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The
ommffrial
financial
rtitude
INCLUDING
Public Utility Compendium
Railway& Industrial Compendium
Municipal
Railway Earnings Section
&
Compendium
State
VOL. 120.
SATURDAY, MARCH 14-1925.
Bank and Quotation Section
Bankers' Convention Section
NO.3116,
health or in the process of recovery, and of corporations of sound condition and capable management.
PUBLISHED WEEKLY
The security and the growth of such investments will
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more than offset temporary declines during periods
'netts(line Postage—
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11 50
In Dominion of Canada
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eLnyenll WM.)
RAILWAY E•axises (monthly.)
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-annually )
STATII•ND MUNICIPAL(5
'OONTINTION (yearly.) eral Electric is selling to-day very much higher than
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in previous years. The high price of 334 in 1902 is
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On request only the equivalent of 70 for the stock in its present
Calcario Orricr—In charge of Fred. H. Gray. Business Representative,
form. In other words, the value of an investor's hold19 South La Salle Street, Telephone State 5594.
LONDON °MON—Edwards & Smith. 1 Drapers' Gardens, London. B.0
ings with the stock now above 200 has more than
WILLIAM B. DANA COMPANY, Publishers,
trebled since 1902. Even the low price of 1921 was
Front, Pine and Depeyster Streets, New York
about as high as the high of the Harriman market
Published every Saturday morning by WI I.I.IAM B. DANA COMPANY. of 1902. With stocks of this calibre the investor does
President and Editor, Jacob Seibert; Business Manager. William D. RIM:
Trem.W1Illani Dana Seibert Dec Harbert D Seibert. Addresses of all. Office of Co. not find a selling opportunity in a "bull" market,
rather he finds a buying opportunity in a "bear"
market.
ANOTHER ARTICLE FROM
It is true that there are times of over-extension, inHARTLEY WITHERS
flated prices, scarcity of money, strained credit and
The Second Article from the pen of
over-production, in which general collapse is almost
this eminent British economist appears
such a time was 1920. But just to enuinevitable;
to-day on page 1265.
merate these things is enough to allay extreme fears
at present. The general price level of commodities
has not fluctuated violently since 1923, and prices in
The Financial Situation.
It did not need this week's slump in the stock mar- the United States and Europe are now more nearly
ket to emphasize that much attention is being con- on the same basis than for many years, and money is
centrated on the position of the security markets. in abundance, although not in such superabundance
The position of the "market" and the movement of as in the summer. Investment funds are at flood
"averages," however, are of only secondary interest tide, most corporations have unprecedented credit,
to the investor. He does not buy or sell the "mar- and the banks are in better condition than for years.
ket"; he buys and sells certain securities; his posi- Production in many important industries is still betion is determined by particular industries and indi- low that of 1914, and there is little evidence of overvidual corporations. This, of course, is very trite, production when world markets are considered, albut too often men think and talk in terms of "mar- though some industries are still suffering from wide
kets" and "averages" in order to determine what and swings in prices and production. There is little in
when to buy and sell. It is, of course, true that in the present situation to compare with 1920, when
times of general calamity or extreme depression,such post-war madness was at its height, and Europe was
as the fall of 1914 and the summer of 1921, most facing financial collapse, or even 1923, when a slight
securities are on the bargain counter, but it is also tendency to run again into inflation was shown or
true that many securities are lower to-day than in thought to be shown, and violently checked.
That stock prices are at record high is of no real
either 1914 or 1921, because of the damage to indicorporations
or
during
those
industries
de- significance. An average price is an effect of many
vidual
true
also
the
and
that
great
adperiods,
causes; in itself it is not a cause, although its posistructive
been
have
years
those
tion may have some barometric value. But it is
few
of
past
secuthe
of
vances
bettering
by
favorably
superficial
in
to point to this or other effects and preaffected
conditions
rities
certain industries or certain individual corporations. dict market movements. The number of blast furThe matter, therefore, of first importance is to cor- naces in operation is a factor, but only one, and its
rectly analyze the conditions of individual industries place in the present sequence may be quite different
movement of money
and individual corporations. The thing of impor- from that in previous ones. The
a powerful cause
is
and
highly
significant
is
rates
tance is to hold securities in industries that are in
Xixt Titronick.
1248
THE CHRONICLE
[VOL. 120.
as well as an effect, but one is not safe in concluding cerning the latter, the serious curtailment of prothat "markets" will turn when 90-day commercial duction last year, due to the partial failure of the
paper advances a definite amount, becanse the pres- corn crop, naturally contributed very materially in
ent situation is not just like any.other, and the future that direction. Stocks of corn on the farms on
is likely to be a new chapter in world history, par- March 1 of this year, according to the report of the
ticularly if political events in Europe permit the Department, were reduced to 801,609,000 bushels.
orderly financial recovery now going on. History These figures contrast with 1,153,847,000 bushels on
does not in any real sense repeat itself. What goes the farms a year ago. They are the lowest since 1917,
up does not necessarily come down. Action fre- when the stock of corn on the farms at the correquently does not produce an equal reaction, at least sponding date was 782,303,000 bushels. During the
so far as any particular securities are concerned. past 25 years only twice, 1917 and 1902, was the
These shibboleths too often lead into shallow think- carryover below the figures given for this year. For
ing. If we are to estimate probable developments, it both of the two years mentioned, in fact for the three
can be only by a correct analysis of all existing cir- years 1924, 1916 and 1901, the corn harvests of the
cumstances, and not merely by a study of previous preceding years were very greatly reduced. The latsequences.
est estimate of the yield of corn for 1924 is 2,436,513,We are in a period of very great developments and 000 bushels—in 1923 it was 3,054,395,000 bushels.
very great reconstructions, notwithstanding that In 1916 it was 2,566,927,000 bushels, and in 1901
there are present some unsatisfactory conditions. only 1,613,528,000 bushels, the latter more than 33%
But it is not of primary importance to find what a below the average for the preceding four years. The
combination of all these conditions will do with the carryover of corn on March 1 this year is 32.9% of
stock market average or the bond market average, the yield of 1924; a year ago it was 37.9% of the probut rather what diverse effects they will have on duction for the preceding year. The low quality last
individual securities. It is probably true that con- year also contributed to the unfortunate position of
ditions for business are particularly favorable and corn, it was the lowest on record, 63.2%; the next
that growth and. revival in general are going on; lowest, 1901, being 73.7%. In only three other years
although there are some chronic troubles, as well prior to 1924 was the quality below 80%. In conseprobably as some developing and incipient troubles. quence of the low condition of last year's crop, the
Chaos in Russia, unsound financial conditions in proportion merchantable was only 66.3%, against
France, and under-production in Europe as a whole, 80.3% for the crop of 1923. For only five years of
crippling the purchasing power, are very clearly the past 25 prior to 1924 have the corresponding figdrawbacks, as is the decadence of a considerable por- ures been under 80%, and the average is well above
tion of the textile industry. Persistence of wide that figure.
swings in price and production in meat animals and
Conditions as to wheat are more nearly normal.
grains and other foods is a drawback. But, on the The carryover on the farms March 1 of this year is
other hand, those conditions are far better than they 113,928,000 bushels, 13.1% of the total yield of 1924,
were. The long post-war depression in Great Britain the corresponding figures for a year ago being 137,is probably drawing to a close; Germany is being re- 717,000 bushels, or 17.3% of the crop of 1923. Since
constructed; the public utilities of the United States 1900 there have been only three years, 1917, 1916 and
have been restored to prosperity; the railroads are 1904, when the carryover on March 1 was smaller
being restored, and there has been the greatest pos- than it was on March 1 of this year, but for each of
sible new growth of enterprise and value in electrical the three years referred to, the supplies available
equipment, automobiles, roads, buildings and many from the yield of the preceding year were greatly reother lines. These developments, accompanied by a duced, the total yield of wheat in those three years
very rapid growth in available capital in the United being very much less than the total yield of 1924. In
States, and with an outlook for four years at least of fact, the carryover of wheat on March 1 a year ago,
political conditions more favorable to business than was considerably less than for many of the earlier
for a generation, may confound the prophets of ca- years, when the yield from the harvest of the precedlamity.
ing year had been substantial. The demand for
We are in an interesting period. Clear analyses wheat during the closing months of 1924, especially
and wise individual investments should prove more after the supplies of new wheat became available,
than ordinarily profitable. Probably many good was very heavy, exports alone from the opening of
stocks are undervalued and almost certainly others the new crop year to Dec. 31 1924 being 144,300,000
are selling at full value, and others too high.
bushels, against 56,800,000 bushels for the correThe wise investor will concentrate on analysis of sponding period of the preceding year, the larger
individual industries and securities so as to keep his movement in 1924 being accompanied by constantly
holdings in sound condition and growing in value. higher prices. Stocks in mills and elevators on
But even beyond this there is much reason to believe March 1 of this year, were 69,865,000 bushels of
that general conditions are sound and that with wise wheat, or only 7.9% of last year's yield, whereas the
counsels and cool heads the present prosperity will corresponding figures of March 1 1924 were 156,be continued well into the future.
087,000 bushels, or 18%. This year's figures are
much the lowest.on record, since a report of elevator
In face of the higher prices prevailing in the lead- and mill stocks of wheat was first begun in 1910,
ing markets of the world for the more important with a single exception 1917, and for that year, as
grain crops of last year, the demand was so great noted above, the yield of wheat from the harvest of
that stocks carried over on the farms in the United the preceding year, was materially reduced. Oats
States are much smaller than they were in the pre- in farmers' hands March 1 this year were 550,342,000
ceding year. The report of the Department of Agri- bushels, or 35.7% of the 1924 crop, against 447,366,culture relating to this matter was issued this week. 000 bushels, or 34.3% a year ago, and barley 43,127,The decrease is notable as to wheat and corn. Con- 000 bushels, or 23% March 1 this year, compared
MAR. 14 1925.]
THE CHRONICLE
with 44,930,000 bushels, or 22.7% last year. Hay on
the farms March 1 this year was 37,386,000 tons, or
33.2% of the 1924 crop, while a year ago it was 33,455,000 tons, or 31.4% of the 1923 yield. Over 40%
of the crop of corn in farmers' hands March 1 this
year is in the five States of Illinois, Iowa, Nebraska,
Missouri and Kansas, while nearly 20% of the wheat
crop carried over this year is in the State of North
Dakota alone.
It was made plain in the earliest cable dispatches
from Paris relative to the conversations a week ago
to-day and yesterday between Austen Chamberlain,
British Foreign Secretary, and Premier Herriot of
France, that the security protocol adopted some
months ago by the League of Nations Council at
Geneva was likely to be dropped without even having
been put into use. On Saturday evening the representative in the French capital of the New York
"Times" cabled that "the ambitious Geneva protocol
by which the 50 nations of the League were to have
bound themselves together in a compact of mutual
protection died to-day in the Quai d'Orsay, killed by
Great Britain. It will be officially buried by the
League Council next week at Geneva. The reason
Britain turned thumbs down on the protocol was
simply because it was too ambitious, carrying an extended variety of obligations which the Conservative
Government does not wish to assume." He also reported that "after Austen Chamberlain, the British
Foreign Minister, had explained to Premier Herriot
of France to-day why Great Britain could not accept the protocol, the two- statesmen set about finding something to replace it. In a series of conversations beginning last night and extending until late
to-day, the two Foreign Ministers explained to each
other the points of view of their Governments on
this most intricate problem. M. Herriot described
the anxiety of his country over the danger of a future
attack by a larger Germany, saying France could
not lapse into a tranquillity which could justify a
large reduction of her army until sure she would not
be alone to face the peril which the recent German
disarmament report showed existed on the other side
of the Rhine." Continuing to outline what purported to be the attitude of the two Cabinet Ministers, the "Times" correspondent said: "While no
official details are given of the conversations, it is
understood that Mr. Chamberlain expressed the sympathy the British Government felt for French fears.
Behind that sympathy the strong motive of the British Government was to insure that in case of another
European war the Channel ports did not fall into
hostile hands. As. Mr. Chamberlain said this evening, the German suggestions for a security compact
in which the Reich would be included were discussed
from the point of view of the two Governments. It
is said the British spokesman advocated in principle
the inclusion of Germany as a good general policy
for the protection of France and also as a good European policy, in that it would tend to prevent the
formation of a Russo-German bloc built to counteract the Franco-British bloc, which would exist under
a simple treaty between France and England. It is
understood the French spokesman by no means excluded a compact with Germany, but elaborated on
the French fears that Germany would use the option
thus given her not only to try and divide England
and France but to seek revision of the clauses of the
Treaty of Versailles. The two Foreign Ministers
1249
discussed the admission of Germany to the League of
Nations, and the current understanding is agreed
that if by next September Germany had given a fair
appearance of intending to fulfill the disarmament
clauses of the treaty, she would be admitted at the
next Assembly. The Foreign Ministers explained
their plans for having the League take over the armament inspection of Germany and discussed ways and
means for having the League guarantee a Rhine
peace fence between France and Germany." Mr.
Chamberlain was quoted by the "Times" correspondent as declaring that "his talks with President Doumergue and Premier Herriot were cordial and satisfactory." Announcement was made also that "Mr.
Chamberlain left Paris to-night [March 7] for Geneva to attend the meeting of the League Council,
which opens there on Monday."
eI
The speech that former Prime Minister Ramsay
MacDonald intended making in the British House of
Commons last week, before he and his party members
left because of the suspension of David Kirkwood,
was published by the "Sunday Observer" of London (March 8). Mr. MacDonald assailed the French
guarantee and complained because Austen Chamberlain, Foreign Secretary, had not furnished the House
with more detailed information regarding the matter.
The former Labor Prime Minister was quoted in part
as follows: "A similar suspicion is gathering round
the way in which the security is being dealt with.
This country can do no greater disservice to France
or to itself than to encourage France to regard her
security as nothing but a military problem. For
ten years yet France has military security guaranteed by ourselves and.Belgium owing to our joint
occupation of portions of Germany. How are these
ten years to be spent? To what point of political
compass is the ship of our State to be steered during
those years? Suppose we soothe the fears of France
by the drug of a military pact. For the moment they
may be allayed, but will only wage again on deteriorated nerves when France discovers she is still
insecure. A pact removes no menacing German activities, it eliminates none of the causes of war, it
discourages neither side from policies that may defy
all attempts to keep peace. A pact can never be made
limited to a specific obligation. No party making it
can control its risks by influencing the conduct of
the other parties. Let us ask ourselves what specifically are the obligations which the pact to defend
France from invasion would actually mean. It looks
at first a simple affair, but is it a guarantee of
France alone or of France and its Allies? Is it insurance to France? The French people are not only
perfectly competent to understand our refusal to
enter blindly into indefinite obligations, but by understanding our attitude they will come to understand the weakness of their own requests in relation
to their own needs."
• Cabling on the evening of March 7, the Berlin representative of the New York "Times" said that "Germany's attitude toward the security pact question
now agitaitng Europe is contained in an interesting
semi-official statement issued here late this afternoon, one of the most striking portions of which is
the declaration that the German people would not
support either now or in the future any German Government making war on France for the purpose of
re-annexing Alsace-Lorraine to Germany. Germanyls
main interest in the security pact, it is stated, is re.
1250
THE CHRONICLE
storing tranquillity to the Rhineland by persuading
the interested powers to make common cause against
any Power seeking to alter Germany's present western boundaries. Such an agreement, it is pointed
out, would mean recognition once for all of the fact
that the Rhineland is part of Germany, termination
of French claims to continued control in the Rhineland and withdrawal of Allied troops from the Rhineland in the near future."
[VOL. 120.
on the part of the smaller nations to abandoning or
even materially changing the League protocol. Under date of March 9 the Paris correspondent of the
New York "Times" cabled from Geneva that "the
British-German plan for securing peace in Europe
by a pact of England, France and Germany finds
small favor here. In this heaven of small nations,
the only place where they have a say in the conduct
of international affairs, the Berlin-London idea is
regarded, first, as portending important changes in
As might have been expected, the French attitude the Treaty of Versailes, and, secondly, as weakening
on the question of security was radically different. the influence of the League of Nations." He deBefore leaving Paris for Geneva, the New York clared that "the all-embracing protocol appeals much
"Times" representative in the former centre cabled more strongly to them than the suggested arrangethat "the immediately important factor of the secu- ment based on an understanding by Paris, London
rity negotiations which began in Paris yesterday and .and Berlin, for under such a system the smaller counwill be continued at Geneva to-morrow, is the aver- tries see themselves losing all the regime of justice
sion of the French to making a security compact Geneva promised them and becoming once more
including Germany, as the English wish to do. This pawns in the playing of the great Powers." It apposition reposes on many bases. There is the tech- pears that, "following a show of this unanimous sennical argument that no other paper Germany could timent by the smaller countries, Foreign Minister
sign would add anything to the pledges given in the Chamberlain postponed until Thursday the declaraTreaty of Versailles. There is the further argument tion in which he planned to say Great Britain could
that if the signature of the treaty is not binding the not ratify the protocol as now framed and asking for
signature of anything else will not be worth having. an adjournment, which would be generally regarded
There is the technical diplomatic argument that in as the end of the protocol. After communicating
the proposed three-cornered arrangement France fully with the London Cabinet, Mr. Chamberlain
could too often find herself in a minority before the spent most of the afternoon in conference with M.
combination of her former ally and former foe. There Briand."
is the plea that France has duties toward her small
The Associated Press representative in Geneva
allies which will prevent her making a security pact said in a cablegram, also on March 9, that "the feelnot including them. There is a sentimental disin- ing is growing that, while the proposed new five or
clination in France to have a security-depending seven-Power guarantee pact, whereby the Powers
document signed by Germany."
would reciprocally promise to settle all controversies by arbitration and agree in no circumstances to
The present session (the 23d) of the Council of the resort to war, is very much in the air, the Geneva
League of Nations at Geneva was opened by Austen protocol is an accomplished fact and must not lightly
Chamberlain, British Foreign Secretary, on Monday. be disregarded. That this protocol may have bad
According to the Associated Press correspondent, features and should be remodeled is admitted, but
"so great was the crowd in the corridors of the there seems to be a conviction, which Geneva's neuLeague Palace that Mr. Chamberlain had to edge his tral atmosphere helps to augment, that the Geneva
way into the Council Chamber." He added that "the protocol must be clung to tenaciously, until someopening session of the Council to-day was private. thing better has been actually elaborated."
No public meeting will be held to-day." According
to the same correspondent, "the British resent the
While passsing through Paris on his way to Geidea that they are killing the protocol. Their repre- neva, Paul Hymans, Belgian Foreign Minister, "had
sentatives insist what they intend to do is to explain a two-hour conversation with Premier Herriot on
their objections to the proposed pact. Indications the questions discussed Saturday between the latter
are that action on the protocol will be postponed to and Mr. Chamberlain and on the attitude to be
the meeting of the League Assembly in September, adopted during the Council meeting." As to the
and that, meantime, negotiations for the guarantee fact that "Mr. Hymans was the original proposer of
pact will be pushed. Hope is rising that this pact the new triple alliance between France, England and
may be made the basis of a revised protocol, with Belgium, of which Mr. Chamberlain himself was
the aim of punishing any aggressor State thus formerly a partisan on the understanding that it
should include also Italy," the Paris representative
achieved by merely adopting another procedure."
He likewise made it known that "the financial of the New York "Times" said that, "like France,
statement said the League had the most prosperous Belgium wishes to see Germany in the League withyear in its existence. Already 83% of the dues for out any exceptions made in her favor before there is
the year have been paid, the highest percentage since any further talk of a regional pact. After his interthe League's foundation, while 8,000,000 Swiss view he stated that he had told M. Herriot that he
francs for dues in arrears have been received, so the considered the German proposals very inopportune.
treasury has on hand a considerable sum. The spe- Before any country, and most of all his country,
cial American grants to the League, including 600,- could accept an offer of guarantee from Germany it
000 francs from the Rockefeller Foundation for must see that Germany is fulfilling her obligations
health work, and 23,000 francs from the American as a member of the League." The correspondent
Bar Association toward the cost of publication of added that "there is, however, no doubt that once
these conditions are fulfilled Belgium would prefer
treaties, were noted especially by the Council."
to have Germany one of her guarantors. She is not
Soon after his arrival in Geneva Austen Chamber- bound by any complications as France is by her
lain was said to have discovered strong opposition treaty with Poland, but the French Premier found
MAR. 14 1925.]
THE CHRONICLE
1251
his Belgian colleague entirely sympathetic to his military defaults that fact can be shown by the
point of view that Poland herself should decide Military Commission,and if she has not,the fact may
whether or not she can accept rectification of her be made known. Generally speaking, the Council
frontier."
appeared—the majority at least—inclined to believe
that Germany would become a member of the League
Pending the formal opening of the discussion on at the Assembly meeting in September."
the question of security by the League of Nations
Council, many informal conferences were held by the
The French Cabinet, on Wednesday, approved the
representatives at Geneva of the various Govern- policy of "sticking to the League plan," after Prements. Purporting to set forth the attitude of the mier Herriot had told his colleagues the substance of
French delegation, the Associated Press correspond- the declaration M. Briand would make at Geneva the
ent said that "M. Briand will declare that France is next day in favor of the League of Nations security
willing to postpone final discussion of the protocol protocol.
until September if British Foreign Secretary Chamberlain asks for such postponement and will agree
Austen Chamberlain, on Thursday, presented
to study in a spirit of compromise any modifications Great Britain's argument to •the League Council
that may overcome the objections of the British Do- against the protocol. In his account of the incident,
minions." He added that, "but for the moment the the New York "Times" correspondent said in part:
protocol represents in France the accepted chart for "The British lion, full of Tory tonic, leaped on the
future security, and the French view remains that Geneva protocol to-day and left but shreds of it. The
the signature of Germany to a partial pact cannot ambitious plan for obtaining world security by obreplace a general covenant, even though it is endorsed ligatory arbitration of international differences,
so as to make it dependable as far as it goes."
shaped largely through the efforts of the former
British Prime Minister, Ramsay MacDonald, was
At a private session on March 10, the League of rejected emphatically and vigorously by the present
Nations Council acted on Germany's terms for be- London Government in a statement read to the Councoming a member of the League. The New York cil of the League to-day by Foreign Secretary Austen
"Times" correspondent cabled that"no special favm Chamberlain. The supporters of the protocol, led
may be attached to German entrance to the League by former Premier Aristide Briand of France, made
of Nations. This decision was reached to-night by an eloquent defense and declared they stood by the
the League Council after a long private session in scheme already accepted by a large number of nawhich it considered the reply to be made to Dr. tions. To replace the protocol, or rather to fill the
Stresemann's letter to the League, suggesting the need it was intended to fill, Britain proposed that
conditions under Article XVI of the Covenant mem- the nations revert to the mutual guarantee treaties
bership." He explained that "these conditions were, plan of 1923, making special compacts of reciprocal
first, that Germany be assured beforehand of a place protection under the auspices of the League. It will
on the League Council; second, that she be not called be recalled that this system was rejected by Macon for any military duties under Article XVI of the Donald last year as reactionary and productive alCovenant, and, third, that she be never asked to ways of a dangerous grouping of Powers. What is
allow passage through her territory of troops acting left of the protocol will be sent to the next Assembly
for the League." Continuing, he said: "To-night's of the League in September and unoffending parts
action by the Council rules out conditions 2 and 3, it of it may be used in working out a new panacea
being ruled that no such exceptions could be made against war." The New York "Herald Tribune" corfor Germany, and that if she wished to join the respondent used even stronger language in his acLeague she must apply in routine fashion. However, count, saying in part: "Great Britain to-day not
it was decided that the members of the Council will only crushed the League of Nations arbitration, seallow it to be known that they are disposed to grant curity and disarmament protocol into a shapeless
Germany a seat in the Council once she has become mass that defies resurrection, but cast the most sea member, as was evidently intended when the cove- rious doubt on the efficacy of the League covenant
nant was drafted at the Paris Peace Conference. The as an agency for world peace. Austen Chamberlain,
members of the Council are of the opinion that Ger- British Foreign Secretary, speaking at the Council
many's plea that she could not assume possible mili- session in a dispassionate monotone, read what is
tary duties as a League member because of the small- possibly the most astounding document ever heard
ness of her army is not a point to be debated, inas- in the precincts of any League body. It was a commuch as the League members would be called on paratively brief statement, branding the protocol
only in proportion to their military abilities. Thus as an instrument of war, rather than peace, and a
Germany would not be able to use the issue of her combination which stands rejected not only by the
League membership to precipitate a debate on the Baldwin Ministry, but as well by 'the Governments
military clauses of the Treaty of Versailles. The of the Dominion of Canada, the Commonwealth of
Council dealt deftly with the thorny issue of the Australia and New Zealand, the Union of South
relation of Germany's alleged default under the dis- Africa and India.' The British statement which Mr.
armament clauses of the treaty and her entry into Chamberlain delivered, not as his own, but as the
the League. Mr. Chamberlain's formula was adopted collective opinion of the Baldwin Ministry, and
in the sense that inasmuch as every applicant for which disclosed the clever co-authorishp of Lord
League membership must pass through the League's Balfour by its pointed phraseology, lacked nothing
Military Advisory Commission, whose duty it is to in directness and proved a far stronger document
rule if the applicant has lived up to the military than might have been expected. It threw the deletreaty duties, there is no use raising the issue at this gates of other nations represented in the Council into
time. This means that if between now and Septem- a state of confusion and dismay and caused Aristide
ber Germany shall have satisfied the Allies on her Briand, representative of France,.and'some otheus
1252
THE CHRONICLE
hastily to edit their own speeches into the strongest
possible defense of the principles of the protocol.
llowever, they realized clearly that the protocol has
been irretrievably wrecked by the deeply studied
British assault. Great Britain's alternative for the
protocol was outlined in the Chamberlain statement
by a single paragraph as a system of regional defensive pacts between the nations most immediately
concerned, under the guidance of the League, and
within the spirit of the covenant."
Through an Associated Press cablegram from
Paris last evening it became known that "the League
of Nations disarmament and security protocol, put
out of present consideration, at least, by the rejection of it voiced yesterday by Great Britain on behalf
of herself and all her Dominions,except Ireland, was
referred by the Council of the League to-day to the
next League Assembly in September, together with
the pronouncements made upon it by the British and
representatives of other Powers." It was added that
"subsequently the Council adopted a resolution postponing preparations for the proposed disarmament
conference until the Assembly had reached some decision. The resolution, unanimously adopted, means
that the Sixth Assembly, opening in September, will
institute an entirely new examination of the problem
of international peace and reduction of armaments,
including the British suggestion for special defensive
treaties operating under the guidance of the League."
Great activity rather than a notable degree of
co-operation has characterized the movements of the
leading political parties in Germany with respect to
securing a President to succeed Friedrich Ebert.
The first definite step on the part of those groups
was to agree upon Dr. Walter Simons, former Foreign Minister, and now President of the "Reichsgericht," or National Court, as "President ad interim of Germany." It was pointed out when the
agreement was said to have been reached that "the
principal argument against his continuing to act in
this dual capacity is that he might conceivably be
compelled to do so until next May, since the Presidential election scheduled for March 29 may not
result in any candidate obtaining an absolute majority, thus necessitating a second election late in
April." At its session on Tuesday the Reichstag
passed the second reading of the bill naming Dr.
Simons as temporary President. The Berlin correspondent of the New York "Herald Tribune" said in
a cablegram that evening that "the vote was unprecedented, for it united all the parties except the Communists and Fascists behind Dr. Simons, and immediately raised him to the ranks of a leading candidate
for the full term. It was followed by a letter addressed by the Democrats to all the parties except
the two which opposed him, proposing that they
agree to accept Simons as Ebert's successor for the
full term. While the Socialists are unlikely to do so,
the other groups may, and in such a case the race
would be between Simons and Herr Braun, the former Prussian Premier, who has been named by the
Socialists, with the former's election certain."
Through an Associated Press cable message from
Berlin Tuesday evening it became known here that
"Dr. Walter Simons was definitely designated as
acting President of the German Republic by the passage in the Reichstag this afternoon on its third reading of the bill so appointing him." Word also came
from the German capital that "it is understood that
[VOL. 120.
the decision to make Dr. Simons the temporary
President until a successor to the late President
Ebert is elected was primarily with the idea of leaving Dr. Hans Luther free to carry on his important
work as Chancellor, unhampered by the duties of the
presidential office."
In discussing the situation, the Berlin representative of the New York "Times" cabled on March 9
that, "with the possibility of a campaign involving
five Presidential candidates staring Germany in the
face, the Democratic Party to-night appealed to all
political parties to give up running their own candidates and concentrate on Dr. Walter Simons as the
successor to the late President Ebert. Simons was
confirmed by the Reichstag to-day as President ad
interim pending definite choice of Ebert's successor."
Th.e "Times" representative added that "the Democratic appeal, which is signed by Anton Erkelenz, a
prominent Democratic leader, declares that the main
thing now is to find a personage enjoying high prestige throughout Germany, irrespective of partisan
considerations, and that Simons is such a man. It
is impossible to-night to state what effect this appeal
will have, but it seems hardly probable that all parties will consent to forego in running their own men
in order to unite on any one man, no matter how
well qualified he may be from the non-partisan standpoint." In a dispatch to his paper the next day the
same correspondent said: "Uncertainty increased
to-day as to the candidates to be entered in the race
for the German Presidency. The proposal by the
Democratic Party that various party candidates
already chosen or contemplated be withdrawn in
order to concentrate on Dr. Walter Simons was received with interest by the parties approached—
which included all except the Communists and Extremists of the Right—but the idea aroused no particular enthusiasm anywhere. All the parties appear
too far committed to running their own candidates."
He suggested that "meanwhile, another complication
has now arisen. This afternoon ex-Chancellor Marx
was re-elected Prussian Premier by a vote of 232 out
of 443 cast in the Prussian Diet. This means that
he must form another Prussian Cabinet and seek the
Diet's approval for it. The probability is he will not
succeed, which will doubtless mean that he will resign the Prussian Premiership again and thus be
free to become a candidate for the German Presidency." Word was received here from Berlin on
Wednesday evening that "the suggestion made by
the Democrats for the joint nomination of Dr. Walter
Simons, now acting President, as candidate at the
coming elections for a successor to the late President
Ebert, was rejected to-day by a conference of the
Bourgeois'party leaders, to which also the Centrists
and Democrats were invited."
Dr. Simons took the oath of office as acting President of Germany on Thursday. Very little real
progress appears to have been made toward the selection of a candidate for permanent President, on
whom the various political factions will unite. On
Thursday, however, "Wilhelm Marx, former Chancellor, was nominated for President by the Centrists
after failure of negotiations for nomination of Otto
Gessler, Minister of Defense, as the joint candidate
of all the bourgeois parties. Following Marx's nomination, the so-called Lobell committee, consisting
of representatives of the Right parties, officially
nominated Dr. Karl Jarres, who was Minister of the
MAR. 14 1925.]
THE CHRONICLE
Interior in the Marx Cabinet, as their candidate."
According to an Associated Press dispatch from Berlin last evening, the following were the official candidates for President up to that time. "Ernst Thaelmann, transport worker, Communist; Otto Braun,
former Prussian Premier, Socialist; Dr. Wilhelm
Marx, ex-Chancellor and present Prussian Premier,
Centre Party; Dr. Wilhelm Hellpach, President of
the Baden Free State, Democrat; Dr. Karl Jarres,
former Minister of the Interior and at present Burgomaster at Duisburg, joint candidate of the parties
of the Right." It was added that the National-Socialist Party may nominate a sixth candidate.
Austria's finances are said to be *proving, but
apparently they are not in satisfactory shape yet.
Dr. Zimmermann, the League of Nations Commissioner for Austria,in his report, which was published
in Vienna on March 9,"admits that in the first quarter of this year the limits of the accepted budget will
be transgressed. The reasons for this, however, are
beyond control of the Government." He claimed
that "the rise in expenditures was caused partly by a
heavy increase in unemployment," which he reported
"had rizen by Feb. 15 to 192,000." According to Dr.
Zimmermann,"the rise of the expenditures was covered by satisfactory receipts so that the deficit for
January and February will not exceed that provided
in the budget." The New York "Evening Post" correspondent in Vienna said that, "although final figures for the results in 1924 are not yet obtainable,
Dr. Zimmermann estimates a possible deficit for the
whole year amounting to 600,000,000,000 paper
crowns—a figure within the limit set by the League's
Finance Commission in Geneva last September."
Dr. Ramek, Chancellor of Austria, on March 9 "answered comments on the Austrian situation recently
appearing in the foreign press. While admitting
the economic situation suffers from acute depression, he insisted it furnished no ground for alarm nor
was it comparable to the situation which precipitated the League's intervention in 1922."
The very next day, according to an Associated
Press dispatch from Vienna,"Austria came in for another chiding by the Council of the League
of Nations during a session crowded with business.
Her failure to carry out various features of the
League's financial reconstruction plan being reproved. The Financial Committee reported that the
Austrian budget for 1925 and various bills necessary
to effect several fiscal reforms had not been adopted
by the Parliament. Furthermore, the general administrative improvements recommended had not
been brought about, while the central bank of issue
had not centralized its receipts and expenditures nor
furnished periodical information."
Prime Minister Baldwin appears to have won
rather an important victory in the British House of
Commons against organized labor. The London correspondent of the New York "Herald Tribune" cabled that "under the most difficult circumstances
Premier Baldwin•intervened in to-day's debate in the
House of Commons over the political levy bill which
would curb the power of unions to collect funds from
their members for the support of the Labor Party
and succeeded in passing his own amendment'to the
bill which practically kills it by a 2 to 1 majority."
Continuing, the correspondent declared that "Baldwin's position was extremely embarrassing, as the
1253
bill stood in the name of F. A. MacQuiston, who is
one of the staunchest Conservatives, and it had the
support of a large number of other members of the
Premier's party. In moving the bill, MacQuiston
said he much preferred the Laborites to the Liberals,
because there was no question as to where the former
stood. He said the political levy had wrecked the
Liberal Party, and contended that a large number of
trade unionists, who normally voted for the Conservatives, were compelled to make a yearly contribution to the Labor political funds. He foresaw the
downfall of the Conservative Party unless the political levy is discontinued." He also observed that
"the passing of Baldwin's amendment, which approves the principle of liberty embodied in the MacQuiston bill but declares that a measure of such farreaching importance should not be introduced by a
private member, kills the political levy measures for
some time." According to a dispatch to the New
York "Evening Post" from its London correspondent, "the bill was rejected by the House 325 to 153."
The same correspondent reported that at the session
of the House that day (March 6), "all the Laborites
who walked out of the House in protest against the
suspension of David Kirkwood were back in their
seats with the exception of a few Scottish members
from the Clydesite."
In a London Associated Press dispatch the next
day it was aeclared that "everybody was talking today about Premier Baldwin's remarkable speech in
the House of Commons yesterday, when he made an
earnest appeal for industrial peace and declined to
use his big Parliamentary majority to free Conservative and Liberal trade unionists from the requirement, under the Trade Union Act of 1913, of contributing to a fund used for the support of the Labor
Party." It was added that "although the Premier's
attitude disgruntled a few of his own followers and
was dubbed by some of his opponents as a piece of
opportunist strategy, the speech made a big impression upon the House, particularly the Laborites, and
was the subject of animated praise in the lobbies."
King George of England has improved "rapidly,"
according to London cable dispatches. On March 10
it was stated htat "the court physicians hope the
improvement in the weather will enable the royal patient to get out a little before he starts on his trip to
the Mediterranean." Premier Mussolini of Italy,
who had been sick with influenza, has had a rather
slow recovery. He was expected to convene the
Chamber of Deputies on March 10, but was not present, because of "the rainy weather." The session was
opened by Signor Henderzoni, Minister of the Interior. It was stated in a special wireless message to
the New York "Times" the same day that "his failure
to attend sittings of the Chamber is explained by the
fact that doctors advised him not to leave the house
while the cold wave now sweeping over Italy continues unabated. It is stated he certainly will resume his full normal duties before the end of this
week."
An outstanding feature of the British trade statement for February was a decrease of £18,767,000 in
imports in comparison with January of this year. Excess of imports was brought down £19,612,000. In
comparison with last December, there was a decrease
in the latter item of £23,289,000. The following are
the figures for February compared with the corresponding month of 1924:
1254
Imports
Exports, British goods
Re-exports, foreign goods
Tota 'exports
Excessimports
THE CHRONICLE
1925—February-1924. £110.140.000 L96.708.489
60,330,000 67,974,189
13.850,000 13.230,764
£83,180,000 £81,205,675
£ 26.960,000 £15,499,814
[-vox,. 119.
paring with 5,541,488,243 francs at the corresponding date last year and with 5,535,962,406 francs
the year previous; of these amounts 1,864,320,907
francs were held abroad in both 1925 and 1924, and
1,864,344,927 francs in 1923. During the week,
silver gained 537,000 francs, advances were augmented by 104,607,000 francs and Treasury deposits
rose 2,383,000 francs. On the other hand, bills
discounted fell off 408,182,000 francs, while Treasury deposits were reduced 238,806,000 francs. Comparisons of the various items in this week's return
with the statement of last week and corresponding
dates in both 1924 and 1925 are as follows:
Aside from an advance of/
1
2of 1%, to 6%,in the
discount rate of the Bank of Italy, official discount
rates at leading European centres have not been
changed from 9% in Berlin; 7% in Paris and Denmark;61/
2% in Norway; 5/
1
2% in Belgium and Sweden;
in London and Madrid and 4% in Holland
and Switzerland. In London open market discounts
ruled steady and finished at 4 7-16@4/
1
2% for both
BANK OF FRANCE'S COMPARATIVE STATEMENT.
short bills and three months' bills, the same as last
Changes
Status as of
week. Call money, however, was firmer for a time
for Week.
Mar.121925. Mar.131924. Mar.15 1923.
Gold Holdings—
Francs.
Francs.
Francs.
Francs.
and reached 3/
1
2%,but closed at 31/
8%,against 314% In France
Inc.
24,650 3.681.554.543 3.677,167,335 3,671,617,478
. No change
1,864.320.907 1,864.320.907 1,864,344.927
a week ago. In Paris the open market discount rate Abroad
Total
Inc.
24,650 5,545,875,450 5,541.488,243 5,535,962.406
continues to be quoted at 61/
8% and in Switzerland Silver
Inc.
537,000
290,948,558
306,472,000
297.694,431
Bills discounted_ _Dec.408,182,000 6.059.105.000 4.499,765,457 3.463.444,661
at 21/
8%, without change.
The Bank of England lost gold this week to the
amount of £2,370, although as note circulation decreased £627,000, there was an increase in reserve of
£624,000. Moreover, the proportion of reserve to
liabilities advanced to 19.40% from 18.25% last week
and compares with 1814% a year ago and 19%% in
1923. Sharp changes continued to be noted in deposits; public deposits expanded £3,862,000, while
"other" deposits declined £8,645,000. Loans on Government securities fell off £3,510,000 and loans on
other securities £1,889,000. The bank's gold holdings aggregate £128,609,472, as against £128,098,237
in 1924 and £127,508,777 a year earlier. Reserve
stands at £24,156,000, in comparison with £22,803,527
one year ago and £24,262,802 two years ago. Note
circulation amounts to £124,200,000, against £125,041,710 in 1924 and £122,995,975 the year before that,
while loans stand at £78,158,000, as contrasted with
£72,157,996 in the corresponding week of last year
and £70,649,980 in 1923. Clearings through the London banks for the week totaled £826,050,000, which
compares with £743,059,000 a year ago. No further
change has been made in the bank's minimum discount rate from 5%,the figure established last week.
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.
1924.
1925.
1923.
1922.
1921.
March 11. March 12. Mar. 14. March 15. March 16.
124,200,000 125,041,710 122,995,975 121.758,195 128,106,095
Circulation
13.686,000 19,270,772 15,623,156 18,938,311 18,910,444
Public deposits
110,461,000 105,597,418 109,495,119 115,612,833 107,259,095
Other deposits
Governm't securities 40,096,000 48,182,455 48,451,700 47,134,317 23,523,863
78,158,000 72,157,996 70,649,980 80.133.363 102,076,713
Other securities
Reserve notes ac coin 24,156,000 22,806,527 24,262,802 25,467,246 18,669,404
Coin and bullton_128,609,102 128.098,237 127,508,777 128,775,441 128,325,499
Proportion of reserve
1854%
to liabilities
1834%
1834%
19.40%
%
4%
3%
7%
Bank rate
434%
5%
According to the weekly statement of the Bank of
France, note circulation the present week took a
favorable turn, a contraction of 15,970,000 francs
being recorded. The total outstanding is thus
brought down to 40,870,677,000 francs, but contrasts with 39,265,944,000 francs at this time last
year and with 37,555,474,510 francs the year before.
In 1914, just prior to the outbreak of war, the
amount was only 6,683,184,785 francs. A gain of
24,650 francs was registered in the gold item for
the week. The Bailk's aggregate gold holdings
therefore, now stand at 5,545,875,450 francs, corn-
Advances
Inc. 104,607,000 3,102.795,000 2.481.345,539 2,112.075.651
Note circulation_ Dec. 15,970,000 40,870,677,000 39,265,944.000 37,555,474,510
Treasury deposits_Inc. 2,383,000
12.442,000
38,246.681
17,050,826
General deposits_ _Dec. 238,806,000 1,866,283,000 2,405,796,640 2,007,040,995
The weekly statement of the Imperial Bank of
Germany, issued as of March 7, indicated some degree of recovery from the recent severe strain of meeting month-end disbursements. There was a cut in
note circulation of 70,627,000 marks, although other
maturing obligations, which had shown a declining
tendency of late, increased 7,654,000 marks. As
against this, however, other liabilities fell 300,095,000 marks and loans from the Rentenbank decreased
21,514,000 marks. On the assets side, holdings of
bills of exchange and checks decreased 104,065,000.
marks and advances 81,904,000 marks. Among the
principal increases were 61,801,000 marks in deposits
abroad, 25,964,000 marks in reserve in foreign currencies, and 7,257,000 marks in notes on other banks.
Silver and other coins increased 519,000 marks and
gold and bullion 77,892,000 marks. Investments recorded a small decline-63,000 marks, but "other
assets" fell off 310,182,000 marks. The stock of gold
now totals 985,169,000 marks, as against 464,803,000
marks last year and 1,004,832,000 marks in 1923.
Note circulation outstanding aggregate 2,035,546,000
marks. The above figures are expressed in gold
marks, each gold mark being the equivalent of a trillion paper marks.
Probably the most noteworthy feature of the
weekly statements of the Federal Reserve banks,
issued at the close of business on Thursday, was a
gain in gold holdings, both for the System and at
New York, in contrast with losses in holdings of the
precious metal in the two preceding weeks. There
was, however, a further expansion in rediscounts.
The combined report indicated an increase in gold
of $14,000,000, while rediscounting of all classes of
paper gained more than $9,500,000, bringing the total
of bills discounted to $410,422,000. Holdings of
bills bought in the open market fell off $2,200,000.
Earning assets expanded $13,000,000 and deposits
$18,000,000. There was an increase in member bank
reserve accounts of $36,000,000, while Federal Reserve notes in actual cirvlation increased $3,000,000. The report of the local institution revealed a
gain in gold of $12,000,000. Rediscounts of Government secured paper increased $9,000,000 and "other"
bills $2,900,000, so that total bills discounted expanded $11,900,000. Open market purchases were
MAR. 141925.]
THE CHRONICLE
$7,700,000 larger. A gain of $17,100,000 was shown
in earning assets and of $30,300,000 in deposits.
Member bank reserve accounts mounted $31,400,000,
but the amount of Federal Reserve notes in actual
circulation remained without important alteration.
As the increase in gold holdings was offset by larger
deposits, reserve ratios were lowered slightly. For
the System a loss of .1% was shown, to 75.5%.
At New York the ratio declined 0.6%, to
71.0%.
1255
no more than holding its own. A substantial decrease in the commercial loans of the New York
banks was reported this week. France would like to
make a loan in the United States, and negotiations
are said to be under way for loans by several other
European Powers. The Federal Government was a
factor in the local money market, because of the first
installment of income taxes for 1924 falling due next
Monday, the refunding operations on the same date
and the recent offering of two series of short-term
securities, subscriptions for which dosed at the end
of business on March 10. The subscriptions altogether totaled $747,556,400. Next Monday, Mardi
16, the Government will withdraw $24,224,000 froe:
local institutions.
Last Saturday's statement of New York Clearing
House banks and trust companies was conspicuous
chiefly by reason of a decline in surplus of over $84,000,000, which not only wiped out all excess reserves
but left a deficit in reserve of more than $35,000,000.
This was attributed partly to the withdrawal of
Referring to money rates in detail, loans on call
funds by interior banks and partly to heavy corpocovered
a range of 33/2@5% during the week, which
rate financing operations. Loans fell $17,249,000.
compares
with 332@432% a week ago. On Monday
Demand deposits were reduced $34,193,000, to
a
high
point
of 5% was reached, although renewals
44,510,244,000. This total is exclusive of Governwere
negotiated
at
and this was also the low.
ment deposits amounting to $14,448,000. Time deTuesday
a
-On
flat
rate
of
43/2% prevailed and all
posits fell to $577,149,000, a decline of $5,871,000 for
loans
were
put
through
at
this figure. Call funds
the week. Cash in own vaults of members of the
on
Wednesday; the high
again
renewed
at
43/2%
Federal Reserve Bank increased $1,862,000, to $49,low
4%.
Thursday the range
was
43'%
and
the
717,000, which, however, is not counted as reserve.
the
basis for renewals.
was
still
4@4%,
with
43/2%
Reserves in own vaults of State banks and trust
Increased
ease
developed
on
Friday,
when there was
companies were reduced $241,000, but the reserve of
a
decline
to
to
be
the high, the
4%,
which
proved
these institutions kept in other depositories inlow
and
the
ruling
rate
for
the
day.
For
fixed date
creased $629,000. Member banks drew heavily on
maturities
the
tone
of
the
market
was
firm
and the
their reserves with the Federal Reserve Bank, and
longer
periods
were
marked
up
X%.
Four,
five
this item declined no less than $89,418,000. The reand
six
months'
money
in
the
latter
part
of
the
week
sult was that, notwithstanding shrinkage in deposits,
ruled at 431@43/2%, against 431%; ninety days is
surplus was lowered $84,329,020, eliminating last
now 4@434%, against 4%; sixty days remains at
week's excess reserve of $48,704,250, and leaving a
4%, unchanged. Trading was dull and no large
deficit of $35,624,770. As this showing was regarded
transactions noted in any maturity.
as representing a purely temporary situation, it atMercantile paper rates showed corresponding
tracted very little attention. The figures here given
firmness and four to six months' names of choice
for surplus are on the basis of legal reserves of 13%
character advanced to 4%, against 33
4%, with
for member banks of the Federal Reserve System.
names less well known now requiring 43
/
1%, against
but do not include cash in own vault amounting to
4% last week. Trading was fairly active, with a
$49,717,000 held by these member banks on Saturday
brisk inquiry reported for the best names; dealings
last.
were more diversified than has been the case lately.
Banks' and bankers' acceptances were less active,
Following the decrease in the surplus reserve of
as
a result of the tightness in the call market. Offerthe Clearing House member banks, of $84,329,020,
ings, moreover, showed a falling off. City and
which resulted in a deficit of $35,624,770, and broinstitutions figured in the dealings, but the
kers' loans estimated at $2,100,000,000, it was not county
week's
aggregate
turnover attained only moderate
strange that loans should have been called to the exproportions.
The
undertone was steady, with quotent of from $30,000,000 to $40,000,000, as reported,
tations
unchanged.
For call loans against bankers
and that call money in the local market should have
acceptances
the
rate of the American Acposted
risen to 5%. Naturally, these reports and developceptance
33/2%, as compared with
Council
is
now
ments caused selling of stocks. This should have
Council makes
3%
a
week
Acceptance
ago.
The
helped to some extent to readjust the loan situation.
bankers'
acceptances
the
discount
rate
prime
on
That the money was not in an acute state was clearly
Reserve
banks
Federal
eligible
for
purchase
by
the
shown by the fact that after being quoted at 5% on
VA%
running
30
days,
bid
and
for
bills
338%
asked
Monday call money in this market ruled at 4/
1
2% on
3%7
0
running
60
and
'bid
bills
and
33.%
asked
for
Tuesday and dropped to 4% before the close on Wed90
running
days,
for
bills
33/2%
bid
asked
and
3%%
nesday. It ruled at the latter rate yester120 days and 33
4% bid and 3%% asked for bills
day. The estimate that brokers' loans had reached
running
150
and
180 days. Open market quotations
$2,100,000,000 meant that they were $100,000,000
follow:
more than the previous high record of February of
SPOT DELIVERY.
30 Days
90 Days.
60 Days.
last year. Ordinarily such a large amount would
eligible bills
3%(OM
334333
3H35i
FOR DELIVERY WITHIN THIRTY DAYS.
be regarded as extremely large, and as foreshadowEligible member banks
33C al
ing an extensive calling of demand loans, which in Eligible non-member banks
834 bid
turn would force heavy selling of stocks. As already
noted, there was considerable selling this week up to
There have been no changes this week in Federal
the early afternoon of Wednesday, when a sharp re- Reserve Bank rates. The following is the schedule
covery set in following several important railroad of rates now in effect for the various classes of paper
announcements. General business in this country is at the different Reserve banks:
r2 me
1256
THE CHRONICLE
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECI
MARCH 13 1925.
Paper Maurine—
After 90 After
sus
Days.but
Within Wfthffi
Months Manta.
Within 90 Days.
FEDERAL RESERVE
BANK.
Cont'rciat Secured
Agrtel & by U.S. Banker.' Trade Arleta.. Aoricilt
Livestock Ckvern't Accep- Accepand
and
Payer
Oblioa- tances. tances. Livestock Livestock
n.e.s.
Payer, Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
354
£134
334
334
4
4
4
4
4
4
334
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
4
4
4
4
4
4
4
334
334
334
334
334
4
4
4
4
4
4
4
334
334
33‘
334
334
4
4
4
4
4
4
4
334
•Including bankers' acceptances drawn for an agricultural purpose and seen
by warehouse receipts.
[Von. 120.
quiet trading; the low was 4 76%, while cable transfers ranged between 4 76% and 4 77 5 16 and sixty
days at 4 73%@4 74 9-16. Wednesday, despite
irregular movements, prices were firmly held and
demand covered a range of 4 76 15-16@4 77 3-16,
cable transfers 4 77 3-16@4 77 7-16 and sixty days
4 74 7-16@4 74 11-16; the volume of business was
small. A sharp upward turn took place on Thursday, when good buying induced an advance to 4 773I
@4 781
4 for demand, to 4 7732@4 783/ for cable
transfers an o 4 74%@4 753
4 for sixty days: On
Frid , i pite of some profit taking, there was a
vance and demand was quoted at 4 783.1
cable transfers at 4 783/2@4 793 and sixty
at 4 75%@4 763/
2. Closing quotations were
5% for sixty days, 4 783' for demand and 4 783/2
or cable transfers. Commercial sight bills finished
at 4 783', sixty days at 4 74, ninety days at 4 733/2,
documents for payment (sixty days) at 4 743.1 and
seven-day grain bills at 4 77%. Cotton and grain
for payment closed at 4 783/
8.
No gold engagements were reported, either for
export or import. A report that attracted some
attention was to the effect that the Federal Reserve
Bank was about to begin shipment of gold coin to
the German Reichsbank from an accumulation of
the precious metal made by the Reichsbank some
months ago. These shipments are expected to
aggregate about $41,000,000 and will be spread over
a number of weeks. One consignment of $2,500,000
is said to have already been made. Reichsbank
officials explained that these were not purchases of
new gold, but simply represented portions of its
own gold fund that had been deposited with the
Reserve Bank some time ago.
Sterling exchange moved listlessly during
greater part of the week, and little or none of the
predicted broadening in activity made its appearance until Thursday, when, under the impetus of a
fresh wave of buying, prices for demand bills shot
up to 4 78,an advance of almost 3 cents on the pound
for the week and only 23/i cents under the year's
high level. Dealers who had manifested disappointment over the market's failure to maintain the
strength and activity that greeted last week's rise
in the Bank of England rate began once more to
take courage, and talk was again heard of another
important upward movement in sterling. Much of
the buying was local and emanated from some of
the largest and most reputable financial concerns,
a factor which encouraged speculative purchases on
a not inconsiderable scale. Prior to the buying
movement the whole market was sluggish in character
and the volume of business unusually small. Rate
fluctuations during the first half of the week veered
In Continental exchange attention continues to be
between 4 763/i and 4 77 3-16. In the final dealings divided between francs and lire, both of which moved
demand bills touched 4 793i, the highest point somewhat erractically and sustained further losses
for the week. It was reported that very little under selling pressure. Francs were again on offer,
inclination was shown to use short term funds in with few takers even at the sharpest concessions, and
London in buying exchange without at the same prices see-sawed back and forth with the general
time covering the transactions by the sale of sterling trend downward, until yesterday, when a partial
futures, with the result that the stiffening in money rally started in sympathy with the rise in sterling.
rates abroad had very little real effect, since such At the opening francs sold at 5.213/
2; later there
exchange trade practically offset each other. Still was a
to 5.09k, a recovery to 5.1431, ananother explanation proffered for the early selling other slump back to 5.11, and then an advance
pressure on sterling was that French and Italian to 5.153/2. There is practically nothing new to
interests were liquidating sterling holdings in large report on the underlying situation in francs, which
amounts to arrange for the payment of imports of continues to be regarded with distinct disfavor by
grain.
bankers and traders alike. Little or no improvement
Reports that the Bank of England is about to is reported in France's financial status, and political
arrange a credit of between $250,000,000 and $500,- affairs are still unsettled. Reports that the French
000,000 with United States bankers exicted interest. Government had replied formally to Great Britain's
What was regarded as a strengthening influence was last note on the debt question were well received, but
the recent publication of British trade figures indi- traders seem determined to leave francs severely alone
cating a decline in Britain's imports, while exports until something definite in the way of a permanent
increased. According to some authorities, this will financial settlement has been achieved. Notwithdo more than any other one factor to hasten the standing recent claims that France is making good
progress toward recovery, the immediate outlook is
restoration of a gold parity.
Referring to the day-to-day rates, sterling ex- causing some uneasiness in exchange circles. Italian
change on Saturday last was easier and demand bills lire, which last week slumped to 3.98, ruled most of
sold off to 4 763@4 76%,cable transfers to 4 763'@ the time at close to 4.10, though closing under this
4 76% and sixty day bills to 4 73%@4 7438; trading figure. This was attributed to an official announcewas quiet. On Monday the market was steady, but ment made public early in the week to the effect
inactive, and rates were practically unchanged at that a decree had been issued in Rome limiting
4 76 5 16@4 76% for demand, 4 76 9 16@4 76%3 dealings in exchange, and thereby placing a check
for cable transfers and 4 73 13 16@4 743/i for sixty upon speculative manipulation. Latpr on, reports
days. Light offerings and firmer London cable that Italian Finance Minister Stefani intended to
rates sent demand on Tuesday up tO 4 77 116 on revaluate lire, with a view to restoration to a gold
ecline
MAR. 14 1925.1
THE CHRONICLE
basis, had a stimulating effect. Subsequent cables
claimed that nothing more than a control of dealings
in lire was contemplated at this time by Finance Minister Stefani, but failed to counteract the good effect
of earlier rumors. The belief is quite generally entertained that Italy's internal finances are intrinsically
sound and steadily improving, and thereby in sharp
contrast with financial affairs in France. Reports on
the seriousness of Premier Mussolini's illness exercised a somewhat unsettling effect, since it is clearly
realized that any change in political leadership would
tend to disturb values. German and Austrian exchange continue stationary and without trading activity. Belgian currency was influenced to some extent
by the changes in Paris exchange, but the range was
confined to about 4 points. Of the minor European
currencies, the only change of any importance was
in Greek drachmae, which broke to 1.48, about 5
points off, on anxiety regarding the dispute between
Greece and Turkey. Had it not been for this incident
successful flotation of the recent Greek loan would
undoubtedly have made for a rise.
The London check rate on Paris finished at 93.00,
against 92.85 last week. In New York, sight bills on
the French centre closed at 5.143/
2,against 5.18; cable
transfers at 5.153/2, against 5.19; commercial sight
bills at 5.133/2, against 5.17, and commercial sixty
days at 5.083, against 5.113
% a week earlier. Antwerp francs finished at 5.05 for checks and at 5.06 for
cable transfers. This compares with 5.06 and 5.07
the week before. Final quotations on German marks
were 23.81 for both checks and cable transfers, the
same as a week ago. Austrian kronen have not been
changed from 0.00143/
8. Lire closed the week at
4.06 for bankers'sight bills and at 4.07 for cable transfers, in comparison with 4.073
% the pre% and 4.083
ceeding week. Exchange on Czechoslovakia finished at 2.973/
8, against 2.97; on Bucharest at 0.493i,
against 0.49%; on Poland at 193 (unchanged), and
on Finland at 2.53 (unchanged). Greek drachmae
closed at 1.49W1 for checks and at 1.49% for cable
transfers, as contrasted with 1.52% and 1.533 last
week.
The former neutral exchanges were in neglect and
price changes were narrow, relatively speaking, and
lacking in significance. Guilders ruled at close to
the levels current a week ago, but closed at a net
advance. Swiss francs were quiet and strong, advancing to 19.283/2, while Danish and Norwegian
exchange was strong and a trifle higher. Spanish
pesetas ruled steady at close to last week's levels.
Danish kronen were favorably affected by talk of a
new loan.
Bankers' sight bills on Amsterdam closed at 39.98,
2; cable transfers at 40.02, against
against 39.893/
39.9332; commercial sight at 39.92, against 39.833/2,
and commercial sixty days at 39.56, against 39.473/
last week. Swiss francs finished at 19.283/ for
bankers' sight bills and at 19.293/ for cable transfers,
2 and 19.243/i a week ago.
in comparison with 19.233/
Copenhagen checks closed at 18.003/ and cable trans2, against 17.87 and 17.91. Checks
fers at 18.043/
finished
at 26.92 and cable transfers at
Sweden
on
26.96 (unchanged), while checks on Norway closed
at 15.29 and cable transfers at 15.33, against 15.22
and 15.26 the preceding week. Spanish pesetas
2 for
finished at 14.193/2 for checks and at 14.213/
cable transfers. This compares with 14.18 and
14.02 last week.
1257
With regard to South American exchange, the situation remains without important change. Price
variations were narrow and the volume of trading
small. Check rates on Argentina closed at 39.63
and cable transfers at 39.68, against 39.64 and 39.69,
while Brazilian exchange finished at 11.14 for checks
and at 11.19 for cable transfers, unchanged from
the week previous. Chilean exchange was steady
and finished higher at 11.07, against 10.86, but
Peru was easier, closing at 4 19, against 4 23 a
week ago.
The Far Eastern exchanges were generally stable,
with the exception of the Chinese currencies, which
declined on the lower price of silver. The close for
Hong Kong was 543/2@,543 against 55@553i;Shanghai, 73%(4)7432, against 743'pg753'1; Yokohama,
413/
s@41%, against 40%@)41; Manila, 49%@50
(unchanged); Singapore, 56(4)563.(, against 55%®
563/
8; Bombay, 363i@363/2, against 36(4)36/, and
Calcutta, 363/2@369, against 36/©36%.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 7 1925 TO MARCH 13 1925, INCLUSIVE.
Noon Buying Bate for Cable Transfers in New York.
Value in United States Money.
litintrif and Monsiaryl
Unit.
March7. March 9.
EUROPE$
Weida, krone
.000014
Belgium, franc
.0507
Bulgaria. 1ei,
007325
asechosiovakia, kron• .029679
Denmark. krone
.
gugiand, pound sterling
4 7652
Finland, markka
.025211
France. franc
0519
3ermany.relchsmark• .2380
3reece. drachma
.015252
Rolland, guilder
3993
Rungary, krone
000014
Italy. Bra
.0409
Norway. krone
.1524
Poland,zloty
.1919
Portugal, escudo
.0493
Rumania,len
004962
ipain, peseta
.1419
06eden, krona
.2695
iwitzerland. franc__ _ .1924
Vugoidavla, dinar.016(148
ASIAThina-•
•
Cheefoo, teal
7613
flankow,tact
.7556
Shanghai, teal
.7377
Tientsin, tadl
7713
Hong Kong, dollar_ .5464
Mexican, dollar_ _._ .5381
Tientsin or Peiyang,
dollar
.5413
Yuan, dollar
.5521
[culla, rupee
3566
[spun, yen
4016
itngapore(S.S.).do
.5504
NORTH AMER
:lana4a. dollar.
.998456
3ubli, peso
.999922
Wealeo, peso
496833
4ewfuundland. dolls .995859
SOUTH AMER.
trgentina, peso (gold) .8996
irasil, m[Geis_ ..
.
... .1104
Mille. peso (paper)_._ 1086
11111:may naar.
0.117
$
.000014
.0504
.007333
.029683
.1790
4.7666
.025239
.0514
.2380
.015217
.3994
.000014
.0410
.1525
.1918
.0491
.004959
.1419
.2695
.1924
.016072
arch10.Marchll.
arch 12 March 13.
9
$
$
S
.000014 .000014 .000014 .14076
.0504
.0504
.0504
.0506
.007325 .007343 .007357 .007321
.029682 .029688 .029677 .029694
.1790
.1793
.1801
.1804
4.7679
.025217
.0514
.2380
.014882
.3993
.000014
.0409
.1526
.1918
.0491
.004058
.1418
.2695
.1924
.016093
4.7716
.025234
.0513
.2380
.015077
.3994
.000014
.0410
.1529
.1918
.0492
.004944
.1418
.2695
.1925
.016077
4.7802
.025215
.0512
.2380
.014938
.3995
.000014
.0407
.1532
.1918
.0495
.004993
.1418
.2695
.1926 '
.016061
4.7886
.025227
.0516
.23/30
.014948
.3997
.000014
.0407
.1533
.1918
.0495
.004909
.1421
.2696
.1929
.016066
.7638
.7566
.7389
.7763
.5468
.5385
7550
.7497
.7338
.7660
.5440
.5365
.7521
.7478
7320
.7613
.5436
.5356
.7496
.7447
.7288
.7596
.5416
.5335
7525
.7472
.7309
.7617
.5427
.5345
.5417
.5517
.3567
.4020
.5504
.5392
.5492
.3562
.4031
.5467
.5363
.5471
.3565
.4065
.5513
.5350
.5455
.3565
4072
.5504
.5363
.5463 a
.3576 g
.4095
.5513
.998603
.999750
.496667
.996094
.998824
.999688
.497167
.996406
.998483 .998529 .998566
1.000250 1.000031 1.000031
.497250 .497333 .496833
.996125 .995990 .916042
.8396
1108
.1088
.8995
.1108
.1097
.8986
.1109
.1103
8982
.1106
.1105
.8996
.1109
.1103
OARS
fld kil
OAR,
Odell
ORM
• 1 schilling Is equivalent to 10,000 paper crowns.
The New York Clearing House banks, in their
operations with interior banking institutions, have
gained $4,178,487 net in cash as a result of the currency movements for the week ended Mar. 12.
Their receipts from the interior have aggregated
0,579,487, while the shipments have reached $1,401,000, as per the following table:
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
Week Ending March 12.
Banks interior movement
Into
Banks.
Out of
Banks.
1
$5,579,487
Gain or Loss
to Banks.
$1.401,000 Gain $4,178.487
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
THE CHRONICLE
1258
possible to show the effect of Government operations on the Clearing House institutions. The Federal Reserve Bank of New York was creditor at the
Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday, Tuesday, Wedneedy Thursday, Friday.
March 7. March 9. March 10. March 11 March 12. March 13.
Aggregate
for Week.
$
$
$
$
$
$
$
76.000.000 86,000.000 71.000.000 79,000,000 91,000,000 90,000.000 Cr• 433,000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the Items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
March 14 1924.
March 12 1925.
Banks o
Gold.
England __
France a__
Germany
Aus.-Hun_
Spain.
.
._
Italy
Nethland
Nat. Belg_
Switeland
Sweden__ _
Denmark _
Norway __
Sdver.
Total.
I
Gold.
Silver.
Total.
£
£
I
£
£
128,098,237
128,609.102128,098,237
128,609.102
147,262.182 12,240,000 159,502.182 147,085.733 11,880,000 158,965,733
35,803,401
d994.600, 36.798,000 23,243,250 3,475,040 26,718,290
b2,000,000
b
I b2,000,000 62.000.000
b2.000,000
101,440,000 26.370.000 127.810,000101.124.000 26,359,000 127,483.000
35.584,000 3.386,000 38.950.000, 35.130.000 3,411,000 38.541.000
860.000 49,336,000
42.040.000 1.717,000 43.757,000 48.476.000
10,891,001 2.990,000 13,881,000, 10.819.000 2,843,000 13,662,000
19.219,000 3,587,000 22.808.000, 21,451,000 3,697,000 25,148,000
15,082,000
13,004,000 15,082,000
13,004.00
609.000 12,252.000
919.000 12.556,000; 11.643.000
11,637,00
8,182.000
8.180,0001 8.182.000
8,180.00
Total week 555,669.1184 52.183.600607.853,284552.334.220 63,134.040805,468,260
Prey. week 555,560.51 52.185.600607,746,118557,377,225 53.044.400610.421.625
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 £13,455,050 held abroad. d As of Oct. 7 1924.
French Security and European Peace.
Reports from Geneva that the League of Nations
protocol "for disarmament and security" will not
be put into effect are in accord with what most observers have predicted. The British Government was
cold to the protocol from the first, the Dominions
have made it clear that they will have none of it,
and Mr. Chamberlain told the Council of the League
on Thursday that the plan was not acceptable.
Japan, it appears, is disposed to follow the British
lead. France alone still champions it formally as
the hope of a much-sought security against Germany,
but there is little reason to believe that French support will revive what British opposition has apparently killed. Undoubtedly the frank declarations of
Mr. Coolidge and Secretary Hughes have contributed
to the result. For the general outcome thus far
there will be, we think, general approval. The protodtd bristled with possibilities of international difficulty, and an agreement which raises more questions than it answers is not the way of peace or
good-will.
Unhappily for Europe, however, the question of
security for France still remains for settlement. It
is in the highest degree unfortunate that a great
Power like France should be in the position of demanding, and apparently requiring, guaranties from
other Powers for its national safety, and the more
so because, for the position in which it finds itself,
France is mit blameless. As long as the French
people think'as they do about Germany, however, the
demand for security against possible attack from
beyond the Rhine will continue to be made, and the
sooner some understanding that will be acceptable
to France is arrived at, the brighter will be the prospect of continued peace on the Continent.
The problem of security is a complicated one.
Historically the question traces back -to the conditions which the peace treaties imposed upon Germany and Austria-Hungary. The loss of the German
FoL. 120.
colonies, with their natural outlet for a rapidly
growing population at home; the segregation of the
rich valley of the Saar, nominally with a view to a
plebiscite but actually under conditions which favored French domination; the Allied occupation of
the Rhine border, followed by a French and Belgian
occupation of the Ruhr which has not yet terminated; the destruction, intended to be permanent, of
German military and naval power, and the appropriation by the Allies of a considerable portion of the
German merchant marine; the imposition of a colossal burden of reparations, and the establishment
within Germany, at German expense, of numerous
commissions of inquiry, constituted a volume of subjection and obligation for which the history of nations affords no parallel, even though it be granted
that Germany did not deserve any better treatment.
In addition, the resumption of formal diplomatic
relations between France and Germany has not been
accompanied by an abandonment, either by the
French Government or the French press, of a policy
of irritation. The result is incidents of apparently
slight importance are construed as deliberate violations of treaty obligations and are magnified for
political or popular effect.
If conditions in the west have been fruitful of friction, those in eastern Europe have been hardly less
disturbing. Austria, stripped of its former Slav
provinces, has a predominantly German population,
but the peace treaties forbid it to unite with Germany whether or not its people so desire. A large
part of the German province of Silesia was lopped
off, eventually going to Poland under the plebiscite,
and the fantastic Danzig corridor, one of the monstrosities of political geography, divides Prussian
territory in the northeast. Russia was extremely important as an ally in the early part of the war, but
the overthrow of the Tsar's Government and the establishment of a Soviet regime gave an opportunity
to the peace conference to deprive Russia of Bessarabia for the benefit of Rumania. In place of the
Austro-Hungarian federation and its neighboring
Russian possessions, half a dozen and more States
have been set up, each with its own political ambitions and rivalries, but for the most part all agreed
in perpetuating hostility to Germany and Austria.
It is this latter situation, a political tinder box as
far as European peace is concerned, that France
has been quick to turn to its own political advantage,
and a network of alliances and agreements, backed
by substantial loans from the French Treasury for
military purposes and by the services of able French
officers and administrators, has made France the
dominant political patron of a group of States which
are counted upon to resist any effort for the recovery
of German political influence in southeastern Europe.
These are some of the facts that need to be recalled when the question of security for France is
considered. It is not merely by accident of war that
France finds itself confronted with a Germany whose
progress in recovery causes it alarm. It is the po
litical and economic conditions which the peace
treaties imposed upon Germany—conditions which
France had a large part in framing, but for which
all the principal Allied Powers and the United States
must bear their full weight of responsibility—that
cause disquiet and apprehension in the French mind.
To these are to be added, on the part of France, a
population only a little more than half that of Ger-
MAR. 14 1925.]
THE CHRONICLE
1259
many, with an almost imperceptible annual increase, and maintain peace and good-will nothing but cora,
an economic life not yet adjusted to the large scale mendation is to be given.
production in which Germany formerly excelled, a
mountain of debt due to war losses and the failure Lessons from the Sensation over an Entombed
Cave-Hunter.
to receive anticipated reparations, and a depreciated
The
case
of
Floyd
Collins, cave-hunter, imprisoned
currency
precarious
requiring
artificial
support.
and
It is not a one-sided situation, and blame is to be for more than two weeks in a narrow passage leading
tempered with regret, but there is no wonder that to a new cave he had discovered, became by virtue of
France, reflecting upon the way in which the war the Press a countrywide sensation. The heroism of
was won,should fear lest the peace may bring defeat, the attempts at rescue, the final reaching of the body,
and should cast anxiously about for aid in prevent- through a shaft sunk by volunteer workers, only to
find it cold in death; the fantastic military proceeding so calamitous a result.
Whether the security which France desires shall ings upon the part of State officials at the mouth of
take the form of a three-Power, a four-Power, or a the cave; the investigation carried on in a nearby
five-Power compact is, of course, a matter in which town, and the echoing cries of news-venders throughthe United States is not directly concerned. It is for out the land, stamp the incident as "unique in the
Europe to adjust its own difficulties in the way best annals" of human sympathy. It is said of the man
suited to its needs. It may be pointed out, however, that he loved beauty usually to be found in the
that any security compact that puts obstacles in the mineral formations in these underground caverns as
way of the revision of the peace treaties which must other men love the beauty of flowers, trees and birds
ultimately be made, or which emphasizes humiliat- in natural regions above. Born to the hill country
ing obligations which no nation will submit to save of Kentucky, uneducated and given to a degree of
through sheer necessity, will be a failure. It will superstition, his life had been largely devoted to this
not give France the security which is demanded, and form of exploration as a passion, though it appears
it may sow the seeds of future war. A three-Power that he and his family were not without a sense of
agreement, for example, such as has been suggested the money to be made by the usual methods of exbetween Great Britain, Belgium and France, is clear- ploitation. As the long and ceaseless efforts at resly open to the objection of being only a species of cue work went on many weird stories filtered out to
armed alliance against Germany. It is gratifying to the people, but it now seems that he was accidentally
note that the Baldwin Government, which in this fastened down by falling rock in a narrow tunnel
matter of security seems to be taking a long view, is afterward obstructed by another cave-in in such a
averse to such a commitment, or to any other commit- way as to compel the sinking of a shaft to a depth
ment likely to devolve upon Great Britain the neces- of about sixty feet as the only practical means of
sity of fighting for the defense of the French fron- reaching him. This done, the dangers attending a
tier. Objections equally forcible would lie against removal of the body were found to be so great that
a security compact which recognized the hegemony it was concluded to seal up the lateral shaft with
of France in eastern Europe, or which drew into an concrete, and to fasten down the mouth of the cave
alliance against Germany the States with which forever, giving him, as one writer says, entombment
amid "the stalactites and stalagmites he loved to
France itself is allied.
The only security compact which bids fair to keep look upon."
the peace and quiet French apprehension is one to
We find some lessons in this tragic story which it
which Germany itself is in some way a party. Any seems practical to dwell upon. Scarcefly a six
other form of agreement leaves Germany an outsider, months passes that we do not read of scores, or even
and it is only within the family of the nations, with hundreds of miners "buried alive" by explosions; of
treatment as an equal, that German feelings, resent- the bravery of men who risk their lives in relief
ment and revenge, if they exist, will be curbed or measures, sometimes successful and perhaps as often
eliminated. An agreement to which Germany is a futile; and of the scientific means at hand and
party is further indicated by the implied obligations quickly employed to remove obstructions and dissiof the Dawes plan. The effectiveness of the Dawes pate gases. But few of these terrible accidents have
plan rests, in the last analysis, upon complete absti- ever been given the "publicity" attendant upon the
nence on the part of the Allies from political or other isolated instance above recited. Perhaps it is well to
interference with Germany, as well as from the im- know that persistent and flaming headlines are suffiposition of burdens beyond what the plan itself pro- cient in any incident of the kind to arouse the latent
vides. It is the essence of the Dawes plan that Ger- sympathy of a whole people, for when thousands far
many shall be allowed to recover, politically, indus- from the scene can be aroused so easily to more than
trially and commercially, since otherwise there will casual interest in the fate of a human being those
be no reparations, but there can be no recovery with- who read cannot be callous of heart and indifferent
out international co-operation, and co-operation will of mind. But the question immediately arises: Of
not exist if parties are arrayed in opposing camps. what avail is this welling sympathy if the good-will
If the Dawes plan fails, Europe will be in chaos, but of each to each is to be quickly submerged in the
its chances of failure, which now happily seem re- reading of another sensation that in itself, and for
mote, will be appreciably increased if irritating poli- itself alone, grips the heart and mind? That the
cies are persisted in, or if alliances ostensibly aimed human tragedy is also the human comedy has been
at security are formed about Germany on either side. said of old. Our well-wishing for others exists,
We have on more than one occasion expressed our largely in vain when it waits for unusual suffering,
opposition to political alliances, and our wish to see flaming sorrow or untimely death to call it forth..
every nation stand on its own feet and pursue its own No day passes without opportunity for the "one.
course, with due regard to the rights of others, but good deed" so often scorned, or told in jest. And if
to alliances in which debtors and creditors, victors there were not in fact millions of these daily good
and vanquished, unite to restore order and prosperity deeds to lubricate the grinding machinery of life
1260
T±L1 CHRONICLE
[vol. 120.
existence would become unbearable. Here we reach fortune. He does a noble part who makes a way for
a principle called reactionary when we assert that I others to earn and save. We have gone so far in our
though there may be'new ways of expression there is consideration of wages and workers as to almost
forget that employment is a favor conferred. Labor
only the old love!
It may be idle to "moralize" upon "efficiency" in is necessary to capital, but in a congested civilization
expending our love upon our kind, but if a people capital is just as necessary to labor. But, without
can find it in their hearts to follow with hope and going into this age-old controversy, neither capital
even prayer the fate of a single man lost in the cav- nor labor are necessary to that expression of gooderns of earth may we not rouse ourselves to the will found in a willingness to join hands and work
enormity of the deaths that occur needlessly in war? together for some common good. Classes disappear
Is ft not practical well-wishing that public opinion from our social and economic life when men are willform itself around the exposures men undergo in ing to help each other without regard for place or
dangerous occupations for our comforts, pleasures, power, and without waiting for the grand chance
and even vanities? Is it not wisdom to keep touch which will blazon the helper in the public eye.
It is this ingrained personal interest in every-day
upon the pulse of our own hearts that we do not dishelpfulness
that lends to character, courage and
miss our own duties by the enactment of a law which
equipoise.
The
fact that when some special cause
says "thou shalt not," and having done so, forget?
arouses
our
sympathy
to heroic effort we are eager
Does not charity properly begin at home? Are there
not now and always millions of our fellow-beings and tireless, proves that the well-spring is within us
working ceaselessly, in what are termed gainful oc- waiting to be set flowing. It may be stretching an
cupations, that loved ones may live; that children argument to say that the cultivation of the individual
may smile over the wonders of knowledge and that in this behalf ennobles the State, but is it not true?
the aged may dream in the soothing shadows that Courage to work and endure for self teaches the folly
come to all? Volatile sympathy may also be explo- of seeking alms from the State. The indigent one
sive, a flashlight that soon expires in the darkness who is content to accept the bounty of the public inof selfishness. Minds and hearts ever avid for some- stitution we are apt to scorn, demanding that only
thing new may pass by the old that cannot perish the incapacitated shall be cared for out of taxation.
while humanity lives. The "Good Samaritan" does But while a man has strength and skill and oppornot wait for the spectacular and the heroic, but in tunity in himself which he is willing to share with
the by-ways finds sorrow and suffering that are in his fellows less favored, why form classes and sections to petition the Government for laws that are
need of succor.
That fellow feeling which makes us "wondrous charities and gratuities in larger form? Emotional
kind" belongs as much to the rich as to the poor. We collectivism by its very nature must dry up the founmay build our hospitals upon every hill, but a neigh- tains of individual effort. Our communities seem to
bor's inquiry at a sick man's door has a healing we be growing indifferent and selfish, looked at as colare in danger of forgetting. Those who do their lections of persons capable of helping each other, and
deeds of helpfulness in a large way are to be regarded yet they never gave so much in benevolences as now.
with high favor and praise, there may be for them And do not parents often advocate larger and better
no other method, but the small act of some yesterday schools who scarce give a thought to the truth that
may yet warm many a to-morrow. God gave every education begins in the home? Perhaps this simple
man a heart for feeling and a mind for wisdom. Our and single life of the cave-hunter has not gone out in
magnificent charities are growing so munificently vain if it inspires reflection on the part of the
that there seems to be a reaction of selfishness setting people.
Much comment on the course of the newspapers in
in that will finally dwarf our own endeavors. In the
Book of Eternal Life the "widow's mite" balances this affair is heard everywhere. And some of it is
many a spectacular display by the "leaders" of men. adverse. But if we ascribe the best motives to those
It ought not to be that a people can only be stirred papers which made the most of the occasion, we are
to sympathy by the lurid tales of the unusual. Every bound to say that one life is so precious as to justify
day is a window that looks out on the infinity of op- the arousal of widespread public interest. On the
portunity for good and love. Every life is worthy of other hand,flaming headlines and frequent "extras"
a kind word. Every commonplace and prosaic deed seem to indicate a selfish and mercenary purpose.
is a shining gem in the mosaic of civilization. Hate, Be this as it may, duty does not stop in saving one
envy, malice,contempt, indifference, disappear in the human life. In a time of frenzied spending and
glow of friendly good-will. They wait too long who pleasure-seeking there is a manifest duty to exert
wait for all eyes to be turned upon the bed of §uch influence as belongs to news publishing in striving to save countless other lives from their own folpain!
It may be vain to believe that our statecraft is lies. The columns and "spreads" devoted to this
helped by the accumulation of these personal acts of cave-hunter's misfortune and subsequent death
human kindness. Man is what he makes himself to proves that there is an immeasurable power in the
be, not only in thought but in feeling. Giving way to press to fasten the thought of a whole people upon a
sensational paroxysms of interest in isolated catas- single life or a single condition. It is a power so
trophes to individuals, and forgetting the suffering great that responsibility follows in equal degree.
and need that walk by us every day, does not build This sensation, unique in its kind, does not by any
character that lives for constant helpfulness, how- manner of means prove that the responsibility is not
ever small its opportunities. This does not mean recognized—nor even that in the main it is not lived
feeding the indolent beggar on the street. Nor does up to with vigilance and courage. On the contrary,
it mean leading a local enterprise that will force there is a community of interest between paper and
others to give through sheer fear of public censure. people which teaches that it is our sober living and
securely
It does mean helping others to help themselves. Work not our spectacular sympathies that build
welfare.
public
is the one sure panacea for failure, poverty and mis- our
MAR. 141925.]
THE CHRONICLE
1261
Railroad Gross and Net Earnings for January
In presenting to-day our compilation and review sno-.7falls. A storm which came toward the end of
of the gross and net earnings of United States rail- the month—that is Thursday, Jan. 29, and extending
roads for the opening month of the new year the first into Friday, Jan. 30—proved particularly mischievobservation must be that the showing is satisfactory ous in New York State. The New York Central Railchiefly because of the renewed testimony it affords road reported it as the worst in its history, especially
of the increased efficiency and economy with which between Albany and Rochester, causing considerable
the roads are being operated. As a result of this, delay in the running of trains. The Twentieth Cenconsiderable improvement in net results is being tury trait from Chicago was almost 16 hours late in
registered in certain directions—more pronounced in reaching the Grand Central Terminal in New York
some groups and geographical divisions than in oth- City. It is due at 9.40 a. m., but did not arrive until
ers—and that is the encouraging and gratifying fea- 1.18 and 1.33 the following morning (
Saturday),
ture of the returns. As far, however, as the gross
coming in two sections. The area of disturbance,
revenues are concerned, only moderate increase over
however, in this way was very much circumscribed,
the same month of last year is indicated, and this
being confined largely to New York and New Engloses much of its significance when the fact is reland, while elsewhere in the northern part of the
called that comparison is with totals in 1924 (speakcountry the winter was comparatively mild, and liting of the roads as a whole), which had shown a loss
tle complaint was heard of obstruction because of
from those for January 1923. Indeed, the 1925 insnow and ice or because of extreme cold. Still, to the
crease in gross, as now disclosed, constitutes only
extent that the weather did constitute an obstacle,
partial recovery of what was lost in January 1924 in
beyond the ordinary, to railroad operations, the savthe comparison with January 1923, and it is only
ing in expenses with our compilations show was efmaking a candid statement of the facts to say that
fected the present year becomes all the more notethe gross revenue figures of the railroads, which
worthy. Last year in January mild weather condiought to be an accurate guide in that respect, aftions prevailed nearly everywhere in the United
ford very little evidence of the current revival in
States, though in 1923, on the other hand, the winter
trade, of which so much has been heard in recent
during January, and also a great part of February,
months. Perhaps the revival has not been long
was of exceptional severity, heavy snowfalls having
enough under way to make its full influence apparthen made it difficult and unusually expensive to
ent in the revenue returns of the carriers, and there
operate the railroads all through New England and
must be occasion for regret in that circumstance,
the northern part of New York,as also to some extent
since the political performances in Washington the in other parts of the country.
last few weeks suggest the possibility that the reWe have shown above that this year's gain in gross
vival may ere long be completely halted, just as was earnings did not suffice to wipe out the loss in gross
the case last year.
earnings sustained in January 1924. In the case of
The tabulations which we present at the end of the net earnings, however, the remark does not apthis article show that notwithstanding the trade re- ply. The January 1925 improvement in the net, we
vival referred to the addition to gross earnings in have seen, is $17,341,704. On the other hand, the
January 1925, as -compared with a year ago, has been loss in net in January 1924 was no more than $9,412,only $15,866,417, or 3.39%, which is certainly a small 390. The mild weather last year, as compared with
ratio of increase, all the more so as it follows a loss the
exceptionally severe weather the previous year,
in 1924, as compared with 1923, of $33,610,824, or
enabled the managers greatly to reduce expenses at
6.70%. Due, however, to greater economy of operathat time, thereby offsetting the greater part of the
tions, this increase of $15,866,417 in gross earnings
loss in gross receipts, then sustained, while the preswas attended by a reduction in expenses of $1,475,ent year in January, as has already been shown, still
287, yielding, therefore, a gain in net of $17,341,704,
greater efficiency of operation permitted a further
or over 20%. The ratio of expenses to gross earnsaving in expenses. Moreover, it is to be said, with
ings figures out only a trifle over 79% for January
reference to last year's losses in both gross and net,
1925, as against somewhat over 82% in January
that these were in comparison with extraordinarily
1924, as will be seen from the following comparison
favorable results in January 1923. In reviewing the
of the grand aggregate of the earnings and the exJanuary statement of the last mentioned year we
penses for the two years.
referred to it as the most encouraging monthly exMonth of Jan. (90 Roads)—
1925.
Inc.(+) or Dec. (—).
1924.
hibit it had been our privilege to present in a long
Mlles of road
236,149
+651 +0.28%
235,498
Gross earnings
8483,195,642 8467,329,225 +515,866,417 +3.39%
time.
Revival in trade, we noted, had added subOperating expenses
382,173.184 383,648,471
—1,475,287 —0.39%
Ratio of expenses to earnings
79.09%
82.09%
stantially to the traffic of the roads, thereby swelling
Net earnings
$101,022,458 $83,680,754 +517,341,704 +20.73%
the gross revenues, while at the same time operating
As weather conditions often play an important expenses, though showing continued augmentation,
part in affecting results in January, it seems impor- had not increased to such an extent as to absorb the
tant to note that the present year bad weather was whole of the gain in gross. As compared with the
somewhat of a drawback on certain lines here in the same month of 1922, there was then an improvement
East, though not to any great extent for the country of no less than $105,816,364 in the gross, and of $35,as a whole. There were repeated snow storms in 012,892 in the net. On the other hand, however, the
these parts in the month in 1925, and in New York very large gain in gross was merely a recovery of
City the fall of snow was the heaviest of any January what had been lost in the gross in the two preceding
in the history of the local weather bureau, reaching years, namely 1922 and 1921, though in the net the
26.2 inches. This compares with only 2.6 inches it,. 1923 improvement was additional to an improvement
Jai nary 1924, but with 21.9 inches in January 1923, in 1922, the two successive gains in net reflecting the
-this latter having also been a month of very heavy transformation effected as regards expenses with
1262
THE CHRONICLE
(Voi4
.
the relinquishment of Government control of the compilations showed $111,420,819 increase in gross
properties. The reason for the loss in gross in Janu- and $22,340,495 increase in net, but following $11,ary 1922 was, of course, that at that time the country 608,126,decrease in gross and no less than $66,436,• was still suffering intense depression in business, 574 decrease in net in January 1918. Below we furand the falling off in January 1921, which amounted nish a summary of the January comparisons for each
to $33,226,587, was due to much the same circum- year back to 1906. For 1911, for 1910 and for 1909
stance. In January 1921 the United States was in we use the totals of the Inter-State Commerce
Comthe earlier stages of that intense prostration of trade mission, which then were more comprehensive than
from which the country was still suffering at the our own, but for the preceding years
we give the rebeginning of 1922, and as a consequence there was a sults just as registered by our own
tables each yearsubstantial reduction in the gross receipts in that a portion of the railroad mileage of the
country
month, notwithstanding the much higher rate sched- being always unrepresented in the totals
in these
ules, both passenger and freight, put in force the pre- earlier years, owing to the refusal
at that time of
vious August (1920). The shrinkage in the gross in some of the roads to give
out monthly figures for
January 1921 was $33,226,587 and it was followed publication.
by a further shrinkage of $75,303,279 in January
1922, and it should be noted that the January 1923
Gross Earnings.
111ig"Earnings.
Year.
Year
gain of $105,816,364, though large, did not entirely
Year
Increase or
Year
Increase or
Year
Given.
Preceding.
Decrease.
Given.
Preceding. Decrease.
wipe out the antecedent loss. In the net, however, Jan.
$
1906 -- 128,566.968 106,741,980 +21.824,988 38.673,269 26,996,772
as already stated, the 1923 improvement followed a 1907
+11,676,497
_- 133,840,696 123,664,663 +10,176.033 36,287,044 37,096,918
-809.874
1908
_135,127,093
155.152,717
substantial improvement in the net in 1922 also. We 1909 182,970,018 173,352,799 -20,025,624 29,659,241 41,155.587 -11,496,346
+9,617,219 50,295,374 41,036,612 +9,258.762
1910
211,041,034 183,264,063 +27.776.971 57,409,657 50,491,080
have already pointed out that the gross in 1922 fell 1911
_- 215,056,017 210,808,247 +4,248,770 53.890.65957,373.968 +6,918,577
-3,483,309
1912 -- 210,704,771 213,145,078 -2,440,307 45,940,705 52,960
420 -7,019,714
off no less than $75,303,279. That reduction in gross 1913
-- 246,663,737 208,535,060 +38,128.677
+18,781,777
1914 __ 233,073,834 249,958,641 -16,884,807 64.277.16445,495,387
52,749,86965,201,441 -12,451,572
revenues was accompanied by a cut in the expenses 1915 -- 220,282,196 236,880,747 -16,598,551 51,582,992
52,473,974
-890,982
1916 .- 267,043.635 220,203,595 +46.840,040;78,899,810 51,552,397
+27.347.413
in the prodigious amount of $104,392,928, yielding, 1917
_- 307,961,074 267,115,289 +40,845.78587.748.904
1918 _- 282.394,665 294,002,791 -11,608,126 17,038,704 79,069,573 +8,679.331
-66,436.574
hence, a gain in the net of $29,089,649. On the other 1919 __ 395,552,020 284,131,201 +111,420,819 36,222.169 83.475,278
13,881,674 +22.340.495
1920
494,706,125 392,927,365 +101,778,760 85,908,709
hand, in 1921 the showing had been a poor one, both 1921
_- 469,784,502 503,011,129 -33.226,587 28,451,745 36,099,055 +49,809.654
1922 __ 393,892.529469,195,808 -75,303,279 57,421,605 88,803,107 -60.351.362
28,331,956 +29,089.649
in the gross and in the net, and particularly in the 1923 _- 500,816,521
395,000,157 +105,816,364 93.279,686
1924 -- 467,887,013 501,497.837 -33,610,824 83,953,867 58,266,794 +35,012,892
93,366.257 -9,412,390
latter. And it is the poor results of that year and of 1925 483,195.642 467,329,225 +15.866,417 101022458 83,680,754
+17,341,704
Note.
-In
1908
the
returns
were
preceding
based
• the years
that made possible the better net In 1910. 239,808; in 1911, 242.479; in on 157,629 miles of road; in 1909, 231.970;
1912, 237,888; in 1913,
243,732; in 1915, 246,950; In 1916, 247,620; in 1917, 248,477; 235.607; in 1914,
the carriers have enjoyed since then. The simple In
1919, 232,655; in 1920, 232,511; in 1921, 232,492; In 1922, in 1918, 204,046:
235,395; In 1923,
truth of the matter is that owing to the prodigious 235,678; In 1924, 238,698; In 1925, 236,149.
As is always the case, the showing for the separate
expansion in the expenses, the net had got down to
the vanishing point. In brief, our statement for roads and systems-barring the customary excepJanuary 1921 showed $33,226,587 loss in gross, not- tions to the rule-is a duplicate of the general results
withstanding the much higher rates, and this was and the increases in the net are far more pronounced
attended by an augmentation of $27,124,775 in ex- than those in the gross. Both in gross and net the
penses, the two combined causing a loss in net in increases, too, greatly outnumber the decreases. The
showing, however, is by no means uniform, either in
the huge sum of $60,351,362.
It is true, on the other hand, that there were sub- gross or in net, and instances are not lacking where
stantial gains in January of the two years immedi- different roads or systems in the same group or the
ately preceding, namely in January 1920 and Janu- same geographical section fail to share in the genary 1919. In January 1920 our compilations showed eral improvement. As in previous months, the very
an increase over January 1919 of $101,778,760 in the best results come from the Southwest, with the Southgross, and of $49,809,654 in the net, though a special ern roads coming next in order. There are few losses
circumstance accounted for the magnitude of the of consequence in either gross or net in the two
gains. In other words, in the January 1920 total groups, while on the other hand, the gains are often
there was included an estimate covering back mail striking, especially in the case of the net. In the
pay for the years 1918 and 1919, accruing to the Southwest the Missouri Pacific has $1,428,532 gain
Railroad Administration as a result of a decision of in gross and $662,505 gain in net; the Atchison
the Inter-State Commerce Commission on Dec. 23 $1,201,633 increase in gross and $1,955,864 increase
1919. The addition in that way was roughly $53,000,- in net, and the St. Louis-San Francisco $573,993 im000, and both gross and net were enlarged to the ex- provement in gross and $375,075 in net. The Rock
tent of this $53,000,000. With that item eliminated Island runs $748,733 ahead in gross and $549,127 in
there would have been at that time instead of the net; the Missouri Kansas & Texas $602,683 in gross
$101,000,000 increase in gross an increase of only and $431,315 in net; while the Southern Pacific,
$48,000,000, and the net earnings would have re- though falling $331,752 behind in gross, runs $472,corded an actual loss of about $3,000,000. Further- 268 ahead in the net. In the South the Southern
more, the gain in January 1919, too, was deprived of Railway has added $313,150 to gross and $418,717
much of its significance by the fact that it consti- to net, and the Louisville & Nashville $1,056,798 to
tuted simply recovery (and only partial recovery at gross and $1,282,133 to net. The Atlantic Coast
that) from the extreme losses sustained in January Line, on the other hand, has $106,010 increase in
1918, when the weather conditions encountered were gross, but $161,047 decrease in net; the Norfolk &
the worst experienced in the entire history of rail- Western has enlarged its gross by $756,563 and its
roading in this country. That was the time when net by no less than $1,164,140. Northwestern roads
the United States was engaged in the prosecution of also as a rule give a pretty good account of themthe war against Germany, and when intensely cold selves. The Trans-Continental lines on the North
weather prevailed, with freight congestion and traf- particularly must be placed in this category. The
fic embargoes and blockades reported everywhere. Great Northern has added $507,511 to gross and
To state the situation in a nutshell, our January 1919 $405,042 to net; the Northern Pacific $400,813 to
MAR. 14
1925.]
THE CHRONICLE
gross and $246,782 to net; the Milwaukee & St. Paul
$558,740 to gross and $780,629 to net. The Chicago
& North West loses $21,259 in gross, but, through
savings in expenses, has increased its net by $447,524; the Burlington & Quincy has bettered its last
year's gross by $373,370 and its net by $495,148; the
Union Pacific, on the contrary, loses $646,845 in
gross and $493,442 in net.
The showing for the Eastern trunk lines is somewhat irregular. The Pennsylvania RR. System, including all roads owned and controlled, reports
$2,759,669 increase in gross, but $369,347 decrease in
net, having greatly enlarged its maintenance outlays.
The New York Central shows $47,137 increase in
gross, but $371,491 decrease in net. This is for the
New York Central itself. Including the various auxiliary and controlled roads, the result is, however,
$777,477 increase in gross and $892,164 increase in
net. The Baltimore & Ohio, on its part, has suffered
a decrease of $371,765 in gross, but nevertheless reports $574,479 improvement in the net; the Erie reports a decrease in both gross and net-$754,820 in
the former and $559,102 in the net. The other anthracite roads, like the Delaware & Hudson, Lackawanna and the Lehigh Valley, either have only a
small increase in gross or else an actual decrease,
but through savings in expenses have managed to
enlarge their net. The Reading Co. has only $26,996
increase in gross, but $462,821 gain in the net. In the
following we show all changes for the separate roads
for amounts in excess of $100,000, whether increase
or decrease, and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR JANUARY.
Increase. i
Increase.
Pennsylvania
a$2,650,882 Indiana Harbor Belt__ _ _
$122,446
r/fissouri Pacific
1,428.532 New On. Tex.& Mex.(3)
121.537
Atch. Topeka & S. Fe (3) 1,201.633 K. C. Mexico & Orient__
118,649
Chesapeake & Ohio
1,195,033 Detroit Tol & Ironton_ _
116.996
Louisville & Nashville
112,174
1,056,798 Internat. Great North__
Norfolk & Western
111,347
756,563 Pere Marquette
Chicago R. I. & Pac.(2)
111,281
748.733 N. Y. N. H.& Hartford..
106,088
C. C. C. & St. Louis.....
717,184 Cinc. N.0.& Texas Pac_
Missouri Kan. es Tex.(2)
106.010
602,683 Atlantic Coast Line
St.Louis San Francisco(3)
104.615
573,993 Central New Jersey
Chicago Milw.& St. Paul
101.707
558,740 Chic. St. P.M.& Omaha
Florida East Coast
636,263
$17,718.291
Great Northern
507.511 Total (49 roads)
Wabash
Decrease.
403.898
Northern Pacific
$754.820
400.813 Erie (3)
Chicago Burl. & Quincy646.845
373,370 Union Pacific (4)
Trinity & Brazos Valley_
371,765
364,824 Baltimore & Ohio
Minn. St. Paul & 5.3. M.
330,542 Southern Pacific (7).....331,752
Southern Railway
294,183
313,150 Illinois Central
Virginian
218,343
298,658 Lehigh Valley
Elgin Joliet & Eastern
175,119
287,609 Grand Trunk Western__
N. Y. Chic. & St. Louis_
162.519
240,631 Buffalo Roch. & Pittsb__
Minneapolis & St. Louis_
106.764
180,077 Michigan Central
Colorado Southern (2) ..105.203
163.902 Wheeling & Lake Erie_ _ _
Yazoo & Miss. Valley...
102,853
161.694 Delaware Lack. & West_
Denver & Salt Lake
101.429
152,335 Norfolk Southern
Chicago Great Western...
150,658
Long Island
$3,371,595
128,732 Total (23 roads)
Note.-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. 'Where, however, these
returns do not show the total for any system, we have combined the
separate raturns so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR. (including the former
Pennsylvania Compang, the Pittsburgh Cincinnati Chicago & St. Louis and
the Grand Rapids & Indiana), the Pennsylvania RR. reporting 82,650,882
increase. For the entire Pennsylvania System, including all roads owned
and controlled, the result is an inecrease in gross of $2.759.669.
0 The New York Central proper shows $47.137 increase. Including the
various auxiliary and controlled roads, like the Michigan Central, the "Big
Four," &c., the whole going to form the New York Central System, the
result is an increase of $777,477.
PRINCIPAL CHANGES IN NET EARNINGS FOR JANUARY.
Increase.
Increase.
Atch. Top. & S. Fe (3)_ $1.955,864 Minn. St. Paul & S.S. M. $212,781
Louisville& Nashville.. 1,282,133 Bessemer & Lake Erie__ _
211,623
Norfolk & Western
1,164,140 Chic. St. Paul M.& Om_
209,610
C.0.C. & St. Louis_ __
875.982 Cinc. N.0.Tex.& Pac__
181.723
Chic. Milw. & St. Paul
780.629 Florida East Coast
181,352
Central New Jersey
725,563 Lehigh Valley
181,057
Missouri Pacific
662,505 Minneapolis & St. Louis_
176,799
Baltimore & Ohio
574,479 Michigan Central
166,161
Chic. R.I. & Pacific (2)_
549,127 Chicago Great Western_.
165,546
Chicago Burl. & Quincy_
495,148 Nash. Chatt. Az St. Louis
155.136
Southern Pacific (7)___
472,268 Colorado Southern (2)_ _ _
136.014
Reading Co
462,821 Yazoo & Mississippi Vail.
120.355
Chicago & Northwestern
447,524 Indiana Harbor Belt_ _ _ _
110.495
Chesapeake & Ohio
446,327 Los Angeles & Salt Lake_
107,639
Mo. Kan.& Texas(2)
431,315 Denver & Rio Or. West.
107,595
Southern Ry
418,717 Maine Central
106.773
405,042 Denver & Salt Lake
Great Northern
104,772
396,905 Internat. Great Northern
N. Y. Chic. & St. Louis_
102,082
375.075
St. Louis-San Fran.(3)
Hartford_
360,833 Total (59 roads)
N.Y. N. H.&
$18,252.169
312.514
Elgin Joliet & Eastern..
Decrease.
294,808 Erie (3)
Boston & Maine
$559.102
291,022 Union Pacific (4)
Wabash
493.442
288,990 New York Central
Trinity & Brazos Valley_
071.491
Hudson
279,806
Pennsylvania
&
Delaware
a321,348
259,473 Atlantic Coast Line
Virginian
161,047
258,864
Pere Marquette
246,782 Total (10 roads)
Northern Pacific
$1,906,430
a This is the result for the Pennsylvania RR: (including the former
Pennsylvania Company. the Pittsburgh Cincinnati Chicago & St. Louis and
1263
the Grand Rapids & Indiana), the Pennsylvania ER. reporting $321,348
decrease. For the entire Pennsylvania System, including all roads owned
and controlled, the result is a decrease of $369.347.
b These figures merely cover the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the Michigan Central, the "Big Four," &c., the result is an increase of $892,164.
Arranging the roads now in groups or geographical divisions, according to their location, we find all
the different groups registering an increase in gross
with two exceptions, namely the New England group
and the Pacific Coast group, and all the groups also
recording improvement in the net, with the single
exception of the Pacific gruop. The gains in the net
are nearly all of large proportions, that for the
Southwestern group being no less than 42.33%. For
the Eastern Middle group, however, the improvement
is no more than 4.72%. Our summary by groups is
as follows:
SUMMARY BY GROUPS.
Gross Earnings
1924.
Inc.(4-) or Dec.(-).
1925.
Section or GroupDecemberGroup 1 (9 roads), New England_ __ 20,513,519
Group 2 (33 roads), East Middle___148,912,111
Group 3 (27 roads), Middle West__ 43,264,850
Groups 4 & 5(33 roads), Southern _ 74,446,496
Groups 6 &• 7 (29 roads), Northwest 93,805,565
Groups 8 & 9(49 roads), Southwest 78,154,749
Group 10(10 roads), Pacific Coast__ 24,098,352
Total
20,528,453
-14,934 -6.07
147,322,445 +1,589,666 +1.15
41,587,817 +1,677,033 +4.03
69,660,637 +4,785.859 +6.87
91,491,903 +2.313,662 +2.53
71,731,079 +6,423,670 +8.95
25,006,891
-908,539 -3.63
483,195,642 467,329,225 +15,866,417
MOGEMMr..-
rm
deage---
+3.39
Net Earnings
Section or Group-1924.
1923.
Inc.(4-) or Dec.(-).
1924.
December1923.
$
$
$
%
3,063,741
+723,252 +23.57
Group 1
7,278
7,340
3,786,993
Group 2
34,578 34,544 24,064,181 22,978,480 +1,085,701 +4.72
16,011 15,982 10,750,674
8,151,540 +2,599,134 +31.80
Group 3
Groups 4 & 5
38,804 38,641 18,670,602 14,634,072 +4,036,530 +27.56
Groups 6 & 7
67,183 66,967 19,224,081 15,855,008 +3.369,073 +21.25
55,273 55,092 19,707,145 13,845,145 +5,862.000 +42.33
Groups 8 & 9
Group 10
17,022 16,932
4,818,782
5,152,768
-333,986 -6.48
Total
236,149 235,498 101,022,458 83,680,754 +17,341,704 +20.73
NOTE.-Group I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion vreat
of Pittsburgh and Buffalo, also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III, includes all of Ohio and Indiana, all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States South of the Ohio and
east of the Mississippi River.
Groups VI. and VII, combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois, all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City, also all of Montana, Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Greuys VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Perritory, Missouri south of St. Louis and Kansas City, Colorado south
of Denver, the whole of Texas and the bulk of Louisiana, and that portion of New
Mexico north of a, line running from the northwest corner of the State through
Santa Fe and east of a line running from Banta Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho. California, Nevada, Utak
and Arizona, and the Western part of New Mexico.
Western roads as a whole had the advantage of a
larger grain movement, but that is not true of many
individual roads and systems. At the Western primary markets the wheat receipts ran very much
heavier than in 1921, the receipts for the five weeks
ending Jan. 31 in 1925 being 26,095,000 bushels,
against only 17,868,000 bushels in the same five
weeks of 1924, but the increase was mainly at the
Northwestern markets, consisting of spring wheat,
while at Kansas City the movement was not up to
that of the preceding year. The receipts of corn,
oats, barley and rye also each ran heavier than in
1924 and yet were smaller at a number of different
points. For the five cereals combined the receipts
for the five weeks this year were 96,944,000 bushels,
against 75,795,000 bushels in the five weeks of last
year. The details of the Western grain movement
in our usual form appear in the table we now introduce:
WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Wheat.
Corn.
Oats.
Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(this.)
Bye.
(bush.)
1.493,000 1,918,000 13,386,000 6,498,000 1,018,000
1,112,000 1.345,000 10,662,000 5,662,000 816.000
422.000
186,000
1,275,000
1,284,000
237,000
Five Weeks End.
Jan. 31-Chicago1925
1924
Milwaukee1925
1924
St. Louis1925
1924
Toledo1925
1924
Detroit1925
1924
Peoria1925
1924
Duluth1925
1924
116,000
145,000
193,000
195,000
535,000 3,916,000 3,610.000
477,000 2,028,000 5.103,000
265,000
208,000
1,481,000 1,421,000
1,363,000 762,000
4,838,000
3,302,000
27,000
18,000
329,000
549,000
415,000
1,000
492,000
485,000
359.000
26,000
166,000
194,000
60,000
451.000
180,000
308,000
249,000
100.000
2,021,000
1,740,000
3,304,000 1,313,000
1,577.000 1,028.000
116,000
95,000
110,000
3,000
11,000
50.f000
110,000
251.000
7,000
2,419,000
903,000
48,000
461.000
74,000
11,000
1,000
996,090
931,000
1264
THE CHRONICLE
[Vor.. 119.
Flour
Wheat
Corn
Barley
Oats
Rye
(barrels). (bushels).
(bushels).
(bushels). (bushels). (bushels).
Minneapolis1925
9,821,000 4,180,000 3,980,000 2.125,000 642,000
1924
6,548,000 1,999,000 2,103,000 1,027,000 544,000
Kan.sas City1925
3,192,000 3,191,000
736,000
1924
3,428,000 3,509,000
839,000
Omaha it Indianapolis1925
2,007,000 6,098,000 2.641,000
1924
1,231,000 6,342,000 2,260,000
Sioux Ctty1925
222.000 1,136,000
442,000
4.000
7,000
1924
132,000 1,428,000
468,000
4,000
7,000
St. Joseph1925
1,141,000 1,471.000
102.000
1924
437,000 1,074,000
64,000
Wichita1925
485,000
920,000
44,000
1924
sacrifice to itself in so carrying the balance. This, of course,
made a radical transformation in the entire theory of the
Reserve Act. Incidentally it greatly altered the basis upon
which Reserve banks must be operated as regards their discount policy. A total change was brought about in the note
issue provision whereby the Reserve notes were converted
into the equivalent of gold certificates to a large extent and
the circulation field artificially taken over in their favor to
the disadvantage of the national bank notes. In one way or
another nearly all of the chief safeguards or protections that
had been devised for the interests of member banks disappeared.
Total AllAll these things can be accounted for as the direct or inci1925
2.409.000 26,095,000 38,752,000 24,889.000 4,825,000 2,383,000
1924
1,942,000 17,868,000 34,817,000 18,217,000 3,070,000 1,823,000 dental outcome of war, but their continued maintenance canThe Western live stock movement, on the other not be explained upon any such basis. We are now back,
hand, appears to have been much smaller than a year presumably, to a peace status and it may be assumed that
there is a disposition on the part of the public to "demobilago. At all events, the receipts at Chicago in January ize" banking just
as it has demobilized the various industries
1925 comprised only 29,959 carloads, against 31,583 that were involved in the war and the military establishment
cars in January 1924; at Omaha 11,104 cars, against itself. The obstacle in the way of doing so is the fact, if
such it be, that new relationships may have grown up and
12,568, and at Kansas City 10,202, against 10,988.
As regards the cotton movement in the South, it become intertwined with the Federal Reserve banking system. Now this is emphatically
the case. Due to the
follows as a matter of course that this was heavier determination to keep the bulk of not
the funds of Reserve banks
than in 1924, since the crop was so much larger. The Idle these institutions have remained in a highly liquid conshipments overland during January 1925 were 240,- dition with practically nothing to prevent their resuming the
964 bales, against 138,678 bales in 1924; 155,729 position assigned to them at the time the Reserve Act was
bales in 1923 and 165,277 bales in January 1922. The originally adopted. It cannot be supposed for a moment that
there would be the slightest shock to credit or confidence if
receipts at the Southern outports aggregated 962,- the war amendments were repealed,
and along with them
316 bales in the month the present year, against 581,- the inflationary provisions whereby an unduly large latitude
984 bales in 1924; 587,396 bales in 1923 and was given to member banks in the transaction of certain
393,007 bales in 1922, as will be seen by the kinds of business.
The question, therefore, may be considered entirely upon
following:
its abstract merits and, of course, incidentally from the
RECEIPTS OF COTTON AT SOUTHERN PORTS FOR MONTH OF
standpoint of the welfare of the banks and of the community.
JANUARY FROM 1920 TO 1925, INCLUSIVE.
Abstractly speaking, therefore, there is no reason why the
change
should not be made but every reason why it should.
Month of January.
POT1S.
There is no country on the face of the earth where the cen1924.
1925.
1923.
1922.
1921.
1920.
tral banks hold the entire reserve, but In every central bankGalveston
bales- 358.975 258.058 187,202 177,397 259,361 301,694
ing country it is required that the central bank exert itself
Texas City, &c
268.715
78.014
78,042
36,435
20,948
80,367
New Orleans
213,227 157,224 135,778
91.088 155,778 201,214 to hold what is deemed a necessary reserve. It
thus produces
Mobile
12,041
6.177
7,346
10,215
11,457
43,873
Pensacola. dra
897
2.963
2,465
350
2,718
7,344 its influence In the discount market. Neither is there any
Savannah
42,986
40,949
25,667
36,065
51,198 146,715
Brunswick
350
1,735
51
1.375
28,500 country on the face of the globe where the outstanding
Charleston
22,532
6,986
6,544
17,600
5,610
26,083 notes have the privileges that are granted to
ours, or where,
Wilmington
13.149
5,201
3.404
3,610
5,086
19,291
Norfolk
29,624
30.099
29,714
31.874
23,208
44,822 in other particulars, the central banking system is given the
Newport News
185
1,683
peculiar position of advantage that ours has gradually develTotal
962,316 581,984 487,396 393,007 542,790 901,586
oped. There is every reason for maintaining a strong and
effective central reserve system, but no reason whatever for
giving
it the control of vast funds which it merely holds idle
Repealing the War Amendments to the
for no purpose. So far as benefit to the banks and commuFederal Reserve Act.
nity is concerned it need only be said that they are deriving
[From the New York "Journal of Commerce," Mar. 11 1925.]
no advantage from the present arrangement and that the
Shortly before the recent adjournment of Congress a bill argument is all on the side of restoring the old plan.
This is not a matter upon which hasty action is needed or
was introduced in the House of Representativs providing
beneficial. It is, however, a subject which should
broadly for the repeal of the war amendments to the Federal would be
not be allowed to go on in neglect.
Reserve Act so as to restore the Reserve System approximately to its original condition. The proposal was too late
Close of Subscription Books to Combined Offering of
to receive any detailed attention before the close of the
United States Treasury Certificates and Treasury
session and probably was intended only to elicit opinion prior
Bonds-Subscriptions Exceed $747,000,000.
to the next session of Congress.
The subscription books for the combined offering of
The general nature of the war amendments to the Federal $450,000,000, or thereabouts, of 3% United States TreasReserve Act is already almost forgotten. Comparatively ury certificates, dated March 16 1925, due Dec. 15 1925,
Series TD-1925, and the additional issue of 4% Treasury
few recognized what was originally intended by the Reserve
bonds of 1944-54, were closed by Secretary of the Treasury
System and how greatly the war compelled modifications in Mellon at the close of business on
March 10. Details of the
this project. In its first form the Reserve Act aimed at tak- offering were given in our issue of last week,
page 1157.
ing only about one-third of the reserve requirements from Altogether, subscriptions of $747,556,400 were receivedthe member banks and placing it in the hands of the Reserve $382,326,400 for the Treasury bonds and $365,230,000 for
banks. It left an ample field for the issue of national bank the Treasury certificates; an aggregate of $509,617,100 was
allotted-$290,154,700 of Treasury bonds and $219,462,400
notes by those institutions which desired to continue issuing
of Treasury certificates. Of the $365,230,000 subscribed
them and it carefully protected the rights of both member for the new Treasury
certificates, about 8271,000,000 repreand non-member banks in a variety of detailed ways.
sented cash subscriptions, payment for the remaining
Ambition and the supposed requirements of war finance $94,000,000 of subscriptions being tendered in Treasury
led to an almost complete reversal of these ideas. The Re- notes of Series A-1925, maturing March 15, or Treasury
serve banks were made the holders of the entire bank reserve certificates of Series TM-1925, maturing the same date.
In announcing the close of the subscriptions on the 10th
of the country, and so thoroughgoing were the drafters of
inst., Secretary Mellon on the 11th inst. stated that allotthis amendment that they prevented even gold coin in the
ments on subscriptions for the bonds and certificates had
vaults of member banks from being counted as reserves. A been made as follows:
Subscriptions for Treasury certificates of Series 2D-1925: All exchange
bank desirous of carrying such gold coin therefore must treat
subscriptions were allotted in
and all cash subscriptions in amounts not
It as an extra or super-reserve with corresponding cost or exceeding $1,000 for any onefull
subscriber were
allotted in full.
likewise
MAR. 14 1925.]
THE CHRONICLE
Allotments on other subscriptions for certificates were made as follows:
Cash subscriptions in amounts over $1,000, but not exceeding $10,000.
were allotted 70%, but not less than $1,000 on any one subscription; cash
subscriptions in amounts over $10,000, but not exceeding $50,000, were
allotted 60%. but not less than $7.000 on any one subscription; cash subscriptions in amounts over $50.000. but not exceeding $100,000. were allotted 50%, but not less than $30.003 on any one subscription: cash subscriptions in amounts over $100.000. but not exceeding $500.000, were
allotted 40%.but not less than $50,000 on any one subscription.
Cash subscriptions in amounts over $500.000, but not exceeding $1,000,000. were allotted 30%, but not less than $200.000 on any one subscription,
and cash subscriptions in amoants exceeding $1,000,000 were allotted 20%,
but not less than $300.000 on any one subscription.
Subscriptions for 4% Treasury bonds of 1944-54: Subscriptions for
Treasury bonds for which part payment was tendered in Treasury certificates or Treasury notes maturing March 15 1925 were not given preferred
allotment, but such subscriptions, as well as all cash subscriptions for Treasury bonds, were allotted as follows:
All subscriptions In amounts not exceeding $10,000 for any one subscriber
were allotted in full. Subscriptions in amounts over $10.000 but not exceeding $50.000 were allotted 80%. but not less than $10,000 on any one
subscription; subscriptions in amounts over $50.000 but not exceeding
$100.000, were allotted 70%, but not less than $40,000 on any one subscription: subscriptions in amounts over $100.000. but not exceeding $500.000, were allotted 60%. but not less than $70.000 on any one subscription.
Subscriptions in amounts over $500,000, but not exceeding 61,000,000.
were allotted 50%. but not less than $300,000 on any one subscription,
and subscriptions in amounts over $1,000.000 were allotted 40%. but not
less than $500.000 on any one subscription.
The subscriptions and allotments were divided among the
several Federal Reserve districts as follows:
1265
ADDITIONAL OFFERING OF 4% TREASURY BONDS OF 1944-1954.
Subscriptions
Subscriptions
Federal Reserve District—
Received.
Allotted.
Roston
$26,880,800
$21,529,900
New York
94.608.500
54,436,700
Philadelphia
55.706,200
42,206.900
Cleveland
45.659,700
32,195,600
Richmond
15,061.100
12,599.300
Atlanta
17,216.600
14,877.100
Chicago
51,177.300
48.361,700
St. Louis
25,155.600
22.036.800
Minneapolis
8,944,200
7.667.500
Kansas City
9.629,800
8.275.000
Dallas
10.084,000
8.135,000
San Francisco
22.202,600
17.833.200
Total
$382,326.400
$240,154,700
THREE PER CENT TREASURY CERTIFICATES OF INDEBTEDNESS, SERIES T-D-1925.
Subscriptions
Subscriptions
Federal Reserve District—
Received.
Allotted.
Boston
$20,046.000
$10.724,000
New York
165.209,500
98,871.000
Philadelphia
25.561.000
11,217.500
Cleveland
31,160.000
15.777.000
Richmond
11,842.000
7.122.500
Atlanta
8.693.500
5.843.500
Chicago
33.314,000
26.862.500
St. Louis
12.875,500
8,322.400
Minneapolis
8,025,500
5.511.000
Kansas City
9,438.500
5,816.000
Dallas
14,544.500
8.454,000
24,520.000
San Francisco
14,941.000
Total
$365.230,000
$219.462.400
Monetary Control The Power of a Central Bank.
By
HARTLEY WITHERS.
[Copyrighted by the William B. Dana Company for the "Commercial and Financial Chronicle." Exclusive copyright in the United States.]
Some of us can remember the period, in the 'nineties of
last century last century when the English bank rate stood
for more than two years at 2%, and a business generation
began to grow up which had never heard of a change in the
bank rate. So much so that a jobber in the Kaffir market,
when the change to 2% at last occurred, asked what it
meant and why it should have so much effect on the market;
and an enterprising speculator, on receiving a telegram from
his broker saying that the bank rate had risen to 23%, replied by instructing the broker, if he thought that bank
rates were likely to go up still further, to buy 500 of them.
To the present more sophisticated generation, which has
learned so many hard lessons in finance and economics from
the war and is a highly intelligent student of exchange
movements, there is little mystery about the bank rate and
its functions. Nevertheless, when movements occur in it,
and a decree thundered from Threadneedle Street alters the
level of money rates and the prices of most securities in
which there is any active speculation, one still hears skeptical voices wondering why these things should be—why, in
these democratic days all the leading countries of the world
should allow their money matters to be ruled by a more or
less self-elected and apparently irresponsible oligarchy,
which can, by its mere statement, given without any reason
why, produce such widespread effects upon business conditions.
There is nothing, in other spheres of business, quite like
the precision with which the money market is regulated. In
spite of the overwhelming power, in many industries, of
combines, conferences and "gentlemen's agreements," no
voice speaks with the same authority as that of a central
bank, and any voice that does speak is the agreed decision
of a group, whereas the central bank sings its own solo, in
the key that it has itself selected, which is then obediently
followed by the rest of the choir, with an unbroken harmony which shows once more that the most effective power
Is often that which is wielded without any legal right or
sanction behind it, but by the mere consent of those who
accept its dictation of their own free will.
It is interesting to note that the power of the Bank of
England over the London money market has been even
stronger since the war than it was before. For many years
before the war, when the bank thought it necessary to raise
the price of money, it was often obliged to take money off
the market, by borrowing or by selling securities or lending
them temporarily, in order, as used to be said, to make its
rate "effective," that is to ensure that money would be so
scarce that lenders would have to come to it, and so the
price at which it lent would rule the priee asked by others.
Since the war, in spite of the great increase in the volume of
money—both legal tender and bank credits—it has been so
scarce in relation to the volume of commodities and securities to be carried and handled, that either the Treasury or
members of the outside market are nearly always obliged
to borrow from the bank, so that bank rate is continually
effective.
As to the reasons why monetary centrel is so necessary
that not many even of the wildest revolutionaries propose to
leave the price of money to take care of itself, and the money
market submits cheerfully to the domination of a committee,
whose actions it criticizes with the utmost freedom—the
reason for these things is easily found in the great importance of well-regulated money to the whole of the community.
Like most other institutions of English origin, the power of
the Bank of England over the other banks and money dealers, nearly all of which came into being after its establishment, grew up as if by accident and without anybody noticing
it, constantly adapting itself to the needs of the time, until
gradually people became conscious of its existence and
then came to the conclusion that a regulating central bank
with a ring of other institutions working more or less subject to its control, was the ideal arrangement for securing an
elastic and efficient money market. The system has consequently been copied in other countries, with variations to
suit local tastes. In most of them, the connection between
the Government and central bank—which in England is
merely that between banker and a customer whose account
is so important that his wishes cannot be ignored—is closer
and more definite. But in all of them the prestige of the
bank is largely due to its official position, combined with
the fact that it works for a.lower rate of profit than most
other monetary institutions. It is the same thing in the
case of the directors; at least those of the Bank of England
are remunerated on a scale quite incommensurate with the
value of the time and effort that they put into the job. At
the same time, though apparently an irresponsible oligarchy
chosen by itself, with a merely nominal confirmation by the
proprietors, in fact the Bank Court knows that it is responsible to public opinion, and that any mistakes in its policy
are certain to have world-wide effects. Central banks and
their boards, working in the public service at a low rate of
profit can thus show an exceptional foundation for their
authority, which modern tendencies show more inclination
to increase than to diminish
1266
THE CHRONICLE(
[VoL. 119.
RECORD OF PRICES ON THE TORONTO STOCK EXCHANGE.
On this and the following page we give a complete record of the high and low prices for both stocks
and bonds made on the Toronto Stock Exchange for each month of the year 1924. The compilation is the
official record of the Toronto Exchange and is of course based on actual transactions.
MONTHLY RANGE OF PRICES ON TORONTO STOCK EXCHANGE FOR YEAR 1924.
January
February
March
April
May
June
July
1924 STOCKS.
August
September
October
November
December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
Abitibi, common
5512 5812 5412 5814 5412 5814 5814 6234 5714 5912 5234 5714 5538 6334 6014
6212 6834 62 6858 6012 6714 5334 62
6312
Preferred
_ 1004 10018 --------8812 8812 ----------------10012 10012 100 100 ____
- -- - - - -- - -- -44 46
44 45 --------42 42
American Sales Book, common 444 47
3812 40
38 3878 36 37
37 39
39 ill
3812 -if 40 -40
6
Preferred
93
90
91
92
95
4 914 88 9014 85 89
92
8312 88
85 00
90 95
90 91
89 91
89 91
Atlantic Sugar, common
16
2134 1812 2114 1612 1818 15 15
1314 1312 1314 14
11
1614 ------------ ------------ 1313 1538 1412 15
Preferred
40 474 4634 5018 ... _ _
__ ____
__ ____ • _ -- _ 3514 3514 32I 321.
40 41
1514 127g 1432 1512 1938 18 20
1412 1512 13 -arcelon a
16
14
1512 17
li Ili
1313 -1-5- i4i2 -1114 1734 23 2.014 -21
ell Telephone
125 130 126 130 129 132 12618 129 124 1294 12814 132 12912 13312 13212 135 135 13814 136 13818 137 139% 136 140
Part paid---- - -_- _ _ 11112 11112 11212 11212
87 88
88 89
Bird & Son, preferred
86 86 ----------------80 80 _ _ _ _ _ - - 80 12
8812 89
-81 80 80
80 8118 ----8212 8--2
4612 534 4934 538 50 5214 4934 5152
Brazilian, common
4114 48
8 49 5212 4412 52
4638 4-81 47 5012 4914 5218 50 55
5214 55
1512 11
13
B. C. Fishing & Packing Co
____
__ 15
1512 12
812 1134 612 612 11
18
16
17
17 20
18 2012 2114 25
1952 214
3
4
British Empire Steel. common..
412 5
334 _-4
334 6
3
3
212 3 ____
238 212 2
2'2 2
212 114 314 3
318
1st preferred
55 5634 5312 5712 52 5714 36 4112 3714 3914 3734 3734 3334 ---3434 30 3212 32 3214 3214 3214 25 34
30 36
2d preferred
1314 16
1314 17
1112 852 1134 9
1134 1412 8
934 714 912 714 9
812 9
814 94 652 1078 8 11
3412 4012 32 3514 29 3212 29 32
Brompton
3914 424 3912 4214 3818 42
3234 36
3112 3312 2612 31
33
2812
3012 324
Burt Co., F. N., common
134 13778 13012 1374 12912 13512 125 13012 127 130 12712 130 130 132 131 132 132 140 135 139 13812 141 137 143
Preferred
136 136 ------------------------12812 12812 ____
131
____
6412 724 71 -7-3-3-4 73 131
c
6
Canada Bread,common
66 7434
7l (3
7912 7812 -8112 82 100
9014 105
8812 9312 8934 91
Preferred
9714 9712 9612 9812 96 97
9612 97
95 97
9678 98
9812 100
0812 9912 100 102 100 102 10072 10212 10112 104
Canada Cement Co.. common_ 8434 864 8534 88
8634 9278 90 92
85 8814 8712 8812 8312 8334 85 88
8612 8714 84 86
9012 93
85 90
Preferred
103 10412 104 10434 10512 10612 _______ 10318 105as 10412 10512 10434 10434 103 10312 10512 106 104 10614 --------10512 1074
_
__ 28 28
Canada F'd ries & Forg gs,cont. ____
26 26
1112 1514 1314 1412 12 -1-314 io -16 jo -1-3- ii -fil, ii', ii313
12
Canada S. S. Co., Ltd., com
11
1312 1412 11
4 -Hi, yel, HI iii,
Preferrei
42 46
42 4312 4112 5112 4812 52
49 51
4712 49
44 4812 4412 4912 4512 49
4712 58
4612 5512
5434 58
Voting trust
4034 4034 47 4714 4514 4514 423.4 -4-2-3-4 --------------------------------4534 46
Canadian Car & Fdy.,common 37 42
464 49
'421.2 -114
Preferred
8412 8912 8834 9012 9312 9612 88 88 --------8612 8812 ---------4% 8438 8412 87
8412 85 8814 91
85 9314
115 116l 115 116
Canadian GeneraiEiec.,com
New
id_.
Preferred
5212 5312 52 5314 5134 53
53 54
5214 54
52 5312 54 5612 53 56
53 56
55 5612 54 5512
Canadian Industrial Alcohol
---- - --- - --- -- - - - - -- - -- -- 1812 20
- -- - ---- ---- 184 22
Canadian Locomotive.common --------66 -6-i 664 -tif 136 -61 88 -di 88 -Si --------65- -di- ---____
__
60
60
60
7218
89 92 --------------------------------85 -89 ---Preferred
8512 S614 87 8812 8912 90
88 92
87 88
14912 165 14912 154 14714 15014 14712 15114 14932 152 14734 15012 149 152 149
Canadian Pacific Ry
14972 156 14878 153
11512
109
110
113
113
11418
115
112
Canadian Salt
112 112 112 11112 112 10812 110 10834 109
11178
____ 115 118 118 120
___ _ _
_ _ _
163 170 170 18472 180 184 185 190
.City Dairy, common
43 45 ,
-1.
;1 If ,
Common. $25 par
I7 -if 5112 -iiI2 Li -ii12 LiT, -„--i1; -Lii, -ii- ii- -5-8-- -iii,
Preferred
104 105 104 105 10412 10512 105 10618 105 105 108 110 107 108 10612 10612 10612 108 108 108 105
72 105 106
Coniagas Mines, Ltd.. $5 per sh 2.20 2.25 2.20 2.35 2.00 2.20 1.95 2.00 1.80 1.90 --------1.45 1.55 --------1.65 1.65 1.80 2.10 2.10 107
2.15 2.00 2.25
Coniaurum Mine-2.35 2.50
---34
3614
35
38
34
s
3513 388
414 3714 3912 384 3084 3812 4418 4314 4612 481Cons. Min. & Smelt.. $5 par_ _ _ 30 39
4 4714
- 46 -4-834 44 501
/
4
Consumers Gas
$100 15912 165 16312 16612 160 165 159 16034 15934 16318 160 162 162 169 16612 169 168 170 169 170 169 170 167 17082
*I per sh. 70 7512 59 72 62 64
Crown Reserve
53 6078 49 60
55
53
4912 56
43 50
47 53
4712 53
47 51
50 53
46 46 ----------------47 47
Crow's Nest Pass Coal Co
48 50
4812 5173 50 50
48 48
47 47 _ _
_
45 4812
15
15 ----------------1134 13
15
Davies Co., Ltd.. Wm.(A).cow. 20 20
15
154 20
1414 15
1212 1212 14 163-4 -::: --- -- 2112 274
Detroit United
__ ____
_ _ _ _ 3778 3814 3214 3212 ---------------- 2483 2412 _
7134 7134 --------5613 6434
Dome Mines. Ltd
15.54 18.10 _15.75 18.50
_- 16.50 18.00 15.50 17.30 1500 16.65 15.10 15.0 14.10 15.75 1-2:2-5 -14.-95 -1-3.
17.75 20.25 17.48 18.40 17.96 18.90 _-63 15.18
Dominion Canners, common
2034 3314 31 35 30 3412 25 30
24 25
353* 35 36
25 2614 2712 35
31
35 4288 3712 444 43 5814
Preferred
8212 86
8614 8912 8612 SE
84 8412 8512 87
82 90
88 8614 87 88
88 90
8834 9011 90 95
93 964
Dominion Coal Go.,
Dominion Iron & Steel, pref
14: ----------------------------------------28
_
85
. -5-1 --------54
34. -2-13-4 --------2534 2534 28 -16
------------------------94 95
Dominion Radiators, prof
9412 95 ---- --- 96 9612 la 99
99 99 101 103 10114 10114 10034 1004
Dominion Steel Corp., pref_
_
_ 73 73 ------------------------------------------------31
35
35 35
2 2122225 36 3312 36 ii -3484 5814 ii
2
Dominion Stores. Ltd.. COM
2
iii2 -2-i 28 30
Preferred
88 88
90 9212 89
87 90
81
91
86
89 97
8534 8012 88 8812 90 90
93 9518 92 95
95 100
Dominion Telegraph
550 44 44
4412 4412 43 44
4314 4314 4314 434 4314 4314 4314 44
4412 4412 46 45
4718 4712 47 4712
4514 46
Duluth S. S. & A
Duluth Superior
- -21- -2114" -ii- -2'64 -86- -2-6-- -24- -2-5;4 "88" "2-ifs
- "i8" -2-1- -18- -2-1-- -20 2712 25 35
33 35
3038 34 -30 -3-2-18
Eastern Theatres,common
12
1258 1234 1418 1412 1418 14
1434 1412 1434 1412 1412 1412 14/
1
4 --------1414 1458 1412 1412 1412 1412 14
14
Preferred
68 69 - --- -___ ____ ____ 6312 6312 ----------------69 69
67 70
70 70
70 73
73 7414 ---- --__
Ford Motor Co
485 485 --------465 485 ------------------------450 450 440 440 --------460 460 450 450
Goodyear Tire, preferred
75 80
79 8112 79 80
75 77
71
72 75
734 72 75
SO 8934 87 90 89 -92-4
7114 75
7734 82
Iloilinger Consolidated
13.8515.00 13.6014.80 14.2515.45
Illinois Traction, preferred
01
61 -9-1- 61 -9-1 62i2 12-12 52 12- --------94 -9-4- ----------------------------------------91
International Milling
94 9612 95 9512
9314 94348 912
94 96
812
3
i
:
99/
1
4100
Keeley Mines
2.20 2.24 1.94 2.20
King Edward Hotel
Lake Superior
----- ,.,,7 ,- ,,,, , 7,-- _. - 34 34 31-2 -3-34 - „.„ rr.,
Lake of Woods Milling, COM
_ 17452 17432 17318 176 ____ ____ 17212 17512 --------18112 1-81-12 15D2 1-81-3-4 18112 1-8112 --------184 184 18538 1-85%
Preferred
11.
7T2 1-1-it2 --------------------------------11714 11i4 ----------------119 119 --------119 119 120 120
La Rose Consol. Mines _ _SI par .26 .28 .21 .23 .2012 .212 .10 .10 .10 .11 .0834 .0834 ---------08 08 .05 .05 ---------07 .10 .06t4 .6614
Lau ren tide
8914 98
9312 9112 92 864 88
91
8612 8612 8534 8534 8534 8534 87/
1
4 8734 84 8652 8052 83 8034 8234 8434 8434
Mackay Companies,common
11034120 114 11912 11214 116 111 11412 111 1134 1114 113 11314 11612 11512 11712 11414 116 116 118 116 11734 11412 11712
Preferred
6612 694 69 71
67 6112 6534 67
65% 6634 6512 6612 66 68 67 6734 6612 6712 6612 6712 6612 6834 6712 69
Maple Leaf Milling.common
60 68 65 69
59 62 62 70 64 80
61 61 60 67
59 62
76 8512 82 90
72 8111
71
85
91
95 91
Preferred
87 95
9218 8912 92 00 9112 91
91
0034 92
95 9834 98 10014 99 100
99 100
99 100
McIntyre
$5.00 17.35 18.60 17.00 18.25 15.89 17.10 1546 16.40 14.50 16.20 15.70 16.60 15.86 16.25 15.65 16.10 16.00 16.80 15.47 16.35 14.95 16.00 14.80 18.00
19 ----------------1734 22 23 25
19 20 ----------------19
Mexican Light & Power.cons__ --__ ____ 18 19
2412 2412 24 24
Preferred
38 40 --------3512 3512 51
51
55 5934 5814 60 ---- --_ _ _ __
-_ _ _ i8 -di ------------------------25 -ii ------------------------ 25 "ig 88 Ili
Monarch Knitting,common__ _ __ _
65 69 6
80 81
80 -82 80 80
68 6812 68 75
Preferred
69
71
71
71
75
71
76
70 70
55 Par 6.15 6.70 6.40 6.55 6.35 6.60 6.10 6.25 6.15 6.34 6.05 6.40 5.95 6.15 6.00 6.25 6.10 6.15 6.00 6.10 5.90 6.10 -6.00 6.60
NI pI4sIn g Mines
iii ie --------56
iz 14584 14914 1468s 1407
Preferred
Ontario Steel Products, corn
Pacific Burt,common
Preferred
Penman's Limited. common _
Preferred
Preferred
Porto Rico Ry.Co..common
Preferred
Provincial Paper, common
Preferred
Quebec Ry.. L., H.& P
Riordon Pulp & Paper.,
Rogers, Wm.A..common
Preferred
Russell Motor Cat. common
Preferred
Shredded Wheat Co..
Spanish River Pao. & P.. COMPreferred
Steel Co.of Canada.common_ _
Preferred
Sterling Coal
Toronto Ry
51 par
Tretheway
Tuckett Tobacco Co.,common
Preferred
Twin City,common
Vipond Consolidated
Western Canada Floor
Winnipeg Electric.common _
Preferred
BANKS.
Commerce
New
Dominion
Imperial
Ifolsons
Kontreal
____ ___ __-- ---- --- -___ ____ ___
, _-__ -------------------------404
3 4034 ------------------------41 -41 42 14- -b
. -4-2
99 10
97 98
9712 98---- - - - - - - -- - -- _ 94 94
9172 92
91
95
93 93
94 94
9338 -94
105 106 100 100 101 103 101 10112 100 101 101 102 101 104 103 105 105 106 104 105 106
-------- 14713 14712 145l 14712 134 14034 13712 141 ____ ____ 14812 153 145 14812 14612 14612 --------15118 1064
15112
92 94
96 98
---------i8---"Lo"
idi
;5 -4i ii -:
6112 Li --6114 55 59
44 45
98 100
102 106
15034 15034
18 -2-6 20 2018 17 20
18 24
2012 26
1912 25
68 75 69 70
6912 7012 -----66 6912 68 71
88 100 88 105 --------83 83
85
5
87 90
96
6
94 94 96 9712 97 97
95 90
----------------------------------------1712
26
73
85
91
29
28
77
76
8.5
8514
91 --
30 30
78
77
87 84
_._ 924
31
80
86
94
32
80
82
9314
37
86
85
9312
36
85
85
9312
38
87
91
974
36
83
88
95
364
86
91
97/
1
4
_- 2T4 14 _ --- --._ ---- ----- ---- ---5
5
55 5514 63
58 60
65 58 62
53
50 50
51
57 57
56 57 45 50
97
90 100
8812 8812 90 92
94 9512 SS 92
88 0212 86 92 89 89I 90 93
90 924
25 25
30 35
25 25
1713 --------171 1712 1712 1712 --------1712 18 --------1813 20
50 55 50 50
56
50 50 --------50 50 --------50 50 63 75
70 80
70
74
_
135
_ 138 138 13712 138 -,,_
136 135 139 13778 137% 138 138 140 140
9812 10912 103 117 10614 107 10812 1114 10734 10852 99 105 100 10512 101 10334
11214 9684 106
'
8 10638 11818
101i2 10718 1054 114
112%
11234
114
3
4
10718
114
1163
110
116
4120
108
11612
115
-__
113
__
10934 11134 11058115 11414 11418
1073, 11314
7314 76
70 7214 70 74
704 7812 70 74
76 -75 7912 7612 83
80
76 80
754 79
79 84
8134 84
1001E10212 10112 10318 10334 105 103 105 100 102 100 101 100 10212 100 104 105 10614 103 10512 10412 107 10612 10732
40
44
4012
41
44
40
43
4012
41
40 43
4412 44 47
42 43
45 4612 42 44
41 43
4412 4812
9234 99
94 9834 981410212 101% 112 11014 115
80 8334 8012 8612 8112 8412 84 87 88 9112 90 100
1412 14
1212 1212 1134 1314 131 1312 15 15
15
12 12
734 914 10
16 1612 1612 17 _--- ---10
10
/
4 60 60 60 60 5812 6114 ---- --- --__
58 6312 6134 611
59 5914 60 63 60 6012 _58 58 06
__- ---- ---06 --------95 95 --------05 95
9612 -97
98 -98 --,- ,
l5413
46
49
13i
84'4
6151
9
50
55
4612
"6
4912 40 47 40 455 445 54
4 -66"
5212 -64
6-9-- -1-33i4 -6-11-8312 1 21 1 24 1.22 1.36
,
7----iOo"
------106-ii"
IiiiiiiiWs
iiii"
"Oi161
-ioi"
105
99
failio8--------'
4
'
105 102 10512 -- -ioo" 1-u5 100 29 2534 28 24 26 24 2512 24 25 25 3434 3412 3638
- 064 107
2912 3534 274 30
28
28 30
27 -3-3- 3213 384
77 79
70 8034 84 87
7614 774 7412 76
77 80
837s 85
82 86
80 84
82 83
82 8512 8314 87
45
86
1712
48
70
9472
18
00
62
95
1713
5114
18312 18712 182 185 183 185 151 185 178
183 180 180 183
18312 180
181 186 186 187 18212 187 183
169
173 179 173 177 172 17712 170 17312 150
153 15534 155415532 151 15512 15532 15532
23012
234
239
236
234
242
23912
24712
239
18212 178 18114 180 18212 17934 185
185 190
183 177 181 17634 177 17634 17712 1845
17012 16912 172 170 172 171 17518 178
15012 14778 152 147 14812 14712 148/
1
4 147
23912 236 240 238 2404 237 239 239
189 2054 195419912 195 1994
1/i iio fici iiii2 193 189 19312
151 1804 187 18434 18734 186 1934
14812 14612 176 17314 175 17112 175
248 24712 24934 243 250 249 250
MAE. 14 1925.]
THE CHRONICLE
1267
MONTHLY RANGE OF PRICES ON TORONTO STOCK EXCHANGE FOR YEAR 1924 (Concluded).
January
February
April
March
May
June
July
At44/14.0
September
October
November
December
1924 STOCKS.
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High
BANKS (Concluded).
Nova Scotia
Royal
Standard
Toronto
Union
248
211
165
176
105
252 251 255 254 260 25334 255 252 255 251 251 250 251 250 251
215 21312 216 21312 215 214 216 215 21712 215 216 215 21612 21912 222
168 16512 166 16512 166 162 166 15912 162 15812 15914 15612 160 159 160
178 176 179 175 177 174 176 169 17412 169 170 170 17612 175 177
107 10612 10914 105 10714 103 10612 101 103 10178 103 102 10312 100 102
252
224
159
177
97
257 256 261 263 .266 265 266 •
22914 230 237 23212 24070 227 233
16012 16014 173 168 17012 170 173
187 188 1951s 18712191 19114 1946s
10035 97 105 10412 10812 106 107
LOAN AND TRUST.
Canada Landed & National
8034 8212 81
81
80 80
7814 80
83 8512 81
Investment Co
550 85 86
82 84
7812 81
7814 84
84 81
81
79 80
Canada Penn. Mort. Corp_5100 182 18512 18378 186 183 187 180 184 1817s 18312 179 182 18112 18312 18314 184 184 18414 18612 190 1891a 192 188 191
Colonial Invest. & Loan810 61e 7
512 6
_
_ 494 404 ---------------- 4
Preferred
4
4
4
278 27a 278 3 --------312 512
Hamilton Provl & Loan ------- ---- ---- ---- --__ iii. 141
- _- 146 146 ----------------145 145 ----------------145 146 14712 14712 150 150
20% paid ___. ____ _ ________ --__
_ ____
_ ____ ___ 23 23 ----------------22 22
21
21 ____
_ 22 22
22 22 ____ --_ Huron &Erie Mort.___
120 121
--- 121 121
--- 120 122
123 125 123 123 12212 125 122 123 --------121 121
--- 125 12512 ____ ---- ---- --_20% paid
Landed Banking & Loan_5100 13912 13912 --------140 140 iii 1-4-i --------138. 1-ii --------------------------------140 116 ____ _ __
National Trust
5100 212 212 --------215 215 210 210 212 212 --------212 212 212 212 --------220 220 218 220 212 21-9
Real Estate Loan
."
ii- --------89 16 --------89 "
$um ----------------89 16' --------85
iii ----------------89 89
Toronto General Trusts_$100 202 205 206 20612 206 207 207 208 208 210 206'o208 --------209 209 210 211 212 212 --------212 215
Toronto Mortgage
250 83 8412 8412 8412 8412 84'o 8312 8518 8514 8514 ---------------- ----------------90 90 90 90 90 90
Union Trust
1
1924 BONDS.
Barcelona, 1st mortgage
40 40 ___ ____ ____ ___ ____ ____ ____ _--- ---- ---- ---- ---- ---- --_- ---_ -___ ____ ____ ____ ____ ____ _--Bell Telephone
_ .
_ 10012 10012
_
_
_
.
.
_
_
_
__
_
_
_
_
_
Canada Bread
sii fo-6 loo Dm jai foi iookt iiiti iiio 16614 iElOi2 1-6612 iiioi4 16612 iiiii2 ithi2 iiiiii Ili ioii icif jai foil, jar/ itiii,1
Canada
Canadian Locomotive _____
9634 9634 ---- ---- ---- ---- ---- ------- ---Dom. of Can. War Loan __iiii iciiio ib5.-3,
100.75100.80 160Y5 ICIO:76 k;o:el 1733.16
3 Wiii5 co5.-9;
WI:I:is ioCCi
-6.3"
.90 fciai
" _ _1931 100.65 100.70 101.15 101.15
100.90 101.20 100.60 100.70 100.60 100.65 100.60 101.05
101.95102.00 102.00 102.10 102.15102.12
_ _1937 102.80 102.85 102.70 102.70 102.70 102.90 102.35 102.55 102.20 102.50 102.40 102.50 102.70 102.70 102.85 102.85 103.40 103.60 103.70103.70 103.85 103.85
en -6.
6
Electrical Developmeni_______________.
_
_eir -9Y12 ii
-iti
oi
-.
91
__-- __ -- ---- ---- ---- ---- --__ ___
-
--
-
--
-
.
