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•
YFinanriL
The.
INCLUDING
Railway & Industrial Compendium
State & Municipal.Compendium
VOL. 120.
Iirtintde
Public Utility Compendium
Railway Earnings Section
SATURDAY,JUNE 6 1925.
Bank and Quotation Section
Bankers' Convention Section
NO.3128.
hind "industrials." This, of course, has been characteristic for several years, but there have been
PUBLISHED WEEKLY
many evidences of late that railroad shares are reTerms of Subscription—Payable in Advance
covering the investment standing they once enjoyed.
12 Mos. 6 Mos.
Including Postage-$10.00
$6.00 Since the stock market slump in March,
Within Continental United States except Alaska
their recov11.50
6.75
In Dominion of Canada
Other foreign countries, U. S. Possecsions and territories_ 13.50 ' 7.75 ery
has been far less than that of other securities.
NOTICE.—On account of the fluctuations in the rates of exchange.
remittances for European subscriptions and advertisements must be made Two events of the week have revived interest in railin New York Funds.
road shares; one, rapid progress in the hearing now
Subscription includes following Supplements—
COMPENDIUMS —
SECTIONS —
going on before the Inter-State Commerce CommisBANK AND QUOTATION (121011EIlly)
PUBLIC UTILITY (semi-annually)
RAILWAY EARNINGS (monthly)
RAILWAY ot INDUSTRIAL (semi-ann.)
sion on the Nickel Plate merger, and the other the
STATE AND MUNICIPAL (semi-annually) BANKERS CONVENTION (yearly)
Terms of Advertising
announcement of the reorganization plan of the
Transient display matter per agate nue
45 cents
On request Chicago Milwaukee & St. Paul. Speed in consideraContract and Card rates
CHICAGO Orrice—In charge of Fred H. Gray, Western Representative,
tion of the Nickel Plate consolidation is most heart208 South La Salle Street, Telephone Harrison 5616.
LONDON Orrice—Edwards & Smith, 1 Drapers' Gardens, London, E. 0. ening, because it indicates that the Commerce ComWILLIAM B. DANA COMPANY, Publishers,
mission is giving alert co-operation in a national
Front, Pine and Depeyster Streets, New York
program that is an essential part of the reconstrucPublished every Saturday morning by WILLIAM B. DANA COMPANY. tion of the primary industry of rail
transportation.
President and Editor, Jacob Seibert; Business Manager, William 13. Mtge:
Treas. William Dana Seibert; Sec.Herbert D.Seibert. Addressesof all,Office of Co. .The bold measures of the Van Sweringen
plan, in
grouping roads, forming new traffic routes, and
The Financial Situation.
moulding existing lines to modern needs, are characThe week has given ample evidence of abundance teristic of what is needed throughout the country. It
of funds and a rising tide of confidence. A number is to be hoped that other consolidations will follow
of large bond issues have been eagerly absorbed, al- with similar undertakings. The measures of rehabilthough offered at new high levels. These offerings itation and realignment that have
been worked out
have included several notable foreign issues, which in the Boston & Maine reorganization and the Van
have been taken as quickly as domestic offerings. Sweringen merger point the way to
national econoNotwithstanding these large offerings, prices of old mies in transportation
and the restoration of value
security issues have advanced to new high ground. in great quantities of railroad
securities.
The stock market, too, has been active, with further
sensational gains in some issues and indexes of averIt is not yet clear how far the Chicago Milwaukee
age prices rising sharply. The turnover has been in & St. Paul reorganization will be adequate.
It prolarge volume. Much of this is no doubt healthy, re- vides a'financial readjustment designed
to produce
flecting the convalescing of Europe, the excellent solvency, and to give
reasonable satisfaction to bond:
political situation at home and the very satisfactory holders, but
there is question if it goes to the bottom
conditions of many industries, with improvement in of the railroad
difficulties of the Northwest. That is
some others.
it remains to be seen if it is a real railroad reorganiThere are, however, indications of some unwhole- zation or merely a
readjustment of the financial
some conditions. For example, the New York Stock structure.
• Exchange has found it necessary to investigate conAn engineering report by Messrs. Coverdale & Colditions surrounding the soaring price of Maxwell pitts avers
that provision for maintenance and deMotor stocks. Present conditions lend themselves preciation has
been inadequate, that the property ia
to excesses and to unthinking speculation. There is, in a somewhat run-down condition,
and that heavy
no doubt, now 'much unsound reasoning in respect expenditures for a series
of years will be necessary.
to values, much spreading of tips, much buying There is as yet no serious
analysis of the fundamenwithout knowledge of values, and much pyramiding tals of railroading,
such as has been furnished the Bosof profits on narrow margins, which are, sure to ton & Maine. It is to be hoped
that St. Paul security
prove inadequate as soon as prices drop a little. This holders, who are asked in
this plan to take very seis not to say that conditions in some instances do rious cuts, will be given the benefit
of further enginot warrant high prices, nor that many sensational neering studies and of the most
constructive railroad
advances have not been justified, but simply to af- thought available.
Railroad troubles go deeper than
firm that conditions such as exist are always produc- financial structure. The St. Paul
breakdown has
tive of many excesses, which are bound to result in not been primarily because of
mistakes in financing,
personal losses and a correcting general reaction.
but because of unproductiveness of property and
It has been a subject of general comment during methods. If to correct this it is necessary
to scrap
the week that railroad stocks have been lagging be- part of the property and double the cost
of the rest,
Xhe Titronicie,
2854
THE CHRONICLE
[VoL. 12u. •
This indicates a hopeful outlook, with probability
this should be done, no matter what the sacrifice.
The basic need is physical and business reconstruc- of interest on the income bonds in the near future
tion. The low prices of St. Paul securities reflect and rapidly developing earning power for the stock
the failure of the enterprise. The plan, just an- issues. The new preferred stock, of which $115,931,nounced, proposes adjustment of financial structure 900 will be outstanding, the same amount as at presto the smaller base, but it should not stop there. ent, will be entitled to 5% dividends on a preferred
The territory and its transportation needs remain. basis and to participate equally with the common
If these are adequately met there should be a restora- above 5%. The dividend is not to be cumulative,
tion of value such as occurred in Union Pacific and whether earned or not. According to the estimates,
Atchison and such as appears to be occurring in the the preferred dividend is likely to be largely or
recently reorganized St. Louis-San Francisco and wholly earned by 1930 or soon thereafter.
The engineers cite as causes for the St. Paul breakMissouri, Kansas & Texas and Missouri Pacific.
The St. Paul plan leaves undisturbed $181,370,400 down depressed conditions in the Northwest, combonds in what might be called the first mortgage petition in through freight by the Panama Canal,
group ,comprising the general mortgage bonds, equip- competition in passenger travel by automobile, and
ment trusts and guaranteed issues. Bonds of the increases in wages and taxes in greater proportion
second mortgage group and the Puget Sound Exten- than in rates. They state that electrification of cersion bonds, aggregating $230,950,796, are to be re- tain mileage over the Continental Divide has been
funded into a like amount Jf 5% adjustment mort- justified by results and recommend further electrifigage bonds maturing in 2000, with interest cumula- cation. They advise expenditures for construction
ttve from Jan. 1 1930, to be paid if earned after pro- and improvements over the next ten years averaging
viding for certain capital requirements. Of the $17,580,000. Earning estimates were based on asbonds held by the Government, $35,000,000 are to sumption of these expenditures being made.
It is of interest to observe the initial transactions
be paid in cash in full and $20,000,000 paid, $17,000,1100 in cash and $3,000,000 preferred stock, or ex- in the proposed new securities on the New York Curb
changed for $32,000,000 of the 5% adjustment bonds. on a "when and if issued" basis. They were: 50-year
This accounts for all of the funded debt. The stock mortgage 5s, 1975, 8114 which yesterday sold up to
/,
is assessed $28 per share for the preferred and $32 83; adjustment income 5s, 2000, 532 and yesterday
/
1
,
/
1
2
for the common,for which will be given $24 and $28, 54 ; preferred stock,28; common quoted 18 to 19.
respectively, of new 50-year 5% mortgage bonds.
Cotton has certainly made a good start. It will
This will provide $70,032,548 in new cash against
which only $60,698,820 bonds will be issued. In ad- naturally have its ups and downs as the year prodition, new preferred and common will be issued gresses, and unfortunately these continue practically
share for share against the old preferred and com- to the close of the cotton growing season. No immon. The cash will be used to pay the Government, portant crop raised in the United States is subjected
for reorganization expenses and to increase working to such sudden and violent changes, and it is certain
capital. The $9,333,728 cash to be provided by the that no other crop more directly involves the prosstockholders and against which no bonds 'will be perity of the country. In the first cotton crop report,
issued will cover miscellaneous requirements, in- issued by the Department of Agriculture at Washingcluding reorganization expenses, thus making it pos- ton for the current year, on Tuesday of this week, a
sible that no securities shall be issued except in ex- condition of 76.6% of normal is indicated. This rechange for old securities or new cash retained by the lates to the position of the growing crop on May 25
last. A year ago the May 25 condition was 65.6% of
road.
Through these changes fixed interest charges will normal. It ranged between 62.4% of normal to 71%
be decreased by about $10,333,000 and a contingent of normal on May 25 during the preceding five years,
interest charge of $11,547,540 on the $230,950,796 or from 1920 to 1924, inclusive. For ten years prior
new 5% adjustment income bonds set up; and bonds to the current year, the May 25 condition was above
aggregating more than $185,000,000 maturing dur- the condition on May 25 this year, 76.6%, only three
ing the next ten years will be refunded. Provision times, that is in 1915, when it was 80%; 1916, when
also is made for future financing through creation it was 77.5%, and 1918, when it was 82.3%.
As to the situation in the different States for this
of a new first and refunding mortgage junior to the
general mortgage, which is left undisturbed, but year, attention naturally is first directed to Texas,
senior to the new mortgage bonds to be issued for where more than 30% of the crop is raised. On May
cash and the new adjustment bonds. No bonds under 25 this year the condition of the cotton crop in that
this mortgage are to be issued at present. The situ- State was 70% of normal, against 66% a year ago and
ation is further helped by release of $18,000,000 gen- 77%, 61% and 70%, respectively, for the three pre• eral mortgage bonds now pledged under bonds held ceding years, 1923, 1922 and 1921. There is an absence of sub-soil moisture in important parts of
by the Government.
It is interesting to compare the results of the past Texas this year, which may mean a great deal to the
two years with existing fixed charges and income re- crop later in the season. In Oklahoma and Arkanstated by Coverdale & Colpitts after proper provi- sas, two important States, the condition on May 25
sion for maintenance and depreciation, with esti- last was high,86% and 85%,respectively. Last year
mates by these same engineers as to probable future the May 25 condition in these two States was 58%,
and for the three preceding years 1923, 1922 and
results. The comparison follows:
1921, on May 25, was 10 or 15 points lower than this
Contingent
Fixed
Calendar
Net
Deficit or
Interest
year. Five other Southern States show a condition
Charges.
Income.
Surplus.
Year—
Charges.
$18.816.000 $20,950.000
None
—$2,134.000 on May 25 this year of 80%, or higher; they are Ala1923
—4,252.000
1924
17,529,000 21,751,600
None
12.200.000 n11.547,540 —6.007.540 bama, Mississippi, Lonisiana, Tennessee and Florida.
17,650.000
1925
14.415.000
30.150.000
+4,187,460 For Georgia the condition on May 25 was 78%,
11,547,540
1930
39,100.000 1g.792,000 11,547,540 +11,760,450
1934
against 68% a year ago; North Carolina 74% and
•Assuming the new status for 1925.
JUNE 6 1925.]
THE CHRONICLE
2855
embracing machinery and tools, lumber and
71%; South Carolina, 71% and 68%; Alabama,80% lines
clothing, while in the line embracing tobacco, a large
and 70%; Mississippi, 84% and 69%; Louisiana,,
added to indebtedness for that class, and the
84% and 70%, and Tennessee, 82% and 54%. Mis- failure
true as to cement. Among trading concerns,
souri shows a condition this year of 77%, against same is
in number is mainly among grocers and
52% a year ago and ;Virginia 72%, against 62% last the increase
lines, hotels and restaurants, clothing, furniallied
year.
There was some decrease last
is naturally too early to lay any great store by ture and hardware.
It
month, compared with a year ago in dry goods dethese figures, but so far as they go they are most
liabilities reported in May for general
encouraging. It will be two or three weeks yet be- faults. The
were smaller than in May last
fore definite knowledge is had regarding this year's stores and grocers
an increase appears this year in
acreage, but all preliminary reports tell of an in- year, while quite
for dealers in *clothing, dry goods,
crease over last year. Tuesday's Government report the indebtedness
over a year ago.
gives the revised estimates of the area in cultivation shoes and furniture
were 56 of the larger failures, those having
There
a year ago as 42,641,000 acres, which was much the
$100,000 of indebtedness or more,
largest on record. The area picked last year was in each instance
reported during last month, with $18,098,769 of lia41,360,000 acres, which was also in excess of any preamount being practically 49% of
ceding year, and the yield per acre 157.4 pounds, bilities, the latter
the total defaulted indebtedness reported for that
which was the highest of any year since 1920.
month. The remaining 51% of liabilities reported
to $11,162 for each of the
Business insolvencies in the United States during for that month amounts
mercantile defaults that occurred in
• May were fewer in number than for any month since other 1,711
for May 1924 were
November and show a decline in number in compari- May; the corresponding figures
were in excess of that amount for May
son with May 1924. There are only two other months $12,153, and
1923, 1922 and
in the past year and one-half, November and Janu- of each of the three preceding years,
1921. Of the larger defaults reported for last month,
ary 1924, in which there was a decrease, in comparifailures with total lia
son with the corresponding month of the previous there were 30 manufacturing
7; 18 of the larger
year. Commercial defaults last month numbered bilities amounting to $12,650,36
total indebtedness of
1,767 and the indebtedness was $37,026,622, these trading concerns reporting a
defaults of agents and
figures contrasting with 1,939 similar defaults in $3,380,602 and 8 of the larger
a total of $2,067,803. These figApril for which the liabilities were $37,188,622, and brokers involving
do not differ materially
1,816 failures in May 1924, involving $36,590,905. In ures, as to the large defaults,
those reported in May 1924, the total number a
the early months of this year,from January to April, from
$15,237,425 of liainclusive, business defaults were unusually numer- year ago having been 59, with
bilities.
ous, the month of April, in some respects Making
rather the poorest showing. Only in the two preDiscussion of the payment of European war debts
ceding years, 1922 and 1915, when special conditions
President Có1.
caused considerable losses, did the number of busi- to the United States has continued.
associates in the Administration were
ness failures exceed those of the early months of 1925. idge and his
the action
The drop of nearly 10% in the number from April said to have been especially pleased with
Government in deciding to send a comto May,is perhaps significant of better conditions to of the Belgian
Precome.. As to the liabilities, while the amount is con- mission to the United States, of which former
Theunis would be the head, to consider plans
siderable, it is less than in other similar preceding mier
periods, which is in the main due to the fact that "for the definite settlement of the Belgian obligathere were fewer large defaults this year to date tions to America." The Washington correspondent
the official
than for the corresponding periods of last year, 1922 of the New York "Times," in reporting
at the national capannouncement, which was made
and 1921.
Government,
Our comments on insolvencies are based on the ital on May 29, said that "the Belgian
as reluctant. to enter into
tabulations prepared from the records of R. G. Dun which had been indicated
and
& Co. These show that in May there were 400 fail- arrangements for the payments of its war-time
indebtedness to the United States until
ures of manufacturing concerns, with liabilities of post-war
sim$18,183,856; 1,286 defaults of trading concerns, in- France had completed an agreement to refund
obligations to this country, has come forward
.volving $15,819,957 of indebtedness, and 81 failures ilar
of agents and brokers for $3,022,739. During May with a definite expression of Willingness to make a
1924 there were 507 failures cf manufacturing firms, debt funding settlement. Notice to that effect was
owing $17,756,977; 1,215 trading defaults for $15,- given to-day to Secretary Mellon, Chairman of the
346,023, And 94 of agents and brokers, with a total United States World War Debt Commission, by
indebtedness of $3,487,905. As compared with a Baron de Cartier, the Belgian Ambassador." He
year ago, there was a marked decrease, it will be also observed that "this course of the Belgian Govseen, this year in the number of manufacturing fail- ernment, extremely pleasing to the Coolidge Admin
ures, while trading defaults were slightly more nu- istration, was announced this evening by Mr. Melmerous this year. This feature has characterized the lon." Continuing, he said that "the fact that Formonthly failure reports for some time past. In addi- eign Minister Theunis will head the Belgian Debt
.tion to the above, there were 39 bank failures in May Commission is taken as evidence that a debt funding
this year, most of which occurred in the South and arrangement will be arranged with the least possible
West. As to the manufacturing defaults that oc- delay. He will have direct authority to speak for
curred last month compared with a year ago, the his Government. This new move of Belgium is supdecrease was largely in the lines embracing machin- posed to be the immediate outcome of a diplomatic
ery and tools, lumber, clothing, hats and shoes and note presented to the Brussels Foreign Office in
leather goods. There was also a considerable reduc- April by William Phillips, the American Ambassation shown this year in the liabilities reported for dor. Since the Foreign Office received this commu-
2856
THE CHRONICLE
nication there have been several conversations concerning its contents between Mr. Phillips and the
Minister of Foreign Affairs and some discussion of
it has taken place in Washington. Nothing has appeared to show that this note contained anything in
the nature of a demand."
[VoL. 120.
in addition to this phase of the situation, the policy
of the Administration and of the Commission has
been that each of the war debts shall be taken up separately and without regard to the debts which the
foreign nations owe among themselves." Continuing, he said that "there is reason to believe that the
prospects for definite agreements with France, Italy
It is evident that France realizes the importance of and Belgium are brighte than
at any time since the
r
doing something of a definite character about set- armistice, and in
view of this situation the Admintling her war debt to the United States. It will be istration is anxious that no
talk to the effect that the
recalled that Finance Minister Caillaux and Foreign American Commission
might be willing to alter its
Minister Briand have the matter directly in hand. policy, and join
in a more or less general conference
On May 30 the Paris correspondent of the New York abroad should go undenie
d."
"Times" said that "it is possible that by the end of
That the negotiations will not begin in the immenext week the French Government will send a com- diate future was
indicated in a special Washington
munication to the American Government on the sub- dispatch to the New York "Eveni
ng Post" three days
ject of France's debt. All members of the Govern- later. According
to its author,"all the foreign Govment have been very fully occupied this week with ernments to which
the United States extended credthe reopening of Parliament and the debate on Mo- its during the war
and since the armistice are now
rocco, and, in addition, Finance Minister Caillaux expected to send commis
sions here in the fall to fund
has been busy pushing the 1925 budget through the their debts."
He added that "the Administration
Senate." He added that "at the Quai d'Orsay it is feels satisfied
this is their intention, although no
said MM.Briand and Caillaux hope to confer within definite dates
had been set for the arrival of the delethe next few days with the object of paving the way gations.
The expectation is that Italy will be the
for quick opening of negotiations." Continuing, he first to send
a commission, as her plans are said to
said: "It is understood the initial suggestion of the be further
advanced than those of the other debtor
French Government to Washington will be that the States. It is
understpd some assurances.of Italy's
total of the French debt to America be fixed. It is intentions
accompanied the negotiations of the credit
the French contention that while the amount is ap7 of $50,000
,000,just obtained from J. P. Morgan & Co.
proximately known it never has been definitely fixed As there is,
however, always a certain rivalry beand that, they think, is the starting point. This tween Italy
and France. it may turn out that France
point settled, the French intend to ask American sug- will anticipate
Italy's move and open the question
gestions as to the most efficacious way to conduct ne- of debt funding
first."
gotiations. While, on the face of it, Americans might
reply that the French should approach the Debt
Satisfactory reports have been made as to GerFunding Commission, nevertheless Paris still cher- many's fulfill
ment of her reparations obligations,
ishes the hope Washington will send a delegation to but the Confere
nce of Ambassadors has ruled that
Paris to discuss the settlement. While the French she has not carried
out all of the military clauses of
recognize America's unwillingness to accept a part the Treaty
of Versailles. On May 29 the Paris corof German reparations for settlement, yet unques- respondent
of the New York "Times" cabled that
tionably they will seek to effect an arrangement by "the Reparat
ions Commission, asked by the Conferwhich it will be admitted that German payments af- ence of Ambass
adors to state whether Germany was
fect France's ability to make payments to Amer- fulfilling her
reparations obligations under the
ica. It is understood M. Caillaux sticks to Dawes plan, voted
unanimously to-day to reply in
his original estimate that if Germany fulfills the the affirmative."
He explained that "German deDawes plan, France can devote 2,000,000,000 francs faults on the Treaty
of Versailles are now confined
yearly to liquidation of foreign debts. Inasmuch as to military issues. The Reich
will be told that when
Paris.hopes to obtain a large reduction from London, she had made good on the
listed number of defaults
it is doubtless Caillaux's idea that the larger part Cologne will be evacuated.
It is expected the comof this amount, equivalent at current exchange to munication will be delivered
to the Berlin Governslightly more than $100,000,000, will be paid to ment on Tuesday morning jointly
by all the Allied
America."
Ambassadors there." Continuing, he said: "It is..
stated that the points with respect to which Germany
While the suggestion has been made that the war must take action in order to
obtain control of Coldebt conference be held in Paris or London,evidently ogne are: First, re-establishme
nt of the great genWashington is determined it shall be held there. In eral staff, forbidden by the
treaty; second, excess of
a special Washington dispatch to the New York trained troops above the
100,000 permitted by the
"Times" on June 1 it was stated that "direct negotia- treaty; third, excess of war
material above the
tions for the funding of the war-time debts of foreign amount allowed; fourth, incompl
ete transformation
nations to the United States will be held in Wash- of munitions factories and
machinery; fifth, miliington and under no circumstances will members of tarization of the State
police. Accompanying the
the American Debt Commission consider going list of defaults will be
measures the Allies ask Gerabroad to attend joint meetings with representatives many to take to rectify the
situation. It was stated
of the debtor nations." The correspondent added at the Quai d'Orsay
this evening that Paris and Lonthat "such is the position taken definitely by Secre- don were in complet
e accord on the note. Special
taries Kellogg and Mellon, who, along with Secre- importance attache
s to Germany's obtaining evacuatary Hoover, act as members of the American Debt tion of Cologne,
for it involves completion of the
Commission. It was pointed out to-day that if there Ruhr evacuation,
it being apparent that the French
were no other reason it certainly would be. imprac- and Belgians cannot
remain in the Ruhr after Colticable for three Cabinet officers to go abroad. But ogne is evacuat
ed."
JUNE 61925.]
THE CHRONICLE
2857
to Germany's proThe very next day (May 30) word came from Paris for Berlin carrying France's reply
disarmament of Ger- posal for a Western Europe security pact. The note
that "an Allied accord on the
Stresemann by
many was registered to-day when the Conference of will be presented to Foreign Minister
to-morrow.
Ambassadors adopted a common Allied note, which a group of Ambassadors of the Allies
a covering letter acof
left for Berlin by courier to-night and will be deliv- Twelve hours later the text
Paris and
the Wilhelmstrasse on Tuesday." According companying the reply will be published in
ered at
Twenty-four hours later an annex giving a
to the New York "Times" representative in the London.
t clauses
French capital, "the note asserts that Germany has list of German violations of the disarmamen
Versailles Treaty will be made public. A day
been found in default in a certain number of the of the
annex
military clauses of the Treaty of Versailles, and for or two later the complete report on which this
was not evacuated last is based will be given out."
that reason the Cologne area
January. There is attached a list of defaults, with
in Strasbourg on
Allied recommendations for the measures to be taken,. Premier Painleve made a speech
specially significant by
and Berlin is informed that when the Allies are sat- June 1 that was regarded as
The Paris
isfied these measures have been taken the Cologne those who best understood the situation.
of the New York "Times" cabled that
area will be evacuated. The note mentions that the correspondent
on the eve
Allies consider that, up to date, Germany has ful- "Premier Painleve at Strasbourg to-day,
the negotiation of the Rhineland peace compact,
filled her reparations obligations under the Dawes of
in eloquent
plan." He suggested that "this belated action on held out the olive branch to Germany
smooths the way for seeurity negotia- words, charged with great meanings. To Alsace and
disarmament
will be
tions, at least in the eyes of the Allies. There is the Lorraine he gave assurance that 'no measure
your represenhighest authority for saying, reports to the contrary taken without full consultation with
notwithstanding, that the English and French are tatives,' thus dispelling the uneasiness which has
very near an accord on their attitude toward the developed in the two recovered provinces during reAllied-German security pact proposed by Berlin in cent differences caused by the proposal to suppress
February. The Allies favor concluding an arrange- the representation of France at the Vatican. Soon,
he said, a consultative committee, in which all opinment."
ions will be represented, will be 'constituted in AlThese assertions were substantiated in part by sace, which will aid in the absorption of the two
statements in special Paris and London cable mes- provinces into the mother country in such a way as
sages to the New York "Herald Tribune." For in- to safeguard all local rights. Such assurance of instance, it was asserted in a dispatch from the former ternal liberty and control of their own destiny within
centre under date of May 29 that "Great Britain's the corporate body of France is all the Alsatians
reply to France's draft of:the note to Germany re- wish." The correspondent reported that "the Pregarding the proposed security compact was received mier's promise, made at a banquet to President Dou.
at the Foreign Office to-night and official spokesmen mergue, was greeted with tremendous enthusiasm
tone was more than satisfactory, as the dif- M. Painleve then turned to the position of Alsace as
said its
ferences in the points of view of the two countries the frontier province for whose defense, if ever menwere only on matters of secondary importance." aced, 'France would engage her whole existence.'"
The correspondent said, on the other hand, that Going into greater detail as to the apparent signifi"French opinion generally, however, does not view cance of the speech, the "Times" representative said:
the situation with equanimity. In view of reports "The Premier's speech couched though it is, in genfrom England concerning her stand, it is felt here eral terms,is regarded here as a bid for reconciliation
that Great Britain regards the proposed compact as with Germany. It marks very definitely the end of
a means of protecting the rest of Europe against the policy of distrust and everlasting suspicion of
France as much as of protecting France against Ger- which Poincare has been the most conspicuous aposmany." According to London advices, also dated tle. As in the Senate last week, when Briand reMay 29,"British official circles were highly optimis- torted to Poincare that he was not 'among those
tic to-day over the prospects of an agreement with who believed it was always right to say no,' Premier
France on the tri-partite security compact proposed Painleve underlined the contrast of his policy with
by Germany several months ago." It was added that that of his predecessors in the phrase about blind
"other well-informed persons held such optimism to mistrust being as dangerous as blind confidence. He
be premature, however, and felt that the so-called does not dismiss the German menace. President
minor details remaining to be settled might turn Doumergue yesterday at Strasbourg stressed the
out to be serious obstacles. Accounts of yesterday's point that France could never feel absolutely secure
Cabinet meeting—which, of course, supposedly was so long as ideas of revenge were encouraged among
secret—were widely divergent in this morning's the people who launched the last war and so long as
newspapers. It is generally understood, however, treaties which have been signed are not loyally fulthat the memorandum sent to Paris in connection filled. But to-day's speech,on the eve of negotiations
with the French draft of the proposed answer to Ber- with Germany for a Rhineland compact, coming from
lin concerned itself mainly with technical points, but such an eminent pacifist as Premier Painleve, and in
contained two important affirmations of British pol- full accord with Foreign Minister Briand, is considicy." It is easy to see that opinion with respect to ered here as intended to clear the atmosphere for
these various important questions was considerably those negotations and to create if possible in Germany a spirit of loyal co-operation in the establishdivided in both Paris and London.
ment of peace."
In a Paris Associated Press dispatch on June 1
Cabling on June 1, the Berlin representative of the
the following outline was given of the steps being
and about to be taken, relative to a security New York "Herald Tribune" said that "Germany is
taken,
agreement: "A special courier from Paris is bound ready to accept some of the demands contained in the
2858
TITE CHRONICLE
[voL. 120.
Allied disarmament note which will be delivered here order to
obtain the evacuation of the Cologne area,
to-morrow or Wednesday, but she will try to ergue Germany
must, among oilier things, suppress the
against sonte of the others." He added that,"accord- present
general staff and reduce the number of Gering to information obtained at the Wilhelmstrasse, man police
from 180,000 to 150,000. The strength
Germany is quite ready to comply with the Allied de- of the German
army =1st be reduced to 100,000 fightmands concerning the dissolution of the present gen- ing men. [This
is the number allowed by the peace
eral staff and the abolition of the system of tempo- treaty.] The
military character presented to-day by
rary enlistments in the army, but she will balk at the
German security police must entirely disappear.
the demand for the demilitarization of the police and The note
demands alteration of certain factories in
the destruction of certain industrial machinery order to make
impossible the manufacture of war
which the Allied authorities believe can easily be con- materials
. All existing munitions in excess of
verted for war purposes. The reorganization of the amounts to
be stated by the Allied Control Mission
police along the lines desired by the Entente and its must be
surrendered, including spare parts for small
housing outside the military armories would seri- arms, bomb
throwers, machine guns. Blank cartously cripple the organization and place the nation ridges also
must be surrendered. Legislation must
in grave danger in the event of internal disturbances, be enacted to
do away with short-term enlistments
Germany will contend, while the demand for the in the Reichswehr,
the training of reserve cadets,
destruction of certain machinery, such as is still in military activities
of associations and the import
use in the Krupp plant, will be opposed as an un- and the export
of war material. Germany also has
justified effort to cripple Germany industrially."' defaulted in the
possession of and traffic in, and in
He further observed that "the arrival of the Allied the illicit manufact
ure of war material; she has ennote is expected to unleash severe partisan strife be- gaged in wrongful
activities in the forbidden zone
tween the extreme and moderate factions of the Na- and has failed
to comply with war requisitions. The
• tionalist Party."
note said the Allied Governments 'consider it of capIt became known here through cable messages ital importan
ce to place in the foreground of their
from Berlin dated June 4 that "the collective note argument
and general observation that the defaults
embOying the demands of the Allies for German noted, unless
promptly rectified, would,in the aggre_ disarmament was presented here to-day by the Am- gate, enable the German Government eventuall
y to
bassadors of former enemy Powers. Lord d'Abernon, reconstitute an army
modeled on the principles of a
British Ambassador, in handing the note to Chan- nation in arms.' The
note declared 'this would be
cellor Luther, emphasized that it contained 'the pre- directly contrary to the
treaty of peace, under which
requisites for evacuations of the Cologne zone' by the German army was to be
used exclusively for the
the Allied troops." It was added that "Luther re- maintenance of internal order
and for control of the
plied that Germany had stated her position on dis- German frontiers. It is this circumst
ance which,
armament clearly in previous communications, but while it demonstrates the importan
ce of each indithat the latest Allied note would be examined imme- vidual default, renders the totality of these
defaults
diately. The text of the note will be made public so serious a menace to peace,' the note declared.
The
here and in the Allied capitals Saturday" (to-day). note concludes: 'The Allied Governments
are conThe New York "Times" correspondent in the German vinced it merely requires good will on the part
of the
capital said in a dispatch the same evening that "the German Government and German authoriti
es to inCabinet will meet to-morrow noon under the leader- sure that rectifications of these defaults .
. . are
ship of President von Hindenburg to discuss the carried out in a relatively short period. In
fine, it
probabilities for evacuation of the Ruhr and Cologne now rests with the German Government and
authorizone following the presentation to-day of the Allied ties themselves to create conditions in which
evacunote on German disarmament. President von Hin- ation can speedily be effected.' The covering
letter
denburg's presence at the Cabinet meeting is consid- delivered with the note, runs 1,200 words, while
the
ered of important political significance; it will be amendments outlining the Allied demands and pointthe first time the new President meets with the Gov- ing out Germany's defaults are 15,000 words in
ernment. Unless the Allied note stipulates a time length."
for an answer the Government expects to take sufficient time to allow full discussion."
The point is stressed in Paris cable messages daily
London appears to be confident that an agree- that Finance Minister Caillaux is not only giving
ment will be reached. The New York "Times" rep- attention to ways of balancing the budget, but also
resentative at that centre cabled Thursday night is looking ahead for some months to the large oblithat "there is every expectation in London that the gations that must be met then. In a dispatch on
conversations which Foreign Ministers Chamberlain May 31 the Paris correspondent of the New York
and Briand will have next week at Geneva, where "Times" said that "there are indications that Fithey go as delegates to the League Council meeting, nance Minister Caillaux intends to seek to obtain
will bring complete Allied agreements on the se- from Parliament before July 1 consent to a special
curity issue and thus lead to early negotiations with issue of bank notes for reimbursement of national
the Reich on the subject of the proposed Allied Ger- defense treasury bonds which fall due within the
man peace compact."
next half year. Though the Finance Minister's inContrary to earlier predictions, the text of tention to find a special and 'temporary' means of
the Allied note to Germany was made public repaying the State's obligations was clearly indilast night, instead of to-day. Acorcding to an cated in his preface to the new budget proposals, it
Associated Press dispatch from London, "Ger- was believed he would postpone asking consent of
many has failed in thirteen conditions to comply Parliament until after the summer recess. Now,
with the disarmament requirements of the Versailles however, it appeals he intends to push the measure
Treaty, declares the Allied note to Germany." The through at once." He also explained that "on July 1
note was further outlined in part as follows: "In the Treasury will have to meet maturities amounting
JUNE 61925.]
THE CHRONICLE
2859
speculators and by rumors that
to 3,250,000,000 francs. On Sept. 15 8,250,000,000 ated by operations of
Minister Caillaux would resort to currency
francs will have to be found and on Dec. 8, 10,000,- Finance
redeem Government bonds ma000,000 francs will have to be repaid. It is, of course, in flation in order to
bonds falling turing in July. A sudden increase of 1,350,000,000
to be expected that a large amount of
advances to the State
of
due on these dates will be renewed, while also their francs in the Bank France's
by the Ministry of Finance
maturity can be,in a measure, met by the sale of new is shown by a note issued
misinterpretation of this
bonds. M. Caillaux, however, is determined that he to-day cautioning against
The Ministry's note says 670,000,will not be forced into the position which brought heavy borrowing.
due to withdrawals by vaabout the downfall of the last Government of being 000 francs of the total is
banks from their deposits with the Treasury
caught between limitation of circulation and neces- rious
during the last few weeks. This, says the Ministry,
sity of cash repayments."
obliga- is a normal banking operation during the settlement
Further details of the maturities and other
tions during the rest of this year were given in an- period."
Paris advices yesterday morning relative to the
other Paris cablegram in which it was stated that
in France were
"Senator Louis Dausset has also prepared a special currency and financial situation
The New York "Times" reprereport on the Finance Minister's budget, which puts rather disquieting.
seems likely
France's debt service for 1925 at 19,000,000,000 sentative said that "internal politics
or at least to delay, M. Caillaux's reform of
francs, or 58% of the total expenditure approved by to wreck,
it has got well
the Senate commission. After showing France's debt the French financial situation before
was 1,555,000,000, 'which under way." He claimed that "the origin of the
service prior to the war
declaration
then appeared enormous,' M. Dausset writes: 'As trouble is largely in M. Caillaux's frank
France believed in rapid and important pay- that former Premier Herriot's budget was not really
long as
ments of reparations by Germany, she asked for balanced. All of the Herriotists who had proudly
loans to finance the debtor's default and undertook voted for that budget as 'the first balanced budget
reconstruction of the devastated regions and pen- which France has had since the war' regard this
sions. She thus paid nearly 130,000,000,000 francs statement as censure on themselves and especially
which could never have been raised by taxation.' M. Vincent Auriol, the Socialist President of the FiDausset points out that following the Dawes plan's nance Commission has taken umbrage at the Finance
initiation the most France can expect this year is Minister's opinion. The complaint of the Commis1,240,000,000 paper francs, but due to operation of sion is that M. Caillaux and the Government did not
deliveries in kind the Treasury will receive only a consult the majority leaders first before issuing this
small part of this sum. As Against this France's wholesale condemnation of their past work. Pasmaturities this year are nearly 22,000,000,000 francs sions have been roused, and the meetings of the Comfor the internal debt and 1,132,000,000 for the for- mission during the past two days have been stormy.
only
eign commercial debt. The latter includes 214,000,- M. Auriol has reverted to party doctrine as the
remedy in the situation—the Socialist plan of a cap000 for the 1920 loan in the United States, 249,000,000 for the 1921 loan in the United States, 198,500,- ital levy."
The New York "Herald Tribune" said yesterday
000 for the 1924 loan in the United States, 98,000,000
on short-term operations abroad,367,000,000 morning "that Joseph Caillaux, Finance Minister of
interest
for the purchase of the United States war stocks and France, is playing behind the scenes of one of the
most daring and gigantic financial gambles in his5,250,000 for British war stocks."
On May 30 "the Chamber and Senate both voted tory is the view of a number of New York bankers in
the expenditures for foreign commercial debts, but constant contact with Paris during recent weeks.
only one-third of the internal maturing debt has been Caillaux, it appears, has deliberately resolved to
cared for so far. The Senate to-day completed the allow the franc to depreciate, with the object of scarstudy of the Herriot budget and it will now go to the ing French internal bondholders, who constitute a
Chamber, where modifications according to Cail- large portion of the French people, into accepting
laux's plans will be added. Voting nearly unani- devaluation of the franc and drastically enforced taxmously, the Senate adopted the measure prepared ation. In other words, to make the French public
by the previous Government, with various modifica- face disagreeable realities, the Finance Minister is
tions, making the receipts 32,970,000,000 francs and willing to stand passive while the franc starts to run
expenditures 32,690,000,000. Caillaux's plan in- down hill, following the course of the mark. When
cludes subtracting Dawes plan receipts and adding the point comes that bondholders fear the total loss
various expenditures not included at present and of their securities through depreciation, he believes
additional taxation to make up its deficit thus they will abandon their present hope of a return to
pre-war parity and to save the country's currency
caused."
from utter demoralization will consent to reforms
That the French Finance Minister is'having a dif- that will put France financially on her feet."
The French Cabinet situation is easier at the moficult time in arranging the finances of his country
was shown in an Associated Press dispatch from ment, according to an Associated Press dispatch
Paris Thursday evening. It was stated that"France's from Paris last evening. It was stated that "the
$100,000,000 loan from J. P. Morgan & Co. made last Cabinet crisis threatening France apparently was
November is finally being brought into play to sus- postponed to-day when Finance Minister Caillaux
tain the exchange rate of the franc, Finance Minister surrendered in part to the Socialists' attacks on his
Caillaux said after to-day's Cabinet meeting, when financial program. The attacks were conducted by
by
he was asked about the exchange situation. He said, Louis Loucheur, former Finance Minister, and
that he is using this money 'only to coun- Socialist leaders at a 'peace conference' with the
however,
the Left bloc of the Chamber, called
teract speculation.'" It was added that "the fall of Government and
Painleve to harmonize opposition to the
the franc was attributed in authoritative financial by Premier
financial program. At first the attitude of
circles to accumulated commercial needs, accentu- Caillaux
2860
THE CHRONICLE
M.Loucheur and the Socialists seemed irreconcilable
with that of M. Caillaux. The impasse was maintained during the greater part of a three-hour discussion, but finally, when M. Loucheur took the floor,
the Finance Minister weakened and compromised.
M. Caillaux insisted the balancing of the budget
came first, while M.Loucheur and the Socialists contended that financial reforms must precede a budget
equilibrium. M. Caillaux, however, emphatically rejected the Socialists' demand for a capital levy. M.
Caillaux agreed to attempt to balance the budget and
to 'rehabilitate' French finance simultaneously.
This 'rehabilitation,' although described in general
terms, was taken to mean the introduction of various measures leading to the refunding of the internal debt and stabilization of the franc. One of M.
Caillaux's main arguments was that 'the United
States is just now greatly interested in our situation,'
and that the best way to obtain a satisfactory settlement of France's debt to the United States would be
for France to balance her budget and even to make
her receipts exceed expenditures."
[VOL. 120.
Washington naturally was pleased over the announcements. The Associated Press representative
at the national capital said in a dispatch Tuesday
night that "the move made by the Italian Government to stabilize its currency by establishing a $50,000,000 credit in New York is regarded by Administration officials as a hopeful sign of the Mussolini
Government's progress toward a point where it soon
can begin consideration of its external debts. Inasmuch as Ambassador de Martino already has informed the Treasury of his Government's intention
to take up the question of funding the American debt,
officials here viewed the announcement in Rome today as haying especial significance to the United
States. While the credit was established for the announced purpose of use in currency stabilization, the
intimation that it probably would be unnecessary to
draw on it except in case of an unforeseen emergency
was accepted as meaning that greater progress had
been made by the Italian Government in restoring
sound financial policies than had been evident from
fragmentary statements reaching America. Officials were careful not to expect too much from the
Italian Government's program to get on a solid footing, but they were confident that it would be carried
out, and it was suggested that Ambassador de Martino probably would not have taken up the debt funding question at this time had he not been apprised of
the trend of events at home."
In local banking circles "financial experts said
that predictions about the significance of this transaction would be premature, but agreed that it
marked another important milestone on the highway
to Europe's economic recovery, and some of them
thought they saw in it a preparatory step on Italy's
part toward the devaluation of the lira." According to the New York "Herald Tribune" of June 3,
"it is understood that Italian financiers have seriously considered adopting for their country, not a
full gold standard, but of a gold exchange standard
such as Germany and Poland now have. This would
mean that the Italian banks of issue would always
be ready to give in exchange for lira notes drafts on
London or New York."
The Italian Government has taken a definite step
to stabilize the currency of the country. While all
or any part of the $50,000,000 credit granted by J. P.
Morgan & Co. may be used for that purpose, it is
quite possible that it may not be necessary for the
Government to do so to any extent. The official announcement regarding the credit was made in Rome
Tuesday afternoon, and was confirmed by J. P. Morgan & Co. before the closing of business here. Italian
lire advanced sharply in the late trading in the foreign exchange market. While Finance Minister. de
Stefani set forth in his official statement that "the
opening of this credit must not under any conditions
lead to the contracting of a new debt nor was it done
with a definite monetary settlement in view, as the
time for this has not yet come, the necessary internal
international conditions being still lacking," the
opinion was expressed in a special Rome dispatch
that it would pave the way for definite negotiations
with the United States with respect to Italy's war
debt. Special significance was attached to the fact
that, "at the same time Senor de Stefani announced
that the bank rediscount rate was raised from 6 to
While the Riff forces in Morocco continued more
61 2% and interest on Treasury bonds from 4 to or less aggressive
/
, the French troops appear to have
41 2%."
/
made real headway in both their defensive and offenCommenting upon this action, the Rome corre- sive operations
. The most important report of the
spondent of the New York "Times" said that "the week relative to
the whole Moroccan situation was
raising of the bank rate, it is generally supposed, is that representatives
of the Spanish Government
intended to assist Signor de Stefani in his policy of might negotiate with
Abd-el-Krim on behalf of
reducing the fiduciary circulation. It is supposed France and that an
armistice might be arranged prealso to herald a regime of greater retrenchment. A paratory to the negotiatio
ns as to a real settlement.
hint of this was contained in another passage of the It was suggested in a
Paris dispatch that neither
Finance Minister's speech wherein he said it was his Spain nor France is
anxious to prolong the war if an
intention to demand of all citizens the most scrupu- easier way of settlement
can be found. In discussing
lous respect of the fiscal laws and of all Government this new phase of the
situation in a dispatch on
administrations, and the strictest economy on all June 3, the Paris
correspondent of the New York
new expenditures which cannot be covered by corre- "Times" said: "Ever
since Deputy Malvy's visit to
sponding economies. Signor de Stefani's whole Spain close co-operation
has been maintained bespeech contained only one fleeting reference to the tween Paris and Madrid on
all that affects the Riff.
war debts. Speaking of the monetary situation and Almost daily interviews
have been taking place in
exchange he said: 'It must not be supposed that we Paris between Foreign
Minister Briand and the
are likely to be disturbed by a settlement of the war Spanish Ambassado
r and from Madrid come assurdebts, because it appears to be pretty generally recog- ances that a joint
policy is being followed. Just how
nized by the creditor nations that any settlement far that
policy goes is a secret which M. Brittnd has
must be subordinate to the debtors' capacity to pay not
divulged. The Spaniards are known to be negoand must not interfere with or disturb the nal ural tiating with
Abd-el-Krim. They are negotiating for
trend of exchange.'"
themselves and perhaps they are negotiating to some
JUNE 6 1925.]
TIM CHRONICLE
extent for France also. Certainly the desire of both
countries is to induce the Riff leader to accept an
armistice, during which peace terms can be discusseed. In Paris it is expected that before such a
consent will be obtained the Riffs will make at least
one more attempt to break through the French line
to Fez. All reports go to show that Abd-el-Krim's
warriors are far from discouraged, and their propaganda agents are still busy preaching a holy war,
even in the interior of Morocco. The whole country
might be in danger of rising if the people were
armed. But the French are confident that with the
troops now at their disposal and used as they are
they will be able to break any new attempt to reach
Fez and hold the rebellion from spreading beyond
the few frontier tribes which joined Abd-el-Krim at
the beginning of his offensive." Continuing, the
correspondent said: "So long as the treaty situation
is such as it is, the French cannot cross the frontier
line, and for them the great danger is to have to keep
up a long-continued defense. Abd-el-Krim is as well
aware of that as any one, and he is not in any hurry
to expend his strength against the French forces. In
the meanwhile, what the French are seeking to find
out, through the intermediary of the Spanish, is the
terms of peace this astute Mussulman will accept.
Abd-el-Krim is not an ordinary wild tribesman. He
is as modern a bandit as ever existed, and one of his
interests is playing the stock market. Though he
has roused his tribesmen with religious and zenophobe appeals, his real aim is control for himself of
mining and other concessions in the Riff. That is
the point on which both the French and Spanish are
working. Unfortunately for them, Abd-el-Krim is
to a far greater extent than they realized the master
of the situation. He knows that France cannot keep
up a long defensive war without political friction
breaking outat home. He knows also that the tribesmen he has roused will not be content to forsake
fighting for agriculture unless some of his promises
to them are fulfilled of more fertile lands to till.
These factors seem likely to prevent the success of
any immediate peace, or even armistice negotiations,
for some little time to come. There will have to be
more fighting first. To that the French are reconciled, but with Spain acting with them, and even perhaps for them, in negotiations it is not considered
impossible here that before autumn and after one or
two more rebuffs the Riff leader will begin to see
the necessity of treating."
On Wednesday, June 3, the Bank of Italy announced an increase in its discount rate from 6% to
61 2%. Aside from this change official discount
/
rates contiune to be quoted at 9% in Berlin; 7% in
Paris and Denmark; 6% in Norway; 512% in Bel/
gium and Sweden; 5%.in London and Madrid, and
4% in Holland and Switzerland. In London the
open market rates remained at 4%@4 7-16% for
short and three months' bills, the same as a week
ago. Call money at the British centre was slightly
/
/
firmer, reaching 372%,but closing at 31 2%,against
week earlier. At Paris open market dis31 8% a
/
4
counts continue at 6% and 21 in Switzerland, unchanged.
The Bank of England sustained a loss in gold this
week of £217,676, accompanied by a further reduction in reserve of £866,000, the result of continued
expansion of note circulation, to the amount of £648,-
2861
000. Moreover, the proportion of reserve to liabilities again sharply declined, viz., to 21.79%, as compared with 23.07% a week ago and 24.08% for the
week of May 20. At this time last year the ratio
/
stood at 15%70 and in 1923 at 181 2%. Important
changes were likewise registered in deposits. Public deposits declined £4,175,000, while "other" deposits increased £7,395,000. Loans on Government
securities expanded £5,960,000. Loans on other securities, however, were reduced £1,931,000. Gold
holdings now stand at £156,472,603, as against £128,185,591 a year ago (before the transfer to the Bank
of England of the £27,000,000 held by the Redemption
account of the currency note issue), and £127,527,177 in 1923. Reserve aggregates £27,385,000, which
compares with £21,357,941 in 1924 and £22,885,742 a
year earlier. Loans total £73,109,000, in comparison
with £69,932,877 and £67,994,005 one and two years
ago, respectively, while note circulation is now £148,830,000, as against £126,577,650 last year and £124,391,435 the year before that. Clearings through the
London banks for the week totaled £747,777,000, as
compared with £725,710,000 last week and £816,857,000 a year ago. No change has been made in the
Bank's minimum discount rate from 5%. 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.
1922.
1921.
1924.
1923.
1926.
June 7.
June 8.
June 4.
June 6.
June 3.
9148,830,000 126,577,650 124.391,435 122,513,410 128,280.135
Circulation
11,602,000 10,788,168 11,548,747 15,541,214 17.658,862
Public deposits
114,112,000 127,802,873 112,175,307 125,938,176 133,286,961
Other deposits
Governm't securities 42,995,000 65,082,467 50,633,518 61,137,484 73,276,122
73,109,000 69,932,877 67,994,005 73,280,722 76,909,666
Other securities
Reserve notes & coin 27,385,000 21,357,941 22,885,742 24,822,719 18,539,419
bullion_a156,472,603 128,185,591 127,527,177 128,886,129 128,369,554
Coin and
Proportion of reserve
18.50%
17.50%
12.28%
1534%
21.79%
to liabilities
3%
4%
4% •
5%
634%
Bank rate
ng with April 29 1925, £27,000,000 gold coin and bullion
a Includes, beginn
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.
b Beginning with the statement for April 29 1925, includes £27,000.000 of Bans •
of England notes issued in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note Issue.
According to the weekly statement of the Bank of
France, an expansion of nearly 1,000 million francs
—945,575,000 francs, to be exact—occurred in note
circulation during the week. The total outstanding
is thus brought up to the new high level of 43,648,164,000 francs. The previous lliglif7c7d was
43,408,813,000 francs reached May 7 last. Last
year at this time the amount was 39,965,821,105
francs-and in 1923only 36,701,889,685francs. Anincrease of 1,350,000,000francs in the Bank's advances
to the State is shown in this week's statement. The
Finance Ministry has issued a note cautioning
against misinterpretation of this heavy borrowing.
The Ministry's note says 670,000,000 francs of the
total covered withdrawals by various banks from
their deposits with the Treasury during the last few
weeks. This, says the Ministry, is a normal banking operation during the settlement period. The
Bank continues to report small gains in its gold
item, the increase this week being 46,375 francs.
Total gold holdings now stand at 5,546,609,075
francs, comparing with 5,542,973,267 francs at the
corresponding date last year and with 5,537,490,292
francs the year before; of the foregoing 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 silver gained 125,000 francs, bills discounted
increased 582,028,000 francs and advances rose
56,544,000 francs. On
2862
THE CHRONICLE
deposits fell off 25,022,000 francs, while general
deposits were reduced 83,673,000 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:
• BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
Gold Holdings—
for Week.
June 4 1925. June 5 1924.
June 7 1923.
Francs.
Francs,
Francs.
Francs.
In France
Inc.
46,375 3,682,288.168 3,678,652,360 3,673,145.365
Abroad
No change
1,864,320,907 1,864,320,907 1,864,344,927
Total
Inc.
46,375
Silver
Inc.
125,000
Bills dlscounted
Inc. 582,028,000
Advances
Inc. 56,544,000
Note clrculatIon Inc. 945,575,000
Treasury deposIts_Dec. 25,022.000
General deposits. Dec. 83,673,000
5,546,609,075
314,609,000
5,177,359,000
3,045,301,000
43,648,164,000
60,937,000
2,040.402,000
5,542,973,267
299,385,944
4,990,696,692
2,606,894,700
39,965,821,105
13,083,340
2,028,756,556
5.537,490,292
292,560,345
2,262,894.175
2,156,842,180
36,701,889,685
20,093,702
2,113,937,200
The Imperial Bank of Germany, in its statement
for the week of May 30, showed the effects of strain
to meet June 1 disbursements, and reported a large
expansion in note circulation after the successive
decreases in the three preceding weeks. The increase for the week is 405,985,000 marks. Other
maturing obligations, however, are shown to have
been redueed 254,893,000 marks, besides which loans
from the Rentenbank decreased— 693,000 marks,and
other liabilities 61,685,000 marks. As to the bank's
assets, bills of exchange and checks increased 297,135,000 marks and advances 11,393,000 marks.
Deposits held abroad declined 9,048,000 marks and
silver and other coins 2,652,000 marks, but reserve
in foreign currencies increased 123,000 marks. There
banks
was a decline in the holdings of notes on other.
of 20,739,000 marks. Other assets decreased 197,097,000 marks. Investments increased 182,000
marks. The bank's gold and bullion holdings
registered another small gain, namely, 369,000
marks, bringing the total up to 1,015,661,000
marks, as against 441,913,000 marks a year ago
and 757,915,000 marks in 1923. Outstanding note
circulation aggregates 2,608,797,000 marks.
According to the statements issued at the close
of business on Thursday, the Federal Reserve banks
this week lost considerable gold, although both locally and nationally the volume of bills rediscounted
was somewhat smaller. The report of the System
showed a shrinkage in gold holdings of nearly $20,000,000. Rediscounting of paper secured by Government obligations declined $8,200,000. In "other"
bills, however, there was an increase of $6,600,000, so
-draw down total bills disthat the net result was to
counted $1,600,000. Holdings of bills purchased in
the open market increased $6,500,000. Total earning assets were larger by nearly $10,000,000, and deposits by $20,300,000. Changes in the amount of
Federal Reserve notes in circulation and in member
bank reserve accounts, were relatively small, increasing approximately $4,000,000 and $8,700,000,
respectively. At New York the loss in gold amounted
to $21,500,000. As to rediscounts, these were reduced about $6,000,000 on all classes of paper. Open
market purchases fell off $2,100,000. A small loss
was reported in total earning assets, namely $1,600,000; deposits decreased $5,600,000. Federal Reserve
notes in actual circulation increased $2,200,000,
while member bank reserve accounts fell $9,800,000.
As to the reserve ratios, the drain on gold reserves
was sufficient to cause a distinct decrease. For the
combined System the ratio is 75.9%, a decline of
1.1%; at New York the decrease is 1.6%, to 81.0%.
[VoL. 120.
Last Saturday's statement of the New York Clearing House banks and trust companies, which on account of the Saturday holiday, was issued on Friday
and commented upon briefly in the "Chronicle" of
May 30, was featured chiefly by large increases in
loans and deposits, as well as a fairly liberal addition to surplus reserve. The actual figures indicate
that loans expanded $50,668,00. Net demand deposits expanded $68,965,000, bringing the total up to
$4,458,660,000—exclusive of $21,470,000 in Government deposits—while time deposits were reduced
$1,638,000, to $624,333,000. Changes in the reserves
of State banks and trust companies were comparatively small. There was, however, an increase in
cash in own vaults of members of the Federal Reserve Bank of $8,416,000, to $53,830,000, although
this item is not counted as reserve. Member banks
added to their reserves at the Reserve institution
$17,334,000, which was sufficient to counteract the
enlargement in deposits, and bring about a gain in
surplus of $7,965,040, to $49,404,320. The figures
here given for surplus are on the basis of 13% reserves for member banks of the Federal Reserve
System, but do not include cash in vault amounting
to $53,830,000 held by these member institutions on
Friday of last week.
Call money was a little firmer at 4% during the
early part of the week, softened to 3%%, only to
return to 4% in the last 15 minutes of business on
the Stock Exchange on Thursday, and was
yesterday. Generally speaking, conditions within
and without the money market were largely unchanged. Speculation in stocks, while continuing
well in excess of 1,000,000 shares daily, did not reach
the 2,000,000 share level. More or less liquidation
was reported at times, particularly in highly speculative issues that had been advancing rapidly for
some time. According to the trade reports greater
activity is developing gradually in several lines. Apparently the increase has not been sufficient to affect the money market for the country as a whole.
Great activity, accompanied by large earnings, is
reported in the automotive industry. The big demand for gasoline that has developed is seasonable.
That the car loadings for the week ended May 23 totaled 986,209 shows that the aggregate business is
larger. An announcement of the Government's June
15 financing is expected daily. A feature of the offerings of new securities has been the size of the foreign issues and the promptness with which they were
said to have been disposed of. Although the actual
offering of any part of the new securities may not
be made for some little time, interest at the moment
centres quite largely in the reorganization plan of
the Chicago Milwaukee & St. Paul Railway.
As to money rates in greater detail, call loans have
ranged during the week between 33 and 4M%, the
4
same as a week ago. As a matter of fact very little
movement was discernible. On Monday and Tuesday the high was 4
and the low 4%, with renewals at 4% on both days. Call funds again renewed at 4% on Wednesday, which was the high,
but before the close a low figure of 33 % was quoted.
4
Increased ease developed on Thursday, and the ruling
rate for the day was 33 %; the low was 33 % and
4
4
4% the high. On Friday there was no change from
3%% the renewal basis, but a slight flurry carried
the quotation back to 06%; the low was 3%%.
JUNE 6 1925.]
THE CHRONICLE
For fixed date maturities the market was dull and
uninteresting. Time money was on offer in fair
volume, with but few takers; quotations were not
4
3
4
changed from 332@3 % for sixty days, 33 % for
ninety days and four months, and 3%@4% for five
and six months. The former differential between
regular mixed collateral and all-industrial loans is no
longer observed.
Mercantile paper rates continue to be quoted at
3 04% for four to six months' names of choice
4
3
character, with 4@434% required on names less
well known. A ready market was reported for prime
names, but the supply was limited. New England
mill paper and the shorter choice names continue to
pass at 3 %.
3
4
Banks' and bankers' acceptances were a trifle
easier for the shorter maturities in the open market,
also for time delivery. A fairly broad demand was
reported. Both local and country banks were in the
market as buyers. For call loans against bankers'
acceptances the posted rate of the American Acceptance Council was lowered to 331 %, as compared
.
with 332% last week. The Acceptance .Council
makes the discount rate on prime bankers' acceptances eligible for purchase by the Federal Reserve
banks 33'% bid and 3% asked for bills running 30
days, VA% bid and 3y asked for bills running
8
%
60 days, 3%% bid and 31
4% asked for bills running
%
90 days, 3 2 bid and 3 8% asked for bills running
120 days and 3%% bid and 332% asked for bills
running 150 and 180 days. Open market quotations
follow:
2863
commercial bills, that had piled up over the double
holiday, made its appearance it at once had the effect
of depressing prices, in the absence of sustained buying support. Buying for London account was also
smaller in volume, partly because of the holiday celebrations. Toward the close of the week all New
York City sweltered in the grip of what turned out to
be the severest heat wave experienced in a great many
years and by common consent, seemingly, all but absolutely essential business operations were suspended.
Speculative activity continues nil. Announcement
that England and France had reached a final agreement on Germany% security proposals had a favorabee
effect on market sentiment, but was not sufficiently
potent to offset the pressure of selling incidental to
preparations for month-end settlements; hence the
failure of sterling values to remain at the recent high
point.
No change in banking sentiment regarding the
future of sterling is noted. • The feeling seems almost
unanimous that the Bank of England has the situation in complete control and that rates may be expected to show consistent strength and stability. In
addition to the demands for tourist accommodation,
the high rates for money in London continue to attract capital to that centre, which of course is having
a distinctly stimulating effect on sterling quotations.
,The effect of.Great Britain's return to a free gold
The
continues to be closely watched. The small
but steady outflow of the precious metal, coupled
with prospects of heavy Colonial borrowing in the
near future, has already been responsible for higher
SPOT DELIVERY.
confidence
90 Days.
60 Days.
30 Days. discount rates but the authorities express
Prime digibi • is
354535i
331(433
354E03
in the outlook.
FOR DELIVERY WITHIN THIRTY DAYS.
Referring to quotations in greater detail, sterling
amber banks
33i bid
on-member banks
exchange on Monday (Saturday of last week was a
3H bid
holiday—Memorial Day) was exceptionally quiet,
There have been no changes this week in Federal with the range still at 4 85%@4 863' for demand,
Reserve Bank rates. The following is the schedule 4 863'@4 865.4 for cable transfers and 4 83%@
of rates now in effect for the various classes of paper 4 833/ for sixty days. Holiday conditions in Europe
at the different Reserve banks:
added to the inactivity. Heavier offerings of comDISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
mercial bills caused an easier tone on Tuesday and
JUNE 6 1925.
demand declined to 4 85 9-16@4 85 11-16, cable
Paper Maturing—
transfers to 4 86 1-16@4 86 3-16 and sixty days to
After 90 After 90
4 82 7-16@4 82 9-16. On Wednesday there was a
Days. but
but
Within 90 Days.
Within 6 Within 9
FEDERAL RESERVE
Months. Months. further fractional lowering to 4 85 7-16@4 85 9-16
BANK.
Com'retal Secured
for demand, to 4 85 15-16@4 86 1-16 for cable transAgric't & by U. S. Bankers' Trade Agricul.. Agricut
Accepand
Livestock Govern't Accepand
fers and to 4 82 5-16@4 82 7-16 for sixty days; tradlances. lances. Livestock Livestock
Paper.
n.e.s.
Paper. Paper.
lions.
ing was sluggish. Dulness continued the chief
334
Boston
354
334
354
334
334
characteristic of trading on Thursday and deNew York
354
334
354
354
354
334
334
334
Philadelphia
334
334
355
334
mand again covered a range of 4 85 7-16@4 85 9-16,
354
Cleveland
354
334
354
354
33-4
4
4
Richmond
4
4
4
4
with 4 85 15-16@4 86 1-16 for .cable transfers and
4
4
Atlanta
4
4
4
4
4
Chicago
4
4
4
4
4
4 82 5-16@4 82 7-16 for sixty days. Friday's marSt. Louis
4
4
4
4
4
4
4
4
Minneapolis
4
4
4
4
ket as inactive and featureless, with quotations
4
Kansas City
4
4
4
4
4
Dallas
4
4
4
4
4
4
but little better than nominal; demand ruled
San Francisco
33-4
334
334
354
354
334
•Including bankers' acceptances drawn for an agricultural purpose and
4 853/@4 85 9-16, cable transfers at 4 86@
by warehouse receipts. drc.
4 86 1-16 and sixty days at 4 823 @4 82 7-16.
/
Sterling exchange quotations were fairly stable this Closing quotations were 4 82 7-16 for sixty days,
week, although at slightly lower levels than those pre- 4 85 9-16 for demand and 4 86 1-16 for cable transvailing a week earlier. During the greater part of the fers. Commercial sight bills finished at 4 85 5-16,
time demand bills hovered around 4 85 9-16 and sixty days at 4 80 5-16, ninety days at 4 79 7-16,
4 85 11-16. Trading, generally speaking, was stag- documents for payment (sixty days) at 4 8111-16,
nant. At the opening the dulness was intensified, and seven-day grain bills at 4 84 11-16. Cotton
first by observance in this market of the Memorial and gr&n for payment closed at 4 85 5-16.
No gold was reported this week either for export
Day holiday on Saturday, then later by the Whit
Monday holiday in London. Even with the resump- or import. The Bank of England continues to lose
tion of business on Tuesday, however, little or no gold in small amounts to various European countries,
semblance of an increase in activity developed. but this week made a few small purchases of the preLarge buyers were practically out of the market, cious metal.
locally at least; so that when a small accumulation of
.2864
THE CHRONICLE
Renewed weakness in francs and recovery -in lire
quotations were the most noteworthy features vf the
week in the Continental exchanges. Trading at no
time was really active and the fluctuations were
largely a reflex of what is going on abroad. Here, as
in the sterling market, business was checked by holiday observance, here and abroad, and later on by
abnormal sultriness here. As a result the market
assumed an aspect of mid-summer dulness, and even
speculators took very little part in the proceedings.
Francs opened relatively firm, notwithstanding the
strain of meeting June 1 requirements, mainly on news
that the Allies had reached a favorable decision on
the German security pact, also what seemed to be
slight improvement in internal financial and political
prospects. Later on, heavy selling set in and prices
-broke sharply to 4.663/2, a decline of about 33 points.
Belgian francs followed a similar course and broke to
4.79%. The downward movement is explained by
continued outflow of capital from France, also speculative selling of franc futures, due to pessimism over
the outlook. Francs for delivery in thirty days were
for a time 33/ points under cables. Nothing like a
sustained speculative attack on francs was discernible; speculators being fearful of a coup by the Bank
.of France similar to that early in 1924, which resulted in nearly doubling values. The fact that the
French institution has at its disposal the proceeds
of the $100,000,000 Morgan loan is kept in mind.
Some French exporters are said to be leaving the proceeds of their sales abroad, while many banks have
reduced their Paris balances, all of which made for
lack of buying support. The break at the close
was regarded to be temporary, since it was due
to disturbing rumors regarding M.Caillaux's financial
policies more than anything else. On the whole,
however, a better felling regarding the ability of
France to "come back" financially is being entertained here, and Finance Minister Caillaux's proposed plans to revaluate the franc at about $.04825
continues to receive more or less serious consideration, although not a few regard this as little more
than a feeler.
As to lire, the movement was in an opposite direction and after early weakness, when the quotation
dropped to 3.95% on publication • of unfavorable
•trade figures, there was a gradual ascent until 4.073/
was reached, although nearly all the gain was lost
at the close. This change of front was of course
-directly attributable to the announcement that a
revolving credit of $50,000,000 had been arranged for
one year by a group of bankers headed by J. P. Morgan & Co., and co-operating with the Bank of Italy.
It is expected that this credit, which is to be utilized
as occasion requires, will have the effect of stabilizing
the lira. In Rome the quotation went up to 24.75
to the dollar, an advance of about 35 points. Subsequently, realizing sales and the sentimental effect
of the break in francs sent lire prices down to
3.94%. In other branches of the market there is
little that is new to report. Greek exchange suffered
a setback on active foreign selling and broke to 1.66Wi.
German marks, as well as Austrian kronen, remain
motionless. Publication of another unfavorable foreign trade statement makes it appear highly improbable that the German Government will contemplate
the restoration of either a free gold movement or uncontrolled exchange. It will be recalled that the
mark is now stabilized at par by the Reichsbank.
rvor,. 1:fp.
The London check rate on Paris closed at 98.90, as
against 97.07 last week. In New York sight bills
on the French centre finished at 4.70, against 5.013;
cable transfers at 4.71, against 5.023' commercial
I;
sight, 4.69, against 5.003 1 and commercial sixty
.,
days at 4.633 , against 4.95 a week ago. Antwerp
%
francs closed the week at 4.63 for checks and 4.64
for cable transfers. This compares with 4.89 and
4.90 a week earlier. Final quotations on Berlin
marks were 23.81 for both checks and cable transfers, unchanged. Austrian kronen remained at
0.00141 8 the same as heretofore. Italian lire fin/
,
ished at 3.93 for bankers' sight bills and at 3.96 for
cable transfers, in comparison with 3.98 and 3.99 the
previous week. Exchange on Czechoslovakia closed
at 2.96%, against 2.963/2; on Bucharest at 0.47%,
against 0.473; on Poland at 19.20, against 19.21,
and on Finland at 2.53 (unchanged). Greek exchange finished at 1.68 for checks and at 1.683/ for
cable transfers, as contrasted with 1.7034 @1.703
.
%
the week preceding.
The former neutral exchanges were dull and
featureless with rate changes usually small and
devoid of meaning. Guilders ruled at close to last
week's levels. Swiss francs showed a small net
gain, though the Scandinavians closed slightly lower.
Spanish pesetas were well maintained, but inactive.
Bankers' sight on Amsterdam closed at 40.163,
against 40.143/ cable transfers at 40.183/2, against
2
;
40.083/2; commercial sight bills at 40.07, against
40 063/2, and commercial sixty days at 39.723/,against
.
2
39.703/i last week. Final quotations on Swiss francs
were 19.373/ for bankers' sight bills and 19.383/ for
cable remittances. A week ago the close was
19.343/i and 19.353/ Copenhagen checks finished
2
.
at 18.75 and cable transfers at 18.79, against 18.79
and 18.83 the previous week. Checks on Sweden
closed at 26.73 and cable transfers 26.77, against
26.733/i and 26.773/2, while checks on Norway finished
at 16.773/ and cable transfers at 16.813/, against
2
16.793/i and 16.833/ the week before. Spanish
pesetas closed at 14.553/ for checks and at 14.573/i
for cable transfers, which compares with 14.52 and
14.54 a week earlier.
With regard to South American exchange the trend
was downward and Argentina, which had been
soaring during recent weeks, sold off to 39.89 for
checks and to 39.94 for cable transfers, although
rallying • and closing at 40.29 and 40.34, against
40.74 and 40.79 a week ago. Brazilian milreis
declined to 10.65 for checks and to 10.70 for cable
transfers, then turned firm and closed at 10.87
and 10.92, as against 10.71 and 10.76 last week.
Chilean exchange was easier and finished at 11.21, against 11.33, but Peru remained at 4 12, unchanged.
Far Eastern exchange was as follows: Hong Kong
55%@55%, against 55h@663; Shanghais, 75%@
76%, against 74%@75%; Yokohama, 413/@,423/g,
2
against 42@42%; Manila, 49%©50 (unchanged);
Singapore, 57@,573, (unchanged); Bombay, 36%@
37, against 363/2@36%, and Calcutta, 36%@37
(unchanged).
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
THE CHRONICLE
JUNE 6 1925.]
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
MAY 30 1925 TO JUNE 5 1925, INCLUSIVE.
Country and Monetary
_
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money
2865
a Gold holdings of the Bank of France this year are exclusive of £74,572.836
held abroad. b No recent figures. c Gold holdings of the Bank of Germany this
year are exclusive of £3.500,900 held abroad. d As of Oct 7 1924.
The New State Rights-Mr. Coolidge at
Arlington.
2
8
2
2
2
$
EUROPE.14048
.14064
.14055
.14059
.14062
Austria, krone*
Mr. Coolidge gave an unexpected turn to his Me.0476
.0480
.0483
.0482
.0490
Belgium, franc
.007293 .007322 .007317 .007306 .007306
Bulgaria. lev
morial Day address at Arlington Cemetery, and in
.029627 .029630 .029631 .029830 .029829
Czechoslovakia, kron
.1878
.1878
.1876
.1873
.1881
Denmark, krone
so doing opened up one of the large questions of
England. pound etc
.8600
.8603
4.8585
4.8607
4.8616
ling
.025207 .025213 .025222 .025225 .025218
Finland, markka
politics and government which lie at the foundation
.0492
.0485
.0496
.0493
.0502
France, franc
.2380 .2380
.2380
.2380
.2380
Germany, reichsmark
of our national life. With only a brief, but entirely
.016791 .016666 .016904 .016773
.017069
Greece, drachma
.4017
.4017
.4016
.4017
.4016
Holland, guilder
appropriate and dignified, reference to the subjects
.000014 .000014 .000014 .000014 .000014
Hungary, krone
.0398
.0400
.0404
.0395
.0397
Italy. lira
.1681
.1679
.1678
.1674
.1680
which are commonly dwelt upon at this annual comNorway. krone
.1919
.1920
.1920
.1921
.1920
Poland, zloty
.0504
.0503
.0504
.0503
.0503
Portugal, escudo
memoration; he went on to point out the nature of
.004706 .004757 .004758 .004741 .004713
Ho11Rumania,leu
.1457
.1458
.1456
.1455
.1454
day.
Spain, peseta
the government in whose defense thousands had made
.2678
.2677
.2677
.2670
.2676
Sweden,krona
.1938
.1937
.1937
.1936
.1935
Switzerland, franc
the supreme sacrifice, and to urge the States to do
.016463 .016613 .016630 .016642 .016660
Yugoslavia, dinar.ASIAtheir part more perfectly if the Federal system is to
China.7775
.7792
.7792
.7783
.7729
'
Chefoo, tael
.7697
work as it should. The men over whose graves the
.7713
.7710
.7706
.7663
Hankow,tael
.7517
.7531
.7531
.7521
.7484
Shanghai, tael
.7850
.7858
.7871
.7867
.7817
flags waved at Arlington did not die to support a
Tientsin. tael
.5531
.5503
.5516
.5515
.5489
Hong Kong, dollar.5523
.5510
.5513
.5507
.5477
particular Administration or to make Federal auMexican dollar
Tientsin or PelYang
.5550
.5529
.5533
.5533
• .5492
thority pervasive and great, but to defend a nation
dollar
.5650
.5613
.5838
.5633
.5596
Yuan, dollar
.3839
.3637
.3642
.3639
.3638
whose foundation of government is laid in a Federal
India, rupee
.4109
.4106
.4112
.4114
.4158
Japan, yen
.5650
.5646
.5650
.5650
.5642
Singapore(S.S.), dollar
Constitution which apportions power between the
NORTH AMER..999980 .999963 .999982 .999982 .999954
Canada, dollar
States and the nation, and which is equally, for the
.999896 .999896 .999974 .999974 .999870
Cuba, peso
.499000 .498833 .498750 .498500 .498167
Mexico. Peed
one as for the other, the supreme law of the land. It
.998307 .997813 .997813 .997786 .997786
Newfoundland. dollar
SOUTH AMER.is the American theory and practice of divided sov.9097
.9131
.9136
.9183
.9271
Argentina, peso (gold)
.1072
.1061
.1058
.1082
.1056
Brazil, milreis
ereignty that Mr. Coolidge called upon the nation to
.1134
.1122
.1134
.1134
.1125
Chile, peso (paper)
1:1042
OR 57
0544
0745
0500
-.„.
.......- ..
preserve. The Federal system, as Mr. Coolidge sees
• One schillIng is equivalent to 10.000 paper crowns.
it, is threatened by the disposition on the part of the
States to rely upon the central Government in matThe New York Clearing House banks, in their
ters in which the Constitution clearly intends that
operations with interior banking institutions, have
they shall act for themselves. Against that tendency,
gained $919,431 net in cash as a result of the cur- in many ways stronger to-day than ever, the Presirency movements for the week ended June 4. dent voiced his opposition and urged his appeal.
Their receipts from the interior have aggregated
Mr. Coolidge did not make the mistake of trying
$4,193,431, while the shipments have reached $3,274to specify all the things which a State may consti000, as per the following table:
tutionally do or ought to do. The Supreme Court
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
long ago turned away from that task as not only unINSTITUTIONS.
nectssary but impossible, and it* would be idle for
Out of
Into
Gain or Loss
any other department of government to attempt it.
5.
Banks.
to Banks.
Banks.
Week Ended Jitne
$3.274.000 Gain
14,193,431
$919.431 The guiding principle, however, is simple. As a govBanks'interior movement
As the Sub-Treasury was taken over by the Fed- ernment of delegated powers, the United States poseral Reserve Bank on Dec. 6 1920, it is no longer sesses, under the Constitution, only those powers
possible to show the effect of Government opera- which the States have conferred upon it. Whatever
tions on the Clearing House institutions. The Fed- is not granted, accordingly, is withheld, and resides
eral Reserve Bank of New York was creditor at the in the States, to be used by them in accordance with
their discretion. Wherein the States have failed td
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK use, or to use wisely, the powers which constitutionAT CLEARING HOUSE.
ally are intrusted to them, Mr. Coolidge, again, did
Aggregate
not set forth in detail. He did, however, point to the
Saturday, Monday, Tuesday, Wednesd'y, Thursday, Friday,
June 2.
June 3.
June 4.
June 5.
for Week.
June 1.
May 30.
contradictory laws relating to divorce and taxation,
Holiday 86,000,000 98.000,000 101,000,000 92.000,000 84,000,000 Cr.461.000.000 marked differences of attitude towards the enforce.
Note -The foregoing heavy credits reflect the huge mass of cheeks which come
Bank from all parts of the country in the operation of ment of law, the increasing burden of State and muto the New York Reserve
Federal Reserve Systems' par collection scheme. These large credit balances, nicipal expenditure, and "the insidious practice
the
reflezt 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 which sugarcoats the dose of Federal intrusion" by
The large volume of checks on institutions located outside of
4he daily balances. accoanted for in arriving at these balances, as
such checks do
New York are not
public services or improvepass through the Clearing House but are depolited with the Federal Reserve dividing expenditures for
not
Bank for collection for the account of the local Clearing House banks.
ments between State and national treasuries. These
are illustrations of a policy which, in Mr. Coolidge's
The following table indicates the amount of bul view, not only amounts to a dereliction of State duty
lion in the principal European banks:
under our constitutional system and weakens the
June 5 1924,
June 4 1925.
authority and efficiency of the States, but also forces
Banks of
Gold.
Total.
Silver.
Silver.
Total,
Gold.
I he Federal Government to act in numerous direc156,472,603 128,185,591
156,472,803
128,185,591 tions in which the Constitution never intended it to
England...
159,851,527 147,144,953
France a.. 147,291,527 12,580,000 48,258,300 22,093,600 11,960,000 159,104,953 operate.
Germany c 47,263,700 d994,600 b2,000,000 b2,000,000 5,752,850 27,846,4541
62,000,000
b2,000.000
Aus.-Hun.
The facts are undoubted, and Mr. Coolidge is to be
Spain,.,.10l.444.000 25,912,000 127,358,000 101.308,000 26,442,000 127.750,000
35,508,000 3,356,000 38,864,000, 35,393,000 3,410,000 38,803,000
Italy
904,000 45.188,000 commended for raising the question in this direct
1,785,000 41,741,000 44,284,000
39,956,000
Nether'.
3.008,000 13,899,000 10,819,000 2,522,000 13,341,000
Nat. Beig_ 10,891,000
22,850,000 21,205.000 3,924,000 25.129,000 fashion. For his own party, on the other
hand, as
Switzer'' d 19.281.111 3,569,000 12,939,000 13,753,000
13,753,000
Sweden- _ 12,939.000 1,054.000 12,690,000 11,642,000
796,000 12,438,000 well as for the Democrats, this.Executive
11,636,000
Denmark _
champion8,180,000 8.182.000
8.182.000
Norway
ing of a new State rights doctrine presents an inter646,010,144 55,710.850 601,720 994
"Total week 592,882,830 52,238,600645.101,430 545,985,370 55,609.85060I,595.220
52,141.600645,259.251
2
esting situation. The Republican Party has never
Prey. week 593,117,651
May 30. June 1.
June 2.
June 3.
Jurte 4.
J24714 5.
2866
THE CHRONICLE
[vol.. 120.
been particularly a State rights party, as the term tice. It is of the essence of the Federal system that
State rights has been historically used, any more the States shall be free to act as they see fit in all
than were the Whig and Federalist parties that pre- matters which they have not intrusted to Federal
ceded it. Republican doctrina, coinciding in the control, and that pressure for uniformity is wholly
main with that of the Supreme Court, has always out of place. It is to be assumed that Mr. Coolidge
supported a "broad" construction of the Constitu- is prepared to acquiesce in this diversity of practice,
tion, and for a generation after the Civil War the although some of his illustrations of State conduct
application of the doctrine was carried to extremes. are not entirely happy. Until the control of marOn the other hand, the Democratic Party, whose car- riage and divorce for example, shall have been
dinal plank of State rights and "strict" construction turned over to the Federal Government, there is no
'
Mr. Coolidge appears to have appropriated,is largely reason save that of convenience or expediency why
responsible for the prodigious extension of Federal State laws on those subjects should be uniform. The
authority over industry, individuals and the press prompt and impartial administration of justice does
which took place during the World War. If histor- not necessitate a uniform procedure in all the States.
ical precedents are to be regarded, Mr. Coolidge The recent rejection of the proposed child labor
would seem to have summoned his own party to the amendment clearly indicates a disposition on the
support of a doctrine which it has not heretofore part of the States to deal with child labor as each
emphasized, at the same time that he has called upon State may see fit. The reference to prohibition in
the Democrats to adhere to a doctrine which they the Arlington address suggests that the States are in
appegr to have honored quite as much in the breach some way bound to subordinate their several opinas in the observance. State rights, in other words, ions to Congress or to so-called public opinion in the
is presented as both a tonic and a purge, clearing country at large. "A few years ago," Mr. Coolidge
the national system of impurities at the same time declared,"a majority of the States had adopted prothat lt builds up the nation's health.
hibition or rigid restrictions on the traffic in intoxiNaturally, Mr. Coolidge is more successful in de- cating liquors. But other States did not co-operate
scribing the situation and indicating its conse- in advancing this policy, and ultimately by national
quences than in showing precisely how the evil may •action it was extended to all the Union. By failing
be corrected. On the question of causes his address to meet the requirements of a national demand the
leaves something to be desired. The withdrawal of States became deprived of the power to act." This is
the States before an advancing Federal power is not confusion of thought, and as a statement of fact it is
a weakness for which the States are unreservedly to misleading. It is true that a majority of the States,
be blamed. It is obvious, for example, that with the practically all of them, in fact, had imposed restricimmense extension and wide ramifications of inter- tions upon the sale or use of alcoholic liquors as
State commerce, the control of which is by the Con- beverages, but nothing like a majority of them had
stitution vested exclusively in the United States, the adopted prohibition, and even if they had done so,
expansion of Federal authority should have been in there was no constitutional reason why the remainaccordance with needs. What is true of commerce is ing States should have followed their example. The
true also of business, daily becoming more and more theory of State rights guarantees to the States the
both inter-State And international in its ordinary free exercise of all the powers of government that
operations. In these matters as in others, the terri- have not been delegated to the Federal Government,
torial limitations of State authority are apparent and it protects them equally against invasion of their
and their powers of action correspondingly circum- domestic rights by organizations of. special interests
scribed. An influence equally great, on the other and by the coercive force.of a temporary majority in
hand, is to be found in Federal usurpation. There Congress. Unity with diversity is implicit in the
can be no reasonable doubt that the Federal Govern- American system.
ment, on both its legislative and executive sides, has
Nevertheless, Mr. Coolidge's general position is
deliberately sought to enhance its authority and sound. If it cuts athwart the historical records of
bring about an increased measure of centralization the two great parties, it is for the parties to adapt
under the guise of insuring greater efficiency. Much themselves to the requirements of the Constitution,
of what was done in this direction between 1914 and for parties exist for the nation, not the nation for
1919 is doubtless to be accepted as an inevitable ac- parties. The Constitution is not a scrap of paper;
companiment of war, but for a great deal of the in- it is a fundamental law which controls the actions
vasion of State, corporate and individual rights both of the States and of the Federal Government.
which took place during those years there was no The Constitution provides for a dual goverpment,
constitutional defense whatever. The country still that of the Union and that of the States, and we shall
suffers from the Federal usurpation of the war pe- not be well governed, as Mr. Coolidge points out with
riod. The army has been demobilized, but "Federal much force and commendable directness, and least of
intrusion," to use Mr. Coolidge's phrase, has not, all shall we be in a position to give advice to other
and until the Government at Washington divests' it- nations about the management of their affairs, unself of the self-assumed tasks which the States are less the system which the Constitution embodies is
capable of performing, the States will continue to preserved. That the system has been greatly altered
lack their due measure of conititutional freedom. Mr. in practice, to the detriment of the States, does not
Coolidge's appeal to the Constitution, accordingly, admit of doubt. To adapt a famous saying from
may properly be interpreted as an indication of the English history, the power of the Federal Governpolicy of decentralization which he is disposed to ment has increased, is increasing, and ought to be
pursue, quite as much as an admonition to the States diminished. If Mr. Coolidge's plain speaking shall
to resume the powers which the Constitution reserves serve to recall the States to the need of performing
to them.
to the full their constitutional duties, the usurpation
It is always to be remembered, moreover, that the of Federal authority from which the country has too
existence of State rights implies diversity of prac- long suffered will have received an effective check.
JUNE 6 1925.]
THE CHRONICLE
"Evolution"—As Applied to Business and
Politics.
For some seventy-five years evolution has been a
basic problem in science. To-day in that circle it is
so far accepted as a term for a definite line of advance that it is no longer open to debate. The public
forgets that it is a "working hypothesis." Its sole
ground for acceptance is that it works.
Within that range, as pruned of suggested accessories, it has evidence of ever wider application and
more positive effect. It pertains not only to organic
life in its better known forms, but the question now
is how far it applies to the products of life, even
those characteristic of man.
Here is in fact the keen question to-day. We are
not concerned with the theological controversy between the Fundamentalists and the Moderns, but the
strict evolutionary principle has recently moved into
the field of business and of politics. The latest word
of science is that evolution appears to have a definite limit—a terminus ad quem. Each series of advance or development reaches a certain height of attainment and then ceases, giving place to other lines
to which in some indirect way it has made its contribution, and by which it will be superseded. A
marked illustration is the megatherium and its congeners the dinosaurs which long since ended their
line.
At once we face the question, does this apply not
to man in himself, that is the question of the future
of which we know little, but to man's daily work,
the products of his life, his civilization, for instance,
or even more particularly his efforts for success in
his ways of business and of political government?
Has he reached a goal in these, or, more urgently, is
he working along lines which are necessarily temporary, having an approaching end and only a transient effectiveness, and this in the nature of the case
unavoidable?
Here is a new question certainly. The scientists
may have as yet no conclusive evidence, and only
raise the question for future settlement, but to us it
becomes important, working as we do with sadly imperfect knowledge and in constantly changing conditions. It affects our view of all our efforts. It may
help to determine whether we should be pessimists
or optimists, and how far either. Shall we go back
some 3,000 years and say "All is vanity," and surrender ourselves to the dust? Or shall we recognize
that the line of beneficent action which prepared the
earth as the abode of man continues; and that in the
knowledge of it we are helped to understand man
himself, and also his work? If so, up to a certain
point delay is needless. There may be cross currents,
with rocks and reefs, but the main line is open and
we have a settled course as well as sailing orders and
a final shore, as we are elsewhere taught. We can
know both what tq do, and,if we will, how to do it.
It has long been known that the earliest form of
organic life, whatever its origin, is in a cell which
is the centre of a whirl of energies. In it are the
generic forms and the vital energy which will produce progeny. The vitalized cell cannot be changed.
It can be arrested in the course of its development as
that is aided or impeded by its environment. It may
be killed, but it cannot be altered. As every man is to
the end the identical person he was at birth, so the
gamecock is the fowl that broke out of a particular
egg, and the eagle is out of his. The environment in
2867
which the living creature finds itself as time goes
on furnishes the material with which the initial life
secures and shapes its own unfolding. In each there
is vitality, that is an energy working along definite
lines, with every evidence of a predetermined plan,
and therefore an object and a goal.
Now we learn that there is reason to believe that
no line of progress is indefinite. In every instance
it appears set to accomplish a certain result. When
that point is reached the energy wanes and the organism, as well in the series as in the individual,
ceases to be. It has its place, it may be, in a far
lorger scheme of existence. It plays its part, it
makes its contribution. Its value lies in what it has
produced or possibly in what it was, or what it did.
Its individuality is not essential and may not be preserved. Other forms will arise, perhaps already exist, which will be the richer for the inheritance it
has left and will push on in a new line. It may be
what is called a "sport," springing from the old
stock. It may strangely appear as an alien; it certainly is a new entity, as in some notable sense every
human child is. The point for us is that the initial
energy, the original germ or cell, has done its appointed work. The impulse remains, progress has
been made, the ultimate object is unchanged, but
the agencies employed will be many and neither their
forms nor their number can be foreseen.
Here is something very Auggestive in human affairs. Civilization has been from time to time the
supreme product of human effort. It has unfolded,
shown great results in various forms and then disappeared, leaving only remains to be exhumed from
the desert sands. Others have followed, often with
an interval of many centuries, to have the same history. Now and then we can trace an inheritance for
those who followed. Quite as often there is no visible connection. In the one case as in the other the
earlier civilization as a whole has vanished. Ours is
of to-day. It has roots in that of Rome and Greece,
but that is only of yesterday. Ours has a character
entirely its own, definitely in Christianity its
sustaining impulse and guide. Will it also in time
reach a stage and pass?
Turn to government and politics, for instance. We
have staked great hopes on democracy. In 1919 the
world, weary with two thousand years of contention
and suffering, turned to it with hallelujahs. To-day
it is discredited throughout Europe. The rest of the
world stands "biting its thumb." Shall we have to
turn our faces toward Babylon, Thebes, Carthage, or
perhaps Pericles and Alexander, and believe that
democracy and modern civilization will also pass,
that the desert sands, if not the destroying hosts, are
also gathering for us?
Learned critics are proclaiming our failures.*
Civic government, they say, becomes the entrenched
fortress of corruption and party. Law becomes the
negation of justice. Religion perishes in ritual.
Science is degraded into pretense. Logic becomes established nonsense. The school grows deadly to its
desire for knowledge. Even culture may become embalmed by its aloofness. All institutions as social
mechanisms tend to become repressive. We are not
intrinsically better than our fathers, etc., etc. All
of which may be true, but it is not the whole truth.
There is something more to be said. Science itself
is coming to our aid. To-day it calls us to perceive
•"Tantalus," by P. C. Schiller; "Daedalus," by J. B. S. Haldane;
"Icarus," by Bertrand Russell, in the To-day and To-morrow Series, of
E. P. Dutton & Co.
2868
THE CHRONICLE
that we also are playing a great part in the unfolding
ages. It is to be a contribution, a great advance toward the appointed goal. Let us be sure to make our
work while it lasts as genuine, as beneficial, as enduring as possible, that what comes after us and
shall be itself, may be other and better, but prepared
for by us. We may yet enlarge our democracy, or
transform it into something more workable. That will
still be our achievement whatever may eventually
be the Government of the men of the day to come.
Whatever line it may open and follow, it also will
play its part and move toward the goal. Each has
answered the call, though no one could forecast the
course. To be able to do that one must know the
Mind that planned and directs the whole.
In business the question lies still closer to ourselves. That is a personal, rather than a social or
political affair. No man is so wise or has worked so
successfully that he need have no concern for the
future of his work. Great as the business may be,
immense the capital, or perfect the organization, who
has assurance of its survival when he is gone? There
are no venerated cemeteries or marble tombstones
for dismantled industries or defunct business houses.
The names of the men who created them are barely
remembered. Judge Gary, speaking to the American
Iron and Steel Institute, talks on "Diseases of Business," which he says are mostly mental. Others
have declared that business troubles are largely "psychological." But the diagnosis is not especially
helpful. The situation does not change. Heads of
great corporations see to-day, as often in the past,
that some businesses are doomed. Glancing at the
headlines of the papers, they are apprehensive; Europe is far from settled economically. Is business
always to be so shadowed? Cannot men take a very
different view, no matter what the passing outlook
may be? Certainly they can.
Suppose that this business, this creation of ours,
is but a part, an incident, if you will, in the great
Creation in which we find ourselves. We are here
for a purpose. We come under the general scheme of
its existence and the law of its unfolding. Much has
preceded us. We had no part in that, but it advanced
under sure guidance; form succeeding form, age following age. Everywhere the same method, the one
purpose, beneficent, at least, in making a world
ready for us.
We have our place, then. We look forward, not
back. It is given to us to discern the process and to
discover its law. The movement is majestic. The
haven is not to be reached to-day or to-morrow. It
is far beyond, of necessity. The window opens for us
toward the sunrise. Of that we can be sure. All
that we know of the past, call it evolution, as a process, if you will, proclaims a beginning, a course and
an end, a goal worthy of it all.
Never did life seem worthier, never more hopeful
and buoyant than to-day, despite the many problems.
Never was there such reason visible as to-day to
work, for the Day cometh and not the Night. Failure does not count. The ideal and the unattainable
do not dishearten. Here is the appointed method,
the task of the day in its day. Knowledge of "what
is" points to "what may be" as fit subject of our
effort, and rounds out success, and should bring content.
"The common problem. yours, mine, everyone's,
Is not to fancy what were fair in life
Provided it could be, but, finding first
What may be, then find how to make it fair
Up to our means."
[VoL. 120.
Evolution far from hindering, when rightly understood, but clears the field and challenges to this.
The State of Tennessee Spurns Evolution.
The State of Tennessee has followed William Jen.
nings Bryan into the last ditch—it has passed a law
prohibiting the teaching of evolution in its schools,
because this theory is in conflict with the story of
creation as told in the Bible. And this is the last
year in the first quarter of the Twentieth Century!
It is somewhat difficult to approach this subject in
the proper spirit. In the first place many thoughtful and intelligent persons believe this doctrine of
evolutioia is pernicious, is rank infidelity, and therefore ought not to be allowed in the public schools to
poison the minds of the youth. But on the basis of
salacious books that when condemned become best
sellers and of so-called immoral plays that when
criticised fill the stalls, the very way to induce students in the schools to explore the mysteries of this
doctrine is to banish it from discussion in the classroom. And, we imagine, it is going to be difficult
for teachers to veer away from the forbidden heresy
in time to avoid suggesting it to innocent minds.
This is not what the Legislature and Governor of the
State of Tennessee wish to accomplish.
But it is a strange performance to emanate from
the South. We shall expect no more denunciation
of Blue Laws and the burning of witches and pinning on of scarlet letters to come from this, shall we
say, ironbound quarter of our Union. But we are
curious to know which Bible, the Catholic or Protestant is to be enthroned in the classic shades of
university and college—not that they differ materially as to the First Chapter of Genesis and the
story of creation. We do find, however, some compensations (they are always to be found when we
look for them) in this remarkable move of the Legislature of a sovereign State. We presume that, having taken this step, public opinion in Tennessee will
not countenance the many new translations of the
Good Book, which seek to make it "practical" and
modern. Even a believer in evolution, if he have literary taste, will not surrender the stateliness,
rhythm, imagery, of many portions of the King
James translation for'the monstrosities in language
and interpretation that find their way into these
"new editions."
But let us pass by these phases to consider a more
important one: the conflict between Church and
State. The Governor in signing the bill intimates
the law is not in conflict with the freedom of worship. We cannot see it in this light. The public
school is at least an annex to the administration of
government. And this law compels the teaching of
an account of creation, in so far as it may be said to
be taught at all, that may be at variance with the
belief of many persons who worship God according
to the dictates of conscience, and also of reason. We
imagine there are few Unitarians who accept this
biblical story and perhaps some who would not want
it taught to their children unless its scientific inaccuracies were pointed out. We recall an effort by
a prevailing Protestant denomination to force a
liberal President of a teachers' college to read the
Bible at the morning assembly exercises. A committee of ministers solemnly appeared one day and more
solemnly presented a handsomely printed and bound
copy of the Book with the wish that it might so be
used. The President of the school, having taken the
JUNE 6 1925.]
THE CHRONICLE
2869
stand that the State school and religious instruction lief, and the Church constitutional question of the
were separate and apart, and that though the Bible power of the Presbytery to rule its own procedure in
might be read at Assembly it was not a part of the licensing candidates to the ministry. But the imporschool work, and all Jewish children would be ex- tant one is evidently that of belief or non-belief in
cused from attendance on request, received the com- the Virgin birth. This controversy arises, it is to be
mittee with his usual courtesy and also received the noted, a few years after the "union" between the
presented copy with a word of praise as to its con- "Old" school Presbyterians and the "Cumberland"
tents, remarking that it should have a prominent Presbyterians, at which time it was affirmed (and by
place in the school's refeRence library. But that was some of the latter denied) that the Church no longer
many years before Mr. Bryan ran for the first time held to the doctrine known as "Infant Damnation."
on his sacrosanct doctrine of the "free and unlim- In Kansas recently a doctrinal division as to faith
ited."
or belief arose similar to these mentioned, causing a
Few scholarly professors to-day in any school, we local upheaval. And under the Tennessee law althink, would strive to impress upon the growing luded to above, a "professor" in a school has been formind the "doctrine of evolution" as the true story of mally indicted charged with "teaching evolution" to
the origin of man. It is a hypothesis which explains his pupils. A trial is to be hastened to make a test
some things, or seems to, but it is not perfect within case, each side to be represented by a great array of
itself. And it is only a hypothesis, however strong legal talent, at which time our national constituthe array of facts which are presented with it. Why tional guaranty of the freedom of worship will be init should, therefore, be prohibited because in conflict voked against the statute of Tennessee. In these
with the Biblical account is hard to see. Is all sci- church controversies valuable properties are at stake
ence to be taken from the school merely because it is and sooner or later our civil courts are brought into
not proven? Is the Bible the only book to be left? action. "Dividing" a church often divides families
And does modern intelligence propose that reason, and makes bitter enemies.
the same reason applied to science, is not to be apIt is all regrettable on many grounds. No sooner
plied to the Bible? And are we to discard all other is one dogma or doctrine settled than another arises,
theories in science—what of the atom and electron because it is necessary in a controversy to single out
in physics and chemistry? It is unfortunate that and define special points to make a case. In the matany such stand should be taken anywhere as that a ter of the Tennessee statute it would seem that excluconflict between a religious dogma and a scientific sive of certain scientific text books is an ultimate retheory must be prohibited by a State law. This Act sult. The"Bible" evidently is to remain. Shall the Old
of the Tennessee Legislature, does, emphatically, Testament,since therein isfound ilhe story of creation,
place teaching and the teacher in a public school in be separated from the New Testament, when introa straightjacket of paternalism. Is the legislator bet- duced into the schools? Is there no controversy beter able to decide the merits of this controversy than tween the two? And then, what effect upon the child
the teacher? And what of the invasion of parental brought up in the atmosphere of dogmas when in
rights? Evolution shall not be taught—leaving the later life reason comes to assert its sway? EducaBible a clear field. School money shall not be used tion has been defined as the power to "suspend judgsave to teach that God caused a deep sleep to fall ment." If it be admitted that evolution is taught as
upon Adam, then took a rib from his side and fash- an infallible dogma of science then the teaching, it
ioned a woman out of it.
must be said, is arbitrary and contrary to accepted
How petty the whole thing is—a veritable tempest principles of the best in the profession. But it is
in a teapot. If this tinkering with the relations of narrow to exclude knowledge of a scientific theory.
Church and State is to continue we will have reliIt is better that liberalism fill life with the right
gious wars in every hamlet in the land. For there to believe according to individual investigation and
are matters of religious import that transcend this judgment. Turmoils succeed each other in politics
one. Modernists and Fundamentalists are at war and economics. Let us have peace in religion. Some
over the origin of Jesus Christ.
time there may come out of many creeds the universal
At the recent meeting of the General Assembly of one. That time is not near. For the present, harkthe Presbyterian Church, held at Columbus, Ohio, ing back to our Constitution and Declaration, let
the Fundamentalists won a victory over the Liberals every man follow his own form of worship, his own
and Modernists by a ruling of the Assembly and its formulated doctrine, provided they are not unseemly
Judicial Commission that a "direct affirmation of and in conflict with established standards of public
the Virgin birth was essential to admittance to the propriety and welfare. Constantly trying to proPresbyterian ministry under the Confession of hibit something or somebody does not tend to expand
Faith." New York "Times" report.) The New York the vision of our human destiny. Maybe the earth is
Presbytery, claiming the right to define the qualifi- flat (a new demonstrator has recently appeared) but
cations, had been haled before the Judicial Commis- if so "truth crushed to earth" will rise again; and
sion because it issued a license to a young man who meantime there is no harm in sailing around the
stated he could not "affirm or deny" a belief in this globe, or believing that we do.
doctrine. What might be termed a protest signed
by a minority of the Commission and others was
Defense Day.
presented to the Assembly. It is said an immediate
Is there anything that will defend us from our desplit was averted by the appointment of a special fenders? One of the tasks which the journalist sets
committee of fifteen to inquire into the whole field for himself is the advancement of the public good.
of the controversy and report to the meeting of the It is a delight to further, as far as may be in his
Assembly next year. The effect of the action of the limited power, constructive efforts to conserve naGeneral Assembly would be to force the New York tional resources, and intensify productive enterPresbytery out of the church organization. Two prises. Unfortunately, the pleasure is marred by
questions are involved: the doctrinal question of be- , the need of pointing out facts and tendencies that
' 2870
THE CHRONICLE
[Vol,. 120.
carried out, facwork in an oposite direction. His space is limited holiday it will come to be. Fully
all work save the display of
and his opinion by no means imperious. And he tories will close for
wholly interest a
finds himself in many cases, therefore, an unwilling, mobilization power. This will not
people devoted to baseball and golf. Millions not
perhaps an unpleasant, objector. These thoughts
manufactories
come to us when we are confronted by the suggestion directly connected with trades and
known that can be transformed into makers of war munithat Congress fix the date of what is becoming
. "Defense
as "Defense Day." That the people are entirely com- tions will seek their usual diversions
to warlike
petent to make this declaration and decision none Day" will come to be a day devoted
carefree way the
may doubt. But how can they do it? And why do thought and attitude, albeit in their
prevent
we find ourselves considering the matter? Because masses will enjoy themselves. The time to
growth is now. For we maintain that
there is objection to displaying war strength on this malignant
in a healthy
Armistice Day. On that happy occasion we are laud- it is an excrescence and has no place
civil life. And even if it does keep alive the spirit of
ing Peace, not war. We have had but one day on
good policy
which the industrial concerns were asked to show "preparedness" we assert that it is not
y of peaceful to show what we can do in war until the time comes
their power to transform the machiner
productive effort into that of war. It happened to to do it.
to
We cannot hold to the belief that it is possible,
coincide with the retirement of, General Pershing.
work in our factories with
"Defense Day" received little attention regarding its intermingle constructive
destructive. Machinery is not so easily made reverwisdom. Now it threatens to become a fixture.
sible. Supplies for peace are not inherently supplies
Thus a policy threatens to steal upon us unawares.
done in the World
It of course emanates from the minds of our military for war. Wonderful work was
War by some of our industries, and done quickly, but
powers. While we are at least talking peace we are
what ultimate
to stop for one day in each year and think of war, at what loss of direct energy and at
out money
think as a people of our industrial preparedness for cost to the people! No nation ever poured
brief period. No
war, show forth our latent war strength to all the as did the United States in that
freer hand.
world. Is it wise or politic—if we really mean peace "Administration" ever worked with a
No waste ever occurred that was equal to it—witwhen we talk it? Is this the way to show our fitness
rotting hulks
for world leadership? Is it the way to promote the ness the airplane scandal, witness the
of hundreds of ships never used now about to be sold
spirit of peace through gradual disarmament? Is
argument in
it wise even from a war standpoint to. display our for junk. And instead of this being an
impossibility
proves the
reserves "in case war should come"? We can find defense of Defense Day it
n either of keeping our major industries prepared for war,
no ground of justification for this innovatio
must bear the colossal cost
in peace or war. Certainly it is contrary to the keep- for if this is done peace
ing alive of the spirit of peace. If it contradicts the of waste.
Our chief objection is that Defense Day serves to
natural sentiments evoked by Armistice Day, as the
keep alive the spirit of war. If competitive armaPresident well says it does, then it has a neutralizing
ments ought to be suppressed, why have the nations
effect on any and all our peace efforts. Yet the matof the world follow our Defense Day with one of their
threatens to become an issue in Congress before
own to show the state of their industrial preparedShe people have had a chance even to consider it. As
ness? Will any nation desire thus to advertise its
we recall the one and only Defense Day we have had,
weakness? The occasion will be used -to whet the
it attracted little popular attention. A few indus•
appetite for military display, to emphasize the virtries, anxious to show their loyalty, mobilized their
tues of war as the savior of the world. Yet at this
forces. The war powers declared the "Day" a sucmoment every people is yearning for peace and the
cess. The people thought little and said less.
assurance of continued peace. Sometimes it would
Is it not fair to ask this question: How can we
almost seem that certain military forces see the handever promote international peace as a people while
writing on the wall and are trying to perpetuate their
we are called upon continually to exhibit in our jobs. The thought is unkind and irreverent. But
domestic affairs the hard and fearful agencies of
ought not the people to ask that these same forces
war? If we continue at cross purposes as to peace wait a little for instructions before proceeding in an
and war, when will we arrive at that unity of public arbitrary manner to establish dangerous precedents?
opinion without which we can never really promote If so, it is largely the fault of the people that they do
peace? Is this call for a "Defense Day," when our not speak out boldly, directly,in their own behalf.
industries are to exhibit the bare bones of war, a
trifling thing? Where did this call originate? Was Federal Reserve Bank of New York on Gold Movement.
it not in the War Department anxious to show that
Regarding the gold movement in May, the Federal Reserve
it is continually "on the job" of war? Can one Bank of New York in its "Monthly Review" for June says:
reached a
imagine that the people in their respective business The gold export movement, which began in December andDuring the
steadily.
maximum In January, has continued to
thought out this "Defense Day" in a sud- first 25 days of May exports through the diminishNew York totaled only
vocations
Port of
while
den united burst of so-called patriotism? No,it came 89,400,000, periodimports amounting to $7,500.000, were the largest for
since November.
any similar
from no such source; and yet it threatens to become I he following table shows gold exports and imports for the country from
, we December to April, and for the Port of New York only during the first 25
one of our most important public days, threatens
days of May. Of the export shipments, 815,000,000 in both March and
withdrawals by
use the word intentionally, to fasten itself upon us? April, and $6,250.000 in May,represented for its account the Reichsbank
for some time.
setting aside a of gold which had been earmarked herehave been a small import balance
There are two possible effects to
Excluding these withdrawals, there would
York at least in May.
Defense Day. One is that the growing of new hon. for the country in April and for the Port of New
Exports.
Imports.
539.675,000
all of them, and this December
$10,274,000
days will destroy the dignity.of
73,526,000
5.038,000
new one will fall into disuse. The other is that the January
60,600,000
3,603,000
February
25,104,000
7,337,000
war spirit will be stirred unduly each year on this March
21,604,000
8,870.000
April
9,419,000
day, by the increasing manifestations of physical May (1 to 25)*
7,470,000
strength and the multiplied addresses glorifying war Total
842,592,000 $219,928,000
which will come to be a part of the ceremonies. For *Port of New York only.
JUNE 6 1925.]
THE CHRONICLE
2871
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, June 5 1925.
Business has continued to be more or less impeded by the
weather for most of a week abnormally hot over most of the
country with destructive tornadoes and big rains in some
parts. The storms caused heavy damage in Minnesota, Nebraska and Iowa. The Central West and the East have been
enveloped by heat of extraordinary severity and persistence
for this time of year, following, perhaps, as a natural reaction, the abnormally cold spring. The persistently high
temperatures, it is true, have finally helped business here
In cotton dress goods, wash fabrics, knit goods and so forth.
But in many cases such temperatures as 90 to 99 degrees in
New York and nearby States, and 90 to 95 in parts of the
West tend to keep people at home or make them indifferent
to trading for the time being. Some New Jersey and Rhode
Island mills have had to close temporarily. And certainly
such weather does not tend to change the program followed
for nearly two years of buying from hand to mouth. There
is no lack of railroad cars. Deliveries are quick. Order
one day and the goods are delivered the next day, or surprisingly soon. In the popular phrase, the railroads are
on the job as never before. And the business by mail order
houses and chain stores makes a good showing. They tend
to confirm the opinions of those who contend that even
though the size of the business under way is not so large as
had been expected it makes in the aggregate no bad showing.
It is said that the sales of pig iron in the United States in
May were nearly 750,000 tons and that iron prices begin to
show more steadiness, even if low quotations continue to be
accepted by some manufacturers. The output of iron has
recently been cut down to about 50% of capacity and sooner
or later this will have a salutary effect on the condition of
this branch of industry. Steel is being produced at tie
rate of 70% of capacity, with a fair business in some directions and very little in others. But here again retrenchment of output cannot fail ultimately to have a bracing
effect on the business.
The grain markets have fluctuated widely, advancing latterly some 10 to 12 cents from the low point touched by
wheat, for instance, earlier in the week. For unfortunately,
the outlook for the wheat crop Is far from satisfactory, so
much so that it is suggested that the exportable surplus for
the season beginning July 1 is likely to be much less than
50,000,000 bushels, as against total exports thus far this year,
Including Canadian, of some 380,000,000 bushels. Spring
wheat, however, has been benefited to some extent by recent
rains and also by high temperatures. The same is true, too,
of the Western corn crop. Prices for corn end lower for the
week, while those for wheat are 4 to 5 cents higher than
last Friday. Cotton has advanced som $4 to $5 a bale, owing
to continued hot dry weather in Texas, especially in the central and southern parts. To all appearances, too, the other
parts of the cotton belt are now beginning to need rain, or
soon will. At the same time stocks of cotton, both at the
ports and interior towns, are rapidly decreasing, so that an
acute situation has arisen in the spot cotton markets of the
country. Within three days the price of the actual cotton
here has risen nearly $7 a bale. The takings by the mills
continue greatly to exceed those of a year ago. World's
stocks are decreasing much more rapidly than was the case
at that time. And while Fall River's sales this week have
aggregated only 30,000 pieces of print cloths, there has been,
as already intimated, a better sale for various summer fabrics, much to the surprise and satisfaction of merchants
who had been looking for nothing of the kind at this time.
The Government cotton crop report of 76.6 on the 2d inst., or
11% better than last year, was a surprise, and for a time
sent prices downward on that day very sharply. It was forgotten for the moment that a June 2 report based on conditions observable on May 25 is very far from being a criterion
as to the ultimate outturn of the crop. Even the report for
June 25 in 1918 was followed by a drop later in the season
of 40%. And it is a fact that the things right before the
cotton trade are now dominating prices as well as the
threatening outlook for the crop. The trouble is that Texas
lost the sub-soil moisture derivable from fall, winter and
spring rains and must have frequent precipitations during
the rest of the growing season or the crop in that State may
turn out to be a disappointment. Coffee has been rising
sharply because of the fact that Brazil seems to have the
whip hand, at least for the time being. We are right on the
verge of a new season beginning July 1, as regards the coffee crop of Brazil, but meanwhile American stocks have been
rashly allowed to become rather badly depleted. And the
sequel shows that whatever grumbling the people may indulge in about prices coffee consumption in this country continues on a big scale. The people do not care for substitutes.
They want the real thing and will pay any price to get it.
Under the circumstances prices during the past week have
,
advanced 1 to 1.1 cents. One thing that has favored bulls in
coffee is that the offerings of mild coffee have fallen off
sharply, whereas at one time the competition of mild grades
was a serious obstacle to any pronounced advance in Brazilian coffee. Sugar has been very active, and latterly
firmer. The business in refined has taken a jump owing to
the phenomenally hot weather all over the country. The
summer season invariably brings in an active trade in sugar
and often higher prices. The big textile industries are still
for the most part quiet. Curtailment of output is gradually
spreading at the South, or at any rate, plans are announced
to that effect. And at Fall River the mills are operating at
not much if anything above 50%. Some Southern mills are
working at the same rate. The great heat has caused a temporary closing down of some mills in New Jersey and Rhode
Island. Business in general merchandise is about up to the
level of last year. Nothing better can be paid of it. But
bank clearings still show a large volume with the greatest
gains in New York, a fact, however, which is explained by
the big business in stocks and bonds. At the same time this
expansion in the trade in securities is an evidence of growing confidence in the country at large. Latterly the stock
market has been active and noticeably strong, even though
to-day the transactions, no doubt partly because of the
severity of the weather and the departure of many people
for the summer resorts, showed some falling off in business.
One drawback was the decline in French franos to the lowest price seen for some two years past, owing the disturbed
political situation in France. There was a sharp fall in the
franc in London also. Meantime, "Joseph Calllaux, Finance
Minister of France," according to one dispatch to the
"Tribune," "Is playing behind the scenes one of the most daring and gigantic financial gambles in history in the view of
a number of bankers in constant contact with Paris." Others
will doubt whether M. Oaillaux, with a new reputation to
make, will undertake any financial jugglery or anything
suggestive of the futile methods of financial Ministers in
the reign of Louis XVI. He may protect the franc within
certain limits; he may slow the pace in plans for balancing
the budget. But he is too shrewd not to know that financial
acrobatics will not mend matters in the end; that the French
people must be taxed more heavily, must put their shoulder
to the wheel until the political and social organization
known as France is out of the morass, and with actually,
not pretendedly, balanced budgets is once more on good firm
road leading upward to the normal safe and sane conditions.
Chinese bonds were inclined to be weak in London to-day,
coincident with the disturbed industrial situation in China,
where it seems some 200,000 workers are now on strike, while
Japan offends China by politely offering to assist in suppressing the riots which have followed the big textile strikes.
An interesting event of the week was that J. P. Morgan
& Co. agreed to grant a credit of $50,000,000 to a consortium
of Italian banks to be used to stabilize exchange. The firm
also announced that various other banks would be associated
with it in extending the credit.
The average swing of prices of merchandise in May was
upward, due to advances in breadstuffs, live stock, provisions, non-ferrous metals, oils, and last but not least, miscellaneous products, owing to the rise in rubber, in May, more
than offset the weakness in textiles, especially cotton and
cotton goods and some building materials, and caused a
sharp reversal of the preceding four months' weakness in
commodities generally. The result was an advance in
Bradstreets' price index number, after a fairly steady decline except in grain prices, since Jan. 1. The June 1 index
2872
THE CHRONICLE
[VOL. 120.
number was $13.6177, which marked a gain of 2.2% over with the American Railway Association. This was the
May 1, but was exactly the same percentage below the two greatest number of cars loaded during any one week so far
most recent price peaks, those of Jan. 1 1925 and March 1 this year, exceeding by 1,293 cars the preceding week and
1923. It also registered an increase of 10.7% over June 1 a by 6,795 cars the loading of the corresponding week last year.
year ago, when prices were close•to the low ebb of the year, The present freight movement, it was said, is being met withbut was 28% above the low point touched in June 1921, after out car shortage.
the deflation of 1920-21.
At Akron, Ohio, tire manufacturers report May output of
Hartford, Conn., wired that 150 tenants, former em- balloon tires the heaviest on record. Akron plants are now
ployees of the American Thread Co. now on strike, will be producing 100,000 tires of all kinds daily, of which 50% are
notified to vacate the company's tenement houses at once. balloon.
The strike now in its thirteenth week is for a return of
In Boston on June 2 the conference between the building
wages to what they were prior to the 10% wage cut of Jan. contractors and the striking union members of the Common
10. In Alabama three plants are running on short time; in Laborers' Union did not break the existing deadlock. The
Georgia, six; in South Carolina, one, and in North Carolina, unions still demanded an advance to 77% and 80c. an hour
twenty. At Talladega, Ala., the Samoset cotton mills, mak- for the skilled and partly skilled members of the Common
ing denims, are curtailing 25%, with plans made to in- Laborers' Union, which would mean in effect an advance of
crease the curtailment another 25% in the near future. about 122 over the scale prevailing prior to the walkout.
/
1
%
Charlotte, N. C., wired that curtailment of production to Employers say they have no difficulty in filling places at
the extent of at least six.days' normal output before Aug. 15 the old wages.
has been agreed upon by Southern mill officials operating
The week has seen the hottest weather hereabouts on recmore than 4,000,000 spindles and 85,000 looms, according to ord. On June 1 the mercury here was up to 88. Chicago
an announcement made by David Clark, who intimates that had 92, the highest in 55 years. Rains broke the drought of
the number of spindles affected will doubtless go very much five months in Iowa and Nebraska, which helped grain and
beyond the figures he gives. The aim is to get 10,000,000 damaged hay. Cleveland had 90, Milwaukee and Detroit 92,
spindles to curtail. Durham, N. C.,'Wired further reports of and Philadelphia 95. South Dakota had a light rain that
curtailment from the cotton spinning mills of Gaston County. did not break its prolonged drought. At Rock Springs, Wyo.,
Indications, it added, were that with a dropping off in on the same day eight inches of snow fell, bringing out fur
orders curtailment would become general and heavy. There coats in contrast with Palm Beach suits in the Central West
would possibly be a two weeks' general shutdown, beginning and in the East. At Helena it was 56; at Seattle 64 and at
about the middle or latter part of this month. A number of Minneapolis 86. On the 2d inst. it was 85 degrees here and
the mills already are running on two-thirds time, and on the 3d 92. Many were stricken. Sultry weather overwhether or not these will curtail further has not been de- spread the Eastern States and the Central West got no relief
termined. W. A. Erwin, of Durham said that he did not from the big heat wave, so remarkable for the first week of
contemplate any further curtailment of the mills already June. In Rockland County, N. Y., on the 3d inst. it was 95
running on short time. It was intimated, however, that the to 97 in the shade, stopping farm work. On the 3d inst. it
mills running on full time might have to cut production was 99 at Ansonia, Conn., and automatic sprinklers were set
later. At Columbus, Ga., though no mills have curtailed for off in the wire mill of the American Brass Co. In Cleveland
a week, two of the largest are running on part time. In and Detroit on the 3d inst. it was 92, in Cincinnati 94, in
parts of North Carolina yarn mills are said to be the only Chicago 86, in Kansas City 84 and in St. Paul 80. On the
ones in the Carolinas making curtailments. But plants 4th inst. it was 95 here, the highest on record for that date.
manufacturing fine grade goods are said to be busy. Slack To-night it is said that there is no relief in sight, with 94
conditions in textile circles last summer brought about a degrees here to-day. To-day the Fire Department turned on
scarcity of skilled labor. It caused some inconvenience to 600 showers. The parks and beaches have been thrown open
the mills of this section later, when under better trade came to the people. At Coney Island 10,000 slept on the beaches
heavier production. For this and other reasons it is be- last night. There may be no relief for a day or two except
lieved that output will not be cut in the Greenville district from passing thunder showers. At Elmira, N. Y., to-day it
unless market conditions become much more serious. At was 101. Buffalo was the coolest, with 72 degrees. In New
Spartanburg, S. C., the Arkwright mills will curtail pro- England schools are closing owing to the heat.
duction to four days a week beginning Monday, June 15.
The Southern Yarn Spinners' Association weekly bulletin
Business Indexes of the Federal Reserve Board.
says that it is probable that no agreement of curtailment
The Division of Research and Statistics of the Federal
will be effective at Southern cotton mills, but already some
7,000,000 spindles have indicated an intention of curtailing Reserve Board has issued under date of May 29 the following
statement giving current figures of its various business
operations during the summer.
It seems that in May another organized closing by more indexes:
INDEX OF PRODUCTION IN BASIC INDUSTRIES.
than 40 textile mills specializing in cotton crepe has re(Adjusted for seasonal variations. Monthly average 1911100.)
cently been started in Japan at Natorigun, near Kobe, and
Ayr. Mar. Apr.
Ayr. Mar. Apr.
1925. 1925. 1924.
will continue until June 21. Curtailment of output had been
1925. 1925. 1924.
Total
119
120
114 Lumber
123
125
127
- -- - Bituminous
going on for some time in that locality, as in Tokushima and
105
95
94
Pig iron
128
136
127 Anthracite
106
96
97
the industry is almost dead except for mills specializing in Steel ingots
128
146
119 Copper
136
142
127
Cotton
121
110
97 Zino
wide cloth. The present price paid for other cloth at around Wool
131
124
114
92
95
97 Sole leather
69
70
62
90
94
1 yen is far short of costs. At Shanghai, China, the strike Wheat flour
105 Newsprint
115
110
111
Sugar melting
134
133
115 Cement
199
199
169
of textile workers grows more serious, and all Chinese banks Cattle slaughtered...104
100
98 Petroleum
194
187
189
Calves
__.124
'
138
116 Cigars
87
86
88
and Exchanges on the 4th inst. were reported closed. It Sheep
"
_120
102
102 Cigarettes
178
157
170
_ _101
.
98
136 Manufactured tobacco 95
was feared that the strike would become general. Later it Hogs
91.
89
was rumored that the strike had become general and that INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
200,000 men were out, closing all mills and industrial plants.
(Not adjusted for seasonal variations. Monthly average 1919=100.)
EmPlaYment
To-day the situation was quiet, with only a few smaller disPayrolls
Ayr. 1925. Mar. 1925. Ayr. 1924. Apr. 1925. Mar. 1925. Ayr. 1924.
turbances. The Japanese Government has offered to restore Total
96.0
96.4
99.1
107.8
110.6
110.4
order if the Peking Government cannot, but this is taken as Iron and steel__ 88.7
89.5
95.1
102.0
93.9
96.5
Textiles
-Group _ 98.9
100.0
98.9
114.4
105.8
108.0
a veiled threat and has disturbed large commercial interests
Fabrics
100.8
101.0
98.1
105.4
114.2
111.7
Products
90.5
In China.
98.6
99.8
103.5
114.7
106.3
Lumber
100.6
99.6
105.9
114.4
107.9
109.7
At Paterson, N. J., on June 4 several mills were forced to Railroad vehicles- 88.8
89.9
91.5
99.1
95.4
100.2
Automobiles
121.7
112.7
123.4
142.9
149.2
156.2
close, owing to the intense heat. The operatives were unable Paper & printing_104.7
105.7
104.6
139.4
137.1
136.7
83.7
88.8
89.9
103.5
101.6
98.5
to handle the silk. It became sticky. The workers not only Foods,&c
Leather, &c
88.8
92.5
89.1
90.9
91.5
100.0
suffered from the heat, but could not keep their work clean. Stone.clay,glass _ 123.2
116.8
143.4
125.0
156.3
149.9
Tobacco,&c
81.7
88.5
87.2
88.3
87.5
74.2
It may be necessary to close afternoons while the heat wave Chemicals, &c 75.4
75.6
101.8
78.2
97.6
102.8
continues, though manufacturers are reluctant to lose the
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale
Apr. Mar. Apr.
Apr. Mar. Apr.
Retail
time when their product is in such keen demand, and deTrade.
1925. 1925. 1924.
1925. 1925. 1924.
Trade.
79
75
79 Dept. store sales:
liveries are already late. At Pawtucket, R. I., on June 4, Groceries
Meat
120
132
68
131
61
73
Adjusted
owing to the extraordinary hot wave, the thread mills of Dry goods
121
135
87
Unadjusted
133
81
96
Shoes
69 Dept.store stocks:
63
64
J, & P. Coats with over 4,000 workers were closed at noon.
Hardware
137
168
138
108
136
107
Adjusted
138
115
140
114 *Unadjusted
140
121
Revenue freight loading for the week ended May 23 to- Drugs
Mall order sales:
- - - Adjusted
114
103
111
taled 986,209 cars, according to reports filed by the carriers :Total
117
Unadjusted
120
79
78
83
114
JUNE 6 1925.]
THE CHRONICLE
Manufacturing Production in April at Same Level as
in March—Higher Than April 1924.
Manufacturing production in April was the same as in
March, at 129% of the 1919 average, according to the index
number of the Department of Commerce, and was 9% higher
than in April 1924. Under date of June 1, the Department
says:
The principal increases over March occurred in the output of automobiles,
with a gain of snore than 17%, and in stone and clay products with 13%,
while slight increases were shown, when reduced to an average daily basis,
In the output of paper and lumber. Increases over a year ago were made in
all groups except foodstuffs, with textiles showing the greatest increase.
The output of raw materials was 1% less in April than a year ago, the
marketings of animal products decreasing 1%, as computed by the Department of Commerce index numbers, while crop marketings decreased 9%,
forestry products increased 2% and mineral production 7%.
The index of unfilled orders declined during April, but was the same as a
year ago, iron and steel unfilled orders being higher on April 30 than a year
ago, while orders for building materials declined.
Stocks of commodities held at the end of April decreased 5% during the
month, when allowance is made for seasonal tendencies, but increased 4%
over a year ago. Stocks in each group, however, except manufactured commodities, declined during April, when seasonal factors are eliminated, while
compared with a year ago, all groups except manufactured foodstuffs showed
Increased stocks on hand.
1925.
1924.
Feb. Mar. Apr. Mar. Apr.
Production (Index numbers: 1919=100)—
Raw materials, total
Minerals
Animal products
Crops
Forestry
Manufacturing, grant total (adJusted)
Total (unadjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals
Stone and clay products
Tobacco
Automobiles*
Miscellaneous
Commodity Stocks (Index numbers. 1919=100)
(Unaffilafed)—
Total
Raw foodstuffs
Raw material for manufacture
Manufactured foodstuffs
Manufactured commodities
(Adjusted for seasonal element)—
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Manufactured commodities
Unfilled orders—
Total (based on 1920 as 100)
Iron and steel
n,,11,11no materials
95
113
102
81
112
124
115
94
108
127
171
137
65
99
152
100
100
170
112
96
118
111
75
125
129
129
95
112
142
182
150
94
111
161
125
109
225
139
86
114
117
49
132
129
129
95
111
123
183
154
92
116
155
141
107
263
155
94
122
107
71
117
124
124
109
100
142
195
138
89
104
141
123
102
233
131
87
107
118
54
129
118
118
104
97
115
176
142
84
112
141
129
100
228
131
164
234
137
83
175
160
239
120
74
173
145
199
105
69
174
146
212
103
75
164
136
178
97
73
165
152
187
139
86
174
149
192
130
80
171
142
176
120
75
172
136
169
110
79
161
136
164
109
86
163
2873
pound was already so near its gold parity that there could be no violent
dislocation of exchange rates to disturb the course of trade. The principal
effect is the psychological one. While this is necessarily of an intangible
sort, there is no doubt that it will be an important influence in promoting
general trade expansion.
General Conditions Abroad.
Events in Europe have moved with dramatic intensity during the last
month. The focal points have been the partial return of Great Britain to
the gold standard, the election of former Field Marshal von Hindenburg
to the Presidency of the German Republic, and the appointment to the
important office of the French Ministry of Finance of M. Callaux, who
took his seat just five years after his exile for alleged friendly overtures to
his country's enemies.
The election of von Hindenburg is generally regarded with equanimity
since it is apparently merely a popular recognition of a war hero and a swing
from communistic tendencies such as has simultaneously occurred in the
municipal elections in France and Belgium.
Alleged Unfair Trade Practices.
The British Press has recently called attention to instances of boycott
and other alleged unfair trade practices in certain European countries against
manufacturing enterprises operating there through the investment of
foreign capital. It is alleged that through pressure of various sorts the
advertising of a large British corporation has recently been barred from
tram lines in one European capital, that the eviction of shopkeeper tenants
who sold the goods of this company had been effected, and in various other
capital
ways action hostile to this company, with substantial foreign .
invested in the country, has been brought about. Complaints of similar
practices have been made by other important British industries.
General principles of reciprocity in international trade and in international banking demand that industrial enterprises representing the
investment of foreign capital in a country and employing the labor of that
country and observing all of its laws should, of course, be accorded the
same treatment as industrial enterprises of such couhtry financed by
domestic capital. Discrimination against industrial enterprises lawfully
operating and giving employment to labor within any country merely
because the capital employed in such enterprises is furnished from foreign
sources evidences most strongly the attitude of mind on the part of certain
elements in some countries which can only affect their desirability as
borrowers. As pointed out by the London press, this question concerns
both the American and the British financial markets, as those are the
main sources of funds to which such prospective borrowers must turn for
external loans.
Business Sentiment in New England Definitely
Improved in May, According to Federal
Reserve Bank of Boston.
Discussing the business situation in the New England
district, Frederic H. Curtiss, Chairman and Federal Reserve
Agent of the Federal Reserve Bank of Boston had the following to say under date of June 1:
The Situation.
There are times when a change in business sentiment gives a clearer perspective of the general situation than the actual current volume of trade or
63
58
54
61
54
rate of production. This seems to be one of those times. The rate of busi50
46
42
46
50
ness activity in New England has been slowly declining since January; until
115 105 104 124 112
the latter part of April this was'accompanied by a distinct feeling ef uncer•Included in miscellaneous group also.
tainty over the outlook for the summer. In May, however, business sentiment definitely improved. While this improvement may have been based
in part on the rise in security prices, a great deal of it was attributable to
Guaranty Trust Company Looks for Continuance of stronger commodity prices.
Business at Fairly High Level of Activity.
The New England Business Activity Index for April was a bovethe average
of the past few years, while the Index for May will undoubtedly be close to
Recent developments in trade and industry have been that for April. The building industry is conspicuous, as being one of the
highly irregular; but, taken together, they indicate the most active in the district. The value of contracts awarded in April has
the value of projects contemplated is high.
exceeded only once,
continuance of business as a whole at a fairly high level of beencotton textile industryandNew England has been more active than usual
of
The
activity, reports the current issue of the "Guaranty Survey," during recent months; in fact, certain individual cotton mills with unusually
published May 25 by the Guaranty Trust Company of New progressive managements are running at full production and making a profit.
plants,
The woolen and worsted mills are less active
York. "Large trade volumes are reflected especially by and at no time this year have they consumedthan the cotton textile correas much wool as in the
such general indexes as freight traffic, sales at retail, and sponding months of either of the two previous years. The production of
bank clearings," the "Survey" continues. "Payments by boots and shoes normally declines in April, May and June, as the season's
year was approximately
end. Output during March of
check as measured by debits to individual accounts reported run nears its of a year ago, but in April it wasthis that of 1924. On the
below
equal to that
the Federal Reserve Board for the week ended May 6 other hand, machine shops are generally active. Fewer persons were emby
were the largest ever recorded. In some of the basic in- ployed by the paper industry in Massachusetts during April than in either
April a year ago. The April employment
of the
dustries further declines in output have appeared, while report,two previous months or
which covers 941 representative establishments, employing over
fewer workers were on full-time schedules in
others have reached new high records."
230,000 workers, showed that
Discussing commodity prices, gold resumption in England, April than in March, with the result that average weekly earnings declined.
In addition, there was a decrease in the number employed.
general conditions abroad, &c., the Survey says:
Retail distribution of merchandise through New England department
stores was in smaller volume during the first 4 months of this year than in the
Commodity Prices.
corresponding period a year ago. Sales of Boston department stores during
General commodity prices rose in the second and third weeks of May,
the first 2 weeks of May were slightly in excess of those during the correafter an almost uninterrupted decline of two months' duration. Whether
sponding period in 1924.
this is only a temporary halt in a slow downward movement or the beginning
of a sustained advance, it appears that,in either event, with rates of general
consumption and industrial production so nearly in balance, business
Decrease in Wages of Factory Workers in New York
activity as a whole will be well maintained in nearby months.
Perhaps the most important feature of the present situation in its bearing
State in April as Compared With March.
on the course of business for the remainder of the year is the exceptionally
Factory payrolls in New York State showed a decided loss
condition of the crops. Despite the prospect for a greatly reduced
good
yield of winter wheat, the agricultural outlook in general is distinctly from March to April, says Industrial Commissioner James
favorable. The cotton acreage will apparently be larger than ever before,
A. Hamilton in his monthly statement, issued under date of
and weather conditions have been such as to make early planting possible
over a large part of the belt. Other crops also are much more advanced May 29. Commissioner Hamilton continues:
than at this season a year ago.
Wages of the workers for the week of April 15 are estimated at almost
Gold Resumption in England.
$35,000,000, which is 4% below the March figure. The corresponding drop
financial event of recent weeks is the partial restoration in employment was not quite 2%. The heavier reduction in payrolls is
The outstanding
of the gold standard in Groat Britain. Although surprise was expressed explained by shorter working schedules, seasonal part-time and holidays.
had been undertaken without further
A year ago manufacturing had already begun to slow up in the third and
in some quarters that resumption
the depression. The decrease in employment at that
delay, there was no lack of confidence that the project would be successful. most severe phase of
strengthened by the firmness of sterling time was larger than the change this month, but the loss in wage payments
The prospect of stability has been
exchange rates and the fact that only moderate exportations of gold from is about the same for the two periods. In comparing April 1925 with April
1924, we find that this year there are over 60,000 fewer workers engaged
England have taken place.
Naturally, no measurable change in general business conditions, either in manufacturing in the State. Weekly payrolls are more than one and
immediately resulted from gold resumption. The one-half million dollars less than a year ago.
at home or abroad, has
2874
THE CHRONICLE
[VoL. 120.
COURSE OF EMPLOYMENT IN REPRESENTATIVE FACTORIES
This analysis is based on reports from manufacturers who employ 40%
of the factory workers of the State. They form a continuous series covering
MARCH 1925.
-percentage of Change From
a period of over 10 years and are representative of both the industries and
April 1924.
March, 1925.
Industrial districts of the State.
IndustryEmpl. Par. EMI- Pap.
Factory workers received an average of $27 65 per week in April, almost Stone, clay and glass products
2.0 -45.7 -7.9
2.9
0.9
the same as a year ago. Metals on the whole were below last year, particu2.3 -3.2
1.6
Miscellaneous stone and mineral products
3.0 -4.9 -8.8
2.4
Lime, cement and plaster
larly heating apparatus shops and shipyards. It was only in the automobile
6.7 -15.2 -23.7
Brick, tile and pottery
8.3
plants that workers were earning substantially more. On the other hand,
5.5
5.6
Glass
-1.6 -4.2
textile operatives were somewhat better off in the year to year comparison. Metals, machinery and conveyances
--5.9 --6.6
--1.9 --3.1
Gold, silver and precious stones
Silk goods reported an improvement in earnings over 1924 and the lower
11
72
Brass, copper, aluminum, drc
average in the cotton mills meant largely that more were employed. A
Pig iron and rolling mill products
-7.8 -7.7 --11.5 -10.9
sal gain in wages came in the shoe factories. Those employed in men's
0.5 -0.5
-2.0 -1.1
Structural and architectural iron work
Jothing felt rather severe seasonal reductions.
Sheet metal work and hardware
--1.9 --2.7 --7.7 --5.7
--4.
-1:1 - .1 =It
Women Peel April Loss More Than Men.
The loss from March to April for all factory workers amounted to 80 cents
and was greater for women than for men. Men earned $30 80, while women
averaged $16 80. Women were affected by reductions in electrical apparatus, largely radios, shoes and most of the textiles. Their average in the
clothing shops dropped from $18 60 to $17 75.
Men in heating apparatus plants received $28 40, where they had earned
$33 45 the month before. This was almost. entirely the result of a revision
of working schedules. Automobile workers were better off. Reductions in
textiles, shoe factories and clothing shops affected men as they did women,
except in the case of higher paid garment workers, where seasonal losses
were more severe for the men.
-131
-
Firearms, tools and cutlery
IB
Cooking, heating and ventilating apparatus
64
3
- :3 - C...8 - - 6 -IN
Machinery (including electrical apparatus)
-1.5 -2.6 -6.1 -8.2
12.6
2.1
12.1
Automobiles,carriages and aeroplanes
93
9.3
.
.
_6 0
-6 4
.
.
-5.0 -4 8
Cars,locomotives and railroad repair shops
12.0
-3.7
Boats and ship building
a
--1.3 --10.8 --11.2
and appliances
--1.2
Wood manufactures
-2.7 -4.7 -7.3
Sawmill and planing mill products
-0.2 --0.1 -15.1 -15.4
-2.6 -3.8 -2.4
Furniture and cabinet work
Pianos, organs and other musical instruments_ -4-3:67 --11.0 -3.5 -9.8
Miscellaneous wood and allied products
--1.5 -5.0 -8.4 -6.6
3.4
Furs, leather and rubber goods
-1.8 -4.9 -1.0
Leather
0. -4.4 -3.0
46
7
-.
9.1
3.0
1.3
Fur and fur goods
9.6
Boots and shoes
-1.5 - .1 -119 --9.4
-1.3 -g.
Miscellaneous leather and canvas goods
--1.6 -1.7 -10.4 --13.9
Rubber and gutta percha goods
-1.3
Pearl, horn, bone, celluloid, hair, dro
-3.2
61
3
- - ..6 00
2.
8
,26.3 - .
Chemicals, oils, paints, ea
2
5.
Drugs and chemicals
0
1..4 -- .
0.1 - 7 -20 --3.4
-1.0
3.0 0.1
Paints, dyes and colors
0.2
-2.6
Animal and mineral oil products
Miscellaneous chemical products
0.2
-7.2
-1.6
Printing
Paper and paper goods
--1.7 --2.8 -3.2 -2.1
Paper boxes and tubes
-2.2 -3.6 -9.0 -8.6
1.8
--1.7 --2.4 -2.7
Miscellaneous paper goods
1.
6 -2.8 -2.5 -2.0
2
Printing and book making
-.
-1.3
Textiles
8.3
Silk and silk goods
0.5 -1.4 -3.5
--6.9 -5.9
--1.3 --3.1
Wool manufactures
17.8
22.8
30.8
31.1
Cotton goods
-1.1 -3.9 -2.3
•
Cotton and woolen hosiery and knit goods
5.3
-3.0 -5.0 -4.7 Other textiles and allied products
1.6
-4.1 -14.6 -1.2 Clothing, millinery, laundering, dre
0.5 -3.9
-7.1 -21.5
Men's clothing
3.8
-6.2 -0.3
Men's shirts and furnishings
-7.3 --17.7 --0.8 -1.4
Women's clothing
1.0
0.4
0.7 --6.4
Women's underwear and furnishings
-7.5 -2.7 -3.5
:
Women's headwear
--4.1 --5.8 --8.7 -2.4
Miscellaneous sewing
Laundering, cleaning, dyeing. dm
7.7
--6.2 -7.0 Food, beverages and tobacco
1..3
03
-4* ..4 --6.9 -6 4 -3.6
00
21
-.
Flour, feed and other cereal products
4.6
3.1
3.6
Fruit and vegetable canning and preserving
--6.7 -7.4
--7.1
--5.1
Groceries not elsewhere classified
Meat and dairy products
1
- .2
Bread and other bakery products
5.9 -1.7
-6.8 -16.1
Confectionery and Ice cream
3.2
1.7
Beverages
14
- 2 1-2 4
-11.7 -11.4 - 8..9 - 12..6
Cigars and other tobacco products
1.3 -5.8 -5.9
1.3
Water. light and power
Serious Losses in Metals.
The contraction in metals which began to be evident in February extended
to practically all the various metal industries in April. The decreases for
this month ranged from 1% in instruments and appliances and jewelry to
170 for heating apparatus shops, where working schedules were severely reduced. The only exception to the downward movement was in the automobile factories, where wage payments were higher than in March 1924, the
peak since the post-war expansion. In most industries the loss in payrolls
also meant a decrease in the average received by the workers. This was
true in the copper mills, railroad equipment and machinery shops, and hardware factories. Seasonal decreases and the end of overtime accounted for
the reduction in agricultural implements and cutlery.
Textile mills also reported that the April curtailment was distributed
throughout the different lines of manufacture. The average for all textile
operatives went down from $22 40 to $22. The end of the strike in some
of the cotton mills sent up payrolls for this industry, but other mills shared
in the downward movement, particularly those producing yarns. Spindles in
worsted and woolen mills were less active, and although forces were smaller,
earnings dropped in April. Silk and cotton knit goods and silk materials
were irregular.
The ending of the season in most of the clothing trades meant smaller earnings for the workers. This applied especially to men's and women's outer
garments, where the loss per worker averaged more than $4. Manufacturers of men's and women's furnishings reported substantial decreases in payrolls, partly because of holiday observances. Operatives in shoe factories
received less, particularly up-State.
Building materials did not show the increaEe in earnings to be expected
at this time of year. Part-time kept down the average in the brick yards.
--1.8 --4.5 --4.4
Total
Men are earning $19 70, where they received $24 39 a year ago. Cement
plants were the only ones to report increased activity in April. Here conUnless otherwise Indicated all changes are increases.
•Change of less than 0.05%.
ditions compare favorably with 1924.
Part-time in some of the piano factories resulted in a $2 drop in the
AVERAGE WEEKLY EARNINGS, MARCH 1925.
weekly wage for the division. Furniture workers averaged slightly more as
40 Employees. dhoP Employees.
State
N. 7. Total
Total
forces were reduced. Rug factories kept production near the high level of
Men. Women.
Industry
.
City.
Stole.
preceding months. The group of chemicals and oils showed the least change
Stone, clay and glass products
$2838 $3630 $2989 $1440
in April.'
48 39 39 27
33 31
Miscellaneous stone and mineral products
Seasonal slowing up in some of the food plants accounted for a drop of
Lime. cement and plaster
31 25 32 85 31 07 1166
Brick, tile and pottery
22 89 29 18 22 79 13 82
55 cents in the earnings of the workers. Losses in flour, other grocery
Glass
27 24 31 54 30 93 12 51
products and candy were rather heavy. Cigar makers continued to average Metals,
16 69
30 23 29 25 31 12
machinery and conveyances
$18 50 in spite of the large numbers who were released from the factories
19 93
Gold, sliver and precious stones
34 10
30 99 32 34
17 06
Brass, copper, aluminum, Ore
27 02 2.
this month.
3.4 4
6i
; 28 05
7 :
_21 --4:2
LE -710 -in
Clothing Decreases in New York City and Rochester.
New York City and Rochester, the clothing centres of the State, both
reported large decreases in factory payrolls from March to April. In New
York City the loss reached 7%, in Rochester 6%. Seasonal reductions in
the garment trades amounting to 20 and 25% determined the size of the
reduction in both cases. But other industries of these districts, metals,
wood products and food, also lost ground.
Metals Lose in Capitol District and Buffalo.
The curtailment in the basic metal industries resulted in severe drops in
both the Capitol district and Buffalo. In the former, the 5% decrease in
April brought payrolls to within 3% of the low point of the depression
last summer. Railroad equipment and machinery were most prominent in
the decline over the year, although heavy reductions in steel were important
in the month to month loss. There were net losses in some of the textiles
and in the shirt and collar industry.
In Buffalo earnings dropped 75 cents to $30. This is the lowest average
since the summer months. The only metal industry to be more active in
April was automobiles, where the workers benefited by an increase of $1 in
their average wage. Otter metals, steel, copper, heating apparatus and
railroad equipment, slowed up and metal workers on the whole earned $1
less than in March. Seasonal factors caused a reduction in food and clothing.
Utica Cotton Mills Resume Operations Alter Strike.
The end of the strike in the cotton mills of Utica covered the loss which
occurred in the other industries of this district. Payrolls in the metals
dropped 6% below March as part-time was put in effect in some of the factories. Conditions in knit goods were spotty.
Syracuse Shows Only Gain.
The rapid rate at which the automobile industry has been advancing made
Syracuse the only district to show an actual gain in payrolls. The increase
was almost 2%, slightly less than the corresponding gain in employment.
Payrolls in the automobile factories are now only 6% below the peak of
1924. However, foundries turning out castings showed small declines in
earnings. Clothing workers felt seasonal reductions here as in the rest of
the State.
Factory workers in Binghamton averaged $25 55, about 70 cents leas than
last month.
Commissioner Hamilton's tables showing the course of
employment and the average weekly earnings for April follow:
Pig Iron and rolling mill products
33 40
34 00
Structural and architectural iron work
33 39
Sheet metal work and hardware
26 92 30 49
0 21
28 11
Firearms, tools and cutlery
25 67
2688
*
Cooking, heating and ventilating apparatus
28 41
28 78 29 11
30 09 29 84 30 22
Machinery (including electrical apparatus)
34 20 38 10 34 30
Automobiles. carriages and aeroplanes
3200 34 40 31 98
Cars, locomotives and railroad repair shone.
31 88 2092 3069
2 31
6
Boat and ship building
Instruments and appliances
26 92 29 48
2722 2827 2829
Wood manufactures
28 25
30 63 27 91
Saw mill and planing mill products
2834 3383 2911
Furniture and cabinet work
Pianos, organs and other musical instruments__ _ 27 45 2957 2839
24 23 2245 2544
Miscellaneous wood and allied producta
2548 2803 2744
Furs, leather and rubber goods
2435
Leather
3742
3509
Furs and fur goods
256002802
Boots and shoes
241982883
Miscellaneous leather and canvas goods
2591
2512 2880
Rubber and gutta percha goods
22 58 23 89 25 71
Pearl, horn, bone, celluloid, hair, dm
28 40 27 27 31 35
Chemicals, oils, paints, drc
28 04 22 78 30 49
Drugs and chemicals
26 85 27 48
Paints, dyes and colors
27 39
27 83 28 93 30 76
Animal and mineral oil products
29 93 29 32 33 63
Miscellaneous chemical products
28 02
Paper
•
27 60
33 74
Printing and paper goods
35 95 38 34
24 72 27 12
Paper boxes and tubes
27 68
26 47 27 69 27 79
Miscellaneous paper goods
36 55 38 68
Printing and book making
40 09
22 03 23 17
Textiles.
26 85
Silk and silk goods
20 86 22 20 29 84
25 36
2002
Wool manufactures
•
28 59
Cotton goods
21 61
Cotton and woolen hosiery and knit goods
19 02
Other textiles and allied products
22 96
23 76
2 41
2 2
6 0
Clothing, millinery, laundering, &a
24 17 27 73 31 86
Men's clothing
2407 28 77
28 52
Men's shirts and furnishing
18 98 24 50
28 18
Women's clothing
31 73 33 43 41 86
Women's underwear and furnishings
21 18 2202 2885
Women's headwear
28 61
28 61
33 55
Miscellaneous sewing
19 54
19 78 2804
Laundering, cleaning, dyeing. &a
19 47 20 40 28 46
Food, beverages and tobacco
25 01
24 78
29 39
Flour, feed and other cereal products
27 71
29 38
27 20
Fruit and vegetable canning and preserving
2329 24 52 28 63
Groceries not elsewhere classified
28 42 27 56
31 00
Meat and dairy products
29 09 32 01
2865
Bread and other bakery products
25 87 25 40
31 11
Confectionery and Ice cream
20 37
25 07
20 47
Beverages
34 30 38 90 33 27
Cigars and other tobacco products
24 43
18 47
19 54
Water, light and power
33 81
33 76
33 18
Total
19 78
1595
'
1398
•
16 00
19 57
23 81
1 2
I
1 ti
30
1526
1433,
1626
1529
1247
21 11
1580
1413
1690
12 47
17 42
15 15
15 02
14 86
19 45
14 60
18 54
1600
16 15'
19 67
15 74
15 02
16 20
15 06
7
3
9
166 01
117 6
1507
15 27
2360
18 19
22 17
1519'
15 22
15 52
10 93
14 45
15 72
16 39
13 76
135
115
17 83
327 67 828 82 $30 81 116 83
•Average weekly earnings not computed because number of employees too small
THE CHRONICLE
JUNE 61925.]
2875
April Gains in Building Plans in New York State. Building Operations in Federal Reserve District of
New York.
Building plans in New York State showed a further adThe following regarding building operations is from the
in April. Permits issued in 21 cities of the State were
vance
valued at $122,000,000, 16 millions more than in March. June 1 Monthly Review of the Federal Reserve Bank of New
This April was also well above a year ago, when there was York:
a sharp decrease in activity after the high record of the
first quarter. The gain over last year modified slightly the
large difference in the amount of work planned in the two
periods. The total for the first four months of 1925 is now
not quite 25% below 1924. This statement was issued at
Albany by Industrial Commissioner James A. Hamilton,
under date of May 31. Continuing, the statement says:
This analysis is based on reports from the building bureaus of 21 cities
which included New York, four cities in Westchester County which are
affected by conditions in New York, and 16 up-State cities. These have
almost 75% of the population of the State.
The lessened activity in the first four months of this year as compared
with the corresponding period for 1924 is almost entirely in residential
building. This class of construction constitutes from 60 to 65% of total
building work. Fewer public buildings also have been planned, but commercial buildings, which included factories, stores, office buildings and public
works, have kept even with last year. Amusement places showed a decided
increase.
Value of Permits Issued in First Four Months.
Class of Building—
Residential
Public
Commercial
Amusement places
1925.
$223,000,000
24,000,000
67,000,000
12,000,000
1924.
$316,000,000
89,000,000
66,000,000
6,000,000
For the first time since 1921, plans for construction in New York City
are being distributed over the spring months instead of being crowded into
March. April, with its increase over March, followed the more normal
course of the other cities of the State. Projects filed in the five boroughs
'Mounted to $113,000,000 for the month, more than double April 1924.
The total for the first four months is 317 millions, where last year it
reached 426 millions.
Almost all the boroughs gained over March, but Manhattan stood out with
the highest figure for recent years. The record of February 1924 was
almost 7 million dollars less than the total of 44 millions this month. Factories, offices, a hospital and several large apartments were responsible for
the sudden rise in valuation. The other boroughs reported more plans filed
In April than in March with the exception of Queens, where projects dropped
from $24,000,000 to $20,000,000. However, it was only in the Bronx, where
a large number of apartments were planned that residential building gained.
Mt. Vernon and New Rochelle lost this month, as all classes of building
were less active, but White Plains doubled its March figure of $660,000.
Building in Yonkers continues to move ahead at an extremely rapid pace.
Plans for the first four months equal two-thirds of last year's total, which
was high.
The total amount of construction planned up-State was lower in April than
In March. Ten of the cities reported increases from month to month, but
the five decreases were enough to pull the total down. Two of the losses in
Buffalo and Utica follows the filing of large plans in March. In Rochester
the improvement was all in non-residential work, in most of the other cities
It was either in dwellings or all kinds of buildings.
If allowance is made for the special condition in Rochester last year, when
plans were rushed through before the building fee went into effect, we find
that up-State is keeping fairly even in the first four months with 1924.
Residential construction is ahead of last year, but public and commercial
classes of building have fallen off decidedly. Amusement places show a
marked gain.
Contracts awarded in New York and Northern New Jersey in April were
again much below the level of a year ago, and for the first 4 months of this
year were nearly 30% smaller than last year. Due, however, to large increases in other districts the April total for the country was the largest ever
reported, and for the first 4 months of the year was 7% larger than in the
corresponding period of any previous year.
Building permits, which precede contracts, also showed in April a large
Increase over last year for the country,and in the case of permits the increase
was shared by New York City, where the April figures last year were relatively small due to expiration of the tax exemption privilege for residential
building at the end of March. For the first 4 months of this year, however.
perm ts for this city continued substantially smaller than a year ago.
Illustration of the recent tendencies in building is shown by the accompanying diagram,(we omit this] which compares the first 4 months of this
year by districts and by types of construction. In all districts except New
York the value of contracts has been equal to or larger than a year ago.
Despite the heavy building of recent years, the volume of residential construction for the country as a whole continues close to the high level offist
year.
An Index of Trade in N. Y. Federal Reserve Dietribt.
In presenting a diagram indicating the trend of trade in the
principal cities of the Federal Reserve District of New York
(except New York City) since 1919, the June number of the
Monthly Review of the Federal Reserve Bank of New York
says:
In the Review of May 1 last year there was presented an index of trade in
this country over the last 50 years, based upon bank clearings to 1919 add
since that date upon bank debits. In this index allowance was made for
seasonal variations, changes in the general price level, and growth of the
country, so that its changes measured closely the variations in actual
volume of trade or exchange of goods over this period.
It has recently been possible to oonstruct a similar index of trade since
1919 in the chief cities of this district, except New York City, where debits
reflect so largely financial and Stock Exchange transactions. This index is
based upon debits in the following clearing centers:
Albany, N. Y.; Binghamton, N. Y.; Buffalo, N. Y.; Elmira, N. Y.;
Jamestown, N. Y.; Rochester, N. Y.; Syracuse, N. Y.; Montclair, N. J.;
Newark, N. J.; Northern N. J. Clearing House Assn.; Passaic, N. J. and
Stamford, Conn.
The accompanying diagram [this we omit.-Ed.j shows this index in percentages of variation from a line representing what has been the normal
rate of increase. This line is here shown as a flat line, but in reality it is a
line of gradual slope conforming with the growth of population and general
volume of business. For comparison with this new index the index of trade
for the country at large is also reproduced.
The similarity both as to direction and time of movement in the two lines
reveals the close correspondence of business changes within the district with
those for the country as a whole. It is noteworthy, however, that the extremes of high and low points are relatively small in this district, apparently
Indicating greater stability of business during this period than for the country
as a whole. At the present time, both in this district and for the country,
the indexes of debits are substantially above the trend.
West Coast Lumbermen's Association Weekly Review.
One hundred and nineteen mills reporting to West Coast
Lumbermen's Association for the week ending May 23, manufactured 107,965,917 feet of lumber; sold 113,526,550 feet,
Larger Building Program in Farming Regions Now and shipped 108,560,676 feet. New business was 5% above
Under Way Than For Several Years Past
production. Shipments were 4% below new business.
According to Federal Reserve Bank
Forty-two per cent of all new business taken during the week was for
future water delivery. This amounted to 47,828,971 feet, of which 35,166,of Minneapolis.
was for domestic cargo delivery; and 12,662,004 feet export. New
Regarding retail lumber sales and building activity in the 967 feet by rail amounted to 1,982 cars.
business
Northwest, the Federal Reserve Bank of Minneapolis has the
Thirty-nine per cent of the lumber shipments moved by water. This
following to say in its Monthly Review of Agricultural and
Business Conditions, issued under date of May 29:
Retail lumber sales in the rural portions of this district were 50% greater
during April than during the same month last year. The increases in the
earlier months of this spring as compared with the volume a year ago have
been largely due to more favorable weather. April, however, is always a
good building month, and it can now be said with certainty that a much
larger building program launder way in the farm ng regions of the Northwest
than has been undertaken for several years pa t. Sales of these lumber
retailers, measured in dollars and including other items as well as lumber,
were 35% greater in April than a year ago. In spite of this increase in the
dollar value of sales, accounts and notes receivable of lumber retailers were
7% smaller than last year at the close of April. There was a large seasonal
increase in lumber sales between March and April. Stocks of lumber in
retailers hands were practically the same at the close of April as at the close
of March and at the end of April a year ago.
Building activity in prospect showed very pronounced gains in April
over March and over April last year. In 18 cities of this district there was
an increase of 77% in the valuation of permits granted and an increase of
71% in the number of permits granted in April as compared with March.
The April volume of permits was 95% greater in valuation than a year ago
and 17% greater in number. At St. Paul the valuation of permits was
$4,360,000. as compared with $1,458.000 in April a year ago. At Duluth
the April valuation of permits granted was $1,653,000, as compared with
$485,000 a year ago. All of the other 16 cities, from which we receive reports, showed good increases, with the exception of Butte and Eau Claire.
Building contracts awarded in this territory were only 4% greater in
valuation in April than in the same month last year, according to the report
of the F. W. Dodge Corporation. The character of building has changed
considerably during the year. A year ago in April public works and
public utilities accounted for 39% of the total, while thi year it is only 9%
of the total. Residential building a year ago was 29% of the otal and this
year it was 53% of the total. Contracts for commercial buildings were more
than twice as great in April Viis year as in April a year ago, but educational
and industrial building showed declines.
amounted to 41,813.097 feet, of which 31,391,126 feet moved coastwise
and in,ercoastal; and 10,421.971 feet export. Rail shipments totaled
2,017 cars.
Local auto and team deliveries totaled 6,237.579 feet.
Unfilled domestic cargo orders totaled 168,693,592 feet. Unfilled
export orders 80,868,187 feet. Unfilled rail trade orders 5,286 cars.
In the first twenty-one weeks of the year, production reported to West
Coast Lumbermen's Association has been 2,099.368,784 feet; new business
2,133,817,037 feet; and shipments 2,152,054,679 feet.
Lumber Purchases Continue Large.
The 362 leading commercial softwood lumber mills of
the United States, which reported by wire to the National
Lumber Manufacturers Association here to-day showed new
business for the week ending May 30 20% in excess of that
for the corresponding period of 1924. Shipments showed
almost as much of a gain and there was a 5% increase in
production. On the other hand, there was a falling off in
all three factors as compared with the preceding week.
The unfilled orders of 244 Southern Pine and West Coast
mills at the end of last week amounted to 623,901,074 feet
as against 658,085,549 feet for 250 mills the previous week.
The 131 identical Southe n Pine mills in this group showed
unfilled orders of 245,413,260 feet last week as against
249,943,770 feet for the week before. For 113 West Coast
mills the unfilled orders were 378,487,814 feet as against
408,141,779 feet for 119 mills a week earlier.
Altogether the 362 comparably reporting mills had shipments 105% and orders 94% of actual production. For
2876
THE CHRONICLE
the Southern Pine mills these percentages were respectively
107 and 100; and for the West Coast mills 116 and 99.
Of the comparably reporting mills 338 (having a normal
production for the week of 216,117,713 feet) reported
production 102% of normal, shipments 109%, and orders
98% thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
GradeNewsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
Total, all grades_
[Vol.. 120.
Number
of Mills.
66
63
105
83
26
82
45
s
20
64
Produato
Net Tons.
127,624
94,719
118,271
49,988
11,173
31,552
12,534
4,225
15,027
22,281
Shiptpurnts
Net Tons.
126,482
95,242
119.798
50,875
11,099
30,416
11,623
3.985
14,821
22,066
Stocks on Hand
End of Month.
Net Tons.
26,666
39,501
30,418
59,305
6,547
42,295
11,810
2,003
3,823
16,180
487,372
486,406
238,528
Preceding
Week 1925
(Revised).
380
249,671.966
251,963,808
243.671.190
During the same period, domestic wood pulp production
increased 28%, this increase being distributed over all grades
but one. The March totals (mills identical with those reporting in February), as reported by the American Paper
and Pulp Association, are as follows:
The following revised figures compare the lumber movement for the first 22 weeks of 1925 with the same period
of 1924:
Stocks on Hand
Shipments. End of Month.
Used.
Number Production.
Net Tons.
GradeMills. Net Tons. Net Tons. Net Tons.
135,069
Groundwood pulp
92,413
3.106
100
115,003
8.997
Sulphite news grade_ .. _ _
3,389
38
41,528
37,562
3,281
19,244
4,410
Sulphite bleached
19
23,873
700
602
Sulphite easy bleached
5
4,469
4,875
840
Sulphite mitscherlich
5
739
4,221
3,518
4,457
Sulphate pulp
11.761
1,727
10
14,236
2,097
4,714
Soda pulp
11
13,463
18,271
56
Other than wood pulp__ _
2
33
Mills
Production
Shipments
Orders(new business)
Corresponding
Past
Week
Week.
1924.
362
358
235,757,504
225,424,327
248,299,451
206,423.684
222.058,262
177,647.933
Production.
Orders.
Shipments.
5,277,903,270 5,221,954,235 5,070,985,895
5,284,841,828 5,254,801,213 4,938,696,536
1925
1924
1925 Decrease
1925 Increase
6,938,558
32,846,978
132,289.359
The mills of the California White & Sugar Pine Manufacturers Association make weekly reports but for a considerable
period they have not been comparable in respect to orders
with those of other mills. Consequently, the former are
not represented in any of the foregoing figures. Eight of
these mills reported a cut of 10,265,000 feet, shipments
10,799,000 feet and orders 9,838,000 feet. The reported
cut represents 26% of the total of the California Pine region.
As compared with the preceding week, there was a decrease
of 904,000 feet in production, 441,000 feet in shipments, and
an increase of 2,182,000 feet in new business.
Decrease in Paper Production in April, as Compared
With Increase in March.
The April production of paper in the United States as
reported by identical mills to the American Paper & Pulp
Association and co-operating organizations, showed a decrease of 0.3% as compared with March's production(following an 8% increase in March over February), according
to the Association's "Monthly Statistical Summary of Pulp
and Paper Industry," issued under date of May 28. All
trades showed a decrease in production as compared with
March, with two exceptions The March production of
paper in the United States showed an increase of 8% as compared with February's production (following an 8% decrease in February over January), according to the Association's summary dated April 28. All grades showed an
increase in production as compared with February, with
one exception. The summary is prepared by the American
Paper and Pulp Association as the central organization of
the paper industry, in co-operation with the Binders Board
Manufacturers' Association, Converting Paper Mills Association, Cover Paper Association, Newsprint Service Bureau,
Wrapping Paper Manufacturers' Service Bureau and
Writing Paper Manufacturers' Association. The figures for
April for same mills as reported in March are:
GradeNewsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
Number
of Mills.
66
83
103
81
25
82
46
8
20
64
Total, all grades----
Production
Net Tons.
132.661
91,354
118,848
50,743
10,542
30,815
11,825
3,522
18,488
20.738
Shipments
Net Tons.
129,881
90,538
113,899
49,219
9,800
31,322
11,413
3,642
18,498
20,786
Stocks on Hand
End of Month.
Net Tons.
29,446
30,668
35,131
62,225
7,289
39,419
12,331
1,983
3,965
13,311
489,336
478,898
244,768
During the same period, domestic wood pulp production
increased 4%, this increase being distributed over one grade.
The April totals (mills identical with those reporting in
March) as reported by the American Paper and Pulp Association, are as follows:
Stocks on Hand
Shipments. End of Month.
Used
Number Production.
Net Tons.
GradeMills. Net Tons. Net Tons. Net Tons.
186,506
3,023
98,081
128,890
Groundwood pulp
102
9,660
Bulptdte news grade_ _ . 40
2,939
39.591
43,024
_
3,219
3,742
Sulphite bleached
18,444
22,147
21
754
414
Sulphite easy bleached
2,633
5
3,177
Sulphite mitscherlich
926
5,343
1,208
8,613
6
Sulphate pulp
1,720
2,385
11,054
10
13,062
Soda pulp
2,076
4,872
11
17,787
12,936
Other than wood pulp
26
2
128
98
---Total,all grades
184,888
18,583
234,798
188,210
Total, all grades
222,040
182,428
18.687
155,
497
Automobile Price Changes and New Models.
Further reductions in the price of certain types of automobiles became apparent during the week when reports indicated that the Hudson Motor Car Co. had reduced the price
of the Essex coach $45 and that of the touring car $50. Both
now list at $850. The dispatch further stated that the price
cut of $45 is without significance as the company is far
behind on orders. The cut is merely part of program of
reducing prices as volume increases.
The announcement was made June 1 at the Willys-Overland offices in New York City of a $90 reduction in price,
effective at once, on the Overland six-cylinders standard
sedan. The new factory price is $895.
Advices of the 1st inst reported that the Nash Motors
Corp. is introducing a new line of cars produced by its subsidiary the Ajax Motors Co. at Racine, Wis. The new
Ajax line consists of a six-cylinder sedan at $995 f. o. b. factory and touring model at $865.
Further Advances in Gasoline Prices
-Crude Oil
Shows No Change.
Crude oil prices showed no changes during the week, but
gasoline prices, on the other hand, advanced in several sections of the country. The Pierce Oil Co. on June 1 advanced
tank wagon gasoline 1 cent a gallon throughout Texas, while
the Magnolia Petroleum Co. announced a similar increase.in
Oklahoma, making tank wagon price 193/i cents. The
Standard Oil Co. of Louisiana on June 3increased the price of
fuel oil 5 cents a barrel at the New Orleans and Baton Rouge
terminals. The new price at Baton Rouge is $1 45 a barrel,
and at New Orleans $1 50. The Magnolia Petroleum Co.
and Humble Oil & Refining Co. advanced tank-wagon gasoline 1 cent a gallon throughout Texas, making the new price
in theEastern territory 9 cents, and in the Western territory
20 cents. Reports from Pittsburgh on the 3rd inst:. indicated
that the Gulf Refining Co. has met the Texas advance of 1
cent in gasoline.
The National Petroleum Marketers' Association reported
that the Magnolia Petroleum had advanced gasoline 1%
cents a gallon in Oklahoma. U. S. motor gasoline at MidContinent refineries was advanced 5,4 cent a gallon to 13
cents, some refineries reporting sales at 133 cents. A Rutland, Vt., despatch on June 3 stated that a gasoline price war
there between the leading distributors has resulted in a drop
of 4 cents a gallon to 21 cents retail, exclusive of tax. Prices
have been cut by the Standard Oil Co. of New York, the
Texaco Oil Co., the New England States Oil Co. and the
Gulf Refining Co. Effective June 4th Atlantic Refining Co.
advanced the price of gasoline 1 cent a gallon, making tankwagon price 21 cents and service station price 24 cents, plus
2 cents State tax.
Crude Oil Production Further Increased.
The American Petroleum Institute this week estimates
that the daily average gross crude oil production in .the
Smackover heavy oil field was 415,200 barrels, an increase
of 25,900 barrels during the week of May 30. The daily
average production in the United States for the week ended
May 30 was 2,346,900 barrels, as compared with 2,314,750
The figures for March for same mills as reported in Feb- barrels for the preceding week, an increase of 32,150 barrels.
ruary are:
The daily average production in the United States, excluding
JUNE 6 1925.]
THE CHRONTCLE
Smackover heavy, increased 6,250 barrels. The daily
average production east of California was 1,723,900 barrels,
as compared with 1,699,250 barrels, an increase of 24,650
barrels.
California production was 623,000 barrels, as compared
with 615,500 barrels, for the preceding week, an increase
of 7,500 barrels; Santa Fe Springs is reported at 52,000
barrels, no change; Long Beach, 110,000 barrels, against
112,000 barrels; Huntington Beach, 43,000 barrels, no
change; Torrance, 36,000 barrels, no change; Dominguez,
36,000 barrels, against 37,000 barrels; Rosecrans, 25,000
barrels, against 24,000 barrels; and Ingelwood, 33,000
barrels, against 23,000 barrels.
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 May 30 was 1,364,450 barrels,
as compared with 1,341,200 barrels for the preceding week,
an increase of 23,250 barrels. The Mid-Continent production, excluding Smackover, Arkansas, heavy oil, was 949,250
barrels, against 951,900 barrels, a decrease of 2,650 barrels.
The following are estimates of daily average gross production for the weeks ended May 30, May 23, May 16 1925,
and May 31 1924.
DAILY AVERAGE PRODUCTION.
(In Barrels)May 30 '25. May 23'25. May 16' 25. May 31 '24.
Oklahoma
448,500
448.100
444.700
446,450
Kansas
103,900
102,050
100,150
72,500
North Texas
89.250
91.400
90.400
79,900
East central Texas
121,000
125,250
130,400
135,650
West central Texas
92,450
89.850
85,000
50,300
North Louisiana
52,100
53,150
51,950
53,550
Arkansas
457.250
431,400
448,800
167.600
Gulf coast
115.000
110,800
105.400
69,650
Southwest Texas
52,350
52,100
52,850
41,600
Eastern
103,500
103,000
104,000
105,000
Rocky Mountains
88,100
92,150
89.800
127,950
California
623,000
615,500
602,500
631,250
Total
2.346.900
2,314,750 2,305,950
1.983,400
2877
RIMS of crude oil for the month totalled 59,179.774 barrels, of which
4,635,371 barrels were foreign oil. The daily average run of 1,972,659
barrels Is the highest ever recorded. Stocks of crude at the refineries May 1
amounted to 44,409.291 barrels of which 4,253,641 barrels were foreign
crude oil.
Steel Trade Appears to Gain Slowly-Prices Remain
About the Same.
The fact that for three weeks now the country's steel production has held close to 70% of capacity is taken as the
measure of a nearly stabilized market, in contrast with the
very abrupt descent of the production curve in May last
year, says the weekly review of market conditions issued
June 4 by the "Iron Age," adding:
The character and volume of new buying in finished steel are little
changed. Numerically, orders are increasing. Mill shipments still exceed
orders, but the improvement last month in the latter is expected to show
In a smaller May decline in unfilled orders than the 420.000 tons average
for March and April.
The rate of current consumption is obscured by lack of data on consumers'
stocks. Jobbers generally. have good-sized stocks, as have the larger consumers, but if all consumers had been real hand-to-mouth buyers in the
past three months, the decline in production would have meant some
decline in consumption.
Sheets are sti'l conspicuous for the stress producers are putting on getting
orders even at greater price cuts. The weakness has now extended to automobile body sheets, which are $2 a ton lower within the week.
Concessions on cold-rolled strip steel are also growing, and as low as
3.50e. is reported.
Pig iron buying in the Middle West is still on a liberal scale, though at
Cleveland. where the activity has been greatest, the great total of the pre;
ceding week was not reached. In May no less than 350,000 tons was
closed there. In other centres large interests that often sense the low
point have bought fair-sized lots for third quarter, or are negotiating.
Some low prices have been made in private deals.
With structural steel awards of about 38,300 tons, the week ranks as
one of the most active of the year in building contracts. More than 8.000
tons is in oil tanks.
Chicago plate mills, which have been much in need of tonnage, are booking considerable steel for the oil fields, oil storage tank awards for the
week heir g 8,400 tons for Baton Rouge and Los Angeles.
Of 54,000 base boxes of tin plate for the Nippon Oil Co., one-half will be
supplied by American makers and one-half by Wales.
Reports of deliveries of Belgian wire nails in the Chicago district have
not been verified, but it is known that foreign nails have been landed at
Gulf ports at $2 75 per keg, duty paid, which is the ordinary domestic
price at Pittsburgh.
French bids on cast iron pipe at Detroit last week were the highest
-inch pipe, against $43 80 by the
submitted. being 1.46 50. delivered, on 24
successful bidder. In all 14,000 tens was taken by domestic foundries.
At the pros bus letting last month the French bidder took 3,000 tons.
The rise in scrap prices which began two or three weeks ago is supported
by a moderate movement. At Pittsburgh the advance on heavy melting
steel is 111. 50 over the low point of the year, while at Steubenville $18 a ton
has been paid, or 50c. more than last week's price. A 25.000
-ton purchase
in the Chicago district, the first by a consumer since the scrap market
turned firmer, established a 50c. advance this week.
Steel demand in England is so poor that some makers are looking for
relief under the "safeguarding of industries" Act. Low franc exchange
hampers trade on the Continent. German and French interests have
resumed their conference looking to exchange of ore and semi-finished steel
for coke. Large German steel companies have agreed to give special low
prices to rolling mills on steel intended for export.
American machinery exports in April amounted to 536.033,980; imports
to $1,167,049. In the ton months ended April 30 exports of machinery
were $277,812,533; imports $8,624,951. About thesame proportion holds
in metal working machinery.
Record Breaking Gasoline Production-Heavy
Consumption.
Production of gasoline in the United Stdtes, which has of
late broken record after record, continues its upward trend,
states the Department of the Interior in commenting on
statistics compiled by the Bureau of Mines. The nation's
output of gasoline during the month of April was 860,492,115
gallons, a daily average of 28,700,000 gallons. These are
record figures 'for both total and daily average production.
The daily average production of gasoline represents an increase over that of the previous month of 4%, and over that
of April 1924 of 14%.
Domestic demand for gasoline,the Bureau of Mines reports,
was 810,849,075 gallons, a daily average of 27,030,000 gallons, which is an increase over the previous month of 7,010,000 gallons, or 35%. It also represents an increase
over the corresponding period of a year ago of 34%. Exports
of gasoline in April amounted to 109,750,000 gallons, a drop
in daily average from the previous month of 9%.
The usual comparative composite price table shows no
Stocks of gasoline on hand at refineries on May 1 were
1,561,002,024 gallons, a decrease from the previous month of changes this week, but remains as follows:
June 2 1925, Finished
50,000,000 gallons. The seasonal decrease in gasoline stocks, Based on prices of steel bars, beams,Steel, 2.480c. per Pound.
tank May 26 1925
2.460e,
plates, plain wire, open-hearth rails, May 5 1925
2 460e.
due to the advent of the motoring season, has this year
2.624c.
black pipe and black sheets,constituting June 3 1924
manifested itself earlier than usual. This is the first time
-year pro-war average. 1.689e.
88% of the United States output.
10
June 2 1925, Pig Iron, $1942 per Gross Tons.
since 1920 that gasoline stocks have shown a decrease before
$1942
Based on average of basic and foundry May 26 1925
the month of May, likewise the first time since 1920 that
20 63
irons, the basic being Valley quotationray 5 1925
20 86
the foundry an average of Chicago, June 3 1924
stocks of any month have been lower than those of the same
Philadelphia and Birmingham.
-year pre-war average, 15 72
10
-High: 1925. 2.560c., Jan. 6; 1924, 2.789c., Jan. 15:
Finished Steel.
month of the previous years. Gasoline stocks as of May 1
2.460c.,
2.824c., April 24.
represent 58 days' supply at the April rate of domestic 1923,14; 1923, 2.446c., Jan.Low: 1925, 2 460e., May 5; 1924,
Oct.
2.
Iron.-Iligh: 1925, $22 50, Jan. 13: 1924. $22 88, Feb. 26: 1923,
Pig
demand. This compares with 80 days' supply on hand a
$3086, March 20. Low: 1925, $1942, May 26; 1924. $1921. Nov. 3;
year ago and 80 days' supply on hand on April 1. The $2077, Nov. 20.
statement continues as follows:
With the growing conviction that the low point in new
The production of kerosene during May was 201,000.000 gallons, a daily business was reached in April, the steel industry is maintainaverage of 6,700,000 gallons. Exports were 80,500.000 gallons, a slight
drop in daily average from the previous month. Domestic demand for ing a slow improvement in volume and stability declares the
kerosene showed a material increase and stocks were reduced by 21.000,000 "Iron Trade Review" this week. At the same time it is
gallons to .120,000,000 gallons.
manifesting a stronger expectation of better things to come.
The production of gas and fuel oils in April was 1,230,000.000 gallons,
a daily average of 41,010.000 gallons. These figures are record figures Absolute requirements are forcing buyers to increase or reand represent an increase over the previous record figures of March 1925 plenish their supplies more frequently and the sum of better'
of 6%. Domestic demand for these oils showed little change over the specifications and fresh buying is nearing the point of equaling
previous month, but stocks increased 89,000,000 gallons, standing on
shipments. Under a market of this thin character, however
May 1 at 1,737,000.000 gallons.
The production of lubricants was 107.000,000 gallons, a daily average of backlogs of mill orders still are melting away even though
3,570,000 gallons, and a decrease from the previous month. Stocks,
more gradually and producers are unable to look far ahead,
exports, and domestic demand showed little change during the month.
The production of wax was 48.900,000 pounds, a decrease from the continues the "Review" adding:
previous month. Exports fell off 4,000,000 pounds to 24.600,000 pounds,
domestic demand dropped off 3.000,000 pounds to 16,500,000 pounds.
and stocks continued to increase, standing at 103,300,000 pounds as of
May 1.
During the month of April the Bureau of Mines received reports from
296 operating refineries with an aggregate daily crude oil capacity of
2,439.967 barrels, running to stills a daily average of 1.972,659 barrels of
both foreign and domestic crude oil, or 80.8% of their daily operating
capacity. This is an increase of 0.7% over the refinery operations of the
previous month, but a decrease of 4% from the operations of March 1924,
Operations show some Improvement this week. The Chicago district has
gained 1% in active ingot capacity. Pittsburgh is back to 70% average.
Shedl mill activities in the Mahoning valley are up to 75%.
Sales by manufacturers of agricultural implements have been running the
heaviest in 5 years and show no tendency to slow down. Automobile manufacturers after another large production month in May plan this rate for
June.
Pig iron sales have run up higher to a grand total of about 700,000 tons
since May 1. Cleveland furnace interests contributed 350,000 tons of this
and Chicago 200.000 tons. The week's sales record shows 75,000 tons
at
2878
THE CHRONICLE
[Vol.. 120.
The Connehlsville "Courier" reports an increase n the Connellsville
Cleveland, 30,000 tons at Philadelphia and 20,000 at New York. Prices
show some stiffening tendency. Outside prices of under $18. Chicago. region of 6%, although there were 355 additional ovens blown out during
have disappeared. Buffalo appears firmer. The valley market seems to be the same period.
$18.50.
Estimated Production of Beehive Coke (Net Tons).
The week has brought out awards of about 1.500 more freight cars, the
1924
1925
--Week Ended
main lot being 1,000 additional for the St. Paul, but the larger promised
to
to
May 23 May 16 May 24
orders are not yet forthcoming. The Texas & Pacific inquiry for 25 locomoDate.
Date.
1925.13 1925.c
1924.
tives is the largest of the few now current. The Pennsylvania closed on
Pennsylvania & Ohio_ _105,000 96,000 114,000 3,521,000 4,252,000
8 car floats involving 4,800 tons of steel. Activity in the oil industry con- West Virginia
285,000
265,000
10,000
7,000
11,000
tinues to be reflected in larger buying of storage tanks, refining stills, &c. Ala., Ky., Tenn. & Ga..
423,000
436.000
17.000
16,000
20,000
The Pan American Petroleum Co. placed 10 tanks requiring 3.870 tons, the Virginia
177.000
5,000
5,000
7,000
175,000
Humble Oil Co., a similar order, 5,000 tons and the Pure Oil Co. 1.100 tons. Colorado & New
110,000
Mexico 5,000
89,000
5,000
5,000
The Gulf Oil Co. placed 1.200 tons for stills. Other storage tank inquiries Washington &
86,000
Utah_ _ _ 4.000
90,000
4.000
4.000
Involving 10,000 to 15,000 tons are current. The New York Oil Co. asks
4,600 tons of 12
-inch pipe for Wyoming.
United States total_ _ _ _147,000 136,000 157,000 4,576.000 5,333,000
The May movement of lake ore measures the expectation of continued
active furnace operations, reaching 8,313,984 tons, an increase of 1,730,169 Daily average
43,000
25,0011 23,000
37,000
26,000
tons or 21% over April 1924.
a Adjusted to make comparable the number of days covered in both
The scrap market remains largely a dealer's affair with prices moving years. b Subject to revision. c Revised since last report.
higher. At Chicago $16 75 has been paid for heavy melting steel and at
Pittsburgh $17 50 to $18.
May production of pig iron carried further the heavy loss appearing in
May Pig Iron Output Recedes.
April after 9 months of consecutive gain. The decline in May in total was
281,695 tons and in active furnaces, 24. Total output was 2,929,540 tons
May blast furnace'operations, as reported by the "Iron
against 3,211,235 tons or the lowest since November. On a daily basis the Age,"
accentuated still further the decline which was quite
fall was 11.7% making a gross dip of approximately 20% since March.
Active furnaces at the end of May, 197, represented 48.6% of the country's sharp in April. The May output at 94,542 tons per day was
total capacity.
14,090 tons less than the April rate
-a decline of about
After having rejected low bids on foreign-made cast iron pipe on two prev13%. There was a net loss of 24 furnaces as compared
ious occasions, the city of Detroit,finally is placing 14,000 tons with domestic foundries. Belgian pipe, however, has been accepted on 1,500 tons for with 25 in April and 9 in March. The production of coke
Pasadena.
pig iron for the 31 days in May amounted to 2,930,807
The well established position of plates, shapes and bars is exerting a
gross tons, or 94,542 tons per day, as compared with 3,258,steadying influence on finished steel prices While sheet tonnage Is better,
mill schedules are uneven and to round them out concessions usually are 958 tons, or 108,632 tons per day for the 30 days in April.
necessary.
The May record is the lowest for the year, declares the
Cross currents of competition keep the European iron and steel market in
"Age," adding:
an unsettled condition. The Krupp works has been canvassing markets in
There were 28 furnaces blown out or banked during May and 4 blown
Great Britain with offers offinished steel at low prices and French mills have
sold 14,000 tons of shapes and sheets to Belgian users. Egypt divided 51 in, a net loss of 24, bringing the number of furnaces active on June 1 to 196.
The estimated daily capacity of these 196 stacks on June 1 is about 89,500
locomotives between German and British builders.
The "Iron Trade Review" composite of 14 leading iron and steel products tons, compared with 100,800 tons per day for the 220 furnaces active
more nearly lain balance this week with an average of $38 01. Last week's on May 1.
Of the 28 furnaces shut down last month 10 were Steel Corp. stacks,
Index was $38 04.
11 were independent steel company furnaces. and 7 were merchant units.
Of the furnaces blown in three were indepeLdent steel company stacks
Bituminous Coal Production Increases as Anthracite and one was a merchant furnace,n
TOTAL PIG IRON PRODUCTION BY MONTHS
-GROSS TONS.
and Coke Show Declines.
1925.
1921.
1922,
1924,
1923
The weekly report on the production of anthracite and January
2,416,292 1,644.951 3,229,604 3,018,890 3,370,338
February
1,937,207 1,629,991 2,994,187 3,074,757 3,214,143
bituminous coal and beehive coke issued by the Department March
1,595,522 2,035,920 3,523,888 3,466,086 3,564,247
April
1,193,041 2,072,114 3,549,736 3,233,428 3,258,958
of the Interior, through the Geological Survey, May 29 1925, May
2.930,807
1,221.221 2,306,679 3,867,694 2,615,110
1 064.833 2.361.028 3,676,445 2.026,221
shows a decline in the former while reporting an increase in June
_
the two latter fuels. The estimated average total production
Half year
9,428,166 12,050,683 20,841,534 17,434,492
864,555 2,405.365 3.678.334 1,784,899
for each of the fuels mentioned is as follows, according to July
August
954,193 1,816,170 3,449,493 1,887,145
September
985,529 2.030.120 .
(03,125,512 2,051,264
the Survey:
October
1,246,676 2,637,844 ' 3,149,158 2,477,127
1,415,481 2,849,703 2,894,295 2,509,673
The gradual recovery in production of bituminous coal that began in November
1,649.086 3.088,898 2,920,982 2,961,702
mid-April continued during the week ended May 23. The total output, December
Including lignite, is estimated at 8,445,000 net tons, an increase of 95,000
"Year
16,543,686 26,8807383 40,059.308 31,108,302
tons, or 1.1% over the preceding week. For nearly two months the
•
current output has been running substantially above that in the correspond- IronThese totals do not include charcoal pig iron. The 1924 production of this
was 212,710 tons.
ing period of 1924. In comparison with the same week last year, for
-GROSS TONS.
DAILY RATE OF PIG IRON PRODUCTION BY MONTHS
example, the week of May 23 shows an increase of 1,048,000 tons, or
Total.
Merchant.
Steel Works.
14.2%. In comparison with 1923, however, when consumers were buying
84,358
-May
62,176
22,182
heavily at this season for storage in order to build up their reserves after 1924
67,541
June
50,237
17,304
the 1922 strike, the present rate of output is far behind.
57,577
43,353
July
14,224
60,875
45,591
August
15,284
Estimated United States Production of Bituminous Coal (Net Tons) Including
68,442
50,312
September
18.130
Coal Coked.
79.907
59,952
October
19,955
83,656
63,230
November
20,426
1924a
192595.539
76,682
December
18,857
Cal. Year
Cal. Year
108,720
1925
86,856
21,864
-January
Week.
to Date.b
to Date.
Week.
114,791
February
90,707
24,084
114.975
90.741
24.234
March
8.277,000 172.776,000
7.360.000 178,158,000
May 9
108,632
April
83,827
24,805
average
1,380.000
1,627,000
Daily
1.574,000
1.227.000
94,542
May
74,415
20,127
8,350,000 181,126,000
7,263,000 185,421,000
May 16c
-GROSS TONS.
PRODUCTION OF STEEL COMPANIES
1,392,000
1,210,000
1,605,000
Daily average
1.564.000
8445,000 189,571.000
7,397,000 192,818,000
May 23d
-Total Production 5- -Spiegeleisen and Ferromanganese*
19251924-1.407,000
1,587,000
1,556,000
1.233,000
Daily average
1925.
Ferrom. Spiegel. Ferrom. Spiegel.
1924.
a Original estimates corrected for usual error, which in past has averaged January
5,418
2,274,005 2,892,537 20,735
7,948 23,578
2%. b Minus two days' production first week in January to equalize February
4,910
2,410,658 2,539,785 22,405
9,870 18,184
5,449
number of days in the two years. c Revised since last report. d Subject March
2,674,565 2.812,995 22.351 13,796 20,062
5,341
4,240 21,448
April
2,463,027 2,514.828 23,580
to revision.
5,294
May
9,336 22,679
1 927,461 2,306,887 14,9W
The total output for the calendar year 1925 to date is 189,571,000 net June
20,049
1,507,110
9,405
tons. Corresponding figures for recent years are given below:
124,113 54,595
Half year
13,256,826
Years of Activity.
Years of Depression.
I
14.367 15,328
1,343,952
171,349,000 net tons July
218,156,000 net tons 11919
1918
10,718
1,413,514
8,010
August
156,808,000 net tons September
206.325,000 net tons11921
1920
13,263
5,033
1,509,360
221.865,000 net tons11924
192,818,000 net tons October
7,780 10,047
1,858,502
1923
13,448
8,835
1,896,886
The year: 1925 is gaining rapidly upon 1924, though still about 3.000,000 November
21,220
2,377,141
5,284
tons behind. In comparison with the average for the six years 1919 to December
1924, which amounts to 185,841,000 tons, the year 1925 is 3,730,000
204.909 107,132
Year
23,656,981
tons ahead.
* Includes output of merchant furnaces.
ANTHRACITE.
Ferromanganese and splegelelsen included.
Production of Pennsylvania anthracite declined during the week o
being about 1,760,000 net tons, against 1,998,000 in
-May 23, the output
the preceding week. The cumulative production for the calendar year to
General Demand for Coal Improves.
date is 895.000 tons behind the corresponding figure for 1924.
Estimated United States Production of Anthracite (Net Tons).
The "Coal Trade Journal" in its eastern market section
1925----1924
-states that reports from the various producing and conYear
Cal.
Cal. Year
suming centres were more encouraging over the past week.
to Date.
to Date.a
Week.
Week.
Week Ended32,693,000 Demand seems to have improved and prices are showing
2,036,000
31,788,000
1.924,000
May 9
34,591,000 considerable firmness, except in slack, which is more plentiMay 16 :
1.898,000
1,998.000
33,786,000
4
36,441.000
May 23b
1,760,000
35,546,000
1.850.000
production in January to equalize number of days in ful on account of increased shipments of prepared sizes.
a Less two days'
Throughout Ontario, the bituminous demand, however, is
the two years. b Subject to revision.
BEEHIVE COKE.
The output of beehive coke during the week ended May 23, according to
reports from the coke carriers, amounted to 147,000 net tons, an increase
of 8% compared with the preceding week. This was the first increase
since Feb .7
inactive and buying is on a hand-to-mouth basis only.
Stocks are light but suffick0 to take care of the limited
demand. The slack market is firm but lump is draggy.
The anthracite situation is unchanged with dealers heavily
JUNE 6 19251
THE CHRONICLE
stocked. There is some demand for domestic coke, continues
the "Journal," adding:
There is a spread of 20 cents in the price of New River and Pocahontas
coals at Boston and, except for the highest grades of coal, the market is
weaker. Arrivals are light but some private pockets are said to be selling
on account of being overstocked, and this keeps the prices down. At
Providence the prices have weakened in spite of light arrivals. Independent
anthracite prices are irregular. Stove is running strongest with egg second:
the domestic trade continues light with very little stocking for next winter
being done. At New York the bituminous and anthracite markets are
both quiet and it is expected that this condition will last through the month.
Of course, there will be the usual summer stocking of certain large dwellings
before their owners leave for the summer, but generally, June is expected
to show very little activity in the domestic sizes of anthracite. As far as
It has been possible to learn at this writing, the company anthracite prices
will be ten cents higher than those for last month. Independent prices
show a wide spread, some being reduced and, in the case of high grade
special coals, there has been a raise.
The demand for anthracite at Philadelpila is only fair, but dealers are
expected to raise their prices 15 to 25 cents onMine 1. Bituminous slack
is scarce, due to the limited demand for screened lump, especially from the
Lakes and the buying activity is poor. At Baltimore the demand and
price for soft coals are unchanged. Export is at a,standstill, there having
been no shipments overseas since May 16.
The demand has again improved and prices are firm in the Pittsburgh
district. Slack is scarce, but the demand for it is light. The industrial
demand is slightly better but most of the buying is on a hand-to-mouth
basis and contracting is still slow. Connellsville coke production has
Increased slightly with prices about the same. There is no change in
conditions in the central Pennsylvania fields, 70% of the coal mined still
coming from those mines operating under the 1917 wage scale or its equivalent. The district is reported to be quiet.
Reports from southern West Virginia show that production and movement are very good, though general business conditions are far from
satisfactory. Several of the larger high volatile mines have good orders in
hand and are able to work five days a week. Prices are unchanged except
for slack, which is lower on account of increased preparation. The demand
for smokeless is slow on account of the large stocks on hand, particularly
at tidewater but production remains at about the same level except that
there has been an increase in the output in the Pocahontas territory.
Prices are still much lower in the East than elsewhere. In the Fairmont
district no improvement has been noted in prices and there is considerable
free tonnage on hand. Inquiry has dropped slightly and the outlook for
a big Lake season is not so good. The railroads continue to buy coal on
the spot market.
The Virginia mines are producing at,ubout two-third capacity and
shipments are principally on account of railroad contracts. Demand for
the smaller prepared sizes is good and operators are optimistic. Little
coal is going to the Lakes. Production has increased slightly in the Upper
Potomac and western Maryland fields due to increased output in the
Elkins field and is more than sufficient to meet the demand. The absence
of contracts keeps prices at a low point.
Through that popular barometer of business, freight-car
loadings, holds at a record
-breaking level for this time of
year and most authorities pronounce basic conditions to be
sound, the bituminous coal -business shows a disheartening
lack of life declares the "Coal Age" in its June 4th market
review. For one reason or another consumers turn their.
backs on the market, purchases being largely limited to
current requirements. Contracting is slow, but distress
coal is less in evidence than a few weeks ago. A touch of
cold weather caused a slight pick-up in domestic trade last
week, but it was only a fleeting flurry. Though the market
has shown little change in the Middle West the trade is
disposed to take a favorable view of the outlook this month,
as stocking is expected to begin soon, adds the "Age"
giving further details as follows:
Kentucky is producing a larger volume of coal than at this time last
year, eatern Kentucky having a freer movement at a fair price, but prices
in the western field are still quite low. Business is flat at the head of the
lakes, buyers expecting prices to break—and waiting. Little coal is moving
in the West and Southwest, as buying is from hand to mouth, and working
time is low.
The Cincinnati market is more active than at any time in the last three
months, some shippers having so much'business booked ahead that they
are able to turn some over to those less busy. A better tone is in evidence
in southern Ohio also and production has picked up in eastern Ohio, but
with little change in demand. Pittsburgh, New England and the other
Eastern markets show no signs of awakening from the inactive state
recently prevalent.
There has been a marked let-up in the anthracite trade. Stove is strong
and egg is in good demand, with plenty of coal available to fill all orders.
Chestnut is in fair request, but pea is inactive. Steam sizes are weak and
large tonnages are going into storage piles. Independent prices show a
tendency to weakness, but rather than reduce quotations the operators
have cut down working time. The companies advanced prices on domestic
sizes June 1.
The "Coal Age" index of spot prices of bituminous coal remained stationary during the past week, standing on June 1 at 162, the corresponding
price for which is $1.96.
Dumpings at Lake Erie ports during the week ended May 31, according
to the Ore St Coal Exchange, were: Cargo, 624,706 net tons; steamship
fuel, 35,455 tons—a total of 660,161 tons, compared with 734,101 tons in
the preceding week. Hampton Roads dumpings in the week ended May 28
totaled 368,836 net tons, compared with 451,537 tons in the previous week.
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
grand divisions and principir countries for the month of
April and the ten months ending with April for the years
1924 and 1925. The following is the table complete:
2879
TOTAL VALUES OF IMPORTS AND EXPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Imports from
Month of April.
1924.
Grand Divisions—
Europe
North America
South America
Asia
Oceania
Africa
Total
Principal countires—
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Russia in Europe
Spain
Sweden
Switzerland
United Kingdom_a
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
Straits Settlements
China
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
1925.
$83,867,702 $98,005,839
94,363,246 93,352,227
34,525,384 46,661,375
99,552,313 90,660,711
4,949,740
9,912,838
7,032,581 10,105,315
Ten Months Ending April.
1924.
$901,067,147
823,762,226
351,968,598
798,586,381
39,270,914
62,393,209
1925.
$989,645.415
785.671,369
425,997279
846,348,384
53,441,540
72,995,275
$324,290,986 $348,698,305 $2,977.048,475 $3,174,099,232
$4,947,472
459,877
12,707,734
9,525,186
747,561
7,198,331
5,924,900
1,072,007
12,352
2,980,487
1,365,499
2,646,580
28,893,108
33,174,426
4,290,104
14,562,714
39,482,767
612,422
7,443,605
11,869,160
7,264,227
4,684,977
249,359
1,051,051
330,573
1,512,724
19,215,760
22,344,658
12,758,808
6,771,723
24,727,840
12,660,238
2,532,486
2,307,153
676,185
2,897,730
$5,900,470
393,059
11,815,707
11,506,172
5,376,762
9,986,468
6,170,302
2,433,400
870,483
2,495,693
1,999,415
2,507.896
31,377,370
33,119,839
4,860,559
16,615,976
35,587,689
695,506
11,352,742
13,856,145
11,831,061
5,290,598
480,686
964,225
1,144,142
1,606,746
11,737,021
17,107,199
15.328,625
7,289,532
23.891,167
7,804,383
6,836,508
2,871,726
11,538,036
3.408,399
a Includes Irish Free State prior to Jan. 1 1925.
Month of April.
$57,406,163
6,715,889
123.535,057
126,395,389
7,134,208
70,098,067
59,163,410
17.999,120
4,133.519
25,771,685
30,967,918
32,286,104
291,146,435
350,882,826
26,184.824
124,884,401
295,440,953
7,674,270
62,804,660
121,912,315
77,131,941
40,780,031
4,879,779
23,884,060
5,892,438
11,782,516
91,399,929
121,316,281
139,788,604
45,589,140
276,329,305
67,870.333
26,797,222
10,460,014
6,722.900
25,402,463
$55,389,020
4,332,623
131,448,522
124,012,670
25,331,317
77,219.443
67,048,300
19,120,863
7,004,577
23,952,315
37,932,168
32,288,867
333,761,969
333,188.202
30,104,419
150,906,458
242,462,162
5,131,430
68,439,916
172,865,931
82.835,491
48,858,932
5,666,771
16,655,982
13,925,687
14,841,899
98,696,522
145,657.996
109,687,470
56,920.102
297,889,108
76,514,637
36,655,975
14,308,061
7,118.44.6
33.258.727
Ten Months Ending Apra.
Exports to
1924.
Grand Divisions—
Europe
North America
South America
Asia
Oceania
Africa
1925,
1924.
1925.
$180,278,704 $208,080,096 $1,897,964,967 $2,339,762,789
84,781,698 92,723,277
869,928.535
939,635,960
25,206,178 35,898,954
230,833,797
293,531,630
35,038,404 36,346,961
486,342,194
398,558.092
14,249,283 18,320.171
130,747,308
135,981,978
7,381,435
7,679,094
53,761,983
63,472,272
$346,935,702 $390,048,553 $3,669,578,784 $4,170,942,721
Total
Principal count/le:—
$9,346,618 812,054,884
887,773,720 8111,623,867
Belgium
4,428,921
4.976.250
33,442,112
41.083,129
Denmark
19,915,018 22,017,230
236,981,823 2 53,106,321
France
32,873,800 32,995,392
332,022,638
412,900,679
Germany
732,515
825,731
7,879,688
20,210,256
Greece
15,225,676 19,171,035
193,843.012
152,174,319
Italy
10,028,369 12,598,179
145,357,147
100,393,900
Netherlands
1,896,235
2.635,555
18,109,202
24,788,808
Norway
4,520,751 12,858.104
46,231,578
11,977,043
Russia in Europe
6,868,809
64,502,343
5,530.776
58,898,549
Spain
3,884,884
35,209,326
3,558,075
37,787,024
Sweden
1,053,631
6,552,948
613,699
6,374,405
Switzerland
65,711,609 73,147,532
944,048,252
783,468.713
United Kingdom_a
48,324,569 49,315,113
520,842,976
505,783,580
Canada
4,649,438
59,518,677
5,744,469
47,969,711
Central America
11,705,058 13,378,992
123,794,06E
100,819,565
Me:deo
14,789,354 18,436,329
174,280.966
159.756,607
Cuba
1,144,034
14,720,431
1,261,941
11,552,864
Dominican Republic
8,903,207 12.241,500
88,863,178
Argentina
111,665,441
4,917.059
8,652,917
62,364,182
Brazil
42.843,680
2,605,924
3.237.567
28,175,88E
Chile
25,565,898
2.516.460
27,556,611
3,955.201
Colombia
18,344,704
524.037
661.311
4,451.621
Ecuador
3,692,310
1,863,151
19,742,64E
Peru
2,138,819
18,858,026
1,833,043
14,497,231
15,773,311
1,945,140
Uruguay
1,385,336
2,215,604
16,690,51E
Venezuela
12,158,175
3,398,467
3.320.489
28,190,499
28,914,691
British India
578,145
Straits Settlements
968.763
5,709,739
6,917,40:
8,982,578
71,304,891
China
8.519.919
100,398.183
1,037,210
12,784,881
Dutch East Indies
1.598.089
10,929.163
13,952,787 12,750,728
198,566,581
Japan
257,757.257
Philippine Islands
52,371,451
4,014,887
6,120.592
45,360,247
Australia
11,398,962 14,386,577
108.134,506
107,388,194
New Zealand
2,627,155
3,753,343
21,828,729
26.127,771
32,544,211
British South Africa.—
4,132,506
4,110,454
26.981.025
Egypt
597.329
443.850
5.173.245
5.192.651
a Includes Irish Free State prior to Jan. 1 1925.
C. K. G. Billings Buys Johnson Building on
Exchange Place.
It was announced this week that Joseph P. Day and the
Charles F. Noyes Company have sold in a $5,000,000
transaction to C. K. G. Billings the 17-story Johnson
Building occupying the block front on Exchange Place from
Broad to New Streets. The building covers a plot of 13,000
feet with 325 feet of direct street frontage. Diagonally
opposite will be the new 32-story home of the Equitable
Trust Co. and J. P. Morgan & Co. on the site of the present
"Mills Building." Directly opposite is the "Broad Exchange
Building;" to the north is the "Blair Building" and New
York Stock Exchange and to the west are the homes of the
Central Union Trust Company, the Irving Bank-Columbia
Trust Company Building (recently purchased by the North
American Company) the Standard Oil Building and the
other large buildings on Broadway extending through to
New Street.
The building purchased by Mr. Billings is from plans of
James B. Baker and was constructed by Charles T. Mills
2880
THE CHRONICLE
decorations, bronze and glass by Tiffany. The foundations
rest on solid rock and the building is one of the few buildings
in the neighborhood with soundproof and fireproof partitions
throughout. The building produces a rental of approximately $500,000 per annum.
• In part payment, the sellers, Mandelbaum & Lewine, took
from Mr. Billings free of mortgage "Farnsworth," a country
lr
[vol.. 120.
place at Locust Valley Long Island. "Farnsworth" cost
Mr. Billings $1,550,000 to construct.
"Farnsworth" has been placed in the charge of Joseph
P. Day and the Charles F. Noyes Company for resale, and
negotiations are pending. The "Johnson Building," at 30
Broad Street, will be placed under the management of the
Charles F. Noyes Company when title is taken on July 1st.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on June 3, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows an increase of $9,800,000 in total earning assets and of $4,100,000 in Federal
Reserve notes in circulation, and declines of $24,300,000 in
cash reserves and $3,900,000 in non-reserve cash. Holdings
of discounted bills went down $1,600,000, while holdings of
acceptances purchased in open market went up $6,500,000
and of Government securities $4,900,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
The New York Reserve Bank reports a decline of $5,900,000 in discount
holdings, the Philadelphia Bank reports a decline of $5,800,000 and Cleveland of $3,300,000, while the Federal Reserve Bank of Boston reports an
increase in discounts of $5,400,000. St. Louis an increase of $5,100,000.
• Atlanta of $3,900,000 and Richmond of $2.600,000. The five remaining
banks show smaller changes in discount holdings for the week.
An Increase of $8,200,000 in acceptance holdings is shown for the Minneapolis Bank, the other Reserve banks reporting relatively small changes in
this item. The System's holdings of Treasury notes Increased $6,300,000,
while holdings of U. S. bonds and of Treasury certificates each declined
by $700,000.
The principal changes In Federal Reserve note circulation during the week
comprise an increase of $3,800,000 reported by the San Francisco Bank
and $2,200,000 by New York, and decreases of $1.900,000 and $1,300,000,
respectively, reported by the Cleveland and Boston banks.
reporting members went up $11,000,000, entail increases being shown for
most of the districts.
Of the aggregate increase of $65,000,000 in borrowings from the Federal
Reserve banks, $46,000,000 was reported by banks in the New York
district and $11,000,000 by banks in the Cleveland district.
On a subsequent page—that is, on page 2913—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year:
Increase (±) or Decrease (-1
During
Year.
Week.
Loans and discounts, total
+811.000.000 +81,157,000,000
Secured by U. S. Govt. obligations...—37,000,000
—5,600.000
Secured by stocks and bonds
+35.000,000 +1.022,000.000
All other
—19,000,000
+172,000.000
Investments,total
+826,000,000
—1,000,000
U. S. bonds
+533.000.000
—25,000,000
U. S. Treasury notes
+1,000,000
—236,000.000
U. S. Treasury certificates
—2,000,000
+19,000,000
Other bonds, stocks and securities_ --+510,000.000
+25.000.000
Reserve balances with F. It. banks
+17.000.000
+162.000,000
Cashiin vault
—2,000,000
+9,000,000
Net demand deposits
—49,000.000 +1,242,000,000
Time deposits
+11.000,000
+846.000,000
Government deposits
+2.000,000
+51.000.000
Total accommodation at F. R. banks—
+65,000,000
+37.000.000
Revolving Credit of $50,000,000 Extended by J. P.
The statement in full, in comparison with the preceding
Morgan & Co. to Italian Banks of Issue for
week and with the corresponding date last year, will be found
Exchange Stabilization Purposes.
on subsequent pages—namely, pages 2912 and 2913. A
Coincident with the announcement on June 2 by T. W.
summary of changes in the principal assets and liabilities Lamont, of J. P. Morgan & Co., that revolving credit of
a
of the Reserve banks during the week and the year ending $50,000,000 had been arranged by his firm to a group headed
June 3 1925 follows:
by the three Italian banks of issue, Finance Minister De
Increase (+) or Decrease (—)
Stefani also issued a statement at Rome regarding the new
During
Week.
Year.
Total reserves
—$24,300,000 —$267,400,000 credit. Mr. Lamont's statement follows:
Messrs. J. P. Morgan & Co. have arranged a revolving credit of $50.—307,000,000
+207,900.000 000,000fr one year to a group, headed by the Bank of Italy, and consisting
+10,900,000 of the three Italian banks of issue, the Bank of Italy. the Bank of Naples
+72.400,000 and the Bank of Sicily. The credit, which has the guaranty of the Italian
—61.500,000 Government, is to be utilized if occasion arises for exchange stabilization
+229,300,000 purposes. Messrs. Morgan have associated various banks and banking
—43,800,000 institutions with them in this credit.
It will be recalled that during the visit of Mr. Lamont to
+64,200,000
—48,500,000 Europe (he recently returned from abroad),
various reports
—59.500.000
—209.400,000 were current regarding negotiations looking toward a loan
+181.000,000 to Italy, mention of which was made in these columns May
+158.900.000 23, page 2641. The New York "Journal of
Commerce" on
+7.100,000
+15,000,000 June 3, commenting on the new credit, said:
In banking circles the opinion prevailed that this move foreshadowed the
devaluation of the lira and the early return of Italy to a gold basis.
The lira
in the
The Week with the Member Banks of the Federal Jumped which earlyon the day had dropped to .396 a new low for 1925,
over 10 points
announcement of the granting of financial aid
Reserve System.
to the Italian banks and closed 1054 points above the day's low level.
The Bank of Italy raised its discount rate from 6 to 63. yesterday.
The principal changes in the condition of 736 reporting
The credit, which according to some bankers may be followed by others
member banks in leading cities during the week ending and later taken up by a long term loan, Is expected to prove a great stimulus
May 27, as shown in the statement issued by the Federal to trade between this country and Italy. It will serve to check any violent
lira, which,
Reserve Board, comprise a decline of $49,000,000 in net fluctuations in the between the according to trade authorities, should
stimulate commerce
two nations.
demand deposits, and increases of $65,000,000 in borrowings
Thomas W.Lamont, one of the members of J. P. Morgan & Co., recently
from Federal Reserve banks, of $17,000,000 irk reserve returned from a vacation in Italy.
This is the third large credit granted by J. P. Morgan & Co. to a foreign
balances, and of $11,000,000 in loans and discounts. It nation for the stabilization of its
exchanges in the past 14 months. The
should be noted that the figures for these member banks first was the $100,000,000 credit to aid in the stabilization of the franc,
are always a week behind those of the Reserve banks and which was taken up by a long term loan in November of last year.
Gold reserves
—19,900.000
Total earning assets
+9.800,000
Bills discounted, total
—1,600,00
0
Secured by U. S. Govt. obligations— —8.200.00
0
Other bills discounted
+6,600,00
0
Bills bought in open market
+6,500.000
U. S. Government securities, total
+4,900,000
Bonds
—700,000
Treasury notes
+6,300,000
Certificates of indebtedness
—700,000
Federal Reserve notes in circulation
+4.100.000
Total deposits
+20.300,000
Members' reserve deposits
+8,800.000.
Government deposits
+400,000
Other deposits
+11.100.000
themselves. The New York City banks reported a reduction of $11,000,000 in net demand deposits, and increases of The Revival of Hungary—A Year's Progress—Unexpectedly Favorable Results—Less Than 30%
$48,000,000 in borrowings from the Federal Reserve banks,
of Reconstruction Loan Used Thus Far.
of $19,000,000 in reserve balances and of $18,000,000 in
loans and discounts. Further comments regarding the
The following is a reprint of an interesting article by Sir
changes shown by these member banks is as follows:
William Goode, British Member of the Austrian Section of
Loans on stocks and bonds went up $35.000,000, of which $23,000,000 the Reparations Commission, which appeared in "The
and $11.000,000. respectively, were reported by banks in the New York London
Times" May 23, 1925. It is reproduced here
and Cleveland districts. "All other" loans and discounts, largely commercial, fell off $19,000,000 in the Chicago district, $5,000,000 each in because of the striking record of progress it discloses.
the Philadelphia and St. Louis districts. and $4.000,000 in the Cleveland
On the first day of May, just a year ago, a rather shy, middle-aged
district, these reductions being offset in part by an increase of $16,000,000
citizen of Boston arrived, for the first time in his life, at Budapest. No
fuss or ceremony marked his entry into the city, but there were not a few
Investments of reporting members changed but slightly during the old Hungarian nobles and many others who said, quite openly, that the
week, small declines in the New York, Richmond and Atlanta districts coming of Mr. Jeremiah Smith, Jr., to Budapest spelled peril as great as
being nearly offset by increases in other districts.
had ever threatened, in nearly a thousand years, the holy Crown of
Net demand deposits declined in all districts except Atlanta, Minneapolis St. Stephen.
and Kansas City, the principal reductions being: Chicago $23,000,000.
Was not Mr. Jeremiah Smith armed, as Commissioner-General, with
Philadelphia $10.000. and New York $9.000,000. Time deposits of the full authority of the League of Nations—that "camouflaged" loud-
In the Boston district.
JUNE 6 19251
THE CHRONICLE
2881
Communism Not Feared.
speaker of the victorious Powers? Was he not come to Hungary nominally
So far as I have been able to Judge from frequent visits to Hungary, that
to control the finances, but really to stamp out the soul of a country that
had kept its soul through centuries, despite all the violence of conquering country has been and Is preoccupied in its own struggle against economic
adversity. This preoccupation has only been disturbed by the grievances
Turks and Austrians?
