
ww ,
,
0.-..c000N00...40Wq0.0.-400. g.0.4.-'0WWW4.000,..WCO.... W
Towns.
24.50
23.40
23.80
24.26
24.50
24.75
24.44
24.25
24.25
24.62
24.00
23.90
24.35
23.50
23.80
24.02
24.25
24.75
24.25
24.25
24.10
24.62
23.95
23.80
24.10
23.90
24.00
24.47
24.63
24.75
24.63
24.25
24.50
25.12
24.40
24.30
Monday,
June 22.
Tuesday, Wednesday, Thursday,
June 24. June 25.
Jun* 23.
Friday,
June 26.
- -- - - 23.3023.10June
23.4823.35-23.50
July
23.58-23.60 23.40-23.41 23.20-23.21 23.04-23.07 23.07August _ _ - - - - - - - - - --September - - -- - - - -- - October... 22.99-23.02 22.90-22.92 22.96-23.00 22.98-23.02 22.85-22.88 23.23-23.25
November - - - - ----- - 23.00-23.02 23.05-23.09 23.09-23.12 22.95-23.00 23.37-23.40
December_ 23.09-23.11
January
27 -23.02- 23.42-23.44
23.11 bid 23.02 bid 23.12Febniari---------------------23.13-23.15 23.5723.23 -23.28 bld- 23.16_
%larch_ 23.24--- - --- - - - tpril
--gay
23.34 bld 23.26 asked 23.33 asked 23.38 asked 23.23 asked 23.67 bid
roue
Spot
Ontions_
Steady
Steady
Dull
Steady
Quiet
Steady
Quiet
Steady
Quiet
Steady
Quiet&st'y
Steady
NEW YORK COTTON EXCHANGE PICKS COMMITTEES.
-Richard T. Harriss, President of the New
York Cotton Exchange, announced on June 23 the organization of the standing committees which will administer the
business of the Exchange for the year 1925-1926. "An
unusually large number of important matters will come before several of the committees this year," said President Harriss, "and the Board of Managers realizes that the men who
have been selected will have to give very generously of their
time and thought to the welfare of the Exchange. Each
year the business of the Exchange is growing in scope and
importance and the work of the various committee members
is increasing as a consequence." The committees, as posted
on the floor of the Exchange on June 24, are as follows:
Executive-Samuel T. Hubbard, Jr., Chairman; George M. Shutt,
Herman B. Baruch, J. Lawrence 'Watkins Jr., Richard T. Harriss, ex
officio.
Finance-William H. Judson, Chairman; Clayton E. Rich, Julian A.
Acosta, James F. Maury,ex officio.
Supervisory-Henry H. Royce, Chairman; George M. Shutt, Henry T.
Dumbell.
-Herman B. Baruch, Chairman; Thomas F. Cahill,
-Laws and Rules
By
Edward A. Pierce, Julian A. Acosta, Richard T. Harriss, ex-officio.
Membership
-Edward E. Bartlett Jr., Chairman; John C.Botts, J. Lawrence Watkins Jr., James 0. Royce, Harry L. Goss.
Classification-William H. Millen, Sidney M.Corbett.
Information and Statistics
-Max Greeven, Chairman; George D. Moulson, Frederick J. Frederickson, Alvin L. Wachsman, Joseph A. Russell.
Commissions
-John W. Jay. Chairman; John C. Botts. Edward K.
Cone, Jerome Lewine, Gardiner H. Miller.
Business Conduct
-Clayton E. Rich, Chairman; J. Lawrence Waktins
Jr., Marshall Geer, Alden H. Vose, Jerome Lewine, Richard T. Harriss,
ex-officio.
-John H. McFadden Jr., Chairman; Julian A. Acosta, Leigh M.
Trade
Pearsall, Langdon Harriss, W.Collier Estes, Buchanan Schley Jr., Edmund
Rhodes.
-James C. Royce, Chairman; William Wierck, William J.
Complaint
71trehouse and Delivery-Thomas F.Cahill Chairman; Henry T. Dum311 .
bell, Max Greeven, John H. McFadden Jr., Simon J. Schlenker, Williams
S. Dowdell, Richard T. Harris, ex-officio.
Adjudication-Edward K. Cone, Chairman; Walter C. Hubbard, Herman D. Hensel, Frank M.Hancorn, Gardiner H. Miller.
Arbitration-Henry T. DuHbell, Chairman; Edward A. Pierce, James
Riordan, J. Chester Cupia, T. Larello Guild, Philip R. Duggan, Walter S.
Thomson.
-Walter L. Johnson, Chairman; Richard A. Springs,
Board of Appeals
William N. Schill, Elwood P. McEnany, Lee Rosenberg, Marshall Geer,
W. Hustace Hubbard.
Trustees of the Gratuity Fund-William H. Judson, Chairman, threeyear term; Walter C. Hubbard. two years; Robert P. McDougall, one year.
Inspector-in-Chief and Secretary of the Warehouse and Delivery Committee-James J. Carney.
CENSUS REPORT ON COTTON SPINNING IN MAY.
-This report, complete, will be found in an earlier part of
our paper in the department headed "Indications of Business
Activity."
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this report
TION DURING MAY.
will find it in our department headed "Indications ofBusiness
Activity" on earlier pages.
-Procter
PROCTER & GAMBLE COTTON REPORT.
& Gamble have issued a report showing the general condition
and progress of flip cotton crop since May 29. The report
says:
As a result of the droughty condition over a large part of the Cotton Belt,
the crop development has not been entirely satisfactory during the past
two weeks. The high state of cultivation, however, has been maintained,
and with the moderate to light rains over a goodly portion of the belt the
last few days the outlook continues promising. The report, which summarizes the conditions surrounding the progress of the cotton crop since
May 29, also states that, considering the Cotton Belt as a whole, temperatures have been normal or above and very favorable. Rains have been
mostly light to moderate scattered showers, but very beneficial to plant
growth where received, being particularly timely in Texas; insufficient in
many localities. A good, general rain over the entire belt with continued
warm temperatures would be very beneficial at this time.
Early-planted cotton has made seasonable progress and is chopped out
to very good stands. Later-planted cotton is irregular, poor progress reported in sections where soil is too dry (some deterioration in Texas prior to
the rains); however, this cotton is making better growth where rains were
received.
Squares are becoming more general over southern half of belt and developing on early cotton northward;early cotton in the South blooming freely.
The season continues late over central and southern Texas, but the belt
as a whole will average a week to ten days early.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that although some
places complain that rain is needed, there have been many
beneficial local showers during the week. Cotton generally
has made good progress. There hv,ve been some complaints
of weevil activity.
Texas.
-Cotton continues to make fair to very good progress in the northern and western parts of this State, but
in most of the central and southern sections there has been
further deterioration. The crop is spotted, with the condition ranging from very poor to very good.
JUNE 27 1925.]
THE CHRONICLE
3335
Mobile, Ala.
-There have been scattered showers in the INDIA COTTON MOVEMENT FROM ALL
PORTS.
interior, which continue to relieve the drought situation.
High temperatures have retarded weevil activity. Some
1924-25.
1923-24.
1922-23.
June 25.
farmers are using poisoning freely. Cotton has made good
Since
Since
Since
Week.Aug 1. Week. Aug. 1. Week.lAug. 1.
.
progress.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
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
Selma
Gainesville, Fla
Madison
Savannah,Ga
Athens
Augusta
Columbus
Charleston.S.C
Greenwood
Columbia
Conway
Charlotte. N.C
Newborn
Weldon
Memphis
1 day 0.76 in. high 90 low 78
2 days 2.00 in. high 96 low 60
1 day 0.24 in. high 103 low 72
5 days 0.59 in. high 92 low 74
dry
high 90 low 74
1 day 0.62 in. high 100 low 66
1 day 0.15 in. high 102 low 73
dry
high 101 low 66
1 day 0.15 in. high 104 low 70
dry
high 100 low 72
2 days 0.66 in. high 104 low 72
1 day 0.04 in. high 98 low 71
dry
high 100 low 68
1 day 0.13 in. high 104 low 71
2 days 0.02 in. high 98 low 72
1 day 0.02 in. high __ low 72
1 day 0.21 in. high 99 low 68
dry
high 104 low 73
3 days 0.56 in. high 107 low 68
dry
high 102 low 64
2 days 0.19 in. high 100 low 64
3 days 1.15 in. high 102 low 68
3 days 0.90 in. high 101 low 72
1 day 0.58 in. high 100 low 70
2 days 0.58 in. high 103 low 65
1 day 0.44 In. high 99 low 73
dry
high 95 low 68
2 days 0.39 in. high __ low _
2 days 0.35 in. high 101 low 72
dry
high 105 low 68
1 day
1.85 in. high 101 low 69
1 day 1.31 in. high 100 low 69
dry
high 96 low 71
3 days 1.37 in. high 96 low 72
2 days 0.45 in. high 98 low 71
1 day 0.191n. high 99 low 71
2 days 1.001n. high 96 low 71
2 days 0.50 In. high 95 low 70
3 days 0.14 in. high 96 low 73
4 days 0.29 in. high 99 low 73
dry
high 102 low 64
1 day 0.50 in. high 101 low 72
dry
high 103 low 69
2 days 0.17 in. high 97 low 72
1 day 0.11 in. high 98 low 69
2 days 0.08 in. high __ low 72
2 days 0.28 in. high 98 low 67
2 days 0.02 in. high 96 low 68
3 days 1.03 in. high 95 low 70
1 day 0.05 in. high 97 low 70
1 day 0.10 in. high 97 low 71
mean 84
mean 78
mean 88
mean 82
mean 82
mean 83
mean 88
mean 84
mean 87
mean 86
mean 88
mean 85
mean 84
mean 88
mean 85
mean -mean 84
mean 89
mean 88
mean 83
mean 82
mean 85
mean 87
mean 85
mean 84
mean 86
mean 82
mean 84
mean 87
mean 87
mean 85
mean 85
mean 84
mean 84
mean 85
mean 85
mean 84
mean 84
mean 85
mean 86
mean 83
mean 87
mean 86
mean 84
mean 84
mean _ _
mean 83
mean 82
mean 83
mean 84
mean 84
Bombay
86,00013.420,000 32.000 3.262,000 35.000 3,576,000
For the Week.
Exports.
Since August 1.
Great Conti Japan&
Great
Britain. nest. China. Total. Britain.
Continent.
Japan &
China.
Bombay
1924-25..
18,000 90,000 108,000 70,000 578,000 1.800,000
1923-24._
4,000 26,000 30,000 150,000 911,000 1,491,000
1922-23__ 3;666 4,000 47.000 54,000 127.000 596,500 .015,500
Other India:
1924-25__ 12,000 10,000
22.000 103,000 451.000
1923-24__
4,000
4,000 128,000 492,000
1922-23._
3,000
4,000 76,000 263.550
Total all
1924
-25_ 12,0
1923-24_
_
1922-23__ 4
Total.
448.000
.
552,000
739,000
554,000
620,000
339,550
28,000 90,000 130,000 173,000 1,029,6111,800,000 3.002,000
8,000 26,000 34,000 278,0001.403.0001.491.0003,172,000
7.000 47,000 58,000 203,000 860,0502,015.5003.078,550
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
24,000 bales. Exports from all India ports record an increase
of 96,000 bales during the week, and since Aug. 1, show a
decrease of 170,000 bales.
ALEXANI)RIA RECEIPTS AND SHIPMENTS.
Alexandria. Egypt,
June 24.
Receipta (cantars)Thls week
Since Aug. 1
1924-25.
1923-24.
1922-23.
1,000
7.121 575
500
6,392,194
5,000
6,665,063
Since.
Since
Since
Week. Aug. 1. Week Aug. 1. Week. Aug. 1.
Exports (bales)
-
To Liverpool
191,905 5,750 214,623
To Manchester, &c
4:666 225,072 4.500 208,995
To Continent and India_ 3,000 361,723 1,500 361,730
To America
106,829
129.168
Totalexports
3.500 229.389
170,329
6;i66 313,349
400 208,058
7.000907.868 11.750892.197 10.000 921.125
-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
Note.
This statement shows that the receipts
June 24 were
week
The following statement we have also received by tele1.000 canters and the foreign shipments for thebales. ending
7.000
graph, showing the height of rivers at the points named
at
8 a. m. of the dates given:
MANCHESTER MARKET.
-Our report received 67
June 26 1925. June 27 1924. cable to-night from Manchester states that the market in
Feet.
Feet.
cloths is easy and in yarns quiet. Demand for both India
New Orleans
Above zero of gauge..
1.5
12.2
Memphis
Above zero of gauge_
and China is poor. We give prices to-day below and leave
14.8
27.3
Nashville
Above zero of gauge_
7.8
9.5
those for previous weeks of this and last year for companson:
Shreveport
Above zero of gauge_
9.5
Above zero of gauge_
15.1
11.0
38.8
.
Receipts at Ports.
West
endt
1925 1924 1923
Apr.
3-.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
19._ 39,633
26._ 14.161
Stocks at Interior TO[01141.
Receiptsfrom Plantations
1925
1924
1923
1925
1924
17,887 11,481
29,902 10,199
31,427
67
28,821 10,436
1923
55.370
60.709
69.435
58,548
63,854
34,990
34.681
35.743
753,817
708,223
630,689
594.768
586,349
555.542
517,534
486,19
690.625
665,834
631,756
604.340
25,591
29.115
10.304
14,711
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
561,72
340,62
443,328
420.213
392,300
372,553
347,01
572,660
540,812
508,435
471,972
447.224
4.176
nil
3,916
4.739
43,377
35,702
49,228
35.721
25.06
31,651
30,728
29,371
312,296j
285,662
249,315
234.869
333,056
312,127
283,651
266,789
419,671
391,675
369.047
348.278
3,673 29,416
133
14,773 5,244
3,286 20,752 9,959
nil 18.859 8,046
21,912
21,157
24,482
31,121
24,888
5.420
1.983
5,568
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 9,136,683
bales;
in 1923 were 6,522,420 bales, and in 1922 were
5,130,536
bales. (2) That although the receipts at the outports
the
past week were 14,161 bales, the actual
from
plantations was nil bales, stocks at movementtowns
interior
having decreased 14,446 bales during the week. Last
receipts from the plantations for the week were year
18,859
bales and for 1923 they were 8,046 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1924-25.
Week.
Season.
1923-24.
Week.
Season.
Visible supply June 19
3.289,511
2,812,109
Visible supply Aug. 1
2,190,493
2,024,671
American insight to June 26_ _ _ _
86,552 14.639,351
97,751 11.356,708
Bombay receipts to June 25-56.000 3.420,000
32,000 3,262,000
Other India shIp'ts to June 25..
22,000
554,000
4,000
620,000
Alexandria receipts to June 24._
200 1.415,600
200 1,277,800
Other supply to June 24 •b.__ _
8,000
473.000
7,000
406,000
Total supply
3.462,263 22.692,444 2,953.060 18,947,179
Deduct
Visible supply June 26
3,147.096 3,147.096 2,667,297 2,667.297
Total takings to June 26 a
315,167 19.545,348 285,763 16,279,882
Of which American
197.967 13.905,748 189,563 10,987.028
Of which other
117.200 5.639.600
96,200 15.292.800
* Embraces receipts in Europe from Brazil, Smyrna. West Indies,
&c.
a This total embraces since Aug. 1 the total estimated
consumption by
Southern mills, 4.145,000 bales in 1924-25 and 3.895,000 bales in
1923 -24
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 15,400,348 bales in 1924-25 and 12,384,882 bales
in
1923-24. of which 9,760,748 bales an 7.092,088 bales American.
b Estimated.
24 22
May
1 2154
8 21
15 20
22 2034
29 2014
June
5 204
12 20%
19 054
26 20
GOV@ 06660 SOSO
1925.
RECEIPTS FROM THE PLANTATI
-The
lowing table indicates the actual movementONS. week foleach
834 lbs. shinfrom
the plantations. The figures do not include overland
325 cop
esgs, Common
reto Finest.
ceipts nor Southern consumption; they are simlpy a
ment of the weekly movement from the plantations state- Awn d.
d. s. d.
e. d
of that
24 17 1 (417 4
a 22%
part of the crop which finally reaches the market
through 10 22%
24 17 I 417 4
the outports.
23% 17 1 417 4
17 225(
I
1924.
Cot's
Mid.
Urd's
32s Cop
Twist.
23% 17 1 417 4
d. d.
13.72 25%
13 23 27
13.39 26%
13.40 2614
22%
2254
21%
2199
21%
16 6
16 4
16 3
16 4
16 4
417 0
016 6
416 5
@174
@174
12.98 2634
12.62 2514
12.36 2554
12.84 2554
13.04 253(
21%
21%
21%
21%
16 4
16 2
16 2
16 2
(417 4
(418 4
416 4
416 4
13.48 25,4
13.36 2534
13.62 2534
13.53 2514
22e6 68066 @ODD
Vicksburg
814 lbs. Min- Cons
ims. Common
to Anat.
Ye
d.
2751
2914
2811
2831
,
e. d.
17 6
18 1
18 3
18 4
s.d
(418 0
018 4
418 6
(419 0
6.
17.60
18.96
18.35
17.76
2854
2854
2854
28%
28%
18 3
18 3
18 3
181
18 1
(418 7
018 7
418 7
@185
@185
17.35
17.37
17.89
17.46
17.99
2814 18 1
28% 18 0
2754 18 2
27% 18 2
@)18 5
418 3
018 5
418 5
17.30
17.14
16.99
16.88
SHIPPING NEWS.-Supiments in detail:
Bales.
NEW YORK
-To Bremen-June 19
-America, 514; Yorck, 230-June 24
1,294
-Bremen, 550
To Rotterdam-June 19-Volendam, 112
112
To Liverpool
-Greta, 231. 884
-June 19
.June 24
-Adriatic. 6,53.
ToLisbon-June 24
200
-Cabo Santa, 200
To Copenhagen-June 24-Hellig Olav. 366
366
NEW ORLEANS
1.427
-To Havre-June 19-Coldbrook, 1,427
To Ghent
-June 19--Coldbrook, 909
909
To Murmansk-June 20-Trompenborg,7,200
7,200
GALVESTON-To Venice-June 20
-Clara Comus, 1,221
1.221
To Trieste-June 20
-Clara Corpus. 300
300
To Gothenburg-June 22
-Delaware, 300
300
To Copenhagen-June 22
-Delaware, 200
200
To Norrkoping-June 22
400
-Delaware.400
To Havre-June 23-Hornby Castle, 400
400
To Ghent
-June 23-Hornby Castle 900
900
HOUSTON-To Genoa-June 19
1,432
-West Ivis, 1.432
To Copenhagen-June 24
100
-Delaware. 100
To Liverpool-June 25
1.151
-Governor, 1,151
To Manchester-June 25
462
-Governor. 462
NORFOLK-To Bremen-June 25
1.567
-Hameln, 1,567
To Manchester-June 26-Anacortes, 883
883
To Liverpool-June 26
-East Side. 500
500
To Rotterdam-June 26-Saccide. 200
200
SAVANNAH-To Liverpool
-June 20
2,832
-Nubian, 2,832
To Manchester-June 20
244
-Nubian. 244
To Hamburg-June 24-Antiochia, 75
75
Total
25.559
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Sales of the week
Of which American
Actual exports
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
June 5. June 12. June 19. June 26.
14,000
32,000
29,000
37.000
9,000
22,000
27,000
21.000
,
,
000
33,000
72;000
71..000
68.000
801,000 760,000 733,000 708.000
569.000 527,000 504.000 474,000
30,000
36,000
46,000
34.000
12,000
14,000
20,000
16.000
155,000 145,000 122,000 132.000
43,000
32,000
21,000
16.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows: .
THE CHRONICLE
3336
(Wu 120.
when they get to it. The Southwest bought July wheat,
to
and it went to 2c. over September, but the difference fell (4
A fair
1%c. later. Heavy rains in Missouri, Indiana, Kansas
Market, I
Moderate
business
Moderate
Quiet.
delayed
Quiet.
Quiet.
12:15 4
demand.
doing.
inches) and more or less in Oklahoma and Nebraska,
demand,
P. M. l
new
harvesting. Kansas farmers show little desire to sell
13.53
13.53
13.53
interior
13.51
13.59
13.43
Mid.Upl
wheat and the receipts were not large, the three
hd:
7,000
8,000
7.000
6,000
Kansas markets receiving 224 cars. Liverpool closed 11
6,000
3,000
Sales
higher, partly owing to fears of a rail and coal strike in the
Quiet, 13
Quiet at
Quiet at
Idle at
Quiet
Futures.
pts. adv.to United Kingdom. England was the best buyer of wheat at
12 to 14 11 to 14 1 pt. dec., 1 pt.adv.,
Quiet.
Market I
pts. dec.
in
pts. adv, pts. dec. 3 pts. adv. 11 pts. dec. 3
opened i
the seaboard, with sales of 1,000,000 to 1,250,000 bushels
Manitoba but including 160,000 bushat Steady,
Steady at Steady at Steady at Steady at Steady10 9 to 18 pts. all positions, largely
Market, I
2 to
3 to 9
19 to 20 7 to 11
4 10 to 11
4
els of hard winter for nearby shipment from the Gulf.
adv. pts. dec. advance.
P. M. I ots. dec. 0th. adv. ate. dec. ate.
European advices pointed to a larger demand for cash
said to be at much
of futures at Liverpool for each day are given below: wheat, but Argentine offerings were
Prices
lower prices than American. To-day prices closed irregular
Fri.
Wed. 1 Thurs. I
Tues.
,4c. in Chicago with WinniMon.
Sat.
at a decline of %c. to a rise of 1
June 20
12341 4:00, 1234 4:00 peg up % to 1c. Liverpool was weak, the weather was good
1 123.5 1234 4:00 1234 4:00 1234I 4:00
123,
to
M.V. MJP. m.P. m.
P. m.P.In• P. M.P. m.P. M.P. M P. M.V. M.P.
In the main despite high temperatures in the Northwest and
June 26.
t.
1;171 fd.
-71 d. h
c1 1
prices for a time fell to a new low level on this movemen
d. d.
d.
d.
d.
d.
d.
12.90,12.9 13.08
Receipts were
2.81 12.94 13.00 12.86 12.89 2.88 12.92 12.93 12.82'12. 12.97 Export trade took 350,000 to 450,000 bushels.
June
grain.
2.73 12.87 12.93 12.79 12.82 2.81112.8.5 12.86 12.69,
July
,12.71 12.84 light. The farmers in Kansas seem to be holding back
12.71
_ 12.62 12.75 12.81 12.67 12.70 12.70,12.74 12.58 12.59112.59 12.72
August
12.60'12.65
reported a better trade in flour.
September __ _ _ __ __ 12.4! 12.61 12.6812.5 12.59 12.47112.53 12.4442.44112.44 12.58 Some of the interior mills
_ 12.33 12.46 12.53 2.41 12.45
braced by that very thing, according
October
,,
4012.4612.3612.37112.37 12.49 In fact, Winnipeg was
November --------12.2512.3912.4512.3412.3812. 12.4412.34 12.3512.35 12.47
by a demand for export. Spring
-_ __ 12.23 12.37 12.43 2.32 12.36 12.38112.41112.32 12.33 12.32 12.44 to current reports, but also
December
_ 12.21 12.3512.41 2.2: 12.3312.36
were favorable. There is a disposition at
January
12.4 12.3342.34 12.3312.44 wheat crop reports
-_ __ 12.2212.36 12.4212. I 12.34 12.37 . 1 .
February
. 12.35 12.47 the moment to scout the idea of any serious damage by
12.24 12.38 . 12.32 12.37 12.40
.
March
W.35 12.36112.3 12.47
yet. The
- - .. 12.24 12.38 12.44 12.32 12.37 12.4012.46112.3812.38112.36 12.46 black rust. Nothing of the kind has happened as
April
_ _ _ _ 12.25 12.39 12.45 12.3 12.38 12.41'12.47
May
European crop outlook is considered good. In the end the
technical position looked better after recent drastic liquiBREADSTUFFS.
dation. July, however, showed the least rallying power.
Friday Night, June 28 1925.
Final prices indicate a decline for the week of 5 to 5%C.
size of the
YORK.
OF
DAILY CLOSING PRICES &U. WHEAT IN NEW Thurs. Fri.
Flour has shown little if any change as to the prices of
Mon. Tues. Wed.
. It is still mostly in small lots. And with
business
cts_1993j 197H 199H 197H 19434 192%
was none No. 2 red
tone
S IN CHICAGO.
wheat turning downward early in the week the take orders DAILY CLOSING PRICES OF WHEAT FUTUREWed. Thurs. Fri.
to
Sat. Mon. Tues.
too steady. Yet millers were not very eager prospects so July delivery in elevator
152
cts_155 153H 1550 154% 149H 151 H
150
for new wheat flour with the winter wheat yield so un- September delivery in elevator _--_153H 1524 154 153% 151% 151%
December delivery in elevator----154H 154 155 155 WINNIPEG.
and the outlook for the spring wheat
dubious
s for DAILY CLOSING PRICES OF WHEAT FUTURES IN
certain. Moreover, in parts of the West the prospect
Sat. Mon. Tues. Wed. Thurs. Fri.
however,
16331 167 165% 1e434 164%
eta-164
business were said to be brightening. In the East,
July delivery in elevator
old story, October delivery in elevator
140% 139 142 14031 137% 13831
it must be confessed that it was pretty much the
wants sugIndian corn has declined, as rains have caused a marked
namely cautious buying and only as immediate s of imchange for the better in the crop prospects. In the estima"Northwestern Miller" said: "Report
gest. The
ons point to a crop of more than
of busiprovement in flour trade are general. The volume and the tion of some the indicati
3,000,000,000 bushels, against 2,437,000,000 bushels. Rains
normal for this season of the year,
ness is above
allowed to have fallen in the principal States. On the other hand, it
buying in some districts where supplies were
with corn in tassel in
ly low, is said to be much larger than for has been 100 to 109 in the Southwest,
become unusual
forgotten.
in recent years. There is a tendency to Texas and Oklahoma. This was not entirely a. But in
any similar period
the remainder of the crop year on the Hot winds were expected in Kansas and Nebrask Also, the
supply needs for
firmness the main the crop outlook was considered better.
present decline in values. Owing to the present
a feature. Stop
prefer to postpone booking new wheat flour cash demand was light. Liquidation became
of price, millers
d acreage
as possible. Some mills in the Southwest orders were caught; receipts increased. An increase
orders as long
parts of the
quoting new crop flour, but no business of im- is stressed as well as better weather in various week 700,000
have begun
quiet." belt. The American visible supply decreased last
portance has resulted. Export business continues
year. The
spring patents early in the week and 25c. bushels, against 646,000 in the same week last 10,504,000
Prices fell 15c. on
Clearances on June 22 were 27,230 sacks. On total is still, however, 17,794,000 bushels, against
on rye flour.
mostly a year ago. Corn fell 2 to 2
4c.
1
/ to the lowest prices in over
the 23d inst. the export movement was 29,230 sacks,
60 days on the 24th inst., owing to good weather. Stop
to Hamburg.
demand was fair and cash
reWheat declined early in the week, with much larger of orders were caught. The cash r showed the most strength,
prices hardly budged. Decembe
at the Southwest offsetting reports
ceipts of new wheat
Nobody despite the favorable weather. Primary receipts were 453,black rust in South Dakota. Speculation fell off.
last
to a decrease of 1,787,000 bushels in the 000 bushels, against 519,000 a week previous and 437,000
paid any attention
s
last week, as against 1,452.000 in year; shipments 427,000, against 445,000 a week previou
American visible supply
,6c. on the
year, bringing the total down to 31,144,- and 513,000 last year. Prices advanced % to 21
the same week last
r hung back because of good weather.
stern mar000 bushels, against 37,336,000 last year. Southwe City fell 23d inst. Decembe shipping demand for cash corn, with
There was a better
. At one time Kansas
kets were under pressure
was favor- sales of 188,000 bushels at Chicago and 100,000 at Omaha.
more than Sc. The spring wheat weather news
the
were weak. On the other hand, July and September were helped by this, not to speak of
able. Foreign markets
0 bushels for the week, and rise in wheat. Some of the buying was based on the unusual
world's shipments were 9,956,00
hogs and corn, with hogs selling up to $13 70,
Dry weather
the amount on passage was 47,976,000 bushels. occurred in spread between a profitable feeding basis. To-day prices
or much above
Kingdom. But rains
was reported in the United
drought. advanced % to 1%c., although at one time there was a deGermany, which may partially relieve the long
in one case at 90,000,000 cline in sympathy with a fall in wheat. Good weather also
The Kansas crop was estimated
bushthere was for a time considerable liquidation.
bushels. Export business was only 300,000 to 400,000d 3 to told. And lower prices a very good demand appeared. ReBut at the
els on the 23d inst. On the 23d inst. prices advance
Winni- ceipts were small. That rather took the edge off the fact
hc. on reports of black rust in Canada. That put 3
31
4c.
3
to / that the demand was also small. The cash basis, however,
peg up, and Chicago followed. Winnipeg gained 3
said, has was, after all, somewhat depressed. In the end realizing
and Minneapolis 1% to 2%c. net. Black rust, it is
there sales were well taken and prices ended at at least a moderate
appeared in Canada much earlier than usual. And
in net advance. july weather will count for much in the dewere rumors of actual damage to wheat from black rust
the crop and also as to the course of prices.
parts of North Dakota. Rust is found more generally in velopment of .could do a good deal of harm. Last quotaSouth Dakota. Liverpool closed 1% to 2%d. higher, show- Excessive heat decline for the week, however, of 1 to 7c..
a
ing unexpected strength on a better milling demand and tions showed July. Trading on Thursday reached 27.946,000
covering American. Export sales were 400,000 bushels. the latter on
at Chicago.
Chicago wired: "The annual black rust wheat crop scare bushels
IN
OF
DAILY CLOSING PRICESSat. CORNTues. NEW YORK. Fri.
question of
Wed. Thurs.
Mon.
has started in the Northwest and it is now a
High
cts_1284 124% 12534 12234 12134 1233
weather conditions as to the extent of the damage. will No. 2 mixed
OF CORN FUTURES IN CHICAGO.
said,
DAILY CLOSING PRICES
temperatures with a great deal of moisture, it is
Sat. Mon. Tues. Wed. Thurs. Fri.
cool,
cts_1083 10431 105 1021 102 103$
,
result in development and spread of the rust, while
July delivers in elevator
delivery in elevator_
em
weather will prevent it. Black rust is found in Minne- Septber delivery in elevator____ 108H 105H 105% 103 103% 104
dry
88% 89
8934 8834 8834 88
the damage December
sota and the Dakotas every year. In some years
Oats declined at the opening of the week 1% to 1%c.,
extensive and in some others unimportant." De- with other grain dropping and pulling on oats prices. Behas been
inst. in an
nial of rust damage caused a break on the 24th
sides the weather was favorable. Crop complaints were
ght market. That is, the price fell off 3 to 3%c. less general. Liquidation began, Stop orders were caught.
overbou
early high that day, or 6c. from the high of the Outside buying fell off. Export demand was poor. The
from the
ta showed,
and
22d inst. Reports from the Dakotas and Minneso
lly all sections American visible supply increased 664,000 bushels
It is true, that rust was present in practica damage was reached some 36.000,000 bushels, against 5,688.000 a year
States, but in most cases no
effect of
of the three
believed it will ago. There is no use attempting to minimize the
claimed. If there is to be black rust, it is
such a supply with another crop Just ahead, the home trade
for a week. It is not denied that the existnot be reached
none too good, export demand light and speculation under
ing conditions tend to promote damage from rust, but many the spell of weakness in other grain. Prices declined a fracshowed more disposition to cross that bridge
of the trade
Spot.
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
JUNE 27 1925.]
3337
THE CHRONICLE
The world's shipments of wheat and corn, as furnished by
tion, owing mainly to the setback in corn, but both were
The "Kansas Broomhall to the New York Produce Exchange, for the week
affected by favorable growing weather.
Weekly Weather and Crop Bulletin" said: "Last week was ending Friday, June 19, and since July 1 1924 and 1923,
favorable for harvesting oats and barley." On the 25th inst. are shown in the following:
prices closed 1% to 2c. lower on liquidation and heavy short
Corn.
Wheal.
selling. Receipts were merely fair. The Western demand
1923-24.
1924-25.
1923-24.
was good and export demand moderate. The point was that
1924-25.
the weather for the new crop was good and that other grain
Since
&trite
Week
Since
Since
Week
July 1.
was declining. To-day prices ended at a fractional advance
hay 1.
June 19.
July 1.
July 1.
June 19.
after irregular fluctuations. Liquidation was a paramount
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
factor for a time. Also, the weather was favorable. Stop North Amer_ 4,427,000417,665,000 435,588,000
36,000 1,316.000 13.206,000
3,280,000 45.530,000 2,253,000 36,879,000 37,721,000
orders were caught. But on the decline a larger export de- Black Sea
162,470,000 121,622,000
2,241,000
mand appeared. This caused a quick rally. It was aided Argentina_ _ 2,432,000 127,897,000 164,556,000 4.640,000
15,428,000 73,402,000
Australia
856,000 37,280,000 15,728,000
by a recovery in corn. Export sales were 500,000 bushels. India
1,438,000 15,707,000
1,840,000
Receipts were fair. Last prices showed a decline for the Oth.Countr's
188.256,000
week of 4 to 5c. The trading in futures at Chicago amounted
9.956,000701.550,00 736,644,000 6,929,000202,103
Total
to 8,964,000 bushels.
The visible supply of grain, comprising the stocks in
DAILY CLOSING PRICES OF OATS IN NEW YORK.
granary at principal points of accumulation at lake and
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 6231 60
No. 2 white
60
593i 583i 583
seaboard ports Saturday, June 20, were as follows:
DAILY CLOSING PRICES OF OATS FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
cts_
July delivery in elevator
September delivery in elevatorDecember delivery in elevator_ __DAILY CLOSING PRICES OF
July delivery in elevator
October delivery in elevator
49% 4731 474
494 483
4831
5231 51
5031
OATS FUTURES
47% 46
463
48
4631 46'
5031 4831 48
IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 5731 5631 5131 5731 5731 5631
4931 4831 4831 4831 4831 48
Rye, of course, declined with wheat and corn early in the
week. On the 22d inst. rye fell 3c. from the early high after
a fractional advance. The upward turn in the morning was
due to buying against export sales to Germany, estimated at
300,000 bushels. Later liquidation set in. The weather at
the Northwest was favorable. The visible supply decreased
440,000 bushels for the week, falling below 10,000,000 bushels
for the first time, against 16,869,000 last year, but this had
no effect. On the 24th inst. 300,000 to 400,000 bushels at
the Seaboard were sold for export closing at a small net decline, however, in sympathy with the drop in other grain.
On the 25th inst. prices closed 2% to 3c. lower, after opening
firm on reports of a cargo sold to Norway and scattered lots
to other parts of Europe, making a total of some 250,000
bushels. The decline in wheat caused selling. The weather
was good. Crop advices, however, were not entirely favorable. To-day prices ended at a net rise of / to 11c. Like
1
4
/
2
other grain, rye was very irregular. The gyrations of wheat
had no small effect. Export sales, however, were 350,000 to
400,000 bushels and there was a demand for other nearby
shipments. That neutralized the effects of good weather at
the Northwest. Also, it looks as though the surplus from
the new crop might be rather small. To cap the climax,
everything now points to only a moderate carryover into
next season. That of itself caused more or less buying.
Last prices showed a net decline for the week of 3 to 4c.
Finland and the Continent were the buyers to-day. Some
business was done in barley with Antwerp, Hamburg and
Rotterdam.
DAILY CLOSING PRICES OF RYE FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
107
cts_10731 106
September delivery in elevator-1093j 10731 109
December delivery in elevator----111% 110
111
Closing quotations were as follows:
10631 10331 104
10831 105% 106
11131 108% 10831
FLOUR.
Spring patents
$8 2&t.$8 65 Rye flour. patents
$6 25©$6 75
Clears,first spring.._.._ 7 6O@ 8 00 Seminole No.3,lb
534c.
Soft winter straights.... 8 15@ 865 Oats goods
3 10© 3 15
Hard winter straights_ 8 15
8 65 Corn flour
2 95@ 3 05
Hard winter patents__ 8 65I
9 15 Barley goods
Hard winter clears-- 7 5Oti 800
Nos. 2, 3 and 4
4 50
Fancy Minn. patents.. 9 50@ 10 15
Fancy pearl, Nos.2,3
City mills
960(10 10
and4
7 50
GRAIN.
Wheat, New York:
Oats:
No. 2 red. f.o.b
19231
No. 2 white
58%
No. 1 Northern
No. 3 white
16831
56%
No. 2 hard winter, f.o.b..---169% Rye, New York:
No. 2 f.o.b
116
Barley, New York:
Corn:
No. 2 mixed
Malting
12331
104 ©107
No.2 yellow
12431
For other tables usually given acre, *see page 3277.
United StatesNew York
Bmton
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
On Canal and River
GRAIN STOCKS.
Oats.
Bye.
Corn.
Wheal.
bush.
bush.
bush,
bush,
189,000
693,000
46,000
212,000
379,000
3,000
1,000
59.000
239,000
139,000
527,000
370,000
128.000
83,000
3,611,000
a 50,000
2,000
99,000
155,000
540,000
15,000
341,000
4,357,000 1,557,000 2,577,000 1,419,000
210,000 1,140,000
478,000
15,000
725,000
148,000
508,000
10,000
160,000
16,000
150,000
3,177,000 9,116.000 8,563,000 3,999.000
22,000
367,000
382,000
104,000
13.000 5,239.000 2,750.000
7,406,000
451,000
357,000 13,517,000
5,936,000
157,000
171,000
200,000
2,000
318,000
767,000
137,000
114,000
718,000
1,538,000 2,750,000
17,000
514,000
1,000
16,000
419,000
295,000
128,000
35,000
97,000
564,000
106,000
6,000
481,000
851,000
289,000
597.000
207,000
97,000
28,000
510,000
Barley.
bush.
43.000
74,000
66.000
27.000
189.000
110,000
2,000
138,000
60,000
435,000
410,000
5.000
20,000
8,000
3.000
2,000
158,000
28,000
Total June 20 1925_ __ _31,444,000 17,794,000 36,040,000 9,900.000 1,778,000
Total June 13 1925..32,931.000 18,494,000 35,375,000 10,340,000 1,828,000
805,000
Total June 21 1924._ ..37,336,000 10,504,000 5,688.000 16,869.000
-Bonded grain not included above: Oats, New York. 161.000 bushels:
Note.
1,000; Buffalo, 84,000; Buffalo afloat, 221,000; Duluth, 80.000; total,
Baltimore,
547,000 bushels, against 778,000 bushels In 1924. Barley: New York, 232,000
bushels; Boston, 1,000; Baltimore, 9,000: Buffalo, 7,000; Buffalo afloat, 63,000;
Duluth, 62,000: on canal, 309,000; total, 683,000 bushels, against 166,000 bushels
In 1924. Wheat: New York, 962,000 bushels; Boston. 39,000; Philadelphia.
796,000: Baltimore, 60.000; Buffalo, 1,617,000; Buffalo afloat. 212,000; Duluth,
114.000; Toledo, 54,000; on canal, 610,000; on lakes, 667,000; total, 5,131,000
bushels, against 6,038.000 bushels in 1924.
Canadian
109,000
465,000
49,000 1,781,000
2,479,000
Montreal
3,778,000 1,851,000 1.459,000
Ft. William & Pt. Arthur_ 21,793,000
745,000
224,000
210,000
3,019,000
Other Canadian
49,000 6,304,000
Total June 20 1925...27,291.000
54,000 7,112,000
Total June 13 1925_ _ _28,301,000
74,000 8.965,000
Total June 21 1924_ _21,800,000
Summary
31,144,000 17,794,000 36,040,000
American
49,000 6,304,000
27,291,000
Canadian
2,184,000 2,134,000
2,205,000 2,509,000
1.505,000 1,086,000
9,900.000 1,778,000
2,184,000 2.134,000
Total June 20 1925_ _58,435,000 17,843.000 42,344.000 12,084.000 3,912,000
Total June 13 1925- _ _61,232,000 18,548.000 42,487,000 12.545,000 4,337,000
Total June 21 1924-.59,136,000 10,578,000 14,683,000 18,374,000 1,591,000
WEATHER BULLETIN FOR THE WEEK ENDING
-The general summary of the weather bulletin
JUNE 23.
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending June 23:
On the first day of the week the weather was abnormally warm over
the Mississippi and Ohio Valleys and the Lake region, and on the second
day over the upper Ohio Valley and the Middle States: otherwise the
temperature for the week was close to normal, mostly a little above.
A depression moved from the upper Missouri Valley to the St. Lawrence
Valley during the 17-19th, and another passed a little farther to the north
on the 19
-20th, while a third was crossing Kansas and Nebraska on the
22d. The Missouri, upper Mississippi, and Ohio Valleys had good rains.
heavy in localities, during the first two days of the week, and most points
east of the Rocky Mountains experienced local showers at some time during
the week. Except for light showers in the Great Basin on Sunday, the
regions from the Rocky Mountains westward were dry all the week.
The temperature for the week averaged above normal in all sections of
the country, except in local areas in the Northeast and at a few points
along the Gulf Coast and in the more western States. From the lower
Missouri and Ohio Valleys southward, except along the Gulf Coast, the
The exports from the several seaboard ports for the week plus
departuresfrom normal ranged from 4 degrees to as much as 11 degrees,
ending Saturday, June 20 1925, are shown in the annexed and they were 5 degrees to 7 degrees above in the northern Great Plains.