Ontario Steel
95 95
Penmans
Porto Rico
Light &
Quebec
____ ____ _--- ---.
Rio deJaneiro Tram., Lt. &P-r. ii -a ----------------8534 -ii3-4 554 1g34 ii -if i'i -ii ----------------86 -1614 1363s 8636 -.,r, ._:Sao Paulo Tramway
8612 ,87 8
8
8812 812 8834 8834 88 88
87 87 --------89 89 8712 90
89 89
8912 90
8934 -6034
Spanish River
--1071110711
Steel Co. of Canada
101 101 10134 102 10112 10112 102 102 ------------------------103 iiii --------105
--' foi --------103 104
Sterling Coal
Victory Bonds
1924 100.50100.85 100.76 100.90 100.60100.70 100.00100.30 100.30 100.45 100.25 100.-50 10-0.-90 100.-9-3 10-0.05 100.15 100.00100.10
1927 102.20 102.80 102.95 102.95 102.70 102.80 102.55102.55 102.55102.60 102.20102.48 102.50 102.76
102.85 102.85 102.95 103.06 102.05 102.80 102.65 102.72
1933 105.25 105.70 105.05105.75 100.00100.25 104.65 105.05 104.30 104.80 104.40 104.90 104.85 105.40 106.10105.75 105.40100.50 100.35105.65 106.03 106.60 105.70 106.2
1934 102.50 103.20 102.50 103.00 102.55 103.10 102.45 102.75 102.35 102.60 102.60 103.35 103.05 103.50 104.10 104.25 103.60 104.70 103.95 104.40 103.75 104.50 103.80 104.22
1937 107.75 108.10 107.55 107.75 107.10 107.60 106.85 106.90 106.45 106.75 106.15 106.85 106.65 107.60 107.50 107.65 107.70 108.90 108.90 108.90 108.65 108.90 108.40 108.62
Renewal
1927
101.80101.80
101.60 101.70 101.65101.65 101.50 102.70 101.60 91.60
102.20102.20 101.90 192.0
Renewal
A932 102.20 102.35 102.50 102.50 02-30 102.40 102.35 102.35 102.10 102.20 102.60 102.70 102.50 102.80 103.00 103.00 103.20 103.95 103.35103.60
103.05 103.0
Refunding
.- _1928 99.46 99.60 100.15 100.15
100.20 100.20
100.85 100.9
...
" Refunding _1943 99.00 99.50 99.75 99.90 99.85 99.95 99.90100.65 99.90100.15 100.00100.15 100.10 100.30 101.50 102.80 101.70 102.60 101.85 102.25 101.95 102.65 101.75102.0
Refunding _1944
97.05 97.15
RIGHTS.
Bell Telephone
43e
43,
4h
A
4II
Ale
41e
41.,
RECORD OF PRICES ON THE MONTREAL STOCK EXCHANGE.
In the case of the Montreal Stock Exchange, as the securities dealt in are so largely the same as those
on the Toronto Exchange, we give simply the high and low prices for the year. The following is the record .
for the twelve months of 1924.1
RANGE OF PRICES ON MONTREAL STOCK EXCHANGE FOR CALENDAR YEAR 1924.
Jan. 1 to Dec.31.
YEAR 1924-STOCKS
Abitibi Power & Paper Co.. Ltd
Preferred
Asbestos Corporation of Canada, Ltd
Non-Cumulative Preferred
Atlantic Sugar Refineries, Ltd
Preferred
Bell Telephone Co
B. C. Fishing & Packing Co
Brazilian Traction, Light'& Power
British Empire Steel Corporation
Cumulative 1st Preferred
Cumulative 2d Preferred
Brompton Pulp & Paper Co., Ltd
Calgary Power Co., Ltd
Canada Cement Co
Preferred
Canadian Car & Foundry Co
Preferred
Can. Conn. Cottons, Class"A"
Class "B"
Cumulative Participating Preferred 1'
Canadian Converters
Canadian Consolidated Rubber
Preferred
Canadian Cottons, Ltd
Preferred
Canadian Fairbanks Morse Co., Preferred
Canadian Foundries & Porg., Ltd
Preferred
Canadian General Electric
Preferred
Canadian Industrial Alcohol Co
Canadian Iron Foundries, Ltd
Non-Cumulative Preferred
Canadian Locomotive Co
Preferred
Canadian Pacific Railway
Canadian Steamship Lines
Voting Trust (1929)
Preferred
Canadian Woollens
Preferred
Carriage Factories, Ltd
Preferred
Consolidated Mining & Smelting
Cuban Canadian Sugar Co
Preferred
Crown Reserve Mining Co
Detroit United Railway
Dominion Canners
Preferred
Dominion Bride Co
Dominion Coal, Preferred
Dominion Glass Co.. Ltd
Preferred --- Dominion Iron -8C
Dominion Steel Corporation, Preferred
Dominion Textile (Inc. 1922)
Preferred
Jan. 1 to Dec.31.
YEAR 1924-STOCKS
Low.
High.
Low.
Par Value.
100
100
100
100
100
100
100
100
100
100
100
10(1
100
100
100
100
10
10
100
100
100
100
100
100
100
100
100
50
50
100
100
100
100
100
100
100
100
100
100
100
100
25
100
100
1
100
100
100
100
100
100
fin
100
100
53
100%
24
52%
11
35
125%
8
41%
%
22
69
103%
38%
74
21%
51
139%
25
85g
6
26%
44
84
102%
36%
83%
57%
17
43
45
93
107%
54
97
5
45
72
81
89
85%
87%
20
44%
51%
17%
4.±4
25%
10
10
42 4%
34%
.75
13
30%
6
33
.41
19%
21%
86
60
40%
102%
104
25
38
54
107
111
90
67
31
60
56%
22%
8
33
66
87
147%
16%
16
59
7%
42
2
17
49%
13
54
.75
72%
51
93
84%
76
121%
109%
55%
72%
67%
110
Dominion Park
Duluth Superior Traction
Frontenac Breweries, Ltd
Preferred
Goodwins, Ltd
Preferred
Goodyear Tire & Rubber Co., preferred
Goulds Manufacturing Co
Preferred
Hillcrest Collieries
Preferred
Holt, Renfrew & Co., Ltd
Preferred •
Hollinger Consolidated Gold Mines
Howard Smith Paper Mills, Ltd
Preferred
Illinois Traction Co., Preferred
Interprovincial Brick Co
Kaministiquia Power
Lake of the Woods Milling Co
Preferred
Laurentide Co., Ltd
Lyall Construction Co
Macdonald Co
Mackay Co
Preferred
Maple Leaf Milling Co., Ltd
Preferred
Mexican Light, Heat & Power
Preferred
Minneapolis St. Paul & Sault Ste. Marie
Preferred
Montreal Cottons, Ltd
Preferred
Montreal Light, Heat & Power Cons
Montreal Loan & Mortgage
Montreal Telegraph
Montreal Tramways
National Breweries
Preferred
Nova Scotia Steel & Coal, preferred
Ogilvie Flour Mills
Preferred
New company
Cumulative preferred
Ontario Steel Products Co., Ltd
Preferred
Ottawa Car Manufacturing Co
Ottawa Light, Heat & Power
Preferred
Ottawa Traction Co., Ltd
Penmans, Ltd
Preferred
Price Bros.•Co., Ltd
Provincial Paper Mills Co., Ltd
Preferred
Public Service Corporation of New Jersey
Quebec Power Co
Cumulative oreferred
Par Value.
.100
100
24%
100
60
100
90%
100
35
100
70
100
70%
100
100
100
65
IGO
80 100
100
55
13.70
25
HO
23
100
68
100
89
66
100
100 , 96.
100 168
100 118
79%
100
100
9%
2
100
100 111
100
65%
100
100
100
100
100
100
100
100 105
100 140%
25
48
40
100 148
48%
25
100
95
100
100 305
100
119
100
100
100
100
100
100
100
100
100
100
100
100
100
40
88
82
99 ,
High.
•
7384'
122
•
48%
95
92%
68
85
13 ,
67
15.00
75 '
101
.92
66
113 .
188
120% ,
98%
17
:
5
120
71
98%
20
60
91 •
107
188 •
53
179
63%
105
370
121
45%92
97
102%
60
134%
165
94
- 97%
31%
45
84
110
93
97%
60
65
95
90
1268
THE CHRONICLE
[VOL. 120.
RANGE OF PRICES ON MONTREAL STOCK EXCHANGE FOR CALENDAR YEAR 1924
(Concluded).
Jan. 110 Dec.31.
YEAR 1924—STOCKS (Concluded.)
Low.
High.
YEAR 1924—BONDS (Concluded.)
Jan. 1 to Dec.31.
Low.
High.
Dominion Government Bonds (Concluded)—
15%
22
Refunding 5s, 1943
199.25 102.85
65
75
Refunding 434s, 1944
90
Asbestos Corporation of Canada, Ltd., 5s, 1942
77
83%
113% Bell Telephone Co. 5s, 1925
7934
100
9836
Calgary Power Co. 5s, 1940
7534
86
Canada Cement Co. 6s, 1929
100
103
118%
137% Canadian Car & Foundry 6s, 1939
100
102
101%
128% Canadian Converters 6s, 1926
99
99%
106% Canadian Consolidated Rubber 6s, 1946
0634
100
48%
Canada Cottons, Ltd., 5s, 1940
73
88
91
100
95%
114% Canadian Locomotive 6s, 1951
99
9734
100 105%
120% Canadian Cons. Felt Co. 6s, 1940
97%
100
69%
84% Canadian Forgings 6s, 1942
100
99%
107% Canada Steamship debentures 5s, 1943
72
80
100
80%
115
Carriage Factories 6s, 1940
91%
100
10
Cedars Rapids Manufacturing & P. Co. Sc. 1953
99%
9634
100
38
40
Dominion Canners 6s. 1940
9734
98
100
Dominion Coal 5s, 1940
98
9434
100
57
64
Dominion Glass Co., Ltd.. 65, 1933
102%
10134
100
92%
Dominion Iron & Steel 5s, 1929
98
92%
85
100
40
Havana Electric Railway 5s, 1952
69
100
Hillcrest Collieries 5s, 1940
47
70
Kaministlquia Power Is, 1937
100
32
Lyall Construction Co. 6s, 1932
45
90
8734
100
Mexican Electric Is. 1942
100
Mexican Light, Heat & Power 55, 1933
61
60
100
24
38% Montreal Light, Heat & Power Co. 43.4s, 1932
97
95
100
75
86% Montreal Tramways 5s, 1941
95
91
100
23%
Debentures 5s, perpetual
35
86
78
100
60
Montreal Warehousing 4s, 1936
65
National Breweries 6s, 1939
103%
BANKS
Northern Electric 5s, 1939
95
0334
Canadienne Nationale
100
143
150% Nova Scotia Steel & Coal Is, 1959
284%
7634
Commerce
100
178
205
Ogilvie Flour Mills 6s, 1932
10134
104%
Dominion
100
180
185%
Series B 6s, 1932
104
10236
Imperial
100
180
169%
Series C 6s, 1932
103
104
Montreal
100 230
250
Ontario Steel Products 6s, 1943
99
Nova Scotia
9734
100 248
266
Penmans Ltd. Is, 1926
99%
Royal
295
100 211%
240
Pennsylvania Water & Power 5s, 1940
Standard
100 170%
Series A 534s, 1953
Toronto
100
17534
176% Porto Rico Ry. Co. 1st mortgage 5s. 1936
68%
Union
100
98
Quebec Railway, Light, Heat & Power Co. 5s. 1939
108
92
81
Riordon Pulp & Paper Co. 6s, 1942
91%
7436
Rio de Janeiro 5s, 1935
86%
BONDS
8634
Second Mortgage Is, 1958
Dominion Government Bonds—
Sao Paulo Tramway 5s, 1929
88%
Dominion of Canada War Loan 5s, 1925
86
100.05 101.15 Sherwin Williams 65. 1941
Dominion of Canada War Loan 5s, 1931
100
103
100.10 102.30 Spanish River cumulative dividend cocipon 6$, 1931
Dominion of Canada War Loan 5s, 1937
105
106
102.10 104.10
Ex-dividend coupon 6s, 1931
Victory Loan 54s, 1927
102.10 103.50 Steel Co. of Canada 6s, 1940
Victory Loan 534s, 1933
101
104%
104.25 106.70 Wabasso Cotton Co., Ltd., 6s, 1947
Victory Loan 534s. 1934
90
92%
102.30 104.90 Wayagamack P. & P. Co.. Ltd., 65, 1951
86
Victory Loan 554s. 1937
7434
106.30 109.00 West India Electric Is. 1928
Renewal 514s, 1927
101.00 102.75 West Kootenay Power 6s, 1940
Renewal 534s. 1932
10034
10035
2101.65 104.15 Winnipeg Electric Co. 5s, 1935
Refunding 5s. 1928
91%
8534
99.35 101.30 Winninee Street Railway 5s. 1927
9734
199%
Note.—The above quotations are for Board lots only, viz.; 25 shares, excepting
bank
stocks,
10
shares,
mining
stocks
100
shares.
bonds
$1,000;
sales
offractional lots are not Included in comparative quotations. •Holt, Renfrew,
pfd.,7% in arrears. t Can. Conn. Cottons cum. part. pfd. 10% in arrears.
Odd lots, $500 and under $1.000.
Quebec Railway, Light, Heat & Power Co
St. Lawrence Flour klills
Preferred
St. Maurice Paper Co.,Ltd
Sawyer Massey Co
Preferred
Shawinigan Water & Power
Sherwin Williams Co
Preferred
Southern Canada Power Co
Spanish River P. & P. Mills
Preferred
Steel Co. of Canada
Preferred
Toronto Ry. Co
Tooke Bros
Preferred
Tri City Railway, Light & Power Co.. preferred
Tucketts Tobacco Co
Preferred
Twin City Rapid Transit
Preferred
Wabasso Cotton Co., Ltd
Wayagamack P. & P. Co.. Ltd
West India Electric
West Kootenay, preferred
Winnipeg Electric Ry
Preferred
Woods Manufacturing Co., Ltd
Preferred
Par Value
100
100
100
100
100
100
100
100
100
Wisconsin—Safe and Sound.*
By MoRais F. Pox, President Morris F. Fox & Co., of
Milwaukee, Wis.
Wisconsin always reminds me of the two-faced
Janus. His war face the result of politics; his
peaceful countenance serene because of Wisconsin's
sound and prosperous economic development. Because of the fact (and I say this in all seriousness)
that for many years but one of Milwaukee's industries was nationally and internationally advertised,
our contributions of steel and leather, of food products and textiles, of boots and shoes, have been underestimated.
Milwaukee's metal trade products for 1924 were
valued at $247,918,502; her food products, $111,442,133; leather and textiles at close to $70,000,000.
Milwaukee's export business is steadily increasing,
although we are termed an inland port. $4,770,200
of agricultural implements were exported in 1924, an
increase of almost $2,000,000 over 1923. Over
$3,000,000 in textiles, over $4,000,000 in leather
goods, more than $20,000,000 in food products were
exported in 1924. Our total exports were over $43,000,000.
The most striking State development has been
that of the dairy industry. Within a generation, a
revolution has taken place in Wisconsin dairying.
Less than 50 years ago Wisconsin butter was quoted
on the Eastern Exchanges as "Western grease,"
while her cheese had to be camouflaged under Eastern trade names. To-day Wisconsin cheeseneeds no
apologies and recent figures give her credit for furnishing over one-sixth of the nation's best creamery
butter. While the southern half of the State is supplying one fundamental need, the northern half is
This article was intended for our issue of last week, in which we featured Northwestern security prices, but was delayed in transmission through
the mails. We accordingly print it the present week.
turning out reams and tons of another basic necessity—paper.
In fact, you will note that all of the important
activities of this great State are in the non-luxury
class, which may account, perhaps, for the fact that
we are often termed "slow and reactionary" in our
business methods.
I would rather describe Milwaukee's and Wisconsin's business men as cautious and conservative,
withal courageous and constructive. Not so ready,
perhaps, to plunge forward, but thereby avoiding the
painful and costly necessity of retraction. Although
we felt the industrial upheaval and depression; although we suffered unemployment; although there
are failures in our manufacturing records; our ratios
were small as compared with the calamities which
befell some of our more eager and venturesome sister
States.
This same cautious quality; this same demand for
proof before procedure; for the facts before venturing, is evidenced in the financial markets. The Wisconsin investor is rather wary, wants full value received, but buys steadily. The 1924 demand was
rather spotty, reflecting a like condition in industry.
The present spculative tendency is being felt, but, on
the whole, the demand is consistent and is for the
real investment.
A $4,000,000 increase in the building trades industry in 1924 is evidenced by both residence and
office structures and by an advancing interest in the
real estate bond as an investment. Assuming, of
course, that our Legislature will not tax us out of
existence, all signs point toward a steadily improving prosperity for 1925. And, while, true to form, we
shall expect no pyrotechnics, we expect that financially and economically, at least, Milwaukee and Wisconsin will continue "Safe and Sound."
Ma.14 1925.]
THE CHRONICLE
1269
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Mar. 13 1925.
In the aggregate there is a fair business doing, even if it
is not in all cases, up to expectations. The car loadings are
a fairly good sign. For the first nine weeks of this year
they exceed any total ever before known. Farmers, it is
true, are paying debts and are not overbuying, though buying steadily. They have had excellent markets and good
prices. Of wheat only 13.1% of the crop remains on the
farms, against 17.3% a year ago and in country mills the
stocks are only 7.9% of the crop, against 18% last year. Of
corn the farms held on March 1 only 32.9% of the crop
against 37.9 last year. High prices have pulled the wheat
to foreign countries that felt the pinch of scarcity. The
farming community is in good shape with the best prospects,
the Agricultural Department declares, for five years past.
There are no burdensome supplies of wheat, corn, cotton or
wool. It adds that stocks of old corn are almost non-existent. Corn supplies are so short that it has put a sharp
brake upon live stock production. Wheat surpluses that
burdened the West through three years of near bankruptcy
have likewise disappeared. Moreover, when the whole
world uses up its reserves of a great staple like wheat,
when the normal exporting countries have to turn buyers,
the world is supposed to be ready to absorb a good-sized crop
for a year or two to come. So with the world's cotton and
wool reserves. They still need to be replenished and supplies are increasing but slowly. Meantime trade makes the
best showing in the Northwest and the Southwest. The
steel trade is on only a moderate scale, with some declines
In prices here and there. Railroad buying is of a fair size
and somewhat larger than recently. Pig iron is dull and
lower.
But the sensation of the week is the great fall in the price
• of wheat with panicky markets to-day in Chicago, Winnipeg and Liverpool. The decline at Chicago to-day was
10 to 15/
1
2c., with enormous exports to Europe this week
from North America, Argentina and Australia, and some
90,000,000 bushels are on the sea bound for Europe and
speculation flagging. Small wonder that Liverpool prices
broke equal to 10 to 11c. to-day. It is believed, however,
that Palm Beach operators have been selling wheat aggressively, as well as cotton and stocks. But the decline is not
an unmixed evil if it calls a halt on wild and unhealthy
speculation, sobers up the farmer and prevents him planting
too big a spring wheat acreage. It was noticeable, too, that
while Chicago prices snapped and dropped 15/
1
2c. on May
wheat, prices in Argentina were only 3 to 3/
1
2 cents lower.
American prices have recently been well below the Argentine
level. The decline will put the American grower in better
shape than ever to compete for the European market. In
any case, however, American supplies are not at all burdensome, either in the market or on the farm. Farm reserves,
Indeed, are 20% smaller than a year ago. Corn stocks on
the farms are the smallest since 1917. But corn prices fell
to-day 8c., while oats declined 4 to 5c. and rye no less than
/
2 cents. Corn is some 18 cents below the highest
11 to 171
price recently and oats are 21% cents under the highest
price of the season. Rye, to cap the climax, is some 58 cents
lower than the "peak" price. Cotton has fallen nearly half
a cent on hopes of rain in Texas and reports from time to
time of showers there. Unfortunately, they were not offidaily verified. The trouble was that the speculative market had become overbought, textile trades were not in satisfactory shape and there were reports of mill curtailment in
North Carolina to avoid an accumulation of stocks. Also,
Fall River's sale is comparatively small, and after some increased activity in Worth Street there has latterly been
some falling off in trade there. Prices have been firm, but
trade of late at best has been only moderate. In Manchester the higher prices recently demanded have of late checked
business. The Liverpool cotton market has shown lessened
activity. At Manchester, N. H., there was some curtailment
of production for the end of the week. Wall Street, Chicago,
and above all, Florida resorts, have been very heavy sellers
of cotton. Lumber business has been more active on the
Pacific Slope. Coffee has declined, as there is evidently a
growing opposition to higher prices in this country. In
other words, there is an increased use of substitutes, and
latterly Brazilian markets have been falling. The great
advance in coffee was partly artificial, as is well known.
That is to say the Brazilian Government has arbitrarily
limited the daily receipts at Rio and Santos for many months
past with a view of keeping up the price. It would seem,
too, that the coffee trade is considerably in the dark as to
the actual supply of coffee in Brazil. Certainly there is a
wide difference of opinion on the question of present and
prospective supplies. Nobody seems to have any clear idea
as to just how much coffee is being held back in the interior
of Brazil. Raw sugar has been firmer, with a good business. It is still apparent that the consumption is on a large
scale. One sign is that prices have advanced of late, even
with the crop movement apparently at its highest. Hardware business at retail has been quiet, partly owing to unfavorable weather in some parts of the country. Building in
the New York district is much smaller than it was a year
ago.
Wool prices have been declining in Australia and England. In this country the wool trade is dull and the tendency of prices seems to be downward. The public balks at
paying war prices for clothing and the wool and woolen markets feel it. Department stores did a smaller business in
February than in the same month last year. That was the
case also in January. On the other band, it will be recalled
that mail order and chain store business in February was on
a very large scale. The shoe manufacturing business at the
West is more active. In New England, however, it is quieter
than usual at this time of the year. During the week there
has been some increase in retail and jobbing trade generally.
But it is still a fact beyond question that buying is on a
conservative scale. Buying ahead is the exception rather
than the rule. People are cautious rather than venturesome.
Trade thus far in 1925 taken as a whole has not been as
large as was expected. It is noteworthy that employment
1
2%.
has increased in Illinois during the last three months 4/
1
2% smaller than a
But it is quite as significant that it is 7/
1
2% behind 1923. Collections are fair at the
year ago and 8/
West. Retail business is said to be satisfactory. The Western dry goods sales are about the same as last year, or
slightly larger. The steel trade makes the best showing of
any branch of business at the West. It is worthy of note that
unfilled orders of steel during February showed some increase and were but little below the high point. It is naturally regarded. too, as a significant circumstance that during the last six months the West is said to have taken more
securities than was ever before known in so brief a period.
What is more, the demand continues with no sign of abatement. ICopper has been inclined to sag in price and the
minor metals are at the low point of the year. The silk
industry is busy. Spring fashions help it. Raw silk has
declined here and in Japan. The stock market of late has
been weak, with a decided inclination to seek a lower leveL
Yet the financial situation is good, and what is popularly
termed melon-cutting, continues. Of course, the situation in
regard to the St. Paul Railroad is an exception which proves
the rule of soundness, taking the financial and railroad
world as a whole. Speculation in stocks has fallen off somewhat, but still continues to be at a rate nearly double that of
a year ago. And it is noteworthy that securities of the better sort are still freely bought. The investment demand, in
other words, continues even if speculation at times acts a
little jaded. The money market shows some tendency to
advance. To-day it was steady at 4% on call. Latterly
foreign exchange has been stronger, much to the satisfaction
of London, where investment securities have been rising.
There is some grumbling in England over the continued excess of imports over exports, but in the cotton trade at least
the exports of Lancashire's goods are in some cases the
largest for three years past. There is also complaint in
Lancashire of the recent advance in the Bank of England
rate of discount to 5%. But in the main London has taken
it calmly. One source of dissatisfaction in England is that
the budget is pretty heavy; it shows a comparatively small
net decrease. Continental exchange has in not a few cases
advanced. That is also true of South American currencies,
while Japanese exchange was up to a new high level to-day.
1270
THE CHRONICLE
[Vol.. 120.
In other words, the tendency cif the world's currencies is to
Gain in Employment and Wages in Pennsylvania in
Increase in value, while at the same time there is quite a
February-Changes in New Jersey.
distinct tendency towards a balancing of budgets. The
According
to the advices made public by the Federal
trend,in other words, is towards reduced costs and increased
production and trade, as should be the case among the civil- Reserve Bank of Philadelphia to-day (Mar. 14) factory
employment in Pennsylvania increased nearly 2% in Febized nations of the globe.
In New Bedford there is said to be a prospect of an early ruary according to reports received by the bank from 648
revival of yarn trade and also throughout New England, with manufacturing establishments in that State. The statement
on to say:
the possibility not only of full time production, but even of goes
Total wages paid, which chiefly reflects changes in operations, gained
overtime work to keep up with the demand. Meanwhile 3.6%. Especially large increases occurred at blast furnaces, foundries, car
at no time since the height of the post-war boom has there repair shops and at establishments manufacturing heating apparatus.
the metal industries. Marked improvement also occurred in the texbeen as great a movement of cotton into New England as among
tile industries, carpet mills, silk mills, dyeing and finishing establishments
has taken place during the past three months, said a dispatch and knit goodsfactories showing large expansion in operations. .Activity was
from New Bedford. Arrivals during February were more also much greater in all the building material industries; pottery plants
showed
greatest increase. Of the miscellaneous industries; lumthan 150,000 bales. For the past three months the aggre- ber mills,the
leather products, and boot and shoe establishments experienced
gate was nearly half a million bales. At Manchester, N. the greatest advances. Only two of the industries included in the surveyH., a large amount of weaving on ginghams in the Amoskeag electrical apparatus and shipbuilding-reported important declines in both
employment and wages.
Mfg. Co. plant was suspended on Thursday for the rest of
In New Jersey much the same trend was indicated by reports from 317
establishments in 35 industries. The net change in employment, it is true,
the week.
was a loss of 1% and total wages increased only half as much as in PennsylAt Willimantic, Conn., on March 9 about 1,300 employees vania. This
difference, however, is due chiefly to a very large reduction
of the American Thread Co. failed to report to work in pro- in both employment and wages at factories
manufacturing musical instrutest against a wage reduction of 10%. They are employees' ments, principally at one large establishment. Most of the metal plants
and textile mills in New Jersey reported larger working forces and increased
of the finishing department which is quite thoroughly union- wage payments, clothing
factories, silk mills and dyeing and finishing
ized. About 1,000 employees who reported for work are establishments showing the greatest improvement. Potteries
also reported
employed in the manufacturing department. No overtures a large increase in working forces and wages and rubber tire factories an
looking toward settlement were made. The plant continued increase of 15% in employment and 12% in total wage payments.
EMPLOYMENT AND WAGES IN NEW JERSEY.
operations for a time, but it was shut down later.
(Compiled by Federal Reserve Bank of Philadelphia.)
-Increase or Decrease
Charlotte, N. C., advices state that cotton yarn producNumber of Feb. 1925 over Jan. 1925.
tion at present is very near normal. It has been estimated
Plants EmplottTotal
Average
Group and IndustryReporting. meat,
Wages.
Wages.
that Gaston County mills are producing 90%, the 10% cur- All industries(35)
317
-1.1
+1.7
+2.8
Metal manufactures
01
+1.9
+3.9
+1.9
by
allowing
effected
some
tailment being
machinery to stand
Automobiles, bodies and parts
6
+1.0
-0
-1.0
Electrical
idle, although the mills have not yet cut working hours. Engines, machinery and apparatus
20
+1.7
+5.1
+3.4
machines and machine tools
16
-3.1
-0.4
+2.8
At Clover, S. C., so far as is generally known,there is no curFoundries and machine shops
14
+0.9
-0.8
-1.7
Steel works and rolling mills
6
+1.6
+2.7
+1.1
tailment likely on the part of the cotton mills there for at
Structural iron works
3
+2.9
+8.8
t5.7
Miscellaneousiron and steel products
16
+3.3
+3.8
0.5
least several months. There is more likely to be an increase
ShipbShipbuildinging
4
+4.0
+5.7
1.6
Non-ferrous metals
of production if rumors are to be credited. At the Bowling
6
+2.8
+4.7
+1.8
Textile products
75
+2.5
+7.7
+5.0
Green and Blacksburg spinning mills, C. N. Alexander, the
Carpets and rugs
3
1.9
+0.2
-1.7
Clothing
9
7.3
+10.3
+8.4
manager of the two mills, said that there would be no reducHats, felt and other
5
2.8
-6.3
-8.9
goods
Cotton
13
0.3
tion in the running time for several months at least. The
+8.4
+8.1
Silk goods
17
+1.0
+16.2
+15.2
mills have orders ahead to keep them going.
Woolens and worsteds
9
+0
+2.6
+2.6
Dyeing and finished textiles
12
+4.9
+9.6
+4.4
Charlotte, No. Caro., wired later that Southern yarn
Miscellaneous textile products
7
+2.8
+6.2 • +3.3
and tobacco
8
+5.6
-21.7
-25.9
spinners will shortly curtail to prevent an accumulation of Foods
Canneries
4
-2.7
-2.0
+0.7
Cigars and tobacco
4
+6.8
stocks. Philadelphia reported a sharp advance in yarns.
-24.8
-29.6
Building materials
22
+4.7
+5.0
+0.3
Tire fabric mills report their plants running full in the
Brick, tile and terra cotta products
8
-11.0
-5.4+6.4
Glass
3
-2.2
-6.3
-4.1
South but generally quiet in the East. At Amsterdam, Pottery
11
+12.4
+10.6.
-1.6
41
and allied products
-0.6
+0.7
+1.3
N. Y., the Atlas Knitting Mills on Monday will increase Chemicals
Chemicals and drugs
21
+2.7
+3.8
+1.1
their output 50%.
Explosives
9
-4.4
+7.4
+12.2
8
Paints and varnishes
-3.8
-1.2
+2.7
At New York 30,000 dressmakers have struck, asserting
Petroleum refining
3
-1.0
-1.7
-0.6
industries
80
-10.9
-5.8
+5.7
that "Employers have not lived up to contracts." Factory Miscellaneous
Furniture
5
+2.2
+4.2
+1.8
Musicalinstruments
4
employment in New York State increased between 1 and 2%
-50.3
-35.2
+30.3
Leather tanning
14
+0.8
+3.5
+2.7
in February as compared with January. The chief improveBoots and shoes
6
+3.4
+9.3
+5.7
Paper and pulp products
8
+0.2
-0.2
-0.3
ment was in the textile industry. The War Department at
Printing and publishing
7
-2.8
-3.2
-0.4
Rubber tires and goods
14
+15.4
Washington asks for bids for 250,000 yards of cotton goods.
+11.7
-3.2
Novelties and jewelry
9
+4.0
+6.6
+2.5
Manchester, England, cabled that a plan involving the
All other industries
13
+2.9
-4.5
-7.2
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
nationalization of the whole Lancashire cotton industry is
by the Federal Reserve Bank of Philadelphia and the Department
being prepared by a special labor committee. It is under- of(Compiled
Labor and Industry, Commonwealth of Pennsylvania.)
Increase or Decrease
stood, however, that a year will be required in which to
No. of
Feb. 1925 over Jan. 1925.
complete the scheme, which will then be submitted to
Plants Employ-Total
Average
Group and IndustryReporting. merit.
Wages.
Wages.
Parliament for consideration.
All industries (30)
648
+1.7
+3.6
+1.9
manufactures
248
+1.5
+2.4
+0.9
German advices say that cotton mills, both spinning and Metal
Automobiles, bodies and parts
16
+2.1
+5.0
+2.9
Car construction and repair
13
+6.4
+9.6
weaving, are working at full capacity. The Massachusetts
+3.0
Electrical machinery and apparatus
19
-10.0
+3.8
-6.6
Engines, machines and machine tools
Board of Conciliation and Arbitration reduced wages among
20
+2.8
+0.9
+3.7
Foundries and machine shops
56
+5.1
+3.4
+8.7
the lagers in the Brockton shoe manufacturing district about
Heating appliances and apparatus
16
+12.9
+7.9
+21.8
Iron and steel blast furnaces
12
+4.1
+11.7
+16.3
5% on the average. The reduction, however, is not a flat
Iron and steel forgings
12
+0.5
-3.2
-2.7
Steel works and rolling mills
43
one and some have been cut as much as 123/2% in a few in+1.1
-3.2
-2.1
Structural iron works
9
-4.7
+5.1
+0.1
Miscellaneous iron and steel products
stances. A few also are unchanged.
29
+1.3
+1.4
+2.7
Shipbuilding
3
-8.8
-16.4
-23.7
Chicago reports an increase in building permits of nearly Textile
products
158
+4.1
+2.0
+6.2
Carpets and rugs
11
+10.5
+0.4
+10.9
50% in January and February, breaking all records and
Clothing
17
+6.7
+0.1
+6.7
other
Rats,
felt
and
involving an outlay of $48,228,400, a gain of 815,416,880
+2.0
5
+1.8
+3.0
Cotton goods
14
+2.0
+3.0
+5.0
over the same time in 1924. A sign of expanding Western
Silk goods
40
+2.4
+8.1
+10.6
Woolens and worsteds
18
-2.9
-4.6
trade is that money is becoming tighter at Chicago. Early
Knit goods and hosiery
42
+5.9
+2.3
+8.3
Dyeing and finishing textiles
9
+4.9
+4.4
in the week brokers' loans there were raised from 4 to 43.'% Foods
+9.6
and tobacco
64
+0.1
+0.2
+0.3
Bakeries
with collateral loan rates 43/i to 5% against a minimum
19
+0.2
+0.3
+0.5
Confectionery and Ice cream
18
+5.7
+2.6
+8.5
of 4% previously. New York building has fallen off.
Slaughtering and meat packing
11
-1.7
-6.9
-8.5
Cigars and tobacco
16
-2.0
-2.6
-4.5
The weather early in the week was springlike. Last Building materials
53
+4.8
+4.2
+9.2
Brick, tile and terra cotta products
+2.5
11
+3.6
Sunday it was up to 53 degrees; maples were tasseling and
+6.3
Cement
+6.3
14
+2.4
+8.9
Glass
robins appeared. On Wednesday the thermometer was up
+2.8
24
+6.0
+9.0
Pottery
+20.1
4
+4.2
+25.1
to 62 here. It was snowing or raining to-day in Nebraska, Chemicals
and allied products
+4.6
27
+1.6
+6.2
Chemicals and drugs
-1.2
16
+5.1
+3.8
Iowa, Kansas, Missouri, Illinois and parts of South Dakota
Paints and varnishes
+5.9
6
-4.8
+0.8
Petroleum refining
+5.3
and Oklahoma. Colder weather was coming from the North5
+1.8
+7.3
Miscellaneous industries
+2.3
+3.4
+1.0
100
west. There was no rain in the Texas Panhandle, but there
Lumber and planing mill products
+11.5
8
+1.6
+13.3
Furniture
+8.5
'
+2.7
16
-0.8
were rumors of rain in parts of Texas, though the map
Leather tanning
+3.0
+4.3
+1.2
18
Leather products
-4.9
+8.4
+14.0
3
showed none. To-day the weather was mild here, with a
Boots and shoes
+4.6
22
+4.2
+9.1
Paper and pulp products
-1.3
temperature of 49 this afternoon. To-night it is raining a
-1.0
-2.3
12
Printing and publishing
+0.1
-1.3
'
-1.3
17
little.
Rubber tires and goods
-0.2
+0 1
+0.7
3
THE CHRONICLE
MAR. 141925.]
Changes in Retail Food Prices from Jan. 15 1925, to
Feb. 15 1915 and for Year to Feb. 15 1925.
The U. S. Department of Labor, through the Bureau of
Labor Statistics, has completed the compilations showing
changes in the retail cost of food in 19 of the 51 cities included in the Bureau's report, and under date of Mar. 12,
reports as follows:
During the month from Jan. 15 to Feb. 15 1925, 17 of the 19 cities showed
decreases as follows: Little Rock,4%;Butte, Kansas City, and Milwaukee,
3%; Baltimore, Birmingham, Cleveland, Detroit, Norfolk, and Washington, D. C., 2%; and Charleston, S. C., Cincinnati, Mobile, New Haven,
New York, Philadelphia, and Providence, 1%. In Scranton there was an
increase of 1%,and in Portland, Me., less than five-tenths of 1%•
For the year period, Feb. 15 1924, to Feb. 15 1925, 18 of the 19 cities
showed increases as follows: Birmingham,7%; Mobile and Norfolk, 5%;
Kansas City, Portland, Me., and Scranton, 4%; Baltimore, Butte, Little
Rock and Washington, D. C.. 3%; Charleston, S. C., Cincinnati, Cleveland, Detroit, New Haven, New York, and Philadelphia, 2%; and Providence 1%. In Milwaukee, there was a decrease of 1%•
As compared with the average cost in the year 1913, the retail cost of
food on Feb. 15 1925, was 61% higher in Birmingham, 58% in Baltimore.
Scranton, and Washington, D. C.: 55% in Charleston, S. C., Detroit, and
New York; 53% in Philadelphia and Providence; 51% in Milwaukee and
New Haven: 49% in Cincinnati and Kansas City; 48% in Cleveland; and
44% in Little Rock. Prices were not obtained from Butte, Mobile, Norfolk,
Portland, Me.. in 1913, hence no comparison for the 12-year period can
be given for these cities.
1271
Price Changes in Automobile Industry.
The Peerless Motor Car Co. on March 7 announced
price reductions ranging from $340 to $580 on all the eightcylinder models. The price of the six-cylinder line remains
unchanged at this time. The new schedule of prices is
as follows:
New Price.
$2,945
2,990
3,545
3,595
3,895
3,995
4,195
2,600
Models4-passenger phaeton
7-passenger phaeton
4-passenger coupe
5-passenger coupe
5-passenger sedan
7-passenger sedan
7-passenger limousine
Chassis
Old Price.
$3.285
3,365
3.950
4.175
4,250
4,450
4,725
2,885
Cn0WW,W
0
0
0
000=00
1oW4,
WA.O.
WOOC.P.W
00.
W=4,
Some Grades of Crude Oil Are Advanced in PriceGasoline Remains Much the Same.
Premiums of 40c. a barrel were being offered for Salt
Creek (Wyo.) crude oil during the week, making a price of
$2 a barrel, which virtually places it on a par with yidContinent. The Texas Co. offered the premium, according
to trade information. The White Eagle Oil & Refining
Co. and the Producers' & Refiners' Corp. were reported
offering smaller premiums. On March 9 the Ohio Oil Co.
announced advance of 20c. a barrel in the posted price of
Sunburst (Mont.) crude oils, making the new price $1 40
Business Indexes of the Federal Reserve Board.
The Division of Research & Statistics of the Federal Re- a barrel. The same company on March 10 advanced the
serve Board has issued the present month (March)thefollow- prices of five grades of Wyoming crude oil as follows: Grass
ing statement giving current figures of its various business Creek and Elk Basin,$2 15 each, up 15c.; Lance Creek,$2 15,
up 20c.; Rock Creek, $1, up 30c.; Big Muddy, $2, up 40c.
indexes:
At Denver on March 11 the Midwest Refining Co. anINDEX OF PRODUCTION IN BASIC INDUSTRIES.
nounced it had advanced Wyoming and Montana crude oils
(Corrected for seasonal variations. Monthly average 1919-100.)
15 to 40c. a barrel. The new list compares as follows:
Steel
Sugar Animals Slaughtered
Creek (Wyo.)$2 15, up 15c.; Elk Basin $2 15, up 15c.;
Pig In- CotWhe't Melt
Lum- Grass
1924
Total Iron gels ton Wool Flour ings Cattle Calves Sheep Hogs ber
Cat Creek (Mont.) $2 15, up 15c.; Osage (Wyo.) $2 15, up
January __ 120 120
20c.; Lance Creek $2 15, up 20c.; Rock Creek $2, up 30c.;
112
99
89
97
98 119 136
February. 121 132
102 100 100 127
93 116 130
Big Muddy $2, up 40c.; Salt Creek $2, up 40c. No increase
September 103
80
93
91 all0 141
91 132 108
October __ 109
93
109 100
93 141
93 121 120
was made in Sun Burst crude.
November 107
97
105 102
85 111
82 122 116
December_ 117 119
111 102
82
91
87 130 128
A report from Houston on March 11 states that a contract
1925
was closed for 100,000 barrels of Wortham crude at $2 30
January__ 126 133
115
98
94 122
90 121 145
a barrel, up 30c. from price previously prevailing.
Mid.
Bitu- AnPeSole
The Standard Oil of Louisiana on March 12 reduced the
min- thra- Cop-LeathHetes- Ce- tro-Cigar- To1924
print meat leum Cigars cues bacco price of Smackover and Cotton Valley crudes in Arkansas
ous cite per Zinc er
98 176 113
January
183
126
73 107
a126 111
15c. a barrel. No price changes were,made in other Arkansas
98
94 140
February
189
a127 118
112
74 108
or in north Louisiana crudes where this company posts prices.
98
191 100 162
September
104
68 107
a103 105
99
97 158
185
October
all0
108
71 110
95
The reduction is made according to trade reports in order to
89
96 145
183
November
al04
71 104
91
108
94
92 170
182
December
a116 100
121
76 103
bring prices of these two crudes in line with fuel oil market
1925
192
91 188 105
in group 3, the Mid-Continent district.
January
125 104
128
68 106
Only one change of note was recorded in the price of
INDEX OF EMPLOYMENT IN MANUFACTURING INDUSTRIES.
gasoline during the current week when the Northwestern
(Not corrected for seasonal variations. Monthly average 1919-100.)
Pennsylvania refineries reduced gasoline Yic. a gallon.
LumMetals & Prod'ts Textiles and Products
On March 9 the Standard Oil Co. of New Jersey advanced
ber
Fab1924
Prodand
Total Group Iron die Group
rics
ucts Prod'as the tank wagon price of kerosene lc. a gallon in North and
Index
Index
Steel
South Carolina to 143/ and 15c., respectively.
January
98
98
96
118
89
97
89
February
September
October
November
December
1925
January
Co
W
tO
WWWWCW
W...1WCAN0
W...WWW1
40,40oP.t0
I
99
90
91
91
93
91
77
79
80
83
90
76
78
79
82
98
85
89
88
92
97
85
90
91
94
100
86
87
85
88
123
115
114
114
112
93
85
84
93
95
89
111
Motor Paper & Foods & Leather Stone, Tobacco ChemVePrint- Prod- & Prod- Clatiand & Prod- ical Prohicles
ing
ucts
Glass
ucts
ucts
Wt.?
1924
January
February
September
October
November
December
1925
Prot
January
103
105
80
81
80
82
106
106
103
104
105
105
104
102
101
102
102
103
86
87
81
82
81
080
105
106
108
109
109
108
88
87
86
81
87
87
78
78
71
71
72
a73
84
105
100
83
103
83
74
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale Trade.
1924
January
February
September
October
November
December
1025
January
Orocaries
80
77
93
100
89
83
g()
Meat
Dry
Goods
Shoes
Hardware
Drugs
Total
66
63
71
78
68
67
97
98
116
104
88
77
49
49
69
67
57
56
91
90
106
alll
98
99
116
110
117
128
109
109
80
78
92
a95
84
79
68
82
44
89
114
78
Retail Trade.
Department
Store Sales
Department
Store Stocks
Mall Order
Sales
1924
January
February
September
October
November
December
11111111000
January
109
102
119
141
141
211
125
128
131
124
126
0132
115
127
137
al47
0148
124
131
135
128
132
131
133
98
96
106
141
131
148
100
101
112
109
105
123
109
124
119
134
108
110
1925
a Revised. 8 Without seasonal correction. c Corrected for seasonal variation.
Crude Oil Production Remains About the Same.
An increase of only 700 barrels was recorded by the American Petroleum Institute in estimating that the daily average
gross crude oil production in the United States for the week
ended March 7 was 1,944,450 barrels, as compared with
1,943,750 barrels for the preceding week. As compared
with the output during the corresponding week of 1924, current production is an increase of 28,000 barrels per day.
The daily average production east of California for the latest
week was 1,341,450 barrels, as compared with 1,341,750
barrels the previous week, a decrease of 300 barrels. California was 603,000 barrels, as compared with 602,000
barrels; Santa Fe Springs is reported at 48,500 barrels,
against 47,500 barrels; Long Beach, 116,500 barrels, no
change; Huntington Beach, 42,000 barrels, no change; Torrance, 39,000 barrels, against 39,500 barrels; Dominguez,
53,000 barrels, against 52,000 barrels; and Rosecrans, 14,000
barrels, against 14,500 barrels. The following are estimates
of daily average gross production for the weeks ended as
indicated:
DAILY AVERAGE PRODUCTION.
(/n Barrels.)
Mar. 7 '25. Feb. 28 '25. Feb. 21 '25. Mar. 8 '24.
Oklahoma
403,150
484.200
467,650
475,600
69,700
Kansas
85,300
85,800
85,250
66.000
North Texas
86.550
88.050
86,700
179,850
East Central Texas
169,900
169.000
171,700
9.500
West Central Texas__ _ _
54,050
53,100
53,450
50,600
North Louisiana
49,900
50.050
49,500
104.600
124,250
Arkansas
109,300
107,250
122,950
95.700
Gulf Coast & S.W. Texas
128.200
124,550
98,000
98.000
Eastern
99,000
98,500
Wyoming, Mont.& Col_
89.100
125.350
92,550
89,250
601.800
California
603.000
602,000
654.350
Total
1,944.450
1.943.750
1,947,600
1,916.450
1272
Increase in Paper Production in January.
The January production of paper in the United States as
reported by identical mills to the American Paper & Pulp
Association and co-operating organizations, showed an inincrease of 7% over December's production (following a
2% increase in December over November), according to the
Association's monthly statistical summary of pulp and paper
industry. MI grades showed an increase in production as
compared with December, except hanging. The summary
is prepared by the American Paper & 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,
Wrapping Paper Manufacturers' Service Bureau, and
Writing Paper Manufacturers' Association. The figures
for January for same mills as reported in December are:
Grade.
[Vou 120.
THE CHRONICLE
No. of
Mills.
Production,
Net Tons,
Shipments,
Net Tons.
Stocks on Hand
End of Montt..
Net Tons.
65
63
106
85
26
82
45
8
21
62
126.916
89.403
120.199
52.154
11.245
29.459
12.482
4.605
19.980
21.093
125.057
85.986
119.827
53.922
10.878
29.977
12.084
4,978
19.338
21,206
26.081
42,759
30.798
61.773
6.599
41.628
10,932
1,884
3,830
14,140
A00 G00
A00 ne0
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Other grades
'A n "'
During the same period, domestic wood pulp production
increased 10%, this increase being distributed over all grades
except sulphate pulp. The January totals (mills identical
with those reporting in December) as reported by the
American Paper & Pulp Association, through the United
States Pulp Producers Association, are as follows:
Grade.
Gound wood pulp
Sulphite, news grade
Sulphite, bleached
Sulphite, easy big
Sulphite, Mitscherlich_
Sulphate, pulp
Soda pulp
Other than wood pulp_
ell corot1Ar
No. of Production.
Mills. Net Tons.
100
38
20
6
4
10
11
2
82,100
47,526
23,504
6.375
4,282
13,090
16.000
101
199 1170
Used.
Net Tons.
Stocks on
Hand. End
Shipments, of Month,
Net Tons. Net Tons.
95.015
44,209
19,687
6.468
3,579
12,222
11.910
54
199 IAA
2,276
2,858
3.889
355
458
2.273
4,456
10 KIM
103,633
12,284
3,053
1.870
848
3.415
2,389
66
197 Sea
Lumber Industry Maintains Renewed Activity.
Reports from 374 of the leading softwood lumber mills of
the country to the National Lumber Manufacturers' Association show that the lumber industry maintained during the
week ending March 7 the decided advance established during the preceding week. Although there is an actual reported increase in new business and production, the fact that
there is on the other hand a decrease in shipments and that
the number of reporting mills is larger for the past week
seems to justify the conclusion that there is little change in
the general volume of business. As compared with the corresponding week of last year, there is reported, however, a
marked increase in new business, some increase in shipments,
and a small decrease in production.
The unfilled orders of 251 Southern Pine and West Coast
mills at the end of last week amounted to 653,184,857 feet,
as against 654,667,493 feet for 252 mills the previous week.
The 132 identical Southern Pine mills in this group showed
unfilled orders of 252,338,379 feet last week as against
263,176,002 for the same number of mills the week before.
For 119 West Coast mills the unfilled orders were 400,846,478
feet, as against 391,491,491 feet for 120 mills a week earlier.
Altogether, the 374 comparably reporting mills had shipments 98% and orders 94% of actual production. For the
Southern Pine mills these percentages were respectively 96
and 82, and for the West Coast mills 102 and 109.
Of the comparably reporting mills, 347 (having a normal
production for the week of 221,048,984 feet) reported production 100% of normal, shipments 100% and orders 96%
thereof.
The following table compares the national lumber movement as reflected by the reporting mills of seven regional
associations for the three weeks indicated:
Mills
Production
Shipments
Orders (now business)
Past Week.
374
236,318.056
231.974,361
222,183.742
Corresponding
Week 1924.
389
238.429.138
229,763,631
206.500,208
Preceding Week
1925 (Revised).
355
228,638.224
242,159.207
217,079,120
The following revised figures compare the lumber movement for the first ten weeks of 1925 with the same period of
1924:
1925
1924
Production.
2,179.624,611
2.211,558,619
Shipments.
2,198.157,798
2.307.156.508
Orders.
2,089,500,718
2,302,467,847
31.934,008
108,908.710
212,967.129
1925 decrease
The mills of the California White and Sugar Pine Association make weekly reports but for a considerable period they
were not comparable in respect to orders with those of other
mills. Consequently the former are not represented in any
of the foregoing figures. Eleven of these mills reported a
cut of 7,211,000 feet, shipments of 9,778,000 feet and orders
9,651,000 feet. The reported cut represents 34% of the total
of the California pine region. As compared with the preceding weok there was an increase in cut of 2,939,000 feet, shipments 1,653,000 feet and new business 1,545,000 feet.
Lumber Production and Shipments During January.
The "National Lumber Bulletin," published monthly by
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on March 7 1925 reported
as follows:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFACTURERS ASSOCIATION FOR JAN. 1925 AND FOR JAN. 1924.
January 1925.
Association.
Production (Feel).
Hardwoods.
California Redwood__
15
Calif. White dr Sugar
Pine Mfrs
28
Georgia-Fla. Haw Mill_
9
North Carolina Pine_ .. 62
Northern Hemlock -(1(
Hardwood Mfrs...- 43
Northern Pine Mfrs_
10
Southern Cypress Mfrs.
9
Southern Pine
173
West Coast Lumbeens. 110
Western Pine M(re_ _ _
40
Michigan Manufact'rs. 10
Non-members
24
Total
533
43.408,000
1,875,000
9,304,000
10.877.000
Shipments (Feet).
Softwoods.
Hardwoods.
Softwoode.
34,274.000
28,634,000
34.979.000
14.618.000
33.192,000
84,316.000
18.868,000
32,224,000
18.611.000 27,533,000
26.571.000
10.811.000 2.368,000
404,463.000
453.773.000
74.958.000
3,846.000 6.645.000
48.932.000 10,144,000
17,235,000
40,853,000
9,593,000
368.575,000
466,051.000
128,435,000
2,807.000
43,113,000
65,464.000 1,159,038,000 46,690,000 1,240,704,000
January 1924.
Production (Feet).
Shipments (Feel).
Association.
Hardwoods
California Redwood_
15
Calif. White dt Sugar
Pine Mfrs
28
Georgla-Fla SawMil
North Carolina Pine. 34
Northern Hemlock &
Hardwood Mfrs_ _
51
10
Northern Pine Mfrs_
8
Sou'n Cypress Mfrs_
179
Southern Pine
West Coast Lumb'ns 125
29
Western Pine Mfrs_ _
Michigan Manufac'rs 10
27
Non-members_ _
Total
Total
Total
Total
Total
39,290,000
1,747,000
7.554.000
9,431.000
Softwoods.
Hardwoods.
Softwoods.
29.778,000
28,488,000
16.576.000
4,942,000
24.088.000
52,381,000
5,513,000
25,981,000
15,519.000 27.403,000
32.159.000
8.612,000 2,543.000
394.472.000
457.185.000
53.700,000
1.901.000 6,686.000
55,289,000 10,025.000
17,154,000
36,785.000
7,273.000
433,609.000
460.304,000
85.923,000
2,758,000
42,316,000
522 58.022.000 1,094.222.000 46,657.000 1,198.485,000
production January 1925, 1.224,502.000 feet.
production January 1924, 1.152,244.000 feet.
shipments January 1925, 1,287,394,000 feet.
shipments January 1924, 1,245.142,000 feet.
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
BY MEMBER ASSOCIATIONS,
January 1025
Production. Shipments.
MI:.
.21f ff.
Alabama
23
30,032
30,900
Arkansas
22
94,534
37,835
California
35
67,336
99,555
Florida
17
38,657
41,622
Georgia
11
1,901
2.162
Idaho
16
58,349
22.885
Louisiana
49
125,962
112,790
Michigan
19
17,253
26,002
Minnesota
6
32,020
26,571
Mississippi
41
99,225
106,414
Montana
19,587
9
14,986
North Carolina
14
5,519
5,761
Oklahoma
7,169
3
8.736
Oregon
198,551
52
168,758
South Carolina
21
7,243
6.605
Texas
69,473
36
75.177
Virginia
18,818
16
20.050
Washington
331.394
81
324,029
Wisconsin
38,196
35
49,167
Others (Incl. mostly non-memb. mills, not distrib'd) 27
60,862
59,810
Total
533
1,224,502
1,287,394
Weekly Lumber Review of West Coast Lumbermen's
Association.
One hundred and twenty mills reporting to West Coast
Lumbermen's Association for the week ending Feb. 28
manufactured 100,414,887 feet of lumber, sold 95,900,108
feet and shipped 106,951,382 feet. Now business was 432%
below production. Shipments were 113/
3% above new
business.
‘rty-three per cent of all new business taken during the week was for
future water delivery. This amounted to 41,442,222 feet, of which 30,3 1,222 feet was for domestic cargo delivery, and 11,091,000 feet export.
Nor business by rail amounted to 1,603 cars.
Party-five per cent of the lumber shipments moved by water. This
amninted to 47.783,496 feet, of which 34,671,703 feet moved coastwise
aid interceastal, and 13.111,793 feet export. Rail shipments totaled
1,760 cars.
141eA1 auto and team deliveries totaled 6,367,886 feet.
MAR. 14 1925.]
1273
THE CHRONICLE
Unfilled domestic cargo orders totaled 130.505,573 feet. Unfilled export
orders 112,155,918 feet. Unfilled rail trade orders 4,961 cars. ps.4
In the first nine weeks of the year production reported to West Coast
Lumbermen's Association has been 855,477.770 feet;inew business 796,093,964 feet, and shipmentsl856,561,731 feet. toi
American Woolen Co. Opens Lines of Women's Wear
Goods for Fall at Price Advances-Wide Range
of Fancy Colors Shown.
The American Woolen Co. opened its lines of coat, suit and
dress fabrics for fall on Tuesday (March 10) at prices, as far
as comparison can be made, ranging above those of the
spring offerings. As there are only five repeat fabrics in
the entire offering of 125 different styles, the company made
no estimate of any price advance. A Poiret twill worsted,
No. 09164, however, was priced at $220 per yard, an advance
of 15 cents over the spring price, and it is believed that this
represents the maximum increase made on the worsted
goods, with that on the woolens slightly higher. The complete line opened on Tuesday comprises the following fabrics: Poiretsheen worsteds, Poiret twills, repps, flannels,
broadcloths, suede duvetyns, chamosuedes, pile sheen coatings, velours and polaires. The range of broadcloths on
1
2 to $2 67/
1
2, is said to be the first
offer, priced from $2 57/
the company has shown in five years. In addition, the company is offering "Donnybrook" flannels for the dress and
skirt trades and a range of "Bobby" sport fabrics for the
cap trade.
It is stated that about 80% of the lines shown are staples
or piece dyed weaves, featured by a wide range of colors.
It Is pointed out that these goods have an advantage in that
decisions as to colors can be deferred until it is seen clearly
which colors will be most popular. Forty-two different
shades are embraced in the color range of flannels and worsteds, and thirty-one in the range of coatings. The company
Is understood to expect a good demand for these fall goods.
In particular confidence is expressed in booking large orders
for worsteds from the dress trade, which is also expected to
deal extensively in flannels. The company starts its flannel
line at an advance of 2/
1
2 cents over the spring prices.
Amoskeag Opens Ginghams for Fall at Advanced Prices.
The Amoskeag Manufacturing Co. of Manchester, N. H.,
has opened its fall line of ginghams at an advance of one
Apparently cotton goods values are today Influenced more by the law of
supply and demand than by the fluctuations of the cotton market. With
the slack demand at present manufacturers are regulating their operations
solely by the volume of business booked and are not yet accumulating
stocks. Mills will soon reduce operations by a cut of approximately 25%
of the normal day operating time. This reduction will amount to about
3,500,000 pounds of yarns per week. It is understood that the sharp advance of staple cotton has influenced this decision to curtail.
Acaumulations of stock are the surest indications of a depression in prices.
While prices have remained practically stable since the first of the year they
are in a position to be easily influenced one way or the other.
Meet Hand-to-Mouth Buying.
For the past several years manufacturers have borne the entire burden of
stocks. The dealer and converter and consumer have been carrying a minimum amount of stock and relying entirely upon quick delivery from mill
stocks to supply their needs. No longer is it possible to secure contracts in
advance of actual requirements. With the accumulated stocks of the past
several years dealers and consumers have found no difficulty in filling their
needs almost at a moment's notice. Manufacturers have at last realized
that in order to meet the conditions of hand-to-mouth buying they will have
to regulate operations by the volume of their orders. While irregularity of
operations of plants is In itself a costly operation it is the only solution now
confronting the manufacturers. Buyers decline to anticipate their needs,
and if the manufacturers refrain from accumulating stocks buyers will be
forced to a realization that they will have to anticipate their needs in order
to meet their wants, since there will be no mill stocks to draw from.
The present condition of the cotton textile industry, we believe, Is directly
attributable to two major causes-the one the policy of hand-to-mouth buying and the other the unwarranted prices charged the ultimate consumer.
All cotton goods on today's markets are cheap and yet the retail price of
manufactured cotton goods is but a little below the War prices of several
years ago.
Steel Corporation's Unfilled Orders Show Further Gain.
The United States Steel Corporation on Tuesday, March
10, issued its regular monthly statement showing unfilled
orders on the books of the subsidiary corporations as of
Feb. 28 1925 to the amount of 5,284,771 tons. This compares with 5,037,323 tons on hand Jan. 31, a gain of 247,448
tons. On Feb. 29 last year the unfilled tonnage stood at
4,912,901 tons, while on Feb. 28 1923 the total was 7,283,989
tons. In the following we show the figures back to the
beginning of 1921. Figures for earlier dates may be found
in the issue of the "Chronicle" for April 14 1923, page 1617.
January
February
March
April
May
June
July
August
September
October
November
December
1925.
5,037,323
5,284,771
1924.
4,798,429
4,912,901
4,782,807
4.208.447
3,628,089
3,262,505
3,187,072
3,289,577
3,473,780
3,525,270
4,031,969
4,816,676
1923.
6,910,776
7,283.989
7,403,332
7,288,509
6.981,851
6.386,261
5.910.763
5.414.663
5.035,750
4.672,825
4,368,584
4.445.339
1922.
4,241,678
4,141,069
4,494,148
5,096,917
5,254,228
5,635,531
5,776.161
5.950,105
6,691,607
6.902,287
6,840,242
6,745,703
1921.
7,573.164
6,933,867
6,284,765
5,845,224
5,482.487
5,117,868
4,830,324
4,531,926
4,560,670
4,286,829
4,250,542
4,268,414
cent a yard on all numbers, it was announced Wednesday
(March 4). Boston advices on Thursday (March 12) said
that a large amount of weaving on ginghams had been sus- February Steel Output Smaller-Due to Short Month.
Although there was a slight increase in the rate of steel
pended till noon (March 16).
Leading Printers Advance Percale Prices.
Prices on percales were advanced one-quarter cent a yard
by the leading printers on March 4 and advances of onequarter to one-half cent a yard were also announced that
day on a number of other printed goods.
Cotton Mill Operations Will Shortly Decline 25%,
According to C. S. Green, Secretary of Southern
Yarn Spinners' Association.
An early reduction in operations to the extent of 25% will
be put into effect in cotton mills in this country, is the
opinion of C. Singleton Green, Secretary of the Southern
Yarn Spinners' Association, who gave his reasons for so
thinking in an interview published March 5 in the "Journal
of Commerce." Mr. Green attributes the present accumulations of stock to two causes: first,• the policy of hand-tomouth buying, and second, the unwarranted prices charged
the ultimate consumer. He adds that a 25% reduction in
operations will amount to about 3,500,000 pounds of yarns
per week. His interview as published said:
production during February, the output was smaller than
that of the month preceding, owing to the fact that February
had but 24 working days, while January was favored with
27. The average daily output for February was approximately 1,000 tons larger than the average for January.
According to the regular monthly statement of the American
Iron it Steel Institute, the production of steel ingots in
February 1925 by companies, which in 1923 made 94.84%
of the steel ingot production in that year was 3,547,020
tons, of which 2,931,964 tons were open-hearth, 602,042
tons Bessemer and 13,014 tons all other grades. The calculated production fo.• all companies during February, on
this basis, is 3,740,004 tons, which compares with 4,180,413
tons during January. The average daily output, however,
was 155,833 tons during February, as against 154,830 tons
the month preceding. This is the seventh successive month
to show an increase in the average daily output and brings
the February figure up to the highest level reached since
March 1924, when the daily output averaged 161,075 tons.
In the following we show the details of production back
to January 1924:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1924 TO
FEBRUARY 1925. INCLUSIVE.
Reported for 1924 by companies which made 94.84% of the steel Ingot production
in 1923.
At the commencement of 1924, mill stocks of cotton goods and yarns
were large and production was considerably in excess of demand. The
Monthly Calculated
fallacy of attempting to force a 100% production upon a 50% market was
Production Monthly
realized and a drastic curtailment was put into effect during the early
Months.
AU
ComProduction
Openspring and summer.
panics
AU
1924.
hearth. Bessemer. Other.
Reportino. Companies
The drop in cotton price from 35c. to 23c. necessitated the readjustment of
to
a
mark-d
extent.
values
The
first
half
of
1924
showed operInventory
.January.._ 2,766,534 667,032 12,577 3,446,143 3,633.639
ations losses on all cotton manufactures. With the prospect of a 13,000,000- February _ 2,902,641 695,905 14,085 3,612,631 3,809,185
bale cotton crop the buyers' ideas of prices were considerably below current March_. 3,249,783 706,801 15,260 3,971,844 4,187,942
2,575.788 573,381 12,356 3,161,525 3,333,535
figures. During the spring of 1924 cotton goods and yarns values were far April
May
2,060.896 425,099 6.648 2,492.643 2,628,261
below replacement costs. Such sales as mills made were at a material loss. June
1,637,660 310,070 2,622 1,950.352 2,056,466
Regulating Production.
July
1,525,912 241,880 5,162 1,772,954 1,869,416
361.781 5,759 2,410.360 2,541,501
August
_
2,042,820
In spite of the fact that prices were below replacement values buyers were September 2,252,976 409,922 6,844 2,669,742 2,814,996
crop
of
believing
that
with
the
large
cotton
prices would October., 2,505,403 438,468 7,030 2,950,901 3,111,452
slow to purchase,
weaken. The drastic curtailment in all lines ofcotton manufacturing tended November 2,479,147 459,349 8,397 2,946,893 3,107,226
2,810,404 546,506 11,841 3.368.551 3,551,825
to stabilize conditions. Prices reacted, and finally reached a level approxi- December
maZing replacement. Shortly after the Presidential election a demand
5,836,194 108,381 34,754,539 36,645,444
28,809,964
Total
1925.
manifested itself, and for a while conditions looked favorable for a good
689,996 .11,960 •3.964,704 *4,180,413
3,262,748
Januaryhowever,
part
of
November,
latter
demand
the
has
business year. Since
v.,..----0 11,1 OAS An,049 11614 2 A47 fon 9 740664
slackened, and while prices have remained at about the same level the vol•Revised.
ume of business nas been much hegfi than was expected.
No.
Approx.
of Daily Prod'n
Work- AU Coinpatties
kw
Days. Gross Tons.
27
25
26
26
27
25
26
26
26
27
25
26
134,679
152,367
161,075
128,213
97,343
82,259
71,901
97,750
108,269
115,239
124,289
136,609
312
117,453
27
24
*154,830
lAA 222
1274
• Steel
THE.'CHRONICLE
Price Levels
—Pig Iron Price Lower.
Under-surface developments give signs of price stability
at prevailing levels for second quarter shipments in the
heavy tonnage steel products, declared "Iron Age" this
week. The fact that the rather general $2 a ton advance
attempted in January applied to few and on no sizable sales
is not taken to mean there has been a price recession or that
there is price weakness of the kind inviting hesitation, according to the "Age," from which we quote as follows:
Market Shows More-Activity at Same
r Adding to tonnages on present quarter contracts against which rollings
will not be made before April 1, fresh buying for concrete reinforcing steel
was done at 2.10c., Pittsburgh. Round tonnages of plates were covered
at 2c., including a few thousand tons for railroad cars and several hundred
tons for steam boilers. The leading oil company has taken an option
at the same price on several thousand tons. First quarter prices have
ruled on alloy steel orders of the past week. In Chicago prevailing prices
have likewise been established by numerous sales.
In sheets and wire no test is being made, seeing that independent sheet
mills have difficulty in maintaining 60% operations or in scheduling a
week's rollings, and wire mills still are engaged on orders taken at lower
than to-day's prices.
Adjustment between production and consumption is shown by a further
curtailment in operations in the Youngstown district, where sheets are a
large factor. Two Youngstown and two Buffalo blast furnaces have been
banked. In the heavier steel products in Chicago, however. 100% activity
is still the order.
The steel ingot production of February, at 155,800 tons a day, is less
than 1% increase over the daily average in January. February operations
were at a rate of about 89J5% of capacity compared with 89% for January,
but the peak point, reached in March 1924, was a 93% rate.
In line with the showing by the U. S. Steel Corp. of an increase in unfilled
orders on Feb. 28 of over 247,000 tons, on top of the increase of 221,000
tons at the end of January, Is the recording of bookings of large independent
steel companies for the first third of March only a few per cent under the
amount taken in the same period of February.
The weakness in sheets has been accentuated by low prices obtained
by automobile makers, who are not buying for more than April needs.
As low as 4.40c. has again been done on automobile body sheets. Black
sheets for immediate shipment brought 3.25c., with 3.50c. substantially
a maximum price. Galvanized sheets are easy to get at 4.65c. Makers
of sheet bars are finding it difficult to raise buyers' offers of $37 50 a ton.
On wire rods $48 is not necessarily a minimum. Jobbers are allowing
low price nail contracts to lapse, on the score of lack of storage space.
Railroad equipment business is not up to expectations, though 1,700
cars were bought and close to 4,000 were offered for estimates, including
3.400 for the Southern Pacific. Fifty locomotives were purchased. As to
rail buying, there is no doubt. Fresh orders for 6,800 tons of rails and
for more than 9,500 tons of track supplies were reported from Chicago.
Releases of rail specifications from ten roads in the past week covered
30,000 tons.
The principal items in the structural field are an award of 6,000 tons
for mill buildings for the McKinney Steel Co. and large projects iniboth
Chicago and New York about to come into the market.
That tin plate consumption may meet the estimate of exceeding the
average of the past two years by 10% is helped by a supplemental order
for 200,000 base boxes received from a Pacific Coast can maker for the
fish-packing industry.
The new development in pipe is a few cases of jobbers' receiving consigned stock accounts. Buyers have no notions of higher prices ahead
or fears of difficulties in deliveries. • New prices on seamless pipe represent
a slight advance over the lose point late last year.
The buying of 20.000 tons of pig iron in the Pittsburgh district by a
sanitary company and about 10.000 tons in the East by soil pipe companies
was done at concessions of 50c. per ton on foundry grades. The market
is weak in nearly all centres, but in the Chicago district sellers have so far
been able to resist pressure of buyers. Foreign iron continues to be a
factor, but at its present prices is little below those of domestic iron in
the East.
Some blast furnace operators having contracts with a wage clause have
been paying more than 61 additional for coke since independents adopted
the Frick scale last December, but it Is now expected that the independents
will return next Monday to the lower coke wage scale of November 1917.
Owing to ample labor supply, no serious difficulty in reducing wages is
feared.
The "Iron Age" composite pig iron price is $22 13 per
gross ton, compared with $22 25 last week and $22 50
two weeks ago. The usual composite price table is as
follows:
March 10 1925, Finished Steel, 2.5464. Per. Lb.
Based-on prices of steel bars, beams,tank
Mar. 3 1925, 2.546c.
plates, plain wire, open-hearth rails,
Feb. 10 1925, 2.5464.
black pipe and black sheets, constitutMar. 111924. 2.746c.
ing 88% of the U. S. output
10-year pre-war average, 1.689c.
— Marchr10 1925, Pig Iron. $22 13 Per
Gross Ton.
Basedfon average of basic and foundry
Mar. 3 1925, $22 25
irons, the basic being Valley quotation
Feb. 10 1925. 22 50
the foundry an average of Chicago.
Mar. 111924. 22 86
Phladelphia and Birmingham
10-year pre-war average, 15.72
Finished Steel.-1925-11Igh, 2.560c.. Jan. 6; low, 2.546c.. Feb. 3.
1924—High.2.789c.. Jan. 15; low, 2.460c., Oct. 14. 1923—High,2.824c.,
April 24; low. 2.446c.. Jan. 2.
Pig Iron.-1925—High,$22 50, Jan. 13; low. $22 13, March 10. 1924High.$2288. Feb.26;low,$19 21, Nov.3 1923—High,$30 86 March 20
low,$20 77, Nov. 20.
That the approach of spring and open weather are beginning to impart some new life to the iron and steel situation
s regarded by the "Iron Trade Review" as one of the
factors in the greater activity shown in the steel market
this week. The "Review" says:
While the general note among buyers still is one of marked conservatism,
new undertakings to reach the market are increasing and there is a wider
range to negotiations that may expand into another active buying period
soon. Some covering of second quarter requirements has been done but
it is not extensive.
A better report on the automobile industry comes from Detroit. Practically all builders are gradually swinging into higher production but still
are taking steel cautiously.
riroi.. 120.
New inquiry for steel for construction still is heavy, totaling this week
55,000 tons. This includes 18,000 tons for a power house at New York
and 9,000 tons for a similar expansion at Brooklyn. The Stevens Hote
at Chicago, 17,000 tons, is being bid this week. Building permits at
Chicago for January and February broke all records.
Inquiries for iron ore prices now pending in the open market total 1.000.000 tons. It seems unlikely, however, that prices will be named until
after April 1 as buyers are moving leisurely.
Steel production appears to have reached its peak in February for the
final statistics show the gain in that month was only 0.06% compared
with 13.3 in January and 9.9 in December. The annual rate in February
was 48,400,000 tons, compared with a rate of 48,150,000 tons in January.
February production represented 96.7% of the high water mark in steel
production attained last March.
Present operations do not show any material changes after the recent
slight stepdown. The Steel Corp. is running slightly above 94% of ingot
capacity. Chicago is still on a 100% basis and Pittsburgh at 90%. The
Carnegie Steel Co. is up to 93% this week, against 87% last week, but this
company has taken off two blast furnaces. A further slight loss in steel
activities is shown in Youngstown territory. The railroads appear to be
opening up again in their buying. Car orders this week total about 2.000
Including 750 for the Monon and 500 for the New York Central. The
latter has revived an inquiry for 100 locomotives and may be on the verge
of a heavy buying program. The Southern Pacific is out for 3,400 cars.
Specifications for rails and track fastenings are heavy. Track material
purchases total 10,000 tons.
French competition in cast iron pipe has penetrated as far as Detroit
Where domestic makers have been underbid on 1,640 tons, but are low on
10,820 tons additional. A Mahoning Valley mill has taken 6,000 tons of
pipe for an oil line and 19,000 tons for the Oklahoma Pipe Line Co. is out.
Sheets present the weakest exhibit of the finished steel market. Not only
have producers abandoned the $2 per ton advance for the second quarter
announced Feb. 1 but a number of them, in need of tonnage, are sharply
competing for early business at marked concessions. Black sheets are
selling down to 3.30c. and 3.40c.. Pittsburgh, and on a 5.000-ton lot of full
finished, this week the range of quotations was 4.40c. to 4.60c. Blue
annealed and galvanized are firmer. In plates, shapes and bars the 2.20c.
Pittsburgh price has become nominal.
The week's developments have not witnessed the breaking of the deadlock over second quarter sheet bars. The makers still hold for $39, Pittsburgh or Youngstown. A 12,000-ton sale for Apollo, Pa.. delivery was
closed at $39,Pittsburgh. A published report of a much lower figure having
been done in this case, proves to have been inaccurate. Whether this price
can be maintained is problematical as consumers hold back specifications
and urge concessions.
Still lower prices on pig iron, by 50 cents to $1 per ton have developed
on heavy buying by sanitary ware and pipe manufacturers. On 20,000
tons closed by ono inteMst at Pittsburgh, $21 valley was brought out. This
same interest is closing on 10,000 to 12,000 tons of southern. Eaatern
Pennsylvania sales, including 9,000 tons to the Central Foundry Co., were
done 51 lower. Buffalo iron was sold this week into New England at $21 50.
The "Iron Trade Review" composite of 14 leading iron and steel products
dipped this week to $40 83, against a recent high of $41 22.
Dulness Continues in Coal Markets.
The cool weather that prevailed for a few days last week
was of too short duration to help the coal markets materially,
particularly since most consuming centres had plentiful
stocks in storage. The one bright spot, according to the
"Coal Trade Journal," seemed to be at Superior-Duluth.
where there was a further spurt in activity in shipments over
the Northwest on account of the cold spell. The "Journal"
thus Continues its weekly market review:
Prices there are still up at the level of Feb. 18 when the price of slack was
advanced 50 eta. The iron mines in the Minnesota range are still holding off
from signing contracts.
Up in Canada, Toronto retiorts that the anthracite business Is stagnant
and that independent coal is being offered on a par with company prices.
There is no improvement in the soft coal situation. The market is slow on
account of the warm weather in Montreal and buying is for only small iota
to fill out. Prices there are unchanged.
Demand for both steam and domestic is only moderate at Detroit and
sales are being made at prices considerably below those quoted at the mines
on account of the large stocks in that city. At Buffalo, the soft coal trade
Is slow and prices unchanged. Domestic coke has declined and commercial coke is easier. Anthracite is much less active. Columbus, Ohio,
reports the market practically at a standstill and prices lower with much
distress coal on the market. Southern Ohio output is about the same as
last week but that of eastern Ohio has gained somewhat. The outlook for
the Lake trade is bright. At Cincinnati the market is In a stagnant state.
Some contracts for Lake coal have been consummated but these are few.
There Is some little demand for retail delivery. It is the general belief
that prices have reached rock bottom.
In the Fairmont section of West Virginia prices are unchanged and production slightly off. Much uncertainty is being felt regarding coming railroad contracts. In other sections of West Virginia the curtailment of production has stopped the downward trend of prices. There are still large
stocks of smokeless both at tide and inland which keep down the prices.
High volatiles arc far below normal in,price and demand though supplies
are being reduced. There is a curtailment in production in the Logan and
Kanawha fields, where the operators, acting together, are checking up
through the railroads on "no bill" shipments in the endeavor to stop the practice of shipping without order. New River and Winding Gulf operations
have cut down their output, only large companies having contracts operating to any extent. The Pocahontas and Tug River fields are shipping at
the rate of less than 300,000 tons a week on account of the low prices, and
it Is hard to get anybody to talk contracts just now.
The general dulness is affecting the mines in the Upper Potomac and
western Maryland fields but there is still considerable coal moving, more,
In fact than there was a year ago. Prices are unchanged. In Virginia. the
production is off about 25,000 tons a week,duo to contracts running out and
a slump in the demand for prepared. Spot movement is slow.
Scattered inquiries are beginning to appear in Pittsburgh covering contracts for the coming coal year but steam and gas coal operators are not at
all anxious to close. By-product coal has sagged somewhat in demand
due to a large supply on hand and production has consequently been cut
down. The Connellsville coke ovens have increased their output slightly
in spite of the fact that the demand Is still under supply. In the central
Pennsylvania producing region the production for February was slightly
under that of January and mine owners say that the outlook for 1925 is
1275
TTTE CHRONICLE
,MAR. 141925.1
the worst in the past few years unless the union wage scale is changed. decline in the output of each,. augmented by the more or
At Louisville, Ky., the recent cold spell served only to move some distress less wide observance of Washington's Birthday. The
tonnage. Low prices continue and production has been cut 25% but it is
report says:
still in excess of consumption.
The production of soft coal continues to declbie steadily. Preliminary
At the Virginia Piers the movement over the piers is slightly better than
a week ago, but without change in price. Bottoms, however, are scarce. estimates based on the 153,825 cars loaded place the total output in the
Soft coal trade is gloomy at Baltimore although the export business has final week of February at 8,831,000 net tons, a decrease of 633.000 tons,
taken on a more healthy tone. Hard coal conditions are practically un- or nearly 7%. Partial observance of the Washington's Birthday holiday
changed. The cool spell stimulated the Philadelphia retail anthracite trade was responsible for a part of the loss, but as loadings on the other days of
but was of such short duration that it was not reflected among wholesalers. the week were much less than in the week before, it now appears that the
Stove has taken the place of chestnut as the leader but other domestic and market softened considerably.
Preliminary telegraphic reports on loadings on Monday and Tuesday of
steam sizes are slow on account of oversupply. The bituminous market continues to weaken but without change in price. In New York both anthracite the present week (March 2-7) show recovery as compared with the correand bituminous are extremely inactive but prices are unchanged. At Boston sponding days of the week before, but the total for the 2 days was appresmokeless is slightly higher due to there being less unsold stock. General ciably less than on Fob. 16-17. It appears therefore that the trend of
conditions are unimproved, on account of consumers being reluctant to output is still downward.
The course of production in 1925 has been parallel to that in 1921 and
buy spot or enter into contract. Providence is doing a little business in
"quality coals" at the old prices. The spot all-rail bituminous business is 1924. and about midway between the two. The present decline started a
poor but there are rumors current of some Pennsylvania operators offering month later than that in 1921 and about a month earlier than that in 1924.
contracts for the new coal year, quoting $2. Anthracite has declined Estimated United States Production of Bituminous Coal (Net Tons) Including
further.
Coal Coked.
The bituminous coal market in general is dominated by a
1923-1924a
1924-1925
halting tendency, so much so that despite the fact that proCoal Year
Coal Year.
Week.
to Date.b
to Date.
Week.
duction has been tumbling steadily since early in January
9,758.000 414.983,000 11,528.000 497,471.000
14
most centres suffer from oversupply, declares the "Coal Age' Feb.
Daily average
1,626,000
1,921,000
1,545,000
1.856.000
of March 12 in its weekly review dealing with conditions It Feb. 21 c
9,464,000 424,447,000 10,697.000 508,168,000
1.577.000
1.832,000
1,546,000
1,856.000
the anthracite and bituminous coal markets of the country Daily average
28d
8.831,000 433,278,000 11,061.000 519,229.000
With the exception of a few brisk spells in the Middle West Feb.
Daily average
1.844,000
1544,000
1,856,000 •
1.494000
the weather has not been helpful to the distressed producer
a Original estimates corrected for usual error, which in past has averaged
Contracting is slow, with the course of prices in the spo 2%. b Minus one day's production in April to equalize number of days
in the two years. c Revised since last report. d Subject to revision.
market uncertain, continues the "Age," from which we takc
Production of soft coal during the first 280 working days of the coal
the following details:
year 1924-1925 was 433,278,000 net tons. In the six preceding years It
Business in domestic coals has been on a quite modest plane in Midwest was as follows:
Years of ActivityYears of Depressionmarkets throughout the last week, steam grades being in comparatively
519,418.000 net tons 1919-20
-19
448,583,000 net tons
strong demand, however. The brightest spot, perhaps, is at the Head of 1918
501,645.000 net tons 1921-22
1920-21
397.491.000 net tons
the Lakes, where zero temperatures have instilled real strength into the 1923-24
519.229,000 net tons 1922-23
388.187,000 net tons
market. At Milwaukee and the Twin Cities the cold wave was less severe
ANTHRACITE.
and the pickup did not last long. Trade in Utah is quieter than for many
The production of anthracite declined sharply in the week ended Feb.28.
months; the bottom seems to have dropped out and mines are being closed
down, working time having fallen off to an average of two days a week. Using as a basis the number of cars loaded, and including allowances for
Sporadic cold waves in the Southwest have created a spasmodic retail mine fuel, local sales, and washery and dredge production, it is estimated
that the total output was 1,605,000 net tons, a decrease of 233,000 tons,
market, but with little effect on the wholesale trade.
Conditions are not bletter in Kentucky, a slight improvement in demand or nearly 13%. Production was somewhat interrupted by the occurrence
for both steam and prepared sizes incident to a few cold days having been of Washington's Birthday, but examination of the figures of daily loadings
insufficient to clear tracks of "no bills." So much of this fuel is being sold indicates that a lower rate of output prevailed throughout the week. Comthat distress prices rule the market. Output of all classes of West Virginia pared with the corresponding week a year ago, there was a decrease of
high and low volatile coal is declining, smokeless feeling the effect of the 261,000 tons.
Cumulative production during the present coal year stands at 81,150.000
dulness almost as much as high volatile. The general slowing down of
production in southeastern Kentucky and West Virginia is tending to tons, a decrease when compared with the corresponding period of the coal
year
1923-24 of approximately two and a half million tons.
alleviate the clogged condition at Cincinnati, whore "no bills" are somewhat
less numerous-not because of improved demand but because they have
Estimated United States Production of Anthracite (Net Tons).
been shunted further on for others to worry about. Buying is at a low ebb
1924-1925------ -------1923-1924-----at Columbus and no sign of improvement is in sight. Business at CleveCoal Year
Coal Year
land is slower than at any time in months. Buffalo is hopeful but not overWeek
EndedWeek.
to Date.
Week.
to Date.a
sanguine for March.
1.824.000 77,707,000
1.900,000 80,208,000
The New England market is rather ragged as to prices, for, though several Feb. 14
Feb.
21
1.838.000 79,545,000
1.655.000 81,863,000
smokeless agencies maintain the top price for navy standard grades, others
1,605,000 81.150,000
1.866,000 83,729.000
with accumulations are quoting below that level. Then too there is little Feb. 28b
a
Minus
one
day's
production
in
first
week
of
April
to equalize number
strength to demand, as consumers show a disposition to wait until conditions are more settled. At New York, Philadelphia and Baltimore the of days covered in the two years. b Subject to revision.
trade is practically at rock bottom and the outlook is gloomy. Commercial
BEEHIVE COKE.
and industrial demand at Birmingham are fairly good, but there is scarcely
The production of beehive coke continued to decline in the week ended
any call for domestic grades.
Feb.28. Preliminary estimates based on the number of cars of coke loaded
Trade In anthracite has developed into a weather proposition pure and
place the total output at 254.000 net tons, against 259,000 tons in the
simple, demand as a rule being so quiet that in some instances sales are
preceding week. Of the six producing districts, West Virginia alone
being made subject to April prices and billing. Independent prices have
showed an increase. According to the Connellsville "Courier," production
slipped considerably and many mines are idle because of lack of orders.
Chestnut and stove have the call though there are a fair number of orders in the Connellsville region remained practically unchanged.
Estimated Production of Beehive Coke (Net Tons).
for egg. Pea is sluggish and steam sizes move only moderately well with
prices easy.
Week Ended-1924
1925
The "Coal Age" index of spot prices of bituminous coal on March 9
Feb. 28 Feb. 21 Mar. 1
to
to
stood at 167. the corresponding price for which is $2 02, compared with
1925.b 1925.c 1924.
Date.
Date.n
169 and 52 04 the week before.
Pennsylvania and Ohio
199,000 203,000 255,000 1.756,000 1.874,000
Dumping of coal for all accounts at Hampton Roads in the week ended West Virginia
15,000 14,000 17,000 114,000 131,000
March 5 totaled 403,712 net tons, compared with 418,427 tons in the Ala., Ky., Tenn. & Ga
21,000 23,000 28,000 197,000 174.000
previous week.
Virginia
10,000 10,000 10,000
78.000
84.000
Colorado and New Mexico
46,000
5,000
5,000
36.000
5,000
Weekly Output of Bituminous Coal, Anthracite and Washington and Utah
4,000
4,000
36,000
4.000
38,000
Coke
Declines.
The weekly report on the production of anthracite,
bituminous coal and beehive coke, issued by the U. S.
Geological Survey March 7, shows continued seasonal
T
United States total
254,000 259,000 319,000 2,225,000 2.339.000
Daily average
46,000
44,000
42,000 43,000 53,000
a Adjusted to make comparable the number of days in both years.
Subject to revision. c Revised from last report.
Current Events and Discussions
The Week With the Federal Reserve Banks.
An increase of $11,900,000 in discount holdings is shown for the New
Reserve Bank and of $4.800,000 for Cleveland. while the Chicago
The consolidated statement of the condition of the Federal York
bank reports a decline in its discount holdings of $4,900,000, and Atlanta
Reserve banks on March 11, made public by the Federal a decline of $3,500,000. Of the remaining banks, three show,:a total
Reserve Board, and which deals with the results for the increase of 54.100,000, and five a total reduction of $2,900,000.
The Federal Reserve Bank of New York reports an increase of $7,700,000
twelve Federal Reserve banks combined, shows increases of in holdings
of acceptances purch.sed in open market, while Chicago and
$9,500,000 in holdings of discounted bills and of $5,600,000 San Francisco show decreases of $5,700,000 and
55,500.000, respectively.
System's holdings of U. S. Treasury notes went up $36000110 and of
in Government securities, together with a reduction of The
U.S. bonds $600,000, while holdings of Treasury certificates ofindebtedness
$2,300,000 in holdings of acceptances purchased in open declined $600,000.
The principal changes in Federal Reserve note circulation during the week
market, with the result that total earning assets went up
increases of $6,600,000 and $2,200,000, respectively, reported by
$12,900,000. Federal Reserve'note circulation increased comprise
ec
el
hi
eea
vego
laud and Philadelphia banks, and a decline of $1.900,600 reported
$3,300,000, cash reserves $14,700,000 and total deposits by
$17,800,000. After noting these facts, the Federal Reserve
The statement in full, in comparison with the preceding
Board proceeds as follows:
week and with the corresponding date last year, will b
e
4
1276
THE CHRONICLE
[Vol,. 120.
found on subsequent pages—namely, pages 1301 and 1302. shipped to Germany during the next few weeks. The New
A summary of changes in the principal assets and liabilities York "Times" of March 11 said:
This amount, it was learned, has been bought by the German Reichsbartk
of the Reserve banks during the week and the year ending
over a period of months. The amount has been stored in the vaults of the
March 11 1925 follows:
Federal Reserve Bank and represents purchases made through New York
Total reserves
Gold reserves
Total earning assets
Bills discounted, total
Secured by U.S. Govt.obligations
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds..
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Other deposits
Increase (+) or Decrease (—)
During
Year.
Week.
+$14.700.000 —$225.100.000
—255.300.000
+13.900.000
+175.600.000
+12.900.000
+9.500.600
—73.000.000
+32.100.000
+9.200.000
—105.100.000
+300.000
+58.700.000
—2,300.600
+5.600.000
+176.000.000
+59.700.000
+600.000
+128.000.000
+5.600.000
—600.000
—11.700.000
—279.900.000
+3.300.000
+236.700.000
+17.800.000
+256.600.000
+35,300.000
—27.900.000
—13.100.000
+8.000,000
—4,400,000
banks. It has been set aside, or "earmarked." for the German Reichsbank account, and because of that fact has not figured In the regular weekly
statements of the Federal Reserve Bank of New York. Consequently, the
withdrawal of this large total, which is being done without recourse to the
proceeds of the $110.000.000 German reconstruction lean, will not be reflected in the country's total figures of gold holdings. There likewise will
be no change in total gold holdings of the German Reichsbank, as the New
York deposit of gold for that institution has been listed in the regular reports
of that bank. The item in which it was included consisted of 200,000,000
marks of gold carried in foreign depositories. The figure is equivalent to
M1,000,000.
Whether held abroad or at home, Germany's gold serves the purpose of
securing the Reichsbank's circulation of paper money. Consequently, it
was explained, the shipment of the metal to Berlin will make no change in
the amount of paper notes which the bank may issue. German Government officials desire to have the gold at home, according to explanations
received by New York bankers, primarily to bolster confidence in the new
reichsmark currency, and because of German policy in the past which has
been to keep its gold reserve within the boundaries of that country. This,
It was believed, would more than offset the high costs which Germany must
entail in preparing the shipments. Insurance charges, oceanic freight
charges, interest, drayage and numerous other items figure in computing
the cost of such shipments, which on an amount so great as the current
shipments willl run high into the hundreds of thousands of dollars.
In the meantime, it was assumed that the German Government would
continue to add to its gold holdings in America, and at Intervals to call for
their shipment to Germany. Whether the Relehsbank intends later to call
for the $50,000.000 balance of the German Government loan has not been
revealed. But without including this figure, it was shown that within six
months after the floattion of the German loan that country had bought
M00.000,000 of American gold for shipment to Berlin, and with $50,000,000
additional money available for like use, that sum might be exceeded. Since
Dec. 1, when the American gold export movement began on a large scale.
Germany has purchased as much or more gold here than the rest of the world
combined.
The Week With the Member Banks of the Federal
Reserve System.
An increase of $100,000,000 in loans and discounts and
decreases of $59,000,000 in investments, of $55,000,000 in
reserve balances and of $34,000,000 in accommodation at
the Federal Reserve banks are shown in the Federal Reserve
Board's weekly consolidated statement of condition on March
4 of 739 member banks in leading cities. It should be noted
that the figures for these member banks are always a week
behind those for the Reserve banks themselves.
All classes of loans show increases for the week, loans on
United States Government securities increased by $3,000,000,
loans on corporate securities by $47,000,000, and "all other", Berlin Denies Buying Gold—Reichsbank Says Bullion
Shipped from New York Represents Withdrawal.
largely commercial, loans and discounts by $50,000,000.
Holdings of United States bonds were reduced by $15,000,The New York "Evening Post" reported the following
000, of Treasury certificates by $30,000,000, and of corpor- from Berlin ivereh 12:
At the Reichabank denial was made of the report from New York of
ate securities by $15,000,000, while holdings of Treasury
German gold purchases In the United States. On the contrary. the Reich*.
notes went up about $1,000,000.
bank was said to he planning a gradual withdrawal of funds abroad deMember banks in New York City report increases of $18,- signated as "uncharged gold balance abroad."
The largest part of this gold fund Is deposited in New York with the
000,000 in loans on corporate securities and United States
Federal Reserve Bank. The $2.500,000 In gold shipped from New York
Government securities and of $26,000,000 in "all other" yesterday
represented the first re-transmission of the gold balance to
loans and discounts. Their holdings of United States bonds Germany.
declined by $4,000,000, of Treasury certificates and of corporate securities by $29,000,000 and $5,000,000, respectively, Expected Extension by United States of $500,000,000
Gold Basis Credit to Bank of England—Montagu
while their holdings of Treasury notes were increased by
Norman Reported as Planning Further Visit
$7,000,000. Further comment regarding the changes shown
to United States.
by these member banks is as follows:
Regarding an alleged credit of $500,000,000 to be exNet demand deposits went down $8,000,000, decreases of $15,000,000 in
the San Francisco district. $9.000.000 each in the Boston and Chicago tended to the Bank of England in furtherance of a return
•
districts and $7.000.000 in the Cleveland district being offset in part by
increases of $17.000,000 in the New York district. $7.000.000 In the Kansas to the gold standard, the New York "Journal of Commerce"
City district and $6.000.000 in the Philadelphia district. Time deposits had the following to say on March 7:
show a reduction of $6.000,000. Increases of $22,000,000 in the San Francisco district and of $11,000,000 in the Boston district, partly offsetting
declines of $31.000.000 and 310,000.000, respectively, in the New York
and Philadelphia districts.
Reserve balances of all reporting banks show a reduction of $55,000,000
and their malt in vault a reduction of $13,000.000. The New York City
members report reductions of $46.000,000 in reserve balances and of *6.000,000 in cash.
Borrowings of all reporting institutions from the Federal Reserve banks
were reduced by $34.000.000. Like borrowings of the New York City
banks were reduced by $49,000.000.
On a subsequent page—that is, on page 1302—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 (-F) or Decrease (—)
During
Week.
Year.
Loans and discounts, total
+$100.000.000 +$1.309.000,000
Secured by U.S. Gov't obllgations---+3,000.000
—7,000.000
Secured by stocks and bonds
+47.000.000
+973.000.000
All other
+50.000,000
+343.000.000
Investments, total
—59.000.000
+887,000,000
U. S. bonds
—15,000.000
+585.000.000
U. S. Treasury notes
+1,000,000
—268.000.000
U. S. Treasury certificates
—30.000.000
—13.000.000
Other bonds, stocks and securities
—15.000.000
+583.000.000
Reserve balances with F. R.banks
—55,000,000
+217.000.000
Cash in vault
—13.000,000
+2.000,000
Net demand deposits
—8.000.000 +1.750,000.000
Time deposits
—6,000.000
+751.000,000
Government deposits
—11,000,000
Total accommodation at F. R.banks__
—34,000.000
—7,000.000
Shipment of Gold to Germany by Federal Reserve Bank
of New York.
The shipment of gold by the Federal Reserve Bank of
New York to the German Reichsbank was begun on the 10th
inst., the consignment consisting of $2,500,000 of gold coin.
In all, it is stated, a total of $41,000,000 in gold will be
The Bank of England Is expected to arrange a credit of $500.000.000'
with American bankers In order to help the country to return to a gold
standard, according to reports In financial circles yesterday. Previous
reports were to the effect that the Bank of England would only ask for
$100.000,000. but It appears later developments have caused financiers to
Increase the figures to half a billion dollars. The fact that such a credit
was to be arranged was announced exclusively in the "Journal of Commerce" Feb. 27 in a special dispatch from its Washington Bureau.
Bankers declare that no negotiations for the credit have been started
but stated that England will expereience no difficulty In securing the
money once she asks for it. This credit will probably be similar to the
one which arranged a year ago for France when the country required
American dollars to aid In checking the depreciation in the franc.
It Is possible that Great Britain may not ask for the full amount but
will simply ask assurances that $500.000,000 can be obtained. If needed.
It is believed that the money will be used not so much In bringing sterling
to par but In preventing it from declinging after parity has been reached.
The item referred to above, emanating from Washington
Feb. 26, and published by the New York "Journal of Corn-'
merce" the next day, follows:
Great Britain Is expected to negotiate a loan from American financial
Interests in the near future in connection with the plan to place British
currency on a gold basis, it was said here to-day in high official circles.
At the Treasury it was said that Secretary Mellon expected this development and high officials of the Federal Reserve Board shared in his opinion.
According to the best opinion here, Great Britain will obtain a credit of
upward of $100,000.000 from American banks. It Is expected that the
British will only ask for 350.000.000 or 375.000.000 actually, but will wish
assurances that $100.000,000 can be obtained if needed. Great Britain,
it is thought, will not require any unusually large credit in this country
for the purposes of holding the pound sterling at par, but only an amount
sufficient to protect sterling exchange from wabbling after a parity is
reached.
Credit Held Necessary.
In high official circles here the belief Is held that the only course open
to a foreign nation intending to resume specie payments is the establishment of a credit In the United States. And this is the course that Great
Britain is expected to follow. The preliminary negotiations looking to
such a credit are thought to have been carried on by Montagu Norman,
Governor of the Bank of England, during his recent visit to this country.
There appears to be no doubt here that the necessary credit to Great Britain
will be forthcoming.
Establishment of an American credit is necessary. it Is felt, because of
the pressure to which sterling exchange will be subjected after it gets back
to par. Great Britain is not expected to return to a gold basis Immo-
MAR. 141925.1
THE CHRONICLE
diately upon the pound touching par, but rather to postpone the free payment of gold until after it has been demonstrated that sterling exchange
can be held at a parity. Thus an American credit is virtually essential if
the British should be called upon from time to time to peg their exchange.
Then when the pound has been maintained at par for a sufficient period
to demonstrate its stability, Great Britain is to resume the free payment
of gold.
The machinery for establishing the necessary credit in this country is
expected to consist of British bills bearing the endorsement of the Bank of
England. This would make them eligible for discount or purchase by
Federal Reserve banks and would enable the Federal Reserve System to
lend Its aid to the return of Great Britain to the gold standard by standing
ready to accept the British bills if the American banks participating in
the transaction desired to unload.
The part of the Reserve System in the establishment of the British credit,
however, is expected to be more psychological than real.
Most of the Canadian banks carry their cash balances in New York.
and they can be expected to I e heavy subscribers to a British credit, while
American financial Institutions have already evidenced their willingness
to help European currencies back to stability.
This attitude on the part of American banks is regarded here as disclosing
that the financial interests of this country recognize their international
responsibility now that New Yerk has replaced London as the world's
money market. Credits extended to Sweden, Czechoslovakia, Austria
and Germany are pointed to as showing the desire of this country to see
stable European currencies, with the more recent Argentine credit as a
shining example of this point of view.
Incidentally. It is expected here that the Argentine credit will amount to
about $30,000.000 all told, although only 810,000,000 has been announced
thus far.
It is the conviction of high Treasury officials, as well as other Administration officers, that the stability of sterling exchange would be beneficial
to American foreign trade through insuring more stable dollar exchange,
and hence Government encouragement can be expected toward the extension of a private credit to Great Britain.
1277
the position where she can begin liquidating her war debt to the United
States.
Commenting on reports from Paris indicating that France may seek to
float another American loan, Treasury officials, while bearing in mind that
as yet there has been no official statement of a projected loan, were of the
opinion that further French financing in this country would meet with no
opposition from the Government. Despite recent expressions from the
White House to the effect that judgment of the Administration upon another
French loan would be withheld until there was a concrete proposal to
consider, It was believed at the Treasury that the Government would look
upon a new French loan with the same attitude which It has displayed to
other foreign financing in the United States.
In other official quarters, however, the view is held that France will not
attempt to float another loan In this country in the near future.
Furthermore, it is the feeling here in some official quarters that the peak
of the foreign financing in this country has passed. Government observers
are of the opinion that the next few months will see a diminution in the
volume of loans floated in the United States by foreign borrowers rather
than a continuance in extension of credit which has been growing steadily
during recent months.
Holland Votes Against Daylight Saving.
Press advices from The Hague, Mar. 10, state the Lower
Chamber passed a bill today abolishing Summer Time (Daylight Saving), by a vote of 52 to 24. The Minister of the
Interior made a speech declaring that the advantages of
Summer Time to town dwellers were insignificant compared to the disadvantages to the farmers.
Great Britain—British to Adopt Daylight Saving Time
as Permanent Institution.
Great Britain, it is announced, will adopt Summer
The New York "Times" of the 6th inst. gave the following
copyright advices to the Chicago Tribune Co. from London (Daylight Saving) time as a permanent institution. A cablegram from London Mar. 9 published in the New York
March 5:
England cannot return to a gold standard without American help. This "Times" says:
conclusion was arrived at yesterday at an important meeting of bankers
et the request of the Treasury to discuss the monetary situation. The
Treasury Is anxious to return to the gold standard as soon as possible because
it expects an improvement in British credit and lower annual payments
on the national debt to America, which are made In dollars. Mr. MacKenna and other private bankers. especially the heads of the great discounting houses, are opposed to Immediate action for the following reasons:
The gold reserve of England is now just what it was before the war.
E160,000.000. but owing to the expansion of both currency and credit.
this represents only 5.5% of the present national buying power instead of
double that figure before the war.
The bankers point out that it Is Impossible to contract credits without
Injuring British Industry and fear that even a slight contraction of world
buying in London wopld provoke a crisis, which would drain the small gold
reserve. They, therefore, recommended yesterday that nothing be done
until a definite arrangement is reached with America allowing the British
banks to draw on it for at least $500.000.000 gold In case It is neeaed. The
Treasury representatives agreed there was no need of hurry, but explained
that probably about June conditions would allow an announcement of the
withdrawal of the restriction on trade In gold. It is also stated that as
soon as the pound is delnitely at par steps would be taken to return to a
gold standard.
It is reported here that Montagu Norman, Governor of the Bank of
England. is planning another trip to America to discuss the matter with
American bankers, who it Is believed are favorable to granting.the credit
desired. as It is said to be to America's Interest to hasten the return of England to a gold standard.
There was a private bill before the House of Commons to make Summert1 ne perm +neat.fixing the ye Irly perio I from the beginning of April to the
end of October. Sir William Joynson-Hicks. Secretary of State for Home
Affairs, announced today that the Government would allow a free vote on
the bill and adopt and carry it through as a Government measure.
This means that the bill is certain to become a law.
Ratification by Belgium of $50,000,000 Government
Bonds Placed in United States in December—
Dissolution by J. P. Morgan & Co. of Syndicate.
Both the Belgium Chamber of Deputies and the Senate
have ratified the terms of the $50,000.000 loan negotiated in
the United States last December, the offering of which was
detailed In these columns Dec. 20 1924, page 2824. The terms
of the loan were approved by the Chamber of Deputies on
Feb. 27 by a vote of 132 to 0, with two absentees, and by the
Senate on March 4. On Feb. 27 the Associated Press accounts from Brussels said:
Before the v ,te was taken Premier Theunis gave figures showing the rate
of the Americ in loan compared favorably with certain French foreign
loans and even some Belgian internal loans. He said the most important
pbject of the loan was improvement of the monetary situation and that care
should be used to prevent fluctuations in exchange. Belgium had eicaped
the fatal malady of inflation and the steady depreciation of the franc and
improvement now was certain, the commercial balance being better than
In 1013.
$5,000,000 Gold From New York for Argentina.
Announcement was made in 'press advices from Buenos
Aires March 7 that the Argentine National Bank had that
From the copyright advices to the New York "Times" Feb.
day indicated that it had ordered 85,000,000 in gold. which 27 we take the following:
it has on deposit in its account in New York, shipped to
Prime Minister Theunis, replying to speakers who held that the loan
Buenos Aires on the steamship American Legion March 14. might be raised in Belgium, pointed out the great difficulty Belgian comThis, it is said, is separate from the gold recently deposited munes and industrialists were meeting in obtaining capital on the Belgian
in New York by various banks as security for the issuance market.
"Therefore, it is necessary to go to two possible markets—England and
of Argentine currency and referred to in these columns America," said M.Theunis. "Now,at them ment when the Government
wtiged to raise the loan, England was engaged in reestablishing her moneFeb. 28, page 1033.
for
Otto H. Kahn's Virit to Morocco.
Intimations that the visit of Otto H. Kahn of Kuhn, Loeb
& Co. to Morocco had for its purpose the seeking of concessions in return for the extension of financial aid to France,
made in a French newspaper, brought the following statement
from the offices of the banking house on March 6, indicating
that Mr. Kahn's trip had no purpose other than that of
pleasure and recreation:
In reference to the article in the Paris newspaper "Petit Bleu" regarding
the visit of Mr. Otto H. Kahn to Morocco, it was stated to-day at the office
of Kuhn, Loeb & Co. that Mr. Kahn's trip is purely one of pleasure and
recreation and has no business significance whatsoever.
The foregoing statement came after one of the local papers
had on March 6 printed an outline of the "Petit Bleu's"
article.
tary position and her great banks were a ga ii.st granting any further loans
abroad. There remained only the American market.
is favorable and is one"The rate of interest, though high, nevertht
half of I% lower than on the loan granted previously to France. In that
country the last internal loan was issued at 8%,the rate obtained by us in
the United States. Therefore it is rather favcrable than otherwise."
M. Theunis added that in contracting the American loan the Government's aim was the improvement of the eronetary situation in Belgium.
The franc had been saved from complete devaluation, the budget had been
balanced and the danger of inflation finally removed.
"We are now headed to create an atmosphere of confidence, which will restore our credit," said the Prime Minister. "It is too soon to think of deflation."
From the New York "Times" of Feb. 28 we take the following:
It was learned yesterday that J P. Morgan & Co. have dissolved the syndicate in support of the recently offered 850,000,000 of Kingdom of Belgium
6% bonds. The withdrawal of support from the bonds, which were listed
on the New York Stock Exchange for trading, took place on Thursday.
The bonds reacted moderately.
Peak of Foreign Financing Passed Say United States Senator La Fontaine, of Belgium, Says Latter Should
Officials—Further Loan to France Reported as
Not Be Obliged to Pay Dcbt to United States.
Favored.
The following press advices were reported from Brussels
In its advices from Washington March 12 the New York Feb. 19:
"Journal of Commerce" said:
"We should not be obliged to pay to the Americans money expended for
High Treasury officials favor further extensions of private American
credit to France. It was disclosed to-day. Secretary Mellon, It was learned
at the Treasury, feels that loans from this country may aid France to reach
the salvation of all peoples," said Senator Henri La Fontaine, former
President of the Permanent International Peace Bureau,in a speech delivered in the Senate this afternoon.
1278
THE CHRONICLE
"The Belgian Government," M. La Fontaine added, "on this question
should assume an attitude worthy of its present and its past."
Swiss to Repay in Advance American Loan Maturing
in 1926.
Berne (Switzerland) cablegrams to the daily paper Feb.
28 stated:
The Swiss Federal Council decided to-day to take advantage of its option
to repay the American loan of $6,000,000 on Aug. 1 of this year. The loan
would have matured In August, 1928. The loan was sold in New York in
1920 at 107.
Progressive Improvement of Economic Conditions in
Austria Reported in Advices to F. J. Lisman & Co.
—Shilling Accounts Adopted.
F. j. Lisman & Co. have received the following cable from
their correspondent in Vienna unclel date of March 5:
The progressive improvement of economic conditions in Austria is demonstrated by the rapid growth of savings deposits, the increase between
November and February being nearly $14,000.000.
Austria is becoming increasingly independent of coal imports, through development of water power. Already 25% of the total industrial and household requirements of Vienna is supplied by hydro-electric energy and 36%
Is obtained from inland coal. This compares with the fact that at the end
of the war 80% of the country's energy was generated by the use of foreign
coal and at that time requirements were only 50% of the present demand.
Gradual substitution of hydro-electric for caloric energy, and subsequent
reduction in fuel imports is improving the trade balance. Latest available
figures show that the import surplus has dropped to more than $11,250,000
from a previous monthly average of $16.500,000.
Beet root production in 1924-1925 will be thrice the average quantity,
and sugar output therefore will be 50% higher.
A large number of import and export prohibitions have been lifted as of
Mar. 1 and many obstacles to trade are thus removed.
Banks, railways, the postal and municipal services went over to shilling
accounts Mar. 1, which means simplification of accounts and will make
theem more easily understood abroad.
Regarding the latter, the New York "Times" reported the
following copyright advices from Vienna, March 1:
With the beginning of this week, all Austrian public offices, railways,
banks, post offices and commerce will adopt the "shilling standard," one
Austrian shilling being valued at 10.000 paper crowns. The Boerse, how.
ever, has not consented to adapt Its list of quotations to the new valuation.
It continues marking in paper crowns. At the average quotation, one
dollar Is worth 7.6 of the new shillings.
[Vox,. 120.
Expenditures were substantially 10% in excess of the amounts fixed by
the reconstruction budget for the period and were also higher than these
provided for at the end of the period of re-construction. At the same
time, the receipts were nearly 40% in excess of those estimated in the reconstruction plan and also were on a level somewhat higher than that
provided for at the end of Ole full period of re-construction.
The increase in expenditures, the Commissioner-General says, was attributable to an increase over the amounts estimated by the League of Nations for the service of the debt and for the amount payable for treaty
charges, and also to increases in pay given to the State employees in excess
of the amount fixed in the budget. The increase in the receipts, he points
out, may be attributed chiefly to the stabilization of the currency and to a
large increase in the "pledged revenues" over the very conservative estimate
of the League of Nations.
The Commissioner-General goes on to say that from indications the first
• year of re-construction will show a level of receipts which the re-construction plan did not anticipate until the third year. This, of course. Is commendable. He makes clear, at the'same time, that if the re-construction
plan correctly estimated the revenues which could be raised through taxation without destroying the economic structure of the country, the top
level has been reached much sooner than anticipated, and consequently
that any further increase in revenues cannot be expected on a large scale.
Thus, the expenses of the Hungarian Government cannot be increased
materially beyond the present figure without unbalancing the budget or
abandoning hope for the future of reducing taxes.
The Commissioner-General specifically recommends that the number
of Government employees be cut to a minimum. In this he is perfectly
right and it is to be hoped something can be done about the matter. As
the Commissioner-General points out, nearly 60% of the entire revenues
of the State must now be used for the payment of salaries and pensions.
Although, he says, a reduction of 11,500 employees will have been accomplished in a short time, the total of 15,000 provided for under the re-construction plan will not be enough. Under present conditions, it is certain,
a wholesale dismissal could not well be undertaken. At the same time, as
the Commissioner-General suggests, it is possible to formulate a plan for
the abolition of posts as vacancies take place until a reduction of employees
to proportions consistent with the present needs of the country. In the
end, as the report explains, this should prove to be of great benefit to the
public finance; funds now devoted to the payment of employees might be
used for more constructive purposes, or it might be possible to effect decreases in the total expenditures of the Government with a consequent reduction in taxation.
I understand that the Hungarian Government now is engaged in formulation of a plan to carry out the Director-General's suggestions. That is.
as vacancies take place posts will be eliminated. If this action is taken it
will, in the course of time, prove of permanent benefit and it can be brought
about without inflicting unnecessary suffering on any class.
Italy to Stabilize Currency
A special cablegram to the "Wall Street Journal," published in the latter's issue of March 7, states:
Minister of Finance De Stefan" told the Stock Exchange committee
Italy intends to use bold measures to establish her currency. Action has
already been taken along these lines by immediate placement of 1,000.000..
000 lire 9-year Treasury bonds.
Note circulation has also been reduced 860.000,000 lire through the
liquidation 6f Government and industrial securities syndicate.
The Austrian schilling has made its debut in the New York foreign
Minister De Stefan' said further that Italy intends to revalue her curexchange market and is expected to be a full-fledged unit of currency, rency, making other currencies independent. A leading Italian finance
recognized and used by all exchange specialists, within a few days. The official told Dow, Jones & Co. that measures will be taken to separate
schilling is equivalent in value to 10.000 crowns, or 13.966 cents.
Italy's currency from franc fluctuations.
In changing from crowns to schillings Austria took the first step toward
getting on a gold basis.
The banks in Austria started to conduct their accounts in the new
Italy Not to Drop Lira.
currency basis around March 1. Officially the change will not take
Under date of March 10,advices to the New York "Times')
place until May 1, for that is the date set by the Government for all public
from Rome stated:
bureaus to begin arranging their accounts on the schilling.
Finance Minister De Stefan' issued a statement to-day denying that the
Government has the intention to scrap the present Italian currency, reReport of Jeremiah Smith on Hungarian Receipts— placing
it with a new one on a gold basis. On the contrary, the GovernComment by A. 0. Corbin of E. J. Lisman & Co.
ment is making every effort gradually to bring the lira back to parity with
gold through improving the country's financial situation and decreasing
Commenting on the report of Jeremiah Smith, Commis- the
fiduciary circulation. To attribute any other
sioner-General of the League of Nations for Hungary, cover- ment, said De Stefan', "is the talk of madmen." intention to the GovernRumors that De Stefani intended to issue a new currency on a gold basis,
ing the first half of the fiscal year of the Hungarian Treasury
like what was done in Germany, was caused by discussion among
for the period ended Dec. 31, 1924, in which he reveals that something
Italy's leading economists on whether it was better to strive for a gradual
receipts were approximately 2,000,000 gold &owns in excess revaluation of the lira or scrap the old currency, issuing a new one on a
gold basis. This discussion, however, is purely theoretical and academic,
of expenditures, A. 0. Corbin, member of F. J. Lisman
never having received any support from the Government.
Co., who recently directed flotation of the Rims Steel &
Rumors, however, received a new impulse from a Milan power station
Newag loans, had the following to say:
advertising for a new engineer, stating his salary would be paid in gold,
The report clearly shows that conditions in Hungary are improving. also by agitation of Milan municipal employees, who are clamoring for
The Commissioner-General, with the best interests of Hungary at heart, their salaries to be paid in gold. This started the story the Government
makes several recommendations for the improvement of the budget, the was about to issue a new currency on a gold basis.
De Stefani thought it prudent to deny the story immediately, fearing:It
curtailment of expenses and the increase of revenues. In this he is right
might react on the value of the lira.
and has the full support of American bankers.
New Austrian Schilling Here—Trading to Begin in
New Gold Currency.
The following is from the New York "Evening Post" of
last night (March 13):
Details of the report were given as follows in a copyright
cablegram from Vienna Mar. 5 to the New York "Times."
Proposed Reduction in Italian Currency.
The January receipts from revenue pledged for the reconstruction loan
The New York "Times" reports the following wireless
amount to more than 22.000,000 gold crowns and an additional 1,400,000
gold crowns came in payment of customs dues, while the corresponding message from Rome, March 8:
December figures were 25,000.000. It proved unnecessary to make transfers
A bill has been introduced in the Italian Parliament providing for gradual
from the pledges account to the Treasury to meet the February expenses reduction of money circulation.
owing to the sufficiency of other revenues.
Gross receipts in January reached the highest total since the beginning
of the financial year, amounting to 61,000,000 gold crowns, or 15,000.000 Modification of Italian Decree Requiring 25% Cash
over the estimate. Direct taxes, though higher than in preceding months,
Margin on Security Purchases.
still fall short of the provisions of the reconstruction plan.
A decree, issued in Italy, said to have been aimed against
The preliminary estimates for February are 39.800.000 gold crowns for expenditures and 41.000,000 for receipts, making a surplus revenue of.1,200.- wild speculation, brought about the decision, announced
000,both revenues and expenditures being higher than the resconstruction on March 2,
of both the Rome and Milan Bourses to suspend
estimate, the yield from indirect taxes especially showing a considerable
trading as a protest against the necessity of requiring cash
increase.
The balance of the reconstruction loin available on Jan. 31 was 159.000.- to the amount of 25% of the stocks or bonds the purchaser
000 gold crowns. The metal reserve of the National Bank was slightly wished to buy
at the moment of purchase. The Associated
higher and the circulation is unchanged. Foreign commerce for 1924
showed an increase of 68% in imports and 70% in exports, owing to the re- Press cablegrams from Rome March 2 stated:
moval of the Import prohibitions and the stabilization of the currency.
The general consensus of opinion is that the Finance Minister, Signor
According to Mr. Corbin "two important conclusions are De Stefan', who is credited with being the father of the decree, has aimed
defense of the people's rights against wild speculation.
drawn from the results shown in the six month period." He atFor
many weeks there has been considerable disquietude over the growing
continues:
tendency at speculation without limit and practically without risk. The
AIAR,141925.1
THE CHRONIOLIE:
all classes. Bellfrenzy,to gamble on the Stock Exchange has extended to
going to the telephone
hops in hotels could be seen during trading hours
private money
and giving orders to • uy and sell; Chauffeurs had their
stocking for their
brokers and hundreds of laborers have gone to the family
phenomenal
the
of
savings, hoping to build up a fortune, having heard
• the stories of those
success of some neighbor.. They TnevitablY ignored
they had.
who not only made no fortune but who lost everything
been watching this
Government circles say that Signor De Stefan' has
protect those with more
tendency and awaiting aztopportnnity to step in to
themselves and against
speculative instinct'than business acumen against
chance.
those who paint rosy pictures offortune by lucky
, •
•
1279
he could discuss the matter only when the Stock Exchanges had resumed
normal,activities under the new decree.
In consequence of Signor De Stefani's firm attitude, trading was resumed
on all Stock Exchanges yesterday,except in Milan, where turbulent elements
of the public invaded the Exchange, obliging it to close down.
The Associated Press cablegrams from Rome, March 6,
intimating that the decree was designed to reduce the number
of brokers, stated:
The Government's recent decree with regard to speculation on the Stock
Exchange, says the "Giornale d'Italia," was merely the forerunner of a
The "Wall Street Journal" on March 6 referring to the
decree had the f011bWing to say:
stock markets
Press dispatches from Rome Thursday stated Italian
rate
had practically suspended business, prices had fallen and exchange
De Stefani
on lire bad 'declined Oiling to a decree of Finance Minister
on
25%
of
requiring purchasers of securities to deposit a cash margin
purchases.
Cabled outlines of the decree Were rather obscure and caused some uneasiness here, but the Italian Embassy has received a cable explaining its
purpose in detail; pointing out it is designed to check an artificial situation
in Italian stock markets:
Its main purpose is to restrict "contratto a termine" operations, special
transactions by which any one could make purchases through a broker
the
without being called on to make an adequate deposit as a guaranty for
satisfactory carrying out of his contract. New decree requiring a 25%
deposit on all securities except Government bonds and State-guaranteed
matter
stocks establishes a legal minimum margin similar to that asked as a
speculation.
of course in American markets. It will check irresponsible
in
movement
bull
wild
which has been an Important factor in the recent
Italian markets:.
Another important purpose of the measure is to end a further artificial
condition in Italian. security prices. Most Italian corporations present
their financial statements and declare dividends in March. Certain interests have encouraged speculation in stocks to bring about higher prices
and thus exert pressure on directors to declare higher dividends, at expense
of re;erve funds, at a time when an exceptional world economic situation
nece;skates caution.
The law has been favorably received in Italy as a further step toward
common sense and normalcy in the financial situation.
general reorganization by the Government of the entire system of controlling
trade in securities. Such a reorganization, the newspaper asserts, already
Is being studied by the Minister of Finance. Signor de Stefan'. and the
Minister of National Economy, Signor Nava.
Although the details of the project are not yet known, it is understood
Signor de Stefan' intends to reserve fuller control by the Government over
bourses, especially the larger ones, which hitherto have been directly under
the control of the Chamber of Commerce.
The newspaper says it understands that one of the main objectives is a
reduction in the number of brokers, by increasing greatly the license fee,
which now is only 50,000 lire. It observes that the business done on the
Paris Bourse is much greater than that of the Milan Bourse, whereas the
Paris Bourse has only seventy licensed dealers in exchange, as compared
160 in Milan. The general idea of the reorganization is to raise the standard
of trading in the Bourse by eliminating fly-by-night speculators.
Italy Limits Foreign Exchange Firms—Security Called
for.
The "Wall Street Journal" of March 10 reported the
following from Rome:
A decree has been issued, fixing the number of foreign exchange dealers
with bourses throughout the country at 240. This decree supplements
previous measures under which the bourses were kept under more strict
control by the Government. One measure provided that the number of
exchange dealers should be fixed by the Minister of Finance and Economy.
A cablegram to the daily papers from Rome, March 7,
also said:
Finance Minister de Stefan' to-day followed up his recent stock market
decree by issuing one which requires dealers in foreign exchange to deposit,
as security with the Government. from 500.000 to 1,000,000 lire.
The decree also contains many other strict provisions designed to keep all
trading in money under close Government scrutiny. Later it will be sent
to Parliament for conversion into law.
The discount rate of three banks of issue was raised to-day from 53.6 to
on loans from 534 to 0.5%. The increase
Finance Minister De Stefan', upon being informed that the Stock Ex- 6%. and the rate of interest
changes had resumed trading after their "strike" against the Government will go into effect Monday.
decree designed to check wild speculation, received the committee of
brokers which he had declined to see while the Exchanges remained
inactive, and explained the reasons which inspired the Government's
to Gold Standard—Swiss Bank Cor-
Advices to the effect that the decree had been modified
to the extent of permitting the 25% margin to consist of
securities instead of cash were contained in a copyright
message (wireless) to the New York "Times" from Rome,
March 5, which said:
Return of Sweden
action.
poration on Monetary Policy of Riksbank.
De
Admitting that it made some heavy sacrifices necessary, Signor
counStefan' urged the brokers to bear them cheerfnlly for the good of the
return of Sweden to the gold standard under a decree
The
try. He announced his intention not to repeal the decree, but was ready issued a year ago, is discussed in the monthly bulletin
to grant some points to facilitate its application.
to the published by the Swiss Bank Corporation in its bearing
The brokers, for their side, stated that they thoroughly agreed
application beprinciples inspiring the decree, but merely objected to its
upon the advisability of similar action upon the part of
Exchange operacause they feared that it would hamper and retard Stock
. The opinion is expressed that Sweden has been
Switzerland
Exchanges exist.
tions, thus nullifying the purposes for which the Stock
explanations, too hasty in her decision to reintroduce the convertibility
They declared themselves satisfied with Signor De Stefani's
the decree
agreeing with his proposal to leave the fundamental principles of
notes without any limit and that it will be better for
co-operation. of her
intact while discussing practical details for its application by
heavy slump Switzerland to wait "until the other European currencies,
Yesterday's reopening of the Exchanges was marked by a
in prices, most of the speculators making haste to unload stocks bought which are nearly sound, have become truly stabilized." In
in the last few weeks, while buyers were few. Toward the close, however, presenting the summary it is pointed out that during the
Toprices hardened considerably as confidence was gradually restored.
were very similar to those encounday's news of the satisfactory result of the brokers' meeting with Signor war Sweden's difficulties
prices
all
Switzerland, and in the years which followed
De Stefan' increased confidence even more, the upward trend of
by
tered
being noticed, though quotations still remain below the average reached parallel efforts have been made in the two countries to recover
at the close of last week.
The Corporation
Confidence was also increased by the announcement of the first modifi- a normal economic and financial situation.
cation granted by the Minister, namely that the 25% deposit demanded in its bulletin on the subject of the Swedish crown, comof buyers of stocks need not be made in cash, but that securities also would
with a short sketch of the history of the Scandinavian
be accepted. A good impression was moreover created by a decree author- mences
izing Minister De Stefani to use part of the yield of the new issue of 4.75% Mint Union, which was founded in 1873 by a convention
nine-month Treasury bonds for decreasing the fiduciary circulation.
between Sweden, Norway and Denmark. The summary
The Government's decree against Stock Exchange speculation consists
continues:
all
control
operations
to
designed
the
first
three,
which
of four articles, of
By virtue of this convention and legislation in the various individual
in foreign exchange, making it obligatory for all banks and similar instituand silver became legal curtions to report all purchases or sales of foreign currencies, met with popular countries, the gold standard was established,
of exchange the gold crown,
approval. Much criticism was caused, however, by the fourth article. rency only up to a limited amount. At par
gold to 2.480 crowns of
which obliged Stock Exchange operators to deposit cash to a minimum of minted on a basis of one kilogramme of fine
dollars, or 1.3889 gold francs. By
25% of the current value of the stocks they buy before the brokers are 900-1000th fine, is equivalent to 0.268
the
an additional convention in 1886, it was stipulated that the mints of
allowed to execute the order.
gold for minting at a charge
The Government's intention was to check the small speculators with no three countries should accept any quantity of
pieces. Before the war
financial backing who use the Stock Exchange merely ass gambling medium, of 34% for 20-crown pieces and 1-3% for 10-crown
in any of the three counthe deposit of 25% of the value of the stocks being conceived as a guarantee the Scandinavian gold coins were legal currency
with Bank notes, the
case
the
that the purchaser actually wished to acquire the stock themselves, not tires, and although this was not legally
there was really
merely to speculate on their possible rise in value. The measure was practice was to accept them indifferently at par, so that
not move far from parity.
suggested by the gambling fever which recently seized the Italian people, only one Scandinavian exchange, which did
has existed only in
pushing all stocks up to hitherto unprecedented quotations and making a Since 1914, however. the Scandinavian Mint Union
have allowed
panic and a slump in prices, with grave economic consequences, inevitable theory, and while financial and economic circumstances
Sweden to preserve a sound currency up to the present, with a few fluctuaif the race toward higher prices continued.
Norwegian exchanges.
The stock brokers objected to the Government's measure, mainly on tions. this has not been the case with the Danish and
adopted, in the terms
technical grounds, stating that though excellent in principle, it cannot be In 1923 an additional article to the convention was
not legal currency
are
applied in practice. The decree, they said, obliged operators either to tie of which gold coins minted in one of the countries
up large sums in a guarantee on possible future purchases of stocks or to in the two others.
The bulletin goes on to sketch the course of the Swedish exchange during
delay giving a buying order until the buyer had time to deliver the cash.
year 1924 the Swedish
This, they contended, would so delay the working of the Stock Exchanges and after the war. When in the spring of the
stable, the Swedish Parliament conas to destroy much of their usefulness. Criticism also was caused by the crown had been for two years relatively
re-establish the pre-war parity and
fact that, according to the wording of the decree, there was no obligation sidered that the moment had come to
of the fixed rate and a return to
to make any deposit when selling stocks, but only when buying. The in March 1924 they decreed the abolition
for gold as from April 1 1924.
decree, they said, therefore naturally favors a fall in Stock Exchange the gold standard, with freedom of export
This measure was taken in spite of the opposition of the Government. and
quotations.
preferred to wait some months
Despite the 24 hours' postponement in the application of the decree the Riksbank, both of which would have
survey the possibilities and effects of the
granted by Finance Minister De Stefani, stock brokers practically went longer in order to be able better to
decision. Sweden Is thus the first country In Europe to have decreed a
on a strike, the Exchanges remaining closed for two days. At the same
to an entirely sound currency. The wisdom of the measure at the
return
to
Stefan'
De
Signor
to
the
explain
committee
the
sent
brokers
time the
moment in view of the current reorganization of most of the Contireasons for their opposition to the decree. Signor De Stefani, however, present
nental monetary systems, has been the subject of much discussion both in
not wishing to have the appearance of being bullied by the brokers' strike
that the country itself and abroad.
into granting concessions, refused to receive the commission, saying
1280
THE CHRONICLE
After discussing the monetary policy of the Riksban
k, and the position
of the balance of payments, which are the principa
l factors upon which
the course of the exchange depends, the writer arrives
at the conclusion that
the Royal Bank of Sweden has in effect
been able to maintain the gold
standard up to now and inclines to the opinion
that it should be able to do
so in future. Sweden was the first European
nation to return to convertibility of bank notes. The others have not
yet completed, or in some cases,
even begun, the monetary evolution, which
will lead them back to the gold
standard. It appears that there will gradual
ly arise a struggle for the
position of gold, and that Sweden will have
to protect her metal reserve.
Adverse circumstances may arise which will
unfavorably affect the trade
balance and necessitate the export of capital.
There are two moves by
whieh the Bank of Sweden may hope to
counteract such a situation—the
use of exchange credits, particularly in the
United States, and the raising
of the Bank rate. But the securing of externa
l credits is only a temporary,
and sometimes a dangerous remedy, and an
increase in the rate of discount,
however efficacious a method, may if repeate
d and accentuated, occasion
great disorganization in the country's economi
c life. Everything considered the bulletin favors the opinion that
Sweden has been too hasty in
her decision to reintroduce the convertibility
of her notes without any
limit. The rate of her exchange has not
greatly benefited by it, and it
would perhaps have been more prudent to
continue to wait until the other
European eurreicies which are nearly sound
have become truly stabilized.
In conclusion, the hope is expressed that
it will be this latter monetary
policy that Switzerland will follow, since her
position greatly resembles
Sweden's as regards the note circulation, the position
of her public finances,
the balance of payments and the exchange.
Old Paper Marks Are All Called in by German Reich
sbank—Will Cease to Be Legal-Tender Currency
Four Months from Now.
The Riechsbank has at length formally announced the
calling in of all the old paper mark notes bearing date before
Oct. 111924, says a cablegram (copyright) to the New
York
"Times" from Berlin, March 8, which adds:
In accordance with the previous announcement,these
are to be exchanged
for the new reichsmarks on the basis of one trillion
old marks for one new
reichsmark.
The old paper notes cease to be legal tender on July
5. Up to that time
either individuals or banks can deliver the old marks
to the Reichsbank.
No large deliveries from abroad are expected.
The general belief is that
at the basis of exchange prescribed, the collecting and present
ing of the old
mark notes now held abroad would hardly be worth
the trouble.
Dividends in the New Currency.
The Boerse continues extremely dull, with a tendenc
y to weakness. The
first gold dividends on companies since 1914 are now
being declared, chiefly
as yet by banks and textile companies, whose business
year ends on Dec. 31.
These dividends average higher even than in 1913.
In the case of industrial
concerns the larger dividends are also being paid
on a larger capitalization
than before the war,thus showing that the net earning
s capacity of the companies has been increased.
The new bank dividends, on the other hand,are
paid on a smaller capital
than 1913. and thus show that earnings have
decreased. The Berliner
Handelsgesellschaft Bank has declared
10% dividends on a capital of
22.000,000 marks,against 8%% on a capital of
110,000.000 in 1913,and the
Dresdner Bank has declared 8% on a
78,000,000-mark capital, as against
834% on a 200.000.000-mark capital before the war.
[VoL. 120.
Further Adjustment of Taxes in Germany—La
rge
Increase in Excise Taxation Proposed—The
Income Tax on Foreigners.
From the New York "Times" we take the following
copyright cablegram from Berlin, March 8:
Public finances continue to flourish. The revenue
of Prussia during the
first eleven months of the financial year amount
ed to 1,482,000,000 marks,
expenditure to 1,447,000,000.
Following up the previous financial reforms
the Cabinet has submitted
bills doubling the beer tax, increasi
ng the tobacco tax 25%, and also increasing the republic's share in the income
tax yield from the present 10%
basis to 25%. At the same time, however
, the republic's share of the sales
tax yield is to be reduced from 80%
to 70%.
The new Federal income tax bill extends
the tax at the flat rate of 10%
on all incomes of non-resident foreigne
rs derived from German sources, in
particular from loans, industrial bonds,stocks
and Boerse speculations. The
present law exempts these and it taxes non-res
ident foreigners only on income from real estate, from business conduct
ed through a German branch
and from pensions. The Bankers' Associa
tion has protested against the
new proposal, declaring that it will frighte
n away foreign capital which
is
badly needed.
Louis Loucheur on Need of France of Loan
of Four or
Five Billion Francs.
According to Louis Loucheur (a Minister in
the former
Poincare Cabinet), the fundamental need of Franc
e in the
present and approaching financial crisis is a
foreign loan of
4,000,000,000 or 5,000,000,000 francs to enable
the Govern-)
ment to pay its obligations promptly. A
month ago, as
was reported in these columns Feb. 21, page
888, M. Loucheur in a speech before the Chamber of Deputi
es, urged
the Government to issue a loan abroad
of something like
$200,000,000 for the relief of the Treasury.
His views at
this time are expressed in an interv
iew published in "The
Journal," which, according to Associated
Press cablegrams
from Paris March 11, had appealed to
him to suggest a way
out for the country. facing the maturi
ty of 23,000,000,000
francs' worth of securities this year.
Continuing, these
advices state:
"If the Treasury had sufficient margin
to enable it to meet promptly
all demands for payment everything
soon would go smoothly," the former
Minister said. "Bondholders who
demanded reimbursement would be
the first to bring back their money to the
Treasury if they saw that the
Treasury was paying. It is in fact a
question of
Unfortunately, the Government had raised confidence."
recent loans, so that the problem of refundi the interest rates on its
ng had become difficult and
burdensome, but, he added. "I know that
a foreign loan is possible and
I believe it is necessary."
This loan also, he added, would provide means
for a campaign to improve the franc, while the 8100,000,000 Morgan
loan was reserved for
defense if the franc were attacked.
He believed the Senate would improve upon
the Chambres' budget
provisions and bring about a balance, and as the
commercial trade balance
was favorable, thanks to the tourists, there was
no reason for discouragement.
Evidence of Profitable Industry.
Industrial dividends vary all the way from 5 to
18%. Practically all the
Taxes could not be increased without diminishing the
textile companies are paying 10% or more.
public absorption
The first 54 corporations to of loans, as there were
present their annual reports all declared dividen
only 111,000,000.000 francs in circulat
ion. 41,ds, whereas 10 of the same 000,000.000 of paper money
companies passed their dividends in 1913.
and 70,000,000,000 of bonds, which he include
d
as the virtual equivalent of bank notes.
Reichsbank President Schacht stated to a
meeting at Hamburg that GerTherefore the required margin to meet the first
many's savings had increased during 1924
bond maturing and to
from 400.000,000 gold marks to re-establish confide
nce by prompt payment was obtaina
2,000,000,000.
ble only through
a loan abroad.
He believed the franc must be stabilized and
improve
d, but this would
be dangerous if too rapid, and the cost
February Statement of S. Parker Gilbert
of living must first be decreased
Shows
to avoid catastrophe.
Reparations Payment of 570,000,000 Gold
Marks
"The patient should not be operated upon
when he has fever," he reby Germany During Six Months Operation
marked. "We must wait."
of Dawes Plan.
The following Associated Press accounts were reported Premier Herriot Describes Re-es
tablishment of Finanfrom Berlin, March 8:
cial Position of France as of Utmost
Importance—
The following February statement of Seymour Parker
Work
of League of Nations—Polish Secur
Gilbert, Agent
ity.
General for Reparation Payments,indicates that during
the first six months
Premier Herriot of France, in addressing
of operations of the Dawes plan 570,000,000 gold marks
recently members
were paid by Germany. Against this amount the Agent General made
of
the Anglo-American Press association,
payments of 454,referred to the ef000.000 gold marks, leaving a cash balance on the Reichsb
ank of about forts which are being made by France
to restore the financial
116.000,000. This balance is so large because on Feb.
28 the German situation
and declared that "this re-establish
railways made their first semi-annual payment of 100.000
.000 gold marks.
ment of our
During February the Agent General received 185,000.000 gold
marks and financial position is the condition above all others
to which
disbursed 82,000.000, chiefly to the following nations: Great
Britain. al- I attach importance. It is the
most 22.000.000; France, 36,000,000; Italy, 4,800,000: Belgium
first step toward all else."
. 6,300,000; The Premie
the State of the Serbs. Croates and Slovenes. 3,000,000.
r called attention to the fact that
Minor amounts
"for the first
were paid out to Japan. Portugal, Rumania and Greece.
time Parliament is trying to put our
budget in a state of
The remainder of the expenditure was chiefly devoted to the
administra- perfect balance. We have
an expenditure of nearly 35,000,tive costs of various commissions and the Agent General's staff.
000 and we are going to get the money
to meet that expenditure." From the New York "Times"
copyright account
Germany Hands Over Bonds-5,000,000,000 Marks' of his remar
ks from Paris Feb. 25, we take the
following:
Worth in Possession of Allied Trustee.
The Premier
A copyright cablegram from Paris, March 2, to the
New York "Times," stated:
S. Parker Gilbert, Agent General for Reparations Paymen
ts under the
Dawes plan, confirmed today to the Reparation Commis
sion the news that
on Feb. 28 the German Railway Company paid
to his account in the
Reichsbank 100,000,000 gold marks, representing the first
half-yearly instalment of interest on the company's bonds.
M. Nogara, trustee for the industrial debentures, also notified
the commission that 5,000.000,000 gold marks in
registered 5% debentures, issued
by German industrial concerns in accorda
nce with the provisions of the
Dawes plan, had been deposited at the
head offices of the Industrial Bank
and that the equivalent of these debentu
res had been handed to the trustee
by the bank in the form of bonds.
outlined the great international
undertakings to which he
had set his hand—the conference
at London, "which has done more
than
a little to strengthen the cause
of peace," and the Protocol of Geneva
,
through which "there may some
day
come
that
world
repose
which
has
so long been sought." The
recent speech which he had made. the Premier
said, had led some to the belief
that he was abandoning his convictions
and forsaking the policy
of peace by understanding and concilia
tion.
That was not true. But he
added:
Must Take Precautions Against War.
"All you who love your own
countries will understand how, while using
all my strength to reach
the goal of general pacification, I have also this
duty to my country, that I
must take every precaution against a second
terrible calamity such as
came upon us in 1914. So long as I head the
Government you will find me
ready to serve this cause of security and
peace, ready to represent France
in her true character capable of
MAR. 141925.]
THE CHRONICLE
1281
at the end
The same paper reports him as declaring that
extremity of herosirn and the extremity of sacrifice in the hour of danger,
peace."
of
partisan
a
the war it might have been possible to wipe away all
passionately
of
and
anxiously
but naturally
said:
Turning to the question of inter-Allied debts, the Premier then
lied debts. "This would have been the right thing
inter-Al
enrespect
must
"It will not be I who will ever deny that my country
he said. "Now it is impossible."
Chamber
do,"
to
the
of
tribune
the
from
Recently
gagements she has entered into.
not be misThe New York "Commercial" in a cablegram from Paris
I spoke my opinion in this matter in a manner which could
great
understood, and I will continue to work in full sympathy with the
Premier as saying:
and Mar. 4, quotes the former
democracies to which you belong for a settlement of those political
England and the United States would be retoward
action
be
unworthy
An
to
you
ask
I
But
together.
settle
economic problems which we must
with pugnant to all Frenchmen. The ideal solution would be to pass the sponge
just toward my country, which you have seen yourselves working
slate on all that can be wiped out, and to make such compensations
such spirit, such ability, to repair the terrible material losses inflicted over the
itself. One must not reap
as would not oblige any country to impoverish
on us by the war.
advantage from a country, for this counts for little when moral
"You known the efforts we are making to restore the financial situation. pecuniary
live in the future, but
ours
like
countries
advantages are considered. Big
Has Helped to Rebuild Germany.
we live in the present.
civilization.
What every one is asking to-day is the maintenance of a great
If you are to be just to France you must also remember to what extent
France needs them. Do not let us
she has shown herself generous. In London when we were asked to help and for that they need France, just as
place.
a
prominent
in rebuilding Germany did we say no? On the contrary. Though in our allow money questions to occupy too
devastated districts there are still many who suffer and though our rich
The possibility of a national subscription to the State
Eastern provinces are still struggling to get back their lost prosperity, we
in the form of a voluntary levy was suggested by
Treasury
eta
to
was
which
loan
marks
800,000,000
the
share
to
our
contributed
Germany back on her feet. The effect was immediate. Through this Joseph Caillaux at Valenciennes, on Feb. 28 at the second
collaboration of our countries Germany has found financial stability. She banquet given him since his return from exile says a copyhas recovered to such a point that she can afford to pay the great industrialright cablegram to the New York "Times" which adds:
ists of the Ruhr 700,000.000 marks.
In his Paris speech the former Finance :Minister declared that he opposed
But I am not jealous of our neighbor's prosperity. I do not regret our
support
action. Yet I am jealous that my country should have the esteem, coal- a capital levy as too difficult to operate, but to-night he seemed to
Parliament
action
her
of
generosity
the
dence and r espect of other nations which
the suggestion which was recently made by M.Clemente', that
of its
deserves."
should ask the country to make a special "voluntary" contribution
To the newspapermen he appealed to do all they could to avoid mis- wealth and so prevent a disaster which might cost more. Such a measure,
and
the
reflection
understandings. Though the war had ended, the effects of the war were M. Caillaux added, could only be adopted after careful
Ni
still being felt. All that could be done should be done to avoid friction and exhaustion of every other means.
encourage good understanding. A great effort of friendship between the
To-night his references to the past were a shade more bitter and more
Anglo-Saxon and French democracies was still needed if the peace of the daring than those he used in his Paris speech, lie had been accused, he
he was conworld was to be established.
said, of having thought wrong in 1917. To-day more than ever
"It is on the hope of and belief in that friendship and that collaboration." vinced he had been right. Alsace-Lorraine could have been won back and
lives
the Premier ended. "that I have built all my policies while I still defend the war stopped with the saving not only of hundreds of thousands of
he then thought
the generous tradition of France."
but of the stability of Europe had the statesmen acted as
the Senate Foreign should be done.
On Feb. 27 Premier Herriot, before
Affairs Commission, presented a detailed account of the
state of negotiations with England on the question of French
security and also on the debt negotiations. As to this we
quote the following copyright advices published in the
New York "Times" of Feb. 28:
French Firms Must Buy Bonds of State—Deputies Vote
Clause Requiring That Reserves Be Constituted
in Government Funds.
From the New York "Evening.Post" of Feb. 27, we take
the following:
These commission meetings always are secret, but a semi-official report
The Chamber of Deputies to-day adopted by a show of hands the article
of the proceedings shows that the Premier maintained the attitude of of the finance bill requiring incorporated stock companies to constitute
Briand, Poincare and all his predecessors that no compact to guarantee their legal reserve out of French State funds.
peace including Germany would be acceptable unless extended to the
The article was voted after considerable discussion. afttr which Finance
Eastern frontiers of the Reich.
Minister Clemente' explained the State was not demanding the immediate
The British proposal to hold a conference on the question of security, transformation of existing reserve funds, but allowed ten years for the
on Mar. IL in Brussels, the Premier said, was still under discussion. The change.
French Government's proposal was that the conference should have the
The Government accepted an amendment by Louis Loucheur that Govcharacter of a simple exchange of views, after the meeting of the League ernment rentes be entered in reserve funds at the price of their purchase.
Council in Geneva.
out that the Government 3 per cents,tought
of An Opposition member pointed
While the German Government had repeated Chancellor Cuno's offer
when the price was 103, still would be entered at that figure, although
any
made
yet
not
a compact for peace along the Rhine, he said, it had
they are now quoted at 48.
proposals with regard to the other frontiers, and France could not accept
M. Clementel said the principle of the article had been adopted 20 years
questhe
and
Czechoslovakia
Poland.
account
of
out
a compact which left
ago, when the State savings banks had been ordered to keep thee- funds
tion of the relations of Austria with the Reich.
Paris has in State securities.
In the course of the past few days the Polish Ambassador to
It was also decided to include a clause extending until March 31 the bill
that the
several times visited the Quai d'Orsay to urge on the Government
of 1918 governing the exportation of capital and importation cf securities
guarantee
a
for
proposals
on
alarm
with
looking
is
Polish Government
to give the Government time to prepare the necessary measures before
treaty which will deliberately leave out that country. Like all Central free circulation of capital is restored.
anxious
most
European countries created by the peace treaty, the Poles are
that the Geneva protocol become a statute for their security, and they are
using every means to avoid an arrangement being reached among the great
By Chamber of Deputies
powers which would have the probable effect of postponing any general French Budget Adopted
agreement and leave them unprotected, such as by the particular agreeTaxation Features—The Capital Levy.
ment which now is being sought by England and Germany.