With a benevolent indifference and a good deal of courage, Mr. Jeremiah of the 3,500,000 Magyars, who form the minorities in the countries of the
Little Entente. Since the citizen of Boston arrived in Budapest in the name
in the official report covering his first month of office, wrote:
Smith,
There is no reason why the execution of the reconstruction plan should of the League, Hungary has been, perhaps, the quietest country in Europe.
not produce the expected results and instil in the Hungarian people that Count Bethlen, now longer in office than any other Prime Minister in
spirit of confidence and hope for the future which is one of the essential Europe. has steered his country with common-sense statesmanship through
features of the plan.
numerous internal and external difficulties.
Hungary is the one spot where Communism is not to be feared, yet there
When Commissioner-General Smith wrote these words, only a few people
in Hungary, or out of it, believed the the reconstruction loan on which the Is sufficient respect for democratic government to re-create the Upper
could be raised. In the year that has elapsed the loan has House of Parliament, partly on the elective system, and to admit women
plan depended
been raised and the results have so far exceeded expectations as to astonish to membership. Personally I should like to see the secret ballot, now
the League, the Commissioner-General, and every one else concerned. confined to the towns, made universal. I should also like to see the
Yet everything has been done so quietly and undramatically as to create Hungarians less childish in their attitude to the Allied Military Commission.
little comment in the outside world. Orderly progress generally makes which is responsible for disarmament under the Treaty. In fairness, howdull reading, more especially when it has to be explained by means of ever, it must be admitted that the more you treat a nation as a child the
more that nation is likely to behave as a child.
Budget figures and financial statistics.
Unexpected Results.
Quite simply and briefly, what has happened is that, out of the inter- Col. James A. Logan,Jr., Resigns as Unofficial Observer
national loan of about £11,000,000 Hungary has, so far, used less than
on the Reparations Commission to Become
£3,000,000. The League's Financial Committee—which includes some of
Associated with Dillon, Read & Co.
the ablest bankers and authorities in Europe—were convinced that, even
with the strictest supervision and economy, Hungary could not get through
Announcement of the resignation of Col. James A. Logan,
the first 18 months of reconstruction without drawing on the loan for six
Commisand two-third millions, and that, by the end of June. 1926. all of the Jr. as unofficial observer on the Allied Reparations
£11,000,000 would have been expended to meet unavoidable Budget sion to become associated with Dillon, Read & Co. of New
deficits. For the deficit of the fiscal year July 1 1924, to June 30 1923,
York, was contained in Associated Press advices from Washthe League provided a little over £4,04111.000. It now appears probable
that it will be unnecessary for Hungary to use any of this sum, and that ington May 29, which reported the acceptance of the resigshe may also have a small surplus.
nation by Secretary of State Kellogg. It was stated in these
In other words, there should be a surplus of more than £4,000,000 over
advices that:
the League's estimate for the year. Temporarily, at least, the Budget
Until Sec'y Kellogg finds a successor, Mr. Logan's mission in Paris will be
equilibrium not expected by the League until June, 1926. will have been
achieved by June, 1925. One month's pledged revenues—those of March placed in the hands of Ralph W. S. Hill, Assistant Solicitor of the State
—produced over 60 per cent, of the total sum required for one year's Department. Mr. Hill is in Paris, where he has been acting as temporary
observer during the absence of Mr. Logan, who was in Washington recently,
service of the Reconstruction Loan.
These utterly unexpected results are almost entirely due to the way in and advised Sec'y Kellogg at that time of his desire to accept a business conwhich the Hungarians have put their backs into the work of reconstructing nection which, it was understood, had been offered him by Dillon, Reed &
themselves. They have imposed and rigorously collected high taxation: Co., the New York banking firm which recently negotiated the purchase of
they have doubled and trebled revenues, in sp te of last harvest being bad: Dodge Brothers, Inc.
they have cut down the expenses of State administration, and,last but not
In a special cablegram to the New York "World" from
least, they have co-opera:ed loyally with Commissioner-General Smith.
May 30, Col. Logan was quoted as saying:
Perhaps I might add that, when in doubt about financial problems, the Paris
On my recent visit to Washington I gained the full approval of my suGovernment have been wise enough to ask and take the advice of the
of resigning for the purpose of embarking on this new undertaking,
British Treasury and the Bank of England, and they do not hesitate periors
will be of a constructive public and private character. I will fake
publicly to acknowledge their debt of gratitude for those friendly services. which
of the negotiations of Dillon, Read & Co. in Europe, always acting
charge
National Bank of Austria Increases Its Gold Reserve from £2,500,000 to in harmony with American foreign policies.
£7 750.000.
The cablegram also said:
The operations in financing European Governments and creating investThis close relation with London is particularly marked in connection
with the new National Bank of Hungary, created under the League scheme ment opportunities for American capital. which Dillon. Read & Co. are
and independent of Government control. By strong and sound manage- reported as planning, would place the firm in the class with the Morgan
ment, and with the aisistance of a capable British Adviser. the National group.
Bank has placed Hungarian currency, which is stabilized on the pound
From the New York "Evening Post" ofJune 1 we take the
sterling, in an unassailable position. Last June the gold and foreign
following comment on Col. Logan and his associations:
exchange reserves equalled some £2,500,000, or 23% of the note issue.
Wall Street was pleased today to welcome into the financial fraternity
Today this reserve amounts to £7,750,000, or 40% of the note issue.
Col. James A. Logan, Jr , who has become associated with Dillon, Read &
Agricultural "Credits."
Co. as foreign representative. Although his particular duties will be to a
headquarters
The reasonable spirit in which Hungary is tackling her financial and large extent with European governments and he will make his
economic difficulties is illustrated by the collective action recently taken in Paris hereafter he will be counted among Wall Street's "international
bankers."
to provide much-needed credits for agriculture, which was reported in detail
As a background for his new role Col. Logan has more than 10 years asin the financial columns of The Times of May 15. Agriculture is the life
blood of Hungary,and Budget equilibrium of surpluses can only be constant sociation with European political and financial leaders with whom he has
achieveif the production of the land is maintained. It is the basis upon which the labored in solving post-war problems. Probably the outstanding
ment of his last 10 years' efforts in behalf of the American Government was
League reconstruction plan really rests.
Nearly a million sterling, which will probably revolve into credits three his work as "unofficial observer" in the Dawes Plan negotiations and the aid
or four times as much again, was provided by the Government, but what, he was able to extend through his knowledge of Europe conditions to the
to my mind, is more significant, was the willingness of the bankers to take American representatives, Charles E. Dawes and Owen D. Young.
According to London gossip it was Col. Logan who with his quiet diploJoint action with the Government, the National Bank, and the Commissioner-General towards the creation of a uniform mortgage bond which macy saved the Dawes plan by giving a dinner at a critical moment bringing
should become a recognized international security. It proved that there together the opposing parties, which resulted in an agreement.
Resourceful in Crises.
was no reluctance to subordinate immediate and individual gain to future
Col. Logan is known as a silent man who can cut more red tape with an
collective benefit.
trade shows a slightly upward tendency since reconstruction unofficial pair of scissors than a whole army of diplomats. There are many
Hungary's
began, but the adverse balance is not likely to be completely wiped out in stories told about his resourcefulness in moments of crisis.
It is said that when he saw the serious turn affairs were taking at the
the near future. Commercial treaties with other countries will probably
be concluded within this year—a treaty has already been signed with experts' conference last summer he decided that Europe's hopes were in
frankly, I do not think that these can be regarded as anything danger of being wrecked simply because the conferees were hungry. There
Poland—but
except transitory bases for more comprehensive agreement, later on, actually were no serious difficulties in the way of agreement and the conbetween the States of the Danubian basin. The Peace Treaties have loft ference was wrangling over petty trifles.
It wanted an hour for lunch time.
that part of the world so Jumbled up, economically, and have created so
The luncheon was held one hour earlier and an agreement was reached.
many new political and other difficulties where enough already existed,
futile to expect too much too soon. It, is still more futile to exert The man who attends to the winding of the official clock still ns puzzled to
that it is
foreign pressure in the hope of accelerating action that depends upon a know why it ran one hour fast that morning.
common understanding of common needs.
The dinner is said to be Col. Logan's best weapon. Report is that he
•
serves the best dinners in Paris and that he knows of more good places to eat
Signs of Financial Convalescence Marked.
than any other American in Europe. Col. Logan met Clarence Dillon in
One constantly hears in Hungary, Just as one hears in England, that the Paris soon after the Dawes conference and it is understood that Mr. Dillon
individual is being sacrificed to the State and that trade is throttled by has wanted him as an associate since then.
Rising from the rank of a private soldier in the United States Army,
high taxation. The astonishing progress in financial reconstruction could
scarcely have been achieved without the creation of some discontent. Col. James A. Logan, Jr., has had a romantic career. He was a student at
contraction after inflation are none the easier to bear because Haverford University when the Spanish-American War broke out. He
The pains of
they are part of the healing process. The middle and professional classes, quit college at 19 to enlist as a private in Battery A,Pennsylvania Volunteers.
great sacrifices, but, on the
Following service In the Philippines in 1901 Logan was commissioned as a
in particular, have been called upon to make
captain and in the World War of 1914 he was made a colonel. Because of
whole, the signs of convalescence are good.
of failures has increased, but the sums involved are not his familiarity with military customs abroad he was chosen as chief of the
The number
alarming. There have been no bank failures whatever, and savings and American Military Mission with the French army from Sept. 1911 to June
other deposits are increasing steadily. Prices are falling, and the purchasing 1917.
Put in Difficult Position.
power of wages is steadily increasing. In some of the better paid trades,
In that post Logan was military ambassador in the difficult position of
wages are 100% Per working hour of pre-war wages in terms of gold. In
with only five or six times the population of Hungary, there are maintaining American neutrality. When it became evident that the
England,
United States would enter the war, Col. Logan was assigned to make ready
more than 30 times the number of unemployed.
Perhaps the best criterion of Hungary's financial position is the fact that for the arrival of Gen. Pershing in France.
loan is at a premium on the markets of the world, and
He got the title of assistant chief of staff with general headquarters of the
her reconstruction
that she is meeting all her foreign obligations—Reparation Treaty charges, American Expeditionary Forces and in this place had charge of the details
and other countries. M.Ter of the formation of the skeleton organization which was to handle the
Clearing House payments to England, France
milMeulen, chairman of the Financial Committee of the League of Nations, lions of American soldiers who Were to follow Gen. Pershing abroad.
held in Geneva last February, that the Committee
In 1919 Logan became the principal assistant in Europe to Herbert Hoover
said, at the meeting
were glad to convey "their very sincere congratulations" to Count 13ethlen, In his work as Director General of Relief under the Supreme Economic Counand to the Commissioner-General on their cil. His work involved the transportation and distribution of about 5,000.to the Hungarian Government.
000 tons of food.
"very remarkable achievement::
2882
THE CHRONICLE
This work completed Logan gave his attention to financial and political
problems as between the countires of Europe in their relations with the
United States. He was the unofficial delegate on the Reparations Commission in association with Roland W. Boyden up to August, 1923. when he
took sole charge of America's interests on that commission.
Germany Not Disturbed by Protest of Americans
Against Revaluation Bill.
The Associated Press had the following to say in advices
from Berlin May 30:
[Vol,. 120.
shall, except as respects gold bullion brought to the Mint by the Bank of
England, cease to have effect.
4101
(2) So long as the preceding sub-section remains in force, the Bank of
England shall be bound to sell to any person who makes a demand in that
behalf at the head office of the Bank during the office hours of the Bank,
and pays the purchase price in any legal tender, gold bullion at the price
of a 17s. 10 Md. per ounce troy of gold of the standard offineness prescribed
for gold coin by the Coinage Act, 1870, but only in the form of bars containing approximately 400 oz. troy of fine gold.
lid
2.—(1) Any money required for the purpose of exchange operations in
connection with the return to a gold standard may be raised within.
Reports from America that holders of German securities intend to issue
a joint protest against the German Government's revaluation plan have
not disturbed the Cabinet.
At the Foreign Office it was stated today the Dawes plan itself constitutes
a safe guarantee against agitation of this nature. Germany's creditors
have every reason not to disturb the equilibrium which Germany with
infinite pains has established, it was stated.
Argentine Gold Exports, Removal of Embargo Welcomed
in London.
Referring to the removal by Argentine of the embargo on
gold, to which we alluded in our issues of May 16, page 2494
and May 30, page 2751, the London "Financial News" had
The protest against the revaluation bill made by the the following to say on May 14.
American Association of Holders of German Mark securities
According to a cable from Buenos Ayres. the Argentine Government has
published a decree permitting the export of gold from June 10 1925. This
was referred to in our issue of a week ago, page 2752.
move, which was preceded by lengthy and heated discussions for and
against it, may largely be regarded as a direct consequence of the restoration
of gold standard in Great Britain; in fact, since Mr. Churchill's announcePaper Money Order Explained by Germany.
ment, it has been generally expected that Argentina would follow the
From the New York "Journal of Commerce" we quote example. So long as the United States was practically the only country
the following Associated Press cablegram from Berlin May 17: on a gold basis, the resumption of gold exports by the Conversion Office
was regarded as
It was officially announced again today that the paper money issued events of the lastrisky, but this objection has become void through the
few weeks.
prior to October. 1924, which has been recalled, also includes all pre-war
Already last year part of the gold reserve of the Conversion Office was
bills, but not last year's issue of Renten Reichsbank notes. On July 5 of
used by the Government for the purpose of meeting its external liabilities,
this year the recalled bills will be declared worthless.
while it was decided this year that a similar exception should be made in
favour of the external debt service of provinces and municipalities. From
June 10, however, there will be no need for any such exceptional measure,
German Reparation Receipts and Payments for Period for the
Conversion Office will resume its role of regulating the exchange
Ended April 30 1925.
by means of gold movements.
The Agent-General for Reparation Payments reported on
Peso Exchange Prospects.
It is
May 11 that the total receipts during the first annuity year for theheld in South American banking circles in London that the moment
return to a gold basis is well chosen by the Government. The
to April 30 1925 were 640,010,066 gold marks, while the balance of trade is satisfactory, for, although last year's crop was well
total payments amounted to 630,850,945 gold marks, below the previous season's figures, the high prices in the world market
the
leaving cash on hand at the end of April of 9,159,121 gold have more than compensated Argentina for still deficiency of quantity.
As to the situation of public finance, there is
much to be desired, but
marks. For the month of April 1925 the receipts were the country is on the right road, as is shown by the reduction of floating
59,929,020 gold marks, the total payments for the month debt.
The Conversion
is in very strong position,its gold
being reported as 75,463,611. A balance on hand of 24,- ing to 464,218,000Officepesosaat the end of February last. reserve amountgold
Of this amount
693,713 gold marks had been reported at the close of March 12.436,000 gold pesos were held by the Argentine Legation in Washington.
It is
in the statement for that month published in our issue of the held that the amount is more than sufficient to secure the stability of
peso around par. For this reason, it appears probable that the Buenos
April 25, page 2098. The following is the April statement:
Ayres rate will attain the vicinity of par even before the Conversion Office
has actually resumed its stabilising activity. The market has well received
STATEMENT OF RECEIPTS AND PAYMENTS TO APRIL 30 1925.
the announcement of the resumption of gold exports, and the peso rate
(On cash basis, reduced to gold mark equivalents.)
underwent a marked appreciation yesterday, despite the fact that the step
Mop:41I
First Annuity
Year—Cumidat- was largely anticipated. There is every reason to believe that the firmness
of
tive Total to
April
will continue.
April 30 1925.
1925.
Gold Marks.
Gold Marks.
A. RECEIPTS.
$45,000,000 Bonds of Argentine Government Offered by
I. Cash withdrawn from proceeds of German Ex59,880,100 37 529,562,778 70
ternal Loan, 1924
J. P. Morgan & Co. and National City Co.
2. Cash received from Deutsche Reichsbahn-GesellBehan. interest on reparation bonds for hall year
Oversubscribed.
100,000,000 00
to Feb. 28 1925
3. Receipts from Belgium and Luxemburg (see
The $45,000,000 external sinking fund 6% Gold bonds,
10.161,525 14
B 2 below)
item
285,762 30 issue of
48,919 19
4. Exchange differences and interest received
Government of the
Total receipts
B. PAYMENTS.
I. To or for the account of:
Great Britain
France
Italy
Belgium
Japan
Serb-Croat-Slovene State
Portugal
Rumania
Greece
2. For coal, transport. ,Stc., to Belgium and Luxemburg, which are to be reimbursed to the AgentGeneral
3. For expenses of:
Reparation Commission
Rhineland High Commission
Military Commission of Control
Naval Commission of Control
4. For service of German External Loan, 1924
5. On account of cost of administration of office
for reparation payments
Total payments
Balance of cash at April 30 1925
59,929,019 56 640,010,066 14
20,579,998 86 148,729,848 72
33,005,414 06 267,697,382 85
3,502.315 18 44,644,791 13
65,688,349 90
8,683.939 41
3,652,748 74
1,134,427 39
2.311,556 05 19,632,154 83
3,291.386 78
392,977 92
4,846,554 53
980,141 62
1,821,041 17
629,077 57
10,375,869 14
2,282,003 80
4,262,379 00
5,525,010 33
7,000.000 00
70,000 00
41,576,661 60
409,100 00
2,036,765 84
450,609 51
702.050 00
500,000 00
75,463,611 37 630,850,944 56
9,159,121 58
640,010,066 14
Text of the British Gold Standard Bill.
We are giving herewith the text of the bill to facilitate the
return of Great Britain to a gold standard, as it appeared in
the London "Financial News" of May 3. The bill was
presented to the House of Commons on May 2, and as we
indicated in these columns May 9, page 2356, it passed the
third reading in that body May 5. The third reading of the
bill in the House of Lords occurred, as far as we can learn,
May 13. The text of the bill follows:
I.—(1) Unless and until His Majesty by proclamation otherwise directs:
(a) The Bank of England, notwithstanding anything in any Act, shall
not be bound to pay any note of the Bank (in this Act referred to as "a
bank note") in legal coin within the meaning of Section 6 of the Bank of
England Act, 1833, and bank notes shall not cease to be legal tender by
reason that the Bank do not continue to pay bank notes in such legal coin;
(b) Subsection (3) of Section 1 of the Currency and Bank Notes Act,
1914 (which provides that the holder of a currency note shall be entitled
to obtain payment for the note at its face value in gold coin) shall cease to
have effect;
(c) Section 8 of the Coinage Act, 1870(which entitles any person bringing
gold bullion to the Mint to have it assayed, coined and delivered to him),
June 1 1925, of the
Argentine
Nation, offered on June 2 by J. P. Morgan & Co. and the
National City Co. were quickly disposed of, announcement
being made of an oversubscription, resulting in the closing of
the books within an hour after their opening at 10 a.m.
Reference to the proposed offering was made in these columns
last week (page 2751) in noting the signing of a decree by
Pres. DeAlvear accepting the offer of the syndicate for the
loan. In indicating the purpose of the issue the official circular says:
The Argentine Government has outstanding $33,000,000 of dollar Treasury Notes payable during the current year. Of such Notes, $20,000,000
were issued in anticipation of the sale of these bonds and will be retired by
the proceeds thereof,the remaining $13,000,000 being dealt with under other
powers of the Finance Ministry. The proceeds of the issue in excess of
the amount required to retire the 320,000,000 maturing notes will be used to
repay floating debt of the Argentine Government as provided for by Laws
11206 and 11207 which govern this issue.
The issue was offered at 96% and accrued interest, to yield
over 6.25% to maturity. The bonds will be dated June 1
1925, will become due June 1 1959, and will be redeemable
through the operation of a cumulative Sinking Fund of 1%
per annum, calculated to be sufficient to retire the bonds of
this issue not later than June 1 1959. In coupon form, the
bonds are in denominations of $1,000 and $500, and will be
registerable as to principal only. Principal and interest will
be payable in United States Gold coin of the present standard
weight and fineness, in New York City at the offices either of
J. P. Morgan & Co. or of The National City Bank of New
York, fiscal agents for the bonds of the issue of June 1 1925,
without deduction for any Argentine taxes present or future.
A statement (in which all figures originally stated in
Argentine currency have been converted into United States
dollars at par of exchange for the gold peso or paper peso, as
the case may be) authorized by Felipe A. Espil, Charge d'
Affaires of the Government of the Argentine Nation at Washington, D. C.,says:
Obligation.—These bonds are to be direct external obligations of the
Argentine Government. The government will covenant that if, while any of
JUNE 6 19251
THE CHRONIGLE
these bonds remain outstanding, it shall create or issue or guarantee in accordance with the Argentine Constitution, any loan or bonds secured by
lien on any of its revenues or assets, the bonds of this issue shall be secured
equally and ratably with such other loan or bonds or such guaranty.
Sinking Fund.—The government will covenant to pay to the fiscal agents
as a Sinking Fund, beginning Dec. 11925, and thereafter semi-annually on
June 1 and Dec. 1, in each year, an amount equal to M of 1% of the maximum principal amount ofbonds of the issue of June 1 1925 at any time theretofore issued plus an amount equal to the accrued and unpaid interest on all
bonds previously acquired through the operation ofthe Sinking Fund. Such
Sinking Fund payments (which may be increased by the executive power if
considered advisable) are to be applied to the purchase of bonds below par
through tenders, or, if not so obtainable, to the redemption of bonds, called
by lot, at par.
Government Debt and Assets.—The total debt of the Argentine Government as of Dec. 31 1924 amounted to about $935,000,000, or the equivalent
of about 593 50 per capita, as compared with the national wealth, according
to the census of 1914 (the latest official figures), of 514,543.000,000, or more
than $1,450 per capita. Government owned properties (including revenue
producing investments of $530.000.000) had a total value in 1914. according
to the same census, of $1,125,000.000, or about 5200,000,000 more than the
total government debt now outstanding.
Gold Reserve.—A gold reserve of$463,000,000 is held against the note circulation (equivalent to $588,000,000),resulting in a reserve ratio of over 78%•
General.—Argentina has an area considerably greater than that part of
the United States east of the Mississippi River, and has an estimated population of 10.000,000 persons. Agriculture and live-stock raising are the
principal occupations of the country, 'which is one of the world's chief
exporters of cereals, meat, hides, wool and linseed.
The foreign trade of Argentina is greater than that of any other Latin
American country. During the past few years its purchasesfrom the United
States have been larger than the combined purchases of the three next
largest South American customers of the United States. The Argentine's
merchandise exports in 1924 were valued at 5976,000,000, its imports at
5800.000.000, resulting in a favorable trade balance of over 5178,000.000•
The improving Argentine trade balance during the past 18 months, has
resulted in a steady rise in value of the Argentine paper peso, which is now
quoted in New York at about 95% of par. Measures have recently been
taken to prepare the way for a complete restoration of the gold standard
which existed in the Argentine prior to 1914.
2883
Finances—The total national debt as of Dec. 31 1924, at par of exchange
amounted to $428,000,000. As compared with this the Government owns
properties valued at approximately $350,000.000 at par of exchange, most
of which are revenue-producing, such as railroads, telegraph and telephone
lines, forests, mines and hydro-electric plants. The Government towns and
operates about 1,900 miles out of about 2,200 miles of railroads in the Kingof
dom. The State also owns other considerable properties the exact value
which cannot however be stated.
have regularly
During normal times the revenues of the government
year
exceeded expenditures. Government expenditures for the financial
ending June 30 1925 are estimated at 530.500,000 kroner,exclusive of capital
expenditures, which amount corresponds to estimated revenues, exclusive
of revenuesfrom loans. The foreign exchange rate has increased from 13.85
or an
cents per krone a year ago, to 16.80 cents per krone, the present rate,
advance of 21%.
It is expected that application will be made to list the bonds
on the New York Stock Exchange. The purchase of the
bonds by the syndicate was noted in these columns a week
ago, page 2751.
Offering of Bonds of Atlantic Joint Stock Land Bank.
A new issue of $1,000,000 5% bonds of the Atlantic Joint
Stock Land Bank of Raleigh, N. C. was offered on June 1 by
William R. Compton Co., Halsey, Stuart & Co. Inc. and
Harris, Forbes & Co. at $103 50, and accrued interest, yielding about 4.56% to the optional maturity and 5% thereafter.
The bonds will bear date June 1 1925, will mature Jane 1
1955, and will be redeemable at par and accrued interest on
any interest date on and after June 1 1935. Interest is payable semi-annually, June 1 and Dec. 1. Principal and interest will be payable at the Atlantic Joint Stock Land Bank,'
Raleigh. Arrangements have been made whereby the
coupons may be presented for payment at the office of the
York Trust Company in New York City. Coupon
Application will be made to list the bonds on the New York New
bonds in denominations of $1,000 and $10,000 and registered
Stock Exchange. The amounts due on allotments will be
bonds in denominations of $5,000 and $10,000. The bonds
payable at the office of J. P. Morgan & Co., in New York
are issued under the Federal Farm Loan act and are exempt
funds to their order, and the date of payment (on or about
from Federal, State, Municipal and Local taxation; they are
June 16 1925) will be stated in the notices of allotment.
acceptable as security for postal savings and other deposits of
Temporary bonds, exchangeable for definitive bonds when
government funds.
prepared, are to be delivered.
The Atlantic Joint Stock Land Bank operates in North
Carolina and South Carolina. As of April 30 1925, the bank
$30,000,000 Kingdom of Norway Bonds Offered By Syn- reported capital stock $500,000, paid in surplus $50,000,
dicate Headed By Blair & Co. Inc. Overearned reserve and undivided profits $49,987. Present net
Subscribed.
earnings ,it is stated, are at the rate of over 14% per annum.
A large over subscription is reported to the offering on Dividends on the capital stock are being paid at the rate of8%
-Year 532% Sinking Fund external per annum. Total bonds outstanding, including this issue,
June 1 of $30,000,000 40
loan gold bonds of the Kingdom of Norway, the heavy $8,850,000. To April 30th 1925 payments in amortization of
volume of orders for the bonds, it is stated, having caused principal amounted to $120,761 and loans repaid to $228,600
the closing of the subscription books within fifteen minutes against total loans originally amounting to $7,927,900.
following their opening. The syndicate which offered the
The bank's statement as of April 30 1925 follows:
362,042
security
bonds was headed by Blair & Co. Inc. in association with the Acres of real estatereal estate security
$22,966.845
Appraised value of
Corporation, Brown Brothers & Co., White, Total amount loaned
Chase Securities
7,927.900
$53 43
Weld & Co., Blyth, Witter & Co., Bankers Trust Co. and Average appraised value per acre
21.89
The Equitable Trust Co. of New York. The bonds were Average amount loaned per acre value
34.5%
to appraised
to yield 5.70% to maturity. Percentage of loans
offered at 963' and interest,
A. W. McLean, for 4 years director of the War Finance
The issue will be dated June 11925, will mature June 1,1965,
the bank. Mr. McLean had also been
will be redeemable in whole or in part at 100 and interest Corp., is president of
and
for over 25 years president of the National Bank of Lumberon June 1 1935 and on any interest date thereafter. As to
for 1 year chairman of the
sinking fund provisions we quote the following official infor- ton, Lumberton, No. Carolina;
Railway Loan Advisory Committee to the Secretary of the
mation:
Secretary of the
The entire issue will be retired by maturity through the operation of a Treasury and for about 1 year Assistant
cumulative sinking fund beginning Dec. 1 1935, payable semi-annually. Treasury in charge of Customs and Internal Revenue.
Sinking fund payments are to be used to call bonds by lot at par and accrued
interest, but the Government may acquire bonds by purchase and tender
them at par in payment of the sinking fund instalments.
Suspension of Payment by Danish Bank.
The bonds, coupon, in the denom. of $1,000 will be regisUnder date of June 2 Associated Press cablegrams from
terable as to principal only. Interest will be payable June Copenhagen (Denmark) said:
1 and Dec. 1. Principal and interest will be payable at the
The Danske Andelsbank has stopped payment, according to the Copenoffice of Brown Brothers & Co., New York, Fiscal Agent for hagen papers, and its share capital of 23,000,000 kroner (about $4,324,000)
The papers attribute the institution's difficulties to its
the loan, in United States gold coin of the present standard of Is considered lost. 20,000.000 kroner in new share capital.
deduction for any Norwegian inability to obtain parent concern of various farming co-operative assoweight and fineness without
The bank was the
taxes present or future, and payable in time of war as well as ciations, which owe it about 51,000,000 kroner (approximately $9,588,000)•
Associated Press accounts added:
in time of peace irrespective of the nationality of the holder.
The National Bank of Commerce in New York is registrar
The Danske Andelsbank is described in Kelly's Directory of Merchants
and Shippers of the World as a limited co-operative society with headfor the bonds.
in Copenhagen and about 100 branches throughout Denmark.
A statement prepared from information furnished to the quarters and reserve fund are given as about 15,000.000 kroner, or,
Its capital
syndicate by Helmer H. Bryn, Envoy Extraordinary and roughly. $2.820,000.
Minister Plenipotentiary of the Kingdom of Norway to the
$4,000,000 Saar Basin Loan Awarded to American
United States, has the following to say regarding the issue:
the KingDirect Obligation.—These bonds are to be the direct obligation of
Syndicate.
The loan contract will provide that if the government
dom of Norway.
It was announced on June 3 that a loan of $4,000,000 to
sell, offer for public subscription or in any manner dispose of any bonds
shall
any revenue or asset of the Kingdom,the bonds of
or loan secured by lien on
the Saar Basin Consolidated Counties (Anleihe Zwerckand ratably with such bonds or loan.
this loan shall be secured equally
officially stated that no default of principal or interest has verband Der Saarkreise) had been awarded to a syndicate
Credit—It is
National Government loan. From 1886, composed of Ames, Emerich & Co.; Central Trust Co. of
ever taken place on a Norwegian
Loan now outstanding, to the outbreak of
the date of the earliest External
government of its various loans ranged Illinois; Federal Securities Corp. and Strupp & Co. The
the recent war the net cost to the
issue is an external 7% sinking fund gold loan dated April 1
from 3.10% to 4.11%•
Purpose.—The proceeds of this issue will be used in part for conversion 1925 and due March 31 1935. It will be offered simulNorway 8% Gold bonds for
purposes. It is intended to call the Kingdom of
taneously in America and Holland. The European portion
payment on Oct. 1 1925.
2884
THE cHRONICLI:
of the loan will be distributed by the Amsterdamsche Bank
and the Internationale Bank of Amsterdam.
A sinking fund is provided to retire the issue by maturity.
The bonds will be called by lot every six months at 102,
in amount of 8145,000, to be increased semi-annually by
the interest of the bonds previously retired. The bonds are
redeemable as a whole at 105. Proceeds will be devoted
primarily for income-producing municipal improvements,
such as water works, electric light plants and railroad
trackage. The bonds are a direct obligation of the Saar
Basin Consolidated Counties as well as a joint and several
obligation of each of the seven counties.
More American Money for Norway Being
Privately.
Placed
Following a rather appreciable investment by the Westinghouse Co. in a Norwegian corporation engaged in the manufacture of telephone equipments and the flotation of a
$30,000,000 loan in behalf of Norway, reports have reached
the Foreign Department of Moody's Investors Service that
American bankers are placing privately in behalf of the
Norwegian Nitrogen Company (Det Norske Aktieselskap)
a 10-year loan of $1,800,000 bearing interest at the rate of
6% per annum. In making this known, June 3, Moody's
stated:
The bonds are a direct obligation of the Company which was incorporated
in Norway in 1912 for the purpose of engaging in the smelting of aluminum
and the production of aluminum ingot, and are further, guaranteed as to
principal and interest, by endorsement on each bond, by the Aluminum
Company of America. Of the capital stock of the Company, amounting
to Kr. 15.000.000, the Aluminum Company of America owns one-third,
the ownership of the balance being vested approximately one-third each
in a British group and in a French group. The bonds are due April 11935,
but may be called at the option of the Company as a whole on April 1 1929,
or on any interest date thereafter at 103 on four weeks' notice. An annual
sinking fund of $180,000, commencing February 1 1927, is to be used to
purchase bonds upon tender at below 103 and interest. Bonds are being
offered at 103 and interest, which is payable April and October 1, and are
in denominations of $1,000.
Commercial Agreement Between United States and
Spain.
During the past two and a half years many concerns in the
membership of the National Chamber, having business with
Spain, have written of the need for greater stability in our
commercial treaty relations with that country, says the
Chamber in a statement under date of May 8, which also
has the following to say:
On November 5, 1922 Spain denounced the commercial agreement of
August 1 1906 between Spain and the 'United States, the agreement terminating one year later, that is, on Nov. 5 1923. Previous to the date of
expiration, however, the agreement was extended for 6 months to May 5
1924. In April 1924 a further extension of one year was arranged, that is,
up to May 51925.
This method of extending the modus vivendi for set periods has resulted
in great uncertainty in our export and import business with Spain,due to the
recurring possibility of the termination of the agreement at the expiration of
each extension period. Termination was automatic in the absence of definite action extending the modus viveadi or concluding a new agreement.
It is therefore with considerable relief that business interests have received
the announcement of the Department of State on May 4, to the effect that
the commercial modus vivendi between the two countries has been extended,
by an exchange of notes on May 2, for a further period of one year and
indefinitely thereafter subject to termination at the end of the first year or
on 3 months notice given by either government during subsequent years.
This new arrangement,it will be noticed, requires a positive step on the part
of either government in order to effect its termination.
The new arrangement further assures to the 'United States most-favorednation treatment on practically all but a few commodities, these few being
commodities on which Spain has granted preferential rates in treaties concluded subsequent to the denunciation of the 1906 commercial agreement.
George Blumenthal to Retire From Lazard Freres.
The proposed withdrawal at the end of the present year of
George Blumenthal as a partner in the banking firm of Lazard
Freres was made known in press advices from Paris June 3.
Mr. Blumenthal, who is now in Paris, announced that F.H.
Greenbaum, of New York, also a partner in Lazard Freres,
will withdraw at the same time. Mr. Blumenthal has been
with Lazard Freres since 1893 and has been senior partner
since 1904. He expects to spend 3 or 4 months in New York
each year, devoting his time principally to the Mount
Sinai Hospital, of which he is President, to the Metropolitan
Museum of Art, of which he is a trustee and to the valous
other institutions with which he is identified.
Death of J. Kennedy Tod.
John Kennedy Tod, head of the former banking firm of J.
Kennedy Tod & Co. of New York, died on June 2 at the age
of 73. Mr. Tod was born in Glasgow, Scotland, and first
came to this country in 1868 at the age of 16. He returned
to Scotland to engage in the iron trade but in 1879 returned
to the United States and entered the firm of J. S. Kennedy &
Vol.. I 20
Co.; with the retirement of John S. Kennedy, Mr. Tod reorganized the firm under the name of J. Kennedy Tdd & Co.
He took a leading part in financing the construction of the
Canadian Pacific and other railroads. Mr. Tod had formerly been a director of the Caledonian and Norwich Union
Insurance Co. and of a number of railway and industrial corporations; a trustee of the Children's Society; he took an
active part in civic affairs, was a member of the Committee
of Seventy in the Strong Campaign of 1894 and served as
Treasurer of the Citizens' Union of which he was one of the
founders.
Death of Edmund R. Morse, Director of Federal Reserve
Bank of Boston.
Edmund R. Morse, a director of the Federal Reserve Bank
of Boston, died on May 26 at the age of 67. Mr. Morse was
chosen as one of the first Class B directors of the Federal
Reserve Bank of Boston when the bank was organized in
1914 and was re-elected in 1916, 1919 and 1922, each time
for a 3
-year term, the last time for a term expiring Dec. 31
1925. He was a member of the Building Committee which
had charge of the planning and construction of the new building of the bank which was completed and occupied in the
early part of 1922. From time to time he served on the
Executive Committee of the bank.
Mr. Morse was born in Rutland, Vermont, May '4 1858.
He was graduated from Cornell University in 1879, and was
admitted to the bar in 1882, although he never practiced.
He started in the marble business in a clerical capacity in
1883 and was actively engaged in that industry ever since,
with the exception of 6 months in 1890 when he served as
private secretary to the Honorable Redfield Proctor, then
Secretary of War. He was elected assistant treasurer and
director of the Vermont Marble Co. in 1891 and treasurer in
1892, which position he held up to the time of his death, May
26 1925.
Inauguration of System Providing for Retirement
Allowance for Employees of New York Stock
Exchange.
Announcement of a generous retirement system for the
more than 1,200 employees of the Exchange itself and its
affiliated organizations was made by President E. H. H.
Simmons of the Exchange on May 28. The statement
issued in the matter by the Exchange says:
The Stock Exchange, following the custom of many other institutions,
has always provided pensions for its old and faithful employees, but
the
notable fact about the plan passed by the Governing Committee to-day
is that it is not only on a contributory basis under which the
employees
are allowed to participate, but the future pension obligation
is funded each
year through the purchase of annuities payable to each employee
as he
reaches age 65 or becomes disabled.
Contributions by Employees.
Every employee is allowed, if he desires, to make
monthly deposits
toward the purchase of an annuity for himself, which is entirely
separate
and distinct from the service annuity purchased for him by the
Exchange.
If, however, the employee shows enough interest in his
own future
financial independence to make this purchase, the Exchange offers
to
double the service annuities it will provide for him from now on.
Employees who withdraw are permitted to continue their payments
directly to the insurance company, or to have their money hack in full.
Disability.
In the event of an employee's disability after 20 years of iervice, not only
does he receive the full amount of the service annuities purchased for him
up to that time, but all deposits on his individual annuity during disability
are waived, so that the value of his own annuity continues to increase
without any payments by him.
Quoting the announcement of President Simmons to the employees:
"The Board of Governors consider this a sound business-like and
scientific
method of providing you with a retirement allowance, and the
contributory
clause places our retirement phi!' on a basis where it cannot be
considered
either as a charity or as a gin.
The entire administration of the plan has been awarded to
the Metro.
politan Life Insurance Co.
The special committee on pensions made the following report
to the
Governing Committee of the New York Stock Exchange:
"The special committee on pensions, appointed Nov. 9
1921,
report that after the investigation of many pension and retirement begs to
systems,
and discussion with those who have become expert on the
convinced that the following principles should govern the subject, it is
formulation of
a retirement system:
"It should be based on definitely calculated retirement benefits
rather
than on final salaries of employees. This latter basis has been used in
many instances and changes in the wage situation, with consequent
thanges
of benefit, which could not be predicted, have brought embarrassment
upcii e 11=e aet had every appearo.nceLo/ a
Nvi
:
tla conie convinc
s
o
tbeing solon lygimisep.
nsundp et u
e
ay
should be covered by financial provision made to-day,
rather than left as a
responsibility for a future board. In other words, that the system should
be set up on a reserve basis in such fashion that its assets may always
equal
its liabilities, and that if change or abandonment
become necessary or
desirable in future years. such change or abandonment may
take place
withoat the breach of any promise or the deposit of any additional funds.
"We have found that many plans, originally well conceiVed.
hale come
to grief because of changes in rates of mortality and seemingly minor
alterations of benefits in later years without coincident financial provision
We have further found that the experience in England where pension
plans have been long in existence, is that those administered
by insurance
companies are not only guaranteed as to their benefits, but have actually
in experience given greater money return for the investment
than the
privately administered funds.
"It is the concensus of opinion that pension
tributory basis under which the employees arefunds conducted on a conpermitted to share in the
Jima 6 1925.]
THE CHRONICLE
cost and at the same time to increase their benefits are not only more
highly appreciated by employees, but serve as a desirable incentive to thrift.
"Your committee, therefore, recommends the adoption of a plan:
"1. With definite benefits.
"2. Set up on a reserve basis.
"3. Administered by a financial institution.
"4. On a contributory basis.
"An outline of such a plan is submitted herewith. The plan, as sub!
mitted, is the same in principle and very similar in detail to the retireme.
plan recently adopted by the Metropolitan Life Insurance Co., into whose
hands it is recommended that the administration of our own plan be given."
2885
Lauzier-Wolcott Brokerage Co. of Butte, Mont.,Closes
Doors.
Newspaper advices from Butte, Mont.,on Thursday of this
week state that the Lauzier-Wolcott Brokerage Co., whose
headquarters are in that city, on June 4 closed its doors in a
territory covering three States. The offices closed,it isstated,
are in Butte and Billings, Mont.; Wallace, Idaho and Spokane, Wash. Inability to meet obligations is given as the
reason for the failure.
Trading in Maxwell Motor Stock Suspended by
New York Stock Exchange.
Trading in Class A and B stocks of the Maxwell Motors
Suspended From New
Corporation was ordered suspended by the Governing Com- Lorin M. Kohn Temporarily
York Curb Market.
the New York Stock Exchange on June 3. A
mittee of
The New York Curb Market Association on Thursday
statement issued in the matter said:
•
that as a result of action taken by the
Because of the small amounts of stock outstanding in Maxwell Motors A (June 4) announced
and B stocks, the Governing Committee of the New York Stock Exchange Board of Governors, Lorin M. Kohn of Kohn & Co., 50
rules that trading in said A and B stocks shall be suspende
Broad Street, this city, has been suspended from memberOver the counter dealings in the stock followed the ruling ship for a period of 30 days, beginning Wednesday (June 3).
of the Exchange; regarding the latter's action we quote the Mr. Kohn has been a member of the association since Jan.6
following from the New York "Evening Post" of June 4:
1915. According to the announcement Mr. Kohn was susRuled off the New York Stock Exchange trading list because the investi- pended for violation of Article 17, Section 8, of the Constitugation ordered by the Business Conduct Committee of that institution
which deals with acts detrimental to the interest and
revealed that conditions did not conform with the requirements providing tion,
for a free and open market, the A and B shares of the Maxwell Motors welfare of the association.
Corporation, which had enjoyed phenomenal advances recently, were a
feature in the over-the-counter market to-day.
Unlisted houses reported a substantial volume of dealings had taken place
Bryant, Jr., Elected President Chicago Stock
In the issues, which changed hands at prices ranging from 117 to 122, or John J.
Exchange.
approximately at the levels prevailing in the last transactions on the Stock
Exchange yesterday.
John J. Bryant, Jr., of James H. Oliphant & Co., was
While a virtual corner was found to exist in the shares the condition was
Stock Exchange at
by no means similar to the corresponding situations that have arisen in elected President of the Chicago
previous instances, such as the Northern Pacific corner in 1901, the Stutz annual meeting on June 1, succeeding Leeds Mitchell, of
Motor drive a few years ago and the recent Piggiy Wiggly corner. All of Harris, Winthrop & Co. Ernest A. Hamill was re-elected
the latter corners were engineered and represented a battle between opposing
forces. The situation in the Maxwell issues, however, is the outcome of Treasurer. Other elections were:
natural conditions, the supply of the stocks available having been conGoverning Committee for three years—Leeds Mitchell. M. J. O'Brien,
stantly reduced through their exchange for the shares of the Chrysler Edwin Page and Frederick N. Webster.
Corporation, which is acquiring the Maxwell properties and assets.
Nominating Committee for one year—William H. Colvin, Chairman:
Naturally some shrewd traders discerned in advance just such conditions Arthur H.Gilbert, Edward P. Russell, William A. Schuberth and R. Arthur
as have arisen and it was only logical that they should profit by their Wood. There was no contest.
foresight. Reports, however, that a basis of settlement for shorts had
been reached were termed as unfounded by those purported to be on the
inside of the situation.
Annual Report of New York Cotton Exchange.
They assert that there is really no extensive short interest remaining and
According to the annual report of the New York Cotton
that though there may be a scattering of small traders having short commitments to settle those can be taken care of, as there will be sufficient stock Exchange, for the year ending April 30 1925, the amount of
provided to cover their needs.
delivered on contract during the fiscal year was 842,500
The over the counter market that has been established Is expected to cotton
follow closely the course of prices quoted for the certificates of deposit on bales, 271,500 bales more than the preceding year. The
the Stock Exchange. or about 5%.
report was submitted at the 55th annual meeting on May 26.
It is estimated that only 40,258 shares of the B stock are available for
report President Edward E. Bartlett, Jr.
trading purposes, the remainder, 633,187 shares of the total issue, having In presenting the
been exchanged for certificates, while 213.665 shares of the A stock had been and Secretary Thomas Hale said in part:
deposited in exchange for certificates, leaving only 25,940 shares of that
At the close of the year, the condition of the Exchange gives reason for
Issue available for trading purposes.
satisfaction to its members. Further substantial progress appears to have
been made in the direction of creating a better understanding with the trade
atlargo and general public as to the important economic service the Exchange
Check Speculation in Utilities on Curb—Stock Ex- performs.
The members are also to be congratulated on the very satisfactory condichange Firms Refuse to Sell Certain Stocks on
tion of its internal affairs, particularly in the matter of its finances in connection with the new building. The Exchange has completed the repayment
Margin.
less than
According to the New York "Times" of June 4, individual to the Corn Exchange Bank of the entire second mortgage loan in made to
half the time originally estimated. Arrangements have also been
action by a number of New York Stock Exchange houses pay $100,000 on the first mortgage on June 1, bringing the total outstanding
set up
holding memberships also on the Curb Market, or dealing Indebtedness down to $2,200.000. A depreciation account has been June 1
and it is recommended that this policy be continued. By
in Curb stocks for their customers through other Curb of $60,000, 90% of the building will have been rented, giving an estimated
In excess of
members, has been taken for the purpose of minimizing increase in rents over last year of approximately $62,000.
Memberships have reached the highest figure in the history of the Exchances of loss incident to the current heavy trading and
change. having sold as high as $35,000.
in some of the public utility stocks. The
speculation
Believing it would further the general educational campaign,the Board of
Managers accepted an invitation from the promoters of the Southern Expo"Times" goes on to say:
the period of
Speculation in power and light company stocks particularly has reached sition to enter an exhibit at the Grand Central Palace during
an unprecedented stage, and fluctuations have been so wide in a number the Exposition May 11 to 23.
The amount ofcotton delivered on contract during the fiscal year has been
ofinstances as to make the ordinary margin account a precarious proposition
for both broker and customer. Consequently, several of the large com- 842,500 bales: 271,500 bales more than last year.
In order that the cotton trade might have an opportunity to digest thormission house have put into effect a temporary rule that margin accounts
Agriculture,
In the stocks of certain utilities cannot be taken. There are exceptions oughly the condition reports and estimates of the Department of
before the
made in the case of utility stocks, however. as in other stocks, where the trading on the Exchange was temporarily suspended five minutes
Issuance of the Nov.21 1924 and Dec.8 1924 reports, and continued so,until
speculative factor presents no particular problem or hazard.
There are many Curb stocks which Stock Exchange houses as such never 15 minutes after the issuance, trading then being resumed with a call. This
accept for margin trading, but require that business be done with customers procedure met with universal commendation, resulting in a more stabilized
on the investment or cash basis altogether. The unusual feature of the and orderly trading and the elimination of much of the demoralization which
restrictions being imposed on margin trades in a large number of the Curb ordinarily attended these reports.
A change in the rules was made during the year providing that all trading
utility stocks by Stock Exchange houses is the fact that they have been
performing violently, and that as a result the speculative clientele in these In the current month shall cease at noon on the tenth day thereof, effective
grown to such proportions as to make the keeping of these margin on Dec. 1925 contracts and thereafter. This change had as its object the
shares has
presention of undue premiums developing on near months, by affording all
accounts a difficult task for the brokers.
Recently there have been advances in individual utility stocks of as much Southern points ample time to make shipment of cotton in fulfilment of
as 30 points in one short Undies day from 10 a. m.to 3 p. m. The tendency contracts on sales made up to the expiration of trading in all months.
The Exchange has been represented during the year at cotton conventions
of buyers to "get in" when a stock is going up at such speed frequently
results in the buyer being called upon when the stock begins to slump to and conferences held in Washington, New Orleans, Dallas, and Savannah.
In the death of Henry Hentz on Sept. 28 1924 the Exchange lost its oat,
put up additional margin or collateral representing the margin. In certain
Instances It has proved impossible for these customers to put up all the surviving charter member who had remained on the membership roster.
demanded for the prdtection of the broker executiqg Mr. Rentz was President of the Exchange from 1874 to 1876 and was active
additional margin
in its affairs up to within a very few years of his detth.
the orders.
Two other Ex-Presidents ',abed during the year to their final rest, J.
In one Stock Exchange house yesterday it was pointed out that the new
rule while reducing the volume of orders placed with the firm for purchase Temple Gwathmey and Henry Schaefer. Both gave many years of faithful
Curb, at a time when speculative enthusiasm in the service to the Exchange and were well beloved by the members. Mr.
of utility stocks on the
sharps Is rffe, protects both customer and broker. In being obliged to put Gwathmey, as Chairman of the Building Committee in charge of the erecup cash for the entire transaction, the customer is encouraged to buy only tion of our present building, was largely responsible, as you know, for iniwhat he can pay for and the Stock Exchange house automatically frees tiating and carrying the project to completion.
The Exchange suffered a severe loss in the death of Frank C. MWett, a
Itself from burdensome obligations in connection with the borrowing it has
member of the Exchange for over 41 years, Inspector-in-Chief since glace
to do in the call loan market for funds with which to carry on the trading.
The rule has the prospect of becoming general if the excessive movements 1907, and for many years Chairman of the Classification Committee. Be
In the utility group continue, regardless of the reasons for the gains and was an efficient administrator and his conscientious devotion to dutY
developed to an unusual degree.
losses in these shares.
the
2886
THE CHRONICLE
[VOL. 120.
the uncertainties arising
During the past year,43 new members have been elected and 72 member- the major part of the world's commerce and finance
'ships have been transferred, being 26 memberships hold by members. 35 from wide and abrupt fluctuations of exchanges.
that have re-established the gold
Free gold movements between countries
extra memberships,and 11 held by estates.
rates but will again
The Board of Managers recommends that the annual dues be fixed for the standard will not only limit fluctuations of exchange
each membership relate changes in the gold holdings of central banks to credit conditions at
ensuing year at $300, and an assessment of $100 levied on
home and abroad and thus make changes in their reserve positions important
In the Exchange, payable Dec. 1 1925.
factors in their credit policies. With the principal money markets of the
" Reference to the dues and assessments will be found on a world once more free gold markets and the exchanges between them stable,
the flow of funds between those markets will respond more freely to differsubsequent page in our Cotton Department.
ences in money rates and credit conditions. Credits in countries on the gold
standard become interchangeable practically at par with dollar credits,
funds will
Federal Reserve Board on Return of Great Britain to which have been continuously equivalent to gold, and short-timedemands as
thus tend to be distributed more nearly in response to current
Standard—Arrangements Whereby New York
Gold
reflected in higher rates. With the removal of barriers arising from the
risks of exchange, borrowing, particularly for purposes of financing interFederal Reserve Bank "Sells Gold on Credit
national trade, will be drawn to the markets where money is cheapest.
to Bank of England."
Thus the rerimption of gold payments by the chief trading countries of the
Supplementing the approval given by the Federal Advisory world furnishes a basis for the functioning of those forces which before the
-of the
Council to the credit of $200,000,000 which the Federal Re- war operated to maintain a close contact between the money markets
world.
'serve Bank of New York recently placed at the disposal of
Great Britain's Gold Standard Act.
the Bank of England to maintain the gold standard, the
The decision of the British Government to remove the embargo on the
on
Federal Reserve Board has made known its endorsement exportation of gold was announced by the Chancellor of the Exchequer for
April 28, when he stated that the law of 1920 prohibiting gold exports
of the participation by the Federal Reserve Bank—the a period of five years, except under special license, would be permitted to
'Board stating that in giving its approval it "believed that lapse on Dec. 31 1925, and that for the remainder of this year the Bank of
Control of gold
the arrangement would be an effective aid toward general England would be given a general license to export gold. war until the
exports in Great Britain, which from the outbreak of the
resumption of gold payments." The Board on June 1 made legal prohibition in 1920, was by informal methods, has applied since that
public its statement in the matter, which is to appear in the time to all gold except to newly mined gold produced in the British DoJune number of its "Bulletin," to be issued later in the minions and imported into England.gold exports the British Government
In removing restrictions upon
month. The Federal Advisory Council's statement regard- adopted certain safeguards against the dissipation of the gold reserves
page 2761. through the re-introduction of gold coins into circulation and against the
ing the credit was given in our issue of last week,
speculative hazards to which the pound sterling might be exposed in the
The Board states that "under its arrangement with the period immediately following resumption. These safeguards were incorFederal Reserve Bank of New York porated in a bill "to facilitate the return to a gold standard and for purBank of England the
.undertakes to sell gold on credit to the Bank of England poses connected therewith" to be known as the Gold Standard Act, 1925,
which became law on May 13. It was recognized that a return to the use
from time to time during the next two years, but not to of gold currency in domestic circulation was not necessary for the purpose
time. As had of the operation of the international gold standard, and the Chancellor of
exceed $200,000,000 outstanding at any one
been previously announced by Walter Guiness, Financial the Exchequer said that this use of gold would be an unwarantable extravagance which the present financial stringency does not permit England to
,Secretary to the British Treasury (and noted in our issue of indulge in. In order to prevent the loss of gold into circulation the bill
May 9, page 2356), the Board states that "the credit is to relieves the Bank of England of the obligation to redeem its own notes and
obligation to coin
currency notes
bear interest to the extent that it is actually used at a rate gold bullion in gold coin and relieves the mint of the of England. The
presented to
the Bank
discount rate, Bank, however, is required it by anyone exceptcontaining approximately 400
of 1% above the New York Reserve Bank's
to sell gold in bars
/
2d.
with a minimum of 4% and a maximum of 6%,or, if the Fed- ounces to any person at the price of £3 17s. 101 per ounce gold of
standard fineness, that is in units of about £1,700. Thus, while the Bank
eral Reserve discount rate exceeds 6%, then at the redis- is protected against a demand for gold coin for domestic circulation, it
count rate of the bank." The Board adds that the rate of stands ready to meet all demands for gold bullion for export purposes. The
interest to be paid by the British Government on the credit provision of the Bank Act of 1844, under which the Bank of England is
obliged to purchase at a fixed price all gold offered, remains in force.
of $100,000,000 established by J. P. Morgan & Co. is to be
As a means of supporting sterling exchange in case of speculative pressure
determined in a similar manner. The Board also states that the gold standard bill furthermore authorized the Treasury to "issue, either
"upon the purchase of gold the Bank of England will place within or without the United Kingdom and either in British or in any other
currency such securities, bearing such rate of interest and subject to such
on its books to the credit of the Federal Reserve Bank of conditions as to repayment, redemptibn, or otherwise, as they think fit," and
New York an equivalent deposit in pounds sterling." "If to "guarantee in such manner and on such terms and conditions as they
occasion arises for the use of this credit," the Board says, think proper, the payment of interest and principal of any loan which may
be raised for such purpose." All loans raised under this provision must be
"support can be given to sterling exchange either through repaid within two years and guarantees given by the Treasury will also
purchase of sterling 1341s in New York or abroad, or gold expire in two years from the date upon which it is given. In furtherance
the
of the objects of these provisions American credits aggregating $300,000,000
can be shipped to other countries on British account. Thus have been established, the details of which are
discussed later in this review.
the Bank of England could meet a foreign demand for gold
without reducing its own reserves, or it could replenish its
reserves by withdrawing gold from this country or by earmarking it in New York." The Reserve bank, says the
Board, in making these arrangements, "proceeded under
authority of the Federal Reserve Act, which in addition to
granting the Reserve banks power to make contracts, author• lzes them under rules and regulations prescribed by the Federal Reserve Board to deal in gold coin or bullion at home or
abroad, to purchase and sell in the open market, at home or
• abroad, cable transfers or bankers' acceptances and bills of
exchange of the kinds and maturities eligible for rediscount,
and with the consent, or upon the order and direction of the
• Federal Reserve Board, to open and maintain accounts in
foreign countries, appoint correspondents and establish agencies in such countries wheresoever it may be deemed best
for the purpose of purchasing, selling and collecting bills of
• exchange, and with the consent of the Federal Reserve
.Board to open and maintain banking accounts for such foreign correspondents or agencies."
The Board points out that the restoration of the gold
standard in Great Britain was accompanied by similar action by Australia, New Zealand, the Netherlands and the
Dutch East Indies, and says that:
Report of Committee of Experts.
In reaching a decision to return to the gold standard at this time the
British Government was guided by the recommendations of a committee
which, in addition to considering whether the time had come to amalgamate
the Treasury note issue with the Bank of England note issue, also entered
into the question whether a return to the gold standard on the basis of the
pre-war sovereign was desirable, and if so, how and when the steps required
to achieve it should be taken.
In its report the committee expresses its agreement with the principles
laid down in 1918 by the Cunliffe Committee, and after considering various
alternatives, reached the conclusion that the gold standard must be re-established in England on the basis of the pre-war gold content of the sovereign.
Neither devaluation nor the substitution of the commodity price level for
gold as the regulating principle of the currency appeared to the committee
to be desirable. The committee's analysis of England's position in foreign
trade indicated that the existing volume of exports, visible and invisible,
together with the income derived from foreign investments, was undoubtedly sufficient to meet England's foreign debts, to pay for necessary imports, leaving a moderate balance for foreign investments. "In these circumstances," the committee continues, "a free gold market could readily be
established and maintained at the pre-war parity, provided that by control
of credit we adjusted the internal purchasing power of the pound to its
exchange parity, and restricted our foreign investments to our normal export
surplus." While the committee believed that the price level in England was
still too high relative to the level in the United States, it was its opinion
that the adjustment could be accomplished without serious disturbance, particularly in view of the fact that sterling exchange at the time of the report
in February was only 11 below parity.
/
2
%
On the subject of the amalgamation of the two kinds of note issue, the
Bank of England note, issued only in exchange for gold, and the currency
note, issued by the Treasury and secured largely by Government obligations,
the committee recommended that no action be taken for the present, that the
Restoration of an effective international gold standard from the viewpoint limit of the
currency issue, by which the actual maximum for one year beof the banking situation in the United States is of particular importance comes
the legal maximum for the next year, be maintained and that the
because for the first time since the Federal Reserve System was established Bank of
England take over the currency notes at such a time in the future
gold movements, which for a decade have exerted an abnormal influence
when experience will have demonstrated what amount can be kept in cirUpon the position of the Reserve banks, will be more largely controlled by
culation without resulting in a drain on the Bank's gold reserves. As an
the traditional influences which regulated the flow of gold under normal
immediate step, the committee recommended that the £27,000,000 of gold
conditions.
held against currency notes be transferred to the Bank and an equal amount
of Bank notes be substituted in the currency note account. This recommenThe Board's statement follows:
dation has been adopted and carried out.
Restoration of the Gold Standard.
Financial Policy Prior to Resumption.
London after a period of ten years
Restoration of a free gold market in
Important factors placing Great Britain in a position to re-establish the
lies
put Great Britain once more on the gold standard. At the time of
Englands return to a gold basis several other countries took similar action gold standard have been the balancing of the budget, reduction in the
and this, together with the fact that many other European currencies have floating debt, funding of the indebtedness to the United States, rigid adherbeen stabilized with reference to gold for more than a year, removes from ence to the limitation upon note issue, and a policy of credit control. The
JUNE 61925.]
THE CHRONICLE
2887
in
which held a regular meeting
d, the Federal Advisory Council,
has been a surplus which en- standar
ton on May 22, said in part:
aronly has been balanced, but there
noted the
budget not
part by the Washing
tion that the Council has
the floating debt held in large
"It is with the deepest satisfac
abled the Government to reduce
Reserve Board, bewas reduced
and the end of 1924 this debt
with the approval of the Federal
banks. Between the end of 1920
accompanied by rangements now made,
several Federal Reserve
the one hand, and the
and the reduction was
on the
in tween the Bank of England, on
by nearly 40%, or £560,000,000,
Reserve Bank of New York,
1921 and the early part of 1922,
under the auspices of the Federal
substantial declines, especially during
benefit not only
of the joint stock banks. With banks
deposits
the view of the Council, will
other. These arrangements, in
advantage of
the investments, bill holdings and
in a position
involved, but they will enure to the
s of Treasury bills, the banks were
the
the decline in their holding
y without the two countries directly
nt that in the annals of
demands of commerce and industr
world. The Council feels confide
to meet the increased credit
written down as one of
The policy of maintain- the entire
use.
System these arrangements will be
the total volume of bank credit in
increasing
ive demdis- Federal Reserve
achievements. It is an impress
especially during the past year, and of
proudest and most constructive
ing relatively high money rates,
at present consticontributed to the advance of sterling its
cy of the Federal Reserve Act, as
couraging excessive foreign lending
without fear
the extent onstration of the efficien
scale
ence of these developments,
to render assistance on a liberal
exchange toward parity. As a consequ
l condi- tuted, that we are able
conditions."
ent in the exchange rate and in financia
effect upon our own financial
of further necessary adjustm
removal of the gold embargo was of adverse
of the
Standard.
tions following the announcement
e
International Trade and the Gold
Great Britain to maintain an effectiv
greatly diminished, and the ability of
Britain was accompanied by
increased.
of the gold standard in Great
Restoration
Dutch
gold standard greatly
Zealand, the Netherlands and the
similar action by Australia, New
earlier
Course of Sterling Exchange.
been resumed in Sweden a year
East- Indies. Gold payments had
The return
.
since 1919, when the pegging
removed restrictions on gold exports
Sterling exchange in the New York market ne wide fluctuations. The and on June 1 South Africa
preceded by a continuous advance
has undergo
basis over so wide an area was
of the exchages was discontinued,
the principal exchanges and
the middle to a gold
in most of
in sterling occurred between
toward gold parity for about a year
most rapid and continuous advance
es. Furthermore,
when, owing partly to the operation of the by a narrowing of fluctuations in the value of other currenci
restore freeof 1921 and the spring of 1923,
conditions, prices in Great Britain a number of European countries, though not in a position to
to trade
factors already mentioned and
From
value of their currencies
prices in the United States advanced.
nt, have maintained the foreign
dom of gold moveme
declined considerably, while
conducted their forexchange declined during the remainder of at a fixed relationship to gold, and consequently have
still not
less than 4% below par sterling
below par. An almost
This growth in the area, though
point in January 1924 more than 12%
eign trade on a gold value basis.
as a stand1923 to a low
the early part of 1925 brought sterling world wide, in which gold has once more been restored to its role
trade than
uninterrupted rise during 1924 and
ional
time of the announcement of the resumption ard, provides a broader and more stable basis for internat
to within 1% of parity at the
ization of the world's currencies
d at any time since the disorgan
of gold payments.
of the gold standard remove*
er of this year has prevaile
blishment
e market during the remaind
which set in with the war. Re-esta
In order to relieve the exchang
arose from th
exchange by the Treasury, particularly in the from commerce between nations that element of risk which
from demands for dollar
movements will
s purchases of agricultural products abroad are uncertainties of fluctuating exchange rates and free gold
autumn, when Great Britain'
levels in different
er announced that a sufficient amount
adjustment between price
heaviest, the Chancellor of the Exchequ meet all payments on the American exert an influence toward closer
restoration of the international gold
acquired to
countries. The significance of the
from
of dollar exchange had been
r.
by the benefits; that will result
d should be measured not only
not only in June, but also in Decembe
standar
ions in
debt,
t with the declines and fluctuat
greater stability, but also by contras
decisions to
further postponement of the
Provisiotur for Supporting Exchange.
exchange that would have followed
ce that the exchanges of
ee advising the Government on the prob- resume gold payments. These decisions give assuran
It was recognized by the committ
gold basis will not be subject to
ion that the advance of the pound sterling those countries which have returned to the
lems connected with resumpt
these countries, which inpartly due to speculative buying and that sharp advances and declines and that trade with
be conducted
since last summer may have been
ors might throw a strain clude the largest purchasers of our agricultural products, can
parity was reached profit taking by speculat
basis.
when
the committee regarded as a proper and financed with greater confidence and on a more secure
this danger
on the exchange. Against
gold standard from the viewgold reserves and a resolute use of those
Restoration of an effectiye international
safeguard the existence of adequate
The avail- point of the banking situation in the United States is of particular imporpurpose for which they had been accumulated.
reserves for the
Reserve System was esee's opinion amply sufficient, but if it tance because for the first time since the Federal
exerted an abnormal
able reserves were in the committ
foreign credit, the credit should be used tablished gold movements, which for a decade have
were deemed wise to acquire also a
will be more largely conamount of gold had actually been exported, and the Influence upon the position of the Reserve banks, flow of gold under noronly after -aconsiderable
red from the point of view of the Bank trolled by traditional influences which regulated the
use of this credit should be conside
a corresponding loss from mal conditions.
England's monetary policy as equivalent to
of
precautions are taken, borrowing abroad
its own reserves. "Unless these
d, when it has been resorted to as a
will, as has again and again happene
Commends
merely aggravate the mischief which it United States Chamber of Commerce
remedy for exchange difficulties,
n
of the credits
applied to cure.' In announcing the establishment
ve Bank in Assisting in Restoratio
has been
Federal Reser
er said: "These great credits
America, the Chancellor of the Exchequ
in England—Other
in
of Gold Standard
been obtained and built up as a solemn warnacross the Atlantic Ocean have
of every hue and in every country, of
Resolutions—New Officers.
ing to speculators of every kind and
they
er and of the reserves with which
l Reserve
the resistance which they will encount
Commendation of the recent action of the Federa
gold parity which Great
to disturb the
will be confronted, if they attempt
in the restoration of the gold standard in
Bank in assisting
Britain has now established."
annual meeting in
American Credits.
England was recorded at the recent
of the United
hed in the United States, one by Washington of the Chamber of Commerce
Two separate credits have been establis
and one by the Bank of England. A credit of States, the Chamber at the same time reaffirming its conthe British Government
Government with J. P. Morgan
$100,000,000 was arranged by the British
mental principles of the Federal Reserve
by the Bank of England with the Fed- fidence in the funda
of the
lz Co. and a credit of $200,000,000
ation with other Federal Reserve System. The Chamber also approved the recent action
eral Reserve Bank of New York in particip
Reserve Board.
rules of procebanks and with the approval of the Federal
Federal Trade Commission in adopting new
the Federal Reserve
Under its arrangement with the Bank of England
d the appointment of a comcredit to the Bank of England dure; it likewise recommende
Bank of New York undertakes to sell gold on
but not to exceed $200,000,000 mittee by the directors of the Chamber to study the subject
from time to time during the next two years,
interest to the extent
outstanding at any one time. The credit is to bear
deplored the speculative fluctuations in the price
the New York Reserve Bank's of taxation,
Department <if
that it is actually used at a rate of 1% above
m of 6%, or, if the of grain, and commended the efforts of the
discount rate, with a minimum of 4% and a maximu
the rediscount rate of
measures by the principal
at
Agriculture to bring about remedial
Federal Reserve discount rate exceeds 6%, then
be paid by the British Government on the
on other
the bank. The rate of interest to
exchanges; the Chamber also recorded its stand
hed is to be determined in a similar manner. grain
credit which it has establis
ed being given further below.
of England will place on its books to issues, the resolutions adapt
Upon the purchase of gold the Bank
Bank of New York an equivalent deposit The meeting was held in Washington May 20, 21 and 22, and
the credit of the Federal Reserve
be used from time to time by arrangeIn pounds sterling. This deposit may
n John W.O'Leary, Vice-President of
purchase of eligible sterling commer- at the concluding sessio
ment with the Bank of England in the
of the Chamber
by the Bank of England, and in that case the Chicago Trust Co., was elected President
cial bills which shall be guaranteed
tioti.
.
t
t earned on the bills will be applied to the paymen of interest
Richard F. Grant, who declined re-eleC
discoun
ding
can be given to sterling succee
If occasion arises for the use of this credit, support
, was re-elected Treasurer of
bills in New York or John Joy Edson, of Washington
exchange either through the purchase of sterling
es on British account. Thus the Chamber. The following were also elected: .
abroad, or gold can be shipped to other countri
an of the board of the
foreign demand for gold without reducing
the Bank of England could meet a
V.-Pres.: East division, Lewis E. Pierson, chairm
ed. North Central
its reserves by withdrawing gold from
Bank-Columbia Trust Co., New York, re-elect
Its own reserves, or it could replenish
York. The form in which the credit Irving
Co., Moline, Ill. South
&
this country or by earmarking it in New
division, William Butterworth, pros. of Deere
Drug Co., Memtances at the time.
division, Robert Ellis, pros. of the Hassigh-Ellis
would be used would depend upcn the circums
the Bank of England, the Federal Central
of the Southern Pacific R.
In making these arrangements with
phis. Western division, Paul Shoup, v.-pres.
ty of the Federal ReD. Young, chairman o'tile
Reserve Bank of New York proceeded under authori
San Francisco. Honorary V.-Pres., Owen
M.Robinson, banker,
g the Reserve banks power to make Co.,
of the General Electric Co., New York; Henry
serve Act, which in addition to grantin
and regulations prescribed by the board
.
contracts, authorizes them under rules
Los Angeles, and Roland W.Boyden, Boston
or bullion at home or 'abroad,
Federal Reserve Board, to deal in gold coin
The resolutions adopted are in part as follows:
open market, at home or abroad, cable transfers
to purchase and sell in the
and maturities
Interference With Easiness.
bankers' acceptances and bills of exchange of the kinds
or
consent, or upon the order and direce with the uteligible for rediscount; and with the
It is the established policy of this Government not to interfer
Board, to open and maintain accounts in foreign
does not infringe uptin
tion of the Federal Reserve
most freedom of action by the individual so long as he
country ip Industry
appoint correspondents and establish agencies in such countries
countries,
The predominant position of this
the purpose of purchasing, selling the rights of others.
wheresoever it may be deemed best for
e of our Government.
Re- today is largely due to this attitud
collecting bills of exchange, and with the consent of the Federal
with this policy, the Government should not permit any of its
and
Consistent
n banking accounts for such foreign correserve Board to open and maintai
bureaus to so operate as to harass and annoy business by frivolous and
spondents or agencies.
curious inquiry into the private affairs of business men. On the other hand,
January of this year the Federal Reserve Bank of New York was business men will make no objection to the fullest investigation by the
In
to make arrangements with the
authorized by the Federal Reserve Board
ment of anything which the proper Government official may hate
been described. After the passage of the Gold Govern
Bank of England which have
good reason to suspect is a violation of the law of the land.
British Parliament in May, the Federal Reserve Board
The chamber urges upon its members the heartiest co-operation with all
Standard Act by the
made by the New York Federal Reserve
approved in detail the arrangements
of the Federal Government to the end that much useful and
believed that the arrangement would departments
In giving approval the Board
Bank.
valuable information may be availed of, and a spirit of mutual helpfulnms
general resumption of gold payments.
the Government and business men may prevail.
be an effective aid toward
between
Taxation.
Comments of Advisory Council.
The chamber has frequently spoken in favor of the reduction of the F'
upon the participation of the Federal Reserve System in the
Commenting
.
return of Great Britain to the gold oral income taxes, urging repeal of the war excise taxes affecting panicular
arrangements made to facilitate the
•
2888
THE CHRONICLE
(VoL. 120.
businesses, and has advocated the creation of such a
body as the Board of as will insure the
services of capable lawyers and further the expeditious
Tax Appeals, which has already by its expedition and
clarity fully justified and economical
administration of justice in the Federal courts.
the expectations of the benefits that would follow.
The resolutions committee had before it a number of proposals
Motor Common Carriers.
for reforms
in the Federal revenue law. The subject is so large
The chamber recommends that the Congress should amend the
and complicated that it
Trans-would be inexpedient to offer resolutions covering the various phases
portation Act as to embrace motor common carriers engaged in interstate
of the
law. Your committee therefore recommends that the board
commerce.
of directors
appoint a committee to study carefully the whole subject Federal
of
taxation
York-Antwerp Rules
-1924.
giving particular attention to the suggested changes which
have been subThe Chamber of Commerce of the United States approves in principle
mitted to this committee.
the work of the International Law Association as embodied in the
YorkFederal Reserve System.
Antwerp rules, 1924, as a great step forward in providing international
The Federal Reserve system has been from its inception
the subject of uniformity in the definition and adjustment of general average losses.
serious study and steadfast support by the Chamber
of Commerce of the Although it recognizes that the said rules are an improvement over the
United States. As the system enters upon the second decade
of its corporate York-Antwerp Rules. 1890, this chamber is unable to recommehd the
existence under conditions which for the first time during
itslife are approach- adoption of the York-Antwerp Rules. 1924, without modifications.
ing normal, we reaffirm our confidence in its fundamental
The American branch of the international Chamber of Commerce
principles, we give
and
willing recognition of its past service and of its promise
for the future; we ask the American branch of the International Law Association are requested
for It better understanding and appreciation.
to take steps to arrange for an international conference to revise the
YorkWe commend the recent action of the Federal Reserve
bank for its effec- Antwerp Rules, 1924, so that they may receive universal approval and
tive assistance in bringing about the restoration of
the gold standard in adoption.
England. This restoration has removed the danger of price inflation
in this
Forest Highways.
country; has increased the international purchasing power and will
undoubtThe national forests, especially those in the Western States, because of
edly benefit our foreign trade.
their great extent and location, include many of the most important mounFederal Trade Commission.
tain passes; they practically surround and control access to our national
The chamber approves the recent action of the Federal Trade Commission parks and interpose large areas of
land under Federal control between
In adopting new rules of procedure, which it is expected, will make
the work sections of our States held by private ownerships.
of that body increasingly constructive, effective and helpful to
Roads into and across these vast forest areas are required not only to
American
business.
protect the Government property in the forest
from the constant menace
of destruction by fire, but also to give access to the national parks: enable
Claims Against Germany.
to
In dealing with Allen Property Fund Congress. while fully recognizing private property to be reached and to complete highways available to
the historic policy of the United States, holding immune from confiscation inter-and intrastate traffic. It is the duty of the Federal Government to
enemy private property in time of war, should have in mind at all times its provide these roads.
Congress, therefore, should continue to appropriate needed funds, within
obligations, no less sacred, toward American nationals, who suffered
loss the
limits of a reasonable national budget, for the improvemen of such
and injury through the aggressions of Germany during the late war.
t
Congress should accord to Germany full faith and credit for free and forest highways, under the supervision of the Secretary of Agriculture.
voluntary action on its part in entering into the Treaty of Berlin for
the
National•Parks.
restoration of friendly relations with the United States and to that
end
The policy of the Federal Government in establishing
should retain possession of the Alien Property Fund, in accordance with
and maintaining
national parks is now well fixed. This policy should
be extended through
the explicit terms of that treaty, until Germany shall have made suitable
the establishment of national parks in important areas
of the country where
provision for the satisfaction of all such American claims.
they do not now exist and where scenery and other natural conditions
afford
Commercial Treaty Policy.
recreational and educational advantages such as the
public has come to
Your committee on resolutions respectfully recommends the presentation expect in all national parks.
to the'board of directors of the report of the committee on foreign affairs
Study of Cotton.
on the subject of the commercial treaty policy of the United States, and
In connection with some suggested subjects the resolutions committee
all
of the accompanying data and communications, with the suggestion that recommends that the meeting should add its
suggestions to the board as
the subject be submitted to the membership in the form of a referendum follows:
at the earliest convenience of the board.
Cotton, with an expression of the meeting's confidence
that the board will
cause inquiries and study by the appropriate departments
of the chamber of
Relations With Canada.
every phase of this important subject.
Your committee respectfully suggests that the chamber, through its
Public grazing lands. with an expression of confidence that the board will
proper channels, conduct an inquiry as to the possibility of further improv- give sympathetic
consideration to all means for promoting the efficient utiliing the social and economic relations between the business men of Canada zation
of grazing lands in public ownership which are of outstanding Imand the United States,to the end that each may enjoy the utmost advantage portance to
the great live stock industry of the West.
to be gained by the best possible social and business contact between the
Reclamation with a suggestion that the chamber's Interest should be concitizens of the two countries.
tinuous and that available information bearing upon future policy should be
brought together.
Speculation in Foodstuffs.
Resale prices, with the information that the committee understands the
The harmful effect of incessant wide speculative fluctuations in price of
grain, upon all Interests connected with the production, conversion, dis- board has already taken the action which the proposals contemplated.
State legislation respecting margarine, with a suggestion that there should
tribution and export of our vast cereal crops and upon our foreign commerce
generally, is so self-evident as to seem to demand prompt remedial measures be careful study by the appropriate departments of the chamber before
by the principal grain exchanges. We commend the efforts of the Depart- there is any attempt to define a policy.
ment of Agriculture to bring about such voluntary constructive action.
Aid for Highways.
Federal aid for highways, with the suggestion that there should
Railroad Rates.
be considThe Transportation Act of 1920 expressly provides for the preservation eration by the Transportation Department with special reference to any
of our transportation systems in full vigor. Proposed amendatory legislative declarations the chamber should later make in addition to the policy is has
action creates uncertainty in the public mind, tends to retard business, already adopted.
Highways, State administration and finance, with a
and thus interferes with the growth and development of our transportation
suggestion that in
recognition of the accomplishment which has been made by an
systems.
organization
member of the chamber in participating in the formulation
If our transportation systems are to be improved and extended to meet
of principles
designed to give efficiency and uniformity, the board requests
the constantly growing needs of commerce, the regulation of our common
the chamber's
transportation department to bring these principles
carriers must be vested in a properly constituted administrative body.
to the attention of the
The record of the Interstate Commerce Commission is such as to command local organizations in the chamber's membership and request their sympathat body as the proper agency through which all laws governing the thetic interest and 'support in their own States.
Aircraft lighter than air, with a suggestion that it be
common carriers should be administered.
referred to the transportation and foreign commerce departments for survey
of all possibilities.
Coastwise Laws.
Aeronautics, with a suggestion that it be referred
to the transportation deThe Chamber of Commerce of the United States declares its belief in partment for consideration
in connection with the chamber's policies already
the wisdom of the coastwise navigation laws of the United States.
established as to aeronautics.
World Cowl.
The United States is committed emphatically and always has stood for Dollar Credits
for Gold Standard—The New York
the peaceful solution ofinternational disputes. It has historically advocated
Arrangements.
and agitated for the formation of an international judicial tribunal for this
purpose. The Permanent Court of International Justice is the embodiment
The following is from the London "Financia News"
l
of
of the aspiration and effort of our leading statesmen and jurists.
By resolution of the last three annual meetings the chamber has con- May 15:
sistently and insistently indorsed the adherence of the United States to the
In the House of Commons yesterday,
Mr. Thurtle asked if the possibility
Permanent Court on the conditions laid down by the Executive and former would be considered of carrying out
the whole of the dollar credit trans
Secretary Of State Hughes.
action with the Federal Reserve Bank and
thus gave the £375,000 comThe President of the United States has stated his position unequivocally mission which it Is proposed to
pay Messrs. Morgan and Co.
and the chamber expresses its disappointment at the delay in effecting the
Mr:Churchill: This proposal is Quito
impracticable. The whole transrecommendation of the Executive. It believes that the objections which action was interdependent and has,
moreover, been definitely concluded
have been made to the entranoe of the United States into the present court
are unimportant as compared with the advantages which would accrue to
us and the support and impetus which our action would give to the promo- Countries of Europe which have Returned to Gold
tion of international justice and the furtherance of international peace.
Basis—New York Federal Reserve Bank Sees ThereThe chamber reiterates its position in support of the Permanent Court
in Return to International Confidence.
of International Justice and urges the adherence of the United States
A table showing the various European countries which
thereto at the forthcoming session of Congress.
since 1922 have taken steps to return to a gold basis is preJudicial Salaries.
Litigation in the Federal courts, both civil and criminal, is increasingly sented in the June
number of the "Monthly Review" of the
Important. Judges of these courts not only must be men of unimpeachable
integrity and liberal education but they should have profound knowledge Federal Reserve Bank of New York, which states that one
of the advantages likely to result therefrom is greater price
of the law and superior administrative ability in the dispatch of
business.
The Government is entitled to the service of competent lawyers
on the stability. Free gold movements, it observes, also tend to
Federal bench. The class of lawyers requisite for this service cannot
be
obtained unless they receive salaries enabling them to live in a manner greater stability of interest rates, but "more important than
commensurate with the position they occupy. No lawyer worthy of a all else," It says, "the return of Great
Britain and other counposition on the Federal bench should be asked to make the financial
sacrifice tries to gold payments marks a return
to international conrequired by the present salaries.
.
fidence. Confidence is at the basis of successful world
The chamber therefore urges upon the Congress the immediate
passage
of a law increasing the salaries of the Federal judges to such an
amount trade. Since the war, all international trade has been car-
JUNE 6 1925.]
THE CHRONICLE
2889
sadly missed. No one has been swifter to
Louis A. Coolidge will be
Uvery step
with him meant
recognize the upstanding issues of the hour. Perception
tied on in the midst of constant uncertainties.
international action. Therefore he became an invaluable recruit to the causes which
lessening these uncertainties is a stimulus to
In
he espoused.
ions:
in the personnel
trade." We give herewith the bank's observat
Others have lamented existing conditions—the sad change
of political
the decision of the British Government
The announcement on April 25 of
citizenry—Industrial absorption—and the scrapping
is one of the most important of a In the
to restore gold payments in Great Britain reorganization of world trade and principles.
unfortunate coinciseries of events leading gradually ot the
Mr.Coolidge had brains, and saw the threat in these
himself without reserve
finance on a mere normal basis.
dences. He was courageous, and therefore gave of
Europe is now included by countries whose currencies and to the disentangling of what is a master problem.
A large part of
balanced, and whose
ic institutions.
exchanges are effectually stabilized, Government budgets
Fellowshipping with the immigrant, he extolled Democrat
tely the pre-war volabsurdity of building
production and trade have been restored to approxima
Stirring great memories, he pointed out to citizens the
intended to be a
upon the principles underlying what was
ume.
shaded portions show a socialized state
.]
at organizing, he set
In the map on this page [This we omit.—Ed the
Federal union of self-governing communities. Adept
of Europe which have returned to a gold or gold exchange basis. himself to discouraging pernicious legislation, and, zealous in his effort to
the countries
of
and the exchanges
ion, he pointed out the danger of meddling with an
In addition, the Swiss exchange is quoted above par,
ns of very narrow preserve the Constitut at one time provided a common standard for
a number of other countries have been held to fluctuatio
Instrument which had
limits.
sections and prejudices.
gradually to this world Americans of all
. Some of the most
Some of the snore important steps which have led
The United States does not lack in great Americans
identity. Many are in
recovery are indicated in the following:
forceful of these dominate without disclosing their colorless and ready to
1922.
because they are personally
unit conspicuous positions
shall ever lack Americans of
September.—Bank of Lithuania established and new currency
take dictation. There is no danger that we demand the sort of leaderupon gold.
present, however,
adopted, based
, either type. Times like the
chervonetz
but the sort of soul integrity
Oefober.—Russian Soviet State Bank authorized to issue the
ship which not only has the requisite mentality,
the latter into corrective
based upon gold.
that dares to utter its convictions and convert
Latvia established and new currency created, to beleader.
November.—Bank of
action. Louis A. Coolidge was such a
n of gold payments by
come converted into gold one year after the resumptio
the Bank of England.
1923.
Coolidge—Better
Memorial Day Address of President
January—Austrian National Bank established.
ment
Government, Not More Federal Govern
—German Rentenbank established, and currency stabilized.
Local
October.
1924.
Reliance on Nation Criticized—
Needed—State
January.—Bank of Danzig established and currency stabilized with refBefore
Urges That We Govern Ourselves
erence to sterling.
ng Responsibility in Governweden removes restrictions upon gold exports and resumes speAssumi
April..—S
and new currency introduced,
ment of Others.
cie payments; Bank of Poland established
based on gold.
ancient and welld and currency stabilized with
Juna—Hungarian National Bank establishe
The need of America "to hold to its
Coolidge in a
reference to sterling.
charted course" was urged by President
Beptember.—Reparations Commission proclaims the Dawes plan to be in
address at the Arlington National Cemetery
Memorial Day
effect.
y of the
October.—German Reichsbank reorganized under the Dawes plan and In Washington, who, in referring to the tendenc
ent, dek introduced.
new reichsmar
to look for support to the Federal Governm
States
December.—Germany removes restrictions on the export and import of
is to be a continuation of individual
clared that "if there
geld and silver.
sovereignty, the indi1925.
and local self-government and of State
State
—South Africa announces intention to resume gold payments
Jonisary.
and locality must govern themselves and the
vidual
July 1 1925.
nty. Otherwise," he said, "these
must assert its sovereig
March.—Austria announces adoption of new currency.
April.—Great Britain re-establishes free gold market. Holland, Australia, rights and privileges will be confiscated under the all-comDutch East Indies withdraw embargo on gold exports.
maintenance
New Zealand and
pelling pressure of public necessity for a better
The return to a free gold market in Great Britain is a peculiarly imnt pointed out that "our
step, because England for many years has been such an international of order and morality." The Preside
portant
ernbanker, and so large a part of the trade of the world always has been car- country was conceived in the theory of local self-gov
ried on in sterling. Certain exchanges, as indicated above, have previously
ed this to be "the foundation of our sysand acclaim
been stabilized with reference to sterling, and hence the return of sterling to ment,"
which "is worth all the
tem of liberty," the preservation of
par will automatically bring those exchanges to a gold parity.
and exchanges are
The benefits likely to accrue from stabilized currencies
the sacrifice that it may cost." Noting that
in an article effort and all
d
so many and so great that they can only be summarize briefly
with this spirit,"
"the present tendency is not in harmony
of this sort.
Instability of the exchanges has been a constant hazard and a serious ob. the President said:
own salvation and securing his
stacle to world commerce. The lessening of exchange risks will aid greatly
The individual, instead of working out his
nce by
In the restoration of a free flow of world trade.
by establishing his own economic and moral independe
advantage likely to result from the return of gold payments is own freedom
throw himself on some
A further
own industry and his own self-mastery, tends to
price stability. When gold is moving freely it tends to be exported his
to hold that in some way
greater
vague influence which he denominates society and
from a country when commodity prices rise above the world's levels; the responsible for the sufficiency of his support and the morality of his actions.
credit volume tends to be reduced, and prices to fall. Conversely, when The local political units likewise look to the States, the States look to the
prices in a country fall below the world's level gold tends to be imported, nation and nations are beginning to look to some vague organization, some
with the result that the credit volume is increased and prices tend to rise. nebulous concourse of humanity, to pay their bills and tell them what to do.
There are, of course, many limitations and exceptions to the free operations
AmeriThis, he said, "Is not self-government. It is not
of these influences, but at least the free movement of gold provides an
automatic tendency toward price adjustment, which does not exist when
"The individual and the local, State and national
can."
gold movements are restricted.
"ought to be permitted to assume
Free gold movements also tend to greater stability of interest rates, since political units," he said,
end will
gold tends to flow from the cheaper to the dearer markets, and there is thus their own responsibilities. Any other course in the
an automatic readjustment in the capital markets.
of character and liberty." "What we
be subversive both
But more important than all else, the return of Great Britain and other
more Federal Government,
countries to gold payments marks a return to international confidence. Con- need," said the President, "Is not
fidence is at the basis of successful world trade. Since the war, all inter- but better local government." It was pointed out by the
.
national trade has been carried on in the midst of constant uncertainties.
nt that "before we assume too great responsibilities
Every step in lessening these uncertainties is a stimulus to international Preside
the governing of others, it would be the part of wisdom
in
trade.
Death of Louis A. Coolidge Former Assistant Treasurer
of United States—Member of Board of Managers
of Order and Liberty Alliance, &c.
Louis A. Coolidge, formerly Assistant Secretary of the
United States Treasury, died at his home in Milton, Mass.
on May 31. Many and varied were the activities of Mr.
Coolidge, who in addition to serving in the capacity just
indicated, had been Chairman of the Board of Directors
of Board of Manof the sentinels of the Republic; member
Order and Liberty Alliance; some time Treasurer of
agers
the United Shoe Machinery Company; recent candidate for
ion in Massachusetts &o.
the Republican Senatorial nominat
Mr. Coolidge was appointed Assistant Secretary of the
Treasury in charge of finances in February, 1908, and
resigned in April, 1909, to become Treasurer of the United
Shoe Machinery Corporation. He had previously served
editor
as Washington correspondent for several newspapers;
ry and Indexer of the Congresof the Congressional Directo
sional Record. He likewise held the presidency of the
Coolidge Family Association. Mr. Coolidge was born in
Natick, Mass., Oct. 8 1861. In paying tribute to him
nt Order and Liberty Alliance,
D. Chauncey Brewer, Preside
says:
for governvery completely to discharge our responsibilities
of work
ing ourselves." He observed that "a large amount
done at home before we can start in on the neighhas to be
ed in
bors, and very considerable duties have to be perform
of the
America before we undertake the direction of the rest
ourworld. But we must at all times do the best we can for
selves without forgetting others, and the best we can for our
own country without forgetting other nations." In referring
to problems of inter-State relations which we still have to
'candle, the President said:
So long as some can go to a distant State fen divorce which others are denied at home, there is not equality in this regard. When some States grant
valuable exemptions from taxation which other States impose, one person
may enjoy while another is denied these benefits.
A few years ago a majority of the States had adopted prohibition or rigid
restrictions on the traffic in intoxicating liquor. But other States did not
co-operate in advancing this policy, and ultimately by national action it was
extended to all the Union. By failing to meet the requirements of a national
demand the States became deprived of the power to act.
He likewise referred to the subject of law enforcement,
and while stating that "we are not a lawless people," described us as "too frequently a careless one." He declared
that "there is no use disguising the fact that as a nation our
attitude toward the prevention and punishment of crime
needs more serious attention." In his further criticism he
said:
2890
THE CHRONICLE
I read the other day a survey which showed that in
proportion to population we have eight times as many murders as
Great Britain, and five times
as many as France. Murder rarely goes unpunished in
Britain or France;
here the reverse is true.
In conclusion the President said:
The war which established Memorial day had for its
main purpose the
enforcement of the Constitution. The peace which
followed that war rests
upon the universal observance of the Constitution.
This Union can only be
preserved, the States can only be maintained, under
a reign of national,
and moral law, under the Constitution establishe
d by Washington, under the
peace provided by Lincoln.
The address follows:
[VoL. 120.
Though the war ended forever the possibility of disunion,
there still remain
problems between State and Federal authority
. There are divisions of interest, perhaps more apparent than real, among
geographical sections or
social groups. The seaboard thinks it has interests
in maritime transportation
and overseas commerce which differ greatly
from those of the interior, which
is peculiarly dependent upon railroads. Differenc
e in climate and physical
conditions throughout so great a territory tend
modes of living which react upon the economic to varied social habits and
and political attitudes. The
industrial development of some sections contrasts
with the agricultural character of others. Obviously, these difference
s give rise to many problems in
government, which must always be recognized
. But it Is hardly conceivable
that a really menacing contest between
the sovereignty of the States and of
the Union could ever again arise.
Our country, having devised this dual system
of government, and lived
under it longer than any other, is deeply
concerned to perfect and adapt it
to the changing conditions of organized society.
A community comprising
half a continent and more than a hundred
million people could not possibly
be administered under a single government
organization. We must maintain
a proper measure of local self-government
while constantly making adjustments to an increasing interdependence among
the political parts.
Our national history has presented various
phases of this problem. Slavery
showed one; the complexities of inter-Stat
e commerce have kept others constantly in mind. On the day the Constitut
ion was finished, probably more
people would have seen seeds of conflict
and dangers to the Union in future
commercial relations than in slavery. But commerce
became a source of
strength, while slavery became a
cause of division. It brought the Union
into danger; and in the end was
destroyed itself. Where there was sincere
acceptance of the dual sovereignty theory;
where the States sought to do their
full part, and accepted the determinations
of the national Government as to
the rest, the plan worked. Where
the States sought more from the Federal
authority than it could give, and resisted
national demands—then came dissension and at length, war.
For those who are the inheritors of a noble estate
and a high place in
the world, it is a good thing to pause at intervals and consider
by what favor
of fortune and of ancestry their lines have fallen
in such pleasant places.
Thus to meditate upon that course of events which
has given them what they
have and made them what they are, will tend to remind
them how great is
their debt and how little is their share of merit.
This is the day on which the American people
each year acknowledge that
they have such a debt. It has been set aside that
a grateful nation may do
fitting honor to the memory of those who have made
the greatest and most
voluntary contribution to it. Here about us, in this
place of beauty and
reverence, lies the mortal dust of a noble host, to whom
we have come to
pay our tribute, as thousands of other like gatherings
will do throughout
our land. In their youth and strength, their love and
loyalty, those who
rest here gave to their country all that mortality can
give. For what they
sacrificed we must give back the pledge of faith to all that
they held dear,
constantly renewed, constantly justified. Doing less would
betray them
and dishonor us.
To such a memorial as exists here we can only come in a spirit of
humility
and of gratitude. We cannot hope to repay those whom we
are
to honor. They were moved by a noble conception of human assembled
Problems of Inter-State.
and human destiny. But we can undertake to find what was possibilities
their
It would be folly to deny that we still
tion and seek to make it our guide. By that they will be recompens inspirahave problems of inter-State relations to handle. We boast that this
ed.
These who are represented here were men in whom courage
is a land of equal opportunity for all.
had reached a We insist that there is one law
for all the people. But that equality suffers
high moral quality. They had been brave enough not to
shrink from looking often because of the divergenci
es between the laws of different States. So
at facts and institutions. They had been honest enough
to admit that they long as some can go to a distant
saw there much that was not good. They glossed
State for divorces which others are denied
over no wrongs, they hid at home, there is not
equality in
away no skeletons. They did not pretend that wrong was
right or ever could valuable exemptions from taxation this regard. When some States grant
be right. They had put much thought to the lessons
which other States impose, one person
of hard experience and may enjoy while another
is denied these benefits.
had frankly acknowledged that they must deal with
a crisis in the nation's
A few years ago a majority of the
life. They were sure that union was a blessing, that
States had adopted prohibition or rigid
slavery was a wrong, restrictions on the traffic in
and that domestic war was the supreme human tragedy.
intoxicat
This settled, they co-operate in advancing this policy, ing liquor. But other States did not
saw that one of three courses must be taken. They
and ultimately by national action it
could have had peace was extended to all the Union.
with disunion, or they could have had peace and union
By failing to meet the requirements of a
with slavery. Free- national demand the States became
dom with union, they saw at last, meant war. We
deprived of the power to act. If questions
know how they decided which the States will not fairly
settle on their own account shall have to be
We know at what fearful cost they supported their
decision.
settled for them by the Federal authority
We live far enough away from those times of test
, it will only be because some States
and trial to know that will have refused to discharge
obvious duties.
sincerity and honesty did not all lie on either side. We
know the conflicts
There is another responsibility of the States.
of loyalties, traditions, ancestry, and interest which
It is quite aside from this
drew men to one side one of jurisdiction. It is the
subject of law enforcement We are not a
and the other. I doubt if there ever was another so
great
lawless people, but we are too frequentl
y a careless one. The multiplicity of
conflict from which men emerged with so much of mutual and elemental a
respect, with so laws, the varied possibilities of appeals,
little of bitterness and lingering hostility. The struggle
the
brought the whole procedure, the delays and consequen expense disposition to technicalities in
nation at last to see that its only assurance was in
t
of litigation which inevitably
unity. United, it could inure to the advantage of wealth
and specialized ability—all these have been
go its way in all security; divided, both sections becoming
the prey of many times recounted as reproaches to us. It is strange
jealousy and intrigue, would have dissipated all the
that such laxities
power they now have for should persist in a time like
the present, which is
good in the world.
upward movement in behalf of the social welfare. marked by a determined
Our generation has recently lived through times still so
But
vivid as to seem demonstrate a need for better, prompter, less irksome they do exist. They
but as yesterday, which have taught us deeply to appreciat
and expensive admine the value of istration af the laws. They point the necessity
union in purpose and effort. We have come to see as
for simplification and codifithrough a crystal that cation of laws; for uniformit
in the national variety of talents and resources, of
y of procedure; for more accurate delimitation
cultures and capacities, of State and Federal
authority.
of climates and of soils, of occupations and of interests,
lies the guarantee of
All these problems constantly come in the work
both our power and our authority. More than that, they
of political and social
have taught us how development. But they stand
for a vast progression toward better conditions,
heavy and important is our responsibility in the world.
a better society, a better economic system.
Conscious of a strength which removes us from either
In approaching them, we need
fear or truculence, to have in mind the "Federali
st's" analysis of our constitutional system:
satisfies with dominions and resources which free us from
lust of territory or
"The powers delegated to the Federal Government
empire, we see that our highest interest will be promoted
are few and defined;
by the prosperity those to remain in the
hands of the State Governments are numerous and inand progress of our neighbors. We recognize that what
has been accom- definite."
plished here has largely been due to the capacity of our
people for efficient
That statement cannot be too much emphasize
co-operation. We shall continue prosperous at home
d. The country's growth
and helpful abroad, has compelled the Federal establish
ment to exceed by far the Government
about as we shall maintain and continually adapt to changing
conditions plants of even the greatest States. With this
the system under which we have come thus far. I mean our
growth in physcial extent, in
Federal system, revenue, in personnel, there
distributing powers and responsibilities between the States
has inevitably been the suggestion that the
and the national Federal Government was
overshadowing the States. Yet the State GovernGovernment. For that is the greatest American contribution
to
zation of government over great populations and wide areas. the organi- ments deal with far more various and more intimate concerns of the people
It is the than does the national Government.
essence of practical administration for a nation placed as
All the operations of the minor civil
ours is. I thas divisions, parishes, wards, school
districts, towns, cities, counties, and the
become so commonplace to us, and a pattern by so many other
peoples, that like, are dependencies of the
we do not always realize how great an innovation it was
State. The maintenance of order through
when first
lated, or how great the practical problems which its operation formu- police, the general business of enforcing law, is left to the State. So fa
Involves. education. Property is held and transferre
Because of my conviction that some of these problems are
d on terms fixed by the States.
1st this time in In short, the structure of social
need of deeper consideration, I shall take this occasion
and business relationship is built chiefly
to try to turn the about the laws of the States.
It depends upon the exercise by the States of
public mind in that direction.
that vastly greater share of Governme
nt power which resides in them, to the
When dealing with the distribution of powers between the General
Gov- exclusion of the Federal Government.
In ordinary times nearly the entire
ernment and the States, Chief Justice Marshall declared:
burden of taxation represents State and local
"When the American people created a national legislature with
demands. Even now, dsepite
certain the enormous increase of Federal taxes
powers, it was neither necessary nor proper to define
the powers reserved taxes far exceed the Federal requireme from pre-war years, State and local
nts. Moreover, the national burden
by the States. Those power.) proceed, not from the people
of America, but is being continually reduced,
while that of the local units is growing and
from the people of the several States, and remain after the
adoption of the likely to continue to grow.
Constitution what they were before, except so far as they may be
abridged
Such is the real distribution of duties, responsibilities
by that instrument."
and expenses. Yet
people are given to thinking and speaking of
the national Government as
Our constitutional history started with the States retaining
all powers
"the Government." They demand more from it than
it was ever intended
sovereigny unimpaired, save those conferred upon the national Governme of
nt to provide; and yet in the same breath they complain that
The evolution of the constitutional system has consisted
Federal authority
largely in deter- is stretching itself over areas which
do not concern it.
mining the line of demarcation between State and national authority
. The are demands for more amendments to the Constitution. On one side there
cases involved are many and complicated, but there is a fairly
On the other there
good popular is too much opposition to those that already exist
understanding of this continuing struggle between these contendin sovereign
g
ties. Because of better communication and transport
Increasing Demands an Federal Government.
ation, the constant
tendency has been to more and more social and economic unificatio
Without doubt, the reason for increasing demands on the
n. The
Federal Governpresent continent-wide union of 48 States is much closer
than was the original ment is that the States have not discharged their full duties.
group of thirteen States.
Some have
done better and some worse, but as a whole they have
not done all they
This increasing unification has well-nigh obliterate
d State lines so far as should. So demand has grown up for a greater concentra
tion of powers in
concerns many relations of life. Yet, in a country
of such enormous ex- the Federal Government. If we will fairly consider it, we
panse, there must always be certain regional
must conclude
differences in social outlook and that the remedy would be worse than the disease.
economic thought. The most familiar illustrati
What we need is not
on of this is found in the more Federal government, but better local government.
history of slavery. The Constitution
Yet many people
did not interfere with slavery, except who would agree to this have large responsibility
for the lapses of local
to fix a time when the foreign slave trade
should be abolished. Yet within authority.
a generation the country was confronting
From every position of consistency with our
a sharp sectional division on this
system, more centralization
issue. Changing economic conditions made slavery
profitable in the South, ought to be avoided. The States would protest, promptly
but left it unprofitable in the North. The resulting
enough, anything
war might have been savoring of Federal usurpation. Their protection will
avoided if the South had adopted a policy of
lie in discharging the
ultimate abolition. But as full obligations that have been imposed on them.
Once the evasion of local
this method was not pursued the differences grew sharper
until they brought responsibilities becomes a habit, there is no knowing
how far the comm.
on the great conflict.
quences may reach. Every step in such a progression
will be unfortunate
JUNE 6 1925.]
THE CHRONICLE
with the manialike for States and nation. The country needs, in grappling
training and skill
fold problems of these times, all the courage, intelligence,
administration.
that can be enlisted in both State and national
of Federal intrusion is
One insidious practice which sugarcoats the dose
between State
the division of expense for public improvements or services
in this pracand national treasuries. The ardent States' rights advocate sees
is apt
tice a vicious weakening of the State system. The extreme Federalist
bribing the States into subordination.
to look upon It in cynical fashion as
must feel
The average American, believing in our dual sovereignty system,
that the policy of national doles to the States is bad and may become disastrous. We may go on yet for a time with the easy assumption that "if the
States will not, the nation must." But that way lies trouble. When the
national Treasury contributes half, there is temptation to extravagance by
the State. We have seen some examples in connection with the Federal contributions to road building. Yet there are constant demands for more Fed.
eral contributions. Whenever by that plan we take something from one
group of States and give it to another group there is grave danger that we
do an economic injustice on one side and a political injury on the other. We
impose unfairly on the strength of the strong and we encourage the weak to
indulge their weakness.
Evasicn of Responsibility by Local Government Unit.
When the local Government unit evades its responsibility in one direction
It is started in the vicious way of disregard of law and laxity of living.
The police force which is administered on the assumption that the violation
of some laws may be ignored has started toward demoralization. The community which approves such administration is making dangerous concessions. There is no use disguising the fact that as a nation our attitude toward the prevention and punishment of crime needs more serious attention.
I read the other day a survey which showed that in proportion to population we have eight times as many murders as Great Britain, and five times
as many as France. Murder rarely goes unpunished in Britain or France;
here the reverse is true. The same survey reports many times as many
burglaries in parts of America as in all England; and, whereas a very high
per cent of burglars in England are caught and punished, in parts of our
country only a very low per cent are finally punished. The comparison cannot fail to be disturbing. The conclusion is inescapable that laxity of administration reacts upon public opinion, causing cynicism and loss of confidence in both law and its enforcement and therefore in its observance. The
failure of local government has a demoralizing effect in every direction.
These are vital issues in which the naticn greatly needs a revival of interest and concern. It is senseless to boast of our liberty when we find
that to so shocking an extent it is merely the liberty to go ill-governed. It is
time to take warning that neither the liberties we prize nor the system
under which we claim them are safe while such conditions exist.
We shall not correct admitted and grave defects if we hesitate to recognize
them. We must be frank with ourselves. We ought to be our own harshest
critics. We can afford to be, for in spite of everything, we still have a
balance of prosperity, of general welfare, of secure freedom and of righteous
purpose, that gives us assurance of leadership among the nations.
What America needs is to hold its ancient and well-charted course. •
2891
to
of religious earnestness and moral determination which has never failed
us
give color and quality to our institutions. Because our history shows
We have
these things we dare make honest appraisal of our shortcomings.
to rely
not failed. We have succeeded. Because we have been privileged
we have
upon generations of men and women ready to serve and to sacrifice,
magnificently succeeded.
those
Our gathering here to-day is in testimony of supreme obligation to
who have given most to make and preserve the nation. They established
and'Federal Government, each
it upon the dual system of State Government
powers and
supreme in its own sphere. But they left to the States the main
demonfunctions of determining the form and course of society. We have
indestrated in the time of war that under the Constitution we possess an
in the time of peace that
structible Union. We must not fail to demonstrate
we are likewise determined to possess and maintain indestructible States.
This policy can be greatly advanced by individual observance of the law.
It can be strongly supplemented by a vigorous enforcement of the law. The
war which established Memorial Day had for its main purpose the enforcement of the Constitution. The peace which followed that war rests upon
the universal observance of the Constitution. This Union can only be preserved, the States can only be maintained, under a reign of national, local
and moral law, under the Constitution established by Washington, under the
peace provided by Lincoln.
The day's exercises were marked by the placing of wreaths
on the tomb of the Unknown Soldier by President Coolidge,
General Pershing, the Secretary of the Navy, the Acting Secretary of War, and American Legion societies.
Death of Thomas R. Marshall, Vice-President of U. S.
Under President Wilson.
Thomas R. Marshall, Vice-President of the United States
during the administration of President Wilson, died in
Washington on June 1. Mr. Marshall whose home was in
Indiana had gone to Washington the week before his death,
and was staying at the Willard Hotel. Following his arrival
in Washington he suffered a heart attack, but was supposed
to have been recovering, when he suffered a second attack.
Death came while Mr. Marshall was reading his bible. Mr.
Marshall's body was taken to Indianapolis on June 2, after
brief funeral services were held at the Willard that day, which
were attended by President Coolidge, Cabinet Members,
Supreme Court Justices, and others prominent in the administration. In compliance with the wishes of Mrs.
Marshall who was with her husband when he died, the services at Indianapolis on the 3rd inst. were simple, plans for a
State funeral and for the body to lie in State in the rotunda
of the capitol having been abandoned. The State House,
Federal Building and city buildings were, however, closed
on the day of the funeral, and an escort of State officials and
Masonic members accompanied the funeral through the
streets.
Mr. Marshall was born at North Manchester, Ind., on
Mar. 14 1859. He came of the family from which Chief
Justice John Marshall of the U. S. Supreme Court sprang,
and besides serving as Vice-President of the United States
Mr. Marshall had been Governor of his native state, to which
post he was elected in 1908. President Coolidge in a letter of
sympathy to Mrs. Marshall this week said:
Country Conveived in Theory of Local Self-Government.
Our country was conceived in the theory of local self-government. It has
been dedicated by long practice to that wise and beneficent policy. It is the
foundation principle of our system of liberty. It makes the largest promise
to the freedom and development of the individual. Its preservation is worth
all the effort and all the sacrifice that it may cost.
It cannot be denied that the present tendency is not in harmony with
this spirit. The individual, instead of working out his own salvation and
securing his own freedom by establishing his own economic and moral independence by his own industry and his own self-mastery, tends to throw himself on some vague influence which he denominates society and to hold that
In some way responsible for the sufficieny of his support and the morality
of his actions. The local political units likewise look to the States, the
States look to the nation and nations are beginning to look to some vague
organizations, some nebulous concourse of humanity, to pay their bills and
tell them what to do. This is not local self-government. It is not American. It is not the method which has made this country what it is. We
cannot maintain the Western standard of civilization on that theory. If it
The White House, Wash.. June 1 1925.
responsibility. If that principle be maintained, the result which I believe My Dear Mrs. Marshall:
is supported at all, it will have to be supported on the principle of individual
Just this moment the shocking intelligence has come to me of the death of
America wishes to see produced inevitably will follow.
distinguished husband,and I hasten to express to you not only my deep
on which freedom has ever found a perma- your
There is no other foundation
sympathy and condolence but the real sense of personal loss.
abiding place. We shall have to make our decision whether we wish to
nent
Mr. Marshall's long and notable public sarvice, both in Indiana and as
maintain our present institutions or whether we wish to exchange them for Vice-President for 8 years had won for him recognition for high character
something else. If we permit some one to come to support us we cannot and exceptional abilities. Beyond this, and something that he would have
prevent some one coming to govern us. If we are too weak to take charge prized even more dearly, he had drawn to himself a truly remarkable power
of our own morality, we shall not be strong enough to take charge of our of friends and friendships extending to every part of the nation, and beyond
own liberty. If we cannot govern ourselves, if we cannot observe the law, it. His delightful fund of humor illuminated a philosophy of life and affairs
nothing remains but to have some one else govern us, to have the law en- that had made for him a unique place among public men. He leaves a place
forced against us and to step down from the honorable abiding place of that there is none to occupy.
freedom to the ignominious abode of servitude.
Mrs. Coolidge joins in my expression of sorrow and sympathy to you and
If these principles are sound, two conclusions follow. The individual and yours in this time of your bereavement. Most sincerely yours,
the local, State and national political units ought to be permitted to assume
CALVIN COOLIDGE.
their own responsibilities. Any other course in the end will be subversive Mrs. Thomas Riley Marshall, the New Willard Hotel.
But it is equally clear that they in their
both of character and liberty.
Washington. D. C.
turn must meet their obligations. If there is to be a continuation of individual and local self-government and of State sovereignty; the individual
and locality must govern themselves and the State must assert its sover- United States Supreme Court Rules Against Oregon
eignty. Otherwise these rights and privileges will be confiscated under the
Compulsory Public School Act.
all-compelling pressure of public necessity for a better maintenance of order
Affirming the decree of the Federal Court at Portland
morality. The whole world has reached a stage in which, if we do not
and
set ourselves right, we may be perfectly sure that an authority will be (Oregon) which declared that the State of Oregon, acting
asserted by others for the purpose of setting us right.
the limitations of its
Govern Ourselves Before Assuming Responsibilities in Government of Others. in its legislative capacity, exceeded
But before we attempt to set ourselves up as exponents of universal reform, power in the enactment of the Oregon compulsory public
also to
It would be wise to remember that progress is of slow growth, and
school law, the United States Supreme Court on June 1 held
remember that moderation, patience, forbearance and charity are virtues in
which can be effective in the long run is that the States cannot require the attendance of children
their own right. The only action
that which helps others to help themselves. Before we assume too great in public schools to the exclusion of private or parochial
zesponsibilities in the governing of others it would be the part of wisdom schools. The findings of the Supreme Court, handed down
very completely to discharge our responsibilities for governing ourselves. A
start in on the by Associate Justice McReynolds, were unanimous. The
large amount of work has to be done at home before we can
neighbors, and very considerable duties have to be performed in America be- Oregon law which was adopted by initiative, by a vote of
we must at all
fore we undertake the direction of the rest of the world. But
and the best 115,506 to 103,685, at a general election in 1922, and was
times do the best we can for ourselves without forgetting others
other nations.
to have become effective September 1 1926, made compulsory
we can for our own country without forgetting
Ours is a new land. It has had an almost unbelievable task to perform, the attendance of grammar school age at a public school.
fit the institution of
and has performed it well. We have been called to
The Supreme Court in presenting its conclusions said:
the
ancient civilization to the conditions of a new country. In that task
We think it entirely plain that the act of 1922 unreasonably interferes
of the nation have been supported by a deep devotion to the essenleaders
been a strain with the liberty of parents and guardians to direct the upbringing and
tials of freedom. At the bottom of the national character has
2892
THE CHRONICLE
education of children under their control. As often heretofore pointed out,
rights guaranteed by the Constitution may not be abridged by legislation
which has no reasonable relation to some purpose within the competency
of the State. The fundamental theory of liberty upon which all Governments in this Union repose, excludes any general power of the State to
standardize its children by forcing them to accept instruction from public
teachers only. The child is not the mere creature of the State: those who
nurture him and direct his destiny have the right, coupled with the high
duty, to recognize and prepare him for additional obligations.
[VOL. 120.
to enforce the act would continue to cause irreparable Willey; and the suits
were not premature.
No question is raised concerning the power of the state reasonably to
regulate all schools. to Inspect, supervise and examine them, their teachers
and pupils; to require that all children of proper age attend some school,
that teachers shall be of good moral character and patriotic disposition,
that certain studies plainly essential to good citizenship must be taught, and
that nothing be taught which is manifestly inimical to the public welfare.
The inevitable practical result of enforcing the act under consideration
The proceedings to test the validity of the Act were would be destruction of appellees' primary schools, and perhaps all other
private primary schools for normal children within the state of Oregon.
brought by the Hill Military Academy and the Society of Appellees are
engaged in a kind of undertaking not
the Sisters of the Holy Names of Jesus and Mary. The long regarded as useful and meritorious. Certainlyinherently harmful, but
there is nothing in the
Federal Court of Portland, in its decision rendered present records to indicate that they have failed to discharge their obligations
to patrons, students or the state. And there are no peculiar circumstances
March 31 1924, denied the motion of the defendants, or present emergencies
which demand extraordinary measures relative to
representing the State, for the dismissal of the suits to have primary education.
Under the doctrine of Meyer vs. Nebraska, 262 U. S. 390. we think it
the act declared void, and at the same time granted a
entirely plain
unreasonably
preliminary injunction restraining the defendants "from of parents andthat the act of 1922the upbringinginterferes with the liberty
guardians to direct
and education of children
threatening or attempting to enforce the Act."
under their control. As often heretofore pointed out, rights guaranteed
The proceedings reached the Supreme Court on appeals by the constitution may not be abridged by legislation which has no reasonable relation to some
within the
The
from the decision of the Oregon Court. .The following is fundamental theory ofpurpose upon whichcompetency of the state.Union
liberty
all governments in this
the text of the decision of the Supreme Court:
repose excludes any general power of the state to standardize its children
These appeals are from decrees, based upon undenied allegations, which by enforcing them to accept instruction from public teachers only. The
granted preliminary orders restraining appellants from threatening or child is not the mere creature of the state; those who nurture him and direct
attempting to enforce the compulsory education act adopted November 7 his destiny have the right, coupled with the high duty, to recognize and
1922, under the initiative provision of her constitution by the voters of prepare him for additional obligations.
Appellees are corporations, and therefore, it is said, they cannot claim
Oregon, Judiciary Code 266. They present the same points of law; there
are no controverted questions of fact. Rights said to be guaranteed by the for themselves the liberty which the Fourteenth Amendment guarantees.
Accepted in the proper sense, this is true. Northwestern Life Insurance
Federal Constitution were specially set up and appropriate praydrs asked
Company vs. Riggs, 203 U. S. 243. 255; Western Turf Association vs.
for their protection.
The challenged act, effective Sept 11926,requires every parent,guardian Greenberg, 204 U. S. 359. 363. But they have business and property for
or other person having control or charge or custody of a child between 8 and which they claim protection. These are threatened with destruction
16 years to send him "to a public school for the period of time a public school through the unwarranted compulsion which appellants are exercising over
shall be held during the current year" in the district where the child resides: present and prospective patrons of their schools. And this court has gone
and failure so to do is declared a misdemeanor. There are exemptions—not very far to protect against loss threatened by such action. Truax vs.
specially important here—for children who are not normal,or who have com- Reich, 239 U. 8.33: Truax vs. Corrigan,257 U.8.312: Terrace vs. Thomppleted the 8th grade, or who reside at considerable distancesfrom any public son. 263 U. S. 197.
The courts of the state have not construed the act, and we must determine
school, or who hold special permits from the county superintendent.
The manifest purpose is to compel general attendance at public schools by its meaning for ourselves. Evidently it was expected to have general
normal children, between 8 and 16, who have not completed the 8th grade. application and cannot be construed as though merely intended to amend
And without doubt enforcement of the statute would seriously impair, per- the charters of certain private corporations, as in Berea College vs. Kenhaps destroy, the profitable features of appellee's business and greatly tucky,211 U. 8.45. No argument in favor ofsuch view has been advanced.
Generally it is entirely true, as urged by counsel, that no person in any
diminish the value of their property.
Appellee, the Society of Sisters, is an Oregon corporation, organized in business has such an interest in possible customers as to enable him to
restrain exercise of proper power of the state upon the ground that he will
1880, with power to care for orphans,educate and instruct the youth, establish and maintain academies or schools and acquire necessary real and per- be deprived of patrongage. But the injunctions here sought are not against
sonal property. It has long devoted its property and effort to the secular the exercise of any proper power. Appellees asked protection against
and religious education and care of children, and has acquired the valuable arbitrary, unreasonable and unlawful interference with their patrons and
.good will of many parents and guardians. It conducts interdependent pri- the consequent destruction of their business and property.
Their interest is clear and immediate, within the rule approved in Truax
mary and high schools and Junior colleges and maintains orphanages for the
vs. Reich, Truax vs. Corrigan and Terrace vs. Thompson,supra, and many
custody and control of chi dren between 8 and 16.
In its primary schools many children between those ages are taught the other cases where injunctions have been issued to protect business entersubjects usually pursued in Oregon public schools during the first 8 Years. prises against interference with the freedom of patrons or customers.
Systematic religious instruction and moral training according to the tenets Hitchman Coal and Coke Company vs. Mitchell, 245 U. S., 229; Duplex
of tho Roman Catholic Church are al o regularly p.ovid..d. All courses of Printing Press Company vs. Deering, 254 U. S., 443; American Steel
study, both temporal and religious, contemplate continuity oftraining under Foundries vs. Tr -City Central Trades Council, 257 U. EL, 184: Nebraska
appellee's charge; the primary schools are essential to the system and the District, etc., vs. McKelvie, 262 U. S., 404; Truax vs. Corrigan, supra,
and cases there cited.
most profitab 0.
The suits were not premature. The injury to appellees was present and
It owns valuable buildings, especially constructed and equipped for school
purposes. The business is remunerative—the annual income from primary very real, not a mere possibility in the remote future. If no relief had been
schools exceeds 330,000—and the successful conduct of this requires long possible prior to the effective date of the act the injury would have become
• time contracts with teachers and parents. The compulsory education act irreparable. Prevention of impending Injury by unlawful action is a well
of 1922 has already caused the withdrawal from its schools of children who recognized function of courts of equity.
The decrees below are affirmed.
would otherwise continue, and their income has steadily declined. The
appellants, public officers, have proclaimed their purpose strictly to enforce
Regarding the issue the Associated Press dispatches from
the statute.
Washington, June 1 sa'd:
After setting out the above facts the society's bill alleges that the enactIn educational and religious circles keener and wider interest was shown
ment conflicts with the right of parents to choose schools where their chilin the attack upon the constitutionality of the Oregon public school law
dren will receive appropriate mental and religious training, the right of the than
in any other controversey which reached the Supreme Court in recent
• hild to influence the parents' choice of a school, the right of schools and
years.
teachers therein to engage inn useful business or profession, and is accordingLike most states, Oregon has a compulsory education law which requires
ly repugnant to the Constitut on and void. And, further, that unless en- children to
attend school and prescribes the course of study. The right to
forcement of the measure is enjoined the corporation's business and property enforce
such regulations has not been seriously questioned in the courts.
will suffer irreparable injury.
But In 1922 the voters of Oregon. 115,506 to 103,685, went a step further
Appellee, Hill Military Academy, is a private corporation organized in and enacted
a law under which children between the ages of eight and
1908 under the laws of Oregon,engaged in owning, operating and conducting sixteen, with
some exceptions, would, after September, 1926, be required
for profit an elementary, college preparatory and military training school for to attend "public"
schools.
boys between the ages of 5 and 21 years. The average attendance is 100.
Summarized, Oregon's argument in the courts was that the national
and the annual fees received for each student amount to some $800. the government was founded
upon the theory that church and state should be
elementary department I; divided into 8 grades, as in public schools; the maintained separate,
a principle to be closely guarded in the education of
college preparatory department has 4 grades, similar to those of the public ts youth; that the right of
a state to control a minor when public welfare
high schools; the courses of study conform to the requirements of the State required had been thoroughly
established in the courts and included control
Board of Education. Military instruction and training are also given, over their education;
that private and parochial schools are not superior
under the supervision of an army officer.
to public schools, therefore the new law would not deprive them of any
It owns considerable real and personal property, some useful only for rights or privileges or subject them to
any disadventages that the opposition
school purposes. The busIness and incident good-will are very valuable. came from those who
wanted children given sectarian religious instruction.
In order to conduct its affairs long-time contracts must be made for supplies.
The Prote,stant Episcopal Church. the Seventh Day Adventists and the
equipment, teachers and pupils. Appellants, law officers of the state and American Jewish Committee each
filed a brief as friend of the court in
county, have publicly announced that the act of Nov. 7 1922 is valid and support of the position taken by
the parochial and private schools.
have declared their intention to enforce it. By reason of the statute and
Opponents of the new law declared it a serious menace. They attributed
threat of enforcement appellee's business is being destroyed and its property the weakening of the moral fiber
of the time to the lack of religious and
depreciated: parents and guardians are refusing to make contracts for the moral training, particularly in children,
declaring that unless present
future instruction of their sons and some are being withdrawn.
tendencies were restrained, conditions here would be worse than those in
The academy's bill states the foregoing facts and then alleges that the Soviet Russia. Oregon's idea of separation of
church and state would mean,
challenged act contravenes the corporation's rights guaranteed by the they declared, no church but only
state, because if schools could be proFourteenth Amendment,and that unless appellants are restrained from pro- hibited from teaching religion and morality,
all religious instruction would
claiming its validity and threatening to enforce it, irreparable injury will be brought within the control of
the state.
result. The prayer is for an appropriate injunction.
The Federal Court at Portland in its decision of March last
No answer was interposed in either cause, and after proper notices they
were heard by three judges (Jud. Code 266) on motions for preliminary year said: "It is not denied that the State in its sovereign cainjunctions upon the specifically alleged facts. The court ruled that the pacity is
entitled to the exercise of what are termed police
Fourteenth Amendment guaranteed appellees against the deprivation of
their property without due process of law consequent upon the unlawful powers. . . . There are certain known callings and occuinterference by appellants with the free choice of patrons, present and pations that the State may, under and in pursuance of its
prospective.
police powers, regulate by reasonable interposition, but it
It declared the right to conduct schools was property and that parents
and guardians, as a part of their liberty. might direct the education of cannot prohibit their exercise where to do so will infringe
children by selecting reputable teachers and places. Also, that appellees' the guarantees of
the fourteenth amendment." "No one,"
schools were not unfit or harmful to the public, and that enforcement of
the challenged statute would unlawfully deprive them of patronage and the court stated, "questions the proposition that our public
thereby destroy appellees' business and property. Finally, that the threats schools are subject to a reasonable supervision of the State,
JUNE 61925.]
THE CHRONICLE
2893
contentions before the Court had the support of the state
through its legislature, in the exercise of its pollee powers ofPennsylvania's legal department of New York asserting that States which
New York,
weal of the have imposed the similar to Pennsylvania's would have to return millions
for safeguarding the health, morals and general
taxes
Frick estate paid Pennsylvania $1.public. Nor is it disputed that while parents possess a nat- of dollars already paid. Heirs to theadditional $1,188,248 paid elsewhere.
levying
nurture, control and tutorship 978,949 and opposed thethat the of an of tangible holdings in New York and
ural and inherent right to the
value
The Court held,first
of their offspring . . . the State yet stands in the posi- Massachusetts should not have been included in determining the clear value
secondly,that in determining
tion of parens patriae to, and may exercise its just on which the Pennsylvania tax was computed: corporations of other States
include stocks in
support this value It was wrong topaid on these stocks to those States:and,thirdly.
powers 'in preparing the child in future life to
without deducting the taxes
itself, to serve the State and in all the relations of that no error was made in refusing to make any deduction from the value
Government.
and capably its part.'" Stating because of the estate tax imposed by the Federal counts, and must return a
adult life to perform well
The State of Pennsylvania lost on the first 2
that "the test here is not as to these primordial and long large amount of taxes to the Frick estate, but the State won upon the last
established principles," the court declared that "the real test count.
Mr. Frick, who died Dec. 2 1919 left about 53% of his estate to charity
is: Has the State, through its legislaive functions, the and public benefactions, and the rest to individual beneficiaries. Of MS
power, under the guise of police regulation, to deprive paro- New York holdings, he bequeathed $13.132.391 to an art gallery,and $77,818
left $325.534 to Mrs.
chial and private school organizations of the liberty and to his widow. Of the Massachusetts holdings heof 56.338.898, and taxes
the Federa Ilaw his estate paid a tax
right to carry on their schools for teaching in the grammar Frick. Under on holdings in Kansas, West Virginia and other States.
were also paid
grades." "The absolute right of these schools to teach in
In explaining the Pennsylvania procedure, Associate Justice Van Devenof the parents to ter, who handed down the Supreme Court opinion today, said:
the gramar schools . . . and the right
in that
"The Pennsylvania statutes provide that where a person domiciled
engage them to instruct, we think," says the court, "is State d es, seized or possessed of property, real or personal, a tax shall be
liberty Of the fourteenth amendment. The right laid on the transfer of the property from him by will or interstate laws,
within the
State or elsewhere; that the tax shall be 2%
of the State to establish as its school policy compulsory edu- whether the property be in that the property as transferred to or for the use
value or so much of
of
within its boundaries is conceded," says the court, of the clear relatives of the decedent and 5% of the clear value of so much
cation
designated
clear value shall
which adds, "practically all the States in the Union have ofit as is transferred to or for the use of others: and that thededucting therevalue of the estate and
adopted such a policy, but no State has ventured so far as to be ascertained by taking the gross expenses of administration, but without
from the decedent's debts and the
eliminate parochial and private schools from participating making any deductions for taxes paid to the United States or to any other
in the promotion of the policy." "In our opinion," says the State.
included th
In applying this statute to the Frick estate the taxing officers
court in rendering its conclusions, "the State, acting in its
in the
value of the tangible personality n New York, and Massachusetts
-- clear value on which they computed the tax;and in fixing that value refused
powers, exceeded the limitations of its powers
legisl ttive
tax paid to the United States
its purpose being to take utterly away from complainants to make any deduction on account of the estate
paid to other States. In proceedings which
their constitutional right and privileges to teach in the gram- or the stock transfer taxesof the State the action of the taxing officers and
reached the Supreme Court
mar grades—and has and will deprive them of their prop- the resulting tax were upheld by that Court. The matter was then brought
erty without due process of law." The bill, according to here on writs of error.
"We think that the transfer of the tangible personality in New York and
Associated Press dispatches from Oregon In March of last Massachusetts occurred under and in virtue of the jurisdiction and laws or
year, was originally proposed by the Scottish Rite Masons those States and not under the jurisdiction and laws of Pennsylvania, and
tax it.
was without
and became one of the main issues in the general election of that therefore PennsylvaniaPennsylvaniapower to insofar as it attempts to
statute,
"It must be held that the
the Federated Patriotic Societies and
States.
1922, being backed by
tax the transfer oftangible personality having an actual situs in other
the Ku Klux 1Kan. In the New York "Times" at that time contravenes the due process of law clause of the fourteenth amendment and
it was stated that the Oregon school law was defined on the Is invalid."
ballot as follows:
Estate Mortgages—Pennsylvania Trust Companies
Requiring any parent or guardian or other person having control, charge Real
Under 1925 Legislative Enactment Permitted to
custody of a child over 8 and under 18 years of age, from and after
or
Sept. 11926. to send such child to a public school during the entire school
Pool Mortgages on Real Estate Securing
year. excepting (a) children physically unable;(b) children who have comBonds and Issue Participation Certifi- •
eighth grade; (c) children between the ages of 8 and 10 living
pleted the
cates as Investments to Trust Estates.
than three miles from a public school, except when transportation is
more
furnished;(d) children taught by parent or private teacher.
By an act passed by the 1925 legislature of the State of
Pennsylvania, amending Clause V, Section 29 of act of
The same paper said:
73), last amended by act
of April 29 1874 (Pamphlet Laws
the
"free and
law urged that
Those advocating
compulsory education
children in the public primary schools is the only sure foundation for the
perpetuation and preservation of our free institutions," that the publie
schools were a means of assimilating the foreign born and preventing race
religious or social antagonism.
Six elements of the Oregon voting population opposed the Compulsory
Education law—the Episcopalians, the Lutherans. the Catholics. the
Presbyterians, the Seventh Day Adventists and the representatives or
private schools.
approved May 9 1889 (Pamphlet Laws 159), trust companies
in that State acting as fiduciaries will hereafter be authorized
to pool mortgages on real estate securing bonds in their
trust departments and issue participation certificates ase
investments to trust estates.
We print below Clause V as amended placing the new
matter in italics.
The decision of the Oregon court restrained Governor
V. The said companies shall keep all trust funds and investments
Pierce, Attorney-General Van Winkle and District Attorney
Myers from enforcing the law.
Inheritance Tax Law of Pennsylvania—States Can
Levy Only on Gross Estates Wholly Within
Their Borders, United States Supreme
Court Decides.
The United States Supreme Court in a decision handed
down on June 1 in the ease of the executors, et al. of the estate
of the late Henry C. Frick who died in Pittsburgh on Dec.
21 1919 against the State of Pennsylvania, opposing certain
taxes, ruled that States cannot validly collect inheritance
taxes upon gross estates, not located within their boundaries.
The Pennsylvania statutes impose an inheritance tax without
making any allowance for taxes paid upon that part of the
estate located in other States, which the plaintiff corttested.
Heirs to the Frick estate also contended that the State should
have deducted the taxes paid to the Federal Government.
The State, however, was successful on this point, the court
holding that it was within the power of the State to refuse to
make deduction for the estate tax imposed by the Federal
Government. Mr. Frick left an estate valued at $145,000,000. We quote from the "New York Times" the following
"Washington Advices" dated June 1 to that paper regarding
the decision:
Pennsylvania's tax laws were sub ected to two marked revisions but were
sustained in one important respect when the Supreme Court of the United
States decided today in the case of the Henry C. Frick estate that States are
gross estates not wholly located
debarred from levying inheritance taxes on
paid to the Federal Government,
within their borders. Inheritance taxes
however,should not be deducted,the Court ruled. Mr. Frick left an estate
valued at $145.000.000.
Clause
separate and apart from the assets of the companies, and all investments
made by the said companies as fiduciaries shall be so designated as that
the trust to which such investment shall belong shall be clearly known
Provided, That every such company shall have the right to clear receipts and
payments of trust money in the regular course of business in the same manner
map
as other funds held by it; And provided further, That said companies
of
assign to their various trust estates participation in a general trust fund
mortgages upon real estate securing bonds, in which case it shall be a sufficient
company to designate
compliance with the provisions of this section for the
trust
clearly on its records the bonds and mortgages composing such general
of
fund, the names of the trust estates participating therein, and the amounts
shall
the respective participations: and in such case no estate so participating
in such
be deemed to have individual ownership in any bond and mortgage
fund, and the company shall have the right at any time to repurchase at niarke
value but not less than face value any such bonds and mortgages from such
fund, with the right to substitute therefor other bonds and mortgages.
Prof. John T. Scopes Indicated on Charge of Teaching
Evolution in Violation of Tennessee Law.
An indictment on a charge of teaching evolution in a
public school in violation of the Tennessee law, was returned
by a Rhea County, (Tenn.) grand jury, at Dayton Tenn.
on May 25 against Prof. John T. Scopes a Dayton high
school teacher. The indictment roads:
That John Thomas Scopes, heretofore on the 24th day of April, 1925.
did unlawfully and wilfully teach in the public schools of Rhea county.
Tennessee, which said public schools are supported in part and in whole
by the public school funds of the state, certain theory and theories that
deny the story of the divine creation of man a taught in the Bible, and did
teach instead thereof that man has descended from a lower order of animals,
he, the said John Thomas Scopes being at the time and prior thereto a
teacher in the public schools of Rhea county, Tennessee, aforesaid, against
the peace and dignity of the state.
The law which Prof. Scopes is charged with violating was
signed by the Governor on March 23, its approval having
been noted in our issue of April 4, page 1695. July 10 has
been set as the date for the trial, which will be held in Dayton.
•
2894
THE CHRONICLE
r Vol.. 120.
According to the Associated Press accounts from. Dayton
May 25, Judge J. T. Raulston in charging the grand jury
Criminal Court told the jurors that he considered a violation
of the Tennessee statute against teaching of the theory of
evolution in public schools as a high misdemeanor regardless
of the question of unconstitutionality or policy. These
accounts went on to say:
man and the anthropoid apes came from a parent stem, but not that one
descended from the other.
Professor Scopes said he had made no attempt to teach evolution either
as a theory or a fact, except as it came up incidentally in discussion of text
books adopted by the State of Tennessee, which are used in his classes.
To the best of his memory, he said, he first mentioned the question several
months ago, when one of his students in a physics class asked his belief
about the theory of evolution. He then explained as simply as possible
the knowledge which he had obtained while a student at the University of
He was referring to the case of J. T. Scopes of the Dayton public schools Illinois and the University of Kentucky.
The test case, the professor said originated in a drug store conversation
arrested on a charge of violating the Tennessee law.
Detailing something of the possibility of the Scopes case, which has some weeks ago, when some of the Dayton citizens were discussing the
attracted world-wide attention and promises to bring into a test of the Tennessee law prohibiting the teaching in public schools of any theory of
constitutionality of the law some of the brightest legal minds in the American creation contrary to the biblical account. Professor Scopes stated that
legal fraternity and possibly some from abroad, the judge said that he had Dr. J. W. Rappleyea asked if he would be willing to submit to arrest to
called the grand jury together at the request of citizens for an immediate test the law, and he consented.
The forces of the defense are being marshaled by John R. Neal, a
inquiry.
He told the jury of the act involved, quoting the law which forbids the prominent Tennessee lawyer, who, it was stated, was ousted from his
position as Professor of Law at the University of Tennessee two years ago
teaching of the theory of evolution in any state university, normal or state
schools. The judge referred to the Bible for some of his charge. He read because he affirmed his belief in evolution. There was no Tennessee law
in its entirety the first chapter of the book of Genesis. from King James against the teaching at that time, Mr. Neal's case being handled by the
version of the Bible, in which the story of the creation of the world and of university authorities. He was defeated later as a candidate for Governor.
Dr. W. D. Funkhouser, head of the Department of Zoology. University
man is detailed.
The session of the court was opened with prayer by the Rev. H. L. of Kentucky, has been requested by Mr. Neal to take part in the proceedings. Mr. Neal and Professor Scopes's friends, the latter said, will also
Byrd, pastor of the Dayton Methodist Episcopal church.
Witnesses summoned before the grand jury were Walter White, superin- ask leading American educators, scientists and clergymen who have
tendent of the Dayton Public schools, and eight high school students who expressed their belief in evolution to attend the trial as witnesses for him.
Among those asked will be Dr. David Starr Jordan. President Emeritus of
attended classes in biology conducted by Scopes.
Leland Stanford University; Dr. James Rowland Angell, President of Yale
In charging the grand jury in the case Judge Rauiston said:
"Gentlemen of the grand Jury: At the request of some of your good University; Dr. Charles W. Eliot, President Emeritus of Harvard Unicitizens I have reconvened you for the purpose of investigating an alleged versity, and Henry Fairfield °shorn of the Pan-American Museum.
violation of chapter 27 of the acts of 1925 which makes it unlawful to teach
An Associated Press dispatch from Huntingdon, (Tenn.)
in universities, normals and other public schools of the state, which are May 27 said:
.supported in whole or in part by the public school fund of the state, any
The Board of Education of Carroll County, Tennessee, adopted resolutheory that denies the story of divine creation of man as taught in the tions
today announcing its purpose to employ no teachers who believe in
• Bible and to teach instead that man has descended from a lower order
evolution. The resolution supported in strong terms the Tennessee law
of animal.
prohibiting the teaching of evolution in the public schools.
"This act became the law in Tennessee on March 21 1925, and read
as follows:
Battle Over Evolution Spreads to Kansas; Friends
"'Sec. I. Be it enacted by the general assembly of the state of Tennee that it shall be unlawful for any teacher in any of the universities,
Burn School's "Book of Knowledge."
normals and all other public schools of the state to teach any theory that
Topeka,(Kans.) advises May 27, were reported as follows
denies the story of the divine creation of man as taught in the Bible, and
to peach instead that man has descended from a lower order of animal.
"Sec. 2. Be it further enacted that any teacher found guilty of a viola- by the New York "Times."
tion of this act shall be guilty of a misdemeanor and upon conviction shall
The evolution battle has spread to Kansas. Last week patrons of Schoo
'be fined not less than $100 or more than $500 for each offense.
"'Sec. 3. Be if further enacted that this act take effect from and after District 18, Jewell County, of which Ray D. Hodgell is Superintendent.
voted 14 to 5 to order a set of "The Book of Knowledge" burned.
Its passage, the public welfare requiring it.'
The books were purchased by the school board about two years ago.
"Since the act involved in this investigation provides that it shall be The books were said to contain
a thorough discussion of the theory of
unlawful to teach any theory that denies the creation of man as taught evolution.
. in the Bible, it is proper that I call your attention to the account of creation
"Those who burned the books were members of a strict religious sect."
as taught in the Bible, as is found in the first chapter of Genesis."
said Mr. Hodgell.
The judge then read the first chapter of Genesis from King James'
From the report of the County Superintendent it appears those who
version of the Bible, and continued:
favored the destruction of the books had their plans all laid and wore out
"The vital question now involved for your consideration is, has this in force when the annual meeting was called. Other patrons, who did not
statue been violated by the accused teaching a theory in the public schools care much about evolution or any other theory, were not in attendance.
of Rhea county that denies the story of the divine creation of man as taught
The action has aroused bitter feelings. The anti-evolution faction,
in the Bible, and if such an offense has been committed, was it committed which numbers about half the taxpayers, is composed of an old-time sect
since the passing of this act, and prior to this inquiry.'
of Friends, which is more rigidly Fundamentalist than the modern Quakers.
"If you find that the statute has been thus violated you should indict
According to leaders of this group, the present excitement in Tennessee
the guilty party promptly. You will bear in mind that in this investigation over evolution has nothing to do with the burning of the school's books.
you are not interested to inquire into the policy or wisdom of this legislation. The fight against implanting the theory of evolution in the minds of the
"Both our state and federal governments are divided into three distinct school children has long been waged, they declare, in the school district.
and separate branches or departments, and each has its functions and
Arlo Howell, aged 33, the school teacher, is a supporter of the evolution
responsibilities independent of the other, and there should be no interfer- theory.
ences, infringement or encroachment by the one upon the rights, duties,
responsibilities and functions of the other. The policy and wisdom of any
Will Test Delaware Law for Bible Reading in Schools.
particular legislation addresses itself to the legislative branch of governThe following under the above head, appeared in the New
ment, provided the proposed legislation is within constitutional limitations.
Our constitution imposes upon the judicial branch of government the York "Times" of June
1.
interpretation of the statutes and upon the executive departments the
Professor Clarence B. Skinner of Tufts College, Chairman of the Comexecution of the law.
"The statute involved in this investigation provides that a violation mittee on Academic Freedom of the American Civil Liberties Union, said
yesterday that his committee was seeking to bring into court a test case
constitutes only a misdemeanor, but there are degrees of crime not by
to determine the constitutionality of the Delaware law providing for
expressed provision of statutes, but in reality, involved in misdemeanors
compulsory Bible reading "without comment" in the public schools of that
, as well as in felonies, and in the very nature of things, I would regard a
State. The law imposes a fine on any teacher who omits the Bible reading,
violation of this statute a high misdemeanor. And in so declaring I make
according to Profeisor Skinner, who continued:
no reference to the policy or constitutionality of the statute, but to the evil
"Since it is customary to use the King James version of the Bible and the
example of the teacher disregarding constituted authority in the presence
Protestant version of the Lord's Prayer in public schools, this law would
of those whose thought and morals he is to direct and guide. To teach make all
religious teaching other than Protestant in the Delaware schools
successfully, we must teach both by precept and example.
a serious misdemeanor. The law strikes so serious a blow at the religious
"The school room is not only a place to develop the power of thought, freedom
of teachers and pupils alike that we can well understand how any
but also a place to develop discipline, power or restraint and character.
Catholic or Jewish parent in the State of Delaware would demand that this
Ifs teacher openly and flagrantly violates the law of the land in the exercise law be
tested in the courts. It is equally probable that the law would be
of his profession, this example cannot be wholesome upon the undeveloped obnoxious to
many teachers."
mind and naturally tends to create and breed a spirit of disregard for good
order and a want of respect for necessary discipline and restraint in our
Elihu Root and Ex-Secretary of War Stimson Opposed
body politic.
"In this investigation you should not be concerned as to the attitude of
to $100,000,000 Bond Plan Favored by Gov. Smith.
accused as to whether or not his is willing or unwilling to be indicted. If
Elihu Root and Ex-Sec'y of War Henry L. Stimson are
an accused Is to be exonerated of guilt because of his having expressed a
willingness to ho indicted, this would afford a great avenue of escape for among those who have indicated their opposition to the prothe guilty. What you and I. as court officials, are vitally interested in is poses' Constitutional Amendment to
empower the New York
to ascertain whether or not the law has been violated, and if it has, it
State Legislature to enact a law authorizing a $100,000,000
becomes our duty to uphold the law and preserve its integrity.
"Now, gentlemen of the jury. It is your duty to investigate this alleged bond issue for State improvements, the bonds to be put out
offense without prejudice or bias, and with open minds, and if you find that in installments of $10,000,000
a year for the next 10 years.
there has been a wilful violation of the statute, you should promptly return
a true bill. Otherwise you should return 'no bill.' You may proceed with Under this plan, which is favored by Gov. Smith, the present
your inquiry."
policy of submitting to a referendum the question of new bond
A statement regarding Prof. Scopes's views was contained issues would be abandoned. Objections to the proposal
in a Lexington, Ky. dispatch May 27 to the New York were voiced in letters at a dinner given on June 3 at Grant
City, Staten Island, to United States Senator James W.
"Times" from which we take the following:
"I believe that man and all animals ascended from the lower orders, Wadsworth, Jr. by the Republican Club of the Borough of
but I have never seen or read any scientific statement that man is descended Richmond.
from a monkey, and I do not believe that," he said today.
Mr. Root's letter which was addressed to Mr. Stimson was
Professor Scopes denied any pretensions to scientific knowledge, or that
he had ever professed to teach any science except the elementary high read by Ogden L. Mills, and was as follows:
school courses in general science.
"No person could teach even the most elementary courses in biology
without recognition of the evidences of man's evolution," the Professor
said, in affirming his acceptance of modern scientific theories of evolution
and the development of man. He stated his acceptance of the belief that
May 27. 1925.
Hon. Henry L. .Stimson, 32 Liberty St., New York city.
My Dear Stimson:
The proposed amendment of Article 7 of our State Constitution to empower the Legislature to authorize the creation of a debt of$10,000,000 each
JUNE 6 1925.]
THE CHRONICLE
2895
year for IQ years "to provide moneys for the acquisition by the State of real were received and sold or were bought for farmers desiring feeder stock.
in commission charges alone totaled approximately
property and for the construction of buildings, works and improvements for Savings to growers
the State,or for any one or more ofsuch objects, and to issue bonds therefor $1,000,000.
Most of these organizations have come into existence since 1921, and none
without submission to the people" seems to be very bad indeed.
largest volume of business done
The provision is intended to relieve the legislature to the extent of $100.- of them is more than eight years old. The
organization last year was that of the Chicago Producers' Com000,000 from the limitation upon their power to create debts except "by by any one
and mission Association, which was in excess of $27,000,000 and involved the
law for some single work or object to be distinctly specified therein"
cattle.
not to take effect until it "shall have been submitted to the people and have handling of more than 1,240,000 head of
The Central Co-operative Commission Association of St. Paul, Minn., did
received a majority of all the votes cast, &a." Why should the Legislature
$25,000,000; the Farmers' Livestock Commission Co.
be relieved from that limitation which has long been maintained with egneral a business of more than
approval. The limitation was created in the Constitution because the Legis- of East St. Louis, Ill., $19,625,000; Producers' Livestock Commission AsAssociation
lature had abused its powers to create debts for the State. Why should the sociation of East St. Louis, $18,977,000; Producers' Commission
of Indianapolis, $16,865,000. Only two organizations handled less than
door be opened for further abuse?
each.
I do not doubt that the plant of a number of our State institutions ought $1,000,000 worth of business
to be enlarged and improved but that affords no reason for authorizing a
debt before being told what the debt is for. This proposed amendment
Assistant Chief of Bureau of
does not tell what the debt which it authorizes will be for. Under it bonds N. A. Olsen Appointed
Agricultural Economics in Department of
could be issued to acquire any real property for any purpose under heaven
for the construction of building anywhere and for any purpose. There
Agriculture.
seems to be nothing to prevent it all being expended in building bridges,
The appointment of Nils A. Olsen as Assistant Chief of the
or eliminating grade crossings, or building a new State Capital or deepening
the Barge Canal. Doubtless many of the things which the Legislature Bureau of Agricultural Economics was announced April 30
would do under this unrestricted authority would be things of which the
by Secretary of Agriculture W. M.'Jardine. The appointpeople of the State would approve.
Almost certainly many of the things the Legislature would do would be ment is a promotion for Mr. Olsen, who has been connected
things of which the people of the State would not approve. The method with the United States Department of Agriculture since 1919..
now proposed is an exact reversal of the way in which public money may
He was first employed as an assistant agricultural economist
be used effectively and economically.
The right way dictated by universal experience is to determine whether to do research work in agricultural history. In 1922 he as- .
a proposed thing ought to be done, and if the determination is that it ought
sisted in the administration of the seed loan funds in the
to be done, then ascertain its cost and provide the means to do it. This
proposal is to do exactly the reverse. It is to provide a fund to be expended Northwest, and later was placed in complete charge of this
and then find things to expend it upon. The temptation to extravagance, work, with headquarters at Grand Forks, N. D. In July 1923
to ill-advised expenditures, to log-rolling among different localities will be
Washington, where he was made Ex,
almost too much for human nature to resist and the legislative history of Mr. Olson returned to
ecutive Secretary of the committee which prepared the rethe State indicates that it will be resisted.
Every meritorious project for a much needed construction or enlargement port on the wheat situation submitted to President Coolidge
of a State institution in the general public interests of the State will involve
Following
the expenditure of money in some particular locality. Every such project in the fall of that year by Secretary Wallace.
will come before a Legislature composed of men, a large part of whom look this, he was placed in charge of the Division of Agricultural
upon the expenditure of State money primarily as a benefit to the locality
Finance in the Bureau of Agricultural Economics, conductwhere it is expended, and their support for the meritorious and needed
project will have to be secured by giving to their localities what they ing studies relating to farm credit, farm taxation and farm
regard as their fair share of the $10,000,000 fund through expenditure upon insurance, and he was frequently called upon to assist Secunnecessary or less necessary projects in those localities.
in connection with nation-wide agriThat process is not peculiar to the New York Legislature. It is common retary Wallace's office
to all legislatures and to Congress. That is one of the great difficulties cultural problems. He collaborated with the late Secretary
In making up a public buildings bill in Congress. That is why such bills are Wallace in the preparation of his book "Our Debt and Duty
stigmatized "park barrel" bills. Always given a fund to divide and the
from the press. Secrerelative merits of projects for its expenditure become subordinated to to the Farmer," which recently came
considerations of local benefit through the expenditure.
tary Jardine promptly approved the recommendation of Dr.
The limitation of the legislative power to create debts under Article 7 was
H. C. Taylor, Chief of the Bureau of Agricultural Economics,
designed so far as possible to prevent that practice.
"The provision of this proposed amendment is admirably adapted to put for Mr. Olsen's promotion to the position now announced.
the improvement of State institutions at the mercy of that practice and to His duties will deal with the co-ordination of the work of the
insure ts control by local interests as distinguished from the general public
units of the bureau doing research work, developing
interests of the State. During the past 8 years our general budget appro- various
priations in this State have increased from 359.000,000 in 1918 to $158,000.- programs of investigation, amd applying the results of the
000 in 1924, and we have all been talking about how it might be possible to practical benefit of the nation's agriculture. The appointstop this continuing increase. I think a large part of the increase is due to
of an assistant chief in charge of research is especially
our system of making appropriations in such a way as to facilitate the ment
vicious practice I have described and which th s proposed amendment important at this time, in view of the plans being developed
seems adapted to apply to the expenditures for the improvement of our for co-operation with the State Agricultural Experiment StaState institutions."
Mr. Stimson in part said:
I am strongly opposed to the enactment of such an amendment to the
New York constitution. It abrogates what I consider one of the most important and salutary provisions of our state constitution. That is the provision which requires any law authorizing a state debt to be limited to a
"single work or object to be distinctly specified therein" and in such form
to be submitted to a referendum of the people of the state.
Taxation, both Federal and State, has imposed a burden upon the people
of this country now greater than ever before;the Federal Government is making extreme efforts to reduce the burden. Every effort should be made
on the part of our State and local governments to assist that wise work of
retrenchment, rather than to nullify it by looseness or recklessness in the
creation of local debts. Such an amendment as is now proposed would be
sure to open the door to looseness and recklessness. Under the proposed
amendment we would not even know authoritatively what the aggregate
group of objects is for which it is proposed to create the State debt.
Under the present constitution each new work or object for which it is proposed to incur debt must be separately submitted to the people for their
judgment. But under the proposed amendment we do not even know
authoritatively what the aggregate group of objects is for which it is proposed to create the debt. We are told that the Governor and the heads of
departments are conferring on that subject and will decide to what objects
the money is to go. Their decision is necessarily entirely without binding
effect. Neither the present Governor nor the present department heads
will be in office for the ten years„during which the creation of those debts
would be authorized. Even during the time when they are in office their
views are not controlling upon the Legislature to which is given the power to
create the debt. All we know is that if this amendment is passed, we shall
have given to the Legislature practically unrestricted power to incur
$10.000,000 indebtedness during each of the next ten calendar years without
any canvass of the views of the people as to the objects upon which that
money shall be expended. Experience shows that this will mean that
instead of these questions being determined from a State-wide viewpoint
they will be determined by the ordinary methods of district log rolling.
tions for Economic Research with funds made available by
the Purnell Act.
Renick W. Dunlap Appointed Assistant Secretary of
Agriculture.
Renick W. Dunlap of Pickaway County, Ohio, member of
a family long identified with farming and live stock improvement, was on March 16 appointed Assistant Secretary of
Agriculture by President Coolidge. The nomination was
confirmed by the Senate on March 17. Mr. Dunlap has spent
practically all his life in farming. Nelson J. Dunlap, his
father, began farming on one of the farms he now owns soon
after his return from the Civil War and is known as one of
the most successful farmers in that section of Ohio.
Mr. Dunlap received his early education in a district school and later attended high school. He entered the
College of Agriculture of Ohio State University in 1890 and
was graduated In 1895. He was one of the early
members of the Grange and of the Farm Bureau in the
United States. For several years he was State Dairy and
Food Commissioner, and while holding this office did much
to eradicate impure and misbranded foods, drinks and drugs
from the market. After retiring from this office he again
went to farming and continued until 1915, when he was
chosen by the State Board of Agriculture of Ohio as its Secretary. Following this work he took charge of a 60,000-acre
range in Floria. In June 1923 he again took up farming in
Ohio, and he was thus engaged when asked to accept the
position of Assistant Secretary cif Agriculture.
Business of Farmer Live Stock Agencies in 1924
Approximated $235,000,000.
The rapid growth of farmer-controlled co-operative live
stock sales agencies during the past few years, and the tre- John T. Caine Named as Head of Packers and Stockmendous volume of business being done by these organizayards Administration to Succeed Chester
tions, are brought out in figures compiled by the United
Morrill, Resigned.
States Department of Agriculture, and made public March 3.
John T. Caine of Logan, Utah, has been named by SecreThe Department said:
tary of Agriculture Jardine as head of the Packers' and
It is estimated that the 27 organizations of this type operating in 20 of Stockyards' Administration of the United States Department
terminal live stock markets of the country handled business in
the leading
a position made vacant two months ago by
1924 amounting to approximately $235,000,000. Over 12,000,000 animals of Agriculture,
2896
THE CHRONICLE
the resignation of Chester Morrill. Mr. Caine was for a
number of years head of the Animal Husbandry Department
and later Extension Director, of the Utah Agricultural College, and during a leave period of one year did live stock
work for the United States Department of Agriculture in
the fifteen Western States. He comes to his new position
with the Department from work in commercial live stock
production, which he has been carrying on since 1920. Commenting on the appointment, Secretary Jardine said:
I have had in mind the unusual responsibilities of the position. The
public stockyard markets are an important factor in the live stock industry.
Those agencies operating in the public markets provide services which are
of great public interest. The Packers and Stockyards Act lays down certain principles which should govern in these markets. Under this Act certain duties and obligations are placed upon the Secretary of Agriculture, and
it is my purpose to discharge these duties to the best of my ability. I want
the relation of this Department with all agencies to be co-operative and
constructive. The Packers and Stockyards Act puts into statutory form
those general principles of fair dealing and upright conduct that should be
common to all men. I want to do everything I can to strengthen confidence
In the live stock markets. It is important that the agencies operating at
the markets should realize that the live stock of thousands of shippers is
gassing through the market centres every day and that the particular Interest of no individual or group of individuals is paramount to the rights
of those shippers. The duties of all are made plain under the law, and
this Department will be frank and fair at all times and ready to give its
unbiased judgment on those matters which fall within the scope of its
authority.
Mr. Caine's wide interests have given him an extensive
acquaintance in live stock circles in many States among
leading stockmen and others interested in the business. He
has judged livestock at most of the Western fairs and is a
director of the Utah State Fair Association and the Cache
County Fair Association. He has been active in the Farm
Bureau and in various live stock associations, being a member of the following: Utah State Farm Bureau Association,
American Association of Animal Production, Utah Wool
Growers Association, Utah Cattle and Horse Breeders' Association, National Wool Growers' Association, National Livestock Association, and Western Livestock Sanitary Association. He is also a member of the Rotary Club.
Chester Morrill, officer in charge of the Packers' and
Stockyards' Administration and the Grain Futures' Administration, United States Department of Agriculture, resigned,
effective March 12. His resignation was accepted on March 6
by Secretary Jardine, who in his letter to Mr. Morrill said
in part:
Since your resignation is actuated by a desire to enter a field which will
offer greater opportunities I do not feel that I should interpose objection to
your proposed course. I note with particular regret that you wish to leave
the Department so early as March 12. In accepting your resignation I am
°omelette of the loss which I will sustain because of the extensive knowledge
which you have acquired in having participated in the consideration of some
at the most important problems with which this Department is faced.
Gov. Smith of New York Designates Week of June 8-14
as Flag Week.
In proclaiming Sunday, June 14, as Flag Day Gov. Smith
of New York has designated the week of June 8-14 as Flag
Week, urging the .State to observe the occasions with
patriotic exercises to stimulate that lively affection so
glorious a flag deserves and to display the flag prominently.
The Governor called attention to the movement of the
United States Flag Association seeking "to foster ever
greater devotion and love of that standard of humanity."
Reference to the efforts of the American Flag Association
in behalf of the widespread observance of Flag Day was
made in these columns last week, page 2762.
[vol.. 120.
work so necessary when proper conclusions are to be drawn from the great
mass of figures and statistics upon which the recommendations of the commission are necessarily based. I wish to take this occasion to thank you for
remaining long after the time when you first eexpressed a desire to leave the
commission and to assure you of my appreciation of the service which you
have rendered.
Very truly yours,
CALVIN COOLIDGE.
Hon. William Burgess,
United States Tariff Commission, Wash., D. C.
Reference to the expected resignation of Mr. Burgess•
which became effective June 1, was made in our issue of May
2, in noting the appointment of W. S. Culberson, a member
of the Commission, as Minister to Rumania.
Commissioner Eastman of Inter-State Commerce Commission Again Advocates Competitive Bidding
for Railroad Securities—Especially Equipment Trust Issues.
The views of Commissioner Eastman of the Inter-State
Commerce Commission on the question of competitive
bidding for securities of railroads, are once more set forth
in an opinion dissenting from the majority members in
approving the proposed issue of $3,525,000 of Northern
Pacific Railway equipment trust certificates. The account
of Commissioner Eastman's opinion wherein he dissented
in a similar case in connection with the proposed issue of
New York Central equipment trust certificates was given
in our issue of May 30, p. 2770.
Commissioner Eastman in dissenting from the majority
approval of the application in the present Northern Pacific
case says:
This case is similar to New York Central Lines Equipment Trust of 1925,
decided May 16 1925, and the grounds of my dissent are the same as those
there stated. There is no good reason why securities of this nature should
not be sold in a competitive market. Indeed they could be sold by the
carrier direct to investors, without the payment of commissions to bankers.
There is here an opportunity for the carriers to do a little housecleaning
on their own account. The proposition is conservative. I am not now
suggesting that all railroad securities should be sold through competitive
bidding, nor even that any very large part should be sold in this way
For the present the suggestion is confined to equipment trust certificates.
No candid critic will. I believe, contend that it is an impracticable suggestion
as to such securities.
The importance of the opportunity presented will be clear upon reflection.
The carriers resent the charge that their policies are dominated by "Wall
Street." They have hero a chance to demonstrate their independence in
a practical way. Without attempting a complete list, our records Indicate
that the following large carriers market their securities only through J P.
Morgan & Company, or financial institutions closly affiliated therewith:
Atlantic Coast Line Railroad Company.
Chicago. Burlington & Quincy Railroad Company,
Chesapeake & Ohio Railway Company,
Erie Railroad Company,
Florida East Coast Railway Company,
Great Northern Railway Company.
Louisville & Nashville Railroad Company.
Nashville, Chattanooga & St. Louis Railway,
New York Central Lines.
Northern Pacific Railway Company.
Southern Railway System.
Similarly our records indicate that the following carriers use Kuhn.
Loeb & Company as their exclusive fiscal agent:
Central of Georgia Railway Company,
Chicago & Eastern Illinois Railroad Company,
Chicago, Milwaukee & St. Paul Railway Company,
Illinois Central Railroad Company,
International-Great Northern Railroad Company,
Long Island Railroad Company,
Missouri Pacific Railroad Company,
New Orleans, Texas & Mexico Railway Company,
Pennsyttalala Railroad System,
Southern Pacific System,
Texas & Pacific Railway Company,
Union Pacific System,
Wabash Railway Company.
To the extent that these carriers hereafter sell securities through competitive bidding or to the extent that, even without competitive bidding,
they curtail the present monopoly in the marketing of their securities,
they will clearly lend weight to their declarations of independence of
banking control.
Resignation of William Burgess From United States
Tariff Commission.
The resignation of William Burgess (Republican) as a
member of the United States Tariff Commission, which had
been reported more than a month ago as imminent, was made
known at the White House on June 1. Mr. Burgess' resigna- Expenditures by Class I Railroads in 1924 for Wages,
Maintenance, &c., Nearly 5 Billion Dollars.
tion, was tendered in a letter to President Coolidge on April
Expenditures made by Class I railroads in 1924 for wages,
24 and was accepted on May 29. In his letter to the Presimaterials and supplies and for improvements, totaled $4,847,dent Commissioner Burgess said:
As you already know from the several talks we have had on the subject 700,000, according to reports for the year just received by the
during the past year that I have felt constrained on account of myfamily and Bureau of
Railway Economics from the railroads of this
business reasons to withdraw from my present position as a member of the
United States Tariff Commission. The same reasons have become more country. The Bureau, in announcing this in a statement
urgent as time has passed. I now desire to tender my resignation from the made public June 1, stated that a large part of this sum went
Commission to take effect at your pleasure, or when my successor is apdirectly to the industries of the United States through which
pointed.
Permit me at this time to express my sincerest thanks and deep apprecia- source it reached the wage earners, contributing, to a large
tion for the kindness and courtesy you have extended to me. If at any time extent, to the
prosperity of the nation. The principal exI can be of any service to you, I assure you it will give me the greatest
penditures of the Class I railroads in 1924 were divided as
pleasure.
follows:
The President's reply follows:
1Vhite House, May 29, 1925.
My Dear Mr. Burgess:
It is with real reluctance that I accept your resignation from the Tariff
Commission to take effect on June 1. To the work of the commission you
brought not only a trained mind but that diligence and capacity for hard
Wages paid for maintenance and operation
82.829.902.000
Materials purchased, including fuel
1.343.055.000
Capital expenditures(incl. new equipment& improvements)
874.743.000
Total
84,847,700.000
JUNE 61925.]
THE CHRONICLE
2897
the volume of freight carried in September and October by the railroads,
which could be obviated, to some extent, by earlier shipments in anticipation
the fall needs.
This amount, however, does not include approximately $340,000.000 of
While it may be that we are overly optimistic as to the volume of traffic
paid in taxes by the railroads, or an average of $929.000 per day compared
be handled during 1925, nevertheless we cannot see any substanwith a daily average of $909.000 in 1923. It also does not include $510.000.- that will
to support statements we hear occasionally about a decline in
paid out in interest charges by the Class I Carriers or $310.000,000 tial grounds
000
business which would justify us making any change in our estimate.
paid out in dividends.
Car loading figures, with the exception of coal, show an increase over
The total principal expenditures of the railroads in 1924 was a decrease
the previous two years. For the first three months this year there was an
of 8735.400.000 compared with 1923.
loading which includes manufactured products other
Of the total amount, the railroads paid out $2,629.902 in wages for increase in miscellaneous
was also an increase in less than carload lot loading
operation and maintenance work during the year while capital expenditures. than lumber. There
due in part to receivers of freight recognizing that it is unnecessary to accuincluding new equipment and improvements, totaled $874,743.000.
adequate transportation service, to which they have
Fuel as well as materials and supplies cost the railroads $1.343.055.000 mulate stocks and that
during the past three years, gives them the advantage
in 1924. a decrease of $395,648,000 or 23% compared with 1923. This become accustomed
to carry only what is necessary and letting the manufacturer
decrease under the year before resulted in part from the fact that the of having
formerly carried in stock. This, however,
railroads purchased less materials in 1924 than in 1923 due to the some- carry the balance of what they
business but does, in effect, indicate a more
what smaller programs for maintenance and additions and betterments on does not indicate any decrease in
necessarily deals, not with the tonnage
one hand while some of the stocks in storage were drawn out heavily during even flow of traffic. Our estimate
the carloads to be handled and with that as a basis,
the year At the same time greater efficiency in operation played no small to be moved, but with
conservative.
part in reducing the consumption of train and engine supplies. Declines we believe that our figures are
Lumber loading shows no decrease and there apparently is very little, if
in the unit cost of many materials during 1924, particularly bituminous
activity. No strikes in the building trades of any
coal, the largest single item purchased by the railroads, also had the effect any, lessened building
moment are being reported. There was a decrease in coal production during
of reducing the amount of expenditures.
with 1923, that decrease amounting
Fuel during 1924 cost the railroads $471,656.000, a decrease of nearly the first three months in 1925 compared
decrease of 8.8% compared with 1924.
24% under the year before. This decrease was brought about through a to 10.7%. There also was a
The lake coal movement so far shows an increase of 372,240 tons over the .
reduction in the actual number of units purchased due to greater conloading for the year is made with
servation in the use of coal as well as the fact there was a decrease of 6% previous year and our estimate of the total
approximately 27 million tons of coal transin the volume of freight traffic moved during the past year compared the idea that there will be
shipped to upper lake points during the year and that the total coal prowith 1923.
less
Bituminous coal alone cost the railroads $373,483,000 in 1924. a total duction in 1925 will be approximately 480 million tons, considerably
1924.
of 126,372,000 net tons having been purchased, compared with $519.007.000 than in 1923. but about the same as in
Reports from commodity committees of the Regional Advisory Boards
which was paid for 154,902,000 tons in 1923. Thus while 18% less tons
increase in business for
were purchased during 1924 than the year before, the total outlay was indicate almost without exception an anticipated
the next three months as compared with 1924.
28% less.
It is impossible to figure very much on the crop movement at this date
The outlay for anthracite coal in 1924 was $14,497,000 or 20% less than
except in a general way, but conditions up to data apparently do not suffer
In 1923, while only about 7% fewer tons were purchased.
where
Class I railroads in 1921 purchased approximately 26% of the total by comparison with one year ago, except in Oklahoma and Texas,
bituminous coal production of the United States and 5.2% of the anthracite there has been some shortage in rainfall. In the elevators at Atlantic and
Gulf ports on April 15 there were 16,163 cars of grain, an increase of
production.
The railroads in 1924 expended $180.872.000 for forest products, a 10,275 cars, or 174% over the same period last year. In elevators at other
reduction of 22% under the year before. Of that amount. $111,442.000 than Atlantic and Gulf ports as of April 15, there were 100,458 cars of grain,
was spent for cross ties, 11% less than in 1923, while 14% fewer ties were an increase of 1,947 cars over the same period the previous year. From
these figures, it is estimated that there will be, prior to the new crop, about
purchased during the past year compared with the year before.
More than 27% of the total steel production of the United States was the same movement of grain as last year.
In order to keep pace with the industrial development of the nation, the
purchased directly by the railroads or for them through equipment manufacturers in 1924. Total expenditure for iron and steel products made railroads from Jan. 1 1923 to April 1 1925 placed in service 398,442 freight
direct by the railroads during the year was 8365.610,000. This was 21% cars, of which 44,153 were installed during the first three months this year.
less than the expenditure for that purpose in 1923. In tonnage, the rail- On April 1 freight cars on order totaled 46,126. With the installation of
the new cars, the railroads have been able to retire much obsolete equiproads purchased nearly 21% less than the year before.
Approximately, 2,210,800 barrels of cement were bought directly by the ment, with the result that the average carrying capacity of freight cars on
railroads during the past year, 8.5% less than the year before. The total April 1 this year was 44.5 tons, compared with 43.8 tons in 1924 and 43.1
purchase price in 1924 was $5,141,000 or 16% less than 1923. This does tons in 1923.
The railroads also placed in service during the first three months this
not include, however, direct purchases made by contractors engaged in
year 430 locomotives, which made a total of 6,713 installed since Jan. 1 1923.
railway construction work.
Approximately 14,265.000 cubic yards of ballast were purchased in 1924 Locomotives on order on April 1 totaled 315.
The average tractive power of locomotives on April 1 1925 was 40,048
at a cost of 812,608.000. As many carriers maintain their own gravel pits
and quarries where they meet their requirements for ballast without pounds, an increase of 1.5% over that for April last year and an increase
purchasing in the open market, the quantity recorded as purchased in 1924 of 7.0% over two years ago.
Despite the fact that loading of revenue freight for the first eighteen
is considerably less than is utilized by them each year for maintenance and
weeks this year has been the heaviest for that season of the year in history,
construction work.
oil and grease cost 813.158.000 during the past year, a the number of surplus freight cars in good repair and immediately available
Lubricating
decrease of $2,520,000 compared with the year before while for brass, for use has been considerably greater than it has ever been before in precopper, zinc and various other non-ferrous metal products needed in vious years, there having been on April 30 this year 337,181 surplus cars,
railway operation, the railroads spent $39,049.000. 32% less than was an increase of 7,692 cars over the same date last year and an increase of
323,625 cars over the same date in 1923.
spent on the same account in 1923.
The Bureau adds:
Railroad Freight Traffic During 1925 Expected to
Exceed that of Previous Years-Record Car
Loadings.
It was announced on May 15 that from information now
available, railroad freight traffic during 1925 on the basis of
the number of cars loaded with revenue freight, will equal,
If not exceed, that of previous years. Announcement to this
effect, was made by R. H. Aishton, President of the American
Railway Association, and was in accordance with an estimate for the year made in a report submitted at the regular
spring meeting in Chicago that day of the member roads of
the American Railway Association by the Car Service Division of that organization. The report was adopted by the
association. Total loading of revenue freight for the year,
it is estimated, will approximate 50,494,570 cars, an increase
of about 682,450 cars, or 1.4% over 1923, when more cars
were loaded than ever before for-any similar period. It is
also expected that the total for 1025, according to the present business outlook, will exceed 1924 by about 1,976,350
cars, or 4.1%. The report said:
This estimate is our best judgment supplemented by reports received
various Regional Advisory Boards,
from the commodity committees of the
which are located throughout the United States, as to the general business
car requirements of various industries will be
outlook and as to what the
for the remainder of the year.
year-Jan. 1 to May 2, inclusive-the
For the first eighteen weeks this
amounted to 16,468,608 cars, an intotal loading of all commodities has
over the corresponding period last year and
crease of 468,817 cars, or 2.9%
425,985 cars, or 2.7%, over the correqonding period in 1928.
an increase of
first eighteen weeks this year showed increases
All commodities, during the
compared with the same period last year, except grain and grain products,
live stock and coal.
the year, the Car Service Division has
In preparing this estimate for
in June and July of this year will he
assumed that revenue freight loading
that continued adequate transportation has
less than in 1923, on the theory
carrying smaller stock in advance of
resulted in business organizations
practice in previous years. This ten.
actual necessities than has been the
will cause heavier loading in the fall months this
dency, in our opinion,
period and will cause a new high peak in
year to meet the demands of that
As to the condition of equipment, the report showed that
the railroads on April 15 had 12,066 locomotives in need of
repair, 18.8% of the number on line, but a smaller number
than they had on the same date both in 1924 and 1923. The
number of freight cars in need of repair on April 15 this
year totaled 190,165, or 8.2% of the number on line, an increase of more than 13,000, compared with the same date
last year but a decrease of nearly 24,000 under the same
date in 1923. The American Railway Association at its meeting reviewed the general situation and expressed confidence
in the ability of the railroads of this country to provide adequate transportation during 1925 in order to meet increased
traffic demands.
Banking Committee First to Complete Quota In
Salvation Army Drive.
J. K. Cooney, of the Bankers Trust Co., Chairman of the
Investment Houses and Private Bankers Group in the current
Salvation Army Drive for $500,000, announces that his committee was the first to obtain the quota allotted to it in the
Drive. "It is a curious fact," said Chairman Cooney, "that
while the amounts asked by the Salvation Army since the war
have been much smaller than the sums raised during the war,
they have been more difficult to secure. The Salvation Army
is doing just as good work as it did during the war days, and
is equally deserving of the generous support of the public.
Its activity now may not be as spectacular as it was then, but
is certainly as essential." The Investment Houses and
Private Bankers Group, of which John E. Berdich is Secretary, consists of the following:
J. IC. Cooney, Chairman, Bankers Trust Co.: J. C. Andersen, Chase Securities Corp.; H. W. Beebe. The National City Co.; George W.Bovenizer.
Kuhn. Loeb & Co.; Hamilton Candee, Guaranty Co. of New York; W. H.
Eddy, The Equitable Trust Co. of New York; II. H. BOY, Dillon. Read &
Co.; Albert C. Lord, Lee, Iligginson & Co.; Lester Powers, Dominick &
Dominick; Walter Shepperd, Redmond & Co.; John Mlles Thompson, Anglo
London Paris Co.
2898
THE CHRONICLE
1926 World Advertising Convention to Be Held June
20-25, in Philadelphia.
The new Executive Committee of the Associated Advertising Clubs of the World, meeting in Houston following the
World Advertising Convention there May 9-14, set June
20-25 as tentative dates for the next Convention, to be held
in Philadelphia, and unanimously reappointed Carl Hunt
manager of the Associated Advertising Clubs for the ensuing
year. The dates agreed upon for the Convention will follow
the closing of the University of Pennsylvania. The Poor
Richard Club, Philadelphia, plans to accept the offer of the
University to turn its buildings over for the numerous departmental meetings of the Convention. These dates will
become final when they have the approval of a joint committee of the passenger association of the United States,
which functions with organizations having large conventions
to avoid conflict in dates. Mr. Hunt has been manager of
the Associated Advertising Clubs for five years and a
member of the headquarters staff for twelve years. C. K.
Woodbridge, New York, who succeeds Lou E. Holland,
Kansas City, as president of the Association, has sailed for
Europe. While there, Mr. Woodbridge is expected to visit
a number of the forty-odd affiliated Advertising Clubs of
that side. He may also attend the first annual convention
of the Fourteenth District of the Association (The British
Isles and the Continent of Europe) to be held in Harrogate,
England, July 4-11.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported
posted for transfer this week, that of Newton E. Stout, deceased, to Henry Thompson and that of Ralph L. O'Hara,
deceased.to Alfred M.Morris, the consideration in each case
being stated a $106,000, an unchanged price from the last
preceding sale.
[Vol.. 120.
An office may have a number of loaning officers, each with a differnt
limit on the amount of the bank's funds he can lend. A junior loaning officer,
without consultation with any other officer, can lend up to a certain amount
determined by his position and previous experience. A more experienced
officer can lend a larger amount. The senior officer in charge of the office
can lend still more. If a combination of two or three officers agree that
an even larger loan is justified, they can make it, within fixed limits—
without reference to any other office of the company. Under this unit
system plan, decisions on loans are made promptly at the office where the
applicant banks and where he is best known.
Announcement was made o- n June 1 by the Irving BankColumbia Trust Co. of this city that George S. Mills, an
Assistant Secretary, had been elected an Assistant VicePresident, and Carl A. Miller and Stanley T. Wratten, Assistant Secretaries. Mr. Mills has been associated with the
institution since April 1905. He was appointed an Assistant
Secretary of the former Columbia Trust Co. In January 1920
and retained that rank after the consolidation of the Columbia• and the former Irving National Bank. He is in the
Irving-Columbia's out-of-town office, in the Woolworth Building. Mr. Miller and Mr. Wratten both entered the employ
of the Irving National Bank the same day, April 1 1920.
Mr. Miller is in the company's general co-ordinating office,
in the Woolworth Building, and Mr. Wratten in the New
Utrecht office, at New Utrecht Avenue and 53d Street,
Brooklyn.
Chauncey H. Murphey resi- gned this week as Vice-President of the Chatham Phenix National Bank & Trust Co., of
New York, and on July 1 will enter the firm of Davies,
Thomas & Co., 5 Nassau Street, as a general partner.
The board of directors of the Lawyers Mortgage Co. of
New York have tentatively approved plans to increase the
capital from $7,500,000 to $9,000,000 through the issuance of
$1,500,000 of additional stock at par. The subject will be
discussed further at a meeting of.the board on June 11, after
which it will be placed before the stockholders on Aug. 5.
The New York Cotton Exch- ange membership of Estate of If the proposition is approved the stockholders of record
John R.Tolan wassold this week to W.L. Harriss,for another, Aug. 15 will have the right to subscribe for one new share at
the consideration being slated as $29,500. This is the same par for each five shares now held. It is intended to continue
price as the last preceding sale.
payment of dividends at 10% per annum.
A Chicago Board of Trade membership was reported sold
this week for $7,700 net to buyer.
Kenneth Durland has been appointed Assistant Secretary
and Assistant Treasurer of the American Exchange Securities Corporation.
Thomas N. Dysart, Frederic R. Fenton, President and Secretary, respectively, of the Investment Bankers Association
Andrew Wilson, of William A. Camp & Co., has been
of America, are making a tour of the country addressing elected a director of the Franklin National Bank of this
the various groups of the association. Their first meeting city.
was held last night (June 5) in Kansas City, where they
The Emigrant Industrial Savings Bank of New York
addressed the members of the Southwestern Group of the
opened its new uptown branch at 43d Street and Lexington
I. B. A.
—4
-Avenue on June 1. It is announced that 2.800 new accounts
Maurice Silvester, representative of the Comptoir National were opened at the branch on its first day of business. The
D'Escompte de Paris for the United States and Canada, proposed opening of the branch was noted in our issue of
announces the removal of his New York offices to-day April 18, page 1975.
(June 6) from 46 Cedar Street to 68 William Street.
According to the Brooklyn "Eagle" of June 4, the merger
The number of unit banks o- perated by the Manufacturers of the National Bank of Bay Ridge with the East River NaTrust Co. increases to fifteen on June 1 with the opening of tional Bank is to be announced in a few days. The "Eagle"
the Fifth National Bank,131 East 23d Street, corner of Lex- says:
Negotiations which have been in progress for many weeks, have been
ington Avenue, as the Twenty-third Street office of the
Manufacturers Trust Co., and the opening of the Gotham completed, and only the approval of the Comptroller of the Currency 1.4 now
needed. If this approval is received, as expected, the merger is likely to
National Bank, 1819 Broadway, at Columbus Circle, as the become effective on Monday.
It was stated to-day that Edward E. McMahon, now President of the
Circle office of the Manufacturers Trust Co.
Columbus
National of
Arrangements by which the Manufacturers Trust Co. took operates as Bay Ridge, will be retained as Manager of the bank when it
an office of the East River NationaL Mr.
over. the banks have previously been' announced in these elected to the presidency of the Bay Ridge institution on Dec.McMahon was
18 1923. He
appearing in our issue of a week had been for some years Assistant Vice-President in charge of the New
columns—our last reference
Utrecht office of the Irving Bank-Columbia Trust Co.
ago, page 2792. The absorption of these banks gives the
The National Bank of Bay Ridge was organized as a local institution
Manufacturers Trust resources of $220,000,000, capital and by merchants of the Bay Ridge section in the spring of 1923. Jacob
Schaefer Jr. was its first President. The capitalization is $300,000 with
surplus of about $22,000,000 and deposits of approximately
a
paid in surplus of $150,000.
$190,000,000. Nathan S. Jonas, President of the ManufacThe financial arrangement by which the institutions are to
be
turers Trust Co., explaining the unit system of banking, Is not made known. It is stated, however, that the basis of the merged
merger
is
"created and perfected by the Manufacturers Trust Co., and thenot entirely an exchange of stock, there being "some" cash payment to
stockholders of the Bay Ridge National.
one of the main factors in its growth from a small institution
With its new acquisition, the East River National Bank, which has a
capital of $2,500,000, will have two offices in Brooklyn. Some months
with an original capital of $500,000," says:
Decentralization into strong units—not centralization—is the policy of
unit banking. As a result, every merger into the Manufacturers Trust Co.
"adds to" instead of "takes from" a district. Twelve of the fifteen unit
offices of the Manufacturers Trust Co. system were acquired in mergers,
but in each case the districts served by the absorbed banks gained complete unit offices—virtually independent banks—instead of just branch
banks with most of their services transferred to main offices.
Under the unit system, every office of the Manufacturers Trust Co. provides all the services of every other office. Backed by its own strength
and by the resources of the entire institution, each unit office is a complete
bank with facilities for world-wide service, but each, too, gives intimate,
personal service attuned to the needs of the district it serves.
ago an office was opened in Court Street. Dr. A. H. Giannini is
President
of the institution.
At a recent meeting of the directors of the Bergen National
Bank of Jersey City, N. J., Oswald Elmer was elected Assistant Cashier of the institution. Mr. Elmer, who is 32 years
of age, has only been connected with the Bergen National
Bank since the latter part of March the present year. Prior
to enlisting in the United States Army in 1918 he was for
ten years in the employ of a mercantile house in Atlantic
To better illustrate the manner in which unit banking City, N. J. Following his discharge from the army he beworks, Mr. Jonas cited as follows the way in which unit came associated with the Atlantic Safe Deposit & Trust Co.
offices act on applications for lines of credit:
of Atlantic City and in 1922 was made Assistant Trust Offi-
JUNE 6 1925.]
THE CHRONICLE
cer of the company. The personnel a the Bergen National
Bank is now as follows: John Warr&i, President; Joseph
E. Bernstein, J. B. Payton and R. W. A.English, Vice-Presidents; Michael Pecora, Cashier, and Oswald Elmer, Assistant Cashier.
The Comptroller of the Currency announces that on May
25 the name of the Phillipsburg National Bank of Phillipsburg, N. J., has been changed to "The Phillipsburg National
Bank & Trust Co."
The City National Bank of Salem, N. J., has changed its
title to "The City National Bank & Trust Co. of Salem."
The Salem National Banking Co., Salem, N. J., has received permission from the Comptroller of the Currency to
change its name to "The Salem National Bank & Trust Co."
The Second National Bank of Cooperstown, N. Y, announces the election of Hubbard L. Brazee as President of
the bank to succeed the late Charles T. Brewer. The death
of Mr. Brewer was referred to in our issue of May 9, page
2364.
A new bank is being organized in New Britain, Conn., with
a capital of $200,000 and a $50,000 surplus. We are informed that its application has been approved, but that its
charter has not yet been received. Although not definitely
decided, the name under which the bank will be established
will probably be the City National Bank of New Britain.
The institution is expected to begin business in October or
November. Its stock (par $100) has not yet been offered for
subscription. The incorporators are Joseph F. Lamb, VicePresident of Landers, Frary & Clark Co.; E. M. Wightman,
Vice-President and Secretary of North & Judd Mfg. Co.;
R. C. Twitchell, Vice-President and Treasurer of the Hart &
Cooley Co.; Ernest W. Christ, Vice-President and Secretary
of the Stanley Works; Arthur P. White, Credit Manager of
the Russell & Erwin Plant; Mortimer H. Camp, Assistant
Corporation Counsel, member of the, firm of Kirkham,
Cooper, Hungerford & Camp, and Paul K. Rogers, VicePresident and Treasurer of the Skinner Chuck Co.
Lee, Higginson & Co. of Boston recently purchased the
real estate holdings of the First National Bank of Boston at
the corner of Federal, Franklin and Congress streets, that
city, comprising a four-story bank building at the corner
(formerly occupied by the First National Bank) and an adjoining ten-story office building. This property, according
to the Boston "Transcript" of May 27, has a frontage of 132
feet on Federal Street, 155 feet on Franklin Street and 140
feet on Congress Street, and occupies a total area of 15,485
feet. It is assessed, it is said, for a total of $2,360,000, of
which $1,083,900 is on the land and $1,276,100 on the buildings. Lee, Higginson & Co. propose to occupy the four-story
bank building as soon as the premises are altered and remodeled to suit the company's requirements. The adjoining
building, it is understood, will be rented. The firm of Lee,
Higginson & Co. has occupied its present quarters at 44 State
Street continuously since its inception in 1848, as stated in
the following brief history of the company given in the
above-mentioned paper:
From its start in 1848, when John Clarke Lee of Salem and George Higginson of Boston, middle-aged merchants, formed a partnership to engage in
the private banking business in the front end of the building now numbered
44 on State Street, Lee, Higginson & Co. has grown to be one of the largest
investment banking firms in America, with offices in Boston, New
York,
Chicago and 22 other cities. Affiliated with the firm is Higginson & Co.
of London.
When the founders started their business they did all the work themselves
—no clerks, no office boys, no messengers. Now there are 14 American
partners and one English partner and the firm employs 625 persons.
Two new partners were admitted to the firm in 1853—Henry Lee and
George Cabot Lee. The former remained a partner until 1897 and the latter until his death in 1910. Henry Lee established the Union Safe Deposit
Vaults in 1868, the first safe deposit vaults in Boston, and among the first
worthy of the name in America, as an affiliation of Lee, Higginson & Co.
This enterprise was not, however, directly connected with the firm.
Majcr Henry L. Higginson was admitted to partnership in 1868. He was
the son of George Higginson, one of the founder:, and remained a partner
until 1919, when he died, one of the best•known financiers in the United
States.
Lee, Higginson & Co. took a prominent part in financing many of the
country's greatest railroads—notably the Chicago Burlington & Quincy
and the Atchison Topeka & Santa Fe, and many other large undertakings,
among them the Calumet & Heels mines. It was in the 60s that the firm
began to handle railroad stocks and other stocks on a considerable scale.
Gardiner M. Lane became a partner in 1892, remaining until his death in
1914. In 1898 George L. Peabody was made a partner. He died in 1910.
James J. Storrow and George C. Lee were admitted as 'partners in 1900
and to-day are the oldest members of the firm. James Jackson, father of
James Jackson, late State Treasurer of Massachusetts, remained a partner
from his admittance in 1885 until his death in 1900.
It was Mr. Storrow who conceived the idea of merchandising bonds. The
start was made with the bonds of public utilities, which in the past few
2899
years have grown very popular, and later with industrial bonds. This
business has grown almost beyond belief and now is national and international in extent.
In 1902 the firm established Higginson k Co. of London, then within a few
years opened its offices in New York and Chicago. Since then it has been
opening offices steadily, until now it has 22 branches aside from the main
offices in Boston, New York, Chicago and London, spreading as far west
as Minneapolis. The 625 employees are divided between the three American district offices as follows:
275; New York, 200; Chicago, 150.
N. Penrose Hallowell and SirBoston, G. Levick became partners in 1906.
Hugh
Sir Hugh was associated with the British Treasury during the war and later
retired in order to become a member of the Reparations Commission. In
1911 the firm admitted Francis L. Higginson Jr., and two years later
Charles H. Schweppe. In 1915, Frederic W. Allen, who then was a VicePresident of the Mechanics At Metals National Bank of New York, was made
a partner. In 1918, Jerome D. Greene, who had been with the.Rockefeller
Foundation in New York and formerly was Secretary to President Charles
W. Eliot of Harvard; Barrett Wendell Jr. and James Nowell came into the
firm. Charles E. Cotting, Donald Durant, Edward H. Osgood and William
McCormick Blair were admitted in 1922, Sir W. Guy Granet, head of Higginson & Co., London, became a partner in Lee, Higginson & Co. in 1923,
and in 1925 Edward N. Jesup was made a partner.
There are in all 14 American partners and one British partner and of
these seven are in Boston four in New York and three in Chicago.
Lee, Higginson & Co. ' become one of the largest distributers of bonds
have
and handle annually millions of dollars worth of high grade stocks. They
have a flourishing foreign department, handling a large volume of financing
for international business. Besides the bond, stock and foreign departments
there are a number of special service and other departments.
Arthur H. Hough, the former Treasurer of the People's
Trust Co. of Lebanon, N. H., whose arrest following the failure of the institution in January the present year was reported in these columns in our issue of Jan. 31, on June 1
pleaded "guilty" to two indictments charging misapplication of the bank's funds and was sentenced by Chief Justice
Oliver W. Branch to from five to eight years in the State
Prison at Concord in each instance, the terms.to be served
consecutively, according to a press dispatch from Woodsville,
N. H., on June 1, printed in the Boston "Herald" of the following day. Twenty-six indictments, it was said, growing
out of the bank's failure were returned against Hough by
the Grafton County Grand Jury, to all of which he originally
entered pleas of "not guilty." The two indictments to which
he changed his plea to "guilty" on June 1 charged him, respectively, with the misapplication of $20,000 which he
loaned without the authorization of the directors to his own
business enterprise, the Lebanon Machine Co., and the misapplication of $25,000, which he loaned to P,erley R. Eaton,
President of the Manchester (Vt.) Marble Co., also without
authorization by his directors. The dispatch further stated
that the bank was still closed, but negotiations were under
way for its reopening. The depositors, it is understood, will
lose heavily.
The Fern Rock Trust Co. is being organized in Philadelphia with a capital of $125,000 and surplus of $25,000; the
stock consists of 2,500 shares, $50 par value; the shares are
being sold at $60 per share—$50 to be applied to capital and
$10 to surplus. Formal application for a charter will be
filed with the State Department on June 15. The organization committee has purchased property at the southwest
corner of Broad Street and Nedro Avenue, which will be
converted into a banking building. It is expected the bank
will open for business about July 15 in temporary quarters.
The organization of the bank is still in the hands of the
organization committee and permanent officers and directors have not yet been chosen.
The Morris Plan Bank of Washington, organized to succeed the Fidelity Savings Co., which had operated the Morris
Plan at the national capital since 1912, will remove on June
29 from its present building in 13th Street to larger quarters at 1408 H Street. With a paid-in capital of $200,000
and surplus of $50,000, this bank operates under the supervision of the United States Treasury Department and is one
of 97 Morris Plan institutions now in operation throughout
the United States.
Samuel M. Fitch, formerly connected with the Lake
State
Bank of Chicago, on June 1 became associated with
the
Guardian National Bank of Chicago as Assistant
Cashier
In connection with the new business and bond
departments.
Mr. Fitch was at one time internal revenue collector
for the
Chicago district.
The new home of the First State Bank of
Detroit at Griswold Street and Lafayette Boulevard, that city,
was opened
for public inspection on June 1. Thousands
of persons visited the institution throughout the day and
flowers in great
profusion were sent to mark the occasion
by practically all
the other banks and financial institut'ons
in Detroit. Business was carried on, however, without
interruption and at
2900
the close of the day it was announced that several hundred
additional depositors had been enrolled. The new four-story
building is of classic design and is said to be one of the handsomest banking structures in the West. It will be used exclusively by the bank. The following description of the
building was given in the Detroit "Free Press" of May 24:
The exterior is modeled on classic lines, engaged columns of the Ionic
order supporting a decorated attic story.
The large openings between the columns are filled with ornamental iron
work and glass and the panels between the several floors are of Levanto marble. An enriched cornice with pierced balustrade surmounts all.
The main entrance door is of richly curved Tennessee marble and the
doors are set within a beautifully ornamented and perforated frame.
Particularly noteworthy are the decorative panels between the windows
and at the corner piers of the upper story. These, as well as other sculpture work about the building, were modeled by Anthony Di Lorenzo of New
York. These panels bear allegoric figures symbolic of banking—labor—
transportation and industry.
The design of the interior of the main banking room follows the character
of the exterior. It has a low marble wainscot, over which Caen stone walls
rise to an elaborately modeled and richly colored Italian renaissance ceiling.
All bank counters have a base of fleur-de-peche French marble in most
unusual colorings—cream with veins of pink, rose, orange and sunset blues
and purples.
The basement is devoted to the safety deposit vaults and supply rooms.
Iron stairways and two elevators lead to the upper floors. On the second
floor is the mortgage department—the third floor contains additional office
space and workrooms. On the fourth is the directors' room and a spacious
rest room for women employees.
The First State Bank of Detroit, now one of Detroit's
prominent banks, had its inception in the ship-chandlery
business of Edward Kanter in 1853. It seems it became the
custom with Mr. Kanter to accept money from sailors for
safe-keeping. His next step was to establish an agency for
the sale of steamship tickets. About this time, too, he was
appointed fiscal agent for the German Government for the
district of Detroit. Having developed a profitable banking
business he disposed of his ship-chandlery business and
opened banking quarters at 30 West Lamed Street under the
firm name of E. Kanter & Co. In 1868 the name was changed
to the Germania Savings Bank with a capital stock of $100,000. In 1871 when the State of Michigan passed its State
banking law, the first charter granted a Detroit bank went
to the Germania Savings Bank, which then changed Its
name to the German-American Bank and Mr. Kanter became
President. In April 1917 the name of the institution was
again changed to its present title. After changing its location several times during the years the bank moved in January 1910 to the Griswold and Lafayette corner of the McGraw Building. In December 1923, with the Security Trust
Co., It bought the entire McGraw black and its site from the
Detroit Free I'ress Co. and almost immediately afterward
the new owners began wrecking the old building, preparatory to erecting the new building which has now opened its
doors.
The Chicago Trust Co. of Chicago, Ill., announces the following appointments in its bond department: J. Preston
Burlingham, Manager; J. N. Whipple, Manager Buying Department.
The Greenwood State Bank of Lakemille, Wis., announces
the death of its President, Charles Frederick Greenwood on
May 3.
J. F. Robertson, former President of the Farmers' Trust
Co. of Grant City, Mo., which failed five months ago, has
been found guilty by a jury at Albany, Mo., of receiving
deposits when he knew the bank to be in a failing condition
and was sentenced to five years in the State Penitentiary,
according to a press dispatch from St. Joseph, Mo., on May
22. printed in the St. Louis "Globe-Democrat" of the same
day.
The death was announced in Louisville, Ky., on June 1 of
Laurel W. Botts, President of the Fidelity & Columbia Trust
Co. of that city and one of its prominent citizens for many
years. Mr. Botts, who was 60 years of age, had been ill
with nephritis for some time. He was born in Shelby
County, Ky., but moved to Louisville at the age of 16. Soon
after, he entered the accounting department of the Columbia Trust Co. and gradually advanced until he became President of the institution. In 1912, when the Fidelity Trust Co.
was consolidated with the Columbia Trust Co., Mr. Botts
became sole Vice-President of the enlarged bank and seven
years later (1919) was elected President, the position he
held at the titue of his death. Among his other activities he
was a director of the Louisville & Nashville Railroad; director of the Louisville Railway Co.; Treasurer of the Louisville Henderson & St. Louis Railroad, and Vice-President of
the Welssinger-Gaulbert Real Estate Co.
[Vol.. 120.
THE CHRONICLE
The semi-annual statement of the Bank of Montreal for
the half year ending April 30 1925 appeared on May 25 and
makes a favorable showing. The feature of the report is
the increase in the capital stock from $27,250,000 to $29,916,700, due to the absorption of the Molsons Bank at the close
of last year. Total assets are given in the statement as
$718,194,797, of which liquid assets amount to $424,673,558,
or equal to 65.92% of the institution's liabilities to the public. The principal items going to make up the liquid assets
gold and subsidiary coin, $17,760,372; Dominion notes, $54,876,633; call and short loans in Great Britain and the United
States, $139,146,450; Dominion and Provincial Government
securities, $99,911,141; Canadian municipal securities and
British, foreign and Colonial public securities other than
Canadian, $45,756,339, and checks on other banks, $25,012,043. Deposits total $604,851,116, of which interest-bearing
deposits amount to $475,504,735, as against $467,749,594 on
the same date In 1924. Net profits for the six months under
review ,after the usual deductions, are shown in the report
as $2,414,012, which when added to $761,586, representing
balance to credit of profit and loss brought forward from the
preceding half year, made the sum of $3,175,599 available
for distribution. From this amount the following appropriations were made: $1,768,335 covering two quarterly dividends at the rate of 12% per annum; $241,806 set aside for
Dominion Government taxes and $316,700 transferred to rest
account, leaving a balance of $818,758 to be carried forward
to the current half year's profit and loss account. The report further shows that $2,350,000, representing "estimated
surplus assets of the Molsons Blink in excess of the value at
par of the capital stock of the Bank of Montreal issued and
cash paid therefor," was transferred to rest account, making
that account $29,916,700—the same as the bank's capital.
THE CURB MARKET.
Business on the Curb Market started the week after the
holiday, with a good demand, and prices moved to higher
levels, especially as regards public utility issues. Thereafter
the market turned irregular until to-day, when weakness
developed and many new low records for the week were
recorded. Public utility issues were the chief losers. Adirondack Power & Light common rose from 8334 to 9534,
dropped to 8134, and closed at 82. American Gas & Electric
common declined from 8334 to 8034, and American Power
& Light common from 653% fell to 58, the latter closing to-day
at 6034. Commonwealth Power common, after early gain
of some seven points to 164, dropped to 14634, the close
to-day being at 15034. Electric Bond & Share Holding sank
4
from 7634 to 70 and sold finally at 713 . General Gas &
Electric common jumped from 9734 to 130 and reacted
finally to 125. Lehigh Power Securities dropped some 28
points to 13234 and ends the week at 141. United Light &
Power Class A advanced from 6834 to 84, the close to-day
being at 823 . Oil shares were quiet and irregular, changes
4
in prices for the most part being small. Humble Oil & Refining dropped from 6334 to 5934 but recovered to-day to
633%. Prairie Pipe Line rose from 119 to 127 and closed
to-day at 125. Among industrials Pathe Exchange was conspicuous for an advance from 5334 to 673%, the final figure
to-day being 6734. Chrysly was erratic, jumping from 104
to 126 and dropping to 112. The close to-day was at 114.
Chapin Sacks common sold up from 3434 to 3934, reacted
4
to 3734 and finished to-day at 373 . Continental Baking
Class A, advanced from 125 to 12734 and the preferred from
9834 to 10234, the close to-day being at 12734 and 102, respectively. Purity Bakeries Class B gained about seven
points to 47 and reacted finally to 4534. A feature was the
beginning of trading in the Chicago Milwaukee & St. Paul
Ry.new company ssecurities,"when issued." The preferred
voting trust certificates opened at 28, sold down to 2734 and
up to 2834, and at 2834 finally. The 50
-year 5s eased off
from 813% to 81, then rose to 83. The adjustment 5s gained
a point to 5434 and sold finally at 543%. United Oil Products
8s advanced from 303% to 50.
A complete record of Curb Market transactions for the
week will be found on page 2928.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended June 5
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
BONDS Par value)•
CIL
Alining. Domestic. Poen Goat.
193,266
190,196
216,535
204,345
205,895
106.910
124,445
94.110
112,770
128,530
Holiday
56,450
66,800
51,330
77,550
79,100
1.010.237
566.765
Ind.seMU.
3957,000
1.273,000
773,000
1,223,000
1,029,000
162,000
66,000
60,000
33,000
27,000
331.230 85.255.000 8227,000
THE CHRONICLE
JUNE 6 1925.]
THE WEEK ON THE NEW YORK STOCK EXCHANGE
The New York Stock market continued strong
and active during the present week, with interest in the
motor and industrial stocks the predominating feature.
During the morning session on Monday nearly 20 new high
records were registered by as many prominent issues, though
several of these lost their early gains in the afternoon setback; however, Reading, Baltimore & Ohio and Missouri
Pacific closed from 1 to 2 points up. General Electric got an
early start to 290% but subsequently lost part of its gain.
Maxwell Motors B shot up to 110, but receded five points at
midday and in the last hour rally again reached its high for
the day. Baldwin, American Can and Mack Trucks had
similar movements. The market continued strong on
Tuesday, Mack Trucks, General Electric and Southern Railway leading the advance with new tops. Maxwell Motors B
continued in the foreground and closed with a net gain of 10
points. The latter stock attracted special attention because
of its sensational gains during the past few days. Motor
stocks again took the lead in the upward movement on
Wednesday. Speculative activity continued to center around
Maxwell, Hudson, Pierce Arrow and Packard, all of which
reached new high levels for the current year to date. General Electric had a brisk run up in the last hour, closing with
a net gain of 33' points. Baldwin Locomotive reached
118H at its high for the day, though it closed fractionally
lower. Railroad shares were somewhat stronger, substantial
gains being recorded by Atchison, Frisco and St. Paul.
Northern Pacific was also active at improving prices. Oil
shares were weak in the opening hour, but gradually improved. As the day advanced firmness developed and several issues closed the day with moderate gains. A sharp
downward reaction in speculative stocks on Thursday carried
numerous active issues below the close of the previous day.
In the downward drift General Electric broke nearly 6 points,
closely followed by du Pont, which slipped off about 4 points.
In the last hour Lehigh Valley and Reading improved and
closed fractionally higher. The market was mixed on Fri-
2901
day, considerable uncertainty developing in the first hour or
two. As the day advanced Oil shares appeared to be the
strong feature of the market and had a steadying and
stimulating influence on the general list. Marland and Pan
Petroleum were the high points of the group, the "B" issues
of the latter going forward close to 79 and the Marland
stocks selling at 423 . Railroad shares were unsettled,
4
Southern RR. slipping back a point or more, but D. L. &
W., Lehigh, and Pittsburgh & West Virginia were in strong
demand at advancing prices as the market closed. The
final tone was strong.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
11011 day
$8,625,000
35,905.500
9,776,000
4,587,000
9,533,000
4,098.000
8,193,000
4,781,000
3,124,000
7,399.000
6.639.741
Sala at
New York Stock
Exchange.
State,
Municipal &
Foreign Bonds.
343.526.000
81,548,700
1,834,700
782.000
1.118,000
796.000
85.579.400
Jan. 1 to June 5
1925.
1924.
1925.
United
Mates
Bonds.
322.495.500
Week Ended June 5
Stocks
-No. shares
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
Total bonds
Railroad.
eke.
Bonds.
1,402,117
1,351,582
1,462.732
1,293,110
1,130.200
Week Ended June 5
1924.,
2,929,392
180,785,100
100.445,046
85,579.400 $17.979,000
22,495.500
7.823.000
43.526,000 34,213.000
$172,302,880
315,178.300
1.760,265.475
8451.310.000
163,462,000
755.688,000
6,839.741
.
035 61.3 70 4919 000
$71.600.900 85.811.000 x2,247,746.
DAILY. TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXLHANOES.
Boston.
Week Ending,
June b 1926
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey_ sopek revised
Philadelphia.
Shares. Bond Saks. Shares. Bond Sales
22,065
21,680
17.295
18,093
19,592
Stock Ex changes closed
310.250
14,488 $102,900
4,000
12.459
74,500
22,100
10,546
28.800
33.200
37.405
47.600
27.000
8,000
7.740
Baltimore.
Shares. Bond Bales
4,852
2,349
3,503
3,413
3,948
$54,000
44,900
21,200
31,100
52,000
98,725
377,550
82.638
3280.800
17.865
3
134.9182
3102.300
101.817
8294.050
33.811
3: 41348)
.200
•In addition mks of rights were: Wednesday, 1,555.
Course of Bank Clearings
Bank clearings for the country as a whole will again show
a satisfactory increase as compared with a year ago. This
is the fourteenth 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 6) bank exchanges
for all the cities of the United States from which it is possible
to obtain weekly returns will run 20.4% larger than in the
corresponding week last year. The total stands at $10,884,820,437, against $9,039,021,128 for the same week in
1924. At this centre the increase is 25.4%. Our comparative summary for the week is as follows:
cisarings-Returns by Telegraph.
Week Ended June B.
1925.
1924.
Per
Cent.
New York
meago
Philadelphia
BOlitall
Kansas City
fit. Louis
San Francisco
Los Angell*
pittaburgh
Detroit
Cleveland
Baltimore
New Orleans
$5.644.000.000
763.035.038
537.000.000
391.000.000
115.216,435
134.300.000
157.629.000
9
23.100.000
144.624.861
143,806,263
108.856,914
110.028.808
45.768.095
84.501,224,226
600.294,240
425.000.000
343,000.000
96.562,993
127.600.000
140.900.000
111.911.000
123.243,374
131.944,180
89,729,127
81,697.531
46,235.703
+25.4
+27.1
+26.4
+14.0
+19.3
+5.3
+119
10.0
17.3
+9.0
+21.3
+34.6
-1.0
Total 13 cities, 5 days
Other cities, 5 days
38.418.326.408
986.691.623
88.819.342,374
879.841.900
+23.4
+12.0
Total all cities, 5 days
All cities, 1 day
._. _.. ...•,... fn.. .vcal,
89.404.017.031
1.480.803,406
87.699.184.274
1.339.836.854
+22.1
+10.6
310 984 itillA117
111 nso (121 122
results for the previous week-the week ended May 30. Fo
that week there is an increase of 15.2%, the 1925 aggregate
of the clearings being $7,656,229,169, and the 1924 aggregate
$6,646,889,195. Outside of New York City the increase is
11.7%, the bank exchanges at this centre recording a gain of
17.9%. We group the cities now according to the Federal
Reserve districts in which they are located, and from this
it appears that in the Boston Reserve District there is an
mprovement of 13.0%, in the New York Reserve District
(including this city), of 17.8%, and in the Philadelphia
Reserve District of 14.9%. The Cleveland Reserve District
has a gain of 9.9%, the Richmond Reserve District of
7.9%, and.the Atlanta Reserve District of 18.5%. In the
Chicago Reserve District the totals are larger by 12.8%,
in the St. Lois Reserve District by 7.6% and in the Minneapolis Reserve District by 14.7%. In the Kansas City
Reserve District there is a gain of 8.8%, in the Dallas
Reserve District of 17.2%, and in the San Francisco Reserv.e District of 6.0%. It should be noted that every one
of these Federal Reserve Districts records an increase as
compared with the same period last year.
In the following we furnish a summary by Federal Reserve
districts:
_Loo
.
•Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
SIIMIttARY OF BANK CLEARINGS.
Week Ended May 30 1925. %
Federal Reserve Districts.
1 fft) Boston
12 cities
nd) New York
11 "
rd) P11118.1elphia
10 "
th) Cleveland
6 "
Ill) Richmond
6th) Atlanta
11 "
sd **
703) Chicago
8 8th) Bt. Louis
LW Minneapolis
7 "
1 Rh) Kansas City
12 "
110) Dallas
5 "
(1Ith) San Francisco_ 17 "
••
1925.
1924.
$
•
$
372,484,476 329,536,373
4,496,886,333 3,815,E07,702
489,574.748 425,957,591
308,046,642 280,188,555
164,969,5= 152,947,897
178,509,799 150,674,303
744,642,358 660,239,424
177,305,332 154,715,946
94,717,812 82,603,945
198,401,923 182,352,489
50,602,303 43,185,380
3E0,067,921 358,675,590
Ine.or
Dec.
1923.
%
$
+13.0 398,234,545
+17.8 4,117,698,053
+14.9 443,050,369
+9.9 319,696,327
+7.9 162,673,896
+18.5 147,633,686
+12.8 808,229,415
+7.8 66,267.609
+14.7 104,883,589
+8.8 209,220,677
+17.2 41,076,226
+6.0 374,442,291
1922.
$
328,333,9e2
,406,687,653
428,877,86E
254,812,049
143,796,894
113,113,92E
729,698,513
47,896,724
92,265,333
189,805,949
37,609,834
300,303,889
Omnd total
127 Cities 7,656,229,169 6,646,889,195 +15.2 7
,183,105,683 7,073,202,589
lUdde New York City
3,268,926,935 2,924,668,520 +11.7 3
,168,655,430 2,752,362,963
Oanada
29 aides 9414 eon,
OrK or, eel 1,
.
, 7A _A es ...... ...
,1'1,b38 338.772,325
[VOL. 120.
THE CHRONICLE
2902
MONTHLY CLEARINGS.
We also furnish to-day a summary by Federal Reserve
Clearings Outside New York.
Clearings, Total AU.
May. For that
districts of the clearings for the month of
Month
1924.
1924.
1925.
1925.
there is an increase of* 11.6%, the 1925 aggregate
month
17,773,552,856
of the clearings being $41,806,717,164 and the 1924 aggre- Jan_ _ 8,155,456,86838.462,681.328 +20.0 19,434,762,882 15,568,979,852 +9.3
+5.3
Feb__ _ 7,441,979.16033.689,089.698 +11.2 16.384,919,907
gate $37,470,299,217. As in March and April, when new March.41,946,379,288 36,656,140,245 +14.4 18.597,368,539 17,005,913,083 +9.4
high totals were recorded for the respective months, the lat qu_ 125543815,316 108807911.271 +15.454,417,051,32850,348,445,791 +8.1
May total of $41,806,717,164 also establishes a new high April__ 41,406,313,793 37,218,375,765 +11.318.557.429.18816.892.514.650 +9.9
May 41.806,717,i6437,470.299,217 +11.617.9.59,282.744 16,748,694,473 +7.2
record for that month. Outside of New York City the
The course of bank clearings at leading cites of the country
increase is 7.2.%, the bank exchanges at this centre showing
for the month of May and since May 1 in each of the last
a gain of 15.1%. In the Boston Reserve District there is four years iP shown in the subjoined statement:
an increase of 3.8%, in the New York Reserve District
BANK CLEARINGS AT LEADING CITIES.