The week was locally cool in northern New York where the temperatures
statement:
averaged 5 degrees or 6 degrees below normal. West of the Rocky Mountains there was considerable variation in temperature, but most districts
Wheat.
Corn.
Flour.
Exports fromOW.
Rye.
were warm. Maximum temperatures were 100 degrees or above in much
Barlelt.
of the South, and also in some sections of the far Northwest and in the
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
interior of California.
1,236,556
New York
47,761 330,638
19,933 809,084
Chart II shows that moderate to fairly heavy rains fell in most interior
5,000
Boston
sections of the country north of the Cotton Belt. In the South,rainfall was
578,000
Philadelphia
3,000 265,000
15,000 unequally distributed, but there were many good showers from the lower
175,000
Baltimore
6,000
40,000
17.000 Mississippi Valley eastward. In general, rainfall was light in the west
Newport News
1,000
Gulf area, though locally there were some good rains, while very little
77,000 179,000
New Orleans
55,000
8,000
was reported from the States west of the Rocky Mountains. Showers
Galveston
13,000
were again generally light in the Atlantic coast area and western Lake
1,795.000
Montreal
44,000 1,329,000 166,000 158,000 region, but they were mostly sufficient in the Northeastern States.
The additional moisture supplied by showers during the week and the
Total week 1925._ 3,861,556 184,000 169,761 1,972,638 185,933 999,084 prevailing warm weather made much more favorable conditions for crop
66,193 247.634 861.710 607505 292 ATI growth in most interior States and in the central-northern districts. Crops
Same week 1924... _ 4.156,594
made
area from the
The destination of these exports for the week and since to theespecially rapid advance in thethe upper OhioOhio Valley westward
Rock Mountains, except in
-y
Valley section where
moisture was still insufficient. While showers were beneficial in the Lake
July 1 1924 is as below:
region, they were still inadequate in most places. and rain is badly needed
lour.
Wheel.
Corn.
in most of the Atlantic coast area. Vegetation made good growth in the
EZPOT13 for week
more northeastern States where the soil is fairly well supplied with moisture.
Week
Since
Week
Since
and Since
Week
Since
In the South, including the States from North Carolina. Tennessee,
June 20 July 1
June 20
July 1
July 1 to
June 20
July 1
and Oklahoma southward, the rainfall was very unevenly distributed.
1925.
1924.
1925.
1924.
1925.
1924.
Local areas were greatly benefited by showers, especially from the lower
Mississippi Valley eastward, but many localities in this area are still
Barrels Barrels.
Bushels.
Bushels.
Bushels. Bushels.
needing rain. In the west Gulf section the drought is unabated, except
United Kingdom_ 47,192 4,250,892 1,442.571 101,062,491
60,000 in a few places, and crops are suffering severely. Conditions
are generally
89.542 9,639,529 2,399,885 187,050,608
Continent
77,961 very favorable in the Northwest where the
increased warmth promoted
Cent. Amer_ 3,142
931,923
17,000
- 805,300 170,000 1,850,830 rapid
So.&
growth, and showers were
29,885 1,384,782
2,100
187,050
West Indies
9,000 2,114,895 particularly in Arizona. Rain was helpful in parts of the far Southwest.
still needed badly, however, in much of
6,135
Brit.No.Am.Cols
5,000
215,000 the latter area, especially in New Medco.
580,812
1,807,022
Other Countries
3,900
SMALL GRAINS.
-The harvest of winter wheat advanced during the
169,761 16.794,073 3,861,556 290,912,471 184,000 4,322,586 week northward to the central portions of Indiana and Illinois, north-central
Total 1925
Missouri, and southeastern Nebraska. Rains caused some slight delay in
247.634 15.660.702 4.156.594 235.787.119
66.193 11.605.670 this work in the trans-Mississippi States, but otherwise
Total 1924
good progress was
3338
THE CHRONICLE
made. Threshing was begun in southeastern Kansas and* progressed
rapidly in Oklahoma, with yields reported varying from poor to fair in
the latter State. Recent rains have somewhat improved winter wheat in
the northern portion of the belt. Excellent growing weather prevailed in
the principal spring wheat districts, and this crop continued to make
satisfactory advance. There was some complaint, .however, of too much
moisture in Minnesota. and of plants heading short locally in North
Dakota, and more generally In South Dakota, while it was rather too warm
for this crop in parts of the far Northwest.
Oats have been benefited by rains in the North-Central States, especially
in the upper Mississippi Valley where the straw has lengthened appreciably,
but in general this crop is heading very short. Rice was benefited by rains
in Louisiana and made good advance in Arkansas, where well irrigated,
but there is some difficulty in securing water and irrigation is still hindered
In Louisiana by salt water; the crop did well in Texas. Late-planted flax
is excellent in North Dakota, but the early-sown is weedy.
CORN.—Except in some upper Ohio Valley districts, principally in Ohio
and eastern Kentucky, conditions during the week were nearly ideal for
corn in the principal producing sections. Moisture was mostly sufficient,
and temperatures were favorable for promoting rapid growth. The crop
now averages about knee-high in Iowa and even as far north as southern
Wisconsin, while a large percentage has been laid by in southeastern Kansas.
Conditions were less favorable, however. in the middle and south Atlantic
areas,and Inmost of the Southern States, where moisture is still insufficient.
The drought has been especially trying in much of Texas, and the crop is
largely a failure in the central and southern portions. There was some
complaint of too much rain for proper cultivation, with resulting weedy
fields, in some Central-Northern States.
COTTON.—The temperature for the week averaged above normal in the
Cotton Belt and, while general rains were needed from the Mississippi
Valley eastward, local showers were helpful. Very little rain occurred
In the western portion of the belt and the severe drought was intensified
In the southwestern portion.
In Texas local showers were generally insufficient and, while cotton
continued to make fair to very good progress in the northern, western,
and immediate coast sections!' there was further deterioration in most of
the central and south portions and parts of the east; the crop is spotted,
ranging from very poor to very good, and is blooming prematurely, with
some dying and some never germinated in dry areas. In Oklahoma progress
was generally fair, but the crop needs rain. In Arkansas and Louisiana
plants made mostly excellent growth, and advance was fair to very good
In Tennessee, except locally.
Growth was rather satisfactory in Mississippi and Alabama, but more
moisture is needed in many sections, and favorable reports continued
from much of Georgia, especially from the southern portion of the State.
Rainfall was beneficial in the eastern portions of the Carolinas, and plants
were standing the drought fairly well in the interior of these States, though
there was considerable complaint of lack of moisture. Local showers were
beneficial in Virginia and cotton shows improvement in the far Southwest.
Reports continue of increased weevil activity, especially in some southern
portions of the belt.
The Weather Bureau also furnishes the following resume
of the conditions in the different States:
Virginia.—Richmond: Temperature above normal and showers locally
very favorable for corn, cotton, and tobacco. Pastures and meadows In
middle and western counties need rain. Wheat harvest about finished in
south with favorable reports on yield. Sweet potatoes and peanuts fair
to good. Prospects for apples favorable.
North Carolina.—Raleigh: Beneficial rain in east; scattered in west.
Corn, tobacco, sweet potatoes, truck, and minor crops made good to
excellent progress in east, but only fair to poor in west where still too dry
in many localities. Cotton doing well, except in southwest; fields clean
and first bloom in south. Harvesting wheat nearly completed.
South Carolina.—Columbia: Moderate rains in sections of Coastal
Plain improved crops, but elsewhere drought intensified. Corn deteriorating and some firing in dry sections. Tobacco shows irregular development;
curing continues. Condition and progress of cotton fair and withstanding
dryness better than other crops;chopping practically finished;early squaring
rapidly and blooming rather freely; weevil numerous, but slight injury
thus far with poisoning active.
Georgia.—Atlanta: Scattered local rains in north and central; more
general in south. Where sufficient moisture, progress of cotton very
good; other sections fair; early crop blooming and squaring in central
and some northern counties; late still small; weevil increasing. Corn and
other crops good progress where rains occurred; late corn irregular and
mostly poor, especially on uplands.
Florida.—Jacksonville: Progress and condition of cotton very good to
excellent, but rains unfavorable in portions of north and more moisture
needed in extreme west; weevil more active on peninsula. Late corn
Improved. Cane and peanuts doing well, except some cane lands in south
too wet. Tobacco harvesting good. progress. Setting sweet potato slips
active. Citrus trees good condition.
Alabama.—Montgomery: Rain quite general, locally heavy, but still
needed in most sections, especially western and northern portions. Corn
improved and condition good where moisture sufficient; elsewhere condition
poor to fair. Progress and condition of cotton mostly fair to good;blooming
In southern and some northeastern sections; weevil increasing locally in
south and becoming active.
Mississippi.—Vicksburg: Although rain needed in many sections,
progress of cotton and corn mostly very good over much of State. Condition of cotton very good generally, being excellent in many localities;
few weevil and damage slight; slight increase locally. Condition of corn
varies from fair to excellent in places; cultivation generally excellent.
Louisiana.—New Orleans: Irregular rains beneficial, especially in north
and west where drought broken in many places; some complaint of too.
much moisturelocally. Growth of cotton generally excellent;bolls numerous
on early crop; weevilincreasing, but damage slightsofar. Corn deteriorated
In many northern sections. but generally fair to excellent elsewhere; crop
well advanced in south. Cane growing rapidly; condition excellent. Rice
irrigation still hindered by salt water, but crop much benefited by rains.
Texas.—Houston: Rain at one-half of reporting stations mostly too
light to be effective. Favorable for harvesting winter wheat and oats.
Progress of cotton fair to very good in west, north, and immediate coast,
while deterioration continued in central, south, and portions of east,
except where local rains; general condition ranges from very poor to very
good; crop stunted in dry areas and blooming prematurely; some dying
and some never germinated; blooming freely, except in west; weevil, lice,
and grasshoppers increasing, but damage slight.
Oaklahoma.—Oklahoma City: Warmth and dryness unfavorable for all
crops. Progress of cotton generally fair; condition fair to excellent, but
generally needs rain; early putting on squares and bloom. Progress of
corn fair on bottom lands, but generally deteriorated on uplands where
considerable firing reported; condition poor to excellent, but need of rain
urgent, especially on uplands. Harvesting winter wheat and oats nearing
completion and threshing under way; both crops poor to fair.
Arkansas.—Little Rock: Progress of cotton excellent; squares reported
generally and blooming in nearly all portions; well cultivated; few weevil
report; condition very good to excellent. Progress and condition of
corn fair to very good in northern and western portions, but poor to fair
In most central and southeastern due to lack of moisture. Rice good to
•
excellent where irrigated.
Tennessee.—Nashville: Northwest moderate to heavy rain; elsewhere
generallytoo dry. Progress and condition of cotton fair to very good,
except small areas rather poor; squares numerous and some bloom. Corn
averages good; progress poor to very good. Winter wheat turning out
fairly good. Early tobacco and sweet potatoes good; late poor. east and
Kentucky.—Louisville: Local rains, but drought continues in
extreme north where corn scarcely growing and tobacco at standstill;
tobacco acreage much curtailed. Elsewhere condition of corn very good
and growing rapidly and tobacco getting good start. Pastures improving
in central and west. Oats ripening; heads fair to good, but straw short.
THE DRY GOODS TRADE.
Friday Night, June 26 1925.
As a result of the summer weather over a wide area of the
country, sales records of seasonal merchandise in the markets for textiles were broken during the past week. Announcement of the large sums available for tax reduction
purposes, also had a stimulating effect. The warm weather
[VOL. 120.
considerably lessened anxiety concerning the distribution
of highly styled fabrics in silks, cottons and other lines.
For instance, the movement of prints, printed broadcloths,
printed voiles, silk and cotton and rayon mixtures has been
very full in secondary channels. Consumption of silks exceeded previous records, and mills are hard pressed to meet
the demand. It was found that as fast as offers of cotton
and silk dresses, special makes of fine lingeries, certain
lines of underwear and hosiery were made, they were immediately taken. Undoubtedly the feature of the week, from
the standpoint of improvement, was the activity which developed in the woolen goods division. Sales of light weight
fabrics reached such unexpected heights that buyers have
been greatly encouraged. Prices have also been steadier
and mills wre said to be booking a satisfactory volume of
business. Reports received from Australia indicated that
the wool auctions would be resumed on July 13, one week
after the resumption of sales at London. Throughout the
wool trade it is hoped that the results will tend to bring
about a stabilization of values. This would allow for an
early announcement of opening spring lines, as it would
eliminate uncertainties expressed among buyers concerning
values. In regard to the floor covering division, the market
has continued quiet. Although no great improvement is expected for some time, the present lull in activity is considered normal, and producers continue optimistic in regard
to the future.
DOMESTIC COTTON GOODS: While sales of merchandise suitable for summer wear have continued satisfactory,
distribution of the more staple fabrics in the markets for
domestic cotton goods during the week was restricted. Business on ginghams, percales, bleached cottons and other such
staples, continued of a hand-to-mouth character and light 'n
volume. Earlier in the week, a downward revision in the
prices for sheets, sheetings and pillow cases served to further increase buyers' hesitancy. This reluctance to anticipate future needs tended to influence other finished lines in
a similar manner. Certain classes of domestics have been
decidedly cheap and the matter most talk of is one of stimulating sales without the recourse of price reductions. On
the other hand, sales of hot weather requisties have been
most satisfactory. Reports from retailers indicate that the
demand for seasonal merchandise, particularly summer
dresses, sports wear and other such kindred accessories
have continued at very high levels. Department store managers expressed the belief that the June turnover would be
very satisfactory, with sales running considerably in excess
of those for the corresponding month last year, and in fact
ahead of any June for a number of years. It was further
added that there were good possibilities for a continuation
of such activity well into next month. In regard to production, the output of cotton yarns was believed to be approximately 60% of capacity, although some say it is more. Other
estimates claim that finishing plants are not doing much
better than 50% of their average capacity. Curtailment in
many weaving and spinning mills has been furthered by
allowing machinery to lie idle with the expiration of orders.
Print cloths, 64 x 64's construction, are quoted at 6%c., and
27-inch, 64 x 60's, at 6Y4c. Gray goods in the 39-inch, 68 x 72's
construction, are quoted at 10%c. and 38
-inch, 80 x 80's, at
12%c.
WOOLEN GOODS: A decidedly better feeling was noticeable throughout the markets for woolens and worsteds.
Many factors have expressed a greater degree of confidence
in the future of woolen goods and the distribution in the
domestic trade than they have for some time past. There
has been a complete reversal in the outlook, due to the large
sales of light weight suits at retail, and the cleaning up of
available stocks of summer cloths in clothiers' hands. In
fact, sales have,
been so large that mills manufacturing these
fabrics will go on night shifts beginning July 1. The raw
markets have also been steadier and evidently dealers have
much more confidence in the future of prices, as they have
been operating steadily in primary markets. On the other
hand, labor disputes continue to be a disturbing influence.
Unions are endeavoring to impose their conditions upon
manufacturers, while the latter are unitedly striving to
oppose them. The most serious questions are those having
to do with the guaranteeing of employment and the minimum wage.
FOREIGN DRY GOODS: While trading in the markets
for linens showed no improvement, a number of factors
were disposed to believe that a reduction in prices for certain classes of merchandise would bring about activity.
Thus far, however, primary markets have given no indication that they would be willing to do business on a basis of,
say, 20% below current levels. In the meantime the dress
linen division has continued to be the laggard of the market.
Conditions have shown no improvement and it was claimed
that sales were made at levels far below the market existing
for a number of years before the war. Another division of
this market reporting adverse conditions has been the art
linens. It was claimed that the main trouble is that too
many factors in the industry have been trying to liquidate
their goods at the best prices obtainable. It was further
stated that these efforts to sell have caused financial embarrassment to a number of concerns. Burlaps have ruled
irregular. While dull the earlier part of the week, activity
developed the latter part. Light weights are quoted at 7.40c.
and heavies at 9.70c.
JUNE 27 1925.]
THE CHRONICLE
ffitatt an Titg Department
SPECIAL FEATURES
OF OUR
STATE AND MUNICIPAL COMPENDIUM
In the semi-annual number of the above publication, a copy of which goes to every one of
our subscribers, there are several special
articles which have a wide degree of interest.
(1) Our customary annual analysis of the
municipal bond sales for the preceding calendar
year, this time 1924.
(2) Something never attempted before
by any publication, a study of the amounts
of the municipal bonds redeemed or retired,
the totals of which now run up into the hundreds of millions annually.
(3) An elaborate tabular statement, comparing the totals of the municipal sales, under
leading heads,for the past 24 years.
MUNICIPAL BOND SALES IN MAY.
We present herewith our detailed list of the municipal bond
issues put out during the month of May, which the crowded
condition of our columns prevented our publishing at the
usual time.
The review of the month's sales was given on page 2966 of
the "Chronicle" of June 6. Since then several belated May
returns have been received, changing the total for the month
to $188,526,385. The number of municipalities issuing
bonds in May was 722 and the number of separate issues 537.
Page.
Name.
Rate. Maturity. 'Amount.
Price. Basis.
3094„Abordeen, Wash
43( 1927-1915 $200,000 100.03
4.24
2967__Adrian, Mich
4% 1927-1952 100.000 104.26
4.13
2967_ -Agawam, Mass
4
1926-1940
60.000 100.59 -_-2713_ _Akron, Colo
5
15 years
20,000
2713__Akron, Colo
5 15-24 years
20,000
r
2713__Alden, Pa
44,
1955
25,000 104.01
4.02
2713__Allegheny Co.,Pa.(4iss.)4
1-30 years 5,073,000 100.63 3.95
2967_ -Alabama (State of)
4
1949-1951 3,000,0001 99.60 4.17
2967_ _Alabama (State of)
44 1952-1956
2582__Albion, Mich.(2 issues) 4% 1926-1935 4,000,000f
45,000 100.42 4.40
2843__Antonito, Colo
5
1930-1935
3,000
2713_-Apopka, Fla
6
1930-1945
30,000 103.13
5.64
3094_ _Aromas S. D., Calif
6
1926-1947
22,000 110.27
4.75
2713- _Ashe County, No.Caro 44 1930-1945
94,000
4.67
2713__Astieville,No.Caro.(3iss.)4 X 1928-1966 1.670.0001 100.74
104.91
4.37
2713_ _Asheville, No. Caro
44 1928-1935 rso.000f
2967-Ashland, Pa
5
1931-1955 300,000
2967_-Atlanta. Ga
4.35 1-9 years
58,000 102.07
2583__Atlantic County, N.J
434 1927-1955 170,000 103.01
4:23
2583__Auburn,Wash
5
1928-1947 100,000 98.65
5.12
2583__Auburn, Wash
44
1945
15.000 100.42 4.72
2583__Auburndale, Fla
6
1926-1935 130,000 102.61
5.44
2583__Babylon, N. Y
43
1926-1943
90,000 102.39
4.19
2458__Bakersfield S. D. Calif 5
1926-1934 300,000 102.92 4.44
2583_ _Barry County, Mich
5
37,800 103.58 4.68
3094__Barry S. D.. Ill
33,000
3094_ _Beallsville S. D. Pa
5
1928-1935
20.000 105.115 :fa
2583__Barstow S. D., Calif
6
8.000 103.64
2843_-Bay City, Mich
5
1928-1930
28,000 102.99 4.08
2967_ _13ellevue, Ohio
53
, 1927-1935
1,155 101.73
5.16
3223-Benkelman. Neb
4%
38,000
2458__Berks County,Pa
4
1930-1955 1,000,000 101.38 a:§6
2583__Berrien County, Mich__ _4
15,000 100.11
2713__Berrion County, Mich
4
2968-Bertio County, No. Caro_435 1930-1959 151,000 100.115
150.000 100.04
2583-Beverly Hills S.D.,Calif_5
1945-1964 100,000 108.29 747,15
4.49
2713-Bexley, Ohio (5 issues).._5
1926-1933 208,550 103.40 4.67
2714-Bexley, Ohio
5
1926-1934
50.000 104.11
4.55
2968- _Big Creek S. D., W.Va 5
1926-1945 300,000 101
5.36
2843_ -Big Springs, Tex
5
1930-1959
30,000 100.33 4.98
2583-Blaine Co. S. D. No. 10.
Mont
5
1037
11,500 100r
5.00
2843--Black River, N. Y
5
' 1929-1942
7,000 104.28 4.42
3094-Blairsville S. D.,Pa
41j 1933-1955
35,000 102.93
2714--Bloomingdale, N.Y
43
1926-1941
8,000 100.44 1:ii
3344- _Blooming Grove, N.Y
5__ 192619.32
13,000 102.10
4.43
2843- _ Blount County,Tenn_ _ _ _ 5 1950&1960
50,000 108.74
4.48
2968--Bolivar, Ohio
6
1926-1929
1,613 101.12
5.53
2583--Bonner County,Idaho
5 d10-20 years
5.000 100
2583--Boston, Mass.(4 issues)_4
1926-1955 2,955,000 100.64 Y§5
2968-Bowen Drain. Dist., Colo.6
Serially
2714__Box Elder County, Utah_4 116,000
100r
4.06
__13 I
d, Mi
4% 1928-1931
20)00
2458- _Brentwood S. D.,Pa4X 1928-1955 150,000
102.57
4.04
2714__Brevard Co. Spec. Rd. &
Bridge D. No. 14, Fla_
25,000 102.17
2458-Brevard Co. Spec. Tax
S. D. No.4. Fla
6
1928-1955 100,000 110.86
5.06
3344-Brevard Co. Spec. Tax S.
D. No. 5, Fla
6
1955
60,000 109.02
5.39
2458-BridgePort, Conn.(3 iss.)4
1926-1955 800,000 102.31
4.32
2458_ _Bridgeton, N.J
434 1927-1942
45,000 100.74
4.42
3095__Bristol, Tenn.(4 issues) 5
1926-1955
239,000 105.75 4.54
-Bridgewater, Mass.(2 iss)4
2583
1926-1955 428,000 101.48
3.85
2583__Broward County,Fla_ _ 6
1934-1948 200.000 110.11
5.14
2459__13uncombe Co., No.Caro.4% 1928-1957 1,000.000
4.49
2714_ _ Bronxville, N.Y.(2iss.)_4 A 1926-1950 119.000 100.06
102.579 4.13
2583__Brownfield, Tex
6
50.000
2844__Brownsville I. S. D.,Tex. __
75,000 103.73
2714__Butler, Pa
435 1940-1949 100,000 103.619 4.23
2068__Cadiz, Ohio
6
1926-1935
5,370 104.70
5.11
2714- _Calhoun County, Mich 5
1926-1030
49,500 101.16
245g-California (State of)
43.4 1-27-1..46 2,000,000 103.169 - :1;
4
-Cambria Co.,Pa
2844
43.
1926-1948 500.000 102.42
3.97
2584--Camden Co., No. Caro.534
25,000
2714--Campbell County, Ky___5
1948-1952 200.000 108.69 4:42
2714-Canton, Ohio (7 issues)--5
1927-1946 152,199 105
2584-Caribou County, Idaho-531 1935-1944
30.000 102.08
5.68
3339
Page.
Name.
Rate. Maturity. Amount.
Price. Basis.
2844....Carlton. N. Y
5
1926-1929
6,000
2714-Caroline Co. Md
4
1926-1931
21,000 101.01
4.19
2844--Carroll Co.'
Ind
434 1926-1935
4,500 101.09
4.27
2714__Carrolton Sch. Twp..Ind.434 1926-1940
52,500 102.24
4.17
2844Cass Co., Neb
43
28,000 100.07 - 2844-.Central City, Ky
5
20 years
56,000 100.54 ---2584-Cheyenne Co. S. D. No.
138, Neb
5,000
2844Cheyenne Co. S. D. No.
160, Neb
5
3,000
10 Years
2968-Childress, Tex
5
65.000 9100.69
3224Choctaw County, Miss--534
365,000 100.34
2844„Churchill County, Nev_
14,000
2714--Clear Creek Sch. Twp.,
Ind
434 15 years
70,000 102.36 ---2714__Clermont, Fla
6
1-10 yrs.
47,000 102.30
2584__Cleveland, Ohio (7 iss.) _ _44 1926-1950 5,173,000 101.429 4
2584__Cleveland Hts S. D., 0_ _4% 1926-1948 730,000 101.63 - :68
4.33
2715__Clifton Forge, Va
5
1955
r23.0001 102.53
4.84
2715_ _Clifton Forge, Va.(2 is.)_5
1955
52.0001
2459_ _Clint Cons. S. D., Texas-535 20 years
35,000 9105.85 -3095__C1over, So. Caro
5
1955
75,000 101.07
2715._Coastal H'way Dist., Ga_435 1927-1946 900,000 101.87 4.93
4.29
2844_ _Coconut Grove, Fla
5
1928-1956 145.000 101.79
4.84
2584_Coeur d'Alene Ind. S. D.
_
No. 1, Idaho
5
50,000 100
5.00
2584__Colleton Co., So. Caro_ 535 1935-1944 100,000 109.75
4.58
2584__Columbus, Miss
75,000 101
3224__Conejos Co. S. D.No,22.
Colo
53.4 d1940-1955
22,000
2459.. Cook Co. Forest Preserve
District, Ill
1926-1945 1,000,000
4
99.56
4.06
2715--Coos Co. S. D. No. 9,
Ore
43
1927-1944
35,000 101.33
4.69
2844_ _Corapolis S. D. Pa
43. 1931-1949
60,000 102.36
4.06
2715_ _Cortlandt N. V.(2 iss.) _435 1926-1943 111,000 102.82 4.105
2459__Cortiandt Un. Free S.
No. 6. N. Y
1934
24,000 100.947 4.31
2715Costi1la Co. S. D., Colo _..431 1927D.
5
6,000
2844__Coulee Maton Dr. Dist..
La
6
16,000 100.62
2584 Covington. Ga
5
75,000 103.06
2459 _Cowlitz Co. Cons, Diking
Impt. D. No. 1, Wash_534 1926-1938 3,225,000
93
2844__Cranston, R. I
43( 1926-1930
25,000 100.55
4.06
2584__Craven Co., No. Caro_ 5
1928-1955 375,000 105.03 4.59
3095.._Crestline, Ohio (3 issues)_53.5
21,500 103.32 ---2584_ _Crivitz High S. D., Wis_
15,000
2459__Cumberland, Md
5
1951-1954 100,000 111.687 4.28
2844__Cumberland Co. N. C 6
1928-1955
50,000 111.03 5.05
2584__Cuining Co. S. D,, Neb_ _435
1945
28,000 100.79 -2584_ _Custer Co. S. D. No. 15,
Neb
5
d5-20 yrs.
25,000
2844__Cuyahoga Co.,0.(7 iss.)_4
1926-1940 1,154,000 102.118 4.18
2715__Cuyahoga Heights. Ohio_5
1926-1934
17,000 103.67
4.74
2715_ _Dadeville, Ala
20,000 100.25 ---2584Dawes Co. S. D. No. 39,
Neb
5
6,000
2968__Dawson County, Neb43.5 25 years
175,000
2845Dayton, Ohio
434 1926-1950 500,000 103.48
4.14
2584__Dayton City S. D., Ohio_435 1926-1945 200,000 102.57
4.20
2584_ _Decatur Co., Ind
435 1926-1935
6,000 101.66
4.18
2845_ _Dee School Dist., Ore_ _ _5
24,800 103.43
2845_ _Delray, Fla.(4 issues) _ 6
1927-1957
80,000 109.21 1:i8
2845Derma II. S. D., Miss__ _6
10,000
2968__Dodge City S. D. No. 1,
Kan
43.4 1926-1939
33,500 101.03 4.34
3096-Douglas County, Neb_ _ _5
1945-1946 300.000 110.41
4.26
2460_ _Dowagiac S. D., Mich__ _434 1926-1945 350,000 102.16
3096_ _Dundy Co. S. D. No. 27,
Neb
5
20,000
2715_ -Du Page County,Ill
43.4 1926-1943 540,000 102.606 4.17
2715__Duquesne, Pa
434 1941-1955 190,000 103.97
3.99
2845_-Durham Co., No. Caro-434 1927-1950 400,000 101.57
4.37
2845-_Durham Co. No. Caro-4%1926-1955 150,000 101.57
4.35
2845_ _Dutchess CoUnty, N. Y..-4
1929-1941 125,000 y100.401
2968- _Duval Co. S. D. No. 1,
Fla
5
1928-1955 2,500,000 107.239 4.40
2845_-East Baton Rouge S. D.
No. 1, La
434 1926-1935 500,000 100.26
4.44
2969__East Cleveland,
_ _434 1926-1935 310.000 101.09
4.27
2460--East Greenwich Twp
Ohio-S. D., N. J
5
1926-1955 120,000 100.55
4.95
2715--East Providence, R. I.
(2 issues)
45j 1926-1950 155,000 100.78
4.18
2845__E1 Centro, Calif
42,000 100.61
2969_ _Elgin, Ore
10,000
2845__Elkhart Sch. Twp.. Ind-5 arm .11-yrs.
22,000 104.15
4.15
2969E1k Point, So. Dak
-years
434 20
25,000 100.44
2716__Ellentown, Fla
46,000
2845--E1 Paso Co., Tex
434 1934-1960 197,000
r _
2585--Erie, Pa
434 1926-1953
75,000 102.67
4.02
2585__Estero S. D.,Fla
10,000 101
2585--Evanston S. D.No. 76.111434 1935-1939
45,000
2716-Excelsior Twp. Cons.
S. D. Iowa
1930-1945
96,000 102.18r 4.30
2969__Falls City S. D., Neb___{ / 5-30 yrs.
1
182.0001 100
...-5-30 yrs.
. 68.0001
2460__Falls Church S. D.. Va..__4.70 1928-1955
75,000 100
4.70
2716Fayetteville. No. Caro___43
35,000 101.64
% 1928-1962
3096...Fergus Falls. Minn
4
1930-1949
20.000
3225__Ferndale, Wash
5
16,000 101.27
2969_ -Fertile, Minn
43.4 Serially
5.000 100
1:86
3346Flatonia, Tex
5
1965
69,500 100.50 --2969- _Florence, Colo
105,000
2585- _Floyd County,Iowa
43.4
335,000 101.29r
3096_ _Ford City. Pa
434 1935-1954 125,000 106.28
1:01
2716- _Forrest Co., Miss
150,000 100.29 ---2716--Fort Lauderdale, Fla.(11
issues)
6
496.000 111.10 ---2845-Fort Pierce Farms Drain.
Dist., Fla
6
1930-1950 600.000
2585__Framingham, Mass (3
issues)
4
1926-1950
101.225 3.82
2716-Franklin Co., Ohio (3 iss.)43.( 1926-1934 123,000 102.31
74,900
4.22
2716„FranklIn County, Ohlo 434 1926-1934
62,500 102.91
4.07
2716 Franklin County Consol.
Sch. Dists., Ga. Iss.)..6
(3
1935-1949
37.000
3346-Franklin Co. S. D. No. 1,
Neb
434 1928-1947
42,000
2969-Freedom, N. Y
434 1926-1935
20,000 100.35
4.42
3346__Friendship, Tenn
6
d1936-1940
20,000
2716-Friendship Un. Free S. D.
No, 1, N. Y
5
1926-1955 110,000 109.53
4.28
2845--Frederick County, Md
435 1945-1951
50,000 105.77
4.11
2845-Freeport, N. Y.(2 iss.)._434 1926-1938
50,000 100.21
4.46
2716_ -Gadsden, Ala
6
1935
35,500 105.28
4.34
2845-Gaines, N. Y
5
1926-1930
10,000
3097...Galveston Co. Corn. S.
D. No. 7, Tex
5 10 -years
-20
8.000 100
5.00
3225„Galesville, Wise
434 1926-1945
25,000 100.12 4.73
2460-Galion, Ohio
53.4 1926-1938
40,000 104.06
4.56
2845__Gallatin Co., Mont
6
d15-30 yrs.
35,000
---2845__Garfield Co., Okla.(21s.) 5
350,000 105.55
2969Garnett, Kan
434
72,853 -- --- ---2716--Gary,Ind
434 1936-1942 150,000 101.39- 4.12
2585-Gastonia Graded S. D.,
N C
434 1928-1962 200,000 102.66
4.57
2846__Geauga Co., Ohio
5
1926-1935
67,950 103.07
4.30
2716__Glades Co., Fla
6
1935-1955 1,50.000 108.94 ---3225_ _Glenville, Ga
6
1955
17,000
2585_ _Gloucester, Mass
4
1926-1935
80,000 100.75
__-2969__Goree, Tex
6
1-40 years
35.000 104.28
2969Gothenburg S. D.No.20.
Nob
175.000
3340
THE CHRONICLE
[VOL. 120.
Rate. Maturity. Amount. Price. Basis.
Name.
Maturity. Amount. Price. Basis. Page.
4.56 2588_ _Madison, Wisc.(3 iss.)_435 1926-1945 175.000 2102.31 r 4.09
1935-1944 240.000 104.67
_
30.000
4% d1930-1945
2718_ _Madison S. D., Neb
18.000 101.88 4.85
1935-1944
1926-1945 157,500 105
30,000 105.56 4.12 2718_ _Magnolia, Ark
1926-1941
2462__Manteca Gram. 8. D.,
60.000 104.21 4.56
1927-1945
5
Calif
,
2848_ _Manatee Co., Fla.(2 is.)_535 1950&1955 450,000 109.33
25,000 91
_
95.200 102.59
4.10 2588. _Mahoning Co.,Ohio(4 is.)5
15,000 102.48
4g 1925-1939
2846--Great Neck, N.Y
1926-1934 139,500 103.27 4.33
5
2718_ _Mahoning Co., Ohio
434 d10-15 yrs. 100,000 102.63
3346_ _Greeley, Colo
20.900 102.17 4.32
1926-1930
5
6.00 2718_ _ Mahoning Co., Ohio
2,500 100
1926-1928
3226_ _Green Twp. S. D., Ohio_ -6
53.750 102.14 4.31
1926-1930
5
2718_ _Mahoning Co.,Ohio
50.0001 100.08
4
2969--Grosse Point, Mich
25,400 103.05 4.06
1926-1930
5
2718_ _Mahoning Co.. Ohio
10,0001
4g
2969-Grosse Point, Mich
74,000 101.13 4.12
2718_ _Mamaroneck. N.Y.(2 is.) 431 1927-1945
52,000
1927-1940
5
3226_ _Haddonfield, N.J
3289..000000 101.50 4.26
434 1926-1940
3098.. _Marlon, N. Y
2716-Halfmoon and Stillwater
102.13 --2971_ _Martelle Cons. S. D.. Ia.43.1
lin. Free S. D. No. 1,
33,000 100.927 4.32
4.18 2462_ _Massimo, N. Y.(2 iss.)_ 431 1926-1936
4g 1926-1955 175,000 100.83
N. Y
No.
pa Co. S. D.
2586_ _Halifax Co., No. Caro-._4j 1926-1955 105,000 102.44 4.56 2588__Marico
5,000 104.85
6
20 yrs
71, Ariz
25,000 103.671 4.21
1928-1935
5
2586--Hammond, Ind
2588_ _Marathon Un. Free S. D.
77.000
3097„liancock Cons. S.D., Mo.5
434 1926-1955 105,000 103.137 4.21
No.8, N.Y
1930-1955 600,000 101.103 3.91
-- -4
6.00
2846_ _Harrisburg S. D.. Pa9,000 100
1926-1940
6
15.000 101.32 4.80 2718._Marlinton, W.Va
1929-1937
30,000
2586_ _Harbor Beach, Mich--_ -5
431
11,500 104.56 4.19 2719_ _Marshall. Mich
1926-1937
5
r __
2461_ _Hartford City, Ind
1926-1933 104.865
5.28 2848_ _Marshalltown.Ia.(3 iss.) 5
1926-1955 120,000 107
6
r .. _
3347-..Hardee Co., Fla
11.500
5 d1930-1945
23,197 102.39 4.87 3228--Maywood, Neb
1926-1930
2716-Hardin Co., Ohio (9 iss.)_6
3228_ _Meadow Bluff Road Dist.,
2588-Hartsdale Water Dist. of
88,500 102.22 5.23
531 1926-1947
W. Va
the Town of Greens
4.10 1930-1944 135,000 100.32 4.07 2719_ _Merrick Co. S. D.No. 11,
r _
burgh, N.Y
28,000
431 d1930-1945
Neb
2717-Hartsdale Fire Dist. of the
25,000 102.86 4.45
1926-1935
5
2589_ _Miami Co., Ohio
Town of Greensburgh,
83,900 103.39 4.32
1926-1935
5
67,000 101.617 4.10 2719_ _Miami Co., Ohio
435 1926-1935
N. Y
1,419,000 100.21r 3.99
1940
431
6.00 2971__Michigan (State of)
10,000 100
1945
6
3347__Hastings, Okla
132,000 104.439
431 2-10 years
2971--Michigan (State of)
8,000
1926-1945
2461_ _Hatley Cons. S. D.,Miss_6
15,000 106.733 -41 1926-1927
1926-1935 100.000 100.57 3.89 2971_ _Michigan (State of)
4
2846-Hartford, Conn
10,000 106.60 ---43i 1926-1927
2971-Michigan (State of)
75,000
2717__Harrison Co., Miss
10.000 100.98 4.62
1926-1935
5
Ohio
5.00 2844_ _Middletown,
3,500 100
5
r _
2846-Hayward, Minn
10,000
93,000 102.50 4.23 2719_ _Milaca, Minn
1930-1945
2461_ _Hawarden Ind. S. D.,Ia_43
23,000
5
3098_ _Milford, Neb
74.000
1-10 yrs.
6
2846_ -Hazard, Ky
4,
4.00 3228.. _Milford Rur. S. D. No.
4( 1926-1935 185,000 101.21
2717-Hempstead, N. Y
90,000
435 1926-1940
Mich
2717--Hempstead Un. Free S. D.
5.000 109.50 5.00
1926-1950
6
50.000 100.367 4.47 2848_ _Mineral City, Ohio
434 1928-1950
No. 16, N. Y
3098__Mhieral Co. S. D. No. 3,
Minn. (3
5.00
3007..,.Hennepin Co.,
20.000 100
5
950.000 101.26
,
‘
43 1930-1934
4.72
issues)
38,000 102.61
1926-1950
5
2589_ _Minerva,Ohio
_ _4
2846_ _Hinds County, Miss_ _4g 1926-1950 200.000
1926-1935 125.649 101.39
5
2589_ _Minerva,Ohlo
221,000
25 years
iss.) 5
2587__Holdenville. Okla.(2
-5:go
50.000 100
534 20 yrs.
2848_ _Mitchell Co.. Texas
1.000 104
2461_ _Honeoye Falls, N. Y___- 1926-1927
25,000
1945
s
2971
2971_ Monroe, Utah
44,963 100.54
2846-Hopedale Vii. S. D., Ohio _
2971__Montezuma Rural High
60.000
5g 1927-1941
2846_ _Horry Co., So. Caro
60,000 95.10 ---,
435 1-15 years
Dist., Kan
School
4g 1926-1950 1,050.000 103.40 4.39
105.85 4.87
2717--Houston, Tex
1930-1954
1926-1950 400,000 105.09 4.45 2848_ Montgomery Co., Texas.5A 1927-1934 100.000 103.70 4.24
5
2717__Houston. Tex
60,000
57,300 101.90 4.12 2848_ _Montgomery Co., Ohio_ _5
2717_ _Howard County, Ind_ _ _4g 1926-1935
40.000 103.91 4.20
1926-1934
_5
10,280 101.93 4.10 2848_ _Montgomery Co., Ohlo1926-1935
2846_ _Howard County, Ind_ _ _
600,000 106.85
6
34.000 103.07 4.39 2719_ _Montgomery, Ala
1926-1935
5
2717._Hudson Falls, N.Y
4;:65
100,000 105
1955
5
10.000 100.402 3.95 2719_ _Montgomery, Ala
1926-1940
4
2461_ _Hudson, Mass
225,0001 103.135
2719_ _Montgomery Co., Md---4g 1938-1944
30,000
2587_ _ Iluerfano Co.S. D.,Colo.
21,0001
25,000 104.25 4.07 2719_ _Montgomery Co.. Md_ _4g
4X 1927-1945
2717. Huston Twp., Pa
6,000 101.11 4.66
1926-1931
5
2462_ _Monticello, N. Y
130.000
20 years
2847_ _Idaho Irrig. Dist., Idaho-6
1945-1954 10000,000 99.881 4.02 2971_ _Montecito Water Dist.,
4
2717_ _Illinois(State of)
1934-1963 203,000 98.15 6.14
5
Calif
1931-1945 127,000
2587_ _Indianola Ind.S. D.,Ia_ _4
25.000 100.65 4.12 2848„Morrill Co. S. D. No. 14.
1926-1930
4
7.000
2970--Ingram S. D., Pa
531 d10-20 yrs.
Neb
1927-1963 357.000 103.50 4.23
4
2461_Irvington, N.J
2848_ _Morrillton Spec. S. D.,
4.000 103.27
5 1927-1940
5.41
2970_ _Irwin, Iowa
534 1930-1950 140.000 101
Ark
5.97
9,000 100.11
1930-1935
6
20.666
2717_ _Ismay. Mont
2971--Morrow County, Ohio---5% 1926-1934 185.000 104.36 4.02
98.23 4.17
2970_ _Jamestovrn, N.Y.(3iss.).4.10 1926-1935 143,5291 100.113 4.09 2466_ _Morrissville, Vt
1931-1949
4
4.10 1926-1935 r65,000j
70.000 102.84 4.05
2970- _Jamestown, N.Y
1 1930-1955
2719_ _Mount Joy S. D., Pa_ _ _ _4 3
1945-1964 1,500,000 108.13
70,000 101.69 4.06
2587_ _Jefferson Co., Ala.(3 iss.)5
2719_ Mount Vernon. N. Y_ _ _434 1926-1945
1t31-1950 165,000
60,000 102
3347-Jefferson County,Tenn 5
I..Tex.6
3229_ _Muleshoe Ind. S.