The revenue bill passed by the French Chamber of Dep
The French feel keenly that, apart from the interests of their allies, the
whole work of the League of Nations is involved in the present discussion. uties on Mar. 1 (at 8 a. m., after an all-night session),
They have always regarded the League as an instrument for the preservation creates a new tax-paying instrument in the form of a "tax
of the status quo in Europe as established by the Versailles Treaty, and they
Associated Press accounts from
feel that if the Rhine peace compact is made, with Germany among the check." On Feb. 28 the
signatories, it will throw discredit on all other frontiers established by the Paris regarding this stated:
treaty and open the way for a revision, peaceful or otherwise, of the whole
This is a sort of bond issue through banks and post offices by means of
map as established at Versailles and confirmed when the new Central which taxes may be paid in advance. A man buying these bonds to the
European countries were admitted to the League and their frontiers recog- amount of 950 francs, for instance, can at once turn them into the Treasury
nized.
and get credit for 1.000 francs on taxes coming due. The Government
For M.Herriot the question is of capital importance, for he cannot lightly hopes by this means to keep the payment of taxes right up to date and estiMinister
Foreign
abandon a policy which has been that of every French
mates that it will during the month of March bring into the Treasury
since the war,and all his efforts at present are to have the proposed Brussels
1,000,000,000 francs in addition to receipts from back taxes.
conference restricted too simple exchange of views, out of which he hopes to
On Mar.'8 to inst the New York "Journal of Commerce"
bring a firmer opinion among the allied nations that Germany be constrained
to recognize the Eastern frontiers.
reported the following advices from Paris relative to the proThe Premier also discussed the debt question with the commission, expressing satisfaction over the attitude of the British Government and the posed tax checks:
M. Clementel's new "taxation cheque," which taxpayers may buy to
United States Administration, as revealed by President Coolidge. The
French thesis is that the number of Dawes annuities must be fiked and made advance and use for the payment of taxes, is criticized by the "Journal Des
concordant with the annuities to be paid to France's creditors. Further, Debats" as really nothing but a Treasuty bond in new form, giving those
the total of the French debt should be reduced proportionately to the re- buying it 8% as compared with 5% which National Defense bonds yield.
M.Clemente' has explained that these "taxation cheques" may be bought
ductions made in the application of the Dawes plan of the German debt
by anybody and need not necessarily be used for the payment of taxes, but
to France.
and
frankly
told
both
he
be repaid to holders in cash if desired, so that, the paper argues, the
the
Rumania,
will
without
commission,
and
Italy
State, after raising a ten-year loan at 8.72%, is now offering 8% for a few
excuse refused to pay their debts to France.
months' advances.
The revenue bill providing receipts for the 1925 budget,
Former Premier Cailleux Says France Must Discharge
was passed by the Chamber by a vote of 329 to 239.The
Indebtedness.
I,
Former Premier Cailleux of France, who recently returned New York "Times" in copyright advices from Paris Mar.
thereto:
to that country, after a period of banishment, was the guest had the following to say with regard
The tax measures are expected to raise 34.182.758.942 francs, which la
of the Anglo-American Press Association at Paris, on Mar. 4, 43.000,000
francs greater than the appropriations voted two weeks ago.
and in addressing the gathering reverted to the payment by
Both parts of the budget now go to the Senate,which begins discussions tobut although there
France of her indebtedness; in agreeing that France must morrow. Premier Herriot has no majority in the Senate
be much opposition voiced generally, it is expected that the upper house
make settlement, he added, according to a cablegram to will
precipitate a diffiwould
budget,
otherwise
the
because to do
will approve
cult situation which might seriously damage France's credit.
the New York "World:"
All I ask of America is not to impoverish France by insisting on immediate payment but to wait before pressing diplomatic discussion of a settlement. Meanwhile unofficial conversations could continue.
The newspapers of the Right bitterly attack the new budget, while the
Government press calls it the best France has had since the war in that it
is the first budget to be balanced. It carries new taxes, which naturally
1282
UTE CHRONICLE
[VoL. 120.
are not popular, and the Right organs complain of increases given to State for if
this debt is ever repaid the franc will be higher than 20 to the dollar
employees.
and therefore the amount of wealth which wuld be represented would
be
Every effort will be made by M. Herriot to force the butlget through the much
,greater than $15,000,000,000.
upper HOW30 before the Easter holidays.
Commenting on their financial situation the French often point to the
The budget carries 19,500.000,000 francs for the debt service, which fact that the
present value of the Dawes annuities, which represent the
represents the enorrnmis burden the French are carrying toward liquidation sole cost to
Germany of liquidating the war, is 40,000.000,000 marksof the cost of the war.
510,000.000.000—of which the French stand to get $5,000,000,000, which
It is pointed out here that the size of the French budget should end is something
less than she already owes England and America.
criticisms in America to the effect that the French do not pay taxes. It is
As to a levy on capital in some form or another which it
argued that the French budget of 35.000,000,000 francs represents a much
greater effort than the $3,000,000,000 budget of the United States, a was announced on Feb.
20 the French Government was
country with thrice the population and many times the national wealth
studying with a view to solving its financial problems, Asof France.
Henry Berenger, reporter of the Senate •Finance Com- sociated Press cablegrams that day had the following to
mittee, was reported in yesterday's (March 13) press cable- say:
This was admitted in those circles to be the
grams from Paris as stating that the Committee had effected declaration
proper interpretation of a
made in
Chamber of Deputies yesterday by Finance Mineconomies totaling 1,000,000,000 francs upon the budget ister Clementel whichthe
first came to notice when the printed sheets on the
as voted by the Chamber. The New York "Evening Post". financial debate were distributed to the press.
The discovery caused a sensation in the press
in advices from Paris March 1 (copyright) referring to some
gallery. Deputies of the
majority when consulted appeared somewhat
alarmed at the blunt way
of the tax features said:
in which the Finance Minister announced that
"a capital levy will doubtless
•
•
become necessary." The proofs for the
The budget for 1925, passed by the Chamber of
Deputies, formally came
before the Senate to-day, where the month will be exhausted in'picking the
estimates to pieces. Premier lierriot has the promise of the President of
the Senate's Finance Committee that the budget shall be returned to the
Chamber by the end of March at the latest.
There are a number of provisions affecting finance and business' which
will be special objects of attack in the Senate. The increase in the tax on
business turn-over by firms engaged in export trade is much disliked.
This tax, as it stands, has been found so vexatious that small traders have
been exempted from it by the present budget, and it Is being argeed that
the export trade is so valuable to the nation at present that nothing should
be done to harm it.
There is also opposition to a clause compelling limited companies to
Invest their statutory reserves, whieh amount to one-tenth of their capital,
In French Government securities. 'It is said that this measure, which is
ostensibly intended to help the State's credit, will cause financial disorder
during the transition period.
A special tax on insurance companies, which is levied on some of the
premiums paid in a year, is also bitterly criticized, as well as a tax on manufacturing firms to provide money for the technical education of apprentices.
However,among the interesting provisions of the budget are those devised
to prevent evasion of death and inheritance duties. One clause has the
effect of doubling inheritance duties in cases where property has been
transferred by the owner in his lifetime to a presumptive heir, either by
deed of gift or fictitious sale. when "the owner was more than seventy years
old or the sale was carried out during the owner's mortal illness."
Another clause that has aroused irritation is one which provides that
before securities placed in France or in foreign countries can be received by
those who have inherited them a written order must be obtained
of a
magistrate enumerating such securities and authorizing the heirs to take
possession.
A general charge heard against the budget in the corridors of the Senate
is that it is socialistic and aims above all at obtaining revenue by imposing
a heavy burden upon accumulated wealth. invested savings and capital
actively employed in production, while other interests which are important
from an electoral point of view are allowed to escape with lighter obligations.
We likewise quote from the New York "Times" the following from a Paris cablegram to it Mar. 3 (copyright):
"Journal Officiel" were consequently modified, the phrase being made to
read "special contribution"
instead of "capital levy."
Whether the idea is presented in one form or another,
the meaning is
that those who possess fortunes would be called upon
to give part of them to
the State, it was said this morning in official
circles.
The few French newspapers that caught the
phrase ask this morning if
the Chamber realized the importance of it. Premier
Herriot all along has
declared he wants no capital levy. In fact, his Finance
Minister took the
contrary attitude in the Chamber debate. It is
remarked in the Chamber
lobbies that this shows just how difficult is the
solution of the French
financial problem.
M.Clementel is said to realize more than any member of
the Cabinet that
French taxation has, to use his own expression,
"reached the ceiling."
The annual tax burden, he has declared, cannot
be increased; the money
must be found in some other way.
The suggestion was made in the Chamber lobbies
this morning that
Clementel had let the capital levy idea slip into
yesterday's speech just
to see what the reaction would be, and that the form
of his statement was
changed so as to render It vague enough to be
practically disavowed in the
event it meets with too much opposition.
Premier Herriot Quotes President Coolidge on Debt.
A cablegram as follows (copyright) from Paris Feb. 28,
appeared in the New York "Times" of Mar. 1:
The newspaper La Laterne publishes as a stenographic report
in connection with the appearance last night of Premier Herriot before the
Senate
Financial Committee a long document in which President Collidge is
quoted
as advising the French to postpone discussion of the debt to the United
States. M. Herriot is quoted as saying:
"For the present, President Coolidge prefers that there should be no
public discussion of the French debt."
According to the document, M.Poincare said to M. Herriot at one point:
'A year ago President Coolidge said to Ambassador Jusserand: 'Don't
raise the question, but wait. Later on we will reach a settlement.' Perhaps Mr. Coolidge has changed his opinion."
M. Herriot is reported as replying:
he has not changed his mind. M. Daeschner says Mr. Coolidge's
advice is to speak the least possible about this affair. M. Jusserand undertook his conversations of his own accord. They brought no result."
M. Herriot said the conversations were subject to the British debt negotiations proceeding satisfactorily, and that France would insist that her
debt be reduced in the same ratio as France's claims on Germany were
reduced.
Despite the criticism in the Upper House of the Harriet Government,
it is considered highly improbable that the Senate can make any large
reductions in the total of the budget because 60% represents appropriations
to care for the debts of the country, whch appropriations are fixed mathematically, not politically. The military appropriations is
5.500.000,000,
the general running cost of the Government is slightly over 8.000.000,000
and the appropriation for reconstruction work is 1.500,000,000.
The
only chance for a reduction seems to be in the increases granted to State
employees.
At the same time the following was reported from WashAs Premier Herriot'bitterly complained in the Chamber on Sunday
ington by the same paper:
morning after the passage of the budget, .19.500.000,000 of it went
to
President!Coolidge's attitude on the French debt, as
debt service. He pointed out that it was impossible for the Government
expressed only
to lighten this burden. It Is to be noted that in this budget no provision recently, is the same as it has been all along. He is opposed to any cancelis made toward the war debt of France to England and the United States. lation, but holds that it is not wise to keep repeating our attitude.
In other words, the Administration believes that the United
The interior national debt of the country stands at 277,850,000,000
States should
francs, while the foreign commercial debt, as distinguished from the continue to show leniency toward France and allow the situation to develop
political debt. is 20,000,000.000. Thus the active debt of the French in France, so as to lead the Government to open negotiations for the payment of that country's war debt.
Government is 300,000,000.000 francs.
Interest and amortization charges on this enormous sum take up the
larger part of the 19,500,000,000 debt service part of the 1925 budget,
On the consolidated debt the interest charges for the year are 4,360,000.000.
Offering of Bonds of Dallas Joint Stock Land Bank.
on the 1920 5% loan 1,000,000,000. Haifa billion is appropriated for the
two loans floated in the United States in 1920 and 1921. Nearly 500,Ailissuo of $3,500,000 5% farm loan bonds of the Dallas
000.000 needed for interest on the purchase of 13r1tish and American war Joint Stock Land
Bank of Dallas, Tex., was offered on Mar.
ittocks.
On national defense long-term bonds 424,000,000 francs are needed. 10 by Lee, Higginson & Co. and the Illinois Merchants Trust
Four hundred and ninety-four millions are appropriated for three and five Company of Chicago, at 1033 and
accrued interest to
year reconstruction bonds and 977,000,000 for ten-year Treasury reconyield about 4.56% to the optional date and 5% thereafter.
struction bonds. The 1919 loan calls for a debt service of 1,904,000,000.
Seven hundred ahd twenty millions are put down for special war damage The bond's will be dated Jan. 1 1925, will become due Jan. 1
bonds service, while the floating debt calls for 3,575,000,000. Together 1965, and will be redeemable at
100 and accrued interest on
with interest and service on the railroad debt, this brings the count to
Jan. 1 1935. The bonds, in coupon form and fully registered
approximately 15,000,000.000.
Civil pensions run up to nearly 700,000.000. while the war pensions bonds, and interchangeable, will be in denominations of
are down for nearly 2,500.000.000. The remaining 1,000,000,000 for debt $10,000, $5,000 and $1,000.
Principal and semi-annual
service is made up of a great number of smaller items, representing for
the most part local commitments of the French Government. Provisions interest (Jan. 1 and July 1) will be payable at the Bank of
also is made for the cost of refloating some of the French loans which come Issue or coupons may be presented for payment at offices of
due this year, and which, if renewed, will bear a higher rate of interest.
Lee, Higginson & Co., in Boston, New York or Chicago.
The French public debt before the war was 32,000,000,000 francs, or
H.
W. Ferguson, President of the Dallas Joint Stock Land
less than the 1925 budget. The French war debt abroad is equivalent
to 36,000,000,000 gold francs, or 144,000,000,000 paper francs at current Bank, in a letter, dated Mar. 7 1925, to the banking houses
exchange, which is the exchange which would have been considered were offering the
bonds, says:
the French paying service on this debt in 1925. Thus, on the present
As of Feb. 28 1925. there were outstanding total bonds issued by this
exchange basis the debt of the French Government is nearly 450,000,bank to the amount of
$20.810.000
000,000 francs, or about 13,000 francs for every man, woman and child Security for these was approximately
as follows:
In the country.
First Mortgages upon farms, $21.266,932
deposited, secured by
farms
with appraised value of
Considering the smallness of the French national debt before the war.
$55,818,710
1.461.300
It may be fairly said that the present crushing French debt represents their Capital Stock paid in (carrying double liability)
Surplus and Reserve
211.012
cost of the war. Though the 19.500,000,000 to be paid this year represents to-day roughly $1,000.000,000. it really represents more than that
$57,491,022
Disregarding
stockholders' double liability, this represents 278% .1)41
for the Frenchman. Just as a too favorable picture would be presented by
bonds outstanding, Average loans Feb. 28 1925, represented
dividing the 300,000,000,000 interior debt by the current rate of exchange; appraised
38% or ro
value of the farms.
MAR. 141925.]
TI I l
CHRONICLE
1283
issued under the Federal Farm
The following loan*,statistics °lithe-Dank as of Feb. 28 Chicago. The bonds are
Loan Act and are exempt from all Federal, State, Municipal
1925, are also furnished:
$22,452,232 and local taxes.
Total amount loans closed
Acreage covered by loans
Appraised value of lands
Appraised value of improvements
Appraised value of land and improvements
Percentage of loans to appraised value of land and improvements
Percentage of loans to appraised value of land only
1,889,050
52,819.510
6,073,017
58.892.527
38.1%
42.4%
The bank was organized July 3 1919, and has a paid in
Capital stock of $1,461,300, and surplus and undivided
profits of $211,012, based on the statement of Feb. 28 1925.
While the bank is permitted by charter to operate in the
States of Texas and Oklahoma, it is stated that its policy is
to restrict its loans to the "black waxy" wheat belts and
other sections of Texas where land values have been well
established for many years. The bonds, issued under the
Federal Farm Loan Act, are legal investments for all fiduciary
and trust funds under the jurisdiction of the Federal Government and acceptable as security for postal savings.
Congress Fails to Enact Farm Legislation.
Congress, before its adjournment on March 4, failed to
enact the farm relief measures which had been before it,
these, as indicated in press dispatches from Washington
March 4, being left in various stages, the Capper-Haugen
bill on the Senate calendar, the McNary-Haugen farmers'
export corporation bill in the Senate Agricultural Committee files and several less widely discussed proposals in
varying degrees of consideration. On Feb. 26, as was reported by us last week (page 1036), the House had passed
a bill offered by Representative Dickinson proposing Federal assistance to co-operatives without Federal control. In
accepting this bill the House had rejected the Capper-Haugen bill to establish a Federal Co-operative Marketing Board
along the lines recommended by the President's Agricultural
Conference. On the 2d inst. the Senate Committee on Agriculture decided by a vote of 7 to 6 to substitute the CapperHaugen bill for the Dickinson bill, this action having then
been regarded as killing all chances of farm relief legislation
at the session just closed. In the Senate on the 3d inst. the
modified McNary-Haugen bill to create a grain export corporation was rejected by a vote of 69 to 17; the bill had been
offered as a rider to the naval omnibus bill. The Dickinson
Co-operative Farm Marketing bill was described on March 1
by Chairman Carey of the President's Agricultural Conference as the "cleverest piece of camouflage ever drawn." The
New York "Journal of Commerce" in a Washington dispatch
on the 1st inst. said:
drawn
Appearing before the Senate Agricultural Committee, he said it was
Offering of Bonds of Southern Minnesota Joint Stock
Land Bank.
At 1033/ and interest, to yield 4.55% to the optional date
and 5% thereafter, the Guy Huston Company, Inc., offered
on March 11 an issue of $1,500,000 5% farm loan bonds of
the Southern Minnesota Joint Stock Land Bank of Redwood
Falls, Minn. The issue put out under the Federal Farm
Loan Act will be dated Nov. 1 1924, will mature Nov. 1
1954, and will be redeemable at the option of the bank at
par and accrued interest on November 1 1934, or on any
interest date thereafter. The bonds, coupon of $1,000 each,
are fully registerable. Principal and semi-annual interest
May 1 and Nov. 1, will be payable at the Southern Minnesota Joint Stock Land Bank, or coupons may be collected
at the office of Chase National Bank, New York City.' by Henry C. Taylor, Chief of the Bureau of Agricultural Economics, who
The Southern Minnesota Bank is one of a group of which the he said was an antagonist of the conference, and would stir up "one of the
ever seen in Washington" if enacted into law.
Guy Huston Company is fiscal agent. This group includes greatest fights Senator
Hendrick, Democrat, Wyoming, Mr. Carey said he preReplying to
Des
Dallas,
Minnesota,
which he
the Chicago, Kansas City, Southern
ferred no legislation this session, rather than the Dickinson bill,
of
excess
said would "prevent enactment of constructive legislation later."
Moines and New York banks. Their assets are in
his measure, Representative Dickinson, Republican, Iowa, said
$160,000,000—more than one-third of the assets of the it Defending
line."
would build from the bottom up "by giving good advice all along the
earnings
regulation
gross
entire Joint Stock Land Bank System and their
The effect of the Capper.Haugen bill would be compulsory
years."
25
back
are at the rate of approximately $2,000,000 per annum. which would "set co-operative marketing
?"
the Government want to assume full responsibility for the farmer
Through this common fiscal agency and an Executive Com- he"Does
help themasked, "or stand by and give advice so as the farmers may
these
mittee composed of the president of each of the banks,
selves?" '
"Who is back of this bill ?" Senator MeNary asked.
banks are as closely associated as is permitted under the
Mr. Dickinson
"National milk producers generally are in support of it,"
sheet
balance
the
is
following
Federal Farm Loan Act. The
said.
of the Southern Minnesota Joint Stock Land Bank. As:
of Feb. 1 1925 (after giving effect to the present bond issue) Ruling of New York Stock Exchange Against "Blind"
Assets:
Advertisements for Employes.
$27,083,097 00
Mortgage loans
Total first mortgage loans on amortized plan on farms
the New York Stock Exchange, directed
by
ruling
A
of
third
east
and
Minnesota
located in the south half of
South Dakota, valued by Governmnet appraisers at
so-called "blind" advertisements, requires that
against
565,000,000 00.
1,318,20000 advertisements for employes of members must be signed by
U. S. Government bonds
Liberty bonds or Treasury certificates are acceptable
the name of the member or firm. The ruling, made by the
as collateral for Farm Loan bonds and used for that purpose; also secondary cash reserve.
was announced
561,411 64 Committee on Quotations and Commissions,
Accounts receivable and other assets
Tax certificates held by bank, fees and insurance paid,
by Secretary Cox.
2
March
on
follows
as
advances for improvements,contracts, etc.
47.598 25
Banking house, furniture and fixtures
Hereafter any newspaper adve.tisements seeking the ser757,253 54
Accrued interest on loans and securities
vices of so-called Customers' Men or of Managers or emNot due and uncollected.
401,338 13
Cash and due from banks
ployees in the Other Offices of members must be signed by
$30,168,898 56 the full name of the member or his firm.
Total
Liabilities:
527.000,000 00
Bonds
The New York "Times" on Mar. 4 said?
Total bonds issued by this bank and outstanding at this
time, including $1,500,000 to be presently issued.
Capital Stock
Par value paid in Capital stock held by stockholders.
Reserve, surplus and undivided profits
Amount carried to reserve and amounts accumulated for
distribution of earnings.
Reserve for interest
Interest due and interest accrued on bonds.
Coupons net presented for payment
Payment of principal on loans
Total of installments made to date on amortized loans.
Total
1,800,000 00
326,488 74
322.887 50
18.72000
700,802 32
S30,168,898 56
Ex,
Stock
The reason for the order is said to be that many of the largo
few weeks through
change houses have lost valued employes during the last
houses who have
higher offers made to them by other Stock Exchange
placed in the daily
attracted this help through "blind" advertisements
papers
Brokers' Loans at High Level—Total Estimated at
About $2,100,000,000—Former High $2,000,000,000 in February 1923.
The following is from the "Wall Street Journal" of March 7:
Offering of Bonds of First Trust Joint Stock Land
createraybroad
The current unprecedented bull market has molar-ally
money loans
Bank of Chicago.
demand for credit, with the result that Wall Street brokers'
level. It is estimated that brokers' borrowings are
The bond department of the First Trust and Savings Bank have touched a new high This
figure compares with $2.000,000,000 at the
about $2,100,000,000.
of Chicago offered on Mar. 4 an issue of 43% farm bonds, former high point in February 1923. At the end of 1924 brokers' loans
to the amount of $1,500,000, at 1013/i and interest, to yield approximated $1,750,000,000. so that the expansion has been about some
in recent months.
over 4.30% to the optional period and 4.50% thereafter. 5350,000.000
status of brokers'
Bankrs and credit authorities do not view the present
1
will
due
Mar.
become
1
1925,
Mar.
The bonds will be dated
borrowings as excessive. They point to our unprecedented credit situation;
money rates; low Federal Reserve
1955, and will be redeemable at par and interest on Mar. 1 the stability and easiness of open market
rediscount rates; moderate volume of Federal Reserve discounts, androur
They
will
be
in
date
thereafter.
any
interest
or
1935,
huge gold holdings.
coupon form in denomination of $1,000 and $10,000, and will
Nor do financial interests associate the recent increase in the New York
Federal Reserve Bank rate to 3M % from 3% with the recent stock market
be fully registerable and interchangeable. Principal and activity.
They are inclined to the belief that the advance was merely to
semi-annual interest (Mar. 1 and Sept. 1) will be payable at bring the New York figure in line with other pivotal Federal Reserve centres
% and 4% prevail.
the First Trust and Savings Bank Chicago, or the First 'where
Money rates are governed largely by the commercial demand for credit.
National Bank, New York City. The First Trust Joint Recently
the industrial inquiries for money have been growing, indicating
Stock Land Bank of Chicago, is affiliated with the First improving business. This, together with the volume of money being emTrust and Savings Bank and the First National Bank of ployed in the securities markets, has naturally caused slightly higher rates.
1284
THE CHRONICLE
[VoL. 120.
Wall Street is aware that slightly higher money rates—both commercial
New York "Commercial's" Washington Bureau of the adand Wall Street—coming at a time when our credit position is so sound.
dresses of Senators Couzens and Cummins. The report ran:
can only be construed favorably.
Brokers' money borrowings began to move upward with the recent strong
Senator Couzens went into great detail in explaining the relations of
Mr.
stock market in July 1924. Following are the totals for various periods Warren
to affairs of people connected with the American Sugar Refining Co.
since that time:
The Senator said that Mr. Warren had been attacked as unfit
to
hold
the
July 14 1924
81,325,000,000 I Oct. 7 1924
81.475.000,000 post of Attorney-General because in 1902 he acted as counsel for persons
July 29 1924
1,330,000,0001Nov.10 1924
1,600,000,000 connected with the American Sugar Refining Co. In the purchase of
a large
Aug. 18 1924
1,350,000,000 Dec.31 1924
1,750.000,000 amount of the stock of certain beet sugar companies in Michigan:
and in
Sept.22 1924
1,400,000,000 I Mar. 6 1925
2,100.000.000 1906 he participated in the organization of the Michigan Sugar Corp.,
of
which he became counsel and later President. Senator Couzens then
drew
attention to the fact that the opposition to Mr. Warren had built
up around
Annual Meeting of Partners and Branch Office Man- these conditions
because the American Sugar Refining Co. and the Michigan
agers of New York Stock Exchange Firms.
Sugar Co. and certain individual defendants, of whom Mr. Warren was one,
were prosecuted later by the Government for
violation of the Anti-Trust
On Apr. 17 the New York Stock Exchange will hold its Law.
annual conference of partnets, branch office managers and
Having set forth clearly these points as forming the crux of the opposition
representatives of Stock Exchange firms. After group to Mr. Warren, Senator Couzens then proceeded to show what were the real
conditions which inspired the formation of the Michigan Sugar
visits to the floor of the exchange and a buffet luncheon at the and
Corporation,
the various other big sugar developments with which Mr.
Warren beStock Exchange Luncheon Club, the conference will open came identified.
Senator Cummins stated that the properties were paid
in the Governing Committee Room at 2:45 p. m. President
for, in a large
measure, by the issuance of stock of the Michigan Sugar
Co. to the stockE. H. H. Simmons of the Exchange will deliver the address holders
of the old companies, according to the valuation so made
and in the
of welcome. The members will also be addressed by Richard proportion of their respective holdings in such
companies. Inasmuch as
Whitney, Erastus T. Tefft, and Seymour L. Cromwell, mem- the American Sugar Refining Co. or persons connected with it were the owners of substantiall 37% of the capital stock of these six
companies, it folbers of the governing committee. Mr. Whitney will speak lowed that 37% ofythe
Michigan Sugar Refining Co. belonged to the Ameron "Bond Trading on the Stock Exchange, the subject of ican Sugar Refining Co., Mr. Havemyer or other persons
connected with
Mr. Tefft's remarks will be "The Stock Specialist," while that corporation.
Senator Cummins drew special attention to the fact that
during
the subMr. Cromwell will address the meeting on "The Handling of sequent trial of the Government's case against
the sugar companies,
DisOdd Lot Corners." The object of the meeting is to discuss trict Attorney made the statement that neither Mr. Warren nor the
the law
firm in which he was a partner was then employed in any
the various workings and problems of the Exchange.
capacity by the
American Sugar Refining Co., and that it had not been
so employed since
1906. The bill against Mr. Warren was later dismissed.
There was no
final decree in the sugar prosecution until 1922, and
so far as the Michigan
Senate Rejects Charles B. Warren for Attorney-General Sugar Co. was concerned, it was
not affected in any way. The American
Sugar Refining Co. was restrained from buying
—First Rejection of a Cabinet Appointment in
any more stock in any of
the companies in which it had an interest.
Nearly Sixty Years--President Returns
Nomination To Senate.
The nomination of Charles Beecher Warren of Michigan
to be Attorney-General in succession to Harlan F. Stone was
rejected by the Senate on Tuesday (March 10), the vote on
the nomination resulting in a tie, 40 for and 40 against. A
tied vote means the defeat of a motion under Senate rules.
The voting took place amid scenes of great excitement. Democratic Senators, with the exception of Senator Overman of
North Carolina, voted solidly against confirmation, as also
did nine Republicans, including the three La Follette supporters, and Senator Shipstead, Farmer-Laborite. Had
Vice-President Dawes been present, his casting vote would
have decided the vote in favor of Mr. Warren, but the VicePresident, it is said, had been assured that no vote would
be taken that day. Urgent messages were sent to him at
his hotel in Washington, and with all speed Mr. Dawes
hastened to the Senate chamber. He arrived, however. just
too late to avert the Administration forces' defeat. Before
the result of the vote was announced Senator Reed of Pennsylvania tried to effect delay by demanding the right to
change his vote so as to move reconsideration. Senator
Walsh of Montana at once moved to table the suggestion,
and the motion to reconsider the nomination was defeated
by 39 votes to 41. Senator Overman voted with his party in
the second roll-call.
President Coolidge returned the nomination of Mr. Warren
to the Senate on Thursday. His action followed a conference
at the White House that morning in which the President, Mr.
Warren and Senator Butler of Massachusetts, took part.
In the Senate nomination was again referred to the Senate
Judiciary Committee, which yesterday (March 13) made an
adverse report on it, the voting being 9 to 7 against. President Coolidge issued a statement Thursday which said:
At the request of the President Mr. Warren consented to allow his name
to be submitted to the Sneate.
The Senate Judiciary Committee first took in hand Mr.
Warren's nomination early in February. Since then the
committee has twice reported favorably upon it—on Feb. 24
and again on March 6 during the present special Senate
session. The Senate, however, delayed acting upon it pending further investigation and discussion of charges that the
nominee, through his connections with the American Sugar
Refining Co. and the Michigan Sugar Corporation, had been
involved in a conspiracy to suppress competition in the
marketing of sugar pulp. The case was thoroughly reviewed
in the Senate discussion on March 10 prior to voting on the
nomination. Senators Walsh of Montana and Reed of Missouri, Democrats, were strongly opposed to confirmation,
while Senator Cummins of Iowa, Republican, made a lengthy
speech in defense of Mr. Warren. Senator Couzens of Michigan, Republican, announced his reasons for voting with the
opposition, declaring that he owed it to his constituents to
vote in accordance with their wishes. A summary of the
charges against Mr. Warren appeared in the report from the
Senator Reed of Missouri said, in part:
To appoint Charles Beecher Warren to enforce
the trust laws against himself and his associates is as wicked as to appoint
Albert Fall special prosecutor of Harry Sinclair. Fall could be bought
Warren is owned in advance.
for his interests are there Fall could be induced
to betray the law that he
might put money in his purse. Warren needs
no inducement to paralyze
the law that he may keep money In his pocket.
Fall hoped to escape prosecution. Warren will be
assured against punishment. F411 aided others to commit crime.
Warren connived and
assisted in the execution of crime. Fall's unlawful
purpose was secret.
Warren's coerupt practices are to-day known.
On Wednesday, the day after the Senate rejected the nomination of Mr. Warren, the Michigan House of Representatives adopted a resolution in favor of his confirmation. The
resolution denies certain allegations made by Senator Couzens
regarding the views of the people of Michigan. It says:
James Couzens, Senator from this State, made the statement yesterday
that he expressed the view of nine-tenths of the people of Michigan in
opposing the confirmation of Charles B. Warren.
Whereas we believe the great majority of the people and the Republican
Party of Michigan desire such confirmation; be it
Resolved. That this House go on record as approving the appointment of
Mr. Warren by President Coolidge and favoring his confirmatio
n by the
United States Senate.
Official political records show that the rejection by the
Senate of Mr. Warren's nomination is the sixth case in which
the Senate has vetoed the President's selection for a Cabinet
position. The Washington correspondent of Associated Press
on March 11 enumerated the other occasions as follows:
Under Jackson: Roger B. Taney of Maryland, to be
Secretary of the
Treasury: rejected. 28 to 18, June 1834.
Under John Tyler: Davis Renshaw of glassachuse.ts, to
be Secretary
of the Treasury, rejected, 27 to 19. March 3 1843; James
M. Porter of
Pennsylvania to be Secretary of War, rejected. 38 to 3. Jan.
30 1844;
Caleb Cushing of Massachusetts, to be Secretary of the Treasury;
rejected,
27 to 19, March 3 1843.
Under Johnson: Henry Stansbery of Ohio, to be Attorney
-General. He
had previously served and resigned. Rejected, 29 to 11.
Jan. 2 1868.
Alfred P. Dennis, of Maryland, Nominated to United
States Tariff Commission and Approved by Senate
Committee—Commissioner Burgess to Retire.
President Coolidge nominated Alfred P. Dennis of Maryland as a member of the United States Tariff Commission
on March 6 in succession to David J. Lewis, whose term has
expired. The Senate Committee on Finance ordered a favorable report on the nomination on Monday (March 9).
Mr. Lewis and Mr. Dennis are Democrats, but while
Mr.
Lewis is a radical, Mr. Dennis, on the other hand, is
understood to be conservative. During the war his efficiency
as
a commercial attache at Rome brought him to the
notice of
Herbert Hoover, who elevated him to the position of Assistant to the Secretary of Commerce. He got a degree of
Ph.D.
at Princeton University, was an instructor there and later
at Smith College. Mr. Dennis is a close personal friend of
President Coolidge. His appointment is expected to have
the effect of breaking the three-three deadlock which has
existed on the Commission for some time.
The Senate confirmed the nomination of Mr. Dennis on
Wednesday, there being no opposition.
MAR. 14 1925.]
THE CHRONICLE
1285
of'Michigan, chairman of the
It was disclosed at the White House on March 6 that Bureau, Senator Couzens
of laxity against th3 Treasury
allegations
made
committee,
his
of
President
Commissioner Burgess has informed the
Department in the enforcement of the Federal tax laws,
desire to retire from the Commission.
which, it is alleged, caused a loss to the Government of many
of dollars of revenue. The committee asserts that
Senate Confirms Nomination of Harry S. New as millions
bath individuals and corporations have been favored by the
Postmaster-General—Howard M. Gore, Ex-SecreDepartment with large and unwarranted reductions in the
tary of Agriculture, Becomes Governor of
of taxes payable. It is charg-d that for the years
amount
West Virginia.
the Atlantic, Gulf and West Indies Steaminclusive,
1917-20
new
The first communication of President Coolidge to the
its assets through financial manconcealed
Corporation
ship
Senate asked confirmation of the nominations of Charles B.
a refund of $7,282,460 out
obtained
thereby
and
ipulation,
Warren of Michigan and Harry S. New of Indiana as Attoras Federal taxation. Inimposed
$9,913,841
of
total
a
of
ney-General and Postmaster-General, respectively. Mr.
committee declared that no real
the
for
counsel
vestigating
New's nomination to succeed himself was confirmed immeinvestiga ion of the company's financial standing ad been
diately on March 5, while the failure of the Senate to ratify
made, despite the fact that Secretary Mellon stated that it
that of Mr. Warren is dealt with in other columns.
was quite unbale to pay more than the amount of taxation
Howard M. Gore, retiring Secretary of Agriculture, took
from it. The committee further charges that by
collected
the oath of office as Governor of West Virginia on March 4.
means of unduly high valuation of various copper mining
that of the Anaconda Copper
La Follette Senators Lose Committee Places by Senate properties—principal being
saved millions in taxes through
companies
any
Company—m
Vote—House Radicals Get Similar Treatment—
allowances. The Anaconda
depletion
false
granted
being
Will Serve Henceforth as Independents.
is alleged to have saved $50,000,000 in
Company
Copper
The insurgent Republican Senators were deprived of their
this way in 1917 and 1918. The investigation committee
committee rank by Senate vote on March 9, this course havnext att cks the Department's system of awarding war amorting been decided upon at the party caucus on March 5, from
allowances. It is claimed that the United States Steel
ization
which the La Follette followers were excluded. The demoted
was granted an allowance of more than $21,0 0,Corporation
Senators are Senator La Follette of Wisconsin, who was
excess of the just amount, while the Aluminum Comin
000
Chairman of the Committee on Manufactures, ranking Chairpany of America is alleged to have obtained an ov rallowance
man of the Inter-State Commerce Committee, and second in
$6,500,000. Amortization claims totalling $562,000,000
of
command on the Finance Committee; Senator Ladd of North
been allowed, it is said, and the principles involved
have
Dakota, who was Chairman of the Public Lands and Surveys
by the Couzens committee. Much of the
questioned
Committee; Senator Brookhart of Iowa and Senator Frazier are
testimony submitted to the Senate was presented by L. C.
of North Dakota. The last two had no important committee
Manson, special investigating counsel for the committee,
positions. Each insurgent was relegated to the foot of the
most of the evidence has been filed with the Senate.
and
ladder of the committees on which he served. A test vote
accounts of the testimony which follow are taken from
The
was provided when Senator Norris of Nebraska moved that
special Washington reports to the New York "Times" on
Senator Ladd continue as Chairman of the Committee on
March 8, copper valuations were dealt with and these
Public Lands and Surveys. The nominee of the Committee
thereon said:
reports
on Committees, Senator Stanfield of Oregon, was elected by
The testimony submitted to the committee shows that the Anaconda
36 votes to 13, 3 votes being cast for Senator Jones of New Copper Company claimed,in making its tax returns for 1917 and 1918,a valMexico. The Democrats had previously agreed to abstain uation of $184,152.965.
John Alden Grimes, chief of the Metals Valuation Section of the Internal
from voting. Senator Borah of Idaho made a vigorous at- Revenue Bureau, the testimony shows, held that the valuation should have
the Treastack upon the policy of demoting the insurgents, and voted been only $54.865,822. The commitee developed the fact that
the position taken by Mr. Grimes, permitted the Anaconda
for Senator Ladd in the above count, along with Senators ury, despite
of
valuation
$188,713,192.
a
on
1918
and
Company to figure its tax for 1917
Couzens, Fernald, Howell, Johnson (Cal.), McMaster, Nor- or $4,560,227 more than the company originally claimed.
and
Copeland
Senators
This evidence was produced by L. C. Manson,special investigating coun),
(Republicans
beck and Norris
for the committee, who held that there was a large saving in taxes to the
Wheeler (Democrats), Senator Shipstead (Farmer-Labor), sel
Anaconda Company as a result of the decisions.
and Senators Brookhart and Frazier (Independents).
Senator Couzens asked if this meant that the valuation as estimated by
this was the case for
The House Committee on Committees on March 5 decided Mr. Grimes had been ignored. Mr. Manson said that
1917 and 1918, and that afterward the estimates by Mr. Grimes had been
to relegate Representative Frear of Wisconsin, third ranking accepted.
member of the Ways and Means Committee, to the foot of the
Next Mr. Manson discussed the case of the Inspiration Copper Company.
Grimes had estimated
list, where he will serve as an Independent. The committee which claimed a valuation of $62,214,806. while Mr.
the valuation at only $17,292,074. The Treasury Department,Mr.Manson
also passed a resolution declaring that no one who did not said,
basis.
tax
finally permitted $92,134,730 to be used as a
support the Coolidge-Dawes ticket at the recent election
Declares Ore Is Overvalued.
would be recognized as a Republican. This affects thirteen
Mr. Manson emphasized the point that, in his opinion, this evidence
been collected in taxes
other radical Representatives, including Representative La illustrated how large amounts which should haveadded,
that an examinawere lost through laxity in checking returns. He
Guardia of New York.
tion of the returns of fifty-four other copper and silver companies for 1918.
in the
the year under consideration by the committee, showed that ore
high valuations
Congressmen's Salaries Raised From $7,500 to $10,000 ground had been overvalued by many millions. As these
Treasury
were used as a basis for figuring depletion allowances, he said, the
a Year—Cabinet Ministers Get $15,000 Under
subhad been deprived of "an annual tax loss of 15,127,096 for 1919 and
New Act.
sequent years.
oil
large
of
Testimony before the committee also went into the affairs
One of the last bills signed by President Coolidge in the
comcompanies, which according to A. jr, Fay, consulting engineer of the
short session of the Sixty-eighth Congress was the Legislative mittee, had "set up a valuation for depletion purposes which is absurd in the
Appropriation Bill, attached to which is an amendment extreme." One case taken up was that of the Gypsy Oil Company,Mr.Pay
depletion allowances and
granting Congressmen a 33 1-3% increase in salary—from stated that the company had received excessive
that "this taxpayer has received excessive discovery valuations to the Went
$7,500 a year to $10,000 a year. The Vice-President, of 114.610,953."
Amortization allowances made to the Aluminum Company of America also
Speaker of the House and Cabinet Ministers receive $15,000
by the Couzens committee and additional testimony
a year instead of $12,000 a year as previously. The measure came under criticism
on this subject is to be received.
was put forward by Senator Ball of Delaware, Republican,
Dealing with the charge against the Atlantic, Gulf & West
and was approved at night session when many Senators were Indies Steamship Company, testimony in connection with
absent. The House adopted the amendment by a standing which was laid before the Senate on Mar. 7, the advices
vote of 237 to 93. Senator Borah protested against the stated:
manner in which the bill was put through and offered an
solicitor of
Part of the testimony shows that Nelson T. Hartson, who was
amendment on Feb.23 to repeal the Act. The amendment the Internal Revenue Bureau until he resigned a few days ago to go into
that the tax compromise was made
was declared out of order by Senator Wadsworth, who was private practice, told the committee
had
the law firm of Root, Clark, Buckner & Howland of New York,
in the chair; whereupon Senator Borah moved a suspension after
that it was the largest Americanground
pleaded for the company on the
of the rules. The motion was defeated by 64 votes to 18. owned concern of the kind, and that to collect the full tax would put it into
bankruptcy courts. When Mr. Hartson was asked if the Treasury had a
The salary increases will cost $1.372,000 per annum.
going into the hands of a
Couzens Investigating Committee Files Evidence With
Senate Charges That Laxity in Treasury Department Has Cost Government Millions of
Dollars in Taxes.
In presenting to the Senate the testimony taken before the
special Senate committee investigating the Internal Revenue
right to waive taxes to prevent companies from
receiver, he replied:
"I don't think you will find anything in the statutes. It is a question of
of administrative policy."
Revenue agents who investigated the company said "that in their experience covering a number of years assigned to fraud investigations they had
not found evidence to show more conclusively the brazen attempts to:defraud the Government" than in the case in question.
Records of Treasury agents, in which it was alleged that about
of taxable income was concealed through a transaction in connection with
$4,000,000
1286
THE CHRONICLE
[vou 120.
the Mexican Navigation Company,
a subsidiary of the Atlantic, Gulf &
West Indies Corporation,Fwere presented by
Mr.rManson.
man of the Ways and Means Committee of the Republican
We reproduce Mr. Manson's account of the deal with the National Convention in the 1920 campaign, obtained a large
reduction in tax payments for the'year 1918, despit objecMexican Navigation Co.:
tions by some of the department experts. Mr. Manson does
A. R. Nicol, Albert Gilbert Smith
and Gonzales Abuana, the two first of
whom were President and
director, respectively, of the AGWI, declare not charge any wrongdoing in this case, but states that part
a dividend of $1,000 a share on the 4,500 shares of the Capital stock of the of Mr. Thompson's tax reduction
was obtained through
Mexican Navigation Company.
assessing "stock losses" at $597,000. No detailed account
This was a liquidating dividend. On May
24, 1919, the AGWI and its
as to how these losses were sustained, it is said, was provided
subsidiary, the New York and Cuba Steamship Line (Ward Line)
owned
3,409 shares of the Mexican Navigation Company stock,
costing $1,886,863. by Mr. Thompson. Secretary Mellon's reply to the charges
Had these two companies surrendered
their stock they would have received made by
the Couzen's Committee appears elsewhere.
the sum of $3,941,233,resulting
in a profit of 32,054,359, which should have
been reported as income.
The records show that the AGWI received the $3,941,233
in Mar. 1920.
However, in order to secrete the profit and avoid the payment
of income
tax thereon, it issued to the Mexican
Navigation Company three non-interest bearing demand notes in the amounts
of 33,941,233—that is, the exact
amount of the liquidating dividend. They were just straight
promissory
notes, but the point is that the liquidators of a dissolved corporation
had no
authority to loan this money.
New Company Is Formed.
These notes were issued in 1921 and antedated Mar. 15
1920. The action
of the Treasurer in issuing these notes was
approved by the directors of the
Atlantic, Gulf and West Indies, AGWI, at its meeting in Jan. 1921. The
transaction at this time shows on the books of the company as a liability
in the form of notes payable in the sum of $4,000,000,
and assets in the form
of an investment in the Mexican Navigation Company
in the sum of $1,561,863. "
Another statement by Mr. Manson was that about three months afterward
A. G. Smith, President of the New York & Cuba
Mall Steamship Company,
and Robert E. McBain, Treasurer of the Atlantic,
Gulf & West Indies, organized the Cuban American Terminal Company,to which they transferred
the assets of the Mexican Navigation Company and re-issu
ed stock to the
Atlantic, Gulf & West Indies in the same amount as the former interest in
the Mexican Navigation Company.
"The situation was then this," said Mr. Manson. "The taxpayer
and its
subsidiaries owned the stock of this dissolved corporation and had their
liquidating dividend and had given back a note. Then this new company is
organized and the assets of the old company are transferred to the new company in exchange for this stock.
The income statement of the AGWI. dated Dec. 31
1923 indicates the
receipt of dividends from the Cuban American Terminal Company
of $3.941,223, which is the exact amount under the heading of exempt income—
non-taxable--on the AGWI tax return, and this is the amount of the liquidating dividend for the Mexican Navigation Company's stock
formerly owned
by the AGWI."
It was reported by revenue agents,said Mr.Manson, that
they were "convinced that this scheme originated with the President, A. R.
Nicol, and Mr.
McBain."
"Another instance of the effort of this company to conceal income," Mr.
Manson added,"was in the matter of the replacement fund
created in connection with the loss of the steamship Massapequa. owned
by the New York
& Porto Rico Steamship Company, 100% of whose stock
was owned by
AGWI.
He said this ship was worth about $187,000 when sunk by a submarine
in
July 1917, but that when the New York & Porto
Rico Steamship Company
bought a vessel to replace the Massapequa it realized profit
a
of $752,471,
"which it attempted to conceal as such and
evade the payment of tax
thereon."
Secretary Mellon In Answer to Report of Committee
Alleging Laxity of Treasury Department—Explains
Senator Couzens' Tax Re-assessments—Judge
Gary Replies to Charges Against W. S.
Steel—Chairman of Anaconda Company Issues Statement.
Secretary of the Treasury Mellon issued a formal statement
on Mar.9 in answer to the charges of laxity on the part of the
Internal Revenue Bureau brought by the Couzens Investigating Committee, and also in answer to charges made in
the Senate by Senator Couzens of Michigan, that he was
being "disciplined by the Internal Revenue Department
through addilional assessment on his J919 income tax of
$10,861,131. Senator Couzens yesterday (Mar. 13) announced in the Senate that he had.been advised by long distance telephone from Detroit that the Department had notified his attorneys there that it had levied an additional
assessment on his 1919 income tax of that amount because of
undervaluation of the Senator's holdings in the Ford Motor
Company. Secretary Mellon says that "the only question
between the Treasury and Senator Couzens with respect to
his 1919 taxes is whether the proper amount has been collected. If the valuation used in determining his tax is
proper, investigation will undoubtedly so disclose." Senator
Couzens refused to sign a waiver and is understood to intend
to contest the levy. In the Senate yesterday experts of this
city, and not the Treasury Department, had computed the
new tax assessments. Secretary Mellon on this subject
says:
Last week the Treasury received by mail from a responsible person a
memorandum from which it appeared that the valuation of Ford stock
used by the minority stockholders who sold out to Mr. Ford in 1919 was
not correct and that additional taxes were due from these stockholders.
The facts stated in the memorandum could not be accepted by the Bureau
without further investigation. The statute of limitations, unless waived,
would bar an additional tax against Senator Couzens on Friday March 13
The c-mmittee's allegations respecting amortization allow- 1925, now but four days away, Waivers of the other minority stockholders for 1919 are on file in the Bureau. As is customary in such cases
ances awarded United States Steel Corporation and the the
Commissioner of Internal Revenue asked Senator Couzens to waive
Aluminum Company of America came up before the Senate the running of the statute in his case also, to give the Treasury opportunity
Mar.9. Associated Press reported the proceedings as follows: to investigate the facts. The asking and granting of such waivers by
other taxpayers are quite usual.
Counsel and engineers for the committee contended that an amortization
I am informed that in a speech made in the Senate this afternoon Senator
allowance of $55,063.312 to the United States Steel Corporation
was $27,- Couzens stated he would not sign a waiver. In order to protect the
926,014 in excess of what it should have been, and that a difference
in tax of interest of the United States it will probably be necessary to make an
121,478,513 was involved. This case has not been closed, however.
arbitrary assessment, but before this assessment is levied, Senator Couzens,
An overallowance of at least $6,500,000 to the Aluminum Company
of as any other taxpayer, will be given every opportunity he may desire to
America on the amortization total of $15,589.614 was alleged by
counsel present the facts to the Bureau.
and the engineers.
Answering the committee's charges concerning the Atlantic
L. C. Manson, counsel for the committee, said with reference to the Steel
Corporation case that there was no uniformity of treatment in the deter- Gulf & West Indies Steamship Corp. (see.
other columns)
mination of amortization.
"It depends very largely," he said, "on the personal view of the engineer he admits that he corporation was liable for a total tax of
$9,913,841, but stat s that an investigation showed that
Who happens to make the investigation."
Complaint also was made by Mr. Manson that amortization allowances "an insi tence of our strictly legal claim
would inevitably
were made without sufficient investigation.
With respect to the Aluminum Company of America, Mr. Manson dis- have put the company into bankruptcy." Thus, he conclosed that the company first had put in a claim for $6.852,647, based on a tinues, a compromise was arranged whereby $1,280,000 was
fiat 25% of expenditures for war-time extensions, but that this had been re- paid to the Government in
cash; and he company agreed
jected because the basis of computation did not meet with the requirements
of the law. Then the compay countered with a revised claim for $18,268,- not to proceed with a judgment against the U. S. Shipping
435. on which an allowance of $15.589,614 was made. The amount of tax Board of $1,351,000, making in all the equivalent to
a tax
involved was not made clear in the record.
payment of $2,631,000. The Secreyary's statement read:
Reference was made in the testimony to Secretary Mellon's connection
"Recent newspaper articles in connection with the Couzens committee
with this company, members of the committee saying that it had been their
investigation of the Internal Revenue Bureau illustrate the
distortion which
understanding that the cases of companies with which he was connected had
may accompany publicity. It is intimated that the Government
been settled before he took office. Mr. Manson said that was not the case.
refunded
to the Atlantic, Gulf & West Indies Steamship Corporation
Further evid nce was filed with the enate on amortiza- that is, that the Treasury had the tobney and gave it back. $7,282,460,
This is not
correct.
tion allowances on Mar. 11, Associated Press's Washington
correspondent wiring:
Through L. H. Manson,counsel for the committee,and its own engineers,
the committee undertook more detailed investigation of several of the
allowed calims. The Berwind-White Coal Mining Company, in Pennsylvania, furnished the chief claim brought under particular examination in
this category.
"I wish to call the committee's attention very briefly to the ultimate
facts which your counsel expect to establish." Mr. Manson said in introducing his evidence. "The calim is for amortization of an electric power
plant, construction of which was started in June 1918, and which was put
into operation in 1920. The cost of this plant was $835,722. The amount
of amortization allowed was $373,401. This allowance was based upon the
theory that but 52.6% of this plant was required by the Berwind-White
Company to meet its post-war needs. We expect to show that 70 and more
likely 80% of the plant was in use at the time the amortization was determined."
Touching on the cases of individuals, the committee alleges
that William Boyce Thompson of New York, who was chair-
"The department ascertained that the taxpayer was liable
for an additional tax of $9,083,033, plus a penalty for fraud of
§830.808, a total of
$9,913,841. The property of the taxpayer was subject
to mortgage liens
which were legally prior to the claim of the Government.
From an examination of the financial condition of the taxpayer by auditors
of the Treasury,
it appeared there were not sufficient free assets to pay
the tax and penalty.
An insistence of our strict legal claim would inevitably
have put the company into bankruptcy, in which proceeding any
payment to the United
States would have been Jeopardized and perhaps rendered
entirely valueless.
"The company offered to settle for $1,000.000
cash. The department
investigation showed that $1,280.000 was as much
as the company could
probably raise from its bankers and pay the Government
and still avoid
bankruptcy proceedings. This taxpayer also had
a judgment against the
Shipping Board of 31,351,000, which the department
insisted must be satisfied by the taxpayer, as well as the cash demanded
by the department met.
In other words, the United States received in
compromise $1,280,000 in
cash and settlement of a valid judgment against another
branch of the
Government, a total of $2,631,000.
"The situation was therefore similar to any other compromise between a
creditor and a debtor having many debts and few assets. The creditor
Men. 14 1925.]
THE CHRONICLE
1287
States had insisted five years at this rate would exceed the valuation as of Mar. 1 1913, now
Cook what it thought the debtor could pay. If the United
is an applica- proposed by toe Chief of the Valuations Section.
This
nothing.
got
have
well
might
it
rights
on Its strict legal
everyone, and
The Inspiration Company.
tion in Government of proper business principles familiar to
is no occasion for criticism.
Company in which the valuation accordInspiration
the
of
case
the
whatsoever
In
interest
any
had
never
have
I
"Speaking of myself personally,
Corporation or any of its ing to the testimony of the Chief of the Valuations Section should have be
in the Atlantic, Gulf & West Indies Steamship
returned as taxable income before deplecompany
that
its
of
$17,292,074,
only
with any
affiliated or subsidiary companies, nor was I acquainted
tion in the three years 1916-17-18,$46.624,229,and after depletion t33,961.officers.
288 or about twice as much taxable income returned in three years as the
Mr.Mellon then deals with the valuations of certain copper valuation now put upon the ore body in this testimony, notwithstanding
greatly
were
alleges
committee
the
which
that there was over twenty-five years supply of ore definitely proven and
mining properties,
blocked out in the mine at the date of valuation. The Inspiration Comovervalued so that depletion allowances might be increased pany
has paid in dividends from 1916 to date $41,347,635. or two and one
1919
in
made
were
to
referred
valuations
the
that
explains
He
half times the amount the Chief of the Valuations Section says is the value
were an- as fixed by him for the property on Mar. 1 1913.
for the years 1917 and 1918. These valuations
figures are accurate and can be proven from the Lax returns made
nounced then as final. In 1922 it was found necessary to byThese
the companies to the Government and the official records of the company
properties
copper
all
consequently
and
system,
the
revise
and show conclusively that these companies reported taxable net income in
of the Treasury, and that the
were re-valued, the re-valuation serving as the basis for accordance with the law and the regulations
now proposed by the Chief of the Valuations Section are absurd
determining taxes as from 1919. To apply the new system to valuations
and will not stand before any fairminded appeal body or court.
the years 1917 and 1918, according to Secretary Mellon,
The valuations of the properties used in the tax returns made by the
the
of
criticisms
The
companies were arrived at after exhaustive study by the Bureau of Internal
would be to upset an entire industry.
Revenue and have been verified and approved by the Bureau under two
Couzens committee deal with the failure of the Department administrations.
to re-open these old cases. His statement concludes:
"In 1919 the returns of the copper companies for 1917 and 1918 had not
been audited and this audit could not be completed until some valuation of
these properties was made for purposes of depletion and invested capital.
Commissioner Roper employed L. C. Grattan, who had been for nine years
In Geological Survey work in connection with copper and was then professor
at Harvard University. Mr. Gratton fixed the valuation of the copper
properties, subject to verifications as to certain details, which were subsequently obtained. The valuatiou was approved by Commissioner Roper
In 1920. Taxes for 1917 and 1918 were assessed and paid by the companies
on the basis of these valuations and the companies were informed that the
valuations were final.
"In 1922 a question as to the reasonableness of these valuations, which if
continued would affect future taxes, was raised in the bureau and it was determined to re-value all copper properties. This re-valuation was subsequently concluded and will be the basis used from 1919 on for determining
taxes.
Department's Position.
"The original valuation for 1917 and 1018 was made by competent authorities and was an honest expression of judgment. The taxpayers had
considered their taxes for 1917 and 1918 closed and arranged their finances
accordingly. To re-open the matter at this late date would have upset an
entire industry. The department, therefore, took the position that the 1917
and 1918 taxes having been finally settled and paid, it would not extend
the re-valuation to those years, but would commence with the year 1919.
for which year and subsequent years taxes had not yet been determined
"It was felt that the department should not substitute its present Judgment for the honest judgment of those officials of the prior administration
Who were formerly in authority in the Treasu7 and who had finally closed
the cases for 1917 and 1918.
"It is the failure to re-open these old cases decided in 1920 which is the occasion for the criticism by the Couzens committee."
Conferenc • at Washington of World C tton Represen'atives to Prepare Universal Cotton Standards
—Approval by Liverpool Cotton Association.
Representatives of European and American cotton associations have been in conference with Department of Agriculture officials at Washington this week for the purpose of
preparing 40 sets of the universal cotton standards to be
used in international cotton trade durin the coming crop
year. A number of the sets will be distributed among the
various foreign exchanges which have agreed to use the
universal standards, and copies will be on file also with the
various exchanges in this country. The conference opened
on March 9. It was proposed at the outset hat representatives of the Liverpool Cotton Association and of the Federation of Master Cotton Spinners' Associations, who were
in Washington, be invited to participate informally in the
conference. These organizations had previously indicated
that they would not renew their agreement to use the
universal standards during the 1925-26 crop year, but their
presence at the conference was construed as indicating a
more favorable attitude toward the standards. The proposal to invite the representatives of the two organizations
met with the unanimous approval of the official delegates,
In answer to the Committee's charges that an amortiza- and J. H. Clegg, J. G. Clayton, Edward N. Frimston and
tion allowance greatly out of proportion had been awarded A. C. Nickson of the Liverpool Association and Fred
the United States Steel Corporation, Elbert H. Gary on Holroyd and Joseph Wild of the Federation of Master
Cotton Spinners were seated.
March 10 said:
It was reported on March 12 that the representatives of
As heretofore stated, as the result of a prolonged investigation by the
engineers of the amortization section of the Internal Revenue Department, the foreign cotton associations attending the conference had
laws
adand
the
the
and many discussions concerning the application of
Secretary of Agriculture their approval of
ministrative rules and procedure applicable, the section finally determined certified to the
and fixed the amount of about $55.000.000 allowable our affiliated com- the forty sets of white cotton which had been inspected on
panies as a deduction, in determining net taxable income for years 1918.
the 10th and 11th. The New York "Journal of Commerce,"
1919 and 1920. on account of investments made in additions and facilities
of
war.
whose Washington advices March 12 this is learned,
the
prosecution
from
the
to
for the production of articles contributing
This amount was arrived at on the mutually agreed application of the adds in its report for that day:
Amortization Section's own established rules. We think the whole subject
matter has been adjudicated by the proper authorities and in the way fixed
by the provisions of the statute. So far as I know the representatives of
the Government have never complained of our intentional failure to furnish
all the facts and figures involved in the inquiry. We have taken pains
when making returns and furnishing data to accurately state results and
facts. It has not been and will not be claimed any discoveries have been
made which show delinquency, concealment or misrepresentation on our
part.
We have no intention of trying to escape any just and legal claim due the
Government, nor to secure from the Government any allowance that Is
not proper and reasonable under the revenue laws and rules established by
the Government authorities, except as the rules may in some respect not
be, in the opinion of our counsel, in accordance with the law itself. Under
such conditions we would naturally press our views for adjudication in the
methocii; prescribed by the statutes.
To-day was devoted to the inspection of colored sets and twenty-eight
of these, each of eleven boxes, were approved, leaving twelve sets to be
taken care of to-morrow.
To-morrow will wind up the work of the delegates and they will prepare
York
to leave for their home countries, many, if not all, sailing from New
it is
on Saturday. While no official announcement has yet been made,
anticipated that a further conference will be called. the meeting to be held
considerain London the latter part of next month or early in May, for the
tion of changes to be made in the existing agreement covering the observance of the universal standards.
Liverpool Gives Approval.
but that
The Liverpool representatives to-day approved the standards,
is not to be taken as unqualifiedly indicating that they will hereafter observe the provisions of the agreement, although the Liverpool Cotton
Association and the Federation of Master Cotton Spinners Associations
John D. Ryan, Chairman of the board of the Anaconda are
expected to recall their notice of withdrawal.
the utilization
Copper Mining Co., issued the following statement concernIt is further forecast that an agreement will be reached for
of these sets of standards for two-year periods. This will have the effect
ing the Committee's charges against his company:
and
will better
years
of saving some $25,000 to the Government every two
The statement given to the morning papers as to the testimony presented
foreign spinners. It is declared to be perfectly feasible to keep
the
satisfy
to the Couzens Committee on the valuations claimed and taxes paid by the records in proper shape for 24 months just as well as for 12 months, and
the Anaconda Copper Mining Company and the Inspiration Consolidated
to take care of any boxes that get "out of line."
Copper Company is so misleading and inaccurate that it would convey
This became evident to-day with the exhibition by the Liverpool reprean entirely wrong impression in the minds of the reading public if not sentatives of the sets which had been in the custody of the Bank of England
answered by competent testimony.
and comparison with the set prepared at the same time and held in the vaults
It is stated that while the Anaconda Company claimed a valuation of of the United States Treasury Department and with one of the sets approved
$188.713,102 in its tax returns for 1917 and 1018 the amount as calculated
at the present conference. It was declared that these three were remarkably
by the Chief of the Metal Valuations Section of the Internal Revenue Bu- alike.
reau should have been $54,865.832.
Foreign Cotton Men Sign.
The Anaconda Company returned as taxable income before depletion
the following statement was transmitted to
meeting,
this
of
after
result
and
deducting
de$108.746,488,
a
As
of
1916-17-18,
years
three
for the
the representatives of all of the
pletion returned as taxable net income on which it has paid its taxes,$M. the Secretary of Agriculture, signed by
agreement covering the 1925-1926 cotton
the
to
are
parties
that
654,418. In other words, the Anaconda Company returned as taxable net associations
income in three years 150% of the amount the Chief of the Valuations Sec- year:
"We,the cotton experts assembled at Washington beginning on March 9
tion now says the ore bodies were worth on Mar. 1 1913. The Anaconda
Agreement A relating to the universal
Company paid in dividends from 1913 to date $111,503,125,or consider- 1925, pursuant to supplemental
American cotton, certify that we have examined and hereby
ably more than twice the valuation of the property on Mar. 11913, accord- standards for
approve as true copies of the original universal standards for American
ing to this testimony.
they were established for white cotton numbered 301
During the years 1911-12-13, the three years considered as typical pre- cotton as and when
inclusive, this twelfth day of March 1925. We recommend
war years by the Treasury Department, the Anaconda Company earned to 340, both
by you as provided by law."
certified
be
$35.223,552, or $11,741,184 per year. In other words the earnings for that these copies
1288
THE CHRONICLE
120.
To this statement there was added the postscript on behalf
of the British would sign a certificate showing
their approval of the sets.
representatives: "Although not parties to supplemental
Agreement A,
we subscribe to the foregoing certfficate"—and
signed in their behalf by The Department further stated:
E. Noel Frimston, for the Liverpool Cotton Association,
This certificate will then be submitted to the Secretary of Agriculture,
and Joseph Well,
for the Federation of Master Cotton Spinners'
together with a recommendation that such copies be certified as provided
Associations.
On the 11th inst in reporting that the work of the forty by law. After certification by the
Secretary of Agriculture two sets of
sets had been concluded the same paper,in its accounts from the copies will be drawn by lot and preserved in storage until the next annual
meeting.
Washington said in part:
The European delegates
to the conference include:
Yesterday twenty-three of these sets were gone over;today the remaining
I. J. Kalmon and George H. Boyer of the Rotterdam Cotton Assoseventeen sets were approved. The changes made in the sets were
largely ciation.
of minor importance, and at no time was there opposition
of a kind making
Heinrich Westerschulte and Edmund Breyer of the Bremen Cotton
It necessary to call for a vote on the adoption of any of
the boxes. . . • Exchange.
H.
Robinson, William Heaps and Fred Tomlinson of the Manchester
Changes Suggested.
Cotton Association.
The principal change suggested was that the standards
should be approved
for a period of two years, instead of the requirement
Captain S. Palle of the Havre Cotton Exchange.
that new sets be preMarsilio Volpi and Rodolfo Rronauer of the Associazione Cotoniere
pared annually. There are various reasons for this, one being
that the spinItaliana, Milan.
ners would be better protected because of greater certainty
of what they
Robert P. Pflieger and L. F. Francois of the Ghent Cotton Exchange.
would get on future orders. On the other hand, L. J.
Kalmon, of the RotArmando Pin de Latour and Pedro Marques of the Centro Algodonero
terdam Cotton Association, declared that American
shippers would find
de Barcelona.
this objectionable. They would want to know that
the types had not deteriorated, but he expressed the belief that a way
Representatives of American cotton organizations include:
might be worked out
whereby the United States Government might have
its cotton experts visit W. R. Humphrey and W. A. Stribling
of the American
the cotton exchanges and remedy situations wherein
it might be found that
Cotton Shippers' Association; Fred W. Knight of the Alla particular box of standards was out of line.
A set of standards might be
kept at the American Embassy in London under
conditions similar to the Russian Textile Syndicate; Henry T. Dumbell of the New
keeping of the sealed sets by the Treasury and
Agricultural Departments York Cotton Exchange; C. A.
Francis of the New Orleans
here. Dr. Taylor stated that climatic conditions
might have some effect
Cotton Exchange; Joseph A. Tripp represented the New
upon standards kept abroad. This would have to
be studied.
It is further proposed by the British organization
s that provision be made England Cotton Buyers' Association and Arkwright Club;
for bringing the standards up to the standard
fixed by the conference in K. E. Womack represente
d the Houston Cotton Exchange;
cases where it may be found that the key sets have
in any manner deteriorated and need slight alterations. It is further
suggested that where the William R. Meadows represented the Chicago Cotton
first of the two sets that are drawn as key sets
upon being opened at a Exchange.
succeeding conference Is found to have changed in any
way, the second set
The members of the British delegations were the guests
may be substituted.
The three changes outlined above represent all of the suggestions
that of the New York Cotton Exchange at a luncheon at the
have been made by the Liverpool Cotton Association and the Federation
of India House on March 5.
Master Cotton Spinners' Associations through their representatives
at this
time. There is the further question of the division
of the votes allotted
to the foreign exchanges, but Dr. Taylor expressed the belief that
this is United States Supreme Court Denies Plea of Odd Lot
a matter that they would determine and in which the
United States assoCotton Exchange for Stay of Injunction Against Use
ciations or officials should not be interested.
of Quotations of New York Cotton Exchange.
Secretary Jardine stands ready to call another conference to be held
in
London for the consideration of these matters. The conferences in connecMarch 9 the U. S. Supreme Court denied the applicaOn
tion with the meeting for the selection of the 1925-26 cotton
year standards, tion of
Frank Moore, President of the Odd Lot Cotton ExDr. Taylor pointed out, are entirely informal but there is a very
general understanding among all of the delegates and United States officials
and out- change of New York for a stay of the injunction denying its
siders look upon this as an evidence that the British organization
s will members the quotation service of the New
York Cotton Exwithdraw their notice to recede from the agreement and the observance
of change
universal cotton standards and make the standards truly universal.
The Odd-Lot Cotton Exchange sought an jniunction to compel the New York Cotton Exchange to furnish it
J. S. Clegg Praises Work.
J. S. Clegg of the Liverpool Cotton Association in a brief statement
with continuous quotations. The New York Exchange
to the
assemblage declared that Dr. Taylor had made a vary fair explanation
of countered with a requOst that the Odd-Lot Exchange be rethe situation, and he extended the thanks of his delegation for the
kindness strained from "purloini
ng" and receiving its quotations.
and courtesy shown by the Department officials. There
was a general
feeling among all of the delegates that this has been a most pleasant
meeting The Federal District Court refused to require the New York
and quite different from previous sessions of a like character.
Cotton Exchange to furnish the quotations, but it did enjoin
Dr. Taylor sought to make it perfectly clear that there was
no desire on
the part of the United States representatives to enter into any agreements the Odd-Lot Cotton Exchange from using them. and on
with individual delegations or to negotiate any changes
in the existing Dec. 17 1923 the U. S. Circuit Court of Appeals affirmed the
agreement. All matters of interest must be considered by all parties to
the decision of District Judge Hand. The Circuit Court's
deexisting agreement.
cision was noted in these columns Dec. 22 1923, page 2723.
Associate Justice Brandeis refused to stay the injunction
and took the position that the Odd-Lot Exchange must apply
to the full Court if it wanted a stay. Almost a year elapsed
before the application for a stay was made to the Court.
The New York Cotton Exchange, the Western Union Telegraph Co. and the Gold & Stock Telegraph Co. last month
(Feb. 27) joined in a brief filed in the Supreme Court in
We are very anxious that the conferees unite on the plan of standardiza- opposition to the request of the Odd-Lot Cotton Exchange
tion. One of the difficulties of agriculture is the low price to the producer, of New York for a stay of the injunction against it until tin
and yet the consumer is paying all that he can. We must have standardiza- highest Court could
pass upon it.
tion to reduce this spread.
In passing adversely on the plea of Frank Moore, President
Orderly marketing is not possible untll you have orderly production, In
which standardization is an essential feature. Our desire is to try to come of the Odd-Lot Cotton Exchange, for the advancement
of
to a common understanding on a workable plan of standardization that the case and an order
to suspend judgment, the Supreme
will help all concerned, which will cut down the spread and get back to the
Court this week held that the defendants "are entitled on this
Producer as much as possible for his efforts.
Dr. H. C. Taylor, Chief of the Bureau of Agricultural showing to an injunction forbidding the plaintiff from takEconomics, describeil briefly the steps that had been taken ing their quotations for distribution among its customers."
in conforming with the supplemental agreement entered into
with the European exchanges last summer in preserving copies Nomination of Thomas F. Woodlock as Member of
Inter-State Commerce Commission Withdrawn.
of the standards, which provided for annual meetings for the
In indicating that the nomination of Thomas F. Woodlock,
purpose of preparing copies of the standards for the ensuing
named by President Coolidge as a member of the Inter-State
year.
A committee was then appointed by the conferees to obtain Commerce Commission had been withdrawn, the Wall Street
from the Treasury Department the original set that had been Journal" of March 5 said:
The nomination of Thomas F. Woodlock of New York, to be a
drawn and sealed last year and placed in the Treasury to be
member
of the I. C. C. will not be submitted to the Sixty-ninth Senate for
used as a basis for checking the new sets this year. A. C. tion,
confirmait was learned at the White House. Woodlock's nomination
was
Nickson of the Liverpool Cotton Association was named on bitterly contested in the last Senate on the ground that he was
closely
this committee at the suggestion of Fred A. Tomlinson of tified with Wall Street and the nomination failed of confirmation. identhe Manchester Cotton Association. The other members of
Filing of Income Tax Returns Permitted Up to
the committee were: H. C. Slade of the Department of AgriMidnight, Monday, March 16.
culture; Captain S. Palle of the Havre Cotton Exchange;
The Bureau of Internal Revenue on March 12 announced
C. A. Francis of the New Orleans Cotton Exchange, and
that because of the fact that March 15 falls on Sunday
Henry T. Dumbell of the New York Cotton Exchange.
The Department's announcement of the 9th inst. stated this year,taxpayers will have an additional day in which to
that it was expected that the work of preparing the 90 sets file their income tax returns for the calendar year 1924.
of universal standards would take about a week, whereupon, It is pointed out that the regulations provide:
When the last due date falls on Sunday or a legal holiday,
the last-due
asjprovided in the supplemental agreement, the delegates date
for filing returns will be the day following such
Sunday or legal
With the opening of the conference on Monday, Secretary
of Agriculture William M. Jardine extended the welcome of
the Department to the conferees and urged them to come to
a common understanding on the cotton standards. He said
that "the standardization of farm products is a vital necessity in bringing about orderly marketing so as to reduce the
spread in prices between producers and consumers," He
added:
holiday.
MAR. 14 1925.]
THE CHRONICLE
If placed in the malls the return should be posted in ample time to reach
the Collector's office, under ordinary handling of the malls, on or before
the date on which the return is required to be filed. If a return is made
and placed in the mails in due course, properly addressed and postage
paid in ample time to reach the office of the Collector on or before the last
due date, no penalty will attach should the return not actually be received
by such officer until subsequent to that date.
The returns are required to be in the mails by midnight,
Monday, March 16.
Continuance of Business of August Belmont & Co. by
Morgan Belmont and Edward Rice.
The decision to continue the business of August Belmont
& Co. was made known by the youngest son of the late
banker, Morgan Belmont, in the following statement issued
on March 12:
Since the death of Mr. August Belmont on Dec. 10, the executors of his
estate have considered carefully various plans for reorganizing the firm, and
are now pleased to announce that Mr. Morgan Belmont and Mr. Edward
Rice have formed a partnership and will conduct the business under the firm
name of August Belmont & Co.
Some years before my father's death he had been the only partner in the
old firm, the existence of which, therefore, technically expired with his
death. The new firm, however, will seek to maintain the good-will and
traditions of the old firm and continue in the same line of active business
as formerly conducted by my father, and before him under the leadership
of my grandfather.
A further statement says:
The firm of August Belmont & Co. was established in New York in 1837
by the first August Belmont, and was for many years the recognize'd agent
of the Rothachilds in the United States.
During a considerable part of the time from 1837 until he died in 1890
the first August Belmont conducted his business as the sole partner, although at times he had various partners, including Charles Christmas,
E. A. Matthiesson, Ernst B. Lucke, Walter Luttgen and his son, August
Belmont Jr.
The late August Belmont, admitted to partnership In 1884. became the
head of the firm in 1890 and upon the death of Walther Luttgen in 1922 became the sole surviving partner.
Mr. Morgan Belmont, who heads the new firm,is the youngest son of the
last August Belmont, and has been for the past eight years in his father's
office and actively familiar with the transactions of the firm.
Morgan Belmont is a grandson of Commodore Matthew Galbraith Perry.
During the war he was in active service in the Aviation Corps of the army,
having been commissioned First Lieutenant and having served in France
and Italy until mustered out in February 1919.
Edward Rice has been associated with August Belmont & Co.for the past
twenty years, having worked his way up through various branches of the
business until at the time of Mr. August Belmont's death last December he
was in charge of the investment securities department.
The executors will of course proceed with the general business of settling
the estate in accordance with the provisions of Mr. Belmont's will, which
arranged that several trust funds should be established for his widow and
others and divides the remainder of his fortune among his two sons. Raymond and Morgan, and the children of August Belmont Jr.
1289
Announcement is made of the election of C. F. Daly as
President of the Liberty National Bank in New York. Mr.
Daly has been a director of the bank since its organization.
He is Vice-President of the Durant Motor Company; is connected with other corporations. He was formerly VicePresident of the New York Central RR. Company.
Walter C. Humstone,tformerly Vice-President of the
Hamilton Trust Company of Brooklyn, and since the merger
of its business with the Chase National a member of the
Advisory Committee of the Hamilton Trust Branch of the
Chase National Bank, died at Augusta, Georgia, on Mar. 12,
after a brief illness. He was 76 years of age.
.—
The Irving Bank-Columbia Trust Company announced
yesterday (Mar. 13) the following promotions: Orrin R.
Judd, Trust Officer, to be Vice-President; A. N. Hazeltine,
Assistant Trust Officer, to be Assistant Vice-President;
Henry Major to be Assistant/Secretary. These three
officers are engaged in/trust activities at the company's
Columbia Office, 60 Broadway. Mr. Judd is in charge of
trust services for individuals at this office, and Mr. Hazeltine associated in the handling of trust services for corporations. Mr. Judd is widely known among bank officers engaged in trust activities. His career in this field covers a
period of nearly thirty years. Mr. Hazeltine has been engaged in Trust work since 1902, and has had special experience in corporate trust business. Mr. Major began his business career as a clerk in the business office.of the New York
"Sun" in 1902, and in 1917 entered the service of the former.
Columbia Trust Company. Since then he has been engaged
in personal trust work.
The Irving Bank-Columbia Trust Co. of this city announced on March 7 the promotion of four members of its
staff. Horace A. Marsland and Arthur W. Hutchins, heretofore Assistant Vice-Presidents, have been made VicePresidents; Frederick G. Herbert advances from the post of
Assistant Secretary to that of Assistant Vice-President, and
Elmer Hibbe has become Assistant Secretary. Mr. Marsland started his banking career with the former Irving
National Bank in 1900. He was appointed Assistant Cashier
1917,
in 1918, and Assistant Vice-President in 1922. In
that
Mr. Hutchins was appointed to his first official rank,
former Columbia Trust Co.
the
of
Treasurer
Assistant
of
The death of Mr. Belmont was referred to in our issue of
Later he became Secretary, then Secretary and Treasurer,
Dec. 13 1924, page 2709.
was
and at the time of the merger of the two companies, he
made Assistant Vice-President. He has been with the comSubscriptions to United Hcapital Fund.
pany almost 20 years. Mr. Herbst and Mr. Hibbe have
The Bankers' and Brokers' Committee of the United been with the company since 1917 and 1918, respectively.
Hospital Fund of New York report a number of additional
subscriptions of $100 and over for this year's collections.
Stevenson E. Ward, President of the National Bank of
Total subscriptions thus far amount to $73,000. James Commerce in New York, and Mrs. Ward, were among the
Speyer is Chairman of the committee and Walter E. Frew is passengers aboard the Aquitania arriving Tuesday March 10.
important
Chairman.
Mr. Ward is returning from a trip to London and
centres on the Continent which he visited in the
financial
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
interests of the bank.
The New York Stock Exchange membership of J. S.
York &
Beams was reported posted for transfer this week to A lexAt a meeting of the trustees of the Bank of New
ander V. Roe, the consideration being stated as $108,000. Trust Co. on March 10, John C. Vedder, who has been
-President.
This is the same price as the last preceding sale.
Secretary for some years, was appointed a Vice
Veder has been associated with the company for more
Mr.
The New York Curb Market Association membership of
years. Algernon J. Purdy, Assistant Secretary, was
J. Stuart Campbell was reported sold this week to Chas. S. than 30
Secretary to succeed Mr. Vedder. Mr. Purdy
Leahy for $13,000. This is an increase of $1,000 over the appointed
the employ of the company for about 23 years.
in
been
has
last preceding sale, and is a new high record price for Curb
Linzee Blagden, who was at one time associated with the
Market membership.
who
law firm of Fish, Richardson, Herrick & Neave, and
cf
firm
Exchange
Stock
the
of
member
a
The New York Cotton Exchange membership of Frank C. was more recently
been appointed
Millett was reported sold this week to Samuel Newburger for Gillespie, Blagden & Rhinelander, has
New York & Trust
$32,500. This is an increase of $1,000 over the last preced- Assistant Vice-President of the Bank of
Parish, ViceHenry
to
assistant
Co. He will act as special
ing sale.
President in charge of the trust department.
A Chicago Board of Trade membership was reported sold
Edmund P. Rogers has been eleeted President of the
this week for $9,075, net, to buyer.
Fulton Trust Company of this city succeeding Henry C.
Gates W. McGarrah, Chairman of the Board of the Swords, whose death occurred in February of last year. The
Mechanics & Metals National Bank of this city, plans to presidency had since remainedjvacant. Mr. Rogers, the
return to Europe about March 25 to resume the work in new President, has been connected with the Central Union
connection with German financial readjustments. Mr. Trust Co. for the past nine years and is at present one of the
McGarrah, who is the American member of the general Vice Presidents of that company. His election as President
board of the German Reichsbank, went to Europe in October of the Fulton Trust will become effective Mar. 19.
last year following his appointment to that post and returned
Robert C. Adams has been appointed an Assistant Vicein December. Items with regard thereto appeared in our
issues of Sept. 6, page 1124; Oct. 18, page 1799; and Dec. 20, President and Manager of the bond department of the Equitable Trust Company of this city.
page 2823.
1290
THE CHRONICLE
James Henry Benedict, President of the Columbia Malleable Castings Company and the United States Expansion
Bolt Company, and formerly a member of the New York
Stock Exchange, died suddenly on March 10 at his home in
this city. He was in his 68th year. Mr. Benedict became
a member of the Stock Exchange in May,1889, and later with
his brothers, the late Le Grand L. and Howard R. Benedict,
formed the banking firm of Benedict Brothers. He retired
from the Exchange in 1898.
The stockholders of the Chatham and Phenix National
Bank of this city ratified on Mar. 10 the plans for the merger
of the business of that institution with the Metropolitan
Trust Company. The stockholders of the latter ratified the
plans on Jan. 29. Preliminary to the merger the Metropolitan took out a national charter under the name of Metropolitan National Bank & Trust Co. The consolidation will become effective Mar. 16 1925. The capital of the combined
banks will be $13,500,000, with surplus and undivided
profits in excess of $13,000,000. The resources will approximate $280,000,000. The consolidated institution will be
known as the Chatham & Phenix National Bank & Trust
Co. Louis B. Kaufman will be president and General Samuel
McRoberts, now president of the Metropolitan, will become
chairman of the board. References to the proposed merger
have appeared in our issues of Jan. 10, page 157; Jan. 17, page
292; Jan. 31, page 541 and Feb. 21, page 902.
The Leonard Street branch of the Mechanics & Metals
National Bank of New York moved this week to its new
banking quarters in the Knit Goods Building at Broadway
and Worth Street. Hereafter this branch, which is situated
in the heart of the textile district, will be known as the
Worth Street branch. Modern vaults have been installed
by the Mechanics & Metals Safe Deposit Co.
The Bank of United States, located at Fifth Avenue and
32d Street, has received permission from the New York
State Commissioner of Banking to establish a branch at
550 Seventh Avenue, corner of 39th Street; the proposed
branch will be ready for business about May 18. Saul
Singer, a newly elected Vice-President of the bank, will be
in charge of the office. Mr. Singer twenty-five years ago
came to America at the age of seventeen. From work at a
cutter's bench in a garment factory Mr. Singer eventually
established a business of his own, and became one of the
founders of the $15,000,000 Garment Centre Capitol Building at Seventh Avenue and 38th Street, of which he is President. During 1918 and 1919 he was President of the Cloak
& Suit Manufacturers' Protective Association, and Governors Miller and Smith appointed him to serve on the State
Labor Board, and as a member of the advisory committee
of the State Compensation Insurance Commission. Mr.
Singer has been a director of the Bank of the United States
for the past five years and a short time ago acquired an
interest in it. He will withdraw from his mercantile interests to devote his entire time to the affairs of the bank.
• The total value of apples exp- orted in 1923 was $16,000,000,
and of this 70%, or $11,500,000 worth, was cleared from
the Port of New York, according to a study of the subject
just issued by the Bank of America. It is stated that not
only in value but also in volume of exports New York stands
in the forefront, having cleared 52% of exports of boxed
apples and 88% of barreled apples in that year. The
monograph, by Charles F. Junod, points out that the lowest
annual average price for apples since 1913 was in 1915
when the price was $2 77 per barrel. The highest prices
were reached in 1919 and 1920, in which years they were
38 49 and 37 19, respectively. By 1923 the price had
dropped back to $4 98 per barrel. The growing importance
of the metropolis as an apple market is shown in this study
by comparative data on carload receipts of this fruit from all
the important producing States of the Union. In the first
six months of 1924 the receipts were 56% greater than in
the corresponding period in 1923. New York State is the
heaviest shipper to the New York market and Washington
ranks second.
[vol.. 120.
occupied an important place in the city's affairs. He retired from the presidency of the Fourth National Bank several years ago to become Chairman of the board of directors,
but continued to keep in close touch with its affairs and was
at his desk in the bank every day up to a week before his
death.
A special dispatch from La- nsdowne, Pa., to the Philadelphia "Record" on March 4 stated that a a special meeting of
the directors of the Lansdowne Trust Co., held on that day,
George Foster White retired as President and Treasurer of
the institution and was unanimously elected Chairman of
the board of directors. C. Russell Arnold, until recently a
Vice-President of the First National Bank of Chester, Pa.,
was chosen President to succeed Mr. White and Henry L.
Price, who for the past year has been acting Treasurer, was
definitely elected Treasurer. The dispatch further stated
that Mr. White had served the Lansdowne Trust Co. as President and Treasurer since its organization, 22 years ago.
At a meeting of the board of directors of Midwood Trust
Co. of Brooklyn, held last week, the board of officers of the
company was newly organized to take care of the rapidly'
growing business of the company both in the commercial
banking and trust departments. George Ramsey, who has
been President since the organization, was elected Chairman
of the Board; Henry J. Davenport, Vice-President and
principal organizer of the company, and also President of the
Home Title Insurance Co., was elected President; Charles
0. Ireland, elected Vice-President, has been Secretary of the
company from the beginning. As such he has been and, it
is understood will continue to be, the principal operations
officer of the company. William R. Miller, attached to the
Willoughby Branch since its opening as Assistant Secretary,
was elected Second Vice-President. The other officers of
the company are as follows: Paul R. Bellows, Secretary;
Ainslie M. Wardle, Treasurer; John G. Rutherford, Francis
C. Feger and Walter G. Peterson, Assistant Secretaries.
In its four years of operation, it is announced, the Midwood
Trust Co. has built up commercial deposits aggregating
approximately six millions and has offices at three strategic
points in the borough, at Flatbush Ave. and Dorchester
Road, at 1550 Flatbush Ave., and at 47 Willoughby St.
The stock of the company has had an interesting rise. Sold
originally at 150 and an additional amount sold later to
stockholders at 100, it is now quoted at 190. Its first
dividend of 3% was paid Dec. 311924.
The First National Bank of Media announces the election
of Robert Fussell as President to succeed the late William
H. Miller, who died a short time ago. Mr. Fussell has been
connected with the institution for the past 30 years, and for
many years prior to his advancement to the presidency was
Cashier. George A. Rigby and John V. Lattimer have been
elected Cashier and Assistant Cashier, respectively.
On Feb. 15 George Rhein Gehr rounded out half a century
as Cashier of the First National Bank of Westminster, Md.
Mr. Gehr entered the employ of the bank in July 1868 as a
clerk and served in that capacity until September 1873. when
he resigned to go into business with his father. On Feb. 13
1874, though but 23 years of age, he was elected Cashier of
the institution and two days later (Feb. 15) assumed the
position which he has held continuously ever since. The
First National Bank of Westminster was organized in 1864
under the corporate name of the National Banking Association, with a capital of $75,000. The present capital of the
Institution is $125,000.
Greenbaum Sons Bank & T-rust Co. of Chicago on Feb. 26
announced completion of negotiations for leasing the stores
at 1-3 South LaSalle Street and 137-8 West Madison Street
for 15 years from May 1 at a term rental of $540,000, or $36,000 annually, according to the Chicago "Journal of Commerce" of Feb. 27. It was further stated that the space will
be remodeled to conform with the present quarters of the
bank and will be used for the investment and banking departments, and that arrangements also have been made to
take over the space now occupied by the Lumbermen's AssoCaptain James Warren Eng- lish, Chairman of the Board
of the Fourth National Bank of Atlanta, well-known finan- ciation of Chicago, containing approximately 5,500 square
cier and one of Atlanta's foremost citizens, died suddenly at feet.
his home in that city on Feb. 15. Captain English had been
On March 9 a warrant was issued for the arrest of Edwin
in feeble health for some months due to his advanced age, L. Sylvester,
until recently President of the First State
88 years. He was born in Orleans Parish, La., in 1837, and Bank of Plainview,
Minn., following the discovery two days
settled in Griffin, Ga., in 1856. Immediately after the Civil previously by State bank
examiners of a shortage of apWar he went to Atlanta and from that time until his death proximately $45,000 in the
funds of the institution, according
MAR. 14 1925.]
THE
1291
CHRONICLE
to press dispatches from that place printed in the Minneapolis
"Journal" of March 8 and March 9. It appears from the
dispatches that on Feb. 28 Mr. Sylvester left Plainview,
telling his brother, George F. Sylvester, the Cashier of the
bank, that he was going to Minneapolis. Subsequently,
however, it was found upon search being made for him by his
relatives that instead of doing this he had gone to Chicago,'
where all trace of him was lost. On March 4 A. J. Veigel,
the State Superintendent of Banks at St. Paul, was notified
by the Cashier of his brother's absence and closed the bank
on that day. Examiners were at once set to work on the
books and as a result of their investigation Mr. Veigel asked
that a warrant be issued for the apprehension of the missing
President. The closed bank was capitalized at $30,000 and
had deposits of approximately $707,000. The missing banker
had been President of the institution for twenty years.
Judge John C. Rose of the Federal Court to serve eighteen
months and three years, respectively, on each count, the
sentences to run concurrently. Immediately following the
imposition of sentence, notice was given of appeal for both
defendants to the United States Circuit Court of Appeals and
W. B. Cooper, who is a former Lieutenant-Governor of North
Carolina, was released under a bond of $25,000. In the case
of Thomas E. Cooper, however, the Court refused to allow
bail until his case was formally appealed. Horace C. Cooper,
a son of W. B. Cooper, and former Cashier of the defunct
bank, on Feb. 7 was acquitted on all seven counts of an indictment charging him with making false entries in the
books and misuse of the funds of the defunct institution.
We referred to the affairs of the failed Commercial National
Bank in these columns in our issue of Aug. 25 1923.
The First National Bank of Montpelier, Idaho, has closed
because of withdrawals of deposits, according to a press dispatch from Salt Lake City which appeared in the "Wall
Street Journal" of March 5. Assets are reported as $600,000
and liabilities at $125,000.
The Farmers & Merchants Bank of Osawatomie, Kan., an
institution capitalized at $50,000 and with deposits of about
$560,000, closed its doors on Feb. 24, according to a press
dispatch from Ottawa, Kan., on that date printed in the
Topeka "Capital" of the following day. Slow assets, it was
stated, were understood to be the cause of the bank's embarrassment. L. B. Maynard was President and Walter
Barnes, Cashier.
The State Finance Department on March 2 closed the
Bank of Hughesville, Hughesville, Mo., and placed J. D.
Freund, a bank examiner, in charge of the liquidation of its
affairs, according to a press dispatch from Jefferson City,
Mo., on that date printed in the St. Louis "Globe-Democrat"
of March 3. The failed bank was capitalized at $20,000 and
had surplus and undivided profits, it was stated, of approximately $23,000.
The Cherokee National Bank, a new St. Louis institution,
was formally opened for business and inspection on Feb. 28
at Cherokee Street and Jefferson Avenue, one of the rapidly
developing districts of that city. Large numbers of persons
visited the building, which has been remodeled and equipped
with modern banking facilities. The new bank starts with
a combined capital and surplus of $250,000. Henry P. Mueller is President, with Dr. J. Lewis Hutton, Vice-President,
and Harry G. Freiert, Cashier.
Juan M. 0. Monasterlo, who for the past two years has
been identified with the Foreign Trade Department of the
Hibernia Bank & Trust Co. of New Orleans, has been elected
Assistant Manager of that department. Mr. Monasterio is
a native of Mexico City, but has been a resident of New
Orleans for the past nine years. He was for some time
associated with the Foreign Department of the Canal-Commercial Bank & Trust Co. and later was Export Manager of
the General Shipping Corporation. Edgard Molitor, who
was elected a Vice-President of the Hibernia Bank & Trust
Co. some time ago, after his resignation from the Federal
International Banking Co., will have general supervision
over the Foreign Trade Department of the Hibernia Bank &
Trust Co.
The American State Bank of Harrisburg, Tex., an institution capitalized at $50,000, with surplus of $25,000 and deposits as of Dec. 31 last of $746,806, was not opened for business on Feb. 23 and the institution is now in the hands of
the State Bank Commissioner, according to the Houston
"Post-Dispatch" of Feb. 24. G. A. Swain, State Bank Exam(Continued on page 1293.)
COURSE OF BANK CLEARINGS.
Bank clearin s for the country as a whole the present
week will again show a substantial increase as compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ending to-day (Saturday, March
14) bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will run 18.1%
larger than in the corresponding week last year. The total
stands at $9,338,517,818, against $7,909,149,661 for the
same week in 1924. At this centre there is a gain of 24.9%.
A press dispatch from Jefferson City, Mo., on Feb. 24 to Our comparative summary for the week is as fcllows:
the Kansas City "Star" reported the closing of the Holcomb
Per
Liberty Bank, Holcomb, Dunklin Co., Mo., on that day.
Clearings-Returns by Telegraph.
Week Ended Maras 14.
1925.
1924.
Cent.
Newspaper advices from Bluefield, W. Va., on Feb. 26
94,310,000,000 83,451,481,144 +24.9
New York
503,780,833 +16 1
584,901,415
stated that H. E. Clark, Cashier of the First National Bank Chicago
390,000,000 +13.3
442,000,000
+3.2
of Matoaka, W. Va., had been arrested on the night of Feb. Philadelphia
316,000,000
326,000,000
Boston
100,881,701 +16.5
117,520,840
City
Kansas
25 for the alleged misappropriation of approximately $200,- St. Louis
113,300,000 +11.4
126,200,000
127,500.000 +10.7
141,191,000
000 of the bank's funds and after a hearing the following San Francisco
t3.7
129,033,000
133,832,000
Los Angeles
5.2
126,426,137
133,058,550
day before United States Commissioner A. J. Hearns at Pittsburgh
0.4
118,227,698
118,792,692
Detroit
Bluefield, had been held for the next term of the Federal Cleveland
-0.7
89.590.873
88.923,954
+6.4
81,980,204
86,426,417
Court under a bond of $25,000, in default of which he was Baltimore
+1.6
57.865,381
58,795,839
New Orleans
committed to jail. The defendant is said to have given a
86.667,640.707 85,606,066.971 +18.9
days
5
cities,
Thirteen
984,891,080 +18.1
signed statement to D. R. Wood, a bank examiner who ar- Other cities, 5 days
1,114,457,475
rested him, in which he set the amount of the shortage at
+18.1
88,590.958,051
87.782.098,182
Total all cities, 5 days
1,556,419,636
1,318,191,610 +18.1
$200,000 and declared that false entries found by the exam- All cities, 1 day
-1-12 1
57 MA 14.2 R411
CO 2.151 A17 R111
iner in the bank's books were due to his liberality over a
period of several years in carrying overdrafts for his friends.
Complete and exact details for the week covered by the
The bank has been closed by its directors for an indefinite foregoing will appear in our issue of next week. We cannot
• period, it was said.
furnish them to-day, inasmuch as the week ends to-day
and the Saturday figures will not be available
(Saturday)
Bank
N.
of
NorC.,
Norlina,
lina,
was closed on
The
Accordingly, in the above the last day
to-day.
noon
until
March 6 and its affairs taken over by State bank examiners,
cases had to be estimated.
all
in
has
week
the
according to it special dispatch from Norlina on March 7 to of
detailed statement, however, which we
elaborate
the
In
the Richmond "Times-Dispatch." The bank was capfurther below, we are able to give final and complete
italized at $25,000 and had deposits of more than $100,000. present
for the previous week-the week ended March 7. For
results
an
to
stated
that
according
further
announcement
It was
week there is an increase of 24.8%, the 1925 aggregate
made by one of its officials short crops and general business that
clearings being $10,415,247,463, and the 1924 aggregate
the
of
conditions affecting loans were responsible for the bank's
Outside of New York City, however, the
$8,343,073,254.
embarrassment.
increase is only 13.5%, the bank exchanges at this centre
- N. C., W. B. Cooper, former having recorded a gain of 34.4%. The first of the month
On Feb. 14 at Wilmington,
Chairman of the Board of the defunct Commercial National payments fell in this week the present year, while last year
Bank of Wilmington, which failed in December 1922, to- they fell in the previous week. We group the cities now acgether with his brother, Thomas E. Cooper, the former Presi- cording to the Federal Reserve districts in which they are
dent of the same bank, were found guilty on four counts of located, and from this it appears that in the Boston Reserve
violating the national banking laws and were sentenced by District there is a loss of 1.8%,but on the other hand the New
1292
THE CHRONICLE
York Reserve District (including this city) shows an expansion of 33.6% and the Philadelphia Reserve District of 24.4%.
In'the Cleveland Reserve District the totals are larger by
8.2%, in the Richmond Reserve District by 10.4% and in the
AtlantaiReserve District by 21.8%. The Chicago Reserve
Districtlhas a gain of 15.5%, the St. Louis Reserve District
°QUA % and the Minneapolis Reserve District f 16.6%.
Inithe Kansas City Reserve District there is an increase of
19.3%, in the Dallas Reserve District of 21.0% and in the
San Francisco Reserve District of 14.5%.
In.'the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ending March 7 1925.
1925.
1924.
Federal Reserve Districts.
$
$
(1st) Boston
11 Cities 473,478,945 482,041,265
(2nd) New York
11 " 6,203,213,095 4,642,057,035
(3rd) Philadelphia_ __ _10 "
619,588,495 498,002,583
(4th) Cleveland
382,740,377 353,823,023
8 "
(5th) Richmond
6 "
210,363,243 190,583,514
(8th) Atlanta
12 "
221,884,889 182,236,032
(75h) Chicago
20 " 1,008,053,793 872,659,374
(8th) St. Louis
8 "
236,266,296 212,670,865
(9th) Minneapolis.... 7 "
142,202,509 121,931,798
(1055) Kansas City_12 "
294,066,942 246,541,043
(11th) Dallas
5 "
80,092,479 66,203,093
(12th) San Franciseo
543,296,400 474,323,629
17 "
bic.or
Dec.
1923.
1922.
%
$
$
-1.8 397,924,231 295,756,407
+33.6 4,440,363,118 3,899,152,292
+24.4 472,444,986 383,963,118
+8.2 344,490,483 274,900,187
+10.4 184,207,555 137,855,981
+21.8 188,030,407 140,234,225
+15.5 884,142,269 692,286,131
+11.1 76,257,929 54,920,424
+16.6 114,678,478 102,699,258
+19.3 268,302,142 232,491,821
+21.0 61,789,450 47,237,887
+14.5 410,674,690 327,097,385
Grand total.
127 Cities 10415247463 8,343,073,254 +24.8 7,843,305,720 6,588,595,116
Outside New York City
4,331,949,502 3,817,846,983 +13.5 3,492,121,467 2,784,365,932
We now add our detailed statement, showing last week's
ligures for each city separately, for the four years:
Week ending March 7.
Clearings at
1925.
1924.
Inc. or
Dec.
%
6
$
First FederaI Reserve Dist net-Boston698,276
Maine-Bangor 786.399 -11.2
Portland
3,510,645
3,132,894 +12.1
Mass.-Boston ._ 417,000.000 433,000,000 -3.7
2,603.196
Fall River_ ._
2,235,708 +16.4
._
a
Holyoke
a
1,231,788
Lowell
1,140,308 -118.0
Lynn
a
a
a
1,653,787
New Bedford
1.279,088 +29.3
Springfield_ _
6,156,238
5.193,508 +18.5
Worcester_ _ _
4,042,278
3,678,000 +9.9
Conn.-Hartfor
13,593,697
13.137.258 +3.5
8,647,140
New Haven_ •_
7,056,902 +22.5
R.I.-Provide .-:e
14,341,900
11,401,200 +25.8
Total(11 citi 3)
473,478,945
482,041,265
Second Fed ur al Reserve D strict-New
N. Y.-Albany. _
7.027,081
5,302,609
Binghamton _
1,198,700
1,027,800
Buffalo
_ 449,840,276
40,439,816
Elmira
972,121
835.198
Jamestown._ _
c1,807,084
1.138,062
New York__ - 6.083.297.961 4,525.226,271
Rochester..__ _
12,906,304
12,633.594
_
Syracuse
5,926,553
5,955,825
Conn.-Starafo d
c3,778,041
2,912,354
618.955
N. J.-Montt Ir
718.130
Northern N.J _
35,840.019
45.867.376
-1.8
1923.
1922.
$
i
597,118
936,178
2,728,937
.2.500,000
355.000,000 257,000,000
1,890,657
1,597,631
a
a
1,215,494
1,093,947
a
a
1.396,595
1,336,916
5.002,226
3.745.507
3.577,000
3.232,808
10,216,065
8,417,032
5,535,421
5,396,388
10,764,700 .
10,500,000
397,924,213
295,756,407
York+32.5
4,398.066
3.694,918
+16.7
949,800
875,427
+23.2
41,848,035
34,352.928
+16.4
633,128
+58.8
1.174,221
881,265
+34.4 4,351,184,253 3.804,229,184
+2.2
9,949,249
8,209,361
-0.5
4,625,120
4.043,196
+29.7
2.543,242
2,927,783
-13.8
418,706
342,860
-21.9
22,639,298
39,595,370
[Vol.. 120.
Week ending March 7.
Clearings al1925.
1924.
Inc. or
Dec.
1923.
$
$
%
$
Seventh F War al Reserve D [strict-Ch 'cam)
Mich.-Add .11 _ _
367,027
364,834 +0.6
219,731
Ann Arbor
968,183
879,133 +10.1
714,771
Detroit_ _ _ ____ 140.442,342 130,196,953 +7.9 126,261,370
Grand Ra olds_
7,792,456
6,905,366 +12.6
6,367,369
Lansing _ _ - - - 3,416,182
2,665,777 +28.1
1,850,695
Ind.-Ft. W sync
2,908,884
2,297,984 +26.6
2,388,013
Indianapol s___
17,401,000
21,145,000 -17.7
22,134,000
South Ben
2,639,800
2.804,500 -5.9
2.332,500
Terre Haute___
5,421,536
5.375,155 +0.9
Wis.-Milwaukee
46,151,235
41,407,069 +11.5
36,155,190
Ia.-Ced. R 4plds
4,782,812
4,192,491 +14.1
3,525,163
Des Moin 8___
17,692,604
15,945,496 +11.0
14,231,399
Sioux City
9,561,799
8,735,198 +9.5
7,570,700
Waterloo _
1,947,037
1,922,719 +1.3
1,790,950
111.-Bloomington
3,670.443
2,492,980 +47.2
3.007,328
Chicago _ _ ____ 726.811,283 611,967,282 +18.0
643,300,946
Danville _ _
a
a
a
a
Decatur
2,144,302
1,550,019 +38.3
1,452,500
Peoria. _ _ _
6,987,953
6,008.005 +16.3
5,221,885
Rockford _ ____
3,414,399
2,822,077 +21.0
2,626.945
Springfield ._ __
3,532,516
2,981,336 +18.5
2,990,814
Total(20 el ties) 1,008,053,793 872,659,375 +15.5
884,142,269
Eighth Fe tare I Reserve Dis trict-St. Lo WaInd.-Evans rne_
6,119,034
4,843,171 +26.3
4,985,233
Mo.-St. Lo as__ 153,800,000 140,700,000 +9.3
Ky.-LoulsviIle__
35,103,989
31,641,048 +10.9
32,621,221
Owensboro
509,525
552,560 -7.8
580,434
Tenn.-Me phis
24,938,237
20,272.637 +23.0
24,091,891
Ark.-Little Lock
12,466,186
11,717,069 +6.5
11,514,258
111-Jacksonville_
721,880
519,560 +38.9
510,446
Quincy
2,607,445
2,424,820 +7.5
1,954,446
Total(8 cit. es)_ 236,266,296 212,670.865 +11.1
Ninth Fedoral Reserve Dix trict-Minn eapolis-76.257,929
Minn.-Duluth_ _
d8,712,455
7,270,051 +19.8
5,000,060
Minneapol 5___
91,941,008
71,592,301 +28.4
66,892,314
St. Paul_ _
34,245,758
37,108.193 -7-7
36,028.188
N. D.-F'arg 3_ _ _
2,232,637
1,787,155 +24.9
1,878,845
S.D.-Aberd eon _
1,647,348
1,189,877 +38.4
1,218,412
Mont.-131111 Igs 666,132
469,976 +41.7
478,214
Helena__ _
2,757.171
2,514,245 +9.7
3,182.445
Total(7 ell es). 142,202,509 121,931,798 +16.6
114.678,478
Tenth Fed eral Reserve Dix trict-Kans as CityNeb.-1.7cm°nt_.
d695,757
579,715 +20.0
946,840
Hastings_ _
1,359,946
826,029 +64.5
764,771
Lincoln _
10,272,629
6,848,740 +49.9
6,286,453
Omaha__.
58,830,495
48,612,459 +21.0
54,739,515
Kan.-Topeka__ _
d3,924,316
3,763,625 +4.3
3,961.001
Wichita__ _
d8,934,000
7,963,644 +12.1
11,550,948
Mo.-Kan. ity. 145,716,047 124,886,289 +16.7
142,830,255
5t. Joseph ...... d11,597,634
9,716,299 +19.3
Okla.-Musk %gee
a
a
a
a
Oklahoma Dity d26,897,045
18,439.573 +45.9
23,770,299
Tulsa
a
a
a
a
Col.-Colo.5pgs.
1,277,461
1,345,634 -5.1
1,768,948
Denver _ _ .-__
23,268,923
22,509.935 +3.4
20,761,564
Pueblo - - - .....
e1,292,689
1,049,101 +23.2
921,548
Tota (12 al its) 294,066,942 246,541,043
Eleventh ede ral Reserve District-Da
Texas-Austi
2,330,795
1,636,665
Dallas
_ _. 49,568,531
39,873,297
Fort Wort I..... d12,711,971
10,833,469
Galveston_
_
8,532,679
10,203,686
Houston_ _
a
a
La.-Shreve )
.-ri.:
5,277,496
5,326,983
•
+19.3
las+42.4
+24.3
+17.3
+19.5
a
-0.9
1922.
71
231,893
607,123
78,350.000
5,707,448
1,605,795
1,842,484
16,448.000
1,607,853
30,052,790
2,459,801
11,956,954
6,210,028
1,723,257
1,763.339
521,771,816
a
1,208.068
4,234,814
2.055,040
2.449.628
692,286,131
3,968,905
24,296,639
478,298
15,720,533
8,405.361
352,610
1,698,078
54,920,424
4,599,047
62,379,050
29,378,435
1,690,531
1,083,268
559,482
3,009.445
102,699,258
502,095
563,535
4,303,076
44,983,165
3,557,995
10,929,264
127,750,275
a
19,051,031
a
973,218
19,168,014
710,154
268.302,142
232,491,821
3,106.000
34,288.605
10,372,192
9.295,567
a
4,727,086
2,183,486
24,973,916
10,494,449
5,589,710
a
3,996.326
Total(5 cid 0.4)_
80.092,479
66.203,093 +21.0
61.789.450
47,237,887
Twelfth Fede cal Reserve District-Se n Fran riscoWash.-Seatt le _ _
40,616,637
39,156,366 +3.7
33,714,524
29,492,094
Spokane _ _
11,055,000 -1.7
10,867,000
10,020,000
Tacoma
a
a
a
a
a
Yakima _ _
1,707,290
1,423,715 +19.9
1,424,687
1,581,983
Oregon-Portl
37,491,212
35,900,650 +4.4
33,126,923
28,752.986
Utah-Salt L.Cy
16,841.645
13,866,806 +21.5
12,814,080
10,986,712
Nevada-Reno
a
a
a
a
Total(11 rill I) 6,203.213,095 4,642.057.035 +33.64.440.383,118
a
3,899,152,292 Arlzona-Ph mix
a
a
a
a
a
Calif.-Fresn
3.636,566
_
3,814,496 -4.7
4,499,226
Third FederaI Reserve Dist rict-Philad alphas3.877,798
__
Long
Beach
8,820,591
7,675,133
-13.0
8.290.795
1,459,883
Pa.-Altoona _ _ _
3,928.680
1,325,256 +10.2
1,332,720
958,424
Los Angeles
170,890,000 151,111,000 +13.0 128,017,000
Bethlehem _ _ _
4,101,494
3,962,559 +3.5
90,546,000
3,671,192
2,465,193
Oakland __ _ _
22,441,480
16,649,299 +34.8
13,392.808
Chester
1,481,774
1,220,477 +21.4
12,014,227
1,261,015
809,011
Pasadena
7,944,238
__
7,360,450 +7.9
5,803,946
Lancaster_ _ _ _ _
3,728,893
2.790,533 +33.6
4,247,442
3,017,950
2,596,119
Sacramento
d9.028,575
9,388.136 -3.8
6.751,092
Philadelphia _ _ 587,000,000 469.000,000 +25.2 445,000,000
5,567,445
364.000.000
San Diego_ _
5,618,823
4,548,698 +23.5
2,983,383
3,421,005
_
Reading
3,296,219 +3.8
3,039,677
3,108,414
2.390.370
San Francisco..
198,778,351 162,300,000 +22.5 143,500,000 128,000,000
6,487,486
Scranton _ _ _ _ _
6.766,035 -4.1
5.644.691
4.311.200
San
2,681,066
_
Jose_
2,263.401
+18.4
Wilkes-Barre _ _
2.256,964
414,378,906
3,663.948 +19.5
1,815,732
3,113,350
2.117,000
Santa
.ra.
1,355,655
Barb
1.338,799 +1.3
1.248.082
1,929,263
York
1,678,813 +14.9
842,429
1,328,790
1,112.379
Santa Monica..
2,072,429
2,604,622 -20.4
N.J.-Trenton_ _
5,599,791
4.298.743 +30.3
4,966,834
3,203,422
Stockton_
_
c3,650,300
_
2,721,600
+34.1
2,831,200
Del.-Wllm'ton a
a
a
2,404.200
a
a
Total(17citles) 543,296,400 474,323.629 +14.5 410,674,690
Total(10 cities) 619,588,495 498.002,583 +24.4 472.444,986 383,963.118 Grand
327,097.385
total (127
cities)
10415247,463 8,343.073,254 +24.87,843,305.7206,588,595.116
Fourth Feder al Reserve D Istrict-Cie velandOutside
N.
Y.
4.331,949,5023,81
..._
7,846,983
+13.5
3.492.121.487 2.784 385 032
Ohio-Akron . d5.055,000
7,330,000 -31.0
5.684,000
4,815,000
Canton
4,327,031
4,696,893
+8.5
5,138.932
2.777,238
65,164,975 +12.3
Cincinnati
. 73,196,379
68.212.708
Week Ended March 5.
54,289.906
Cleveland_ __ . 111,227,054 106,373,000 +4.6
Clearings at
99,504,697
73,097,194
Columbus
15,726,500
.
14,814.600 +8.2
16,087,700
Inc. or
14,042.500
Dayton
a
a
1925.
a
1924.
a
a
Dec.
1923.
1922.
Lima
aa
a
a
CanadaMansfield__ _ . 41,804,282
1,779,978 -r 1.4
1,816,548
$
$
1,291,701
%
$
$
Springfield _
Montreal
a
a
91,854,008 106,056.756 -13.4 100,241,960
a
a
a
104,735,988
Toronto
a
87,716,158
Toledo
a
a
a
a
94,790,936 -7.5
95,463,014
95,337,642
Youngstown _ .
44,758,649
4,168,708 +14.7
4,780,969
3,631,157
41,314,304 +8.3
2.886,648 Winnipeg
36.047,408
43.692,278
Pa -Erie
Vancouver
14,275,913
a
a
a
a
a
15,600,166 -8.5
15,300,286
12,939,461
Pittsburgh
5,641.872
• 166,253,300 149,864,731 +11.0 144.414,741 121.700,000 Ottawa
6,413,652 -12.0
6.996,214
6,709,128
Quebec
5,735,754
5,191,997 +10.5
4,963,289
5,842,828
Total(8 cities) • 382,740,377 353,823,023 +8.2 344.490,483 274,900,187 Halifax
2,960,802
2,708,925 +9.3
2,906,538
2,835.309
Hamilton
4,408,079
5,078,537 -13.2
5,029,021
6,029.716
Calgary
Fifth Federal Reserve Dist rict-Richm ond5,821,615
5,864,355 -0.7
4,368,608
5,588,654
W.Va.-Ilunt'g'
2,462,375
2,023,292 -15.5
1,709,350
1,527,806 St. John
2.048,723
2,463,548 -0.1
2,638,433
2,467.335
Va.-Norfolk __
8.070,792 +23.0
49.925,164
1,866,702
8.690,791
6,677,858 Victoria
2,093,367 -10.8
1,976.134
1,697.519
Richmond _ _ _
57,661,145
53,454.000
2.542,521
51,252,082 +12.5
39,601,260 London
2,740.137 -7.2
3,129,018
2.823,552
S.C.-Charlesto
43,114,672
2,432,404 +28.0
4,717,307
2.087.127
2,329,271 Edmonton
4,362,308 +8.1
4,088,751
3,977,257
Md.-Baltimore
113,190,361 102,710,944 +10.1
96,469,030
3,120,332
69,211,418 Regina
3,201,212 -2.5
3,118.498
3,015,573
D.C.-Washing'
514,821
24.094,000 +2.8
24,762,551
21,457,884
18.508,368 Brandon
539,073 -4.5
584,752
617,225
Lethbridge
498,806
633,729 -21.3
537,969
489,049
Total(6 cities)
210,363,243 190,583,514 +10.4 184,207,555 137,855,981 Saskatoon
1,389,610
1,726,630 -19.5
1,446,642
1,587.102
Moose Jaw
1,022.106
1,088,582 -8.1
1,151.151
1,028,945
Sixth Federal Reserve Dist rict-Atlant aBrantford
963,861
911,330 +5.8
927,154
918.932
Tenn.-Chatt'g
5,450,224 Fort William_ _ _ _
5.703,253
706,010
5,377,139 +26.8
859,865 -17.9
46.816.569
723,800
761,647
Knoxville
3.500.430
2,794,593 New Westminster
3,083,185
621,098
3.261,336 +7.3
591,930 +4.9
512,628
456.707
Nashville
23.550,223
17,427,676 Medicine Hat...
19,838,684
21,308.221 +10.5
356,989
359,273 -0.6
369,057
358.255
Georgia-Atlanta
64,351,399
39,276,383 Peterborough_
766,241
50,884,288 +26.5
54,154,299
808,215 -5.2
907,858
769,276
Augusta
1,533,844 Sherbrooke
2.888.368
3,315,275
846,203
2.109,000 +37.0
715.436 +18.3
098,008
836,788
Macon
1,915,652
1,092,003 Kitchener
851,233
1,423,190 +34.6
1,634,113
949,882 -10.4
900.736
1,063,808
Windsor
Savannah
a
2,547,661
a
a
a
a
3,364.399 -24.3
3,021,751
3,258,958
Fla.-Jack nvill
23.738.744
10,282,840 Prince Albert__
16,299,012 +45.7
13,798,317
323,065
385,180 -16.1
339,556
361,681
Moncton
Ala.-Birming'm
27,247.677
17.333,376
583,652
23,935,300 +13.8
29,267,467
800,120 -29.6
1.139,383
1,114,381
Moblle
Kingston
2,418,818
1,837,516
2.073.251 +16.7
2,208.451
594.880
628,946 -5.4
713,085
655,651
Miss.-Jackson
1.424,000
753,862
968,186
1.279,538 +11.3
rota, Canada(29) 290.448.323 312.242.790 -7.0 300.790.825 311.810,518
Vicksburg
541,218
321,541
418,272 +29.4
335,842
La.-NewOrleans
63,491,791
42,130,387
53,723,335
53,867.485 +17.9
a No longer report clearings. b Do not respond to requests for figures. c Week
ended
March 4. d Week ended March 5. e Week ended March EL •Estimated.
Total(12 elites) 221.884.889 182.2341.032 +21.8 188.030,407 140.234.225
iNo clearings; all banks closed.
and
MAR. 14 1925.]
1293
THE CHRONICLE
rally occurred in the last hour. Overnight changes were
again toward lower levels on Tuesday, the decline continuing
iner, by whose order the bank was refused permission to during the greater part of the day. American Can dropped
four points from its high for the day, with Baldwin
open, stated, it was said, that the institution would be liqui- more than
showing a similar loss at the close. Both railroad
Locomotive
dated as soon as an agent for that purpose could be sent to
were prominent in the recessions,
Harrisburg from Austin. Uncollectible loans, it is under- and industrial issues
larger among the latter stocks.
were
declines
the
though
D.
S.
Simpson,
failure.
of
bank's
the
stood, were the cause
was under pressure in the
common
Steel
States
United
the President of the institution, was also President of the
it reached a new low price for the day,
Central State Bank of Magnolia Park (Houston). He ten- closing hour, when
of unfilled orders being greeted by
dered his resignation to the directors of the latter institution, the favorable report
shares. Sharp declines characthese
of
unloading
heavy
it was said, on Feb. 22 and the Mayor of Magnolia Park bethough there were some notWednesday,
on
trading
terized
is
for
bank
the
head
new
a
until
acting
President
came
trend, particularly among the
general
the
to
exceptions
able
selected.
railroad issues. The report of Rock Island's purchase of
The enlarged building of the First National Bank of the St. Louis Southwestern stimulated buying in the railroad
Houston was formally opened to the public on the evenings group, while Western Pacific common advanced nearly 16
of Feb. 16 and Feb. 17, when on both occasions a reception points and the preferred about 6 points on unexpected diviwas held by the officers and employees of the institution. dend declarations. In the final hour General Electric was
Feb. 16 was also the occasion of the 59th anniversary of the in strong demand at improving prices and United States Steel
bank's founding. Thousands of persons visited the beautiful common closed the day with a net gain of one point. The
banking rooms during the two nights. J. T. Scott is Presi- noteworthy feature all through the week has been the weakdent of the First National Bank.
ness of Milwaukee & St. Paul common and preferred on the
apparent necessity of a financial reorganization of the
Houston's newest financial institution, the Marine Bank
property. The market improved on Thursday, though
& Trust Co., the proposed organization of which was noted
prices were irregular during the early part of the session,
In the "Chronicle" of Nov. 29 1924, page 2496, began business
due in a measure to the sharp reaction in Western Pacific
on Feb. 24. The new bank prior to its opening acquired the issues. Utah Securities continued its brisk advance and
business and good-will of the People's State Bank of Hous- recorded a net gain of 73
4 points. Railroad shares were also
ton and is occupying temporarily the former quarters of that in brisk demand at improving prices, Norfolk & Western
institution at 908 Congress Street until a permanent home leading the advance with a jump of nearly 3 points. General
for the institution is obtained. The Marine Bank & Trust Electric was especially conspicuous because of its spectacular
Co. is capitalized at $300,000, with a surplus of $75,000 and rise to 277, with an advance of 11 points from its low of the
will engage in every class of commercial banking as well as day.
American Woolen, on the other hand, registered its
savings, safe deposit and trust business. Its officers are as lowest level since 1918. The market was again sluggish on
follows: Denton W. Cooley, President; T. P. Priddie Jr. Friday and practically all of the ground gained in the late
(formerly active Vice-President of the People's State Bank), recovery on Thursday was lost in the early recessions.
active Vice-President and Cashier; Ike L. Freed, H. H. Stocks fluctuated uncertainly during the greater part of the
Gieseke and Sturat A. Giraud, Vice-Presidents; P. C. Rehr- day. In the general downward reaction General Electric
auer, Irwin H. Blume and F. A. Somers, Assistant Cashiers. reached new low ground at
2683/i and Baldwin declined more
The following outline of the careers of Mr. Cooley and than two points to 1343/
2. In the closing hour Texas &
Mr. Priddie is taken from the Houston "Post-Dispatch" of Pacific Ry. improved five points to 583i. The final tone
Feb. 23:
was heavy.
a record of 19 years active
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
(Concluded from page 1291.)
Denton W. Cooley, President of the bank, has
banking service; having begun his career at the bottom as messenger boy in
a Houston bank, and by successive promotions he rose to the vice-presidency
of one of the city's larger institutions. Mr. Cooley is well known among
banking circles throughout the United States, having served the American
Bankers Association from time to time in important capacities requiring
specialized training. In 1921 and 1922 he served as Vice-President of the
Texas Division of the American Bankers Association, and at present holds
the post of Chairman of the Finance Committee of the Texas Bankers Association. He is a director representing the city of Houston, the Houston
Lighting & Power Co., Treasurer of the Sam Houston Memorial Association,
Treasurer of the Harris County Humane Society and trustee of the benefit
funds of the Houston Fire and Police departments.
T. P. Priddie Jr., active Vice-President and Cashier, is a thorough and
experienced banker of many years' standing. He has been extensively identified in the banking field in many outstanding posts; having been for a
number of years State Bank Examiner of Texas. Most recently Mr. Priddie
served as acting Deputy Commissioner in the Department of Banking, which
position he resigned to accept the vice-presidency of the Peoples' State Bank.
He is a Vice-President of the Glenbrook Country Club and a member of the
board of directors of the Guaranty Fund Bankers Association.
The death occurred in Los Angeles on Feb. 24 of William
B. Brown, a Vice-President of the Title Insurance & Trust
Co., of Los Angeles, after an illness of three weeks. Mr.
Brown, who was 59 years of age, was affiliated with the
Title Insurance & Trust Co. since 1900.
The Railroad National Bank of Roseville, Calif. (capita
$50,000), has been absorbed by the Farmers & Mechanics
Bank of Sacramento and is now in process of liquidation.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The course of prices on the Stock Exchange the present
week has been strongly downward, and in the early part of
the week the market broke badly on several successive days.
In the specialties the fluctuations have been violent in the
extreme, with the losses reaching spectacular proportions.
In the short period of trading on Saturday the trend of prices
was generally downward, but the noteworthy feature of the
day was the sensational advance of Wilson & Co. stock 20
points or More on the report that the receivership would be
lifted, and its equally sharp downward plunge when the
rumor was denied. The market was unsettled during the
forenoon on Monday and numerous recent speculative
favorites opened at a drop of from 2 to 5 points from Saturday's close. United States Cast Iron Pipe & Foundry
opened 2 points off, Atlantic Coast Line declined over Sunday to 159, and Mack Trucks dropped to 139. The downward movement continued most of the day, though a brisk
TRANSAC TIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
United
won's
Bonds.
State.
Municipal &
Foreign Bonds.
Stocks,
Number of
Shares.
Railroad.
&c.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
674,500
1,323.030
1.547,490
1,771,500
1,442,850
1,391,900
55,281,000
8.942.000
10,582,500
12.112,000
10,255,000
9,082,000
51,550,500
1,606,500
1,754,500
1,843,000
2,184,000
2,125,000
8281,500
1,025,500
1,811,400
922,300
2.454.800
1,264,000
Total
8.151.270
856.254_500
831_063.500
87.759.500
Week Ended March 13.
Week Ended March 13.
Sales at
New York Stock
Exchange.
Stocks-No. shares___
Bonds.
Government bonds...
State & foreign bonds_
Railroad & misc. bonds
Total bonds
Jan. 1 to March 13.
1924.
1925.
1924.
1925.
8,151,270
3,674,721
91,154.179
54,923,098
37,759.500 511,068,000
6,810,000
11,063.500
58,254.500 34,921,000
890,170,150
131.748,700
624,629,000
$174,540,000
79.598,000
365.251,000
$75,077,500 $52,799,000
8846.547,850
$619,389,000
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ending
March 13 1925.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
131-pv week rev1Riscl
Philadelphia.
Baltimore.
Share,. Bond Sates. Shares. Bond Sales. Shares. Bond Sales
316,000
52,100
32.900
20,000
65,800
7.000
21,903
28,513
21,387
30,019
19,505
18,140
824,000
56,600
92,900
61,600
39,100
28,000
1,748
1.321
2,060
1,031
2,193
2,000
514,000
22.600
18.600
47,700
40,000
38,000
108,508
3193,800
139,473
3302,200
10.353
8180,900
120 322
321LS00
169.433
2394.500
14,995
2224,700
14,422
20,774
21.113
22,913
13,812
15,474
THE CURB MARKET.
Trading in the Curb Market this week was quiet and
devoid of feature with price movement erratic. Selling
pressure in the early part of the week caused lower prices
and while there were recoveries the general undertone of
the market is weak. Radio shares were subject to selling
pressure. De Forest Radio declined from 26 to 22 and
ends the week at 23%. Freed-Eisemann Radio lost over
% to
2 points to 11. Chas. Freshman Co. dropped from 175
12. Hazeltine Corp. was off from 31% to 22 and sold
finally at 2254. Bova Radio weakened from 11 to 854.
Movement in industrial issues in the main were mall
Borden Co. Com,sold down from 15254 to 148. Continents
THE CHRONICLE
Baking Corn., "A," dropped from 1233' to 11834 and
recovered finally to 1213s. The "B" stock lost 2 points to
26 and closed to-day at 263'. Glen Alden Coal fell from
138 to 1303/ and sold to-day at 1323/2. Goodyear Tire &
Rubber Com: broke from 35 to 273 and finished to-day at
2734. Oil stocks were inclined to dullness. Buckeye Pipe
Line lost 3 points to 65 and Illinois Pipe Line 4 points to 146.
Magnolia Petroleum after an advance from 143 to 195
dropped to 1393/2. Prairie Oil & Gas was down from 6O3/
to 563,. South Penn Oil declined from 186 to 176. Standard
Oil (Ind.) fell from 67 to 62 and closed to-day at 62%.
Standard Oil (Kansas) lost over 4 points to 3634 and finished
to-day at 37. Standard Oil of New York weakened from 46
to 4332. Vacuum Oil sank from 93% to 893
% and closed
to-day at 893/8.
A complete record of Curb Market transactions for the
week will be found on page 1317.
[Vox,. 120.
INDIA CURRENCY RETURNS.
(In Lacs of Rupees)
Jan. 22. Jan. 31. Feb. 7.
Notes in circulation
18111
18189
18201
Silver coin and bullion in India
7767
7845
7687
Silver coin and bullion out of India
Gold coin and bullion in India
Oa
N5§
2232
Gold coin and bullion out of India
Securities (Indian Government)
&iia
&ii5
5713
Securities (British Government)
1999
1999
1999
Bills of Exchange
600
400
400
No silver coinage was reported during the week ending 7th inst. The
stocks in Shanghai on the 14th inst. consisted of about 70,800.000 ounces
in sycee, 37,000.000 dollars and 7.600 silver bars, as compared with
70,800.000 ounces in sycee, 36,000,000 dollars and 6.120 silver bars on
the 7th inst.
Quotations-Bar Silver per Or.Std.Bar Gold per
Cash.
Or. Fine.
2Mos.
Feb.12
3234d.
32 1-16d.
86s. 8d.
Feb.13
323-16d.
3234cl.
868. 84.
Feb.14
3234d.
32 3-16d.
Feb.16
32ild.
32 3-164.
865.10d.
Feb.17
325-16d.
3234ci.
868. 10d.
Feb.18
323-1196.
32 3-16d.
869. lid.
Average
32.2188.
32.166d.
86s. 9.4d
The silver quotations to-day for cash and two months' delivery axe
respectively 1-16d. below and 1-164. above those fixed a week ago.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended March 13.
STOCKS(No. Shares).
IndAMis.
Oil.
BONDS (Par Value).
Mining. Domestic. For'n Govt.
, Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
135,265
145,555
127.895
144,892
151,480
157,690
81.410
110,550
148.270
139,530
141.370
124,670
81,290 8708,000
77,710
727,000
769,000
156,000
301,780
836,000
268,820 1,228,000
144,770 1,074,000
$25,000
50.000
44,000
29,000
32,000
08,000
Total
862,777
745,800 1,030,370 $5,342,000
8278,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 18 1925:
GOLD.
The Bank of England gold reserve against its note issue on the 11th
Inst. amount to £126,748,100, as compared with £126.746.880 on the
previous Wednesday. Gold to the value of E150,000 arrived in London
from South Africa this week, and was readily taken by the Continent.
India and the trade. The United Kingdom imports and exports of gold
during January 1925 were as follows:
Imports.
Exports.
Russia
£268,280
Netherlands
£30,743
236,628
Belgium
78,612
France
28,387
21,445
Switzerland
3,500
Spain and Canaries
17,186
Egypt
69,758
West Africa
67,214
24,656
Java and other Dutch possessions in the Indian
Seas
984
United States of America
1,328,301
Central America and West Indies
2.462
Other countries in South America
1,058
Gibraltar
8,010
Rhodesia
191.721
Transvaal
615,857
British India
2,128,576
Straits Settlements
7,500
Other countries
1.934,222
£2.265.743 £4,799.357
The price of gold on the 12th inst.. namely 86s. 8d., is a fresh low record
since post-war quotations for exportable gold have been fixed. The
Chancellor of the Exchequer stated last week that the British Government
were "In full agreement with the declared intention of previous administrations to revert to the gold standard at the earliest possible moment."
That was, of course, as much as one has any right to expect at present,
as it is obviously impossible to foresee conditions so far ahead as the end
of the year. Recent large shipments of gold to Australia and the retention
of gold by the Union of South Africa banks indicate the interesting fact
that the improved relations of the U. K. currency pound to gold may
give an opportunity for British Dominions oversea to enjoy the free working
of the gold standard even before the United Kingdom itself. The keen
desire on the part of Australia for its immediate resumption has already
been expressed by Mr. Garvan, Chairman of the Commonwealth Bank.
It is stated that gold shipped toAustralla is being minted into coin at Sydney.
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat..
Mon., Tues., Wed., Thurs., Fri.,
Week ending Mareh 13.
Mar. 7. Mar. 8. Mar.
.10.Mar.11. Mar. 12. Mar.13.
Silver, per oz
d 32 3-16 323-16 32 1-16 3234
31 15-163115-16
Gold, per fine ounce
86s. 8d. 868. 8d. 865. 9d. 868. 8d. 86s. 74. 86s. 44.
Consols, 234 per cents
57H
57
573.(
5734
5734
British,5 per cents
10134
10134
10134 10134 10134
British, 434 per cents._ __ _ _
97
97
97
97
9734
French Rentea(in Paris)_ _fr.
47.85
47.85 47.85
47.85
47.85
French War Loan (in
Paris)
fr
56.85
56.80
58.80
58.80
56.80
The price of silver in New York on the same day has been:
Sliver in N.Y., per oz.(eta.):
Foreign
683-i
6834
6834
6834
6734
68
gommercial antiMiscellancons ew
. Breadstuffs figures brought from page 1361.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye,
bbls.1961b8.bush.6018$.bush.56 lbs.bush. 32 lbs.bush.48108.bush.561bs.
Chicago
242,000 2,537.000
298,000
542.001 247,000
22,000
Minneapolis
1,625,000 1,001.000
565.001
390,000
70.000
Duluth
390,000
2,0 i i
7,000
37,000
68,000
Milwaukee__.
344,000
76,000
1 ,i i i
179,000 199,000
25,000
Toledo
40,000
24,000
20,000
3,000
Detroit
29,000
8,000
9,000
522,000
35,000
Indianapolis128.001
St. Louis_
793,000
712,000
630.000
105,000
Peoria
784,000
141,000
46,000
15,000
32,0''
852,000 1,682,000
Kansas City
82,000
Omaha
648,000
380,000
232,000
Bt. Joseph_
198,000
314,000
40,000
163,000
Wichita
120,000
Sioux City48,000
183,000
70,000
2,000
Total wk. '25
Same wk. '24
Same wk. '2
3ince Aug.1
1924
1923
1022
463.0001 4,707,000 8,983,000
418,0001 4.685,000 10,797,000
5,685.00() 7,407,000
508,00
2,722,000
5,187,000
3,942,000
907,000
646,000
857,000
188,000
422,000
949,000
14,999,000420,229.000 175,418,000202,408,111 51,451,11149.589,000
160,219.000204,822,000 166,172,00030.733,u i i 21,348.000
13,465,
1A.0114 001)324.283.000225.704.000 156.388.00028.639
38.500.000
Total receipts of flour and grain at the seaboard ports for
the 'week ended Saturday, Mch. 7, 1925, follow:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
Bushels.
Bushels.
Barrels.
Bushels.
Bushels. Bushels,
New York__ _
981.000
14,000
315,000
390,000 196.000
4,000
Portland, Me_
189.000
36,000
42,000
50,000 1,079.000
Philadelphia__
10,000
99,000
160.000
298.000
11,000
Baltimore__
26,000
14,000 162,000 111,000
N'port News_
1,000
Norfolk
4,000
7.000
New Orleans *
228,000
59,000
42,000
15,000
472,000
Galveston_._
333,000
16,000
Montreal_ - 2,000
45,000
7.000
St. John, NM
177,000
28,000
30,000 111,000
SILVER.
27,000
Boston
2,000
1,000
During the week the market has kept fairly steady, though not active.
Total wk. '26 562.000 3,757,000
86,0
595,000 519,000 275,000
The Indian Bazaars have required silver for shipment by this week's settle- Since
Jan.1'25 5,588.000 31,688,000 1,533,000 5,016,000 4,929,000 5.151.000
ment steamer, and China has bought moderatly for forward delivery.
Supplies have come from the Continent, but America has not been much Same wk. '24 666,000 2.825.000
997,000
588,000 129,000 140,000
7,390,000 2,390,000 844.000
Inclined to sell. China's attitude towards silver remains uncertain. The Since Jan.1'24 5,399,000 30,678,000 6,395,0
approach of the silk season suggests some up-country inquiry. In favor*Receipts do not include grain passing through New Orleans for foreign pinta
able circumstances the outflow from Shanghai has been known to reach on through bile of lading.
5.000,000 silver dollars in on week, but the political troubles may set
The exports from the several seaboard ports for the week
off such a movement, as at the present time, by causing money to come ending Saturday, Mch. 7 1925, are
shown in the annexed
in from the interior for security. Deducting the discount at which the statement:
currency pound is held abroad as compared with the gold sovereign the
price of cash silver to-day works out at 31.17-32d., about 15% above
ExportsfromWheat.
Corn. Flour. Oats.
Rye.
Barley. Peas.
27.5734., the average price for 1913. The following table indicates the
amount of silver in the principal European banks on Jan. 30 1925 as
Busfiels. Bushels. Barrels. Bushels. Bushels. Bushels Bushels.
New York
compared with Jan. 31 1924:
891,832
90,056 210.566
34,068 184,962
Jan. 30 '25. Jan. 31 '24. Portland, Me__ _. 189,000
36,000
42,000
Boston
127,000
France
102,000 120.000
£12,160.000 £11.880,000 Philadelphia
1,230,000
5,000
20,000 182,000 ,
Italy
3.415.000 Baltimore
3,374.000
364.000
11,000
149,000 120.000
Germany
3,475,400 Norfolk
a994.600
7,000 4,000
Spain
1,000
26,158.000 26,102.000 Newport News__
Netherlands
31,000
689,000 New Orleans__ 900,000 119,000 49.000
1,175,000
Galveston
9,000
Belgium
3,097.000 St. John, N.B___ 412,000
2.959.000
177,000
28,000
30,000
110.000
Switzerland
3,474,000
3,583.000
Denmark
353.000 Total week 1925_ 4,290,832 126,000 233,056 393,466 485,068 456,962
1,154,000
Same week 1924_ 3.065.205 431.000 392.895 372.985 195.651 110.550
Total
£51,557,600 £52,485,400
a AB on Oct. 7 1924.
OtIThe destination of these exports for thp week and since
July 1 1924 is as below:
VTR CHRONICLE
MAR. 14 1925.]
Flour. .
Exports for Week
and Singe
July 1 to-
Week
Mar. 7
1925.
Barrels.
United Kingdom_ 102,678
68,373
Continent
8,330
So.& Cent. Amer_
44,215
West Indies
Brit.No.Am.Cols.
9,460
Other Countries._
Total 1925
Total 1924
Since
Jul111
1924.
Wheat.
Week
Mar. 7
1925.
Corn.
Since
July 1
1924.
Week
Mar. 7
1925.
Since
July 1
1924.
Barrels.
Bushels.
Bushels. Bushels. Bushels.
3,346,701 1,080,795 79,645,186
7,000
7,000
6,610,656 3,210,037 147,183,887
77,961
700.138
574,300
1,000
914,830
1,020,192
131,950 118,000 1,159,810
6,135
21,000
464,407
1,168,052
3,900
233,056 12,148,229 4,290,832 228,704,005
392.895 11,050.052 3.065.205 172.868.065
126,000 2,184,501
431.000 6.333.857
The world's shipments of wheat and corn, as furn'shed by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Mch. 6, and since July 1 1924 and 1923,
are shown in the following:
Wheat.
1924-25.
Week
Mar. 6.
Since
July 1.
Corn.
1923-24.
Since
July 1.
1924-25.
Week
Mar. 6.
Since
July 1.
1923-24.
Since
July 1.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer. 5,616,000 325,311,000 314,701,000
16,000
836,000 8,541,000
Black Sea_
3,088,000 37,114.000
238,000 21,911,000 19,875,000
Argentina. __ 4,902,000 93,576,000 85,209,000
960,000 138,994,000 72,954,000
Australia _
6,016,00 60,108,000 44,546,000
India
800,000 33,376,000 12,416,000
0th.Countr_
1,584,000
476,000 1,438,000 14,755,000
Total
17,334,000 515,459,000495,570,000 1,690,000163,179,000 116,125,000
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currenty, Treasury Department:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
Mar. 6-The First National Bank of Genoa, Colo
$25,000
Correspondent, Jesse E. Shryack, Genoa, Colo.
•
Succeed Genoa State Bank, Genoa, Colo.
Mar. 7-The First National Bank of Alvord. Tex
25,000
Correspondent, L. C. Edwards, Alvord, Tex.
Conversion of Security State Bank, Alvord, Tex.
APPLICATION TO ORGANIZE APPROVED.
Mar. 5-The American National Bank of Sarasota, Fla
$100.000
Correspondent, Dr. J. A. Oliver, P. 0. Box 1412,
Sarasota, Fla.
APPLICATIONS TO CONVERT RECEIVED.
Mar. 6-The Exchange National Bank of Charleston, So. Caro_ _2200.000
Conversion of the Exchange Banking & Trust Co.,
Charleston, So. Caro.
Mar. 7-The Farmers & Merchants National Bank of Hamlin,Tex 40.000
Conversion of the First State Bank of Hamlin, Tex.
Mar. 7-The First National Bank of Sylvester. Tex
35.000
Conversion of the First State Bank of Sylvester, Tex.
APPLICATION TO CONVERT APPROVED.
Mar. 6-The Peoples National Bank & Trust Co.of Los Angeles,
Calif
$500.000
Conversion of the Peoples Bank & Trust Co., Los
Angeles, Calif.
CHARTERS ISSUED.
Mar. 2-12649 The Lynch National Bank, Lynch. Ky
$50.000
President, .1. H. Barker; Cashier, E. T. Kearns.
Conversion of the Bank of Lynch, Lynch. Ky.
Mar. 2-12650 The Central National Bank in Dallas. Tex
500,000
Succeeds Central State Bank of Dallas. Tex.
President, J. K. Heater; Cashier, Benton F. Joyner.
Mar. 3-12651 The Liberty National Bank of Paris, Tex
150.000
President, Ed. H. McCuistion; Cashier, Jas. M. Cecil.
Mar. 5-12652 The First National Bank of Oglesby. Tex
25,000
Succeeds Bank of Oglesby, Oglesby, Tex.
President. W. R. Cavett: Cashier, W. Guy Draper.
Mar. 6-12653 The First National Bank of La Grange, 111
100,000
Pres., Wm. J. Tewksbury; Cashier, Ashley W. Gilbert.
Mar. 7-12654 The 'First National Bank of Rowlett, Tex
25,000
Conversion of the Guaranty State Bank of Rowlett, Tex.
President. W. A. Maupin: Cashier, L. R. Guthrie.
Mar. 7-The Comptroller issued a certificate to-day authorizing the
commencement of business by the Morris Plan Bank of Washington, a banking corporation organized under the Code of Laws
of the District of Columbia, with a capital of $200,000, fully
paid in.
CHANGE OF TITLE.
Mar. 2-2678 The Third National Bank of Dayton,
Dayton..
Ohios to
"The Third National Bank & Trust Co. of
VOLUNTARY LIQUIDATIONS.
Mar. 2-1013 The First National Bank of Portland, Conn
Effective March 2 1925. Liq. Agent, John H. Sage,
Portland, Conn. Succeeded by the Portland Trust
Co., Portland, Conn.
Mar. 5-3650 The Peoples National Bank of Lancaster, Pa
200.000
Effective close of business Feb. 28 1925. Lin. Agent,
P. E. Slaymaker, Lancaster, Pa. Absorbed by
Peoples Trust Co. of Lancaster, Pa.
Mar. 5-0578 The Copper National Bank of East Ely, Nev
75,000
Effective Jan. 13 1925. Lin. Comm.: Directors, Arthur
Smith, East Ely, Nev.; J. C. Kinnear and A. E.
Preston, McGill, Nev. Absorbed by the Ely National
Bank, Ely, Nev., No. 9310.
CONSOLIDATION.
Mar. 2-11768 The Community National Bank of Buffalo, N.Y-$250,000
and 12313 The South Side National Bank of Buffalo, N. Y- 300.000
Consolidated March 3 1925 under the Act of Nov. 7
1918, under the charter of the Community National
Bank of Buffalo and under the title of "Community'South Side National Bank of Buffalo," No. 11768,
with capital stock of $550,000.
2100,000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday of
this week:
By Messrs. Adrian H. Muller & Sons, New York:
per sh.
Shares. Stocks.
11134
52 Northern Securities Co
1 Clinton Hall Assn. of N. Y..---$11 lot
105 Cortlandt St. Hardware Co_ -595 lot
10,000 Assets Realization Mines
$500 lot
Corp., par $1
Sundry demand notes made by Metals Exploration Co. aggregating
$1,059,880, dated Feb. 28 1925
18c. on the dollar
2,416Automatic StraightAir Brake)
3550
i.e
V.
com.,
' Co.,
154 Automatic Straight Air Brake] lot
Co., 8%, 2d pref
Shares. Stocks.
Spa sh.
200 Ke(bay Corp. of Amer.,8% Pt. 1
113 Market& Beaver Realty Corp.,
pref
134
365 Market & Beaver Realty Corp.,
corn
28
750 Mark Spiegel Realty • Corp.,
corn., no par value
8%
5434 Mitchel H. Mark Realty)
Corp., coin
100 Mitchel H. Mark Realty 391,300
Corp., corn
1
lot
150 Mitchel H. Mark Realty'
Corp., corn
I
1295
By Messrs. R. L. Day & Co., Boston:
Shares. Stocks.
. $ per sh.
3 Old Colony Trust Co
2504
45 Roxbury Trust Co
134
12-7 Safe Deposit National Bank,
New Bedford
1934
15 Farr Alpaca Co
17134
50 Connecticut Mills, common,
Class "A," v. t. c., par $10....3 1-16
10 Massachusetts Cotton Mills_ _ _ _108
24 Ludlow Mfg.Associates
167
110 Androscoggin & Kennebec Ry.,
2d pref., v. t. c
634
$5 lot
4334 Blake Marr, Inc
Shares. Stocks.
8 per sh.
250 Industrial 011 & Gas Co
$1 lot
8 Units First Peoples Trust
76
1 Special Unit First Peoples Trust
6
29 Merrimac Chemical Co., par $50 8934
7 Beverly Gas& Elec. Co., par $25_ 8334
50 Draper Corp_ _15734-15944 ex-div.__ _
3 Plymouth Cordage Co
12534
25 Hood Rubber Co., pref__ .._9744-9754
Rights.
i Per MAL
100 First National Bank
3544
1 Hartford Fire Insurance Co
92
By Messrs. Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
8 per sh.
5
35 Roxbury Trust Co
42
3 Hill Mfg. Co
10 Connecticut Mills, 1st pref
744
141 Canadian Connecticut Cotton
Mills, corn. Class "A," par $10
800.
275 Canadian Connecticut Cotton
750.