Jan 1 to May 31
May
(including this city) of 14.8%, and in the Philadelphia
1922.
1925. 1924. 1923. 1922. 1925. 1924. 1923.
(000,000s
Reserve District of 9.7%. In the Cleveland Reserve
$
omitted.)
$
$
$
New York
23.847 20,722 19,212 19,215 117,823 99,507 93,552 89,330
District the totals are better by 5.2%, in the Richmond Chicago
2,991 2,668 2,811 2,498 14,578 12,926 13,415 11,097
Boston
1,764 1.713 1,718 1,385 9,105 8,769 8,288 8,353
Reserve District by 6.1%, and in the Atlanta Reserve Dis- PhiladelphLa
2,334 2,127 2,176 1,828 11,708 10,377 10,334 8,641
3,080 2,980 3,095 2,666
546
626
588
592
trict by 9.0%. The Chicago Reserve District has an St. Louis
3,419 2,547
466 3,614 3,379
723
Pittsburgh
897
675
improvement of 10.4%, and the Minneapolis Reserve Ban Francisco
3,712 3,4313,308 2.847
601
678
729
678
1,184
1,482
243 1,498 1,404
297
293
276
13.2%, but the St. Louis Reserve District has Cincinnati
District of
1,495
1,985
346 2,217 2,094
423
423
Baltimore
459
2,917 2,704
529 2,770 2,547
576
Kansas City
520
513
sustained a loss of 1.4%. In the Kansas City Reserve Cleveland
363 2,359 2,259 2,297 1,733
497
478
439
919
1,159
1,249
1,262
215
190
225
242
District there is an increase of 4.5%, in the Dallas Reserve New Orleans
1,242
1,481
1,364
262 1,794
312
Minneapolis
328
281
534
675
District of 11.2%, and in the San Francisco Reserve District Louisville
666
728
133
116
142
133
1,953
438 3,244 3,061 2,701
Detroit
593
703
631
of 6.1%.
623
771
796
844
132
163
Milwaukee
167
181
Federal Reserve Diets.
let Boston __13 cities
Ind New York_14 "
6rd Philadelphial4 "
6th Cleveland 15 "
5th Richmond 10 "
5th Atlanta ___17 "
7th Chicago _ __29 "
5th Bt. Louts __10 "
iith MInneapolls13 "
10th KaneasCity15 "
11th Dallas ____12 "
12th Elan Fran__27 "
May
1922.
May
1923.
May
1925.
May
1924.
Inc.or
DN.
II
2,036,659,185
24,447,494,178
2,552,378,569
1,646,301,522
862,209,013
921,896,915
4,311,491,780
890,643,203
533,163,730
1,089,166,444
443,299,418
2,102,013,207
II
1,932,539,764
21,287,694,045
2,327,699,651
1,564,171,024
812,960,012
845,511,213
3,903,531,571
903,009,746
471,075,976
1,042,039,598
398,512,321
1,981,554,306
%
+3.8
+14.8
+9.7
+5.2
+6.1
+9.0
+10.4
-1.4
+13.2
+4.5
+11.2
+6.1
$
$
1,918,635,269 1,580,794,655
19,632,439,239 19,498,579,352
2,396,160,509 2,000,569,814
1,240,624,377
1,712,162,921'
683,230,970
810,465,220
656,796,046
806,466,685
4,023,141,094 3,417,085,704
804,253,048
928,833,590
465,103,647
544,538,429
1,156,002,470 1,049,050,877
329,602,414
361,032,221
1,987,560,672 1,613,732,584
189 titled 41,806,717,164 37,470,299,217 +11.6 36,307,438,322 33,339,423,488
Total
17,959,282,744 16,748,694,473 +7.2 17,095,683,180 14,124,610,634
Outside N. Y. City
1 170 M4 616 1 4111 1 an 7aa __R1 1 005 701 777 1 VIA MA 761
r"anonn
We append another table showing the clearings by Federal Reserve districts for the five months back to
1922:
Five months.
1924.
1925.
Federal Reserve Diets.
1st Boston_ _ _ _13 cities 10,305,281,887 9,883,895,062
2nd New York _14 " 120,730,079,068 102,314,752,287
3rd PhIladelphial4 " 12,778,431,185 11,404,009,971
8,395,639,070 7,953,248,875
6th Cleveland 15 "
4,268,103,201 4,072,447,026
6th Richmond 10 "
4,779,527,030 4,340,584,402
8th Atlanta _ __17 "
7th Chicago_ _ _29 " 20,897,724,948 18,929,927,240
4,774,247,554 4,529,214,299
8th St. Louls_10 "
2,831,293,927 2,374,909,480
9th Minneapolls13 "
5,766,079,368 5,259,083,581
Kansasaty15 "
10th
2,587,144,660 2,199,432,047
11th Dallas _ _12 "
12th San Fran__27 " 10,643,294,375 10,235,081,983
Inc.or
Dec.
+4.2
+18.0
+12.0
+5.6
+4.8
+10.1
+10.4
+5.4
+19.2
+9.6
+17.6
+4.0
1922.
1923.
9,373,557,022
95,487,812,329
11415,327,406
8,155,589,946
3,908,223,658
4,155,018,411
18,979,965,427
4,690,361,272
2,603,440,025
5,709,325,246
1,982,707,851
9,441,724,335
6,321,719,669
6,528,386,051
-3.1
6,399,432,601
634
57
174
225
126
74
130
214
75
166
62
63
7,275,397,315
90,637,833,463
9,410,797,907
6,273,879,099
3,064,078,576
3,121,726,339
15,254,730,778
3,902,500,857
2,181,148,570
5,137,802,053
1,685,241,483
7,599,050,735
6,558,010,653
439
44
169
167
128
79
126
180
72
130
41
54
600
55
188
205
148
93
140
207
82
160
46
64
592
51
162
194
125
84
124
215
75
164
50
64
3,203
290
900
1,067
648
360
678
1,116
465
854
300
331
3,153
259
799
952
683
412
640
1,117
431
881
276
311
2,759
265
938
958
727
427
591
1,066
477
782
237
304
2,001
224
778
774
602
343
559
852
365
660
198
245
38.273 34,166 33,141 30.787 190,548 166,703 160,410 143,469
3,534 3,304 3,167 2,553 18,209 16,794 15,393 12,076
Total
Other cities
Total all
41,807 37,470 36,308 33,340 208.757 183,497 175,803 155,545
Outside New York_17,959 16,749 17.096 14,125 90.934 83,990 82,251 66,215
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
May and the five months of 1925 and 1924 are given below:
Five Month&
Month of May.
Description.
1924.
1925.
1924.
1925.
174,151,359
Stock, number of shares_ 36,647,760 13,513,967
Railroad & miscell. bonds $244,788,975 $152,490,000 $1,157,689,275
201,943,500
U.S. Government bonds_ 25,198,603 95,464,000
256,464,160
State, foreign, &c., bonds 74,892,500 30,695,000
97,515,654
$847,038,000
410,059,000
151,531,000•
$344,880,075 $278,649,000 $1,616,096,935 51,408,628,000
Total bonds
189 cities 208,756,846,273 183,496,586,253 +13.8 175,803,052,938 155,544,187,475
Total
90,933,763,261 83,989,651,915 +8.3 82,250,6426,807 66,214,240,197
outside N. Y. City
Canada
Los Angeles
Providence
Omaha
Buffalo
St. Paul
Indianapolis
Denver
Richmond
Memphis
Seattle
Hartford
Salt Lake City
The volume of transactions in share properties on the New
York Stock Exchange each month since Jan. 1 in 1922 to
1925 is indicated in the following:
1924.
1925.
1923.
1922.
No. Shares. No. Shares. No. Shares. No. Shares.
41,570,543
32,704.456
38.294.393
19.914,827
22.979,487
25,964.666
16,472,377
16.175,095
22,820,173
65,894,859
68,858,982
55,467,646
24,844.207
36,647,760
Total first quarter
Month of April
May
26,857,386
20,721,562
18.315.911
112,659.392
Month of January
February
March
18,116,828
13.513,967
20,091.988
23,155,730
30.634.353
28,921,124
We now add our detailed statement showing the figures
The following compilation covers the clearings by month'. for each city separately for May and since Jan. 1 for two
years and for the week ending May 30 for four years:
since Jan. 1 in 1925 and 1924:
CLEARINGS FOR MAY,SINCE JANUARY 1, AND FOR WEEK ENDING MAY 3Q.
1925.
1924.
Inc. or
Dec.
$
$
First Federal Reser ye District- Boston
3,307,903
3,249,454
-Bangor
Maine
12,737,979
13,647,636
Portland
1.764,000,000 1,713,000,000
-Boston
Mass.
8,740,530
9.232,873
Fall River
3,792,050
4,097,888
Holyoke
5,220,700
4,830,571
Lowell
a
a
Lynn
5,865,493
6,595,188
New Bedford
22,715,806
25,336,546
Springfield
16,055,000
16,502,846
Worcester
50,488.437
61.998,168
-Hartford
Conn.
29.836,856
29,280.415
New Haven
9,473,200
10,474,300
Waterbury
51,305,800
57,413,300
-Providence._ _ _
R. I.
3,619,544
3,874,692
-Manchester_ _ _
N.H.
2,006,659,185 1,932.539.754
•
Second Federal Re serve District -New York
25,355,602
28,637,823
N. Y.
-Albany
4,186,600
4.987.800
Binghamton
194,357.890
225,041.684
Buffalo
3,460,579
3,983,994
Elmira
5,433,306
5,953,738
Jamestown
New York
23.847,434.420 20,721,604.744
6,695,851
4,306,260
Niagara Falls
51,498,352
Rochester
55,462,407
18,689,430
Syracuse
23,558,559
13,997.360
Conn.
-Stamford
13,953.094
2,947,663
2,738.893
N. J.
-Montclair
Newark
86,588,727
91,554,381
147.902,361
Northern N.J
134.170,545
4,975.580
Oranges_ .
5,710,580
Total (13 cities). ---
Week Ended May 30.
Since Jan. 1.
Manih of May.
Clearings al
%
1925.
1924.
.0?
160
Dec.
$
$
%
15,404.911
16,687,378 -7.7
-1.8
61,936,563 +8.2
+7.1 ' 67,035,134
+3.0 9,105,462,354 8,769,000,000 +3.8
50,142,275
45,926,375 +9.2
+5.6
20,715,663
19,555,737 +5.9
+8.1
23,537,674
24,888,411 -5.4
-7.5
a
a
a
a
32,381,135
29,508,378 +9.7
+12.4
124.244,827
113,965,958 +9.0
+11.5
77,838,284
75,562,375 +2.6
+2.8
300.027,159
275,902,099 +8.7
+22.8
149,439,168
146,506,588 +2.0
-1.9
48,728,800
44,856,000 +8.6
+10.5
290,324,500
259,319,200 +12.0
+11.9
+7.0 Not included in totals.
+3.8 10,305.281,887
9,883,895,062
+4.2
1925.
1924.
Inc. or
Dec.
1923.
1922.
$
$
%
$
$
745,387
804,007
635,864
573,956 +10.8
2,902,239
2,457,188 -20
3,010.439
2,407,990
331,000,000 292,000,000 +13.4 356,000,000 288,000,000
1,601.819
1,318,116 +24.9
1,761,318
1,646,075
a
a
a
a
a
1,011,960
1,160,953
977,493 -21.3
769,574
a
a
a
a
a
1,318,147
1,390,296
1,016,657 +15.8
1,177,730
4,222,079
4,775.08
4,009,912 +14.7
4,599,975
3,426,629
3,446,000
2,960,817
3,053,102 -3.0
0,555,964
9.123,179
10,841,429
8,401,784 +29.0
5,095,311
6,057,801
5,423,512 +1.0
5,477,027
-1-0.1
+9.5
9,944,200
760,684
9,758,000
636,429
329,536.373 +13.0
398,234,545
328,333,962
9,803,800
500,853
10,419,700
548,295
372,484,476
•
144,538,131
121,362,393 +19.1
4,620,772
4,597,547
+12.9
24,378,400
21,810,100 +11.8
687,300
923,600
+19.1
951,664,774 +12.1 d56,186,409
1.067.222,406
43,464,159
+15.8
19,855,937
17,393,144 +14.2
638,267
730,175
+15.1
29,404,604
1,337.752
25,159,076 +16.9
c1.282,210
+9.6
+15.1 117,823,083,012 99,506,931,338 +18.4 4,387,302,234 3,722,220,675
20,166,762
22,463,952 -10.2
-35.7
8,772.515
265,152,623
10,220,910
245,188,560 +8.1
+7.7
115,203,113
3,658,320
104,506,224 +10.2
4,226.977
+26.1
3,665,129
65,770,314 -2.1
64.416,638
c3,251,956
-0.3
625,611
603,927
11,574,415 +3.4
11,966,159
-7.1.
394,813.120 +7.2
423,070,982
+5.7
26,117,202
694,585,165
27,560,388
802,777,037 -13.5
-9.3
27,035,136
23,337,840 +15.8
+14.8
4,680,335
4,659,332
-0.5
985,500
812,900
+34.4
30,878,018
38,102,048
+29.3
686,991
+14.4
777,808
837.891
-4.1
+17.9 4,014,451,253 4,318,839,625
+16.4
+15.5
-11.3
-3.5
11,770,594
4,051,623
2,564,778
635,108
12,358,359
4.235.383
2,168,471
676,590
+5.5
39,125,535
31,077,564
4.406.687.6W
Total (14 cities) _. _ 24 447 404 176 21 267 694 neA .4-146 120.730.079.068 102.314.752.2817 -4-160 4 40681111 :VIA 2 6115 8117 702 4-17 A 4.117.698.053
JUNE 6 1925.]
THE CHRONICLE
2903
OLEARINGS-(Continued.)
Month of May.
Since January 1.
Week Ended May 30.
Clearings at1925.
1924.
inc. or
Dec.
1925.
%
$
1924,
Inc. or
Dec.
1925.
1924.
Inc.or
Dec.
1923.
i
%
$
i
%
$
$
$
Third Federal Rose rve District- Philadelphia
6,422,311
-Altoona
6,390.470
?a.
18,420,238
17,554,793
Bethlehem
5,929,540
6,616,510
Chester
20,025,409
20,254,887
Harrisburg
10,675,074
Lancaster
11,035,658
Lebanon
2,724.328
2,475,642
4.689,139
Norristown
3,750,335
Philadelphia
2,334,000,000 2,127,000,000
Reading
16,856,637
16,061,081
26,298,542
Scranton
24,731.497
Wilkes-Barre
16,124,200
17,634,719
York
8,357,860
7,646,178
-Camden
52,657,299
g. 3.
44.514,710
27,865,948
Trenton
23,365,215
a
a
Del,
-Wilmington...,.,
+0.5
29,861,594
29,054.989 +2.8
-4.7
87.398.909
88,147,351 -0.8
+11.6
29,477,398
27,751,382 +6.2
-1.1
103,744,773
92,732,611 +11.8
-3.3
63,775,540
68,826,920 -7.3
+10.0
13,310,878
12,177,507 +9.3
+25.0
20,623,985
19,395,684 +6.3
+9.7 11.707,855,000 10,376,546,000 +12.8
+4.9
78,405,106
76.775,930 +2.1
+6.3
133,202,506
122,128,726 +9.1
+9.4
86,703.641
80,871,906 +7.2
+9.3
40,366,798
35,475,507 +13.8
+18.3
254,744,637
257,398,193 -1.0
+19.3
128.960,420
116,727,265 +10.5
a
a
a
a
2,552,378,569 2,327,699,651
+9.7 12,778,431,185 11,404,009,971 +12.0
Total (14 cities) _ _
Fourth Federal Re serve District -ClevelandDhlo-Akron_ _*
22,621,000
31,254,000
23,642,513
18.972,694
Canton
292,772,214
276.324,124
Cincinnati
477,726,255
438,898,212
Cleveland
63,719,800
58,331,900
Columbus
a
a
Dayton
3,063,894
2,950,152
Hamilton
a
a
Lima
2,135,989
1,804,499
Lorain
8,155,548
8,151,449
Mansfield
Springfield
a
a
a
a
Toledo
20,482,357
17,893,722
Youngstown
3,155,041
3,251,457
-Beaver County_
Pa.
a
a
Erie
1,500,632
1,291,359
Franklin
6,452,765
Greensburg
5,734.000
696,649,320
675,408,482
Pittsburgh
5,764,919
Ky.-Lexington
6,927,757
18,459,275
-Wheeling_
16,977.217
W. v5.
-27.6
+24.6
+6.0
+8.8
+9.2
a
+3.9
a
+18.4
+0.1
a
a
+14.5
-3.0
a
+16.2
+12.5
+3.1
-16.8
+8.7
131,702,000
102,134,846
1,497,908,482
2,358,621,018
315,393,200
a
18,846,884
a
11,254,041
40,753.771
a
a
106,864,412
15,761,129
a
7,857,141
33.573,064
3,614,452.485
48,026.415
92,490,182
160,217,000
102,991..437
1,403,515,590
2.259,429,925
298,877,100
a
17.709,469
a
8,233,610
39,993,383
a
a
97,296,074
15,998,699
a
6,668.425
29,734,709
3,378,849,419
45,313,051
88,420,984
-17.8
-0.8
+6.7
+4.3
+5.5
a
+6.4
a
+36.6
+1.9
a
a
+9.8
-1.5
a
+17.8
+12.9
+7.0
+6.0
+4.6
+5.2
8.395,639,070
7,953,248,875
+5.6
Fifth Federal Rose rye District- Richmond
6,699,750
8,342.278 -19.7
W. Va.-Huntington_
a
a
Va.-Newport News_
a
34,960,860 -7.2
32,343.390
Norfolk
214,846,000 -0.5
213,779.000
Richmond
a
a •
-Asheville...
a
N. C.
11,058,777
10,184,002 +8.6
Raleigh
a
Wilmington
a
a
-Charleston_
9,289,671
9,640.921 -3.6
B. C.
9,492,531
8,998,970 +5.5
Columbia
459,417.553
Md.-Baltimore
422,748.934 +8.7
1,568,307
1,658,725 -5.4
Frederick
3,264,369
Hagerstown
2,991.404 +9.1
-Washington_ 115,295,665
98,587,918 +16.8
D. C.
35,086,886
a
173.321,982
1,116,144,000
a
56,759,085
a
58,275,726
45.272,637
2.216,903,023
8,987,781
16,190,490
541,161,583
42,231,838 -16.9
a
a
170,619,407 . +1.6
1,116,728,356 -0.1
a
a
52,323,525 +8.5
a
a
53,131,968 +9.7
42,728,735 +6.0
2.093,691,888 +5.9
8,971.619 +0.2
15,754,071 +2.8
476,265,821 +13.6
Total (15 cities)...
Total(10 cities)- - - -
1,646,301.522 1,564.171,024
1.126,229 +29.5
3.618,911 +23.0
1,098,561 +11.5
1,364,884
4,446,130
1,141,619
1.066.971
3,472,779
847,088
2,253,531
2,027.864 +11.1
2,589,036
2,520,637
463.000,000
3,071,326
4,852.123
d3.816,206
1,517,189
402,000,000
2,638,085
4,513,946
3,087,032
1,809,171
+15.2
+16.4
+7.5
+23.6
-16.1
417,000,000
3,306,102
4,915.124
2,506,701
1,531,128
406,000,000
2,825,829
3,281,865
2,100,000
1,307,754
3.929,043
a
4,037,792
a
-2.7
a
4,249,645
a
3.454,947
a
489.574,748
425,957,591 +14.9
443,050,369
426.877.868
4,283,000
3,532,372
56,582.000
84,165,062
11,747,700
a
•
a
7,110,000 -39.8
3,467,426 +1.9
51,120,042 +10.7
80,678,580 +4.3
10,591,700 +10.9
a
a
5,529,000
4,350.192
54,507.611
97,316.084
12,966,200
a
5,229,000
4.165,243
48.541,211
72,919,793
11,720,200
a
d1,799,701
a
a
4,957,131
1,840,914 -2.2
a
a
a
a
3,646,893 +35.9
a
•
1,542,724
a
a
3.293,439
978,936
a
a
2.403,660
a
280,192,555
319,696.327
254,812.049
1,119,316
1,370,775 -18.3
2,030,714
1,750,946
6,575,219 +14.0
44,986,000 -4.5
6,081,006
42,434,000
6.310,292
38,595,694
d2,091,671
89,258,773
22,032,385
2,187,815
-4.4
1,977,358
2,573,000
80,630,487 +10.7
89,148,844
74.663,439
17,197,601 +28.2
21,001,974
19.903.523
+7.9
162,673,896
143,796,894
d6,175.290
1,984,739
16,905,598
51,493.890
b
5,387,549 +14.6
2,035,146 -2.5
14,802,741 +14.2
44,407,564 +16.0
b
b
4,911,309
2,837,653
17,346,803
42,728,712
b
3,569,099
2,223,296
10,929,100
28,934,914
b
1,335,252
a
22,280,725
1,068,658 +24.9
a
a
13.543,884 +64.5
1,191,306
a
11.390,817
1,247.020
a
7,718,475
28,164,050
1,710,206
222,049,192 +- 7.7
1,716,574 -0.4
21,288.193
1,831,400
17,154.000
1,462,132
878,723 +20.7
+5.3
-9.6
+4.5
+11.4
-6.2
+12.6
+9.3
a
+20.5
+94.0
-4.4
-0.3
-9.4
+1.1
+16.4
+1.6
-0.8
+7.9
149,944,697
68,062,503
4'59,624,101
1,368,482.412
44,314,999
21.748,353
32,612,392
a
491,625,245
142,331,952
567,861,088
43,235,107
37,128,274
32,515,108
29,267,512
19,032,462
9,524,217
1,262.216,608
139,894,395 +7.2
89,237,898 -1.7
421,183,996 +9.1
1,170,754,416 +16.9
40,079,071 +10.6
18.201,814 +19.5
28.878,213 1+12.9
a
a
364,811,303 +34.8
80,228,241 +77.4
589,567,666 -3.7
40,795,365 +6.0
37,905,475 -2.0
34,508.469 -5.8
26,753.759 +9.4
20.245.454 -6.0
8,421,850 +13.1
1,249,117.017 +1.0
+9.0
4,779,527,030
4,340,584,402 +10.1
152,947,897
.
Seventh Federal It serve District -Chicago
-Adrian
1,066,547 -14.3
914,388
Mich.
6,766,843
5,184,121 +11.2
3,672,37'. +11.9
4,108,503
Ann Arbor
20,302,721
18,210.787 +11.5
703.377,515
639,605,481 +11.5 3,243,780,289 3,061,461,743 +6.0
Detroit
10,762,817
9,896,000 +8.7
Flint
50,328,786
50,349,881 -0.1
31,319,110 +7.1
32,471,736
Grand Rapids
160,673,631
146,695,108 +9.5
7,461,349 +15.0
8,584,421
Jackson
37.425,874
39,631,802 -5.6
11,155,666
10,687,489 +4.4
Lansing
52,757,226
53,489,938 -1.4
14.606.657
11,959,237 +22.1
-Ft. Wayne_ _ _ _
Ind.
57,931,843
52,361,179 +10.6
18,415,620 +18.7
21,862,000
Gary
103,354,904
86,364.216 +19.6
84,210,000 -12.4
73,765,000
Indianapolis
359,998.000
412,160,000 -12.7
12,051,600 +16.0
13,978.787
South Bend
57,541,649
51,752,433 +11.2
25,035,932
25,713,816 -2.6
Terre Haute
129,653,035
129,011,118 +0.5
12,838,785 -1.9
12,587,325
Wis.-Madison
69,459,123
61,308.863 +13.3
161,363,683 +3.5
167,098,566
Milwaukee
843,933,464
795,577,679 +6.1
2,941,184 +20.0
3.529,761
Oshkosh
18,044,259
15,224,296 +18.5
11,601,074
10,050.219 +15.4
58,709,751
Iowa-Cedar Rapids_
52,544.555 +11.7
51,665,506
49,915.164 +3.5
260,032,232
Davenport
235,824,656 +10.3
54,106.051 -8.3
49,626,928
246,136.101
Des Moines
241.123,270 +2.1
1.537,212
2.131,804 -27.9
Iowa City
9.496.297
10,583,006 -10.3
1,862,000
2,291,000 +18.7
Mason City
11,782,000
11,264,450 +4.6
29,163,539
26,891,818 +8.4
162,029,526
Sioux City
141,279,632 +14.7
5,983,414
6,704.752 -10.8
Waterloo
30,929,613
31,436,502 -1.6
6,573,319
5,622,434 +16.9
-Aurora
29,696,904
26.398,545 +12.5
111.
5.796,481 +13.1
6,553,622
Bloomington
36,518,474
32,141,373 +13.6
2,990,682,262 2,667,538,712 +12.1 14,578,279,418 12,926,242,489 +12.8
Chicago
a
a
a
a
a
Danville
a
5,816,198 +9.5
6,370,088
32,615,647
Decatur
27,936,129 +16.8
20,502.783 +3.1
21,145,599
108,701,886
100,830,142 +7.8
Peoria
11,834,094 +12.9
13,359,958
61.621,059
Rockford
56,928,653 +8.2
11.127,736 +3.6
11.528,185
60,224,393
Springfield
56,610,674 +6.4
Total (29 cities) . 4,311,491,780 3,903,531,571 +10.4 20.897.724.948 18,929,927,200 +10.4
Eighth Federal Re serve District -St. Louis-23,590,494
24,568,442 -4.0
-Evansville _ _ ._
Ind.
799,589
673,710 +18.7
New Albany
592,153,804 -0.7
587,875,074
Mo.-St. Louis
a
a
a
Springfield
142,040,292 -6.3
133,071,147
Ey.-LoulsvIlle
1,406,766
1.760.257 -20.1
Ownesboro
12,181,711 -3.1
11,802,265
Paducah
74,824,314 +0.1
74,876,171
-Memphis_
Tenn.
46,982,151 +3.7
48,733,125
-Little Rock....
Ark.
1,635,909 +20.4
1,969,329
111.-Jacksonville- - -6,519,253
6,189,156 +5.3
Quincy
+9.9
d7.496,377
42,971,000
•
Sixth Federal Rose rve District- Atlanta
20,726.252
-Chattanooga.
28,233,121
Tenn.
13,539,534
12,238,203
Knoxville
85,744,682
89.578,249
Nashville
261,828,441
234,967,402
Georgia-Atlanta-_
7.379,948
7,868,294
Augusta
4.079,713
3.623,222
Columbus
6,468,906
5,920.710
Macon
a
Savannah
a
-Jacksonville
77,809,534
93,782,765
Fla.
17,228,939
33,430,853
Tampa
109,688,299
Ala -Birmingham.
114,743,272
7,894,611
7,921.161
Mobile
Montgomery
7,206,076
6,529,576
6,273,132
6,205,47/
Miss.
-Hattiesburg
5,644.251
4,847,980
Jackson
3,412,797
Meridian
3,360,141
1,640,369
1,653,221
Vicksburg
224,638,431
242,300,550
-New Orleans_
La.
903,009,746
a
308,046,642
164,969,522
890,643,203
a
108,854.000
+4.8
Total (10 cities)-- -
a
140,191,077
4,072,447,026
845,511,211
a
a
121,737.000 +15.8
4,268,103,201
921,896,915
a
a
140,979,676
+6.1
Total (17 cities) _-
$
1,458,525
4,451,553
1,225.252
812,960.012
802,209,013
1922.
-1.4
116.385,400
• 3,541,623
3,080.228,463
a
727,802,031
10.315.065
54,409,890
464,533,256
273,319,304
8,492,987
35,219,535
106,050,916 +9.7
3,411.279 +3.8
2,979,939,650 +3.4
a
a
666,372.141
+9.2
10.069.016 +2.4
54,375,226 +0.1
430.592.828 +7.9
239,933.787 +13.9
7,211,482 +17.8
31,257.974 +12.6
4,774,247,554
4.529214,299
+5.4
1,060,806
944,003
604.216
-0.6
+5.9
278.378
42,887,112
226,322
39.045,352
178,509,799
150,674,303 +18.5
147,633,686
113.113,926
127,637
771,697
130,852,901
179,593 -28.9
658,942 +17.1
109.002,984 +20.1
175.947
834.921
115,306,626
192,224
437.874
85,884,757
245,708
47,153,535
247,187
44,537,086
5,866.977
5,618,274
4 -.4.4
-
5,641,587
6,060,654
2,120,138
2,608,455
1,868,838 +- 3:4
12,069,176 +26.1
1,762.299
2,750,188
1,572.000
1,703,159
16,871.000
2,761,000
4.544,214
.
14.372,000 .Q ,'5
2,198,000 +25.6
3,863,448 +17.6
15.965,000
2,156,900
4,659,425
15,350,000
1.933,000
29,588,971
27,468.071
27.406.7.51
-7.7
32,279,600
2,368,533
1.599,016 +48.1
2,588,544
2,325,478
8,397.867
8,356,681
-57E
9,397,489
8,735,313
5,685,000
1,057,780
4,932,737 +1-- 5.2
1,050,968 +0.6
5,156,221
1,241.257
5,307.675
1,285,463
1,476,881
522,213,588
a
1,386,424
4.372,097
2.257,881
2.313,317
1,073,587
467,412,955
a
1.115,793
3.460,653
2,005,821
1.931,887
+3 - .5
7
+11.7
a
+24.3
+26.3
+12.6
+19.7
1.296,430
598,183,689
a
1,171.341
4,099,295
2,256,205
1.306,451
1,335.499
562,716,185
a
1,146,892
3,274,406
1.727.287
1,303,899
744.642,358
660,239,424 +12.8
808.229,415
729,698,516
4,403,066
3,775,479
5,577,697
4,652.587 +19.9
122,000,000
110,080,404 +10.8
25,275,969
237.912
26,862,720 -5.9
290,122 -18.0
25,453,284
333,239
22,898,941
284,787
12,679,965
10,110,780
303,862
1,119,147
12,812,502 -1.0
8,625,040 +17.2
374,293 -18.8
1,018,278 +9.9
15.391,070
9,062,120
317,185
1,307,645
12,907.024
6,476.140
309,415
1,244.938
56.267,609
47,896,724
177,305,332
164.715,946
+7.6
[VOL. 120.
THE CHRONICLE
2904
-(Concluded.)
CLEARINGS
1924.
1925.
$
$
Ninth Federal Res erve District -Minneapolis
26,754.945
4inn.-Duluth
35,008.921
281,319,724
327,686.004
Minneapolis
1,772,893
1,778.000
Rochester
124,780,928
126,197,103
St. Paul
6,648.157
7,478,924
go. Dak.-Fargo
5,174,000
Grand Forks
6,074,000
834,297
945,748
Minot
5,004,664
5,593,824
3. D.
-Aberdeen__ -4.156,952
Sioux Falls
5,060,874
2,176,..518
2,551,989
dont.-Billings
2,315,409
Great Falls
3,107,128
10,137,489
Helena
11,249.117
f
432,098
Lewistown
Total (13 cities),,...
533.163,730
Week Ended May 30.
Since January 1.
Month of May.
Clearings at
Inc.07
Dec.
%
1924.
$
1925.
1924.
Inc. or
Dec.
1923.
a
1925.
Inc.or
Dec.
%
s
s
%
3
21,229,520 +11.3
1.150,855 +11.0
29,017.343
2.188,096
27,835,132
1,504,241
1,021,401
+25.5
+31.5
+3.5
-5.1
+10.3
+21.3
+12.3
+19.7
-3.1
+25.8
+25.0
+11.1
471,075,976 +13.2
2,831,293,927
2,374,909,480 +19.2
1,026,464
934,640
-1-9:8
1,045,810
394,258
377,477
+4.4
416,862
519,088
2,143,328
1,949,828
+9.9
2,540,021
2,873,284
94.717412
82,603,945 +14.7
104,883,589
92,265,333
d467,221
+4.6
527,619
+30.8
3,723,007
+24.3
+12.7
33,268,850
-21.7
a
a
+13.8
d2,704,539
+5.0
d7,013,536
+9.5
+8.8
101,635,777
+12.0
7,068,193
a
-14.6
a
a
+19.7 d24,647.199
+6.5a
+9.3
859,981
+6.0
15,459.585
+18.7
e1,026.416
397,740 +17.5
386,226 +36.6
3,304,390 +12.7
30,423,040 +9.4
257.528
525.486
3,785,537
36,021,129
299,205
398,544
3,588.218
34,420.765
2,122,042 +27.5
6,166,724 +13.7
2,019,609
7,567.831
1,903,289
8,992,408
+4.0
97,714,124
6,251,000 +13.1
117,107,442
107,772,152
a
a
19,148,089 +28.7
a
a
759,230 +13.3
14.872,485 +3.9
807,300 +27.1
a
21,899,204
a
404,098
18,903.421
729,392
a
15,569,485
a
596,610
15,616,329
648.944
+8.8
209,220,677
189.805,949
1.089.166,444 1.042,039,598
+4.5
5,766,079,368
5,259,083,581
+9.6
Aeserve Distr let-Dallas5,347,056
9,563,993
5,673.620
5,600,663
151,836,313
166,792,239
17,629,682
18,716.957
42.846,829
42,163,282
24,458.990
32,715,900
106,854,200
119,711.912
2,015,332
1,981,770
2,423,597
2,611,990
9,050,407
8,355,497
10,212,359
13,970.518
20,163,936
21,114.697
+78.9
-1.3
-4-9.9
+6.2
-1.6
+33.7
+12.0
-1.7
+7.7
-7.7
+36.8
+4.7
48,099,270
31,229,777
991,873,289
99,135,750
248,537,176
216,408,404
692,216,584
10,474,881
15.346,233
55,532,589
69.757,821
108,532,886
35,537,358
31.624,961
828,317,477
107,730,516
226,526.865
169.523,251
564.385.099
10,944,813
12,815,719
58.566.571
48,442,474
105,016,943
+35.3
-1.2
+19.7
-8.0
+9.7
+27.6
+22.6
-4.3
+19.7
-5.2
+44.4
+3.4
398,512.321 +11.2
2.587,144,660
2,199,432,047 +17.6
-San Franc isco-Twelfth Federal R °serve Distric t
+5.2
3.327,000
*3,500,000
7ash.-Bellingbam__
164,084,104 +1.3
166,219.561
Seattle
• 44,808,000 -1.7
44,032,000
Spokane
a
a
a
Tacoma
4,673,970 +16.4
5,442,596
Yakima
4,072,657 -7.4
3.769,663
Itlaho-Boise
1,847.856 +15.5
2,132,739
re.
-Eugene
154.910,598 +1.0
156,485,562
Portland
5.682.000 -16.9
4,723,000
tab-Ogden
63,755.353 -1.7
62.674,479
Salt Lake City
2,545,101 +20.4
3,064.399
ev.-Reno
+1.3
8,987,000
9,100,000
A riz.-Phoenlx
3,993,053 +21.9
4,867,039
-Bakersfield_
alit.
17,630.934 +5.9
18,675,927
Berkeley
13.148,449 -7.6
12.143,270
Fresno
32,417,702 -12.0
28429.991
Long Beach
592,299,000 +7.0
633,966,000
Los Angeles
2,487,194 +25.3
3,115,784
Modesto
69,608,692 +24.7
86,651,579
Oakland
23,680.800 +5.9
25,063,562
Pasadena
3,499,112 +19.6
4,183,449
Riverside
+6.2
34,186.482
36,318,462
Sacramento
17,327,507 +25.3
21.704,514
Ban Delo
677,900,000 +7.5
728,782.862
San Francisco
8.718,613 +13.7
9.912,536
San Jose
+8.8
5,312.269
5,779,810
Santa Barbara
9,294,973 -8.0
8,550,727
Santa Monica
+1.1
1,904,880
1,924,896
Santa Rosa
9,551,007 +11.9
10,693.800
Stockton
16.655,000
853,506.969
232,922,000
a
29,852,404
20,014.435
10,350.813
769,687,590
27,787,000
330,924,560
13,478.088
49,556,000
22,916,795
91,496,252
62.486,297
148,245,040
3,202,763,000
15,891,549
417,387,182
134.733,992
19.207,443
166,036,785
106,835,268
3,711,522,945
52,700,843
27,914,890
41,839,940
9,882,695
56,698,600
16,008,000
860.799,398
229,787,000
a
26,205.161
21,501.955
8,511,168
779,407,337
28,375,000
311,356,255
12,303,592
44,979,149
20,040,872
89,609,877
73.805,823
174,642,842
3,153,138,000
14,572,553
347,042,391
133,350,443
17,636,591
168.533,125
89,230,756
3,431,300,000
46,112,405
26,416,898
48,799,385
9,977,900
51,652.107
+4.0
-0.8
+1.4
a
+13.9
-6.9
+21.6
-1.2
-2.1
+6.3
+9.5
+10.2
+14.4
+2.1
-15.3
-15.1
+1.6
+9.1
+20.3
+1.0
+8.9
-1.5
+19.7
+8.2
+14.3
+5.7
-14.3
-1.0
+9.8
+6.1 10,643,294,375 10.235,081,983
+4.0
Total (28 cities)._
23,629.922
1,277,120
132,071,071
1,363.612,473
8,261,773
683,116.867
35,853.341
25,899,694
4,269,658
24,800.831
24,248,931
9.908,590
10,955,516
51,910,735
6
8,941.612
10,668,284
86.261,937
798,579.472
111,697,631
a
a
63,944,486
151,285.251
32,437,000
2,546,665,509
151,414,228
a
6,540,633
a
457,246,942
150,865,665
22,778,924
639.532,407
20,223.600
443.299.418
4.198.783
54,313,404
165,775,904
1,793,894,028
8,554,927
648,214,669
39,540,335
31,420,000
4,793,976
29,884,964
23,487,811
12,468,032
13,695,499
57,647,834
2,115,948
9,352,925
13,956,566
107,220,618
899.726,377
88,691,304
a
a
72,788,495
158,924,192
35,520,385
2,770,230,826
169,553,786
a
5.584,387
a
547.105.049
160,693,275
24,903,452
677,825.769
24,001,962
Total (12 cities)
5,243,653
64,431,795
+30.9
+16.5
+0.3
+1.1
+12.5
+17.4
+13.4
+11.8
+21.7
+17.2
+34.2
+11.0
+5.3
+13.9
+ 15.8
+7.0
+5.8
a
a
+18.3
+5.7
+9.6
+1.3
+7.0
a
-23.8
a
.
+9 7
-1-9.4
+11.7
+4.9
+17.3
Total (16 cities).- -
2,102,013,207 1.981,554,306
3
5.990,372 +42.4
50,971,253 +13.2
d8,531.710
57,715,020
Tenth Federal Res erve District- Kansas City1,936,413
2,040,990
geb.-Fremont
2,206,035
Hastings
2.513.631
18,362,187
Lincoln
21,270,236
162,371.351
Omaha
173,708,822
15,139.182
Oinsas-Kansas City
16.012,847
a
Lawrencea
a
Pittsburga
11,871,789
14.041,158
Topeka
28,569,384
30.191,916
Wichita
6,073.000
6,658,314
15dissouri-Joplin
513,037,027
519.638,795
Kansas City
27,730,000
29,676,021
St. Joseph
a
a
Ikla.-Lawton
1,230,408
937,497
McAlester
a
a
Muskogee
.
89.509 679
98.173.034
Oklahoma MY
31,387,619
34.350.000
Tulsa
4,515.778
5,046,014
Iolo.-Colorado SIM.
123,886.478
129,966,126
Denver
4,213,270
4.941,041
Pueblo
Eleventh Federal
'exas-Austin
Beaumont
Dallas
El Paso
Fort Worth
Galveston
Houston
Port Arthur
Texarkana
Waco
Wichita Falls
-Shreveport
a.
1922.
198.401,923
182,352,489
1,666,292
*1,400,000 +19.0
1,220,000
1,282,368
29.063,415
24,125.289 +20.5
21,700,000
19,294,000
d9,013,744
6,935,129
a
9,313,718 -3.2
4,754,839 +45.9
a
a
8.005,768
6,009,739
a
9,821,083
3,979,984
a
+9.2
4.140,719
3,232,395
50.602,303
43.185,380 +17.2
41.076,226
37,609,830
33,919.190
7,861,000
a
907,371
32,389,993
32.943.792 +3.0
8,963,000
7,998,000 -1.6
aa
1,100,453
869,665 3%.3
28,053,701
8,063,000
a
1,172,998
26,859.749
26,684,008
+0.6
28.120.376
24,199,401
12,467,535
a
a
11.759,137
•
a
+6.0
a
a
12,767,217
a
a
10,303,445
a
a
2,552,448
4,852,280
116,242.000
+2.2
2.496,631
5.416,871 -10.4
109,633,000 +6.0
2,553,912
6,951.838
116,764.000
2,837,664
3,802,788
80,150,000
16,195.703
4,340,299
11,908,992 +36.0
4,081,327 +6.3
13,159,596
4,499,010
11,339,997
3,054,771
d8,086,574
4,755,316
134,734.000
1,697,685
990,535
1,506,336
6,087,610 +32.9
3.431,053 +38.6
129,400,000 +4.1
1,455,727 +16.6
963,340 +2.8
1,629.037 -7.5
5.909.621
3.081,567
133,600,000
1,881,327
940.481
4,109,583
2,468,780
116,500,000
1,812,312
942,251
3,923,723
3,591,534
2,119,900
1,927,400
+9.9
1,759,900
1,493,200
380,087,921
358,675,590
+6.0
374,442,291
300,303,889
+13.8 7,656,229,169 6,646,889,195 +15.2 7.183.106.683 7,071,202,587
rand total(189 cities) 41,806,717,164 37,470,299.217 +11.6 208,756,846,273 183,496,586,253
+7.2 90,933.763,261 83,989,654,915 +8.3 3,768.926.935 2.924,668,520 +11.7 3,168,655,430 2.752,362,96
0Aside New York... 17,959.280.74, 16,748 694.473
CANADIAN CLEARINGS FOR MAY,SINCE JANUAR1 1, AND FOR 'WEEK ENDING MAY 28.
-6.3
1924..
1925.
3
1.963,419,701
1,895,011,064
1.035,820,530
313.692,187
129,566,292
116,300,384
60.452,822
93,824,785
133,816,085
52,192,901
39.195,175
54,056,940
96,496,675
66,808.806
11,350,951
9,942,865
29,599,364
21,898,487
18,727.579
15,742,447
12,061,678
5,736.395
16,624,931
15,805,297
19.005,387
62,053.762
6,613,187
15,741.108
13,163,884
$
%
2,108,645.369 -6.9
2,070,949,989 -8.5
888.237,804 +16.6
321,963.370 -2.6
133,941,993 -3.3
112,105,338
+3.7
57,150,970 +5.8
102,880,601 -8.8
141,704.320 -5.5
54,906,476 -4.0
41,063,438 -4.5
56465.900 -4.4
89,757,180 +7.5
64,771,088
+3.1
10,118,246 +12.2
10,948,521 -9.2
32,179,897 -8.0
21,830.339 +0.3
+0.5
18,635.581
16,982,645 -7.3
12,326,297 -2.1
6,630.779 -13.5
16,007,489 +3.0
17,005,853 -7.1
20.141,528 -5.6
64.420,282 -3.7
7.006,768 • -5.6
16410,747 -4.7
12,997,248
+1.3
$
75,540,980
72,053,284
35,405.686
12,502,537
4,146,659
6,276,699
2,319,200
3,957,813
4,438,737
1,945,755
1,613,793
2,021,625
3,638,262
2,679,236
472,758
406,141
1.147,791
850.858
837,331
648,611
495,327
202,410
634,576
778,326
857,068
2,689,227
231,135
643,501
561,630
6.324.719.669
6,528.386.051
-3.1
238 996.955
1924.
WWW..W.PWW..WW,W
1925.
Inc. or
Dee.
034014001001-40.001000,v...0
J014.000w000000..4003'..1001=00WW10...1W
000000
a No longer report clearings.
f No clearings: all banks closed.
00
1.339 864.61c 1,430 190 72°
t
0 00000 l0000.000
Total Canada (26).
$
$
467,254,020
425.614.140
424,138,944
412,838,424
230,328,539
200.692.872
66,173,006
65.008.685
32,092.908
31,935.046
22,627,302
24,272,252
12,356,763
13,259,880
22.543.403
21,154,636
22,600,556 • 27,537,776
11.550,524
10,861,605
8,600,598
8,601,860
12,154,881
10,782,460
18,152,493
19,547,416
13,320,140
12,574,440
2,232,644
2,439,052
2,275,183
2,085,558
6,460,906
5,855,188
4,319,964
4,283,541
4,029,305
4,349,924
4,056.735
4,039,312
2,672.996
2,701,475
1.383,242
1,148,416
3.496,086
3,515,930
3,760,304
3,482,008
4,330,532
3,889,263
14,330,339
14,614,506
1,390,598
1,247,159
3,545,771
3,552,694
2,984,820
2.916,311
weiW.gb.ricorZw..koociot.:w.,:orOwoon
°Iliii+1: 17117+1+111+1 4-7+17-FT+1
Canadadoutreal
Coronto
Vinnipeg
tancouver
)ttawa
2uebec
fallfax
lamliton
.7algary
It. John
rictoria
,ondon
F.'cirnonton
tegina
lrandon
.ethbridge
laskatoon
doom Jaw
Irantford
Port William
,
7ew Westminster_ _ _ _
dedicine Hat
'eterborough
Iherbrooke
Citchener
Vindsor
'Mote Albert
4oncton
Cingston
1924.
Inc. or
Dec.
011.
w a..0140101- 0'.4.1.1-400'w0'0-405.
00..w000.30
1925.
Week Ended May 28.
Since Jan. 1.
Month of May.
Clearings 01
256.693.174
Inc.or
Dec.
1923.
1922.
$
97,563,011 101,394,355
°
+0.1
-7.1 107,780,486 109,847.524
46,391,998
50,104,599
-22.9
12,515.906
14,485,031
-5.7
6,948,440
6,075,075
-6.1
4,748,285
5,770,954
+33.8
3,166,507
3,925.174
-7.2
5,471,322
6.019,136
-14.1
4,877.144
4,114,988
-16.4
3,079,185
2,752,856
-4.9
2,310,327
1,933,953
-1.4
3.357,000
3,169,956
-4.5
5,360,388
7,998,129
+4.8
2,905,335
3,100.762
+4.0
548,818
501,086
+22.5
469,500
351,066
+10.6
1,554,914
1,291497
-6.4
1,032,566
851,024
+5.1
998,528
986,680
+12.3
666,008
964,353
-1.9
633,604
654,337
-14.1
283.649
264,392
-14.3
774,211
800,811
+6.4
1.063,051
989,488
+25.5
072.197
1,086.518
+8.7
3,021,594
3,645,366
-19.0
322,808
312,903
-8.5
1.472,411
1,026,887
-12.8
594,745
615,922
+0.7
8
'7
-6.9
329.145.629
326.772,320
may 29.
• Estimated.
b Do not respond to requests for figures. c Week ended May 27. d Week ended May 28. e Week ended
JUNE 6 1925.]
THE CHRONICLE
2905
Preliminary Debt Statement of U. S. April 30 1925.
THE ENGLISH GOLD AND SILVER MARKETS.
The preliminary statement of the public debt of the
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of United States May 29 1925 as made up on the basis of the
daily Treasury statements, is as follows:
May 20 1925:
BonaGOLD.
gold reserve against notes on the 13th inst.amounted
The Bank of England•
to £151,830,640,ascompared with £152,856,125 on the previous Wednesday
The following movements of gold to and from the Bank of England have been
announced since those reported in our last letter:
May 14
May 15
May 16
£52,000
1May 18
Nil
6,000 £1,610,000 May 19
Nil
Nil
May 20
Nil
£52.000
106.000
Total
£41,470,000
SILVER.
The market has not been active. Some bear covering has taken place
for China, and other bear positions have been carried forward for a further
two months. Demand for prompt delivery has been rather better, and
prices for the two deliveries have been level with the exception of one day.
The Continent still remains inactive, and America, owing to good local
demand, has not been a free seller.
According to the "General Bulletin" of the American Mining Congress,
dated the 9th inst., the United States Treasury officials say they have been
unsuccessful in placing 40,000,000 silver dollars in circulation, and have
abandoned the campaign. As fast as the dollars are issued they are returned to the Treasury in exchange for currency which can be more easily
handled. Silver dollars seem unpopular east of the Mississippi River,
INDIAN CURRENCY RETURNS.
(In lies Of rupees.)
Apr. 30.
May 7. May 15.
Notes in circulation
17961
17851
17826
coin and bullion in India
Silver
7417
7306
7282
Silver coin and bullion out of India
---Gold coin and bullion in India
2232
2232
2232
Gold coin and bullion out of India
Securities (Indian Government)
5713
5713
5713
Securities (British Government)
1999
2000
1999
Bills of exchange
600
600
600
No silver coinage was reported during the week ending 15th inst.
The stock in Shanghai on the 16th inst. consisted of about 63,700,000
ounces in sycee, 49,500,000 dollars and 1,140 silver bars, as compared with
about 65,400,000 ounces in sycee, 50.000,000 dollars and 1,750 silver bars
on the 9th inst.
-Bar Silver, per Or. Std.Bar Gold,
Quotations
Cash.
2 Mos.
per Or. Fine.
May 14
313'16d.
31316d.
848. 1134d.
313-16d.
15
31 Md.
848. 1134cl.
3134d.
16
31 d.
84s. 1134d.
313-16d.
18
313-16d.
84s. 1134cl.
3134d.
313jd.
19
848. 113d.
3134d.
3134d.
20
84s. 113.d.
31.177d.
Average
31.187d.
848. 11.4d.
The silver quotations to-day for cash and forward delivery are, respectively, 1-16d. above and the same as those fixed a week ago.
H
ENGLISH FINANCIAL MARKETS
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
May 30. June 1. June 2. June 3. June 4. June 5.
London,
Sat.
Mon.
Tues.
Wed.
Week Ending June 5Thurs.
Fri.
d 3134
3134
3111-16 3134
3134
Silver, per on
3134
848.1134d848.11%d 840.11%d 848.1134d 84s.1134d 848.11%d
fine ounce
Oald, per
......
Holiday 5634
z5634
5534
Consols, 234 per cents
5534
Holiday100
100
British. 5 per cents
9934
9934
9
Holiday 9534
- 9534
9534
British, 435 per cents
534
Holiday 44.60
44.50
44.40
French Rentes (In Paris), fr. __-_
44.40
FrenchWarLoan(inParls),fr_ ---Holiday 53.70
53.70
53.55
53.40
The price of silver in New York on the same day has been:
6834
6834
6834
6834
599.724,05000
48.954,180 00
25,947.400 00
49.800,000 00
28,894.500 00
11,995.880 00
$765,316,010 00
Nil
Nil
£900.000
No details were given as to the origin of the gold bullion received, but
destinations were shown in respect of the £157,000 sovereigns withdrawn,
as follows: £52,000 to South America. £9,000 to Switzerland, £57,000 to
India. £30,000 to Palestine and E9,000 to Singapore. During the week
under review there has been a net influx of £2,294,000. Since the resumption of the daily announcements by the Bank, £191,000 on balance has
been received.
About £170,000 South African gold came on offer this week and was
taken for the Continent and India at 84s. 11 Md. per fine ounce-slightly
below the Bank of England selling price.
A proclamation was issued at Cape Town on the 18th inst., rescinding
the proclamation under which gold certificates had been inconvertible, thus
restoring the gold standard throughout the Union. The intention of the
Union is to issue gold coin for circulation and not, as in the United Kingdom, to restrict the issue of gold coin against notes to the satisfaction of
any demand that may arise for export. The Union Minister of Finance
concluded his announcement in the House of Assembly with these words:
"I may say that South Africa was first among the British Commonwealth
of Nations, and almost the first country in the world, to decide to revert
to the gold standard. Then followed the action of Great Britain, the other
Dominions, and Holland. In taking the present step South Africa, as the
leading gold producing country in the world, once more resumes the vanguard position in the gold question which she previously occupied."
It will be remembered that simultaneously with the British announcement on April 28 last of the return to an effective gold standard. Australia,
New Zealand, Holland and the Dutch East Indies announced the removal
of restrictions upon the free export of gold.
With regard to Holland, gold is now sold by the Netherlands Bank to
Individuals at the rats of 1,653.4 florins per kilo for export, provided, however, that shipments of such gold are made to countries which have also
returned to the gold standard. It is generally thought that the Nether
ands Bank will allow unrestricted gold imports. The scheme resembles
that of the British in respect to the fact that tho free mintage of gold is
not yet to be permitted.
The total Indian Government remittances to the Home Treasury during
the financial year 1924-25 were as follows:
Sterling purchases in India
£33,191,000
Sterling taken over in London
700.000
Council bills
7,579,000
Silver in N.Y., per on.(eta.):
68
Foreign
Console of 1930
Panama's of 1916-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal savings bonds
6834
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
third Liberty Loan 01 1928
Fourth Liberty Loan of 1933-1938
$1.951,520,150 00
3.104,561,10000
2,885,377.350 00
6.324.488,350 00
14,265,946,950 00
treasury bonds of 1947-1952
Treasury Bonds of 1944-1954
763.948.300 00
1.047,088.500 00
1,811,036.800 00
Total bonds
316,842,299.760 00
Notesrreaeury notes
Series B-1925, maturing Dec.15 1925
4299.659,900 00
Series C
-I925. maturing June 15 1925
405.598.70000
Series A-1926, maturing Mar. 15 1926
615,677,90000
Series 13-1926, maturing Sept. 15 1926
414,922,30000
Series A-1927, maturing Dec. 15 1927
355,779.90000
Series B-1927, maturing Mar 15 1927
688,201.40000
Adjusted Service Series, maturing Jan. 1 1930
50,000,000 00
2,809,840,100 00
treasury Certificates:
Series TM-1925. maturing Mar. 15 1925 _- 8297,419.50000
Series TD-1925, maturing Sept. 15 1925_ ___ 219,462.000 00
Adjusted Service series, maturing Jan. 1 1926
46,700,000 00
563.581,600:00
Treasury(War) Swings Securities
War Savings Certiflates:
Series 1921_a
$11,236.932 18
Treasury Savings Certificates:
Series 1921. Issue of Dec. 15 1921 0
1,803.15200
Series 1922, Issue of Dec. 15 1921 8
97.171.27830
Series 1922, Issue of Sept.80 19225
15,156.21870
Series 1923. Issue of Sept 30 1922 5
134,705,915 60
Series 1923, Issue of Dec. 1 19235
24,513.08215
Series 1924, Issue of Dec. 1 1923 0
98,640,436 70
thrift and Treasury Savings Stamps, unclassified sales, dm
3,864.624 46
387,073,640 09
Total interest-bearing debt
Matured Debt on Which Iruerest Has CeasedOld debt matured at various dates prior to
April 1 1917
Spanish War Loan of 1908-1918
Loan of 1925
Certificates of indebtedness
Treasury notes
834% Victory Notes of 1922-1923
434% Victory Notes of 1922-1923-Called for redemption Dec. 15 1922
Matured May 20 1923
820,602,795,000 09.
51,280,980 26
296,860 00
1,658,750 00
959.500 00
4,086.300 00
40.300 00
2.362.85000
4,721.400 00
15,356,440 26
Debt Bearing No Interest
United States notes
Less sold reserve
3346,681,016 00
153,620,985 51
Deposits for retirement of national bank notes
and Federal Reserve bank notes
Old demand notes and fractional currency
3193.060,030 49
85,596,972 00
2,048,443 13
280.705,445 62
Total gross debt
320.898,856.885 97
Net cash receipts '
Net redemption value ot certificates outstanding.
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
May 29 1924 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of May 29 1925.
AssetsGold coin
Gold bullion
CURRENT ASSETS AND LIABILITIES.
COLD.
Liabilities
601,871.917 20 Gold certifs. outatand'g_1,575,805,94900
3,088 467,561 77 Gold fund, F. R. Board
(Act of Dec. 23'13, as
amended June 21'17).1,781,769.335 la
Gold reserve
153,620,98555
Gold in general fund
179,143,20934
Total
3,690.339,478 97
Total
3,690,339,478 97
-Reserved against 1346,681,016 of U. S. notes and 41,389,897 of Treasury
Note.
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver dollar'
in the Treasury.
SILVER DOLLARS.
AssetsLiabilities
Silver dollars
452,409,368 00 Silver certifs. outstand'g 443,628,77000
Treas. notes of 1890 out
1.389 89733
Sliver dollars in gen.fuad
7,390.701 00
Total
452,409,368 00
Total
452,409.36800
GENERAL FUND.
Assets
Liabilities
Gold (see above)
179,143,209 34 Treasurer's checks outSilver dollars (see above)
standing
7,390,701 00
1.443,08239
United States notes..._
3,874,419 00 Depos. of Govt. officers:
Federal Reserve notes.
542,961 50
Post Office Dept
9.800,428H
Fed. Rea, bank notes.
185,493 00
Bd. of Trustees Postal
Nationalbank notes
17,548,081 00
Savings System 5%
Subsidiary silver coln
7,827,924 28
res've,lawful money
6,637,94049.
Minor coin
1,70.194 23
Other deposits
287,230 74
Silver bullion
16,040,332 81
Comptroller of CurUnclassitied-colleorency, agent for
Dons, Ac
7.770,06539
creditors of insolvDeposits in Federal Reent banks
765,942 90.
serve banks
50,090,384 00
Postmasters, clerks of
Deposits in special decourts, disbursing
positaries account of
Officers, Ac
35,284.643 85
sales of Treas. bonds
Deposits for:
& certifs. of indebtneas 180,594,000 00
Redemption of Fed.
Deposits in foreign deReserve notes (5%
positaries:
fund,gold)__ _ -- 163.284,674 87
To credit Treas. U.S.
100,681 53
Redemption of nat'l
To credit of other
bank notes (5%
Government officers
220,312 81
fund,lawful money) 28,163,582 59
Deposits in nat'll banks:
Retirement of add'i
To credit Tress. U.8.
6.832,40440
circulating notes,
To credit of other
Act May 30 1908_
4,840 00
Government officers 22.218,664 84 Uncollected Items, exDeposits in Philippine
changes. Ac
9,376,925 26
Treasury:
To credit of Treas.U.S.
1,031,885 01
255,049,290 80
Net balance
248,067,423 34
Total
503,116,71414
Total
503,116,714 14
TIIE CHRONICLE
2906
Nots.-The amount to the credit of disbursing officers and agencies to-day was
$385,726,648 58. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629 05.
Under the Acts of July 14 1890 and Dec. 23 1913 deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was 885,596,972.
$358.217 in Federal Reserve notes and $17,470,271 in national bank notes are
In the Treasury in process of redemption and are charges against the deposits tor
the respective 5% redemption funds.
Government Revenue and Expenditures.
Through the courtesy of the Secretary of the Treasury we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for May 1925 and
1924 and the eleven months of the fiscal years 1924-1925 and
1923-1924.
May 1925.
Receipts.
Ordinary42,004,279
Customs
Internal revenue:
Income and profits tax.. 41,078,665
60,733,398
Misc. internal revenue
Miscellaneous receipts:
-owned secs.
Proceeds Govt.
Foreign obligations
6,618
Principal
166.146
Interest
715,859
Railroad securities
3,621,595
All others
Trust fund recta. (reappropriated for investment)_ _ 2.571,394
Proceeds sale of surp. prop. 2,617,036
Panama Canal tolls, &c._ _ 1,460,896
Recta, from misc, sources
credited direct to approP. 2.511,619
9,346,733
Other miscellaneous
Total ordinary
May 1924. 11 Mos.'24.* 11 Mos.
3
45.220,569 503,017,539 502,361,708
36,108,764 1,383,052,646 1,502,214,909
76,918.932 758,041,741 880,370,284
15,000
166,234
4.651,603
2.464.185
....212,699
90,656,063
138,946,573
14,457,058
61,084,867
91,880.202
47,032,158
9,259,931
5,367.509
1,469,633
2,034.587
30%52.525
21,555,808
21,420,571
32,347.547
43,998,535
24,958,263
26,784,627
153,158.584
27,142,366
187,813,442
2,276,469
13,714,481
166.834,237 190,407,966 3,165.156,434 3,410,464,211
Excess of ordinary receipts
over total expenditures
chargeable against ordinary
receipts
Excess of total expenditures
chargeable against ordinary
receipts over ordinary recta. 67.281,930 65,677,502
[Vol.. 120.
-BEARING DEBT OUTSTANDING.
INTEREST
InterestMar. 31 1925. Mar. 31 1924
$
$
Payable.
Title of Loan599,724.050
599,724.050
Q4
lc Consols of 1930
118.489,900
-F.
Q.
as, Loan of 1925
48,954,180
48,954.180
-F.
Q.
28 of 1916-1936
25,947,400
25,947,400
Q -F.
Is of 1918-1938
49,800,000
49,800,000
-M.
Q.
3s of 1961
28,894,500
28,894,500
-J.
Q.
Is, Conversion bonds of 1946-1947
749,576,500
-J. 565,581,500
J.
Certificates of indebtedness
-J. 1,409,997,450 1,409,999,000
J.
8345, First Liberty Loan, 1932-1947
7,609,550
8.210,150
J -D
is, First Liberty Loan, converted
530,460,850
-D. 531,821,900
J.
4.3ie, First Liberty Loan, converted
3,942,150
3,492,150
J.-D.
43(s, First Liberty Loan,second converted
30,549.750
24,587,150
-N.
M.
de.Second Liberty Loan,1927-1942
3,079,978.450 3,074,343,950
&Ms, Second Liberty Loan. converted
3,134.759,650
-S. 2,885.380.850
M.
43(5. Third Liberty Loan of 1928
A.-0. 6,324,488,850 6,324,746,650
i3(8. Fourth Liberty Loan of 1933-1938
763,952,300
763.948,300
430 Treasury bonds of 1947-1952
1,047.088,500
4s Treasury bonds of 1944-1954
396,910,352
Matured 390,166,412
ls. War Savings and Thrift Stamps
11,893,760
11.995,880
J -3
2885. Postal Savings bonds
-D. 2,810,272,400 4.046,398,000
J.
5 its to 53(5, Treasury notes
Aggregate of interest-bearing debt
I3earing no interest
Watured,interest ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
20.608,330.072 21,356,502,492
296,390,278 . 238,588,025
29,335,200
c27,557,790
a20,932,278,140 21,624,425,757
+342,582,240 +296.322,862
020,589,695.900 21,328,102,895
Net debt
a The total gross debt Mar.31 1925 on the basis of daily Treasury statements was
public debt redemption and receipts
820,932,210,701 95, and the net amount of
in transit, &c., was 867,439 08.
S No reduction is made on account of obligations of foreign Governments or
other investments.
r Includes 83.490.050 4% Loan of 1925.
grimmerciaI ud ULscet1anen usBews
-The following information regarding
National Banks.
national bank is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
53.862,331
191,841.113
Expenditures.
Ordinary (checks and warrants paid. &c.):
136,962,749 142.322,914 1,691,718.089 1,676.633,807
General expenditures
58 10 65
Interest on public debt _a _ _ ... 74,887,605 79,420.634 790,663,253 8 , 53
Refunds of receipts:
18.815,225
20,090,568
1,507,631
1,611,673
Customs
17,926,672 23,664,393 131,797,872 109,101,674
Internal revenue
12,638.850
23,216,784
Postal deficiency
7,905,229
8.159,516
657,138
730,845
Panama Canal
Operations in special acts.:
22.653,681
2,638,293
3,848,160
81.221,680
Railroads
851,318,999
War Finance Corporation_ 81,440,449 81,719,244 841,296,412
82,557,492
28,605,550
3,449,700
1,053,800
Shipping Board
88,732.983
4,258,772
1,009,227 83,319,814
Alien property funds
12,971,000
Loans to railroads
c99,639,303
36,226
Adjusted service certif. fund_
Investment of trust funds:
28,569,683
29,816.926
2,409.333
Government life insurance 2,350,300
7.984,159
10,117,708
457,399
Civil Service retirement__
Columbia TeachDistrict of
213,414
207,993
19,990
ers' retirement
82,569
88,495
Foreign Service retirement_
3.564,451
827,605
2,938,186
221,094
contingent
General railroad
Vatt4
-The First National Bank of Hickman, Neb
May 27
Correspondent: S. J. Fleselman, Hickman, Neb.
29
May -The South Pasadena National Bank, South Pasadena. 100.000
Calif
Correspondent: A. C. Ong, care A. C. Ong Bldg.,
South Pasadena, Calif.
50,000
-The First National Bank of Springfield, N. J
May 29
Correspondent: Henry P. Dengler, Springfield, N. J.
APPLICATIONS TO ORGANIZE APPROVED.
May 26
-The Hardware City National Bank of New Britain, Conn$200.000
Correspondent: Paul K. Rogers, 21 Camp St., New
Britain, Conn.
May 28
-The American National Bank of Santa Monica, Calif-- 100,000
Correspondent: N. S. Gandy, 1411 Third St., Santa
Monica, Calif.
May 29
-The Seaside National Bank of Long Beach, Calif Bank 300.000
Correspondent: P. E. Keeler, 1225 Pacific S. W.
Bldg., Long Beach, Calif.
J
May 29
-The WEstside National Bank of West Paterson, N. St., 75,000
Correspondent: Reuben H. Reiffin, 152 Market
Paterson, N. J.
Y
May 29
-The First National Bank of Pleasantville, N.Pleasant- 50,000
Correspondent: Arthur C. Hoyt, 22 Clark St.,
ville, N. Y.
APPLICATIONS TO CONVERT RECEIVED.
$25.000
-The Rochelle National Bank, Rochelle, Tex
May 26
Tex.
Conversion of the Rochelle State Bank Rochelle,aro
37,200
Bank of Robersonville. No. C
-The First National
234,119,567 255,656,420 2,800,544,389 2,779,661,848 May 28
Total ordinary
Conversion of the Farmers Banking & Trust Co., Robersonville, No. Caro.
Public debt retirem'ts chargeable agst. ordinary rcts.:
APPLICATIONS TO CONVERT APPROVED.
150.000 218,374,000 295,987,350
Sinking fund
21,000,000
May 29
-Pacific National Bank in New York, N. Y
Purchases from foreign re38,509.150
386,100
83,400
Conversion of the Pacific Bank of New York. N. Y.
payments
May 29
-The Farmers & Merchants National Bank of Celina,Tex. 25,000
Rec'd from foreign Govta.
91,858,200
90,950,000
Conversion of the Celina State Bank, Celina, Tex.
under debt settlements_
268,550
Total
83.400
47,550
8.889,450
10,500
Received for estate taxes_ _
Purchases and retirements
from franchise tax recta.
(Fed. Reserve and Fed.
Intermediate Credit bks.)
Forfeitures. gifts, &c
794.159
197,903
3,634,550
82,550
429,050
310.749.713
438,961.250
Total exp. chargeable
3,218,623,097
against ordinary rects_234,116,167 256,085,469 3,111,294,102
July are included.
*Receipts and expenditures for June reaching the Treasury in
for the fiscal year 1925 to
a The figures for the month include 8812,104 93 andcertificates of the series of
date 89,797,123 71 accrued discount on War Savings last year the figures include
1920: and for the corresponding periods
1918, 1919 and
of 1918 and 1919.
$1,682,643 64 and 523.714,575 63, respectively, for the series
b Excess of credits (deduct).
is due to necessity
C The variation in above amount from amount appropriated
payments by Veterans'
for a small working balance in connection with certificate
Bureau.
-Completed Returns
Public Debt of United States
Showing Net Debt as of Mar. 31 1925.
The statement of the public debt and Treasury cash holdings of the United States as officially issued Mar. 31 1925,
delayed in publication, has now been received, and as interest attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making comparisons with the same date in 1924.
.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS
Mar. 31 1925. Mar. 31 1924.
$490,733,698 $444,520,597
Balance end month by daily statement,Ste
Add or Deduci-Excese or deficiency of receipts over
+2,008.578
-4,050,883
or under disbursements on belated Items
8486,682,815 $446,529,175
Deduct outstanding obligations:
$1,374,613
$5,318,692
Treasury warrants
56.715,465
51.067,914
Matured interest obligations
62,093,415
69,604,984
Disbursing officers' checks
-„.
30,022.820
18,108,985
Discount accrued on War Savings Certificates
Total
Balance.deficit(-1 or surplus(+)
$144,100,575
$150.206,313
+2342.582,240 +8296,322,862
CHARTERS ISSUED.
-The Hamilton National Bank of the Town of
-12749
May 25
2100,000
Union, N J
President, Archibald M. Henry; Cashier, Lionel Isaacs.
100,000
-The Franklin National Bank of Nutley, N. J
-12750
May 25
President, William J. Lee; Cashier, Frank E. Drake.
100,000
-12751-The American National Bank of Sarasota. Fla
May 26
President, Geo. L. Thacher: Cashier, A. 0. Skaggs.
25,000
Bank of Melvin, Tex
--The First National
-12752
May 26
Conversion of the First State Bank, Melvin, Tex.
President, W. L. Cain; Cashier, E. A. Baze,
50,000
--The Gouger National Bank of Robstown, Tex
-12753
May 29
Conversion of the First State Bank of Robstown, Tex.
E. Gouger; Cashier, T. M. Gouger.
President, Henry
CHANGES OF TITLE.
-The Phillipsburg National Bank, Phillipsburg, N. J., to
-1239
May 25
"The Phillipsburg National Bank & Trust Co."
-The Belem National Banking Co., Salem, N. J., to "The
-1326
May 26
Salem National Bank & Trust Co."
-The City National Bank of Salem, N. J., to "The City
-3922
May 26
National Bank & Trust Co. of Salem."
VOLUNTARY LIQUIDATIONS.
-The Farmers & Merchants National Bank of
-11225
May 26
$25,000
Benton. Ark
Effective May 15 1925. Lig. Agent, W. M. Steed,
Benton, Ark. Absorbed by the Benton Bank &
Trust Co., Benton, Ark.
-The American National Bank of Santa Ana,Cal_2200,000
May 26
-11869
Effective April 22 1925. Liel. Agent, Edw. C. Aldwell,
San Francisco, Calif. Absorbed by the Bank of
Italy. San Francisco, Calif.
May 29
-The First National Bank of East Conemaugh,Pa- 50,000
-6979
-The First National Bank of East Conemaugh, 50,000
May 29
-6979
Pa.(P. 0. Conemaugh, Pa.)
Effective Jan. 24 1925. TA. Agent, Dan R. Schnable,
Johnstown, Pa. Absorbed by the United States
Trust Co., of Johnstown.
May 29
-The Citizens National Bank of Kingfisher. Okla_ 50,000
-12068
Effective May 20 1925. Lig. Agent, B. C. Brigham;
Kingfisher, Okla. Absorbed by the Peoples National
Bank of Kingfisher, No. 9954,
-Among other securities, the following,
Auction Sales.
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
JUNE 6 1925.]
THE CHRONICLE
2907
By Messrs. Adrian H. Mullor & Sons, New York:
Per
When
Books Closed.
Shares. Stocks.
$ per Oh. Shares. Stocks,
per share.
Name of Company.
Cent. Payable.
Days Inciusire.
5 Standard G. L. of N. Y., corn_ 101
289 Columbia Graphophone Mfg.
61 Standard G.L.of N.Y.6% Pref. 9314
Co., corn., and 27-20 shares
Public Utilities (Cencluded).
8 Manufacturers Trust Co
$362
scrip, no par
$1 lot Amer. Gas & Elec., corn. (guar.)
25c. July 1 Holders of rec. June 10
1 Long Island Bottlers' Union,
500 Continental Candy Corp.,
Common (extra)
(w) July 1 Holders of rec. June 10
par $20
$1 lot
no par
Preferred (unstamped non-par stock)_ $1.50 Aug. 1 Holders of rec. July 10
$1 lot
50 Credit Disct. Corp. of Am., of.
125 Gaston, Williams & Wigmore,
Preferred ($50 par stock)
114 Aug. 1 Holders of rec. July 10
Am.,1$1,000
50 Credlt Dint. Corp. of
Inc., no par
$1 lot American Public Service, pref. (quar.)
134 July 1 Holders of rec. June 15
COM133011, no par
lot 100 Interborough Consol. Corp.,
Bangor Hydro-Elec. Co., pref.(guar.)_ _
114 July 1 Holders of rec. June 10
25 Ferdinand Munch Brewery
5
common, no par
$1 lot Barcelona Tr., Lt.& Pr., pref.(guar.)_ _ 114 June 30 Holders of rec. June 15
30 Hudson County Consumers
30 Interboro. Consul. Corp., pref-$111ot Brazilian Tr., Lt. dc Pr., pref. (quar.).
114 July 1 Holders of rec. June 15
Brewing Co
$90 lot 125 National Conduit & Cable,
Bell Telephone of Canada (quar.)
*2
July 15 *Holders of rec. June 23
100 Woolf Instrument Corp.,no par $2 lot
Inc., no par
$1 lot Calumet Gas & Elec.. prof. (guar.)._ _
154 June 17 Holders of rec. June 17
390 Interboro Brewing Co., Inc.,
14 Irving Press, common
$50 lot Central States Elec. Corp.. pref. (qu.)
114 July 1 Holders of rec. June 10
pref., par $10
$5 lot 20 Irving Press, preferred
$200 lot Chicago North Shore& Milw., pref.(qu.) •134 July 1 *Holders of rec. June 15
2,500 American Steel Corp.. par $1-$5 lot 20 Kent Paper Co., Inc., com..___$50 lot
Prior lien (guar.)
•114 July 1 *Holders of rec. June 15
7,000 British-American Chemical
20 Kent Paper Co.. Inc.. pref_ _5100 lot Cincinnati & Suburban Bell Teleph.(qu.) *El
July 1 *Holders of rec. Julie 20
Corp. of N.J., par $10
$1 lot 8,803 Industrial Motors Corp.,
Haverhill Gas Light (guar.)
56c. July I Holders of rec. June 156
$10 lot Illinois Power & Light, 6% pref. (guar.) "114 July 1 *Holders of rec. June 10
By Messrs. R.. L. Day & Co., Boston:
Seven per cent preferred (quar.)
•114 July 1 *Holders of rec. June 10
Shares. Stocks.
$ Per sh. Shares. Stocks.
'$1.25 July 1 *Holders of rec. June 15
$ per sh. Manhattan Ry.(guar.)
12 Beacon Trust Co
Extra (acct. accumulated dividends)._ *h$1.25 July 1 *Holders of rec. June 15
276
2 Narragansett El.Ltg.Co.,par 550 67
20 Merrimack Mfg. Co., corn
'6214c July 1 *Holders of rec. June 18
983.1 2 Merchants & Miners'Fransp'n__ -134% Manila Electric Corp. (guar.)
Manufacturers Light
10 Wamsutta Mills
8254, ex-div. 10 Rhebat Corp.,corn
•2
July 10 *Holders of rec. June 30
754 Minnesota Pow.& & Heat (quar.)
114 July 1 Holders of rec. June 15
Light, pref.(guar.)._
73.4 Elder Mfg. Co., corn. V. t. c.,
5 Algonquin Printing Co
255
Missouri
2% 10 Plymouth Cordage Co
par $10
114 July 1 *Holders of rec. June 20
12214 Newport Power & Light. pref. (quar.)_
News & Hampton Ry., Gas
10 Bigelow-Hartford Carpet, pref_ _105
220 Merrimac Chemical, par 850.84-8454
& Electric Co., pref.(guar.)
•
114 July 1 *Holders of rec. June 15
28 Manomet Mills
40
80 Puget Sound P.& L., prior pref.
New York Steam Co., pref. (guar.)_._ •
114 July 1 *Holders of rec. June 15
4 Pepperell Mfg. Co
115
10714-10754 & dive. Niagara
Lockport & Ont.Pow.com.(qu.) 50c July 1 Holders of rec. June 15
22 Merrimack Mfg. Co., corn
9814 50 Puget Sound Pow.& Light,pref.. 84
Preferred (guar.)
72
12 Merrimack Mfg. Co., pref
5 Laconia Car Co.,2d pref
134 July 1 Holders of rec. June 15
1,6
North American Lt. & Pow., pref. (qu.) •114 July 1 "Holders of rec. June 20
24
70 Saco Lowell Shops, 2d Met
Bonds.
Per Cent. Northern
N. Y. Utilities (guar.)
2 Shaw Stocking Co
•758. July 1 *Holders of rec. June 15
21
$5,000 Boston & Worcester St. Ry.
North West Utilities, prior lien pref.(qu.) $1.75 July 1 Holders of rec. June 15
300 Worcester Cons. Street Ry.Co.
Co. 414s, Aug. 1923, ctf. dep_ _ _ 20
.
Ottawa & Hull Power, pref. (quar.)--- *11.4 June 15 *Holders of rec. May 31
393.4 $2,000 Rio Grande Southern RR.
let pref., par $80
Pacific Teleph. & Teieg., corn. (quar.)
•114 June 30 *Holders of rec. June 20
9 Connecticut & Passumpsic Rivers
Co. 1st 48, July 1940, Central
Preferred (guar.)
76
"114 July 15 *Holders of rec. June 30
RR., pref
Union Trust Co.of N.Y.ctf.dep.
.
$6 lot
*258. July 1 'Holders of rec. June 15
50 Mexican Northern Ry. Co
$5)4 lot Power Corporation, corn. (guar.)
Preferred (guar.)
•114 Aug. 1 "Holders of rec. July 15
$5.000 Mexican Coal& Coke Co.55.
44 Worcester Cons. Street Ry.Co.,
Public Serv. Elec. & Gas 7% pref. (qu.)_ 114 June 30 Holders of rec. June 56
3954
let pref., par $80
Spencer Trust Co.ctf. dep
$22
7554 Note of Harry D.Tardin for $5,000, lot Reading Traction
•75c. July I *Holders of rec. June 15
2 units First Peoples Trust
Ridge Ave. Pass. Ry., Phila. (guar.)_ _ •$3 July 1 *Holders of rec. June 15
dated Boston, Jan. 2 1921, due
125 Tezultlan Cop. Min.& Smelt_ _$7 lot
Southern Canada Power, pref. (quar.)
25 Towne Securities Corp., corn_ $4 lot
"114 July 1 'Holders of rec. June
Jan. 21926, with interest at 6%.
Springfield By.& Light, pref. (quar.).... 134 July 1 Holders of rec. June 25
5 shares Columbia Counter Co.
1234 Towne Securities Corp., pref.$15 lot
15
Elec.
102 U.S. Light& Heat Corp., pref.,
$2,100 lot Tennesseecent Power 7% 1st pref.(qu.) 114 July 1 Holders of rec. June 13
Six per
first pref. (guar.)
$35 lot Demand note for $500 of the Tula
par $10
134 July 1 Holders of rec. June 13
Union Passenger Ry., Philadelphia
Iron & Lumber Co., dated Bos10 U.S. Light dr Heat Corp., corn.,
'$4.75 July 1 *Holders of rec. June 15
Union Traction (Philadelphia)
ton, Sept.61919, with int.at6%
$314 lot
141.50 July 1 'Holders of rec. June 9
par $10
United Light & Power, corn. A & B (qu.) 50c. Aug. 1 Holders of rec. July 151
42 Merrimac Chem.Co.,par 550_84-8454
5150 lot
Preferred, class A (guar.)
$1.62 July 1 Holders of rec. June 15
By Messrs. Wise, Hobbs & Arnold, Boston:
Preferred, class B (guar.)
$1 July 1 Holders of rec. June 15
Shares. Stocks.
$ per oh. Shares. Stocks.
*2
Aug. 1 *Holders of rec. July 15
$ per oh. United Light & Rye., corn. (guar.)
20714 22 Units First Peoples Trust
First preferred (guar.)
15 National Shawmut Bank
*114 July 1 *Holders of rec. June 15
7534
5 Worcester Gas Light Co..
100
Participating preferred (guar.)
1 Federal National Bank
*2
July 1 *Holders of rec. June 15
corn..
par $25
Utah Gas & Coke, pref. (guar.)
25 B. B.& R. Knight, Inc., pref.- 134
'$1.75 July 1 *Holders of rec. June 15
6954 II Groton dr Knight Mfg. Co., pref 43
Participating preferred (guar.)
5 Ipswich Mills, pref
'81.75 July 1 *Holders of rec. June 15
11511 3 Boston Woven Hose & Rubber 42
West Philadelphia Passenger Ry
1 Pepperell Mfg. Co
•$5
July 1 *Holders of rec. June 15
11814-11934
Winnipeg Electric Co., pref. (quar.)_ _
Co., pref
18 Nashawena Mills
114 July 1 Holders of rec. June 15
643.4 2 Units First Peoples Trust 10034 ex-div.
10 Nashua Mfg. Co., corn
753(
130
5 Plymouth Cordage Co
10 Stevens Mfg. Co
Banks.
•
12234
Bonds.
35 Bigelow-Hartford Carpet CO.,
3
July 1 Holders of rec. June 19
Percent. America (Bank of) (guar.)
10334 $100 Commonwealth of Maas., ea.
Amer.Exch. Securities Corp., Cl. A (qu.) 2
common
July 1 Holders of rec. June 15
Ss, reg. Aug.1932
7 Waltham Bleach & Dye Works 40
4
July 1 Holders of rec. June 178
99 & int. Chase National (guar.)
Chase Securities Corp.(guar.)
8 Seamless Rubber Realty As$1
July 1 Holders of rec. June 17a
sociates, pref., par $1,000.995 dr div.
Rights.
July 1 *June 14 to June 30
$ Per Right. Chatham Phenix Bank & Trust (quar.)_ 4
Chelsea Exchange
10 Lowell Gas Light Co
15 Finance Corp. of New England,
•
114 July 1 *Holders of rec. June 30
3M National
293.4 256 Lowell Gas Light Co
pref., par $50
City (guar.)
4
July 1 Holders of rec. June 15
354
2 Cambridge Elec. Lt., par s25
10434 1,496 Lawrence Qs & Electric... _ 214 National City Company (guar.)
4
July 1 Holders of rec. June 15
Seaboard National (guar.)
4
July 1 Holders of rec. June 246
By Messrs. Barnes & Lofland, Philadelphia:
$ per oh. Shares. Stocks.
Shares. Stocks.
Trust Companies.
$ per oh.
10 Central Tr.& Says.Co., par 850.15634 4 Phila. City Pass. By
5
July 1 Holders of rec. June 15
10634 Bankers (quar.)
15 Central Tr.& Save.Co.,par $50.154
20 Belmont Trust Co
3
June 30 Holders of rec. June 19
8334 Guaranty (guar.)
55014
2 Fidelity Trust Co
Bonds.
1234 July 1 Holders of rec. June 20
Per cent. United States (guar.)
17 North Phila. Trust Co., par $50_228
$10,000 City of Phila. 434s, May 1
Extra
10
July 1 Holders of roe. June 20
10 First National Bank of Phila_ _328
1948 (J. & J.)
30 Phila. Life Ins. Co., par $10--- 15
$1,000 City of Phila. 3148, Dec. 311073.4
Fire Insurance.
3 Pa.Warehouse & Safe Deposit Co.100
1925, reg.(J.& J.)
41.50 July 1 'Holders of rec. June 15
9934 Russia (quar.)
38
19 Phila. Electric Co., corn
$10,000 City of Reading, Pa., ref."
3 011 Lease Develop. Co., no par--$2 lot
48, ser. H. April 1929
Miscellaneous.
10034
177 Middle States Oil Co., corn.,
$10,000 Commonwealth of Pa. tax
Allis Chalmers Mfg., pref. (guar.)
•114 July 1 *Holders of rec. June 24
$130 lot
Par 510
free 414s, July 1949
•134 July
*Holders of rec. June 15
10534 American Cigar, pref.(guar.)
126
1 Republic Trust Co., par $50
$10,000 Commonwealth of Pa. tax
American Cyanamid, corn. (guar.)
1
July
Holders of rec. June 15
Integrity Trust Co., par $50- _ _ _496
3
free 58, Aug. 1951
Common (extra)
34 July
11754
Holders of rec. June 15
3 Commonwealth Title Ins. & Tr_451
$10,000 Jefferson Co. road tax free
Preferred (guar.)
114 July
Holders of roe. June 15
100 Tonopah Mining Co.of Nevada 4
4148. Sept. 1934
American Express (guar.)
$1.50 July
104
Holders of rec. June lla
1,750 Penn-Beaver Oil Co., par El_ 4c. $10,000 Lackawanna Co. court
Am.La France Fire Eng., Inc., com.(qu) 258. Aug. 1 Holders of rec.
Aug. 1
403
2 Fourth St. National Bank
house & road 4145, April 1942.-1025(
Preferred (guar.)
114 July
Holders of rec. June 15
411
5 Philadelphia National Bank
$10,000 Radnor Twp., Del. Co.,
American Snuff, corn. (guar.)
3
July
Holders of rec. June 12
10 First National Bank of Phila_ --328
Sch. Dist. 4148, Apri11937
Preferred (guar.)
114 July
105
Holders of rec. June
61 Sixth National Bank of Phila 240
$100 City Club of Phila.6% notes,
Amer. Steel Foundries, corn. (quar.)... '758. July 1 'Holders of rec. July 12
1
15 West Phila. Title dr Tr. Co.,
Jan. 2 1928
Preferred (quar.)
'114 June 30 *Holders of rec. June 15
85
231
Dar $50
$50 City Club of Phila. M.55, 1925 so
Amer Window Glass Mach.. corn. (qu.) 114 July
Holders of rec. June 12
50
3 Fairhill Trust Co., par $50
$1,000 Allegheny Ave. Realty Corp.
Common (extra)
1
July
Holders of rec. June 12
10 Guarantee Trust & Safe Dep.Cola° 3.4
2d M.78, Oct. 15 1944
Preferred (guar.)
95
114 July
Holders of rec. June 12
10 Finance Co. of Pa., let pref-150M $1,000 Madison Ave. Office, Inc.,
American Woolen, pref. (guar.)
114 July 1 June 16 to June 25
Northeast. Title & Tr., par $50- 63
40
2d M.6s, 1943 (J. & J. 15)
633.4 Associated Dry Goods, let pref. (quar.)_ 114 Sept.
Holders of rec. Aug. 15
5 Bridgeton National Flank. N.J-410
81.000 Phila.& Reading Term.RR.
Second preferred (guar.)
114 Sept.
Holders of rec. Aug. 15
10 Glenside Trust Co., par $50---- 5814
1st 55, 1941, registered
Associated 011 (guar.)
'150c. July 2 *Holders of rec. June 30
Insurance Co., par $50-10634 $5,000 Roxborough, Chestnut Hill10614 Belding-Corticelli, Ltd.,
40 Victory
pref. (quar.)__ _ I% June 1 Holders of rec. June 1
23 Victory Insurance Co., par $50-106
& Norristown By. 1st 58, 1926_ _ 95
Canadian General Elec., pref. (guar.)._
134 July
Holders of rec. June 13
12 Phila. Bourse, corn., par $50--- 2334
Rights.
$ per Right. Cluett, Peabody & Co., Inc., pf. (qu.) 151 July
Holders of rec. June 20
9 Hudson County Gas Co
12434 12 Nat. Bank of Germantown_ _ _ _14514 Commercial Invest. Trust, let pf. (qu.) 13.4 July
Holders of rec. June I56
10714 22 Nat. Bank of Germantown_ _ _14514 Detroit & Cleveland Navigation
5 Phila. City Pass. Ry
July
(guar.) $1
Holders of rec. June 15
Dictaphone Corp., pref.(guar.)
$2
June
Holders of rec. May 22
Draper Corporation (quar.)
2
July
Holders of rec. June 6
Dunham (James H.) & Co., corn. (qu.) .•1mH July
DIVIDENDS.
1
'Holde of rec. June 17
'Holders
First preferred (guar.)
July
*Holders of rec. June 17
Dividends are grouped in two separate tables. In
Second preferred (guar.)
the
•114 July
*Holders of rec. June 17
first we bring together all the dividends announced the cur- Eisenlohr (Otto) & Bros., Inc., pf. (qu.) •114 July
*Holders of rec. June 20
Electric Auto-Lila (guar.)
41.50 July
*Holders of rec. June 15
rent week. Then we follow with a second table, in which Emerson Elec. Mfg.,
pref.(guar.)
134 July
Holders of red. June 20
we show the dividends previously announced, but which have Endicott-Johnson Corp., corn. (guar.)._ $1.25 July
Holders of rec. June 16
Preferred (guar.)
134 July
Holders of rec. June 16
not .yet been paid.
Fisher Body Ohio Corp., pref. (quar.)_ _ *2
July
*Holders of rec. June 16
Galena-Signal 011, corn. (guar.)
The dividends announced this week are:
*1
June 30 *Holders of rec. June 10
Preferred (guar.)
*2
June 30 *Holders of rec.
General Ry. signal, corn. & pref. (qu.) 114 July 1 Holders of rec. June 10
June 20
Per
When
Books Closed.
Gimbel Bros., prof.(guar.)
•
114 Aug. 1 'Holders of rec. July 15
Name of Company.
Cent. Payable.
Days Inclusive.
Goodyear Tire & Rubber, pref.(quar.)
134 July 15 Holders of rec. June 20
Goulds
corn. (guar.)
134 July 1 Holders of rec. June 20
Railroads (Steam).
Preferred (quar.)
Mfg.,
114 July 1 Holders of rec. June
Albany dr Susquehanna
*414 July 1 "Holders of rec. June 15a Greenfield Tap &
Die Corp.,63. pf.(qu.) *114 July 1 *Holders of rec. June 20
Atchison, Topeka & Santa Fe, prof_ _ .
1214 Aug. 1 *Holders of rec. June 26a
13
Eight per cent preferred (guar.)
*3
•2
7
July 1 "Holders of rec. June 13
Beech Creek (guar.)
*500 July 1 *Holders of rec. June 15
Gulf 011 Corp. (guar.)
*Holders of rec. June 20
Boston & Providence (guar.)
23.4 July 1 Holders of rec. June 20
Hammermill Paper, pref. (guar.)
*114 July 1 *Holders of rec. June 20
*3
June 26 *Holders of rec. June 15
CM. N.0.& Texas Pacific, corn
Hanna(M. A.) Co., 1st pref. (quar.)
*111 June 20 "Holders of
•
314 June 26 *Holders of roe. June 15
Common (extra)
Helme (George W.) Co., corn, (quar.)_ _ 758. July 1 Holders of rec. June 10
rec. June 25
Fonda Johnstown gi Gloversv., pref.(qu) 114 June 15 Holders of rec. June 10
Preferred (guar.)
151 July 1 Holders of rec. June 25
Lehigh Valley, corn. (guar.)
.
87.14c July 1 *Holders of rec. June 13a Hercules Powder, corn. (quar.)
134 June 25 June 16 to June 24
Preferred (guar.)
*81.25 July 1 *Holders of rec. June 130 Homestake Mining
(monthly)
50c. June 25 Holders of rec. June 20
h214 June 15 Holders of rec. May 29
Maine Central. prat
Humble Oil & Refining (guar.)
*50c. July 1
New York & Harlem, corn. as pref.__ *52.50 July 1 *Holders of rec. June 15
Imperial Tobacco of Canada. ordinary_ _ '154 June 29 *Holders of rec. June 16
Northern Central
*$2
July 15 *Holders of tee. June 30
India Tire & Rubber, corn. (guar.)
•
$2 July 1 *Holders of rec. June
I
July 1 Holders of rec. June 15a
Pere Marquette, corn. (guar.)
20
Preferred (guar.)
Prior preference (guar.)
134 July 1 Holders of rec. June 15a Internat. Buttonhole Machine (guar.)._ .154 July 1 *Holders of rec. June 20
158. July 1Holders of
Preferred (guar.)
rec. June 15
13.4 Aug. 1 Holders of rec. July 15a Intertype Corporation, lot pref. (guar.) 2
July 1 Holders of rec.
Philadelphia, Baltimore & Wash
June 30 *Holders of rec. June 15
.3
Second preferred
8
July 1 Holders of rec. June 15
Pittsburgh McKeesport& Youghiogheny 41.50 July 1 *Holders of rec. June 15
Jordan Motor Car, corn. (guar.)
*758. June 30 *Holders of rec. June 15
Preferred (guar.)
•114 June 30 *Holders of rec. June 15
Public Utilities.
June 15
Kaufmann Dept. Stores, pref. (quar.)
114 July 1 Holders of
All America Cables (quar.)
.
1
July 14 *Holders of rec. June 30
Kelsey Wheel, corn. (guar.)
$1.50 July 1 Holders of rec. June 20
Amer. Public Utilities, prior pref. (qu.). 134 July 1 Holders of rec. June 15
rec.
King Phillip Mills (guar.)
•154 July 1 *Holders of rec. June 19
Participating preferred (guar.)
114 July 1 Holders of rec. June 15
June
Kresge Dept. Stores, pref. (guar.)
*2
July 1 *Holders of rec. June 20
15
1
154
Name of Company.
[Vol,. 120.
THE CHRONICLE
2908
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
June 15
Consumers Power,6% pre/. (quar.)_ _ _ $1.50 July 1 Holders of rec. June 15
June 30 'Holders of rec. June 11
II.65 July 1 Holders of roe.
6.6% Preferred(quay.)
June 18
July 1 'Holders of rec.
1% July 1 Holders of rec. June 15
7% preferred (quay.)
Aug. 1 'Holders of rec. June 18
50e. July 1 Holders of rec. June 15
Six per cent preferred (monthly)
July I Holders of rec. June 15
55e. July 1 Holders of rec. June 15
6.6% preferred (monthly)
July 1 Holders of rec. June 15
June 13a
(Continental Gas & Elec., corn.(guar.). 111.10 July 15 Holders of rec. June 130
July I Holders of rec June 15
134 July 15 Holders of rec.
Prior preference (quay.)
of rec. June 15
June 30 Holders
13.4 July 15 Holders of rec. June 130
Participating preferred (MIRO
June 30 Holders of rec. June 15
34 July 15 Holders of rec. June 130
Participating preferred (guar-)
July 1 Holders of rec. June 16
1)4 July 15 Holders of roe. June 130
Preferred (quay.)
July 1 Holders of rec. June 20
u$3 June 30 Holders of rec. May 290
Continental Pass. Ry., Phila
July 1 Holders of rec. June 16
July 15 Holders of rec. June 20a
2
Detroit Edison Co.(quar.)
July 1 'Holders of rec. June 15
l'S June 15 Holders of rec. May 154
Duquesne Light, bat pref., ser. A (qu.)
July 1 *Holders of rec. June 15
200. July 1 Holders of rec. June 150
Federal Light &'Frac. new corn.(qu.)
July 1 *Holders of rec. June 15
150
New common (pay.in new corn. stk.). fl5c. July 1 Holders of rec. June 30
July 1 *Holders of rec. June 15
& Southwark Pass. Ry.(go.) 2.4.50 July 1 June 2 to June
Franlcford
July 1 Holders of rec. June 20
Holders of rec. June 15
July 1
General Gas dr Elec., pref.. Class A (qu.) $2
June 15 *Holders of rec. June 12
31.75 July 1 Holders of rec. June 15
Preferred, Class B (quar.)
July 15 *Holders of rec. July 1
Sept. 1 Holders of rec. Aug. 20
Georgia Ry.& Power, 2nd pref. (guar.) 1
July 15 *Holders of rec. July 1
Dec. 1 Holders of reo Nov.20
1
Second preferred (quar.)
July 15 Holders of rec. June 30
June 30 Holders of rec. June 290
2
Illinois Bell Telephone (guar.)
July 15 Holders of rec. June 30
July dl Holders of rec. June 150
Kansas City P.& L., pf., Ser. A (guar.). $1.76
Oct. 1 Holders of rec. Sept. 15
Kentucky Hydro-Elec. Co.. pref. (qu.). 1% June 20 May 30 to June 20
Oct. 1 Holders of rec. Sept. 15
June 15 June 2 to June 15
Laclede Gas Light, common (gust.).... 2
July 31 *Holders of rec. July 15
2% June 15 June 2 to June 15
Preferred
July 31 *Holders of rec. July 15
60
Mackay Companies, common (guar.).- _ 1% July 1 Holders of rec. June 6a
July 1 *Holders of rec. June 15
July 1 Holders of rec. June
1
Preferred (guar.)
June 15 "Holders of rec. June 1
15
Massachusetts Lighting Cos., corn.(qu.) 750. June 30 Holders of rec. June 29
of rec. July 6
July 15 Holders
May
Middle West Utilities, prior lien (quay.) $1.75 June 15 Holders of rec. June 220
July 1 Holders of rec. June 15
Midland Utilities, prior lien (guar.). _ 1% July 6 Holders of rec. June 120
July 1 Holders of rec. June 15
1% July 1 Holders of rec.
Mississippi River Power, pref. (quay.).
June 19
July 1 *Holders of rec.
July 1 Holders of rec. June 120
1
Montana Power,common (guar.)
,
Jul) 15 Holders of rec. July 3
154 July 1 Holders of rec. June 120
Preferred (quar.)
July 1 "Holders of rec. June 15
15
rec.
National Power & Light. pref. (quar.).. $1.75 July 1 Holders of rec. June 27
July 1 *Holders of rec. June 15
May
Nat. Pub.Serv. Corp.,corn. A (No.1).- 40e. June 15 Holders of
July 1
June 30 Holders of rec. June 10a
New England Telco. dr Teleg. (quar.).. 1
July 1
1% July 15 Holders of rec. Juno 200
New York Telephone, pref. (guar ).June 20 June 10 to June 21
15 Holders of rec. May 296
50e.
June 30 Holders of rec. June 150 Niagara Falls Power, common (guar.)._ 4354c. June 15 Holders of rec. June 300
July
156
Preferred (guar.)
June 30 Holders of rec. June
(z) July 1 Holders of rec. June 50
North Ameriran Co., common (guar.)._
July 1 *Holders of reo. June 15
75c. July 1 Holders of roe. June 50
Six per cent preferred (guar.)
June 30 Holders of rec. June 20
North American Utility Securities
July 1 *Holders of roe. June 21
First pref. allotment certifs. (guar.).- $1.50 June 15 Holders of rec. May 29
July 1 Holders of rec. June 15
Nor.Ohio Trao.& Light.6% pref.(qu.). 13.4 July I Holders of rec. June 15
July 1 'Holders of rec. June 20
1%
My 1 Holders of rec. June 15
7% preferred (quar.)
July 2 Holders of rec. June 20
- $1.60 July 1 June 16 to June 30
Northwestern Telegraph Co. (guar.).
July 1 Holders of rec. June 15
$1.65 Sept. 1 Holders of rec. Aug. 15
Ohio River Edison,6.6% pref. (quar.)
July 1 Holders of rec. June 20
1% Sept. 1 Hoidres of rec. Aug. 15
Six per cent preferred (quar.)
July 1 *Holders of rec. June 20
1% Sept. 1 Holders of rec. Aug. 15
Seven per cent preferred (ouar.)
July 1 Holders of rec. June 15
55c. July I Holders of rec. June 15
6.6% preferred (monthly)
July 1 Holders of rec. June 15
55c. Aug. 1 Holders of rec. July 15
6.6% preferred (monthly)
July 5 "Holders of rec. June 16
55c. Sept. 1 Holders of rec. Aug. 15
6.6% preferred (monthly)
June 30 *Holders of rec. June 20
May
Oklahoma Gas dz Elec.. pref. (quar.)-- - 1% June 15 Holders of rec. June 29
June 30 *Holders of rec. June 20
10a
July 1 Holders of rec.
Penn Central Light dc Power, pref.(qu.) $1
30 *Holders of rec. June 20
June
100. July 1 Holders of rec. June 100
Preferred (extra)
June 15 *Holders of rec. June 5
Holders of rec. July 22
1% Aug. 1
Penn-Ohio Power & Lt.,7% pref.(qu.)
July 31 *Holders of rec. June 30
Aug. 1 Holders of rec. July 22
2
8% preferred (guar.)
July 15 *Holders of rec. June 30
2
July 1 Holders of rec. June 190
Pennsylvania Water & Power (guar.)
July 1 *Holders of rec. June 20
May 180
Philadelphia Eleo., corn. & Prof. (quar.) 50c. June 15 Holders of roe. June 50
July I Holders of roe. June 20
,
Public Seri. Corp. of N.J., corn.(quar.) 81.25 June 30 Holders of rec. June 50
30 Holders of rec.
2
June
Eight per cent preferred (quay.)
134 June 30 Holders of rec. June 5a
Below we give the dividends announced in previous weeks
Seven per cent preferred (quar.)
rec June 50
Holders
1%
Gas & Elec..6%
and not yet paid. This list does not include dividends an- Public ServiceSta. Pass. Ry., Pref.(qu.) $3 June 30 June 2 ofto June 30
July I
3d
May
nounced this week, these being given in the preceding table. Second &Colorado Power, pref.(quar.). 1% June 15 Holders of rec. June 29
Southern
30a
2
July 15 Holders of rec.
Southern New Eng. Telep. (quar.)
June 15 Holders of rec. May 290
Standard Gas dc Elec.. 8% prof.(guar.). 2
Books Closed.
When
Per
Inclusive.
common (quar.)-- 2% July 1 Holders of roe. June 20
Days
Tri-City R. Light,
&
Cent. Payable
Name of Company.
234 Oct. 1 Holders of rec. Sept.20
Common (quar.)
214 Jan1'26 Holders of roe. Doe. 20
Common (quay.)
Railroads (Steam).
87%c June 16 Holders of rec. May 290
25
United Gas Improvement, pref.(qu.)
334 June 29 Holders of rec. May
Alabama Great Southern, ordinary
June 30 Holders of rec. June 15a
_ $I
West Penn Company, corn.
3% Aug. 17 Holders of rec. July 13
Preferred
1)4 June 15 Holders of rec. June 1
334 July 10 Holders of rec. June 16a West Penn Rys.,6% pref. (guar.)
Atlantic Coast Line RR., common
$1.75 June 15 Holders of rec. May 31a
July 10 Holders of rec. June 150 Wisconsin Power & Light, pref.(quar.).
1
Cora. (extra) (from non-oper. Inc.)...._
750. July 1 Holders of rec. June 15
Bangor dc Aroostook, corn. (quar.)
Banks.
134 July 1 Holders of rec. June 15
Preferred (quar.)
July 1 Holders of rec. June 190
Commerce. National Bank of (guar.).-. 4
234 June 30 Holders of ma May 29
Boston & Albany (guar.)
July 1 Holders of rec. June 30a
6
150
of
Boston Revere Beach & Lynn (guar.)... 134 July 1 Holders of rec. June 100 Fifth Avenue (quar.)
July 1 Holders of rec. June 300
26
rec. Jun
Special
Buffalo & Susquehanna, corn.(guar.)... 1% June 30 Holders
June 30 Holders of rec. June 20
4
June 30 Holders of rec. June 100 Public National (quay.)
2
Preferred
July 1 Holders of rec. June 260
2
of rec. June la Standard (quar.)„
234 June 30 Holders
Canadian Pacific. corn. (quar.)
500. July 1 Holders of rec. June 260
July 1 Holders of rec June 20 Standard Nat. Corp., corn.(qan)
2
Chesapeake & Ohio, common
1% July 1 Holders of rec. June 200
Preferred (quar.)
334 July 1 Holders of rec. June 20
Preferred. Series A
June 25 Holders of rec. June 190
5
Chicago Burlington & Quincy
Trust Companies.
June 30 Holders of rec. June 5a
2
Chicago & North Wester. common
June 30 Holders of rec. June 19a
3
334 June 30 Holders of, rec. June 50 Equitable (guar.)
Preferred
4 July 1 Holders of rec. May 200
June 30 Holders a rec. June 5a Manufacturers' (guar.)
Chicago Rock Island & Paciflc,6% prof. 3
334 June 30 Holders of rec. Jame 5a
Seven per cent preferred
Fire Insurance.
June 30 June 20 to June 30
2
Colorado & Southern, 1st preferred
4
June 15 Holders of rec. June 10
of rec. June 15
Consolidated RRs. of Cuba. pref.(qu.). 134 July I Holders of rec. June 256 North River (quar.)
30 Holders
$1.30 June
Cuba RR.. common (guar.)
Miscellaneous.
2% June 20 Holders of rec. May 28a
Delaware & Hudson Co.(quar.)
81.50 June 30 Holders of roe. June 15a
8734c June 10 Holders of zee May 29a Adams Express (quar.)
Erie & Pittsburgh (quar.)
of rec. June 15a
June 30 Holders of rec. June 20 Advance-Rumely Co., pref. (quar.)---- 750. July 1 Holders of rec. June 15
2
Hocking Valley Icy
7)4c. July 2 Holders
July 10 Holders of roe. July la Ahumada Lead Co.(guar.)
3
Houston & Texas Central
17)4c. July .2 Holders of rec. June 15
Extra
July 1 June 12 to July 5
2
Illinois Central. leased lines
rec. June 16a
July 1 Holders of rec. June Fa Allied Chemical & Dye Corp., prof.(gu.) 154 July 1 Holders of rec. June 15a
Lackawanna RR. of New Jersey (quay.) 1
of
30
Aug. 10 Holders of roe. July 15a Aluminum Manufactures.Inc..com.(qu) 37)40. June 30 Holders of roe. Sept.150
3
Louisville & Nashville
37)4e. Sept.
Holders
Common (guar.)
to June 30
July 1 June 2
2
Mobile & Birmingham, preferred
37)So. Dee. 31 Holders of roe. Dec. 15a
Common (guar.)
81.75 July 1 Holders of rec. June lba
Morris & Essex
1)4 July 1 Holders of rec. June 20a
Preferred (guar.)
of rec. May 150
N. Y.Chicago & St.Louis,com.(guar.). 1% July 1 Holders of roe. May 150
1)4 Oct. 1 Holders of rec. Sept.200
Preferred (goar.)
134 July 1 Holders
Preferred
1% anl'26 Holders of rec. Doe. 200
Preferred (guar.)
I Holders of rec. June 13a
New York Lackawanna & West.(quar.) 134 July 19 Holders of ref, May 29a Amer. Art Works. corn.& pref.(guar.)._
13.4 July 15 Holders of rec. June 30
134 June
Norfolk & Western, corn. (guar.)
•750. July 1 *Holders of rec. June 15a
of rec. June 100 American Bank Note, pref.(quay.)
Pitts. Ft. Wayne dr Chic.. corn.(quar.). 134 July 1 Holders of rec. June 10a American Beet Sugar, common (quar.)
July 31 Holders of roe. July Ila
7 Holders
1% July
Preferred (guar.)
1
Oct. 31 Holders of rec. Oct. 100
Common (quay.)
500. June 11 Holders of rec. May 250
Company, 1st pref.(quar.).Reading
1
Jan.1016 Holders of reo. Jan.9 266
Common(guar)
50e. July 9 Holders of rec. June 22a
2d pref.(quar.)
Preferred (quar.)
134 July 1 Holders of rec. June 130
of rec. June 15a
134 July 1 Holders
St. Louis-San Francisco, corn. (guar.)._
134 July 1 Holders of reo. June 16a
I% Aug. 1 Holders of rec. July 15a American Can, preferred (guar.)
Preferred, Series A (guar.)
750. June 30 June 18 to June 30
1% Nov. 2 Holders of roe. Oct. 15a American Hardware (guar.)
Preferred, Series A (quar.)
Ii June 30 June 18 to June 30
Extra
Holders of rec. June 130
Louis Southwestern, pref. (quar.)__. 1)4 June 30 Holders of reo. May 286 American Linseed, prof
St.
1)( July 1 Holders of rec. June 204
134 July 1
Southern Pacific Company (quay.)
154 Oct. 1 Holders of rec. Sept. 190
Preferred
of rec. June la
2% July 1 Holders
Union Pacific, common (quar.)
62
June 30 Holders of rec. June 15a
York)
234 July 1 Holders of rec. June 20a American Locomotive, common (guar.). $2.50 June 30 Holders of rec. June 16a
Valley Railroad (New
Common (extra)
July 15 Holders of roe. June 30a
5
Western Pacific RR.Corp., corn
82.50 Sept.30 Holders of roe. Sept. 140
30a
Common (extra)
Holders of roe. June
Doe.
Corn.(payable in corn. and pref.stock) (I) July 15 Holders of rec. June 15a
$2.50 Dee. 31 Holders of roe. June 144
Common (extra)
15a
134 June 29
Preferred (guar.)
134 June 30 Holders of rec.
Preferred (guar.)
Holders of roe. June 300
Preferred (account accum. dividends). 11.558 July 15 Holders of rec. June 30a Amer Manufacturing, corn,(guar,).... 134 July 1 June 16 to June 30
corn.& pref.stk.) (0 July 15
to Sept. 30
Preferred (payable In
lIS Oct. 1 Sept. 16
Common (guar.)
1% Dec. 31 Dee. 16 to Dec. 30
Common (guar.)
Public Utilities.
154 July 1 June 16 to June 30
Preferred (guar.)
2% July 1 Holders of rec. June 20a
American Telephone & Telegraph (MO.
1% Oct. 1 Sept. 16 to Sept. 30
Preferred (quar.)
Holders of rec. June Ila
8e July
Arkansas Natural Gas
114 Deo. 81 Deo. 16 to Dec. 30
Preferred (guar.)
Holders of roe. JunedlOa
Holders of rec. June 15a
Associated Gas & Elec.Co., pref.(extra) 1234c July
Holders of rec. June 106 American Multigraph. preferred (guar.) 1)4 July 1 Holders of rec. June 200
8734c July
Preferred (quar.)
July 1
2
difla American Piano, common (guar.)
Holders of roe.Sept
1254e Oct.
Preferred (extra)
1% July 1 Holders of rec. June 20a
Preferred (quay.)
1254c Jan 1'2 Holders of roe. Deo.d10a
Preferred (extra)
June 30 Holders of rec. June 15a
Si
Holders of rec. July 10a American Radiator. corn. (guar.)
623.4c Aug.
Class A (guar.)
$1.50 June 30 Holders of rec. June 115a
Holders of rec. Oct. d9a American Railway Express (guar.)
623.40 Nov.
Class A (quay.)
50o. July 1 Holders of rec. June 30
134 July 1 Holders of rec. June 200 American Rolling Mill, corn (quar.)
Bell Telephone of Pa., pref. (quar.)-___
July 1 Holders of roe. July 1
Common (payable in common stock). 5
Holders of rec. June I8a
134 July
Holders of rec. June 15
Boston Elevated Ry., COM.(quay.)
134 July
Preferred (quay.)
Holders of rec. June 180
July
4
Holders of roe. June 10a
. First preferred
of roe. June 18a American Safety Razor Corp. (quar.)__ 75c. July
Holders
334 July
0' Preferred
Holders of rec. July 16
Aug.
(guar.)..
American Shipbuilding. com.
*Holders of rec. June 13
July
*S1
June 16 to July 1
Brooklyn Union Gas (quar.)
400. July
American Stores (quar.)
$1.50 July 1 Holders of reo. June 30
Holders of roe. June la
Central IU. Public Sore., pref. (quar.)
May 120 Amer. Sugar Refining. pref. gust.).... 1% July
Holders of rec. June 10a
Consolidated Gas, N.Y.. corn.(quar.)_. $1.26 June 1 Holders of rec. June 15a American Tobacco, preferred (quar.)1)4 July
Holders of reo.
Holders of rec. June lbes
Cons. Gas El. Lt.& Pr., Balt.. com.(qu.) 50c. July
Holders of roe. June 15a Armour & Co.. Ill., corn., al. A (quay.). 50c. July
July
2
Holders of rec. June 15a
Preferred A (guar.)
1% July
Preferred (quay.)
Holders of rec. June 156
1% July
Preferred B (guar.)
Holders of rec. June 15a
134 July
Holders of rec. June 154 Armour & Co., of Del., pref. (guar.)
1% July
Preferred C(guar.)
Miscellaneous (Concluded).
•S1
Long Bell Lumber, class A (quer.)
Loose-Wiles Biscuit, let pref. (guar.).-- •15,4
Second preferred (quar.)Lorillard (P.) Co.. corn. ($100 par) (qu.) 3
75e.
Common (no par value)(quar.)
1%
Preferred (quar.)
61.50
Mack Trucks, Inc., corn. (quar.)
1%
First and second preferred (quar.)
154
Manati Sugar, pref. (quar.)
- 81
Manhattan Electrical Supply (guar.).
1%
Manhattan Shirt, Pref. (quar.)
Midland Steel Products, corn. (guar.).- *S1
.400.
Common (extra)
*S2
Preferred (guar.)
•31
Preferred (extra)
I%
Nichols Copper, 7% pref. (quar.)
*3
Northwestern Yeast (quar.)
*500.
Olympia Theatres, corn. (quar.)
'134
Preferred (quar.)
$1.50
Otis Elevator, corn. (qar.)
1%
Preferred (qmar.)
750.
Owens Bottle, corn. (guar.)
1)4
Preferred (quar.)
*30c.
Packard Motor Car, corn.(quar.)
•50c.
Common (extra)
•50c
Phillips Petroleum (quar.)
Pro-phy-lac-tic Brush, pref. (quar.)_-_ *81.
3
Realty Associates, 1st preferred
350.
Reece Button Hole Mach.,(guar.)
5.
Reece Folding Mach. (quar-)
•154
Reliance Mtg., pref. (quar-)
Remington Noiseless Typew., pf.(qu.). 154
*200.
Roe Motor Car (quar.)
•10c.
Extra
Reynolds(R. J.) Tobacco, corn. (guar.) •75c.
.154
Preferred (quar.)
(y)
St. Joseph Lead (stock dividend)
St. Louis Rocky Mt.& Poe., corn.(qu.) 1%
1
Preferred (guar.)
*15c.
Salt Creek Consol. Oil (quar.)
2%
Shredded Wheat (guar.)
-•250.
Silver King Coalition Mines (guar.).
500.
Simmons Company, corn. (gmar.)
State Theatre, Boeton, pref. (guar.).-- '2
1
Sterling Coal (guar.)
50c.
Symington Company.claw A
3%
U. S. Distributing Corp., prof
*334
U. S. Distributing, preferred
75e.
U. S. Tobacco, corn. (qmar.)
1%
Preferred (quar)
•35c.
Walworth Mfg., corn.(quar.)
*75c.
Preferred (quar.)
Welsbach Company, common (annual)- *2
*334
Preferred
Western Canada Flour Mills (quar.).. *2
Westinghouse Elec. & Mfg., corn.(M.). .11
•81
Preferred (quar.)
•1%
WUlys-Overland, pref. (guar.)
Wurlitzer (Rudolph) Co.. pref.(pair.).- 1%
JUNE 6 1925.]
TH 144 CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
2909
Per
When
Books Closed.
Name of Company.
Cent. Payable
Days Ittelutioe.
Miscellaneous (Con)inued).
Miscellaneous (Continued.)
Associated Dry Goods Corp., COm.(OIL) 63c. Aug. 1 Holders of rec. July Ila Goodyear Tire & Rubber,
prior PI.(qu.) 2
July 1 Holders of rec. Junedlb
Atlantic Terra Colts, pref. (guar.). __- 1
June 15 Holders of rec. June 5
Great Atlantic & Pacific Tea, corn.(qu.) 31.25 June 15 Holders of rec. June 10
Atlas Powder, common (guar.)
$I
June 10 Holders of rec. May 29a Great Western Sugar, corn.(guar.)
July 2 Holders of rec. June 150
32
Autocar Co., preferrea (guar.)
*2
June 15 *Holders of rec. June 5
Preferred (guar)
154 July 2 Holders of rec. June 154
Babcock dc Wilcox Co.(qUar.)
11( July 1 Holders of rec. June 20 • Guantanamo Sugar, pref(. guar.)
2
July 1 Holders of rec. June 153
Quarterly
134 Oct. 1 Holders of rec. Sept.20
Gulf States Steel, common (guar.)
114 July 1 Holders of rec. June 154•
Quarterly
134 Janl'26 Holders of rec. Dec. 20
First pref.(guar.)
1 31 July 1 Holders of rec. June 164
Quarterly
134 Aprl'26 Holders rec. Mar 20'260
First preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Balaban & Katz, common (monthly)
250. July 1 Holders of rec. June 20a
First preferred (guar.)
134 Jan 3'26 Holders of rec. Dec lba
Preferred (guar.)
13( July 1
June 21
Hall (C. M.)
50c. June 16 Holders of rec. June 96
Baldwin Locom. Works,corn.& pf.(qu.) 334 July 1 Holders of rec. June Oa Hall (C. M.) Lamp
Lamp
525c. Sept.15 Holders of rec. Sept.10a
Beech-Nut Packing, common (guar.)... 600. July 10 Holders of rec. June 250 Hall (C. M.)
d25c. Dec. 15 Holders of rec. Dec. 10a
Lamp
Preferred, Class B (guar.)
13( July 15 Holders of rec. July la Harbison-Walker Refract., pref.
(guar.) 114 July 20 Holders of rec. July 1041
Beigo-Canadian Paper, corn. (guar.)
114 July 11 Holders of rec June 30
Hayes Wheel, common (guar.)
75c. June 15 Holders of rec May 290
Preferred (guar.)
13-4 July, 2 Holders of rec. June 12
Preferred (qua?,)
134 June 15 Holders of rec. May 293
Itendix Corporation (guar.)
50c. July 1 Holders of rec. June lba Heels Mining (guar.)
50c. June 15 Holders of rec. May 9
Berry Motor (guar.)
600. July 1 Holders of rec. June 20
Bessem. Lime, Stone & Cem.,com.(qu.) 114 June 30 Holders of rec June 200 Hibbard,Spencer,Bartlett & Co.(mthly.) 350. June 26 Holders of rec. June 19
Extra
200. June 26 Holders of rec. June 19
Preferred (guar.)
134 June 30 Holders of rec. June 200 Hollinger Consolidated Gold Mines_ _
8c. June 17 Holders of rec. June 1
Bethlehem Steel Corp. 8% Pref.(Quer.) 2
July 1 Holders of rec. June la Hudson Motor Car (guar.)
75c. July
Seven per cent preferred (guar.)
134 July 1 Holders of rec. June la Hydraulic Press Brick, preferred (guar.) 114 July 1 Holders of rec. June 15a
1 Holders of rec. June 20
Bingham Mines (guar.)
50c. June 30 Holders of rec. June 20a
Preferred (extra account accum. diva.) hl
July 1 Holders of rec. June 20
Borden Company, preferred (qua?.)
134 June 15 Holders of rec. June la
Preferred (guar.)
114 Oct. 1 Holders of rec. Bept.21
Borg & Beck (guar.)
50c. July 1 Holders of rec. June 200 Illinois Brick (guar.)
2.40 July 15 July 4 to July 15
Boston Woven Hose & Rubb.,corn.(qu.) *1.50 June 15 Holders of rec. June 1
Quarterly
2.40 Oct. 15 Oct. 4 to Oct. 16
Preferred
3
June 15 Holders of rec. June 1
Illinois Pipe Line
$6
June 30 May 29 to June 28
Bmndram.Henderson.Ltd., pref.(guar.) 14$ July 1 Holders of rec. June 1
Independent Oil& Gas(guar.)
25c. July 1 Holders of rec. June 153
British-Amer.Tobacco, Ltd., ordinary_ (s) June 30 Holdersof coup. No.106s Ingersoll-Rand
Co., preferred
3
July 1 Holders of rec. June 170
Buckeye Pipe Line (guar.)
51
June 15 Holders of rec. Apr. 25
Inland Steel, preferred (guar.)
144 July 1 Holders of rec. June 15a
Budd Wheel Co., common (guar.)
25c. June 30 Holders of rec. June 10a Inspiration Consol. Copper (guar.)
50e. July 6 Holders of rec. June 164
Preferred (guar.)
144 June 30 Holders of rec. June
Internat. Business Machines(guar.).--- $2
July 10 Holders of rec. June 24a
Burroughs Adding Mach., corn.(guar.). 75c. June 30 Holders of rec June 10a International
15
Cement, common (guar.). $1
June 30 Holders of rec. June 15a
Preferred (guar.)
134 June 30 Holders of rec. June 15
Preferred (guar.)
134 June 30 Holders of rec. June 163
California Packing Corp.(guar.)
31.50 June 15 Holders of rec May 290 International Harvester, corn.
(gust.).. 14 July 15 Holders of rec. June 25a
California Petroleum.;preferred (guar) 144 July 1 Holders of rec. June 200 International
Paper. 6% pref. (guar.)._
114 July 15 Holders of rec. July 7a
Calumet & Arizona Mining (guar.)._ 50e. June 22 Holders of rec. June dba
Stamped preferred (guar.)
114 July 15 Holders of rec. July 7a
Extra (from res. for deprec. & depl.). 50e. June 22 Holders of rec. June d5a
Seven per cent pref.(No. I)(guar.)
•134 July 15 *Holders of rec. July 7
Canadian Car & Foundry, pref.(guar.). 134 July 10 Holders of rec. June
International Salt (guar.)
114 July 1 Holders of rec. June 15a
Carter (William) Co., preferred (guar.). 134 June 15 Holders of rec. June 26
10
International Shoe, common (guar.)
31.25 July 1 Holders of rec. June lba
Casey-Hedges Co., common ((Mar.).
- 234 Aug. 15 Holders of rec. Aug. 1
Preferred (monthly)
81
July 1 Holders of rec. June 15.
Common (guar.)
234 Nov.15 Holders of rec. Nov. 1
International Silver. preferred (guar.)._
154 July 1 Holders of rec. June 154
Preferred (qUar.)
11‘ July 1
Preferred (aco aunt accum. dividends). 51:1 July 1 Holders of rec. June 15a
Preferred (guar.)
114 Oct. 1
International Text Book (guar.)
1
July 1 June 11 to June 30
Certain-teed Products Corp., corn.(qu.) 31
July 1 Holders of rec. June 16a Interstate Iron dc
St
July 15 July 7 to July 14
First and second preferred (guar.)._
134 July I Holders of rec. June 16a Jewel Tea, pref. Steel, preferred
(guar.)
134 July 1 Holders of rec. June 200
Chatterton & Son (guar.)
20o. July 1 Holders of rec. June 200 Jones & Laughlin
134 July 1 Holders of rec. June 15a
Extra
50e. July 1 Holders of rec..Tune 20a Kennecott CopperSteel, pref. (guar.)
75e. .,wy 1 Holders of rec. June 5a
Corp.(guar.)
Chesebrough Mfg.. corn.(guar.)
5234c. June 30 Holders of rec. June 12a Kinney(G. R.) Co.,
common
81
July 1 Holders of rec. June 200
Preferred (qua?.)
141 June 30 Holders of rec. June 120 Kraft Cheese,
corn.(guar.)
114 July 1 Holders of rec. June 186
Chicago Mill & Lumber, Prof.(qua?.)... "141 July 1 *Holders of rec. June 22
Common (payable in common stock). 1141 July 1 Holders of rec. June 18a
Cab (monthly)
Chicago Yellow
331-3e July 1 Holders of rec. June 20a
Preferred (guar.)
July 1 Holders of rec. June 18a
2
Monthly
3343e Aug. 1 Holders of rec. July 20a Kresge (S. S.) Co., common
(guar.)._
2
July 1 Holders of rec. June 15a
Monthly
33I-3c Sept. 1 Holders of rec. Aug. 20a
Preferred (guar.)
154 July 1 Holders of rec. June lba
Childs Co., com.($100 par)(quar.)_
3
June 10 Holders of rec. May 29a Kuppenheimer (B.)& Co.. common.... 31
July 1 Holders of rec. June 24a
Common (no par value) (guar.)
60c. June 10 Holders of rec. May 29a Lake Shore Mines,
Ltd. (guar.)
June 15 Holders of rec. June 1
5
Preferred (guar.)
144 June 10 Holders of rec. May 296
Bonus
5
June 15 Holders of rec. June 1
Common (no par value)(extra)
(5) July 1 Hold:rs of rec. May 29a Lehigh Valley Coal Sales (guar.)
July 1 Holders of rec. June Ila
$2
Common (no par value)(extra)
(o) Oct. 1 Hold. rs of rec. Aug 28a Liggett & Myers Tobacco, pref.
(guar.). 134 July 1 Holders of rec: June 15
Common (no par value)(extra)
(s) Dec. 30 Hold:rs of rec. Nov 28a Loew's, Incorporated
500. June 30 Holders of ree. June 130
(guar.)
Chili Copper(guar.)
6214c June 29 Holders of rec. June 3a Lord & Taylor. corn. (guar.)
23.I July 1 Holders of rec. June 164
5
Cities Service Co., common (monthly). •y. July 1 *Holders of rec. June 15
Ludlum Steel (guar.)
50c. July 1 Holders of rec. June 200
Common (payable in common stock).
July 1 *Holders of rec. June 15
Magma Copper
75o. July 15 Holders of rec. June 150
Preferred and preferred B (monthly)._
•15 July 1 *Holders of rec. June 15
Magnolia Petroleum (guar.)
July 6 Holders of rec. June 11.1
81
01W lee & Fuel of Cleveland, coin.(qu ) 60e. Sept. 1 Holders oi rec. Aug. 12
Stock dividend
1
Oct. 6
Common (Mud:)
60e. Dec.1 Holders of rec. Nov. 11
Moneta Sugar,common (guar.)
134 Sept 1 Holders of rec. Aug. 164
Cleveland Stone (guar.)
134 Sept. 1 Holders of rec. Aug. 160 Marland Oil
750. June 30 Holders of rec. June 206
Coca-Cola Co., corn. (guar.)
81.76 July 1 Holders of rec. June 15a
Common (guar.)
$1.25 June 1 Holders of rec. May 150
Preferred
3)4 July 1 Holders of rec. June 15a
Preferred (guar.)
134 July 1 Holders of rec. June Ina
Commercial Solvents Corp., 1st pref (qu) 2
.
July 1 Holders of rec. June 19
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15a
Class A (guar.)
El
July 1 Holders of rec.
13-4 July 1 Holders of rec. June 20a
Continental Can.Inc., preferred (guar.). 14$ July 1 Holders of rec. June 190 Mathieson Alkali Works, pref.(guar.)_ _
June 200 McCord Radiator & Mfg., Class A (qu.) 750. July 1 June 21 to June 30
Continental Oil (guar.)
25c. June 15 Holders of rec. May 16a
McCrory Stores, preferred (guar.)
1
Aug. 1 Holders of rec. July 200
Corona Typewriter, corn. (guar.)
"50c. July 1 *Holders of rec. June 15
Preferred (guar.)
1¼ Nov 1 Holders of rec. Oct. 200
First preferred (guar.)
*2
July 1 'Holders of rec. June 15
Mergenthaler Linotype (guar.)
24 Juno 30 Holders of rec. June 30
Second preferred (guar.)
*134 July 1 'Holders of rec. June 15
Metro-Goldwyn Pictures Corp., pf.(qu.) 134 June 15 Holders of rec. May 294
Coty. Ins
*$1.90 June 30 "Holders of rec. June 20
Michigan Sugar, common
15c. July 1 Holders of rec. June 15
Craddock-Terry Co., common (guar.)._
3
June 30 Holders of reo. June 15
Preferred (guar.)
114 June 15 Holders of rec. May 293
Common (guar.)
3
Sept.30 Holders of rec. Sept.15
Montg. Ward & Co., Cl. A.& pref.(qu.) $1.75 July 1 Holders of rec. June 204
Common (guar.)
3
Dec. 31 Holders of tee. Dec. 15
Montreal Cottons, Ltd.. common (qu.). 1 4 June lb Holders of rec. May 31
First and second preferred
3
June 30 Holders of roe. June 15
Preferred (guar.)
114 June 15 Holders of rec. May 31
First and second preferred
3
Dee. 31 Holders of rec. Dec. 15
Motherlode Coalition Mines Co
37 lc. June 3() Holders of rec. June 120
Class C preferred
331 June 30 Holders of rec. June 15
Motion Picture Capital Corp., corn__ 373.40. June 15 Holders of rec. May 29
Class C preferred
344 Dec. 31 Holders of rec. Dec. 15
Preferred
4
July 15 Holders of rec. July 1
Cramp(Wm.)& Sons,S.&E.B1c1g.(guar.) $1
June 30 June 17 to June 30
Motor Wheel Corp., common (guar.)... 400. June 20 Holders of rec. June 10
Crane Co.. corn. (guar.)
144 June 16 Holders of rec. June la
Murray Body. corn.(Pay.in coos,stock) ft4 July 1 Holders of rec. June 160
Preferred (guar.)
144 June 15 Holders of rec. June la
Common (payable in common stock)._ 1115 Oct. 1 Holders of rec. Sept. 16p
Crucible Steel, pref. (guar.)
131 June 30 Holders of
Common(payable in common stock)... 1134 an.P26 Holders of rec. Dec. 160
Cuban-American Sugar, corn. (quar.)_ _ 75c. July 1 Holders of rec. June 15a
rec. June 3a National Biscuit, corn.
75c. July 15 Holders of rec. June 30a
Preferred (guar.)
134 July 1 Holders of rec. June 3a Nat.Dairy Products (guar.)
(guar.)
75c. July 1 Holders of rec. June 20a
Cudahy Packing, corn.(guar.)
134 July 15 July 7 to July 6
Nat. Enameling & Stamping,prof.(qu.). 134 June 30 Holders of rec. June 103
Common (guar.)
134 Oct. 16 Oct. 6 to Oct. 16
Preferred (guar.)
154 Sept.30 Holden of rec. Sept.10
Cumberland Pipe Line (guar.)
3
June 15 May 30 to June 15
Preferred (guar.)
154 Dec. 31 Holders of rec. Dec. 11
Davis Mills (guar.)
114 June 20 Holders of rec.
June 30 Holders of rec. June 12
2
Decker (Alfred) & Cohn. Inc.,com.(qu) 50c. June 15 Holders of rec. June lia National Lead, corn.(guar.)
June 5a
Preferred (guar.)
Diamond Match (guar.)
134 June 15 Holders of rec. May 224
2
June 15 Holders of rec. May 29a National Sugar Refining (guar.)
14 July 2 Holders of rec. June 8
Dominion Glass, Ltd., corn. (gist.)
13( July 2 Holders of rec. June 15
National Surety (guar.)
Preferred (quar.)
234 July 1 Holders of rec. June 194
13( July 2 Holders of rec. June 15
National Transit
500. June 15 Holders of rec. May 293
Dominion Textile, common (Qum.)
81.25 July 2 Holders of rec. June 166 New Jersey
2
July 10 Holders of rec. June 20
Preferred (guar.)
134 July 15 Holders of rec. June 300 New York Zinc (extra)
Douglas-Pectin Corp. (guar.)
250. June 30 Holders of rec. June la New York Air Brake, Class A (guar.)... 81 July 1 Holders of rec. June 100
Canners. Inc., corn. (guar.). 50c. June 15 Holders of rec. June 3a
du Pont (E.I.) de Nem.& Co.,com.(qu) 214 June 1
Holders of rec. June 5a New York Transit(guar.)
750. July. 15 Holders of rec. June 19
Debenture stock (guar.)
134 July 2 Holders of rec. July 10a
Northern Pipe Line
July 1 Holders of rec. June 5
83
du Pont(E.I.) de Nem.Powd..com.(qu ) 114 Aug.
Holders of rec. July 20a Ohio Oil (guar.)
500. June 30 June 5 to June 30
Preferred (guar.)
141 Aug.
Holders of rec. July 200 Omnibus Corporation.
pref. (guar.).
*2
July I 'Holders of rec. June 20
Eastern Steamship Lines, Inc., pf.(qu) 13-4 July 1 Holders of rec.
June 21e
15c. July 1 Holders of rec. June 20a
No par preferred (guar.)
57%c July I Holders of rec. July fla Orpheum Circuit. common (monthly)
Preferred (guar.)
July 1 Holders of rec. June 15a
Eastman Kodak,common (guar.)
2
81.25 July
Holders of rec. May 29a Owens Bottle.
common (guar.)
760. July 1 Holders of rec. June 15a
Common (extra)
75c. July
Holders of rec. May 29a
Preferred
Preferred (guar.)
134 July 1 Holders of rec. June 16a
134 July
Holders of rec. May 29a Pacific Oil (guar.)
31.50 July 20 Holders of rec. June 16a
Eaton Axle & Spring (guar.)
50e. Aug.
Holders of rec. July 15
Packard Motor Car. Preferred (guar.).Empire Brick & Supply (guar.)
134 June 15 Holders of rec May 29a
144 June 1 Holders of rec. June 10
Paige-Detroit Motor Car, common..... •30c. July 1 *Holders of rec. June 20
200. July
Fair (The), common (monthly)
Holders of rec. June 20
Common (payable in common stock). *110 July 16 *Holders of rec. June 30
Common (monthly)
20e. Aug.
Holders of rec. July 20
Preferred (guar.)
Fairbanks. Morse & Co., corn.
•134 July 1 *Holders of rec. June 15
660. June 30 Holders of rec. June 130
Park City Mining & Smelting (guar.)
*15c. July 1 *Holders of rec. June 15
Famous Players-Lasky Corp.,cam.(qu.) 2
July I Holders of rec. June 15a Pennok
Oil Corp. (guar.)
3714c June2S Holders of rec. June 153
Federal Mining & Smelting, Pref.(guar.) 13( June 15 Holders of rec. May
25a
Quarterly
3714c Sept.25 Holders of rec. Sept. 154
16e. July 16 Holders of rec. July 20
Fifth Ave. Bus Securities (guar.)
Pettibone-Mulliken Co., bat de 2d pf.(qu) 134 July 1 Holders of rec. June 200
Fleishmann Co.(qua?.)
81
July 14 Holders of rec. June lba Pierce-Arrow
Motor Car. prior pref (qu.) 2
July 1 Holders of rec. June 15a
26c. July 1 June 21 to June 30
Foot Bros. Gear & Machine.oOrn.
Pittsburgh Steel, common (guar.)
51
July 1 Holders of rec. June 24a
Common (quarterly)
25e. Oct. 1 Sept. 1 to Sept.30
Pittsburgh Steel Foundry, pref. (guar.)._ '134 July 1 *Holders of rec. June 15
(quarterly)
Common
25c. Jan16 Dec. 21 to Dec. 31
Pressed Steel Car. prof.(gust.)
154 June 9 Holders of rec. May 19a
Foundation Co., common (guar.)
June 15 Holders of rec. June la
$2
Preferred (guar.)
154 Sept. 8 Holden of rec. Aug. 18a
Francisco Sugar(guar.)
81.50 July 1 Holders of rec. June 20a
Preferred (guar.)
114 Dec. 8 Holders of rec. Nov. ha
Quarterly
$1.60 Oct. 1 Holders of rec. Sept 21.
Gabriel Snubber, corn. (qu.)(No. 1)
6214c July 1 Holders of rec. June 15a Producers 011 Corp.of Am..00m.(NO.1) So. July 1 June 16 to July 1
Pure Oil, 53.4% preferred (guar.)
134 July 1 Holders of rec. June 104
Gamewell Company, common (guar.)._ 51.25 June 15 Holders of rec. June 5
Eight per cent preferred (guar.)
2
July 1 Holders of rec. June 10a
General Cigar, debenture pref. (guar.). 13( July 1 Holders of rec. June 23a
Six per
13-4 July 1 Holders of rec. June 10a
2
General Electric, common (guar.)
July 15 Holders of rec. June 3a Quaker cent preferred (guar.)
Oats, corn. (guar.)
75e. July 15 Holders of roe. July la
150. July 15 Holders of rec. June 3a
Special stock
Preferred (guar.)
13-4 Aug. 31 Holders of rec. Aug. la
$1.50 June 12 Holders of ree. May 113a
General Motors, common (guar.)
Radio Corp. of America, pref.(guar.)._
154 July 1 Holders of rec. June la
Seven per cent preferred (guar.)
13i Aug. 1 Holders of rec. July 13a Railway
Steel-Spring, corn.(guar.)
2
June 30 Holders of rec. July 17a
114 Aug. 1 Holders of rec. July 130
Six per cent preferred (guar.)
Preferred (guar.)
134 June 20 Holders of rec. June fla
154 Aug. I Holders of rec. July 13a
Six per cent debenture stock (guar.)._
Remington Typewriter, 1st pref. (guar) 154 July 1 June 21 to
Petroleum, common (quar.)_ _ 500. tune 15 Holders of rec. May 31
General
July 1
First prof Series S(guar.)
134 July 1 June 21 to July 1
314 June 15 Holders of rec. May 29a
Giant Portland Cement, preferred
Second preferred (guar.)
2
June 12 June 3 to June 12
550. July 1 Holders of rec. June 20a
Gibson Art Co.,common (guar.)
Second pref.(account accum. div.)._ _ 52
July 14 July 4 to July 14
Ific. July 1 Holders of rec. June 200
Common (extra)
Second pref.(account accum. div.)._ _ 52
Aug. 14 Aug. 5 to Aug. 14
Glen Alden Coal
33.50 June 20 Holders of rec. May 29
Republic Iron & Steel, pref.(guar.)._
134 July 1 Holders of rec. June 170
Globe Soap, first, second and special
Richmond Radiator. pref.((Mar./
154 July 15 Holders of rec. June 30a
114 June 15 May 30 to June 15
preferred stocks (guar.)
Rocki'd & Rockp't Lime Corp., pfd.(qu ) 134 Oct. 15
Goodrich (B. F.) Co.. pref.(qua?.)
14 July I Holders of rec. June 154
Holders of rec. Sept.
Preferred (oust.)
134 Jan1516 Holden of rec. Dec. 304
31a
Name Of Company.
Name of Company.
[Vol.. 120.
THE CHRONICLE
2910
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Weekly
Returns of
New
York
City
Clearing
House
Banks and Trust Companies.
the New York City
The following shows the condition of
Miscellaneous (Concluded).
500. Ante 20 June 10 to June 21
29. The
St.Joseph Load (guar.)
Clearing House members for the week ending May
50e, Sept.21 Sept.10 to Sept.21
Quarterly
600. Deo. 21 Dee. 10 to Dee. 21
avergaes of the daily
Quarterly
May 29a figures for the separate banks are the
50e. July 1 Holders of rec.
St. Regis Paper, common (guar.)
the
134 July 1 Holders of rec. June 15a results. In the case of the grand totals, we also show
Preferred (quar.)
134 July 1 Holders of rec. June 150
Savage Arms Corp. first pref.(quar.)
week.
134 Aug. 15 Holders of rec. Aug. la actual figures of condition at the end of the
'
preferred Omar.)
Second
July 1 Holders of rec. June 15a
2
Schulte Retail Stores, pref. (quail.)
RETURNS.
NEW YORK WEEKLY CLEARING HOUSE
SelberlIng Rubber
June 15 Holders of rec. June 50
-that is, three ciphers (000) of*Ufsd )
accum. dividend)_ h2
(Staled in thousands of dollars
Preferred (account
Holders of rec. June 200
1% June 30
Shawmut Mfg.,common (guar.)
1% June 30 Holders of rec. June 200
Preferred (guar.)
I New
35c. June 30 Holders of rec. June 8
Shell Union Oil Corp., com.(quar.)._
Reserve
Capital Profits Loans,
Holders of rec. June 15
Tinis Bank
Net
Sherwin-Williams Co., Can.,corn.(qu.). 195 June 30 Holders of rec. June 15
with
Discount, Cash
Week Ending
134 June 30
De- arcsPreferred (guar.)
Legal Demand
es
July 1 Holders of rec. June 15a
May 29 1925 Nat'l, Apr. 6 Invest50c.
, laSimms Petroleum
ments, Vault. Deyosi- Deposits. posits. fiss,
rec. June 100
Holders of
State. Mang&
Sloss-Sheffield Steel & Iron, corn.(guar.) 134 June 20 Holders of rec. June 20a
tortes.
etc.
(000 omitted.) Tr.Cos.Mar.25
195 July 1
Preferred (guar.)
30 to June 100
June 20 May
5
Average Ac •gut
Solar Refining
Res. Bank. Average Average Average Average
Holders of rec. June 10a
$
South Porto Rico Sugar, corn.(quar.). 134 July 1 Holders of rec. June 100 Members of Fed. $
July 1
Bank of N Y &
2
51,833
Preferred (quar)
919 7,105
12,448 68,883
of rec. June 15
Trust Co,
-.1 4,000
July 1 Holders
;5
7 774
122,86 2567
South West Penna. Pipe Lines (quar.)-- $1
18a
2,556 17,133
64
1:0 8 546
50c. June 15 Holders of rec. May 160 Bk of Manhat' 10,000 14.303 152,531 3,490 22,076
164.43 14 29
Standard Oil (California)(quar.)
Mech & Met Bk 10,000 16,383 177,070 1,837 11,682
6234c. June 15 Holders of rec. May 30
87,967
Standard 011 (Indiana) (guar.)
82,772
June
Bank of America 6,500 5,243
June 30 June 16 to
$1
*619,782 99,924 850
011 (Kentucky)(Mara
(
Standard
66,663
Nat City Bank_ 50,000 60,552 575,914 4,393 15,888
June 20 May 21 to June 20
$5
113,245 6,434 347
Standard 011(Nebraska)
18
1,352
350, June 15 Holders of rec. May 25a Chemical Nat__ 4,500 17,228 124,587
406 495
8,92
Standard 011 of N. Y.(qua?)
120 1,217
10,256
rec. May
307
1,000
7:063 :
corn.($25 par)(qu.) 25c. June 15 Holders of rec. May 250 Nat Butch & D
97,134 16 772 4 9_3_2
12,433
Stand. Oil of N. J..
Amer Exch Nat 5,000 8,383 107,607 1,004
June 15 Holders of
1
299,566
Common (8100 par) (guar.)
rec. May 25a Nat Bk of Com_ 25,000 39,979 345,957 1,086 40,265
1% June 15 Holders of
3,478
30,74
Preferred (quar.)
Holders of rec. June 200
Bank_ _ 1,000 1,710 32,148 1,109 4,429
40,042 5:524
167,9
Standard Plate Glass. prior pref.(qua?.) 1,4 July 1 Holders of rec. June 200 Pacific Phen Na 13,500 12,548 214,592 2,310 23.727
Chat&
134 July 1
104,581
Preferred (guar.)
590 14,076
June 20
Nat'l_ 5,000 23,827 118,794
July 1 Holders of rec.
$1
182,283 29:524
Stern Bros., Class A (No. 1)
26,699
80 Hanover
Corn Exchange_ 10,000 13,995 205,725 6,712 17,862
$1.50 July 1 Holders of rec. June 10
134,819 9,501 3,535
Stromberg Carburetor (guar.)
964
July 1 Holders of rec. June
National Park__ 10,000 23,786 186,955
2
26,070 8.364 494
3,652
Swift & Co. (guar.)
150 East River Nat'l 2.500 2.240
35,414 1,208
900. Aug. 15 Holders ;A rec. July 30
200.224 25,024 4,180
Swift Internacional
465 25,428
134 July 10 Holders of rec. June 5a First National__ 10,000 68,011 294,254 2,899 35,787
269,946 30,196
Telautograph Co., pref.(guar.)
June
Irving Bk-ColTr 17,500 12,536 270,154
750. June 30 Holders of rec.
398
6,660
943
Texas Company (guar.)
182
7,775
$1.75 June 15 Holders of rec. June la Continental_ ___ 1,000 1,066
*357,059 22,552 987
Texas Gulf Sulphur (guar.)
50c. June 15 Holders of rec. June la Chase National_ 20,000 26,015 372.473 4,392 47,37
24,346
Extra (from reserve for depletion)_
732 2,984
20
24.007
500 3,016
July 1 Holders of rec. June
$6
Fifth Avenue__
9,386 3:552
Thompson-Starrett Co.. common
407 1,320
13,382
600 1,047
June 30 Holders of rec. June 180 Commonwealth
395
$1
370
16.258
Tide Water 011 (guar.)
448 2,600
16,640
June 20 Holders of rec. June 20 Garfield Nat'l__ 1,000 1,657
244
$1
17,776 1,160
Todd Shipyards Corporation (quar.)
199 2,402
So Fifth National_ 1,200 1,446
19,513
49
(M. June 15 Holders of rec. June30
106.105 3,068
Truscon Steel, cons. (guar.)
952 14,224
July 15 Holders of rec. June
1
Seaboard Nat'l_ 5.000 8,263 108,165
16,942 1,875 407
'Puckett Tobacco, common (guar.)
375 2,176
June 30
20,080
Coal & Iron Nat 1,500 1,424
134 July 15 Holders of rec.
46,956
(guar.)
Preferred
894 37,067 *289.590
Holders of rec. June 13
Bankers Trust_ 20.000 28.131 336,318
54,064 6;000
Underwood Computing Mach., pf. (qu.) 1,4 July 1 Holders of rec. Sept. 19
724 7,131
U S Mtge & Tr_ 3.000 4.569 60,173 1,477 45,926 *416,292 56,043
134 Oct. 1
Preferred (guar.)
rec. June 60
er, corn.(guar.) - 75e. July 1 Holders of rec. Sept. la Guaranty Trust 25.000 19.559 418,339
18,653 1.974
Underwood Typewrit
455 2,430
21,184
2.000 2,171
Oct. 1 Holders of
InterTr
750.
156,702 28,454
Common (guar.)
66 Fidelity-'Ln&Tr1 0,000 19,292 177.809
550 21,162
NY Trustl
Farmers
134 July 1 Holders of rec. June la
*123,116 28,324
Preferred (guar.)
431 15,627
10.000 17.674 155.298
19( Oct. 1 Holders of rec. Sept. 5a
•292,966 31,259
Preferred (guar.)
1,602 31,47
$1.25 July 1 Holders of rec. June 1
Equitable Trust 23,000 12,201 264.699
Union Carbide & Carbon (guar.)
Aug.
234 Aug. 11 Holders of rec. Nov. 1
O,970 c4,275,328,557.056 3,435
Union Storage (guar.)
11 Holders of rex.
of averages 309,300481,0235,019.468 46.83458
Total
2% Nov.
Quarterly
June 30 Holders of rec. June I5a
2
9,359 c4,337,566 554,940 3,472
United Cigar Stores, common (guar.)
Holders of rec. June 15a
co ndition May 295,058.783 53,83062 .025 c4.266,956556.77I 3,462
Common (payable in common stock). 1154 June 30 Holders of rec. June la Totals, actual c ndition May 23 .007.490,
3,076
Totals, actual
134 June 15
Preferred (guar.)
15a Totals, actual co edition May 165,027.142 44.020642,286 c4.306.262 556,589
1 Holders of rec. July
United Drug, first preferred (quar.)---- 1% Aug. 1 Holders of rec. Aug. 150
Res've Bank.
State Banks Not Members of Fed'I
134 Sept.
21,858 1,365
Second preferred (guar.)
22,226 1,925 2,036
rec. June 150 Greenwich Bank 1,000 2,480
134 July 1 Holders of
2,892 1,886
268
340
United Dyewood. pref. (guar.)
150
5,392
906
250
1% Oct. 1 Holders of rec. Sept. 150 Bowery Bank.._
35,727 62,889
4,154 2,360
Preferred (guar.)
Dec.
.
1%.) an 1 26 Holders of res. June 60 State Bank...... 3,500 5,396 101,875
Preferred (guar.)
2% July 1 Holders of rec.
60,477 66,140
56
United Fruit(guar.)
6.419 4.664
2% Oct. 1 Holders of rec. Sept. .80 Total of averages 4,750 8,782 129,493
Quarterly
June
34 July 1 Holders of rec. June 5a
60.860 66,118
United Paperboard, Inc., common
6,530 4,651
July 1 Holders of rec.
Totals, actual c ndition May 29 129,751 6,584 4.921
61,182 66,130
Preferred (annual)
1 Holders of rec. June 80
actual co ndition May 23 129,788
61,416 66,042
United Profit-Sharing, coin.(Qum.).--- 150. July 15 Holders of rec. June la Totals, actual condition May 16 130,503 6,283 4,74
Iron Pipe & Fdy., pref.(qu.). 195 June 15 Holders of rec. June la Totals,
Bank.
U.S.Cast
Res'v e
2.511 June
Trust Companies Not Members of Fed 'I 1,446 4,716
40,771 2,090
Preferred (extra)
62,588
15 Holders of rec. Sept. la Title Guar & T 10,000 16,501
134 Sept.
19,780 1,030
Preferred (guar.)
la
881 2,199
23,866
Lawyers Trust_
1% Dec. 15 Holders of rec. Dec. 30
Preferred (guar.)
400. June 30 June 16 to June
60,551 3,120
U.S.Gypsum,common (guar.)
88.454 2.327 6,91
16 to June 30
1% June 30 June
Total of averages
Preferred (guar.)
June 15 Holders of rec. June 5a
2
60,234 3,275
U. S. Realty & Impt., common
July 15 Holders of rec. June 5a Totals, actual co nditIon May 23 85,755 2,338 7,048
61,557 3,070
t Common (payable in common stock)_ 110
rec. June 5a Totals, actual c ndition May 18
86.343 2,608 6,955
191 Aug. 1 Holders of
59,065 3,133
Preferred (guar.)
85,010 2.237 6,554
June 29 May 29 to June 1
Totals, actual ndition May 29
United States Steel Corp., corn.(luar.)- 1% June 29 May 29 to June 1
34
Common (extra)
290 Gr'd aggr aver_ 327,050509,338 5,235,415 55.580592,549 4,396,356 626,316 23.435
295 June 15 Holders of rec. May,
-5,403 -81 +133
U.8 Title & Guaranty (guar.)
1% June 15 Holders of rec. June 1
Comparison with prey. week _ +21,335 +1,790 +3,316
Upson Company. common
July 1 Holders of rec. June 15
2
Preferred (guar.)
4,458,660624,333 23,472
500. June 20 Holders of rec. May 29
Gr'd aggr., act cond'n May 29 5.274,289 62,698641,058 4-68,96538 +10
Vacuum OR (guar.)
17157
50c. June 20 Holders of rec. May 29
Comparison wilt prev. week,, +50,668+8.092+
Extra
13.4 June 17 Holders of rec. June 12
Oil, common (quar.)
4.389,695625.971 23,462
Valvoline
July 2 Holders of rec. June 15
61
fled aggr., act' cond'n May 235,223,621 54,608623.901 4,426,743625,764 23,076
Wabsusso Cotton (guar.)
134 July 1 Holders of rec. June 280 Ord aggr.. act' cond'n May 16 5,242,655 52.540653,583 4,497,182616,844 22,982
Wahl Company, preferred (guar.)
9.687
of rec. June 206 Gr'd aggr., act' cond'n May 95,311,176 54.85461
orn. (quar.)-- - 31%c July 1 Holders of rec. June 20
4,603,867605,952 22,825
Waldorf System,
20c. July 1 Holders
Ord aggr., act' cond'n May 25,411.201 51.027610.808 4.407.082606,990 22,333
Inc..(guar.)
First and preferred
Gr'd aggr., act' cond'n Apr. 2 5.214,282 65,225604.393 4.340.529608,562 22,427
1% June 15 Holders of rec. May 20
a Mills (guar.)
Wamsutt
1% July 1 Holders of rec. June 15a Gr'd mgr.. act' cond'n Apr. 1 5,253.377 55.620560.520
Ward Baking, preferred (guar.)
deposits in the generaltotai
Weber & HeilbronerNote.
-U. S. deposits deducted from net demand
May 29.
June 30 Holders of rec. June 15a
81
total May 29, $21,470,000: actual totals,
Common (guar.)
Sept.30 Holders of rec. Sept.15a above were as follows: Average 00: May 16, 623,899,000: May 9, 228.655,000
81
Common (guar.)
621,470,000: May 23, $21,473,0
liabilities
Dec. 30 Holders of rec. Dec. 15
$1
(guar.)
payable, rediscounts, acceptances and other$547,741.Common
17
May 2, $32,067,000. Bills
134 Sept. I Holders of rec. Aug. 18
2532,691.000; May 16,
Preferred (guar.)
average for week May 29, $553,768,000: May 23,
totals May 29. $590.
134 Dec. 1 Holders of rec. Nov. 30
Preferred (guar.)
9, 8584,011,000; May 2. 5574,113,000. Actual
June
334 July 1 June 21 to Jan. 1'26 000; MayMay 23, 3581.948,000: May 16, $601,666,000; May 9, 5573,614.000;
preferred
Western Grocer,
735,000;
Jan 1'26 Dec. 20 to
334
,000.
Preferred
June 30 Holders of rec. June 200 May 2. $583,714
in total footings as follows
$1
White Motor (qua?.)
•Includes deposits in foreign branches not included
Bankers
134 July 1
000: Chase National Bank. $11,510,000;
Winnsboro Mills, preferred (guar.)
Holders of rec. June 200 National City Bank, $137,190, Trust Co.. $76,211,000; Farmers' Loan & Trust
1
Worthington Pump & Mach., pf. A (qu.) 134 July 1 Holden of rec. June 200 Trust Co., $17.380,000; Guaranty
In banks, in
194 July
Co., $62,341,000. Balances carried 218,290,0003
(guar.)
Preferred B
Co.. 68,333,000: Equitable Trust
20a foreign countries as reserve for such deposits were: National City Bank,
Wrigley (lama-Tr...1k Co.
Guaranty Trust
25o. July 1 Holders of rec. June 6
$2,799,000; Bankers Trust Co.. $1,746,000;
Monthly
July 1 Holders of rec. June 200 Chase National Bank,
$1
0; Equitable Trust Co.,
Yale & Towne Mfg.(guar.)
Co.. $4,307,000; Farmers' Loan & Trust Co.. $8,333,00
1 Holders of rec. June
y),_ 21c. July
Deposits in foreign branches not included.
200
Yellow Cab Mtg.. Class B (monthl
210. Aug. 1 Holders of rec. July 200 $7.165,000. c
Class B (monthly)
tions
21c. Sept 1 Holders of rec. Aug. 150
The reserve position of the different groups of institu
Class B (monthly)
of rec. June
June 30 Holders
$1
Youngstown Sheet & Tube, corn.(guar.) 114 June 30 Holders of rec. June 160
basis of both the averages for the week and the actual
on the
Preferred (guar.)
ng
stock
New York Stock Exchange has ruled that The condition at the end of the week is shown in the followi
•From unofficial sources. t The
not until further notice. s
be quoted ex-dividend on this date and
quoted exwill not
two tables:
Association has ruled that stock will not be
New York Curb Market
further notice.
HOUSE BANKS
dividend on this date and not until
ENT OF RESERVE POSITION OF CLEARING
d Correction. e Payable In stock. STATEM
AND TRUST COMPANIES.
a Transfer books not closed for this dividend.
scrip. S On account of accumulated
in common stock. g Payable in n Payable in Canadian funds.
Payable
stock
dividends. m Payable in preferred
Averages,
April 1,
payable in equal quarterly installments oncommon
Annual dividend for 1925. all
have been declared as follows: On the
July 1. Oct. 1 1925 and Jan. 11926. 10;prior preference, 7%.quarterly installment
Reserve
Cash
Surplus
Reserve
Total
ting
Stock 8440. quarterly ItustaUment$1
In
Reserve
regular, quarterly installment 134%: participa nt
Reserve.
Resultel.
installme
134%;participating preferred,7%
In Vault, Depositories Reserve.
nt 34%;Preferred,6%.quarterly
Preferred.2% extra,quarterly installme
$
$
134%.
$
Members Federal
8,465,680
Co.
580.970,000 580.970.000 572,504.320
I Payable In stock of the Essex Foundry common stock In quarterly installReserve Sank.
197,140
1 11,083,000 10,885,860
common stock, payable in
6.419.000 4.664,000
I Declared 6% on
State banks *
159,350
9.082.650
ments of 134% each.
s •_ _ 2,327,000 6,915,000 9,242,000
received in order in London on Trust companie
S Dividend Is 10 pence per share and all transfers
592,472,830 8,822,170
of dividend to transferees.
Total May 29..., 8,746,000 592,549,000 601,295,000
or before June 11 will be in time for payment
4,814,660
RR. are one share of common
8,780.000 589,233,000 508.013,000593,198.340 6.511,790
Total May 23_ _
8 The stock dividends declared by Western Pacific
of stock now outstanding, whether
8,700.000 598,787,000 607,487,000 600,975,210 7,457,990
Total May 16_ _ _
and one share of preferred for every six shares stockholders' meeting held May 11.
010
8,633,000 608,241,000 616,874,000 609,416,
Total May 9..
oom. or preferred, and were ratified at a special
nt of 1924 Income tax.
u Less 38e. per share to cover 1st and 2d installme
• Not members of Federal Reserve Bank.
par value common stock
of no
In the case o State banks
Childs Company stock dividends are one share
a This is the reserve required on the net demand deposits Federal Iteserve Bank
s, but in the case of members of the
for each 100 shame no par value common stock held.
for each share of non-par corn. stk. and trust companie in reserve required on net time deposits, which was as follows
to Dividend Is one-fiftieth of a share of common
85 cents a share, at stock- includes also amount
88.640; May 9. M6,048,x Dividend is one-fortieth of a share of common stock or
May 29, 816,711,680: May 23, 616,715,700: May 16.816,5
holder's option.
710: May 2. 816.066,140.
held
y Dividend Is one share for each four sharer now
JUNE 6 1925.]
THE CHRONICLE
Actual Figures
Reserve
Cash
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank__
State banks *
Trust companies •_..
Total
Reserve.
a
Reserve
Reguired.
Surplus
Reserve
Boston Clearing House Weekly Returns.
-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
$
629,359,000 629,359,000 580,531,780 48,827,220
6,530,000 4,651,000 11,181,000 10,954,800
226,200
2.338.000 7,048,000 9.386,000 9,035,100
350.900
Total May 29._ _ _ 8,868,000 641,058,000 649,926,0001300,521,680 49,404.320
Total May 23_ _
9.192,000 623.901.000 633,093,000 591,653,720 41,439,280
Total May
8,520,000 653,583,000 662,103.000 596,426,360 65,676,640
Total May 9
8,836.000 619.687.000 628,523.000 605,220,110 23,302,890
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State bank's
and trust companies, but in the case of members ofthe Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: May 29,
$16,648,200: May 23,516,703.130; May 16,$16,697,670; May 9,$16,435,350; May 2,
$16,112,310.
2911
June 3
1925
Changesfrom
previous week.
May 27
1926.
May 20
1925.
$
$
$
8
85,800.000 Unchanged
Capital
65.800.000 65,800.00(
Surplus and profits
86,949,000 Dec.
38,000 86,987,000 87.043.00C
Loans.dIsc'ts & investments_ 921,472,000 Inc. 18,179,000 903.293.000 901,910.00(
Individual deposits,incl. U.S.663,235,000 Inc. 13,448,000 649.787.000 655,012,00C
133,271.000 Inc. 2,087,000 131,184,000 136,982,00(
Due to banks
194.253,0Q° Inc. 1,365.000 192,888,000 190.074.00(
Time deposits
8.966,000 Inc.
United States deposits
69,000 8.897,000 9.806,00(
Exchanges for Clearing House 36.123.000 Inc. 8,344,000 27,779,000 32,160.00(
98,631,000 Inc. 1,794,000 96,837,000 102,875,00(
Duefrom other banks
76,231,000 Inc.
Reserve in Fed. Res. Bank
682,000 75.549.000 76.376,00(
Cash in bank and P.R.Bank_ 9,637.000 Dec. 404,000 10,041,000 10,118,00(
Reserve excess in bank and
Vautneal Ilaaarys Rant
4R1 nnn nat.
so non
sal non
yrixruv
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 May 29, 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 Reserva 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.)
Differences from to be kept with the Federal Reserte Bank. "Cash in vaults"
May 2
.
9.
Previous Week. is not a part of legal reserve. For trust companies not memLoans and investments
$1,050,013,000 Inc. $6,356,800
Federal Reserve System the reserve required is
Gold
5,166,200 Inc.
772,300 bers of the
Currency notes
22,803,800 Inc.
145,500 10% on demand depsits and includes "Reserve with legal
Deposits with Federal Reserve Bank of New York- 88,104,800 Dec. 3,566,700
vaults."
Total deposits
1,097,069,600 Dec. 8.839,000 depositaries" and "Cash in
Deposits, eliminating amounts due from reserve
depositaries and from other banks and trust
companies in New York City, exchange and
U. S. deposits
1 043.020,100 Dec. 7,235,400
Reserve on deposits
155,129,300 Dec. 3,477,600
Percentage of reserve. 20.7%.
RESERVE.
-State Banks-Trust Companies
Cash In vault*
$32,510,600 15.87%
583.564,200 15.36%
Deposits in banks and trust cos_ _
11,078,000 05.40%
27,976,500 05.14%
Total
543,588.600 21.27%
5111,540,700 20.50%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on May 29 was 588,104.800.
•
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.
Reserve in
Depositaries.
$
6,400,877,800
6,382,661,100
6,349,571.900
6.356,838.800
6,364,862.900
6,344,910,100
6,339.319.300
6,282,558,300
6,238,906,800
6,283,140,300
6,247,899,000
6,267,964,100
6,346,753,200
6,405,646,100
6,427,995,400
6.333,256,700
6,257,736,200
6,285.428.000
$
5.605.108,000
5.612,344,600
5.573,095,200
5,525,329,600
5,512,101,700
5,524,265.800
5,525,702,500
5,452,289,100
5,349,637,400
5,422,329,800
5,359,115,500
5,402,569,400
5,519,884,000
5,610,150.900
5,604,043,500
5.523,581,000
5,452,014,500
5.439.370 inn
$
82,041,200
81,537,700
85,221.200
83,100.100
82.787,900
81,257,500
83,304,800
80,044,200
81,472.700
80,546,900
83,581,500
81,882,200
81,268,000
90,497,700
81,204,700
82,201,400
80,842,200
/1:1 AR11 One
8§8§888888888pM
*Total Cash
in Vaults.
>00.4NOM00 00C
, ,
poo.C.,-.00,
-oomoomockno.ctoont
Week EndedJan. 31
Feb. 7
Feb. 18
Feb. 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
Demand
Deposits.
t:06.09...itZ0M.060N 1200
MV,CONNMNONONN,W.O.NN,
Loans and
Investments.
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 (000] omitted.)
I
Net
Capital, Profits.
CLEARING
NON-MEMBERS.
Nat. bks. Dec. 31
Week Ending State bks. Nov.15
May 29 1925. Tr. cos. Dee. 31
Members of
Fed'i Res've Ban
Grace Nat Bank...
Loans,
DUcounts,
Investmeats,
&c.
Reserve
Net
Net
Cash
with Demises, Time
in
Legal Deposits. Iemus.
Vault. Deposttortes.
1,000
Average Average Average Average Average.
$
$
$
$
$
$
1,736 11,026
55
827
5,238
4.370
1,736 11,026
65
827
5.238
4,370
200
1,200
512
2.447
8,158
28,700
814
3,069
372
1,442
6.202
25,400
2,371
3,774
1,400
2,980
36,858
3,883
1,814
31,602
6,145
500
508
8,841
383
89
2,980
500
508
8,841
383
89
2,980
5,205
56,725
-235
4.321
+11
2,730 a39,820
-18
+179
16,511
-415
Member's!, Trust
F.R.System Companies
Capital
Surplus and profits
Loans,disc'ts & investlsExchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
U.S.deposits (not incl.).
Res've with legal dePoWlesReserve with F.R.Bank
Cash in vault •
Total reserve & cash held..
Reserve required
Excess res. er cash in vault
$41,841,0
125,576,0
814,132,0
41,908,0
107.288,0
138.965.0
604.993,0
91.276,0
835,234,0
55,000,0
16,703,0
47,421,0
625,0
18,0
947,0
27,433,0
2,908,0
31,288.0
3,581,0
64,563,0
10,114,0
'74,677,0
64.782,0
9,895.0
1,417,0
4,998,0
4,305,0
693.0
May 23
1925
1925
Total.
$46,841,0
142,279,0
861.553,0
42,533,0
107,306,0
139,912,0
632.426,0
94,184,0
866,522,0
13,185.0
3,581.0
64.563,0
11,531,0
79,675,0
69,087,0
10,588.0
May 16
1935.
$46,841.0
142.279,0
860.952.0
36,736,0
110,612,0
143.915,0
630.979.0
92,813.0
867,707,0
13.334.0
3,389.0
64,340,0
11,613,0
79,342,0
68.867,0
10 4150
$46.841.0
142,279,0
859,816,0
36,108,0
116,024,0
145,217.0
629.791,0
93,851,0
868,859.0
14,761.0
3.150.0
65,139,0
11,438,0
79,727,0
88,801,0
10.928.0
•Cash In vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business June 3 1925 in
comparison with the previous week and the corresponding
date last year:
June 3 1925. May 27 1925 June 4 1924.
Resources
356,243,000 356,278,000 635,392,000
Gold with Federal Reserve Agent
9,046,000
3,705,000
9,874,000
Gold redemp. fund with U. S. Treasury_
Gold held exclusively nest. F.R.notes_ 365,289,000
Gold settlement fund with F. R. Board_241,154,000
Gold and gold certificates held by bank
327,823,000
366,152.000 639,097,000
258,468,000 155,035,000
331,170,000 188,687,000
Total gold reserves
Reserves other than gold
955,790,000
31,570,000
934,266,000
31,789,000
982,819,000
23,919,000
Total reserves
966,055,000
Non-reserve cash
14,241,000
Bills discounted
Secured by U. S. Govt. obligations... 74,225,000
30,281,000
Other bills discounted
987,360,000 1,006,738,000
13,103,000
15.844,000
76,443,000
34,003,000
24,055.000
13,934,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of indebtedness
104,506,000
64,522,000
110,446.000
66,675.000
37,989,000
16,985,000
8,542,000
58,457,000
1,276,000
8,542,000
51,957.000
1,276.000
1,202.006
71,813,000
22.366,000
68,275,000
2,835.000
61,775,000
2,835,000
95,381,000
Total earning assets
240,138.000
241.731.000
150,355,000
Uncollected items
Bank premises
All other resources
172,727.000
16,873,000
7,397,000
134,493,000
16,872,000
7,424,000
134,991,000
15,160,000
7,785.000
Total U.S. Government securities
Foreign loans on gold
Total resources
1,417,431,000 1,403.724.000 1,328,132,000
LiabilitietFeell Reserve notes in actual circulation_ 334,243,000
Deposits
-Member bank, reserve met_ _ 832,881,000
Government
7,607,000
Other deposits
17,241,000
332,023,000 344,308,000
842.707,000 767.812,000
4,019,000
5,365,000
15,281.000 11,322,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
863,353,000
114,469,000
31.555,000
58,743,000
3,575,000
5,996
2,900
Grand aggregate- -Comparison with p ev. week
Week Ended May 29 1925.
Two Ciphers (00)
omitted.
Total
State Banks
Not Members of
Fed'I Res've Ban
Bank of Wash'n H
Colonial Bank
Total
Trust Company
Not Member of
Fed'I Res've Bank
MechanTr,Bayonn
Total
$
1.000
6,996
Total liabilities
857,729,000
131,692.000
31,555,000
58,749,000
3,463,000
783,153,000
108,708,000
29,980.000
59,929,000
2,054,000
1417,431,000 1,403,724,000 1,328,132.000
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondents
81.0%
9,250,000
82.6%
8.410,000
89.3%
11,784,000
CURRENT NOTICES.
-The Chatham Phenix National Bank & Trust Co. has been
2,900
aggr., May 2
5,205 56,960
4,310
2,748 a39.641 16,926 trustee under a
appointed
mortgage dated May 7 1925, securing an
2,900
5,205 57,282
Gr'd aggr., May 16
4,510
2,768 239,938 17,119
issue of First
or'd aggr.. May 9
2,900
5,205 56.624
4,309
2,648 839,057 17,098 Mtge. Serial 6% Coupon Gold bonds of the Ashland Apartment
Building,
2.900
5.205 56.009
Gr'd aggr., May 2
4.103
2.575 n:1S1 1:11 17010 Buffalo, N. Y.
-Neilson,Burrill & Babcock, members of the New York
a United States deposits deducted, $35,000.
Stock Exchange,
Bills payable, rediscounts, acceptances and other liabilities, 51,142,000.
announce the admission of Livingston Parsons to
general partnership
Excess reserve, $1,280 decrease.
• their firm
(Vols. 120.
THE CHRONICLE
2912
Weekly Return of the Federal Reserve Board.
•
The following is the return issued by the Federe Reserve Board Thursday afternoon, June 4, and showing the condition
for the system
of the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the resultsweek last year.
and.with
as a whole in comparison with the figures for the seven preceding weeks of the those of the correspondingReserve Agents'
twelve banks. The Federal
The second table shows the resources and liabilities separately for each
Comptroller and
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between thethe returns for the
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon
latest week appears on page 2880, being the first item in our department of "Current Events and Discussions."
CLOSE OF BLTSINFSS JUNE 3.1925.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE
June 4 1924.
June 3 1925. Slay 27 1925. May 20 1925. May 13 1925 May 6 1925. April 29 1925 Apr. 22 1925. Aprfl 161925,
3
2,089,133,000
1,504,694,000 1,521.237,000 1,531,218,000 1.581.014.000 1,564,821,000 1,547,198.000 1.583,377.000 1,554,000,000
48,439,000
54,419.000
50.639,000
49,114.000
51.345.000
47.968.000
50,679,000
62,460.000
62.312.000
1,628.982,000 1.613,935,000 1.598.643.000 1.614.016.000 1,608.419.000 2,137,572,000
Gold held exclusive agst. F. R. notes_ 1.567,003,000 1,583.697,000 1.581,895,000
638.928.000 632,337.000 637.009.000 593,872,000
Gold settlement fund with F. R. Board. 657,496,000 651.885,000 654,157.000 614,266,000 611.848.000 615.631.000 597.910.000 599.055,000 393,648.000
593,638,000 802.429.000 598.569,000 610,267,000 619,750,000
Gold and gold certificates held by banks_
3,125,092,000
2,818.140,000 2.838.011,000 2.834.821.000 2,8.53,515,000 2.845,531,000 2,851,102.000 2.844.263.000 2,844,483,000
Total gold reserves
99,827,000
139.397,000 143.814.00o- 145,974,000 140,721,000 141,691,000 142.009.000 141.491.000 141.044,000
Reserves other than gold
2..981.825,000 2,980.595.000 2,994.236.000 2,987.222,000 2,993.111,000 2.985.754.000 2.985.527,000 3,224,919,000
2,957,537.000
Total reserves
49,611,000
55,757,000
56.630.000
56.366.000
53.388,000
54,536,000
56,665,000
52.450.000
44,557,000
Non-reserve cash
Bills discounted:
135,323,000'
216,007.000 160,854.000 161.263,000 208,269,000 215,871,000 219.920,000 206.132,000 266,097,000
- 207.758,000
Secured by U. S. Govt. obligations
204,584,000 197.992.0052 177,548.000 177.459.000 202,333.000 184,114,000 192.455.000 189.170.000
Other bills discounted
401,420,000
412,342,000 413,999.000 338,402,000 338,722.000 410,602,000 399.985,000 412.375,000 395.302.000
Total bills discounted
55,632,000
284.954.000 278.413.000 276,026,000 282.986.000 278.486,000 268,828000 275.501.000 274.058.000
Bills bought in open market
20,098,000
U. S. Government securities:
84,930.000
84,896.000
85.529.000
85.377.000
85.138.000
85.227,000
85.012,000
84,338.000
296,666,000
Bonds
248,200.000 241,904.000 251,108,000 270.988.000 265,527,000 241,980,000 244.202.000 244.780,000
Treasury notes
81,126.000
23.949.000
28,156.000
23,612,000
21,745,000
24.960,000
21.921.000
22,298.000
21,567,000
Certificates of indebtedness
358.382.000 379.977.000 375,714,000 349.039.000 353.081,000 357,832.000 397,890,000
Total U. S. Government securities... 354,105,000 349.214,000
10.500,000
10,500.000
10,500.000
10,500.000
10,500.000
10,500,000
10,500,000
10,500.000
Foreign loans on gold
1,301,000
1.400,000
1,652.000
2,250,000
1,400,000
1,400.000
1.400.000
2.250.000
2.250,000
All other earning assets
1.052.857.000 1.039.344,000 856,243,000
1,064,151,000 1,054,376.000 985.580.000 1,013.585,000 1,076.682.000 1,027,752,000
Total earnings assets
573,797,000
683,820,000 584,282,000 674.761,000 690,032,000 601,598,080 592,804,000 871.528.000 786,206.000
Uncollected items
57,174.000
59.263,000
59.241.000
59,701.000
59,498,000
59,266.000
59,283,000
59,867,000
59,874,000
Bank premises
26,779,000
23,378.000
22.267.000
23,199,000
23,221,000
22,715,000
22,286.000
23.792.000
23,518,000
All other resources
4,788,523,000
4,837,457.000 4.756..592,000 4,780,481,000 4,836,938,000 4,800,888,000 4,744,755.000 4.848.537,00( 4,949,205,000
Total resources
LIABILITIES.
1,670.635.000 1.658,474,000 1.676.204,000 4182,971,000 1,683,880.000 1,887,690.000 1,698,090,000 1,884,039,000
1,674,686,000
F. R. notes in actual circulation
F. R. bank notes in circulation-net
Deposits
1,988.047,000
2,146,921,000 2.138.174,000 2,118,183,000 2,153.999,000 2,180,024.000 2.134.562.000 2,163,116.000 2,141,443,000
Member banks-reserve account
31,866,000
30,454.000
37.027.000
32,732.000
19,532,000
23.980,000
27,059.000
38,624.000
39,032.000
Government
,
21,221,000
24,184,000
29.476.000
25,527.000
26,499,000
25.764.000
28,333.000
25,078.000
38.192,000
Other deposits
2.041,134,000
2,222,145,000 2,201,874,000 2,176,422,000 2,200,030,000 2,232,337,000 2,187,385,000 2.217,754.000 2,207,946.000 516,199,000
Total deposits
593,749,000 537,025,000 601.151.000 614,531,000 539.846,000 532.714.000 598,159.000 698,694.000 111.456,000
Deferred availability items
115,539.000 115,525,000 115,448,000 115,270,000 115.226,000 115.207.000 114.693.000 114.586,000 220,915,000
paid in
Capital
217,837,000 217,837.000 217,837,000 217,837,000 217,837,000 217,837.000 217,837.000 217.837,000
14,780,00oSurplus
12.404.000
12.052.000
13.149.000
13,066.000
12,671,000
12.732,000
13.696,000
13,501,000
All other liabilities
4.756.592.000 4,780,481,000 4,836. 38.000 4,800,888.000 4.749,755.000 4.848.537.000 4.949.205,000 4,788,523,000.
4,837.457,000
Total liabLiities
79.6%
Ratio of gold reserves to deposit and
72.8%
72.8%
73.6%
73.6%
73.9%
72.6%
73.2%
72.2%
F. R. note liabilities combined and
82.2%
Ratio of total reserves to deposit
76.5%
76.4%
77.8%
77.2%
76.3%
77.3%
77.0%
75.9%
F. R. note liabilities combined
40,118,000
Contingent liability on bills purchased
43,485,000
44,897,000
47.656,000
39.007.000
45.337,000
42.828,000
35.780.000
35,069.000
for foreign correspondents
RESOURCES.
Gold with Federal Reserve agents
Gold redemption fund with U.S. Treas
8
,
35,901.000
80,433.000
Distribution by Maturities
92,293.000 100,059.000
101,805,000 105,406,000 109.929.000 124,639,000 117,490,000
,
1-15 day bills bought in open market.. 295.716,000 302,955,000 226,929.000 231,963,000 301,583,000 294,009.000 306.278.000 294.842,000 208,935,000
31,311,000
1.339.000
1,391.000
81,000
1-15 days bills discountedindebtedness.
77,000
542,000
567,000
50,000
1.000
2.000
days U.S. certif. of
1-15
10,495,000.
58.633.000
54.126,000
61,997000
1-15 days municipal warrants
60,153,000
56.847.000
80,242,000
56.877,000
61,614,000
43,215,000
24,528.000
26.847.000
23.5871000
16-30 days bills bought in open market.
22,889.000
25.151.000
25,208,000
22,653,000
27,948.000
discounted
944,000
16-30 days bills
51,000
16-30 days U.S. certif. of indebtedness_
6,790,000
81,652.000
86,606,000
74,789,000
16-30 days municipal warrants market_
70.384,000
63,380,000
63,048,000
64,199,000
63,887,000
66,268,000.
32,719.000
35.439,000
38,079.000
31-60 days bills bought in open
40,693.000
39,329,000
38,253,000
37,938,000
37,611,000
31-60 days bills discounted
31-60 days U. S. certif. of indebtedness.
1,774,000
33,698.000
32.681,000
41,184,000
30,761,000
29.120,000
31-60 days municipal warrants market_
38,381,000
48.181,000
50.804,000
,
0 1 ight in open
22,234.000
38,315,000
21,294,000
24.087.080
61-90 days
23,857,000
22,131,000
19,853,000
23.386,000
23,093.000
61-90 days bilk di(eountedindebtedness_
riif. of
61-90 days U.
672,000
5,966,000
15.0681'00
4.625,000
7,202,000
61-90 days (n,i ,1 II carrants market
4,203,000
4,296.000
3,7.50,003
6,844,000
44.687,000
26.616.000
20,223,000
16,880,000
21,580,000
Over 90 days bill,0 r :ght in open
25,762,000
23,445,000
27,067,003
27,974,000
48,871,000.
22,558,000
21,860,000
28,817.000
24,418,000
Over 90 days bills Ii ;chanted
21,668,000
23,045,000
22,248,000
21,566,000
.
Over 90 days certif. or indebtedness...
Over 90 days municipal warrants
2,374,943,000.
Reserve Notes
' Federal
1,963,638,000 1,973,093,000 1,985,011,000 1,986,076,000 2.000,009.000 2,000.685,000 2.017.175.000 2.025,361,000 490,904,000
Outstanding
288,952,000 302.458,000 328,537.000 309.872.000 317,038,000 316,805.000 329,485,000 327,271,000
Held by banks
1,884,039,000
1,674,686,000 1.670.635,000 1,656.474,000 1,676,204.000 1,682,971,000 1,683,880,000 1,687,690,000 1,898,090,000
In actual circulation
2,979,174,000 2,993.562.000 2,999.734,000 3.005.446.000 3,007,407,000 3,335,043,000.
2,955.645,00) 2,958,665.000 2,980.208.000
Amount chargeable to Fed. Res. Agent 992,007.020 985.572,000 995,197,000 993,098,000 993,553,000 999,049.000 988.271,000 982.046.000 960,100,000
Agent
In hands of Federal Reserve
2,374,443,000
1,963,638,000 1,973.093,000 1,985.011.000 1.986,076,000 2.000.009,000 2,000,685,000 2,017,175,000 2,025,361,000
Issued to Federal Reserve Banks
Secured
282,316.000 276,316,000 275.816.000 277,316,000 277,316.000 335,864,000.
How
287,868,000 288,566.000 289,011,000
certificates
285.810,000
By gold and gold
458,944,000 451,856.000 453,795,000 405.062,000 435,188,000 453.487.000 453,798,000 471.361.000 113,963.000
By eligible paper
98,032,000 105,154,000 110,224,000 108.400.000 102.622.000 115.266,000 108,898.000 117,518.000 1,639.306,000
fund
Gold redemption
1.118,996,000 1.127.517,000 1,131.981.000 1,190,298,000 1,185,883,000 1,156.116.000 1.177,163,000 1.159,166,000
With Federal Reserve Board
2,374,943,000
1,963.638.000 1,973,093,000 1,985.011.000 1,986,076,000 2,000,009,000 2,000,685.000 2.017.175,000 2.025,361.000
Total
579.198.000 689,488,000 659,890,000 639.244,000 658.561.000 641,013,000 437.634.005)
675,772.000 668.350.000
Agent._
Eligible paper delivered to F.R.
WEEKLY STATEMENT OF RESOURCES
AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS
Atlanta. Chicago. St. Louis. Minneap Kan. City
Two ciphers (00) 01211183.2.
Boston. New YorkS Phila. Cleveland. Richmond
Federal ReSerre Bank of-$
$
$
$
$
$
$
$
$
$
RESOURCES.
356,243,0 135.831.0 170.039.0 36,158,0 120,398,0 135.4,29.0 18,382,0 .54,252.0 51,828.0
Gold with Federal Reserve Agents 189,174,0
16,134,0 3,940.0 2,280,0 1,717.0 5,574,0 2,207,0 1,018,0 3.679.0
9,046,0
13,681.0
Gold red'n fund vrith U.S. Treas.
385,289,0 151.965.0 173.979,0 38,436,0 122,115.0 141,003,0 20,589.0 55,270.0 55,507,0
Gold held excl. agst. F. R.note.. 202,855,0 241,154,0 49,143,0 93,543,0 12,899,0 17,787,0106,501,0 9,415,0 12,753,0 29,752.0
37,974,0
Gold settle't fund with F.R.Wrd 21.195,1 327,823,0 21,455,0 37,463.0 21,741,0 4.076.0103,786.0 9.840,0 7,302.0 3.144,0
Gold and gold Ws. held by banks
73,076,0 143,978,0 351,290,0 39.844,0 75,325,0 88,403,0
262,024,0 934,266.0 222,563,0304,985.0 4,905,0 14,926,0 17,367,0 19,031,0 1.253,0 4,344,0
Total gold reserves
31,789,0 7.832,0 8,404.0
12,852.0
Reserves other than gold
77.981.0 158.904,0 368,657,0 58.875.0 76,578.0 92,747.0
274.878,0 966.055.0 230,395,0313,589.0 3,072,0 3,771,0 5,804,0 3,977,0
814,0 2,070,0
Total reserves
14.241,0 1,699,0 2,995,0
5,154.0
Non-reserve cash
685.0 1,948.0
Bills discounted:
74,225,0 20,720,0 29,203,0 13,910,0 3,467.0 24,209,0 9,229,0 4,729,0 5,774.0
Sec. by U.S. Govt. obligations 16,588,0
30,28110 15,085,0 15.101,0 34,999,0 18.788.0 19,045.0 18,470.0
22,531,0
Other bills discounted
48,909,0 22,255,0 43,254,0 25,699,0 5,414.0 7,719,0
38,117,0 104.506,0 35,805,0 44,304,0 10,905,0 10.453,0 38,994,0 12,077,0 18.907,0 14,097.0
Total bills discounted
643522,0 21,781,0 25.764.0
Bills bought in open market__ 37,127,0
U. B. Government securities:
637,0 9,520,0 1,780,0 3,148,0 20,338,0 4,786,0 8,738,0 11,459,0
8,542,0
584,0
22,790,0
Bonds
58,457,0 17,238,0 12,724,0 4.343,0 12,426,0 20,735,0 29,514.0 8,403.0 2,381.0
561,0
Treasury notes
207.0
819.0
981,0
102,0 1,233,0
60,0 5,409.0
10276.0
Certificates of Indebtedness. 3,030,0
17.346,0 36.630,0
68,275.0 17,933.0 27.653.0 6.225,0 16,807.0 42,052,0 35,099,0
4,175,0
Total U. S. Govt. esour.ities
JUNE 31925.
Dallas. San Fran.
Total.
$
$
$
32,952,0 204,010.0 1,504,694,0
62.312,0
1.673,0 1.363.0
34,625,1 205.373,0 1,567,008,0
12,570.' 34,005,0 657.496,0
7,774.0 28.039,0 598,638,0
54,989,0 267,417,0 2,818,140,0
10,110,0 6,584,0 139,397,0
65,079,0 274,001,0 2,957,537,0
48,557,0
2,150,0 2,810,0
435.0 13,144,0
4,855,0 18,928,0
207,768,0
204.584,0
5.290,0 30,070.0
8.885,0 21,442,0
412,342.0
284.954,0
9,983,0 4,847,0
22,125,0 38,886,0
703,0 5,366,0
84,338,0
248,200,0
21,567,0
32.811,0 49,099.0
354,105,0
UNE
6 1925.]
THE (IIROX1CLE
itESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
$
777,0
Foreign loans on gold
All other earning assets
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan City Dallas. San Fran.
$
$
$
976,0 1,124,0
2,250,0
557,0
8
430,0
$
1,449.0
$
$
483,0
346,0
$
420,0
368,0
Total.
$
10.500,0
2,250,0
$
735,0
240.138,0 78,745.0 98,845.0 66,596,0 49,945,0 125.749,0 73,358,0 42,013,0 58,866.0 47.354,0 101,346,0 1.064,151,0
172,727.0 66,622,0 61,645,0 52,056,0 27,362,0 88,139,0 38,613,0 14,183,0 41,723,0 24,646,0 35,399.0 683,820,0
16,873,0 1,122,0 7,573,0 2,446.0 2,780.0 8,099,0 4,357,0 3,049.0 4.275,0 1,833,0 3,277,0
59.874,0
7,397,0
434,0
275,0
687,0 2,752,0 1.376.0
326,0 3,204,0
627,0 1,624,0 4,770,0
23,518,0
81,196,0
60,705,0
4,190,0
46,0
Total earning assets
Uncollected Items
Bank premises
All other resources
Phila.
$
2,835,0
2913
Total resources
LIABILITIES.
F.R.notes in actual circulation
Deposits:
Member bank-reserve sect
Government
Other deposits
426,167,0 1,417,431.0 379,017,0 484,722,0 202,838,0 245.514,0 597,829,0 179,506,0 139,841,0 200,308,0 142.686,0 421,603,0 4,837,457,0
Total deposits
Deferred availability Items
Capital paid in
Surplus
A Bother liabilities
202,271,0
334,243,0 156,370,0 202,998,0 71,111,0 136,425,0 158,511,0 46,371.0 62,056,0 63,211.0 40,975,0 200,144,0 1,674,686,0
136,626.0
1,701,0
923,0
832,881,0 130,342,0 182,056,0 61,995,0 71,831,0 305,000,0 76,115,0 51,797,0 83,637,0 61,397,0 153,244,0 2,146.921,0
7.607,0 1,593,0 4,294,0 2,347,0 2,499,0 10,045,0 2,086,0 1,384,0 2,134.0 1.237,0 2,105,0
39,032,0
17,241,0 1,388,0 3,576,0 1,538,0
133,0 2,447,0 2,147,0
316,0 1,410,0
36,192.0
185,0 4,888,0
139.250,0
59,143.0
8,486.0
16,382,0
635,0
857,729,0
131,692,0
31,555,0
58,749,0
3,463,0
133,323,0
57,506,0
11,216,0
20,059.0
543,0
189,926.0 65,880,0 74,463,0 317.492,0 80,348,0 53,497,0 87,181,0 62,819,0 160,237,0 2.222,145,0
55,119,0 47.307,0 20,316.0 74,020,0 37,157,0 12,529,0 36,075,0 26.289.0 36.596,0 593.749,0
12,968,0 5,993.0 4,623,0 15,547,0 5,100,0 3,237,0 4,326,0 4,295.0 8,193,0 115,539.0
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
1,249,0
846,0
538,0
659,0 1,025,0
737,0 1,828,0
716.0, 1,362.0
13,501,0
426,167,0 1,417,431,0 379,017,0 484,722,0 202,838,0 245,514,0 597,824.0 179,506,0 139,841,0 200,308,0 142,686,0 421,603,0 4.837,457,0
Total liabilities
Memoranda.
Ratio of total reserves to deposit
and F. R. note liabilities coin80.5
81.0
79.5
79.8
blued, per cent
56.9
75.3
77.-I
46.5
68.3
61.7
62.7
75.9
76.0
Contingent liability on bills purnheasri Mr fetrolon eerresnond'ts 2.617.0
9.250.0 3.289.0 3.7840 1.5750 1 450 0 4 SRI 0 1 027 0 1 107 n
1 415 0 1 228 0 2 47/1 II
21 MO 0
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS JUNE 3 1925.
Federal Reserve Agent at-
Boston New York Phila
(In Thousands of Dollars)
$
Resources71,750
Federal Reserve notes on band
231,561
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
31,050
Gold and gold certificates
9,124
Gold redemption fund
149,000
Gold fund-Federal Reserve Board
42.387
Eligible paper!Amount required
33.857
)Excess amount held
Cleted. Richned .4flanta Chicago St Louis Minn. K. City Dallas San Fr.
Toted.'
$
$
$
it
$
314,940 42,000 38.300 22,575 68,174
452,803 188,559 220,352 84,880 149,504
i
5
8
$
$
$
$
265,307 24,960 22,806 28,023 22,972 70,200 992,007
169,132 51,792 64,907 71.321 45,893 232,934 1,963,638
186,698 6.000 8,780 2,000 9,000
28,545 10,942 11,259 1,861 4,398
141,000 118,889 150,000 32,295 107,000
96.560 52,728 50,313 48.724 29,106
60,955
540 17.577 9,983 3,187
13,075 13,052
287,666
18,011
4,784
1,307 1,200 4,968 3,441 16,703
98,032
130,645 4,000 40,000 47,360 11,500 187,307 1,118,996
33,703 33.410 10,655 19.493 12,941 28,924 458,944
48,320 3.542 13,507 2,151
1.195 22,014 216,828
568,729 1.281,501 419,658 496,581 202.318 370,369
Total
Liabilities
Net amount Of Federal Reserve notes received from
303,311 767.743 230,559 258,652 107,455 217,678
Comptroller of the Currency
189,174 356,243 135,831 170,039 36,156 120.398
Collateral received from!Gold
76,244 157.515 53,268 67.890 58,707 32,293
Federal Reserve Bank1Eligible paper
651,891 132.086 166.127 172.816 115,953 558,082 5,136,111
434.439 76,752 87,713 99,344 68,865 303,134 2,955,645
135,429 18,382 54,252 51,828 32,952 204,010 1,504,694
82.023 36,952 24,162 21,644 14,136 50,938 675,772
568,729 1,281,501 419.858496,581 202,318 370,369
651.891 132,086 166,127 172,816 115,953 558.082 5.136,111
231,561
29,290
452,803 188.559 220.352 84,880 149,504
118,560 32,189 17,354 13,769 13,079
169,132 51,792 64.907 71.321 45,893 232.934 1,963.638
10.621
5,421 2,851 8,110 4,918 32,790 288,952
202.271
334.243 156.370 202.993 71
Total
Federal Reserve notes outstanding
Federal Reserve notes held by banks
Federal Reserve notes in actual circulation
111
128425
158.511 40.271 82.058 112 211 sn 075 min 144 I 11740118
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 736 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 2880.
1. Data for all reporting member banks in each Federal Reserve District at close of business May 27 1925. Three c phers (000) omitted.
Federal Reserve District.
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__
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Afinneap. Kan. City Dallas. San Fran.
Total.
106
55
$
$
7,685
66,257
287,962 2,196,278
652,967 2,504,884
$
13,244
331,357
360,854
76
$
18,588
470,535
736,005
73
5
6,333
128,037
351.469
36
100
$
5
8,965
27,362
87,581 755,299
378,037 1,204,067
33
25
71
49
8
10,212
170,553
298,173
$
2,697
53,993
172.845
8
3,748
103,629
318,459
8
3,332
71,420
212,511
948,614 4,767,399
705,455 1,225,128
485,839
474,583 1,986,728
478,938
229,535
425,831
287,263 1,092,619 13,107,932
9,691
39,879
76,304 588,674
22,153 178,652
7,227 198,029
2,932
55,679
200,165 1.131,183
9,595
55,821
21.276
12,770
6,053
261,971
30,806
160.875
34.555
40,658
7,153
358,822
12,708
23,351
13,986
11,055
2,202
124,838
6,896
24,987
11,740
18,358
2,752
41,073
9,333
47,486
18,179
14,547
3,904
76,099
318,472 2,192,096
367,486
633,149
134,220
Total: mins and nvestmenta___ 1,267,086 8,959,495 1.072,941 1,858,277
87.796 757,123
78.190 123.286
Reserve balances with F. R. Bank..
20,986
82,188
16,759
30,925
Cash in vault
856,881 5.549,665 763,425 993,899
Net demand deposits
354,474 1,212,333 173,705 735,503
Time deposits
9,032
31,002
Government deposits
18,299
19,312
Bills pay'le & redisc. with F. R. Bk.:
2,850
59,090
9,718
Secured by U.S.Gov't obligations
21,147
13,700
24,985
4,546
6.40'
All other
Bankers' balances of reporting member banks in F. R. Bank cities:
119,974 1,003,927 173,112
50,046
Due to banks
43.900 106,747
59.007
25.270
Due from banks
620,059
38,263
14,758
346,496
197.988
6,798
Total loans and discounts
Investments:
U. S. pre-war bonds
U.S. Liberty bonds
U. B. Treasury bonds
U. B. Treasury notes
U. S. Treasury certificates
Other bonds,stocks and securities
Total nye:fitments
42
25,288
33,758
11,407
1,423
457
61,887
14,893
14,547
5,584
3,172
1,589
44,421
17,794
174,619
63,491
84,520
6.727
421,040
84,206
768.191
188,140
105,806
169,548
558,789 2,754,919
40,885 223,556
10,497
49,297
331,216 1,721,958
204,808 986,104
6,222
19,309
667,078
49,766
7,552
383,504
205,468
8,006
335,341
25,405
5,968
217,112
103,328
1,676
595,379
50,446
12,781
468,175
138,570
3,304
736
S
$
9.740
178,163
225,227 4,881,866
857,652 8.047,903
70
17,679
18,229
9,288
8,932
2,726
19,77(1
24,112
218,674
134,292 1,352,943
59,450
449,741
25,636
426,327
13,688
106,162
190,225 2,931,498
76,628
447,403 5,485.345
363,891 1,540,022
28,238 105,392
10,867
22,409
258.407 754,038
93,292 763,488
4,932
11,775
18,593,277
1,608,346
284,987
12,644,776
5,169,061
139,667
9,235
10,105
129.303
88,756
3,443
13,476
985
3,232
20,265
3,005
1,856
6,406
731
714
1.067
1,098
28,417
12.753
13,632
17,095
385.726
188.548
85,521
31,618
49,309
17.466
100,445
45.805
26,123
22.284
93,190 2,129,422
42 599
1115 115
2. Data of reporting member banks in New York City, Chicago, and for
whole country.
All Reporting Member Banks.
Reporting Member Banks in N. Y. City. Reporting Member Banks in Chicago.
May 271925. May 201925. May 281924. May 27 1925. May 20 1925. May
28 1924. May 27 1925. May 20 1925. May 28 1924.
736
736
Number of reporting banks
749
65
65
67
46
46
48
$
discounts, gross:
8
$
Loans and
$
5
$
8
$
8
178,163,000
183,107,000
Secured by U.S. Govt. obligations
215,064,000
60.890,000
61,396,000
80,396,000
20,253,000
24,709,000
27,035.000
4,881,866,000 4,847,438,000 3,859,890,000 1,955,583,000 1,934,277.000
Secured by stocks and bonds
1,420,376,000
8,047,903.000 8.066.563,900 7,876.217.000 2,203,185,000 2,205.848,000 2,225,917,000 569,954,000 558,942,000 443,168,000
All other loans and discounts
085,600,000 694,409,000 667,829.000
13,107.932,000 13,097,108,000 11,951,171,000 4,219,658,000 4,201,521,000 3,726,689,000
and discounts
Total loans
1.275,807,000 1,278,060,000 1,138,032,000
Investments:
218,674,000
220,201.000
271,867,000
U. S. pro-war bonds
29,127,000
29.127.000
39,957,000
1,933,000
1,933,000
4,194,000
1,352,943,000 1,378.812,000 1,149,371,000 494,660,000 503,564.000 501,929,000
U. S. Liberty bonds
84,191,000
84,161,-00
56,145,000
449,741,000
446,437,000
67.209,000 162,254,000 163,201.000
U. S. Treasury bonds
19,411,000
26,384,000
25,958,000
4,106,000
426,327,000
425,425.000
Treasury notes
882,513,000 183,992,000 179,927,000 313,755,000
U. B.
60,015,009
60,165,000
80,432,000
106,162,000
108,670,000
86.975,000
U. S. TreastpW certificates
54,091,000
54,851,000
21,532,000
2,171,000
3,685.000
13,353,000
Other bonds,stocks and securities_ 2,931,408,000 2,006,566,000 2,421,074,000 846,361,000 847,459,000 685,085.000 196,454,000 195,594,000
164,687,000
5,485.345,000 5,485.111,000 9,650,009,000 1,770,485,000 1.778,129,000 1,581,669,000
Total Investments
371,148,000 371,496,000 322,917,000
18,593,277,000 18,583,219,000 16,610,180,000 5,990,143,000
Total loans and investments
5,979,650,000
1,808,348,000 1,591,110,000 1,448,754,000 898,308.000 679,280,000 5,308.358.000 1,646,955,000 1,649,556.000 1,460,949,000
Reserve balances with F. R. banks
634.961,000 153,674,000 159,147,000 142,308,000
284,987,000
275,694,000
286,650.000
Cash in vault
62,122,000
66,097,000
69,409,000
23,768,000
25,067,000
12,644,776,000 12.694,068,000 11,403.193.000 4.986,571,000 4,997.678.0004.490.547.000
27,614,000
Net demand deposits
5,169.061.000 5358,152,000 4,322.630.000 846,184,000 845,759,000 658.241,000 1,134,008.000 1,141,693.000 1.043,891,000
deposits
rime
484.541,000 484,754,000
137,973,000
383,307.000
Covernment deposits
89,055,000
24,114,000
24,114,000
21,797,000
10,618,000
10,618,000
rediscounts with
5,383,000
Bills Payable and Banks:
Federal Reserve
129,303,000
84,809,000
81,351,000
Secured by U.S. Govt. obligations
48,325,000
13,000,000
16,575,000
4,455,000
1,260.000
88,756,000
68,315,000
865.000
100,110.000
All other
22,903,000
10,005,000
1,918,000
990,000
730,000
2,165,000
218.059,000
153,124,000
181,461,000
Total borrowings from F.R.bks.
71.228.000
23.005.000
18.493.000
5,445,
1.990,000
3.930.008
THE CHRONICLE
2914
Foreign Exchange.
[VOL. 120.
were 4 82310
To-day's (Friday's) actual rates for sterling exchange4 8604 86 1-16
and
4 82 7-16 for sixty days. 4 8534@4 85 9-16 for checks 85 5-16, sixty days
for cables. Commercial on banks sight 4 853404 documents for pay4 803(104 80 5-16, ninety days 4 793404 797-16 and payment 4 853(0)
ment (sixty days) 4 81%04 81 11-16. Cotton for
Street, Friday Night, June 5 1925.
Wall
485 5-16 and grain for payment 4 853104 85 5-16.
francs were 4 60340
review of the
To-day's (Friday's) actual rates for Paris bankers' bankers' marks are
-The
Railroad and Mi cellaneous Stocks.
4 81 for long and 4 67%04 8634 for short. German
guilders were
not yet quoted for long and short bills. Amsterdam bankers'
Stock Market is given this week on page 2901.
this 39.72039.73 for long and 40.08040.09 for short.
The following are sales made at the Stock Exchange
week's range, 97.97 francs
Exchange at Paris on London, 98.90 francs;
list on the
week of shares not represented in our detailed
high and 98.90 francs low.
The range for foreign exchange for the week follows:
pages which follow:
Cables.
Sixty Days. Checks.
Sterling, Actual4 864
4 86
4 8335
High for the week
Range Since Jan.l.
4 85 15-16
Range for Week.
Sales
4 85 7-16
STOCKS.
4 82 5-16
Low for the week
for
Week Ended June 5.
Paris Bankers' Francs
Lowest. I Highest.
Highest.
Wed. Lowest.
5.02
5.01
4.9434
High for the week
4.6734
4.6634
4.6034
Per share. $ per share.$ per share. Low for the week
Poe. Shares $ per share.
Marks
Germany Bankers'
Railroads.
23.81
23.81
Feb 591 Mar High for the week
3
Brunswick T&RySec 100, 600 44 June 1 434 June 1 88
23.81
23.81
Ap 99 May Low for the week
1
Buff Roth & Pitts pf..1001 522 93 June 2 94 June 2 40 Jun 51
Jan
100 40 June 2 40 June
Amsterdam Bankers' Guilders
Detroit & Macklnac,.100
Jan
40.19
40.17
39.73
loci; goo 60 June 2 60 June 2 60 Jun 72
High for the week
Preferred
40.16
Jan Low for the week
4
A
40.14
39.70
Duluth s S Atl_ _100; 100 3% June 2 34 June 2 234 A
Jan
6%
100 100 534 June 2 599 June 2 334
Preferred
St. Louis, 15025c. per $1,000
-Chicago, par.
Domestic Exchange.
May1158 May
1404 June 215534 June 1 112 May
par. CinHavana El Ry Lt & P10026,200
discount. Boston, par. San Francisco, par. Montreal,
M St P&SSM leased
Fe
b 63
cinnati, par.
100 58 June 2 58 June 2 58
100
ctfs
line
Jan 104 May
5 103 June 2 103 June 2 100
N Y Lack & Western_100
United States Liberty Loan Bonds and Treasury
100 36 June 1 36 June 1 36 June! 4499 Apr
100
N Y State Rys
19283 June 1 83 June 1 278 May294 May
•
York Stock Exchange.
N Y Rys part et/a
1039 June 2 94 May 1134 May Certificates on the New
* 400 934 June 2
Pref ctfs
1,400 18 June 4 19 June 1 174 Mar 244 Jan
rights
Reading
3 June 4 June 5
Daily Record of U. S. Bond Prices. May 30 June 1 June 2 June
• Indus. & Miscell.
101133 101133 101231 101233 101.00
1 4,800 114 June 4 .124 June 1 934 Apr 1234 May First Liberty Loan
(High
Ahumada Lead
Feb
Jan 206
101.00 101.00 101.00 101.00 101.00
50 200 175 June 5 180 June 2 161
Amer Bank Note
359% bonds of 1932-47_ _j Low_
9759 Apr 111%. May
106 June
101.00 101.00 101.00 101.00 101.00
[Close
(First 359s)
Am Car & Foundry new. 4,000 10134 June 5 9739 June 3 9539 Feb 9739 June
68
29
18
71
175
pi 100 200 97 June 1
Total sales in $1,000 units,...
Am-La France FE
-39 Jul % June
99 June 4
59 June 4
Converted 4% bonds of (High
American Chicle rights__ 7,400
Jan
Low---300 92 June 5 92 June 5 914 Ma 95
Piano prof _100
---(
1932-47 (First 48)American
100 14399 June 314334 June 3 13851 Apr15059 Feb
(Close-100
American Snuff
Juno 40 May
40 June 1
Total sales in 81,000 units.,.
Am Steel Foundries new., 4,400 3899 June 4 2134 June 3 3834 May 2259 Mar
20
33
--,if 26- -- 3
---1,
InY -- 1021-- to-- lf 102aft 102",,
Class A_251 4,900 2034 June
Armour of 111
Converted 491% bonds (High
Ja 1559 Jan
1534 June 2 15
1021233 1021033 102233 102231 1021233
(
of
01 1932-47 (First 459s) Low_
Art Metal Construc'n_101 200 1599 June 2 41 June
2934 Ma 44 May
0
• 400 4099 June 4
10210ii 102 st 102123, 02"tt 102"ss
(Close
Artloom
206
58
May
11
45
8
1001 800 102 June 1 10231 June 2 1014 May 1034 June
Total sales in 81,000 units__
Preferred
4 6,100 51% June 2 54 June 3 5134 Jun 54
Second Converted 491%(High
Assoc Dry Goods new_ _ )
434 Feb
Ma
50 100 4 June 4 4 June 4 4
Sales
1932-47 (First( Low_
bonds of
Auto
Ap 164 Feb
50 200 14 June 2 16 June 2 13
(Close
Second 434s
Preferred
25 June 3 25 Jun 3434 Jan
.
_ _ _33
---Total sales in 81,000 units___
Booth Fisherlealst pf 100 100 25 June 3 4259 June 5 33% Ma 4459 May
Manufacturing_•27,900 404 June 5
{High
Briggs
Jan Second Liberty Loan
June 1 28 Jun 46
Low_
Brunswick-Balke-Coll__*, 5,900 26 June 2 2834
4% bonds of 1927-42
May
154 June 1 1434 Jun 1834
Close
(Second 4s)
Bush Terminal new__ 4., 1,900 1434 June 4 85 June 2 80 May 85% May
--100 3,200 83 June 1
Total sales in $1,000 units_ __
Debentures
39 May
91 Jun
1in 101-12.31
59 June 1
51 June 1
Converted 434% bonds (High Hell- 1011233 1011153 10114 101
Calif Petroleum rights _,34.312
8999 Jan 953 Mar
(Low_ day- 1011.33 101233 101153 101233 1012n
1st pf 100 200 95 June 1 9531 June 4 804 Feb 89 May
Of 1927-42 (Second
Cert-Teed Prod
101233 101•33 1011•3:
8859 June 4
100! 100 8899 June 4
[Close Deco- 1011•31 101153
451s)
2d preferred
106
84 •
72
408
153
•38,800 5234 June 2 5939 Alee 3 494 Ma 5939 June
.