40.000 101.50
4.27
560,0001 100.002 -3097_ _Jena S. D. No. 20, La-- _6
70.000 103.65 4.03 2719_ _Multnomah Co., Ore- _ --4g 1931-1944 440.0001
1930-1955
1944-1955
2847_ _Jenkintown,Pa
35.000 107.81 4.05 2719_ _Multnomah Co., Ore._ _4
1955
-Jersey Shore S. 13., Pa_..4
2461_
1926-1956 3,078,000 104.09 4.13 2848__Nanerville S. D. No. 78,
65.000
2847__Jersey City, N.J
431
III
1926-1963 1,770,000 104.59 4.12
4
34.000
serially
2847_ -Jersey City, N.J
2848-Naples Ind. S. D.,Tex_ _ _5
80.000 106.62 4.33
-Joseph Highway Dist.,
1931-1945
2847
5
2848_ Nashville, Tenn
16,000 100.67
5g d10-20 yrs
4.31
Idatso
1926-1930 135.000 102.21
5
2848_ Nashville, Tenn
6.00
16.513 100
6
2717_ _Kansas City, Mo
43.5 1930-1950 350,000 105.169 4.06
2462_ New Castle, Pa
88,000 104.10
Serially
23,000 101.91
2717- _Kaukauna,"Wis
434 1930-1945
35,000 102.53 5.30 2849_ New Albin,Iowa
1927-1961
2461-Keansburg, N.J
Caro--_ _4g 1928-1955 400.000 100.003 4:74
1927-1963 637,000 103.63 4.25 2849_ _New Bern, No.Y.(3 iss.)4g 1935-1950 872.000 104.06 3.95
4
2587_ _Kearny, N.J
4.50 2849_ _Nassau Co.. N.
50.000 100
2847_ _Kelso S.D.No.110,Wash.4
1920-1955 108,000
6
2971.:-Needles Calif
16,000 101.10 4.70
1925-1932
_ _5
2461_ _Kenmore S. D., Ohio_ _S
431 1925-1953 320,000 102.298 4.03
5.00 2849_ New Britain, Conn
5.000 100
5 d1930-1935
20,958 10E74 4.13
3097_ _Kent, Wash
43.5 1926-1935
2849_ _Newburgh, N.Y
50.000
35,000 100.86 4.93
1927-1954
2588_ _Kerkhoven S. D., Minn_ _4g 1931-1950
5
2589__Newten, No. Car
2588__King Co. S. D. No. 184,
1926-1940 115,000 102.04 3.70
4
6.00 2849_ _Newton, Mass
2,000 100
23-years
6
Wash
1926-196560,000,000 102.319 4.045
60,000 107.83 4.92 2462_ _New York City (3 series)_4 A 1926-1937
5.00
1937-1956
12,000 100r
5
2970-Kings Mountain,No.Car_5% 1932-1937
4.50 2719_Nichols S. D.. Iowa
3,000 100
,
435
S. D Iowa
2970-Kiron
2849„Nixon Twp. High School
45,000
1926-1941
3227-Kittitas Co. S. D. No.
5
Dist. No. 114. Ill
4.50
55,000 100
4g
110.000 102.27
25, Wash
6
2589_ _Norman, Okla
50.000 102.20
1928-1937
32,000
2718_ -Klamath Falls, Ore_
6
2849_ _ North Bend,Ore
2588_-Knobs Twp. S. D. No. 1,
431 1926-1936 110.000 100.03 4.24
_Northport, N.Y
12,000 100.42 5.21 2463_
5g 1928-1951
No. Caro
Union
400.000 100.08 4.23 2589_ _North Hempstead N.Y _4g 1929-1957 119,000 103.38 4.21
1929
4g
2718_ _Knoxville, Tenn
1,
4A 1928-1947 500,000 101.639 4.34 2589. Free S. D.No. Union
2588_ -Knoxville, Tenn
.North Hempstead
96,000 102.83 4.04
3227-Korva Co. S. D. No. 20,
Free S. D. No. 1, N.Y434 1926-1948
10.15&20yrs 5.000 102.07 ---,
535
Okla
2849_ _North Kansas City S. D.,
41,000
2847_ _Lake Co., Fla.(Spec. Tax
434 d1940-1945
Mo
5.09
30,000 104.51
5g 1928-1955
S.D.No.6)
2589_ _North Puyallup S. D. No.
5.00
10,000 100
2847_ _Lake Co., Fla.(Spec. Tax
5
110. Wash
5% 1928-1955 125,000 106.31 4.94 2589_ _Norwich, Conn
S. D.No.10)
431 1926-1945 100,000 101.77 4.04
10.000 100.32 4.89
1926-1930
5
2847_ _Lake Co.,Fla.(Spec. Tax
2719_ _Oak Harbor. Ohio
104.29 5.10
85,000
5g 1928-1955
S. D.No.16)
1929-1934 540,000 103.67 4.35
2719_ _Oakland H.S. 13., Calif_ _ 5
1932-1940 1,040.000 105.32 4.36
2847_ _Lake Co., Fla.(Spec. Tax
60.000 106.19 4.94 2719_ _Oakland S. D., Calif_ _ _ _5
5g 1928-1955
N
4.40 2849_ _Ocean Side Fire Dist. of
27,950 104.73
1926-1945
5
Hemp2718_ _Lake County,Ohio
the Town of
5.00
6,000 100
1926-1931
5
20.000 100.031 4.50
2588„Lancaster, Ohio
435 1928-1935
stead. N. Y
28,000
1926-1939
5
180.000 102.61
2847_-La Porte Ind
Co.S. D.,Tenn_ -4%
43 1928-1943 250,000 104.06 4.01 2720_ _Obion Spec. Tax S. 13. No.
Co., Pa
2588_ _Lawrence
1928-1955 350,000 110.63 5.08 3099- _Ocala
20,000 103.87 5.01
2588_ _Lee County S. D.,Fla--6
534 1928-1945
1. Fla
75,000 103.77
2588_ _Lebanon County, Pa__ _4g
2590_ Olean (City & Town of)
Road and
2718__Levy Co. Spec.
Un. 'Tree S. D. No. 1,
6.00
75,000 100
1926-1958
Bridge Dist. No.5,Fla.6
431 1950-1955 174.000 103.47 4.05
N Y
6.00
15.000 100
1935
6
242,000 101.77 4.13
1945
2718._Lexington, Tenn
43(
2971-Omaha, Neb
48.000 102.50
5 2-20 years
2970-Lexington High S. D.,
101.56 4.61 2971.-Oran S. D., Mo
50.000
11.400 101.69 4.13
44 1926-1955
No. Caro
431 1926-1935
Co., Ind
2590_ _Orange
50,000
,
535 d1945-1965
121,890 101.69 _ -431
3227__Liberty; So. Caro
2849_ _Oregon (State of)
434 1935-1949 150,000 106.66 3.98
3098._Liberty Twp. Ind. S. D.,
2463_ _Orange Co.. N.Y
25,000 102.32
r ..
4g
22,000
431 d1930-1945
Iowa
12.000 102.37 4.60 2720_ _Osceola S. D.. Neb
1926-1937
5
39.000 100.31 4.48
434 1926-1935
2588_ _Lima, Ohio
40,000 102.30 4.79 2849_ _Osakis. Minn Free S. D.
6
2847_ _Lima, Ohio (2 issues)
_Ossining Un.
2590_
431 1926.1945 138,400 100.84 4.15
2847-Lincoln Co. S. D. No.37.
No. 1. N. Y
16.000
4.75
4j
2,480 100
Neb
1927-1936 150,000 104.11 4.27 2971_ _Ottawa, Kan Middleburg434 1-5 Years
5
n S. D.,Ill
2588__Lincoi
8,595 100.05 4.73 2463_ _Ovid and
4j 1926-1929
50.000
4.35
Twps., Mich
2588_ _Lockport, N.Y
47,500 103.08 4.64
1926-1945
5
49,000 100.02 4.19
4.20 1926-1929
2718_ _Logan,Ohio
2590_0watonna, Minn
31,875
3098__Logan Co. S. D. No. 12,
2590.. _Owensboro, Ky
17.000
4(
Colo
2720_ _Pacific Co. High S. D.
4.50
Beach City S. D.,
-..434 d10-25 yrs. 100,000 100
No. 116, Wash_
2588-.Long
1926-1954 350,000 104.38 4.55
5
Calif
_Palisade Sewer District
4g 1927-1944 518.000 102.31 4.47 2720_
39,000 98
1940
53.1
No. 1, Colo
2462_ _Long Branch, N.J
4.45
4% 1927-1944 122,000 102.46 -- 2720_ _Palo Verde Drain. Dist.,
2462__Long Branch, N.J
95,000 100.40
1933-1942 600,000
6
Calif
2847_ _Longview S. D., Wash--431
5,000 100.10 5.98
1927-1936
6
Los Angeles Co.Sanitation
2463 _Pamela, No. Caro
2588..
-6
.
53/ 1926-1965 240,000 105.02 4:9
17,137
5
Dist. No.4, Calif
8
- 2971_ _Parsons, Kan
15,000
5i5 1926-1950
1.330.000 102.51 -- -2588_ _Londonville, Ohio
2590_ _Pasco Co., Fla
32,500 103.20
1926-1955
6
250,000 101.90
2718__Loulsville, Ga
2,000,000 100.85 Yorr 3230_ _Pasquotank Co., No.Car_4g 1928-1955 150,000 105.35 YL'i
1965
4
1930-1955
5
Co., K y
2588_ _LouLsville, Ky
1926-1955 210,000 100.65 3.89 2464_ _ Pendleton Union S. D.,
Yan
2588_Lowell, Mass.(3 issues). _4
1927-1935 110,339 103.96 4.25 2590_ _Penn Y
5
37,980 102.611 4.26
434 1925-1954
N.
2718_ _Lucas County, Ohio
58,708 103.32 4.25
1926-1934
5
2718.. _Lucas County, Ohio
51,736 103.57 4.01 2849_ _Perkins Co. S. D. No.33.535
1926-1932
5
20,000 102.25
Ohio
Nab
2718_ _Lucas County,
1928-1935 142,942 103.56 4.26
100,000
5
5
_Perry Co., Ky
2718_ _Lucas County, Ohio
1928.1935 145,350 101.36 4.73 2849_ _Perth Amboy, N. J
44 1927-1944 145,000 103.69 4.38
_Lyndhurst. Ohio(2issues)5
2588_
2972_
30.000
47.000 104.09 4.32
4g
431 1926-1949
3098_ McCracken, Kan
170,000 101.19 4.01 2972.. _ Perth Amboy, N. J
36.000 101.98 4.32
4I 1-10 yrs.
431 1926-1934
2588__McKeesport. Pa
85.000 101.18 -- -- 2972_ _Perth Amboy N. J
80.000 87.50 5.89
44 30 yrs.
1955
Co.. Tenn
5
Ala
2971_ _McMinn
20.000
30 inst. 1.050,000 102.96 3.99
(4 iss.)- -4
3098_ _McMullen Co.S. D.,Tex.
2464__Pittsburgh,
418.000 100.162
43-5
2462.. _Macomb Co., Mich
Rate.
Name.
Page.
2586.. _Granville Co., No. Car ..5
3346_ _Granville Co., No. Car_ _5
2969 __Grass School Twp.,Ind_ _5
2846_ -Grays Harbor Co. Sewert
t
i ge
iio. kmArfishDr. Dist.
JUNE 27 1925.]
THE CHRONICLE
3341
Page.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Rate. Maturity. Amount. Price. Basis.
2590Pinellas Co. Spec. Rd. &
2851_Wellston, Ohio
534 1927-1935
Bdge. D. No. 1. Fla__ -6
17,&88 9103.33 4.85
1931-1955 1.000.000 95.01
6.43 3101_ _Mast Point S. D., Neb__ _434 d1940-1945
2849_ _Plymouth, Mich
28000 100.79 4.44
92,000
2592--West Wildwood, .J__..6
J
1926-1932
3099_ _Polk Co.. Iowa
92,000 100
43i, 1940-1945 450,000 100.80
6.00
2722__WelLsville, Ohio(2 issues).6
1926-1935
2849_ _Polk Sell. Twp., Ind_ _ _ _5
68,900 105.71 4.78
19,000
2723. West Baton Rouge Parish
2464Polk Co.. Tenn
5
35 years
150,000
Drain. Dist. No._ _,1 La-6
3231--Polk Co.S.D.No.13,Ore.5
12,000 100
1926-1940
6.00
10,500 102.21
4.70 2723_ -Westchester Co., N. Y.
2720Ponder S. D.. Texas_
35,000
(6 issues)
4
2849_ _Portage Co., Ohio
1926-1988 2,995,000 100.92 3.92
5
1926-1934
29.980 103.21 4.34 2723__West Springfield, Mass.
2849_ _Portage Co., Ohio
534 1926-1934
27.786 103.14 4.84
(3 issues)
4
1926-1945 214,000 100.85 ---3231--Portage County, Ohio_ 5
1926-1934
29.980 103.09 4.35 2592--Wharton, Tex
2464_.
Portland, Ore
60,000
4
1936-1955 1,000,000 97.65 4.17
2849_ _Portland Sell. City,Ind_.434 1928-1947 100,000 103.707 4.11 2973__Wheelez County, Tex---5
1926-1965
80,000 102.19 4.85
3234_Whittmore, Mich
2972__Port of Alsea, Ore
5X
1946
10,000
6
1926-1930
15,000 100.36 5.88 2851_ _Wicomlco Co., Md
2720__Posey Co. Ind
5
6-years
24,000
5
1926-1935
14,600 103.74 4.26 2723„Williamsburg Road Dist.,
2590_ _Postville S. D.. Iowa _ _ _ _434 1934-1936
9,000 101.66r 4.28
W. Va
3231_ -Queen Anne's Co., Md_ _5
534
130,000 100.44 ---21,000 103.55
2723_ _Williams S. D., Ariz
2973--Rapides Parish Road Dist.
100,000 101.65 ---2592_ _Wilson S. D.,Pa
No. 5, La
50,000 107.73 5
1925-1934
20,000 100
5.00 2723_ _Windsor, Conn
2973-Rapides Parish Road Dist.
434 1927-1932 160,000 102.56 4.10
2592_ -Winnsboro Ind.S.D.,Tex.5
1-40-years
No.29, La
47.500 101.07 --534 1926-1940
42,500 100.02 5.49 2851_ _Winter Park, Fla
2849- _Raton, N. Mex
5
1926-1935
93,000 100.06 4.99
305,000 99r
2851_ Wood County,
2590-_Reading, Mass
5
59,000 101.88 --- _
4
1926-1935
20,000 100.62 4.87 2723...Woodward-PleaOhio Grove
sant
2590--Redwood City S. D. Ca1.5
1926-1945
90,000 105.18 4.44
Spec. Road Dist., Miss
3231Redford Twp. Un. S. D.
100,000 100.76 --•
2851_ _Woonsocke
No. 1, Mich
43', 1946-1951 300.000 101.21 4.11 2724-_Wynot, t, R.I.(4 iss.)43( 1926-1965 1,175,000 100.28 4.23
Neb
2850_ _Reynolds Spec. S. D.,
18.400
r
3101_ _Wyoming,Ill
No. Dak
15,000
5
1945
20,000 102.87 4.78 2724_ _Yeadon, Pa
2973_ _Ridgefield, Conn
434
1955
53,000 104.35 4.01
4
25 years
100,000 101.84
3101_Ypsilanti, Mich
2973__Robeson Co., No. Caro_ _4
5
17,500 ---1936-1955
50,0001
2973_ _ Robeson Co., N.C.(2iss.)434 1936-1955 185,0001 104.19 ---- 2724-York, Pa1926-1955 250,000 103.04- ---3.98
2724--York S. D., Pa
2720_ _ Rochester, Pa
:i 1926-1955 700.000
434 1937-1947
20,000 105.80 4.05 2724--Youngstown, Ohio
3231- _ Rockford, Ill
5
1926-1930 112.200 102.47 4.24
4H 1926-1945 120,000 101.03 4.36 2593-_Yrek
a City. Calif
2590-Rockport, Mass
534 1926-1965
4
56,000 105.81
1926-1946 120,000 101.176
5.04
2973--Zellenople S. D.,Pa
2850_ _Rockville Centre, N. Y_ _ 5
434 1927-1952
85,000 102.30 4.04
1926-1935
20.000 103
4.37
2973-_Rocky River, Ohio
53
1926-1934
15,900 103.52 4.21
Total bond sales for May 537 municipali3100-Roseburg, Ore
6
1-10 years
43,114 105.43
ties, covering 722 separate issues)
2720_ _ Royal Oak,Mich. iss.)_434
(4
k$188,526.385
129.699 100.21 ____
2850Rush County, Ind
434 1926-1935
10,720 101.93 4.11 - Subject to call in and during the
d
2464Ruslivil1e Un. S. D. No.
earlier year and to mature in the later
year. k Not including $38,595,019 temporary loans. r Refunding bonds.
92, Ill
5
1935-1944
35,000 106.70 4.38 y And other consideraations.
2720„Ruskin, Neb
4Y,
12,900 100
4.50
2973--St. George S. D. Ga_ _5
1945
18,000 100
5.00
The following items included in our totals for previous
2591_ _8t. Johnsville B. D.,N7k.4.20 1928-1955 175,000
100.17 4.20
2720_ _ St. Joseph County, Ind_ _434
1933
75,000 101.26 4.30 months should be eliminated from the same. We give the
2720__Salem, Mass
4
1926-1935 120,0001 100.73 3.81 page number of the issue of our
paper.in which reasons for
27205alem, Mass
4
1926-1930
20.0001
2591-Salem S. D.,N.H
434 1926-1945
10,000 100.40 ---- these eliminations may be found.
2720-Salem Twp. S. D., Ohio
Page.
•Name.
Amount.
(2 issues)
6
1926-1935
11,600 105.25 4.90 2843__Adams Co. S. D. No.
2721_ _San Diego, Calif
$3.000
5
1926-1964 390,001) 108.62 4.35 2714- _Clear Creek Co. S. D.1, Colo. (April List)
No.
2721_ _San Diego, Calif
8.000
5
1926-1930 500,000 101.76 4.32 2848__Conway Co. S. D. No. 32,11, Colo. (April List)
Ark. (April List)
2591_ _Sandusky,Ohio
*140,000
5
1927-1936
24,000 102.81 4.48 2970-Kalamazoo S. D., Mich. (April list)
2850_ _ San Francisco (City and
275.000
2719„Little Rock. Ark. (April List)
County of), Calif
42,000
5
1930-1969 1,000,000 110.72 4.29 3098_ Logan Co. S. D. No. 12, Colo. (Jan. list)
2973-Sanford, Fla
17.000
5
1926-1935
100.31 4.93 2848_ Molalla Union High S. D., Ore. (April List)
2721--SaranacLake,N.Y.(3Iss.)4.40 1926-1946 204.000 100.26
8,000
43,400
4.36 2972-_Pasadena S. D. No. 2, Calif. (April list)
2591--Scott County, Iowa
72,000
431 1937-1943 557,000
-.- 2972__Pasadena S. D. No. 3, Calif. (April llst)
2591--Scott County, Iowa
116,000
43( 1943-1945 433,000
2972 Power County, Ida. (March list)
---2973--Seneca-Rogers Sewer Dist
30.000
3100-San Antonio, Tex. (April list)
of the Town of Ironde6.500.000
quoit, N. Y
4
1930-1954 625,000 104.079 4.16
*See item under caption of Morrilton Special School District, Ark..
2591_ _ Shaker Heights, Ohio_
4
1926-1935 573,970 101.81 4.45 on page 2848.
2721_ _ Sharon Hill S. D.,Pa_ _ _ _4
1955
47,000 104.11
4.02
2850_ _ Sheridan Co. S. D. No.2,
We have also learned of the following additional sales for
Neb
69,500
2591_ _ Sherman Co. S. D.No.8,
previous months:
Neb
5
1-15 years
Page.
30,000
Name.
Rate. Maturity. Amount. Price. Basis.
2721_ _ Sidon Twp. S. D., Ill_ - _ _5
1926-1935
15,000 102.40 4.49 3223_ _Baylor County, Tex
534
serially 115.000 100r
2850_ _Sioux City,Iowa
5.50
434 1934-37-39
75,0001 100
2583- _Beatrice. Neb.(March)--5
1926
$3,500 100'
2850_ _ Sioux City,Iowa
5.00
44, 1942-43-44
3223-Benkelman, Neb
75,000J
434
38,000
2973_ _ Somerset, Ky
5
3095__Clinton Co. S. D. No.
1945
85.000
2850_ _ Somerville, Tenn
534
20,000
32, Ill
5
1926-1945
30,000 100.31
2591_ South Bend School CitY,
4.97
2844- _Columbiana,0.(March)-534 1926-1934
4,191 100.89 5.32
Ind
434 1935-1944 150,000 104.53 4.17 2844-Curry Co. S. D. No. 1,
2721-Southeast (Town) Union
Ore.(March)
6
1935
5.000 100
Free S.D. No. 13, N.Y.434 1926-1965 250,000 104.75
6.00
4.13 2845-Florence, Ala
6
1935
263,000
2850_ _South Pasadena, Calif_ _ _5
1930-1954
25,000 106.27
2846_ _Henry
6,000 100.73 4.27
2973--Spartanburg Co., So.Car.434 1926-1945 175,000 101.13 4.43 2970Kalam Sch. Twp.,Ind---4A 1927-1930
azoo S. D. No. 1,
4.37
2721_ _Springfield, Mass
4
1926-1955 690,000 103.331 3.71
Mich
434
1935
275,000 100.73 3.96
2721_ _Springfield, Ohio
43 1926-1935 294,498 103.03 4.10 9847_ Kirksville S. D. Mo
434 1926-1940 200,000
3100__Springfield Twp. Rur. S.
2847- _Larchmont, N. Y.(Feb.) 434 1932-1968 148,000 104.829 4.19
D., Ohio
534 1926-1931
25,000 102.88 4.67 3098__Lewis and Clark Co. S.
2721_ _ Springwells, Mich
434
200,000 101.61
D. No.4, Mont
6
10 years
2850_ _ Springwells Twp. Unit
3.000
6.00
2848_ _Morrilton Spec.S.D.,Ark.534 1930,1950 140,000 100
S. D , Mich
101
5.41
434 1-30 years 240,000 100.71
4.16 2719--Noble County, Ind
5
Semi-ann.
2591_ _Stamford, Conn
99,520 105.23 _--434 1926-1965 2,000,000 103.67 3.97 2719-_North Little Rock, Ark 6
2721_ _Steelville S. D., Mo
73,000 101.77 _ --5
1927-1945
36,000 103.12 -- -- 2972_ _Pasadena Municipal Impt
2721_ _ Steuben Co., Ind.(3 iss.)434 1926-1935
38,700
District No. 2, Calif_ _ -534 1930-1941
2721_ _Steuben County, Ind_ _ _ _434 1926-1935
72,000 102.53 5.19
20,000 101.37 4.23 2972-Pasadena Municipal Impt
259L..Stockport Un. Free S. D.
NI
District No.3. Calif_ _53( 1932-1935 116,000 100.57 5.17
_5 si
No. 1, N. Y
434 1926-1965
80,000 104.25 4.21 3350-San Antonio, Tex.(Jan.)_534 1926-1965 7,000,000
2591_ _Stockton, Calif
100
5.50
5
1926-1939 250,000 102.47 4.39 2973-Sandy S. D Utah
4
1926-1928
59,000
2591_ _Stockton, Calif
r
534 1945-1947
40,000 114.82 4.41 3101- Washington Co., N. C__534 1954-1960
2973_ _ Stratford, Iowa
35,000
434 1925-1944
15,000 101.33
3234--Weslaco, Tex. (2
2591_ _Sumter Co., So. Caro_ _ _ _5
45,000 103.66
1930-1954 250,000 102.70 4.77 3101_ _York, So. Caro issues) _6 10-40 years
5
1955
2850_ _Summertown S. D., Ga_ _5H 1926-1955
17.000
r
30,000 y102.33
r Refunding.
2591_ _Summit S. D., Calif
5
1926-1953
5,600 100
-5356
2850-Sumter Co. Slime. Tax S.
All of the above (except as indicated) are for April.
D. No. 6, Fla
6
1928-1949
35,000 104.80 5.52
3100__Sunol Glenn S. D., Calif_5
1927-1949
45,000 104.97 4.46 These additional April sales, less the eliminations for April
3100__Sunset S. D Calif
5
1927-1946
50.000 104.57 4.49 listed above, will make the total sales (not including tem3233--Sweetwater Co. S. D.
porary loans) for that month S89,460,935.
No. 7, Wyo
5
75.000 100.12
3233-Tacoma, Wash
6
1932
5,758
BONDS SOLD BY CANADIAN MUNICIPALITIES IN MAY.
3100...Talbot County, Ga
5
1955
30,000 99.83 5.02 Page,
Name.
2850--Tarrytown, N. Y
Rate, Maturity. Amount. Price. Basis,
434 1926-1935
20,000 101.19 4.25 2593-CapeDsLaMadeline,Que.5
2851__Taunton, Mass
30 Years $115,000 98.37 4.15
4
1926-1930 100,000 100.60 3.78 2974__Cayuga,
Ont
3233- _Temple, Tex
534 20 install.
20,000 103.20 5.12
5 145
1932-l945 150,000
--- 2852_ _Chatham. Ont
2722-Texas tate of) (4 issuel5
5 10 install.
9,100 100
years
5.00
19,200
2974-Digby, N.S
2722-Texas State of)(2 issues 534 2-20 years
5
20 years
40,000
6,375
2974-East York Tarp., Ont_ - _5
2722-Texas State of)(7 issues 6 1-40 years
_5
40 install. 311,7951 100.29 ---21,500
2974-East York Twp., Ont_---534 10 install.
2465...Tipton County,Tenn-- _ _43( 1926-1955 145,000 102.03
15.8601
4.59 2852- _Edmonton, Alta
2973-Titusville, Fla
534
1945
6
1,125,000 100.33
1955
500,000 107.25
2724-_Elm Creek, Man
2722-Toledo,Ohio (5 issues).- _4
534 1925-1954
1926-1950 930,000 101.08 5.50 2593-Essex
8,000 103.40
4.36
County, at
2722-Transylvania Co., N.0_
5
20 install. 140,000 99.89 5.02
1925-1949 125,000
2852--Ford City, Ont
2851-Troy, N. Y
5
575,000 95.21 5.50
434 1926-1945
50,000 102.06 3.99 2852-Graton Roman Catholic 10-30 install.
2465--Tuscaloosa, Ala
5
1935
S. D. No. 13, Sask
2465-Tuscumbia S. D., Mo 534 1926-1937 175,000 100.05 4.98
534 30 install.
50,000 98.77
12,000
2852--Grey R. M., Man
3233- _Tweedy S. D , Calif
5
30 install.
5
1926-1960
8,000 103.40 5.20
69,000 104.04 4.67 2724--Hamllton, Ont
2973_ _Union City, Tenn
4
534 1930-1954
773,456 97.29 4.94
25,000 107.32 4.85 2852--Hanover, Ont
2592--Venango, Neb
534 30 install.
22,700 104.52 5.10
534
8,000
r
2724_-Metoa, Sask
7
2592-Vernon, Tex. (2 issues).-534
10 yrs.
3.500 100
35,000 104.63
7.00
2724-Mimico, Ont
5
2851-Vernon,Calif
yrs.
26,900 100.10
1935-1944 150,000
2593_ _Nova Scotia(Prov.on_ _ _434 301927
2851-Vernon,Calif
lg 1945-1964 300,000
3,500.000 100.066 4.47
2593_ _Orangeville. Ont
2851--Vigo County, Ind
30 yrs.
5
13,000 99.62 5.03
1926-1935
82.000 104.15 4.13 2593- _Owen Sound, Ont
2973-Vigo County. Ind
5
1945
1926-1945
400,000 99.79
80,000 104.14 ..- _ 2593-_Pembroke, Ont
5
2851- _Wabash School City,Ind_5
30 inst.
1928-1938 220,000 107.54 4.24 2724_ -Pictou, N.9
184,000
99.33
5
2851--Wabash Co.,Ind.(2 iss.)-5
30 yrs.
10.000 99.68i 5.02
1926-1935
20,000 102.03 4.58 2974-.Prince Rupert, B.C
6
2592--Wake Co., N. C.(2 iss.)_434 1928-1965 260,000 100.32 4.48
10 years
114,839 98.33 6.36
2852„Regina, Sask
5 5,20&30yrs.
2851-Ware, Mass.(2 issues) _434 1-15 years
29,100 97.89J
20,000 104.15 4.13
2722__Warren, Ohio (9 issues)_ _5
1926-1935 369,425 103.35 4.31 2852__St. John (City & Co. of).
N. B
2592__Wasco County, Ore
5
20 Yrs.
434
46,000 100.35
50,000 100.11
2852-St. John (City & Co. of),
285i_ _Washington. Ohio
534 1926-1935
12,500 104
:i:e'i
N. B
5
2973_ _Washington Sch. Twp.,
20 Yrs.
34,569 99.07
2593--Saskatchewan Sch. DistInd
5
1928-1940
3,000
16,450 105.79 4.19 2593--Saskatchewan Sch.Dist_ -634 l5 yrs.
_7
2465_ _Washtenaw Co., Mich
Yrs.
1,000
434
59,000 100.106
2593...Saskatchewan Sch. Dist_ _63( 10 Yrs.
2722„Washington County, Pa-434 1941-1952 175,000 106.94
10
1,800
4.02 2974-Saskatoon, Bask
534110. 15, 201 105,405 101.14/ 1
2722-Washington Sub Sanitary
.46
is, 30 Yrs.)
Dist Md
434 d30-50 yrs. 500,000 103.809 4.315 2852_.Sherbrooke,
di 1.4
Que.(3 iss.1_5
2592__Waverly, N. Y
434 1927-1932
36,000 100.79 4.38 2724-_80. Vancouver Dist.,B.C_5 14,15,22 yrs. 325,000 99.33 5.08
34 40 yrs.
2851_.Waterbury Conn
19:30-1954 100,000 102.401 4.06 2852-Stratford, Ont.
27,000
(3 iss.)_ _ _5 10,15&30yrs. 180,000 98.56 5.59
2722_ _Wayne, Mich
4
65,000 103.06
-- 2724_ _Walkerville. Out
5&534238,553 99.40
2722.. _Webb City, Mo
5 d1935-1945
40,000 105.19 4.36 2974-Whitby, Ont
5H 10 install.
2722-Wellman Ind. S. D., Ia.-434 20 years
1,050 100
40,000 100.50 --- 2974_ _NN hitby, Ont
5.50
534 30 install.
10.100 100
5.50
THE CHRONICLE
3342
[VOL. 120.
lature of 1919, the Bank Commissioner on April 1 1925 issued
a list of the railroad securities considered legal investments
for State and savings banks. The last previous list was
issued on March 1 1924 and was published in full in the
'Chronicle" of April 5 1924, pages 1698 and 1699. The list
We have also learned of the following additional Canadian for April 1 1925 we give herewith, indicating by means of an
sales for April:
asterisk (*) the securities added since 1924 and enclosing in
Rate. Maturity. Amount. Price. Basis. full-face brackets those securities which have been eliminated
Name.
Page.
2724 _Lloydminster Joint Dist.,
1926-1955 545,0001.99.15 ---- during the year.
6
Bask
6,500 103.12 ---Illinois Central Railroad Co.
Atchison Topeka &Santa Fe system.
2724_ _Prosperity S. D., Man_ _ _6% 1926-1945
'Eq. tr. Ser. D 434s, serially to 1926
14,000
serially
---- Ateb. Too.& S. F. Ry. gen. 4s, 1995
5
2464_ _Rougemont,Quo
Eq.
' tr. Ser. E Is, serially 10 1927
•• ••
E. Okla 4s.1928
••
These additional April sales will make the total sales for
Transe.Short L 'Eq. tr. Ser. F 7s, serially to 19351936
1st 48. 1958 'Eq. tr. Ser. G 634s, serially to
that month 815,275,419.
'Eq.tr. Ser. It 550,serially 10 1937
Price. Basis
Rate. Maturity. Amount.
Name.
Page.
5.08
35,000 103.53
20 inst.
53
2852._ Whitby, Oat
---99.71
382,936
10 inst.
5
2852__Windsor, ant
99.537 5.05
1,110,694
5
2593__York Twp., Ont
5.
I.Sel
.
997 357._:j
Total amount of bonds sold dulling May .
Rocky Mountain Div. 48, 1965
'Eq. tr. Ser. I 4118, serially to 1937
Chicago Santa Fe & Cal. Ry. 1st 58, 1937 'Eq. tr. Ser. J 5s, serially to 1938
Hutchinson & So.Ry. 1st 5s, 1928
'Eq.tr. Ser. K 434s. serially to 1939
San Fr.dr San Joaq. Val.Ry.1st 5s, 1940
Lehigh Valley System.
-State's New Municipal Bond Law.
Michigan (State of).
Atlantic Coast Line Railroad Co.
Lehigh Valley RR,1st 48, 1948
-As noted in V. 120, p. 2840, the State Legislature passed *Equip.trust Series D 6315,serially to'36 *Lehigh Valley Ry. 1st 4345, 1940
The
Louisville & Nashville Railroad Co.
at its session this year a new Municipal Bond Law. ComAtlantic Coast Line System.
*Equip. tr. Ser. D 6345, serially to 1936
Atlantic Coast Line RR.let cons.49.'52 *Equip. tr. Ser. E 431s, serially to 1937
text of the law will be found in our "State & Municipal
& Petersburg RR.cons.4315, 1940 *Equip. tr. Ser. F 55, serially to 1938
Rich.
pendium" of even date herewith.
Petersburg RR. 5s & 68, 1926
Louisville & Nashville System.
let 58, 1939
-Voters to Pass On Two Proposed Con- Norfolk de Caro. RR.2d da, 1946
Ohio (State of).
Loulsv.& Nadu.RR.1st& ref. 58,2003
"
'03
lat& ref.5i1s,
48 & 58,
stitutional Amendments This Fall With Regard to Taxation Wiles.& Weldon RR.gen.RR.43, 1935 • " " " let &ref.430.'03
1947
Wilmington & New Berne
-On Nov. 3 of this year the AU.
and Municipal Indebtedness.
Unified 4s, 1940
Coast Line RR.of So. Caro.
nts to the Northeastern RR.cons. 65, 193345,348
1st 55, 1937
voters of Ohio will pass on two proposed amendme
Trust 58, 1931
Alabama Midland Ry. 55, 1923
State Constitution.
Louisv. Cin. de Lea. R.Y. gen. 4348. 1931
Western RR. 48,
Brunswick
so as to provide Charleston & Savannah Ry. 78,1938
1936
One would amend Section 2 of Article XII
Southeast & St. L. Div. 181 Bs, 1971
&
Mobile & Montgomery
Ry.53 &as.
for taxation by uniform rule of all real estate and tangible Savannah Fla. & West.lot 45, 1945 '34 N.0.& Mob.Div, 1st4345. 1945
6s, 1930
for the Florida Southern RR.
2d 6s, 1930
property except motor vehicles, and to provide
Co.
Bangor,194Aroostook
Atl. Knoxv. de Clne.
axation of intangible property. Section 2, as amended, *Prior 11ml:equip. trust RR. CI 794 Paducah de MemphisDiv, 48, 19551946
Div. 1st 4s.
Series
would read (the new matter being placed in italics):
Nashv. Flor. & Sheffield Ry. 1st 58, 1937
serially to 1936
South& North Ala,RR.let cons.5s,1936
Section 2. Laws shall be passed, taxing by a uniform rule
Bangor:& Aroostook System.
Gen.cons. 55,'63
all
all . . . real estate and improvements thereon andtrue *Bangor & Aroostook RR.let 5s, 1943 Lexington & Eastern Ry. 1st 58, 1965
. their
*Piscataquis Division let 58, 1943
tangible personal property, according to .
Michigan Central Railroad Co.
*Van Buren Extension 1st 58, 1943
*Equip. tr. of 1917 65, serially to 1932
value in money, excepting motor vehicles which shall be taxed
*Medford Extension 1st 55, 1937
*Equip, gold notes No. 48, 68 (if not
*Consolidated refunding 4s, 1951
as may be provided by law. All moneys, credits, bonds, stocks
stamped subordinate), serially to 1935
*Washburn Extension let da, 1939
may be
and all other intangible property, shall be taxed as
Michigan Central System.
*St.Johns River Extension 1st 58, 1939
Michigan Central RR. let 3548. 1952
*Aroostook Northern RR.let 58, 1947
provided by law. I
-Mich. Air L. RR. 1st 48,'40
day of *Northern Maine Seaport RR. RR. de Mich Cent.
. . . But all bonds outstanding on the first
'31
Mich. Cent.-Det.&BayCityRR.lst5s,
Term. 58, 1935
-Jack.Lan.& Sag.RR 1st 3M s.'51
M.C.
January, 1913, of the state of Ohio or of any city, village,
been Conn.&Boston & Maine System. 1943 Minneapolis St. Paul & S S M.Syst.
Passumpsie River RR.48.
hamlet, county or township in this state or which have
[M.St. P. & 5. 8. M. Ry. let CODS. 55
. . .
issued in behalf of the public schools in Ohio and and all
Central of New Jersey System.
and 4s, 1938]
Central RR.of New Jersey gen.58. 1987 [M.B.S. M.& Atl. Ry.let 48, 1926]
the means of instruction in connection therewith,
*Equip. trust Ser. I 138, serially to 1932
Mobile & Ohio Railroad Co.
bonds issued under article VIII, section 2a of this constitution
*Equip.trust Ser.K 5s,serially to 1937 *Equip. tr. Ser. L 5s, serially to 1938
for the world war compensation fund, shall be exempt from Chicago &North Western Railway Co. *Equip. tr. Ser. N 5s, serially to 1939
school
to 1939
taxation; . . . and burying grounds, public
*Eq.tr.of 1920,Ser.J PHs,Bony to 1936 *Equip. tr. Ser. N 434s, serially
,
Mobile & Ohio System.
houses, houses used exclusively for public worship, institu- 'Eq.tr.of 1920,Ser.K 634s, Berl} to'36 Mobile & Ohio RR., 1st 13s, 1927
'Eq.tr. of 1922, Ser. M 5s, ser'ly to 1938
tions used exclusively for charitable purposes, public property 'Eq.tr. of 1922, Ser. N 5s, serly to 1938 Nashv. Chatt.& St. Louis Ry. Co.
used exclusively for any public purpose, and tangible personal 'Eq.tr. of 1923, Ser.0 58, seely to 1938 *Equip. tr. Ser. Et 015, serially to 1937
System.
property, to an amount not exceeding in value five hundred Chicago & North Western& 35113.'87 Nash,. Chatt. & St. Louis System.
gen. 5s, 4s
N. C.& St. L. Ry. let cons. 53. 1928
dollars for . . . any individual, may by general laws, be Chic.& N.W.Ry.eaten.4s, 1926
New York Central Railroad Co.
.
first dr ref. 55. 2037
exempted from taxation- and laws may be passed to provide
*Equip.
of • " " " first de ref. 68, 2037 *Equip. tr. of 1917 434e, serially to 1932
•
tr. of 1920 7s, serially to 1935
against the double taxation that results from the taxation
debenture 58, 1933
43, 65 (if not
both the real estate and the mortgage or the debt secured (M.L.S.&W.Ry.MIch.Div.lst69•241 *Equip, gold notes No.serially to 1935
stamped subordinate),
Ashland Div. 1st
thereby, or other lien upon it, but all such laws shall be [ " " ext. dc imp. mtge.tls, 1925] New York Central Lines
58, 1929
'Equip. tr. of 1922 55, serially to 1937
subject to alteration or repeal; and the value of all property, [Minn.& Iowa Ry. 1st 3318, 1924]
*Equip. tr. of 1922 434s, serially to'37
334s, 1926
Princeton &
so exempted, shall, from time to time, be ascertained and Frees. Elkh.Northw. Ry. let cons.69,'33 *Equip. tr. of 1923 5s, serially to 1938
dc Mo. Val. RR.
*Equip. tr. of 1924 58, serially to 1939
published as may be directed by law.
Iowa Minn.& Northw. Ry. 1st 3343.1935
Sis, serially to'39
The other amendment would add a new section (13) to Sioux City & Pacific RR. 1st 3513. 1936 *Equip. tr. of 1924 4 System.
3Hs.1941
VIII and would provide that no bonds, notes, certifi- Manitow.G.B.&N.W.RY.1st 4s, 1947 .Y.New York Central Imp. 4 Ms,53
Article
C&H.R.RR.ret. dc
ness shall Milw. Sparta & N.W.Ry. 1st
& 63.2013
cates of indebtedness, or other evidence of indebtedmunicipal St. Louis Pao.& N.W.Ry.1st 58, 1948
1st 3515, 1997
4548, 1947
issued by any county, school district, township, district Des Plaines Valley Ry. 1511st 33.18. 1941
be
Lake Shore coil,
"
Mllw. & State Line Ry.
3515, 1998
let 3318, 1935
corporation or other political subdivision or taxing
or Minn.& So. Dakota Ry.