Mills, corn., Class "II," par $10
10 B. B.& R. Knight Corp., pref_ _ 134
17 Pittsfield dr North Adams RR.,
common
8534
5 Springfield Ry. Co., pref
4634
50 Androscoggin & Kennebec Ry.,
2d preferred
634
25 Worcester Consol. St. Ry., pref.,
3834
par 580
Shares. Stoats.
i per eh_
17 United Electric Rys., common__ 23%
10 Plymouth Cordage Co
12534
26 Thomas G. Plant Co., pref.- 4734
40 Hood Rubber Co., pref-- -973(-9754
10 New England Power Co..6% p1. 9534
11 Puget Sound Pow. dr Lt. Co.,
prior preference
10534
4 Plymouth Cordage Co
126
50 State Theatre Co., corn., par $10 734
6 Waltham Bleach & Dye Works_ _ _ 50
28 Units First Peoples Trust
76
20 Special Units First Peoples Trust 6
80 Alles-Fisher, Inc.,corn., trm.ctf. 2334
2 Puget Sound Pr. & Lt. Co.. corn 5044
9 Special Units First Peoples Trust- 6
By Messrs. Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per :h.
17534
25 Nat. Bank of Commerce
562
8 Central National Bank
280 Producers & Consumers Bank,
10
par $10
2Penn National Bank
50034
562
5 Franklin National Bank
208
/Quaker City National Bank
598,
4 Girard National Bank
3 Kensington Nat. Bank, par $50_ _1554
10 Corn Exch. Nat. Bank,par $1004904
20 Continental-Equitable Title &
241
Trust Co., par 850
25 Guarantee Trust & Safe Deposit_163
25 Chestnut Hill Title & Trust Co.,
60
par $50
10 West Philadelphia Title Sc Trust,
212
Par $50
12 Bank of Nor. Amer.& Trust Co_ 299
1 Peoples Bank & Trust Co., par $50 934
44 Farmers Nat. Bank of Reading,
Pa
14634
2 First Nat. Bank of Towanda, Pa_225
2 Glenside Trust Co., par $50
57
5 Equitable Trust Co. of Wilmington, Del
26334
40 Catawlssa RR., pref
4344
76 Catawissa RR., pref
4334
7 East Pennsylvania RR.
5944
3 Phila. Germantown & Norristown
1254
RR
6 Little Schuylkill RR
4134
29 Mine Hill & Schuylkill Haven
5234
RR
17734
10 13th & 15th fits. Pass. Ry
Shares. Stocks.
i Per sh
20 13th & 15th Sts. Pass. Ry
17734
10 Green & Coates Sts. Pass. Ry_ _ 7934
10 Phila. dr Gray's Ferry Pass. Ry- 594
34 Continental Pass. Ry
794
10 Union Pass. Ry
11734
50 Fairmount Park & Haddington
Pass. Ry
40
6 Frankford Sr Southwark Pass.Ry.252
12 John B. Stetson Co., common,
no par
9234
4 John B. Stetson Co., common,
92
no par
11 Atlantic Elevator Co.,cum. pref. 94
20 East Penn Electric Co.. 1st pref _100
282
1 Fire Assn. of Phila., par $50
10 Fire Assn. of Phila., par 550_ _ _.28134
29 Fire Assn. of Phila., par 550_ -.28044
93
135 Hare & Chase, Inc., pref
10454
18 Reliance Insurance Co
105 Peoples Nat. Fire Ins. Co., par
28
$25
4 Philadelphia Bourse,corn., par $502434
2 Phila. Electric Co., common____ 45
200 Refrigerator Product Corp____ 50
100 Independent Fire Securities.-- 39
Percent.
Bonds.
$500 Miller Lock 1st cony. s. 1. 78,
ser. A, 1942
35i
$500 Phila. dr Darby RR. bet 45,'27 95
$600 Benevolent Protective Order of
Elks 1st 8s, 1942($500 & $100)__ 9034
$100 Benevolent & Protective Order
of Elks. 1st 6s, 1942
0054
DIVIDENDS,
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the current week. Then we follow with a second table, in which
we show the dividends previously announced, but which have
not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Carolina Clinchfield & Ohio (No. 1)---- *75c. Apr. 10 *Holders of rec. Mar.31
4.15( Apr. 20 *Holders of rec. Apr. 1.
C.C.C.& St. L., corn.& pref (quar.)
*1,‘ Apr. 6 *Mar. 28 to Apr. 8
Joliet & Chicago
*2
Minn. St. Paul & S. S. M.leased lines
Apr. I *Holders of rec. Mar.20
New York Central RR.(quar.)
134 May 1 Holders of roe. Apr. 1
Philadelphia & Trenton (quar.)
254 Apr. 10 Apr. 1 to Apr. 11
Pittsburgh Bessemer & Lake Erie,com_ _ 75e. Apr. 1 Holders of rec. Mar.14
Southern Ry., common (quar.)
14( May 1 Holders of rec. Apr. 10
134 Apr. 15 Holders of rec. Mar.25
Preferred (quar.)
*7
Tonopah & Goldfield, preferred
Mar. 14 *Holders of rec. Mar.11
United N.J. RR.& Canal Cos.(quar.). 2% Apr. 1 Mar. 21 to Mar.31,
*3
Vermont & Massachusetts
Apr. 7 *Holders of rec. Mar.10
*3
Western Pacific RR. Corp., corn
Corn.(payable in corn,and prof.stock) (I)
Preferred (quar.)
*144 Apr. 3 *Holders of rec. Mar.23
Preferred (account accum. dividends). *51.588
Preferred (payable in corn.& pref.stk.) (t)
West Jersey & Seashore
*$1.25 Apr. 1 *Holders of rec. Mar. 17
Public Utilities.
American & Foreign Power, pref.(quar.) $1.75 Apr. 1 Holders of rec. Mar.16
American Gas & Elec., corn. (quar.) _ _ _ 25c. Apr. 1 Holders of rec. Mar. 14
Holders of rec. Apr. 13
Preferred (quar.) (no par stock)
$1.50 May
Preferred (quar.) ($50 par)
750. May 1 Holders of rec. Apr. 13
American Power & Light, pref.(quar.)_ _
1% Apr. 1 Holders of rce. Mar. 14
Arkansas Natural Gas
8c. Apr. 1 Holders of rec. Mar.14a
Asheville Power & Light, pref. (guar.)_ _ $1.75 Apr. 1 Holders of rec. Mar.14
Birmingham Electric Co., pref. (guar.). $1.75 Apr. 1 Holders of reo. Mar.14
Capital Trac., Washington, D.C.(quar.) 1% Apr. 1 Holders of rec. Mar.14
Carolina Power & Light, corn. (guar.)... $1.50 May 1 Holders of rec. Apr. 15
Preferred (quar.)
$1.75 Apr. 1 Holders of rec. Mar.14
Citizens Passenger Ry., Phila. (quar.)_ _ u$3.50 Apr. 1 Mar.21 to Mar.31
Cleveland Ry. (quar.)
1% Apr. 1 Holders of rec. Mar. 12
Columbus Elec.& Power,corn. (quar.).. 236 Apr. 1 Holders of rec. Mar.14
First and second preferred (guar.)_ _
134 Apr. 1 Holders of rec. Mar.14
Colum. Ry.,P.& Lt., 1st Pt.,6% (qu.)_
136 Apr. 1 Holders of rec. Mar.21'
Duluth-Superior Trac., pref. (quar.)_ *$1 Apr. 1 *Holders of rec. Mar. 16,
Preferred (acct. accum. dividends)... h5$1
Apr. 1 *Holders of rec. Mar.16,
Eastern Mass. Street Ry., adj. stock_ _ _
254 Apr. 1 Holders of rec. Mar.15
Elec. Bond & Share Secur. Corp.(No. 1) 25c. Apr. 15 Holders of rec. Mar.20
Germantown Passenger Ry., Phila.(qu.) 1451.31 Apr. 7 Mar. 18 to Apr. 6
Illinois Northern Utilities, Prof.(quar.)_ *144 May 1 *Holders of rec. Apr. 15
Illinois Power & Light,7% pref.(quar.). 1% Apr. 1 Holders of rec. Mar.10
Six per cent participating pref.(quar.) 1% Apr. 1 Holders of rec. Mar.10
Indianapolis Water Works Secur., Prof.. 344 Apr. 1 Mar. 21 to Apr. 1
Internat. Telep. & Teleg. (guar.)
144 Apr. 15 Holders of rec. Mar.27
Kansas Gas & Elec. Co., pref (guar.)_ _
134 Apr. 1 Holders of rec. Mar.18
Kentucky Securities Corp., corn. (quar.) *Iyi• Apr. 1 *Holders of rec. Mar.20
*I% Apr. 15 *Holders of rec. Mar.20
Preferred (quar.)
Long Island Lighting, preferred (quar.). 134 Apr. 1 Holders of rec. Mar.21
Manhattan Railway (quar.)
*144 Apr. 1 *Holders of rec. Mar.20'
Metropolitan Edison, pref. (quar.)
$1.75 Apr. 1 Holders of rec. Mar.204
Midland Utilities, prior lien stock (qu.) _ *$1.75 Apr. 6 Holders of rec. Mar.21
Minnesota Power & Light, Prof.(quar.) 51% Apr. • 1 Holders of rec. Mar. 14
Apr. I Holders of rec. Mar. 234
Mohawk Valley Co
3
Monon. West Pa. Pub. Ser.,6% pf.(qu.) 37340 Apr. 1 Holders of rec. Mar. 16a
Seven per cent preferred (guar.)
43%c Apr. 1 Holders of rec. Mar.16a
Mountain States Power. Prof. (quar.)__
1% Apr. 20 Holders of rec. Mar.31
Narragansett Elec. Lighting .(quar.).... *S1 Apr. 1 Holders of rec. Mar.14
[VOL. 120.
THE CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Apr. 1 Holders of rec. Mar.21
New York Central Elm.Corp., pref.(qu.)
New York State Railways, pref.(guar.)_ 14 Apr. I Holders of rec. Mar.23a
2
May 1 Holders of rec. Mar.31
Nor.States Pow.(Del.), corn. A (quar.)_
Preferred (guar.)
134 Apr. 20 Holders of rec. Mar.31
Apr. 1 Holders of rec. Mar. 20
North Amer. Light dr Pow.,7% pf.(qu.)
North West Utilities, prior lien pref.(qu.) $1.75 Apr. 1 Ilolders of rec. Mar. 24
14 Apr. 1 Holders of rec. Mar.20
Ohio Bell Telephone, pref. (guar.)
Oklahoma Natural Gas (guar.)
*50c. Apr. 20 *Holders of rec. Mar.27
Ottawa Light, Heat & Power,.com.(qu.) 116 Mar. 31 Holders of rec. Mar. 16
14 Apr. I Holders of rec. Mar. 16
Preferred (guar.)
Apr. 1 "Holders of rec. Mar. 14
Ottawa Traction (guar.)
Panama Power & Light Corp., pref.(qu.) 1/1 Apr. 1 Holders of rm. Mar. 14
Apr. 1 Holders of rec. Mar.20a
Pennsylvania Edison Co., pref. (guar.)_ $2
Apr. 1 Holders of rec. Mar. 14
Pennsylvania Power & Light, pref. (qu.)
Apr. 17 *Holders of rec. Apr. 3
"2
Peoples Gas Light & Coke (guar.)
Porto Rico Railways, Ltd. pref.(guar.) 1% Apr. 1 Holders of rec. Mar. 20
14 Apr. 15 Holders of rec. Mar. 31
Quebec Power, pref.(guar.)
'
Apr. 1 Holders of rec. Mar. 14a
2
Savannah Electric & Power, pref
Apr. 1 Holders of rm. Mar. 14a
Debenture (1st pref.), Series A (guar.) 2
South Pittsburgh Water, pref. (guar.)-Apr. 15 *Holders of rec. Apr. 1
Southwest Bell Telep. pref. (guar.)-- 14 Apr. 1 /folders of rec. Mar.21
Springfield Ry.& Light,
' pref.(guar.). _ _
13( Apr. I Holders of rec. Mar.16
Standard Gas & Electric, corn.(guar.)._ 75c. Apr. 25 Holders of rec. Mar.31
Apr. 25 Holders of rec. Mar.31
147% Prior preferred (guar.)
Toledo Edison, prior pref.(guar.)
Apr. 1 Holders of rec. Mar.14
Twin City Rap. Tr., Minneapl, pf.(qu.)
Apr. 1 Holders of rm. Mar.16
Apr. 15 Holders of rec. Mar.31
United Gas Improvement, corn.(guar.)_
Preferred (guar.)
*87.4c June 15 *Holders of rec. May 31
United Lt.& Pow.,corn. A & B (guar.). *45e. May I *Holders of rec. Apr. 15
Corn. A & B (pay.In Class A corn.stk.) (w) May 1 *Holders of rec. Apr. 15
Preferred A (guar.)
$1.63 Apr. 1 *Holders of rec. Mar. 16
Apr. I *Holders of rec. Mar.16
Preferred B (guar.)
*$1
United Light & Rys., corn.(guar/
*2
May I 'Holders of rec. Apr. 15
*1% Apr. 1 *Holders of rec. Mar.16
First preferred (guar.)
Apr. 1 *Holders of rec. Mar.16
'2
Participating preferred (guar.)
Utah Power & Light, preferred (quar.).- 1'% Apr. I Holders of rec. Mar. 10
Western States Gas dr Elec., pref.(qu.)-- 144 Apr. 15 Holders of rec. Mar. 31
14 Apr. 15 Mar. 26 to Apr. 8
Western Union Telegraph (guar.)
Apr. 1 *Holders of rec. Mar.14
Yadkin River Power, preferred (guar.)
134
14
$1
Banks.
Coal dr Iron National (guar.)
Fifth Avenue (guar.)
First National (guar.)
First Security Co.(guar.)
Manhattan Co., Bank of the (guar.)
United States, Bank of (guar.)
Trust Companies.
Bank of New York dc Trust Co.(guar.)_
t3
6
.
10
5
4
215
5
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
*Holders of rm. Mar. 11
Holders of rm. Mar.310
Holders of rm. Mar.31a
Holders of ree. Mar.206
Holders of rec. Mar.27a
Apr. 1 Holders of rm. Mar.206
Miscellaneous.
Abitibi Power & Paper, pref.(guar.)_ _ 14 Apr. 1 Holders of rm. Mar. 20
50c. Mar,16 Holders of rec. Mar. 2
Acme Wire Co., common
14 Mar.31 Holders of rec. Mar.20
Aeolian Company, preferred (guar.) _
Apr. 15 Iloiders of rec. Mar. 31
$1
Air Reduction Co.(guar.)
Amer. Brake Shoe & Fdy.. corn.(guar.)_ $1.25 Mar.31 Holders of rec. Mar. 20
14 Mar.31 Holders of rec. Mar. 20
Preferred (guar.)
American-Hawaiian Strqmship (guar.)_ _ *15e. Apr. 1 *Holders of rec. Mar. 16
Amer.La France Fire Eng.,corn.(guar.) 250. May 15 Holders of rec. May is
14 Apr. 1 Holders of rec. Mar.240
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar. 14
Amer. Multigraph. pref. (guar.)
American Pneumatic Service, 1st pref._ _ 411.75 Mar.31 "Holders of rec. Mar.20
$1 Apr. 1 'Holders of rec. Mar. 16
American Sales Book (guar.)
Amer. Type Founders, corn. dr p1.(qu.) 14 Apr. 17 Holders of rec. Apr. 10
Amer. Window Glass Mach., corn. (qu.) 13/ Apr. 1 Holders of rec. Mar. 13
Apr. 1 Holders of rec. Mar. 13
1
Common (extra)
14 Apr. 1 Holders of rec. Mar. 13
Preferred (guar.)
Mar. 12 *Holders of rec. Mar. 2
Anglo-American Corp. of South Africa_ _ •10
115 Apr. 15 Holders of rec. Apr. 1
Asbestos Corporation, pref. (quar.).__
14 Apr. 1 Holders of rec. Mar. 16
Ault & Wlborg Co., pref.(guar.)
Barnhart Brothers & SpindlerFirst and second preferred (guar.) -- *14 May 1 /Holders of rec. Apr. 25
Beatrice Creamery, common (guar.). _ _ *V .25 Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
'134 Apr. 1 *Holders of rec. Mar.20
14 Apr. 1 Holders of rec. Mar.20
Beck & Corbitt Co.. pref.(guar.)
50e. Apr. 1 Holders of rec. Mar.25
Berry Motor
Mar.31 Holders of rec. Mar.20a
50c.
Co
Mines
Bingham
Bridgeport Machine, preferred (quar.)_ _ "14 Apr. 1 *Holders of rec. Mar.20
Brunswick-Balke-Coliender. pref.(guar.) 14 Apr, 1 Holders of rec. Mar.20
•14 Apr. 1 'Holders of rec. Mar.20
Burns Brothers, preferred (guar.)
*50e. Mar.31 *Holders of rec. Mar. 19
Butte& Superior Mining
Apr, 1 Holders of rec. Mar.20
Cotton
Mills,
Conn.
part.
pf.(qu.) 1
Can.
Canadian Locomotive. preferred (guar.) '134 Apr. 1 *Holders of rec. Mar.20
Mar.31 *Holders of rm. Mar.20
*e20
Canfield Oil (stock dividend)
Central Aguirre Sugar.common (guar.). $1.50 Apr. 1 Holders of rm. Mar.21
14 Apr. I Holders of rec. Mar.15
Century Electric (guar.)
•75c Apr. 1 'Holders of rec. Mar.21
Chandler Motor Car (guar.)
Chicago Nipple Mfg., Class A (quar.). _ •75c. Apr. 1 "Holders of rec. Mar.15
Mar.20
Chicago By. Equipment, corn.(qu.) _ _ _ *75c. Mar.31 'Holders of rec.
*14 Mar.31 *Holders of rec. Mar.20
Preferred (guar.)
Commercial Solvents, cam.. cl. A (qu.)_ .11 Apr. 1 *Holders of rec. Mar.21
Apr. 1 *Holders of rec. Mar.21
*2
First preferred (guar.)
Mar. 16
Corona Typewriter, common (guar.) _ *50c. Apr. 1 "Holders of rec.
Apr. 1 *Holders of rec. Mar. 16
*2
First preferred (quar.)
•1% Apr. 1 "Holders of rec. Mar. 16
(guar.)
Second preferred
Apr. 15 *Holders of rec. Mar.31
Crex Carpet
Apr. 1 Holders of rec. Mar. 146
Detroit& Cleveland Navigation (quar.)_ $1
Apr. 1 *Holders of rec. Mar.21
Devoe & Raynolds, too., corn.(quar.)_ _
Apr. 1 *Holders of rec. Mar.21
First and second preferred (qua:.)--.
Apr. 1 Holders of rec. Mar.18
Dominion Canners (guar.)
0,1%
Apr. 1 *Holders of rec. Mar.26
Eastern Steamship Lines, let pref.(qu.)_
15 'Holders of rec. Apr. 7
Apr.
8734c
'
(guar.)
preferred
par
No
*31.50 Apr. 1 *Holders of rec. Mar.14
Electric Auto Lite (guar.)
Apr. 1 Holders of rec. Mar.21
Elec.Storage Battery.COM.& Pref.(q.) $1
Mar.31 Holders of rec. Mar.240
Empire Safe Deposit (guar.)
Apr. 1 Holders of ree. Mar. 19
Endicott Johnson Corp., corn.(quar.)_ $1.25 Apr, I Holders of rec. Mar. 19
14
Preferred (guar.)
May 1 Holders of rec. Apr. 150
Famous Players-Lasky Corp., pref.(qu.) 2
Apr. 15 Holders of rec. Apr. 1
Firestone Tire & Rubber,6% prof.(qu.)_
1
Apr.
•250.
_
Foot Bros. Gear & Machine (guar.)...
'20c. July 1
Quarterly _
•25c. Oct. 1
Quarterly
25e. Janl'26
.
Quarterly
1 *Holders of rec. Mar. 16
General Amer.Tank Car Corp.,Pr.(qu.) *144 Apr. 1
Holders of reo. Mar.210
Apr,
General Baking.common(qua:.)
Apr. 1 Holders of rec. Mar.21a
Preferred (guar.)
1 Holders of rec. Mar.20
Apr.
(qu.).
Pref.
&
eom.
Signal,
Gen. Railway
Apr. 1 *Holders of rec. Mar. 16
Goodyear Tire & Rub.of Calif., pf.(qu.)
Apr. 1 Holders of rec. Mar.16
I Preferred (acct. accumulated(Ms.). _
Apr. I Holders of rec. Mar.18
pf.
(qt1/Goodyear Tire dc Rub.of Can..
1 Holders of rec. May 18
Apr.
Pref.(amount accumulated dividends)
Apr, 15 Holders of rec. Mar.23
Goodyear Tire & Rub.(U.S.), Pref
Holders of rec. Mar.21
I
Apr.
"25e.
Gossard (H. W.) Co., com.(monthly)...
•25e. May 1 Holders of ree. Mar.21
Common (monthly)
Holders of rec. Mar.21
1
June
*25c.
r Common (monthly)
Apr. 1 Holders of rec. Mar.20
Goulds Manufacturing, common (guar.)
Apr. 1 Holders of roe. Mar.20
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 14
•25e.
Grennan Bakeries, common (guar.)._
Apr. 1 *Holders of rec. Mar.14
Preferred (guar/
31 Holders of rec. Mar. 14
Mar.
(guar.)
common
Towing,
Great Lakes
14
14 Apr. 1 Holders of rec. Mar.14
I Preferred (guar.)
6215c. Apr. 1 Holders of roe. Mar.
Hussmann (Harry L.) Co.,(qua:.)
Mar.21
rec.
of
Holders
1
Apr.
13/
Hydraulic Press Brick, pref. (guar.)...
14
•75c. Mar.31 *Holders of rec. Mar.
Ideal Cement Co., common (No. 1)
"14 Mar.31 *Holders of rec. Mar.14
Preferred (No. 1)
30
Mar.
*115
Imperial Tob.Of Canada corn.(interim)
Mar.31
"3
Preferred
Apr. 1 *Holders of rec. Mar.20
Indian Motocycle. prof.(guar/
1240. Apr. 15 Holders of rec. Apr. la
Kerr Lake Mines. Ltd.(guar/
Apr. 1 *Holders of rec. Mar. 19
KresgelDept.Stores, preferred (guar.)._ *2
134
14
134
11.
14
14
'134
114
•134
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Apr. 1 *Holders of rec. Mar.20
Kress (S. H.) & Co., preferred (guar.)
24 Mar.31 Holders of rec. Mar. 25
Lawton Mills (quar.)
Liggetts International, tom. A & B (qu.) *75c. June 1 *Holders of rec. May 15
May 1 *Holders of rec. Apr. 15
*2
Preferred (quar.)
Loose-Wiles Biscuit, lot pref.(guar.) _ •141 Apr. 1 *Holders of rec. Mar. 19
Second preferred (guar.)
*14 May 1 *Holders of rec. Apr. 17
•50c. Apr. 1 *Holders of rec. Mar.17
Ludlum Steel (guar.)
July 5
Magnolia Petroleum (guar.)
*$1
Apr. 1
"1
Stock dividend
Oct. 25
'1
Stock dividend
14 Apr. 1 Holders of rec. Mar.17
Manati Sugar, preferred (quar.).,.
Manhattan Shirt, preferred (quar.)...._ 14 Apr. 1 Holders of rec. May 19
"lc. Mar.31
Marine Oil (monthly)
*lc. Mar.31
Extra
McCord Radiator dr Mfg., class A (qu.)_ "75c. Apr. 1 'Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.17
Merck & Co., preferred (guar.)
$1
$1.25 Mar. 1 Holders of rec. Mar. 14
Merrimac Chemical(guar.)
Apr. 1 Mar. 15 to Mar.31
14
Metropolitan Paving Brick, pref.(guar.)
Apr. 20 *Holders of rec. Mar.31
Mexican Petroleum, common (quar.)_ _ _ "3
Apr. 20 *Holders of rec. Mar.31
"2
Preferred (guar.)
Apr. 1 'Holders of rec. Mar.21
Midland Steel Products, corn. (quar.)
*$1
Apr. 1 *Holders of rec. Mar.21
"2
Preferred (guar.)
25 *Holders of rm. Apr. 10
Apr.
1)
(No.
$1.50
•
common
Rubber,
Miller
$1 Apr. 1 Holder, of rec. Mar. 16
Morgan Lithographing (guar.)
Apr. 2 *Holders of rec. Mar.20
Murray (J. W.) Mfg., corn. (quar.). _ *2
Apr. 2 'Holders of rec. Mar. 20
Common (payable in common stock)__ *12
Apr. 1 'Holders of rec. Mar.20
*2
Preferred (guar.)
14 Apr. 1 Holders of rec. Mar.23
Nashua Mfg., pref.(guar.)
•750. Apr. 1 'Holders of rec. Mar.20
National Dairy Products (guar.)
14 Mar.31 Holders of rec. Mar. 24
National Licorice, preferred (guar.) _
Apr. 1 *Holders of rec. Mar.14
*2
National Refining, pref. (guar.)
14 Mar.31 Holders of rec. Mar.21
National Supply, preferred (guar.)
Apr. 1 Holders of rec. Mar.24
National Tea, common (quar.)
$2
*50c. Apr. 15 *Holders of rec. Apr. I
New York Transportation (guar.)
Mar.15 *Holders of rec. Mar. 12
"3
Northwestern Yeast (guar.)
Mar.31 'Holders of rec. Mar. 20
Ohio Leather, first preferred (guar.)_ _ _ _ *2
Apr. 1
Omnibus Corp. of America, pref. (guar.) •2
Apr. 1 'Holders of rec. Mar.20
Omnibus Corp.of Chicago, prof.(guar.)_ *2
Overman Cushion Tire, common (guar.) 135 Apr. 20 lIolders of rec. Mar.31
115 Apr. 20 Holders of rm. Mar.31
"X" preferred (guar.)
Park City Mining & Smelting (guar.)... *15c. Apr. 1 *Holders of rec. Mar.14
Penick & Ford, Ltd., pref. (guar.)
"14 Apr. 1 •Ilolders of rm. Mar.20
Preferred (account accum. dividends)_ sh14 Apr. 1 'Holders of rec. Mar.20
14 Mar.31 Holders of rec. Mar.20
Penney (J. C.) Co., first pref.(guar.)._
Perdigo-Weber Shoe (guar.)
8734e. Apr, 1 Holders of rec. Mar.19
*E1 Apr. 2 *Holders of rec. Mar.20
Phelps Dodge Corp.(guar.)
Plymouth Cordage (guar.)
•11/ Apr. 20 'Holders of rec. Apr. 1
Pro-phy-lac-tic Brush, common (guar.). *50e. Apr. 15 *Holders of rec. Apr. I
Common (extra)
'25c. Apr. 15 'Holders of rec. Apr. 1
Preferred (guar.)
'134 Mar. 16 *Holders of rec. Mar. 12
Reliance Mfg.. pref.(guar.)
•$1.75 Apr. 1 *Holders of rm. Mar.20
*14 Apr. I "Holders of rec. Mar.20
Remington Arms, pt. pref. (quar.)
Remington Noiseless Typever, pf.(No. 1) 1/4 Apr. 15 Holders of rec. Apr. 4
Rich. & Boynton Co., pt. pref. (No. 1) 75e. Apr. 1 Holders of rec. Mar.16
15e, Apr. 15 Holders of rec. Apr. 4
River Raisin Paper (guar.)
Mar.31 *Holders of rec. Mar. 4
Royal Baking Powder,common (guar.)_ *2
•115 Mar.31 *Holders of rec. Mar. 4
Preferred (guar.)
Apr. 1 *Holders of rec. Mar. 14
Safety Car Heating & Lighting (quar.)_ _ *2
St. Louis Rocky Mt. dr Pat.. pref. (qu.) 134 Mar.31 Holders of rec. Mar. 16a
'
134 Mar.28 *Holders of rec. Mar.24
St. Maurice Paper (guar.)
"135 Apr. 1 *Holders of rec. Mar.20
Saco-Lowell Shops, preferred (guar.).
Schwartz (Bernard) Cigar. corn. (guar.) •250. Apr. 1 "Holders of rec. Mar.20
(r) Apr. 30 *Holders of rec. Mar.20
Seagrave Corporation, common
'134 Apr. 1 "Holders of rm. Mar.20
Preferred (guar.)
Apr. 15 *Holders of rec. Apr. 5
Selberling Rub., pt. (acct. accum. div.)- *1*2
May 15 "Holders of rec. May 5
132
Preferred (account accum. dividend)_.
June 15 'Holders of rec. June 5
112
'
Preferred (account accum. dividend).
*24 Mar.31 *Holders of rec. Mar. 10
Singer Manufacturing (quar.)
Apr. 1 Holders of rec. Mar.20a
2
Spicer Mfg., pref. (guar.)
Thompson (John R.) Co., corn. (mthly.) •250. Apr. I *Holders of rec. Mar.23
'25e. May 1 *Holders of rec. Apr. 23
Common (monthly)
*25e. June 1 'Holders of rec. May 23
Common (monthly)
•ln Apr. I *Holders of rec. Mar.23
Preferred (guar.)
Underwood Computing Mach., pt. (qu.) '14 Apr. 1 'Holders of rec. Mar.14
•115 June 1 *Holders of rec. May 15
United Drug, common (guar.)
•115 June 1 *Holders of rec. May 15
Second preferred (guar/
6215e Apr. 4 Holders of rec. Mar. 17
United Shoe Machinery, corn. (quar.)
3714c Apr. 4 Holders of rec. Mar. 17
Preferred (guar.)
U.S. Bobbin & Shuttle, pref.(quar.)... "14 Mar.31 *Holders of rec. Mar.11
Mar.31 Holders of rec. Mar.20
$1
Utah Copper (guar.)
"14 Apr. 1 *Holders of rec. Mar.22
Van Dorn Iron Works, pref.(quar.)_
Apr. 15 *Holders of rec. Mar.31
Victor Talking Machine. corn. (guar.)._ *2
"lg Apr. 15 *Holders of rec. Mar.31
Preferred (guar.)
14 Mar.31 Holders of rec. Mar.20
Weber Piano, preferred (guar.)
May 6 *Holders of rec. Apr. 22
West Comstock Gold Mines(No. 1)..._ _ *4
Weston Electrical Instrument, Cl. A (qu) "50e. Apr. 1 *Holders of rec. Mar. 16
Apr. 1 *Holders of rec. Mer.16
Will & Baumer Candle. pref.(guar.).- *2
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable
Books Closed.
Days Inclusive.
Railroads (Steam).
Apr. 1 Holders of rec. Mar. 2
5
Alabama & Vicksburg
75e. Apr. 1 Holders of rec. Mar.150
Bangor & Aroostook, corn. (guar/
1 Holders of rec. Mar. 154
Apr.
14
(guar.)
Preferred
50e. Apr. 1 Holders of roe. Mar. 166
Beech Creek RR.(guar.)
Mar. 31 Holders of rec. Feb. 284
2
Boston & Albany (guar.)
*215 Apr. I 'Holders of rec. Mar.20
Boston & Providence (guar.)
Mar. 14
Boston Revere Beach & Lynn (quar.).... •11/ Apr. 1 *Holders of rec.
1/4 Mar. 31 Holders of rec. Mar. 144
(quar.)
corn.
Susquehanna.
&
Buffalo
Feb. 27a
rec.
of
Holders
1
Apr.
23/
Canadian Pacific, common (quar.)
Apr. 1 Holders of rec. Feb. 27
2
Preferred
Mar. 16
rec.
of
*Holders
1
Apr.
'$1.50
pref.
Mar/
Cuba.
of
Consolidated RIM
*$1.20 Mar.31 'Holders of rec. Mar. 16
Cuba Railroad, common
of rec. Feb. 260
Holders
20
Mar.
211
(guar.)
Co.
Hudson
&
Delaware
July 10
*3
Houston & Texas Central
Apr. 1 Holders of rec. Mar. 76
Lackawanna RR.of New Jersey (guar/- 1
1 Holders of rec. Mar. 14a
Apr.
8715c
common
(guar/
Lehigh Valley,
81.25 Apr. 1 Holders of rec. Mar.14a
Preferred (guar.)
Missouri-Kansas-Texas, pref. A (quar.). 14 May I Holders of tee. Apr. 15a
Apr, 1 Holders of rec. Mar.246
3
Newark dr Bloomfield
N. Y. Chicago & St. Louis, corn. Mar/ 114 Apr. 1 Holders of rec. Feb. 166
Apr, 1 Holders of rec. Feb. 16a
115
(guar.)
"A"
Series
Preferred,
14 Apr. 1 Holders of rec. Mar.146
N. Y. Lackawanna & Western (quar.)_
Norfolk & Western, common (guar.)... 144 Mar. 19 Holders of rec. Feb. 284
14 May 1 Mar. 20 to Apr. 14
Northern Pacific (guar.)
14 Apr. 1 *Holders of rec. Mar.12
Old Colony Railroad (guar.)
(quar.)....
Apr. I Holders of rec. Mar. 164
1
common
RR.,
Marquette
Pere
14 May 1 Holders of rec. Apr. 150
Prior preferred (guar/
14 May 1 Holders of rec. Apr. 154
Five per cent preferred Mar/
Pitts. Ft. Worth & Chic., coin.(quar.).- 14 Apr. 1 Holders of rec. Mar. 100
14 Apr. 7 dHolders of rm. Mar.106
Preferred (quar.)
Reading Company, 2d pref. (guar.)..._ 50c. Apr. 9 Holders of rec. Mar.234
Mar,16 Mar. 11 to Mar. 15
St. Joseph South Bend & Southern,tom. 1
215 Mar. 15 Mar.11 to Mar. 15
Preferred
Francisco
St. Louis & San
115 May 1 Holders of rm. Apr. 154
Preferred, Series A (guar.)
11/ Aug. 1 Holders of rec. July 150
Preferred, Series A (guar.)
115 Nov. 2 Holders of rec. Oct. 15a
Preferred, Series A (quar/
14 Apr, 1 Holders of rec. Mar. 1.136
St. Louis-San Francisco Ry.,com.
(guar.)...
Mar.31 Holders of rec. Mar.14a
pref.
14
St. LOMB Southwestern.
14 Apr. 1 Holders of rec. Feb. 274
Southern Pacific (guar.)
Apr. 1 Holders of rec. Mar.164
2
ethi
trust
stock
0.
&
M.
Southern By.,
21/ Apr, 1 Holders of rec. Feb. 284
Union Pacific, common Mar/
Apr. 1 Holders of rm. Feb. 284
2
Preferred (guar.)
MAR. 14 1925.1
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded).
N'icksburg Shreveport & Pacific, corn.-- 1% Apr. 1 Holders of rec. Mar. 2
255 Apr. 1 Holders of rec. Mar. 2
Preferred
3% Apr. 1 Holders of rec. Apr. 4a
Warren Railroad
Public Utilities.
American Public Service, pref.(guar.)- 15( Apr. 1 Holders of rec. Mar. 14
Amer.Public Utilities, prior pref.(guar.) 115 Apr. 1 Holders of rec. Mar. 14
135 Apr. 1 Holders of rec. Mar. 14
Participating preferred (guar.)
Amer. Telephone de Telegraph (quar.)-- 235 Apr. 15 Mar. 18 to Mar. 31
Associated Gas& Electric, pref.(guar.)_ 8735c Apr. 1 Holders of rec. Mar. 10
1234c Apr. 1 Holders of rec. Mar. 15
Preferred (extra)
1235c July _1 Holders of rec. June 15
Preferred (extra)
1234c Oct. -1 Holders of rec. Sept. 15
Preferred (extra)
1235c Jan 1'26 Holders of rec. Dec. 15
Preferred (extra)
*50c. May 1 *Holders of rec. Apr. 10
Class A (No. 1)
Bangor Railway dr Electric, pref.(guar.) 1% Apr. 1 Holders of rec. Mar. 10
Apr. 15 Holders of rec. Mar.23
2
Bell Telephone of Canada (guar.)
1% Apr. 15 Holders of rec. Mar. 200
Bell Telephone of Penna., pref (guar.).
Boston Elevated Ry.,common (guar.).
1% Apr. 1 Holders of rec. Mar. 170
Second preferred
3% Apr. 1 Holders of rec. Mar. 170
Brazilian Tr., Lt. & Pow., pref.(guar.)
Apr. 1 *Holders of rec. Mar. 14
Brooklyn Borough Gas, common (guar.) 50c. Apr. 1 *Holders of rec. Mar.31a
1% Apr.
Preferred (guar.)
Holders of rec. Mar.2I0
'Apr.
Brooklyn Union Gas(guar.)
Holders of rec. Mar. 140
$1
Central Illinois Pub. Serv., pref. (guar.) $1.50 Apr. 1 Holders of rm. Mar. 31a
Central States Elm. Corp.. pref.(qu.)_
1% Apr.
Holders of rec. Mar.10
Chicago Nor.Shore & Mil., Prof.(guar.) *155 Apr.
*Holders of rec. Mar.16
Prior lien pref.(guar.)
Apr.
*Holders of rec. Mar. 16
Chic. Rap.Tran., prior pref.(monthly)_ *65c. Apr.
*Holders of rec. Mar. 17
Prior preferred (monthly)
*Holders of rec. Apr. 21
*65c. May
Prior preferred (monthly)
*65c. June
*Holders of rec. May 19
Cons. Gas, E. L.& P.. Balt., corn.(qu.) 50o. Apr.
Holders of rec. Mar.140
2
Preferred A (guar.)
Apr.
Holders of rec. Mar.140
Preferred B (quar.)
134 Apr.
Holders of rec. Mar. 14a
Preferred C (guar.)
Holders of rec. Mar. 140
1)4 Apr.
Consolidated Gas(N. Y.), corn.(quar.).. $1.25 Mar.1 Holders of rec. Feb. lla
Consumers Power Co.6% prof.(quar.)... $1.65 Apr.
Holders of rec. Mar.16
Six per cent preferred (guar.)
Holders of rec. Mar.16
134 Apr.
Seven per cent preferred (quar.)
155 Apr.
Holders of rec. Mar. 16
Continental Gas & Electric, coin. (qu.)_ $1.10 Apr.
Holders of rec. Mar. 14
Prior preference (guar.)
135 Apr.
Holders of rec. Mar. 14
Participating preferred (guar.)
Holders of rm. Mar. 14
1% Apr.
Participating,preferred (extra)
35 Apr. 1 Holders of rec. Mar. 14
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar. 14
Detroit Edison (guar.)
2
Apr. 15 Holders of rec. Mar.200
Duquesne Light. pref.(quar.)
15( Mar.16 Holders of reo. Feb. 14a
El Paso Electric Co., corn.(guar.)
$1.25 Mar.16 Holders of rec. Mar. 5a
Preferred, Series A (guar.)
1% Apr.d15 Holders of rm. dApr. la
Preferred, Series B (guar.)
115 Apr.d15 Holders of rec. dApr. la
Federal Light dc Trao.. emu.(quar.)_ _
$1
Apr. 1 Holders of rec. Mar. 140
Common(extra pay in pref.stock)._ _ m75c. Apr. 1 Holders of rec. Mar. 140
Frankford & Southwark Pass.Ry.(guar) $4.60 Mar. 1 Mar. 1 to Apr. 1
Galveston-Houston Electric Co., pref. _ _ 3
Apr. 16 Holders of rec. Mar. 4a
General Gas dc Elec. Corp., pt. A (guar.) $2
Apr. 1 Holders of rec. Mar. 14
Preferred B (guar.)
$1.75 Apr, 1 Holders of rec. Mar. 14
Georgia Ry.& Pow.8% 1st pref.(quar.) 2
Apr. 1 Holders of rec. Mar. 10
Seven per cent 1st pref.(guar.)
1% Apr. 1 Holders of rec. Mar. 10
Second preferred (guar.)
1
June 1 Holders of rec. May 20
Second preferred (guar.)
1
Sept. 1 Holders of roe. Aug. 20
Second preferred (guar.)
1
Dec. 1 Holders of rec. Nov.20
Haverhill Gas Light (guar.)
56c. Apr. 1 Holders of rm. Mar.29a
Illinois Bell Telephone (guar.)
2
Mar.31 Holders of rec. Mar.300
Kansas City Power & Light, pref. A (qu.) $1.75 Apr. 1 Holders of rec. Mar.14a
Kentucky Hydro-Elec.. pref. (guar.)--- *135 Mar.20 *Holders of rec. Feb. 28
Laclede Gas Light, corn. (guar.)
2
Mar.16 Holders of rec. Mar. 2a
Mackay Companies, corn.(quar.)
135 Apr. 1 Holders of roe. Mar. Ta
Preferred (guar.)
1
Apr. 1 Holders of rec. Mar. 70
Manila Electric Corp.. corn.(guar.)_ _ 6234c. Apr. 1 Holders of rec. Mar.180
Massachusetts Lighting Cos.,corn.(qu.) 750. Mar.31 Holders of rec. Mar. 16
1% Apr. 15 Holders of rec. Mar.25
6% Preferred (guar.)
8% preferred (guar.)
2
Apr. 15 Holders of rec. Mar.25
Middle West Utilities, prior lien stk.(qu.) 1% Mar.16 Holders of rec. Feb. 23
Mississippi River Power, pref. (guar.)._
135 Apr. 1 Holders of rm. Mar.120
Montana Power, corn. (guar.)
1
Apr. 1 Holders of rec. Mar. 120
Preferred (guar.)
131 Apr. 1 Holders of rec. Mar. 120
Montreal Tramways, deb.stock (guar.). 2)5 Apr. 1 Holders of rec. Mar. 17
New England Teter,. & Telex. (guar.)._ 2
Mar.31 Holders of rec. Mar. 100
Newport News & Hampton Ry..
Gas & Electric, pref.(guar.)
1% Apr. 1 Holders of rec. Mar.16a
New York Telephone. pref. (guar.)._
155 Apr. 15 Holders of rec. Mar.20
Niagara Falls Power,common (quar.), 60o. Mar.16 Holders of rec. Feb. 28a
Preferred (guar.)
4335e Apr. 16 Holders of rec. Mar.310
Mag. Lockport & Out.Pow., corn.(qu.) 500. Apr. 1 Holders of rec. Mar.16
Preferred (guar.)
1% Apr. 1 Holders of rec. Mar.160
North American Utility Securities(qu.)_ $1.50 Mar.16 Holders of rec. Feb. 28
North. Ohio Trao.& Light.6% Pf.(qu.) 1% Apr. 1 Holders of rec. Mar. 14
Seven per cent preferred (altar.)
1% Apr. 1 Holders of rec. Mar.14
Ohio Bell Telephone, pref. (quar.)
1% Apr. 1 Holders of rec. Mar.206
Oklahoma Gas dr Electric, pref. (quar.)_
134 Mar.14 Holders of roe. Feb. 28
Pacific Telep. & Teleg., pref. (guar.).
1% Apr. 15 Holders of rec. Mar.310
Penn Central Lt.& Pow.,com.(guar.) .3755c Apr. 1 *Holders of rec. Mar. 10
Common (extra)
*100. Apr. 1 *Holders of rec. Mar. 10
Preferred (guar.)
*$1
Apr. 1 *Holders of rec. Mar. 10
Preference (extra)
*100. Apr. 1 *Holders of rec. Mar. 10
Penn-Ohio Power & Lt..7% pref.(qu.)
'1)4 May 1 *Holders of rec. Apr. 21
Pennsylvania Water & Power (guar.)... 2
Apr. 1 Holders of rec. Mar.31
Philadelphia Company, corn. (quay.).... 41
Mar.16 *Holders of rec. Feb. 16
Philadelphia Elec., corn.& pref.(guar.). 600. Mar,16 Holders of rec. Feb. 160
Philadelphia Traction
82
Apr. 1 Holders of rec. Mar.10a
Portland Electric Power,lot pref.(guar.) 114 Apr. 1 Holders of rec. Mar. 9
Prior preference (guar.)
135 Apr. 1 Holders of rec. Mar. 9
Public Service Corp.of N.J., corn.(qu.) $1.25 Mar.31 Holders of rec. Mar.13a
Eight per cent preferred (guar.)
2
Mar.31 Holders of rec. Mar.13a
Seven per cent preferred (guar.)
134 Mar.31 Holders of rec. Mar. 130
Public Service Co.of Okla., corn.(guar) 2
Apr. 1 Mar.24 to Mar.31
(guar.)
stock
lien
Prior
1% Apr, 1 Mar.24 to Mar.31
Preferred (guar.)
135 Apr. 1 Mar.24 to Mar.31
Pubic Serv.Elec.& Gas,6% prof.(qu.)_
134 Mar.31 Holders of rec. Feb. 28a
Ridge Avenue Pima. Ry.(guar.)
$3 Apr. 1 Mar. 17 to Apr. 1
Second & Third Sts.Pass.Ry..Phila.(qu.) $3
Apr. 1 Mar. 1 to Apr. 1
Shawinigan Water & Power (guar.)._ _
1)4 Apr. 10 Holders of rec. Mar.26
Southern Calif. Edison,7% pref.(guar.) 131 Mar.15 Holders of reo. Feb. 20a
Six per cent preferred (guar.)
135 Mar.15 Holders of roe. Feb. 20a
Southern Canada Power, pref.(guar.)
Apr. 15 *Holders of rec. Mar.31
Southern Colorado Power. pref.(guar.). 1% Mar.16 Holders of rec. Feb. 28
Standard Gas lc Elec.,8% prof.(guar.). 2
Mar.16 Holders of rec. Feb. 280
Tennessee Electric Power.6% pref.(qu.) 1% Apr. 1 Holders of rec. Mar.13
Seven per cent preferred (glum.)
155 Apr. 1 Holders of rec. Mar. 13
'Fri-City Ry.& Light. corn.(quar.)._
4.2g Apr. 1 *Holders of rec. Mar.20
Common (quar.)
*2% July 1 *Holders of rec. June 20
Common (guar.)
*234 Oct. 1 *Holders of rec. Sept.20
CODIE1011(quar.)
g Jan1'26 *Holders of rec. Dm. 20
United Gas Improvement, pref.(guar.). 87)io. Mar.14 Holders of rec. Feb. 28a
Utah Gas & Coke, 1st pref.(quar.)
134 Apr. 1 Holders of rec. Mar.1 4
Participating preferred (guar.)
135 Apr. 1 Holders of rec. Mar. 14
Utilities Power & Light. Class A(No.1). 500. Apr. 1 Holders of rec. Mar.15
$1
West Penn Company.tom.(quar.)
Mar.31 Holders of rec. Mar. 16a
West Penn Power, pref.(guar.)
1)4 May 1 Holders of rec. Apr. 15a
135 Mar. 16 Holders of rec. Mar. 2
West Penn HY!'" prof.(quar.)
1% Apr. 1 Holders of rec. Mar. 16
Winnipeg Electric Co.. pref.(quar.)...
Wisconsin Power dc Light, pref.(quar.). 135 Mar.16 Holders of rec. Feb. 28
Banks.
America (Bank of) (guar.)
Amer.Exchange Scour. Corp.,Cl.A(gt1.) 2
4
Chase National (guar.)
Chase Securitlea Corporation (guar.)... $1
4
Commerce, National Bank of (qua?.)
2
National City (Interim)
2
National City Co.(Interim)
4
Public National (guar.)
4
Seaboard National (guar.)
Apr. 1
Apr. 1
Apr, 1
Apr. 1
Apr. 1
Apr. 1
Apr. 1
Mar.31
Apr. I
*Holders of rec. Mar.20
Holders of rec. Mar. 14
Holders of rec. Mar. 180
Holders of rec. Mar. 18a
Holders of rec. Mar. 130
Holders of rec. Mar.14a
Holders of rm. Mar. 14
Holders of rec. Mar. 21
Holders of rec. Mar.25
Name of Company.
1297
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Banks (Concluded).
Standard (guar.)
Standard National Corp.,corn.(guar.)
Preferred (guar.)
Yorkville (guar.)
2
50e.
135
7%
Apr. 1
Apr. 1
Apr. 1
Mar.31
Holders of roe. Mar.28a
Holders of roe. Mar.26a
Holders or roe. Mar. 264
Holders of rec. Mar.203
Trust Companies.
Bankers (guar.)
Equitable (quar.)
Fulton (guar.) (in adjustment)
Quarterly (in adjustment)
Guaranty (guar.)
Manufacturers(guar.)
United States(quay.)
Apr. 1
5
Mar.31
$1.89 Apr. 1
61c. Apr. 1
Mar.31
3
Apr. 1
4
1255 Apr. 1
Holders of rec. Mar.16
Holders of rec. Mar.20a
Holders of rm. Mar. 6
Holders of rec. Mar.23
Holders of rm. Mar.20
Mar. 1 to Mar. 4
Holders of rec. Mar.21a
Fire Insurance.
Roasts Insurance Co. of America (guar.) $1.50 Apr. 1 Holders of rm. May.16a
Miscellaneous.
Adams Express (guar.)
$1.50 Mar.31 Holders of rec. May. 166
Advance-Rumely Co., pref. (guar.)._
750. Apr. 1 Mar. 17 to Apr. 13
Ahumada Lead Co. (guar.)
.250. Apr. 1 *Holders of rec. Mar.15
Ailed Chemical & Dye Corp., pref.(qu.) 154 Apr. 1 Holders of rec. Mar. 134
Allis-Chalmers Mfg., pref.(guar.)
135 Apr. 15 Holders of rec. Mar.243
American Art Works, corn. & prof.(N.) 114 Apr. 16
American Bank Note, pref.(quay.)
750. Apr. 1 Holders of rec. Mar.16a
American Beet Sugar, preferred (quar.)_ $1.69 Apr. 1 Holders of rec. Mar.14a
American Can, pref.(guar.)
1% Apr. 1 Holders of roe. Mar.17a
American Car & Foundry, corn,(quar.)_ 3
Apr. 1 Holders of rec. May.16a
Preferred (guar.)
135 Apr. 1 Holders of rec. May.16a
American Chain, Class A (guar.)
50o. Apr. 1 Mar.22 to Mar.31
American Cigar, preferred (guar.)
155 Apr. 1 Holders of rec. Mar.14a
American Cyanamid, common (quar.).. 1
Apr. 1 Holders of rec. Mar.14
Common (extra)
% Apr. 1 Holders of rec. Mar.14
1% Apr. 1 Holders of rec. May.14
Preferred (guar.)
American Druggist Syndicate
30c. Apr. 15 Holders of rec. Mar. 10a
American Express (guar.)
$1.50 Apr. 1 Holders of rec. Mar.12a
American Fork & Hoe, corn.(guar.)._ _
155 Mar. 15 Holders of rec. Mar. 5
American Locomotive, common (guar.). $2
Mar.31 Holders of rec. Mar.16a
Common (extra)
$2.50 Mar.3 Holders of rec. May.160
Common (extra)
$2.50 June 30 Holders of rec. June 15a
Common (extra)
$2.50 Sept.30 Holders of rec. Sept.14a
Common (extra)
$2.50 Dec. 3 Holders of rec. Dee. 14a
Preferred (quar.)
1% Mar.31 Holders of rec. Mar.16a
Amer. Manufacturing, corn.(quar.)
1% Mar.31 Mar. 16 to Mar.30
Common (guar.)
June 16 to June 30
1)$ July
Common (guar.)
Sept. 16 to Sept.80
1% Oct.
1)$ Doe. 3 Doe. 16 to Dec. 30
Common (guar.)
Preferred (guar.)
134 Mar.31 Mar. 16 to Mar.30
Preferred (quay.)
June 16 to June 30
13.4 July
Sept. 16 to Sept.30
Preferred (gam%)
1% Oct.
Preferred (guar.)
1)$ Dec. 3 Dm. 16 to Dec. 30
American Plano, common (guar.)
2
Apr.
Holders of rec. Mar.15
Preferred (guar.)
Holders of rec. Mar.16a
1% Aim.
American Radiator. corn. (q11Z.)
Mar.31 Holders of rec. Mar. 14a
$1
American Railway Express (guar.)
134 Mar.31 Holders of rec. Mar. 166
American Safety Razor
Holders of rec. Mar.100
$1.50 Apr.
american Shipbuilding, corn. (guar.)... 2
May
Holders of rec. Apr. 15
Common(quar.)
2
Aug. 1 Holders of roe. July 15
American Swift, common (quar.)
Apr. 1 Holders of rec. Mar.13a
3
Preferred (gum)
1M Apr. 1 Holders of rec. Mar.13a
Amer.Steel Foundries, corn.(guar.)
75o. Apr. 15 Apr. 2 to Apr. 22
Common(payable in common stock).. 125
Apr. 15 Apr. 2 to Apr. 22
Preferred (guar.)
134 Mar.31 Holders of rec. Mar. 16
American Stores (guar.)
40e. Apr. 1 Mar.22 to Apr. 1
American Sugar Ref.. pref. (guar.)
135 Apr. 2 Holders of roe. Mar. 20
American Tobacco, pref.(guar.)
115 Apr. 1 Mar. 8 to Apr. 1
American Wholesale Corp., pref. (guar.) 1% Apr. 1 Holders of rm. Mar.206
American Woolen. preferred (quar.).... 134 Apr. 15 Mar. 17 to Mar.25
Armstrong Cork,common (qua?.)
135 Apr. 1 Mar.20 to Apr. 1
154 Apr. 1 Mar.20 to Apr. 1
Preferred (quer.)
Armour & Co. (Ills.), corn., class
50e. Apr. 1 Holders of rm. May.14a
referred (qua?.)
155 Apr. 1 Holders of rec. May.14a
Armour & Co. of Del.. Pref.(quar.)-155 Apr. 1 Holders of rec. Mar.14a
Associated Olt (guar.)
3735c Apr. 25 Holders of rec. Mar.230
Atlantic Terra Cotta Co.. Pref.(guar.).- 1
MM.16 Holders of rec. Mar. 6
Autocar Co.. pref.(guar.)
Mar.15 Holders of rec. Mar. 5
2
Babcock dt Wilcox Co.(quarterly)
1% Apr. 1 Holders of me. Mar.206
Balaban & Katz. corn.(monthly)
*250. Apr. 1 *Holders of rec. Mar.20
Preferred (guar.)
*154 Apr. 1 *Holders of rec. Mar.20
Beech-Nut Packing, corn.(guar.)
60e. Apr. 10 Holders of rec. Mar.256
Preferred. Class B (guar.)
1% Apr. 16 Holders of rm. Apr. la
Belding Corticeill. Ltd., pref. (guar.)._
135 Mar.14 Holders of rec. Feb. 28
Belgo-Canadian Paper,corn.(guar.)._ _ _ *115 Apr. 11 *Holders of rec. Mar.31
Preferred (guar.)
*135 Apr. 1 *Holders of rec. Mar. 122
Bendix Corporation, class A (No.I)._ Mc. Apr. 1 *Holders of rec. Mar. 16
Bethlehem Steel,7% pref.(guar.)
1)4 Apr. 1 Holders of rec. Mar. 70
Eight per cent preferred (guar.)
2
Apr. 1 Holders of roe. Mar. 7a
Bingham Mines(guar.)
60c. Mar.31 Holders of rec. Mar.20a
Borden Company. preferred (altar.)....
134 Mar.16 Holders of rec. Mar. 23
Borg & Beck (guar.)
50e. Apr. 1 Holders of res. Mar.20
Borne, Bcrymser Co
4
Apr. 15 Mar.22 to Apr. 14
Extra
2
Apr. 15 Mar.22 to Apr. 14
Boston Woven Hose & Rub.. cOm.(am) $1.50 Mar.16 Holders of rec. Mar. 2
Boyd-Welsh Shoe (qua?.)
50e. Apr. 1
British-American Oil (guar.)
*50c. Apr. 1 *Holders to rec. Mar.17
British-American Tobacco, pref
234 Mar.31 Holders of coup. No.43
Ordinary (Interim)
(s) Mar.31 Hold. of coup. No. 105s
Buckeye Pipe Line(MW.)
Mar.14 Holders of rec. Feb. 20
$1
Bucyrus Co., common (No. 1)
134 Apr, 1 Holders of rec. Mar.20
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar.20
Burroughs Adding Mach., coin.(quay.). 750. Mar.31 Holders of rec. Mar.14a
Preferred (guar.)
13.4 Mar.31 Holders of rec. Mar.140
Bush Terminal Buildings. Pref.(quar.)_
155 Apr. 1 Holders of rec. Mar. 18a
California Packing Co.(guar.)
$1.60 May.16 Holders of roe. Feb. 280
California Petroleum, preferred (guar.) 1% Apr. 1 Holders of rec. Mar.18
Calumet & Adze= Mining (guar.)
60o. Mar 23 Holders of rec. Mar. 60
Cambria Iron
$1
Apr. 1 Holders of rec. Mar.14a
Canadian Car & Fdi., prof. (quar.).... 1)$ Apr. 11 Holders of rec. Mar.26
Canadian General Electric, pref. (guar.) 1% Apr. 1 Holders of rec. Mar. 14
Carter (Wiliam) Co.. pref.(qua?.)
135 Mar.15 Holders of rec. Mar.10
Certain-teed Products CorporationFirst and second preferred (quer.)-135 Apr. 1 Holders of rec. Mar.200
Cheaebrough Mfg., corn.(guar.)
6255c Mar.31 Holden of reo. Mar. 60
Preferred (guar.)
13$ Mar.31 Holders of rec. Mar. 66
Chicago Mill & Lumber, pref.(qua?.)...
Apr. 1 *Holders of rec. Mar.23
Chicago Yellow Cab (monthly)
d3.3lic Apr. 1 Holders of rec. Mar.206
Monthly
d334c. May 1 Holders of rm. Apr. 200
Monthly
d331ze. June 1 Holders of rec. May 200
Childs Co
Common (no par value)(extra)
(r) Apr. 1 Holders of rec. Feb. 28a
Common (no par value) (extra)
(5) July 1 Holders of rec. May 296
Common (no par value)(extra)
(5) Oct. 1 Holders of rec. Aug. 284
Common (no par value)(extra)
(5) Dec. 30 Holders of rec. Nov.28a
ChM copper Co.(quar.)
62340 Mar.30 Holders of rec. Mar. 30
Clinchneld Coal, common (guar.)
1)$ Mar. 16 Holders of rec. Mar.100
Cities Service Co.
Common (monthly)
34 Apr, 1 Holders of rec. Mar.15
Common (payable in common stock)._
13.4 Apr. 1 Holders of rec. Mar. 15
Preferred and preferred B (monthly)._
34 Apr. 1 Holders of rec. Mar.15
MY Ice & Fuel of Cleveland. corn.(qu.) 50c. June 1 Holders of rec. May 12
600. Sept. 1 Holders of rec. Aug. 12
Common (quar.)
*
600. Dec. 1 Holders of rec. Nov. 11
Common (guar.)
Apr. 1 *Holders of rec. Mar.20
Cleveland Automobile. pref.(guar.).- _ *2
1% June 1 Holders of roe. May 154
Cleveland Stone (qua?.)
134 Sept. 1 Holders of roe. Aug. 15a
Quarterly
Cluett, Peabody lc Co.. prof.(quar.)... 151 Apr. 1 Holders of rec. Mar.21
Coca Cola Company,corn. (guar.)
$1.76 Apr. 1 Holders of rec. Mar.14a
ComMi Investment Trust, let pref.(qu.) 1% Apr. 1 Holders of rm. Mar. 16a
Connor (John T.) Co.. corn.(quay.).... *50o. Apr. 1 *Holders of rec. Mar.20
Continental Can, preferred (guar.)
154 Apr. 1 Holders of rm. Mar.20a
Continental 011 (guar.)
*26e. Mar.16 *Holders of rec. Feb. 14
[vole. no.
TEM CHRONICLE
MUM,of Company.
When
Per
Cant. Payable.
Boole Closed.
Days Inclusive.
Name of Company.
When
Per
Cent, Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Mar.1 Holders of rec. Mar. 2
5
Lake Shore Mines, Ltd.(guar.)
Mar.31 Mar. 18 to Mar. 31
Cramp(Wm.)& Sons S.dc E.Bldg.(qu.) $1
Holders of rec. Mar.12
Apr.
$2
Valley Coal Sales (quar.)
Lehigh
28
Feb.
rec.
of
Holders
15
Mar.
(guar.)
corn.
1%
Crane Company,
Holders of rec. Mar. 160
Apr.
Liggett & Myers Tobacco, pref. (quar.)- 154
13 Mar.15 Holders of rec. Feb. 28
Preferred (guar-)
500. Mar.3 Holders of rec. Mar.14a
15, Mar.31 Holders of rec. Mar. tha Loew's, Incorporated (guar.)
Crucible Steel, pref. (guar.)
Holdersof rec. Mar.170
3
Mar.
corn.
90
Mar.
Bell
Long
"A"
$1
rec.
Lumber,
of
1)
(No.
Holders
The. Apr, 1
Cuban-Amer. Sugar,corn.(guar.)
Holders of rec. Mar.19
234 Apr.
15, Apr. 1 Holders of rec. Mar. 4a Lord& Taylor, corn. (guar.)
Preferred (quar.)
Holders of rec. Mar.14a
Apr.
Lorillard (P.) Co., corn.(par $100)(qu.) 3
1% Apr. 15 Apr. 7 to Apr. 15
Cudahy Packing. corn.(guar.)
Holders of rec. Mar.14a
% Apr.
10
75.
Common (par $25) (guar.)
1% July 15 July 7 to July 5
Common (guar.)
Holders of rec. Mar.14a
$1.50 Apr.
Preferred (guar.)
1% Oct. 15 Oct. 6 to Oct. 15
Common (guar.)
Holdersof rec. Mar 14a
3
Mar.
Inc.,
Trucks,
Mack
28
corn,
u
Feb.
1
rec.
of
Holders
(guar.)
18
Mar.
3
Cumberland Pipe Line
1s1 and 2d preferred (guar.)
Mar.3 Holders of rec. Mar 140
1% Mar.21 Holders of rec. Mar. 70
Davis Mills(guar.)
1u Mar.3 Holders of rec. Mar.24
Mar. le Holders of rec. Feb. 28a Magor Car Corporation, corn.(quar.)-__ 250.
2
Diamond Match (guar.)
Preferred (quar.)
1x Mar.3 Holders of rec. Mar.24
Dold (Jacob) Packing, pref. (guar.).- 154 Mar.31
Holders of rec. Mar.20a
Maillason (H. R.).4 Co., Inc., pf. (qu.) 1m Apr.
$1.50 Apr. 1 Holders of rec Mar.20
Donee & Shepard Co.(Chicago)
Holders of reo. May 150
June
tdanati Sugar,common (guar.)
Dominion Glass, cora, and pref.(guar.). 13, Apr, 1 Holders of rec. Mar. 18
of rec. Aug. 15a
Holders
Sept.
Common(guar.)
Apr. 1 Holders of rec. Mar.16
134
$1
Dominion Textile, common (guar.)
Holders of rec. Mar.21a
Manhattan Electrical Supply (quar.)_ $1
Apr.
154 Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
•15.4
of rec. Mar.20
*Holders
Apr.
1,i
Alkali
Mathieson
pref.
2a
Works,
Mar.
_
_
(guar.)
rec.
of
Holders
31
Mar.
25e.
Douglas-Pectin Co.(guar.)
Holders of rec. Mar.18a
May Department Stores, pref.(quar.)..
Pr.
Mar.31 Holders of rec. Mar. 7
$3
Draper Corporation (guar.)
*Holders of rec. Mar.15
McCall Corporation. pref.(guar.)
Mar.31 Holders of rec. Mar. 7
*154 Apr,
$2
Extra
Preferred (account accum. dividends)_ '5334 Apr.
*Holders of red. Mar.15
Dunham (James 11.) dr Co.,corn.(guar.) *134 Apr. 1 *Holders of rec. Mar. 19
Holders of roe. Apr. 200
McCrory Stores CorP..pref..(quar.)
154 May
*135 Apr. I *Holders of rec. Mar. 19
First preferred (quar.)
(guar.)
Holders of red. July 200
Preferred
19
Aug.
Mar.
rec.
of
1
Apr.
*13,
*Holders
154
Second preferred (guar.)
Holders of ree. Oct. 200
•
Preferred (guar.)
154 Nov.
duPont(Ed.)de Nem.& Co.,com.(qu.) 235 Mar.16 Holders of rec. Mar. 5a
Merch. & Miners Transp., pref. (guar.) *$2 m Mar.
ma,..3 *Holders of rec. Mar. 7
1% Apr, 25 Holders of rec. AM. 10
Debenture stock (guar.)
of rec. Mar. 40
Linotype
Holders
Mergenthaler
(guar.)
20
Apr.
rec.
of
*Holders
1
May
du Pont de Nemours Powder, corn.(qu.) •13,
Extra
134 Mar,3 Holders of roc. Mar. 4a
Preferred (guar.)
•134 May 1 *Holders of rec. Apr. 20
Metro-Goldwyn Pictures Corp., pf.(qu.) 134 Mar.1 Holders of rec. Feb. 28a
Apr. 1 Mar. 16 to Apr. 1
$1
Eastern Rolling Mill, corn. (guar.)
Michigan Sugar, preferred (guar.)
*$1.50 Mar.1 *Holders of rec. Feb. 28
Apr, 1 Mar. 16 to Apr. 1
2
Preferred (guar.)
Holders of rec. Mar.216
Holde
1.75 APr.
Apr. 1
$1.25 Apr. 1 Holders of rec. Feb. 283 Montgomery Ward & Co.. Dr & c.A(qu)
Eastman Kodak, common (guar.)
Montreal
corn.
Cottons,
Holders of rec. Feb. 28
(guar.)
28a
Feb.
rec.
of
Holders
8134
1
Apr.
75c,
Common (extra)
15, Mar,1 Holders of rec. Feb. 28
Preferred (guar.)
154 AM. 1 Holders of reo. Feb. 28
Preferred (guar.)
Motor Wheel Corp., con,.(guar.)
30c. Mar.2 Holders of rec. Mar.100
Edmunds & Jones Corp.. corn.(guar.)._ 50c. Apr, 1 Mar. 21 to Mar.31
Mountain Producers (guar.)
20c. Apr.
Holders of rec. Mar. 16a
50c. Apr. 1 Mar. 21 to Mar.31
Common (extra)
25c. Apr.
Extra
Holders of rec. Mar. 160
134 Apr. 1 Mar. 21 to Mar.31
Preferred (guar.)
of rec. Mar. 17
Apr.
Body,
'Holders
Murray
200
(guar.)
Mar.
coin.
*800.
rec
of
1%
*Holders
1
Apr.
(guar.)._
pref.
Bros.,
Eisenlohr (Otto) &
Common (payable in common stock) _ ef134 Apr.
*Holders of rec. Mar. 17
15, Apr, 1 Holders of rec. Mar.20
Emerson Electric Mfg., pref.(quar.)__
Common (payable in common stock)__ *1'Holdersof rec. June 16
13, Mar.16 Holders of rec. Mar.10
Empire Brick & Supply (guar.)
Common (payable In common stock)_ *1111
cty 1 *Holders of ree. Sept. 16
Oct..
jul
750. 0
*20e. Apr. 1 *Holders of rec. Mar. 15
Erupcion Mining Co.(quar.)
Common (payable in common stock)_ _ t/134 Jan.1'2 *Holders of rec. Dec .18
Fairbanks. Morse & Co.. cop.(guar.).- 65c, Mar.31 Holders of rec. Mar.14a
Holders of rec. Mar.310
Apr.
AM. 1 Holders of rec. Mar.180 National Biscuit,common (guar.)
Famous Players-Lasky Corp., corn.(qu.) $2
Apr.
$1
Holders of rec. Mar. 16
13, Mar.15 Holders of rec. Feb. 26a National Breweries, common (guar.).
Federal Mining & Smelting, pref.(qu.)._
Preferred (guar.)
Holders of rec. Mar. 16
'530c. Apr. 1 *Holders of rec. Mar.21
154 Apr.
Federal Motor Truck (quar.)
Nat.
20
&
Apr.
Enameling
Holders of rec. Mar.lla
30
3
r.
te
u
M
J
1u
rec.
prof.
Stamping,
134
16c.
of
(qu.)
Holders
16
Apr.
(quar.)_..__
Securities
Fifth Avenue Bus
Preferred (guar.)
Holders of rec. June 10
Apr. 1 Holders of rec. Mar.20
Fisher Body Ohio Co., pref.(quar.)__ 2
Preferred (guar.)
Holders of rec. Sept.10.
Dee. 3 Holde
Sept.
1
14
$1
Apr. 1 Holders of rec. Mar. 18a
Fielschmann Co.. corn. (guar.)
Preferred (guar.)
Holders of rec. Deo. 11
$2 Mar.16 Holden of rec. Mar. 20
Foundation Co.. common (guar.)
National Fireproofing, preferred
134 Apr. 1 Holders of red. Apr. 1
$1.75 Mar.16
Preferred (guar.)
2
Mar.3 Holders of rec. Mar. 120
$1.50 Apr. 1 Holders of rec. Mar. 210 Natl.:mai Lead Co., corn.(guar.)
Francisco Sugar (guar.)
Preferred (guar.)
1% Mar.1 Holders of rec. Feb. 200
81.50 July 1 Holders of rec. June 200
Quarterly
*Holders of rec. Apr. 1
61.50 Oct. 1 Holders of rec. Sept 2Ie Nat. Radiator dr Mfg., pref.(guar.)____ *15, Apr.
Quarterly
Sugar
National
10
Mar.
Refining
rec.
Holders of rec. Mar. 9
134 Apr.
of
'Holders
(guar.)
31
Mar.
.$1
(guar.)
common
Oil,
Galena-Signal
National Surety (quar.)
Holders of rec. Mar.205•
Mar.31 'Holders of rec. Mar. 10
234 Apr.
Preferred and new preferred (guar.).- 42
National Transit (extra)
250. Mar,1
Holders of rec. Feb. 280
$1.25 Mar.16 Holders of rec. Mar. 5
Gamewell Co.. corn,(guar.)
Holders of red. Mar.104
Apr.
2
May 1 Holders of rec. Apr. 220 New York Air Brake, class A (guar.) -- $1
General Cigar, common (quar.)
1% June 1 Holders of rec. May 230 New York Canners, common (guar.)._ _ 50e. Mar,1 Holders of reo. Mar. 50
Preferred (guar.)
Holders of red. Mardl4a
194 Apr.
1% July 1 Holders of rec. June 233 New York Steam Corp., pref.(quar.)_ _
Debenture preferred (guar.)
750, Apr, 1 Holders of reo. Mar.20
13, Apr. 1 Holders of rec. Mar.240 New York Transit (guar.)
Debenture preferred (guar.)
154 Apr.
Holders of rec. Mar.20
2
Apr. 15 Holders of rec. Mar. 90 Nichols Copper Co., pref. (guar.)
General Electric (guar.)
(x) Apr.
Holders of rec. Mar. 5a
15e, Apr, 15 Holders of rec. Mar. 40 North American Co., corn.(guar.)
Special stock
Holders of red. Mar. 50
Preferred (guar.)
134 Apr.
1.3, May 1 Holders of rec. Apr. 6a
General Motors Corp. pref.(guar.) _ _
134 Apr.
Holders of rec. Mar.14a
134 May 1 Holders of red. Apr. 86 North American Provision, pref.(qu.)
% debenture stock,(guar.).
boo. Mar.11 ,Feb, 25 to Mar.22
154 May 1 Holders of rec. Apr. 86 Ohio Oil (guar.)
7% debenture stock (guar.)
Holders of rec. Mar. 206
Orpheum Circuit. common (monthly)._ 150. April
General Petroleum Corp_ corn.(quar.)-- 50e. Mar.15 Holden of ree. Feb. 28
150. May
Holders of rec. Apr. 200
Common (monthly)
154 May 1 Holders of rec. Apr. 15a
Glmbel Brothers, preferred (guar.)
150. June
Holders of rec. May 20a
Common (monthly)
Glidden Company, prior pref.(guar.)... 134 Apr, 1 Holders or red. Mar.18
150. July
Holders of rec. June 20a
Common (monthly)
Globe Soap, first, second and special
Apr.
2
Holders of rec. Mar.140.
(guar.)
Preferred
16
Mar.
to
3
Mar.
16
Mar.
134
preferred stock (guar.)
75o. Apr.
Holders of red. Mar.16a
154 Apr. 1 Holders of red. Mar.160 Owens Bottle. corn. (guar.)
Goodrich (B. F.) Co., pref.(guar.)
760..July
Holders of rec. June 15a•
Common(guar.)
134 July 1 Holders of red. June 166
Preferred (guar.)
Holders of red. Mar. Illa
134 Apr.
Preferred (guar.)
Apr, 1 Holders of rec. Mar.200
Goodyear Tire & Rubber, prior pt.(qu.). 2
Holders of rec. June 15a134 July
Preferred (guar.)
Mar.31 Holders of rec. Mar.18a
2
Grasseill Chemical, common (quar.)._.
1
Mar,
15,
of res. Feb. 28e.
Holders
(quar.)
Motor,
Packard
pref.
Ida
Mar.
rec.
of
Holders
31
Mar.
1%
Preferred (guar.)
*30e. Apr.
*Holders of reo. Mar.14
Apr. 2 Holders of red. Mar. 143 Paige-Detroit Motor Car (guar.)
Great Western Sugar,common (guar.)._ $2
Apr.
5
of rec. Mar. 18
*Holders
.1234
common
stock)
n
(payable
Common
14a
Mar.
rec.
of
Holders
2
Apr.
I%
(quar.)
Preferred
Pan Amer. Petrol.& Tramp. A & B (qu.) UM Apr. 2 Holders of reo. Mar.31a.
Greenfield Tap dr Die Corp.,6% p7.(qu) *154 Apr. 1 *Holders of rec. Mar.14
Mar.2 Holders of reo. Mar.17a,
$1
Paraffin Companies, com.(guar.)
Apr. 1 *Holders of rec. Mar.14
*2
Eight per cent preferred (guar.)
134 Mar.2 Holders of rec. Mar. 17a,
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 166
2
Guantanamo Sugar,pref.(quar.)
Mar.3 *Holders of red. Mar.25
*2
Pemberthy Injector (guar.)
Aug. 17 Holden of red. July 17
6
Guenther Publishing Co.. prof
_ 2
May 1 Holders of red. May 5
134 Apr. 1 Holders of rec. Mar.20a Penmans, Limited, common (quar.)
Gulf States Steel,corn.(guar.)
May
154
Holders of rec. Apr. 21
Preferred
200
(quan)
154 Apr, 1 Holders of rec. Mar.
First preferred (guar.)
3734c Mar,2 Holders of red. Mar.160.
134 July 1 Holders of rec. June 150 Pennok 011 Corp. (No. I)
First preferred (quar.)
pf.(qu.)
194
2d
&
Apr.
Co.,1st
of red. Mar.21a.
Holders
Pettibone-Mulliken
15a
Sept.
rec.
of
Holders
1
Oct.
First preferred (guar.)
154
50c. Apr.
Holders of rec. Mar. 160.
15, Jan 3'26 Holders of rec. Dee. 15a Phillips Petroleum (guar.)
First preferred (guar.)
Apr.
Holders of no. Mar.14a,
Pierce-Arrow Motor Car, prior pref.(qu.) $2
Hammermill Paper, preferred (guar.)._ _ *15, Apr. 1 *Holders of reo. Mar.20
2
Apr.
Mar. 17 to Apr. 1
Pittsburgh Plate Glass (guar.)
Hanes(P.11.) Knitting, pref.(cum.)._ _
134 Apr, 1 Holders of rec. Mar.20
6
Apr.
Extra
Mar. 17 to Apr. 1
Hanna(M.A.) Co., 1st pref. A (quar.). 154 Mar.20 Holders of rec. Mar. 5a
134 June
Holders of reo. May 19a.
Pressed Steel Car, pref.(guar.)
Mar. 14 Holders of rec. Mar. 5
2
Hanna Furnace, preferred (guar-)
194 Sept.
Holders of reo. Aug. 180,
13, Apr. 20 Holders of rec. AM. 10
Preferred (gum)
Harbison-Walker Refract.. pref. (guar.)
194 Dec.
Holders of rec. Nov. 170.
*25c. Mar.25 *Holders of rec. Mar. 5
Preferred (guar.)
Hawaiian Corn. & Sugar (guar.)
Holders of rec. Mar.14
34 Apr.
*50c. Mar.25 Holders of rec. Mar. 5
Price Brothers (guar.)
Extra
I% Mar.1
Holders of red. Feb. 25a.
75c, Mar.18 Holders of rec. Feb. 28a Procter & Gamble 8% Pref,
Hayes Wheel (guar.)
Holders of rec. Mar. 115
Provincial Paper Mills, corn.(quar.)___
*50e. Mar.15 *Holders of rec. Feb. 15
134 Apr,
Hecla Mining (guar.)
134
Apr.
18a
Mar.
(quar.)
rec.
of red. Mar.15
of
Holders
Preferred
Holders
1
Helms(George W.)Co.,common(Mar.) 75e. Apr.
1 14 Apr.
Holders of rm. Mar.100.
154 Apr. 1 Holders of rec. Mar.18a Pure 011,5 % preferred (guar.)
Preferred (guar.)
(guar.)
preferred
cent
24
Apr.
Mar.
to
of red. Mar. 100.
15
per
Six
Holders
Mar.
25
Mar.
134
*13,
(guar.)
common
Hercules Powder,
2
Apr.
Eight per cent preferred (guar.)
Holden of rec. Mar. 106•
HibbaraSpencer,Bartlett& Co.(mthlY.) 36c. Mar.27 Holden of rec. Mar. 20
Apr. 1 Holders of red. Apr. la,
3
200. Mar.27 Holders of rec. Mar.20
Quaker Oats, common (guar.)
Extra
10
Apr. 1 Holders of red. Apr. la.
Common (special)
154 Apr, 15 Holders of rec. Mar.21
Hillerest Collieries, common (quar.)___
A par.
% M
1,i
1
y 2 Holders of red, May la.'
1% Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
Preferred (quar.)
(guar.)._
pref.
America,
of
no.
of
Holders
25
9
Mar.
Mar.
*1
Corp.
Radio
Holders of reo. Mar. 25.
Mine@
Gold
Hollinger Consolidated
2
Mar.3 Holders of red. Mar.17a •
600. Mar.25 Holders of rec. Mar.20a Railway Steel-Spring, common (guar.)._
Homestake Mining (monthly)
(guar.)
rec.
of
Holders
31
20
Mar.
Mar.
154
41
Mar.
Preferred
2
of red. Mar. 70.,
Holders
(guar.)
corn.
Rubber.
Hood
760. Apr.
750. Apr. 1 Holders of rec. Mar.16o Real Silk Hosiery (guar.)
Holders of red. Mar.200.
Hudson Motor Car (guar.)
350. Apr.
*30e. Apr. 1 Holders of rec. Mar. 17
Reece Button Hole Machine (guar.)
Holders of roe. Mar.16
Humble 011 de Refining (guar.)
Apr. 15
134 Apr.
2.40 Apr, 15 Apr. 4 to
Recce Folding Machine(guar.)
Holders of red. Mar.10,
funds Brick (guar.)
134 AM.
Remington Typewriter, let pref.(qu.)-*2.40 July 15 Holders of rec. July 3
Mar.21 to Apr. 1
Quarterly
Second pref. (acct. scrum. diva.).... 54
Mar.2 Mar. 15 to Mar.26
02.40 Oot. 16 Holders of red. Oct. 3
Quarterly
•150. Apr.
25o, Mar.31 Holders of rec. mar.14a Reo Motor Car (guar)
Mar. 17 to Apr. 14.
Independent Oil & Gas (guar.)
•10c. Apr.
Extra
*154 AM. 1 Holders of rec. Mar.20
*Mar. 17 to Apr. 14
Independent Pneumatic Tool (quar.)__
*33 1-3 Apr. 1 *Mar.17 to Apr. 14
Stock dividend
154 Apr. 1 Holders of rec. Mar.144
Inland Steel. preferred (guar.)
Republic Iron & Steel, pref.(guar.).194 Apr.
$1.25 AM. 1 Holders of rec. Mar.18
Mar. 10 to Apr. 8
Interlake Steamship (guar.)
Apr. 10 Holders of rec. Mar. 230 Reynolds(R.J.)Tob.,com.drcom.B (qu.)_ 75c. Apr.
Holders of rec. Mar.150.
International Business Machines (guar.) $2
(quar.)
rec.
of
Holders
1
Apr.
Preferred
16
Mar.
134
15c.
Apr.
of red. Mar.150..
Holders
Mach.(qu.)
Internat. Buttonhole Sewing
Mar.31 Holders of rec. Mar. 1.6a Richmond Radiator, preferred (guar.)._
194 Apr. 1 Holders of reo. Mar.816
Internat. Cement Corp.. corn. (quar.)-- $1
red. Mar.16
of
Holders
Preferred
31
Mar.
red. June 80a
1
Oct.Jul
(guar.)
of
Holders
1
14
'134
Preferred (guar.)
Holders of rec. Mar.25a
Preferred (guar.)
Holders of roe. Sent.30a •
International Harvester, coin. (guar.).- 134 Apr. 15
rec. Mar.25
Preferred (guar.)
134 Jan152 Holders of red. Dec. 31a •
International Match. panic. pref.(MI.)- 650. Apr, 15 Holders of
*133 1- Mar.2 *Holders of rec. Mar. 10
134 Apr. 1 Holders of rec. Mar.18a St. Croix Paper, corn. (In corn, stock)_
International Salt (guar.)
rec. Mar. 15
50o. Mar.2 Mar. 10 to Mar.20
dt.Joseph Lead (guar.)
International Shoe, common (guar.).--- $1.25 Apr. 1 Holders of
rec.
of
Holders
15
Mar.
1
Apr.
60o. June 2 June 10 to June 21
Quarterly
1
Preferred (guar.)
Quarterly
500. Sept.2 Sept. 10 to Sept.21
5134 Apr. 1 Holders of reo. Mar.160
International Sliver, pref. (guar.)
rec. Mar.18a
Quarterly
500. Deo, 2 Deo.10 '21510 Deo.21'25
Preferred (acct, accumulated dive.)--- 534 Apr. 1 Holders of
Mar.
ree.
of
Holders
20a
Consol
Creek
Salt
1
(guar.)
Oil
*15c.
Apr.
Apr.
*Holders of rec. Mar.15
154
Jewel Tea, pref. (guar.)
el% Apr.
*Holders of rec. Mar.18
5234 Apr. 1 Holders of rec. Mar, Wa Savage Arms, 1st pref.(guar.)
Preferred (acc't accum. din-)
•1,4
of rec. Mar. 16a
Holders
Second
1
preferred
*Holders of red, May 1
Apr.
(guar.)
1
194
pref.
Steel,
(quar.)--Jones dr Laughlin
44 •
10
.2
rec.
of
16
.
Mlg
Mar.
Holders
Stores,
oaf red. 14
Retail
Schulte
31
pref.
2
Mar.
Apr.
(guar.)
Jordan Motor Car, common (guar.).-.- 75c.
red.
Shattuck (F. G.) Co.(guar.)
1% Apr. 1 'Holders
*50
134 Mar.31 Holders of red. Mar. 16
Preferred (guar.)
200
Mar.
rec.
of
Holders
20
Apr.
red.
of
Holders
Shawmut
3
.
(guar.)
corn.
1,‘
Mfg.,
1
May.
12
Kaufmann Dept. Stores, corn. (guar.).
Preferred (guar.)
Mar.3 Holders of rec. Mar.200 •
154 Apr. 1 Holders of red. Mar. 20
Preferred (guar.)
Holders of red. Mar. 2a •
35c. Mar.
Apr. I Holders of rec. Mar.25a Shell Union Oil, corn.(guar.)
Kayser (Julius) & Co., pref. (quar.)- - 2
15
Mar.
to
1
corn.
Mar.
3 Holders of red. Feb. 28
Can.,
mar.3
Mar.
Co.,
1
14
(qu.).
Sherwin-Williams
15
Mar.
8
Keeley Silver Mines Ltd
Holders of red. Feb. 28
Preferred (guar.)
Mar. 15 Mar. 1 to Mar. 15
4
Bonus
mparr.. 2 Holders of rec. Mar.16a •
1% A
50
31.50 Apr. 1 Holders of rec. Mar.200 !Simmons Co., common (guar.)
Kelsey Wheel, Inc., common (quar.)_
rec.
of
Holders
Ca
Mar.
Holders of red. Mar.10a
Sloss-Sheffield
Steel dc Iron, corn,(qu.)_
75c. Apr. 1
Kennecott Copper Corp.(guar.)
Holden of red. Mar.20a
..
pri.
15, Ap
Preferred (quar.)
3734c. Apr. 1 Holders of rec. Mar.18
Kraft Cheese Co., corn. (guar.)
rec.
of
Holden of rec. M.100 •
18
Mar.
Holders
13,
South
corn.
Sugar,
Rico
Porto
(guar.)._
1
Apr.
2
Preferred (guar.)
Holders of rec. Mar.100.
r.
pr
A5
Preferred (guar.)
2
Apr. I Holders of rec. mar.19a
2
Kresge (S. S.) & Co., corn. (Cluarei
Holders of rec. Mar.le
Common (payable in corn. sto )---- /50e. AM. 1 Holders of rec. MOM South West Penna. Pipe Lines (quar.)... $1
Holders of rec. Feb. 160.
19a
Mar.
red.
1
Mar.
500.
of
011
Holders
Standard
(Calif.)
(guar.)
194 Apr. 1
Preferred (guar.)
62540 Mar.1 Holders of red. Feb. 16a •
Standard Oil(Indiana)(guar.)
136 Apr. 1 Holders of ree. Mar. 17
Laurentide Co. (guar.)
MAR. 141925.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Mar,31 Mar. 17 to Mar.31
51
Standard Oil (Ky.) (quar.)
Mar.16 Holders of rec. Feb. 26a
Standard Oil of N.J.,con.,5100 par(qu) 1
25e. Mar. 16 Holders of rec. Feb. 26a
Common, $25 par (quar.)
1)4 Mar. 16 Holders of rec. Feb. 26a
Preferred (quar,)
35c. Mar,16 Holders of rec. Feb. 20a
Standard Oil of N. Y.(quar.)
$2.50 Apr. 1 Holders of ree. Feb. 27
Standard 011 (Ohio), corn.(quar.)
Steel Products Co., pf.(Dee. 1924 quar.) 1)4 Mar,16 Feb. 28 to Mar. 15
1% Mar. 16 Feb. 28 to Mar.15
Quarterly (March 1925 quarter)
Mar.16 Feb. 28 to Mar. 15
Acct.accum.divs, payable in pref.8tk_ m21
_ *10c. Apr. 6 *Holders of rec. Mar.31
Sterling Oil Jr Development (quar,)
Apr.. 1 *Holders of rec. Mar. 16
51
Stern Brothers, corn. (quar.)
*51
Apr. 1 *Holders of rec. Mar. 16
Common (extra)
$1.50 Apr. 1 Holders of rec. Mar. 16a
Stromberg Carburetor (quar.)
2
Apr. 1 Holders of rec. Mar.10
Swift & Co. (quar.)
Symington (T. H.) Co., Class A (quar.)_ 50e. Apr. 1 Holders of rec. Mar.13a
Class A (for period Dec. 17 to 31 1924) Sc. Apr, 1 Holders of rec. Mar.13a
25c. May 1 Holders of rec. Apr. 15a
Telautograph Corp., coin.(No. 1)
Preferred (quar.)
194 Apr. 10 Holders of rec. Mar. 31
Texas CO.(CUM%)
750. Mar.31 Holders of rec. Mar. 6
Texas Gulf Sulphur (quar,)
$1.75 Mar.14 Holders of rec. Mar. 2a
Thompson-Starrett Co.. preferred
4
Apr, 1 Holders of rec. Mar.20
Tide-Water 011 (quar.)
$1
Mar.31 Holders of rec. Mar. I7a
Todd Shipyards Corp.(quar.)
$1.50 Mar.20 Holders of rec. Mar. 2a
Tonopah-Belmont Development
5c. AM'. 1 Mar. 15 to Mar. 20
Tonopah Extension Mining (quar,)
Sc. Apr. 1 Holders of rec. Mar. 11
Tonopah Mining of Nevada
Apr. 21 Apr. 1 to Apr. 7
7340
Truscon Steel, common (quar.)
30e, Mar. 16 Holders of rec. Mar. 5a
Underwood Computing Mach., pref.(qu) 1% Apr, 1 Holders of rec. Mar. 14
Underwood Typewriter, corn.(quar,)
75c. Apr. 1 Holders of rec. Mar. 7a
Preferred (queer.)
194 Apr. 1 Holders of rec. Mar. 7a
Union Carbide & Carbon (quar.)
$1.25 Apr. 1 Holders of rec. Mar. 6a
Union 011 Associates (stock dividend)--- *e80
Mar.23 *Holders of rec. Mar. 2
Union Storage (guar.)
2)4 May 11 Holders of rec. May 1
Quarterly
2)4 Aug. 11 Holders of rec. Aug. 1
Quarterly
2% Nov.11 Holders of roe. Nov. I
United Cigar Stores, corn. (quar.)
50e. Mar.31 Holders of rec. Mar. 160
Common (payable in common stock)_ 1134 Mar.31 Holders of rec. Mar. 160
Preferred (quar.)
13( Mar. 16 Holders of rec. Mar. 2a
United Drug, 1st preferred (quar.)
87)4c May 1 Holders of rec. Apr. 15a
United Dyewood. pref.(quar.)
194 Apr. 1 Holders of roe. Mar. 130
Preferred (quar.)
194 July 1 Holders of rec. June 150
Preferred (queer.)
1
Oct. 1 Holders of rec. Sept. 156
Preferred (quar,)
130 an 1'26 Holders of rec. Dec. 150
United Frult (quar.)
234 Apr. 1 Holders of rec. Mar. (ia
Quarterly
234 July 1 Holders of rec. June 60
Quarterly
234 Oct. 1 Holders of roe. Sept. 56
Quarterly
2)4 Jan 2'26 Holders of roe. Dec. 50
United Profit Sharing, common
15
Apr. 1 Holders of rec. Mar. lba
U.S. Cast Iron Pipe & Fdy., pref.(qu.)
134 Mar. 16 Holders of reo. Mar 2a
Preferred (extra)
2)4 Mar. 16 Holders of roe. Mar. 2a
Preferred (quar.)
134 June 15 Holders of rec. June la
Preferred (extra)
2.511 June 15 Holders of reo. June la
Preferred (quar.)
134 Sept. 15 Holders of rec. Sept. la
Preferred (quar.)
194 Dec. 15 Holders of rec. Dec. la
U.S. Gypsum, Common (quar.)
40e. Mar. 30 Mar. 15 to Mar. 31
Preferred (quar.)
134 Mar. 30 Mar. 15 to Mar. 31
U. S. Radiator, coin. (quar.)
1
Apr. 15 Apr. 1 to Apr. 15
Preferred (quar.)
13.4 Apr. 15 Apr. 1 to Apr. 15
U.S. Realty & I mpt.,common (quar.)._
Mar,16 Holders of rec. Mar. 5a
2
Preferred (quar.)
134 May 1 Holders of rec. Mar. 5a
United States Steel Corp.,corn.(quar.)_
194 Mar.30 Feb. 28 to Mar. 3
Common (extra)
% Mar.30 Feb. 28 to Mar. 3
United States Tobacco, corn. (guar.)._ _ 75e, Apr. 1 Holders of rec. Mar.160
Preferred (queer.)
134 Apr. 1 Holders of rec. Mar. 160
Vacuum Oil (quar.)
50e. Mar.20 Holders of rec. Feb. 28
Extra
500. Mar.20 Holders of rec. Feb. 28
Valvoline 011, common (quar.)
1% Mar. 17 Holders of rec. Mar.13
Vulcan Detinning, preferred (quar.)_ _
v, Apr. 20 Holders of rec. Apr. 160
Preferred (account accum. dividends)_ hl
Apr. 20 Holders of rec. Apr. 160
Preferred A (guar.)
134 Apr. 20 Holders of rec. Apr. 160
Wabasso Cotton (quar.)
Apr. 2 Holders of rec. Mar.15
51
Wahl Co., pref. (quar.)
1% Apr. 1 Holders of rec. Mar.260
Waldorf System, common (quar.)
31)40.Apr. 1 Holders of rec. Mar.20a
First preferred (quar.)
200. Apr. 1 Holders of rec. Mar.20
Preferred (quar,)
20e, Apr. 1 Holders of rec. Mar.20
Walworth Mfg., corn.(quar.)
35c. Mar.16 Holders of roe. Mar. 5a
Preferred (quar.)
75c. Mar.31 Holders of roe. Mar.2I0
Ward Baking, preferred (quar.)
134 Apr, 1 Holders of rec. Mar. 160
Weber Ai Helibroner, corn.(quar,)
Mar.30 Holders of rec. Mar. 16a
$1
Common (payable in common stock)
Apr. 30 Holders of rec. Apr. 150
f2
Common (quar.)
June 30 Holders of rec. June 15a
$1
Common (quar.)
Sept.30 Holders of rec. Sept.150
$1
Common (quar.)
Dec. 30 Holders of rec. Dec. 15
$1
Preferred (queer.)
134 June 1 Holders of rec. May 15
Preferred (quar.)
154 Sept. 1 Holders of rec. Aug. 17
Preferred (guar.)
154 Dec. 1 Holders of ree. Nov. 16
West Coast Oil (quar.)
'$1.50 Apr. 6 *Holders of rec. Mar. 23
West Point Manufacturing (quar.)
Apr. 1 Holders of rec. Mar. 16
52
Western Electric Co., corn,(guar.)
*52.50 Mar.31 *Holders of rec. Mar.26
Preferred (quar.)
134 Mar.20 Holders of rec. Mar. 200
Western Grocer, preferred
334 July 1 June 21 to June 30
Preferred
335 Jan 1'26 Dec. 20 to Jan. 1'20
Westinghouse Elec. & Mfg., COM. (qY.) 51
Apr. 30 Mar. 11 to Mar.24
Preferred (quar.)
$1 Apr. 15 Mar. 11 to Mar. 24
White Motor (quar.)
$1
Mar,31 Holders of rec. Mar. 20a
Woods Mfg., pref. (quar.)
154 Apr. 1 Holders of rec. Mar. 23
Worthington Pump & Mach., pf.
. A (qu.) 134 Apr 1 Mar. 11 to Mar.24
Preferred B (quar.)
134 Apr. 1 Mar. 11 to Mar.24
Wrigley (Wm.) Jr.. & Co.
Monthly
25c. Apr. I Holders of roc. Mar.20a
Extra
50c. Apr. 1 Holders of roe. Mar.206
Monthly
25e, May 1 Holders of roe. Apr. 200
Monthly
25c. June I Holders of rec. May 200
Monthly
250. July 1 Holders of rec. June 20a
Wurlitzer(Rudolph) Co.,Prof.(guar.)._
1)4 Apr, 1 Holders of rec. Mar. 20
Yale & Towne Manufacturing (re oar.). _ $1
Apr. 1 Holders of rec. Feb. 26
Yellow Cab Mfg.. Class B (monthly). _ 21e. Apr. 1 Holders of rec. Mar.200
Class 13 (monthly)
21e. May 1 Holders of rec. Apr. 20a
Class 13 (monthly)
21e. June 1 Holders of rec. May 20a
Youngstown Sheet & Tube, corn.(qu.)
Si
Mar. 31 Holders of roe. Mar. 15
Frefen ed (quar.)
131 Mar.31 Holders of roe. Mar. 15
•From unofficial sources. t The New York Stook Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 5 The
New York Curb Market Association has ruled that stook will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. a Correction e Payable in stock.
/ Payable In common stock. g Payable In scrip. h On account of accumulated
dividends. m Payable In preferred stock. n Payable in Canadian funds.
Annual dividend for 1925, all payable in equal quarterly installments on April 1,
July 1, Oct. 1 1925 and Jan. 1 1926, have been declared as follows: On the common
stock 54 40, quarterly Installment$1 10; prior preference,7%,quarterly installment
1)4%; participating preferred,7% regular, quarterly installment 1)4%;participating
preferred,2% extra, quarterly installment %%;preferred,6%,quarterly installment
1%%•
r Dividend is 30 cents in cash or 2)4% in common stock at stockholder's option.
DIvIdend is 10d. per share. All transfers received in order in London on or
before March 2 will be in time for payment of dividend to transferees.
stock dividends declared by Western Pacific RR. are one share of common
The
I
and one share of preferred for every six shares of stock now outstanding, whether
common or preferred,and are subject to ratification at a special stockholders' meeting
to be held May 11.
U Less ten cents per share for corporate purposes, &c.
dividends are one share of no par value common stock
o Childs Company stock
held.
for each 100 shares no par value common stock
one-fortleth
of a share of Class A common stock.
is
Dividend
w
s Payable at option of holder either in cash at the rate of 85o, a share or one
fortieth of a share of common stock for each share held.
1299
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Mch. 7. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is. three ciphers [0001 omitted.)
New
Capital. Profits
D4scos4ni
Week Ending
Feb. 28 1925 Nat'l, Dec. 31 InvestState, Nov. 15 ments,
d/c.
(000 omitted.) Tr.Cos.Nov.15
Members of Fed. Res. Bank.
Bank of N Y &
Trust Co___ 4,000 12,462
Bk of Manhat'n 10,000 13,874
Mech & Met Bk 10,000 15,970
Bank of America 6,500 5,412
Nat City Bank_ 40,000 .55,297
Chem Nat Bank 4,500 17,024
277
Nat Butch dc Dr 1,000
Amer Each Nat 5,000 8,246
Nat Bk of Corn- 25,000 39,761
1,000 1,708
Pacific Bank..
Chat& Plien Nat 10,500 9.318
Hanover Nat Bk 5,000 23.519
Corn Each Bank 10,000 13,493
Nat Park Bank_ 10,000 23,743
East River Nat_ 2,100 1,942
First National__ 10,000 66,060
Irring Bk-ColTr 17,500 12,417
Continental Bk. 1,000 1,066
Chase National. 20.000 25,461
500 2,704
Fifth Ave Bank
600 1,099
Commonwealth
Garfield Nat__ 1,000 1,656
Fifth National_ 1.200 1.344
Seaboard Nat.. 5,000 8.159
Coal & Iron Nat 1,500 1.375
Bankers Trust. 20,000 28,514
US Mtge & Tr_ 3,000 4,619
Guaranty Trust 25,000 19,180
2,000 2,117
Fldel-InterTr
NY Trust Co... 10,000 19,147
Metropolitan Tr 2,000 4,129
Farm Loan & Tr 10.00 17,601
23,00 11,262
Equitable Tr
Reserve
with
Net
Time Ball
Cash
Legal Demand
De- MewIn
Vault. Deposi- Deposits. posits.
tortes.
nos.
Average Average Average Average
71,925
149,804
175,531
80,590
576,60
135,74
8,89
113,03
338,37
32,44
171,27
130,09
199,54
201,135
32,49
358,04
274,711
8,253
391,865
26,029
12.984
16,565
21,386
111,199
19,981
324,648
57,390
436,465
21,950
172,071
48,859
144,586
269,020
829
2,521
3,417
1,634
4,831
1,292
108
941
874
1,054
4,111
503
6.292
1,096
1,126
429
2.750
143
4,305
749
477
469
171
905
278
915
647
1,334
371
627
:304
388
1,426
Average deo.
51,723
7,086
120,126
16,509
164,616
21,806
89,681
12,015
70,144 *670,626
115,603
15,203
6,689
888
103,602
13,498
303,129
39,949
28,850
4,281
125.885
17,948
118,23
15,523
179.169
24,683
166.342
21,952
23,974
3,392
199,853
26,856
267,549
35,635
6.366
929
48,647 '379,919
26,64
3,416
9,27
1,309
15,73
2,155
17,69
2,362
104,25
13,775
16,72
2,438
37,118 .289,76
51,83
6,946
47,488 *436,76
19,09
2,612
150,58
20,507
44,56
5,904
15,657 *119,38
294,492
31,744'
8,039
23,524
10.911
547
4,228
63,260 -556
4.362
347
310
494
6,871 4,949
14,807
3,310
36,309 5 .
.5355
28:554
10,398 3,535
7,920
495
29,461 2,230
25,922
378
21,278
997
3.231
362
1.071
3,744
1,929
48,684
5,844
48,247
1,933
24,610
3,375
22,722
311,
397
246
44
414
-
Total of averages 297,900468.0305,133,480 47,317 590,375 c4,408,310 501.734 21,427
Totals, actual e. nditIon Mar. 7 5,147,245 49,717 550,228c4,397,832508,877 21.361
Totals, actual co ndition Feb 28 5,155,823 47,855 639,646 c4,430,506 514,587 21.426
Totals, actual co ndition Feb. 21 5,149,771 47,755 601,103 c4,392,332 525,226 21,378
State Banks Not Members of Fed'i Res've Bank.
21,692 1,820 2,257
21,668 1,073
Greenwich Bank 1,000 2.434
5,438
320
250
897
286
2,797 1,942
Bowery Bank__
98.499 4,002 2,093
33,446 61,81
State Bank.... 3,500 5.134
Total of averages
4,750
8,467
125,629
6,142
4,636
Totals, actual e. ndition Mar. 7 125,312 6,330 5,021
Totals, actual co ndition Feb. 28 127,112 6,311 4,681
Totals, actual co ndition ,Feb. 21 125,787 6,349 5,297
Trust Compan lea NotMerebe rs of Fed 1 Res'y e Bank
59,857 1,393 4,2151
Title Guar & T 10,000 15,908
863 1,778
21,495
LawlfersTIt&Tr 3.000 6,311
Total of averag
13,000 22,220
81,362
2,256
5,993
57,911 64,82
57,950
59,557
59,142
37,509
16,956
54,465
1
81,231 2,107 6,268
Totals, actual e. ndition Mar. 7
54,462 3,611
88,102 2,367 5.979
Totals, actual c. ndition Feb. 28
54,374 3,64
86,659 2,336 5,912
Totals, actual condition Feb. 21
53,165 3,75
355650L4954055340471
Gr'd aggr., awe
55,715 601,004! 4,520,686 570,152 21,427
Comparison with prey. week _ -22,055-1,120-2.2571 +7,406-17,70
+39
Gr'd aggr., act cond'n Mar. 75,353,788 58,154561,5171 4,510,244 577,149 21,361
Comparison with prey. week - _ -17,249 +1,6211-88,789 -34,193--5,871 --65
Gr'd aggr.. act'i cond'n
Gr'd aggr., acts cond'n
Gr'd aggr., ad.
!cond'n
Geri aggr., eat cond'n
Gr'd aggr., act'l cond'n
Gr'd aggr.. oar cond'n
Feb. 285,371,037
Feb. 21 5,362,217
Feb. 14 5,336,471
Feb, 7S,365,425
Jan. 31 5,401,854
Jan. 24S,430,369
S6.533650,3051
56,440612,512
57,480649,739
58,295584,063
54,544661,699
55.666656,887
4,514,437 583.02021,428
4,504.639 593,545 21,378
4,526,240 582,725 20.920
4,560,070 580,056 20.727
4,602,875 591,472 32.604
4.644.613605,60232,394
Note.-11. S. deposits deducted from net demand deposits in the genera totals
above were as fo lows: Average total, March 7, $14,448,000; actual totals, March 7.
$14,448,000; Feb. 28, $14,450,000; Feb. 21, $14,449,000; Feb. 14, $14,448,000; Feb.
7, $15,835,000. Bills payable, rediscounts, acceptances and other liabilities.
average for week March 7, 5665,827.000; Feb. 28, 5674,217.000; Feb. 21, 5861,427,000; Feb. 14.$633,922,000: Feb.7,$630,579,000. Actual totals March 7, 5636,026.000; Feb. 28, 5726,509,000; Feb. 21, $701,341,000; Feb. 14, 5716,395,000; Feb. 7.
$638,763,000.
•Includes deposits in foreign branches not Included In total footings, as follows:
National City Bank, $135,797,000; Chase National Bank, $10,712.000; Bankers
Trust Co., 516.502.000: Guaranty Trust Co., $81,112,000; Farmers Loan & Trust
Co., $6,530.000; Equitable Trust Co.. $59,780.000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $22,954,000;
Chase National Bank. $2,003,000; Bankers Trust Co., $6,530.000: Guaranty Trust
Co., $6,291,000; Farmers Loan & Trust Co., $6,530,000; Equitable Trust Co..
58,644,000. c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the actual
condition at the end of the week is shown in the following
two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
In Velar.
Members Federal
Reserve Bank..
State banks*
Trust companies*.- -
S
6,142.000
2,256.000
Reserve
in
Depositories
Total
Reserve.
Reserve
Reaired.
$
3
$
590.375,000 590,375,000 588,132,320
4,636,000 10,778,000 10,423,980
5,993,000 8,249,000 8,169,750
Surplus
Reserve.
3
2,242,680
354,020
79,250
Total Mar. 7_ _ _ - 8,398.000 601,004,000 609,402,000606.728,050 2,675,950
8,731.000 603,261,000 611.992.000600.326,290 5,665,710
Total Feb. 28 _ _ _
Total Feb. 21_ _ - 8,668,000 604,715,000 613,383,000 606,047,350 7,335.650
8,826,000 610,270,000619,096,000 611.977,520 7,118,480
Total Feb. 14_ _
• Not members of Federal Reserve Bank.
a This is the reserve required on the net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank
Includes also amount in reserve required on net time deposits, which was as follows:
March 7, $15.052,020; Feb. 28, 515,582,120; Feb. 21, 515,703,080; Feb. 14, 315,441,450.
[voL. 120.
THE CHRONICLE
1300
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositories
Members Federal
Reserve Bank _
State banks.
Trust companles*__ _
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
550,228,000 550,228,000 586,978,470 36,750,470
920,000
6,330,000 5,021,000 11,351,000 10,431,000
205.700
2,107.000 6,268,000 8,375,000 8,169,300
Total Mar. 7____
Total Feb. 28____
Total Feb. 21....._
Total Feb. 14_ _ _
8,437,000 581,517,000 569,954,000 605,578,770
8,678,000 650,306,000 658,984,000 610,279,750
8,685,000 612,312,000 620,997,000 605,380,250
8,780.000 649,739,000 658,519,000 607,872,880
35,624,770
48.704,250
15.616,750
50,646,120
*Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes
also amount of reserve required on net time deposits, which was as follows: Mar. 7,
$15,260,310; Feb. 28, $15,437,610; Feb. 21, $15,756,780; Feb. 14, $15,442,650.
March 11.
1925
Changesfrom
previous week.
Feb. 25
192$.
March 4.
1925.
60,300,000 60.300.000
Capital
60,300,000 Unchanged
18,000 78,611,000 78,567,000
Surplus and profits
78,629,000 Inc.
Loans, disc'ts ,k investments_ 906,560,000 Inc. 2,521,000 904,039.000 906,569,000
Individual deposits.Incl. U.S.632,025,000 Dec.10,478.000 642,503,000 642.059,000
Due to banks
138,161,000 Inc. 1,441,000 136.720,000 132.359,000
Time deposits
189,346,000 Inc. 4,955,000 184,391,000 179,550,000
2,000 22,902,000 22,899,000
United States deposits
22,904,000 Inc.
Exchanges for Clearing House 28,159,000 Dec. 505.000 28,664,000 24.223,000
88,971,000 78,367,000
other
banks
Dec.
8,741,000
Duefrom
80,230,000
176,000 75,308,000 75,737,000
Reserve in Fed. Res. Bank
75,484,000 Inc.
Cash in bank and F.R.Bank_ 10,435,000 Dec. 359,000 10,792,000 10,153,000
Reserve excess in bank and
535.000
536,000
104,000
640,000 Inc.
Federal Reserve Bank_ _
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 Moll. 7, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER requirements for members of the Federal Reserve System
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
are 10% on demand deposits and 3% on time deposits, all
(Figures Furnished by State Banking Department.)
to be kept with the Federal Reserve Bank. "Cash in vaults"
Differences from is not a part of legal reserve. For truss companies not memLoans and investments
March 7.
previous week.
required is
Gold
1,004,439,100 Inc. $2,102,200 bers of the Federal Reserve Sys.em he reserve
Currency notes
89,200 10% on demand depsits and includes "Reserve with legal
4,007,700 Inc.
Deposits with Federal Reserve Bank of New York
21,534,800 Dec. 499,600
Total deposits
86,336,000 Dec. 200,000 depositaries" and "Cash in vaults."
Deposits, eliminating amounts due from reserve 1,059,091,700 Inc. 7,869,500
depositaries and from other banks and trust
companies in N. Y. City, exchange and U. S.
deposits
1,003,579,800 Inc. 4.758,100
Reserve on deposits
150,543,000 Inc.
233,500
Percentage of reserve. 20.8%.
RESERVE.
-State Banks
- -Trust Companies
Cash In vault
$33,160,600 16.18%
$78,717,900 15.22%
Deposits in banks and trust cos
11,922,900 05.82%
26,741,600 05.17%
MITotal
845,083,500 22.00%
3105,459,500 20.39%
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Feb. 28 was $86,336,000.
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House Banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedNov. 8
Nov.15
Nov.22
Nov.29
Dec. 6
Dec. 13
Dec. 21)
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31
Feb. 7
Feb.14
Feb. 21
Feb. 28
Mar. 7
Loans and
Investments.
Demand
Deposits.
*Total Cash
in Vaults.
Reserve in
Depositaries.
$
6,426,927,200
6,433.204,400
6,474,249,900
6,518,724,600
6.528,299.100
6,511,329.700
6,467,071,000
6.499,441,100
6.517,341,600
6,534.475,500
6,502,799,000
6,449,153,600
6.400,877,800
6.382,661,100
6,349,571,900
6,356,838,800
6,364,862,900
6.344.910.100
$
5,591,046,400
5,663.989,100
5,684,532,390
5.708,357,400
5,760.687,300
5,757,800,800
5,767,935,500
5.745,656,500
5,790,937,000
5,819,488.500
5.781.126.50o
5,693,929,300
5.605,108.000
5,612.344,600
5,573,095,200
5,525,329,600
5.512.101,700
5.524.265 800
$
84,099,700
88,084,800
85,378,900
87,856.300
89,895,100
93,756.200
98.888,600
104,910,200
102,032,000
94,214,000
87,350,900
82,585,000
82,041.200
81,537,700
85,221,200
83,100,100
82,787,900
al 257 500
$
751,018,300
773.766,400
761.712,200
750,645,500
775,979,000
764,010,000
785,101,000
766,067,300
783,388,400
783,368,300
773,115,400
752,408,400
737,862,600
746,868.900
740,911,100
731,974,800
727,617.600
726004 snn
New York City Non-Member Banks and Trust Companies.-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:
PPM
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers WOO] omitted.)
Net
Cap!al.1 Profits.
CLEARING
NON-MEMBERS.
Nat. bks. Dec. 31
Week Ending State bks. Nov.15
March 7 1925. Tr. cos. Dec. 31
Loans,
Diecounts,
Investments,
d2c.
Members of
ged'i Res've Bank
Drace Nat Bank.--
Average Average Average Average Average
$
8
5
$
$
49
664
3,509
10,133
4,722
Total
State Banks
Not Members of
red'i Res've Bank
Bank of Wash'n Hta
3olonMI Bank
Total
Trust Company
Not Member of
ifed'I Res've Bank
dechanTr.Bayonne
$
1,000
$
1.748
1,000
1,748
1.0133
49
664
3,509
4,722
200
1,000
481
2,541
7,667
26,900
741
2,944
360
1,680
6,000
23,800
2,173
3,446
1,200
3,022
34,567
3,685
2,040
29, 10
5,619
500
Total
Reserve
Net
Net
with Demand Time
Cash
Legal Deposits. Deposits,
in
Vault. DePositortes.
500
508
9,033
402
60
3,013
6,088
508
9,033
402
60
3,013
6,088
".irand aggregate....
2,700
"..lomparlson with prey. week
5,279
53,733
-741
4,136
-136
2,764 836,322
+303 -592
16,429
+46
3rd aggr., Feb.
3rd eggs.. Feb.
3rd aggr., Feb.
3rd agar.. Feb.
5,279
5,279
5,279
5 270
54,474
54,282
55,025
54_001
4,272
4,437
4,353
4.166
2,461
2,542
2,512
2.734
.36,914
a37,622
a38,143
.37,140
16,383
16,331
16,200
16,141
28
21
14
7
2,700
2,700
2,700
2 700
a United States deposits deducted, $166,000.
Bills payable, rediscounts, acceptances and other liabilities, $834,000.
Excess reserve, $284,150 increase.
Week Ended March 7 1925.
Two Ciphers (00)
omitted.
Members.! Trust
F.R.System Companies
1925
Total.
$41,839,0 $5,000,0 546,839,0
Capital
123,927,0 16,739,0 140,666,0
Surplus and profits
Loans, disc'ts & invest'ts.._ 806,088.0 46,519,0 852,607,0
1,406,0 39,520,0
Exchanges for Clear.House 38,114,0
16,0 106,756,0
Due from banks
106,740,0
983.0 148,078,0
Bank deposits
147,095,0
588,974,0 28,987,0 617,961,0
Individual deposits
1,693,0 96,829,0
Time deposits
95,136,0
Total deposits
831,205,0 31,663,0 862,868,0
9,073,0
U S. deposits(not incl.)._
4,250,0
4,250,0
Res've with legal depos'les
64,157,0
64,157,0
Reserve with F.R.Bank
1,304,0 11,227,0
9,923,0
Cash in vault •
74,080,0
5,554,0 79,634.0
Total reserve & cash held
4,266,0 68,865,0
64,499,0
Reserve required
1,188.0 10,769,0
9,581,0
Excess res.& cash in vault_
•Cash in vault not coun ed as reserve for Federal Reserve
Feb. 21
1925.2
Feb. 28
1925.
$46,839,0
140,666,0
851,521.0
38,935,0
107,489.0
147,334,0
609.810,0
102,345,0
859,479,0
9,179,0
3,060,0
63.562,0
11,406,0
78,028,0
67,907,0
10,121,0
members.
$46,839.0
140,666,0
846,221,0
34,240,p
113,511.0
150,022,0
610,374,0
102,134,0
862,530,0
9,173,0
3.800
_,0
64,9so,0
11,828,0
80,416,0
67,821.0
12.595.0
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve
Bank of New York at the close of business Moh. 12 1925 in
comparison with the previous week and the corresponding
date last year:
Mar.11 1925. Mar. 4 1925. Mar. 12 1924.
Resources-
341,950,000
9.385,000
582,984,000
9,236,000
0016held exclusively eget. F.R. notes- 355,412,000 351,335,000
Gold settlement fund with F. R. Board_ 188,378,000 201,690,000
291,578.000
Gold and gold certificates held by bank- 313,004,000
856,794,000 844,603,000
Total gold reserves
29,514,000
30,771,000
Reserves other than gold
592,220,000
168,477,000
187,544,000
341,899.000
13,513.000
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury
948,241,000
30,620,000
887,565,000
Total reserves
16,463,000
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations_ 142.168,000
47,111,000
Other bills discounted
874,117,000
17,326,000
978,861,000
11,251,000
133,117,000
44.240.000
72,762,000
24,164,000
Total bills discounted
Bills bought in open market
U. S. GOV(621Ment securitiesBonds
Treasury notes
Certificates of indebtedness
189,279,000
75,009,000
177,357,000
67,285,000
96,926,000
44,284,000
12,461,000
99,468,000
5,437.000
12,461,000
101,356,000
6.036,000
1,202,000
28,971,000
9,933,000
Total U. S. Government securities
Foreign loans on gold
All other earning assets
117,366,000
3,055,000
119,853,000
3,055,000
40,106,000
Total earning assets
Uncollected items
Bank premises
All other resources
384,709,000
143,442,000
16,432,000
8,796,000
367,550,000
136,829,000
16,306,000
8,148,000
181,416,000
140,409,000
13.987,000
4,494,000
100,000
1,457,407,000 1.420,276,000 1,330,418,000
Total resources
LiabilitiesFed. Res. notes In actual circulation
Depoeits--Member bank, reserve
Government
Other deposits
359,401,0(0
871,062,000
5,907,000
14,317,000
359,297,000
839,647,000
5,841,000
15,428,000
371,197,000
740,888,000
6,405,000
10.779,000
Total deposits
Deterred availability items
Capital paid in
Surplus
All other liabilities
891,286,000
114,020.000
31,125,000
58,749,000
2,826,000
860,916,000
108,155,000
30,579,000
58,749,000
2,580,000
758,072,000
109,190,000
29,728,000
59,929,000
2,302,000
Total liabilities
1,457,407,000 1,420,276,000 1,330,418,000
R800 Of total reserves to deposit and
Fed. Res. note liabilities combined....
Contingent liability on bills purchased
for foreign correspondents
71.0%
71.6%
86.7%
14,059,000
14,216,000
2,185,000
CURRENT NOTICES.
-The Colonial Trust Co., Philadelphia, has opened an investment department under the management of Charles S. Roberta, formerly with
Harrison, Smith & Co., for the purchase and sale of high-grade bonds,
equipment trust certificates, &e., and for dealing in conservative first
mortgages upon improved real estate.
-Adolph Lewisohn & Sons, 61 Broadway, Now York, have established
an investment department under the management of Henry Siegbert and
Arthur B. Retalliek, for the purpose of acting as dealers and brokers in
investment securities.
MAR. 14 1925.]
THE CHRONICLE
1301
Weekly Return of the Federal Reserve Board.
Thefollowing is the return issued by the Federal Reserve Board Thursday afternoon, Mar.12, and showing the conditn n
at the twelve Reserve Banks at the close of business on Wednesday. In the first table we present the results for the system
aa a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returnsfor the latest
week appears on page 1275, being the first item in our department of"Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS MARCH 11 1925
Mar.11 1925. Mar.4 1924. Feb. 25 1925. Feb. 18 1925. Feb. 11 1925. Feb. 4 1925. Jan. 28 1925. Jan. 21 1925. Mar. 12 1924.
RESOURCES.
s
s
s
$
$
$
$
$
$
1,612,227,000 1,597,655,000 1,803,443,000 1,701,939,000 1,712,410,000 1,726,231.000 1,730.679,000 1,744,722.000 2,046,696,000
aold with Federal Reserve agents
57,195,000
49,101,000
51,397,000
53.880.000
51.637.000
50,590.000
44,488,000
3old redemption fund with U.S. Treas.
48,298,000
50.139,000
Gold held exclusively agst. F. R. notes 1,669,422,000 1,849,052,000 1,647.929.000 1,752,078,000 1,760,708,000 1,777,868,000 1,784,339,000 1,795,312.000 2,095,797,000
3051 settlement fund with F. B. Board_
625,399,000 658,315.000 688,619,000 578,550,000 576,593,000 570,035,000 590,815,000 592.394.000 657,175,000
31old and gold certificates held by banks.. 579,921,000 553.523.000 577.029.000 574,647,000 559,039,000 572,987.000 584,232,000 557.014,000 377,110,000
Total gold reserved
Seservee other than gold
2,874,742,000 2,860,890,000 2,893,577,000 2,905.275,000 2,896,340:000 2.920.890,000 2.939.386.000 2,944,720.000 3,130,082,000
135,969,000 135,095,000 135,968,000 139,929,000 144,893,000 143,704,000 143,160.000 138.715.000 105,758,000
Total reserves
3,010,711,000 2.995,985,000 3,029,545,000 3,645,204,000 3,041,033,000 3,064,594,000 3,082.546,000 3.083.435,000 3,235,840,000
Ron-reserve cash
50,282,000
56,150,000
55,567,000
60,180,000 . 58,045,000
77.322.000
55,533,000
74,371.000
62.930,000
Bills discounted:
Secured by U. S. Govt. obligations... 246.630.000 237,403,000 283,332,000 196,460,000 190,515,000 207,325.000 164,892,000 101.948.000 214,557,000
Other bills discounted
163,792,000 163,463,000 150,473,000 146,011,000 141.291,000 115,042,000 108,800.000 100,811,000 268,842,00e
Total bills discounted
Bills bought in open market
U S. Government securities:
Bonds
Treasury noted
Certificates of indebtedness
410,422,000 400.866,000
301,354,001) 303,641,000
433.805.00e
317,246,000
342.471,000
311,747,000
331.806,000 322,387,000
324,647,000 308,004,000
273,692.000
307.767,000
202.757,000
306,176.000
483,399,000
242,616.000
77,365,000
277,744,000
27,626,000
75,780,000
263,445,000
25,469,000
74,945,000
273,082,000
30,178,000
74,965.000
274,539,000
40.592.000
75,216,000
273,252,000
40,360,000
76,174.000
279,665.000
38,225,000
74,947.000
292.307.000
56,210,000
18,282,000
155,311,000
38,776,000
Total U. S. Government securities
Foreign loans on gold
All other earning assets
388.332,000 382,735,000 364,694,000
10,500,000
10,500,000
10,500,000
3,452,000
3,452,000
3.452.000
378,205.000
10,500,000
3,458,000
390.098.000 388,828,000 394,064,000
10,500,000
10,500,000
10.500.000
2,559.000
2,559.000
2.559,000
423,484,000
10.500,000
2.559.000
212,369,000
945.456,000
938,484,000
28,000
638,715,000
55,254,000
23,282,000
77,941,000
283,360,000
27,031,000
Total earning assets
1,114,080,000 1,101,194,000 1,129,697,000 1,046.381,000 1,059,608,000 1,032,258,000
s% redemp. fund agst. F. R. bank note'
Uncollected items
627.874,000 659,805,000 644,454,000 882,314,000 589,040,000 567,815.000
Bank premises
58,751,000
58.363,000
58,323,000
58,332,000
58,004,000
58,057.000
All other resources
24,817,000
24,382,000
24,450,000
24,399,000
24,500,000
24,317,000
988,582.000
572,000,000 626.914,000
57,902,000
57,939,000
24,804,000
24.831.000
100,000
Total resources
4,892,363,000 4,895.298.000 4,942,011,000 4,916.882,000 4,830.182,000 4,809,918,000 4,800.269.000 4,815,633,000 4.941,885,000
LIABILITIES.
I'. R. notes in actual circulation
1,730,684,000 1,727.383,000 1,728.752.000 1.698.890,000 1,713,862,000 1,690,385,000 1,884,311.000 1,698,628,000 2,010,595,000
F. R bank notes In circulation-net...
394.000
DepositsMember banks-reserve amount
2,201,277,000 2,165,995.000 2,208,405.000 2,190,651,000 2,174,646.000 2,193.624.000 2,171.723.000 2,140,611,000 1,944,699,000
Government
54,222,000
31,146,000
26,332,000
26,129.000
52,114,000
39,465,000
26,673,000
27,801,000
29,049,000
Other &Nate
19.929,000
44,339.000
27,929,000
34.5.58,000
41,379,000
32,279,000
40,341,000
44.896.000
40.308.000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,255.538.000 2,237,739,000 2.269,636,000 2.257,121,000 2,242,455,000 2,267,569.000 2.285,216.000 2,216,096.000 2,018,850,000
562,750,000 587,762,000 601,041.000 619,074,000 533,398,000 511,833.000 510,336.000 661.045,000 566,026,000
114,254,000 113,738,000 113,596,000 113,466,000 112,328,000 112,316,000 112.246.000, 112,187,000/ 110,836,000
217,837,000 217,837,000 217,837,000 217,837,000 217,837,000 217,837,000 217,837.000 217,837.000, 220,915,000
14,269,000
11,300,000
11,149,000
10,494,000
9.978,000
9.840.000
10.502,000
10.323,000
10,837.000
Total liabilities
4,892,363,000 4,895.296,000 4,942,011,000 4,916,882,010 4,830.182,000 4,809.918.000 4.800,269,000 4,815,633,000 4,941,885,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
77.7%
72.1%
72.3%
74.4%
72.1%
73.4%
73.8%
75.2%
73.0%
Ratio of total reserves to deposit and
F. R. note liabilities combined
80.3%
75.3%
77.4%
76.9%
78.8%
75.5%
78.0%
75.6%
77.0%
Contingent liability on bills purchased
45,494.000
47.174,000
for foreign correspondents
44,581,000
45,157.000
47,332,000
47.781.000
48,715.000
43,210.000
9,785.000
...
8
3
3
s
Distribution by Maturities3
$
$
s
$
92,878,000
93,789.000
133,777,000
90,251,000
92.896.000
107,286,000 108,570.000
1-15 days bills bought In open market.
95,578.000 102.303,000
1-15 days bills discounted
326,761,000 313,410.000 353,789,000 264,345.000 264,095,000 .253,097.000 202,035,000 133,962,000 302,284,000
11,187,000
2C0,000
14,000
14.000
617.000
14,000
2,362,000
2,223,000
1-15 days U. S. certif. of Indebtedness.
2,000
8,000
9,000
8.000
2,000
1-15 days municipal warrants
2.000
16-80 days bills bought In open market__ 57,712,000 50,998,000 55.785,000 71,762,000 83,785,000 85.541,000 78,374.000 68,104,000 49,880,000
44,715,000
20,229,000
16.734.000
17.440.000
18,976,000
17,691,000
22,110,000
18,292.000
21,849,000
16-30 days bills discounted
482.000
196,000
196,000
491,000
196.000
16-30 days U. S. certif. of Indebtedness.
1.000
9.000
16-80 days municipal warrants
9,000
75,660,000
74,8274)00
75,542,000
61,957,000
83,259.000
85.836,000
31-60 days bills bought in OMR market__
86,958,000
96.502.000 108.240.000
34,378,000
31,629.000
24,611.000
65,702,000
27,716.000
26.847,000
28,531,000
81-60 days bills discounted
26.849.000
32,734,000
285,000
81-60 days U.8 certif. of indebtedness_
286.000
62.000
296,000
_.
31-60 days municipal warrants
48.277,000
35,064.000
61-90 days bills bought In open market__
57.534,000
52.551,000
52.488,000
34.973.000
40.048,000
31.355,000
53,727.000
20,620.000
14,345,000
61-90 days bills discounted
19,969,000
20,213,000
45,63(,,000
18,127,000
14,393,000
14,931.000
15.069.000
81-90 days U.8. certif. of indebtedness.
33,000
240,000
81-90 days municipal warrants
Over 90 days bills bought in open market
6.970,000
4.488,000
4.680,000
4.262,000
2,837,000
5,367,000
7,379.1)00
7.667.000
7.581.000
Over 90 days bills discounted
10,999,000
10.327.000
25.062,000
9,968,000
10,951,000
9,779,000
10.281.000
9,738.000
10,366,000
Over 90 days certif. of indebtedness
25,068,000
24,787.000
29,673,000
24,808,000
39,690.000
39,864.000
55,908,000
37.719,000
27,586.309
Over 90 days municipal warrants
Federal Reserve Notes°uteri andIng
2.040,508.000 2,050,319.0002.052,673.000 2,057.731,000 2,055.638.000 2.055.967,000 2.073.168,000 2,099,962,000 2.521,424,000
Held by banks
309,824,000 322.936,000 323,921.000 3.58,841,000 341,976,000 365.582.000 388,857,000 401,334.000 510,829,000
In actual circulation
1.730,684.000 1,727,383,000 1,728.752,000 1.698,890,000 1,713,662,000 1,690,385,000 1,884,311,000 1,638.628.0002,010,595,800
Amount chargeable to Fed. Rea. Agent 3,030,974,000 3,047,852,000 3.039,461.000 3,053,445.000 3,043,551.000 3,063.692.000 3,088.368,000 3,113,354,000 3,480,281,080
In hands of Federal Reserve Agent
990,466,000 997,533,0001 986.788.000 995,714.000 993.913.000 1,007.725.000 1.015,200.000 1.013.392.000 958.557.000
Issued to Federal Reserve Esau__ 2,040,508,000 2,050,319,000 2,052,673.000 2.057,731.000 2.055.638,000 2,055,967.000 2,073,168.000 2.099,962,000 2,521,424,000
How SecuredBy gold and gold certificates
277,916,000 277,518,000 278,016,000 282,516,000 281,516,000 281.564,000 281,849.000 281.449,000 328.184,000
By eligible paper
428,281,000 452,664,000 449,230,000 355,792,000 343,228,000 329.736.000 342,489,000 357.552,000 474,728,000
Gold redemption fund
105,587,000 104,131,000 101.566,000 105,841,000 108,767.000 102.970.000 107,412,000 107,196.000 115,728,000
With Federal Reserve Board
1,228,724,000 1,216,008,000 1,223,861,000 1,313,582,000 1.322.127.000 1,341,697.000 1.341.418.000 1,356,077,000 1,602,784,000
Total
2,040,508,000 2,050,319,000 2,052.873.000 2,057,731.000 2.055.638,000 2.055,067.000 2,073,168,000 2,102.274,000 2,521,424,000
Eligible paper delivered to F. R. Agent. 679.038.000
670,983,000
716.703.000 625.203.000
621_979 min
kes trx9 non
557 21n non
455.499.000
693.236.000
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS MARCH 11 1925
Two ciphers (00) omitted.
Boston. New York. phua. cigookina. Richmond Atlanta. Chicago. .41. Louts. 3/00wap. Kan.CO Dada. &arras. Mat
Federal Reserve Bank OrRESOURCES.
$
S
$
$
$
$
$
$
$
$
$
$
$
Gold with Fedora Reserve Agents 169,635,0 341,899,0 139.570,0)170,0.56,0
0
81,005.0 139,888,0 165.632,0 49,899.0 67,118,0 58.865,0 39,434,0 209,246,0 1,612,227.0
Gold reern fund with U.S. Treaa_ 6,652,0
13,513,0 13.141,0 4,159,0 1,395,0 2,301,0 2,704.0 4,529,0
729,0 2,825,0 2,292,0 2.955,0
57,195.0
Gold held excl. agst.F.R.notee. 176.287,0 355,412.0 152,711,01174,215,0 62,400,0 142,169,0 168,336,0 54,428.0 67,847,0 61,690,0 41.726,0 212,201,0 1,669.422.0
Gold settle't fund with F.R.B•rd 43,191,0 188,378,0 39,256, 59,602,0 16,880,0 14,331,0 94,307,0 28,840,0 23,321,0 48.375,0 25,844,0 43,074,0 625,399.0
Gold and gold ate. held by banks 26,628,0 313,004,0 22,786,0 28,205,0 23,554,0 9,484,0 98,055,0 9,592,0 6,559,0 3,308,0 9,051,0 29.695,0 579,921,0
Total gold reserves
246,106,0 856.794,0214.753,0 262,022,0 102,834,0 165,984,0 360,698,0 92.860,0 97,727,0 113,373,0 76,621,0 284,970,0 2,874,742.0
15,680,0
30,771,0 6,204,0 8,874,0 4.982,0 11,824.0 19,485,0 17,998,0 1,678,0 3,689,0 9,229,0 5,755,0 135,969,0
Reserves other than gold
261.786,0 887,565,0 220,957,0 270,696,0 107,816,0 177.808,0 380,183,0 110,858,0 99.40.5,0 117,062,0 85,8.50,0 290,725,0 3,010,711,0
Total reserves
5,079,0
16,463,0 1.759,0 2,969,0 2,882,0 5.409,0 8,604,0 3,720,0
Non-reserve cash
990.0 2.168,0 2,332,0 3,775,0
56.150,0
Bills discounted:
Sec. by U. B. Govt. obligations 14.482,0 142.168,0 20,465,0 37,083,0 9,255,0 1,067,0 8,615,0 2,505.0
108,0
551,0
131,0 10,200,0 246,630,0
47,111,0 11,127,0 13,534,0 21.166,0 13,502,0 18,245,0 4,658,0 3.791,0 3.577,0 2,067,0 12,811,0 163,792,0
12,203,0
Other bills discounted
28,685,0 189,279,0 31,592,0 50,617,0 30,421,0 14,569,0 26,860,0 7,163,0 3,899,0 4,128,0 2,198,0 23.011,0 410,422,0
Tots Ibilla discounted
75,009,0 23,273.0 30,604,0 10,115.0 10,950,0 34,095,0 13,675.0 7,639,0 13,677,0 11,135,0 29,844,0 301,354,0
41,338,0
Bills bought in open market
U. S. Government securities:
2,662,0
12,481,0 1,416.0 10,948,0 1,407.0 1.580,0 19,649,0 1.519,0 8,846,0 8,628,0 5,709,0 3,116,0
Bonds
77.94E0
17,216,0
99,469.0 27,041,0 25,558.0 1,841,0 1,149,0 38,299,0 7,968,0 9,419,0 14,186,0 12,487,0 28.727,0 283,360,0
TreasurY notes
5,436,0
327,0 6,359,0
73,0
345,0
Certificates of Indebtedness- 3,829,0
408.0 1,909,0
541,0 5,566.0
791,0 1.447,0
27,031.0
.
47 11 27 400 A
222 190 n
Total U. B. Govt. sematities.._ 99 7070 117 14,1 n 92 721.11 59 RQR n 2 /91 n .3 eon n mn R02 11 0 299 n 12 A72 II 95 799 II 1 /I 7
[VoL. 130.
T H 1i CHRONICLE
1302
RESOURCES (Concluded)Two ciphers (00) omitted.
Boston.
Phila.
New York.
$
Poreignioans on gold
Another earning meets
S
3,055,0
Total.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan. City Dallas. San Fran.
$
1,208,0
$
1,050,0
2,950,0
$
609,0
$
462,0
$
1,564,0
$
525,0
$
462,0
500,0
$
368,0
2,0
$
399,0
S
10,500,0
3,452,0
i
798,0
91,062,0 1,114,060,0
384,709,0 87.649,0 125,294,0 44,466,0 29,501,0 121,914,0 31,195,0 30,581,0 43,490,0 32,469,0 39,397,0 627,874,0
143,442,0 56,321,0 51,653,0 52,661,0 32,219,0 79,168,0 32,274,0 13,295,0 41,698,0 30,043,0 3,269,0
58,751.0
1,833,0
16,432,0 1,114,0 7,573,0 2,446,0 2.780,0 8,099,0 3,865,0 3,039,0 4,111,0
24,817,0
604,0 1,816,0 4,723,0
331,0 3,016,0
537,0 2,060,0 1,882,0
450,0
480,0
8,796,0
432,951,0 4,892,363,0
418,810,0 1,457,407,0 368,280,0 458,635,0 210,808,0 249,777,0 599,850,0 182,243,0 150.326,0 209,133,0 154,343,0
Totairesources
LIABILITIES.
67,011,0 66,804,0 45,063,0 196,575,0 1,730.684.0
V.R.notesin actual circulation._ 199,442,0 359,401,0 159,312,0 194,174,0 75,857,0 142,318,0 173,536,0 51,191,0
Deposits:
57,918,0 88,250,0 65.027,0 162.024,0 2,201,277,0
78,912,0
305,050,0
Memberbank-reserve sect.- _ 137,334.0 871,062,0 125,405,0 179,278,0 65,856.0 66,071,0
26,332.0
555,0 2,940,0 2,658,0 2,034,0 1,044,0 1,682,0 1,182,0 2,226,0
5,007,0 1,501,0 2,122,0
2,481,0
Government
27,929,0
180,0 7,722,0
934.0
427,0
1,216,0
1,258.0
143,0
182,0
1,101,0
314,0
14,317,0
135,0
Other deposits
2,255.538,0
139,950,0 891,286,0 127,310,0 181,501,0 66,593,0 69,154,0 308,924,0 82,204,0 59,389,0 90,866,0 66,389,0 171,972,0
Totaideposits
39,865,0 562,750,0
54,332,0 114.020,0 50,178,0 46,572,0 50,104,0 24,133,0 69.858,0 33,281,0 12,222,0 37,734,0 30,451.0 8,133,0 114,254,0
Deferred availability items
31,125,0 11,097,0 12.959,0 5,964,0 4,593,0 15.491,0 5,114,0 3,261,0 4,316,0 4,123,0
-8,078.0
Capital paid in
7,592,0 15,071,0 217,837,0
8,977,0
7,497,0
9,971,0
30,426,0
11,701,0
8,950,0
22,462,0
20,059,0
58,749,0
16,382,0
gurplue
11,300,0
725,0 1,335,0
436,0
946,0
482,0
629,0 1,615,0
589,0
967,0
324,0
2,826,0
426,0
All other liabilities
Totalearning assets
Unoollecteditems
Bank premises
All other resources
91,730,0
55,703,0
4,190,0
122,0
418,610,0 1,457.407,0 368,280,0 458,635.0 210,808,0 249,777,0 599,850,0 182,243,0 150,326,0 209,133,0 154,343,0 432,951,0
Totalllabilities
Memoranda.
reserves
deposit
to
total
of
Ratio
.
and F. R. note liabilities corn78.9
77.0
74.2
78.6
83.1
78.8
84.1
75.7
72.1
77.1
71.0
77.1
bitted, per cent
Contingent liability on bills pur3.715.0
1.857.0
2.151.0
1.711.0
2.444.0
14.050.0 4.868.0 5.621.0 2.835.0 2.151.0 7.283.0
(dimwit/1r torsion norraannorrts
4.892,363,0
75.5
48.718,0
11 1925.
STATEMENT OF FEDERAL RESERVE AGENTS' ACCOUNTS AT CLOSE OF BUSINESS MARCH
Boston New York
Federal Reserve Agent at-
mkt.
Cleve. Richm'd Atlanta Chicago.
81. 5. Minn. K.City Dallas Ban Fr.
Total.
$
$
$
$
$
325,940 52.800 45,300 24,105 62,998
487.806 184,998 212,369 91,019 161,070
$
$
$
S
$
$
8
261,537 25,660 18.096 28,473 21,707 64,100 990.466
186,282 58,609 69,784 73,809 50,740 241,450 2,040,508
5,000
186,698 6,000 8,780
29,201 11,181 11,276 3,210 6,858
126,000 122,389 150,000 57,795 128.000
145.907 45,428 42,313 30.014 21.202
97,803 3,020 37,279 9,357 3,801
277,916
16,011
12,075 13.052
4,987 2.884 1.566 4.505 3,423 13,211 105,587
1.228.724
196,035
20,000
54,360
52,500
35,000
160,645
20.650 8,710 2.666 14,944 11,306 32.204 428,281
40,063 11,222 8.492 2.713 1,032 19,989 250,757
519,980 1,399,355 425,816 507,317 215,500 388,939
Total
Liabilitiesfrom
received
notes
Reserve
of
Federal
Net amount
282.322 813,746 237,798 257,669 115,124 224,068
Comptroller of the Currency
169,635 341,899 139,570 170,056 61,005 139,868
Collateral received from I Gold
68,023 243,710 48,448 79,592 39,371 25,003
paper
(Eligible
Federal Reserve Bank
674,164 154,100 166.156 178,804 125,119 566,989 5,322,239
519,980 1,399,355 425,816 507,317 215,500 388,939
674,164 154.100 166,156 178.804 125,119 566,989 5,322,239
222,572
23,130
487,806 184.999 212,369 91,019 161,070
128,405 25,686 18.195 15,162 18,752
186,282 58.609 69,784 73,809 50,740 241,450 2.040.508
12.746 7,418 2,773 7.005 5,677 44,875 309,824
100 dA9
R50 4,11 150.119104 174
3
(In Thousands of Dollars)
Resources59,750
Federal Reeerve notes on band
222.572
Federal Reserve notes outstanding
Collateral security for Federal Reserve notes outstanding
30,300
Gold and gold certificates
13,335
Gold redemption fund
126,000
Gold Fund-Federal Reserve Board
52,937
Iglble paperf Amount required
15,086
lExcess amount held
Total
federal Reserve notes outstanding
federal Reserve note, held by banks
Federal Reserve notes In actual circulation
70 R57 149 RIR
447,819 84,269 87,880 102,282 72,447 305,550 3,030,974
165,632 49,899 67,118 58,865 39,434 209.246 1,612,227
60.713 19,932 11.158 17,657 13,238 52,193 679,038
172 ARA
51 101
07011
An And
AA non ion A7A 1 720 ARA
Weekly Return for the Member Banks of the Federal Reserve System.
resources;
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the
always a week behind
the liabilities of the 739 member banks from which weekly returns are obtained. These figures aregiven
in the statement
were
those for the Reserve banks themselves. Definitions of the different items in the statement Reserve
Board upon the figures
of the
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment
for the latest week appears in our Department of "Current Events and Discussions," on page 1276
4 1915. Three ciphers (000) omitted.
1. Data for all reporting member banks In each Federal Reserve District at close of business March
Federal Reserve District.
Boston. New York
Phila.
Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San
Total.
739
$
$
206,242
11,492
215,085 4,793,880
865,500 8,243.173
70
74
$
$
S
31,857
10,295
6,576
126,837 .73,171 692,908
349,609 383,841 1,216.269
33
25
71
49
IS
13,688
181,857
316,640
S
2,753
60,045
206.344
$
3,931
102,306
343,485
$
3,612
73,236
241,205
467,307 1,941,034
512,185
269.142
449,922
318,053 1,092,077 13,243,295
17,407
165,970
48,042
94,611
12,336
417,089
13,257
25.873
5.257
15,791
656
98,611
7,146
27,230
9,953
17,979
5.720
38,421
9,333
42.973
14,639
22,647
2,833
72,578
755,455
159,445
106,449
165,003
1.273,547 7.005,047 1,052.366 1,837,838 614.277 538,957 2.696.489
Total loans ana Investments
40,152 231,121
38.403
80.597 114.552
89,257 758.608
Reserve balances with F. R. Bank..
52,618
30,519
13,698
10,889
15,583
79,488
20,977
Cash In vault
1,753.450
999,585
318,835
755,149
366,590
5,645,901
858.148
Net demand deposits
349,215 1,114,311 175,318 717,463 189,023 193,548 929,099
Time deposits
21,000
2,136
2,941
11,439
10,522
25,096
22,516
Government deposits
Bills pay'le & redisc. with F R. Bk.:
6,268
48
3,152
5,110
25.596
3,665 117.550
Secured by U.S. Gov't obligations
4,262
9,710
8,156
4.205
3,472
36.293
6,815
M1 other
rat Riser, e Bank Cities.
Bankers' Balances of Reporting Me mber Ban ks in Fede 193.192
21,116 445,355
36,201
52,945
1,147,125
132.623
Due to
12/ 907
IA nen
14 005
on QA0
an In.
Ina nnn
..,
.
- banks
a
671,630
50,415
7.658
418,709
206,803
6,469
375,591
28,536
5,770
252,357
107,372
1,602
614,925
55,581
11,822
500,806
137,216
657
160
2,006
115
308
237
66
100
1,650
101,855
69,267
128,286
47,452
20 AAA
99 11A
AA 707
24 RAA
76
IS
19,689
433,136
738,948
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
MI other loans and discounts
103
42
$
$
82,704
7,888
305,140 2.213,646
649,674 2,567,409
55
$
11,757
316,313
364,249
Total loans and discounts
Investments:
U.S. pre-war bonds
U. S. Liberty bonds
U.S. Treasury bonds
U.S. Treasury notes
U.S. Treasury certificates
Other bonds,stocks and securities
962,702 4,863,759
692,319 1,191,773
Totalinvestments
36
483,022
37,795
10,183
78,893 624,026
17,168 152,569
8,953 240,034
27,708
1,878
193,770 1,059,156
9,568
51,242
15,808
19,407
6,995
257,027
31,502
170.548
29,227
55,615
7,085
352,088
25,163
36,744
5,647
1,804
341
61,556
14.855
9,052
2,208
3,277
1,084
41,174
310,845 2,141,288
360,047
646,065
131,255
71,650
100
17,489
15,620
6.083
9,164
1,915
21,198
218,360
24,662
115,032 1,363.203
349,100
42,499
515,939
26,657
84,029
15,478
192.726 2,805,394
71,469
417,054 5,336,025
389,522 1,509,131 18.579,320
32,666 106,749 1,626,637
281,644
21,493
11,129
294,450 780,115 12,924,095
95,929 729,741 4.945,039
113,391
7,363
1.650
9,270
6,600
171.271
83,543
119,276 2,494,693
79 097
079 077
for whole country.