Total sales in 81,000 units_ _ ration
Childs Co
June 4 96 Jun 984 May
102133 102.00 1011133 102.00 1011133
(High Day
Cudahy Packing-....100 800 96 June 3 964 June 4 824 Jan 97 June Third Liberty Loan
101123, 1012151
1012231 1011233 1012231
100, 100 97 June 4 97
(
434% bonds of 1828_ __ _ Low_
Deere dr Co pref
Jan
9
Ja
1011233 1011213 1012233 10111st 1011233
(Close
501 500 9 June 3 9 June 3 8
(Third 49133)
Durham Hosiery
72
275
4339 June
83
159
459
100 100 4399 June 3 4359 June 3 43% Jun 37 May
Total sales in 81,000 units__ _
Preferred
June 1 174 May
1021231 1021231 1021233 1021153 1021133
(High
Liberty Loan
Elec Power & Light etfs.97,100 3139 June 5 354 June 1 100
Ma 10934 June Fourth bonds of 1933-38_ _4Low_
1021233 1021133 1021233 1021131 1023133
5.000 05 June 210934
431%
40% pref paid
1021231 1021133 1021133 1021233 1021213
4,200 0.534 June 3 108 June I 10059 Ma 10934 May
(Clare
(Fourth 49121)
Full paid
191
172
274
190
471
50 100 90 June 5 90 June 5 90 • Jun 90 June
Total sales in $1,000 units _ _ _
Preferred
Jan
,
,
106"tg 106 :t 106"st 107 st 107"ss
1 8 June 1 8 May 15
(High
Emerson-Brant pref_100 300 8 June
1071233
97% Apr treasury
106
Ap
June 3 97
1081133 1061151 10131133
(Low_
451s, 1947-52
Essex Cot Mills 1st pf 100 100 97 June 3 97 June 1 85
Mar
Jan 87
1062233 1061133 106213, 1061231 1061233
(Close
100 8599 June 1 8599
Fed Light & Trac pref_15
130
40
77
May
8
47
• 7,500 30 June 5 32 June 2 30 May 334 June
Total sales in $1,000 units__
New
,
102",, 102"st 102"st 103.00 102 41
(High
2531,600 7034 June 1 75 June 4 603'( Feb 75 June
4s, 1944-1964
Body new
Fisher
"
,
102% 102 st 102 3! 102",, 1021233
110 June 3 10499 Ma 110
(Low_
Fisher Body Ohio pf_100 1,10010834 June 2
June 2 10134 Ma 1044 Jan
102"tt 102"st 102"st 102"st 102"st
(Close
17
526
Franklin Simon prof..100 4000334 June 210334 June 3 10151 May11234 June
211/•
55.11
527
Great West Sug preL 100 350,112 June 311234 June 3 10131 May1054 Jan
Gulf States St'l lst pf 1001 100105 June 3105 June 4 100
May
Ja 105%
Hayes Wheel pref. _100 1001024 June 410234 June 1 86 May 83
Apr
-The above table includes only sales of coupon
Note.
25 1001 70 June 1 70
Helme(G W)
99 June bonds. Transactions in registered bonds were:
g Jun
June 3
39 June 1
Gas
indep 011 & G rights__ 13,600
Jan
1021133 to 1021133
38230 June 1 30 June 1 18 May249 May
100,'
loolg, to Mum 43 4th 4995
Ingersoll Rand
64 1st, 346
June I 139 June 134
3,
1061231 to 1080
102131 to 1021r3 1 Treasury 43913
lot Business Mach rts....1 6,300, 14 June 9 199
1 lot 491s
904 June
..102133 to 1022n
int paper pref 7%--100 1,400 90 June 1 904 June 3 8931 May
101233 to 1011233 1 Treasury 48
Mar 150 2d 431s
10011434 June 211434 June 2 1134 Feb118 May
1012133 to 1011233
Jones & L Steel pref_100;
12 3d 459s
Jan 1024
3 99
C Pr & Lt lot pref1 4001024 June 210234 June 4 95
Feb
Apr100
&c.
100 200 97 June 4 97 June
Kinney Co pref
Jan Quotations for U. S. Trees Ctfs. of Indebtedness,
Jan 93
June 5 88
Kresge Dept Stores pf100' 100 93 June 3 93 June 2
Mar
Ant.
9834 Apr100
100 99 June 2 99
Int.
Kuppenheimer St Co___5
1 4599 Mar 5259 Apr
Rate. BIA. Ask./
Maturity.
Bid. Asked.
Rate.
Long Bell Lumber A_ „.I 1.100 4839 June 5 4939 June 104349 Feb109
Maturity.
Mar
50 10731 June 510734 June
Loose-Wi Bise lst pf_100,
Apr
Feb107
10211
Stores pref_100, 200105 June 2 105 June 2 1024 Mar 7834 Feb Mar.15 1926-- 44% 1014 101113 Dec. 15 1927_-- 434% 102
McCrory
1024
% Mar. 15 1927.__ 499% 102
100; 300 88 June 2 6839 June 4 66 May11999 June Dec. 15 1925_ 499% 1011133 1012
Mackay Coe pref
10759
1014 Sept. 15 1925-- 234% 991233 100
Maxwell Motors A etfs_ 9.800114 June 511934 June 3 7799 Apr 128 June Sept.15 1926--- 44% 101
ini1133 100143
arm
Den 15 1925_ _
118500 10491 June 1 126 June 3
B certificates
2639 Apr 353'i June
0
2,Ild-Cont Petroleum_. 11170 3199 June 1 3534 June 1 834 Apn 92 June
100 900 9039 June 3 92 June 3
Preferred
Mar 115 June
100 115 June 1 115 June 1 109
New York City Banks and Trust Companies.
Montana Power pref-100
Apr 2634 May
*18,800 2331 June 3 2599 June 5 18
All prices dollars per shaxe.
Motor Wheel
May
, 2
Ap 47
30
. 700 3539 June 2 3554 June 4 32% A pr 3 49 31 ar
Body
Murray
Trust Co. Bid .sk
Bid Ask
Banks
Bid Ask
Nat Distill Products_ _• 14,400 3334 June 5 38 June 2 52
6559 May Banks-N.Y. 298 302 Greenwich',.. 410 430
Feb
New York
100 6339 June 1 6339 June 1
NNews&FIRy G&E 100
Apr kmenca•____
980 1010 American __ - _ --- .
1001 300 90 June 2 91 June 4 824 Jan, 95 May kmer Exch - 400 420 Hanover
Preferred
Mar'100
480 600 Bank of N Y
I
99 June 4 99 June 4 95
Amer Union*. 140 150 Harriman
N Y Canners 1st pref 100
Feb
Feb 2899
& Trust Co 590 i 10
N y shipbuilding
• 1500 25 June 1 28 June 5 17
700 - Manhattan* _ 173 178
Jan 1014 May Bowery*
3 97
& Met_ 410 415 Bankers Trust 984 489
NY Steam lot pref....0j 100 101 June 3 101 June 3 98
Mar BroadwayCe. 200 -__ Mech
Jan 101
415 ___ Bronx Co Tr_ 185 1 95
Orpheum Ciro Inc pf 100 2001004 June 3 10091 June 5 11031 Ap 113 June Bronx Bores- 500 - Mutual.
790 E 05
150 - Nat American 166 ___ Central Union 308 .
Owens Bottle pref_ - _100 200 113 June 5 113 June 3 9231 Ja 9699 Feb Bronx Nat
100 9699 June 3 9634 June
160 ___ National City 460 465 Empire
Pacific Tel & Tel pref 100
1 1734 May 2391 June Bryant Park* 155 - New Neth.__ 210 __- Equitable Tr_ 272 2 75
Detroit Motor Car• 3.200 2159 June 4 234 June 5 43
& Drov
Butch
Paige
Jan 6099 Feb
52 June 5 52 June
1
473 480 Farm L & Tr_ 485 1 oo
Panhandle P & R pre/100
Apr Dapitol Nat__ 190 200 Park
• 1.500 2239 June 5 234 June 5 214 May 28 May Dent Mercan_ 268 278 Penn Exch... 117 125 Fidelity Inter 238 .
Penick & Ford
Ap 28
305 .
Fulton
500 26 June 5 274 June 1 18
Port Morris__ 190
440 445
Phoenix Hosiery
Ap 90 June Dhaae
980 490 Guaranty Tr_ 330 358
100 200 89 June 1 90 June 3 84
Public
Preferred
Jan Dhath Phenix
53
100 51 June 5 51 June 5 4031M
Rican-Am Tob 100
Nat Bk &T 310 320 Seaboard .. _ _ _ 510 520 Irving Bank- 260 265
Porto
1 May
34 Ma
Columbia Tr
99 June 2 1 June 1
P S Corp of NJ rights_ _ _ 26,200
Mar Thelma Exch• 190 ___ Seventh Ave- 122 128
924 Ma 95
p s Elec & Gas pref _ _100 1.000 94 June 1 95 June 2 10099 Ja 1044 Mar Dhemical ____ 650 660 Standard.,... 300 __ Lawyers Tr__ --- •
10010459 June 2 10439 June 2
465 475 Mutual(West- 185 .
Pr pref100
State.
Doal & Iron_ 276 290
Pub Sent Elec
Feb
cheater) ___
20011959 June 2 11994 June 2 11439 Mar 120
144 150
Trade.
500
Dolonial•
Ry Steel Spring pref_100 13,300
434 439
•
1634 June 5 23 June 1 10 May 23 June
365 United States* 200 206 N Y Trust___
Reis(Robt)& Co
100 44 June 5 499 June 5 44 May 5 May ,ommerce ___ 360 310 Wash'n Rte._ 300 ___ , Title Gu dr Tr 565 1 75
Rossia rights
• 1,700 14 June 2 1459 June 1 144 Jun 1434 May Dom•nwealth* 300
dr Tr 342 355
1.7 S Mtg
Seagrave Corp
Dentinental__ 220 230
71 June
•24,600 6234June 4 71
June 2 4099 M
I United States 1640 .
Brooklyn
Shattuck (F G)
Apr :10112 EXell--. 490 ...
Westches Tr_ 325 .
100 10559 June 2 10539 June 2 10534 Jun 10634 Feb
Sherwin-Williams pf_100
Doamoplans_ 155 -__ Coney Island' 190 220 ,
4 9299 Jun 9834
300 92 June 5 9259 Juno
Brooklyn
450 ___
Sloss-Sheff S & I pfd_100
fast River- 264 285 First
1 30
• 500 23 June 3 2399 June 1 2159 May 24 May
240 ', Brooklyn Tr_ 715 2466
.225
- Mechanics'.
Spear dr Co
100 9134 June 2 9134 June 2 9159 May 92 May fifth Avenue'2000 2560 Montauk* ___ 200 ___ 1KIngs County 2200
100
Preferred
2450
Mat
May
165
544
53 June 3 5059 M
310 ___ Manufacturer 355 .
Elec pfd_50 600 5239 June
Nassau
Stand Gas &
840
3arfield
Mar
710
4 1634 June 1 1054 Ja 19
15
People's
275
People's
SYmircton temp ctfs___. 6.300 2134 June 2 22 June 1 2039 AI
2399 Jan
June
105
• 300
175
LInaanahnrn*
Clam A
Jan
Ap 310
10300 June 1 300 June 1 55
100
Tex Par Land5Trust_
(I) New stook
Ma 11634 June
0
•Banks marked with ()are State banks. (s) Ex-dividend.
10011934 June 111934 June 1 115
Underwood Type pref100
70 June 1 8059 Ja 8159 Mar (y) Ex-rights.
Cigar Stores- _25 7.000 8634 June 5 5894 June 4 5159 M
United
5839 June
• 1,200 84 June
es.
U S Tobacco
New York City Realty and Surety Compani
100 3334 June 2 3339 June 2 3359 Jun 4399 Jan
Virginia Coal dr Coke,,100
34 May
59 June 3 1-32 Jun
AU prices dollars per share.
1 8,053 1-32 June 2
Ylvaudou Inc righta
Jan 11051 June
AO
lid
100 11031 June 51104 June 5 104
West Penn Power pfd100
Bid Ask
Apr 152 May
Bid Ask
151 June 4 118
Ward Baking class A_ _ _• 500 15099 June 2 5159 June 4 3739 Mar 52 May Alliance R'Ity 125
Mtge Bond__ 131 139 Realty Assoc 270
(Bklyn)corn
*25,100 50 June 2
Class B
June 2 104 June 4 9439 Feb 104 June Amer Surety_ 135 140 Nat Surety__ 208 215
_ 921s 95
100 1,800 101
let pref
' Preferred
Jan
& M G_ 254 259 N Y Title &
12 June 1 94 AP 14
2d pref___ 811s 8312
West Elec Instrument _• 700 10 June 6 2234 June 1 1934 Mar 244 May Bond
Mortgage__ 348 352
Lawyer,Mtgo 225 227
1.111 224 June 3
•
Class A
S Casualty_ 315 330 Westchester
June 4 4 May 594 May Lawyers Title
Title At Tr. 350
Wick-Spencer Steel crts• 10.700 4 June 1 4 3.4
& Guarantee 265 270 1.1 Title Glut 240 250
• No par.value.
Vankers' %azette.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
2915.
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.
galorday,
May 30.
Monday,
June 1.
Tuesday.
June 2.
f per share $ per share $ per share
Wednesday
June 3.
Thursday,
June 4.
Friday,
June 5.
per share $ per share S Per'share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
3012
5612
120
957
8
5
1643
4
81
643
4
397s
9112
495
8
80
Highest
$ per share
Shares.
Railroads.
Par
30
30
30 12 3012 30
3012 *2912 3112
100
500 Ann Arbor
53
53
53
5312 *5212 563 .5212 563
4
100
300 Do pref
4
1183 1187 11914 1203 11918 1197 1187 11912 8,500 Atch Topeka & Santa Fe 100
8
8
4
8
8
9512 96
.9512 96
957 96
8
96
96
100
900 Do pref
412 43
412 43
8
412 45
4
4
412 45
8 7,400 Atlantc Birm & Atlantic_ 100
3
16214 1637 163 1633 163 1637 16214 1633
8
4
4 2,200 Atlantic Coast Line RR_ 100
7814 793
4 7812 793
8
3 7718 783 52,500 Baltimore & Ohio
3 777 793
8
100
64 .64
64
6412 *64
6412
6412 "64
500 Do pref
100
.39
40 .39
40
3912 397
8 3914 3914
400 Bangor & Aroostook
50
*91
91
9112 91
*90
925 '90
8
925
8
100
100 Do pref
485 507
8
8 4814 5133
8
8 483 4914 91,200 13klyn Manh Tr v t a_ _ _No par
3 483 495
4
81
803 803
4
4
81
813
3 81
803 803
4
4 2,000 Do pref v t o
No par
.80
*80
81
82
843 *80
80
4
80
80
80
120 Buffalo Rochester & Pitte_100
5141 141
140 14114 1393 14013 1383 1393 .140 141
4
4
4
100
5,100 Canadian Pacific
304 305 300 301 "29712 304
30014 30014 .297 300
800 Central RR of New Jer8ey_100
39514 0612 955 9612 9453 9514 9414 9512 8,200 Chesapeake & Ohio
97.2 99
8
100
.110 11214 .107 109 .108 10812 .108 10812 10812 109
Do pref
100
500
.5
53
3
53
3 *5
5
5 13
5
5
47
8 47
8 1,700 Chicago & Alton
100
9
9
914
9
918 918
83
4 83
4
73
4 812 2,500
Do pref
100
•140 154 •14112 153 .14112 145 .140 145
14418 145
100
200 C CC & St Louis
3412 *3334 3412 34
8
'33 8 3412 337 343 *34
8
7
34
800 Chic & East.111 RR
100
47
465 47
4814 48
8
48
4612 4612 46
4612 2,200
Do pref
100
8 12
12
123
4 1138 123
123
8 115 12
8
1133 113
4 7,200 Chicago Great Western
100
8
2618 273
3 257 267
3 2653 2653 25
2613 233 247 10,100
4
8
Do pref
100
83 1018, 8
9
97
8
4
1018
812 918
812 918 117,900 Chicago Milw & St Paul......100
1333 14
133 153
8
8 143 17
4
1512 165
8 16
163 174,300
4
Do pref
100
4 5512 5712 5714 577
551s 573
8
3 565 5712 55418 56
15,900 Chicago & North Western _100
*10712 108 .107 108
1093 1093 •1063 109 510312 10312
4
4
4
Do pref
200
100
4512 463
46
4512 4614 4418 4512 4314 445 18,900 Chicago Rock 181 dr Pacific..100
4 45
8
99
99
987 987
3
8 99
99 .96
9912 595
95
Do 7% Preferred
700
100
•88
8812 8812 8812 8812 8812 8812 8812 *8512 8612
Do 6% preferred
300
100
*40
42
4012 4013 *40
41
.40
41
.40
41
100 Chic St Paul Minn & Om_ _100
8212 8212 *80
85 '80
85 .80
85
*80
85
100
Do pref
100
6112 6112 61
61
6018 6013 •60
61
*60
61
1,300 Colorado dr Southern
100
63 63
*6214 63
*6214 63
*6214 63
*8214 63
200
Do 1st pre!
100
*593 61
4
*593 61
4
*593 61
4
.593 61
4
•593 61
4
Do 26 pref
100
149 150
14812 14812 1483 14914 1148 14814 1463 14812 2,500 Delaware & Hudson
4
4
100
143 144
142 14212 142 1425 143 14678 14334 146
8
8,700 Delaware Lack dc Western_ 50
4012 4012 .38
40 .38
3912 *36
40
•36
397
8
100 Denver Rio Gr & West pref 100
29
293
3 283 283
4
4
4 283 29
4 283 283
4
29
29
100
2,700 Erie
3818 3812 3713 38
3714 377
8 3713 3714 3714 375
8 9,400
100
Do let pre
'36.2 3712 .383 39 •371z 3714 3612 3612 3612 37
4
100
Do 2d pref
1,100
67
6712 67
6712 6753 677
8 67
673
4 663 671
4
9,400 Great Northern pref
100
3 28
2814 283
2818 2712 2818 8,100
2818 28
2814 28
Iron Ore Properties_ _No pa
3014 3114 3012 3012 3013 3012 29
2914 293
30
8 2,700 Gulf Mob & Nor
100
953 97
4
96
96
9512 9612 96
96
96
98
100
1,500
Do pref
3012 31
30
305
8 3018 307
8 3013 305
3 303 303
8
100
3 7,400 Hudson & Manhattan
70
70
7012 7012 7012 705 .6914 703 •6912 7012
8
10
Do pref
700
4
11318 1133 1133 1133 11312 11312 11314 1131 11312 11312 1,700 Illinois Central
8
8
100
Stock
.144 115 *11414 11512 11412 11512 *114 117
116 116
100
Do pref
400
.71
72
*71
72 '71
72
*71
72
•71
72
Do RRSec,SeriesA _ _1,00
233 2312 .2314 24
8
Exchange
2314 2314 .2314 24
•2314 24
300 lot Rye of Cent America__100
.6414 65
6414 6414 .64
65 .64
65 .64
65
100
Do pref
100
Closed;
24
2512 2518 26
2418 2514 24
241
2314 2312 19,800 Interboro Rap Tran v t a_ _100
325* 3314 33
33
3318 333
8 33
331
3212 3253 1,400 Kansas City Southern
100
Memorial *5812 5912 *5812 591„ .5812 5912 5912 591
5913 5914
100
Do pref
500
795 8018 803 803
8
3
8 795 8031! 7912 817
8
8 8012 827 27,900 Lehigh Valley
50
Day
11214 .11112 112
11112
11112 11112 11114 1123 11012 11118 2,000 Louisville & Nashville
8
100
78
*667 78
'66
3
*67
783 .67
4
78 .67
75
Manhattan Elevated guar, 100
4314 4614 43
425 43
8
463
4478 45
4 443 451
4
100
Do modified guar
7,000
•914 07
8 .914 10
.914 10
.914 10
100
Market Street Sty
*914 10
"32
34 .30
34 .30
34
34 .30
•30
34
100
Do pref
*5112 52
*51
52
505 503
8
4 5012 503
5013 5012
100
Do prior pref
800
22
20
*21
20
20
20 .19
22
•19
22
100
Do 2d pref
300
338 33
3
3
33
3 *3
33
8
3
3
•23
4 3
100
1,200 Minneap & St L
31
34
'31
3112 .30
33 .30
33
32
33
600 Minn St Paul & 55 Marie..100
.45
50 '45
50 .45
50 .45
4712 4712
50
100
Do pref
100
3412 3518 333 3412 3378 3414 3312 333
4
4 7,100 Mo-Kan-Texas RR_ _ _..No Par
4 3318 333
8212 8314 823* 83
83
83
8212 2,300
813 823 •82
4
4
100
Do pref
35
3512 3458 3513 345 35
8
8 333 3412 8,200 Missouri Pacific
3414 345
4
100
79
807
8 783 80
4
793 81
4
79
80
783 7914 24,700
4
100
Do pref
17
8
17 _
8
- •13
4 2
178
*17
8 2
17
8
300 Nat Sty' of Sfax 2d pref._ _100
•117 12113 •11612 8 7 120 120 .11612 122 "11612 1207
121
3
100
100 New On Tex & Slex
11614 1177 11612 117
8
1155 1163 11513 1157 11512 11614 17,200 New York Central
8
4
8
100
•125 127
125 12514 .123 12512 .120 125
12478 1247
8
100
300 NYC&StLCo
915 917
8
8 913 913 *903 913 .907 9112 91
4
4
4
4
8
91
100
Do pref
600
323 343
4
8 3213 3314 325 3314 3218 323
8
8
4 3213 327 22,400 NY N H & Hartford
100
24
2413 235 2353 23
8
233
4 23
2312 1,100 N Y Ontario & Western_ _100
23
23
3212 33
3212 333
8 3253 325
8 3212 3253 33
3318 4,900 Norfolk Southern
100
12918 13012 129 1293 129 13014 128 12913 1275 12812 9,300 Norfolk & Western
4
8
100
.77
78 '77
78 1 *7712 78
7712 7713 77
77
100
200
Do pre/
643 653
8
8 635 645
8
8 643 653
6312 6518 637 6414 11,600 Northern Pacific
4
8
3
100
8 433 44
4334 437
3
437 44
8
4378 44
437 44
8
10,100 Pennsylvania
50
18
183
4 18
18
1812 19
18
18 '17
18
1,800 Peoria & Eastern
100
6312 6312 63 63
.6314 6614 '6314 6614 '6314 6614
200 Pere Marquette
100
813 .77
4
"77
813 .77
4
81
81
'78
•78
81
Do prior pref
100
'70
7214 •7013 7212 .7012 72
"7012 72
*7012 72
Do pref
100
727
8 71
71
7112 7112 72
7112 72
71
7238 5,200 Pittsburgh & West Va
100
88
9114 8718 887
8
8 865 8814 863 88
4
8553 8712 85,600 Reading
50
4018 41 .38
393
4 3912 393
4 3912 3912 3913 3912 2,300
Do 1st prat
50
4212 443
4
3 423 423
4 42
42 .41
42
4114 4114 1,200
Do 2d pref
50
61
5812 5834 .55
.58
*5312 60
60
*5412 60
200 Rutland RR pref
100
8
803 8314 817 83
4
8214 84
82
837
3 8218 83
51,900 St Louis-San Francisco_ _ _100
85 '8414 85
85
85
85
843 843
4
4 85
85
600
Do pref A
100
47
4714 4512 473
4712 47
445 45
8 4514 46
8
3,300 St Louis Southwestern__ 100
713 713 .7012 7212 *71
4
4
.7112 72
7134 •71
713
4
100
Do pref
100
33
343
4 3314 337
3 3314 333
4 32
333
8 3218 3212 12,600 Seaboard Air Line
100
43
4312 433 4418 43
433
8 43
8
4312 42
4218 4,300
Do pref
100
1003 10073 10012 101
8
10014 1003 10018 1005 100 1003 15,400 Southern Pacific Co
4
8
8
100
4
9414 967
8 9612 9734 9512 9714 94
8 943 977
9512 64,100 Southern Railway
100
8614 86
8 86
86
8612 865
86 12 87
877 89
3
4,400
Do prof
100
5112 53
52
52
5112 5214 50
51
50
51
5,600 Texas & Pacific
10
1118 121s 1214 14
12
1114
11
1212 1012 1012 9,900 Third Avenue
100
6612 66
665s '66
66 .64
8818 6818 .66
66
200 Twin City Rapid Transit_ _100
13718 1373 137 1373
4
51373* 13712 13612 13753 137 138
8 5,800 Linton Pacific
10
8 7414 7414 7412 741
3 745s 7458 7412 745
7414 747
Do pref
1,100
10
.27
29 .23
.20
31
31
.24
30
•25
28
United Railways Invest......100
737 75
8
76
73
7212 .70
73
.71
.74
721
800
Do pref
10
121 12112 12014 123
117 1193 118 119
4
118 12112
7,100 Virginia Railway dr Power..100
8
277 281 34,900 Wabash
8
2712 2873 273 2814 2734 2913 2814 29
100
6553 6612 6612 673
4 6614 6712 657 667 31,100
8
6512 67
Do pref A
100
48
48
48
49 .47
483 •4712 50
*47
491
4
450
Do pref 13
100
•135 137
8 1312 1334 1314 1314 3,600 Western Maryland
3
135s 14
8 135e 137
100
•19
20
2018 1918 1913 19
19
1918 1912 •19
600
10
Do 2d prof
4112 42
4113 4134 4118 413
413 4112 .4112 42
s
2,600 Western Pacific
100
9112 9112 .9113 92
91
917 92
9112 9118 9114 1,100
8
10
Do prat
155
8 1434 1514 4,800 Wheeling dr Lake Erie Sty...100
4
8 1613 1613 153 1612 15
1613 165
29
293
3
303
4 293 30
8 28
29
3012 *30
30
2,600
10
Do pref
*2912
*5212
1187
8
•9512
5
1623
4
7914
6453
397
8
•S814
4818
793
3
PER SHARE
Range for Year 1925.
On lasts of 100
-share lots.
3 Per share
22 Feb 17
40 Mar 24
11614 Jan 16
9212 Feb 17
3 Jan 14
14714 Jan 18
71 Star 30
3
627 Apr 21
3514 Mar 23
90 Feb 19
3518 Jan 6
727 Jan 2
8
48 Apr 2
13612 Mar 30
265 agar 30
8914 Mar 30
10514 Apr 14
8
35 Apr 24
51s Apr 23
140 May 20
293 Mar 30
4
40 Mar 30
9 Jan
1914 Mar 30
314 Apr 20
7 Apr 20
47 Apr 14
1013 Apr 14
4
401s Mar 30
92 Jan
82 Mar 30
3313 Apr 22
7314 Apr 21
4418 Jan
60 Mar 26
54 Jan 21
13312/gar 30
125 Mar 30
3612 Mar 24
263
4May 15
3512 Apr 27
35 Apr 24
60 Apr 24
2738 Apr 22
23 Mar 30
8912 Mar 30
213 Mar 18
4
6413 Feb 18
111 Mar 31
11212 Apr 23
7053 Jan 6
18 Jan 8
5912 Jan 2
1312/gar 23
285 Mar 30
8
57 Jan 15
69 Mar 30
106 Jan 16
64 May 20
3218 Mar 23
714 Mar 11
20 Jan 13
4314 Mar 20
16 Mar 19
213 Jan 6
3053 Apr 4
40 Mar 30
2814 Jan 2
74 4 Jan 2
3
305 Jan 5
8
71 /gar 30
17 Apr 3
8
11314 Feb 21
114 Mar 30
120 Mar 30
8812 Jan 6
28 Mar 24
2053 Apr 4
217 Apr 22
3
12312 Mar 30
7511 Jan 8
5814 Apr 25
4212 Apr 9
133 Apr 30
4
623 Mar 30
4
7812 Apr 15
6812 Apr 16
63 Mar 19
693 Mar 30
4
357 Mar 18
8
3614 Mar 18
42 Apr 24
5712 Jan 16
78 Jan 20
4412 Mar 30
7012 Jan 19
8
203 Jan 16
35 Mar 30
9853 Mar 30
775 Jan 2
8
83 Jan 2
4314 Jan 27
712 Apr 17
58 Jan 22
13314 Apr 24
72 Jan 30
1814 Mar 19
4812 Mar 23
8418 Jan 14
1912 Mar 30
5534 Jan 20
3813 Jan 21
11 Mar 24
16 Mar 27
2114 Feb 17
8412 Jan 6
103 Mar 31
4
22 Apr 2
8May 8
347
6012May 8
1277 Mar 2
8
96 Apr 20
712 Mar 6
166 Mar 3
8414 Mar 6
6612 Jan 6
4214 Jan 15
9413 Jan 5
507
8June 2
8134 Mar 14
92118May 2
1523 Jan 8
8
321 Jan 3
9918Slay 18
111 187'fay 29
105 Feb 9
8
1912 Feb 21
16412 Feb 11
3618 Mar 13
5714 Jan 2
15 Feb 7
323 Feb 8
8
16118 Jan 7
2812 J .n 7
7538 Jan 12
117 Mar 5
5414 Mar 3
9914 Feb 21
8912Mar 3
5911 Jan 13
108 Jan 13
6512 Apr 18
64 Feb 9
603 Apr 17
4
155 Apr 6
147 May 25
60 Jan 12
34 Feb 24
467 Jan 2
8
433 Jan 5
4
713 Jan 8
3
403 Jan 19
3
34 May 8
10112 Jan 10
3212MaY 6
705
8June 3
1195 Jar 7
8
119 Jan 7
74 Apr 17
2514 Apr 28
65 Apr 25
3412 Feb 9
4012 Feb 21
5953 Feb 24
8278June 5
11714 Mar 2
100 Jan 14
5114 Feb 9
1012 Jan 2
34 Slay 8
56 May 7
2412 Apr 25
4 Mar 6
5614 Jan 14
71 Jan 9
4014 Mar 4
873 Feb 5
4
41 Feb 6
84 May 20
23 Jan 12
4
1233
3May 8
1241 Jan 13
4
13714 Feb 24
9214 Mar 3
363 Mar 2
8
2718 Jan 7
34 May 1
13453/gar 20
79 Apr 3
7134 Mar 6
4878 Jan 5
2078 Jan 12
72 Feb 25
84 Jan 16
753 Jan 10
4
737 Jan 2
8
9114June 1
41 June 1
443
8June 1
6278 Jan 9
84181gay 20
8512May 20
53 4 Mar 2
3
7534 Mar 11
353 ay 20
4M
48 May 7
108 Jan 9
/
1
4
977
8June 2
923 Feb 25
4
583 /gar 13
4
143 Jan 12
4
70 May 27
15314 Jan 10
76 Feb 28
3312MaY 18
7814May 18
123 Juno 3
293
4MaY 22
6814MaY 20
497
8Slay 21
171 Jan 9
,
2614 Jan 9
55 Mar 11
100 Mar 11
1812May 21
3312May 21
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
$ Per share $ Per Ilan
8
12 Apr 227 Dec
25 Mar 4614 Dec
4
9718 Jan 1203 Dec
8
8612 Jan 965 Dec
Dee.
15 Feb
8
112
Jan 15214 Dee
8
52111 Apr 847 Dec
5614 Apr 6613 Dee
393 Dec 4414 Dee
4
88
Jan 95 Nov
8
1312 Jan 417 Dec
483 Jan 75114 Dec
4
40 May 683 Dec
8
4
1423 Mar 15612 Nov
199 Mar 295 Dec
673 Feb 9814 Dec
4
9912 Jan 10918 July
314 Apr 1012 Dee
818 May 197 Dec
8
100 Apr 15014 Nov
21 May 38 Dec •
8
37 May 627 Dee
4 Apr 117 NoT
3
8
1013 June 313 Nov •
4
107 Oct 181 Nov
8
1814 Oct 3213 Nov
4
4914 Jan 753 Dec
Jan 11414 Dec
100
2112 Feb 50 Nov
7634 Feb 0714 Dee
8
655 Jan 8712 Nov
Jan 5712 Dec
29
6814 Apr 94 Dec
20
Jan 49 Nov
Jan 6514 Dec
50
46
Jan
39 Nov
3
10412 Mar 1395 Dee •
11014 Feb 1491a Dec..
42 Dec 4313 Dee .
2034 Jan 353 141111.
8
,
285 Feb 4914 Dee
8
2518 Jan 4614 Dee •
531 Mat 75 Dee4
4
26 May 393 Nov
1154 Apr 2912 Dee.
50
Jan 99 Dec
2914 Dec
2053 Nov
5713 Oct 6478 Dec
7
10014 Mar 117 3 Dec.
104 Mar 11714 Dee
64
Jan 73 Dec
1812 Nov
4
113 July
4414 May 63 Nov
123 Jan 3914 July
4
1734 Mar 4153 Dec
5114 Mar 5912 Dee
53912 Apr 85 Dim
8753 Jan 109 Dee
42
Jan 85 Dec
8
3012 Jan 517 July
1312 Jan
63,4 Mar
34ct 42 Dec
20
7113 Jan
41 Nov
Jan
14 Mar 30
4
Jan
13 Jan
8
2814 Mar 5313 Dec
50 June 75 Dec
8
1013 May 343 Dec
2934 Feb 7514 Dec
gh Jan 3414 Nov
29
Jan 74 Dee
118 July
3 Dee
9312 Feb 12113 May
991e Feb 11934 Dec
7212 Feb 128 Dec
8
83 May 937 Seth
1418 Jan 3314 Dee
16 May 2814 Nov
1213 Apr29 Nov
10213 Jan 13314 Dec
723 Feb 8018 June
4
73 Dec
477 Ma
8
4214 Jan 50 Dec
2211 Nov
93 Ma
4
4012 Ma
73 Dec
7112 Apr 8512 Aug
Jan 77 Aug
60
Jan 7514 Dec
38
517 May 7912 Dec
3
Oct 5812 Jan
34
Jan
b3318 Jan 56
Jan 66 Nov
32
1913 Apr 65 Des
4253 Jan 8211 Dec
Jan 5573 Dec
33
74 Nov
577 Jo
3
614 Jan 2413 Dec
4513 Dec
1414 Jan
8513 Ma 10512 Nov
793 De*
4
3812 Jan
663 Jan 85 Dec
4
Jan 481 Dec
e
19
83 May
4
1812 July
Jan
66
3913 he
1265 Mar 1515 Dec
8
8
70 Mar 7612 Aug
76 14Pr 41 Dec
8
2613 14pr 647 Dee
3
36
Feb 723 July
4
1014 Jan 243 Dec
8
34
Jan 6014 Dee
2212 Jan 423 Dec
8
83 June 1614 Dec
3
1514 May 2614 Dec
145 Jan 367 Dec
4
a
Jan 8612 Dec
58
1712 Dec
713 Jan
1414 Jan 3212 Dec
Industrial & Miscellaneous
4
7212 7414 713
•133 143 •133
4 95
94
943
153 1613 1512
4
054
56
56
• 1816 and aaked prices.
4 72
7478 7212 733
747
8 73
143
133 133 •131 143 •131
923 923 "93
•93
4
4
95
95
15
3
4 1518 153
153 .153 153
4
*49
66
5512 5512 *5312 55
x Ex-dividend.
b Ex-rights.
72
143
95
15
55
6,900
100
400
900
600
62
Abitibi Power & Paper_No pa
100 119
All American Cables
100 90
Adams Express
100 13
Advance Rumely
100 47
Do pref
Jan 6 75 eday 29
,
Jan 5 133 May 26
Apr 16 10316 Jan 9
Apr 11
1812May 13
Feb 18 50i2May 18
81 Dec 64 Dec
9811 May 12213 Dec
7312 Jan 9311 Dec
6 June 168 Dec
8
231 June k4 Dec
.
New York Stock Record-Continued-Page 2
2916
•aies during the week of stocks usually Inactive. sea second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
May 30.
Monday.
Tuesday,
June 1. I June 2.
Wednesday. Thursday,
June 3.
June 4.
Friday.
June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share S per share 3 per share S per &hate $ per share Shares. Indus. & MIscell. (Con.) Par
103 10514 1023 10314 1033 10618 11023 10412 1025 1027
3 5,000 Air Reduction. Ine____No Par
4
8
8
4
1314 133
4 1314 1312 1318 138 13
10,000 Ajax Rubber. Ino____No par
1312 13
13
Alaska Gold Mines
10
-'1.E8 -14 -15.
38
-;1E8 134
800 Alaska Juneau Gold Min
10
937
92
92
21,400 Allied Chemical & Dye No Par
933
4 9218 933
908 9212 9012 92
11914 1198 *11914 1193 .119 11934 11934 120
4
Do prof
120 120
800
100
84
8512 84
844 8414 85 I 82% 843
14,700 Allis-Chalmers Mfg
100
4 824 83
•10512 110 .10512 108 1 108 108 .10513 108 *10512 108
Do prof
200
100
195 204 195 195
8
8
4,000 Amer Agricultural Chem .J00
1914 1912 185g 1914 185 193
8
53
563 , 54
Do pref
5412 5313 54141 51
6,600
100
5314 5214 53
402 403
4
41 41
41 1 41
000 American Beet Sugar
41141 4012 4012 .39
100
4013
8412 8412 .8418 877 •8412 877 *8412 874 .8412 877
or c
g
8.610000 AmerDo Bpset mag
100
323 344! 334 3414 3312 353
4
neto__No par
8 3258 34
324 327
•103 106 I 103 103
103 103 .10312 107
300 Am Drake Shoe & F____No par
1033 1033
4
4
•111 115 *111 11312 113 113 .111 115 ,*111 115
100
1001 Do pref
1875 19114, 1875 19112 1907 193
8
8
8
1877 1903 18513 1887 19,200 American Can
8
4
100
8
1214 1211 1 121 121 .120 122
;
121 121 1 12114 12114
Do pref
800
100
1
American Car dc Foundry,
.100
F2
.
6- 12 1.126- 122- HI 115
-i
Do pref
500
100
fir
PER SHARE
Range for Year 1925.
On basis of 100
-share lots
Lowest
Highest
Lowest
Highest
$ per share
8634 Jan 30
10 NIar 19
.15 Jan 2
1 Jan 6
80 Mar 30
117 Jan 9
7113 Jan 5
10314 Jan 3
1313 Mar 19
364 Mar 23
36% Mar 19
8014 Jan 19
2618 Mar 24
9014 Mar 30
10712 Jan 12
15818 Jan 16
115 Jan 29
192 Jan 5
1203 Apr 2
4
$ per share
1114 Feb 26
147 ay 12
87.l
3 Jan 14
8
214 Mar 27
9518Nlay 28
120 Feb 26
8618 Mar 13
108 June 3
217 Feb 11
8
58 May 25
43 Jan 7
8712 Jan 8
5412 Jan 3
109 May 5
11314May 20
194 May 23
12114June 5
23214 Mar 6
12511 Feb 18
Per share
6714 Jan
413 May
.05 Dec
78 Jan
65 Mar
Apr
110
4158 May
Apr
90
718 Apr
183 Apr
4
36 Mar
6812 Oct
2214 Apr
Apr
78
10414 July
95% Apr
109
Jan
15312 Apr
1183 Apr
4
per share
93 Dec
1413 Dee
4 per
112 Mar
8713 Dec
1185 Dec
8
735 Dec
8
1047 Dec
3
174 July
49% Jan
4912 Feb
83 Dee
384 JaL
102 Der
110 Mar
16312 Der
119
Oct
20014 Dec
125 July
American Chain,class A ___ 25 225 Apr 22 27 Feb 14
8
American Chicle
No par 37 Jan 27 62 Apr 18
Do pref
100 94 Jan 5 109 June 3
Do certificates
No par 37 Jan 7 5812 Apr 18
Amer Druggists Syndicate_ 10
62 Jan 22
4
514 Mar 17
American Express
100 125 Apr 27 186 Jan 2
Amer de For'n Pow new_No par 2714 Apr 7 39 Jan 7
Do pref
No par 87 Jan 6 94 Feb 19
Do 25% paid
11458 Apr 7 12712 Jan 7
Do full paid
125 Jan 6 128 Jan 7
700 American Hide dc Leather_100
1 4
1 - 1 12- 11
-IF, III; 1114 - -1-1- ;.4 14 Jan 14
- .1812 Mar 31
11 8
Do pref
8 2,700
100 59 Mar 31
8
72
73
717 7212 7258 7313 72
75% Jan 14
7318 714 717
1053 106
100 83 Mar 18 1142
4
10612 10984 110 1124 11112 114% 13,400 American Ice
81une 5
10658 107
Do prof
84
600
837
82
84
8353 8328 •83
8314 82
100 7412 Mar 17 84 May 21
.82
4
3358 35
333 34
,
4
3312 34
348 3514 333 33 4 2,700 Amer International CorD 100 324 Mar 30 41 Feb 6
125 125
8
8 1.500 American La France F E
*125 13
8
10 1114 Jan 2 14 Jan 15
4
123 13
123 13 •123 13
4
4
1,900 American Linseed
274 2814 .2712 2812 .2712 2812 2614 2758 2514 26
100 20 Mar 25 303 aY 6
8M
Do pre
4
693 70
4
6958 6958 6912 694 6912 6912 683 7918 1,800
100 53 Jan 2 715
8May 7
8
7,000 American Locom new__No par 10413 Jan 5 1447 Mar 6
12112 122
1223 123
4
4
4
12218 1233 1223 1233 1225 123
4
8
Do prof
200
1223 1223 123 123 .123 124 .121 124 •121 124
4
4
100 11812 Mar 20 124 Feb 16
47 4712 464 463
48
48 .4713 48
48
48
No par 453 Mar 30 53% Jan 2
4
4 1,700 American Metals
Do pref
.110 114 *110 114 .110 114 .110 114 .110 114
100 111 Mar 30 11613 Jan 8
95
95
9514 9512 95
9513 1,700 American Radiator
25 89% Jan 3 105 Jan 17
9512 95
9512 95
•7712 7912 .7713 7912 .
200 Amer Railway Express___ _1001 7614May 13 84 Jan 13
•7712 79
7812 79
774 79
American Republica__ no par 48 Jan 8 6614 Jan 17
59
.42
.42
59 .42
59 .42
59 .42
56
2,300 American Safety Razor____100 364 Jan 2 5914 Mar 12
4958 .50
.
514 53
5112 5112 5112 5113 4914 51
83
82une 2 1412 Fob 28
8 818 3.600 Amer Ship & Comm _ __No par
858 813 .83
858 812
84 8%
82 8
,
82
851
8
104 106 8 10418 1055 10214 10414 102 10414 128,300 Amer Smelting dr Refining.100 903 ar 30 1065 Feb 10
10014 105
8
,
Do prof
2,100
110 110
100 10512 Jan 5 110% Feb 5
110 110
10818 1084 108% 11018 110 110
Amer Steel Foundries___33 1-3 48 Jan 30 543 Mar 4
4
Do prof
100 108 Jan 7 112 Apr 18
-*HO' Ili' *HO' 112 •iio" 112 '110 112 *110 112
634 85141 6318 6412 334 6378 6218 634 6258 63 9,600 American Sugar Refining, 100 4758 Jan 16 7114 Apr 14
800
Do pre:
96
96
9712 96
913
4 97
100 9114 Jan 16 10112 Feb 28
96
98 .96
297
9
9 18 4,000 Amer Sumatra Tobacco
6 May 6 2412 Feb 14
Ws
912 912
100
913
9
10 I
913 93
4
84
200
Do prof
*82
82
100 28 Apr 27 8618May 28
82
•82
•75
88
88
80
80
500 Amer Telegraph & Cable 100 3734Ju1e 1 47 Feb 25
397 397
40 40
.38
40
373 373
4
4 40
40
8
13912 14018 14018 14012 14014 14012 14058 1404 14012 1407 93,900 Amer Telep & Teleg
100 13052 Jan 2 14028 lune 4
6,300 American Tobacco
50 8.5 Feb 17 9678May 23
4
9558 96 I95
Stock
967
8 954 9658 943 96
953
4 96
200
Do pref
107 107
100 10412 Jan 5 107 June 5
10612 10612 •10628 107
•10612 107 1.10612 107
5.400
954 9458 95
Do common Class B_ ___ 50 8412 Feb 17 9612June 1
4 95
9518 9612. 9452 95% 95
953
Exchange
800 American Type Founders_100 103 Apr 22 11314June 5
11012 11314
112 114 .112 114
110 110 .110
••
11
8
20 343 Jan 13 68 June 2
6612 673
4 6452 66% 6312 6658 33,800 Am Wat Wks St El
Closed;
62
67
6512 68
700
101 101
101 101
Do 1st prof (7%)
100 100 Jan 9 103 Feb 18
101 101
101 101
10058 101
3,100
Do partIc pf(6%)-100 954 Jan 2 108 June 1
107 107
107 107
Memorial 106 108
107 10718 107 107
4
7
8 3612 3814 365 373 12,200; American Woolen
100 3434May 6 644 Jan 6
3828 37 8 377
3718 3814 37
2,5001
Do pref
7812 79
7512 80
785 79
8
7818 797
100 6912maY 6 9612 Jan 20
Day
7814 79
34 312! 3,300 Amer Writing Paper prof-100
713 Jan 3
4
212 Apr 2
.3 4 4
3
4
.4
5
312 33
4
714 .718 712'
714
300 Amer Zinc, Lead & Smelt_ 25
7 May 12 1212 Jan 9
758 712
8 73
4
•73
2 74 .73
28 I
200
29 .26
Do prof
264 2612 .26
27
•27
2812 27
25 247,7.111)' 1 39 Jan 9
39% 36% 387
284 4018 39
8 3612 3712 28,200 Anaconda Copper MinIng_50 3514 Apr 21 48 Jan 3
398 39
034
34
700 Archer, Duels Micird_No par
34
26 Jan 7 3514 Fob 13
34
33
34
35
333
4 3212 3212.
Do prof
0812 .96
9812 .96
*96
98141
9814 .95
100 9011 Jan 5 98 May 21
9814 .96
94
9452' 3,000 Armour & Co (Del) prof.. _100 904 Mar 31 97 Feb 14
8
8 9358 9418 9312 94
93 9318 927 933
94 10
912 912' 5,800 Arnold Constle&Covtc No par
94 1012
912
9
8 Jan 5 1212 Jan 28
8% 912
210 220 1.204 216 *204 210 1
Associated Dry Goods____100 128 Jan 5 214 May 25
.206 210 *204 210
983 983
4
99
9912, *97
4
200
4
Do 1st prof
4
.98
9912 983 983 .98
100 94 Jan 7 995 Mar 12
8
Do 2d pref
106 107 1
106 107 1.10512 107 .
105 107 *106 107
100 101 Jan 2 10814 Feb 7
8 3814 394 12.200 Associated Oil
4 38% 392
4' 38% 387
387 3913 387 393
25 32 Mar 30 4014May 22
453 4712 45
4
4614 13,700 All Gulf & WI SS Line____100 20 Jan 5 4812Nlay 6
4658 4512 47
4614 488 46
4512 465
8 4512 4614 3,300
4512 46
4
Do pref
8 453 46
4528 467
100 31 Jan 5 473
4Mar 3
4
10814 1093 10912 11158 4,600 Atlantic Refining
8
108 1097 108 108
.1087 109
8
100 954 Jan 2 1174 Feb 5
4
4
300
117 11714 11714 1173 *11714 118 *11714 1173
Do prof
•11612 117
100 11311 Jan 6 11714June 2
45
45
100 Atlas Powder new
46
54512 4712 *4512 4712 *454 474 *45
No par 45 June 5 6212 Feb 24
Do prof
•9212 94
.9212 94 '9213 94
.
9212 94 .9213 94
100 92 Jan 14 94 Jan 9
4
4
404 Atlas Tack
4
11
.103 1112 1034 103 .103 1112 1014 1012
11
No par
918 Feb 16 13 Apr 28
24
400 Austin,Nicbols& COVt c No par
244 244 24
•2412 25
24
26
24
.24
2314 Apr 30 3213 Jan 12
93
93 .89
93 .89
Do pref
92 .89
92 .81
.89
100 87% Jan 27 93 May 14
*314
4
*314 33
Auto Knitter Hosiery__No par
4 .314
33
.318 34 .3
4
414May 14
14 Jan 7
333
8
8
62,500 Baldwin Locomotive Wks_100 107 Mar 30 146 Feb 26
11614 118 8 11584 1183 21115 113
11512 118
1154 120
,
11112 11112 .11112 1125 11258 1125 11412 11412'
3001
DO pref
.1095 111
8
8
8
100 109 May 1 11658 Jan 31
4
4 227 233 16,700 Barnsdall Corp. Class A
4
244 2314 2418 233 2414 2252 233
23
25 21 Mar 24 30 Mar 3
183
4
400
1812 1813 .18
Do Class 13
19 1 1812 184 *1812 19
19
' 25 1614 Apr 22 23 Feb 6
100 Barnet Leather
.3213 40
35 1 .3214 40 .3212 40
35
40
•35
No par 35 Jan 6 4978 /gar 4
Bayuk Cigars, Inc
404 403
4 1,300
8
404 404 '-30 4 4 12 393 40
3 51 -0.403 41
4
No par 39 Apr 28 5314 Feb 14
6712 3,000 Beech Nut Packing
8
6914 6814 68 8 675 6814 67
7
4 69
693 703
4
20 60 Mar 23 7413 Jan 10
38
29,900 Bethlehem Steel Corp
4 37
3851, 3914 373 383
4
4
372 4014 374 39
100 37 June 5 5312 Jan 13
300
110 110 *110 112
Co cum cony 8% pref_100 109 Mar 18 11612 Feb 8
110 110 .110 114
•110 114
•9314 94
200
Do pref 7%
94
94 .9314 94
9314 9314 .
9314 94
1081 9314June 1 102 Jan 31
400 Booth Fisheries
438 458 *413 452
412 412 .414 458
5
No par
418Nlay 4
•412
7 Jan 10
2
100 British Empire Steel
2
214
214 .2
258 .2
24 .2
.2
158May 4
3% Jan 26
100
Do 1st prof
100
8
2658
25 .26
•____ 25
263 •2512 263 .26
8
25
100 25 Juno 2 333 Feb 25
4
97
200
Do 2d pref
4 *712 812
.74 83
100
712 Apr 25 1114 Fob 24
4
818 84 •77s
74 73
134 1364 13512 13512 13312 13312 2,800 Brooklyn Edison, Ins
133% 135
134 134
100 12058 Jan 2 14052May 22
8834 894 21,200 Bklyn Union Gas
884 893
90
4 884 907
884
867 8818
8
754 Feb 17 9153Nlay 22
No Par
97121 4,800 Brown Shoe Inc
96
9914 96
96
9712 98
96 10012 97
100 6412 Nfar 31 10012June 1
Do pref
•105 110 .105 110 .105 110 .105 106 .105 110
100 96 Mar 25 10214May 14
1073 10858 1,200 Burns Brothers
4
4
4
4
No par 9212 Feb 11 10912May 9
1073 1074 .1063 1073 10752 108
107 107
8 6,700
Do new Class BOOM No Par
4
273
4 273 29% 288 297
263 26% 2853 2654 27
8
17 Mar 31 297
8June 5
Do pref
974 *95
974 *95
9714 .95
9718
9718 .96
100 934 Jan 10 9718 Apr 16
.96
7858
600 Burroughs Add'g Nfach_No par 65 Jan 3 8214 Mar 15
58
7812 7812 784 7814 7812 7812 7812 7812
5312 6
5 8 62
5
512 54 1,000 Butte Copper & Zinc
558 558,
552 558
5 414 Mar 31 84 Jan 2
4
200 Dutterick Co
20
20 I 19
19 .19
19 .19
19
20
100 17 May 13 284 Jan 3
•19
97
3,1001 Butte dr Superior Mining_ -10
10
9
64Nlay 5 244 Jan 9
912
03
4 07 ,
8
07 1014.
8
912 10
12
5
8
12
58
12
58 17 11,200' Caddo Cent Oil de Ref _No par
8
12
12 Apr 25
.12
58
238 Jan 12
5,6001 California Packing
8,
No par 10012 Jan 27 118 June 1
1151z 11618 116 11618 1134 1157 1 11314 114
11512 118
8
82814 2812 2814 2812 284 28131 2818 285 19,7001 California Petroleum
8
25 23% Jan 2 327 Mar 7
2858 29
12118 12114 121 12114 2.0001 Do prof
,
100 100 Jan 2 123 May 22
12212 122% ai2i3 12158, 121 121
8
27
27
27
8 2
7
•2 8 3
7
4001 Callahan Zinc-Lead
212Ntay 8
10
41 Feb 19
4
24 27
.8 3
27
alu o io pzow
4912 1,300 Casem ot A rilo na Mining_ 10 45 Apr 22 58 Jan 7
484 z48
48
,
484 4818 *48 4 49 .4818 49
No par
---.-:7. 600 Calumet & Ilecla
•123 13
4
13
25 1214May 26 185 Jan 5
lilt -13
8
13
13 - - - -co- 12- ;Ii- 34
200 Case Thresh Machine__ _100 24 Mar 18 3512Nlay 28
34 .32
3034' *31
34 .30
344 3412 34
1,200
80
Do pref
80
7912 80
100 60 Mar 11 80' Slay26
78
80 .77
79 .77
79
3,300 Central Leather
171 18
19
173 18
4
100 143 Mar 28 213 Feb 7
4
4
,
1824 193
8 1812 18 2 •18
Do prof
6014 6,100
59
100 4914 Star 24 66 Feb 7
4
8 614 4118 6014 61
63
603 1317
61
300 Century Ribbon Mills_ ,No par 3112 Jan 5 4712 Mar 11
36
3614 3104 3612 3612
3713 *36
38
•36
Do prof
97
. 6
50
•96
97
97
100 9512 Jan 3 984 Jan 14
*96
97 .96
97
•90
16,100 Cerro de Pasco Copper_No par 434 Nf ar 24 5513 Jan 2
49
5012 4814 49
5114 5214 503 5112 5058 507
4
5012 474 494 24,500 Certain-Teed Products_No par 404 NIat 24 513
49
49
8Nlay 29
5114 5014 5114 504; 51
3514 354 3518 364 3628 3712 354 3614 354 364 13.400 Chandler Motor Car ,_No par 2812 Jan 22 375 Apr 8
8
8812 1,000 Chicago Pneumatic Tool 100 8014 Nf ar 19 985 Jan 3
88
90
9114 914 89
8
.
92
03 .9112 93
400
ile el, rab
lo 6o
4712 48 .47
47
3312 9,900 ChleYco wC tern ctf No Par 47 May 18 85 Jan 3
47
*47
4712. 47
4713 547
58
337 345
8
25 3013 Mar 30 37% Jan 2
8 333 34141 33313 3313 334 3312
4
300 Chino Copper
21
21
22
8
•21
2212 .20
22 .21
5 19 Apr 23 28% Feb 2
215 *21
500 Cluett, Peabody 4 no
Inn 6814 Msr 17 713 .1an 12
61
,
6012 6012 60
.6013 62 .6012 62 1 .6012 62
z Ex-dividend.
a Ex-rights.
•Bid and asked Priem; no sales on this day.
2314 23% 2312 2312
515 53
8
53
53
•,05 107 .105 107
.5018 52
504 504
64 618
•618 614
137 137 .135 138
34% 3612 353 37
4
90% 91
4
9012 902
125 125
125 1255
8
•232 24
4
233
4
53 12 56
a55
107 109 *106
05312
52
53
618
6
.6
4
13112 13512 1313
3518 357
8 3414
9014 9014 9012
1253 1253 12314
4
4
233
4 24
553
4 5414
110 .
105
54
.5312
6
6
13312
133
353
4 3314
904 90%
12324
900
24
555
8 6,500
200
110
5412 2,000
6
900
2.200
134
3414 18,200
907
8 1,400
900
PER SHARE
Range for Precious
Year 1924.
2188 Mar 25
4
143 Apr 4078
514 Feb 9312
23 Sept 39
312 June
7
4
Apr 1642
88
Sept
Dee
Dee
Dee
Oet
Dee
Dee
9212 Mar 13214 914 Apr 133 Dee
145 Dec
8
714 Apr
5012 Jan 72% Dee
Feb
72 Aug 96
734 Nov
83 Feb
17% Mar 35% Nov
10 May 1214 Jan
4
4May 283 Dee
133
Apr 533 Dec
8
30
7012 Apr 1094 Dee
1164 Apr 12012 Sent
383 June 64 Dee
4
10714 Apr 1154 Dec
9414 Apr 136 Dee
7713 Nov 83
Oct
Jan 48 Dee
25
68 Apr 1014 Nov
7
8
1018 Oct 152 Feb
8
5712 Jan 1008 Dec
96
Jan 1075 Dec
8
3313 Apr 49 Dee
10114 Apr 10914 Nov
36
Oct 5134 Feb
77
Oct 994 Feb
63 July 2812 Jan
2
Jan
224 Sept 69
3814 Dec 4312 Jan
12118 June 1343 Dec
4
136% Mar 1697 Nov
2
101
Apr 10611 July
13514 Mar 1683 Nov
8
106 Sept 115 Sept
40 Feb 144 Dee
Dee
8912 Mar 101
Feb 102 Nov
66
2
5114 Sept 787 Jan
Oct 102% Jan
90
113 Apr
7 July
7 Mar 124 Dee
24 June 38% Dec
2812 May 4814 Dec
2813 Dec 29 Dee
90 Dec 9113 Dee
834 June 943 Dee
8
Jan
Oct 15
6
Jan 10412 Nov
79
8313 May 94 Nov
Jan 1023 Dee
4
89
2712 July 34% Feb
4
108 Mar 23 Dee
1213 Jan 3112 Dec
7813 July 14018 Jan
Oct 118 Feb
108
4
47 Apr 543 Feb
8212 Feb 93 Dee
June 1118 Jan
1812 Mar 3312 Dee
79 Apr 91 Nov
813 Jan
112 Nov
1043 May 134% Dec
8
1104 June 11712 Nov
14 Feb 2312 Deo
1712 Dee
Jan
10
2312 Nov 39 Dee
Jan
3912 May 69
4
444 Apr 722 Dee
372 Oct 624 Feb
4
10114 Apr 11014 FStb
8913 June 97 Feb
718 Jan
3 8 June
5
6 Aug
114 Nov
64 Mar
80 Aug
154 Jan
6 Nov
1074 June 12414 Dee
4
56% Apr 823 Dec
39 May 7613 Dee
84 June 994 Dee
95 Dec 11211 June
19% Fob 29 Nov
9518 Mar 9918 Ma,
623 Nov 6712 Oet
4
914 Dee
35 June
8
8
17 Apr 253 Dee
14 May 2513 Dee
414 Jan
1 Nov
80 Apr 10614 Dee
1913 July 2914 Feb
Jan
9212 It.119 107
57 Jan
8
212 May
413 Mar 684 Dee
4
134 July
4 Mar
134 May
1913 Dee
14 Mar 35 Dee
Jan
414 May 77
94 Mar 215 Dec
8
2014 Mar 5814 Dee
2534 Apr 3514 Nov
Jan 9512 July
91
4
4
403 Mar 583 Des
24% June 4413 Dee
26% Nov 6612 Jan
2
794 May 1007 Dec
39 May 5112 Apr
8
25% Mar 383 Dee
Mar 29 Dee
1
81. Jan
42) (.01
New York Stock Record-Continued-Page 3
2917
For sales during the week of stocks usually inactive, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
May 30.
Monday,
June 1.
Tuesday. , Wednesday] Thursday.
June 2. ! June 3.
June 4.
Friday,
June 5.
S per share S per share S per sharel S per share I S per share
1133 116 I 115 11812 116 11852v 117 1203
4
1133 115
4
4
3712 3818 3714 3734 3712 3912 3712 3914! 3714 3812
4778 477 *474 4812 .473 4812: 4812 4812
473 48
4
8
4
645 663
8
4 645 664 643 654 1 6413 65
8
8
4 645 653
4
109 109 I 10914 10914 *109 110 1•109 110
*109 110
*57
60
59
59 I 59
60 1 66
66 I *62
69
•10312 10612 •10312 10412 *10312 10412 *10313 10412 *10313 10412
99
993 *95
4
99
*93
99 .90
95
90
90
9514 96
*93
97 .90
97
*88
95
*80
90
263 2718 2614 267
8 2514 264 *2612 2658, 2615 267
8
8
*72
1
•72
4 1
*7
8
1 I
*72
1
415 44
8
4184 43
405 42 1 38
8
4014' 3814 404
86
86
*81
86
*80
86
*80
85 I 857 857
8
8
414 44
44 43
414 434'
4
414 412
413 43
4
8618 87
8618 8612 86
894 863 884 8612 8734
4
27
8 27
8
27
8 3s
24 3 I
,
27
8 3 1
27
8 3
6518 6614 65
654 6518 654 643 66 1 65
4
653
4
114 114 •112 115 *113 11414 1127 11312 *112 11312
8
1012 103
1012 11
4 1012 103
4 1014 104 10 4 1012
,
324 337
8 325 3314 333 333
8
8
3318 337
8 33
333
4
122 122 *121 12214 *12114 12214 12214 12214 123 123
6818 693
8 674 6812 68
683
4 66
6814 65
67
954 9512 9514 9512 9512 9512 *94
06 .94
95
12
1218 1134 1218 12
12
1134 1218 115 114
8
504 51
51
523
8 5114 524 50
51
51
51
2934 303
3012 12914 2912 29
4 30
2914 29
2914
•9512 97 .9512 97 •933 97
*933 97
4
*933 97
4
412 412
412 412
414 44
414 414
4
4
*34
3614 *34
31
3112 3113 *30
3614 31
32
79
75
79
77
80
77
80
83
8314 85
5312 54
5318 537
8 52
5318 52
53
534 5312
2
2
.2
2
214 *2
2
213
214 214
3618 38
36
37
363 368
4
348 35
3418 3512
*203 22 .203 22 .203 22
4
4
4
*2114 22
.2114 22
124 12414 1234 124
1233 12312 12218 12312 122 122
8
2418 247
8 2418 2412 233 2412 235 24
8
234 235
8
78
79
78
7812 7814 785s 7812 79
783 79
4
144 1414 1418 1418 14
1414 14
14
137 14
8
x1914 1914 *1812 183
8
4 1812 1812 183 184 1814 1814
•110 111
11014 11014 1103 1103 1105g 1105 1103 111
8
8
8
4
1085 1087 10812 1087 10812 1084 10818 10812 1083 1083
8
8
8
8
8
184 194 1814 1813 177 1818 17
8
18 I 18
18 4
,
16514 1693 1694 1743 173 177
171 174141 2'16812 17014
8
4
97
97
97
07 i 977 974 *97
8
98 I .967 98
8
6418 66 .6413 65 I 6418 643
4 6312 6418 6312 6312
Ills •9
.9
10 I .10
1118 10
114 •10
1118
*13
4 214 *112 2141 *112 214' •112 2141 *112 214
69 69
677 6812' 6712 6712' 67
8
67141 67
67
11314 11314 11318 11313 •1124 114 1 11334 1133 *1123 1133
4
4
4
•17
*17
18 I .17
18
18
.17
18 1 .17
18
•312 412 *312 412 •312 412 *312 412 .312 4,2
37
3678 373
37
37 1 3618 363
4 363 37
3 37
4
10418 10714 1035 105
8
10312 1055 103 1043 10218 1034
41
8
110 110, 110 110
110 11133 .111 11112 11112 11112
8
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On lasts of 100-share iota.
Lowest
Highest
PER SHARE
Range for Previous
Year 1924.
Lowest
Highest
Indus. & Miscall. (Con.) Par 3 per share 3 per share $ per share $ per share
No par 80 Jan 6 1203
Coca Cola Co
Apr 834 Dee
43une 5
61
100 3214 Apr 21 484 Jan 13
Colorado Fuel & Iron
244 Feb 544 AU8
2
Columbian Carbon v to No par 45 Mar 24 5134 Jan 8
393 Sept 553 Jan
4
No par 4534 Jan 21 693
4May 21
33 Mar 48 Dee
Col Gas & Elec
100 10414 Jan 5 10912Nlay 29 10314 Dec 105 Dec
Do pref
50 Jan 2 67 Feb 16
.No par
Commil Invest Trust.
304 May 58 Nov
93 May 103 Nov
Do pre(
100 102 Mar 19 10813 Jan 19
4312 Jan 13114 Dec
900 Commercial Solvents A No par 80 May 25 190 Jan 29
, Do "B"
Jan 1291s Dec
No par 78 May 25 189 Jan 29
200.
33
/
1
4
25 Apr 29 4312 Jan 2
15,7001 Congoleum Co new._ _.No par
324 May 68 Feb
12May 19 17 Feb 10
200 Conley Tin FollstampedNo par
74 May 1414 Dee
113 Mar 30 Nov
s
21,100 Consolidated Cigar__ ..No par 2613 Jan 2 4418May 29
8
4
Jan
100 793 Jan 2 897 Feb 14
5912 Apr 84
Do prof
600
218 Jan 7
93 Feb 19
8
33 Dee
4
Is Jan
5,9001 Consolidated DIstrib*rs No par
607 Jan 797 Dee
8
8
41,6001 Consolldated Gas(NY) No par 744 Mar 30 8912May 23
Jan
514 Jan 7
8
27 Mar 19
7,300r Consolidated Textile___No par
8
23 Apr
8
8
4312 Apr 695s De.
7,6001 Continental Can, Inc_ _No par 6013 Mar 30 697 Jan 2
8918 Apr 10918 Dec
25 103 Jan 5 12012 Jan 26
700. Continental Insurance
6
8MaY
84 De'
Apr
23,600 Cont'l Motors tern etfs_No par
814 Jan 2 113
314 Jan 433 Nov
8
8May 29 4115 Feb 25
4
17,000 Corn Products Refin w I____25 323
4
100 11818 Jan 7 12312Mar 25 11518 Apr 1233 Aug
Do prof
300
48 May 76 Dec
15,900 Crucible Steel of America_.100 6412 Mar 30 7934 Jan 17
86 May 98 Dec
100 92 May 8 96 Jan 15
Do prat
300
Feb
1012 Oct 18
8
103 Apr 29 145 Feb 9
8
No par
4,100 Cuba Cane Sugar
8
s
535 Apr 717 Feb
8
100 473 Apr 30 625 Feb 26
4
Do pref
9,600
2814 Nov 384 Feb
7.600 Cuban-American Sugar____10 27 May 6 3312 Mar 3
Jan 10014 Nov
96
100 9512Nlay 5 101 Mar 13
Do pref
812 Feb
418 June
63 Feb 27
3
4 June 5
1.600 Cuban Dominican Sug_No par
38 Dec 52 Feb
100 31 June 3 444 Jan 6
200
Do pref
5613 Aug 764 Sept
No par 62 Mar 30 85 June 5
3,400 Cushman's Sons
7412 Jan
4518 Nov
6,600 Cuyamel Fruit
No par 50 Feb 17 59 May 25
6 Nov 324 Mar
14 Apr 23
74 Jan 9
500 Daniel Boone Woolen Mills_25
3812 Nov 6912 Jan
2778 Apr 30 49h Jan 23
5,700 Davison Chemical v t o_No par
1814 Jan 2214 Dec
De Beers Cons Mines__No par 2014 Mar 18 2418 Jan 28
8May 22 10114 Jan 11514 Dee
2,500 Detroit Edison
100 110 Jan 5 1257
25.900 Dodge Bros Class A.
..No par 2318.1une 5 28 May 11
36,0001 Proferred certlfs__..No par 7312May 7 79 NIay 11
1,7001 Dome Mines, Ltd
4
No par
123 Apr 14 1612 Jan 19 111 Nov
4
18 Dec
93 Jun
8
6001 Douglas Pectin
No par 14 Feb 18 1912May 12
600' Duquesne Light 1st prof ___100 105 Jan 7 111 June 5 10012 Ma 10814 Sept
8
2,1001 Eastman Kodak Co_ .No par 10818 Mar 19 118 Jan 19 104 8 AP 1147 Nov
,
.
2418 Jan
5,200 Eaton Axle & Spring__.No par 1012 Feb 13 2014May 27
84 Sep
28,600 E I du Pont de Nem & Co__100 13414 Jan 5 177 June 3 112 May 142 Dee
Apr 96 Dec
500
100 94 Jan 23 977
/June 3
85
Do prat 6%
4,700 Eleo Storage Battery__No par 604 Mar 30 70 Jan 3
/
1
4
504 May 66 Dee
74 Feb 17 1012 Jan 22
100 Elk Horn Coal Corn
50
11 Dec 144 July
312 July
Einerson-Brantingbam Co_100
%June
24 Jan 3
118May 1
2,200 Endlcott-Johnson Corp_ 50 633 Apr 2 72 Jan 9
8
4
557 May 733 Dec
8
Jan
100 111 May 28 1163 Feb 16 10512 June 115
500
Do pref
I Exchange Buffet Corp_No par 154 Apr 8 194 Jan 3
18 Dec 2412 14u3
412 Jan
214 Mar 27
Fairbanks Co
25
41251ay 28
2 Dec
par 324 Jan 2 3834 Mar 12
2,300 Fairbanks Morse
2512 May 34 Dec
No
9014 Feb 17 10812May 19
Jan 9812 Dec
29,700 Famous Players-Lasky_No pa
61
8
100 1037 Feb 17 11214May 25
1,100
874 Jan 10812 Dee
Do prof (8%)
Federal Light & Trac__Nopa 11413 Jan 3 168 Slay 7
7412 May 12212 Dec
;IC -ii" -ii Ii" -iii- 16;i2 If' ;iW2 17
400 Federal Mining & Srneit'g_100 1514 Mar 13 25 Jan 19
54 Apr 2434 Dec
Stock
55
55
55
*5312 5414 1,200
.54
553
8 5414 544 54
414 Jan 644 Dec
100 4912 Mar 11 6414 Jan 15
Do pref
166 166
*166 169 *166 169 .166 169 *166 169
100 Fidel Phen Fire Ins of N Y...2 14713 Jan 6 175 Stay 15 118 Mar 146 Dec
Exchange •154 16
1512 *1518 16
•1518 16
.1518 1512 *15
12 Jan 8 155
133 Jan
8
Fifth Ave Bus tern etts_No pa
8May 18
913 Jan
No pa 239 Jan 2 280 Jan 12 163
Fisher Body Corp
Jan 240 Dec
163 1684 -His 18 2 -iaTs - 167
8 163 163 56,400 Fisk Rubber
Closed;
164 16
8
-54
s
No pa
1012 Mar 24 1712May 13
8
513 June 137 Dee
9512 96
*954 96
9534 9618 9558 96
95
96
1,700
100 7513 Jan 10 9614May 29
Do 1st pref
384 July 86 De.
,Memorial
85
8412 8512 844 8514 8312 8412 8312 833
85
No par
4414 Jan 9014 Nov
4 6.7001 Fleischman Co
75 Mar 19 87 May 21
s
11112 11314 11112 11312 1133 11418 11212 1135 11313 1163 15,9001 Foundation Co
8
4'
No par 00 Jan 8 1163
8
8612 Jan 945 Dec
4MaY 19
Day
154 1614 15
7
1512 1512 15 8 1412 1512 1414 15
19,000 Freeport Texas Co
No par
8
8 Mar 18 1812May 11
712 Sept 137 Jan
11
11
104 104 5,100 Gardner Motor
1112 123
8
8 105 113
4 107 111s
44 Jan
No par
Jan
7
16',Mar 2
314 Oct
8
8
4614 47
*4614 47
.
454 4714 473 473 •4612 47
3512 May 53 Dec
100 4434 Apr 27 5812 Jan 10
1,600 Gen Amer Tank Car
*97
99
*97
99
•97
99
09
*97
99 •97
Do pref
100 9334 Feb 16 99 Jan 19
92 Feb 9912 Dec
54
551
5312 543
544 547
8 5313 5114 534 5514 8,200 General Asphalt
100 4212 Mar 3:1 6334 Jan 2
633 Dee
8
313 AD
2
07
*9414 97
97
97
97
96 2 06
,
, •974 100
Do pref
100 8612 Mar 17 100 Jan 2
300
711 AP 100 Dee
,
13314 1364 •13314 137
135 136 •135 136
136 136
No par 121 Mar 7 1473 Jan 2
900 General Baking
Jan 160 Sept
4
93
87
8 85
8512 2,600 General Cigar, Inc
87
873 871
8
86
864 8512 863
100 8412May 4 1013 Nlar 4
985 Dee
8
4
8214 AP
•10212 109 *10212 109 .1024 109 .10212 104 .10212 109
100 105 Jan 3 11114 Mar 12 10114 Ma 106 Dec
Do pref
105 105 .105 109 *105 109 *105 109
•100 108
100 105 June 2 10912 Feb 25 100 AD 109 Dec
100
Do debenture pref
286 2903 289 2931 2291 2967 288 29212 28738 2904 49,400 General Electric
4
8
100 22714 Feb 17 320 Jan 2 19313 Jan 322 Dec
1114 1112 113 111 21138 1112 113 113
8 114 1112 2,800
8
8
10
11 Jan 2 1112Nlay 26
Do epee's'
1012 Apr
1112 July
763 773
8
4 76
77
7712 764 773 98,900 General Motors Corp. No par 644 Jan 5 79 Feb 10
7612 7712 76
8
8
5534 Oct 667 Dee
90
•
*90
_
_ .90 _ - - •90
*90
100 90 Feb 13 9412 Jan 21
Do pref
93 Dec
80 Jun
*90
92 .90
*90 92
03
9112 92
*90 92
300
Do deb stock (6%)
100 8812 Apr 21 94 Jan 13
9312 Dec
804 Jun
107 1073 107 107'4 107 107
8
4
/ 10712 1073 10712 10812 4,700
1
4
100 102 Jan 5 1087 Feb 2
Do 7% pref
8
9518 Jul
10312 Dec
5112 53
515 523
8
5214 51
518 5213 51
523 29.400 Genera . Petroleum
4
25 42 Jan 18 5712 Mar 3
45 Aug
383 Jun
8
4712 48
4814 4814 4812 50
*48
5012 51
50
43 Apr 28 5813 Jan 14
1,300 General Refractories__ _No par
Jan
31 Jun
55
54
54
534 544 544 553
4 5512 564 55
555
8 8.100 Gimbel Bros
No par
47 Mar 16 57 Jan 13
647 Dec
8
474 Jun
•103 104 •103 104 *103 104
103 103 *102 104
100 1024 Mar 14 10514 Jan 20
Do pref
200
Jan 107 Sent
99
3512 36
3512 36
35
354 35
35
34
344 2,900 Ginter Co temp ctfs___No pari 22 Feb 13 407
/
1
4
21 De
8Nlay 15
274 Non
2118 22
2118 2114, 21
2014 2 4 14,300 Glidden Co
215
8 2012 21
Na par
03
1212 Mar 19 233
sMay 1
8 June 15 Nov
39
39 .3912 40 I *39
40 I 39
3913 .3812 3912
400 Gold Dust Corp v t a_.No par i 37 Mar 3 4212Nlay 20
1
284 Apr 437 Nov
5112 533
4 514 524 513 524 51
523
8 503 514 14,100 Goodrich Co (1.1 F)
8
No parl 363 Jan 5 5512 Apr 6
4
17 June 38 Dee
*9712 9814 *9712 984 97
/ 973 *9712 99
1
4
4
9712 9713
100 92 Jan 3 997
De pret
300
7014 May 92 Dee
8May 22
100 1004 10014 10012 100 10013 9912 100
99
9912 5,200 Goodyear T & Rub pf v t e_100 8618 Jan 6 1017
Jan 905 Dec
8Nlay 27
8
39
105 106
106 106
106 106 I 1063 1063 .106 10614
8
8
Do prior pre
100 103 Apr 27 10714 Mar 6
700
8814 Jan 10818 Dec
•15
1512 15
1513 1,000 Granby Cons Min Sm & Pr_100 13 Mar 30 2114 Jan 14
15
•15
1512 1418 1412 *15
8
1212 Apr 217 Dec
414 Jan 2
..No
918 Jan
212 Oct
718 Jan 3
iooT2 1023 1011, 104 ---- 110 iolia 167 - 105 lO67s 27.300 Gray & Davis. Inc__tern Mrpar 91 Jan 16 110 June 3 8314 Oct 9678 Dee
----I
Great Western Sugar
25
14
14
133 1312 13is 1312
8
1212 13'4 .1212 13
600 Greene Cananea Conner __ _100 113 Mar 19 1914 Jan 2
4
10 May 214 Dee
54 518
5
5
5
5
*5
514
5
5
1,100 Guantanamo Sugar----No Par
104 Feb
47 Nov
2
els Jan 5
45
8MaY 6
8312 843
825s 85
847 8512 833 8412 823 8412 9,100 Gulf States Steel
8
4
4
100 6718 Mar 24 947 Feb 5
62 May 8914 Feb
8
2918 2914 29
2918 *2914 30
2918 294 29
2918
445 Feb
900 Hartman Corporation__No par 253 Apr 24 3713 Jan 7
31 Sept
37
377 38
8
3714 36.2 374 353 36
4
353 354 4,000 Hayes Wheel
No par 30 Mar 14 4314 Jan 3
8
324 May 527 Feb
.4613 4712 47
47
•4712 4712 .4714 4712 474 47 4
200 Hoe(R)& Co tern ctfs_No par 45 Apr 1 4878 Ian 9
,
4814 Dec 5178 Dec
4412 444 4412 44
44
44
44 18 4418 44
44
700 Homestake Mining
100 43 Jan 2 60 Jan 12
35 July 5612 Jan
353 354 353 354 .3534 36
4
353 36
4
354 36
1,900 Househ Prod ,Inc,tematNopar 344 Jan 5 3738 Jan 20
314 Apr 38 Nov
67
6814 69
68
68
6818 67
68
66
69
5,400 Houston 011 of Tex tern etts_100 59 Apr 22 85 Jan 29
Apr 8213 Feb
61
62
57
5914 575 62
654 625 65
8
623 633 122,400 Hudson Motor Car____No par 3334 Jan 5 6514June 3
4
4
2012 May 36 Dee
174 184 1712 18
174 1812 1713 1838 174 174 19,600 Hupp Motor Car Corp
10 1414 Mar 18 1914 Jan 5
Ills May 18
Jan
Hydraulic Steel
12 Jan
No par
114 Jan 8
23 Doe
1 Jan 5
8
--7T2 -- -;7C2
-;7T2 "ii- 72 71j -;712 71;
200
Do pref
102
100
6 Jan 5
334 May 10 Dec
74 Apr 20
303 317
8
8 30 4 314 304 3112 3014 314 3018 3114 51,300 Independent Oil & Gas_No par
,
1312 Jan 5 3312 Mar 6
53 Sept 1614 Dee
4
184 1812 1812 1812 1812 18
/
1
•18
18
1718 174
500 Indian Nlotocycle
No par
13 Mar 24 20 Jan 3
154 June 254 Feb
812 3,300 Indian Refining
74
*73
4 74
8
8
73
4 8
512 Jan
10
718 June
334 Apr
103 Feb 6
8
•75
893
4 79
893 *75
893 .78
4
89 .78
79
Do prof
100 77 Mar 24 95 Jan 7
60 Mar 75 Dec
4012 .40
8
403
4012 413 *40
4 4012 4012 *394 407
8
400! Inland Steel
3112 May 4834 Nov
3834Nfay 1 50 Feb 2
I
Do Prof
*108 -- *108 11018 *108 11018 •108 11018 .108 11018
e 10412 Apr 13 110 Jan 22 10114 Jan 1073 Dec
4
8
8 253 265
2718 267 267
4
8 254 2 4 4,200 Inspiration Cons Copper..
264 2714 27
53
2214 Apr 22 3234 Jan 12
2218 Feb 334 Dec
8
8 114 1138 2.000 Internat Agricul
8 113 113
1112 1112 1114 1138 1114 113
par
718 Jan 7 1312 Feb 5
3 June
93 Jan
8
121 1223 12112 123 *120 122
4
12414 12414 *122 124
800 Int Business Machines_No par 110 Mar 30 12634Ma.. 25
No
83 Apr 1184 Dec
6613 68
,
664 67
7,400 International Cement._No par 52 Jan 5 68 June 4
645 6512 644 6514 65 4 672
8
40114 Apr 5913 Nov
8
433 4438 4214 444 413 43 153,900 Inter Combus Engine No par 314 Jan 21 443
8 403 43
4
4
395 407
8June 3
22 Mar 39 Dec
10814 10914 10712 1084 3,700 International Harvester ___100 9618 Mar 25 11414Nlay 20
8
4
8
1085 11014 1083 10914 1085 110
Jan 11012 Dec
78
117 11712 1173 118
4
000
4
Do pref
.
117 1173 117 117 •116 117
100 114 Mar 3 118 June 5 106 Feb 11612 Nov
73
814 814 *818 8 4 5,800 lot Mercantile Marine
74
712 812
,
812 812
712June 2 147 Feb 5
100
8
eh Jan
155 Den
8
8 333 3512 334 35
4
4
2.5.400
Do prat
353 3612 3312 364 333 343
4
100 3312June 2 523 Feb 5
4
2612 Ma
4738 Dec
2812 29
8 284 2914 2812 29
284 29
17,200 International Nickel (Tbe)_25 244 Mar 18 3034 Apr 24
284 295
1112 May 274 Dee
see% 9712 .9658 9712 965 965 .9714 9713 9712 9712
8
8
300
Do pref
100 94 Jan 6 9913 Feb 6
75'i May 95 Nov
73
71
7314 6814 703
6912 45,800 International Paper
8 71
4 68
7114 745
100 4814 Mar 19 744June 1
3412 Apr 60 Dee
81
8
3 79 4 79 4 1,700
8012 793 793
80
4
Do stamped pref
,
,
794 803 579
100 71 Mar 9 8212M ay 26
6212 Ma
747 Oct
8
1493 1493 *14012 147 *14012 147 *140 147
4
4
200 International Shoe
150 150
No par 108 Feb 2 150 June 1
73 Apr 119
121 121 *1174 1214 *11734
•121
100
Do prof
•121
100 119 Apr 18 121 June 3 1154 May 11918 Nov
Dec
4
8
11012 11712 1133 1187 11312 1194 11012 11434 110 1145* 55,900 Internet Telep & Teleg_100 8713 Apr 3 1193
4June 3
66 Feb 94 Dee
2112 2112 *2112 23 .214 2312
*2112 223
100 Intertype Corp
*2112 23
par 2112May 16 2612 Jan 5
2412 Dec 3212 Mar
...... Invincible 011 Corp
N par
r
151g Jan 3 223 Jan 9
8
1012 Jul y
164 Jan
;ii- 16- ;6" 16Iron Products Corp
10 82 Jan 2. 105 Feb 10
3912 AD 1003 Dee
8
19
1813 .18
300 .rewel Tea. Inc
1812 1812 .1812 1912 1812 1812 .18
100 18 1* Mar 30 217 Feb 26
8
165 Ap
8
2314 Jan
Do prof
*10512 10612 .105 108 .105 108 *10412 10512 .104 106
100 IC. .4 Jan 19 110 Feb 25
78 Mar 106 De
•Bid
agked pelage no sales on this day. g Ex-dividend 2 Par value change 1 from $100 to 830 and Prices on that basis be Inning June 3. a
Ex-rights.
S:Per share
r
Shares.
21,800
8,400
500
19,900
500
700
2918
New York Stock Record-Continued-Page 4
For sales during the week of st cks usually inactive, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
rattirday,
May 30.
Per share
Monday
June 1.
Tuesday,
June 2.
Wednesday
June 3.
Thursday.
June 4.
Friday,
June 5.
S Per share I s Per share $ per share 8 per share $ per share
151s 15141 15
1514 .1412 15
1514 1514 .1412 15
443 4512 4214 4412 42
4
44
43
433
4 4218 43
*1
/
4
121
41
/
4
12
/
1
4
12
14
12
*1
/
4
12
28
288
4 2814 29
273 287
27
4
8 2678 2712 26
99
99 I 99 1001 .9612 100 .97 100
9612 97
/
4
177 183
8
41 18
1814 18
1818 1714 18
17
/ 17
1
4
/
1
4
58
5841 .5712 59
/
1
58
8
58
*5612 583 .5612 58
59 59 I 59
59
583 5884 59
4
59
*59
5914
963 96
4
/ 96
1
4
96
96
96
96
*9512 9612
96
50 8 51191 50
,
8
50
/ 50, 50
1
4
8
8
/ 4912 508 24812 487
1
4
3
2 8 212
/
1
4
212 23
4
212 212
212 2
84
85
82
84
8218 .8112 8312 81
81 '
880
.385 395
388 388 ,*388 39014 39014 39014 39014 39014
3612 3612, .36
37121 3612 377
37 .36
2 37
373
4
216612 167121 167 167 I 16712 172
167 169
169 171
14
14 I *13
13
133
4 1318 1318 1312 1314 13
6114 62 1 62
621 .611 623
/
4
4
8
4 623 627 .6112 621 2
•120 1213 .120 1211.120 1213 *11912 1213
8
/
4
2
2
81.11912 1213
607 61
8
8 6114 62
60
/ 6112
1
4
601 2 60
/ 6114 613
1
4
63
/
1
4
6334 63
63
/
4
6212 62 .631 63 2
63 I 62
,
2914 3118 3014 313
/ 303
1
4
8 3018 3114 29
8 2912 3014
8
8
7
/ 8 I
1
4
/
1
4
7
13 7
7 4 73
3
712 7,
4
2
90
90
90
91121 9212 9312 9014 9014 91
93,
4
3518 354 35 4 353
/
1
/ 35141 344 35
1
4
/
1
35
,
34
8 35
110 112 ,•110 111 3 11014 11 2 .11014 112 .11014 112
'
18
8 1714 1814
1814, 18
183
/ 177
1
4
2 18
183
2 17
357 35
8
/ 353 353
1
41
4
4 3514 36
3412 3478
3512 36
12112 123 I 123 123 ,.121 12314 .121 123 *121 123
178 1784; 175 1793
17714 182
/
1
4
/ 17712 1823 179 182
1
4
4
108 109 I 10812 10813 10814 109
/ 10912 110141 11012 110 2
1
4
,
10313 104 .10312 10414 104 10414 10412 10412 .10312 104
_
91
88
853 88s 87'z 8754 86
4
8879 8912 88
41
411 414 41
/
4
/
1
4118 42
4112 40
411 39
/
4
2534 26
4
2612 264 2612 2714 26
/
1
2612 253 26
91
•90
91
90
91
90 .90
*9014 91 .90
5212 .48
.48
5212
51
.48
5212 .48
52 .48
84
84 .80
84 .80
84 .80
8214 8214 *80
52
5214 5214
.52
53
5112 51 2 5112 5112 51
,
2612 2612 2618 2612
273
8 26
27
/ 27 .26
1
4
/
1
4
27
41
437
8 4112 42
4312 4012 4212 4012 4012
43
264 273
/
1
26
2612 253 268
,
27
4
12
8 26 4 28
4 27
4
42
/ 4318 413 4278 4218 4312
1
4
8 4218 43
4218 437
12 1912 197
/
4
8 1914 1911 181 183
4
197 2014 194 19
8
/
1
30
30
3118 30
3218 32
/ 3012 311 3012 31
1
4
/
4
78
79
77
77
763 7812
78
4
79
79
/ 80
1
4
118 120
.1167 120
8
117 1211 8---- -12
/
4
119 12712 k____
11112 120
105 110
120 123 4 120 12314
12014 12612 122 1238 123 125
,
4
89
•87
89 .85
90
*8914 903 •8912 9012 89
2
•173 18
4
4
17
/ 17 • 8 17 .1738 18 .173 18
1
4
/ 173
1
4
/
1
4
102 103 *103 115 .104 109 *103 109 .104 109
/
1
4
2012
/
1
.2018 2012 2012 207
8 2012 204 2012 2012 •20
154 154
/
1
/
1
8
158
2 158 157
14
8 15
8
1412 1412 145
/
4
94 91
/
1
/
1
4
918 9
918 912
/
1
4
914 9
/
1
4
914 9
13
4 3
118
114
04
152
1
113
7
8 1
/
1
1143 11418 11418 113 1153 1144 11582
11312 115
4
1143
4
2
Sales
for
the
1Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 100-share lots.
Lowest
Illohest
Indus. & Miscall.(Con.) Par $ per share $ Per share
Jones Bros Tea, Inc, stpd_ _100 14 Slay 22 217 Feb 3
8
Jordan Motor Car
/
4
No par 42 Jan 27 591 Mar 3
Kansas & Gulf
112 June 5
10
14May 14
Kayser (J) Co v t o___ _No par 1834 Mar 17 2912May 15
Do 1st pref
No par 83 :Mar 30 10014June 2
Kelly-Springfield Tire
25 121 Mar 24 191
/
4May 12
/
4
Do 8% pref
100 41 Mar 25 581
/
4MaY 29
Do 6% pref
100 43 Mar 25 59 June 1
Kelsey Wheel, Inc
100 88 Mar 26 10412M ay 12
Kennecott Copper
No par 4612 Mar 30 57 Jan 13
/
1
4
Keystone 'Fire & Rubb_ No par
11 Jan 9
/
4
314 Feb 5
Kinney Co
No par 72 Apr 21
873
4May 25
Kresge (9 8) Co
100 355 Apr 28 532 Mar 24
Kresge Dept Stores_ _ _ No par 31 12 Jan 21 45 Jan 7
/
1
4
Laclede Gas L (St Louis). A00 11014 Jan 5 178 Mar 31
Lee Rubber & TIre___No par 111 Feb 20 15 Feb 5
/
4
Liggett & !Myers Tob new
25 57 Star 25 7112 Feb 8
Do pret
100 11612 Jan 16 121 May 20
6,500
Do "B" new
25 5512 Mar 27 704 Feb 6
/
1
1,500 Lima Los Wks
.No par 611 Mar 31 744 Jan 14
/
4
/
1
70,100 Loew's Incorporated.. _No Par 22 Feb 17 3132.1une 2
1,200 Lott Incorporated
01 Apr 6
/
4
No par
8 Jan 28
3,300 Loose-Wiles Biscuit
100 77 Feb17 9718 Mar 7
2,700 Lorillard
25 301 Jan 24 37 Jan 13
/
4
/
1
4
Do oref
100 1081 Feb 27 112 Jan 12
/
4
13,600 Louisiana oll temp ctfs_ No par
141 Mar 31
/
4
234 Feb 3
/
1
2,400 Ludlum Steel
No par 3134 Feb 17 55 Mar 4
400 Mackay Companies
100 114 Star 20 12312May 22
98,000 Mack Trucks. Inc
No par 117 Jan 16 18582May 28
600
Do 1st pref
100 104 Jan 27 110I2June 5
300
Do 2d pref
100 99 Jan 2 104I2June 4
Do 2d paid
116 Jan 5 137 Feb 9
- 9,100 Macy(R II) & Co,Inc_No par 6913 Jan 3 91 June 3
6,700 Magma Copper
No par 34 Mar 31 444 Jan 2
/
1
3,100 Mallinson (II R) & Co_No par 211 Mar 30 374 Jan 23
/
1
/
4
100
Do pref
100 81 Star 16 92 Apr 15
Manati Sugar
100 46 May 14 5313 Feb 26
100
Do prof
100 791Star 30 82I4June 1
/
4
600 Manh Elec Supp tem ctfs No par 4218 Feb 18 59 Star 10
2,300 Manhattan Shirt
25 2014 Mar 16 30 Jan 3
/
1
4
3.500 Manila Electric Corp..No par 2812 Mar
4912 Apr 24
8.700 Maracaibo 011 Expl__ No par 2514 Apr 2 3513 Jan 31
56,100 Marland 011
No par 30 Mar 17 4614 Jan 31
3,800 Marlin-Rockwell
No par 103 Mar 13 21 May 27
2
2,900 Martin-Parry Corp_ _ _ No par 2512 Mar 24 37, Jan 7
8
3,000 Mathleson Alkali Wkstem ctf 50 51 Jan 6 8418May 22
4,450 Maxwell Motor Class A___100 748 Jan 27 12112June
8
13,400 Maxwell Motor Class B No par 3314 Jan 27 12712.Tune 3
25,500 May Department Stores_ _..50 101 Star 23 1283
4May 25
100 McCrory Stores Class B No par 79 Star 17 9412 Jan 13
300 McIntyre Porcupine Mines_ _5
16 Jan 2 181 Feb 24
/
4
200 Metro Edison Power pf _No par 9713 Apr 21 103 June 1
1.200 Metro-Goldwyn Pictures pf 27 18 Jan 3 2214 Feb 5
6,100 Mexican Seaboard 011_ _No par 1113 Mar 17 2212 Jan 6
3,200 Miami Copper
8 May 12 243 Jan 13
5
4
66,500 Middle States 011 Corp_
52 Apr 16
3 June 5
. 10
2,300 Midland Steel Prod pref
Stock
100 96 Jan 2 116 May 23
Midvale Steel
50 29 Feb 2 3018 Jan 10
7913 813 -7014 W6si 15;666 Montana Power
8214 84'l 83 -S14 813 84
4
4
Exchange
100 64 Apr 17 8714May 25
57,500 Monts Ward & Co Ill corp_ _10 41 Mar 30 55 Jan 13
4
/
1
/
1
/
1
5212 5412 524 533
4 534 544 523 5414 5214 53
/
1
4
8
/ 29
1
4
34 3214 86,800 Moon Motors
/ 29
1
4
/ 288 30
1
4
8
2612 2714 267 273
8 27
No par 223 Mar 19 321:June 5
Closed;
4
6,300 Mother Lode Coalition_No par
67
8
7
67
8 7
7
718
7
9 Jan 2
/
1
4
718
718 718
6 May 4
1712
17 3 .17
600 Mullins Body Corp__ ....No par
,
2
•17
/ 17
1
4
Memorial
1712 173 17
17
17
/
4
143 Feb 2 211 Feb 20
4
*3142 32
/
4
*3113 311 •3112 32
Munsingwear Co
*3112 32 .3112 32
No par 3018 Apr 23 34 Jan 23
1,400 Nash Motors Co
444 448 .430 440
439 445
Day
43134 4313 43312 436
No par 19312 Jan
448 May 4
4
400' Do Drat
•105
4
- 105 10518 10518 10513 •10512 106 •10518 106
100 1033 Jan 21 106 Feb 28
8,600' National Acme stamped_ ___10
6
6 12
8 June 5
612 712
414 Mar 24
78 8
,
5
/ 57
1
4
8
*53
4 6
66
2,000 National Biscuit
66
66
653 664 66
4
/
1
67 67
6612 67
25 65 Apr 29 76 Jan 2
Do prof
•124 128 .124 128 •124 126 •124 128 .124 128
100 12313 Mar 11 12812MaY 9
733
73
4 5,400 National Cloak & Suit _ _ _ _100 6512 Mar 5 78 Jan 26
743
4 73
75
7112 713
*7114 73
4 72
Do pref
•10114 103 .101 103 •10112 10212 *1011z 103 .10112 103
100 99 Jan 13 104 Jan 29
5.434 564 56
4 554 5618 14,900 Nat Dairy Prod tern cthiNo par 42 Jan 2 587
57
/
1
/ 5513 563
1
4
8May 25
57 4 57
,
/
1
/
1
8 4312 433
4312 2,700 Nat Department Stores No par 3813 Jan 2 45 May 12
4314 437
4 434 4312 4312 4312 43
9714 9714 9714
100
Do prof
9714 .97
9714 *97
.97
97 4 *97
,
100 96 Apr 15 102 Jan 2
67
900 NatDistil Prod pf tem ctf Nopar 5212 Jan 8 693
4
67
6612 673 .66
67
66
/ 66
1
4
4May 23
/ 67
1
4
67
2614 2712
*2712 28
*2712 28
800 Nat Enarn & Stamping
*2712 28
8
*2712 28
100 25 Apr 30 367 Jan 21
80 .75
80
Do pref
80 .75
80 .75
/
1
4
80 .78
.76
100 79 May 23 89 Jan 12
14614 14812 2,100 National Lead
147 152
/
1
4
/ 152 152 .148 150
1
4
146 148
100 13812 Apr 27 166 Jan 9
/
1
4
100
Do pref
11612 11612 .11612 11712 *11612 11712 •11612 117 •11612 11712
100 116 Jan 5 118 Mar 4
627 627
8
1,100 National Supply
9 62 62
63
63
64
6318 63
.63
/
4
50 611 Apr 2 71 Jan 29
/
4
/ 1218 1213 2,400 Nevada Consol Copper__ __ 5 113 Apr 27 161 Jan 7
1
4
8 121 12
127 127
8
13
/
4
12
/ 12
1
4
4
/ 13
1
4
46
461 4512 4512 1,600 NY Air Brake tern ctfs_No Par 423
/
46
4
46
46
4514 4513 46
4MaY 1 5613 Jan 3
53 .523 53
4
300
4
Do Class A
/ 5312 *523 5312 53
1
4
*53
5312 .52
No Par 51 Mar 19 67 Jan 7
/ 4312 444 10,600 N Y Canners temp ctts_No Par 313 Mar 30 46 May 22
1
4
453
/
1
4412 243
44
4 4312 45
4
438 45
8
27
/ 1,500 New York Dock
1
4
28
28 .25
28
281 28
/
4
100 18 Mar 24 3118 Apr 14
283 287
8
8 27
1,300
Do oral
/ 6712 6712 .6612 67
1
4
100 5218 Jan 14 68 May 27
*6312 6712 6718 6718 6712 67
•60
.66
.66
Niagara Falls Power_ _.No par 4518 Jan 5 69 May 15
68 .66
*66
-,
2;15150 Do pref new
2 283a 2812
283 -- 12 283 8 2
*2818 2814 *28
25 28 Jan 5 29 Jan 2
4914 4813 4918 2473 484 27,800 North American Co
8
8 49
/
4
/
1
493
503
10 411 Jan
2May 7
/ 49
1
4
48
/ 49
1
4
1,400
/
4
Do pref
4
/
1
5018 5018 5018 501 2493 49
501June 2
/
4
/
1
4
50 8
,
50
50 464 Jan
50
50
.9
10
*9
10
.9
Nunnally Co (The)_ _ _.
10
•9
10
8 Jan 1
1018 Jan 30
10
No Par
.9
71June 5
/
4
500 Ontario Silver Min new No par
718 *614 718
512 Jan 2
74 712
/
1
*7
718 .7
67
8 7
Onyx Hosiery
4
4
*233 30 .233 30 .233 30
4
183 Jan
8
No par
*233 30
4
2518Slay 12
30
.24
8
8
8
263 261 267 267 *268 267
8
/
4
8 1,100 Orpheum Circuit. Inc
253 Jan I
4
8
293 Feb 27
8
8
.263 27 .268 27
900 Otis Elevator (k)
2
11312 1137 113 11312 113 113
/
1
50 874 Feb 2 11812 Apr 17
11412 11412 .113 114
4
/
1
137
8 Marl
8 1314 133
4 134 1314 123 1314 20,700 Otis Steel
143
No par
81May 26
1212 1314 13
70
1.300
71
71
69
Do pref
71
•69
71
100 5014 Marl
743
4May 25
,
69 4 69 4 70
,
/ 12,900 Owens Bottle
1
4
49
4714 47
8
/ 48
1
4
/ 497
1
4
25 423 Marl
8 488 49
4
5112May 29
491 5114 58
/
4
4,800 Pacific Gas & Electric
/
4
114 1181 1161 11714 116 116
/
4
11814J11ne 3
100 10212 Jan
/
1
8
11018 1103 1104 113
Pacific Mall Steamship_ _ _ _ 5
.9
/ 10
1
4
4
1012 .512 1012 •93 10
512 Apr 1
11 Stay 26
*10
1012
584 40.700 Pacific 011
/
1
57
4 5718 58
/
1
12 58,
No par 521 Star 3
/
4
6514 Jan 31
3
5712 58 4 5714 584 57
/
4
/ 3014 2814 291 137,900 Packard Motor Car
1
4
2 28
10 15 Jan I
303
8June 3
27
277
8 2718 2712 2712 303
Do pref
•11012 1101 11012 11014 11018 1101 1,600
Jan
100 10214
/
4
/
4
11218May 26
/
1
11018 1104 •11018 11014
783 13,000 Pan-Amer Petr & Trans
8
/ 75
1
4
50 64 Jan
/
4
7514 7612 7518 761 7514 76
834 Mar 3
/
1
75
/ 77
1
4
8 7618 79 4 99,600
Do Class B
/
1
4
,
,
/ 7618 773
1
4
60 63 Jan
4 76 4 77
8412 Mar 3
763 784 7618 773
8
/
1
/
4
/ 1,200 Panhandle Prod & Ret_No par
1
4
4312 41 4312 418 *312 41
3 Jan
312 3
54 Feb 26
312 312
/
1
/
4
11 •112
/
4
Parish & Bing stamped_No par
11
/
4
13
8 .112
11 Jan 1
/
4
8 •112
11 Febll
/
4
.112
14 *112 18
/
1
29
29
2,600 Park & Tilford tern ctfs_No par 26121May
2914 29
/ 30
1
4
3018 29
30
3513 Jan 10
31
30
100 Penn Coal & Coke
147 .14
8
14
/
1
4
50 123 Apr 2
4
8
263 Jan 2
8
15
/ 1418 14, *1414 15 .14
1
4
•14
112
14
/
1
112 11
/
4
112
11 12,300 Penn-Seaboard St'l vto No par
/
4,
11 Mar 31
/
4
112
13
4
3 Jan 9
11 13
/
4
4
118 118 .117 118 1 2,000 People's 0 L & C(Chic)100 112 Jan 16 121 Feb 11
118 11812 116 118
117 119
57
2,800 Philadelphia Co (MUM).- 50 5113 Mar 18 5978May 7
/
1
4 57
4
561 563 5714 564 573
/
4
563
4 56
58
•47
48
48
500
Do pref
50 4511 Jan 5 48 June I
48 .47
48 .47
4712 48 .47
/
4
39
3912 391 3914 3.600 Phila & Read C & 1 _ __No par 373
/ 40
1
4
4May 6 524 Jan 9
/
1
411 40 4018 39
/
4
40
100
Certificates of int___No par 39 June 5 501 Jan 23
39
4012 39
42 .39
•39
43
/
4
43 .40
*40
Phillips-Jones Corp_ __ No par 60 Apr 3 9018 Jan 12
•5712 60 .5712 60
*5712 60 .5712 60
64
3160
151 1512 4,400 Phillip Morris & Co, Ltd___10 1234 Mar 19 173
/
4
163
8 1512 16
16 2 16
,
8May 28
164 16
/
1
16
/
4
8 4112 433 61,100 Phillips Petroletun
4
No par 361 Mar 30 463 Feb 2
4 411 428
/
1
/
4
/
1
411 424 424 423
/
4
8
411 43
/
4
211 223 77,300 Fierce-Arrow Mot Car_No par
/
4
/
4
4
/
4
104 Mar 30 2314June 3
/
1
/
1
,
/
4
2012 211 20 4 214 211 2314 211 23
74
/ 34,600
1
4
75
/ 72
1
4
Do pref
/
1
100 43 Mar 24 768
4
8June 3
,
6814 713
4 6914 73 4 723 764 72 122
1,900
•118 125
Do prior pre
11712
No par 85 Mar 18 122 Juno 4
/
1
4
11912 11912 118 11814 120 121
218 214 4,500 Plerce 011 Corporation
2
21
/
4
24 214
/
1
25
13 Jan 2
4
312, Feb 5
/
1
4
24 2
,
214 214
33
200
33
Do pref
•3212 35
38
*32
100 2513 Jan 2 40 Feb 26
36
•34
*3512 36
7
7
/ 12,700 PlercePetrol'm tern ctfs_No par
1
4
7
7/
1
4
74 714
/
1
5 Jan 2
7
/
1
4
/ 714
1
4
7
814 Feb 5
74
,
444 4514 2,200 Pittsburgh Coal of Pa
/
1
45
433 4414 44
4
100 3714Slay 2 5413 Jan 13
43
433 *4314 44
8
300
Do pref
•83l2 85 .8312 85
84
100 80 May 4 99 Jan 5
8312 8312 8312 8312 84
100 Pittsburgh Steel prof
•____ 96
97 •_ _- 96
100 94 Star 26 10213 Jan 8
95
95
99
.96
39
39 .35
300 Pitts Term Coal
36 8 •35
,
36
100 30 Apr 27 633 Jan 17
4
37
*37
*35
39
Do prof
83
83 .80
*80
83 .80
100 81 Apr 30 88 Jan 6
83
83 .80
.80
144 15 •
/
1
15
900 Pittsburgh Utilities pref. _.10 127 Star 24 16 8MaY 8
8
,
8
.151/ 1512 1513 153 •1513 1512 15
1
147 •14
100
8
147
g
Do pref certificates_ _ _ _10 123 Mar 20 15 Jan 15
147 .14
8
4
143 •14
4
143 143 •I4
2
2
1,200 Post'mCer Co Inc tem ctfNo pa
11212 114
/
4
931 Feb 16 1181 Apr 17
/
4
/
4
11512 11612 116 1163 11612 1161 113 113
4
Do 8% pref temp ctfs__10 11551 Feb 3 117 Jan 13
•Bid and &axed prime: no sales on this day.
Ex-dividend.
Shares.
1,100
11,600
6,400
4,300
1.000
10,700
400
400
400
19,800
2,900
600
300
1,100
3,700
900
2,500
a Ex-new rlabte.
•No par
•Ex-rlghta.
PER SHARE
Range for Previous
Year 1924.
Highest
Lowest
I per share $
141 Sept
4
213 May
4
8
18, May
14
Per share
2712 Jan
524 Dee
/
1
381.2
Jan
078142 Feb
77 Aug 1672312 DJaen,
Jan
35
Jan
33 j
934 June 88
40 June
76 May 104 Dec
341 Jan
/
4
/ Jan
1
4
4
112 Oct
521 May 8614 Dec
/
4
/
4
28713 Jan 4751 Dee
/
1
4
4212 Nov 62 Jose
79
Jan 113 Nov
/
4
8 May 171 Jan
50 Mar 6814 Dee
/
4
1141 July 121 June
487 Mar 6812 Dee
2
56 June 71 Dec
1518 June 25 De
8 4 Jan
1
512 API*
50 Mar 84 Nov
334 Dec 4014 July
/
1
112 Nov 117 Feb
Oct
Jan
107
7584 Apr
-9118 J
i5
87 Apr
Oct
93
59 May
2618 June
18 Mar
783 July
4
45 July
Oct
78
3314 Mar
2612 Dec
2814 Dec
241 Oct
/
4
29 May
8
Jan
3118 Nov
29 May
/
1
4
38 Apr
1018 Apr
8212 Apr
Oct
86
/
1
144 Dec
9014 SeptAlOr
18
119 Alla
101877184
Dee
-5r4 1571-e
10114 Dec
118 Dee
711 Dec
/
4
451 Dee
/
4
4112 Dec
93 Dec
691 Mar
/
4
87 Mat
4914 July
Jan
44
311 Dec
/
4
374 Jan
42 Feb
17 Mar
/
1
4
/ Jan
1
4
37
581 Dec
4
8418 Dec
39 Dec
/
1
4
116 Dec
10614 July
184 Jan
/
1
101 Dec
19 Dec
254 Sept
/
1
25 Aug
67 Jan
8
98 Nov
3414 Feb
7434 Dec
4812 Dee
2712 Feb
914 Feb
1814 Dee
2041 Jan
39
/
4
Dec
1044 Nov
/
1
101 Jan
/
4
77 Sept
/
1
4
12614 Dec
707 Dee
8
1007 Dec
8
4414 Dec
43
Jan
101 Dec
447k54Dee
1418 Jan
20 May
1 Aug
9112 June
2312 Oct
6114 June
2114 May
1713 Oct
6 May
9 Mar
2912 July
96'i Apr
9814 July
3
/ Oct
1
4
5014 Mar
12012 Jan
44 June
9112 Mar
3018 Apr
361 Oct
/
4
923 June
8
3Aug
108,1:
Sept
87 Sept 89
Jan
12312 Apr 16914 Aug
11112 May 118 Sept
5412 Oct 7213 Feb
111 Jan
/
4
163 Dec
4
361 Apr 57 Dee
/
4
4714 Jan 57 Dec
32
une 37 Dec
Jan 371 May
/
4
19
4118 Feb 5514 May
42 Sept 47 May
27 June 29 Sent
1:
JanJanv
3
600 D
4217,21,N y 451, J uj e.
2
1683
4 MarApr
7
.4
912 Decee
8
/ Oot
1
4
18 Feb
68 June
/
1
4
Dee
Dee
Jan
71413748 Ma
4714 Jan
105 Dee
104 Jan
/
1
,
5814 Deb
16 2 Fe e
16's58'4
29
92
44
Oct
3914 May
9018 Jan
7 Apr
45
978
May
8912 Apr 10214 Dec
4414 Feb 8645.8
Dee
4114 Feb
113 Sept
1.
:
J uy
41 Jan
Dee
/
1
4
24 Sept 35 Dec
Jan
1814 Nov
n
11*
118 Oct 321' Jan
924 Apr 11912 Dee
/
1
/
1
4
42 May 5712 Dee
4214 Jan
3414 Mar 6414 Dee
% au
43 j o
22
35 Mar 5714 July
y
44 M ay 88 July
11 july 42,3
2681,23
May
1818 M ay
r
5913 June
1,2
20 Mar
41 Oct
/
4
Dec
Jane
99454777: AugD
947k
58738 Decja
97
83 Dec
1118 Feb
4812 Apr
110 Feb
J
14612 D:
16
54 Dee
95 Dee
Jan
38
4
53 Dec
6ar
3 Mar
/
1
4
00
Aug
6314 Dee
0
8771:
18
Dee
10
136,1
Dec
Oot
117
2919
New York Stock Record-Continued-Page 5
Poe sates during the week of stocks usually inactive, see fifth page preceding.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
May 30.
Monday,
June 1.
Tuesday,
June 2.
Wednesday,1 Thursday,
June 3.
June 4.
Friday,
June 5.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Year 1925.
On basis of 1(,)
-share lots
Lowest
Highest
PER SHARE
Range for Preston:
Year 1924.
Lowest
Highosi
per chars $ per Oars
$ per share $ per share $ per share $ Per share l$ per share! $ per share Shares. Indus. & Miscall. (Con.) Par $ Per share I Per share
100 51 June 5 69 Jan 23
39 Aug 62 Jan
5212 53
53
511 53 '
/
4
I 51
513
4 1,600 Pressed Steel Car
5212 524 52
100 81 June 2 9212 Jan 3
Do prof
67 Aug 90 Feb
81
*79
8112 *79
8112 '
579
100
81
81
8112
*79
228 Apr 4312 Jan
/ 263
1
4
8 2614 2614 26
2614' 26
2612 3,500 Producers de Refiners Corp_ 50 22 Mar 30 3228 Feb 3
2614 2612 26
39 Mar 70 Dee
713 728 713 72 I 869
4
4
7114 7214 7118 72
6914 9,900 PubServCorp of NJ newNo par 6218 Mar 30 74 May 21
100 99 Jan 7 10212June 3
9612 Mar 1011 Dee
8
10212 10212 1013 10212 8102 102
4
Do 7% pref
550
510212 103
*10118 103 '
100 10818 Apr 1 1145
85une 4
99 Apr 115 Dee
/
1
4
8
8
8
Do 8% pref
100
8
*1123 1145 •11118 1145 *11118 1145 1145 1143* •11118 11418
4
4
100 129 Mar 30 15118 Jan 3 11312 Apr 1512 Dec
139 14012 1373 13912 4,900 Pullman Company
4
13912 14112 139 13912 13912 140
4May 25 47 Jan 7
/
1
4
371a Doc 67 8 Mar
5
50 383
41
3914 40% 39 4 398 3,600 Punta Alegre Sugar
40 401 40
/
4
401s 41
3
25 254 Apr 17 3334 Feb 4
20 June 3014 Dec
283 29
2814 283
4 2818 29
4
15,700 Pure Oil (The)
283 283
8
4 288 29
100 10212 Jan 5 107 May 26
92 Jan 10514 Dec
107 107 *10612 108
Do 8% pref
200
10612 10612 *10612 108 *10612 108
7
25
7 Oct 667 Dee
8
4
56
561
554 558 54
/
1
5514 17,800 Radlo Corp of Amer_-No par 4828 Mar 27 77 8 Jan 2
555 5712 553 57
8
50 4934 Jan 5 54 Feb 4 4574 Oct 50 Dec
Do pref
5112 *48 2 5112 *4978 5112 494 494 *497 5112
7
100
*50
8
100 12212 Feb 17 1413 Jan 5 106
4
Jan 13712 Deo
12712 12712 126 127
1254 1251; 1,200 Railway Steel Spring
128 1283 12712 128
4
8
Jan 3312 Nov
No par 337 Jan 7 3814May 1
30
Rand Mines, Ltd
*37
38
*3612 38
*3612 38
*367 37
8
*3618 38
*
Mar 17 Dec
/
1
4
4
4 1214 123
4 12
123 13
4
125 127
8
8 123 122
1214 7,700 Ray. Consolidated Copper_ 10 1128 Apr 22 173 Feb 9 9
3214 Jan 5412 Dec
12 6412 6518 65
68% 66% 7028 693 7328 26,100 Remington Typewriter____100 4634 Jan 27 734June 5
6414 64
4
8
100 100 Jan 2 105 Apr 21
9014 July 99 Dec
Do 1st pre
*103 10312 *103 10312 104 104 *103 10412 *183 10412
100
100 108 Mar 30 11312 Apr 29
9012 May 110 Dec
*98 111 *105 11012 *105 11012 *105 110
Do 28 prat
*107 112
7 June 2314 Nov
/
1
4
No par 134 Mar 30 2314 Jan 13
/
1
14
/ 14
1
4
14
1,900 Replogle Steel
1412 14 4 1412 1412 1412 1412 14
3
42 June 6338 Dec
100 421; Apr 30 643* Jan 3
45 45
44
4514 44
45
1,700 Republic Iron & Steel
45
4612 441 45
8
82 June 95 Mar
.100 86 Apr 22 95 Jan 13
Do prat
*87
88 *87
88
•87
88
*87
88
*87
89
97 May 228 Jan
No par 12 May 4 18 Jan 5
4 1212 1278 123 123
8
4 2,000 Reynolds Spring
4 1212 1212 1212 123
1228 123
e
615 Mar 79% Dec
8
4May 25
764 753 7618 757 7612 751; 7614 7,300 Reynolds(R J)Tob Class B 25 7214 Mar 24 783
76
8
77
77
/
1
8
100 1197 Jan 8 122 Apr 29 1154 Mar 121 June
Do 7% Prof
*12112 122 *1214 122 *12112 _ __ •12112 122 *12112 122
86 Mar 98 Sept
25 91 Apr 24 9712 Feb 20
92
*9112 92
*9112 92
*9112 92
92
100 Rossi& Insurance Co
*9112 92
4038 Sept 59 Feb
/
1
4
507 5114 5118 517
8
8 5114 513
4 5028 513 10,200 Royal Dutch Co(NY shares)_ 4814 Mar 24 573 Jan 31
4
5114 52
Jan 457 Dec
;
22
5084 4914 5112 48
10 393 Feb 17 5212May 25
4
12 5014 49
4912 13,700 StJoseph Lead
4912 5014 49
2
3218 Jan 887 Dec
2
Arms Corporation_100 5512May 14 1083 Mar 3
63 8
7
6114 6158 3,500 Savage
6218 6312 623* 6312 63
/
1
4
96114 4pr 129 Aug
8
2
4
10914 10914 1083 10912 1082 11012 6,100 Schulte Retail Storee_No par 108 May 16 1167 Feb 9
10914 111
100 109
100 110 Jan 6 115 Feb 19 105 May 11234 Dee
100
Do Prof
111 111 *111 112 *111 114 *11112 114 .111 114
783 May 155 Dee
4
100 14712Mar 30 17414May 20
167 168
10,900 Sears, Roebuck & Co
16814 17114 168 1698 16912 17112 16712 169
*
1/ May
64 Jan
18 Feb 20
.No par
15 Jan 5
2
____ ____ ____ ___- ...___ Seneca Copper
4 Apr
8 July
7% Jan 3
51 Apr 22
/
4
6
6
64
512 6
Shattuck Arizona Copper_ 10
6
6
6
700
6
6
33 Jan 42 Dec
*40
54018 4178 3934 40
411 *40
/
4
•405 42 '
8
414
/
1
200 Shell Transport & Trading. £2 3978May 3 4534 Jan 30
8 Feb 4
4
153 July 2212 Dec
2412 2414 2411 2378 2414 2312 237 16,000 Shell Union Oil
No par 2212 Jan 6 28,
244 247
/
1
8 24
s
9112 Jan 9912 Dec
100 9912 Jan 2 10218Iune 1
102 10218 10112 10112 *10114 105 *1014 105 "10114 105
300
Do prof
10 8 Jan 14 Dec
3
1912 Mar 17 26% Jan 12
5
235 2414 233 2418 235 243 10,800 Simms Petroleum
8
4
6
1
2312 2412 23 8 24
8
22 Apr 37 Dec
42
4312 4118 4212 41% 4218 4114 4112 403* 413* 16,800 Simmons Co
No par 3114 Mar 17 4412Ma, 27
/
4
15 July 271 Jan
8
8
8
2012 207
8 204 213
8 207 2112 205 2114 2012 213 53,700 Sinclair Cons 011 Corp_No par 17 Jan 6 247 Feb 2
4
Jan
901/ 9012 90
Oct 90
9018 90
75
9012 90
90
90
9012 1,700
100 783 Jan 2 9418 Feb 3
Do prat
17 July 29 Feb
/
1
4
2778 263 28
12 2818 27
4
273 2812 273* 281s 27
4
25 213 Mar 30 3018 Feb 3
4
19,500 Skelly Oil Co
8
52 May 847 Dec
85
863 863
4
4 85
12 86
851s 8518 *8514 86
8518 1,200 Sloea-Sheffield Steel & Iron 100 8014 Mar 30 97 Feb 5
58 Oct 9572 Mar
71
*70
71 '
56712 71
73
*70
73
70
70
300 South Porto Rico Sugar-100 62 Jan 6 73 Mar 2
738 June 20 Dec
2112 2112 2012 214 2018 2114 2012 2112 6,100 Spicer Mfg Co
/
1
21% 22
No par 1512 Feb 17 2338May 25
/
1
78 July 984 Dec
1033 10328 103 104 *104% 10518
4
105 105
100 92 Apr 1 106 May 18
*105 106
400, Do peel
all; May 41% Dec
8May 20
8
7
4
5114 527
8 5114 5318 517 52 8 5114 523g 5012 5112 36,700 Standard Gas & El Co_No Dar 401 Jan 2 547
4
100 62 May 19 7412Mar 2
39 May 738 Dec
/
1
4
*6312 67
667 674 6914 71
8
*6312 67
*67
71
900, Standard Milling
70 July 85 Mar
*8212 86
*8212 86
*8212 86
10
81 Jan 20 86 May 28
*8212 88
*8212 86
I Do prof
/ Jan
1
4
5658 Mar 30 6714 Feb 2
5512 Apr 68
4
5818 684 58
5814 573 5814 575* 5814 5712 5812 10,100 Standard Oil of California_ 2
33 May 4214 Jan
8
4212 4278 4214 4234 424 4312 50,200 Standard 011 of New Jersey 2
385 Mar 30 4712 Feb 3
42
/ 431s 423 43
1
4
*
4
14
7
11714 11714 117 117 8 11734 118
11814 11814 `118 118
/
1
4
12 1,500, Do prat non-voting__ _100 116121Vlay 25 119 Feb 24 1153 Mar 11912 Aug
134 Oct 354 June
/
1
/
1
12 10% 1012 1018 •1012 11
10% 10% 10
1012 1012
Plate Class Co__No par 10 Feb 11 16 Jan 16
900 Stand
No par 6214 Mar 25 6614May 29
5512 Apr 6512 Nov
6312 6312 *63
6512 6512 6412 6512 64 64
6312 2,200: Sterling Products
;
48 July 1007 Jan
/
1
4
8
701
68
697
8 6912 7012 6814 70
68
68
6812 12,300 Stewart
-Warn Sp CorP_No par 55 Mar 18 777 Jan 3
8
731
5412 May 847 Jan
693 70
4
711s 711 697 698 *69
/
4
8
72
71 I
900 Stromberg Carburetor_No par 61 Mar 18 795 Jan 3
/ 4614 47
1
4
3012 May 4614 Dec
46
/ 46
1
4
452
4614 48
4 44314 47
4612 58,400: Stubeb'r Corp(The)new No par 4114 Jan 28 49 May 27
Jan
4June 3 1097 Nov 115
;
118 1182 •1153* 1183 *116 1188
100 112 Mar 13 1183
4
*116 -- - *117
Do prat
Stock
200
123 Dec
No por
6 Nov
8
ar
812 Apr 27 12 Mar 6
9
9
8 4 i;{ *84 9
3
7
8 4 83
3
4
85* 8%
800 Submarine Boat
81g Aug
354May 28
2% Jan
61 Feb 9
/
4
3% 4
7
3% 33
4
33
4 3
43
8 7,800 Superior 011
3% 3%
Exchange
2
23 July 35 Dec
100 20 May 1 413 Jan 10
26
*23
*233 25
4
25% 254 25
26
*23
26
300 Superior Steel
3 Jan
1% Sept
8
57 Mar 19 118 Jan 7
*7
*7
9
*74 8
3
*7
/ 9
1
4
9
*7 80
14
Closed;
I Sweets CoC of America
614 June 1434 Dee
1134 Mar 30 15 Feb 7
*1114 13
13
012
4
4
13
123
4 123 123 *123 13
4
200, Telautograph Corti----No Par
713 Apr 1 113
4May 14
63 Mar
4
93 Jan
4
3
1012 10
No par
/
1
3
Memorial
In 10
10% 107
8 104 10 4 10
3
104 6,100' Tenn Cony & C
/
1
477 4858 4818 483
;
373 June 45 8 Jan
4
3
4814 4878 24778 4818 54,600 Texas Company (The)____ 25 42% Jan 5 49 Feb 2
47 8 49
7
4141ar 13
57 Apr 110 Dee
/
1
4
10 9713 Feb 17 1133
10614 Ion 100 1081 107% 108% 10614 10714 10614 1073 13,800 Texas Gulf Sulphur
12
Day
4
8 Oct 1514 Feb
15
151
151
147 15% 1434 151s 1412 15141 14,000 Texas Pacific Coal & OE- 10 1112 Jan 5 23% Feb 6
8
15
Feb
100 122 Mar 30 152 Feb 27 11614 Oct 151
14314 144
143 1457
144 144
81 2,400 Tidewater 011
14412 1441 144 145
Jan
8112 May 41
4118 415* 4012 408 6.700 Timken Roller BearIng_No par 3754 Mar 18 4412 Feb 13
411
403* 41
41
403 411
8
52 Apr 73 s Dee
3
7838 79
100 70 Jan 2 82 May 25
80
79
791
784 791
773 79141 14,300 Tobacco Products Corp
4
78
8344 Mar 9812 Oct
3 997 100 100
100 9318 Jan 2 10018June 5
9912 99 4 99 8 991
3
3
99
100 10018 2,400
Do Class A
378 Jan 2
57
8May 9
3% Apr
614 Jan
4% 4%
412 45
412 47
412 4 4
3
412 51si 31,400 Transc't'lOiltemctfnewNo par
/ Jan
1
4
283 Oct 35
8
27
2512 26 '
•26
2718 2618 2618 *26
52514 2718
700 Tranaue & Williams Sin No par 2514May 13 35 Jan 10
Jan
4334 4458 z4234 4412 5,700 Underwood Typew
25 3818 Mar 26 45 Mas 16
3618 Sept 43
43
43
/ 43
1
4
433
4 42
/ 44
1
4
3312 Sept 645 Feb
8
6012May 25
-_100
53
554 5618 5312 5418 5312 537
8 52
5112 5212 3,100 Union Bag & Paper Coe 0
g par 3
%1 I ) 1 1.00 Feb 28
gi
r
18 Feb
3 Apr
8
• *3
8
12
Is
3
8
*ss
12
as
1
3
12
3
4 15,600 UM n Oil
35 Nov 39 Nov
25 3618 Apr 27 43% Feb 5
3718 37 4 3718 3712 *3714 3712 3714 374 3714 3734 6,100 Union 011, California
3
94
Jan 1327 Sept
8
12814 Feb 27
12414 12414 *123 126 *123 126 1•123 126 *123 126
100 Union Tank Car
5112 115
17 11718May 6 10614 Feb 11634 July
8
5112 1-5 *412 115 *112 115 '
20
0
1143 115 0
4
Do prof
200
8
20 Oct 37 Feb
26
26 I 26
No par 24 May 15 367 Mar 4
26
/ 2612 2612 2614 2614 26
1
4
26
1,200 United Alloy Steel
71 May 1215 Dee
8
100 1108 Feb 4 1275
8May 21
123 1243* 12212 123
123 12312 122 12314 12118 122
4,600 United Drug
461;May 53 Dee
50 52 Jan 16 5512June 3
*55
5518 5514 5514 55 8 5512
*55 4 56
2
3
4
Do lat Prof
600
Jan 22412 Aug
*210 21112 21112 21112 210 210 *209 215 *209 215
100 2047 Mar 31 231 Jan 3 182
8
200 United Fruit
13 July 48 Dec
3412 37
3512 374 36
38
37
38
343* 3612 27,400 Universal Pipe & Rad...No par 2612 Apr 27 50% Feb 11
47 Oct 79 Dee
/
1
4
79
100 6612 Apr 27 94 Feb 11
753 79 I 79
4
80
77
7718 7714 *77
7814 2,900
Do prat
8
160 16512 162% 16518 166 170
162% 167
64 Feb 1695 Dee
159 164
15,600 U S Cast Iron Pipe & Fdy_ _100 13114 Apr 22 250 Feb 11
817 Jan 10414 Oct
8
2101 101 .'
599 100
100 100 June 5 11212 Feb 27
599 102
8
1003 10038 '
100 100
Do pref
300
2112 May 42 Dee
/
4
3
36
34
333* 35 4 3418 3612 36'2 36% 35
343 31,500 US Distill/ Corp tern et!No par 301 Feb 17 39% Jan 17
4
98 July 168 Dee
140 141 *144 146
146 146 *120 150 *120 150
100 130 Mar 9 154 Jan 8
Do pref
300
165 Mar 2424 00o
8
35
3612 3412 3514 344 343
4 3412 34121 3412 343
7,200 U8Hoff Mach Corp v t a No par 23 Jan 3 3612June 1
611 May 8714 Dee
8
881 49,700 US Industrial Alcohol
100 76 Mar 19 945
8May 26
8 87
897
88
/ 9112 893* 908 8914 913
1
4
8 87
98
Jan 10624 Dee
4
/
1
4
-100 105 Jan 29 113 June 3
*1103 112 *11114 113
113 113 *112 113
113 113
Do prof
405)
100 114';Mar3O 14734May 12
90 June 14312 Dee
142% 145 x127 130
141 14212 14118 1455* 14414 147
/
1
4
15,600 17 S Realty & Improv't
/
4
100 1221 Jan 2 142 May 4 100 June 143 Dee
Do prat
4714
2212 May 4278 Jan
100 3312 Mar 30 4734May 12
7614
%lira 1 171
/
19,000 United States Rubber
7
66 May 95 8 Dec
/
1
4
100 923 Mar 3 10112June 5
Rio moss 10034 101 101 101 10034 10114 10114 10112 3,600 Do lat peel
4
/
1
1812 Mar 414 Dee
3512 3612 35
36
363 3714 363 37
4
4
35
35
3,200 US Smelting, Ref & Min- 50 30 Feb 17 39 Jan 7
*448 45
3712 Mar 4678 Dee
45
*44
45
*4412 45
45
*4414 45
50 44 Apr 16 4612 Jan 5
Do pref
200
114 11478 11338 11414 107,900 United States Steel Corp-100 1123 Mar 3 12952 Jan 23
94 June 121 Dee
/
1
4
4
1143 11612 114 11518 11414 115
e
8
8
12412 1245* 1233 1243* 1237 1237 12312 12378 1235 1234 2,600
4
s
8
100 12218May 7 12658 Jan 26 1183 Feb 123 Jul)
Do Prof
/
1
4
s
64 Jan 88% Dec
90
003
4 907 908 *8812 89 •887 897 •887 898
8
s
10 82 Mar 19 92 Jan 15
s
Utah Copper
800
5
16 s Jan 46 Dee
100 411 Feb 17 15778May 20
/
4
Utah Securities
"271 2712 .
;
18
33 Feb
- 2784 28
Ms Jun
-278
gMay 4 31% Jan 3
No par 255
3,165 Vanadium Corp
*2012 23
/
1
4
*21
23
1524 Oct 33 Jan
*21
23
*2114 23
2212 2212
3
200 Van Raalte
No par 1634MaY 13 24 4May 19
73
*71
73
*71
*71
73
*71
74
*71
73
53 Sept 80 Jan
100 60 Apr 1 73 May 22
Do 1st pref
8
8 43
41 414
/
4
10 8 Jan
1
414 412
418 4
43
414 414
/ 2,000 Virginia-Caro Chem_ __No pa
1
4
218 Mar 23
5 Ayr 17
la Jun
167 17% •17
8
1712 16% 16% 2,200
3
/
1
34 4 Jan
1718 1712 *164 17
212 Jun
100
81/ Jan 5 203 Apr 17
8
Do prof
112
8 *112 1%
112 •112
17
8
8 *112 17
38 Jun
7 Jan
*112 17
2 Apr 18
/
1
4
200
Do "B"
No par
1 Jan 17
8
4 1314 13% 4,500 Vivadou (V) new
133, 137
8 13 8 133
4 135 133
454 Jul
154 Jan
/
1
5
4 13% 133
No par
7 Jan 13 153 Apr 15
14
4
8
8 163 163
163 174 163 167
8 1612 17
4
4
14 AP
20 Nov
1612 163
/
1
8
No par 1512May 11 197 Jan 3
4 6,500 Waldorf System
52
52 '50
52
*50
050
*50
52
52
52
51 Apr 17 52 May 5
100, Weber & Hellbr. new_e No pa
6
6
*3
6
*3
*3
5
*3
/
1
4
*2
6
12 Jan 5 14 May 22
/
1
4
5 Oct 12 Nov
1 Walla Fargo
1
117 117 '
511612
1164 117 *11612 117
/
1
100 1133 Jan 9 117 May 12 11122 Apr 117 July
4
*11612 117
-100 Western Elea 7% pro;
8
7
4
4
4
13214 1333 1333 1343 1337 13478 133 8 1337 *132 11312 7,700 Western Union Telegraph100 11614 Jan 2 135 Apr 23 105 May 11834 Dee
/
4
10012 10112
Jan 111 Dee
84
500 Westinghouse Air Brake.... 50 97 Apr 9 11378 Jan 7
102 102 *101 103 01011 103 *101 102
4 7112 73
7112 7214 17,600 Westinghouse Elea & Mfg_ 50 66 Mar 28 84 Jan 3
5518 May 75 May
8
7212 733
/
1
4
728 733
4 725 73
*83
87
*83
87
*83 87p0 7912 Mar 30 86 Jan 5
*83
87
72 Jan 82 Dec
87
post CoCo f
lon pre
*83
136 136
130 132
4712 Jan 127 Dec
138 138
No par 105 Mar 2 145 May 21
1,700 West
136 141 •139 141
/
1
985
8 984 984 *98
/
1
4
9814 *98
87 Apr 97 Dee
98 .98
9818
300
Do 7% pf tern ctf new _100 94 Apr 3 9814MaY 26
98
4
/
4
No par 255 Mar 31 311 Feb 2
3
4
4,800 White Eagle Oil
8
/
4
2318 May 29 s Feb
2712 263 2712 2712 2712 263 271 268 272
27
70
723
8 69
5012 Apr 72 Dee
693
8 6914 73
50 5718 Mar 30 76 Jan 13
/
1
4
707 41,400 White Motor
8
684 704 69
*12
38
12
*12
ft
3
8
15 Jan 10
8
3 Oct
4
15
Jan 30
5 Jan
3
8
18
3
8
700 Wickwire Spencer Steel_No par
24 Dec 24 Dec
8
__-- - -- _
100 187 Feb 24 32 Jan 19
Do prof
9 Jan 28 2412May 11
/
1
4
67 May 1414 Jan
4
4
-294 1974;i90 Willye-Overland (The)
- . I1 8 "ioia -211; --Cli.4 ifli -19E8 if1- 19
205
-7
611 May 88
/
4
100 7214 Jan 28 111 May 22
Jan
8
10418 1065* 1043* 1067 101 10518 101% 1023 18,700
Do prof
1054 107
/
1
3
418 May
55
2 53
4
512May 29 133 Mar 7
534 0
*5
6
No par
512 512 2,200 Wilson & Co.Inc
4
28 Jan
5% 6
21
11
211 21
/
4
•191 21100 18 Apr 24 60 Mar 7
1912 1912 21
*21
Aug 7218 Jan
21
300
Do prof
133 13514 13334 13614 13418 136
4June 5
7212 Apr 126% Dec
135 1383 32,200 W 3olworth Co(F W)
25 11214 Jan 28 1383
4
1334 137
8 4012 5,300 g orthington P ds M
s 39
4May 14 7924 Jan 2
100 363
2314 June 81 Dec
4 4012 411
418 423
4018 42% 4014 42
68 July 8912 Dec
/
1
100 79 Apr 6 88 Jan 9
8212 *784 8212 .79
8212
Do prof A
82 .79
100
48112 82
82
4
100 65 Apr 7 7634 Feb 11
58 Jan 7524 Dec
/
1
4
4
Do pref B
100
4
4
*653 6612 *653 6612 *653 6612 664 6614 *653 6612
16 Mar 30 283
2412 247
8May 25
; 8,900 VI eight Aeronautical.__No Par
9% May 23% Dec
Mao 268
8 2412 25
4 2312 26
23; 243
8
35
52
No Par 4512 Mar 30 52% Feb 7
Apr 45s, Dee
5112 5112 515 5118 52
52
1,600 NS Maley(Wm Jr)
513 51% 52
4
373 38
4
38
38
32 Nov 5538 Mar
1,400 Follow Cab Mfg tom °Hs_ 10 3312 Feb IS 42 Jan 3
382
/ 38
1
4
3812 38
38
38
/
1
5934 Oct 72 De0
65
56514 67 I *6514 67
6514
300 Yi ungstow 3 Sheet & T No par 63 Mar 27 764 Feb 13
*6514 67 '
6612 6612
day, s Ex-dividend. o 'slew stout on the 'male of 1 new share for three old shared.
• 11.d and asked vetoes: ,uo ealesn 41214
IN Peg
•
2920
New York Stock Exchange— Bond Record Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of gaoling bonds was changed and prices are now "and interest"—except
for income and defoliated bonds.
BONDS
N. Y. STOCK EXCHANGE
Week ended June 5.
t
Price
Friday
June 5.
Week's
Range or
Lan Said
13
U. S. G eeeee mint.
Bid
Ask Low
Nigh NO.
Met Liberty Loan
1114% of 1932-1947
Sale 101
101 32 361
J D 101
,
Cony 4% of 1932-47
,
J D 101,143102 n 10273iMay'25
Cony 43(% of 1932-47
.1 D 1021,3, Sale 102934 102- o 328
,
2d cony 414% of 1932-47
J D 101812 102 101164410136o 33
Second Liberty Loan
45 of 1927-1942
1
MN 101 10115n 101, 101'31
34
Cony 411% of 1927-1942
MN 101"31 Sale 10108 101"43 823
Third Liberty Loan
431% of 1928
M $ 101.344 Sale 101,1441021n 1748
Fourth Liberty Loan
411% of 1933-1938
A 0 102163, Sale l02',,102",, 1298
Treasury 4318
1947-1952 A 0 106..4 Sale 1060
272
4/107
Treasury 45
1944-1954 J D 102113/ Sale 10233/ 103
1043
Panama Canal 38 gold
1961 Q M
97
9712 Oct'24
State and City Securities.
1‘ Y City-4310 Corp stock_1960 M S 101 1013 101
8
1013
8 14
Registered
_ 10014 Jan'25
M S
43is Corporate stock
1984 in 8 1033
8
_ 10312 May'25
4118 Corporate stock
1972 A 0 1035
_ 10314 May'25
8
414s Corporate stock
1966 A 0
1023 Apr'25
8
4348 Corporate stock
1971 J D 111814 ___ 10814 May'25
41358 Corporate stock_July 1967 J J 1077 ____ 1077 May'25
8
8
415s Corporate stock
4
1965 J D 108 Sale 108
108
4345 Corporate stock
1963 M S 1077 10812 1073 May'25
8
8
4% Corporate stock
5
1959 M N 993 100
4
997
997
Registered
9814 May'25
NI N
4% Corporate stock
1958 MN 997 Sale 995
8
997
4% Corporate stock
1957 M N 993 100 109 Apr'25
4
4% Corporate stock
1956 MN 99
99
/
1
4
/
1
4
995
8
Registered
NI N
9814 Feb'25
41% Corporate stock
1955 M N
983 Mar'25
4
Registered
Jan'25
M N
- 98
434% Corporate stock __1957 M N
6
167 1071 10714
- -58
/
4
634% Corporate stock__1957 MN 10718 1075 1075
1
8
8
8 1075
Registered
_ 105 Feb'25
MN
334% Corporate stk_May1954 M N 90
2
/ ____ 90
1
4
/
1
4
9O8
334% Corporate stk _Nov 1959 M N 00
/ ___- 91 May'25
1
4
New York State Canal Im-451961 J J
102
/ Apr'25
1
4
48 Canal
10118 Mar'25
1942 J J
4158 Canal Rapt
1969 j J
11414 May'25
4s Highway impt registerc11958 ___ _
103 Feb'25
Highway Improv't 410_1963 M S
113 May'25
Virginia 2-38
1991 J J 6414 ____ 7612 Feb'25
Range
Since
Jan, 1,
Low
BONDS.
N.Y.STOCK EXCHANGE
Week ended June 5.
t
t
Price
Friday
June 5.
Veek's
Range or
Last Said
RANO
Sille4
Jas, 1.
High
844
MO
Ask Low
Rich No. Low
Panama (Rep) 514s tr rects_1953• D 10318 Sale 1023
10318 30 10014 104
4
10017o 01"41 Peru (Rep of) extl 88
1944 A0 10014 101 100
971 1024.
/
4
1003
4 30
101, 02'42 Poland (Rep of) g 68
44
13
1940 A0 693 Sale 6912
6638 79
4
70
02"si
Ext'l s f g 88 interim rects_1950
87 96
893
425
4
90
,
01uss Porto Alegre (City of) 88_ _1961 is 95 Sale 89 2
101
94 9612
2
96
JO
95
9512
Queensland (State) ext,f 7s 1941 A0 112 Sale 112
4
11212 21 109 1123
10013 0233,2
.,
25
-year 68
1947 FA 10514 Sale 1044 10514 18 10112 1054
/
1
1003082 011342 Rio Grande do Sul 843
1946 A0 98 Sale 9612
98
94
48
98
Rio de Janeiro 25-yr a f 8s 1946 A0 97 Sale 9514
9718
93
49
97
1011./ 0211/
25-yr extl 8s
1947 AO 953 Sale 9414
92
76
4
97
97
Rotterdam (City) external 681964
N 10414 Sale 10312 10414 38 100 1041a
1011io 02"ii El Salvador (Rep) 8s
1948 J J
_ 104
8 103 105
105
10418., 107
Sao Paulo (City) 8 t 88
9978 Sale 993
1952 MN
97 101
32
100
4
1001in 103
San Paulo (State) ext a 188,1936 55 103 Sale 10114
32 100 10314
103
Externals f 8s int recta_ _.1950
100 Sale 997
9912 1004
52
8
100
Seine (France) ext 741
1942 j j 8912 Sale 8914
8214 91
240
90
1001 10112 Serbs. Croats & Slovenes 88_1962
/
4
8
84
275
90
N 887 Sale 88
89
10014 10014 Solsson8(City) 68
8
1936 MN 853 Sale 85
82
29
87
86
10312 Sweden 20-year (is
10114
1939 S D 10312 104 1033
4
1043
8 52 103 1044
102 103 4
,
External loan 535s
1003
984 1013
8
s
1011 240
/
4
8
10114 1023 Swim Confeder'n 20-yr s f 88 1954 MN 114 4 Sale 1005
23 113 117
1940 J J
115 11414
115
1667 10814 Switzerland Govt ext 5159_
8
9812 1045
s
10312 86
,
1057 1077 Tokyo City Es loan of 1912 A946 AO 103 Sale 102 4
8
8
6414 6814
MS 68 Salo 68
6814 36
10612 198
Trondhjem (City) extl 6158_1944
97 101
101 10212 101
5
101
8
1053 1075 Uruguay (Republic) ext 8s__1946 J J 10838 110 10912 110
3
11 10614 11012
FA
997 Zurich (City of) s f 88
a
98
%
1945 A0 10912 Sale 10914
110% 13 1081 1114
9814
9814
Railroad.
8
983 997 Ala CA Sou 1st cons A 5s
9
4
1003 1014
1943 J O 10034 103 1007 May'25 98 100
Ala Mid let guar gold 58_1928 MN 10012 1011 1015 May'25 - - - 101 1011,
/
4
8
9818 995s Alb & Susq cony 315s
82 84
1946 AO 8414 ____ 84
84
8
9814 9814 Alleg & West 1st g 4s 651_1998 A0
/
4
811 8312
8314 May'25 4
98
/ 983 Alleg Val gen guar g 48
1
4
•si -55i4
9314
9314
91
1
04
1942
977 98
8
Ann Arbor let g 48___July 1995
6314 7212
72 Sale 71
1063 10714 Atch Top & S Fe--Gen g 48_1995 (4 5, -917 Sale 915g
8
8814 9212
3
2
AO
9212 148
7
1071
/
4
10518
Registered
8614 934
_ 9053 May'25
AO
1/
1
105 105
Adjustment gold 1s .July 1995 Nov
4
41 8112 843
843
14 8 843
12 18
8
8
-3
8
8912 907
Stamped
July 1995 MN 84
823 8514
4
8414 84
91
90
Registered
79% 8012
• N 7912 _—_ 8012 Apr'25 -102% 10314
Cony gold 48 1909
811 85
/
4
8
1
1955 in 847
85
85
101 18 10118
Cony 48 1905
811 847
/
4
_
847 May'25 - 8
8
1955 S D 843
1123 11414
4
Cony g 48 Issue of 1910_1960 S D 8012 84 - 8312 Feb'25 -8118 8312
4- 103 103
East Okla Div 1st g 4s..„1928 M
98 100
0918 Sale 9918
991g
16
11131 113
Rocky Mtn Div 1st 4s___ _1965 5 J 8718 Sale 8718
84
87
/
1
4
5
8758
2
7612 76,
Trans
-Con Short L let 46_1958
89
88
J 89 Sale 8714
89
12
Cal-Ariz 1st & ref 415s"A"1962 MS 943
92
4
95
947
947
Foreign Government.
3
Registered
913 914
8
MS
913 Jan'25
8
Argentine (Govt) 78
,
4
1927 F A 10212 Sale 10214
10212 286 1013 103, At' Knox," & Oin Div 4s____1955
88h 923
92
N 92
4
Argentine Treasury 54L_1945 M S 82
8112 8814 All Knoxv & Nor 1st
11
863 87
4
88
g 58.__1946 J O 10214 ____ 10212 May' 15 — 3- 10214 103
92 1
2
-4
Sinking fund 68 Ser A
95
9712 Atl &
1957 M S 96 Sale 96
965 504
8
Charl AL let A 4158_1944 S i 963 97 97
974
95
8
2
9814
Extl 65 ser B temp Dec 1958 .3 D 96 Sale 96
9434 97
9614 1381
1st 30-year Ss
4 10314 12 102 1034
Austrian (Govt) of 78
934, 993 Atl Coast Line Series B____1944 Si 10314 Sale 1023
4
1943 5 D 993 Sale 98
4
993 176
4
1st con 48.51952 58
935s 94
89
9414 52
937
941s
8
Belgium 25-yr eat 5f 711s g_1945 J D 1093 Sale 109
8
10912 111 107 11014
10-year secured 78
4
N 10714 Sale 107
1930
10714
5 1053 108
20
-year a f 88
37 10638 10933
1941 F A 10738 Sale 10738
108
General unified 415s
943 94
907 94
8
8
1964 S D 94
25-yr ext 834s interim rcts.1949 M S 95 Sale 9378
282
92
96
9
6
L & N coil gold 48_ ___Oct 1952 MN 884 8014 88 4
8618 891
78
/ 89
1
4
9
2
78
7;
8
84 43
9: 13
Eat! ii f 68 Inter rots
1955 5 J 88 Sale 863
833 8814 Atl & Deny 1st g 4e
8
4
8814 884
1948 J J
76te 80
Bergen (Norway) s I 8.8
4
2 10818 1133
1945 M N 11412
11312 11358
2d 48
69 6914 68
687
8 13
624 701
1948 J
,
25
-year sinking fund 6s
95
9914 Atl & Yad let g guar 4s
4
A 0 9914 Sale 983
9914 27
75
1949 AO 7812 80
80
783
4
79
17
Berne (City of) s f 8s
8
1945 MN 1093 Sale 109
1093
s 36 108 11112 A & N W Ist gu g 513
1941 J J 99
____ 99 May'25 - - _ _
985 9912
,
Bolivia (Republic of) 88
1947 M N 9538 Sale 9514
923 97
3
953 129
Bait & Ohio prior 3948
4
100 Sale 997
994 1004
10
1925 .1
100
Bordeaux (City of) 15-yr 68_1934 M N 8514 Sale 85
80
853
86
4 05
Registered
997
July 1925 Q J
993
4
998 Apr'25 -7
Brazil US.external 88
4
1941 J D 973 Sale 973
9518 99
4
.
9812 108
1st 50-year gold 4e_ _July 1943 A0 91 Sale 91
9l38 54
853 9214
4
7s (Central Ry)
8
1952 5 D 833 Sale 83
8014 84.4
8312 81
Registered
8514 9014
July1048 05
9014 May 1 15
,4
'
2
734o (coffee seam)I(flat)_1952 A 0 106 10614 106
7 10312 107,
2
10614
10-year cony 415s
891 95
/
4
9434 208
193:3 MS 9412 Sale 9414
Buenos Aires (City) m163.01955 5 5 9812 Sale 9712
9512 9812
9812 21
Refund & gen 58 Series A_1995 J D 905 Sale 90
8
85114 0119
185
Canada (Dominion of) g 58-1 ?
4
4
8 10 10012 1023
2
let g 58 int ctf8
: 1003 Sale 10058 1007
1948 A0 1031.1 Sale 10318
10312 176 109 104
56
10214 Sale 102
1023
4 43 10112 103
10
-year 68
1035 Sale 1033
8
8
1929 j
8
1035
8 66 1025 10419
19
-year 5358
/
1
4
1929 F A 10314 Sale 103
1033
8 51 102 103
Ref & gen Cs ser C temp..1995 J
10312 Sale 10318
/
1
/
4
1037 181 1004 5041
8
58
10412 108 1013 105
1952 M N 104 Sale 104
4
P Jet & 151 Div 1st g 3148_1925 MN 007 ____ 993 May'25 -- - 903 993
4
8
4
4
Carlsbad (City) ei f to
2
1954 j .4 99 Sale 99
96
99
09
PL E& W Va Sys ref 48 1941 MN
833 9014
8
88
88 4 68
,
Chile (Repot:910 extl s f Ss 1991 F A 108 109 10812 109
22 10614 10914
Bouthw Div 1st gold 3148_1925 J J 88 Sale 9978
9812
0978
2
9938100's
External 5-years 1 88
4 102 1033
1926 A 0 10212 Sale 10212 10234
4
Southw Div 1st 54
955 997
359
3
8
99
1950 S i 9812 Sale 983
a
20-year extl 70
083 103
4
1942 MN 101 Sale 101
10114 115
Tel.4 Clo Div let ref 48 A _1959 J J
77 Sale 77
68
/ 78
1
4
7818 39
/
1
4
25
-year s f 138
1946 m N 109 Sale 1083
,
4 10914 36 106 4 10912 Battle Cr & Stur 1st gu 38.-1989 JO 6212 6412 625 May'25
8
60511 625
s
Chinese (Ilukuang Ry)5s
413 4812 Beech Creek let gu g 48
38
8
48
1951 J D 4712 Sale 47
9218 9312
9314 Apr'25 -1936 J J 9312 94
Christiania (Oslo) s f 88
1945 A 0 Ill Sale 11012 111
30 1003 1114 Beech Cr Ext 151 g
4
7814 8112
30-year 8 f (3s
ggh 10112 Big Sandy 1st 48 3348.-19.51 A0 7814 8014 8112 Mar'25
1954 m s 10112 Sale 99
/ 10112 51
1
4
88
1944 S D
85
88
10
88
Colombia (Republic)6 Dis__ _1927 A 0 100 10912 100
9914 100, B & NY Air Line
9
2
1003
8
811% 8912 72
1st 4s.._1955 P A 67
72
7212 15
67
731S
Copenhagen 25
-year s f 5558_1944 J i 98 Sale 9814
9414 100
/
1
4
Bruns & W let gu gold 48
9912 143
95
94 May'25
1038 is 94
03
94
Cuba 55 of 1904
954 100
1944 si 8
87
9912 100
Buffalo It & P gen gold 65..A937 58
10012 103 10012
1005
8
3 10012 102
/
1
4
Exter debt 5s 1914 Fier A 1949 F A
9314 9812
9812 May'25
Consol 43.0
4
863 Sale 861
/
4
867
1957 MN
8 53
8012 8812
External loan 414s
8812
9
1949 F A 8712 8812 8814
9712- 84
8814
Registered
MN
824 May'25
/
1
_
82 8514
5348
0612 101
1913j J 10012 Sale 1003
119
8 101
Burl C R & Nor 1st 55
1001 May'25
1934 A0 ioof2
/
4
995 10018
8
Czechoslovak (Repub of) 88_1951 A 0 100 Sale 9912 100
62
9814 10112 Canada Bou cons gu A 58_1942 A0 1021 10312 1024 102 _ _
/ 4
/
1
/
1
4
1 1004 1037
8
Sink fund 8s Ser B Int ct1s_1952 A 0 9912 Sale 9914
4
32
100
973 1003 Canadian North deb s f 73.1._1940 J o 1167 Sale 1167
4
8
8
11718 28 115 117s
Danish Con Municip 88"A"_1948 F A 109 1093 10912 1093
12 109 1103
4
4
4
20-year s f deb 8348
1946 S i 118 11814 118
1183
8 79 116 118%
Series B s t gs
1946 F A 10912 Sale 10912 1093
4 16 10812 111
Canadian Pac Ry deb 48 stock__ J J 803 Sale 8012
4
81
79
202
81
Denmark external so 88
42 109 111
8
1945 A 0 1105 Sale 11012 111
Carb & Shaw 1st gold 4s
9312 N1ay'24 _ _
1932 M S
93 937
8
9912 104
20
-year 8s
1942 i J 1023 Sale 10212 104
03
4
Caro Cent 1st con g 48
19385 D 8014 ---4
78
_
8314
Dominican Rep Con Mm e t 88'58 F A 10218 Sale 1024
10218
1 101 1033 Caro Clinch .80 let 3-yr 58.19385 D 10114 Sale 793 May'25
4
10114
10114 10 100 101h
Custom AdmInietr 534,__ A942 M S 9514 Sale 95
92
95 12 28
9512
lot S, con g (is ser A
8
1952.1 D 1077 Sale 10712
1077
8 96 105h 10812
984 10318 Cart & Ad let gu
Dutch East Indies ext 6s
/
1
163
8
1947 .1 J 1025 Sale 10212 193
1981.7 0 8514 88
84
Jan'25
84
84
987, 10318 Cent Branch U g 48
40
-year 6s
/
1
119
1962 M 8 1024 Sale 10212 103
P 1st g 4s
7738 80
1948 5
7738 May'25 _ _ _ _
743 80
1
-year eat 5148
80
9314 1011 Ceat New Eng let Cu 4s.,._196lJ D 8814
114
8
1953 M S 1005 Sale 10012 101
/
4
4
Sale 8814
687
8
644 7014
4
-year ext 5348
30
167
4
1953 MN 1003 Sale 1005
8 101
924 1011 Central Ohio Reorg 434s —1930
/
1
/
4
99
9953 99 May'25
M S
9714 99
_
953 104% Central of Ga 1st gold
4
French Repub 25-yr ext 86_1945 M S 103 Sale 10214
1033 421
4
59_91945 F A 102 -___ 1023 Feb'25 _ _ -- 1013 102
4
8
20-yr external loan 7158_1941 1 D 98 Sale OS
993 637
4
93 101 2
,
Consol gold Es
4
1945 MN 1013 ____ 1013
4
9914 1023
102
4
32
External 78 of 1924 temp .1949 J D 903 Sale 9014
9278
4
86
917 483
8
Registered
M N 10114
10012 May'25
98 10012
Finnish Mun L'n 8159 A_1954 A 0 92 Sale 90
8512 9212
9212 88
10
-year secur 68
June 19295 D 1035 Sale 1034 1035
8
/
1
/
1
8 31 10112 1042
External 615s Series B...1954 A 0 9212 Sale 90
8512 9212
9212 115
Ref & gen 534s ser B
1959 A 0 10218 1023 10218
8
99 103
1024
Finland (Rep) ext 6s
25
1945 SI S 89 Sale 8612
8314 89
89
Chatt Div pur money g 48A951 S D 8412 863 8414 Mar'25 10
4
/
1
844
84
External s f 7s lot Ws_ _ _1950 M S 963 Sale 9514
9712
94
4
Mac & Nor Div 1st g 58_1946 J J
9712 253
9934 Apr'25
09 100
/
1
4
German external loan 7s rcts.1949 A 0 973 Sale 9578
913 98
4
4
98 0015
Mobile Division 58
15018 __ 100 Dec'24
1946 J J
_
Ot Brit & Ire!(UK of) 5353.1937 F A 1067 Sale 1067
8
423 1047 1077 Cent RR & B of Ga coil g 58_1937 M N
8
8
8
10758
98 Sale 97
95
98
98
4
Registered
105 105
105 Mar'25
F A
Central of NJ gen gold 58
1987 J J 10912 110 110
110
2 10718 110
19
-year cony 530
/
4
1929 F A 11714 Sale 11718
Registered
1173 250 1151 11814
4
81987 Q 3 10712 110 10712
10712
1 1064 1081s
11512 11712 Cent Pac let ref gu g 4s__1949 F A 8914 Sale
Registered
11712 May'25
8914
8912 22
863 90
8
Greater Prague 7148
94
89
221
94
1952 M N 9312 Sale 9258
Mtge guar gold 3358...J1929 J D 9818 Salo 9618
9518 961s
9618
10
Greek Govt 78 int rota
4
1989 M N 873 Sale 85
8812
83
873
4 74
Through St L 1st gu 4s1954 A 0 877 88
1
875
8
853 893
3
88
4
15
Haiti (Republic) 68
9114 96
1952 A 0 9612 Sale 95
Charleston & Savannah 78_ _1936 J J 1163
9612 66
4_
11212 Feb'25 -- 11212 1173
8
Hungary (Kingd of) s f 7158_1949 F A 923 Sale 8912
87
8
0334 Ciss at Ohio fund & impt 58.1929 .11 J 10114 10212 101
933 774
4
983 101
8
May'25 _Ind Bank of Japan 6% notes 1927 F A 100 Sale 9934
985 100
8
110
100
let consol gold 98
1939 M N 10212 103 1021 May'25 __ -- 1013 10312
4
/
4
Japanese Govt E loan 48
8
1931 .1 J 835 Sale 8312
8414
81
Registered
8414 323
1939 P4 N 10114 -___ 10114 May'25 _- 1007 10114
8
30
-year sf 6 As
821
9414
90
1954 F A 94 Sale 933
8
94
General gold 414s
1992 SI 13 9214 Sale 9218
874 925e
Oriental Development 66_1953 M S 8612 Sale 86
8312 8714
8612 11
Registered
1992 M 13
85% 9012
Lyons (City of) 15
-year 613_1934 NI N 8518 Sale 85
803 8612
4
20-year convertible 4348 1930 F A
853
4 81
9
9814 Sale 9911
9
9
245 9812
4
98
9
8
99238112 148
998 2 1 1
Marseilles (City of) 15-yr 68_1934 M N 85 Sale 85
194
86
80
86
30-year cony secured 55,1946 A 0 1063 Sale 10614
4
8
10814 627 1017 10914
Mexican Irrigation 4148
4
20
193 24
8
1943 M N
4
_ 193
Registered
A0
1033
_ 10412 Mar'25
4.10614
Assenting s f 4158
24
23
Jan'25
1943
24
Craig Valley 1st g Ea
1940 J .1 0838 ---- 985
974 994
981
/
4
8
2
Mexico(U 8) exti 55 of '99 A 1045 Z1 J 38
38
451/
39
38 May'25
Potts Creek Branch 1st 48.1946 J J 84
-.
8214 83
____ 83 Mar'25
Assenting 55 of 1899
327 41
102
8
38
1945 .___ 38 Sale 3712
It dc A Div let con g 48_ _1980 J J 85
8134 851
/
4
____ 8514
8514
3
Assenting 58 large
36
371.2
3712 May'25
2d comet gold 43
1989 J J 81'o___ 823 May'25 _—
79
823
4
4
Assenting Is small
3712
35
3712 May'25
Warm Springs V let g 58_ _1941 M S 96
951 977
/
4
98
-12 95 May'25 -8
/
1
4
Gold deb 48 of 1904
__
223
1912 25
10.59 J D 22 - - 74 2134 May'25
Chic & Alton RR ref g 3s
1949 A 0 643 6514 6514
62
2
66
4
6514
/
4
Assenting 48 of 1004
1812 241
22 Sale 22
221* 13
___
Registered
A 0
6012 6012
6012 Jan'25.Assenting 98 of 1904 large
2612 2612
_
____
2612 Jan'25
Certlfs dep stpd Oct 1924 Int
583 624
4
---615
8
6138
6158
6
Assenting 43 of 1904 small
2412
20
244 May'25 -/
1
Certif dep strand Apr 1925 int
60
605s 63
624
603
4
603
4
6
Assenting 48 of 1910
2412
23
303,
3i -2412 26 2412 May'25 - "Railway first lien 3 3.48_...1950 1-3 523 Sale 5214
444 5814
4
8 82
525
221,
Assenting 4e of 1910 largo
2
27
Ctrs dep Jan '23Arsub coup------ 27
45
558e
51
5112
53
52
16
Assenting 4s of 1910 small_
11012 287 Chic Burl & Q-111 Div 3148_1949 i—i 8534 Sale 8512
2414 Sale- 227
.8
2414 39
8114 8612
86
27
Tress 6a of '31 assent(large) '33 3--.i 3914 4012 407 May'25 _ - _ _
3812 43
Registered
J .1 8012
841 843
/
4
8
83 8 Apr'25
843
Small
se 43
38 May'25 -/
1
4
ilinols Division 4s
8812 941e
1
1949 J J 93
93
Montevideo 78
7
21
04%
74
1952 J D 9474 Sale 94
88
Nebraska Extension 48
9812 100
1927 M N
9838 9914 9812
9914
5
Netherlands 68 (flat prices)_ _1972 M E3 10614 Sale 106%
1023 107
4
1061
94
General 48
/
4
881s 9214
1958 M 0 9112 9134 9112
0134 33
30
-year external 68 Ulan _1954 A 0 104 Sale 1037
/
4
10414 225 1001 10412
8
Registered
St S
893 8914
4
4
893 Feb'25
Norway external e I 8s
1940 A 0 1103 Sale 1103
4
1st & ref Es
4 11114 153 11014 11312
1971F A 153- Sale 10212
40 10012 103
103
20
-year ext 68
8 10118 218
1943 F A 10012 sale 100s
Chic City & Conn Rys 58— _1927 A 0 48
9712 10112
48
1
63
50 431
20
-year external tls
9712 1011 Chicago dc East III 1st 68_1934
1944 F A 1003 Sale 10012
4
/
4
1011$ 362
1051 10714
/
4
1071s 10714 10718 May9
'
A
4 25
-year extifls
80
9712 10112 C & E III RR (new co) gen 58_1951 M 0
1952 A 0 1007 Sale 1003
8
8
10112 236
N
74is 7floo
7512 Sale 743
761 242
/
4
4
$5 q= A a Due Jan, 5 Due July. 8 Due Aug. p Due Nov. 8 Option sale.
8
2921
New York Bond Record-Continued -Page 2
BONDS.
N. Y. STOCK EXCHANGE
Week ended June 5.
E3
13
...., a.
Price
Friday
June 5.
Week's
Range or
Last Sale
3
14
ege
Range
Since
Jan. 1.
BONOS.
N.Y.STOCK EXCHANGE
Week ended June 5.
P.
i
...e.
_
Price
Friday
June 5.
Week's
Ranger,,'
Last Sale
Range
Since
Jan, I.
High
High No. Low
Ask Low
Bid
High
High No. Low
Ask Low
Bid
84 84
Jan'25
8
994 101
Erie & Pitts gu g 34s B____1940 j 2 845 __ 84
1
101
4
1982 MN 101 1013 101
Oct'24
j j 844 ____ 84
Chic & Erie let gold be
4
593 6812
Series C
8678 187
4
Sale 653
100 iar
100
Jan'25
Chicago Great West let 48._1959 M S 66
Fla Cent & Pen let ext g 58_1930j 2 100
11212 112 May'25 ____ 10914 112
8
983 100
Chic Ind & Loulsv-Ref 6&A947 J J 1114 10012 100 May'251943 j 2 994 100 100 May'25
994 100 4
Consol gold ba
,
1947 J J 994
9214 96,
9514
Refunding gold be
934 9514 95
3
85 4 87
Florida East Coast let 4H5_1959 2 D
____ 87 Apr'25 __
93 9712
1947 2 .1 87
246
97
8
8
Refunding 49 Series C
1974 m s 965 Sale 963
let & ref be Series A
9214
87
1
9112
8
913
1966 M N 91 12
9514 0634
General 5s A
964 61
let & ref 55 Ser A w I. _ _1974 NI s 9612 Sale 9614
4
8 1013 104
1034
May 19682 J 10314 Sale 10314
115 1024 11914
119
4
General 14 B
4
4
7715 793 Fla West & Nor 7s Series A 1934 iii N 1178 Sale 1173
4
444 78
2 7912 7934 7934 May'25
4
,
Ind dr Louisville let gu es..1958 J j 88
68 4 22
8812 88
Fonda Johns & Glov 454s,1952 MN 68 Sale 673
____ 88 May'25 ____
-year 48_1956 j
891s 90
8
Ohio Ind & Sou 60
4
9312 933 Fort St U D Co let g 4348._1941 j 2 893 ___ 90 May'25
____
4
933
4
1
1044 1047
4
4
Chic L 8 & East let 4348-1969 J D 933 ---- 49 May'25 202
4312 5818 Ft W & Den C let g 5346_1961 2 D 1043 -___ 1043 Apr'25
4
533
924 97
___ 97 May'25
CM & Puget Sd let gu 4s_1949 J 2 5018 Sale 7812
7014 79
Ft Worth de Rio Or let a 48_1928 2 2 97
42
80
4
10812
5 10712 1091a
Oh M &St p gen g 48 Ser A.21989 J J 793 Sale
0 10812 10914 10812
6214 69
Frem Elk & Nfo Val let 6s 1933 A
13
69
694 68
1
8
General gold 34s Ser B__21989 J J 68
10012 21 100 1003
1931 as N 1003 ____ 10039
771s 8912 OH & SAM dr P lot 58
8912 42
8
May 19892 J 8912 Sale 867
s
2
997 1003
1004 13
8
Gen 430 Series C
1931 2 j 1004 Sale 1005
4312 5414
2d extens 58 guar
5414 775
9018 95
3
934
214 9314 93
ref Series A 434s_a2014 A 0 52 Sale 514
Gen &
4418 584 Galv Hous & Fiend let 58_1933 A 0 9
4
543 473
.
3 10014 1044
8
Gen ref cony Ser B Se_ _a2014 F A 51 Sale 51
10414
1957 j j 1035 104 10414
9612 10339 Genesee River let 6 1 5e
10312 32
8
1934 .1 2 10312 Sale 1027
22
93 1024
96
let sec 65
9612 954
44
6012 Oak Ala Ry let eons 56_01945 2 2 96
5412 615
1932 .1 D 5114 Sale 5114
5
5
994 997
9978
8
Debenture 434s
997
4
46
7812 Ga Caro & Nor let gu ass 1929 2 j 993 100
55 1043
1925 J D 5114 Sale 504
2
6414 87
87
Debenture es
4
1946 A 0 653 67 66
44
Midland let 35
564 Georgia
5414 141
8
1934.2 J 505 Sale 51
-year debenture 48
4
_ 983 Feb'25
25
1942 j D
9458 994 Gouv & Oswegatch 58
9912 14
96
94
Chic & Nfo Ely Div 5& 1928 J J 994 Sale 99
4
953 9612
983 100 8 Or R & I ext 1st gu g 434e. _ _1941 2 j 994-- - 96 May'25
8
,
8 10
995
3 11519 117
11678
8
Ohio & N'west Ext.48_1886-1926 F A 9914 Sale 9914 May'25 .___
893 994 Grand Trunk of Can deb 76_1940 A 0 1164 1187 1164
8
8
1888-1926 F A 985 9918 983
24 10688 1083
8
108
Registered
4
Sale 1073
1936 m s 10778
-years f 136
15
8
763 May'25 _
7318 77
76
1987 MN 75
General gold 3As
11014 81 10812 111
72
7214 Great Nor gen 75 Series A1938 2 2 11014 Sale 1094
72 Feb'25 ____
Q F --__ 76
10
4
91
923
Registered
9214
2 9214 9213 9214
1961 2
8112 8 ,
3
62
1st dr ref 44e Series A
8412
8412
1987 MN 8412 85
8 49 1004 1024
1017
s
General 45
1952 2 2 10134 Sale 1013
82
85
General 534s Series B
2
85
84
85
1987 MN 84
9512 23
9514
92
Stamped 4e
1973 2 2 95 Sale 9212
18 1044
Series C
General 58
1987 M N 10212 104 10412 May'25 ____ 101
78
72
78 May'25
80
General be stamped
4
0 1033 1044 Green Bay A West deb etfs"A".... Feb 78
4
1033
4
1879-1929 A 0 10312 10414 1033
1213 1812
1718 21
Sinking fund 6e
17
8
165 17
Feb
103 104
Debentures etfs "B"
A 0 103 104 103 May'25 1
86 8812
Registered
8812
7
M N 88 2 -__ _ 8812
Greenbrier Ry tot gu 481940
1879-1929 A 0 10012 101 101 May'25 ____ 10018 101
39 10112 103
103
8
8
Sinking fund be
9912 10012 Gulf Mob & Nor 1st 5345 _A950 A cp 1025 Sale 1023
9912 May'25 ____
1879-1929 A 0 9912 101
2
3
984 1023
Registered
4
10134
9914 103
2
Gulf & S I 1st ref & t g 5s__51952 j j 10118 102 1013 May'25
9912
1933 M N 9912 10012 9012
4
844
80
Sinking fund deb be
8412
8418 85
Harlem R & Pt Chea let 48..1954 MN
1933 M N 9912 100 101 Mar'25 -___ 101 101
8912 914
8 20
915
2
Registered
16 105 11218 Hocking Vol lst cons g 430.1999 J .1 914 Sale 913
107
107 Sale 10634
1930 .1 D
904
88
-year secured 7s g
10
.1 2 --------9013 May'25
107 11212
1999
Registered
9912 1007
1938 M S 11012 Sale 11012 11012 21
8
1937 ,j.2 118
___ 100 May'25
I5year secured 645 g
9112 102
4 78
H & 'I' C 1st g Int guar
953
4
22037 J D 953 Sale 9512
99
21
96
99
1st & ref g Ss
8
827 86
25
85
8
Houston Belt & Term 1st 58_1937 2 .1 _ 9818 -11812 9812 Jan'25
8
995 100
Chic RI & P-Railtray gen 4s1988 2 J 8434 8514 847 May'25____
____ 100
1100
82
83 4 Houston E de W Tex 1st g 59_1033 M N
,
4
J 2 823 ____ 8314
8
997 994
Registered
8
1933 sop N 10014--_ 997 Jan'25
8314 897
s
4
883 158
1st guar Se red
1934 A 0 8812 Sale 8814
9218 941s
Refunding gold 4s
9412 May'25
96
8634 881 Housatonic Ry cons g 5t3
1937 MN 94
4
/
A 0 ____ ____ 8818 May'25 ____
8
8812 931
Registered
4
Sale 913
921 2 147
4
Hud & Manhut be Series A_.1957 F A 913
_ 10212 May'25 ____ 10112 103
6714 774
Ohio St L & NO gold 58_1951 1 D
4
773 582
1957 A 0 7724 Sale 7614
Adjustment Income 5s_
10114 102
J D 10112-- - 10114 May'25 ____ 10114 103
914 94
Registered
---- 9324 May'25
794 794 Illinois Central let gold 4s 1961 .1 J 934
s
793 Jan'25 ____
4
1951 J D 783
9012 904
__ 94)12 Apr'25
Gold 3345
1951 2 2
8
8
837 857
8512 Apr'25 -___
Registered
85
1951 J D 8412 - 4
813 84
Memph irDiv let g 46
84
84
8
843 85
1951 2 2 8714- 4 1014 103
10118
1st gold 3355
10118
1932 A 0 101%
83
834
0St L A p181 eons g 58
8
2 2 833 8412 8312 Mar'25
8
8
Registered
A 0 1003 .... .. 1003 Jan'25 ____ 1003 1004
s
8012 84as
Registered
8- 8312 May'25
8 15 10238 108 2
,
Extended 1st gold 3348.„1051 A 0 841
8 1037
6s___1930 J D 10378 Sale 1033
62 82
Chic St PM .4 0 cons
-if 62 Feb'25
1951 Ms 64
5
9214 924
93
93
1st gold 35 sterling
8111s 89
C0111 6s reduced to 3345_1930 2 D 9218 03
89
89
4 89
9212 10514
6
1952 A 0 88
9712
Collateral trust gold 4s
1030 M S 9712 Sale 0612
Debenture be
854 85313
4
A 0 854 873 8558 Apr'25
96
2
9938
97
Registered
97 Sale 97
Stamped
8
923
88
92
8
913
014 92
75
1955 MN
8714
8714 341
Ist refunding 48
8434
8
3
78% 8412
8412
Chic T H dr So East 1st 5s1960 .1 D 865 Sale 743
8412 84
1952 J j 83
bb
8012
8012 587
4
Purchased lines 3340
4
Dec 1 1960 NI S 793 Sale
8312
Inc gu Os
79
j 2 ------ 8322 May'25
4
913 944
9438 24
8
Registered
9414 935
93
4
83 853
ChM tin Sta'n 1st gu 4345 A.1963 2 J 102 10214 102
8512 32
4
22 100 1923
Collateral trust gold 45--1953 M N 8514 Sale 8514
102
1963 J J
81
82
m N _
_ 82 Mar'25
1st be Series B
9714 100 4
,
994 45
Registered
1944 J D 9912 Sale 9914
Guaranteed g be
5 --Rereading 5.
1955 MN 10.ig 10612 106 May'25 43 10312 10612
118
29 11814
118
1963 J J 117 Sale 117
s
102 1033
103
1st 6 Ms Series C
1934 J J 103 Sale 102
_ 10512 May'25 ____ 10512 1054
15-year secured 6348
11 10911 1123
8
11238
Chick West Ind gen g8s_p1932 Q M
1936 J 2 11218 Sale 112
761 8312
,
8212 45
-year secured 634e g
16
8012 8134 82
10522 J 106---year 4s
1
1
/
884 893
4
Consol 50
8914
8914
871s 91
1950.2 D
9712 1003
4
10034 123
100 Sale 100
Cairo Bridge gold 48
70
73
___ 73 May'25
1 stref 512s ser A temp_1962 M $
70,
4
993 101
8
10012 10012
Litchfield Div let gold 35_1951 J J
7712 8214
8214 May'25
Choc Okla & Gulf eons 55...A952 M N 10038 10112 95 May'25 ____
89312 95
_
Loulev Div & Term g 345 1953 J J 8058 82
1937 J J 04
20
7012 74
74
Cln H & D 2d gold 434e
74
4
73 ---8
013 93
Omaha Div let gold IS._ _1951 F A
94
81036 Q F 9311 --- 93 May'25 ____
714 77
_ 77 May'25
C I St L & C 1st g 49
,
74 4
9012 92
_ 92 May'25 ___
St Louis Div & Term g 36_1951,J .1
81936 Q F
4
3
79 833
Registered
4
833
i
8 4
1951 j j 8214 - - 3 834
874 8912
Gold 330
9112-- - 89 May'25 -1942 MN 89. 90
1
797 824
8
____ 827 May'25
Cie Lob A Nor gu 4013
4
/
4
1
993 100
100
Springfield Div let 12 3345_1951 J j 781
_ 100
_ _1928 J J 9978
8612 88
88
____ 88
Cin S de Cl cons 1st g
1951 F A 87
8
8
845
814 8452
Lines let g 4.6
D 8418 -84t2 8418
Western
6/1_87
84
Cleve CM Ch & St L gen 48_1093 J
____ 8412 May'25
85
1951 F A
Registered
96
87
9 2
1
9812
9812
1931 2 J 9312 99
-year deb 4345
20
9912 1014 Ill Central A Chic St L & NO
_
10112 Apr'25 ____
1993 J D 10(1
9614 10012
General 58 Series B
10014 132
I963 J D 10058 Sale 994
18 103 104
194
Series A
Joint let ref 58
1929 J J 104 Sale 10312
8712 9112
Ref & impt 68 &Ilea A
1950 2 2 9078 9114 9034 May'25
4
1038 1074 Ind III & Iowa 1st g 45
10412 May'25 _
1941 .1 J 104
100 101
6e Series C
10014
1004
944 100
9912 158
Ind Union Ry gen 56 Ser A 1965 J .1 10014 Sale 100 Mar'25
1963 J J 9912 Sale 9912
4
100 1008
es Series 0
902
1985.2 J 10014 ____
904
4
1
8
8914 91
Gen & ref 5e Series B
1939.2 2 905 91
Cairo Div let gold 48
10512 21 100 10512
8212 lot & ort Nor 1st 68 Ser A...1952 2 2 1044 Sale 10458
80
2
8114
s
Dm w & NI Div let g 45-1991 2 2 813 8112 8114
78
66
8
737 482
8118 85
1
8412
Adjustment 68, Series A 1952 Aprl 73 Sale 73
____ 8412
234 L DI,let con tr g g 45_1990 MN 84
67 67
67
73
Apr'25
Aprl 68
63
83
Stamped
NI N -------- 83 May'25 ____
Registered
20
7612 8012
79
78
79
78
8912 Apr'25 ____
883 8912 Int Rye Cent Amer 1st 5s...1972 M N
8
ita s 812
66
57
Spr & Col Div lot g 4s____1940
4
4
1
/
4 21
623
J D 603 6314 40
/3
873 80
3
Iowa Central 1st gold bs____1938
2 J 88
88
8
807
4
/
591 6214
62 May'25
63
W W Val Div 1st 3 4.8____1940 J J 1073 Sale 1073 May'25 ____ 1073 108
iii_ 60
4
Certificates of deposit __
4
1934
4_
3
3
19 8 2614
4
1
i6K it 2214 Sale 22/ 23
0 C & I gen cons g65 g 59_1933 A 0 10118 102 10112 10112
3 10014 10214
Refunding gold 48
7
86 s 89
89
Clew Lot A W con let
5
963 97
James Frank & Clear 1st 48_1959 J D 8914 9012 100 May'25
1935 M N 964 ____ 97 May'25 ____
DI & mar 1st gu g 4 345
Nov'24
1938 2 2 10012 _ _
9814 994 Ka A & G R let gu g 5s
_ 9918 Apr'25 ____
1938 .1 .1 10014
84
80
Cleve & Mahon Vail g 5s
4
8 84
1990 A 0 815 - -58 813 May'25
gu g 48
- --- ---_- Kan & 111 let
A 0
i 8412
Aug'24 -- __
-10
99l 10012
1927 2 2 10018 10034 10012 May'25
01 & P gen gu 4145 Ser B1942 J J 9914
99
994
20 20
99 May'25.
1942
-year 58
Series
10314 12 10212 1034
1928 M N 10314 10358 10314
8512 86, K C Ft S & NI cons g 6s_
8
8512 8512 May'25 ____
1948 MN 84
Series C 3368
805 884
1
874 42
8
4
84
853 K C Ft S & 51 Ry ref g 48_1936 A 0 87 Sale 873
4
4
1950 F A 833 8514 854 Mar'25 ..___
5
98 10014
Series D 335e
8
4
84
993
8 27
987
954 99
A 0 984 sale 984
K C SC NI R & B 1st gu 55 1929 A 0 995 - --- 9
11
7018 7418
Cleve Shoe Line 1st gu 4 t18_1981 A 0 10812 sale 10612 10612
74
8
8
8
4 1045 107 2 Kansas City Sou let gold 38_1950 A 0 737 Sale 737
1972
,
4
8814 928
Cleve Union Term 54s
9212 so
Apr 1950 J J 92 Sale 92
9912 102
15
102
Ref dr impt 58
1973 A 0 100 10034 10012
8
835 874
lets f be Ser B
864 11
_
8722 May'25 __
8314 8712 Kansas City Term 1st 481960 J J 8614 Sale 864
_1945 2 D 8712 88
au
87
84
Coal River Ry let let 4s__
4
853 May'25
99
i
gold 4.9_1987 J J 8614 87
987 99
F A 99 sale 9812
8
Kentucky Central
a 45_1929
Colorado & South
__ 86 Nov'24
904 964 Keok & Des M 58 ctf dep___1934 A 0
0612 57
4
430_1935 M N 953 Sale 9534
4
100 f003t Refunding & exten
844- 8612 863 Knoxville & Ohlo let g 68_1925 J 1 100 10013 100 May'25
4
4
1948 A 0 963 __ _ 8684 May'25 ____
001 & 1./ V Du ext g 45
994 1003
9
2
1003
8
8
J 1005 10118 1003
8414 8414 Lake Erie & West let g 5,9_1937 J
_ 8414 Apr'25 ____
1955 F A
9518 984
9612 May'25
Cot & Tol 1st ext 45 let 46..1943 A 0 8418- - - 815 Jan'25 ____
1941 2 .1 9618 97
814 814
2d gold 58
8
78
84
Itiv
81
797
7814 81
7978
Conn & Passum
1997.2 D 8018 81
8312 88
Lake Shore gold 334e
9
88
-year Ss a...19522 J 874 Sale 8712
767 784
s
Cuba RR let 60
7812 Apr'25'
1997 J D 7712 79
1 10212 106
10314
Registered
1038.2 D 10314 107 10314
11712 984
8 60
let ref 7345
985
1928 M 5 9812 Sale 9812
89
9324
Debenture gold 48
9112 35
J 91 Sale 91
9618 974
9718 66
Cuba Northern By 1st Ss..l968J 2 9734 ____ 9712 May'25 __ _
M N 97 Sale 964
j
1931
96
9712
445_1931
-year gold 48
25
9578 siva
DISY & Mich let cone 4a_1943 MN 9114 Sale 9114
1931 M N --------957 Jan'25
8812 9212
4 30
913
Registered
1
8
Del & Hudson let & ref
4
1024 17 106 4 1027
8
8
1083 239 10114 1083 Leh Val Harbor Term 58_1954 F A 1021s Sale 1023
0
1935 A 0 107 Sale 1067
96
98
30-year cony 5s
4
9718 973 974 Mar'25
Leh Val N Y let gu g 4343_1940 .1 .1
10212 22 101 103
8
1937 M N 102 1023 10214
93
93
lb-year 534s
Jan'25
1940 2 J 96.... 93
Registered
8
1030.2 D 1083 109 10812 May'25 ____ 107 110
75
82
79
-year secured
10
10
82
8114
94
94
Lehigh Val (Pa) cons g 4s-2003 M N 8114 82
1936 F A 9414 ____ 94 May'25 ____
D RR & Bdge 1st gu 45 g
7812 784
3
784 Apr'25
4
8S3
M N - __ - 86
158
82
85
Registered
-lot cone a 48_1936 J J 8412 Sale 8412
88
9134
7
91
Den & It 0
s
2003 MN 9014 9134 904
857 8912
4 10
4
883
883
General cons 4348
1936 J .1 8814 89
8
984 1013a
Consol gold 04e
4
101 14
96
99
8 24
98 5
Lehigh Val RR gen 55 Seriee_2003 MN 1( 114 Sale 1003
8
Improvement gold 56__ ..1928J D 983 Sale 98
4
1 10112 1023
__ 10234
1023
4
Leh V Term Ry let gu g 58._1941 A 0 10078
T dep rcts for
1
/
842 89
Farmers L &
8712 8712 May'25
70
Leh & NY let guar gold 48..1945 M $ 8612 -59
Aug 1 1055 ---- 4514 6014 6112 Feb'25 ____
11 10312 107
let & ref bs
107
Lea & Earn let 50-yr 55 011.,1985 A 0 107 Sale 107
Bankers Tr Co etre dell
8314 84
____ 84 Apr'25
595 8958 Little Miami 441
84
8
1052 NI N
Jan'25 ____
60
Aa8nt to June 15 '23 agree ---- 4514 63
1074 108
Apr'25
5612 7034 Lang Dock consol g 68
1935 A 0 10812 ___ 108
4
623 Feb'25 ____
4514 68
stamped
993 10214
4
_
10014
804 607 Long Ield let con gold be_M931 Q J 100 10212 10014
__ 60% Feb'25
8
Feb '22 ---- ___
94
9412
Am Et Nat Bk Otte
94 May'25
4
65 8612
81931 Q J 933 95
let con.sol gold 45
5038 iiii
1955 MN 58C4 dt;le 5818
8918 9114
91
91
Den & R G West 66 4s
92
1938 2 D 91
3
51
12
912 31
General gold 4s
1935 J J 50 Sale 50
,
De m & Ft D lot gu
894 93
93
93
99
19322 D 90
s
453 50
_ 50 May'25 ____
Gold 4s
of deposit _ ____ ---Temporary ctfs
8214 85
2
4
4
4
043
9314 934
1949 M 8 8414 853 843
9312 Feb'25 __
Unified gold 48
9014 96
1947 M N 48--6
954 98
97
Dee Plaines Val let 4340.
8
973
1934 J D 975 99
7312 May'25 _ _ _
73
7312
Debenture gold be
g 4s 1995 3 D 7014 77
8718 914
Dot & Mack-Ist lien
9034 Sale 893
4
904 20
1937 M N
-year p m deb 55
20
19882 D 65 Sale 65
674
65
2
65
8514
82
8412 8418 May'25
Gold 45
1949 114 s 84
4s
91
9412
9414 20
Goer refunding gold
94 Sale 9312
1961 MN
984 1001
8
Dot Riv Tun 434/1 gen 5s 1941 2 2 10214 _ __ _ 10214
2 102 104
10214
100 May'25
4
/
Nor SI) B 1st con g itti 59.01932 Q J 991
Nor
1
9918 10112
HO
&102 Ark 1st g 5s
9 1
107
0
.102
-- 4
Dul Miseebe &
107
1927 M S 100 10 -3- 100
0 102
Louistana
__
Range let 681037 A
1
83 87
Dul &Iron Ran At] g 58_ _1937 .1 J 87
8
864
863
8
Lou & Jeff Bdge Co gu g 48..1945 M 8 865 90
M 18 90
8914 32
89
--87
Dui sou shore A
100 10512
104
8
88
904 Louisville & Nashville 58.„1937 M N 10312 1045 104
8
8
45.48 A 0 987 ---- 907 May'25 ____
Div let917 954
2
9512 25
East Ry Nilinn Nor g 5 ._1938 M 18 10018 ____ 10018
4
1
19402 .1 9514 9512 0518
/
99 1014
unified gold tle
2
1013
4
East Term roorg ilea
8
1946.2 J 92_ _ 914 Dee'24
100 101
Registered
Div g 5s...1530' 2 10012 __ 10034 Mar'25 __
10022 103
- East T Va & Ga
2 10038 10134
1014
Collateral trust gold Ss. 1931 MN 101) 10112 101 May'25
NI N 1013 --- 1013
4
4
1956
36 1054 108
Cons lot gold 56
108
1930 MN 108 Sale 107
10-year secured 7s
____ 102 May'25 ___ _ 101 10258
g 5s 1941 MN 102
2 10414 1084
8
107
Elgin Joliet dr East 1st
8
993 101
__ 101 May'25 ____
1965 A 0
1st refund 534s Series A_2003 A 0 107 Sale 1067
10154 105 4
El Paso de SW let Ete azt 1930 MS 10872 10038 1083
3
2003 A 0 104 105 105 May'25
1 107 1083
4
10832
bs Series 13
8
1st & ref
10218- Erie let corm' gold 76
9512 29
9512
92
2003 A 0 95 Sale 95
70
7212
7212 48
8
1st de ref 44e Series C
723 Sale 714
10146.2 J
8
8
1st cons g 442 prior
10914 1097
1930 .1 J 1047 107 1045 May'25
.4
N 0.1 1+.1 1st gold fie
4 6812
1996 2 --------- 6812 Mar'
25673 6318
Registered
8
4
612
1930 J J 10339-.._ 1033 Dee24
6378 119
1
/
2d gold 69
1096 J J 6312 Sale 634
8914 li0lj
1st consol gen lien g 4s 1996 J J
8914 Feb'25
6214 67
____ 6214 Feb'25 ____
Paducah & Nfem DIv 49_1946 F A 9014 95
_--Registered
8
645
8
6112 65
9512 98
St Louis Div 2d gold 38..1980 M S 645 Sale 644
4
8
19451 F A 954 975 953 May'25 ____
-- 9712
971,
Penn roll trust gold 4s 1953 A 0 66 Sale 653
9712
96
6212 89
4 31
863
8
LA N A M & M let g 448.1945 M S
-year cony 45 Ser A
50
8612 8614
88
80
5
,
60
4
86 2 13
653
L & N South joint M 4e...1952 J .1 974- 8
814 8612
4
1053 A 0 644 663 653
do Series B
6958 7514
July 1952 Q J -------- 77
Jan'24
2
8
713
8
Registered
7134 713
1953 A tO 71
cony 4s Beres D
Gen
991. ____ 9914
10514 14 10112 10614 Loulsv Cin A Lex gold 430.1932 MN
9958
98i 9938
1955 J J 10514 Sale 10458
tile & Jersey let s f 65
Option sale.
3 n Due Sept. 0 Hue Oct. 3/ Due Dec.
Due A,,
Due June, I Due may. h Due July
Due Jan. 5 Due Feb
2922
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week ended June 5.
Price
Friday
June 5.
Week's
Range or
Last Bale
12
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week ended June 5.
11
.
Prise
Friday
June 5.
Week's
Range Of
LasS Bale
13
gaQ
Rasp
Bina
Jan. 1.
High
11405 No. Low
Ask LOW
Bid
Bid
High No, Lois
Mob
Ask Low
Mahon Coal RR lit 58
99 101% N Y W'ches&B lstSer I 430.'46 3 .1 6714 Sale 87
4
8
19343 3 1013 103 1017 May'25
59% 704
893
8 61
8912 53% Nord Ry sIOW wi
Manila RR (South Lines) 46 1939 M N 613 634 5214
3
5318
1950 A 0 8212 Sale 82%
82% 47
1st 413
662 Norfolk Sou 1st & ref A 58_1961 F A 8212 Sale 803
8
6312
1959 M N 603 667 6614
4
66%
8312 413
8
8
Manitoba Colonization 56_ _1934 J D 9918
10018 10018 10
5612 Mar'25
97% 1024 Norfolk & Sou let gold fa_ _1941 81 N 913%
74314 96
4 8 88341
1
kfan 0 B & N W Ist 3 As1941 3 3 803 -- 84 Mar'25
Norf & West gen gold 66_ _ 1931 M N 107 10712 108
1063 108
3
82% 84
8
Apr'25
1007 101
Michigan Central bs
8
Improvement & ext 6s
1083 10 3
1 8 08 8
1931 M El 10034 102 101 Feb'25
08
1934 F A 10814
1083 Apr'25
8
le
9114 9112
New River let gold
9112 May'25
1940 3 J 9112
1932 A 0 10714 -- 108 Mar'25
3 L& S let gold 334$
N & W Ry let cons g 48_ _1996 A 0 88
1951 MS 773 ---- 7718 Apr'24
4
923 5112
4
92% 15
1st gold 334$
1
81 -8
8514
Af
Registered
89 ,
1952 MN 843 854 8514
4
86
9 22 8712 -- 89 May'25
9 40
96
44
20
-year debenture 48
98% 98
Dly'l Innen di gen g 4a.11
1929 A 0 9712 97% 973 May'25
4
8814 93
903 9114 90%
8
903
4 18
Mid of NJ let ext &
88
9312
10
-year cony fis
1940 A 0
9312 91 May'25
12912 57 12512 134
129 Sale 129
MIlw L 8 & West imp g 58_ _1929 F A 100 __-- 10014 May'25
100 100%
Pocah C & C Joint 4a
91%
3
91%
1221 3 Ij 91% 92
1942 M A
Mil& Nor let ext 4318(blue)1934 J D 8914 914 873 May' 5
8512 94
Nor Cent gen & ref 58 A
84
92:4
0
7
4
L*
88 1 3
0
98
6 1S
2
1974 111
102 1023 10218
8
10218
Cons ext 430 (brown)
828e 9112 North Ohio 1st guar g 58_1945 A 0 897 Sale 8818
89% 23
1934 J D 89% Sale 874
4
8
89%
Mil Spar et N W 1st gu 46_ _1947 M 13 8814 88% 88
2
868 891 Nor Pacific prior lien 4s_1997 Q J
4
88
8
3s
7
101
868 Sale 8514
.
87
2.111w & State L let gu 3348_1941 3 .1 80% __ -- 8512 july'24
Registered
823 84%
4
8412 May'25
1997 Q J
Minn & St Louis lst 7s
7 'Ws; icifis
General lien gold as
8 101%
4
19273 D 101% Sale 1013
8883098142 8965
60 6k
a2047 Q F 813 Sale 611
8
613
4 33
let consol gold 5s
5134 6212
10
62
61%
1934 MN 59%
Registered
a2047 Q F 5912 6112 5918 May'25
Temp ctfs of deposit
5812 oo
Ref & impt 430 ear A----2047 J J 8618 Sale 8618
60 May'25
_
65
87
let & refunding gold 4a__ _1949 14--1
4
195 26
2312 47
8
Registered
1 - 23 Sale 223
3
J J 8414 -- 854 Feb'25
Ref & ext 50-yr Ser A_ _1962 Q F 16 Sale 15%
1312 2114
16
Ref & impt 68 ser B
16
i
109761
1082
2
20473 J 1067 Sale 10612 10712 53 10
MR1 P&SSMcong4tgu'383 J 8512 Sale 8512
8412 90
8614 24
Registered
105
1061 May'25
J .1
1st oone 153
4
947 1007
s
5
Ref & impt 5s ser C
4
96
19383 J 96% 9712 953
11
13
97
97
2047 3 J
11.) year coil trust 6346_ _ _1931 M S 103 Sale 1023
4
Ref & impt 5s ser D
4 10314 21 10214 1048
9514 98
17
97
4
2047 3 .1 9613 965 9612
Int & ref 66 Series A
8 100 103
St Paul & Duluth let 56._1931 Q F 84% ---- 0914 Mar'24
19463 J 100% Sale 10018 10012
25
-year 530
8384 9013
7
85
lit consol gold 4s
1949 M B 844 847 84%
8
Wig
3
1968 J D 843 ---- 84% Jan'25
1st Cbicago Term s f 4s_ _ _1941 MN 9212 - - 9212 Dec'24
Nor Pac Term Co 1st g 68 1933
J 10912_ 1091z May'25
MSSM&Alstg4sintgu_1926 3 J 995 100
99's 1001* No of Cal guar g 56
4
993 May'25
8
1938 A 0 10412 155 - 10314 Mar'25
Mindserippi Central let 58_ _ _1949 J J 93
94
91
North Wisconsin 155 6.1
933 93% May'25
8
1033 Apr'25
4
1930 J J
8014 8512 Og & L Chem ist gu 48 12!do Kan & Tax-lat gold 48_1990 J D 85 Sale 85
8514 20
4
742*
7412
-1948 3 J 7412 75
110
-H-T RR-Pr I 58 Ser A_1962 J J 9413 Sale 9412
9512 Ohio Conn By 4s
86
9512 83
4
____ 903 Dec'24
40
-year 48 Belles B
80
Ohio River RR 1st g 191
1962 J J 7914 Sale 787
714
2
7914 22
8
1943 M S
1936 3 D 102 103 1013 May'25
10
-year 136 Series C
19323 J 10312 Sale 10312 1037
General gold 56
8 43 10111 10414
1937 A 0 98% 10014 99 May'25
Cum adlust fa Ser A Jan 1967 A 0 853 Sale 853
Ore & Cal lat guar g 58
76% 99
4
4
86% 313
1013
8 12
19271 J 101 Sale 101
fillseouri Pacific (reorg Co)
Ore RR & Nay con g 46
2
903
4
18463 D 9014 9038 9014
lit & refunding 5s Sec A1965 F A 90 Sale 90
9034 Ore Short Line-let 5058
83
90% 42
103% 107
g
J J 10512 106 107 May'25
lit & refunding al Sir C 1926 F A 10018 Sale 10018 10018 22 100 10114
Guar cons 56
00i2 0772
8
1033 107
1946 3 J 10512 107 1063* May'25
95 10214
lst & refunding fie Ser D 1949 F A 102 Sale 10112 102
105
Guar refund 4s
9712 Sale 973
2
97 -iio
12
62% 67
General Is
Oregon-Wash let & ref 4s1229
243
1975 M S Me Sale 6614
67
4
818 85
94l2 84
84 12 64
1961
3
llo Pac 3d 78 ext at 4% __ 1938 MN 8518 ____ 8714 Mar'25
804 891 Pacific Coast Co let g 58.. _ _1946 J 0 9114 93
8
94
08452
82
9082
2
91%
913
D
8
Mob & Mr prior lien g 58.„1945 J .1 9812 ____ 100 May'25
ipp 100
Pao RR of Mo 1st ext g 4s1938 F A 91
18983*
92 May'25
Mortgage gold 48
76
2d extended gold
8,
03
1945 3 J 781z 82 8012 May'25
9814 100
___ 100 May'25
10313 Paducah & Ills let sbs
Mobile & Ohio new gold 66_1927 J D 102 8 10314 1023
102 4
9418 96
8
8 1027
7
*
9814 96 May'25
1 2 .1 3 9912434a_1955 31 96
let extended gold 66__731927 Q J ____ 103 10212 May'25
102 104
70
Paris-Lyons-Med RR 6e_1958 F A 7814 Sale 774
12 808
s
791* "iia
General gold 46
8112 9018
13 f external 78
4
91
1938 M S 90
8014 89
9012
9018
87
86
8614
873 195
8
gels 9934 Paris-Orleans RR:s f 7e
Montgomery Div let g 56-1947 F A 10012 ____ 995 May'25
8
801s 90
19 M S 864 Sale 844
54M
58
8512 28
St Louis Div 54
9978 10013 Paullsta By 75
19273 D 100 10014 10014 May'25
97 100
0914 100 100 May'25
_
Moll & Mar 1st gu g 48
8444 85
1991 MS 8514 95 85 Feb'25
3
Pennsylvania RR-oons g 46 1943 M N 953* Sale 943
: 5
907 9
911 9
2
4
942 AI S
943
4
Mont0 1st gu g GO
110/4 1107
4
1937 3 J 110 e 1127 1103 Feb'25
8
Conon'gold 4s
4
3
28
921
1948 M N 9212 Sale 9214
lolls 1 314
lit guar gold te
0
c0020m
45 stai ized%2
1937 J J 10218 104 10314 May'25
1
May 1 1948 MN
923
4
923*
M & E 1st gu 3Hs
7684 82
9
2000 3 D 80
813
81
8
997
9
1960 F A 997 Sale 994
Naahv Chatt & St L let ba_ _1928 A 0 10112 Sale 10112 10111
1 1001s 102
General 4348
14
935e 60
1965.9 D 93 Sale 934
N Fla & B let gu g be
3 No% 102
1937F A 1013 10312 101%
General 58
102
4
i110 4
0
S
103
9"954
1 8
1024 Sale 10214
1023
4 64 18
Nat By of Mex pr lien 4Hs_1957 J J
10-year secured 76
30 Sept'23
108 Sale 1077
1083
6 32
July 1914 coupon on
19
15
-year secured 630
19 Apr'25
34 109381113*
1101
1962308 3 0 110 Sale 110
9 6F A
3 A
4
Assent e f red June coup on
1412 218
5
40
-year gold &
971 98 4
. 8
164 1714 1133
8
184
148
4
4
1964 M N 973 Sale 973
98
Guar 70
-year s f 4s
1977 :k li
Pennsylvania Co
-8718 July'23
April 1914 coupon on......
Guar 33.88 coll trust reg A_1937 M S 86
18 May'24
86% 8614 May'25
141z l9'
Genii 4e assenting red........... -ILGuar 330 coll trust Ber B _1941 F A 83% 841 83
15
15
83 83
1a
83
6
Nat RR Hex prior lien 430-1926 -Guar 330 trust ctfs C
8
:
2
3812 June'23
83
8 .8
94821 9632:
1942 3 D 83
6
84
83
July 1914 coupon on
Guar 330 trust ctfs D_ __ _1944 J D 823 Sale 82%
25 July'24
8
82%
3
Assent with July '24 coup on
29 3213
Guar 15 -year gold 48_1931 A 0 953 Sale 953
-25
283* 29 a 31 May'25
4
7
4
953* 10
1st consol 48
Guar & Ser E
1951 Wi0
28 Apr'24
86'e
854 May'25 -8512 87
April 1914 coupon on ______ ____
77l 81114
Peoria & East 1st con Ms
85771
36 m an: 5
1514 Jsy224
8114
11
5
4
52MN 8014 801 803
409A O
12
Assent with Apr 1924 coupon
- - 20
fi
Income 46_
318 3618
-1538 163*
a
1990 Apr. 344 353 343
3
3614 180
Naugatuck RR let 48
Peo& Pekin lin 1st5Hs _ __1974 A 0 1001s Sale 10012 10034 23
0 52 101
9
9
7
00s4
I
1954 ki73 s _ - 66 May'23
3
New England cons 56
Pere Marquette let Ber A 56_1956 J J 10014 Sale 10014
942* 96
2
1945 J J 9412 94%
28
941*
96
1001
Congo! 48
4
4
813 813
4
1st 46 Ser 13
1945 J J
Slas 85
31
813
-86
% al
4
0312 S_
84
85
1956J
213
84%
4
N J Juno RR guar lst
Phila Balt & W 1st g 48
86
5312 May'25 _ _ _
_1986 F A 83
927 94%
8
86 May'25
86
1943 MN
86
91Is
NO&NElstreftkimp434$A'52 J 3 0118 9114 9118
Gen 58 Series
2
1 104 108
2 A 106% 107 1067
F 2
- 1
91,
8
* l068
8014 847 Philippine By let 30-yr f 45 1193774
New Orleans Term let 4s_ _ _1953 J 1 84 Sale 8312
s
40
12
8
443
8
84
B2
42
431s
NO Texas & Mexico let 6s_ _1925 3 D 100 8 Sale 1003
4
10513 10512
07 % !10512 Mar'2
3
8 100% 20 1001a 1013 Pine Creek regstd 68
_1
1932 J D 14212 Sa
Non-cum Income 56
9924
8
92 s 9814 PCC&StLgu 4346A
1935 A 0 9711 Sale 9714
10
97% 102
993
4
9714 993
1940A 0
Kul 97 4
let 56 Series B
8
9714 Sale 9714
26
96
Series B 430 guar
1954 A 0
2
96 8
9712 67
967
2%7
1942 A 0 209975 Sale 96%
98 10212
1st 53gs Series A
Series C 430 guar
1954 A 0 10214 Sale 1017
9514 9611
1
951
9514
8 10214 45
Temporary
Series D 4s guar
89 4 9314
8
A 0 102 Bale 102
a
10218 24
415
I2.1 I; 9314 -- 9314 May'2
2
le & C Bdge gen gu 4 Hs__ __1945 J J 93 8 ____ 9418 May'25
Series E 3Hs guar gold-194 F A 9314 -- 9314
Ms 934
931
7
994 100
NYB,411B 1st con g5s_1935 A 0 100 ____ 993 May'25
se
Series 0
1
,
1953 J D 9314 -- 8914 Nov'2
4
gold
N Y Cent RR cony deb 68_1935 MN 1093 Sale 1083
1061s
guar42guar
931
8
8 1093* 27 106 11713
9018
1957 M N 9314 __-- 9314
11614
Registered
5
Series II &
MN
9312
93 May'25 -196 F
106% Apr'25
-943i8a4
Como! 48 Series A
82 4 87
8
Series I cons guar 450_196 F
1998 F A 86 Sale 853*
95 967
953
4
1
3
-- 963
8612 78
962* 25
88% 93
Ref AC impt 4346"A"
/
1
4
Series J 430
2013 A 0 92 4 Bale 923
1964 MN 96 Sale 95%
96
4
941e 98
9314 38
6
3
95 10214
Ref & impt 58 Seri& C2013 A 0 1017 Sale 10114
General M 58 Series A
86
9814 101
102
197 J D 9312 99% 9812
4
991
8
99% 102
Registered
Gen mtge Se Series B
A 0
99
1975 A 0 99% 9912 994
10118 Apr'25
9984
991* 161
NY Central & Hudson River
Pitts L Erie 2d g be
8
10014
01928 A 0 10018 1003 10014
997, 101
1
79% Pitts McK & Y 1st gu 66____193 J
75
Mortgage 3333
19973 J 79% Sale 79
22
104% ---- 105 Dec'24
Registered
74
7814
2d guaranteed 6s
19973 3 78
1
103
4
__ 7814
- 983 Aug'2
72%14
7
8
Debenture gold 45
Pitts Sh az L E let g 58
9212 96
1934 M N 95 Sale 9213
15
102
1014 May'25
Mai i611s
104 j
9 i
940 A
33
95
9214 923
Registered
4
1st consol gold be
M N 9212 ____ 9214 Mar'25
IOW)) 161 10014 May'25
10014 101
12
92% Pitts Va & Char 1st 45
80
-year debenture 48
91
1942 J J 9212 Sale 914 Mar'25
9114 9114
1943 M N
91% May'25
Registered
Pitts Y & Ash let cons 58
93 93
1927 MN
100 100
100
93 Feb'25
Jan'25
Lake Shore coil gold 330_1998 F A 7714 Bale 774
let gen 4s series A
777
7484 7812
24
_
87 87
87 Mar'25
Registered
let gen 5s series B
7614
74
1998 F A 7614 78
jai Eiiie 1013
4
21 10014 102
7 14 Ma7 18
7 12
6
8
102
7 5
.2
8
75
Mich Cent coil gold 334$ 1998 F A
7818 Providence Secur deb 411.--19267 M D 57
3
53
12 5912
119428 F N
5 I A
59H May'25
7818 75% Providence Term 1st 4s
Registered
1998 F A
81%
Il
1958 M
7513 May'25
80 Sept'24
N Y Chic & tiit L let g 4a-1937 A 0 His 9384 927
91
9315 - 9 % Reading Co gen gold 413
4
13
1997.9
051e
16
8
93
9518
96
85
Registered
Registered
.89 99
gat, 95 4
1937 A 0
___ 89
1
Jan'25
043 -- 94% May'25
4
25-year debenture 46
Jersey Central coll g 48_1951 A 0 024 92 a 9813
7
1931 M N 95
2
88
911495
951 95
95
94
9212
86
94
2d 66 Serlee A B C
Gen & ref 4 Hs Ber A
1931 M N 1035 Sale 10318 1031
921 98
19973 J 95% 95.2 9518
s
* 16 10212 10412
9518 10
93% 9814 RIchm & Deny deb 5s stpd_ _1927 A 0 1004 10012 10012
Ref 530 Series A
1974A 0 9814 Sale 973
99 4 100
8
1s
4
98 4 183
,
Apr'25
go
NY Connect let gu 430 A_1953 F A 9211 9313 9278
9312 Rich & Meek let g 48
9
931
74
1948 M N 77% 7712 7912
1s 79 $
1
2
794
N Y & Erie 1st ext g 48._ 1947 M N
89 89
Richm Term By 1st gu 58_ _ _1952 .11
1
1004 101
/
1
89
89
10012
1003* May'25
9612 9512 11.10 Grande Jung lit gu 56_ _1939 ID 9414 101
ad ext gold 434$
1933 M B 934 -__ 9512 May'25
92 s 96
8
.
8
---_ 9414
9414
1
99 100% Rio Grande Sou let gold 46._1940 J J
4th ext gold 58
1930 A 0 10014 ___ 1003 May'25
7
8
7 Apr'25
5th ext gold 4s
1928 J D 98 ___ 9714 Dec'24
Guaranteed
8
1940 J J
6 May'25
N Y di Green L gu g be
1946 M N 9014 -- 90
1 "g6- 9214 Rio Grande West let gold 48A939 JJ 8712 Sale 8613
821 8912
a
90
8713
9
N Y & Flarlem g 3346
2000 M N 788 Sale 783
757 78 4
s
Mtge & coil trust 48 A_
8
5
4
711a 7514
783
4
4
1949 A0 7514 Bale 74%
W. 31
NY Lack & W 1st & ref 5a-1973 MN
RI Ark & Louis let 4546_ _1934 M
9812 Noy'24
85 89 s
i
8512 74
8
8914 Sale Ha
5
733 7418
4
1973 M N
lat & ret 410
100's 1U0 4 Rut-Canada let gu g 43
10012 Feb'25
1949 J J 75
7514 7412 May'25
108 10712 Rutland let con g 4345
N Y L E & W let 76 ext
1930 M S 10618 ___ 10712 Apr'25
_
854 88
1941 3,
12
_
882 May'25
1943 3 J 10018
Dock & inapt 58
99 4 997 St Joe & Grand Isle 46
8
8
75 8 8113
1
997 Mar'25
1947 J J 86-- 8 8112 May'25 -78
797
698e 100 4 St Lawr & Adlr hat g &
8
N Y & Jersey 1st 5s
1932 F A 10014 101 1003
2
94 961
8
3
4 100
1996 JJ 9314 95% 954 Feb'25
NY & Long Branch gen g 45 1941 M S 908 ___ 9014 Dec'24
24 gold 136
101 101
1996 A0 101%
Jan'25
_ 101
N Y N H & Hartford
St L & Cairo guar g 413
94 968
8
1931 .1 .1 9612 97
95 May'25 -61
1947 M 8
Non-cony deben 4s
68
St L ir M & S gen con g 56_1931 A0 100% 1007 1003
99 4 100
1
.