Mich. Cent. Co.
Peoria & Northw. Ry.
for current operation expense or for the acquisition an St.Paul East. Cr.Trk.let 3318, 1926
3115, 1998
Ry.let 4345,'47
deben. 4s, 1934
•
" "
construction of any property or improvement having
Burlington & Quincy System
The purpose
deben. 4e. 1942
estimated usefulness of less than five years. provisions of ChicagoQ.RR. general 43, 1958
consolid 49,
C. B.&
Ill. Div. mtg.3;13,1949
1998
of the amendment is to embody some of the
48. 1949 Mohawk & Mal. Ry. 1st 4s, 1991
Act, passed by the 1921 legislature, in the
the Griswold
Neb.Ext. mtg.48, 1927
consol.334e. 2002
tion. Section 13, if added, would read:
State Constitu
Albany RR. 334s, 1952
St.Paul Minn.& Omaha System Boerton &
ness,
" 334e, 1951
Section 13. No bonds, notes, certificates of indebted any Chic.
Ch.St.P.M.& 0.Ity. cons. 3348, 1930]
" 45, 1933
" 68, 1930]
" " "
of indebtedness shall be issued by
" 48, 1934
or other evidence
65, 1930]
ion or North Wisconsin Ry. 1st
" 4s, 1935
county, school district, township, municipal corporat
" 434s, 1937
Delaware & Hudson System.
subdivision or taxing district for current
other political
" 58. 1938
& Bud. Co. 1st refunding 48. 1943
of Del.
" 5s, 1942
operating expense, or for the acquisition or construction s Adirondack Ry. 1st 434e. 1942 6s,'243
usefulnes [Schen. & Duanesburg RR. 1st
" 5s. 1963
any property or improvement having an estimated
Cartha▪ ge dg Adirondack Ry. 1st 48,1981
RR.cony. 354e. 1946
authorizing Albany & Swig.
Carthage Watertown& Sacketta Harbor
of less than five years; but laws may be passed in anticiSystem.
Lack. &
RR. cons. 5s, 1931
borrowing for a period not exceeding six months current Delaware Essex RR.Western 2000
181 3348,
Morris de
Chicago Ind. & South. RR.45.1956
n of revenue in and for the
pation of the collectio
Clev. Short Line Ry. lst 4;16. 1961
Co.
, or auth- Great Northern Railway
Gouverneur de Oswegat. RR.let 59,1942
fiscal year in which such indebtedness is incurred collection *Equip.trust Ser. B 58,serially to 1938 Indiana Ill. dc Iowa RR. let 4s, 1950
*Equip.trust Series C 4515,serially to'39 James. Frank.& Clear. RR. let 4s, 1959
orizing indebtedness in anticipation of the levy or
of an *Equip.trust Ser.D 414s.serially 10 1940 Kalamazoo de Wh.Pig. RR.lst 53. 1940
of special assessments or for defraying the expenses
Sou.Ry. let 3345. 199 7
expenses
&
Great Northern System.
extraordinary epidemic of disease or emergency reason- Great Northern Ry. let & ref. 4348. 1961 Lake Sh. Mich.
deb. 43,1928
not
deb. 43,1931
made necessary by sudden casualty which could payment of St. P.M.& M. Ry. consol. 4s, 1933
consol. 431s, 1933 Lit. Falls & Dolgev. RR. let 38, 1932
provide for the
ably have been forseen, or to
N.Y.& Northern Ry. let 5e. 1927
consol. 69, 1933
or other non-contractual
" Mont. ext. 45, 1937 N.Y.dc Putnam RR.consol. 45,1993
final judgments for personal injuries
acquisition or
Ry. 1st 13s, 1932
" Pacific Ext. 48,1940
••
obligations. No bonds or notes issued for the shall run for East.Ry."Minn. Nor.Div.45, 1948 Pine Creek & Pt. Mor.RR.1st 3513.'59
Spuy. Duy.
of
ments
construction of property or improve
Sturgis Goshen & St. L. Ry. let 38.1989
Central Ry. let 5s, 1937
such property Montana
1st
New York New Haven & Hart!. Syst
longer than the probable period of usefulness ofed as provided Willmar & Sioux Falls Ry.6s, 1937
1st 59, 1938
orimprovements, to be estimated or determin authorized. Spokane Falls 5, North. Ry. 1st 65. 1939 Old Colony RR.45, 1933
48, 1925
herein
334e. 1932
by laws fixing maximum maturities
Illinois Central System.
political
1st 015, 1944
Laws shall be passed to fix the fiscal years eof boards M.Cent. RR.refunding mtge. 48, 1955
the
Western Railway Co.
Norfolk &
refunding mtge. 58, 1955
subdivisions and taxing districts and to designat estimates
Sterling extended 45, 1951 *Equip. tr. of 1024 431s, serially to 1934
•
the
.
or officers by whom and the manner in whichimprovements
Gold extended 3518, 1950 *Equip. tr. 01 1925 434e, serially to 1935
•
or
Sterling 38, 1951
•
Norfolk & Western System.
as to the period of usefulness of propertylimitations of this
gold 4s, 1951
•
Norfolk & Western Ry. consol. 4s, 1996
shall be made and certified. Within the
gold 334s. 1951
•
Norf.& West.RR.gen. Os. 1931
m maturity
gold extended 3348. 1951
New River Be. 1932
•
section laws may be passed fixing the maximu purposes.
Spring!. Div. 1st 354s,'51
•
Imp. & ext. 68, 1934
of bonds or notes issued for any purpose or class of
Cairo Bridge 1st 43, 1950 Scioto Vall. dr New Eng.RR. let 43.1989
• " St. Louis Div. let 35, 1951
"
Northern Pacific Railway Co.
3518, 1951
-Railroad Bonds Considered Legal
Vermont (State of).
7e, serially to 1930
-Complying with
Purcb. Lines lit 351s,'52 *Equip. tr. of 1920 434s, serially to 1932
Banks.
Investments for State and Savings
Tr. let 334e. 1950 *Equip. tr. of 1922
Collat.
by the Legis-
NEWS ITEMS.
t
Section 5863 of the General Laws as amended
JUNE 27 DM]
Northern Pacific Ry. System.
Nor.Pao.Ry.ref.&imp.4)48,5s & 68,2047
prior lien 4s, 1997
" " gen. lien 3s, 2047
" St.P.
-Duluth Div.4s, 1996
St.Paul& Duluth RR.cons. 4s, 1968
.•
" 1st 5s, 1931
Wash.& Columbia Rio. Ry. 18t 4s, 1935
Pennsylvania Railroad Co.
*Gen eq. tr. Ser. A 55, serially to 1938
*Gen.eq. tr. Ser. B 55. serially to 1939
*Gen.eq. tr. Ser. C 4348,serially to 1939
Phil. Bait. & Washington System.
Phila. Bait.& Wash.RR. 181 4a, 1943
Phila. WiIm.& Bait.RR. 4s. 1928
" 4a. 1932
Phila.Balt.&Wash.RR. gen. 68, 1960
gen. 58, 1974
Col. & Port Deposit Ry. 1st 4s, 1940
Phila. & Bait. Central RR. 1st 4s, 1951
Philadelphia & Reading System
Philadelphia & Reading RR.5a. 1933
Reading Company.
*Equip. tr. Ser. G 4348, serially to 1927
*Equip. tr. Ser.J 5s, serially to 1932
*Equip.tr.Ser.IC 434s,serially to 1933
Southern Pacific System.
South. Pea. RR. 1st ref. 4s, 1955
" " let eons. 58, 1937
Northern Ry. 1st 5e, 1938
Northern Calif. Ry. let 5s, 1929
Southern Pacific Br. Ry. 1st fis. 1937
Union Pacific Railroad Co.
*Equip.tr. Ser. A 75, serially to 1935
*Equip.tr. Ser.B 58, serially to 1937
*Equip.tr.Ser. C 434s,serially to 1938
*Equip.tr. Ser.D 4348,serially to 1939
THE
CHRONICLE
Pennsylvania System.
Pennsylvania RR. gen. 4345, 1985
gen. 58..1968
gen. Os, 1970
consol. 48, 1943
consol. 3348, 1945
consol. 45, 1948
consol. 434s, 1960
Allegheny Valley Ry. gen. 48, 1942
Cambria & Clearfield RR.1st 58. 1941
Ry. gen. 48. 1955
Clearfield & Jefferson Ry.1st 68, 1927
Hollidaysburg Bedford & Cumberland
RR. let 48, 1951
Junction RR. gen. 3348, 1930
Penn.& Northwestern RR.gen.58,1930
Pitts. Va.& Charles. Ry. 1st 48, 1943
Sunbury & Lewistown Ry. let 48. 1936
Sunb.Has.& W. Ry. 1st 58. 1928
-B.
2d 6s. 1938
Western Penn. RR.consol. 48, 1928
Un. N.J. RR.& Canal Co.gen.4s, 1929
gen. 4s, 1944
gen. 4s, 1948
gen. 3348, 1951
gen. 434e, 1973
Gay.& Pitts. RR. gen. 445 & 334s.'42
general 334s, 1948
general 334a. 1950
Harrisburg Portsmouth Mt. Joy & Lancaster RR.1st 48, 1943
Union Pacific System.
Union Pacific RR.lst 4s, 1947
lstIlen&ref.4s & 58,2008
Miscellaneous New England Railroads
New London Northern RR.0008.48. 1940
Burlington Traction Co.
Burlington Trao.Co. let&refund.59. 1942
Chicago Sanitary District, Ill.-Governor
Bill Increasing District's Debt Limit to 4%. Small Signs
-On June 19
Governor Small signed the bill, which passed the 1925
Legislature during the first part of this month (V. 120,
p.
increasing the district's debt limit from 3%, the rate 2966),
heretofore, to 4%.
Santa Fe (Province of), Argentina.
-$10,188,000 Sinking Fund Bonds Sold in U. S.
-On Thursday, June 25,
White, Weld & Co. and Dillon, Read & Co., both
of New
York City, offered and sold at 96 and accrued
interest, to
yield about 7.40% to final maturity, $10,188,
000 7%
Public Credit External Sinking Fund gold bonds
Province of Santa Fe, Argentina. Bonds are couponof the
bonds
in denominations of $1,000 and $500.
Date Sept. 1 1924.
Prin. and semi-ann. in (M. & S.) payable in
New York
at the Chatham-Phenix National Bank &
agent) in United States gold coin of the Trust Co. (fiscal
present standard
of weight and fineness, or, at the option of
the
Argentine national currency at par of exchange holder, in
(2.355 pesos
to the dollar). Due Sept. 1 1942. A
cumulative sinking
fund is provided for the retirement of the bonds,
of which
the offering circular says:
Sinking fund of 3% per annum,
by drawings by lot in February and cumulative, operates semi-annually
August for retirement of bonds at
1013% on the interest date following each
drawing; first retirement Sept. 1
1925. As the sinking fund may be increased
at
additional bonds may be redeemed at 100% on the option of the Province,
any interest date.
The Central Union Trust Co. of New
loan. Further information regarding thisYork is registrar of
loan may be found
on a preceding page of this issue in our
"Department of
Current Events and Discussions."
Upper Austria (Province of), Austria.
ternal Sinking Fund Bonds Offered in U. -$5,000,000 ExS.
-A
of American bankers headed by Blyth, Witter & syndicate
York offered on Tuesday, June 23, $5,000,0 Co. of New
00
External Secured Sinking Funds of the Province 7% gold
of Upper
Austria (Austria) at 92.50 and interest, to
yield about
73% to maturity (average yield over 9.70% on bonds
drawn by lot to 1935 through operation of cumulati
fund). Coupon bonds in denomination of $1,000 ve sinking
and $500;
bonds of $1,000 denominations can be
cipal. Dated June 1 1925. Prin. registered as to prinand
(J. & D.) payable in time of war or peace,semi-ann. int.
irrespective of
the nationality of the holder, at the office of the
Trust Co. (trustee) in New York City, in United New York
States gold
coin of the present standard of weight and
fineness without
deduction of any Austrian taxes, present or
June 1 1945. Non-redeemable except for future. Due
prior to June 1 1930. Redeemable as a whole sinking fund
30 days' notice at the option of the Province or in part on
on
or any interest date thereafter at 1023. to June 1 1930,
June 1 1935; to and including June 1 1936 at and including
102, and thereafter at )4% less each year to and
and thereafter to maturity at par. including June 1 1939,
Further details of the offering may be found
partment of Current Events & Discussions" on in our "Dea preceding
page.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
AGAWAM,Hampden County, Mass.
-The $60,000
4% bonds issue awarded to R. L. Day -DESCRIPTION.
& Co., of Boston, at 100.59, is
composed of $44.000 school-house bonds and
$16.000 highway bonds and
Is described as follows: Denom.81,000. Coupon in
Date June 1 1925. Due 1926 to 1940, inclusive. form. Interest J. & D.
ALLEN COUNTY (P. 0. Fort Wayne), III.
Sealed bids will be received until 10 a. m. July-BOND OFFERING.
missioners, for $350.000 431% County infirmary 14, by Board of Combonds. Date
1925. Due part each six months up to May 15 1945. Certified July 10
check for
39' of par value of bonds bid for payable to Board of
required. A legal opinion upon said bonds will be furnished Commissioners
to the
bidder at his cost. A transcript of all proceedings will be on successful
file at the
office of the county auditor and can be furnished on application
for same.
J. II. Johnson is County Auditor.
ALLEN SCHOOL TOWNSHIP (P. 0. Macy) Miami
BOND OFFERING.
-Sealed proposals will be receivedCounty, Incl.uly 6 by Scudder Wilson, Trustee,for $30,0004H% school until 3 p. m.
bonds. Denom.
3343
$500. Date July 6 1925. Prin. and semi-ann. int. (J. & J.) payable
at the
Citizens Bank, Macy. Due as follows: $2,000.
1926
each Jan. 1 and July 1 from Jan. 1 1927 to July July 1 incl. and $1.000
1 1940
ALSTEAD, Cheshire County, N. H.
-BOND SALE.
-The $22,500
5% State and road coupon bonds offered on June 18(V. 120. p. 3094)
were
purchased by Bond & Goodwin, Inc.. of Boston. at 103.36--a
basis of
about 4.47%. Date July 1 1925. Due $1,500 July 1 1926 to 1940.
incl.
ALTON PARK,Hamilton County, Tenn.
-BOND DESCRIPTION.
The $35,000 5 % street and sewer bonds purchased
& Co. of Nashville and I. B. Tigrett & Co. of Jacksonjointly by Caldwell
at 103.50-V. 120.
p. 2458-a basis of about 5.22% are described as follows: Date June
1 1925.
Denom. 81,000. Coupon bonds. Due June 1 1945. Interest payable
J. & D.
The above appeared in V. 120, p. 3222
-under the incorrect caption
"Alton Park. Tex." due to a typographical error.
ARCADIA, De Soto County, Fla.
-BOND SALE.
-The $350.000
534% city bonds offered on June 23-V. 120, p. 3094
-were awarded to
Caldwell & Co. of Nashville and the Hanchett Bond Co. of Chicago
at a premium of $17,550. equal to 105.01, a basis of about 5.05%.jointly
Date
June 11925. Due June 1 as follows: $11,000, 1928 to 1938 incl.:
$12.000.
1939 to 1945incl.;$14.000,1946 to 1950 incl.,and 815.000, 1951 to 1955incl.
ARLINGTON, Middlesex County, Mass.
-BOND OFFERING Chas. A. Hardy, Town Treasurer, will receive sealed bids until 8 p. .
m.
(daylight saving time) June 29 for 8120.000 49' coupon school bonds.
Denom. $1.000. Date July 1 1925. Prin. and semi-ann. int.
-J.)
payable at the First National Bank of Boston. Due $6.000 yearly (J. 1
1926 to 1945 Ind. Bonds will be prepared under the supervision July
of
First National Bank of Boston. which will certify as to the genuinenes the
the signatures of the officials and the seal impressed thereon and s of
the
validity will be approved by Ropes, Gray, Boyden & Perkins of Boston.
Financial Statement, June 5 1925.
Net valuation for year 1924
$37,156.682.00
Debt Limit
74,232.04
Total gross debt including this issue
1,091,000.00
Deductions
Sinking funds
$16.866.34
Water bonds
100,500.00
Sewer bonds
100.000.00
Park bonds
15.000.00
232,366.34
Net debt
$868,633.66
Borrowing capacity
3115.598.38
Sinking funds for debts outside debt limit
84,125.12
ATLANTA, Fulton County, Ga.-BOND OFFERING.
West, City Comptroller, will receive sealed bids until 10 a.-B. Graham
the following 4 % coupon or registered bonds, aggregatingm. July 2 for
1190,000.
811,000 Howell t. No. 2. Due July 1 as follows: $2,000. 1928 to 1931.
and 81,000. 1932 to 1934.
3.000 Hogue St. bonds. Due $1.000 July 11929. 1931 and
2,000 Florida Ave. No. 2 bonds. Due 8500 July 1 1928, 1934. 1932
1930,
and 1934.
4,000 Mills St. bonds. Due 81,000 July 1 1930. 1931. 1932 and 1934.
3,000 Howson St. bonds. Due 81.000 July 1 1929. 1931 and 1934.
4,000 Fort St. No.2 bonds. Due $1,000 July 11927. 1928. 1930 and '34.
11,000 Arthur St. bonds. Due July 1 as follows: 32.000, 1928 to 1931.
and $1,000, 1932 to 1934.
15,000 South Mayson Ave. bonds. Due July 1 as follows: $3,000, 1928.
and 32,000. 1929 to 1934.
1,500 Emery St. bonds. Due $500 July 1 1928. 1930 and 1934.
2,500 Stevens St. bonds. Due 8500 July 1 1929 to 1932 and 1934.
2,000 Walnut St. bonds. Due $500 July 1 1928. 1930. 1932 and 1934.
1,000 East Linden St. bonds. Due $500 July 1 1930 and 1934.
4.000 Sylvan Ave. bonds. Due $1.000 July 11928. 1930. 1932 and 1934.
9,000 Wylie St. bonds. Due July 1 as follows: $2,000. 1928 to
1930;
81.000, 1931 and 1932. and 81,000. 1934.
2,500 East Ave. No. 3 bonds. Due July 1 as follows: $500, 1928 to
1930. and 5500. 1932 and 1934.
1.500 Oakland Ave. No.2 bonds. Due $500 July 1 1928. 1930 and 1934.
2.500 Howell Place bonds. Due July 1 as follows: $500. 1928 to 1930,
2,000 Fifth St. No. 2 bonds. Due $500 July 1 1928 and 1929 and
1931
and 1934.
3,000 Fortune St. bonds. Due 81,000 July 1 1928. 1931 and 1934.
4,000 Dunning St. bonds. Due $1,000 July 1 1928 and 1929 and
1931
and 1934.
1,500 Bailey St. bonds. Due 8500 July 1 1928, 1931 and 1934.
Date July 1 1925. Denom. $1.000 and 3500. The entire issue matures
July 1 as follows: $1,000 in 1927. 317.000 in 1928.813,000
In 1930. 813.500 in 1931, 39.500 in 1932. 84,000 in 1933in 1929. 315.000
and $17,000 in
1934. Principal and in (J. & J.) payable at the City Treasurer's office
or at the fiscal agency in N. Y. City. Attorney's opinion to be obtained
at the expense of the purchaser. A certified check for 2% of bid is required.
AUGUSTA COUNTY (P. 0. Staunton), Va.-BOND SALE.
-The
Well. Roth & Irving Co. of Cincinnati has purchased an issue of 3250.000
4(% refunding bonds. Date July 1 1925. Denom. 81.000. Due Jan. 1
1943. Principal and interest (J. & J.) payable in New York or Staunton,
at the option of the holder. Legality approved by Caldwell & Raymond.
New York City.
BALDWIN PARK SCHOOL DISTRICT,Los Angeles County, Calif.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. July 6 by
L. E. Lampton, Clerk Board of County SupreAsors, for $80,000 5% school
bonds. Date July 1 1925. Denom. 31.000. Due July 1 as follows:
81.000, 1928 to 1935, inclusive; 32,000. 1936 to 1943. inclusive, and 84.000.
1944 to 1957, inclusive. Principal and semi-annual interest payable at the
office of the County Treasurer. A certified check for 3% of bid, payable
to the Chairman Board of County Supervisors. is required. The assessed
valuation of the taxable property for 1924 is $2,896,320 and the amount
of bonds previously issued and now outstanding is 859.000. Estimated
population is 3,940.
BALTIMORE COUNTY (P.O. Towson), Md.-BOND OFFERING Sealed bids will be received until 11 a. m.(eastern standard time) July .
28,
by the County Commissioners, for all or any part of $250.000 434% tax
free, coupon public school bonds. Denom. $1,000. Date Aug. 1
1925.
Int. F. & A. Due serially as follows:
820.000 Series 2 to mature Feb. 1 1943.
57,000 Series R. to mature Feb. 1 1944.
60,000 Series S. to mature Feb. 1 1945.
63,000 Series T. to mature Feb. 1 1946.
50.000 Series U. to mature Feb. 1 1947.
Prin. and int. payable at the Second National Bank. Towson. Legal
opinion will be furnished free of charge to successful bidder if requested,
by Elmer J. Cook, Attorney, Towson. Certified check for 1% of the face
value of the bonds bid for payable to the County Commissioners,
These bonds are part of a total authorized issue of $1.500.000 required.
.
BARBERTON,Summit County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received until 12 m.(eastern standard time) July
11. by H. B.
Prase. City Auditor, for the following 5% improvement bonds:
314.350 (city's portion) street impt. bonds. Denom. $500. except
one
$850. Due yearly on Oct. 1 as follows: 31.350. 1926, $1,500. for
1927
to 1932 and 82.000. 1933 and 1934.
13,000 Viaduct fund bonds. Denom. $500. Due yearly
on Oct. 1 as
follows: $1,000, 1926 and 31.500. 1927 to 1934 incl.
Date Aug. 1 1925. Prin. and semi-ann. hit.
money of the United States at the office of (0. & A.) payable in lawful
the City Treasurer at the
Hanover National Bank, N. Y. Certified check for
2%
payable to the City Treasurer,required, with each issue. of amount of bid.
Bids are requested
to be made subject to the approval of bidders
of issue: approving opinion to be paid for by attorneys as to the legality
purchaser.
BAYOU CHIEN ROAD DISTRICT NO. 1 (P. 0.
Jennings), Jefferson Davis Parish, La.
-BOND OFFERING.
-Sealed
until 2 p. m.July 16 by D. E. Cole. President Police bids will be received
exceeding 6% road bonds. Date July 1 1925. Jury, for $85.000 not
Denom. 8500. Due
July 1 as follows: $1,000 in 1926; 81.500 in 1927;
32.000. 1928
82,500. 1932 to 1935 fed.; $3.000, 1936 to 1938 incl.•, 53.500, to 1931 incl.•
incl.; $4,000,in 1942 and 1943:$4.500 in 1944 and 1945:85,00 1939 to 1941'
0 in 1946 and
1947:85,500 in 1948;36,000 in 1949 and 86.500 in 1950.
Legality approved
by Wood & Oakley of Chicago. A certified check
for 32,500, payable to
above named official, is required.
BEATRICE, Gage County, Neb.-BO
-The State of
Nebraska purchased an issue of $26.465 4 %ND SALE.
paving bonds at par during
the
926.h of May. Date April 1 1925. Due April
1 1935; optional
April 1
mont1
3344
THE CHRONICLE
[VoL. 120.
-H. L.
-BOND SALE.
BRIDGEPORT, Fairfield County, Conn.
-The Mellon
-BOND SALE.
BEAVER COUNTY (P. 0. Beaver), Pa.
L. Austin &
National Bank of Pittsburgh was the successful bidder on June 22 for the Allen & Co. and Gibson & Leefe, both of New York, and G. at 100.75% bonds
of
$500,000 43 % road. Series 4 bonds, offered on that date (V. 120, p. 2967) a Hartford., have jointly purchased the following 4%
basis of about 4.10%:
paying $512.282.50, equal to 102.456, a basis of about 4.035%. Due
5500,000 paving Series "E" bonds maturing $50,000 yearly June 15 1926
$20,000 Aug. 1 1928 to 1952 incl. Other bidders were:
Prem.
to 1935, inclusive.
of BidderName
129,000 construction Series "A" bonds maturing June 15 as follows:
$11,963.00
Union Trust Co., Pittsburgh
$13,000. 1926 to 1934, inclusive, and $12,000, 1935.
11,695.00
M. M.Freeman & Co., Philadelphia
Principal and interest (J. & D.) payable at the City Treasurer's office.
11,545.00
Harris. Forbes & Co.. N. Y
10,875.00 Legality approved by Ropes, Gray, Boyden & Perkins, of Boston.
S. M. Vockel & Co., Pittsburgh
9.800.00
B. Leach & Co., Inc., Philadelphia
A.
BRIDGEPORT, Harrison County W. Va.-BOND OFFERING.9,182.58
Graham, Parsons & Co., Philadelphia
June 29
8,309.50 Sealed bids will be received until 12in. bonds. by F. G.W.England, Town
W. H. Newbold's Sons & Co., Philadelphia
Date June 1 1925. Denom.
Recorder,for $52,5006% improvement
-The $38,975 5500. Due $5,500, 1926 to 1930 incl., and $5.000. 1931 to 1935 incl.
-BOND SALE.
BELLAIRE, Belmont County, Ohio.
53i% coupon (city's portion) street impt. bonds, offered on June 15 Interest payable J. & D. A certified check for 5% of bid is required.
(V. 120. p. 3094) were purchased by the Weal. Roth & Irving Co. of
-During the
-BOND SALE.
BROAD WATER, Morrill County, Nab.
Cincinnati, for $440,302, equal to 103.404. a basis of about 4.79%•
issue
Date May 15 1925. Due yearly on Nov. 15 as follows: $4.575, 1926 and month of May the State of Nebraska purchased anMay 1of 812.500 5%
1945; optional
refunding bonds at par. Date May 1 1925. Due
$4.300, 1927 to 1934 incl.
At the same time the above company also bought another issue of street May 1 1930.
impt. bonds, $30,785 in amount, for $31,833, equal to 103.404.
-TEMPORARY LOAN.
BROCKTON, Plymouth County, Mass.
-Sealed This
-BOND OFFERING.
BELLEVUE, Huron County, Ohio.
city has awarded to the Brockton National Bank at a discount of
bids will be received until 12 in. July 10. by E. A. Hemp, City Auditor, 3.21% plus a premium of $4.72 the $300,000 temporary revenue loan
for $30,000 5% water works improvement bonds. Denom. $i.600. Date dated June 29 1925 and payable Feb. 19 1926.
June 1 1925. Int. J. & D. Due $1,000 each six months fsom Dec. 1 1926
to June 1 1941 incl. Certified check for 10% of amount of bonds bid for,
BROTHERS VALLEY TOWNSHIP (P. 0. Berlin R. D.), Somerset
payable to City Treasurer, required. Bonds to be delivered and paid for County, Pa.
-The $20,000 5% coupon tax-free road
-BOND SALE.
within ten days from time of award.
bonds offered on June 20 (V. 120, p. 3095) were purchased by A. B. Leach
& Co., Inc., of Philadelphia, at 100.696-a basis of about 4.61% if called
BENNINGTON, Bennington County, Vt.-BOND OFFERING.
at optional date and 4.88% if allowed to run full term of years. Date
Fred C. Martin. Village President, will receive sealed bids until 7 p. m. July
1945, inclusive, and optional
June 29 for $270,000 4%% coupon refunding bonds. Denom. $1,000. after 1 1925. Due 51,000 July 1 1926 to
Jan. 1 1927.
Date Nov. 15 1924. Int. M. & N. Due $30,000 Nov. 15 1925 to 1933.
under the supervision of the Old Colony
incl. Bonds will be engraved
BROWNSVILLE INDEPENDENT SCHOOL DISTRICT, Cameron
Trust Co. of Boston and the legality of issue approved by Ropes, Gray, County, Tex.
-The $75,000 school-building
-BOND DESCRIPTION.
Boyden & Perkins of Boston.
bonds purchased by A. C. Allyn & Co., of Chicago (V. 120. p. 2844) hear
-The follow- interest at the rate of 5% and are described as follows: Date June 1 1925.
-BOND SALE.
, Broome County, N. Y.
BINGHAMTON
ing coupon or registered 43% bonds offered on June 18 (V. 120, p. 3094) Denom.$1,000. Coupon bonds. Due serially June 1 1926 to 1965, inclusye. Interest payable J. &
were purchased by Roosevelt & Son of New York at a premium of $13,843 41
-equal to 101.40-a basis of about 4.05%:
-Sealed
-BOND OFFERING.
CALDWELL, Canyon County, Idaho.
Binghamton City Hospital building and equipment of 1925 bonds. bids will be received until July 13 for $41.0006% streetimprovement bonds.
$500,000
Int. J. & D. Date June 11925. Denom.$1,000. Due $25,000
June 11928 to 1945.
-BONDS DEFEATED.
CAMBRIA COUNTY (P.O. Edensburg), Pa.
100,000 Binghamton City Hospital equipment of 1925 bonds. Int. - a recent election the voters of this county defeated a $3,000,000 road
At
J. & D. Date June 1 1925. Denom. $1,000. Due $10,000 bond issue by a vote of 4,377 for to 6,551 against..
June 1 1926 to 1935.
-TEMPORARY LOAN.
105,000 Pavement of 1925 bonds. Int. M. & S. Date March 1 1925.
CAMBRIDGE, Middlesex County, Mass.
Denom. $1,000. Due March 1 as follows: $10,000, 1926 to On June 24 the $500,000 temporary revenue loan offered on that date was
and $5.000. 1936.
on a 3.13% discount basis, plus a $2 25
1935.
awarded to S. N. Bond & Co.
75.000 Daniel S. Dickinson School building and equipment of 1925 premium. Dated June 26 1925. Due Dec. 23 1925.
bonds. Int. M. & N. Date May 1 1925. Denom. $1,000.
May 1 1926 to 1950.
CARROLL COUNTY (P.O. Westminster) Md.-BOND OFFERING.
Due $3,000
80,000 Binghamton City municipal barns and storage facilities building -Sealed bids will be received until 10:30 a. m. July 2 by the County Com% coupon lateral road bonds,
and equipment of 1925 bonds. Int. J. & J. Date Jan. 1 1925. missioners for all or any part of $39.000
issue of 1925. Denom. $1,000. Date July 1 1925. Int. J. & J. Due
Denom. $1,000. Due $4,000 Jan. 1 1926 to 1945 incl.
34,000 Brandywine Swamp drainage system of 1925 bonds. Int. yearly on July 1 from 1928 to 1934 incl. and $4.000 July 1 1935. A cacti.
F. & A. Date Feb. 1 1925. Denom. $1,000. Due $2,000 lied check for $500 required with each bid.
Feb. 1 1926 to 1942.
J.
CASS COUNTY (P. 0. Plattsmouth), Neb.-BOND DESCRIPTION.
26,000 Christopher Columbus School site of 1925 bonds. Int. J. &
road bonds purchased by the
Date Jan. 1 1925. Denom. $1,000. Due $2,000 Jan. 1 1926 -The $28,000 41% Louisville Precinct 120, p. 2844)-a basis of about
Peters Trust Co. of Omaha at 100.07 (V.
to 1938.
1 1925. Denom. $1,000.
school site of 1925 bonds. Int. A.& 0. Date April 1 1925. 4.74%-are described as follows: Date July in 1926 and 1927: $2,800.
18,000 high
$800 and $600. Due July 1 as follows: $2,000
Denom. $1,000. Due $1,000 April 1 1926 to
in 1934 and 1935. Principal and semi.
1943'
1928 to 1933.
30,000 Department of Public Safety Imp., of 1925 bonds. Int. F. & A. annual interest inclusive: $3,600
payable at the office of the County Treasurer, Plattsr.outh.;
Date Feb. 1 1925. Denom. $1,000. Due $2,000. Feb. 1 1926
Legality to be approved by Stout, Rose. Wells & Martin, of Omaha.
to 1940.
Financial Statement.
Binghamton-Johnston City trunk sewer, Series No. 2 bonds.
9,500
$2.711.185
Int. M. & S. Date March 1 1925. Denom. $1,000 and $500. Assessed value as returned, 1924
1935.
28,000
Due March 1 as follows: $1,000. 1926 to 1934, and $500,& N. Total bonded debt, this issue
and Henry St. Imp. of 1925 bonds. Int. M.
Present population, estimated, 1.000.
4,500 Chenango
Date May 1 1925. Denom. $500. Due $500 May 1 1926 to
-BOND OFFERING.
CATTARAUGUS, Cattaraugus County, N. Y.
1934.
Edna S. Campbell, Village Clerk, will offer at public auction on June 30
- -BOND DESCRIPTION.
BIRMINGHAM, Jefferson County, Ala.
m. the following paving bonds, to bear interest at a rate not
awarded on June 16 to the below-men- at 1:30 p.5%:
The bonds, aggregating $1,733,000,
exceeding
tioned purchasers (V. 120, p. 3223) are described as follows:
Series"A." Denom.$500. Due $2,500 June 1 1926 to 1929,incl.
Co., $10.000 Series "B." Denom.$1.000. Due $1,000 June 1 1926 to 1945, incl.
20,000
To the Chase Securities Corp., Hornblower & Weeks, Hemphill, Noyes & of
Date June 1 1925. Legality approved by Clay & Dillon of N. Y. City.
II. L.Allen & Co., all of New York, and Seasongood & Mayer,
and
Cincinnati, jointly:
A certified check for 2%, payable to F. E. Johnson, Village Treasurer.
Date
% school bonds at 102.63-a basis of about 4.26%. 1934, required.
$1,533,000
as follows: $40,000, 1928 to
Oct. 1 1924. Due Oct. 1
-The $26,000
CECIL COUNTY (P. 0. Elkton), Md.-BOND SALE.
Inclusive: $57.000. 1935 to 1939, Inclusive; $92,000, 1940 to
% coupon lateral road bonds offered on June 9 (V. 120, p. 3095) were
1944, inclusive, and $127,000, 1945 to 1948,inclusive. Interest
purchased by Weilepp-Bruton & Co., of Baltimore, at 102.6511-a basis
payable A. & O.
of about 4.24%. Date May 11925. Due $2,000 May 1 193010 1943,incl.
To Geo. B. Gibbons & Co., Inc., of New York.
CENTRAL CITY, Muhlenburg County, Ky.-BOND DESCRIPTION
public improvement bonds at 101.06, a basis of about
$200,000 434%
The $56,000 5% school bonds purchased by Caldwell & Co., of Nashville,
4.27%. Date July 1 1925. Due $20,000, 1926 to 1935. inclus- at 100.54 (V. 120. p. 2844)-a basis of about 4.93%-are described as
ive. Interest payable semi-annually.
Principal and interest payable at the Hanover National follows: Date June 1 1925. Denom. $1,000. $500 and $300. Coupon
Denom.$1.000.
Thomson, N. Y. bonds. Due $2,800 yearly, 1926 to 1945, inclusive. Interest payable
Bank, New York City. Legality approved by John C.
J. & D.
City. Following is a list of other bidders:
-On June
-BOND SALE.
School Bonds.
CHARLEROI, Washington County, Pa.
Bid.
y,% coupon tax free paving bonds, offered on that date
Bidders$1,556,696 00 23 the $150.000 4were sold to S. M. Vockel & Co. of Pittsburgh, for $155,(V. 120. p. 3223)
Marx & Co., and Caldwell & Co. (jointly)
1,560,210 75
a basis of about 4.05%. Date July 11925. Due
Ward, Sterns & Co
1,573,000 00 320.50, equal to 103 547,
Geo. B. Gibbons & Co
1,570,697 00 July 11954.
Equitable Trust Co. of New York, and associates
1,568,718 90
CHARLESTON INDEPENDENT SCHOOL DISTRICT, Kanawha
I. B. Tigrett & Co
-The $340,000 5% coupon school bonds
County, W. Va.-BOND SALE.
Public Improvement Bonds.
$201,54000 offered on June 23 (V. 120, p. 3223) were awarded to the Citizens' National
Marx & Co. and Caldwell & Co. (jointly)
Bank of Charleston at a premium of $16,558. equal to 104.87. a basis of
201,155 00
Ward. Sterne & Co
202,060 00 about 4.34%. Date July 1 1923. Due July 1 as follows: $15,000 in 1930:
Equitable Trust Co. of New York, and associates
201,398 00 $45,000. 1931 to 1937 incl., and $10,000 in 1938.
I. B. Tigrett & Co
202,020 20
-This
-TEMPORARY LOAN.
Seasongood & Mayer and associates
CHELSEA, Suffolk County, Mass.
201,882 00
city has awarded to the Old Colony Trust Co.on a 3.22% discount basis plus
W. L. Slayton & Co
Washingtonville), Orange County,. a premium of $2.75 the $300,000 temporary revenue loan, due Dec. 1 1925.
BLOOMING GROVE (P. 0.
-The $13.000 bridge bonds awarded as stated in
-DESCRIPTION.
CHERRY COUNTY SCHOOL DISTRICT NO. 70 (P.O. Valentine),
N. Y.
follows: Denom. 11.000. Coupon
-During the month of May the State of Nebraska
-BOND SALE.
V. 120, p. 2843, are described as -A. Due $1,000, Feb. 1 1926, and Nob.
purchased an issue of $21,000 01% refunding school bonds at par. Date
bonds. Dated Feb. 1 1925. Int. F.
paid 102.10, equal to a basis of May 1 1925. Due May 1 1926 to 1930 inclusive.
$2.000. Feb. 1 1927 to 1932 incl. Price
about 4.43%. Interest rate 5%.
CHESAPEAKE SCHOOL DISTRICT (P. 0. Chesapeake), Lawrence
0. Bloomsburg), Colum-The $4,000 5%% school bonds offered
--BOND SALE.
BLOOMSBURG SCHOOL DISTRICT (P.of $350.000 new high school County, Ohio.
-An issue
-BONDS VOTED.
9(V. 120, p. 2844) were awarded to the Canton Bond & Investment
bia County, Pa.
Bloomsburg by a vote of more than on JuneCanton. Date Sept. 11925. Due $500 Sept. 1 1926 to 1933, incl
building bonds was recently carried in
Co., of
10 to 1, it is stated.
-The National
-BOND SALE.
CHESTER,Chester County,So. Caro.
-The $5,000,000 notes dated June 22 Exchange Bank of Chester has purchased an issue of $50,000 5% refunding
-NOTE SALE.
BOSTON, Mass.
on June 20 (V. 120. p. 3223) were awarded
and maturing Nov. 6, offered Boston at 3.11% interest to follow, plus $31. bonds at a premium of $550, equal to 101.10. Due serially 1926 to 1955.
to the First National Bank of
CHICAGO SANITARY DISTRICT (P. 0. Chicago), Cook County,
Other bidders were:
3.13% plus $17 86 111.
-Sealed bids will be received until 11 a. in.
-BOND OFFERING.
National Shawmut Bank
3.14% plus 51
(standard time) July 2 by Harry E. Wallace, Clerk, at Room 700, 910
Trust Co., and S. N. Bond & Co
Old Colony
3.35% plus $26 76 South Michigan Ave., Chicago, for all or any part a $5.000,000 4% imGrafton Co
-Sealed pro- provement bonds. Denom. $1,000. Date July 1 1925. Int. J. & J.
OFFERING.
BREMEN, Fairfield County, Ohlo.-BOND Clerk, until noon July 13 Due $250,000 yearly on July 1 from 1926 to 1945 incl. Prin. and int.
will be received by E. .T. Young, Vlllage paving bonds. Denom. payable at the office of the Treasurer of the District. All bonds may be
posals
owners' portion
for $3,300 5% coupon property1925. Interest M. St S. Due on Sept. 1 registered as to principal at the option of the owner. Certified check
(or cash) on some responsible bank in Chicago for 3% of amount of bid,
$300 and $400. Date April 15
inclusive.
1926 to 1932,inclusive,and $400,1933 to 1935,
payable to the Clerk of District, required. An opinion by Wood & Oakley
as follows:$300,
DISTRICT will be furnished, certifying the legality of the bond issue.
COUNTY SPECIAL ROAD AND BRIDGE
BREVARD
-The $60,000
DESCRIPTION.
-BOND
Financial Statement.
NO. 5 (P. 0. Titusville), Fla.
Seasongood & Mayer of Cincinnati
$1,923,277,866
road and bridge bonds purchased byof about 5.39%. bear interest at the Equalized value of property, 1924
57,698,336
at 109.02-V. 120. p. 2714-a basis
June 1 1925. Denom. Authorized indebtedness, 3%
Data
rate of 6% and are described as follows: interest (J. & J.) payable at
and
41,749,000
Outstanding bonds, July 2 1925
$1,000. Due Jan. 1 1955. Principal at the offices of the above named
5,000.000
the fiscal agency in New York City or
Amount of present issue
of New York.
firm. Legality approved by John C. Thomson
Financial Statement.
$46,749,000
Total bonded debt,including present issue
17,000.000
10,453.000
Actual value taxable property
1,100,000 Fixed contract liabilities
Assessed valuation, 1925
60,000
557.202,000
Total indebtedness, this issue
Total
60,000
496,33,6
-incurring power
Net debt
Unexercised debt
Present population (official estimate) 3,500,
JUNE 271925.]
THE CHRONICLE
CLARKTON, Bladen County, No. Caro.
-BOND OFFERING Mayor A. C. Johnston will receive sealed bids until 2 p. in. July 7 .
for
$9.000 6% electric light and power bonds. Date July 1 1925. Elenom.