2. Data of reporting member banks In New York City, Chicago, and
AU Reporting Member Banks.
Mar. 4 1925.
Feb. 25 1925.
Reporting Member Banks in N. Y. City.
Reporting Member Banks in Chicago.
Mar.5 1924. Mar. 4 1925. Feb. 25 1925. Mar. 5 1924. Mar. 4 1925. Feb. 25 1925. Mar. 5 1924.
48
46
46
67
67
67
758
739
739
Number of reporting banks
$
$
$
$
$
$
S
$
$
Loans and discounts, gross:
25,866,000
23,384,000
23,740,000
66,215,000
213,887,00077,882,00077,495,000
202,744,000
206,242,000
Secured by U. S. Govt. obligations
515,868,000 518,604,000 442,321.000
4.793,880,000 4,746,733,000 3,820,369,000 1,982,463,000 1.964,734,000 1,396,977,000 697,521,000
Secured by stocks and bonds
686,382,000 648,089,000
000
8,243,173.000 8,193,354,000 7,900,509,000 2.268,162.000 2,242.025.0002.265,011.
All other loans and discounts
1,116,276,000
1,228,370,000
1,237,129.000
3,728,203,000
4,284,254,000
4,328,507,000
11,934,565,000
13,243,295,000 13,142,831,000
Total loans and discounts
Investments:
4,198,000
1,038,000
1,938,000
38,666,000
27,067,000
270,324,000
27,068,000
218,834,000
218,360,000
U. S. pro
-war bonds
43,177,000
82,165,000
81.083,000
999,872,000 528,071.000 532,055,000 381,962,000
1,363,203.000 1.375,887,000
U.S. Liberty bonds
5,065,000
26,662,000
26,347,000
15,156,000
136,526,000
75,607,000
136,705.000
351,026,000
349.100.000
Treasury
bonds
B.
U.
77,745,000
71,184.000
67.052,000
783,613,000 222,109,000 214,861,000 389,185,000
514,721,000
515,939,000
U. B. Treasury bonds
15.569,000
6,700,000
6,018,000
20.330,000
54,895,000
96.681,000
25,802,000
114,315,000
84,029,000
U. S. Treasury certificates
208,222,000 160,745,000
Other bonds.stocks and eecurities. 2,805,394,000 2,820,751,000 2,222,912,000 792,218,000 797,903,000 571,043,000 200,277,000
306,499,000
Totalinvestments
5,336,025,000 5,395,534,000 4,449,009.000 1,731,973,000 1.763,307,000 1,416,342,000 383.615,000 396,871,000
1,422,775,000
Total loans and investments- 18,579,320,000 18.538.365,000 16.383.574.0008.060,480.000 6,047,561,000 5,194,545.000 1,620,744,000 1,625,241.000 150,725,000
161,006,000
Reserve balances with P.IL banks.. 1,626,637,000 6,681,019,000 1,409,988.000 702,776,000 748,576,000 584,446,000 158,145,000
27,385,000
28,902,000
26,045,000
69,902,000
70,226,000
279,175,000
64,368,000
294,501,000
281,644,000
Caah in vault
1,015,185,000
12,924,095,000 12,932,093,000 11,174,184,000 5,103,839,000 5,092.409.0004,297,847,000 1,141,291,000 1,146,309,000 372,933,000
Net demand deposits
456,469,000
454,809,000
607.829,000
794,442,000
765.505,000
4,194,062.000
4,945,038.000 4,950,842,000
Time deposits
6,241,000
14,343,000
14,343,000
33,974,000
124,644,000
16,279,000
16,279,000
112,938,000
113,391,000
Government dePoeitli
Bills payable & rediscounts with
Federal Reserve Banks:
5.274,000
1,668,000
718,000
27,175,000
98,450,000 149,550.000
118,206.000
216,920,000
171,271,000
Secured by U.S.Govt.obligations909,000
1,000,000
1,600,000
8,914,000
32,789,000
143,591,000
34,696,000
71,849,000
83,543,900
An other
6,183.000
2,668,000
2.318,000
38.089,000
261.797,000
182.339.000
133,146,000
F.
borrowings
from
288.769.000
R.
bits.
254,814.000
Total
MAIL 14 1925.]
1303
THE CHRONICLE
u antic
3anker
UnitedE States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
Wall Street, Friday Night, March 13, 1925. we furnish a daily record of the transactions in Liberty Loan
Railroad and Miscellaneous Stocks.-The review of the bonds and Treasury certificates on the New York Stock
Stock Market is given this week on page 1293.
Exchange. The transactions in registered bonds are given
The following are sales made at the Stock Exchange this in a footnote at the end of the tabulation.
week of shares not represented in our detailed list on the
pages which follow:
Daily Record of U. S. Bond Prices. Mar. 7 Mar. 9 Mar.10 Mar.11 Mar.12 bfar.13
Sales
STOCKS.
Week Ended March 13. for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
xxxxx
xxx xxx
x xxxxxxx x 'x
m xxxx x
xxx
xxxx
x xx xx xx xxx
ttitgttggtmttti.ggiitgtoltggt4.2511tttgtligtiOtitgo.00dtgtititggfaggViggiitivagg
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2:8
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8824V=Pg72711="
2422"
2
,..
— 4-Wal2r---- —
— -- .
-- 1'482=28
—
— —.
.
Jan
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Jan
Feb
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Jan
Feb
Mar
Mar
Feb
Mar
Jan
Mar
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Mar
Jan
Mar
Feb
Mar
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
sl'ilugti-a.
.,
t = r xx x
Industrial & Misc.
American Bank Note_50
100 184 Mar 10 184 Mar 10 161
Amer Chicle, pref ctfs100
100 95 Mar 13 95 Mar 13 94
American Snuff
100
100147% Mar 12 147% Mar 12 144
Art Metal Construe- _10
300 1534 Mar 11 15% Mar 11 15
Auto Sales
50
100 4 Mar 10 4 Mar 10 4
Preferred
50
100 1434 Mar 10 14% Mar 10 1434
Briggs Manufacturing.* 8,800 3634 Mar 10 3734 Mar 10 36
Brunswick-Balko-Coll_ _ 5 1,200 3834 Mar 11 40% Mar 9 40%
Bush Terminal
100 2,800 91 Mar 10 94 Mar 9 86
Cart-Teed Prod,lst pf100
300 95 Mar 9 05 Mar 9 89%
2d preferred
100
200 85 Mar 11 85% Mar 9 8034
Childs Co
10,800 54 Mar 13 56% Mar 13 54
Cluett,Peab & Co, pf100
100105% Mar 0105% Mar 9 10334
Coca-Cola, pref
101
800 99 Mar 10 10134 Mar 12 99
Cont'l Can,Inc, pref.106
700 11434 Mar 11 11654 Mar 7 114
Crex Carpet
100
200 39 Mar 10 41 Mar
39
Deere & Co, pref__ _100
100 9134 Mar 11 9134 Marl 8234
Devoe-Rayn, Tat pf_ _100
100 99 Mar 9 99 Mar
9734
Emerson-Brant, pref_100
500 12 Mar 12 1354 Marl 11
Fed'i Lt & True, pref _100 400 86 Mar 9 87 Mar
85
Fisher Body .new
• 1,400 6234 Mar 11 6434 Mar
6034
Foundation Co rights_ _ _ 11,351 I% Mar 11 134 Mar
154
Franklin-Simon, pref.100
101%
300101% Mar 9 102 Mar
Great West Bug, pref.100
10011034 Mar 11110% Marl 109
Hanna,lot prat, c 1 a_100 200 8534 Mar 11 8534 Marl 85%
Hayes Wheel, prat _ _100
100 103 Mar 13 103 Marl 100
Helme(0 W)
25
400 72 Mar 9 7254 Mar
72
Int Agile, prior pref_11 I
100 46 Mar 9 46 Mar
46
Int Telep & Teleg rights_ 3,400 3 Mar 11 4 Mar
234
Jones & L Steel. pref..100
100114 Mar 12 114 Marl 111%
K C Pow & Lt,
'
st pref_s
200 101 Mar 910134 Marl 99
Kresge Dept St s. pf _100
200 93 Mar 9 93 Mar
88
Kuppenheimer, pref.100
100 100 Mar 13 100 Marl 9954
Liggett & Myers rights__ 21,700 814 Mar 11 834 Mar
754
Long Bell Lumber '• _• 1,300 4634 Mar 10 48 Mar
4634
Loose-Wiles, lat pref_100
50 109 Mar 12 109 Marl 10434
2d preferred
100
100 110 Mar 7 110 Mar
104
Mackay Cos, pref __ _100
300 66 Mar 12 67 Marl 66
Manhattan Shirt, pref__
100 105 Mar 12 105 Marl 105
Martin Parry rights.... 13,200
%
14 Mar 11
II Mar
Mullins Body, pref 100
100 8234 Mar 11 8234 Marl 8234
Murray Body certlfs___* 1,200 41 Mar 11 4234 Mar
41
Natl Supply, prat _100
100109% Mar 12109% Marl 10434
N N & H Ry,G & B_100
500 5834 Mar 11 62 Mar
52
Preferred
100
8234
100 8734 Mar 9 8734 Mar
NY Canners, 1st p1_100
95
100 95 Mar 9 95 Mar
N Y Shipbuilding
*
100 2434 Mar 9 2434 Mar
17
Onyx Hosiery, pref__100
100 7834 Mar 9 7834 Mar
7834
Orpheum Circ. 1st pf.100
500 10034 Mar 7101 Mar
98
Pacific Tel & Tel rights_ two
34 Mar 10
34
34 Marl
Panhandle P &R.Pf-11111
500 60 Mar 7 6034 Mar
43
Phillips Jones, prat_ _100
100 87 Mar 11 87 Marl 87
Phoenix Hosiery
100 20 Mar 7 20 Mar
5
20
Porto Rico-Amer Tob100
400 4034 Mar 10 45 Marl 4034
Prod & Ref Corp, pref_50
400 4534 Mar 7 4534 Mar
4334
P El Corp of NJrighte___ 3,500 24 Mar 11 27 Marl 24
New rights
6,400 1-16 Mar 10
1-16
% Mar
Pub Serv Elea Pr, p1_100
20010434 Mar 10104% Marl 10051
Pub Serv Elan & Gas, pf._
300 94 Mar 12 95 Marl 94
Ry Steel Spring, pref_101
20011434 Mar 7115 Mar
11434
Reis(Robt), let pref_100
100 69 Mar 11 69 Marl 69
Reynolds Tobacco A_ _ _ _
100 148 Mar 9 148 Mar
148
Shan't-William, p1.100
100 106% Mar 10 10654 Marl 10634
Stand Gas & Elea Pow.50
200 5234 Mar 13 53 Marl 5234
Symington temp ars_ ...* 55,000 1634 Mar 7 19 Marl 1034
Class A
* 5,000 21 Mar 13 23 Mar
21
United Cigar Stores_ _ _25 24,600 7134 Mar 10 7854 Mar
6054
U S Tobacco
* 900 5234 Mar 11 5234 Marl 5214
Preferred
100
10011034 Mar 911034 Mar
108%
Va Coal & Coke, pref.100
100 75 Mar 7 75 Mar
75
Ward Baking, Class A.*
500 119 Mar 11 12034 Marl 119
Class B
• 5,700 3934 Mar 10 41% Marl 3934
Preferred
• 2,501 98% Mar 11 9934 Marl 9454
Weber & Heilbroner__ _• 200 5234 Mar 11 5234 Marl 5254
Westing Elea Inatnun't.* 1,400 10 Mar 7 11
10
Mar
Class A
* 3,800 19% Mar 7 2134 Marl
1934
Wilson Co ens, prat _100 2,700 20 Mar 13 42 Mar
16
* No par value.
zi
''' '''''"I'
- °g2ggt;
[
Par. Shares $ per share. $ per share. S per share
Railroads.
5 Mar 11 5)4 Mar 7 3
Brun.sw Term&Ry Seed° 1,600 4%
Feb
100
Iowa Central
400 3 Mar 10 334 Mar 7 134 Jan
Nashv Chatt & St L_101
400 153 Mar 7 155 Mar 9 144
Jan
Nat Rys Mex,1st 01_100
400 4% Mar 12 4% Mar 9 4.% Mar
100
Pacific Coast
300 36 Mar 7 38 Mar 7 25
Jan
2d preferred
100 1,809 4734 Mar 11 5034 Mar 7 3434 Jan
Reading rights
1,600 2134 Mar 11 2234 Mar 7 2134 Feb
Rensael 4, Saratoga_ _100
1 120 Mar 7 120 Mar 7 118
Jan
Twin City R T, pref_100
100 9734 Mar 13 9734 Mar 13 9434 Jan
(High 1012I8, 101118 101".1 1011131 10111st 10111ss
First Liberty Loan
a, 101h, 101"n
334% bonds of 1932-47„(Low_ 101"n 101 1482 101",, 101,
(Close 101",, 101 148, 101"as 101"1, 101"as 101"n
(First 3548)
103
37
204
123
114
184
Total sales in $1,000 units_ _ _
____
____
- - -_ 101.132
Converted 4% bonds of (High
____ 101"as
____
____
1932-47 (First 4s)_. I Low.
'
Total sales in $1,000 unne___
Converted 434% bonds (High
of 1932-47 (First 45Is)( Low_
(Close
Total sales in $1,000 antis__
Second Converted 4si%(High
bonds of 1932-47(FiratiLow_
Second 43(5)
Total sales in $1,000 units__
Second Liberty Loan
(High
4% bonds of 1927-42_ __ _(Low_
(Second 4s)
(Close
Total sales in 81,000 units ___
Converted 454% bonds (High
of 1927-42 (Second (Low_
(Close
4340
Total sales in 81,000 unite._
(High
Third Liberty Loan
(Low_
434% bonds of 1928
(Third 434,)
tame
Total sales in $1,000 units__
(High
Fourth Liberty Loan
434% bonds of 1933-38....(Low_
(Fourth 45(8)
(Close
Total sales in $1,000 units__
(High
Treasury
{Low_
434e, 1947-52
(Close
Total sales in 31,000 units...
(High
4s 1944-1954
Mow_
(Close
Total sales in 51.000 units_ __
-- -------101"ag 101"as 101",, 101"1, 10121as 10111,9
101"st 10111c 101"o 101"n 101"st 101"ft
101",, 101"as 101"at 101"as 101"n 10118n
3
37
11
100
7
28
__--
----
____
___
__ _ _
____
10011n
10011,2
10011n
146
10113,1
101"n
101on
47
101"n
101"tt
101"as
30
10427a,
104"as
104",,
3
100"n
100"as
100llei
9
----
----
----
---
____
____
_ _ _,
____
____
____
__
____
_______
10021n 1001/n
10011st 10011n
100", 10022as
390
387
101", 101"st
1011n 101,a,
101832 101%
141
595
101112 101"n
10111, 101"tt
101", 101",,
618
182
104", 10422,,
104", 104",,
104", 104",,
24
3
10011: 100",,
100", 100"as
100ITe 1009n
42
28
____
10012n
100un
10011n
3
10011n
100"n
100"as
177
101un
101"as
1011433
68
10111n
101"n
101"at
631
104",,
104"as
104",s
2
100"as
100"at
1001112
14
-___
10011,1
100"n
1001in
132
10011::
10011n
100"as
870
101"n
101"as
Mon
745
10111n
10111n
101",,
692
10424z,
10412ss
104"as
27
100",,
100"at
100"at
75
___
100"n
100"it
100"sr
1
100"st
100"to
100215,
427
101"1,
101"n
1011432
445
1011•11
10111ss
101"n
159
104",,
10418n
104"a,
.37
100"as
100"ss
100"ss
54
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1016,2 to 10113e
1 1st 334s
101"n to 101111/23 3d 4301
2 1st 434s
44 2d 4540
101"sr to 101"ts
101"n to 10111n 28 4th 4548
100"n to 1001111
Quotations for U. S. Treas Ctfs. of Indebtedness, &c
Maturity.
!III.
Rate.
Bid.
Asked.
Mar.15 1926...
Dec. 151925...
Sept. 15 1926_
June 151925...
434%
434%
434%
434%
101%
100%
100%
100tte
10154
101
101
10034
Maturity.
Int.
Rate.
Btd.
Dec. 15 1927___ 434% 10134
Mar.15 1927___ 434% 10134
Sept.15 1925_ 2X % 9934
Dec. 15 1925... 3%
99fils
Atkal.
102
102
100
100
New York City Banks and Trust Companies.
AU prices dollars per share.
Banks-N.Y. Bid
Ask
Banks
Bid
America*._ _ - 255 262 Hanover
960
Amer Exch
374 379 Harriman...... 475
Amer Union*. 165
Manhattan* - 175
Bowery*
650 iEO Mach & Met_ 396
Broadway Ce 165
Mutual*
415
Bronx Boros_ 250
Nat American 165
Bronx Nat......
National City z435
iio New Neth• 170
Bryant Park*
Butch & Drov 160 170 Park
460
Capitol Nat__ 195 205 Penn Exch_
110
Cent Mercan- 220 230 Port Morris
178
Chase
408 411 Public
470
Chat & Phan_ 295 303 Seaboard ____ 458
Chelsea Exch* 175 190 Seventh Ave_ 120
Chemical ____ 665 670 Standard --__ 300
Coal & Iron__ 250 275 State*
420
Colonial* ____ 450
Trade*
Commerce ___ z355 aio United States* 195
Com'nwealth* 300 310 Wash'n Hts,
.. 270
Continental
220
Brooklyn
Corn Exch___ 462
Cosmop'tans_ 135 150 Coney Island* 180
East River... 225
First
450
Fifth Avenue* 1700 2000 Mechanics" _ 210
__
Fifth
280
Montauk* _- 190
First
2500 2600 Nassau
325
Garfield
335
People's
275
135 145 Queensboro• _ 166
Gotham
Greenwich*
400
Ask
Trust Co. Bid
Ask
990
New York
490 American ____
180 Bank of N Y
401
& Trust Co 570 577
___ Bankers T
447 455
Bronx Co Tr_ 185 205
440 Central Union 720 730
Empire
300 310
470 Equitable Tr_ 260 262
125 Farm L & Ti. 445 456
Fidelity In
245 255
260 270
480 Fulton
465 Guaranty Ti- 225 330
130 Irving BankColumbia T 420 440
440 Lawyers Tr__ 240 250
147 Metropolitan_ 444 450
205 Mutual(Wes
chaster) ___ 180
N Y Trust_ __ 420 425,
itie Cu & Tr 512 522
S Mtg & Tr 360 370
nited States1650 1700
Westches Tr_ 275
Brooklyn
Brooklyn Tr_ 725 750
__.. Kings County2200 800
176 , Manufacturer 325
670 690
People's
Foreign Exchange.-Sterling exchange showed improvement, and rates advanced .about 3 cents, on a renewal of
active buying. The Continental exchanges were irregular,
with losses recorded in francs and lire on heavy offerings and
a lack of buying demand.
•Banks marked with (* are State banks. (x) Ex-dividend. 00 New stock.
(y) Ex-rights.
To-day's (Friday's) actual rates for sterling exchange were 4
75%1©
4 764 for sixty days, 4 78%@4 79 for cheques and 4 7834 g4 7934 for
cables. Commercial on banks, sight 4 78)404 7834. sixty days 4 7458
4 7434, ninety days 4 7334 @4 7434, and documents for payment (sixty
days) 4 7454584 75; cotton for payment, 47834(4)4 78%, and grain for
payment, 4 7834@4 7834.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.07)4@
5.094 for long and 5.12 X 05.14)4 for short. German bankers' marks
are not yet quoted for long and short bills. Amsterdam bankers' guilders
were 39.52039.56 for long and 39.885839.92 for short.
Exchange at Paris on London 93.00 francs; week's range,91.60 francs high
and 93.10 francs low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days. Cheques,
Cables,
4 76%
High for the week
4 7934
4 7334
4 76
Low for the week
934
4 76%
Paris Bankers' Francs5.154
High for the week
5.21%
5.224
Low for the week
5.033i
5.09%
5.10%
Germany Bankers Marks23.81
High for the week
23.81
23.81
Low for the week
23.81
Amsterdam Bankers' Guilders
39.56
39.98
40.02
High for the week
39.45
39.87
39.91
Low for the week
estic Exchange.-ChIcago, par. St. Louis, 155825 cents per
31,0011
Don discount. Boston, par. San Francisco, par. Montreal, $.3125
per $1,000 discount. Cincinnati, par.
Alliance Rity
Amer Surety.
Bond& M G..
City Investing
Preferred _
Lawyers Mtge 205
New York City Realty and Surety Companies.
AU prices dollars per share.
Bid
115
128
243
_
Ask
132
248
210
Mtge Bond__
Nat Surety__
N Y Title &
Mortgage_ _
U S Casualty_
S Title Guar
Bid
127
206
295
320
232
Bid I Ask
Ask
132 Realty Assoc
(Bklyn)con5 190 200
211
1st pre ---- 901
93
2d pref____ 81
305
8314
335 Westchester
Title & Tr_ 250
242
The Curb Market.-The review of the Curb Market is
given this week on page 1293.
A complete record of Curb Market transactions for the
week will be found on page 1317.
CURRENT NOTICE.
-Announcement has recently been made of the establLshment Jan. 1
1925 of the Maurice H. Needham Co., general advertising agency, with
offices in the London Guarantee Building, 360 North Michigan Ave.,
Chicago. Mr. Needham has for some time been closely associated with
financial advertising. At the David C. Thomas Co.. where Mr. Needham
was Vice-President during four years, he handled among other accounts
the Interesting advertising of the Illinois Merchants Trust Co.
1304
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING FIVE PAGES.
For sales during the week of stocks usually inactive, see preceding page.
Thursday,
March 12.
March 13.
Sales
for
She
Week.
per share $ per share $ per share $ per share
$ per share
Shares.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Elatur(fali,
March 7.
3 per share
Monday,
March 9.
Tuesday,
March 10.
Wednesday
March 11.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range for Previous
Year 1924.
PER SHARE
Range for Year 1925.
On basis Of 100-share lots.
Lowest
Highest
$ per share
$ per share
Lowest
Highest
$ per share $ per share
Railroads.
Par
100 22 Feb 17 2712 Jan 12
400 Ann Arbor
25
25
2473 25
25
*22
*22
*22
122
25 .
25
25
100 4212 Feb 17 48 Mar 2
400 Do pref
,
4 4614 4614
4534 45
*4512 47
*4212 46
4512 4512 *4212 46
Atch
Topeka
&
Santa
Fe
100 11614 Jan 16 12778 Mar 2
20,900
12118
123
12212
122,
4 1234
123 12312 1214 124
12158 12314 12112
100 9212 Feb 17 9538 Mar 11
1,300 Do pref
95
95
95
95
95
95
9518 9514 95,4 9538 954 95
3 Jan 14
712 Mar 6
Atlanta
Birm
&
Atlantio
100
614
7
49,500
63
4
714
6
7
6
,
2
578
634 74
64 7,4
159 15912 159 16012 3,700 Atlantic Coast Line RR__ A00 14714 Jan 16 166 Mar 3
161 163
158 159
159 161
1574 159
100 76 Feb 17 8114 Mar 6
8213 8314 8058 82
,
4 8178 804 8114 67,500 Baltimore & 01210
794 8112 7938 8138 80
100 6412Mar 2 6612 Jan 6
900 Do pref
6478 6478
65
*65
65,4 65
*65
65
65
6538 6412 65
60 37341Mar 11 4214 Jan 15
38,s 33814 3814 1.900 Bangor & Aroostook
3812 374 3734 38
384 3834 384 3812 38
100 90 Feb 19 9412 Jan 5
100 Do pref
91
•90
94
*90
94
94
94
.90
94
*90
*90
94
354 Jan 5 45 Feb 10
Bklyn
Manh
Tr
v
t
c_No
pa
23,000
4212
4314
424
434
4112 414 4234
4114 424 41
4112 41
No par 7278 Jan 2 8112 Mar 13
80
80,2 8073 8078 8112 8112 1,400 Do pref v t o
81
804 80
*80
81
,
4 *80
60 Buffalo Rochester & Pitts_100 53 Mar 5 77 Jan 28
5314
5314 "50
5314 *50
*50
5314 *50
5314 5314 5314 *50
100 14613 Feb 28 15238 Jan 8
14778 14814 14718 148
14714 14778 14718 14713 1474 14814 14734 14858 8,900 Canadian Pacific
400 Central RR of New Jersey_100 290 Feb 20 321 Jan 3
300 300 "295 305
8300 305 30014 30014 *295 305 0295 305
100 92 Feb 17 9834 Jan 15
*9612 9614 9418 9578 9412 9514 9412 944 944 9512 9418 94% 5,800 Chesapeake & Ohio
100 10614 Jan 6 109 Feb 24
Do pret
300
•107 10812 *10713 10812 10712 10712 107 107 •107 108 *10712 10812
7 Jan 16 1058 Feb 9
100
*914 912
918 938 4,900 Chicago & Alton
914
918 914
934 9,2
878 9
Do pref
100 1318 Jan 16 1912 Feb 21
17
1712 1614 1678 154 1614 1518 1614 154 1714 164 174 21,400
C C C St Louis
100 148 Jan 5 16412 Feb 11
•150 153 *1.50 163 *150 163 "150 160 "150 162 *150 160
100 32 Jan 21 3818 Mar 13
3478 3534 3512 3618 3,100 Chic & East.Ill RR
3334 34
34
3413 3414 334 3414 *33
Do pref
100 49 Mar 11 5714 Jan 2
5,300
52
49
49
51
52
5012 5012 4934 50,8 4914 4912 49
9 Jan 2 15 Feb 7
1238 1234 1278 1318 1238 1234 7,300 Chicago Great Western_ 100
1338 1334 134 1334 1212 13
Do pref
100 2534 Jan 14 3238 Feb 6
8 2914 2814 2938 16,600
4 2712 287s 28,
2912 294 29
294 2758 28,
812 Mar 11 1638 Jan 7
878 958
878 934 137,100 Chicago Milw & St Paul_ 100
4
812 11,
124 1278 1112 1212
12,
4 13
Do pre
100 16 Mar 11 2812 Jan 7
2018 1618 1773 1614 1734 231,200
2114 16
21,
4 224 21.
21,
4 20
6658 6718 8,400 Chicago & North Western_100 6614 Feb 16 7538 Jan 12
69
6918 6734 68
,
4 664 6712 6658 6712 6712 68
Do pref
100 11114 Jan 2 117 Mar 5
400
116 116 *115 11558 115 115
•115 117 *116 117 "115 117
5118 52,
4 5118 53 105,000 Chicago Rock Isl & Pacific_100 44 Feb 17 5414 Mar 3
5114 4834 5012 4814 51
514 5213 50
Do 7% preferred
100 92 Jan 2 994 Feb 21
8712 98
98
9712 9812 1,500
•974 98
9712 9758 9613 9618 87
Do 6% preferred
100 83 Jan 2 8912Mar 3
8814 89
96
8712 8712 2,100
•8713 89
87
,
4 8812 8712 8814 96
Chic St Paul Minn & Om_ _100 4912 Feb 21 5912 Jan 13
*47
50
*46
49
*47
49
*48
50
*48
50
*48
50
Do pre
100 94 Jan 7 108 Jan 13
200
9812 9812
*98 101
"95 101
100 100 *98 101
•100 102
100 444 Jan 6 59 Feb 18
5612 564 5618 5678 5612 5612 2,600 Colorado & Southern
57
5712 5612 57
5712 57
Do 1st prof
100 61 Jan 6 64 Feb 9
64
64
64
*62
*62
*62
64
*62
64
*62
•62
64
54 Jan 21 58 Feb 2
Do
2(1
pref
100
300
57
5712
57
57
57
5712 *57
*57
5712 *57
57
57
100 13612 Jan 8 14512 Feb 10
14112 14112 14173 1414 2,200 Delaware & Hudson
14014 141
14078 14114 141 142
14114 142
Feb 17 14458 Jan 13
13514
Delaware
Lack
dr
Western_
50
2,900
137
13612
138
13613
137
13812
13612
1374
1374
138
13812
138
7,800 Denver Rio Or dc West pref 100 42 Jan 2 60 Jan 12
4 44
42
4673 42,
4212 47
44
4512 43
4514 4514 45
100 304 Jan 27 34 Feb 24
314 317s 5,200 Erie
314 3178 3158 32
3214 32,4 3173 3214 3178 32
100 39 Feb 16 4678 Jan 2
Do 1st prof
4 4178 4214 4118 4173 7,900
41,
41
41,
4 41
4234 42,
4 4118 42
100 3918 Feb 17 434 Jan 5
Do 2d pref
1,000
41
3912 3958 *371, 40
*38
4112 *374 41
*39
.40
42
100 6618 Feb 11 7138 Jan 8
,
4 6712 6858 12,400 Great Northern pref
69
7034 684 69,4 6818 6858 6718 6814 6818 68
Iron Ore Properties_ _No par 3538 Jan 2 4038 Jan 19
11,400
4 37
4 3713 36,
3678 3712 3612 374 3612 3678 36,
374 38
100 24 Jan 30 2812 Jan 7
3,800 Gulf Mob & Nor tr ctfs
2558 26
26
2712 2678 27
*2512 26
27
2684 2713 *26
100 91 Jan 6 10112 Jan 10
Do pref
*93
95
*93
95
*93
95
*93
95
95
•94
95 •93
2338 Feb 17 2678 Jan 30
3,500 Hudson & Manhattan
234 24
2312 23,
4 2312 23,2 2312 24
,
4 24
2378 237s 23
100 6412 Feb 18 6634 Feb 2
Do prof
6512
200
*65
6512 *65
65
*6413 6612 6412 6412 *6412 6578 65
11334
Jan 16 11958 Jan 7
100
Central
Illinois
3.700
11514
11514
116
11512
116
11514
115
1154
116
"117 11712 116
100 114 Feb 26 119 Jan 7
Do pref
100
*11613 1184 •115 11712 *11512 11712 117 117 *115 11712 "115 11712
Do RR Sec, Series A100 7058 Jan 6 73 Mar 6
10
"72
7318
76
*74
73
73
72
,
4 724 "72
73
*72
•72
400 Int Rys of Cent America 100 18 Jan 8 1958 Jan 29
19
1938 1913 1918 1812 1812 "1812 1834 19
,
4 1913 *19
*18
100 594 Jan 2 62 Jan 20
6012
Do pref
6112 *59
100
*5812 6012 *59
60
*60
6114 60
62
.
60
24,900 Interboro Rapid Transit.._100 23 Mar 9 3412 Feb 9
2412 2373 24,
2313 2612 23
4 2412 2538 2512 2612 2512 26
100 33 Jan 16 4012 Feb 21
384 3718 3814 20,800 Kansas City Southern
,
8 37
3714 3512 37
2778 277s 3614 374 36
100 57 Jan 15 5958 Feb 24
Do pref
59
800
58,2 5918 594 *58
59
5812 5812 *58
•5812 59,2 59
50 744 Jan 26 8258 Jan 10
Lehigh
Valley
7512 764 76,
4 7712 37512 7714 14,600
77
7712 76
7738 77,
4 77
100 108 Jan 16 11714 Mar 2
11178 11212 11212 11253 2,500 Louisville 6r Nashville
.11412 11312 113 11413 112 1124 11213 113
700 Manhattan Elevated guar_100 80 Mar 7 100 Jan 14
95
*80
84
84
88
80
80 '82
80
85
4614 Mar 7 514 Feb 9
4614 4712 4611 4712 4734 484 484 4812 4912 4978 4858 4912 5,000
1012 Jan 2
100
714 Mar 11
9
74 712
712 712
500 Market Street Ry
*7
9
74 7,4 *7
*712 8
100 20 Jan 13 28 Feb 14
Do pref
*26
31
31
*26
31
*26
*26
29
*20
31
*2613 31
Jan 3
Mar
13
52
45
100
Do prior pref
400
45
*44
*45
845
4612 *4412 4612 4518 4513 45
49
49
100 1734Mar 6 2212 Jan 7
Do 2d pref
19
*17
19 "17
*17
18
23
*17
*1512 22
•15
23
6
Mar
5
4
212
Jan
34
100
318
St
L
(new)
314
312
Minneap
&
7.900
3
314
3
312
338 378
314 34
45
44
444 *40
200 Minn St Paul & 85 Marie 100 44 Mar 12 5614 Jan 14
*35
45
48
*40
*40
50
•4C1
50
100 68 Feb 18 71 Jan 9
Do prof
*50
60
60
*50
65
65
*50
60 '50
*50
65
*50
3814 49,400 Mo-Kan-Texas RR_ _._No par 2814 Jan 2 4014 Mar 4
3712 3814 3612 3818 3614 3778 3734 3914 37
3813 39
100 7434 Jan 2 8734 Feb 5
Do pref
8312 84
8238 8338 8314 834 8258 8312 11,600
82,4 833, 8218 83
100 3058 Jan 5 41 Feb 6
3773 3658 3812 3878 40
,
8 3734 384 37
3758 3958 26,000 Missouri Pacific corn
3812 39
100 7212 Jan 2 8314 Feb 9
Do prof
81
81
7812 7914 78
794 80
SO
81
834 7918 8214 43,300
2 Jan 3
2/
1
4 Jan 12
212
900 Nat Rye of Mex 2d pref__ -100
238 238
24 24
24 238 *214
*214 212 *24 212
100 11314 Feb 21 118 Mar 12
2,300 New (Sri Tex & Mex
11778 118
11618 11618 116 11618 116 11618 11618 11618 11618 118
100 1174 Jan 2 12434 Jan 13
1204 1213s 64,800 New York Central
12184 12214 1204 12112 11934 12078 1194 12058 12038 121
100 124 Jan 6 1374 Feb 24
132 132 "130 132 '130 132
900 NYC&StLnewco
12814 130
130 131
132 132
100 8812 Jan 6 9214 Mar 3
Do pref
9112 9112 9158 9112 9112 1,600
9158 9134 91
4 9113 92
*9112 91,
100 294 Jan 19 364 Mar 2
34
3414 334 3378 3212 3378 324 3338 3314 3414 3258 3334 43,400 N Y N H & Hartford
100 2112 Feb 17 2718 Jan 7
2412 231. 25
25
2514 5,200 NY Ontario dr Western
2534 25
25
25,8 *24
26
26
22 Feb 17 264 Feb 25
0
2418 3,200 Norfolk Southern
244 2458 2414 2412 244 2478 2414 25,4 24
25
25'
100 12538 Feb 17 13258 Jan 10
25,200 Norfolk 4r Western
12673 13114 12814 131
12614 12758 12612 127
12834 12834 12712 128
100 754 Jan 8 78 Mar 4
Do prof
200
82
794 *76
*77
*76
82
78
78
78
78
*77
80
6718 Feb 17 7134Mar 6
10
6858 6912 68
6914 6812 6912 6814 6878 13,800 Northern Pacific
70
7013 7078 67
4658Mar 12 4878 Jan 5
5
4634 4678 7,100 Pennsylvania
4634 4673 4658 47
47
471g 4673 4718 467s 47
1714 Mar 11
2078 Jan 12
10
Eastern
Peoria
&
300
*17
.
19
19
"17
1714
19
*17
17,4
19
•17
1912 *17
100 67 Jan 18 72 Feb 25
7012 2,900 Pere Marquette
70
69
70
70
69 .69
69
7013 7012 6912 70
84 Jan 16
Jan
12
80
10
Do
prior
prof
300
83
83
*82
83
82
82
83
"82
8212
8212
•82
8313
100 72 Feb 19 7534 Jan 10
Do pref
300
74
7238 724
74
74
*72
74
*7214 74 "72
•7313 74
7014 4,700 Pittsburgh & West Va100 6718 Feb 17 737s Jan 2
8 6978 6912 7012 70
7034 69,
70
704 6914 704 70
50 7414 Feb 17 8214 Jan 6
Reading
39,600
76
7714
7918
7914
7613
7518
755
8
763
4
77
,
4 7814 764 7712
50 3614 Feb 26 3934 Jan 20
Do 1st pref
3658 36,
4 364 3658 *3634 3714 1,100
•3614 3712 37
*3653 37
37
3912 Feb 20 4334 Jan 6
6
Prof
Do
2d
400
*3912
4012
*3912
4012
397
8
40
40
40
•3913
40
40
40
53 Feb 27 6278 Jan 9
100
pref
Rutland
RR
'4912
58
*49
56
56
*493
8
*4934 56
57
*49
56
.51
72
7078 7238 30,500 St Louis-San Franci8co__100 574 Jan 16 7378 Mar 3
714 7138 83
7014 7178 70
72
7214 724 71
76 Jan 20 84 Mar 3
10
Do pref A
1,100
*82
83
82
8253 "8212
4 83
8358 8358 8314 8312 82,
47 Feb 17 5334Mar 2
10
5178 26,300 St Louis Southwestern
4838 5178 5112 5312 50
5012 484 50
5073 5158 49
100 704 Jan 19 7534 Mar 11
Do pref
75,
4 7412 7558 3724 7234 5,800
7212 73
7278 7278 72
•72
73
100 2038 Jan 16 254 Feb 25
2312 2334 2334 2514 21,900 Seaboard Air Line
2238 23
4 2212 23
2313 2312 2314 23,
3738 Jan 16 4378 Feb 6
10
Do prof
4058 4258 13,200
3934 41
384 40
41
4178 4178 4118 4134 40
102 Jan 5 10838 Jan 9
100
Pacific
Co
Southern
10412
1047
8
38,900
8
1044
1043
10413
10314
10453 10513 10433 10478 1034 10434
7758 Jan 2 92 Feb 5
10
Railway
Southern
8818
887
8
21,900
884 88,4 894
8912 8758 8812 88
894 8934 88
83 Jan 2 9234 Feb 25
10
Do prof
8814 8834 2,500
8878 894 8812 8812 874 8838 8814 89
89
89
4314 Jan 27 5834 Mar 13
10
Pacific
Texas
&
75,600
5418
533
4
52
,
4
5414
6114
53
,
8
53
,
4 5114 5312
54
55
,
8 52
100 fill Jan 28 1434 Jan 12
200 Third Avenue
*1112 1212 *1112 1212
*1112 1214 *1112 1212 .
12
12
12
12
Transit_ _100 58 Jan 22 6612 Mar 7
6312 64
64
City
Rapid
Twin
1.800
54
64
64
6412
6414 6312
6612 6612 64
100 14618 Mar 11 1534 Jan 10
Pacific
14818 14858 14712 1484 14618 14778 14614 1474 14618 1474 26,300 Union
14858 149
72 Jan 30 76 Feb 26
10
Do pref
800
4 *7414 7412
*7412 7434 7418 7412 7414 7458 7458 74,
*7438 75
100 19 Jan 27 264 Jan 2
Railways Invest
United
22
2214
22
900
22
19
3
4
204
2034 204
21
24
21
*21
52
Mar 12 61 Jan 3
100
pref
Do
543
4
700
543
4
53
5212 5212 52
58
"52
54
5.54
5712 54
83
1,900 Virginia Railway & Power_100 6418 Jan 14 8612 Mar 2
81,
4 82
791s 79
79
80
804 80
8114 8114 80
295
8
Jan 21 2612 Mar 12
10
Wabash
59,200
264
2512
2473
2612
2434
24
2538 2558 2458 2514 2414 25
100 5534 Jan 20 6612 Mar 12
Do prof A
554 60,300
,
4 6612 64
6212 6334 6214 6312 63
6414 64
,
8 634 64
100 384 Jan 21 46 Mar 12
prof B
Do
1,900
4518
4514
46
45
45
*44
44
4414
*4412 46
45
45
100 1418 Mar 11
1738 Jan 9
1418 1434 4,700 Western Maryland
•1434 1473 1413 1434 144 1412 1418 1412 1414 1414
2018 Mar 11 2814 Jan 9
10
22
Do 2d pre(
1,700
'21
2014 21
2018 21
2112 2112 2114 214 21 • 21
2114
Feb
17
55
Pacific
100
Mar 11
Western
4412
258,900
424
5012
4614
55
3712 37
,
4 37% 394 38
38
38
100 844 Jan 6 100 Mar 11
Do pref
96
17,000
9534 994 94
9378 100
94
*92
93
*92
93
93
1414 5.400 Wheeling dc Lake Erie Ry--100 134 Feb 17 1815 Jan 7
1418 14
1458 13,
4 144 14
1434 1434 1418 1458 14
100 264 Feb 17 3158 Jan 7
Do pref
1,300
28
*27
27
28
264 27
27
*26
27
29
27
"27
Apr
Mar
Jan
Jan
Feb
Jan
Apr
Apr
Dec
Jan
Jan
Jan
40 May
14234 Mar
199 Mar
8734 Feb
994 Jan
34 Apr
818 May
100 Apr
21 May
37 May
4 Apr
1012 June
107g Oct
1814 Oct
494 Jan
Jan
100
214 Feb
7634 Feb
6558 Jan
29
Jan
6814 Apr
Jan
20
Jan
50
12
25
974
8612
158
112
524
5614
3934
86
1312
4834
45 Jan
10412 Mar
11034 Feb
42 Dec
2034 Jan
284 Feb
2518 Jan
534 Mar
26 May
1134 Apr
50
Jan
2058 Nov
574 Oct
10014 Mar
104 Mar
64
Jan
114 July
4414 May
1234 Jan
1734 Mar
514 Mar
83912 Apr
8758 Jan
42 Jan
3012 Jan
634 Mar
20 34ct
41 Nov
14 Mar
138 Jan
2814 Mar
Si) June
1012 May
2934 Feb
934 Jan
Jan
29
118 July
9312 Feb
9918 Feb
7212 Feb
83 May
144 Jan
16 May
1212 Apr
10212 Jan
724 Feb
4778 Mar
4214 Jan
934 Mar
404 Mar
7112 Apr
60 Jan
38
Jan
5178 May
Oct
34
8334 Jan
32
Jan
194 Apr
4258 Jan
33
Jan
5778 Jan
64 Jan
144 Jan
8512 Mar
384 Jan
6684 Jan
19
Jan
834 May
3912 34ct
12658 Mar
70 Mar
758 14pr
264 14pr
36 Feb
1034 Jan
34
Jan
2212 Jan
838 June
1514 May
144 Jan
Jan
58
711 Jan
1414 Jan
2278 Dee
464 Des
12034 Dec
9658 Dec
5 Dee
15214 Dee
8478 Dec
6612 Dec
444 Dec
95 Nov .
4178 Deo
7534 Dec
6838 De°
15612 Nov
295 Dee
9814 Dec
10918 July
1012 Dec
1978 Deo
15014 Nov
38 Dee
624 Dee
1178 Nov
3138 Nov
1834 Nov
3218 Nov
7534 Dec
11434 Dee
50 Nov
9734 Dec
874 Nov
5712 Dec
94 Dee
49 Nov
654 Dec
59 Nov
13958 Dee
14938 Dec
434 Dec
354 14113
4914 Dee
464 Dee
75 Deo
3934 Nov
294 Dec
99 Dec
2914 Dec
6478 Doe
11778 Dec
11714 Dee
73 Dec
184 Nov
63 Nov
394 July
4158 Dee
594 Dec
85 Dec
109 Dee
85 Dee
5178 July
134 Jan
42 Dec
7112 Jan
Jan
30
Jan
4
534 Dec
75 Dec
3438 Dec
7534 Dee
344 Nov
74 Dee
3 Dec
12112 MAY
11934 MO
128 Deo
9378 Sept
3314 Dec
2814 Nov
29 Nov
1334 Dec
8018 June
73 Dee
50 Dec
2212 Nov
73 Dec
854 Aug
77 Aug
7514 Dec
7912 Dee
564 Jan
56
Jan
66 Nov
65 Dec
8212 Dee
554 Dec
74 Nov
2418 Deo
454 Dec
10512 Nov
7934 Dec
85 Dee
4833 Dec
1811 July
66
Jan
15158 Dec
764 Aug
41 Dec
6478 Dec
7234 July
2438 Dee
6034 Deo
4238 Dec
1614 Dee
2614 Dee
3678 Dec
884 Deo
174 Dec
324 Dec
Industrial & Miscellaneous
6634 6634
66
66
66
88
66
654 6534 65
6514 66
•120 122 "120 122
120 120 *120 122 *120 122 .120 122
99
*97
99
'97
97
97
97
97
100 100
98
98
17
1514 16
1534 1534 1514 1538 154 1512 *154 15.4 16
85112 5212 5212 5412
52
53
5114 514 5112 514 51
9- - Ex-rights
b
• Bid and saked prices.
r Ex-dividend.
1.200
100
400
4,200
4,100
82 Jan 6 67 Jan 10
Abitibi Power dr Paper_No pa
All American Cables
100 119 Jan 5 125 Feb 4
Adams Express
100 91 Jan 5 10314 Jan 9
Advance Rumely
100 134 Feb 20 17 Afar 13
100 47 Feb 18 5412 Mar 13
Do prof
61 Dee 64 Dee
9612 May 12212 Dec
734 Jan 9312 Dec
6 June 1638 Dec
2814 June 54 Dec
New York Stock Record-Continued-Page 2
1305
For sales during tbe week of stocks usually Inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sates
for
the
IVeek.
STOOKS
NEW YORK STOOK
EXCHANGE
Tuesday. Wednesday.I Thursday.
FrIttat
Monday.
March 9. March 10. March 11. March 12. March 13.
--per share $ per share $ per share Shares. Indus. & Miscall.(Con.) Par
per share $ per share
$ per share
102 1 10484 101 104
19,300 Air Reduction. Ino_-_-No par
104 105% 10112 10418 100 10212 1001g 102
1178 12
12% 1184 12
50
1134 121
1212 12% 1214 1258 12
/
4 10,600 Ajax Rubber, Ins
Alaska Gold Mines
10
les -*Pa 134 - Yiloo Alaska Juneau Gold Min_ 10
-15; g2 -11;
15
11
iis "1"5"8
87 83 21,800 Allied Chemical & Dye_No par
88
8918 9012 8714 8914 8652 8812 Ms 87% 87
119 119 *11812 11914 1185$ 1185$ *1174 11914
Do pref
100
119 119
300
•11852 119
8434 8314 861g 79,200 Allis-Chalmers Mfg
100
785$ 805* 77% 7912 7934 81% 8034 8258 82
Do pref
105 105
•104 106 10514 10612 •105 107 *105 107 *105 107
500
100
1712 17
17% 1658 1712 1738 1738 17
17
1738 4,800 Amer Agricultural Chem_100
18
18
47
47
47
•
47
4758 4758 47% 4758 4,600
Do prat
46 4814
49 50
100
40
3912 3934 3912 3934 *39
4012 1,100 American Beet Sugar
100
405$ 405$ 4018 4018 40
86 86 *83 85
1783
*86
Do pref
90 *83 90
85 •8034 85
100
100
3812
3634 3712 354 37
3812 3812 3712
36
3634 3434 3578 6,800 Amer Bosch Magneto_ ,.No par
9914 100
10134 10314 9934 100
99
994 9914 9934 9314 9938 2,600 Am Brake Shoe & F.__-NO par
*108
*108
11014 11014 *108
Do pref
•10734 111 •108 112
200
100
18134 184 1785$ 18212 17512 180% 17534 179
17734 17934 1774 181 193,200 American Can
100
•11912 11934 11934 11934 11912 11912 11912 1194 11834 119 *11812 11912
Do pref
600
100
22712
222
226
22134 225 21912 22434 22212 22412 222% 22434 13,400 American Car & Foundry_100
227
•124 126 124 124 *124 126 123 124 *123 125 •123 125
Do pref
300
100
172458 2478 2434 2434 2458 2458 2412 245$ *2412 2458 2412 2412 1,600 American Chain,Maas A. 25
4612 47 48
45 4518 46
4613 4772 48
45
4674 46
4,800 American Chicle
NO Par
*9412 96 *9412 96
1795 96
1094 96
4194
100
96
Do pref
98
96
100
44 *43 44
42 43
44
43 43 *43
45
4478 448 2,200
No par
Do certificates
57
61
63* 613 r6
658 65*
6
6
6
534 6
5,000 Amer Druggists Syndicate_ 10
15034 15034 149 15112 146 150
146 14714214534146
100
14312145
4,500 American Express
32
304 3118 30% 3014 3034 323* 3052 32
304 3134 *31
4,900 Amer& Foreign Pow__ _No par
9212 927 *9212 9234 917g 9212 9112 9134 91
917k 9212 9253 2,500
No par
Do pre
•118 12378 •120 124 *120 124 *118 122
120 121 13118 122
Do 25% paid
200
Do full paid
"1214
"1214 1214 12 12 1134 1134 1112 -1153 - 1:666 American Hide & Leather_100
*714 8234 7214 734 7178 7258 70 707
72
694 7114 71
100
Do pref
3,400
•8714 8834 *8712 8812 8712 8712 874 871 *8814 8834 *8814 8834
100
500 American Ice
•76
78 716 77 1378 77 *7512 77
*754 77
100
Do prat
7512 76
100
3614 3612 3614 3534 3612 3634 • 36
3611 36
374 *36
36% 8,100 Amer International CorP-100
1218 1218 1218 1214 1218 1214 12% 1214 1214 1253 1238 1212 3,000 American La France F E. 10
2534 2573 2434 2512 2434 25
2412 2434 25
2612 2514 2811 3,600 American Linseed
100
61
60 6012 58% 5878 5853 5914 6234 6314 61
61
61
100
Do pre
3,200
14114 143 13912 14114 13812 141
1381 142
141 14212 1404 142 49,100 American Locom new„No par
123 123 *122 123 *122 123 17122 123 71122 123 *122 123
Do pref
100
100
*4914 50
4914 4914 4912 4974 4878 491
49
4912 485$ 49% 3,500 American Metals
No par
11434 11434 •11312 11434 *112 11414 *114 114/
1
4 •113 11412 *11312 11412
100
Do pref
100
97 97
97 97
98
97
95 98
95
9518 *95
25
95
1,500 American Radiator
*80 82 •80 82 •80 82
80 80 *7934 82
100
1380
82
10 Amer Railway Express
.58 60 •58 60
59 59 *59
5934 *59
60
59
59
30 American Republica__ no par
523
51
5234 5712 s5412 5634 5418 57
5512 591
_100
5518 5812 72,30 American Safety Razor
1212 13
1212 1112 1134 .12
12% 12/
1
4 12
1278 12
127
7,50 Amer Ship & Comm___No pa
9812 Ms 9712 9834 98% 9734 9634 977
9958 1001
961 9814 29,30 Amer Smelting & Renning_100
*108 109 •108 109 108 10814 *10712 10812 *10712 10812 108 108
Do pref
100
70
5278 51
5212 527
51
52
5012 51
5118 5134 51% 511 13,900 Amer Steel Foundries_ -33 111034 1103 11034 11034 13110 ____
•1091g
100
Do pref
•10912 ....200
65% 6634 6414 6534 *1603931 1432 6414 655$ 6312 6583 20,200 American Sugar Refining_100
6582 671
*100 1007 100 100
99 99
WO 100
100 100
Do pref
9912 9912
700
100
•1518 16
15/
1
4 1512 15
15
14
1514 1152 13
100
141/ 1634 6,100 Amer Sumatra Tobacco
*38
45 *38
45 *37
43
3712 38
3612 3818 7140
Do pref
46
600
100
7143 46 *43 46 *43
*43 46
Amer Telegraph & Cable_100
46 *43
46 *43
46
13538 135% 135 135% 13518 13512 13434 13512 135 13512 13512 136
10,400 Amer Telep & Teleg
100
8614 87% 8634 87% 8618 8678 86 8614 87
88
8734 883* 8.200 American Tobacco
50
10512 1051 10512 1051 711044 10511 10412 105
10434 1043 *10418 10514
700
Do pref
100
8612 867
8638 867
8558 8614 8558 864 8634 874 8658 8712 1'1,600
Do common Class B----50
•106 110 *106 1081 *106 1081 •107 108 *106 10812 *106 108
American Type Foundere_100
*3712 38
37
371
3712 38
36
4234 45,000 Am Wat Wks & El v t a----2
3758 3738 4134 40
*100 102 *101 102 *10112 102 102 102 *10112 1027s *10238 103
Do let prat(7%) v t c_100
200
102 102 101 1018 101 101
101 101
Do yarn()Pf(6%) v to 100
1,600
10178 10212 103 103
5014 503s 4914 50
494 491
4714 4912 4458 4834 4212 4514 71,500 American Woolen
100
8938 90
89 89
8858 89
88
8858 87
88
Do pref
8512 8738 3,400
100
*414 41
4%
432
412 41
*4%
*414
1
4
200 Amer Writing Paper pref..100
/
4 4/
44 414 *41
91
*9
9
91
*9
91
81: 9
*834 9
•834 914 1,000 Amer Zino, Lead & Smelt_ 2
311
*31
31
311
Do pref
30 30
25
29
1,200
30
2914 30
3018 *28
424 4278 42
4238 41% 421
40
40
411
4034 40 4078 30,400 Anaconda Copper Mining_50
•33% 35
3334 333
334 3334 *3312 34
34
34
3212 3312 1,000 Archer. Dan'Is Midl'il_No pa
•95 96 •95 96 •95 96
Do prof
96 96 *95
9612
100
100
9612 *95
9334 9354 9334 94
934 933
94 94
*9334 94 19314 9334
800 Armour & Co(Del) pref
100
104 1012 21012 101
10
101
914 10
1018 101s 10
1,300 Arnold Oonstle&Covto No pa
10
18334 184
182
180
176 1771 17414 178 178 18214 182 18414 4,400 Associated Dry Goods
100
*9914 100 *9814 100 •99 100
7199 100
99% 99% *99 100
Do 1st prat
100
10
102 102 1b2 102 *10134 102 102 102 •103 105 •103 105
Do 2d pre:
500
100
3612 3612 36 367
3514 351
35% 357
3512 3612 3518 3614 7,200 Associated 011, new
2
35 3534 2914 33
3058 334 3058 317
32% 35% 33% 35% 48.200 Atl Gulf & W I SS Line____100
424 4218 39 40
38 401
3814 397
4214 4238 4,600
4012 42
Do prat
100
112 11212 111 111
110 110 109 111
11018 11012 4,100 Atlantic Refining
108 112
100
•115 116 13115 116 •115 116 *115 116 •115 116 *115 116
Do pref
100
*49 5214 1350 52 *50 52 *50 5132 50
5214
100 Atlas Powder
No par
50 *50
.92 93 *92 93 •92 93 •92
93
Do pref
95 *92 944 *92
100
121
1114 1134 1034 111
1214 1212 12
1158 1112 1112 2,600 Atlas Tack
11
No par
2812 2918 28
28
2712 28
2738 2738 2734 2834 2634 2712 1,800 Austin, Nichols & Co No par
*9112 9218
3 *9134 92 *91
9134 1391
9134
92
100
9154 9134 *91
Do pre(
100
'272
*234 31
*234 31
253 253 *234 3
3
3
200 Auto Knitter Hosiery__No par
14034 143 13758 1401 13412 1391 13334 1363 1351g 137% 13418 137 121,700 Baldwin Locomotive Wks_100
*114 11514 11314 114 113 113
11312 114
113% 11378
113 113
700
Do pref
100
2814 2878 2758 283s 2678 281
2634 2738 27
2714 37,800 Barnsdall Corp, Class A._ 25
27% 26
22 2214 2214 2214 22
22
21
21
2012 202 2012 2112 1,600
Do Claes B
25
4512 4512 45 45 *43 45
42
43 *49
40
4158
44
600 Barnet Leather
No par
4712 46
4778 474 47
461 •464 471 134612 4712 *464 4712
800 Bayuk Cigars, Inc
No
par
6712 6712 6714 67% 67 671
66 661
664 67
6658 67
2,200 Beech Nut Packing
20
45 4614 4412 454 44% 45% 4418 451
4478 46
4358 4514 78,300 Bethlehem Steel Corp
100
11234 11234 11112 112 •111 112
11034 11034 110 110 *11012 112
500
Co
cum
cony
8%
pref_100
9514 96% 9434 9434 95
9634 9634 96% 97
95
9512 9312 1.100
Do prat new
100
5
54 *5
5
5
5'4
5
5
5
5
*434 5
1.500 Booth Fisheries
No par
172
314 .
4
3
*3
31
*3
31
.1.3
312
3
3
100 British Empire Steel
100
*30 3112•- - - 3134 •-- _ - 33 •33 C.--- 33 •_ - __ 33
Do 1st pref
100
*9
10
9% 912 *812 9
9
;if*
*84 9
200
Do
9
3
4
2d
9
3
4
pref
100
13128 12914 129 .129 •125 12878 128 1281 128 128
12878 13114 2.900 Brooklyn Edison, Inc
100
797s 804 7934 8012 794 804 7912 801
8014 8118 x7952 8112 8.800 Bklyn Union Gas new..No par
*7012 73
7012 7012 70
71
71
70 *6912 73
70
70
600 Brown Shoe Ins
100
*9912 10012 *9912 10012 17994 1001
*9912 101
9912 9912 *9912 10012
100
Do
pref
100
1397 9834 98 98
*99 9934 99 99
9512 9712 9534 9634 1.900 Burns Brothers
100
1978 19% 194 191
*1974 204, 1978 20
1814 1918 1812 19
2,200
Do new Class B oom
9614 9612 *95% 9712 *9512 98
*9812 98
*9512 98
*9512 98
200
Do pref
100
80
81
79
7179
80
80 80
•79
80
80 :8012 8012
700 Burroughs Add'g Mach_No par
7
714
7
718 718
7
7
7
634 7
*658 7
4,600 Butte Copper &
5
22
22
22
224 20
•22 23
221 *2058 2118 20
2038 2,900 Butterick Co Zino
100
1912 194 2014 19/
1
4 2078 1918 20
19
1918 1934 19
1914 9,700 Butte & Superior Mining_-10
14 114
138 13s
1,4 114 114 11
138 *14 13,7 2,100 Caddo Cent Oil & Ref __No par
114
1310514 10512 10312 10514 103 103 103 103
104 104
103 10478 1.600 California Packing
No par
32% 3058 324 3014 3134 3058 31.1
32
3112 3258 3034 32 160.900 California Petroleum. new. 25
11114 113 11134 11212 11152 11212 1114 11134 111% 113
113 11312 7.100
Do pref
100
334 4
334 37
: 334 37
3% 3%
334 334
334 334 2,800 Callahan Zinc-Lead
10
5112 5112 5114 5114 5l1 511
52
52
/
4 51
5012 511
51
1,100 Calumet Arizona Mining_ 10
Case (J I) Plow
No par
1514
15l
iSIg
15l4
15
11
"ii 15 ;ii" 1534 - 1,800 Calumet & Hecht
1513 15's
25
2712 2814 27
27 *26
27% 2712 27% 28
27
28
26
1,500 Case Thresh Machine_No par
*6312 6412 5212 6212 *60
6312 60 60
1758 6312 7158
6312
300
Do pref
100
1814
174 18
18
1838 1858 1818 1818 1758
1813 18
1818 5,600 Central Leather
100
4,5912 60
57% 5914 5658 5878 5514 571 *5612 59
56
56
5.800
100
Do pref
4512 4234 44
44
4512 4718 44% 46/
4712 4432 46
46
1
4 9,300 Century Ribbon Mills. NO Par
98 *95 98
1395
98 *95
97 *95 98 *95
98
97
100
100
Do pref
4578 50
4858 497,1 48% 4912 12,400 Cerro de Pasco Copper_No par
5114 5112 5058 5114 5018 51
45 4612 4434 4534 43% 4434 4438 4514 44% 45
4612 47
7,200 Certain-Teed Products_No par
33
3234 33
3234 334 32% 3384 5,800 Chandler Motor Car __No par
3212 3358 32
3312 34
82 83 *8312 84
86
8212 85
89% 5914 86
8312 8312 2,900 Chicago Pneumatic Tool--100
52 *5112 52 .5112 52
52
52
52
52
52
500 Chicago Yellow Cab.--No par
*5212 53
3312 341g 3312 3334 18,900 Chile Copper
35% 34% 3518 33% 341
34% 3514 35
25
2412
23
23% 2312
2314 2214 23 •22
2312 1,300 ChIno Copper
24% 2458 •23
5
62 62 *60 62 *60
62 *60
62 62
62
200 auett.peabodyagco
*6258 63
loo
a Ex-rights,
z Et-dividend
• Bid and asked prams; no sales on this day.
Saturday.
March 7.
PER SHARE
Range for Year 1925.
On basis of 100-share tots
Lowest
$ per share
8634 Jan 30
11 Jan 21
.15 Jan 2
1 Jan 6
815s Jan 16
117 Jan 9
7112 Jan 5
10314 Jan 3
1358 Jan 5
404 Jan 5
39 Feb 18
804 Jan 19
33 Jan 2
964 Jan 27
1074 Jan 12
15818 Jan 16
115 Jan 29
192 Jan 5
1211: Jan 9
Highest
Lowest
Highest
per share $ per shareS per shard
1111: Feb 26
6714 Jan 93 Dec
14 Jan 3
412May 1412 Dec
311 Jan 14
.05 Dec
14 Feb
134Mar 5
78 Jan
11: Mar
9312Mar 3
65 Mar 8712 Dec
120 Feb 26 110 Apr 11858 Dec
8618 Mar 13
4155 May 7358 Des
107 Jan 20
90 Apr 10478 Dee
2178 Feb 11
74 Apr 1718 July
5574 Feb 10
1834 Apr 495$ Jan
43 Jan 7
36 Mar 491: Feb
8712 Jan 6
6812 Oct 83 Dee
2214 Apr 387 Jan
544 Jan 3
108 Feb 26
76 Apr 102 Dee
11014 Mar 7 10414 July 110 Mar
9578 Apr 16312 Dee
1854 Mar 6
1194Mar 9 109 Jan 119
pet
2324 Mar 61 1534 Apr 20014 Dee
1251: Feb 18 11834 Apr 125 July
2234 Jan 2
37 Jan 27
94 Jan 5
37 Jan 7
512 Jan 2
1434 Mar 13
29 Feb 16
87 Jan 6
120 Feb 17
125 Jan 6
118s Jan 27
67 Feb 17
85 Jan 21
7512Mar 13
33 Jan 6
1114 Jan 2
2414 Mar 11
53 Jan 2
10412 Jan 5
11934 Jan 7
4882 Feb 17
11412 Feb 3
89% Jan 8
781: Jan 6
48 Jan 8
3678 Jan 2
1118 Feb 2
924 Feb 17
10512 Jan 5
46 Jan 30
108 Jan 7
4758 Jan 16
9114 Jan 16
1014 Jan 20
3612 Mar 12
4014 Jan 8
123% Jan 15
8.5 Feb 17
10412 Jan 5
8412 Feb 17
10334 Jan 18
3438 Jan 13
100 Jan 9
954 Jan 2
4212 Mar 13
85/
1
4 Jan 26
414 Mar 12
812Mar 11
29 Mar 11
40 Mar 11
26 Jan 7
904 Jan 5
91 Jan 29
8 Jan 5
128 Jan 5
94 Jan 7
101 Jan 2
33 Jan 6
20 Jan 5
31 Jan 5
954 Jan 2
1134 Jan 6
50 Feb 16
92 Jan 14
94 Feb 16
254 Feb 17
8732 Jan 27
1711 Jan 7
12814 Feb 17
113 Mar 10
2112 Jan 21
174 Jan 2
35 Jan 5
4514 Jan 29
6312 Feb 17
4358171ar 13
110 Mar 12
9474 Mar 11
5 Jan 6
3 Jan 5
30 Jan 5
814 Jan 21
12058 Jan 2
7512 Feb 17
69 Feb 17
9834 Jan 6
9212 Feb 11
1814 Feb 11
934 Jan 10
65 Jan 3
61,1 Feb 18
20 Mar 1 1
18 Feb 17
118 Jan 8
1004 Jan 27
2378 Jan 2
100 Jan 2
27 Feb 14
48 Mar 10
96 Feb 16
4478Mar 13
634 Jan 22
166 Jan 2
39 Jan 7
94 Feb 19
12712 Jan 7
128 Jan 7
14 Jan 14
7572 Jan 14
934 Jan 12
8014 Jan 7
41 Feb 5
14 Jan 15
295* Feb 3
6612 Feb 20
14478 Mar 6
124 Feb 16
5338 Jan 2
11612 Jan 8
105 Jan 17
84 Jan 13
6614 Jan 17
594 Mar 12
1412 Feb 28
1065s Feb 10
11052 Feb 5
544 Mar 4
11034 Mar 4
694 Feb 26
10112 Feb 28
244 Feb 14
56 Feb 13
47 Feb 25
1363s Jan 3
9118 Feb 9
106 Feb 17
8978 Feb 9
11214 Jan 2
4234 Mar 13
103 Feb 18
103 Mar 13
6434 Jan 6
9618 Jan 20
712 Jan 3
1211 Jan 9
39 Jan 9
48 Jan 3
354 Feb 13
9614 Feb 16
97 Feb 14
1212 Jan 28
193 Feb 28
9958 Mar 12
10814 Feb 7
3912 Feb 2
41 Mar 3
4734 Mar 3
11712 Feb 5
114% Jan 9
5212 Feb 24
94 Jan 9
1212Mar 7
324 Jan 12
9218 Mar 4
34 Feb 26
146 Feb 26
11652 Jan 31
30 Mar 3
23 Fet, 6
4978 Mar 4
534 Feb 14
744 Jan 10
5312 Jan 13
11612 Feb 8
102 Jan 31
7 Jan 10
358 Jan 26
3334 Feb 25
1114 Feb 24
133 Jan 7
8378 Jan 22
7814 Jan 10
10034 Jan 19
10338 Jan 12
234 Jan 14
97 Feb 25
82 Mar 2
834 Jan 2
2834 Jan 3
2414 Jan 9
232 Jan 12
110 Feb 21
3278Mar 7
11312 Mar 6
434 Feb 19
2 58 Jan 7
50
311 NESeabr 14
15 Mar 11
26 Mar 13
60 Mar 11
174 Mar 11
55 Jan 8
314 Jan 5
954 Jan 3
4858 Mar 12
411: Jan 8
2812 Jan 22
82 Mar 11
50 Feb 18
3318 Mar 11
224 Mar 11
601: Jan 2
PER SHARE
Range for Previous
Year 1924.
1858 Jan 5
301; Jan 23
674 Jan 14
2134 Feb 7
66 Feb 7
4712 Mar 11
9834 Jan 14
554 Jan 2
4834Mar 2
3678 Jan 3
9858 Jan 3
55 Jan 3
3758 Jan 2
2838 Feb 9
71114 Jan 12
2138 Mar 25
1434 Apr 4078
5112 Feb 9312
23 Sept 39
34 June
7
88 Apr 16434
Sept
Dee
Dee
Dee
Oet
Dec
924 Mar Hire -nee
911: Apr 133 Dee
714 Apr 14% Dec
5012 Jan 723* Dee
72 Aug 96 Feb
734 Nov 83 Feb
1738 Mar Ws Nog
10 May 1214 Jan
1334 May 2814 Dee
30 Apr 5382 Dee
704 Apr 10934 Dee
11614 Apr 12012 Sept
3834 June 54 Dee
1074 Apr 1151: Dee
9414 Apr 136 Dee
7712 Nov 83 Ord
25 Jan 48 Dee
574 Apr 1014 Nov
104 Oct 1534 Feb
5712 Jan 10038 Dee
96 Jan 1075* Dec
334 Apr 49 Dee
10114 Apr 10914 NOV
36 Oct 6134 Feb
77 Oct 9978 Feb
638 July 2812 Jan
Jan
2212 Sept 69
3814 Dec 434 Jan
12118 June 13434 Dee
13658 Mar 16978 Nov
101
Apr 10612 July
13514 Mar 16838 Nov
106 Sept 115 Sept
40 Feb 144 Dee
8912 Mar 101 Dec
66 Feb 102 Nov
511
/
4 Sept 7872 Jan
90 Oct 102/
1
4 Jan
14 Apr
7 July
7 Mar 124 Dee
24 June 3678 Dee
2812 May 484 Des
2812 Dec 29 Dee
90 Dec 9112 Dee
8314 June 9438 Dee
6 Oct 15 Jan
79 Jan 10412 Nov
834 May 94 Nov
89 Jan 1025g Dee
274 July 3458 Feb
1034 Mar 23 Dee
124 Jan 314 Dee
7812 July 14018 Jan
108 Oct 118 Feb
47 Apr 5434 Feb
8213 Feb 93 Dee
5 June 1118 Jan
18/
1
4 Mar 3312 Dee
79 Apr 91 Nov
81: Jan
112 Nov
1043,1 May 1343* Dee
l1012June 11712 biev
14 Feb 2312 Dec
10 Jan 174 Dec
234 Nov 39 Dee
3912 May 59 Jan
4434 Apr 7234 Dee
3734 Oct624 Feb
10114 Apr 11014 Feb
89l1June 97 Feb
718 ROI
358 Jun
6 Aug
114 Nov
30 Aug54 Mar
5 Nov l57e Jan
1074 June 12414 Dec
5658 Apr 8234 Dee
39 May 7612 Dee
84 June 9934 Dee
95 Dec 1124 June
1958 Feb29 Nov
9518 Mar 994 May
6234 Nov6713 Oct
914 Dee
352 June
17 Apr 25/
1
4 Des
14 May 2512 Dee
414 Jan
1 Nov
80 Apr 1061
/
4 Dec
1912 July 2914 Feb
9212 July 107 Jan
Jan
212 May
4134 Mar 5834 Dec
Maar
y 19
1:2
4j
D
ue
lyc
131128 M
14 Mar 35 Dee
4114 May 77 Jan
97. Mar 2158 Dec
2914 Mar 5814 Dec
2534 Apr 354 Nov
91
Jan 9512 July
4034 Mar 5634 Dee
24741 June 444 Dec
2678 Nov 6611 Jan
7978 May 10074 Dee
39 May 6111 14pr
2558 Mar 383* Dee
15 Mar 29 Dee
55 Oct751: Jan
New York Stock Record-Continued-Page 3
1306
For sales during the week of stocks usually Inactive, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
March 7.
Monday,
March 9.
Tuesday,
March 10.
Wednesday, Thursday,
Starch 11. March 12.
Friday,
March 13.
$ per share $ per share S Per share $ Per share $ Per share S per share
9114 9112 9034 91
z8334 8914
904 9034 90
904 90,2 91
44
4412
4418 4518 4534 4218 4438 42
4234 4312 42
43
4712 4712 .4713 4812 47
4713 4734 4734 4734 4734 4734 4734
5638
5614 56
5734 5814 56
57
544 5678 5458 5534 55
10534 106
•106 10612 106 106 .10578 106
10513 106
10578 106
65
65 .63
6313 6312 .63
65
65
*6312 65
65
*63
•10212 10412 *10212 10413 *103 10413 .103 10412 .103 10412 .103 10112
15012 15734 146 15134 142 149
140 14412 141 145
14514 14514
14613 14712 14134 146
151 151
134 14234 13612 1434 144 14712
3938 404 3938 40
3918 3934 3918 3934 3818 3934
3912 40
278 278
3
3
3
3
278 3
24 278 *278 3
*2914 30
30
29
2834 29
2712 2878 2712 2834 2312 29
88
88
88
87 .83
*83
87 .83
8512 8714 .85
87
64 7
74
7
712
7
714 74
74 758
812
8
784 774 7578 7634 7512 7638 7513 7534 754 7638 7614 7738
312 358
312 334
34 378
34 4
378 4
334 34
6338 6334 6414 631* 8414
6512 6534 6418 6514 6313 6118 63
11112 11112 11012 11078 11114 11114 11034 11072 11114 11114 11134 11154
914
9
914 912
918 914
914
9
914
914 912
9
404 3914 3958
3914 3934 40
4018 4014 3913 404 3938 40
*12012 123 .12114 123 .121 123 .122 123 *12214 123 .122 123
3238
3178 3212 31
32
31
33
3312 334 3218 3312 31
*8612 8934 .87
8912 *8718 8912 *8718 8914 .8718 8918 .8718 8918
7738 7414 7712
7314 7512 75
7512 71334 7352 7518 7312 75
*9512 96
*9513 96
9512 9512 9513 9513 .9512 98
9534 96
1338 1338 134 1314 1314 134 1314 1314 134 1312 1338 1418
8134
6038 6134 5912 604 5834 5912 5834 5934 5934 604 60
3158 3178 3138 3218 314 314 3114 3138 3138 3178 3118 314
*9814 10214 .9314 10214 *9314 10214 9914 9914 *9814 10212 101 101
538 552
512 514
54 6
512 534
578 54
534 578
42
4034 4134 .41
*4113 43
43 .4012 4214 *4013 42
*41
*6414 6712 *6414 6712 .6414 6712
65
85
.67
67
6312 68
51
51
5414 5472
535* 5414 5312 544 5338 5438 5338 54
312 312
312 44
3
3
312 34
334 334
312 34
4314 4358 4318 4312 4212 4318 4214 4312 424 4334 4214 4338
*2034 2278 *2034 2212 .2034 24 .2034 2212 .2034 2334 .2014 2212
11738 1184 11812 1184 11734 11834
118 119
11878 11878 11712 118
1518 1312 15
1512 1558 1512 1513 1512 1512 154 1514 15
•1458 15
1412 1434 1412 1412 1412 1434 *1412 15 .1458 15
•106 10614 10614 10614 108 10618 *106 10614 1064 10914 10614 10614
1114 11138 1104 11112 11113 11112 111 11112
11134 112
112 112
1412 1358 14
1534 154 16
15
1518 1514 14
1518 14
144 14678 144 146
14278 145
148 14934 1454 1473 14412 146
98
.97
98
974 973* 974 9738 974 *97
9714 9714 *97
644 65
654 6534 6514 6614
6412 65
651
6518 6612 65
93
934
.812 10
*812 10
5812 10
9
934 .9
•9
.134 2
*134 2
178 212
.134 2
14 13
2
2
63
6812 6734 68
674 6834 68
6812 68
68
69
69
*11212 115 .11234 118 .11234 115 .11234 115 .11234 115 .11234 115
17 .16
17
1634 1634 1612 1612
1714 17
1713 174 17
214 3,2 *Vs 3
*214 3
*24 312 *214 312 *214 31 .
3412 3438 3434 3514 354 3734 3712 3834 x3634 3814
*3412 35
99 10134
100 10058 9818 9934 9712 9358 9612 9734 9812 102
10314 109
10814 109
10712 108
10712 108 *10712 109
108 108
14512 146 2143 14712
144 14434 144 1451 *14434 147
146 147
1712 1712 17
20
17
*18
154 1512
19
.18
21
•18
5112
50
4912 5012 5034 52
5234 5234 5112 52
56
56
158 158 •158 160
157 157
158 158 .15612 160
159 159
1414
1414 14
1 14
14 .13 . 144 .13
•1312 1414 *1314 1414 .
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Shares.
7,000
16,300
800
36,700
1,100
300
Indus. & M1scell. (Con.) Par
No par
Coca Cola Co eta
Colorado Fuel & Iron
100
Columbian Carbon v to No par
Col Gas & Elec new_ _ __No par
100
Do prof
!Invest Trust__No par
Comm.
100
Do pref
Commercial Solvents A No par
No par
Do "B"
No par
Congoleurn Co
Conley Tin Foil
No par
No par
Consolidated Cigar
100
Do pref
Consolidated Distrib'rs No par
Consolidated Gas(NY) No par
Consolidated Textile_ __No par
100
Continental Can. Inc
25
Continental Insurance
Continental Motors___No par
PEIC ,Sti ANN
Range for Year 1925.
On basis of 10()-share lots.
Lowest
Highest
t'llilG ,W1AIS
Range for Previous
Year 1924.
Lowest
Highest
$ per share $ per share $ per share
Apr 8318 Dec
61
9214 Feb 10
2472 Feb 5414 Aug
4814 Jan 13
3934 Sept 5538 Jan
.5134 Jan 8
33 Mar 48 Dec
.59 Feb 28
107 Jan 26 10314 Dec 105 Dee
3038 May 58 Noy
67 Feb 16
93 May 103 Nov
10612 Jan 19
4312 Jan 13114 Dee
191) Jan 29
Jan 12912 Deo
33
189 Jan 29
3238 May 6634 Feb
4312 Jan 2
1414 Dee
734 May
17 Feb 10
1138 Mar 30 Nov
3234 Feb 19
Jan
5912 Apr 84
8978 Feb 14
334 Dec
4 Jan
938 Feb 19
Dec
794
6078 Jan
7878 Feb 10
Jan
8
238 Apr
514 Jan 7
4312 Apr 695* Dee
6978 Jan 2
8918 Apr 10918 Dec
12012 Jan 25
878 Dec
Apr
6
1038 Jan 13
3113 Jan 4334 Nov
4158 Feb 25
4 Aug
1233
123 Feb 6 11518 Apr
2258 Sept 4014 Feb
354 Feb 2
30 Dec 95 Feb
9038 Feb 10
48 May 76 Deo
7934 Jan 17
96 Jan 15
86 May 98 Des
Feb
1012 Oct 18
9
Feb
1458
5338 Apr 7178 Feb
624 Feb 26
2814 Nov 384 Feb
3312 Mu 3
Jan 10014 Nov
96
101 M ir 13
812 Feb
418 June
6311 Feb 27
38 Dec 52 Feb
4412 Jan 6
5612 Aug 7834 Sent
73 Jan 19
7412 Jan
454 Nov
5512 Feb 24
6 Nov 3214 Mar
74 Jan 9
3812 Nov 6912 Jan
4934 Jan 23
1814 Jan 2214 Dec
2418 Jan 28
119 Mar 7 1014 Jan 11534 Deo
1613 Jan 19
1134 Nov 204 Jan
94 June 18 Deo
1678 Jan 12
10718 Feb 9 10012 Mar 10814 Sent
118 Jan 19 10418 Apr 11478 Noy
18 Jan 3
834 Sept 2418 Jan
154 Mar 4 112 May 142 Dec
Apr 98 Des
85
9712Mar 4
5013 May 66 Dec
7034 Jan 3
Dec 1458 July
11
1012 Jan 22
313 July
212 Jan 3
4 June
5578 May 7338 Deo
72 Jan 9
Jan
11634 Feb 16 10512 June 116
18 Dec 2412 1411g
1978 Jan 3
412 Jan
2 Dec
3 Jan 5
2512 May 34 Dee
3834 Mar 12
Jan 9812 Dec
61
10312Mar 2
8778 Jan 10812 Dee
110 Jan 8
7412 May 12212 Deo
14812Mar 6
25 Jan 19
518 Apr 244 Dec
644 Jan 15
4112 Jan 8412 Dee
16614 Jan 12 118 Mar 146 Dee
913 Jan
14 Feb 14
134 Jan
Jan 240 Deo
280 Jan 12 183
512 June 1378 Dee
1358 Feb 6
3318 July 86 Dee
8512 Jan 14
4414 Jan 9014 Nov
8613 Jan 2
6613 Jan 944 Dec
10914 Feb 11
713 Sept 134 Jan
1134 Jan 2
Jan
7
314 Oct
412 Jan 2 1614 Mar 2
May 53 Dee
3512
10
Jan
5812
13
Mar
49
92 Feb 9912 Dee
9334 Feb 16 99 Jan 19
3138 Apr 6338 Dec
53 Mar 13 6334 Jan 2
7112 Apr 100 Deo
9312 Feb 17 100 Jan 2
Jan 160 Sept
93
121 Mar 7 14734 Jan 2
Apr 9858 Dec
8214
4
or
101341
11
9414 Mar
105 Jan 3 111'45 ar 12 10114 Mar 106 Do,
Apr 109 Dec
107 Jan 5 10912 Feb 25 100
22714 Feb 17 320 Jan 2 19312 Jan 322 Do,
1112 July
1012 Apr
11 Jan 2 1114 Jan 3
5534 Oct 664 Do,
6458 Jan 5 79 Feb 10
80 June 93 Deo
90 Feb 13 9112 Jan 21
8018 June 9312 Dee
91 Feb 21 94 Jan 13
954 July 10312 Dec
102 Jan 5 10878 Feb 2
3838 June 45 Aug
42 Jan 16 5712 Mar 3
31 June 55
Jan
52 Mar 6 5813 Jan 14
474 June 6472 Dee
48 Feb 25 57 Jan 13
Jan 107 Sept
99
1024Mar 9 10514 Jan 20
21 Dec 2738 Nov
224 Feb 13 274 Mar 12
8 June 15 Nov
13 Jan 19 1712 Feb 13
2812 Apr 434 Nov
37 Mar 3 4238 Jan 2
17 June 38 Dec
3634 Jan 5 5538 Mar 5
7014 May 92 Des
92 Jan 3 93 Mar 4
Jan 9058 Dec
39
8618 Jan 6 10738 Mar 13
8814 Jan 10818 Dec
10314 Jan 5 1074 Mar 6
1213 Apr 2172 Dee
1738Mar 12 2114 Jan 14
718 Jan 3
94 Jan
414 Jan 2
212 Oct
91 Jan 16 9914 Mar 3
835* Oct 984 Dec
10 Slay 2178 Dec
15 Mar 13 1914 Jan 2
613 Jan 5
1018 Feb
44 Nov
518 Feb 16
62 May 8914 Feb
84 Jan 16 9478 Feb 5
31 Sept 4434 Feb
3038 Feb 4 3713 Jan 7
32 Mat 13 4314 Jan 3
3214 May 5278 Feb
47 Jan 13 4878 Jan 9
4814 Dec 5178 Dee
43 Jan 2 50 Jan 12
35 July 5613 Jan
3412 Jan 5 3738 Jan 20
3138 Apr 38 Nov
7.518 Mar 11 85 . Jan 29
Apr 8212 Feb
61
334 Jan 5 4412 Mar 4
2012 May 36 Dec
Jan
1118 May 18
144 Feb 5 1914 Jan 5
238 Des
1 Jan 5
114 Jan 8
12 Jan
10 Dee
6 Jan 5
712 Feb 18
334 May
1312 Jan 5 3312Mar 6
534 Sept 1514 Dee
14 Mar 12 20 Jan 3
1518 June 254 Feb
718 June
512 Jan 2 104 Feb 6
334 Apr
60 Mar 75 Doe
80 Jan 5 05 Jan 7
Nos
4834
4518 Mar 13 50 Feb 2
3112 May
107 Jan 3 110 Jan 22 101 14 Jan 10734 Dec
Dee
3378
Feb
9
224
12
Jan
3254
2518 Afar
938 Jan
3 June
74 Jan 7 1313 Feb 5
112 Jan 27 125 Feb 9
83 Apr 1184 Dos
52 Jan 5 5778 Feb 4
4034 Apr 5913 No,
22 Mar 39 Der
3184 Jan 21 44 Mar 6
Jan 11012 Dec
78
102 Feb 14 1104 Jan 23
114 Mar 3 11514 Feb 13 108 Feb 11512 Nov
1552 De<
634 Jan
114 Mar 10 144 Feb 5
2612 Mar 4738 Der
4272 Feb 17 5234 Feb 5
1112 May 2718 130(
2514 Jan 15 2838 Jan 31
7512 May 95 Nos
94 Jan 6 9913 Feb 6
3412 Apr 60 Deo
48l2Mar10 62 Jan 13
6212 Mar 744 Oct
71 Mar 9 7658 Feb 11
Apr119 Nos
73
108 Feb 2 118 Feb 24
12058 Feb 28 11514 May 11918 Des
11912 Jan
66 Feb 94 Del
90 Jan 5 9734 Feb 19
2412 Dec 3212 Mal
2478 Jan 15 2612 Jan 5
1672 Jas
1013 July
2238 Jan 9
1513 Jan
3912 Apr 1004 Del
10
Feb
82 Jan 27 105
164 Apr 234 Jai
1813 Jan 21 2175 Feb 26
78 Mar 106 Des
10212 Jan 19 110 Feb 25
3 per share
80 Jan 6
41 Feb 16
47 Feb 26
4534 Jan 21
10414 Jan 5
50 Jan 2
103 Jan 5
10912 Jan 9
10712 Jan 9
3818 Mar 13
234 Feb 16
2612 Jan 2
7934 Jan 2
318 Jan 7
7458 Feb 17
312Mar 12
62 Feb 17
103 Jan 5
814 Jan 21
3818 Feb 17
11818 Jan 7
2634 Jan 2
83 Jan 2
8314 Feb 17
93 Jan 2
1214 .Ian 12
5618 Jan 14
2912 Jan 2
98 Jan 9
514 Feb 17
3914 Jan 30
65 Jan 6
50 Feb 17
213 Feb 19
4152 Feb 19
2118 Feb 17
110 Jan 5
135* Mar 13
14 Feb 16
105 Jan 7
11018 Jan 5
1012 Feb 13
13414 Jan 5
94 Jan 23
624 Feb 17
718 Feb 17
134 Mar 9
67 Feb 17
11212 Jan 21
161214ar 13
212 Jan 10
3214 Jan 2
9014 Feb 17
10378 Feb 17
11413 Jan 3
15141VIar 13
4912 Mar 11
14712 Jan 8
12 Jan 8
239 Jan 2
11 Jan 23
7513 Jan 16
76 Feb 19
90 Jan 6
812Mar 5
4,000
5.000
11,800
800
4,700
300
11,022
21,800
8,300
10,200
1,400
13,400
25
17,200 corn Products Refln w I
100
Do prof
No par
48,200 Cosden & Co
100
Do prof
45,300 Crucible Steel of America-100
100
Do pref
409
No par
10,000 Cuba Cane Sugar
Do pref
100
19,900
9,000 Cuban-American Sugar____10
100
Do prof
200
2,900 Cuban Dominican Sug_No par
100
Do pref
300
No par
400 Cushman's Sons
No par
4,400 Cuyarnel Fruit
3,000 Daniel Boone Woolen Mi11s_25
14,600 Davison Chemical v t a_t\ro par
De Beers Cons Mines No par
100
4,300 Detroit Edison
No par
4,300 Dome Mines, Ltd
600 Douglas Pectin
700 Duquesne Light lot pref___ 100
3,400 Eastman Kodak Co____Ar0 part
9,600 Eaton Axle & Spring__-No par,
17,200 El du Pont de Nem & Co__100
100
Do pref 6%
300
5,800 Elec Storage Battery__No par
50
Elk Horn Coal Corp
2,600 Emerson-Brantingham Co_100
50
1,800 Endicott-Johnson Corp
100
Do prof
1,100 Exchange Buffet Corp_No par
23
Fairbanks Co
100
21,100 Fairbanks Morse
54,300 Famous Players-Lasky_No par
100
Do pref (8%)
2,000
3,100 Federal Light & Trac __Nona
900 Federal Mining to SmelVg_100
100
Do pref
3,500
500 Fidel Phen Fire Ins of N Y25
No par
100 Fifth Avenue Bus
No par
Fisher Body Corp
No par
8,800 Fisk Rubber
1134 -II
13.
.
1134 1114
1-2-14 12
1214 1212 1214 1112 12
100
Do lot pref
8312 8112 8112 1,100
83
83
83
8212 8112 8112 •82
83
82
No par
7712 7912 7834 7912 5,900 Fleischman Co
7712 78
7712 78
79
7834 7912 78
No par
7,000 Foundation Co
10212 10212 10114 1014 101 10234 101 10212 10112 1024 102 102
NO par
812 87s 4,200 Freeport Texas Co
878 878
838 84
81284 94
834 912
No par
1314 1358 10,500 Gardner Motor
1372 1438 1312 1418 1314 1418 1358 15
15
15
No par
800 Gen Amer Tank Car
49
4978
*4934 50
*4934 50
4914 50
•5013 51
51
51
100
pref
Do
300
9818
98
99
*9734
*974 99
*9734 90
9734 9734 *9734 99
100
10,000 General Asphalt
55
5518 53
5634 5412 554 55
5712 5538 5612 55
57
100
Do pref
9212
92
500
94
94
94
9812 *9212 9313 94
*9212 9812 *94
par
No
Baking
General
400
122 122 •122 125 .122 125
123 123
121 121 *124 135
101)
3,900 General Cigar. Inc
9512 96
9512 96
9812 9812 98
9312 954 9734 9414 96
100
pref
Do
200
112
*105
*110 111 .110 115
110 110 .105__ 11114 11114
100
Do debenture pref
.10814 113 .10814 113 .10814 113 *10814 113
10914 10914 .109 113 . 100
100
268 27612 76.000 General Electric
267 277
259 265
2594 26234 2564 26214 25812 263
10
special
Do
1118 2,100
114 11
11
11
11
1118 .11
11
11
1118 11
53,100 General Motors Corp__No par
73
72
7218 7314 7134 7234 7212 73
7352 7412 7238 74
100
pref
Do
500
91
91
93
.91
95
'91
91
.90
91
9012
94
.91
100
Do deb stock (6%)
100
0112 9112
93
*91
94
93 .91
*9113 94 .91
*90
94
100
Do 7% Prof
108 10814 10734 108
107 10711 10718 10713 10738 10712 .107 10738 3,300
25
Petroleum
General
74,400
4
543
5412 5514 5312
5638 5438 5538 53
545* 5312 55
56
400 General Refractories___No par
52
*43
52 .48
52
52 .48
53 .48
5312 53
53
No par
4812 4812 4812 4812 3,000 Gimbel Bros
4914 49
49's 4918 50
49
50
50
100
Do pref
300
10272 10278 .102 103 .102 103 *102 103
10278 103
.10213 103
Vo par
274 2678 2714 12,600 Ginter Co
2514 2712 2618 2738 2618 2738 27
25
25
par
No
Co
Glidden
10,700
1514
1412
18
8
153
3
13
4
143
8
153
144
4
1618
1614 1512
16
No par
42
4138 41
40
8,000 Gold Dust Corp
3858 4014 .3834 403 .3834 41
40
39
No par
33,300 Goodrich Co (B F)
524 5078 52
5234 5434 5112 524 505* 524 5012 524 52
100
Do prof
300
97 .95
98 I *9612 98 .9514 98
9712 97
974 98 .97
95
9413 10738 10,100 Goodyear T & Rub ply t c_100
99121 964 98
10018 10078 9914 10014 9914 100
100
Do prior pref
500
107 107 .10718 10714
•10634 10712 10658 10658 10612 10534 107 108
1838 1812 1814 1814 1712 1814 1738 1712 1712 1712 1,700 Granby Cons Mln Sin & Pr_100
•1812 19
Gray & Davis, Ine____No par
25
6i3 -6 5-8 sodiz 973; -9,50)) Great Western Sugar
, 07 ii
'; 9712 -9.14 Oi If
iii -6g:
100
15
1513 153g 1513 1512 15
1,000 Greene Cananea CoPper
1534 153
16
1614 1614 16
512 512 *512 6
300 Guantanamo Sugar____No par
.512 6
512 512 *512 6
.512 534
100
8914 87
8718 8714 5,300 Gulf States Steel
88
88'z 88
8818 8834 88
.8918 90
3034 3034 2,300 Hartman CorporatIon-No Par
304 31
3078 3112 314 3138 3114 3114 3078 31
100
3438. 3514 32
3412 7,900 Hayes Wheel
35'2 3412 35
3558 364 354 3614 35
47 .47
4712 47
4734
47
500 Hoe(R)& Co Class A__No par
.4712 4734 .4734 4778 4734 473
100
44
44
4418 1,300 Homestake Mining
44
44
44
434 44
4438 45
444 45
35
35
Household Prod,InoNo par
35
2,400
3.5
35
351
8
35,4
347
35
5
3514 3538 35
100
7612 78
7814 14,200 Houston 011 of Texas
76
784 754 77
7912 7918 7712 79
76
44
424 4312 21,900 Hudson Motor Car____No par
4214 4252 4134 4234 43
4338 4338 4212 43
10
Corp
Car
Motor
Hupp
1,600
15
4
143
15
4
143
1434 15
15
1514 15
1518 1558 15
No par
Hydraulic Steel
•
100
9
.7
prof
9
Do
7
9
*7
9
.7
9
914 *7
*7
Gaa_No par
3258 333s 3112 3238 3012 3214 2978 3114 3034 3172 23078 3112 112,010 Independent Oil&
No par
14
14
14
14
1,500 Indian Motocycle
15
1534 1534 1534 1534 1512 1512 15
10
4
73
Refining
712
712
8
Indian
8
1,500
714
714 8
.814 812
*812 9
100
90
*80
Do pref
90
100
*80
90
85 .80
85
90
86 .85
•85
Vo par
4534 4534 454 4534 1,900 Inland Steel
46 .4512 4512 4512 453
46
46
46
No par
Do pref
8 10958 x1074
100
*107 110 .10758 10958 •10758 1094 .10758 10958 .1075 2672 26 1074
2614 11,100 Inspiration Cons Copper__ 20
2614
27 ' 2718 2518 274 2634 275s 2614 27
No par
934 94 105* 105* 1,400 Internal Agricul new
94 1532
1012 1012 1012 1012 *1038 11
1,100 Int Business Machines_No par
11812 11812 11914 11914 120 12014
11834 11834 118 118
*11812 120
12 *5612 5713 3,500 International CementNo par
57
5714
57
57
574
5612
5714
5812
5712
587s
55,700 Inter Combus EngineNo par
3912 4138 4012 4138 3914 41
4278 4334 4158 4238 394 42
10478 10558 10312 10612 6,200 International Harvester___100
10312 10418 10312 104
106 10614 10414 106
.100
11412
.11312
Do pref
200
11412
11412
11412
•11312
11412
*112
•11334 1144 11434 11434
1178 114 1158 6,000 Int Mercantile Marine_ --_100
113.1 1134 1138 1112 1118 115; 1138 1134 1158 4538 43
4414 22,100
100
Do pre(
437e
4478 4318 44
4534 4612 4412 4558 43
2614 2614 2634 2638 2658 26,400 International Nickel (The)_25
2612 2634 2638 2658 2614 2612 26
100
100
Do pref
97,2 9712
*974 98 .9714 99
9714 99 .9714 99
*9714 90 .
100
4812 494 4812 4912 4938 4934 4918 5014 15,600 International Paper
4914 52
54
52
100
Do stamped Prof
7312 1,500
*73
725* 73
7214 7118 7114 .7112 73
7312 7312 71
300 International Shoe
No par
*11712 118
•11712 118 .11712 118 .11712 118 .116 11818 118 118 •117
_
_._8
,
pref
Do
100
_
_
•120
_
2
•1175
_
_ •11752
s__ •1175*
•117,
3,700 Internat Telep to Teleg
02
100
-14 92
2
91,
-i2-14 904 -9-07
9212 -6213 9213 -9-2-34 9112-93
par
25
200 Intertype Corp
NO
25
4
253
.25
251
.25
26
.25
2512 2512
26
.25
No pa
Invincible 011 Corp_
____ ____ ____
100 Iron Products Corp
98
No par
93 .84
iiil- Vi- *1-3g- ii- ;WS- 16 - -ii" 81 .84
100
3,800 Jewel Tea, Ino
184 19
1914 1934 1914 1914 1834 191 .1914 20
1978 20
100
Do pref
10812 10812 .10812 110
•Ina 110 *ma 11n *108 110 •1031. 110
k Par val 10 changed from $100 to 850 and prices on that baits beginning June 3. a Ex-rights
s Ex-dividend
•131d and asked nricee: no soles on this day
New York Stock Record-Continued-Page 4
gar
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
&nudely,
March 7,
81.14day,
March 8.
Tuesday.
March 10.
1307
.les during the week of stocks usually Inactive, see fourth page preceding.
IVednesday
March 11.
Thursdao.
March 12.
Friday,
March 13.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
•
l Gil 011 eln.r.•
2- Ct., Orl ..111•Cd
Range for Year 1925.
On basis of 100-share lots.
Range for Precious
Year 1924.
Lowest
Highest
$ Per share $ per share $ per share $ per share $ per share $ Per share Shares. Indus. & Miscall. (Con.) Par $ Per share $ per share
•1814 18% 18% 188 .1814 184 1734 184 1758 175
18
18
100 1738Mar 12 2178 Feb 3
2,400 Jones Bros Tea. Inc
5114 53
4934 5114 5033 52
54
14,900 Jordan Motor Car
5414 5512 52
No par 42 Jan 27 5912Mar 3
50,4 54
12
12
4
*12
300 Kansas & Gulf
%
*12
10
58
%' '
12
12
II Feb 28
1 14 Jan 28
.
58
112
2118 2118 2134 22
24
*23
223 2334 21I 22
22
1,300 Kayser (J) Co v t c__ __No par 21 18 Mar 11 2734 Jan 5
22
91
80
8978 . 897
91
91
*89
.89
91
.89
91
.89
Do 1st pref
100
No par 8812 Feb 16 90 Jan 13
16
1714 1614 1612 16
17
1653 15
154 1534 15
1553 6,300 Kelly-Springfield Tire
2' 1413 Jan 21
173 Jan 3
4612 4812 .45
49
*4812 49 .48
46
49
46
*45
48
Do 8% prat
200
100 4134 Feb 18 51 Jan 5
517 518 5134 5134 .49
53
*52
52 .49
*49
52
52
Do 13% pref
200
100 50 Feb 9 53 Feb 4
97 .93
9512 9212. 9212 9214 9214 *92
•92
97
*93
98
300 Kelsey Wheel, Inc
100 91 Feb 17 101 Jan 13
4938 5112 5018 5014 5012 5118 56.000 Kennecott Copper
5278 534 5134 5234 5118 52
No par 49383star 11 573 Jan 13
23
212 234
258 278
23
212 258
234 234
238 3,800 Keystone Tire & Rubber__ 10
23
14 Jan 9
34 Feb 5
81
79
8014 81
7912 8014 .7812 80 .7812 8012 7812 7858 1,600 Kinney Co
No par 75 Feb 14 87 Jan 3
510 510 *515.520
_ .521 550 .521 560 .521 550
700 Kresge (S S) Co
100 461 Jan 2S 510 Jan 29
35
•324 3612 35 -.
6
35 -3-.
35
3512 *3418 3512 35
1,090 Kresge Dept Stores___ _No par 3112 Jan 21 453 Jan 7
35
156 16034 15934 15934 155 155
15334 155
1574 16134 163 166
6,000 Laclede Gas L (St Louis). _100 11014 Jan 5 166 Mar 13
.1212 13 .1212 14
1258 1258 121
: 1212 1212 1212 12,8 1253 1,000 Lee Rubber & Tire_ ..No par 1158 Feb 20
15 Feb 5
60
60
60
6118 604 601s 6015 6012 6034 60% 6012 6058 2,100 Liggett & Myers Tobnew._
25 59 Mar 5 7112 Feb 6
•120 123
119 120 .119 123 *119 123 *119 123 .119 123
Do pref
200
100 11612 Jan 16 120 Mar 3
6014 6012 6014 8034 5934 60
60
60
597 597
5913 597
3,900
Do "B" new
25 58 Feb 17 7034 Feb 6
68
68121 6612 68381 6814 6912 6813 6912 4,400 Limo Loc Wks tool ctf_No par 6414 Feb 17 7413 Jan 14
6812 69
6914 70
2314 2278 238 23
23
2312
23
2312 26
z2412 2814 89.600 Loew's IncorPorated___No par 22 Feb 17 2614 Mar 13
2313
678 678
678 7
7
7
612 634 .
68 68 1.300 Loft Incorporated
634 7
No par
6 Jan 28
8 Feb 19
9718 9412 96
94
91
94
90
91
90
90
3,900 Louse-Wiles Biscuit
90
87
100 77 Feb17 9718'Mar 7
3518
35
3512
35
35
354 35
3512 351g 3534 23412 354 7,000 Lorillard new
25 30'4 Jan 24 378 Jan 13
.109 112 *109 112 *10912 112 *H9 112 *110 113 *110 113
Do pref
100 1084 Feb 27 112 Jan 12
204 2013 20
2018 1958 2014 1834 1912 1858 1938 1814 1912 31,200 Louisiana 011
No par
1634 Jan 7 2334 Feb 3
4918 5112 4612 4953 4458 477
37
4214 3812 4112 41
447 695,00 Ludlum Steel
No
par 3134 Feb 17 55 Mar 4
•11312 118 *11312 118 •11414 118 .11414 118 .11412 118 *11414 118
Mackay Companies
100 115 Jan 15 11712 Jan 24
13912 14112 13818 1394 1364 13914 136 1373 13734 13978 137 139
30,803 Mack Trucks. Inc
No par 117 Jan 16 14834 Feb 10
.10814 10812 10812 10834 .108 10812 .10712 10812 10812 10812 .10712 10812
300
Do 1st prof
100 104 Jan 27 10918 Feb 18
.10214 10334 *102 104
10334 10334 .10212 10313 *1024 103 *10212 10312
Do 2d pref
100 99 Jan 2 104 Feb 27
•136 140 *135 139 *135 140 .135 139 .135 139 .135 140
100
Do 2,1 paid
116 Jan 5 137 Feb 9
•74
7512 *7312 75
7334 7412 74
74
76
7834 77
787
4,900 Mary(R II) & Co. Inc_No par 6912 Jan 3 844 Jan 10
4012 4078 3918 4053 37
393
3914 363 377
3718 40
38
15,500 Magma Copper
No par 3853 Mir 11 4414 Jan 2
2888 2918 2753 2812 2778 2814 2753 27% 27,8 27% 2712 28
2,900 Mallinson (Fi R) & Co_No par 27 Feb 2 3712 Jan 23
867 .81
•81
86% *81
8i78
867 *81
8678 •81
.81
84
Do pref.
100 82 Feb 9 86 Jan 16
52 .50
52
5234 .50
52
5012 5012 *50
52 .50
51
200 Manati Sugar
No par 50 Jan 5 5312 Feb 28
*81
84
*8112 84
82
82
81
82 .81
83 .81
83
Do pref
400
100 797 Jan 31 82 Feb 9
55
56
5553 5714 5612 59
56
5812 564 5734 5512 57
17,700 Manhattan Elec SuPplyNo par 4214 Feb 16 59 Mar 10
264 2614 2614 2812 2618 2614 26
2614 26
2818 2512 2512 2,700 Manhattan Shirt
25 2518 Jan 20 3034 Jan 3
.2812 2912 .2812 2912 *2812 2912 2918 29,8 2912 2912 2912 2958
700 Manila Electric Corp__No par 2812Mar 5 30 Jan 3
294 3038 28% 2912 28% 2914 29
294 3012 2912 2953 4,200 Maracaibo Oil Expl.__No par 274 Feb 17 354 Jan 31
29
4214 434 4112 4238 4034 4153 4034 42
81,600 Marland 011
4153 424 4034
No par 3814 Jan 2 4614 Jan 31
•11
1134 .1012 1112 104 1112 1114 1112 *1012 1112 1038 4253
No par 103a Mir 13 12 14 Jan 22
700 Marlin-Rockwell
1012
3312 3312 324 3353 3158 324 31
3112 3138 3158 311: 3258 5,400 Martin-Parry Corp
No par 31 Mar 11
3718 Jan 7
67
63
67
66
6278 64
624 64
64
6412 6412 66
5,000 Mathieson Alkali Works... 50 51 Jan 8 7334 Feb 11
87
88't 87
8912 8618 88
8634 8318 87
87
877
8734 30,100 Maxwell Motor Class A_ _100 7458 Jan 27 8912 Mar 9
55
5
59
55
5914 55
59
55
5712 564 5778 55,8 5712 135,30 Maxwell Motor Class B N'o par 3314 Jan 27 5914 Mar 9
10834 10982 1003 103
1013 107
105 106
106,4 10712 10712 1094 8.000 May Department Stores___100 10234 Feb 17 1115 Jan 2
.85
87 .85
87
*8514 87
*8514 87 .8514 86
100 McCrory Stores Class 11 No par 85 Feb 10 941: Jan 13
8512 8512
•1774 18
1712 1712 .1712 173
1712 1712 *1712 173
1712 1712
600 McIntyre Porcupine Mines__
16 Jan 2 1818 Feb 24
.9978 105 .100 105 .100 105 .100 105
10012 10012 *100 105
100 Metro Edison Power_ No par 98 Jan 7 10012 Feb 16
•1911 20 .19 20 .19 20
19% 19% 1912 20
1,100 Metro-Goldwyn Pictures pf_27 18 Jan 3 2214 Feb 5
20
20
154 1512 15
151
15
1553 15
1518 15
154 15
1518 6,400 Mexican Seaboard 011 No par 143 Feb 17 2212 Jan 6
1458 1658 114 13
1014 1178 1034 1138 1178 12% 1234 1318 49.800 Miami Copper
5 1014 Mar 11
213 Jan 13
114
153
14
138
14
138
14
114
118
114 6,900 Middle States 011 Corp
118
114
118 Jan 2
10
153 Jan 13
•10018 105 *104 105
10314 104
101 101
10312 10358 •104 105
500 Midland Steel Prod pref
100 96 Jan 2 10512 Mar 3
Midvale Steel
50
29
Feb
2
3018
Jan 10
*6712 68 .6714 68
6612 67 .6612 6712 287
: 6878 7012 10,300 Montana Power
691
100 6612 Mar 10 72 Jan 3
474 4814 4658 471
4558 4753 454 4618 4512 4634 45% 4714 53,900 Montg Ward & Co III corP...10 4518 Mar 11
5553 Jan 13
253 2578 254 2534 243 2518 2458 2434 2434 24% 243* 24% 4.500 Moon Motors
No par 23 Jan 30 27 Feb 26
77g 77
75
77
734 77
712 712
758 734
753 758 7,300 Mother Lode Coalition_No par
918 Jan 2
738 Mar 13
1714 174 1714 1753 17
17
16
*16
16
t,000 Mullins Body Corp
17 .16
17
No par
143 Feb 2 214 Feb 20
*32
33 .32
33
33
33 .32
33
300 lvfunsingwear Co
33
33
*32
33
No par 32 Feb 28 34 Jan 23
202 262 *259 262
25212 258 *255
1.100 Nash Motors Co
12
60 *256 262
265 265
No par 193 Jan 5 290 Jan 19
0105 _ . •105 106 .105 106 .105 106 .105 106 .105 106
Do pref
10 1031 Jan 21 106 Feb 28
.54 -53.
4 *512 553
54 512 *5
45 Feb 24
514
300 National Acme
514 *5
514 *5
77 Jan 13
50
69
69
68
68's 6712 68
3,300 National Biscuit
6818 6814 67% 68
674 138
25 66 Feb 18 75 Jan 2
'124___ *124 128 .124 128
300
12312 121 *12312 12414 *123 124
Do pre(
10 12312 Mar 11 12834 Feb 10
66
834 06
88
68
6512 66
1,000 National Cloak & Suit...AO° 6512 Mar 5 78 Jan 26
66
66
*65
86
*65
•100 102
10012 10012 .10012 102 *10012 102 .10012 102 .10012 102
100
Do pref
100 99 Jan 13 104 Jan 29
4714 4712 4634 47
4612 467
4514 464 4634 463
2,500 Nat Dairy Prod tern ctfallo par 42 Jan 2 4838 Jan 28
463 47
4114 4114 41
4114 41
4114 4153 4214 424 43
4,300 Nat Department Stores No par 3812 Jan 2 43 Mar 12
427 43
99 10012 .100 10012 *100 10012 *100 10012 100 100
*9912 10014
Do pref
300
100 99 Feb 17 102 Jan 2
8612 667
6553 6634 65,2 6512 6518 6518 6634 1363
6512 6653 2.000 Nat Distil Prod pref___No par 5212 Jan 8 6814 Feb 21
3112 3238 3212 35
3412 36
3414 3412 3412 3558 3414 3412 9,700 Nat Enam & Stamping...109 3112 Mar 13 3678 Jan 21
*8312 86 .8112 86
83
83
284
84
86
*81
86
*81
Do pref
200
100 8118 Jan 7 893 Jan 12
•15812 16012 158 15834 15712 158
15814 158
2,500 National Lead
1574 158 2154 156
100 154 Mar 13 1687 Jan 9
•11734 119
1173 11734 .117 119 *117 119 *117 119 .117 119
Do prat
100
100 118 Jan 5 118 Mar 4
67
6618 6412 65
65
67
64
6414 *65
.6412 6512 2,300 National Supply
68
50 6134 Jan 2 71 Jan 29
1458 15
1412 147
14
14% 14
15
14
5,600 Nevada Consol Conner__ 5 1334 Mar 12
133 14
14
1638 Jan 7
5014 50% 5018 504 4918 50
4912 4912 *494 50
4913 4934 2.100 NY Air Brake tam ctts_No par 4918 Mar 10 5612 Jan 3
•55
56
•55
56
.53
5512 .1 54
56
.54
56
5511 *55
Do Class A
No par 541
:Jan 31 87 Jan 7
43312 34
*334 34
3312 331: 3312 3334 *334 3312 3312 3312
400 New York Canners__ No par 324 Feb 17 354 Jan 8
2734 2658 2653 *2612 27
.27
2614 2612 254 2512 25
2512 1.200 New York Dock
100 25 Mar 13 3078 Jan 5
59
59
59
59 .5778 59
58
58 .577 59
575 5753
400
Do pref
100 5218 Jan 14 59 Mar 7
'53_.
5658 5653 56
56
*53
57
5712 *50
300 Niagara Falls Power
58 .50
100 451g Jan 5 58 Feb 24
.2858 283
--4 2834 283 .2812 2834 *2812 2834 .2812 2834 .2812 28%
100
Do pref
25 28 Jan 5 29 Jan 2
47
4712 4638 4734 4534 467
4653 48
463 473
4612 4734 51.800 North American Co
10 414 Jan
49 Mar '4
48
48
48
484 4734 4814 4734 48
4818 484 48
4814 1,800
Do
pref
50 485 Jan ' 49 Mar 4
.9
10
.9
10
*9
10
.9
10
.9
*9
10
10
Nunnally
(The)__
Co
par
__No
8 Jan 1
1018 Jan 30
.6
678 .54 7
.512 7
*512 7
.512 7
.512 7
Ontario
Silver
Mining
100
714 Feb 26
5,2 Jan 2
22
22
22
22
2278 2278 .22
23
*2214 2312 2212 2212
600 Onyx Hosiery
No par
1838 Jan
23
Mar 2
2818 2814 2814 298 281s 2853 28
2818 288 2812 2812 2878 3,900 Orpheurn Circuit, Inc
1 2534 Jan 1
298 Feb 27
933e 9112 92
933* 9312 92
924 97
9512
102
9714
98
Otis
9,200
Elevator
(k)
50 8758 Feb 2 102 Mar 13
93
912 912
9%
034 97
912 912
938 934
914 4,200 Otis Steel
9
No par
9 Mar 1
117s Jan 31
60
5812 5812 .5612 5812 *5614 58 .5614 5812 55
*59
5814
500
Do pref
100 55 Mar 1
4678 4518 453
6133 Feb 2
46
45
4514 45
458
4514 41314 4518 4814 6,100 Owens Bottle
25 44% Feb 1
50
10812 10612 .106 10612 10612 10612 107 107
7s Jan 3
10712 10712 .10678 108
400 Pacific Gas & Electric
100 10212 Jan
10812 Feb 11
94 9% .912 10
•934 10
.912 10
*912 10
.912 10
100 Pacific Mall Steamship.... 5
9 Jan
Feb 5
1014
6018 6153 5918 603
62
61
5818 60
5914 597
5312 60
59,300 Pacific 011
533 Jan
6514 Jan 31
1858 1814 1812 1814 1812 1812
1814 1812 18
187s 184 1878 32,400 Packard Motor Car
10 15 Jan 1
1978 Feb 28
10713 10753 108 108
.107 108
108 108
1084 10818 108 108
700
Do
pref
100 10214 Jan
10818 Feb 26
7834 80
8012 813
7714 7914 7614 783* 7814 79% 7658 79
42,500 Pan-Amer Petr & Trans
50 64 Jan
83% Mar 3
78
8135 8212 793 81
8058 76
7914 79
8012 7753 7978 270.400
Do Class B
47
50 6338 Jan
8412Mar 3
43
47
*472 54
5
.47
5
413 413 .412 43
600 Panhandle Prod & Ref _No par
Jan
3
553 Feb 26
13
•158 134 *158 134 *158 13
*158
.158
13
.158
134
Parish & fling stamped_No par
17 Feb 11
112 Jan 1
32% 32
3312 32
32
33
314 3153 31
3214 31
31
5,000 Park & Tilford
No par 30 Feb 1
3512 Jan 10
•1714 18 .1714 1734 1714 1714 1634 17 .1612 17 .1612 17
300 Penn Coal dz Coke
163
50
4Mar
1
263
8 Jan 2
2
2
214
2
214
214
17s 214
134 2
134 2
49,100 Penn-Seaboard St'l vtc No par
*116 117
134 Jan
3 Jan 9
115 11512 115 115
115 11534 116 116
11534 11612 1.900 People's G L & C (Chic)
100 112 Jan 1 121 Feb 11
5512 5412 5412 5412 5434 5334 5414 54
55
54
5334 5334 2,500 Philadelphia Co (Pittsb)._ 50 5212 Feb 17
5712 Jan 7
47
*4612 4712 47
1•4634 4712 47
47
47
47
•463 4712
400
Do pref
50 4512 Jan 5 4712 Mar 3
461g 463
4 4753 4878 4753 4878 4612 473
4612 475
453 4658 19,000 Phila & Read C & 2w I_No par 4534 Mar 13
524 Jan 9
*4734 4834 *4738 4814 *4612 48 *46 4612 •47 473 *4553 464
Do pref
No par 4838 Feb 13 5012 Jan 23
72
*68
72 .68
72 .68
72 .68
*88
72 .68
72
Phillips-Jones
_ _.No par 65 Feb 20 9018 Jan 12
1378 14
1334 14
135n 14
1313 1334 13,2 1353 1312 1312 4.400 Phillip Morris Corp_
& Co, Ltd__100 1314 Feb 3 1614 Jan 5
4312
42
4112
44
4252
4114
4252
43's
4134 4212 4112 4212 48,300 Phillips Petroleum
a
No par 3653 Jan 5 463* Feb 2
bk 131
: 1318 1253 1234 1253 127
1212 1213 1234 134 1218 1212 5,400
4612 4714 4012 4714 4714 4912 4712 4834 6,400 Pierce-Arrow Mot Car_No par 11% Feb 17 15 Jan 13
. 4834 4834 477 483
Do pref
100 4512 Feb 5 5134 Feb 13
4
*893 9012 *8934 91
8934 91
9012 9012 *8934 91
i 8934 8934 .
400
Do prior pre
No par 88 Feb 17 92 Feb 26
212 24
21
: 212
212 258
212 212
I 213 213
212 27
4,500 Pierce 011 Corporation
1% Jan 2
25
312 Feb 5
354
34
36
•34
3518
36
.35
36
*3312
3612
38
1,•36
400
Do pref
100 2512 Jan 2 40 Feb 26
75
718 738
714
0712 734
7
714
7
714
71s 714 12,200 Pierce Petroleum
No par
534 Jan 2
: 50
405
814 Feb 5
50
5012 5034 494 50
50
50
50
•5058 52
3,900 Pittsburgh Coal of Pa
100 487 Jan 5 5412 Jan 13
96
97
9712 97
9618 96
96 .96
ow
97
9612 9612
000
Do pref
100 96 Mar 10 99 Jan 5
Obis 0012 994 9912 •95 100
*95 100 .97 100 .97 100
300 Pittsburgh Steel pref
100 9912Mar 7 10218 Jan 8
5578 5434 .543
52
52
58
58 .54
5134 5278 51
57
2,000 Pitts Term Coal recta
100 51 Mar 9 6334 Jan 17
851
484
: .84
81
84
85
•8312 87
*84
87 .8412 87
100
DO pref receipts
100 84 Mar 4 88 Jan 6
1312 134 1312 1312 133 1353 13% 1338 1314 131
.1312 14
: 1,800 Pittsburgh Utilities pref
100
1314 Mar 13 154 Jan 2
133
3
*13
1312
1314
1314
.13
*1312
1334 1318 1334
•1332 13
100
Do prof certificates
10 131 151ab
Fe r 16
5
Fjaebn1195
: 103 10438 102 10212 10013 10114 103 104
101 104
*104 1041
4,300 Poatum Cereal Co Inc_No par 931
10
17%
•11512 11614 *11512 11614 .11512 1163 .11512 11612 *11512 11614 .11512 11614 '
Do 8% pref
10 11512 Feb 3 117 Jan 13
•
.. - .. .
--..
•Bid and as
gnts.
a o Dar.
a x-r g ts.
E
Lowest
Highest
$ per share $ per share
1434 Sept 271: Jan
2134 May 5258 Dec
Is May
1
Jan
1614 Aug 3838 Jan
77 Aug 10212 Feb
934 June 35
Jan
33 June 88
Jan
40 June 7812 Jan
76 May 104 Dec
3418 Jan 5734 Dec
112 Oct
453 Jan
5214 May 8614 Dec
28712 Jan 47514 Dee
4212 Nov 6278 June
79
Jan 113 Nov
8 May 174 Jan
50 Mar 8834 Dec
1143 July 121 June
487 Mar 6812 Dec
56 June 71 Dec
154 June 25 Dec
512 Apr
834 Jan
50 Mar 84 Nov
3353 Dec 404 July
112 Nov 117 Feb
17
Oct 3814 Dec
107
Jan 119 Aug
7534 Apr 1187 Dec
9512 Jan 10714 Dec
87 Apr 10114 Dec
93
Oct 115 Dec
59 May 7112 Dec
264 June 4558 Dec
18 Mar 4112 Dec
7834 July 93 Dec
45 July 6934 Mar
78
Oct 87 Mar
3314 Mar 4934 July
2612 Dec 44
Jan
2834 Dec 3112 Dec
2458 Oct 3712 Jan
29 May 42 Feb
Jan
8
173 Mar
314 Nov
375 Jan
2953 May 583 Dec
38
Apr 844 Dec
1018 Apr 393 Dec
8211 Apr 115 Dec
Oct106% July
86
1458 Dec 1814 Jan
9014 Apr101 Dec
15 Sept 19 Dee
1418 Jan 2534 Sept
20 May 25 Aug
1
Aug
678 Jan
9111 June 98 Nov
231
: Oct 3414 Feb
6114 June 7434 Dec
21% May 4812 Dec
174 Oct 274 Feb
6 May
914 Feb
9 Mar
184 Dec
294 July 3914 Jan
9612 Apr 204 Dec
9814 July 10458 Nov
35 Oct 1018 Jan
5014 Mar 774 Sept
12012 Jan 12634 Dec
44 June 7978 Dec
9112 Mar 10078 Dec
3018 Apr 4414 Dee
364 Oct 43
Jan
9238 June 101 Dec
3012 Aug 54 Dee
1812 Sept 447 Jan
67 Sept 89
Jan
12312 Apr 16914 Aug
11112 May 118 Sept
5412 Oct 7212 Feb
1178 Jan
163 Dec
3618 Apr 57 Dec
4714 Jan 57 Dec
32 June 37 Dec
19
Jan 374 May
4118 Feb 5514 May
42 Sept 47 May
27 June 29 Sept
22
Jan 45 Dec
4378 Jan 5014 July
7 Apr
912 Dric
48 Mar
853 Ocl
18 May 30
Jar
18 Feb 29 Dec
6853 June 92 Dec
614 Nov
1178 Jar
Oct743 Mai
44
3914 May 474 Jar
9018 Jan 105 Dec
7 Apr 1034 Jar
45 Apr 5814 Fat
978 May 184 De(
8912 Apr 10214 De(
444 Feb65 De(
4114 Feb643* De,
112 Sept
41g Jar
34 July
134 Del
24 Sept 3534 De,
1814 Nov 3018 Jac
l's Oct
414 Jat
924 Apr 1194 Doi
427 May 574 De,
424 Jan 47
Jo,
3412 Mar 544 De,
35 Mar 523* Jul;
44 May 88 Jul:
11 July 2334 Jam
2812 Oct 4212 Ap
64 May
1818 May 5
16
4 Be
e
5912 June 95 De
14 Apr
412 Jai
20 Mar 36
Jai
43 Oct
55 De
477 Dec 6334 Ma
9478 Aug 100 Ap
95
10
1378
6 Au
e
587 Dec 635 Do
83 Dec 878 De
9% Jan
4
18
1,
18
3 Feb
Apr 10
13
61: D
De
110 Feb 117
Oc
New York Stock Record-Continued-Page 5
1308
For sales during the week of stocks usually Inactive, see fifth page preceding.
PER SHARE
PER SHARE
Range for Previous
Range for Year 1925.
STOCKS
Sales
NIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Year 1924.
lots
-share
100
basil
On
of
STOCK
YORK
NEW
for
EXCHANGE
the
Friday.
Tuesday, 1Vednesday Thursday,
&gurday,
Monday,
Highest
Lowest
Htghost
id110681
Week.
13.
March
12.
March
11.
March
March 9. March 10.
I March 7.
Indus. lc Miscall.(Con.) Par $ per share $ Per share $ per share $ per share
Shares.
share
per
share
Per
share
per
$
8
share
per
share
per
$
Per
share
$
$
99 Aug 62 Jan
100 564 Feb 16 69 Jan 23
63 6814 20.800 Pressed Steel Car
6513 6413 68
5634 5818 584 634 62
5813 59
100 85 Feb 16 9212 Jan 3 67 Aug 90 Feb
Do pref
2,500
8934 "87 89
8913 8913 8934 88
86
"85 88 *85 86
225 Apr 4312 Jan
13 3255 Feb 3
Mar
2512
50
CorpRefiners
dc
Producers
4,100
2
273
2513
2713
2712
274
27
4 28
1
28 28
281g 2814 27/
39 Mar 79 Dee
PubServCorp of NJ newNo par 674 Jan 14 7234 Mar 12
6953 6934 69 69% 6934 6934 6914 6912 6912 7234 £7034 7134 26,900
Mar 10112 Dee
9613
27
Jan
102
100 99 Jan 7
Do 7% pref
*9914 10218 *10034 1017 *10034 1017 *10034 1017s *10034 10172 •99 101%
9914 Apr 115 Dee
100 10972 Mar 7 1124 Jan 28
Do 8% pref
100
10978 109% *10834 110 •10834 110 *10934 11134 441013 111 •106 111%
Apr 15132 Dee
1134
3
Jan
1514
1354
100
17
Feb
Pullman
Company
13714 13814 6,600
138 139
137 13814 137 138
141% 14112 139 140
4 Mar
1
Dec 67/
ao 3913 Jan 2 4714 Jan 7 3733June
4314 4412 5,300 Punta Alegre Sugar
42% 4314 4234 42% 4314 44
304 Dee
4414 4424 4314 44
2(1
4
Feb
2918
3334
13
Mar
25
ou
Pure
(The)
30,200
30
29%
3014 3072 30 3038 2914 3018 29% 29% 2912 30% *104
Dee
1054
Jan
92
2
10614
5
Jan
Feb
100 10212
Do 8% pref
300
106
105% 108 108 106 •10312 106 *104 108 *104 106
254 Oct 6673 Dee
5632 6012 183,000 Radio Corp of Amer_.-No par 5832Mar 13 7772 Jan 2
604 6212 60 6214 59% 6138 5918 613s 5834 61
Dee
50
Oct
2
7
45
4
Feb
Jan
4934
54
5
50
pref
Do
5134 5134 1,600
52
5114 51% 51% 51% 5134 5134 513g 5138 52
100 12213 Feb 17 14134 Jan 5 106 Jan 1374 Dee
9,500 Railway Steel Spring
136 136% 135 13512 132 13412 133 135 •135 137 134 137
3312 Nov
Jan
30
22
par
7
No
Jan
4
353
Ltd
Mines,
Jan
Rand
s
7
33
*34%
35%
*34%
35
,8
*3218 34% *3275 3418 *3434 344 *3413 354
9 Mar 1713 Dee
19,800 Ray Consolidated Copper.. 10 1312Mar 12 In Feb 9
1414 1412 1334 1414 1312 1415 13% 14
14% 15
1438 15
324 Jan 544 Dee
TYPewriter--100 4634 Jan 27 7234Mar 6
6934 71% 6734 6912 6534 6834 64% 6678 67 6814 654 67% 17,600 Remington
July 9934 Dec
9014
10
Mar
100
100
2
Jan
4
1003
prof
bit
Do
100
101 105
*10111 10414 *102 105 10034 1004 101 105 •101 105
9012 May 110 Dee
100 109 Jan 21 112 Feb 2
Do 2d pre!
111 114
•111 11434 *111 114 111 114 111 114 "111 114
2314 Nov
June
13
Jan
2314
714
par
16
Feb
16
No
Steel
Replogle
6,000
1714
1714
52
17
1712
1772
174 1734 174
1814 18% 1714 19
42 June 6332 Dee
100 4334 Feb 17 6433 Jan 3
Iron & Steel
5318 53% 5214 5413 5318 54% 534 5634 5434 56% 53% 5538 24,600 Republic
Mar
95
June
82
13
Jan
95
100
10
Mar
8812
Do pre!
500
90 *8913 90
97 May 228 Jan
9018 90,8 *8813 8912 8813 8813 *89 9013 90
No par 135s Mar 11 18 Jan 5
14% 5,000 Reynolds Spring
14
13% 14,8 13% 14
15
1434 14% 14
15
15
Dee
4
1
/
79
Mar
6153
10
25
29
B
Jan
Class
Feb
724
Tob
7834
Reynolds
J)
(R
4,800
7412 74%
74% 75
74% 75
75% 7413 75
7434 7584 75
100 11973 Jan 8 1214 Feb 25 11514 Mar 121 June
Do 7% pref
900
12112 ---*12113
1214
*12112
12112
*12112
Mar 96 Sent
88
20
Feb
9712
25
19
Jan
Co
92
Insurance
Rossla
400
9715
*95
97
97
96%
9673
9713 96 96
97 -97 *95
4033 Sept 5913 Feb
4 514 52,4 18,300 Royal Dutch Co(N Y shares). 511g Jan 21 5738 Jan 31
1
5253 53/
52% 53
54,4 544 54 54% 53 54
22 Jan 4578 Dee
10 3934 Feb 17 4834 Mar 13
43 4414 44% 4613 47 4834 34,100 StJoseph Lead
4212 43
4312 4438 24314 44
3233 Jan 8873 Dee
3
14
Jan
Mar
2
83
Corporation-100
1083
Arms
Savage
27,300
4
3
95
954 9734 90
10038 10112 99 100% 934 99% 93% 97
9634 ',pr 12914 Aug
3,500 Schulte Retail Store,. NO par 10912Mar 9 11672 Feb 9
11012 112
10912 11012 11014 11014 11018 11114 111 111
111 111
May 1124 Dee
105
6
19
Jan
Feb
110
115
100
Do
Ore!
115
*11212
115
*11212
115
11212
11213 115
*11213 11414 *11213 115
7834 May 155 Dee
100 148 Jan 6 17274 Jan 13
Bears, Roebuck & Co
15213 1564 15314 15534 155 15714 15218 156,4 20,409 Seneca
15714 15913 155 157
614 Jan
12 May
No par
Feb 20
153 Jan 5
12
Copper
---_
8 July
74 Jan 3
4 Apr
6 Feb 25
300 Shattuck Arizona Copper- 10
7
*6
6
6
6
B
-;6- -"fDec
42
Jan
41
33
16
30
Jan
Jan
4534
Trading&
£2
500 Shell Transport
eu% 4358 4213 4212 424 42% *41% 42,4 *42 4312 •41% 4214 44,400
154 July 224 Dee
4 Feb 4
1
NO par 2212 Jan 6 28/
Shell Union 011
2512 24% 2512
25
2558 2558 2518 2513 2438 2514 24% 25
Dee
994
Jan
10112
9112
2
24
Jan
Jan
9912
Do
100
prat
500
1014
10084 101 *10034 10112 10034 10112 10034 1011g 101 101 *100
1038 Jan 24 Dee
10 2014 Feb 16 2634 Jan 12
2138 2354 231s 2313 2214 23% 28.100 Simms Petroleum
23
22
23
2334 2212 23
22 Apr 37 Dee
No par 3253 Jan 16 3813 Feb 8
33% 4,400 SImmons Co
3312 33% 33% 33
34
34% 3438 33
34 34
19 July 2715 Jan
6
2
Jan
Feb
17
2473
par
Cons
Corp.No
Sinclair
OH
1934 2012 50,300
2114 2135 2013 2138 20 20% 2012 21
2134 22
75 Oct 90 Jan
100 7834 Jan 2 944 Feb 3
Do prof
300
8713 88
89
*88 89 *88
*88 89 *88 89
July 29 Feb
1718
6
3
Jan
Feb
241g
3012
25
Co
011
Skelly
20,600
2634
2712
2634
27%
274 2734 2613 2714
2814 2834 2713 28
52 May 8473 Dee
3,500 Sloss-Sheffleld Steel & Iron 100 82 Jan 5 97 Feb 5
88 8834 88 89
91 92% 90 9078 z8753 8914 88 89
58 Oct 9572 Mar
800 South Porto Rico Sugar--100 62 Jan 6 73 Mar 2
721
72
70 •70
70
21813 6812 *68
71
7112 7112 •137
4June 20 Dee
1
7/
No Far 1512 Feb 17 194 Jan 7
4 1712 2,800 Spicer Mfg Co
1
1712 1712 1838 17/
17
1838 1838 1734 1812 1712 18 *0814
78 July 9814 Dec
21
5
Jan
Jan
94
96
100
pref
Do
100
4 *9514 961g '9514 9613
97,
9715 9534 9534 *9514 9618
*95
4014 Jan 2 4734Mar 10
3112 May 4153 Dee
Co.NO
El
Standard
&
par
Gas
25,200
4612
4512
46
45
4414
4434
44%
45%
46
4612 45
46
3913 May 7334 Dec
100 6613 Feb 17 7412 Mar 2
400 Standard Milling
73
73 •67
68 681 "68
69 71
73
73 *66
*69
70 July 85 Mar
100 81 Jan 20 94 Feb 16
Do pre
200
83
83
85
8318 8313 •gg
85
8412 •gg
8412 '83
.83
25
California_
5512 Apr 684 Jan
2
Feb
&pour
6714
of
011
13
Standard
25,900
6214
6013
8114
613
4
613
604
62% 63% 6134 6253 6034 621s
4014
33 May 424 Jan
25
Jan
Jersey
2
3
Feb
New
4712
of
011
Standard
67,200
4334
424 434 42
4112 4234 42 427
4338 43% 4212 43
Do pref non-voting --100 11634 Jan 31 119 Feb 24 11534 Mar 11912 Aug
2,600
11714
117
11714
11738
11712
117%
11718
11678
117%
11714
*11714 11734
par
11
_No
Feb
Co_
10
16
1318 Oct 3514 June
Glass
16
Jan
Plate
Stand
2,300
"124
13%
1314
4
123
1278
13
13
13
•12% 13 •1235 13
No par 6212 Jan 17 65 Jan 23
5513 Apr 6512 Nov
634 6312 6312 64
2,500 Sterling Products
6312 6334 6312 631
6313 64 64
*63
4812 July 10072 Jan
Sp Corp-No par 6314 Mar 13 774 Jan 3
-Warn
Stewart
21,400
6314
65
4
3
683
6512
6834
6812
67
67%
6913 6938 6814 6914
5412 May 8473 Jan
Stromberg Carburetor-No par 654 Jan 12 7934 Jan 3
70 *137 69
70 *67
70 •67 69 •66
*67 70 *67
3012 May 464 Dee
44
4434 4312 44% 80,700 studebrCorp(The)n WI No par 414 Jan 28 4634 Jan 2
4334 4414 43% 4438 4334 4514 4312 441
11434 Jan 19 10978 Nov 115 Jan
13
Mar
112
100
pref
Do
300
112
112
114
•112
114
111
114
•112 113 113 113 '111
12
6 Nov 1233 Dec
par
21
6
No
Feb
Mar
84
Boat
Submarine
10,600
1014 11
4 11
1
10/
1118 1012 1138 1038 11
11
11% 12
24 Jan
84 Aug
BIB Feb 9
413 Mar 9
No par
412 4% 7,100 Superior 011
44 434
412 43
413 414
413 4%
4% 5
10
Jan
July 35 Dec
4
/
411
23
7
Mar
par
NO
30
Steel
Superior
700
30
30
31
"30
32
31
*30
*30
30
30,4 •30 31
3 Jan
Sept
134
7
Jan
1134
13
Mar
8
50
America
of
400 Sweets Co
8
8
4
1
8/
812 8, •8
834 834 *812 9
'834 914
614 June 1414 Dee
500 Telautograph CorP----No Par 114 Jan 15 15 Feb 7
1234 1234
13
13
1212 121
13 •12% 13
13
13
13
934 Jan
Mar
634
31
Jan
934
par
9
Mar
14
8
No
Tenn
&
Copp
C
4,600
813 8%
4 812
1
8/
814 838
814 8%
814 833
*832 812
3734 June 433s Jan
Company (The).- 25 4234 Jan 5 49 Feb 2
4613 4634 4614 4634 45% 46% 45% 4618 4534 4614 4514 46 34,500 Texas
574 Apr 110 Des
Feb 17 11334Mar 13
3712
10
Sulphur
Gulf
Texas
112,200
4
1133
11112
11213
110
11013 11238 107% 11112 107 10914 10614 109
4 Feb
1
8 Oct 15/
10 1112 Jan 5 2333 Feb 6
1834 1813 1934 1734 18% 37,600 Texas Pacific Coal & OIL 100 130 Jan 2 152 Feb 27 11614 Oct 151 Feb
2013 207
1914 2018 1734 1934 18
2.500 Tidewater 011
138 139
1451s 1457 14412 14512 140 143 140 141 *142 144
3112 May 41 Jan
Jan 30 4411 Feb 13
3813
par
Bearing_No
Roller
Timken
40
24.900
417
39%
40
3913
39 407
4034
4178 4214 4112 42
92 Apr 7318 Dee
4
7714 19,800 Tobacco Products Corp..-100 70 Jan 2 8012Mar
76
7534 7634 762 77
7734 783* 76% 774 7534 767
8314 Mar 934 Oct
100 934 Jan 2 9918 Mar 13
Do Class A
9813 9918 2,400
9812 9834 9835 99
987 99
987s 9878 983 987
614 Jan
334 Apr
12
Jan
512
2
Jan
373
par
_No
011_
Transcontinental
4%
25,900
434
5
453
453 478
4 473
1
4/
434 472
434 44
2833 Oct 3513 Jan
400 Transue & Williams SVIN0Par 274 Feb 4 35 Jan 10
28 •273, 30 *2735 30 •2735 30
28
28 28 "28 30
3612 Sept 43 Jan
25 39 Feb 2 42 Jan 15
Typewriter
Underwood
2,200
3914
39
4
3
38
8
*383
3
7
38
3812
3933
4 3933 39
1
3935 3913 39/
3312 Sept 644 Feb
800 Union Bag & Paper Corp 100 38 Feb 2 4512 Jan 2
4018 4034
4012 411 *401g 42
40
40
41
41
42 42
35 Apr
18 Feb
.21 Jan 3 1.00 Feb 28
No par
12
32
13
34
12
12
12 9,900 Union 011
12
12
*14
1
12 ;4
Nov 39 Nov
35
16
5
Jan
Fob
6
374
3
43
25
California
011,
Union
3934
25,800
39%
394
40
3914
4014 405* 401 4012 395* 4013 39
Sept
13274
Jan
94
12814
17
27
Jan
Feb
11812
100
800 Union Tank Car
121 122
__ *123 124 12113 123 121 124 •121 123
•124
100 11332 Feb 18 11618 Jan 13 10614 Feb 11634 July
Do pref
100
114 116 •114 116 *114 116
11512 11512 *114 11513 *114 118
Feb
37
Oct
20
28
4
Feb
Mar
28
Ws
Par
No
Steel
Alloy
United
3214 2912 3112 10,400
31
31
3234 29
31
33 3378 3134 33
4 Dec
/
71 May 1211
100 11074 Feb 4 12034 Jan 6
116 11633 •11612 117 11534 11673 5.500 United Drug
11634 118
119 11972 117 118
Jan 16 5412 Jan 12 404 May 53 Dee
52
50
1st
8212
Do
pref
5212
200
5234
*5212
523
5334
•5212
523
5234
*5213 5234 *5212
100 207 Jan 12 231 Jan 3 182 Jan 2244 Aug
600 United Fruit
210 210 *208 210
•5071212 212 212 *20712212 211 211
13 July 48 Dee
42 39,800 Universal Pipe & Rad-No par 3712 Jan 27 504 Feb 11
39
3934 411
4334 3914 42
41
4233 44
43% 44
100 734 Jan 16 94 Feb 11
4712 Oct 79 Dec
pref
Do
8312
81
10,900
8534
8253 834 83
83 85
85 86
8634 88
Feb 1694 Dec
160
Jan
64
5
11
Fdy-100
Feb
250
16,700 US Cast Iron Pipe &
222 22514 218 224
22912 23412 223 22912 220 226 2184 223
100 10313 Jan 9 11212 Feb 27
8174 Jan 10414 Oot
Do pre!
100
105 106 *105 106 •105 106
106 107 "106 10612 106 108
'
42 Dee
May
2112
17
Feb
Jan
304
3934
par
17
No
Corp
Distrib
3538 3312 35 11,000 U S
3034 3234 3034 3334 34
3212 33
34
34
100 130 Mar 9 154 Jan 8 98 July 168 Dee
Do prof
100
126 160 *126 160 •126 160
130 130 "126 160
•135 160
1653 Mar 2453 Oot
2358 24
1,500 U 8 Hoff'n Mach CorP.No Par 23 Jan 3 2512 Jan 9
2313 234 2334 237
2311 231s •2335 24
2378 24
6118 May 874 Dec
Alcohol-100 774 Feb 17 88 Jan 2
8114 8312 814 8313 81% 8234 817 8414 8118 831g 28,200 U 8 Industrial
8333 84
100
Jan 10654 Deo
105
98
Jan 29 106 Jan 27
Do pre:
105 107 *105 107 105 107 *105 107 *105 107
*105 106
90 June 14312 Dee
122 12415 3.900 US Realty & Improv't---100 120 Jan 14 13134 Feb 10
12114 123 12134 123 12234 123
125 12614 12312 124
143 Dee
June
2
Jan
14
122
13012
100
9
Feb
prat
Do
100 394 Mar 13 4414 Feb 5
224 May 427s Jan
-55F8 16;
1 23,400 United States Rubber
"4i7e "io"
Iva',
:
Jan
Jan
9414
9773
6612
100
16
937s Doe
13
May
pref
let
Do
9472
95
3,700
9513
9514
9534
9513 9534 9518 9533 9518
957 957
1812 Mar 4112 Dee
3372 4,900 US Smelting, Ref & Min 50 30 Feb 17 39 Jan 7
33 3312 32 3214 3134 32% 33
3418 3313 34
34
Mar MN Dee
3712
ao
12
2Mar
Jan
447
4612
5
pref
Do
*4472
4513
44%
600
45
4512
*4478
4512
8
45 4533 *4478 4513 *447 124 1224 12335 123% 12414 12212 12378 194,900 United States Steel Corp-100 11954 Jan 2 1295* Jan 23
9414 June 121 Dec
124 12514 12314 1237g 1225* 12312
100 1224 Feb 16 126% Jan 26 1183* Feb 123 July
2,100
123% 12312 1224 123 *12112 123
12312 12312 12333 12353 1234
64 Jan 8834 Dee
10 86 Jan 8 92 Jan 15
Copper
86
Utah
88
86
700
85%
•
8618
8618
8718 8712
88
100 4118 Feb 17 6938Mar 12
8712 8734 *87
1688 Jan 46 Dee
6834 182,100 Utah Securities
5514 5613 5714 5912 6012 6938 62
583
54
54% 557
1912 June 334 Feb
NO par 2618 Feb 17 3134 Jan 3
2714 2814 2718 28% 5,800 Vanadium Corn
27
2833 2614 2712 27
28
•2812 29
100
Jan
20
153,. Oct 331$ Jan
28
3
Jan
2112
Halts
20
Van
•18
20
20 •18
20 •18
2012 •18
2012 •18
1118
100 62
Jan 27
53 Sept 80 Jan
2 83
5
Jan 27
14 Ja
sj
18
5,
413
67
Do 1st pref
67 •60
60 67 *BO
•60 67 "60 67 "60 67 .