8
66 May'25
8
1007
8
8
60 60
M S
Registered
91 4 961s
Unified & ref gold 48
8
5
4
6
50 m an;2
5812 153
012 Ja 2
1929 J J 96% Bale 553
65% 61
Non-cony deben 334$__1947 M 13
911 93
,
Registered
J J
_ 93 Apr'25
Non-cony deben 3i4$____1954 A 0 -Li- if% 8712
55 60
571
83 4 90
8
7
N 90 Sale 8918
Rlv&QDlvletg4e
1933
15
90
60 85 St L M Bridge To,, gu g fa_ _1930 AO 10012 Sale 10012 10012
Non-cony deben 412
1955 3 .1 62
99 4 100 8
2
64
8
633
1
4
2
643
3
6513 St L.& San Fran (reorg co) 46 1950 33 77% Sale 7712
Non-cony deben 48
1956 M N 62
71
2
78
57
63 633
5
8
59908 4
78
5
256
633
905,084
3
5914
53
Cony debenture 3348
7414 741s
5
Registered
195 33
6
J J
_ 7412 Apr'25 -gai p218
t
Registered1948
J 92 Sale 92
i
Cony debenture 66
8514 93
Priorlien Ber B Si
9212 145
11
1350 33 92 Sale 92
9314 95
83% 90
8
s
PriorMen Ser C be
/
1
4
1928 3 .1 1023 Sale 1023
4
4 1031s 34 1017 103
9014 963
Collateral trust 69
4
1940 A 0 9614 Sale
93 s 1007
190
5
Prior lien 530 Ser D
5
1942 33 10014 Sale IN%
1007
s 58
5334 6114
1957 M N 59
848 928
Debenture 48
4
20
60
4
Cum adjust Sec A 6e____751955 AO 91% Sale 9114
5912 5912
9218 241
54
55
Cons By non-cony 48_ _ _ _1954 ./ 1
6312 May'25
7614 89%
Income Series A 6s
751960 Oct
883 Bale 8838
4
89% 606
62 64
Non-cony deben 48_ -1955 J J
4
StLouls & San Fran Ry gen fis '31 33 1053
63 May'25
-4
3 1043 105%
105%
1053
4-57H 64
Non-conv deben 48_ 1956 J J
General gold be
5712 May'25
.1
10054 ei;le 1003
2 1004 101
1003
4
.
4
N Y & Northern Ist g 5s1927 A 0 1003 -_-_-__ 10012 Apr'25
100 10012
St Louis& SF RR cow 48_ 12 .1
84% Dec'24 -8
996
103 104
31
N Y0& W ref le g 48_June 1992 M S 6914 Sale 6914
65
7012
26
70
Southw Div lit g 58
A0
Dec'24 -973
8
1947
63 5912 St L Peo & N W let gu 56-1948
General 46
6
1955
65
65 Sale 64
103 104 104 May'25 -- idi- foil;
65 65
Registered
92 8 9 11
8
St Louis Sou ist gu g 4s
65 Apr'25
37
1931 M
564
933
8
_ 933 Apr'25
NY Pro/& Boston 48
,
864 8512 St L S W 1st g 48 bond °tin 1989 M N 83 180
8334
3 ____ 8612 Feb'25
8
83
87
8312 83
N Y & Putnam 1st con gu 411." A 0 85% ____87 May'25
72% 73
824 8714
24 g di Income bond ctf8_81989 J J 77
1 93
2
78 May'25
78
85 s 907
100 100
8
NY&RB1stgold5.
s
1927 M S 100 101 100 Feb'25
Congo' gold 48
9014 Sale 9014
902* 137
N Y Bugg & W let ref 5/3_-.1937 J J 72
818 90
s
657 76
8
88%
gg
8
let terminal & unifying 56_1952 D 8812 89
14
74
;J
7312 73
1932
241 gold 4346
80
6111 58
87% 38
St Paul & K Sh L 1st 4 Hs_1941 F A 878 Sale 87%
_
87 4
8
4
5918 663 8414 Mar'25
8
General gold 58
59% 66
9112 9618
St Paul E Or Trunk 4 He__ _1947,
3
irlf0'
t
'
62
62
627 64
903 ---- 9112 Apr'25
4
Terminal let gold re
93 95
1
1943 M N 95
• 95
95
97
"96
"845
10914 loos
102 r :
103% ot
9;1r0
7
"ii"
861,
_-
so
10014 lozt
931, 941,
_
7812
58
1
1 13
2
a Due Jan. 5 Due July. V Due Nov. a Option ettle.
W;
77
:
48t0
2923
New York Bond Record-Continued-Page 4
Pries
Friday
June 5.
BONDS
N.Y.STOCK EXCHANGE
Week ended June 5.
St Paul Minn & Man con 49_1933 JA
3 j
Registered
1933 3 A
lit conedl g 68
8.reduced to gold 4%9_1933 J J
1933 J J
Registered
1937 J D
Mont ext let gold 4.
J D
Registered
Pacific ext guar 48._ -1940 J J
St Paul Union Depot ba_ -.1972 J J
A & A Pass let gu g 4s_ _ __1943 J J
Banta Fe Free dt Phen ba_ _ _1942 MS
Say Fla & West let g 6s__ _ _1934 A 0
1934 A 0
1st g 58
Scioto V & NE 1st gu g 49 1989 MN
Seaboard Air Line g 48
1950 AO
Gold 4s stamped
1950 AO
Adjustment 58
Oct 1949 F A
Refunding 45
1959 A 0
let & cons (3s Series A_ _1945 M S
Atl & Birm 30-yr 1st g 4&d1933 M
Seaboard & Roan let 5s
1926 J J
1936 F A
& N Ala cons gu g be
Gen cons guar 50-yr bs_ _1963 A 0
So Pac Col 4s(Cent Pee col)k1949 J D
20-year cony 45
June 1929 M El
1934 J D
20
-year cony be
1944 MN
20
-year g be
San Fran 'Fermi let 4s
1950 A 0
Registered
AO
So Pac of Cal-Gu g be
1927 MN
So Pac Coast let ea g 4s____1937 J J
So Pac RR let ref 45
1955 J J
1994
J
Southern-1st cons g 5e
Registered
J D
Develop & gen 4s Ber A1956 A 0
1956 A 0
Develop & gen 65
1956 A 0
Develop dic gen 6122
Mem Div let g 4%9-69_1996
J
1951
St Louis Div 1st g 4s
Mob & Ohio coil tr g 481938 131
So Car & Ga let ext 5%e_ _1929 M N
Spokane Internet let g 59..1955 J
Term Assn of St L lat g 430_1939 A0
1944 F A
let cons gold Es
Gcnrefundefg4e
1953
1943 J J
Tex & N 0 eon gold be
2000
D
Texas & Pac let gold 5a
2000 Mar
2d gold income 58
1931 J -1
La Div B L 1st g ba
Tex Pac-Mo(Pao Ter 5 Me_ _1964 M S
Tol & Ohio Cent 1st gu 59_1935
Western Div let g ba
1935 JA o
i
General gold be
1936 J D
Toledo Peoria & West 49_ _1917 .1 J
Tol St L & W pr lien g 3%9_1925 J J
1950 A 0
'
-year gold 45
80
1931 J J
To1WV&Ogu 4%9A
1933 J J
Series B 4%11
1942 MS
Bedell C 49
Tor Ham & Buff let g 4s1946 J 13
Ulster & Del let cons g 55,_. 1928 J D
1952 AO
182 refunding g 49
Union Pacific let g 49 ' 1947 J J
Registered
J J
1927 J J
-Year cony 48
20
Registered
J J
let & refunding 45
92008 M S
52008 M S
let lien & ref be
10
-year perm secured 6s...1928 J J
_1944 MS
NJ RR & Can gen 4s
1926 J J
Utah & Nor gold be
1933 J J
let extended 4s
Vandalla cons g 4s Ser A.....1955 FA
1957 MN
Cotmol 49 Series B
Vera Cruz & P let gu 4349.1934
1934
Assenting let 448
1926 M S
Verdi VI & W let g be
Virginia Mid Series E 59.__l926 M 5
1931 J J
be Series F
General be
1936 M N
203.J
Va & Soutbw'n 1st gu ba
let cons 50 year S.
1958 A 0
Virginian 1st be Serial A
1961 M N
1939 M N
Wabash let gold ba
2d gold bs
1939 F A
Ref s f 5%9 ser A temp
1975 M S
Debenture B 69 registered_ 1939 NI £3
let lien 50-yr g term 481954 J J
Det & Ch ext 19t e 58 ..1941 J .1
Des Moines Div let g 4a_ _1039
1941 A 0
Om Div let g 31.45
1941 M S
Tol & Ch Div g 413
2000 F A
Warren let ref gu g 3Ms
1948 @ M
Wash Cent let gold 48
wash Term 1st gu 3%e
1945 F A
-year guar 49
1945 F A
1st 40
W Min W & N W 1st gu ba_1930 F A
1952 A 0
West Maryland let g 45
West N Y dr Pa lat g
- 82
19 7 j Oj
93 A
3
4
Gen gold 4s
Apr I 1943 Nov
Income 5 55
Western Pac 1st See A 512_1946 M 5
1946 M 5
1st gold 68 Series B
2381 J J
West Shore let & guar
2361 J
Registered
Wheeling & L E let g 54----1926 A 0
Wheeling Div let gold 58.1928.0 .1
1930 F A
Ext'n & impt gold be
Refunding 41.45 Series A_1966 M S
1949 M
RR let consol 48
1942.0 1:1
Wilk & East let gu 5 59
1938 J D
Will & S F let gold Es
Winston-Salem S B let 4e___1960 J J
Wis Cent 50-yr 1st gen 45_1949 J J
Sup & Dul div dr term tat 45'36 M N
INDUSTRIALS
Adams Express coil tr g 49.A948 M 5
Ajax Rubber jet 15-yr 80 813_1936 J D
Alaska Gold M deb 6e A--.1925 IN 5
1926 M 5
Cony deb 68 Series B
1928 A 0
Am Agee Chem 1st be
1941 F A
let ref s 1 7145 g
Amer Beet Sug cony deb 69_1935 F A
American Chain deb 5 f 6s 1933 A 0
Am Cot 011 debenture 59-1931 M N
J
1936
Am Dock &'mut gu 69
1939 A 0
Am Mach & FdY e f 65
Republic Corp deb 69_1937 A 0
Am
A11113m & R let 30-yr 58 serA 1947 A 0
1947 A 0
let M (Iti series 13
Amer Sugar Ref 15-yr 6s....1937 J J
Am Telep & Teleg coil tr 49_1929
1936 M S
Convertible 45
1933M 5
30
-year cony 442
1946 J D
-year coil tr ba
30
J
1960
36-yr eI deb 5s
1943 MN
30
-year f 5 he
1925 F Al
convertible 14
7
-year
Bid
Ask Low
High
9612
-- 9612 May'25
92
9412 May'25
1083 10912 10858 May'25
s
10018
10018 Sale 100
98
9912 9712 Apr'25
9334 May'25
92 8 95
7
904 9412 92
Jan'25
8712 8812 8912 Apr'25
10112 10218 102
10218
844 85
8412
85
_
101
1003 Feb'25
4
1094 111 111 Mar'25
10238
10114 Nov'24
90% 89%
90
89%
79
82
8112
8112
7012
7812 79
79
8112 Sale 8012
82
7114 Sale 7114
7138
9418 Sale 94
95
8912
89%
101
101 May'25
10312 10438 10312 May'25
107 Sale 1067
8 107
8812
863 8812 86%
4
977 Sale 9712
98
1603 10114 1003 May'25
4
4
100%
10012
8712 Sale 8712
87%
83 May'25
7814 85
1035
8 _
10314 Feb'25
9414 95
9412 Jan'25
913 Sale 9118
e
913
4
10334 Sale 1034 1035
8
-------- 99% Apr'25
795 Sale 7912
8
80
1063 Sale 10612 107
4
1107 Sale 1103
4 111113
1024
102 May'25
8612 May'25
8612
8612
10212 103 103 May'25
8412 8618 85
85
96% 98
94 May'25
10114
10114 Sale 99
847 8514 85
8
8514
99
99 May'25
102 Sale 102
10214
90 .
90 Dec'24
993 9934 993
s
9912
993 99% 99%
8
99%
10014 May'25
1601- 10014 May'25
- -4
983 100
4
983
4
983
4
2714 3112 28 May'25
997 100
8
99% May'25
8614 Sale 8614
8614
9638 ---- 96% Dec'24
Jan'25
9614 ---- 97
895 Jan'25
8
8912
Apr'25
863
8 _-- 86
8114 86
88 May'25
543 548 543
8
8
55
9414
938 937 93%
4
-- _ _ 923 Apr'25
9914 Sale 9914
99%
Jan'25
98
887 Sale 8718
8
883
8
10712 Sale 10718 10712
10338 Sale 103% 104
92% Feb'25
92%
10014 101 10014 May'25
93 Aug'24
935
8
8714 May'25
865 Apr'25
8
20
Oct'24
2412 Jan'25
10018
10018 May'25
10014 10012 10014 May'25
100 ____ 10014
101
101
10212 May'25
993 10114 10114 May'25
4
92 Sale 92
9318
10014 Sale 10014 1003
4
10112 Sale 10112 102
9814
98
9812 98
9714 Sale 9718
97%
_ 93 4 Feb'25
3
80
8014 May'25
81
10012 101 1007 Apr'25
8
86 May'25
7512 77
77 May'25
854 8812 87
87
77% Oct'24
867 Sale 83
8
86%
823 8312 8214 May'24
4
8914
89% Mar'25
9714 985 9612 Mar'25
s
6614 Sale 6618
663
4
8 % 181% 10012 10012
9 12 02
0
9
8012
804
45 Feb'25
3514 46
9512 Sale 954
95%
103 10312 103
103
8412 Sale 823
8
853
4
8212
823 Sale 8214
8
100 10118 1003
4 1003
4
100
100 May'25
993 Mar'25
4
7412
7312 Sale 7312
763 Sale 76%
4
77%
66 Sale 66
6612
1023 104 10314 May'25
4
8418 8518 85
85
804 Sale 8018
81
8614 883 853
4
864
4
4
C.' 86%
Due May.
Range
Since
Jan. 1.
Week's
Range or
Last Sale
85 May'25
1014 Sale 101
10114
4
4
4
739 Vs Apr'25
102 Sale 102
102%
103 Sale 103
10312
10014 Bale 10018 1003
4
9814 Sale 98
9812
9512
9512 Bale 954
1065 1073 10714 1073
8
4
4
99
99 Sale 99
96
96
9612 96
984
983 Sale 084
4
0712 1073
4
10712 108
1033
8
10214 Sale 10214
5
977
977 Sale 97
8
4
9218
9114 9218 913
953
8
00 May'25
8
10218
1017 Sale 1017
8
4
98
973 Sale 973
4
105
1048 Sale 10414
13314
1327 Sale 132
8
2
61
173
23
18
314
45
180
60
68
6
4
15
2
15
2
13
2
2
28
18
75
22
20
13
1
11
287
8
11
105
2
23
51
2
57
5
16
56
1
43
22
9
24
8
8
10
1.26
83
67
53
74
2
1
4
105
16
77
172
2
_
79
876
137
47
oDue June. A Due July. 8 Due Aug. 80000s ede.
I
Price
Friday
June 5.
Week's
Range or
Last Sale
Bases
Mises
Jas, 1.
High
Bid
Ask Low High NO. Low
924 98
Am Wet Wks & Elec 58_---1934 A 0 97 Sale 97
7
7
Am Writ Paper s f 7-138
67'2 37 44 81
9
0
19393
5612 5814 571
43
6112
Temp interchangeable Ws dep6012 18
57 Sale 567
8
99 101
/
1
4
/
1
4
1005 Sale 10014
8
Anaconda Cop Min 1st 69_1953
100 4 267
3
99 4 104
5
170
15
-year cony deb 78
102
1938 F A 1017 Sale 1015
977 253
94 1004
Andes Cop Min deb 7s 25% pd'43 J J 9712 Sale 9
638
9112 944
9114 92
911 May'25 -Antilla (Comp Azuc) 7319 1939 J
91
94 4
3
Ark & Mem Bridge dr Ter 59_1964 in S 933 Sale 9312
8
9439 25
90
64
Armour & Co lat realest 4%111939 J D 893 Sale 891 s
4
'
85
91
944
90
9414 115
Armour & Cool Del 5349-1943 J J 9414 Sale 93%
0 54 08%
7
10214 Sale 10214
103
18 101% 1034
Associated 0116% gold notes 1935 M
Atlanta Gas L 1st 59
__ 98% May'25
19473 D
6
2
18
18% 2
19% 27
1912 May'25
Atlantic Fruit 7s ctfa dep-1934 J D 9834-3978 1512
Stamped ctfs of deposit
873 90
4
1512
1
97$4 100
74 8112 Atlantic Refg deb be
4 100
27
1937
J 100 Sale 993
4
74
8 103
8212 Baldw Loco Works let 5a
1940 M N 10278 Sale 1025
0
3 0612
10514
5 102 105
1045s 106 10514
73 8312 Haragua(Coup Az)7%e_ __ _1937 J
594 7312 Barnsdall Corps f cony 8% A1931 J J 10518 Sale 1054
10514 85 10212 10514
903014 978m
:
8453 95% Bell Telephone of Pa be
1023
4 61 10011 1.03
1948.0 J 10212 Sale 10214
83% 8978 Beth Steel lst ext f 5s
10014
3
19263 J 10014 10012 1004
99% 101
Sale 94
1st & ref 53 guar A
943
4 36
1942M N 9439
90
9312
9312 34
10218 1033
93 Sale 93
4
30-yr p m & imp f be
1936 J
934 974
9514 80
103 109
Cons 30
-year 65 Series A1948 F A 947 Sale 941
84
8812
Cona 30
-year 5%s Series B 1953 F A 87 Sale 8749
85 4 851
701 891
964 98
77 May712
82
'5
Booth Fisheries deb s f 135
78
1926 A 0 76
97 10114
993 10312 Brier Hill Steel 1st 534e
4
10078 43
1942 A 0 10034 Sale 100
7642
68
B'way & 7th Av lst c g 5s
100 101
741
1943 J D 7518 76
753
14
67 4 754
3
,
Ctfs of dep &mud Dec '24 Int _
8414 88
7253 76
743
4
75
11
/
1
4
90
/ 93
1
4
9412 93 May'25
83 8514 Brooklyn City RR be
1941 3 3 92
9912 103
103 10314 Bklyn Edison Inc gen Es A 1949 J J 10214 Sale 10178
10212 100
8
105
6 104 1054
General 6a Series B
943 9412
1930.0 J 105 Sale 105
824 90 4
1
9014 581
88% 92
Bklyn-Man R Tr Sec 6s___ _1968 J J 893 Sale 8914
4
61/s 71
10014 1033 Bklyn Qu Co & Bub con gtd 5e'41 MN 66
65
65
2
4
68
80 80
99%
lst bs
99
80 Feb'25
1941 J J 764 85
Brooklyn Rapid Trans g 5s1945 A 0
735 80
8
-_-_ 90 Nov'24
103 107 . Trust certificates
96 June'24 -1063 1114
let refund cony gold 49_2002 J J 5618 ____ 81 Dec'24 ---4
00% 1023
8
1094 Sept'24 -- 3-yr 7% secured notes_ ___1921 J J
8514 8712
122 Mar'24 -Certificates of deposit
121 123¼
8
823 88%
Ctts of deposit stamped.........
1234 May'25
811, 8814
10012 103
8814 17
Bklyn Un El lst g 4-5e
1950 F A 8814 Bale 87
8112 .8738
8314 8712
Stamped guar 4-58
1950 F A 8714 8814 8712
8712
7
9914 1017
2
954 9814 Bklyn Un Gas let cone g 59_1945 in N 1014 10178 10112 10178
4
156 172
10-yr cony deb 79
99 10114
1932 NI N 13514 ---_ 172 May'25
let lien & ref 69 Series A1947 M N 11018 ___ 110
821 8514
8
11012
9 10714 110%
914 935
2
9634 99
94
92 May'25
1932J D 91
BUlf&Susqlronef58
91
1
84
99% 1025 Bush Terminal let 4s
8
4
8
1952 A 0 865 Sale 865
87
864 911
4
30
Congo' be
91
1955 J J 90 Sale 90
9912
5
40' 9314 99 4
Building 5a guar tax ex_1960 A 0 963 Sale 9618
99
*
971
98 10114
984 10014 Cal G & E Corp unit& ref 59_1937 MN 10118 10114 10118
10112 54
098 101
4
4 1004 10412
Cal Petroleum s f g 63.4s
1933 A 0 104 10414 104
10414
9514
8
995 1004 Camaguey Sug 1st s f 5 78._ _1942 A 0 914 9134 92
92
45
9638 9934 Canada SS Linea 1st coll s f 75'42 M N 983 99
96 4 80
5
12
4
9812
99
3 1004 1024
Cent Dist Tel let 30-yr 58-1943 J D 1024_ 10214
28
30
10214
94 97
/ Cent Foundry let e lOs
1
4
1
9912 99
954 9514
1931 F A 95 954
10112 1161 974 10112
821g 864 Cent Leather 1st lien
8
6s 1945 J J 1005 Sale 10053
11212
110 114
Central Steel 1st g 5 1 8s_ _ _A941 MN 112 11212 112
985910153
97
97
Ch L & Coke Ist gu g 5e1937 J J 101 10112 101 May'25
38
75 88
/
1
4
89
/ 894 Chicago Rye let bs
1
4
7638 Sale 7614
77
1927 F A
8418 8612 Chile Copper 6s Ser A
1932A 0 10612 Sale 10612 1073 103 105 11112
4
9812 102
8712 924 Clneln Gas & Elec 1st & ref S.'56 A 0 102 Sale 10114
17
102
111 10012 105
5038 62
8
105
534s Ser B due Jan 1
1961 A 0 10414 105 1043
80 80
9034 9412 Clearfield Bit Coal let 4e,_ 19403 J 8039 ____ 80
Jan'25
891 93
8
Colo F & I Co gen 5 f 59
914 12' 87% 93
1943 F A 9114 Sale 9114
80 834
1
10
984 99% Col Indus let & coil ba gU-1934 F A 82 Sale 82
82 82
98
98
82 Feb312
82
5
Registered
F A
19273 J 101 Sale- 101
Columbia G az E let bs
10114 191 1001s 10112
8414 90
10412 10712
101% 191 100 101%
1927 J J 101 Sale 101
94 14
1034 1044 Col & 9th Av lst gu g 5s____1993 M
13
15
13
13
1
984 994
9214 9212 Columbus Gas let gold bs_ _.19323 J 9933-9912 May'25 -1003 10118 Commercial Cable let g 45-2397 Q 3 7612 777 77 May'25 ---2
711 7712
/
4
-8
98 100 4
,
Commercial Credits I 6s_ __ _1934 M N 100 Sale 100
10014 67
972 1023
4
4
10234 62
86s 8714 Commonwealth Power(4_1947 M N 10259 Sale 1017
5 10114 1041s
86% 86% Computing-Tab-Rec e f 65_ _1941 J J 103 Sale 103
103
904 9012
-- - Conn Ry & L lst & ref g 4%s 1951 J J 915 93% 9012 Mar'25
89
93
2412 2412
16
Stamped guar 4545
1951 J J 9138 9314 92
93
81
90
99% 10014 Cons Coal of Md 1st & ref 55.19503 D 827 Sale 824
8
827 133
8
10018 10012 Consol Gas(NY)deb 548_1945 F A 10412 Sale 10414 10412 293 1014 105
9912 101
Cons'd Pr & Ltg 1st 648-1943 M
104 Sale 033
4
10412 27 1001a 105
WO 10212 Cent Pap & Bag MIII8 6%9_1944 F A 8838 90
87
12 92
12
6
8839
883
9312 102
927 100%
5
Consumers Gas of Chic gu bs 1936
J 10018 ___ 1004 10018 . 1
9054 100
8414 9334 Consumers Power let 58_
1952 M N 993 Sale 9912
4
997 264
95 1013 Corn Prod Refg f g ba
8
1931 M N 101_ 9
059 July'24
10054 102
.
101 111 101
Ist 25-year s f 5s
1 1001, 1025
14
101
74
80
70
9411 9814 Crown Cork & Seal 1st s f 65_19 3 FA 76 Sale 76
18
1 34M N
4
0412 97% Cuba Cane Sugar cony 79_....1930 J J 9512 Sale 9514
9332 98
954 17
4
594 1023
933 93%
2
8
Cony deben stamped 81 _1930 J J 1007 Sale 10039
A
s 43
1007
12 10712 110
774 83% Cuban Am Sugar 1st coil 89.1931 M S 108 Sale 1073
4 108
99% 100% Cuban Dom Sug let 71.49_1944 MN 98 Sale 9714
564 984
136
98
97 10112
4
Cumb T & T 1st & gen
813 86
4
J J 101 1014 101
101
92
98 4 994
8
Cuyamel Fruit 1st 65 int ctfs '40 A 0 99 Sale 983
74
77
4
99
8412 87
924 97
Den Gas& E L lst&ref f g 5a '51 MN 9512 Sale 9514
69
96
75 82
Dery Corp(D G) 1st s f 78_ _1942 M
7714 Sale 764
774
4
99% 1024
83
SOs's Detroit Edison let coil tr 59.1933 J J 101__ 10134 102
6
934 1021
4
8118 8512
let & ref 58 Series A_July 1940 M
10134 EICtle 10112
1019
9
975 1005
8
89% 89%
0
0
8
2
8
Gen & ref 5s Series A
0
8
1949A 0 9934 Sale 993
4 10 % 4
1063 10812
8
9534 904
let & ref 6s Series B__July 1940 M
1073 Sale 10734
4
877 93%
8
634 6712 Pet United 1st cons g 4 1.4e- _l932 J J 90 Sale 901
903
4 15
953 10012 Dodge Bros deb 68 int rots_ _1941 MN 9812 Sale 98
4
9412 99%
083 552
4
7912 8218 Dold (Jacob) Pack let 65_1942 M N 8512 857 8512
82
884
17
86
45 45
2
53
50 685
Dominion Iron & Steel 58_1939 J J 52 Sale 52
19
9014 96
s
884 915
Donner Steel 1st ref 7a
19423 J 89
8912 89
89
3
Kris 9454
10014 10418 du Pont(El)Powder 4%9_ _1936 J D 95
____ 9459 May'25 -8114 8614 duPontdeNemoured(Co 7349 1931 M N 10812 Sale 1077
10812 93 1064 1084
8
795 8212
4
Registered
N
8 e_ 10718 Jan'25
.
,a_
- 10718 1074
100% 10138 Duquesne Lt let & Coil 6s_..1499 J .1 10654
106
106% 65 10452 1074
99% 101
1st coll trust 6%s Series 5_1949 J J 105% 10512 1053
12 104 106
8
10512
4
993 9934 Eaat Cuba Bug 15-yr a f g 7%8'37 M
4
147 103 1065
1043 Sale 1033
4
105
4
754 Ed El III Bkn let con g 4e __l939J J
68
905 94
4
6;i_ _ 1023 MR003
e 9 : 13'25
0,
, 4
7812 Ed Elm Ill 1st cons g be_ _ _1995 J J 10014
72
994 1024
2
634 6712 Elec Pow Corp(Germany)64s 50 M S 8712 88
874 884
44
8712
88
102 10314 Elkhorn Coal6% notes
9834 100
19253 D
82% 8712 Empire Gas dz Fuel 71.11L _1937 M N 1933 Sale 104974 105
266
0414 94
105
/
1
4
7812 8114 Eqult Gas Light 1st con 59_1932 M
994 100
10012 May'25
823 8714 Federal Light & Tr let 58-.11342 M 8 100s
941
88
96
/
1
4
24
9334 9412 937
8
let lien 65 stamped
9514 103
26
1013 102 1013
4
4
102
8712 Federated Metals is f 7e
85
16 101 107
1942 M 13 10234 Sale 1023
3 9J 8
9
4 103
944 10212 Flak Rubber 1st a Ets
1115 11312 113
8
11312 10 108 11812
5
34 67 Ft Smith Lt.& Tr let g 58_ _ _1941 M 8 784
76
/ 79
1
4
193 M3
6
78 May'25
4
672 Frameric Ind & Day 20-yr 7545'42 J .1 9312 Sale 93
4
891 9554
9338 38
9814 103
Francisco Sugar 1st sf 73.4s _1942 M N 106 10612 106
4
10612 13 10312 1067
4
943 10312 Gas& El of Berg Co cons g 691949 J D 993
984 984
___ 9812 Feb'25
973 1003 Gen Asphalt cony 65
4
4
1024 103 103 May'25
_ 101 103
96% 99% General Baking let 26-yr 68_193 J 13 10412 105 10518 May'25
1044s 1054
1 3 A 13
6
9
9118 9512 Gen Electric deb g 334a
1942 F A 835 855 84
8
1
8
84
83 84
10612 10812
Debenture ba
1053 Sale 1053
4
68 10112 156
8
106
98 100
Gen Refl. letate 68 Ber A_19 2 F A 101 1011* 101
5
19 M S
52
9 100 10212
101%
914 9712 German Gen Elec 75 temp 1945 J J 9334 Sale 9312
9314 94%
9438 177
9512 9952 Goodrich Co 6345
10512 Sale 105
52 1004 1065
1051
4
1035 10812 Goodyear Tire & Rub let 111941 M N 12012 Sale 1203
8
17j j
94
88 119 121
2
121
9912 10412
10-year s f deb g 8a
41931 F A 10932 Sale 10912
62 1084 10934
1093
8
9618 977 Granby Cons M S& P con 135 A'28 M N 994 ____ 10018 Mar'25 9318 1001,
903 924
8
Stamped
1928 M N 100
____ 9812 Mar'25 -9318 984
9439115
Cony debenture 88
1926 M N
_ 10018 May'25 -95 1001
4
100 10214 Gray & Davis let cony s f 79_1932 F A 93i 94
- 9314 May'25--...
92
95
Gt Cons El Power(Japan)75_1944 F A 91 Sale 90
9412 98
8714 911
2
101 105
Great Falls Power let if 591940 MN 1025 10314 1025
8
102 4
913
5
997 1023
4
4
125 1334 Hackensack Water 1st 4s_ _ _1952 J
86 May'26 - - 83% 86
H•seine RI Rv T. & P gen 58 A '64 54
9014 9234
8534- --- 93 M ay'25 -864 93
No, Low
High
9414 0512
9412 9412
10712 10912
9512 10014
15
973 98
8
92% 9512
92
92
89%
88
11 100 10218
28
81
8514
100% 101
1074 111
10
1
19
285
61
149
8
BONDS
N. Y. STOCK EXCHANGE
Week ended June 5.
2924
New York Bond Record-Continued-Page 5
itv
Range
Range
Week's
Week's
Price
Price
BONDS.
BONDS
ts
13
Eines
Range or
Range or
1;
Since
N. Y. STOCK EXCHANGE u t,
Friday
u1
Friday
13
N.Y STOCK EXCHANGE
.
Jan. 1
cot2
OS
Jan. 1.
Last Sale
,a, June 5.
Last Bats
Week ended June 5.
Week ended June 5.
,,a, June 5.
High
High
111013 No. Low
Ask Low
High No Low
Bid
Ask Low
Bid
13 101% 105
105
8
Philadelphia Co coil tr 65 A.1944 F A 1043 Sale 1043
4
9 8 96
23
Havana Elec consol g 50____1952 F A 953 97
8
93
923
4
4
20 103 105
933 100
88
100
15
-year cony deb 534s___1938 M S 993 Sale 9914
4
Hershey Choo let 5 f g 68---1942 M 51 104 Sale 10334 104
4 10 10038 10314 Phila & Reading C & I ref 50_1973 3 J 10014 Sale 10014
993* 10213
1005
8 35
Hoe(R)& Co let 6445 temp.1934 A 0 103 10312 10218 1023
91 104
79
10312 86
89
12
89
4
Pierce-Arrow Mot Car deb 881943 M 5 103 Sale 1023
Holland-Amer Line 6s (fief)-1047 MN 8813 Sale 8838
8
984 10012 Pierce Oils f 80
7
Hudson Co Gas let g be__ _1940 ati N 10014 ____ 10018 10012
8
1931 .1 D 1065 107 10812 May'25 ____ 1025 107
8
8
995 1025
9912 10218 Pillsbury Fl Mills 20-yr 68_1943 A 0 1025 Sale 102
1025
8 22
1017
e 63
8
Humble Oil& Refining 5443_1932 J J 1017 Sale 10138
8
97 1017 Pleasant Val Coal let get 541_1928 J J 983 99
8
97
9814
9713 May'25 ____
BMWs Bell Telephone 50_1956 .1 D 1013 Sale 10112 10178 75
4
4
8 963 Pocah Con Collieries 1st *f 551957 J J -___ 9212 9214
9212 948
92
4
41
3
Illinois Steel deb 434e
943
8
96
1940 A 0 954 Sale 95
9912 102
874 93
1
14
93
Port Arthur Can & 53k 6* A.1953 F A 1013 Sale 10112 102
Ind Nat Gas & 011 bs
4
1936 Nt N 93 Sale 93
2 101 10112
10112
let M 68 Series B
1034 17 1014 1034
Indiana Steel let be
1953 F A 10112 Sale 10112
1952 m N 10238 10412 103
92
9914 Portland Elec Pow 1st 88 B_1947 MN 100 Sale 993
92 May'25 ____
9612 100
40
ngasoll-Rand 1st be
100
4
19351 3 994 101
10
11
Apr'25 ____
Portland Gen Elec 1st 5s
11
13
Mother° Matron coll 440_1956 A 0 11
1935 J J 9313 - -- 9934
9838 100
%
1
9914
1012 mar.25
1013 1012 Portland Ry let & ref be _ 1930 MN 943 9512 9512
012
9212 9612
1
9512
Ctf dep stpd asstd 16% sub_
4 844 92
593a 743 Portland Ry Lt & P let ref 581942 F A 903 Sale 9013
4
,,71
Interboro Rap Tran le 50_1966 11 i 68 Sale 68
27
70 __-1
92
4
- 674
69
6912 656
sale 6712
94 100
734
71
let I & ref 63 ser B
1947 m N 100 Sale 994
Stamped
100
613 80
4
let & refund 7448 Ser A-1946 M N 106 Sale 106
8 10518 107
718 79
10
-year 68
10613
1932 A 0 70 Sale 70
85
95
907 183
8
10
-year cony 7% note:L...1932 M S 904 Sale 893
Porto Rican Am 'Fob 8s
4
8
1931 M N 101 1023 10212 May'25 ____ 101 108
8
943
67
743 Pressed Steel Car be
4
93 97
6
Int Agrio Corp 1st 20-yr 58..1932 m N 72
8
4
7614 743 May'25 ____
1933 1 J 943 Sale 943
6212 70% Prod & Refs f 8s(with war'nts)'31 J D 11318 115 113 May'25 ___
104 11514
Stamped extended to 1942_ MN 6714 695 69 May'25 _-__
843 9112
8
8
i no 111
873 202
Inter Merean Marine 8 f 58._1941 A 0 863 Sale 844
111
111
Without warrants attached..._ J 13 ____
4
8712 94
Pub fiery Corp of N J gen 68.1959 A 0 1043 1047 1045 May'25 ____ 104% 1051a
International Paper be
8
4 - _8
938 125
4
1947 3 J 923 Sale 92
95
_- ---- ---1st & ref bs B
997
s
993
4 52
Secured g Os
3
84 Mar'24
1944 F A 93 4 Sale 993
1947 ,11 3
88 100% Pub Serv Elec & Gas 1st 54481959 4 0 105 Sale 1045
98% 106
10018 178
100
lumens Works 68(flat price).1947 .1 .1 100 Sale 9914
8
105
995 105
955 101
217
309
105
1st & ref 5458
Kansas City Pow dr Lt 50-1952 M 5 10012 Sale 10014 101
1954 A 0 105 Sale 104
9814 10312 Pub Serv El Pow & Ltg 6s 1948 A 0 107 Sale 10614
103'
2 20
59 10212 107
107
Kansas Gas dr Electric 6s-1952 M 8 10314 Sale 103
4
3 1023 1074
4 13 10112 104
1057
8
Punta Alegre Sugar 7s
8
8 1033
Napier & Co 7s
4
1942 F A 1033 104 1035
1937 3 1 1057 Sale 1054
90 103
114
8612 92
7
103
8812
Remington Arms 6s
4
Kelly-Springfield Tire 88_1932 M N 102 Sale 1003
8812 8818
1937 M N 88
g
82
8712 Repub I dr 13 10-30-yr 5s 81..1940 A 0 977 ____ Ms
8712 May'25 ____
Keystone Telep Co 1st 5e
9738
93
4 9738
3
89
1936 ..1 J 88
903 94
4
8 12
925
Ref & gen 544s ser A__ 1953 1 J 9212 Sale 9212
Kings County El & P g 5s
1937 A 0 102 ---- 102 May'25 ____ 1004 102
3
884
8818 90
9 11412 12014 Rima Steel 151 7*
12014
8
8
Purchase money 68
1997 A 0 1197 Sale 1197
1955 F A 8818 Sale 8818
6312 734
75
7814 Robbins & Myers 5 f 78
10
72
7814 May'25 ____
Kings County El 1st g 45.-1949 F A 7812 80
1952 .1 D 72 Sale 8312
74
783 Rochester Gas & El 7s ser B_1946 M 9 111 11118 107
7
1 110 1114
4
11078
8
76
77
Stamped guar 413
1949 F A 7618 78
89 10114
2 10312 105
105
Gen Mtge 544s series C__ _1948 M 9 1044 10514 10484
Kings County Lighting 56 1954 J j 974 ____ 974 May'25 ____
%
__ 10814 May'25 ____ 103 10634 Roth & Pitts Coal & Iron 50_1948 M N 918 ____ 90 Aug'24 -----------644s
1954 .1 3 107
637 8312
8
8 23
717
8
Kinney Co 744s
1936 J D 10714 108 10718 May'25 ____ 10614 108% Rogers-Brown Iron Co 7s
1942 M N 7118 Sale 637
89% 943 St Joe Ry Lt Ht & Pr 5*_..J937 MN 9112 Sale 9112
8518 9112
4
9334 27
5
9112
Lackawanna Steel be A
1950 M Et 9318 Sale 934
9814 101% St Joseph Stk Yds 1st 4448_1930
9512 9538
Lao Gas L of St 4.ref&ext 68.1934 A 0 10011 Sale 10012 10114 15
4- - 95% May'25 __J 953
9514 102
8712
56
7718 853
4
8534 17
102
8t L Rock Mt & P58 stmpd_1955
Coll & ref 5445 Series C1953 F A 10114 Sale 10114
J 8212 - - 83
4
8112
953 100
7
74
St Louis Transit 50
9912 100
Lehigh C & Nay s f 440 A 1954 J .1 0914 100
Feb. ____
25
____ 81
1924 A 0 70
8 100 10114 8t Paul City Cable bs
97
10114
95
Lehigh Valley Coal 1st g 58_1933 .1 J 101 10114 101
May'26 ____
0511 --J
1937
9312
8
.
92
1st 40
-year int red to 4%j933 .i J ____ ____ 895 Sept 24 ---- ---- ---- Saxon Pub Wks(Germany) 78'45 F A
9313 Sale 92
9312 579
3912 43
4 104 107%
4_ 43 May'25 ____
Lax Ave & P F let gu g 50.-1993 M S 431
10712
Saks Co 7e.,,,
1942 M S 107 10712 107
Ban Antonio Pub ser 601952
3 116 120
8 11913
8 912
Liggett & Myers Tobacco 75_1944 A 0 1187 11 - 1187
9912 1023
4
43
1028
3 102 Sale 102
11734 1173 Sharon Steel Hoop 1st 8e ser A '41 M 5 10612 Sale 10612 107
4
s
8 1057 10712
A 0--------1178 Apr'25 ___
5eRegistered
975 1004 Sheffield Farms 644s
4
10014
105 107%
1951 F A 10014 Sale 100
4
1942 A 0 1063 10712 10712 May'25 __
1 11414 117% Sierra dr Ban Fran Power 68_1949 F A 95 Sale 95
9514
958
4 ii
90
Lorillard Co (P) 70
1944 A 0 11512 116 11512 11512
115
15
88 95
9334 66
Sinclair Cons Oil 15
Registered
A 0--------115 Mar'25 ___
-year 75937 M 8 9212 Sale 9212
_1
9712
4
let In coil tr6sC with warr 1927 J D 11212 Sale 10912 11212 444 1043 117
51
1951 F A 9713 Sale 9718
905 993
8
4
994 242
825* 90%
Louisville Gas & Electric 60_1952 MN 99 Sale 9814
1st lien 840 Ser B
I) 8814 Sale 87
1938
8814 63
9914 101
Louisv Ry 1st con be
8 1007
8 82
Sinclair Crude 011 3-Yr 1 s A 1928 F A 1007 Sale 1015
1930 J J 9114 9212 93 May'25 -----93 93
3
1
4
3-yr 6% notes B Feb 15_1926 F A --------1008 May'25 60 10018 100 4
Lower Austrian Hydro-Elec Co8511 8
64 Sinclair Pipe Line be
82 88
8518 14
1st a 8634*
87% 124
1944 F A 854 8514 8518
1942 A 0 8712 Sale 8714
s
Magma Cop 10-yr cony g 73_1932 J 13 --------12612 May'25 ____ 113 1327 Skelly 011 634% notes
1927 A 0 116 Sale 11412 11612 66 106% 1205*
99 102
8 27
1007
10 102 10514
8
South Porto Rico Sugar 70_1941
8
Manati Sugar 74415
105
D 1047 105 1047
1942 A 0 1007 Sale 100
574 64
99 1021
$
South Bell Tel & Tel 151 0 t 581941
634 63
1015
8 21
Manhat Ry(NY)cone it 40_1990 A 0 6214 Sale 62
J 10112 Sale 1011r
51
5
8
9618 10112
Sweat Bell Tel let & ref 58 1954 F A 101 Sale 101
10
10112 111
54
544 54
2d 4i
20133 D 53
9714 10234 Southern Colo Power 6e
9314 994
5
102
12
99
Manila Electric 75
1942 M N 102 Sale 102
1947 J .1 98 Sale 9712
9512 1,,__92
87
93
9
988* 974
9812 9712 Apr'25 ___ .
91
Manila Elec Ry & Lt if 58-1953 21 8 90
1948 M N 98
Sinillg Val Water g 50
72 1064 13512
Stand Gas & El deb 8 6440_1933 M 8 12512 Sale 12512 130
1001
983
4
4
Market St Ry 78 Series A
1940 Q J 993 Sale 909
s 10113 10513 Standard Milling let ba
9912 1001
12
100
____ 100
10512
Metz Ed 1st & ref g 618er 13.1952 F A 10512 Sale 10514
1930 M N 100
17 105 108
914 97
4 20
963
Steel & Tube gen 54 7s Sec 0 1951 1 J 10712 Sale 10712 108
8
1st & ref Se Series C
9153.3 J 9614 965 9614
s
4 1003 104
10312
9614 96 May'25 ---Sugar Estates (Oriente) 78_1942 M 9 96
Metropolitan Power 60
9512 9712
1953.3 13 10318 104 10318
704 80
96
99
10
8
1929 FA-1 98 975 96 May'25 ____
74
74
78
Superior Oillst s f 7s
Met West Side El (Chic)48_1938 F A 74
954 987 Syracuse Lighting 1st g 50-1951 J D 1004 Sale 10018
2
2
4
974 1004
10014
973 134
Mid-Cont Petr 1st 1344e. _1940 M 8 9712 Sale 9712
87% 9314 Tenn Coal Iron & RR gen 58_1951 .1 J 1013 10312 10112 May'25 ____ 100% 1023
4
8
92
93
Midvale Steel &0cony s f 1936 M 5 9212 Sale 92
-50
1 100 10112 Tennessee Cop let cony 8s.._1925 MN 10014 10114 10112 May'25 ____ 100 102
Mllw Elec Ry & Lt cons g55-1926 F A 100 10014 10018 10018
965* Tennessee Eleo Power lst 68.1947 .1 13 10314 Sale 10318
95
1
96%
9914 10414
146
104
8__ 9658
J
Refunding & exten 440_1931 j D 965
1951 1
9925 Sale 9914
5212
997 11 94 100 Third Ave 1st ref 45
8
51
4
1980 .1 J 5712 Sale 553
573
4 96
General be A
84% 927
B4
344 50
8
43 '245
4
9214 97
Ad)Inc be tax-ex N Y___81960 A 0 413 Sale 3912
let 65
1961 J 13 91% Sale 9134
4
9352 94
983 104
8
94
94
4
1937 3 J 943 95
4 34
Third Ave Ri 1st g bs
1023
1st & ref g 65 Series C_ __ _1953 M 8 102 Sale 102
4
10312 17 1023 104es
9614 9912 Tide Water Ou 10-yr 640 1931 F A 10312 Sale 10314
9
9918
994 9878
Milwaukee Gas Lt lst 48
1927 M N 99
971 100% Toledo Edison let 75
4
10012 24
4
1097
2 57 10812 110
1941 M 5 1093 Sale 1093
Montana Power let 50 A
1943 J J 100 Sale 997
4
5 10013 1002
1003
8
94
9812 Toledo Trac Lt & pr 6% notes'25 F A 1004 Sale 10018
9812 58
Montreal Tram let & ref 50_1941 .1 J 9814 Sale 9814
7812 847 Trenton 0 & El lst g be_ _ 1949 M 8
98
- 98% Apr'25 _ _
98%
847
8 70
Morris & Co 1st et 4448-- _1939 .1 1 847 Sale 8414
s
61
70
61 May'25 ---60
67
77
7711 Twenty-third St Ry ref 58_ _1982 J J 99-.
____ 7718 Mar 25 -.-Mortgage-Bond Co 4s Ser 2_1966 A 0 78
955* 984 Underged of London 4548_1933 1 J 9118 ____ 904 Apr'25 ___1
89
9012
9614
10 -year bs Series 3.-1932 1 J 9614 Sale 0614
-25
3
961 99
864 89
Apr'25 ____
9912 107
Income Os
Murray Body let 8 Hs
19483 1 898 ---- 89
1934 J D 99 Sale 977
944 9912
983
4 24
954 9714 Union Bag & paper let m 68_1942 M N 974 Sale 9712
5
974
Mu Fuel Gas let su g 68_....1947 MN 9712 Sale 9712
7 101
k
97
10112 13
10
99 4 10112
3
Union Elec Lt dc Pr 1st 868.1932 M 5 101 10138 101
101
Mut Un gtd bonds ext 4%1941 MN 101 Sale 101
5712 68
4
9814 101
4 59
Ref & ext bs
627
8 84
Masan Else guar gold 48._1951 1 J 6278 Sale 6112
1933 M N 1003 Sale 10012 1003
98
99%
8
1st g 5440 series A
1954.3 J 1017 Sale 1017e
9 100 104
Nat Enam & Stamps 1st 68_1929 J D 6214 Sale 9912 May'25 ___
1025*
914 89
80
8
94
4
Union Elev Ry (Chic) 58_1945 A 0 755 763 764 May'25 ____
National Acme 74413
75
774
1931 1 D 90 Sale 8912
993 10112 Union 011 let lien 5 f be-- _1931 .1 J 10014 ___ 10012 May'25 __
4
9934 1004
Nat Starch 20
-year deb 53..1930 J J 985*
993 Fett'25 -4
1004 103
8
10438
2 10258 104%
30-3v 68 Ser A
10218
National Tube 1st be
May 1942 F A 10414 10438 1043
-- - 8
1952 M N 1024 1027 0218
9812 1004 Union Tank Car mull) 7s_ _1930
104 Sale 104
104
3 10313 10514
Newark Como!Gas be
1948 J D 10014 10012 10014 May'25 993 102
4
4
United Drug 20-yr 6s-Oct 15 1944 A 0 1033 Sale 10312 104
d'i
34 10014 104
New England Tel &Tel 58_1952 J D 10078 Sale 00513 101
103 1043 United Fuel Gas 1st 8 f 80-1936 -1 J 10118 Sale 1007
4
1014 43
NY Air Brake 1st cony 68.._1928 M N 102 1027s 103 May'25 -98 10114
4
771 812 United Rye by 50 Pitts Issue 1926 M N 994 Sale 993
4
097
g
i
99 10012
5
4
-year 1st g 48_ _1951 F A 8114 Sale 81
814
N Y Dock 50
9934 997 993
Stamped
8 40 112 11512
9914100's
1
1153
s
N Y Edison 1st & ref(1146 A.1941 A 0 11514 Sale 1l47
993
4
69
703
4 40
United Rye St L 1st g M.._ _1934 J .1 7014 703* 695
745*
99 102
%
287
let lien & ref be B temp_1944 A 0 10158 sale 0112 102
4 10012 10412 United 88 Co 15-yr 65
91
958
10312
NY Gas El Lt & Pow g 58.._1948
9412 18
1937 M N 9414 9412 9418
D 10312 104 10314
86
90% United Stores Realty 20-3v fie '42 A 0 10418 10414 104
Purchase money g 411
8 15
905
385 10212 105
104
1949 F A 9012 Sale 89%
8913
86
NY L E&West C &RR 540 1942 MN ____ 10212 100l2 Apr'25 --- 10011 10012 U El Rubber lst & ref be ser A 19473 J 8918 Sale 89
8912 188
1067
8 30 1044 1074
10-yr 744% see notes
1930 F A 10613 Sale 10614
NY Munic Ry 1st at be A1966 1 J 805s ____ 8112 Apr'25 -- -_-_-,- _-_,--9 100% 102
1014
WW8 IUUt2 US Smelt Ref & M cony 68_1926 F A 1007 101 10078
NY Q El L & P let g 50._1930 F A 10012 ----10011 May'25 -_45
5414 C El Steel Corp(coupon_41963 33 N 1053 Sale 10514
3
4
189 10414 MA
52
____ 52
NY Rys 1st RE & ref 4s_1942 1 J 51
108
42% 64
s f 10-60-yr 5elregistered_d1963 MN --- _ _ _ 105
s
s
5212 18
5118 Sale 507
Certificates of deposit
b 1037 10512
105
415 6
Utah Lt & Trac 1st & ref 58 1944 A 0 91 Sale 903
30
-year ad! Inc be---Jan 1942 A 0
834 811
8
4
4
514 54 May'25 ___
9114 303
1g 53 Utah Power & Lt 1st 5e
3
4
412 28
9812
1944 F A 972 Sale 97
44
Certificates of deposit
91
4 5
..
983 164
8
43
---2812 325 Utica Elm LA Pow 1st a f 50_19501 J 100
8
____ 9918 Dee'24 -----------3118 415
N Y Rye Corp inces_ _ _Jan 1965 - , 3
038 Sale 3014
9911 .
100
, Utica Gas & Elea ref & ext 513 1957 J 1 10012 Sale 10013 10012
7
993
4
-N Y & Rich Gas let 65
1951 M N 9912 993 995
9814 1004
5
64
o8 4 Victor Fuel lets(Be
,
6713 10
1953 J 1 57
57
53
65
6712 67
NY State Rye let cons 4445_1962 MN 67
1
57
57
63 68
M N
Va-Caro Chem 1st Ts
19473 D 97 Sale 953
Registered
73 984
63 Apr'25
4
9712 181
88
97
1
8
903s
7112 $47
5
_--- 98
Certificates of deposit
903 903
8
1962 MN 90
97
let con 8440 series B
97
9712 104
6
92
68
Certificates of deposit stropd --, 91
_- 92 May'25 _ __
947g
NY Steam bit 25-yr 68 Ser A 1947 al N 104 Sale 0234 104
.
694 162
43
7018
8
D 887 Sale 68
95
983
s
7445 with & without war_ _1937 J 983
8 99
NY Telep 1st & gen if 4 Hs A939 M N 98 Sale 977
8
4218 6912
1
Certife of dep without wan' ---- 681
8912
8_ 6912
1105a 48 1077 1105*
30
-year deben s f Bs__ _Feb 1949 F A 11012 Sale 110
Centre of dep with warrants .-- 6712 - - - 6513 May'25 __-10812 57 10614 10812
-year refunding gold 60_1941 A 0 1084 Sale 08
72
20
41
651k
Niagara Falls Power ist 60_1932 J J 102 Sale 10114
90 96
8
914
22 10018 1024 Va Iron Coal & Coke ist g be 1949 M 111 .0113 Sale 90
102
1 103% 106
Jan 1932 A 0 10512 1063 1053
Va Ry Pow 1st & ref be
4
1053
4
8
Red ct gen 60
9 4 99
3
70
1943.3 J 9814 Sale 98
in
mag Lock &0 Pow 1st 50_1954 MN ____ ____ 09% Apr'25 ____ 10413 110
9112
92
Vertientes Sugar 1st ref 7s_19423 D 91
9112 9411
1
9112
9812 100
147
100
Warner Sugar Refin let 78_1941 J D 953 Sale 9514
4
let & ref Is ser A Int reets_1955 A 0 998 Sale 993
4
89% 9912
10
96
s
2 1043 110
Warner Sugar Corp let 70_ _193J
110
J 825* Sale 8238
Refunding 88 Series A---1958 F A 110 Sale 110
7712 5712
9
83
967 10212 Wash Wat Power s f ba___ _1939 J 3 10012 Sale 10012
8
__1952 SI S 1013 Sale 014 102
31
993 101
4
4
1
Nor Amer Edison 613
1004
10512 22 10034 10512 Weetchee Ltg g bsstmpd gtd 1950 1 0 1013
102
Secured 0 t g 6145 Set B.._1948 M S 10518 sale 1045t
8
1013 May'25 __
8
921s 97
West Ky Coal ist 70
4
9612 35
3 1004 1023
Nor Ohio Trao dc Light 6s --19471511 S 9618 Sale 953
4
1024
1944 M N 102 10213 142
Nor States Pow 25-yr be A_-1941 A 0 985 Sale 9814
993
984 131
8
93
994 West Penn Power Ser A 58 1946 M S 99
935 99 4
4
26
9914 9812
3
14 9314
93
A 0 --------9314 Jan'25 ___
3
1st 40
Registered
-year 65 Series C
1057 May'25 _1048 10714
1958 1 D _ _
1
4 10514 18 103 10714
4
*
let 70 Series D
1st & ref 25-yr 60 Sex' B__ _1941 A 0 1043 Sale 043
ill 105 4 1075
107
11
1946 1 8 107 Sale 10612
9318 9912
_ 0712 Jan'25 ____ 107% 107%
1st Es Series E
Northweet'n Bell T let 70 A.1941 A A ____
17
1963 M 8 9812 Sale 9812
99
945 9
5 8
3
9712
let 534* Series F
1
9612
14 100 4 10414
North W T let fd g4545 gtd_1934 .1 J 9612 - _- 9612
10414
1953 A 0 10414 Sale 1044
.
11234
4
905 96
8
925
8 20
Ohl() Public Service 7445 A 19413 A 0 11012 110 11214 May 25_ 108 1123 West Va C & C 1st 68
19503 J 91 Sale 92
10 May'25 __
107% 111 12 Western Electric deb ba_
98 101
100% 76
lst & ref 7e series B.. .. 1947 F A 109
8
1944 A 0 1005 Sale 100%
1033
4 ,12
9812 104
1
991s 102
10112
Western Union coil tr cur J 10112 Sale 10112
Ohio River Edison let 60-1948 J .1 10338 Sale 0314
50_1938 J
1944 F A 9714 9734 9714
963 99
26
98
Fund & real estate g 4428_1950 SI N 95
925* 9612
11
Old Ben Coal lst 64)
96
95
97
98 1003
4
1003
4 15
1943 F A 10014 Sale 10014
15
-year 6448 g
Ontario Power N F 1st 5e
111% 10 10912 112
8
1936 F A 1113s Sale 1113
97
998* Westinghouse E
1945 MN 9912 ---9958 May'25 ____
95 1064 10814
107
8
Ontario Transmission 5s
5 10214 Wickwire Soon dr M 70.-1931 M N 107 Sale 1065
95
10214 23
4
76
91
7
1941 F A 10214 Sale 1013
84
Ow Steel 8*
Steel let 7s_19353 J 834 Sale 83
893 9812
8
9612
8
7612 88
3
978 35
8
803
Certificates of deposit
let 25
8018 Sale 8018
-ye f g 7445 Ser B 1947 F A 965 97
934 98% w10353
9912 102
21
9812 84
102
-Overland of 6348.....1933 M S 1013 Sale 10112
Pacific 0& El gen & ref 5a 1942 J J 9813 Sale 9818
4
98 100
14
4
100
915 995*
Wilson & Co let 25-yr 5 f 60_1941 A 0 99 Sale 99
99 14 87
Pac Pow dr Lt Itstaref 20-yr 58 30 F A 100 Sale 993
9918 102
1013
4 17
4
19371 .1 1013 Sale 1016s
93 93
93 Feb'25 ____
Registered
Pacific Tel & Tel let be
7612
55
9212 10 2
10012 498
0,
1952 MN 993 Sale 99%
694 56
10-year cony 8 f 88
19283 D 6812 Sale 6814
Ref M be series A
19 1044 107
63
76
107
685
8 18
8
8
- 888 Bale 685
Certificates of deposit ____
Pan-Amer PAT 1st 10-Yr 7 1930 F A 10618 Sale 108
..
5
317 103 1185
MN 1125 Sale 11012 113
53% 77
73
8
8
8
1934
697
10-yr cony e f 730
FA 675* 69 68
p1931 -Cony s f 69
9412 97
23
9
96
4
59 1 744
1
68
9412
/
1
, 6714 Sale 6714
Certificates of deposit..__
Park-Lax it leasehold 63.41L_1963 1 J 953 96
96 10014 Wincheeter Arms 7He
1012
4 34 10014 1021$
,
4
4
A0
1941 -- 1013 Sale 1013
Pat & Passaic0& El eons be 1949 M 8 10014 ____ 100 4 May'25 ____
110_ 110 May'25 ____ 107 110
954 1005*
8
1003 241
Young'n Sheet & T 20-yr 60_1943 J J 100 Sale 9913
Prop Gas& C let cons g 6s-1943 A 0
4
99
99
1947 M S 984 - - -14 983
041 99
4
%*
3
Refunding gold -5/1
9678
a
98.21
la 9514
-.98
a Dee Jan. 4 Due Apr11. V Due Deo. S Option sale.
BOSTON STOCK EXCHANGE-Stock Record so.,%°.=...
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
May 30.
Monday,
June 1.
Tuesday,
June 2.
1Wednesday, Thursday,
June 3.
June 4.
Friday,
June 5.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
2925
Range for Year 1925.
PER SHARE
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Highest
Railroads
8
15818 1587 159 159
158 158
159 159
15712 158
105 Boston & Albany
100 156 Feb 18 16434 Jan 7 1457 Mar 164 Dec
8
80
8012 8114 8114 8112
80
81
8014 8014 79
590 Boston Elevated
100 754 Mar 17 86 Jan 2
7134 Aug 85 Dee
96
96
•97
*97
*96
30 Do pref
100 92 Jan 16 97 Jan 3
874 Dec 9614 May
114 114
113 114
114 114
*11312 114
31 Do 1st pref
100 109 Mar 31 11412 Jan 16 107 Dec 11614 Jan
98
98
98
9713 9712 977 977
97
8
8 98
98
75 Do 20 pref
100 94 Mar 20 102 Jan 9
92 Sept 10114 Dee
1912 184 19
19
18
20
1812 19
183 204 4,524 Boston & Maine
8
100 10 Apr 17 207
8June 5
84 Jan 2514 Nov
21
21
21
18
21
23
21
23
387 Do pref
100 1112 Apr 24 23 June 4
12
Jan 267 Nov
8
233 2514 243 255, 243 243
4
4
4
4 2412 2412
2,068 Do Series A 1st pref
100 17 Apr 27 30 Feb 26
13 June 3714 Nov
40
39
38
39
39
39 4 •39
,
902 Do Series B 1st prat _100 29 Apr 27 40 Mar 4
1712 Jan 48 Nov
34
35
34
3412 35
34
•34
35
591 Do Series C 1st pref
100 25 Apr 25 36 Feb 25
16 Feb 41 Nov
*49
51
50
4912 49 2 *4912
,
133 Do Series D 1st pref_ 100 3512 Apr 25 55 Feb 26
23
Jan 62 Nov
175 175 *173 178
_
175 175
105 Boston & Providence
100 167 Feb 26 180 May 28
43
Jan 172 Nov
36
35
35
36
1366- 36
34 15
35
35
295 East Mass Street By Co...100 30 May 4 39 Feb 11
18 May 384 Dec
•____ 69 •____ 69 '67
69
*67
69
68
68
65 Feb 2 71 Apr 3
10 Do 1st pref
100
5812 Jan 71 Dec
*5912 61
60
5912 6012 59
60
60
111 Do pref B
100 57 Jan 23 6212 Jan 12
48 May 6112 Nov
42
41
42
41 2 *4014 413
4 40
,
4014 -36
41
332 Do adjustment
100 39 May 6 48 Mar 10
23 Slay 464 Dee
•26
26
*26
26
27
27
*26
29
28
27
13 Maine Central
100 23 May 27 3712 Jan 29
25 June 374 Apr
33
343
8 3218 33
324 327
8 3218 323
4 3214 323
4 1,555 NY NIT & Hartford
100 28 Mar 30 3614 Feb 25
14
Jan 3314 Dee
*7512 78
7512 7512 *____ 78
•78
80
62 Northern New 1tampshire_100 70 Feb 16 78 Apr 0
Jan 81 Nov
62
•111 113 •111 113 •111 113
113 114
100 Norwich & Worcester pref.100 100 Jan 13 114 June 4
Jan 108 Nov
80
1035, 10314 10412 10618 106 106
•10314 105
12 Old Colony
100 06 Jan 2 1061811une 3
7212 Jan 98 Nov
*56
60
Rutland pref
100 45146lay 1 6312 Jan 2
34 Mar 64 Nor
;65
;153
" 92
- 94
*9012 92
____
------Vermont & Massachusetts_100 87 Feb 24 93 Jan 16
Jan 9318 Nov
70
Miscellaneous
312 ---- ___
*318 33
318 *3
8
8 *318 33
3
44 Jan 7
325 Amer Pneumatic Service....25
212 Mar 25
1 Nov
414 Dee
19
193 193
19
4
193
4
.19
19
4 19
50 1612 Mar 25 1934May 7
155 Do pref
12
Jan 204 Deo
8
140 1403 14018 1404 1403 140 8 14012 1403
13912 140
8
7
4 2,642 Amer Telephone & Teleg 100 1303 Jan 2 1407
8
8June 4 121 June 1344 Dee
71
70
70
71
72
70
71
71
6112May 6 77 Jan 13
6912 6912
Amoskeag Mfg
972
No par
574 Oct 83
Jan
*723 7414 734 7318 *73
4
*73
No par 70t4Slay 11 76 Jan 15
.
---- ---- ____ 10 Do pref
Oct 79 Aug
69
*14•14
*14
•14
_
Art Metal Construe, Inc.... 10 14 Jan 16 15 Feb 25
16
13 Aug
Feb
1112 *103 11 *103 If *1012 11
.11
8
4
14
Atlas Tank Corp
97 Jan 6 13 Apr 28
8
No par
6 June 1014 Jan
106 10614 *10614 -- *106
107 107
107 107
Boston Cons Gas Co prat _100 103 Jan 17 108 May 12 100 Dee 108 July
_
T)3i5
-. - ------- ----07
.07
Boston Mex Pet Trus_No pa
Jan
.05 Dec .20
4
25 .243 25
;3
-422
2434 25
243 25
4
247 - .18 21 2
i6 Connor (John
10 20 Jan 26 28 M ay 18
204 Dec 2818 Mar
•3212
* 12 212 *313
*3212
4
2814 Jan 30 3.5 Feb 13
50 Dominion Stores, Ltd__No pa
2412 May 35 Sept
__
*96
•96
•96
__
-Do pref A
100
84
Jan 884 Dec
*23
4 314 .23
*23
4
4 3
4 3
*23
East Boston Land
112 Apr 30
3 Jan 2
1
3 Feb
2 Sept
4
*412 512 *412 512
4
44 -15
*4
i.i Eastern Manufacturing
812 Feb
884 Jan 24
4
Oct
312 Apr 11
51
5012 51
5114 5212 51
51
51
42 Mar 9 5
E astern SS Lines, Inc
2
Jan 5514 Mar
38
54MaY 22
*3712 38
38
38
*3712 38
*3712 38
-iii8 - 7ii8
Do pref
35 Jan 15 3814May 4
No pa
344 Jan 40 Feb
*91
•91
93
93
*91
93
•91
93
93
95
100 1st preferred
100 89 Jan 3 95 May 7
8512 Jan 93 Mar
4
21012 2103 20912 21012 210 21014 209 2103 20812 20912
4
686 Edison Electric Ilium
RN) 200 Jan 5 213 May 21 16312 Jan 20412 Dee
414 *312 412 *312 418
513 Mar 16
Elder Mfg Co (v t c)
1
314 Feb 2
5 Dec
212 Jan
32
32
32
*30
32
32
•29
31
--__
45 Galveston-Houston Elea __100 29 May 28 38 Jan 7
al Dee
Jan
13
4 Jan 8 18 Apr 4
Gardner Motor
No Pa
334 Sept
64 Jan
... ____ Georgia Sly & Elco
1
4
100 1153 Feb 27 1153 Feb 27 11314 Mar 11612 Sept
4
*7812 _-_- •
•7812_
781
7812 Apr 15 793 Feb 27
Do 5% non-cum pref_ _10
79 Aug 80
4
Jan
6812 673 68i- 68 1814 677 - - 4 677 18 2
68
2-4
8 681574 Jan 2 7012 Apr 16
1.NO pa
Gillette Safety Razor.
5512 Oct 5812 Oct
14
1312 13
133
1512 *13
13
13 8 13
,
14
1,655 Greenfield Tap & Die
2
11 May 12 1512June 1
1218 Nov
:
157 Jan
56
.
54
54
54
*54
54
56
54
54
54
52 May 6 5812 Jan 8
No pa
110 Hood Rubber
46 Mar 60 Dec
•65
1
6512 *66
6512 *65
663
674 673
8 6614 66 4
,
5212 Jan 5 673
8June 4
110 Interaat Cement Corp.No pa
41
Apr 59 Nov
•.30 .50 31.30 .50 • 30 .50 '
11.30 .50
International Products_No pa .25 May 19
2 Jan 3 .10 Feb
3 Dec
41
2 May 26 1012 Jan 9 .25 Feb 14 Dec
10
Do pref
Kidd r, Peabody Acceptance
9312 9312 *9312
_
*94
•94
_
100 8212 Jan 8 9312June 1
Jan 8812 Dec
80
10 Corp Class A pref
612 612 •
64 7
612 633
612 63
1
- 368
94 Jan 7
4 June
169 Libby, McNeill & Libby
84 Dee
64 Apr 16
•____ 7014 •_
70 4 •- - _ 7014 •____ 7014
,
70 Mar 18 7014 Mar 2
Lincoln Fire Insurance
2
70
Jan 71 Noy
•113 12
4
4
•113 12
113 12
4
*113 12
4
Stock
"113 12
4
-1112 Feb 17 1378 Jan 5
2
243 Loew's Theatres
9 Mar 13 Dee
7112 7112 703 711
72
72
4
71
71
71
7212 1,236 Massachusetts Gas Cos
88 Feb 3 75 Mar 6
10
86 Nov
81
Feb
6514 654 6518 6512 6512 651
6512 653
Exchange
8
634 Jan 9 6712 Feb 14
10
338 Do prof
62 June 70
Jan
177 177 'r.__ 178
178
176 176
167 Jan 7 188 Mar 5 150 Apr 172 Dec
40 Mergenthaler Linotype.
"His -11
12
123
12
1112 12
Closed;
812 Apr 4 163 Jan 15
4
1
4 1212 1212 •12
64 Jan
174 Feb
575 Mexican Investment, Inc
4912 50
4912 491 *4912 50
•4912 50
4912 4912
..100 36 Jan 2 50 May 21
19 Feb 364 Dee
145 Mississippi River power.
92 .
91
92
'
Memorial 3 91
•91
92
92
92
9112 92
63 Do stamped prof
100 8712 Jan 10 93 Apr 21
80
Jan 90 Sept
43
434 4%
4 44
43
43
4 43
4 43
43
4 43
4
4 Apr 22
4
63 Jan 13
4
355 National Leather
10
2 Apr53 Nov
8
14
114 1,
118
4 •I18 114
Day
114
14
:
17 Jan 8 .50 Dec
600 New Eng. 011 Ref. Co. tr ctfs_ .20 Feb 9
54 AM'
•94_
10
93 10
4
10
10
10
534 Apr 7 10 May 14
100
6 Dec 3114 Mar
345 Do prof (tr ars)
1043 10612 10612 107
4
108 111 3 110 111
10412 105
4
99 Apr 21 111 June 5
98 Dec 11512 Jan
5,724 New England Telephone.
25
4
243 25
254 25
25
25 4 25
,
19 Mar 18 263
214 Dec 2238 Dec
2,526 Olympia Theatres, Ino_No pa
4May 16
4
4
•2614 2714 •2612 279,
•263 273 *2612 28
253 Jan 16 29 Mar 3
4
Orpheum Circuit, Inc____ 1
14
Jan284 Dee
4
54
5712 57 2 553 56
56
,
5312 5512 54
547
100 5312June 4 811: Jan 13
505 Pacific Mills
694 Oct87 Feb
•1612 17
*1612 17
1612 1612 *1612 17
17
17
10 1534 Feb 24 18 Apr 3
1134 Jan17 July
15 Reece Button Hole
.214 24 *214 24 .214 24 •214
23
8
23
8 238
10
214 Apr 9
23 Jan 8
4
218 May
100 Reece Folding Machine
3 Jai
.20
.20
5
Simms Magneto
Oct40 Feb
10
4
11012 1103 11052 11114 111 111
4
1103 11112 1103 11112
4
100 10914 Apr 22 120 Feb 6 100 Jun 118 Dec
Eli swtrt & co
5414 5414 •---- 54
54
64
54
54
5314 5314
25 4512 Apr 13 563
93 Torrington
4MaY 25
351 June 52 Dee
:
7
7
7 Mar 4
Union Twist Drill
712 Jan 23
5 Dec 10 Feb
4218 4212 424 424 424 423
8 4218 4214 -9. f8 4214 3,967 United Shoe Mach Corp
2
4114 Mar 19 45 Feb 14
2
34
Jan 433 Dec
4
27
2712 .27
273 •27
273
4
27 .27
4 27
2712
2612 Jan 13 28 Jan 16
2
38, Do pref
243 Fob 284 Nov
3
2212 223
8
4 225 223
8 2212 23
4 2212 223
4 2212 223
1912 Jan 3 25 Feb 24
1,34Q Ventura Consol Oil Fields
1914 Oct 27
J/11
163 163
*1612 17
4
4
4 163 17
1634 164
151261ay 11
193 Jan 3
4
670,WaldortSys,Inc,new sh NO Pa
137 Apr 20 Nov
2
•1814 1812 18
18 .1734 183 •18
1814
4
8 Jan 6 18 May 27
10'Walth Watch CI B com_No par
612 Jan 1012 Feb
50
40
•35
35
50
3512 3618 36 8 36
,
40
2131 Do pref trust ctfs
100 174 Jan 3 40 June 2
14 Juno 2312 Feb
*90
84
86 .
85
89
*85
90
100 65 Jan 6 86 June 2
801 Do prior pref
6212 Dec 73 Feb
163 1634 1712 173
17 1/4
171
4
1714
8 173 18
4Junc 2 204 Jan 3
163
425 Walworth Manufacturing_ 2
151 June 22 Feb
:
461
454 46
45
4512 46
453 46
8
453 4614 1,485,Warren Bros
8
50 37 Jan 2 48 Mar 6
293 Jan 393 Nov
8
4
42
42
41
*42
43
41
41 .
43
401 Do 1st pref
50 3738 Jan 10 43 Feb 7
3414 Apr 41
Jan
44
____ *44
.
____
*44
44
44
100 Do 2d Prof
ao 4012 Jan 17 46 Mar 2 38 Mar 42 Jan
Mining
1
•.15 .40 ..15 .90 •.15 .40 •.15 .40 *.15 .40
Adventure Consolidated... 25 .15 Feb 16 .25 Jan 28 .15 Dec .51
Des
.25
.2'
.25
.10 .10
25 .10 Mar 3 .25 Jan 2 .10 June .25 Dec
300 Algomah Mining
11
11
114
ii2
114
1141 *114
114
25
114
112
3 Jan 10
110 Arcadian Consolidated
312 Dec
1 May 11
5 June
103 103
8
8 1012 1012 1014 1014 1014 101
10
1012
912 Mar 28 153 Feb 6
820 Arizona Commercial
5
8
8
Jan 16 Dec
31
313 313 .
4
3112 3114 3114 31
31
31
31
4M
10 253 ay 5 3614 Feb 11
14 June 314 Dec
500 Bingham Mines
1284 13 1 1318 1314 13
131
123 131
4
124 13
1,405 Calumet & liecla
25 1212May 26 187 Jan 2
1352 May
8
197 Jan
:
..25 .35 .
1
.25 .2
11.25 .35 •.25 .35
1.25 .3' '
1 .20 May 5 .70 Jan 5 .37 Nov
100 Carson Hill Gold
3 Feb
20 4 214 2014 21
,
193 203
2012 201
4
8 193 193
4
1,315 Copper Range Co
4
25 1934June 4 33 Jan 10
1812 June 333 Dec
8
•.03 .05 1 .03 .05 •.03 .0
• 03 .0
.
111.03 .05
Davis
-Daly Copper
1 .03 May 28 .78 Feb 6 .30 Dec .70 Mar
*312 33
34 34 *312 4
33tt
33
8
3
3 14
40 Eaat Butte Copper Mining_ 10
3 June
61 Jan 2
,
67 Dec
:
34 July
1
.85
1
1
.75 .7 .
1.70
1
'
11.70 .90
13 Jan 24 .40 May
8
175 Franklin
25 .40 Jan
1
Jan
•.75
*.75
1
1
.50 .5
•.50 .S
•
.50 .80
11 Hancock Consolidated
25 .50 June
134 Feb 6 .30
Oct
2
Jan
1912 191
193 204 •1912 20
8
1912 191
1914 20
418 Hardy Coal Co
1 1714May
23 Jan 24
1912 Dec 284 Jan
11
17
8
112
14 13
*14 17
8
8 •13
.112
178
250 Helvetia
25
112 Jan
234 Dee
34 Feb 5 .30 May
13212 133
13312 1353 134 1353 •13212 134
13218 133
851 Island Creek Coal
9414 Apr 142 Nov
1 121 Mar 28 140 Feb 5
95
95
95
95
•95
.95
96
96
•95
96
11 Do pref
1 9414May 27 983
461ar 9
100 Sept
90 Jun
12
1218 1112 12
114 113
4
4 113 113
11
113
8
_4_55 Isle Royal Copper
.
.
25
2212 Dec
94 Apr 22 2012 Jan 7
12 Jun
14 *1
•1
114 •1
114 .1
114 •1
114
Kerr Lake
I Slay 26 113 Feb 4
5
14 Ma
24 Feb
0
.65 .65
•.50
1
11.60
.60 .60 '
1
•.75
1
60 Keweenaw Copper
Jan
25 .60 May 29
114 Nov
114 Jan 10 .50
1
13 8 1 1j4' •14, 112
/
1
•13
4 112
6
14 14
3
208 Lake Copper Co
25
Apr
1 Apr 11
3 Jan 2 .90
314 Dec
4.114
112 •1 14
13
4 *1 14
Its *114
14 .14
13
4
La Salle Copper
118May 14
25
23 Jan 10 .70 Jun
4
3 Dec
112 •112
112
8
•14 17
112 112 *112 17
8
13
4
300 Mason Valley Mine •
5
23 Jan 13
4
234 Deg
13 Apr23
14 Oct
8
.40 .41 .
.41 .41
•.45 .80
1.50 .60
.50 .50
250 Masa Consolidated
25 40 Nifty 14
Jan
114 Jan 2 .50
114 Aug
1
1
1
114
•1
1
114
•1
118
118
120 Mayflower-Old Colony
25
1 Apr 4
6 July
80 Apr
3 Jan 2
4 27
8 2814 283
283 287
8
28
28
2814 2714 28
462 Mohawk
25 257 Apr 21
41 Jan 13
2312 Jun
8
41
Dee
8 197 194 1912 1912
8
194 1912 1912 1912 194 197
543 New Cornelia Copper
5 18 Mar 30 25 Jan 2
1612 Jan 254 Dec
2
.10
.20 .20 •.15 .25
•
.20 .25
300 New Dominion Copper
20 Apr 2 85 Feb 18
40 Dec
23 Apr
4
28
100 25 Apr 2 25 Apr 2
New River Company
35 Jun
40 Mar
45
45
45
45
5712 Doc 75 Mar
100 45 May 20 60 Jan 3
Do pref
4 .
•43
4 47
1341.-1;ii4 44 *43
8
43
4 43 5- :1j4 4,5
4 47
8
62 Jan 10
4
520 NIpisaing Mines
43
53, Jo
5
83lay 25
634 Dec
1
1 1 *1
1
1
118
14
.89
13 1
1
1,750 North Butte
15 89 June 5
314 Jan 14
17 Oct
8
63 July
2
.50 .50 ..51 .90 .
1.50 .00
1
•.51 .90 .
1.51 .90
40 Ojibway Mining
25 35 Apr '22
114 Jan 10 .40 Jun
1 Nov
18
1812 1818 1818 18
18121 1812 1812 1814 1814
475 Old Dominion Co
25 173
4May 12 27 Jan 10
Jan
15
281: Dec
*43
4 5
43
4 43
4 5
412 412 *43
4
5
5
266 Park City Mining dc Smelt_ 6
4 May 19
312 Jan
512 Feb 19
54 Feb
1114 114 *1012 114 *103 1112 *103 12
4
4
.107 12
8
10 Pd Crk Pocahontas Co_No par 103 Apr 1
144 Jan 24
10114 Jul
4
154 July
24
24 .23
•22
24 .22
23 •23
23
23
25 19 Apr22 394 Jan 10
5 Quincy
14 Jun
348s Dec
3214 30
3112 31
3212 3212 3212 32
32
31
535 St Mary's Mineral Land... 25 2812 Apr 21 48 Jan 12
26 June 49 Dee
.50 .50
.55 .70 111.55 .75
.50 .55 1,100 Shannon
41.50 .70 •
10 .50 May 1
112 Jan 9 .30
Apr
Di Sept
.25 .75 •.25 .75 *1.25 .75 •.25 .75
•.25 .75 •
South Lake
2.5
.25 July 75 Dec
214 Jan 27
2 Jan 3
Superior
25
90
Jan
214 Dec
345 Superior & Boston Copper_ 10 .70 May 13
2 Jan 5
25 Aug
24 Dec
od 6% 6% 718 6% 738 7 712 638
24.895 Utah-Apex Mining
378 Jan 2 810 Jan 23
5
17 June
8
37 Dee
.53 .55 31.51 .53
.53 .55
.50 .53 2,035 Uta orbi
.51 .53
victh Nletal & Tunnel
1 43 Jan 43 98 Jan 29 .14 June .70 July
.40 .60 .
1.40 .60
3.40 .60 13.40 .60 •
•.40 .60 '
25 35 Apr 16
114 Jan 31
.15
Apr
1
Aug
.16 .16 •.15 .17
.15 .15
.15 .15
•.15 .30
320 Winona
25 10 Mar 3 48 Jan 7 .13 Feb .71 July
.10
.10
Wvanclot
25 .15*.100x 14 .21 Feb 11
.10 July
25 July
asked prices, no sales on this day. g Ex rights. 6 Ex dis.and rights.
• hid and
Ex-dIv. 0 Ex-stock div. I Assessment paid. g Price on new basis.
----
----
112
----
---.
2926
THE CHRONICLE
[VOL. 120.
Quotations of Sundry Securities
Outside Stock Exchanges
Standard Oil Stocks Par, Bid. Ask.
Railroad Equipments .PerCt. Balls
Anglo-American Oil new..£1 *2332 2378 Atlantic Coast Line 65
5.20 5.00
Atlantic Refining
100 10912 11012
5.00 4.80
Equipment 6325
Preferred
100 11714 11714 Baltimore & Ohio 633
5.30 5.05
Borne Scrymser Co
100 203 210
Equipment 4325 & 5)3...._ 5.00 4.75
Buckeye Pipe Line Co
Si
50 *60
Buff Roch & Pitts equip 612. 5.00 4.75
Chesebrough Mfg new
25 *5712 59 Canadian Pacific 4 14s & 6a. 5.05 4.80
Preferred
100 113 115 Central RR of N J 6s
5.20 5.00
Continental 011 new
. 25 *2618 2614 Chesapeake & Ohio 68
5.30 5.05
Rights
1383c 85c
5.10 4.85
Equipment 63411
Crescent Pipe Line Co- 50 *1112 13
4.90 4.75
Equipment 5s
Cumberland Pipe Line-100 138 142 Chicago Burl SE Quincy 6e.._ 5.20 5.00
Eureka Pipe Line Co___100 75
78 Chicago & Eastern III 514a_ 4.50 4.10
Galena Signal 011com_100 54
55 Chicago & North West 6s... 5.35 5.05
Preferred old
100 108 114
5.15 4.90
Equipment6%a
Preferred new
100 100 103 Chic RI ds Pac 412s & 5a5•I5 4 00
.
Humble Oil & Ref new
5.55 5.25
25 563 4 637
1
g
Equipment es
Illinois Pipe Line
5.45 5.20
100 136 140 Colorado de Southern 6s.
Imperial 011
5.25 5.00
25 3
'136 140 Delaware & Hudson 6.3
New when issued
5.35 5.05
321 3312 Erie 432e dt 58
4
Indiana Pipe Line Co__ 50 O7212 73
5.55 5.25
Equipment Os
International Petroleum-a) 254 257 Great Northern 6e
5.35 5.10
2
Magnolia Petroleum__--100 14712 149
5.00 4.75
Equipment 5s
National Transit Co12.50 .2112 2212 Hocking Valley 5e
5.05 4.80
New York Transit Co.
5.40 5.10
-100 60 62
Equipment 65
Northern Pipe Line Co...100 78
81
Illinois Central 434e & 50._ 4.95 4.70
Ohio Oil new
5.20 5.00
25 *66
67
Equipment 50
Penn Me:Fuel Co
5.00 4.80
25 "3114 32
Equipment 78 & 630
Prairie 011 & Gas new.
6112 Kanawha & Michigan 60
25 '61
5 40 5 20
.
.
Prairie Pipe Line new..
5.20 5.00
125 126
Equipment 432)2
Solar Refining
100 217 225 Kansas City Southern 534,. 5.35 5.05
Southern Pipe Line Co-100 80
5.20 5.00
82 Louisville & Nashville 6s
South Penn 011
5.00 4.80
100 168 171
Equipment 6 Ha
Southwest Pa Pipe Lines 100 *67
69 Michigan Central de & 6e
5 30 5 00
.
.
Standard Oil (California) 25 *581e 583 MinnStPARISM4348A5s 5.30 5.00
4
Standard 011 (Indiana)._ 25 *6718 673
5.35 5.00
4
Equipment 6145 & 7s._
Standard 011 (12,ansaa)._ 25 *3614 363 Missouri Kansas df Tessa 68 565 5 35
4
.
Standard 011(Kentucky) 25 *121 12112 Missouri Pacific fle & 634*.
5.60 5.25
Standard 011(Nebraska) 100 241 245 Mobile & Ohio 434s & 5s_ _ _ 5.00 4.80
Standard Oil of New Jer. 25 *4314 43% New York Central 4345 & fei 4.85 4.65
5.20 5.00
Preferred
Equipment 6s
100 118 11812
Standard 011of New York 25 *43
5.00 4.80
4312
Equipment 78
Standard 011 (Ohlo)
Norfolk & Western 4341h._ 4.80 4.60
100 350 355
Preferred
100 119 120
5.10 4.90
Northern Pacific is
Swan & Finch
.
17 Pacific Fruit Express 7..... 5 00 4.85
100 16
Union Tank Car Co
100 126 126 Pennsylvania RR,eq 5s & es 5.10 4.70
Preferred
5.10 4.00
100 112 115 Pitts & Lake Erie 632s
Vacuum Oil new
5.50 5.25
. 25 .893 9012 Equipment Os
Washington 011
4.75 4.50
' 33 Reading Co 4 HS & be
10 30
Other 011 Stocks
St Louis & San Francisco 58. 5.15 4.90
Atlantic Lobos 011
312 Seaboard Air Line 512e & 6s. 5.60 5.25
(t) a3
Preferred
60 "10
4.85 4.50
13 Southern Pacific Co 4345..
Gulf 011 new
5.00 4.85
41 I Equipment is
25 .
36
Mountain Producers
5.05 4.80
10 *68 6812 Southern Ry 432s & 521
Mexican Eagle Oil
5.40 5.10
43 I Equipment6a
4
5 *32
National Fuel Gas
5.35 5.10
100 111 11412 Toledo & Ohio Central 68.
Salt Creek Cons 011
5 00 4.80
10 *71
75 Union Pacific 7s
5
Salt Creek Producers_ 10 *2714 273
2
Public Utilities
Tobacco Stocks
Amer Gas & Elec new ....G) "81
79
82 American Cigar common 100 76
6% pref new
99
90
Preferred
(t) 89
100 97
Deb 6s 2014
99 Amer Machine & Fdry_100 160 170
MAN
98
Amer Light & Trac cont_100 160 163 British-Amer Tobati ord. .C1 *2712 2812
Preferred
100 100 101
fl *2712 2812
Bearer
23 24
AVIV'Power A Lt common..
5912 6012 Imperial Tob of GB & Irel'd
80
Preferred
90
100 89
Int Cigar Machinery__ -100 70
Deb fis 2016
MAS 97
98 Johnson Tin Foil & Met.100 *60
Amer Public Util com_100 90 92 MacAndrews & Forbee-100 155 157
7% Prior preferre(L_ --100 90
93
Preferred
100 100 104
58
4% Panic pref
81
100 "79
Mengel Co
100 56
59
Associated Gas & El bf (:) 52
54 Porto Rican-Amer Tob 100 50
41
Secured gold 05211'54_J&J 102 104
Universal Leaf Tob com.100 38
92
Blackstone VaIG&E corn 5() .
83
81
100 90
Preferred
Carolina Pow & Lt cora__
390 400
Young (.7 El) Co
100 127 132
Cities Service common_ __20 *38
3812
100 104 106
Preferred
Preferred
, 8212
100 A
Preferred B
*712 '714 Rubber Stocks (Cleveland)
10
Preferred B
-B
100 *7/54 7814 Am Tire & Rub corn
40
Cities Service Bankers Shares 13187
8
Preferred.
Colorado Power common 100 34 I
118
_ _ Firestone Tire dr Rub corn 10
Preferred
100 93
96
6% preferred
100 9812 99
Com'w'Ith Pow Corp cem(I).149 151
7% preferred
100 9712 98
Preferred
10i 83 85 General Tire & Rub corn- 50 *230 240
Elec Bond & Share pref_100 104 105
100 105%
Preferred
Elec Bond A Sh Secur
_
71
72 Goodyear Tire & R com_100 30% 3111
Elec Ry Securities
8
16
Goody'r T & R of Can pf 100 r957 2612
(2) "14
212
Lehigh Power Securities_(t) •140 143
Mason Tire & Rub corn-(I) *2
Mississippi Riv Pow corn 106 4812 5012
18
Preferred
100 15
Preferred
100 92 94
Miller Rubber
100 118 120
Firer mtge 5s 1951
J&J 9912 10014
Preferred
100 10212 103
30
S F g deb 7. 1935
-MAN 103
Mohawk Rubber
100 20
72
Nat Power A Lt com
65
(*) "320 223
Preferred
23
Preferred
(I) •100 102 Selberling Tire & Rubber (8) 3121
Income 7s 1972
J&J 103 105
100 101 103
Preferred
12
North States Pow corn. 100 118 122 Swinehart Tire & B com_100
40
Preferred
100 98 100
Preferred
100
Nor Texas Elec Co com_100 43
49
Preferred
100 63 69
Sugar Stocks
Pacific Gas de El let pref _100 95
96 Caracas Sugar
so 53 412
Power Securities corn
(t) •17
20 Cent Aguirre Sugar corn. 20 "82 84
Second preferred
40
Fajardo Sugar
(t) *30
100 121 123
Coll trust 8e 1949_ _J&D •
92 95 Federal Sugar Ref corn 100 55. 65
95
Incomes June 1949_ _F&A *82
Preferred
100 80
84
10
Puget Sound Pow & Lt 100 53
56 Godchaux Sugar. Inc (t) *8
50
0% preferred
Preferred
100 83 86
100 47
7% preferred
100 d10612 10812 Holly Sugar Corp corn. (t) 543 46
96
Preferred
1s1 & ref 514s 1949-J&D 100 101
100 93
Junco. Central Sugar-100 90 125
.100 60
Republic Ry & Light..
82
National Sugar Refining-100 101 102
Preferred
100 80
92
New Nlquero Sugar__ 100 87
South Calif Edison com.100 112 115
4
2
Santa Cecilia Stig Corp pf100
100 125
8% preferred
Savannah Sugar com
Standard GAEI 7% pr Di 100 9912 101
(t) *98 107
Preferred
67
Tennessee Elec Power- (I) *65
100 98 101
90
8212 Sugar Estates Oriente 01.100 85
Second preferred
(1) *81
95 100
With warrants
53
Western Power Corp.. _l00 52
97
100 92
Preferred
92 Industrie I &Miscellaneous
West Missouri Pr 7% pfr -- 90
89
American Hardware-100 88
Short Term Securities
100 136 138
Anaconda Cop Min Os'29J44.1 103% 10414 Babcock & Wilcox
18
(I) •16
96 Bliss(E W)Co new
Federal Suit Ref 6e'33 _MAN 95
55
Preferred
50 *53
Hocking Valley 55 1926 111,813 10012 100%
Borden Company Com..(t) •149 155
C Term Ry 1334s '31 J&J
100 107 110
8 Preferred
1926 161 ;1617- -3
6346
30
100 28
Lehigh Pow Sec 6.'27.F&A 10112 101% Celluloid Company
80
Preferred
100 75
Blose-Sheff Sda 6s '25_F&A 102 10212
US Rubber 734s 1930._ FAA 10614 107 Childs Company pref...100 114 116
100 110 113
Hercules Powder
Joint Stk Lend Bk Bends
100 107 109
Preferred
Chic It Stk 14 Bk 5s_ _1951 10214 10314
Se 1952 opt 1932
10212 10312 International Silver pref _100 *107
58 1963 opt 1933
10212 10312 Lehigh Valley Coal Sales 50 '82 84
100 101 104
53.0 1951 opt 1931
10412 10512 Phelps Dodge Corp
412e 1952 opt 1932
4
101% 1023 Royal Baking Pow com 100 141 144
4324 1952 opt 1932
100 102 104
Preferred
100 101
4345 1964 opt 1934
101 102' Singer Manufacturing-100 251 254
414. 1963 opt 1933
10112 10214
Pao Coast of Portland. Ore-54 1953 opt 1923
J&J 102 1033
4
58 1954 op 1934
2
102% 1037
Boston Bond Record.
-Transactions in bonds at Boston
Stock Exchange May 30 to June 5, both inclusive.
All bond prices ate - and aterese except where marked "f.
68%
98%
73
104
98%
99%
100
100%
92
100
10034
High.
Low.
Jan 7031 Mar
69% $21,000 63
Apr
Feb 99
98% 2,000 96
Mar
Jan 78
7412 5,150 70
May
104
5,000 101% Jan 105
99
10,000 97% Feb 99 June
99% 9,000 9654 Jan 9914 May
100% 4,000 100 June 10034 June
Jan
101
4,000 9934 Jan 101
2,000 92 June 92 June
92
100% 4,000 9734 Jan 10012 June
100% 11.000 99% Jan 10032 June
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange May 30 to June 5, both inclusive, compiled from official lists:
rxrr
r
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tptgWaei5S2ggViSs”igigt%V4gt'iiiV2tgSggStlggSiO
,
.0NNo.I.N..W..M0.0.0.a
Apr
Apr
Jan
Mar
Jan
Jan
Jan
June
June
June
Feb
Mar
Jan
Jan
ossi Jan
6834 Apr
49
Apr
Apr
69
9814 May
93
Apr
58
Aor
9954
981.4
9254
9334
10234
10434
109
9154
7512
9734
9932
99
92
92
rrr r xr rr r r r
0..1.0000.400-10N0.4NNM
g
.8g8g88888.888S888..8
High.
Low.
2054 Mar
Jan
160
Feb
42
11154 Feb
May
19
383-4 Jan
2634 Feb
Jan
54
Jan
34
June
1
.85 Feb
11054 Jan
2254 Mar
Apr
24
2434 Apr
Jan
32
Apr
105
Mar
109
Mar
122
May
36
Apr
103
Apr
111
Jan
89
50
Apr
1854 May
Jan
9
Apr
78
83 June
2 May
5252 May
2234 Apr
June
21
8254 Apr
Jan
115
2034 Jan
1334 Jan
93.4 Apr
Mar
55
4211 Jan
12654 Jan
Jan
25
May
12
1554 Apr
Jan
179
532 Apr
May
11
5134 Mar
rr
Bonds993.4 9934
Balt Traction 1st 5s._1929
100 10054
Commercial Credit 65.1934
9434 9412
Congo' Gas gen 434s..1954
9714 9754
,
Con3G,E L & P 430.1935
1952
10434 10434
Series E 510
1949 10714 10714 10712
Series A Os
110 110
1951
Series D 612s
9154 9154
Consol Coal ref 414a. _1934
7512 7512
Crown Cork & Seal 49_1942
Elkhorn Coal Corp 65_1925 9734 9734 98
9932 9934
Ga Caro & Nor 1st 55_1929
99
99
_1942
Lake Roland El 5s
9454 9454
Lexington (Ky) St 55.1949
9734
97
Norf& Ports Trac 5s_ _1036 97
9834 9834
United E I.& P 4 Ms_ _1929
United Ry & Elec 45..1949 7054 6932 71
1949 5034 5034 51
Income 4s
1936
7034 71
Funding 59
99
99
1927
Os
1949 9534 95
954
65
Woah Ralf As A nnpin AR 1041
66
65
63
*No par value.
Range Sims Jan. 1.
rr
v r last/
bliteS
Last Week's Range for
Sale
ofPrices.
Week.
StocksPar. Price. Low. High. Shares.
•
Arundel Corp, new stock.* 28
2554 2854
Atlan Coast L(Conn). _50
1695417234
Baltimore Elec, pref._ _ _50 44
44
44
Baltimore Trust Co
50 12034 120 12034
Baltimore Tube
100
23
25
Benesch (I), corn
•
3934 3934
Preferred
25 2654
2634 2634
Boston Band & Gravel_100 72
70
73
Central Fire Insurance...10
37
37
Cent Teresa Sug, pref._ _10
1
1
134
Chalmers Oil, pref
5
134
114 134
Ghee & Pot Tel of Balt-100 11454 113)411454
Commercial Credit
• 26
2434 26
Preferred
25 2434 2454 2434
Preferred B
25 2534 2552 2534
Consol Gas, E L & Pow_ •
4154 4234
654% preferred
100 110
10954 110
7% preferred
100
11232 11234
8% preferred
100 12634 12612 127
Consolidation Coal_ _100
43
44
Eastern Rolling Mill
•
110 110
8% Preferred
100 119
118 119
Fidelity & Deposit
60 9734 9714 9854
Finance Co of America_ _25 5014
5054 5034
Finance Service, Clam A.10
19
19
Preferred
10
932 934
Houston °floret tr ctfs_100 87
85
87
Hurst (John E), 1st p1-100 83
83
84
Lorraine Pet Co__ lc shares
2
2
Manufacturers Finance-25
54
5434
2d preferred
23
25
2334
21
21
Trust preferred
25
99
Maryland Casualty Co...25
99
140 140
Merch & Mln Tr Co_ _ _100
22
Monon Vail Tree. pref _ -25
2254
Mortgage & Acceptance_ ..• 18
18
1834
1212 1212
Mt V-Wood Mills v t r_100
62
100 6112 61
Preferred v t r
New Amsterd'm Cas Co-10 4854 4854 4834
Penna Water & Power_100 140
1373.4 141
30
Roland Park Homeland- •
30
1954 1934
Silica Gel Corp
•
19
19
United Ry & Electric_ _50
203 205
US Fidelity & Guar_ _ _50 203
1034 11
Wash Balt & Annan-- -50
50
1834 19
Preferred
52
52
West Md Diary, Inc, pf-50
rx
Atl 0& WI SS L 55_1959 69
Chic June Ry AUSY 5e'40
E Mass St RR ser B 5s 1948
Hood Rubber 7s
1936
Mass Gas 4%e
1929
Missfly Power 5s____1951 99%
Munic Gas Coot Vex 65'35
New England Tel 55...1932
St L Nat Stk Yds 4s..1930
Swift dr Co 55
1944
Western Tel & Tel 55_1932 10052
Range Since Jan. 1.
,00.M.000 400..0.00,
,
00NC-N.0000=0r,NnerNO,NC-V
.NNN...Nt..00WJ. OM
'Per share. I No par value. 8 Basis. a Purchaser also pays accrued dividend.
fNew stock. 1'1 lat price. 1 Last sale. n Nominal. s Ex-dividend. V Ex-rights.
0E2-stock dividend s Sale price. 7 Canadian quotation. o Ex Otte'mt.
Bonds
-
Priam'
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, May 30 to June 5, both
inclusive, compiled from official sales lists:
Stocks-
Priam
Sates
Last Week's Range for
ofPrices.
Sale
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
96
Abbotts Al Dairy, pf _100
96
20 93
Jan 96
53
Alliance Insurance
57
10 se
320 3712 Jan 57
Amer Elec Pow Co, pf_ _100 101% ung 10132
110 96
Jan 104%
American Gas of N J___100 16252 16232 167
57 135
Jan 21734
Amer Gas of Pa v t c
82
83
50 82
965 82 May 8854
Amer Ship & Commerce. •
8% 832
11%
100
American Stoma
• 56% 56
56% 2,451 45L Jan 58
8 i une
Bell Tel Co of Pa, prof__ _ ------ 10912 110
137 107% Apr 110
Brill(J G)Co
99 100
Mar 109
59
100
Cambria Iron
50
40
39
39
25 38
Eisenlottr (Otto)
30
32
100
so 5 May 41
M rr
aa
Preferred
82
82
May 85%
31 82
100
Elm Storage Battery_ _100
6332 64
30 6132 Apr 70%
Giant Portl Cement, pref50
Jan 55
5112 5132
7
Insurance Co of N A. _10 55% 5512 57%
574 4514 Feb 70
6
4
5512
Receipts full paid
5432 5412 55
611
Keystone Telep, pref.
A ir
25
25
41ri Apr 2752
2
..50
66
Keystone Watch Case_ _100
55
142
55
732
Lake Superior Corp..
4
4
e
4
25 85 'Trur
4
..100
Lehigh Navigation
50 99% 9734 10212 15,984 8034 Mar 10212
SI%
Lehigh Valley
291
80
81%
50
Lit Brothers
jy
71
1,880 2431 Man 24%
23%
10 2352 23
7932 80
Northern Central
58 80x May 80
76% Feb
so
82
North Pennsylvania_ ....SO
16
80)4 8014
67
25
Penn Cent Light dr Pow..
65
65
65
48
jan
2,734 6232 Apr 4812
43% 44
Pennsylvania RR
50
May 8532
74%
124 70
74
Pennsylvania Salt Mfg._50
Jan 36%
10 35
38 32 3634
Philo, Co (Pitts), pf 5% 5
0
Apr 4714
20 45
47% 47%
Preferred (cumul 6%).50
June
June
Apr
Mar
May
Mar
May
Mar
Jan
Jan
Feb
Feb
Feb
May
Jan
May
Feb
Feb
Feb
June
June
May
June
Jan
May
Jan
Jan
May
May
2927
THE CHRONICLE
JUNE 6 1925.]
Sales
"rides
Last Week's Range for
ofPrices
Week.
.Sale
Stocks (('oncluded) Par. Price. Low. High. Shares.
37% 38% 9,099
Phila Electric of Penna._25 38
25 3734 3734 3834 1,091
Preferred
4634 47%
70
•
Phila Insulated Wire
Phila Rapid Transit_ __ _50 454 4434 4534 1,645
479
Philadelphia Traction-50 5831 5834 5834
50 1534 15
400
1534
Phila. Jr Western
50
36
30
3634
lb Preferred
125
50
8734 8834
Reading Company
1
9-16 9-16
250
Tono-Belmont Devel_
1
3 15-16 4 1-16 3,550
Tonopah Mining
50 4034 404 41
1,261
Union Traction
100
15
201 201
United Cos of N J
91
5,267
United Gas Improvel__50 8934 89
2,750
50 58
5734 58
Preferred
470
Victor Talking Mach Co__ ______ 70% 77
4
4
200
Victory Pk Ld Impt_ _ _10
3734 3734
60
West Jersey & Sea Shore_ 50
50
55
Westmoreland Coal
4534 46
Bonds.
91
94 511,000
Amer Gas & Elec 5s__2007 94
74
74
1,000
Cons Trac N J 1st 5s1932 74
60
62
20,800
Elec & Peop tr Ws 48_1945 62
10234 10334 2.000
General Asphalt 6s_1939
Inter-State Rys coll 481943
5834 5834 2,000
.
Keystone Tel 1st 58_ _1935 8734 8734 8734 6,000
Leh C & N COOS 4%5_1954
9934 99% 8,000
102 102
1,000
Pennsylvania gent 58..1968
65
65
1,000
Peoples Pass tr etre 4.3_1943
97
9734 10,000
Phi% Co cons stpd 58_1951
8434 85
84,000
Phila. Elee lots f 4s_ _ _1966 85
1960 10134 101 10134 28,000
54
1966 10334 103 10334 64,200
First 55
102% 103
7,400
Registered 5s_ _ 1966
1947
5348
10634 10654 2,000
1953
106% 107% 18,000
5348
1941
16,600
68
10734 108
105 105
1,000
Phila & Read Term 58_1941
6634 6634 2.000
United Rys gold tr al48'49
•No par value.
Range Since Jan. 1.
Low.
High.
3734
3734
46
40
57
15
3534
7434
94
134
3934
19934
7934
56%
7034
4
36
43
Apr 4734 Feb
Apr 45
Feb
May 5134 Jam
Jan 51
Mar
Apr 6334 Mar
Mar 1834 Jan
Jan 37
Mar
Mar 8834 June
Jan 15-16 Feb
Mar 41-16 May
Mar 44
Mar
Jan 201
Jar
Mar 9634 Mar
Mar 5834 Mar
June 97 May
Apr
434 May
Mar 40
Jan
May 57
Jan
87
73
60
100
5034
8234
96
102
65
9334
82
99
10034
100
10334
10434
106
104
63
Apr
May
Feb
Jan
Jan
Jan
Jan
June
Mar
Jan
Apr
Mar
Jan
Apr
Jan
Feb
Jan
Feb
Jan
94 Jun.
7834 Mar
65
Mar
10334 Jun.
60
API
88 May
99% May
102 Jun(
70
Jar
9734 June
mar
85
10134 Jun.
10334 Jun.
103 Jun.
10634 May
10734 May
108 Jun,
105 Jun
6734 Fe]
Priatzt,
Sales
Last Week's Range for
ofPrices.
Sate
Week.
Stocks (Concluded) Par. Price. Low. High• Shares.
Loss.
High.
150 18%
2,470 112
130 112
6
5,458
120 2234
37 13%
380 11
3,925 41
1,560 110
5%
150
100
6
260 10
2.170 46%
2,425 32%
705 46%
Apr 22% Feb
Feb 175 June
Jan 116 may
June 53
Jan
Mar 29 May
May 15 Juno
May 2334 Feb
Mar 5534 Nan
May 123 (Jan
Jan 10% Mar
Feb
Jan 10
June 1434 Jan
Jan 5231 Feb
Jan
Feb 43
May 5534 Jan
$5,000 5434
56
102% 16.000 100
97% 12.000 97
9834 9,000 973.4
10234 4,000 92
1.000 98
100
Apr 78% May
May 10954 Apr
Apr 974 June
June 9834 June
Jan 10234 June
Jan 10034 May
20% 20%
United Paper Board- _100
20 170
168% 175
U S Gypsum
100 116
151 116
Preferred
6
8%
Unit Theatres Cone el A_5
,
6%
26
26
26
Utilities Pow & Lt el A_
15
15
Class B
14
14
Wahl Co
52% 5434
Ward(Montgomery)&Co 10 53
• 112% 112 112%
Class A
8% 9
Wolff Mfg Corp
8
8
Voting trust certificates•
11
Wolverine Portland Cem 10 10% 10
• 51% 51% 52
Wrigley Jr
Yellow Cab Mfg el B___10 37% 3734 38)4
47
47%
Yellow Cab Co,Inc (Chic)• 47
Bonds
56
Chic Rys 55, Ser A__1927 56
102
Commonw Edison 58_1943 102
Nat Elec Power 6s...1945 9734 97
1945 9734 9734
Ogden Gas Co 55
10234
Pub Serv 1st r f g 53_1956
100
Swift & Co 1st s f g 58_1944
Range Mee Jan. 1.
• No par value.
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange May 30 to June 5, both inclusive, compiled from official sales lists:
Stocks-
sates
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Jan
345 • 1934 Jan 23
2234
22
Am Vitrified Prod, com_50
Feb
21, 85 May 89
8634 8634
50
Preferred
Mar
Jan 110
130 88
8934 90
Am Wind Glass Mach_ _100
Feb
10 93 May 110
95
95
100
Preferred
Jan
65 110 Jun. 115
110 111
Glass Co, pf_100 •
554 Apr
8.55
834 Feb
Stock Exchange.
-Record of transactions at Am Wind Nat Gas, com-10 6% 694 7
Chicago
Arkansas
834 Mar
Jan
4
5,63e
6
8
_ -5
Lead
Stock Exchange May 30 to June 5, both inclusive, Carnegie Trust& Zinc _ _ 100 734 210 210
Chicago
Jan 225 May
35 190
Co
Colonial
compiled from official sales lists:
Jan 215 May
40 200
221 22134
Commonwealth Trust _ _100
Mar
2
134 Mar
21
134
154 2
Consolidated Ice, com_ _ 50
Friday
Sales
50 iosx Jan 111 June
111 111
Duquesne Light pref.. _ _100 111
Last Week's Range for
Range Since Jan. 1.
Mar
Mar 103
10 103
103 103
Harb-Walk Refracpref_100
Sale
ofPrices.
Week.
20 11134 Jan 11434 June
11434 11434
Jones & Laughlin pref _ _ _25
Par. Price. Low. High. Shares.
StocksLow.
High.
Feb
Jan 40
585 32
25 3834 3834 3831
Lone Star Gas
Nat Fireproofing com _ _ _50 1394 1354 1434 2.313 1134 Jan 1434 June
18
19
815
All America Radio Cl A__5 18
3634 Feb
50 3554 3494 3534 1,712 31% Jan 357-4 Jan
Preferred
92
American Pub Serv pref 100 92
329
9234
9331 Mar Ohio Fuel Corp
Apr 3454 Feb
329/ 1,721 31
25 3234 32
52
52
American Shipbuilding_100
100
60
Jan Ohio Fuel Oil
Mar 1634 Mar
25 12
13
13
1
100
85
85
Preferred
19
89
Feb Oklahoma Natural Gas-25 29
Jan 3134 Feb
305 26
2854 29
Armour & Co(Del) pref 100 9434 93
9434 2,680
9634 Feb Pittsburgh Brew pref-50
Mar 1154 May
6
152
934 10
934
100 88
635
88
8834
Armour & Co pref
94
Feb Pittsburgh Coal pref _ _ _100
61 8334 June 9934 Jan
833.4 84
Common cl A v t c..25 2034 2034 2134 1,712
24
Feb Pittsburgh Oil & Gas__ _ _5
894 Feb
6 May
200
634 634
12
12
Common el B v t c__25
100
15
Feb. Pittsburgh Plate Glass_100
Feb
Jan 295
109 257
28834 289
Balaban de Katz v t c._.25 5834 5834 6034 3,695
6334 May Pitts Term Whse & Trans(
Apr
20 35 May 39
35
35
100 103
103 103
Preferred
125
10334 May Pittsburgh Trust Co_ _ _100
Jan
Jan 220
5 220
220 220
2134 22
Beaver Board pfd etfa_100
140
3934 Jan Salt Creek Con Oil
9
Feb
734 Feb
916
754 7%
10
731
10 3034 30 • 31% 2,28.5
Bendix Corp el A
36
Jan Standard Plate GI, com_..•
Jan
200 1031 June 16
1051 1034
26
Beck
• 26
1,300
2734
Borg &
29 May Standard Sani Com
Jan
Feb 136
610 102
25 10434 104 105
Bridgeport Machine Co_ •
10
10
100
1034 May
71 11454 Mar 115% June
115 1154
100
Preferred
Central Ill Pub Serv pref_* 87
50
8634 87
9134 Mar WesVhouse Air Brake_ _ _50 102
Apr 113
Jan
200 97
1007-4 102
Ry pt sh*
200
34
Chic City & Con
34
134 Jan
434
•
Preferred
195
994 Jan
434 434
Bonds-• 29
29
29
275
Chicago Fuse Mfg
39% Apr Monon Riv CC&C 6s_1949
Apr
81,000 108% Jan 109
109 109
Co__Chicago Nipple Mfg el B15
50
1134 1134
16% Jan West Penn Rys 5s---.1931
Apr
9834 9834 5,000 9534 Jan 99
Chicago Rya part cgs ser 2_
50
35
Mar West Penn Tr 58
34
2
Feb 8914 June
8954 894 1.000 87
1960
435 435
Chicago Title & Trust_ _100 435
50
435 June
Commonwealth Edison_100 140
13934 141% 1,845
141% June
• No par value.
20
334 334
Consumers Co
55
4 May
-Record of transactions at
• 1054 1034 1034 1,395
Continental Motors
1134 May
St. Louis Stock Exchange.
25
5934 60
120
Crane Co
70
Feb
Louis Stock Exchange May 30 to June 5, both in100 11434 114 11434
Preferred..
200
118
Feb St.
Cudahy Packing Co---100 954 95
200
9634
10831 Feb clusive, compiled from official sales lists:
2
2
Daniel Boone Wool Mills 25
100
73-4 Jan
Friday
bales
98
98
Decker(Alf)& Cohn pfd 100
102
99
Jan
Range Since Jan. 1.
Last Week's Range for
100 95
9434 96
Deere & Co pref
145
9731 Apr
Week.
Sale
ofPrices
100
Diamond Match
118. 119
140
12234 May
Low.
High.
Par. Price. Low. High. Shares
Stocks17
Eddy Paper Corp (The)__* 17
275
1734
25
Jan
C
17
18
Elec Research Lab
20
3734 Jan
Bank Stocks
Evans& Co.Inc, el A_ -- _5 2634 26% 28%
525
30% Jan
22034 221
31 205
Feb 221 June
Fair Co(The)
• 3334 33% 34
5,360
3554 Mar First National Bank_ _ _100
25 14334 Jan 15034 Feb
14634 147
100
Preferred
104% 106
135
109% Mar Nat Bank of Commerce 100
Bros(G & M)Co •
Foote
13
13
50
16% Mar
Trust Co Stocks
Gill Mfg Co
150
6
6
7 May
Feb
100
398 398
2 396
Apr 400
Godchaux Sugar
425
8% 9
9% May Mercantile Trust
Street Ry Stocks
Gossard Co (H W)
• 3234 32
33
900
34% May
100
21e 21e
83
8e Feb 216 June
Great Lakes 13 & D____100 131% 125 134% 7,810
134% June United Railways
Mar
734 Feb
100
3
4
Preferred
434 434
Hart,Schaffner & Marx 100
40
11534 11534
125
Jan
Feb
7
-D
100
434 4%
78
434 Apr
Preferred C
10 1734 1734 1834 3,185
Hupp Motor
1934 Jan
Miscellaneous Stocks
•
Hurley Machine Co
380
5031 51
56
Jan
47
Feb
47
165 3634 Jan 60
Amer Credit Indemnity_25
100 35
Illinois Brick
31
36
10,240
36 June
27
27
25 21 May 27% May
• 27
92
92
Illinois Nor Utilities pf_100 92
65
9231 Apr Berry Motor
Mar 46
45
45
Jan
• 45
70 43
Best Clymer Co
Pneumatic Tool_ •
52
52
100
Indep
70
Jan
40 3954 June 5034 Jan
• 3834 38
3951
Kellogg Switchboard----25 38
260
38
40
48
Jan Boyd-Welsh Shoe
98 10034
15 69 May 10034 June
100
25 68
66
Kraft Cheese Co
5,040
73
73 June Brown Shoe
104 105
20 9834 Apr 105 June
100
Preferred
Kup'heimer & Co (B) Inc
95
10 87
Jan 95 June
95
100
preferred
9834 9834
25
100
Feb Certain-teed Prod 1st pf 100
Apr 50
Jan
48
4 48
48
25
Salle Erten Univ(111)_10 16
16
18
6.150
21% May Chicago Ry Equip
La
Mel
23 26 May 27
26
26
Preferred
25
Libby,McN&Libby,newl0
734
1,317
634 7
934 Jan
Apr 4634 Jan
4634 47
120 38
•
McCord Radiator Mfg A_*
350
4034 4034
42
Feb E L Bruce
97
170 96 June 10034 Feb
96
.
Middle West Utilities_ _ _• 94
1,875
9334 95
10234 Mar Emerson Electric pref._100 97
Feb
24
24
350 2234 Jan 25
100 96
Preferred
96
539
96%
98% Mar Ely & Walker Dry Gds_25
Jan 85 June
85
85
5 84
2d preferred
100
Pryor lien preferred._100 103
510
10234 10334
107% May
102% 10234
20 10234 June 102% June
Fred Medart Mfg, pref_100
2
134 2% 23,700
Bights
334 May
Jan
35% 3634
160 35 May 43
•
4234 44
Midland Steel Products...• 43
2,350
44 May Fulton Iron Works
Jan 10234 Jan
6 98
98
Preferred
100
9834
Midland Util prior lien_100 100% 99% 100%
720
100% Mar
47
10 4454 Jan 4974 Jan
47
2,195
Morgan Lithograph Co__* 48% 4834 50
50 June Hamilton-Brown Shoe__25
20 37% Mar 45
Jan
•
4234 4234
100 9634 95% 964
364
9634 June Hussmann Refr
Tiat El Power pref
310 3134 Mar 40
Feb
• 33
3254 33
10
165
431 434
6% Jan Iluttig S & D
National Leather
15 100 May 102
Feb
Preferred
100
10034 10034
45
45
70
453.4 May
Islizer Corp con par A w I a
Apr
25
7
7
6
8
Feb
93
93
122
Omnibus pref A w i...100 93
9534 Feb Hydraulic Press Brick _ _100
Jan 96 May
175 81
Preferred
100 9434 9434 95
voting trust Ws w1 a_• 1434 1234 1434 4,040
1734 Mar
Feb 152 May
140 152
278 115
• 140
200
PhIlipsborn's, Inc, tr ctf_l
34
34
13.( Jan International Shoe
Preferred
121 121
84 11234 Mar 121
100
June
19
10 19
1934
400
2334 Jan
Pick (Albert) & Co
Mar 5234 Jan
* 4634 4634 4834
195 40
5
1,300
35
36
74
Jan Johansen Shoe
Pines Winterfront A
•
Jan 155 June
155 155
30 118
• 124
250
124 June Johnson-S & S Shoe
12254 124
of Nor III
Pub Serv
5834 1,662 4134 Feb 5834 May
12234 124
-100 123
169
124 June Mo Portland Cement___25 5834 57
Pub Serv of Nor Ill.
Apr 107
98
100
98
5 94
Jan
100 98
264
9734 98
98 June National Candy
Preferred
• 45
45
Mar 4634 May
Pedigo-Weber Shoe
4634
525 40
100 11034 107% 11034
40
7% preferred
11034 June
10 100% Apr 10334 Mar
102 102
108 108
100 108
170
400
Mar Rice-Stir Dry Gds 2d pf 100
Quaker Oats Co
100
10634 108
Feb 110
200 104
Mar
100 103% 10334 104
345
105
Feb Scruggs-V-B D G
Preferred
5 10034 May 103 June
100 103
103 103
50
5531 9,025
7594 Feb Scullin Steel pref
Real Silk Hosiery 1311118.10 51
•
42
75 41 May 4434 Jar
4254
10 1834 1834 1934 2,140
2234 Mar Securities Inv
Reo Motor
• 3834 3834 39
500 31
Apr 39 May
23
25 24
Jan Skouras Bros "A"
2331 24
150
Ryan Car Co (The)
110% 111
20 10734 Apr 111
May
5434 May Southw Bell Tel pref. _100
370
Standard Gas dr Electric_* 5134 5134 53
•
36
180 2634 Jan 50
3834
Fet
54
53
Feb Wagner Electric
52
177
50 52
Preferred
82
82
10 80
Apr 91
Put
7734 Jan Wagner Elec Corp pref_100 82
6734 7034 12,300
Stewart-Warner Speedom * 68
Mining Stocks
12034 Feb
101 111% 1103-4 11134 2,430
Swift dc Company
10
250 250
300 25 June 40 May
36
Jan Granite 81-Metallic
15 2534 245-4 2534 3,725
Swift International
Street Ry Bonds
48
Apr
25 4634 45
4634
58.5
Thompson (J R)
62 61
6534 6534
Apr 6734 Fe
7334 Feb Alt Gran & St L Trac 5s'44
6934 7,000
Carbide .4 Carbon-* 67
Union
1934
69% 72
29.000 69 May 74
Jar
Jan United Rys 48
5
100
3
334
United Iron Works v t 0_50
48 C
-D
1934 6936 6934 6934 27.000 68 May 7334 Jar
United Light & Power
Miscellaneous Bonds84 June
30,495
6834 84
1 a-___* 83
Common el A w
103 103
1,000 10254 May 10354 Ap,
85 June Ktnloch Telephone 68_1928
85
235
73
Common el B w I ft....* 84
10032 1004 12.900 ante u.,,,
8834 Feb KInloch Long Dist 5s_1929
275
86
Preferred cl Awl a--__• 8534 85
53 May • •No par value.
Preferred el RiVis-..--• sox 4934 5034 1,240
'
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I
2928
THE CHRONICLE
New York Curb Market.
-Below is a record of the
transactions in the New York Curb Market from May 30 to
June 5, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on Juno 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Industrial and
Last Week's Range for
Miscellaneous Stocks
Sale
ofPrices.
Week.
(Concluded).
Par. Price. Law. High. Shares
[VoL. 120.
Range Sines Jan. 1.
Low.
High.
Inter Match non-vot pt
43% 4231 4331
2,600 37)4 Jan 433,4 June
Int Utilities, Class A
• 38
36
36
June 41335 Jan
100 36
Class B
834
•
7% 831
1,200
Jan
634 May 17
Inter-Ocean Radio Corp_ •
131 2
200 800 May 14
Jan
Jones (Jos W)Radio Mfg.•
231 234 1,400
May
1
Jan
9
Kelvinator Corp
• 30%
28)4 31
5,100 1851 Feb 32% May
Kraft Cheese
25 71% 67% 72
1,450 84 May 72
June
Landover Holding Corp A 1
22% 22%
100
84 Jan 2334 May
La Salle Eaten Univers10 16% 18% 1735
500 183-4 June 17AJ one
Lehigh Coal & Nay
99% 100
50 100
500 90
May 100 June
Lenigh Power Securities..• 141
13231 160
27,300
Feb 160 June
Lehigh Valley Coal Sales 50 83% 82
83%
225 78 May 87
Jan
Friday
Sales
Leh Vail Coal Mrs new 37%
373( 3835 3,700 aa
Mar 5034 Jan
Week Ended June 5.
Lear Week's Range for
Range Since Jan. 1.
Libby McNeill at Libby_10
8% 6%
200
63,4 Apr
9)1 Jan
Sale
ofPrices.
Week.
Liberty Radio Ch Storm_ _•
834
8% 831
900
73-4 Jan
9
StocksJan
Par. Prise. Low. High. Shares.
High.
Low.
Lupton (F H)Pub cl A.. •
33,4 331
200
3% June
831 Jan
Marconi Wird Tel of Can_l
1%
1%
131
700
1uis Mar
13,4 Apr
Marconi Wirel Tel of Load
83,4
831 835
500
834 Apr 10
Jan
Indus. & Miscellaneous
McCord Rad & Mfg vtc w 1 23
22% 23
4,900 22% Junc 23 June
Acme Coal Mining
10 55c
550
55c
100 500 Apr
131 Jan McCrory Store warrants__
45
45
43
Mar 5.5
Jan
Acme Packing
30
10
3c
3c
1,000
3c June
6c
Jan Mengel Co
I no 63
6431 2,210 30
56
Jar
8434 June
Adirondack P & L oom_100 82
8131 9534 15,700 33
Feb 9531 June Mercantile Stores
140 155
100 150
750 140 June 155 June
7% preferred
100 10434 10474 108
100 92
Jan 107
May Mesabi Iron Co
•
2% 234
200
231 May
434 Jan
Allied Packers corn
•
100
5
Apr 10
534 534
Feb Middle Weet Utilities corn' 94% 9131 95% 8,509 82)4 Feb
10234 Mar
Amalgam Leather pref-100
4234 47
200 42
Jan 47 June
Prior lien stock
106
102% 10235
170 98)4 Jan 107
May
Amer Gas & Electric
Preferred
100
96
96
50 91
Jan 9734 May
Common
• 80% 8034 8331
4,400 13834 Feb 8434 May Midvale Co
24
•
24
300 24
Jan 2834 Jan
Preferred
• 8935
89
8934
900 8334 Apr 90
May Moore Drop Forging CIA.'
66)5 8631
100 63)4 Mar 8831 May
American Hawallan SS10
931
1,200
934 10)4
1331 Feb Motion Picture Corp
834 May
1735 17%
1734
1,100 17
Mar 18% Apr
Amer Lt & Trao,com__100 16234 161 167
5,600 137
Jan 17434 May Music Master Corp
1231 14
5,200
2134 Jan
8% Max
Preferred
100
100 100
100 94
Jan 100
May Nat Power & Light, coin... 320
310 347
4,452 1844 Feb 350
May
American Multigraph corn' 20
20
20
300 1831 Mar 22
Jan Nat Pub Serv, Class A,corn
2331 22% 23%
1,300 2231 June 233-4 June
Amer Pow & Ls cora new_• 6031
6531 35,600 4834 Feb 6731 Jan
58
Class B common
15
15
15
100 15 June 15 June
Preferred
100 89
8934
89
370 84
Apr 90
May National Tea
291 300
• 295
120 230
Jan 305 May
Amer Rayon Produota___• 3131 3131 34% 5.700 2834 May 3434 June New Eng Tel Br Tel
_100
107% 10731
10 102
May 107%
American Road Maeh'y 100
4
4
100
2
Feb
8
Mar New Men dr Ariz Land.....1
83-4 831
1,400
f);( Jan 1131 June
Feb
Am Superpow Corp,Ci A..• 3531
3434 3834 3,200 2834 Mar 3834 May N Y TeleP 8%% Dref__100
111 11134
125 1104 Jan 114
Feb
• 3634
Class B
3434 3934 19,700 2734 Mar 4034 May Nickel Plate corn, new,
wt
8731 87%
500 82% Mar 904 Feb
Prior preferred
2534 26
25
500 2434 Feb 2634 Mar
Preferred, new, w I
83% 8336 84
300 8131 Mar 87% Jar/
American Thread pref _ _ _ _5
331
331 331
300
,
331 Jan
firer
431 Feb ' Corp Class A w
45% 4431 4531 3,500 37
Apr 46% May
Armour & Co (Ills) comB25 12
12
1231
3,900 1134 Apr 15
Feb Northern Ohio Power Co.' 10%
9% 1134 15,800
634 Mar 12)4 May
Preferred
100
8734 8934
20 84
Apr 9434 Feb North Out Lt & Pr corn 100 4531 4531 47
,
300 453,4 June 53
May
Assoc G & E Class A__ _.• 3234 3234 3331
5.400 2534 Mar 3434 May No States P Corp,com_100 118
118 125%
1,590 10231 Jan 128
May
atlantic Fruit & Sug__• 84c
81c
92c 1,500 800
Jan
Preferred
134 Mar
100 99% 98
99%
70 94% Feb 993,4 June
Boissonnault(0) Co
45c
• 50c
80c 4,400 310 May
334 Feb Nor States Pow Del wanitc 25
22% 2935 18,000
Feb 29% June
8
Borden Co, common .100
143 153
450 133
Jan 15431 Mar Omnibus Corp v to
13
• 14%
14%
500 12 May
Common new
1734 Jan
50 76
7134 7634 1.500 68
Mar 7634 June
Series A preferred...100
93
93
100 89
Apr 96
Feb
com subscription stock BO
7431 7431
200 8734 Mar 7431 June OPpenhelm. C0111128 & CO-• 44% 4
274 4531 4,600 40% Mar 46
Feb
Botany Congo'Mills com_• 2334 2134 234 4,600 18
May 2334 June Paths Exchange Inc CIA.' 6731 5331 87% 20,425
Class A
4234 Mar 673( June
45
50
45%
400 4334 Mar 4834 Jan Penne Water & Power. 100 140
136 140
35 127
Jan 145% May
Bridgeport Machine com..• 10
10
10
500
43,4 Feb 11
May Pet Milk.7% pref
10234 103
100
200 10234 May 103
Apr
Brit
-Am Tob ord bear_ LI
2834 2835
500 2534 J80 284 Apr Pittsburgh Plate Glass_100
290 290
10
May 290 June
Ordinary registered_ _El
2834 28%
100 2131 Feb 2834 Apr Power Corp of NY.corn.' 5231 49)5 5531 29,400 278
33
Jan 553‘ June
Brooklyn City RR
10
8
831 2,500
934 Feb Power Securities
734 May
5831 19
_•
200 1334 Apr 26
Jan
Brown & Will Tub Cl B.10 1334
lag lag
ma 10 Jan 1334 May Pratt & Lambert. Inc....' 42% 42% 4231 1,200 40 Feb 44 Are
Bucyrus Company pret 100
111 111
100 109
May 111
June Pro-phy-lac-tic Br, com- •
4131 42
200 3835 May 44
Jan
Buffalo Gen Elec new corn' 6834 6834 69
1,900 50
Apr 7035 May Puget Sd P& L. com_ _100
56
56
100 49
Mar 6074 MAY
Burroughs Add Mach pf100
105 105
10 103
Jan 10534 Jan Purity Bakeries class A_25 4631 45
46%
1,700 35
Apr 4634 June
Campbell Soup, pref _ _ _100 11034 11031 11034
20 110
Mar 111
Class B
Jan
• 45% 40
47
10,600 34
Mar 47
June
Canada Dry Ginger Ale A• 121
121 12431
195 90
Apr 12734 May Pyrene Mfg
10% 10%
10 1031
100 10% Apr 12% Mar
Class B
•
123 123
Apr 127
15 80
May Reid Ice Cream Corp com • 41% 39
1,400 85
423,4
43
Jan
Jan
Car Ltg dr Power com_25
431
434 534 8,800
May
134 Jan
Preferred
534
94
98
100
800 90
May 101
Feb
Carolina Power &Light 100 375
375 407
May Rem NoiseleesTypew,C1A• 42
Feb 430
90 300
40
45
10,800 37
Mar 48
Mar
Celluloid Co. pref .. _100
7531 7635
250 75
May 97
Preferred
Jan
109% 109 109%
100
105 98% Mar 113 May
Centrifugal Pipe Corp ___• 1534
1534 1634
1,800 10
Mar 27 34 Jan Reo Motor Car
1831 19% 4,000 1544 Apr
10 1834
Mai
23
Chapin-Sacks Inc
• 3734
3431 3935 15,400 1834 Jan
3931 June Repetti, Inc
510 51c
•
600 510
Jan 750 Mar
Cbatterton dr Son
10 2634 2534 2634 4,100 12
Feb 2834 June Rosenb'm Grain Corp pf 50
48% 48%
200 4731 Feb 494 Feb
Checker Cab Mfg cl A_ •
1534 1634
500 1534 June 2434 Jan Rove Radio Corp tr Mfg •
331 4%
1,200
334 May 1434 Jan
Chic Mllw & St Paul
St Regis Paper corn
51% 58
• 55
5.100 363-4 Apr 58
June
New company. pref, w I_
2834 2734 2834
1,700 2734 June 2831 June Schwarz(Bernh) Clg, A w
1734 1731
1735
900 1654 May 1731 May
Chic Nipple Mfg cl B...50
1131 1131
100 1134 June 1634 Jan Serv. El. Corp. cl A. ve
11% 10
11%
2,500
934 Apr
11% Mar
Chrysler Corp w I
• 114
104 12634 23,100 7535 Apr 12634 June Silica Gel Corp.corn. v t c •
18
19%
400 1231 Mar
21
Jan
Cin Did & West RR v t c
10
10
100 10
Apr 13
Mar Singer Mfg
25031 25034
100
20 192% Jan 2533.4 Mar
Cities Service com. w 1_20 38
3731 39
8,200 35
Mar 43
Feb Singer Mfg Ltd
534 531
El
700
4
Mar
534 June
Preferred
100 8231
8131 8234 2.300 8134 Jan
Feb Sleeper Radio v t c
8234
434 434
•
100
4% May 19% Jan
Bankers' shares
• 1834
1834 19
400 1734 Mar 2134 Feb Sou Calif Edison corn. 10C 113)4 11334 120
3,835 101% Jan 120
June
ClevelandAutomobilecom• 24
2331 25
5,600 1934 Feb 26
7% pref series A_ _100
10731 10714
May
25 10431 Mar 107% May
Colombian Syndicate
134
134 2
12,900 800
Jan
6% pref, Series B.....100
23,4 May
9331 93%
195 88
Jan 9331 June
Com'wealth Pow Corp__• 15034 15031 16334 10,525 108
May Southern Coal &
40 • Sc 71,000
Apr 173
40
4o May
10o
Jan
Common new
• 3834
3731 4134 23,800 3731 June 4334 May Ereastern Pr & Lt cora__• 95
94 10134 6,000 5234 Feb 107
May
Preferred
100 8334 8331 8434
1,200 7934 Jan 85
99
MaY Southw P & L 7% pret_100
99
100 99 June 99 June
Warrants
67
63
3,735 2534 Feb 86
May Standard Motor Constr.10
7134
4% 4%
100
331 Jan
554 Mar
Cons GarzE L&P Balt new• 4134
4134 43
9,700 3134 Jan
19
4434 Slay Stand Publishing Cl A__28 20
20%
600 19
May 2731 Feb
Continental Baking,comA• 12735 12434 12734 8,000 108
Jan 1274 June Stutz Motor Car
9% 8,000
8
8%
•
6
Apr 104 May
Common B
• 29
2831 2931 54,000 2134 Jan
2934 Mar Swift de Co
100 111% 110% 11134
50 109
Mar 120
Feb
8% preferred
100 102
9834 10234
9,900 9131 Jan 10234 June Swift International
15 2531 24% 28
2,500 2434 June 3531 Jan
Continental Tobacco
18
•
1834
June 2634 Jan Tenn Elec Power, com___• 65
600 18
65
6711 2,800 48% Feb 6931 May
• 4434 4331 45
Coty, Inc. w 1
1,000 3734 Apr 45
May
Second preferred
82
8231
•
225 73
Jan 8235 May
• 3734 3631 3734 8,106 3534 Apr 4034 Mar Ter H Ind & E Tr com _100
Cuba Company
335
3
335
200
3 June
3% June
Cuban Tobacco v t a
3231
aog 34
2,700
June Texas Power & Light pf 100
100 100
834 Jan 34
20 100 June 100 June
Curtiss Aeropl & M corn_ _. 1834 18
Thermiodyne Radio
2034 3,000 13
Feb 22
May
931 11%
1,700
• 1031
31 Mar 2231 Jan
Preferred
100
73
74
200 55
Mar 79
831
May Thompson(RE)Radio vto•
834 3,800
May 25
Jan
Curtiss Aeropl Assets Corp
32
3331
200 1834 Mar 35
334
May Tub Prod Export Corp....
3% 331
800
3% May
534 Jan
De Forest Radio Corp....' 2231 2134 2334
2,300 1834 Mat 34
Feb Tower Mfg Corp
731
7
200
5
Mar 2431 Jan
Del Lack & West Coal-50 134)
125 130
925 119
1831 1831
Feb Trumbull Steel corn_ _ _25 18%
Apr 130
200 18% June 1934 Feb
• 1734
Doehler Die-Casting
16
1734 4.900 10
18
Apr 2034 Jan Tulip Cup Corporation_ •
16
100 1431 Feb
May
18
DubillerCondsr& Rad new
15
1434 154 2,300 1234 Mar 3534 Jan Union Carbide & Carbon.' 387
z67
8931 3.500 MS
Mar 7334 Feb
Dunhill International__ •
26
27
1,300 25
44% 50
Apr 31
Jan United 0& E corn new__10 45
20,800 25
Feb 50
June
510
Dupont Motors, Inc__ _•
80c
200 50c May
42
131 Jan
Trust certificates
44
800 37
Jan 44 June
Durant Motors, Inc
1131 1534 12,000 1134 June 21
• 14
Jan United Lt & Pow corn A * 82% 6831 84
60,300 44)4 Max 84 June
23
Des & Co,Inc, Class A..' 23
2535
900 2031 Apr 33
Feb United Profit Sharing____1
831
734 951 18,800
53‘ Jan 1134 Mar
• 74
72
7535
Elec Auto-Lite Co
Preferred
1,025 71
1031
10% 1031
May
7834 May
100 1034 June 1034 June
10334105
Eke Bond & Share,pref 100 105
870 10134 Apr 105
4231 42%
May United Shoe Mach,com_25 4231
200 41
May 4534 Jan
• 7131 70
7634 25,400 5534 Apt 9134 Feb US Gypsum. corn
Klee Bond & Share Seo
170 170
20
100 115
Feb 170 June
64,900 40
Blee Invest without war'ta• 6034 5834 64
June U S Lt de lit Corp, pref...10
Jan
134
231
234 231
900
134 Jan
24 Jan
1334 1331
Elee Ry Securities
•
300 1234 Mar 16
May Universal Pictures
29% 2831 30
4,800 24
Mar 30 June
5234 8,100 46
51
• 51
Eureka Vac Cleaner
May 5234 June Utilities Pr dc Lt Cl A....' 28% 2531 27% 3,400 22% Mar
2934 May
Federated Metals Corp * 3031 3034 33
1,400 3034 May 42
Victor Talking Machine100 70
Feb
68
77
2,195 65
Jan
Am 106
9835 9634
Firestone T & R 7% ii5-100
10 9834 Mar 9731 Feb Ware Radio Corp
12
•
15
2,700
Mar 403-4 Jan
9
480 482
Ford Motor Coot Can-100 482
40 482
Mar 524
Feb Warner Bros Pict, corn...
154 1534
•
200 14
Feb
1634 Feb
,
3,500 1634 AM 254 May
Franklin(H H)Mfg cm." 2435 2234 2434
Class A
16
15% 17% 8,700 14% Apr
10
1751 May
934 934
Freed-Eisemann Radlo_...
935
•
1,900
Apr 3334 Jan West Pac RR pref new.100
7
76
76
100 75
May 75
MAY
1431 15
• 1434
Freshman (Chair) Co
200
931 Mar 28
Jan Western Pr Corp, coM.100 52
51
58
20,700 30
Max 58 June
2631 2731 5,900 28
Gabriel Snubber w I CIA' 27
Apr 2931 May
Preferred
100 92
92
92
180 8631 Jan 93 May
25
10 25 June 34
Galveston-Hous El corn 100 ...... 25
Mar White Rock Min Elpgs corn' 36
36
3831 3,000 16
Feb 40
May
2
334
•
231 334 2,100
Garod Corporation
Apr 1734 Jan
Vot Or ctfs for corn stock* 35
35
38%
600 16
Jan 40
May
9731 130
225 80
General Gas & Elec. corn.'
Jan 130 June Wilson & Co(new) iv I-- 13%
1331 1431
1,800 11% Apr 15
Apr
165 80
120 125
Jan 125 June
Convertible preferred..' 125
Clam A w I
28)5
2834 2931 2,100 2634 Apr 35
Apr
Sisal Outdoor Adver'g 1ne
Preferred w I
89
68
70
1,200 88
June 754 Apr
300 2034 Mar 2434 Feb Yellow Taxi Corp N Y. •
• 2134 2131 2134
Common v t e
1131 12.35
500 113.1 June 22
Jan
800 4431 May 47
• 45
4434 4531
Class A
Apr
Ga Lt.Pow & Ry,com-100 5431 53
500 3134 Jan 6834 Mar
57
2,600 5731 Jan 7034 Apr
Gillette Safety Rar,or
Rights.
• 6834 8734 8831
1,900 117
Glen Alden Coal
Feb 138
• 13034 127 13034
Mar
10,700 2434 Jan
Goodyear Tire & R,com100 3035
3534 Mar American Chicle
3034 32
650
560 650
1,400 580 June
134 MAY
Great Atl & Pac Tea. pf.100 1124 11234 11231
10 111
Jan 11531 May Borden Co w I
23,4
23( 12,300
2
244 Jun*
13.4 Apr
Grennan Bakerlea Inc__ _• 18
3.100 1531 Mar 2134 May Middle West Utilities
1734 18
231
1% 231 31,000
14 Apr
234 May
Grimes(D)Ra & Cam Rec• 214 20
Mar 2434 May
9
2434 6,400
HabishawEICable new co wl
May
300 1834 May 20
1934 1934
Hall Switch & 84,com _100
334 Jan
Former Standard 011
500
654 Feb
434
4
Happiness Candy St el A..•
631 Jan
2,900
731
Subsidiaries
734 Jan
7
7
Hazeltine Corp
• 18% 1634 1634
1,000 1531 Mar 5134 Jan
Hercules Powder com._100 10934 10874 10934
200 10831 June log June Anglo-American
2331
23
23% 2,900 18
Jan 2634 Apo
Preferred
May Buckeye Pipe Line
108 106
100
60 10434 Feb 115
60
5931 8131
110 58% May 72
Jan
Hoyden Chemical
•
Jan Chesebrough Mfg
2
3
23-4
500
134 Apr
25 58
57% 61
900 484 Jan 664 May
Horn & Harden Co
52
• 52
May 5834 Mar
Preferred
5231
200 48
113 115
100
Mar 115
May
80 110
Imperial Tob ot0 B & Ire.
2431 Apr Continental 011 view
300 21
Jan
2374 24
25
283,4
2631 48,000 21% Mar 3134 Feb
Intercontinental Rubb.100
931
ag 934 1,600 634 Jan 934 May Crescent Pipe Line
1131 11%
25
Feb 154 Feb
100 10
lot Concrete Ind Fdrs shim
11
11
1.400
1234
Mar 1334 May Cumberland Pipe Line_100
7
140 14431
100 132
Mar 150
Feb
Sales
Last Week's Range for
Former Standard Oil
1Veek.
ofPrices.
Sale
Subsidiaries
Par. Price. Low. High. Shares.
(Concluded)
100
Eureka Pipe Line
Galena-Signal Oil. com_100
100
Old preferred
100
New preferred
Humble 011 & Refining- _25
100
Illinois Pipe Line
Imperial 011 (Can) new._.
50
Indiana Pipe Line
Magnolia Petroleum_ _ _100
National Transit_ _12.50
100
New York Transit
Northern Pipe Line_ __ _100
25
Ohio 011
25
Penn Men Fuel
25
Prairie Oil& Gas
100
Prairie Pipe Line
100
Solar Refining
100
South Penn Oil
Southern Pine Line_ _ _ _100
So West Pa Pipe Lines_100
Standard Oil (Indiana)_25
Standard 011 (Kansas)_ _25
25
Standard Oil (Ky.)
Standard 011(Neb)_ _100
Standard 01101 N Y.... _26
Stand 011 (Ohio) corn..100
100
Swan & Finch
25
Vacuum 011
2929'
THE CHRONICLE
JUNE 6 1925.]
54%
63%
137
33
72%
149
2135
60
66
61
125
170
Si
6735
3635
121%
241
43%
90
80%
78
5435 5435
109 109
102 104
59% 6395
137 140
34
32
72% 7335
144 149
21% 22%
60
59
82
82%
6335 66%
3135 32
5735 61
119 127
215 220
165 172
83
81
67% 6735
64% 67%
35% 3635
118 121%
240 24135
42% 44%
350 352
17% 17%
87% 90
80
175
10
90
25,200
110
11,400
110
620
550
70
100
1,600
400
15,500
4,385
90
410
120
10
39,600
4,900
3,800
260
7,400
50
20
2.600
Range Since Jan. L
Low.
76
54
108
100
4235
127
2735
6935
13035
21%
58
81%
6235
31%
50%
106
202
139
81
65
59%
3035
114%
240
41
338
16
80%
May
Apr
Apr
Feb
Jan
Jan
Mar
Apr
Apr
June
May
Jan
Mar
June
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Apr
Mar
Apr
Apr
Jan
Mar
Jan
High.
96
65
114
105
65%
154%
34%
84
159
25%
79
88
7535
44%
65%
127
254
197
103
84
70
48
12435
270
48%
369
27
96%
Jan
Feb
May
Feb
May
Jan
May
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
June
Jan
Jan
Jan
Jan
Oeb
Feb
Feb
Jan
Feb
Jan
Jan
Feb
Other 011 Stocks.
Amer Controlled()grids 5
Amer Maracaibo Co
10
Arkansas Nat. Gas
Carib Syndicate
Consolidated Royalties_.1
Creole Syndicate
Crown Cent Petrol Corp.•
•
Derby Oil& Ref, corn_
Euclid Oil
1
Gibson Oil Corp
Gilliland 011 corn v t c_ •
10
Glenrock Oil
25
Gulf Oil Corp of Pa
International Petroleum..'
•
Kirby Petroleum
Lago Petroleum Corp_ _ _•
Livingston Petroleum__ _ _•
Marland Oil of Mexico_ __1
Mexican Panuco Oil__ _10
1
Mountain & Gulf Oil
Mountain Producers_ __10
Nat Fuel Gas
5
New Bradford OIL
New England Fuel 011 w I.
25
York Oil
New
25
Ohio Fuel Corp
Peer Oil Corp
•
Pennock 011 Corp
21
Red Bank Oil
Reiter-Foster Oil Corp _ __•
Royal Can 011 Syndicate..
Ryan Consol Petroleum..
Salt Creek Consol 011_ _10
Salt Creek Producers_ _ _10
Sun 011 Co w 1
Tide Water Oil new w 1_ _*
•
United Cent Oil Corp_
Venezuelan Petroleum. _ _
Western States Oil & Gas.!
1
Ilcox Oil& Gas
33 oodley Petroleum Co_ •
5
835
4
12
12
135
2%
68%
25%
335
4
1
22%
5%
6%
26%
23%
850
735
27%
4335
3635
938
7e
5%
4% Nlay
5% June
4% 535 4,400
7% 895 37,000
8% June
2% Jan
900
6% 7%
5
AM
8% Feb
4%
4
335 Mar
1,500
4)4 Feb
1
1
Jan
1
500
1% Jan
12% 23,700
11
1455 Apr
835 Jan
11% 12% 9,300 11% June
12% May
200
7
4% 435
495 Apr
Feb
4,100 87c
Jan
1% June
5,700
1% Jan
3% Feb
2% 3
1% May
300
1% 1%
3% Mar
1,000 15c
15c
Apr 27e
15c
Feb
66
71
68% 6,300 6335 Mal
Feb
26% 19,300 22% Mar 28% Feb
25
3% 5,500
3
2% Jan
535 Jan
435 5% 74,000
4% June
735 Apr
1.000 75c
1
1
1% May
Jan
700
4%
4
4% Feb
1% Jan
Apr
66c 66c
100 56c
Pis Feb
2,900
135
2
1%
135 Jan
Mar
21% 22% 13,300 18% Jan
22% May
Jan 122
113 113
30 106
Mar
7,300
5% 5.35
335 Jan
5% Mar
400
6% 735
6% May
795 May
10% 1135
900
Feb 11% May
8
31% 32
500 31
Mal 34)4 Feb
1%
1
1,500
900 May
134 Feb
24% 26% 8,700 17% Jan 26
June
3135 35
1,900 16
Mar 35 June
2335 24% 3.000 22% May
May
25
85c 98o
85e June
2,300
Apr
2
335 Jan
900
9% Mar
5% 6
70(1
7% 7%
6% Jan
8% Mar
27
Jan 27% May
27% 5,400 24
39% 44
68,600 38% May 44 June
36
36% 2,000 35
37
May
May
11% 11%
1,600
2% Jan
12
May
3% 4% 13,000
395 Jan
474 Apr
70
7c
7c June 20e
1,000
Feb
5% 635 20,500
5% June
73( Jan
535 535
400
3% Mar
7
Mar
Mining StocksArizona Globe Copper___ I
1
Beaver Consol
Butte & Western M Ming _I
10
Canado Cormer
Chino Extension
Consol Copper Mince- --1
Copper Range
Cortez Silver Mines Co_ _1
Cresson Cons Gold M&M.1
Dolores Esperanza Corp_ _2
Engineer Gold Mines,Ltd 5
1
Eureka Owens
First Thought Gold Nilnes1
Forty-nine Mining
1
Goldfield Florence
Hawthorne Mines Inc..„1
250
Hecia Mining
Hilltop Nevada MinIng_i
Hollinger Consol G M. -.5
Elowe Sound Co
•
New vot tr Mrs
Jerome Verde Devel
1
Kay Copper Co
Lorrain Silver Synd Ltd.!
5
Mason Valley Mines
50c
National Tin Corp
New Cornelia Copper Co.)
100
New Jersey Zino
NiPissing Mines
1
Ohio Copper
Patinae Perell9ine Miningl
Lead Mines.. 1
Plymouth
Premier Gold Mining. Ltdl
Rochester Silver Corp _ _ _ _
Silver Dale Mining
Silver King Coalition
South Amer Gold & Plat_ _ I
Spearhead Gold Mining_ _1
1
Teck Hughes
Tonopah-Behnont Bevel )
1
Tonopah EX1013810n
Tonopah MinIng
10c
Tri-Bullion 8 & I)
United Eastern Mitilng. _ _1
United Verde Extens__ _50c
a
Unity Gold Mines
5
Utah Apex
Wooden Conner Mining-1
29c
13e
5%
1%
21h,
20
47%
15e
17e
lc
26c
25c
12c
5%
135
23he
20
30c 53,000
25c
1,000
5,000
13c
6
8,300
1% 9,100
1,600
3
100
20
Sc0
2,000
395 335
500
300
50c 50c
47
700
4735
120 13o
4,000
19c 11,000
15c
22e 27c
5,000
5,000
7c
70
15c
18e
7,000
14
400
1435
lc
he 38,000
1495 1495
100
7e
24c
10c
3%
400
2%
20
9c
335
35c
1435
70
10e
Sc
235
36c
35e
19e
6
1%
4
32%
25e
4
75e
57
230
58c
40c
14c
23e
16%
3c
1635
Feb
Feb
Feb
May
June
Feb
Jan
Feb
Feb
Feb
May
Feb
Jan
May
Feb
Apr
Feb
Mar
May
Apr 21%
Jan
2
Jan
235
Feb
18c
Mar
2%
Jan
18c
Mar 24%
May 199
May
6%
Mar
134
Feb 52c
June 85c
Jan
235
Apr
14e
Feb
4e
Jan
6%
May
3%
Feb
120
Jan
195
Apr 85e
June
3
91s
Mar
4
May
13c
Jan 63c
Apr 29%
Mar 950
Jan
8%
Jan
5
Feb
Apr
May
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Slay
Jan
May
Feb
Mar
Feb
May
Jan
Feb
Jan
June
Jan
Apr
Feb
8c
12% Apr
Feb
lc
133'S Mar
400 15%
16% 16%
135
135
400 980
% 46,400
235 23
1%
12c
12c
Sc
2,000
1%
900
1%
1%
1g
Sc
90 14c 29,000
7c
19
19
300 log
184% 186
1.300 181
435 5
4%
1,200
85e 90c
86c
3,500 750
31e 33c
33c
5,000 15c
180 18e
2,000 18e
2336 2% 2,800
2
7c
7c
7c
5c
1.000
lc
lc
1,000
lc
5
200
635 635
295
2%
500
235
Sc
60
40
7,000
600
Pis 1'i*
1%
560 60c
1,000 52c
7,700
!'he 2
1"rs
3331. 4
Pis
4,000
395
80
8c
7c
3,000
Sc
48c 50c
3,300 39c
25
2,500 2034
25
2535
800 95c
1,400 50c
435
6% 731 10,800
694
2
335 3% 7,600
335
1635
Jan
Jan
Mar
Feb
Jan
Mar
June
Apr
Jan
Jan
Jan
Jan
Slay
Jan
Bonds
Mar 84% Feb
'30 8135 79% 8134 $50,000 74
Allied Pack cony deb 6e
26,000 84
Mar 94% Feb
1939 9035 90% 91
50, Series B
Mar 91 15 May
91
9135 8,000 91
Niontan St 78.. _1955 91
Alpine
Jan
10735
Aluminum Cool Am 78 '33 10735 107% 10135 15,000 106% May 107% Stay
1,000 101%
101%
1925
10235 Jan
78
Jan
08% 235,000 95
993.5 Slay
6E3_2014 983-8 98
Amer 0 & E deb
Max 115
11495 110 115 148,000 103
June
American Ice 78
Power & Light
American
97% 108,000 9335 Jan 98% May
Se old without warr 2012 97% 96% 9735 99.000 95
Nlar
9835 May
-97% 96%
8s, new
Bonds (Concluded)-
Friday
Last 1Week's Range Sales
for
ofPrices.
Sale
Price. Low. High Week.
Amer Rolling Mill 13e _1938
Amer Sumat Tob 7358_1925
American Thread 68_ _1928
Anaconda Cop Min 66_1929
Andlan Nat Corp 68_ _1940
Without warrants
Assoc Gas & Elec 6%s 1954
1965
65
Assoc'd Simmons Hardware
1933
8%s
Atlantic Fruit 8s
AM G & W I SS L 5s__1959
Beaver Board Co 88_1935
Belgo-Caren Paper 65_1943
Bell Telep of Can 5e..1955
Beth Steel equip 78_1935
Canadian Nat Rye 78 1935
1954
4355
Chic Milw & St I'(new co)
50-yr g 5s Ser A w 1_1975
2000
Ad) NI 5s w 1
Chic R I & Pac 5%s_ _1926
Childs Bldgs & Imp 65.1935
Cities Service 7s Ser C_1965
Cities Service 78Ser D 1966
Cities Serv 7s, Ser E..1966
Cities Serv Pr & Lt 68_1944
Cons G, EL & P, halt
1949
6s Series A
1991
8358 Series D
1952
535s Series E
1965
5s Series F w 1
1941
Consol Textile 88
1935
Cuba Co 68
Cuban Telep 735s_ _ _ _1941
Cudahy Pk deb 535s_ _1937
Deere & Co 7%8
1931
1947
Det City Gas 6s
Detroit Edison 13s_ _ _ _1932
1955
50 Series 13 w 1
Dunlop'F&R of Am 78 1942
Est RR of France 7e _1954
1933
Federal Sugar 65
(air (Robert) Co 78_ _1937
Galena Signal Oil 7s.!930
General Petroleum 65_1928
Grand Trunk Ity 6%8_1936
1937
Gulf Oil of Pa 58
1936
Hood Rubber 7s
Italian Power 6%s...1928
Krupp (Fried) Ltd 7s 1929
Lehigh Power Secur 681927
Libby, McN & Lib 78_1931
Liggett Winchester 70_1942
Manitoba Power 7a_ 1941
Nio Pac RR 55w L _ _ _1927
1930
Morris& Co 7351)
1930
Nat Dist Prod 70
New Ori Pub Serv 58_ _1952
Nor States Pow 6 35e_ _1933
634s gold notes__ _1933
Ohio Power 58 Ser B _ _1952
Oklahoma Gas & El 58 1950
Park & Tilford 6s_ _ _ _1936
Pennok 011 Corp 68_ _ _1927
Penn Power & Light 58 '52
1953
5s series D
1960
Plana Electric 5s
1947
535s
1941
65
Phlla Rap Transit 65_ _1962
.
Phillips Petrol 7358_ _1931
1933
Pure 011 Co 6 35s
Shawsbeen MilLi 78_ _ _1931
Siemans & Halske 78_ _1928
1935
78
Sloss-Shetf St a I 65..1929
1934
Solvay ei Cie ete
South Calif Edison 55_1949
Stand Gas & El 6%5_1959
Stand Milling 5358_ 1945
Stand 011 of N Y 630.1933
1939
Sun Oil 5348
.Oct 15 1932
Swift & Co Ss.
Thyssen(Aug)I&SW 78 '30
Tidal Osage Oil is.. _ _1931
Toho El Pow (Japan) 7855
Trans-Continental 011 75'30
TyrolHydro-F.IPow 7 s'64
1935
Union OliCal 58
United 011Prod 85_ _ _1931
United Rysof Hay 7%81936
U S Rubber Ser 6%5_1926
Serial 635% notes_ _1927
Serial 635% notes_ _1928
Serial 6%% notes__1929
Serial 635% notes_ _1930
Serial 635% notes_1931
Serial 635% notes_ _ 1932
Serial 635% notes_ _193:3
Serial 835% notes_ _1934
Serial 635% notes_ _1935
Serial 635% notes__1936
.b937
Serial 635% notes.
Serial 635% notes_ _1938
Serial 6 A % notes_ _1939
Serial 635% notes_ _1940
1936
Vacuum Oil 70
1937
Valvoline 01168
Webster Mills 635s_ _ _1933
A
Range Since Jan. 1.
Low.
High.
10235
92
103%
103%
116
99
101%
9535
10295
9235
10335
104
116%
9935
10234
9515
6.000
7.000
21,000
21,000
58,000
74.000
37,000
19.000
Jan
May
Jan
Jan
Apr
Nlay
May
June
102%
98%
104
104
117%
10035
106%
9505
May
Apr
Feb
May
May
May
May
June
83
2035
68%
9135
99%
9935
99%
103% 103%
11135
9435
.
81
83
5435 5335
10195
12935
120
120
101%
112
933-5
9395
8335
2035
69%
92
100
100
103%
112
9435
Fet
20,000 81
5.000 1835 Jan
Jan
51,000 62
Jan
14,000 88
15,000 97% Jan
71,100 9735 Feb
Mar
10,000 103
26,000 10835 Jan
2,000 9235 Jan
8434
27
7035
96
100
100
104%
11235
9435
Mar
Mar
Mar
Jan
June
June
Jan
Apr
May
83
5435
10135
133
128
10634
11335
9435
June
June
Jan
Mar
Feb
Feb
Nifty
Mar
92
10335
11635
9935
101%
9535
69
83
5435
101%
130
122
101%
112
9334
253,000
249,000
1,000
33,000
20,000
47,000
1.000
136,000
11,000
107% 10735 108
11034 11034 11034 37,000
18,000
104% 105
105
100% 10034 6,000
2,000
8335
85
9235 92% 9335 34.000
11035 109% 11035 40,006
9235 92% 9235 46,000
10435 10435 6,000
105% 105 105% 26,000
21,000
122% 123
121
3,000
100 100
100
10435 10535 80,000
105
83% 83% 85 162,000
14,000
9535 96
1,000
100 100
13.000
104% 105
101% 10135 12.000
9,000
10835 108% 109
9935 9935 12,009
3,000
10334 104%
1.009
9935 9935
9335 94% 172,000
94.35
2,000
101% 101%
24,000
103'% 10335 104
8,000
107% 107% 108
10535 102% 105% 36,000
1,000
10034 10035 10035
1033-5 102% 103% 16.000
1,005
102 102
102
99,000
9335 9335 94
115 120 308,000
116
103 104% 26,000
103
9535 9535 9535 35,000
9435 9435 94% 39,000
5.000
9535 97
4,000
10035 1003-5 10035
9835 34,000
9835 98
9735 9835 43,000
3,000
10135 10134
10635 106% 3,000
5,000
107% 10735
9734 9835 9,000
104% 104% 10495 10,000
64,000
10135102
102
28,000
1013-5 102
96% 9634 97 102.000
9535 108,000
95% 94
7,000
102 10235
102
2,000
103% 10335
2,000
9735
97
134 140 198,000
135
o5g 95% 12,000
95%
10735 10731 10795 39,000
9835 27,000
9834 98
9615 96% 9695 150,000
94% 196,000
94% 93
10435 10435 13,000
188,000
90% 9035 91
100% 10135 50,000
101
9635 96% 96% 10,000
9535 95% 24.000
22,000
3014 50
50
19,000
110 110
10135 10131 10134 13,000
27,000
101% 10135102
101% 10131 102
13,000
10135 10135 101% 23,000
10,000
100% 101
101
100 100% 10,000
100
99% 10035 34.000
100
99% 36,000
99% 99
35,000
98% 99
99
9835 9835 98% 29,000
9834 15,000
9835 98
9835 9735 9835 31,000
9835 9795 9835 34.000
,
9835 97% 9835 33,000
98% 9735 9834 39,000
105% 105% 105% 40,000
1,000
105 105
9835 9731 983-5 23,000
100
80
102%
10235
103
98
10035
9535
81
5334
10095
109%
111
9835
109
92
June
June
Jan
Feb
Jan
Jan
Jan
Feb
10434 Jan
10834 Jac
10135 Jan
10035 June
Apt
80
91% May
Jan
106
8935 Jac
Jan
104
10234 Jan
11035 Jan
June
100
10035 Jan
7835 Aor
9235 Apr
Apr
99
10435 Jan
10034 Jan
10535 Jan
98)4 Jan
Jan
102
9735 Jan
92
Ain
100% Mar
Jan
102
10735 Jan
9835 Jan
99% Apr
9835 Jan
Jan
100
863.5 Jan
10034 Jan
9935 Jan
Jan
89
May
94
9535 Apr
Jan
97
Jan
93
Apr
95
Apr
99
Jan
104
Jan
106
97
May
10335 Jan
9734 Jan
Apr
100
9635 June
94 June
Jan
101
Jan
100
Jan
92
106% Jab
95% Mar
106% Jan
9535 Jan
Jan
94
Stay
92
Jan
103
May
90
90% Apr
9635 May
9435 May
Jan
28
10735 Mar
10035 Apr
100% Apr
10034 Apr
9935 Apr
9935 Apr
9735 Apr
Mar
97
96% Apr
9634 May
Apr
96
9535 Am
9535 May
5 Apr
953.
95% May
9535 Slay
105% June
Jan
104
9735 Mar
108 June
11035 May
June
105
1003-5 June
Jan
96
Mar
98
110% June
Feb
95
Feb
105
10635 May
May
124
June
100
10535 May
8834 Feb
Mar
99
10234 Feb
10535 Feb
101% Feb
Mar
109
101% May
104% June
9934 May
9935 Jan
10135 Mar
1043.1 Stay
108% Jan
10534 June
May
101
10435 Feb
Apr
102
94 June
120 June
10435 May
9635 May
Mar
95
Jan
98
10035 Mar
9835 May
9835 May
1013.5 June
106% June
10735 June
Mar
99
10435 June
102% Stay
Jan
104
9935 Feb
9635 Feb
10235 Juno
May
104
9735 May
14535 May
96% May
Feb
108
98% May
9835 June
9935 Feb
104% Jan
9114 May
10334 May
96% May
9634 Mar
June
50
Jan
110
10235 Mar
Niar
102
10235 Mar
1015-4 afar
10135 Ma
10035 May
100% June
995% June
June
99
9835 June
9831 May
9834 June
9835 June
9835 May
9835 June
10735 Jan
Star
106
10335 Jan
Foreign Government
and Municipalities
93
98
Gratz (City) Austria 8s '54 98
Denmark (King)68_ _ _1970 9935 9935 9935
83%
82
French Nat Niall SS 7s 1949 82
Indust Mtge Bk of Finland
,
9435 97
1st St coil 4 f 7s_ -.1949 97
98
98
NIedellln(Colombia)85.1948
Netherlands(KIngc1)8eB'72 10635 10631 10634
9734 9734
1965
Norway 5}s
0935 99%
Oslo (City of) 68w 1 ..1955
100% 100%
Peru (Republic of) 85_1932
1235 14
Russian Govt(335s____1919
1135 12
1919 1135
635s etfs
113.4 1235
1135
1921
5348
1135 1135
1921
535s etre
IN% 1024
Switzerland Govt 63.4e 1929
10035 100%
External 5% notes-1926
529,000
73.000
18,000
May
97
9834 May
9835 Mar 100
Feb
7735 Apr 91
Jag
214.000 9234 Star 97
June
Jan 98
Jar
18,000 98
16,000 102% Mar 107
Fet
13,000 9735 June 9735 June
12,000 9935 Apr 9934 May
Jan 10035 Fet
2,000 99
25,000 1235 June 1734 Fet
21,000 1135 June 17
Fet
5,000 11% May
1735 Jar
15% Jar
1,000 1035 Slay
Jan 102
8,000 101
Jat
14,000 100% Mar 1
Jar
0134
• No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. o New stock. s Option sale. w When
Issued, z Ex-dividend. y Ex-rights. z Ex-stock dividend.
2930
putestment anti Sail/wail guteraffenct.
Latest Gross Earnings by Weeks -In the table which
follows we sum up separately the earnings for the fourth
week of May. The table covers 8 roads and shows 12.28%
decrease from the same week last year.
-,Gross from Railway -Net from Railway -Net after Tares
1924.
1925.
1924.
1924.
1925.
1925.
Chicago Rock Island eGulf65,513
38,210
77,996
April
439,509k 462,458
51,125
453,34Y
410.956
From Jan 1 2,019,359 1,946,935
503,642
462,677
Colorado ,fr Southern
75,260
-2,884
137,729
April
61,333
822,934
972,120
Fourth Week of May.
Increase. Decrease.
1924.
1925.
466,966
344,261
From Jan 1 3,723,654 4,127,702
718,093
599,577
Fort Worth & Denver City
$
$
$
$
158,951
130,493
April
198,944
190.157
726,833
Ann Arbor
755,568
13,497
140,790
154,287
814.804
945,906
From Jan 1 3,556,393 3,160,489 1,183,743
Buffalo Rochester & Pittsburgh_
976,838
411,992
37.194
374.798
Canadian National
911,357
5,615.197 6,526,554
Trinity & Brazos Valley
Canadian Pacific
902.000
3,626.000 4,528,000
April
130.978
177,375 -68,298 -54,123 -75.960 -61,311
Duluth South Shore & Atlantic_
125,723
121,559
4,164
160,987 -183.755
From Jan 1 1,148,538
192,481 -154,929
736,147
Mineral Range
2.239
8.140
10,379
Wichita 'Valley
Minneapolis & St Louis
8,126
249.631
257,757
48,038
37,410
55,505
April
116,590
48,049
129.062
St Louis-San Francisco
74,458
2,317.909 2,243.451
258,051
182,300
From Jan 1
289,130
548,312
224,235
628,478
Denver ,k Rio Grande Western
Total (8 roads)
12,482.050 14,230,117 102.484 1,850.551
336,689
391,637
504,496
April
560.831
2,230,521 2,362.394
1.748.067
Net decrease (12.28%)
From Jan 1 9,477.095 9,541,951 1,928,900 1,676,975 1,254.607 1,004.277
In the table which follows we also •complete our summary Denver & Salt Lake
April
135,714
208,201 -31.915 --16.914 --40.938 --25.944
38,172 --115,882
From Jan 1
902,458
74,281 --79.875
795,726
of the earnings for the third week of May.
Detroit Toledo & Ironton
476,787
333,055
540,324
April
1,142.929 1,158,634
442,934
Increase. Decrease.
1924.
Third Week of May.
1925.
From Jan 1 4,338,475 4,274,435 1,715,650 1,897.269 1,517.643 1,779,339
Duluth & Iron Range
$
8
$
$
30,842 --127,565
April
70.179 --86,447
479,355
280,507
Previously reported (15 roads)__ 16,682.713 17,013.016 272,747 603,050
From Jan 1
832,884
819,032 --458,723 --645,711 --521,251 --719,271
585
6,334
5.749
Nevada California & Oregon__ _
Duluth Missabe & Northern
259,694 --237,337
April
369.363 --148.218
497,950
979.638
Total (16 roads)
16,688,462 17,019,350 272,747 603,635
From Jan 1 1.279,591
902,565 --660.468 -1,294,248 --68,560 -1.719,518
330.888
Net decrease (1.94%)
Duluth South Shore & Atlantic
71,234
66.177
101.234
April
95,181
453,337
488.081
In the following we show the weekly earnings for a number
219,663
231,454
335,744
From Jan 1 1,793,675 1,872,693
349,463
of weeks past:
Duluth Winnipeg & Pacific
24,711
25,154
33,364
April
33.740
177.675
175.499
211.700
182,968
255,465
From Jan 1
224,523
842,205
888,500
Previous Increase or
Current
Elgin Joliet & Eastern
%
Decrease.
Year.
Year.
Week.
542,244
558,530
624,178
April
2,183,019 2.018,954
645 048
From Jan 1 8,977.036 8,401,430 2,914,094 2,549,994 2,562,103 2,222,095
$
$
$
Georgia & Florida
15,199,517 15,542.805 -343.288 2.20
1st week January (16 roads)
22,538
24,177
29,275
April
30,732
137,689
127,207
15.731.346 16.308,703 -577,357 3.54
2d week January (16 roads)
118,608
84,920
144,759
From Jan 1
111,215
595,521
525,355
16,863.185 17.375,859 -512.674 2.91
ad week January (16 roads)
22.784.700 23,080.725 -296.025 1.29 Grand Trunk Western
4th week January (16 roads)
143.374
16.669.351 17.205.585 -536.234 3.11
1st week February (16 roads)
263,801
April
216,692
326.729
1.537,331 1,560.056
17.244.485 17.670.268 -425.783 2.40
2d week February (16 roads)
848,516
640,506
925.996 1,130.832
From Jan 1 5,556,711 6,428,532
Is)
3d week February (16 roa, _ _ _ _ 16.1455.777 I 7.210,271 -364.4'4 2.11 Gulf & Ship Island
4th week February (16 roads)
16.957.292 19.300.342 -2.343,050 12.13
64.982
60.559
90,978
87,380
April
298.904
293,138
16,523.764 18,225.842 -1.702.078 9.33
1st week March (16 roads)
257,810
286,839
362,785
398,517
From Jan 1 1,232,283 1,201,766
2nd week March pi roads)
18.002.499 19.134.428 -1.131.929 5.91
5.67 International Great Northern
wk
3rd week March 16 roads
16.940.763 17.960,532 -1.019,779
157.242
180,573
April
202,304
217.490
1,350.789 1,271,849
23.153,228 24.130,086 -976,858 4.04
4th week March 16 roads)
681.888
907,1394
821.590
From Jan 1 5,615,782 5,264.975 1,085,137
1st week April r6 roads)
16.570.808 17.191,341 -620.533 3.58
2d week April 16 roads)
16.384,924 17.347.429 -962.505 5.55 Kansas City Mexico & Orient
7,257
30,688
16,289.410 16.754,973 -465.563 2.77
April
13.257
38,689
8d week April 16 roads)
235,309
160.677
46.6813 -24,508
22,389,690 22.677.078 -287.388 1.26
From Jan 1
4th week April (16 roads)
-1,979
85,285
592,244
948.601
-89.106 0.52
let week May (16 roads)
16.992.850 17,081.956
-Kansas City Mex & Orient of Texas
2d week May rti roads)
9,181
16.598.018 16.938.303 -304.285 2.00
53,436
13,182
60.141
April
173,468
294.572
wk
3d week. May 16 roads)
19,591
16.688,462 17.019.350 -330.888 1.94
279,476
35,631
From Jan 1 1,122,261
307,368
635,518
12.482.050 14,230,117 -1.748.067 12.28
4th week May 8 roads)
Kansas City Southern
276.229
278,893
369,427
375,779
April
1,418,615 1,550,455
We also give the following comparisons of the monthly
From Jan 1 5,682,376 6,049,967 1.538,938 1,508,854 1,159,846 1,135.303
totals of railroad earnings, both gross and net (the net before Kansas Oklahoma dr Gulf
-6,337 -26,662 -16,733
147.463 -18,1105
April
157.153
32,224
the deduction of taxes), these being very comprehensive, they
74,054 -65,320
From Jan 1
669.182
723.465 -30,103
with a total Lake Superior & Ishpeming-Include all the Class A roads in the country,
-540 -11,507
-1,256
10,807
98,668
April
110,939
From Jan E 328,461
329,437 -52.903 -70.520 -98,354 -111,516
mileage each month as stated in the footnote to the table.
Los Angeles & Salt Lake
289,050
153,506
418,303
295,472
April
1,845.133 2,137,598
Net Earnings.
(iron Earnings.
660,819 1,176.177
From Jan 1 7,369.744 8,278,717 1,217,628 1,693,794
Moats
Louisiana Hy & Navigation
Increase or
Increase or
36,173
25,016
54,176
45,138
334,278
April
268,271
Decrease.
1924
1925.
1924.
Decrease.
1925.
22,552
28.292
94,597
108,844
From Jan 1 1,164,471 1,212,152
wish= Ay & Nay of Texas
$
$
$
$
$
S
-5,298
-1,291 -12,790
-8,777
101,345
April
82,101
Jan __ 483,195,642 167,329,225 +15,866,417 101,022,458 83,680,754 +17.341,704
-2,329
10,652
13.676.
26,474
417,516
From Jan 1
422,059
Feb__ 454,009,669 478,451,607 -24,441,938 99,460,389 104,441,895 -4,981.506
Mar__ 485.498.143 .504.361.976 -18.864.8.33 109.230.086 114.677.751 -5.447,665
ouisville Henderson dr St Louis
73,372
70,169
89,939
86.438
274.396
April
273,612
384,629
343,075
291,038
Note.
-Percentage of increase or decrease in net for above months has been
441.192
From Jan 1 1,267,515 1,198.552
January, 20.73% Inc.; February, 4.77% dec.; March. 4.74% dec. In January the Midland Valley
length of road covered was 236,149 miles in 1925, against 235.498 miles in 1924; in
144,253
99.859
160,823
118,723
421,388
369.998
April
February. 236,642 miles. against 238.031 miles; in March. 236,559 miles, against
494,205
441,855
560,143
509,146
From Jan 1 1,437,541 1,536.009
238.048 miles.
Missouri Kansas& Texas of Texas
271,886
362,063
313,129
323,334
1,690,218 1.492,343
April
-The table
Net Earnings Monthly to Latest Dates.
1 7,333.191 6,224,815 1,774,4713 1,375,126 1,538,583 1,174,106
From
following shows the gross and net earnings for STEAM MissouriJanNorth Arkansas
&
19.923
18.597
23,250
17,768
railroads reported this week:
136.679
125,931
April
55,624
42,298
28,933
62,250
505,869
513,482
From Jan 1
-Grossfrom Railway- -Net from Railway- -Net after Tares
1924.
1925.
1924.
1925.
1925.
Nevada Northern
1924.
41,519
28,389
48,444
38,878
91.872
85,938
April
$
143,827
90.646
171,521
132,564
346,459
332,022
From Jan 1
Alabama & Vicksburg
58,544 New Orleans Texas & Mexico
40.388
301.914
281,390
83,316
68,070
April
44,084
65,551
66,080
87,819
320,198
141,465
256,841
189,692
April
233,529
304,049
From Jan 1 1,133,686 1,162,167
214,273
249,558
301.282
338.222
From Jan 1 1,075,865 1,075.711
Atchison Topeka & Santa Fe
Beaumont Sour Lake & Western
Colorado & Santa Fe
Gulf
122,212
121,290
128,125
128.488
281,659
283,354
1,935.249 1,928,231
21,662 -21,904 -67,678 -106,454
April
April
369,835
279,144
393,500
267,608
311.003
958.200
920,379
From Jan 1
608,294 1,332.1340
From Jan 1 9,167.243 8,027,318 1,680,689
St Louis Brownsville at Mexico
Panhandle & Santa Fe
413,400
393,605
363,633
438.544
31.115
799,924
-1.145
714,369
859,607
3,587
54,613
731,205
April
April
517,458
706,626
828,634
617.336
From Jan 1 2.922,773 2.707,825 1,204,075 1.317.890 1,084,054 1.217,241
From Jan 1 3,269,833 2.986,681
& Atlantic
Central
New York
Atlanta Birmingham
12,753
28,255
41,118
393,177
25,917
426,185
Cincinnati Northern
April
60,443
79.065
100,872
78,026
348,193
62,817
136,884
324,731
189,300
130,619
April
From Jan 1_ 1,788,260 1,598,649
440,135
447,783
355,931
522,976
From Jan E 1,413,367 1,569,683
Atlanta & West Point
31,759 Northern Pacific
45,100
63,065
242,809
46,410
257,287
April
598,575
365,032
174,970
160,354
987,265
231,819
219,700
6,809,896 7.309,212 1.036,111 1,271,016
April
From Jan 1 1,019,458
From Jan 1.27,298,873 28,500.408 4.641,152 5,529,017 1,969,620 2,810.520
Baltimore & Ohio Chicago Terminal
57,926 -13,805
15,094 -55,405 Northwestern Pacific
297,494
292,966
April
55.055
60.784
95,700 -15,902 -63.402 -169.852
14,683
537,923
100.390
483,157
April
From Jan 1_ 1,140,411 1,171,905
43.500
20,108
205,250
225,771
From Jan 1_ 1,872,145 2,031,694
Bangor & Aroostook
165,054 Pennsylvania643,283
214,808 • 238,337
304.371
723,064
April
761.746
738.092
972.290
Monongahela
From Jan 1 2,814,412 2,822,315 1,034,665
49,066
103.732
119,739
322,668
61,810
357.342
April
Bingham & Garfield
571,431
627.714
693,063
622,089
From Jan 1_ 1,732,168 1,863,767
-2,909
17,964
0,806
7,284
37,423
54,365
April
13,928 -10,721
30,444
57,027
149.518
& Western
208,763
Toledo Peoria
From Jan 1
0,024
158,159 -25.558
20,538 -32.584
108,507
April
Canadian National
23,104
622,028 --55,508
71,160 -79.547
From Jan 1_ 520,924
Atlantic & St Lawrence
41,265 --14,989 Pullman Co
172
55,901
255,152
232.802
April
6.220 -91.362
72.767 -30,725
*549.903 *443,893
978,859
6,007,914 5,878,099
April
907,578
From Jan 1
*2,316,401 *1,490,444
From Jan 1_24,250,010 23,036,819
Chicago Detroit & Can Ord Trk Jet
146,484
103,751
•After rents.
155,188
112,983
276.574
April
240,459
603.177
569,274 Quincy Omaha dr Kansas City
549.270
800.513
From Jan 1 1,070,319 1,104,487
-4.538
-446 -18,849
85,117 -14,217
69,128
April
Detroit Grand Haven dr Milwaukee
352,944 -72.779 -13,338 -91,309 -29,629
133,445
128.426
176,692
From Jan 1_ 272,848
180,897
547,015
April
572,684
517,795
558,484
538.206 St Louis San Francisco
537.993
From Jan 1 1.976.540 2,198,809
Fort Worth & Rio Grande
Canadian Pacific Lines In Maine
-8,639
6,253
125.059
-4,582
10,088
120,767
April
49,553 -26,187
38.553
April
261,671 -15.187
236,161
17,312
25.782
470,306
41,162
33,519
From Jan 1_ 478,778
305,159
185,028
349,159
230,028
From Jan 1 1,095,539 1,247,738
St Louis San Francisco & Texas
Chicago Peoria & St Louis
27.093
36,530
137,730
29,291
39,021
173,722
-5,411
-7,019
April
-3,517
-2,661
April
92,560
70.122
95,903
210,5138
534,641
104,471
220,390
3,535
From Jan 1_ 736,129
-3,668
10.378
10,549
From Jan 1
424,791
388,971
2931
THE CHRONICLE
JUKE 6 1925.]
--Grossfrom Railway- -Net Rom Ra6lway- -Net Ow Taxes
1924.
1924.
1925.
1925.
1924.
1925.
$
St Louis Southwestern of Texas
579,656 -63,570 -80.892 --90.496 --107.039
561,217
April
From Jan 1 2,508,186 2,485.727 -65,473 -117,833 --173,907 --220,922
San Antonio & Aransas Pass
30,280
46,211 -72,987
553,476 -56,509
508,507
April
64.817
130,432 --191.150
FromJan 1- 2,027,200 2.027,947 -125,051
San Antonio Uvalde dr Gull-21,143
53,322
24,460
56,952
134.708
186,024
April
70,804
131,542
84,514
146,647
493,291
From Jan 1- 568,653
Southern Pacific
15,530,941 16,666,681 3,053,982 5,085,010 1,683,401 3,655,584
April
From Jan 1_61,351.690 65,286,385 12,734,761 16,070,621 7,237.743 10.743,021
Morgans Louisiana & Texas
1.329 -114,366 -47,910
633,609 -62,927
623,340
April
70,790 -182,782 -114,725
21,634
From Jan 1_ 2,701,283 2,701,199
Galveston Harrisburg & Ban Antonio
283,794
206,991
350,432
279,617
1,842,009 2,049,845
April
946,848
From Jan 1_ 7,616,760 8,179,719 1,407,084 1,212,438 1.150,748
Houston East dr West Texas
2,916
45,257
55,030
11.529
251.193
April
260,300
122,064 -32.661
1,969
161,304
From Jan 1_ 1,003,312 1.024,758
Houston & Texas Central
92 685
14,311
133,383
70,042
April
1,081,393 1,172.413
282,389
819,865
465,783
From Jan 1_ 5,179,231 4,626,909 1,131,646
Louisiana Western
28,309
-5,069
19,614
61,466
329,285
April
319,084
222,337
118,259
344,775
211,295
From Jan 1_ 1,314,273 1,406,568
Texas& New Orleans
67,136
70.242
96,116
102,856
766,154
904,679
April
465,946
11,981
128,864
595,328
From Jan 1_ 3,518,405 2,988,443
Railway System
Southern
Northern Alabama
39,564
48,595
47,927
56,052
125,173
130,347
April
212.380
241,528
203,181
226,681
535,307
From Jan 1_ 513,075
Spokane International
23,324
20,662
26,421
28,544
94,449
92,585
April
89,854
94,247
117,320
110.724
379,379
From Jan 1- 361,081
Spokane Portland & Seattle
107,484
177,666
248,000
182,662
658,299
601,835
April
444 742
699 595
985,365
742.602
From Jan I_ 2,316,828 2,660,895
Tennessee Central
87,950
41,829
75,560
47,176
249,098
239,031
April
195.451
225,613
153,931
170,860
900,050
From Jan 1_ 972,522
Terminal Railroad Assn. of St Louis
St Louis Merchants Bridge Terminal
-7,454
22,764
56,966
81,244
327,274
360,774
April
362,620
331,140
253.866
438,448
From Jan 1_ 1.609,411 1,629,680
Union Pacific
7,019,400 7,805,462 2,007,659 1,905,502 1,320,763 1,242,897
April
From Jan L28,925,147 32,377,466 8,306,383 9,829,440 5,636,974 7,192,652
Oregon Short hie
574,608
117.181
297,189
362,316
2.288,492 2,822,155
April
From Jan 1_ 9,747,816 11,348,089 2,183,707 2,825,368 1,201,919 1,714,137
Oregon-Washington Railroad & Navigation
376,653 -54,149
204,470
115,839
1,931,934 2,349,294
April
301.718 1,336,944
981,965 2,019,954
From Jan 1- 8,048,687 9.446,118
St Joseph & Grand Island
44,808
22,150
31,493
38,719
252,251
229.447
April
222.673
191,865
169,410
258,140
From Jan 1- 1,054,595 1,082,797
Vicksburg Shreveport & Pacific
80,909
31,576
58,305
54,137
354,768
306,4'16
April
132,304
242,182
162,175
221,715
From Jan 1- 1,281,795 1,398,306
Western of Alabama
53,203
78,241
63,925
73,944
266,185
273,043
April
300,166
247,726
24,049
314,287
From Jan 1- 1,105,949 1,060,294
Western Pacific
65,255
121,768
37.263
144,553
995.787 1,065.028
April
494,141
267,743
159.994
584,379
From Jan 1. 3,904,604 3,823,898
Companies.
Gross
Revenue.
*Net
Revenue.
Fixed
Charges.
Net Corp.
Income.
54,101 -19,403
225,496
34.698
Brooklyn Queens Mar '25
-4.510
51,504
215,465
47,994
'24
County & Sub
76.090
159.584
641.738
83,494
3 mos ended Mar 31 '25
162,805 -12.888
615,542
140.917
'24
32.883 -50.079
221,479 -17.196
Mar '25
Coney Island &
29.078
27.990
57.068
226,255
'24
Brooklyn
95.206 -68.797
26.409
626,792
3 mos ended Mar 31 '25
66,692
82,419
149,111
649,893
'24
13.537 --13,611
5,702
--74
Mar '25
Coney Is'and &
13,545 --16.639
6,417
--85
'24
Gravesend
40,576 --44,153
15,750
--3.577
3 mos ended Mar 31 '25
40.641 --49,560
16.133
--8,919
'24
-3,907
92,685
88.778
497,309
Mar '25
Nassau Electric
91.786 -24,403
67,383
481,905
'24
279.629 -74,753
204,876
3 mos ended Mar 31 '25 1,391,131
276.106 --19,298
256.813
'24 1.373,002
653
22,461
23,114
90,698
Mar '25
South Brooklyn
2,874
17,777
20,651
91.287
'24
73,074 -- 5.529
67,545
289,028
31 '25
3 mos ended Mar
1,129
65.943
67.072
267,640
'24
1,386
296
1.682
22,264
Manhattan Bridge Mar '25
1,422
260
1,682
23,492
'24
3c Line
712
889
1,601
62,214
ended Mar 31 '25
3 mos
2,664
918
3,582
67,438
'24
Transit
Interboro Rapid
538.136
Mar '25 3,585,667 1,614,192 1.076,056
Subway Div
557,524
'24 3,534,969 1.616,603 1.059.079
4,729,387 3,229,686 1,499.701
3 mos ended Mar 31 '25 10,491,866
'24 10,272.062 4,562.725 3,178.853 1,383.972
689,507 -259,861
429.646
Mar '25 1.648,646
Elevated Div
623,762 -129.049
494,713
'24 1.668.346
1,131,053 2,067,669 -936,616
3 mos ended Mar 31 '25 4.711,788
'24 4,779,386 1,295.065 1,872,730 -577,665
481,415
502,327
983,742
New York Rapid Mar '25 2,672,494
270,829
486,737
757,566
'24 2,457,905
Transit Corp
7,708,277 2,520,566 1,491,182 1,029.384
3 mos ended Mar 31 '25
470.847
'24 6,993,460 1,920,757 1,449,910
--9,368
225,380
216,012
Mar '25 1,224,937
Third Avenue
--2,411
225,612
223,201
'24 1,238,920
Railway System
675.861 --148.590
527,271
31 '25 3,448.686
3 mos ended Mar
676,950 --76,658
600,292
'24 3,570,359
190,236 --55.668
134,568
663,915
Mar '25
New York Rail212,819 --163,655
49,164
736.260
'24
ways (Receiver)
641,495 --324.180
317,315
mos ended Mar 31 '25 1.799,484
3
652.023 --521,150
130,873
'24 2,129,130
1.980 -15,221
92,221 --13,241
Mar '25
Eighth Avenue
10,129 -18,206
-8,077
100,561
'24
6,145 -66.649
250,889 ---60,504
3 mos ended Mar 31 '25
31,909 -60.296
288,878 --28,387
'24
4,175 -22,651
41,950 --18,476
Mar '25
Ninth Avenue
-9,852
1,408
--8,444
43,199
'24
12.476 -68.694
110,150 --56.218
3 mos ended Mar 31 '25
4,700 -30.775
118,178 --26,075
'24
64.787
50,241
115,028
121.121
Mar '25
N ew ork
59.751
49,700
109.460
133.605
'24
& F-arlem
170 286
149 917
320 203
333 498
3 mos erded Mar 31 '25
218608
148 851
367 459
387 897
'24
17,295 -14,380
2,915
88,468
Mar'25
Second Avenue
18,324 -10,592
7,732
92,326
'24
(Receiver)
52,230 -62,863
237,074 --10,633
3 mos ended Mar 31 '25
1
54,972 -- 35.729
19,243
265,886
'24
25,178 --19,071
6.107
67,269
Mar '25
New York
27,091 --20.179
6,912
56,387
'24
Queens
&
74,822 --56,859
17,963
193,706
3 mos ended Mar 31 '25
77,920 --61,027
16,893
159,093
'24
--74
4,576
62.922
4,502
Mar '25
Steinway Rail1
4,439
4,440
63,309
24
ways (Receiver)
--6,052
13,363
7,311
135,878
3 mos ended Mar 31 25
--1.621
12,773
11,152
'24
243,207
3.550
3099
6,649
Mar '25
34,067
Long Island
-4,813
3,507
--1,306
31,233
'24
Electric (Receiver)
Electric Railway and Other Public Utility Net
10,474
1,325
95,661
11,799
Mar 31 '25
3 mos ended
Ea nings.-The following table gives the returns of
10,528 -20,324
89,222
--41.706
'24
ELECTRIC railway and other public utility gross and net New York &
6,655
-2,738
37,360
3,917
Mar '25
-2,284
6.290
33,960
4.006
'24
Long Island (Roe)
earnings with charges and surplus reported this week:
20,069 -15.803
4.266
104,081
- 3 mos ended Mar 31 '25
-Gross Earnings--Net Earnings
20,611 -25,979
102,543
-5,368
24
Current
Previous
Previous
Current
--2,414
18,988
1,334
3.748
Mar '25
Year.
Year.
Ocean Electric
Year.
Year.
Companies.
3.216
--2,345
16,224
871
'24
$
$
$
$
-3,560
9.809 --13.369
49,771
mos ended Mar 31 '25
3
American Tel & Tel Co...Apr 6,973.000 6,142,000 83,184.000 f2.615,000
--8,642
1,422
10,064
'24
49,677
27,585,000 24,686,000812,537,000[10,504,000
Jan 1
From
9,955
--2,486
34,589
7,469
Mar '25
Illinois Bell Telephone_ __Apr 5.027,676 4,655,606 *973.176 *882,393 Manhattan &
--3,755
10,365
6,610
'24
33,897
Queens (Receiver)
19,593,830 18,256.157 *3.637,580 *2.961.175
Jan 1
From
29.442 --13,873
15,569
94,865
3 mos ended Mar 31 '25
Southern Can Pow Co. Ltd.
30.753 --15.565
15,188
'24
94,570
86,472
57,040
46,059
96.750
Apr
and Subsidiaries
10,961
--7,403
3,558
63,137
Mar '25
618,723
366.731
344.688 Richmond Light
7 mos ended Apr 30- _ - _ 672,771
8,557
--3,413
5,144
65,951
'24
& Railroad Co
36,041 --48,868
223.639 --12,827
•After taxes. (After recite
3 mos ended Mar 31 '25
26,451 --16.576
189,692
9,875
'24
Fixed
Net after
Balance,
Gross
Taxes.
Charges. Burrs,
Earnings.
* Includes other income
Companies.
454,172
Apr '25 3,304,759 1,495.118 11,040.946
American Water448,876
Works Co & Sub Cos '24 3.233,626 1,414,958 1966.082
17,416.872f11,999.873
FINANCIAL REPORTS.
12 mos ended Apr 30 '25 38.870,461 16,377.463,1'10.692.485 5,416,988
5,684,978
• '24 37.886,141
24.370
12,378
11,992
66,863
Shore Gas Apr '25
Eastern
-An index to annual reports of steam
Financial Reports.
18,111
10,300
7,811
47,913
'24
Elec Co& Subs
253.019
127,845
125,174 railroads, street railway and miscellaneous companies which
680,598
12 mos ended Apr 30 '25
220,098
112,868
107,230 have been published during the preceding month will be given
585,358
'24
170,622
69,308
101.314
335,081
Penn Cent Light & Apr '25
148,289
65,316
82,973 on the last Saturday of each month. This index will not
302,419
'24
Power Co
824,973 1.147.698 include reports in the issue of the "Chronicle" in which it is
12 mos ended Apr 30 '25 3,856.777 1,972.671
559,917 1.055,210
'24 3,479.037 1,615.127
published. The latest index will be found in the issue of
530,286
*13,543
*90,425
16,743
Mar '25
Honolulu Rapid
124,875
*13,435
*83,890
11,440 May 30. The next will appear in that of June 27.
'24
Transit Co, Ltd
k33,327
56,011
263,559 5*89,338
3 mos ended Mar 31 '25
k33,814
244,987 5*63,360
29,546
'24
Pere Marquette Railway Company.
523,074
*47,885.
41,170
11,904
Apr '25
522,766
*13,315
Annual Report-Year Ended Dec. 31 1924.)
9.451
*10,093
'24
k35,356
351.276 5*117,412
82,056
4 mos ended Apr 30 '25
President Frank H. Alfred, Detroit, March 31, wrote in
*45,010
41.116
323,755 1*86,126
'24
375,018
981,203 substance.
1,971;348 1,356,221
Southern California Apr '25
818,004392,379
425,625
'24 1.618,633
-The following changes in long term debt occurred
Long Term Debt.
Edison Co
10,228,412
'25
12 mos ended Apr 30 '24 22,092,375 10,971,125 4.952,849 5,275,56.3 during 1924:
4,040,388 6,930,737
21,327,458
(a) Temporary Equip. 6% Gold Notes aggregating $2,469,500 were
150.631
289,409 retired by the issuance of definitive Notes(stamped)aggregating 52,464,0043,
United Gas & Elec Apr '25 1,194,333 *440,040
143,395
272,045 and the payment of $5,500 in cash.
'24 1.128,966 *415.440
Corp
(b) Equipment6% Notes aggregating $672.500, were retired at maturity
ended Apr 30 '25 13,810,576 *4,938,410 1,763,221 3,175,189
12 mos
by cash payment made to Guaranty Trust Co.
'24 13.235,127°44,662.210 1,640,766 30,021,446 Jan. 15
1924'
(c) During the year the canpany obtained the authentication and
preferred dividends of subsidiaries.
income.
•Includes other
delivery to it by Bankers Trust Co. as corporate trustee of the 1st Mortgage
res.
Before taxes. k Includes
of the company of $6.064,000 of 1st Mtge. 5% Gold Bonds. Series "A,
'
to cover reimbursement for 80% of the expenditures for additions and
New York City Street Railways.
Fixed
Net Corp. betterments during the period July 1 1922 to June 30 1923, incl. These
*Net
Gross
bonds have not been sold, but are being held in the treasury for future
Income.
Revenue. Revenue. Charges.
Companies.
needs.
$
$
$
•$
(d) A mortgage of $6.000 held by Northwestern Mutual
44,822
146.681 Co. on certain land purchased at Erie, Mich, for yard Life Insurance
191,503
997.556
Mar '25
Brooklyn City
purposes, was
187.796 discharged during the year.
42,290
230,086
'24 1.002,561
137,358
343,575
480,933
Securities Acquired and Disposition of Securities Owned.
-During the
3 mos ended Mar 31 '25 2,829,514
129,486
490,602 year the company'advanced an additional amount of $31,438 to
620,088
'24 2,936,610
the Flint
57.954 -52,337 Belt RR., making a total of $735,117 advanced to Dec. 31 1924. including
5,617
1,672
Brooklyn Heights Mar '25
58,230 --74,825 interest amounting to $21,679 on advances prior to June 5 1923, th e date
6,859 -16.595
'24
(Receiver)
173,862 -153,875 on which the Flint Belt commenced operations. Against these advances
19,987
4,807
3 mos ended Mar 31 '25
174,676 -174,410 the Flint Belt has issued to the Pere Marquette Ry., at par 6692.000 of its
266
19.866
'24
LIncludes
2932
capital stock leaving a balance of $42,517 of indebtedness to this company
on account of such advances for which stock of Flint Belt RR. has not
been issued.
On account of the termination on Sept. 141924,of the corporate existence
of the Grand Rapids, Kalkaska & Southeastern RR., a subsidiary of the
Pere Marquette Ry., the capital stock of that company which was carried
on the books of the Pere Marquette at a nominal valuation of $1 was
written out of the accounts.
On Jan. 1 1924, the Pere Marquette By. owned $3.000.000 of U. S.
Gov't securities, which were carried on the books at cost, viz.: $3,004.453.
During the year the company purchased at par $2,000,000 additional
Government securities and sold 14,500.000 face amount for $4518438.
The profit on those transactions during the year amounted to 113.985 and
at Dec.31 1924. the company had in its treasury $500,000 of U.S. Treasury
4% Certificates which mature on March 15 1925.
.A balance of $55,000 on note of George B. Yerkes due May 1 1924,
given the company in connection with the purchase by him of certain
property at Detroit, was paid during the year.
Dividends -Quarterly dividends at the rate of 1 % were regularly
paid on the Prior Preference stock and the Preferred stock. These payments wore made out of surplus and amounted to $560,000 on the Prior
Preference and 1621450 on the Preferred.
Quarterly dividends at the rate of 1% were also regularly paid on the
Common stock. These payments were likewise made out of surplus and
amounted to 81.801,840.
Taxes.
-Railway tax accruals during the year 1924 amounted to 82.028.020, as compared with 11,848,822 for the previous year, an increase of
$179,198 or 9.7%.
Profit and Loss.
-The profit and loss surplus carried forward from Dec.
31 1923, amounted to $13,930.799. During the year there was a credit
from income of 84.935.022 and there were charged to profit and loss dividends declared out of surplus amounting to $2,983,290. There was also
charged to profit and loss, an amount of 1521.953 on account of retired
road and equipment, representing book adjustments due to tracks and other
property retired and not replaced, including the abandonment and removal
of the Buchanan Branch and of facilities at old Ottawa Yard, Toledo,O.
The net debit of other profit and loss items during the year was $45,347.
leaving as of Dec. 31 1924, a credit balance of 115,315,232. an increase
during the year of $1,384,433.
-During 1924, charges amounting to 82.303,Additions and Betterments..
281 were made to "Investment in Road" and $2,255,746 to "Investment
In Equipment:" the net charge to "Investment in Road and Equipment"
for the year being 14,559.028.
Roadway Retirements.
-Upon application made by the Pere Marquette
-S. C. Commission authorized the abandonment of a branch line
Ry.,the I.
between Benton Harbor and Buchanan, Mich., approximately 22.5 miles.
This branch was taken up in Oct. 1924. The credit to "Investment
Account" resulting from the retirements amounted to 8348.827. Upon
completion of the new engine terminal and yard facilities at Erie, Mich.,
It became unnecessary to continue further use of our similar facilities at
old Ottawa Yard, Toledo, 0. Abandonment thereof was effected and a
credit to "Investment Account," in the amount of 1199.659 was made.
Number of Employees.
-During 1924. the average number of employees
was 11,085, as compared with 11,600 in 1923.
Freight Traffic.
-The freight revenue for 1924, as compared with 1923,
decreased $2.792.904.
Passenger Traffic.
-The passenger revenue for 1924. as compared with
1923, decreased $462,024: the mall revenue decreased $18,757: the express
revenue decreased $47.445. Other passenger train revenue increased
$1,692. The number of passengers carried decreased 339,474: the number
of passengers carried one mile decreased 15,345,63.
GENERAL STATISTICS FOR CALENDAR YEAR.
1921.
1922.
1924.
1923.
2,231
2,217
Average miles operated_
2,238
2,288
Passenger revenue
14.878,996 $5,341,020 $4.946,787 $5,940,618
2,390,985 3,258,991
Passengers carried
2,441,140
2,101.666
Pass. carried 1 mile_ __ _146.352.884 161,698,514 146,705,763 177,201,307
Earns, per pass, per mile 3.334 cis. 3.303 eta. 3.372 cts. 3.352 eta.
81.63442
$1.62129
Earns. p. pass. tr. mile
$1.57667
61.60364
Freight revenue
$33,552,524 $36,345,428 $29,806,583 $29,291,665
Revenue tons carried_ _ _ 17.700.538 18,577,556 13,910,640 12,786,731
Rev, tons car'd 1 mile_ 2970688245 3252137428 2423036810 2172802065
Earns.p.rev.ton p. mile 1.129 cis. 1.118 eta
1.232 eta. 1.348 eta.
546
584
Rev.tons per train nine_
606
626
17.45332
$7.25712
Earns. p.fright tr. issile_ $6.97153
$7.10143
113.129
$13,445
Gross earns, per mile_ _ _
$14,663
$16,237
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1921.
1922.
4
,552
$29,424.895 $29,853,253 $36,345,428 833192 ..524
5,341,020 4.878.996
5.940,810 4,946,792
480.281
499,038
493,263
498,497
938,098
985,543
583,212
914,828
1.948,016
2,794,708
1,860,849 2.184,563
Freight revenue
Passenger
Mail
Express
Miscellaneous
Total oper. revenue-838,303,029 $38,397,933 $45,965,737 $41,797,915
Maint. of way & struc
5,949,529
5,084,399
4,538.486 4.505,904
8,693,760
Maint. of equipment_ _ - 8,119,337
7,750.756 9,841,414
629,430
Traffic
598.623
585,770
614.329
Transportation
15,441,039 14,716,441 17,352.107 15,381.093
1,380.970
Miscellaneous
1.420,643
1.404,217
1,383.960
Transporta. for invest_ Cr.52.550
Cr.60,I25 Cr.291,221 Cr.206,723
Total oper.expenses_ _130,036,300 828,911.265 134,871.096 $30.962,930
Net operating revenue_. 88.266.729 89,486,669 811,094,640 810,834,985
81,848.821 $2,028,020
By. tax accruals
7.803
Uncollectible railway revenues
13.604
919,635
1,625,249
Equipment rents (net)
678,697
520,593
Joint facility rents (net)
Net railway operating income
Other income (net)
Total
Interest on bonds
Interest on equipment notes
Miscellaneous interest
Dividends on Prior Pref. stock
do do Preferred stock
do do Common stock
(Vol,. 120.
THE CHRONICLE
$7,086,372 $7,200,828
406,053
357,1.91
17.443,563 17.606,881
2,197,960
1,664,974
445,246
485,881
28,653
89,898
(5%)560.000 (5)560,000
(7%)870,030 (5)621,450
(3%)1,351.380 (4)1,801.840
repairs to locomotives, passenger cars and work equipment is the principal
cause of the falling off of $47,573 in expenses of maintenance of equipment.
The decrease of $167,537 in transportation expenses is partly accounted
for by the reduction in traffic. Charges for fuel show a substantial falling
off due both to decreased consumption and a lower average price per ton.
Non-operating Income.
-The increase of $16,899 in income from lease of
road and the decrease of $40,243 in income from unfunded securities and
accounts are due almost entirely to adjustments in 1923 incident to final
settlement of accounts with the United States Railroad Administration
for the period of federal control.
The increase of $51987 in miscellaneous income Is mainly due to an
adjustment in connection with final settlement in 1923 with the United
States Government for the guaranty period March-August, 1920.
Changes in Property Investment Accounts.
-There was a net increase in
property investments during the year 1924 of $1,492,896.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
1,939,658
Tons rev, freight carried 2.175,239
1,828,219
2,542,105
Tons rev. fr't care. 1 m-244,781,426 281,271,101 201,641,162 187,766.704
Tons rev, freight carried
1 mile per mile of road
• 452.230
488,223
592,677
681,027
Total freight revenue- -- $3.660,381 $3,852,408 $3,167,577 $3,232,699
Average amount received
$1.67
$1.73
for each ton offreight_
$1.52
$1.68
Avge.rev. per ton per m. 1.495 cts. 1.370 eta. 1.571 eta. 1.722 cts.
1,239,624
Rev, passengers carried_
1,138,487
911,965
1,059.014
Rev. pass. carried 1 mile 41,943,530 45,840,205 43,572,947 44,157,318
Rev, passengers carried I
106,375
105.501
mile per mile of road110,991
101,556
Total passenger revenue $1,406,716 $1,529,974 $1.477,880 $1,554.941
Average amount received
51.254
11.298
from each passenger__
11.543
81.445
3.52 eta.
3.39 eta.
Av.rev. per pass. per m_
3.35 eta.
3.34 eta.
CORPORATE INCOME ACCOUNT. CALENDAR YEARS.
1921.
1922.
1924.
1923.
$3,660.381 $3,852,408 $3,167,577 $3,232„699
•Freight revenue
1,554,941
1,477,880
Passenger revenue
1,529.974
1,406,716
957.349
1,098,059
1,376,879
Mail, express, &c
1.239,077
66,567
59.642
Incid, and joint facility74,327
65,086
$6,509,063 $6,695,786 $5,803,158 $5,811,556
Total ry. oper. rev_ _ _
Operating Expenses
Mahn. of way & struc._
Maintenance of equip
Traffic expenses
Transportation expenses
Miscellaneous operations
General expenses
Transp. for invest.-Cr.
$1,261,700 $1,205,009 $1,088,292 $1,279,452
988,502
1,116,251
1,225,396
1,272,970
104,153
100,336
107,248
106,935
2,639.342
2,610,526
2,868,153
2,700,615
21,621
19,487
20,711
21,260
170,636
160,799
155,673
161.396
870
• 1,296
1,165
• Total ry. oper. exps
Ney railway oper. rev.Railway tax accruals_ - _
Uncoil, railway revenues
Equipment rents (net)
Joint facility rents
85,476,007 $5,628,599 $5,094,821 $5,203,707
607,848
708,337
1,067.187
1,033.055
298.829
262,776
281,170
297,306
107
69
105
425
Cr.68,732
Cr.26,259
Dr.1,125
Cr.12,466
Cr.73,266
Cr.58,681
Cr.83,355
Cr.51,818
Net ry. oper. income_
Total other income
$799,608
79.087
$868,143
51,598
$530,433
74,130
$450,910
135,217
Gross income
Deductions
Rent for leased roads....
Miscellaneousrents- Misc, tax accruals
Interest on funded debt_
Int. on unfunded debt
Amortization of disc, on
funded debt
Maint. of invest. organ.
Misc,income charges.- _
$878.695
$919,741
$604,563
8586,128
819,000
249
$19,000
368
447.175
.
38
819,000
295
151
431,460
109
. 443,506
Cr.348
819,000
460
62
447,326
109.987
2,376
65
2,482
1,568
764
2,483
1,672
14
Cr.12,685
1,533
46
Cr.5,612
$471,385
$407,309
1455,832
8463,909
$451.526
$153,036
5572,801
813,326
Total deductions from
gross income
Net corporate income
GENERAL BALANCE SHEET DEC. 31.
1923.
1924.
1923.
1924.
$
Liabilities$
Assets$
188,900
Inv.in r'd & equip.25,589,057 24,097,266 Common stock... 188,900
Preferred stock_ _ _ 8,955,400 8,955,400
Impr. on leased
402,800
12,920 Equip. obligations 1,163,400
. 14,026
property_ __
ry.
5,900 Mortgage bonds__ 9,716,000 9,716,000
2,850
Misc.ohm prop..
Traffic & car-servInv. in MM. cos.:
106,990
ice balances.. _ - 102,541
548,951
548,951
Stocks
100,000 Audited accts. and
100,000
Bonds
413,880
367,000
wages payable.. 389,026
349,000
Notes
3,717
2,130
49,500 MSC. accts. pay..
60,500
Advances
193,700
200 Int. mat'd unpaid. 196,173
200
Otherinvestments
5,772
5,814
909,867 Divs. mat'd unp'd
868,863
Cash
29,341 Funded debt ma29,903
special deposits_ _
1,000
1,000
tured, unpaid _ _
Traffic & car-wry13,543
12,859
119,811 Unmat. in (weed
. 124,059
Ice balances_ __
5,916
5,916
24,358 Unmat.rents accr.
17,966
Agts.& cond. bal..
3,857
217,113 Other currentliab-4,385
Miscellaneous.... 224.814
10,976
894,265 1,172,110 Other def. BMA's_
Mat'l & supplies
106,577
140,954
13,130 Tax liability
12,894
Int. & diva. rec_
166 Accr.depr.(equip.) 1,462,162 1,373,290
166
Rents receivable__
185,633
0th. unadj. credits 251,653
3,083
Other cur. assets__
2,902 Approp. surplus.. 2,043,985 2,043,986
2,902
Working fund adv.
20,353 Profit & loss, bal.. 4,396,887 3.996,277
20,353
Insur.& 0th.funds
659
U. S. Govt. accts.
6,319
15,107
Disct. on fund. dt_
61.494
0th. unadj. debits 141.387
Total
29,020,348 27,760,365
20,020,348 27,760,365 -V.120, p. 1447.
Total
Chicago Milwaukee 41k fit. Paul Ry.
(Statement of (7overdale & Colpitts, Consulting Engineers to
Balance,surplus
Reorganization Managers.)
The usual comparative balance sheet as at Dec. 31 1924
Coverdale & Colpitts, Engineers, in a letter to Kuhn, Loeb
will be found in V. 120, p. 2398.
& Co. and The National City Co., Reorganization Managers,
.state in substance:
Rutland Railroad Company.
At the request of the directors we undertook, beginning in Jan. 1925, a
58th Annual Report-Dec. 31 1924.)
thorough investigation of the condition of the company's property, its
capital requirements and its earning possibilities, with a view to advising the
E. Crowley, wrote in substance:
President Patrick
board with respect to the problem presented by the maturity on June 1 1925
$2,421,400 81,951,732
-The company moved 2,175,239 tons of revenue freight.
Year's Business.
a decrease of 366.866 compared with 1923. The principal cause of this
decrease in tonnage was the falling off in anthracite and bituminous coal
carried amounting to 359,123 tons. Unusual conditions in the coal fields
in 1922 and 1923 make it necessary to go back of those years for a normal
coal movement. In comparing this class of traffic handled in 1924 with
that moved in 1921, we find only a slight decrease.