5500. Due $500 yearly 1928 to 1945. incl. Principal and semi-annual
interest payable at the United States Mortgage & Trust Co., N. Y. City.
Legality approved by Reed, Dougherty & Hoyt, N. Y. City. A certified
check for $180 is required.
CLAY SCHOOL TOWNSHIP, St. Joseph County, Ind.
-BOND
OFFERING.
-Sealed bids will be received until 4 p. in. July 15, by
Mulligan, trustee.(P. 0. South Bend, R. F. D. No. 5). for $14,450 J. E.
%
school bonds. Denom. $1,000. except one for $450. Date July 1 1925.
Int. J. & J. Due $450 July 1 1926 and $1,000 July 1 1927 to July 1 1940
incl. Bonds are payable at the Citizens National Bank, South Bend.
Certified check or certificate of deposit in the sum of 3% of the amount
of
bid, payable to J. E. Mulligan, required.
CLAYSVILLE SCHOOL DISTRICT,(P.O. Claysville), Washington
County, Pa.
-BOND SALE.
-The following issues of 44% school bldg.
bonds offered on June 1-V. 120, p. 2844
-were awarded to A.
& Co.. Inc. of Philadelphia at 105.41, a basis of about 4.10%. B. Leach
$10,000 Series"A" bonds. Date June 1 1925. Due $1.000. June 1 1946 to
1955 incl.
10,000 Series "B" bonds. Date Sept. 1 1925. Due yearly on Sept. 1 as
follows: $500, 1927, 1929. 1931, 1933, 1935. 1937 and 1939:31.000.
1940 to 1942 incl.; $1,500, 1943 and $1,000. 1944 and 1945.
CLERMONT COUNTY,(P. 0. Batavia), Ohio.
-BOND OFFERING.
-Sealed bids will be received by the Board of County Commissioners
until 12 m.July 11,for $26.500 5 % bonds for the construction of a bridge
on I. 0. H. No.8. Sec. K-1, in Goshen Twp.,for two
bridges on
No. 7. Sec. L. in Monroe Twp., all located in Clermont County. I. C.
Denom.
$1,000. except one for $500. Int. A. & 0. Prin. and int, payable at the
office of the County Treasurer. Due $3,000 Oct. 1 1930 to Oct. 1 1933 incl.
and $2,500 Oct. 1 1934 incl. Certified check for 2% of amount
of
some solvent bank, payable to the County Treasurer, required.bid on
The
proceedings leading up to the issuance of these bonds, the form
of the bonds
and the legality of the issue have been approved by Peck.
Shaffer, and
Williams of Cincinnati, whose certificate will be furnished the
successful
bidder and the successful bidder will pay for such examinatio
n of the
proceedings upon delivery of the bonds.
CLEVELAND HEIGHTS (P. 0. Cleveland) Cuyahoga
Ohio.
-BOND OFFERING -Sealed bids will be received until County,
11 a. in.
(eastern standard time) July 17 by C. Franzine, Director
of Finance,
for $129.700 4 % (city's portion) street impt. bonds.
Denom.
except one for $700. Date July 15 1925. Prin. and semi-ann. int. $1.000,
(A.& 0.)
payable at the office of the Director of Finance or at the
depository of the City in Cleveland, at option of holder.office of the legal
Due as follows:
$12,700 Oct. 1 1926 and $13,000 Oct. 1 1927 to Oct. 1 1935 incl.
Certified
check for 3% amount of bonds bid for, on some bank other
making the bid,'payable to the Director of Finance, required.than the one
A complete
transcript of the proceedings covering the issue and sale of the
bonds with
written opinion of Squire. Sanders & Dempsey
their legality will be delivered free of charge to of Cleveland. Ohio, as to
purchaser with the bonds
at the time of award. Delivery of bonds to be made at
the office of the
Director of Finance or at the office of the depository of
the City in Cleveland
CLINTON,Laurens County, So. Caro.
-BOND SALE.
-The Bank of
Charleston was awarded on June 1 an issue of
bonds. Date June 1 1925. Denom. $1.000. $235,000 5% town coupon
Due June 1 1955. Int.
payable M. & N.
CLINTON COUNTY (P. 0. St. Johns),
-BOND SALE.
Detroit Trust Co. was awarded a $99,000 issue of Mich.
4H % road bonds offered
on June 17.
COLUMBIA COUNTY (P. 0. Bloomsbur
-BOND OFFERING.
- C. Glodfelter, Chief Clerk, Board of g), Pa.
P.
County Commissioners, will
receive sealed bids until 2 p. m.(standard time)
July 14 for $300,000 4H%
coupon (registerable as to principal only)
county bonds. Denom. $1,000
and $500. Date June 1 1925.
in gold. Due June 1 as follows:Prin. and semi-ann. int. (J. & D.) payable
$50.000, 1935, $10.000. 1936 to 1945 incl.
and $15,000, 1946 to 1955 incl. Bonds
to the favorable opinion of Townsend, are tax free and are issued subject
Elliot & Munson of Philadelphia.
A certified check for 2% of bonds bid for, payable
to the County Commissioners, required.
CORONADO HIGH SCHOOL DISTRICT,
San Diego
Calif.
-BOND SALE.
-The $16,000 5% school bonds offered onCounty,
June 15
- 120, p. 3095
V.
-were awarded to
Francisco, at a premium of $512, equal the Mercantile Trust Co. of San
to
Date May 111925. Coupon bonds. Due 103.20. a basis of about 4.51%•
$1,000 yearly 1926 to 1941 incl.
Following is a list of other bidders:
Name of BidderPrem.
Anglo. London, Paris Co
$455
First Securities Co
453
Wm. R. Staats Co
432
Freeman Smith & Camp Co
415
California Securities Co
375
First National Bank, San Diego
275
Dean Witter & Co
238
CORONADO SCHOOL DISTRICT, San Diego
County, Calif.
BOND SALE.
-The $50,000 5% school bonds offered on June
15-V. 120,
p. 3095
-were awarded to the Mercantile Trust Co.
premium of $2,233, equal to 104.46, a basis of about of San Francisco. at a
4.52%. Date May 11
1925. Due $2,000 yearly May 11 1926 to 1950 incl. Coupon
bonds.
Following is a list of other bidders:
Name of BidderPrem.
First Securities Co
$2,135
Freeman, Smith & Camp Co
2,125
Wm. R. Staats Co
2,089
Anglo, London Paris Co
2.013
California Securities Co
1.809
First National Bank, San Diego
1,140
Dean Witter & Co
870
CORUNNA, Shiawasee County, Mich.
-BOND SALE.-Be
sard & Co., Detroit, have been awarded an $11.703 26 issue nj. Danof 8% road
bonds at par, plus a premium of $25. Purchaser will pay legal
and printing
expenses.
COTTAGE GROVE, Lane County, Ore.
-BOND AWARD HELD
-The awarding of the $25.000 water system improveme
UP.
nt bonds,
offered on June 10-V. 120. p. 2968
-has been held up due to
which has arisen. Date June 1 1925. Due in 20 years a technicality
optional after
10 years. Following is a list of other bidders:
Name of BidderInt. Rate Rate Bid.
Ladd & Tilton Bank
5%
104.06
Freeman, Smith & Camp Co
5%
100.073
Western Bond & Mortgage Co
57
100.551
Lumbermen's Trust Co
100.437
First National Bank of Cottage Grove
101.00
Peirce, Fair & Co
H o
100.33
Geo. H. Burr, Conrad & Broom
431%
100.58
All bids include accrued interest.
CRAWFORD COUNTY (P. 0, Meadville), Pa.
-BOND
-The
$400.000 4% coupon tax-free highway bonds offered on JuneSALE. 120,
23-V.
-were awarded to the 011 City Trust Co. at a premium of
p. 3095
$1.025,
equal to 100.25, a basis of about 3.98%. Date July 1 1925. Due yearly
on Jan. 1 as follows: $36,000. 1931,• $13 000, 1932 to 1934; $15,000.
1935;
314.000. 1936; 316.000, 1937 and 1938; 17.000, 1939 and 1940; $19.000,
1941 and 1942; $20,000, 1943; $21,000. 1944; $22.000. 1945; $23.000, 1946;
324.000, 1947; $25,000. 1948; $26,000. 1949; 327,000, 1950. and $4,000.
1951.
COTTLE COUNTY COMMON SCHOOL DISTRICT NO. 5 (P.
0.
Paducah), Texas -BONDS REGISTERED.
-On June 17 the State
troller of Texas registered $15.000 5% school bonds. Due serially.CompCUMBERLAND,Cumberland County. Md.-BOND SALE.-Hambleton & Co. of Baltimore have purchased $175.000 43ç% water impt. bonds
of 1924 at 106.91.
DANBURY, Fairfield County, Conn.
-BOND OFFERING.
-Danbury will receive bids until 12 in. July 1 for $495,000 43 % school bonds
dated June 1, maturing 1926 to 1965 inclusive.
DANIA SPECIAL TAX SCHOOL DISTRICT NO. 4, Broward
-BOND SALE.
-Caldwell & Co. of Nashville were awarded
County, Fla.
on June 23 an Issue of 5100,000 school bonds at a premium of $7,070, equal
to 107.07.
3345
DAN VILLE, Pittsylvania County, Va.-BON
-The following
43 % coupon bonds aggregating $750,000 offered D SALE.
,
6
on June 25-V. 120, p.
3224
-were awarded to Geo. B. Gibbons & Co., Inc.,
both of New York, jointly, at a premium of $5,617 and Rutter & Co.,
541, equal to 100.74,.
a basis of about 4.46:
$350,000 city hall and court house bonds.
200,000 street improvement, Series D. bonds.
150,000 school improvement. Series D. bonds.
50.000 sewer improvement, Series D, bonds.
Date July 1 1925. Due July 1 1950.
Following is a list of other bidders:
BiddersPremium.
Scott & Stringfellow and State & City Bank & Trust Co.
Richmond; W. A. Harriman & Co., Estabrook & Co. and Hannahs,
'
Bailin & Lee, New York
$3.292 50
Fred. E. Nolting & Co., Richmond; Harris, Forbes &
Co. and
National City Co., New York
4,372 50
Braun,Bosworth & Co., Toledo; Detroit Trust Co., Detroit; E.
H.
Rollins & Sons, New York, and Old Colony Trust Co.,
Boston_ 2,479 00
Guaranty Co. of New York, New York
49 25
Caldwell & Co., Nashville
4.425 00
Halsey, Stuart & Co., New York
1,65000
DAVENPORT, Lincoln County, Okla.
-BONDS VOTED.
-At an
election held on June 17 the voters authorized the
issuance of $33,000
water bonds.
DAYTON,Montgomery County, Ohio.
-The $300,000
4% coupon street improvement 'bonds -BOND SALE.
offered on June
3096) were purchased by Gran, Todd & Co., of Cincinnati, 24 (V. 120, p.
and H.L. Allen
& Co. and Batchelder, Wack & Co., both of New
York at
$4,431". equal to 101.47-a basis of about 4.19%. Date July a premium of
11925. Due
$30,000 Sept. 1 1926 to 1935, inclusive.
DEFIANCE, Defiance County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. July 10 by W.
the followingpe % street improvement bonds: A. Hull, City Auditor, for
$i 5
4
$10,151 51 (s
al assessment) bonds. Denom. $1,000, except one for
51 51. Due $151 51, Sept. 1 1926, and $1,000. Sept. 1
1927
to Sept. 1 1935 inclusive.
2,186 20 (city's portion) bonds. Denom.$218 62. Due $218
62 yearly
on Sept. 1 1926 to 1935, both inclusive.
Date Sept. 1 1925. Int. semi-ann. Cert, check for
$600. Payable to
the City Treasurer, required.
DE FUNIAK SPRINGS, Walton County, Fla.
-BOND OFFERING.
Duncan Gillis, Town Clerk, will receive sealed bids until
515.000 6% town hall bonds. Date July 1 1925. Due 12 m. July 6 for
$5,000 in 1935,
1940 and 1945. Principal and semi-annual interest
at the
Treasurer's office or at such other place as may be payable upon Town
agreed
by and
between the purchaser and Town Council. A certified check
for $750 is
required.
DE LAND, Volusia County, Fla.
-BOND
-The 5450.000
6% city bonds offered on June 23-V. 120, p.3224 SALE.
-were awarded
Forbes & Co. of New York, at a premium of $59,971.50, equal to Harris,
to 113.32,
a basis of about 5.24%. Date Jan. 11925. Due Jan. 1
1955.
DELAWARE COUNTY (P. 0. Muncie), Ind.
-BOND SALE.- The
Merchants National Bank of Muncie was
Road in Washington Twp. bonds recently. awarded $18,000 4 % Shaw
DEPOSIT, Broome County, N. Y.
-BOND SALE.
-At
auction on June 15, $6,000 pump, chemical and hose-cart fire a public
apparatus
bonds were disposed of locally as 5s at a premium of $25, equal to
100.41.
a basis of about 4.88%. Denom. $1,000. Int. July 1.
Due $1,000
yearly July 1 1926 to 1931, incl.
DOVER, Tuscarawas County, Ohio.
-BOND OFFERING -Until
12 noon July 9 C. L. Hopkins, Village Clerk, will receive sealed .
56.200 5% coupon (special assessment) street impt. bonds. bids for
Denom.
$700 and $600. Date July 11925. Int. A.& 0. Due on Oct. 1 as
$600, 1926 and 5700, 1927 to 1934 incl. A certified check for $200, follows
payable
to the Village Treasurer, required.
DRESDEN (P. 0. Clemens), Yates County, N. Y.
-BOND SALE.
A. H. Wyatt of Hulett's Landing, paying par plus a
to 101. was awarded an issue of $5,000 5% highway premium of $50, equal
bonds recently. Due
2 to 5 years.
DUARTE SCHOOL DISTRICT, Los Angeles County Calif.-B
OND
OFFERING.
-Sealed bids will be received until 2 p.
Lampton, Clerk of Board of County Supervisors, form. July 6 by L. E.
$50,000
bonds. Date July 1 1925. Denom. $1,000. Due July 1 5% school
as follows:
32.000. 1926 to 1935. incl., and 51,000. 1936
1965, incl. Principal
semi-annual interest payable at the office of to County Treasurer. and
the
The
assessed valuation of the taxable property for 1924 is $1,649,200
and the
amount of bonds previously issued and now outstanding is $3,000.
Estimated population is 1.220.
DUNCAN VALLEY SCHOOL DISTRICT (P.O. Duncan), Greenlee
County, Ariz.
-BONDS VOTED.
-At a recent election
thorized the issuance of $50,000 school building bonds. the voters auDURANGO, La Plata County, Colo.
-BOND
-Until
7:30 p. m.July 7 sealed bids will be received by W. W. OFFERING.
Parshall, City Clerk.
for the following bonds, aggregating $11.000:
$6,500 Sanitary Sewer District No. 6 bonds.
4,500 Water Works Improvement District No. 1 bonds.
Bidders to name rate of interest.
EBARB SCHOOL DISTRICT NO. 17 (P. 0. Many), Sabine Parish,
La.
-BOND OFFERING.
-O.C. Reeves, Secretary of
will receive sealed bids until July 1 for $12,500 schoolParish School Board,
bonds.
EDGECOMBE COUNTY (P. 0. Tarboro), No. Caro.
-BOND SALE.
-The $60.000 Series 0 coupon bridge bonds offered on June 23
(V. 120,
3225) were awarded to W.K. Terry & Co.of Toledo as 4Hs at a premium p.
of
$377 50. equal to 100.62. a basis of about 4.46%. Date July 1 1925.
Due
Jan. 1 as follows: $1,000. 1927 to 1936 incl.; $2,000, 1937 to
1946 incl..
and 53.000, 1947 to 1956 incl.
BIDS REJECTED.
-All bids received for the
Series B coupon road bonds offered on the same $225.000 not exceeding 6%
date (V. 120, p. 3225) were
rejected.
EDGEWATER SCHOOL DISTRICT (P. 0. Edgewater), Bergen
County, N. J.
-BOND SALE.
-The issue of 5% coupon
principal only, or both principal and interest, school registerable as to
June 24 (V. 120. p. 3225). were purchased by Outwater bonds, offered on
City, who paid $130.962 57 (104.77)-a basis of about & Wells, of Jersey
bonds ($130,000 offered). Date July 1 1925. Due4.44%-for $125,000
July 15
$6,000, 1927 to 1929, inclusive; $7,000, 1930 to 1944, inclusive, as follows:
and $2,000,
1945.
EL CENTRO, Imperial County
The $42,000 paving bonds purchased Calif.-BOND DESCRIPTION.'
of Los Angeles at 100.61-V. 120. p.by the Freeman, Smith & Camp Co.
2845-a
interest at the rate of 6% and are described as basis of about 5.88%, bear
follows: Date June 1 1925.
Denom. $1.000, $500, $450. $350, $3300 and $100.
$4.200 yearly June 1 1926 to 1935. mod. Interest Coupon bonds. Due
payable J. & D.
ELIZABETHTOWN, Bladen County, No. Caro.
ING.
-W.A. Ferguson, Town Clerk, will receive sealed-BOND OFFERbids until 4 D.
July 7 for $9,000 6% electric light and power
bonds. Date July 1 1925.
Denom. $500. Due $500 yearly, 1928 to 1945,
annual interest, payable at the United Statesincl. Principal and semiMortgage & Trust Co.,
N. Y. City. Legality approved by Reed, Dougherty
,k Hoyt, N.Y.City.
A certified check for $18.0 is required.
ELK CITY, Beckham County, Okla.
-BONDS VOTED.
-At a recent
election the voters authorized the issuance of
$33,600 water bonds by
a count of 343 for to 40 against.
ELKHART SCHOOL TOWNSHIP, Elkhart
County, Ind.
-BOND
OFFERING.
-Martin H. Kinney, Township
bids at his office. 400 N. Main St., Goshen. Trustee, will receive sealed
until
$22.000 5% school erection bonds. Denom. $500. 7:30 p. in. July 15 for
$2,000 yearly on July 15 from 1926 to 1936 incl. Int. J. & J. 15. Due
A certified check for
$1,200 required.
ELKHORN VALLEY DRAINAGE DISTRICT (P.
0. Elkhorn)
Douglas County, Neb.-NOTE SALE.
-The Peters Trust Co. of Omaha
has purchased an issue of 535,0005H% notes. Date June
15 1925. Denom.
$1,000. Due June 15 as follows: 510.000 in 1926.
512.000 in 1927 and
513,000 in 1928. Principal and semi-annual int. payable
at the office of
3346
THE CHRONICLE
(vol. 120.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
The following 4%% improvement bonds offered on June 20 (V. 120, p.
2969) were awarded to Hayden, Miller & Co. of Cleveland at par plus a
Premium of $5.129, equal to 101.80, a basis of about 4.35%:
denom. of 81.000
$57,000 Norton Road No. 3 Improvement bonds in the as
follows: $4.000
Bonds are payable
each. dated May 15
1933.
on March 15 1926 to 1925" Inclusive, and $4,000 Sept. 15 1926 to
1933, inclusive.
103,000 Cherry Bottom Road bonds in the denom. of 81.000 each. dated
May 15 1925. Bonds are payable as follows: $6.000 on March 15
from 1926 to 1933. inclusive; $7.000 on Sept. 15 from 1926 to 1932.
Inclusive, and $6,000 on Sept. 15 1933.
38,500 Had Road No. 2 Improvement bonds in the denom. of $1,000
each, and one bond in the denom. of $500. Dated May 15 1925.
Bonds are payable as follows: $3,000 on March 15 from 1926 to
1932. Inclusive;$2,500 on March 15 1932;$2,000 on March 151933;
$2,000 on Sept. 15 from 1926 to 1933, inclusive.
37.000 Township Line Road Improvement bonds in the denona. of $1,000
each, dated May 15 1925. Bonds are payable as follows: $3.000
on March 15 from 1926 to 1931. inclusive; $2,000 on March 15
1932 and 1933; $2,000 on Sept. 15 from 1926 to 1932, inclusive;
$1.000 on Sept. 15 1933.
48,000 Roberts Road Improvement bonds in the denom. of $1,000 each,
dated May 15 1925. Bonds due and payable as follows: $3,000 on
March 15 from 1926 to 1933. Inclusive; $3.000 on Sept. 15 from
1926 to 1933, inclusive.
The following bids were received:
$57,000 $103,000 $38,500 $37,000 $48,000
Prov. Say. Bank & Trust Co.,
$877 80 $1627 40 $573 65 $529 10 $763 20
Cincinnati
Stranahan, Harris & Oatis,
972 42 1803 53 617 54 557 59 829 44
Toledo
Hayden, Miller & Co., Cleve- 1031 00 1865 00 696 00 669 00 868 00
Otis & Co., Cleveland
Braun,Bosworth & Co., Tol-{ 819 00 151800 538 00 490 00 711 00
Herrick & Co., Cleveland_ _
-interest.
All bids included accrued
-The $66,000 41% Sewer District Truro No. 1 ImproveBOND SALE.
ment No. 66. Lateral Sewer bonds offered on June 24 (V. 120. p. 2969)
were awarded to the First Citizens Corp. of Columbus for $67,452, equal
to 102.20. Date June 1 1925
FRANKLIN COUNTY SCHOOL DISTRICT NO.1(P.O. Blooming-The $42,000 434% school bonds
ton), Neb.-BOND DESCRIPTION.
-are described
purchased by the First Trust Co.of Lincoln-V.120, p.2716
as follows: Date Feb. 1 1925. Coupon bonds. Denom. $500. Due
Feb. 1 as follows: $1,500. 1928 to 1932 incl., $2,000, 1933 to 1938 incl.,
$2,500, 1939 to 1947 incl. Interest payable (F. & A.).
FRANKLIN IRRIGATION DISTRICT (P. 0. Ryegate) Golden
-At the offering of the
-NO BIDS ACCEPTED.
Valley County, Mont.
-no bids were
$850,000 6% irrigation bonds on June 20-V.120, p. 2845
accepted as the prospective buyers did not have sufficient time to investigate.
It is stated the bonds will be sold at a private sale.
-BOND DESCRIPTION.
FRIENDSHIP, Crockett County, Tenn.
The $20,00o school bonds purchased by A. K. Tigrett & Co.of Memphisas
V. 120, p. 2585
-bear interest at the rate of 6% and are described
April 1 1040, optional
follows: Date April 11925. Denom. $1,000. Due
April 1 1936. Interest payable (A. & 0.).
FRIO COUNTY COMMON SCHOOL DISTRICT NO. 1 (P. 0.
-On June 17 the State Comp-BONDS REGISTERED.
II), Tex.
P
troller of Texas registered $18,000 5% school bonds. Due serially.
-BONDS VOTED.
GALVESTON COUNTY (P.O. Galveston), Texas.
-The voters authorized the issuance of $500,000 highway bonds at the
election held on June 20.-V. 120. D. 2845.
-The
-BOND SALE.
GENESSEE COUNTY (P. 0. Flint), Mich.
-were
8150.000 coupon road bonds offered on June 20-V. 120, p. 3225
Trust & Savings Bank of
purchased by the Continental & Commercial
Chicago, as 4Yis, at a premium of $417, equal to 100.27. a basis of about
4.19%. Date June 15 1925. Due Mar. 15 as follows: $40,000, 1928.
835,000, 1929, $40,000. 1930 and 835,000, 1931.
-The $40,000 6%
-BOND SALE.
GILBERT, Maricopa County, Ariz.
water-works bonds offered on June 18 (V. 120, p. 2716) were awarded to
the United States National Co.of Denver at 101. Due in 1955, optional in
1945.
-At an
-BONDS VOTED.
GLENDALE, Los Angeles County, Calif.
election held on June 16 the voters authorized the issuance of $1,064,000
school-building bonds.
-BOND SALE.
GLOUCESTER COUNTY (P.O. Woodbury), N. J.
-The two issues of 4X % coupon or registered bonds ofCORRECTION.
fered on June 11 (V. 120, p. 2846) were sold to M. M. Freeman & Co. and
Rufus, Waples & Co., both of Philadelphia, and Kean, Taylor & Co. of
New York,as follows:
8383.000 ($385,000 offered) road bonds at 100.32. a basis of about 4.18%.
Due June 20 as follows: $30,000, 1926 to 1937 incl., and $23,000,
1938.
298,000 ($300,000 offered) public building bonds at 100.74, a basis of
about 4.16%. Due 815.000 June 20 1926 to 1944 incl., and $13,000 1945.
Date June 20 1925. This corrects the report which appeared in V. 120,
p. 3225.
-Sealed
-BOND OFFERING.
GRACEVILLE, Jackson County, Fla.
bids were received until 8.30 p. m. June 26 by the City Clerk for $42,000
6% sanitary sewer system bonds. Date July 1 1925. Due July 1 1955.
GRAND FORKS, Grand Forks County, No. Dak.-BOND SALE.
120.
The $75,000 water works improvement bonds offered on June 24-V.430
-were awarded to the First National Bank of Grand Forks as
13• 3226
at a premium of $100, equal to 100.13. a basis of about 4.48%. Date
June 15 1925. Due $3,000 1926 to 1930,id.,and $4.000 1931 to 1945. incl.
-Bos-BOND SALE.
GRAND JUNCTION, Mesa County, Colo.
3for an
worth. Chanute & Co.,of Denver, was the successful bidder en JuneDenom.
bonds. Date June 1 1925.
issue of$21.000 534% sidewalk coupon
$500. Due June 1 1937, optional. Interest payable J. 8a D.
-BOND ELECTION.
GRAND PRAIRIE, Dallas County, Tex.
On July 7 an election will be held for the purpose of voting on the question
of issuing $20,000 water bonds.
-BOND DESCRIPGRANVILLE COUNTY(P.O. Oxford), No.Caro.
TION.
-The 818,0005% general county bonds purchased by Ryan. Sutherland & Co., of Toledo, at 101.88-V. 120, p. 2586-a basis of about 4.859',
are described as follows: Date May 15 1925. Denom. $900. Due $1,800
15 1935 to 1944, inclusive. Interest payable M.& N.
NO, 32 (P. 0.
FLOYD COUNTY COMMON SCHOOL DISTRICT bonds registered May
-The
-BOND DESCRIPTION.
GREELEY, Weld County, Colo.
-The $6,0006% school
-BOND SALE.
Floydada), Texas.
were pursewer bonds awarded on May 26 to the
on May 6 by the State Comptroller of Texas (V. 120, p. 2716) 10 1924. $100,000 414 %_sanitary and storm
at par. Date Aug.
National Co.and Gray, Emery & Vasconcelles both of Denver
United States
chased by the State Board of Education
-are
and C. J. Aklstrand of Greeley, jointly, at 102.63-V. 120, p. 2969
Denom.$150. Due serially in 1 to 40 years. Interest payable April 10.
described as follows: Date July 1 1925. Due in 15 years, optional in 10
FOARD COUNTY COMMON SCHOOL DISTRICT NO. 6 (P. 0. years. Interest payable (J. & J.).
REGISTERED.-E6,0006% school bonds were
-BONDS
Crowell), Texas.
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
registered by the State Comptroller of Texas on June 16. Due serially.
-William
-BOND OFFERING.
Ardsley), Westchester County, N. Y.
-BOND DESCRIP- C. Lawrence, District Clerk, will receive sealed bids until 8:30 p. m. (dayFORREST COUNTY (P. 0. Hattiesburg), Miss.
National
Commercial
TION.
-The $150,000 road bonds purchased-by the basis of about 4.97%. light saving time) July 6 for $135,000 43s% coupon or registered school
Denom. $1,000. Date July 1 1925. Principal and semi-annual
Bank of Hattiesburg, at 100.29-V. 120, p. 2716-a
May 15 bonds.
bear interest at the rate of 59' and are described as follows: Dated follows: in (J. & J.) payable at the Dobbs Ferry Bank, Dobbs Ferry. Due July 1
1925. Denom.$1,000 and MO. Coupon bonds. Due May 15 as 1941 to as follows: $1,000, 1929 to 1934, incl.: $3,000, 1935 to 1939: $4,000, 1940
incl., and $7,500
to 1945. incl..• $8,000, 1946 to 1950, incl., and $10,000, 1951 to 1955, incl.
$3.000 1926 to 1930, incl.; $6,000 1931 to 1940,
The bonds will be prepared under the supervision of the United States
1950, incl. Interest payable (M. & N. 15)•
will certify as to the genuineness
DISTRICT NO. 3, Mortgage & Trust C'o., N. Y. City, which
FORT LAUDERDALE SPECIAL TAX SCHOOL& Co. of Nashville of the signatures of the officials and the seals impressed thereon and the
-Caldwell
-BOND SALE.
Broward County, Fla.
validity of the bonds will be approved by Hawkins, Delafield & Longfellow,
were the successful bidders on June 23 for an issue of $200,000 554% school N. Y. City. A certified check for 2% of the bonds bid for, payable to the
bonds at a premium of $17,105, equal to 108.55.
district, required.
-At an
-BONDS VOTED.
FORT WORTH, Tarrant County, Texas.
-BOND OFFERING.
GREENFIELD, Highland County, Ohio.
election held on June 20 the voters authorized the issuance of $2,000,000 Sealed proposals will be received until 12 m. June 30 by Homer Hudson,
school bonds by a count of 963 for to 513 against.
Village Clerk, for $10.000 5 % city hall repair and impt. bonds. Denom.
- 8550, except one for $650. Date Sept. 10 1925. Int. M. &M. Due each
-TEMPORARY LOAN.
FRAMINGHAM, Middlesex County, Mass.
22 (V. 120, p. 3225) was six months as follows: $550 March 10 1926 to March 10 1934 incl. and $650
The temporary loan of $300,000 offered on June Framingham, which took Sept. 10 1934. Certified check on some solvent bank for 2% V of the
awarded to the Framingham National Bank of
°
amount of bonds bid for, payable to the Village Treasurer, required. Bonds
/150,000 maturing Nov. 27 1925 on a 3.19% basis, and $150.000 maturing to be delivered and paid for within ten days from time of award.
•
June 22 1926 on a 3.33% basis.
the above named trust company. Legality approved by Stout. Rose,
Wells and Martin of Omaha.
Financial Statement.
Value of real estate and personal property, estimated 1924_ $10.000,000
45,000
Total debt evidenced by warrants and notes, these included_ _Present population, estimated 15,000.
B. McCrary
-J.
ELLETON, Colqultt County, Ga.-BOND SALE.
& Co. of Atlanta have purchased an issue of $46.000 5% water and sewer
bonds. Date May 1 1925. Denom. $500. Due in 30 years. Interest
payable (M. & N.).
-The American
-BOND SALE.
EL RENO, Canadian County, Okla.
National Co. of Oklahoma City has purchased an issue of $50,000 5%
convention hall bonds. Date June 1 1925. Denom. $1 000. Due $2,000
June 1 1926 to 1950 incl. Principal and interest (J. & D.) payable at the
State fiscal agency in N. Y. C.
Financial Statement.
$4,798.533
Equalized assessed valuation
940.000
Total indebtedness including those bonds
685,000
Waterworks bonds included in above debt
324,746
Sinking fund
7,737
Population, Federal census 1920
-BOND
EL RENO SCHOOL DISTRICT, Canadian County, Okla.
Co. of Oklahoma City has purchased an
-The American National
SALE.
Issue of $45,000 5% school bonds. Date June 1 1925. Denom. $1,000.
Due June 1 as follows: $1,000 in 1928 and $2,000, 1929 to 1950 incl.
Principal and interest (F. & A.) payable at the State fiscal agency in
. . .
Financial Statement.
$5,775,439
Equalized assessed valuation
351.000
Total indebtedness including these bonds
65,000
Sinking fund over
9,000
Population, estimated
EPSOM SCHOOL DISTRICT (P. 0. Henderson) Vance County,
-Sealed bids will be received until 2p. m.
No. Caro.
-BOND OFFERING.
July 1 by E. M. Rollins. Superintendent Board of Trustees, for $50,000
554% school bonds. Date July 1 1925. Denom. $1,000. Due $1.000,
1928 to 1933 incl. and $2,000. 1934 to 1955 incl. Principal and semi-annual
interest payable at the United States Mortgage & Trust Co., N. Y. C.
A certified check for 2% of bid is required.
-LOAN OFFERING.
ESSEX COUNTY (P. 0. Lawrence), Mass.
The county will receive bids until 10 a. m. June 30 for purchase on a
discount basis a temporary loan of $150,000, due Nov. 15 1925.
-Sealed
FAIRFIELD, Green County, Ohlo.-BOND OFFERING.
bids will be received until 12 m. today (June 27) by J. A. Bishop, Village
Clerk, for $1,000 514% municipal building Inapt. 'bonds. Denom. $100.
To be dated not later than June 1 1925. Int. J. & J. Due $100 June 1 1926
to 1935 incl. Certified check for 5% of amount of bonds bid for, payable
to the Village Treasurer, required. Bonds to be delivered and paid for
within ten days from time of award.
-A. B. Leach
-BOND SALE.
FAIRCHANCE, Fayette County, Pa.
& Co., Inc. of Philadelphia have purchased $30,000 4% water supply
system bonds for a premium of $1,436.40, equal to 104.78.
-Sealed
FARGO, Cass County, No. Dak.-WARRANT OFFERING.
bids will be received until 10 a. m. June 30 by A. R. Watkins, City Auditor,
sewer improvement warrants. Due in
for approximately $75,000 special
20 years. A certified check for $500 is required.
-BOND SALE
FAYETTE COUNTY (P. 0. Somerville), Tenn.
J. H. Hilsman & Co. Inc. of Atlanta have purchased an issue of $100.000
105.70.
5% court house coupon bonds at a premium of $5,700. equal to Interest
Date June 1 1925. Denom. $1,000. Due serially in 30 years.
payable (J. & D.).
-BOND OFFERFENTRESS COUNTY (P. 0. Jamestown), Tenn.
ING.
-C. L. Hurst. Clerk of County Court, will receive sealed bids until
bonds. Denom. $500.
July 7 for $75,000 6% school
FERGUS COUNTY SCHOOL DISTRICT NO. 44 (P. 0. Moore),
-The $11.900 school bonds offered on May 25-BOND SALE.
Mont.
-were awarded to Thompson. Kent & Grace of Chicago,
V. 120. p. 2460
as 6s at a premium of $256. equal to 102.15, a basis of about 5.82%. Date
June 11925. Denom. $405 and $595. Coupon bonds. Due June 11945.
Interest payable (J. & J.).
FERNWOOD SEPARATE SCHOOL DISTRICT (P. 0. Magnolia),
-Chas. E. Brunfield, Clerk
-BOND OFFERING.
Pike County, Miss.
Board of Supervisors, will receive sealed bids until 2 p.m.July 6 for $5,000
Interest payable
6% school bonds. Date Aug. 1 1925. Denom. $500. Clerk,is required.
F.& A. A certified check for $100, payable to the above
-COR-BOND DESCRIPTION
Tex.
FLATONIA, Fayette County,
-The $69,500 water and sewer bonds purchased
RECTION IN AMOUNT.
-bear interest at
State Bank of Flatonia-V. 120, p. 2585
by the Flatonia
the rate of 5% and are described as follows: Date June 1 1925. Denom.
$500. Coupon bonds. Due in 40 years. Interest payable (J. & J.).
These bonds were purchased on June 1 and the price paid was $69,847.50,
equal to 100.50.
In the above reference we gave the amount of bonds sold as $69,847.50
which we now learn and as stated above is the amount of the bonds together
with the premium paid by the purchaser for the bonds.
FLINT UNION SCHOOL DISTRICT (P. 0. Flint), Genessee
-The $300,000 Jefferson School bonds
-BOND SALE.
County, Mich.
-were awarded to the First Trust &
offered on June 17-V. 120. p. 3096
4.17%•
Savings Bank of Chicago as 4s at 100.529, a basis of about 1030 to
Date March 1 1925. Due yearly March 1 as follows: $50,000
and $35,000 1935. The following bids were
1933, incl.; $65,000 1934
received:
Price.
Price.
First Tr. & Says. Bk., Chic_ _100.529 Fidelity Trust Co., A. B.
100.017
Leach & Co
100.339
Eastman, Dillon Co
100.012
100.14 W. A. Harriman & Co
E. E. McCrone
At 434% the bids were:
Guardian Trust Co., Detroit_100.131
Stranahan, Harris & Oatis_ _100.13 Stranahan, Harris & Oatts_ _101.52
Industrial Says. Bk., Flint_ _100.12 Industrial Says. Bk., Flint_ _101.30
100.06 Security Trust Co., Bankers
Harris, Small & Co
101.07
Trust Co
100.019
Howe, Snow & Bertles
COMMON SCHOOL DISTRICT NO. 16 (P. 0.
FLOYD COUNTY
registered
-The $9,000 6% school bonds
-BOND SALE.
Floydada), Tex.
puron May 15 by the State Comptroller of Texas (V. 120, p. 2716) were
Date March 1925
chased by Brown-Crummer Co. of Wichita at par. payable M.&1S.
Denom. $1,000. Due serially in 40 years. Interest
JUNE 27 1925.]
THE CHRONICLE
GREENWOOD, Cass County, Neb.-BOND OFFERING.
-W. E.
Hand, Village Clerk will receive sealed bids until June 27 for the following
5% bonds, aggregating $24,000:
$21.000 water bonds.
3,000 water extension bonds.
Date July 1 1925. Due in 20 years, optional after 5 years.
GROSSE POINTE FARMS, Wayne County, Mich.
-BOND SALE.
Watling, Lerchen & Co. of Detroit have purchased $80,000 4%% coupon
boulevard paving bonds for $83,374 40, equal to 104.21. a basis of about
4.14%. Date Oct. 15 1919. Prin. and int. (A. & 0.) payable at the
Detroit Trust Co. of Detroit. Due Oct. 1 as follows: $6,000, 1935 to 1947,
incl., and $2,000, 1948.
GROSSE POINTE TOWNSHIP RURAL AGRICULTURAL SCHOOL
DISTRICT NO. 1, Wayne County, Mich.
-BOND OFFERING.
Chas. A. Paye, Secretary Board of Education, will receive sealed proposals
at his office, 17,453 East Jefferson Ave., Grosse Pointe, until 8 p. m.
June 29 for 9255,000 30
-year school site purchase bonds. Bids will be
received for the bonds bearing interest at 4( or 4M %. Certified check
%
for 5% of bid required with each bid.
GROTON. New London County, Conn.
Clark B. Whaley, First Selectman, will receive-BOND OFFERING.
sealed
(daylight saving time) June 27 for $165,000 4M % couponbids until noon
funding
Denom. $1,000. Date July 1 1925. Prin. and semi-ann. int. (J.bonds.
& J.)
payable in gold at the National Whaling Bank in New
$10,000 July 1 1926 to 1941 incl. and $5,000 Jan. 1 1942. London. Due
for 2% payable to the Town. required. Preparation and Certified check
certification of
bonds under supervision of Old Colony Trust Co. Boston. Validity
will be
approved by Storey, Thorndike, Palmer & Dodge of Boston.
HAINES CITY, Polk County, Fla.
-BOND OFFERING.
-Jess P.
Ferrill, City Clerk, will receive sealed bids until 2 p. m.
6% street improvement coupon or registered bonds. July 10 for $290,000
Due $29,000 June 1 1926 to 1935, incl. Principal andDate June 1 1925.
interest (J. & D.)
payable at the National Bank of Commerce,
proved by Caldwell & Raymond, N. Y. City. N. Y. City. Legality apCertified check for 2% of
bid is required.
HAMILTON, Martin County, No. Caro.
-BOND OFFERING.
D. G. Mathews, Town Clerk, will receive sealed bids
for $15,000 6% electric light bonds. Date July 1 until 8 p. m. June 29
1925. Denom. $500.
Due $500, 1928 to 1947, incl., and
to 1952, incl. Principal
and semi-annual interest payable at$1,000, 1948States
the
Mortgage & Trust
Co., N. Y. City. Legality approved by UnitedDougherty
Reed,
& Hoyt, N. Y.
City. A certified check for $300 is required.
HAMILTON TOWNSHIP (P. 0. Mays Landing)
Atlantic Count
N. J.
-BOND SALE.
-The estate of Chas. Evans has purchased $23,006
53% township hall bonds for $25,116, equal to 109.20.
HANSBORO RURAL SCHOOL DISTRICT (P. 0.
Gulfport) Harrison County, Miss.
-BOND SALE.
-The $21,000 6% school bonds offered
on May 6-V. 120, p. 2186
-were awarded to the
Gulfport, at a premium of $66, equal to 100.31, First National Bank of
a basis of about 5.97%.
Due $1,000 June 1 1926 to 1946 incl.
HARDEE COUNTY (P.O. Wauchula), Fla.
-BOND DESCRIPTION
-$120.000 6% highway bonds purchased at public auction
by the Title
Guarantee & Trust Co. of Cincinnati, at 107-V. 120,
p. 2586-a basis of
about 5.28% are described as follows: Date May 1
Due May 1 as follows: $4,000, 1926 to 1955 incl. 1925. Denom. $1.000.
(M.& N.) payable at the Chase National Bank, NewPrincipal and interest
York City. Legality
approved by Chapman, Cutler & Parker of Chicago.
Financial Statement.
Actual value taxable property
$17,000.000.00
Assessed valuation
4,210,500.00
Total bonded debt
1,020,000.00
Sinking fund
$73.329.35
Net debt
946,670.65
Population, 1925 census, 12,000.
HARDEE COUNTY SPECIAL ROAD AND BRIDGE
DISTRICT
NO. 7 (P. 0. Wauchula), Fla.