_100
34 June 103s Jan
Chem-253
Virginia-Carolina
4
1
/
2
400
2%
2%
214
*218
273 273 •252 234 3.252 234 1078 11
212 June 344 Jan
100
813 Jan 5 1432 Feb 5
114 1114 2,900
Do Pre
11
11
11
1212 11
11
114 12
June
1
172
par
17
No
27
Jan
Jan
"B"
Do
112
•114
100
112
*114
18
Jan
15* •138 134
713 j
15
754 Jan 13 1234 Mar 3
•114 134
43884
No par
2,500 Vivadou (V)
111g 1138 1114 1114 1138 1135
1112 12
*1174 12
14 Apr 20 Nov
No par 1612 Feb 17 1973 Jan 3
Waldorf System
16%
1.800
11378
s
167
1613
1672
1653
1634 164 1653 17
1412 Nov 1912 Mar
Weber & Hellbroner-No par 174 Jan 15 1933 Jan 31
5 Oct 1212 Nov
1 124 Jan 5 13 Jan 31
---100 Wells Fargo
1234 "Igo Ilk;
iiifs If" 1213 13 ;Nis 13 ;Nis
100 11334 Jan 9 11613 Feb 10 11153 Apr 117 July
11572 *11534 116
300 Western Eleo 7% pref
8
7
115
11612
11612
11612
*11513
11612
1164 11613 115
7,800 Western Union Telegraph100 11614 Jan 2 nut mar 6 105 May 11834 Dee
121 12112 120 122
121
1241g 125 123 1245* 1203s 123 11914 105
84 Jan 111 Dec
800 Westinghouse Air Brake__ 50 103 Feb 17 11373 Jan 7
10514 10514 105 106
105
10514
10514
4
1053
105
107
"106
5513 May 75 May
711g 7312 18,400 Westinghouse Eleo .4 Mfg_ 50 6953 Feb 17 84 Jan 3
7134 7314 7118 7214 714 7312 *80
72 Jan 82 Des
7315 7312 7214 733
5
Jan
86
100
26
Jan
pref
83
1st
85
Do
100
85
*SO
85
83 *8014 85 .81
83
*83 85
Jan 127 71e0
4713
7
Feb
NO Far 105 Mar 2 120
3,100 West Penn Co
10538 10533 108 11434 115 116
108 108% 10713 108
110 110
8713 Apr 97 Deo
400
100 9478 Jan 6 97 Feb 1
Do 7% prat
96% 96%
9134 9612 •9638 97 .9614 97
2933 Feb
May
*9612 97 *9614 97
2313
2
Feb
3134
par
13
No
Eagle
Mar
2712
White
Oil
2718
6,300
2714
2714 2778
28% 2712 28
2812 2812 2835 2812 28
5012 Apr 724 Dec
50 6173 Feb 17 76 Jan 13
63% 6378 634 63% 7,900 White Motor
5 Jan
Oct
34
64 6434 64 6412 6314 6414 6312 6314
10
Jan
4
/
11
30
Jan
33
5
3,600
Steel
Spencer
Wickwire
3
3
15
58
58
38
34
34
4
13
13
24 Dec 24 Deo
100 18% Feb 24 32 Jan 19
Do pre
672 May 1414 Jan
1213 87,400 Willys-Overland (The)- 25
Mar 13
1212
26
Jan
94
12's
Tifi
"1188
"Hi,' Ilia
4 "ii;
6113May
4 "lila I2i1
"His 12
100 724 Jan 28 8714 Mar 13
831, 8514 8518 8714 31,900 Do prof
8512 834 8533 8313 8414 8234 8312
85
44 May
634 Jan 5 1334Mar 7
No Dar
834 41,600 Wilson & Co,Inc
712 84
8
9
83
12
nn
an
jJaa
1314 10
884 j
152
2
11 Aug 7
1014 1334 11
7
Mar
19
60
5
22,600
Jan
29%
2618
100
pref
Do
2514
2214
2518 28
3218 30
3012 39
Apr 1264 Dee
BO
41
724
7
Jan
28
Jan
11214
12578
11613 11518 11612 12,600 Woolworth Co(F W)awl 25
11513
115
11412
Dec
11513
81
11434
11514
June
11433
1151g 11714
2314
100 6214 Jan 29 7934 Jan 2
6614 6912 634 67 43,300 Worthington F & M
68 July 8912 Dec
6712 6918 6612 6812 657 6814 664 684 *83
100 85 Jan 30 88 Jan 9
84%
Do pre:A
8434 *82
8612 *85 87 *834 8514 *8313 8434 72
5812 Jan
*86
7412
100 7034 Jan 29 7634 Feb 11
Do pref B
•72
100
72
72
c
3 Dee
51
23
7034
72
3
*70
*7214 7434
4 may 7
1
9/
*7214 74
17 2334 Jan 2
1814 1814 18% 1713 1833 2,500 Wright Aeronautical...No par 164 Feb
1818 1812 18
35 Apr 4634 Dee
*1914 1934 184 19
7
Feb
2
527
2
Jan
4572
par
No
49%
200 Wrigley(Wm Jr)
*4914
Mar
3
855
Nov
32
*49 4933 *494 4933 494 4914 4914 494 O4914 49%
3
3712
500 Yellow Cab Mfg tens otfs__ 10 3313 Feb 18 42 Jan
37 *36
37
37
3734 *36
5914 Oct 72 Dee
037 3733 37 37 *36
73
1,300 Youngstown Sheet & T No par 70 Jan 2 7612 Feb 13
7413 7412 7334 7355 7314 7312 7313 7312 *71
7478 75
-;i-
-a-
-;ii, 4234 -46f8
46- 4 "iois -40;
•Bid and asked prices; no salea on this day. z Ex-dividend.
New York Stock Exchange-Bond Record, Friday Weekly and Yearly
1309
Jan. 1 1909 the Exchange method of quoting bonds was changes; and prices are now "and interest"-except for income
and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Mar. 13.
tt
Price
Friday
Mar. 13.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Mar, 13.
"8
Price
Friday
Mar. 13,
Week's
Range or
Last Sale
Ranee
Mee
Jan. 1.
U. S. Government.
Bid
High No. Low
Ask Low
High
816
Ask Low
High No. Low
111o8
First Liberty LoanPanama (Rev) 5349 tr recta 1953 3D 101 102 102 Mar'25
10014 103
334% of 1932-1947
/
48 0111
/
48 1011132 765 1011
D 1011081 Sale 1011
/
48 Peru (Rep of) extl 85
1944 AO 10014 Sale 100
47
101
9912 10214
Cony 4% of 1932-47
1
10111
10111
101"31
/
48 015581 Poland (Rep of) g Cis
/
4,10111
D
/
4s
1940 A0 70 Sale 70
71
16
70
79
Cony 434% of 1932-47
/
3D 1011588 Sale 10110881015188 186 10111
48 102
External s f g 88 w 1
1950 .1
95 Sale 95
9518 302
95
955a
2d cony 434% of 1932-47
D 101 101"31 101 Mar'25
101
0151
/
41 Porto Alegre (City of) 88-.1961 3D 9512 96
95
11
96
9413 9612
Second Liberty LoanQueensland (State) ext a 1 75 1941 AO 11013 Sale 11012 112
10 109 112
4s of 1927-1942
MN 10071
/
48 Sale 100.123, 100.173, 136 10051
/
48 101
25-year Os
1947 FA 103 Sale 103
10512 80 10112 1051a
Cony 434% of 1927-1942
MN 1005588 Sale 10011ss 10021,1 2397 100"ts 101382 Rio Grande do Sul 85
1946 AO 96% Sale 95%
94% 98
9612 24
Third Liberty LoanRio de Janeiro 25-yr a f 83..1946 AO 9578 Sale 94%
95% 19
9334 97
434% of 1928
MS 10111
/
42 Sale 101881 1011781 2036 1011110113n
25-yr extl 88
1947 A0 9438 Sale 9334
94% 21
9314 96
Fourth Liberty LoanRotterdam (City) external 651964 MN 102 10212 10214
10234
56
100
34 103
41
/
4% of 1933-1938
AO 1015388 Sale 101531810111
/
41 El Salvador (Rep) 88
/
42 1311 10114811021
104 10414 104
1948
104
12 103 105
Treasury 434a
1947-1952 AO 1041488 Sale 1041%104"n 96 1041388 051581 Sao Paulo (City) a 1 85
1952 M N 9734 Sale 9714
9734 21
98 101
Treasury 48
1944-1954 JD 1001588 Sale 1001,4410011,, 222 10011
/
48 101
San Paulo (State) eat a f 88._1936 JJ 101 Sale 10018
21 10018 10314
101
28 corusol coupon
d1930 <I
10238 Mar'24
Seine (France) ext 78
88 Sale 8718
1942 ji
8812 816
8713 91
Panama Canal 35 gold
1961 QM
9512 ____ 97% Oct'24
Serbs, Croats & Slovenes 88_1962 MN 8834 Sale 85
516
89
83 89
Soissons(City)68
8512
86
8612
1936 St N 84
8
8312 8612
State and City Securities.
Sweden
20
-year
68
1939 3D 10378 Sale 10312 104
17 10313 10434
N Y City-4348 Corp stock 1960 M S 10034 _
101%
10052 10114
10118
External loan 5348 Inter ctfa'54 MN 9914 Sale 9914
9813 1003s
9912 83
Registered
fel 8
_
10014 Jan'25
10014 10014 Swiss Confeder'n 20-yr sf8. 19403' 115 Sale 11412 115
18 11355 117
liKe Corporate stock
1964 IN El ioi
10114 10215 Switzerland Govt ext 534,
102 Mar'25
..1940 A0 10178 Sale 10112 101% 169
9812 103
434s Corporate stock
1972 A 0 10218
102 102
_ 102 Feb'25
Tokyo City 58 loan 01 1912
6712
MS 67 Sale 67
8
6655 6734
001 Corporate stock
1966 A 43 102 10218 10114 Jan'25
10114 10114 Trondhjem (City) extl 6315-1944 3' 99 Sale 9812
11
99
97
993a
eKa Corporate stock
1971 .1 D 10678
166% 10678 Uruguay (Republic) ext 88-1946 PA 108 Sale 108
1067 Feb'25
10812 13 10655109
gt‘e Corporate stock_July 1967 J J 106% _
105% 107
107 Feb'25
Zurich (City of) a f 85
1945 AO 109 Sale 109
10912 28 109 11112
4348 Corporate stock
1965 J D 106% _
106% 10612
10612 Feb'25
434e Corporate stock
1963 M El 106/
1
4 ____ 10634
1053s 10654
10634
Railroad.
4% Corporate stock
1959 M N
98 9914 Ala Gt Sou 1st eons A 58-1943 J D 10012 _
9914 Mar'25
10034 Feb'25
10034 10114
Registered
MN
9814 9814 Ma Mid 1st guar gold 50-.1
9814 Jan'25
/
4 101
194
2,A
8Mo
Feb'25 _--- 101 101
N 10058 1011
4% Corporate stock
1958 MN 99
9834 Feb'25
98% 98% Alb & Suso cony 330
823
4
823
831
5
4
823
4
82 83116
4% Corporate stock
1957 M N
___ 9918
9918 Alleg & West lat g 4a gu
2 98
99%
1998 A 0 8158 831 81% Feb'25 ---8113 8112
4% Corporate stock
1956 MN 9998% 9914 9834 Mar'25
9818 9834 Alleg Val gen guar g 48
1942M S 91% 9214 9112
92
5
91
92
Registered
MN
----9814 Feb'25
9814 9814 Ann Arbor 1st g 45__July 1995 Q J 64% 651 65
651
56
64
6712
4% Corporate stock
1955 M N ---9834 Mar'25
98% 9834 Atcb Top & S Fe-Gen g 48_1995 A 0 8934 Sale 87%
873
1
8814 90
Registered
MN
98
Jan'25
9778 98
Registered
A 0 8734 Sale 8212
86% 8814
8314 22
531% Corporate stock----1957 M N 10614 1063 10612 1061
1 10611 10614
Adjustment geld 4a....JTut
ulyy 1995 ibi
26
833
8112 831a
NoN 8314 Sale 83%
434% Corporate stock----1957 MN 10614 1063 10614 Feb'25
10518 10814
Stamped
8358 Mar'25
8234 84
823s 8334
Registered
MN
105 Feb'25
105 105
8.31
Cony gold 48 1909
1955 3 D 8234 Sale 82%
19
8155 8414
335% Corporate stock__ _ _1954 M N 895
• 8912 Jan'25
8912
4
8912
-4.1905
Cony
1955 J D 84% _
8312 Feb'25
8112 8318
334% Corporate stock_.1954M MN 8934
- 90 Feb'25
90
90
Cony g 45 issue of 1910-1960 J D 99 Sale 99
20
99
8118 8312
New York State Canal Im- 451961 J J
10314 10314
--- ---- 10314 Mar'25
East Okla Div 1st g 48
8412
1928
8414 Feb'25
98
9914
434s Canal impt
1964 .11 J ---- ---- 11234 Feb'25
1123
1123
4
4
Rocky Mtn Div lat 4a
8834 Sale 8712
1965 .1
84
8414
88% 30
45 Highway impt
1958 ___ _
103 Feb'25
103 103
Trans-Con Short L 1st 48.19583
93
94 Mar'25 ---94
88
8834
Highway Improv't 434.1963 M S ---- ---- 11134 1113
3
1123
111%
4
Cal-Ariz
1st
&
ref
--4
Ns
Jan'25
-"A"1962 M
91%
8814 _ _
9214 94
Virginia 2-38
1991 J J 6438
7612 Feb'25
7612 7612
Registered
89/
1
4 Sale 8912
91% 91%
89% 13
Atl Knoxv & Cin Div 48_ _1955 M N 10178 _ _ _ 10212 Nov'24
8858 89%
Foreign Government.
Atl
Knoxv
& Nor 1st g 58___1946
9658 97
_
96 Mar'25
Argentine(Govt) 7s
1927 PA 102/
1
4 Sale 10212 1027 160 10134 10314 Atl & Charl A L lat A 4318-1944 J D 10212 Sale 10212
J J
10234 16
Argentine Treasury 58. ___ _1945 M
8318 Sale 8314
84
9 81% 8412
lat 30-year 5s Series B__1944 J .1 92 Sale 91%
31 102 10254
92
Sinking fund 68 See A
1957 MS 9612 Sale 96
9658
8
967
294
95
Atl Coast Line 1st con 49_7;1952 M S 106 Sale 106
106% 28
89
9212
Exti 65 ser B temp_Dee 1958
96% Sale 9658
961 413
94% 96,
4
10-year secured 78
1930 M N 9114 9134 9112
91% 21 108 108
Austrian (Govt) s f 78
95% Sale 9558
1943
96
9418 97
109
General unified 4345
1964 3 D 87 Sale 8658
9078 92
8714 37
Belgium 25-yr ext sf734.8-1945 in 109% Sale 10914
lO9e 121 107 11014
L& N cell gold 45_ __ _Oct 194
9614 8812
69
952
,
77% Mar'25
3
MN
j 68
20-year f 8.
1941 FA 10714 Sale 10714
10713 48 10634 109% Atl & Deny 1st g 48
69 Sale 65
20
7638 7834
69
25-yr ext 6345 interim rcts_1949 MS 9334 Sale
9358
94
121
2d4.
92% 9412
7514 Sale 7514
1948J
20
62
/
1
4 69
J
7614
Extl a I Os inter rcts
1955 K J 8638 Sale 8614
8614 88
8612 314
Atl & Tad 1st g guar 48.-1049 A 0 9812
10018 Aug'29
75
Bergen (Norway)5 f 88
7734
1945 MN 111 1111
/
4 10818
1107
8 10818 112
A & N W 1st gu g 58
1941 J J 9978 100
1
99%
25-years f 135 temp
99%
1949 AO 9614 96% 9634 Mar'25
9611 98
Balt & Ohio prior 3340
19253 J 9934
9934 Jan'25
Berne (City of) 3 f 8s
i11112
1945 MN 10834 Sale 10818
Registered
10884 34 108 11112
July 1925 Q J 8812 Sale 88
9934 9934
8812 95
Bolivia(Republic of) 88
1947 MN 9314 Sale 93
92% 9312
9312 88
let 50-year gold 48 July 1948 A 0 8612
8653 Mar'25
88
3
4
885
Bordeaux (City of) 15-yr 68_1934 MN 84 Sale 84
5
548g 46
84
13534
Registered
July1948 Q J 92 Sale 92
9212 332
85% 86%
Brazil US,external 8s
1941 JD 9634 Sale 9612
96
98
973
75
10-year cony 4348
1933 M S 89% Sale 89
8934 127
89/
1
4 93
75 (Central fly)
1952 3D 8212 Sale 8212
8434
82
83
52
Refund & gen 5a Series A.1995 J D 10114 Sale 101
10114 239
8534 90
734s (coffee secur) (flat).1952 AO 107% Sale 10718
10738
Ist g 58 int ctts
7 104 10712
1948A 0 10318 Sale 103
103% 141 100 102
Buenos Aires (City) 02,1 63481955 Ji 99/
1
4 Sale 97
9512 9712
10-year 68
9712 55
1929 J J 10212 Sale 102
151 1024 103/
103
1
4
Canada(Dominion of) g 5a-1926 AO 10034 Sale 10034
1007
16 1003a 10234
Ref & gen 68 ser C temp 1995 J D
9934 Jan'25
10034 10314
58
1931 AO 102 Sale 102
1025* 51 10112 10213
P Jct & M Div 1st g 3345_1925 MN 8618 Sale 86
8678 62
99114 9934
10-year 5348
1929 PA 10278 Sale 10234 103
51 102 10314
PLE&W
Va Sys ref 4s..1941M N 99% 100 99%
99%
3
8355 87
58
1952 MN 10312 Sale 102% lO37e 100 10104 104
Southw Div 1st gold 3349.19253
69 Sale 6834
6912 24
993 10012
Carlsbad (City) 5 1 88
9814
1954
9712 98
Tol&Clnnivlstrei4.A.1959J J 6014 83 61 Feb'25 --97
973
9 98
6812 6934
Chile (Republic) eatl a f 88_1941 FA 106% Sale 10612 1078* 42 10614 10812 Battle Cr &
8tur lift gu 38_1989 3 D 93% 95 93% Feb'25 --81
61
External 5-years 18.
1921 AO 103 Sale 10212 103
21 102 10334 Beech Creek 1st gu g 4e
1936 J J
81
7
921
8112
.9312
20-year exti is
1942 MN 100% Sale 100
10114 111
98% 104
Beech Cr Ext 1st g 3348....1951 A 0 86
87
85%
13
86
7814 8112
25-year f 8a
1946 MN 106 10655 10614 107
9 10614 10812 Big Sandy 1st 48
19443 D 70
7112
72
711/
2
85
86
Chinese(Rukuang fly) 5a-1951 3D 4412 Sale 44
4413 10
41% 4512 B & N Y Air Line 1st 48
1955 F A 92% 93 92 Nov'24 ____
67 .721s
Christiania (Oslo) a f 85
1945 AO 11034 Sale 110
llOSi
2 10934 11114 Bruns & W lst gu gold 45_1938 J
10118 103 10118 10118
1
30-year 5 f 6s
9512 98
977k
1954 MS 99% Sale 97%
Buffalo R & P gen gold 58-.1937 M S 86% Sale 86%
8834 59 10155 1021a
Colombia(Republic)6345_1927 AO 114 Sale 10014 10013 40
9914 10013
25
Consol 4348
1957 M N
8514
8614 8812
8514 50
Copenhagen 25-year al 5348_1944 J J 9658 Sale 9612
9414 9734
69
97
Registered
MN 9934 10012 10012 Mar'25 -.-8.514 8514
Cuba 53 of 1904
1944 MS 97%
9512 98
98
Burl C R & Nor 1st 55
6
1934A 0 9934 1001 10012 Mar'25 ____
995* 10012
Exter debt 681914 Fier A._1949 PA 95 Sale 9714
9314 9514 Canada Sou cons gu A 55-1962 A 0 10134 Sale 101
Feb'25 -.945
5
964
43 10055 1014
1013
4
External loan 431s
1949 PA 85
87
8612 8612
87
Canadian North deb 8 f 74-19403 D 116% Sale 11612 116/
7 84
1
4 27 115 11772
5318
96% 9914
9914 49
1953
9914 Sale 9874
20-years f deb 645
19453 J 118% 1181 118
118/
1
4 43 11614 11814
Czechoslovak (Repub of) 85_1951 AO 100 Sale
9814 10112 Canadian
9934 100
86
Pac fly deb 45 stock__ J J 7938 Sale 79
79% 122
Sink fund 8a See B lot etta_1952 AO 100
79 89
97% 10034 Carb & Shaw 1st gold 48.- _1932 M S
25
93
Jan'25
Danish Con Mtmlcip 8."A"_1946 FA 1093 Sale 9913 100
93 93
4 Sale 10934 11035 27 10934 110% Caro Cent 1st con g 45
19383 D 7812 791 7812
781
1
&ilea B f 8s
7812 8814
1946 FA 10958 Sale 10955 llOs 26 1091
110%
/
4
Caro Clinch &0 1st 3-yr 50-1938 .1 D 10012 1011 10058 Mar'25
Denmark external 5f 88
10012
1945 AO 11012 110% 11012
11054 38 109 111
65
19523 D 10712 Sale 10634 1071
10575 107/
20-year 68
1
4
1942
99% 103
101 Sale 10012
10118 73
Cart & Ad lat gu g 48
1981J D 8212
Dominican Rep Con Adm If 58'58 FA 102
Jan'25
84
84
84
Feb'25
- 101 102
Cent Branch U P lat g 45_ _1948 J D 7634 Custom Admin1str 553a...1942 MS 9212 1021z 101
745k 791a
7912 Mar'25
11
9413
92
Sale
94
9212
Cent
New
Eng
1st
gu
48_
_
_1961 J 3 6634 Sale 66%
15
Dutch Feat Indies ext 68_1947
6415 69
67
10014 Sale 10014
98% 103
10078 61
Central Ohio Reorg 4318_1930 M S 97
40-year 135
9714 9714
991 9714 Jan'25
1962 MS 10014 Sale 10014
98/
120
101
1
4 10212 Central of Gs lot gold 58-p194.5 F A 10158
30-year ext 53.45
10234 Feb'25 ___ 1015
,10234
1953 MS 9714 9712 9714
9734
9314
60
9914
•
Conaol
gold 55
30-year ext 5345
1945 M N 100 100% 100
61
9914
1003
8
10012
1953 MN
9714 Sale 9714
101
98
92% 9914
10-year secur 0.
June 19293 D 104 Sale 103% 1041
30 103 10414
French Repub 25-yr ext 88_ _1945 MS 10212 Sale
102
10214
201
1043
103
8
Ref
&
gen
ser
5345
B
1959
A 0 102 Sale 10012 102
20-yr external loan 7345_1941 3D 9812 Sale
82
99 1021a
98%
10112
9812
234
9914
Chatt Div pur money g 48_1951 J D 8414 8458 84
External 75 of 1924 temp__1949 JD 89%
1
84
84
84
Sale 8914
8834 9275
9015 538
Mac & Nor Div 1st g 58._1946 J
102
_
Finnish Mun L'n 6348 A
9938 100
9934 Feb'25
1954 AO 9014 Sale 8954
89% 91
9034 47
Mobile Division 55
100%
6348 Series B interim etfe_1954 AO 9014 Sale
1946 J
Dete2
100
8913
8912 91
9034 40
Cent RR & It of Ga colt g 56_1937 M N 9834
Finland (Rep) ext 138
96% Mar'25
96 971k
1945 MS 8114 Sale 85
85 8712 Central of NJ gen gold 58.-1987
8614 21
German ext'l loan 75 w I_
10712 10814 10758 10755
8 1071
.10814
1949 AO 9412 Sale 9414
9311
9434 735
/
4 9515
10658 106%
10613
21987 Q
(It Brit & feel(UK of) 5342-1937 FA 1061
3
10814
10678
/
4 Sale 106
10638 251 10475 10634 Cen
t Paac
Regi
tered
lat ref ICU g 44-__1949 F A 8838 Sale 8815
Registered
8838 885a
8858 164
PA
105
105
105
105
45
Mtge
guar
gold
334s
10-year cony 5348
11929 J D 96
9512 9615
9614 96 Mar'25
1929 PA 116 Sale 1151a
11512
111
11614
117
12
Through St L let gu 48-1954
Greater Prague 7318
86/
1
4 8834 8655
8618 87
864 14
1952 MN 90 Sale 8934
9012 40
8934 92% Charleston & Savannah 75..1936 A 0 11814
Greek Govt 78 lot rcts
11V2 1173a
J
11213 Feb'25
1964 MN 85
8512 85
8614 48
85
8812 Ches & Ohio fund dc impt 58_1929 J J 9818 9912 985
Haiti (Republic) 6a
9812 1005s
1952 AO 9314 Sale 93
8
985
8
9114 9412
9312 113
lot conaol gold 5.
Hungary (Kingd of) sf734sJ944 PA 8834 Sale 885
1939 M N 102 10213 10112 10214 34 10114 10312
8
8934 168
88% 904
Registered
Ind Bank of Japan 6% notes 1927 PA 9912 Sale 9914
1939
N 10012 _ _ 101 Nov'24
9912
98
166
/
1
4
9912
General gold 4345
Italy (Kingd of) Ser A 6349-1925 FA
1992 M 8 90 Bale 8914
73
90
9934 Feb'25 -9318 9934
Japanese Govt Z loan 48-.1931 JJ
1992 M
8618 Jan'25
_
8578 8714
4 8212 8238
8314
8278 52
82
20-year
4345_1930 F A 9614 Sale 9614
30-year e f6318
144
1954 PA
97
9414 97
91% Sale 9114
441
917
9038 92
30-year cony secured 58-.1948 A 0 10418 Sale 10418 10512 277 10278
Oriental Development 68.1953 MS 8534 Sale 85
10914
86
94
84
867
8
Registered
A0
Lyons (City of) 15-year 68..1934 MN
10412 10412
2 10334 10614
8414 Sale 84
8412 23
84
8612
Craig Valley 1st g 58
Marseilles (City of) 15-yr 68_1934 MN 84 Sale 84
19403 J 98 10012 99
Jan'25
____
9712
9914
84% 69
84 8555
Potts Creek Branch let 48_1946 .7 J 83 Sale 8214
Mexican Irrigation 4318
83
11
1943 MN
8214 83
24
Jan'25
24
21
R & A Div lat con g 48-1989 J J 8414
3
8312 84%
Aasenting a f 4 Ns
8414
1943
84/
1
4
24
Jan'25
24
23
2d consol gold 403
19893 .1
Mexico(U 5) extl re of'99 Z 1945 Q
7912
80
43
7912 80
9
45 Feb'27 - _
4512
45
Warm Springs V Ist g 58_1941 M
93
Assenting 55 of 1899
9812 97% Jan'25
1945
97/
3714 -39
1
4 97%
38/
1
4
3814
6
32% 41
Chic & Alton RR ref g 35-1949 A 0 64 Sale 63
Gold deb 4.01 1904
1954
62
2114 Sale 2114
64
18
66
2114
5
25
21
Registered
A 0
Assenting 48 of 1904
6012 Jan'25
__
6013 1301k
21% Sale 2112
2214
8
1812
2612
Certif
.
°
Oct
stpd
1924
dep
int
6012 6212 6234 Feb'25
Assenting 4s of 1904 large
58040284
2613 Jan'25
2612
2612
Certif dep stmod Apr 1924 lot
Assenting 48 of 1904 small._
6212 Feb'25
6014 6212
24
Jan'25
_
24
24
Railway first lien 3315_ _1950 3 "3 5512 Sale 5214
Assenting 4s of 1910
1--i
4414 58/
1
4
28
5614 228
24 Feb'25 _ -23 24
Ctrs dep Jan '23&sub coup
52 Sale 5134
Assenting 48 of 1910 large
52
11
45
5534
2714
2734 24
2215 30
Chic Burl dc Q-Ill Div 334sA949
85 Sale 8338
Assenting 48 of 1910 small__._
811
45
85
/
4 8514
25
25
26
2134 28%
Illinois
Division
19493
45
92
.1
Sale 9118
8813 9212
9212 24
Trees 6501'31 assent(large)'33 i-"J "io"
4034
4034
1
3613 43
Nebraska Extension 45_,_1927 M N 9914 99% 99%
99 100
9912 28
Small
39 Mar'25
36
43
General 45
1958 IN 8 90 Sale 8978
Montevideo is
1952 3D 90- 9178 9112
8813 90/
9014 46
1
4
92
28
88
93
M
89% Feb'25
8934 8934
Netherlands 65 (flat prices)._1972 MS 10312 Sale 10278
10312 90 102% 107
latR&egiarefter5ead
1971 F A 10155 Sale 101% 10178 27 10053 1021a
30-year external 65 (flat) 1954 AO 10278 Sale 10234
10314 267 10018 104
Chic
City
58-1927
&
Conn
A
0
Rye
01
62
25
61
54
83
62
1940 AO 110 111 11012 111
Norway external f 8a
23 11012 11313 Chlcago&EastIU let 6a-1934 A 0
1 105/
107 10752 107
107
1
4 1071
1943 FA 100 Sale 99% 100
20-year extl 65
49
/
4
9712 10014
& E III RR(new co) gen 55-1951 MN 77% Sale 7614
7430 7931
78% 575
1944 PA 9934 Sale 9913 100
20-year external 68
124
9713 10034
1952 AO 99% Sale 9912 100
30-year extl69
59
9712 10014
"iE"
"115
loos
"ckisi
"ii
$5=5L. a Due Jan. 8 Due July. k Due Aug. V Due Nov. s Option male
New York Bond Record—continued--Page 2
iato
BONDS.
N.Y., STOCK EXCHANGE
Week Ending Mar. 13.
11
...,3s
t:1
t
...a.
Price
Friday
Mar. 13.
Week's
Range or
Last Sale
Range
Since
J.1.
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Mar. 13.
Price
Friday
Mar. 13.
Week's
Range or
Lust Sale
Range
Since
Jan. 1.
33.3
Iligh
High No, Low
Ask Low
Bid
84
84
High No. Low
Jan'25 ---Ask Low
Bid
1 Erie dr Pitts gu g 330 B____1940 j .1 8418 ____ 84 1%
'
193'
10
10
9912 1
8
995
9958
58
4
2
100
.15
9912
1982 M N
.j y
C
Chic & Erie 181 gold 58
Series
4
1
/
65
4
593
156355
100
4
1
6178
63/
9989491:
11008004
3 .51 5
930
Chicago Great West 1st 4s-1959 M S 6212 Sale 111 Mar'25
.1
Fla Cent & Pen 1st ext g 55_ 194
10912 Ill
9838 100
997
Chic Ind & Loulev—Ref 65_1947 ,1 j 11078 ____ 10014 Mar'25
Consol gold 55
9912 100,4
92,4 9414
7
93
4
/
1047 J J 991
93 Sale 93
:
.
Refunding gold 55
1)
1st
East
1
Coast
4
43511-11M
Florida
2
86,
4
1
/
_
85
9334 9512
41
8612 Jan'25
9412
8
8612 87
937
Sale
1947 .1
94
A
Refunding 4s Series C
Series
55
1st & ref
87's 8812
11558
6
1027g
8
2
1
1
8812
5
8814
7
113
Sale
113
8812
Sale
1966 M N
Series A 1934 m N 113
7s
&
Nor
General 58 A
West
4
Fla
103,
4
1013
11
2 73
64,
4
1023
10212
May 1966 J J 10258
M
7234 Sale 71
General 65 B
4 7912 Fonda Johns & Glov 430_1952 M N
/
771
2
79
-79
3
Nov'24
793
7753
:
881
91
gu
J
48_1956
let
4
/
J
891
y
Ind & Louisville
8618 8712 Fort St U D Co let g 430_1941
8712 ____ 8712 Feb'25
4 Feb'25 - - 10438 1047s
/
Chic Ind & Sou 50-year 48__1956 J
9312 9334 Ft %V & Den C Isle 530-1961 ..1 D 10434 _ _ _ _11041
9218 9634
9334 Mar'25
9512, 95 Feb'25 ---Chic L S & East 181 43is1969 J D 9378 ____ 54
5338 5818 Ft Worth & Rio Or 1st g 43-1028 .1 J 93
137
5818
Sale
Feb'25 -- 108 10812
56
10812
8
J
1103
J
CM 83 Puget Sd 1st gu 48_ _1949
Frem Elk & Mo Val 1st 65_1933 A 0 10834
74
7012
10058
1
58
100
3
71
7012
-Sale
1931 5
,
ChM de St P gen g 42 Ser A=e1989 I J 7012 Sale 621
M N
5 100 10012 10012 Mar'25
GH & 9 A M & P 1st 5s
65
62
9
63
4
/
- - 100 10038
100 10014 10018 Mar'25 - -24
General gold 334s Ser B__e1989 J J 6214 Sale 7718
2d extens 58 guar
7718 8244
163
9314
9018
4
793
9212
7778
9114
1989 J J
Gen 43is Series C
1933 A 0 92 Sale
Galt,Hous dr Heed 1st 5s
4714 54
5212 518
Sale 4714
10418 14 10014 10438
1957 5 5 10418 Sale 104
Gen & ref Series A 43'58__a2014 J J 49,4 Sale 51
5858 Genesee River 151 s I 5s
bl
467
93 10234
57
13
54
9412
3
943
A
F
Sale
9418
__a2014
6s_
B
Gen ref cony Ser
9612 10018 Ga & Ala Ry 1st cons 58_ _ _01945 J J
238
99
9018 9934
1
9912
1934J J 9712 Sale 0613
4 9912 10014 9912
1st sec 68
8012 Ga Caro & Nor 1st gu g 5s 1
52
6414 66,2
1
5734 667
6512
1932.3 D 5313 Sale 52
6453 65,2 6512
9 5.
91,3
Debenture 43is
7234 Georgia Midland 1st 3s
53
885
53
6712
Sale
-55
Oct'24
100
____
D
1925 5
9834
MD
N
Debenture 48
4814 5614 Gila Val G & N 1st gu g 53_1924 5
5312 1215
1934 J 5 5014 Sale 4814
9978 ____ 9834 Felr24 - - - 1942
25-year debenture 45
9414 97
Gouv & Oswegatch 55
4
4 -9539534 83
4 9514 9414
4
/
9534 17 -41Chic & Mo Rio Div 513_1926 J J 943
9912 109,8 Gr BA I ext 1st gu g 43,68_ _1941 5 J 9534 Sale 941
5
3
5
9912
9912
8
997
99
4 54 11512 11678
1
:4s 997
8783
9334
A 0 11612 Sale 11633 116/
deb
m7
65.1940
Chic & N'west Ext 45_1886-1926 F A
Can
f
0
6
f
4
runko
5
:
Grand
8
Feb'25
8 10773
8
1063
995
10734 42
4 ____
/
10712
10734
8
1075
1886-1926 F A 981
M
S
1936
Registered
15-years
1
74,8
11038 122 10918 111
1987 M N 7418 7458 7418
General gold 3363
724 Great Nor Kell 78 Series A 1936 J J 11014 Sale 110
72
_
14
9112 9212
9214
Q F 1718 ____ 72 Feb'25 44
Registered
198I 1 J 9214 Sale 9134
1st & ref 431s Series A
4
/
8512
10111 37 10014 1021
10053
Sale
8
1987 M N 85 Sale 8414
1007
5
9
1
3
2
7
_
5
1
B..
General 48
5
General 534s Series
9253 9514
85 Mar'25 -85
84
57
9412
94
Sale
MN
1987
9413
C
Stamped 48
5s
4
82
18045
10
Series
34
34
General
3
76
10414
76
10414
105
Jan'25 76
1987 M N 10414
75
104 10412 Green Bay & West deb ctfs"A",. Feb 70
General 58 stamped
1212 16
1558 135
1512 15
15
1879-1929 A 0 104 10512 104 Mar'25 -Sinking fund 65
Feb
Debenturesctfs "B"
88
86
Jan'25
Jan'25
A 0 10312 ___ 104
8618 ____ 86
N
NI
4s_
gu
Registered
Ry
4
0
412
0
1st
°
0
_1940
0
°
1
1
4
3
Greenbrier
9818 101
8
____ 10058 Mar'25
99
9812
9812
Sale
1879-1929 A 0
t
J
&
g
Sinking fund 55
J
ref
58_81952
1st
&
I
9
---- 100,3 10012 Gulf
8312
80
Jan'25
10012
____
8
1005
1
823
4
1
/
4
82
0
A
83
4
/
811
1879-1929
Registered
Harlem R & Pt Ches 1st 48_ _1954 M N
8912 9078
____ 102 Mar'25 -- 10012 103
13
90
1933 M N 102
Sinking fund deb 58
g 4345_1999 J .1 90 Sale 90
9913 9915
4 ____ 101 Mar'25 -- -- 101 101 1 Hocking Val 1st cons
1
9912 Jan'25 -5
8,
1933 M N 100/
1999 .1 J 88
Registered
1115 112 8
Registered
4
1
1
9912 100/
7
10814
8
4
1085
108
108
Feb'25
10014
9912
1930 J D
10-year secured 78 g
1937J J
9814
11238 49 11114 112,z H & T C 1st g int guar
06
14
112 Sale 11114
97
Sale
97
1936 M
J
1st
15-year secured 6;is g
J
58_1937
Term
1011
&
4
/
Belt
100
Houston
42
9958 100
4 101
1
100/
Sale
4
1
/
100
Jan'25
100
D
J
d2037
s____
NI N l003
1st & ref g 5s
3M
83 8414 Houston NA W Tex 1st g 5s_ 1933
6078 99%
8334 27
4 Sale 8314
4 Jan'25
1
10038 ____ 99/
Chic R I & P--Ratlway gen 481988 J J 833
4
/
821
82
let guar 59 red
4
1
9218 92/
J J 8178 ____ 82 Feb'25 9000
9234 ____ 9212 Jan'25
1937 MN
Registered
8314 88,4 Housatonic Ry cons g 5s
8834
8612 89
8613
91
Sale
88
0
A
4
8714
1
/
88
1934
Sale
8
877
A
A
F
1957
Refunding gold 45
5s
Series
Bud
&
103
Manhat
10112
4
673
737
8
_
_
Feb'25
8
1027
198
103
8
7238
1951 S D 1025
1957 A 0 72 Sale 71 14
Chic St L & N 0 gold 5a
793s 7938
Adjustment income 5s_
4 92,8
/
911
2
921s
1951 J D 7838 ____ 7938 Jan'25
80
10
414 10851f:
Gold 3.48
ntral 1st gold 4s 1951 J J 9218 9212 9218
o8
1 11R
teered
ine
1518C
-8
Feb'25
855
8
847
4
833
July'24
D
J
89
1951
91
1951 1 J 89
Memphis Div 1st g 48
2
10118
10118
8134 831,
1932 A 0 10118 Sale
0 Bt L P let MILS g 5a
1951 J J 8314 ____ 831: Feb'25
4
1
10038 100/
1st gold 33-63
8212
81
A 0 10018 ____ 10038 Jan'25 51 A 0 8318 ____ 8213 Feb'25
98
Registered
10434 10812
Extended 1st gold 330_ 1,
83
-Feb'25
10514
9
83
10712
10514
83
8034 ____ 93
C1i1cStPMAOcons6e1930J D 9238 ____ 9212 Feb'25 -Registered
9214 92,2
62 62
Feb'25
D
J
62
8
645
330_1930
61
4
to
963
reduced
9953
M
631
S
1951
Cons
1st gold 35 sterling
21
99
4
/
8614 871
9814
4
10
9812 99
1930 M
m N
2m
s 8714 ____ 87
58
98
,
Debenture 55
99
98
Collateral trust gold 45_ _ 1
9053
88
9818 9914 99 Feb'25
11842 Sale
780
95;
Stamped
1st refunding 4s
7514 79
7618 41
4
1
7838 83/
Sale 7514
10
7512
8314
J
_1960
5a_
1st
East
So
1952 J J
ink T H &
Purchased lines 314s
4
/
551
4 601
/
79
5978 73
79
53'
;
8072
9'
739'4 Jan
8
89
Dec 1 1960 M S 5518 Sale 5518
Inc gu be
J J
Registered
9212 14
9212 Sale 9238
8434 37i 83 85
8434 Sale 8414
N
2.1
412_1953
2
9
10
Chic Un Sta'n let gu 4345 A.1983 J
gold
z
trust
,
3
134
0
9
10
Collateral
81
9
8
-I 81
Feb'25
1963 J J 10012 10034 10012 10078
NI N 8038 ____ 81
1st 58 Series B
Registered
4
4
/
97,2 981
1167
4 11614
1
10412 33 10312 10434
1944 J D 11638 118/
1955 SIN 10438 105 10438
Guaranteed g 5e
Refunding 53
4
/
56 116,4 1171
98
30 102 103%
:Sale 9712
103
4
1023
19635 J 971
Sale
4
1023
1934
J
J
let 133is Series C
I5-year secured 53.45
____ 10514 Nov'25
1107g 33 10812 1113g
8
80
Chic dr West Ind gen g 68_4)1932 Q at 10514 Sale 78
15-year secured 634s 6.-1936 S J 11034 Sale 1105 Feb'25 -8814 8814
8814
1952 J J 78
1950 J D 8934
98
Consol 50-year 48
Cairo Bridge gold 48
12 104
718
2
9°
7
7012
70
755 10
10234 10212 Feb'25
Feb'25
:
701
____
S
8
1935M
715
730
J
f
s
J
15-year
Litchfield Div 1st gold 38_1051
12
201
4
98
7712 80
973
_
_
Sale
Feb'25
98
80
82
9934 100'4
1st & ref 5128 ser A temp.1962 M S
Loulsv Div & Tern g 330 19535 J 80
9934 Mar'25
7012 72
7012 Feb'25
8212
8
715
A
F
Choc Okla & Gulf cons 53 .1952 M N 9934 10012 9414
1951
3s
1st
gold
Div
941
Omaha
4
/
9348
1
7134 72
9414
Jan'25
7178 ____ 72
Gin II & D 2d gold 434s__ _1937 J J 9414 ____ 9134 Feb'25
9134 9H4
St Louis Div & Term g 3s_195I J J
82
1
79
8034
1c1936 Q F 9173 93
1951 J J 8018 811: 8034 July'24
C I St L & C 1st g 48
9012 9012
Gold 330
4 Mar'25 _ _
/
901
82
82
8
78,
F 9118 93
1c1936
J
J
Registered
g
8718 89,z
Springfleld Div 1st 330_1951
87
-87
5
2
2
:
Mar'25
b
.
:
1.
1P
8814
7
8
88
8612
N
1942 M
ClnLeb&Norgu4sg
1951 F A
9978 9978
Western Lines 1st g 4s_
1
9978
87
87
4 ____ 9978
1
1951 F A
ClnS&Cl cons lstgOs.......,l928S J 99/
Registered
8134 8453
Mar'25
82
8213
82
D
J
48_1993
St
gen
L
de
Cleve Cln Ch
9734 III Central & Chic St LA N 0964 99
96
9712 21
9812 71
97,8
Sale 98
1931 J J 9713 98
991s 10158
20-year deb 4348
Joint 1st ref 58 Series A_ 1963 J D 9818
9512 June'24
1993 J D 10078 10153 10158 591325
1963 J D
General 58 Series B
gji; -881;
Do Series 13
5
4
Feb'25
1033
8812
8
1033
Sale
91
10312
90
J
1950 J J
Ref & impt 6s Series A— _1929 J
109 101
4 Ind III & Iowa 1st g 413
/
312 10°741
1)5
10
Feb'25
100
_ 10734 Feb'25
1941 5 J 10414
68 Series C
9413 06, Ind Union By gen 55 Ser A...1965 J J joo- gide- 100
4 100 10034
9638 108
100
9614 9578
96Ig
J
1963J
J
8914 9033
1965 1
58 Series D
Gen & ref 55 Series B
4
/
9038 13
90
1041 10312 10412 26 100 1041
1939 J J 9038
Cairo Div 1st gold 4s
4 Int & Grt Nor 1st 65 Ser A 1952 J J 1044 Sale 71
/
811
80
78
68
7414 283
8034 10
8038
7134
Cln W & M Dtv let g 4s_ _1991 J J 8034 Sale
81 14 8314
Adjustment 6s, Series A_1952 Apri 7912
7612 8012
120
1
80
8114
7912
8114
4
/
Sale
811
8114
N
M
1990
St L Div 1st coll tr g g 4s
65
8838 88,2 Int Rys Cent Amer 1st 5s_ _1972 M N
57
6212 36
1
58
8812
1940 88 S 8812 ____ 8813
1938 J D 8112 62
Spr & Col Div 1st g 49_
5978 61
4 8734 Iowa Central 1st gold 5s
1
87/
61
60
8734 Jan'25 --1940 J J 8612
W W Val Div let g 4s
Certificates of deposit
1938 2614
10734 10734
48
8
245
-Feb'25
10712
2314
____
10738
2312
1934 J J
C C & 1 gen CODS g 6s
1951 M S 2318 _ _ _
Refunding gold 4s
4 102,4
/
88
87
98 Mar'25
8812
10012 10214 101 18 Mar'25 -- 1011
Clev Lor & W con let g
9653 9634 James Frank & Clear 1st 45.19592 D
100 Nov'24
9638 ____ 9634 Jan'25 _ _
Mar 1st gu g 43is
1938 J J 100
G R 1st gu g 5a
tly
A
4
/
84
Ka
991
983
4
80
_
Feb'25
8
Mar'25
995
____
84
Cleve & Mahon Vail g 5s_ .19385 J 9814
1990 A 0 8114 84 10038
9914 10012
---- -- -- Kan & M 1st gu g 45
10038
1942 A 0 9878 ____ 8412 Aug'24 - _
1927 J J 10038 10078
CI & P gen gu 4 Siff Ser B
2d 20-year 55
— - - ---10212 10313
91 Nov'24 1942 J J 9878
M N 103 10314 10314 Mar'25 38
1928
Series A
NI
6s
&
g
S
C
K
Ft
con.s
8853 85
Dec'24
8712
8414
, A 8118 __
1950 1
971- -671-2 K C Ft S & NI By ref g 48 1936 A 0 8414 Sale 84
Series D 3;0
4
/
98 991
9712 9714 Mar'25 - - - - - ,
9918 Feb'25
99
Cleve Shor Line 1st gu 430_1961 A 0 9718 10513 10513 10554
10434 106,8 K C & NI R dr B lat gll 5s._1929 A 0 97
7018 72
70
3
4
/
711
105
3
713
0
A
7158 Sale
0
A
33_1950
Cleve Union Term 534s_ __ _1972
1st
gold
City
Sou
Kansas
101
9912
8913 84
8812 91
4 93
1
1973 A 0 9912 Sale 9912 100/
Apr 1950 J J 8914 Sale 8878
lst s 58 Ser 13
4
/
8314 861
Ref & Impt 58
4
1
85/
84
42
85 Mar'25
85
8412 86
: 01358 Kansas City Term 1st 4s.196() J J 85 Sale 84
967
Coal River Ry 1st gu 4s ._A045 J D 0912 99
84 85
9812
9812 136
8418 ____ 84 Mar'25
J
J
4s__1987
gold
8
905
Colorado & South 1st g 4s 1929 F A 9234 Sale 923g
4
1
/
Central
93
Kentucky
33
93
Nov'24
86
MN
1935
434s...
eaten
0
A
&
dep___1934
pi Refunding
8612 8653 Keok & Des M 5s ctf
166;
3 1061.4
____ 10038 Mar'25
1948A 0 8612 ____ 8612 Feb'25
Col & H V Ist ext g 4s
Knoxville & Ohlo 1st g 65...1925 J J 10038
8
9934 100
100
1955 F A 8518 ____ 9412 Dec'24
3 Lake Erie & West 1st g 5s_1937 J J 9978 Sale 9978
5
1;
11i 8
87
-83
Col & Tol 1st ext 4s
9518 9614
8153 Jan'25
84
9518
81
9518
0
A
96
_1943
9518
45_
1st
J
Itiv
J
33631941
8
4
Conn & Pass=
2d gold 5s
7814 7918
8712 64
16
79
1952 J J 8714 Sale 87
1997 J D 7812 Sale 7838
Cuba RR 1st 50-year 58 g
: 767/3
767
6 10212 106 1 Lake Shore gold
103
7678 Feb'25
78
77
19365 D 103 10434 103
1997 .1 D
93 4
89
Registered
1st ref 730
97'2 9878
9314 34
-i(56
92
Sale
98
9212
J
Sale
9814
9818
J
19136
gold 4s
Debenture
:
951
57
Cuba Northern Ity let 5s_
9733
:
961
7
9614
4
1
/
8
96
957
Sale
S J 9614
96 Sale
1931 M N
8812 9014
25-year gold 48
: 9978
957
Day & Nlich'lst cons 434s__A931 M N 89/
9014 47 1(
4 Sale 8934
1
9838 9578 Jan'25 -92
916
114 10
97
738'2
Registered
Del & Hudson 1st & ref 4s__ _1943
32 10034 10212
10212
Sale 10312 10412 58
4
/
1011
10312
Sale
0
4
1013
A
1935
1 M
A
34
95
F N
Leh Val Harbor Term 55_ _19
5 101 103
9714
96
30-year cony 55
10234
3
9712
96
1937 M N 10238 Sale 10238
Leh Val N Y 1st gu g 4;is_ _1940 J J 96 Sale
93
15-year 530
10912 11 10812 110
93
Jan'24 -- -1940J .1 9412 ____ 93
1930 5 D 10812 Sale 10812 Dec'24
Registered
81
19
10-year secured 78
79
94
8018
____
80
9358
Sale
1936 F A
4 Lehigh Val (Pa) cons g 45 2003 M N 80
9012
D RR & Bdge 1st gu 4s g
88
8912 16
4 97 -ii- -85i1
83/
.3 J 8312 Sale 8314
2003 M N 8913 Sale 8912 10014
General cons 434s
8012
86
9838 100,4
42
Den & It.C.—lst cons g 4s.._1936
8912 20
4
1
99/
1938.3 J 88 Sale 88
Val RIt gen 5s Serfes_2003 M N 100 Sale
Lehigh
99
93
8
1025
1
92
10118
Conant gold 43.0
102
9812
____102
98
1928 S D 9734 9814
Leh V Term Ity 1st gu g 58_1041 A 0 102
67
58
_
Improvement gold 5s
-_
5812 Jan'25
1955 F A
1941 A 0 9938 ___ 9934 Nov'24 -- -Registered
---- ---13.212 89
1st & refunding 55
Mar'25
89
4614 Nov'24
8415
Leh & N Y 1st guar gold 42_1945 M S
Registered
6 10312 105
10458
104/
4
1
Lox & East 1st 50-yr 5s go. 1965 A 0 10434 Sale 8314 Feb'25
70
59
8314 8314
Farmers L & T dela rots for
-6112 Feb'24
1952 MN
Aug 1 1955
Little Miami 4s
1077g 108
1st & ref bs
-Feb'25
8
1077
____
5 108
A 0
1Q
35
hil93
4
1
9973 100/
5958 6912 Long Dock consol g 6s
Bankers Tr Co ctfs dog
—
Jan'25
____ 10012 Jan'25
63 80
8
993
49
J
gold
@
1st
con
5s__h1931
Ield
agree
1
5618 7034 Long
9412 94,2
Amen to June lb '23
9412
8234 Feb'25
68
48
:Sale 0412
941
consol gold 48
let
8
607
8
603
4
,
89
8913
Stamped
1
Feb'25
8
Feb'25
603
8
89
70
89% 90
49
General gold 4s
Am Ex Nat 13k Ws Feb '22 ---89 July'24
5978 Dec'24
8 5 D 8978
32
198
Gold 45
-8"ifi 841,
2
-661
-E74
32
Am Ex Nat Ilk ctfs Aug '22
357
6118
8212
8
587
4
1
/
82
Sale
Sale
1949 M 8 8212
1055MN 5958
Unified gold 4s
3912 45
9512 9738
25
Den & R G West 58
45
4338
9618 ____ 97 Feb'25
D
mN
1934 ..1
J 4453 50
1935
Debenture gold 65
9314 9312
Dee M & Ft D 1st gu 4s
6
Feb'25
9034
871s 9054
4 Sale 8913
1
90/
1937
M N 9313 - - -- 9312
p m deb 5s
20-year
73
73
83
Des Plaines Val 1st
82
Mar'25
Mar'25
73
8212
74
J D 72
Guar refunding gold 45_ 1949 M 11 8218 8312 991
9912 10038
6514 6712
Det & Mack—let lien g 45 1995 04
5
4
1
65/
9912
:
4
1
85/
69
N 65
95 .1 D
1961
Nor ShB 1st con g gu 5s_o1932 Q J 99 100
92
9118
43
:
99i
1
Gold 4s
10112
9112
100
4
/
911
100
10014
4
/
9118 911
Louisiana & Ark let g 55_ _1927 NI S 9978
102 102
Del Rh, Tun 430
_
83 87
85 Mar'25
8334 85
4 -- 102 Mar'25
/
J 1021
2 10012 10214 Lou &Jeff Bdge Co gu g 4s_ _1945 M S 10413 ____ 10453
Dul Nflasabe & Nor gen 5a 1941 J 0
3 10255 104
10134
4
'
10414
- 10134
55_1937 M N
Nashville
&
Louisville
90
4
/
851
17
Dul & Iron Range 1st Es— 1937 A J 10218
4 9412
1
91/
39
8812
94
87 Sale 87
1940 J 5 9313 9414 9312
Unifled gold 4s
89
88
Dul Sou Shore & AtI g 5s_ _ _1937 1
Jan'25
Dec'24
89
4
913
92
9112
8
887
0
A
1940
Registered
9914 9934
East Ry Minn Nor Div 1st 4s_'48
3 iO612 103
102
8 10134 10114
9914 - - - 9934 Feb'25
,
Collateral trust gold 55...1931 M N 10138 Sale 10678
100 101
East Tenn reorg lien g 5s1938 M .1 100 -- - - 10034 Mar'25
8 10014 1071
10678
o 1067
A N
1930 M
10-year secured 7s
1 10038 101
41 104,4 MPS
East T Va & Ga Div g 58_ _ _1930 J
101
10612
101
106
107
10614
10012
1956 at N
A 2003
Series
534s
refund
8
lit
1013
101
10312
Cons 1st gold 55
101%
19
Mar'25
:
1031
N 101743 -- 10138
2003 A 0 103 Sale 103
1st & ref 55 Series 13
9938 100
4
1
93/
Elgin Joliet & East 1st g 5s 1941 M
92
991. Feb'25
9314 Sale 93
2003
1965 A 0 9913
1st & ref 434s Series C
El Paso & S W 1st 5a
- 10412 10413
10812 18 107 10853
-6
10814 10934 10814
1930 J J 10414 107 10412 Feb'25 —-2
gold
5s
let
M
A
0
N
7212
70
67
Erie 1st consol gold 78 ext .1930
7112
7034
10338 Dec'24 - ____
Sale
8
1033
7113
J
5
1996
gold
68
9015
2d
let cons g 48 prior
89'4
Dec'24
F Al 8914 ____ 8914 Feb'25
1996 5 J 6738 7038 6734
°5
946
193
Paducah & Mem Div 48_ _1
4
/
6314 661
Registered
021, 63
6514 133
63 Mar'25 -6412 Sale 6414
St Louis Div 2d gold 3s_ _1980 ISS 8134 63
6612 67
9714
1st consol gen lien g 4s 1996 5 J
96
Jan'25
Mar'25 - 67
9714
9618
J
5
S
NI
1996
430.1945
LA N & M & NI 1st g
9512 98
Registered
19
8112 843s
96
9758 96
8334 8338 Feb'25 __1952 J .1 83
45__
NI
uth
Joint
Re
L
69
&NgiSstoemi
64
Penn coil trust gold 4s_ _1951 F A 96
2
6814
Jan'24
4 ____ 77
/
761
6612 67,2 6814
July 1952 Q J
4 69
1
981* WI;
83/
7
1
50-year cony 48 Ser A 1953 A 0 67 Sale 6578
9912
6712
9834 09u: 9913
1953 A 0
7234 7534 Loulsv Cin & Lex gold 430_1932 MN
do Series B
4 158
/
741
:
4 Sale 731
1
1953 A 10 73/
Gen cony 4s Sores D
8
1045
10112
7
10412
104
Sale
104
J
19552
Erie & Jersey lst 5 f 85
8 Option sale.
n Due Sept. 0 Due Oct. 9 Due Doe.
May. S Due May. S Due July. k;Due Aug.
a Due Jan, 11 Due Feb. a Due June. 4 Due
ci a,
A
No
1311
New York Bond Record-Continued-Page 3
BONDS
N. Y.STOCK EXCHANGE
Week Ending Mar. 13.
Price
Friday
Mar. 13.
Week's
Range or
Last Sale
g
07.2
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ending Mar,13.
Price
Friday
Mar. 13.
Week's
Range or
Last Sate
44
Range
Since
Jan. 1.
Bid
High No. Low
High
High
Ask Low
Bid
Ask Low
High No. Low
99 10114 N Y W'ches St B lst Ser I 41is_'46 .1 g 647s Sale 6312
10118 Mar'25
10112
1934 J
8814 265 59% 702a
Mahon Coal RR let 58
3
81
597g 61
61:34 61
8084 8434
8212 85
1950 A 0 8214 Sale 82
NordRy516149w1
Manila RR (Southern Lines) 1939
N 60
7038 738a
33
73
6312 6312 Norfolk Sou 1st & ref A 5s 1961 F A 7234 Sale 7234
1959 MN 6414 66% 6312 Mar'25
1st 48
2 95% 98
2
Norfolk & Sou let gold 5s
1941 M N 9818 __ _ 9484
99
9434
Manitoba Colonization 581934 J D 9712 99 99
9754 100
10658 10718
84 84
Nod & West gen gold Os__ 193I M N 107 10812 10834 Feb'25
Man GB&N W lat 310_1941 is 8238 ____ 84 Jan'25
10712 Oct'24
101 Feb'25
10078 101
Improvement & ext 6s 1934 F A 10912
1931•B 101
Michigan Central bs
5 106 fat%
106% 106%
New River let gold
1932 A 0 107
99 Dec'24
1931 QM 10012
Registered
gg% 9712
88 89%
97
N & W Ry lot cons g 4s__,.1998 A 0 89% Sale 8914
9712 10
1940 J J 91
89% 10
48
86 88
Jan'25
Registered
1996 A 0 861a 884 86
8612 Sept'24
1940 is 89
Registered
8914 47 8812 9014
7712 Apr'24
Dly'l 1st lien & gen g 13_194 43 J 88% Sale 88%
1951 MS 7712
L & S 1st gold 331e
1 "Eic" 8255
8112
1952 MN 8112 13 8112
10-year cony 68
1929 M S 129% Sale 127% 13114 229 127 13312
lot gold 3345
1
_
91 9314
9113
9712 97 Feb'25
1929 AO 97
97 97
Pocah C & C joint 4s
1941 5 D 9112 917 9112
20-year debenture 48
1 10113 1028a
_
91
9312 Nor Cent 8ell AL ref 58 A
1974 M S 1017 Sale 101% 10178
1940 AO 8812 9112 9112 Feb'25
Mid of N J lst ext Es
2 100% 10038 North Ohio lot guar g 5s_ _1945 A 0 87
87 871s
8712 87,2 Mar'25
Milw L S & Weet imp g 55 1929 FA 10038 _ _ _ _ 10032 10032
10014 Jan'25
100 10014 Nor Pacific prior lien 4o
1925•S
1997 Q J 80 Sale 84%
Ashland Div lot glte
8534 63 84 8612
2 8314 84%
4
8934
8334
8712 894
Registered
1997 @ .; 83% 8412 8334
MB & Nor let ext 4tis(blue)1934 S D 89% _ _ 3712
4 85 9112
General lien gold 38
6012 82
6134 46
a2047 @ F 6112 Sale 6012
8834
Cone ext 434s (brown), 1934 S D 85 -87- 85
8634 89
5
5914 5914
89
Registered
a2047 @ F
8812 8912 89
Mil Spar & N W lot go 4s_ -1947 M
- - 5934 Feb'25
5 85/
_
_ 8612 July'24
1
4 8711
8612
MOw & State L lot go 3318-1941 S i 81%
Ref & inapt 414343ser A_2047 .3 J 59348688 8714
- 8618
85% 8534
8534 Feb'25
Minn & St Louis let 711
Registered
1927 S D 9918 101 101 Mar'25
613
8-5i 11,-5
5912 32
lot consol gold 55
1934 MN 5912 Sale 5834
4 5 2
Ref dr inapt 85 ser B
2047 3
5 5
.1 ioii4 riftle" 10714 10818 "ioi 106% 108%
40
2338
24
2318 24
1st & refunding gold 48_1949 M
21
975a 9714
28
Ref &'rapt 55 ser C
977s 37 96 9773
2047 3 J 97
98
48
8
Ref & ext 50-yr Ser A__ 1962 Q F 17
9514 98
1834
1834 18%
1652 2114 Ref & impt 5s ser D
2047 5 J 9738 Sale 9718
___ 9914 Mar'24 -M St F&SSM con g 4s int go'38 35 87% 8812 88
St Paul & Duluth let 55_ 196
8812 66
86% 90
38
15
QD
F
lot cons 55
100389814 100%
19385, 9934 100 1007 Mar'25
8414 87 8414 Jan'23
1st consol gold 4s
10-year coil trust 6tiefail; Nil;
104
8 10212 10484 Nor Pac Term Co 1st g 6s1931 MS 103% 10378 104
11
99
33
s3
AJ0
J Iowa __ 10914 Jan'25
102 102
1 100 103 No of Cal guar g 58
lst & ref (18 Series A
103 ____ 102 Feb'25
1946 S i 10012 Sale 10012 10012
3 8484 9012 North Wisconsin 1st 6s__ -.1930 J J
__ 100 • June'24
88
86 87
25-year 5313
1949 MS 85
7112 "fit.
lot Chicago Term of 4m _1941 MN 9212
72
7284
- 717 Feb'25 -Og & L Cham lot go 48 g_ _1
_ 9212 Dec'24
19
948
3J
M9
.I 10414MBEIM &A lets 4eintgu_1928 S i 9934 Sale 9934
9934 10 -15
Ohio Conn Ry 4s
9:11
:
9034 ---- 9034 Dec'24
98i 99
b'25 ---Mississippi Central 1st 58- _ _1949 S i 92% _ _ 92% Feb'25
__ 99
1p Ohio River RR 1st g 56
1936 J D 992
1
8,014 9 4
99 100
100
8134 19
Mo Kan & Tex-let gold 48_1990 S D 8034 Sale 8014
General gold 58
1937 A 0 98%_ 100
38 10038 1017a
91% 181
Mo-K-T RR-Pr I 58 Ser A_I962 is 9114 Sale 91
9
Ore & Cal 15t guar g 513
1927 J J 10034 1-61- 10034 101
8
7114 76
22
743
40-year 4e Series B
8814 89/
1
4
89321 31
1982 J J 7412 743 74
Ore RR at Nov con g 45
1946 J D 8938 Sale 8852
68 101% 104
10-year fle Series C
1031
1932 ii 10312 Sale 103
Ore Short Line-let cons g 50246 .1 J 10434 Sale 10434 10434 -- 10338 105
18 10338 10538
861 757
Cum adjust 58 Ser A Jan 1967 AO 8512 Sale 8412
7634 89
1946 J 3 10434 10678 10434 105
Guar C0118 be
9538 9778
57
Missouri Pacific (reorg Co)
97
1929 J D 9634 Sale 9634
Guar refund 42
8284 65 8134 8312
lot & refunding 53 Ser A....1965 P A 88 Sale 88
8814 189
8212 Sale 8212
83 8812 Oregon-Wash let & ref 49
1961 .1
lot & refunding 58 Ser C1926 FA 301 Sale 100% 101
82 94
92
34
29 100 101
Pacific Coast Co 1st g 5s_1946 J D 9012 918 907
lot & refunding 88 Ser D1949 FA 10114 Sale 101
3 9018 98%
159
102
99 10218 pac RR of Mo lst ext g 4s 1938 3
90%
9038
F A
i
6228 6612
General 4e
651 461
9814 98%
9814 Jan'25
26 extended gold be
1975 MS 85% Sale 6418
25 9413 95
6
881
Mo Pao 3d 7s ext at 4%_.1S38 MN 8514 -- 87
95
8434 9938 Paducah & Ills 1st of 4;18_1955 J J 5412 lit; 95
76% 8058
7714 100
98% Dec'24
9812
Mob & 13Ir prior lien g 58_1945
Paris-Lyons-Med RR 68_1958 F
MA
s 7634 Sale 764
Mortgage gold 48
7
781
78 Sale 78
1945 J
8534 Sale 8534
76 78's
88% 130 8514 89
S f external 78
Mobile & Ohio new gold 65_ _1937 S D 103 104 103
8614 105 84,14 90
10 10234 10312 Paris-Orleans RR 8 f 79
103
19
942
54 si
MS
s 86 Sale 8438
lot extended gold 68
20 97 100
10927 QJ 10212 103 10284 Feb'25
99
97% 99 9834
102 103
Paulista Ry 75
General gold 4s
8112 8818 Pennsylvania RR-cons g 4e 1943 M N 92
88%
8
881
1938 MS 89%
9234 9218 Mar'25 -- 9178 95
03.
Montgomery Div lot g 82.1947 FA
3
99
93
8
99
Canso'gold 45
M N 9138 93 93
977 99
-- 10012 10012
St Louis Div bs
1
4
9055 91/
3 100 10052
1927 S D 10014
May 1 1948 MN 92 93 9134 Feb'25
42 stamped
Mob & Mar 1st gu g 48
85 Feb'25
1991 MS 8412
9814 100
9938 16
Consol 4348
1966 F A 998 9934 9914
8434 85
Mont C lot go 568
93 95
-- 11034 Feb'25
9478 121
1937 S i 1103s 113
General 4313
1965i D 9438 Sale 9414
11038 11078
1
4
/
4 103/
let guar gold 513
1937 ▪ J 10114
10312 95 1011
10112 103
General 58
1988 J D 10318 Sale 103
- 102 Feb'25
M & E let su 3348
753, 81%
109% 44 108 110
2000 S D 7734 8112 7812
10-year secured 75
7812
1930 A 0 109 Sale 109
Mashy Chatt & St L lot 53_1928 AO 10152 102 10112 Mar'25
144
109
11034
10018 10134
8
4
1103
3
111
15-year secured 61,1s
1936 F A 11058 Sale
mg% 10078
N Fla & S let gu g re
1
4 98/
1
4
1937 FA 100% 102 10038 Feb'25
98 325 97/
40-year gold 58 temp
1964 M N 9758 Sale 9712
Nat Ry of Mex pr lien 4345_1957 S i
30 Sept'23
_---- Pennsylvania CoJuly 1914 coupon on
26% 1534 July'24
84% Dec'24
Guar 3tis colt trust reg A_1937 MS
Assent a I red June coup on
1 83 "iirs
83
10 -ii13-4 -if3-4
19
18i4 1914 18%
Guar 3tis colt trust Ser 13_1941 F A 82 85 83
Guaranteed 70-year :14s-1977 ;CCI
8712 July'23
84 8418 Sept'24
Guar 3340 trust ctfs C
1942 J D 82
"8214
April 1914 coupon on
18 May'24 Guar 3tie trust etre 11-.1944 J D 82 83 82 Feb'25
Gen a f 48 assenting red
9414 9538
9514
6 -firs -141-11
18%
18%
Guar 15-25-year gold 48..1931 A 0 941 951k 9484
2 85 8616
Nat RR Mex prior lien 434a.1926 is
3812 June'23
8612
Guar 48 Ber E
1952 M N 8512 86, 861a
79
78
16
July 1914 coupon on.......
79
25 July'24
Peoria & East 1st eon vie--1940 A 0 78 Sale 78
3412 Mar'25
Assent with July '24 coup on
3418 3638
34
32 Jan'25
1990 Apr.
"iii; iiii Income 48
let consol 45
9712 995g
99
28 Apr'24
9512 iii Pere Marquette let Sex A 53-1958 J J 987 Sale 9855
1951 :476
8113 8338
8252
36 Jan'25
April 1914 coupon on ______
let 4a Ser B
1958 5 .1 8238 Sale 82%
1943 MN 9234 100
1834 11 -ifs; id - PhiLs Balt & W 1st g 48
1712 19% 18
Assent with Apr 1924 coupon
9214 Dec'24 -.9 104" 106
10512
1974 F A 10018 1001 104
86 May'23
Naugatuck RR lot 48
Gen 58 Series B
1954 WITT 73% _
4178 44%
43
8
Philippine Ry let 30-yr of 48 1937 J J 43 Sale 427
New England cons 55
19455, 95-__ 9512 Feb'25
9612
2 98
96,2
FCC&StLgu434sA
1940A 0 961g 971 9614
Consol 45
1945 S i 81%85 78% Dee'23
96 9814
1942 A 0 9638 963 9614 Mar'25 --Series B 4tie guar
NJ June RR guar lot 43_1986 P A 82% 86 83 Sept'24
2 -iii- Iii1-8
1942 MN 9618 ---- 9412 Aug'24 ---88%
Series C 434s guar
NO& N E lot ref &imp 4318 A'52 53 88% 89 88%
8
1945 M N 91
8014 84
Series D 4e guar
91% Mar'25 ---- -814 9155.
8112
New Orleans Term 1st 48_ _1953 S i 8118 811 8112
9013 91
mg% 10134
9012 Jan'25 ---Series E 3348 guar gold., 1949 F A
NO Texas & Mexico 181 63..1925• 13 10012 1011 10012 Mar'25
94% 18
Series F guar 4s gold
1953 J D 91 ___ 8912 Nov'24 ---9238 9438
Non-cum income 59
1935 AO 9412 Bale 94%
9012 9284
9234 87
1957 MN 91 ___ 9012 Feb'2 ---- "WI; WI;
Series 113 48 guar
lot 50 Series B temp
1954 AO 9214 9238 92
91
1980 F A 91 ___ 91 Feb'25 -_- -, 91
98 100%
Series H to
10014 62
1st 5112 Series A temp
1954 AO 100% Sale 100
931 935
95 9612
Series Icons guar 410._1963 F A 9514 9612 9612 Mar'25 ---N & C Bdge gen gu 4tis
1945 S i 93%- 93% Feb'25
997 100
9412 9412
1964 M N 9414 ___ 9412 Mar'25 Series J 4%a
NY B &M B let con g 59_1935 AO 99 1-66 100 Jan'25
992g 101
19705 13 100 Sale 100
N Y Cent RR cony deb 6s 1935 MN 113 Sale 11214 114% 1682 11114 11712
10038 1
General 521 Series A
5 11214 11612 Pitts & L Erie 2d g 5a
11214 11412
al928 A 0 9934 101 101 Feb'2 ---- 101 101
Registered
MN
8412 60
Coning 48 Series A
82
9887
9:482 1009
85
i:
: Pl2
tte
dM
gucara
K dz
ilteed
Y les
tsgu 68_ _ _1932 J J 10412 ___ 105 Dec'24 ---1998 FA 84% Sale 84
Ref &!rapt 4)18"A"
1934 J J 10213 ...... 9833 Aug'24
9114 44
2013 AO 9118 Sale 91
99 10134 Pitts Sh tk L E let9 Es
Ref & inapt Es
1940 A 0 10038
-- i6412 Nit;
10052
2013 AO 101% Sale 10084 10134 137
10014 Mar'25
Registered
1943 J 3 9s34
101 101
191 Jan'25
lot consol gold 58
AO
NY Central & Hudson River100 100
Pitts Y & Ash let cons 58_ _1927 M N lows 19912 100
7778 71
Mortgage 3348
1997 S i 78 Sale 77%
75
78
1st gen 48 series A
1948 .1 1) 8712 ____ 87 Mar'25 -- 87 87
5
Registered
1997 S i 77% Sale 77
7412 7714
7714
1st gen 58 series B
1982 F A 10013 Sale 1001f 10013 12 10012 102
Debenture gold 48
28
941
1934 MN 9412 Sale 94
9314 96
let gen 5e series C
1974J D ---914 9238 Providence Secur deb 48._ _1957 M N 511g
92
30-year debenture 43
1942 is 9184 Sale 9134
6313 67
-Li 67
Registered
93 Feb'25
93 93 Providence Term let 48
80 Sept'24 811g
1956 M
50
Lake Shore coil gold 3343_1998 F A 75 Sale 74%
75
9455 96
95
1
7434 76
95
Reading Co gen gold es
1997 J
9514
Registered
9514 Nov'24 -1998 F A 7314 7412 73% Dec'24
Certificates of deposit
2
Mich Cent coil gold 330-1998 F A 76 Sale 76
76
Central colt g 4J__ _19151 1-15 885 Sale 8834
89
15
Registered
1998 F A 73% 80
7338 Dec'24
9314 61 921s 9411.
n
&&Dre
an
t4
34
145 Ser A
19975 J 93% Sale 93%
7
95
1 94
N Y Chic & St L lot it 49
1937 A 0 9134 9334 91% Mar'25
9934100
763414 RijGechersey
1927 A 0 10055 10033 100 Feb'25 ---Registered
1937 A 0 89
89 Jan'25
7414 7514.
89 89
Rich & Mack let g tas
1948 M N 75 ___ 7514 Feb'25
25-year debenture 44
6
1931 M N 9334 94 9355
1
4
9278 98
933
1 inws 101/
Rich Ter 58
10012 100% 10014 10014
1952
2d 88 Series A B C
7 10212 1037 Rio Grande Juno lot go 53..1939 J D 945 9512 95
1931 M N 10234 Sale 102% 103
92/
1
4 9681.
95
9372 961a Rio Grande Sou let gold 43..1940 J J
1974A 0 95% Sale 94%
Itef 5tie Series A
951 141
5 518
5
7
5% Jan'25 -NY Connect let go 4318 A.1953 F A 9112 9134 9112
go
13
9212
921
Dec'24 -Guaranteed
6
1940 5 J
92 89
1
N Y & Erie lst ext g 43_ 1947 M N 89
89
89 89
8614
8 "ii1; 88
Rio Grande West lot gold 43_1939 J J 84 -8538 86
1933 M Et 9534 ---- 96 May'24
3d ext gold 4348
71% 75
7312 78
- - - - ---Mtge & colt trust 4s A_1949 A 0 73 Sale 73
1930A 0 99
97% Dec'24
4th ext gold 58
85 88/
1
4
---- - --- RI Ark dr Louie lot 4;111_ 1934 M S 8713 Sale 8612
883$ 197
1928 J D 95%
97% Dec'24
5th ext gold 48
74 74
74
2
74
Rut-Canada
go
74
1st
g
48
19495
72
.1
1946 m N 90 -i212 9212 Feb'25
"ii" 1.12 Rutland lst con g 4340
N Y & Green L gu it 150
Jan'25
-851
4
8514
1941 J J 8618 8712 85,4
2000 M N 79
8312 75% Feb'25
N Y & Harlem g 3Ha
75% 7812 St Jos & Grand Isl s 4s
764
3 75% 77
1947i J
76% 7512
-- 9812 Nov'24
N Y Lack & W 1st & ref 58 1973 M N
94 95/
1
4
St Lawr & Adlr lst g 53
1998.7 J -iEro ____ gals Feb'25 ---1973 MN 9912
10012 Feb'25
lot Az ref 43(8
RicK
1116
1
4
Jan'25 -- 101 101
2d gold 68
0 102 ____ 101
1996
A
1930 hi S 106
10711 Jan'25
107% 10712 St L & Cairo soars 45
N Y L E & W 1st 72 ext
1
4
94 95/
9414 20
9414
9412
9414
1943 3 J 99% Sale 99%
5
Dock & Impt be
99%
9934 997 St L Ir M &El gen con g 58_1
9914 100%
10038 13
1931 5
A O
S 100 1003 100
1932 F A 100 10034 100% 100% 28
NIY & Jersey let 5e
9955 1008
9434 49 613495
Sale 94
Unified & ref gold 48
9438
1929
3
J
t & Long /trench gen 848 1941 MS 9032 ____ 9014 Dec'24
_--- ---9112 9214
9214 Jan'25 --J .1
Resigtered
N H & Hartford8712 151
Riv &0 Div lot g 48
8334 87%
1933 M N -1I1Ea Sale 8638
1947 M 8 68
68 Feb'25
81 68 St L M Bridge Ter gu g 5s__ _1930 A 0 9914 100% 1004 Mar'25 ---on-cony deben 45
9938 100%
1947 M 13 60 -611-2 60
60
Non-cony deben 3145
714 7512
7512 1386
55% 60,a St L & San Fran (reorg co)48 1950 J J 7514 Sale 7412
1954 A 0 58
60 5834
5834 15
55% 60
Non-cony deben 334e
8912 169
85% 89%
88
,
2
Prior
lien
Ser
B
J
8914
58
1950
5
Sale
1955 5 1 65
6412 Mar'25
60 85
Non-cony deben 48
124 101% 103%
Prior
102
103
lien
J
102%
Sale
Ser
C
53
19283
5s
1956 M N 64 Sale 64
60 6558
6518 31
Non-cony deben 45
102
90
Prior lien 530 Ser D
19425 J 97% Sale 9712
93% 98
5934 5834 Mar'25
55% 5912
Cony debenture 310--1956 J J 58
8912 163
Cum adjust Ser A 6sh1955 A 0 87% Sale 8712
8414 8912
1948 J J 91 Sale 9014
91
148
87 92
Cony debenture Ss
239
781960 Oct. 8052 Sale 8058
8112
Income
Series
A
(is
76% 8234
90 8814 Mar'25
J J 85
Registered
8312 90
10512 10512
StLouis & San Fran Ry gen 83'31 J J 16434 105% 10512 Jan'25
100
9934
dollare.1925
10014
A0
34
100
97 1004
78 European loan
General
2 101
10038
Mar'25
10012
gold
55
1003
-10012
96 100%
70 European loan francs-1925 A 0 99% Bale 99% 100 388
St Louis & 9 F RR cons 42_19
99
36
15
J j
J 9032 ___: 8412 Dec'24 -1957 M N 58
59
5938 58%
10
Debenture 4s
54 6012
9812
9738
Dec'24
Southw
Div
lat
g
55__1947
A
0
1930 F A
-- 44 Apr'23
Cons Ry non-cony 48..
St L Peo de N W let gu 58._ _1948 J .1 10234 16i12
l02!s 1031,
10234 Mar'25
1954 J J 62% 66 64 Mar'25
55 64 St Louis Sou 1st gu g 48
Non-cony 48
937s Feb'25 -1931 MS 9138
921a 93%
64 Mar'25
62 65 St L S W 1st g 48 bond ctf8_1989 MN 80 Sale
Non-cony deben 40-1955 J J 6214
17 80 81%
81
8034
%
64
64
62 64
Non-cony deben 48._ 1956 J J
2d g 48 income bond ctfs_p1989 5 J 7234 7334 7234
7284
9 7234 74
100
ioor2
Jan'25
1927
A
0
be
100
100
Northern
Ist
g
8538 90
1932 5 13 89% Sale 87
N Y&
90 211
Consol gold 48
6814 28
65 6934
NY co & W ref lot g 48_June 1992 M S 6712 Sale 6712
lot terminal & unifying 53_1952 .1 J 8552 Sale 8418
8555 55 81% 85%1955 J D 63% 64% 65 Mar'25
63,8 6912 St Paul & K C Sh L lat 4%8_1941 F A 84 Sale 8212
General 48
8434 168
80
848s
8834
_
_
_
86%
Feb'25
1942
A
0
48
8618
Boston
8612
St Paul E Or Trunk 4;13_1947 J 5 84% 8434 88 Sept'24
___
N Y Prov dz
85 84
84
82
2
8214 84
NY & Putnam 1st con go 48293 A 0 100
_ _ _ 100 Feb'25
1927 M S
100 100
NY&RBlatgold 58
9 6678 76
1937 J ./ 72% 7358 7313
7412
1.1 y Buse & W lst ref 5s
67 8412 Mar'25
1937 F A 63
6112 68
2d gold 4315
1940 F A 62 8534 85% Mar'25
6018 66
. General gold 58
93 Feb'25
1943 M N
93 94
Terminal lot gold bs
a Due Jae. 78 Due July. 9 Due Nov. 8 Q9tion sale.
kY
-
_
1312
BONDS
N.Y.STOCK EXCHANGE
Week Ending Mar. 13.
New York Bond Record-Continued-Page 4
lie
Price
Friday
Mar. 13
Feat's
Range or
Last Sale
1
72
ccA
Bid
Hick No
Ask Low
St Paul Minn & Man 4s____1933 33 9412 9512 95
10
95
1st consol g es
1
1933 J J 10814 10934 10912 10912
es reduced to gold 4448_1933 J J 99
1
99
9912 99
Registered
11133 J
97
9812 9738 Feb'25
Mont ext lot gold 48
6
1937 3D 92% 94
9234
9234
Pacific ext guar 48
____ 88
1910 .1
8938 Feb'25
St Paul Union Depot 58._ _1972 J J 10112
10118
10134 14
8 A & A Pass let gu g 4/3._ 1943 J 3 83% Sale 8338
151
84
Santa Fe Pres & Phen 58._ _1942 MS 10014 -- -- 10034 Feb'25
Say Fla & West 65
_
10712 Jan'25
1934 A0 Ill
be
1934 AO 10118
10114 Nov'24
Scioto V & N I.: lot go g 4s_ .1989 NI N 88
8834 19
88% 88
Seaboard Air Line g 48
1
79
1950 AO 75
78
78
Gold 413 stamped
7712 7612
1950 AO 75
8
764
Adjustment be
Oct 1949 FA 764 Sale 7514
7634 249
Refunding 48
1959 AD 65 Sale 6434
171
66
Set & cons es Serial A....1945 MS 90 Sale 89
316
91
ALI& BIrm 30-yr let it 4s.d1933 NI S 8718 Sale 874
2
8714
Seaboard & Roan lot 5s....1926 J J 1(1012 101 100
7
10012
S& N Ala cons gu 358
_ 0218 Jan'25
19:36 FA 10238
Gen cons guar 50-yr 5s. _1963 AO 105 10612 10518
10518 20
SO Pac Col 4s(Cent Pac co1)21949 3D 8534 Sale 85%
24
86
Registered
Jan'25
8312 81
I I) 81
20-year cony 48
9718 153
June 1929 N1 S 96% Sale 96%
20-year cony 58
3
10112
1934 J 0 10112 Sale 0112
Ban Fran Term! tot 44_1050 AO 8534 8612 85%
13
86
Registered
1
834
AO 784 _ _ _ 8312
Bo Pac of Cal-Go it 58
034 Feb'25
1927 M N 101 102
So Pac Coast ist au it 4a____1937 .1 .1 1035s _ _ _ _ 9412 Jan'25
Bo Pac RR 1st ref 4s
9012 98
1955• J 9012 Sale 8934
Southern-1st cons is fie___ _1994 JJ 10112 Sale 0038
10112 89
Develop & Ken 48 Ser A..1956 A 0 774 Sale 7634
7734 180
Develop & gen es
1956 A () 10434 Sale 10412 10534 61
. Develop & gen 6448
63
110
1956 A 0 1093* Sale 10938
Mem Div let it 44413-55
Jan'25
1996 3 ji 10018 __ 100
St Louis Div 181 648
4
86 Sale 86
861
1951
Mob & Ohio roll tr g 45_19:38 NI S 83% 8434 8412
4
8412
Bo Car & Ga 1st eat 5448.1929 MN 10112 102 101
1
101
Spokane Internal 1st g 58. _1955
8634 86
Feb'25
J 86
Sunbury & Lew 48
91
Oct'23
1936 J
9114
Superior Short I. let 58g. _e1930
95 May'18
S 993
Term Assn 01St L lot g 440 1939 AD 96 Sale 96
96
lat cons gold bs
1944 FA 10(14 - - - - 10014 Mar'25
Gen refund erg 413
83 Sale
10
1953 .1
9618 98
Tex & NO con gold 58
2
96/
1
4
97
1943 J
Texas de Pee 1st gold 5a____2(100• D 10(1 Sale 100
8
10034
2d gold Income 5.4
90 Dec'24
2000 Mar
La Div B L Ist g 5s
99
9914 34
1931 J J 987 99
Tex Pac-Mo Pee Ter 534g. _1961 hi S 98% Sale 98%
9978 17
10014 Mar'25
Tol & Ohio Cent lot gu Os..1935 .1 J 9934 _
95% Jan'25
Western Div let it 58
1935 AO 9938 100
9811 Jan'25
General gold 5a
1935 J o 96 100
Toledo Peoria & West 40_ _ 11117 J J 2714 2934 3712 Dec'24
Tol St L & W pr lien it 3449_1925 .1 3 9934 ..._ I 99% Mar'25
1
4
60-year gold 48
1950 AD 8414 8412 83/
8412 15
9618
99% Jan'25
1931 J
To1WV&Ogu444sA
Jan'25
Series 13 4448
19:33 1 3 964 ____ 97
89% Jan'25
Series C 4s
1942 hi S 8912
Tor Ham & Buff 1st g 413...._1946• D 8438 8534 85 Mar'25
92
10
Meter & Del let e0t1/1 g 65_1928 J D 90 Sale 89
let refunding g 48
1952 AO 5134 5212 51 12 Mar'25
Union Pacific lot g 48
9314 156
1947.1 J 9234 Sale 9234
20-year cony 45
9914 150
1927.1 J 99 Sale 9834
Registered
Jan'25
-- 98
J
31
let & refunding 48
87
e2008 M 8 8614 Sale 86
6
111.512
let lien & ref 5s
10514
e2008 M S 1053*
39
10-year perm secured 65..1928 J J 10334 Sale 10312 104
U N J RR & Can gen 4s. _1944 M S 9212 ____ 923* Feb'25
10018 101 10118 Jan'25
Utah & Nor gold 58
1926 J
let extended 48
1931 J J 9334 -.-- 93 Aug'24
86% Feb'25
Vandalla cons g 48 Ser A...19.55 F A 8714
COIU301 45 Series 13
1957 M N 8714 ____ 8612 Dec'24
Oct'24
--_ 20
Vera Cruz & P181 gu 4%8_1934 J
204 __ 20 Dec'24
July 1914 coupon on
20
__ 2412 Jan'25
Assenting 1st 444s ...,..I934
_
1
____ 00
100
Verdi V 1 & W let it 58
1926 M S 100
2
Virginia Mid Series E 58____1926 M S 10014
0014
10014
100%
2
General Bs
19:36 M N 1003s Sale 0038
Va & Southw'n 19t Cu 58_ _2003 J J 99 100
9914 Feb'25
let cons 50-year 58
40
90
89
90
1958 A 0 89
9678 217
Virginian let 513 Series A__ _1961 M N 9612 Sale 96
22
Wabash 1st gold 68
M N 10034 Sale 10012 101
2d gold 58
•
964 33
1939,F A 96 Sale 96
5
79
79
let lien 50-yr g term 48_19541.1 J 7914 80
100
1
_ 100
100
Det & Ch ext let g 59....1941 J
8414 Mar'25
Des Moines Div let g 49_1939 J J 8414 85
7612
8
76
Om Div 1st g 3 tae
1941 A 0 751 .
2
4-851
2 8512
8512
1941 M 8 8514
Tol & Ch Div g 4s
7718
77% Oct'24
Warren 191 ref get g 3 4413___ _2000 F A
8418 Jan'25
1048 (1 M 813*
Wash Cent let gold 45
8114 10
1.)15 F A 8118 82 8114
Wash Term 1st gu 3448
7834 ____ 8938 Mar'25
let 40-year guar 48___ _ _ 1945 F A
W Min WA NW let gu 55 1031) F A 96129638 Feb'25
6534 80
1952 A 0 647 6E:6)- 64 4
West Maryland 181K 45
10014
1
19373 J 10012 ----100'
West N VA Pa 1st g be
814 21
1943 A 0 80% Sale 803*
Gen gold 411
45 Feb'25
Apr I 1943 Nov 34% 46
Income g be
93 Sale 9212
9312 83
Western Pao let Ser A 58_1946 M
1946 M S 10338 10433 10212 10334 58
B 69
83
7
J 8238 82% 82
2361
West Shore 1st 4s guar
81 18 13
2361 3 J 8012 8114 80%
Registered
Wheeling & L E Iota 58._ _1926,A.0 10014 1007 10078 Mar'25
Wheeling Div Is) gold 58.19281J .
1 9914 997 10034 Jan'25
975 991 9612 Nov'24
Eaten & Impt gold 543____(193 OF
2
70
69% Sale 69143
S
A__19661M
Refunding 4448 Series
73
73
1
74
1049; M S 73
RR tat consol 48
65 Mar'24
19423 D 64% 66
iVilk & East let gir g 58
Will AS F let gold 53
19:18,1 D 1023* ____ 1024 Feb'25
9234
5
82% 8312 8234
Winston-Salem S Eliot 48_1960 .1
81
23
Wla Cent 50-yr let gen 49.._11149 .1 .1 81 Sale 8034
Sup & Dui dlv & term let 48'36M N 8614 ____ 81312 Mar'25
_
INDUSTRIALS
Adams Express roll tr g 48_ _1948 M S
Ajax Rubber 88
1)38.1 0
Alaska Gold M deb es A____1925 M S
Cony deb es Series Li
1926 M S
Ain AgrIc Chem lot Egs
19281A 0
1941!F A
lst ref s f 7 448 g
1933'A 0
American Chain es
Am Cot OH debenture 5s_ 1931 M N
Am Dock & Impt go es
1936.1 .1
Am Mach az Fdy s f es
1939 A 0
Am Republic Corp deb es. 1937'A 0
Am Stn & K 1st 30-yr 5s serA 1947,A 0
65 B
1947!A 0
Amer Sugar Refining es_ _ _ _1937 3 J
Am Telep & Teleg coil tr 48 1929 J .1
1.136 M
Convertible 40
1933 M
20-year cony 4%8
1946 J D
30-year colt tr 5s
J
35-yr a 1 deb 58 temp
1960
20
-years f 544(3
1943 M N
7-year convertible 65
1925 F A
Am Wat Wks & Elec 5s___ _1934 A 0
Am Writ Paper f 7-6s
19393 .1
Temp interchangeable etre deP- - -
85 Sale
994 Sale
412 5
412 5
10018 101
1004 Sale
9834 Sale
93
91
1064 10734
99 Sale
93
9434
96% Sale
10612 Sale
101% Sale
96% Sale
93
91
9612 -10014 Sale
9518 Sale
10178 Sale
12612 Sale
9512 Sale
4814 50
4618 47
85
85
99%
99
412
412
Jan'25
5
9978
101
10014
00
984
99
94
03
Feb'25
08
99
99
9512
95
964
96%
0614
1064
0112 10214
9612
97
9638
90%
12 Feb'25
10012
0014
9518
95
10218
0134
12718
26
95
9534
50
49
47 Mar'25
4
14
2
17
107
47
4
52
4
119
13
51
133
1
138
301
173
31
79
4
Range
Since
Jan. I.
High
Low
9414 95
1074 10912
9814 99
973* 9738
9234 934
89% 893*
100 102
81
8488
10034 101
10713 10712
E
11.
Price
Friday
Mar. 13
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High
High No. Law
Ask Low
Bid
Anaconda Copper 65
9913 10133
1053 F A 10012 Sale 10014
1013* 217
75
10234 234 101 1(14
1938 F A 10138 Sale 101
9718 1004
Andes Cop Min deb 75 lot ctfs_'43 3 J 9812 Sale 9734
9834 286
9112 9412
Antilla (Comp Azuc) 7448 _1939,-1 J
9412
8
9312
Ark & Mein Bridge & Ter 58.19.111m S 9113 9212 9112
9112 9214
9214 15
00
Armour &(,o lot real est 4%81939 .1 D 87 Sale 87
85
54
88
9112 94
Armour & Co of Del 544s
119
1943 .1
93
1,4 S
.1 9278 Sale 924
Associated 011 temp 68
20 10134 103
1935
10238 10314 10212 103
Atlanta Gas I. it 55
97/
1
4 9754
1947.1 1)
97/
1
4 Jan'25
Atlantic Fruit 7s etfs dep_1934 J D 21 18 25
18
24
20 Feb'25
22
22
Stamped ells of deposit
___ 397 22
Jan'25
87% 90
Atlantic Refg deb 5.4
1937
97% 9913
994 25
-9038 Sale 904
80
Baldw Loco Works 1st 58_1940 M N 103 1034 102.8
74
10318
8 102 1034
80
Baragua(Coup Az)7 cis.. P3373 3
193 104
74
_
10312 Mar'25
Barnsdall Corps(cony 8% A24
7412 79
10 10213 105
105
38
1 3 J 105 61e 10434
5912 6812 Bell Telephone of l'a Os
100% 26 10014 1014
1003* Sale 10014
84% 9212 Beth Steel 1st ext 0158
1926 J J 10(138 Sale 10014
1003* 17 10(114 1014
934 96%
8378 5714
1st & ref 5s guar A
9638 15
1942 an N 96 Sale 06
9954 101134
30-yr pm & Imp 51' 58
9014 927s
1936 .1 J 91% Sale 91
92141 43
10218 10218
Cons 30-year es Series A_ .1948 F A 9434 Sale 9412
9334 9712
95121 100
103 10518
Cons 30-year 544s Series B 1953 F A 8712 Sale 8712
8512 894
8812 37
Booth Fisheries del)s f 63_1926 A 0 7714 8212 8278
86
8278 85
84
2
834
Brier Hill Steel let 5348.....1942 A 0 9914 Sale 9834
81
97 100
81
9938 67
7212 75,4
9618 9718 B'way az 7th Av late g 5s_ _1943 J D 72
7478 7314
7312 14
9954 1024
7512
Ctfs of dep stnapd Dec '24 int
72
72
744 72
72
2
90% 93
8414 8614 Brooklyn City 1113 5s
9212 933* 9212 Feb'25
9918 1004
8514 Bklyn Edison Inc gen 5.4 A.1
83
997 Sale 9934
10(118 160
19
9:
19
11 .1
i
3 .i
3
1
103 10314
General 68 Series 13
10412 10478 1043*
10478 17 1044 105
General 78 Series I)
943* 9412
07% Nov'24
1940 J D
88% 9012 Bklyn-Nian R Tr See
8214 8884
864 393
_ _1968
J 8538 Sale 85
664 71
Bklyn Qu Co & Sub con
10014 102
67
2
ea.gtd 58'41 M N 65
67
67
80
80
1941 J J 77% ____ 80
Feb'25 --7
91198
3 2 I7
10
;
I:1115
6 1 2 BroleotklTrans
Brooklyn Rapid Tra g 58_1045 A 0
90 Nov'24
Trust certificates
96 June'24
181 refund cony gold 48_2002 J .1 564 ____ 81
Dec'24
3-yr 7% secured notes... _1921 .1 J
8514 8638
10912 Sept'24
7,2
212
% 85
83
Certificates of depost
120 Nov'24
_
10012 102
of dpo
rsit sta
17718 Dec'24
_
Bklyn Hn Elg Iota44-543 mped L950 F
83
8434
1
4 83/
1
4
8*3i213 -8-3
8418
7
Stamped
md
83 85
a -50
1950 F A 8212 8438 8334
8438
8
Bklyn tin Gas 1st cons g 5s_ _ I 945 M N 9934 100
9914 10133
9912 10018 15
9514 97
713
155 16334
1932 M NI 13514 160 155 Mar'25
047114
lot ien & ref es Series A_ _1947 M N
21342 198
l
19
26
0
110
1 10714 11013
- 110
Burt & Siam Iron s f 513
9174 935e
9338 Jan'25 -97
Bush Terminal lot 4s
84
8714
81338 21
1113
52 j
A D
O 5962:
:
- 8612
997s 101 14
Consol 5s
81314 8914
88
61
1955 J J1 8778 88
.1e 8778
Building 55 guar tax ex...1960 A 0, 9612 97
9358 9934
9934 11
9512
98 100
-6.612 Cal G & E Corp 58
19:37
N 9934 Sale 9914
0912 32
9812 10014 Cal Petroleum 64413 temp_ _19:33 A 0 103 Sale 103
10312
9 10034 103y
0034 101
Camaguey Sug 181 a f g 70.._ _1942 A 0 95 Sale 944
93
9513
9518 89
9558 9578 Canada SS Lines 181 roll of 78 '42 NI N 9878 Sale 9834
9434 9914
99
92
9628 9812 Canada Gen Elee Co Ss
1942 ,
I A 10712 Sale 10712
10712
1 1(1713 10773
Cent Dist Tel 1st 30-yr 58_194:3 3 0 10038 10034 10912
10012
1 10014 10073
-661; 997; Cent Foundry Isle 155
95
97
1931 F A 95
99
97
Feb'25
8218 8412 Cent Leather 20-year g 5E2_1925 A 0 100 10018 100
110
5 100 10011
99% 995
Registered
9914 9914
A 0 9918 10014 9914 Feb'25
1st lien linking fund es 1945
97% 981s
97
97
11111
4 .1h4 rg
3 9734 Sale 9718
9818 138
8958 89% Central Steel 88
112% Sale 11278
11278 23 111 114
8454 8612 Ch G L & Coke let gu LC 513-11
9814 9912
5
9912
12
137
7 JF A
3 994 9034 0912
9218 Chicago Rys lot 5e
82% 88
89
8512 Sale 8512
8738 258
Chile Copper 68 Ser A
5034 62
1932 A 0 10614 Sale 10614
180 10614 1114
108
905 9312 Clnein Gas & Else let & ref 5s'56 A (1 9912 100
984 100%
99
9912 12
984 998,,
534s Ser B due Jan 1
1961 A 0 10218 10238 10218
6 10012 111212
10238
98
Clearfield 1311 Coal ist 45...1940 J J 81 12 8712
98
8414 8718 Colo F & 1 Co gene 5s
9178 5F1943 F A 90
10418 105.2 Col Indus lot & coil be gu_..1934 F A 82
80
834
1
8212 83
83
82 82
1(1312 1043*
Regirtered
82 Feb'25
,
I A
101
31 10012 10118
0214 9212 Columbia G & E let 53
1927 J J 1003* fiZe- 1004
toi it, 1014 Stamped
10(134 12 100 101%
19273 1 100% Sale 100%
914 12
Col & 9th Av let all g 58.- - 1993 NI S
12
Jan'25 _812 14
9812 9913
_
983s 99/
'8'614 -i65;4 Columbus Gas let gold 58.„19:32 .1
1
4 9912 Feb'25
7218 734
73
4
Commercial Cable 1st g 45 2397 Q J 7212 Sale 7218
9913
99
10
99
Commercial Credit s 65_ 1934 N1 N 99
9014 99
9758 101
Commonwealth Power 613_1947 M N 10034 Sale 10018
10034 61
2412 -241-2 Computing-Tub-Roc s f 68 1941 J
103 Sale 103
10338
3 10114 10415
ma taps
Conn ity & L 1st & ref g 4449 1051 .1 J 91% 0214 9012
9012
3
993* 1(10
924
89
Stamped guar 444(3
10018 100'4
9138 Mar'25
1051 J J
8812 90
Cons Coal of MA lot & ref 58_1950 3 0 8712 Sale 8718
10(1 100
8712 21
9312 9914 Consul Gas(N Y) deb 5%a_ _1945 F A 10134 Sale 101%
10134 1033 10114 10134
/
4 103
Cons'd Pr & 1,tg lot 6445. _1943 M
10234 10 1001
10214 Sale 10214
8414 91
95
874 9012
97
Cord Pap & Bag M Hise 30_1944 F A 89/
1
4 Sale 8912
9012 88
1004 10118 Consumers Gas of Chic gu 5919363 J 99
94
/
1
4
9912
991
993
9912
4
4
1
9054 oats
9412 9612 Consumers Power let 58____1952 NI N 94 Sale 94
O5us 117
774 80
Corn Prod Refit a f g 541
1931 M N 10034 Sale 91138 July'24
0012 10102
lot 25-year sf58
1934 M N 10012 100/
2
1
4 10034 10034
8154 8518 Crown Cork & Seal es
74 77
1943 F A 74
8
75
4 74
7612 Cuba Cane Sugar cony 7s
933s 98
74
32
1930 3 J 9712 Sale 974
98
9914 10254
Cony deben stamped 8.4.1930J J 10138 Sale 1013* 102
8412 85•2
78
Cuban Am Sugar 151 coil 88.1931 M 8 10838 Sale 108
1084 12 10713 10834
8
841Cuban Dom Sug lef 7448_1944 M N 98 Sale 9712
904 9811
984 90
97
99
5
Si 's 8212 Cumb T & T 1st & gen (38_1937 J J 0834 9878 9834
99
924 9414
893* 8938 Den Gas & El. 1st &ref s f g 5s'51 hi N 94 Sale 94
9414 48
1
4 Dery Corp(D G)75
75 82
9534 96/
1942 M S 78 Sale 78
3
7812
831s 6714 Detroit Edison let coil tr 55.1933 J J 101 12 Sale 101
10112 13 100 10214
9913 10154
WO 10012
let & ref 55 Series A_July 1940 M 8 9934 10014 99/
1
4 10018 21
80% 8218
08
98
Gen & ref 5s Series A
1949 A 0 977 9814 98
9914 57
let & ref 65 Series B._July 194(1 M 8 10738 Sale 1073* 1074 28 106% 108
9
4014
5 9
45
4
904 9334
Det United lot eons g 4%8_1932 J J 8812 Sale 879s
9314 275
82
/
4 Dold (Jacob) Pack let 64_1942 M N 86 Sale 86
8814
11
10014 1031
88
65 68%
6512 Sale 65
8134 8318 Dominion Iron & Steel 55_ 1939 J
6612 13
8834 91%
1942 J J 91 Sale 01
7
9114
7934 81'8 Donner Steel 78
904 93
_ __ 93 Mar'25
10034 101 18 du Pont(El) Powder 434019363 I) 93
9933 101
duPeo
R gnitsdte
10734 98 106% 1084
Nernours&Co 7343 1931 M N 10712 Sale 10714
ered
10718 1074
M N
10718 Jan'25
65 105 107
106
68 -714 Duquesne Lt let & coll 6s_ _1499 J .1 16534 Sale 10512
10478 22 104 166
72
741
:
1st coil trust 54413 Series 13_1949 J J 10438 Sale 104%
6314 6712 East Cuba Sug I5-yr e f g 7448'37 M S 10618 Sale 106
10678 176 104 10673
9014 93
92
92
6
102 10214 Ed El III Bkn 1st con g 43_1939 3 J 91
92
101 14 10112
1028s ____ 101 14 Feb'25
8238 8712 Ed Elec 111 let cons g 8e._._19953
99/
1
4 100
1
79% 81
D 99/
1
4 Sale 9914
Elkhorn Coal 0% notes
1925
99/
1
4
9714 1034
103
280
828* 874 Empire Gas AI Fuel 7448....1937 M N I0212 Sale 101%
100 10014
Equit Gas Light ba
1932 M 8 99 100 100
Jan'25
88
9412
9218 Sale 92
Federal Light & Tr hat 5E1_1942 M
9414 32
10034 Sale 100l4
1st IMIl 65 4tamped
1942
Ica 26 964 102
85 8712
116 138
_ 130 Feb'25
Cony deb 7s Ser A
1953 M S
944 9934
312 5
Federated Metals sf70
1939 J D 104 1-0-4-34 10412 1053s 43 10314 107
Flak Rubber lot sf88
1911 NI S 111 Sale 111
11218 41 108 11218
5
5
7612 78%
Ft Smith Lt & Tr let g 58_ _19:313 M S 78% ____ 7855
1
9814 101
7838
924 95
Frameric Ind az Dev 20-yr 74042 J J 93 Sale 928
941
/
4 101
9314 29
1942 NI IN 104 105 1(14
3 104 106
96% 99'3 Francisco Sugar 7448
10412
91(8 04
9818 984
Gas & El of Berg Co eons g e51949 J D 9834
9812 Feb'25
Gen Asphalt cony es
1939 A 0 10234 ____ 10212
108 108
103
6 101 103
98 100
General Baking 1st 25-yr 60_1936 J
10434 10512 10512 Feb'25
10438 10584
91'2 91378 Gen Electric deb g 344s
1942 F A 8218 ____ 83/
1
4 Mar'25
84
83
Debenture 55
1952 M S 103 • Sale 103
9512 9734
22 10112 10514
104
10328 10818 Gen Refr 1st s f g es Ser A_ 1952 F A 101 10114 1(11
1 1004 101%
101
9912 193
German Gen Elec 7a temp _ _1915 J J 93/
9324 944
1
4 Sale 9334
937 125
Goodrich Co 6348
1947 J J 104 Sale 10312 10414 187 100% 1044
9614 97
90% 91 14 Goodyear Tire & Rub lot 81 1941 M N 120 Sale 120
12018 96 119 1204
11012 115
10-year s f deb g 88
d1931 I" A 10912 Sale 10933 10938 78 108% 10934
100 101 12 Granby Cons MS & Peon 613A'28 M N
96
Jan'25
95
98
9618
Stamped
95
1928 M N 95
9714 96 Feb'25
934 90
101 1(1212
Cone debenture 138
1925 M N 100 Sale 99
95 100
106
100
13012
8
126
Gray & Davis 78
95
1932 F A 93 Sale 933*
92
3
933s
924 96/
1
4 GI Cons El Power(Japan)75_1944 F A 9018 Sale 90
8934 9113
9114 196
9978 will
Great Falls Power 1st 4(58_1940 M N 10018 1014 101
4514 55
Feb'25
4358 NA Hackensack Water 45
1952 J
8353 85
844 ____ 8378 Jan'25
Havana El Ry L & P gen ISs A 154 M S 85
8513 5713
12
8634 8612
87
4 Due May. • Due Jung. S Due July. 5 Due Aug. a 05141011 WO.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Mar. 13.
1313
New York Bond Record—Continued—Page 5
BONDS.
N.Y.STOCK EXCHANGE
Week Ending Mar. 13.
b.2
2:
(
Price
Friday
Afar. 13.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Mar. 13.
t
Price
Friday
Mar. 13.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
High
Bid
Ask Low
High N. Low
High
High No Low
Ask Low
Bid
9713 99
99
99
2
Pat & Pass..le de El cons 5s 1949M S
9213 94
93
2
93
9414 93
Havana Elec consul g 5s____1952 F
23 107 1084
Peop Gas & C let cons g 6s__1943 A 0 10818 110 10713 108
29 10378 105
Hershey Choc 1st f g 6s___ _1942 MN 10412 Sale 10378 105
7
1947 Al
9434 97
96 Sale 958
96
Refunding gold 5s
6 100% 10212
Hoe(R)& Co 1st 648 temp_19.14 A 0 10112 10134 10158 102
1944 F A 10412 Sale 10413 104% 20 101% 105
79
8714 Philadelphia Co 63 A
23
84
8312 Sale 8212
)
nLLitnset,
(38r..
41-to
ullan
,
no
93% 97
42
97
193S M S 9634 Sale 9614
54s
9818 9912
2
99
9834
9834 99
99% 10134
10114 31
9912 101
Phila Ai Reading C & I ref 54.1973 J J 101 Sale 10034
79
Humble 011 & Refining 548_1932 J j 10034 Sale 10013 101
91
97
9584 175
97
9814 Pierce-Arrow Mot Car deb 881913 M S 9313 Sale 91
9814 108
c 98 Sale 98
'
A r
Illinois Bell Telephone 5e___ 1959
104
1 10258 105
1931 I I) 10334 104 104
9434 60
9234 95
Pierce 011 s f 89
9434 Sale 9413
Illinois Steel deb 434s
99%
102
101
2
1007
8
Sale
100%
613_1943
A
0
Plilsbiry
Fl
8712
91
Mills
20-yr
5
901
1936 M N 9012 9134 9012
Ind Nat Gas & 011 5s
97
984
97%
9814
6
9713 99
20 101 14 10212 Pleasant Val Coal Ist g sf 55.1928 .1 J
102
1952 M N 1014 Sale 1015s
Indiana Steel 1st 58
9318 94
93% Feb'25 -- -9914 9914 Pocah Con Collieries 1st 8 II 581957 .1 J 9314 94
1935 J J 9914 -___ 994 Feb'25
Ingersoll-Rand 1st 55
9912 1004
100
10
11
10
Port Arthur Canal & Dk 68 _1953 F A 100 10014 100
_
10 Feb'25
13
Interboro Metrop coil 41.45. _1956 A 0 11
98% 99
9834 9914 9834 Mar'25
74,1 Portland Gen Mee 1st 58_ _ _1935) J
68
7034 278
6834 Sale 6818
Interboro Rap Tran 1st 55..1966 J
92% 96
953 95
95
4
674 7312 Portland fly let & ref be__ _1930 M N 95
6914 596
68 Sale 6718
Stamped
8414 9014
2
88%
Portland fly it & P tel ref 551942 F A 874 8778 88%
7018 80
1932
932 7334 222
t,1
A- -O
s 7312 Sale 705e
10-year 64
94
9913
32
98
98 Bale 964
1947 M N
9118 95
U
9212 79
92 Sale 9118
78
10518
107
1(17
1
_
107
106%
73
let
67
dr
refund
734s
Ser
A
1946
M
N
7013 6814 Mar'25
lot Agri° Corp 1st 20-yr 5&.1932 MN 70
106 100
_ _ 105 106 Feb'25
6314 7078 Prim Rican Am Tob 8s__1931 M N
661e
2
66
Stamped extended to 1942....M N 6212 64
9334 97
951
15
9513 Sale 954
88
91 12 Pressed Steel Car 58
8912 232
Inter Merean Marine s f 58_1941 A 0 89 Sale 8812
112
2 104 11514
112 115 112
87% 9058 Prod & Refs 18E1ot/1th war'n111)T
1
.1
1
International Paper 5s
1947 j j 8838 Sale 8858
8912 35
11078
3 110 III
Without warrants attached... J D 11018 111 1104
1947j j
_
84 Mar'24
let & ref 5s B
10458 21 104% 104%
A 10413 1043 104%
88
9618 Pub Sere Corp of NJ gen 58_ 1
1,4
954
9F
A O
Jurgens Works 6s(flat price).1947 j
943 Sale 94
9513 131
95
98
974 77
96% Sale 96%
95% 98
Secud
re g 6s
98
148
Kansas City Pow & TA 5s_ 1952 M
98 Sale 9711
101 1 32
98% 10218
9514 10138 Pub Serv Elec & Gas 1st 5491959 A 0 10014 10013 10038
Kansas Gas & Electric ea_ ,
1952
42 MS
F A 10013 Sale 994 10013 35
10212
1054
104
Sale
1051
38
10413
101
12
68..1
1
9
9
:
4
17
8
J
A
Pub
Serv
El
Pow
&
I.tg
1034
Kayser & Co 79
10212 1035 10314 Mar'25
107 1 27 10234 10713
10513 Sale 10434
9658 10034 Pnnta Alegre Sugar 7s
9838 60
Kelly-Springfield Tire 8s___1932 M N 9713 Sale 9638
9013 11
9018 Sale 90
8814 92
85
1937 M N
82
Remington Arms Its
11
85
Keystone Telep Co 1st 5s__ _1936
.1 85 Sale 8414
9315 9534
9412
9514
17
94% 95
10013 10134 Repub I & S 10-30-yr 5e e f_ _ 119
14
63
0J
A
KhUgs County El & P g bs_ —1937 A 0 101 10112 1013 Feb'25
9134 94
93% 47
9312 Sale 93
5145
115
6 11412118
Purchase money 6s
1997 A 0 115 11514 115
41
887
8 90
90
09
Sale
8912
777
8
75
Rime
Steel
let
75
1955
F
A
77
2
7613 77
Hinge County El 18t g 4s
1949 F A 76
68 1
1
67
7311
68
70
1952 J D 67
74% 774 Robbins & Myers 5178
Stamped guar 48
7518
1
1949 F A 7518 7612 7518
90 Aug'24
89
9314 Roch & Pitts Coal & Iron 65_1946 M N
9314
4
9318 Sale 9318
Kings County Lighting 58_1954 3
831,
8178
5
79
10338 105% Rogers-Brown Iron Co 7(4_1942 M N
1954 j
10513
10512 Mar'25
61.4s
8918 31,
1930 j D 10612 107 10612
Kinney Co 724s
10634
3 10612 108% St Jos fly Lt Ht & Pr Ss__ _1937 M N 89 Sale 883,
9434
89% 9434 St Joseph S,k Yds let 434st1930 J J
...... ----1
Lackawanna Steel Ets A_ .__ _1951) M S 9318 Sale 9318
943
30
81
7
WI;
793 8013 8011
9814 9978 St L Rock Mt & P 5e stmod.1955 J
Lac Gas L of St 4. re.&ext 58 1931 A 0 9912 9978 99,4
997
9
811
81
Feb'25
74
9514 99% St Louis Transit 5s
1924 A 0
Coll & ref 545 Series C _ _1953 F A 98% Sale 9834
9978 151
8
95
Jan'25
95
95
96%
953
4
95
9713
City
Cable
55
1937
J
St
Paid
Lehigh C Nav f 4 451 A1951 j
9714
9713 Jan'25
92
44
92 924
92 Sale 92
Saxon Pub Wks(Germany) 713'45 F A
Lehigh Valley Coal 5a
1933 j
100 Sale 100
10014
3 100 101
106%
6 104 1074
106 Sale 106
1942 M
Sake Co is
45
89% Sept'24
1933j
101 13 14, 99% 10112
1013* 10112 10138
41
43
San Antonio Pub Ser 68.....1952 J
Lex Ave & P F 1st go g 53._11193 M
43
4114 Mar'25
36
106%
10' 105% 1074
Liggett & Myers Tobacco 78_19
1,6,
41 F
A O
1194
9 11712 119% Sharon Steel Hoop Ist Reser A '41 M 5 106,, 107 , 10634
A 11858 11912 119
6 105 106%
10534
97% 100
1942 A 0 105 Sale 105
Sheffield Farms 6145
be
9934 Sale 0914
100
13
11 90
924
91 18
91 18
91 14 92
Lorillard Co (P) 78
1944 A 0 11513 Sale 11512 115,3 11 11414 115% Sierra & San Fran Power 50.191! F A
933 145
9512
88
91% Sale 91 12
96
9712 Sinclair Cons 011 I5-year 78.1937 M
54
9
1951 F A 9612 Sale 9684
96%
11414
353
10514
111012
117
Sale
111
90%
94
with
1927
j
0
Louisville Gm & Electric 58.1952 M N 9384 Sale 9318
let in volt trRs C
warr
9378 116
8834 83, 8215 90%
1) 88 Sale 8712
Lower Austrian Hydro-Mee Co—
1038
let lien 034s Sec B
854 861., Sinclair Crude 011 pur 5145.1925 A 0 100 10018 10018 Mar'25 _ __I 9911 1004
lets)614s Ott ctfs
1944 F A 8534 Sale 8534
8
8534
9914 101
BR) 210
997 Sale , 9978
Magma Cop 10-yr cony g 7e.1932 J D 122 Sale 12013 12418 63 12013 13278
3-yr 6% notes A
1928 F A
9913 10114
99 102
Manatl Sugar 748
3-yr 6% notes B_ _Feb 15 1926 F A
194° A 0 10034 Sale 10012 101 13 18
82
8614
84%
8514
78
Sale
64
843
4
617
8
Manhat fly (N Y) cons g 4m 1990 A 0 6178 6234 6178
Sinclair
Pipe
Line
be
1942
A
0
6212 18
11618 368, 10678 12038
6418 56
2414.5
Skelly 011 6 4% notes
2
10112
1927 A 0 11213 Sale 11214
3 .1
124 D
55
3
N 5434 55
55
10278
8, 102 19278
9714 10012 South Porto Rico Sugar 75..1941 J D 10212 10278 102%
Manila Electric 7s
9934 Sale 9934 100
5
100
30
99 160
A7
85
Manila Elec fly & Lt s f 58..1953 M S 8634 Sale 8612
South Bell Tel & Tel 1st 61591941
J 9934 Sale 9934
121
87
971a
93,4 983
64
9612 2471
9813
9818
4
844
2 Lalle 1 96
98 100
9 714
Market St fly 7e Series A..1940 Q J 9914 Sale 99
a'west Bell Tel let & ref 5s_ .1954 F A 1
9913 60
h1arland 011818s with warr'M '31 A 0 125 12712 12712 12712 10 126 140
Southern Colo Power 6s
1947)
9738
97
11 97
9613 9713 97
Without warrant attached..... A 0 10514 105% 10514
1948 M N
10538 25 105 196.2 Spring Val Water g fie
12112 1211 10612 12413
125 130
734e Series B
Stand Gas & El deb g (1 4s_ .1933 81 5 118 Sale 115
193! F A 125
125 Feb'25
100
31
99% 100%
99% 100 • 9978
11/5 10538 Standard Milling 1st 58... .1930,M N
do without warrants
Jan'25
_ 105
107
20 105 10714
105 10514 Steel & Tube gen s f 7sSer C 19513 J 10678 Sale 10634
Maxwell Motors f 75
1934 m
105
Jan'25
271
9014 9713
10313
97
Sale
96%
97
101
12
Bletr Ed let & ret g Rs Fier 13_1952 F A 103 Sale 1023i
_1942,M
20
Sugar
Estates
(Oriente)
7s.
103
9913 99
Feb'25 ____
98 99
9113 95% Superior 011 1st P t 7s ,62..1
1,3
FAD 98
1,
90
29
1st & ref be Series C
9153 j
9914 9913 9213
9213 16
1
98% 9858 98% Mar'25 ____
97% 98%
syracuse Lighting 1st
Metropolitan Power Its
6 10038 103
1953 J D 10218 10212 10218
10214
101%
4 10078 10234
70,4 80
Tenn Coal Iron & RR gen 59 19511.1 J 10153 Sale 111113
Met West Side El (Chic) 48_1938 F A
7612 7713 80 Mar'25
8718 91, Tennessee Cop let cony Rs..I925,M N 10013 10154( 10012 Feb'25 _ —11 100% 1112
120
91
Midvale Steel &0eon,5 f be 1936 M 5 9012 Sale 9013
10218 N,1 994 10213
8 100 101'4 Tennessee Elec' Power 1st 68.194712 D 102 Sale 10134
Mllw Elm( Ry & it eons 544 1926 F A 10058 101 10013 101
5434 Sale • 544
5534 3711 544 584
95
9534 Third Ave let ref 45
1990
-. 9513
6
Refunding & exten 448 1931 .1 .1
9513
4414 182,1 40
4584
94
984
10
Ad) In! 58 Lot-ex N Y___8191101A 0 43 Sale 4218
94
9614 9814
General 56 A
978
1951 J D 95%94%
94%
9458
11' 943 98
9413
847
8
8914
1937)1
34
Third
Ave
12.3
1122
R
be
8713
let be 13
86% Sale 86%
19611.1
104
23 1 10234 101%
99 100% Tide Water Oli 10-yr 645_1931 F A 10334 Sale 10312
56
let & ref g Rs Series C____19531A1 S 9914 Sale 9914
100
110
22 10812 110
10934 Sale 10934
9614 99.2 Toledo Edison let 78
14
Milwaukee Gas 1.t 1st 4s
987
98%
19271 M N 9858 99
10014
5 1,(9118 10034
9738 91)% Toledo Trac
F1 A 10014 IOU's 10014
& Pr 6% notes
1'
945
21,8
9912 83
Montana Power let 54 A _ 1J43 J
9914 Sale 9914
Feb'25
98
98
94
96
9814 ____ 98
Trenton 41 & El let g &s... _1949 M
Montneat Tram 1st & ref 56 1941 J J 963 Sale 9614
9634 29
Feb'20
64
66
7813 84% Twenty-third St fly ref 58_1902 J
60
84
8312 Sale 8314
Monis & Co let s f 4 49_ _1939 J
9018 Feb'25
-65F8
6
89
64 90704
tinderged of London 448..1933 J
-. 7412 June'24
Mortgage-Bond Co 4s Ser 2 1966 A 0 77%
_ _ 8812 Fet.'25
86
8618 8813
-663
;
Income 6e
_1948 J
10-25-year be Series 3__1932
96 Mar'25
J 9618 -9713
95
11
9413
97
9834 Union Bag & Paper let M 68.1942 M N 943 95
9412 97
Murray Body 1st 6145
9814 53
1934.J D 9814 Sale 98
1004
12
9934 10113
10014 Sale 1004
9513 9(03 Union Rice II & Pr 1st g 58.1932 M
2
95%
Mu Fuel Gas 1st go g 58.... _1947 Al N 9558 9612 951
9918 Sale 99
994 37
97% 99
111,04 9913
Ftef&extSs
1933 M N
Nut Un gtd bonds ext 4% 1911 M N 9918
. 99 Feb'25
101%
10018
101
10013
10013
Sale
6014
63
47
19543
J
Nassau RIP(' guar gold 4e
72
7
Istg534eserlesA
1951 I J 60 -6178 618
98
99
7713 7714 Mar'25 ____
75
774
19451A 0 76
Nat Roam .44 Stamm( 181 53_1929,J f) 9834 99
Union De,
/ fly (Chic) 5s
98 Feb'25
1
4
5
9944 100/
10018
8518 94
National Acme 714e
Union 011 Ist ilen s f
J 100 Bale 100
8
874
1931 1J 1) 85
8738 86
99.4 101 12
10314 36 1028 103%
30-yr as lier A wpm,7
Nat Starch 20-yearsieb 518. 11(30,1 J 9812
2:F
F A 103 Bale 103
9:
4
30
993 Feb'25
M
2.
7
.119
1.0434
105
17 10312 10514
National Tube let 5e
1952 M N 10114 Sale 101
10114 18 101 101 13 Union Tank Car
10134 78 10014 194
98% 994 Untied Drug Rs tempy
Newark Consul Gas Os
11
19441A 01 H1112 Sale 101
99
98%
194812 0 9838 99
10013
10038 11
New England Tel & Tel 58_.1952.1
9934 100% 1 1n1ted Fuel Gas let sf5s._ _1936.2 J 100 1004 1004
1(1018 19
9934 Sale 993
10018 313 • 9934 10013
N Y Air Brake 1st cony 641_1928 M N 104 Sale 104
4 104 10434 United Rys Inv 5/4 Pitt. Issue 19261M N 100 Sale 993
10434
99% 11
N Y Dock 50-year Is! it 48 1951 F A
7734 8012
9913 Sale , 9913
2
991 10018
7913
Stamped
7912 Sale7913
72
7414
NV Edison 1st & ref 6 )4). 4.1941 A 0 113 11378 11438
71 I 72 Mar'25
United Rye St T. 181 R 4s___19341.1 .1
11434 22 11234 115
91
9584
let lien & re Os 11 temp .1944 A o 100 Sale 100
954 44
10018 203 100 1004 United SS Co 15 yr&
1937M N 94% 9514 9413
10314
3 10213 104%
N Y Gas El IA
Pow a 6s_ _1948 J D 10112 102 10113
3 10013 102.2 United Store.. Realty 20-yr Re '421A 0 10314 Sale 1034
101 13
8718
85
8612 147
Purchase money R 4s
8718 118 Rubber 151 & ref Setter A 1947
88
1949 F A 8634 874 8614
J 8578 Sale 8578
8684 31
N Y L F.& West C &RR 5 44. 1942 MN 100..1._ _ _
10-yr 7 4% ape no,es
1930 F A 10612 Sale 1063, 106 is 60 10413 10713
101% 31 100% 102
NY Munie fly 1st s f 5e 4_1966 J
8112 Apr
- 12.1
US Smelt Ref & M cony 6s 1926 F A 101 Sale 10078
8058
1055s 341 10414 106
11011 IUD-18 11 S Steel Corpiconpon 41963 MN 10518 Sale 105
N Y Q El & P let g 5s_ _1930 F A 100
____ 10018 Feb'25
N Y Rye tot R E & rer 46_1942,2 .1 4918 5213 4913
10512 Feb'25
46
5413
1037 10511
s f 10-60-yr 581regletered d1963:M N _
4913
8638 72
834 88
Certificates of deposit
4258 54
-i(i12 86
4912
Utah
Lt
&
5184
4918
47
Trae
1st
&
ref
58_19441
A
4913
0
I
30-year ad) Inc 59....Jan 194214
94',
93
3
4
61
91
954
44
Sale
6
9412
Utah
Power & Lt nit 59____1944 F A
0
5
5 Sale 1 4%
27
Certificatee of deposit
378 5% Utica Eli's- L& Pow let s f 58.19503 2
932
4 Dec'24
98
412 5 1 414
44 38
N Y & Rtch Gas 1st fts
9913 l00
98%
71 984 99
9/
%
1
4 Sale 98's
1951 MM 9912 9934 9913
Utica Gas & Flee ref & ext 6s 19571J 1 98
9913
1
N Y State Rys let eons 448.1962 M N 6512 Sale 65
Jan'25
.1 53
53
68.4 Victor Fuel let 5 f 58
53
65
66
19
1953 .1 J 5513 80
614s
8713 243
73 884
1962 M N 8914 90
88 (S0,8 Va-Caro Chem Ist 78
8513 Sale 8413
8934
89% 2 07%
NY Steam let 25-yr ge Se r A 1947 M N 10058 Sale 10013 10058
87 , 52
714 87
100%
86
84,2 86
7
Certifleates of deposit
N Y Telep 1st & gen f 4 Yle 1939 Al N 9614 Sale I 957
68
84
1)13%
84 I 49
95
81 18 Sale 81
Certifleates of deposit stm
9613 76
19p
4d
7
80-year dehen s 16e_ ..Feb 1940 F A 10378 Sale '1083it
497
28
44
1973
494 4912 49
24 107% 110
109
73.4s with & without war_ .1937
20-year refunding gold 68.11(41 A 0 10612 Sale 10613 107
42% 484
494 4913 4211 Mar'25 ..-117 106.4 107.4
Centre of dep with warrants
Niagara Falls Power 1st 58. _1932 J J 10112 Sale 1013s
Feb'25 ____
41
484
45
42
45
10112
7 10018 102.4
Certife of den without warrt
Ref & gen 68
Jan 1932A 0 10434 10538 10113 105,2
9038 93
93 Mar'25
9134 93
4 10334 10513 Va Iron Coal &Coke let g 58 1949
?flag Lock & 0 Pow 1st 68..1954 N N 10978 11018 1097
96
37
954 Sale 95
934 964
2 104)3 10978 Va fly Pow 181 & ref 58.....1943
10978
Refunding 6t3 Series A____1958 F A 10934 Sale 1098
9112 9412
9
9418
944 938
110
14 10438 110
Vertlentes Sugar Ist ref 79_ .1942 J D 94
Nor Amer Edison Os
1952 M 5 10(04 Sale 10014
9678 101,4 Warner Sugar Refill let 75_1941 J D 9514 Sale , 9413
9618 27
89s 991k
10114 74
Secured erg 81.4s Ser B__1948 M S 10334 Sale 103% 103% 60 10034 1.11438 Warner Sugar Corp 1st 75___1939 J
8213 43
7711 874
81 13 Sale 1 81 13
Nor Ohio Tree & Light 6s._1947 M S 96 Sale 9513
92% 96,2 Wash Wat Power 5 f 513_1939 J
10014 _ _ _ _1 993 Mar'25 ..J 9934 1004
96
89
Nor States Pow 25 yr 5s A _ _1941 AO 9614 Sale 953
93
998
7, 9913 102
96,3 Weetchee it, g 58 elm/ft gtd 1950 J D 9934 Sale 99%
9612 61
024
let & ref 25-yr Rs tier B_. 1941 AO 10434 105 105
04% 106
• , 196 10038
102 1024 102
97
10512
6 103 10512 West Ky Coal let 78
Registered
AO
97
934 9314 West Penn Power Ser A 58_1194
94
46
4M N
S 9613 Sale , 9612
9314 Jan'25
Northwest's [Sell T let 7s A.I941 AA
107% 10778
_
10534
10712 Jan'25
1st 40-year Rs Series C____195812 D 10534 Sale 10514
North WT 1st Id g 448 gtd.1934 J J
94% 95
107%
3 1053 10758
95 Mar'25
1946 M S 1074 10714 111718
1st 7s Series D
Ohio Public Service 714(3_ _1946 A 0 III 112 111
ale 96,3
S
7 108 112)2
11214
1913
19(13
3 M 5 97
1st 5s Series E
7s
1947 F A 10818 Sale 10818
110
4 107% 11014
12
0854
24
A 0 10213 Sale 1024
191 .5349
5 WI Series F
97
Ohio River Edison 1st es__ _1948 J J 102 Sale 10114
12
114
9
11 19
098
931: 192 99
98.3 103
7:
1
102
16
Western Electric deb 59....._1944 A 0 9814 Sale 98
Old Ben Coal Ist 68
10013
1944 F A 9814 Sale 98.4
5
9938 102
974 99
9878 28
Western Union roil tr cur 58.1938 .1 J 10012 10734 10012
9414
Ontario Power N P let
F A 99 Sale 99
98
7, 9284 94%
9413 96 , 93
99%
9914 33
Fund & real estate g 414s-1950
N
11078 30 1104 11113
Ontario Transmission 58
1945 M N 9878 Sale 98%
97
98% 18
994
15-year 6 4s g
1936 F A 11018 Sale 110
19411F A 9814 Sale 9814
Otis Steel 8s_
984 10013 Westinghouse E
1931 M N 10778 Sale 1075, 107% 451 10714 1084
99
17
M 7e
612 88
91
1st 25-yr f g 714e Fier B__1947,F A 9418 Sale 9312
9113 95.4 Wickwire Spen Steel let 78_1935 J J 87% Sale 87,2
8
88
7,3 24
1 11
76
9414 25
Sale
93% 96
Pacific GA El gen & ref 5s_ _19421.1 J 9434 Sale 94%
95
70
Certificates of deposit
86
10806 Sale ' 100
98
1003, 16
99,2 10012
Pac Pow & Lt Ist&ref 20-yr Os'39,F A 987 9914 99
9914 23
9938 Willys-Overland of 6 4s_.._1933 M
96
140
1937 J J 10018 101
915, 96
99%
Pacific Tel & Tel 151 58
10014 18
994 10014 Wilson &
1st 25-yr Sr 68_1941 A 0 95 Sale, 94%
_1 93 Feb'25
_ _1 93
93
1952 M N 95 Sale 9414
9212 95
226
58
95
Reentered
7012 Sale 1 70,8
747 334
55
747
Pan-Amer PAT 1st 10-yr 7s1930 F A 10612 Sale 10513 10612 163 10413 106%
10-year eonv f 68
M N 111 12 Sale 11114
Cony s f 65 1934 temp
116,8 1811 103 118%
77
7
3 , 303
Certificates of deposit.......... 70 Sale 6943
7
5
53314 71
71 Sale 70
p1931 F A
9612 9613
97
604
95
Park-Lex et leasehold 64s__1953 J J 96
97
10-yr cony 8 f 7149
6913
5
Certificates of deposit......
62
9'4
101%
69
10218
1941 A 0 10
5 10
6938
1% 16
09
Winchester Arms 7148
24
12
9834 731 954 99
Young'n Sheet & T 20-yr 158.19431.1 J 984 Sale 98
-fi
801s 90
WI;
I
a DUe January
d Due Mull
P Due Deoember. aOpilozeale.
I
BOSTON STOCK EXCHANGE-Stock RecordBONDS
1314
HIGH AND LOW SALE PRICES-PER SHARE, NOT
PER CENT.
Saturday,
March 7.
Monday.
March 9.
Tuesday.
March 10.
Wednesday. Thursday,
March 11. March 12.
Friday.
March 13.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1925.
rase WI/LILA
Range for Previous
Year 1924.
Lowest
Lowest
Highest
Highest
.
Railroads
*2157 159
156 159 *2156 150 156 156
15712 158
158 158
143 Boston & Albany
100 158 Feb 18 16434 Jan 7 14578 Mar 164 Dee
76/
1
4 7634 7612 77
7612 78
7612 7612 7612 77
523 Boston Elevated
7612 77
100 76 Feb 7 86 Jan 2
7134 Aug 85 Dee
*63 ---- '93/
1
4
- *94-4 94
94
93
93
____
13 Do pref
_
100 92 Jan 16 97 Jan 3
•111
874 Dec 9614 May
___ 111 iff 110 1-10 3111 112
111 III
55
111
Do
III
lot
pref
100 110 Feb 9 11412 Jan 16 107 Dec 11614 Jan
9812 -984 9712 9834 98
99
98
9813 98' 98
98
99
283 Do 2d prof
100 9712 Feb 21 102 Jan 9
18
92 Sept 10114 Dee
18
18
18
18
1814 18
18
*1734 18
17/
1
4 18
1,082 Boston& Idalne
100 15 Jan 7 2018 Feb 26
812 Jan 2514 Nov
*---- 1934 *__ 1934 •____ 1934 *
1934 *_ _ _ 18
____ __ ...
Do pref
100 18 Jan 21 20 Feb 25
264 2612 •26
Jan 2678 Nov
12
27
26
26
2512 2512 2512 2512 -------205 Do Series A 1st pref__..100 25 Jan 3 30 Feb 26
*35
13 June 3714 Nov
37
35
35
*35 ---_
35
----------------103 Do Series B 1st pref
35
100 32 Jan 27 40 Mar 4
*31
174
48 Nov
Jan
34 '31
33
*31
____ *31
33
*31
____ ____ ....
32
Do Series C 1st pref
100 26 Jan 21 36 Fen 25
*48
16 Feb 41 Nov
51
48
48
*48 ____ *48
___
25 Do Series D 1st pref
- - -- - - ---100 48 Mar 9 55 Feb 26
"166
23
Jan 62 Nov
___ *166 ___ __
.._ 16812 1-6812 *47-16712
--------5
Boston
16712
5
de Providence
100 167 Feb 2f1 172 Jan 16
3838 -3812 37
43
Jan 172 Nov
38
3634 1738 53612 37
3612 36
36
3634 1,168 East Mass Street Ry Co_100 32 Jan 20 39 Feb 11
68 68
18 May 3812 Dee
66
66
68
68
6513 6713 68
68
67
6312
113 Do 1st pref
100 65 Feb 2 69 Jan 6
60 60 •6012 6114 *6012 ,6114 *6012 6114
584
Jan
71 Dew
6012 6012 --------22 Do pref B
100 57 Jan 23 6212 Jan 12
47 47/
48 May 6112 Nov
1
4 47
4714 46/
1
4 48
47
4712 4612 4738 45
4534 2,671 Do adjustment
100 41 Jan 27 48 Mar 10
*30
28 May 461
31
30
/
4 Dee
31 *____ 30
30
----------------03 Maine Central
30
100 30 Jan 23 3712 Jan 29
*3334 3414 *3334 34
25 June 3712 Apr
33
33
3214 3214 *3312 34
33
33
405 N Y NH & Hartford
100 2938 Jan 20 3614 Feb 25
14
Jan 3314 Dee
+17012 74 *27012 74 3:70
74
70
70-- 22
Northern
-New
Hampshlre_100
70
Feb 16 77 Jan 14
*102 1-1-0
62 Jan 81 Nov
105 105
10713 110 *105 110 '105 10712 107- 1-07 43 Norwich & Worcester pref_1(11 100 Jan 13 110 Mar 10
80
Jan 108 Noir
10112 10112 102 102 '102 105 +103 106
10412 105
103 10314
211 Old Colony
100
Jan
96
2
105
Mar
12
7213
- Jan 98 Nov
_ '53
54
53
53 '52
54
52
52
--------20 Rutland pre(
100 52 Feb 12 634 Jan 2
34 Mar 64 Nov
5 Vermont & Massachusetts_100 87 Feb 24 93 Jan 18
Jan 934 Nov
TO
Miscellaneous
3
314
278 278
3
3
234 278
234 234
3
Amer
965
3
Pneumatic
Service-25
234
Feb
16
414 Jan 7
1813 1813 *174 18
1 Nov
414 Dee
1714 18
*1714 1712 1714 1714 1714 171
/
4
535 Do pref
50 1714 Jan 23 194 Jan 7
135 13514 13414 13514 13412 13512 13434 13512 135 13514 135 136
12
Jan 2014 Dee
/
1
4
1,676 Amer Telephone & Teleg_100 130/
1
4 Jan 2 136 Mar 13 121 June 1344 Dee
•69
70
69
69
69
69
68
68
67
68
66
67
492
Arnoskeag
No
par 66 Mar 13 77 Jan 13
Mfg
72
5713 Oct 83
72
Jan
72
7212 72
72
71
71
71
72
71
71
122 Do prof
No par 71 Mar 11 70 Jan 15
•1512-- *1512
69
Oat 79 Aug
_ *1512
_ *1512
_ *1512
_ ____
.
Art Metal Construe, Inc- 10 14 Jan 16 15 Feb 25
1214 -1-238 12 -1-ii2 1134 -1112 1112 -1112 11 1134 1112
13 Aug 16 Feb
1-13
4
Atlas
4,700
Tack
Corn
Na Par
978 Jan 6 12/
1
4Mar 7
•105 108
6 June
105 105
106 108
105 10512 105 105
--_- - --53 Boston Cons Gas Co pref__100 .103 Jan 17 107 Jan 9 100 Dee 1014 Jan
*--- _
.10'3._ _ _
108 July
.10 *4_ _. .10 •____
.10 10--.10 _ -___ ____ _ _ Boston Mex Pet Trull_ _No par
'21/
1
4 22
Dec .20
.05
Jan
2112 22 .2112 22 .2112 22
*2112 22
--------27 Connor (John T)
10 20 Jan 28 23 Jan 28
2018 Dee 2818 Mar
344 3413 '32
3413 •3234 35
3212 3212 *32
3412 --------1.50 Dominion Stores. Ltd--No par 2814 Jan 30 35 Feb
13
2412 May 35 Sept
*67 - -- •974 - - *97 _ __ *96 _ .._ •96
_ . ____ ____
Do
pre:
A
100
*213 -3
84 Jan 884 Dee
*212 1
*213 -3
*212 -3
*212 -3
____ .-_ __ __ _ East Boston Land
10
213 Feb 2
3 Jan 2
2 Sept
3 Feb
512 512 *513
512 512 *512 534
534 534
5
311 Eastern Manufacturing
512
5
5 Jan 7
634 Jan 24
45
4
Oct
4512 42 15
812 Feb
4234 4334 43
46
*43
45
43
43
785 Eastern EIS Lines, Inc
25 42 Mar 9 55 Feb 13
36
38
Jan 5514 Mar
361
/
4 37
3712 36
37
37
37
3738 3738 --------117 Do prat
No
par
35
Jan
15
3712
Jan
•92
22
3418 Jan 40 Feb
. .91
93 .91
93
92 .92
92
_._ ____
10 1st preferred
100 89 Jan 3 93 Feb 28
200/
1
4 201
854 Jan 93 Mar
__- 200 201
200 20014 200 20014
200 201
200 2061,194 Edlgon Electric Illum
-- 4
3
100 200 Jan 5 206 Jan 2 16312 Jan 2044 Dee
*338 334 *338 334 *338 334
338 3/
1
4
314 314 --- - - -_450Elder Mfg Co (v t e)
10
314 Feb 2
4 Jan 6
24 Jan
5 Dee
'34
36 •34
36
34
534
34
36
35
35
____ ____
20 Galveston-Houston Eleo 4_100 33 Feb 20 38 Jan 7
15
13 Jan 41
---------------------------------------15
Dee
200 Gardner Motor
No par
4 Jan 8 15 Mar 7
•11534 ____ +11534 ____ *11534 ____ •11534 - •11534 ____ ____
334
Sept
64
Jan
___ _ _____ _ Georgia Ry & Elea
100 11534 Feb 27 11534 Feb 27 11314 Mar 11612 Sept
57934 -- - 57934 - - 57934
r - 7934 -79.3-4 *7934
5%
Do
non-cum
100
pref._100
79
Jan 26 7934 Feb 27
6478 -65
79
Aug
80
Jan
6314 -643-4 6314 -6-312 6312 6338 6314 -64
6333 -6414 1,661 Gillette Safety Razor __No par 5712 Jan 2 6778 Feb
16
•1214 1213 *1212 13 '1212 13
554 Oat 5812 Oot
1214 1214 1214 1234 ____ --__
120 Greenfield Tap & Die
25 1214 Mar 11
1514 Jan 24
121
/
4 Nov
55
55
1578 Jan
*53
55
55
55 '53
55
55
-------55
120 Hood Rubber
No par 54 Feb 3 5812 Jan 8
____ ____ ____ 4 _ 4. *5634 5712 '56
46 Mar 60 Dec
57 '57
58
4 __. ____ ____ _ _ Internat Cement Corp_No par 5212 Jan 5 5578Mar
2
•1
41
112 *1
Apr 39 Nov
112 *1
112 *1
112 '.50
114 _ _ _ ____
International Products_No par
50
13
2
Jan
3
2
Jan 3 .10 Feb
3 Dee
•6
712 *6
712 *6
713 *6
8
6
6
____ .._ _. ...... Do pref
100
6 Mar 2 1012 Jan 9 .25 Feb
14 Dec
Kidd r, Peabody Acceptance
*90
9012 *90
9012 *90
9012 +90
9012 '90
9012 4 4 _.
_
___
Corp
Class
A
pref
Jan
8212
100
6 90 Feb 25
80
.738 81
Jan 8812 Dee
/
4
712 713
712 734
714 74
7/
1
4 712
712 _-74
201 Libby. McNeill es Libby
10
9/
1
4 Jan 7
714 Mar 11
4 June
*70•70 _
812 Dee
•70
*70
_ +70
_ __ _
_ ___ __ _ Lincoln Fire Insurance
20 7014 Mar 2 7014 Mar 2
70
Jan 71 Nov
1134 -1-1-3-4 1112 1-1-34 *1112 -1134 1112 If13 *1112 --1134 1112 _-1112
255
Loew's
Theatre,
25 1118 Feb 17
13/
1
4 Jan 5
9 Mar 13 Dee
75
75
73
74/
1
4 7334 7412 7434 7473 7412 75
7412 7413
274 Massachusetts Gas Cos_. 10068 Feb 3 75 Mar 6
86 Nov 81
66
68
Feb
66
6612 66
6614 66
6618 66
66
6512 66
371 Do pre(
100 6313 Jan 9 6713 Feb 14
82 June 70
•s181 185
18012 183
Jan
180 181
18212 18212 183 183
183 183
145 Mergenthaler LinotyPe--.100 167 Jan 7 186 Mar 5 150 Apr 172 Dee
1112 12
*11
13
11
11
1012 11
11
11
1014 1014
450
Mwdcan
Investment,
Mar
Inc1014
4
13
Jan
10
163
15
612
Jan
173
8 Feb
*38
39
3712 3712 •38
39
3714 38
39
39
____
__
125
Mississippi
River
Power_ 100 36 Jan 2 4113 Feb 7
19 Feb 364 Dec
9113 9112 91
91
9112 92
91
914 :90
_
__
226 Do stamped pref
100 874 Jan 10 92 Feb 28
80
Jan 90 Sept
5/
1
4 5/
1
4
538 512
514 512
514 514
514 _-514 -518 -5if4
982 National Leather
434 Jan 2
10
2 Apr
634 Jan 13
Pa Nov
.40 .50
.50 .80 •.40 .55
.40 .50 '
3.40 .60 ____ ____
1,975 New England 011 Corp tr Ws_
20 Feb 9
1/
1
4 Jan 6 .50 Dec
513 App
- 61/
4 61/
4 *61/4 -- *634 8
- -4- - _
230 Do pre! (tr cats)
100
8/
1
4 Jan 8
6 Feb 26
6 Dec 3114 Mar
107344 icii iii itii 10318 10414 10312 104
103/
1
4 104
104
4 2,000 New England Telephone_100 10018 Jan 2 10778Mar 6
98 Dee 11512 Jan
82112 2212 2218 2218 *2114 2134 2012 2012 *2012 2138 ____ 1-043.___
20 Olympia Theatres, Ino_No pal 2014 Jan 6 2534 Jan 16
2112 Dec 2238 Dee
•28
2812 *28
29 "2814 29
28
28
*28
29
--------200 Orpheum Circuit. Inc
1 2534 Jan 16 29 Mar 3
14
Jan 2818 Dee
*7012 7034 6912 7012 6812 70
68
69
6634 68
57
2,423 Pacific Mills
65
100 6614 Mar 12 8112 Jan 13
691
/
4 Oct 87 Feb
1612 17
17
17
17
17
17
17
17
17
____ ____
128 Reece Button Hole
10 151
/
4 Feb 24 17 Mar 4
111
/
4
Jan
17 July
'2
212
2/
1
4 2/
1
4 *2
24
212 234 *2
4
23
110 Reece Folding Machine
---_
- _ __
10
24 Jan 2
234 Jan 8
218 May
3 Jan
•-- -.20•_
.20 *___ _
.20 ____
.20'.._ 120
____
_ ___ _ _ Simms Magneto
5
10
Oct 40 Feb
11512 11534 11512 11614 1131
/
4 114
113 11334 113 113
113 11566 Swift es Co
314
Mar
'
113
13
100
120
Feb
6
100
June
Dee
118
4812 4812 48
4812 *48
49
48
48
48
48
48
48
238 Torrington
25 4712 Jan 8 51 Jan 14
3512 June 52 Dee
*512 812 *5,2 812 *512 812 .