The number of paasengers carried was 911.965, a decrease of 147.049.
Of this decrease 50,316 was in interline, 90,624 in local and 6,109 in commutation passengers.
There has been a steady growth in milk traffic and the company's revenues
in 1924 from this source were the largest it has had.
Operating Revenues.
-The total operating revenues were $6,509,063, a
decrease of $186,723 compared with 1923. Freight revenue was $3,660,380.
a decrease of $192.027. Passenger revenue was $1,406,716, a decrease of
8123.258. Mail revenue was $165.688, an increase of $42,043 principally
attributable to an advance in rates granted to New England carriers
effective Dec. 13 1923.
Operating Expenses
.-Total operating expenses were $5,476.007 compared
with $5,628,598 in 1923. Larger outlay for rail and tie renewals together
with a retirement charge of $19,000 in connection with the Rutland engine
terminal improvement, account mainly for the increase of $56,690 in
expense for maintenance of way and structures. Decrease in charges for
of approximately 848,000,000 of bonds. Our conclusion was that even if the.
maturing bonds could be taken care of, the financial problem of the company
would not be met, and that a readjustment of the financial structure was
necessary. Since the receivership we have continued our study in order to
be in a position to advise in connection with such a readjustment.
For the purpose of presenting a view of the financial position of the system
as a whole we have readjusted the income accounts for 1923 and 1924 to
give effect to what we regard as more nearly adequate rates of depreciation of
equipment, to include as joint facility rents, advances made to the Chicago
Union Station for the purpose of paying bond interest under the agreement
by which the railway company enjoys the use of the station and to treat the
interest on the obligations of Chicago Terre Haute & Southeastern By.
(whose properties are operated under lease) as an interest obligation of the
system. Upon such a readjustment there would be shown as available for
interest in 1923, 518,816.000 against interest charges of $20,950,000 or a
deficit of $2,134,000. and as available for interest in 1924, $17,529.000
against interest charges of 121.751.000 or a deficit of $4,252,000.
We believe that the electrification of portions of the mountain lines has
been justified by the resulting operating economies and recommend the electrification of additional sections in order to secure the full benefits of the work
already done. Rail renewals for a number of years have been inadequate
and some of the lines are somewhat deficient in ballast. In addition certain
of the shop machinery and power stations on the eastern linos are to some
JuNE 61925.1
THE CHRONICLE
extent obsolete,a considerable number of coaling stations should be replaced
with mechanical plants and additional water treating plants should be provided. For the foregoing and other capital expenditures necessary to the
normal anticipated development of the System, we believe that there should
be adopted a program of additions and betterments to road for the next ten
years, as follows:
$4.690.000 1929
$5,100,000 1932
$6,600.000
7.775.000 1930
1926
10,300.000 1933
7,100,000
8.325,000 1931
1927
9,600,000 1934
7.600,000
5,850,000
1928
-Year average
10
37.294.000
The equipment of the system is only in fair condition, a large number of
units should be rebuilt and additional cars should be purchased to overcome
the deficiency in ownership, to replace retirements and to meet the estimated
increase in traffic. In this connection it should be noted that in recent years
an extensive rehabilitation plan has been conducted, as a result of which the
freight equipment is in much better condition than formerly. This should
be continued. Reserves for depreciation of equipment have been inadequate and we deem it advisable that the rates for such depreciation be increased and allowance therefor be made in all estimates of future earnings.
In our judgment there should be adopted a program for new equipment and
for additions and betterments to existing equipment for the next ten years,
as follows:
314,667,000 1929
1925
311,100,000 1932
39.300.000
1926
2,100,000 1930
11.100.000 1933
9.300.000
1927
15,600,000 1931
9,300,000 1934
9,300.000
1928
11,100,000
-year average
10
$10,286,000
While this program contemplates total new capital expenditures averaging
$17,580,000 per year, for 10 years, the new equipment can doubtless be
financed under equipment trusts for 75% of cost, leaving to be otherwise
provided for—
Cash and deferred payments on new equipment trusts
34.165.000
Deferred payments on existing equipment trusts
2.662.000
Additions and betterments to equipment
1,700,000
Average per year for equipment
Additions and betterments to road
38,527.000
7,294,000
Average per year for road and equipment
$15,821.000
The depreciation fund will, we estimate, provide for an annual average of
37.590,000 of capital expenditures, so that about $8,231,000 of the total
annual expenditures contemplated by the program will be required to be
financed by appropriations from surplus income or by the issue of new securities other than equipment obligations.
We recommend that additional working capital of $5,000,000 be provided
to relieve the present deficiency of current assets over current liabilities.
In explanation of this recommendation it may be stated that as of Dec.
31 1924 the current assets were 344,931,343, but these assets included $13.883,801 of notes and shares of the Milwaukee Land Co. which are not susceptible of quick realization, and materials and supplies amounting to
313.575.288. a large part of which will eventually be used for improvements
chargeable to capital account, and the balance must be maintained for the
continued efficient operation of the property.
The current liabilities as of that date amounted to 333.502.293.from which
however, may be deducted the Timber Loan of $2,340,000 which is to be
otherwise liquidated under the plan.
The available current assets as of Dec. 31 1924 were, therefore, $17,472,254, against current liabilities of $31,162,293.
We have carefully studied the plan of reorganization which has been prepared by you. In our opinion,in the light of the knowledge which we have
acquired of the whole situation, it adequately meets the financial problems
of the St. Paul System.
It is apparent that the first requisite of any plan of reorganization must
be to provide a means for financing these necessary capital expenditures and
to bring the fixed interest charges well within the prospective earnings.
These ends the plan accomplishes through the present raising of now money,
through making available to the new company a large amount of General
Mortgage bonds, through the creation of the new 1st & Ref. Mtge. and
through the conversion of the present fixed interest obligations secured under
the Gen'l & Ref. Mtge. and the Puget Sound Mtge. Into obligations upon
which the payment of the interest is dependent upon income.
We have estimated that if the program which we recommend is pursued
the amount of earnings available for interest, based upon normal business
conditions (as an average over a period of years) will be 317.650,000 in 1925,
330.150,000 in 1930 and 339100,030 in 1934. Assuming that an average of
only 32.500,000 per annum is appropriated from surplus income for capital
expenditures, the fixed charges of the new company under the plan,exclusive
of interest on the new Adjustment Mtge. bonds (figuring cost of new money
at 534% per annum), would be for 1925 (including for that year interest on
the Government loans). $12,200,000, for 1930 314.415,000 and for 1934
$15792,000. Should the estimated earnings be realized the amount of the
available net income (as defined in the plan) for interest on the new Adjustment Mtge. bonds would be $15,013,000 in 1931, 316,962,000 in 1932, $18,894.000 in 1933 and $20,808,000 in 1934.
Our study of the various underlying bond issues and the properties by
which they are secured has convinced us that the value of such security. or,
in the case of one or two of the smaller issues, the serious consequences which
would flow from any other course, justifies leaving undisturbed the issues
which are so treated by the plan. We also believe that the lease of Chicago,
Terre Haute & Southeastern Ry. property and the ownership of the Chicago
Milwaukee & Gary Ry. will be of such value to the new company that it
should continue the present relation of the Railway Co. to those properties
and their securities. The relative values of the security for the Puget Sound
bonds and for the bonds secured under the General dr Ref. Mtge. we believe
justifies treating the two issues on the same basis and every practical consideration makes it advisable that both these classes of bonds be given new
securities under a single mortgage rather than that separate mortgages be
made upon the separate parts of the system.—V. 120. p.2811.
2933
reduced that the receivers think they will be able to liquidate all these claims
through compromise judgments and by agreement of parties to approximately 31.500.000.
Indebtedness of The K. C. Railways Co. at Date of Receivership, Sept. 9 1920.
(Total $33,893,842.)
Notes payable
$2,205,400
Vouchers payable,current accounts
747.859
Payrolls
324,556
Car trust notes
317.507
Real estate mortgages
23.250
Miscellaneous accounts payable
50.998
23rd Street viaduct
143,930
Accrued taxes
837,467
Wyandotte County bridge
425.000
15th Street subway
100,000
Injury and damage certificate
126,297
2,523 Suits. amount sued for
27,131,186
Judgments
525.346
Claims in Federal Court(not in State courts)
935,046
Indebtedness
The K. C. Railways Co. and Receivers As Of Dec. 31 1924.
(Total31 .20 .5240 .
Judgments on old cases (1,752)
$2,131,042
Judgments on appeal (2)
37.500
465 Cases pending against receivers, amount sued for—
5.221,184
Injury and damage certificates
1,516
Notes payable
2,205,400
Vouchers and accounts payable
296,024
Payrolls
155,272
Wyandotte County bridge
496,666
15th Street subway
100,000
Accrued taxes
564.920
4
The total reduc.in'tab,during receivership amounted to
$22,684.317
Cash and Material Account—
Sept. 9,'20 Dec 31,'24
Accounts receivable
$500.475
3411.488
Cash assets
252,021 *5.296.845
Materials
833.426
861,638
Total
Gain in cash assets during receivership
Capital additions by receivers
31.585,922 $6,569,971
34.984,049
2,691.820
Increase in cash assets and property account under receivers_.$7.675.868
* Cash on hand, April 18 1924, $312,719. U. S. Government Securities,
35.600,000.
Expenditures During Receivership from Sept. 9 1920 to Dec. 31 1924.
Pre-receivership debts, incl. current accounts, payrolls, car
trust notes. 23rd St. viaduct taxes
$2.413.661
Capital improvements on property
2.691.820
General and special taxes
2.418,146
Maintenance of track and paving
3,692.278
Maintenance of equipment
4,305,973
Personal injuries and property damage claims
2.103.333
Fuel
4.594,639
Wages
23.266.727
ec
Last Year's Operation.—In some respts the showing in 1924 both in
gross and net js below that of 1923. This result is not peculiar to Kansas
City. During 1923 there was a steady increase in gross revenue up to June,
when the effect of business depression in the farm and live stock industries
began to be felt here. This depression was marked throughout the last, year
and practically all cities showed a marked falling off in gross business. Also
the largely increased use of automobiles during 1924 tended to reduce the
railways income.
Comparative Statements—
1924.
1923.
Total operating revenue
$10,024,230 310.514.734
Total operating expenses
8,478,490
8.502,112
Net operating revenue
31,545,741 32,012,623
Fares.—The first increase in fares from 5 cents to 6 cents was granted
July 19, 1918. The next increase. from 6 cents to 7 cents, was on Aug. 20,
1919 and on Dec. 14 1919 the fare was increased from 7 cents to the present
rate offare, which yields an average of 7.5 cents.
Equipment.—The passenger rolling stock at this date consists of 23 single
truck trailers, 125 two motor single truck cars, and 621 four motor double
truck cars, making a total of 746 motors and 23 trailers. All passenger
equipment is Ingood physical condition.
Power.—Company's power station was completed in 1904. The building
has an area of50,340 sq.ft.. is well designed and adaptable for installation of
modern equipment.
At the date of the receivership power costs were unreasonably high and
seemed to have an upward trend. Studies were made of the power plant.
and with only nominal capital expenditures and without new motor equipment, the power costs have been reduced from a maximum of 1.838c per
kw. h. in Dec. 1920, to a minimum of .8319c in Dec. 1924.
Way & Structures.—The property today is in good physical condition—
very much better than when the receivers assumed control. More than
1334 miles of track have been completely rebuilt. 534 miles of track have
been added. All track rehabilitation has been of the most substantial
character. Paving has been repaired when necessary.
Number of Employes.—There has been a continuous decrease in the number of employes necessary to operate the property, due to the gradual increase of individual efficiency and the extension of one-man car operation.
In Dec. 1920, there were 3.639 employees, while in Dec. 1924, the total
number of employes was 3.076, a reduction of 563.
At the present time 28% of the total passenger miles operated are one
man.
Freight Revenue.—Special attention has been paid to the development of
freight revenue. During 1920 the company's freight income was $36.097
Kansas City Railways Co.
and for the year 1924, amounted to $84,007 a net increase of 133 1-3%.
opjitneys.—In the fall of
(Statement of Receivers' Accompanying Reorganization Plan.) eration in Greater Kansas1920 there were approximately 700 jitneys inthat
City, and the receivers recognizing the fact
Fred W. Fleming and Francis M. Wilson in a letter to Mel- the rehabilitation of the property was an impossibility in the face of this
Every legitivin A. Traylor, Chairman reorganization committee, sub- competition, inaugurated a campaign to eliminate jitneys. adopted, and
public interest in this evil Were
mate means
mitted observations and statement of the operations of the as a result ofof awakening thecampaign during 1921 ordinances were passed
this educational
company during the period of the receivership from Sept. by the municipal authorities which effectually eliminated jitney and bus com
petition. These ordinances were attacked in the courts and after numerous
9 1920 to Jan. 11925. The statement says in substance:
hearings were finally validated by the Missouri Supreme Court.
Territory Served.—Company serves what is known as Greater Kansas City.
Automobiles.—In 1914 there were not to exceed 8,000 passenger vehicles
Its population is approximately 500.000, and the district served has an area in this city. At the present time the best available figures show a registraof 100 sq. miles. It presents unusually severe operating conditions which tion of over 100,000 automobiles in Greater Kansas City.
makes comparisons with other cities difficult. It is a city built on a succesMotor Busses.—It was apparent early in 1924 thatthe constant bus propsion of hills and bluffs. Over 97% of the lines have grades offrom .5 to 12%. aganda was having its effect in Kansas City, and that something would
The retail business district is congested. These conditions are directly have to be done by the company to.overcome possible ruinous competition
reflected in the maintenance and operating accounts, and the low traffic from this source. On account of the much improved public relations of the
density per mile in the car mile earnings. Kansas City gives more miles of Railways Co. with the citizens of Kansas City, there was a general sentiment
car service per capital than any other street railway property reporting to the that the Railways Co. should have the preference in the granting of a bus
American Electric Railway Association. .
franchise. On April 20 Judge Kimbrough Stone approved the exepnditure
Mileage.—There are 317.714 miles of track, divided as follows: Kansas of 3750.000 for 63 busses covering the better sections of the city and the
City, Mo., 229.437 miles; Kansas City, Kan., 69.300 miles; Independence building of a modern garage. In laying out this bus program every effort
was made to co-ordinate it with the car lines so as to render the public the
and Jackson County, 18.977 miles.
Trackage includes car yards, industrial tracks and switches. 231 mlles are greatest possible service without encroaching upon present street car busipaved. Practically all open track is on private right of way.
ness. The receivers, under an order by Judge Stone, had completed negoPhysical it Financial Condition.—When receivers assumed control the phy- tiations with the City for a franchise which in a practical sense gives the
sical and financial condition of the company was deplorable due to many company the exclusive right to operate busses in Kansas City for a period of
and varied causes. Car equipment tracks and power house were run down 3 years upon favorable terms.
Taxes.—For 1920, the general taxes against the railways property was
and in bad condition owing to the inability of the company to finance upkeep and produce betterments. The credit of the company was destroyed. $611.607. The receivers made every effort to secure a reduction in taxes,
One of the first acts of the receivers was to apply to the Court for authority and as a result of numerous hearings before the taxing authorities, general
to issue $350,000 of receivership certificates in order to raise money sufficient taxes for 1924 were 3488,697. The net reduction in taxes last year was
to pay labor bills and other expenses actually necessary to the operation of $122,910 less than for the year 1920.
cars. Authority granted, the receivers succeeded in disposing of the entire
During 1921 the assessment of the Railways property in Missouri was inissue to Kansas City bankers without expenditure for commissions. Due to creased by the State Tax Commission approximately $9.000,000. The reprompt change in policy and introduction of strict economies, these certifi- ceivers enlisted the commercial organizations of Kansas City, public officials
cates were retired within 3 months. Accentuating the condition of the and newspapers in an effort to secure a just reduction, and through the joint
Property at the time of the receivership, there was a net deficit for the year efforts of all concerned the State Board of Equalization reduced and disapDreceing (1919) of $2,728,482, as against 1920, when the deficit was reduced proved the increased assessment, which would otherwise have increased the
to $1.323,291.
tax burden of the Railways Co. approximately $325,000 per year.
Receivership Expenses it Economies.—Receivership expenses are often a
Obligations of Company.—The following statement discloses obligations
Of the company at the time of the receivership. Detailed information is also heavy charge upon financially unfortunate companies and corporations.
given as to its condition as of Dec. 31 1924, showing progress. It will be We submit that our operation of the property has been highly constructive
observed that the item of suits filed against the company,which amounted in many ways, particularly in the exercise of practical economies without
at the beginning of the receivership to $27,131,186 has been so materially decreasing service or increasing fares. For instance, soon after the receiver-
2934
THE CHRONICLE
[You 120.
-The Creighton mine, the Smelter at Copper Cliff and the
Operations.
ship we effected an annual saving in office administration expenses alone of
-more than sufficient to pay all receivership expenses. refinery at Port Colborne were operated continuously throughout the year
more than $100.000
Through further economies and increased efficiency the total number of at approximately two-thirds capacity. Economies in process, careful
employes was reduced approximately 560. although more work is being done supervision and co-ordination of operations enabled the management to
and service materially increased. By cash payments of current accounts. reduce costs of smelting and refining. Mine development was augmented
discounts have been saved amounting to a comparatively large sum. In- during the year and this important work will be vigorously continued in
vestment in Government securities of funds awaiting distribution under accordance with the company's established policy.
The company has ore reserves sufficient to meet smelter requirements for
orders of the Court, has earned to April 18 of this year, approximately $530,many years to come. All of the properties are being maintained in a high
000.-V. 120. p. 330.
state of efficiency and the operating organization is prepared to realize
further economies as production increases.
Wheeling & Lake Erie Ry. Co.
-During the year steady and orderly progress has
Huntington Works.
been made at the Huntington Works. As forecast in the last report these
(8th Annual Report-Year Ended Dec. 311924.)
has been an increasing demand for sheets and rods of a high finish, which
can be buffed to a lustrous surface at minimum cost. To meet this
TRAFFIC AND TRANSPORTATION FOR CALENDAR YEARS.
1921.
1922.
1923.
condition the management has increased facilities by the addition of mills
1924.
511.60 and polishing equipment for the production of cold rolled sheets and cold
511.60
511.60
Miles of road operated__
511.60
10,212,795 10.269,231 drawn rods. These new materials are constantly finding a broader field
Revenue tons carried_ __ 15.231,932 15,359.467
Revenue ton miles
1476470,456 1551357,255 895,712.125 1045778.410 of application.
914
893
The call for diversity of mill products has made necessary some additional
1.012
Av. net tons per train m_
977
1.217 eta. floor space and equipment used in the initial step of the Monel metal process.
1.257 ots.
1.094 cts.
Avge.rev. per ton milo
1.110
$24,881 As this expansion was anticipated when the plant was designed the work
122.004
Av. rev, per mile of road
$33,183
$32,047
1,084.231 was completed by a comparatively small capital expenditure.
768.296
681,865
Passengers carried
624,062
Capital Ezpenditures.-The management must constantly consider the
Passengers carried 1 mile 21,806,006 23.904.114 24,094.498 29.489.242
3.23 eta. advisability of expenditures for changes in existing equipment, installation
3.23 eta.
3.16 eta.
Av.rev. per pass, per m- 3.12 eta.
$1,861 of labor saving devices and provision of space and equipment necessary
$0.520
$1.477
Pass. rev. per mile of rd_
$1.330
34.22 to obtain lower costs and improved quality of product.
30.98
31-71
Av. No.pass. per train m
28.63
$5.913
13.935
$8.719
During the year there were expended and charged to capital account
Net op.rev. per m.of rd
$7.666
$1.48 sums aggregating $471,735 as compared with $706,006 for the previous
$1.12
$1.91
0.69
Net oper.rev. per tr. m_
year. The distribution was as follows: Copper Cliff $55,562, Port Colborne
INCOME ACCOUNT FOR CALENDAR YEARS.
390.435, Huntington Works $301,639 and Bayonne Works $24,099.
Outlook.-DistrIbution of nickel and rolled products is steadily becomig
Corporate. -Federal and Corporate Combined
more diversified, a condition which should lead to increased and stabilized
1921.
1922.
1923.
1924.
Operating Income,
earnings. The general plan of exploitation, including research, field
$18,332,401 $19,213,669 $13,179,902 $14,791.993 service,
Railway oper. rev.
publicity and advertising, introduced during the past three years,
14,410.273 14,753,220 11,166,554 11,767,002 has shown
Railway oper. exp.
gratifying results and will be continued, and its scope estended
the volume of permanent business grows
Net,rev,from ry. oper $3.922.128 $4,460,449 12.013.348 13.024.991 asAn active development program has been recently, naugurated p an
1,064.972
1.229,557
1.326,809
Railway tax accruals_ _ _ 1,255,606
1,879 endeavor to increase the use of nickel bearing steel and nickel in cast Moe;
1,128
1,915
4,732
Uncoil, railway rev._ _ _ _
to introduce nickel into alloys produced in the brassfoundry: and,to improve
nickel
$782,663 $1,958,141 the art of nickel-plating by increasing the thickness and density of
Ry. oper. income_ ___ $2,661,791 13,131.724
deposits. Technical field work will be supplemented by an advertising
Non-Operating Income
$9.476 and publicity campaign, similar to that which is proving successful in
$20,529
$46,474
$50.907
Rent from equipment_ _28,930 developing a market for your Huntington Mill products.
27.940
40,101
41,236
Joint facility rent income
The Research Laboratory has proved a valuable adjunct to development
6,000
a997.035
6,000
6,000
Inc.from lease of road__
research
18.310 and sales effort and it is becoming more and more apparent thatbranches
17.331
19.509
19,392
Miscel. rent income_ _
257 is as necessary in developing new business in metals as in other
55
10
_Misc. non-op. phy. prop
100,312 of industry.
100,279
100.279
100,279
Inc.from funded sec._ _ _
The company's foreign business is improving, both in volume of sales
Inc.from unfunded secs
19 874 and realized prices, and it is fair to assume that exports will continue to
689,994
45.847
78,320
& accts
186,068 increase as general business conditions abroad improve.
cl1,903
d204,631
5,637
Miscellaneous income....
Company is making satisfactory progress and the management has every
its present sale policy the
$2,963,571 $3,594,566 $2,047,728 $2,327,367 reason to believe that with a continuation of increase.
Gross Income
consumption of Nickel and Monel Metal will
Deductions
-The number of Preferred shareholders was 1,509 on March
shareholders.
Hire of freight cars, deb$263,291 311925,as compared with 1,560 on March 31 1924. The number of Common
$279,350
$371,114
$294,944
it balance
5,828 shareholders was 12,447 on March 31 1925, as against 15,987 on March
86,002
60,221
13,036
Rent for equipment
52,451 31 1924.
66,176
76,209
84.465
Joint facility rents
7,974
475
1,529
742
MIscel. rents
CONSOLIDATED STATEMENT OF AMERICAN COMPANIES.
1.265,782
1.326,315
1,303,701
Interest on funded debt_ 1,254,247
4th Quar.
3d Quar.
2d Quar.
170,580
1st Quar.
66,073
22,224
21,653
Int. on unfunded debt
11.740
June 30 '24. Sept.30 '24. Dec. 31 '24. Mar. 31 '25.
11.740
11.740
11,740
Amor.disc.on fund.debt_
$894,203 $1,344,966 $1,880,343
stEarns. of all properties_ $794,777
42,554
66,687
34.791
1549.720 Other income
50,879
$211,596
$1,282,744 $1,747,826
Net income
$78,244
177,820
$87,149
$78,115
Invest. In rd. & equip._ _
$928,994 $1,411,653 $1,922,897
$845,656
Total income
Inc. applied to siing &
$103.994
$95,090
30,000 General office expense_
$90,428
$103,304
25,000
30,000
30,000
other reserve funds
Res.for Fed.Ss Franchise
173,229
148,092
85.526
$441.475
60,659
Taxes (est.)
$108.776
Sur.trans. to prof.& loss- $1,174,629 51,630,677 additional amounts re- Orford works prop. &
Note.
$34,112
-(a) $991,035;(b) $55,000 and (Cl $10,000 -General of Railroads
$27,225
$25,411
$29,131
shut down expenses..
accounts with Director
312,979
ceived in final settlement of
302,728
291,871
in final Depreciation &
292,864
and included in 1922. (d) $202,547 additional amount received opera- Foreign comps.depletion
8,500
period
not incl.
settlement with the United States Government for guaranty
133,689
133,689
133,689
133,689
Preferred dividend
tion.
GENERAL BALANCE SHEET DEC. 31.
1704.829 $1,156,395
$302,068
$226.010
Balance
1923.
1924.
1923.
1924.
•Insurance, Taxes, &c., and Pensions of Ex-Employees.
$
$
LlaStlitles$
$
Assets11,882,600 11.882,600
x After deducting manufacturing, selling expense, ordinary repairs and
69,549,779 69,427.824 Pr.Lien cap.stk.c33.641,300 33,641,300
Road
15,985,234 16,035.691 Common stock_ 10,344,958 10,344,958 maintenance.
Equipment
33,768 Preferred stock_
33.768
General
The.usual comparative income account was published in
210,043 L. E. Div. let 55 2,000,000 2,000,000
240,000
Sinking funds
894,000
894.000
Wheel.Div.lst5s
V. 120, p. 2822.
Dep. in lieu of
409,000
409.000
18,895 Ext.& Imp.lst 58
34,395
mtgd.propsold
CONSOLIDATED BALANCE SHEET MARCH 31.
581 1st Cons. M.4s_ 6,870.000 6,870,000
129
Misc.phys. prop
1924.
1925.
Equip. trust 5s,. 1.386,000 1,848,000
1924,
1925.
eInvinaffil.cos.:
$
Equip. notes 6s_ 3,355,000 3.660,000
1,030,469
Liabillites$
$
1,030,469
Stock b
Assets300,000
300,000
2.224,000 Participation cite
2,224,000
Bonds b
Property acct._ _x50,044,396 50,773,104 Pref.6% non-cum.
900,000
900,000
8,912,600 8.912,600
stock
392,243 10-Yr. notes;58432,443
Advances __._
Real estate mtge.
4,360,000
236,459 Common stock_ _ _41,834,600 41,834.600
Other investm'ts 1.769.662 1,463,462 U.S.Gov.nows.6s 4,827.000 4,360,000
& sundry sees.. 229.006
4.827.000
416,558 Ref. Mtge. bds.
502,407
8,549,112 7,469,249 Accts. payable &
Cash
Inventories
610,084
748,290
payrolls
476,745 Nat. Ry. Fiery.
2,672,050 1,907,904
463,907
Special deposits_
Accts. ree
203,916
Corp. Eq. tr. 10,418.900 11,357,500 Interest receivable
10.996 Taxes accrued.... 545.425
75
29.592
Loans & Nisi!):
16.5,000
145
149
Notes payable_
112.224' Divs. unclaimed__
103.587
Trait& car sPrv.
Advances
werv.
78
No.
.
280.388 Tref(.dscar
602,350
330,067
bal. rece:Vle.
60,355 Govt.securities_ _ _ 1,510,412 1.000,000 Pref. div. May 1_ 133,689
20,836
133,689
payable
bale, payable_
Due fr. eats. &
Loans on call (sec.) 1.200,000
728,234 Ins. & contingent
214,100 Audited accts. &
154.042
1.498,563
conductors.
Cash
395,645
funds & reserves 522.823
wages payable 1,205,563 1.655.457
575
456,
252
424.
41,629
42.029
Mise• ace44• rec13.139.143 10.749.841
5),027 Misc. accts. pay
50,028
Total (ea. side)_65,836.720 62.840.520 Surplus
Int. & diva. rec.
61,945
58,257
Int. mat'd unpd.
998,132 1,159,233
Mat'l & supplies
x Properties owned and operated, including investments in stocks of
378,188
363.863
7.528 Unmat'dInt.accr
7,520
Wkg.fund adv..
327,232 Nickel Corp., Ltd., and Societe Miniere Caledonienne as at March 31 1924,
395.887
18,662 Other def'd liab _
16,770
adv_
Ins. paid In
60.958,374. less amount written off for dismantlement during year.
858.788
808.632
38,196 Tax liability__
26,455
Disc. on M.debt
118.820; leaving 160,839,554, plus additions during year less recoveries,
Accr.depr.equip 2,663,228 2,193,904 $4471,739: total, $61,311,289; deduct depreciation of plants reserve. S8,292,Nat. Ry.Service
35.700
equipment _ _ _ 10,345.358 11,253.958 Operating res've
334,037 868, and depletion reserve. $2,974.025; balance as above, $50.044.396.
348,522
399.387 0th. unadj. cred
351,684
Mise.unadj.deb's
2408.
Corporate Burp. 1,552,635 1,391,909 -V. 120. p. 2822,
P. & L.surplus. x5,892,312 4,809,906
International Mercantile Marine Co.
104 970.503 105.608.409
104,970.503 105,608,409 Total
Total
(Advance Statement Year Ended Dec. 311924.)
Toledo Belt By..
a Investments in affiliated companies: (1) Stocks:
Creek & NorthPres. P. A. S. Franklin at the annual meeting of stock$238,320, Zanesville Belt & Terminal Ry., $100.000: Sugar
Wandle Co..$191,RR..$1.000; Lorain & West Virginia Ry.. $500,000;
reported in.substance:
ern
(2) Bonds: Toledo Belt By., $224,000: Lorain & holders June 1
149; total, $1,030,469.
from abroad
Advances to the Wandle
Annual Results.-Ovring to unavoidable delays in the receiptpart of June
W. Va. Ay., $2,000,000; total. $2,224,000. (3)
complated accounts for 1924 will not be ready until the latter
Co., $432,443.
security to funded obligations of the company, Pending such issue we give below estimated result of operation for the year
b Pledged as collateral
1924.
except stock owned in the Wandle Co. paid on Prior Lien stock.
been
CO. AND SUBSIDIARIES.
c No cumulative dividends have income and surplus, $1,122,634: funded
RESULTS OF OPERATING INT. M. M.
d Additions to property through
reserves, [Incl. American Red Star, White Star, Atlantic Transport & Leyland Lines.)
sinking fund
retired through income and surplus, $190,000;
debt
1921.
1922.
1924.
1923.
$240,000: total corporate surplus, 11.552,635. additions and betterments
Actual.
Actual.
Actual.
for
Estimated.
x The surplus has been temporarily used
-V.120. p. 2812, 207.
and for equipment trust payments.
result, incl, ins,fund
,
Net
to the property
sur. for 1924, after deduct. oper. & gen.
International Nickel Company.
ic:st:..on..$6.
875,834 $6,113,597 $6,971,131 114.061,W
3
c
Iletrir rixsesub8'.
Report-Year Ending Mar. 311925.)
2,153,725
(23d Annual
2:56.254
2,223,719
I.M.M.Co.bonils 2.198,931
5,984,661
6,117,981
5,756,208
5,579,800
New York, May 27, wrote Int.on on steamers*
Depre.
President Robert C. Stanley,
$1.079,305 $1,689,922 $1,269,784 S45797,347
in substance:
Deficit for year
of the
than during the preceding
•For proper comparison with results of previous years the earnings
-Sales of nickel were slightly greater
Sales.
business conditions throughout
year, notwithstanding generally inactive for our products occurred in the British Companies have been converted at $4 85 per g sterling.
operation of all
increased demand
the first 6 months. An
From the foregoing figures it will be seen that the actual
the further development of new uses
busines of the company and its subsidiaries for 1924 relast half of the fiscal period, due to
the steel and automotive industries. As a the steamers and
and to a revival of business in improved world market conditions the price sulted in a profit of 14,676,903. after deducting all expenses, taxes and bond
result of increased demand and abnormally low figures that have obtained Interest. However, against this profit must be charged depreciation on the
the net result shows a deficit
of nickel is recovering from the
the average price of the preceding steamers amounting to 15,756.208, after which
since 1921, but is still considerably below
of $1,079.305 for the year.
decade.
estimated earnings of company for 1924, including dividends from its
The
nickel distributed exceeded the
The tonnage of Monel metal and rolled slack business. This gratifying subsidiary companies out of their surplus for the year 1924 and prior thereto
directly, shows $1,705,337 as
sales of last year despite several months of
product of your Huntington and from the operation of steamers it owns
increase is due in part to the (greatly improved the research, development, below, after deducting all expenses, bond interest and depreciation on the
works, but primarily to the joint activities of
steamers directly owned:
and sales organizations.
I
JUNE 6 1925.]
THE CHRONTCLE
NET EARNINGS FROM STEAMERS DIRECTLY OPERATED BY
I. M. M. CO. PLUS MISC. EARNS.& DIVS. FROM SUB. COS.
1921.
1922.
1923.
1924.
Actual.
Actual.
Actual.
Estimated.
Total net earn. of I. M.
M. Co. plus div. from
sub. cos, after deduct.
*$4,303,103 n3,417,522 *$6,354,838 *$8,329,309
taxes & gen. exp
2,223,719
2,256,254
2.153.725
1. M.M.Co. Bond Int._ 2,198,931
Deprec. on steamers
'
998,835
directly owned
398,835
398,835
398,835
Surplus
$794,968 $3,699,750 $5.176,749
$1,705,337
* Dividends received from foreign subsidiary companies have been conexchange on date
verted at the market rate of
Immigration Act, which took
As stated in the 1923 annual report the new receiv'
effect July 1 1924, materially reduced the number of westbound second and
third class passengers, which to a certain extent was offset by an increase in
the first class movement both eastbound and westbound and also by an
Increase in the second and third class movement eastbound. The total
passenger traffic across the Atlantic to and from the United States and
•Canada, in all of which the companies have an important share, shows a
decrease of 217,041 passengers moved in the year 1924 as compared with
1923:
There was little improvement in the freight situation; nevertheless, the
'total combined earnings of all the companies made a better showing than for
1923, largely brought about by the concentration of millings.
The earnings of company (the parent company)show a material improvement over 1923 due to the receipt of dividends from a subsidiary company,
paid out of its surplus accumulated prior to 1924.
Although passenger rates for 1925 have improved,the volume of passenger
traffic moving shows only a moderate increase. The freight business generally is not as satisfactory as it was a year ago,for while the European situation nes improved,the development of trade and commerce thus far has been
disappointing: the number of steamers available is largely in excess of the
business offering and expenses of operating are considerably greater due
largely to the increased cost of fuel oil. While the estimated net earnings
for the first four months of 1925 are less than for the corresponding period of
last year, It is hoped that the results for the entire year will not be less favorable than for 1924.
Although competition is very severe, we are maintaining our position in
the various trades and doing our utmost to husband our cash resources with
the view of being in position to take full advantage when the hoped for improvement comes.
-Y.120, p.459. '
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Car Surplus.
-Class I railroads on May 22 had 327.216 surplus freight
cars in good repair and immediately available for service, according to
reports filed by the carriers with the Car Service Division of the American
Railway Association. This was a decrease of 1,217 under the number
reported on May 14. Surplus coal cars in good repair on May 22 totaled
134.669. a decrease of 6,589 within approximately a week while surplus
box cars in good repair totaled 142,890, an increase of 2,677 during the
same period. Reports also showed 23.626 surlpus stock cars, an increase
of 493 over the number reported on May 14, while there was an increase
of 179 during the same period in the number of surplus refrigerator cars
Which brought the total for that class of equipment to 17,620.
Car Shortage.
-No car shortage is being reported.
Locomotive Repair.
-Class I railroads on May 15 had 11,389 locomotives
in need of repair, 17.8% of the number on line, according to reports filed
by the carriers with the Car Service Division of the American Railway'
Association. This was an increase of 288 over the number in need of
repair on May 1, at which time there were 11.101. or 17.3%. It was.
however, a decrease of 477 compared with the number on May 15 last
year, at which time there were 11,866, or 18.4%. Of the total number,
6.377, or 10%. were in need of classified repairs, an increase compared
with May 1 this year of 205, while 5,012. or 7.8%, were in need of running
repairs, a decrease of 7 within the same period. Serviceable locomotives
In storage on May 15 totaled 6.680, a decrease of 17 compared with the
number of such locomotives on May 1.
Freight Car Repair.
-Freight cars in need of repair on May 15 totaled
193,035, or 8.3% of the number on line, according to reports filed by the
carriers with the Car Service Division of the American Railway Association. This was an increase of 3,521 over the number reported on May 1,
at which time there were 189,514. or 8.2%. Freight cars in need of heavy
repair on May 15 totaled 146,541, or 6.3%, an increase of 2.494 compared
with May 1. Freight cars in need of light repair totaled 46.494, or 2%,
an increase of 1.027 compared with May 1.
Matters Covered In "Chronicle" May 30.-(a) Hearings on Nickel Plate
merger, p. 2765. (b) Readjustments of rates and wages cost roads $200,000,000 in 1924, p. 2766. (c) Settlement of accounts with DirectorGeneral of Railroads. p. 2767. (d) Loans made by Federal authorities
under Control Act, &c., p. 2768. (e) Inter-State Commerce Commission
sees rate fixing ineffective as means of insuring good transportation service.
p. 2769. (f) Roads operated with greatest degree of safety on record,
p.2769.
-Sold to Wabash.
Ann Arbor RR.
A despatch from Owosso, Mich., June 5 states that the Ann Arbor RR,
has been sold to the Wabash RR. according to an announcement by J. E.
Tussig, President of the Wabash. The sale is subject to the approval of the
I.-8. C. Commission.
The purchase of the Ann Arbor RR. by the Wabash is believed by New
York observers to be part of the consolidation plan of L. F. Loree, Pres. of
the Delaware & Hudson, to make the latter railroad the nucleus of a large
trunk-line system. The Wabash is included in the program of Mr. Loree,
-S. C. Commission, on which the Commission has not yet
filed with the I.
acted. William H.Williams, Chairman of the Board of the Wabash,is also
a V.-Pres. of the Delaware & Hudson. It was reported on May 19 that the
Wabash had purchased 13,000 shares of the Common and Preferred stock of
the Ann Arbor RR.,and J. S. Bache, Pres. of the Ann Arbor, intimated at
the time that one of the larger lines was on the roint of buying the Ann
Arbor. Mr. Bache became President of the road last April, succeeding the
-V.120, p. 2681.
late Newman Erb.
Bonhomie & Hattiesburg Southern R. R.
-Securities.
-S.
The I. 0. Commission on May 23 authorized the company to issue (1)
$100,000 Common stock, par $100 each, and (2) $235,000 1st mtg. 6%
bonds, the stock and bonds to be delivered to W.S. F Tatum in payment
for property acquired.
The commission on Jan.5 1925 issued an amended certificate conditionally authorizing the company to acquire and operate a line of railroad extending from Beaumont to Hattiesburg, Miss., a distance of 25.95 miles(V. 120.
property to be acquired
P. 1325). The and will be purchased byis owned by the Gulf, Mobile &
W. S. F. Tatum for the sum of
Northern RR.,
Tatum will then convey the property to the company, receiving
$335,000.
-V.
as consideration therefor the above securities proposed to be issued.
120. p. 325.
Chicago Milwaukee & St. Paul Ry.-ficorganization
Plan.
-A plan of reorganization has been promulgated by
Kuhn, Loeb & Co. and the National City Co., reorganization
managers,and has been adopted by committees representing
the bondholders, the Preferred and Common stockholders.
The announcement of the plan on June 2, less than three
months after the appointment of receivers, sets a new record
in railroad reorganizations, such proceedings having often
been delayed two or more years.
Under the plan the company's indebtedness to the U. S.
Government, amounting to $55,000,000, will be liquidated.
Preferred stockholders will be assessed $28 per share, for
which the holder will receive 5% mortgage bonds at the rate
of $24 and one share of new Prof. for each share held; and
2935
Common stockholders will be assessed $32 per share, for
which the holder will receive 5% mortgage bonds at the rate
of $28 and one share of new Common stock.
The bankers who are now acting as reorganization managers have given long and careful study to the financial problems of the system, extending over a considerable period,
during which they were co-operating with the board of
directors of the company in endeavoring to find some way to
solve the company's immediately pressing difficulties without
the necessity of a receivership. The consummation of the
plan, it is believed, will meet the problems of the system by
effecting:
(a) Net reduction in the amount of fixed interest bearing securities by
over $227,000.000 and a reduction of annual fixed interest charges on funded
debt from about $21,800,000 to about $11,467.000. This amount, it is
believed, will be so well within the earnings of the system, even under such
adverse conditions as have prevailed during recent years, as to remove the
risk of financial embarrassment and insure the ready sale of the new 1st
& Ref. Mtge. Bonds as they may be needed for future requirements.
(b) Funding of over $185,000,000 of obligations maturing during the
next ten years into long term obligations, the interest charges upon over
$130,000,000 of which will be contingent upon earnings.
(c) Provision of $70.032,548 of cash by assessments of 628 per share
on the Pref. stock and $32 per share on the Common stock, for 660,698,820
of which new 50
-Year 5% Mortgage Gold Bonds will be issued at par and
for the balance of which no new securities will be issued.
(d) Release of $18,000,000 of General Mortgage Bonds now pledged
to secure the Notes held by the U. S. Government. With the General
Mortgage Bonds now in or due to the treasury of the Railway Gomparg;
$26.370,000 of the bonds will thus be presently available for capital require:
-Year 6%.
ments, and upon the maturity in 1934 of the $14.000.000 of 10
1st Mtge. Bonds Security, Gold Loan Bonds of 1924, which are secured by
the pledge of $20,000,000 of Gen. Mtge. Bonds, an additional amount of
those bonds should become available.
(e) Adequate provision through the new 1st & Ref. Mtge. for financing
future capital requirements and for refunding underlying bonds. No 1st
& Ref. Mtge. Bonds will be presently issued under the plan.
(f) Funding the unsecured claims against the company into stock of the
new company.
(0) Payment of all the expenses of the reorganization out of that part
of the payments by stockholders for which new securities are not to be
Issued, thus accomplishing all the foregoing advantages without expense
to the creditors and without burdening the System with additional capitalization for such expenses.
The reduction of fixed interest bearing securities is accomplished by the
conversion of $230,950.796 of bonds secured under the Refunding Mortgage
and the Puget Sound Mortgage into income obligations the lien of which
will be subordinate to the new securities provided for the raising of new
money. The stockholders cannot be expected to provide the large amount
of new money presently required unless (a) they are given for a substantial
part of their new money a security the interest upon which is certain,
(b) the new company is freed from a constant threat of financial embarrassment through fixed interest obligations for which there is no substantial
margin of earnings. and (c) future requirements are provided for by a
mortgage of sufficient security to enable the sale of bonds thereunder at
normal discounts and interest rates.
-The following committee represents holders of
Bondholders' Committee.
-Year
the following bonds:(a) 4% Gold bonds of 1925, due 1925;(b) 4% 15
European Loan of 1910 bonds, due 1925;(c)06% Convertible Gold bonds,
due 1932: (d) 25
-Year 4% Gold bonds of 1909, due 1934; (e) Chicago Milwaukee & Puget Sound fly. 1st M.4% Gold bonds, due 1949; (f) Gen. &
Ref. Mtge. Gold bends, Series A and Series B. due 2014.
Frederick II. Ecker, Chairman, Bertram Cutler, Edward D. Duffield,
Samuel H. Fisher, Jerome J. Hanauer, William E. Rnox, Charles E.
Mitchell, Charles A. Peabody, H. F. Whitcomb, with Sanford H. E.
Freund, Sec., 55 Wall St., New York.
-Mortimer N. Buckner,
Committee Representing Preferred Stockholders.
Chairman. Arthur W. Loasby, Oliver C. Fuller, John McHugh, Harold I.
Pratt, with Boyd G. Curts, Sec., 100 Broadway, New York.
-Donald G. Geddes, ChairCommittee Representing Common Stockholders.
man, George W. Davison. Bayard Dominick, Stanley Field, Walter L.
Johnson, Percy A. Rockefeller, with C.E. Sigler, Sec.,80 Broadway,N.Y.
-Year
-For (a) 4% Gold bonds of 1925, and (b) 4% 15
Depositaries.
European Loan of 1910 bonds, United States Mortgage & Trust Co,
55 Cedar St., N.Y.;(c)4 % Convertible Gold bonds, Bankers Trust Co..
-Year 4% Gold bonds of 1909, Farmers' Loan &
16 Wall St., N. Y (d) 25
Trust Co., 22 William St. N. Y (e) Chicago Milwaukee & Puget Sound
Co.,
'
. 1st M.4% Gold bonds, United States TrustSeries45 Wall St., N. Y.;
B, Guaranty Trust
Gen. dr Ref. Mtge. Gold bonds, Series A and
.. 140 Broadway, N. Y.
-Year European Loan of 1910 bonds.
Europe.
-For 4% 15
Depositaries in
Equitable Trust Co. of New York, Paris, France, and London, Bag.
-National Shawmut Bank. Boston;
Sub-Depositaries for All Bonds.
Girard Trust Co., Philadelphia; Union Trust Co., Pittsburgh; Illinois
Merchants Trust Co.. Chicago; First National Bank, St. Paul. Minn.'
Minnesota Loan & Trust Co., Minneapolis, Minn.; National Exchange;
Bank, Milwaukee, Wis.; Seattle National Bank, Seattle, Wash.
All bonds deposited must bear all unpaid appurtenant coupons maturing
after Feb. 1192S.
-(a) Preferred, New York Trust Co., 100 BroadDepositariesfor Stock.
way, N.Y. (b) Common,Central Union Trust Co..80 Broadway. N.Y.
-First National Bank of Boston;
Sub-Depositaries for Preferred Stock.
Fidelity Trust Co., Philadelphia; First National Bank. Pittsburgh; Continental & Commercial Trust & Savings Bank, Chicago; Merchants National
Bank,St. Paul: Northwestern National Bank,Minneapolis; First Wisconsin
Trust Co., Milwaukee; Dexter Horton National Bank, Seattle.
•
-Old Colony Trust Co., Boston;
Sub-Depositaries for Common Stock.
Bank of North America & Trust Co., Philadelphia; Bank of Pittsburgh.
National Association, Pittsburgh; First Trust & Savings Bank, chicaao:
Northwestern Trust Co.. St. Paul; Minneapolis Trust Co., Minneapolis;
Second Ward Savings Bank, Milwaukee; National Bank of Commerce.
Seattle.
Fo
An introductory statement to the plan says in substance:
-Early in 1925 the
Readjustment of Financial Structure Necessary.
Directors retained Goverdale & Colpitts, Engineers,to study the condition.
the immediate and future capital requirements and the earning possibilities
of the System in order to aid the Board in determining the action to be
taken respecting the maturity,on June 1 1925,ofapproximately 648,000,000
of European Loan Bonds and 4% Bonds, due 1925. As a result of their
examination the Engineers advised that even if the maturing bends could
be refunded, the company's difficulties would not be solved and that a
readjustment of its financial structure was required. The board concurred
in this conclusion, feeling that the interests of the security holders would
not be served by any course which would not permanently meet the company's difficulties. It accordingly placed the facts before Huhn, Loeb &
Co. and National City Co. and representatives of the bondholders and
stockholders with a view to their co-operation in the formulation of a plan
of readjustment. Through such co-operation this plan has been formulated.
neceicership.-On March 18 1925,receivers were appolated by the Federal
courts and it is expected that proceedings will shortly be commenced for
the foreclosure of the Refunding Mortgage and the Puget Sound Mortgage.
Extent of System.
-The St. Paul System comprises more than 11,000 miles
of railroad including mileage owned jointly with other companieg or con,
trolled through stock ownership and mileage leased or operated under
trackage contracts. The lines east of the Missouri River radiate from
-work in the states of Illinois, Wisconsin, Michigan,•
Chicago and form a net
Minnesota, North and South Dakota,Iowa, Missouri and Indiana, serving
a territory which is one of the richest and most fertile in the United States.
The line west of the Missouri River extend to Puget Sound and serve a vast
territory which, although at present less productive than that to the east.
is susceptible of unlimited growth as its population increases and its
agricultural resources are developed.
-The outstanding capitalization of the
Outstanding Capitalization.
system as of June 1 1925, aggregated $702.864,396, which is at the rate of
approximately 663,000 per mile. Of this $469.521.196. or about twothirds, is in fixed interest bearing obligations and $233,343,200, or about
one-third, is in stock.
-Since the termination of
Earnings Inadequate to Meet Fixed Charges.
Federal Control in 1920 the System's earnings, even with inadequate
depreciation charges, have not in any year except 1923 equalled total
2936
For. 120.
THE CHRONICLE
fixed charges. and for the year ended Dec. 31 1924, notwithstanding a
Several conferences have been held with the Director General of Rail•licy of retrenchment, earnings fell short of total charges by over 81,800.- roads in an effort to reach a satisfactory adjustment of the Note, but he
•
has been unwilling to make any commitment at this time when any offer
R:easons for Decline in Earnings.—This inability of the System to earn its must necessarily be contingent upon the consummation of the Plan and
fixed charges in recent years has been in large part due to the depressed has expressed himself as desirous of retaining full freedom of action. It is
conditions which have prevailed generally in the northwest. Settlement of believed however by the Reorganization Managers and the Committees
the country has been retarded, farmers have emigrated or cut down their that offer (a) is entirely liberal to the Government and, for the reasons
buying, and a large part of the territory served by the System, has, for the stated, of advantage to the new company. Offer (b) it is also believed fully
time being, failed to produce the volume of traffic necessary to support recognizes the Government's position as a secured creditor through the
the System. Water competition via the Panama Canal has also had an Refunding Bonds held as collateral. In order to avoid or reduce the
especially adverse effect, an increasing volume of trans-continental traffic. increase of capitalization which would result from the acceptance of offer
,
attracted by low freight rates between the Atlantic and the Pacific, and also (b), the reorganization managers are expressly authorized, in case said
to the Far East. via the Canal, having been diverted to water carriers. offer shall be accepted, to purchase for cancellation such principal amount
The company has also suffered from the large increases in wages, material of new Adjustment Mortgage Bonds as they may determine not exceeding
costs and taxes which have not been offset by a commensurate increase in $32,000.000 and at such prices as they may determine not exceeding an
freight and passenger rates. Passenger earnings have fallen from $31,034,- average of 6234% of principal amount (which is the price at which the
000 in 1920 to $21,768,000 in 1924, due largely to motor vehicle,competition. Refunding Bonds are held as collateral for the Note).
The lack of adequate earnings has resulted in the System's equipment
. Expect Plan Operative in Short Time.—The issue of new securities conbecoming both deteriorated in quality and insufficient in amount. In templated by the plan will be subject to the approval of the I.
-S. C. Comaddition many of the shops on the eastern part of the System are not mission to which the necessary application will be made as soon as deposits
modern and therefore are not as efficient as they should be.
under the plan and the foreclosure proceedings have progressed sufficiently
Forecast.—The forecast of earnings prepared by Coverdale & Colpitts to insure the consummation of the plan. There is every reason to hope
indicates that it will at best be several years before the earnings equal the that with the prompt co-operation of the security holders the reorganization
present fixed charges and the additional requirements, including additional can be accomplished in a comparatively short time and the system taken
rentals of approximately $800,000 per year resulting from the opening of out of receivership and restored to its place among the financially strong
the New Union Station in Chicago and interest on new money necessary roads of the country. To that end holders of the various securities dealt
to be borrowed for essential capital expenditures. On the other hand their with in the plan are earnestlyfurged to deposit their holdings subject to
forecast indicates that under conditions of reasonable prosperity in its the plan and agreement with the respective depositaries or sub-depositaries.
territory the System can again be put upon a sound and profitable basis,
Digest of Plan of Reorganization, Dated June 1 1925.
if the new money required for improvements to road and equipment and
for additional equipment is provided and the necessary relief from the Amount of Cash Estimated to Be Required to Carry Out the Plan ($70,032,548).
present excessive fixed charges is given.
To be applied to the following and such other and further purposes as
Drprorinents.—The program for improvement to road and equipment may be determined by the reorganization managers or by the new company:
esconunended by Coverdale & Colpitts contemplates an average expenditure
1) To pay the6% note dated March 11922.held by U.S.Govt_$25,000,000
for the next ten years of $7,294,000 for additions and betterments to road
2) To pay the 6% note dated Dec. 151922. held by U.S. Govt_ 10.000,000
and $10,286,000 for new equipment and additions and betterments to
3) To provide for cash payment in connection with the liquidaexisting equipment, or a total average of 817,580.000 per year. Since the
tion of the 6% note dated Nov. 11920. held by U. S. Govt_ --a17,000,000
receivership the receivers have ordered 6.500 freight aws and have author- (4) To provide for adjustments and payments of interest in
ized, under Court orders, the construction of a new freight yard near
respect of bonds deposited under the plan
1,544,325
Minneapolis and St. Paul and other improvements which the financial condi- (5) To provide for additions and betterments, new equipment
tion of the Railway Company prior to the receivership had not permitted.
and other capital expenditures: working capital; settlement of
Maturing Obligations Under Existing Capital Structure.—Under its
claims; expenses of foreclosure and of the receivership over
existing capital structure the company faced $239,957,396 maturities
which the court has jurisdiction, including compensation and
during the ten years 1925 to 1934 (including equipment obligations) in
expenses of trustees; organization, franchise and other taxes,
approximately the following amounts:
incl. stamps;compensation and expenses of engineering and accounting experts, &c.: advertising, and all other expenses of
1925
$52840,896i1929
$2,662,500i1932
$53.117,500
the reorganization
1926
b16,488,223
5,745,500 1930
32,662.500 1933
2.662,500
If offer (a) above is not accepted this amount may be applied toward
1927
27.662,500 1931
2,662,500 1934
57.278.500
the purchase for cancellation of now Adjustment Mtge. bonds, any balance
1928
2,662.500
The company's salable free collateral is substantially exhausted and its to be paid to the new company as additional working capital or for other
only medium offinancing and refunding is the Refunding Mortgage, bonds capital purposes.
b From this amount a sum equal to $1 50 per share of the existing Prof.
under which are obviously not marketable because of the failure of the stock
and Common stock will be set aside to provide for the compensation
System's earnings to cover their interest. A large part of the above
mentioned maturities are in obligations secured under this Refunding of the reorganization managers and the committees, and the fees and disbursements of their counsel and all depositaries and sub-depositaries, any
Mortgage. Over $2,600.000 annually are in equipment obligations which balance
to be paid over to the new company as additional working capital,
must be paid at maturity without refunding.
or. if the reorganization managers shall so determine, to be returned pro
Like Treatment for Refunding Mortgage and Puget Sound Bonds.—The rata to the holders of certificates of deposit for stock.
Reorganization Managers and all of the Committees have concluded, after
(1) Provision for Cash Requirements.—The cash requirements are to be met
careful study and conference with Coverdale & Colpitts, that the equities by payments of $28 per share by, the holders of the $115,931,900 existing
of the situation require that all of the various issues of bonds secured under Prof. stock and of $32 per share by the holders of the $117.411,300 existing
the Refunding Mortgage and the Puget Sound Bonds outstanding in the Common stock, for which only $60,698,820 of new bonds will be issued.
hands of the public be treated alike in the allotment of new securities.
In addition it is estimated that out of the surplus earnings of the system
None of the several issues of bonds which are secured directly or indirectly for 1925. after providing for interest on the undisturbed obligations and the
under the Refunding Mortgage have any other security and. although by 1925 interest on the new Adjustment Mtge. bonds to the extent required,
their terms they bear different rates of interest and mature at different and out of the depreciation reserves accumulated during the year. there
dates, the defaults which have occurred or will shortly occur, together will be available fur the payment of $3,520.500 of equipment obligations
with the sale of the company's property upon foreclosure of the Refunding maturing during 1925 or the early part of 1926 and for other capital expendiMortgage and under the general creditors' bill, will result in all of them tures and working capital about $9,412,000.
being matured, and their rights to payment out of the proceeds of the
(Obligations to Remain Undisturbed—Total, $181,370.400.)
mortgaged property will be identical.
While the Puget Sound Mortgage constitutes a first lien at the rate of (A .)Direct obligations of Company, and other obligations assumed or guaranteed
by it, or secured by lien upon its property.
approximately $77.107 per mile on about 2,356 miles of the 10,126 miles of
the System's owned main lines and to that extent ranks ahead of the
(1) Milwaukee & Northern RR. Extended 4) % 1st M.
,
6
Refunding Mortgage, the Refunding Mortgage partidpates in the lien of
bonds, 1934
$2,155.000
the Puget Sound Mortgage through the pledge under the Refunding (2) Milwaukee & Northern RR. Extended 4Si% Consol. Mtge.
bonds, 1934
Mortgage of $154,489,500, or more than 85%. of the $181,664,500 of Puget
5,092,000
Sound Bonds now outstanding. The lines of railroad embraced in the (3) Chicago & Missouri River Division 1st M. 5s, 1926
3,083,000
Puget Sound Mortgage, although of great strategic value, lie west of the (4) Bonds issued under General Mortgage due May 1 1989:
Missouri River and servy a territory which, while capable of development.
(a) Series A 4% bonds. $49,000,000;(b) Series B 314% bonds,
has not as yet produced a volume of traffic sufficient to give those lines a
$8.950,000; (c) Series C 414% bonds, $42,597,000
a100,547.000
value, from the point of view of earnings, comparable to the value of the (5) Bellingham Bay dc British Columbia Rit. 1st M.5s. 1932._
455.000
lines east of the Missenl. Upon the latter lines the Refunding Mortgage (6) 10
-Year 6% 1st M. Bonds Security, Gold Loan bonds of
constitutes a lien, which is subject as to most of the mileage to underlying
1924, due Jan. 1 1934
14,000.000
mortgages, but which is not shared by the Puget Sound Mortgage.
(7) Chicago Milwaukee & Gary Ry. let M. 5s, 1948
133,000.000
(13). Obligations in respect of which company has assumed liability
Indebtedness of Company to U. S. Govt. to be Liquidated.
under lease dated July 1 1921, from Chicago Terre Haute &
Company is Indebted to the United States Government upon three 6%
Southeastern Ry.:
Notes:
c250,000
(1) a Note for $20,000,000 dated Nov. 1 1920, due March 11930. taken (8) Bedford Belt Line By. 1st M.5s, 1938
(9) Southern Indiana By. 1st M. 45, 1961
7,287,000
by the Director General of Railroads under Section 207 of the Transporta(10) Chicago Terre Haute & Southeastern By.1st & Ref. Mtge.
tion Act and secured by $32,000.000 of Refunding 6% Bonds.
50
-Year 5s, 1960
d8.056.000
(2) a Note for $25,000,000 dated March 1 1922. due March 11927. taken
by the Secretary of the Treasury under Section 210 of the' Transportation (11) Chicago Terre Haute & Southeastern By. Income Mtge.
50
-Year 5s, 1960
6.336,000
Act and secured by $12,000,000 of General Mortgage 5% Bonds and
(12) 6% Note of Chicago Terre Haute & Southeastern By., due
$30,329,000 of Refunding 6% Bonds, and
Oct. 1 1925
167,400
(3) a Note for $10,000,000 dated December 15 1922. due March 11930,
(C.)—Equipment Trust Obligations.
taken by the Secretary of the Treasury under Section 210 of the Transportation Act and secured by $6,000.000 of General Mortgage 5% Bonds and 1m (0,/LI Trust g3 icat ,dated Jan.Jau 1 1' ^
:
r notes,
l es
A c '
.
$10,500.000 of Refunding 6% Bonds.
15 1922 9:889:883
$1
All those who have participated in the formulation of the Plan are
15) 5 Equip. Trust Certificates, Series B, dated Feb. 1923 1,280,000
93nvinced that the interests not only of all the security holders but also
16) 554% Equip. Trust Certifs., Series 0,dated April. 1923- 11.700.000
1
of the reorganized System would best be served by the present liquidation
In addition the obligations of the foregoing classes now in the treasury
of these Notes.
Where the Government to foreclose upon Its collateral and to exchange or authorized under the-terms of mortgages securing undisturbed obligations
drawn down for expenditures heretofore or hereafter made, will remain
that collateral for new securities under the Plan the funded debt of the to be
New Company would be increased at least $35,000,000. and its interest undisturbed and available to the new company and are included in the term
charges at least $1,750,000. All this increase would rank on a parity with undisturbed obligations unless otherwise noted.
the new securities to be issued to present bondholders, and at the same Obligations to the U. S. Government, to Be Liquidated (Total, $55,000,000).
time the $18,000.000 of General Mortgage Bonds would be left outstanding (17) 6% note to the U.S. Govt., dated Nov. 11920. due Mar. 1
1930, secured by 832.000,000 Refunding bonds, Series "Z"_ _$20,000,000
and the New Company deprived of their use for future requirements.
Such a dilution of the security of the bondholders, and the groat additional (18) 6% note to the U. S. Govt., dated March 1 -1922, due
burden thus put ahead of the stockholders' equity, would be seriously
Mar. 1 1927, secured by $12,050,000 Gen. Mtge. bonds,
detrimental both to the new company and to its security holders.
Series "D. and $30.329,000 Refunding bonds, Series "Z"_ _ 25.000,000
Were the debt to the Government to be extended and.the new securities (19) 6% note to the U. S. Govt., dated Dec. 15 1922. due .
issuable against the present collateral, or other new securities, continued
Mar. 11930,secured by $6,000,000 Gen. Mtge. bonds, Series
"D," and 510,500.000 Refunding bonds. Series "Z"
as collateral, the question of the ultimate refunding of the debt would
10,000,000
remain unsettled and a constant drag on the new company's credit. Bonds
Other Obligations to Be Liquidated (Total, $2,200,000).
would have to be reserved under the new 1st & Ref. Mtge. for such refundloan of company under the agreement dated July 2
ing,thereby materially weakening the value of that security and its adequacy (20) 5%
1924, between the company, Milwaukee Land Co. and New
as a provision for future capital expenditures.
York Trust Co., commonly known as the Timber Loan, due
Were the debt to the Government reduced to an amount which could
July 2 1925; this loan is secured by stocks and obligations
remain upon the security of the 818.000.000 of General Mortgage Bonds,
representing the company's interest in timber and farm lands
$13,000.000, the new company would be deprived of the use of its
say
and believed to be worth much more than the amount of the
best bonds for capital requirements during its first few years, and it would,
loan. By the terms of the loan agreement the proceeds and
therefore, be necessary to use for such purposes the new 1st & Ref. Mtge.
income from the collateral are to be applied to the payment
have to be sold at a higher interest cost than
,
Bonds which would naturally
of the loan
$2,200,000
the General Mortgage Bonds and at a higher interest cost also than that
at which it is expected the new 1st & Ref. Mtge. Bonds can be sold later
Obligations to Be Exchanged for New Securities (Total, $230,950,796).
when the new company's credit has been established.
(21) Refunding bonds, due Jan. 1 2014: (a) Series A 434%
,
Of the three Notes held by the Government the two taken by the Secretary
(b) Series B 5% bonds, $29,141,300—e$72,230,300
bonds,
of the Treasury seem to be fully secured even at the depressed prices of the (22) _4% 843,089,000:1925
bonds, due
36,344.981
collateral which have prevailed since the receivership. It is therefore (23) European Loan bonds (other than bonds pledged
to secure
believed that the payment of these two Notes in full would give the Governthe 4% bonds, due 1925)
x11,831,515
ment no preference to which it is not entitled, while by such Payment the (24)
50,0100.000
454
818.000,000 of pledged General Mortgage 5% Bonds would be freed to the (25) 4%% bonds, due 1932
bonds, due 1934
33,369.000
treasury of the new company. The Plan therefore provides for such
(26) Puget Sound bonds, due Jan. 1 1949
f27,175.000
payment.
115,931,090
However at the prices which have prevailed during the receivership the (27) Preferred stock
117,411.300
collateral for the Note taken by the Director General does not fully secure (28) Common stock
that Note. The Plan therefore makes as alternative offers for that Note
Total amount of securities of system now outstanding_ _01702,864,39g
either
x At the rate of exchange stipulated for conversion into 4% bonds, due
(a) $17,000,000 cash and $3,000,000 par value of new Preferred Stock,
with full interest on the Note to the date of settlement in cash, or
1925, the European Loan bonds being payable at the option of the holden
(b) $32,000,000 principal amount of new Adjustment Mortgage Bonds, In French francs or English pounds sterling.
being the amount of such bonds issuable under the Plan against the amount
Not including: (1) Series D 5% bonds In treasury, $8,370,000 (this
of Refunding Bonds now held as collateral for the Note.
Includes $3,370,000 not yet actually drawn down but now available undo
a
aiect712
4
a
JuNE 6 19251
THE CHRONICLE
the terms of the Gen. Mtge. to be drawn down for the treasury of the
company and may be of any series): (2) Series "D' 5% bonds pledged to
secure notes to U. S. Govt., 318,000,000J (3) Series "D"5% bonds pledged
to secure 10
-year bonds of 1924. 320,000.000.
b Not including $2,700,000 in treasury.
c Not Including $100,000 pledged under Chicago Terre Haute & Southeastern fly. First & Ref. Mtge. 5s, 1960.
d Not including: (1) $200.000 pledged under Southern Indlana Ry, firs:
secure 6% note due Oct. 1 1925, f
O3.1 e
1
mtge.Chic 4' 951 guliVateag Vrr i
ed s
e Not including $72,892,000 Series "Z' pledged to secure notes to U. S.
Government, and (2) $44,388,200 Series "Z" in treasury.
f Not including $154,489,500 pledged under the refunding mortgage.
This total includes the following securities in the insurance fund:
$38_ ,f100 Milwaukee & Northern RR. let Mtge. bonds; $20.000 Milwaukee
& Northern Consol. Mtge. bonds: $759.000 Gen. Mtge. bonds, Series A.
$1,244,981 4% bonds, due 1925; $19,200
% bonds, due 1932: $83.000
4% bonds, due 1934: $1,000.000 Puget Sound bonds: $11,500 Refunding
bonds, Series "B": $86,100 Pref. stock and $5,300 Common stock. The
company, with other railroad companies, has also assumed liability In
respect of the principal and interest of $67,000,000 Chioago Union Station
Co. (the company's proportion being 25%); $46.326,340 bonds of Kansas
City Terminal fly. (the company's proportion being 8 1-3%); $15,500.000
bonds of St. Paul Union Depot Co. (the company's proportion being
11 1-9%); $2,273,000 bonds a Minnesota Transfer fly. (the company's
proportion being 111-9%), and $8,730,840 bonds of Indiana Harbor Belt
RR.(the company's proportion being 20%).
New Company.—The.reorganization may be accomplished by the foreclosure or enforcement of existing mortgages, by the sale of the properties
of the company under the general creditors' bill, by the utilization of any
existing corporation or corporations or by the organization of a new corporation or corporations under the laws of such State or States as the reorganization managers may determine and which shall own or control the
properties of the company with such exceptions and additions as the reorganization managers May determine with the approval of a majority of
the three committees. It is intended to vest directly in the new company
title to the lines of railroad to be embraced in the reorganization so that, as
far as deemed rracticable by the reorganization managers, the new mortgages may be direct liens in their order of priority. In case delay should
occur in acquiring any of the lines of railroad embraced in the plan, the
execution of the plan will not necessarily be postponed for that reason, but
existing bonds upon such lines deposited under the plan may be pledged
under the new mortgages.
It is contemplated that the new company will deliver the new securities
provided for by the plan in respect of the acquisition by it of the properties
and securities to be vested in it pursuant to the plan.
xApproximate Capitalization of the System Upon the Consummation of Plan
Auth ,Incl Bonds Presently
.
in Treasury, dec. Outstanding.
The obligations to remain undisturbed, aggregating in principal amount as of June 1 1925_3238,045,000 $181,370,400
The following securities to be authorized by
new company to effect the reorganization:
yTvrice par
None to be
(1) New 1st & Ref. Mtge. bonds
value of stock issued in the
outstanding
reorganiz'n
-Year 5% Mtge. gold bonds
2) New 50
60,698,820
60.698,820
3) New 5% Adjustment Mtge. bonds
230,950,800
230,950,800
4) New Preferred stoek
200.000,000 z115,931,900
5) New Common stock (no par)
1 174.113 shs. 1,174,113 shs.
x The amounts stated may be increased by the amount of any
which may be issued in connection with the liquidation of the securities
6% note
dated Nov. 1 1920 held by the U. S. Government.
y The stock without par value which is issued in the reorganization is to be
taken at $100 per share and any such stock which is issued hereafter is to be
taken at the price at which it is issued, or if issued for property at the value,
as determined by the directors, of such property, all as shall be more fully
provided in the 1st & Ref. Mtge.
z This amount will be increased by the amount of Pref. stock applied in
settlement of claims of general creditors of the company.
Description of New Securities.
Except as herein otherwise specifically provided the form and terms of
all bonds authorized or issued, of the mortgages and deeds of trust under
which they shall be issued, of any certificate of incorporation
association or amendment themof, of any stock certificates or or articles of
other instruments relating to the Pref. stock or the Common stock of the now company.
and of all other instruments deemed by the reorganization managers to be
necessary or proper in connection with the plan, shall be such as
the reorganization managers shall in their discretion determine. All
bonds issued in the reorganization will be payable in New
City
in gold coin of the United States of America of or equal to York stanthe
dard of weight and fineness as it existed on Feb. 1 1925, and all, or any
part, of the new Adjustment Mtge. bonds as the reorganization managers
may in their.dIscretion determine may also be made payable
of the holders at such place or places in France and England asat the option
the reorganization managers shall determine in French francs or in English pounds
sterling at the gold parity of exchange.
The new securities may be issued in temporary form in the first
or interim certificates may be issued therefor. Scrip may be issued instance
and distributed in lieu of fractions of a share of stock or of bonds of any
denomination not exceeding $1,000. Such scrip may be non-interest or non-dividend
bearing. bat shall be exchangeable for now securities when presented
in
proper multiples, on terms and conditions approved by the reorganization
managers.
The New Company is to authorize the following securities:
First t% Refunding Mortgage Bonds.—Total authorized at any one time outstanding, together with any bonds reserved under the let Si Ref. Mtge.
refunding underlying securities, shall be limited to twice the aggregate for
par
value of the stock of the new company of all classes at the time issued and
outstanding (stock without par value which is to be issued in the reorganizato be taken at $100 per share) and any such stock issued hereafter to be
tion
taken at the price at which it is issued, or if issued for Property at the value,
as determined by the directors of the new company, of such property, as all
shall be more fully provided in the 1st & Ref. Mtge. The 1st & Ref. Mtge,
bonds will be secured by a mortgage and deed of trust to a trustee or trustees
to be selected by the reorganization managers, which will embrace (with such
exceptions as the reorganization managers may determine) all railroads and
ether property, including stocks and bonds of subsidiary companies (but not
including obligations of the classes to remain undisturbed under the plan)
acquired by the new company in the reorganization and all properties thereafter acquired by the use of 1st & Ref. Mtge. Bonds or their proceeds.
The let & Ref. Mtge. will be a lien on the owned lines subject,as
to various
parts of the mileage, to an authorized amount of approximately $191,893,000
of undisturbed underlying bonds, and a lien upon the leasehold interest in
Chicago, Terre Haute & Southeastern fly. Co.'s lines (upon which there will
remain an authorized amount of approximat-ly $26,250,000 of obligations
in respect of which the company has assumed liability under the lease) and
upon the stock of Chicago Milwaukee & Gary fly. Co. (upon the lines of
which there is an authorized amount of approximately $20.000.)00 of bonds,
$3,000,000 whereof have been guaranteed by the company and are outstanding,and an additional $2,700.000 whereof are owned by the company). For
the refunding of all of the underlying bonds, including those on the leased
and controlled lines. 1st & Ref. Mtge. bonds will be reserved. The 1st &
Ref. Mtge. will provide restrictions for the release from the lien thereof of
property subject thereto.
Tile 1st & Ref. Mtge. bonds may be issued in separate series, maturing on
the same or different dates and bearing interest at the same or different rates
payable on the same or difforet dates, and any series may be ofsuch principal
amount, mature on such date or dates, be redeemable in whole or in part at
such times, on such notice and at such premiums, and may have such conversion privileges and other provisions as may be determined by the directors
at the time of the creation of such series and be stated in the bonds of such
series. New company will have the right upon the retirement of any series
in whole or in part (other than upon conversion into stock or through any
sinking fund or by the application of proceeds of released property) to issue,
for such purposes and under such restrictions as may be prescribed in that
behalf in the mortgage, a Uke aggregate principal amount of bonds of another series or of other series, bearing the same or different rates of interest
as the bonds retired and with such maturity or maturities and with such
other provisions as the directors may determine.
Provision may be made that, if so determined, the principal or Interest, or
both, of any of the 1st & Ref. Mtge. bonds of any series may be made payable (a) in New York City only, or (b) in N. Y.City and also in one or more
other cities in the United States or foreign cities or countries, or (c) only in
one or more foreign cities or countries. The bonds of any series which shall
2937
be payable as to principal or interest, or both, in the U. S. of America, shall
be payable in gal coin of the U. S. of America of or equal to the standard
of weight and fineness existing at the date of the coupon bonds of such series
and may be made payable without deduction for any tax, assessment or
governmental charge which the new Company or the trustee or trustees
under the 1st & Ref. Mtge. may be required or permitted to pay thereon or
to retain or deduct therefrom under any present or future law of the United
States or of any State. county or municipality or other taxing authority
therein.
In case any bonds of any series shall be payable as to principal or interest.
or both, in any foreign country or countries such bonds may be made payable in the currency or the respective currencies there current, at fixed rates
of exchange, and may contain appropriate provisions as may be requisite or
expedient to conform to the requirements of law or of commercial usage in
the foreign country or countries in which they may be made payable.including provisions requiring the payment of the principal or interest thereof without deduction for taxes, foreign or domestic.
The let & Ref. Mtge, bonds shall be issuable, under restrictions and conditions to be determined by the reorganization managers and expressed in
the 1st & Ref. Mtge., only for the purpose of providing for betterments,improvements and extensions, and for the acquisition of additional property
and equipment, and for the purchase, redemption, retirement, refunding or
payment of bonds and other obligations secured by liens, prior to the lien of
the 1st & Ref. Mtge., upon any of the property which, or a leasehold interest
in which, may at the time be subject to the 1st & Ref. Mtge, and for such
other corporate purposes as shall be stated in the mortgage. A
fund, to Jae determined by the reorganization managers, shall be pronrel
giv
for ny bonds issued in respect of equipment. After the principal amount
a
of bonds issued for capital expenditures other than refunding presently outstanding undisturbed obligations shall have aggregated $150,000.000, bonds
may be Issued only for 80% of such expenditures.
• No let & Ref. Mtge. bonds are to be issued in the reorganization.
-Year 5% Mortgage Gold Bonds.—Will be limited to a total authorized
50
principal amount of not exceeding $60,698,820 at any one time outstanding,
will mature in 1975, will bear interest payable semi-annually at the rate of
5% per annum, and will be secured by a mortgage and deed of trust to a
trustee or trustees to be selected by the reorganization managers, which is to
embrace the properties embraced in the 1st & Ref. Mtge. and from time to
time becoming subject thereto, subject, however, to the 1st & Ref. Mtge.
and to the prior payment out of the mortgaged property of all bonds at any
time issued and outstanding under the 1st Si Ref, Mtge. The bonds will be
redeemable on any int. date at par and Int. and a premium,to and including
5 yearsfrom the &te of maturity,of5% of the principal amount,and,thereafter, at a premium equal to Si of 1% for each 6 months from the date of
redemption to the date of maturity. The mortgage securing the bonds will
provide restrictions for the release from the lien thereof of property subject
thereto.
The form of the 50
-Year 5% Mtge. Gold bonds and of the mortgage securing them shall be subject to the approval of the Pref, stockholders committee and the Common stockholders committee. The entire authorized issue
Is to be offered to holders of the Pref. stock and Common stock under the
plan.
5% Adjustment Mortgage Bonds—Limited to the total authorized prinel
amount at any one time outstanding of not exceeding $230,950,800 pins
any amount thereof which may be issued in connection with the liquidation
of the 6% Note of the Railway Co., dated Nov. 1 1920, held by the 11.118.
Government, and will mature Jan. 1 2000. Secured by a mortgage and
deed of trust to a trustee or trustees to be selected by the Reorganization
managers, which is to embrace the properties embraced In the 1st & Ref.
Mtge. and from time to time becoming subject thereto. subject however.
to the 1st & Ref. Mtge.and to the mortgage securing the 50
-Year 5% Mtge.
Gold bonds and to the prior payment out of the mortgaged property of all
bonds at any time issued and outstanding under said mortgages. The Adjustment Mortgage will provide restrictions for the release from the lien
thereof of property subject thereto.
The Adjustment Mtge. bonds will bear interest, payable annually or semiannually, at the rate of 5% per annum,but required to be paid, prior to the
maturity of the principal only out of the new company's net income ascertained in accordance with the accounting rules of the I.
-S. C. Commission,
or other analogous Federal authority,from time to time in force, but without
deduction for interest on the Adjustment Mtge. bonds or for the sinking
fund under the Adjustment Mortgage. The net income of the new company thus to *be applicable to the payment of interest on the Adjustment
Mtge. bonds Is herein called the available net income. The interest on the
Adjustment Mtge. bonds will be non-cumulative prior to Jan. 1 1930, but
will be cumulative from and after Jan. 11930. but accumulations of interest
shall not bear interest. At the maturity of the principal, all arrears of
cumulative interest shall be payable. Interest on the Adjustment Mtge.
bonds issued in exchange for bonds deposited under the plan shall be computed from Feb. 1 1925 to which date interest on the deposited bonds is to be
adjusted. Interest on any Adjustment Mtge. bonds which may be issued in
connection with the liquidation of the 6% Note of the Railway Co. dated
Nov. 1 1920 held by the U. S. Government, shall be computed or adjusted
from the date to which interest is paid on said note.
6111111.411111
The Adjustment Mortgage will provide Lk a I the new company shall on or
before April 1 1936 and on or before April 1 in each year thereafter, so long
as any of the Adjustment Mtge. ponds shall be outstanding, pay or set apart
as a sinking fund, as hereinafter provided out of the available net income of
the new company remaining after payment offull cumulative interest on the
Adjustment Mtge. bonds, an amount equal to Si of 1% of the authorized
principal amount of the Adjustment Mtgs. bonds: and such obligation shall
be cumulative. The sinking fund shall be applied to the purchase either at
public or private sale at not exceeding their principal amount together with
full cumulative interest, or to the redemption, of Adjustment Mtge. bonds,
all bonds purchased or redeemed for the sinking fund to be kept alive and the
interest paid thereon from time to time to be added to the sinking fund and
applied in the same manner. [If the sinking fund instalments and all
interest on the bonds In the sinking fund are regularly paid without accumulation, the entire issue will be retired by 1986.] Adjustment Mtge, bonds
will be redeemable for the sinking fund only, on any interest payment date
on or after April 1 1936 at the principal amount of the bonds redeemed
together with full cumulative interest.
The Adjustment Mortgage will provide that until Jan. 1 1930, the date
after which interest on the Adjustment Mtge. bonds will become cumulative.
no dividends on any class of stock at the time outstanding shall be paid in
any year, or set apart for payment in any jmar, unless interest on the Milli*
ment Mtge, bonds for such year at the full rate of 5% per annum shall have
been paid or set apart for payment, and that no dividends on any class of
stock at the time outstanding shall be paid in any year, or set apart for payment In any year, after Jan. 11930. unless the full cumulative interest on the
Adjustment Mtge. bonds shall have been paid or set apart for payment,and
after April 1 1936 unless, in addition to said interest, the full cumulative
sinking fund payments under the Adjustment Mortgage shall have been paid
or set apart.
The Adjustment Mortgage will further provide that all of the available net
income of the new company for each year beginning Jan. 1 may be applied,
and that Si of the available net income of each year until the available net
income of such year shall equal $10,000.000, and all of the available net
Income of each year in excess of $10,000,000 shall be required to be applied.
so far as necessary therefor, to the payment of interest on the Adjustment
Mtge. bonds and thereafter, beginning April 1 1936 to the sinkingfund under
the Adjustment Mortgage, including all accumulations
sinking fund during the cumulative period. Interest of both interest and
on the Adjustment
Mtge,bonds will, however, be required to be paid only in multiples of a
1%, smaller fractional amounts being carried forward and added to Si of
that
portion of the available not income of the new company for the ensuing year
uired to be applied to the payment of interest and sinking fund on the
Adjustment Mtge. bonds. Any remaining available net income of the new
company of any year until Jan. 11930,for which interest on the Adjustment
Mtge. bonds at the full rate of 5% per annum shall not have been
apart for payment, and any remaining available net income of thepaid or set
new company of every year thereafter for which full cumulative interest
and
cumulative sinking fund payments shall not have been paid or set apartfull
payment, will be required to be carried into a separate account available for
only
for expenditures chargeable to capital account under the accounting
the I.
-S. C. Commission or other analogous Federal authority,from rules of
time in force, or for providing for discounts on securities sold, or, astime to
to
part of the special account arising from available net income accruing that
Jan. 1 1930,for instalments of cumulative interest on the Adjustment after
Mtge.
bonds, or. when full cumulative interest on the Adjustment
Mtge. bonds
to date shall have been paid, for the sinking fund.
For the purpose of determining the available net income for
any period
from and after Feb. 1 1925 before the mortgaged linos of railroad
emlaraced
In the Plan shall have been delivered to the new company,the
the Railway Co. or of the receivers of the System for such gross income of
deemed gross income of the new company for such period and period shall be
shall be subject
only to such deductions, including proper depreciation
charges, as would
2938
THE CHRONICLE
have been made if the mortgaged lines of railroad had been owned and
operated by the new company during such period and the bonds secured
under the Ref. Mtge. and the Puget Sound bonds' had been exchanged
under the terms of the plan on Feb. 1 1925 for new Adjustment Mtge. bonds.
For the period Feb. 1 1925 to Dec. 311925. however, eleven-twelfths of the
gross income for the year 1925 shall be taken.
The Adjustment Mtge. bonds will be redeemable otherwise than for the
sinking fund, at the option of the new company,in whole or in part. on any
interest payment date on or after Oct. 1 1930 at 105 together with full cumulative interest.
The form of the Adjustment Mtge. bonds and of the Adjustment Mortgage shall be subject to the approval of the Bondholders Committee.
The entire authorized issue of Adjustment Mtge. bonds (except such
amount as may be issued in connection with the liquidation of the 6% Note
of the Railway Co. dated Nov. 11920. held by the U. S. Government) is to
be applied in exchange for bonds $230,950.796 deposited under the plan.
Preferred Stock.
-Authorized 2,000,000 shares par $100 each. Holders of
ef. stock shall be entitled in any fiscal year of the new company to
the
receive dividends to the amount of $5 per share, but no more, before any
dividends shall be paid in such fiscal year. or declared or set apart for payment in such fiscal year, upon the Common stock; but no part of such dividends shall be accumulative whether or not In any fiscal year there shall be
netincome available for payment ofsuch dividends. After full dividends on
the Pref.stock to the amount of$5 per share shall have been paid in anyfiscal
year, or declared and set apart for payment in such fiscal year, holders of the
Common stock shall be entitled to receive all further dividends which may be
paid in such fiscal year, or declared or set apart for payment in such fiscal
year, up to the amount of $5,but no more, before any further dividends shall
be paid in such fiscal year, or declared or set apart for payment in such fiscal
year, upon the Preferred stock; but no part of such dividends shall be
cumulative whether or not in any fiscal year there shall be net income available for payment of such dividends. All dividends in excess of $5 per share
which may be paid in any fiscal year. or declared or set apart for payment
In any fiscal year, shall be paid, or declared or set apart for payment,
equally in amount per share upon both the Pref. stock and the Common
stock. Dividends on both the Pref. stock and the Common stock shall be
payable only out of the net income or the surplus of the new company as
determined by the directors and only as and when declared by the directors,
but may in any fiscal year be paid out of such net income or surplus whether
arising during the same fiscal year or accrued during prior fiscal years and
may be paid annually, semi-annually or quarterly.
In the event of the dissolution, winding up, or liquidation of the new company, the holders of the Pref. stock shall 13e entitled to receive out of the
assets of the new company the par value of their shares before any distribution shall be made to the holders of the Common stock but shall not be
entitled to share in any assets of the new company thereupon remaining.
The foregoing provisions shall not be deemed to require the distribution of
assets among the stockholders in the event of a consolidation, merger, lease
or sale which does not in fact result in the liquidation or winding up of the
enterprise. If the terms of such consolidation, merger, lease or sale make
other provision for the Preferred stock and are consented to by the holders
of a majority in amount of each class of stock.
The Pref.stock and the Common stock are to have equal voting power per
share and In addition provision is to be made that (a) no change shall be
made In the articles of association of the new company,(b) the new company
shall not dispose (by sale, consolidation, merger or lease or otherwise) of its
properties as a whole, or substantially as a whole,(c) no mortgage on its lines
of railroad to secure additional indebtedness shall be created (except the 1st
-Year 5% Mtge. Gold bonds,
& Ref. Mtge., the mortgage securing the 50
and the Adjustment Mortgage or purchase money mortgages solely upon
additional properties hereafter acquired), (d) the authorized amount of
Pref. stock shall not be increased and (e) no additional stock ranking either
as to dividends or assets on a parity with or in priority over the Prof. stock
shall be created without, in each such case, the consent of the holders of a
majority in amount of the outstanding Prof. stock and of the holders of a
ma ority in amount of the outstanding Common stock, voting separately'.
Of the authorized issue of new Preferred stock $115,931.900 is -to be
offered to holders of Pref. stock of the company deposited under the plan.
The remainder of the authorized issue (except such amount as may be issued
In connection with the liquidation of the6% note of the railway company
dated Nov. 11920. held by the U. S.Government and as may be required to
be applied in settlement of claims of general creditors of the company) will
be reserved for future issue for corporate purposes of the new company.
Common Stock.
-Authorized, 1,174,113 shares, which shall be without
par value, or may have such par value as the reorganization managers
shall determine.
The entire authorized issue of new Common stock is to be offered to
holders of Common stock deposited under the plan.
Voting Trust.
-All of the Pref. stock and Corn, stock issued in connection
with the reorganization shall be deposited under a trust agreement, in such
and with such terms (which may include the pledge of the stock as
form
additional security for the Adjustment Mtge. bonds) as the reorganization
managers shall determine,and under which the entire voting power in respect
of the stock shall be vested in 5 voting trustees, to be designated by the
reorganization managers. Of the voting trustees named in the trust agreement, three shall be persons approved by the bondholders committee, one
by the Preferred stockholders committee and one by the Common stockholders committee.
New Securities in Exchange Jo* Old Securities Participating in Plan.
Cash Adjust. Will Receive
of Interest to Adj. Mtge.
Bonds.
Existing SecuritiesOutstanding. Feb. 1 '25.
European loan
$11.831,515 $78.876 76 11,831,515
1.000
Per $1.000
$6.66 2-3
4% bonds 1925
36,344,981 242.299 88 36,344.981
1,090
$6.66 2-3
Per $1.000
43.% bonds 1932
50,000,000 375,000.00 50,000,000
1,000
Per $1,000
$7.50
4% bonds 1934
33,369.000 111.230.00 33,369,000
1,000
$3.33 1-3
Per $1,000
90.583.33 27.175.000
Puget Sound bonds
27,175,000
1.000
$3.33 1-3
Per $1,000
Ref. bends, Series 'A
43.089,000 646.335.00 43,089,000
1,000
Per $1,900
$15.06
29.141.300
29,141,390
Ref. bonds, Series "B"
1.000
Per $1,900
Terms Offered to Present Stockholders.
If
OutWill Receive
Paying. 5% M.Bds, Pref. Stock. Corn. Stock.
standing.
Prof. stk_ _$115,931,900 $28 per sh. 27.823.656 115,931.900
$24
$100
Each $100.
1.174,113 shs.
Corn. Fitk - - 117,411.300 $32 per sh. 32,875.164
1 sh.
$28
Each $100.
cp;ect of every share of deposited Preferred stock
sum of $28 in r
share on a date fixed therefor by the reorganizashall be payable (a) $14
tion managers upon 30 days notice when or after the plan has been declared
operative,'aiid notation of such payment will be made en the certificates
If deposit, and (b) $14 per share on, or at the option of the holders of the
certificates of deposit at any time before Feb. 15 1927 with int. at the rate
•16% per annum from the date fixed for payment of the first installment
lithe date of full payment.
The sum of $32 in respect of every share of deposited Common stock
shall be payable (a) 916 per share on a date fibced therefor by the reorganization managers upon 30 days notice when or aftel• the plan has been dedared operative, and notation of such payment will be made on the certificates of deposit, and (b) $16 per share on, or at the option of the holders of
the certificates of deposit at any time before Feb. 15 1927, with interest
at the rate of 6% per annum from the date fixed for payment of the first
Installment to the date of full payment.
Failure by any holder of a certificate of deposit for Preferred stock or
Common stock to make payment of the first installment, or to make full
payment. will forfeit all rights in respect of the shares of stock represented
hY his certificate of deposit, all rights in respect of all prior payments under
kuch certificate and all rights to receive new securities and otherwise under
the plan, and his certificate of deposit shall thereupon become void and of
no effect for any purpose.
-Year 5% Mtge. Gold bond sdeliverable to deInterest on the new 50
positors of stock shall accrue from, or be adjusted as of. the date upon which
said first installment shall be payable.
Provision for Other Obligations and for General Creditors.
The 8% notes held by the U. S. Government for $25,000.000 and $10.000.000. dated respectively March 1 1922 and Dec. 15 1922, are to be
paid In full in cash.
For the 6% note held by the U. S. Government for $20.000,000 dated
Nov. 1 1920. there is offered to the Government the option to receive
[vol.. 120.
either (a) $17,000,000 cash and $3,000,000 par value of new Prof. stock,
with full interest on the note to the date of settlement In cash, or (b) $32,000,000 new 5% Adjustment Mtge. bonds, interest on which shall be
computed from the date to which interest is paid on the note.
The reorganization managers may, in case offer (b) shall be accepted,
purchase for cancellation such principal amount of new Adjustment Mtge.
bonds as they may determine not exceeding $32.000,000. and at such prices
as they may determine not exceeding on the average the.price at which
the refunding bonds are now pledged as collateral for said note.
The timber loan, to the extent that it remains unliquidated under the
loan agreement upon the completion of the reorganization, may be liquidated by the sale to the holders of the loan ofsuch of the obligations of third
parties held as collateral to the loan,and at such prices as the reorganization
managers in their discretion may determine, and the obligations so taken
by the purchasers may be guaranteed by the new company by endorsement
or otherwise, or the loan may be dealt with in such other manner as the
reorganization managers in their discretion may determine.
In so far as any creditors of and claimants against the company (other
than holders of obligations dealt with) are not paid by the company or by
the receivers, such creditors and claimants shall be entitled upon the completion of the reorganization to receive Prof. stock in the new company
at par for the face amount of their claims, but only in so far as such claims
shall have been allowed by one of the District Courts of the United States
In which the receivers have been appointed, and only upon assignment of
such claims to the National City Bank, New York, as depositary for the
reorganization managers.
Comparative Table Showing Capitalization and Interest Charges.
After ReorganizationPresent
Fixed Int. aCapitali- Fixed Int.
CapitaliCharges.
=Hon.
Charges.
=Hon.
Undisturbed bonds_ _....$181.370.400 148,431.904E81.370,400 148,431,904
110,000
Timber loan to be liquid 2,200,000
Notes held by U.S. Govt.
to be paid, compromised or settled
55.000,000 3,300.000
Bends to be exchanged_ _230.950,796 9.994,889
3.034,941
80,698.820
50-yr. 5% M. Gold bds_
230,950,798
Adjustment Mtge.bonds
c115,931,900
Preferred stock
115,931.900
d117,411,300
Common stock
117,411.300
Total
8702,864,396 $21.838,793$706.363,216 $11,466,845
a Amounts may be increased by the amount of any securities which may
be issued in connection with the liquidation of the 6% note of the railway
company dated Nov. 1 1920 held by the U. S. Govt. These amounts include the new securities issued for new money. b Aggregate of interest
for full year at respective rates on principal amount of obligations outstanding June 1 1925. c This amount will be increased by the amount of.Prof.
stock required to be applied in settlement of general claims against the
company. d Taking no par value Common stock at $100 per share.
-The holders of securities entitled to
Methods of Participation in Plan.
participate in the plan may assent thereto by depositing their bonds (in
the case of coupon bonds with all coupons maturing after Feb. 1 1925
attached) or stock on or before July 15 1925, or such later date as the reorganization managers shall determine.
A letter of Coverdale & Colpitts, engineers, to the reorganization managers is given under "Financial Reports" on a
preceding page.
-Roosevelt &
Opposition to Plan Pending Rate Decision.
Son, members of the New York Stock Exchange, advise
the several security holders against depositing their securities
under the plan. In an advertisement setting forth their
reasons the bankers state:
"No reorganization should be consummated until the pending rate
applications have been decided and every effort to obtain fair rates has
been made. With fair rates the bondholders would not have to make the
heavy sacrifices required by the plan, and stockholders would not be
required to pay so burdensome an assessment as the price of preserving
their equity.' The bankers state that the difficulties of the St. Paul are
not due to excessive capitalization, but are due principally to inadequate
rates. The I.
-S. C. Commission is considering the rate structure at the
present time.
Following Is the comparison of operating statistics of the St. Paul with
those of four other railroads doing like business but having different rates,
as given by Roosevelt & Son, in their pretest that the owners of the St.
Paul's stocks and bonds should not make the heavy sacrifices required by
-S. C. Commission has acted in the
the proposed reorganization until the I.
pending rate investigation:
St. Paul's
St. Paul :Awe.4
Other This. Difference. Superiority.
1924.
13
$7.00
Bond. debt, per 1.000 ton m$42.00
$49.00
10
70.00
7.00
Total capital'n, 1.000 ton m- 83.00
21
2.71
0.57
2.14
Transportation costs y
Rate structure, avge. rev.
1.091 cts. 1.380 cts. .289 cts. z21%
per ton mile
x The four roads are the Atlantic Coast Line, the Southern Railway, the
St. Louis-San Francisco, and the Missouri Kansas & Texas RR.
y Direct cost of train and engine service per 1.000 ton miles in 1924.
-V.120. p. 2811.
z Inferiority.
Chicago & North Western Ry.-Dividends on C. cfc
N. W. Co's. Stock not to be Received by Chicago St. Paul
Minneapolis & Omaha Ry. Stockholders.
We have been advised that the stockholders of the Chicago, St. Paul,
Minneapolis & Omaha Ry., who deposit their stock in exchange for Chicago
& Northwestern Common stock, will not receive the dividend payable
June 30 on the latter issue, which payment. it was reported last week.
would be made to all C.. St. P.. M. & 0. stockholders who made the
exchange by June 5.
The time within which the minoaity stockholders of the C., St. P.,
M. & 0. Ry. may deposit their stock in exchange for Northwestern stock
has been extended to June 20.-V. 120, p. 2811.
-Open To Public.
Chicago Union Station Co.
The Company's new $80.000.090 station has been thrown open to the
public. This giant project covering many acres of ground, has been under
way for 10 years. Strikes. lock-outs, and the war were among the innumerable handicaps. Joshua D'Esposito. chief engineer,says the formal opening
will take place about June 15.-V 120. p. 2811.
Cincinnati New Orleans & Texas Pacific Ry.-Extra
-The directors have
on the Common Stock.
Dividend of 3
declared an extra dividend of 3%% on the Common stook in
addition to the regular semi-annual dividend of 3%, both
payable June 26 to holders of record June 15.
have been paid on the Common
Extra dividends of 3
stock semi-annually since 1921.-V. 119, p. 2757.
Cowlitz Chehalis & Cascade Ry.-Bonds.-S. d. Commission on may 23 authorized the company to issue not
The I.
-V. 120, p. 2142.
exceeding $729.000 6% Gen. & Ref. Mtg. bonds.
Fort Worth & Denver City Ry.-Assumption of Oblig.The I. S. C. Commission on May 19 authorized the company to assume
obligation and liability in respect of securities of the Union Terminal Co. of
Dallas. Tex., by becoming a party to a certain operating agreement.
It appears that the Terminal Company has outstanding $5,000,000 let
mtge.5% Gold bonds, maturing April 1 1942 and $510.000 of 6% extended
notes, maturing Oct. 10 1925.
Under an operating agreement dated April 1 1912 the facilities provided
by the Terminal Co. are used by seven railroad companies, namely, the
Texas & Pacific By. Co., the Houston & Texas Central RR.(for itself and
the Texas & New Orleans RR.), the Gulf, Colorado & Santa Fe By. Co.,
-Texas RR. of Texas, the Chicago Rock Island do Gulf
the Missouri-Kansas
., the St. Louis Southwestern By. Co. of Texas and the St. Louis San
Francisco & Texas By. Co. To each of these companies there was issued %
JUNE 6 1925.]
2939
THE CHRONICLE
of the $48,000 of the capital stock of the Terminal Co. The Trinity 3z
Brazos Valley Ry. was one of the parties to the agreement of April 1 1912
and had issued to it h of the Terminal Company's stock, but it has never
used the facilities.
In 1914 the Trinity ar Brazos Valley was placed in the hands of a receiver.
Because of default under the operating agreement the Terminal Company
has taken steps to exclude the Trilnity & Brazos Valley from use of the
facilities. The Forth Worth Co. with the consent of the 7 proprietary
companies not in default has purchased, under appropriate court orders, the
-V.
capital stock of the Terminal Co.issued to the Trinity & Brazos Valley.
120, p. 2811.
-Applications Dismissed.
Golden Belt RR. Co. of Kan.
The I. C.Commission on May 23 dismissed the application of the com-S.
pany for authority to issue 8800,000 Common stock and $500,000 1st Mtge.
7% bonds, the proceeds of which were to be used in connection with the
construction of a proposed line of railroad from Great Bend to Hays, Kans.
The Commission also dismisged the application of the company to construct
the above line; the commission "found that the public convenience and
necessity had not been shown to require the contemplated construction."
V. 112. p. 1617.
the Federal control period, which has been reduced to $7.811,543. The
-V.120. p.2812.
balance ot $4,439.052 will go into the company's treasury.
2266.
-Tentative
Perkiomen RR. (of Pa.).
The Inter-State Commerce Commission has placed a tentative valuation
of $1,896,532 on the total owned and used properties of the company as of
June 30 1917.-V. 110. p. 2193.
-Bonds.
Seaboard Air Line Railway.
-S. C. Commission on May 20 granted the company authority
The I.
(1) to procure the authentication and delivery of $2.294.000 1st & Consol.
Mtge. gold bonds, due 1945,6%. series A, and to pledge them as collateral
security for any note or notes which the company may issue within the
limitations of paragraph (9) of section 20a of the interstate commerce act;
and (2) to assume obligation and liability. as guarantor, in respect of
$434,000 of Tampa & Gulf Coast RR. Co. 1st Mtge. bonds.- V. 120, P
2398. 2392.
-Construction of Extension.
Tampa Southern RR.
-S. C. Commission on May 21 issued a certificate authorizing the
The I.
company to construct an extension of its line of railroad from the southern
terminus near Sarasota. Sarasota County, and extending in a general
Grand Canyon Railway.
-Bonds.
-S. C. Commission on Mak 19 authorized the company to issue one southeasterly direction through Sarasota and Manatee Counties to a point
The I.
registered 1st mtge 6% gold bond, series A. in the denom. of $300,000; said on the Fort Myers branch of the Atlantic Coast Line RR. or near Fort
bond to be delivered to the Atchison Topeka & Santa Fe Railway in satis- Ogden, De Seta County. a distance of approximately 39 miles. all in the
-V. 110, p. 872.
- State of Florida.
faction of a like amount ofindebtedness for advances for capital purposes.
V.118, p.663.
Texas & Pacific Ry.-Tentative Valuation.
-S. C. Commission has placed a tentative valuation of $68,170,227
The I.
Houston (Tex.) Belt & Terminal Ry.-Valuation.total owned, and $65,083,616 on the total used properties of the
The I.
-S. C. Commission has placed a tentative valuation of $4.872.868 on the
on the total used and $3,917.500 on the total owned property of the company company, as of June 30 1916.-V. 120, p. 2542.
as of June 30 1916.-V. 116, p. 2636.
Toronto Hamilton & Buffalo Ry.-Earnings.-Balance,
Charges
Net (after Other
Gross
Houston (Tex.)& Brazos Valley Ry.-Tentative Value.
- Cal.
Dividends. Surplus.
&c.
Taxes). Income.
placed a tentative value of $667,733 on the Year- Revenue.
The I.
-S. C. Commission has
$178.275
1924_42,530,475 $143,879 $286,487 $252,091
total used properties of the company as of June 30 1917.-V. 118. p. 1772.
07
1923_ -- 2,910,527 721,981 323,896 234,509 (6 ) 270,750 540.618
344,532 272,237 (6%) 270,750 251.653
Kansas City Southern Ry.-Loses Revaluation Suit.
1922_ -- 2,444,381 450,108
64,501
The company on June 2 lost its appeal from a District of Columbia 1921-- 2,677.984 379,838 329,713 374,300 (6%) 270.750 660.200
Supreme Court decision in which It sought a mandamus to compel the 1920___ 3,229,726 724,083 250,519 314,401
Inter-State Commerce Commission to place a valuation on its entire -V. 118, p. 2439.
property. The District Court of Appeals held that the road really sought
Wabash Ry.-Acquisition of Ann Arbor.
to vacate the valuation previously given and to obtain a revaluation; that
-V.123, p. 2682, 2547.
See Ann Arbor RR.above.
the mandamus could not be used as a substitute for an appeal nor as a writ
of error and that it could not review the Commission's proceedings.
-V.120,
p. 1872, 1739.
PUBLIC UTILITIES.
Lehigh 8c New England RR.
-Report.
Telephone Bares in New Jersey North of Trenton are Advanced an Average
Calendar Years1924.1921.
-New York
by Public Utilities Commission.
of
Total ry. oper. revs.-- $5,413,879 $5,843:136 84,597:073 $4.775.737 ' 30% Pending Decision 3.
Evening Post June 1. ro•
4,468.245
Total ry. oper. exps__-- 4,138,723
3,664,039
3,795,741
204,842
Railway tax accruals_ __
224,979
219,424
-Power Merger.
226,437
Adirondack Power & Light Corp.
98
26
Uncoil, railway revenues
767
In connection with the proposed $50,000,000 up State utility merger
Hudson Power Corp. below) a circular to the holders of
(see Mohawk
Total ry. oper. inc- $1,069,546 $1,149,814
$713,584
$753,560 the Common stock says:
Non-operating income253,698
258,361
171.833
364,610
There has been a rapid growth in recent years in the demand for electric
power from the systems of the various companies in the region of this
Gross income
$1,323,244 $1,408,175
$885.417 $1,118,169 company,and new facilities have been required to meet the demand. New
119,281
96.129
Joint facility, &c.,rents_
106,427
85,340 plants have been and are being built and interconnections have been made
Miscall, tax accruals_ _ _
866
891
479
611 with various independently owned systems, thus making it possible to use
319,256
Int, on fd. & unfd. debt
301,801
308.740
319,073 at all hours facilities which would otherwise be idle on occasion, but the
Amor.of disc.on fd.debt_
4,908
5,374
5,829
6,342 demand continues to grow and it is clear that the maximum use of all the
Miscell, income charges_
90,045
18,954
17,787
4,396 facilities of each of the separate companies is required if the public is to
Income applied to skg.,
properly and economically. This full use can be obtained only
be
&c., reserve funds_ _ _
8,206
9,698
8.910
6,489 by served
co-ordinating the operation of.as many as possible of these systems into
Dividends
(I5%)1,020,000 (3)204.000 (10)680,000 (10)680,000 a sole control and a plan to accomplish this has been prepared.
company, Mohawk Hudson Power Corp. has been organized in
A
Balance, surplus
def$169,717
$762,984 def$304,013
$15,916 New new
York, with a capital stock consisting of preferred, second preferred
-V. 119, p. 2407.
and common shares, all without par value. The new corporation has
by which, if the
Maine Central RR.
-Declares Dividend of 23.4% on completed arrangements more than half theP. S. Commission approves, it
common stock of this company,
will acquire substantially
-The directors on two-thirds or more of the common stock of Utica Gas & Electric Co..
Account of Arrearages on Preferred Stock.
Corp.
Fulton County Gas & Electric Co. and of Cohoes Power
June 3 declared a dividend of 2%% on account of accumula- and substantial amounts of the capital stock of Municipal & Light of the
Gas Co.
tions on the outstanding $3,000,000 Cumul. Pref. stock, City of Albany, probably more than two-thirds. $7,249.360 of cash has
of this new company and it
payable June 15 to holders of record May 29. These are the been subscribed for common stockcommon stock of Niagara.has arranged
Lockport &
of the
dividends which were due June 1 and Sept. 1 1924 and to acquire 80,000 shares shares of the $7 cumulative preferred stock of
Ontario Power Co.. 35.000
designated as dividends Nos. 34 and 35. This payment will Power & Electric Securities Corp.,(which owns 85% or more of the common
stock of Northern New York Utilities, Inc.) and substantial amounts of
reduce accruals on the stock to $17 50 per share.
the bonds and notes of Fulton County Gas & Electric Co. In some cases
The regular quarterly dividend of 1 X% on the Preferred the new company will acquire all the stock of corporations owning some of
rather than the
shares was paid June 1 to holders of record May 15. (See these securities Mohawk Hudsonsecurities themselves.
Power Corp. will be issued for these assets
Only stock of
also V. 119, p. 2176.)-V. 120, p. 2008.
and the maximum number of shares so to be issued will be 280,000 shares
of pref. stock, 182,654 shares of 2d pref. stock and 981.692 shares of
Minneapolis & St. Louis Ry.-Tentative Valuation.
common stock. Both the preferred stock and second preferred stock are
The I.
-S. C. Commission has placed a tentative valuation of 846,944,428 entitled to cumulative preferential dividends at the rate of $7 per share per
on the total owned, and $46,057,544 on the total used properties of the annum and to $100 per share in distribution of assets other than by dividend
from surplus or profits and both are callable at $107.50 per share and diva.
company, as of June 30 1917.-V. 120, p. 2546.
With each share of the 2nd pref. stock option warrants will be issued
Missouri Pacific RR.
-Bonds Authorized.
entitling the owner thereof to purchase a total of two shares of common
C. Commission on May 20 granted the company authority stock of the new company at any time at $50 per share, payable in cash or
The I.
-S.
bl tha
,
(I) to procure the authentication and delivery of $35,317,000 1st & Ref. stock surrender of one share of 2nd pref. stock for two shares of common
Mtge.6% gold bonds, series "E:" $25,000,000 thereof to be sold to Kuhn,
The shares of the common stock of Adirondack Power & Light Corp.
Loeb & Co. at not less than 96zi‘ and Int., and pending delivery, all or any
part to be pledged as security for certain interim Certificates, and $10.317,- to be acquired by Mohawk Hudson Power Corp. are owned by General
pledged as collateral security for any note or notes which the Electric Co. and Ledyard Cogswell, Jr., Francis E. Frothingham, Wm,0.
000 to be
company may issue under paragraph (9) of section 20a of the Interstate Hotchkin, Cornelius D. Scully. With respect to each share so acquired
commerce act; (2) to issue $25.000,000 of interim certificates; and (3) to from the General Electric Co. and the others mentioned. Mohawk Hudson
pledge as security for such certificates all or any part of $9.044.000 of 1st Power Corp. will issue one-third of a share of its 2nd pref. stock with the
& Ref. Mtge.5% gold bonds,series "C." Carl A.deGersderfffor applicant. accompanying option warrants at the rate mentioned above, and one
share of its common stock, together with a subscription warrant entitling
(See offering in V. 120, p. 2008).-V. 120, P. 2811, 2546.
the bearer to subscribe for one additional share of said common stock at $10.
-J. P.
Northern Pacific Ry.--Equipment Trusts Sold.
Common stockholders are invited to exchange their shares for shares of
on the same basis.
Mohawk Hudson Power
Morgan & Co., First National Bank and National City Co. been made, however, under which they may receive forArrangements have
each of their shares
434% $3,525,000 43.4% Serial of common stock at theirCorp.
have sold at prices to yield
election, either (a) One-third of a share of the
2nd pref. stock (with the accompanying option warrants for two-thirds of
Trust Gold Certificates, Issued under the Phila. plan.
of the common
Dated March 15 1925. Serial maturities of 8235,000 per annum, March a share of common stock as mentioned above) and one share a subscription
with
15 1926 to March 15 1940, both inclusive. Dividends payable M. & S. stock of Mohawk Hudson Power Corp., together
Certificates and dive. payable in N. Y. City at the office of J. P. Morgan warrant entitling the bearer thereof to subscribe for one additional share
$10 (the basis on which the shares of General Electric
& Co. First National Bank, New York, trustee. Denom. $1,000 et. of common stock atwill be exchanged); or (b) One-third of a share of 2nd
These Certificates are to be issued to provide for part of the cost of the Co. and the others
standard new railway equipment below mentioned. The title to the pref. stock (with the accompanying option warrant for two-thirds of a
stock)
equipment is to be vested in the Trustee, which is to lease the equipment share of common stock). $20 in cash (in lieu of the share of commonfor one
subscribe
and a
to the Company at a rental sufficient to discharge the Certificates and the share subscription warrant entitling the bearer thereof to
of the common stock at $10.
warrants and other charges as they mature. The equipment to
dividend
Those desiring
stock with Central
exchange
be vested in the Trustee consists of: 1,000 40-ton Steel Underframe Box Union Trust Co.,thisBroadway.should deposit their the same time elect
N. Y. City and at
80
-ton Steel Underframe Gondola Cars; 10 Steel Passenger which of the
Cars: 800 50
-V. 120. P. 2547,
alternatives set out above they will accept.
Coaches; 5 Steel Baggage Cars; 5 Steel Mail and Express Cars and 10 Steel 1745.
Observation Cars.
foregoing equipment is to cost approximately $4,712.215, of which
The
American District Telegraph Co.
-To Recapitqlize.over 25%, or approximately $1,187,215, is to be paid by the company in
The stockholders will shortly vote on changing the present authorized
cash at the time of acquisition.
Commission on May 26 approved the issuance capital of 100.000 shares of Common stock, par $100. to 100,000 shares
-The I.-S. C.
Issuance.
of 7% Preferred stock, par $100 and 100,000 shares of new no par Common
of the above certificates at 96.89 and div. For dissenting opinion by stock. Under the plan one share of new Preferred and one share of new
Commissioner Eastman see under "Current Events" on a precceding page. no par Common stock would be issued in exchange for each share
of stock
Frederic E. Williamson, of New York, has been elected Vice-President
in charge of operations and maintenance, effective July 1, to succeed the now held.
Dividends on the new Preferred would be cumulative and payable
p. 2143.
-V. 120,
late A. M. Burt.
quarterly. The Preferred stock would be callable at 110 and voting power
would be vested exclusively in the Common. Provision is made for an
-Guaranty Settlement.
Pennsylvania RR.
,
i
annual sinking fund of 2; % of outstanding Preferred stock.
The Inter-State Commerce Commission on June 1 certified to the SecreThe Western Union Telegraph Co. controls about 85% of the present
tary of the Treasury that $12,250.596 is the final balance due the road. outstanding $9,965,351 capital stock.
-V. 120. p. 326, 2144.
the Government guaranty following the period of
accruing to it under
Federal control.
-Time for Deposit of N. J. Co.
American Gas Co. (Pa.).
President Samuel Rea, commenting on the final settlement with the
Government for the guaranty period, said that settlement had now been Stock Extended
The Philadelphia Stock Exchange was advised on May 28 that more
made for that period for each of the 16 operating corporations in the systhe companies in the system had made final settlement than 75% of the outstanding stock of the American Gas Co.,(N. J.) his
tem* also that all of
been deposited 'tinder the plan for the acquisition of the stock by th
for the Federal control period.
The $12.250,596 received from the Government for the guaranty period United Gas Improvement Co., which is the amount requisite to make th
will be applied to pay off the remaining obligation to the Government for first step in the plan effective. In order to afford opportunity to all stock
THE CHRONICLE
2940
holders of the American Gas Co.,(N. J.), who have not already deposited
their stock, to do so, the time for making deposits has been extended
beyond June 1 1925. which extension has been consented to by the United
Gas Improvement Co. The extension of time allowed for making deposits
may be terminated at any time, but 10 days' notice will be given to the
Stock Exchange in advance of such termination.
A special meeting of American Gas Co. of Pennsylvania has been called
for June 19 to act on agreement of merger and consolidation with United
Gas Improvement Co. American Gas Co.of Pennsylvania was formed as a
vehicle for effecting the acquisition by the United Gas Improvement Co.
of stock of American Gas Co. (New Jersey). Assets of American Gas of
Pennsylvania consist of stock of American Gas (New Jersey) deposited
under the merger plan. The stock of the Pennsylvania Co. is held in a
voting trust, voting trust certificates having been issued in exchange for
New Jersey company stock deposited.
The Philadelphia Stock Exchange on May 29 authorized the listing of
$4,788.100 (95,762 shares) additional American Gas Co., (Pa.) voting
trust certificates, issued against the deposit of a like amount of capital
stock of the company deposited under voting trust agreement, dated
April 22 1924, in connection with the acquisition of the Common stock of
the American Gas Co., (N. J.), by the United Gas Improvement Co.,
making the total amount of voting trust certificates listed $9,680,500
-V. 120
representing 193.610 shares American Gas Co., (Pa.), deposited.
•
p. 2813.
[VOL 120
-Power Merger.
Cohoes Power & Light Corp.
In connection with the $50,000,000 up-State power merger (see Mohawk
Hudson Power Corp. below) a circular says:
Frank M. Tait has agreed, with other stockholders, to transfer his
holdings of stock of the corporation, in exchange for stock of the Mohawk
Hudson Power Corp., on the basis of one share of stock of the Cohoes
corporation for 1.84 shares of Cumul. Prof. stock of Mohawk Hudson
Power Corp.. without par value, each share carrying dividends at the rate
of $7 per annum, and
share of Common stock of Mohawk Hudson
Power Corp., without par value.
The Mohawk Hudson Power Corp. has offered to acquire all of the
Common stock of Cohoes Power & Light Corp., Municipal Gas Co., Utica
Gas & Electric Co., Adirondack Power & Light Corp.(or companies holding
such Common stock) and the securities of certain other companies in
exchange for its own stock.
If certain percentages of the Common stocks of the various companies
above mentioned (two-thirds in the case of the Cohoes Power & Light
Corp.) are not made available for acquisition by the Mohawk Hudson
Power Corp., the Mohawk Hudson Power Corp. is not obligated to carry
out this transaction.
Present dividends will be continued on the Cohoes Power & Light Corp.
stock. if earned, up to the date from which dividends become cumulative
on the new $7 Cumul. Pref. stock.
The earnings of the new company, including the earnings of the operating
companies, which will accrue to the new company, are estimated to be
-Extra Dividend.
American Gas & Electric Co.
on
excess
the present substantially inof the of the. amount necessary to pay $7 per annum
An extra dividend at the rate of 1-50 of a share on each share of
the Pref. stock
new company.
non-par value Common stock has been declared in addition to a regular
the approval of the P. S.
This transaction will be closed (if and
Common stock, both payablq Commission is obtained) at the office ofwhen Central Union Trust Co..
quarterly dividend of 25 cents per share on the
the
July 1 to holders of record June 10 and to stockholders who have not prior 80 Broadway, New York, N. Y., which has agreed to act as depositary.
to June 10 1925 surrendered their certificates for par value shares in exshould deposit their
Stockholders desiring to make the
such exchange, but stock with Central Union Trust Co. above exchange
change for non-par value shares, upon the making of
-V. 116, D. 1537.
not prior to July 1 1925. An extra dividend at the rate of 1-50 of a share
also paid Jan. 2 last on the Common stock, no par value.
was
-Sets Subscription Date.
Commonwealth Power Corp.
The regular quarterly dividend of 31 50 per share on the unstamped nonthe acquisiThe
par value Preferred stock and 1;4% on the outstanding Preferred stock (par tion offollowing are the important dates relative to the plan for of stocks
the Tennessee Electric Power Co., through the exchange
ending July 31 1924, payable
$50) have been declared for the quarter
(see V. 120, p. 2683. 2548).
Aug. 1 to holders of record July 10.-V. 120, p. 1879. 1324.
(a) Stock of record June 12 is entitled to vote at special meeting June 23.
(b) Bankers Trust Co.. depositary, is not authorized to accent any
-Annual Report.
Appalachian Power Co.
further deposits of 2d Pref. and Common stock of the Tennessee Electric
1922.
1924.1921.
1923.
Calendar YearsPower Co. after June 15 under offer of the Commonwealth Power Corp.
$3.661.349 33,434,228 32,949,602 $2,487,607 dated May 22 1925.
Operating revenue
1.381,896
1.556.128
1,796.239
1,751,092
Operating expenses
(c) Meeting of stockholders of Commonwealth Power Corp. is called
to be held on June 23 to act upon the matters contained in notice dated
Operating income_ _ - _ $1,910,256 $1,637,990 $1,393,474 $1.105.710 May 22 1925.
20,342
24,363
22,933
136,778
Other income (interest)_
(d) July 1 is the tentative date of record for dividends payable Aug. 1 on
Corp. and
32.047,034 $1.660,923 $1.417,837 $1.126.052 Prof. and present Common stocks of Commonwealth Power
Total income
$675,556 2d Prof. stock of the Tennessee Electric Power Co.
$638,624
$656,109
$890.038
Interest
te) July 2 has been set as tho tentative date on which Common stock61,760
57,960
67,922
82,725
Amort. of disc. & exp.__
in their
250,000 holders of Common.voalth Power Corp. will be asked to send Common
250,000
325,000
350.000
Deprec. reserve
certificates of stock to have them split up into four shares of new
3,750
53,110
36,575
Conun'ns, &c..1st Pf.stk
for one share of the present Common stock. Up to this same date holders
Profit on sale of office bldg Cr.20,976
33,867 of present outstanding Common stock option warrants upon exercise
70,938
136,684
206,606
let Prof. stock divs
thereof and for each $100 paid thereon, will receive one share of present
64,855
259,420
259.420
Divs. Preferred stock__ _
Common stock of the Commonwealth Power Corp. After this (late they
$104.869 will receive upon like exercise four shares of new Common stock of the
$331.710
$162,678
$242,646
Balance, surplus
Commonwealth Power Corp. for each $100 paid thereon.
-V.120. p. 451.
(f) July 24 has been set as the tentative date of record as of which holders
of new Common stock of the Commonwealth Power Corp. will be sent
-Earnings.
Arkansas Natural Gas Co.
warrants evidencing their right to subscribe at X30 per share to additional
(Including Arkansas Fuel Off Co.]
new Common stock to the extent of 1-10 of their holdings of such new
Combined Income Account for Quarter Ended Mar. 311925.
$1,356,750 stock on such date of record.
Gross income
(g) Aug. 31 has been set as the tentative date after which subscription
657,681
Gross expense
of Co54.126 warrants evidencing the right to subscribe to new Common stock 2814.
Deductions
-V.120, p.
monwealth Power Corp. at $30 per share become void.
3644,944
Surplus 1st quarter, 1925
-e.
-V. 120, p. 2813.
-Tenders, 4 Community Traction Co.
The Bankers' Trust Co., 16 Wall St. N. Y. City, will until June 20
-Sale.
Beech Grove Traction Co., Indianapolis.
receive bids for the sale to it of 1st Mtge. 6% Gold bonds dated Jan. 31
Sale of the company at a price not less than $30,000 was ordered by 1921. to an amount sufficient to exhaust $142,395, at a price not exceedJudge Harry 0. Chamberlin, of Circuit Court at Indianapolis May 27. ing 104 and interest.
-V. 119, p. 2759.
The sale will be held June 22 at the offices of the Fletcher Savings & Trust
Co.. receiver for the company.
-Tenders.
Connecticut River Power Co. (of N. H.).
named receiver for the road in
The Fletcher Savings & Trust Co. was
The Old Colony Trust Co.. trustee. Boston, Mass- will until June 12
Nov. 1917. A total of approximately $100,000 in bonds is outstanding. receive bids for the sale to It of First Mtge. 5% 30
-year Sinking Fund Gold
The road is four miles in length, connecting Beech Grove with the lines bonds. due June 1 1937, to an amount sufficient to absorb 336,171.-V. 116.
of the Indianapolis Street Ry. About two miles of the city street car lines p. 2692.
are used, making the traveling distance of Beech Grove cars about6 miles.
It is reported that if the line should be discontinued, a bus line will be
Consolidated Gas Electric Light & Power Co. of
established.
Sons. Brown Bros.
-Bonds Called.
Bradford Electric Co.
All of the outstanding 1st Mtge. & Coll. Trust 6%. Series "A' Gold
bonds. due Jan. 1 1929 have been called for payment July 1 at 105 and int.
-V. 118
at the Guaranty Trust Co.. trustee, 140 Broadway, N. Y. City.
p. 1915.
--Merger.
Buffalo, Niagara & Eastern Power Corp.
The corporation has applied to the New York P. S. Commission for authority to acquire and hold more than 10% of the Common stock of the
Buffalo General Electric Co., Niagara Falls Power Co., Niagara-Lockport &
Ontario Power Co. and Tonawanda Power co. See also V. 120, p. 2683.
2547.
-Acquisitions.
Calumet Gas & Electric Co.
The Indiana P.S. Commission has approved the purchase by the company
of6 privately owned electric and power utilities serving various communities
in the northern part of Indiana. The purchase price, according to the
commission's order, was $818,264.
The companies included in the purchase and the prices fixed were: The
Indiana Electric Utilities Co. of Angola, 3310,141, subject to loin of $186,400:C. F. Cain Power & Light Co.. Ontario. $159.188: Hawk Brothers Milling Co., Mongo. $86,382: Bass Lake Electric Light & Power Co., $19,980:
Nevada Mills Electric Co.. $33,083, and the Orland Light & Power Co..
$23.090.-V. 120. p. 1456.
-Report.
Central Connecticut Power & Light Co.
Earnings Year Ended Dec. 31 1924.
Cent. Conn. Essex Light
• Pr. & Lt. & Pr. Co. Combined.
$114,228
$258,811
$144.583
Income
Current
11.832
3.551
8.281
Miscellaneous income
21,564
21,564
Investments
Total income
Operating expense
Bond and note interest
Dividends
Balance
--V. 117, p. 897.
$174,428
116,443
30,729
25.300
$117,779
76,667
21,000
$292,207
193.111
30.729
46,300
$1,955
$20,111
$22.067
-Acquisitions.
Co.
Central Hudson Gas & Electric S. Commission for authority
P.
The company has applied to the New York
to acquire all of the outstanding stock of the Citizens' RR., Light & Power
Southern
Co.. and all of the outstanding stock and mortgage bonds of theThe comDutchess Gas & Electric Co.. and to merge these companies.
pany has also applied for permission to purchase the stock of the Fishkill
Electric By-V. 120, p. 1325.
-Earnings.
Central Illinois Light Company.
1923.
1922.
1924.
1925.
12 Mos. End. Apr. 30
$3,646,227 $3,579,643 $3,252,488 $2,790,047
Gross earnings
OPer. expens., Incl. taxes
2,039,569
1.611.224
2,064,032
1,977.649
& maintenance
488,161
425,156
479,355
535.794
Fixed charges
222,365
184,627
280,998
297.623
Preferred dividend
210,000
210.000
225,600
Prov.for replac.& depre.
256,800
$292.393
$359,039
$529,658
Balance, surplus
$578.361
-V. 120, p. 2010, 954.
Chicago Lake Shore & South Bend Ry.-Sale.-
Floyd 0. Jellison. special master, will sell the entire property at Gary,
Ind., on June 29. Under a tentative reorganization plan announced February last the property will be transferred to Insull interests (see V. 120, p*
7011.-V. 120. p. 1746, 1201.
-Alex. Brown &
Balto.-Bonds Sold.
& Co., Lee, Hieginson & Co., Jackson & Curtis and Spencer
and interest $9,000,000
Trask & Co. have sold at 100
1st Ref. Mtge. 5% Sinking Fund Gold bonds, Series "F".
Dated June 1 1925: due June 11965. Prin. and int.(J.& D.) payable at
office of Alex. Brown & Sons. Baltimore, and Bank of the Manhattan Co.
New York. Denom. c531.000 and $500 and r* $1,000and authorized multiples. Red. all or part, at any time on 60 days' notice at 105 during first
10 years. at 104 during second 10 years. at 10234 during third 10 years. at
101 during next 8 years and at 100 during last 2 years: plus int. in each case,
Interest payable without deduction for Federal income tax up to 2%.
Bankers Trust Co.. New York. trustee.
-Proceeds of these $9.000,000 bonds, together with additional
Purpose.
cash to be supplied by the company, will be used to refund 38.532.500 let
Ref. Mtge.6J*6 bonas. Series "D," which are to be called for redemption at
110 on Aug. 1 1925 (thereby decreasing Bond interest charges by $127,987
per annum), and to reimburse the treasury of the company. in part, for cost
of property additions and extensions.
Security.-Theso *9.000.0005% Series"F" bonds (equally with $11,263.% Series "E" bonds) are
000 6% Series "A" bonds and $5.000.000
secured by mortgage on all property* now owned or hereafter acquired.
Bonds are reserved to refund all underlying issues.
-An annual sinking fund of 1% of 1st Ref. Mtge. bonds
Sinking Fund.
outstanding, used for purchase or call and retirement of 1st Ref. Mtge.
bonds, began on Aug. 1 1923.
Preferred Stork Sold.-Speneer Trask dt Co., New York and
Boston and Chase & Co., Boston. announce the sale of
81.000.000 8% Cumul. Pref.(A. & D.) stock, Series "D." at
8100 50 per share, to yield 5.97% (dividends will accrue from
July 1 1925).
Dividends payable quarterly beginning Oct. 1 1925. Red. all or part on
60 days' notice, at 110 and div. At no time shall the number of shares of
Preferred stock issued and outstanding exceed 4 the number of shares of
Common stock issued and outstanding and not held or owned by the company. Preferred stock may be issued in different series, the fixed preferential dividends upon which shall in no Case exceed 8%, per annum. 'Preferred stock outstanding or subscribed, including present issue. 312.000.000.
Transfer agents: New York Trust Co.. New York: Continental Trust Co.,
Baltimore, Registrars: Guaranty Trust Co., New York: Union Trust Co.
of Maryland. Baltimore, Outstanding Preferred stock is listed on the Baltimore Stock Exchange and application will be made to list the present issue.
Data From Letter Of Herbert A. Wagner, President of the Company.
Company
.-Does the entire gas, electric light and power business in Baltimore, including the supply of all power used by the street railways. Its
operations also extend into the suburbs and surrounding counties, now serving a population of about 825,000. Company has generating stations aggregating over 266,000 h.p. capacity. The construction of anew generating
station to have an ultimate capacity 01'185.000 h.p.Is now under way. Company is also furnished, under an advantageous contract, with power from the
largest water power plant in operation east of the Mississippi and south of
Niagara. Its gas plant has a capacity of 67,000.000 cu.ft. daily and it also
has a contract under which it purchases from the Bethlehem Steel Co. byproduct coke oven gas for a substantial part of its output.
Dividends -Continuous cash dividends on the common stock have been
paid since 1909. In Oct. 1924, the Common stock, then of a par value of
3100 per share, was changed into Common stock of no par value, on the basis
of 4 shares of no-par stock for each share of $100 par value. For the 10
years prior to Oct. 1 1924 the dividend rates averaged more than 73i% Per
annum. The present dividend rate. $2 per share per annum, is equivalent
n .
i 7
1pr• annum on the old stock, which 8% rate had been in effect since
JUNE 6 1925.]
THE CHRONICLE
Purpose.
-Proceeds will be used to reimburse the treasury in part for the
cost of additions and extensions to gas and electric plants, transmission lines.
distribution systems and other capital expenditures.
-In June 1923 the P. S. Commission of Maryland
Valuation of Properly.
rendered a decision that the valuation of the company's property was at
least equal to the par value of its entire security issues then outstanding
(bonds, preferred stock and common stock) and its book surplus. The return allowed by the Commission on the valuation as a whole, amply assures
the continuance of dividends not only on the preferred stock but also on the
common stock at the rate of $2 per share per annum.
Capitalization Outstanding Upon Completion of Present Financing.
8i Cumul. Pref. Stock. Series A
85.000,000
7 Cumul. Pref. Stock, Series B
2.000,000
6 % Cumul. Pref. Stock, Series C (incl. $48,500 subscribed but
not fully paid for)
4,000.000
Cumulative Pref. Stock, Series D
43%
1,000,000
Common Stock-paying $2 div.(701,288 shs. no par value)
17,532,200
Consol. Gas Elec. Lt.& Pow. Co. Gen. Mtge.4lis, 1935
13,845,000
Consol. Gas El. Lt. & Pow. Co., Balto., 1st Ref. Mtge. S. F.:
Series"A" Os 1949
11.20.000
Series "E" WO 1952
5.000,000
Series"F"5%.due June 1 1965
9.000,000
Consol. Gas Co.of Balto. City Consol. Mtge.58 1939
3,400,000
Consol. Gas Co. of Balto. City Gen. Mtge.4s 1954
6.100.000
United Elec. Lt.& Pow. Co. 1st Consol. Mtge.4)0 1929
4.428,000
Guaranteed Issues of Subsidiary Companies.
Roland Park Elec.& Water Co. 1st Mtge.581937
300,000
Baltimore Elec. Co. of Balto. City 1st Mtge 5s 1947
3,943,000
Baltimore Elec. Co. of Balto. City 5% Pref.stock
1,000.000
Public Service Bldg. Co. 1st Mtge. 58 1940
795.500
Public Service Building Co.6% Pref. stock
676,700
Earnings for Calendar Years.
Oper.
Sur. Avail,
Exp.&
Gross
Net
Fixed
for Dill.
Taxes.
Income.
Earnings. aCharges.
&c.
12.813,617 8,012,906 4.800,711 2.283,622 2,517.089
1919
1921
16.612,388 10.584.582 6,027.806 2,8-6,184 3,201,622
22,221.699 12.588.592 9,633,h.7 3.088.722 6,544,38.5
1923
b21,711,928 13,064,002 8,647,926 3,074.365 5,573,561
1924
1925c
21.919.654 12.890.308 9,029,446 3.052,277 5,977.169
a Exclusive of amortization. b Rate decrease effective July 1923.
C 12 Months ended April 30.
To Retire Series "D" 63/2% let Ref. Mtge. Bonds.
-
2941
Great Western Power Co. of Calif.
-Bonds Offered.
E. H. Rollins & Sons, Lee, Higginson & Co., Bonbright &
Co., Inc., New York, and Peirce, Fair & Co., San Francisco,
are offering at 99 and interest to yield about 5.57%, $6,300,000 First & Ref. Mtge. Sinking Fund Gold bonds, Series
"D" 53.%. Dated Feb. 1 1925; due Feb. 1 1955. (See
description in V. 120, P. 956.)
Company.-Incorp. in 1915 in California. Does an extensive electric
light and power business in central California, serving a population of over
1.400,000. Since the beginning of 1912 the connected load has been increased from 110.000 h.p. to about 482.000 h.p. and the number of consumers from 4,230 to over 54,000. During this same period gross earnings
have increased from about 82.000.000 per annum to over $7,780,000 per
annum. Company's electric generating plants have a present productive
capacity of 225,000 h.p., of which 175.000 h.p. is hdyro-electric and 50,000
h.p. is in auxiliary steam plants.
Company is controlled by Western Power Corp. which has recently
acquired control of San Joaquin Light & Power Corp. and its affiliated
companies (Midland Counties Public Service Corp. an Fresno City Water
Corp.).
Purpose.
-Proceeds from the sale of these bonds, together with funds
on hand, will be used to retire on Aug. 1 1925 all 1st & Ref. Mtge. Series
"B" 7% bonds of the company.
Capitalization Outstanding After Giving Effect to This Financing.
Common stock
$27,500,000
Preferred stock 7% cuntul. (incl. $1,518,000 subscribed for but
not fully paid up)
11.188.084
Debentures
-6%. due 1925
4.177,600
First & Ref. Mtge. bonds, Ser. "D," 5)4%, 1955 (incl. this
offering)
8,500,000
do
Series "C"6%, 1952
5.923,000
do
Series "A" 6%,1949
5,891,300
Underlying Divisional Mortgage bonds (closed mortgages)
2,817,950
First Mortgage 5% bonds, 1946 (closed mortgage)
19.535.000
Earnings (Reclassified) Twelre Months Ended April 30.
1924.
1925.
Gross earnings, exclusive of int. during construc'n_ _$7.328.865 $7,780.413
Operating expenses, taxes, rentals. &c
2.701.681
3,075.563
Net earnings
$4.627,184 $4.704.850
Annual int. on outstanding mtge. bonds (incl. this offering)2,294.685
All of the outstanding Series "D"63i% let Ref. Mtge. S. F. Gold bonds,
Balance
82.410.165
dated Feb. 1 1919 have been called for payment Aug. 1 at 110 and int.
Security.
-Secured by a first mortgage on the company's Caribou plant,
at the holders' option, at the Bank of the Manhattan Co.. New York, or which has a present productive capacity of 58.000 h. p., and which is
at the office of Alexander Brown & Sons, Baltimore. Md.,or at the Midland capable of increase to an ultimate capacity of
176.000 h. p. Bonds are in
Bank, Ltd.. London, England. See also V. 120. p. 2814.
addition secured by a general mortgage on the entire property now owned.
.
subject to underlying liens, and also on all property hereafter acquired.
• Consolidated Telegraph & Electrical Subway Co.
- No further underlying bonds may be sold to the public.
The company has increased its authorized Common stock from 604,500
Under the terms of the First & Ref. Mtge., additional bonds may only
to 704,500 shares of no par value. The 37,500 shares of no par Preferred be issued for 80% of the cost of additional property, and then only when
-V. 118, p. 3083.
stock remain unchanged.
net earnings as defined in the mortgage are at least 1U times the annual
Interest on bonds issued under this and underlying mortgages, including the
Consumers Power Co.
-Earnings.
bonds requested to be certified.
1925.
12 Mos. End. Apr. 30of the outstanding Series"B" 7% 1st & Ref. Mtge. S. F. gold bonds,
1924.
1923.
Gross earnings
$18,595,453 $17,874,410 $15.164,921 dated Aug. 1 1920, have been called for payment Aug. 1 at 110 and int.
. exps., incl. taxes & maint___. 9,723,438
Over
9.663,958
-V. 120, p. 2683.
8.034.188 at the Bankers Trust Co.. 16 Wall St., N. Y. City.)
charges
2,657.903
2,260,581
2,420,424
Hackensack (N. J.) Water Co.
Preferred dividend
1,784.126
-Stock Offered.
1,282,133
1.024,292
Prov. for replac. & deprec
Holders of the 7 .ce Preferred stock and Common stock of record June 12
1.320.000
1,184.000
1.094,078
will be offered, subject to the approval of the New Jersey P. U.Commission,
Balance, surplus
83,109,987 $3.483,737 82.591,938 the right to subscribe on or before June 30. at $25 per share, for 7% Cumul.
-V. 120. p. 2267. 2010.
Preferred Class A stock (par $25), to extent of one share of new stock
for each five shares held.
-See also V. 120, p. 2815.
Continental Passenger Railway Co.
-Dividend.
-
The Philadelphia Stock Exchange on May 29 announced the declaration
of the semi-annual dividend of $3 per share, payable June 30 to holders of
record May 29, less 38 cents per share to cover first and second quarterly
installments of the 1924 income tax.
-V. 118. p. 2823.
Harlem Valley Electric Corp.-Acouisition.The Katonah Lighting Co.has applled to the New York P.S.Commission
for permission to transfer its franchises, works and system to the Harlem
Valley Electric Corp.
-V.120. p. 2400.
Houston ElectrIc Co.
-Bonds Sold.
-Lee, Higginson
Detroit Edison Co.
-Bonds Sold.
-A syndicate composed
of Coffin & Burr, Inc., Spencer Trask & Co., Harris, Forbes & Co., Estabrook & Co., Parkinson & Burr, and Stone &
& Co., Security Trust Co., First Nat'l Co. of Detroit and Webster, Inc. have sold at 943 and interest, to yield
$5,000,000 1st Mtge. Gold bonds. Series A 6%.
Bankers Trust Co. has sold at 993' and int., yielding over about 6.80%'
Dated June 1 1925;
June 1935. Principal and interest (J. &D.)
'
5% $8,000,000 Gen. & Ref. Mtge. Gold bonds, series "B," payable incaist in aNadueo?rktal'd
B lEg e, s ew Y e a an y
wh
n
Dgtom. y fi t s
on a l n
!()LiT(At
ir
part
5% due 1955. Dated Oct. 1 1924; due June 11955.
at
end of each two-year
Listing.-ApplIcation will be made to list these:bonds on the New York 102 during the first two years. decreasing )6
period
from date of issue to par, during last two years. plus interest in each
Stock Exchange.
case. Interest payable without deduction for normal 'Federal income tax
Data From Letter of Alex Dow, President of the Company:
up to 2%. First National Bank. Boston, trustee.
-Does the entire commercial electric lighting and _power
Company.
Capitalization Outstanding upon Completion of This Financing.
business In the City of Detroit, now the fourth largest city in the United
States and in an extensive adiacent territory in the State of Michigan, First Mortgage Series A 68 (this Issue)
$5,000,000
serving a total population conservatively estimated at 1.650,000. Company Equipment Trust Certificates
349.381
also conducts a steam heating business in the central area of the City. Capital stock
5.000.000
'The property of the Company includes four large modern steam generating Data from Letter of C. F. W. Wetterer, President of the Company.
plants with an aggregate capacity of 503,000 kw.
company.-Ineorp. in Texas in 1901. Does the entire street railway and
securjiy.-Secured by a general mortgage on the entire fixed property an auxiliary bus business In Houston. Texas. serving a population of about
and franchises of the company, and In addition are secured by the deposit 190,000. Entire capital stock (except directors' qualifying shares) is owned
$12,500,000 1st & Ref. Mtge. Bonds. Additional underlying bonds ky Galveston-Houston Electric Co.. which also controls Galveston-Houston
of
may not be issued unless they are deposited as further security for the Electric Ry. and Galveston Electric Co.
bonds Issuable under the indenture securing the Gen. & Ref. Mtge. Bonds.
Properties include a steam station located in the heart of the city,equipped
The indenture contains provisions for modification thereof and of tie rights for oil 'burning with a generating capacity of 2,800 h. p.; substations with a
of the bondholders in certain respects, with the assent of the company and total installed capacity of 4,700 h. p.; 90 miles of equivalent single track;
holders of not less than 85% of the outstanding bonds.
modern and fully equipped car barn and shops: 203 cars, and 4 motor buses.
of the
An additional 60 cars and 17 motor buses are being operated and will be
Earnings, Year Ended April 30 1925.
owned as soon as the above Equipment Trust certificates are paid off.
Gross earnings
$34,586.502 Lines interconnect with those of the Galveston-Houston Electric Ry.
exps., taxes & deprec.
O
24.038,per
Seeurity.-Secured by a first mortgage on all property now owned, estiAnnual interest on mtge. bonds (incl. this issue)
3.657,390 mated to have a present value of approximately $10.000,000, or twice the
amount of these bonds. Additional bonds can be issued for not in excess
Balance
of 75% of the
CapitalizationAuthorized Outstanding.
$11d8n91i;17.009 restrictions ofcost or fair value of additions or improvements under careful
the mortgage outlined in accompanying letter.
Stock (has paid 8% diva, regularly since 1916)_ $85.
000 $65,549,100
Sinking Fund of 2% per annum on total amount of Series A bonds issued
Debentures:
Convertible
(first payment April 20 1926) to be used to purchase or call Series A bonds.
One issue of (18 due 1932
$4,146,200
Purpose.
-Proceeds will be used to retire two issues of bonds maturing on
Three issues of 78 due 1928, 1929 and 1930.
Aug. 1 1925. aggregating $2.974,000 in principal amount, to retire floating
aggregating
5,638,800 debt incurred to finance additions and extensions and to provide funds for
43en.& Ref.Mtge.bonds; Series A,5% due 19491
312,500,000 this year's construction requirements.
do Series B, due 1955 (this issue)
8,000,000
lst & Ref. Mtge. due 1940; 5% Series A
Earnings Twelve Months Ended March 31.
16,665,000
do 6% Series B
18.319.000
1925.
1924.
1923.
Y
Closed
First Mortgage 5%, due 1933
10,000,000 Gross earnings
Closed
$2,021,929 82.087,700 $2,613,843
Eastern Mich. Edison Co.. 1st Mtge. Os, 1931_
4,000,000 Operating expenses and taxes
1,678.524
1.730,114
1.947.549
I.imIted only by the restrictions of indenture.
Net earnings
y Authorized $75,000.000. In addition to the 834.984.000 Bonds shown
$343,405
$666,294
$357.586
as outstanding, there are $12,500.000 Bonds deposited as security for the Interest requirement on present funded debt (Incl. this issue)__
$320,963
Gen. & Ref. Mtge. Bonds and $13,516,000 Bonds in the treasury. Neither -V. 118, p. 431.
the treasury nor any other 1st & Ref. Mtge. Bonds may be
the Bonds in
Indiana Service Corp.
issued unless they are deposited as security under the indenture securing
-Redemption of Scrip Certificates.
All of the scrip certificates issued by the Commercial Trust Co. of Philathe Gen. & Ref. Mtge.Bonds.
-This issue will provide about ono-half of the new capital delphia. Pa. (now the Bank of North America & Trust Co.), for fractional
Purpose.
estimated to be needed for the calendar year and the first months of 19 .26 shares of the Pref. stock of the corporation, will be redeemed at the office
The proceeds of this issue will be applied towards the construction of three of the Bank of North America & Trust Co. on July 31 by the payment of
new substations in the downtown district of Detroit. a new steam heating a sum of money equal to the par value of such scrip certificates upon the
plant in the same district, very large extensions of the underground cable surrender thereof. Holders of any such scrip certificates not presented
transmission system, an additional tower line, with two circuits at 120.000 for redemption on or. before July 31 shall not thereafter be entitled to revolts, between the Trenton Channel plant and the western industrial district ceive any dividends or exercise any rights as holders thereof, but shall be
of Detroit, a new hydro-electric plant at French Landing on the Huron entitled only to receive the funds so set apart for the redemption thereof
River which will go into commission late in the summer, and numerous upon surrender of such scrip certificates at the office of the trust company.
expenditures towards the provision of distribution wires, line transformers, -V. 120, p. 1326.
service connections and meters for an expected addition during the calendar
Interborough Rapid Transit Co.
-Div. Rental.
Year of more than 36,000 customers, of which number 14,885 have already
-V. 120. P. 2814.
See Manhattan By. below.
-V. 120, p. 2815.
been added between Jan. first and this date.
-Notes Called.
Galveston-Houston Electric Co.
-Year 7% Secured Gold notes, Series "A" and
All of the outstanding 3%
"B," due Aug. 11925. have been called for payment July 1 at par and Int
at the Atlantic National Bank of Boston, 10 Post Office Sq., Boston, Mass..
-V. 119. p. 74.
See also Houston Electric Co. below.
Interstate Power Co.
-Preferred Stock Sold.-Pynehort &
Co., West & Co. and W. S. ilammons & Co. have sold at
$95 per share and div., to yield about 7.37%,30,000 shares
$7 Dividend Preferred stock. Preferred as to both assets
2942
THE CHRONICLE
and cumulative dividends. Shares are fully paid and nonassessable.
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. Transfer agents, American Exchange National Bank. New
York; Office of the company. Chicago. Registrars, Chase National Bank,
New York; Continental & Commercial Trust & Savings Bank, Chicago.
Preferred stock is entitled to receive cumulative &vs. at the rate of $7 per
annum, payable Q.
-J. Has priority in liquidation or dissolution up to
$100 per share, together with all dividends accrued, plus a premium of
$15 per share if such liquidation or dissolution be voluntary, before any
distribution shall he made to the holders of Common stook. Callable all
it
or ptirby lot or pro rata, at $115 per share, plus diva.
ther details regarding history, business, property, capitalization, earnings, &c. were given in V. 120, p. 2815.
Iowa Electric Co.
-7'o Retire Bonds.—
All of the outstanding 1st Mtge. 20 year 6% Gold bonds (with 144%
additional interest certificates attached) due July I 1934. have been called
for redemption July 1, at 105 and int. at the Chicago Title & Trust Co.,
trustee, Chicago, Ill.—V. 119, p. 2878h
Iowa Light, Heat & Power Co.—Acquisition.--
The company is reported to have acquired 300 of the outstanding 500
shares of stock of the Holstein (Ia.) Service Co. at $310 per share. The
Cedar Rapids Light & By. Co. holds the other 200 shares.—V. 119. p. 1514.
Kansas Power 8z Light Co.—Bonds Offered.—E. H.
Rollins & Sons, Harris, Forbes & Co., Halsey, Stuart & Co.,
Inc., Spencer Trask & Co. and Marshall Field, Glore, Ward
& Co. are offering at 100 and int. $2,100,000 1st Mtge.
Gold bonds, Series "A" 6%.
Dated May 1 1925: due May 1 1955. Red., all or part. on 60 days' notice
on any int. date up to and incl. Nov. 1 1945 at 105 and int., with successive
reductions in redemption price on each May 1 thereafter of 44 of 1%.
Int.(M.& N.) payable in Chicago or New York. Denom.$1,000 & $500 c*.
Harris Trust & Savings Bank, Chicago, trustee. and M. H. MacLean, cotrustee. Company agrees to pay int, without deduction for any normal
Federal income tax not exceeding 2%. Conn., Penna. and Calif. 4 mills
and the District of Columbia 5 mills taxes and Maryland securities tax not
exceeding 44e mills per $1 per annum, and Mass, income tax on bat, not
exceeding 6% of such int. per annum, refunded.
Issuance.—Approved by the Kansas P. S. Commission.
Data.from Letter of Clement Studebaker Jr., President of the Co.
Company.—Is controlled through the ownership of its Common stock
by Kansas Public Service Co., which is a subsidiary of the Illinois Power &
Light Corp. Company is constructing on the Kansas River at Tecumseh,
Kan.. a modern steam electric generating station, together with 60 miles
of double circuit steel tower transmission lines connecting Tecumseh with
the electric utilities of Kansas Public Service Co.and subsidiaries at Topeka.
Atchison and intermediate points. The initial generating capacity installed
at Tecumseh will be 15,000 k.v.a., with water supply and power house
designed for an ultimate installation of 90,000 k.v.a.
Company's property has been leased to Kansas Public Service Co. for
a period of 50 years. or 20 years beyond the maturity of these bonds. The
terms of this lease which has been approved by the Kansas P. U. Commission provide for monthly payments, constituting an operating charge of
Kansas Public Service Co. The estimated cost of the first unit of the
power house, plus the transmission lines, will be $3,600,000. The estimated annual rental to be paid under the lease amounts to $468,000, or
over 3.70 times the annual interest requirements of this issue. This rental
is subject to a readjustment from time to time under conservative restrictions. Surplus earnings of Kansas Power & Light Co. after Prof. dividends
will be available for the payment of dividends upon the Common stock
held by Kansas Public Service Co.
Earnings.—The combined gross earnings for 1924 of the properties of
Kansas Public Service Co. and subsidiaries were $2,091,625; net earnings
(after operating expenses, maintenance and local taxes) were $614,736.
Substantial economies in opwation, resulting from the use of the new plant,
with the latest improved types of equipment, will save Kansas Public
Service Co. a considerable part of the rental which it is to pay and make
available additional energy for sale to the growing territory served.
Capitalization (Upon Completion of Present Financing).
$500.000
cr
Common stock ($10 par value fully paid)
1,370,000'
First Prof. stock, 7 Cumulative
2 100,000
First Mortgage Gol bonds. Series "A" 6% (this issue)
Security—Secured by a first mortgage on the entire fixed property now
or hereafter owned, subject to underlying bonds, if any, on hereafter acquired property. The amount of 1st Mtge. bonds (this issue) issuable
against the initial installation mentioned above is limited to $2.100,000.
The Illinois Power & Light Corp. has agreed to supply as needed all funds
(not supplied by Kansas Power & Light Co.) necessary for the completion
of the above mentioned initial installation and to pay interest on these
bonds during the construction period. The deed of trust provides that
additional bonds may only be issued under conservative restrictions as
recited in the accompanying letter.
Sinking Fund, &c.—The deed of trust provides for the payment to the
%
trustee on May 1 1926 and each year thereafter a sum equal to
the cash cost or fair value, whichever is the lesser, of all property agains
which bonds have been issued, less tne amount of the sinking fund requiret
ments of underlying issues. if any. Funds so deposited shall be employee'ther for the retirement of underlying bonds. If any, or bonds of this issued
or for renewals and replacements, or for additions, improvements or Sc,
quisitions which shall not be made the basis for the certification of additonal bonds.—V. 119, P. 2529.
Kansas City Railways.—Reorganization Plan.—A plan
of reorganization, formulated and being promulgated by
the reorganization, has been unanimously approved and
adopted by the 1st Mtge. gold bondholders' committee
(Melvin A. Traylor, Chairman) and the collateral gold
noteholders' committee (H. L. Stuart, Chairman). The
cash required for the purposes of the plan will be provided
from funds available in hands of the receivers.
Holders of 1st Mtge. Gold bonds and Collateral Gold notes not heretofore
deposited, who desire to participate in the plan, may on or before June 30
1925 deposit with any of the respective depositaries (below) their bonds
or notes with all unpaid coupons attached and receive therefor appropriate
certificates of deposit issued under the appropriate deposit agreement,
and by making such deposit shall be conclusively and finally deemed to
have assented to the plan.
Holders of Secured Promissory notes who desire to participate in the
plan, may, on or before June 30 1925, deposit with Chase National Bank,
New York. or with Continental & Commercial Trust & Savings Bank,
Chicago, Ill., as depositaries, and upon making such deposit shall be conclusively and finally deemed for all purposes to have irrevocably assented
to and approved the plan.
1 he reorganization committee, acting for and on behalf of the holders of First Mortgage. Gold bonds, Collateral Gold notes and Secured
Promissory notes, and with the approval of the committees representing such First Mortgage. gold bonds and Collateral Gold notes, has
contracted to purchase the judgments for personal injury and property
damages against the old company. The reorganization committee will
provide in due course for the assignment, transfer or delivery of such Judgments (or certificates representative thereof) for the benefit of the bondholders and noteholders, to such persons and in such manner as the reorganization committee may prescribe, and in accordance with arrangements
heretofore made for such acquisition.
No specific provision is made for the deposit of 2d Mtge. bonds, so-called
other promissory notes and other debts, obligations and claims. The offers
of the reorganization committee to the committee representing such 2d
Mtge. bonds and to representatives of a large majority of such other promissory notes have been heretofore rejected. The reorganization committee
has been authorized to negotiate or arrange for the reedjustment, acquisition or settlement of any such bonds, notes, debts, obligations or claims,
[VOL. 120.
in whole or in part, and in the event of any such adjustment, acquisition
or settlement they may be required to be deposited with such depositaries,
or assigned, transferred or delivered to such persons and in such manner
as the reorganization committee may in each instance require.
Introductory Statement.—Company has been in the hands of receivers
since Sept. 9 1920, In October 1923 the reorganization committee was
constituted and appointed by the 1st Mtge. Gold bondholders and Collateral
Gold noteholders committees with a view to effecting, if practicable, a fair
adjustment of the various securities and claims, of terminating litigation
and bringing about a just and proper reorganization. The reorganization
committee succeeded in settling all issues in litigation with the exception
of those raised by the 2d Mtge. bondholders' committee, by the holders of
certain promissory notes and by various Pref. stockholders. These Unsettled issues went to trial in April 1924 and were determined favorably
to the contentions of the let Mtge. Gold bondholders and Collateral Gold
noteholders, the court rendering a decision on Dec. 30 1924 sustaining the
1st Mtge., tho 1st Mtge. Gold bonds issued thereunder, the Collateral Gold
notes and the pledge of 1st Mtge. Gold bonds as security therefor. On
May 15 1925 a decree of foreclosure under the 1st Mtge. was entered by the
court. Pending the entry of decree of foreclosure, the reorganization
committee prepared the accompanying plan, and the same was unanimously
approved and adopted by the 1st Mtge. Gold bondholders and Collateral
Gold noteholders' committees.
The primary object of the reorganization committee has been to evolve
a sound and conservative plan of reorganization under which the property
may be successfully and satisfactorily rehabilitated and operated from the
standpoint of both the security holders and the public. The accompanying
plan is designed and intended to accomplish these results by the recapitalization of the property in accordance with sound and prudent financial and
business principles, the reduction of fixed charges to an amount safely
within the minimum earning capacity of the property, settlement of the
problems affecting operations under public grants and of the litigation and
claims resulting from personal injuries and damages to property, adjustment of the respective interests of the security holders and other creditors.
Vermination of the receivership, provision for present and future capital
requirements, restoration of credit and the establishment of the property
on a basis which will enable it to keep pace with the growth and development of the communities served and to render the highest standard of
public service.
Reorganization Committee.—Melvin A. Traylor. Chairman; H. L. Stuart,
Vice-Chairman: J. K. Newman, George W. Davison, P. W. Goebel, with
James J. Fitzgerald, Secretary, 78 West Monroe St., Chicago.
Committee Representing First Mtge. Gold Bonds.—Melvin A. Traylor,
Chairman; J. K. Newman, Willlts Pollock, John W. Stedman. Louis W.
Steeble.
-11. L. Stuart, Chairman; George
Collateral Gold Noteholders' Committee.
W. Davison, Henry C. Olcott, Harry A. Wheeler.
Depositaries for First Mtge. Gold Bonds.—First Trust & Savings Bank,
Chicago; Chase National Bank, New York: The Penn. Co.for Ins. on Lives
& Granting Annuities, Phila.; Old Colony Trust Co., Boston; First Wisconsin Trust Co., Milwaukee; St. Louis Union Trust Co.. St. Louis, Mo.;
First National Bank, Kansas City, Mo.; Commerce Trust Co., Kansas
City Mo.
-Year 7%.—Chase
-Year 6% and 3
'
Depositaries for Collateral Gold Notes, 2
National Bank, New York; Continental & Commercial Trust & Savings
for Ins. on Lives & Granting Annuities, Phila.:
Bank, Chicago; Penn. Co.
Old Colony 'Feast Co., Boston; First Wisconsin Trust Co., Milwaukee:
St. Louis Union Trust Co., St.'Allis, Mo.; New England National Bank,
Kansas City, Mo.; Commerce Trust Co. Kansas City. Mo.
Depositaries for Secured Promissory Notes.—Chase National Bank, New
York, and Continental & Commercial Trust & Savings Bank, Chicago.
Digest of Reorganization Plan, Dated June 1 1925.
Bonds, Notes, Debts and Obligations of Old Company in Rands of Public.
$15,917,400
(a) 1st Mtge. 5% Gold bonds, dated July 1 1915
(b) Collateral 6% Gold notes, dated Dec. 1 1917 (secured by
NI. Gold bonds bearing int, at rate of6% p.a.) 1,000,000
$1,219,600 1st
(c) Collateral 7% Gold notes, Series A,dated May 15 1918 (all
notes issued under the trust agreement, whether Series A or
Series B, being equally secured by $2,575,000 of 1st Mtge.
Gold bonds bearing int. at rate of 6% per annum and $8.076,000 of 1st Mtge. Gold bonds bearing let. at rate of5% per
annum, but upon which the company has covenanted to pay
7.750.000
additional interest of 1% per annum)
(d) Secured Promissory notes ($200,000 being secured by
$218,000 of Collateral Gold notes, Series B, dated May 15
1918, and $200,000 being secured by $200,000 of Collateral
400,000
Gold notes, Series B. dated May 15 1918)
(e) 2d Mtge. Gold bonds, dated July 1 1915—
3,024.000
bearing interest at rate of 6% per annum
Series A,
1.000,000
Series B. bearing interest at rate of 5% per annum
1,797,000
(f) Other promissory notes
00 Tort judgments (estimated to amount, with interest and 2,700,000
costs, on completion of reorganization to approximately)
In addition to the foregoing, (1) other tort claims have been asserted
against the company or its receivers and are now in course of litigation or
adjustment, and (2) claims against the company aggregating approximately
$1,000,000 have been filed with its receivers by public authorities and other
parties alleging money due for taxes, viaduct construction, materials,
furnished, dzc.
Bonds, Notes, Debts and Obligations Dealt with tinder Plan.
Principal Unpaid Int.
Amount. to July 1 25.
$15,917,400 $4,775.220
1st Mtge. Gold bonds
365.000
1.000.000
-year, 6
Collateral Gold notes, 2
7,750,000 3,322,813
-year, 7
Collateral Gold notes. 3
129,000
400,000
Secured promissory notes
Second Mortgage Gold Bands.—The reorganization committee heretofore
readjustment of the 2d Mtge. Gold bonds, 5% and 6%,
made an offer of
to the committee, consisting of It. V. R. Thayer, Frederick J. Horne and
H. P. Wright, representing bonds of that issue assigned to or deposited
with such committee. This offer was rejected and litigation followed
which resulted adversely to the claims of the 2d Mtge. bondholders committee. The reorganization committee shall have the right in its discretion
to negotiate or arrange with any parties for the readjustment or acquisition
of the 2d Mtge. Gold bonds, or any of them, but shall be under no obligation to do so.
Other Promissory Notes.—The reorganization commlittee heretofore made
an offer of readjustment of the so-called other promissory notes to representatives of the holders of a large majority of the notes. This offer was
rejected and litigation followed which resulted adversely to the claims of
the promissory noteholders. The reorganization committee shall have the
right in its discretion to negotiate or arrange with any parties for the readjustment or acquisition of such notes, or any of them, but shall be under
no obligation to do so.
Tort Judgments.—The holders of a large number of judgments against
the old company for personal injury and property damages intervened in
the receivership proceedings, contending that such judgments were a charge
on the property prior to the 1st Mtge. Gold bonds, Collateral Gold notes
and Secured Promissory notes and attacking the validity of the bonds and
notes. The great majority of these judgments were obtained and are held
by residents of Greater Kansas City as the result of death or personal injury
occasioned by the old company in its operations. The reorganization
committee, believing it to be to the best interests of the holders of 1st Mtge.
Gold bonds, Collateral Gold notes and Secured Promissory notes, has
arranged on behalf of the bondholders and noteholders to purchase these
tort judgments and similar claims subsequently reduced to judgment.
Payment therefor is to be made, on the basis provided in the plan, from
funds and(or) bonds applicable to the 1st Mtge. Gold bonds, Collateral
Gold notes and Secured Promissory notes, the reorganization committee
being hereby constituted by the holders of the bonds and notes their representative with authority to receive such funds and(or) bonds, and to firmly
the same to such purchase. The holders of tort 'Judgments are not participants in the plan, but are to assign their judgments as directed by the purchasers upon payment of the agreed consideration therefor. This arrangement has been unanimously approved by the members of the 1st
Mtge.Gold
bondholders and Collateral Gold noteholders' committees, and has
been accepted by substantially all the holders of said judgments.
Other Debts or Claims.—The reorganization committee shall have the right
to negotiate or arrange for the readjustment acquisition or settlement of
claims for taxes, viaduct construction, materials furnished and such other
debts, obligations or claims, whether arising as a result of operations or
under franchises or otherwise, as may not be included in the foregoing
temIzation and(or) may not be disposed of by the receivers.
JUNE 6 1925]
THE CHRONICLE
2943
Cash Requirements and Provision Therefor.
bonds, or any part thereof, for a period not exceeding 6 months subsequent
The amount of cash estimated as required to carry out plan is as follows: to completion of the reorganization, and may retain the bonds for such
For improvements, betterments and working capital of new comperiod as agent of the parties otherwise entitled thereto, and may issue in
pany, less amounts required for settlements of claims and lialieu thereof certificates or receipts evidencing proportionate interest in
bilities of old company and receivers, payment of expenses of
such bonds and(or) the proceeds thereof.
foreclosure and sales and expenses of reorganization, &c.(est.) _$3,650,000
The reorganization committee may at any time during the 6 months
To be paid to holders of 1st Mtge. Gold bonds, Collateral Gold
period sell or otherwise dispose of the bonds In whole or in part to such party
notes and Secured Promissory notes, to be applied by them
or parties as it may select at such price and upon such terms as it may fix,
(through the reorganization committee as their representative)
and shall within a reasonable time thereafter distribute the bonds and(or)
to the purchase of tort judgments (estimated)
1.350,000 proceeds thereof In the hands of the reorganization committee to the holders
of such certificates or receipts or to the parties appearing to be entitled
Total
$5,000,000 thereto as their respective interests may appear: provided that at least
The cash required for the purposes of the plan will, it is estimated, be 10 days' notice of the proposed price and terms of any such sale or other
provided as follows:
disposition of said bonds or any part thereof shall bentalled to the holders
Cash estimated to be available in hands of receivers upon comof certificates or receipts issued in lieu thereof or to the parties appearing
pletion of reorganization
$5,000,000 to be entitled thereto, at their addresses if any appearing on the books of
-The reorganization may be effected through a new the reorganization committee, and any such
New Company.
may, by
corporation, or, if deemed advisable, through one or more corporations, notice mailed to the reorganization committee holder or party it within
received by
formed or to be formed, which may include the old company. There will 8 days after date of mailing of the notice from theand
reorganization committee,
be vested in the new company, through a foreclosure of the first mortgage disapprove such sale or other disposition as concerns such holder or party,
or otherwise, provided the purchase or acquisition is arranged at a price in
deemed satisfactory to the reorganization committee, title to the street he which case the bonds represented by his certificate or receipt or to which
appears entitled shall not be subject to
railways, equipment, franchises, securities, rights and other property of otherwise the reorganization committee shallsuch sale or other disposition,
have full power and authority
the old company and such cash as may be available in reorganization and to make such sale or other disposition.
not otherwise required, with such exceptions and additions as the reorganiThe reorganization committee may likewise withhold distribution of the
zation committee shall determine.
Pref. and Common stock of the new company and sell same as above proNew Securities.
-The bonds and stocks herain provided for may be issued
by one company or by two or more companies acquiring the property of vided in connection with the bonds.also have power, apart from the
The reorganization committee shall
forethe old company as provided:
going. to set aside as a separate entity, for sale to employees of the new
First Mortgage Bonds.
-The reorganization committee is empowered to company and(or) to
Karsas City, such number of
provide for the creation of an Issue of bonds of the new company, to be shares of Pref. stock,residents of Greater
Series A, not exceeding 20% thereof, and an equal
known as 1st Mtge. bonds (or other suitable designation), limited to such number of shares of Common stock, which shares would otherwise be disaggregate principal amount or unlimited as the reorganization committee tributable under the plan to the holders of 1st Mtge. Gold bonds. Collateral
may determine, and which may be made issuable from time to time in series, Gold notes and Secured Promissory notes of the old company, as it may
in such amounts, with such maturities, rates of interest, sinking fund if in its discretion determine, and may issue certificates or receipts therefor
any, redemption if any, conversion if any, and other provisions as may be applicable only to and evidencing proportionate interest in such stock
provided. New company may be empowered to refund or retire any series and(or) the
stock or any part
In whole or in part and issue for such purposes and under such restrictions at any timeproceeds thereof; and may sell saidsuch completion ofthereof,
subsequent to
the reas may be prescribed bonds of any other series bearing the same or different orranization. within six monthsupon such terms as the reorganization comat such price and
rates of interest, &c., as the directors at the time may determine.
mittee
thereafter
The first issue of such bonds (Series A)shall not exceed $20,000.000, shall ratably may fix: and shall within a reasonable time or to the distribute
parties apbear 6% int., shall be dated and payable on such dates as the reorganization peering to the holders of such certificates or receipts
entitled thereto the stock
committee may fix, red., all or part, at such price (not less than their face of the reorganization committee. and(or) proceeds thereof in the hands
value) as the reorganization committee may determine. Of the Series A
Non-Assenting Holders of Bonds and Notes.
-The plan makes no provision
bonds at least $5,000.000 shall be reserved and shall be issuable from time
to time only for the acquisition of or to reimburse the new company for the for any payments of cash or delivery of bonds or stock to any holder of
bonds and(or)
acquisition of property additions as defined in such mortgage and deed of provided to be notes of the old company of the classes specifically herein
readjusted who does not participate lb this plan and assent
trust at least equal in cost or value to the principal amount of the bonds
so issued: and the balance of the Series A bonds, less the bonds required to the agreement. Any cash, bonds or stock which would have been disfor distribution in reorganization to security holders of the old company tributed under the plan to any such non-assenting holders had they participated in the
under the plan, may be issued to provide for capital requirements (including zation purposes plan may remain unissued or be disposed of for reorganiby the reorganization committee as it may deem advisable
payments of cash into the treasury of the new company to offset capital n Its
discretion.
expenditures made by the receivers subsequent to Jan. 1 1925) and(or) for
Comparison of Capitalization, Debt and Fixed Charges.
the purposes of the reorganization. First Mtge. bonds of additional series
Old Company as of July 11925OutAnnual
may only be issued from time to time under restrictions to be contained
standing. Fixed Chas.
In the mortgage and deed of trust for the acquisition of or to reimburse
$15,917.400
the new company for the acquisition of property additions as defined in 1st Mortgage 5% Gold bonds
$795.870
1.000.000
60.000
such mortgage and deed of trust, for the refunding, retirement or acqui- 6% Collateral Gold notes
7,750,000
542.500
sition of any bonds previously issued and outstanding and for other capital 7% Collateral Gold notes
.Secured Promissory notes
400.000
26.000
requirements and proper corporate purposes.
Preferred Stock.-Pref. stock w ill be authorized to such an amount, to *Tort claims reduced to judgment or which may be
reduced to judgment (estimated)
2.700,000
be provided in the charter of the new company, as the reorganization com162.000
4.924.000
285.440
mittee may deem advisable, the shares to be without par value or, if the 2d Mortgage 5% and 6% Gold bonds
Other promissory notes
1.797.000
125.700
reorganization committee shall so determine, of the par value of $100 a
1.000.000
60.000
The Prof. stock may be lssuable In series, each series (subsequent to share. *Other claims (estimated)
Series
100.000
A) to bear dividends at such rate, not exceeding $7 a share per annum, and Capital stock
cumulative from such date, and to be red, at not exceeding $107 50 a share;
Total
and the stock of each series will have preference over the Common stock,
$2,057,600
New Company-as to assets on liquidation to an amount not exceeding $100 a share and
1st Mortgage 6% Gold bonds
$12,465.200
$747.912
dim, and as to diva, at the rate to be specified for each series.
83.364
The Pref. stock to be issued in reorganization (Series A) will be entitled Shares Preferred stock
182,645.4
In preference to the Common stock to divs, at the rate of $7 a share per Shares Common stock
annum and no more, cumulative without interest from such date as the
Total
$747,912
reorganization committee may determine, will be subject to red. at $107 50
• Estimated charges 6% Per annum.
a share and diva., and will be preferred as to assets on liquidation to the
amount of $100 a share and diva. The holders of Prof. stock will have the
A report of the company's operations, physical condition
same voting rights as holders of Common stock, viz., one vote for each
and earnings is given under 'Financial Reports" above.
share held.
If the reorganization committee shall so determine, the charter of the
new company may authorize the issuance of Prior Pref. stock, to provide -V. 120, p. 330.
for future capital and corporate requirements. In such event t e terms
-Bonds Offered.
Keokuk (Iowa) Electric Co.
-Stone &
and authorized amount of such prior Prof. stock and the rights, preferences,
voting powers if any, limitations and restrictions thereof shall be as deter- Webster, Inc., New York, and Chicago Trust Co., are offermined by the reorganization committee. No such stock shall be issued ing at 98 and interest, to yield about 6.15%, $700,000 First
i
in reorganization.
Common Stock.
-Common stock will be authorized to such an amount, Mtge. 6% Gold Bonds, Series "A."
to be provided in the charter of the new company as the reorganization
Dated May 1 1925: due May 1 1945. Interest payable M. & N. in
committee may deem advisable, the shares to be without par value, or, if Boston or Chicago without deduction for normal Federal income taxes up
the reorganization committee shall so determine, of such par value as it to 2%. Denom. $1.000. $500 and $100 c*. Redeemable, all or part. on
may fix. Holders of Common stock shall be entitled to one vote for each 30 days' notice at 105 prior to May 1 1935. reducing 3i of 1% for each
share held.
year thereafter to 100 on and after May 1 1944, plus interest in each case.
Voting Trust.
-The reorganization committee shall have power, in its Chicago Trust Co. Chicago, trustee.
discretion, to create a voting trust or voting trusts for all or any part of
Security.
-Bonds will be secured by a first mortgage on all the physical
'
the Pref. and Common stock of the new company, and to cause such stock property and franchises now owned except the electric railway system and
or any part thereof to be deposited thereunder, for the purpose of providing a first mortgage on all future acquired uenncumbered physical property
for representation of public authorities or of holders of any class of stock other than electric railways. The reproducible value of the mortgaged
on the board of directors of the new company or otherwise, such voting property is estimated at over twice the face value of this issue of bonds.
trust or trusts to be for such period or periods and to contain such pro- Additional bonds may be issued up to 75% of the cost or value, whichever
visions as the reorganization committee in its discretion may prescribe.
Is less, of additional property on which these bonds are a first mortgage
when net earnings are 1% times annual interest charges on all bonds outTable of Exchange of Old Bonds and Notes for New Securities,
standing, including bonds for which application Is being made.
Will Receive
Company.
-Does the entire electric lighting and power and street railway
Existing SecuritiesOutstanding. New Bonds. Pref. Shs. Corn. Shs. business
in Keokuk. Iowa, and in Hamilton and
Ill., the lighting
it 1st Mtge. 55, 1944
$15.917,400 $6,366,960
47.752.2 111.421.8 and power business in Montrose, Iowa, the gas Warsaw, In Keokuk, and
business
Each $1,000
400
3
7
perates an interurban electric railway between Keokuk, Hamilton and
y 6% Coll. Tr. notes, 1919...A1,000,000
487,840
3,658.8
7,317.6 ;
Warsaw, servingp pulation estimated at 20.000.
Each $1,000
487.840
3.659
7.317
Purpose.
-Proceeds will be used to retire $400,000 mortgage notes,
z 7% Coll. Tr. notes, 1921--b7,750,000 4,042.400
30,318
60.636 for payment on June 11925: $125.000 underlying bonds, due July 1 called
1925.
Each $1,000
521.6
3.912
7.824 and for other corporate purposes.
Secured Promissory notes
c200.000
113.700
852.7
1,70.5.4
Capitalization Outstanding (upon Completion of Present Financing).
Each $1,000
4.264
568.5
8.528 First mortgage 64. Series A, due 1945 (this issue)
$700.000
Secured Promissory notes
c200,000
104,300
782.3
1,564.6 Preferred stock. 6% cumulative
250.000
Each $1.000
3.912
521.5
7.824 Common stock
650.000
d Participation of holders of
Earnings Twelve Months Ended March 31 1925.
above bonds & notes to be
Gross earnings
$422.600
retained by reorg. comm.
Operating expenses and taxes
315.750
and applied by it on behalf
of such holders to purchase
of tort judgments (e6t.) $1,350,000 new bonds and $1,350,000 cash In Net earnings
Interest on First Mortgage bonds (this issue) required
x With Jan, 1 1920 and subsequent coupons attached. y With Dec. 1
Management.
-Company has been under the
1919 and subsequent coupons attached. z With Nov. 15 1919 and subse- Stone & Webster, Inc., since 1912.-V. 120. p. executive management of
2683.
quent coupons attached. a To extent of 40% of principal amount of old
company 1st Mtge. Gold bonds pledgea to secure same. b To extent of
Lawrence (Mass.) Gas & Electric Co.
-Bonds Called.
principal amount of old company 1st Mtge. Gold
40%, of that portion of
All of the outstanding Series "A" 1st
20
bonds pledged under trust agreement, dated May 15 1918, as is allocable dated Aug. 2 1920. of the Lawrence Gas Mtge. 7% the .year Gold bonds
Co. (now
Lawrence Gas &
to Series A notes. e Secured by Collateral Gold notes, Series B ($218,000 Electric Co.) have been called for payment Aug.
1 at 109 and Int.
and $200,000, respectively), issued under trust agreement, dated May 15 Boston Safe Deposit & Trust Co.. 100'Franklin St., Boston, Mass. at the
-V.120.
1918, to extent of 40% of that portion of principal amount of old company p. 2683, 2550.
1st Mtge. Gold bonds pledged under the trust agreement as is allocable
Manhattan Ry.-Jan. 1 1925 Payment Authorized.
to Series B notes. d There will be retained by the reorganization committee
out of securities and cash applicable to 1st Mtge. Gold bonds. Collateral
The directors of the Interborough Rapid Transit Co. on June 2 authorGold notes and Secured Promissory notes of the old company (and addi- ized the quarterly installment of the Manhattan (Elevated) Ry. rental,
tional to the amounts of new securities to be distributed to the holders of due July 1 1925, at the rate of $1 25 per share. Payment of the deferred
said bonds and notes of the old company as provided above), an amount quarterly Installment due on Jan. 1 1925 at the rate of $1. 25 per share, was
sufficient to purchase the judgments against the old company for personal also authorized. Both payments will be made on July 1 1925 to holders
injury or property damages, on the baste arranged, to wit: For each $1,000 of record on June 15. See also V. 120, P. 1327. 1747.
Of such judgments (including interest and costs, but not including attorMarconi Wireless Telegraph Co. of Canada, Ltd.
neys' fees) the reorganization committee shall retain, as representative of
Dr.
saki bondholders and noteholders, $500 in cash and $500 principal amount 0. G. Milton L. Hersey, a director, has been elected President, succeeding
Greenshields, K.0.
-V. 120, p. 2401.
of 1st Mtge. bonds, Series A,6%,and shall apply the same to the purchase
of such judgments.
Middle West Utilities Co.
-Acquisition.Sale of Bonds and Stock.
' The company has acquired the property of the Noblesville (Ind.)
If the reorganization committee shall determine that it Is to the best & Light Co.
Water
-V. 120, p. 2147.
Interests of the new company, or of the parties entitled to receive 1st Mtge.
bonds of the new company under the plan, the reorganization committee
Mohawk Hudson Power Corp.
-350,00,000 Upstate
may in its absolute discretion withhold distribution of the new 1st Mtge. Utility Merger Planned-Albany
Cohoes Utica
1
P
and Adiron-
THE CHRONICLE
2944
-The
dock Companies to Be Included-Terms of Exchange.
plan for consolidating the operations of several electric.light
and power companies in the Mohawk and Upper Hudson
valleys, which has recently been under consideration, was
submitted to the New York Public Service Commission on
June 1 in petitions for its approval of the plan. Circulars
were also mailed to the holders of all the Common stock of
Municipal Gas Co. of Albany, Cohoes Power & Light Corp.,
Utica Gas & Electric Co., and Adirondack Power & Light
Corp., inviting them to participate in the plan.
An official statement issued in connection with the proposed merger says:
The economic necessity for the plan is emphasized in the applications.
It is urged that the growing public demand for electric power and light, the
necessity for increasing the efficiency of generating and distributing facilities
by unifying the operations of independent plants into a single operating
unit, the elimination of waste and duplication of investment and a reduction in the heavy capital expenditures necessary for the production of electric power, make the amalgamation necessary.
The several operating companies will continue to conduct their operations
as heretofore, but a new company has been organized to acquire their stocks
and co-ordinate their operations. In this manner the facilities of the
respective companies will be more efficiently utilized and substantial economies will be accomplished.
The new company,organized in New York in May 1925.15 called Mohawk
Hudson Power Corp. It has three classes of stock. The Preferred stock
and Second Preferred stock are entitled to cumulative dividends at the rate
of $7 per share per annum. The plan is for this corporation to acquire a
majority or more of the Capital stock of the Municipal Gas Co. of Albany,
Cohoes Power & Light Corp., Fulton County Gas & Electric Co.of Gloversville and Johnstown, and a niajority or more of the Common stock of
Adirondack Power & Light Corp. and of Utica Gas & Electric Co., or of
corporations which own the Common stock of those companies. The
Preferred stocks of Utica Gas & Electric Co. and of Adirondack Power &
Light Corp. will remain outstanding.
The petitions and circulars show that the new company will issue its
shares for the shares which it acquires on the following basis:
(a) For each share of Municipal Gas Co. of Albany stock. 2 shares of
Prof. stock and yi share of Common stock; (b) for each share of Cohoes
Power & Light Corp., 1.84 shares Pref.stock and M share of Common stock;
(c) for each share of Common stock of Utica Gas & Electric Co., 2 1-10
shares of Pref. stock and 34 share of Common stock; (d) for each share of
Common stock of Adirondack Power & Light Corp., 1-3 of a share
of Second Prof. stock and 1 share of Common stock; and (e) 21.018
shares of Second Prof. stock for 13,824 shares of Fulton County Gas &
Electric Co. stock, which is at the rate of about 1 58-100 shares of Second
Pref. stock for each share of the First Pref. and Common stock of the
Fulton County Gas & Electric Co., and approximately 86-100 of a share of
Second Preferred stock for each share of the Second Pref. stock of the
Fulton County Gas & Electric Co.
The new company has also arranged to acquire in exchange for its Second
Pref. stock substantial amounts of the bonds and notes of Fulton County
Gas & Electric Co.and of Mohawk Hydro-Electric Co..80,000 shares of the
Common stock of Niagara Lockport & Ontario Power Co. and 35,000
shares of the $7 Cumulative Preferred stock of the Power & Electric Securities Corp., which owns most of the Common stock of Northern New York
Utilities, Inc. In addition,a total of$7,249,360 of cash has been subscribed
for Common stock of the new company.
For each share of the Common stock of Adirondack Power & Light Corp.
which participates in the plan, the owner also has the right to subscribe at
$10 for one share of the Common stock of the new company, and he is also
given an option to accept $20 in cash instead of the share of Common stock
to which he is entitled on the exchange.
Provision is made for the ultimate retirement of the Second Pref. stock by
issuing option warrants entitling the owner thereof to purchase two shares
of Common stock at $50 per share, payable in cash or by the surrender to
the company of Second Preferred stock, which will be accepted for this purpose at $100 per share. If all the stock is exchanged there will be outstanding 280.000 shares of Preferred stock of $7 no par value and 182,600
shares of Second Prof.$7 no par value, and 999,000 no par value Corn.stock.
The board of directors of the new company will consist of representatives
of the various companies participating in the plan.
Further details are given under the individual companies involved.
-Power Merper.Municipal Gas Co., Albany, N. Y.
In connection with the $50,000.000 up-State utility merger (see Mohawk
Hudson Power Corp.) a circular to the stockholders says:
Robert C. Pruyn and Nicholas F. Brady have agrwd, with other stockholders to transfer their holdings of stock of the company, in exchange
for stock of the Mohawk Hudson Power Corp., on the basis of one share
of stock ef the Municipal Gas Co. for 2 shares of Cumulative Preferred
stock of the Mohawk Hudson Power Corp., without par value, each share
carrying dividends at the rate of $7 per annum. and Yi share of Common
stock of the Mohawk Hudson Power Corp., without par value.
The Mohawk Hudson Power Corp. has offered to acquire all of the
Common stock of Municipal Gas Co., Cohoes Power & Light Corp.. Utica
Gas & Electric Co., Adirondack Power & Light Corp.(or companies holding
such Common stock) and the securities of certain other companies in
exchange for its own stock.
If certain percentages of the Common stocks of the various companies
above mentioned (two-thirds in the case of the Municipal Gas Co.) are
not made available for acquisition by the Mohawk Hudson Power Corp.,
the Mohawk Hudson Power Corp. is not obligated to carry out this transaction.
Present dividends will be continued on the Municipal Gas Co. stock,
if earned, up to the date from which dividends become cumulative on
the new $7 Cumulative Preferred stock.
The earnings of the new company,Including the earnings of the operating
companies. which will accrue to the new company, are estimated to be
substantially in excess of the amount necessary to pay $7 per annum on
the Preferred stock of the new company.
This transaction will be closed (If and when the approval of the Public
Service Commission is obtained) at the office of the Central Union Trust
Co.. 80 Broadway, New York.
The National Commercial Bank & Trust Co. of Albany and the Central
Union Trust Co. have agreed to act as depositaries for the stock of the
Municipal Gas Co.
Stockholders desiring to make the above exchange should deposit their
stock immediately either with National Commercial Bank & Trust Co.,
-V. 120, p. 2550.
Albany, or Central Union Trust Co.. New York.
-New Control.
Municipal Service Co.
See National Public Service Corp. below and V. 120, p. 2816.
Consolidated Income Account for Calendar Years.
1924.
1922.
1923.
1921.
$5,109,210 $4,734,343 $3.626,299 $2,473,165
Gross earnings
3,251,360
2,979,034
2,298.012
1,671.541
Oper. expenses & taxes
[voL. 120.
by the National Public Service Corp. Municipal Service Co. serves a
territory with a population in excess of 500,000 and includes the Alexandria
Light & Power Co., Valdosta (Ga.) Lighting Co., Ware County Light &
Power Co., Chester Valley Electric Co.."York Railways, Glen Rock Electric
Light & Power Co., Citizens Traction Co. and the Titusville Light &
Power Co. in Pennsylvania and the Youngstown, 0., Suburban Railway.
See also National Public Service Corp. in V. 120, p. 2816.
New York Central Electric Corp.
-Acquisition.
It is reported that this company has closed a deal whereby it will come
into the possession of the Hammondsport Electric Light Co.
-V. 119,
p. 2411.
Pacific Gas & Electric Co.
-Gas Rates Reduced.
California Railroad Commission has reduced the gas rates in San Francisco
3 cents per 1.000 cu. ft. At the end of last February the company was
authorized to increase Its gas rates 5 to Scents per 1,000 cu. ft. because of
the increase in crude oil price of 25 cents a barrel, making the basic rate in
San Francisco 31 05 per 1.000 cu. ft., up 5 cents (see V. 120, p. 1089).
The decrease just made by the Commission brings this rate to $1 02 a
thousand. The reduction is in line with the schedule adopted by the
California RR. Comm., automatically adjusting the gas rate to the price of
oil.
-V. 120. p. 2817, 2402,
Pennsylvania Power & Light Co.
-Fares Reduced.
This company, which recently took over the East Penn. Electric Co. on
May 25 reduced fares in Pottsville. Pa.. from 10 cents to 5 cents.
-V. 120.
p. 1089.
Peoples Gas Light & Coke Co.
-Rights.
Stockholders of record June 17 are given the right to subscribe at par
($100) to $3,850,000 additional capital stock to the extent of 10% of
their holdings.
Subscriptions may be paid either in full on or before July 17; in four
installments each of 325 a share on or before July 17, and Oct. 19 1925.
and Jan. 18 and April 19 1926, respectively, or in ten monthly installments
of $10 a share; the first on or before July 17, with the final payment on
April 19 1926.-V. 120, P. 2270.
Philadelphia Co.
-Bonds Called.
-
Certain First Ref. & Collat. Trust Mtge. 6% Gold bonds, Series "A,"
due Feb. 11944. aggregating 589,800. have been called for payment Apg. 1
at 105 and interest at the Guaranty Trust Co., 140 Broadway, New Voile
City.
-V. 120, p. 2684.
Power Corp. of New York.
-Common Div. No. 2.
The directors have declared the regular quarterly dividend of 25 cents a
share on the Common stock, payable July 1 to holders of record June 15.
An initial dividend of like amount was paid April I last. They also declared
the regular quarterly dividend of SI 75 a share on the Preferred stock,
payable Aug. 1 to holders of record July 15.-V. 120. p. 2270, 1461.
Quebec Railway, Light, Heat & Power Co., Ltd.
Authorized Capital Reduced by Decreasing Par Value of Shares.
The stockholders recently voted to reduce the authorized share capital
of the company from $10,000.000 to $2,500.000 by decreasing the par value
of the shares from $100 to $25 each. The new certificates will be ready
for delivery on and after June 15 at the office of the Montreal Trust Co.,
transfer agent, in exchange for $100 certificates on the basis of one new
certificate for one old.
The Quebec Power Co. owns a majority of the stock or the railway
company.
-V. 120, p. 1748, 2149.
San Antonio Public Service Co.-Stock Increased.
The stockholders have increased the authorized Capital stock from
57,000,000 to $10,000,000.-V. 120, p. 1091.
-Stock Offered.-HambleSouthern Gas & Power Corp.
ton & Co.- are offering at $23.50 per share 50,000, shares
Class "A" stock (no par value).
Class "A" stock will be entitled to cumulative dividends at the rate of
51 75 per share per annum, after dividends on the Preferred stock, payable
0.-M. 15, and will also be entitled (on the basis of the shares of Common
stock to be presently outstanding) to receive additional dividends equivalent
to one-half of each dividend on the Common stock, provided that the
Class "A" stock shall not in any year receive dividends (except accumulations) in excess of $2 50 per share per annum. Class "A" stock will participate on liquidation to the extent of $25 per share plus divs., before any
distribution on the Common stock. Class "A" stock will be red, all or
part on any div. date at 532 50 per share and after 30 days' prior notice.
.
Class "A" stock will have limited voting rights in case of default in cumulative dividends, as to be provided in the charter. Transfer agents, Guaranty
Trust Co. New York; Baltimore Trust Co.. Baltimore. Registrars,
Chase National Bank, New York; Commerce Trust Co., Baltimore.
Data From Letter of Walter Whetstone, President of Company.
compans.-A Maryland corporation. Controls through stock ownership
Gas Light Co. of Augusta (Ga.), Bluefield Gas & Power Co. (W. Va.).
Suffolk Gas
-Electric Co. (Va.), Concord & Kannapolis Gas Co. (N• 0.
Gastonia & Suburban Gas Co.(N. C.). Cumberland & Allegheny Gas Co.
(W. Va.), and Martinsburg Heat & Light Co. (W. Va.), and has contracted to purchase the bonds and capital stocks of Tr -City Gas Co.
(Gadsden, Ala.) and Valdosta Gas Co. (Ga.). Company, through its
subsidiaries (including the Valdosta and Gadsden companies to be acquired),
furnishes artificial or natural gas without competition for lighting, cooking,
heating and industrial purposes in 34 communities with an aggregate
population of 276,000. The territory served by the company has shown a
steady development and the aggregate population served has increased
more than 50V since 1910. Tne number of meters in service is over 35,000.
Outstanding.
CapitalizationAuthorized.•
81,500,000
1st Lien Coll. Tr. Gold Bds., Ser."13"0 %
a
366.000
Gas Light Co. of Augusta 1st M.5s.'25-'3
b
1,000,000
5
-Year Convertible 6% Gold notes
51,000.000
516,100
Preferred stock-7% Cumulative
5,000,000
c50,000 shs.
Class "A" stock (without par value)- 150.000 shs.
100,000 shs.
Common stock (without par value)
100,000 shs.
a Additional 1st Lien Coll. Trust Gold bonds may be issued only under
the conservative provisions of the indenture securing the same. b Closed,
except for the issuance of bonds to be deposited with the trustee under the
indenture securing the 1st Lien Coll. Trust Gold bonds. c Approximately
38,135 additional shares of Class "A" stock will be reserved for conversion
of the 6
-Year Convertible 6% Gold notes.
Purpose.
-Proceedsfrom the sale of this Class"A"stock and the Convertible notes.to be presently issued as now contemplated will be used by the
company to liquidate the present outstanding 1-Year notes, to retire all
7
the outstanding 1st Lien Coll. Trust Gold bonds, Series "A." 700_, for the
purchase of the bonds and capital stocks of Tr -City Gas Co. and Valdosta
Gas Co., and for other corporate purposes.
xConsolidated Earnings 12 Months Ended April 30.
1924.
1925.
$1,771,579 $1,695,102
Operating revenue
517,617
471,866
Net earnings, after taxes & maint., but before depr
115,800
115,800
Interest on funded debt
60,000
60,000
Interest requirements on 6%, Cony. bonds
Div. requirements on 7% Preferred stock
36,127
36,127
87,500
87,500
Dividend requirements on Class "A" stock
51,857,850 $1,755,309 $1.328,287
97,090
124,690
39,604
$801,624
23.477
$1,954.940 $1,879,999 $1,367.891
Gross income
6.043
6,781
11.053
Income deductions
Fixed charges subs.,incl,
478,538
308,252
470,915
minority interest
33,682
46.072
39,066
ErP.-Mimic. Serv. Co_
208.044
198.384
183,646
Int, collat. trust bonds
65.584
88.931
62,048
notes__ _
Interest coupon
14,597
10,276
5,188
Other interest
42,342
49,865
43.712
Amortization disc., &c
315,321
441,712
546,720
Renewal reserve
63.861
96,198
92,088
Federal income tax
'$825,101
11,892
$3302,629
$203.710
5172.439
Balance
8218,190
x Actual figures for all present subsidiaries of the company irrespective
of date of acquisition, in addition to similar figures for Tri-City Gas Co.
and Valdosta Gas Co., based on above capitalization.
Listing -It is expected that application will be made to list this Class"A"
stock on the New York Curb Market and also on the Baltimore Stock
Exchange.
Management.
-Sanderson & Porter, engineers.
All of the outstanding 1st Lien Collat. Trust Gold bonds, Series "A,"
7%, dated Jan. 1 1924, have been called for payment July 1 at 105 and
int. at the Baltimore Trust Co., trustee, Ball., Md.-V. 120, p. 1329.
The Municipal Service Co. operating 9 subsidiaryrutility companies in
Virginia, Pennsylvania, Georgia and Ohio has been taken over by purchase
The First Lien Collateral Cony. 7% Gold notes, called for redemption
July 1, may be presented for payment at the Empire Trust Co., New
York,or at the Liimberrnens Trust Co.. Portland. Ore. See V. 120,P.2818.
Income from oper'ns
Other income
Bal. available for divs.
-V. 120, p. 2550.
$469,098
$502,183
116.179
17,148
157,771
88,754
26,138
45,984
148,816
8,710
-Acquisition.
National Public Service Corp.
Southwestern Utilities Corp.
-Notes Called.
JUNE 6 1925.]
THE CHRONICLE
2945
Southern Indiana Gas & Electric Co.
-Earnings.
12 Mos. End,
Dated May 151925. due May 15 1940. Principal and interest(M.& N.)
payable in gold at the Bank of Nova Scotia, Toronto, Montreal, Ottawa.
1922.
32.185,332 Hamilton or London, Ont. Denom.$1,000 and $500 c*. Red. all or part
1,363,252 on any int. date on 30 days' notice at 105 and int. for the first year and
4
391.970 thereafter at a price lower by 1 of 1% for each year, but in no case at a
Union Trust Co., Ltd., Toronto,
156,070 lower price than 102 and interest. U
200.000 trustee.
Capitalization
Authorized. Issued.
$74,039 1st Mtge. 6;•is (this issue)
5350,000
$350,000
2d Mtge.7s
Capita stock
350.000
Syracuse Lighting Co., Inc.
-Earnings.Company owns and operates "The Alexandra," of Toronto, a 350,000
7
-story
Gross
Net
Surplus apartment hotel building of substantial steel and brick construction.
Calendar YearsEarnings.
Earnings.
Income,
-The company's net earnings, during the last four years
Dividends. for Year.
1921
$3,795,425
three months ended March 31 1925, available for depreciation on and
$328,460
$320.000
$8,460 buildings
the
1922
4,465,428
and equipment, and for interest charges, were as follows: 1921.
350,968
350,550
418
1923
5,188.039
962.997
368,828
594.169 $39,382; 1922, 139,671; 1923, $39,259; 1924. 338,059; 1925 (3 mos. ended
1924
5.474,997
March 31), 510.408.
1,005,220
479.506
525,714
-V. 119. P. 2189.
Apr. 30.
1925.
1924.
1923.
Gross earnings
$2,634,488 $2.647.035 $2,392,166
Oper.exp., taxes & main. 1,603.397
1,678,620
1.566,193
Fixed charges
428,626
439.649
391,306
Preferred dividend
231,350
198,936
168,875
Prov.for replac't & depr.
207.000
202.333
200,000
Balance, surplus_ __ _ _
$164,115
$127,497
$65,791
-V. 120. p. 2149, 2013.
United Gas Improvement Co.
-Stock
Amalgamated Silk Corp., N. Y.
-Earnings, &c.
-
Increased, &c.Results for Six Months Ended Dec. 31.
'The stockholders on June 5 increased the authorized
capital stock from Gross income after depreciation
1.521,456 shares to 1,654.862 shares.
$390,823
Int.on bonds, mtges. & adv., and comm. paid to Factors
• Stockholders of both Conunon and Preferred
336,724
will be given the right to subscribe between July stocks of record June 12
1 and July 28, both incl.,
Net income
at par ($50) plus an amount equivalent to the dividend
$54,099
accrued at the rate
of % from July 1 to July 28, or a total of $50 30 cash
Consolidated Balance Sheet Dec. 31.
extent of 10% of their holdings. Subscription warrants inper share to the ilncl. its subs., the Cedar Cliff Silk Co. & Amalg. Dyeing & Finising Co.)
negotiable form
will be mailed June 27. Subscriptions for full shares
1924.
1923.
1924.
1923.
Assetsbetween July 1 and July 28, incl. (See also V. 120. are payable in full
$
Liabilities$
$
$
p. 1882.)-V. 120, xPlant, equip., &c. 5,845,208 5,053,795 1 7% Pref. stock__ _
p. 2552.
3,549,214 3,501,500
Cash
411,667
545,765 yCom.stk. equity. 414,420
600.896
United Light & Power Co.
Cash value of Int.
Pur. money oblig.
-Larger Corn. Cash Dividend.
In sub. realty co.
The directors have declared the following dividends on
221,342 &sh.-term mtgcs
135,000
the stocks of the Accts.receivable.. 122,701
company:
75.099 1st Mtge. bonds_ _ 3,945,500 3,945,500
3,090,433 3,831,207 Acceptances pay'le 978,600
(1) A quarterly dividend of $1 62 per share on the Class "A" Preferred Inventories
742,095
Prepaid ins., &e_ _
39,102
stock and a quarterly dividend of $1 per share
25,711 Accts. payable, &c 421,822
294.872
stock, both payable July 1 to holders of recordon the Class "B" Preferred Inv.& sund'y assets
3,732 Accr.int. payable_
1.354
93,755
93.876
Sink. fund cash.....
(2) A dividend of 50 cents per share on the June 15. and
5,772
3,865 Fed. Inc. tax.res.
6,000
Class
Class "B" Deferred charges_ _
Common stock, payable Aug. 1 to holders of record "A"
14,370
Rm. for conting__ 127,296 z230.777
July 15.
On May 1 last the company paid a stock dividend of
1-40 of a share of
"A" Common stock to holders of "A- and "B' Common
Total
9,530,606 9,560,516
Total
9,530,606 9,560,516
stock in addition
to a cash dividend of 45 cents per share. See also
a In course of liquidation. x After deducting $597.517 for reserve for
V. 120, p. 1330. 2685.
depreciation and $1,148,828 for reserve for plant contingencies. y Surplus,
12 Months Ended April 301924.
1925.
Gross earnings, all sources
balance available for 200,000 shares of Common stock, no par value.
$34,094,105 $34,959,842 z Ind, reserves for accumulated
Oper. exp. (incl. maint., gen. & income taxes)divs. on Pref. stock. Compare also
20,562,038 20,507,431 V. 119. p. 943.
Not earnings
$13,532,067 $14,452,411
Amalgamated Sugar Co.
Interest on bonds and notes of sub-companies due
-Annual Report.
public
53,903,314
Divs. on Pref. stocks of sub, cos, due public & proportion
President Henry H. Rolapp, Ogden, Utah, in the annual report for the
of net
earnings attributable to Common stock not
fiscal year ended Feb. 28 1925 says(in part:
owned by co_ --- $2,508,318
"During the past fiscal year the company finally paid the last remnant
Gross income available to United Light &
of the accumulated dividend-arrearages and delinquent sinking fund
$8.040,749 requirements of the Preferred stock. We also succeeded in meeting current
Deduct-Int. on funded debt, $1,937,821; Power Co
other interest. $83,727; Prior Preferred stock, $373,275
dividend requirements on that stock, as well as bond interest and amounts
$2,394,823 due on sinking funds.
Divs.-Class "A" Pref., $716,609; Class "B" Prof.,
$302,833.... 1.019,442
"Net income after operating expenses, interest, taxes, depreciations,
Surplus avail, for amort., deprec. & Com.
stock dividends__ $4,626,484 losses and charges, except dividends on Preferred stock and sinking fund
-V. 120. p. 2685, 1330.
requirements, amounts to only $194,943."
Condensed Balance Sheet.
Utica Gas & Electric Co.
-Power
•
Feb.28 '25. Feb.29 '24.
Feb.28 '25. Fee.29'24.
In connection with the $50.000,000 up-State Merger.
Assets
utility merger (see Mohawk
Hudson Power Corp.) a circular to the Common
Plants,sites. equip8% Preferred stock 4.390,400 4,749,100
sto kholders says:
,
Nicholas F. Brady and'Wm. E. Lewis and
8,366.179 8,404,222 Common stock.... _y6,165,468 6,165,468
ment, &c
have agreed, subject to the consent of the P.other Common stockholders Cash
518,462
625,054 1st Mtge. bonds- 3,612,000 3,852,000
all their holdings of Common stock in the S. Commission, to exchange Ctrs. of deposit._
817,500
Commercial paper
company for the stock of a
125,000
holding company called Wanita Holding Corp.
Notes & accts. rec. 606.531 1,217,699 Liabil. for panic.
Wanita Holding Corp. is a New York corporation
beet pay. (est.). 349,137 1.198,020
with an authorized Sugar on hand__ _ _ 3.012.384 4,390,212
capital stock of 4,000 shares of stock (that is, one-tenth of the
Accr'd bond int_ _
109,053
115,822
outstanding Beet seed dr by- 371,618
shares of the Common stock of Utica Gas & Electric
464,080 Other current Ilab _ 100,023
prod.inventory.
237,427
Co.), all of one class
without par value, and the basis of exchange is one
435,284 Def. Cr. & long.
share of Wanita Holding Material & SUPP1 5 585.
818
Corp. stock for 10 shares of Utica Gas &
Sinking fund cash.
8,815
13,151
term liabilities__
64,053
Wanita Holding Corp. has agreed to Electric Co. Common stock.
Invest& long-term
Res, for conting._ 357,043
accept at
333,429
additional shares of the Common stock of Utica Gas & the same time any
x1.562,540 1,875,180 Surplus
receivables
1,467,401 1,359,390
Electric Co.tendered
to it, and to issue its capital stock in exchange
278,888
therefor on the same basis Unamort. bd. disc. 247,408
as its shares are to be issued to the above.
Freight, insurance.
The above have agreed to exchange
436,223
beet exp., &c._ _ 502,987
Corp. so to be issued to them for shares the shares of Wanita Holding
and Mohawk Hudson Power Corp. hasof Mohawk Hudson Power Corp.,
16.614,578 18.135,657
Total
Total
agreed that it will accept at the
16,614,578 18,135.657
same time any shares of Wanita Holding Corp. in
x Company stocks and bonds, $445,725: other stocks and bonds, less
addition to those owned
by the above which may be tendered to it at
-the same time and to issue its reserves, $371,789; sundry notes and mortgages receivable, less reserves.
Preferred stock and Common stock in exchange
Oneida project investment, less reserve, $604,917. y 724,624
that is on such a basis that the holder of each therefor on the same basis, $140,109;no par value.
shares of
-V. 119, p.696.
share
Utica Gas & Electric Co. will receive 2 1-10 shares of Common stock of
of the $7 Cumul. Prof.
stock without par value and ;4 share of the Common
American Beet Sugar Co.
-Balance Sheet March 31.stock without par
value of Mohawk Hudson Power Corp.
1924.
1925.
1925,
Mohawk Hudson Power Corp. has offered to acquire all
1924.
of the Common
Assets
stock of the Municipal Gas Co., Cohoes Power
Common stock.. x15.000,000 15,000,000
Holding Corp.. Adirondack Power & Light Corp.,& Light Corp., Wanita Factories, lands,
and the stock of certain
equipment, &c..22.925,987 20,000,000 Preferred stock...... 5,000.000 5.000.000
other companies in exchange for its own stock.
Secur. of other cos 240.405
241,304 Notes payable.... 2,250,000
If certain percentages of the Common stocks of the
1,882,494 3,026,719 Accounts payable_ 424,510
above mentioned are not made available for acquisition various companies Cash
401,103
Power Corp.. Mohawk Hudson Power Corp. is not by Mohawk Hudson Unsold sugar(cost) 3,222,437 1,919,947 Accr. local taxes,
obligated to carry out Accts., &c.. reedy 829,783
511,170
interest, &c_ _ _ _ 220.290
this transaction.
§0.623
Cornmercl live stk
34,232
27,328 Accr. Fed. taxes__ 187.155
Present dividends will be continued as
dividends become cumulative on the newearned up to the date from which Material & supplies 1,328,287 1,059,475 Divs. declared...._ 684,720
675,000
$7 Preferred stock.
Advanced acct. of
Approp. for add'ns
The earnings of the new company. including the earnings of
•
the operating
next campaign89,815 & Improvements
companies which will accrue to the new company,
127,264
are
Reserve for deprec.
substantially in excess of the amount necessary to pay $7 estimated to be Deferred expenses. 664,415
2,645,178
per annum on the
Res. for' wkg. cap.. 3,000,000 2,946,590
Preferred stock of the new company.
Unapprop. surplus 718,750
Stockholders are invited to transfer their shares of the
Common stock
6% debentures...... 3,500,000
of Utica Gas & Electric Co. to Wanita Holding Corp., and then
to transfer
Res. for sink. fund
their shares of Wanita. Holding Corp. to Mohawk Hudson
16,667
Power Corp.
side)31.128.042 26.875.758 Res, for conting__ 125.949
Total(each
on the basis of exchange above outlined.
x Authorized, 260,000 shares, no par value: to be issued, 150,000 shares
The transfer will be effected (if and when the approval
of the P. S. in exchange for present outstanding stock) stated value, $15,000,000
Commission is obtained) at the office of the Central
.
Union Trust Co.,
The usual inoome account was given in V. 120. p..2553.
which has agreed to act as depositary. For the convenience
holders in and about Utica, the First National Bank & Trust of stockAmerican Chicle Co.
Co., Utica,
-Recapitalization Plan Approved.
N. Y., has agreed to act as local depositary for the Central Union
Trust The stockholders on June 2
Co.
-V. 120. p. 2271.
approved a plan of readjustment
Wanita Holding Corp.
-Stock Exchange for Utica Gas of capitalization, dated May 12 1925, which provides, among
& Electric Co. in Connection With Mohawk Hudson Power other things,for the payment of accumulated dividends on the
6% Preferred stock, and the issuance of 24,670 additional
Corp. Merger.
Common shares.
See Utica Gas & Electric Co. above.
INDUSTRIAL AND MISCELLANEOUS.
-Firestone Tire & Rubber Co. on May 29
Tire Prices Advance.
advanced prices on all types of from 5 to 10% effective June announced
1.
Rubber, Goodyear Tire & Rubber and B. F. Goorich companies U. S.
made
-"New York Evening Post."
similar price advances.
-May 29.
„Kelly Springfiled and Fisk made similar advances effective on the
same
date.-"Phila. News Bureau."
-May 29.
Acadia Sugar Refining Co., Ltd.
-Annual Report.
Results for Year Ended Dec. 27 1924 (in Canadian Currency)
Net trading profit for year
$618904
Previous surplus
63.154
-Pri-- --Total_--$682,058
----or ;rears ------Adjustments ---338,548
Interest on funded debt, &c
273,419
Directors' remuneration
7.300
Profit and loss surplus at Dec. 27 1924
$62.791
-V. 115, p• 7 .
62
Alexandria Apartments, Ltd., Toronto.
-Bonds Offered.
-McLeod, Young, Weir & Co., Toronto, are offering at
100 and int. $350,000 63i% 1st (Closed) Mtge. Sinking Fund
Gold bonds.
1. Reasons for Readjustment of Capitalization.
-The company made an
operating profit for 1924 of 31,083,083. Accordingly, the company is making a substantial operating profit which would be applicable to dividends
upon the stock if there were no impairment of capital. On Dec. 31 1924,
however,there was a deficit in the capital account $2,377,344 after
ing to surplus the losses due to the revaluation of inventories andchargof
other
capital assets during the years 1921 and 1922. The net earnings for the last
4 years have shown a substantial increase as follows:
1921.
1922.
1923.
1924.
ist
los41,378,015 loss$169,215 prof.$499,799 prof.$1,083,083 p'ofQuar.'25
$256,367
Unless this impairment of capital is made up, either out ofoperating_profits or by a reduction in the capital of the company, the laws of New
Jersey
do not permit the declaration or payment of any dividends upon the
outstanding stock of the company.
On June 1 1925the arrears of dividends aggregated $750,000 or25%accrued
upon the Preferred stock. Future dividends upon the Preferred stock
will
necessarily continue to accrue and be unpaid until the impairment of
capital
above referred to has been made good out of present and future earnings
Furthermore, under an agreement made by the company with the
Bank
Creditors' Committee dated Oct. 1 1922. no dividends can be
the company upon its outstanding Capital stock until the bank declared by
indebtedness,
amounting in principal on May 1 1925 to $915,200 has been paid
in full.
Similar prohibition as to the payment of dividends is contained in
Agreement between the company and the Bankers Trust Co. the Trust
as Trustee,
dated Oct. 1 1922. securing the 6% 5
-Year Notes, of which there were
outstanding on May 1 1925 $684,000.
-Because of the foregoing situation, the
2. The Plan.
directors throughout the past year from time to time have had negotiations
with certain
Common stockholders of the company, and investment
bankers interested
in the stock of the company, and the Bank Creditors'
Committee. and
2946
[vol.. 120.