-BOND
-The
and bridge bonds offered on June 22-V.SALE. 2970 $300,000 6% road
-were awarded to
the Citizens Bank of Zolfo Springs and the120, p.
G. B.
ville. jointly, at 105.21, a basis of about 5.52%. Sawyers Co. of JacksonDate
June 1 as follows: $5,000, 1927 to 1930 incl.. 58,000, June 1 1925. Due
$10,000, 1936 to 1940 incl., $12.000, 1941 to 1945 incl.1931 to 1935 incl.,
and $13,000, 1946
to 1955 incl.
HARDEE COUNTY SPECIAL TAX SCHOOL
DISTRICT NO. 3
(P. 0. Wauchula), Fla.
-BOND SALE.
-The 590.000 6_7,, school bonds
offered on June 22-V. 120. p. 3097
-were awarded to
ula, Wauchula, and the Atlantic National Bank of the Bank of Wauchat 109.98. a basis of about 5.09%. Date June 11925. Jacksonville, jointly,
$3.000, 1926 to 1952 incl. hnd $5,000. 1953 to 1955Due June 1 asfollows:
incl.
HARRISON SCHOOL TOWNSHIP, Miami County,
Ind.
-BOND
OFFERING.
-Sealed bids will be received until 10 a.m. July 17
by Chas. D.
Chugman, trustee, at the Peru Trust Co., Peru, for
557 school
bldg. impt. bonds. Denom. $500. Date July 11925. $20,000
mt. J. & .. Due
I
T
$1,000 each six months from July 1 1926 to
and interest payable at the Peru Trust Co.,Jan. 1 1936, incl. Principal
Peru.
HASTINGS, Jefferson County, Okla.
-BOND DESCRIPTION.The $10.000 tw electric light bonds purchased at par by the
o
Plersol Bond
Co. of Oklahoma City
-V. 120, p. 2970
-are described
May 19 1925. Denom. $1,000. Due May 19 1945. as follows: Date
Interest payable
HAVERFORD TOWNSHIP, Pa.
-BONDS VOTED.
-At
tion $333,000 school bonds were authorized by the voters. a recent elecHAYS, Ellis County, Kan.
-BONDS VOTED.
-At an election held on
June 18 the voters authorized the issuance of $130,000 school
bonds by a
2 to 1 ratio.
HAZELTON RURAL SCHOOL DISTRICT NO. 3, Jerome
County,
Idahs.-CIONDS DEFEATED.
-The proposition of issuing
building bonds, submitted to a vote of the people at the $30,000 school
election held on
May 26-V. 120, p. 2717
-was defeated.
HEMPSTEAD, Nassau County, N. Y.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. (daylight saving time) June
Eugene P. Parsons, Village Clerk. for $100,000 registered street30. by
bonds. Denom. $1,000. Date July 1 1925. Int. J. & J. Due impt.
serially
$5,000 yearly on July 1 from 1926 to 1945 incl. A certified check for
on an incorporated bank or trust company payable to the order of the $2,000
required. Rate of interest to be named by bidders. The approving Village
opinion
of Caldwell & Raymond of New York as to the legality of the bonds
furnished to the successful bidder without charge. The bonds will be
will be
prepared under the supervision of the U. S. Mortgage and
Trust
NY.C., which will certify as to the genuineness of the signatures Co.,
of the
Village officials and of the Village seal thereon.
Financial Statement.
Assessed valuation of taxable property 1924
57.510,100
Outstanding indebtedness exclusive of this issue
480,400
Water debt included in above
22,900
HOLLISTER, Twin Falls County, Idaho.
-BOND SALE.
$8,000 water extension bonds offered on June 10-V. 120, p. 2717 -The
-were
awarded to J. B. Dallard at par. Date June 10 1925. Denom.
$500.
Coupon bonds. Due in 10 years. Interest payable (J. & J.).
HOPEDALE VILLAGE SCHOOL DISTRICT (P. 0. Hopedale),
Harrison County, Ohio.
-BOND DESCRIPTION.
-The
school bonds awarded to Seasongood & Mayer of Cincinnati (see544,962 50
V.
2846) at a premium of $22971 (equal to 100.51, a basis of about 120,10...
4.88%)
are described as follows: Denom.$1,762 50 and $2,400. Date Mar,1 1925.
Int. A. & 0.,5%. Due as follows: $2,400. Oct. 1 1926;$2,400, Apr. land
Oct. 1 1927 to 1934 incl.; 52,400. Apr. 11935,and 31.762 50, Oct. 1 1935.
HUDSON,Middlesex County, Mass.
-BOND SALE.
-The Old Colony
Trust Co. of Boston, bidding 100.742, a basis of about 3.88%, was awarded
the following 4% coupon bonds offered on June 19-V. 120, p. 3226:
515,000 sewer loan bonds. Due $1,000 yearly on June 1 from 1926 to
1940. inclusive.
20,000 water mains loan bonds. Due yearly on June 1 as follows: $2,000,
1926 to 1930, inclusive, and $1,000, 1931 to 1940, inclusive.
Date June 1 1925.
HOUSTON, Harris County, Tex.
-BONDS REGISTERED.
State Comptroller of Texas registered on June 17 the following -The
bonds
aggregating $1,050,000:
3347
Amount.
Purpose.
Int. Rate.
$100,000 Park improvement
4 %
100.000 Fire and police station
5
400,000 Water works improvement
4
75.000 Incinerator
4
100,000 Storm sewer
4
75,000 Sanitary sewer
100,000 Paving
100,000 Street paving
44 0
Due serially.
HUDSON COUNTY (P.O. Jersey City), N. J.
-BOND OFFERING.
John J. McHugh, Deputy Clerk of Board of Chosen Freeholders, receive sealed bids until 3 p. m. (daylight saving time) July 9 for the will
following bonds:
51.000.000 park bonds, maturing $20.000 yearly, July 15 1926 to 1975,incl.
376,000 Newark Turnpike impt. bonds, maturing July 15 as follows:
$22,000, 1926 to 19411 incl., and 523.000, 1941 and 1942.
372,000 Boulevard reconstruction bonds, maturing July 15 as follows:
$33.000. 1926 and 1927, and 534,000, 1928 to 1936, incl.
500,000 Hospital for the Insane bonds, maturing July 15 as follows:
515.000, 1926 to 1930. and 517,000, 1931 to 1955, incl.
200,000 Boulevard Bridge reconstruction bonds, maturing July 15 as
follows: 565.000. 1926 to 1945, incl., and $70,000, 1946 to 1955.
incl.
500,000 Maternity Hospital bonds, maturing July 15 as follows: $15,000.
1926 to 1930, incl., and $17,000, 1931 to 1955, incl.
Denom. $1,000. Date July 15 1925. Prin. and int. (J. & J.) payable
In gold at the County Treasurer's office or at the U. S. Mtge. & Trust Co..
N. Y. City. No more bonds to be awarded than will produce a premium
of 51.000 over the above amounts. The bonds will be prepared under the
supervision of the United States Mtge. & Trust Co., N. Y. City, which
will certify as to the genuineness of the signatures of the officials and the seal
Impressed thereon, and the validity of bonds will be approved by Hawkins.
Delafield & Longfellow of N. Y. City. A certified check on an
bank or trust company for 2% of bonds bid for, payable toincorporated
the county,
required.
IDAHO (State of).
-NOTE SALE.
-The $500,000 treasury notes offered
on June 22-V. 120, p. 3226
-were awarded to a syndicate composed of the
First National Bank and Saloman Bros. & Hutzler, both of New York,
and the Ralph Schneeloch Co. of Portland at 3.60%, plus a premium a
$10 50. Date July 30 1925. Due June 30 1926.
IDAHO IRRIGATION DISTRICT (P. 0. Idaho Falls), Bonneville
County, Idaho.
-BOND DESCRIPTION.
-The $130,000 6% irrigation
bonds purchased by the Minnesota Loan & Trust Co. of Minneapolis
V. 120, p. 2846
-are described as follows: Date July 1 1925. Denom.
i.000. Coupon bonds. Due serially 1936 to 1945. Interest payable
INDEPENDENCE, Montgomery County, Kan.
-BOND SALE.
The 4( bonds, aggregating $28,721 96, registered by the State Comp%
troller of Texas
-V. 120, p. 2587
-were purchased at par as follows:
$21,311 91 paving bonds, by School Fund Commission.
7,410 05 paving bonds, by Citizens First Nat. Bank of Independence.
Due in 1 to 10 years. Interest payable M.& S.
INDIANAPOLIS PARK DISTRICT (P. 0. Indianaplois), Marion
County, Ind -BOND OFFERINO.-Sealed bids will be received by
Joseph L. Hogue, City Controller, until noon July 8 for the following 4M %
coupon bonds:
$28,000 Issue No. 3 bonds of 1925, maturing $1,000 yearly Jan. 1 1927
to 1955 inclusive.
13,000 Issue No. 4 bonds of 1925, maturing $1,000 yearly Jan. 1 1927
to 1940 inclusive.
Denom. $1,000. Date July 8 1925. Prin. and semi-ann. int. (J. & J.)
payable at the City Treasurer's office. A certified check on a responsible
bank or trust company in Indianapolis, for 2M % of amount of each issue
bid for, payable to the City Treasurer, required. Delivery of bonds at
office of City Treasurer on July 8 or any time thereafter not later than
30 days from date of award.
IRON COUNTY (P. 0. Parowan), Utah.
-BOND ELECTION-An
election will be held on July 11 for the purpose of voting on the question of
issuing $50,000 road bonds.
JACKSON, Jackson County, Ohio.
-BOND OFFERING.
-Sealed
bids will be received until 1 p. m. July 10 by W. P. Turner, City Auditor,
for 520.0006% funding bonds. Denom.$1,000 May 11925. lot. M.& N.
Due $4,000 yearly on May 1 from 1927 to 1931, incl. Prin. & int, to be
payable at the office of City Treasurer, Ohio. Certified check for $1,000
on some solvent bank required with each bid.
JACKSON TOWNSHIP (P. 0. Taylortown), Richland County,
Ohio.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m.
July 3 by John Heyde,Township Clerk,for 57,0005 % coupon (township's
share) road bonds. Denom. 31.000. Date July 1925. Due 51.000
yearly on July 1 from 1926 to 1932 incl. Prin. and Mt. payable at the First
National Bank,Shelby. After sealed bids are opened, bonds will be offered
to verbal bidders. A certified check on some solvent bank in Richland
County for 5% of amount of bonds bid for, payable to the above Clerk.
required with each bid.
JAMAICA, Guthrie County, Iowa.
-BONDS DEFEATED.
-At the
election held on June 11-V. 120, p. 2847
-the voters defeated the proposition to issue $50,000 school bldg. bonds.
JEFFERSON COUNTY (P. 0. Dandridge), Tenn.
-BOND DESCRIPTION.
-The $165,000 5% high school bonds awarded on May 15
to the Harris Trust & Savings Bank of Chicago
-V. 120, p. 2717
-are
described as follows: Date May 1 1925. Coupon bonds. Denom. $1,000.
Due May 1 as follows: $5.000. 1931 to 1935 incl., $7.000, 1936 to 1939
incl. $10,000, 1940 to 1949 incl., $12.000 in 1950. Principal and interest
(M. & N.) payable at the National City Bank, New York City.
'
Financial Statement (as officially reported).
Assessed valuation for taxation
$9,961,933
Total debt (this issue included)
1.045,000
Less sinking fund
$135.000
Net debt
910.000
Population. 1920 census. 17.677.
JOLIET SCHOOL DISTRICT NO. 86 (P. 0. Joliet), Will County,
III.
-BOND SALE.
-The Harris Trust & Savings Bank of Chicago has
purchased $40,000 4M % coupon school refunding bonds. Denom.
$1,000.
Date July 1 1925. nMcipal and semi-annual interest (J. & J.) payable
at
the above bank. Due July 1 1941.
JOILET TOWNSHIP HIGH SCHOOL DISTRICT (P.
0. Joliet),
Will County, III.
-BOND SALE.
-The Harris
Savings
Chicago has purchased 350,000 4q% coupon Trust &refundingBank of
school
bonds.
Denom. $1,000. Date July 1 1925. Principal and semi-annual interest
(J. & J.) payable at the above bank. Due $10,000
yearly July 1 1936 to
1940. inclusive.
JUNCTION CITY, Perry County, Ohio.
Sealed bids will be received until 12 m. July 3,-BOND OFFERING.by the
for $5,0006% coupon (special assessment) Hill Street impt.Village Council,
bonds.
$500. Date July 1 1925. Int. A. & 0. Due $500 on Oct. 1, Denom.
from 192 1
to 1935 incl. Prin. and int. payable at office of the
Trustees of the Sinkin Fund ofthe Village,except in case the same are purchased
Commission of Ohio, when the same is payable at the by The Industri I
office of the Sta
Treasurer. Certified check on some solvent bank
of bonds bid for, payable to the Village Treasurer, for 5% of the amou
in any bid or bids that the village pay attorney fees required. Any conditi
for
cript will not be considered. Nor will any condition the approval of tra •;in any
that bidder furnish bonds and the village pay therefore bid to the e
be consider d.
A purchaser may furnish a form of bond and if
approved by the villa
will be used.
KALOMA, Cowlitz County, Wash.
-BONDS VOTED.
-The voters
authorized the issuance of $10,000 school building bonds
at a recent election.
KANSAS CITY, Jackson County, Mo.-BONDS
VOTED.
-At the
election held on June 23-V. 120, p. 2847
issuance of $5.000,000 school bonds by a count-the voters authorized the
of8.538 for to 1,870 against.
KEENE UNION SCHOOL DISTRICT (P. 0. Keene)
Cheshire
County, N. H.
-BOND SALE.
-Harris, Forbes &
have been awarded $20,000 4h% serial bonds, dueCo., Inc. of Boston
1926 to 1929 incl.,
at 100.03.
3348
THE CHRONTOLE
rVoL. 12A
-L. B. Craw- Davenport purchased an issue of $2,000 5% school bonds on June 12.
-BOND OFFERING.
KELSO, Cowlitz County, Wash.
ford, City Clerk, will receive sealed bids until 8 p. m. July 7 for $20.000 Date July 1 1925. Due $500 July 1 1926 to 1929 incl.
years. A certi-On
Improvement bonds. Date Aug. 1 1925. Due in 1 to 10
-BONDS REGISTERED.
LITTLEFIELD, Lamb County, Tex.
fied check for 5% of bid is required.
Juno 15 the State Comptroller of Texas registered $75,000 6% water works
-An election bonds. Due serially.
-BOND ELECTION.
KIRKVILLE Kerr County, Tex.
will be held on July 14 for the purpose of voting on the question of issuing
-BOND SALE.LITTLE RIVER COUNTY (P. 0. Ashdown), Ark.
350,000 paving bonds.
"B. Tigrett & Co., of Jackson, have purchased an issue of $41,614 65
-At an elec- county bonds. Due in one to five years.
-BONDS VOTED.
KNOXVILLE, Knox County, Tenn.
tion held recently the voters authorized the issuance of $250,000 viaduct
-On June 10 an
-BOND SALE.
LOCKPORT, Niagara County, N. Y.
bonds.
issue of $2,000 Outwater Park improvement bonds was sold to (Miss)
premium of 37 63. equal to 100.38, a basis of
-The Nellie Bugher as 5s at a
-BOND SALE.
LABETTE COUNTY (P. 0. Oswego), Kan.
$500. Date June 10 1925. Prin. and int.
$150.000 4)'% road improvement bonds offered on June 17-V. 120, p. about 4.84%. Denom. City Treasurer's office. Due $500 Jan. 2 1926
pay
ind sble at the
3097-were awarded to the Federal National Bank & Trust Co.. at a (Jan.
Premium of $783. equal to 100.52. a basis of about 4.39%. Date June 1 to
-Sealed bids will
1925. Due $15,000 yearly Aug. 1 1926 to 1935 incl. Coupon or registered
-BOND OFFERING.
LOGAN, Logan County,Ohio.
bonds.
be received until 12 m. July 11 by Della Bishop, City Auditor, for $47,500
construction bonds. Denom. $1,000, except one
-The following 5% coupon storm sewer
LA CROSSE,La Crosse County, Wis.-BOND SALE.
and int. payable at
bonds, aggregating $95,000, were awarded to the Second Ward Securities for $500. Date May 1 1925. Int. M. & N. Prin.
,
Co. of Milwaukee, as 4 Us, at a premium of $1,050, equal to 101.10, a basis the office of the City Treasurer. Due yearly on Nov. 1 as follows: $2,500.
1926; E,000, 1927 12,000, 1928 and 1929 $3,000. 1930 $2,000. 1931 and
of about 4.12%.
2,000, 1934 and 1935 $3.000, 1936 32,000, 1937 and
$50,000 street improvement bonds. Due Jan. 1 as follows: $3,000 in each 1932; ,000, 1933 2,000. 1940 and 1941 $3,000, 1942 32,000, 1943 and
,000, 1939
of the years 1926. 1928, 1930, 1932, 1934, 1936, 1938. 1940, 1942 1938; and $3,000. 1945. Certified check on a solvent bank for 5% of the
1933. 1944,
and 1944 and 22,000 in each of the years 1927, 1929, 1931.
amount of bonds bid for, payable to the City Treasurer, required. Bonds
1935, 1937, 1939, 1941, 1943 and 1945.
be delivered and paid for within 30 days from time of award.
45.000 water main extension bonds. Due Jan. 1 as follows: $3,000 in toSealed bids will also be received until 12 m. July 20 by Della Bishop,
.
1926; $2,000. 1927 to 1929 Ind.• $3,000 in 1930: $2.000. 1931 to City Auditor, for $19.000 5% water works improvement bonds. Denom.
1933 incl.. $3.000 in 1934; 82.000. 1935 to 1937 incl.; $3.000 in $1.000, except two for $500. Date Apr. 1 1925. Int. A. & 0. Due
1938: $2.00, 1939 to 1941 incl.; 33.000 in 1942 and $2,000. 1943 $500 Oct. 1 1926 and Oct. 11027 and $1,000 yearly on Oct. 1 from 1928 to
to 1945 incl.
1945. Prin. and int. payable at the office of the City Treasurer.
Date July 1 1925. Following is a list of other bidders:
-A syn-BOND SALE.
4 %Bds. 4a%BdS.
LOS ANGELES, Los Angeles County, Calif.
Prem.
Prem.
Nallle of Bidderdicate composed of the First National Bank, Blair & Co. Hallgarten &
81,8.50.00 32,855.00
Second Ward Securities Co., Milwaukee
Halsey, Stuart It Co.. Hayden, Stone & Co.. RedEldredge & Co.,
2,517.00 mond & Co., Detroit Co., Phelps, Fenn & Co.. Rutter & Co. and R. W.
751.00
Harris Trust & Savings Bank. Chicago
2.438.00 Pressprich & Co., all of New York, and Stevenson, Perry, Stacy & Co.
706.00
First Wisconsin Company, Milwaukee
2,272.00 of Chicago, Anglo-London-Paris Co. of San Francisco and the Bank of
460.60
Union Trust Co., Chicago
2,138.40 Italy of Los Angeles, was the successful bidder for the following bonds,
Chicago Trust Co., Chicago
2,110.90 aggregating 811,350.000, at a premium of $37, equal to 100.003:
405.65
Taylor, Ewart & Co., Chicago
2,033.00 18,000.000 water supply bonds as 434s.
Halsey, Stuart & Co., Chicago
1.985.00
296.00
Hill, Joiner & Co., Chicago
2.000,000 Colorado River aqueduct bonds as 4s.
1,824.00
57.00
A. B. Leach & Co., Inc. Chicago
500,000 bridge bonds as 354s.
1,651.00
Blyth, Witter & Co., Chicago
500.000 library bonds as 3.345.
350,000 pedestrian tunnel bonds as 4s.
-The $400,000 53 %
-BOND SALE.
LAKELAND,Polk County, Fla.
-R. F.
-were awarded to a syn-BOND OFFERING.
sewer bonds offered on June 23-V. 120. p. 3227
LOWELL, Gaston County, No. Caro.
dicate composed of Austin, Grant dr Co. and Guardian Detroit Co., both of Harris, Town Treasurer, will receive sealed bids until 2 p. m. July 1 for
New York and the Mississippi Valley Trust Co. of St. Louis at 100.52, 86.000 6% street improvement bonds. Date July 1 1925. Denom. $500.
a basis of about 4.80%. Date Nov. 10 1924. Due Nov. 10 as follows: Due 3500 yearly July 1 1928 to 1939 incl. Principal and interest (J. & J.)
$50,000 in 1948 and 870,000. 1949 to 1953 incl.
payable at the Seaboard National Bank, N. Y. City. A certified check
- for 2% of bid is required.
i.."=n5ER COUNTY (P. 0. Austin), Nev.-BOND OFFERING.
-F. S. Moseley
Sealed bids will be received until 1 p. m. July 6 by Lena E. Streshley,
-TEMPORARY LOAN.
LYNN, Essex County, Mass.
County Clerk, for $55,000 6% school bonds. Date July 6 1925. Denom. & Co. of Boston have been awarded on a 3.23% discount basis a temporary
$1,000. Due serially. Principal and interest (July 1) payable at the office loan of $250,000, due Mar. 15 1926.
of the County Treasurer. A certified check for 5% of bid is required.
-An
-BOND ELECTION.
LYNN COUNTY (P. 0. Tahoka), Texas.
LEMON GROVE SCHOOL DISTRICT, San Diego County, Calif. election will be held on June 30 for the purpose of voting on the question
-The $18,000 5 % school bonds offered on June 15- of issuing $500,000 5.4% road bonds. C. H. Cain, County Judge.
-BOND SALE.
-were awarded to the Wm. R. Stoats Co. of Los Angeles,
V. 120. p. 3098
-The Com-BOND SALE.
MACKSVILLE, Stafford County, Kan.
at a premium of $1,111. equal to 106.17, a basis of about 4.87%. TDate
issue of 360.000
May 111925. Coupon bonds. Due $1.000 yearly May 11 1930 to 1947 merce Trust Co. of Kansas City, Mo., has purchased an
4Si% school bonds. Due in 1 to 20 years.
incl. Following is a list of other bidders:
Prem.
Name of
MADERA SCHOOL DISTRICT (P. 0. Madera), Madera County,
$765.00 Calif.
Freeman, Smith & Camp Co
-L. W. Cooper, County,Clerk, will receive
-BOND OFFERING.
540.00 sealed bids until 2 p. m. July 7 for 856,000 6% school bonds. Denom.
Dean Witter & Co
505.00 81.000. Due in 1 to 20 years. A certified check for 10% of bid is required.
First National Bank, San Diego
486.00
Anglo, London. Paris Co
-BOND OFFERING.
MADISON COUNTY (P. 0. Anderson), Ind.
431.33
Stephens & Co
Frank Seward, County Treasurer, will receive bids on and after 10 a. m.
- July 1 for the following 5% road bonds:
LETCHER COUNTY (P. 0. Whitesburg), Ky.-BOND SALE.
Township
The Well. Roth & Irving Co. of Cincinnati has purchased an issue of $18,000 GraceO m al. free concrete road in Anderson Toship bonds.
Odor et
$200,000 5% road and bridge bonds. Date April 15 1925. Denom.$1,000.
Denom.$
Due 8100.000 April 15 1945 and 1955. Principal and interest (A. & 0.)
20,000 William M. Van Dyke free concrete road in Anderson Township
payable at the Hanover National Bank, N. Y. City. Legality approved
bonds. Denom. $1.000.
by Peck, Shaffer & Williams of Cincinnati.
Date July 1 1925. Int. M.& N. 15. Due one bond of each issue each
- six months from May 15 1926 to Nov. 15 1935 incl.
-TEMPORARY LOAN.
LEXINGTON, Middlesex County, Mass.
-BOND OFFERING.
This town has awarded to the Lexington Trust Co.of Lexington on a 3.27%
MADISON COUNTY (P. 0. Wampsville), N. Y.
discount basis a $50,000 loan due December 30.
-Robert L. Clark, County Treasurer, will receive sealed bids until 11 a. m.
July 1 for the following coupon 4 or 434% bonds:
-BOND OFFERING.
LICKING COUNTY (P. 0. Newark), Ohio.
follows: $5,000. 1932 to 1941,
Sealed bids will be received until 11 a. m.(Central standard time) June 27 $145,000 highway bonds. maturing July 1 as and $5,000. 1951.
incl.: 810.000, 1942 to 1950, incl.,
at the office of the Board of County Commissioners for $5,515 5% improvedeficiency bonds, maturing July 1 as follows: $5,000, 1932 to
105,000
ment inter-county highway bonds. Denom. $1,000, except one for $515.
1950, incl.,and $10,000, 1951.
Date June 1 1925. Int. J. & D. Due $515 Dec. 1 1926 and $1,000 yearly
Denom. $1.000. Date July 1 1925. A certified check for 5% of bonds
on Dec. 1 from 1927 to 1931 incl. Prin. and int. payable at County
required. Legality approved by Clay &
payable to above
Treasurer's office. Certified check on some bank other than the one making bid for, New York City. official,
the bid. for 5% of amount of bonds bid for, payable to County Treasurer. Dillon,
required. Bonds to be delivered and paid for within ten days from time of
MADISON SCHOOL DISTRICT, Madison County, Neb.-BOND
% reaward. The successful bidder will be required to receive and pay for said SALE.
-The State of Nebraska purchased an issue of $25,000
bonds at the office of the Treasurer of said county.
funding school bonds in May at par. Date May 11925. Due May 11945.
-LOAN OFFERING.-ThIs city
MALDEN, Middlesex County, Mass.
LIMESTONE COUNTY COMMON SCHOOL DISTRICT NO. 1
-On June 16 the State will receive bids until 8 p. m. June 29 for the purchase on a discount basis
-BONDS REGISTERED.
(P.0. Grosebeck), Tex.
payable Jan. 1 1926.
Comptroller of Texas registered $8,000 5% school bonds. Due in 10 to of a temporary loan of $500,000.
20 years.
-BOND SALE.
MANCHESTER, Hillsborough County, N. H.
Eastman. Dillon & Co. of New York were during the past week the successLINCOLN PARK (P. 0. Dearborn R. F. D. No. 2) Wayne County, ful bidders for an issue of $300.000 4% coupon highway and sewer bonds
-Sealed bids will be received until 10 a. m
Mich.
-BOND OFFERING.
99,619, a basis of about 4.05%. Denom. 81,000. Date June 1
(eastern standard time) June 29 by Floyd W. Harrison, City Clerk, for paying Prin. and semi-ann. int. payable at the National Shawmut Bank.
1925.
382,000 special assessment paving bonds. A certified check for $2,000 Boston. Due yearly on June 1 as follows: $20,000, 1926 to 1935 incl. and
the City, required.
payable to
$10,000, 1936 to 1945 incl.
LINCOLN SCHOOL DISTRICT, Lancaster County, Neb.-BOND
MARICOPA COUNTY SCHOOL DISTRICT NO.71 (P. 0. Phoenix),
-The First Trust Co. of Lincoln was the successful bidder for the Ariz.
SALE.
-We now learn that the Fred Emert Co. of St. Louis
-CORRECTION.
-as 434s, at a did not purchase the $5,000 6% school bonds reported sold to them in
3750,000 school bonds offered on June 16-V. 120, p. 2718
premium of $9.532, equal to 101.13-a basis of about 4.17%. Date July 1 V. 120. p. 2588.
1925. Denom. $1,000. Due July 1 as follows: 318,000. 1926 to 1935.
,
-The $26,000 6%
-BOND SALE.
MARION, Perry County, Ala.
incl., and $19,000, 1936 to 1965. incl. Purchaser agreed to furnish blank
-were awarded to I. B.
3098
bonds, pay for the registration of said bonds and pay for all legal expenses City bonds offered on June 18-V. 120, p.of about 5.58%. Date July 1
typographical error the sale of the Tigrett & Co. of Nashville, at 106, a basis
In connection with the bonds. Due to a
above bonds was given under the caption of "Lincoln School District, 1925. Due July 1 1955.
Nev.," in V. 120. p. 3227. Other bids were as follows:
-BOND SALE.-Estabrook
MARLBORO, Middlesex County, Mass.
United States Trust Co., Omaha:
& Co. of Boston have been awarded at 100.53 $85,000 4% bonds, dated
The White-Phillips Co., Davenport:
Term. Premium. June 1 1925 and payable 1926 to 1940 incl.
Term. Premium. Amoun1. Rate.
Rate.
Amount.
$5200
3.500,000 4SI% 30 years 32,630 00 $250,000 434% 30 yearsj
MARSHALLTOWN INDEPENDENT SCHOOL DISTRICT, Marshall
30 years(
500,000 434% 40 years 3,86500 250,000 4%
-The $400,000 school bonds offered on
-BOND SALE.
57 00 County, Iowa.
7.50.000 434% 30 years 4,05000 250,000 434% 40 years
-were awarded to Geo. M. Bechtel & Co. of
June 17-V. 120, p. 3098
40 years(
750,000 434% 40 years 6,28000 250,000 4%
77 00 Davenport as follows: $165.000 as 48 and $235,000 as 4348. Date June 1
325,000 414% 30 years!
Sons, Chicago:
E. H. Rollins &
1925. Denom. $1,000. Coupon bonds. Due serially 1935 to 1945.
30 years I
$500,000 434% 30 years 32,65500 325,000 4%
Interest payable (J. & D.).
$500,000 434% 40 years 4.01000 325,000 414% 40 years
82 00
40 years
-During the
MAYWOOD, Frontier County, Neb.-BOND SALE.
750,000 414% 30 years 3,98200 325,000 4%
month of May the State of Nebraska purchased an issue of $11,500 5%
750,000 434% 40 years 6,01500
Lincoln Trust Co., Lincoln:
refunding bonds at par. Date March 16 1925. Due March 16 1945;
Peters Trust Co., Omaha
$500,000 434% 30 years $3,185 00 3500,000 431% 30 years $1,880 00 optional March 16 1930.
500,000 434% 40 years 4.58500 500,000 434% 40 years 1,84000
-A
-TEMPORARY LOAN.
MEDFORD, Middlesex County, Mass.
750,000 434% 30 years 4.81200 750,000 434% 30 years 2.95000
750,000 434% 40 years 6,900 00 750,000 434% 40 years 2,890 00 temporary loan of $200,000, dated June 19 1925 and maturing Dec. 24
1925 and Jan. 15 1926, was awarded on June 19 to the National Shawmut
& Co., Chicago:
Taylor, Ewart
Wm. R. Compton Co.. Chicago:
Bank of Boston on a 3.19% discount basis, plus a $2 premium.
$500,000 454% 30 years $12,075 00
500,000 434% 40 years 15,62500 1500,000 434% 30 years 34,051 00
MERIDEN NEW INDEPENDENT CONSOLIDATED SCHOOL
500,000 434% 40 years 4,301 00
337 50
750,000 414% 30 Years 18,
-The
DISTRICT, Cherokee County lowa.-BONDS DEFEATED.
750,000 4H% 40 years 23.587 50 750,000 434% 30 years 8,001 00 Proposition to issue $30,000 school bldg. bonds submitted to a vote of the
'
750,000 434% 40 years 6,37600
The Omaha Trust Co., Omaha:
-failed; o carry.
people at the election held on June 15-V. 120. p. 2848
$12100
$500,000 434% 30 years
The National City Co.. New York:
MILFORD SCHOOL DISTRICT (P. 0. Milford), Hillsborough
500,000 414% 40 years 1.10700
142 00 $750,000 4g% 30 years 352,047 50 County, N. H.
-The 3115,000454% coupon school bonds
-BOND SALE.
750,000 434% 30 years
offered on June 19 (V. 120. p. 3229) were awarded to the Harris, Forbes &
750,000 434% 40 years 1.43100
Lehman Bros., Mississippi Valley Trust Co.. of Boston, at 100.57-a basis of about 4.18%. Date July 1 1925.
The Omaha National Bank. Omaha:
Burns Brinker Co.:
Co.
Due yearly July 1 as follows: 36.000. 1926 to 1940, inclusive, and $5,000.
500 000 411% 30 years 32,995 00 3500,000and g% 30 years
5 .
$17500 1941 to 1945, inclusive.
4
500,000 434% 40 years 4,49500
210 00
4,492 50 $750,000 414% 40 years
750,000 434% 30 years
MILTON, Norfolk County, Mass.- BOND OFFERING.- Sealed
750,000 434% 40 years 6.74250
proposals will be received until 1 p. m. (daylight saving time) July 1 by
school loan
LINN TOWNSHIP SCHOOL DISTRICT NO. 2 (P. 0. Tipton) ivfaurice A. Duffy. Town Treasurer. for $190,000 49' couponsemi-annual
-The White, Phillips Co. of bonds. Denom. 31,000. Date July 1 1925. Principal and
-BOND SALE.
Cedar County, Iowa.
JUNE 27 1925.]
THE CHRONICLE
3349
interest (J. & J.) payable at the First National Bank,
Boston. Due yearly
NORTH PUYALLUP SCHOOL DISTRICT NO. 11;(P.O.
on July 1 as follows: $10,000. 1926 to 1935. inclusive,
Tacoma),
and
1945. inclusive. These bonds are exempt from taxation $9.000, 1936 to Pierce County, Wash.
-BOND DESCRI
-The $10,000 5"
Massachusetts school bonds awarded to the State Finance PTION.
and are engraved under the supervision of and certified in to
Board at par (V. 120. p. 2589)
as
genuineness are described as follows Date May
by the First National Bank of Boston; their legality will
.
15
be approved by $700. $800 and $900. Coupon bonds. 1925. Denom. $400. $500, $600.
Ropes, Gray. Boyden & Perkins, whose
Due serially 1927 to 1941. Interchaser. All legal papers incident to thisopinion will be furnished the pur- est payable May 15.
issue will be filed with the above
bank where they may be inspected at any time.
OASIS SCHOOL DISTRICT, Riverside County,
Bonds will be delivered to
the purchaser on or about July 3 at the First National
-BOND
SALE.
-The $7,500 5)4% school bonds offered on June Calif.
Bank of Boston.
15-V. 120, p.
3099
-were awarded to the Freeman, Smith
Financial Statement June 23 1925.
Net valuation for year 1924
at a premium of $17.50, equal to 100.23. a & Camp Co. of Los Angles.
basis of about
$25,411,811 June 11925.
Debt limit
Due $500 yearly June 1 1928 to 1942 incl. 5.49%. Date
715,907
Total gross debt, including this issue
OCEANSIDE SCHOOL DISTRICT, San Diego County
733,000
Exempted debt
-Water bonds
Calif
-The $10,000 67 school bonds offered on June
130,000 BOND SALE.
e
-V.120.
p. 3099
-were awarded to the Wm. R. Stoats Co. of Los lb
• Net debt
$603,000 premium of $616. equal to 106.16, a basis of about 5.00%. Angeles, at a
Borrowing capacity, $112,907.
1925. Coupon bonds. Due $1,000 yearly May 11 1928 Date May 11
to 1937 incl.
MISSION, Hidalgo County, Tex.
Following is a list of other bidders:
-BOND
-An election
will be held on July 14 for the purpose of votingELECTION.
ame
on the question of issuing Freemanof BidderPrem.
$60.000 water bonds.
„ Smith & Camp Co
$500
Dean Witter dr Co
MOBILE, Mobile County, Ala.
475
-BOND OFFERING.
-Sealed bids will First National Bank, San Diego
be received until 12 m. July 7 by S. H.
460
Hendrix, City Clerk, for $139.000
5% lighting improvement. Series 1, 2. 3 and
OKLAHOMA, Oklahoma
-BOND ELECTION.
-On
Denom. $1,000. Due July 1 1935. optional 4 bonds. Date July 1 1925. July. 21 an election will be heldCounty, Okla.
at any yearly interest period
for the purpose of voting on the question of
commencing July 11926, upon payment of principal
and premium of 1 ).4%• issuing $825,000 sewer bonds.
There are 39 bonds in Series 1, 44 bonds in
Series 2, 34 bonds in Series 3
O'NEILL SCHOOL DISTRI
and 22 bonds in Series 4, each for $1.000.
Each bid should be made ty, Neb.-BOND ELECTION. CT NO. 131 (P. 0. O'Neill), Holt Counseparately for the bonds in each separate Series
-On July 8 an election will be held for
and semi-annual interest payable at the America 1. 2, 3 and 4. Principal purpose of voting on the question of issuing $2,500 5% school bonds. the
N. Y. City. Legal opinion as to the validity n Exchange National Bank.
ORAN SCHOOL DISTRICT (P. 0. Oran) Scott County,
of said bonds to be at expense
of purchaser. A certified check for 1% of bid
Mo.BOND DESCRIPTION.
is required.
-The $4,800 5% school building bonds purchased
by the Mississippi Valley Trust Co. of St.
MONONGAHELA SCHOOL DISTRICT (P.
0. Monongahela), 2972-a basis of about 4.74% are described Louis. at 102.50-V. 120. p.
Washington County, Pa.
as follows: Date Feb. 1
-BOND SALE.
tax-free school bonds, offered on June 22 -The $100.000 434% coupon Denom. $1,000 and $500. Due Feb. 1 as follows: $1,000. 1927 to 1925.
1929
(V. 120, p. 3229) were bought incl.; $1,500. 1930 to 1932
by the Mellon National Bank of Pittsbur
incl.;
gh. Date June 1 1925. Due 1938 incl..• $3,000 in 1939 and $2,000. 1933 to 1935 incl.; $2.500, 1936 to
$10,000 yearly on June 1 from 1944 to 1953, inclusive
1940: $4.000, 1941 to 1944 incl. and
.
in 1945. Principal and interest (F. & A.) payable at the Mississippi $5.000
Valley
MONTCLAIR, Essex County, N. -NOTE
-The $50352487 Trust Co., St. Louis. Legality to be approved by Charles .3.• Rutherford.
Wanaque water project notes offeredJ. June SALE.
on
23 (V. 120, p. 3229) were St. Louis.
purchased by the Montclair Essex Trust Co.
Financial Statement.
at 3.65%. Date July 11925.
Due Oct. 1 1925.
Actual value of taxable property
$1,250,000
Assessed valuation, 1922
MOREHEAD CITY, Carteret County,
989,180
-BOND SALE.
- Bonded debt (this issue only)
The $150,000 6% street improvement bondsNo. Caro.
48,000
offered on June 22-V. 120,
Population (estimated) 2.000.
p. 3229
-were awarded to the First National
premium of $5,425, equal to 103.61. a basis Trust Co. of Durham. at a
ORLEANS SCHOOL TOWNSHIP, Orange County, Ind.
of about 5.55%. Date July 1
-BOND
1925. Due July 1 as follows: $6,000
-Sealed bids will be received until 3 p. m..July 3, by
in 1927 and $8,000, 1928 to 1945 incl. OFFERING.
ship Trustees, at the National Bank of Orleans, for $30,690 4 the TownMORRISON, Noble County, Okla.
4%
-The Piersol school impt. bonds. Denom. $500. except one for $690. Date July coupon
Bond Co. of Oklahoma City has purchase-BOND SALE.
1 1925.
d an issue of $27.000 6% water- Int. J. & J. Due
works coupon bonds. Date Feb. 1
1925. Denom. $1.000. Due Feb. 1 1932 incl., $1,500 each six months as follows: $1,000 July 1 1926 to Jan. 1
as follows: $1,000. 1928 to 1936,
July 1
to Jan.
inclusive: $3.000 in 1937: $1.000. 1938 to Prin. and int. payable at 1932National1 1938 incl. and $690 July 1 1938.
1941. inclusive; $3.000 in 1942, and $1,000,
the
Bank of Orleans. Certified check
0 rd
, oripterest (M. & S.) payable at the1943 to 1950, inclusive. Prin- for $300, payable to the order of Wm. Jones, Secretary , required.
1
,
fiscal agency of Oklahoma in
BOND OFFERING.
-Sealed bids will also
July 10, by Township Trustees, for $19,310 be received until 3 p. m.
4)4% coupon school impt.
Financial Statement.
bonds. Denom.$500, except one for $310. Date July 1 1925. Int. J. &
Estimated actual value
J.
$500,000 00 Due each six months as follows: $1,000 July 1 1926 to July 1 1935, incl..
1924 assessed value
Total bonded debt (this issue)
219.857 00 and $1,310 July 1 1935. Certified check for $250, payable to the order of
Net debt, less water bonds
27.000 00 Wm. Jones, Secretaryrequired. The following applies to both issues:
None A transcript of the rooedings to be furnished by the Board for the issue
1920 population, 353; estimated
now, 500.
and sale of the bonds.
MOUNT OLIVER, Allegheny County,
OSWEGO, Clackamas County, Ore.
Pa.
-BOND OFFERING.-BONDS VOTED.
Geo. A. Hoffman, Borough Clerk,
-At a recent
will receive sealed bids until 7 p. m. election the voters authorized the issuance of $100,000 water bonds.
(Eastern standard time) July
ing bonds. Denom.$1,000. 10 for $27,000 4)4% tax-free municipal buildOTTAWA COUNTY (P. 0. Grand Haven), Mich.
Date July 1 1925. Int. J. & J. Due July
-BOND SALE.
as follows: $5,000, 1929. 1934,
1
1939 and 1944; and $7.000, 1949. A The $67.500 Assessment District No. 11 and $79.000 Assessment District
certified check for $1,000, payable
No. 12 bonds offered on June 20-V. 120, p. 3230
-were purchased by
to the Borough, required.
Stranahan. Harris & Oatis. Inc., of Toledo, as 414s at a premium
MT. PLEASANT, Cabarru
of $850.
-BOND OFFERING. equal to 100.58. Due 2 to 10 years.