512 812 .
512 812--__
_ Union Twist Drill
7 Mar 4
5
712 Jan 23
5 Dec 10 Feb
43/
1
4 4378 4312 43/
1
4 4314 4334 43/
1
4 44
4334 44
4334 -44
- - _ 2,682 United Shoe Mach Corp
25 411
/
4 Jan 5 45 Feb 14
34
Jan 43/
1
4 Dee
27
2714 27
27
27
2712 2714 2714 2712 28
--------185 Do pre(
25 2618 Jan 13 28 Jan 16
24/
1
4 Feb 2814 Nov
23/
1
4 2378 23
2312 2234 23
2134 22/
1
4 2213 2312 .4 _ _ ____ 3,980 Ventura Consol Oil Fields
Jan 3 25 Feb 24
194
5
1914
Oct
27
Jan
•1612 17
*1612 1714 '1612 17
1638 17
1634 1634 --------33 WaidortSys,Ine,new All No par 1632 Mar 11
1934 Jan 3
1378 Apr 20 Nov
•14
15 '14
1514 1412 1412 '14
1412 14
14
14
14
116 Walth Watch Ci B com_No par
8 Jan 6 18 Feb 19
64 Jan 1013 Feb
•25
27
2514 2514 •25
2514 2514 2514 2514 25
27
2514
68 Do pre( trust Otte
100 1714 Jan 3 2834 Feb 20
14 June 234 Feb
72
7212 72
*72
72
74
*72
74
72
73
73
73
84 Do prior prof
100 65 Jan 6 741
/
4 Feb 13
62/
1
4 Dee 73 Feb
1918 1914 19
19
17
1818 19
18
18
184 1812 1812 1,880 Walworth Manufacturing_ 20 17 Mar 11 2034 Jan 3
154 June 22 Feb
46
4738 45/
1
4 47
45
4612 4514 46
4514 46
4512 46
5,737 Warren Bros
60 37 Jan 2 48 Mar 6
2933 Jan 39/
42
43
1
4 Nov
4212 43
4278 •42
*42
42/
1
4 '41
4212 ____ ____
205 Do 1st prof
1
4 Jan 10 43 Feb 7
50 37/
3434 Apr 41
Jan
*45 ____ 45
4512 545 ---- '45 ____
_ ____
50 4013 Jan 17 46 Mar 2
60 Do 2d prof
38 Mar 42
Jan
Mining
'.25 .50 •.25 .50 •.25 .50 •.25 .50 *.25 .50
.20 .20
29 Adventure Consolidated- 25 .15 Feb 16 .2,5 Jan 28 .15 Dec .51 Dee
•.10 .20 •.10 .20 •.10 .20 •.10 .20 •.10 .20 •.10 .20
Algomah Mining
25 10 Mar 3 .25 Jan 2 .10 June .25 Dee
'1% 2 '31% 2
1% 1%
134 1% •134 2
*134 2
Arcadian Consolidated
200
14 Jan 26
25
3 Jan 10
6 June
34 Dee
1212 13
1218 12l2 1212 1212 12
1
4 12
12/
1212 12
2,425 Arizona Commercial
12
5 12 Jan 28 1538 Feb 6
8 Jan 16 Dee
3214 3312 311
/
4 3234 31
3014
1
4
3178 3012 31/
3012 3012 31
3,586 Bingiuun Mines
10
Mar
3014
12
3614
Feb
11
14
June
311
/
4 Des
1538 1534 1512 1534 1518 1534 15
1518 15
1514 15
15/
1
4 1.795 Calumet & Hecht
25 15 Mar 11 1878 Jan 2
1338May 1978 Jan
.40 .40 •.37 .45 *.37 .45
.30 .37 ..37 .40
.35 .37
960 Carson Hill Gold
1 .30 Mar 11 .70 Jan 5 .37 Nov
3
Feb
27
27
26
27
1
4 24
26
25/
2612 24
25
2434 2518 1,025 Copper Range Co
25 24 Mar 11 33 Jan 10
184 June 33/
1
4 Dee
•.05 .10 •.05 .10
.07 .08
.07 .07
.07 .07 '3.07 .10 3,550 Davis-Daly Copper
1 .04 mar 4 .78 Feb 6 .30 Dec .70 Mar
*434 5
*4/
1
4 5
412
4/
1
4 5
434 *412 5
*412 5
365 East Butte Copper Mining_ 10
412 Mar 11
614 Jan 2
314 July
078 Dee
1
1
1
1
1
1
.90 .90 *1
1
1
203 Franklin
114
25 .40 Jan 7
11
/
4 Jan 24 .40 May
1
Jan
•114 11
/
4 5114 112 •114 112 *114
1I4
11
112 5114 11
Hancock Consolidated
25
1 Feb 28
/
4
134 Feb 8 .30
Oct
2
Jan
21/
1
4 211
/
4 *2012 22
*2012 2112 .2012 22 .2012 22
____
75 Hardy Coal Co
1 20 Jan 10 23 Jan 24
1912 Dec 2812 Jan
•214 3
212 212 *2 _-234 *134 214 .112 212 .134 2
100 Helvetla
112 Jan 8
25
312
Feb 5 .30 May
234 Dee
132 132
126/
1
4 13012 122 126
127 12934 130 132
123 126
1,484 Island Creek Coal
1 122 Mar 10 140 Feb 5
94/
1
4 Apr 142 Nov
598
984 9834 9834 '97
984 *9712 9812 *9712 9812 .9712 05
2 Do prof
1 9514 Jan 5 9834Mar 9
90 June 100 Sept
*16
17
1612 1612 16
15
*15
15
16
1514 15
16
231 Isle Royal Copper
25 15 Mar 11 2013 Jan 7
12 June 2213 Dec
•112 178
11
/
4 11
/
4 134 *1321
/
4 •138 134
/
4
113 112 *11
100 Kerr Lake
11
14 Jan 14 11514 Feb 4
5
14 Mar
218 Feb
•.75 1
•.75 1
1
1
•.75
•.75
1
1
..75
•.75
Keweenaw Copper
25 .75 Jan 29
114 Jan 10 .50
Jan
114 Nov
•24 212 *218 212
*2
214
2
214
•13
*2
4
214
200 Lake Copper Co
24'
25
134Mar 2
3 Jan 2 .90 Apr
3
/
1
4 Dee
*214 212
2
2
*214 24
2
2
*113 134 '112 17s
150 La Salle Copper
25
2 Feb 4
2/
1
4 Jan 10 .70 June
3 Dec
11
/
4 134 '11
/
4 11
/
4
+138 2
134 134 *Ps 2
*138 2
200 Mason Valley Mine
5
11
/
4Mar 6
234 Jan 13
114 Oct
234 Dec
•.80 1
.80 .80 '3.75 1
---- --__
1
100 Mass Consolidated
.70 .70 •.75
25 .70 Mar 11
114 Jan 2 .50
Jan
134 Aug
*2
212
2
2
1
4 *134 2
2
/
4 2/
2
340 Mayflower-Old Colony
.134 214 *11
23
2 Feb 6
3 Jan 2
80 Apr
5 Ally
*3414 3512 3212 34
32
33
551 Mohawk
31
34
3212 3234 33
32
25
31 Mar 11
41 Jan 13
2311 June 41 Dee
2218 2238 22
2218 2112 2178 21
2112 2114 2134 2138 2134 1,155 New Cornelia Copper
5 21 Mar 1 1
25 Jan 2
1618 Jan 25/
1
4 Dee
.25 .25
.40 .50
.30 .30 *.25 .40 '0.25 .40 --------1,820 New Dominion Copper
.25 Mar 7 85 Feb 18 .40 Dec
234 Apr
• - 30
_ _ 30
_ _ 38 •_ _ 30 •
_ 35
_ 30 *
New River Company
100
35
June
40
Mar
;Li
60
Li614 68 *Hi 60 66 68 ;Hi
66 Do prat
60
60
100 54 Jan 12 60 Jan 3
5712 Dec 76 Mar
814 614
6/
1
4 *618 612 *618 612
6/
1
4 614
760 Nipissing Mines
534 618
5
534 Mar 13
6/
1
4 Jan 10
5/
1
4 Jan
6
/
1
4
Dee
1/
1
4 178
178 2
1/
1
4 178
1/
1
4 11
112 1°X
138 134 1,838 North Butte
/
4
15
1/
1
4Mar 13
31
/
4 Jan 14
11
/
4 Oct
638 July
•.50 .75 •.50 .75 *.50 .75
447 Ojibway Mining
.50 .50 8.50 .75
.50 .85
25 .50 Mar 11
11
/
4 Jan 10 .40 June
1 Nov
*2213 2312 2212 2213 2212 2211 2138 22
Old
2112
557
2114
207
2078
8
Dominion Co
23 2072 Mar 12 27 Jan 10
15
Jan 28/
1
4 Dee
5/
1
4 514 *514 512 *518 512 *514
518 *514 512 55
130 Park City Mining Jr Smelt_ 5
512
4/
1
4 Jan 13
54 Feb 19
313 Jan
5/
1
4 Feb
1213 1212 '12
13
1214 1212 *1214 13
*1214 13 .1214 13
25 Pd Crk Pocahontas Co-No par 12 Jan 6 144 Jan 24
July
10
/
1
4
1512
July
2912 2912 27
29
26
28
2514 26
891 Quincy
26
26
26
26
25 2514 Mar 11 394 Jan 10
14 June 34/
1
4 Dee
3912 40
3812 3912 3712 45
43281 Mary's Mineral Land_ _ _ 25 35 Mar 11 48 Jan 12
35
36
36
36
36
36
26 June 49 Dee
.95 .95 •.80 .95 '0.80 .95
.70 .70 '3.70 .95
480 Shannon
.65 .65
10 .65 Mar 13
14 Jan 9 .30 Apr
113 Sept
•.25 .75 '3.25 .75 '3.25 .75 '3.25 .75 '3.25 .75 •.25 .75
South Lake
25
.25 July .75 Dee
---- ---- ---- --__ ____ --- --_- -- - ---- ---- ---- --- _____ _ Superior
2 Jan 3
25
214 Dee
24 Jan 27 .90 Jan
•114
112 *138
138
11
/
4 1/
1
4 •138 1-12 *11
150 Superior & Boston Copper_ 10
1/
1
4
138
/
4
/
4 11
114 Mar 8
24 Deo
2 Jan 5 .25 Aug
64, 67
.4.4
5/
1
4 614
578 618
538 6
g1
/
4 612 11.637 Utah-Apex Mining
534 5%
6
3/
1
4 Jan 2 8/
1
4 Dee
11
/
4 June
1
4s Jan 23
3/
.68 .70 '3.65 .70
.65 .65
.48 .61
.60 .69
.70 .75 2,825 Utah Metal es Tunnel
1 .43 Jan 43 .98 Jan 29 .14 Jun
July
.70
•.55 .60 '
3.50 .60 '
3.50 .60 '3.50 .60 '3.50 .60 *.50 .60
Victoria
25 .50 Mar 6
114 Jan 31 .15 Apr
1 Aug
•.15 .30 *15 .30 ".18 .30
.16 .16 •.16 .25 "16 .30
100 Winona
25 .10 Mar 3 .48 Jan 7 .13 Feb .71 July
•.20 .30 ".20 .25 +.20 .30 '0.20
.30 •.20 .25 '3.20 .25
Wvandot
25 .10 Feb 5 .21 Feb 11 .10 July .25 July
•Bldand asked prices; no sales on thikda7. s irs-rIgnta. S Ex-di v. and rights.
g Ex-stock dly. 3 Assannlent Paid. .Pilo.on new bads.
MAR. 14 1925.]
THE CHRONICLE
Quotations of Sundry Securities
Outside Stock Exchanges
All bond prices are • awl oterese except where marked
Railroad Equipments Per C't. Basis
Standard 011 Stocks Par Bid. Ask.
5.25 5.00
Anglo-American 011 new £1 *2058 2034 Atlantic Coast Line (is
5.00 4.75
Equipment 634*
100 110 111
Atlantic Refining
5.35 5.05
Baltimore di Ohio 8s
100 115 118
Preferred
Equipment 430 & 56_ _ 5.00 4.80
100 217 218
Borne Scrymser Co
50 *85 8512 Buff Koch & Pitts equip 68. 5.00 4.75
Buckeye Pipe Line Ce
58 Canadian Pacific 430 & 88_ 5.05 4.80
Chesebrough Mfg now.. 25 *54
5.25 5.00
100 111 115 Central RR of N J 138
Preferred
5.35 5.05
25 *2834 284 Chesapeake & Ohio (is
Continental 011 new.
5.10 4.85
Equipment 634s
1238
50 *12
Crescent Pipe Line Co
5.00 4.75
Equipment 5s
Cumberland Pipe Line-100 13312 13512
Chicago Burl & Quincy 138„ 5.30 5.05
84
Eureka Pipe Line Co_
100 83
Galena Signal Oil com-100 58 60 Chicago & Eastern Ill 530_ 4.50 4.10
5.35 5.05
Preferred old
100 108 113 Chicago di North West 88.
5.15 4.90
Equipment650
Preferred new
100 100 104
5.15 4.90
Humble 011 & Ref new.. 25 *4434 4518 Chic RI & Pac 4345 & 56.
5.55 5.25
Equipment 6e
Illinois Pipe Line
100 145 146
5.45 5.20
Imperial 011
25 145 146 Colorado & Southern 66_
5.25 5.00
*2958 30 Delaware & Hudson 88
New when issued
5.35 5.05
75 Erie 4548 & 58
Indiana Pipe Line Co.._ 50 *75
5.50 5.20
Equipment es
International Petroleum.(3) *2514 2558
5.35 5.10
Magnolia Petroleum.__ _100 13912 142 Great Northern 136
5.00 4.75
Equipment 55
National Transit CO. 12.50 *23 2314
5.05 4.85
70 Hocking Valley 55
New York Transit Co_ __100 68
5.40 5.10
Equipment 6s
Northern Pipe Line Co--100 83 84
Ohio Oil new
25 *8958 7014 Illinois Central 4546 & 56._ 4.95 4.70
5.25 5.00
Equipment 88
40
Penn Me:Fuel Co
25 *39
5.05 4.80
Equipment 76 & 850
Prairie 011 & Gas new-100 247 249
5.45 5.20
Kanawha & Michigan 68
Prairie Pipe Line new....100 12012 121
5.20 5.00
Equipment 434s
Solar Refining
100 220 225
Kansas City Southern 550. 5.35 5.05
Southern Pipe Line Co_100 84 85
South Penn 011
100 174 17512 Louisville & Nashville Os_ 5.25 5.00
5.00 4.80
76
Southwest Pa Pipe Linea 100 *68
Equipment 6348
5.20 4.95
Michigan Central 55 & 85_
Standard 011 (California) 25 6012 61
Standard 011 (Indiana)._ 25 *8238 6212 MinnStPdi SEIM 4545.4 55 5.30 5.00
Standard 011 (Kansas)._ 25 *3612 37
Equipment 8345 & 711-- - 5.40 5.05
Missouri Kansas & Texas (is 5.65 5.35
Standard 011 (Kentucky) 25 *117 118
Standard 011(Nebraska) 100 252 256
Missouri Pacific (is & 6 34*.. 5.65 5.25
Standard Oil of New Jet. 25 *4178 4238 Mobile & 01110434* & 5s_ _ _ 5.10 4.90
Preferred
100 117 11738 New York Central 430 & 58 4.90 4.70
5.25 5.00
Equipment 85
Standard Oil of New York 25 *431 44
5.00 4.80
Equipment 76
Standard Oil (Ohio)
l00 349 359
4.80 4.85
Norfolk Jr Western 4548_
Preferred
100 118 123
5.15 4.90
Northern Pacific 76
24
Swan & Finch
100 23
Union Tank Car Co.
100 121 123 Pacific Fruit Express 78...., 5.10 4.90
•
Preferred
100 11412 116 PennsylvaniaRR eq 55 & (is 4.90 4.75
5.15 4.90
Vacuum 011 new
25 894 9014 Pitts & Lake Erie 8548
5.80 5.20
35
Washington 011
Equipment(35
10 30
4.75 4.50
Reading Co 4346 & 58
Other 011 Stocks
5.15 4.90
Atlantic Lobos 011
*234 3 St Louis & San Francisco 5s
Preferred
634 1() Seaboard Air Line 5345 A 6*. 5.60 5.25
5
' Gulf Oil new
42 SouthernPacific Co 4345... 4.85 4.50
25
5.00 4.80
5
Mexican Eagle 011
Equipment 7s
5 *4
5.05 4.80
Mutual Oil
5 *194 1934 Southern Ity 434* & 51).
5.40 5.10
National Fuel Gas
Equipment 85
100 118 120
Salt Creek Producers... 10 *284 27 Toledo & Ohio Central 8a... 5.35 5.10
5.00 4.80
Sapulpa Refining
UnionPacific 76
5
Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange
7 to Mal-. 13, both inclusive.
Public Utilities
Tobacco Stocks
78
Amer Gas di Elec new -(2) *72
7312 American Cigar common 100 76
Preferred
100 97 100
46
Preferred
50 *44
Deb (is 2014
IVI&N 9812 9712 Amer Machine & Fdry 100 16712 185
28
Amer Light & Tree com_100 146 148 British-Amer Tobac ord. .41 *27
28
Bearer
El *27
98
Preferred
100 94
23
5812 5712 Imperial Tub of G B & herd 22
Amer Power & Lt common_ _
100 7712 85
89 Int Cigar Machinery.
Preferred
100 87
80
95 Johnson Tin Foil & Met..100 80
Deb 86 2015
M&S 95
MacAndrews & Forbee 100 160 184
' Amer Public Util corn _ 100 73
100 100 104
Preferred
01
7% prior preferred__ _100 88
49
100 47
Mengel Co
78
4% partic pref
100 73
50
Porto Rican-Amer Tob_.100 40
52
Associated Gas & El pf....()) 50
41
Secured gold 634s'54..J&J 981 100 Universal Leaf'rob com_100 37
93
100 90
Preferred
81
Blackstone VaIG&E corn 50 79
100 128 132
30 Young (J.(1) Co
Carolina Pow & Lt corn_ _ 320
100 103 106
Preferred
Cities Service Co COM- _1011 191 193
New stock
20 *3812 39
Preferred
100 8218 8258 Rubber Stocks (Cleveland)
10
4
Preferred B
10 *712 758 Am Tire dr Rub corn
30
Preferred
' Preferred B-B
77
100 *76
- -.1 115
Cities Service Bankers Shares *204 2058 Firestone Tire & Rub corn 10 *110
100 98 100
preferred
Colorado Power common 100 3414 35
99
100
74
0 preferred
Preferred
98
100 93
Com'w'ith Pow Corp corn(f) •111
13 General Tire & Rub coin. 50 *235 245
100
100
Preferred
Preferred
100 814 82
Consumers Power prof_.100 91
94 Goodyear Tire & R com.100 271 28
9914
Elea Bond & Share pref-100 10212 104
Goody'r T & R of Can pf 100 99
314
Elec Ry Securities
Mason Tire & Rub com.(t) *3
15
(3) •13
21
, Lehigh Power Securitlee.(2) 96
Preferred
100 18
99
120
Mississippi Rh'Pow corn 100 38
100
Miller Rubber
40
Preferred
100 103 104
Preferred
92
100 x90
First mtge 58 1951
100 25
Mohawk Rubber
J&J 98
99
74
S F g deb 76 1935_ _M&N 10212
Preferred
Nat Power & Lt com„.(2) *221 224 Selberling Tire dr Rubber (5) •1912 2012
Preferred
Preferred
100 100 101
98
(3) *98
Income 76 1972
J&J 99 100 SwInehart Tire & R corn-100
North States Pow corn._100 107 109
Preferred
100 - - 40
Preferred
100 97 100
Nor Texas Elea Co oom_100 80
Sugar Stocks
65
, Preferred
5o •3 5
100 70
73 Caracas Sugar
Pacific Gas & El 1st pref.
88
.100 9412 98 Cent Aguirre Sugar corn.. 20 *86
Power Securities corn. (I) *17
100 127 129
20 Fajardo Sugar
50
Second preferred
Federal Sugar Ref corn. 100 45
41
(3) *37
Coll trust 6s 1949___J&D 91
90
Preferred
100 80
95
Incomes June 1949__FdiA 79
83 Godchaux Sugar, Inc- (I) *4
Puget Sound Pow & Lt 100 51
33
Preferred
100 29
53
6% preferred
36
88 Holly Sugar Corp corn.-(t) *34
100 83
7% preferred
94
Preferred
100 92
100 105 107
1st & ref 534s 1949.-I&D 9712 9812 Juncos Central Sugar-100 75 125
Republic Ry & Light_100 5012 53
97
National Sugar Refining-100 95
Preferred
New Nlquero Sugar.....100 93 .95
80
100 75
South Calif Edison com-100 103 104 Santa Cecilia Sug Corp pf100
2
5
91
8% preferred
Savannah Sugar corn. (2) *89
100 118 121
Standard G&EI 7% pr of 100 8712 99
98
Preferred
100 94
Tennessee Elec Power -(1) *55
56 Sugar Estates Oriente pf _100 95
99
Second preferred
98 100
*75
With warrants
76
Western Power Corp... 100 34
35
Preferred
89 Industrial&MIscell
100 88
American Hardware.......100 87
West Missouri Pr 7% pfr _- 92
94
89
Short Term Securities
Babcock & Wilcox
100 133 135
Anaconda Cop Min6*'29J&J 10234 10314 Bliss(E W)Co new
(3) .131 15
Anglo-Amer 011 7548'25A&O 100 10014
Preferred
55
50 *50
Borden Company oom (f) *147 149
Federal Sue Ref 65'33..M&N 9814 99
Preferred
Hocking Valley 56 1928 M&S 1001 10034
100 106 109
Celluloid Company
100 44
47
K C Term Ity 8545 '31 J&J
Preferred
100 93
1928 161-4 1-614
97
630
Lehigh Pow See 65'27_F&A 101 102 Childs Company pref __ _100 113 115
Sloss-Sheff Sfia 68 '25 FAA 10112 102 Hercules Powder
100 104 107
Preferred
100 10512 10712
U13 Rubber 750 1930_.F&A 1064 107
International Silver pref-100 107
Joint Stk Land Bk Bonds
84
Chic Jt Stk Ld Bk 53_1951 102 103 Lehigh Valley Coal Sales 50 *82
10214 10314 Phelps Dodge Corp
100 118 122
68 1952 opt 1932
10212 10334 Royal Baking Pow corn.100 144 148
56 1983 opt 1933
10412 10512
Preferred
100 102 104
5545 1951 opt 1931
10114 10238 Singer Manufacturing-100 214 217
450 1952 opt 1932
9934 10058
454s 1952 opt 1932
10112 10212
434s 1983 opt 1933
Pao Coast of Portland. Ore._ 102 103
Jdr.3
881954 opt 1934
-66"
•Per share. S No par va uo. b Basis d Purchaser also pays accrued div deed.
Ex-dividend. it Ex-rights.
New stock. !Flat price. I Last sale. n Nominal.
Ex-stock dividend. a Sale price. r Canadian quotation.
1315
Bonds-
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
100 100
APW Pulp & P sec A 75'45
644 68%
Atl Gulf & W I SS L 55'59
9834 '97
Ch Jet Ry di U S Yds 58'40
7054 72
E Mass St RR ser A 4548'48
Series B 55
1948 77
7634 78
88
1948
88
Series D Os
102% 103
Hood Rubber 7s
1938
924 9234
K C Mem & B 4s._ _ _1934
954 954
1934
Income 55
984 9851
Mass Gas 430
1929
9534 95)4
1931
434s
98% 98%
Miss River Power 5s 1951
New England Tel 55_ _1932 1004 10051 10051
984 9854
1944
Swift & Co 58
99% 100
Western Tel & Tel 55_ _1932
Range Since Jan. 1.
Low..
High.
$1,000 100 . Mar the
55,500 63
Jan 7034
15,000 96
Feb 0735
40,100 64
Jan 72
Jan 78
16,400 70
200 80% Jan 88%
16,000 101% Jan 103
2,000 9234 Jan 925(
3,000 95% Jan 98
11,000 97% Feb 98%
1,000 9434 Jan 9854
14,000 96% Jan 9814
8,000 99% Jan 101
500 97% Jan 9934
9,000 99% Jan 10054
Mar
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 7 to Mar. 13, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Abbotts Al Dairy, pref_100
10 4954
Alliance Insurance
Amer Elec Pow Co, pref100 97
American Gas of N J_._100 2074
*
Amer Shlp & Comm
• 5554
American Stores
......
Bell Tel Co of Pa, pref _
Brill(J G)Co
i0.
0
Cambria Iron
50
Cramp(Wm)& Sons_ .100
East Shore G & E 8% pf _25 2554
Eisenlohr (Otto)
100 38
Preferred
100
Electric Storage Batt'y_100
50
Fire Association
Giant Portland Cement_50
Preferred
50
Insurance Co of N A _ ___10 55
Warrants
Receipts full paid
54
Lake Superior Corp _ _._100
534
Lehigh Navigation
50 8954
Lehigh Valley
50
10 2234
Lit Brothers
50
Little Schuylkill
Penn Cent Light & Power.* 8334
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _50 7954
PhIla & Reading C & I, A _•
Phila Co, pref (5%)__ _50
Preferred (cumul 67)-60
25 42
Phlia Electric of Pa
25 4154
Preferred
• 4954
Phlia Insulated Wire
Phila Rapid Transit_ _ _ _50 50
Philadelphia Traction_ _50
50 1854
Phila. & Western
50
Preferred
83-4
Railways Co General_ _.10
50
Reading Company
Scott Paper Co, pref _100
Tone-Belmont Devel__ 1
1
Tonopah Mining
50 4134
Union Traction
50 9534
United Gas Impt
50 57
Preferred
7
Warwick Iron & Steel_ _ _10
West Jersey & Sea Shore_50 39
West Phi's Passenger _._50
York Railways, pref. _ _50
93
93
494 4954
9634 97
205 2174
1134 1134
55
5754
10954 109%
101 10234
3934 40
54
54
2534 28
35
38
8534 854
8454 6634
267 280
194 20
50
50
5334 5554
4154 42%
524 54
554 534
88
91
77
77
2234 23
4154 4134
.6334 6334
4854 4754
79
8034
4634 484
38
36
4634 4634
41
4354
4054 4154
49
4955
49
5034
6054 63
1634 17
37
37
8
854
763,6 7834
9755 9734
ii
34
1% 1%
4154 4214
9254 984
57
5834
7
7
37
39
141 141
3634 3834
BondsAmer Gas & Elec 58_ _2007 92
Amer Gas of N J 78_..1928 209
Elec & Peop tr ctts 45.1945
General Asphalt 68...1939
Inter-State Rys coil 46.1943
Keystone Tel 1st 55_ _.1935 8434
Lehigh C & N cons 4346'54
Lehigh Val Coal 1st 5s1933
Peoples Pass tr ars 48.1943
1951
Phila Co cons 5s
Philadelphia Elcc 55_ _1980 9954
1988 101
1st 55
1947
554s
53424
1953
'
85
1941 107
Reading Traction 6a.1933
United Rye Invest 55_1928
Vnrk Railways 1st 5ii 1051 0414
Range Since Jan. 1.
Low.
High.
5 " 93
Jan 95
Jan
357 3734 Jan 50
Mar
237 96
Jan 99
Jan
8,321 135
Jan 21734 Maz
20 1134 Mar 11% Mar
23,089 4534 Jan 574 Mar
Jan 10934 Mai
224 108
245 100
Feb 109
Jan
401 3934 Jan 40
Jag
10 52
Feb 55
Jan
35 25
Feb 2634 Feb
Mar 41
20 35
Feb
10 85
Feb 8554 Feb
135 8234 Feb 7054 Pet
214 227
Jan 280
Mai
190 174 Jan 21
Sac
Jan 50
60 48
Mai
Jar
1.752 4834 Feb70
Mal
2,119 3434 Feb44
Mai
1.477 524 Mar 54
490
43-4 Jan
734 Fet
Feb 100
Jar
1,883 87
Jai
100 7454 Jan 81
432 2234 Feb 2354 Jai
Jan 4134 Mai
10 40
Jan 6454 Mai
28 80
3,723 464 Mar 48% Jai
Mar 854 Sal
255 79
Jai
200 4654 Mar 52
15 35
Jan soi Fel
Ma
15 453‘ Jan 47
40.389 4054 Jan 4534 F131
Fel
1,245 40
Jan 46
Mar 5134 Sal
40 49
12,09
40 . Jan 51
Ma
132 803.4 Mar 8354 Ma
335 ,154 Feb 1854 Sal
30 354 Jan 37
Ma
213
634 Jan
834 Ma
375 7654 Mar 82
Jai
73 98
Jan 9754 Ma
3,200
54 Jan 15-18 Fel
220
134 Mar
23.4 Fel
990 3934 Jan 44
Ma
30,812 8654 Feb 984 Ma
1,040 57
Jan 5834 Ma
481
7
Mar
754 Ja
323 37
Mar 40
Ja:
33 141
Mar 141
Ma
15 3551 Feb3834 Ja
88
92 522,800
78,700
204 215
21,000
6434 65
102% 103
8,000
1,000
55
55
844 8554 39,000
9834 9854 2,000
10054 1004 1,000
1,000
88
66
2,000
9554 96
9954 9934 42,000
10034 10154 24.600
12,000
105 105
4,000
105 105
21.000
10654 107
1,000
107 107
5,000
100 100
9454 19.000
94
88
136
60
100
5034
8234
98
10034
65
93%
99
10034
10354
10434
108
107
100
92
Feb9254
Jan 215
Feb85
Jan 103
Jan 58
Jan 8554
Jan 9854
Jan 1003-4
Mar 70
Jan 96
Mar 100
Jan 102
Jan 105
Feb 106
Jan 10734
Jan 107
Jan 100
Jan 9434
Ja
Ma
Ma
Ma
Ja
Ma
Ja
Fe
Ja
Mg
Fe
Ja
Fe
Ja
Mg
Ja
Ja
MI
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Mar. 7 to Mar. 13, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Amer Wholesale pref. _100
Armstrong Cater8% P1100
Arundel Corporation_ ...S0
*
New stock
Atl Coast L (Conn). _50
Baltimore Brick
100
50
Baltimore Trust Co
Baltimore Tube, prof._100
Bartlett Oil & Gas corn A_1
Boston Sand & Gravel_100
Central Fire Insurance _10
Chas & Pot Tel of Balt.100
Commercial Credit
25
Preferred
25
Preferred B
Consol Gas E L & Pow_ _.*
100
834% preferred
7% preferred
100
100
8% preferred
Consolidation Coal- __ _100
•
Cosden & Co
East Roll Mill 8% pf-100
Equitable Trust C,o_ _ _ _25
Fidelity & Deposit
50
100
Fidelity Trust
Finance Co of Amer- _25
113
224
7
119
_
1.05
_
11134
2554
3454
122
60
3154
11634
54
9454
98% 9834
55
54
112 11354
22% 2254
164 170
7
7
117% 120
58
58
1.05 1.05
70
72
35% 35%
11154 111%
2334 2454
25
25
25% 28
3434
34
107 10734
110% 111
122 125
130
60%
3034 3354
116% 118%
54
54
9334 9454
21534 215%
52
52
Range Since Jan. 1.
Low.
12 9234
20 50
722 834
2.455 2134
106 160
6
25
119 11154
25 58
1.05
500
29 54
34
42 11054
51
2334
17
25
19
2554
25
32
8 10534
1 1094
12 122
44
60
456 3034
40 1125(
32 52
207 89
10 215%
10 50%
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Mai
Jan
San
Jan
Ma
Feb
Feb
Ja
Ja
Jan
Ma
Ja
Moh,
98%
57
118
23%
170
7
120
70
1.05
75
40
112%
28
254
2634
3554
107%
111
125
72
35%
120
54
94%
215%
52
Mar
Jan
Feb
Feb
Mar
Feb
Mar
Jan
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Jan
THE CHRONICLE
99% 99%
104% 104%
99% 99%
93% os%
102% 102%
105% 105% 105%
110 110
110
9434 95
99% 99%
99% 99%
98
98
97% 97%
97
97
99
99
93
93
81
81
8131
97%
97% 97
99% 99% 100
100% 100%
98% 98%
100% wog wog
7011
70% 70
51%
51% 51
71% 71%
99%
99
96% 96%
6514 65%
99%
93%
Mar 97
Mar
Feb 24%
Mar 86%
Jan 136
Jan 22%
Jan 15
Mar 15
Mar 66
Jan 45
Jan 77%
Jan 133%
Jan 25%
Mar 101
Mar 9834
Feb 19%
Jan
8%
Mar 1934
Jan 5311
189 87
1,475
3%
180 23%
154 82%
45 115
40 20%
20 13%
10 12
31 60
232 42%
76%
123 126%
2 25
8 9734
10 98%
450 17%
20
6
74 14%
2 51%
$1,000
1,000
5,000
3.000
3.000
1,000
1,000
12.000
1,000
1.000
9,000
2,000
2,000
1,000
1.000
5,000
12,000
63,000
2,000
1.000
2,000
14,000
10,000
200
3.000
5.000
8.000
99%
103%
99%
9234
102%
104%
109
9434
98%
99%
98
97%
97
99
92
75%
96%
99%
100%
98%
100
70
51
7035
99
96
63
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Jan
Feb
Feb
Mar
Feb
Jan
Jan
99%
104%
99%
94%
102%
106%
110
98
99%
100
98%
98
97%
99
93
81%
97%
100
100%
98%
100%
70%
74
9934
96%
66%
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange March 7 to March 13,both inclusive,
compiled from official sales lists:
gg g X 4
AXXX
X
gXX
3,700
2734 29
91
90
60
22% 23% 24,505
14
14
3.030
Armour & Co (Del), p1.100
93
94
550
Armour & Co, pref_ _ _ _100
89
91
2,305
Armour Leather
15
4
434
379
Balaban & Katz v t 5...25 53
.52% 53
1,165
Preferred
100 9934 9834 9914
60
Beaver Board v t c "B"_ _•
6
531 6
315
Preferred certifIcates_100
36
170
3634
Bendbc Corporation_ _10
28% 30% 1,625
Borg & Beck
• 2634 26% 27
1,000
Bunte Bros
10
13% 14
150
Case (J I)
%
•
34
45
Central III Pub Sem pf_ _• 90
89
90
393
Cent Ind Pow Co. pref_ 100 91
90% 91
110
ChicC&ConRy pt sh cora _*
34
%
34
492
Preferred
•
7% 1,210
7
Chicago Fuse Mfg Co_ _ _.. 30
29% 30
100
Chicago Rys part ctf Ser 2_
2
2
100
Part ctf Series 4
31
250
34
Commonwealth Edison 100 137% 137% 138
892
Continental Motors
•
9
934 1,475
Crane Co common
25 66
6334 66
415
Preferred
100
11514 116
167
Cudahy Packing com_ _100 106% 106 107
1,350
Daniel Boone Wool Mills 25
3% 4
1,450
Deere & Co pref
91
90
100
30
Diamond Match
117 117
100 117
195
Elec Research Lab
• 2714 2734 31%
1.420
Evans & Co Inc cl "A".._5
26% 27%
27
1,260
Fair Corp(The)corn
3431 3334 3534 48,700
Preferred
104 106%
100
126
Foote Bros(GM)Co
1554 16
205
•
Gill Mfg Co
534 534
*
25
6
5
Godchaux Sugar com__ •
125
Gossard (H W)corn
1.430
• 29% 29% 30%
11334 11934
Great Lakes D & D_ __ _100 117
1,280
Hupp Motor
1454 154 4,700
10 1434
Hurley Machine Co
47% 4934 2,840
• 48
Illinois Brick
122 122
25
100
92
Illinois Nor Util pref. 100
91
61
Indep Pneumatic Tool_._• 57% 5714 63%
280
1,810
1
Internat Lamp Corp _ _ _ _25
34
%
535
Kellogg Switchboard___ _25 41
40
41%
10
Kentucky Hydro-El Co.100
90% oog
14,275
Kraft Cheese
65
60
25 60
Libby, McN & L, new_.10
1,550
7%
734 8
Lyon & Healy. Inc, pf 100
150
100 100
McCord Rad Mfg Co "A"• 40
1,010
40
39
McQuay-Norris Mfg
210
1434 14%
•
Middle West HUI, corn _ _ _. 97
5,695
9134 98
Preferred
950
100 96% 9434 97%
Prior lien preferred_ _100 102% 101% 103
1,655
Midland Steel Products _ _• 39
4034 1,795
38
Prior preferred
70
9934 100
100
Morgan Lithograph
4434 443 4534 1,129
Nat Carbon, pref, new_100 122
40
122 122
National Leather
534
5% 5% 2,571
10
North American Car Co..
27
50
27
Oklahoma Gas & El, pf.100
100
95
95
Omnibus, pref "A" w 1.100 9335 9314 9334
25
Voting trust ctfs, w La_• 16% 16% 17
4,295
Philipsborres, Inc, tr ctf. _1
8,000
1
%
34
Preferred
2834 28%
100
315
Pick (Albert) & Co
1,040
10 21% 21% 22
Pines Winterfront "A" „5
800
68
65
Pub Sem of N Ill, corn. _ -•
114% 114%
52
Pub Serv of N III, com.100 115
225
115 115
Preferred
9434 9434
430
100
7% preferred
105% 107
104
100 107
Quaker Oats Co
100
10
400 400
Preferred
100 104% 104 104%
515
Real Silk Hosiery Mills_ _10 50% 50
70
3,320
Reo Motor
10 20% 20% 20% 3,220
Ryan Car Co f he)_ _25
665
30% 31
Standard Gas& Electric_.• 4634 4434 4634
930
Preferred
339
60 5234 52% 53
Stewart-Warner Sp com_.• 6434 63% 6934 32,700
Swift & Co
100 11354 113 11634 3,320
2734
90
22%
14
93
89
Low,
High.
'44ggtO4Egttgtgggg.§gg.Fon'Oggg4P4agEWOrtielgo=gLIEI4ggg
.zori.00=21.ogr&g4E2,MAnz&P.ItiEl
All American Radio
5
Amer Pub Sem pref_ _ _100
Armour & Co "A"
'
Range Since Jan. 1.
ZMWAW.W8GO.WW.4..W
18050Wh:W WWWW.O.W
.WWW Z.WWWWW.
W84000
WW. WWZ..WW
.5W.NZW ..1:::M '
Cl. .0.
WW00.-40N
W WW
.WWW Wc7 WW.WVW
WW.N.00-400.4,16.WW.O.W0.40
WWWWWW.
0. .WW.WWWW
W..WOJ
ig
g
X =XX
XX X X XXX
=4 XX X XXX
XXXX X
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Feb
Jan
Feb
Feb
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Mar
I'Lb
Mar
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Mar
Feb
Feb
Mar
Jan
Mar
Feb
Jan
Feb
3634
91
24
15
96%
94
5%
55%
100
7
3934
36
28%
14
%
90
92
134
9%
3234
2
%
139
10%
70
118
los%
734
92
120
3734
30%
3534
108%
1631
6
6
30%
126
1934
56
129%
92
70
3
48
9234
65
931
105%
42
17%
98
9734
103
42
100
47
124
6%
29
95
9534
17%
1%,
34
23%
74
116
11514
94%
107
400
105
75%
22%
33
47
53%
775£
120%
Swift International
15 32
Thompson (J R) corn.._25 45
Union Carbide & Carbon.' 68
United Iron Works v t 0_50
United Light & PowerCommon "A" w I a _.• 4734
Common "B" w 1 a__ •
Preferred "A" w I
86
Preferred "B" w I a_ _
48
United Paper Bd com__100
Universal Theatre Co__ _5
U S Gypsum
20 116%
Preferred
100 114%
Utilities Pow & Lt Co"A". 25
Vesta Battery Corp corn...
Wahl Co
• 18)1
Wanner Malleable Cast'gs*
Ward Montg & Co pref _100
Common
10 45%
Class "A"
•
Wilson & Co pref certifs.- _
Wolff Mfg Corp
• ---4%
Wolverine Portl Cement 10 12
Wrigley Jr common
• 4034
Yellow Cab Mfg,CI"B" 10 37
Yellow Cab Inc (Ch1c) • 52%
32
45
68
4
33% 6,815
46%
650
11,200
70
434
500
46
48%
5634 57
86
86%
47)4 4934
2134 213£
49
50
115% 117
114% 11434
24% 2534
16% 17
18)1 201£
2234 2234
112% 112%
45% 48
117 118
22
28
9% 10%
12
12%
4934 4934
36
37%
51)4 52%
2,255
1,200
700
1,145
100
350
703
125
755
60
1,120
40
70
3.955
115
147
255
525
3.065
2,370
9,670
Range Sines Jan. 1.
Low.
High.
30% Feb
Jan
45
6634 Jan
3% Feb
Jan
36
47
Jan
73% Feb •
Jan
5
46
49
83
42
20%
45
112
112
24
16
15
22
112%
4535
11635
10
5%
12
46%
32%
49)1
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Feb
Feb
51
60
8634
49%
22%
53
131;4
116
26
24
23%
2434
115
55%
123
28
1054
1414
5214
43
55%
Jan
Jan
Feb
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Jan
80%
54%
65
40
2234
7334
70
Feb
Feb
Jan
Jan
Jan
Mar
Mar
84%
63
69%
46%
24%
80
74
Mar
Mar
Mar
Mar
Mar
Mar
Mar
BondsChicago City Ry 55..1927
Chicago C&C Rys 55_1927
Chicago Rys 55,ser "A"'27
4s series "B"
1927
Adjust income 45_ _ _1927
Metr W Side Elev let 4s'38
Extension gold 45_ _1938
83%
62
44%
74
84)4 $53,000
624 105.000
68% 5,000
44% 46
56,000
2331 24
9,500
77
77
2,000
74
74
1,000
83
59
ossi
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange March 7 to March 13, both inclusive, compiled from official sales lists:
Naga
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
1
,
71Clar
Stocks-
Am Vitrified Prod, com_50 20
2054
20
Ara Wind Glass Mach_ _100
98 100
Preferred
100
97
98
Arkansas Nat Gas, com_10
634
634 634
Carnegie Lead & Zino_ _ _5
7
8
7%
Consolidated Ice, com_50
2
2
2
Duquesne Light pref._ _100
10614 107%
Federated Metals
40
40
Fidelity Title & Trust-See Notebe low
Indep Brewing, com_ _50
1% 234
Lone Star Gas
25 39% 39% 40
Nat Fireproofing, corn..50
1334 14
Preferred
34% 35
50 35
Ohio Fuel Corp
25 3334 3354 34
Ohio Fuel Oil
1534 16
1
Oklahoma Natural Gas...25 2934 2934 3054
Pittsburgh Brew,com„..50
2
234
Preferred
50
654 635
Pittsburgh Coal, pref_ _100
95
9634
Pittsb & Mt Shasta Cop_ _1
70
7c
Pittsburgh 011 & Gas. _5
8
8
Pittsburgh Plate Glass_100
289 290
Salt Creek Con Oil
8
10
834
834
San Toy Mining
50
Sc
1
Stand PI Glass pref____100
74
74
Stand Sant Mfg
_ _25 11234 112 11434
Preferred-See
com_Note belo w
Union Storage
38
38
25
U S Glass
25 1734 17
1734
West'house Air Brake_ _50
105 106
West Penn Rys, pref._ _100
94
94
Range Since Jan. 1.
Low,
High.
370 1954 Jan 23
180 88
Jan 100
25 95
Jan 100
2.835
5% Jan
834
3,531
4
Jan
834
250
134 Mar
2
100 105% Jan 107
50 36
Feb 41
Jan
Mar
Feb
Feb
Mar
Mar
Jan
Jan
500
1%
3,058 32
210 1134
230 3174
3,554 32
548 13%
505 26
205
2
50
63.4
80 95
1,000
Sc
300
7%
373 257
5,063
7%
3,000
4e
50 74
1,044 102
Max
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Mar
234
Jan 40
Jan 1434
Jan 35%
Jan 3434
Feb 16%
Jan 3134
Feb
234
Jan
734
Mar 99
Jan
90
Jan
8%
Jan 295
Feb
9
Feb
80
Feb 79
Feb 136
32 36
Jan 38
Mar
525 17
Jan 2034 Jan
160 10334 Feb 113
Jan
10 92
Feb 95
Feb
Bonds1ndep Brewing 6s_ _ __1955
Pittsburgh Coal 55...1931
Pitts McK & Con 55._1931
United Traction 5s._ _1997
Was. r........,
r, Fa
75
9934
96
51
RR
lonn
75 $13,000
1.000
9934
97
3.000
51
1.000
RR
2 nem
75
99
96
51
87
Jan
Jan
Mar
Mar
Vph
75
Jan
9934 Mar
97
Jan
51
Mar
RR
Pah
Note.-sold last week and not reported: 15 Fidelity Title & Trust Co. at 400
10 Standard Sanitary Mfg. pref. at 11414.
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange March 7 to March 13, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek,
Par. Price. Low. High. Shares.
Boatmen's Bank
100
First National Bank_ ..l00
Nat'l Bank of Comm'ce 100
State National Bank _ _ _100
Miss Valley Trust
100
United Rys, pref
100
Amer Credit Indem_ _25
Best Clymer Co
•
Brown Shoe, pref
100
Certain-teed Prod 1st pf100
Chicago Ry Equip, pf_..25
Ely & Walker D G com_25
Fulton Iron Wks, com _ _ _•
Hamilton-Brown Shoe_ _25
Ilydraul Pr Br'k com...100
Preferred
100
Internat'l Shoe corn
•
Preferred
100
Mo Portland Cement_ _ _25
Nat'l Candy, common.100
1st preferred
100
S'western Bell Tel, pfd_100
Wagner Elec, common_ _ _•
Preferred
100
Boyd-Welsh Shoe,corn- .
Johansen Shoe,common_.•
Pedigo Weber Shoe
•
Securities Inv common_ _ _.
F Medan common
•
Huttig S & D Co corn_ _....•
Preferred
•
145
209
14734
179
145 1453.4
208 20934
1473.4 14834
179 179
275 275
6
6
50
50
45
443.4 45%
9934 loog
9454 94
9434
27
27
24
24
40
40
47
47
734 7%
90
89
90
117
117 118
11934 12034
43
4234 4334
9834 9914
107 107
10834 10914
3614 3434 39
86
88%
4334 4334
42
41
42
45
45
43
44
32
32
34
3134 34
1003.4101
54
48
31
25
5
10
10
120
45
28
25
5
180
40
10
344
435
77
101
290
10
28
811
110
15
200
5
60
155
820
140
Range Since Jan. 1.
Low,
High.
EV.V.V3.4484gg442r4W6ggn'grS-gga4gaa
BondsBalt Traction 58
1929
Bernheimer-Leader 75_1943
Commercial Credit 68_1934
Consol Gas gen 4%s _ _1954
Cons G E L&P serE 5345'52
Series A 6s
1949
Series D 6345
1951
Consol Coal ref 4345. 1934
Davison Sul & Phos 65 1927
Elkhorn Coal Corp 65_1925
Fairmont Coal Is
1931
Ga South ,k Fla 58___ _1945
Knoxville Traction 55_1938
Lake Roland El 5s _ _.1942
Lexington (Ky) St 55_1949
Macon Dub & Say 55_1947
Md Electric Rys 5s _ _ _1931
6345 series A
1957
Mon NV Penn 15t ser A 65'28
Orenda Smokel CI 534s'
33
Penns Water & Pr 5s_ _1940
United Ry & E 49.._ _ _1949
Income 45
1949
Funding. 55
1936
6s
1927
65
1949
Wash Balt & Anna 55_1941
High.
WWW....W-4V-4.00..
WWWW...W04.-4WW-4W
.WWNWW.W
0.0.00W030
000.000030.03
XXX
=XX XX
XXX =XX X
Houston 011 pref tr Ws 100 87
90
87
Lorraine Pet Co lc. shares
3% 3%
314
Mfrs Finance 2d pref. _25 23% 23% 24%
Maryland Casualty Co..25 83
83%
83
Merch & Min Tr Co_ _ _100 136
131 136
Monon Val Trac pref_ _25 22
21% 22
Mtge & Acceptance
15
•
15
Mt V-W'db'y Mills v t r100
12
12
Preferred v t r
100
60
60
New Amst Cas Co
43% 43%
10
Northern Central
50
77% 77%
Penns Water & Power_100 13031 nog 13215
Roland Park Homeland_ *
25% 25%
Standard Gas Equip_ _100
101 101
Preferred
100 98% 98% 9814
United Ry & Electric_ __50 18
18
1811
Wash Bait & Annap _ _ _ _50
8
8
8
Preferred
14% 14%
50
West Md Dairy,Inc, pf_50
53
53
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares,
Range Since Jan. 1
Low.
[Vol.. 120.
147
210
15034
179
275
734
60
46
100%
9434
27
25
43
493.4
834
95
11834
12034
48
117
117
10834
50
91
5034
5134
4514
443.4
3434
40
102
Jan
Feb
Feb
mar
mar
Feb
Feb
Jan
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Feb
Mat
Feb
Jan
Mar
Mar
Feb
Feb
Jan
Jam
Jam
Jam
Feb
Feb
Feb
BondsAlton Gran & St L Tr 58'44
E St L & Sub Co 55_1932
St L & Sub Ry gen 58_1923
United Rys 48
1934
• No par value.
70
64
85
82
70
64
85
82
70
$2.000
8.000
17,000
17,000
.-4WOOM
000001.
;
=44
04E14.?,
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Wed.
Stocks (Concluded) Par. Price. Low. High. Shares.
6714 Fet
Yet
88
JAI
84
Jal
74
M.141925.]
New York Curb Market.-Below is a record of the
transactions in the New York Curb Market from Mar. 7 to
Mar. 13, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High Shares.
Week Ended March 13.
Stocks-
Range Since Jan. 1.
Low.
High.
Indus. & Miscellaneous.
Feb 4036 Mar
Adirondack P & L com_100
36
600 33
3634
Mar
7% preferred
100
80 99
Jan 101
1004 101
Feb
•
300
8
Jan
10
936 911
Allied Packers,com
Jan
Jan 67
Prior preferred
100 61
61
62
300 57
Amalgam Leather, com_ •
104 log
ioo 10 Jan 1036 Jan
Jan 44
Mar
Preferred
100 42
42
44
300 42
Amer Car & Fdy, new, w 1_ 1114 110 11334
1,900 984 Jan 1144 Mar
Amer Gas & Electric
Common
70% 734 3,180 6834 Feb 8234 Jan
* 72
9% Feb 1336 Feb
10 1034
1,000
Amer Hawaiian SS
104 1034
Jan 153
Feb
950 137
14634 14734
Amer Lt & Trac,com_ _100 147
Jan 96
Jan
Preferred
100
200 94
95
9534
Jan
40
Feb
Warrants
22
2 16
22
56
53
Amer Pow Ar Lt tom new
5834 22,900 484 Feb 674 Jan
100 88
530 87
Jan 89
Jan
Preferred
8734 89
4
2
Feb
8
Mar
8
800
Amer Road Machinery
American Stores
*
564 564
200 4634 Jan 564 Mar
Jan
2834 30
2,300 2834 Mar 36
Am Superpow Corp,CI A-• 30
Class B
• 2934 28% 304 3,300 2834 Mar 3611 Jan
Prior preferred
25
100 244 Feb 26
Feb
257
4 254
44 Feb
American Thread pref._5
700
34 Jan
4
3.3,6 4
25
2631 Mar
Apco Mfg class A
25
2656
980 2434 Jan
Appalachian Pow,com_100
Feb 83
Jan
350 73
7634 754
Arizona Power com
100
2131 224
300 1731 Jan 2434 Feb
Armour & Co (Ills) comA25 z2216 z2236 234 8,700 z223.4 Mar 24
Feb
Common. class B
25
14
14
14
2,600 14
Feb 15
Feb
Preferred
100 z904 z9036 904
Jan 9436 Feb
90 87
Armour Leather, cam_ _ _15
434
436
100
44 Mar
5% Feb
•
4234 4234
200 424 Mar 53% Mar
Artloom Corp, corn
Preferred
100
1003
4 101
500 100
Mar 101% Mar
Assoc G & E Class A.__• 27
2636 274 5,800 26
Jan 274 Mar
Atlantic Fruit & Sug__ __•
14
Jan
134 Mar
14 14 3.400 800
Atlas Portland Cement_ _ - - 138
136 140
100 136
Mar 140
Mar
New when issued
4631 4614 474
400 464 Mar 4734 Mai
Boissonnault(G) Co
•
134 2
3,600 154
Jan
174
334 Feb
Borden Co common_ _ _100 148
148 15234
Jan 15434 Mar
1,600 133
Preferred
100
105 105
Mar
30 106
Jan 108
Botany Cons Mills CIA 50 4574 4536 4634
000 4535 Feb 4834 Jar
Brit-Am Tob ord bear_ _CI 28
Mai
274 28
2,800 2534 Jan 28
Ordinary registered...LI 274 2734 2734
700 2134 Feb 274 Mal
Brooklyn Borough Gas_ -* 74
Mal
Feb 74
664 74
250 54
Brooklyn City RR
10
874
811
83.4 2,500
8
Jan
934 Fel
Mal
Bucyrus Co, corn
100
139 144
Jan 144
375 121
Burroughs Add M ptd.100
Jan 10514 Jar
1043.4 104%
120 103
Jar
Mar 111
Campbell Soup, pref_ _100
110 110
40 110
431 Ma
Car Ltg & Power. coma_ _25
434
44 434 26,200
134 Jan
Mal
8
Preferred
25
734 Mar
8
100
8
Mai
Mar 87
Cent Aguirre Sugar_._ _20 87
100 87
87
87
Mar 274 Jar
1871 6.200 17
17
Centrifugal Cast Iron PIPe• 17
Mal
Jan
214
19
164
Chapin-Sacks Inc
• 1954
9,100
2034
Feb 164 Ma,
Chatterton AL Son
10 164
1,650 12
1334 164
700 1934 Feb 2434 Jar
Checker Cab Mfg cl A _ _ _• 194 194 204
Jan 164 Jar
1434 144
100 14
Chic Nipple Mfg, Cl B 50
10,900 4054 Jan z5531 Fel
Childs Co new stock
5234 55
*
Fel
OMNI Service, com___100 z191
185 20134 3.770 17614 Jan 212
Fel
New when Issued
20 38% 3731 404 4,900 3754 Mar 43
Preferred
100 582
1,100 8031 Jan 824 Fel
z8174 8214
7% Fel
7% Jan
10
500
Preferred B
734 7%
Bankers' shares
• 5I9
4,900 174 Jan 2134 Fel
1834 20
Cleve Automobile. corn_ •
21
100 194 Feb 214 Ma
21
Fel
Feb 95
Preferred
150
10 89
91
91
Jan
231 Fel
Colombian Syndicate.. _
1% 1% 49,500 600
14
Jan 136
Ma
Com'w1h-Edition Co_ _100
136 136
10 133
Oorn'wealth Pow Corp_ .• 112
11036 112%
800 1084 Feb 12631 Jar
Jar
Preferred
100 81
81
814
675 794 Jan 82
Jar
Warrants
3034
29
304
200 2514 Feb 50
Cons Gas,E L&P Balt new* z3411 3336 3436 7.000 3136 Jan 35% Fel
Continental Baking,comA• 12174 1183-4 1234 4,000 108
Jan 125
Ma
Common B
2994 Ma
• 264 26
244 52,900 214 Jan
8% preferred
Ma
4,400 9134 Jan 99
100 964 9634 99
Continental Tobacco._ _ _•
214 2134
700 21% Mar 264 Jar
Cuba Company..,
• 384 384 3916 2,200 364 Feb 404 Ma
Cuban Tobacco v t e
15
64 Jan
Ma
15
12
15
600
Cudahy Packing
100
Jan 1084 Fel
104 106
200 80
Curtiss Aero&M,corn _ _•
Feb 174 Ma
1414 154 1,500 13
Preferred
100 55
Mar 66
Fel
55
400 55
61
Curtiss Aer Assets Corp ctfs
184 184
100 184 Mar 184 Ma
De Forest Radio Corn-Fel
Mar
34
' 234 22
26
15.800 22
Del Lack & West Coal..50 129
Fel
12811 130
525 1204 Jan 130
Doehler Die-Casting
• 17% 1631 173.4
400 1694 Jan 204 Ja
DubillerCondsr& Rad news 174 16
1934 49,500 1454 Mar 3571 Ja
Dunhill International.- - -• 2891 284 2914
la
900 28% Mar 31
Duplex Cond & Karl v t O.
Mar 17
7
7
is
7
100
Du Pont klotors, Inc_ --• 90c
90c 95c
131 Ja
300
90e Feb
Durant Motors. Inc
• 1931
16
Feb 21
Ja
21
40,900 15
Duz AL Co. Inc. Class A_ _• 30
254 304 7,800 24
Mar 33
Fe
East Penn Electric Co •
Jan 67
6531 6534
Ja
10 60
Share,pref
Ira 10336 103 104
Elec Bond &
Jan 104
530 102
Ma
Elec Bond & Share Sec Cor 604 56% 6331 67,800 5631 Feb 9114 Jr.:
Elea Invest without war'ts• 44
42
Jan 4544 Ja:
4436 8,200 40
394 374 3994
Essex Foundry w 1
1,100 3736 Mar 3931 Ma
Federated Metals Corp..•
3736 403-4 2.600 36
Jan 42
Fe
831 934
Film Inspection Machine.•
114 Ja
800
64 Jan
Firestone T & Rub 7% Did 9631 9634 964
10 9636 Mar 9736 Fe
Ford Motor Co of Can_100 517
517 523
130 491
Jan 524
Fe
Frx.ral-Elsemann Radio.-.• 11
11
1334 18,200
934 Mar 3356 Ja
Freshman (Chas) Co
• 12
12
1751 11,000 12
Mar 28
Ja
•
6
Clarod Corp
6
64
600
6
Mar 174 Ja
76
General Gas & Elec, com..*
76
20 75
Feb 81
Jr.
Cony preferred
• 784 7831 784
Ja
10 783-4 Mar 80
Gen'l Outdoor Adver'g me
Common v t c w 1_ _ •
22
Feb 2431 Fe
2234 1,540 22
Class A w I
• 4636 464 4616 3,200 4614 Feb 464 Fe
Georgia L,P & Ry.com.100
554 684
300 3134 Jan 684 Ma
Gillette Safety Razor_ _ _ _• 6334 6331 644 5.100 574 Jan 674 Fe
• 13231 1303-4 138
3.000 117
Glen Alden Coal
Feb 138
Ma
Goodyear Tire & R,com100 274 2736 35
53.30u 2434 Jan 3531 MB
Grennan Bakeries Inc_ __.• 164 164 17
3,600 1531 Feb 174 Jo
arimea(D)Ra & Cam Rec. 1236
1214 1434
700 12
Mar 19% Ja
43/
100
331 Jan
534 Fe
Hall Switch & Sig, com_100
631
74 1.700
64
Happiness Candy St el A _•
631 Jan
74 Ja
• 224 22
3134 30,800 22
Mar 514 Ja
Hazeltine Corp
5043
•
1%
131
131
14 Mar
3
is
Heyden Chemical
58
58
58
100 58
Mar 68
Ma
Horn & Madan
2234 2234
100 21
Jan 2234 Fe
Imperial Tob of Gt B Az I.
100
6% 64
64 Ma
6,1 Ma
Imperial Tobacco of Can_5
571
500
511 Jan
536 634
654 Ja
Intercontinental Rubb.100
414
4134
4116
3,300
37%
non-vo
t
___
Jan 434 Ja
of
Match
Inter
1031 1031
100 10
Feb 17
Jo
Internat Utilities, Class B.I.
34 4
500
34 Mar 14
Jr.
ie. ..)cean Radio Corp_ _• 4
Mar
......Tog tart Rodin Mtrz_•
3
3
3% 1.100
3
9
Ja
•No par value.
1317
THE CHRONICLE
Sales
Friday
Last Week's Range for
Industrial and
Weed.
Sale
of Prices.
Miscellaneous Stocks
(Concluded). Par. Price. Low. High. Shares
Keiner-Williams Stmpg__• 23
• 244
Kelvinator Corp
10 70e
Keystone Solether
Landover Holding Corp A 1 12%
Lehigh Power Securities_ _• 98
Lehigh Valley Coal Sales 50 8235
Leh Vail Coal eta new ___ 4134
Libby McNeil de Libby_ _10
8%
Liberty Radio Ch Stores_.•
Marconi WirelTel of Can._ ......
Marconi Wirel Tel of Lond
100 46%
Mengel Co
336
•
Mesabi Iron Co
Middle West Utilities corn• 9731
Prior lien stock
100 6101%
• 24
Midvale Co
Miss River Pow, prat _100
Moore Drop Forging cl A..*
173.4
Motion Picture Corp
Motor Products, prof, new. 5034
M otor Wheel Corp new...' 16
• 13
Music Master Corp
Nat Distillers Producers_ _• 3171
10
National Leather
Nat Power dr Light. corn.• 219
•
Preferred
National Tea
84
New Mex & Ariz Land _ _ _1
N Y Telep 64% pref _ _100 113
Nickel Plate corn, new, WI. 8736
85%
Preferred, new. w
No State Pr Corp COM-100 108
100
Preferred
Nor States Pow Del waents
• 16%
Omnibus Corp v t
Series A preferred. _100 94
Oppenhelm. Collins & Co_• 42
Paige-Detroit Mot Car..10 17%
44
Faille Exchange Inc el A.
Portland Electric
Power Corp of N Y. corn.• 40
41
Pratt & Lambert Inc.._.
ero-phy-lac-tic Br, corn_ •
Pyrene Manufacturing._10
Reid Ice Cream Corp com •
Preferred
Rem NoiselessTypew.C1 A. 4334
97
Preferred
10 20%
Reo Motor Car
5
Repeal, Inc
Rosenb'm Grain Corp. p150
836
Rova Radio Corn tr ctfs •
Safety Car Htg & Ltg_ _100
• 1416
Seagrave Corp. corn
Shattuck (Frank G) com_• 3936
Singer Manufacturing_ _100 215
835
•
Sleeper Radio v t
Sou Calif Edison corn_ _100
7% pref, Series A _ _ _ _100
6c
Southern Coal & Iron_ _ _ _
Weristem Pr & Lt corn..• 59
_100 109
Southw Bell Tel 7% pf.
Spear AL Co when issued •
Standard Motor Constr 10
Stand Publishing Cl A..25 26
731
•
Stutz Motor Car
100 113
Swift & Co
10 3234
Swift International
Tenn Elec Power, com___• 5535
75%
Second preferred
•• 12
Therrniodyne Radio
931
Thompson(RE)Radio vtc*
44
Timken-Detroit Axle _ _ _10
37
4
Tob Prod Export Corp_ _.•
Todd Shipyards Corp. •
5
Tower Mfg Corp
Tulip Cup Corp. corn....
Union Carbide & Carbon.• 6816
United G & E corn new _ _10 324
United Lt & Pow corn A • 474
84
United Profit Sharing.. _1
United Shoe Mach,com_25
US Lt & lit Corp. com_10
2%
10
Preferred
US Stores Corp. Class A.*
254
Universal Pictures
244
Utilities Pr & Lt cl A.._
Victor Talking Machine100 924
4* 13
Ware Radio Corp
Warner Bras Pictures..._•
CI A when, as & It lss_10 1534
50
Warren Bros, coin
Western Pr Corp, com_100 3451
100
Preferred
White Rock Min Sins corn. 22
Vot tr cti's for corn stock' 21
471
Wickwire-Spencer St com.5
Yellow Taxi Corp N Y._.• 1534
Range Since Jan. l.
Low.
High.
100 214 Jan 23% Jan
23
23
7,400 1894 Feb 3034 Mar
24% 2634
Jan
14 Feb
1,200 49c
70e 95c
814 Jan 1254 Mar
94 12% 1.300
Jan
Feb 117
1,500 82
94
98
Jan 87
Jan
275 81
8134 8435
39% 4331 22,700 3934 Mar 5054 Jan
734 Feb
934 Jan
100
8
8
9
Jan
734 Jan
11,000
836 9
1,11e Mar
13.4 Feb
200
117Le luse
Jan
874 Mar 10
100
8% 834
Jan 51% Mar
43
5136 4,450 30
4% Jan
334 Mar
3% 334 1,500
92
984 13.500 823.4 Feb 98% Mar
Feb
290 9836 Jan 103
1014
7 10235
Jan 284 Jan
700 24
24
24
Mar
Mar 90
10 90
90
90
Feb 6631 Feb
400 66
66
66
17% 17,1 7,200 1736 Mar 17% Mar
100 5011 Mar 5031 Mar
5036 5031
16
1754 7.300 154 Feb 173.4 Mar
1274 1334 7,100 124 Mar 2134 Jan
334 5,600 1631 Jan 3954 Feb
31
4% Jan
694 Jan
300
534 54
Jan
3,090 18434 Feb 240
207 225
Mar
Jan 99
460 95
96
97
Jan 247
Jan
180 230
236 240
1134 Feb
634 Jan
7% 8% 5,600
Feb
225 11034 Jan 114
113 113%
Jan 9034 Feb
5,900 84
864 88
1,300 843.4 Jan 8796 Jan
8511 56
Mar
22 10234 Jan 109
107 108
Feb
9434 Feb 99
2
97
97
Feb 1034 Mar
6
50
94 10
1631 17% 2,300 1536 Jan 1734 Jan
Feb
Jan 96
400 90
93
94
Mar 46
Feb
1.500 41
41
42
Jan
164 17% 4,300 1634 Mar 19
175 4234 Mar 49% Jan
43
44
Mar
Mar 50
600 49
49
50
Mar
3,300 333.4 Jan 40
3831 40
Jan
Feb 43
1.700 40
40
4136
Jan
Feb 44
100 40
4234 4214
11% 12% 1,000 1054 Jan 1234 Mar
Jan
Jan 43
LON 35
37% 3874
Feb
200 9434 Feb 101
94
94
Mar
Mar 46
5,700 41
41
46
Mar
225 9634 Mar 99
963.4 99
Mar
2036 214 6A00 1794 Jan 23
Jan 750 Mar
1,900 51c
650 75c
100 4734 Feb 4934 Feb
48,6 48%
834 Mar 1434 Jan
2.600
834 11
Feb
Jan 121
20 115
117 117
1434 Jan
1436 144 2.100 1434 Jan
Mar
9,900 3134 Jan 40
3634 46
Mar
50 19234 Jan 215
215 215
354 Mar 1934 Jan
1,700
7
8%
Feb
80 10134 Jan 105
1031,6 10334
Feb
30 10434 Mar 107
10431 10436
Sc Mar 100 Jan
Sc
6c 49,000
Jan
57
59,1 1,000 5234 Feb 66
Jan 10954 Feb
109 109
50 107
400 274 Feb 283.4 Feb
274 2736
33.4 Jan
531
500
5
53.4 Mar
26
2634
soo 26 Jan 2754 Feb
634 Jan 10
700
731 731
Jan
Feb
Mar 120
113 116
330 113
32
33;6 6.700 3034 Feb 3554 Jan
1,400 9811 Feb 6054 Jan
64
56
Jan 7694 Feb
300 73
75
7535
mar 2296 Jan
12
125,1 4,900 12
Jan
994 Mar 25
94 114 10,700
431 mar
334 Jan
200
431 411
34 Jan
54 Jan
600
34 4
Mar
41
300 394 Feb 42
42
Mar 2434 Jan
9
8
10% 5,100
15
15
800 143-4 Feb 1534 Feb
684 69% 9,900 6634 Jan 7396 Feb
Feb 38
Jan
32
33
1,400 25
45% 4835 2,70
4534 mar 5011 Jan
5% Jan 1134 Mar
33,200
834 11
20
434 4336
423.4 Jan 45% Jan
14 2.50
75e
1
Jan
134 Jan
1% Jan
234 Jan
24 24 3.50
Mar 19
19
Mar
100 19
19
2534 Mar 2834 Feb
2531 2631 2,10
24
4,80
2334 Feb2534 Jan
25
Jan
Feb 105
9231 92%
100 90
1131 1634 10.200 1134 Mar 4094 Jan
Feb 1654 Feb
15
100 14
15
15% 15% 6,700 1534 Mar 164 Feb
4635 464
100 394 Feb 4636 Mar
Mar 3836 Jan
33
900 33
35
Mar
100 85% Jan 88
8736 88
Feb2434 Mar
1774 2431 6.200 16
Jan 24
mar
15
24
9,200 16
396 Feb73.4 Jan
4% 5% 18.000
Jan
Mar 22
15
1654 1,600 15
Former Standard 011
Subsidiaries
Anglo-American 011____ El 20%
Borne Scrymaer Co _ _ _100 218
50 65
Buckeye Pipe Line
Chesebrough Mfg,new._25 5731
Chesebrough Mfg pref _100
26%
Continental 011 vt ow I.
Crescent Pipe Line
25
Cumberland Pipe Line_10t 134
Eureka Pipe Line
100
Galena-Signal Oil, corn_100 60
New preferred
100
Humble Oil& Refining. _25 x4454
100 140
Illinois Pipe Line
Imperial 011 (Can) new... 30
Indiana Pipe Line
50 75
Magnolia Petroleum_ _ _100 13936
National Transit._ _12.50 234
100
New York Transit
Northern Pipe Line__ -100 84
25 694
Ohio Oil
25 Penn Mex Fuel
Prairie 011 & Gas new...25 564
100 121
Prairie Pipe Line
100 225
Solar Refining
100 176
South Penn Oil
85
..100
Line_
Pipe
Southern
South West Pa Pipe L..100 571
Standard Oil (Indiana)_.25 62%
Standard 011 (Kansas)_25 37
25 r11716
Standard 011 (Ky.)
Standard 011 (Neb)_ _100 253
Standard 01101 N Y_ _ _25 4331
Stand 011 (Ohio) corn..100 351
100 _
Preferred
100 23
Swan dr Finch
25 8936
Vacuum 011
214 2136
214 218
65
68
56
5731
110 110
2636 28%
124 12%
1334 13436
84
83
60
6031
102 102
544,1 46%
146 150
2934 31
75
77
1394 145
2331 23%
70
72
84
85
69% 7111
40
404
58
6034
121 122%
225 232
176 186
844 86
71
73
62
67
364 40%
1164 11835
253 261
43% 46
351 355
123 123
244
23
89% 93,1
18,100
70
140
100
20
43,100
300
100
30
300
50
6,900
340
12,200
660
560
40
110
140
3.300
2,300
10,500
2,880
50
1.350
180
110
80,200
3,600
2,100
50
13,000
160
20
140
8,600
18
212%
62
48%
110
25%
10
13214
83
56%
100
4234
127
2914
75
137
23
65%
81%
64
35%
52%
106
202
139
84
71
62
364
116%
244
434
338
1174
21
804
Jan 21% Mar
Feb
Feb 239
Jan
Jan 72
Jan 64% Feb
Jan
Mar 114
Jan
31% Feb
Feb 15% Feb
Feb 150
Feb
Jan
Feb 96
Jan 68% Feb
Feb 105
Feb
Jan 47% Feb
Jan 15431 Jan
Mar 33% f Jan
Jan
Jan 84
Feb
Jan 159
Jan 2514 Jan
Jan
Jan 79
Feb
Jan 88
Jan 75% Feb
Jan 44% Mar
Jan 65% Jan
Jan
Jan 126
Jan
Jan 254
Jan
Jan 197
Jan
Feb 103
Jan
Mar 84
Mar 70
Feb
Mar 46
Feb
Mar 124% Feb
Jan 270
Jan
Mar 48% Feb
Jan 369
Jan
Jan 123
Mar
Jan 27
Jan
Jan 964 Feb
1318
TITE CHRONICLE
Friday
Sales
Last 'veers Range for
Other Oil Stocks.
Sate
OfPrices.
Week.
Par Price. Low. High. Shares.
Amer Maracaibo Co
Arkansas Nat. Gas
10
Atlantic Lobos 011 coin_ •
Carib Syndicate
Creole Syndicate
Derby 011 & Refg com_ •
Engineers Petroleum
1
Euclid 011 Co
Federal Oil
Gibson 011 Corp
1
Gienro k
10
Gulf Oil Corp of Pa
25
International Petroleum_ _•
Kay County Gas
Kirby Petroleum
•
Lego Petroleum Corp_ _ _•
Lance Creek Royalties_..1
Latin American 011
Livingston Petroleum _ _•
Margay Oil Corp
•
Marine 011
1
Marland 011 of Mexico_ _ _I
Mexican Eagle
5
Mexican Panuco OIL ___10
Mountain & Gulf Oil....I
Mountain Producers._ _ _10
Nat Fuel & Gas
•
New Bradford 011
6
New York Oil
25
Noble(C F) Oil dc 0 cone.1
Ohio Fuel Corp
25
Ohio Fuel Oil
1
Peer Oil Corp
•
Pennock Oil Corp
•
Pittsburgh Oil& Gas
Red Bank 011
25
Royal Can 011 Syndicate.*
Ryan Congo'Petroleum _.•
Salt Creek Consol 011_ 10
Salt Creek Producers
Tidal Osage 011 voting stk •
Non-voting stock
•
United Cent 011 Corp.---•
Venezuelan Petroleum _ _ _
Western States Oil& Gas_1
WlIcox Oil& Gas
1
Woodley Petroleum Co..
1'Y" 011 & Gas
1
Mehra Stocks-
5695
3%
12%
96c
2%
65
2535
334
535
4c
80c
131
65c
131
21%
535
1
22%
19
7%
635
z831
27
5
414
6%
531
3
900
331
x635 6% 1,200
231 3
300
334 3% 1.400
1135 13% 42,600
1,200
614 7
4c
40
5,000
96c 96c
100
185 205
2,000
2% 354 13,900
25c 25c
2,000
65
6731 5,800
2531 26% 39,400
1%
100
134
331 3% 4,100
531 531 131.500
2c
6.000
2c
3c
4c 48,000
760 85c
1,300
91c
1,300
131
1
100
1
334 335
100
434 435
100
65c 79c
900
1% 134 20,800
2034 21% 30,100
118 120
160
435 5% 10,700
500
9% 934
12c 12c
9,000
32% 3334
400
15
15
100
I
134 3,300
22% 24
1,900
7% 8
600
18% 2231
900
7
735 15,100
6% 935 61.600
8
8% 9,700
25% 2735 19,500
11
11
400
sm 10
200
5
5
400
4
434 9,200
15c 19c
5,000
6% 6% 7,400
5% 6% 1.500
60
7c 30,000
Range since Jan. I.
High.
231
535
2%
334
834
4%
40
87c
18c
1%
20c
65
23
1%
2%
5
lc
20
75c
50c
1
3%
610
135
1835
106
3%
8%
100
31%
12
1
1734
7%
18%
6%
3%
63.4
24
9
8%
234
334
140
531
5
Sc
4
Jan
Feb
8% Feb
Jan
4
Jan
Jan
434 Feb
Feb
Jan 13% Mar
Jan
Feb
7
Jan
Jan
Sc
Jan 970
Jan
Mar 255 Feb
3% Feb
Jan
Jan 27e Feb
Mar 71
Feb
Jan 28% Feb
Mar
135 Mar
535 Jan
Jan
631 Jan
Feb
Jan
3c Feb
n
Jan
4
13 Jan
Jan
134 Feb
Jan 13( Mar
Mar
Feb
3
Jan
434 Feb
Jan
43.4 Mar
Jan
Mr Feb
Jan
Mar
2
Jan 21% Mar
Jan 122
Mar
Jan
5% Mar
Feb 10
Mar
Jan 130 Feb
Jan 34% Feb
Jan 20
Feb
1% Feb
Feb
Jan
Jan
Mar 25
8
834 Feb
Mar 3235 Jan
7,4 Jan
Jan
Jan
935 Mar
Jan
m
8% Mar
Jan 2735
Feb 15% Feb
Jan 1035 Feb
Jan
Febr
11
Jan
454
Jan 20c
Feb
Jan
731 Jan
Jan
Mar
7
Jan
70 Feb
Bonds (Concluded)-
[Vol,. 120.
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week.
Range Since Jan. 1.
Low.
High.
Amer Rolling Mill 65 _1938 101% 10035 101% 24.000 100
Jan 10155 Feb
Amer Sumat Tob 7345.1926 9735 9735 98
19.000 94% Jan 9831 Feb
American Thread Os. 1928 10335 10335 10335
Feb
1,000 10231 Jan 104
Anaconda Cop Min 65_1929
103 10331 12,000 10231 Jan 103% Jan
Anglo-Amer 011 734s..1929 100
Mar 10055 Jan
100 100
9,000 100
Assoc'd Simmons Hardware
6345
1935
Feb 83% Jan
81
81% 24,000 81
Atlantic Fruit 85
Mar
24
2235 25
18,000 1835 Jan 25
Atl G & W I SS L 55_1959 65% 63
Jan 70% Mar
68 208,000 62
Beaver Board Co 85_, _1935 94% 94
Jan
Jan 96
9431 15,000 88
Beigo-Can Paper (38, WI'43
9831 9831 2,000 97% Jan 9835 Mar
Bell Telep of Can Is...1955 9835 9835 9835 94,000 97% Feb 9835 Feb
Beth Steel equip 7s_ _ _1935 10335 103 103% 36,000 103
Mar 104% Jan
Boston & Maine RR 651933
8234 8235
1,000 8235 Mar 8234 Mar
Canadian Nat Rye 78 1935
110% 111
8.000 10834 Jan 111% Mar
Chic RI & Pac 535s_ _1926
10034 10131 9,000 100% Jan 101% Jan
Childs Bldg & Imp 65_1935
125 133
Mar
14,000 109% Feb 133
Childs Co 6% notes .1929
130 140
Mar
Jan 140
62,000 107
Cities Service 7s, Ser B1966
174 175
9,000 15035 Jan 178% Feb
78, Series C
1966 12035 12034 12235 97,000 111
Feb
Jan 128
75 Series D
1966 102
10135 103 126,000 98% Jan 106% Feb
75 Series E
1966
11135 1123-4 12,000 109
Jan 11234 Mar
Cities Serv Pr & Lt 68.1944 94
93
Feb 0414 Jan
9435 503,000 92
Cons GE L&P Bait(is '49
106 10635
3,000 10434 Jan 10635 Mar
%s Series D
1951
10931 110
Feb
2,000 108% Jan 110
5358 Series E
1952
10235 1023,5 3,000 10134 Jan 103% Mar
Consol Textile Sc
1941 8831 8835 89
Jan
Jan 95
14,000 88
Cuban Telephone 7355 1941
10635 10631 3.000 106
Jan
Jan 107
Cudahy Pk deb 5355_ _1937 933,5 9135 9335 74,000 8935 Jan 95
Feb
Deere dr Co 7345
1931 104% 104% 10435 13,000 104
Feb
Jan 105
Det City Gas(is
1947 10335 10335 10331 24,000 10234 Jan 104% Feb
Detroit Edison Sc.....b932 116
11535 11735 117,000 11051 Jan 117% Mar
78
1929
114 114
Mar
Mar 114
1,000 114
Dunlop T&R of Am 75 1942 10235 10235 103
73,000 10034 Jan 104% Jan
Est RR of France 75 ..1954 87% 8735 87% 100,000 8735 Feb 8835 Feb
Federal Sugar (3s
1933
9835 99
Mar
Jan 99
15,000 96
Gait- (Robert) Co 7s_ _1937
9931 10135 10,000 993.4 Jan 10235 Feb
General Pe-roleum 68_1928 10135 101% 101% 18,000 100% Jan 101% Feb
Grand Trunk Ry 6345.1936 10834 108% 109
Mar
37.000 10535 Jan 109
Gulf Oil of Pa 58
1937
98% 9831 51,000 98% Jan 99% Feb
Flood Rubber 75
1936
10234 103
Jan
Jan 103
11,000 102
Kan City Term Ry 5355'26 101% 10135 10131 2.000 10135 Mar 10235 Jan
Krupp(Fried) Ltd 7s w 129 9435 94
94% 187,000 93% Feb 9931 Jan
Lehigh Pow &cur 65_ _1927 1015,5 101% 10135 19.000 100% Jan 10154 Jan
Libby, McN & Lib 75_1931 10235 10235 10235 10,000 102
Jan 10235 Feb
Liggett Winchester 78.1942
10735 108
22,000 10735 Jan 1083-4 Jan
Manitoba Power 78_ .1941
12.000 9834 Jan 102% Jan
10135 102
Mid-Cont Petrol 6 358_1940
97
Mar 9731 Jan
9731 82.000 97
Missouri Pac RR 55_1927 100% 10035 10035 2,000 100
Jan 100% Feb
Morris& Co 73,58
1930 103
103 10335 27,000 9835 Jan 10435 Feb
Nat Distillers Prod 75_1930
10035 10031 5,000 100
Jan 101% Jan
National Leather Ss..1925 101% 101% 101% 13,000 101% Jan 102
Jan
New Orl Pub Sony 55_ _1952 89
89
8934 32.000 8635 Jan 89% Mar
Nor States Pow 6 35s_ _1933 107% 107 107% 13,000 10535 Jan 10834 Mar
% gold notes _ _ _1933 10234 10134 10235 14.000 9935 Jan 102% Star
Ohio Power Is Ser B_.1952
9235 9255 40.000 89
Jan 92% Mar
Pennok 011 Corp 68_..i027 99% 9935 9935 18,000 97
Jan 9935 Mar
Penn Power & Light 58 '52 9535 95
9535 76,000 93
Jan 95% Feb
Phila Electricals
1941 10631 106% 107
Feb
Jan 107
2,000 106
5s
1960 9935 9935 99% 25,000 9934 Feb 9914 Mar
1953 105% 105 10535 8,000 10435 Jan 10534 Mar
535s
Phillips Petrol 7358_ _ _1931
10435 104% 1,000 10335 Jan 10434 Jan
Pitts Chi Chic & St L 55'75 99% 99Y 9935 50,000 9934 Mar 9935 Mar
Pub Serv El & Gas 5355'64 99% 9935 100 149,000 9635 Jan 100
Feb
Pure 011 Co 6 358
1933 10135 101 10135 46,000 97% Jan 101% Mar
Shawsheen Stills 7s _ _1931 103% 10335 10335 30,000 10235 Feb 104
Jan
Slemans & Halske 75_ _1928
99
99
Feb 9935 Feb
33,000 99
1935
7s
9635 9635 18.000 9635 Feb 9634 Fob
Sloss-Sheff St & I 6s...1929
102 102
Jan
Jan 102
5,000 101
Solvay dr Cie (is
1934 102
101% 102
Jan 103
34,000 100
Feb
South Calif Edison 58_1944
94
Feb
Jan 95
9435 15.000 92
Stand Gas dt El 630-1954 11935 115% 12155 017000 10654 Jan 125
Mar
Stand Mill(NY)53481945
95% 96
Mar
25,000 9535 Mar 96
Stand 01100 NY 6355-1933 107% 10635 10734 31,000 10634 Jan 108
Feb
Sun 011 5355
1939
96% 97
Jan
18,000 9535 Jan 97
Swift & Co Sc. _Oct 15 1932 96% 9634 904 02,000 94
Jan 96% Feb
Thyssen(Aug)I&SW 75 '30 9835 9835 9835 62,000 9835 Feb 9935 Feb
Toho El Pow (Japan) 78'55 90% 90% 9035 50,000 9035 Mar 9035 Mar
1935
Union 011 Ca )5s
96
96
Jan 9655 Star
6,000 96
United 011 Prod 8s....1921 35
33
35
9,000 28
Jan 35% Jan
United Rysof Hay 73551936
10934 10935 7,000 109% Jan 110
Jan
S Rubber Ser 635s_ _ 1926 10131 10134 1015,5 11,000 101% Mar 10135 Mar
Serial 034% notes,_1927 10151 10131 101% 19,000 10131 Mar 10131 Mar
102 10234 85,000 102
Serial 635% notes_ _ 1928 102
Mar 102% Mar
Serial 634% notes_ _1929 101% 10135 10135 38,000 10135 Mar 10134 Mar
Serial 014% notes_ _1930 10035 10034 10034 18,000 10035 Mar 10036 Mar
_1931
notes_
99% 99% 2,000 9951 Mar 9951 Star
Serial 034%
99
Serial 53.4% notes _ _1932 99
99
Mar 99% Mar
13,000 99
Serial034% notes_ _1933
9831 98% 8,000 98% Mar 98% Mar
Serial 634% notes_ _1934
9834 9834 16,000 0834 Mar 98% Mar
Serial 614% notes_ _1935
9834 9831 3,000 98% Mar 9854
ar
Serial 036% notes. _1936
98
98
Mar
Star 98
9,000 98
9731 9731 9,000 9731 Mar 98
Serial 034% notes._1937
Star
Serial 6 35% notes._1938
97% 9735 51,000 9735 Mar 9734 Mar
Serial 534% notes_ _1939
9731 97% 6,000 97% Star 9731 Mar
97
Serial 634% notes_ _ 1940
97
Mar 98
3,000 97
Mar
1936 106% 10635 107% 66.000 106% Jan 107% Jan
Vacuum 011 78
1937
Valvoline 0116s
106 106
1.000 104
Jan 106
Mar
Wabash Ry 5355
1975
96
96% 81.000 96
Feb 96% Feb
Webster Stills 6 As- _1933 10134 101% 101% 49,000 1013-4 Feb 103% Jan
Alvarado Min & Mill_ _20
1%
135
1
Jan
100
2% Mar
Arizona Globe Copper...1 27c
24c 29c 61,000
Jan 361) Feb
70
Black Hawk Como'
7c
1
7c
1,000
7c Mar
7c Mar
Butte de Western
15c 15c
1,000 140 Feb 190 Feb
Calumet & Jerome Cop Co_
250
15c 25c 11,000 15c Mar 25c
Jan
Canario Copper
10
4
33( 4
3% Feb
10,000
435 Jan
Cash Boy Consol
1
3c
3c
1.000
Sc Mar
Feb
Sc
Chief Consol Mining
3%
1
354 3%
400
334 Mar
3141, Feb
Chino Extension
57c
50c 57c
Jan 57o Mar
2,900 40c
Consol Copper Mines_ _ __1
341$
3% Jan
335 3,700
Feb
4
Cortez Silver Mines
1 15c
15c 150
Jan 25c Feb
2.000 10c
Cresson Cons Gold M&M.1
3% Jan
3111, 334 2,000
4
Feb
Diamond B1 Butte Reorg.1
Sc
5c
Jan
50
Sc 26,000
Jan
8e
Divide Extension
1
2c
2c Mar
25
5,000
Jan
4c
Dolores Esperanza Corp_ _2
55c 75c
Jan 75c Feb
1,100 35c
East Butte
434 435
4% Mar
100
434 Mar
El Paso Consolidated
4c
45 Mar
45
1,000
4c Mar
Emma Silver
1
Jan
4c
3c
4c 17,000
Sc Feb
Engineer Gold Mines,Ltd 5 3334 32
355' 3,500 1434 Jan 42% Feb
Eureka Croesus
1 18c
17c 18c 22,000
Jan 23c Feb
70
First Thought Gold Mines. 30c
150 300 13,000 190 Feb 58c
Jan
Forty-Nine Alining
1 I8c
Jan 22c Mar
17c 205 21,000
Sc
Golden State Mining
Sc
8c
70 Jan 10c
Sc
4,000
Jan
Goldfield Deep Mines_ _ _5c
2c
2c
Jan
7,000
lc
3c
3o Feb
Goldfield Development_.5c
25
4c
2c Mar
4,000
Sc' Jan
Gold Zone Divide
10c
2c
2c Mar
3c 17,000
Jan
8c
Queen
GYPSY
9c
95 lie 13,000
Jan 13c Feb
3c
Harmill Divide
10c 12c
105 12c 45.000
80 Feb 16c
Jan
Hawthorne Mines Inc_ _ _1 16c
15c 17c
3,000
8c Feb 18c Feb
Heels Stilling
250 1535
1534 16% 6,200 1251 Jan
1635 Feb
Hollinger Consol G M_ _5
14% 14%
300 14% Jan 1531 Jan
Howe Sound Co
New vot tr ctfs
• 19%
1931 2135 4,600 19% Mar 21% Feb
Independence Lead Min _ _1 16c
13c 17c 55,000 110
Jan 235 Jan
Iron Blossom Cons Min_ _1 29c
29c 29c
1,000 29c
Jan 31c Feb
Jerome Verde Devel
131
131
Jan
200 148c
135 Feb
Jib Consol Mining
1
13c
12c 26c 56,000 69e Mar Ole
Jan
Jumbo Extension Mining _ I
25
2c
1.000
25
Jan
Jan
2c
Kay Copper Co
1
2'..
2391 234 44,500
1% Jan
255 Jan
Kerr Lake
5
135 1%
135 Jan
500
134 Feb
Lone Star Consol
1
40
4c 10,000
Sc Feb
Jan
80
Lorrain Silver Syndlcate__1
185 18c
Sc Feb 18c Mar
1,000
Mason Valley Mines
5
131 • 1,35
13,1
131 Mar
900
234 Jan
McKinley-Darragh-Sav
34c 40c 11,000 135
34e
Jan 40c Mar
National Tin Corp
8c
50c
70
85
Jan
2,000
Jan
10c
Nevada Hills Reorganized_
28c 28c
1.000 20c Feb 33e
Feb
New Cornelia Copp Co_ _5 2131 21% 22%
900 2134 Feb 2435 Jan
New Jersey Zino
190 192
100 191
Jan 199
770 189
Jan
RipissIng Mines
5
634 635
631
800
634 Feb
6% Jan
lit, 22,700
90c
Ohio Copper
1 905
Feb
1
135 Jan
32c 320
Parmac Porcupine Mines.1
3,000 15c Feb 52c
Jan
Foreign Government
Plymouth Lead Mines_ _1 530
47c 540 44.800 470 Mar 850 Mar
and Municipalities
Premier Gold Mining, Ltdl
23r, 235 5,400
Jan
2
234 Jan
27c 30c
Red Warrior Mining
3,000 205 Feb 48c
1
Jan Bogota (Colombia)88_1945
96
95
35,000 04% Mar 9731 Jan
Rochester Silver Cor1,000 10c
12c 12c
12c
Jan 14c
Jan Cuba (Republic of)65_1935 9831 9834 9835 38.000 98
Feb 98% Jan
San Toy Mining
25 Jan
Sc
5c
7,000
7c Feb Denmark (King)fts_..1970 99
1
99
99
Feb 100
7,000 99
Feb
Silver King Divide Reorglc Mar
2c 10,000
lc
Jan French Nat Mall 88 78 1949 84% 8435 8535 75,000 8435 Star 91
6c
Jan
Silversmith
1,000 28c Mar 30c
28c 28c
Jan Indust Mtge Bic of Finland
South Amer Gold & Plat..1
234 Mar
700
335
3
3
354 Jan
1st M coll s f 78._ _1944 9435 94
94% 100.000 9335 Jan 95
Jan
Spearhead Gold Mining...1
4c
Feb
6,000
Sc
Jan Medellin (Colon)Sc. _1948
45
90
98
98
Jan
Jan 98
1,000 98
Standard Silver-Lead__ -1
80 Jan 19c Feb Netherlands(Kingd)6813'72 10335 10231 10335 81,000 10234 Mar 107
6,000
15c 19c
Feb
Success Mining
Sc
Jan 130 Feb Peru (Republic of) 88.1932
1,000
Sc
Sc
1
9935 9935 10.000 99
Jan 10034 Feb
Teck Hughes
134 Jan
IT“
1% Feb Russian Govt6 358____1919 16
1,200
1
111, 135
16
17
3,000 1335 Jan 1735 Feb
Tintic Standard Mining...
831 Feb
100
9
935 Feb
9
0
8355 certificates_ _ _ _1919 14%
1434 16
57,000 1335 Feb 17
Feb
Tonopah Belmont Divide_1 xSIc z131c 75c
Jan 85o Mar
2,900 54c
1921
5358
1435 1455 1,000 14
Jan
1735 Jan
Tonopah Divide
1
2,000 25c Mar 39c
Jan Switzerland Govt 534c 1929
25c 265
10134 102
30,000 101
Jan 102
Jan
Tonopah Extension
Mar
235
1
Feb
235
Vis
3,100
Ext 5% notes
2% 234
1926 10036 10014 1003-4 13,000 10035 Ma 101% Jan
Tonopah Mining
134 Feb
1
2% Feb
400
1% 1%
S&D
100
Jan
1,000 100 Feb 13c
10c 100
•No par value. k Correction.
Listed on the Stock Exchange this week, where
United Eastern Mining_.1 52c
Jan 630 Feb
1,500 390
50c 535
additional transactions will be found. o New stock. s Option sale. es When
United Verde Extens---50c 2535 2531 26
1,700 25% Mar 2954 Jan
United Zinc
Issued.
r
Ex-dividend.
Feb
Ex-rights.
400
Feb
400
z Ex-stock dividend.
V
1,000
35c 35c
U Ei Continental Mines_ __5 16c
Jan 160 Star
8c
14c 16c 14,000
Unity Gold Mines
5
Jan
50c Sic 19.000 50c Mar 77c
Utah Apex
5
6%
834 Jan
431 Jan
531 6% 1,200
CURRENT NOTICES.
Wenden Copper Mining_ _1
4%
Jan
43,5 Feb
2
4
431 16,300
West End Extension Mini
Jan
7c Mar 170
7c
5.000
7c
-Dlinitri
M.
Western Utah Copper._ _1
Yasiukovich
Is now connected with Wm. Schall & Co. of
Jan 25e
Feb
175 17c
1,000 15c
New York as manager of their foreign exchange department.
BondsAllied Pack cony deb 65'39 82
-Prince & Whitely have prepared for distribution a circular on B. F
82
8234 $13,000 80% Jan 8435 Feb
138, Series B
1939 92% 92% 92% 58,000 88
Jan 9431 Feb Goodrich Co. and other rubber stocks.
Aluminum Co of Am 781933 107% 107 10731 16,000 10631 Jan 10734 Jan
A circular on Purity Bakeries Corporation has been prepared by
78
1925 10135 10135 101% 17,000 10135 Mar 102 34 Jan
Amer Beet Sugar 65._ _1935 9835 9834 10034 108,000 96% Jan 10134 Feb Frazier, Jelke & Co.
Amer G & E deb Sc....2014 96% 9634 97 219,000 95
Jan 97% Feb
-Alton
A. Horne Is now associated with If. L. Allen & Co. in their
American Ice 75
105 105
Jan
Jan 107
3,000 105
sales department.
• American Power & Light6a old without ware 2012 9531 9531 9534 113,000 93% Jan 95% Feb
-John J. Dooley has become associated with Miler & CO., Philadelphia.
6s, new, WI
9534 9534 2.000 9534 Mar 9531 Mar as Secretary.
Iturestuunt awl
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 7 roads and shows 7.17% decrease from the same week last year.
1925.
First Week of March.
Increase. Decrease.
1924.
$
$
$
363,958
273,867
Buffalo Rochester &Pittsburgh_
2,809,000 3,294,000
Canadian Pacific
283,668
311,756
Minneapolis & St Louts
384,562
359,700
Mobile & Ohio
1,673,721 1.653,250
St Louis San Francisco
509,873
489.300
St Louis Southwestern
3.692,404 3,805.127
Southern Ry System
$
90.091
485,000
28.088
24.862
20,471
20,573
112.723
9,581,660 10,322,526
Total (7 roads)
Net decrease (7.17%)
20.471
761,337
740.866
In the table which follows we also complete our summary
of the earnings for the fourth week of February.
Fourth Week of February.
1925.
1924.
Increase. Decrease.
$
$
Previously reported (8 roads)__- 11,511.657 13,005,541
130,653
117,511
Ann Arbor
Canadian National
4,186,509 4,876.639
131,477
102.421
Duluth South Shore & Atlantic34,500
Georgia dc Florida
44,344
Mineral Range
14,664
11.938
2,404
Nevada California & Oregon___
4.414
Texas & Pacific
681.081
654,759
Western Maryland
335,593
411.529
$
$
1,531 1,495,415
13,142
690,130
29,056
9,844
2,726
2,010
26.322
75,936
Total (16 roads)
Net decrease (12.13%)
1,531 2.344,581
2.:I43 um
16,957,292 19,300,342
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
Previous
Year.
Increase or
Decrease.
1st week October 116 roadsi
20.743.925 22,525,076-1,711,151 7.90
20.567,810 22,435.931 -1.868,121 8.32
23,294.670 21.936.283 -1,358.387 6.19'
4th week October 16 roads
31.627.038 35.092,977-3,465.938 10.95
1st week November 116 roads
21,523,466 22.971,811 -1.415.345 6.16
2d week November 16 roads
20.905,122 23,411.584-2.506.462 10.70
3d week November 16 roads
20.734.931 22.568,666 -1,833.735 8.84
4th week November 16 roads _ 24.470.236 27.366.760 -2,896.524 10.58
1st week December i16 roads
19.379.076 20.782.125-1,403,049 6.75
2d week December 16 roads
18.620.438 20.042.471 -1,422.033 7.09
ad week December 16 roads
18,036.076 19.648,054-1.609.978 8.29
4th week December 15 roads
19,030,914 20,177,845 -1.146.931 5.70
1st week January (16 roads)
15,199,517 15.542.805 -343.288 2.20
2d week January (16 roads)
15.731,346 16,308,703 -577.357 3.54
8d week January (16 roads)
16.863.185 17.375,859 -512.674 2.91
4th week January (16 roads)
22.784.700 23.080.725 -296.025 1.29
1st week February (16 roads)
16,669.351 17,205.585 -536.234 3.11
2dweek February (16 roads).
17.244,485 17.670.268 -425,783 2.40
2.11
3dweek February (I 0 roads) ___ _ 16,056,777 17,210.271 -363 An
4th week February (16 roads)___ _ 16.957,292 19.300,342 -2.343,050 12.13
1st week March (7 roads)
9.581,660 10,322,526 -740.866 7.17
2d week October 16 roads
3d week October 16 roads
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive, they
Including all the Class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Ea/winos.
Month
1924.
1923.
Increase or
Decrease.
Net Earnings.
1924.
1923.
Increase or
Decrease.
Jan _ 467,887.013 501.497,837 -33.610,824 83,953,887 93,366.257 -9,412,390
Feb _ 477.809.944 445.870,232 +31.939.712 104,117,278 70.729,908 +33,387,370
Mar_ _ 504,016,114 534.844,454 -30,628,340 114,754,514 117,668.590 -2,914.076
April _ 474,094,758 522,336,874 -48,242,116 101.680,719 122,974,961 -21,294,242
May _ 476.454,749 546,934.882 -70,476,133 96,048.087 126,496,150 -30,448.063
June _ 464.759.956 540,202,295 -75.442.339 101,527,990 124,374,592 -22,846,602
July.-- 480,704.944 534,222,102 -53.517.158 112.626,696 122.228,450 -9,601,754
Aug-- 507,408,011 583,358.029 -55,952.018 134,669,714 138,817.995 -2,148,281
Sent-- 539.853,860 544,970.083 -5,118,223 165,049,184 134,911,897 +30.137,287
Oct -- 571,405.130 586,640,887 -15,135.757 168,750,421 142.540,585 +28,209,838
Nov.. 504,589.062 530.724,567 -28,135,505 131,435,105 125,084,714 +8.350,391
Deo- 504,818,559 493,509.651 +11,308,918 124,480,894 106.482.164 +17.998,730
Jan _ _ 483.195,642 467,329,225 15.808.417101.022,458 83,680.754 +17,341,704
Note.-Percentage of Increase or decrease In net for above months has been
decrease; February, 47.19% Increase; March. 2.47% decrease;
April,17.32% decrease; May,24.07% decrease; June, 18.37% decrease;July.7.88%
decrease; August, 1.57% decrease; September, 22.33% inc.; October. 18.38% Inc.:
November. 5.08% Inc.; December, 16.90% Inc.; January, 20.73%Inc. In Jan. the
length of road covered was 238,698 miles In 1924, against 235.886 miles in 1923: in
February. 235,506 miles, against 235,876 miles; In March, 235,715 miles, against
236,520 miles; In April. 235,963 miles, against 235,865 miles; In May,235,894 miles,
against 234,452 miles; In June, 236.001 miles, against 235,691 miles; In July, 235.145
miles, against 235,407 miles; in August, 235,172 miles, against 235,445 miles: in
September, 235,178 miles, against 235,640 miles; In October, 235,189 miles, against
235,825 miles; In November, 236,309 miles. agaltutt 236.122 miles; in December.
236,196 miles, against 235,875 miles: in January. 236,149 miles, against 235,498
miles.
January, 10.08%
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
--Gross from Railway- -Net from Railway- -Net after
1924.
1925.
1925.
1924.
1925.
$
$
$
8
$
*Buffalo & Susquehanna235,251
39,243 -30,610
December,, 194,656
26,535
FromJan 1_ 1,914,201 2,780,877 -27,147
128,833 -98,371
Lake Superior & Ishpeming71,565 -20.218 -34,903 -31,566
75,611
January Newburgh & South Shore153,541
174,618
36,026
5,109
23,218
January _
St Louis-San FranciscoGrande
Fort Worth & Rio
23.945
139,393
30,886
138,680
19.923
January ___
Tares
1924.
8
-54.750
-19.158
-45.152
-8,158
27,032
•Figures corrected.
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
1319 •
ailrand gixtellagout.
Gross
Earnings.
Net after
Taxes.
Fixed
Charges.
Balance.
Surplus.
Companies.
81.877
127.667
209,544
660,929
Dec '24
Associated Gas &
42,762
53.264
'23
96.026
299,510
Electric Cos
977,866
1,017.008
1,994,872
5,405,715
'24
31
Dec
ended
12 mos
621.653
567.555
'23 3.230,617 1,189.208
7.953
8,634
16.587
58,051
Dec '24
Cleve Painesv &
13,695
11,564
25.259
67,028
'23
Eastern
22,952
102.891
125,843
637,453
12 mos ended Dec 31 '24
5.648
156,242
161,890
711.027
'23
14,495
10.298
24.793
68,782
Eastern Shore Gas Jan '25
11,754
8.582
20,336
53,163
'24
& Electric Co
130.951
108,934
239,885
637,008
12 mos ended Jan 31 '25
107.771
103,601
211,372
568,463
'24
a664.470
Subs of Gen Gas & Jan '25 ,
'24 1,406.709 a363,044
Electric Corp
12 mos ended Jan 31 '25 18,927,231*06,342.845 4,314,800 2,028,044
48.279
57.736
225.744 *116.015
Jan'25
Idaho Power Co
61,529
63.391
217,789 *124.920
711.997
760.576
12 mos ended Jan 31 '25 2,813,511 *1.472,573
626,249
769.390
'24 2,533,690 *1,395.639
34,844
35,018
69,860
255.200
Dec '24
Lake Shore Fare
82,584
35,260
63.845
247.335
'23
Railway Syltem
92,198
422,113
514.311
12 mos ended Dec 31 '24 2,780,953
172,461
425,068
597,529
'23 2,774,481
139.413
42,428
181,841
335,357
Manila Elec Corp Feb '25
140,540
33,314
177,854
332,674
'24
1,373,936
483.986
1.857,922
3.742,262
ended
'25
28
Feb
12 mos
449,223 1.326,285
'24 3,602,722 1,775,508
c81.033 •
13.738
94,771
333.375
Jan '25
Massachusetts
c66.738
16.366
83,103
307,139
'24
Lighting Co
62,557
Jan '25 *147.908
Mississippi River
41.197
'24 *116,426
& Light Co
236,994
252,840
489.834
12 mos ended Jan 31 '25 *1,408,469
406.705
'24 *1,215.825
166.352
41,105
207.457
514,848
Municipal Service Dec '24
148,752
41.230
189,982
450.501
'23
Co & subsidiaries
470,915 1,426,899 •
12 mos ended Dec 31 '24 5,206,300 1,897.815
478,538 1.360,999
'23 4.859,033 1.839,537
113,450
53.757
386.968 '167.207
New Bedford Gas & Jan '25
65,783
57,595
330,313 *123.378
'24
Edison Light Co
722,894
603,966
*1,326.859
3,599.212
'25
31
Jan
ended
mos
12
687,880
575,673
'24 3.634,012 *1,263.553
142.361
69,445
211.806
Jan '25
383.633
Penn Central
108.237
65.381
173.618
'24
339.518
Light & Power Co
1,065.739
813.154
1.878.893
3,733.452
'25
31
Jan
ended
mos
12
450,081 1,054.626
'24 3,346.761 1,504,707
a98,402
275,026
Jan '25
Pennsylvania
a76.643
283.872
'24
Edison Co
620.776
502,205
12 mos ended Jan 31 '25 3.007,290*al.122.981
583.660
427.094
'24 3.144,114*a1,010.754
19,940 •
e4,197
c24,137
'24
Dec
*80,173
Bluff
Pine
34,553
e4,081
c38,63
80,206
'23
Company
221.232
c331,019 e109.787
12 mos ended Dec 31 '24 *919,731
245,935
'23 *876,028 c355,190 e109,255
a20,685
270,504
Jan '25
Reading Transit
al9,837
255,085
'24
Co & Sub Cos
190.467
85.589
12 mos ended Jan 31 '25 3.033,641 *0276.056
228,132
84.290
'24 3.101.446 *412,422
b14,095
Jan '25
43.971
Rutland Ry,
51,199
'24
b18,396
Light & Power Co
65,974
94,068
532,432 *8160,042
12 mos ended Jan 31 '25
68,272
95.421
543.001 *0163,693
'24
' a9,644
26.159
Jan '25
Sayre Electric
7.02
21,978
'24
Company
50,091
29.755
227.993 *a79,846
12 mos ended Jan 31 '25
27.727
22.601
212,534 *050,328
'24
316.720
184.934
881,203 *501,654
Jan '25
*Utah Power
266,534
180,734
*447.268
848,953
'24
Co
Light
&
.053
12 mos ended Jan 31 '25 9.363,694 *5,055.948 2,134,895
2,464,747
'24 8.686,650 *4,531,845
After
b
rentals.
and
depreciation
After
a
incomes,
* Includes other
rentals. c After depreciation. e Includes all interest charges and amortization of debt discount and expense.
12 Months Ending January 31.
Month of January
Surplus
Surplus
Aft. Chgs.
Net.
Net.
Gross.
Gross.
Aft.Chgs.
Puget Sound Pr. & Lt. Co.1,184,549
325,132 12,557,821 4,814,691 2.624,219
503,760
1925
1,166,597
307.711 12,494,537 4,871,687 2,979,209
472,127
1924
Baton Rouge Elec. Co.204,428
28,416
258,962
33.970
710,969
74,018
1925
183,804
213.925
64,154
22,645
25,473
639,974
1924
Ltd.Cape Breton Elec. Co.
50,939
119,337
10,539
653,362
56,743
4,588
1925
40.977
108.842
18,532
706,912
66,287
1924
12.570
Cent. Miss, Valley Elec. Properties118,705
157,234
597,126
17,516
20,737
59,626
1925
124.045
182.980
580,137
21,665
58,717
18,400
1924
Columbus El. & Power Co.788,326
233,519
104.751
82,796 2,353,946 1,055,844
1925
865.440
206,373
82,913 2,245,936 1,137,143
105,622
1924
Eastern Texas Elec. Co.839,664
860,820
75,077
215,925
80,783 2.390,407
1925
595,664
793,261
1924
186,819
62,888 2,088,699
80,088
Edison El. Illuminating Co. of Brockton.575,619.
575,909
171,429
79,143
1925
79,533 1,590.542
566,892
579,647
62,152
1924
153,303
60,558 1,588,292
The El. Lt.& Pr. Co. of Abington & Rockland.59,619
62.469
442,408
1925
42,018
4.324
4.728
85,899
69,723
455,289
1924
4,360
40,068
4,557
El Paso Elec. Co.(Del.).638,660
855,546
67,351 2,438.622
233,606
86.525
1925
677,557
882,549
1924
219.355
65.799 2,414,844
82,858
Fall River Gas Works Co.254,971
256,522
28,647 1,009,371
29,025
1925
90,327
243,396
244.016
21,114
1924
21,105 1,037.054
87.355
Galv.-Houston Elec. Co.490,740
24,123 3,874,883 1,029,579
70,450
1925
326,122
183,336
679,096
9,807 3.325.097
51.650
1924
283,324
Haverhill Gas Lt. Co.147.159' 145.912
624.677
10,822
10,817
1925
57.487
123,285.1 122.366
8.928
567,473
8,497
1924
50.065
Keokuk Elec. Co.65,192
105,547
13,081
423.295
9.626
40,688
1925
71,336
110,381
14,081
416,984
40,912
10,757
1924
Co.Elec.
The Key West
64,239
93,859
242,406
5.580
8,360
22,718
1925
63,702
94,599
244,409
6,752
9,920
22,060
1924
The Lowell El. Lt. Corp.616,495
533,048
60,822
60,520 1,548,948
158,180
1925
541,848
553,893
60,397
57,532 1,606,274
150,595
1924
Miss, River Power Co.51,165 3,188,969 2,432,386 Z1,250,243
149.072
236,922
1925
963,606
15,249 .3,026.739 2,164,052
84,160
241,864
1924
Northern Texas El. Co.71.192
2,680,428
42,807
925,195
587,535
220.530
1925
89,381
054,483
246,105
60,589 2.899,304
979,791
1924
Paducah Elec. Co.10,944
20,204
630.020
184,688
60.220
74,415
1925
21,687
615,378
60.669
12,417
202,485
1924
94.875
Savannah El.& Pr. Co.34.263 1.902,115
65,608
170.238
718,145 g343,987
1925
38,177 1,807,486
89,134
172,167
1924
840,238
302,582
THE CHRONICLE
Month of January----- ----12 Mona,Ended Jan. 31----Surplus after
Surplus after
Net.
Charges.
Net.
Charges.
Gross.
$
$
$
$
$
Sierra Pac. Elec. Co.
1925
100,329
26,817
357,060
429,856
20,910 1,106,822
1924
87.695
420,377
39,488
485,261
33,543 1,025,372
Tampa Elec. Co.
1925
264,975
986,534
130,428
1,041,813
2,406,410
126,167
1924
863,531
928,028
209.241
92,117
87,853 2,163,206
Black Val. Gas& Elec.Co.
1925
474,056
169,611 4,674,335 1,592,072 1,149,107
204,925
1924
427,033
128,534 4,544,675 1.622,313 1.280,779
158.660
Houghton Co. El. Lt. Co.
1925
138,496
52,814
89,346
511,269
17,851
22,100
1924
84,059
133,685
53,282
528.396
19.809
15.601
Gross.
FINANCIAL REPORTS'
Financial Reports.-An index to annual reports of steam
railroads, street railway and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Feb. 28. The next will appear in that of March 28.
Buffalo Rochester & Pittsburgh Railway.
(40th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President William T. Noonan will be found
under "Reports and Documents" on subsequent pages.
STATISTICS FOR CALENDAR YEARS
1923.
1924.
1922.
1921.
Number pass. carried.._.. 1.597.160
1.732,760 1,704.172 1.913,670
Pass. carried 1 mile
51,900,115 54.902.112 50,389.629 53,730,699
Revenue per passenger
101.95 cts. 101.74 cts.
96.96 cts. 93.79 cts.
Rev. per pass. per mile
3.138 cts. 3.211 cts. 3.279 cts. 3.341 eta.
Revenue tons carried__
9.921.072 14.066.864
9,715.054 7.503.909
Tons carried 1 mile
1479310868 2218411.169 1490400.252 1136943.603
Revenue per ton
31.3727
31.5941
31.3684
31.4798
Rev, per ton per mile
0.918 cis. 0.870 cts. 0.965 cts. 1.052 cts.
[VoL. 120.
Barnsdall Corporation.
(6th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Robert Law Jr., together with
the income account and balance sheet as of Dec. 31 1924, are
given under "Reports and Documents" on a subsequent
page.
CONSOLIDATED INCOME ACCOUNT CALENDAR YEARS.
1921.
1924.
1922.
1923.
Gross sales and earnings310.200.274 $9.288,885 $9,276,646 $8.304,090
Oper. & general expenses 7,293,340 7.112,465 6,473,599 5,651.382
Net income
32.915,934 $2,176,420 $2,803,047 $2,652,708
Other income
252,582
139,207
72,723
42,767
Total Income
33,168.516 $2,219,187 $2,875.771 $2,741,915
Interest paid
746.050
899.839
793,889
897,139
Federal taxes
24.533
36.229
64,662
Depreciation & depletion 1,142,026 1.176,747 1,270.298
1,471,806
Drilling costs charged off
365,120
411,978
Net income
$1,255,908
$183,888
155.150
$260,126
Previous surplus
7,138,787 7.175.674 7,373,885 6,122.485
Adjustments
Dr.17,466 Dr.399,813
Sur.of subs.not prev.con.
1.713,044
Total surplus
58.394.695 37.342.096 $7,234,198 37.890,679
Divs, paid minor, stockholders subsid. cos_ __
22,088
85,306
09,510
58,524
Dividends
(234)417.285
Profit & loss surplus_ _x$8,372.607 17.256,790 37.175.674 37,373,885
x Of which $370,879 applicable to minority stockholding in subsidiary
companies.
BALANCE SHEET DECEMBER 31.
1924.
1923.
1924.
AssetsLiabilities$
Property
133,715,328 33,357,048 Class A stock
14,000,000
Invest.In sub. cos_ 434,604
392.926 Class B stock
3,713,400
Adv. to sub. cos.. 198,215
413,446 Bonded debt
6,408,200
Sink.fds. for bonds
96,667
95,161 Stock of subs, not
Deferred charges... 121,248
164.825
owned by Barns. 2,109,132
Cash
673,677
690,314 Accr.Int.,taxes,&o
90,315
Barns.stk.In treas. 347,800
353,800 Bills & accts. pay.. 2.243,793
Bills & accts. rec.. 762.289
686,864 Payment rec. on
Inventories
1,533,503 1,322,008
contract
500.625
Govt. obligations
4,941
69.941 Proceeds adv. sale 450,200
Surplus
78,372,607
1923.
$
14,000,000
3,713,400
7,854,100
2,529,332
140,386
2,058,202
7,250,914
,Total
37,888.272 37.546,334
Total
37,888,272 37.546.334
x After deducting depreciation and depletion of $14,480.525. y Of which
INCOME STATEMENT FOR CALENDAR YEARS.
3370,879 applicable to minority stockholdings in subsidiary companies.
1924.
1923.
1922.
1921.
$13.575.578 $19.310.382 $14.366.438 $11,928,152 -V. 120, p. 1207, 832.
1,628.372 1,762.856
1,794,927
1.652.355
643.698
662.233
588.521
504.869
Mack Trucks, Inc. (and Subsidiaries).
104.205
289.176
139.192
134.459
[Formerly International Motor Truck Corporation.]
Total oper. revenue__315,951,853 $22,024.651 316,746,506 $14.362,407
(Annual Report-Year Ended Dec. 31 1924.)
Maintenance of way_ .._ _ 51.713.591 $3,913.515 32,391,728 31.974.309
Maint. of equipment__ 4,683.447 7,079.622 6.505.106 4,908.568
The remarks of President A. J. Brosseua, together with
Traffic
307.580
309.011
237.294
215,079
Transportation
6,240.218 8,433.139 6,710.689 6,223.691 the income account and comparative balance sheet as at
Miscellaneous
29.568
31.968
30.120 Dec. 31 1924, will be found under "Reports and Documents"
28,214
General
490.165
474.388
513.974
485.697 on a subsequent page. The usual comparative income acTransp. for investment_ Cr.13.445 Cr.105.962 Cr.14.759
Cr.1.260
count was given in V. 120, p. 1212.
Total oper. expenses_ _$13,451,122 120.175.269 316,332.659 $13.836.205
Net operating revenue__ $2,500.731 $1,849,382
3413.847
$526.202
Kansas City Power 8z Light Company.
Tax accruals
407,000
401,023
367,016
339.300
Uncollectible revenues
1.223
4,788
932
(Annual Report-Year Ended Dec. 31 1924.)
863
Freight revenue
Passenger revenue
Other transportation
Incidental
Operating Income__ $2.092.798 $1,447.496
142,043
$185.679
Hire of freight cars
618.000
583.134
1,592.104
682,193
Other income
417,431
524,175
492,737
586.166
Gross income
33.128,230 53.563.775 31.211.343 11.360.609
Rents
5752.099
5760,164
$718,515
3713.810
Interest
1.727.030 1,713.965
1,681,829
1.579,453
Miscellaneous
27.217
8.148
6.870
9,239
Balance, surplus
3621,883 31.081.498df$1.191.165 def$946.598
Previous surplus
34,277.420 54.002.448 56.228.881 35.434,543
Adjustments
Deb.58,760 Deb.26,526 Deb.255,268 Cr.146,640
Final settlem't with U.S.
RR. Administration_
Cr2,374.296
Preferred diva. (6%)--360.000
360.000
360.000
360.000
Common diva.(4%)_ _ _ _
420.000
420.000
420.000
420.000
Profit & loss, surplus- $4,060,543 34,277,420 $4.002,448 36,228.881
GENERAL BALANCE SHEET DEC. 31.
1924.
1923.
$
$
1924.
1923.
Liabilities$
$
Common stock_ _10,500,000 10,500,000
equipment, &o.84,946,833 84,940,982 Preferred stock__ 6,000,000 6,000,000
Improvements on
U.S. Govt. loan__
1,000,000
leased property_ 826,327
737,3.50 Gen. mtge. bonds. 4,427,000 4,427,000
4,627 Cons. mtge. bonds.25,578,000 22,578,000
17,322
Sinking funds__
6,821 1st M. L. P. & C.
6,821
Misc. phys. prop._
RR. bonds
Invested in affilia350,000
350,000
978,107 Equip. trust °Nig_ 6,457,600 7,376.200
ted companies.- 1,098,107
22,824 Loans & bills Pay..
305
Other Investments.
1,000;000
685,045 Traffic, &c., bal's. 182,607
Cash
906.451
161.838
957,974
1,653.156 2,051.028 Accounts & wages_ 744.645
Material & supp
168.672 Miscell. accounts..
Balance from agts_ 118,058
9,892
10.972
Int. mat'd unpaidDemand loans and
11,635
10,007
457,444 Funded debt ma822,839
deposits
lured unpaid_ _ _
3,000
238,966
17,000
Special deposits_ _ _
21,643
300 Accrued accounts_ 505,722
541,100
Loans & bills recle
270
685.067 Deferred liabilities
14,127
14,605
Traffic, &c., bats_ 527,412
111,330
125.342
Misc,accts. reedy, 28.5,564
595.757 Tax liability
Int.. divs., rents,
Accrued deprec'n_ 8,116,561 7,716.420
284,816
&c.. receivable_
5,855 0th. unadJ. credits 317,043
2,897
Deferred assets_ _
36,133 Corporate surplus_ 4,717,849 4,717,849
37,633
4,060.543 4.277,419
Unadjusted debits. 869,913
437,759 Proflt and loss
AssetsInvested In road,
S
Total
72,121.554 72,052,542
Total
72.121,554 72,052,542
-V. 120. p. 698, 580.
Canadian Pacific Railway.
(Report for Fiscal Year Ending Dec. 311924.)
COMPARATIVE INCOME ACCOUNT CALENDAR YEARS.
1921.
1922.
1923.
1924.
3
$
$
3
Gross earnings
182.502.156 195,837,090 186.675.036 193,021.854
Oper4exp. and taxes__ -145.274.914 158,358,080 150,373,345 158,820,114
The remarks of President Joseph F. Porter, together With
a comparative income account and balance sheet, will be
found under "Reports and Documents" on subsequent pages.
BALANCE SHEET DECEMBER 31.
19324.
1923.
AssetsPlant, prop. & eq_42,554.150
1,109,327
Inventory
19,657
Investments
Acc'ts & notes rec. 1,445,929
Work in progress
14,257
Accrued earnings_ 373,772
Security deposits_
327,525
Cash
Deferred charges... 118,450
Unamort. financ'g
3,362,097
expenses
Other unamort.deb 2,649,443
Total
39,312,143
1,680.268
18,882
1,233,751
828,441
14,190
304,923
89,047
5,996,521
51,975,506 48,979,066
1923.
Liabilities*Capital stock__ _ _15,159
7
114,150
14,637,650
Funded debt
23,000,000 21,000,000
Mtges. payable-- 150,000
300,000
Notes payable..... 1,625,000 2,125.000
Consumers' depos_ 414,976
392,554
Acc'ts payable and
accrued liabirs. 1,623,702 1,766,820
Deferred earnings_
11,213
10.920
Depreen reserve.. 4,121,913 3,845,984
Res.for inJur., &o_ 116,566
113,000
Surplus paid in...15,340,986J 2,500,000
Surplus earned....J
1 2,287,138
Total
51,975,506 48,979,066
* Capital stock outstanding represented by 110.000 shares of First Prof.
stock and 250,000 shares Common stock, both having no par value, but
with an aggregate stated value of 315,571.150.-V. 120, p. 702.
The North American Co., New York.
(35th Annual Report-Year Ended Dec. 31 1924.)
The remarks of President Frank L. Dame, together with
the report of Vice-President and General Manager Edwin
Gruhl, are given under "Reports and Documents" on subsequent pages. A comparative income account and a comparative balance sheet for 1924 are also given. Our usual
comparative tables covering operations for 1924 were given
in V. 120, p. 958.-V. 120, p. 1089, 958.
United States Rubber Co.
(Annual Report-Year Ended Dec. 311924.)
Chairman C. B. Seger, N. Y., March 5, reports in subst.:
Sales.-Sales for the year amounted to $172,214,353, a decrease of
114.047.028 compared with 1923. This decrease was principally in waterprooffootwear,due to unfavorable weather conditions,and partly In mechanical goods, due to general business conditions.
Tire sales and profits were satisfactory, taking into consideration the
very low selling prices prevailing, the results showing a marked improvement over 1923. There was a substantial increase in sales to tire dealers.
Results.-Net income from operations, before interest on the funded
indebtedness, but after all other charges including depreciation of plants,
amounted to 313,783,905. Interest on funded indebtedness amounted
to $4,715,870, leaving a net income of 39,068.035. after all charges. Dividends on the Preferred stock amounted to 55,227.518, leaving surplus for
the year of $3,840,517 (subject to Federal taxes for 1924, estimated at
3700.000, for which provision has been made). The consolidated surplus
as of Dec. 31 1924 amounted to $34,178,466.
Inventories of finished goods were valued at cost of production, which
in all cases was substantially below the cost of replacement at the market
prices for raw materials. In connection with inventories at foreign branches,
37.227.242 37.479.010 36,301,691 34,201.740
14,070.287 13,470.653 13,348.906 11,519.072
500.000
500,000
500,000
501,000
Balance, surplus
22.656,955 23.508.357 22.452.785 22,182.668
Special income a
9,971,252 11.391,052 11,092.355 10,987.199 as to the ultimate liquidation value of which there is some uncertainty,
--.
there has been written off $1,500,000, which amount has been charged
Total Income
32.628,207 34,899.409 33.545.140 33.169,867 against corporate surplus as
being definitely allocated to prior periods.
Preferred diva. (4%)-- - 3.993.341
3.675,010 3.227,276 3.227,277 Inventories of raw materials and supplies were valued
at cost prices, which
Common dive. (10%)-- 26.000.000 26.000,000 26.000,000 26,000,000 were materially below
market prices.
My 4
Contractual liabilities, representing forward commitments for raw
i Balance. surplus
2.634,866 5,224,399 4,317,864 3,942,590 materials and supplies, were at prices substantially below market, and as to
a After deduction of contingent reserves.-V. 119, p. 2757.
quantities covered future requirements for conservative periods.
Net earnings
Fixed charges
Pension fund
THE CHRONICLE
Men. 14 1925.]
Funded Debt.-Company retired $947,000 offunded debt during the year,
through the operation 'of the sinking funds, being $767,000 of 5% bonds
and $180,000 of 7Si% notes.
Rubber Plantations.-The operations of the rubber plantations owned by
the company have been satisfactory. The properties are located in Sumatra
and on the Malayan Peninsula, and comprise a total of 111.145 acres, of
which 70.981 acres have been planted and 46,258 acres of the planted
areas are in bearing. The ownership of these plantations enables the
company to obtain from its own properties a constantly increasing supply
of crude rubber, and what is of even greater importance,to obtain rubber of
uniform qualities, especially adapted to its own requirements.
The rubber produced on these plantations is taken over by the United
States Rubber Co.at current market prices, and enters into its manufacturing costs at these prices. On this basis the plantations produced a profit
for the year, after providing conservative reserves for depreciation of plant
and equipment and amortization of the cost of the properties. No part of
the profits or of the accumulated surplus of the plantation companies has
been included in the consolidated results of the company.
Finandal Condition.-Company closed the year in a strong financial condition. and as to inventories of finished goods and raw materials, including
forward commitments, is in a favorable position.
Bank Loans.-As of Dec. 31 1924 bank loans amounted to $31,490,000.
having been reduced from $61.205,000, the high point, on Nov. 20 1920.
entirely in the regular course of business, there having been no special
financing during the period. For the purpose of replacing bank loans, and
thus provide in a more permanentform for carrying a part of the company's
inventories and other current assets, the directors authorized, on Feb. 25
1925, an issue of $30,000.000 6 % Serial gold notes, which have been sold
to Kuhn, Loeb & Co. (see offering in V. 120. p. 1102).
This note issue does not increase the indebtedness of the company, and,
as indicated by the serial maturities of $2,000,000 per annum,together with
the right to call before maturity, the company will be in a better position
to continue the liquidation of its indebtedness in the regular course of its
operations.
The current surplus earnings of the company should amply provide for
the serial installments of these notes. Furthermore, the net receipts of
the company's rubber plantations will henceforth be available, and it is
estimated that, based upon present costs and market prices for crude
rubber, such receipts will alone be sufficient to meet the entire amount of
the annual installments of these Serial notes.
Net Current Assets-As of Dec. 311924, and after applying the proceeds
of this note issue, the net current assets of the company amounted to about
$102,000,000. of which about $40.000,000 represented the amount of cash
and current accounts and notes receivable, less current accounts payable,
while about $62,000.000 represented inventories of finished goods, materials, supplies and goods in process of manufacture.
INCOME ACCOUNT FOR CALENDAR YEARS.
1921.
1922.
1924.
1923.
$
Net sales
172,214.353 186.261.381 168,786,350 164,706.621
Net income before int_ _ _ 13,783,904 12,161.055 12.662.1111
Not
Interest charges
4,715,870
4.970,0721 shown
4.768,398
Net profits
Preferred dividends
x492.811
5,440.000
9,068.035
5,208,800
7.392.657
5,520,000
7,692.039
5.520,000
Surp. for Cora. diva
3,859,235
Common dividends
Divs., subsidiary cos
18.718
Prov.for Fed:taxes(est.)
700,000
1,872,657
2,172.039 def4.947.189
1.620.000
18,718
18,718
18.718
Surplus
2,153,321 def6,585.907
3,140.517
1.853.939
Previous surplus
32,584,590 32.097,821 30.048,439 47,325.380
5,989
Other deductions
6.594,031
Depreciation of fabrics.
4.091,014
Deprec.offinished goods
35.725.107 33.951,760 32,201.760 30,048,439
103.939
1.367.170
1,546.641
P. del. sur., Dec. 31_.. 34,178.466 32,584,590 32.097,821 30,048,439
:After absorbing about $10,000,000, representing the excess cost of
finished goods carried over from 1020 and sold in 1921. as compared with
the average cost of producing similar goods In 1921.
Surplus
Sundry adjustments
CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1923.
1924
$
LlabUViesAssetsCash
11,540,605 11,654,598 Preferred stock-c65,110,000
Common stock_ 81,000,000
Accts.¬es rec.
(customers) _ _ 43,182.212 43,910,426 Minority Can.
Consol.Rubb.
Accts., notes &
273,600
Co. stock__ __
loans recebele
(others)
x2,395.129 2,010,978 Accts. payable.
Finished goods_ 40.140,291 42.479,619
incl. accept.
Mat'is & supp.,
payable for imIncl. goods in
portations of
process
crude rubber. 14,307,615
22,521,685 25,080,360
Com,stock held
Loans payable.d31,490.000
under contract
lst&Ref.M.bds.b62,222,300
& agreements_ 2,081,086 2,081.086 10-Year 734%
Sec. owned,incl.
notes 1930_ 19,256,000
stock of co.
Can, Consol. R.
held bysub.co. 6,887,335 6,673,678
Co.63, 1946._ 2,600.000
Plants, prop. &
General reserves 2.237,636
v., incl. rubInsur. reserves. 2,268,158
ber plant'ns..183,819,347 181,513,509 Pref. My. pay'le 1.302.200
Empl. notes rec.
Fixed surpluses,
for parch. of
subsid. cos.__ 6,709,275
a34,178,466
Common stk. 6,521,936 6,724,439 Surplus
Prepaid & def'd
assets
3,866,124 4,243,219
1923.
05,110,000
81,000,000
273,600
12,203.476
38,235,000
62,989,800
19,436,000
1321
The year with its numerous and wide fluctuations, so far as their effect
on the opportunity for an operating profit, was in general so like 1923 that
we shall give no detailed technical recital of the world events which contributed to its history.
Some of the factors of unstable conditions may be briefly enumerated as
follows:
(a) Continued increase in the output of the Cuban crop with a final outturn of over 300.000 tons greater than the early estimates and nearly 500,000
tons greater than the previous crop. (6) Increasing estimates throughout
the year of the European beet crop. (c) Unwillingness of the domestic trade
to carry stocks by reason of the prospect of tariff reductions which would
tend to reduce correspondingly the price of refined sugar.
The important point of encouragement to stockholders is the gradual
lessening of the width of the fluctuation in prices as well as raw sugar prices
more consistent with the cost of production. In recent years we have seen
the constant swing back and forth of sugar prices in an attempt to reach a
balance. As we have pointed out in recent annual reports. Increased production throughout the world is slowly restoring the trade relations so completely interrupted by the World War, and also is gradually replacing the
visible and invisible supplies which act as a balance in preventing excessive
price changes.
The year 1925 has opened at prices near the pre-war level with an estimated increase of about 3,000.000 tons in the world's production, which.
if realized, should be a long step in restoring the weight of supplies and so
give a basis for stable prices. With a price level more consistent with cost
of production, there is less risk and a more favorable opportunity for refining profits than for some time.
Volume of Exports of Refined Sugars From the United States (in Tons).
703.862
412,494 1916
196,550 1920
1924
430.168
658.575 1915
198.623 1919
1923
174,289
150,520 1914
819.964 1918
1922
23.112
451,221 1913
416,881 1917
1921
During the year refined sugar was exported to 66 countries. About 40%
of these exports were made by your company through the Sugar Export
Corporation.
Comparative Production of Sugar as Between the United qintes Field and World.
World.
Europe.
United States Field.
18,208,000
8.283,000
4,288,000
1912-13
18,433.000
7,968,000
4,742.000
1913-14
16,880.000
5,455.000
5,346,000
1915-16
17.110.000
5,026.000
5,405.000
1916-17
15,805.000
3,186.000
5,167,000
1918-19
15.217,000
2.590.000
5,835,000
1919-20
17,678,000
3,973.000
6,645,000
1921-22
18.039,000
4.516.000
5,763.000
1922-23
19,700.000
5,058.000
6.637.000
1923-24
Willett & Gray in their latest estimates forecast a world crop for the year
estimated
is
Field
S.
U.
the
from
sugar
1924-25 of 22,446,000 tons. The
at 7,509.617 tons; that from Europe at 7,175,000 tons.
a loss of
at
melted
was
Results.-A total of 1,162,622 tons of raw sugar
$327,637. There was released during the year $1,000,000 of funds held for
to more
amounted
company
the
of
volume
unsettled taxes. The sales
than 8200.000.000. There was paid over $38,000,000 as customs duty.
Company received income of $2,593,049 and interest of 81,644,615.
largely from its Cuban investment.
Holdings of Beet Companies.-Beet holdings of the company at the end of
the year 1924, which are carried at unchanged valuation, are now as follows:
Par Value % Cap.
Par
Shares.
Owned.
Owned.
Value.
Owned.
18%
9,354 (No par)
Continental Sugar Co
81.462,4001
28%
$10
Michigan Sugar Co., Common .146.240
2,043,800J
10
Michigan Sugar Co., Preferred_ _204,380
50%
2,500,000
100
25,000
Spreckels Sugar Co
100%
300.000
100
3,000
Waverly Sugar Co
Sale of Investments.-Company during the year sold the remainder of Its
holdings in the Great Western Sugar Co.of 150.984 shares of Common stock.
It also sold 29,500 shares of its holdings of the Conunon stock of the Michigan Sugar Co. and 3,000 shares of Pref. stock of the Continental Sugar
Co. These, as well as several small transactions, yielded a net profit of
$8,209.380.
Refining Properties.-This was the second full year's operation of the
Baltimore refinery. The refinery melted during the year a total of 275.000
tons of raw sugar and was under continuous operation. The efficiency of
this new refinery gives the greatest satisfaction.
During the year repairs and maintenance amounting to 8960.705 have
been charged directly to operations. Additions and improvements of
$259,997 have been capitalized in plant account. No depreciation has
been charged against the year's operations.
Cuban Producing Properties.-Central Cunagua completed its 7th campaign and Central Jaronu its 3d campaign in May 1924. Cunagua produced 555.260 and Jaronu 471.072 bags of raw sugar of 325 pounds eacn,
while the joint production of final molasses amounted to 7.857,164 gallons.
The results of the 1924 campaign were most satisfactory.
Stock Purchasing Plan.-Employees have continued to avail themselves
of the opportunity offered by the company to purchase stock on partial
payments. The purchases for 1924 amounted to 15,691 shares($1,569.100)•
Stockholders -The stockholders now number 25.747.
Package Business.-Our package business has shown a healthy growth
during 1924,in which year these sales amounted to over 625.000,000 pounds.
RESULTS FOR CALENDAR YEARS.
1921.
1922.
1923.
1924.
Profit from operations__ y$327.637 y$1,693.070410.083.833 y$2.177.276
y381.130 y1.033,661
2,955,674
Int. on loans & deposits_ 1,644.615
4.113.858
1.523.008
5,552.488
Income from investment 2,593,049
129.063 11.489,310
profit from invest't_ 8,209.380 4,542,631
6,709,275 Net
reserve
tax
1,000,000
Adjustment,
32,584,590 From sur. offormer years
5.311,368
84,724.977
811.354.773
811,357.724
Total
313.119,407
81.000.000 31,000.000
renew. dc replac't.
Total
322,955,750 326,371,913 Depr.,
322,955,750 326.371,913
Total
4,542.631
Reserves
1.800.000
a Subject to final determination of Federal taxes for years subsequent to Interest on bonds
1.800.000
1,800,000
3,150.000
3,149,986
3,149,986
1917. b U. S. Rubber Co. 1st Mtge. 5% gold bonds, duo 1947. Issued, Preferred divs. (7%)
3,149,986
(334)1574977
$89.000,000. less amount retired through sinking fund, $4.777.200, and less Common dividends
82,000,000 held In treasury. c Preferred capital stock, 869.000.000. less
amount held by a subsidiary company, $3.890,000. d Retired through
Total deductions
84.949.986 810.492,617 $5.949.986 $4,724.977
Issuance of $30,000,000
8865,107 35,404,787
% notes in Feb. 1925; see V. 120, v. 1102.
88,169,421
Balance to surplus
y Loss.
x
taxes.
After provision for
A balance sheet as of Dec. 31 1924, after giving effect to
BALANCE SHEET DECEMBER 31.
the issuance of $30,000,000 6
Serial gold notes, was
1921.
1922.
1923.
1924.
given in V. 120, p. 1102.
i
Assets60,823,488
62,975,914
62.134.095
62,263,680
Real estate and plants__
Merchandise & supplies- 9,733,546 19.273,673 15,371.933 11,310,583
990,480
The American Sugar Refining Company.
2,623.855
2.719.241
2.748,157
Prepaid accounts
5,647.156
7.538,218
6,288,627
4,005.002
Accounts receivable
401,600
(34th Annual Report-Year Ended Dec. 31 1924.)
371,366
288.577
126.322
Accrued income
21,769,914 20.822.810 19,500.989 15.975,595
Loans
President Earl D. Babst, New York, March 11, wrote in Investments, general
25,981,421 27,888,528 34,040,685 34.815,535
2,432.025
1.585.065
1,359,304
Customers' acceptances_ 1.124,930
substance:
5,817,581
6,012.380
9,707.830
31,200,282
Cash
General Statement.-The year 1924 was again profitable for sugar produc- Accts receivable (addl) x3,900.616
8.854.304 17,077.810
5,296,216
ers but like the preceding year was most unfavorable for profitable refining
operations. In 1922 we refined 1.650,000 tons of raw sugar at a profit of
162,853,870 155,778,901 158,874.709 155.291,854
Total
10,083,833. In 1923 we refined 1,162.000 tons at a loss of $1,693,070.
Liabilitiesn 1924 we refined 1.162,622 tons at a loss of 8327,637. The loss on re- Preferred stock
45,000,000 45,000,000 45,000.000 45,000.000
fining operations again was caused by the frequent fluctuations of prices of Common stock
45.00 .000 45,000.000 45.000,000 45.000.000
raw sugar, with a downward trend of prices throughout the greater part of 15-year 6s
30, .000 30,000,000 30,000,000
20.809,949 22,222,946 20,152,354 21.855.542
the year. Again during the year there were 115 changes in the price of Sundry reserves
6,419.938
4,678,177
4,996,752
raw sugar. The extreme fluctuation was less than in 1923, but even then Acc'ts & loans payable
4.841,540
19,900,000
was 2.8125 cents per pound during the year, which again is greater than Bills payable
4,290.000 10,729,000
the extreme fluctuation of the 10 years before the war taken as an entirety. Raw sugar drafts payable
811,286
811.539
811.508
811,282
In other words, in 1924 as in 1923 the company faced the price extremes of Divs. declared & outst'g.
7,201,132
8,066.239
16.235.661
7,154,490
a 10-year pre-war period. For a large part of the past year it was impos- Surplus
sible to purchase raw sugar, convert it into refined sugar and dispose of it
162.853.870 155,778,901 158.874,709 155,291.854
except at a loss.
Total
On the other hand, the total income of the company during the year.
deducting operating
x Accounts receivable (additional) are account claims 1920 contracts.
from all sources, aggregated $13,447,045. which, after
accounts receivable, undelivered 1920 contracts, $3,415,234.loss Interest on bonds and dividends on Preferred stock, leaves a balance $483,382:
V. 120. p. 960. 447.
of 03,169,421 for additions to surplus after providing for all taxes.
f
2,600,000
1,592,636
2,257.536
1,380,000
1322
TEA CHRONICLE
The Texas Company.
(Annual Report-Year Ended Dec. 31 1024.)
INCOME AND SURPLUS ACCOUNT FOR CALENDAR YEARS.
1921.
1924.
1922.
1923.
Income Account$
$
$
Gross earnings
139,613.622 118,422,367 130,46.907 102,605,377
Oper.,admin., &c., exp..89,065.054 87.546.576 80,576.902 72,959.797
Net earnings
DeductDepreciation account
Provision for taxes
Prov. for bad, dre-acc ts
Inventory adjustment
Cash dividends (12%)_ _
50,548.568 30,875,791
50.420.005 29.645.580
14,928.514
1.500,000
9.501.016
4,881,972 6.495,482 7.402,518
19.734.000 19,734,000 19.734,000
221.712
10,636,723
18,057.000
19,228,321
16,182,727
Balance to surplus__ -- 6,724,275dfl1,538,418 6,854,972def8.770,871
Previous surplus
88.477,435 94.476,397 83,549,181 83,342.793
Prey.Burp. of sub. cos_
1,293.176
Adjustments
xCr5,537,456 Cr2,779.067 Cr8,977,259
Profit & loss surplus_ 95,201,709 88,477.435 94,476,397
Direct additions to surplus.
CONSOLIDATED BALANCE SHEET DEC. 31.
1924.
1924.
1923.
AssetsLieSiWies$
Plant account •_244,602,723 242,442,272 Capital stock_ _ _164,450,000
Other invest_ ___ 1,834,608 1,608,237 Accts. and notes
Storehouse sup_ 6,646,241 8,433,101
payable
23,781,398
Stocks of oil.
Def. pur. obilga. 2,178,019
crude,ref.,&c_ 83,422,489 84,279,977 Prey.for taxes
2.650,000
Deferred charges
960,529 1,335,086 do amortlza'n_ 2,431,740
Notes and accts.
Deprec'n acc't_ _ 85,040,899
receivable_ ___ 21,368,803 18,183,862 Miscellaneous _
Cash on hand- - 16,900,372 14,370,510 Surplus
95,201,709
83,549.181
1923.
164,450,000
36,277,870
3,493,642
2,552,542
74,082,567
1,318,988
88,477,435
Total
375,733,765 370,653,044
375,733,765 370,653,044
Total
•Investments in real estate, leases. tankage. refineries, ships. cars, terminals, distributing stations, oil and gas wells and equipment.
Note.-Inventories of oil and other products have been reduced to cost
or market, whichever was the lower, and oil produced by the company
itself is carried at cost of production lower than market.-V. 120, p. 715.
463.
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
Inter-State Commerce Commission Extends Train Control Time to July 1
Next.-The Commission has extended from Jan. 1 till July 1 next the time
in which to comply with orders requiring installation of automatic train
control devices to the Central RR. of New Jersey and the Chicago Milwaukee & St. Paul Ry. "Wall Street News" Mar. 12, p. 2.
Thirty-Five Roads File Suits to Test Order of 1.-S. C. Commission Concerning Coal Cars.-A bill in equity, signed by 35 railroads, attacking the
order of the I.-S. C. Commission prohibiting the use of private coal cars
for the transportation of bituminous coal was filed March 12 in
U. S. District Court at Philadelphia, Pa. The Commission's order, it
was averred, was illegal and arbitrary, and if allowed to stand would
seriously hamper operation of the roads through making it difficult it
obtain enough fuel for their locomotives. N.Y."Times" March 13.9.28.
Freight Car Repair.-Freight cars in need of repair on Feb. 15 totaled
187.981, or 8.1% of the number on line, according to rpeorts filed by the
carriers with the Car Service Division of the American Railway Association
This was an increase of 1.442 over the number reported on Feb. 1, at
which time there were 186.539. or 8.1%. Freight cars in need of heavy
repair on Feb. 15 totaled 140.037, or 6.1%, an increase of 981 compared
with Feb. 1. Freight cars in need of light repair totaled 47,944, or 2%.
an increase of 461 compared with Feb. 1.
Car Surplus.-Class I railroads on Feb. 28 had 285,015 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 an increase of 28.785 cars over the
number reported on Feb. 22. Surplus coal cars in good repair on Feb. 28
totaled 138,425. an increase of 2.5,123 within a week, while surplus box
cars in good repair totaled 103.177, an increase of 2.223 during the same
period. Reports showed 21,254 surplus stock cars, an increase of 1,283
over the number reported on Feb. 22, but there was a decrease during
the same period of 98 in the number of surplus refrigerator cars, which
brought the total for that class of equipment to 13.094.