THE CHRONICLE
a view to readjusting
representatives of the Noteholders' Committee, with
-Year Notes
outstanding 5
the capital so that the bank indebtedness and thethe Preferred stockholders
ory adjustment made with
can be paid, satisfact
of "Goodwill. Patents
with reference to the arrears of dividends, the item
company's capital
and Trademarks" written down to $5.000.000, the
obtained by the
decreased so that there is no impairment thereof, and funds
company for its necessary corporate purposes. stock have agreed that this
of a large amount of the Common
The holders
the capital through
Impairment of the capital may be eliminated by reducing
Common shares without
allocating to capital the sum of $20 per share for the
shares
of a large amount of outstanding Preferred
par value. The holders
claims for dividends
have agreed to surrender their shares together with allstock in exchange for
on the basis of one share of existing Preferred to $7 per share per
thereon
15i shares of no par Cumul. Prior Pref. stock entitled
have agreed
annum, and other stockholders and directors of the company al shares of
addition
to underwrite the issuance of approximately 24,670
Common stock at $50 per share.
4 have been give
The Preferred and Common stockholders of record June
shares of Common
the right to subscribe on or before June 22 for $24,670
for each 15 shares held.
stock at $50 per share in the ratio of two sharescertificates.
.
This offer also applies to holders of voting trustCommon stock subscribed
It is hoped that all of the shares of additional
Trustees under
for will be deposited immediately upon their issue with Voting
which a majority
existing voting trust agreement dated June 16 1924 under which the followof the existing stock of the company is on deposit and under
, Warren S.
ing are now constituted voting trustees: Walter S. Primley
Hayden, Louis R. Adams and Silas B. Adams.
issued will similarly be
The shares of Cumulative Prior Prof. Stock voting trust certificates
deposited with the voting trustees. The existing application will be made
are listed upon the New York Stock Exchange and of Common stock and
to list the certificates representing the new shares
Prior Preference stock.
certificates representing shares of the Cumulative for the purpose of paying
In order to make sure that the necessary funds corporation will be forth-Year Notes of the
the bank indebtedness and the 5
banking syndicate to undercoming, arrangements have been made with a stock by the stockholders for
write the purchase of this additional Commona price of $50 per share. Parting commission of $5 per share at nt upon the plan of readjustan underwri
ticipation of this banking syndicate is continge e by the directors.
ment of capitalization being declared operativ
include: White. Weld & Co., W.
The members of this banking syndicate Gude. WInmill & Co.
C. Langley & Co., Bankers Trust Co. and be able to inaugurate, provided
Directors anticipate that the company will
s upon the Cumul. Prior
the plan is consummated, payment of dividend
Preference stock.
tax is payable
committee Is advised by counsel that no income
The proxy
e of one share of existing
by the Preferred stockholders upon the exchang
ce stock, until and
Preferen
Preferred stock for I j shares of Cumul. Prior received are sold and the
unless shares of Cumul. Prior Preference stock
transaction completed.
management group, also approved by
The plan of stock ownership for theplan of readjustment of capitalization.
the
the stockholders, forms no part oftook control of the company in Dec. 1921,
When the present management
$25 per share and the Comthe Preferred stock was selling at approximately company owed $2.860.000
The
mon stock at approximately $8 per share.
ing $1,900.000 past duo 6%
to banks and other creditors and had outstand 1921 was $1,378,015. The
year
-Year notes. The deficit for the 432. ending
5
The bank indebtedness at the presnet earnings for 1924 were $1,083.0
The notes have been refunded and
ent time has been reduced to $915,200.refunded notes at the present time.
there are outstanding $684.000 of the ately $107 per share and the ComThe Preferred stock is selling at approxim share. See also V. 120, p. 2685.
mon stock is selling at approx. $54 per
-Extra Dividend.
mid Co.
American Cyana
on the Common stock
An extra dividend of Si of 1% has been declared on the Common stock
dividends of 1%
in addition to the regular quarterly all payable July 1 to holders of record
and !Si% on the Preferred stock,
the six previous quarters.
June 15. Like amounts were paid during
V. 120. p. 1206.
-Balance Sheet Dec. 31.s Co.
American Expres
1923
1924
Resources$6.168,987 $6.146.224
Real property and equipment
6.763.065
8.297.361
In banks
Cash on hand and
1.500.000
2,500.000
Demand loans secured
5.325 405
5.841.083
Due from banks and bankers dEc
1,623.877
1.799.734
funds,
Branch offices working
6.876,692 5,420.470
U. S. Government securities nts
20.216.656 24.418.244
Other securities and investme & letters of credit 2.060.272
4.980.068
Customers' liability under accep
5,122.234 4,429,235
&c
Bank guarantees on travelers' checks, le
1,978,2e4
2,698.428
accounts receivab
Accrued interest and
736.643
589,439
Other assets
$68.170.886 $63,321,495
Total resources
Liabilities
$18000000 $18,000.000
Capital stock
1.827.067
1.726.580
Reserves
270.000
270.000
ds payable
Dividen
2,932,091
7.386,904
Due to banks and bankers
_ 19,798.169 16.578.718
of credit_
Travelers' checks and travelers' letters d for pay't) 15,300.111 14.832,611
Money orders, drafts, &c (not presente
4.871.538
1.676.470
Acceptances and letters of credit
458.646
244,931
Other liabilities
547.268
528,492
Accounts payable
3.003.555
3.239,229
Surplus
$68,170,886 $63.321.495
Total liabilities
was given In V. 120. p.2014, 2686.
The usual comparative income account
r
oil products. In
daily, and three plants for the manufacture of edible 266 tank cars.
barges and
addition the company owns steam lighters, current liabilities.
-Proceeds will be used to reduce
Purpose.
Aavilable for Alt
Earnings, After Depreciation, Federal Taxes and Charges.
Interest Charges.
$1,384,325
74.681 I924c
$3.029,42311921c _ _def$3.8
1918a
1.132.404
4 26
f .6
.154878 Average
4,343,466 1922c
1919a
l
de
2.666.807 1923c
19206
Dec. 31. c Year ended
a Year ended Sept. 30. b 15 months ended
Dec. 31.
larger than they
Profits during the first three months of 1925 have been
were in the same period in 1924.
Authorized. Outstanding.
Capitalization
$16.750.000 $16,750,000
Preferred stock
16.750,080
16.750.000
Common stock
6,000.000
6.000,000
6% Coupon notes
to give effect to the
-Balance sheet as of Dec. 31 1924 is adjusted against current liaAssets.
financing, shows current assets of $13,701.14539 are equivalent to
present
bilities of $4,586.906. Net current assets of $9.114.2 -V. 120, p. 2403.
over 150% of the principal amount of this issue of notes.
2014.
-Annual Report.- '
American Railway Express Co.
1921
1922
1923
1924
$
$
$
$
Calendar Years315 294.663,587
Charges for transport'n _287.281.415 309,579.474 291.349. 022 113,490,662
139,997.383 155.736,205 142.323,
s
Express privilege
181,172.925
Rev from transport'n 147.284.032 153.843,269 149.026,294
3,723.836
3,476,877
3.600.492
3,355,751
Other revenue
152.503.171 184,896.761
Total operating rev_ _150.639,783 157.443.761 149.142.021 182,265.283
147.446.609 154.446.244
Operating expenses
28.253
39.634
25.284
45.602
Uncollectible revenue
2.095.481
2.213.936
2.138.362
2,102,103
Express taxes
507,743
1.107.579
833.871
Operating income____ 1.045.468
2.073.845
1.9 6.038
1.851,290
1.458,258
Other income
2,581,588
3.063,617
2.685.161
2.50.3.726
Gross income
272,368
289.897
225.393
221.726
Deductions
4455)1558896
(E6)2.078.520($6)2078.520($6)2078.520a
Dividends
8750,330
$69.5,199
$381.248
$203,480
Net income
per share on its
of
a In April 1921 the company also paid a ilia:end of $2
1920.
last four months
$34,642.000 Capital stock for the
General Balance Sheet December 31 1924.
1923.
1923.
19.4.
$
$
Liabilities$
$
Assets0 34,642.000
Real prop.&eq'pl_28.035,465 28,078.223 Capitalstock notes34,642,00
Loans and
U. S. Govt. bonds
2,300,000
payable
11.236,671 16,786.190
and notes
80,276
51,624
161.115 Traffic bals. mule
45.490
Other securities_ _ _
9 Audited accts. and
20,685,549 15,741,98
Cash
__ 4,850,584 5,312,873
wages unpaid_
13,754
13.811
Special deposits_ _ _
5,312 2,805,977 Misc.accounts Pay-1,585,800 1,695,089
Loans & noise rec.
able
68,114
22,958
Traffic bals. reel°.
Express priv. haNet balances recle
17.438.263 18,916,946
bility
from agencies__ 9,169,936 9.323,734
Estimated tax haAcc'ts recle U. S.
950,184
978,280
Willy
ent ___ 3.347.791 3,356,437
Governm
Misc.accts. recle_ 663.659 1,010.281 Other current_ lla- 416.352
45.570
blinks_ _ _
Material & slam_ _ 1,929,333 1.732.131
Deferred liabilities 2,696,972 2.437,537
Int., dlys. & rents
218.339 Operating & insur131,714
receivable
ance reserve, &c.10.227,726 14,494,267
29.650
27.145
Working fund adv.
Other unadjusted
Exp., rents, &c..
69.352
5,334
credits
647,147
Paid in advance 762,455
2,621.164 2,345,484
849,598 Surplus
Accrued levenues. 750,000
168,899
Misc. unadj. debits 484,552
9
Deferred assets_ __ 502,259
Total(each side)_ _77,814.100 80,989.57
-V. 120, p. 1750. 213.
Bal. Sheet Dec. 31 1924.
American Radiator Co.-Consol. Subsidiary Companies.]
Foreign
!Including Domestic and
Assets844.746,222
Plant, property, &c
10,063,127
Cash
824,488
ent bonds (at cost)_
Governm
871,548
Notes receivable
9,873,094
Accounts receivable
13,315,251
Inventories
254,01
Investments (at cost)
336,939
Insurance, taxes, &c..
Prepaid
Other charges, deferred to fu391.357
ture operations
Liabilities
83,000,000
Preferred stock
Common stock (par $25)._ __ 31,064.025
764.600
Accrued wages
933,050
Notes payable
incl. reserve
Accounts payable.
4,972,679
for Government taxes
Pref. div. of sub. co. payable
38,141
Jan, 1 1925
Reserves-1.137,722
benefit
Pensions and
Conting. depr, on invent's_ 1,637.463
Depreciation & depletion__ 10,708,028
$80,676,108
Total (each side)
3,827,182
General reserves
0
Redeemable Preferred stock. x3,891.207
18,702.01
Surplus
Ltd..
Boiler Co.,
•
x Of Detroit Lubricator Co. Dom nion Radiator &
and Fox Furnace Co., outstaniing, at par. given In V. 120. p. 1462, 2014
The usual comparative income account was
-Consolidated BalAmerican Ship & Commerce Corp.
Sheet Dec. 31ance
1923.
1924.
1923.
1924.
LfabilWes$
$
Assetsstk.& 9urp.b19,656.077 20,865,787
aVessel property_ _11.745,909 12,595,535 Cap. payable_ _
3,750,000 3,800,000
Notes
aPlants of shipbldg
notes, dtc.,
and mfg. cos_ _ _16,777.346 16,976,783 Serial
266,395
266,395
maturing
139.828
aMisc. equipment. 153,948 1,296,304 Accounts payable_ 1,769,320 2.437.245
1,631,577
-Consolidated Balance Sheet. June 3024 Cash
American Ice Co.
50,000 Passenger deposits 767,239 2,896,414
31 '24
Dec.
Demand loan
Dec. 31 '24 June 3024
540,054 Accr. Bab. & res. _ 1,992,666 x136,498
$
50,882
$
LiabilUiesMarketable securs.
8
$
Deferred credits 1,689,076
AssetsPf. stk.. non-cum_15,000.000 15,000,000 Accounts, notes &
3,124.359 Funded and longLand, bides., ma7.500,000 7.500.000
claims recebele_ 3.359.072 2,648,120
3,004,444 3,406,339
_21,205,489 20,550.678 Common stock__ 9.813.425 5,8E0.050
term debt
chicory, &c.a.
2,393,088
Bonds and mtges_
Inventories
554.430 Can't stock of sub.
Good-will, water &
payable- 661,167 1,001.864 Deferred charges.. 947,742
cos., not owned_ 5,547.406 5,634,896
rights_ _ _17.256,063 17.182,064 Accounts
Patent
3,052,000 Miscell. Investm'ts 1,383,060 1,301,594
411.545 Notes payable__
92,607
136,492 Workmen's comp'n
Inv.in secure, &c. 1,088,540
729,414 Accr. bond int.,&c. 249,246
1,691,419
Cash
Claims for refund
1,115.968 1,625.840 Ins. & workmen's 500,000
484,817
Notes & ace ts rec.
compens'n reeve
on taxes, Shaw18.651
39,322
123,960
422,894
Preeed int.prem Ate
nut SS. Co_
Res.for Fed'I taxes 557,338
Inventory of mer9.825.095 9,130,101
Surplus
38,442,625 39,443,575
Total
chandLse, &c.... 1.203,045 1,602,609
38,442,625 39.443.575
Total
487.417
Represented by 591.271 shares of no par
Fund investments_ 506,425
a At depreciated values. binterest on notes and bonds, only.
44,106,271 42,608,216 value outstanoing. x Accrued
Total
in V. 120, p. 2272.
44 106,271 42,608,216
Total
The usual comparative income account was given
depreciation.
a Less reserve for tive income account was given in V. 120. p. 1462.
-Div. on New Corn. Shares.
Steel Foundries.
American
The usual compara
of 75c. a share
The directors have declared a regular quarterly dividend of record July 1
-New Control.
Stone
July 15 to holders
American Lime &below. Co. p. 1067.
on the new no par Common stock, payablerate as paid on the old Common
.
-V. 119,
The Common dividend is at the same
See Charles Warner Co.
before the exchange of five shares of new no
par
-Notes Sold.-Equitablo Trust stock of $33 1-3 each valueshares of the old.
-V. 120, p. 2553.
Linseed Co.
four
American
par Common for
-Extra Dividen -American Fork & Hoe Co. dividend of 1% d. a
and
an extra
quarterly
The directors have declared
both payable June 15 to holders
dividend of 1 34% on the Common stock,
of record June 5.-V. 114. p. 413.
Dominick have sold at
Co. of New York and Dominick &
$6,000.000 6% Coupon notes. 0 June 15 1931;
100 and interest
$500.000 June 15 1930: $750.00
-To Pay 25% of Notes.
ra Tobacco Co.
American Sumat
May 29, the rePursuant to an order of the U. S. District Court, dated ed indebtedness
of all liquidat
principal
and ceivers will pay 25% of the of which amount no dispute as to liability or
15 1925: due
1934
Dated June
there is
in respect
$1,250,000 in each of the years 1933,
$1,000,000 June 15 1932;Redeemable, all or part, by lot on 30 days' notice of the company with interest accrued and unpaid thereon to June 1, upon
together
1935. Denom. $1,000.
Instruments evidencing such
or after June 15 1930 at amount,
before June 15 1930. at 102: on City. Equitable Trust the presentation on or after June 1 1925 of the of such payments of interest
on any interest date
New York
Indebtedness for appropriate notation thereon
10034. Interest payable J. & D. 15 in
l and, in case of interest coupons, upon the
and on account of principa
Co. of New York, trustee.
President of Company.
coupons for cancellation.
Data from Letter of R. H. Adams, the leading producers in the surrender of such
% Sinking Fund Convertible Gold
-Year
Holders of outstanding 5
-Organized in 1898. Is one of
Company.
Linseed oil Is an essen- notes, in order to receive such payments of accrued interest and on account
.
of linseed oil and edible oil products varnishes, printers' ink,
57 Broadway,
United States
ture of paints,
principal, must present their notes to Chase National Bank. on account
busi- of
rial raw material used in the manufac
of such payments of interest and
In addition to its linseed oil
linoleum, ollcolth and kindred articles. subsidiary. Best Foods, Inc., whose N. Y. City,for notation thereon r to said bank for cancellation the coupons
of principal, and must surrende
ness, the company through its principal
is engaged in the "tr; interest accrued and unpaid on such notes to June 1, accompanied by
entire Capital stock it owns (except directors' shares),
covering such
executed Federal income tax ownership certificates
edible oil business on a large scale.
-Crushing
e five flax
177,17est payments.
The plants of the company and its subsidiaries compris
100.000 gallons of oil •JL:
millS with a combined capacity of approximately
JUNE 6 1925.]
THE
CHRONICLE
2947
Holders of other liquidated indebtedness in order to receive such payments
of accrued interest and on account of principal, must present the instruments evidencing such indebtedness at the office of the receivers, 131 Water
St., N. Y. City, for appropriate notation thereon of such payments of
interest and on account of principal, and must deliver properly executed
receipts or instruments of assignment as the receivers in their discretion
may require.
-V. 120, p. 2553. 2403.
Consolidated Balance Sheet December 31.
1924.
1923.
1923.
1924.
Liabilities
AssetsCommon stock_ _614,963,400 14,963,400
Shipsatequlp.,shore
Preferred stock_ .c13,742,900 13,742,900
prop, equity in
terminals,&c x44,783,063 43,997,574 Stocks of subsidi388,080
Investments
a4,957,662 6,126,800
ary companies__ 403,364
Coll.trust bonds _ d13,000,000
American Window Glass Machine Co.
-Extra Dividend. Cash in hands of 36.788 151,954 1st 5s of sub. cos_ 6,093,000 13,000,000
trustees
6,963,000
The directors have declared an extra dividend of 1% on the Common Good-will, franPreferred sinking
stock in addition to the regular quarterly dividend of 13.5% on the Common
2,340,000 2,730,000
chises, &c_ _ _y18,950,188 19,112,130 fund 7s
and 1;6% on the Preferred, all payable July 1 to holders of record June 12. Inventories
297,429 Marine equip. 534a
1.020,000
248,337
This is the seventh consecutive extra dividend of 1% paid on the Common Accts.receivable__ 453,857 1,235,153 Marine equip. 7s_ _ 2,399,000 3,016,000
stock.
-V. 120, p. 1330.
170,721 Preferred mortgage
Bills receivable_
841,059 6% bonds
1,080,000 1,440,000
Agents' balances... 906,079
Amparo Mining Co.
-Annual Report.
866,210 U.S. Govt.loan
580,000
Insurance claims__ 702,782
Calendar Years1924.
1922.
1923.
1921.
71,267 Accts. payable... 1.655,883 1,486,978
Miscell. securities_ 518,012
earnings
Gross
$1,284,330 $1.525.737 $1,866,513 $1,664.368 Cash
239,715
1,627,496 1.888,149 Accrued interest__ 176,882
Expenses
1,019,397
1,344,601
1,331,999 Cash for coupon
1.150,737
409,913
Coupons payable_ 390,200
409,913 Notes payable_ _ __ 579,233
437,082
390,200
Payable
Net profit
$264,933
$37o.000
$521,913
$332,369 Open voyage acOpen voyage acct.
767,898
Misc. charges (net)
$17,264
311,856
$11,986
$1,332
34,824
1,156,377 1,225,882 Agents
counts, &c
Taxes, &c. (net)
39,334
26,183
32,167
21,615 U, S. Ship. Bd. &
Sundry reserves
403,292
539,290
Dividends paid
(10%)200,000 (12)240,000 (17)340,000 (12)240,000
878,592 Profit and loss_ __ _17,281,525 16,093,553
RR.Admin.(net) 359,842
Balance, surplus
$8,336
$96,961
$137,759
$69,422
75,088.680 77,272,632 Total (each side)_75,088,680 77.272.632
Total
-V. 119, p. 458.
a Investments in and advances to Atl. Gulf Oil Corp.. $4,954,062, and
Mallory Gulf Terminal Co.. $3,600. b After deducting $5,036,600 held in
Oil Co., Ltd.
Anglo-American
-Stock Div. Approved.
The stockholders on June 5 confirmed their actions at the special meeting treasury. c After deducting $6,257.100 in treasury. 41 Authorized, $15.on May 20. and then approved resolutions to capitalize £1.000.000 now 000.000: issued. $13,000,000.
plus cost of
x Fleet
standing as "capital reserve" and to distribute this sum as a 33 1-3% stock additions in commission at value based on appraisal Dec. 1918, $2,103,391;
since (net), $54,969,773: vessels under construction,
dividend on the Ordinary shares. See also V. 120. P. 2686. 2272.
shore property and equity in terminals, $6,292,170; less reserve for depre1922.
1923.
1924.
Calendar Years1921.
ciation of $1$3,582.271. y Including investment in New York & Cuba
Prof.(aft.exc.prof.duty) £3,038,021 £2,167,923 £1,928,561 loss£31,833 Mail Steamship Co. (now in receivership).
Deprec.(ships, plant,&c)
756,641
813.942
745,768
837,466
A comparative income account for years 1923 and 1924 was given in.
Int. & prem. on notes
V. 120. p. 2404. 2819.
369,605
169,308
paid off, &c
575,000
Income & corp. tax
419,787
435,730
182,609
Austin, Nichols & Co.-Consol. Bal. Sheet Jan. 31.4.912
Loss on steamships sold..
1924.
1925.
1924.
1925.
600,000
450,000
Dividends
450,000
600,000
$
Liabilities$
Assets$
$
.
Plant& equip.,less
7% Cum.Pf stk _ _ 4,544,500 4.544,900
Balance, surplus
£874,858
£171,888
£297,063d1£1,651,908
depreciation.... 4,609,352 4,248,036 Common (150,000
-V. 120, p. 2686, 2272.
Inventories
7,503,170 8,410,378 shs., novas val.) 3,438,683 3,221,015
Accts.rec.,less res.
Arnold, Constable & Co., Inc.-Bal. Sheet Jan. 31.- Notes receivable.. 3,608,221 3,360,778 Notes payable.... 6,415,000 5,830.000
574,703
59,659
67,806 Accts. payable.. _ 688,478
1925.
1924.
1925.
1924.
125,000
13,450 Prov.for Fed.taxes 115,000
Misc. investments
13,450
Assets$
$
74,412
68,710
Cash
1,149,385 1,251,895 Special deposits.. _
Fixtures & equip__ $692,817
647,656 Common stock_ _ _x2,476,038 2,610,883 Deferred charges
1,828,534 1,193,733
161,349
203.719 Surplus
Leasehold. &c- -- - 1.000,000 1,000,000 Loans payable_ _ __ 520,307
607,472
83,192
169,753 Accounts payable_ 486,215
Cash
457,677
17.1114,587 15.556 061
17,104,587 15,556,061
Total
Total
Accts.receivable-- 707,785
687,752 Accrued pay-roll
The usual comparative income account was given in V.120, p. 1884.2819,
Inventories
957,788 1,207,558
taxes, &c
42,917
24,391
rent, ins.,&c
84,842
67.624 Res,for contin.,&c
Prep,
38,629
110,197
-Ward,
-Bonds Offered.
Bankers Mortgage Bond Co.
Other assets
17,700
30,278
Total (each side)_ 3,544,106 3,810,620 Sterne & Co. Birmingham, Ala., are offering at 100 and int.
x Represented by 200,000 shares of no par value.
Mtge. Coll. 6% Bonds, Series "D."
$100,000 1st'
The usual comparative income account was given in V. 120, p. 1884
Dated May 1 1925; due $20,000 May 1 1930 and $80.000 May 1 1935.
Denom. $1,000 and $500 c*. Interest payable M. si N. without deduction
Associated Oil Co. of California.
-Increases Dividend.
income tax up to 4% at American Trust & Savings
The directors have declared a quarterly dividend of 2% on for normal Federal or at Guaranty Trust Co., New York. Red. on any
Bank, Birmingham,
int. date upon 30 days notice at 101 and int.
the outstanding $56,000,000 Capital stock, par $25, payable
Company.-Incorp. in Alabama in 1913, and has continuously and
July 25 to holders of record June 30. Dividends at the rate profitably operated since its incorporation. It has a paid up capital of
of 6% per annum (13% quarterly) had been paid since $505,000.
Securitp.-As security for these bonds, there have been deposited with
Jan. 1920.-V. 120, p. 2540.
and assigned to the trustee, notes aggregating $111,500, constituting in
each case a first lien upon improved Birmingham real estate, together with
Associated Simmons Hardware Co.
-Annual Report.
- mortgages, fire insurance policies, and all other necessary papers. In each
Trusteeship and Controlled Cos. (Incl. Grant Leather Corp.).
case the loan has been made by the officers of the Bankers Mortgage Bond
Statement of Common Participation Shares
-December 31.
Co. and independently appraised on behalf of the company. Provision is
1924.
1923.
made in the deed of trust that the aggregate cash market value of the
Book value of 930,000 corn. partic. shares outst'd'gx$5,316,313 y$5.604,050 securities pledged, as determined by Ward, Sterne & Co., shall at all times
Appreciation arising from appraisal of real estate &
be equal to not less than 110% of the outstanding bonds.
bldgs. at Springfield, Mass, acquired during year
z42,771
The aggregate value of the properties mortgaged to secure the 5111.500
deposited notes, as certified to the company by independent appraisers,
Total
45.316,313 $5,646,821 is $223,250.
toss from operations for year together with sundry
adjustments:
-Stock AU Taken-Calls Bonds.
Barnsdall Corporation.
Associated Simmons Hardware Companies
2,925,456 prof.147,752
The corporation announces that in relation to the warrants issued to
Grant Leather Corporation
292,792
120,559 stockholders prior to May 27. giving the right to subscribe to 177,134 additional shares of Class "A" stock (par $25), at $22 50 per share, the stockBalance
$2,098,066 $5,674.012 holders have subscribed to the entire issue so offered. The underwriters
Deductions:
will not be called upon to take any of the stock. (See V. 120, p„ 2272.)
Bal. of warehouse development exps. written off
404,330
The directors on June 2 authorized the calling of 31.500.000 8% tFinnif
Res. for possible loss on sale of Grant Leather
Fund Convertible Gold bonds. due Jan. 1 1931, Series "A" and "B."Fhis
Corp. properties
294,006
amount is in addition to the $4477.200 already called for redemption on
Divids. paid during year on pref. partic. shares_
178,850
357,700 July 1 1925 at 105 and interest at the offices of Lee. Higginson & Co.,
43 Exchange Place, N. Y. City, or 44 State St., Boston. or at 209 So. .14
Book value of 930,000 common participation
Salle St., Chicago. The right to convert into Class "B" Common Capital
shares at Dec. 31 1924
$1.220,879 35,316,313 stock, the principal of any of the bonds designated for redemption, will
x At Dec. 31 1923. y At Dec. 31 1922. z After deducting 8215,660 for expire at the close of business on the 10th day preceding July 1 1925.
unamortized discount on 7% Gold Notes written off at July 2 1923. date
The company will also retire $854,000 of outstanding bank loans at once.
of redemption.
-V. 120, p. 2819, 2404.
Consolidated Balance Sheet as at December 31 1924.
-Bonds Called.
Beaver Products Co., Inc.
IAabUUlesAssets
Certain First & Ref. Mtge. 20-Year 7;6% Sinking Fund Gold bonds
$1,955,194 Gold notes due July 11933._x39,952,000
Real estate & buildings
dated July 1 1922 (V. 114, p. 2828), aggregating $100,000, have been called
Fixtures & equipment
719,670 1st Mtge. 7% notes of Grant
Corn
362,956
Prop. of Grant Corp
300,000 for payment July 1 at 110 and interest at the Central Trust Co. of Illinois.
1 Min. int. in subs. cos
Trade Marks, Good Will, &a.
73,187 trustee, 125 West Monroe St., Chicago, Ill. V. 120, p. 2405.
Certificates:
872,433 Pestle. Share
Cash
-Increase.
Besse System Co., Springfield, Mass.
Accts. & notes rec., less res._ 7,100,899 7% Cum. Pref. stock
5,110,000
The Besse System Co. of Springfield has increased its capital from
Misc.inv.& adv.incleec.notes x514,738 Common stock
y1,220,879
$1.455,400 Pref. stock, par $100, and 12,500 shares no par Common stock,
145,254 Accounts payable
Prepaid ins., int., &c
799,013
by authorizing 12,500 additional shares of Common stock. Of the addi43,118 Notes payable to banks:
Adv. to empl. for exps., &c.
236,353 Simmons Hardware Co_
Winchester Co. and subs_
3,390,000 tional stock, 4,411 shares will be sold at $150 a share, making the outstand-V• 116. D. 1054•
Grant Leather Corp
•
8,753,489
Inventories
400,000 ing stock 16,911 Common shares and 13,304 Pref. shares.
342,036 Due to empl. for comm., &c_
Receivable from sale of bldgs_
71,619
-G. L.
Blind Brook Lodge, Rye, N. Y.
-Bonds Offered.
791,457 Int.on notes due Jan. 11925.
Defd. chges. to future over....
323,440
Res. for local taxes
97,460 Miller & Co. Inc., New York, are offering at par and int.
Res.for Fed.taxes (Pr. Yrs.).
100,000 $900,000 1st Mtge. 63.% Real Estate gold bonds.
'
$21,837,598
Total
Total
$21,837,598
x Received in connection with the sale of Grant Leather Corp.,inventories
due at various dates up to Jan. 1 1927. y Authorized 1,000.000 shares;
outstanding 930,000 shares, no par value. z Since Dec. 31 1924 and up
to April 6 1925. $700,000 has been received from the sale of 70,000 additional Common shares, and Gold Notes to the amount of $840,000 (par
-V. 119, p. 2413.
value) have been purchased and held in treasury.
-New Directors.
Atlantic Sugar Refineries, Ltd.
-1922.
Calendar Years
1921.
3990,564 31,145,935
Net profits3964,104 $1,459,682
47,910
53,910
59,910
Bond interest
111,133
384,781
466,522
476,136
1,199,672
Other interest
304,224
302.618
302.618
Reserve for depreciation
30,585
30,000
23,934
Reserve for bad debts,&c
Repairs, &c
167,111
Preferred dividends_
(35)808,696
(26)119,720
Common dividends
3227.188
8606,932
$127,965df$1,290,982
Balance, surplus
J. B. Coombs, of New York, and J. L. Counsel, K.C. of Hamilton, Ont.,
have been elected directors. F. S. Armstrong, of New York, resigned from
-V. 118, p. 2576.
the board.
The bonds are secured by the Blind Brook Lodge, to be erected at once
on
plot facing both the Boston Post and Milton roads in Rye, N. Y.
he land and building have been independently appraised at $1,415,300.
e
and the net annual earnings of the structure have been estimated at $128,580.
The entire issue will be amortized serial annually from 2 to 12 years, interest
payable April 15 and Oct. 15 of each year. The normal Federal income tax
Up to 4% will be refunded to bondholders paying such taxes and in addition
any State or district taxes will be also refunded.
Bridgeport Machine Co.
139021
4
:
-Report for Cal. Yearp2 Net sales and rentals, 31,139,021
$
Cost of sales, $638,131; gen. & selling exps., &c. $238,937
877,068
Depree. allowance, 565,969; int. paid, $30,859; misceli. deductions, $31,121
127,949
Preferred dividends
E7 9
94
93
Surplus
Common stock equity (150,000 abs., no par value)
-V. 119, p. 2883.
$1,6 8:0 211
$2 1
5
9
Buffalo & Fort Erie Public Bridge.
-Bonds Sold.
The Fidelity Trust Co. of Buffalo, Kissel, Kinnicutt & Co.,
-Earns.
- New York, Schoellkopf, Hutton & Pomeroy, Inc., and
Atlantic, Gulf & West Indies S. S. Lines.
O'Brian, Potter & Co., Buffalo, have sold at 9934 and int.
Consolidated Statement for March and 3 Months Ended March 31.
-Month of Mar.
-3MOT. Mar. 31- $3,000,000 30-Year 7% 1st Mtge. Sinking Fund gold bonds.
1924.
1925.
1925.
1924.
$2,555,625 $2,419,618 37,495,233 36,710,027
Gross earnings
313,241
260,348
966,265
704,561
Net after deprec
346,961
1,027,072
282,892
781.846
Gross income
185,710
198,696
565,359
617,294
Int., rents & taxes
97,182
148,265
461,713
Sur. after taxes & chges164,552
Dated June 1 1925; due June 1 1955. Principal and Int. (J. & D.)
able at Fidelity Trust Co. of Buffalo, trustee, or at the agency of the paypany in N. Y. City. Denom. $1,000, $500, $100 c* & r* Red. on any
int. date, all or part, at 107;6 and int. up to and incl. June 1
.1930,and
at a price decreasing 3. of 1% for each year or part thereof until
then
Junel
1943, and at 101 thereafter.
2948
Data from Letter of Frank B. Baird, President of the Company.
-Annually, out of the net earnings, after payment of
Sinking Fund.
interest on the 7% First Mtge. bonds and the 8% Debenture bonds, there
will be paid to the trustee $100.000 for the retirement of the 1st Mtge.
bonds. Thereafter net earnings up to $50,000 will be paid to the trustee
for the retirement of the 8% debentures. Out of any surplus remaining
after these payments have been made a dividelid not to exceed 7% on the
350.000 capital stock shall be paid, I. e., $3,500. Any surplus earnings
remaining after the above payments shall be applied as additional sinking
funds for the bonds in the ratio of $2 for the 1st Mtge. bonds and $1 for the
Debenture bonds.
-Is being formed by the amalgamation and consolidation of
Company.
two companies of the same name, one incorporated by special Act of the
Dominion of Canada and the other incorporated by special Act of the
Legislature of the State of New York. Each special Act gave to the corporation authority to construct, own and operate a vehicular and pedestrian
public bridge over the Niagara River between Buffalo, N. Y., and Fort
Erie, Ont. By virtue of express permission contained in each Act, the two
corporations are being consolidated, and the resulting corporation will be
vested with all the rights, privileges, franchises and powers possessed by
each of the constituent companies. The Acts under which these are
derived are:
An Act of the United States Congress approved June 3 1924. An Act
of the New York State Legislature approved March 31 1922. being Chapter
379 of the Laws of 1922. An Act of the Parliament of the Dominion of
Canada approved June 13 1923, being Chapter 74 of 13-14 George V.
Approval of plans and site by the Commissioners of the Land Office of the
State of New York. United States War Department and the Governor
General in Council of the Dominion of Canada.
-Company will construct a steel, concrete and masonry
Construction.
-foot sidewalk
bridge with a roadway 36 feet wide between curbs and with a 5
on either side for pedestrian traffic. The need for a means of communication between Canada and the United States at Buffalo in place of the present
wholly inadequate ferry system makes this proposed birdge a public necessity. It is expected that the bridge will be open to traffic about Sept. 11927.
-In accordance with records filed annually in Ottawa by the
I Earnings.
Niagara Ferry & Transportation Co., showing the actual number of cars
and passengers carried by the present ferries over the last few years, and
assuming toll charges equal to the present ferry rates (which schedule has
been approved by the U. S. War Department), estimated earnings for the
first year of operation 1927-1928 will be as follows:
$550,000
Gross income from tolls
50.000
Operating expenses
210.000
Interest on $3,000,000 First Mortgage bonds
120,000
Interest on $1,500,000 Debenture bonds
Balance applicable for sinking funds and to dividends limited to
*170.000
53,500 on Common stock
Authorized. Outstanding.
Capitalization53.500,000 $3,000,000
-Year First Mortgage 7%
30
1,500,000
1,500,000
-Year Debenture o
20
Common stock (par 100)
life of the Arst
The Common stock of the company is limited, duriii the
ds
Mortgage and the Debenture bon, to cumulative dividends of 77 per
annum, on a par value of $50,000. all other earnings being appllcdle to
sinking funds on the above issues of bonds. After the bonds have all been
-V. 114. p. 1184.
retired the Common stock is to be retired at par.
-President B.crns Asks Support for ManageBurns Bros.
ment's Choice for Proxies-at-Llrge--Minority Seeks Proxies.
President Burns, of Burns Bros., has addressed a letter to the stockholders, soliciting support of S. M. Williams and Allison Dodd to represent them
as proxies at the annual meeting June 11. instead of the parties suggested
by the independent stockholders' committee in a special letter sent to the
stockholders on May 27.
Messrs. Williams and Dodd have been associated with Burns Bros. as
large stockholders and directors for twenty years and were named by the
management as proxies-at-large for the annual meeting. The names were
confirmed by the executive committee and the board of directors at the
May meeting.
In his letter Mr. Burns says in part: "Prior to my election a year ago I
had the distinct advantage of serving the company for over twenty years,
and, as made apparent by statement heretofore submitted to you by the
company, as your chief executive officer for the last period. I have been
able to carry this company along in its successful career, so that for the year
ended March 31 1925 our full dividend was earned and paid, though that
year is recognized by anybody who has any connection with the coal business
as being one of the most difficult years the coal trade has had to encounter.
The new year commenced April 1, and during April our earnings were
$223.962. against $184.207 in April 1924. This same growth of business
has continued during May, and. unless abnormal conditions develop. I can
reasonably promise a successful year."
The independent stockholders' committee in their letter sent to stockholders requested proxies for the election to the board of directors of A. T.
Holley and W. J. Wason Jr., who are now serving on the board,and W.T.
Payne, S. M. Schatzkin and S. A. Wertheim. These men, together with
Max I. Schallek, signed the letter to stockholders. Mr. Schatzkin formerly
served the company in the capacity of Vice-President.
In addition to the request for proxies on behalf of the independent stockholders' committee, the latter asked stockholders to sign an agreement
which called for the sale of properties with which Mr. Wertheim is now
connected to the Burns Brothers, for a "fair, reasonable and equitable
consideration.' It was also stipulated in the agreement that if the stockholders approved the plan of the minority interests, which included the sale
of the properties to Burns Brothers, some of the new directors "would sever
existing business connections to devote all their time to the business of
building up the Burns Brothers organization and sell the properties they now
control to Burns Brothers."
Consolidated Balance Sheet March 31.
[Burns Bros., N. J., and Burns Bros., N. Y.1
1924.
1925.
1924.
1925.
Liabilities
AssetsReal est.,equip.,dm 3,889,604 4,240,753 Preferred stock- 2,630,000 3,000,000
869,300
.stock_ 739,100
1,452,802 2,395,526 Prior Pre!
Cash
Class "A" CoroNotes and accePx8,094,400 8,094,400
mon stock
115,201
Lances receivable 187,528
Class "B" CoraAccts. receivable,
647,520
y847,520
mon stock
less allowances_ _ 4,741,412 4,925,318
Accounts rayable_ 1,616,607 1,894,975
U.S.Government,
97,329
203,217 Accrued accounts_ 123,789
&c., securities__ 204,214
1,573,975 1,255,952 Purchase money
Coal supplies
127,814
60,000
obligations
Inv. In other cos.,
120,000
153,500
mortgages. &c._ 2,129,246 2,127,910 Res. for Fed. taxes 282,377
276,091
Reserve open exp.
Wm. Farrell &
983,327
5,640,000 Res. for conting's_ 650,000
Sons, Inc
52,500
52,500
Dividend payable_
Leases, good-will,
216,211
4.957,133 4,957,133 Surplus approp'ns_ 230,618
132,812 Surplus unapprop. 3,170,356 3,100,673
188,534
Prepaid items__
Surplus-Wm.Farrell & Sons, Inc. z873.681 6.513,881
Total(each side)__19.324.447 25.993,821
stock, 8% cumulative, no par value, stated at
x Class "A" Common
stock,
$100 per share (authorized, 100,000 shares). y Class "B" CommonPaid in
no par value,stated as $8 per share (authorized, 100.000 shares). z
contracts and goodfrom Win. Farrell & Sons, Inc., $6,513,681, less leases,
will written of 55.640,000.
The comparative income account was given in V. 120, p.
2819.
-Production.
Calumet & Arizona Mining Co.
Month ofCopper output (lbs.)
-V. 120. p. 2686, 2405.
February.
March.
April.
May.
4,410,000 5.196,000 3,416,000 3,068,000
-Protective Committee.
Camden Land & Cattle Co.
-Year 6% Gold bonds
A protective committee for the holders of the 20
has been formed,consisting of John T. Wilson. Chairman,Thomas Gresham
and Clinton Williams, with Williams & Mullen, counsel.
The bonds are dated April 2 1917, and are secured by a mortgage of like
date from the company to Savannah Bank & Trust Co., as trustee.
Bank of Commerce & Trusts, Richmond, Va., and Savannah Bank &
Trust Co., Savannah, Ga., are depositaries.
There have been deposited with the protective committee $516,500 of
bonds out of the total issue of $529,000.
FoL. 120.
THE CHRONICLE
Canada Dry Ginger Ale, Inc.(of Va.).-To Split Shares
and Reincorporate in Delaware.
The directors have approved a plan calling for the exchange of its shares
for those of a company of the same name, organized under the laws of Delaware June 1 1925, on the basis of 4 shares of stock of the new corporation for
each share of the Class "A" and Class "B" stocks of the old corporation.
It is expected that the new shares will be put on a $1 annual basis. The
old stock is paying $3 a year.
The new corporation will have an authorized capitalization of 800.000
shares of no par value, of which 428,000 shares will be outstanding. It is
not proposed to issue the balance of 372.000 shares except in such amount
as may be necessary to cover paid up subscriptions made under the old
corporation's employees' stock subscription plan approved Sept. 22 1924.
The present capitalization consists of authorized issues of 100.000 shares
each of Class "A- and "B" stocks of no par value, of which 52.000 shares
of the former and 55,000 shares of the latter, a total of 107,000 shares, tire
outstanding. See also V. 120, p. 2015.
Casein Co. of America (N. J.).-Annval Report.- '
Calendar YearsEarns. & inc. sub. cos_ _
Dep.& accts. vrritten of-
1924.
$341,870
145,648
$401,924 def$87,369
Net earnings
5220,778
3196.222
Divs. rec. on Casein Co.
(Delaware)
$7.854
$7,854
Less
-Dive.on pf.stk..
(12%)120.000 (12)120,000
2,079
Divs.on Dry M.Co.stk
2,079
$5.236
(8)80,000
2,079
$1,291,358
$1.209,361
$5,194
(8)80,000
2,079
$325,081 def$164,254
$941,982
$777,727
$106,553
Balance
581.996
Surplus of previous year_ $1.209,361 31.102.808
Surplus
-V. 119. p. 2650.
1921.
873.592
160,961
1922.
$572,840
170,916
1923.
$352.766
131.988
5777.728
51.102.808
Chapin-Sacks Corp.
-Annual Statement.
Income Account for Year Ended Dec. 311924.
86,353.348
Net sales
5,691,747
Cost of sales and expense
Depreciation, $253,480: other deductions, $60,370: Federal tax
338.850
reserve, $25,000: total
$322.750
Net addition to surplus
-Earnings.
Charcoal Iron Co. of America.
1922.
1923.
1924.
83,071,859 $4,554.912 $3,068,865
2,573,350
3.343.134
2,554,076
Calendar YearsSales
Cost of sales
Gross profit
Miscellaneous income
$517,783 31,211.778
10,662
65,316
$495,515
99,160
Total income
Selling and administrative expensesInterest and expenses
Depreciation
$528,446 51,277.094
408,734
343,904
127,6921
x772,609
190.000J
$594,675
384,614
x882.304
Surplus
•
$550,668 loss$672,243
loss$588.067
x Includes interest charges, the plant expenses and extraordinary charges
and dopreciation.-V. 120, p. 1884.
-Preferred Stock Offered.
Childs Co.
Auerbach. Pollak & Richardson have purchased and sold privately 6,000
shares 7% Preferred stock at 114. The offering does not represent any new
financing. The company operates at present 108 restaurants throughout
the principal cities of United States and Canada,53 being located in Greater
New York. Grass business for the year 1924 amounted to 824.675,564
and the net income to $1,808,969. or 5.16 times annual Preferred dividend
requirement. Dividends have been paid on the Preferred stock without
Interruption for 26 years. The Preferred stock is followed by 302.403 shares
COMMOD stock with a present market value in excess of $16,000,000.
The five-year convertible notes, which at the beginning of 1925 were
outstanding to the extent of $1,980,000. have now been reduced by conversion to 8470.000.-V. 120, p. 2273. 1884.
-Personnel.Columbia Phonograph Co. Inc.
The following directors have been elected: George R. Baker. Mortimer
N. Buckner, George L. Burr, Henry C. Cox, William C. Dickerman,
William C. Fuhri, Fred W. Shibley, Louis Sterling, H. Mercer Walker and
Horatio L. Whitridge.
At the organization meeting of tho board these officers were elected:
Chairman of the Board, Louis Sterling: President, H.C. Cox: Vice-Presi-V. 120. p. 2406.
dent. W. C. Fuhri: Secretary and Treasurer, F. J. Ames.
Commonwealth Shoe & Leather Co. (Mesr.).-Stock.
The compan has voted to increase its capital from 12.000 shares of 1st
Pref. Class "A 'stock. 8,000 shares of 1st Pref. Class "B" stock and 20,000
shares of Common stock, all of no par, by an additional issue of 20.000
shares of industrial partnership stock. This latter stock is to be issued from
time to time to officers of the corporation for services renuered. This stock
is to be paid for out of net profits at the rate of 5100 a share.
-'--Sales.924.
(John T.) Connor Co., Boston.'
.
Increase.
1925.
Period Ended May 30$1,149,335 $1,224.227
$74,892
Four weeks
2,666,048
2,802.963
136.915
Nine weeks
During May, the company opened 15 new stores and is now operating
-V. 120, p. 2406.
548 stores.
3
31 7
Consolidated Coppermines Corp.-Bal. Sheet Dec.192.
1923.
1924.
1924.
LiabilitiesS
$
$
S
Assets6,152,752 5,947,973
Property & equip. 6,718,908 6,657,553 Capital stock
430,427
229,793
Def'd development 3,520,310 3,319,406 Wenders
33,027
94,645
148,886 Current liabilities_
149,296
Investments
9,733
9,212
672.086 Deferred liabilities
Current assets_ __ _ 474,781
354,683
35,167 Rea. for depletion_ 354,663
35,167
Treasury stock...
3,180
5,531 Paid-in surplus._ _ 4,060,054 4,063,325
Deferred accts.__ _
Total
10,901.642 10,838,628
10,901.642 10.838,628
Total
-V. 118, p. 2185.
* Stock to be issued for property acquired.
-Annual Report.
Copper Range Co.
1921.
1923.
1922.
1924.
Calendar YearsCopper produced (lbs.). 25,109,175 23,571360 29.029.474 32.669,738
$3,455.575 $3,490,566 34,129,538 54,324,638
Proceeds
132,667
140.883
Interest, ess., received-197.197
196,910
$3,652,485
Gross income
Net after expenses. &c
$574,480
Surplus earnings of Copper Range RR. Co.__ Cr.44,951
354,638
Deduct Champion net 740.893
Deprec. and depletion- Tri-in't shut
-down exp.
394.727
Dividends
Balance deficit
-V. 120, p. 1885.
$870,828
53.687.763
$582,746
Cr.34.807
369.435
711,543
107,321
394.422
34.270.422 54,457.305
$471,873
$699,847
Cr.77.094
445,258
$965,167
Cr.126,801
363.489
394,422
$62.739 , sur235,185
-Gold Production.
Dome Mines, Ltd.
March. February. January.
April.
Month of
May.
Gold prod. (value)-- -$361,165 5354.972 8356,084 5345,478 5351,301
-V. 120, p. 2153, 2407.
-Smaller Dividend.
Draper Corp., Hopedale, Mass.
The directors have declared a quarterly dividend of $2 a share, payable
July 1 to holders of record June 6. In previous quarters disbursements of
$3 a share were made on this issue. This is in accordance with the policy
of the company as announced last March. See V. 120, p. 1209. 1334.
Dumbarton Road Realty Corp., Detroit.-Bond8 Of-Fidelity Trust Co., Detroit, is offering at par and
fered.
int. $250,000 6% 1st Mtge. Serial Sinking Fund bonds.
THE CHRONICLE
JUNE 6 1925.)
2949
•
Earnings.-Leases now in force, less operating expenses and taxes for the
• Dated April 1 1925: due serially April 1926-1930. Principal and int. year ended April 30 1925, show net income applicable to principal and in(A.& 0.) payable at the Fidelity Trust Co., Detroit, Mich., trustee, with- terest on this loan of5135,790, or approximately twice the maximum annual
Denom.
out deduction for the normal Federal income tax up to 2%. 30 days' Interest charges.
$1.000. $500 and $100 c*. Rod, all or part on any int. date upon
-The mortgage will provide for deposits with the trustee
Sinking Fund.
notice at the following prices for the various maturities: 1926. 100; 1927. of $72,000 annually in quarterly Installments, commencing Sept. 1 1925, for
in quarterly installments
1003's; 1928, 101; 1929, 101%; 1930. 102.
1,554 feet the payment of interest, and of $97,000 annually
of
These bonds are secured by a closed first mortgage on the fee of
commencing June 1 1927, for the payment of interest and the reduction
fronting on Dumbarton Road and 52,716 sq. ft. fronting on Grand River principal. Securities shall be called for this sinking fund at prices as above
and 52,716 sq. ft. fronting on Grand River
below these figures.
fronting on Dumbarton Road
noted if not purchasable in the open market at or amount of the loan
Ave. Of this property 833.37 ft. have been sold for *276.150 and con- This sinking fund will, it is estimated, reduce the
the
tracts amounting to a balance due of $242,260 have been assigned to fall approximately $500,000 by maturity.
Fidelity Trust Co.. trustee, for collection. These contract valances
-Annual Report.
due this year. The sale price of property sold has in every case been in
Elk Horn Coal Corp.
1921.
excess of the appraised value.
1922.
1923.
1924.
Calendar YearsMoneys due from contracts for the year 1925 amount to $242,260, which Earnings (all sources)..- $3.840.136 $4.689,375 $3.443,877 $2,195,158
1,881,025
is more than 16 times the greatest annual Mt, charges of this issue.
2,815.872
3,795,500
Oper. exp., taxes, &c_.. 3,100,888
287.928
323.219
323.265
309,961
Depreciation,&c
-
-Annual Report.
Davison Chemical Co.
[Including Davison Sulphur 8z Phosphate Co.]
1922.
Calendar Years
-1923.
5240.421
$366,943 x$2,081.811
Gross income
191.420
y271,499
189,712
Administration expenses
305.917
304.355
156.159
Interest & discount
205.754
193,775
189.680
Reserve for depreciation
39.862
88,591
18,621
Other reserves, &c
Non-op. exp. (Cuban
28,013
mines)
Prem., disc., &c. in connect'n with retire. of
284.605
8% deb
Net earnings
1921.
5530,961 Fixed charges
Preferred dive
253,540
345.672
Balance, surplus
167,338
176.351 -V.118. p. 1525.
*411.938
5502,532
5499.847ml/11223,591
Balance deficit
x As follows: Gross profit from manufacturing and trading operations,
from sale of 79,950 shares of the Silica Gel Corp. at
515.278 and profit
$25 a share, $2.066.533. y Includes $37.698 non-operating expenditures.
Cuban mines, and $36,444 items applicable to prior periods.
C nsolidated Balance Sheet Dec. 31.
[Incl. Davison Chemical co.and Davison Sulphur & Phosphate Co.]
1923.
x1924.
1923.
x1924.
$
s
Liabilities$
8
Assetsc9,057,108 8,338,214
Capital stock
Real estate. bides.,
&e.(in Maryrd) 7,316,636 7,297,406 Davison S. & P.
774,000
774,000
581,021 Co. 1st M.6s
Tugs and barges.... 581,451
d1.750,000
8% debentures_ _ _
Exp.for phos. rock
300,000
-year 6% note
553,848 2
Fla_ 554,672
property in
119,003
Cuban property- - 8,302,214 8,302,214 U.S.Ship.Scl.notes •
807,500
Demand loam pay
Curtis Bay RR Co.
1,665,000 e750,000
377.820 Notes pay
399,273
advances
f75,116
79,800
2,000 Tr. accept. pay.._
2.000
Investments
215.218
Silica GelCorp.stk.a4,616,250 4,616,250 Accts. payable_ _ __ 241,945
109,946
243,808 Accruals payable_
699,590
Cash
2,921
330,715 Def. credit items._
Accts. receivable.- 361,272
860,977
b1,098,750 Deprec'n reserve__ 1,144,278
Due fr. underwrit's
321,983 11366,031
658,106 Rm. for cont
811.GelCorp.adv__ 480,584
1.998 Surplus:
Accruals receivable
Val.of ore bl. out 4,423,772 4,423,772
802,650
658,712
Inventories
679
Diff.betw.cost &
549
S. F.6% bonds...
•
market val. of
149,647
24,061
charges, &c_ _
Def.
525 p. share on
184,650 eh. of
stk.S.G.Corp.) 4.602.561 4,602,561
P. & I,. surplus_ 1,686,816 2,421,651
Total (ea. elde).23,997,264 25.916.912
above statement does not include contingent liabilities on
-The
Note.
account of trade notes receivable discounted amounting to 218,919.
x After giving effect to the sale in Jan. 1925 of 16,300 shares of Davison
Chemical Capital stock.
common
a Voting trust certificates, representing 184,650 shares of
stock of the Silica Gel Corp. without par value at $25 per share. b Proshares of the
ceeds of sale of voting trust certificates representing 79.950
Silica Gel Corp. stock sold Dec. 31 1923 (V. 118. p. 315). c Capital stock
represented by 235,000 shares without par value. d Called for redemption
on or before Aug. 1 1924 from proceeds of sale of 79,950 shares of stock of
the Silic,a Gel Corp. a To banks only. i Incl. other notes payable. g Ind.
reserves for Federal taxes.
The Voting Trust Agreement under which the Davison Chemical Co.'s
stock was deposited expired May 311925.-V. 120, p. 1209.
530.092
5,359,910
$371.109
4,636,591
$69,313 def$495,858 def$778.942
$583.548
4.053,044
East Butte Copper Mining Co.-Earninas.--
1922.
1921.
1923.
1924.
Calendar YearS100,827
94.669
87.469
74,044
Tons ore mined
Copper produced (lbs.). 7,140,220 13,674,932 12.347.178 17.766.017
542.650
508.680
257,026
776.705
Silver produced (ozs.)
519
6,801
6,567
990
Gold produced (ozs.)
$1,213,785 $2,828,643 52,398,845 32,431,638
Gross income
2.519,275
2.890.309
1,359.121
2,229.803
costs
Total
5120.430sur.5201.835
5145,336
561.666
Balance, deficit
1.646
1.134
2.684
27.942
Depreciation
29.808
12,779
13.373
23,121
Explorations
$93,120
$134.343sur.$150,772
$181,393
Net deficit
-v.120. p.709.
18-20 East Forty-first Street Building (Twenty East
-Bonds Offered.
-Hoagland,
41st Street Corp.), N. Y. City.
Allum & Co., New York, are offering at 100 and int. $1,200,000 1st Mtge. 6% Sinking Fund 15-Year gold loan.
-Annual Report.
& Kleiser Co.
Foster
1922.
1923.
1924.
1925.
Years Ended Mar. 31
$7,037,940 $5.816,7a2 54.210.470 53.846.466
Gross income
*409.185
5615,568
5668,566
profits31.275,487
Net
year ended
After providing for payment of Federal taxes, earnings for the
on the
Mar. 31 1925 were more than 7 times the dividend requirements
pref. stock outstanding. After providing for payment of
52,000.000 7%
to $1.71 per share on the
pref. stock dividends the balance amounted
Within the
574,675 shares of common stock, both A and B, outstanding. to each and
per share was paid
year ending May 15 1925 a dividend of $1stock.
-V. 117. p. 1668.
every holder of class A & class B common
Prof. & loss balance__ $5,665,017 $5,390.002 $5,007,700 54.636.591
x Including pension fund provision.
-No financial statement was issued to the stockholders in 1923 subNote.
sequent to split up of the company's shares. Hence the comparison of the
year 1923-24 with 1921-22.-V. 120. p. 2820. 14.
Legal
Dated June 1 1925; due June 1 1940.York. for the investment of trust
Principal and I. & D.)
State
(J.
funds under the laws of theTrust of New
Co., New York, trustee. Denom.
parable at Manufacturersall or part on any int. date on 30 days' 51.000,
notice at
500 and $100 c*. Red.
5 years, at 102 and int. during the second 5
03 and int. during the first
Penna. 4 mills tax. Conn. 4
years and at 101 and int. thereafter. mills tax. Kentucky 5 mills mills
Maryland 434
tax,
tax, Calif. 4 mills tax,
tax, Mich. mills tax. Virginia 534 mills tax
District of Columbia 5 millsrefundable. 5Interest payable without
deducand Mass. 6% income tax income tax up to 2%.
tion of the normal Federalis one of the best located office buildings in New
-The building
Property.
of the shopping, hotel, club and up-town
York City; situated in the heart the main
the Public Library,
financial districts, a few steps fromTerminal,entrance to
Biltmore and Belmont hotels
two blocks from Grand Central 5th Ave., said to be the "busiest corner
block from 42d St. and
and one
in the world.'
of steel and concrete
The building, 20 stories and basement, constructed approximately
exterior, occupies
5.000
with stone and white terra cotta
in 1914. and contains a net rentable area of
sq. ft. of land, was completed is leased to 65 tenants representative of over
sq. ft., 100% of which
6,2l7
and business activities.
25 different professional
Security.-Thls loan will be secured by first mortgage on the land and
owned in fee simple, valued, according to recent independent
building,
appraisals, by J. Romaine Brown Co. and W. Albert Pease Jr., at $1,respectively.
825,000 and $1,800,000,
538,445
partnership,
-The Fair Brothers, who own the Fair Co., a for
Company.
business
20 years.
have been in the lumber industry and merchandising
lumber.
consists of the manufacturing of pine and hardwood
Business
Saw mill plant has a capacity of
cross ties, and general merchandise.
day.
60.000 feet per day. planing mill 100.000 feet per
and to
-To clear up all outstanding indebtedness to banks
Purpose.
provide additional working capital.
-Report.
,
nore'r•ino Textile Co.. Limited.
*275.015
5.390,002
$26,205
$304.786
5570.610
407,195
404.692
402,309
(6)395,952 (6)395,952
(154)98.988
-A. K.
-Bonds Offered.
Fair Co., Louisville, Miss.
Tigrett & Co., Memphis, are offering at par and int. $150,000
6% 1st Mtge. Serial Gold bonds. Dated April 15 1925,
due April 1926-1935. Denom. $1,000, $500, $100. Prin.
and int. (A. & O.) payable at Capital National Bank,
Jackson, Miss., or A. K. Tigrett & Co., Memphis.
1921-22.
1920-21.
1923-24.
Years End. Mar.31- 1924-25.
$1,684,909 51.604.607 51,768,861 51.780,988
Profits
138.376
150.027
162,922
263,760
received
Interest
$1.948,669 $1,767,529 51,907.237 $1,931.012
Total income
750,286
659,513
555,775
837,812
Bond Int., rentals, &c...45,420
Welfare
50.000
110,425
x42,081
debts
Bad
135.842
135,842
135,842
135,842
Preferred dividends._
500,000
900,000 • 600,000
900.000
Corn diva
Surplus
Previous surplus
5429,288
390,843
-New Business. &c.
Foundation Co., New York.
for
President John W. Doty is quoted as saying: "Our new business
period
the first 6 months will be a great deal better than in the corresponding
quarters
Earnings will also be much better. The first and second earnings
last year.
second quarter
of our business year are generally rather poor but the first quarter.
improvement over
this year will show substantial countries and are not showing a loss in any.
in 14
Are are doing business
construction amounts to less than
Out total indebtedness for all outsideno Preferred stock and only 90,000
$100,000. There is no funded debt,are paying 8%. Cash in bank totals
we
shares of Common stock, on which
511.000,000 worth of new
has
$1,600,000. The operating company do aclosed business abroad this year.
good
business since Jan. 1. We expect to greatly exceed last year's record."
Earnings and new business should
-V. 120, p. 2688.
-235% Stock Dividend-Rights, &c.
Film Corp.
Fox
to stockholders
The directors have declared a 235% stock dividend. 200% the company's
to
and 35% to leading employees who have contributed
in Class "A" Common stock without
success. The dividend is payable
of the company.
par value and is incident to the complete recapitalization the right to subHolders of the present common stock have been given
$43 a
scribe for 165.000 shares of additional Class "A" Common stock at subThese
share, on the basis of 1.65 new shares for each share now held.
Bankers Trust Co.
scriptions will be received by the
Consolidated Income Account for 52 Weeks Ended Dec. 271924.
Rentals & sales: film and literature 516,233.329: miscellaneous
income $558,879; interest and discount earned $73,024; total516,865,232
income
7.744.245
Depreciation on film and literature
3,272.023
Exchange and other expenses
2,627,463
Home office and administration expenses
420.042
Advertising $392,407: bad debts $27.635; total
515.607
$167,139; taxes $348.467; total
Int. paid & accrued
87,449
Cost of export, Industrial and educational sales
189,358
Depreciation building, equipment., and furn. and fixtures_
Profit from operations 52 weeks to Dec. 27 1924
Compare V. 120, p. 2821.
52,009.044
-Bonds Offered.
Freeman Dairy Co., Flint, Mich.
Hayden, Van Atter & Co. and H. W. Noble & Co., Detroit,
are offering at 100 and int. $375,000 1st (Closed) Mtge.
63.% Sinking Fund Gold bonds.
Dated May 1 1925, due May 1 1935. Free from State and city taxes
in Michigan. Interest payable M. & N. without deduction of normal
Federal income tax, not in excess of 2%. Denom. 51.000 and $500 c*.
Red. all or part on 30 days' notice on any int. date up to and incl. May 1
1931 at 1025.5 and int, up to and incl. May 1 1934. at 102 and int. from
May 1 1934. to maturity at 101 and int. Detroit Trust Co.. Detroit,
trustee; Bankers Trust Co., Flint, co-trustee.
Authorized. Outstanding.
Capitalization5375.000
$375,000
1st Mtge. Sinking Fund Gold bonds
150.000
150.000
Preferred stock
673.900
750,000
Common stock
Michigan corporation. Is the third largest, and one of
-A
Company.
the oldest dairy product organizations in Michigan. Present company,
which was incorp. in 1913, is engaged in every department of the dairy
business, including the distribution of milk in Flint, the manufacture and
a special
distribution of ice cream and ice cream mix, the preparation ofand other
grade of condensed milk for bakers, and the manufacture of butter in Flint.
dairy products. Company also owns the only cold storage plant
The plant is of modern design and is leased under very favorable contract,
thereby assuring the company of satisfactory earnings from this &Rime.or
-Secured by a first mortgage upon entire properties now
Security.
hereafter owned. These properties have a net sound value, as appraised
Jan. 11925, of $866,517, or over $2,300 for each $1,000 bond.
-Net earnings for 1924, available for interest, but before
Earnings.
Federal taxes and depreciation, were 5239.531. or over 954 times the
annual interest requirements of the bonds. Such earnings for the past five
years have averaged $177,145, or over 734 times the annual interest charges.
Since incorporation,company has never failed to make a profit.and constant
expansion of the company's business has resulted In increased earnings
each year.
-Trust deed will provide for a sinking fund, commencing
Sinking Fund.
Oct. 1926, under the provisions of which a minimum of $30,000 par value
bonds must be retired each year until maturity. either by purchase at
of
not exceeding the current redemption price, or by the call of bonds by lot
by the trustee.
-Proceeds will be used in the general expansion of the company's
Purpose.
business, to provide additional working capital, to retire existing bank
loans and to furnish mechanical refrigeration to additional dealers.
Goodyear Tire & Rubber Co., Akron, 0. Dividend.
The directors have declared a dividend (No. 2) of lq % on the 7% Prof
stock, payable July 15 to holders of record June 20. An initial distribution
of like amount was made an the 7% Pref, stock on April 15 last (see V. 120,
P. 1335).-V. 120. p. 2275.
-10 -Cent Stores, Inc.
(F. 8c W.) Grand 5 -25
--Sales.
-May-1924.
1925
$453,605
$557,430
-V. 120, p. 2408, 1887.
Increased 1925-5 Mos.-1924.
$103,825 I$2,620.71
*2.304,348
Increase.
5316.623
2950
General Refractories Co.
-Balance Sheet.Afar.31'25. Dec.31'24.
Assets5
$
Realest.,bldgs.,&c15,389,293 15,329,842
Patents,at cost_ .._
10.500
10.500
Cash
226,791
328,004
Bills receivable_
150,51211,353,188
Accts.receivable_ _ 1,354,3845
Inventories
2,734,010 2,519.491
Accrued interest
5,971
1,796
Loans & advances_
10,004
1,500
Miscell. inviistmls
54,806
55,138
Deferred accounts 508,706
510,016
Dep. with trustee_
172
173
[Vol.. 120.
THE CHRONICLE
Mar.31'25. Dec.31'24.
Capital & surplusx14,470,970 14,260,867
75,000
75,000
M.due Dec. 30'26
1st Mtge.68, 1952. 3,866,500 3,866,500
1,400,000 1,288.934
Bills payable
175,550
177,330
Accts. payable_
259,966
Accrued accounts_ *247,062
112,271
112,500
Div. payable
17.715
Federal Inc. taxes_
39,461
45.924
Res.for Fed.inc.tax
31,100
32,150
Rental due sub.RR
20,445,152 20,109,648
Total
20,445,152 20,109,648
Total
x Capital stock of no par value: Authorized and outstanding, 225,000
shares. a Including accrued interest on bonds $38,665.-V. 120, p. 2555.
1754.
(G. A.) Gray Co., Cincinnati, 0.
-Notes Offered.
Fifth-Third National Bank, Cincinnati, are offering at prices
to yield from 5.45% to 6%,according to maturity, $360,000
6% Serial Gold notes.
Dated March 1 1925, due annually March 1 1927 to 1938. Denom.
$500 and $1,000. Prin. and bat.(M. & S.) payable at Union Trust Co.,
Cincinnati. trustee. Red. all or part on any int, date on 4 weeks' notice
at 100 and int. plus %% premium for each unexpired year or fraction
thereof, but not to exceed 105.
Company.
-Organized in 1881 and fncorp. in Ohio June 11 1886. The
metal planer, which this company manufactures, ranks aong the oldest
and most important of the fundamental machine tools. "Gray" planers
are made in sizes to cover the field of the greatest demand, ranging from a
-inch planer weighing over 100.24-inch planer weighing 6,000 lbs., to a 96
000 lbs. Company is a complete unit, owning its own foundry as well as
machine shops.
-Proceeds will be used to help finance the purchase of the land
Purpose.
and the erection thereon of a new shop costing approximately $450.000.
This first unit will give not only the floor space required, but also the
Increased crane capacity and other manufacturing facilities for building
new improved planers with utmost economy and efficiency.
Capitalization Dec. 31 1924 (After This Finanairt0)•
$360.000
6g Serial Gold notes
134,100
6 Preferred stock
716,730
• ommon stock, 1,600 shares of no par value representing
-Of the above amount, $556,730 represents earned surplus,
•Note.
leaving a balance of $160,000 representing paid-in capital.
Harnings.-Net earnings for the past 6 years ending Dec. 31 1924, after
depreciation but before Federal income taxes, have averaged 5.61 times the
Interest charges on this $360,000 issue of notes.
-Forms New Maryland
Great Atlantic & Pacific Tea Co.
Company to Facilitate New Employees' Ownership Plan.
Harriman Building, N. Y. City.
-P. W.
-Bonds Sold.
Chapman & Co., Inc., have sold at 100 and int. $5,250,000
1st (Closed) Mtge. 6% Sinking Fund Gold Loan.
Dated July 1 1925. due July 1 1958. Prin. and int. (J. & J.) payable
at New York Trust Co.. New York, trustee. Denom. $1,000 and $500 c
Red. in part for sinking fund purposes on any int, date upon 30 days. notice
to and incl. July 11936. at 103 and int.; thereafter to and incl. July 1 1947
at 102 and int.; thereafter to and incl. Jan. 1 1958 at 101 and int. Red.
as a whole on any int, date upon 30 days' notice at 101 and hit. Int.
payable without deduction of any Federal income tax not in excess of 2%.
Refund of the Pennsylvania, Connecticut, Kansas and California taxes
not to exceed 4 mills, Maryland 4% mills tax. Kentucky and District of
Columbia 5 mills tax. Michigan 5 mills exemption tax, Virginia 535 mina
tax, and Massachusetts income tax not to exceed 6%.
Building.
-The Harriman Bldg.. a 33
-story office building, will occupy
the northeast corner of Fifth Ave. and 44th St., N. Y. City, in the Grand
Central and 42d St.section. The building upon completion will be designed
for office and banking purposes with stores on the entire street level.
Security.
-This loan will be secured by a closed first mortgage on the
land and building owned in fee, the plot extending approximately 95.5 ft.
on Fifth Ave. and 140.0 ft. on 44th St., having a total ground area of over
12.558 sq. ft.
The property has been independently appraised as having a value upon
completion in excess of $8.650.000. making this loan less than a 61% intge•
Earnings.
-The building will have a total net rentable area or approximately 215,793 sq. ft., all of which will be particularly well adapted for
office and business purposes. The design of the building, affording exceptionally favorable light conditions will contribute to the rentability of
space and will tend to supply the constant demand for high grade banking,
office and store space in this section of New York City. Independent
experts estimate the annual net earnings available for payment of interest
after deducting operating expenses, maintenance, insurance and taxes to
be not less than $885.000, or over 2.8 times maximum annual interest
charges on this loan.
Legal for Trust Funds.
-Legal for the investment of trust funds under
the laws of the State of New York,
Havana Docks Corp.
-Bonds Called.
Certain First Collateral Lien 7% bonds, Series "A," dated July 11921.
aggregating $77,500, have been called for redemption July 1 at per and
interest, at the Old Colony Trust Co., trustee. 17 Court St.. Boston, Mass.
-V.119, p. 2653.
-Year
Holland-St. Louis Sugar Co.
-Annual Report
Ended April 30 1925.
Surplus as of April 30 1924
Net income, year ending April 30 1925
$76,028
596.947
$672.976
Total surplus
Cash dividends paid on Prof. stock for 4 years to April 30 1925- $35,235
1.811
Interest on Federal taxes applicable to years 1919 and 1920
61,113
Premium on $1,200,000 1st Mtge.8% Gold bonds redeemed
Enamortized disct. & exp. on 1st M.8% Gold bonds redeemed- 106.614
With more than $352.000.000 a year passing over the counters of its
12,000 stores throughout the country, the company announces a plan
whereby its employees may share in the profits through ownership a its
Common stock. Employees who have been in the employ of the company
for 5 years will now be allowed to subscribe to Common stock to 10% of
their wages for the past year, and those in the employ over one year to
Preferred stock to 10% of their annual wages.
The company pursues the most progressive lines in large businesses today. namely, that the closer relationship between capital and labor is
prevalent, and, with this end in view, stock that formerly was very closely
held by the family of the founder of the business will be distributed among
the employees on a partial-payment plan; to facilitate this, a Maryland
corporation has been formed that will hold the stock of the operating
companies.
The company does the largest cash business in the world. It extends no
credit and its volume of gross sales now surpasses that ofany of the country's
chain stores or mail-order houses.
The business was founded in 1859 and had its inception in a single store
in that year in New York City. To-day the company operates over 12.000
stores. employing over 35,000 people.
Coincident with the important change in the company's financial policy,
a new plan of operation has been instituted to take care of further expansion
which, when established, should run the total sales for the current year to
well over $420.000,000.
On March 1 the business was divided into five divisions, designated as
the New England. Eastern. Central, Southern and Middle Western divisions. Each division will have its own officers and directors.
The company owns and operates 27 warehouses. These have manufacturing, packing and coffee-roasting departments. In 14 cities are also
located the company's own bakeries.
The company owns factories and canneries located at Brockport, N. Y.;
Felton. Del.; West Bend, Wis., and Brooklyn, N. Y. The company owns
cheese-packing and storage plants at Cuba, N.Y.,and at Green Bay, Wis.,
and 3 salmon fisheries and canneries in Alaska. At West Bend. Wis., the
company owns the largest single evaporated-milk condensery in the world.
Tremendous quantities of food pass over the counters of A & P stores.
In one year coffee sales total 67 million pounds; flour sales. 225 million
pounds; butter sales, 75 million pounds: egg sales, 39 million dozen; sugar.
million
385 million pounds; potato sales, 504 million pounds; milk sales, 90
cans.
"Red Front" stores in the Metropolitan section come under
The A & P
the Eastern division, which includes the New York, Brooklyn. Newark
and Paterson districts. The officers and directors of this division are:
Robert B. Smith, Pres.: John A. Hartford, 1st V.-Pres.; William M.
L. Reynolds,
Byrnes, V.-Pres.; Harry J. Southwell, V.-Pres.;ElmerMcCormick. V.-Pres.
-V.120.
Alan M. Burtis, Treas. & Sec.; J. A. Fogarty, A. B.
P. 2555.
1921.
1922.
1923.
1924.
$352,093,342 $302,888.369 $246,940.873 $202,433.531
Sales
$468.203
Balance Sheet April 30.
1924.
Assets1925.
Liabilities1924.
1925.
Fixed assets
$2,594,520 $2,649,840 Common stock-12,000,000 82,000,000
125,840
Cash
469,542 Preferred stock... 125,840
433,266
reivabab _
Accts.rec ecewle _le
20,549 1st Mtge. bonds.- 750,000 1,250.000
19,089
24,731
Interest
4,732
payable_
408
InventoriesAccounts
88,240
64.316
74,288 Provision for taxes
131.822
76,028
468,203
Exp.in crop& plant 169,703
216.375 Surplus
Prepaid Items_.__
11.178
12,072
Unamortized bond
disct. & expense
Tot.(each side).$3,413.092 $3,564,840
123,066
52,210
-V. 120, p. 2018, 1754.
-Defers Dividend on
(M. A.) Hanna Co., Cleveland.
2d Cony. Pref. 8% Cumul. Stock-Earnings, etc.
1921.
1923.
1924.
Calendar Years14 2;5381oss$3557117
0
$488.179loss$1850413 loss$922
Profit from oper
Profit on sale of capital
2,089,945
assets
usual quarterly
The directors on June 2 decided to defer payment of the
stock.
dividend of 2% due at this time on the 2d Cony. Pref. 8% Ctunul. stock
Pref,
7%
The regular quarterly dividend of 1 of on theJune Cumul.
10.
record
payable June 20 to holders
was declared
Consolidated Income Account for Quarter Ended March 311925.
$102,687
Operating loss
310,960
Interest, $104,178; deprec. and depletion. $206,782; total
$413647
Net corporate loss
100,496
Minority stockholders proportion
$313,150
Deficit
Consolidated Balance Sheet Dec. 31.
1923.
1924.
1923.
1924.
s
$
Liabilities$
E
Assets25,536,550 7% let Pref. stk__11,620,000 11,620,000
Property accts.__x25,396.945
604,232 1,175,295 8% 2d Cony. Pref.
Cash
2,594,800 2,594,800
900,000 stock
11.8. Liberty bds_ 100,000
Due fr. customers_ 3,589,647 3,627,825 Common stock__z12,000,000 12,000,000
Current advances. 2,279,862 1,023,117 Stock of cos. not 3,206,722 3,276,442
owned
174,610
Miscel. accounts__ 442,623
7,000,000 7,014,000
10,145,665 10,516,041 Funded debt
Inventories
1,330,011 1,279,066 Notes payable..._ 4,600,000 4,665,245
Miscel. advances_
payable... 2,911.610
367,218 Accts.
Sink. fund deposits
411,058
188,355
Securities owned__ 3,862,641 3,790,371 Accrued taxes_ _
174,717
Other accr. liablis_ 265,796
&curs. held under
424,167 Long-term Habil__ 1,944,228 1,944,228
leasehold
424,167
435.889
Miscel. reserves__ 451,047
Advanced raining
660.986
489,939 Gen. conting. res. 742.147
530,239
royalties
276,261 Surplus Hanna Co. 1,969,328 4,061,555
Prepaid expenses_ 704,213
do applic. to
631,540
def83,786
other stock
Tot.(each side)_49,410,247 49,480,460
x After deducting $11,679,842 depreciation, depletion and obsolescence.
282,844
z Common stock auth., 500,000 shares, no par value, issued
declared Common capital, $12,000.000.
The usual income account was given in V. 120. P• 1887.
Surplus April 30 1925
-Stock Increased, &c.
Hurley Machine Co., Chicago.
The stockholders on June 2 Increased the authorized Common stock
from 200.000 share, of no par value to 300.000 shares of no par value.
Consolidated Balance Sheet Dec. 31.
1923.
AssetsLiabilities1924.
9 .
1 23
Plant equip., 4m.,
Common stock__46. 924
0 4,230 $5, 9 ,39
1 2 53 1
less deprec
$1,301,726 $1,490,937 Accounts payable-1
Sund. accts., pay-/ 208.8741 258.195
Good-will, tr-mks.,
21,257
1
& patents
1,593.977 1.542,696
rolls. &c
I
175,036
369,825 Dividends payable 225,179
Cash
770.493
acc& other taxes
Fed. rued
U. S. Govt. secur.
174,246
y141,980
& accr. interest
928,060 Other accruals_
thereon
827,372
9697;2446
1st M.Serial bonds
Notes & accts. rec.,
431,934
1,083,083 1,469,660 Ras.for contingoic 371,117
less reserve
N'one
None
49,448 Contingent Habits.
37,565
Sund.aects.dc advs.
1,204,864 1,138,989
Inventories
25,471
26,703
Prepaid expenses_
32,787
21,557
Investments
Stk. subs, unpaid,
126,987
officers & erupt. 104,040
5,833
Tot.(each side)_36,971.379 87,180.695
Sinking funds_
x Authorized, 300.000 shares of no par value; outstanding. 180.175
shares, valued at the excess of assets over liabilities. y Provision for
Federal income tax only.
The usual comparative income account was published in V. 120. D.
1887, 2557.
-Rights.
Independent Oil & Gas Co.
The stockholders of record June 15 will be given the right to subscribe on
or before July 6 for additional Capital stock at $30 per share to the extent
-V. 120, p. 2557. 2018.
of one new share for each 9 shares held.
-Annual Report.Indian Refining Co.
$2.578,1251oes$1850413 loss$402,538loss$3557117
Total profits
277,991
226.566
190.974
143,069
Deduct-Interest paid833,832
Depreciation
40,818
Amort of disc. & exp_.
y180,177
x19,429
x11.078
x19,440
Pref. divs.(7% p. a.)$648,533 $4,015,285
Balance, deficit__ _sur$1,549,327 $2.060,827
Profit and loss, deficit__ $2,582.964 $4,132,291 $2,074.464 $1,422,931
x Central Refining Co. y Central Refining Co. and Indian Refining Co.
-V. 120. p. 2408.
-Earnings.
International Shoe Co., St. Louis.
1923.
1925.
1924.
Fire Months Ended April 30$45.449,686 $44,388,886 $44,134,869
Net sales
Cost, exp., deprec., &c.,less other inc 39,572.913 38,504.558 39,008,718
170.421
126,456
Interest
601.471
863,694
865,617
Federal taxes
622,298
623,000
620,887
Preferred dividends
1,143,772
1,839,150
2,300.000
Common dividends
Surplus
V. 120, p. 710, 204.
$2.090,079 $2,432,218 $2,588,189
-Sales.
Jewel Tea Co., Inc.
First 20 Weeks of YearSales
-V. 120. p. 2409, 1212.
1924.
1925.
85.430,280 $5,271,560
Increase.
$158,720
-Bond Redemption.
Klots Throwing Co.
The company has called for payment July 1 at 105 and int., $119,000
of its 1st & Coll. Trust 7% bonds, due Dec. 1 1933, at the Bankers Trust
Co.. N. Y. City. See also V. 118, P. 1019.
-Receivership.
(B. B. & R.) Knight, Inc.
G. Edward Buxton of Providence, V.-Pres. & Treas, of the company,
was appointed temporary receiver May 29 upon petition of Archibald
31.TNE 6 1925.]
THE CHRONICLE
2951
C. Clayton of Warwick, a Preferred stockholder. The Court's decree
Provides for continuation of the operation of the various plants by the
receiver, and notices that the mills will continue to operate under the same
management were pasted Monday in the Centreville. Arctic, Royal. Grant,
Nottingham and White Rock mills and at the Pontiac Bleachery of the
company.
An attachment for $5,140,000 against the property of the company
was granted May 29 by Supreme Court Justice Lydon at New York,
after the Consolidated Textile Corp., which has the claim, had notified
the Mechanics & Metals National Bank to take such action as was necessary
to enforce collection. The claim represents demand notes made by the
Knight company to the Consolidated Textile Corp. in 1922.-V. 120, P•
1755. 1212.
and business of the radiator, gasket and lubricating divisions of the McCord
Manufacturing Co., Inc., which had long occupied a leading position in
their respective fields.
Company's radiator customers include Dodge, Studebaker, Moon
Motors, General Motors Truck, Hupp,Mack. Truck, Yellow Cab and other
manufacturers, besides which the company does a large radiator and radiator
core replacement business handled by approximately 250 Jobbers throughdistribution of their products outside the automotive industry. The company has just acquired from the National Radiator & Manufacturing Co.
all of their equipment and the good-will of their radiator business.
The National Radiator Co. was originally a part of the National Can Co.
The latter company was acquired several years ago by Adrian D. Joyce,
President of Glidden Co. Later on the can business was sold to the
Continental Can Co. The purchase by the McCord was made through
(S. S. Kresge Co.
-May Sales.
Mr.Joyce. The National Co. is supplying the radiators for Paige. Jewett,
-May-1924.
Increase. 1925-5 Mos.-1924.
1925
Increase. Packard, Rickenbacker, Velie and spiral tubing for heating radiators.
57.157.494
87.837.554
$580,0601$36,616,059 $32,858,165 $3,747,894 This volume of business will be added to that of the McCord Co.
-v. 120, P. 2557, 2409.
-The company has paid dividends at the rate of $3 per share
Dividends.
per annum on its Class' A" stock and $2 per share on Class"B"stock since
(S. H.) Kress & Co.
-May Sales.
Its organization.
1925.
1924.
Increase.
Net Sales and Net Profits Before Federal Taxes (Adjusted for Non-Recurring
Month of May
*3,545.384 33.017.061
$528,323
Charges) of this Business.
5 months ended May 31
15,897,431 13,258,010 2,639.421 Year
Ended
Net
Year Ended
Net
Net
Net
-V. 120, p. 2409, 1888.
Profit.
Dec. 31- Sales.
Dec. 31- Sales.
Profit.
$841,954 1921
*6.353,040
53.752,488 def$36,921
(Fried.) Krupp, Ltd. (Fried. Krupp Aktiengesell- 1917
569,383 1922
7,215,751
5,713,902
1918
1.173.101
schaft), Essen, Germany.
-Definitive Notes Ready.
663.456 1923
7,518,504
7.043.382
1919
1.067.532
Interim receipts for 7% 5
-Year Merchandise Secured Gold Dollar notes, 1920
7.417,959 def$219,948 1924
7,281,142
814.952
due Dec. 15 1929, may now be exchanged for definitive notes at the office
Net earnings for the four months of 1925 to April 30 were $324,821.
of Goldman, Sachs & Co., fiscal agents for the loan, 30 Pine St., N. Y.
Comparative Balance Sheet.
City. See offering in V. 120, p. 92.
Apr.30'25, Dec.3l'24'
Apr.30'25. Dec.31'24. LiabilitiesAssetsLawyers Mortgage Co., N. Y.
$162,965 $151.303 Accounts payable_ $430,696 $362,352
Cash
-7'o Increase Stock, &c.
789,773 Notes payable.. _ _ 262,500
100,000
The stockholders will vote Aug. 5 on increasing the authorized capital Notes & accts. rec.. 992,793
8.679
stock from $7.500.000 to *9.000,000.
1,073,394 1,121,049 Acer. tax., int., &c
Inventories
156.575
It is proposed that stockholders of record Aug. 15 shall have the right Sec. dep, with trust 153,2001 253,624 Dividends payable 125,000
to subscribe on or before Oct. 1 for one share of the additional stock for Other assets
40,000
Res. for coining_
47,750
22,6495
each five shares held at $100 a share. No change is contemplated in the Land, bldgs.& eq. 2,536,802 2,546,453 Funded debt
1,009,167 1,037,500
present dividend rate of 10% per annum,payable quarterly.
239,034 Cap.stk.& surplus 3,359,416 3,404,809
301,405
-V.120, p.216. Deferred assets
$5,243,208
85,243,208 $5,101,237
Total
(P.) Lyall & Sons Construction Co., Ltd.
-Report.
-- -V. 120, p. 2019, 966. $5,101,237 Total
Years Ended Mar. 31
1924-25.
1923-24.
1922-23.
1921-22.
Earnings
5260.121
$210,698
$161,097
$240,738
McCrory Stores Corp.
-May Sales-Report.Bond interest
40,574
43,260
46,586
50,318 1925-maa-1924.
Increase.
Increase.1 1925-5 Mos.-I924.
Sinking fund
71,200
67.200
63,400
59,800
$2.094,919 *1.963.172
$131,7471 59,868.452 88.851,392 *1,017,060
Preferred dividends_ _ _ _
91.000
91.000
91,000
91,000
Common dividends
Income Account for Calendar Years.
122,500
1921.
1922.
1923.
1924.
Balance
$57.346
825,223.344 321.367,824 $17,123,253 814.406.404
*9.238 def$39.889 def$82.880 Sales
Previous surplus
17,635,526 14.888:936 11.797,154 10,006.087
358,570
349.331
389,219
472,099 Cost of sales
Gen. exp.. taxes, &c. _. _ 5,598.830 4.807,849
3,712.546
4,141,029
Profit and bal., sur__ $415,916
67,333
66,504
99.214
208.516
*358.570
$349,331
$389.219 y Preferred diva.(2%)
-V. 118. p. 2833.
Common diva. (cash).. x177,916
36.731
z104,599
Common (flys. (steck)._ x1,193.680 z1,700,699 (10)852.300(24)1232.567
Lyon & Healy, Inc.
-Notes Offered.
-First Trust & Retirem't of Pref. stock_
E4,970
93,832
54.830
Savings Bank and Mitchelll Hutchins & Co., Inc., Chicago,
are offering at prices ranging from 100 and int. to 101.64
and int., to yield from 5% to 6%, according to maturity,
$2,200,000 6% Serial Gold notes.
Balance, sur. or def_sur$408,875 def$327.305 sur$174,564 def$666,959
x On March 1 1924 the company paid 40 cents a share in cash and 5%
In Common stock, and on June 2 1924 paid 40 cents in cash and 1% in Common stock on Common and Class "13" Common stocks: and on Sept. 1 and
Dec. 1 1924 paid 1% in stock. y During 1923 the old Preferred stock was
Dated June 1 1925, due serially June 1 1926 to 1935. Principal and retired and a new issue of $3,000,000 sold, but having the same dividend
Interest (J. & D.) payable at First Trust & Savings Bank, Chicago, trustee, rate. z In 1923 company paid stock dividends amounting to 18%:in addiwithout deduction for Federal normal income tax not in excess of 2%. tion, a cash dividend of 1%, amounting to 570.480. was paid on March 1.
Denom. *1.000 and $500
Red. on any int. date upon 30 days' notice This is included in the $104,599 shown above, the balance being cash paid
up to and including June c*'
1 1930, at 103 and in, decreasing 31 of 1% for for fractional shares.
each year or part thereof, thereafter.
Statement for Quarter Ended March 31.
Data From Letter of Marquette A. Healy, President of the Company.
1923.
1924.
1925.
History & Business -This business has been in continuous existence Sales
$5,508.812 $4,801.518 $4,256.146
under the Lyon & Healy name In Chicago since 1864. Company dis- Cost of sales
4,048.479 3,541.137
3,116.383
tributes at retail in the Chicago district, and at wholesale throughout the Expenses, taxes, &c
1,020,869
1,203,496
953.019
country, "everything known in music": it has over 30,000 customers and
operates the largest music store in the world, handling all classes of musical
$239.512
*$256.837
Net profit
*186.744
instruments and music compositons. The Lyon It Healy harp, Which
•After paying $5i.129 cash diva. on Pref. and $164,545 cash diva. on
they manufacture, is known the world over, as are also the Washburn Common and Class "B" Common stock there was a surplus of 840,164.
stringed instruments.
Comparative Balance Sheet.
-Notes are the direct obligation of company, and will be issued
Security.
Mar,31'25 Dec.31'24
Mar.31'25 Dec.31'24
under a trust agreement, whereby the company will assign and transfer
AssetsLiabilities$
$
$
to the trustee: $2,200,000 customers' Installment notes which are issued
2,026,038 4,669,878 7% Cum.Pref. ink 2,979,500 3,000,000
against merchandise sold in the ordinary course of business and (or) dealers' Real estate
Leaseholds, furniOriginal corn.stock
400
300
notes, cash, United States Government obligations, bankers' acceptances.
ture & fixtures- 6,228,780 5,845,508 New Corn. stock.x11,533,180 11.515,280
Company agrees to maintain 82,200.000 customers' installment notes
160,563 Mtges.& purchase
and (or) dealers' notes, cash, United States Government obligations, Stock our,for empl 114,534
money oblig'ns_
2,791,571
bankers' acceptances, until $500,000 of these serial gold notes have been Mdse. & supplies. 4,778,556 4,785,055
Bills payable
858,250
1,837,950
retired, and upon any further payment the company will have the right Due from officers
23,031 Acc'ts pay.& neer. 560,986
33,133
and employees.893,137
to reduce the amount of installment notes, &c., by an amount equal to the
211,131 Deposits of empl_ _
122,164
30,022
30,022
amount of gold notes paid thereafter, thus providing an increasing equity Acc'ts receivable
743,964
620,417 Res.for Fed'i taxes 213,750
Cash
316,999
for the remaining notes outstanding.
135,000 Surplus
Liberty bonds_ _ _ 135,000
-Net earnings for the 8
1,670,639 1,631,551
Earnings.
-year period, 1917 to 1924, inclusive,
162,499
after all charges except Federal income taxes, have averaged $701,499. or Claims agstins.coe 162,500
2,661
2,661
5.3 times annual interest charges of $132,000 on this issue of notes. The Life insurance_
478,976
419,467
stability of the business is evidenced by the fact that the company has Prepaid items_
4 000,000 4.000,000 Total (each side)_18,826,328 21,035,210
Goodwill
shown a profit in each of its 61 years of continuous operation.
-Financial statement as of March 31 1925, reflecting this financAssets.
x Represented by a total of 411,853 shares outstanding of no par value.
ing, shows current assets of $4,660,222, compared with current liabilities being 362,024 shares Common and 49.829 shares Class B Common.
of $713,444.
V. 120, p. 2822, 2410.
Capitalization.
-Stockholders have ratified the formation of new company
to take over the assets of the present organization. The new corporation
-Declares Regular Dividends.
Mack Trucks, Inc.
is capitalized as follows: $2,200 of6% notes (above),*2,000,0007% Cumul.
The directors have declared the regular quarterly dividends of $1 50 per
Preferred stock and 200,000 shares of $5 par value Common stock, all of share on the Common and $1 75 per share on the 1st and 2d Prof. stocks,
the stock being held closely by officials of the company.
all payable June 30 to holders of record June 15.
The directors have voted to retire the outstanding Preferred stock of
The company on June 2 issued the following statement: "When the
•the old company at 110 and dividends.
-V. 120. p. 1212.
March dividend was declared it was understood that no consideration was
given to the question either ofan extra cash dividend or stock dividend on the
MacAndrews & Forbes Co.
-Annual Report.- '
Common. The same absence of consideration is believed to have obtained
Calendar Years1924.
at to-day's meeting. The energies of the Management and organization and
1923.
1922.
1921.
*Net earnings
$1,232,151 *1,307,744 $1,153,023
$783.988 the financial resources of Mack Trucks are fully absorbed in handling the
trans
:Reserve
record business which has featured 1925 operations. The co.'s plants for
502,027
some weeks have been operating at full capacity on sales booked during the
Total
$1,232.151 $1,809,771 $1.153,023
$783,988 first five months. Output is running more than 40% ahead of the correPref. dividends (6%)$145.702
$152.075
$165,834
$168,936 sponding period of 1924. Profits, as might be supposed. are expanding in
Common (cash) diva_
1,162,000
1.216.335
899.508
599,672 keeping with the marked increase in shipments. While the margin of profit
is somewhat less than in 1924, the great increase In production and shipBalance, surplus
def$75.551
$441.362
$87,681
*15.381 ments has produced earnings at the largest rate In the company's history."
Profit and loss surplus Dec. 31 1924. $2.314,762.
-V. 120. p. 2410.
x Reserves transferred to surplus. * Total net earnings from sale of
Maxwell Motors Corp.
-N. Y. Stock Exchange Suspends
licorice, dyewoods, box boards, wall boards. &c.. after deducting all
charges, expenses, &c., and provision for income tax.
-V. 119. p. 2889. Trading in Class "A" and "B" Shares.
The Board of Governors of the New York Stock Exchange June 2 ordered
McCord Radiator & Mfg. Co.
-Stock Sold.
-McClure, the suspension of all trading in the undeposited Class "A" and "B" stocks
Jones & Reed and Potter & Co. have sold at $22 50 per of the Maxwell Motors Corp. This action was taken at a special meeting
the Governors following which
share 30,000 shares Class "B" stock (Voting Trust Ctfs.), of"Because of the small amounts this official statement was issued:
of stock outstanding in Maxwell Motors
no par value. The sale of these shares does not constitute "A" and "B" stocks, the Governing Committee of the New York Stock
Exchange rules that trading in said "A"and "B"stocks shall be suspended."
new financing.
Opinion in the financial district after the close of business was that a
-F. Transfer agent, Bankers Trust Co. New York' technical corner existed in the shares.
Dividend dates Q.
registrar, Guaranty Trust Co. of New York. Class "B" stock is entitled
The holders of either the Class "A" or "B" stocks of the Maxwell Motors
to receive dividends of $2 per share per annum after Class "A" stock has Corp. in order to liquidate their accounts, it was explained, would merely
received $3 per share per annum. 40% of all earnings remaining after have to deposit their securities under the plan by which the assets and goodthose dividends have been paid must be used to retire Class "A" stock by will of the Maxwell organization will be transferred to the newly organized
purchase in the market if obtainable at or below $50 per share and dive. or Chrysler Corporation. By this exchange holders win receive new securities
by call at that price. All additional divs. shall be paid in the ratio of $3 of the Chrysler Corp., or Central Union Trust Co.
Rer sharefor Class "A" stock to $2 per share for Class "B" stock. Class representing the Maxwell "B" stocks, which can becertificates of deposit
A„
k
easily liquidated.
is preferred as to assets and in the event of liquidation shall be
In the case of the short interest in the Maxwell Motors securities, however,
entitled to priority up to $50 and accumulated divs, per share.
the position is not so favorable. The shorts evidently will have to make a
Authorized. Outstanding, settlement with the interest to whom they sold the stock.
-V. 120, p.
*855.967
1st Mortgage bonds
2823. 2558.
50,000 abs. 40.555 shs.
Class"A" stock (no par value)
Midland Steel Products Co.
-Extra Dividend.
*200,000 shs. 150,000 shs.
Class"B" stock (no par value)
The directors have declared an extra dividend of 40 cents on the Common
* 50 shares held for conversion of "A" stock.
stock and an extra dividend of $1 per share on the Preferred, in addition
Data From Letter of A. C. McCord, President of the Company. to the regular quarterly dividends of
$1 on the Common and
-Is one of the largest manufacturers of radiators and radiator Preferred stock, all payable July 1 to holders of record June $2 on the
Company.
15.-V. 120,
cores in the United States. It was organized in 1923 to take over the plants P. 2156.
THE CHRONICLE
2952
(H. H.) Miller Industries Co., -Canton, Ohio.
Bonds Offered.-Unidn Trust Co., Cleveland, . and First
Illinois Co. Aurora, Ill., are offering at 99 and interest, to
'
yield about 6.60%, 8420,000 First (Closed) Mtge.15-Year
63.% Sinking Fund Gold bonds.
[voL. 120.
-Sales Increase.
Pierce-Arrow Motor Car Co.
President Myron E. Forbes on May 29 announced that sales of the
company's products, which have been at a high mark during the first
quarter of this year, again broke all records in May with the exception of
a few months during the war period. The total number of units shipped
in May was greater than that of April. The demand for motor trucks
continued steady, while the number of motor buses sold during the first
during the entire year
Dated Aug. 1 1924; due Aug. 11939. Principal and interest (F. & A.) 5 months of 1925 closely approached the total sold
payable at Geo. D. Harter Bank, Canton, Ohio. trustee, without deduction of 1924.-V. 120, p. 2279, 1448.
2%. Company will refund
for normal Federal income tax not to exceed
-Receivership.
Pittsburgh Sheet Glass Co.
-mills tax. Denom. $1,000 and $500 cs. Redeemable, all or
• the Penna. 4
Edgar B. Stewart, of Morgantown, W. Va., and John H. Donnan, of
part, on four weeks' notice on any interest date up to and including Aug. 1 Washington, Pa.,
on May 25 were appointed ancillary receivers by Judge
interest less 34% for
1929, at 105 and Interest, and thereafter at 105 and
Schoonmaker in the Federal District Court at Pittsburgh in an .
each succeeding year to and including Aug. 1 1935, and thereafter at 102 F. P. suit
brought against the company by Walter A. Jones. of Columbus.
and interest until maturity. Mortgage provides for a sinking fund com- equitya
Ohio, creditor. They will assume charge of the Pennsylvania assets of
mencing Feb. 1 1926, to retire over 75% of the entire issued by maturity, the
company. Their bonds were placed at $25,000 each.
by purchase at not to exceed the then redemption price or by call.
In a similar action filed May 23 by Mr. Jones in the Federal District
-Is the outgrowth of the Miller Pasteurizing Co., established
Company.
Judge
in 1901, and has been for years one of the foremost manufacturers of dairy Court at Elkins, W. Va., Mr. Stewart was appointed receiver by
equipment in the
Among the products which the company manu- W. E. Baker.
In the bill of complaint the plaintiff avers that the company is solvent
bottle washers
factures are commercial ice cream freezers, milk bottle fillers,
country.
are in
equipment
and dryers, milk coolers, improved high speed butter churns, automatic and has assets in the form of machinery and plantcompany is which
indebted to
holding tanks, milk storage tanks, and pasteurizing equipment. Company excess of its liabilities. He also alleges that the
numerous creditors to the approximate amount of$130.000. The company,
was the pioneer in the field of pasteurizing machinery and in addition has
admitting the allegation, joined the petitioners in asking the appointment
developed numerous other types of dairy equipment. The first commercial of
the receivers.
brine ice cream freezer was developed by Miller, and Miller freezers are now
7
used by over 75.of the leading ice cream manufacturers in the United
Punta Alegre Sugar Co.
-Final Production (Bags).
Plant is located at Canton, Ohio.
States.
Final Production by Estates (Actual Figures).
Net Earnings after Depreciation and Applicable to Interest and Federal Taxes,
Total.
Florida. Trinidad.
EstateBaragua. Punta.
1924.
1923.
1922.
1919.
1921.
1920.
a605.573 b540,687 c378,235 d100,865 1.625.360
3460,289 1924-25 season
$150,757
$1.36,919
$86,218
$190,214
$60,257
84.362 1,267.910
292,232
481,237
409,989
x Six months ended June 30, based on a check by Ernst & Ernst without 1923-24 season
a Started Dec. 7 1924. finished May 23 1925. b StartedDec. 8 1924,
audit.
finished May 23 1925.
Purpose.
-Proceeds will be used to retire the company's present outstand- finished May 26 1925. c Started Dec. 20 1924.
ing Indebtedness, to reimburse the treasury for capital expenditures, and to d Started Jan.5 1925.finished May 8 1925.-V. 120, p. 2559.
provide additional working capital.
-Sales Increase.
(Robert) Reis & Co.
The company reports sales for May as being 40% in excess of May
-May Sales.
Montgomery Ward & Co., Chicago.
1924 sales.
-V. 120. p. 2559.
Increase.
1924.
1925.
$973,855
$12.059,534 $11,085,679
Month of May
-Quarterly Dividend
Reo Motor Car Co., Lansing, Mich.
5,308,512
67,994.815 62,686,303
First five months of year
Rate Increased-Extra Dividend of 1% in Cash Declared.
-V. 120, p. 2558, 2278.
The directors have declared an extra cash dividend of 1% in addition
-Production.
New Cornelia Copper Co.
to a quarterly dividend of 2% both payable July 1 to holders of record
February. June 15.
March.
April.
May.
Month ofThe company on April 1 last paid an extra cash dividend of 1%
6 691,648 6.335.821 6.489,000 6,063.428 and a 33 1-3% stock dividend in addition to the regular quarterly distribuCopper output (lbs.)
- 120, p. 2411, 1756.
V.
tion of i%.-V.120. p. 1214.
-Dividends.
Olympia Theatres, Inc., Boston.
The directors have declared the regular quarterly dividends of 81 75 a
share on the Preferred stock and 50c. a share on the Common stock, both
payable July 15 to holders of record July 1. These payments mark the
final distribution on these shares as control has passed to the Famous
Players-Lasky Corp. under a recent plan of acquisition (see that company
In V. 120, p. 2688).-V. 120. p. 2690.
Pacific Burt Co., Ltd.
-Report.
Years end. Mar. 31- 1924-25.
Net profits
$197.161
Reserve for depreciation
67.707
Other deductions
15,085
Preferred dividends
45,206
Common dividends
39,252
Surplus for year
V.
- 119. p. 949.
$29.911
1923-24.
$225,867
59.822
16.552
45,279
39.189
1922-23.
$235,990
42,401
12.552
45,500
35,750
1921-22.
$115,446
33.720
19.875
45,500
13,000
$65,024
$99.787
$3,369
-The
Packard Motor Car Co.
-Extra Dividend of 5%.
directors have declared the regular quarterly dividend of
3% and an extra cash dividend of 5% on the outstanding
$23,770,200 Common stock, par $10, both payable July 31
to holders of record July 15. This brings total cash dividends
on the Common paid or to be paid out of earnings for the
current fiscal year ending Aug. 31 1925 to 20%, made up
of extras totaling 8% and regular dividends totaling 12%.
(For dividend record on Common shares from 1909 to 1924,
incl., see V. 119, p. 1634.1-V. 120, p. 2824.
-Elk Hill
Pan American Petroleum & Transport Co.
and Hawaiian Contracts Void.
Judge McCormick May 28 in the U. S. District Court at Los Angeles
handed down a decision in favor of the Federal Government in its suit
for the cancellation of the Elk Hills No. 1 naval oil reserve leaser and
of the contracts for the construction of oil storage facilities for the navy
at Pearl Harbor. Hawaii. procured by Edward L. Doheny,the Pan American
Petroleum & Transport Co. and the Pan American Petroleum Co. in
1922. when Albert B. Fall was Secretary of the Interior.
This is the first decision in any of the cases growing out of the Senate
oil scandal investigation.
The vital clause of Judge McCormick's decision reads as follows: "The
plaintiff is entitled to cancellation and annulment of each of the contracts
and leases in controversy by reason of the fraud and conspiracy of Secretary
Fall and Mr. Doheny, as alleged in the amended bill of complaint and
also because each of said contracts and leases is void on account of the
Illegal and invalid transfer and delegation of power: if it were not for the
fraud and conspiracy of Secretary Fall and Mr. Doheny and the unia sful
delegation of power in the agreements, the contracts and leases in suit
would be authorized."
Frank J. Hogan, counsel for the Pan Amercian Petroleum Co. in the
suit won by the Government. made the following statement:
"Judge McCormick's decision is only preliminary to a hearing of the
case before the U. S. Circuit Court of Appeals in San Francisco and an
ultimate hearing before the U. S. Supreme Court. We look upon this
as only the first step in the litigation and not by any means as a decisive
one. On the hearing before the Circuit Court of Appeals all of the facts
and law in the case will be reviewed by the three Circuit Judges.
"The appell will be noted about the middle of June, when counsel
for the Government and for the Pan American companies meet in Judge
McCormick's Court In Los Angeles. It will be argued in San Francisco
next fall."
The lease on Naval 011 Reserve No. 1, which Judge McCormick held
to be invalid and decreed that the property be returned to Government,
is held by Pan American Petroleum Co.of Calif. This is one of the subsidiaries of Pan American Petroleum & Transport Co. which, under the
Proposed plan of segregation, is to be part of Pan American Western Corp.
Pan American Eastern Petroleum Corp., formed by syndicate including
Standard Oil of Ind. New York bankers and others, to hold voting control
of Pan American Petroleum & Transport Co.. will own the Mexican and
other Pan American properties, but none of the California properties.
Pan American Western is a new company under the proposed plan of
segregating Pan American Petroleum & Transport properties to be headed
by E. L. Doheny and in which Pan American Petroleum & Transport
-V. 120, P. 2411, 2012.
stockholders are to have stock subscription rights.
-May Sales.
(J. C.) Penney Co., Inc.
Mos.-1924.
1925
-1924.
-May
$7,139,948 $6.144,001
-V. 120. p. 2412. 1891.
Increase.
Increased 1925-5
$995,9471328,617,336 $24,036,818 $4,580,518
-Two Dividends of 373 Cents.Pennok Oil Corp.
igr The directors have declared two regular quarterly dividends of 37Y-6 cents
each, payable June 25 and Sept. 25 to holders of record June 15 and Sept. 15.
respectively. An initial distribution of like amount was made on March 26
last.
-V. 120, p. 2691.
-Distribution to 10-Year 6% Gen.
Riordan Co., Ltd.
Mtge. Sink. Fund Bonds of Riordan Pulp & Paper Co., Ltd.
In connection with the plan whereby the properties of the Riordan
Co. Ltd., were sold and subsequently acquired by the International
Parier Co.. the holders of the 10
-Year 6% Gen. Mtge. Sinking Fund Gold
bonds of Riordan Pulp & Paper Co., Ltd., who have deposited their bonds
with the committee constitued under the deposit agreement dated Nov. 4
1921, between Ralph H. Bollard and others, will receive, in exchange
for their interest in the properties involved. 7% Cumul. Pref. stock of the
International Paper Co. in the following amounts.
Each depositor will be entitled, on complying with the conditions of
the plan. to receive for each $1,000 bond represented by his certificate
of deposit, new 7% Prof. stock of the International Paper Co. as follows:
3 shares
Without any cash payment
7 shares
On payment of $500 in cash an additional
10 shares
Total
The $500 in cash will be payable in installments, .50% being due on or
before May 15 1925 and 50% on or before July 15 1925. Interest at 6
per annum to July 15 will be allowed on the first installment, and
be eredited against the final payment. Payments must be made to the
State Street Trust Co.. depositary, in Boston, in United States funds,
but m ny e elremitted through the Royal Trust Co., agent of the depositary.
ih moa teba
Of -the ten shares to be received on account of each $1,000 bond participating, three shares will be delivered on or about May 20 1925, and
will be entitled to dividends arcruing from April 15; and the remaining
seven shares will be delivered on or about July 20 1925, and will be entitled
to dividends accruing from July 15.
While the first three shares will not be delivered until after the due
date of the first installment payment, the entire cash payments which the
committee is required to provide will be underwritten, as more fully set
forth below, and accordingly the right of each participating depositor to
receive, for each $1,000 bond, the three shares deliverable May 20 1925.
will not be dependent on any cash payment by such depositor or by anyone
in his behalf, but will become absolute and unconditional as soon as the
properties of the 6% bondholders committee shall have been conveyed to
the ple h d ian International Co., or its subsidiary, in consummation of
Ca ns
Depositors who do not present their certificates of deposit to be stamped
within the time above specified will nevertheless be entitled, on later
surrender of their certificates of deposit, to receive three shares of stock
for each $1,000 bond, entitled to dividends accruing from the last previous
dividend payment date, but will forfeit all rights in respect to the other
seven shares.
The holder of a single certificate of deposit, representing one $500 bond,
will be entitled to participate in the plan in the same proportion as for a
$1,000 bond, and on the same terms and conditions, subject only to adjustment of half shares. Such depositor would be entitled to receive I
shares of 7% Pref. stock without any cash payment and an additional 3
shares on payment of $250 in cash in the required installments. The procedure will be the same as in the case of the depositor of a $1.000 bond,
except that no fractional shares of the International Paper Co. will be
issued, but rights to half shares will be adjusted in cash. For the purpose
of such adjustment the Canadian International Co. will fix a price at
*which it will agree either to buy or to sell, at the option of the depositor
or warrant-holder, the half share necessary in each case to effect such
adjustment.
Non-depositing holders of 6% Gen. Mtge. bonds of Riordan Pulp &
Paper Co.. Ltd. will be entitled to participate in the plan only on depositing their bonds with the committee, subject to all the terms and
conditions of the deposit agreement, within such time as the committee
may allow, and thereby acquiring the rights of depositors. Such deposits
will be received up to May 15 1925 and the committee may in its discretion
further extend the time on appropriate conditions.
The terms of the plan governing the Riordan Co., Ltd., 1st Mtge. &
Ref. 8% Gold bonds were given in V. 120. p. 2412.
-Bonds Called.
St. Charles Hotel Co., Atlantic City.
AU of the outstanding First-and Second Mortgage 6% Gold bonds have
been called for payment July 1 at par and interest at the Land Title &
Trust Co., trustee, 100 South Broad St., Philadelphia, Pa.
Bondholders who would prefer to receive payment at an earlier date at
par and interest to date of payment should communicate with the trustee.
See also V. 120, p. 2413.
-The direcSt. Joseph Lead Co.
-25% Stock Dividend.
tors on June 3 declared a 25% stock dividend on the outstanding $15,494,126 Capital stock, par $10, payable to
stockholders of record June 9. The increased stock (with
with exception of fractions) will participate in the cash dividend of 50 cents per share heretofore declared payable on
June 20, Sept. 21 and Dec. 21 1925.
The transfer books of the company will close on June.9
and reopen on June 22.-V. 120, p. 2023.
-No Common Div.
St. Lawrence Flour Mills Co., Ltd.
In connection with the passing of the dividend. due May 1 on the Common
Pet Milk Co.
-Temporary Certificates Ready.
Interim receipts for 7% Cumul. Pref, stock may now be exchanged for stock (see V. 120, p. 2022), the directors made the following announcement:
temporary stock certificates at the National Bank of Commerce in New "On account of the violent fluctuations in the wheat markets during the
York, 31 Nassau St., N. Y. City. For offering of Stock see V. 120, D. past six months and from the fact that our Canadian wheats have been so
much higher in price than in the United States and other competing
1595, 2021.
JUNE 6 1925.]
THE CHRONICLE
markets, we have found it quite impossible to make any profits since the
close of our last financial year.
'The company has not been speculating in wheat, never having had
more than ten days' surplus on hand over and above flour sold during that
time. The outlook for the remainder of the year is still so uncertain that
the directors decided to discontinue the dividend on the Common shares,
but they are in hopes that as soon as markets get back to a normal basis
they may be able to resume the dividend. The usual dividend was declared
-V. 120, p. 2022.
on the Preferred shares."
St. Louis Rocky Mountain & Pacific Co.
-1% Corn.
Div.
-
2953
Sinclair Pipe Line Co.
-Report.
Income Account for Year Ended Dec. 31 1924.
Operating revenue
Operating, general and administrative expenses
$14,017,661
5.731,858
Operating income
Other income
$8,285,803
106,683
Total income
Depreciation,$4.608.624;int.. dis'et & Fed. taxes, 51,280.543
$8,392.488
5.889,167
Net income
The directors have declared a dividend of 1% on the Common stock and Profit and loss surplus
the regular quarterly dividend of 1;i% on the Pref. stock, both payable -V.115, p. 2695.
June 30 to holders of record June 15 A dividend of 1% was also paid
on the Common stock Dec. 31 1924, the first since Sept. 1923. (See
(Howard)Smith
V. 119, p. 2772.)-V. 120, p. 2413.
Calendar Years
Total income
Sears, Roebuck & Co., Chicago.
-May Sales.
Bond, &c.. interest
1925.
1924.
Increase.
dividends_
Month of May
$17,468.982 $16,318.121 $1.1e0,861 Preferred dividends _ _ _
First five months of year
102.147.358 90,979.029 11,168,329 Common
-V. 120, p. 2280. 2023.
Balance, surplus
Schulte Retail Stores Corp.
-$13,000,000 More for Previous surplus
$2,503,319
6.678,816
Paper Mills, Ltd.(Montreal).
-Report.
1924.
$727,576
329,522
120,000
92.342
1923
$772,807
269,961
120,000
221,622
1922.
$693.540
197,941
120.000
220,721
1921.
$613,313
141,681
120,000
279,932
$185.701
$161,225
16,066
$154.879
71.699
$71,699
Schulte Realty Investments.
Total surplus
$185,701
$177,291
$226,577
$71.699
60.287
100,000
95,491
Schulte has organized a new company with $13,000,000 of Capital to be Depreciation
Reserves, &c
38,823
115,020
devoted exclusively to the purchase of high-grade New York real estate.
78.180
David A. Schulte, President of the Schulte Companies,stated that finan- Sinking fund
cial arrangements have been completed through Dillon, Read & Co.: whereProfit and loss surplus
$85,701
$16,065
$71,699
by the notes of the new corporation will be offered to the public accompanied
by a bonus of Common stock. The Preferred stock of the corporation and -V. 119. p. 3020.
the major portion ofthe Common stock will be owned by D.A. Schulte,Inc.,
Soiland Building, Los Angeles.
-Bonds Offered.
-The
the principal operating company of Schulte Retail Stores Corporation. The
new corporation, though separate and distinct from the Schulte companies, Citizens-National-Co., Los Angeles are offering at 100 and
will, therefore, be under the same management and control.
Serial Gold bonds.
The real estate personnel of the Schulte companies, who will be active int. $350,000 1st (Closed) Mtge. 6
in the new corporation, includes the names of D. A. Schulte, Arthur S.
Dated April 11925; due serially. April 1 1928-40. Denom. $1,000 and
Meyer, Chas. C. Nicholls Jr., Kenneth Barnaby, James C. Bolger and moo. Callable, all or part by lot, the last maturities first, on any int.
,
date after 60 days' notice at 102M and int. Principal and int. (A. & 0.)
Irving Resenbaum.
The Schulte interests already own nearly $15,000,000 of high-grade payable at Citizens Trust & Savings Bank. Los Angeles, trustee, without
New York City properties. The new capital is designed to permit a deduction for the normal Federal income tax up to 2%.
prompt extension of their operations and further acquisitions of prime
Security.
-These bonds will be secured by a first closed mortgage on
real estate situated at 1405 South Hope St., Los Angeles, together with a
business properties may be anticipated in the near future.
Chas. F. Noyes and M. L. Freeman were the brokers in the transaction. nine-story Class A office building now being constructed and a one-story
.
Jerome Eisner represented the Schulte interests in a legal capacity. and medical clinic building already completed. The property has a frontage
Mr. Howland, of Root. Clark, Buckner & Howland, represented the of 98.85 ft. on Hope St., is 155 ft. deep and has a 20
-ft. alley in the rear.
bankers.
-V. 120, p. 2560, 2023.
It lies directly across the street from the new nine-story fireproof building
of the Lutheran Hospital. Proceeds from the sale of these bonds to be
Security Mortgage Co. (Ga.).-Bonds Offered.-Macku- impounded with Citizens Trust & Savings Bank, trustee, to be paid out
only on architect's certificates, the entire amount to be devoted to the
bin Goodrich & Co., Baltimore,. and Jackson & Curtis, construction of the building.
'
Boston, are offering at 100 and int. $1,000,000 6% Gold
Appraisal.
-The land and existing buildings were appraised April 16
1925 by Samuel R. Brearley at $150,000. The new office building will be
bonds, Series D.
erected at an approximate cost of $500,000, contracts having been let
Dated Feb. 2 1925; due $500,000 Feb. 1 1940 and $500.000 Feb. 1 1945.
Principal and int. (F. & A.) payable at Citizens & Southern Bank, Atlanta, for the construction of the building. Consequently, there will be $650,000
In fixed assets as security for this $350,000 bond issue.
Ga.. trustee, or at National Bank of Commerce, New York. Denom.
$1,000 and $500c5. Not subject to redemption prior to Feb. 1 1930.
Southern Cotton Oil Co. (N. J.).
-Properties Turned
Redeemable on such date or any subsequent int. date, all or part. on 30
days' notice at 102 and int. to and incl. Feb. 1 1935, thereafter on any Over to New Company.
int. date at 101 and int. Company agrees to refund on application, if
Federal Judge Runyon in the U.S. District Court of New Jersey, May 26,
made within 90 days after payment is due, the Mass, income tax not in made allowances to the receivers for the company as follows: To Charles G.
excess of $4 50 in any year on the int. on each $1.000 bond: or any personal Wilson, $50,000: to Arthur T. Vanderbilt, co-receiver, $100,000; to Lindaproperty tax levied by any State or subdivision thereof or by the District bury, Depue & Faulks, counsel for receivers, $50,000; to Carlisle Darrlson,
of Columbia, not exceeding in any year $4 50 on each $1,000 of the assessed solicitor of the complainant, $30,000; and Harry Lane, solicitor of defendvalue thereof.
ant, $500. All the Southern Cotton Oil Co. ancillary receivers in the many
-Payment of principal and int. of the mortgages securing jurisdictions, mostly in the South,have been discharged. Properties in the
Guaranty.
the bonds is to be guaranteed by Security Mortgage Co. as principal and ancillary jurisdictions were turned over to a new company May 29.
,
U. S. Fidelity & Guaranty Co. as surety (excepting, as regards the surety
The stock of the company was bought by New Orleans interests for $8,only, any loss attributable to defects in title). Title to the mortgaged 875,000, who have formed a new company called the Southern Cotton Oil
property will be insured by Atlanta Title &
t Co. or other qualified Co. of Louisiana, Inc. (see V. 120. p. 2825)•
company.
Federal Judge Runyon also authorized the receivers to sell privately
-Company is an outgrowth of an organization with over what is known as the Kuxen stock for $1,250,000. This stock was aucBusiness.
53 years' experience in selling mortgages on real estate in Georgia, without tioned off for $2.250,000 and the bidder deposited $205,200 but failed to
loss to any investor.
make good his bid. The receivers are authorized to retain his $205,200
-The bonds are the direct obligation of the company and are deposit.
Security.
-V. 120, p. 2825.
at all times to be secured by the deposit with the trustee of mortgages equal
principal amount of the outstanding bonds. The agreeSparks-Withington Co.
-Extra Common Dividend.
to or exceeding the
ment of trust provides that only first mortgages on fee simple real estate
The directors have declared an extra dividend of 50c. a share on the
in Georgia are available for security, and then only if accepted by the Common stock, no par value, and a regular quarterly dividend of 75c.
U. S. Fidelity & Guaranty Co.
a share on the Common and of 1 % on the Preferred stock, all payable
In addition to the guaranty of the Security Mortgage Co. and the U. S. July 1 to holders of record June 20. Like amounts were paid April 1 last.
Fidelity & Guaranty Co. and the policies of title insurance referred to From Jan. 1924 to Jan. 1925. incl., regular dividends of 50c. per share and
above, fire insurance policies covering the improvements on the mortgaged extras of 50c. per share were paid on the Common stock.
-V.120, p. 1470.
properties are to be kept on deposit with the trustee.
Stanley Co. of America.
-Guaranty.
Capitalization Outstanding on Completion of Present Financing.
-V. 119, p. 3020.
See Stanley Real Estate below.
Series A Gold bonds, due Jan. 1 1934
500,000
Series B Gold bonds due April 1 1934
1.000,000
Stanley Real Estate.
-Guaranteed Bonds Sold.
-Edward
Series 0 Gold bonds due Oct. 1 1939-19441.000,000
Series D Gold bonds (this Issue)
1,000.000 B. Smith & Co., and Brown Brothers & Co., have placed
8% Cumul. Preferred stock (par $25)
300,000 privately at 100 and interest $10,000,000 First Mtge.
Common stock (par $100)
532%'
400,000
Seneca Copper Mining Co.
-Transfer Agent.
-
Sinking Fund Gold bonds of C. Benton Cooper. Guaran-
teed by the Stanley Co. of America as to principal and int.
The Chatham-Phenix National Bank & Trust Co. has been
Transfer Agent for 500,000 shares of Capital stock of the above appointed • Dated June 1 1925; due June 1 1945. Interest payable J. & D. at the
company.
The Central Union Trust Co. of New York has been appointed registrar. office of the trustee. Denom. $1.000 and $500 c*. Callable as a whole
or in part by lot on any interest date at 102;i and interest. Interest pay-Ar. 120, p. 2692. '
able without deduction of Penna. 4 mills tax. Normal Federal income tax
up to 2% refunded. Pennsylvania Co.for Insurances on Lives and GrantG.) Shattuck Co.
(Frank
-Earnings.
ing Annuities, trustee.
Earnings For Quarter Ended Mar. 31 1925.
Data from Letter of Jules E. Mastbaum, Pres. of Stanley Co. of Amer.
Stores gross trading profit
$922,208
Security.
-Bonds will be secured by a closed first mortgage on 20 parcels
Other income-rents, interest & discount
. 80,355
of advantageously located real estate in Philadelphia appraised jointly by
Total gross trading profit
$1,002,623 Frank H. Massey, Jacob C. Kahn, Edgar G. Cross and Harry Stewart
at $16,713,000. of which the land alone is valued at $12,431,000. Certain
Rent, taxes (property), ins., repairs, &c. S482.961: general and
admin. expenses,$144,921;interest (mortgages),$1.040;deprec.
of the properties have been leased upon advantageous terms. The remainand prorated improvements on leased property, $78,637: total 707,561 ing important leases will be subordinated to the mortgage. The Stanley Co.
Federal income taxes accrued (est.)
36,882 of America agrees to assign all leases to the trustee as additional security
for the bonds.
Title in fee will be conveyed to the Stanley Co. of America. The titles
Net income
$258.179
will be insured jointly by the Real Estate Title Insurance & Trust Co. and
-V. 120. p. 1597, 1339.
the Land Title & Trust Co. of Philadelphia.
-The mortgage will contain suitable provisions for the
Siemens & Halske (A. G.), Siemens-Schuckertwerke. Release of Property.
release of the properties, including two which are subject to options for their
-Redemption Notice.
(G. m. b. H.).
purchase, under restrictions intended to preserve at least the present equity
-Year 7% Secured Sinking Fund gold bonds, due Jan. 1 1935. for the bondholders.
Certain 10
Sinking Fund.
-Mortgage will provide a sinking fund of $200,000 per
aggregating $132,000, have been called for payment July 1 at 102 and int.
at the office of Dillon, Read & Co. sinking fund agent, 28 Nassau St., annum, payable semi-annually, commencing Oct. 15 1930. to be used by
the trustee for the purchase of bonds or for call by lot at 10234 and interest
N. Y. City. see also V. 120. p. 968% 595.
If not obtainable at or below that price by purchase.
Operating Company.
-Stanley Co. of America; which operates the proper-Makes New Contract.
Silica Gel Corp.
President C. Wilbur Miller recently announced that the Safety Car ties covered by this mortgage, has outstanding 101,325 shares of no par
Lighting Co. has just executed a contract with the Silica Gel value Capital Stock. The present market value of these shares is in excess
Heating &
annum have been
Corp.for the exclusive use of the silica gel process in railroad car and steam- of $9,000.000. Regular quarterly dividends of $6 per payment
paid since incorporation. June 1919. Earnings, after
of taxes,
ship refrigeration. V. 119, p. 590.
insurance, Stc.. applicable to interest on these bonds, have been as follows:
1921.
1922.
1923.
1924.
(Isaac) Silver & Bros. Co.-Sales.$1,189,145
$1.280.854
$1,486.883
$1,533.870
1925.
1924.
PeriodIncrease.
$258,470
$209,673
Month of May
$48,797
Sterling Coal Co., Ltd.
-Annual Report.
1,302,579
1,083.749
Five months ended May 31
278,830
Years Ended Mar. 31 1924-25.
1923-24.
1922-23.
1921-22.
-v. 120, p. 2413, 2159.
Profit for year
$70.639
$165.189
$121.946
$6,788
Coupons declared pay
79,334
-Patents under Which It Holds Exclusive Minority int. In sub. eos.
Simmons Co.
8,582
Rights in United States and Canada Sustained.
Balance, surplus
The U. S. Court of Appeals at New York has handed down a decision Previous surplus
sustaining patents under which the company holds exclusive rights in
United States and Canada for electric welding of tubes in manufacture of
Total surplus
steel beds. The decision is in favor of Elyria Iron & Steel Co., owners of Dividends (4%)
the patents, from whom Simmons Co. holds exclusive rights for the United
States and Canada during the life of patents for their use in manufacture of
Profit and loss surplus
-V. 120, p. 2413.
steel beds.
-V. 118, p. 3089.
$70.639
489,768
$156,607
433,161
$42.612
200,572
$6,788
193,784
$560.407
100.000
$589,768
100.000
$243,184
$200,572
$460.407
$489.768
$243.184
$200.672
2954
[Vor,. 120.
THE CHRONICLE
More than a majority of the bank debt and commercial paper and of the
convertible bonds and stocks, to be adjusted under the plan of reorganization, has already assented thereto.
Claims on obligations assigned to the bank creditors' committee and
deposited with its depositary and on convertible bonds deposited with the
-All Banks Loans Retired.
Studebaker Corp.
depositaries of the debenture bondholders' committee or their agents before
President A. R. Erksine on June 2, made the following statement: the close of business June 13, will be filed by those committees. Holders
"Studebaker's May cash collections were $19,600,000 and exceeded disburse- of such deposited obligations will thus save themselves the trouble of filing
ments by $4,200,000. Receipts for March, April and May were $54,000,000 proofs of claim thereon, which otherwise they must do on or before June 15,
and exceeded disbursements by $14,000,000.
in accordance with a notice given by the receivers under orders of the
"Bank balances June 1 were $10,700.000, with no bank loans outstanding. Federal court.
-V. 120, p. 2562, 2414.
May production was 14,492 cars.
"Demand continues to exceed production, and all plants are operating
(F. W.) Woolworth Co.
-May Sales.
at capacity, with total employees numbering about 21.000."
1923.
1924.
1925.
In April Mr. Erksine announced that all corporation bank loans would
$18,509,867 $17,076,750 $14,791.432
be retired July 1. The foregoing statement shows that this has been May sales
83,376,153 75,806,490 66,789,270
accomplished a month earlier than expected. This marks a now high spot Five months sales
in the corporation's financial history.
-V. 120, p. 2825.
According to H. T. Parson, President of the company, the gain in the
1,397 stores operated for May was $1,433,117, or 8.39%, and for the
Ont.-Earnings. 5 months was $7,569,662. or 9.99%. The gain for May in 1.276 old stores
Tuckett Tobacco Co., Ltd., Hamilton,
1921-22. was $533.487, or 3.12%, and for the 5 months was $3,310,213, or 4.37%.
1922-23.
1923-24.
March 31 Years1924-25.
$249.934 In commenting on the sales, Mr. Parson said: "In May 1924 we had 26
$250,314
Net profits aft. taxes, &c $311,558
$361,279
140,000 business days which included 5 Saturdays. In May 1925 we had 25 business
140,000
140,000
Pref. dividends (7%)__
140,000
100,000 days and only 4 Saturdays. There is not one of the 13 districts representing
100,000
100.000
Common dividends(4%)
100.000
the entire business that shows a loss in sales for the month of May."
$9,934 V. 120, p. 2414.
$10,314
$121,279
Balance, surplus
$71,558
-New Director.
Stern Bros., New York.
R. C. Schaffner, of A. G. Becker & Co., has been elected a director and
also a voting trustee for the Common stock.
-V. 120. p. 2825.
Balance Sheet March 31.
1924.
1925.
LiabilitiesAssets1925.
1924.
$4.500.000 $4,500,000
Property, &c
$1,154,390z33,004,812 Capital stock
213,827
D. and A. pay_ __ _ 179,483
Goodwill, t r a d e60,000
60,000
Dividends due_ .._ _
marks, &e
2,478,872
20,000
620,264
528,514 Reserve
Bills & accts. rec__ 469,473
762,457
834,016
313.675 Surplus
206,600
Investments
1,715,167 1,680,287
Inventories
28,996
Cash
158,756
Def. charges
10,707
$6,193,763 $5,556,285
Total
Total
56,193,763 35,556,285
-V. 118, p. 2837.
Including Goodwill, trademarks. &c.
-Report.
United Dyewood Corp.
Income Account for Year Ended Dec. 31 1924 (Company Proper).
Divs. received, $656,106; other income, $50,614; total income.._ _ 3706,720
110,884
Expenses. &c
679,174
Prof. dividends, $261,625; Common dividends, $417,549
$83,338
Deficit
$914,458
Profit and loss surplus
Consolidated Statement of Subsidiary Companies for the Year 1924.
Net profit from operations, $732,255; other income, 20,294; total
$752,550
income
417,078
Deprec., hit., Fed, taxes, &c., $292,911; reserves. $124.167
Dividends paid (United Dyewood Corp.. $678,562; minority in701.989
terests, $23,427)
$366,517
Deficit
$2,639.800
*Profit and loss surplus
* Equity of United Dyewood Corp. amounts to $2,620,022.-V• 120.
p. 1471.
-Contracts.
United States Realty & Improvement Co.
The directors have approved construction contracts aggregating $22,124,860. including Lincoln Alliance bank and office building, Rochester,
N. Y.: Metropolitan Life Insurance Co. office building, Ottawa. Canada;
dormitory for Georgetown University, Washington. D. C.; Roney Plaza
Hotel, Miami, Fla.,and Stevens Hotel. Chicago,111.-V. 120, p.2562. 2539.
United States Rubber Co.-Outlook.-
Vice-Pres. E. V. Hopkinson says in substance: "Our tire business has
increased greatly and sales have gained commensurately. Earnings are
running away ahead of last year and I expect them to continue at more
than the present rate throughout the year.
"I look for the present high price of rubber to continue for some time.
Advances in tire prices are inevitable. The present high price of rubber has
helped us considerably. We have in our plantations 55,000 acres in bearing
and 135,000 acres under cultivation. Production is about 18,000,000
pounds annually. Our business is divided about equally between power
manufacturers and the manufacturers of commercial articles, including
boots and shoes. I think rubber companies have definitely turned the
-V. 120, p. 1471.
corner."
-Acquisition.
Walworth Manufacturing Co., Boston.
The company has acquired the National Pipe & Foundry Co. of Atalla.
-V. 120. p. 1341.
Ala.
(Charles) Warner Co.
-Acquires Controlling Interest in
American Lime& Stone Co.
This company of Wilmington and Philadelphia, which has been operating
the American Lime & Stone Co. under a management contract for the past 3
years, has now purchased the controlling stock interest of the American Co.
from the estate of A. G. Morris of Bellefonte, Pa. and from J. K. McLanahan, Jr. of Hillidaysburg, Pa. The American Lime & Stone Co. operates
extensive building and chemical lime plants at Bellefonte. Pa. and several
crushing plants for preparing furnace, ballast and construction stone
-V. 119.
located in the Bellefonte, Tyrone and Hollidaysburg districts.
2659.
-Bonds
(W. K.) Washburn Buildings, Oakland, Calif.
-Wm.Cavalier & Co. and Bradford, Kimball St Co.,
Offered.
San Francisco, are offering at 100 and interest $300,000 1st
Mtge. 62% Serial Gold bonds.
Dated April 1 1925; due serially April 1 1928 to 1945 incl. Czllable al
or part, last maturity first, on any int, date on 30 days' notice at 103 and
Int. Denom. $500 and $1,000, c*. Interest payable A. & 0., normal
Federal income tax up to 2% paid by the owner. Principal and interest
payable at American flank, San Francisco, trustee. Exempt from personal
property tax in California. Legal investment for California Savings Banks
rity.-Secured by a 1st mtge. deed of trust on two parcels of land
located In the new business section of Oakland. Parcel No. 1 is Improved
-story reinforced concrete building, which is leased to the
by a new modern 3
General Motors Co.and is known as the "Chevrolet Building." I'arcel No.
-story reinforced concrete building which is
by a modern 3
2 is improved
leased to Earle C. Anthony, Inc.. and is known as the "Packard Building."
The real estate securing this issue has been appraised by three competent
appraisers, whose figures average $310,833. The cost of reproducing buildidditional check estimates
ings as estimated averages $325,000. As an a
have been obtained by a construction engineer whose average cost of reproducing buildings is $339,340. This makes a total average appraisement on
land and buildings of $635,833.
-The "Chevrolet Building" is leased to the General Motors Co.
Leases.
and the "Packard Building" is leased to Earle C. Anthony. Inc., which
are adequate to take care of all charges. These leases will be hypotheleases
cated with the trustee as part of the security under this issue.
-New President.
Wickwire Spencer Steel Co.
David F. Edwards has been elected President, succeeding T. H. Wickwire Jr.
-V. 120, p. 2694.
-Quarterly Preferred Dividend.
Willys-Overland Co.
The directors on June 3 declared a quarterly dividend of 14% on the
7% Cum. Pref. stock, payable July 1 to holders of record June 20. A
distribution of like amount was made on May 10 last, which was the first
since Oct. 1 1920.-V. 120, p. 2160.
-Reorganization.
Wilson & Co., Inc.
An extension of time until June 13, to deposit securities under the reorganization plan, was announced June 2 by Frank 0. Wetmore, Chairman of
the Board of the First National Bank of Chicago, and Harold Stanley,
President of Guaranty Co.. respectively the Chairman and Vice-Chairman
of the reorganization committee.
Wyandot Copper Co.
-Cent Assessment.
-50
The company has levied an assessment of 50 cents per share to be paid
June 16. The last assessment was paid seven years ago and made the $25
-V. 105.
par shares, $13 paid in. There are 100,000 shares outstanding.
13• 723.
CURRENT NOTICES.
The National Vigilance Committee of the Associated Advertising Clubs
of the World, which during the past 13 years has developed into an intensive
nationwide system for the maintenance of the "Truth-in-Advertising"standard, announced at the World Convention at Houston, Texas, recently its
incorporation under the laws of Delaware as the National Better Business
Bureau. The change in name arises from the fact that the Committee is
affiliated with and co-ordinates the local work of the many Better Bureaus in
leading cities of the country. Operations of the National Better Business
Bureau will be In charge of fifteen directors; five selected from the Better
Business Bureaus, five from the sustaining members of the National Vigilance Committee,and five from the Executive Committee of the Associated
Advertising Clubs of the World. There will be no change in operating
policy, but it is believed this step will enhance the prestige and influence of
the Bureau work throughout the country and make of it a still more useful
servant of advertising, American business and the consuming public. The
incorporators of the National Better Business Bureau are Lou E. Holland.
of Kansas City, retiring President of the Associated Advertising Clubs of the
World: Herbert S. Houston, of New York, Chairman of the Board of
Trustees of the National Vigilance Committee; Harry D. Robbins, Chairman of the Committee on Management of the National Vigilance Committee, and Merle Sidener, of Indianapolis. a member of the Committee on
Management.
-The firm of Bainbridge & Ryan. 100 Broadway, organized in 1920,
announce that they have become members of the New York Stock Exchange
through the admission of Perry B.Strassburger, a member of the Exchange.
as a general partner. The firm's personnel consists of many ex-National
City men, L. M. Bainbridge having opened the Chicago office of that company, R. T. Ryan having been Sales Manager of the Wall Street office of
the City Company at one time, and C. A. Rubenl having been Manager of
the Detroit and Cleveland offices of this firm. Mr. Strassburger before
joining the Exchange in 1923, was manager of the Bond Department of the
American Express Company and prior to that time was associated with the
Bond Department of the National City Co. A. C. Curry, the other member of the firm, was formerly associated with Smith, Worthington & Co.
manufacturers of leather goods and horse equipment, which firm was established over 125 years ago.
-A third printing of "Good Will and Its Valuation," a 32 page booklet
devoted to the value of Good Will in business, is announced by Ernst &
Ernst to be now ready for distribution among investment bankers and business executives. The author of this booklet is Mr. A. C. Ernst, Managing
l'artner of Ernst & Ernst, whose treatment of the subject displays a comprehensive grasp of all factors pertinent to the discussion, as would naturally
be expected in view of the long, wide and varied experience which Mr.
Ernst has had in audits, systems and tax service.
-J.S. Farlee & Co.of New York have prepared a circular and map on the
Georgia & Florida Railway for distribution to those interested in the company's securities and their possibilities. Copies can be obtained on application.
-The Federal Commerce Trust Co. of St. Louis, Mo, which is affiliated
with the National Bank of Commerce of St. Louis, has opened an office at
14 Wall St.. New York, under the management of J. C. Walker, Assistant
Treasurer.
-Sutherlin, Barry & Co., Inc., New Orleans. announce that C. E. Keplinger, formerly Vice-President of Fred Emert & Co., is now associated with
them.
-Fox, O'Hara & Co., members of the New York Stock Exchange, announce that Eric H. Marks has been admitted to general partnership in the
firm, and that Herbert L. Carlebach has retired as a general partner.
-Frederic Edward Schluter and Levan Grant Smith announce the
formation of the new firm of Schluter & Co.. Inc. with offices at 61
Broadway, to deal In investment bonds of all descriptions.
-Baker,Simonds & Co., members Detroit Stock Exchange, have opened
a New York office at 111 Broadway in charge of A. William Rutter, Vicel'resident.
-Samuel Weinberg,formerly with Rudolph Guenther-Russell Law, Inc..
and the Chatham and Phenix National Bank, has joined the trading department of Block & Co.,specialists in Joint Stock Land Bank securities.
-Carlisle N. Grelg,formerly advertising manager of The World, has been
made financial manager of a new office at 80 Broadway which is being opened
-Howard newspapers.
by the Scripps
-The Western Reserve Securities Corp. announces the removal of its
offices to The Physicians Building,9 East 4th St., Jamestown, Now York.
-Prescott, Wright, Snider & Co., Members of the Investment Bankers
Association of America, have opened a branch office in Forth Worth, Texas.
-Lackner, Butz & Co., Chicago, announce the association with them of
Carl F. Thiel, as Manager of their Wholesale and Syndicate Departments.
-Tooker & Co. announce that Edgar B. Spear, formerly with Battles &
Co. is now associated with their firm.
-.I. Walter Steel has become associated with Pynchon & Co. and will
represent them in the States of Pennsylvania and Maryland.
JUNE 61925.]
THE CHRONICLE
2955
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
Friday Night, June 5 1925.
COFFEE on the spot was firmer with Maracaibo up % to
lc. and Columbian % to %c. and some mild, very scarce,
Santos 45, 243 to 25c.; Rio 7s 203 to 21c. Maracaibo
%
2
Trujillo was 22 to 223/2c.; fair to good Cucuta 24 to 243/c.;
prime to choice 25 to 253/3c.; washed 263/3 to 273/2c. Colombian, Ocano 223/3 to 23c.; Bucaramanga, natural 25 to 263/3c.;
Washed 27 to 28c.; Honda 273/3 to 28c. Mexican washed
273/3 to 28c. East India, Ankola 34 to 36c.; Mandheling 34
to 35c.; Genuine Java 34 to 35c.; Robusta washed 20 to 203/2c.
natural 193/3 to 20c.; Mocha 273/3 to 28c.; Harrar 263/2 to 27c.
Cost and freight offers from Santos on the 2nd inst. were unchanged although those from Rio were lower. Prompt
shipment offers included Bourbon 2s-3s at 23.70c.; 3s at
23.80c.; 3s-4s at 233 to 24c.; 4s at 233 to 23.60c.; 4s-5s at
223/3 to 233c.; part Bourbon or flat bean 2s-3s at 24c.;
%
2s-4s at 233 to 233/3c.; 38-5s at 223 to 233jc.; 4s-5s at
22.15 to 23c.; 4s-5s at 21.80c.; 5s-6s at 22c.; 6s at 21.15 to
21.75c.; 7s-8s at 19c. Santos peaberry 3s-5s at 22.80c.
Bourbon grinders 6s at 21.20c.; 7s-8s at 18.30 to 19.10c.
Rio 7s at 18.60 to 19.50c. Rio 7s sold at 18.60 to 18.75c.
Cost and freight business increased sharply with fair sales of
4s reported at 223 to 223/c.; 3s-4s at 23c.; Victoria 7s-8s
2
at 183c. and Rio 7s at 19c.
Futures advanced after a decline early in the week with
cost and freight offers high, especially from Santos,Exchange
rising, spot coffee firmer and shorts covering. July tended
to increase its premium. It is to all intents and purposes
the spot position. The new season is close at hand but
American reserves are small. Available supplies are down to
a minimum. Brazil seems to be regaining its grip on the
situation. On the 1st inst. Santos term prices were at one
time 250 to 750 reis higher with exchange and the dollar
unchanged, while Rio was 150 reis net lower to 525 reis
higher with exchange on London held at 538d and the dollar
/
buying rate 20 reis net higher. On the 4th inst. prices ran
up 40 to 66 points with transactions 103,000 bags and
cables up. Cost and freight business was much larger.
Consumers have been caught napping. Their supplies are
too small. Brazil has been aggressive, with sales of Santos
4s at 223/3c. and 4-5s at 220. There was a net gain of 3-64d
in Rio exchange on London to 5 13-32d while the dollar buying rate lost 130 reis. Rio terme prices were 125 reis lower
to 125 reis higher. The Santos cable showed terme prices
50 reis higher to 25 reis lower with exchange improved 1-32d
and the dollar rate 90 reis net lower. Mild coffee offerings
have fallen off sharply and the smallness of the visible supply
of Brazilian coffee is stamping itself on the situation.
The stock of 'Brazil coffee here was 193,609 bags against
302,297 a year ago. The total in sight for the United Slates
was 472,867 bags against 748,969 a year ago. This includes
247,400 bags afloat from Brazil against 397,900 last year.
Rio's stock was 970,000 bags against 255,000 a year ago and
Santos' 2,033,000 against 1,194,000 last year. Laneuville
put the world's visible supply of coffee on June 1st at 5,164,000 bags a decrease of 90,000 bags since May 1. So far the
figures made up by the New York Exchange point to an increase of 90,000 bags. Total world's deliveries for the last
11 months are given at 19,056,000 bags, which is about
1,300,000 bags less than during the same period last year.
To-day prices advanced 25 to 55 points with cables higher and
shorts covering. Santos term prices were 800 to 875 reis net
higher; exchange advanced 1-16d. and the dollar buying rate
130 reis net lower. Rio was 425 to 200 reis net highe with
change up 1-16d. at 5 15-32d. and the dollar buying rate off
110 reis. Private cables reported strong cost and freight
offerings including genuine Santos Bourbon 4s here at 24c.
and Bourbon 8s. at 19.25c. For the week prices here show an
advance of 100 to 160 points.
14.80c.
17.20c I March
Spot (unofficial)_21 Mc.I September
16.04c. May
14.30e.
19.40c. December
July
-Cuban raws advanced %c. on duty free sugar
SUGAR.
for June-July shipments; 3,000 tons Philippine Island centrifugals sold for June-July at 2 23-32c., equal to 4.49c.
%
delivered. Business was done at 25 c. for Cuban prompt.
Later 2 11-16c. was paid. An event was the appearance of
Java sugars in the United Kingdom on a parity for Cuban
sugars. Java sugars may prove a formidable rival to
Cuban. That remains to be seen. Some contend that
shipments of Cuban will have to be large to meet world's
requirements. Sugar futures advanced. Cuba bought, it
seems, about 3,500 tons early in the week. The long interest in July and September is supposed to be large. This
and the possibility of Japanese competition kept advances
within bounds. It is believed, however, by many that a
Cuban crop of 5,000,000 tons has been pretty well discounted. Granulated was 5.60 to 5.70c. with a better
demand, due partly to the heat wave in this country. In
Cuba rains were general. Holidays in the United Kingdom
markets interfered with business. They recently sold Cuba
2
for June-July shipment at 12s. 73/cl. France may perhaps
have to import 50,000 to 75,000 tons before new crop purchases can become available. French buyers bought over
1,000 tons of refined sugar here on the 2d inst.
On the 3rd inst. came renewed activity at a rise of 3-32c.
that is 2 11-16c. for Cuban c. & f. Sales included 100,000
bags Cuban and Porto Rican for prompt and late June at
2 11-16c. c. & f., 1,250 tons of Philippines Island centrifugals
due July 1st at 4.46c. delivered. But it was estimated that
fully 250,000 of raw sugars including Cuban preferential
duty sugars and duty free Philippine Island and Porto Rican
sugars had been bought by refiners on the way up from 2%c.
to 2 11-16c. c. & f. basis. Cuban duty free sugar was offered for June, second half of June and even July delivery at
28 tc. c. & f. Later business slackened after recent transac/
tions reaching 500,000 bags but Cuban raw for July sold at
2 11-16c. and prompt at 221-320. Cuban interests bought
some 4,000 tons of futures largely July. Total sales were
14,850 tons. Refiners are hard put to it to meet a big withdrawal demand at 5.60 to 5.70c. Meltings of sugar during the
week ending June 4th increased to 75,000 tons; receipts dropped to 56,441 tons and stocks to 218,227 tons. United
States Atlantic port sugar statistics compiled by Willett &
Gray are as follows: Receipts for the week 55,441 tons against
93,264 in previous week, 80,228 same week last year and
74,719 two years ago; meltings 75,000 against 68,000 previous
week,64,000 same week last year and 62,000 two years ago;
total stock 218,227 against 237,786 previous week, 216,922
same week last year and 194,910 two years ago. To-day
Cuban rams showed very little change. There were offerings
at 2 11-16c. but refiner's ideas were lower. Some Porto
Rican sold at 1-32c. less and refiners were reported to be
showing interest at 221-32c. For the week there is an advance on futures of 5 to 7 points.
Spot(unoffidaD2 2I-32C.I September
2.74c.I December
July
2 86C.I March
2.91c.I May
2.93c.
3.00c.
LARD on the spot was higher with a better demand partly
for export recently and not reported then. Also futures were
up. This helped. And supplies were falling off. Moreover
in Chicago on June 1st the stock was 66,902,064 lbs. against
81,752,971 on May 1st and 71,255,332 on June 1st last year.
%
Prime Western was 16.90 to 17c.; City lard in tierces 165
%
to 163c.; in tubs 163/3 to 17c. Compound, carlots in tierces
123 to I234c.; refined pure lard Continent 17%c.; South
American 183c.; Brazil 193.c. Futures advanced early in
the week despite a sharp decline in grain. Backers were
good buyers encouraged by a larger spot demand. To
Germany the clearances late last week turn out to have been
8,250,000 lbs. It seemed to hint at a sub-rosa, foreign
demand recently while the talk has been persistent to the
2956
THE CHRONICLE
Vor.. 120.
effect that there was none at all or next to none. Despite a
decline later in corn and cottonseed oil lard futures were
steady. The decrease in lard stocks was the leading and
determining factor. Clearances from New York on the 2nd
inst. were 2,390,000 lbs. Foreign interests seemed to be
buying freely. This offset selling by cotton oil people. Also
packers bought. Today prices declined 25 to 30 points but
for the week they show an advance of 77 to 78 points.
naphtha, cargo lots 19.25c.; 62-63 degrees H.20. 500.;66-68
degrees 22c. Kerosene, cargo lots, cases 16.40c. Petroleum refined, tanks, wagon to store 13c. Motor gasoline
garages (steel barrels) 21c.; Up-State 22c.
$32 to $33; No. 1 canned corned beef, $2 75; No. 2, 6 lbs.,
$17 50; pickled tongues, $55 to $65 nominal. Cut meat
firm but quiet; pickled hams, 10 to 24 lbs., 203 to 223 10.;
/
%
pickled bellies, 6 to 12 lbs., 23 to 24c. Butter creamery,
lower grades to high scoring, 383/3 to 44c. Cheese, flats,
213/3 to 273.c. Eggs, fresh gathered, mediums to extras,
29 to 35c. The stock of cut meats on June 1 was 127,290,079 lbs., against 128,405,257 on May 1 and 137,842,761 on
June 1 last year.
OILS.
-Linseed early in the week was in rather better
demand and higher. Leading crushers quoted $1 07 a
gallon in carlots cooperage basis. The advance in flaxseed
on Friday gave strength to linseed. Later on the market
declined le. to $1 06. There was less disposition to purchase
beyond immediate requirements. Stocks on hand are said
to be of fair proportions. New buying was absent. Paint
makers were taking very little, and the demand from linoleum interests was more spasmodic. Cocoanut oil, Ceylon,
barrels, 1031 to 103'c.; Cochin, 1031 to 103'2c.; Corn, crude,
tanks, 10%c.; edible, 100-bbl. lots, 123/20. Soya bean,
crude, tanks, 12c. Lard prime, 18%c.; extra strained New
York, 143.40. Cod, domestic, 61 to 63c.; Newfoundland,
63 to 65c. Spirits of turpentine, 98 to $1 01. Rosin,
$8 65 to $14 50. Cottonseed oil sales to-day, including
switches, 29,900 P. Crude S. E., 93 0. Prices closed as
/
follows:
RUBBER advanced and touched 75c. here on the spot
on the 3rd inst. Behind this and in spite of a full lower
London market was the strong statistics of supply. Stocks
in London fell off to 5,691 tons this week against 6,605 last
week, 11,720 a month ago and 51,479 last year. Besides the
increasing consumption naturally tells plainly. Nothing is
expected in the near future from the plan proposed by
Secretary Hoover to reclaim old rubber. London on June
3rd fell % to 1 recovering part of the loss before the close
Ribbed smoked sheets Spot 36d to 3634d; June 36 to 363'd;
July-Sept. 30%d to 313d; Oct.
-Dec. 273 to 2831d. First
%
latex crepe spot 32d to 323'd; June 32 to 323/2d; July-Sept.
301d to 31d; Oct.
-Dec. 273 to 2831d. Late in the week
%
prices advanced on the, strength of London. Ribbed smoked
sheets spot-June 75 to 770.; July 73 to 733c.; Aug.
-Sept.
68 to 69c.; Oct.
-Dec. 603, to 623.c.; First latex crepe spotJune 73 to 75c.; July 71 to 72c.; Aug.
-Sept. 67 to 68c.;
Oct.
-Dec. 593 to 613c. London advanced 23'd on spot
and June and ld on distant positions. Ribbed smoked
sheets spot 383d to 383 0.; June 38 to 38%d.; July-Sept.
/
%
313 to 3231d. Oct.
-Dec. 2820.; First latex crepe spot
/
-Dec.
June 34d to 343'd; July-Sept. 313 to 313 d.; Oct.
%
%
283 to 2931d. Singapore was quiet but prices advanced
%
Md on spot and nearby and id on futures. Spot 303/2d;
-Dec. 253/sd.
June 305 d; July-Sept. 28%d and Oct.
%
HIDES were generally quiet and prices seemed none too
steady. River Plate trading, however, was reported more
active. It was even declared that European buyers had
taken 30,000 hides. One lot of 2,000 Swift Montevidio
.
steers sold at $40 50 or 18c. c.&f. It was none too easy too
tell precisely where the market stood. One uptown packer
is reported to have sold two cars of May native steers at
14c. Country hides were slow. In Chicago at one time
heavy native cows were active in the big packer hide market.
%
May brought 13c., April 123 c. and earlier 123c. June
production is said to be well sold up. Independents were
not offering June, though for May they asked 133/20. for
all-weight native cows. Packer calfskins were at 23c. with
first salted Chicago city skins offered at 2c. Country
extreme weight hides were firm, but buffs and heavies were
quiet. Some refused 14c. for free of grub 25-45 pound
weights, though others were accepting it. Some 20%
grubby 25-50s brought 133'c. Most tanners do not bid
much above 13c. Moderately grubby buffweights brought
%
113/0. to 113 c., with 12c. for free of grubs and 11 to 113'c.
2
for ordinary quality., All-weight country hides 113/c.,
2
selected delivery. Western country branded hides were
active at 10c. flat Chicago freight basis. Leather was still
dull except for a rather brisk trade in patent and even that
was in good supply at 28 to 32c. a foot for third grade
leathers, depending on spread. Some 500 dry salted
Peruvians sold, it was said, at 15c. for shipment. Frig°.
rifico steers in the River Plate section were quoted at $36.
In Chicago on June 4 big packer branded hides were active
with sales of Colorado steers at 123/0. Heavy Texas and
3
butt branded steers "were also in brisk demand at 133/2c.,
or % to %c. off from recent prices. Branded cows were
steady with sales of 10,000 at 13c.
OCEAN FREIGHTS were quiet after a large business last
week at fairly steady rates. Lower rates came later with
grain prices up recently 6 to 100.
Pennsylvania
$2.02
$3.55 Bradford
$3.65 Illinois
Corning
1.70
1.95 Corsicana,light2.00 Crichton
Cabell
1.55
2.20 Lima
2.23 Plymouth
Somerset, light__- 2.45 Indiana
2.00
2.03 Mexia
Wyoming
2.15 Princeton
2.02 Calif., 35 & above_ 1.85
Smackover,27 deg. 1.30 Canadian
1.75
2.63 Gulf, coastal
Powell
2.00
2.00 Wortham
2.00 Richland
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Buckeye
3.40 Eureka
3.50
Fri
Sat.
Wed. Thurs.
Mon.
Tues.
Oklahoma. Kansas and Texas
Mid-Continent
July delivery
cts Hon- 16.35
17.00
17.30
Under 28 Magnolia
16.42
16.97
$1.35
Below 30 deg
$1.00
September delivery_ _ _ _ day 16.60
17.22
17.52
16.62
17.15
31-32.9
1.55
30-32.9
1.55
October delivery
17.30
17.17
17.55
16.60
16.65
39 and above
1.80
2.25
33-35.9
Below 30 Texas Co
2.00
1.35
36 and above
PORK quiet; mess, $38 50; family, $36 50 to $39 50.
33-35.9
1.80 Caddo
42 and above
1.70
Below 32 deg
2.35
Fat back pork,$36 50 to 0. Beef quiet; mess,$19 to $20;
1.85
32-34.9
2.05
38 and above
packet, $19 to $20; family, $20 to $24; extra India mess,
Spot
June
July
IS:211821Etupgtu tge-r- 11:11211:18 January- _ _10.30§10.50
e
Mcvenibbg:
.
10.87 October..- _11.19Q:11.20
.10.86
PETROLEUM.-Gasoline demand of late has improved
somewhat. The tank wagon prices were raised lc. throughout Texas. Consumers, however, are not interseted in
distant deliveries. They are only taking enough to fill
immediate wants. Recently export business has been disappointing. For U. S. motor in bulk at refineries 143/20.
was asked, although in some quarters business, it is understood, could be done at 14c. on a firm bid. Stocks abroad
are small. Cased gasoline is not moving very freely. The
local price in steel barrels to garages is 21c. Kerosene has
been dull. Big buyers are not anxious to purchase at
present prices. At local refineries water white was quoted
at 63 0. in bulk and the tank wagon price 13c. Very little
/
export business is being done. Bunker oil was dull at
$1 75 a barrel for grade C in bulk at local refineries. Diesel
oil steady at $2 30 a barrel at refineries. Gas oil demand
has been slow; 36-40, 53c. a gallon; 28-34, 531c. Lubricating oils at one time were in better demand and firm. A
good inquiry was reported from France for Pennsylvania
grades. For 600 s.r. in barrels New York 29c. was quoted.
Gasoline in bulk was advanced Mc. late in the week.
Advices from Tulsa on May 31st were to the effect that the
Magnolia Petroleum Co. advanced the gasoline tank wagon
price 1 cent making the State-wide price of 193/2c. which
plus the 3c. State tax makes a uniform price of 223/2c. at the
filling stations. A good demand for gasoline from oil jobbers and heavy purchases of high test gasoline by the Standard companies, it is said, are responsible for the continued
advance in the market. The production of gasoline gained
4% in April. The production for the month was 860,492,115
gallons according to the Department of Interior. The daily
average was 28,700,000 gallons. The domestic demand was
810,849,075 gallons, a daily average of 27,030,000 gallons, or
an increase of 35%. Stocks of gasoline, on hand at refineries
on May 1st were 1,561,002,024 gallons a decrease from the
previous month of 50,000,000 gallons. New York refined
export prices: Gasoline, cases, cargo lots, U. S. Navy specifications deodorized 30.15c.; bulk per gallon 16.50c.; export
CHARTERS Included grain from North Pacific to United Kingdom and
Continent, wheat,option barley, San Francisco, 35s. option Mediterranean,
375. 6d.: sugar from Montreal to Avonmouth and United Kingdom. three
from t
Ceu
imlihAtRiver t Australia,f
t
?
$14 51)
Ytd AiinC1. ) june; hclingept
ert
0 c11at:ter,ro
d
(le c7ast of
es )e
o
America, 90c.; one round trip Ilnlt d States antt
ge8VI
ea
prompt;
crude oil from United States Gulf to North of Hatteras, 2 c. June;'coal from
0
1
Hampton Roads to Montreal, 95.c June; clean oil from Gulf to United
Kingdom-Continent, 218. July; grain from North Pacific to United Kingdom
S
.JUNE 6 1925.]
Continent, 345. September; time charter, delivery Hampton Roads 9 to
12 months. to South Alberta Lumber Co.. 90c.; one round trip West Indies
i
at $13 1)prgc oi
. , m t
a .
.p
. lcoo f
3g o. atat
prompt,
ev
Mediterranean,
heavy,
4om gion ubt o /vi
N w i( k- rea trip cTcrin
Bristol Chanfor each of two more ports, June 8-17: grain from Montreal
997-t
nel, 25. 9d. early June; coal from Hampton Roads to West Italy, $2 75.
on steamer, United
from Hampton Roads to Rio. $3 40, time charter,
States and West Indies, round vouage, $1 45: 70,000-bbls, crude oil from
United States Gulf to North Hatteras, 20c. June; lumber, 675 standards
from Gulf to Mediterranean not east of West Italy. 130s. one port, with
options June 15 to July 15.
-Anthracite has been in fair demand. Bituminous
COAL.
has remained quiet with the big industries slow. Lake shipments of anthracite increased moderately. As to bituminous stocks at Hampton Roads they were reported as 291,324
tons early in the week, of which 233,774 tons were low and
57,550 tons high volatile. Dumpings on the preceding day
were 65,408 tons. Vessels under charter called for 83,640
tons, leaving the surplus otherwise available of 207,684 tons.
Bituminous stocks at New York tidewater were 1,490 standing cars and 414 dumped. Some large dealers quoted prices
for egg coal, New York, at $13 70; for stove, $14 20, and for
chestnut, 813 70. At Hampton Roads trade flagged later
and prices declined. There is a fair trade in smokeless at
steady prices.
TOBACCO has met with a moderate demand and prices
have maintained a fairly steady appearance. There is no
use disguising the fact that business is not,up to the level
that everybody would like to see. The purchases for the
most part are of small or moderate-sized lots, whether of
home or foreign tobacco. But there is hope of better things
later on, when general trade throughout the country brightens up,lifting tobacco along with other commodities to something like the old-time plane of activity.
%
COPPER prices were unchanged at 135 c. delivered in the
valley and 13.60c. f. a. s. New York. For several weeks
they have stood at this level. Some producers report a
better business. They declare that sales are greater than
the present rate of production. Lake district reports stated
that May production was considerably less than consumption and about 75% of the June output is already sold in
advance. Deliveries to public utility companies show a
marked increase and export business is steadily increasing.
While it is true production has been cut in some districts,
lake companies have not taken any action in this direction.
Production of refined coppy in the Lake district in May was
12,450,000 lbs. The Calumet & Hecla group of mines including Isle Royale, produced 8,350,000 lbs. Of late London
has declined. On the 2nd inst. spot standard fell 2s. 6d. and
on the following day a similar decline was recorded. Brass
and wire mills are working at about 70% of capacity.
TIN early in the week advanced Mc. in the absence of a
cue from London, which market was closed for the Whitsuntide holiday. The advance here was attributed to the fact
that American prices were below the British parity and an
optimistic feeling in London. The market here was generally
quiet. Later on the market declined in sympathy with a
lower London market and a greater increase in the visible
supply than was expected. London prices on the 3d inst.
dropped 10s. to 15s., and here the decline amounted to M
%
to %c. Spot Straits here, 545 c. The world's visible
supply increased 2,792 tons in May, and the total is now
20,897 tons, against 10,105 tons a month ago. The United
States visible supply was 9,781 tons at the doge of May,
against 8,907 a month ago and 9,577 two months ago.
Late in the week London advanced £1 10s. to £2, and prices
here followed to the extent of Mc. Straits sold at 553 c.
,
Owing to the lightness of the fruit and vegetable pack this
year, less tin plate will be used. On the other hand, tin
plate consumption by the automobile industry has been
heavy.
LEAD has been higher in the outside market, but the
leading refiner continued to quote 8.40o. New York. The
St. Joseph Lead Co. advanced its price for East St. Louis
to 8.40c. and actual spot was selling in that section at from
8.55 to 8.70,0. on the 2d inst. Business has been fair, but
of late there has been some slowing up in the demand.
Some think that prices have moved up too rapid and are
looling for lower prices before long. The outside market
for New York has been as high as 9c., but of late it has been
8.90c.
ZINC has been quiet and easier. Spot New York, 7.323/i
to 7.37Mc.; East St. Louis, 6.973' to 7.023c. But zinc
ore prices have been higher. Sales have been made at $51
per ton in the Tri-State district.
2957
THE CHRONICLE
STEEL has in general been comparatively steady, with the
output at 70%, and the pig production falling off. There
has been rather more buying, but it was in small lots. Iron
and steel scrap advanced $I per ton more in the Pittsburgh
district. Heavy melting steel sold at $17 50 to $18, delivered, to dealers. Consumers did not take any, but may
have to conform to thequotation of $18; when they do buy.
Builders have taken 38,500 tons of structural steel, about
20% for oil tanks and large contracts, i. e., for some 55,000
base boxes of tin plant have been made. Belgian wire nails
have met the American price in the Gulf ports; that is, $2 75;
also 15,000 tons of cast iron pipe were sold. Hot weather
has cut down the output of sheets. Cast iron pipe fell $1
-inch sizes now being $51 50 to $52 50
per ton in the East; 6
per net ton f. o. b. New York. The City of New York wants
8,500 tons of pipe. French cast iron pipe begins to look
rather like a fixture here, despite the 20% duty. Now there
is talk of trying to get the duty raised 50%, under the law
leaving it to the President.
PIG IRON has been steadier after recent considerable
sales, namely 750,000 tons in May including 350,000 tons at
Cleveland alone. And some Buffalo producers have advanced
prices 50c. per ton to $19.50 base, and observe 50c. differentials between silicon grades. One producer in that
district still quoted $19. Likewise in eastern Pennsylvania
the more usual quotation is $20.50 base, but $20 it is said is
not always refused on tonnage especially for outside shipment. Mergers of iron selling houses may help to stabilize
prices. Indian iron was quoted at $22.50; sometimes more
sometimes less, depending on circumstances as to competition
with American iron. Pig iron output in the United States
fell off 13% in May. There was a net loss of 24
active furnaces and by the close of May only 49% of the
practical blast furnace capacity of the country was in
operation. London has recently been dull and weak'
Belgium quoted billets at £6 delivered or 17s 6d under
London. British trade lags even with prices at some
further decline now in some cases below the cost of production. English low phosphorous iron has been selling at
$34.60 duty paid. About 1,000 tons of German iron recently
landed at Philadelphia. Importations however have been
dying down. Rockdale, Tenn. quoted ferro phosphorous
up to $95.
WOOL has been quiet and reported steady. Foreign
markets were dull and Bradford doubtful of prices' stability.
In Boston buying has been confined to small lots. They
say more business has been done there, especially in the
finer grades. But buyers keep close to shore. There is
no real activity. Good fine staple was quoted at $1 25 to
$1 30. Fine French $1 20 to $1 25. Both M to % blood
staple are declared to be rather steadier. London was
reported steady; also Bradford, but many buyers, it seems,
distrust the staying power of the present prices. In the
West little business has been done and a good deal of wool
has been stored. That is not the most promising feature
conceivable. New York nominal quotations in a slow market are as follows:
delaine, 48 to
Domestic fleece, unwaahed. Ohio and Pennsylvania fine .
49c.; 34 blood, 48c.; 34 blood. 45 to 46c.; g blood, 44 to 45c. Territory,
clean basis, fine staple, $1 22 to $1 25; fine medium. French combing,
$115 to $1 20; )4 blood staple, $110 to $1 15; 34 blood. 90c. to 95c.: Si
blood, 80c. to 85c. Texas clean basis, fine, 12 months, $1 25 to $1 28; 10
months, $1 20 to Si 25: 6 to 8 months, $1 10 to $1 12. Pulled, scoured
basis, A super, $1 (15 to $110; B,90c. to 95c. C. 70c. to 75c.. mohair, best
combing, 75c. to 80c. Australian, clean basis, in bond, 64-708, combing,
$1 13 to $1 20; 64-70s, clothing, $1 05 to Si 10; 58-605, 80c. to 90c.; 568,
70c. to 75c.; 508, 60c. to 65c. New Zealand, grease basis, in bond, 56-588,
super, 52c. to 54c.; 50-56s, 45c. to 47c.: 48-508, 42c. to 44c.; 46-488. 40c. to
42c.; 44-46s, 39c. to 41c. Buenos Aires, grease basis, in bond III (46-488).
388. to 40c.' IV (445.), 33 to 35c.• V, Lincoln (40s), 30c. to 32c. Montevideo, grea/A, basis, in bond, 58-60s, 48c. to 50c.; I (568), 46c. to 488.:
II (508), 42c. to 44c.; III (46-488). 38c. to 40c. Cape, clean basis, in bond.
best combings. $1 05 to $1 10; average longs,$1 to Si 05: best shorts. 988.
At Bradford, Eng., wool was dull, buyers fearing another
decline. Top-making yarns were dull and lower. Piece
goods buying was very cautious. In London on June 4, at a
meeting of the wool merchants and selling brokers, it was
decided to close the list of new arrivals for the July series of
Colonial wool sales there as from 4 p. m. July 3. These
include 22.000 bales Australia, 39,000 New Zealand, Lap
Cape and 700 other sorts, a total of 63,200 bales, in addition
to 108,000 bales carried over from the last (May) seri`se
though it is supposed that a large percentage of the latter
will not be for sale.
COTTON.
Friday Night, June 5 1925.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
2958
THE CHRONICLE
31,997 bales, against 44,085 bales last week and 44,069 bales
the previous week, making the total receipts since the 1st
of August 1924, 8,983,792 bales, against 6,466,280 bales for
the same period of 1923-24, showing an increase since Aug. 1
1924 of 2,517,512 bales.
Receipts atGalveston
Houston
New Orleans_ _ _ _
Mobile
Savannah
Charleston
Wilmington
Norfolk
New York
Baltimore
Totals this week_
Sat.
836
1,141
49
16
452
450
3.161
Mon.
Tues.
Wed.
Thurs.
560
482
421
434
4,549
-_-_
1.850 10.254
372
712 1.138 1,022
____
68
41
29
--------101
500
1,444
596 1,290
409
48
14
244
500
185
73
-------- 7.160
2.506
Fri.
Total.
396 3,129
-_-- 16,653
283 4.668
5
192
19
636
174 4,365
66
254 1.256
--------265
5.040 12.725
715
1.306 31.9117
• The following tab e shows the week's total receipts, the
total since Aug. 1 1924 and stocks to-night, compared with
last year.
1924-25.
Receipts to
June 5.
1923-24.
Stock.
[Voi,. 120
on the Canadian border are always very slow in coming to hand. In view, however,
of the numerous inquiries we are receiving regarding the matter, we will say that
for the month of April the exports to the Dominion the present season have been
19,587 bales. In the corresponding month of the preceding season the exports
were 10,328 bales. For the nine months ending April 30 1925 there were 173.362
bales exported, as against 127,282 bales for the corresponding nine months of 1923-24.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared at the ports named:
On Shipboard, No Cleared for
Great
GerOther CoastJune 5 at
- Britain. France. many. Ccmt•nt. wise.
Galveston
New Orleans..
Savannah
Charleston_ __ _
Mobile
Norfolk
Other ports*..
Total.
Leavitt,
Stock.
2,000 18.000 102,051
83,626
221 14.187
13,443
400
8,550
479
1,303
-161:5
-iAi
281
------------------------37,889
158,610
21
1
2,
1.1
1,500
968
Total 1925.. 4,568
Total 1924.. 12.913
Total 1923.. 14.223
*Estimated.
3,600
496
4,000
4,510
400
6,900
7,992
4,596 11,410 16,073
4.567 9,604 23,463
3,667 10.875 19.897
2,700 39,347
1,922 52,469
1.892 50.554
405,472
294,380
313.397
Speculation in cotton for future delivery was active on
the 2d inst. at much lower prices. They fell 80 points from
Galveston
3,129 3.607,461 5,375 2.804,649 120.051
58,282 the early high touched before the Bureau report appeared.
Texas City
62.126
695
18,606
19 The Bureau of
Agriculture report was the sensation early
Houston
16.653 1,792,146 5.977 1,051.801
Port Arthur, &c
In the week, I. e. 2 to 4% points above the previous reports
New Orleans
4,668 1,866,482 17.236 1.301,943
97,813 126,497
and fully 2 points higher than the average estimate of the
Gulfport
Mobile
192 149,926 2.730
70.393
1,584
Exchange. The Bureau's report of 76.6% in condition comPensacola
10.062
11,771
Jacksonville
3.692
3.926
413
1,837
Savannah
636 616,691 6,905 402,149
13.843
22.090 pares with 65.6 a year ago, 71 in 1923, 69.6 in 1922 and a
Brunswick
539
880
130
10-year average of 72. Texas was 70, against 66 last year,
Charleston
4,365 264.916
761 186,831
9.029
13,963
Georgetown
77 in 1923, 61 in 1922 and a 10-year average of 72. OklaWilmington
66 133,465
499 124.720
14.097
12,993
Norfolk
1.256 383.767 1,417 404.989
37.889
33,882 homa was 86, against 58 last year, 63 in 1923, 67 in 1922 and
N.port News, &c_
72 for the 10-year average. Georgia was 78, against 68 a
New York
317
22.507 1,861
15.352 142.890
65,432
Boston
36,066
216
40,453
1.602
4,849 year ago, 65 in 1923, 71 in 1922 and 70 as the 10
-year averBaltimore
715
32,901
400
26.493
1.334
1,500
Philadelphia
1.045
1,324
3.449
3,330 age. Alabama was 80, against 70 last year and the year beTotals
31.9978983.792 43.377 6.466.230 444.319 346.849 fore, 80 also in 1922 and 71 as the 10-year average, and MisIn order that comparison may be made with other years, sissippi was very high, 1. e., 84 against 69 last year, 70 in
1923, 75 in 1922 and 73 as the 10
-year mean. Louisiana was
we give below the totals at leading ports for six seasons:
also another State with a very high condition; that is 84,
Receipts at1925.
1924.
1923.
1922.
1921.
1920.
against 70 last year, 68 in 1923, 70 In 1922 and 73 for the 10
Galveston_ __.
3,129
5,375
9,014
30.844
50,686
7.557 year mean; Arkansas was 85, against 58 last year, 66 in
Houston, &c.
16.653
5,977
1.914
887
932
2,775
-year period. Tennessee
New Orleans_
4.668
17,236
5,965
27.536
27,145
16,356 1923, 76 in 1922 and 72 for the 10
Mobile
192
2,730
64
3.418
1,707
1,452
Savannah_ _ _ _
636
6,905
2,404
8.210
14,087
4,426 was 82, against only 54 last year, 70 in 1923, 79 in 1922 and
Brunswick _
740
1,095
72 for the 10
-year period. All this offset less favorable
4,365
761
2,027
4,242
1,568
1,538
Charleston..._
Wilmington __
66
499
306
2.199
2,419
26 reports about the Carolinas and Virginia. There is a 'little
Norfolk
1,256
1.417
1.903
4,428
5,950
1.088
N.port N ,&c_
26
28 weevil in Texas or eastward of Alabama in the Gulf States.
All others_ .. _ _
1.032
2,477
1,463
12.066
4.044
4,031 The report was the signal for heavy selling by Wall Street,
Tot this week
31,997
43,377
25,060
94.570 109,659
39,277 the West and scattered interests uncovering stop orders.
Clinna .10t, 1
5085 709 ft dall aun c 545 7051 c 701 SIRR A 01 k nen A MO 901
Liverpool sold early. Worth Street was quiet and there
The exports for the week ending this evening reach a total were reports that buying orders for goods had been canof 111,468 bales, of which 15,106 were to Great Britain, celed. Fall River was quiet. So was Manchester. Calcutta
11,670 to France, 21,597 to Germany, 7,786 to Italy, 18,400 merchants have entered into an agreement not to buy forto Russia, 20,855 to Japan and China, and 16,054 to other eign piece goods for four
months. The American crop redestinations. In the corresponding week last year total
exports were 58,838 bales. For the season to date aggregate port might but for later events have tended to confirm them
exports have been 7,693,506 bales, against 5,222,079 bales in this resolution, particularly as Texas and Oklahoma
in the same period of the previous season. Below are the nowadays raise nearly half the crop. Dry weather may have
exports for the week.
retarded growth in parts of'Texas, but it has also kept down
the weevil. Many feel that a good June report this year
Exported to
means more than it has at times in the past. For the stands
Week Ended
GerGreat
Japan&
June 5 1925.
are good. Fields are well cultivated. Fertilizers are of betExports from- Britain. France many. Italy. Russia China. Other. Total.
ter quality than heretofore, and in some States are more
8,415 8,218 3,404 11,000 3,127 7,136 41,300
Galveston
4,389
7,400 2.854 2,010 16,653 plentifully used than they were last year.
Houston
2,458
5,874 3,546 19,732
New Orleans.._. 2,654 3,088 2,112
But a very sharp advance came later. For Texas drought
900
2,481
3,381
Savannah
284 8,017
2,830
4,903
Charleston
was persistent. It needs rain at short intervals to make up
2,006
5,406
3.400
Norfolk
9.000 3,078 16,979 for the deficit in the summer, fall and winter rainfall of
167 2,042 1,024
1,668
New York
15,106 11,670 21,597 7.786 18.400 20.855 16,054 111,468 1924-25. With rains will come perhaps a greater menace
Total
500 5,746 58,838 from the weevil. In the eastern States weevil are more
13,406 8,016 17,497 5.438 8,195
Total 1924
7.700 7.832 40.002 plentiful than a year ago. In every county of South Caro4.102 3.422 13.655 3,291
Total 1923
lina it has appeared and also in southern Georgia and
Exported to
From
Aug.1 1924 to
Florida. Weevil and the deficit in subsoil moisture in Texas
Japan&
GerJune 5 1925. Great
Total.
Exportsfrom- Britain. France. many. Italy. Russia. China. Other.
are threatening factors. June promises are not always fulGalveston__ _ 740,927 411,684 576,301 264,081 33,250 733,229 409,784 2,969,256 filled. In 1918, for example, an 84% condition on June 25
Houston__ 548,651 322,637 419,112 150.031 66.600 97,685 145,070 1,749,786 was followed by 43 on Aug. 25, a drop of 41%. A May 25
16,794
8,034
Texas City__
8,760
New Orleans. 471,080 86,575 223.230 174,716 98,636 135.055 118,993 1,308.285 condition, many insist, means nothing. Last year It was
80,112
1,818
415
41,838 1,308 34,733
Mobile
1,597 65.6, and it was a black outlook indeed. It was followed
60
51
Jacksonville_
1,486
8.448
300
6,588
415 1,145
Pensacola...
24,600 11,185 470,132 by a crop of 13,619,000 bales, the largest in 10 years. For
Savannah _ __ 200,506 8,831 218,190 6,820
28,900 17,066 228.489 the incredible thing happened, 1. e. a dry hot summer and
386 84,017
Charleston__
98,120
100,013
42,347 20.800
Wilmington
. 36,866
4,000 2,300 239,123 fall, keeping down the weevil, with a killing frost late to
Norfolk
117.829
435 114,559
26,608 65,77E 426.105
New York__ 145,397 35,670 102,301 50,351
12,568 cap the climax. Moreover, the recent tendeifcy here has
6,515
Boston
165
100
5,788
347
36
Baltimore....
218
100
3
7.411 been to oversell. The net decline on Tuesday was cut down
639
Philadelphia
52
368
225
6,128
55.156 to 33 to 40 points. Shorts appeared apprehensive of
507
Los Angeles_
15,744
37,605 1,300
too
23.811
San Diego..
600
23,211
5 111,962 much company. The trade bought. Calcutta, Manchester
SanFrandsco
111,957
84,111
152
Seattle
83.959
thinks, cannot stick to its fanatical plan of not buying for
Total
2,490,783 869,392 1824552 867,757 198,486 862,337 780,198 7,693,506 four months. The East Indian monsoon has just broken.
Tot.1923-24 1.636,865 683,925 1220541 488.897 66,554 573,196 562,101 5,222,079 Buying of July was a feature here and in New Orleans.
Tot.1922-23. 1.248,930 586,546 860,048 445.546
290 584.749 550.562 4.274.671
There was a rumor, unconfirmed, that New Orleans would
NOTE.
-Exports to Canada.
-It has never been our practice to include in the
above table exports of cotton o Canada. the eason being that virtu& ly all the take 100,000 bales of the New York stock for delivery on
cotton destined to the Dominion comes overland and it is impossible to get returns
concerning the same from week to week, while reports from the customs districts July contracts.
July has been 120 points over October
This Since Aug Tilts Since Aug
Week. 1 1924. Week. 1 1923.
1925.
1924.
there and 40 over New York July. Here July has been 53 to
74 over October. The July pinch in New Orleans is especially severe in a topsey-turvey situation, I. e. the distant
market cheaper than the market close to the cotton field.
On Wednesday came one of those sudden revulsions of
sentiment that now and then give so-called prosaic business an almost dramatic touch. People on the sober second
thought concluded that the break of Tuesday was premature.
'They thought more of the possibility of weevil damage and
of the certainty that there was but a scanty supply of subsoil moisture in Texas after the droughts of last fall and
winter and spring up to about the beginning of the third
week in April. July shorts became alarmed at continued
drought and heat in central and southern Texas and covered
hastily. Some features of the weekly Government report
were unfavorable. Late planted cotton in central and
southern Texas was not doing well. Reports from the Carolinas and parts of Georgia, Mississippi and Tennessee were
In some respects unfavorable. Most of them need rain. July
ran up to a premium over October of 74 points, a rise of 30
points recently. New Orleans was closed and the buying of
July concentrated on New York with the effect of a rise of
53 points. Liverpool, Japanese, Wall Street, Chicago,
Southern and local interests bought July, October and later
months. A rise in stocks and one of 7c. in wheat from the
previous day's "low" woke up Wall Street and Chicago. The
South wants a big crop and wants it early. Mills are said
to be competing at the Southern markets with shorts for the
actual cotton.
On Thursday prices advanced some 60 to 70 points on hot,
dry weather in Texas, unfavorable crop reports from that
State, higher Liverpool prices, an upturn in spot markets
• and heavy covering. Shorts were supposed to have bought
some 40,000 to 50,000 bales, partly for Wall Street and partly
for the West. It was said at first that it was probably for
large interest in Wall Street, but later it was declared to
have been mostly for the West. That would mean, it is believed, that there was still a large short interest that refused to be stampeded. July was again in demand, but not
so much so as on previous days, and the premium over October dropped to 60 points, as against 74 the day before.
To-day prices advanced about 40 points net, after frequent
fluctuations due to profit taking. Also, there was a forecast of showers for the Panhandle of Texas. There was a
hope that they might strike down to the central and southern parts of that State. There was considerable selling of
July. Its premium fell to 57 points, against 74 two days
previously. Late in the day there was renewed covering.
Contracts became scarce again and prices easily advanced
to the best of the day and closed firm. Hot dry conditions
in Texas are the Main feature, coupled, however, with a
strong spot situation. Last prices show a rise for the week
of some 80 to 95 points. Spot cotton closed at 24.70e, for
middling, an advance since last Friday of 95 points.
The following averages of the differences between grades,
as figured from the June 4 quotations of the ten markets,
designated by the Secretary of Agriculture, are the differences from middling established for deliveries in the New
York market on June 11.
1 01 on
Middling fah'
.77 on
Strict good middling
55 on
Good middling
34 on
Strict middling
Basis
Middling
.60 off
Strict low middling
1.43 off
Low middling
2.52 off
*Strict good ordinary
3.62 off
*Good ordinary
Strict good mid."yellow' tinged.0.02 on
Good middling "yellow" tinged__ .34 off
Strict middling "yellow" tinged__ .80 off
1 48 off
*Middling "yellow tinged
*Strictlow mid."yellow" tinged_2.44 off
*Low middling "yellow" tinged...8.53 Off
Good middling "yellow" stained-1.61 off
*Strict mid "yellow"stalned_-__2.11 off
Middling "yellow" stained
2 85 off
Good middling "blue" stalned__1.44 on
Strict middling "blue" stained_ _1.85 off
*Middling "blue" stained
2.65 off
Good middling spotted
.12 on
Strict middling spotted
.is off
Middling spotted
61 off
Strict low middling spotted- _1.42 off
Low middling spotted
2.43 off
Good mid. light yellow stained
.88 off
*Strict mid,light yellow stained..1.40 off
*Middling light yellow stained.....2 11 of
Good middling gray"
.49 off
*Strict middling "gray"
.88 off
*Middling "gray"
1 40 of
*Not deliverable on future contracts.
The official quotation for middling upland cotton in the
New York market each ol/Ly for the past week has been:
May 30 to June 5Middling upland
Sat. Mon. Tues. Wed. Thurs. Fa
'fol. 23.65 23.35 23.85 24.35 24.10
NEW Yoitic QUOTATIONS FOR 32 yEiuts.
The quotations for middling upland at New York on
June 5 for each of the past 32 years have been as follows:
1925
1924
1923
1922
1921
1920
1919
1918
24 70c. 1917
29.550. 1916
28.450. 1915
20.75c. 1914
12.650. 1913
40.00c. 1912
31.400. 1911
29.900. 1910
22.70c.
12.75c.
9.75c.
13.65c.
11.90c.
11.45c.
15.90c.
14.90c.
1909
1908
1907
1906
1905
1904
1903
1902
11.50c.
11.40c.
12.90c.
11.25c.
8.40c.
11.75c.
11.50c.
9.25c.
1901
1900
1899
1898
1897
1896
1895
1894
8.250.
8.88c,
6.25c,
6.50c,
7.69c.
7.75c
7.25c.
7.38c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also mid columns
whichishow at a glance how the market for spot and futures
cl:,sed on same days.
2959
THE CHRONICLE
JUNE 6 1925.]
Saturday__ _
Monday __ _
Tuesday ___
Wednesday_
Thursday _ _
Friday
SALES.
Futures
Market
Closed.
Spot
Market
Closed.
Spot. Contet. Total.
HOLIDAY
Quiet, 10 pts. dec._ Steady
Steady, 30 pts. dec. Steady
Steady,50 pts. adv. Steady
Steady,50 pts. adv_ Steady
Steady, 35 pts. adv. Firm
Total_ _ _ _
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have b. en as follows:
Monday,
June 1.
Scaurday,
May 30.
Tune
Range...
Closing_
/14Range__
Closing_
4u9.
-
Friday,
June 5.
22.85-22.85
- 23.05 -22.70 -23.23 -23.70 -24.05 ---22.87-23.04 22.40-23.15 22.69-23.12 23.27-23.72 23.38-23.95
22.92 ---- 22.59.-22.60 23.09-23.10 23.56-23.59 23.91-23.95
---- ---- 22.00-22.00 ---- ---- 22.96-22.96 23.13-23.13
Range.,.
Closing_
Sept.Range_ _
Closing_
7ct.Range_
.
Closing_
Nov.
Range,_
Closing.
Dec.-'
Range..
ClosingJan.
Range __
Closing_
Feb.
Range __
Closing,
hatchRange._
Closing_
April
Range _
.
Closing,
hayRange__
Tuesday, IVednesday, Thursday,
June 4.
June 2.
June 3.
22.60 -22.25 ---- 22.55 ---- 23.16 ---- 23.53 ---22.20-22.20 22.46-22.46 22.84-22.84 23.15-23.40
23.06
23.4322.59 -22.25 -22.55- 22.38-22.53 21.87-22.67 22.13-22.38 22.58-23.10 22.83-23.38
22.45-22.46 22.06-22.07 22.35-22.38 22.96-22.99 23.35-23.38
HOLIDAY.
23.42 -23.0522.4422.1522.5322.55-22.72 22.07-22.86 22.32-22.58 22.77-23.28 23.03-23.53
22.62-22.64 22.24-22.27 22.54-22.56 23.15-23.16 23.50-23.53
22.15-22.32 21.68-22.43 21.92-22.19 22.37-22.89 22.63-23.12
22.21-22.22 21.83-21.85 22.15-22.16 22.72-22.75 23.10-23.12
22.35 -21.95 -22.28 ---- 22.87 ---- 23.23 ---22.43-22.52 21.96-22.74 22.17-22.42 22.63-23.12 22.93-23.4C
22.48-22.08-22.10 22.41-22.42 23.02-23.12 23.37-23.4C
22.53 -22.15 ---- 22.49 ---- 23.12 -23.47 ---22.84-22.88 23.28-23.51
29222257 ---- 2221 ---- 23.67 ----
99 AR
Range of future prices at New York for week ending
June 5 1925 and since trading began on each option.
Option for
Range for Week.
May 1925
June 1925.. June3 22.85 June
July 1925__ June 2 22.40 June
Aug. 1925.. June 2 22.00 June
Sept.1925.. June 2 22.20 June
Oct. 1925.. June 2 21.87 June
Nov. 1925_
Dec. 1925.. June 2 22.07 June
Jan. 1926.. June 2 21.68 June
Feb. 1926..
Mar.1926__ June 2 21.96 June
April 1926
May 1926.. June 4 22.84 June
Range Since Beginning of Option.
21.65
3 22.85 22.55
5 23.95 21.40
5 23.13 21.75
5 23.40 21.75
5 23.38 21.50
22.16
5 23.53 31.72
5 23.12 21.40
21.94
5 23.40 21.64
May 13 1925 29.16
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
July 28 1924
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
5 23.57 22.84 June 4 1925 23.37 Jur° 5 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 consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
1925.
1924.
bales_ 801,000 502,000
3,000
115,000
68,000
1923.
553,000
1,000
52.000
1922.
862,000
1,000
52,000
570,000
12.000
129,000
113.000
17,000
55,000
8,000
12.000
1,000
606.000
15,000
60,000
80,000
10,000
70,000
17,000
15.000
3,000
915,000
33,000
243,000
159,000
9,000
90,000
19,000
12,000
2,000
539,000
347,000
270.000
567,000
Total European stocks
1,458,000
India cotton afloat for Europe..._ 172,000
American cotton afloat for Europe 212,000
Egypt,Brazil,&c.,afloatforEurope 109,000
Stock in Alexandria, Egypt
107,000
Stock in Bombay, India
863,000
Stock in U. S. ports
444,819
Stock in U. S. interior towns
312,296
U. S. exports to-day
2.006
917,000
145,000
154,000
93,000
115,000
809,000
346,849
333,056
876,000 1,482,000
86,000
78,000
82,000 373,000
80,000
60,000
199.000 267,000
709,000 1,156,000
363,951 855,448
419,670 666,798
1,430
June 5Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Antwerp
Stock at Genoa
Stock at Ghent
Total Continental stocks
919,000
212,000
178,000
12,000
84,000
38.000
3,000
12,000
Total visible supply
3,680,121 2,912,905 2,
787,621 4.967,676
Of the above, totals of American and other descriptions are as follows
American
Liverpool stock
bales 569,000 242.000 250,000 500,000
Manchester stock
100,000
31,000
37,000
53,000
Continental stock
450,000 261,000 181,000 477,000
American afloat for Europe
212.000 154,000
82,000 373,000
U. S. port stocks
444,819
346,849 363,951 855,448
U. S. interior stocks
312.296 333,056 419,670 666,798
U. S. exports to-day
2,006
1,430
Total American
East Indian, Brazil, &c..
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,020,121 1,389,905 1,
327,621 2,910,676
232,000
3,000
15,000
89,000
172,000
109,000
107,000
863,000
260,000
15.000
86.000
145,000
93,000
115,000
809,000
303,000
1,000
21,000
89,000
78,000
60,000
199,000
709,000
362,000
1,000
15,000
90,000
86,000
80.000
267,000
1,156,000
1,590,000 1,523,000 1,460,000 2,057,000
2,090,121 1,389,905 1,327.621 2,910,676
Total visible supply
3,680,121 2,912,905 2,
787,621 4,967676
13.48d.
17.300.
Middling uplands, Liverpool
16.33d. Holiday
Middling uplands. New -York
24.79e.
29.40c.
28.85c.
22.55c,
Egypt, good Sakel. Liverpool..,.. 34.35d.
24.65-I. 27.80d. 21.50d
Peruvian, rough good, Liverpool. 20.75d.
24.00d. 18.75d.
13.000
Broach, fine. Liverpool
11.55d. 14.000. 12.50d. 11.30d
.
Tinnevelly. good. Liverpoo
11.95d. 15.158. 13.654. 12.20d.
2960
THE CHRONICLE
Continental imports for past week have been 72,000 bales.
The above figures for 1925 show a decrease from last week
of 168,104 bales, a gain of 767,216 from 1924, an increase of
892,500 bales from 1923, and a falling off of 1,287,555 bales
from 1922.
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year-is set out in
detail below:
Movement to June 5 1925.
Towns.
Receipts.
Week.
Ala., Birming'm
Eufaula
Montgomery
Selma
Ark., Helena_
.
Little Rock_ _
Pine Bluff_ _ _
Ga., Albany_ _ _
Athens
Atlanta
Augusta
Columbus_
Macon
Rome
La., Shreveport
Miss.,Columbus
Clarksdale.....
Greenwood_ _
Meridian_
Natchez
Vicksburg_
Yazoo City
Mo., St. Louis_
N.C.,Greensb'ro
Raleigh
Okla. Altus_.
_
Chickasha_ __
Oklahoma_ _ _
3.C.,Greenville
Greenwood_ _
Tenn.,Memphis
Nashville__ _ _
Tex., Abilene__
Brenham_ _
Austin
Dallas
Houston_ _ _ _
Paris
San Antonio_
Fort Worth_ _
Season.
Movement to June 6 1924.
Ship- Stocks
menu. June
Week.
5.
Receipts.
Week.
Season.
Ship- Stocks
masts. June
Week.
6.
23
2
223
55
2
142
81
4
257
726
1,440
43
123
54,655
204
936
852
34,541 1,619 1,051
19,586
3 1,327
__ _ _
9,394
____ 3.650
82.531
492 6,154
574
51,709 1,260 7,131
64,278
416 1.358
75
33,794
105 1,980
63,201
320 1,040
140
14,958
44 2,098
205,858
115 112,269
772 3,561
133 6,268
126,214
511 5,071
115 60,844 1,149 11,443
3,891
84 2,058
____
2.073
____ 2,038
51,983
325 6,032 1,52
45,227
398 9,202
224,809
865 14,843 2,
154,900 2,743 13.897
231,888 1,819 25,593 3,365 193,837 2,439 17,779
76,837
109 1.806
75
77.853
80 8,827
48,44
112 6,83
702
31,746
744 4,570
47,386
150 5,105
172
29,822
400 3,532
1,000 102,000
_ ___ 3,400
____ 113,400
500 9,300
-----37,033
_ __ _
287
186
19,834
252 1,079
2 112,121
339 2,512
144
78,939 1,807 9,804
3 135,089
217 6,16
74
97,795 1,025 18,126
8 37,814
193 2,011'
158 6,509
6.
20,936
42,658
____ 1,37
____ 2,994
17 31.386
31,599
_
___
646
28
17,188
218 1,409
33,140
50
9
793
3 19,324
268 4,624
2,24: 736,331 2,214 4,887 3,642 551,759 3,959 6,079
427
71,937
785 8,643
388 62,063
928 6,460
8,348
____
251
182
14,148
400 1,927
11 218.489
276 2,372
28 119,255
462 14,066
34: 155,80.
411 1,326
72 98,814
166 4,062
27 140,007
293 2,31
2 62,236
13 7,563
3,290 240,847 5,322 29.72
1,806 155.145 3,107 14,650
___
,
__ _ 4,416
__
10,752
___ 10,291
2:99 1,278,72
5,252 21,247 5:008 903,037 7,495 44,505
____
950
_ _ ...
81
53
____
71,387
......
235
63,534
____
208
11
23,237
13 3,701
46
26,616
37
637
--.34,609
71
74
_ _...
39,796
335
142
52 195,785
378 1,943
734 126,539
797 3,311
2.6834,715,476 21,611131,19
5,4383,450,837 11,631 70,522
____
93,516
__ _
10
.5
56
77,238
12 65,76.
72
560
____
49,416
___
513
144 158.970
158
349
593 91,439
635
700
,
otal. 40 owns 10.59510050469 43.537312,296,
, .
.
.
The above total shows that the interior stocks have decreased during the week 28,324 bales and are to-night
16,661 bales less than at the same time last year. The
receipts at all towns have been 12,275 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:
----1924-25---June 5ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
Total gross overland
Deduct Shipments
Overland to N. Y.. Boston, Scc
Between interior towns
Inland, &c., from South
Total to be deducted
Leaving total net overland *
since
Week.
2,214
540
223
3,785
7,402
Aug. 1.
705,922
254,740
34,301
48,803
226,777
467,593
14,164 1.738,136
1,032
423
11,685
94,967
24.980
661.418
----1923-24---Since
Week. Aug. 1.
3,959 574,760
2,100 192,620
40
21.024
25
25,458
3.543 191.202
14,691 429.467
24.358 1.434,531
2,477
577
6.252
83.734
25.083
608,753
13.140
781.365
9,306
717,570
1,024
956.771
15,052
716,961
*Including movement by rail to Canada.
[VOL. 120.
Closing Quotations for Middling Cotton on
-
Week Ended
June O.
mturday. Monday. Tuesday. warday. 7 nursav. rrtaay.
Galveston
23.85
New Orleans__
24.00
Mobile
23.75
Savannah
23.68
Norfolk
HOLI- 24.00
Baltimore
DAY. 24.25
Augusta
24.00
Memphis
23.50
Houston
23.60
Little Rock..___
24.00
Dallas
23.40
Fort Worth
23.35
23.55
23.60
23.50
23.35
23.63
24.25
23.63
23.00
23.30
23.70
23.00
23.05
24.50
24.60
24.25
24.32
24.38
24.25
24.75
24.00
24.30
24.50
24.05
24.00
23.85
24.00
24.13
23.50
24.00
23.60
24.85
24.85
24.60
24.73
24.63
24.50
25.13
24.00
24.45
25.00
24.50
24.30
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows: •
Saturday,
May 30.
June
July
October _
December_
January
March
May
Tone
Spot
Options _ _
HOLIDAY
Monday,
June 1.
Tuesday,
June 2.
Wednesday, Thursday,
June 3.
June 4.
23.1622.84 -23.26-23.28 22.9422.07-22.08 21.70-21.73
22.18-22.19 21.79-21.83 HOLI22.20 bid 21.81
bid
DAY.
22.31 bid 21.95 bid
22.25 bid 21.90 bid
.
Steady
Steady
Steady
Steady
Friday,
June 5.
23.76 -- 24.1423.86-23.94 24.24-24.26
22.60-22.63 22.93-22.95
22.69-22.72 23.01-23.05
22.7323.03 bid
22.84-22.87 23.1922.79 bid 23.14 bid
Steady
Steady
Steady
Steady
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that the weather
during the week has been generally favorable. There have
been beneficial local showers in some sections, but many
parts of the cotton belt are still in need of good general rains.
Texas.-The cotton crop as a whole has made very good
progress in this State, except for the late planted cotton in
the central and southern portions of the State where rain is
needed. Chopping is well advanced and weevil damage
is slight.
Mobile.
-Cotton has made satisfactory progress in spite
of needed moisture. There have been only light scattered
showers during the week. Some stands of late cotton are
bad. Cotton plants are blooming rapidly.
Rain. Rainfall.
Thermometer
Galveston, Texas
2 days 0.16 in. high 84 low 74 mean 79
Abilene
1 day 0.42 in. high 88 low 62 mean 75
Brenham
high 98 low 64 mean 81
dry
Brownsville
3 days 2.90 in. high 88 low 70 mean .79
Corpus Christi
1 day 0.02 in. high 88 low 74 mean 81
Dallasdry
high 96 low 70 mean 83
ea
Henrietta
high 97 low 64 mean 81
dry
Kerrville
1 day 0.18 in. high 94 low 64 mean 79
Lampasas
high 96 low 64 mean 80
dry
Longview
dry
high 92 low 70 mean 81
Luling
dry
high 98 low 68 mean 88
Nacogdoches
dry
Palestine
high 94 low 6° mean 8
l 8
dry
7
w 86 nean 7
9
4
Paris
high 96 low 66 mean 81
dry
San Antonio
high 94 low 68 mean 81
dry
Taylor
1 day 0.02 in. high __ low 68 mean _Weatherford
dry
high 93 low 63 mean 78
Ardmore, Olda
dry
high 96 low 66 mean 81
Altus
1 day 0.06 in. high 95 low 60 mean 78
Muskogee
high 90 low 64 mean 77
drY
Oklahoma City
3 days 0.35 in. high 91 low 65 mea n 7
mean 7
8
7
Brinkley, Ark
dry
high 96 low 59 mean 78
Eldorado
dry
high 97 low 56
Little Rock
dry
high 92 low 63 mean 78
Pine Bluff
dry
high 98 low 62 mean 80
Alexandria, La
dry
high 95 low 65 mean 80
Amite
1.25 In. high 91 low 54 mean 73
1 day
New Orleans
1 day 0.01 in. high _ _ low _ _ mean 81
Shreveport
dry
high 94 low 69 mean 82
Okolona, Miss
dry
high 9$ low 57 mean 76
Columbus
dry
high 97 low 57 mean 77
Greenwood
dry
high 97 low 59 mean 78
Vicksburg
1 day 0.47 in. high 93 low 66 mean 80
Mobile, Ala
1 day 0.01 in. high 89 low 62 mean 78
Decatur
dry
high 95 low 58 mean 77
Montgomery
dry
h
high 94 low 60 mean 77
Selma
1 day 0.67 in. high 93 low 65 mean 78
Gainesville. Fla
1 day 0.37 in. high 98 low 62 mean 80
Madison
2 days 0.05 in. high 93 low 64 mean 79
Savannah, Ga
2 days 0.15 in. high 90 low 66 mean 78
Athens
dry
high 97 low 58 mean 78
ColumbusAugusta
b
1 day 0.62 In. high 94 low 60 mean 77
dry
high 97 low 55 mean 76
Charleston, S. C
dry
high 85 low 66 mean 76
Greenwood
dry
high 93 low 62 mean 78
Columbia
dry
high __ low 60 mean _
Conway
2 days 0.23 in. high 92 low 54 moan 73
Charlotte, N.0
dry
high 96 low 62 mean 79
Newbern
high 97 low 56 mean 77
1 day dryWelon 0.12 in. high 99 low 57 mean 78
Memphis
dry
high 92 low 66 mean 79
The foregoing shows the week's net overland movement
this year has been 1,024 bales, against 15,052 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
The following statement we have also received by telegraph, showing the height of rivers at the points named at
239,810 bales.
8 a. m. of the dates given:
-----1924-25----- -1923-24
Since
In Sight and Spinners'
Week.
Takings.
Aug. 1.
31,997 8,983,792
Receipts at ports to June 5
1.024
Net overland to June 5
956,771
Southern consumption to June 5-110,000 3,865.000
Since
Week.
Aug. 1.
43,377 6,466,280
716,961
15,052
92,000 3,667,000
143,021 13.805.563
Total marketed
*28,324
Interior stocks in excess
130.050
Excess of Southern mill takings
613,719
over consumption to May 1..
150,429 10,850.241
73,773
*13.961
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
June 5 1925.
Feet.
3.2
7.1
7.6
10.2
14.4
Jun,.6 1924.
Feet.
11.4
29.7
16.4
17.9
37.3
NEW YORK COTTON EXCHANGE SUSPENDS
TRADING ON RECEIPT OF GOVERNMENT CROP
REPORT.
-The New York Cotton Exchange suspended
Came into sight during week-114.697
136.468
Total in sight June 5
11,144.674 trading on June 2 for 20 minutes from 11:55 a. m. to 12:15
14.549,332
Nor. sphmers' takings to June 5.- 15,145 1,844.836
14,736 1.720.002 p.m.,panding the receipt of the Government cotton crop
report.
*Decrease.
The members of the New York Cotton Exchange approved
Movement into sight in previous years:
on June 3 the amendment to the by-laws which permits the
WeekBales. I Since Aug. 1Bales.
Exchange to cease trading before, during and after the
1923
-June 8
115.31911922-23
10,895.870
publication of Government cotton condition reports .as
QUOTATIONS FOR MIDDLING COTTON AT managers may decide, trading to be resumed with an opening
OTHER MARKETS.
quotations for call. An exception to this rule, however, will apply where
-Below are the closing.
middling cotton at Southern and other principal cotton the hour of publication coincides with the hour of closing
markets for each day of the week:
of the Exchange, when hour for cessation of trading will
220.660
JUNE 6 1925.]
THE CLUZON CLE
be determined by managers. The vote was 79 for and 5
against.
AGRICULTURAL DEPARTMENT REPORT ON COT-The Agricultural Department at
TON CONDITION.
Washington issued on June 2 its report on cotton condition
as of May 25 as follows:
The Crop Reporting Board of the United States Department of Agriculture estates from the reports and data furnished by crop correspondents, field statisticians and co-operating State Boards (or Departments) of
Agriculture and Extension Departments, that the condition of the cotton
normal,
65.6 on
.
811 on ia
on May 25 1925 was
7/rg'
ge
comparednTa
p
ty 25 1924; 71 on
)
;
of the past ten years oi May 25. An estimate of acreage this year will
be included in the July 2 cotton report. Revised estimates of acreage in
cultivation June 25, acreage finally harvested and yield per acre in 1924
are given below, with the production shown by final ginnings. Comparisons of conditions, by States, follow:
g
CONDITION MAY 25.
State.
10-Year
Average.
81
76
70
70
76
71
73
73
72
72
72
73
72
87
086
882
Virginia
NorthCarolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
California
Arizona
New Mexico
All other
United States total
72.0
1922.
1923.
1924.
1925.
91
84
67
71
85
80
75
70
61
76
79
90
67
84
81
73
79
77
64
65
87
70
70
68
77
66
70
54
63
93
92
90
62
71
68
68
77
70
69
70
66
58
54
52
58
91
90
89
72
74
71
78
88
80
84
84
70
85
82
77
86
98
90
85
90
69.6
71.0
65.6
76.6
REVISED ESTIMATES OF COTTON ACREAGE, YIELD PER ACRE AND
PRODUCTION, 1924, BY STATES.
Virginia
NorthCarolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Missouri
Oklahoma
California _ c
Arizona
New Mexico
Alli other
Area fn
Cultivation
June 25
1924.
Area
Picked,
1924.
Acres.
State.
Acres,
107,000
102,000
2,099,000 2,005,000
2,491,000 2,404,000
3,099,000 3,046,000
80,000
82,000
3,114,000 3,055,000
3,057,000 2,981,000
1,666,000 1,616,000
17,706,000 17,175,000
3,173,000 3,094,000
1,016,000
996,000
524,000
493.000
4,022,000 3,861.000
130,000
130,000
183,000 d180,000
126,000
101.000
46,000
41,000
Yield of Production,
Lint Cotton
1924
per Acre,
(Census
1924.
Final Gin.)
Pounds.
180
196
160
157
130
154
176
145
138
169
170
185
187
284
285
266
164
Bales.*
38,000
823,000
806,000
1,004,000
19,000
985,000
1,098,000
491.000
4,952,000
1,097,000
356,000
187,000
1,509,000
78,000
108,000
55,000
12,000
United States total_e
42.641.000 41.360.000
117.4
13.619.000
* 50) lbs. gross.
a Six-year average. b Five-year average. c About 140,000 acres planted and
137,000 acres picked In Lower California (Old Mexico) not included in California
figures, nor in United States total. d Including 8,000 acres of Arizona Egyptian
(Pima) long-staple cotton.
CROP REPORTING BOARD.
W. F. Callender, Chairman:
Approved:
J. A. Becker,
S. A. Jones,
C. F. Marvin,
E A. Logan,
E.
Frank Parker,
Acting Secretary.
L. C. Heidelberg,
H. M. Taylor,
2961
seedings as great or slightly larger than last year. Although slightly backward, the new crop is healthy in condition. The area planted in Russia
up to May 1 is stated by the International Institute of Agriculture to be
1,401.000 acres, which is 17% greater than the total area for last year.
Statements made public in April announced a probable total cotton area
for Russia of 1.515,000 acres. In Mexico conditions are less favorable.
The lack of irrigation water in the Laguna District, the principal cottongrowing region of the country. has resulted in a heavy curtailment in the
acreage planted. The condition of the crop both here and in Lower
California is favorable, according to last reports.
FIRST BALE OF COTTON.
-The first bale of cotton
from the 1925 crop was received at Houston on June 1.
This bale came from Mission, Texas, the extreme southern
part of the State, and weighed 497 pounds. This bale was
26 days ahead of the first bale in 1924. J. H. Hutton & Co.
of Houston, bought this first bale of cotton at auction on
June 2 for $1,425. This amount is $20 more than was
realized for the first bale of 1924 cotton.
This bale of cotton will be shipped to the large Cotton
Exchange to be auctioned off again and again, the proceeds
from these sales usually going to charity.
RICHARD T. HARRISS ELECTED PRESIDENT OF
NEW YORK COTTON EXCHANGE.
-At the annual
election of the New York Cotton Exchange on June 1,
elected for one year as President to
Richard T. Harriss was
succeed Edward E. Bartlett Jr. Samuel T. Hubbard Jr.
was elected Vice-President, and James F. Maury was reelected Treasurer. The following were elected members of
the Board of Managers: Julian A. Acosta, Edward E. Bartlett Jr., Herman B. Baruch, John C. Botts, Thomas F.
Cahill, Henry T. Dumbell, Max Greeven, John W. Jay,
William H. Judson, John' H. McFadden Jr., Edward A.
Pierce, Clayton E. Rich, Henry H. Royce, George M.
Shutt, J. Lawrence Watkins Jr. William H. Judson was
elected trustee of the Gratuity Fund to serve for three years.