-Sealed bids will be received s County, No. Caro.
Clerk, for $34,000 6% streetuntil 2 p. m. July 1 by Fred Herrin. Town
OTTAWA COUNTY (P.O.Port Clinton),Ohio.
improvement bonds. Date July 1 1925.
-BOND OFFERING.
Denom.$1,000. Due $1,000. 1928 to
1937 incl.:$2,000. 1938 to 1945 incl., -Sealed proposals will be received by E. A. Guth, County Auditor, until
and $4.000, in 1946 and 1947. Prin.
12 noon July 6 for $73,000
H. No.
Section "C" bonds.
Hanover National Bank, N. Y. City. and int. (J. & J.) payable at the Denom. $1.000. Date July 5% I. C.Principal 438. semi-ann
6 1925.
and
ual interest
at his own expense. A certified chock Purchaser to secure legal opinion (A.& 0.6) payable at the County Treasure
for 2% of bid is required.
r's office. Due each six months
as follows: $5,000 April 6 1926, and $4.000 each Oct. 6 and April 6
NAPERVILLE SCHOO
from
Du Page County, 111. L DISTRICT NO. 78 (P. 0. Naperville), Oct. 6 1296 to Oct.6 1934, inclusive. Bonds to be delivered at the County
-DESCR
Treasury or at the American Bank of Port Clinton as soon after the
-The $65.000 4)4
bonds awarded to the Continental IPTION.
school as
sale
&
they are ready. A certified check for $1,000, payable to the County
Chicago (see V. 120, p. 2848) are Commercial Trust & SavingeBank of
$1,000 denominations. Date June 1 described as follows: Coupon bonds. Treasurer, required. Bidders will be required to satisfy themselves of the
1925. Interest J. & J. Due July 1 legality, of the issue of bonds, but full transcrip will furnishe
as follows. $3,000, 1928 and 1929:
t
be
d the success$4,000, 1930 to 1935. inclusive;
1936 to 1942. inclusive. Price paid,
$5,000, ful bidder as required by law.
102.45-a basis of about 4.21%.
PARKERSBURG INDEPENDENT SCHOOL DISTRICT, Wood
NASHUA, Hillsborough County,
N.
-BOND SALE.
-The 1229.000 5% coupon school bonds
-The County, W. Va.-BOND SALE.
$300,000 4)4'% coupon bridge bonds offered on H.
June 26-V. 120, p.
were awarded to E. H. Rollins & Sons at
- offered on June 23 (V. 120, p. 3230) were awarded to the Kanawha Valley,
101.22. a basis of about 3229
Bank of Charleston at a premium of
Date July 11925. Due $15,000 yearly
July 1 1926 to 1945 in I. 4.10%• about 4.38%. Date Aug. 11924. $10,165 31. equal to 104.43. a basis of
Due Aug. 1 as follows: $28,500, 1930
NAVARRO COUNTY(P.O. Corsicana), Tex.
to 1935 incl., and $29,000 in 1936 and 1937.
-BONDS DEFEATED.
-At the election held on June 20
(V. 120, P. 3099) the proposition to issue
PAWNEE COUNTY UNION SCHOOL DISTRICT NO.
$7,000,000 road bonds was defeated.
1 (P. 0.
Rozel), Kan.
-BOND SALE.
-The $20,000 454% school bonds, offered
on June 16-V. 120. p. 3099
NEWBURGH, Orange County,
-were awarded to the Branch-Middlekauff
-BOND SALE.
-The $12,- Co. of Wichita, at a premium of $330,
120.98 4)4% impt. bonds offered onN. Y.
equal to 101.65. a basis of about
June
purchased by Geo. B. Gibbons & Co., Inc. of22-V. 120, p. 3230
-were
N. Y., at 101.17, a basis of 4.50%. Date Mar. 11 1925. Coupon bonds. Due Jan. 1 as follows:
about 4.28%. Date July 1 1925.
11.000 in 1927 and 1928 and $1,500, 1929 to 1940 incl.
to 1934 incl. and $1,320.98, 1935. Due July 1 as follows: $1,200, 1926
Name of BiddersPrem.
H. M. Reed, Lamed
NEW JERSEY (State of).
$200.00
-STATE DISPOSES OF $10,000,000
H. B. Hells. Rozel
TO LOCAL BANKS.
BONDS Commerc
208.00
-On June 23 the following three issues
e Trust Co. Kansas City
of 4)4% coupon
or registered bonds offered on that
74.00
-V. 120. p. 3099
'
-were disposed The Shawnee Invest. Co.. Topeka
of to local banks, the average pricesdate
316.00
being
103.044 for the road bonds and 103.046 for103.173 for the highway bonds, The First Trust Co.. Wichita
302.60
Guarantee Title & Trust Co., Wichita
the
$5,000,000 highway bonds. Due July 11955, bridge bonds:
175.00
optional July 11940.
3,000,000 road bonds. . Due July 1 1940.
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-The
Colony Trust Co. of Boston has been awarded a temporary revenue Old
2.000,000 birdge bonds. Due July 1 1940.
loan
of $100,000. due Dec. 1 1925, on a 3.23% discount basis,
NOBLE COUNTY (P.O. Perry),
plus a $1.25
-BONDS VOTED.
-The voters premium.
authorized the issuance of $900,000 Okla.
road bonds at a recent election.
PEEKSKILL UNION FREE SCHOOL DISTRICT (P. 0. Peekskil
l),
NORFOLK, Norfolk County, Va.-BOND
-BOND OFFERING.
SALE.
-Fred J. Bohiman.
-The following Westchester County, N. Y.
coupon or registered bonds, aggregating $1.846,0
00, offered on June 23 Clerk. Board of Education, will receive sealed bids until 8 p. m. July 7 for
(V. 120, p. 3099) were awarded to a syndicate
$15,000 school bonds to bear interest at a rate named by bidder. Denom.
composed of Kissel, Kinnicutt & Co. First National Bank, Halsey, Stuart
& Co., and Redmond & $1,000. Date July 1 1925. Prin. and int. (J. & J.) payable at the PeeksCo., all of New York, as follows:
'
kill National Bank in New York exchange. Due $1,000 yearly
Jan.
to 1941 incl. A certified check for $250, payable to the District 1 1927
$1,304,000 434% public improvement bonds at
Clerk.
102.10. a basis of about required.
4.36%. Date July 1 1925. Due July 1 1947.
Interest payable J. J.
PERKINS COUNTY SCHOOL DISTRICT NO. 1 (P. 0.
542,000 5% bonds (composed of $400.000 port
Grant),
Neb.-BONDS VOTED.
-At the election held on June
water bonds) at 108.66, a basis of aboutterminal and $142.000 the voters
authorized the issuance of $25.000 school 8-V. 120, p.2849of
3.98%,. Date May 1
bonds by a count
1922. Due May 1 1952. Interest payable
119 for to 9 against.
M. & N.
Principal and interest payable at the city'sfiscal agency
in New York City.
PERRY COUNTY (P. 0. Hazard) Ky.-BOND
Financial Statement.
The $100,000 57, road bonds purchased , C. E. Duff DESCRIPTION.Actual value, taxable property (estimat
by
-V. 120, p. 2849$303,356,330 are described as follows: Date June 1 1925. Denom. $1.000. Due serially
Assessed value, taxable property, 1925 ed)
197,844,902 1935 to 1947. Interest payable (J. & D.).
Total bonded debt, including this issue
38.062,500
Less: Water bonds
PERU, Miami County, Ind.
$5,521,000
-DESCR
Municipal l'ort Terminal bonds
-The $70,000 4)4%
park bonds awarded as stated in V. 120, IPTION.
4,900,000
Sinking funds
3099
Coupon bonds in denom. of $1,000 each.p.Date -are described as follows:
2,901,002
May 15 1925. Prin. and
13,322,002 semi-ann. int. (M. & N. 15) payable at the Wabash Valley Trust Co.,
Net debt
Peru. Due each six months as follows: $1,000
Population, 1920, 115.777; present population,
May 15 and $1,000 Nov. 15
from May 15 1927 to May 15 1941, then $1,000
estimated, 166,612.
each May 15 and $2,000
each Nov. 15 from Nov. 15 1941 to Nov. 15 1954,
NORTH ANDOVER, Essex County, Mass.
all inclusive.
-BOND SALE.
-On June
25 the $55.000 4% coupon municipal building loan bonds,
PETERSBURG SCHOOL CITY (P. 0. Petersbu
offered on that
date (V. 120, p. 3230) were awarded to Estabrook & Co.
rg), Pike
-BOND OFFERING.
of Boston. at Ind.
-Sealed bids will be received until County,
100.53. a basis of about 3.81%. Date July 1 1925. Due
2
$11,000 yearly July 6 by the Board of School Trustees for $33,009 4)4% school p. m.
on July 1 from 1926 to 1930 incl.
bonds.
Denoms. 20 for 1500, 2 for $1,000 and
14
Due each six months as follows: $500 Julyfor $1.500. Int. (J. & J. 15)•
NORTHBRIDGE, Worcester County, Mass.
15 1926 to Jan. 15 1936. incl.;
-TEMPORARY LOAN $1,500 July 15 1936 to Jan. 15
-The Old Colony Trust Co.of Boston was awarded on June 25
1943, incl.. and $1,000 July 15 1943 and
loan of $25,000, maturing Oct. 15 1925, on a 3.30% discount a temporary Jan. 15 1944.
basis, plus a
premium of $1 75.
PHOENIX UNION SCHOOL DISTRICT (P.
0. Phoenix
County, Ariz.
-BONDS VOTED.
-At an election held on ), Maricopa
NORTHPORT, Tuscaloosa County, Ala.
June
-The voters authorized the issuance of $300,000 school building bonds. 10 the
Merchants Bank & Trust Co. of Tuscaloosa has -BOND SALE.
purchased an issue of
PIONEER, Eastland County, Tex.
$15.400 6% public improvement bonds at par.
-BONDS VOTED.
-The voters
authorized the issuance of $25,000 school building
bonds at a recent election.
3350
THE CHRONICLE
Wm.. 120.
- 1928 to 1930 incl.: $20,000, 1931 to 1935 incl.; 525,000. 1936 to 1940 incl.;
-TEMPORARY LOAN.
County, Mass.
to 1950 incl., and $46,000, 1951
530,000,
A temporary loan of $200,000. issued in anticipation of revenue, dated to 1955 1941 to 1945 incl.: $37,000, 1946
&
incl.
nt (J. & J.)'payable at the U. S. Mtge.Y.Trust
June 23 and payable Dec. 8 1925, has been awarded to the Old Colony Co., N. Y. Ptin. and i'
City.
N.
City. Legality approved by John C. Thompson Commissionplus a premium of 51 75.
Trust Co. of Boston on a 3.16% discount basis,
'
payable to the Board of County
A certified check for 55,000,
POLK SCHOOL TOWNSHIP (P. 0. Plymouth), Marshall County, ere, is required.
-The $19.000 5% coupon school bonds awarded
Ind.
-DESCRIPTION.
-W. F
-BOND OFFERING.
ST. PAUL, Ramsey County, Minn.
to the Fletcher American Co.of Indianapolis (see V. 120, p. 2849) at 102.596 Scott, City
sealed bids until July 15 for the follow.
are described as follows: Denom. $500. Date July 1 1925. Int. J. & J. ing bonds. Comptroller, will receive
aggregating $1,500,000:
Coupon bonds. Due July 1 1932. Net income basis about 4.57%.
-On June 15 $1,000,000 sewer.
-BOND SALE.
PONTIAC, Oakland County, Mich.
500,000 school.
offered on
These bonds are in addition to those being offered on July 1 (V. 120, p.
$20,000 41% coupon (special assessment) water-main bonds
that date were purchased by the city itself at par. Denom. $1,000. Date 3232).
years.
-The
June 15 1925. Int. J. & D. Due in 5
-BOND SALE.
Sacramento County, Calif.
SACRAMEN
on June
- $225.400 434% TO,
-BOND SALE.
PORTAGE COUNTY (P. 0. Pavenna), Ohio.
municipal improvement. Series 1923. bonds offeredBank of
-were awarded to the Capital National of about
On June 23. Breed, Elliott & Harrison of Cincinnati purchased the $33,296 12-V. 120, p. 3100
103.08, a basis
5% road bonds, offered on that date (V. 120, p. 3231) for $34.188.33. Sacramento, at a premium of $13,957. equal to 55.300. 1926 to 1939 Md.
equal to 102.67, a basis of about 4.45%. Date July 1 1925. Due Oct. 1 4.31%. Coupon bonds. Due Jan. 1 as follows:
as follows: $3,296. 1926; $3,000. 1927: 54.000, 1928: $3,000. 1929, and 56.300, 1940 to 1963 incl. Following is a list of other bidders:
Prem.
Name of Bidder$4,000, 1930 to 1934 incl.
& Co.,
- Anglo, London. Paris Co., San Francisco and Schwabacher
-BOND OFFERING.
55,816
PORT HURON, St. Clair County, Mich.
San Francisco
Thomas H. Molloy. Commissioner of Finance, will receive sealed bids until California National Bank, Sacramento and R. H. Moulton Co.,
5,236
11 a. m. June 29 for the following sewer bonds bearing interest at a rate
San Francisco
& Co.,
not to exceed 5%:
one for Wells Fargo Bank & Union Trust Co., and Heller, Bruce
4,511
$118,340 04 special assessment bonds. Denom. $1.000. exceptto 1931,
San Francisco
$17,000 1926
4,228
$340 04. Due July 15 as follows:
San Francisco
3,855
incl. and $16,340 04 1932. Principal and interest payable Dean Witter & Co.,
Freeman, Smith & Camp Co., San Francisco
'
3,788
at the City Treasurer's office.
one for $708. E. H. Rollins & Sons San Francisco
3,670
56,70800 city's portion bonds. Denom. 51,000, except
Bank, Chicago
3,169
Due July 15 as follows: $8.000 1926 to 1931, ind., and Harris Trust and Savings Wm. R. Staats Co., San Francisco
interest payable at the Hanover Blyth. Witter & Co., and
2,477
$8,708 in 1932. Principal and
Co. and Wm. Cavalier & Co., San Francisco
American Securities
National Bank. New York City.
All bids include accrued interest.
Date July 15 1925. Interest J. & J. 15. Certified check for $1,000
bonds. Bids will
0. Salem) Washington County,
required. Bidder to furnish legal opinion and printed
SALEM SCHOOL TOWNSHIP (P.
1:30 p. m.
-Sealed bids will be received until high school
be accepted and are preferred at 4H% interest.
Ind.
-BOND OFFERING.
coupon
July 10, by the Board of Trustees, for 830,000 5% 1925. Int. J. & J.
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
Denom. $750. Date July 10
On June 23 the Casco Mercantile Trust Co.of Portland was awarded a tem- building impt. bonds.
to July 1936 incl. Bonds
Due $1,500 each six months from Jan. 1 1927Salem. 1
porary loan of $200,900 dated June 30 and maturing Oct.5 1925 on a 3.17% will be
payable at the Farmers' State Bank,
discount basis.
-Chas. E.
-BOND OFFERING.
SALINA, Saline County, Kan.
-Until
-BOND OFFERING.
PORTSMOUTH, Scioto County, Ohio.
receive sealed bids until 4 p. m. June 29 for $12.12 m. July 9 J. Earl Chandler, City Auditor, will receive sealed bids for Banker, City Clerk, will
t bonds. Date March 1 1925. Due
improvemen
$1,000. 189.42
$330,000 5% coupon water works extension bonds. Denom. payable serially 4H% paving to 1935. A certified check for 2% of bid payable to
March 1 1926
Date May 11925. Principal and semi-annual interest(M.& N.).
at the office of the City Treasurer. Due yearly on Nov. 1 as follows: above named clerk is required.
-BONDS REGISTERED.
$1.000 1926 to 1929, incl.; $2,000 1930. $1,000 1931 to 1934, incl., 52,000
SAN ANGELO, Tom Greeh County, Tex.
1935. $1.000 1936 to 1939. incl.; $2,000 1940. $1.000 1941 to 1944. Incl.; The State Comptroller of Texas registered on June 18 the following 5%
$2,000 1945. 51,000 1946 to 1949. incl.. and 52.000 1950. Certified check bonds, aggregating $375.000:
on some solvent bank for 2% of the par value of the bonds bid for, payable $275,000 sewer.
to the above City Auditor, required.
80.000 street Improvement.
-L. C.
20,000 street and bridge.
PORTSMOUTH, Norfolk County, Va.-BOND OFFERING.
Due serially.
will receive sealed bids until 12 m. June 30 for the
Brinson. City Clerk,
following 4 % coupon or registered bonds, aggregating $325,000:
Diego County,
SAN DIEGO HIGH SCHOOL DISTRICT, San offered on June 15
$125,000 school bonds. Due 55.000 July 1 1930 to 1954, incl.
-The $400.000 5% school bonds
Calif.
-BOND SALE.
200,000 improvement bonds. Due $8,000 July 1 1930 to 1954, incl.
awarded to a syndicate composed of the Wm. R.
payable -V. 120, p. 3100
-were
Date July 11925. Denom.$1,000. Principal and int. (J. & J.)
Co., California Securities Co., all of Los
N. Y. City.
premium
in New York. Legality approved by John C. Thomson,United States Staats Co., the First Securities
Angeles and Mercantile Securities Co. of San Francisco, at a 4 1925.
The bonds will be prepared under the supervision of the
basis of about 4.45%. Date May Coupon
Mortgage dr Trust Co., N. Y. City, which will certify as to the genuineness of $32,132, equal to 108.03, a and 310,000, 1962 to 1965 incl.
Due $12,000. 1932 to 1961 incl.
and of the seal impressed thereon.
of the signatures of the officials
is a list of other bidders:
Prem.
-BOND OFFERING. bonds. Following
Name of BidderPOSEY COUNTY (P. 0. Mount Vernon), Ind.
$31,640
Murphy.
-Sealed bids will be received until 2 p. m. July 2 by Albert improve- Harris Trust and Savings Bank
Trust Co., Dean Witter & Co., Heller Bruce Co., 30,668
Treasurer, for the following 4(% county unit highway
County
Illinois Merchants
ment bonds:
and Wells Fargo Union Bank & Trust Co
bonds. Denom. $920. Bank of Italy, Anglo-London-Paris Co.. Freeman. Smith & Camp- 30.888
$18.400 Annie D. Larkin et al. in Point Twp. road 1935 incl.
28,728
on May 15 from 1926 to
Due $1,840 yearly
R. H. Moulton & Co
28,520
road bonds. Denom. Southern Trust & Commerce Bank, San Diego
13,860 William E. Hasting et al. in Point Twp.
28,293
$693. Due 51,386 yearly on May 15 from 1926 to 1935 incl.
Blyth. Witter & Co., E. H. Rollins & Sons
23,111
Interest M.& N.15.
First National Bank, San Diego
-Sealed bids will be received by Albert Murphy,
OFFERING.
INFORMABOND
-ADDITIONAL
SAN ANTONIO, Bexar County, Texas.
% Jacob M.
9 for $195.000
both
County Treasurer. until 2 p. in. July
-We now learn that Eldredge & Co., Wm. R. Compton Co.,
Harlem et at. road bonds. Date Aug. 5 1925. Denom. $1,000. Int. TION.
McNear & Co., of Chicago, were in joint account
J. & D. 15. Due 55,000 each six months from June 15 1926 to June 15 of New York, and C. W.
with the First National Co. of St. Louis in the purchase of the 37.000,000
to June 15 1945.
1943, and $4,000 each six months from Dec. 15 1943
(V. 120, p. 3100). The bonds are described as
- 53.' % water-works bonds Denom.$1,000. Coupon bonds. Due May 1
-BOND OFFERING.
1925.
PULASKI COUNTY (P. 0. Winamac), Ind.
360,000 in
County follows: Date May 1
bids will be received until 3 p. m.June 30 by A.P. Vurpillat,$467 12 as follows: $51,000 in 1926. 554.000 in 1927, 557.000 in 1928. In 1933.
Sealed
Treasurer, for $3,737 6% coupon ditch bonds. Denoms. 4 for Jan.
1929, $64,000 in 1930, $67,000 in 1931, $71,000 in 1932. 575,000
and 4 for 5467 13. Date July 1 1925. Int. J.& J. Due.yearly onincl. 1 579.000 in 1934, 583,000 in 1935, 888.000 in 1936. $92,000 in 1937, 597,000
1941, $121,000 in
in 1938. $103,000 in 1939 8108.000 in 1940. 8114.000 in 1945, $150,000 in
as follows: $467 12, 1927 to 1930 incl., and $467 13, 1931 to 1934
-The $35,000 1942, 5127,000 in 1943, I134,000 in 1944, 8142.000 in 1949, 3185,000 in
-BOND SALE.
PULLMAN, Whitman County, Wash.
5176,000
awarded to Blyth, 1946, $158,000 in 1947. 166,000 in 1948, $218,000 in 1953, 5229,000 in
-were
in
city bonds offered on June 23-V. 120, p. 3100 of $67, equal to 100.19. 1950. $195.000 in 1951, 206,000 in 1952,
in
Witter & Co. of Los Angeles as 4s at a premium
1954. 5242,000 in 1955, 255,000 in 1956, 5269,000 in 1957, 5284,000 in
1961. 5352,000
Purchaser agreed to furnish blank bonds.
1958, $300,000 in 1959, 5316,000 in 1960, $334,000 in in 1965. Legality
-Amy 1962. 3372,000 in 1963, 8392.000 in 1964. and 3414.000
-BOND OFFERING.
RED BANK, Monmouth County, N. J.
Principal and interest
20 for
New
E. Olsen, Borough Clerk, will receive sealed bids until 8 p. m. July in an approved by John 0. Thomson, of theYork City.
t bonds
City Treasurer or at the Chemical
(M. & N.) payable at the office
an issue of 4H% coupon or registered general improvemen
be awarded than will National Bank, New York City, at option of holder.
amount not to exceed $258,000, no more bonds to
51,000. Date
Financial Statement.
produce a premium of $1,000 over $258,000. Denom. at the Second
$250,936,240
Aug. 1 1925. Prin. and semi-ann. int. (F. & A.) payable
Assessed valuation. 1924
18,748,500
National Bank & Trust Co. of Red Bank. Due Aug. 1 as follows: $8,000, *Total bonded debt
57.000,000
$9.000. 1938 to 1955 incl. Legality approved by Water-works bonds
1926 to 1937 incl., and
an incorporated
1.008.322
Caldwell & Raymond, N. Y. City. A certified check on to the Borough. Sinking funds
10.740,178
*Net bonded debt
bank or trust company for 2% of bonds bid for, payable
required.
•This amount includes all improvement district debt.
Population, 1920, U. S. Census, 161,379; present population. estimated,
-BONDS REGISTERED.
Tex.
ROCKWALL, Rockwall County,
Comptroller of 200,000.
537,500 534% sewer bonds were registered by the State
-BOND OFFERING.
Texas on June 15. Due serially.
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.
Clerk Board of County Commissioners,
0. Clinton), Sampson
ROSEBORO SCHOOL DISTRICT (P. E. Shipp, Clerk, Board of -Sealed bids will be received by the
coupon highway and bridge
-C.
until 11:30 a. m. July 7 for $400,000 434%
-BOND OFFERING.
County, No. Caro.
$500. Due Aug. 11955. optional Aug. 11935.
11 a. m. July 6 for
County Commissioners, will receive sealed bids until 1925. Due $1,000, bonds. Denom.$1,000 and have bonds engraved and printed at his own
11
$40,000 534% coupon school bonds. Date July Prin. and semi-ann. int. Purchaser will be required to for 10% of amount bid, required.
expense. A certified check
to 1943 incl., and $2.000, 1944 to 1955 incl.
1928
& Trust Co.. N.Y.City. A certified check for
-BOND SALE.-Geo. B.
v
gavaNeat
SCOTIA, Schenectady County, N. Y.
is required.
Gibbons & Co.. Inc. of New York purchased the 8 issues of coupon (with
-as
7 (P.O. Royal privilege of registration) bonds offered on June 22-V. 120, p. 3232
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO.$75,000 school
-The
-BOND SALE.
follows:
Oak), Oakland County, Mich.
-were awarded on June 11 to
As 4.808 at par.
bonds offered on June 3-V. 120. p. 2850
Coupon in $9.300 street improvement bonds (Vine Street). Denom. $930. Date
Benjamin, Dansard & Co.of Detroit as 434s. Denom.51.000.
Aug. 11925. Due $930 yearly on Aug. 1 from 1926 to 1935, Inclusform. Date June 1 1925. Int. J. & D. Due June 1 1955.
ive. Optional on any interest payment date.
-Clark, Dodge &
RUTLAND, Rutland County, Vt.-BOND SALE.gold coupon bonds 18,000 street improvement bonds (Second Street). Denom. $900. Date
Co. of New York have 'purchased the 2 issues of 4H%
Aug. 1 1925. Due $1,800 yearly on Aug. 1 from 1926 to 1935.
offered on June 25 (V. 120, p. 3232) as follows: a basis of about 4.03%•
inclusive. Optional on any interest payment date.
103.20.
530.000 street improvement bonds at to 1948 incl.
26,800 street improvement bonds (Sixth Street). Denoms. 20 for $1,000
Due $10,000 yearly July 1 1946
and 10 for $680. Date Aug. 11925. Due $2,680 yearly on Aug. 1
of about 4.02%. Due
15.000 sewer and sidewalk bonds at 103.01, a basis
from 1926 to 1935, inclusive. Optional on any interest payment
July 11945.
date.
Date July 1 1945.
18.400 street improvement bonds (Sanders Ave.). Denom. $920. Date
Mississippi and New Madrid
Aug. 1 1925. Due 51.840 yearly on Aug. 1 from 1926 to 1935.
ST. JAMES DRAINAGE DISTRICT, Moore, Inc., of St. Louis have
-Little &
inclusive. Optional on any interest payment date.
Counties, Mo.-BOND SALE.
Date April 1 1925. 45,000 street improvement bonds (Ten Broeck Street). Denom. $1.500.
purchased an issue of $244,000 5% drainage bonds.
and interest
Date Aug. 11925. Due 34,500 yearly on Aug. 1 from 1926 to 1935.
Denom. $1,000. Due April 1 1928 to 1945. Principal
St. Louis. Legality
Inclusive. Optional on any interest payment date.
(A. & 0.) payable at the Mississippi Valley Trust Co.,
434s at 100.513, a basis of about 4.43%.
Charles & Rutherford. St. Louis.
As
approved by
County, Mo.4,000 water bonds. Denom. $400. Date July 1 1925. Due $400 yearly
ST. JOSEPH SCHOOL DISTRICT, Buchanan will receive sealed
on July 1 from 1926 to 1935, inclusive.
-A. L. Loving. Business Manager.
BOND OFFERING.
building bonds. Date 16,000 sewer bonds. Denom. $800. Date July 1 1925. Due $800 yearly
bids until 2.30 p. m. July 20 for 3300,0004% school
on July 1 from 1926 to 1945, inclusive.
Aug. 1 1925.
2,500 street improvement bonds (James Street). Denom. $250. Date
-BOND OFFEROhio.
Aug. 11925. Due $250 yearly on Aug. 1 from 1926 to 1935, incl.
ST. LAWRENCE COUNTY (P. 0. Ironton), 26 by A. 0. Davidson,
12 m. June
INC.-Sealed bids will be received untilfor $100,000 5% special assessment
-The 51,000.000
-BOND SALE.
SEATTLE, King County, Wash.
Commssioners,
Clerk, Board of County
Date June 1 1925. Int. water extension 1920 Series 'WZ-3 bonds offered on June 18-V• 120,P•
-county highway bonds. Denom. $1,000.
Inter
and 2850
-were awarded to a syndicate composed of Geo. H. Burr & Co.;
yearly on Sept. 1 from 1926 to 1935 incl. Prin.
M.& S. Due 510.000
Stranahan, Harris & Oatis Inc. and B.J. Van Ingen & Co. all of New York;
int. payable at the office of the County Treasurer.
Geo. H. Burr; Conrad & Broom and Seattle National Bank, both of Seattle
DISTRICT NO. 5 as 434s at
97.52. Date July 11925. Denom. $1,000. Due serially July 1
ST. LUCIE COUNTY ROAD AND BRIDGE
be re-Sealed bids will
-BOND OFFERING.
1931 to 1945. Legality to be approved by Chester B. Masslich, N. Y. C.
Pierce), Fla.
(P. 0. Fort
Eldred, Clerk. Board of County Comceived until 2 p. m. July 13 J P. C.
BOND SALE.
-During themonth of May the City of Seattle sold at
ds Date July 1 1925.
missioners, for 8845.000 6% coupon road bon. and 1927; $15,000: par the following 6% bonds, aggregating $258.686.60.
July as follows: $5,000 in 1926
Denom. $1,000. Due
rig PITTSFIELD, Berkshire
JUNE 27 1925.]
THE CHRONICLE
Dist. No. Amount.
Purpose.
• Date.
Due.
3833 $6,107 94 Grading
May 5 1925 May 5 1937
3838 31,256 22 Paving
May 5 1925 May 5 1937
3890 63,550 70 Paving
May 8 1925 May 8 1937
3898
1.084 59 Paving
May 8 1925 May 8 1937
3907
1,977 02 Paving
May 8 1925 May 8 1937
3830
2,499 71 Water Mains
May 12 1925 May 12 1937
3900
9,153 07 Paving
May 12 1925 May 12 1937
3811 51.612 92 Water Mains
May 16 1925 May 16 1937
3868
780 29 Water Mains
May 16 1925 May 16 1937
3848 5,506 06 Sewers
May 21 1925 May 21 1937
3878 9,189 18 Grading
May 21 1925 May 21 1937
3870 48,606 17 Paving
May 23 1925 May 23 1937
3819 4,189 67 Grading
May 25 1925 May 25 1937
3891
5,339 52 Grading
May 25 1925 May 25 1937
3913 6,175 16 Walks
May 25 1925 May 25 1937
3516
4.819 42 Grade & Walks
May 29 1925 May 29 1937
3872 5,021 70 Water Mains
May 29 1925 May 29 1937
3931
1,817 26 Sewers
May 29 1925 May 29 1937
Bonds subject to call on any interest payment date.
SECAUCUS, Hudson County, N. J.
-BOND SALE.
-The First National Bank of Secaucus purchased the issue of 53% Park and
County
Ave. widening coupon or registered bonds offered on June
2973), taking $33,000 ($34,000 offered) for 534,100, equal16 (V. 120. p.
to
basis of about 5.03%. Date June 1 1925. Due 52,000 June1033.33-a
1 1926 to
1942, inclusive.
3351
51,000. Date June 1 1925. Interest M.& S. Due 51.000 Sept. 1 1926
to 1933, inclusive. Principal and interest payable at the Farmers &
Merchants Deposit Co., Swanton. Certified check on
in
Toledo or Swanton for 5% of the amount of bonds bid for,some bank the
payable to
Village Treasurer, required.
SYLVANIA, Lucas County, Ohio.
-BOND OFFERING-Sealed bids
will be received until 12 m. July 3 by Park Wagonlander, Village Clerk,
for 51.5006% bonds for band stand, bath house and purchase of plavground
equipment. Denom. 5100. Date June 1 1925. Interest J. & IS. Due
yearly on June 1 as follows: 5100, 1926 5200. 1927 $100, 1928 $200, 1929
100. 1930 $200, 1931 $100, 1932 5200, 1933 $100, 1934, and 5200. 1935.
Certified check for $100 on some solvent bank in Sylvania or Toledo, payable
Village Clerk. required. Bonds to be delivered and paid for wito
ten days from time of award.
TALBOTTON SCHOOL DISTRICT, Talbot County, Ga.-BOND
SALE.
-J. H. Hilsman & Co. of Atlanta were awarded on May 16 the
$30,000 5% school bonds at par. Date May 1 1925. Denom. $1,000.
Coupon bonds. Due May 1 as follows: $1,000, 1931 to 1950, incl., and
52,000, 1951 to 1955,incl. Interest payable M.& N. These are the bonds
reported sold under the incorrect caption "Talbot County, Ga."-V
120, p. 3101.
TENNESSEE (State of).
-BOND SALE.
-The following coupon bonds,
aggregating $650,000, offered on June 18-V. 120, p. 2592
-were awarded
to I. B. Tigrett & Co. of Jackson at a premium of 513,253 50, equal to
102.03. a basis of about 3.96%.
SHARON TOWNSHIP(P.O.Shinglehouse R. F. D.)Potter
County, $300,000 4 M % memorial bonds (Series of 1925). Due 510.000 yearly
Pa.
-BOND OFFERING.
-Sealed bids will be received
July 1 1930 to 1959, inclusive.
Secretary Board of Supervisors until 2 p. m. July 6 for by R. D. Blauvelt,
350,000 4% University of Tennessee certificates of indebtedness. Due
$15,000
% road
bonds. Date July 1 1925. Prin. and semi-ann.
$35,000 July 1 1926 to 1935, inclusive.
the First National Bank, Shinglehouse. Due Julyint. (J. & J.) payable at
1 as
Date July 1 1925.
to 1931 incl., $500, 1932 to 1936 incl. and 51.000, 1937 follows: $250, 1926
to 1946 incl. Cert.
check for 5% of bid, payable to the Township Treasurer, required.
TEXAS CITY, Galveston County, Tex.
-BOND ELECTION.
-On
July 20 an election will be held for the purpose of voting on the question
SHELBY,Richland County, Ohio.
OFFERING-Sealed bids of issuing $130,000 paving bonds.
will be received until 12 m. July 15. -BOND Fix, Director
by Bert
of
for $12,772.57 6% (special assessment) whiteway impt. bonds. Finance,
TEXAS (State of).
-BONDS REOISTERED.-During the week ending
Denom.
3500, except one for $772.57. Date May 1 1925. Int. M.&
N. Due as June 20 the State Comptroller of Texas registered the following 6% bonds
follows: $2,772.57 May 1 1926 and $2,500 May 1 1927 to
May 1 1930 incl. aggregating 53.400:
Certified check for 5% of amount of bonds bid upon, payable
Amt.
Place.
Purpose. Date.Rep.
Due.
to Director
of Finance, required.
$2,000 Lamar Co. C. S. D. No. 25
School
16
1 to 20 years
1.400 Dallas Co. Levee Impt. D.No. 12_Levee
17
Serially
'SHERIDAN COUNTY SCHOOL DISTRICT NO.2(P.O. Rushville),
Neb.-BONDS VOTED-DESCRIPTION.
TILDEN INDEPENDENT SCHOOL DISTRICT, McMullen County,
-At the election held on June
15-V. 120, p. 2850
-BOND SALE.
-the voters authorized the issuance of $69,500 school Tex.
-The J. E. Jarratt Co. of San Antonio has purchased
building bonds. These bonds were purchased subject
an issue of $25,000 534% school bonds. Denom. $500. Due Ivay 1 1926
the Peters Trust Co. of Omaha, see above reference. to being voted by to 1960. We previously reported the sale of these bonds under the incorrect
Date July 1 1925.
Denom. $1,000. Coupon bonds. Due serially 1935
to 1955. The bonds caption "McMullen County School District, Tex."
bear interest at the rate of 5%. Interest payable (J. &
J.).
TOLLEY, Renville County, No. Dak.-BOND SALE.
-The $8,000
SHERWQOD SPECIAL ROAD AND BRIDGE DISTRICT
(P. 0. village bonds offered on June 11-V. 120, p. 2851-were awarded to the
Springfield), Green County, MO.
-BOND SALE.
-The Citizens Bank of Union Investment Co. of Indianapolis as 6s. Due in ten years.
Springfield has purchased an issue of $15,000 6% road bonds. Date
May 1
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND SALE.
1925. Denom. $500. Coupon bonds. Due $1,500 yearly
-On June
May 1 1926 17, H. L. Allen & Co., Austen, Grant & Co. and Frazier, Jelke & Co.
to 1935, incl. Interest payable M. & N.
all of New York, were the successful bidders for the issue of gold coupon
SOCORRO COUNTY SCHOOL DISTRICT NO. 5 (P.
0. Lajoya), (with privilege of registration) park bonds, offered on that date, paying
N. Mex.-BONDS VOTED.
-At the election
$700.484.80. for $683,000 bonds ($700,000 offered).
to 102.56, for
2721-the voters authorized the issuance of held on June 8-V. 120. p. 411s, a basis of about 4.09%. Denom. 51,000. Dateequal 15 1925. Int.
June
$15,000 school building bonds
by a count of 85 for to 35 against.
J. & D. 15. Due yearly on June 15 as follows: $14,000, 1927 to 1961 incl.,
515,000, 1962 to 1973 incl. and 513,000, 1974.
SOLVAY, Onondaga County, N. Y.
-BOND OFFERING.
-E. M.
Financial a emen .
Hall. Village Clerk, will receive sealed bids until
8 p. m.
$255,796,328
time) June 30 for 585,000 improvement bonds bearing (daylight saving Assessed valuation (1924)
interest at a rate Total bonded debt (including this issue)
not to exceed 43%. Denom. $1,000 and
7.795,983
$500. Date June 1 1925. InLess: Sinking funds
$881,842
terest J. & D. Due June 1 as follows: $4,500, 1926;
55,000, 1927 to 1935. Net bonded debt
6,914.141
inclusive; 54,500, 1936 to 1939, inclusive, and 53.500,
1940 to 1944, inclusPopulation (1920 census) 200,156.
ive. Legality approved by Caldwell & Raymond, New
Population (1923 estimated) 221,774.
certified check for $2,500. payable to Edward J. Cassidy, York City. A
Village Treasurer,
required.
UPTON, Weston County, Wyo.-BOND OFFERING.
-H. H. Jones,
Town Clerk, will receive sealed bids until 8 D. m. June 30 for 59,000 6%
SOMERVILLE, Fayette County, Tenn.
- sewer bonds. Date July 1 1925. Denom.5500. Due July 11945.optional
The $20,000 511% water and electric light-BOND DESCRIPTION.
plant bonds purchased by July 1 1935. Interest payable (J. & J.). A certified check for $500.
A. K. Tigrett & Co. of Memphis
-V. 120,
-are described as payable to the town is required.
follows: Date June 1 1925. Denom. $1.000. p. 2850
1940 and 1945. Interest payable (J. & D.). Due $5,000 in 1930, 1935,
VALLEY GRAMMAR SCHOOL DISTRICT (P. 0. Stockton), San
Joaquin County, Calif.
-BOND SALE.
-The 540.000 5% school bonds
SOUTH BEND, St. Joseph County,
-BOND OFFERING.
- offered on June 22 (V. 120, P. 3233) were awarded to William Cavalier &
H. A. Tohula. City Comptroller, will receiveInd.
sealed bids until noon July
Co. of San Francisco at a premium of 51.201, equal to 103, a basis of about
for $50,000 4(% city bonds. Denom. 51,000.
Date July 11925.
July 1 1945. Interest J.
-J. Certified check for 1% of bonds bid Due 4.67%. Date June 1 1925. Due June 1 as follows: $2.000, 1927 to 1931
for, incl.; $3.000. 1932 to 1938 incl.; 54,000. in 1939, and $5,000 in 1940.101liggi
payable to the city, required.
VAN BUREN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
SOUTH EUCLID, Cuyahoga County, Ohio.
-BOND SALE.
-The RR. No. 12, Dayton), Montgomery County
,=.-BOND SALE.$104,750 5% coupon special assessment improvement
bonds offered on The $225,000 4M % coupon school bonds offered on April 18-V. 120, p.
June 16-V.120, p.2721-were purchased by the
Herrick Co.at a premium 1795
-were awarded to Halsey, Stuart & Co. Inc., of Chicago. Date
of 51,478, equal to 101.41, a basis of about 4.707.
Due yearly on Oct. 1 as follows: 59,750, 1926;$11,000, Date June 1 1925. April 1 1925. Due Oct. 1 as follows: 510,000% 1926 to 1946, incl., and
1927;$10,000, 1928; 515,000. 1947.
$11,000, 1929; $10,000, 1930; $11,000, 1931; 510,000, 1932;
511,000, 1933;
510,000, 1934, and 511.000, 1935.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
-The 518.800 434% John Edmond et al. road bonds offered on June 18
SOUTH HAVEN SCHOOL DISTRICT (P. 0. South
Haven), Van (V. 120, p. 2851) were purchased by J. F. Wild & Co. of Indianapolis at a
Buren County,
Mich.
-DESCRIPTION.
-A description of the premium of 535250. equal to 101.87, a basis of about 4.11%. Due
$220,000 5% school bonds awarded to the Citizens State
$940
Haven at 106.53 (as stated in V. 120, p. 2062) follows: Bank of South each six months from May 15 1926 to Nov. 15 1935. The following bids
Denom. 51,000. were also received:
Coupon in form. Date May 1 1925. Int. J. & J. Due
serially. Date
BiddersPremium. BiddersPremium.
of award, April 3 1925.
• Meyer-Kiser Bank
5319 75 Thos. D. Sheerin & Co
$276 50
SOUTHSIDE SCHOOL DISTRICT (P. 0. Hollister),
337 50 Fletcher Savings & Tr. Co__ 306 60
San Benito Fletcher-American Co
County, Calif.
-BOND OFFERING.
347 80
-Elmer Dowdy, County Clerk, will City Trust Co
receive sealed bids until 10 a. m.July 6 for $10,00067 school
All of the above are located in Indianapolis.
bonds. Date
July 1 1925. Denom. $500. Due $500 yearly 1926
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND OFcipal and interest (J. & J.) payable at the County °to 1945, incl. PrinTreasurer's office. A FERING.
-Sealed bids will be received until 10 a. m. July 10 by Chris
certified check for 10% of bid, payable to above Clerk, is
required.
Kratz, County Treasurer, for $65,400 434% C. B. Enlow et al. in Pigeon
SPANGLER, Cambria County, Pa.
Twp. highway bonds. Due $3,270 each six months from May 15 1926 to
-Paul M. Nov. 15
Lantzy, Borough Secretary, will receive -BOND OFFERING.
1935 incl.
for $9,000 41{% tax-free improvement sealed bids until 8 p. m. July 6
bonds. Denom. 31.000. Date
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
July 1 1925. Interest J. & J. Due $1,000 July 1 1927
to 1935, inclusive. Sealed bids will be received until 10 a. m.July 3 by R.F. Davis. Treasurer,
A certified check for $250 required.
for $59.000 5% H. V. Shelburne, et al., road bonds. Denom. $1,000 and
SPENCER INDEPENDENT SCHOOL DISTRICT,
Clay County, $950. Date June 1 1925. Interest (M. & N.). Due $2,950 each six
Iowa.
-BOND SALE.-Geo. M. Bechtel & Co.
months from May 1 1926 to Nov.
(incl.). These
chased an issue of $30,000 4% school bonds. of Davenport have pur- originally proposed to be sold on June15 1935120, p. 3133). bonds were
20 (V.
SUGAR CREEK SCHOOL TOWNSHIP (P. 0.
VENANGO COUNTY (P. 0. Franklin), Pa.
-BOND SALE.
9New Palestine),
-M. M.
Hancock County,Ind.
Freeman & Co., of Philadelphia, were awarded on June 25 5340,000 road
-BOND OFFERING.
-Sealed bids
until 10 a. m. July 10 by Fred W. Rushhaupt, Trustee, will be received bonds at 103.01.
coupon school building addition and improvement bonds. for $45,000 5%
WADSWORTH, Medina County, Ohio.
-BOND SALE.
Date July 15 1925. Principal and semi-annual (J. St J.Denom.$1,000.
-The two
the office of the Township Trustee. Due yearly on July15) payable at issues of 534 % special assessment bonds offered on June 6 were awarded to
15 as follows: W. K. Terry & Co. of Toledo as follows:
54.000 1926 to 1935, inclusive, and 55.000 1936.
527,000 North Pardu St. bonds (for offering see V. 120. p. 2592) at a preSUMMIT COUNTY (P. 0. Akron), Ohio.
mium of 51,188, equal to 104.40, a basis of about 4.54%. Due
-BOND OFFERING.
Sealed bids will be received until 12 m. (Central standard
83.000 Oct. 1 1926 to 1934 incl.
by E. C. Jarvis, Clerk Board of County Commissioners, fortime) July 6
13.000 fire-apparatus bonds (for offering see V. 120, p. 2722) at a premium
$37,700 5%
road improvement bonds. Denom. 51,000, except one for $700.
of $577 20, a basis of about 4.54%. Due yearly Oct. 1 as follows:
Date
June 11925. Interest A. & 0. Due yearly on Oct. 1 as follows:
51.000, 1926. and $1,500, 1927 to 1934 incl.
$4.000
1926 to 1932, incl.; $5,000 Oct. 1 1933 and $4,700 Oct. 1 1934.
Date Apr. 1 1925.
Certified
check on some solvent bank,payable to the Board of Countyrommis
sioners,
WAKEENEY, Trego County, Kan.
-BOND SALE.
for 5% of amount of bid required.
-The
5% internal improvement bonds offered on June 16-V. 120.$57,426.55
p. 3101
SURRY COUNTY(P.O. Dobson), No.Caro.
-BOND DESCRIPTION. were awarded to the Brown-Crummer Co. and Guarantee Title & Trust Co.
both of Wichita and the Shawnee Investment Co. of Topeka,
-The $50,000 5% road bonds purchased by It. D. Lindsley & Co. of
jointly, at
York
-V. 120, p. 2721-are described as follows: Date April 1 New a premium of $1,016.50, equal to 101.76. Date Feb. 1 1925. Denom.
1925. $1,000 except one for
Denom. $1,000. Due 55,000 yearly April 1 1926 to 1935, incl.
5426.55. Coupon bonds. Due in 1 to 10
Interest
payable A. & 0.
payable (F. & A.).
years.Int
SUSQUEHANNA DEPOT SCHOOL DISTRICT (P. 0. Montrose),
WALTHAM, Middlesex County, Mass.
-BOND OFFERING.
-H. W.
Susquehanna Depot, Pa.-BOND SALE.- The
Cutter, City Treasurer, will receive sealed bids until 10:30 a.
$112,000 43% saving time) June
m.(daylight
coupon (registerable as to principal only) tax-free school bonds offered
30 for the following 4% coupon bonds:
on
June 23(V. 120. p.3233) were awarded to A. B. Leach & Co.. Inc., of Phila- $30.000 sewer and drainage, maturing yearly July 1 1926 to 1955, incl.
50,000 land and building, maturing July 1 as follows:
delphia at 105.75, a basis of about 4.06%. Date June 1 1925. Due June
$3,000, 1926 to
1
1935, incl., and $2,000. 1936 to 1945, incl.
as follows: 510.000, 1930: 512,000, 1935; 516,000, 1940; 520.000, 1945
Denom. $1,000. Date July 1 1925. Prin, and semi-ann. int.
324.000, 1950, and 530,000, 1955.
payable in Boston. Preparation and certification of bonds under & J.)
SUTHERLIN, Douglas County, Ore.
super-BOND SALE.
-Starkey V. vision of Old Colony Trust
Hubbs, Inc. of Portland have purchased an issue of $60,000 4i % water Storey, Thorndike, Palmer Co., Boston. Validity will be approved by
& Dodge of Boston.
supply system bonds. Date June 1 1925. Due in 1945 optional after 1935.
WALTHAM, Middlesex County, Mass.
SWANTON, Fulton County, Ohio.
-TEMPORARY LOAN.
-BOND OFFERING.
-Sealed
bids will be received until 12 m. July 6 by John R. Fels, Village Clerk, for This city has awarded to Old Colony Trust Co. on a 3.24% discount basis •
plus
$8,000 5% (village's portion) coupon street improvement bonds. Denom. 1925 $2 75 premium, the 5300,000 temporary revenue loan dated June 26
and payable Jan. 4 1926
3352
HE CHRONICLE
[Vol.. 120
-Sealed
-BOND OFFERING.
WICHITA, Sedgwick County, Kan.
-The
-BOND SALE.
Clerk.
WARRICK COUNTY (P. 0. Boonville), Ind.
- bids will be received until 3:30 p. m. June 29 by E.S.Worrell, City
% gravel road bonds offered on June 18-V. 120, p. 2722
$11,000
for 327,579 85 4S% internal improvement coupon bonds. Date June 1
were awarded to J. F. Wild & Co. of Indianapolis at a premium of $205,
one for $57985. Due in one to ten
$500 and
equal to 101.86, a basis of about 4.12%. Date May 15 1925. Due $550 1925. Denom. $1.000, semi-annually. Bonds are sold subject to their
years. Interest
every six months from May 15 1926 to Nov. 15 1935. Other bidders, rejection by the payable
State School Fund Commission.
all of Indianapolis, were:
Premium.
-BOND ELECTION.
Premium.I Bidder.
WICHITA COUNTY (P. 0. Leoti), Kan.
Bidder.
$187 50 An election will be held on July 7 for the purpose of voting on the question
$203 50 Meyer-Kiser Bank
City Securities Co
197 50 Fletcher Savings Trust Co.._ 178 80 of issuing 875,000 school bonds.
Fletcher American Co
-The
-BOND OFFERING.
WICOMICO COUNTY (P. 0. Salisbury), Md.-PRICE PAID.
WARSAW TOWNSHIP (P. 0. Brookville), Pa.
-Fred Carrier, Secretary of Board of Supervisors, will receive sealed bids price paid for the $24.000 5% lateral road bonds awarded to WeilenPuntil 10 a. m. July 11 for $24.500 435% coupon road bonds. Denom. Bruton & Co., of Baltimore (see V. 120, p. 2851). was 106.112-a basis
$500. Date July 15 1925. Due July 15 as follows: $1,000. 1026 to 1949, of about 4.39%. Denom. $1.000. Date July 1 1925. Interest J. & J.
incl., and $500, 1950; optional July 15 1930. Certified check for 1% Due $4,000 yearly July 1 1936 to 1941, inclusive.
required.
-Sealed
-BOND OFFERING.
WILLOWICK Lake County, Ohio.
-NONE OF WATER BONDS RE- bids will be received until 12 m. July 20 by Wm. C. Dettman, Villa
WARWICK, Kent County, R. I.
-We are informed by Clerk (P. 0. 511 Leader-News Building. Cleveland), for 86.460 5.4
CENTLY VOTED TO BE ISSUED UNTIL 1926.
water-system (village's portion) water-main bonds. Denom. $500, except one for $4 .
H. V. Allen, Town Treasurer, with regard to the $1,250,000
bonds voted by the taxpayers at a meeting on May 12 (V. 120, p. 2722). Date June 1 1925. Principal and semi-annual interest (J. & D.) payable
at the Cleveland Trust Co. (Willoughby office), Willoughby. Due each
that nothing will be done until after Jan. 1 1926.
six months as follows: $500 June 1 1926 to June 1 1929. inclusive' $1.000
WASHINGTON SCHOOL TOWNSHIP (P. 0. Salem), Daviess Dec. 1 1929 and June 1 1930, and $960 Dec. 1 1930. Certified check on
-Sealed bids will be received until
OFFERING.
-BOND
County, Ind.
some solvent bank having an office in Lake County, for 2% of amount of
1;30 p. m. July 10 by Raymond It. Tash, Trustee, for $15,000 5% coupon bonds bid for, payable to Treasurer of Willowick, required.
Date July 10 1925.
high school building addition bonds. Denom. $750.1 1927 to July 1 1931
-BOND OFFERING.
months from Jan.
WILSON COUNTY (P.O. Wilson), No. Caro.
Int. J. dc J. Due $1,500 each six
Sealed bids will be received until 12 m. July 7 by Temple J. Batton, Clerk
incl. Bonds to be payable at the State Bank of Salem.
0. Reynoldsville R. D. No. 1), Board of County Commissioners. for 8625,000 not exceeding 6% highway
WASHINGTON TOWNSHIP (P.
-J. E. Britton, Sec. Board coupon bonds. Date July 1 1925. Denom.$1,000. Due July 1 as follows:
-BOND OFFERING.
Jefferson County, Pa.
1934, Inclusive: $20,000. 1935 to 1939, inclusive; $25,000.
1930
of Supervisors, will receive sealed bids until 11 a. m. July 3 for $30,000 815,000, 1944,to
Denom. $1.000. 1940 to
inclusive; $30,000, 1945 to 1949, inclusive, and $30,000.
% coupon reglsterable as to principal road bonds.
bonds will be prepared under the supervision
$2,000 J11110
1950 to 1954,
1 1925. Prin, and int. payable in gold. Duefor required. 1 of the United inclusive. The & Trust Co., New York City, which will
Date June
States Mortgage
bid
1927 to 1941 incl. A certified check for 1% of bonds
of the signatures of the officials and of the seal
- certify as to the genuineness
-BOND OFFERING.
by Reed, Dougherty,& Hoyt,
WATERTOWN, Middlesex County, Mass.
until impressed thereon. ALegality to be approved of bid, payable to Henry B.
certified check for 2%
New York City.
Harry W. Brigham, Town Treasurer, will receive sealed proposals
for the following 4% coupon bonds:
Board of County Commissioners, is required.
3.30 p. m. July 7
1926 to 1932 Lane, Chairman
$3,000,
1 as
$27,000 sewer loan. Due yearly on Julyincl. follows:
-BOND OFFERING.
WINSTON-SALEM, Forsyth County, No. Caro.
incl., and $2.0e0. 1933 to 1935
1926, and -Sealed bids will be received until 12 m. July 7 by W. H. Holcome, City
41.000 water loan. Due yearly on July 1 as follows: $9,000,
bonds. aggregating $2,590,000: .
Secretary, for the following coupon
$8,000. 1927 to 1930 incl.
street assessment bonds. Due July 1 as follows: $144,000
in Boston.
Danom. $1,000. Prin. and semi-ann. Int. (J. & J.) payable engraved 81,445,000 5% to 1931, incl., and $145,000 1932 to 1936. incl.
1927
These bonds exempt from taxation in Massachusetts, and will be the Old
by
175,000 4S% street improvement bonds. Due July 1 as follows:
the supervision of and certified as to their genuineness Thorndike,
under
83,000 1927 to 1946, incl.; $4,000 1947 to 1969, incl.; $6,000
Colony Trust Co. of Boston. The favorable opinion of Storey,
1970 to 1972, incl., and $5,000 in 1973.
Palmer & D 3dge as to the validity of these issues will be furnished without
285,000 4S% general improvement bonds. Due July 1 as follows:
purchasers. All legal papers incident to these issues will be
charge to the
812.000 1927 to 1936, incl.. and $15,000 1937 to 1947, incl.
inspected at any time.
filed with the above company, where they may be
4
635,000 4, % sewer bonds. Due July 1 as follows: $15,000 1927 to
Bonds will be delivered to purchaser on or about July 10.
1936, incl.: $16,000 1937 to 1947, incl.;417,000'1948 to 1962.
Financial Statement June 23 1925.
incl., and $27,000 in 1963 and 1964.
835.929,980
50,000 5% fire department bonds. Due July 1 as follows: 85.000
Valuation for year 1924. less abatements
1,915,000
1927 to 1932, incl.; $6.000 in 1933 and 1934 and $8,000 in 1935.
Total debt (present loans not included)
160.000
in total debt)
Date July 1 1925. Denom. $1,000. Principal and interest (J. & J.)
Water debt (included
payable in New York. Bonds certified as to genuineness of signatures by
Population (estimated), 25,000.
City. Legality
-On the United States Mortgage & Trust Co., New York bid for less than
-BOND ELECTION.
WATERTOWN, Wilson County, Tenn.
approved by Reed, Dougherty & Hoyt of New York. No
July 15 an election will be held for the purpose of voting on the question of all of the $2,590,000 bonds will be considered. A certified check for 2%
issuing not exceeding $56,000 bonds.
bid is required.
-The $50.000 of
WAYNESBORO, Augusta County, Va.-BOND SALE.
WISCONSIN RAPIDS, Wood County, Wis.-BOND OFFERING.
5% refunding bonds offered on June 23-V. 120. p. 3101-were awarded F. G. Gilky, City Clerk, will receive sealed bids until 3 p. m. July 2 for
to Poor & Co. of Cincinnati at a premium of $271 25, equal to 100.54. a $45,000 5% water filtration bonds. Date May 1 1925. Due $4,500 yearly
$2,000 yearly April 1
basis of about 4.94%. Date April 1 1925. Due
May 1 1930 to 1939, incl. Principal and interest (M. & N.) payable at
1926 to 1950 inclusive.
office. Legality approved by Chapman, Cutler &
- the City Treasurer's A certified check for $500 is required.
-BOND OFFERING.
WELLS COUNTY (P. 0. Bluffton), Ind.
Parker. of Chicago.
-This city has
A. Woodward, County Auditor, will receive bids until 10 a. m. July 15
-BOND SALE.
W.
WOBURN, Middlesex County, Mass.
for $25,638 45 6% Henry E. Johns et al. drainage bonds. Denom. awarded to the Old Colony Trust Co. of Boston, $38.000 4% macadam
$2,563 84. Date May 10 1925. Int. M. & N. 15. Due $2.563 84% pavement loan bonds dated. June 1, and payable 1926 to 1930, at 100.32.
the
yearly on Nov. 15 from 1926 to 1935 incl. Bonds are payable at
Other bidders were: National City Co.. 100.30; Merrill, Oldham & Co.,
Wells County Bank, Bluffton.
Co., 100.26; R. L. Day & Co.. 100.19; Estabrook & Co.,
100.28;
- 100.18; Blodget &Sanger, 100.18; and Harris, Forbes dr Co., 100.16.
-BOND OFFERING.
County, Ohio.
WELLSVILLE, Columbiana
Curtis &
22 for
Fred EckfIeld, City Auditor, will receive sealed bids until noon JulyJuly 8
WOODBINE BOROUGH SCHOOL DISTRICT (P. 0. Woodbine),
$40,000 6% gravity water system bonds. Denom. $1,000.toDate incl., Cape May County, N. J.
-Until 8 p. m. (Eastern
-BOND OFFERING.
1939,
1925. Int. J. & J. Due July 8 as follows: $3,000, 1928
Abramson, District Clerk, will receive sealed
and $4,000, 1940. Certified check for 2 %, payable to the City Treas- standard time) July 6 Williamcoupon school bonds, not to exceed $18,000,
proposals for an issue of 5%
urer, required.
awarded than will produce a premium of $500 over
no more
-CERTIFI- $18,000. bonds to be
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
Denom. $500. Date June 1 1925. Interest J. & D. Due
-The $3,437,000 park acquisition certificates of Indebtedness $1,000 yearly on June 1 from 1927 to 1944. incl. Certified check on an
CATE SALE.
offered on June 23 (V. 120. p. 3234) were purchased by Barr Bros. & Co., Incorporated bank or trust company for 2% of the amount of bonds bid for,
°
Inc.. of New York,at 3.407 Interest plus a premium of $19. Dated July 1 payable to the Board of Education, required.
1925. Due June 5 1926. Prin. and int. payable at maturity at the office
WOODLAND HIGH SCHOOL DISTRICT (P. 0. Woodland), Yolo
of the County Treasurer. The certificates are registered certificates both County, Calif.
-H. It. Saunders, Clerk Board of
-BOND OFFERING.
as to principal and Interest.
Supervisors, will receive sealed bids until 10 a. m. July 6 for $54,000 5%
Financial Statement.
Due $9,000 yearly
$891,331,983 00 school bonds. Date June 2 1924. Denom. $1,000. bid is required.
Assessed valuation
22,381,375 51 1950 to 1955, inclusive. A certified check for 5% of
Total bonded debt, including this issue
WOODWARD-PLEASANT GROVE SPECIAL ROAD DISTRICT
Net bonded debt approximately 23 % of assessed valuation. Popula- (P. 0. Waynesboro), Wayne County, Miss.
-BOND DESCRIPTION.
tion, 1920 Census, 344,437.
bonds purchased by the Meridian Finance Corp. of
Coun- The $100,000 road
WESTFIELD SCHOOL DISTRICT (P. 0. Westfield), Union & Co.. Meridian (V. 120, p. 2723) bear interest at the rate of 514% and are de-B. J. Van Ingen & Co. and J. G. White
May 1 1925. Denom. $1,000. Coupon bonds.
-BOND SALE.
ty, N. J.
or scribed as follows: Dilatepayable M. & N.
Due in 1935. Interest
Inc.. both of New York, have purchased the issue of 4S% coupon
$200,registered school bonds offered on June 18 (V. 120, p. 3101). paying 103.60
-On June 26
-BOND SALE.
WORCESTER,Worcester County, Mass.
529 10 for $194,000 ($200,000 offered) bonds. This price is equal to
following 4% gold bonds were sold to F. S. Moseley & Co. of Boston
-a basis of about 4.2,3%. Date July 11925. Due yearly July 1 as follows: the101.30. a basis of about 3.76%:
at
to 1931. Inclusive: 85,000. 1932 to 1955, inclusive, and $6,000. $50,000 water supply bonds, payable $3,000 on Jan. 1 from 1926 to 1935,
$4.000. 1927
1956 to 1965, inclusive. The following bids were also received:
incl., and $2,000 on Jan. 1 from 1936 to 1945, Incl. Int. J. & J.
Price
Bidders35.000 water.supply (Asnebumskit) bonds, payable $2,000 on Jan. 1 from
$200.302 84 for $195,000
The West Side Trust Co
1926 to 1940, incl., and $1,000 on Jan. 1 from 1941 to 1945,
200.150 03 for 195.000
Harris, Forbes & Co
Int. J. & J.
200.077 14 for 197,000
Rutter & Co. and Batchelder, Wack & Co
200,277 66 for 194,000 100,000 high school bonds, payable $10,000 on Jan. 1 from 1926 to 1935.
National City Co. of New York
incl. Int. J. & J.
200.615 58 for 198,000
New Jersey Fidelity 8z Plate Glass Insurance Co
200,525 64 for 196,000 200,000 sewage purification plant bonds, payable $20,000 on April 1 from
II. L. Allen & Co. of New York
1926 to 1935, incl. Int. A. & 0.
200,065 32 for 197,000
Peoples Bank & Trust Co
Denom. $1,000. Prin. and semi-ann. int payable at the First National
-BOND OF- Bank, Boston. Bonds will be issued in coupon form, but may be exWESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-Sealed bids will be received until 11 a. m. (Eastern standard changed if so desired for fully registered bonds. Legality approved by
FERING.
time) July 14 at the County Commissioner's office, for $500,000 4% tax- Storey, Thorndike, Palmer & Pledge of Boston.
$100,000 July 1
free road bonds, Issue of 1925. Denom. $1,000. DueBonds are part of
-The
-'BOND SALE.
YOUNGSTOWN, Mahoning County, Ohio.
1935, $200,000 July 1 1940, and $200,000 July 1 1945.
county at the general $105.000 5% coupon West Federal St. coupon bonds offered on June 22
the $3,500,000 issue authorized by the voters of the
by Seasongood & Mayer, of Cincinnati,
were purchased
election held Nov. 4 last. Certified check for 2% of the total bid, payable (V. 120. p. 3101) of about 4.17%. Date June 11925. Due $5,000 Oct. 1
basis
to County Treasurer, required. Bonds are issued under the approval of at 107.09-a inclusive.
1926 to 1946,
Moorhead dc Knox of Pittsburgh.
The following is a list of the bids received'
-Sealed bids will Seasongood&Mayer,Cin.$112,453 00 Hayden,Miller & Co..C1.$111,626 00
-BOND OFFERING.
WEST VIRGINIA (State of).
be received until 3 p. m. June 30 by Governor Howard M. Gore for $6,000,- H.C. Heller & Co.. N.Y. 111,978 42 0.B.Gibbons&Co.,Inc.,NY111,625 60
1 1925. Denom. Otis & Co., New York_ 111,953 00 Guardian Tr. Co., Clev_ 111,398 00
000 43j% road coupon or registered bonds. Date Jan.
81.000. Due 8500.000 yearly Jan. 1 1939 to 1950. Principal and interest Eldredge & Co., N. Y_ _ 111,877 50 Bonbright & Co., Chic_ _*111,071 50
City
First Citizens Corp., Col. 109,200 00
(J. & J.) payable at the State Treasurer's office or at the National than
* And blank bonds.
Bank, New York City. Bidders may bid for a less rate of interest West
certified check for 2% of bid, payable to the State of
41i%. A
Virginia, is required.
Municipalities.
WHIGHAM SCHOOL DISTRICT, Grady County, Ga.-BONDS CANADA, its Provinces and
-The voters authorized the issuance of $15,000 school bonds at a
VOTED.
-BOND SALE.
BATHURST SCHOOL DISTRICT NO. 2, N. B.
election, by a count of 146 for to 5 against.
recent
On Juno 17 Johnson. Ward & Moncton purchased $80,000 5% coupon
WHITEFIELD VILLAGE SCHOOL DISTRICT (P. 0. Whitefield), school debentures at 98.61. Denom.$500. Int. J.
-J. Due serially to 1950.
.
-BOND SALE.-Tho $45,0004 j.d % coupon refunding
Coos County, N. H.
-The Council
FOREST HILL, Ont.-BOND SALE AUTHORIZED.
-were awarded to Bond &
bonds offered on June 23-V. 120, p. 3234 4.14%. Date July 11925.
has authorized the sale of 843.000 of local improvement debentures.
of Boston at 101.028, a basis of about
Goodwin
$2,000, 1926 to 1940 inclusive, and
Due yearly on July 1 as follows:
-Tenders will be received
LA MALBAIE, Que.-BOND OFFERING.
%
$3,000, 1941 to 1945 Inclusive.
until June 29 by L. P. Dufour, Secretary-Treasurer, for 821,0005 or
-The 858.000 5% bonds maturing over 20 years.
-BOND SALE.
WHITE HALL, Green County, 111.
(V. 120,_p. 3101) were purchased by
coupon water bonds offered on June 16
-Sealed
B. C.
-DEBENTURE OFFERING.
NORTH
Date May 1
the Harris Trust & Savings Bank of Chicago. Denom.$500. of the City Tenders willVANCOUVER, It. F. Archibald, City Clerk, up to 5 p. m•
be received by
office
1925. Prin. and annual int. (May 1) payable at the1926 to 1943 incl.. July 6 for the following 514% City of North Vancouver Debentures, which
Treasurer. Due yearly on May 1 as follows: 83,000.
are a direct obligation of the City at large:
and 84.000, 1944.
$9,700 School, 20 year, dated March 1 1925.
Financial Statement.
$1,174,558 27,500 Road, 20 year, dated August 1 1924.
Assessed valuation for taxation (1924)
5,000 Sidewalks, 5 year, dated June 20 1925.
58,000
Total debt (this issue included)
10,000 Roads, 10 year, dated June 20 1925.
858,000
Less water debt
None
5,000 Water Extension, 20 year, dated June 20 1925.
Netdebt
7,500 Water Concrete Dam, 20 year. 534%, dated June 20 1925.
Population, 1920 Census, 2,954.
JUNE 27 1925.)
THE CHRONICLE
Semi-ann. interest and principal payable in Canadian funds. North
Vancouver payment and delivery.
PETERBOROUGH, Ont.-BOND OFFERING.
-Tenders will be
received up to 5 p. m. June 26 for the purchase of $150,000 5% 20
-year
sewer bonds. F. Adams, Treasurer.
PORTAGE LA PRAIRIE, Man.
-BOND OFFERING.
-Bide will be
received by W. R. Grieve, City Treasurer, until 12 noon June 29 for
$20.000 6% 30 year water works sinking fund bonds. Denom. $1,000.
Date Jan. 1925. Prin, and semi-ann. int, payable at the Bank of Montreal
in Toronto, Winnepeg or Portage La Prairie.
QUEBEC, Que.-ADDITIONAL DATA-BIDS.
-The following additional data have come to hand regarding the $758,000 30
-year 5%
bonds awarded as stated in V. 120, p. 3224. Denom. $100. $500 city
and
61,000. Coupon in form. Date May 1 1925. Int. M. & N. Due
May 1 1955.
5%
5%
431%
Straight.
Serial. Straight.
McLeod, Young. Weir & Co., Montreal
99.89
99.98
92.88
Rene T. Leclerc, Hanson Bros., and Harris,
Forbes & Co., Montreal
99.63
99.33
92.58
Bray, Caron & Dube, Quebec; Mead & Co..
Ltd., Montreal, and Fry, Mills, Spence Co.,
Toronto
93.197
L. G. Beaubien & Cie., Quebec, and Nesbitt,*100.793 100.41
Thompson Co. Montreal
100.18
100.4215 93.015
Bank of Montreal
National City Co., Mont
93.166
Wood,Gundy & Co., Montreal,and A.S. Law, 100.367 100.135
Quebec
100.29
100.19
92.80
Bell, Gouinlock & Co., Toronto
100.40
100.30
92.87
Dyment, Anderson & Co., Toronto
100.16
93.15
Dominion Securities, Ltd., and A. E. Ames & 100.56
Co., Montreal
100.33
100.17
92.77
* Successful bid, see above reference.
ST. CHARLES PARISH (P. 0. Point St. Charles),
Que.-BOND
SALE.
-An issue of $100.000 5% 1-30-year serial bonds has been sold
to Leopold A. Renaud at 99.065.
SARNIA, Ont.-BOND SALE.
-On June 18 $14,800
%
-year
school site bonds were awarded to Harris. MacKeen & Co. Of 15
Toronto
at 103.06.
FINANCIAL
3353
SHAWINIGAN FALLS, Que.-BOND SALE.
-Wood. Gundy &
of Toronto were the successful bidders on June 9for an issue of $75,000 Co.
5%
30
-year serial school bonds, paying 99.16, equal to a cost basis of 5.07%.
Tenders were as follows:
Wood Gundy & Co
99.16 McLeod. Young, Weir & Co_ _98.79
Dominion Securities Corp
99.036 A. E. Ames & Co., Ltd
98.773
L. G. Beaubien & Co
99.03 IL. A. Renaud
98.715
Bray. Caron & Dube. Ltd_ _ _ _98.87 INormand dc Hann
98.335
Rene T. Leclerc, Inc
98.80 jFrv, Mills, Spence & Co
96.79
BOND SALE.
-On June 17 the $2 5,700 57 bonds offered on that date
(V. 120. P. 3102) were sold to Hanson Bros. o Montreal. Coupon bearer
bonds,registered as to principal. Denoms.$100.$500 and $1,000. Dated
May 1 1925. Prin. and semi-ann. int. payable at the Banque Canadienne
Nationale, Montreal, or Shawinigan Falls. Due annually from 1926 to
1960 inclusive.
STAMFORD TOWNSHIP, Ont.-BOND SALE.
-Stamford Township
Council has sold a block of $374,819 30
-year 5% sewer bonds to Gairdner,
Clark & Co. of Toronto at a price of 99.772.
VANCOUVER, B. C.-$1,250.000 BONDS TO BE PLACED ON MAR-The city has a block of $1,250,000 of water works
KET SHORTLY.
debentures, which will be placed on the market shortly.
-BOND OFFERING.
VICTORIA B. C.
-Tenders will be received
up to 12 m. June 29 for the purchase of $525,000 5% 20
-year bonds,
dated July 21 1925 and in denominations of$500 and $1,000 each. Alternative bids are asked for bonds payable in Canada only, payable in Canada
and London. England and payable in Canada, New York and London,
England. D. A. Macdonald, City Comptroller.
-DESCRIPTION OF BONDS.
WINNIPEG, Man.
-The $2,000,000
• % bonds reported sold in last week's issue on page 3235 are described
as follows: Coupon bonds in denomination of $1,000. registerable as to
principal. Dated June 15 1925. Prin. and semi-ann. int. (J. & D. 15)
payable in New York in gold at the agency of the Bank of Montreal or at
the option of holder in Canadian funds in Canada. Due June 15 1950.
Legality of issue to be approved by E. G. Long, K.C. The purchasers
of the bonds were the Equitable Trust Co., Blair & Co., Inc., and Halsey.
Stuart & Co.,Inc., all of New York,and Matthews & Co., Ltd., of Toronto,
and the price paid was 93.91 (New York funds.)
-T. B. Baker, Sec.WYNYARD, Sask.-DEBENTURE OFFERING.
-installment lighting
Treas.,received tenders until June 28for 527.3007% 15
plant debentures.
NEW LOANS
NOTICE OF SALE
Schuylkill County, Penna.
City of Winston-Salem, N. C.
City of Philadelphia
$400,000
$2,590,000
We Specialize in
NEW LOANS
Highway & Bridge Bonds of 1925.
BONDS
38
3%8
48
/
41 48
4 3
/
1
2
58
51
A8
51 2
/8
Notice is hereby given that the Board of
County Commissioners of Schuylkill County,
State of Pennsylvania, will receive sealed proposalsthrough the undersigned County Controller.
at his office in Pottsville. Pa., until 11:30 o'clock
A.M. Tuesday, July 7, 1925, for the purchase of
Four Hundred Thousand ($400,000.00) Dollars
Schuylkill County Bonds issued for the purpose
of aiding in the construction of highways and the
erection of new concrete bridges to replace old
and worn-out County bridges, and said bonds
to be known as "Highway and Bridge Bonds of
1925." Said bonds to be of the following denominations: Two hundred and fifty bonds of
$1,000.00 denomination each,
'numbered consecutively from No. 1 to 250; Three hundred bonds
of $500.00 denomination each, numbered consecutively from No. 251 to 550.
Said bonds to bear interest at the rate of four
and one-quarter (OD per cent, per annum.
Coupons payable February 1st and August 1st
of each year. The date of maturity of said
obligations is to be the 1st day of August, 1955.
but bonds may be redeemed on any interest
payment day after the 1st day of August, 1935.
Purchasers will be required to deposit with their
bids in cash, by certified check or bank draft.
ten (10) per cent, of the amount of such bid,
the balance to be _paid when bonds are dellvered.
The successful bidder is required to have said
bonds engraved and printed at their own expense.
Bids must be delivered to the undersigned.
The right is reserved to reject any or all bids.
By direction of the County Commissioners.
John E. Schlottman,
County Controller.
Pottsville, Pa., June 12, 1925.
Sealed bids will be received by the Finance
Committee of the Board of Aldermen of the City
of Winston-Salem, N. O., In the Mayor's Office,
In the City Hall. until JULY 7, 1925, at 12
o'clock M., for the purchase at not less than par
of the following described coupon bonds of said
City, all of the denomination of $1,000. dated
July 1. 1925, maturing July 1st in various years
as shown below, and bearing interest payable
semi-annually (January 1st and July 1st) at
rates shown below, viz.: $1,445,000 5% Street
Assessment Bonds, maturing 144 bonds annually,
1927-31, incl., and 145 bonds annually, 1932-36.
incl.; $175,000
% Street Improvement Bonds,
maturing 3 bonds annually, 1927-46. incl.,
4 bonds annually, 1947-69,incl.,6 bonds annually,
1970-72. incl.. and 5 bonds in 1973; 5285.000
434% General Improvement Bonds, maturing
104 South Fifth Street
12 bonds annually, 1927-36. incl., and 15 bonds
annually, 1937-47, incl.; $635,000 434% Sewer
Philadelphia
Bonds, maturing 15 bonds annually, 1927-36,
incl., 16 bonds annually. 1937-47, incl., 17 bonds
PrIsate Wire to New Yorg
annually, 1948-62, incl., and 27 bonds annually,
Call Canal 6437
1963 and 1964: and $50.000 5% Fire Department
Bonds, maturing 5 bonds annually. 1927-32,incl.,
6 bonds, 1933 and 1934, and 8 bonds in 1935.
Bonds payable in New York in gold. General
obligations. Unlimited tax.
Legality approved by Messrs. Reed. Dougherty & Hoyt, New York. Bonds certified as to
genuineness of signatures by United States
Mortgage & Trust Co. of New York.
No bid for less than all of the $2,590,000 bonds
CHICAGO
LOS ANGELES will be received and considered.
Bids must be enclosed in a sealed envelope
231 S. La Salle St.
629 S. Spring St.
marked "Proposal for Bonds" and addressed to
the undersigned. Certified check or cash for
Special Assessment Bonds.
2% of amount of bonds bid for must accompany
bid. Bidders are requested to submit their bids
Safe and Sound.
on blank forms which will be furnished by the
United States Mortgage & Trust Company,
New York City. N. Y , or W. H. Holcomb,
.
Sewer Bonds
Commissioner of Public Accounts and Finance,
Winston-Salem. N. C. Bonds will be delivered
NOTICE IS
on or about August 1, 1925, at the office of the Council of the HEREBY GIVEN by the Town
Town of Upton, Wyoming, that
United States Mortgage & Trust Company,
Inquiries to Buy or Sell Solicited New York City, N. 1r. and must be paid for sealed bids will be received until 8 o'clock P. M.,
,
on Tuesday. the 30th day of June, A. D. 1925,
on delivery.
for the purchase of Nine Thousand Dollars
Dated, June 25, 1925.
($9,000.00) Sewer Bonds, dated July 1, 1925,
W. H. HOLCOMB,
payable July 1. 1945, and redeemable at the
City Secretary.
pleasure of said Town in the order of their issue
on or after July 1, A. D. 1935. being eighteen
(18) in number, of the denomination of $500.
105 SO. LA SALLE STREET
each, numbered consecutively from 1 to 18,
bearing six per cent (6%) interest per annum,
CHICAGO
payable semi-annually on the first days of January
and July in each year; issued for the purpose of
Moutoement, Al..
providing, establishing and constructing a system
of sewers for the said town and the inhabitants
thereof.
All bids should be sent to H. H. Jones, Town.
Clerk, at Upton, Wyoming, and should be
accompanied by a Certified or cashier's Check.
Based on sound, conservative management
drawn on some regularly organized banking
and backed by ample resources, Mellon
institution, in the sum of $500.00, payable to said
Town, as part payment for said bonds if awarded
Service offers complete and modern facilities
to the bidder, otherwise said check to be returned.
for all branches of the banking business.
The Town Council reserves the right to reject
any and all bids.
Our intimate contact with industrial and
BY ORDER OF' THE COUNCIL:
(SEAL)
R. P. McAULAY, Mayor.
financial Pittsburgh, and our knowledge of
Attest:
economic conditions throughout the world,
H. H. JONES, Town Clerk.
Biddle & Henry
GATZERT COMPANY
$9,000
Town of Upton, Wyoming
Ca'yin 0.Sm Ith Co.
MUNICIPAL BONDS
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIV
have often proven of great value to out-oftown banks, corporations and individuals.
Capital and Surplus
$13,500,000.00
We invite your correspondence.
BALLARD & COMPANY
MELLON NATIONAL BANK
Members Nese York Stock Ezchang,
PITTSBURGH, PA,
HARTFORD
Connecticut Securities
[VOL. 120.
THE CHRONICLE
3354
COTTON, GRAIN, SUGAR lap COFFEE MERCHANTS
Paul Schwarz
Frank A. Kimball
Chas. 0. Corn
August Schierenberg
MERCHANTS
15 William Street
COTTON MERCHA
PHILADELPHIA
New York
Cotton Exchange Bid., New York
Members
York Cotton Exchange
York Stock Exchange
York Coffee Exchange
York Produce Exchange
Orleans Cotton Exchange
Associate Members
Liverpool Cotton Association
New
New
New
New
New
Hubbard Bros. & Co.
Coffee
Exchange Building
-
NEW YORK
Cotton Exchange Building
Dealers in American, Egyptian and Foreign Cottons
FOREIGN CORRESPONDENTS
Hibbert, Finlay & Hood, Liverpool
Societe d'Importation et de Commission, Havre
N. V. McFadden's Cie. voor Import en Export, Rotterdam
Geo. H. McFadden & Bro.'s Agency, Gothenburg
Johnson & Turner, Ltd., Lisbon
Juan Par y Cia., Barcelona
Fachiri & Co., Milan
Zellweger & Co., Zurich
Geo. H. McFaddenn South American Company, Inc., Lima, Peru
Geo. H. McFadden & Bro.'s Agency, Central P. 0. Box 55, Osaka, Japan
Geo. H. McFadden .SE Bro.'s Agency. Box 1029, Shanghai. China
MEMBERS OF
New York Cotton Exchange
N•w Orleans Cotton Exchange
New York Produce Exchange
New York Coffee & Sugar Exchange
Chicago Board of Trade
ASSOCIATE MEMBERS OF
Liverpool Cotton Association
GWATHMEY & CO.
Established 1856
W. R. CRAIG & CO.
H. Hentz & Co.
Merchants and Brokers
COTTON
N. Y. Cotton Exchange Bldg.
Hanover Square
NEW YORK
BOSTON
DETROIT
SAVANNAH
PARIS
Members New York Cotton Itzchassa
Bowling Green me
New York
60 Beaver St.,
COMMISSION MERCHANTS
AND BROKERS
Members of
New York Stock Exchange,
New York Cotton Exchange.
N ow York Coffee & Sugar Exchange. Inc.
New York Produce Exchange.
Chicago Board of Trade,
New Orleans Cotton Exchange.
Winnipeg Grain Exchange.
Associate Members
Liverpool Cotton Association.
James Talcott, Inc.
Founded 1854
225 Fourth Ave.,
ROBERT MOORE & CO.
44 Beaver
Now York
Complete factoring facilities for
Merchants, Manufacturers and
Selling Agents.
Street, New York
Hanover Square
USE AND CONSULT
COTTON MERCHANTS
NEW YORK
Members New York Cotton Exchange
COTTON MERCHANTS
BROKERS
Geo. H. 11/19Fadden & Bro.
NTS
Corn, Schwarz & Co.
COMMISSION
AND
New York Coffee ct Sugar Exchange. Ise
New York Produce Exchange
The Financial Chronicle
Classified Department
(Opposite Inside Back Cover I
Liberal Advances Made on
Cotton
Consignment.
1. F. DOMMERICH & CO.
Stephen M.Weld & Co.
COTTON MERCHANTS
82-92 Beaver Street,
New York City.
FINANCE ACCOUNTS OF MANUFACTURERS AND
MERCHANTS, DISCOUNT AND GUARANTEE SALES
General Offices, 254 Fourth Avenue
NEW YORK
NEW BEDFORD,
BOSTON
PHILADELPHIA,
RIVER,
l'ALL
PROVIDENCE, UTICA, N. Y.
WELD & CO.. LIVERPOOL
Hopkins, Dwight & Co,
COTTON
and
COTTON-SEED OIL
COMMISSION MERCHANTS
1110T COTTON EXCHANGE BLDG
NEW YORY
Established Over 80 Yens
Consistent Advertising-Is
an economy
lower
and cuts the cost of selling, making
prices or
better services
possible
without
sacrifice of seller's profits.
The CHRONICLE can carry your message to
the World's most influential class of people at
a
Orders promptly executed In
COTTON AND GRAIN
Weeklti Bulletin on the
cotton market sent on request
STEINHAUSER & CO.
Successors to William Ray & Co.
Members New York Cotton Exchange
Members Liverpool Cotton Awn
USC Cotton Exchange Bldg. NEW YORK
moderate cost.
Let us help you solve your publicity problems
a consistent manner.
In
@FedFRASER