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simlpy a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Reston at Ports.
Went
1923
1924
mdfne 1925
Mar.
13 185.061
20 148.871
27 100.249
tor.
3.. 109,150
10.. 74,709
17.. 74,512
24.. 50,632
May
L. 64,025
8._ 45,115
15.. 49,177
22__ 44.069
29._ 44.085
June
5._ 31,997
Stocks at Interior Towns.
1925
1924
1923
ptsfromnanialloss
1925
1924
1922
43,809 82.005 969.348 696.682 800.678105,711 4.358 47.508
56,871 68,644 893.950 662.025 775.517 73.473 22,214 43.543
49,733 62.634 837.776 623,832 742,998 43.67 11,540 30,115
55.371
60.700
69.435
58.548
63,854
34,990
34,681
35,743
753,817
708,223
630,689
594.768
516,349
555,542
517,534
416,199
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
561,725
340.620
443,328
420.213
392,300
372.553
347,017
572,660
540,812
508,435
471,972
447,224
4,176
nil
3,916
4,739
17,887 11,481
29.902 10.199
31,427
67
28,821 10,436
21,912
21,157
24,482
31,121
24,888
5,420
1.983
5,568
43,377 25,060 312,296 333,056 419,670 3,673 29,416
133
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1924 are 9,133 397 bales;
in 1922-24 were 6,468,036 bales, and in 1922-23 were 5,107,287
bales. (2) That although the receipts at the outports the
COTTON CROP COMMENTS.
-The United States past week were 31,997 bales, the actual movement from
Department of Agriculture at Washington, in giving its plantations was 3,673 bales, stocks at interior towns
report on June 2, also added the following comments:
having decreased 28 324 bales during the week. Last year
The cotton condition on May 25, reported at 76.6% of a normal at that
from the plantations for the week were 29,416
date, is the highest since 1918. This favorable present condition, however. receipts
does not necessarily imply an equally favorable situation later in the season. bales and for 1923 they were 133 bales.
Two factors, the effects of which are as yet little in evidence, but may have
WORLD SUPPLY AND TAKINGS OF COTTON.
a controlling influence on the crop, are the increased weevil emergence
in the southeast and the scanty supply of subsoil moisture in parts of Texas. The following brief but comprehensive statement indicates
Weevils are much more in evidence in the Eastern States than they were
last year at this time. They have appeared in every county in South Caro at a glance the world's supply of cotton for the week and
lino, and everywhere in southern Georgia and Florida. Few reports of since Aug. 1 for the last two seasons, from all sources from
weevil have been received from the west or eastward to Alabama, and the
generally dry weather in the western area has been favorable to the insect. which statistics are obtainable, also the takings, or amounts
Grasshoppers are present in considerable numbers in Texas, but have done gone out of sight, for the like period.
damage as yet. Lice are holding back the crop in
little
southern Texas
and in some of the dryer sections of that State.
Cotton was planted about a week earlier than usual in most of the belt
it was several days late, being held back by drought.
except Texas, where
'
and in Oklahoma, where the planting date was practically the same as
last Year.
The preparation of the soil was better over practically the entire belt
because of the early favorable season. Fields have nearly everywhere
been well cultivated. Fertilizers are being used more freely in some States
and apparently less so in others, but the quality of the fertilizer is quite
generally better than lastyear.
Cron prospects were nearly as good as usual on May 25 in North Carolina
and the outlook was favorable in South Carolina. Early plantings were
up to a good stand and the crop was well advanced in southern Georgia;
later plantings elsewhere in the State were coming to a fair to good stand.
In Tennessee on May 25 cotton was up to a stand and doing better than
for years on that date. The northern half of Alabama and portions of
the southern have excellent stands, but in some southern sections stands
were not at all satisfactory, because of lack of rain. Stands were generally
satisfactory in Mississippi and the condition of the crop in Louisiana was
considerably above the average.
The Texas crop had irregular condition from county to county and even
within the same county; the southern half of the State had no general rain
this season before May 25, but the crop in the northern half was in fair
to very good condition.
Lower
In Oklahoma, California and About California in Mexico the crop was
one-half of
in unusually good condition.Joaquin Valley, the the cotton acreage in
other half being in the
California is now in the San
Valley.
Imperial
Cotton Takings,
Week and Season.
1923-24.
1924-25.
Week.
Season.
Week.
Season.
Visible supply May 29
3,848.225
3,102,211
Visible supply Aug. 1
2.190,493
2.024.671
American in sight to June 5._. 114,697 14,549,332 136,468 11,144,874
Bombay receipts to June 4---40,000 3,284,000
30,000 3,165,000
Other India shipm'ts to June 422,000
507.000
15,000
591,000
Alexandria receipts to June 3_ _
3,600 1,410,000
5.400 1,274,400
Other supply to June 3_ 1...0_ _ . 11,000
'
_
441,000
10,000
381,000
Total supply
Deduct
-
Visible supply June 5
4,039,522 22,381,825 3,299,079 18,580,745
3,680,121 3,680,121 2,912,905 2,912,905
Total takings to June 5-a
359,401 18,701.704 386.174 15.667.840
Of which American
277,801 13,457.704 279.774 10,608,440
81.600 5.244.000 1(16.400 A OSA Ann
Of which other
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,865.000 bales in 1924-25 and 3,667,000 bales in 1923 -24
takings not being available-and the aggregate amounts taken by Northern
and foreign spinners. 14.836.704 bales in 1924-25 and 12.000.840 bales in
1923-24, of which 9,592,704 bales and 6,941,440 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL
FOREIGN COTTON CROP PROSPECTS.
-The United The receipts of India cotton at Bombay and thePORTS.
shipments
States Department of Agriculture at Washington, in giving from all India ports for the week and for the season from
its report on June 2 on the cotton crop condition in this Aug. 1, as cabled, for three years, have been as follows:
country, also added the following:
A report of the latest available information as to cotton production in
foreign countries has been compiled by the Foreign Service of the Bureau
of Agricultural Economics, and is submitted herewith as being of interest
to cotton producers in the United States.
Reports of the new cotton crop in foreign countries of the Northern
Hemisphere so far are generally favorable. In Egypt private forecasts
indicate that the acreage is as large or larger than in 1924. but with re-
1924-25.
1923-24.
Since
Week,1 Aug. I.
Since
Week. tAug.l.
June 4.
Bombay
1922-23.
Since
Week.
Aug. 1.
40.000 3,284000 30.000 3,165.000 55.000 3.428.000
THE CHRONICLE
For the Week.
Since August 1.
Exports.
Great Conti- tlapanot
Great
Britain. tient. China. Total. Britain.
Pr
Bombay
1924-25.._
IF 1923-24._
" 1922-23._
7
Other India1924-25._ 5,000
1923-24_ _
1922-23 _ _ 6,0154/
-
Continest.
17,111, 27,000 44,000 62,000
27,000 27.000 54,000 144,000
11,0001 34,000 51,000 120,000
I
17,000, ____ 22,000
90,000
15,0001
____ 15,000 125.000
i,000j
7,000
71,000
Japan &
China.
Total.
535,000 1,631,0002,228,000
866,0001,426.0002,436,000
590,5001,854,5002,565,000
507,000
591,000
301,550
417,000
230,550
Total all
1924
-25_ _ 5,
34,
27,000 66,000 152,000 952,000 1,631,0002,735,000
1923-24._
____ 42,000 27,000 69,000 269,0001,332,0001,426,0003,027,000
1922-23__ 12,000 12,000 34,000 58.000 19l,000t 821.0501.854.5002,866.550
[Voir,. 120.
Bales.
NORFOLK
-To Manchester
-June 2
-Manchester Shipper, 700-700
To Liverpool
-June 4--Clairton,•2,700
2,700
To Bremen
-June 5-Homfels, 2,006
2,006
SAVANNAH
-To Liverpool
-May 30
-Tulsa, 200; Denham, 650
_ _ _June 4--Rheon,700
1,550
To Manchester
-May 30
-Tulsa, 28; Denham, 903
931
To Genoa-June 3
-Carlton, 700
700
To Venice-June 3
-Carlton, 200
200
Total
111,468
COTTON FREIGHTS.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High
StatilDensity. ard.
Liverpool .300. .434. Stockholm
Manchester .30c. .455. Trieste
t ntwerp
.35c. .50c. Flume
Ghent
4234e. .5734o. Lisbon
Havre
.355. .50c. Oporto
Rotterdam .400.
55c
Barcelona
Genoa
.400. .55o. Japan
Odo
.50e. .60o. Shanghai
StandHigh
Standa ligh
Density. ard.
Density. ord.
.500.
.650. Bombay
.50e. .650.
.45o.
.60c. Gothenburg --.450. .60o. Bremen
.40e. .550.
.500.
.65e. Hamburg .450. .60o.
.750. .90c. Piraeus
.60o. .75o.
.300. .45c. Salonlca
.750. .90e.
.62340. .77340.
.634. .800.
Forwarded
Total stock
Of which American
Total imports
Of which American
Amount afloat
Of which American
67.000
856,000
642,000
41,000
16,000
163,000
57,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
10,000 bales. Exports from all India ports record a decrease
of 3,000 bales during the week, and since Aug. 1, show a
decrease of 292,000 bales.
LIVERPOOL.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-By cable from Liverpool we have the fol-We
now receive a weekly cable of the movements of cotton at lowing statement of the week's sales, stocks, &c ,at that port:
Alexandria, Egypt. The following are the receipts and
May 15. May 22. May 29. June 5.
of the week
38,000
14,000
50,000
43,000
shipments for the past week and for the corresponding week Sales which American
Of
29,000
9.000
39,000
33,000
Actual exports
of the previous two years.
3.000
1,000
3.000
2,000
Alexandria, Egypt,
June 3.
Receipta (cantors)
This week
Since Aug. 1
1923-24.
1922-23.
27,000
6,375.569
5,000
6.649.173
1924-25.
18.000.
7.0 9.909
,
Since
Exports (bales)-
Since
Since
Week. Aug. I. Week. Aug. 1. Week. Aug. 1.
To Liverpool
_ 188,760 6,500208.886
To Manchester. &a
_ 215,84'
__- 196,747
To Continent and India- 2,000 346,189 2,500 348,085
To America
_ 125,202
____ 106,029
---- 222.075
5.000 166,812
5,250 297,964
---- 206,945
Total exports
2.000874,000 9,000859,747 10,250 893,796
Note.
-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ending June 3 were
18,000 cantars and the foreign shipments 2,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Demand for both yarn and
cloth is poor. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
1925.
Mar tl.
8. a. d
I. d
d.
32s Cop
Twist.
d.
834 Ms. Shirt- Corn
trigs, Common Mid.
to Finest.
llyrs
8. s. d.
s. d
1
1
1
1
017 4
017 4
017 4
017 4
16 6
16 4
16 3
164
164
017 0
016 6
016 5
@174
@174
12.98 2834
12.62 534
12.36 2534
12.84 2534
13.042534
0
0
0
0
0
2834
2834
2834
2834
2834
18 3
18 3
18 3
18 1
181
018 7
018 7
018 7
@185
@186
17.35
17.37
17.89
17.46
17.99
5 2054 0 2134 16 4 (4)17 4
13.482534
1g
2834 18 1
@18 5
17.30
0 2431 17 2 14317 6
0 2434 17 2 017 5
0 2434 17 2 017 4
17
17
0 2334 17
0 2334 17
0 24
(4 24
0 2254
® 2234
8 21
15 20
0 2134
22 2034 0 2134
29 2034 0 2134
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Monday,
Tuesday, Wednesday. Thursday.
Market, 3
12:15 3
P. M. i
UR-
Quiet.
changed.
Mid-UpF
sales
but
steady.
13.04
HOL1DAY.
Futures, I
Market 1
opened 1
92.97
13.48
6,000
HOLIDAY.
Friday.
Quiet
Quiet and
4,000
5,000
HOLIDAY
Idle, unDull at Steady at
changed to 3 to 5 pts. 11 to 24
2 ins. dec. pts, adv. pts. adv.
Market, 3
4
3
P. M. i
Quiet at
19 to 24
Ms. dec.
Steady at
17 to 32
Pts. adv.
Quiet at
17 to 22
nts. adv.
Sat.
May 30
to
June 5.
Mon.
Tues.
Wed.
Thurs.
Fri.
1234 1234 1234 4:00 1234 4:00 1234 4:00 1234 4:00 1234 4:00
p. m.p. m.p. m.p. m p. m. p. m.p. m.p. m.p. m p. m p. m p. in.
8.
14.04 25
@ 26 34 17 6 018 1
14.0826 34(4 27 17 5 018 0
13 88 24,4 0 2634 17 4 017 7
0
13.72 2534 @ 2734 17 8 018 0
13 23 27
0 2934 18 1 018 4
13.39 2634 0 2834 18 3 018 6
13.40 2634 0 2834 18 4 019 0
13 2334
20 23
27 2234
April
3 2234
10 2234
17 2234
24 22
May
1 2134
33,000
801,000
569,000
30.000
12,000
155,000
43,000
Prices of futures at Liverpool for each day are given below:
1924.
834 lbs. Shirt- Corn
Ws. Common Mid.
to Finest.
Core
328 Cop
Twist.
67,000
799,000
576,000
42,000
14,000
148,000
40,000
70,000
821,000
608,000
46.000
28.000
143,000
37,000
16.75
17.09
16.01
17.68
18.96
18.35
17.70
d.
June
July
August
September..,..
October
November
December
January
February
March
April
May
d.
HOLIDAY
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
2.3912.22 12.27 12.54 12.78 12.76
2.3912.18 12.2312.45 12.69 12.67
12.2512.03 12.08 12.2812.50 12.49
12.1311.90 11.94 12.12 12.28 12.30
HOLI1.9911.76 11.80 1.94 12.08 12.12 HOLIDAY
1.90 11.67 11.71 1.85 11.9912.03 DAY
11.84 11.66 11.6911.83 11.97 12.01
11.87 11.64 11.6711.81 11.9411.99
1.87 1.64 11.6711.81 11.9311.98
1.88 11.65 11.68 11.82 11.94 12.00
1.8711.64 11.6711.81 11.92 11.98
1.85 11.6311.6611.8011.91 11.98
June
-Shipments in detail:
SHIPPING NEWS.
Bales.
-May 29-Carmania, 1,000
l.,00
-To Liverpool
NEW YORK
524
-May29-Ossa,524
To Genoa
-May 29-Ossa, 500_,
500
To Leghorn
-Angela, 100_ _ _May 29
-Britannia, 203
-May 28
303
To Lisbon
-President Roosevelt, 1,742.__June 2
-May 29
To Bremen
2,042
President Harding, 300
50
To Rotterdam-May 29-Ryndam, 50
100
-May 20-Hororata. 100
To Sydney
668
-May 29-Serbiro, 668
To Manchester
-Mon-Cabo Espartel, 975._ _June 2
-May 28
To Barcelona
2,625
tevideo, 1,650
-La
To Havre-June 2-Pipestone County, 17-....June 3
167
Savoie, 150
9,000
To Japan-June 1-Mayebashi Maru, 9,000
2,458
-Anna C, 2,458
-May 29
-To Venice
NEW ORLEANS
179
-May 29-Lesreaulx, 179
To Hamburg
3,088
-June 1-Carplaka. 3,088
To Havre
825
To Antwerp-June 1-Carplaka, 825
1,071
-June 1-Carplaka, 1,071
To Ghent
1,933
-May 30
-Tripp, 1,933
To Bremen
200
-Tripp, 200 •
-May 30
Rotterdam
To
5,874
-Canada Maru, 5,874
-May 30
To Japan
2,103
To Liverpool-June 2-Dakotian, 2.103
551
To Manchnte*-June 2-Daketian. 551
200
To Oporto-June 1-Jomar, 200
1,250
To Gothenburg-June 2-Stureholm, 1,250
-Lowther Castle, 5,067
-May 28
GALVESTON-To Havre
8,415
May 30
-West Moreland, 3.348
-West
-Lowther Castle, 150_ _ _May 30
-May 28
To Antwerp
375
Moreland, 225
-West
-Lowther Castle, 2,217.. May 30
To Ghent
-May 28
3,221
Moreland, 1.004
-West DurTo Bremen
-Rio Bravo, 794_ _ May 30
-May 28
5,396
fee, 4,602
2,822
To Hamburg
-Rio Bravo, 2,822
-May 28
600
To Rotterdam-May 30
-West Durfee, 600
11,000
To Murraansk-May 30-Larenberg, 11,000
3,404
To Genoa-June 4-Nicolo Odero, 3,404
2,940
To Barcelona-June 2
-Mar Caribe, 2,940
To Japan-June 2
-Dryden,885_ _ _June 4-Buyo Maru,2,142 3,027
100
To China-June 2
-Dryden. 100
4,389
HOUSTON-To Bremen-May 30
-West Munham,4,389
160
To Rotterdam-May 30
-West Munham. 160
1,850
To Barcelona-June 2
-Mar Caribe, 1.850
7,400
To Murmansk-June 3-Pemsum. 7,400
2,854
ToJapan-June 3-Buyo Maru, 2,854
CHARLESTON-To Rotterdam
-Miguel de Larrinaga.
-May 30
72
To Hamburg
2,830
-May 30
-Miguel de Larrinaga, 2,830
3,850
To Liverpool
-June 2
-Tulsa, 3,850
1,053
To Manchester-June 2
-Tulsa. 1,053
200
To Antwerp-June 2
-Tulsa, 200
To Ghent
12
-June 2
-Tulsa, 12
BREADSTUFFS.
Friday Night, June 5 1925.
Flour has not got out of the rut. The history of one week
as far as trade is concerned is the history of another. It Is
the persistency of a dominant idea, 1. e., that it will not pay
to stock up heavily. It will not do in such erratic wheat
markets, it is argued, to buy far ahead. The flour market
is always there and transportation is quick; far more so
than in former times. Exporters emulate the caution of
home buyers; they merely nibble at the stock here, though,
by the way, it is not at all burdensome. Late last week 21,333 sacks were exported from New York. But new business
was another matter. It was hardly visible to the naked eye.
Later some declines of 10c. occurred, with domestic trade
dull. Export business was also small.
Wheat early in the week dropped 5 to 6c. on the breaking of the drought in Iowa and Nebraska, and rains also in
the Northwest, though that section needs more. Kansas
had some. The rains, however, more than offset bad crop
reports as to recent conditions in Illinois and Indiana. One
estimated that the total yield of wheat in the United States
this season would be over 200,000,000 bushels less than was
harvested last year and 35,000,000 less than the Government
estimate on May 1. The spring wheat yield was estimated
at 250,000,000 bushels, a total for the country of 663,000,000
bushels, or 210,000,000 bushels less than harvested last year.
The added acreage of spring wheat is 20,465,000, compared
with 17,771,000 last year. Condition of winter wheat is 66.6,
against 77 by the Govt. a month ago., while spring wheat is
90.8, against 82.3 last year. Recent cold damaged the winter
crop in sections of north and central Illinois, Indiana and
Ohio. These estimates suggested an exportable surplus from
the 1925 crop beginning July 1 of about 50,000,000 bushels.
That would be the smallest in many years. But this, as we
have seen, fell flat for the time being. And nobody seemed
impressed by a decrease in the American visible supply last
week of 2,205,000 bushels, against a decrease in the same
week last year of 1,555,000 bushels. Yet it brought the total
1
JUNE 6 1925.1
THE CHRONICLE
down to 34,968,000 bushels, against 43,111,000 a year ago.
On June 1 the European exchanges were closed as usual on
Whit Monday and no export business was done. And in
this connection if the exportable surplus In the United States
for the season of 1925-26 threatens to be small the crop outlook in Europe is in the main good. Berlin cabled: "Crop
reports from Germany and elsewhere from Central Europe
continue extremely good. Unless weather conditions become
exceptionally unfavorable, there is now a feeling that high
record yields are assured. Rome cabled that the outlook
for the wheat crop of 1925 was above the average almost
everywhere in Europe, even somewhat so in Russia. In
the
Balkan States the outlook is extremely good. In the Mediterranean and in Africa the prospect is somewhat less satisfactory, with Egypt an exception. On the 2d inst. prices
advanced under the lead of the Northwest on adverse crop
news, though it was in some degree modified by rains in
both the spring and winter wheat belts. On the 3d inst.
prices were 7c. higher than the "low" on the 2d inst. That
was owing to bad crop reports from Illinois, Indiana, Kansas and Missouri. Export sales were 500,000 bushels. Liverpool was weaker. Some good showers were reported, and
early prices at Chicago were lower. Bad crop news swung
prices upward later. The Government weekly weather
report was bad as regards winter wheat and somewhat more
favorable as to spring wheat. Leading Western and Eastern
commission houses were buying. World's shipments so
far
this season were 633,800,000 bushels, against 635,728,000 for
the same time last year and 574,056,000 two years ago. Argentine shipments were 1,799,000 bushels last week
Australian 2,568,000 bushels, the latter exporting and
since
Jan. 1 90,640,000 bushels. World's exports, exclusive
of
North America, were 4,631,000 bushels, or slightly
larger
than those of a week ago. The American visible supply
week decreased 243,000 bushels, against 964,000 in the last
same
week last year. This makes the total 17,140,000
against 12,288,000 a year ago. The Melbourne, bushels,
Australia,
Government will introduce a bill in Parliament to
continue
the existing wheat pool for five years. In Russia the
age sown to the more important spring crops are largeracrethis
year than last, according to a cable to the United
States
Department of Agriculture, by 5.7%, 3.5% on
oats, 5% on
barley, 17% on flaxseed and 6% on potatoes.
Liverpool
closed at 3% to 3%d. net advance to-day, with July
at 12s.
8d. and October 12s. %d. Buenos Aires opened at 2
/
1
2
vance. New crop winter wheat, on account of recentc. adage, is not being offered for distant delivery. The damfirst
threshing returns from Texas are disappointing.
Kansas
may not have over 65,000,000 bushels, one estimate
says,
against 154,000,000 last year; also, it was estimat
taken altogether, six States, southwest and wested that,
Texas,
Oklahoma, Missouri, Kansas, Colorado and
would produce 150,000,000 bushels less than in Nebraska,
1924. On
June 4 high temperatures
-90 to 95 degrees—and hot
sent prices up 3 to 4c. More bad crop reports were winds,
from Illinois and Indiana. Hot winds in Kansas received
increased
fears for that State. Private estimates put the
Kansas
yield at under 80,000,000 bushels. The winter
may, some fear, fall below 400,000,000 bushels. wheat crop
futures early, but bought later. They assert, Europe sold
however, that
American damage reports are exaggerated.
Liverpo
1
4d. higher for the day after being ld. lower early ol closed
The Canadian wheat pool offered wheat abroad on selling.
tively low price, it was said. Export business wasat a rela000 bushels. To-day prices advanced 2% to 4%c. only 250,for a time
and then reacted sharply, only to rally later on.
Winnipeg
was up 1 to 4c., but receipts were large and export
only 250,000 bushels. Argentine exports will be business
2,682,000
bushels, against 1,789,000 in the previous week.
World's exports will be larger. Outside of North America
they are
already known to be 5,106,000 bushels, against
4,631,000 last
week. Prices ended at a net rise for the week of 4
to 5c.
DAILY CLOSIN
G PRICES OF WHEAT IN NEW
Sat. Mon. Tues. Wed. YORK.
No. 2 red
cts-Holi. 19434 19434 198 Thurs. Fri.
2023 2024
(
,
DAILY CLOSING PRICES OF WHEAT FUTURES
IN CHICAGO
Sat. Mon. Tues. Wed. Thurs.
Fri..
July delivery in elevator
cts Holi- 1601 16134 164
168
September delivery in elevator-- day 157 159%
16034 163% 168%
December delivery in elevator
1647
160
162g 16234 16534 166%
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. WINNIPEG
Thurs. Fri..
July delivery in elevator
eta
_ 174% 173
---- 17834 182%
October delivery in elevator ______
147% 14634 ---- 14934 150%
December delivery in elevator
2963
519,000. The selling was heavy. The country also sold to
a fair extent and the cash demand is not large enough to
sell. Some 275,000 bushels at Chicago were loading -for the
East and 275,000 bushels more loaded on Thursday. Prices
advanced later with those for wheat on the 3d inst. They
had reacted sharply early on news of warm wet weather
and liquidation. On the 4th inst. prices advanced, as recent
rains were found to be inadequate over much of the belt.
Offerings fell off. December was in demand; it led the rise
of 2% to 3 c. Primary receipts were 765,000, against 912,/
1
2
000 a week previous and 617,000 last year•, shipments, 586,000, against 438,000 a week previous and 429,000 last year.
To-day prices were irregular, advancing 1 to 42 early,
/
1c.
only to react and close slightly lower for the day, on some
months owing to general profit taking, despite hot dry
weather. December led the advance. Receipts were large.
Some reports about the cash trade were good; others not so
good. July was comparatively weak. Last prices showed
a decline for _the week of 1% to 2c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 mixed
cts foil. 13334 13234 13234 13534 135
DAILY CLOSING PRICES OF CORN FUTURES I,N CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts Holi- 115% 114% 114%
1164
September delivery in elevator_ _ - day 11534 11434 11434 117g 116%
11734
December delivery in elevator
9834 9534 9i% 98
98%
Oats declined slightly early in the week with other grain.
But the drop was small compared with that in wheat and
corn. At times, indeed, oats were noticeably firm. For the
crop outlook was not good. The total was estimated by one
statistician at 1,391,000,000 bu., against 1,542,000,000 harvested last year. Also, the American visible supply showed
a good-sized decrease. It was 2,195,000, against only 61,200 in the same week last year. This brings the total down
to 35,161,000 bushels, a rather grim-looking one, it is true,
compared with 6,688,000 bushels a year ago. Export business, too, was small. At times commission houses were inclined to sell following the trend in other grain markets, but
at others to buy, for damage to the crop was to all appearances widespread. Small sales for export were made. The
average crop estimate is 1,275,000,000 bushels, against 1,542,000 harvested last year, with acreage estimated at 43,300,000 to 45,848,000, compared with 42,452,000 acres last year.
On the 3d inst., after declining on rains, prices advanced on
poor crop news. Commission houses bought early and sold
later, owing to the rains. Prices advanced 1% to 2c. on the
4th inst. on bad crop news from the Central West. With
pastures poor and the hay crop scanty, coarse grain may be
In greater demand for feeding. Washington wired: "Additional Federal grades for oats to cover feed and mixed feed
oats have been established by the Secretary of Agriculture
under the provisions of the United States Grain Standards
Act. These standards will supplement the grades which
are now in effect and will become operative Sept. 1.next."
To-day prices were in the main strong and closed higher by
% to 11c. Profit taking, however, was very noticeable.
/
2
Still, the undertone was firm, with continued hot
dry
weather over most of the belt, and complaints of crop damage
very general. Shorts covered. Last prices showed a
rise
for the week of 1% to 3Y
4c.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
eta. Holt. 5934 5834 5834 60
61
DAILY CLOSING PRICES OF OATS FUTURES
IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
eta.
4734
September delivery in elevator--- day 4834 4734 47% 49% 5034
4834 48% 5034 51g
December delivery in elevator
5034 5034 5034 5234 5431
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIP
EG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
cts
58% 5734 -_-- 5834 5934
October delivery in elevator ______
53% 5334
5434 5434
Rye declined on the 1st inst. 2 to 2%c., partly in sympathy
with the break in wheat. Rains which helped wheat no
doubt helped rye. And export trade was small. Also, the
American visible supply decreased last week only 35,000,
against a decrease in the same week last year of 435,000
bushels. The total is 10,226,000 bushels, against 18,825,000
a year ago. The rye crop was estimated by Cromwell at 57,000,000 bu., against 58,700,000 by the Government on May 1
and 63,000,000 bu. harvested last year. Of barley the visible
supply in the U. S. decreased last week 555,000 bu., against
no change last year. The total is now 1,798,000 bu., against
757,000 a year ago. On the 3d inst. export sales were made
of
100,000 bushels to Norway, Copenhagen and Sweden. Crop
news was not encouraging, despite some good rains.
Bad
crop reports came from South Dakota. They caused buying
of July. Later prices gave way with those for other grain.
One crop estimate was 53,600,000 bushels, against 63,000,0
bushels produced last year. Small sales of barley for 00
export were made. On the 4th inst. prices rose 2% to
bad crop talk, a better speculative demand and an 4%c. on
idea in
some quarters that the market will soon feel the
the smallness of European stocks. To-day prices effects of
advanced
1 to 2c., partly in sympathy with other grain.
There were
some showers at the Northwest. They were not
enough.
This offset the absence of export business. Rye
reactions in other grain. Last prices show a disregarded
net rise for
the week of 1% to 41
4e.
Indian corn gave way early in the week some
2%
with some rains at the West of a certain benefit. to 3c.,
Also,
country offerings increased. "Still plenty of time to
was an idea that together with the break in wheat replant"
helped to
depress corn. Heavy selling of September was a
leading
feature. Houses with Western connections were
good
ers, but this was neutralized by the big selling. The buybasis was Y to lc. lower as compared with July, withspot
4
ceipts of 670 cars at Chicago. Corn has been sufferin rerain in South Dakota, and some fell on June 1. On g for
the 2d
Inst. corn broke 3 to 5Y
4c., the latter on December, or
below the level of Monday, owing to good rains. These Sc.
hot weather, it was thought, might do wonders for the and
The tendency, if such conditions continued, would crop.
Increase the estimates of the crop. And receipts were be to
larger
than a year ago. That also counted. They were
DAILY CLOSING PRICES OF RYE FUTURE
S IN
1,279,000
bushls; a week previous 846,000; last year 861,000, and
Sat. Mon. Tues. Wed.CHICAGO.
Thurs. Fri.
ship- July delivery in elevator
cta11534 113 115
ments 564,000 bushels; a week previous, 444,000; last
September delivery in elevator....,._ Roll- 114
117% 1183
1
day
year, December delivery in elevator
113
1153/ 11934 120
119
lts34 1174 12134
Closing quotations were as follows:
FLOUR.
56 50@)57 25
$9 25 Rye flour, patents
Spring patents
$8 75
5%c.
Clears, first spring_ __ _ 7 75@ 8 25 Semlnola No.3,lb
3 050 3 10
9 00 Oats goods
Soft winter straights- 8 50(
3 20 © 330
Hard winter straights_ 8 60@ 9 00 Corn flour
Hard winter patents__ 9 00@ 9 50 Barley goods
450
8 25
Nos. 2. 3 and 4
Hard winter clears__ __ 7 50l
Fancy pearl„Nos. 2.3
10 75
Fancy Minn. patents_10 10
7 50
and 4
10 501 11 00
City mills
GRAIN.
Oats:
Wheat, New York:
61
No. 2 red, fob
202% No. 2 white
59
No. 3 white
No. 1 Northern
186%
No. 2 hard winter, fob _ ___188% Rye. New York:
130%
No. 2 fob
%.-Barley. Now York:
Corn:1
1053i ig1073S
Malting
135
ii. No. 2 mixed
.- No. 2 yellow
135%
The statements of the movements of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Oats.
Corn.
Wheal.
Flour.
Receipts at-
Rye.
Barley.
bbls.19610slush.60 113. ush. 56 lbs. bush. 32 lbs bush.481b5.bush.56155.
315,000
54,000
836,000
160,000 1,096,000 1,629,000
Chicago
50,000
181,000
359,000
117,000
673,000
Minneapolis.
113.000
164,000
49.000
1,587,000
Duluth
11,000
161,000
223.000
108,000
26,000
53,000
Milwaukee___
5,000
124,000
33,000
165,000
Toledo
1,000
28,000
14,000
Detroit
172,000
396.000
37.000
IndianapolLs_
692,000
628,000
545.000
69,000
St. Louts__ _
8,000
134,000
591,000
36,000
29,000
Peoria
155,000
252,000
743.000
Kansas City_
220,000
362,000
204,000
Omaha
28.000
201,000
168.000
St. Joseph_
2,000
43.000
135,000
Wichita
1,000
46,000
66,000
24,000
Sioux City_
5.453.000
3,070,000
4.785.000
311,000
370,000
285,000
Total wk. '25
Same wk. '24
Same wk. '23
4,426.000
3,871,000
2,507.000
3,068,000
2,976,000
2,346.000
561,000
243,000
496.000
483,000
414,000
507,000
Since Aug.I1924-25..._ _ 19,470.000 460,864,000''13,121.000 236,060.00058,286.000 55.039,000
18,009,000 198,166,000257,039.000 204,116,000 37,154.00025,621,000
t1923-24
P0922-23_ _ 20.660.000 378.327.000 265.211.000 198.798.00034.806.000 46,897.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, May 30. follow:
Wheat.
Barrels.
145,000
25,000
20,000
New York___
Philadelphia__
Baltimore__
Norfolk
New Orleans •
Galveston_
Montreal _ _ _ _
Boston
54.000
46,000
20.000
Corn.
Bushels.
1,217,000
498,000
159,000
70,000
52.000
72,000
2.029.000
Flour.
Receipts at-
Bushels.
41,000
4.000
9,000
310,000 4,097,000
Total wk. '25
Since Jan.1'2511,434,000 76,513.000
Oats.
Barley.
Rye.
Bushels. Bushels.
Bushels.
35,000
718,000
985,000
73.000
476,000
3,000
48,000
8,000
110.000
21.000
75,000
2,091.000
9.000
4,000
261,000
952,000
133,000 3,590.000 1,100,000 1,100,000
2.885.000 24.679.000 13,341.000 18,843.000
713,000
756.000
381,000 1,278,000
444.000 9,592.000
Week 1924
Since Jan.1'2411.231 000 89.946 000 12.024 000 17.847 000 5.040.00 5.410.000
h •Receipts do not include grain passing through New Orleans for foreign ports
on through bi Is of lading.
several
nThe exports from the 30 1925,seaboard ports for the week
are shown in the annexed
ending Saturday, May
statement:
Wheat.
Exports from-
Corn.
Rye.
Oats.
Flour.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
463.479
541.628
102.587 519,747
80,000
9,000
24.000
1,000 248.000 190.000
803.000
58,000 240.000
13.000
227.000
110.000
70.000
86.000
7,000
31,000
634,000 216,000
204,000
37,000 2,525.000 1,033,000 124,000
2,350,000
New York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Total week 1925_ 4.853.628
7 447 077
14nrnn .,,,nk 1094
216,000
257 888
184.587 3.357.747 1,668,000
316 446 1 153 R70 507013
667.479
542.657
The destinat'on of these exports for the week and since
July 1 1924 is as below:
United Kliagdom_
Continent
So.& Cent. Amer_
West Indies
13rIt.No.Am.Cols,
Other Countries__
Since
July 1
1924.
Week
May 30
1925.
Corn.
Wheat.
Flour.
Exports for Week
and Since
July 110-
Total 1925
Tntra 1094
Week
May 30
1925.
Since
July 1
1924.
1Veek
May 30
1925.
Since
July 1
1924.
Bushels. Bushels.
Bushels.
Barrels. Barrels. Bushels.
60.000
60.581 4.103.698 1,598.777 95,316,937
77,961
80,499 9,286.804 3,223,851 179,669.712
746,300 151,000 1,469,830
31,000
920,831
15.963
65,000 1,831,310
139.950
24.665 1,310.262
21,000
6,135
3,900
1,738.527
561,342
2,879
184.587 16,189,072 4,853,628 277,611,426
316 446 14.721.685 7.447.977 217.938.038
216,000 3.464,001
254.866 11.216,973
The world's shipments of wheat and corn, as furdshed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, June 5, and since July 1 1924 and 1923,
are shown in the following:
Corn.
Wheat.
1924-25.
Week
May 29.
Since
July 1.
1923-24.
Since
July 1.
1924-25.
Week I
May 29. I
Since
July 1.
1923-24.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
26.000 1,188,000 13.007,000
North Amer. 6,483,000401,675.000 409.341,000
Black Sea_
3.280.000 44.298,000 1,488.000 31,072.000 34,005.000
Argentina__ 1.799.000 122,440,000150.894,000 2.304.000150.554,000 102,006,000
Australia ___ 2.568.000 110.204,0001 69.490,000
India
264,000 35,512,000 12.752.000
I 1,438,000 15,532,000
Oth.Countr's
1.840.000
Total
[voL. 120.
THE CHRONICLE
2964
11.114.000673.111,000688.615.000 3,818.000 184.252.000 164.550.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, May 30, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Rye.
Oats.
Corn.
Wheat.
bush.
bush,
bush,
bush
253.000
704,000
45,000
514,000
380.000
9,000
6.000
44,000
390,000
141,000
551,000
456,000
123,000
106,000
3,663,000
52,000
2,000
62,000
126,000
704,000
18,000
255,000
900,000 1,687,000 1,843,000
3,909,000
183.000
78,000
1,082,000
20,000
398,000
170,000
720,000
12.000
200.000
22,000
190,000
4,716,000 9,014,000 9,097,000 4,088,000
6,000
306,000
145.000
130,000
8,000 6,675.000 2,557,000
7,478,000
397,000
261,000 13,615,000
6,675,000
89.000
106.000
204,000
5,000
361,000
620,000
148,000
143,000
441,000
1,985,000 3,436,000
18,000
688,000
1,000
17,000
278,000
306,000
84,000
32,000
96,000
564,000
181,000
1,000
297.000
881,000
385,000
261,000
183.000
219,000
14.000
265.000
Barley
bushl
79.000)
45,000
30,000
57,000
50,000
1,000
183,000
62,000
269,000
777.000
1,000
21,000
15,000
3,000
140,000
65,000
Total May 30 1925_ __ _34,968.000 17,740,000 35,161.000 10,226,000 1,798,000
Total May 23 1925_ _37.173.000 17.383,000 37,356.000 10.261,000 2,353,000
757,000
Total May 31 1924
43,111,000 12,288,000 6,688,000 18,825,000
Note.
-Bonded grain not included above: Oats. New York, 288,000 bushels;
Baltimore,32,000; Butfalo,285,000; Buffalo. afloat,62,000: Duluth,61,000; Toledo,
afloat, 180,000; total, 908,000 bushels, against 1,377.000 bushels in 1924. Barley.
New York, 417.000 bushels; Boston, 101.000: Baltimore. 93,000; Buffalo, :10,000;
Buffalo, afloat, 371,000; Duluth, 43,000; On Canal, 89,000; On Lakes. 75,000; total,
1,399,000 bushels, against 406.000 bushels In 1924. Wheat, New York, 1,293,000
bushels; Boston, 55,000; Philadelphia, 1,420,000; Baltimore, 152,000; Buffalo,
1.924,000; Buffalo, afloat, 342.000; Duluth, 151,000; Toledo, 56,000; On Canal,
261,000; On Lakes, 261,000; total, 5,915,000 bushels, against 0,215,000 bushels In
1924.
Canadian
766.000
45,000
84,000 2.005,000
Montreal
2,610.000
5,691.000 1,869,000 2,100,000
Ft. William & Pt. Arthur24,513,000
287.000
198,000
1,092,000
Other Canadian
4,239.000
84.000 8,788.000
Total May 30 1925___ _31,362.000
91,000 9.934.000
Total May 23 1925._ __31,453,000
21,000 7,902,000
Total May 31 192420,646,000
Summary
34,968.000 17,140.000 35,161,000
American
84.000 8.788,000
31.362.000
Canadian
2,112,000 3,153,000
2,187,000 3,726.000
1,348,000 2,057,000
10,226,000 1,798,000
2,112.000 3,153,000
Total May 30 1925.....i36,230.000 17,224.000 43.949,000 12,338,000 4,951,000
Total May 23 1925._ 68,626.000 17,474,000 47.290.000 12,448,000 6,079,000
63,757,000 12,309,000 14,590,000 20.173,000 2,814,000
Total May 31 1924
WEATHER BULLETIN FOR THE WEEK ENDING
JUNE 2.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ending June 2, follows:
At the beginning of the week an extensive high pressure area was charted
over the western Lake region and Mississippi Valley, with unseasonably
low temperatures prevailing over the eastern half of the country. During
the following couple of days the high pressure drifted eastward to the
Atlantic coast, with slowly rising temperature over the central and eastern
portions of the country, and by Thursday seasonal warmth prevailed in
most districts. On Wednesday morning, May 27, temperatures were again
below freezing locally in the Appalachian Mountain sections and were
below 40 degrees in parts of the upper Ohio Valley. while the lowest of record
for so late in the season were reported from south Atlantic districts. High
temperatures again prevailed in the Northwest about the middle of the
week, and the latter part brought warm weather for the season to the
Central and Northeru States. In the far West the weather was warm
during most of the week.
Rainfall was generally of a local character during the first half of the week.
and was confined principally to showers in the Northeast and extreme
Southeast, over a belt from the western Lake region southwestward to
northern Texas, and over the far Northwestern States. During the latter
part widespread showers occurred over the Northwestern States, including
the central portions of the Plateau and Pacific coast areas. The falls were
locally heavy in parts of the northern Groat Plains and in the lower Rio
Grande Valley.
Chart I shows that the temperature for the week, as a whole, averaged
below normal in most sections from the Appalachian Mountain districts
eastward and in the Southwest. The weekly means were near normal In
the lower Mississippi Valley and considerably above normal from the upper
valley westward. Freezing weather occurred locally in the middle Appalachian Mountain districts and at a few points In the interior of Now England.
The maximum temperatures for the week were above 90 degrees throughout
the South, except in coast districts, and also In the Interior valleys and
northern Great Plains: they were above 100 degrees locally in the latter area.
Chart II shows that rainfall was very light from the middle Mississippi
and Ohio Valleys southward and also in the west Gulf area, except that
falls were heavy to excessive In parts of the lower Rio Grande Valley. Moderate rains occurred in the Northeastern States and they were rather heavy
to heavy over parts of the Northwest. There was a large amount of sunshine during the week. especially In the South where a number of stations
reported over 90% of the possible amount.
The continuation of widespread dry weather from the Mississippi Valley
eastward has Intensified droughty conditions in most sections of that area
and general and copious rains are much needed. The drought has become
especially severe In the area comprising the Ohio Valley and Lake region.
with reports of grains, hay, and pastures drying up in northern sections.
It is also very dry in much of the upper Mississippi Valley where considerable hay land and oats are being pastured. Drought is also becoming
serious in parts of the Southeast and rain is still needed in the west Gulf
section and, much of the Southwest.
Over the Northwestern States the week was much more favorable. Under
the influence of general rains and warm weather, crops made splendid
growth and, In most sections, the soil is now in good condition, though rain
is still needed in much of South Dakota, southern Minnesota. and generally
in Nebraska. The rainfall was especially beneficial from North Dakota and
northern Wyoming westward.
Low temperatures early In the week retarded germination and growth
over the eastern portions of the country and there was some further frost
damage in the Appalachian Mountain districts. Late reports on the cool
wave of last week show that heavy damage was done, particularly to minor
crops, in the North-Central States. The latter part of the week had
sufficient warmth for good growth, and vegetation made favorable advance
wherever there was sufficient moisture. Much replanting of frosted crops
was accomplished in the North-Central States, and much frosted corn was
recovering nicely.
SMALL GRAINS.
-In the Winter Wheat Belt conditions have been un
favorable during the past week. The crop is generally heading short because of lack of moisture, and in Kansas the fly, the chinch bug, and foot
rot are adding to the damage by the drought. Some wheat that was headed
was killed by frost in Indiana. Progress of winter wheat has been generally
slow and condition ranges from poor to fair. In the Spring Wheat Belt conditions have been more favorable, although rain is still needed in sections
of South Dakota: rainfall was especially beneficial in North Dakota and
Montana. Oats are generally reported poor to good, averaging generally
fair; this crop is also needing rain and heading short in many sections. Rye
Is filling in Maryland, but is heading short in the Dakotas and Wisconsin
Rice Is needing heavy rains in Louisiana and irrigation is being hindered by
salt in the bayous.
JUNE 6 1925.]
THE CHRONICLE
2965
CORN.—The outstanding factor in the corn situation is the lack of moisture, and progress during the week and condition at the end are only fair.
Helpful rains are reported in localities in Iowa, Kansas, Missouri. and most
of the southern States, but the greater portion of the belt needs rain. The
damage from frost has also been considerable, particularly in Indiana where
about one-fourth has been replanted, but in Iowa only about 5% needed
reseeding. Illinois also reports this crop badly cut back by frost, but mostly
recovering. Planting is practically completed and cultivation has advanced northward to Minnesota.
COTTON.—While the first half of the week was much too cool in the
eastern Cotton States, and very little rain occurred over the belt, except
In the north-central and more western districts, cotton made fairly good
advance in most sections. The late-seeded, however, was needing rain in
many places.
In general, the crop made very good progress in Texas, except the lateplanted in the central and southern portions of the State where it was too
dry; chopping is well advanced and weevil damage slight. In Oklahoma.
progressand condition were also mostly very good, and reports from
Arkansas ranged from fair to excellent, except from local areas. Conditions
were generally favorable In Louisiana.
Growth ranged from poor to fair in Mississippi and Alabama, with the
general condition of the crop mostly fair. Early cotton is withstanding the
drought well in Georgia, but the late made poor advance, with much not
yet up. Conditions were mostly favorable in Tennessee. though it was rather too dry. Cotton deteriorated in western North Carolina, and made
mostly unsatisfactory advance elsewhere, while growth was considerably
retarded in South Carolina and rain is needed.
on fall production. However, such a spurt in demand is
expected to be ultimately reflected in the buyer's attitude, as
for instance, more confidence in the matter of future deliveries which will probably be manifested in fall ordering
which has already commenced. The prevailing heat, therefore, has materially helped fall selling prospects. In the
meantime, reports from Western distributing centres have
been particularly encouraging, as trade was said to be much
better than a year ago. Silks remained the most popular
fabric, with reports from both wholesale and retail channels
claiming that they were much easier to sell than any other
textile fabrics. This has been due to the lustre and softness,
as well as the brilliant colorings in which they are obtainable. Operating schedules at producing centres have continued at capacity. It was claimed that hosiery mills in
some cases are sold as far ahead as Thanksgiving. In regard
to the floor covering division, although pre-inventory quiet
has prevailed, manufacturers were optimistic in regard to
the future. Retail buyers were reported to be ready to neThe Weather Bureau also furnishes the following resume' gotiate business because of their belief that the consuming
of the conditions in the different States:
purchasing power will be strong the latter part of the year.
New England.—Boston: Too cool and cloudy for good growth. Potato
planting finished. Tobaco setting continues and grass doing well. Little An item of particular interest to the trade was the decision
of the United States Supreme Court upholding trade assofrwt damage.
New York.—Ithaca: rain much needed over west for all crops. Wheat
data methods. Such items as the cost of proand oats doing well; corn about all planted and most potatoes, meadows, ciations' cost
and pastures improving where rainfall sufficient. Gardens and truck im- duction and transportation were held as legitimate subjects
weather.
proved by warm
inquiry. This is hoped to result in greater regulation and
New Jersey.—Trenton: Increasing heat with one shower and ample sun- of
shine greatly benefited growth. Grains and grass very good. Corn, stabilization of production.
pastures, potatoes, and truck improving. Fruit fair, but small crop.
Warm showers needed. Cranberries fair; some bogs and farm crops
badly mut by hail.
Pennsylvania.—IshIladelpEda: Frost in many places on 25th and 27th,
with damage in some western and northern counties. Week closed hot;
soil mostly in good condition. Corn planting finished in northern and
cultivating general in central and southern counties. Late potatoes mostly
planted. Rye headed and wheat heading and looking fine.
Maryland and Delaware.—Baltimoro: Crops continue in good condition
generally, but need rain. Wheat blooming, rye filling out, and peas and
strawberries being picked in south and central. Early potatoes blooming
in south and on Eastern Shore. Cultivation of corn continues; planting
not yet finished.
Virginia.—Richmond: Dry and cool until latter part of week when
warmer. Unfavorable, except for small grains, meadows, and pastures,
which continue good in most sections. Latter part of week more favorable
for corn, cotton, and tobacco, but these crops need rain. Slight damage by
frost middle and western localities and considerable damage in extreme
southwest. Fair progress setting out tobacco, but dry weather unfavorable.
Fruit prospects fair to good.
North Carolina.—Raleigh: Crops needing rain in many localities, mainly
In south and west; much frost damage to corn, potatoes, and truck in
mountains on 26th. Cotton deteriorated in west and progress poor to fair
I east; condition varies from very poor to very good; mostly poor. Favorable for harvesting oats and hay.
South Carolina.—Columbia: Early in week cool nights retarded germination of late corn and cotton. Tobacco, corn, truck, and other crops
need rain. but maintain fairly healthy color. Early and intermediate
cotton condition and progress fair, but needs rain; chopping general and
squares appearing in early crop; few weevil, but damage slight. Cereal
and potato harvests progressing; oat harvest nearing completion.
Georgta.—Atlanta: Drought becoming serious in many sections. Early
part week too cool, checking growth, but warmth favorable latter part.
Early cotton withstanding drought well. but progress only fair; early crop
forming squares and blooming in southern division; progress of late poor and
much not um few weevil. Corn needs rain badly.
Florida.—Jacksonville: Progress and condition of early cotton very good;
lat fair to very good; few weevil in west. Corn improved, but needs rain
e
In west and uplands of north and central. Cane and peanuts good progress.
Citrus groves improved, but crop unfavorably affected by dry weather.
Pineapples and ranges improved in south.
Alabama.—Montgomery: Widely scattered showers latter part, but good
general rains needed. Oat harvesting quite general. Progress and condition of corn, potatoes, truck, pastures, and minor crops mostly fair to good
where recent rains occurred; otherwise mostly poor. Progress of cotton
rather poor to fair much late-planted not up; blooming locally in south'
condition mostly fair and chopping made good progress;few weevil reported
locally in south.
Mississippi.—VIcksburg: Week began cool; ended somewhat
warm;
progress of crops affected by light rains in extreme north and extreme
south, but generally moderate rains elsewhere. Progress of cotton mostly
squares In north and bloom in south; cultivation generally very
fair; some
good; chopping completed. Progress of corn mostly fair; cultivation very
good.
Louisiana.—New Orleans: Weather continued mostly favorable, although
rain needed in most sections. Progress and condition of cotton generally
very good; chopping late crop and early blooming. Advance of corn
generally poor,although crop holding color and condition satisfactory due to
excellent cultivation. Cane and rice needing heavy rains; irrigation of rice
hindered by salt in bayous.
Texas.—Houston: Unfavorable in central and much of south account
drought. Progress of pastures, winter wheat, oats, coin, and minor crops
very good, except poor in dry sections, and condition poor to fair. Progress and condition of rice good. Advance of cotton very good, except
early deteriorated in Corpus Christi section and late deteriorated or made
only fair progress in much of central and south; average condition fair;
chopping well advanced; weevil damage slight; season generally backward,
though first bale marketed at Houston.
Oklahoma.—Oklahoma City: Week favorable, but soil dry in much of
east, south-central, and northwest portions. Stand. progress, and condition of cotton generally very good; cultivating and considerable chopping;
still planting in extreme north and west. Progress and condition of corn
generally fair to very good; some laid by. 'Progress of winter wheat generally poor; ripening and condition very poor to fair; averages poor.
Arkansas.—LIttle Rock: Cotton advance fair to excellent, except in
some central and northeastern localities where soil too dry; well cultivated
and clean; chopping well advanced; plants small In many fields, but condition fair to very good. Progress of corn fair to very good, except in
central and northeast where it deteriorated or made only poor progress
due to drought. Oat harvest started; poor to fair.
Tennessee.—NashvIlle: Progress of cotton last four days fair, although
dryness unfavorable for germination: condition averages fair; considerable
chopping. Progress and condition of corn fair to very good; beginning to
feel drought; cultivation excellent. Somewhat unfavorable for winter
wheat account warmth and lack of moisture; condition averages fair.
Kentucky.—Loulsville: Cool first two days; otherwise favorable, but
rain badly needed as drought appearing in north and west. Progress and
condition of early corn fair; color 'better and germination of late fair. Progreso of winter wheat generally very good; blooming and filling.
Tobacco
setting about half done; awaiting rain in hill districts.
THE DRY GOODS TRADE.
Friday Night, June 5 1925.
Sales of silks and other textile fabrics suitable for summer use rose with the mercury during the past week. Retail
distribution of such merchandise was claimed to have broken
all records and re-orders accumulated rapidly in manufacturers' hands. Thus retail stocks were considerably reduced, although the latter had no direct effect upon mills,
nor their present rate of operations, as they are occupied
DOMESTIC COTTON GOODS: While higher temperatures stimulated demand for certain of the seasonal summer
fabrics, buyers for the most part were reluctant to operate
in the markets for domestic cotton goods during the week.
This was principally due to the unexpected high Government cotton report, which placed the condition of the crop
as of May 25 at '76.6% of normal. The immediate effect of
this report was claimed to have resulted in additional caution among buyers and the cancellation of certain orders.
Buyers were unwilling to proceed at once with operations
they had started pending receipt of the report, and manufacturers preferred to wait and watch the course of the
market. It was generally believed that a report of such
proportions foreshadowed lower raw cotton prices, but it
was claimed doubtful whether cloth prices could be depressed further with curtailment actually under way at
mill centres. Manufacturers have continued their plans for
the furtherance of curtailment of production in the South,
and mills not actually under contract were urged to partially
shut down machinery. Reports received by agents for colored cotton mills stated that while full time was operative,
in a number of cases fully a third of the looms were Idle and
others will be stopped when orders expire. On the other
hand, however, certain fabrics have enjoyed a sharp revival
In demand, owing to the sudden outburst of hot weather.
The spot demand for such seasonal items as wash fabrics,
printed voiles, silk and rayon and cotton mixtures have
quickened most satisfactorily. Also, an urgent call was reported for wash fabrics, underwear supplies, white goods
and dress cottons. Print cloths, 28-inch, 64 x64's construction, are quoted at 6%c., and 27-inch, 64 x 60's, at 614c.
/
Gray goods in the 39-inch, 68 x72's construction, are quoted
at 103c., and 38-inch, 80 x 80's, at 12c.
WOOLEN GOODS: A steadier undertone, which was
generally accepted as a forerunner of a turn for the better,
was noticeable in the markets for woolens and worsteds.
This was expected to take place within a short time, when
prices for the new spring season will be under consideration.
Factors in the men's wear division agreed that the showing
of merchandise for the spring season should be earlier this
year as a means of establishing a price list based on the low
point of the wool and yayn market, and thus stimulate business which has been lagging for some months. Numerous
mill agents admitted that their spring lines were either
ready or rapidly nearing completion, but were waiting for
the big company to lead the way. Factors, speculating as
to the probable date, have named July 15 as not very far
out of the way. In the meantime the recent depression of
raw wool markets has left its marks and buyers maintained
a cautious attitude and placed the minimum of forward
business.
FOREIGN DRY GOODS: Little change was noted in
conditions surrounding the markets for linens. While a
fair call was reported for certain of the fancies, such staples
as household and dress linens continued dull. In retail
channels it was claimed that departments were only interested in sacrifice offerings and these were not as plentiful
as was the case up to the earlier part of the year, owing to
the limited stocks of merchandise In importers' hands. In
regard to household linens, conditions continued quiet, with
plans for curtailment of production furthered in Belgium
and other producing centres. In the dress linen division,
there has been little, if any, improvement, despite the fact
that there have been fair outlets in some directions. Italian
and Madeira linens have moved poorly. Competition has
been unusually keen, owing to the large number who overbought in primary markets. Substantial price reductions
have done little to stimulate sales, as the trade has lost confidence in values. Burlaps have ruled irregular. While
quiet the earlier part of the week, owing to the holidays in
Calcutta, prices advanced the latter part. Light weights
are quoted at 7.20c. and heavies at 9.50c.
[VOL. 120.
THE CHRONICLE
2966
ffitate and Titg glepartinnxt
MUNICIPAL BOND SALES IN MAY.
State and municipal financing for the month of May was
featured by the placing of several large bond issues. The
total for the month was $186,892,336, higher than for any
previous May on record and the third highest for any single
month. The highest monthly total ever recorded was
$276,706,107, in June 1924, and the next highest $220,466,661, in December 1921.
The largest borrower of the month was New York City,
which successfully marketed $60,000,000 4h% school construction bonds. The bonds were awarded to a syndicate
headed by the National City Co. and the First National Bank,
both of New York City, at public offering on May 5 at
102.3197, a basis of about 4.045%. Several other large
bond issues were placed during May. We summarize as
follows the issues for $2,000,000 and over:
to a syn$10.000.000 4% highway bonds of the State of Illinois, awardeda basis of
99.881,
dicate headed by the National City Co. of New York at
addiabout 4.02%. The same syndicate also took a 15-day option on an
tional $10,000,000 block.
bridge, Series D.
$7,000,000 State of Alabama public road, highway and
bonds, sold to the First National Bank of New York at 99.60, a basis of
about 4.17%, taking $3,000,000 as 4s and $4,000,000 as 4 Yis.
seven separate issues),
$5,173,000 Cleveland, Ohio, bonds (representing
New York as
bought by a syndicate headed by the First National Bank of
43,1s at 101.429, a basis of about 4.05% •
(comprising four sepa85,073,000 4% bonds of Allegheny County, Pa.
assorate issues), purchased by the First National Bank of New York and
ciates at 100.63. a basis of about 3.95% •
Two issues of 434% bonds of Jersey City, N. .J., awarded to the First
general
National Bank of New York and associates as follows: $3,078,000
bonds
lmpt. bonds at 104.09, a basis of about 4.13%, and $1,770,000 water
at 104.597. a basis of about 4.12%.
District
$3,225,000 Cowlitz County Consolidated Diking Improvement
No. 1, Wash., bonds, awarded to the Long Bell Lumber Co.as 5 s at 93.
Westchester County,
Six issues of 4% bonds, aggregating $2,995,000. of
basis of
N. Y., sold to the First National Bank of New York at 100.92. a
about 3.92%.
Five issues of 4% bonds, aggregating $2,955,000, of Boston. Mass,
basis of about
awarded to Kidder, Peabody & Co. of Boston at 100.64, a
NEWS ITEMS.
Argentine (State of).—$45,000,000 External Bonds sold
in the United States.—On Tuesday, June 2, J. P. Morgan &
Co. and the National City Co., both of New York City,
sold to the American investing public, at 96 and interest,
yielding over 6.25% to maturity, $45,000,000 6% gold
coupon (registerable as to principal only) external sinking
fund bonds, issue of June 1 1925, of the Government of the
Argentine nation. The bonds are described as follows:
Denoms. $1,000 and $500. Date June 1 1925. Principal
and semi-annual interest (J. & D.) payable in United States
gold coin of the present standard of weight and fineness, in
New York City, at the offices of either J. P. Morgan & Co.
.
or the National City Bank, fiscal agents for the issue,
without deduction for any Argentine taxes, present or future.
Due June 1 1959. The following with regard to the sinking
fund provision for the retirement of the bonds, is taken from
the offering circular:
The Government will covenant to pay to the fiscal agents as a sinking
fund, beginning Dec. 1 1925, and thereafter semi-annually on June 1 and
Dec. 1, in each year, an amount equal to one-half of 1% of the maximum
principal amount of bonds of the issue of June 1 1925 at any time theretofore
issued plus an amount equal to the accrued and unpaid interest on all bonds
previously acquired through the operation of the sinking fund. Such sink.
Mg fund payments (which may be increased by the Executive Powe. if
considered advisable) are to be applied to the purchase of bonds below par
through tenders, or, if not so obtainable, to the redemption of bonds, called
by lot, at par.
Further information regarding the loan may be found in
our "Department of Current Events and Discussions" on a
preceding page.
Chicago Sanitary District, Ill.—District Asks United
States Supreme Court for Rehearing in the Case Upholding the
Injunction Reducing Flow into the Sanitary Canal.—On
June 1 the Chicago Sanitary District asked the United States
Supreme Court for a rehearing in the case in which that
court on Jan. 5 of this year affirmed the decree entered by
the District Court of the United States at Illinois, reducing
the water flow into the sanitary canal from Lake Michigan
from about 10,000 Cu. ft. a second to 4,167 cu. ft. (V. 120,
p. 231). It is declared by the district that the Canadian
boundary waters treaty had been erroneously construed by
the Court. "Washington advices," dated June 1, to the
"New York Times," said with regard to the matter:
The Sanitary District of Chicago to-day asked the Supreme Court for a
rehearing in the case upholding the injunction restricting the amount of
3.93%.
water the district could withdraw from Lake Michigan.
Tax School District
The Sanitary District declared that the Canadian boundary waters
$2,500,000 5% bonds of Duval County Special
Co. of treaty had been erroneously construed by the Court. It also was argued
No. 1, Fla., sold to a syndicate headed by the Wm. R. Compton
that the permits granted for the opening of the drainage canal and the
New York at 107.239, a basis of about 4.40% •
had
amount, disposed enlargement of the Chicago River were irrevocable, that the Court and
State of California soldiers' bonus bonds, $2,000,000 in
the effect of the permits which had been granted
York at 103.169 erroneously construed
that the Attorney-General had sought relief exclusively under the River and
of to a syndicate headed by the First National Bank of New
Harbor Act of March 3 1899, while the Court had not confined its opinion
for 43s,a basis of about 4.16%•
the Fidelity & to a construction of that law, but had applied other principles in sustaining
$2,000,000 Louisville, Ky., sewer bonds, purchased by
the position taken by the Government.
Co., both of Louisville,
The Canadian boundary waters treaty clause quoted by the Court, the
Columbia Trust Co. and Henning, Chambers &
district insisted, had no application to Lake Michigan. The waters of
jointly as 4s at 100.65, a basis of about 3.97%.
waters under the preliminary
it
% Stamford, Conn., school bonds awarded to a syndicate that lake,the was held, are not boundary
$2,000,000 43.4
treaty.
basis of about article of
headed by Harris, Forbes & Co. of New York at 103.67, a
The jurisdiction of the International Joint Commission,it argued, did not
Include Lake Michigan. The United States, it added, is under no treaty
3.97%.
obligation as to the diversions: having reserved jurisdiction subject only to
The temporary loans negotiated during May aggregated two conditions, with which the Court is not concerned and which do not
feet diversion. Such diversion, the Sanitary
City alone con- apply to the 10,000 seconds dispute at the time the treaty was Made.
$38,426,696. Of this amount New York
District insisted, was not in
tributed $30,100,000.
Canadian long-term bond disposals during May were
made in the amount of $9,987,197.
In the following.table we publish a comparison of all the
various forms of obligations put out in May for the last five
years:
1921.
1923.1922.
1924.
1925.
$
$
$
Perm't loans(U. S.)-186,892,336 117,445,017 95,088,046 108,878,872
79,811,249 39,465.000 15,435,000
*Temp.loans (U.S.) 38,426.696
Can,loans(perm't)—
Placed in Canada- 8,487,197 4,798,741 5,142.250 10,675,337
Placed in U. 13__ _ 3,500,000 2,600,000 1,000,000 6,234,000
135,000None
590.900
Bonds cd U.S. Poss.
None
None
None
Gen.fd.bds.,N.Y.C.
235,306,229 205,153,007 140,830,296 139,223,209
Total
63,442,294
78,162,000
16,099,286
2,000,000
None
5,500,000
165,203.580
$30,100,000 in May
•Including temporary securities issued by New York City,
in May 1922,
1925. $57600000 in May 1924, $17,540,000 in May 1923, $3,950,000
and $67.622,000 in May 1921.
The number of municipalities emitting permanent bonds
and the number of separate issues made during May 1925
were 495 and 677, respectively. This contrasts with 526
and 679 for April 1925 and with 448 and 648 for May 1924.
For comparative purposes we add the following table
showing the aggregates of long-term issues for May and the
five months for a series of years:
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912
1911
1910
1909
For the
Month of
Five Months.
May.
$186,892,336 $599,832.019
117,445,017 546.293,435
95,088.046 423,089.026
106,878,872 536,116,865
63,442,294 356,003,428
37,280,635 277,548.512
46,319,625 205,272,378
33,814,730 123,945,201
23,743,493 193,068.268
29,006,488 235,908,881
42,691,129 213,952,380
34,168,614 303.153,440
83.234.579 179,493,040
98,852,064 196,803,486
33,765,245 195,791,550
18,767,754 143,476,385
27,597,869 145,000,887
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
For the
Month o
Five Months.
May.
1125,280,431 $137,476,515
93,957.403
15,722,336
80,651,623
14,895.937
92.708.300
16,589,066
55,110,016 113.443,246
62,649,815
14,846.227
59,211,223
20,958,404
47.754,962
14,582,340
58,273,539
9,623,264
33,998,634
7,897,642
34,373,622
7,038,926
56,890,312
8,258.927
30,384,656
10.712,538
41,084,172
11,587,766
50,067,615
14,349,410
30,774,180
4,093,909
36,844,291
7.856,860
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.
New Bill Increasing District's Debt Limit Passed by Legislature—Must now be Signed by Governor.—The State Legislature has passed the new bill, referred to in V. 120, p. 2840,
to increase the district's debt limit from 3%,the present rate,
to 4%. It was stated on June 3 that the measure would
be sent to Governor Small for signature as soon as possible.
The Governor has indicated that he will sign it. Since the
bill carried an emergency clause, it will go into effect
as soon as signed.
Connecticut (State of).—Legislature Adjourns.—The
State Legislature, which convened in regular biennial session
on Jan. 7, adjourned June 3.
New Jersey (State of).—State Proposes to Issue $10,000,000 Loan.—An Associated Press dispatch dated June 5
to the New York "Evening Sun" of even date, in reporting
this proposed offering says:
Bids will be received by State Comptroller Ilugbee June 23 on a $10,000.000 issue of State bonds. The issue is divided into three groups on each of'
which separate proposals are asked. All bonds will be coupon form and
of $1,000 denomination.
The first group comprises $5,000.000 worth of highway extension bonds
bearing interest at 434 %. July 1 1955 is the State date of maturity,
though the bonds may be redeemed at option any time after fifteen yeara
upon six months notice.
A $3,000,000 issue of road bonds and a $2,000,000 issue of bridge bonds
comprise the second and third groups to be offered.
New York (State of).—Investment of Trust Funds.—Under an Act passed by the 1925 Legislature (Chapter 604,
Laws of 1925), amending Section 111, Chapter 18, Laws of
1909, last amended by Chapter 593, Laws of 1922, trust
funds may be invested in parts of mortgages and bonds
executed by banks authorized to conduct a trust department, as well as by trust companies and title guaranty
corporations. We give below the text of Section 111, as it
now stands, placing the new matter in italics:
Section 111. Investment of trust funds. An executor, administrator,
trustee or other person holding trust funds for investment may invest thesame in the same kind of securities as those in which savings banks of thin
State are by law authorized to invest the money deposited therein, and the
income derived therefrom, and in bonds and mortgages on unincumbered
real property in this State worth fifty per cent= more than the amount
loaned thereon, and in shares or parts of such bonds and mortgages, provided that any share or part of such bond and mortgage so held shall not
be subordinate to any other shares thereof and shall not be subject to any
prior interest therein, and provided further that bonds and mortgages in
parts of which any fiduciary may Invest trust funds together with any guaranties of payment, insurance policies and other instruments and evidences
of title relating thereto shall be held for the benefit of such fiduciary and ot
JUNE 6 1925.]
THE CHRONICLE
any other persons interested in such bonds or mortgages by a trust company.
a bank authorized to conduct a trust department or title guaranty corporation
organized under the laws of this State, and that a certificate setting forth
that such corporation holds such instruments for the benefit of such fiduciary and of any other persons who may be interested in such bond and mortgage among whom the corporation holding such instruments may be included, be executed by such corporation and delivered to each person who
becomes interested in such bond and mortgage. Every corporation issuing
any such certificate shall keep a record in proper books of account of all
certificates issued pursuant to the foregoing provisions. An executor.
administrator, trustee or other person holding trust funds may require
such personal bonds or guarantees of payment to accompany investments
as may seem prudent, and all premiums paid on such guarantees may be
charged to or paid out of income, providing that such charge or payment be
not more than at the rate of one-half of one per centum per annum on the
par value of such investments. But no trustee shall purchase securities
hereunder from himself. Whenever any trust funds are invested in the
shares of a savings and loan association, organized under the laws of this
State. at the time said funds shall come Into the possession of any executor,
administrator, trustee or other person, entitled to hold the same, the investment of such funds in the shares of such savings and loan association
may be continued, provided, however, the total amount of trust funds
Invested in the shares of such savings and loan association shall not exceed
the amount of its guaranty fund.
Chapter 604, Laws of 1925, also amended Section 21,
Laws of 1909, last amended by Chapter 599, Laws of 1922,
which section is, as regards investments by trust funds,
substantially the same as Section 111. The amendment to
Section 21 is the Same SS to Section 111 -referred to above.
Norway (Kingdom of).
-830,000,000 External Loan
Floated in the United States.—A syndicate of American
bankers, headed by Blair & Co., Inc., of New York, successfully floated here on Monday, June 1, $30,000,000
04%
40
-year sinking fund external loan gold bonds of the Kingdom
of Norway. The offering price was 96.75 and interest,
to
yield 5.70% to maturity. Bonds are coupon bonds in the
denom. of $1,000, registerable as to principal only. Dated
June 1 1925. Principal and semi-annual interest (J. & D.)
payable at the office of Brown Bros. & Co., New York,
fiscal agent of the loan, in United States gold coin of the
present standard of weight and fineness, without deduction
tor any Norwegian taxes, present or future, and payable in
time of war as well as in time of peace, irrespective of
the
nationality of the owner. Due June 1 1965, optional June 1
1935 or any interest date thereafter in whole or in part
at
100 and interest. The entire issue will be retired by
maturity
by a cumulative semi-annual sinking fund, of which
the
offering circular says:
The entire issue will be retired by maturity
through the operation of a
cumulative sinking fund beginning Dec. 1 1935,
Sinking fund payments are to be used to call bonds payable semi-annually.
interest, but the Government may acquire bonds by lot at par and accrued
by purchase, and tender
them at par in payment of the sinking fund
Installments.
National Bank of Commerce of New York is registrar
of
loan. Additional data regarding the loan may be
found in
our "Department of Current Events and
Discussions" on a
preceding page of this issue.
Pennsylvania (State of).—U. S. Supreme Court
Hands
Down Decision in Frick Estate Case Involving State
Tax Law—States Can Levy Only on Gross Estate Inheritance
Borders, Court Decides.—In our "Departmen Within Their
Events & Discussions" on a preceding page, t of Current
this decision are outlined at length. We the points of
add
following, taken from the Philadelphia "Ledger" of here the
June 2:
At the State Treasury at Harrisburg,
it was said yesterday (June 1)
that no final accounting of the H. C.
It is not known what deduction will Frick estate had been made and that
be claimed as a result of the United
States Supreme Court decision,
The appraisal as filed with the Fiscal
$91,203,156 77. Of this total924,178,348 Officers of Pennsylvania was
inheritance tax of Pennsylvania and netted was subject to the 2% direct
the Commonwealth $483.566 96.
The sum of $29,007,655 was subject
to the 5% collateral inheritance tax,
and the tax paid amounted to
$1,495,382 75.
The estimates as to the effect of the decision
State finances, are that the New York State'son New York
refunds and diminution of future revenues will loss through
not amount
to more than 8100,000 a year.
Town of West Hoboken and Union Hill, N. J.—
Towns Merged as Union City.—On June 1 the consolidatio
n
of the towns of Union Hill and West Hoboken into one
to be known as "Union City," became effective. The city,
voters
of the two towns voted for consolidation at a
held on March 4 1924, under authority ofspecial election
Chapter 117,
Laws of 1923, but it was only really accomplished following
lengthy litigation involving the validity of the election.
new city will have a population of about 75,0001 and The
was
incorporated by an Act passed by the 1925 Legislature.
flf Vermont (State of).—Correction.—In V. 120,
in reporting the amendments made by the 1925 p. 2713
legislature
to Section 5363 of the General Laws, which governs
the
investments by savings banks, a mistake occurred with
regard to the new sub-section added to Paragraph V.
new sub-section to that paragraph is lettered (o) and The
not
(n) as reported by us.
11 Yonkers, N. Y.—City Manager Plan Rejected.—At a
special election held May 29 the voters of this city rejected
the city manager form of government. An unofficial count
of the final vote gave 9,379 against the proposition and
5,862 for it.
BOND CALLS AND REDEMPTIONS.
r Cameron County Road Districts No. 1 and No. 2
(P. 0. Brownsville)" Tex.—Bond Call.—Bonds of Cameron
County Road Districts No. 1 and 2 are called for payment July 1 1925 at the Hanover National Bank, New
York City.
2967
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ADMIRE, Lyon County, ICan.—BOND OFFERING.—Sealed bids will
be received until 4 p. m. June 6 by Raymond McDaniel. City Clerk, for
$11,000 434% electric light bonds. Date May 1 1925. Denom. $1,000
and $500. Due May 1 as follows: $500, 1926 to 1933. inclusive, and 81,000,
1934 to 1940, inclusive. A certified check for 2% of bid is required.
ADRIAN, Lenawee County, Mich.—BOND OFFERING.—Sealed bids
will be received at the office or G. Percy Love, City Clerk, until 1 pm;
(central standard time) June 15 for the purchase of Sewer bonds series B in
the sum of $175,000 to consist of serial bonds of $1.000 each maturing
$5,000 yearly from July 1 1927 to June 1 1942. both incl., and maturing
$8,000 yearly from July 1 1943 to July 1 1952, both incl., and $15,000 on
July 11953. All bonds are to be dated July 1 1925 and will bear interest
at the rate of 434% payable semi-annually on July 1 and Jan. 1 of each
year. The principal and interest are payable at the Commercial Sayings
Bank, Adrian State Savings Bank and National Bank of Commerce all of
the city of Adrian, or at the City Treasurer's office. All bids must be aocompanied by a certified check for 10% of bid. All bids must be unconditional and at par or above as provided for in the City Charter. The approving opinion as to the legality of said bonds of Miller, Canfield. Paddock and
Stone attorneys of Detroit will be delivered with the bonds. The bonds
will be furnished by the city and will be printed as soon as possible after the
award and executed for delivery to the successful bidder.
ADRIAN, Lenawee County, Mich.—BOND SALE.—The Lenawee
County Savings Bank. of Adrian, has purchased the $100.000 4 H% sewer
bonds offered on May 18 (V. 120, p. 2320) at 104.261—a basis of about
4.13%. Date June 11925. Due yearly on June 1 as follows: 13,000. 1927
to 1941,inclusive. and $5,000, 1942 to 1952,inclusive. At 4)4% bids were
Rate.
Rate.
Lenawee County Say. Bank,
Security Trust Co
103.64
Bank. Adrian
104.261 Stranahan, Harris & Oatis_ _ _103.63
Detroit Trust Co
104.066 Bank of Detroit
*103.259
Harris Trust & Savings Bank.103.886 Joel Stockard & Co
1102.605
Fidelity Trust Co
103.73 Lewis & Co
Continental & Commercial
Nat. Bk.of Comm., Adrian.x102.40
Trust & Savings Bank_ __ _103.693 W. L. Slayton & Co
102.361
E. H. Rollins & Sons
103.641 Bonbright & Co
102.341
At 4H% the bids were:
Rate.
Lenawee County Say. Bank,
Continental & Commercial
Adrian
Trust & Savings Bank_ _ _ _100.909
101.521
Detroit Trust Co
101.316 Security Trust Co
100.901
Fidelity Trust Co
100.92 Joel Stockard & Co
)100.25
Lewis & Co
*,And pay all expenses. x And pay printing.
AGAWAM, Hampden County Mass.—BOND SALE.—The Oity
Treasurer has awarded to R. L. Day & Co. at 100.59 960.000 4% bonds.
dated June 1 and payable 1926 to 1940 inclusive.
AKRON, Summit County, Ohio.—BOND SALE.—Otis & Co.. of
Cleveland, have purchased the following issues of 4H% coupon bonds
offered on June 1 (V. 120, p. 2713) at 103.14—a basis of about 4.21%:
9350,000 water-works bonds. Denom. 91,000. Due $14,000 Oct. 1 1926
to 1950, inclusive.
76,800 sewerage system bonds. Denom. 81.000 and one for $800. Due
yearly on Oct. 1 as follows: $3,800. 1927; $3,000. 1928 to 1950,
Inclusive, and $4,000. 1950.
Date June 1 1925.
Rate.
Rats.
Otis & Co
103.14 W. A. Harriman & Co
102.589
Harris, Forbes & Co
Bankers Trust Co
1102.439
National City Co
1102.839 Tillotson & Wolcott
Hayden, Miller & Co
National City Bank. Akron--102.339
)
A. B. Leach & Co
102.813 Stevenson, Perry,Stay &Oo.102.092
Detroit Trust Co
)102.769 Guardian Trust Co., Cleve--1'1.59
Blodget & Co
W. L. Slayton & Co
101.38
ALABAMA (State of).—ADDITIONAL INFORMATION REGARDING BOND SALE.—The $7.000,000 public road highway and bridge.
Series D, bonds, sold by the State on May 4, were bought at 99.60, a basis
of about 4.17%, by a syndicate composed of the First National Bank, Wm.
R. Compton Co., Eldredge & Co., Kountze Bros., and Redmond & Co..
all of New York, and Marx & Co., of Birmingham, and Caldwell & Co. and
Phelps, Fenn & Co., also of New York. as follows:
$3,000,000 as 45. maturing $1,000.000 yearly on Dec. 1 from 1929 to 1951.
Inclusive.
4,000,000 as 4)48, maturing on Dec. 1 as follows: $1,000,000, 1952 to 1954.
inclusive, and $500.000, 1955 and 1956.
' Bonds are coupon bonds in $1,000 denomination, registemble as to principal and interest. Dated June 1 1925. Principal and semi-annual interest
(J. & D.) payable in gold in New York City or Montgomery, Ala. This
notice supersedes the one appearing in V. 120, p. 2458.
ALBANY, Morgan County, Ala.—BOND SALE.—The $50.000 bridge
coupon bonds offered on June 1—V. 120, p. 2713—were awarded to Caldwell & Co. of Birmingham as 5)4s at a premium of $775. equal to 101.55.
Date July 1 1925. Due in 1945. Principal and interest (J. & J.). payable
at the Hanover National Bank, New York City. Legality to be approved
by Storey, Thorndike, Palmer & Dodge of Boston.
ARKANSAS CITY, Cowley County, Kan.—BOND OFFERING.—
The City Clerk will receive sealed bids until 10 a. in. June 8 for $65,000
4)4% water works improvement bonds.
ARLINGTON, Middlesex County, Mass.—TEMPORARY LOAN.—
This city has awarded to Grafton Co.at 3.33% discount plus $1 72 premium
a 1100,000 loan due Nov. 26. Other bidders were: Salomon Bros. &
Hutzler, 3.43% plus $1 50; S. N. Bond & Co., 3.40% plus $1 75; First
National Bank, 3.39%. and Menotomy Trust Co., 3.347%.
ASHLAND, Schuylkill County, Pa.—BOND SALE.—The $300,000
5% coupon or registered water works system bonds offered on May 22—
V. 120 p. 2583—were sold to E. II. Rollins & Sons of Philadelphia. Date
May 1 1925. Int. M. & N. Due yearly on May 1 as follows: $5,000
1931 to 1939, incl.; $10,000 1940 to 1945. incl.; $15,000 1946 to 1949. incl.:
$20,000 1950 to 1952, incl., and $25,000 1953 to 1955, incl. Bonds are
subject to approval of Townsend. Elliott & Munson of Philadelphia.
ATLANTA, Fulton County, Ga.—BOND SALE.—The 958,000
%
street improvement bonds offered on May 29—V. 120. p. 2713—were
awarded to Westcott, Kearr & Parrott of New York at a premium of
$1.205 82, equal to 102.07. Date June 1 1925. Denom.$500 and $1,000.
Coupon or registered bonds. Due serially in 1 to 9 years. Interest
payable J. & D.
BALTIMORE COUNTY (P. 0. Towson), Md.—BOND SALE.—The
Guaranty Co. of New York and Harris, Forbes & Co. of New York have
purchased the 91,000,000
% coupon (registered as to principal) Baltimore County Metropolitan District bonds offered on Tune 1—V.
120.
p. 2583—at 105.579, a basis of about 4.17%. Denom. $1.000. Date
June 1 1925. Principal and semi-annual interest (J. & D.) payable at the
Second National Bank of Towson, Towson. Due yearly on June 1 as
follows: 110,000 1936. $12,000 1937. 113,000 1938, $14,000 1939.116.000
1940, $17,000 1941, 119,000 1942, 821.000 1943. 122.000 1944, $24,000
1945. $26,000 1946, $27,000 1947, 129,000 1948, $30.000 1949. 132,000
1950. $33,000 1951. 835,000 1952. 937,000 1953, $39,000 1954. $41,000
1955. 143.000 1956. 144,000 1957. $46.000 1958. $48,000 1959,
1960. 151.000 1961 to 1963, incl.; $59,000 1964 and 160.000 1965. 150,000
BEAVER COUNTY (P. 0. Beaver), Pa.—BOND OFFERING.—Sealed
blds will be received by James H. Cunningham, County Controller, until
2 p. m. (eastern standard time) June 22 for $500.000 4% road. Series 4
bonds. Denom. $1,000. Interest semi-annual. Due $20,000 Aug. 1
1928 to 1952. inclusive. Certified check for 2% of the bonds bid for,
required.
BELLEVUE, Huron County, Ohio.—BOND SALE.—The $1,155
514% coupon Heter St. Improvement bonds offered on May 9—V. 120. p.
2054—were sold to Geo. Lieber of Bellevue for $1,175 equal to 101.73. a
basis of about 5.16%. Date Apr. 1 1925. Due yearly on April 1 as follows; $155, 1927 and $125. 1928 to 1935 incl.
BERNALILLO COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Albuquerque), N. Mex.—BOND OFFERING.—Sealed bids will be received
tmtR 10 a. m. June 19 by H. J. Gardner, County Treasurer, for $12,000
2968
THE CHRONICLE
[VOL. 120.
-BOND
CORNING SCHOOL DISTRICT, Adams County, Iowa.
-The sale of the $160,000 434% school bonds schedSALE POSTPONED.
-has been postponed.
uled to be offered on June 2-V. 120, p. 2844
-Homer
-BOND OFFERING.
COTTAGE GROVE, Lane County,Ore.
Galloway, City Recorder, will receive sealed bids until 8 p. In. June 10 for
ystem improvement bonds. Date
$25,000 not exceeding 5% water-s
June 11925. Duo in 20 years, optional after 10 years. Principal and interest (J. & D.) payable at the City Treasurer's office.
CUTLER PUBLIC UTILITY ,DISTRICT (P. 0. Cutler), Tulare
-Sealed bids will be received until
County, Calif.
-BOND OFFERING.
June 18 for $27,000 6% water works system bonds. Date Mar. 29 1923.
Denom. $1.000. Due Mar. 29 as follows: $1,000 1928 to 1938 incl. and,
$2,000 1939 to 1946 incl. Principal and interest (Mar. 29) payable at the
office of the District Treasurer. A certified check for 5% of bid, payable
to the Clerk Board of Directors is required.
DADE COUNTY SPECIAL TAX SCHOOL DISTRICTS (P. 0.
-The following 5% bonds, aggregating'
-BOND SALE.
Miami), Fla.
$3,935.000, offered on June 2 (V. 120, p. 2584) were awarded as follows:
.
To First National Bank, William RCompton Co.. Eldredge & Co., and
Halsey, Stuart & Co., all of New York, and Wright, Warlow Co., of
Orlando, jointly.
$3.800,000 Special Tax School District No. 2 bonds at a premium of
3177.042. equal to 104.65-a basis of about 4.57%. Due May I
as follows: $120,000. 1928 to 1937, inclusive; $160,000. 1938 to
1947, inclusive and $200.000. 1948 to 1952, inclusive.
To W. L. Slayton & Co., of Toledo.
Special Tax School District No. 4 bonds at a premium of $825,
$75,000
$825 equal to 101.10-a basis of about 4.90%. Due May I as.
follows; $3,000, 1928 to 1952, inclusive.
To Well, Roth & Irving Co., of Cincinnati.
$725.
$60,000 Special Tax School District No. 9 bonds at a_premium ofyearly
equal to 101.20- a basis of about 4.88%. Due $3,000
$176,375
May 1 1928 to 1947, inclusive.
Net debt
Caro.
Date May 1 1925. •
ADD TO CLARENDON,Orangeburg Bridge Dist., So.
Following is a list of other bidders:
DADE TOWNSHIP SCHOOL DISTRICT (P. 0. Primghar), O'Brien
$8,48640
Co.
A. M.Law & Co.. Spartanburg and Harris, Forbes &
-The $21.000 434% school bonds offered
4,39200 County, lowa.-BOND SALE.
Asset, Goetz & Moerlein, Inc.. Cincinnati
-were awarded to the White Phillips Co. of
5,67200 on June 2-V. 120, p. 2844
Peoples Security Co., Charleston
4.98800 Davenport at a premium of $273 50 equal to 101.30, a basis of about 4.29%.
Braun, Bosworth & Co., Toledo
5,30000 Date May 1 1925. Due 31,000 each 6 mos. from May 1 1927 to May 1
Well, Roth & Irving
4,878 60 1937.
5,36565
-BOND OFFERING POSTPONED.
DANIA, Broward County, Fla.
Robinson-Humphrey Co., Atlanta
& Co.,Inc.
The
$85.000 6% improvement coupon bonds scheduled for
Geo. H.Burr & Co.,New York City and J.H.Hllsman
5,490 00 June sale of thep. 2584) has been postponed. Date July 1 1925.
5 (V. 120.
Atlanta
3.255 00
Trust Company of Georgia, Atlanta
- 5,434 20
DAWSON COUNTY (P. 0. Gothenburg), Neb.-BOND SALE.
A.C.Heywood & Co., Columbia and Detroit Trust Co.,Detroit- 6,355 26 James T. Wachob & Co. of Omaha have purchased an issue of $175.000.
Citizens & Southern Co., Atlanta
Due in 25 years.
6.873 50
bonds. Date June 15 1925.
R.S.Dixon & Co.,Greenville, with Stranahan, Harris & Otis,Inc... 4,680 00 4;4% high school building
Orangeburg Clearing House Assoc., Orangeburg
DAWSON COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Glendive),
7.327 98
-Sealed bids will be received until 4 p.m.
Mont.
-BOND OFFERING.
Bank of Charleston, Charleston
5.90400
Stevenson, Perry, Stacy & Co.,Chicago
June 8 by Fred J. Goulding, Clerk. Board of Trustees. for $18,000 not
-The Bolivar exceeding 6% school bonds. Date July 1 1925. Denom. $1,000. Due
-BOND SALE.
County, Ohio.
BOLIVAR, Tuscarawas
Canal St. improve- July 1 1945 optional July 11935. Principal and Interest (J. & J.) payable
State Bank of Bolivar has purchased the $1,613 32 6% premium of $1,815, at the County Treasurer's office. A certified check for $1.000 payable to
-for a
ment bonds offered on May 29-V. 120, p. 2458
May 15 1925. Due yearly the County Treasurer is required. These are the bonds originally scheduled
equal to 101.12. a basis of about 5.53%. Date
to be offered on May 26-V. 120, p. 2322.
on Oct. 1 as follows: $400 1926 to 1928. incl., and $413 1929.
-The 350,000
-BOND SALE.
Grande
DECATUR, Morgan County, Ala.
BOWEN DRAINAGE DISTRICT (P. 0. Del Norte), Rio and the bridge bonds offered on June 1 (V 120, p. 2715) were awarded to Caldwell
-M. R. Amerman of Wichita
-BOND SALE.
County, Colo.
& Co. of Nashville as 5s at 99.56, a basis of about 5.04%. Date July 1
purchased
Fidelity National Bank & Trust Co. of Kansas City jointly have
$500. Due 1925. Due July 1 1945.
an issue of $116,000 6% drainage coupon bonds. Denom.
DODGE CITY SCHOOL DISTRICT NO. 1 (P. 0. Dodge City),
serially. Interest payable J. & D.
-The $33,500 434% coupon school
-BOND SALE.
Ventura County Ford County, Kan.
BRIGGS SCHOOL DISTRICT (P. 0. Ventura), offered on June 2 bonds offered on May 28-V. 120. p. 2460
-were awarded to the First
-The $80,000 5% school bonds
-BOND SALE.
101.03, a basis
Calif.
of Italy of San Francisco at a Trust Co. of Wichita at a premium of $345 05, equal tofollows: $1,000
(V. 120. p. 2844) were awarded to the Bank about 4.49%. Date June 1 of about 4.340
7. Date June 1 1925. Due June I as
premium of $3,858, equal to 104.82-a basis of
and $4,000. in 1926 and $2,500, 1927 to 1939 inclusive.
1925. Due June 1 as follows: $3,000. 1926 to 1945. inclusive.
DONA ANA COUNTY SCHOOL DISTRICT NO, 17 (P. 0. Las
1946 to 1950, inclusive.
Cruces) N. Mex.-BOND OFFERINO.-H. B. Laurgers, County Treas.,
-BONDS AND CERTIFICATES SOLD DURING will receive sealed bids until 2 p. m. June 29 for 37,000 6% school bonds.
BUFFALO, N. Y.
114A Y.
-During the month of May the city of Buffalo issued bonds and Date July 1 1925. Denom. 31,000. Due in 20 years: optional after
certificates as follows:
and semi-ann. Mt. payable at the State Treasurer's
Dale. PrIce.Rate7D7tle Due. 15 years. Prin.
Purpose.
Amount.
Purchaser.
or at Kountze Bros., N. Y. City. A certified check for 5% of
May 1 '25 Par 4 May 1'26'45 office required.
Park Bd. SU.Fd_825,587 00 Playgrounds
bid is
Water Bond Sink-The following
-BOND SALE.
DOTHAN, Houston County, Ala.
6,090 00 Police & fire depts May 1 '25 Par 4 May 1'26'31
ing Fund
bonds, aggregating $222,000, offered on June 1 (V. 120. P. 2715) were
Surplus Moneys of
May 1 1925 Par 4 July 1 1926 awarded to Steiner Bros. and Marx & Co., both of Birmingham, jointly at
21,136 33 Certificate
General Fund
95:
Water Bond Sink3,882 39 M'thly local work May 15 '25 Par 4 May 15 '26 $125,000 6 school bonds. Due in 30 years.30 years.
ing Fund
75,000 607 storm sewerage bonds. Due in
-The Provident
-BOND SALE.
CADIZ, Harrison County, Ohio.
15,400 54 water works refunding bonds. Due In 20 years.
Savings Bank & Trust Co.of Cincinnati has purchased the $5,3706% coupon
6.600 5% electric light refunding bonds. Due in 20 years.
-for $5,626 15,
street assessment bonds offered on May 29-V. 120, p. 2584
-BOND OFFERING.
DOUGLAS COUNTY (P. 0. Lawrence), Kan.
basis of about 5.11%. Date June 1 1925. Due $280
equal to 104.70, a
Until 10 a. m.June 10 sealed bids will be received by E.C. Bussing, County
March 1 1926 to Sept. 1 1934, incl.. and $330 March I 1935.
VI% road improvement bonds. Date July 1 1925.
Mo.- Clerk, for $3,400 $300. Interest payable semi-annually. Due serially in
CHARLESTON SCHOOL DISTRICT, Mississippi County, 10 by Denom. $500 and
-Sealed bids will be received until 2 p.m. June
certified check for $65 is required.
BOND OFFERING.
bonds. 10 years. A
the Clerk Board of Educatio•4, for $100.000 4;4% coupon school J. 15)•
DUVAL COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
$1,000. Due serially 1927 to 1945. Interest payable (J. &
Denom.
-The $2,500,000 school bonds
-BOND SALE.
(P. 0. Jacksonville), Fla.
A certified check for $2,500 is required.
-were awarded to the William R.
on May 30-V. 120, P. 2322
-The Munici- offered
-BOND SALE.
CHILDRESS, Childress County, Tex.
Compton Co. of New York and Wright, Warlow Co. of Orlando, jointly.
street im- as 54 at 107.239, a basis of about 4.40%. Due 375,000. 1928 to 1942 inc.•
pal Securities Co. of Dallas has purchased an issue of $65,000 5%
agreed 880.000 in 1943: 385,000 in 1944; $90,000 in 1945; 394,000 in 1946; $98,000
provement bonds at a premium of $450 equal to 100.69. Purchaser
in 1947; 3102.000 in 1948: 3106,000 in 1949; $110,000 in 1950; $114,000
tx_paz, all expenses.
- in 1951; 3118,000 in 1952: 5122,000 in 1953; $126,000 in 1954, and$130,000
SALE.
-BOND
CLACICAMAS COUNTY (P. 0. Oregon City), Ore.
-were
road bonds offered on June 3-V. 120. p. 2714 about in 1955.
The
a basis of
$335,000°
awarded to A. D. Wakeman & Co. of Portland at 107.25,
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 1 (P. 0.
follows: $25,000 in 1936.
--The following is a list of bids received for
-BIDS.
4.3607. Date May 1 1925. Due May 1 as to 1942 incl., and $40,000 Baton Rouge), La.
$30,060 1939
issue of5% school bonds awarded to a syndicate composed of the Continental
$40.000 In 1937, $30,500 in 1938.
Trust & Savings Bank and Northern Trust Co., both of Chicago, and
1943 to 1945 incl.
0. E. H. Rollins & Sons of Now York as 43-1s at 100.26, a basis of about
CLARENDON AND ORANGEBURG BRIDGE DISTRICT (P.
-The $180,000 5% bridge bonds 4.44%, as stated in V. 120. p. 2845. The bids given are those submitted
-BOND SALE.
Columbia) So. Caro.
to Kauffman, Smith & In accordance with the offering of either 31.000.000 or $500,000.
offered on June 1-V. 120, p. 2321-were awarded
a basis of about
$4x500%.00.0--5%.
31.000.000
Co. of St. Louis at a premium of $8,411 equal to 104.67,
1927 to 1944 incl.
434%• 43i %• 5%• 435%•
Name of Bidder4.43%. Date June 11925. Due $10,000 yearly June 1
- Wheeler & Woolfolk; G.
-BOND OFFERING.
CLARION COUNTY (P. 0. Clarion), Pa.
H. Burr & Co.; B. J.
of County ComSealed bids will be received by Reid Cyphert, Clerk Board
Van Ingen & Co.; and
road bonds.
missioners, until 2:30 p. m.June 24 for $200.000 43.1% coupon & J. The
Federal Secur. Corp.,
J.
$6,760
Denom. $1.000 and $500. Date July 1 1925. Interest
Orleans__ ----New Orleans------- $4,050
as to principal.
bonds are registerable
Continental &
-BOND OFFERING.
Trust & Say. Bank;
County, Ohio.
COAL. GROVE, Lawrence
Clerk, until 12 m.
Northern Tr.Co.,and
Sealed bids will be received by R. S. Gregory, Village assessment bonds.
E. H. Rollins & Sons,
June 25,for $3,250 78,6% Pike St. Improvement special Interest M. & S.
Chicago
11925.
2,177
Denom. 3350 and one for $325 78. Date Mar.
& Co.;
and 8325, 1926 to 1934 incl.
Due yearly on Sept. 1 as follows: $325 78, 1925bid for payable to the Village David RobinsonCo.; A.
Vandersall &
amount of bonds
Certified check for 5% of the
810.900
$210
$35,500
T. Bell & Co., Toledo 1,800
Treasurer required.
$18,701
0. Williams), Caldwell & Co., NasIrtCOCONINO COUNTY SCHOOL DISTRICT NO.2 (P. building bonds Bankof Baton Rouge,
(
6,095 11,095
-The $100,000 534 7,, school
-BOND DESCRIPTION.
Ariz.
Baton Rouge
17,890 36,790
-are described as follows: Date Hibernia Secur. Corp.,
awarded as stated in V. 120, p. 2584
5,608
165
Denom. $1,000. Duo May 1 as follows: 35.000, 1930 to
,
New Orleans
534 17836
May 1 1925.
int. (M. & N.)
6,001 11.001
16,810 32,801
1941 incl. and $10,000, 1942 to 1945 incl. Prin. and or at the Chase W.L.Slayton & Co.,Tol
.
First Tr. & Say. Bank,
payable at the office of the County Treasurer at Flagstaff,
approved by
15.939 33,111
Ill. Mer. Tr. Co.,Chi4,589 9.089
National Bank, N. Y. City, at option of holder. Legality
3.777
13.777
R.M.Grant & Co., Chi
Pershing. Nye, Fry & Tallmadge of Denver.
OFFERING. M. W. Elkins & Co.,
-BOND
COLORADO SPRINGS, El Paso County, Colo.bids until June 9 to.
1,810
13,510
Little Rock
City Manager, will receive sealed
-A. M. Wilson,
Canal-Corn'! Tr. & Say.
1.617
6.320
$850,000 light plant construction bonds.
28,630
10,819
Bank, New Orleans__
St. Helens) John Nuyeen & Co.,CM
2.750 16.525
7,575 28.350
COLUMBIA COUNTY SCHOOL DISTRICT NO.2(P.O.
-Mrs. F. A. George, District Clerk, will re- Whitney-Central Tr. &
OFFERING.
Ore.
-BOND
8,225
Say. Bk., New Orl
ceive sealed bids until 7.30 p. m. June 8 for $41,500 school bonds. Date
May 1 1925. Denom. $500. Due May I as follows: $1.000 1927 to 1934 Fidelity Nat. Bk. & Tr.
60
2,741 --------._
1940 and $4,000 1941 to 1945 incl.
Co., Kansas City__
incl.. 82.000 1935 to 1939 incl., $3,500 in
Legality approved by Teal. Winfree, Johnson & McCulloch of Portland. Mane Bk. & Tr. Co..
ri
A certified check for $1,000 is required.
Inter-State Tr. Bk.
36,675
Co., N
New Orleans
-Sealed
-BOND OFFERING.
COLVILLE, Stevens County, Wash.
Nat.
bids will be received until 10 a. m.June 13 by the City Recorder, for $9,000 LouisianaRouge Bank.
8,950
29,100
Baton
6% city bonds. A certified check for 5% of bid is required.
Denom.
534%, 5;1% or 6% school building bonds. Date June 1 1925.and semiPrincipal
$WO. Due $1,000 yearly June 1 1930 to 1942 incl.
at the Naannual interest payable at the office of the State Treasurer, or
blank bonds. A certional City Bank of New York. Bidder to furnish in Bernal'llo County,
tified chec for $600 drawn on some banking house
payable to above named official, is required.
-BOND SALE.
BERTIE COUNTY (P. 0. Windsor), No. Caro.
p. 2583
The $150.000 road coupon bonds offered on May 27-V. 120, _premium
were awarded to C. W. McNear & Co. of Chicago as 430 at a
a basis of about 4.49%. Date Juno 11925. Due
of $79,equaito 100.04.
1949 incl..
June 1 as follows: $3,000, 1930 to 1939 incl.; $5,000, 1940 to
and 17,000, 1950 to 1959 incl.
McDowell
BIG CREEK SCHOOL DISTRICT (P. 0. Berwind),
-The 8300.000 534% school building
County, W. Va.-BOND SALE.
-were awarded to the Weir,
bonds offered on May 30-V. 120, P. 2055
Date
Roth, Irving Co. of Cincinnati at 101. a basis of about 5.36%.
Coupon
Jan. 1 1925. Due $15.000 yearly Jan. I 1926 to 1945, incl.
payable (J. & J.).
bonds. Interest
-BOND OFFERING.BIRMINGHAM, Oakland County, Mich.
Sealed bids will be received by Hazel E. Lawler, Village Clerk, until 8 Pm.
June 8for $12.900 5% coupon water main extension bonds. Denom.$1.000
yearly on
and one for $900. Date June 1 1925. Int. semi-annual. Due
by
June 1 as follows: $2,900, 1926 and $2.000, 1927 to 1931 incl. Approval
Paddock & Stone of Detroit.
Miller, Canfield
1925.
Financial Statement, May 29
$7,626,600
Total assessed valuation
-10%, of assessed valuation.
Bonding limit
249.400
Total bonded debt, Including these issues
$52,025
Water debt,included in above
21.000
Sinkingfund
73,025
JUNE 61925.]
THE CHRONICTZ
2969
EARLIMART SCHOOL DISTRICT (P. 0. Visalia), Tulare County,
GARNETT, Anderson County, Kan.
-BOND SALE.
-Stern Bros.
Calif.
-BOND OFFERING.
-Gladys Stewart. County Clerk, will receive
sealed bids until 10 a. m. June 6 for $15,000 53i% school bonds. Denom. & Co. of Kansas City have purchased an issue of $72,852.98 435% paving
bonds.
$600 and $400. Prin. and int.(M.& N.) payable at the County Treasurer's office. A certified check for 5% of bid, payable to Chairman, Board
GOLDSBORO GRADED SCHOOL DISTRICT, Wayne County, No,
of Supervisors, is required.
Caro.
-BOND SALE.
-The $325.000 school coupon or registered bonds
offered on June 1-V. 120, p. 2716
-were awarded to Braun, Bosworth &
EAST CLEVELAND, Cuyahoga County, Ohlo.-BOND SALE.
- Co. of Toledo as 4 Hs at a premium of $1.729 equal to 100.53, a basis of
On May 29 the $310,0004 % coupon street-improvement bonds offered about 4.48%. Date
on that day (V. 120. P. 2460) were sold to the Provident Savings Bank & 1928 incl.; 57,000, June 11925. Due June 1 as follows: 56.000, 1926 to
1929 to 1933 incl.; 59,000, 1934 to 1936 incl.; $10,000.
Trust Co. of Cincinnati for $313.379, equal to 101.09. a basis of
4.27%. Denom. $1.000. Date April 1 1925. Interest A. & 0. about 1937 to 1941 incl.; 512,000. 1942 to 1946 ind.and $15,000, 1947 to 1955 incl.
Due
Ftiowing is a list of other bidders:
Bi er
$31,000 Oct. 1 1926 to 1935. inclusive.
Int. Rate. Premium.
EASTHAMPTON, Hampshire County, Mass.
-TEMPORARY LOAN. W.L. Slayton & Co.and Ryan Sutherland & Co
434
$1.007 50
-This city has awarded to First National Bank of Boston at 3.377% National City Co
4
1.00425
discount, a $100,000 loan, maturing Nov. 6 1925.
Stephenson, Perry, Stacey & Co
434
543 00
Otis & Co. and
McNear & Co
ELGIN, Union County, Ore.
434
45590
-BOND SALE.
-The Lumbermen's Prudden & Co C. W.
Trust Co. of Portland has purchased an issue of $10.000 water works bonds.
434
411 00
A.T. Bell & Co
8.41750
ELIZABETH, Union County, N. J.
-BOND SALE.
-The Elizabeth A. B. Leach & Co
44
4
7,57300
Trust Co. of Elizabeth was awarded the $585,700 coupon or registered
R. S. Dickinson & Co. and Stranahan, Harris &
43
7.117 50
tem- Mississippi Valley Trust
porary loan bonds offered on June 4-V. 120, p. 2845
Co
-as 4)4s
ot
6.27600
bas of about 4.07%. Denom. $1.000 and one for $700. at 100.0089. Wells, Dickey & Co
5,726 00
4X
1925. Prin. and semi-annual interest payable at the NationalDate May 1 R. M.Grant & Co
5.29800
of Elizabeth. Due May 1 1931. Legality approved by Reed,State Bank First National Trust Co., Seasongood & Mayer and 44
Dougherty
& floyt of New York.
Well. Roth & Irving
4,i
4,680 00
Assell, Goetz & Moerlein
ELK POINT, Union County, So. Dak.-PRICE PAID
4
43
4,390 00
DESCRIPTION.
44
1,41375
-The price paid for the $25.000 water main bonds-BOND Wachovia Bank & Trust Co
awarded
on May 18 to the Northwestern Trust Co. of St. Paul
GOREE, Knox County, Tex.
-BOND SALE.
-The 535.000 6% water
was a premium of $112, equal to 100.44. The bonds-V. 120. P. 2845
bear interest at the works system bonds offered on May 26-V. 120, p. 2716
-were awarded
rate of4q% and aro described as follows: Date June 1 1925.
to the Municipal Securities Co. of Dallas at a premium of $1.500, equal to
$1,000. Registered bonds. Due in 20 years. Int. payable J. &Denom. 104.28. Date May 1 1925. Due in 1 to 40 years.
D.
ESSEX COUNTY (P. 0. Salem), Mass.
GOTHENBURG SCHOOL DISTRICT NO. 20, Dawson County.,
-TEMPORARY
The Merchants National Bank of Salem. at 3.35% discount, LOAN.
-James T. Wachob & Co. of Omaha have purchased
purchased Neb.-BOND SALE.
$125,000 Tuberculosis Hospital renewal notes. dated June 1, and payable an issue of 5175.000 school building bonds.
Dec. 1. Other bidders were: Gloucester Safe Deposit & Trust Co.,
3.38%:
GRAHAM COUNTY SCHOOL DISTRICTS NO. 1 AND NO. 4
Cape Ann National Bank, Gloucester, 3.40%; Second National Bank
of
-BOND OFFERING.-AlIce C. Worden County
Boston, 3.38%; Manchester Trust Co.. 3.39%; Gloucester National Bank, (P. 0. Safford), Ariz.
Superintendent of Schools will receive sealed bids until July 1 for 5100,500
3.43%; Naumkeag Trust Co., Salem, 3.38% plus $2 50: and
Salem Trust 6% school bonds. Date June 1 1925. Due in 1946.
Co.. 3.43% plus 31 25.
GRASS SCHOOL TOWNSHIP (P. 0. Chrisney), Spencer County.
EUGENE, Lane County, Ore.
-BOND OFFERrNo.-Goo. A. Gilmore,
-The Chrisney State Bank of Chrisney purchased the
-BOND SALE.
City Recorder, will receive sealed bids until 7.30 p. m.June 8 for the follow- Ind.
$30,000 5% coupon school bonds offered on May 23-V. 120. p. 2323
-for
ing not exceeding 5% bonds, aggregating $335,000:
531,670, equal to 105.56, a basis of about 4.12%. Date May 151925. Int.
$200,000 water bonds. Due in 30 years.
J.& J. 15. Due $1,000 every 6 months from July 15 1926 to Jan. 15 1941.
135,000 water extension bonds. Due in 25 years.
A certified check for 2% of bid is renuired.
GREELEY, Weld County, Colo.
-BOND SALE.
-The 8100.000
sanitary and storm sewer bonds offered on May 26-V. 120, p. 2716 434%
EVERETT, Middlesex County, Mass.
-were
-BOND OFFERING.
-Sealed awarded to the United States National Co.and Gray. Emery & Vasconcelles
bids will be received by William E. Emerton City Treasurer, until 10
a. m. both of Denver and C. J. Aklstrand of Greeley. jointly, at 102.63. Due in
(daylight saving time) June 12 for the following issues of 4% coupon bonds:
not less than 10 years nor more than 15 Years.
$25,000 water main bonds. Due 55.000, June 1 1926 to 1930 incl.
100,000 macadam bonds. Due $20,000, June 1 1926 to 1930 incl.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
Date June 1 1925. Prin. and semi-ann. int. (J. & D.) payable at
BOND SALE.
-The following issues of coupon or registered bonds offered
the
Old Colony Trust Co. of Boston.
on June 2-V. 120. p. 2846
-were sold to Roosevelt & Son of New York
as 434s at 101.761, a basis of about 4.07%.
FALLS CITY SCHOOL DISTRICT, Richardson County,
BOND SALE.
-The $250,000 school bonds offered on May 15 (V. Neb.- $98,000 highway bonds. Due yearly on June 1 as follows: 56,000, 1927
and 14.000. 1928 to 1950. incl.
2460) were awarded to the United States Trust Co. of Omaha at 120, p.
par as
40,000 Waburton Ave. bridge bonds. Due $2,000 June 1 1926 to 1945 incl.
follows: $182,000 as 4;is and $68,000 as 4s. Date June 1
1925. Denom.
Denom. $1.000. Date June 1 1925.
$1,000. Due serially in 5 to 30 years.
GREENBURGH (P. 0. Tarrytown), Westchester County, N. Y.
FERTILE, Polk County, Minn.
-BOND SALE.
-The State of Minne- BOND OFFERING.-Sealed bids will be received by Norman C.Templeton,
sota has purchased an issue of $5,000 4 % village bonds at par.
Due Town Clerk, until 3 p. m. June 11 for $9,600 coupon or registered highway
serially beginning 1930.
bonds not to exceed 6% interest. Denom. $1,000 and one for $600.
FLORENCE, Fremont County, Colo.
-BOND SALE.
-The First Date June 15 1926. Prin. and semi-ann. int. (J. & D.) payable in gold
National Bank of Florence has been awarded at private sale an
issue of at the Tarrytown Nat. Bank, Tarrytown. Due yearly on June 15 as
$105,000 water works system bonds.
follows: $600. 1928. and 51.000, 1927 to 1935, incl. Certified check for
2% of the bonds bid for required.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND OFFERING.
GREENE COUNTY (P.O.Bloomfield),Ind.-BOND-OFFERINO.-Sealed proposals will be received at the office of
Commissioners in Columbus until 10 a. m.(Eastern the Board of County Wm. H. Radcliffe, County Treasurer, until June 16 will receive sealed
standard time) June 20 bids for the following issues of 5% coupon bonds:
for the purchase of the following 43i% improvement
bonds:
$57,000 Norton Road No. 3 Improvement bonds in the denom. of $1,000 177,000 Jacob Flory et al. in Richland Township bonds. Denom. $1,950.
Due one series every six months beginning May 15 1926.
each. dated May 15 1925. Bonds are payable as follows:
54.000
5.000 G. N. Daubenspeck et al. in Grant Township bonds. Denom.
on March 15 1926 to 1933, inclusive, and $4,000 Sept.
15 1926 to
$250. Due $250 every six months from May 15 1926 to Nov. 15
1933. inclusive.
1935, Inclusive.
103,000 Cherry Bottom Road bonds in the denom. of $1.000
each. dated
Date July 15 1925. Interest M. & N. 15.
May 15 1925. Bonds are payable as follows: $6,000 on March
15
from 1926 to 1933, inclusive; 57,000 on Sept. 15 from 1926 to
GREENFIELD, Franklin County, Mass.
-TEMPORARY LOAN.
1932,
inclusive, and 56.000 on Sept. 15 1933.
Award to Grafton Co.. at 3.369% plus $1 32 premium,of a $100,000 loan
38.000 Karl Road No. 2 Improvement bonds in the denom. of
$1,000 due Nov. 5, was made recently.
each, and one bond in the denom. of $500. Dated May 15
1925.
GROSSE POINTE, Wayne County, Mich.
Bonds are payable as follows: $3,000 on March 15 from
-BOND SALE.
-The
1932, inclusive:$2.500 on March 15 1932;$2.000 on March 1926 to Detroit Trust Co. of Detroit was awarded an issue of 560.000 water bonds
151933: at 100.08 for 550,000 4s and 510.000 431s. E. E. MacCrone &
52.000 on Sept. 15 from 1926 to 1933, inclusive.
Co. bid
37.000 Township Line Road improvement bonds in the denom. of $1.000 100.04 for 540,000 of 4s and 520.000 of 434s. At 4h"% the bids were:
each, dated May 15 1925. Bonds are payable as follows: $3,000
Price.
1Price. Keane, Higbie & Co
02 6l
.
E. E. MacCrone & Co
on March 15 from 1926 to 1931, inclusive; ¶2.000 on March
102.52
15 First National Co
102.58 Security Trust Co
1932 and 1933; $2,000 on Septl 15 from 1926 to 1932,
102.49
inclusive; Bank of Detroit
102.55
R1,000 on Sept. 15 1933.
48,000 Roberts Road Improvement bonds in the denom. of $LOW each,
GROVE CITY, Franklin County, Ohio.
-BOND OFFERING.
dated May 15 1925. Bonds due and payable as follows: $3,000 on
-B.L.
March 15 from 1928 to 1933, inclusive; $3,000 on Sept. 15 from Grant, Village Clerk, until 1 p.m. (eastern standard time) June 13 will
receive sealed bids for $9,965 30 5% coupon Harrisburg pike special assess1926 to 1933, inclusive.
ment bonds. Denom.$1,000 and one for $965 30. Interest A.& 0. Due
Bonds will be prepared, signed, recorded and ready for
day of the sale. The interest (M.& N. 15) and principaldelivery on the yearly on April 1 as follows: 11,000, 1926 to 1934 incl. and 5965 30. 1935.
be payable at the office of the Treasurer in Columbus. when due shall Certified check for 2% of the amount of bonds bid for, payable to the Village
Treasurer, required.
BOND OFFERING.
-Sealed proposals will be received at the office of the
HACKENSACK, Bergen County, N. J.
-BOND SALE.
-B. J. Van
Board of County Commissioners in Columbus until 10 a. m. (Eastern
Ingen & Co. of New York purchased the following issues of 41i% coupon
standard time) June 24 for the purchase of the 566.000 Sewer District
-as follows:
Truro No. 1 Improvement No. 66, Lateral Sewer bonds. In the denom. of or registered bonds offered on June 1-V. 120, p. 2586
51.000. dated June 1 1925, bearing 43f% interest, payable semi-annually 539,000 ($40.000 offered) park bonds for $40,990 20. equal to 105.10. a
basis of about 4.34%. Date,May 1 1925. Int. M. & N. Due
on the first days of June and December in each year. Bonds due
$1,000 May 1 1926 to 1954 inclusive.
payable as follows: $4,000 on the first day ofJune of the years 1926 to and
1931.
13,000 fire bonds for $13.151 40. equal to 101.16. a basis of about 4.47%•
Inclusive; 53.000 on the first day of June of the years 1932 to 1934, inclusive;
Date Mar. 1 1925. Int. M. & S. Due yearly on Mar. 1 as fol$3,000 on the first day of December of the years 1926 to 1935, both inclusive.
lows:. $2.000, 1927 to 1931 incl., and 53,000. 1932.
Said bonds will be prepared, signed, recorded and ready for delivery
on
the day of the sale thereof. The interest (J. & D.) and principal, when
HAMBURG UNION FREE SCHOOL DISTRICT NO. 8. (P. 0.
due, shall be payable at the office of the Treasurer. The following also Blaisdell), Erie County, N. Y.
-BOND SALE.-Geo. B. Gibbons & Co.,
pertains to the bonds being offered on June 20 as above:
Inc. of New York on June 2 purchased an issue of $115,0005% School bonds
A complete transcript of all proceedings had in the matter of authorizing, at 108.47, a basis of 4.25%. Date June 1 1925. Due June 1 as follows:
advertising and awarding bonds will be furnished the successful bidder
at $3.000, 1926 to 1935; 54,000, 1936 to 1950 and $5,000. 1951 to 1955. Le.
the time of the award, and bids conditioned on the acceptance of bonds bid gality approved by Clay & Dillon. Esqs. of New York.
upon only upon the approval of said piroceedings by the attorney of the
HAMILTON COUNTY (P.O.Cincinnati), Ohio.
bidder will be accepted and considered, and a reasonable time will be al- -Sealed bids will be received by E.J. Dreihs, Clerk -BOND OFFERING.
lowed the successful bidder for the examination of transcript before requir- missioners, until 12 m.(daylight saving time) June Board of County Com12 for 1734.23334 434
ing compliance with the terms of sale or any bids made thereunder. All Sewer No.3(Mt. Healthy
-A, North College
proposals shall be accompanied by a certified check or cash in an amount bonds. Denom.$1000 and one for $233 54. 11111-B. Steele's Subdivision-0
Date June 1 1925. Principe
equal to 1% of the par value of all bonds bid upon. If a certified check is and semi-annual interest (J. & D.)
paYable at the office of the County
deposited the same shall be drawn on a solvent national bank or trust Treasurer. Duo yearly on Dec. 1 as
company and made payable to the order of the Board of County Commis- 1927 to 1939 incl. and 537,000. 1940 tofollows: 538.233 54. 1926; $38,000.
sioners. If cash is tendered, it shall be United States legal tender. None quired to deposit with his bid the sum of1945 incl. Each bidder will be re$500 in cash or a
of the bonds will be sold for less than par value, with accrued interest to a bank doing a regular banking business in Cincinnati. certified chock on
All bids shall be
date of delivery. Bonds will be delivered free of charge to any bank desig- written with ink and in words as well as figures. The bonds
will be delivered
nated in the city of Columbus. Purchaser must pay charges, if any, for at the courthouse in Cincinnati, Ohio, on June
1 1925. The successful
delivery outside this city.
bidder will be required to take up and pay for bonds promptly on the date
herein fixed for their delivery, and payment for same shall be made in cash
FREEDOM (P. 0. Sandusky), Cattaraugus County, N. Y.
-BOND or by a
certified check on a
SALE.
-The $20,000 bridge bonds offered on May 29-V. 120. p.
- of Cincinnati. A completebank doing a regular banking business in the city
were sold to Sherwood & Merrifield, Inc., of New York as 4;4s at 2716
certified transcript of all proceedings, evidencing
a basis of about 4.42%. Date March 11925. Due $2,000 March100.35, the regularity and validity of the issuance of said bonds, will be furnished the
1 1926 successful
bidder in accordance with the provisions of Sec. 2295-3 of the
to 1935. incl.
FREMONT COUNTY SCHOOL DISTRICT NO. 25 (P. 0. Riverton), General Code. A complete transcript of all proceedings relative to the isWyo.-BOND OFFERING.
-Sealed bids will be received until 7:30 p. in. suance of bonds, up to the date of the sale is now on file in the office of the
June 22 by C. E. Deardorff, District Clerk, for $45,000 5.4% school County Conunissioners for inspection.
•
HARDEE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
bonds. Date Aug. 11925. Denom, $1,000. Due 52.000, 1936 to 1950.
-BOND OFFERING.
inclusive, and $3 000 1951 to 1955 inclusive. A certified check for $2 500 NO. 2 (P. 0. Wauchula), Fla.
-S. W. Convoy,
Clerk of Board of County Commissioners, will receive sealed bids until
Is required.
FRENCHTOWN SCHOOL DISTRICT (P. 0. Frenchtown), Hun- 12 m. June 15 for 5225,000 6% road and bridge bonds. Date June 1 1925.
Denom.
Due June 1 as
-BOND SALE.
terdon County, N. J.
-The issue of 5% coupon school to /935;$1,000. 1936 to 1940: follows: $5,000. 1926 to 1930: 56,000. 1931
57.000,
58,000. 1941 to 1945; $9.000, 1946 to 1950.
bonds offered on June 1-V. 120, p. 2716
-were sold to Graham, Parsons and
& Co. of New York on a bid of $94.615 55, equal to 106.30. a basis of about at $10.000, 1951 to 1955. all incl. Principal and int. (J. & D.) payable
the Chase National Bank,
0.00% for $89,000 bonds (594,000 offered). Date Feb. 1 1925. Due Chapman, Cutler & Parker of New York City. Legality approved by
Chicago. A certified check for 84,500. payyearly on Feb. I as follows: $2,000, 1926 to,1951 incl.; $3,000, 1952 to able to W. B. Beeson, Chairman
of Board of County Commissioners, is
1963 incl., and $1,000. 1964.
required.
2970
THE CHRONTCLE
ilrot. 120.
22,000 00 bridge bonds. Date June 11925. Int. J. & D. Due $2,200
HARDEE COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
yearly on June 1 from 1926 to 1935, inclusive.
-BOND OFFERING-W. B. Beeson,
NO. 7 (P. 0. Wauchula), Fla.
Principal and semi-annual interest payable at the City Treasurer's office
Chairman Board of County Commissioners, will receive sealed bids until
road and bridge bonds. Date June 1 1925. in New York exchange.
12 in. June 22 for 1300.000 6%
Denom. 11.000. Due June 1 as follows: 15.000. 1927 to 1930: 18.000. 1931
JEFFRIES CREEK DRAINAGE DISTRICT (P. 0. Hartsville),
to 1935; 110.000, 1936 to 1940; 112.000, 1941 to 1945; 113.000. 1946 to 1955 Darlington County, So. Caro.
-The $41,500 6% coupon
-BOND SALE.
all incl. Principal and interest (J. & D.) payable at the Chase National drainage bonds offered on April 3 (V. 120. ID. 1653) were awarded to the
Bank New York City. Legality approved by Chapman. Cutler & Parker
for Sinking Fund investment at 98, a basis
Treasurer
of Chicago. A certified check for $6,000 payable to the Chairman of Board of about of Darlington County 1925. Due Mar. 15 1945. The above
6.18%. Date Mar. 15
of Commissioner is required.
given in V. 120, p. 2587.
supersedes the report
HARRINGTON PARK SCHOOL DISTRICT (P. O. Harrington
-Sealed bids will be
KALAMAZOO SCHOOL DISTRICT NO. 1 (P. 0. Kalamazoo),
-BOND OFFERING.
Park), Bergen County, N. J.
-BOND SALE NOT COMPLETED.
-PRICE
June 15 for an issue Kalamazoo County, Mich.
received by E. J. Ennist, District Clerk. until 8:30 p. m.
of 5% coupon or registered school bonds not to exceed 1135,000. Denom. -On April 20 the Harris Trust & Savings Bank of Chicago purchased
Date July 1 1925. Prin. and semi-ann. int. payable in gold at $275.000 4;i% school bonds. Denom.$1,000. Date May 11925. Inter$1,000.
the Closter National Bank. Due yearly on July 1 as follows: 13.000. 1927 est M. & N. Due May I 1935.
The above appeared in V. 120. p. 2847. We now learn that the bonds
to 1947 incl., and 14,000, 1948 to 1965 incl. No more bonds to be awarded
than will produce a premium of 11.000 over $135.000. Legality approved were awarded at 100.33, a basis of about 3.96%. These bonds were
by Hawkins, Delafield & Longfellow of New York. Certiffed check for originally awarded to Joel Stockard & Co., of Detroit, at 100.73 (see V.
2% of the bonds bid for, payable to the Custodian of School Moneys, re- 120. p. 2717). but were refused by that company because Miller, Canfield,
Paddock & Stone, of Detroit, would not approve them.
quired.
-The Piersol 2
-BOND SALE.
HASTINGS, Jefferson County, Okla.
sco;Ciity, Mo.-BOND OFFERING.-Geo. E.
71M8eriTi
Bond Co. of Oklahoma City has purchased an issue of $10,000 6% electric Kimball, City Comptroller, will receive sealed bids until 10 a. in. June 15
1925.
light bonds at par. Due in 5 to 20 years.
4
,
for $3,000,000 43 % Turkey Creek sewer gold bonds. Date March 1blocks
- Denom.$1.000. Due in 3 to 18 years. The bonds are to be sold in
HAYWARD SCHOOL DISTRICT, Alameda County, Calif.
to pay and refund the principal of
BOND OFFERING.-Sealed bids will be received until 10 a. in. June 8 by and for purposes as follows: $2.750.000 the bond issue, and $250,000 to
with
Geo. E. Gross, Clerk Board of Supervisors, for $62.000 57 school bonds. tax bills and the expenses connected installments thereof. Principal and
or
Date June 1 1925. Denom. $1,000. Due $2,000 yearly June 1 1931 to pay the interest on said tax bills City Treasurer's office or at the Chase
1961. inclusive. Interest payable J. & D. A certified check for 2% of Interest (June 12) payable at theat option of holder. Legality approved
National Bank, New York City,
bid,
bid, payable to the Chairman Board of Supervisors, is required.
by John C. Thomson, New York City. A certified check for 2% of
Financial Statement.
$180.000 00 payable to the City Comptroller, is required.
to date
Total bonded indebtedness
00
4.856,583
-BOND SALE.Assessed valuation
KINGS MOUNTAIN,Cleveland County, No. Caro.
•
Population, estimated. 4,750.
The $60,000 534% school coupon bonds offered on May 21 (V.120. P. 2461).
at a premium a $4,700.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 21 (P. 0. were awarded to W. L. Slayton & Co., of Toledo,
-The equal to 107.83, a basis of about 4.92%. Date May 1 1925. Due $3,000
-BOND SALE.
Rockville Centre), Nassau County, N. Y.
$33,000 coupon or registered school bonds offered on June 4-V. 120. yearly, 1937 to 1956, inclusive.
sold to Sherwood & Merrifield of New York, as 43‘s at
-were
p. 2586
KIRON SCHOOL DISTRICT, Crawford County, lowa.-BOND
y.
, . Date July 11925. Prin. and semi-ann.
101.18, a basis of about
-The $3,000 school bonds offered on May 18 ("V. 120, p. 2588)
int. (J. Ss J.) payable at the Bank of Rockville Centre. Due yearly on SALE.
were awarded to Geo. M. Bechtel & Co.. of Davenport, as 4340, at par.
120,000, 1948.
Jan. 1 as follows: $13,000. 1947 and
Date June I 1925. Denom. $500. Due $500 yearly June 1 1932 to
Other bidders were:
Int. Rate. June 11937, inclusive. Interest payable J. & D.
Date Bid.
4 2-10
100.301
Geo. B. Gibbons & Co., Inc
KNIGHT SCHOOL TOWNSHIP (P. 0. Evansville), Vanderburgh
42-10
100.062
Farson, Son. & Co
-BOND OFFERING.-Fred Mann, Township Trustee, will
4 2-10% County, Ind.
100.32
Wach & Co
413 Old Nat.
Batchelder.
% receive sealed bids until 7 p. in. June 27 (care of A. C. Stone,
100.917
Fairservis & Co
Bldg., Evansville), for $20.000 5% coupon school bonds. Denom.
Bank
OF- $800. Date July 11925. Int. J. & J. Due $800 every six months from
-BOND
HENDERSONVILLE, Henderson County, No. Caro.
July 1 1926 to July 1 1938. incl.
-R.A. Arledge, City Clerk, will receive sealed bids until 9 p.
FERING.
June 15 for $500,000 not exceeding 534% street improvement bonds.
-Sealed bids
-BOND OFFERING.
KOSCIUSKO,Attala County, Miss.
Date June 1 1925. Due July 1 as follows: 138.000. 1928 to 1939, incl.,
Smith, City Clerk, for
and $44,000 in 1940. Principal and semi-annual interest payable at the will be received until 7:30 p. in. June 9 by Mrs. J. C. $500 is required.
by Storey. $22,000 school building bonds. A certified check for
National Park Bank, New York City. Legality approved
Thorndike, Palmer & Dodge of Boston. A certified check for $10.000
-BOND SALE.
LAGRANGE COUNTY (P. 0. Lagrange), Ind.
payable to the City Treasurer is required.
The $15.800 5% coupon P. Sanders et al road bonds offered on June 1
2(P.O. Lordsburg), (V. 120, p.2588) were sold to the Fletcher-American Co. of Indianapolis for
HIDALGO COUNTY SCHOOL DISTRICT NO.
-Earle Kerr, County Treasurer, will receive a premium of $618, equal to 103.91. a basis of about 4.20%. Date April 15
N. Mex.-BOND OFFERING.
incl.
sealed bids until 10 a.m. June 27 for 111.9005% school bonds. A certified 1925. Due $790 every six months from May 15 1926 to Nov. 15 1935,
check for 5% of bid is required.
-The folLAKEWOOD, Cuyahoga County Ohio.-BOND SALE.
-The $400.-BOND SALE.
-were sold
HOT SPRINGS, Garland County, Ark.
120. p. 2718
2717) were awarded lowing issues of 5% bonds offered on June 1-V.a premium of $4,989 80,
000 funding coupon bonds offered on June 1 (V. 120. p.premium of $10,000, to Stranahan, Harris & Oatis,
of Toledo for
to the William R.Compton Co.of St. Louis as 4 Ks at a
Inc..
basis of about 4.27% •
equal to 104.08, a
years.
equal to 102.50. Date June 1 1925. Due serially in 25 of Little Legality
each,
Denom.
Rock.
150.000 city portion street improvement 5% bonds. be dated $1.000
approved by Rose, Hemingway. Cantrell & Loughborough
June 11925.
numbered consecutively 1 to 50. inclusive, to
ION AND RECLAMATION
HUDSPETH COUNTY CONSERVAT
maturing serially $5,000 on Oct. 1 each of the years 1926-1935,
.
-BONDS REGISTERED
DISTRICT NO.1(P.O.Sierra Blanca), Tex.
Inclusive.
consecutively
On May 26 the State Comptroller of Texas registered $700,000 6% water
35.000 Park 5% bonds. Denom. 81.000 each, numbered
maturing serially
Improvement bonds. Due serially.
1 to 35, inclusive, to be dated June 1 1925, 1929, 1930, 1932,
1 each of the years 1926, 1927.
OFFERING.
-BOND
$2,000 on Oct.
HURON COUNTY (P. 0. Bad Axe), Mich.
of the
be received
1933, 1935, 1936. 1938, 1939, and $3.000 on Oct. 1 each
Sealed bids until 1 p. in. (central standard time) June 12 willfor $135,000
years 1928. 1931. 1934, 1937. 1938.
by Clarke Mutord, Clerk Board County Road Commissioners,
5% bonds, numbered consecutively 1 to 20.
19.512 Lincoln Ave. paving
bonds
5% Covert Ack Road bonds. Date May 1 1925. Due in from 1 to 10
Inclusive,of which one bond shall be in denom.of$512 and 19 and
years. Certified check for $20,000 required.
In denom. of 11.000 each: bonds to be dated May 1 1925 each
DISTRICT (P. 0. Pittsburgh), Allegheny
1926 and $2,000 on Oct. 1
INGRAM SCHOOL
maturing serially $1,512 on Oct. 1
-The Mellon National Bank of Pittsburg
-BOND SALE.
County, Pa.
of the years 1927 to 1935, inclusive.
120.
consecutively 1 to 33,
has purchased the $25,000 43(% school bonds offered on May 18 (V. Due
17.555 Athens Ave. paving 5% bonds, numbered denom. of $1.000 each,
Date Apr. 1 1925.
p. 2323). at 100.65, a basis of about 4.12%.
Inclusive, of which 10 bonds shall be in the
each,
denom.
12.500 yearly on Apr. 1 1926 to 1935 incl.
10 bonds in denote. of $500 each, 12 bonds in serially of $200 1 as
on Oct.
and one bond in denom. of $155. maturing
-The $4,000 5% town
-BOND SALE.
IRWIN, Shelby County, Iowa.
follows: 11.700. 1926; 81.700. 1927; 81.855. 1928; 11.700. 1929;
2717) were awarded to Ballard, Hassett
bonds offered on May 23(V. 120, p.
81.700. 1930: $1.900. 1931; $1,700, 1932; 81,700, 1933; 81.900.
& Beh, of Des Moines, at a premium of $131. equal to 103.27. Date
1934. and $1.700, 1935.
June 1 1925. Due serially, 1927 to 1940. Interest payable J. & D.
Bids were as follows:
850.000 $35,000 $19,512 $17,555
ISLIP UNION FREE SCHOOL DISTRICT NO.8 (P. 0. East Islip),
All
Athens
be received
Lincoln
-Sealed bids will
-BOND OFFERING.
City Portion Park
Suffolk County, N. Y.
St. Impt. Bonds. Ave. Pas. Ave. Pas. Issues.
by Chas. H. Sinisek, District Clerk, until 2 p. in. (daylight saving time)
or registered school bonds. Denom. Detroit Tr. Co., Dot._51,606 00 $1,606 00 $633 00 $456 00 $4,301 00
June 16 for $300,000 434% coupon
*4,75400
& A.)
$1,000. Date Feb. 1 1925. Principal and semi-annual interest (F.1 1927 Herrick CO., Cleve_ _ - - 1,74000 1.72200 *680 00 *61200
payable at the First National Bank of East Islip. Due $10,000 Feb. Long- Stmnahan, Harris &
4,989 80
&
Oatis,Tol ,allornone
to 1956, inclusive. Legality approved by Hawkins, Delafieid
fellow, of New York. Certified check for 2% of the bonds bid for,required. Seasongood & Mayer,
443 00 4,03000
589 00
1,591 00 1 A07 00
Cincinnati
Financial Statement.
8 833
8:
$3.272500 Prov. S. B. & Tr. Co.,
Assessed valuation of real property
570 54 4.32394
643 90
Cinc., eh or none__ _ 1,61500 1.49450
Assessed valuation of personal property
100,000 Community Bank,
Special franchises
Par and accrued int
9.970
Lakewood
3,395 00
Wires and poles
Bonbright & Co., Chi_
501 00 4.591 00
678 00
$3,471,303 Braun. Bosworth & Co. 1.76600 1,64600
546 00 4,388 00
607 00
the school district, approxi- Guardian Trust Co_ - 1.635 000 1,600 00
No bonded or floating debt. Population of
*All or none.
mately 3,400. Assessed valuation is estimated to be 52% of actual value.
.-Geo. B.Gibbons
-BOND SALE
-The following
-BOND SALE.
LA SALLE, Niagara County, N. Y.
JACKSON, Hinds County, Miss.
-were & Co., Inc., of New York, have purchased the following issues of 434%
offered on June 2-V. 120. p. 2846
bonds, aggregating 1400.000,
about 4.21%:
awarded to the Merchants Bank & Trust Co. and Jackson State National bonds at 103.27. a basis of Due 82,000 April 1 1930 to 1954.
Bank. both of Jackson, jointly, as 4s at a premium of 12.625, equal to $50,000 Water-works bonds. Due $1.000 April 1 1926 to 1928.
3.000 Villas, ball bonds.
100.65.
Clay &
Dated Apr/ 1 1925. Denom. $1,000. Legality approved by
$290,000 sewer. street and public building extension bonds.
bonds.
Dillon, New York City.
100,000 water works improvement
-Sealed bids
-BOND OFFERING.
LEBANON, Wilson County Tenn.-BOND OFFERING.
JACKSON COUNTY (P.0. Gainesboro), Tenn.
in. June 12 by E. E. Adams, City Clerk, for
until
-A. J. Pharris, Chairman County Court, will receive sealed bids 1925, will be received until 4 p.
5% city bonds. Date July 1 1925.
135.000 5% Central High School building, Series
$75,000
12 m. June 29 for
bonds. Date April 27 1925. Denom. $500. A certified check for 10%
-BOND OFFERING.
LEESVILLE, Lexington County, So. Caro.
of bid, payable to the Trustee of the County. is required.
Secretary of Public Works, will receive sealed bids until
-BOND H. A. Meetze. for the following 6% bonds, aggregating $60.000:
SCHOOL. TOWNSHIP, Hamilton County, Ind.
JACKSON
4 p. in. June 9
-The $45.000 434% coupon school bonds offered on June 1 (V. 120, $40,000 water-works bonds. Due Jan. 1 as follows: $1,000, 1930 to 1949,
SALE.
a
and $2,000. 1950 to 1959.
p. 2717) were sold to the American National Bank of Noblesville for
inclusive.
basis of about 4.15%.
Premium of $1,038, a
20,000 sewerage bonds. Due 51,000 yearly Jan. 2 1940 to 1959, interest
Premium.
Date Jan. 2 1925. Denom. $1,000. Principal and semi-annual check
$1,038 80 payable at the Hanover National Bank, New York City. A certified
National Bank, Noblesville, Ind
American
1.021 50 for $500, payable to the Board of Public Works, is required.
Citizens National Bank, Cicero, Ind
779 00
Harris Trust & Savings Bank, Chicago, Ill
875 00
LEITERS SCHOOL TOWNSHIP (P. 0. Leiters), Fulton County,
Indianapolis, Ind
J. F. Wild & Co.,
-Sealed bids will be received by Grover C.
688 50 Ind.
-BOND OFFERING.
City Securities Corp., Indianapolis, Ind
868 50 Kline, Township Trustee, until 3 p. in. June 24 for $12,000 5% coupon
Thomas D. Sheerin & Co., Indianapolis, Ind
307 50 school bonds. Denom. $1,000 and $500. Prin. and semi-ann. bd, payInd
Adelbert P. Flynn, Logansport.
900 00 able at the Leitors Ford Bank at Leitors Ford. Due every six months as
incl.;
American Central Life Insurance Co., Indianapolis, Ind
1,035 40 follows: 51.000. Jan. 1 1927; $500, July 1 1927 to July 1, 1933. 1936.
Fletcher American Co., Indianapolis, Ind
11,000. Jan. 1 1934 to July 1 1935, incl., and $1,500. Jan. 1,
-BOND Ok CERTIFI- Certified check for $300 required.
County, N. Y.
JAMESTOWN, Chautauqua
the
-Harris, Forbes & Co. of New York have purchased-as
CATE SALE.
LEXINGTON HIGH SCHOOL DISTRICT, Davidson County,
following bonds and certificates offered on May 28-V. 120, p. 2717
-The $50,000 school bonds offered on May 28
-BOND SALE.
No. Caro.
4.10s at 100.113, a basis of about 4.09%:
Int.
Co. of St. Louis as
897.073 03 paving certificates of indebtedness. Date June 1 1925. 1926 (V. 120, p. 2718) were awarded to the Mercantile Trust
yearly on June 1 as follows: $7,073 03
a premium of $783, equal to 101.58-a basis of about 4.61%. Date
4Ks at
J. & D. Due
May 1 1925. Due May 1 as follows: $1,000, 1926 to 1935, inclusive, and
and $10,000 1927 to 1935, incl.
N. $2.000. 1936 to 1955. inclusive.
65.000 00 refunding city hall bonds. Date May 15 1925. Int. M.&
1926 to 1935. incl.
15. Due 86.500 yearly on May 15 from
LOS ANGELES CITY HIGH SCHOOL. DISTRICT, Los Angeles
24.455 91 paving bonds. Date June 11925, Int. J. & D. Due yearly County, Calif.
-Sealed bids will be received until
-BOND OFFERING.
on June 1 as follows: $1,955 91 1926 and $2,500 1927 to 1935.
2 p.m.June 8 b L.E.Lampton,Clerk Board of Supervisors,for $1,000,000
inclusive.
JUNE 6 1925.]
THE CHRONICLE
2971
5% school bonds. Date Aug. 1 1924. Denom. $1,000.
yearly Aug. 1 1925 to 1964 incl. Principal and semi-annual Due $25,000 102.80-a basis of about 4.55%. Date June 1 1925. Due $3,000 yearly
interest pay- June 1 1935 to 1959, inclusive.
able at the County Treasurer's office or at Kountze Bros.N.
Interest payable J. & D.
Y. City,
at option of holder. A certified check for 3% of bid,
MANATEE, Manatee County, Fla.
-BOND OFFERING.
of the Chairman Board of Supervisors, is required. payable to the order Majory,City
-Chas. .1.
Clerk, will receive sealed bids until 12 m.June 26 for $269,000
6% street improvement bonds. Due in 10 years.
LOS ANGELES CITY SCHOOL DISTRICT, Los Angeles
County,
Calif.
-BOND OFFERING.
-Sealed bids will be received
MANCHESTER, Hillsborough County, N. H.
m.
-TEMPORARY LOAN
June 8 by L. E. Lampton, Clerk Board of Supervisors, for until 2
-A revenue loan of
p.
school bonds. Date Aug. 1 1924. Denom. $1,000. Due S2,000,000 5% Bros. & Hutzler at $400,000, payable Dec. 11 was awarded to Salomon
$50,000 yearly
discount of 3.677 plus $1 5(1 premium.
°
Aug. 1 1925 to 1964 incl. Principal and semi-annual interest_payable
were: Manchester Safe Deposit & Trust Co., 3.487%, and Other bids
at
Amoskeag
the office of the County Treasurer or at Kountze Bros. N. Y.
option of holder. A certified check for 3% of bid, payable to the City, at Trust Co., 3.39% plus $2 25.
'
Chairman
Board of Supervisors, is required.
MARBLEHEAD, Essex County, Mass.
-TEMPORARY LOAN.
Grafton & Co.at 3.36% discount plus $1 52 premium purchased a
LUCAS COUNTY (P. 0. Toledo), Ohio.
$100.000
-BOND SALE.
loan due Nov. 16.
ing issues of5% bonds offered on June 1 (V.120, p.2847) were-The followsold:
MARTELLE CONSOLIDATED SCHOOL DISTRICT,Jones County,
$100,253 bonds to be issued under authority of Section 6929
of the General Iowa.
-BOND SALE.-Geo. M. Bechtel & Co. of Davenport have purCode of Ohio,to provide a County
the construction of Berkey Village highway improvement fund for chased an issue of 329,000
% school bonds at a premium of $625 equal to
and Richfield Township Stone 102.13.
Road Improvement No. 258, also known as Sylvania
Ave., Brint
and Lathrop Roads. The bonds shall be in
MARION COUNTY(P.O.Indianapolis), Ind.
amount and due as
-BOND OFFERING.
follows: 1 bond of $1.253 due and payable in 1 yr.
3. L. Duvall,
bonds of$1,000 each due and payable in 1 yr. and and 3 mos.; 23 June 8 for the County Treasurer, will receive sealed bids until 10 a. in.
of $1,000 each due and payable in 2 yrs. and 3 3 mos.;25 bonds 380,000 Chas. following issues of 4 % coupon bonds:
McGregor et al. road bonds. Denom. $800. Due $4,000
mos.: 25 bonds of
$1,000 each due and payable in 3 yrs. and 3
every six months from May 15 1926 to Nov. 15 1935. incl.
$1,000 each due and payable in 4 yrs. and 3 mos., and 26 bonds of
16.000 John Brill et al. road bonds. Denom. $800. Due $800 every six
mos. after the date of
their issue.
months from May 15 1926 to Nov. 15 1935, incl.
41.519 bonds to be issued under authority of Section 6929 of
Date May 15 1925. Int. M.& N. 15.
The
Code of Ohio, to provide a County highway improvement General
fund for
MARION TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Columthe construction of Springfield and Sylvania Townships
Road Improvement No. 286, also known as Centennial Stone bus), Franklin County, Ohio.
-BOND OFFERING.
--Sealed bids will be
The bonds shall be in amount and shall be due as follows: 1 Road. received by A. K. Geist, Clerk, Board of Education. until 1 p. m. June 11
bond
0
$519 due and payable in 1 yr. and 3 mos.; 9 bonds of $1,000 of for $31,000 6% coupon school bonds. Denom. $500. Date July 1 1925
each Int. J. & J. Due every six months as follows:
due and payable in 1 yr. and 3 mos.; 10 bonds of $1,000 each
31,000. July 1 1926; $500.
due Jan. 1 1927 to July 1 1935 incl., and $1,000. Jan. 1 1936.
and payable in 2 yrs. and 3 mos.; 11 bonds of $1,000
Cert. check for
payable in 3 yrs. and 3 mos. and 11 bonds of $1.000 each due and 5% of the amount bid for, payable to the Board of Education, required.
each due and
payable in 4 yrs. and 3 mos. after the date of their issue.
MEDFORD, Middlesex County, Mass.
-TEMPORARY LOAN.
-City
13,671 bonds to be issued under authority of Section 6929 of
The
Code of Ohio, to provide a County highway improvement General Treasurer has awarded a revenue loan of $200,000, payable $100,000
the construction of Washington Township Stone Road fund for Dec. 7 and Dec. 14 1925, to Grafton & Co.. at 3.36% discount.
Improvement No.268. also known as Meadow Ave. The
MIAMI BEACH, Dade County, Fla.
-BOND SALE.
-Brandon, Goramount and shall be due and payable as follows: 1 bonds shall be in don & Waddell of New York were awarded the following bonds, aggregating
and payable in 1 yr. and 3 mos.; 1 bond of $1,000 bond of$671 due $939,000. offered on June 1 (V. 120, p. 2719), as 5s at a premium of $27.due
In 1 yr. and 3 mos.; 2 bonds of $1,000 each due and and payable 975, equal to 100.84, a basis of about 5.15%;
payable in 2
yrs. and 3 mos.; 2 bonds of $1,000 each due and payable
$284,000 public improvement bonds. Due April 1 as follows: $31.000 in
in
and 3 mos.;2 bonds of $1,000 each due and payable in 4 yrs.3 Yrs.
1926. $21,000 in 1927, $19,000 in 1928 and 1929, 59,000 in 1930
and 3
mos.:3 bonds of 31.000 each due and payable in 5 yrs.
and 1931, $8,000 1932 to 1934. Incl., $20,000 in 1935. $18.000 in
and 3 inns.
and 3 bonds of $1,000 each due and payable in 6 yrs. and
1936, $13,000 1937 to 1942, incl., and $12,000, 1943 to 1945. incl.
3 mos.
after the date of their issue.
655,000 improvement, Series I, bonds. Due April 1 as follows: $35,000.
128,608 bonds to be issued under authority of Section 6929 of The
1927 to 1929, incl., $15,000 in 1930. $34,000 in 1931 and 1932:
Code of Ohio. to provide a County highway improvement General
$35.000. 1933 to 1935. incl.; $45,000, 1936 to 1941, incl., and
the construction of Washington Township Stone Road fund for
$23,000, 1942 to 1945. incl.
Improvement No. 278, also known as Lewis Ave. The
Date April 11925.
amount and shall be due and payable as follows: 1bonds shall be in
MICHIGAN (State of).
bond
-BOND SALE.
-A. M. Lamport & Co.. of
and payable in 1 yr. and 3 mos.; 31 bonds of $1,000 of$608 due New York. were
each due and
the successful bidders for the $1.419.000 43i% coupon
payable in 1 yr. and 3 mos.; 32 bonds of $1,000
each, due and highway improvement refunding bonds offered on May 27 (V. 120, p. 2719)
payable in 2 yrs. and 3 mos.: 32 bonds of $1,000 each
due and pay- at 100.21, a basis of about 3.99%. The bonds will be dated as follows:
able in 3 yrs. and 3 mos. and 33 bonds
able in 4 yrs. and 3 mos. after the dateof $1.000 each due and pay- $419,000 dated June 30 1925 and will mature June 30 1940; 5500.000 dated
of their issue.
Aug. 1 1925 and will mature Aug. 1 1940, and 3500.000 dated Oct. 1 1925
25,316 bonds to be issued under authority of Section 6929 of The
and will mature Oct. 1 1940. Coupon bonds may be exchanged for fully
Code of Ohio, to provide a County nighway improvement General registered bonds.
the construction of Waterville Township Stone Road fund for
d
ImproveBOND SALE.
-The Detroit Trust Co. of Detroit on May 27 purchased
ment No. 254, also known as Neowash Road. The
bonds
in amount and shall be due and payable as follows: 1 bond shall be three issues of bonds offered on that day as follows:
of$1,316 $132,000 Road Assessment District No.445 in Lapeer. St. Clair and Sanilac
due and payable in 1 yr. and 3 mos.; 1 bond of $1.000
due
counties, maturing serially in from two to ten years. Bonds are
able in 1 yr. and 3 mos.;3 bonds of 31.000 each due and and paypayable in
the obligation of Goodland and Imlay townships, in Lapeer
2 yrs. and 3 mos.:4 bonds of $1,000 each due and payable
in 3 yrs.
County, Lynn and Mussey Township in St. Clair County, the
and 3 mos.; 4 bonds of $1,000 each due and payable
in
counties of Lapeer, St. Clair and Sanilac and an assessment
3 mos.;4 bonds of$1,000 each due and payable in 5 yrs. 4 yrs. and
district, and were awarded as 434s at 104.439.
4 bonds of $1.000 each due and payable in 6 yrs. and and 3 mos.;
15,000 Road Assessment District No. 1101 in Lapeer County, maturing
4 bonds of $1,000 each due and payable in 7 yrs. and 3 mos. and
3 mos. after
serially in 1926 and 1927. Bonds are the obligation of Imlay
the date of their issue.
Township, in Lapeer County. the County of Lapeer and an
30.886 bonds to be issued under authority of Section 6929 of
The
assessment district, and were awarded as 43.1s at 106.733.
Code of Ohio, to provide a County highway improvement General
fund for
10,000 Road Assessment District No. 1113 in Ingham County. maturing
the construction of Oregon Township Stone Road
serially in 1926 and 1927. Bonds are the obligation of the County
No. 186, also known as Coy Road. The bonds shallImprovement
of Ingham and an assessment district, and were awarded as
and shall be due and payable as follows: 1 bond of be in amount
$886 due and
43is at 106.60.
payable in 1 yr. and 3 mos.:2 bonds of$1,000 each due
The above corrects the report given in V. 120. p. 2848,
In 1 yr. and 3 mos.; 4 bonds of $1,000 each due and and payable
payable in 2 A. M. Lamport & Co. had purchased $57,000 bonds. to the effect that
yrs. and 3 mos.; 4 bonds of $1,000 each due and payable
and 3 mos.;4 bonds of $1,000 each due and payable in 4 in 3 Yrs.
MILWAUKEE, Milwaukee
Wis.-BOND OFFERING.
mos.:4 bonds of 31.000 each due and payable in 5 yrs. yrs. and 3 Sealed bids will be received until County,central
11 a. m.
and 3 mos.;
standard time. June 12.
4 bonds of 31.000 each due and payable in 6 yrs. and
3 mos.: 4 by Louis M. Kotecki, City Comptroller, for the following coupon bonds.
bonds of $1,000 each due and payable in 7 yrs. and
3 mos.
bonds of $1,000 each due and payable in 8 yrs. and 3 mos. and 4 l ovii $161F„:1)
ffir
:%
Onds. Date Jan. 11925. Denom. $1,000 and $500.
after the a
date of their issue.
Due $17,500 yearly Jan. 1 1926 to 1945. inclusive.
bonds are to be issued under authority of Section
87.595
250,000 4Si% park bonds. Date July 1 1925. Denom.$1,000 and $500.
6929 of The
General Code of Ohio, to provide a County highway
Due 812.500 yearly July 1 1926 to 1945. inclusive.
improvement
fund for the construction of Whitehouse Village
95,000 434% grade-crossing abolition bonds. Date July 1 1924. Denom.
and
Swanton Townships Stone Road Improvement Waterville and
31.000. Due 55.000 yearly July 1 1926 to 1944, inclusive.
No. 240, also
known as Waterville-Swanton Road.
The bonds shall be in
142,500 5% hospital bonds. Date July 1 1924. Denom. $1.000 and
amount and shall be due and payable as follows:
1 bond
$500. Due $7,500 yearly July 1 1926 to 1944, inclusive.
and payable in 1 yr. and 3 mos.; 21 bonds of $1,000 of $595 due
142,500 5% electric lighting bonds. Date July 11924. Denom. $1,000
each due and
payable in 1 yr. and 3 mos.: 22 bonds of
$1,000 each, due and payand $500. Due 37.500 yearly July 1 1926 to 1944. inclusive.
able in 2 yrs. and 3 mos.: 22 bonds of $1,000 each due
142,500 5% park bonds. Date July 1 1924. Denom. $1.000 and $500.
and payable
In 3 yrs. and 3 mos. and 22 bonds of $1,000 each
Due $7,500 yearly July 1 1926 to 1944, inclusive.
In 4 yrs. and 3 mos. after the date of their issue. due and payable
Principal and interest (J. & J.) payable at the office of the City Treasurer
Date May 1 1925.
or at a duly authorized agent of the City of Milwaukee in New York City.
The successful and unsuccessful bidders were as follows:
Bids are requested for all or none. Legality approved by Wood & Oakley
$100,253 $41,519 $13.671 $128,608
of Chicago. A certified check for 1% of bid, payable on a national bank
Issue.
Issue.
or on a City of Milwaukee depositary, is required.
Issue.
Issue.
Stranahan, Harris & Oatis, Inc.,
Toledo (conditional bids, covMINNEAPOLIS, Hennepin County, Minn.
-BIDS RETURNED
ers all issues)
UNOPENED.
-All bids received for the $700,000 bridge bonds offered on
$6.516 00
W. L. Slayton & Co. and A. T.
May 29 (V. 120. p. 2719) were returned unopened. The bonds are to be
Bell & Co., Toledo
re-offered on a new schedule of maturities the latter part of June.
411,909 68 *3801 82 $321 82 *$2.433
00
Braun, Bosworth & Co., Toledo_ 1,776 00
748 00
344 00 2.26900
MONROE, Sevier County, Utah.
-BOND SALE.
Prudden & Co., Toledo, and
-The PahnerlBond
& Mtge. Co. of Salt Lake City has purchased an issue of 325.000 5% water
Seasongood & Mayer,Cincin'i_ 1,776 50
749 50 334 50
2,287 50 and light bonds. Due in 1945.
Harris, Forbes & Co., New York{
Hayden, Miller & Co., Clevei'd
MONTECITO WATER DISTRICT, Santa Barabara County, Calif.
$9,147 00
(condi'l bid, covers all issues)
-PRICE PAID.
-The price paid for the $203,000 5% water bonds
Prov,dent Savings Bank & Trust
purchased by the Citizens National Co. and the California Co. both
Co., Cincinnati
1,76445
743 19 *362 28
-V. 120, p. 2588
-was $199,244 50. equal to
2.25064 of Los Angeles, jointly
98.15, a basis of about 5.14%. Date July 11923. Due July 1 as follows:
$25,316
$30,886
$87,595
$7,000, 1934 to 1937, Incl.: $1,000 1938, V.000 1939 to 1947, incl.; 87.000
Issue.
Issue.
Issue.
W. L. Slayton & Co. and A. T. Bell &
1934 to 1937, incl.; $1,000 in 1938, 33,000 1939 to 1947, incl.; 87.000 1948.
Co. Toledo
3701 63
$93600 *$1,651 11 $8,000 1949 to 1953,incl.; 310.000 1954,36,000 1955,514,000 3956,510,000
Braun, Bosworth & Co., Toledo
713 00
939 00
1.539 00 1957 to 1963, incl. Date of award April 28 1925.
Prudden & Co.. Toledo,and Seasongood,
MONTEZUMA RURAL HIGH SCHOOL DISTRICT, Gray County,
Cincinnati
& Mayer,
700 50
928 50
1,543 50 Kan.
-BOND SALE.
-The $60,000 4; % school bonds offered on May 26
Provident Says. Bank & Tr. Co.. Cinc- _ _ *781 89
,
6
*1.003 80
1,532 91 -V. 120. p. 2719
-were awarded to Stern Bros. & Co. of Kansas City at
* Successful bidders.
95.10. Denom. 51.000 and $500. Due serially in 1 to 15 years. Interest
The following conditional bids were also recived,covering all issues:
payable A.& 0. 15.
Stranahan, Harris & Oatis, Inc., Toledo
Harris. Forbes & Co., N. Y., and Hayden, Miller & Co., Cleve $6,516 00
MOORHEAD, Clay County, Minn.
-CERTIFICATE OFFERING.
9,14700
Sealed bids will be received until 8 p. m.June 8 by R. G. Price, City Clerk,
LUMBERTON, Robeson County, No. Caro.
-NOTE SALE.
First Nat'l Bank of Lumberton recently purchased an issue of -The for $39,000 not exceeding 65' certificates of indebtedness. Interestpay$40,000 able J. & D. A certified check for $2.500, payable to the City Treasurer.
4 yi% short term notes. Due Dec. 1 1925.
required.
McMINN COUNTY (P.O. Athens),Tenn.
-BOND DESCRIPTION._
MOREHOUSE PARISH SPECIAL ROAD DISTRICT NO. 2 (P.O.
The $85,000 highway bonds awarded on May 25 to Caldwell & Co. of
-BOND SALE.
-The $63,300 road bonds offered on June 2
ville as 40 at 100.18-V. 120, p. 2848
-are described as follows: Nash- Bastrop), La.
June 1 1925. Denom. $1,000. Coupon bonds. Due in 30 years.Date -V.120, p.2719-were awarded to Prudden & Co.of Toledo at a premium
In- of $215, equal to 100.34. Rate not stated.
terest payable semi-annually.
MORROW COUNTY (P. 0. Mt. Greed), Ohio.
MADISON COUNTY (P. 0. Madison), Fla.
-BOND SALE.
-WARRANT OFFERING.
-13. F. Burnett Jr., Clerk, Board of County Commissioners, will receive The 320,666 534% Johnston-Shelby road bonds offered on May 28-V.120,
-were sold to the Provident Savings Bank & Trust Co. of CinP• 2719
sealed bids until 11 a. in. June 9 for 575.0M 6% time warrants.
Date
June 1 1925. Due June 1 as follows: 37,000, 1926 to 1930. and $8,000, cinnati for $902 63,equal to 104.36, a basis of about 4.025'. Date May 20
1925. Int. M.& 8. Due yearly on Sept. 1 as follows: (County's
1931 to 1935. Prin. and int. (J. & D.) payable at any bank in
Madison. 8714 03. 1926, and 81,000, 1927 to 1933 incl., and (land owner's portion)
A certified check for 5% of bid, payable to the Board of
portion)
Commissioners, is $951 97, 1926, and *1,500, 1927 to 1934 incl.
required.
NEEDLES, San Bernardino County, Calif.
MADISON COUNTY (P. 0. Marshall), No. Caro.
-BOND SALE.
-R. E.
-BOND SALE.- Campbell & Co. of Los Angeles
have purchased an issue of
The $75,000 road bonds offered on June 1 (V. 120, p. 2718)
to W.K. Terry & Co.,of Toledo, as 45is, at a premium of were awarded water system bonds. Date May 7 1925. Denom. $1,000. $108,000 6%
Due $40,000
$2.100, equal to yearly May 1 1929 to 1955 incl. Interest
payable (M. 84 N.)
2972
THE CHRONICLE
-Russell
-BOND OFFERING.
NEW BOSTON, Scioto County, Ohio.
for
Middaugh, Village Clerk, until 12 in. June 15 will receive sealed bids
322,735 57 51.4% street impt. bonds. Date Mar. 1 1925. Certified check
atnount of bonds bid for required.
for 2% of the
-TEMPORARY LOANS ISSUED DURING
NEW YORK CITY.
-During the month of May the City of New York issued shortMAY.
term securities in the aggregate of $30,100,000, consisting of revenue bonds
and bills, tax notes and corporate stock notes:
Amount. Maturity. Int.Rale. Date Iss.
Revenue Bills of 1925.
150.000 Dec. 8 1925 33.4% May 27
Amount. Maturity. Int.Rate. Date Iss
25,000,000 June 15 1925 314% May 5 4.500,000 Dee. 7 1925 314% May 28
Water Supply.
Special Revenue Bonds of 1925.
7 1925 354% May 28
53.000,000 June 15 1926 314% May 25 31.250.000 Dec. Transit.
Rapid
Tax Notes of 1925
6 1925 354% May 5
8100.000 Aug.
83.000.000 Jan. 15 1928 354% May 25
450,000 Dec. 7 1925 354% May 28
150,000 Dec. 7 1925 33.4% May 28
Corporate Stock Notes of 1925.
150,000 Dec. 7 1925 334% May 28
Various Municipal Purposes.
Dock.
$3,500.000 May 28 1925 354% May 5
3.000.000 Sept.21 1925 354% May 8 32,800.000 Aug. 6 1925 354% May 5
500.000 Dec. 7 1925 354% May 5
2,750,000 Dec. 8 1925 354% May 27
-BOND OFFERING.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
Sealed bids will be received by the Board of County Road Commissioners
at the office of said Board in the City of Pontiac until 2 p. m. (Eastern
standard time) on June 28 for the purchase of bonds of the following assessment road districts in said county in not to exceed the approximate amount
set opposite each assessment district:
Assessment District Road No. 45. approximately $125.000.
Assessment District Road No. 76, approximately $265,000.
Assessment District Road No. 80. approximately 5300.000.
Assessment District Road No. 84. approximately $29,000.
The bonds to be of the denominatom of 81,000 each, payable in lawful
money of the United States of America at the City of New York. maturing
y. All bids
on or before ten years from date, interest payable semi-annuallaggregate of
on the
must be on each assessment district separately and also by a certified check
All bids must be accompanied
all assessment districts.
in the amount of S1.000. All bids must contain the rate or rates of interest
at which the purchaser will take the bonds which will mature in substanto ten
tially equal annual installments in from two Countyyears. Commissioners
Road
Sealed bids will be received by the Board of
of
p. on. (Eastern standard time) June 8 for the purchasethe bonds of
until 2
approxiAssessment Road District No. 72 In the County of Oakland in ns of $1.000,
mate amount of $280.000. The bonds to be of the denominatio York City,
money of the United States of America in New
payable in lawful
by
be
with interest payable semi-annually. All bids must the accompanied
Board of County
certified check in the sum of $1.000. payable to order of free of charge the
Bidders must agree to furnish
Road Commissioners.
the supernecessary blank bonds and also pay their own attorney's fee in or rates of
the rate
vision a necessary proceedings. All bids must statewhich will mature in
the bonds,
interest at which the purchaser will take
date.
substantially equal annual installments in from two to ten years from
-The 3242.000 river
OMAHA, Douglas County, Neb.-BOND SALE. -were awarded to
drive coupon bonds offered on May 25-V. 120. pl 2590
34, equal
the National City Co. of Chicago as 4 Sis at a premium of $4.300 1 1945.
to 101.77,a basis of about 4.13%. Date June 11925. Due June
ORAN SCHOOL DISTRICT (P. 0. Oran), Scott County, Mo.purchased
-The Mississippi Valley Trust Co.of St. Louis has years.
BOND SALE.
an issue of $48.000 5% school bonds at 102.50. Due in 2 to 20
County,
OROSI PUBLIC UTILITY DISTRICT(P.O. Orosi), Tulare
-J. W. Maloney, Clerk Board of Directors,
-BOND OFFERING.
Calif.
works system
will receive sealed bids until June 16 for 318,000 6% water 12 as follows:
bonds. Date June 12 1923. Denom. $1.000. Due June
and int.
1,000. 1927 to 1936 and 82.000, 1937 to 1940 all incl. Principal check
A certified
une 12) payable at the office of the District Treasurer. required. These
of Directors is
or 5% of bid payable to the Clerk, Board
are the bonds offered for sale on May 5-V. 120, p. 2326.
-The
OTTAWA, Franklin County, Kari.-BOND SALE.pp. 272032.480
-were
120.
4 % sewer improvement bonds offered on May 27-V. of Ottawa at par.
awarded to the Water and Light Department of the City
May 1 1925. Due serially in 1 to 5 years.
Date
Mich:
OVID SCHOOL DISTRICT (P. 0. Ovid), Clinton County,
-A
BONDS VOTED. bond issue of $50.000 to build a new school was carried
at a special election on April 16 by a count of 133 to 42.
BRIDGE DISPALM BEACH COUNTY SPECIAL ROAD AND -The following
-BOND SALE.
TRICTS (P. 0. West Palm Beach), Fla.
offered on June 3-V. 120, p.
6% coupon bonds aggregating $640,000
-were awarded as follows:
2849
To Farmers' Bank & Trust Co. of West Palm Beach:
a premium of
$500.000 Special Road and Bridge District No. 3 bonds at Due June 1 as
$7.400, ealliti to 101.48. a basis of about 5.88%.
1930 and 1931.810,000 1932 and 1933,$11,000
follows: $9.000 in
814.000
1934 and 1935, 512.000 1936 and 1937. $13.000 in 1938,in 1943,
1939 and 1940, 818.000 in 1941. 519.000 in 1942, 320,000
$23,000 in 1947,$24,000
$21.000 1944 and 1945, $22.000 in 1946.
in 1948. 825.000 in 1949, 326.000 in 1950, 828.000 in 1951,
)
.0E(.
1 5 in 1952, $32,000 in 1953, $33,000 in 1954 and $34,000
P
To Continental Engraving & Construction Co.:
of
3140.000 Special Road and Bridge District No. 9 bonds at a premium as
1
$1,400, canal to Int, a basis of about 5.92%. Due June 1934
follows: $6,000 1930 to 1932, incl.: $7,000 in 1933, 88.000 and
to 1936. incl.: 89.000 1937 to 1939. incl.: $10,000 in 1940,
1941, and $11,000 1942 to 1945. incl.
Date June 1 1925.
-The Water
-BOND SALE.
PARSONS, Labette County, Kan.
improveSinking Fund has been awarded an issue of $17.137 45 5% street
ment bonds.
ENT DISTRICT NO. 2,
PASADENA MUNICIPAL IMPROVEM
-The William R. Stoats Co.
-BOND SALE.
Los Angeles County, Calif.
purchased an
Angeles.
and the First Securities Co.. both of Los bonds on jointly, at a premium
April 22
issue of $72,000 51.4% improvement coupon
1 1925.
equal to 102.53. a basis of about o.19%. Date Feb. payable
of $1,828.
Interest
Denom. $1.000. Due $6,000 yearly 1930 to 1941, incl.
(F. & A.).
in V. 120, p. 2326,
The sale of the above bonds was previously reported
No. 2, Calif."
under the incorrect caption of "Pasadena School District
NO. 3,
PASADENA MUNICIPAL IMPROVEMENT DISTRICTR. Staats
-The William
-BOND SALE.
Los Angeles County, Calif.
Los Angeles, jointly, purchased
Co. and the First Securities Co., both of coupon bonds on April 22 at a
% improvement
an issue of 2116,000
Date March 1
premium of $669. equal to 100.57, a basis of about 5.17%. and 816.000 in
incl.,
1925. Denom. 21.000. Due U5.000 1932 to 1935, were reported sold
payable (M. & S.). The above bonds
1936. Interest
School District
In V. 120, p. 2326, under the incorrect caption of "Pasadena
No. 3, Calif."
No. Caro.
PASQUOTANK COUNTY (P. 0. Elizabeth City), the successful
Moerlein of Cincinnati
BOND SALE.-Assel, Goetz & on May 23 for $250,000were% road bonds,
bidders at a public auction held
paying a premium of $4.750. equal to 101.90.
1(P.O.Pelham)
PELHAM UNION FREE SCHOOL DISTRICT NO.
-Sealed bids will be
-BOND OFFERING.
Westchester County, N. Y.
S. Durham, Clerk Board of Education, until 8:30
received by Kneeland
school bonds not to
IL on. (daylight saving time) June 11 for $60,000
J. & D. Due
exceed 5% int. Denom. 81.000. Date June 11925. Int.Clay & Dillon
incl. Legality approved by
$2,000 June 1 1931 to 1960
for, payable to
of New York. Certified check for 5% of the bonds bid
Alfred L. Gambler, Treasurer, required.
-CERTIFICATE SALE.
PENSACOLA, Escambia County, Fla.
p.2720
The $45.000 certificates of indebtedness offered on June 1-V.120. as 5s at
& Peoples Nat'l Bank of Pensacola Interest
were awarded to the Citizens
1 1928.
par. Date June 1 1925. Denom. $500. Due June
payable J. & D.
-M. M.
-BOND SALE.
PERTH AMBOY, Middlesex County, N. J.
of 4St%
Freeman & Co. of New York have purchased the following issues follows:
-as
coupon or registered bonds offered on May 29-V. 120. p. 2464 Due Rine 1
school bonds. Denom. $1,000.
$145.000 ($150,000 offered)
as follows: 26.000. 1927: $8,000, 1928 to 1944 incl., and 33.000,
1945, for $150,356 50, equal to 103.69, a basis of about 4.35%.
[VOL. 120.
Denom.$1,000. Due
47.000 ($48,200 offered) water, Series T, bonds. incl., and 31.000, 1940.
June 1 as follows: $2,000, 1926 to 1948
for $48,924 50, equal to 104.09, a basis of about 4.32%.
Denom. $1.000. Due
36,000 ($36.500) offered) street impt. bends. incl.. and $4,000, 1934.
June 1 as follows: $4,000, 1926 to 1933
for 336.716 05, equal to 101.98, a basis of about 4.32%•
Dated June 1 1925.
-The $80.000 5%
-BOND SALE.
PHENIX CITY, Lee County, Ala.
-were awarded to
-V. 120. p. 2590
water works bonds offered on May I8
of Birmingham, jointly, at 87.50,
Steiner Bros. and Caldwell & Co., both
$1,000. Due
a basis of about 5.89%. Date April 15 1925. Denom.
April 15 1955. Interest payable (J. & J.).
-BONDS
PIKE COUNTY ROAD DISTRICT (P. 0. Magnolia), Miss.
3125.000 5%
NOW IN LITIGATION-We are advised that an issue of reported sold
now in litigation. The above bonds were
road bonds are
-V. 120. p. 2326.
to the Union & Planters Bank & Trust Co. of Memphis
NorthPOINT TOWNSHIP SCHOOL DISTRICT (P. 0. Sunbury),
-Sealed bids until 7:15
-BOND OFFERING.
umberland County, Pa.
IT. V. Lesher. Secretary School Board,
p. m. June 12 will be received by
July 1
for $24,000 4)4% coupon school bonds. Denom. $1,000. Date
Northumberland.
1925. Prin, and semi-ann. int. (J. & J.) payable atint, payment date
optional at any
Due $1,000 July 1 1926 to 1949 incl.:
for required.
after July 1 1926. Certified check for 2% of the bonds bid
D OFFERING.PORT CLINTON, Ottawa County Ohio.-BONClerk, until 12 on.
H. Williamson, Village
Sealed bids will be received by W.
81,000. Date
June 30 for $25,000 5% water works impt. bonds. 1 Denom. $1,000 1926
follows:
July 11925. Int. M.& S. Due yearly on Sept. as
incl. Cert. check for 5% of the
to 1930 incl. and $2,000 1931 to 1940
bonds bid for, payable to the Village Treasurer, required.
-BOND OFFERING.-Geo,
PORTLAND, Multnomah County, Ore.
a. on. June 17 for
R. Funk, City Auditor, will receive sealed bids until 11 Date July 1 1925.
$879,000 5% bridge access coupon or registered bonds. to 1955. inclusive.
1 as follows: $15,000 in 1928, and 832.000. 1929
Due July
office or at
Principal and interest (J. & J.) payable at the City Treasurer's by Storey,
approved
the fiscal agency of the city in New York. Legalitycheck for 5% of bid is
of Boston. A certified
Thorndike, Palmer & Dodge,
or alternative bids
required. Bidders are requested to submit separatebe demanded outside
based upon the place of delivery of bonds. If delivery of purchaser.
be at expense
of the city of Portland, delivery shall
Ore.
PORT OF ALSEA (P. 0. Waldport), Lincoln County, issue of
-The First National Bank of Toledo purchased an 5.88%
BOND SALE.
bonds on May 15 at 100.36-a basis of about
$15,000 6% port
Due $3,000 yearly May 15 1926 to 1930. inclusive.
-BOND OFFERING.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
Murphy.
Sealed bids until 2 p. on. June 10 will be received by Albert
of 414% coupon bonds:
County Treasurer, for the following issues
810,000 J. T. Lockwood et al. road bonds. Denoni. $500.
4,640 J. N. Whitehead et al, road bonds. Denom. $232.
8,500 Walter Rowe et al. road bonds. Denom. $425.
issue
Date June 20 1925. Int. M. & N. 15. Due one bond of each
every six months from May 15 1926 to Nov. 15 1935 inclusive.
-BOND OFFERIdaho.
POWER COUNTY (P. 0. American Falls),
for
-Sealed bids will be received until June 15 by the County Clerk
ING.
in 10 years.
330.000 not exceeding 6% court house bonds. Due court-house bonds to
-We reported the sale of $30,000
CORRECTION.
voted. in V.
the Childs Bond & Mortgage Co. of Boise, subject to being be offered on
120, p. 2590. This report was incorrect, as the bonds are to
June 15, as above.
-Burl Nets
-BOND OFFERING.
PRAGUE, Lincoln County, Okla.
15 for
wander, Town Clerk, will receive sealed bids until 2 p. on. June 1925.
works extension coupon bonds. Date April 15
822,000 5)4% waterinclusive.
Denom. $1,000. Due $1,000 yearly April 15 1929 to 1950, the State
of
Principal and semi-annual Interest payable at the fiscal agency payable to
A certified check for $500,
of Oklahoma in New York City.
Edward McKim. Town Treasurer, is required.
-Clarence E. Cray, City
-BOND OFFERING.
PROVIDENCE, R. I.
Treasurer, will receive sealed bids until 2:15 p. on. June 16 for 22,500,000
of bonds will
4% coupon or registered water supply bonds. The above series
bear interest.
be dated July 11925, will become due July 11965, and will and interest
July. Both principal
payable semi annually in January and
present value of
will be payable in gold coin of the United States, equal to
or registered
fineness and weight. Either coupon bonds of $1.000 each,
each, as desired, will be
bonds in sums of $1,000, 85,000,310,000 or $20,000 coupon bonds may at
Issued for the whole or any portion of said loan, and of the above denominany time thereafter be converted into registered bonds
of coupon
ations at the option of the holder. The principal and interest
Providence in
bonds will be payable at the fiscal agency of the City of Interest on all
transmits by mall
New York City. The City of Providence
delivery July 1 1025.
registered bonds, if desired. Bonds will be ready for payable to the order
Proposals should be accompanied by certified check
bonds for
of the City Treasurer, for 2% of the par value of the amount of
which the bid is made.
Statistics.
Assessor's valuation, 1924
$329,772,050
Real
96,701,200
Tangible personal
133,123,820
personal
Intangible
8559,597.070
Total assessed valuation, 1924
-1925
-Estimated Income, 1924
$1,000 on real and tangible perTax of 1924 (rate $23 per
sonal,and $4 per $1,000 on intangible personal,including$10,341,380 03
State tax)
2,258.686 55
From all other sources
$12,600,066 58
Assessor's valuation of property owned by the City
$27,631.771 95
Real estate
1,589.191 92
Personal property
329,220.963 87
Water-Works, 1923-1924
$1,347,808 79
Receipts
3609.840 65
Cost of managing
01
354,115
Interest on water debt
140,533 15
Depreciation and Extension Fund
1,104,488 81
Surplus
Indebtedness April 30 1925Bonded
Floating
$243,319 98
$32,640.000 00
1,630.119 14
Total debt
Sinking funds, March 31 1925
834,270,119 14
13,196,72306
Net debt
Total water debt included in above
Sinking funds for water debt
*21,073.39608
$11,218,000 00
3,809,711 15
$7.408,288 85
Net water debt
Population. 1924 (estimated). 243.709.
-BOND OFFERINO.-Sealed bids
QUINCY, Adams County, III.
will be received by Frank A. Jasper, Mayo, until 1 p.m. June 10 for $205,11925. Prin.
000 4Si% water impt. bonds. Denom.$1,000. Date May Due on May 1
and send-ann, int., payable at the City Treasurer's office. $11,000 1930,
and 1929,
as follows: $8,000 1926.89.000 1027, 810.000 1928
212,000 1931. 313.000 1932 and 1933, 814.000 1934, $15,000 1935, $16,000
1940. Le1936, $17,000 1937. 818,000 1938, 319,000 1939 and 820,000
gality approved by Chapman, Cutler & Parker, Chicago. Enclose a
certified check for $5,000.
-The following 2
RACINE, Racine County, Wis.-BOND SALE.
on
issues of 434% coupon school bonds, aggregating 8220.000. offered Co.
Second Ward Securities
-were awarded to the
June 2-V.120. p.2849
of Milwaukee at a premium of $7,590, equal to 103.45, a basis of about
4.11%.
1930 incl.
8115.000 school bonds. Due April 1 as follows: $5,000, 1926 to
and 26.000. 1931 to 1945 incl.
$3.000, 1926 to 1930 incl.
105,000 school bonds. Due April 1 as follows:
and $6,000. 1931 to 1945 incl.
Date April 1 1925.
JUNE 6 1925.]
THE CHRONICLE
Following is a list of other bidders:
Bidder.
Bid.
Bidder.
Bid.
Minton-Lampert Co
$223,300 Harris Tr. & Says. Bank„.$226,800
Wm.R. Compton Co
224,100 Blodgett & Co
228.900
A. M.Lampert & Co
225,800 E.H. Rollins & Sons
227,150
Northern Trust Co
226,100 Halsey. Stuart & Co., Inc__ 227,300
National City Co
226.500 Bonbright & Co
227.350
Illinois Me . Trust Co_.. 226,600 First Trust Co
227,475
Taylor-Evart Co
228,700 1st Wisconsin Co
227.586
RAPIDES PARISH ROAD DISTRICT NO. 5 (P. 0. Alexandria),
-BOND SALE.
La.
-The $20,000 5% sub-road district "A" bonds offered
on May 20-V. 120. p. 2464
-were awarded to Perry, Price & Co. of Sipere
at par. Date Nov. 11924. Due Feb. 1 a.s follows: $1,000, 1925 and 1926:
$2,000, 1927 to 1932 incl., and $3,000 in 1933 and 1934. Bonds are In
coupon form.
RAPIDES PARISH ROAD DISTRICT NO. 29 (P. 0. Alexandria),
-BOND SALE.
La.
-The $42,500 road and refunding bonds offered on
May 20-V. 120. p. 2464
-were awarded to L. E. French & Co. and M. W.
Elkins & Co. as 534s at a premium of $11 equal to 100.02, a basis of about
5.49%. Date June 11025. Due as follows: $1,500, 1926; $2,000, 1927 to
1929 inci: 52.500. 1930 to 1932 incl.; 53.000. 1933 to 1935 incl.;$3,500. 1938
tc1938 incl. and 84,000, 1939 and 1940.
READE TOWNSHIP SCHOOL DISTRICT(P.O.Glasgow),Cambria
County, Pa.
-BOND OFFERING.
-J. B. Swan. Secy. School Board, will
receive sealed bids until 1 p.m. June 13 for $20,000 4)4% school bonds.
Denom.$1,000. Date July 11925. Int. J.& J. Due $2,000, July 1 1926
tc1935 incl. Certified check for $250 required.
RIDGEFIELD, Fairfield County, Conn.
-BOND SALE.
-Eldredge
& Co. have purchased $100,000 4 Ws % 25-year high school bonds at 101.84.
ROBESON COUNTY (P. 0. Lumberton), No. Caro.
-BOND DESCRIPTION.
-The following bonds, aggregating $235,000. awarded on
May 26 to the Continental & Commercial Trust & Savings Bank of Chicago
at I04.19
-V. 120. p. 2850
-are described as follows:
5100.000 4)(TO county home bonds.
85.000 4% road and bridge bonds.
50,000 444 0 school funding bonds.
Date June 1 1925. Denom. $1,000. Coupon bonds. Due serially
1938 to 1955. Interest payable J. & D.
ROCKY RIVER, Cuyahoga County, Ohlo.-BOND SALE.
-The
515.900 5% Hillard Road No. 2 impt. bonds offered on May 26-V.120.
p. 2720
-were sold to Stranahan, Harris & Oatis of Toledo for a
of $562, equal to 103.52, a basis of about 4.21%. Date Maypremium
1 1925.
Interest A. & 0. Due 31.400 Oct. 1 1926, $1,500 Oct. 1 1928, 1930 and
1932. and $2,000 Oct. 11927, 1929, 1931, 1933 and 1934. Certified check
or10% of the bonds bid for, payable to the Village Treasurer, required.
Bidder
Premium. BidderPremium.
Well, Roth & Irving
$406 I Stranahan, Harris & Oatis, Inc_5562
The Milliken & York Co
439
ST. GEORGE SCHOOL DISTRICT, Charleston County, Ga.BOND SALE.
-The $18,000 5% school bonds offered on May 25
D. 2327) were awarded to W. M. Mizell° at par. Date June (V. 120,
1 1925.
Denom. $100. Coupon bonds. Date June 1 1945. Interest payable
J. & D.
SAN ANTONIO, Bexar County, Tex.
-BONDS REGISTERED.-The
State Comptroller of Texas registered 87,000.000 534% water works
bonds
on May 27. Due serially.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT, Bazar
-BOND OFFERING.
County, Tex.
-Until 2 p. m. June 10 sealed
will be received by the Secretary Board of Education for $300.000 bids
434%
school bonds. Denom. $1,000. Due $5,000 1926 to 1935.
$10,000 1936
to 1945. and $1.500 1946 to 1955, all Incl. Principal and semi-annual
payable at the Seaboard National Bank. New York City. The bondsint.
are
being offered subject to an election to be held In July and will be
to John C. Thomson. New York City for approval. A certifiedsubmitted
check for
2% of bid Is required.
SANFORD, Seminole County, Fla.
-BOND SALE.
-The $204,000
street improvement bonds offered on May 20-V. 120, p. 2591-wer
awarded to W.L. Slayton & Co. and Ryan. Sutherland & Co., both e
of
Toledo, jointly, as 5s, at a premium of $632 40. equal to 100.31.
a basis
of about 4.93%. Date Jan. 11925. Due July 1 as follows:
$20,000 1926
o 1934 incl.. and 824.000 in 1935. Coupon bonds.
SANDY SCHOOL DISTRICT (P. 0. Sandy), Salt Lake
County,
Utah.
-BOND SALE.
-The Palmer Bond & Mortgage Co.
purchased an issue of$59,0004% refunding bonds. Due April on April 15
15 as follows:
$14,000 in 1928, $27,000 in 1927 and $18,000 in 1928.
SANILAC COUNTY(P.O. Sandusky), Mich.
-BOND OFFERING.
The Board of County Road Commissioners will receive bids at
in Sandusky up to 1 13. M. (central standard time) June 11 for their office
the sale of
approximately $220,000 worth of serial bonds for Assessment
District
Roads Nos. 4, 5, 8 and 19. The bonds will mature
to
interest being payable semi-annually and bonds from oneat ten years,
payable
Each bidder is requested to name the rate of interest required (not maturity.
exceeding
6%)and premium he will pay in his bid. Denominations of the bonds
will
be made to suit the purchaser. A certified check in the sum of
payable to the order of the Board, will be required with each bid. $2.000,
SANTA ANNA, Coleman County, Tex.
-BONDS REGISTERED.
$45.000 534% water works bonds were registered on May 27 by the State
Comptroller of Texas. Due serially.
SARASOTA COUNTY SOECIAL TAX SCHOOL DISTRICT NO.
1
P.0. Sarasota), Fla.
-BOND SALE.
-A, J. Bell & Co. of Toledo were
the successful bidders on June 2 for the Issue of $200.000 school bonds
as
45(s. at 100.63. Date May 15 1925. Denom. $1.000. Coupon or registered bonds. Due in 1955. Interest payable(M.& N.) The sale of these
bonds on May 29 to W. L. Slayton & Co. of Toledo as reported in V.
120,
-was rescinded.
p. 2850
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 1
(P.O. Sarasota, Fla.
-ADDITIONAL INFORMATION.
-We are
receipt of the following information regarding the $200.000 school now in
bonds
awarded on May 26 to W. L. Slayton & Co. of Toledo at 101.02-V. 120.
p. 2850. Date May 15 1925. Denom. $1,000. Coupon or registered
bonds. Due in 1955. Interest payable M.& N. The bonds bear interest
at the rate of 431% and not 5% as given in above reference.
SCOTIA, Schenectady County, N. Y.
-BOND OFFERING.Sealed bids will be received by Howard B. Toll. Village Clerk, untll 7 p.
June 8 for the following issues of coupon or registered bonds.
39,300 Vine St.. Imp. bonds. Date Aug. 1 1925. Denomination $930.
Due $930 Aug. 1 1926 to 1935.
18,000 Second St.. Imp. bonds. Date Aug. 1 1925. Denomination $900.
Due $1,800 Aug. 1 1928 te 1935.
28,800 Sixth St.. Imp. bonds. Date Aug. 1 1925. Denominations $1,000
and $680. Due $2,680 Aug. 1 1926 to 1935.
18,400 Sanders Ave., Imp. bonds. Mate Aug. 1 1925. Denomination $920.
Due $1,840 Aug 1 1926 to 1935.
45,000 Ten Broeck St., Imp. bonds. Date Aug. 1 1925. Denomination
51.500. Due 54.500 Aug. 1 1926 to 1935.
4,000 Water bonds. Date July 1 1925. Denomination $400. Due $400
July 1 1926 to 1945.
18.000 Sewer bonds. Date July 1 1925. Denomination $800. Due $800
July 1 1926 to 1945.
2,500 James St.. Imp. bonds. Date Aug. 1 1925. Denomination $250.
Due $250 Aug. 1 1926 to 1935.
Principal and semi-ann. interest payable at the Greenville Bank, Scotia.
&certified check for 2% of the bonds bid for, payable to the Village, required
SECAUC&S, Hudson County, N. J.
-BOND OFFERING.
-Adrian
Post Town Clerk will receive sealed bids until June 16 at 9a.m.for an issue
of 53.4%, Park and County Ave. Widening coupon or registered bonds
not
to exceed $34,000. Date June 1 1925. Denom.51,000. Due 52,000 June 1
1926 to 1942.. Principal and semi-ann. Int. (J. & D.) payable in gold at the
First National Bank. Secaucus. It is required that the above sum be
raised and the bonds will be sold to the bidder offering to pay not less than
said sum and to take therefor the least amount of bonds commencing with
the first maturity, and if two or more bidders offer to take the same amount
of bonds then to the bidder offering the highest additional amount of
than $1,000. A certified check for 2% of the bonds bid for, payable to less
the
Town, required.
2973
SENECA-ROGERS SEWER DISTRICT OF THE TOWN OF IRONDEQUOIT, Monroe County, N. Y.
-BOND SALE.
-The $825,000 434%
sewer bonds offered on May 29-V. 120. p. 2850
-were sold to the William
R. Compton Co. and Barr Bros. & Co. of New York at 104.079, a basis of
about 4.18%. Date June 1 1925. Due $25.000 yearly on June 1. 1930 to
1954 incl.
Somerset, Pulaski County, Ky.-BOND SALE.
-The Harris Trust
& Savings Bank of Chicago has purchased an Issue of $85,000 53.4% street
and sewer coupon bonds. Date Jan. I 1925. Denom. $1,000. Due
Jan. 1 1945. Principal and Interest (J. & J.) payable at the Chemical
National Bank, New York City.
Financial Statement.
Assessed valuation for taxation (1924)
$3.608.643
Total debt (this issue Included)
135.000
Population, 1920 census. 4.672.
SOMERSET TOWNSHIP (P. 0. Somerset) Somerset County, Pa.
BOND OFFERING.
-Until 10 a. in. June 20. sealed bids will be received
by W. J. Davis, Secretary Board of Supervisors, for $65,000 5% coupon
Road, First Series bonds. Denom. $500. Date July 1 1925. Int. J. & J
Due yearly on July 1 as follows: 52.500. 1927 to 1932 incl. and $5.000.
1933 to 1942. optional on any interest period payment date after Jan. 1
1927. Certified check for 5% of the bonds bid for. required.
SPARTANBURG COUNTY (P. 0. Spartanburg), So. Caro.
BOND SALE.
-The $175,000 454% highway coupon bonds offered on
May 29-V. 120, p. 2591-were awarded to R. S. Dickson & Co. Inc.,
of Greenville, and Stranahan, Harris & Oatis, Inc., of New York, at a
premium of 51,978, equal to 101.13. a basis of about 4.37%. Date May 1
1925. Due May 1 as follows: 56,000. 1926 to 1929; 87.000. 1930 to
1932; 88.000. 1933 to 1935; 59.000. 1936 to 1938; 810,000 in 1939 and
1940: $11,000 in 1941 and 1942: 512,000 in 1943 and 1944, and $13,000
In 1945. Following is a list of other bidders:
Detroit Tr. Co.. Detroit, and A. C. Heyard Co., Columbia_3176.802 50
Robinson-Humphrey Co., Atlanta,and Caldwell & Co., Nashv_ 176.051 55
Halsey, Stuart & Co., New York
176.764 00
aylor-Ewort Co., Chicago
178,831 00
0.W.McNear Co., Chicago
178.010 10
Paine, Webber & Co., Chicago
175,075 00
Stevenson, Perry, Stacy & Co., Chicago
175,725 00
Braun, Bosworth & Co., oledo
175.608 00
Peoples Security Co., dharleston
176.225 00
Federal Commerce Trust Co., St. Louis, and American Trust
Co.. Charlotte
178,400 80
Otis & Co., Columbia
176,334 55
Wells-Dickey Co., Minneapolis, and Wachovia Bank & Trust
Co., Winston-Salem
175.700 00
A.M.Law & Co.,Spartanburg,and Harris, Forbes & Co., N.Y. 178,641 50
Bankers Security Co., Greenville
176,552 50
Trust Co. of Georgia, Atlanta
176,330 00
The Peoples National Bank, Rock Hill
175,525 00
Kauffman-Smith Co., St. Louis
176,552 50
C.P.Wofford Co.,Spartanburg.and National City Co.,N.Y..- 176.153 25
Geo, H. Burr & Co., New York
176.506 00
All bids include accrued interest.
STRATFORD, Hamilton County, Iowa.
-BOND SALE.
-The
$15,000 tension line bonds offered on May 25(V. 120. p. 2721) were awarded
to Geo. M. Bechtel & Co. of Davenport as 4345, at a premium of $200.
equal to 101.33. Date May 1 1925. Coupon bonds. Due Nov. 1 1925
to 1944, Inclusive. Interest payable M. & N.
SUMMIT, Union County, N. J.
-BOND OFFERING.
-Frederick C.
Rentz, City Clerk will receive sealed bids until 8 p. m. (daylight saving
time) June 18. for an issue of 43.1 and 434% coupon school bonds not to
exceed 2115,000. no more bonds to be awarded than will produce a premium
of $1,000 over $115.000. Denom. 81.000. Date July 1 1925. Prin. and
semi-ann. int. (J. & J.) payable in gold at the City Treasurer's office.
Due yearly on July 1 as follows $5.000. 1928 to 1930 incl. and 86.000. 1931
to 1945 incl. Legality approved by Hawkins. Delafield & Longfellow of
New York. Certified check for 2% of the bonds bid for, payable to the
City, required.
SUNNYDELL IRRIGATION DISTRICT (P. 0. Archer), O'Brien
County, Idaho.
-No bids were received for the $30,000 irri-NO BIDS.
gation bonds offered on June 2-V. 120, p. 2721.
TARRYTOWN, Westchester County, N. Y.
--BOND OFFERING.
Until June 9 sealed bids will be received by J. Wyckoff Cole. Village Clerk,
for $36,000 434 and 431% Public Park, Second Issue, coupon or registered
bonds. Denom. $0,000. Date July 1 1925. Prin, and semi-ann. int.
payable in gold. Due 33.000 July 1 1926 to 1937, Ind. Certified check
for 2% of the bonds bld for, payable to the Village, required.
-BONDS REGISTERED.
TEXAS (State of).
-The State Comptroller
of Texas registered the following bonds:
Purpose.Int.Rate
Place.
Amount.
.
Due. Date Reg.
Mitchell Co. O.S.D.20_---School 8%
$3.200
10-20 years May 26
3.000 Nacogdoches Co.C.S.D.17_School 53.4% 10-20 years May 27
TITUSVILLE, Brevard County, Fla.
-BOND SALE.
-The $500,900
6% impt. bonds offered on May 28-V. 120, p. 2592
-were awarded to
the Davies-Bertram Co. of Cincinnati, Steiner Bros. of Birmingham, and
Trust Co. of Georgia of Atlanta, jointly. at 107.25. a basis of about 5.50%.
Date March 1 1925. Denom. $1.000. Due March 1 1955. Legality
approved by John C. Thomson. N. Y. City.
TOPEKA, Shawnee County, Kan.
-BOND SALE.
-The 521,385 17
431% internal improvement bonds offered on June 2-V. 120. 13. 2851
Were sold to the Columbian Title & Trust Co.for a prem. of $21 90. equal to
100.90, a basis of about 4.55%. Date June 11025. Due on June 1 as follows: $2.485, 1926 and 52,100. 1927 to 1935 incl.
TUSCARAWAS COUNTY (P. 0. New Philadelphia), Ohio.
-BOND
-Sealed bids will be received by A. D. Schlegel. County AudiOFFERING.
tor, until 1 p.m. (eastern standard time) June 22 for the following issues of
5% coupon bonds.
$110,000 I. 0. H. No. 352 See. "I" bonds. Due 822,000 Oct. 1 1928 to
1930 incl.
78,100 I. C. H. No. 508 Sec. "A-1" bonds. Due Oct. 1 516.100. 1928:
1115.000, 1927; $16,000, 1928; 815,000, 1929 and 516,000, 1930.
66,000 1.0. H.No,415 Sec"A" bonds. Due yearly on Oct. 1 as follows:
313.000. 1928 to 1929 incl. and $14,000, 1930.
Denom, $LOW. Date July 11925. Int. A. & 0. Certified check for
5% of the bonds bid for, payable to the County Treasurer, required.
UNION CITY, Obion County, Tenn.
-BOND SALE.
-The $25,000
5319' water, light and sewer Series No.2 coupon bonds offered on May 26V. 120, p. 2592-were awarded to I. B. Tigrett & Co. of Jackson at a premium of $1.830 equal to 107.32. a basis of about 4.85%. Date June 1
1925. Due $1,000 yearly June 1 1930 to 1954 incl.
UVALDA SCHOOL DISTRICT, Montgomery County, Ca.
-BOND
OFFERING.
-Sealed bids will be received until June 15 for 814.000 6%
school bonds. Due July 11955.
VANCEBORO, Union County, No. Caro.
-BOND OFFERING.R. B. Turner, Clerk Board of Commissioners, will receive sealed bids
until June 15 for 515.0006% water and light bonds.
VIGO COUNTY (P. 0. Terre Haute), Ind.-BOND SALE.
-The
Fletcher Sayings Bank of Indianapolis on May 25 purchased the 380.000
W.H. Jackson et al. coupon bonds offered on that day (see V. 120, p. 2592)
for a premium of 33,313 30. equal to 104.14, Due $4,000 May 15 1926
to Nov. 15 1945 inclusive.
WASHINGTON SCHOOL TOWNSHIP (P. 0. Spencer), Owen
County, Ind.
-BOND SALE.
-The City Securities Corp. of Indianapolis
has purchased the 816.450 5% coupon school bonds offered on May 26V. 120, p. 2485
-at a premium of 5953, equal to 105.79, a basis of about
4.19%. Date May 1 1925 Prin. and semi-ann. int. (J. & J.) payable at
Exchange Bank of Spencer. Due $658 each 8 months from Jan. 1 1928 to
Jan. 1 1940, incl. Other bidders were:
Spencer Nat. Bank, Spencer_$913 00 Fletcher Say. & Tr.C .Ind4911 11
J. F. Wilde & Co.,Indianap- 921 501Meyer-Kiser Bank,Indianap.
.
701 50
WESLACO INDEPENDENT SCHOOL DISTRICT, Hidalgo Count
Tex.
-BONDS REGISTERED.
-The State Comptroller of Texas retered
$100.000 5% school bonds on May 25. Due serially.
WESTFIELD, Chautauqua County, N. Y.
-BOND SALE.--Geo. B.
Gibbons & Co. of New York have purchased the 849,000 434%
coupon
school bonds offered on June 1-V. 120. p. 2723
-at 100.749, a basis of
about 4.31%. Date July 1 1925. Due $7,000 July 1 1926 to 1932.
incl.
[VOL. 120.
THE CHRONTCLE
2974
-The
-BOND SALE.
WHEELER COUNTY (P. 0. Wheeler), Tex.
-were
$80,000 court house bonds offered on May 23-V. 120, p. 2723
awarded to.11. C. Burt & Co. of Houston as 5s at a premium of 31,755,
equal to 102.19, a basis of about 4.85%. Date June 1 1925. Due $1,000,
1926 to 1935, incl.; $2,000, 1936 to 1955, incl., and $3,000. 1956 to 1965,
incl.
-F. S.
-TEMPORARY LOAN.
WINTHROP, Suffolk County, Mass.
Moseley & Co., at 3.42% discount, purchased a $25,000 loan, due Nov. 20.
-The
AWARDED.
-LOAN
WOBURN, Middlesex County, Mass.
Town Treasurer to-day awarded a temporary revenue loan of $100,000.
payable Jan. 15 1926, to F. S. Moseley & Co. at 3.39% discount.
ZANESVILLE VILLAGE SCHOOL DISTRICT (P. 0. Zanesville),
-Sealed bids until 7:30
Muskingum County, Ohio.
-BOND OFFERING.
p. in. (Eastern standard time) June 11 will be received by H. H. Collins,
Clerk of Board of Education, for $5,600 5%% coupon school bonds.
Denom.$250 and one for $100. Date May 15 1925. Prin. and semi-ann.
int.(M. & S.) payable at the office of the above official. Due yearly on
Sept. 1 as follows: $250, 1926 to 1947, incl., and $100, 1948. Certified
check for $250 required.
ZELIENOPLE SCHOOL DISTRICT (P. 0. Zielenople), Butler
County, Pa.
-The $85,0004q% school bonds offered
-BOND SALE.
Freeman & Co. of Phila.
on May 26-V. 120, p. 2593
-were sold to M. M.
for $86.955, equal to 102.30, a basis of about 4.04%. Denom. $1,000.
Date June 1 1925. Interest semi-annual. Due early on June 1 as
follows: $2,000. 1927 to 1931, incl.; $3,000, 1932 to 1940,incl., and $4,000,
1941 to 1952, incl.
Premium.
Premium.
Fidelity Trust Co.,Buffalo.$1,517 25 W. H. Newbold's Son &
$1,835 66
Co., Philadelphia
S. M. Voykel Co., Pittsburgh
1,771 40 Glover & McGregor,Pittsb. 1,532 00
1.122 00
Union Trust Co., Pittsb
Graham, Parsons & Co..
1,461 66 A. B. Leach & Co., Phila.._ 1,726 35
Philadelphia
1,287 75 Mellon Nat. Bank. Pittsb_ 1,64550
Redmond & Co., Pittsb
CANADA, its Provinces and Municipalities.
-An issue of 52.250.000
-BOND SALE.
ALBERTA (Province of).
434% bonds has been sold to the National City Co. and Harris, Forbes &
Co., both of New York. Dated June 15 1925. Due June 15 1945. Principal and semi-ann. int. (June 15 and Dec. 15) payable in gold at the
Bank of the Manhattan Co. in New York or the Imperial Bank of Canada
in Toronto, Montreal or Edmonton. Coupon bonds of $1,000 registerable
as to principal only.
-Bids are invited up to
BAGOTVILLE, Que.-BOND OFFERING.
4 p. in. June 10 for the purchase of $89,000 bonds, dated May 1 1925.
Alternative bids are asked for 5% serial bonds payable in 10 or 20 years,
,
and 535% serial bonds payable in 10 or 20 years. Bonds are in denom. of
$100 each or multiples thereof, and are payable at any branch of La Banque
Canadienne Nationale in Quebec Province. L. P. Chayer, Sec.-Treas.
-Matthews & Co. have purchased
CAYUGA, Ont.-BOND SALE.
-installment hydro-electric bonds at 103.20, which 113
$20,000 534% 20
equal to a cost basis of 6.12%.
-W. F. Mahon & Co. were
-DEBENTURE SALE.
DIGBY, N. S.
awarded $40.000 5% 20-year serial water-works debentures.
-A. E. Ames Co.,
Ont.-BOND SALE.
EAST YORK TOWNSHIP
-installment, and $15,860 534%
Ltd., were awarded the $311,795 5% 40
-installment bonds at 100.29. Bids were as follows:
10
99.71
A. E. Ames & Co., Ltd
100.29 C. H. Burgess & Co
99.55
Fry, Mills, Spence & Co---- 99.697 Wood, Gundy & Co
99.37
99.40 Gairdner, Clarke & Co
Bell, Gouinlock & Co
98.83
99.33 Macneill, Graham & Co
Matthews & Co
98.63
98.80 W. C. Brent & Co
Goss. Fergie & Co
98.09
McLeod, Young, Weir & Co_ 98.18 Murray & Co
-The Government re-BOND OFFERING.
QUEBEC (Province of).
Province of Quebec
ceived sealed bids until 3 p. In. June 5 for $5,000,000
bonds dated March 2 1925. due March 2 1950, bearing interest at the rate
-yearly on March 2 and Sept. 2. Principal and inof 434%, payable half
terest payable in gold dollars at the agency of the Bank of Montreal,
New York, or, at the option of the holder, at the Bank of Montreal, Montreal, Quebec and Toronto. Delivery in Montreal against payment in
Montreal funds. The bonds will be redeemable at the option of the Government of the Province of Quebec as a whole, but not in part, on and after
March 2 1945 and not earlier. on 60 days' notice at 100% and accrued
interest. A sinking fund will be established sufficient to retire the bonds
at maturity. Bonds in denominations of $500 and $1,000, with coupons
attached, and may be registered as to principal only if desired by the
holder. Or, $5,000,000 Province of Quebec short-term bonds to be dated
June 15 1925, due June 15 1927, bearing interest at the rate of 4)4%.
payable half-yearly on June 15 and Dec. 15. Principal and interest payable in gold dollars at the agency of the Bank of Montreal. New York, or,
at the option of the holder, at the Bank of Montreal, Montreal, Quebec
and Toronto. Delivery in Montreal against payment in Montreal funds.
-An issue of $114,839 6%
-BOND SALE.
PRINCE RUPERT, B. C.
10-year serial bonds has been awarded to Royal Financial Corp., at 98.33.
which is equal to a cost basis of 6.36%. Bids were as follows:
98.25
Royal Financial Corporation_ _98.331C. H. Burgess & Co
97.11
98.281R. P. Clark & Co
A. E. Ames & Co., Ltd
-Wood, Gundy & Co. purchased
SASKATOON,Sask.-BOND SALE.
-installment bonds at 101.14, which is
10, 15. 20 and 30
$105,405 534%
equal to a cost basis of 5.40%. Alternative bids were asked for 534%
bonds payable in Canada only, and payable in Canada and United States,
although some of the dealers bid on 5% bonds.
-The School ComSHAWINIGAN FALLS, Que.-BOND OFFERING.
missioners will receive bids up to 5 p. m. June 9 for the purchase of $75,000
-year serial bonds, payable at Shawinigan Falls, Montreal and
5% 30
Quebec. The bonds are in denom. of $500 and $1,000 each. J. 0. S
Brunet, Sec.-Treas.
-An issue of $1,050 534% 10-installWHITBY,Ont.-BOND SALE.
-installment bonds has been sold locally at par.
ment, and $10,100 535% 30
NEW LOANS
FINANCIAL
NEW LOANS
$612.000.00
$50.000
We Specialize in
Memphis Tennessee
Herkimer County, N.Y.
City of Philadelphia
BONDS.
39
3%s
49
/
1
4. 48
4%9
59
/
51 49
8
1
/
52
C.C.Pasbbr.City Clerk, Memphis,Tennessee,
will receive sealed bids at the City Hall until
210 P. M. TUESDAY JUNE 9, 1925, for
$612,000.00 general liability, serial, negotiable
coupon bonds. The bonds will be dated January 1, 1925. Interest in January and July at
Memphis or at office of fiscal agent of Memphis
in City of New York. The bonds are exempt
from Federal Income Tax and all taxes in tin
State of Tennessee. The bonds will be furnished and delivered in New York, or equivalent.
The approving opinion of John C. Thomson,
Esq., Attorney at Law, New York City, will be
furnished. The bonds are for new improvements.
Maturities range from one to twenty-seven years
with an average of about 834 years for the four
Issues combined. The bidder will name a rate
for each issue from those enumerated in the
ordinances, respectively. Bonds can not be sold
below par. The right is reserved to reject any
or all bids. Complete data concerning sale may
be had from the undersigned.
ROWLETT PAINE,
Mayor.
Attest:
C. C. PASHBY,
City Clerk.
Biddle & Henry
104 South Fifth Street
Philadelphia
Frigate Wire Co New Fora
Call Canal 114-17
STOCKS AND BONDS
Bought and sold for cash, or carried of
conservative terms.
Inactive and unlisted securities.
Inquiries invited.
FINCH, WILSON & CO.
Investment Securities
Members New York Stock Exchange
120 BROADWAY
NEW YORN
Highway Bonds
Notice is hereby given that the undersigned
will sell at public auction to the highest reeponsible
bidder at the front door of the Court House at
Herldmer, N. Y. on the 16th day of June, 1925.
at 10 o'clock A. M.,the following described bonds:
$50,000.00 County of Herkimer Highway Bonds.
Series of 1925, said bonds to bear date the first
day of July. 1925. to be of the denomination of
$1,000.00 each, and numbered from one to fifty,
both inclusive, to bear interest at the rate of four
and one-half per cent per annum, payable semiannually on the first days of October and April,
and to mature in numerical order as follows:
$2,000.00 par value of said bonds being numbers
one and two, on the first day of April, 1927, and
$2.000.00 par value of said bonds being numbers
three and four, on the first day of April, 1928.
and $2,000.00 par value of said bonds of the next
succeeding numbers, on the first day of April
of each and every year thereafter, until all of
said bonds are fully paid.
The successful bidder will be required to pay
for the bonds on or before twelve o'clock noon on
the first day of July, 1925, at which time said
bonds will be delivered to the successful bidder.
Before any person will be allowed to bid for
said bonds, such person shall deposit with the
undersigned a certified check for ten per cent of
the amount of the par value of the bonds bid for,
drawn on a National Bank or Trust Company in
the State of New York. and payable to the Order
of the County Treasurer.
Checks of the unsuccessful bidders will be
returned at the conclusion of the sale. When
the bonds are delivered and paid for under the
terms of this Notice of Sale, said certified check
shall be considered as an advanced part payment
for the bonds, or be retained as and for liquidated
damages in the event the purchaser falls to
comply with the terms of sale.
No bids of less than par will be considered.
The undersigned reserve the right to reject
any or all bids.
,
Dated Herkimer, N. Y., May 15th, 1925.
EUGENE C. SWIFT,
Chairman of the Board of supervisors.
GEORGE F. WALLACE,
County Treasurer.
George H. Dunce,
County Attorney,
Herkimer, N. Y
Inquiries to Buy or Sell Solicited
Calvin 0.Smith Co.
Hibernia Securities Co,. Inc,
Hibernia Bank Building. New Orleans
New York
Atlanta
Dana,
BOND CALL
MUNICIPAL BONDS
High Grade Investment Securities
Commercial Paper
Bankers cAcceptances
BOND CALL.
105 SO. LA SALLE STREET
CHICAGO
Bonds of Cameron County Texas
Road Districts No. 1 and 2 called for
payment July 1 1925 at the Hanover
Natl. Bank, New York City.
BALLARD & COMPANY
Caldwell & Company
Members Nets York Stock Exchange
HARTFORD
Connecticut Securities
SOUTHERN MUNICIPALS
Ormberfano 'rem. & Telep. Oe. 64
Nashville Chattansiega & St. Laths fxr
Nashville & Decatur RI.
vlabvilla Railway at Light Os. Piecurflesc
• ASHVILLI, TENN,
114 Lining. eta .0(
@FedFRASER