Car Shortage -Practically no car shrotage is being reported.
Ann Arbor RR.-Notes Offered.-Love, Macomber &
Co., New York, F. R. Sawyer & Co., Inc., Boston, and
Charles D. Robbins & Co., New York, are offering at 99
and int., to yield about 6.20%, $1,000,000 5-Year 6%
Secured gold notes.
Dated March 15 1925: due March 15 1930. Red. all or part on 30 days
notice at 10234 and int. during first year and at 34 of 107 less during each
succeeding year to maturity. Denom. $1.000 and $500 c*. Interest
payable M. & S. without deduction for normal Federal income taxes, not
in excess of 2% per annum. Company will refund Conn. and Penna.
taxes, not in excess of 4 mills per annum, the Maryland securities tax
not in excess of 434 mill per annum, and the Mass, income tax on interest
not in excess of67
0 per annum. Seaboard National Bank, N.Y., trustee.
Issuance.-Subject to the approval of the I.-S. C. Commission.
Data from Letter of President Newman Erb, Toledo, March 6.
System.-Company's main line extends from Toledo, 0., to Frankfort,
Mich., 294 miles, and through the operation of five modern steel car ferries,
freight cars and passengers are transported from Frankfort across Lake
Michigan, connecting with other lines serving the entire Northwest. In
addition company controls, through ownership of the entire capital stock,
the Manistique & Lake Superior RR., operating on the northern peninsula
of Michigan for an additional distance of 56 miles.
At Toledo the road has direct connections with 12 trunk lines, including
the New York Central, Nickel Plate, Pennsylvania, Wabash, Baltimore &
Ohio and Pere Marquette. It owns extensive and valuable terminals at
Toledo, part of these terminal facilities and certain trackage rights in the
Toledo district being leased to other roads under favorable terms.
Security.-Secured by pledge of $2,000.000 (200% in principal amount)
of Impt. & Ext. Mtge. 6% gold bonds due May 11941.
These Impt. & Ext. Mtge. bonds are secured by a direct mortgage lien on
all the fixed railroad property and railroad equipment ,subject only to the
closed issue of $7,000,000 1st Mtge. 4s, due July 1 1995, and $2,169,666
Equip. Trust certificates.
Valuation.-The value of the Ann Arbor property, as fixed by the I.-S. C.
Commission in June 1915, plus subsequent expenditures for additions and
betterments, is in excess of 817,000.000.
Earnings 12 Months Ended Jan. 31 1925.
Grosa operating revenue
$5.579.300
Operating expenses
4,287,798
Net operating revenue
Railway operating income
Income deductions (net)
$1,291,502
81,000.751
226.409
[You 120.
Capitalization Outstanding in the Hands of the Public (After This Financing).
First Mortgage 4s, due July 1 1995 (closed)
87.000.000.
Five-Year 6% Secured notes
1,000,000
U. 8. Government notes
775,000
Equipment obligations
2,169,666 •
Preferred stock 5% non-cumulative
4,000,000
Common stock
3,250,000
Company has an authorized issue of $10,000,000 Impt. & Ext. Mtge. 6s
dated May 1 1911 and maturing May 1 1941. of which not more than $3.750,000 will be issued at the completion of this financing. Of these bonds
to be outstanding, $2,000,000 will be pledged as collateral for this issue of
notes, $1,475,000 will be pledged as collateral for the U. S. Government
loans and the remaining $275,000 will be held in the treasury for other
corporate purposes.-V. 120, p. 1086. 952.
Baltimore & Ohio RR.-Bonds.The I.-S. C. Commission on March 2 authorized the company,to issue
$10,560,000 Ref. & Gen. Mtge. 6% bonds, Series "C";
said bonds of any
part thereof to be pledged from time to time until Dec.
1926 as collateral
security, for any note or notes that may be issued, or to31
pledge any or all of
the bonds in substitution for and (or) in equalization of and (or) as additional
collateral to existing collateral under company's trust indenture dated
July 1 1919. securing its 10-Year 6% Secured gold bonds and (or) its note
dated March 1 1920, in the sum of $9,000,000 given to
the DirectorGeneral of Railroads.
Authority was also granted to the subsidiaries of the company to issue
various bonds and deliver them upon the order of the Baltimore & Ohio
to trustees under certain mortgages.-V. 119. p. 3004. 2405.
Carolina Clinchfield & Ohio Ry.-Initial Dividend.-
The directors have declared an initial quarterly regular dividend of
75 cents(% of 1%) on the Common stock. payable April
to holders of
record March 31. (See also V. 119, p. 2406.)-V. 120, p.10
1086.
Central of Georgia R.I.-Equipment Trusts.-
The I.-S. C. Commission on March 2 authorized the company to assume
obligation and liability in respect of $1,410,000
434% Equip. Trust certificates, Series "P," to be issued by the Bank of North
America & Trust Co.
under an agreement to be dated March 1 1925, and sold to Kuhn,
Loeb &
Co. at not less than 96.14 and divs. in connection with the procurement of
certain equipment.-V. 120, p. 952.
Chesapeake & Ohio Ry.-Protests Consolidation.-
The stockholders' protective committes, of which Geo. Cole
of
Richmond, Va., is Chairman, has issued a summary giving theScott
reasons
why it does not think it advisable for Prof. and Common stockholders
to
approve the new Nickel Plate consolidation. The circular pointed out that
a holder of 100 shares of C.& 0. Common,if he deposits his stock according
to the plan, would have a comparative equity of 20.4% in the combined
earnings of the companies for 1924. and a holder of 100 shares
of N. Y.
Chicago & St. Louis (the present Nickel Plate) would have an equity
of
46.1%. But the 0. & 0. earned 19% on its Common stock, taking into
account the undistributed earning of the Hocking Valley, in which it has
an equity, whereas the Nickel Plate earned only 13.90%. The circular also
declares that an objecting stockholder has no guaranty that he will
receive
any fixed rate of dividend on his stock.-V. 120,
p. 1086. 827.
Chicago & North Western Ry.-Listing.--'-
The New York Stock Exchange has authorized the listing of receipts
Issued by the Central Union Trust Co., New York,
as
for
Common and Pref. stock of the Chicago St. Paul Minneapolisdepository
& Omaha By.
deposited in accordance with resolution of board of directors of the
Chicago
& North Western Ry. up to a total amount of $18,556,700 for Common
stock and $11,259,300 of Pref. stock, on official notice of issuance in exchange for deposited Common and Pref. stock.
'4
Under date of Jan. 13 1925 there was sent out to the stockholders of the
Chicago St. Paul Minneapolis & Omaha Ry. a
containing a
cstpy of the resolution of the board of d:rectors ofpamphlet
the Chicago & North
Western Ry. dated Jan. 13 1925, in which the Chicago & North Western
By. offers to issue in exchange for the Pref. and Common stocks of the ,
Chicago St. Paul Minneapolis & Omaha By. Common stock of the Chicago
& North Western By. on the following basis: Three shares of Chicago &
North Western Common stock for two shares of Omaha Pretstock, and
five shares of Chicago & North Western Common stock for seven shares of
Omaha Common sfock.-V. 120, p. 1086, 827.
Chicago Rock Island & Pacific Ry.-Has Acquired
Dominant Interest in Cotton Belt.-The company has acquired
a dominant interest in the stock of the St. Louis Southwestern Railway Lines (Cotton Belt), which, with the shares
owned by interest friendly to the Rock Island, enables it to
control that company.
[In connection with the acquisition, the "Wall Street News" says: "The
Rock Island obtained control of the St. Louis Southwessern through the
purchase of about 150,000 of the 198,938 Preferred shares outstanding.
In addition a small amount of Common stock was bought. The nucleus
of the deal was the purchase of the Preferred stock of Edwin Gould, for
It is understood $80 a share was paid. Considerable other Preferred stock
was bought in the open market at prices well below the price paid for
Mr. Gould's stock, thereby bringing down materially the average paid '
by the Rock Island. The Preferred stock acquired by the Rock Island
has been pledged as collateral for a loan with the proceeds of which the
stock bought has been paid for in cash. The Rock Island will receive
at least $75.000 a year clear cash in the way of dividends on its holdings
of 'Cotton Belt' Preferred, over and above the carrying charges of its
loan.")
At a meeting of the board of directors of the St. Louis Southwestern
By. held March 11, Charles Hayden, Chairman of the board of directors
of the Rock Island; J. E. Gorman, Pres.; Marcus L. Boll, V.-Pres.
&
Gen. Counsel, and N. L. Amster. a director of the Rock Island, were
elected to the board of the St. Louis Southwestern.
Mr. Hayden,speaking for the Rock Island interests, stated
that he regarded the Cotton Belt as a very desirable acquisition from the standpoint of the Rock Island; that under
the very efficient and careful guidance of Edwin Gould, covering a period of more than 30 years, it had passed successfully through trials to which many of its neighbors had
succumbed, and had grown to be a very sound and efficient
transportation system,,rendering an excellent service to a
large portion of the Southwest; that the Rock Island did not
contemplate a merger of the two properties at this time,
although its acquisition was in accordance with what the
Rock Island understood to be the general policy of Congress
and the I.-S. C. Commission relative to consolidations.
Mr. Hayden further
stated that the Cotton Belt
being efficiently
operated by Daniel Upthegrove, Pres., and that therewas
be no change
made in the policy or management of that company;thatwould
all
the executive.
operating, traffic and other officers and employees wouldofbe
retained in
their present positions: that one of the outstanding facts
about the Cotton
Belt was its ability at all times to render a fast and dependable
freight
service on all traffic to points on its own lines and to
connecting lines; •
that a program to completely reballast the entire main line
north
of
Texarkana with first-class ballast was in progress and
be continued;
that the 1925 budget called for relaying 61 miles of would
new
85-1b.
rail.
and
that this work was In progress: that the 1.000 steel underframe 40-ton
box cars which had recently been purchased would
delivered: that the
company was in good physical condition, and had be
ample motive power
to move all of its traffic: and that necessary expenditures
would be made
on the ;property to keep it in condition to handle
promptly all traffic which
might be tendered to it.
Net income available for interest
$774,342
Total fixed charges (including this issue)
$511,035
(The income account for the year 1924 and balance sheet as of Dec. 31
1924 were given in V. 120, p. 952. 1086.)
Sinking Fund.-Company agrees that, commencing on March 15 in each
of the years 1927. 1928 and 1929, it will pay to the trustee the sum of
Mr. Gould, Chairman of the St. Louis Southwestern, in
$100,000, which yearly payment shall be applied by the trustee to the purchase or redemption of the notes at not exceeding the call price then in a statement said:
force, plus accrued interest.
In the disposition to the Chicago Rock Island & Pacific By. of subPurpose.-Proceeds will be used for the payment of capital obligations stantial holdings of St. Louis Southwestern
stock, I have to that extent,
maturing in 1925, and to reimburse the company's treasury in part for ex- promoted what I conceive
to be the true destiny of the St. Louis Southpenditures heretofore made for additions and betterments.
western property. The alliance with the Rock Island railway commends
MAR. 14 1925.1
THE CHRONICLE
itself upon geographical, traffic and economic considerations as a mutually
beneficial arrangement. It commends itself as a definite public advantage
and as a logical development of the legislative policy which favors natural
and voluntary selection as against arbritary or compulsory grouping.
The security holders of our company may, I think, be congratulated
upon this significant development of interest in their property on the part
'of a great railroad organization and its eminent and able management.
You will allow me to express my personal gratification at this advent
into the counsels and management of the St. Louis Southwestern property;
and perhaps, too. I may admit some personal and sentimental satisfaction
that the property into the management of which, almost as a youth. I
was inducted by my father and to which I have devoted the ordinary
term of a business life, has become so desirable as to enlist in its continued
and increasing prosperity the co-operation of one of the greatest systems
of our country.
I am most sensible of the approval officially expressed by the Rock
Island company of the policies heretofore pursued by this company and
of the cordial assurances and invitation extended to our official and operating personnel.
In the administration of our property I have always had the advantage
of the aid and support of an exceptionally harmonious and devoted staff.
Some are now gone beyond, but all have been zealous in the interests of
the property and all have my gratitude.
May I add a further personal word? I hold (and I hope those who
follow me will hold) a very considerable interest in the securities of the
St. Louis Southwestern; and self-interest as well as sentiment will concern
me in its future prosperity. When released from official responsibilities
at, I trust, no distant time. I shall not feel released from my obligation to
contribute as I may be able to the continued prosperity of a property to
which I feel a genume devotion.-V.120. p. 698, 205.
Denver & Rio Grande RR.-Stockholders Win Point.The stockholders of the old Denver & Rio Grande RR., through their
attorneys, Daniel W. Blumenthal, Arthur M. Wickwire and David L.
Podell, won an important motion in the New York Supreme Court March 6
in their $200,000,000 action against former officers and directors.
The decision handed down by Justice Nathan Bijur directs the defendants in the action to appear in the Supreme Court. Special Term Part II,
and to submit to examination before trial. The following are the defendants: Edward T. Jeffery, a director: Arthur Coppell, V.-Pres. and a director: Kingdon Gould. a director; Edgar L. Marston, a director; Harry
Brenner, a director. and John P. Howland, Secretary.
Justice Bijur also directs the defendant to produce books, records and
other documents kept by the railroad through its Secretary or other officers,
relating to the issues in the complaint of charges, among other things,
that by reason of an alleged conspiracy concocted and carried out by the
defendants the properties of the company were wrecked and the securities
ef the company valued in excess of $89,000,000 made worthless.
Justice Bijur in his opinion holds that the defendants cannot relieve
themselves of being examined before trial as they claimed they could,
in opposing the motion made by the Denver & Rio Grande RR. Common
and Pref. stockholders respecting their acts and conduct as officers or
directors of the railroad, even though, as claimed by the defense, their
resignations had been tendered. Judge Bijur on this score holds that there
is no proof that the resignations were accepted by a quorum of the board
of directors of the company.-V. 119, p. 1843.
'
Erie RR.-Results for Calendar Years.1924.
1923.
1922.
1921.
Operating revenues_ ___5119,096,856$132.978,455$106.874,103$113,428.076
Open exp., taxes. &c.._.100,398,307 112.439,338 104,013,110 108,938,510
Operating income_ ___$18,698,549 $20,539,117 52,860.993 54.600,588
Equipment rights
2,466,891
1,626,372
2,216,082
2,218,704
Net operating income_$17.072.177 $18,320,413
Other income
7.709,747
4,791,317
• Gross income
- Interest, &c.,charges
Sinking fund, &c
Surplus
-V. 120, p.580.
$644.911 $2,133,697
11,209,533 14,682,032
$24,781,924 $23.111,730 511,854,444 $16,815,729
15.180.295 14,676.458 14,987,214 14,121.304
946.047
1.099,171
1.238,262
1,217,065
$8,363,367 $7.218,207c1154,078,817 $1.595,254
International-Great Northern RR.-Adj. Mtge. Int.The directors have declared 4% interest on the Adjustment Mtge. bonds
for 1924. such payment to be made April 1 1925.-V. 120, p. 953,580.
International Rya. of Central America.-Bonds Sold.
-A syndicate headed by F. J. Lisman & Co., New York,
has sold at 793', to yield about 63'%, $1,600,000 1st Mtge.
5% Sinking Fund gold bonds of 1912, due May 1 1972.
Other Bankers Making Offering.-Marine Bank & Trust Co., Watson,
Williams & Co., Gulf Finance & Securities Co., Wheeler & Woolfolk,
Sutherlin-Barry & Co., S. A. Trufant, Moore, Hyams & Co.. St. Denis J.
Villere and Gladney & Watson, all of New Orleans, La.
Denom. $1.000 c*. Int. pay.(M.& N.) in NewYorn in U. S. gold coin at
office of the Empire Trust Co., trustee. Company pays normal income
tax of 2%. Authorized, £6,000,000 or equivalent in U. S. currency; outstanding (incl. present issue), $6,175,000. £971,680.
Listed.-Listed on New York Stock Exchange.
Security.-A first lien on 458 miles of railroad and equipment, including
198 miles from Atlantic to Guatemala City and the entire mileage of 157
miles from San Salvador City to La Union on Fonseca Bay on the Pacific,
on 145 miles from San Salvador City to Zacapa. Guatemala. now being
constructed, and on the 50-mile Ahuachapan branch, now also under construction. Also a direct mortgage on 139 miles of railroad and equipment
from Guatemala City to San Jose and from Santa Maria to Mazatenango,
subject to prior liens. When completed these bonds will have a Hen on
792 miles of railroad and equipment.
Redeemable by a cumulative sinking fund of 34% per annum, commenced
1922, through purchase in the market below park or drawings at par if not
so obtainable. This sinking fund will redeem all bonds prior to maturity.
Callable on any coupon date at 10234 and int. upon 6 months notice.
Equity Over Mortgage Debt (Oct. 31 1924)•
Property cost and construction
$62,413,000
Mortgage debt
14,308.800
Equity (equal to about $3,292 per $1,000 bond)
$48,104,200
To ths will be added the proceeds of the sale of the bonds of this
issue.
Mortgage bonds, per mile in operation
$24,000
Mortgage bonds, per mile, when completed
$18,000
Earnings for Calendar Years.
Gross
Gross
Int. & Sic. Pd. on
Revenues.
Income. All mtge. Bonds. Balance.
1920
53,698,367
$1,402,191
5540.840
$861,351
• 1921
3,723,387
1,286.120
536,130
749,990
1922
3,927.484
1,394,528
541,695
852,833
1923
4,320,950
1,830,271
540,855
1,289,416
1924„
2.175.950
585.000
1,590,950
Interest & sinking Fund Requirements -The interest and sinking
fund
charges for 1925 on all mortgage bonds outstanding amount to approximatelY 5855.000 and are covered over 234 times by 1924 gross income.
January 1925 shows increase in net income of 10% as compared with
January 1924.
When the 195 miles of railroad connecting Fonseca Bay, Salvador, with
Port Barrios are completed Salvador will have its trunk line to the Atlantic
ocean, which should result in largely increased earnings of the Internat. Rys.
Organization.-Company was organized in 1904 in New Jersey. It
operates and owns 597 miles of railroad and 58 mlles of sidings in Guatemala and Salvador and forms the backbone of these countries, the important
resources of which are tributary to the railroad.
Capitalization (Outstanding).
First Mtge. 5% 60-Year gold bonds, 1972
j56.175.000
I £971,680
$2,261,000
2,319,000
771.900
2,654,300
30,000,000
lst:Mtge. 5% Central Division bonds, 1972
Guatemala Central 1st Mtge. 65, 1931
6 notes due 1927
6 o notes due 1936
Common stock
5% Preferred stock
Dividends.-Dive. on the 510,000,000 5% Chun. Pref. have been paid
in full to date since the stock was issued in 1912.-V. 120. p. 1199.
1323
Mahoning Coal RR.-Stock Offered.-A large block of the
Common stock purchased jointly by Adams & Peck, New
York, and Biddle & Henry, Phila., is offered publicly.
The road is operated and controlled by ownership of more than half the
capital stock, by the N. Y. Central RR. The stock has hardly ever been
available for purchase by the public, as it is very closely held by wealthy
interests. The road connects with the Pittsburgh & Lake Erie RR.on the
south at Youngstown, 0., and handles a large amount of heavy freight
traffic going in and out of Pittsburgh, these two roads forming the New York
Central's only entrance into Pittsburgh.
Dividend Record.-Recent dividends have been as follows: 1920, 110%;
1921, 50%; 1922, 90%; 1923. 80%; 1924, 100%, and for the first quarter
in 1925. 25%, an annual average of 86 2-3% for the 534-year period.
-V. 120, p. 326.
N. Y. N. H. & Hartford RR.-Bonds Approved.The 1.-S.C. Commission on March 2 authorized the company (1)to issue
523,000.000 15-Year Secured 6% gold bonds for the purpose of paying
outstanding bonds aggregating $22,997,766. maturing April 1 1925, and
known as the European Loan of 1907; and (2) to issue 523,000,000 1st &
Ref. Mtge. 6% Gold bonds, Series 'F," to be pledged under a collateral
trust indenture as security for the 523,000.000 15-Year Secured 6% Gold
bonds.
The report of the Commission says in part:
The applicant represents that on April 1 1925 522.997.766 of outstanding
bonds, known as the European Loan of 1907. will become due. In order to
pay them the applicant proposes to draw down $23,000,000 of bonds under
its 1st & Ref.
dated Dec. 9 1920, made to the Bankers Trust Co.,
and to issue 523,000,000
15-Year Secured bonds. The applicant proposes
Mtge.
te make a collateral trust indenture to the Irving Bank-Columbia Trust
Co., to be dated April 1 1925. and to pledge thereunder the 1st & Ref.
Mtge. bonds as collateral security for the 523.000,000 of 15-Year Secured
6% Gold bonds. The 1st & Ref. Mtge. 6% Gold bonds, Series "F." will
be dated April 1 1925 and will mature April 1 1940.
The applicant offers to exchange the 15-Year Secured bonds for the
maturing bonds on the basis of par for par, and also offers for subscription
or sale for cash at par and accrued interest the 15-Year Secured bonds.
The maturing bonds which are not thus exchanged will be retired by payment with funds received from the sale of 15-Year Secured bonds.
The 15-Year Secured bonds will be issued either as coupon or registered
bonds. The coupon bonds will be in denom. of $1.000. 5500 and $100,
and the registered bonds in denom. of 510,000, $5,000 and $1,000. They
will be dated April 1 1925, will bear interest at the rate of 6% per annum,
payable semi-annually on April 1 and Oct. 1, will be red. at 105 and int.
on any int. date on not less than 60 days' notice, and will mature April 1
1940. A sinking fund will be created to provide for the purchase and(or)
redemption of the 15-Year Secured bonds, and the applicant will pay to
the trustee on Nov. 1 1925 and semi-annually thereafter on May 1 and
Nov. 1 in each year 5230.000 for that purpose. All such bonds purchased
or redeemed are to be stamped "non-negotiable," and will not be reissued,
but will continue to bear interest for the benefit of the s nking fund.
V. 120. p. 953, 827.
Peoria & Pekin Union Ry.-Listino
The New York Stock Exchange has authorized the listing of $3,200.000
1st Mtge.
% Gold bonds, Series "A," due Aug. 1 1974.
Income Account for Calendar Years.
Avail.
DeducGross
Nor.
-oper.
Oper.
fr Int.
how.
Income,
Income.
Income.
512,445
$374.084
$386,529
1921
$366,666
$19,863
481,045
12.027
493,072
298,379
1922
194,693
428.805
10.967
439,772
306,085
1923
133,687
455,717
17.630
473,347
314,728
1924
158,619
-V. 119. p. 2177.
Pittsburgh Cincinnati Chicago & St. Louis RR.
Guaranteed Bonds Sold.-Kuhn, Loeb & Co. have sold at
99 and int., to yield 5.06%, $26,000,000 Gen. Mtge. 5%
Gold Bonds, Series "B." Due April 1 1975. Guaranteed
principal and interest by endorsement by Pennsylvania RR.
Denom. $1,000 c* and r*. Int. payable A. & 0. The 5% Series "B"
bonds will bear int. from April 1 1925. Both principal and interest payable
in gold coin of the United States of America without deduction for any tax
or taxes (other than Federal income taxes) which the company or its
successors or assigns or the trustee may be required to pay or to retain
therefrom under any present or future law of the United States of America
or of the States of Pennsylvania, Ohio, West Virginia, Indiana and Illinois.
Issuance.-Subject to the approval of the I.-S. C. Commission.
Listing.-Application will be made in due course to list these bonds on
the New York Stock Exchange.
Data From Letter of President Samuel Rea, Philadelphia, March 11.
Security. &c.-The bonds are to be Lssued under the Gen. Mtge. dated
June 1 1920, and will be secured by a direct mortgage upon all the lines
of railroad and appurtenances thereto now owned and upon all properties
acquired by the issuance of any of the Gen. Mtge. bonds. The present
properties include about 1,862 miles of railroad from Pittsburgh. Pa., to
Columbus. 0., Indianapolis, Jeffersonville (across the Ohio River from
Louisville, Ky.), Terre Haute, Incl., East St. Louis and Chicago, Ill.,
together with all appurtenances, equipment, engine houses. &c., large and
valuable shops, freight stations and yards at most of these cities, the shops
at Columbus, 0., being the largest shops west of Pittsburgh on the Pennsylvania RR. System. These Gen. Mtge. bonds are subject to $69.753,000 of
prior lien bonds, which may not be extended or renewed and for the retirement of which, at or before maturity, Gen. Mtge. bonds are reserved.
The railroad covered by the Gen. Mtge. embraces lines in the States of
Pennsylvania, Ohio, West Virginia, Indiana and Illinois, the line from
Pittsburgh, Pa., through Columbus, 0., and Indianapolis. Ind., to East
St. Louis, Ill., comprising the main line of the Pennsylvania RR. System
between Pittsburgh and St. Louis, with important branches extending to
Wheeling, West. Va., Louisville, Ky., Cincinnati, 0, and Chicago. Ill.
Company's lines also form an alternate route for direct traffic from Pittsburgh to Chicago.
Purpose.-To provide funds to make payment to the U. S. Government
for capital expenditures made by it upon the property of this company
during Federal control, to repay money heretofore borrowed for the purpose
of making payments on account to the Government for such expenditures,
to pay the Pennsylvania RR. for capital expenditures made by it upon
the property of the company and to retire maturing prior lien obligations.
Lease.-All of the railroad properties of the company are leased to the
Pennsylvania RR. under a lease running for 999 years from Jan. 1 1921.
The Pennsylvania RR. agrees under the lease to pay a sum sufficient to
cover interest on indebtedness,sinking funds, taxes, administration expenses
and 4% dividends on the capital stock for the first 5 years and 5% dividends
thereafter.
Capital Stock.-The company has outstanding 584,714.500 of capital
stock of which the Pennsylvania RR. or its subsidiaries own approximately 99•7
°.
General Mortgage.-Total authorized amount is limited so that the
amount thereof at any one time outstanding, together with all outstanding
prior debts of the company, after deducting therefrom the bonds reserved
under the Gen. Mtge. to retire prior debts at maturity, shall not exceed
three times the then outstanding paid-up capital stock. Of the authorized
amount there will be outstanding in the hands of the public, after the
present issue, $20,000,000 of Series "A" 5% bonds and $26,000,000 of
Series "B" 5% bonds. 569.753.000 bonds are reserved to retire a like
amount of prior lien bonds and the remainder is to be issued under the
restrictions stated in the mortgage for the payment, refunding or retirement
of Gen. Mtge. bonds outstanding, for additions, betterments and improve.
ments, for equipment to the extent of 90% of the cost thereof, and for the
acquisition of other companies' securities.-V. 119, p. 3007.
St. Louis & Illinois Belt Ry.-New Control.See Illinois Power & Light Corp. under "Public Utilities" below.V. 119. p. 2758.
St. Louis Southwestern Ry.-Chicago Rock Island ck
Pacific Ry. Acquires Control-New Directors.-See Chicago
Rock Island & Pacific Ry. above.-V. 120, p. 1087, 700.
St. Louis Troy & Eastern RR.-New Control.See Illin2758.ois Power & Light Corp. under "Public Utilities" below,9
1324
UTE CHRONICLE
Southern Railway.-Keeps Pace with the South-Starts
1925 with Substantial Traffic Gains-Suit.Case. Pomeroy & Co. in an analysis covering the January operations of
the company state in part:
The company continues to show highly satisfactory operating results.
The South is maintaining its strong trend of substantial business development and continues to give evidence of being the fastest growing section
of the country. The railroads serving Southern territory are thus in an
especially favorable position as compared with those in other sections of
the country. Southern Ry., the premier carrier of the South, is steadily
increasing its volume of traffic and net profits. The Southern management has always been farsighted in providing adequate facilities for ant c pated traffic increases and the road is now in splendid position to expeditiously handle all business offered.
Gross revenue for January was $11.655.000 as compared with $11,342,000
In Jan. 1924. At the same time operating expenses were reduced to 75.5%
of gross income as compared with 78.5% in the previous January. With
this condition of increasing gross volume and decreasing expenses. Southern
was able to show net earnings for the month of 64c. per share of Common
stock compared with 37c. in Jan. 1924. This is an increase of 73% in
amount available per share of Common. The equity in undistributed
earnings of subsidiaries for the month was 24c. the same as the previous
year. If this equity is included, total earning; for the month would be
equivalent to 88c. per share.
Allowing for seasonal variations in traffic, these earnings for January
indicate estimated earnings for Southern Ry. proper of approximately
$15 per share for the full year 1925.
The road is now in the best physical condition in its history and maintenance expenses are running at a normal rate. Equipment and joint facility
rents were only 5155.000 as compared with $200,000. thus indicating that
the road is depending more fully on its own equipment to meet all requirements.
The one item that still shows an upward trend Is that of taxes, which
item, of course, is largely beyond the power of the company to control.
This increasing tendency of taxes Is true for the country as a whole and is
a subject of real concern to all railroad managements. Southern's taw;
and uncollectibies for January amounted to $621,000 compared with
8486.000 for the corresponding month of last year.
The Southern has thus made a splendid start for the new year. Its
territory is prosperous and every indication points to increasing traffic.
Southern should show even better results for 1925 than it did in its banner
year of 1924.
[Judge Crump at Richmond. Va.• has set March 27 as the date to bear
argument in suit of the preferred stockholders against the company for
upward of $25,000,000 alleged due them in dividends.1-V.120,p.954,1200.
Wabash Ry.-Notes Offered.-Hambleton & Co. and
Edward Lowber Stokes & Co. are offering at 100.7335, to
yield about 4
to Sept. 1 1925 and 6% thereafter, $1,500,000 6% Secured Gold notes, due March 1 1930. Callable on any March 1 or Sept. 1 at 100. Int. M.& S. These
notes represent indebtedness of the company purchased
from the U. S. Railroad Administration.
[VOL. 120.
It is announced that interests associated with the company have acquired
control of the Empresa de Luz y Fuerza Electrica, South America. serving
with electric power and light, electric railway in Guayaquil, Ecuador.
-V. 120, p• 84.
American Gas & Electric Co.-Dividends.-
A regular quarterly dividend of 25 cents on the non par value Common
stock has been declared out of the surplus net earnings of the company
for the quarter ended March 31 1925. payable April 1 to holders of record
March 14 1925 and to stockholders who have not prior to March 14 surrendered their certificates for par value shares in exchange for non par
value shares upon the making of such exchange, but not prior to April 1
1925. On Jan. 2 last the company paid on the Common shares a regular
quarterly cash dividend of 25 cents per share, an extra dividend of 1-50 of
a share in Common stock and a special extra dividend of 50% in Common
stock.
The regular quarterly dividend of $1 50 per share on the issued and
outstanding non par value Prof. stock. and 134% on the issued and outstanding $50 par value Pref. stock, both for the quarter ending April 30
1925, have been declared payable May 1 to holders of record April 13.
-V. 120, p. 954.
American Power & Light Co.-New Director.-
Irving Bonbright has been elected a director to succeed E.P.Summerson.
-V. 120. p. 1200.
American Superpower Corp.-Report.-
The company has issued a report to its stockholders showing the capitalization on March 1 1925. It lists the public service companies in which it
holds stock and tneir business and earnings. On March 1 the corporation
had no debts, and its assets, consisting of'cash, money on call and securities
of the companies listed, exceeded $18,000,000 at current market prices.
The report shows that the company's largest single investment is in the
Common stock of the Public Service Corp. of New Jersey, and next is the
stock of the Commonwealth Power Corp. The rest of the list, showing
Its activity in buying into so-called key power properties,follows: Tennessee
Electric Power Co., Brooklyn Edison Co., National Power & Light Co.,
United Light & Power Co., Appalachian Power Co., Republic Railway &
Light Co., Detroit Edison Co.. American Power & Light Co.. Southeastern
Power & Light Co., Edison Electric Illuminating Co. of Boston, American
Light & Traction Co., and Northern Ohio Power Co. There are smaller
holdings in several other companies.
Pres. Landon K. Thorne says in the report that the corporation has been
in existence a little more than a year and that its established policy is to
secure as diversified permanent investments common stocks of companies
in the electric light and power business, not, however. exceeding 15%
of' the amount of' the Common stock of any such company. It is not and
never will be a holding company in the sense of seeking to exercise dominion
or control over the corporate action of the companies in whose securities it
Invests.-V. 119, p. 1956.
Associated Gas & Electric Co.-Listing.-
There was placed on the Boston Stock Exchange list on March 9 temporary certificates for 200,000 shares (authorized, 300,000 shares) no
par value Class "A" capital stock.
Company incorporated under laws of State of New York March 17
1906 to acquire and bold securities of companies operating public utilities.
These notes are a direct obligation of the company and are additionally
Outstanding capital, 92,388 shares Prof. (authorized. 200.000 shares);
secured by deposit with the Philadelphia Trust Co. of Phila., trustee. of 200.000 Class "A" (authorized, 300.000 shares),
and 300.000 Class "13"
$729,000 Chicago & Western Indiana RR. Consol, Mtge. 4% bonds, due (total authorized).
1952. and 1,217 shares (par $100) American Refrigerator Transit Co.
Transfer agents: State Street Trust.Co., Boston.. and Seaboard National
capital stock (out of a total issue of 5.000 shares capital stock). This latter Bank, New York. Registrars: First National Bank,
Boston, and Nacompany's net revenue available for fixed charges, depreciation and Federal tional Bank of Commerce, New York.-V.120, p. 1201. 208.
taxes amounted in 1923 and in 1924 to about 911.200,000 annually, and its
only funded indebtedness consists of two issues of equipment trusts totalAtlanta Gas Light Co.-Bond Application.ing $8.304,000.
The company has applied to the Georgia P. S.
The present value of the above securities approximates 81,800.200. The to issue $161,000 of bonds.-V. 119, p. 1628. Commission for authority
value of the American Refrigerator Transit Co.stock alone is conservatively
estimated at $1,217,000.
Blackstone Valley Gas 8c Elec. Co.-Stock Increase.(The I.-S. C. Commission on March 2 authorized the company to issue
The Rhode Island House of Representatives has passed a bill author812.500,000 Ref. & Gen. Mtge. 5;i% bonds, Series "A." to be sold to izing the company to increase its capitalization from 816.000.900 to
$32,Huhn, Loeb & Co. at 93 and int. See offering In V. 120. p. 700.1
000.000. The bill now goes to the Governor for his signature.-V. 120.
p. 700.
Western Pacific RR. Corp.-$5
Cash and 16 2-3% in
Common and Preferred Stock Declared.-
California Railway & Power Co.-Earnings.-
1922.
Calendar Years1921.
1923.
1924.
The corporation on March 11 declared a dividend of $5 in cash on the
$2.853
$2,486
income
$33.092
54,849
Common stock. A distribution of one share of Pref. and one share of Com- Total
def9.710
def8.999
18,040
def6.636
mon stock for each six shares of Common and Preferred outstanding was Net inc. aft.exp.,tax...tc
25.358
Previous surplus
15,648
den7,695
def8,351
also authorized.
A special meeting of stockholders has been called for May 11 to approve
$15.648 def$74,331
Total surplus
$8.640
$3,659
a change in the Preferred,to make it cumulative to the extent of two years
Dr.15.000
Cr.99,689
at all times. The special distributions in Preferred and Common stock, in Adjustment of claims..
which Preferred and Common holders will share alike, Is contingent upon
Profit and loss surplus
$9,689
def$8,351
525,35
515,648
the approval of the proposed change in the Preferred stock.
Balance Sheet December 31.
It is also proposed to pay Preferred holders accumulations amounting
to $1.558 a share earned prior to Jan. 1 1925. but not paid.
1924.
1924.
1923.
1923.
The stock dividend distributions represent the capitalization of recoveries
Assets$
made in proceedings against the old Denver company. The cash dividends Cash
21,848 Prior Pref. stock__ 1,300.000 2,300,000
33,796
will be paid out of surplus.
Securities owned.a48,129.579 49,143.229 Preferred stock___ 6,874,400 6,874,400
The corporation also declared the regular quarterly dividend of $1 50 Accrued interest...
Common stock....A0,000,000 40,000,000
30,714
on the Pref. stock, payable April 3 to stock of record March 23.-V. Accts.receivable971 Accounts payable_
10.000
119, p. 1173.
8,351 Surplus
Deficit
9,689
West Jersey & Seashore RR.-Larger Dividend.Total
48,194,089 49,174,400 Total
48,194,089 49,174,400
The directors have declared a semi-annual dividend of 214% on the
a Securities owned: (1) Market Street By. stock, not less than twoCommon stock. payable April 1 to holders of record March 17. On April thirds
Pref.
shares
(par
interest
In
38,250
value
23,500 2d Prof.
15 and Oct. 15 1924, the company paid semi-annual dividends of 2% each. (par $100), 60.000 shares Common (par $100); (2)$100),
H. M. Byllesby & Co.
-V. 119. p. 1397.
notes (secured by collateral): (a) $950.000 face value, payable on or before
July 311925, with int. at 5% per annum,(b) $2.600.000 face value, payable
on or before Jan. 1 1935. without int. subject to discount if yield before
PUBLIC UTILITIES.
maturity; (3) Sierra & San Francisco
'Power Co. bonds. 5458.000, par
value, Series "B" 5%;(4) San Francisco Electric Rye.stock. 99,975 shares
Altoona & Logan Valley El. Ry.-New Control.
capital
stock
(par
$100).
See Jersey Central Power & Light Corp. below.-V.118. p. 1134.
Pres. Mason B. Starring says: "The outstanding transaction of the
year was the sale of the capital stock of Sierra & San Francisco Power Co.
American Gas Co., Philadelphia.-Annual Report.
of which was owned by the company) to H. M. Byllesby & Co., the
(all
1923.
1924.
1922.
Calendar Years1921.
purchasers. The results of this sale should be gratifying, especially to
Gross earns., sub. cos- - _610,573,097 $10,230,821 $9.539,604 $9.128.081 the
holders
of Prior Preference stock, that class being the one primarily
5,298.393 5.279.139
Oper. expenses sub. cos.. 5,147.125
5,448,848 benefitted thereby,
as by means of this transaction the company was
to acquire and cancel 10,000 shares of the Prior Preference stock
Oper. inc. sub. cos- $5.425,971 $4,932,428 54.260.464 $3.679.215 enabled
dividends amounting to approximately $550.000
cumulative
entitled
to
1.601,560
1.617,834
1.312.360
Depreciation,&c
1.222,079 ranking on a parity with the Prior Preference shares
now outstanding
which
reduced to 13.000 shares.-V. 119, P. 892.
were
by
means
this
Net operating income.. $3,808.137 $3,330,868 $2.948.104 $2,457,136
106.330
89.017
Miscellaneous income_ -123.179
208.048
California Oregon Power Co.-Bonds Offered.-E. H.
Totalincome sub.cos_ $3,931,316 $3,437,198 $3.037.121 $2,665.184
1,485,022
1.391.973
1,683.528
Bond interest sub. cos
1,302,986
143.499
Miscell. deductions
59,760
254,546
Pref. dividends sub. cos_
517,033
10.866
Total rev. Am.Gas Co $1,587.255 $1.697.628 $1,585,388 $1,351,333
369.691
729,538
326,580
Other income
263.799
$2,316,793 $2,067,320 51,911,968 51,615.130
Total income
462,052
General expense
348.834
328.647
234,731
544,344
401.368
441.091
Interest on bonds
543,225
111,292
46,465
82.273
Interest on loans
111.779
82,628
Deferred charges
228,568
Contingent reserve
63,000
237.577
Sur. reserved by subs....
468,246
487.740
78,041
Dividends
Surplus for year
-V. 119. r'• 2844.
8538,613
$622,581
$919.287
$496,826
American Electric Power Co.-Sale of Subsidiaries.The acquisition of the Monmouth Lighting Co.. Scranton Ry., Scranton
Bus Co., Altoona & Logan Valley Electric Ry.. Logan Valley Bus Co. and
Carbondale Gas Co.. all subsidiaries, by the Jersey Central Power & Light
Corp.Is to be voted upon by the stockholders of the latter company on Mar.
17 next (see Jersey Central Power & Light Corp. above).-V.120, P. 954,
207.
American & Foreign Power Co., Inc.-Interests Acquire
South American Co.-
Rollins & Sons, Harris, Forbes & Co., New York, and Mercantile Securities Co. of Calif. are offering at 973/i and int.,
to yield about 5.67%, $2,0001000 1st & Ref. Mtge. Sinking
Fund 53% Gold bonds, Series "C," due 1955.
Dated Feb. 1 1921; due Feb. 11955. Red. on any int. date at 100 and
int. plus a premium of 1-10 of 1% for each year or fraction of year of unexired term. Int. payable F. & A. in San Francisco, Chicago and New
York. Denom. $1,000 and $500 c*. Mercantile Trust Co. of Calif.,
San Francisco, trustee. Company agrees to pay int, without deduction
to the extent of not exceeding 2% of such int, for any normal Federal income tax which It may lawfully pay at the source.
Issuance.-Autborized by California Railroad Commission.
Company.-Owns and operates a comprehensive system for the generation, transmission and distribution of electricity for power and lighting
purposes, serving without competition 44 communities in Oregon and
northern California, including Medford, Grants Pass, Roseburg and Klamath Falls, Ore., and Dunsmuir and Yreka, Calif. Company also furnishes the domestic water supply for Klamath Falls, Roseburg and Dunsmuir. Population directly served estimated to exceed 84,000.
The south end of the company's transmission system is connected with
the system of the Pacific Gas & Electric Co. at Delta, Calif., and at the
north end with the system of the Mountain States Power Co. at Springfield, Ore. The company wholesales electrical energy to both of these
companies under mutually favorable contracts.
Purpose.-Proceeds will be used to retire underlying bonds and to reimburse the treasury for capital expenditures recently made and soon to be
made. Company has published a notice to the effect that on May 1 1925
It will redeem its present outstanding 7% debentures, due 1944, amounting
to $1,482,000.
MAR. 14 1925.]
TH
CHRONICLE
Capitalization Upon Completion of Present Financing.
$4.441,100
Common stock
x3,787.879
Preferred stock, 7% Cumulative
590.000
Underlying bonds (closed mortgage)
1,924.000
1st & Ref. Mtge. Skg. Fund bonds-Series A. 730, 1941
4,500.000
Series B,6%, 1942
2,000.000
Series O.5,%. 1955 (this issue)
x Includes $241,279 not fully paid.
1924.
1925.
Earnings Years Ended Jan. 31$1,725,234 $1.393,077
Gross earnings
711.425
609.308
Oper. exp., incl. maintenance and taxes
Net earns, available for int., deprec., divs., &c_ _ _$1,013.809 $783,769
Annual interest requirements on $9,014,000 M. bds- 553.800
Contract.-The entire output of the new 40.000 h.p. plant. Copco No. 2,
which is expected to be completed in June 1925, has been sold to the Pacific
Gas & Electric Co. under a 25-year contract. It is conservatively estimated by the company that this contract will increase net earnings by $400,000 per annum when this plant is in full operation and that net earnings
will be about 2 2-3 times the interest on the present mortgage debt, including this issue.-V. 120, p. 1201.
Carbondale (Pa.) Gas Co.-Merger.
See Jersey Central Power & Light Corp. below.-V.82, p. 694.
Carolina Power & Light Co.-New Director.Charles M. Clark has been elected a director, succeeding R. H. Smith.
-V. 120, P. 954.
Central Hudson Gas & Electric Co.-Acquisition.The company applied to the New York P S. Commission for authority
to acquire control of the Citizens' RR., Light & Power Co. of Beacon, the
Fishkill Electric By.. and the Southern Dutchess Gas & Electric Co. of
Beacon. It is proposed to merge the street railway properties into 'the
Fisnkill company and the gas and electric companies into the Central
Hudson company.-V. 120. p. 328.
1325
understood that he succeeded in getting 43,000 shares, which he turned
over to the Continental Gas & Electric Co., which now holds it.-V.120.
p. 955, 209.
Commonwealth Power Corp.-Bonds Called-Tenders.-
Certain of the outstanding 1st & Ref. (now 1st) Mtge. 5% bonds of the
Evansville Gas & Electric Light Co., due June 1 1932. aggregating $15,000,
have been called for payment June 1 at 105 and int, at the Continental
& Commercial Trust & Savings Bank, Chicago, Ill.
The First Trust & Savings Bank, Chicago,
will until March 23
receive bids for the sale to it of 1st Mtge. 25-Year
Ill.,
5% bonds of the Grand
Rapids Muskegon Power Co., due March 1 1931, to an amount sufficient
to exhaust $33,858, at a price not exceeding 104 and int.-V. 120. p. 701.
Connecticut Co.-New President, &c.
John K. Punderford has been elected President to succeed Lucius S.
Storrs, who has resigned to become managing director of the electric railway
industry. Walter J. Flickinger, formerly Assistant to the President, has
been elected Vice-President. Mr. Punderford's title will be President &
General Manager.-V. 119. p. 1952.
Consolidated Gas Co. of N. J.-Merger.
See Jersey Central Power & Light Corp. below.-V.119. p. 2528.
County Gas Co. (Dallas), Texas.-Tenders.The American Trust Co., trustee. 135 Broadway, N. Y. City, will until
March 25 receive bids for the sale to it of 1st Mtge. 6% gold bonds, due
1941 (first series), to an amount sufficient to exhaust $4,847 at prices not
to exceed 105. See offering of bonds in V. 116, p. 1654.
Dallas (Texas) Gas Co.-Tenders.The American Trust Co., trustee, 136 Broadway, N. Y. City, will until
March 25 receive bids for the sale to It of 1st Mtge. 6% gold bonds, due
1941 (second series) to an amount sufficient to exhaust $14,734, at prices
not to exceed 10734.-V. 119, p. 1399.
Detroit United Ry.-Receivership.-
Security Trust Co. Detroit, and Joseph W. Simard on March 10 were
appointed receivers of the company on the petition of Yellow Coach ManuCentral Jersey Power & Light Co.-Merger.
facturing Co. The receivers have been directed by the Court to make all
See Jersey Central Power & Light Corp. below.-V.119, p. 2528.
payments of interest on any bonds or sinking fund under any mortgage,
according to a statement issued to stockholders by A. E. Peters, Secretary
Charleston (W. Va.) Interurban RR.-Tenders.of
the company. The statement says in part:
The Safe Deposit & Trust Co., trustee,_ Baltimore. Md., will until
"You will have learned from the report for 1924 that the current financial
March 18 receive bids for the sale to it of 15-Year 7% bonds, due March 1 position of the company was very unsatisfactory and that some further
1937, to an amount sufficient to exhaust $12,500 at a price not exceeding financing
would be required to be done in order to reimburse the treasury
102 and interest.-V. 118, p. 2571.
for necessary expenditures made.
"The situation affecting the company has grown worse and its revenue,
Chicago South Bend & Northern Indiana Ry.-Fares. particularly
passenger traffic, has been and is much less than was
The Indiana P. S. Commission has authorized the company to charge anticipated. from
While some important economies In operation expenses have
a 7-cent cash fare with 4 tickets for 25 cents.-V. 118, p. 663.
already been effected they do not yet offset the decrease in revenue and the
net results are far from expectations.
Cincinnati Gas Transportation Co.-Tenders."It has been found impossible to effect certain temporal"' financing
The Provident Savings Bank & Trust
rustee, Cincinnati, Ohio. which it was hoped could have been arranged, pending further financing of
will until March 17 receive bids for the saleCo..It
to of 59' bonds, dated July 1 a more permanent character and the directors have decided that it was in
1908. to an amount sufficient to exhaust $99,164.-V. 120, p. 328.
the best interest of the shareholders to let the Court take custody of the
property assets and business for the preservation thereof and protection of
Cities Service Co.-Guaranty.interests of shareholders, creditors and all concerned until it was possible to
Bee Cities Service Tank Line Co. under "Industrials" below.-V. 120, submit to the shareholders a plan under which the necessary funds might
p. 955, 828.
be obtained to place the company in such a financial position that complete
control of their property can be resumed by them.
City Gas Light Co.-Merger.
"The directors have under consideration a plan having this object In view
See Jersey Central Power & Light Corp. below.
and will submit It for consideration of shareholders as soon as possible.
"It may be added that it is not to be inferred that the placing of property
Cleveland & Eastern Traction Co.-Abandonment.
in custody of Court indicates or contemplates any default in regular payment
Operation of the Gates Mill line will cease. Authority has been granted of interest on any bonds or of sinking fund under any mortgage and the
by the Ohio P. U. Commission to discontinue service, but the company receivers have been directed by the Court to make all such payments."
had postponed the date for abandonment hoping to find a way to make
President Stevenson Dies.the line pay.-V. 119. p. 1394.
ICIliat G. Stevenson, President of the company, died March 8.
Coast Gas Co.(N. J.).-Merger.
Consolidated Income Account for Calendar Years.
See Jersey Central Power & Light Corp. below.
The: Detroit] City Lines were sold to the city May 14 1922, and the
earnings after that date are exclusive of the City Lines.]
Columbia Gas & Electric Co.-Listing-Acquisition, &c.
Calendar Years1924.
1923.
1922.
1921.
The New York Stock Exchange has authorized the listing of $9.169.000 Total gross earnings__ $8.360.036 $8.863.600 313.184.771 523.329,06$
additional Cumul. 7% Pref. stock, Series "A," par $100, on official notice Operating expenses
7,243.271 10.098.489 19.428.779
7.275.797
of issuance and payment in full, making the total amount listed and applied
for $24,159,000 (uathorized, $25.000.000).
Net earnings
$1,084,239 $1,620.329 $3,086.282 $3.900.289
The $9,159.000 Pref. stock, Series "A" will be issued in part payment Other income
692.924
873,583
1.064.574
716,224
for the entire outstanding 30,530 shares of the Common stock (par $100
per share) of Dayton Power & Light Co. (or if all said shares cannot be
Gross incl.less op.exp. $1,777,163 $2,493,911 54,150.856 $4,616.513
acquired, a lesser amount not less than 16.792 shares, in which case the Deduct-Taxes
592.056
573,665
777.000
1.200,006
number of shares of Pref. stock, Series 'A, to be issued in acquisition
Int. on fd.& float. dt- x1,033,723
1.056.600
1,445,981
2,151.062
thereof will be proportionately reduced). The consideration for each
Contingent reserve..
260.000
250,000
share of Common stock of Dayton conwany so acquired will be three shares
Federal taxes
126.188
150.000
of Cumul. 7% Pref. stock. Series "A. and the sum of $125 in cash, with
Cash dividends
(3%)460,750 (6)921.356(134)230.276 (2)300,000
an adjustment for dividends. The shares of stock of Dayton Power &
Stock dividend
(234)375,000
Light Co. so to be acquired will be acquired directly from the owners of the
stock, to whom the shares of Pref. stock, Series "A," will be issued pro
Balance, surplus__ _defS309,367 def$57,710 $1,321.411
$190.445
rata.
x After deducting $702,710, being proportion of interest received with
respect to balance owing by City of Detroit credited upon the books of
Consolidated Balance Sheet Dec. 31.
the company to interest on funded debt.
[Co. and sub. cos. controlled by practically 100% stock ownership.]
The surplus account for 1924 shows: Balance at Jan. 1 1924, as adjusted
1924.
1923.1924.
1923.
after giving effect to adjustment resulting from compromise agreement
Assets5
$
Liabdieles3
$
with
City of Detroit Dept. of Street Railways for rent of track and faciliProperty acct._ x94,542,037 72,071,110 Common stock -y50.000,000 50,000,000 ties, &c.,
applicable to prior years (net) and accounts receivable written
Guar.funds dep.
7% Pref. stock 14,805,000
off, less adjustment of terminal charges in City of Toledo applicable to
with trustees:
Un. G.& E. Pref 5,000,000
prior years, $4,247,779: discount on securities retired, $150,788; total,
Cash
9,063
9,062 H.D.& G.Pref.
5.600
34,398.567. Less deficit for year (as above), $309,367; discount and exUnited Kingd.
do Common
34,900
penses on securities sold, $905,385: premium on bonds retired, $246,000:
534% notes
97,906
97,906 Dayt.G.Co.Pt.
4,700
expenses in connection with 10-year operating agreement on Wyandotte
State & nun.
O. G.& E.Pref.
division, $19,159, leaving a profit and loss surplus surplus at Dec. 31 1924
secure, nonstock
352.900
404,700
tax in Ohio_ 2,073,080 2,073,080 First Mtge.5s 11,104,500 11,197,500 of 52,918,657.-V. 119, p. 2760.
U. S. secure__ 1,823,078 1,823,078 5% Gold debs
2,588,640 2,591,368
Duluth-Superior Traction Co.-Pays Accrued Dividend.
Empl,stk. acct.
834,150
203,358 Per, mon. notes
276,000 2,040.000
The directors have declared a dividend of 2% on the outstanding $1,Sink. fd. assets87,317
69,905 °Al& E.1st 65_ 1,238,600 1,226,400 500,000 Preferred stock, par $100. payable April 1 to holders of record
Cent. Un. Trust
do 6% debs.
196,500
200,000 March 16. The dividend represents 1% for the last quarter of 1924 and
Co. aect
173,721
D.Gas Co 1st 5s 1,314,000
1% for the first quarter of the current year. Compare V. 119. p. 2760.)
Pref.stk.subscr. 616,150
G. 1st 6s 3,391,000
-V.120, p. 1202.
securities
Other
Hunt. Gas notes
39,389
6,541,991
owned
Eastern N. Y. Utilities Corp., Rensselaer, N. Y.
1,981.939 Notes payable__ 1,630,000 1,650,000
2,558,466
Cash
881,190 Acet's payable__ 1,585,146 1,346,543
Balance Sheet December 31.
Accounts Teo__ _ 4,290,055 3,750,771 Accr. taxes, &c_ 1,521,675 1,357,067
1924.
1924.
1923.
1923.
Mat'ls & suppL 1,687,065 1,424,196 Accr. rentals...
555,645
638,486
Assets$
$
Int.& dive. accr.
Def'd liabilities_
694,096
442,882 Total prop.invest_ 5,189.976
5,036,354 Prior Pref.stock.... 285,000
589,525
on sees. owned
488,759
Reseros foeReal estate invest.
46,653
46,653 Preferred stock-- 2,029,000 2,029,000
675,087
Deferred assets616,997 Accr. accounts_
25,382
29,450 Cash
140,257
69,330 Common stock... 1,375,000 1,375,000
To amortize Icy.
receivable
156,182
159.064 let M.5% bonds. 1,261,000 1,297,000
betterments__
197,222
186,111 Accts.
Materials & supp- 105,065
124,507 Notes payable.,
77,244
Net curr. assets
ass'ts
8,852
3,252 Accounts paya136. 154,085
146.010
leased
336,731
336.731 Other current
accounts_
8,559
5,684 Consumers'depos.
23,575
19,918
Depr.& contlng. 11,375,492 6,018,011 Prepaid
debt,
Int.on fund.debt.
24,117
24,367
Tot. (ea. side)_116,598,689 85.491,351 Surplus
8.325,569 5,736,101 Unamortiz.
diset. & expense
13,956
19,463'Other curr't Habil_
5,107
22,569
x Property account, comprising gas fields, plants, franchises, leases and Suspense accounts
3,764
2,236 Reserve accounts_ 143,122
134,815
stock owned of subsidiary companies.
Deferred liabilities
63,721
8,298
Note.-Thore is a contingent liability due to the guaranty by Columbia
Surplus
294,361
347,498
Gas & Electric Co. of the principal and interest payments on $1.621.000
1st Mtge.5% bonds of Cincinnati Gas Transportation Co. due July 1 1933.
Total
5,673,265 5,466,543
Total
5,473,265 5,466,543
These bonds will be retired before maturity by operation of the sinking fund.
The usual comparative income account was given in V. 120, p. 702.
There is also a contingent liability due to the guaranty by Columbia Gas
& Electric Co. of the principal and interest of $163.556 of the trustees notes
Eastern Telephone & Telegraph Co.-Annual Report.under the stock purchase plan for employees of Columbia Gas & Electric Co.
Calendar Years1924.
and its subsidiary companies. These notes are secured by pledge of Colum- Total
operating revenue
$122,389
5118.514
bia Gas & Electric Co. Common stock, being purchased by subscribers to Expense
operation
60,397
58.665
are
being
plan,
and
paid
off
as
said
weekly
and
monthly payments are Maintenance
the
12,851
15,599
withheld from the salaries of the purchasers.-V.120, o. 1201. 1088.
Depreciation
18,488
17,172
6,045
5.447
Columbus Railway, Power & Light Co.-Bankers Ac- Taxes
quire 11,000 Shares at $130 per Share.-
Reilly, Brock & Co., N. M. Seabrease & Co., Sanderson & Porter and
Chase Securities Co. have purchased a substantial interest in the Common
stock, said to be 11,000 shares, for $130 flat cash. This stock was held
by Philadelphia interests, and the deal was consummated through Barer &
Ullrich, of Philadelphia.
Cyrus S. Eaton, Cleveland, Ohio, some time ago made a bid of $115 for
up to 46,000shares out of about 60,000 shares of the Common stock. It is
Net operating revenue
Other income
$24,608
63
$21,661
Total net income
Bond interest
$24,672
6,425
$21,959
6,425
$18,247
$15,534
Net after interest
-V. 120, p. 210.
298
1326
[VOL. 120.
THE CHRONICLE
Eastern Massachusetts Street Ry.-Div. on Adj. Stock.
or maturity thereof. interest to accrue thereon, prices at which the same are
to be redeemable, if any,sinking fund, if any, and all other terms and provisions respecting said bonds; and particularly to authorize the directors
to create a series of bonds, to be issued under said agreement, aggregating
86,000.000, to be known as 30-Year 634% Sinking Fund Collateral Trust
Electric Bond & Share Securities Corp.-Initial Div.- Gold bonds, Series "A," to be dated as of Feb. 2 1925, to mature Feb. 1
The directors have declared an initial dividend of 25 cents per share on 1955, and to contain such other terms and provisions as may be approved at
the capital stock, payable April 15 to holders of record March 20.-V. 120. said meeting.
p. 702, 453.
(4) To authorize and approve the purchase directly or Indirectly of all
or substantially all of the outstanding capital stock of:Electric Power Corp. (Elektrowerke Aktiengesell- Monmouth Ltg. Co.(V. 120. p. 86), Logan
Valley Bus Co..
Scranton Ry. V. 119. p. 1734).
schaft), Germany.-New Financing.Carbondale Gas Co., (V. 82, p.
Bus Co.,
Shore Lighting Co.(V. 92, p. 1640).
Harris. Forbes & Co. are heading a syndicate which has completed Scranton
& Logan Valley Elec. By. Florida Power Co.,
negotiations for the purchase of $5.000,000 1st Mtge. 634% Gold bonds, Altoona
(V. 118, p. 1134),
due 1950. of the Electric Power Corp. of Germany (Elektrowerke
Aktiengesellschaft). This company is the largest producer of electric power in and the price, commissions, terms and provisions of and pertaining to such
Europe and ranks with the largest producers of electrical energy in the purchase.
(5) To authorize and approve the merger and consolidation of any or all
United States. It has installed capacity of 312,000 k.w, and an output
of the following companies, all or substantially all of whose capital stock
In 1923 of 1,293,097,000 k.w.h.
The entire capital stock is owned by the Vies, one of the most extensive is owned or to be acquired, and the retirement of certain indebtedness of
commercial enterprises in Germany, which is in turn controlled by the certain of the companies and the creation of a mortgage having a direct or
collateral lien upon all or any of the properties of the companies and the
German Government through ownership of its entire capital stock.
Issuance of bonds thereunder in such principal amount and on such terms
Electric Power & Light Corp. (Me.).-Organized to and conditions and of such kind and character as the directors may approve,
also the issuance by the corporation resulting from such merger and
Acquire Assets of Utah Securities Corp. and Securities of and
consolidation of Cumulative 7% Preferred stock and of shares of Common
stock without par value in such amounts and number as the directors may
Other Companies.Bee Utah Securities Corp. below.
Central
PC I) •Jersey Power & Light Co. Lakewood & Coast Electric Co..
(V. 119. p. 2528),
Lakewood Gas Co., (V. 76. p. 50)•
Empire Gas & Fuel Co.-Tenders.City
Gas Light Co..
Monmouth Ltg. Co.(V. 120, p. 86).
The Bankers Trust Co., trustee, 16 Wall St., N. Y. City, will until
Gas Co..
Shore Gas Co.,
March 27 receive bids for the sale to it of 1st Mtge. & Collat. Trust S. F. Coast
Gas Co. of New Jersey Shore Lighting Co.(V. 92, p. 1640).
gold bonds, dated May 1 1916. to an amount sufficient to exhaust Consolidated
(V. 119, p.2528).
Toms River Electric Co.,
$850.000. at a price not exceeding 104 and int.-V. 119. p. 2877.
Jersey Central Power & Light Co..
Tr -County Electric Co.
Federal Light & Traction Co.-To Split Up Common and the transfer from the corporation of the stock and bonds of Lakewood
Water Co. to the company resulting from the merger and consolidation.
Shares and Change Par Value of Preferred Shares.(6) To authorize and approve the call and redemption of the First Lien
The stockholders will vote April 28 on splitting up the Common stock 634% Sinking Fund Gold bonds. Series "A." and Series "B." 10-Year 7%
on the basis of five shares of new stock for one of the present no par Com- Convertible Debenture Gold bonds, 634% Gold Notes dated Mar. 11924,
mon. The par value of the new stock, it is planned, will be fixed at $15 634% Secured Gold Notes dated June 1 1924, and $961,500 5% Collateral
a share. The stockholders will also be asked to cancel the authorized issue note dated June 1 1924.
of $10.000.000 8% 1st Pref. stock (none outstanding), and to authorize an
(7) To authorize and approve the sale by the corporation of its proposed
Issue of 155,000 shares of no par value Pref. stock. The company has about 86,000,000 30-Year 634% Sinking Fund Collateral Trust Gold bonds,
$3,900,000 6% Cumul. Pre1 stock outstanding, of a total authorized issue Series "A," and of such bonds and such Preferred stock resulting from the
of $5,500,000.
merger and consolidation as the corporation may receive in connection with
New no par value Prof. stock will be issued in exchange for the present such merger and consolidation and the retirement of the debt of the several
6%_ Pref., share for share.
constituent companies above named and the prices to be received for such
The company has notified the New York Stock Exchange that holders securities and the contracts respecting the same, and to approve also the
of the 6% Pref. stock of record March 14 will be given the right to subscribe offering to stockholders for subscription of shares of said Class"A"Common
on or before April 1 at $100 a share for additional 6% Prof. stock to the stock in addition to those proposed to be issued to holders of the existing
extent of 75-10,000 share of stock for each share held. The Committee on Common stock and the sale by the corporation of such shares of Class "A"
Securities of the Exchange ruled that transactions in the 6% Pref. shall be Common stock so offered as the stockholders themselves do not subscribe,
quoted ex-rights on March 13.
and to authorize the issue of warrants for Class "A" Common stock.
The Irving Bank-Columbia Trust Co.. trustee. 60 Broadway, N. Y.
President A. E. Fitkin in a letter to the stockholders dated
City, will until April 6 receive bids for the sale to it of 1st Lien S. F. gold
bonds. due March 1 1942, to an amount sufficient to exhaust $74,332. March 7 says:
-V. 120, p. 1088.
After many months of thorough investigation and examination, negotiations were entered into which have resulted in the company making a conFlorida Power Co.-Merger.tract for the purchase of the Monmouth Lighting Co.,serving South Amboy,
See Jersey Central Power Sr Light Corp. below.
Freehold. Keyport, and considerable adjacent territory in New Jersey, and
the Shore Lighting Co., serving Red Bank, N. J., which properties adjoin
Florida Public Service Co.-Acquisition.your present subsidiary companies and will be immediately connected by
Tills company, a subsidiary of the General Gas & Electric Corp., has high-tension transmission lines. The contract
also includes the acquisition
acquired the electric and water systems of the Apopka Water & Light Co. of the Scranton Ry., Altoona & Logan Valley Electric
By,(which company
and the electrical distribution in the town of Occee,Fla.-V. 119, p.699.
owns substantially all of the outstanding stock of the Home Electric Light
& Steam Heating Co.), Scranton Bus Co., Logan Valley Bus Co. and CarGeorgia Ry. & Electric Co.-Bond Application.bondale Gas Co., all located in Pennsylvania and serving important cities of
The company has applied to the Georgia P. S. Commission for authority substantial size.
to issue $5J9.000 in Ref. & Impt. Mtge. bonds, the proceeds to be used
A contract has also been made for the purchase of Florida Power Co.. an
to reimburse the treasury for capital additions and extensions made during Important hydro-electric company in Florida. which will be immediately
the 6-month period from July 1 to Dec. 31 1924.
connected by high-tension transmission lines with the Pinellas County Power
The Atlanta Gas Light Co. makes an identical request for the issuance of Co.. a subsidiary of the Tide Water Power Co., and which will result to the
bonds in amount of $161,000. Hearing on both petitions has been set great advantage of both companies in operations and permit a profitable
for March 25.-V. 119, p. 2760.
expansion of their activities.
The acquisition of these properties will greatly expand the operations of
Great Western Power Co.-Tenders.
the company and through transmission line connections and consolidated
The Bankers Trust Co., trustee, 10 Wall St., N. Y. City, will until operations permit important economies. The expansion in the company's
April 8 receive bids for the sale to it of let & Ref. Mtge, Sinldng Fund operations, together with the savings effected as described, will result In
Gold bonds, series "A," "B" and "C" to an amount sufficient to exhaust greatly increased gross and net earnings, thereby substantially strengthen$100,629 at not exceeding the following.prices and accrued interest: Series ing the position of the company's securities and creating a wider and more
'A,'103; series "B. 110, and series c, 106.-V. 120,p, 956.
active market in them.
It is proposed to change the name of your corporation to National Public
Hornell (N. Y.) Traction Co.-Abandonment.
Service Corp., to more properly reflect the wider scope of the company's
The New York P. S. Commission recently granted to the company per- operations.
mission to abandon the North Hornell line, extending to Hornellsville, a
The purchase of the properties described makes possible the merger and
distance of 1.12 miles. The approval is on condition that the company consolidation of the public utility properties owned in the State of New
remove all its structures from any streets in the city of Hornell on which the Jersey into one company to be known as Jersey Central Power & Light Co.,
line is operated and restore the streets to good condition.-"Electric Ry. all of which Common stock the company will own. The merged company
Journal"-V. 119, p. 2179.
proposes to sell $11,500,000 1st Mtge. & Ref. 20-Year 534% Gold bonds,
Series "A," and $4,000,000 7% Preferred stock, the proceeds of which will
Illinois Bell Telephone Co.-Granted Injunction.retire existing indebtedness including over $6,000,000 of short-term notes
This company and the Illinois Telephone Co. have been granted inter- which mature within two years, and in part furnish funds for the purchase
locutor), injunctions by the U. S. Court at Springfield. Ill., restraining the of properties to be acquired. This financing will be on a most favorable
Illinois Commerce Commission from interfering with rate increases at Alton, basis for the company and result in savings in interest and other charges.
Woodriver and Jacksonville. Ill. Hearing for permanent injunction will
The company also proposes to issue and sell 56,000,090 30-Year 634%
probably be held within a month, it is said.-V. 120, p. 1089.
Sinking Fund Collateral Trust Gold bonds, Series "A. the proceeds of
which will furnish the additional funds to complete the purchase of the comIllinois Power & Light Corp.-Acquisitions.-panies it is proposed will be acquired.
The Illinois Commerce Commission has authorized the corporation to
As the result of the consummation of these plans, the company will be
acquire all of the outstanding stock of the St. Louis Troy & Eastern RR., financed on a sound and permanent basis and in such manner that It will
a 26-mile steam line, and the St. Louis & Illinois Belt Ry. for, it is stated, be able at all times to issue and sell its securities on a favorable basis and
$2,030,000, of which $1,700,000 will be paid in cash.-V. 119, p. 2761.
from time to time acquire other properties offering possibilities for growth
and development in future operations.-V.120. p. 1203.
The trustees have declared a semi-annual dividend of 2340/ on the
Adjustment stock, payable April 1 to holders of record March 15. (See
V. 119. p. 1171.)-V. 120, P. 1202.
NO•
60/
Indiana Service Corp.-New Directors.-
Samuel Insull, Charles W. Chase and Samuel Insull Jr. have been
elected directors, succeeding Henry Sanderson, former Chairman of the
Board; Frank M. Tait, of New York, and Percy M. Chandler, of Philadelphia. Mr. Insull becomes Chairman and Robert M. Foustel will
remain President.-V. 120. p. 1089.
Interborough Rapid Transit Co.-Div. Rental.See Manhattan (Elevated) Ry. below.-V.120. p. 1202, 582,
Jersey Central Power & Light Corp.-To Change Name
to National Public Service Corp.-To Increase and Classify
Common Stock-New Mortgage, of Which Authorized Amount
Limited to $500,000,000, Proposed-Merger of Controlled
Companies-New Financing Proposed.-The stockholders
will vote Mar. 17 on the following:
Kentucky Hydro-Electric Co.-To Increase Stock.The stockholders will vote March 31 on increasing the authorized Preferred
stock from $5,000,000 to $10.000,000 and the authorized Common stock
from 50,000 no par shares to 100,000 shares.-V.120,)2. 703.
Lakewood (N. J.) Coast Electric Co.-Merger.See Jersey Central Power & Light Corp. above.
Lakewood (N. J.) Gas Co.-Merger.
See Jersey Central Power & Light Corp. above.-V.76. p. 50.
Laurentide Power Co., Ltd.-Annual Report.Calendar YearsRevenue
Miscellaneous revenue
1924.
1021.
1923.
1922.
$1,478,087 $1,411,180 $1.333,642 $1,228,186
2,775
6,642
15,388
9.375
Total revenue
$1,480.862 $1,417,822 $1.349.030 $1,237,561
Expenses
242,585
247,637
199,367
200,541
Interest
475,380
474,857
474,400
425.735
Corporation.
To change the name to National Public Service
Exchange on bond int
3,994
8,393
4,457
40,544
2) To increase the authorized number of shares of Common stock from
22r,000 shares without par value to 1,000.000 shares of Common stock
Balance
$758,903
$687.035
$570,741
$670,806
without par value, to consist of 500.000 shares of Class A Common stock Adjustments
al27.458
and 500,000 shares of Class B Common stock; to provide for the issuance of Sinking fund
89.340
89,340
85.000
89,200
2 shares of Class B Common stock and 34 share of said Class A Common Income tax
65.000
64.000
27.655
stock in exchange for each share of the existing Common stock.
Dividends
525.000
420,000
525,000
525,000
Trust
Gold
Collateral
issue
of
an
create
a
consist
of
To
bonded
debt
to
(3)
Sale of Victory bonds
4.868
bonds limited to an aggregate principal amount of not exceeding $500,000,- Reserve fire Insurance_
20,000
000 at any one time outstanding; to prescribe the manner in which and the
the
interindebtedness,
with
terms upon which the payment of such bonded
Balance, surplus
$13.318
$79,563 def$118,763
$56,606
est to accrue thereon, shall be secured; to sanction and vote in favor of se- Previous balance
3,343
10.474
69,238 adj.12,632
curing such bonded indebtedness by lien on any or all of the properties or From contingent fund
Dr.60,000
Cr.60,000
bonds
or
franchises of the corporation, including any or all shares of stock,
other securities of any other corporation at any time owned or held by the
Profit & loss, balance_
$16,661
$30,038
$10,474
$69.238
corporation; to approve the form, terms and provisions of the agreement
a Settlement of income
1918-1922, $107,198; settlement water
under and pursuant to which such Collateral Trust Gold bonds shall be rentals, 1918-1922, $20.259;taxes.
total, $127,458.-V. 120. p. 703, 582.
Issued; and to authorize the board of directors of the corporation from time
Louisville (Ky.) Gas & Electric Co.-Sub. Co. Erpan.
to time, without further action of the stockholders, to cause the issuance
of such Collateral Trust Gold bonds in such amounts and in such series,
Thirty-five acres of land have been purchased by the Louisville Hydroone or more, as they may fix and as may be permitted by said agreement, Electric Co., a subsidiary, in Shippingport, a section of Louisville, as a
and to prescribe the terms of each such series, including date of payment site for the proposed new hydro-electric station at the falls of thelOhlo
MAR. 14 1925.]
THE CHRONICLE
River. In addition to the land purchased, an option was taken on about
75 acres of adjoining ground. Development of electric power at the
falls of the Ohio depends on construction of a new dam by the Government,
to improve navigation.-V. 119, p. 1742.
Manhattan Railway.-Dividend Rental Installment.-
The directors of the Interborough Rapid Transit Co. have declared a
quarterly installment of rental of $1 25 a share on the Guaranteed stock of
the Manhattan Railway,Co.. payable Apr. 1 to holders of record Mar. 20.
The last installment of El 25 was paid on Nov. 1 1924. Payment of the
installment due on Jan. 1 1925, was deferred.-V.119, p. 2762.
Marconi's Wireless Telegraph Co., Ltd.-Offers 500,000
Additional Ordinary Shares to Shareholders-Operations.The directors have decided to issue 500,000 of the unissued Ordinary
shares of El each and offers these shares at 27s. 6d. per share in the proportion as nearly as may be of one new share for every six shares held
(whether Preference or Ordinary) to shareholders of record Feb. 24. This
issue has been underwritten by J. & A. acrimgeour. London. Eng.
Payment for the new stock may be made as follows: 5s. (which includes
35. premium), on application: 125. 6d. (which includes 45. 6d. premium)
on April 27, and 10s. on May 25. Payment in full may be made on acceptance. The share certificates will be ready for delivery on April 14.
Secretary A. Ogle, Feb. 17, Says 111 part:
Agreements have been arrived at with the British Government and
with the Governments of India. Australia, Canada and South Africa for
the installation and operation of the beam system of wireless telegraphy.
The agreement with the British Government provides for the erection
of beam stations by the company for communication with Canada. South
Africa, Australia and India and the payment by the Government to the
company of a royalty of 611% on the gross wireless receipts from the
services. The sites for the stations in England to communicate with
Canada and South Africa have been selected near Bodmin and Bridgwater
and the work of erection will commence at the end of this month. The
General Post Office is now engaged, in consultation with the company's
representatives. in securing suitable sites for the stations to communicate
with India and Australia. As soon as these sites are handed over to us
we shall proceed with all speed to build the stations.
The position in the Dominions and India is as follows: The company,
is erecting for the Canadian Marconia Co. two stations, one for communication with Great Britain and the other for communication with
Australia. These stations are situated between Montreal and Quebec.
The station for communication with England is already nearing completion. The station for communication with Australia will be commenced as soon as the site for the corresponding station in Australia has
been chosen. In South Africa the station is being built near Cape Town.
In Australia an agreement has been entered into with Amalgamated Wireless
(Australasia), Ltd.. for the construction of two beam stations for communication with the United Kingdom and Canada. We understand it
is only a matter of a few weeks before the sites will be handed over to the
company and the work of erection commenced. In India the Government
has arrived at an agreement with an Indian company for the rection of a
bean station. Here again it should only be a matter of a few weeks before
the sites have been chosen and your company is in a position to commence
The scheme of an empire chain of wireless stations which has been discussed for so many years without anything practical having been accomplished is now within sight of early completion. The strategical, commercial and political advantages to the empire of such a system can hardly
be over-rated, whilst the earning power of the stations should have a
favorable effect on the financial position of this company.
In addition to the program of empire stations the company has applied
to the Post Office for a general license to erect and work stations in this
country for communication with the Continent of Europe and foreign
countries outside Europe. Negotiations iti regard to this license had
reached an advanced stage when the general election took place in November last. The change of Government has unavoidably delayed a
decision. We have, however, now received from the Post Office the
terms of a license to the company for the conduct of such services. These
terms are now being discussed with the Post Office. If, as the directors
hope, they are successful in obtaining conditions which make it possible
to work the services profitably the company will at last have achieved
what for many years has been its main objective-the establishment of a
world-wide network of wireless telegraph services.
In connection witn the exclusive concession which was obtained from
the Portuguese Government for the provision of wireless telegraph services,
the company has now proposed to the Portuguese Government to proceed
immediately with the erection of these stations on the beam system, thus
placing Portugal in direct wireless communication with her colonies, the
United Kingdom, South America, and other parts of the world.
The general business of the company continues to show a satisfactory
growth. In addition to this the prospect now before the company of a
great increase in its empire and foreign telegraph services should have a
beneficial effect upon its future profits.
The Marconiphone business which showed a heavy loss in 1923, is now
being carried on at a substantial profit.
In regard to last year's trading, although the final accounts are not yet
ready, the directors are in a position to say that the profit for last year
will be materially in excess of the profit for the preceding year.
In dealing with the 1923 accounts the directors adopted the policy of
writing down certain assets to their then ascertainable value. This they
did by appropriating the necessary amount from the general reserve
account. It may be necessary to make further provision in this connection but the directors are satisfied that the making of such further
provision will not reduce the general reserve account below E1,250,000.
in addition to which there is a balance of over £400,000 on profit and
loss account brought forward from 1923.
In reference to the company's claim against the Post Office for services
rendered to that Department during the war, the directors are glad to
say that the Post Office have TIONIT pidd the outstanding amount of £127,609.
_Another question to which frequent reference has 13een made is that of
the company's claims against the War Office, the Admiralty and the Air
Force for the continued use made by these Departments of the company's
patents. This question has now been referred to the arbitration of Lord
Buckmaster and the first stages of the arbitration are proceeding. These
proceedings must of necessity occupy a considerable time, but it is satisfactory to know that this long-vexed question has at last reached a point
when we can look forward with confidence to receiving a substantial amounts
from the Government, for which credit has not been taken in the accounts.
-V.120. p. 957.
•
1327
The Pref. stock is preferred as to assets and dividends over the other
classes of stock. Divs. payable Q.-J. Callable at any time after June 22
1928 at $120 per share and all unpaid dividends. Dividends free from
normal Federal income tax. Transfer offices: Office of the company,
Peoples Gas Bldg., Chicago, Ill., and Chase National Bank, New York.
Registrars, Illinois Merchants Trust Co.. Chicago, Ill., and Bankers
Trust Co.. New York.
Listing.-Chicago Stock Exchange has authorized the listing of $12.000.000 7% Cumulative Prior Lien stock.
Data from Letter of Samuel Insull, President of the Company.
Company.-Organized in Delaware, owns or controls public utility
companies serving 118 cossmunities in northern Indiana and western Ohio.
with an estimated population of 725.000. The subsidiary companies sold
in the year ended Dec. 31 19246.249,361,000 Cu. ft. of gas and 142,699.000
k. w. h. of electrical energy. The subsidiaries of the company also furnish
local transportation service in and around Gary, Ind. 54% of the gross
revenue of subsidiary companies is derived from the sale of gas, 32% from
the sale of electrical energy, 9% from the furnishing of local transportation
service, and 5% from the sale of water and heat and from other sources.
Except in the case of two subsidiaries, and of directors' qualifying shares.
Midland Utilities Co. owns or controls the entire outstanding Common
stock of all of its subsidiaries; of such two subsidairim, over 95% of the
stock is owned or controlled.
Authorized.
CapitalizationOutstanding.
Prior Lien stock,79' cumul..
(this issue)_ _$20.000,000
$12.000.000
Pref. stock, 7%, Cia.ss "A,' cumul7.516,579
10.000.000
Pref. stock, 7%, Class "B," cumul
10.000.000
2321.285
Common stock (no par value)
400.000 shs.
200.000 shs.
Amount available for dividends over 2 2-3 times dividend requirements
on Prior Lien stock.
Provisions.-Certificate of incorporation provides that additional Prior
Lien stock may not be issued, unless the net earnings (including earnings of
other corporations applicable to stock of such corporations owned or being
acquired) for a 12 months period ending within the 60 days immediately
preceding the issuance of the additional stock, shall have been equal to at
least twice 79' of the par value of the Prior Lien stock at the time outstanding and the additional stock to be issued. Prior lien stock has voting power
In the following cases: (1) On questions involving the selling, leasing or exchanging of all or substantially all of the properties and assets of the corporation. (2) On amending the certificate of incorporation. (3) When
payment of dividends has been in default for a 12 months' period.
Subsidiaries.-The principal public utility subsidiaries are as follows:
(a) Northern Indiana Gas & Electric Co., the largest of the Midland Utilities group.serves 127.499 customers in 37 Indiana communities. Operating
revenue for 1924 was $8,105.950, an increase over 1917 of 156%.
(b) Calumet Gas & Electric Co. serves 62 Indiana communities in a region
adjoining on the east the territory served by the Northern Indiana Gas &
Electric Co.
(c) Calumet Power Co. owns a new high voltage super power line which
connects the electric distribution sustems of the above mentioned companies with the power system of the Commonwealth Edison Co.of Chicago
and the Public Service Co. of Northern Illinois.
(d) Kokomo Gas & Fuel Co. furnishes gas service in Kokomo,Ind.
(e) Public Service Pipe Line Co. operates, under lease, a 10-inch gas line
extending from the city limits of Chicago to Kokomo. Ind., a distance of
127 miles. This pipe line is the backbone of a gas distribution system, now
being worked out, through which gas will be supplied to a large number of
communities from centrally located gas manufacturing plants.
(f) West Ohio Gas Co. is the Ohio member of the Midland Group,serving
Lima and four other cities of western Ohio with gas.
(g) Electric railway properties in the Midland Group include the Gary
Street Railway Co., the Gary & Valparaiso fly., the Gary & Hobart Traction
Co., and the Marion & Bluffton Traction Co.
(h) East Chicago Gas Co. and Berne Electric Light Co. are other utility
subsidiaries.
In addition to the above public utility companies, Midland Utilities Co.
controls Indiana By-Product Gas Co., which operates a 10,000,000 Cu. ft.
gas holder in East Chicago, in which is stored surplus gas purchased from the
steel plants in this territory.
Consolidated Earnings Statement of Subsidiaries for 1924 (Adjusted to Changes
in Their Capital Structure Made During the Year).
1924.
Gross earnings
512.172.589
$101,92
836
3;27
Oper.exp.,incl. taxes & rentals ofleased properties 8.025.516
8,565,550
Net earnings after operating and other charges__ $2,810,761
Profit from sale of securities
$3,607.038
167,044
Total
$3,774,083
Interest, dividends and surplus earnings paid or accruing to
outside holders and amortization of discount on securities__ 1,632,487
Total earnings accruing to Midland Utilities Co
Other income
$2,141,596
491,694
Total
Administration expenses and miscellaneous charges
Appropriated as reserve for contingencies
$2,633,290
232.435
150,000
Available for dividends on Prior Lien stock
52.250.853
Ownership.-The Preferred and Common stocks are mainly held by the
United Gas Improvement Co., the Commonwealth Edison Co., Peoples
Gas Light & Coke Co., the Public Service Co. of Northern Illinois and the
Middle West Utilities Co.
Management.-Company is under the control of men of long experience in
the operation of public utility properties. Samuel Insull, President.
Initial Dividend on Prior Lien Stock.-
An initial quarterly dividend of lu% has been declared on the 7% Prior
Lien stock (see offering above). payable April 6 to holders of record Bilarch
21.-V. 120. p. 1203.
Milwaukee Electric Ry.& Light Co.-New Ordinance.-
The voters will vote April 7 on approving the ordinance containing the
proposed service-at-cost contract to be entered into between the city of
Milwaukee, Wis., and the company. Toe ordinance has been approved by
the Common Council of Milwaukee and if passed upon by the Wisconsin
RR. Commission will go into effect on July 1.
The contract will run for a period of 10 years, witn the privilege of cancelling it at the end of8 years. It will be renewed automatically every 10 years,
with the right reserved to the city to purchase the properties if the people
vote in favor of municipal ownership.
Metropolitan Edison Co. Reading, Pa.-Increase in
Batance Shee!December SI
1924.
1924.
1923.
1923.
Common and Preferred Stock Proposed-To Classify Preferred
AssetsLiabilttiesShares and Increase Authorized Indebtedness of Company.Property & plant.79.152,773 74,557,699 Preferred stock___12,898,196 11,865,600
The stockholders will vote May 5 on increasing the authorized Preferred Treas'y securities_
10,986
134.149 Common stock _ _ _11,250,000 11,250,000
stack (no par value) from 75,000 shares to 375.000 shares and the author- Sundry investmls 1,490,699 1,078,935 Funded debt
47,194,800 46,944,50
Reserve, sinking &
Accounts payable. 661,034
837,272
ized Common stock (no par value) from 300,000 shares to 500.000 shares.
spec, fund assets 329,239
225,857 Mat'd int. on bds
It is proposed to classify the present outstanding 75,000 shares of Cumul.
69,988
813,455
318,200 Deposits
Partic.-Pref. stock, the annual dividend on which is $7 per share, as "Series Cash
98,296
41,222
52,880 Inter-co. accounts 2,991,032
900,333
A" and not to authorize the issuance of any more of this stock; and of the Notes de bills rec._
proposed additional Cumul. Pref. stock which shall be non-participating, Accts.receivable._ 1,819,242 1.428,746 Misc, current liab_ 655,175
209,222
469,008
to classify 150,000 shares, the annual dividend on which will be $7 per share, Inter-co. accounts 3,606,140 4,353,216 Taxes accrued____ 469,008
616,111
as "Series B"; and 150,000 shares, the annual dividend on which will be Material & supp._ 2,788,993 3,311,080 Unmat'd lot. accr_ 628,255
18,670
13,471 Dividends accrued
95,396
89,269
$6 per share, as "Series C." No change in classification of the Common Prepaid accounts.
Open accounts_
585,176
758,823 Misc. Bab. accrued
735
889
stock is proposed.
289,331 Reserves
14,531,254 13,532,462
The stockholders will also vote on approving an increase in the authorized Work in progress
Bond disc. & cap.t3.364.020 13,409,265 Customers'line exindebtedness of the company from $20,000,000 to $50,000,000.
Note disc. & exp.f
1 98,849
ten. donations
President E. L. West, March 4. says in part:
96,643
Open accounts_ - 433,353
961,084
"This increase in the authorized capital stock is made necessary by the
2,212.373 2,089,828
tremendous growth of the company in recent years. This growth constantly Total (each side) 94,020,614 90.030,502 Surplus
A comparative income account was given in V. 120, p. 1203.
requires extensions to lines and additions to plants and other facilities.
These extensions and additions must be financed through the sale of PreMohawk Valley Co.-Dividend Rate Increased.-""11111‘
ferred and Common stocks as well as bonds. All of the present authorized
The directors have declared a dividend of 39' on the stock, payable
Preferred stock and a substantial proportion of the Common stock have
23. Last year the company paid quarterbeen sold and it is necessary to have additional shares authorized and avail- April 1 to holders of record March
able for disposition from time to time in the future as the growth of the ly dividends of 2% each, and on Jan.2 last an extra of 4%.-V• 120.10. 957.
company may require."-V. 118, p. 2833.
Monmouth (N. J.) Lighting Co.-Merger.
See Jersey Central Power & Light Corp. above.-V.120, p. 86.
Midland Utilities Co.-Pref. Stock Offered.-Central
States Securities Corp., New York, and Utility Securities
Co., Chicago, are offering at 983. and div. $12,000,000 7%
Cumulative Preferred stock (par $100).
Montreal Tramways Co.-Listing.-
•
The London Stock Exchange recently granted an official quotation to
$3.266.000 1st & Ref. Mtge. 5% 30-Year Gold bonds, makingIthe total
of said bonds listed $21.351,000.-V. 120, p. 1203. 957.
1328
THE CHRONICLE
(Va.. 120
Minneapolis Gas Light Co.-Offers Preferred Stock.The company is offering customers and employees $1,000,000 of Preferred
stock. This stock may be purchased either in full or on the partial payment
plan.
tis Vice-President Arthur Rand states that expenditures totaling 8600.000
will be made for improvements this year. The company plans to lay from
25 to 30 miles of mains, including several high-pressure mains, and will
make approximately 4,500 additional installations of service.
Calendar Years1921.
1922.
1924.
1923.
Gross income
$3,667,840 $3,640,076 $3,355,332 $3,829,944
Expenses and taxes
2,724.013
2,691,659
2,599,186
2.702,170
Depreciation
154.107
163,286
174,194
180,840
Interest charges, &c
352,853
338,503
349,704
374,422
Sinking fund
•
210,959
9,000
Net income
-V. 120, p. 957.3
8410.399
$424,519
$245,357
$388,012
Municipal Service Co. Phila.-Sub. Cos. Merge.The Fairfax & Loudoun Light
'
& Power Co., operating in northern Virginia, has been merged with the Alexandria Light & Power Co. Both cornpanies are controlled by the Municipal Service Co. The latter acquired
the.Fairfax company in October last.-V.120, p. 331.
National Public Service Corp.-Jersey Central Power &
Light Corp. to Change Name to Above Title-Proposed Mergers
and New Financing.See Jersey Central Power & Light Corp. above.-V. 120, p. 1204.
Niagara Lockport 8r Ontario Power Co.-Bonds Called.
All of the outstanding 1st Mtge. 5% 50-Year gold bonds, due 1954,
have been called for payment May 1 at 110 and int. at the Guaranty Trust
Co., trustee, 140 Broadway, N. Y. City.-V.120, p. 1089.
Northern States Power Co.-Expansion.Vice-Pres. R. F.Pack states that the company proposes to spend $7,000,000 in construction in the Northwest this year as part of its $80,000.000
program announced two years ago.-V. 119. p. 820.
Ohio Bell Telephone Co.-Annual Report.Calendar YearsTelephone operating revenues
Telephone operating expenses
1922.
1924.
1923.
$26,773.788 124.685,134 $22,956.375
19,592,735 18,425,914 16.721,485
Net telephone operating revenue__ $7,181,053 $6.259,220 $6,234,890
$222,000
$251,973
$201,561
17ncollectible operating revenues_ ___
2.129,590
2.219,515 2,177,888
Taxes assignable to operations
Operating income
Net non-operating income
84.739,538 $3,879,773 $3,853,327
216,404
371,241
286,893
Total gross income
Rent and. miscellaneous
Bond interest, &c
Reserves
Miscellaneous appropriations
Employees benefit fund
Preferred dividends
Common dividends
$5,026.432 $4.251,014 $4,069.731
$355,720
8497,192
$428,684
1,203,406
1,461,191
1,296,498
155,197
22,705
142.212
1,975.786
1,975.772
1,975.772
855,000
285,000
Balance for corporate surplus
$237,263
$242,355
$237,425
--Ir. 118. p. 1783.
Oklahoma Gas & Electric Co.-Bonds Sold.-H. M.
Byllesby & Co., Spencer Trask & Co., E. H. Rollins & Sons
and Federal Securities Corp. have sold at 95 and int., to
yield over 5.36%, $23,500,000 1st Mtge. 5% Gold bonds.
Dated Mar.1 1925; due Mar. 11960. Int. payable M.& S.in New York
and Chicago. Red. on any 'no. daso, until and incl. Mar.1 1930, at 105
and int., the premium decreasing 1% each 5 years thereafter, the bonds
being red. on Sept. 1 1949 at 1003,1 and int. Denom., c* 31.000 and $500,
and r* 310.000. 85,000 and $1,000.
Company will agree to pay int. without deduction for the normal Federal
income tax not exceeding 2%,and to refund the Penn.4-mills tax, the Conn.
4-mills tax, the Maryland securities tax not exceeding 43 mills, and the
Mass. Income tax not exceeding 6%. Continental & Commercial Trust
& Savings Bank, Chicago. trustee.
Data From Letter of President J. J. O'Brien, March 10.
Company.-Is the largest electric and gas utility in Oklahoma. Was
incorp. In Oklahoma in 1902. Serves electricity or natural gas to 88
cities and towns, including Oklahoma City, El Reno, Enid, Drumright,
Sapulpa, Muskogee, Shawnee and Ada. Estimated population over
375.000.
Purpose.-Proceeds from the sale of these bonds and other securities will
provide funds to retire the entire present outstanding funded debt of the
company and of its subsidiaries, Southern Oklahoma Power Co., Shawnee
Gas & Electric Co.. and Oklahoma General Power Co., the properties of
which will be transferred to Oklahoma Gas & Electric Co. and subjected to
the direct lien of the new mortgage.
Capitdlization Outstanding (Giving Effect to Present Financing).
First Mortgage 5% Gold bonds,due Mar.1 1950(this issue)---$23.500,000
debentures, due March 1 1940
8,000.000
Gold
6%
9.000.000
7% Cumulative Preferred stock
x7,500,000
Common stock
x $4,500,000 Common stock now outstanding and $3,000,000 cash subscription for other Common stock.
Earnings 12 Months Ended Jan. 31 1925.
[Of properties to be covered by the mortgage.]
$8,077,607
Gross earnings
Operating expenses, maint. & taxes, excluding depreciation_ _ _ 5,424,944
82,652,663
Net earnings
1,175.000
Annual interest requirement on 823.500,000 1st Mtge. 55
Over 78% of the present net earnings of the properties to be owned.and
mortgaged by the company is derived from the sale of electric power and
light. During the past 10 years gross earnings of such properties increased
over 262% and net earnings increased over 222%.
The year 1925 should show a substantial increase in net earnings. Aside
from the new business now available for service from the 2 large power
plants recently completed, the company will receive full benefit of lower
operating costs arising from the operation of these plants.
Security.-Secured by a direct first mortgage on all fixed property of the
company, including that of all present subsidiaries, the property of which
will 'be transferred to the company in the present financing.
Bond Issue.-Present issue will be designated "Series A." Mortgage
will provide for the issuance thereunder of additional bonds of "Series A,'
or of other series of such dates, maturities, interest rates, redemption and
other provisions as may be determined by the directors. Additional bonds
may be issued for 75% of the cost of additions and extensions to the properties of the company and its subsidiaries, including within the limitaaon
In the mortgage the acquisition of subsidiaries, provided annual pet earnings have been equal to 1 (,%. times the annual interest charges on all 1st Mtge.
Gold bonds then outstanding, including those about to be issued, and on
underlying bonds, if any, outstanding on any such properties hereafter
acquired. Additional bonds may also be issued for the refunding of underlying bonds, within the limitation in the mortgage, or of bonds of other
series under the mortgage.
Maintenance and Renewal Fund.-Company will covenant that, while
bonds of this series remain outstanding, an amount equal to at least 1234%
of the gross earnings, as defined in the mortgage, will be expended after
March 1 1925 for (1) maintenance, repairs, renewals and replacements, or,
to the extent not so expended or pending such expenditure, (2) for extensions and additions not used as a basis for the issuance of bonds, or (3)for
the retirement of bonds.
Properties.-Electric power sources of the properties include modern,
efficient generating stations at Oklahoma City, Muskogee, and Byng, with
reserve stations in a number of other communities. Total generating capacity of all plants now aggregates 89.000 h. p. The River Bank power
station, located on the Arkansas River near Muskogee, with initial capacity
of 30,000 h. p., and the Horse Shoe Lake plant, near Oklahoma City, haypig initial capacity of 20,000 h. p., were placed in operation during 1924.
1925.
1924.
1925.
1924.
AssetsLiabilities$
$
Stocks owned _-_-13,818,787 9,373,710 Preferred stock__ _ 4,162,000 4,162,000
Other stocks
135,185
63,200 Common stock_ .. 9,504,000 5,280,000
Bonds of L. A.Gas(
Preferred dividend
& El. Corp.,&c. 204,387J 248,705 accrued
34,683
34,683
Other investments.
1 269,054 Bills payable
50,000
Dep.acct.acq S.C.
Profit & loss, sur570,000
Gas system__
plus
1,027,970
681,240
50,293
203,254
Cash and deposits_
14,778,653 10,157,923
Total
-V. 120, p. 583.
Total
14,778,653 10,157,923
Pacific Telephone & Telegraph Co.-Listing.The New York Stock Exchange has authorized the listing on and after
Mar. 5 of $35,000,000 additional Common stock (par $100), upon official
notice of issuance and payment in full.
The American Telephone & Telegraph Co. owns approximately 90% of
the outstanding Common stock and 78% of the Preferred stock. It has
agreed that it will take and pay for in cash its pro rata share of the proposed
Issue of $35,000,000 Common stock, and that when the Common stock is
duly issued to it it will surrender for cancellation 100,000 shares of the
present Common stock holding. The purpose of this surrender is to enable
this company to reduce in the amount of $10,000,000 its item of intangible
capital, which is now $12,151,167.
The additional stock is offered to stockholders of record Feb. 20 for cash
at par. See V. 120. p. 1204.
Philadelphia Company.-Annual Report.Calendar YearsGross earnings
Exp., depreciation & taxes
1925.
1923.
858,157,219 $37,122,622
42,514,977 24,427,588
Net earnings
Other income
115,642.242 812,695,034
796,060
1,353,297
Tottl income
Interest and charges
Preferrei dividends
Duquesne Light dividends
Common dividends
Surplus
-V. 120, p. 1205, 829.
8
$16,438,302 $14,048,331
8,785,582
5,302,204
946,692
946,659
1.219.167
862,497
3,715,075
3.166,718
$1,771,786 $3,770,253
Public Service Corp. of N. J.-Insurance for Employees.
A group life insurance plan involving a total insurance coverage of
between $15,000,000 and $16.000,000 and affording protection to 12.000
men and women workers was announced recently by the company's welfare
department. The premium to be paid by employees benefitting is at the
rata of 60 cents per month, per 1,000, to be deducted from salaries and
wages. The Public Service companies pay all premiums in excess of the
60 cents and assume all clerical and other expenses necessary to the administration of the plan. The group insurance is in addirion to the other
benefits which employees receive under the Public Service welfare plan,
which provides death benefits, sick benefits and a system of pensions.
-V. 120. p. 705, 455.
Public Service Electric & Gas Co.-Listing.The New York Stock Exchange has authorized the listing of $15,000,000
6% Cumul. Pref. stock, 1925 Series (authorized. $100.000,000, of which the
amount authorized of this series is $20,000,000, and of 6% Cumul. Pref.
stock, all series, $70.000,000).
Income Account Year Ended Nov. 30 1924.
Operating revenue
$59,138,194
Oper. exp. & taxes, $36.257,320; amort. charges, $5,162,023- 41,419,344
Operating income
Non-operating income (net)
$17,718,850
696,596
Gross income
$18,415,445
Income deductions (bond int., rentals & misc. int. charges)_ _ -- 7,203,623
Approp. acc'ts-Adjust. of surplus acc'ts (excluding dies.)_ __- 1.493,422
Dividends on outstanding stocks
8,809,800
Balance
$902,600
Note.-Company was formed July 25 1924 by consolidation of Public
Service Electric Co., Public Service Gas Co. and United Electric Co. of
New Jersey. This income statement covers the operations of the consolidating companies prior to July 25 1924. and of the consolidated company
subsequent thereto.-V. 120, p. 959, 829.
MAR. 14 1925.]
1329
THE CHRONICLE
largest in Japan). The ultimate capacity of the Nagoya plant will be 105,000 kw. Company also controls an additional 79,250 kw. under favorable
contracts, principally with closely affiliated companies. Other property
receive bids for the sale to it of 1st Mtge. 5% bonds, due June 1
owned or under construction includes substations with a total capacity
int.
and
110
exceeding
anfamount sufficient to exhaust $33,404, at a price not
of 294.352 kva. and over 8,200 miles of transmission and distribution lines,
A,The Old Colony Trust Co., trustee, will also receive bids until March 23 all of which have been maintained in first class operating condition,as well as
for the sale to it of 1st Mtge. 5% bonds, due March 1 1939, of the Seattle many valuable water power sites, principally on the Tenryu River, which
Electric Co.'s Seattle-Everett issue to an amount sufficient to exhaust the company plans to develop. As is usual with Japanese electric distribui$38.725.-V. 120, p. 1205.
ing companies,the company also often owns the fixtures and appliances used
by its customers, in somewhat the same way as telephones are owned by
Rochester Gas & Electric Corp.-Listing.-the telephone companies in the United States.
The New York Stock Exchange has authorized the listing of $7,000,000
The present depreciated value of the physical properties of the company,
and
1946,
1
Mar.
Gen. Mtge. 25-Year 7% Gold bonds, Series "B." due
exclusive of all overhead costs, intangibles and water rights, but including
$4,000,000 Gen. Mtge. 25-Year 5% Gold bonds. Series "C."
the new Nagoya station, has been estimated by independent engineers to
Income Statement for Calendar Years.
exceed $47.000.000.
1923.
1924.
In addition, the company has investments in 17 other utility companies,
$9,691,813 $9,181,001 many of which are operated under the supervision of the Toho company,
Gross earnings
5,626,783 5 516 340 of an indicated market value of approximately $17,900,000. These affilOperating expenses and taxes
1,162,773 iated companies include 8 electric generating and distributing companies,
1 413,821
Interest charges
806.634 3 street railway companies, 4 electric apparatus manufacturing companies,
857.713
Retirement expense
1 gas and electric company and 1 artificial gas company, the Toho Gas Co.,
$1,793,496 $1,695,254 which represents the largest single investment and which is a modern and
k Balance
1,567,196 successful coal gas property through which the Toho Electric Power Co.,
1.863,065
Previous surplus
7.313 Ltd., controls the entire gas business in Nagoya. Another substantial
768
Other additions to surplus
investment consists of stock of the Great Consolidated Electric Power Co.
tal
$3,657.329 $2,269,763 (Daido). It is expected that some of these affiliated companies will evenfr • Total
1,359,457 tually become integral parts of the Toho system.
Dividends paid
1,554,685
47,240
Other deductions from surplus
18,986
Growth.-Since Oct. 31 1920 the number of lighting customers of companies now constituting the Toho system has increased from 625.533 to 877.871.
Surplus,Dec.31
$2,083,659 $1,863,065 an increase of 42%,and the number of power customers has increased from
-V. 119, p. 704.
8.525 to 21,543, an increase of 150%. Similarly the output for lighting has
increased from 84.203,217 kwh. to 163,970,120 kwh., and for power from
Scranton (Pa.) Ry.-New Control.216,006.924 kwh. to 457,024,646 kwh., or 95% and 110% respectively.
See Jersey Central Power & Light Corp. above.-V. 119. p. 1734.
Security.-Secured by a first mortgage lien supplemented by assignments.
and covering all of the company's property in the Kansai division. By
Shore Gas Co.(N. J.).-Merger.subsequent registration, all hereafter acquired property in the Kansai
See Jersey Central Power & Light Corp. above.
division is to be included under the mortgage. Under Japanese law the
trustee has power independently of the company to make such registrations.
Shore Lighting Co. (N. J.).-Merger.
The present depreciated value of the physical property to be mortgaged
See Jersey Central Power & Light Corp. above.-V.92. p. 1640.
has been conservatively estimated by independent engineers to be in excess
$30,000,000. or more than twice the amount of these bonds.
of
Southern Gas & Power Corp.-Acouisition.The properties to be mortgaged constitute over 60% of the total physical
The company is reported to have acquired the Martinsburg (W.Va.) assets of the company and will include generating stations with an installed
Heat & Light Co.-V. 120. p. 212.
capacity of 78.813 kw., substantions with a total capacity of 210.392 kva.,
approximately 4.735 miles of transmission and sidtribution lines. They
Southern Indiana Gas & Electric Co.-Pref. Stock and
constitute a complete operating system serving more than 556,000 customers
Offered.-Bonbright & Co., Inc., and Hodenpyl, Hardy in the important Kansai manufacturing district, centring around the imand growing city of Nagoya.
& Co., New York, have placed a block of 12,715 shares portant
The Imperial Japanese Government has consented to the mortgaging
assurance
(par $100)6% Cum. Pref. stock at $85 and div. This stock of these properties to secure these bonds and has given formalby
municithat if properties are purchased by the Imperial Government or
does not represent new financing in behalf of the company.
palities, the rights of bondholders will be safeguarded.
pr Dividends payable J.& J. Red.,all or part, at 105 and divs. on 60 days'
Concessions for water rights and licenses for the generation and sale of
notice. Transfer agents: Southern Indiana Gas & Electric Co., Evans- power in Japan are granted under the authority of the Imperial Governville, Ind., and Hodenpyl, Hardy & Co., Inc., New York, N. Y. Regis- ment, which has general supervisory power over such companies and retrars: National City Bank. Evansville. Ind., and Bankers Trust Co., serves the inherent right to extend or revoke such grants under certain
New York, N. Y. Under the present Federal income tax law (Revenue conditions. All important franchises of the company extend beyond the
Act of 1924) dividends on this stock are exempt from the normal tax and maturity of these Series A bonds. Franchises, licenses, water rights and
are entirely exempt from all Federal income taxes when held by an individual power contracts cannot be mortgaged in Japan, but the company will dewhose net income, after all deductions, is $10,000 or less. Dividends when posit with the trustee, as further security, assignments of all its property
received by corporations are entirely exempt from all Federal income taxes. of this character pertaining to the Kansai division.
Company.-Owns and operates without competition the electric light and
Purpose.-Proceeds are to be used for the retirement of all outstanding
power, gas, street railway and steam-heating properties in Evansville, bills payable, for the completion of the Nagoya plant and for the purchase
Ind. Company also conducts the electric light and power buisness in and installation of other new plant and equipment.
nearb3t communities and operates an electric interurban railroad. PopuEarnings, Years Ended Oct. 31.
lation served exceeds 100,000. The business of the company is well diversi[Of all properties now constituting the system.]
fied and has grown steadily. Approximately 75% of the company's net
earnings is derived from the electric and gas departments, and the prospects
1924.
61922.
1923.
a 1921.
for further expansion are particularly favorable.
Gross oper. earnings_ _ _ _ $9,223,695 $10.375.384 $13,267,779 $14,654,383
Oper. exp., maint., taxes
Earnings Twelve Months Ended Jan. 31.
8,577,003 9.645,512
6.745.059 6,970,067
and maintenance
1925.
1924.
income (incl. other
Gross earnings
$2,602,122 $2,660,601 Gross
7,174,839
5,455,439
6.376.850
4.958.725
interest
for
avail,
Inch.
Oper. exp., incl. maintenance and taxes
1,639,742 1,632.478
a 12 months ended Nov. 30. b 11 months ended Oct. 31.
have been taken from the company's
1922
and
1921
for
above
The
figures
Net earnings
$962,380 $1,028,123 books and have been approved by the shareholders. The 1923 and 1924
438,531
Interest, &c., deductions
figures shown above have been audited by Harold Bell, Taylor & Co.,
accountants.
Net income applicable to divs., replacements and depreciation $589,592 chartered
[Conversions of earnings and interest charges from Japanese to U. S.
243,085
Annual requirements for dividends on Preferred stock
been made conservatively at the rate of 3834 cents per yen,
have
currency
on
paid
been
have
dividends
Dividend Record.-Regular semi-annual
from British to U. S. currency at the rate of$4 75 ner pound sterling.]
this Pref. stock without interruption commencing Jan. 1 1913. Dividends and
Approximately 45% of gross revenues are derived from electric light.
at the rate of 4% are being paid on the Common stock.
35% from electric power, 7% from miscellaneous and 13% from interest
Capitalization (as of Jan. 31 1925).
anddividends on securities owned.
Authorized. Outstand'g.
Authorized. Outstanding.
CapitalizationCommon stock (paying 4% dividends1
5.000.000p.0000 $3.000,000 First Mortgage bonds (this issue)
$30,000,000 $15,000.000
Preferred stock (paying 6% dividends
12,192,100 5% Sterling Loan. due 1945
1,460,000
1,460.000
Preferred stock (paying 7% dividends
15,000,000 11,593.700 Unsecured debentures, maturing 1926-1929
x
22,100,000
Total bonds and debentures, due 192 to 1947
6,722,400 Capital stock (shares of $25 par)
y69,910,600 51.102,112
Growth of Business for Calendar Years.
x Under Japanese law total funded debt may not exceed the amount of
paid-up capital stock. y Of the $69,910,600 authorized capital stock,
Gross
Net
Gas Sales
Gas
Elec. Sales Electric
Earnings. after Taxes. in K.W.H.Custom'rs. Cu. Feet. Cusrers. $51.102,112 has actually been paid-up. The remaining amount has been
1913___$1.046,498 $518,354
9.140 subscribed for and is subject to the company's call.
9,218,945 4,013212,146,400
[Except as noted, all conversions from Japanese to United States currency
1915___ 1,126.321
530,060 12,829,052
5,428 223.790.000 10.041
1916___ 1,267,335
599,428 14.427,947
6,189 245.828,200 10.647 have been made for convenience at the rate of 50 cents per yen, parity being
1.509.711
cents per yen, and conversions of pounds sterling into dollars have
49.85
19l8.-591.138 16.926.879
7,042 279,892,400 11.248
1919...... 1,753,505
668.651 18,619.530
7,931 299,642.500 11.980 been made at parity of exchange. 54.8665 per pound sterling.]
Dividends -Dividends are now being paid at the rate of 12% per annum.
1921 -_- 2,157,051
772,993 24,157.888 11.117 317,354,800 12.601
1923..-- 2,578.764
951,831 34,849,560 16,779 354,934,400 13.552 and have been paid at the rate of not less than 8% per annum on stock of
1924___ 2.654,614 1.024.550 36.428,606 18,978 370,702.400 14,029 this company and all important constituent companies from time to time
. Management.-The Common stock
is all owned by the Commonwealth outstanding during the past 10 years. More than 20,000 stockholders own
Power Corp., which also controls public utility properties in Illinois, Michi- the outstanding capital stock, which at present quotations has an indicated
gan and Ohlo.-V. 119, p. 1065.
market value in excess of $49,000,000, using exchange at the rate of 3855
cents per yen.
Southern Oklahoma Power Co.-Funded Delft to Be
Sinking Fund.-Company agrees to the establishment of a sinking fund
the due operation of which will retire the entire 515.000.000 of these bonds
Retired and Property Transferred to Okla. Gas & Elec. Co.by maturity. The sinking fend is to retire at least *125,000 par value of
See Oklahoma Gas & Electric Co. above.-V. 117. p. 1787.
bonds each 6 months prior to Mar. 15 1930 by purchase in the open market,
or
call by lot at par and int.: on Sept. 15 1930 and each succeeding interToho Electric Power Co., Ltd. (Toho Denryoku estbe
date thereafter the sinking fund is to retire one-fiftieth of the bonds outKabushiki Kaisha), Japan.-Bonds Sold.-Guaranty Co. standing as of Mar. 15 1930 through call by lot at 100% and interest.
Puget Sound Power & Light Co.-Tenders.
23
"The Old Colony Trust Co., trustee, Boston, Mass., will until March
1933, to
P
of New York, Lee, Higginson & Co. and Harris, Forbes &
Co. have sold at 90% and int., to yield 7.80%, $15,000,000
1st Mtge. (Kansai Division) Sinking Fund 7% Gold bonds,
Series "A."
Dated Mar. 15 1925: due Mar. 15 1955. Sinking fund to be provided
sufficient to retire all Series A bonds by maturity. Mitsui Bank, Ltd.,
Tokyo, trustee. Principal and interest (M. & S.) payable in New York
at the office of Guaranty Trust Co. of New York,fiscal agent,in U. S. gold
coin of the standard of weight and fineness existing on Mar. 15 1925 (or,
at the option of the holder, in London in sterling at 54.8665 to the pound
sterling), without deduction for any Japanese taxes when held by other than
residents of Japan. Denom. $1.000 and $500. Callable as a whole or in
part on any interest date after 60 days' notice at l00";- and int.
Listing -It is expected that application will be made to list these bonds
on the New York Stock Exchange.
Data from Letter of Y.Metsunaga,Vice-Pres.,Tokyo,Japan, March 6.
Company.-Incorp. Juno 1922. Represents a consolidation of numerous
predecessor companies which for many years had been primarily engaged in
the distribution of electric light and power. Operations of predecessor
companies began as early as 1880.
It is, next to the Tokyo Electric Light Co. Ltd., the largest retail distributor of electric energy in Japan. Directly or through subsidiaries it
supplies, practically without competition, electric light and power to over
4,000,000 people in a territory of approximately 4,000 square miles.
Company operates mainly in two distinct areas, the Kansai manufacturing district in and around Nagoya, Gifu, Nara and Toyohashi, in central
Japan, and the industrially important Kyushu district in and around
Fukuoka and Nagasaki, in southern Japan. These districts constitute two
of the most important commercial and industrial sections of Japan.
Company generates and purchases ppower for distribution. The generating stations have a total capacity of 147,563 kw., including the Nagoya
steam plant, under construction, with an initial 35,000 kw. turbine (the
Toledo Edison Co.-Annual Report.-
1922.
1923.
1924.
Cal. YearsElec. k.w.h.sold_ 235,441,088 234,878,220 182.358.5301
Sales (gas) cutt_1,916,450,000 1,812.573,000 1,615.672.000J
1921.
Not
available
Gross earnings__
Op.exp.& maint_
Federal taxes__ _
$8,015,230
$4,682,881
159,115
17,491,800
$4,311,270
160,487
$6,585,960
$3,869.150
128.322
$6,410,403
$3,919.507
63,695
Net oper. inc.
Other income__ _
53,173,234
111,048
$3,020,134
63,308
$2,588,488
81.198
$2,427,201
412,557
Total income_
Interest
Res. for replace_
Preferred diva_ _
Common dive_ _ _
$3,284,282
$1,338,033
855.433
408,395
1,248,750
$3,083,442
$1,220,174
730,294
307,271
277,500
$2,669,686
$1,137.630
686.738
302,500
69.375
52.839,758
$1,363,650
824,578
50.834
def$566,330 sur.$548,203 sur.$473,443 sur.$600,696
Balance
-V.120, P. 959, 594*
Toledo & Western Ry.-Abandons Service in Toledo.-
The company has been granted permission to abandon service within
the city of Toledo, 0., and on March 21 plans to stop its passenger cars at
Stop 4 in West Toledo. The company claimed it had been losing money
on city operation. Recently it was forced to abandon part of its track
within the city limits due to changes in street paving-"Electricilty.
Journal."-V. 118, p. 1269.
Toms River (N. J.) Electric Co.-Merger.
See Jersey Central Power & Light Corp. above.
__
Tr -County Electric Co.(N. J.).-Merger.
See Jersey Central Power & Light Corp. above.-
1330
THE CHRONICLE
(VOL. at
Union Traction Co. of Indiana.-Annual Report.-
on Jan. 12, plant shuts down indefinitely. It is reported only 400 of the
2,500 operatives reported for work. New York "Times" March 11, p.4.
1924.
1923.
1922.
1921.
More Trouble in N. Y. City Garment Trade.-30,000 members of Inter.
$3.339.188 $3,890,690 $3,835.747 $3,710,606 J
$2,656.066 $2,647,123 $2,459,744 $2,531.941 national Ladies Garment Workers Association reported at shops, but re206,000
257,409
264,000
240,000 malned idle. Union asserts the dress manufacturers or jobbers have
violated an agreement made Feb. 24, in which the jobbers promised to
Net operating revenue $477.122
$986.157 $1,112,003
$938.664 furnish labor costs on every bundle of garments. Another point of conOther income
34.305
30,999
15,337
21,281 tention is the employment insurance agreement, which the jobbers are
Interest, rentals, &c_ _ _ _
931.060
943.820
917.176
917,674 trying to repudiate. New York "Evening Post" March 11,1p 3.
Matters Covered in "Chronicle" March 7.-(a) Secretary o :Agriculture
Balance, surplus
def$419,633
$73,336
$210,164
$42,271 Gore names committee to reclassify cotton held by N. Y. Cotton Exchange.
Letters presented to Senate by Senator Smith allege stocks to be below stan-V. 120. p. 584. 333.
ard, p. 1153. (b) Standardization
cotton baling methods proposed;
United Light & Power Co.(of Md.).-Larger Cash Div.- irregular baling of cotton condemned of
by Colonel Harvie Jordan. p. 1154.
The directors have declared quarterly cash dividends of 45 cents a share (c) Tentative Federal grades for cotton linters prepared. p. 115.
on the "A" and "B" Common stock. of $1 63 a share on the Class "A" PreAbitibi Power & Paper Co., Ltd.-Annual Report.ferred stock and a stock dividend of 1-40th of a share of "A" Common to
Calendar Yearsholders of "A" and "B" Common stock. The Common dividends are
1024.
1923.
1922.
1921.
payable May 1 to holders of record April 15 and the Preferred dividend Gross sales
$10.686,859 311.047.668 $9.461.299 $8,861.810
April 1 to holders of record March 16. In the past year the company paid Cost of sales & expenses_ 6,301.307
6,768.088
5,846.462
4,183.637
four quarterly cesh dividends on the Class "A" and "B" Common stock of Interest
762,260
882.625
929,123
849.743
40 cents per share, and in addition two stock dividends of 1-40th of a share Deprec.& depletion, &c_
625.505
930.186
803.391
989,763
of"A"Common stock on May 1 and Nov. 11924,respectively.-V.120, p. Approp. for taxes
190.000
Preferred dividends(7%)
1091.
70.000
70.000
70,000
70.000
Common dividends_ __($4)1,000,000(34)1000.000 (32)500,000 ($1)250,000
Utah Securities Corp.-New Public Utility Group OrBalance. surplus
$1.737.787 $1,396,768 $1,312.323 $2.518.666
ganized-Electric Power & Light Corp. to Acquire Assets of Previous
surplus
6.204.007
4,807.238
3.548.093
3,688.571
Utah Securities Corp. and Securities of New Orleans, Dallas Res've for dept. of Inv
1.236.144
2,177.145
Adjust, Govt taxes
and Idaho Cos.-Distribution to Utah Securities Stockholders.- A
482.000
53.177
"
•
The Electric Power & Light Corp. Is the name of a new company Incorp.
Profit & loss surplus__ $6,705,651 36.204.007 34.807.239 $3,548,093
In Maine to take over the assets of the Utah Securities Corp. (which Include -V. 119. p. 2534.
all the Common stock of the Utah Power & Light Co.), as well as the Common stocks and certain other securities that are now owned by the Electric
Amalgamated Leather Cos., Inc.-Annual Report.Bond & Share Co. of the New Orleans Public Service, Inc., the Dallas
Calendar Years1924.
1923.
1922.
1921.
Power & Light Co., the Dallas By. Co., the Texas Interurban By. and the Income
operations.. $224,569
3842,077 loss$675,995 $1,363,920
Power Securities Corp.. the latter company owring the Common stock Reservefrom
to reduce invenand certain other securities of the Idaho Power Co.
tory to cost value_
500,000
Under the provisions of the plan. Utah Securities Corp. will distribute
to the holder of each share of its capital stock $10 in cash plus 4 shares of
Total income
3224.569
$842,077 loss$675.995 $1.863,920
Common stock of the Electric Power & Light Corp. The directors of the Previous
balance
adj.df805463 sur.108,254
Utah Securities Corp. at a meeting held March 12 approved this plan, Capital surplus
adj.918.766 adj.161,557
1.712.831
1.712.831
subject to confirmation by stockholders April 2.
Balance of capital sur_ $1.143,335 $1.003,634
A statement issued in connection with the plan says:
$231,372 def.$42,835
The new company has been organized for the purpose of vesting in its -V. 118, p. 1271.
the assets of the Utah Socurit e.s Corp. and certain equities in the other
American Agricultural Chemical Ca.-Tenders.utilities which have been acquired by the Electric Bond & Share Co. from
time to time in the past. It is realized that very large sums must be conThe Old Colony Trust Co., trustee. Boston, Mass., will until April 2
tinually Invested in property additions to supply adequate service to the receive bids for the sale to it of 1st Ref. Mtge. S. F. gold bonds,
Series "A."
growing communities in which the subsidiary companies operate. It will due Feb 1 1941. to an amount sufficient to exhaust$17,000.-V.119,
p.1168.
be possible through the new company to accomplish a broad and economical
financing and development of these properties and to strengthen their
American Hardware Corp.-Annual Report.credit and widen the market for future security issues through the geoCalendar Years1924.
1923.
1922.
1921.
graphical, industrial and climatic diversity afforded by the new company.
xNet earnings
32.918.439 $3,051,977 $2,593,547 $1,212,628
The new company will have an authorized capital stock consisting of Depreciation,&c
327.606
327,624
327.278
360,082
500.000 shares of-cumulative $7 per share non par voting Pref. stock. 120,000
shares cumulative $7 per share non par non voting 2d Pref, stock and
Net profit
32.590,833 32,724.353 32.266.269
3852.546
2.400.000 shares of non par voting Common stock. It is expected that Dividends paid
2.480,000
2.480.000
1.438.400
793.600
there will be a public offering of the Prof. stock of the new company within
the next few days.
Balance, surplus
$110.833
$244.353
$827.869
$58,945
The gross earnings of the operating subsidiaries for the calendar year Previous surplus
2,604.273
2,351,920
3,625.723
3,537,648
1924 were in excess of $35,750,000.
Adjustments, Cr
8,000
378.328
29,130
The comPanies whose equities will be held by Electric Power & Light Stock dividend
(25%)2,480.000
•
Corp. supply public utility service, directly or indirectly, in 253 communities. of which 245 are supplied with electric power and light service. Among
Profit & loss, surplus_ $2.715,106 $2,604,273 32.351,920 53,625.723
the principal cities served are New Orleans, La.; Dallas, Tex.• Salt Lake
x After reserve adjustments.
City and Ogden, Utah; Durango and Montrose. Colo., and Heise, PocaBalance Sheet Jan. 1.
tello and Idaho Falls. Idaho. The total population served is estimated
at 1.179.000. More than 300,000 consumers are served, and of these over
1924.
1925.
1925,
1924.
234.500 are supplied with electric power and light service.
Assets8
Liabilities$
S
$
2,567.643 1,986.480 Capital stock
Included In tire property now owned and operated are electric generating Cash
12,400.000 12,400,000
plants having an installed generating capacity of 388,000 kilowatts, of Bills & accts. rec.... 5,324,762 5,501,427 Bills & accts. pay.. 1,095,740
842,934
which the hydro-electric generating capacity is 224,500 kilowatts and the Real estate, &c__ _ 5,033,943 4,744.356 Dividend payable_ 744,000
992,000
steam electric generating capacity is 163,500 kilowatts. The electric Materials dr mdse. 4,028,497 4,606.943 Surplus
2,715,106 2,604,273
transmission lines owned and operated aggregate 3,541 miles and the
Total
electric distribution systems aggregate 5,267 miles.
16,954,846 16,839,207
Total
16,954,848 16,839,207
The transmission lines of the Utah Power & Light Co. and the Idaho -V. 119. p. 1397.
Power Co. are interconnected and serve extensive areas in Utah and Idaho,
American
Hide & Leather Co.-Injunction Vacated.providing service for lighting, industrial and irrigation purposes to many
Vice-Chancellor Bentley of the New Jersey Chancery Court has vacated
communities and rural districts.-V. 119, p. 2881.
the injunction previously granted Clarence Venner, a dissenting stockWashington Water Power Co.-Tenders.holder, restraining the company from proceeding with the reorganization
The Farmers' Loan & Trust Co., trustee, will until March 16 receive bids plans. Clarence Venner has announced that he will appeal the matter to
for the sale to it of 1st Ref. Mtge.5% bonds of 1909. due 1939,to an amount a higher court. The decision also grants a stay of one week to permit
sufficient to exhaust 328,556.-V. 120, p. 707.
filing of the appeal.-V. 120, p. 1206, 1197.
Calendar YearsGross earnings
Operating expenses
Taxes
Wisconsin Public Service Corp.-Bonds Offered.-Halsey, Stuart & Co., Inc., First Wisconsin Co. and Blodget &
Co. are offering at 97 and int. to yield 5.70%, $500,000
1st Lien & Ref. Mtge. 532% Gold
t bonds, Series "B."
Dated Jan.2 1925; due Jan. 11958. Interest (from Jan. 11925) payable
J. & J. in Chicago, New York and Milwaukee without deduction for the
normal Federal income tax not in excess of 2%. Denom. $1,000, $500
and $100 ct. Red. all or part at any time upon 60 days' notice at the following prices and int.: On or before Dec. 31 1932, at 10634; on and after
Jan. 1 1933 to and incl. Dec. 31 1942, at 105; and at 105 less Yi of 1%
during each year thereafter to and incl. Dec. 31 1951; on and after Jan. 1
1952 to and incl. Dec. 31 1952 at 10034; and on and after Jan. 1 1953 at
100. Company agrees to reimburse the holders of the Series B bonds, if
requested within 60 days after payment, for the Penn. and Conn. personal
property tax not exceeding 4 mills per annum, and for the Mass, income
tax on the interest not exceeding 6% of such int. per annum.
Data From Letter of President Clement C. Smith, Feb. 17.
Company.-Incorp. in Wisconsin. Business of the company and of its
subsidiary, Menominee & Marinette Light & Traction Co., is essentially
the supplying of electricity and gas for domestic and commercial needs.
The total population served is approximately 325,000, including such cities
as Green Bay. Oshkosh, Manitowoc, Sheboygan and Marinette. Wisconsin. and Menominee, Michigan.
Authorized. Outstanding.
Capitalization$5.500,000 $2,650,000
Preferred stock, 7% cumulative
3,000,000 2,550.000
Common stock
(Closed)
Underlying divisional bonds
a3,535,000
First Lien & Ref. Mtge.Series A 6s
6,772,000
Series(this issue)
do
c983.000
do
a Not including 31,308.000 1st Mtge. & Ref. 5s of Wisconsin Public Service Co. pledged as additional security for First Lien & Ref. Mtge. bonds,
and also not including 5228.000 First & Ref. Mtge. 55 of Green Bay Gas &
Electric Co. pledged as additional security under the mortgage of Wisconsin Public Service Co. b Authorized amount limited by the restrictions
of the mortgage; Series B limited to $15,000,000. c $483,000 held in
treasury of the company.
Purpose.-Proceeds will be used to partially reimburse the company for
capital expenditures heretofore made.
Earnings 12 Months Ended Dec. 31.
1924.
1923.
$3,278.002 $3.654.351
Gross earnings (including other income)
3.138.780
2,242.504
Oper. caps.,-incl. maint., taxes and rentals
Net earnings before depreciation
-V. 120, p. 960.
$1.139.222 $1,411,846
American Lithographic Co.-Pref. Stock Reduced.-
The stockholders on Feb. 18 voted to reduce the authorized 1st Prof.
stock from $1.500,000 to $1,000.000, par $100, all of which is issued and
outstanding.-V. 118. p. 1138.
American Locker Co., Pittsburgh.-Bonds Called, &c.-
The company is retiring 15% (337,500) of its Convertible Debenture
bonds of March 11928. on April 1 1925. at 101 and Int. These bonds 7%
are
payable at the State Street Trust Co.. trustee, Boston, Mass.
The company is said to be making good progress, with now
which mean additional equipment installed. No dividends have contracts,
been paid
by this company since Jan. 10 1924.-V. 117, p. 91.
American Smelting & Refining Co.-Patent Infringment-
The San Francisco "Chronicle" Feb. 17 stated that "the U. S. Circuit
Court of Appeals has rendered a decision in which it holds that the company
has infringed the patents of George C. Carson on devices to facilitate copper
ore smelting. The decision reverses that of the U. S. District Court of
Seattle, which throw the case out. Counsel for airson estimates the
amount due his client at 55.000.000. Similar suits are pending against the
Phelps Dodge Corp. and the Anaconda Copper Mining Co."
The foregoing decision concerns the method of feeding reverberatory
furnaces and priority of patent. In the lower Court the company won a
decision. It intends to appeal to the U. S. Supreme Court. If this
appeal is not allowed the case must go back to the lower Court for accounting
of damages. The damages assessed can be no greater than the benefit
derived from the infringement. Prior to this decision the suit could have
been settled for $350,000 at the plaintiff's own figures. The company made
a counter offer of $100,000 in order to avoid litigation. In case the Court
of Appeals decision is sustained by the Supreme Court and the case does go.
back for an accounting, the damages will not exceed $250,000 at most,
it is said.-V. 120, p. 1196, 213.
American Sumatra Tobacco Co.-Report.-6 Mos. End. Jan. 311925.
1924.
Gross profit on sales_ _ - _ x$493,528 loss$72,824
Other income
76,366
1923.
1922.
$227,652 1oss$675,737
149,272
47,899.
Total income
Operating expenses
Interest, &c
Inventory adjustments..
$376,924 loss$627.838
306,422
420.868
503,850
468,996
1,403,430
$493,528
104,747
102,566
$3,542
203,082
260,565
Net profit before depr.
and Federal taxes,. _
$285,215 loss$460 105 loss$433,348L.$2,921,132'
x Sales, $1,661,232; dost of sales, $1,167,528; profit as above,$493,528.V. 119, p. 1730.
American Window Glass Machine Co.-Extra Div.
INDUSTRIAL AND MISCELLANEOUS.
Refined Sugar Prices.-On March 10 the American, Pennsylvania, Revere
and McCahan companies advanced price 10 points to 6.20c. per lb.
Consolidation Coal Co. Employees Accept 25% Wage Cut.-Former wage
scale was $1 per ton-highest scale paid by any mining concern in Somerset
rmion. New York "Times" March 11, p. 6.
Thread Mill Shuts Down.-Following strike of Willimantic plant operatives of American Thread Co. on March 9, as protest against wage cut
The directors have declared an extra dividend of 1% on the Common
stock in addition to the regular quarterly dividend of 134 on the Common
and 1 4% on the Preferred, all payable April 1 to holders of record March 13.
This is the sixth consecutive extra dividend of 1% paid on the Coxnmonstock.-V. 119. p. 2765.
Anaconda Copper Mining Co.-Senate Investigating,
Committee Charges Government Lost Large Sums in Taxes.See under "Current Events and Discussions" this Issue.-V. 120, p. 708..
American Tobacco Co.-Annual Report.
1921.
1922.
1923.
1924.
Calendar Years$
$
$
$
Sales (incl. cos, whose
Not availle 138,473.340 143,901.445 155,963,752
stock is owned)
Net earns., after charges,
20.839,694 15.603.249 18.075,137 18,117,236
expenses, &c_x
1,727.473
1,999.065
1,967,409
Divs., partly-owned cos_
324,065
306.638
371,886
income__
Miscellaneous
Total net income_ _ 320,839,694 17,942,544 20,380,840 20,068.774
Prem, on bonds & notes
47,531
135.215
purchased & canceled.. Cr. 5,299 Cr. 39.449
76.074
78.588
60,124
66.403
Interest on bonds
1,078.551
691.590
Interest on gold notes.
609,444
644.707
107.451
Int. on div. certifs.,• ece_
3.161,982
3.161,982
3,161.982
3.161.982
Pref. dividends (6%)Corn. dive. (cash)_(121i)12.202.675(12)11470695(12)10750533(9)8.062.455
(3)2,686.278
do (scrip)
15,419.482
5.420.212
22,845,869
14,767,082 15.460.101
4.920.740
3,175.462
19.670.407 14.749,667
15,724.825
4,343.949
14,655.900
Total surplus
28,266,081
y Dividend in Mengel
Common stock
22,845,869 19,670,407
18,999,849
Total deductions
Balance, surplus
Previous surplus
1331
THE CHRONICLE
MAR. 14 1925.]
($4404250182
28,266,081 22.845.869 19.670,407 14.749.667
Final surplus
x After deducting all charges and expenses of management, taxes (including provision for Federal income taxes), &c. y Dividends of $4 75 in the
par value of the Mengel Co. Common stock distributed Aug. 15 on each
share of Common stock (including Common "B' stock).-V. 120, p. 832,
586.
Art Metal Construction Co.-Earnings.1921.
1922.
1923.
1924.
Calendar YearsNet shipments for year _ 36,800,820 35.705,107 $4,606,384 $4.661,492
4.058,303
3,918,918
Less cost goods shipped_ 6.379,903 5,202,326
$603,189
3687.466
$502,780
3420.917
Gross profit
Cr.27,139
Investment profit
$129,617
Inventory depreciation_
Cr.22,249 Cr.$34,853 Cr.815.158
Int. & discount earned
Cr.6,088
Adjustments to surplus_
75,000
90,000
69,000
54.700
Taxes
Dividends
(10%)320,570 (10)320,570 (10)320,570 (10)320,570
Balance, surplus
_le 119. p.2182.
$51,735
$162,598
$311.748
$93,160
Atlantic Gulf & West Indies SS. Lines.-Senate Investigating Committee .Charges Manipulating in Federal
Tax Returns.-
See under "Current Events and Discussions" this issue.-V. 120, P•
1092, 586.
Atlantic Paper & Pulp Corp.-Bankruptcy Sale.for the sale
w. S. Pardonner, trustee in bankruptcy, will receivebebids
opened on
that
of the company's property until March 24. Bids will
date at office of A. H.MacDonnell,referee in bankruptcy, Mendel Building,
Savannah, Ga.-V. 117. p. 2545.
Atlas Portland Cement Co.-Change in Par Value of
Common and Preferred Stocks Proposed-To Increase Com. Stk.
The stockholders will vote May 6 on a plan to split the Common and
Preferred stocks on the basis of three new shares for each old share. The
new Common will be of no par value and the new Preferred of $33 1-3 par
in place of the present $100 par value for both issues.
Anglo-Amer. Corp. of South Africa.;Ltd.-Dividend.- value
It is also proposed to cancel 5,000 Preferred shares held in the treasury
The directors have declared a dividend (No. 6) of 10%, free of Union and heretofore unissued, and increase the Common stock by authorizing
of South Africa dividend tax, payable to shareholders of record March 2. 100,000 additional new shares. The capital structure after giving effect to
The payment of the dividend will absorb .C366.485-10-0 and it has been the proposed changes would be as follows: 1.000,000 Common shares and
decided to place £150.000 to the reserve fund.
75,000 Preferred shares.-V. 120, p. 1093.
The Guaranty Trust Co. of New York will disburse the 10% dividend
to the holders of "American shares" of record March 2 1925, as soon after
Autocar Co., Ardmore Pa.-Tenders.March 12 as funds are available for that purpose, based upon the dividend
The Equitable Trust Co., trustee, 37 Wall St.. New York City, will until
payable on "sterling shares" at the exchange rate prevailing the day the March 15 receive bids for the sale to it of 1st Mtge. Sinking Fund 7% Cony.
funds are received. The transfer books for the "American shares" will Gold bonds to an amount sufficient to exhaust the moneys held in the
not be closed in connection with this dividend.-V. 120. p. 89.
sinking fund at prices not exceeding 107.K and interest.-V. 120. p. 1093.
A. P. W. Pulp & Power Co., Ltd.-Bonds Offered.Taylor, Ewart & Co., Inc., and Sweet, Fearey & Co., Inc.,
are offering at 100 and int. $800,000 1st Mtge. 7% Sinking
Fund gold bonds.
Dated Feb. 11925: due Feb. 11945. Principal and int. (F. & A.) payable in New York and Albany in gold coin of the U. S. without deduction
for any Canadian taxes which the company may be riermitted to assume
or for the normal Federal income tax not in excess of 2%, and in Montreal
or Halifax in gold coin of Canada. Red. all or part on any int, date at 105
and int. to and incl. Feb. 1 1926: thereafter at 105 and int. less 3,41 of 1%
for each year of expired life of the issue. Denom. 31,000 and $500 c*.
Penna. 4 mills tax. Conn. 4 mills tax, Md.4 Ye mills tax and Mass, income
tax not exceeding 6% of the int. on these bonds refundable. National
Commercial Bank & Trust Co., Albany. N. Y., trustee. Auth.. $1.200.000.
Data from Letter of Pres.Seth Wheeler Jr.,Sheet Harbor,N.S., Mar.11.
Company.-Incorp. in 1923 under the laws of the Province of Nova
Scotia, Can. Is the only subsidiary of the A. P. W. Paper Co. of Albany.
N. Y. The properties of the company are leased for a 20-year period to
the A. P. W. Paper Co. All of the outstanding capital stock except directors' qualifying shares is owned by the parent company.
Company was established for the purpose of securing to the A. P. W.
Paper Co. an adequate and low cost supply of ground wood pulp, of which
large amounts are used by the company in the manufacture of tissue paper.
For the time being at least, the Canadian company will manufacture only
ground wood pulp and its annual production will amount to approximately
24.000 tons. A substantial percentage of the company's output will be used
by the A. P. W.Paper Co. and the balance will be sold to other consumers.
A.P.W.Paper Co. was incorporated in 1877 in New York and is the largest
manufacturer of tissue paper in the United States. Products are nationally
advertised and "A. P. W." is one of the best and most favorably known
names in the paper business. Company's leading brands are Onliwon,
Bob White, Fort Orange. Pure White, Cross Cut and A.P. W.Satin Tissue.
The properties of the Canadian company, located at and near Sheet
Harbor, N. S., include a newly completed mill, machine and carpenter
shops, administrative building and houses for employees. Company
It owns
owns 600 front feet of dock at Sheet Harbor. adjoining its plant.
in fee 54,000 acres of timber lands and has long-time favorable leases on
17_,600 additional acres.
The plant mills and warehouse of the New York company are located
in Albany. N. Y. The buildings and equipment are thoroughly modern.
Security.-Secured by a direct first mortgage on all real estate, plant,
equipment, rights, franchises, leases. &c., now or hereafter owned by the
Canadian company. Fixed assets and water rights alone have been apaised as of Feb. 21 1925 as having a sound depreciated value of over
1.200.000. The land, buildings, machinery and equipment of the New
York company have been appraised as of Jan. 28 1925 as having a sound
depreciated value of over 32.460.000.
Terms of Lease.-All of the assets of the Canadian company are leased
to the New York company for a period of 20 years at a yearly rental equivalent to the amount annually required to meet the interest and sinking fund
requirements of all bonds outstanding, plus local taxes and other prior liens.
The lease provides that the New York company shall pay direct to the
trustee the rental equivalent to the interest and sinking fund requirements
of this issue of bonds. These payments are to be made semi-annually,
Jan. 3 and July 3.
Earnings of the A. P. W.Paper Co.for Calendar Years.
1920.
1924.
1923.
1922.
1921.
Available for int. & deprec-$256,226 $329.002 $455.523 3434.190 8466,220
Amount of depreciation_ _ _ 75,565 126,456 154.151 166,263 176.954
Available after deprec'n__ 180,661 202.546 301.372 267,927 289.266
The average annual earnings for the 5-year period ended Dec. 31 1924,
available for interest and depreciation, were $388,232, which is equivalent
to 3.57 times the maximum bond interest of $108.515 on the funded debt of
both companies. For the year ended Dec. 31 1924 such earnings wore
$466.220, or 4.29 times maximum bond interest requirements.
Purpose.-Proceeds will be used to reimburse the company in part for
expenditures made in connection with the purchase and construction of the
properties of the Canadian company.
Sinking Fund.-Indenture provides for a sinking fund beginning Feb. 1
1927, whereby there will be paid to the trustee the sum of $20,000 prior to
Feb. 1 and Aug. 1 of each year, to be applied to the purchase of bonds in
the open market, or to their redemption by lot. Company shall have the
right, however, to deliver to the trustee for cancellation and to receive
credit therefor on account of any such sinking fund payment, bonds previously issued and outstanding and purchased by it. Indenture provides
for deposit prior to maturity,of cash or bonds equal to 90% of the par value
of the bonds now being offered.
Consolidated Balance Sheet Dec. 31 1924 (After This Financing).
(A. P. W.Paper Co. and A. P. W. Pulp & Power Co., Ltd.)
LiabilitiesAssets$78.542 Capital stock
$240.000
Cash
35,110 Surplus
1,945.866
Trade acceptances
Accts. nicely., less reserve 165.112 A. I'. W. Paper Co. bds- 875,249
18,118 A.P. W.Pulp & Pow. Co.
Securit es owned
bonds
799,198
800.000
Inventories
payable
5,025 No
172.078
Mortgage receivable
Accounts payable
155,591
Officers' & employees'
33,342 Accrued accounts
40,329
accts. receivable, &c....
Res.
Fed.
for
taxes, 192426,881
Property, plant & equip.... 2,998,190
123,758 Minority interest
400
Deferred charges
Barnsdall Corp.-To Reclassify Shares.-
The stockholders will vote March 17 on reclassifying the authorized
issuance of Class "A" and Class "B" capital stock, so that the authorized
Issue of Class "A" stock shall be 800.000 shares and the authorized issue of
Class "B" stem shall be 400,000 shares. The present authorized capital
stock consists of 600,000 shares of Class "A" stock and 600,000 shares of
Class "B" stock, par $25.
See also annual report under "Reports and Documents" on a subsequent page.-V. 120, p. 1207.
Beacon Mfg. Co., New Bedford.-Bal. Sheet Dec. 31.1923.
1924.
AssetsReal est.(N.Bed.) _31,345,056 31,310,011
Real est.(No.Car.) 412,619
Cash and accounts
1,337.375 1,877,580
receivable
1 731,642 1,149,388
Inventories
5,000
5,000
Insurance prepaid_
Liabilities-1923.
2.4200 $2,200,000
98
12
32,3
Capital stock
250,000
Notes payable_ .. _ _ 400,000
249.802
Acoounts payable_ 264,738
125.000
Reserve accounts_ 100.000
450,000
Deprec'n & guar__ 450,000
1,288,754 1.067,177
Surplus
34.831.692 $4,341,979
$4,831.692 $4,341,979 Total
Statement of Contingent Assets and Liabilities Dec. 31 1924.
Contingent LiabilitiesContingent AssetsCotton In public warehouses_ ___3398.464 Bank acceptance against cotton_3398,464
125,000 Bank loan against mortgage_ _ _ _ 125,000
Mortgage
$523,464
$523,464 Total
Total
-V.120. D. 1093.
Total
Berry Motor Car Co.,St. Louis.-Stock Sold.-McCluney
& Co., St. Louis, have sold at $23 per share 8,000 shares
Common stock (without par value); A circular shows:
Capitalization.-Authorized and outstanding, 20,000 shares.
Company.-Incorporated in December 1922 in Delaware to take over
the business of the Packard Motor Car Co. of Mo., a factory branch of the
Packard Motor Car Co. of Detroit, and owns the franchise to sell Packard
cars In St. Louis and 110 surrounding counties'. The company has a very
favorable lease on the Packard Bldg., located at 2201 Locust St.
Purpose.-Part of the proceeds of the 8,000 shares just sold were used
to purchase all the capital stock of a new company, known as G. M. Berry,
Inc., which owns the franchise to sell in St. Louis and surrounding territory
the Chrysler and Maxwell cars.
Assets.-Price, Waterhouse & Co.'s audit as of Dec. 31 last, after giving
effect at that date to the sale of 8.000 shares of additional stock and the
purchase of the entire capital stock of G. M. Berry, Inc.. shows current
assets of 3248.511, current liabilities of $62.121. including taxes, with a
net worth of $368,272, represented by 20.000 shares of no par value stock.
Earnings & Dividends.-During its two years' operation, the company
earned an average of $2 43 per share per year on its outstanding stock.
and in 1924 the earnings were better than $3 per share, after all taxes
and ample reserves. In 1924, the company paid el per share dividends.
Listing.-Listed on the St. Louis Stock Exchange.
Best-Clymer Co., St. Louis.-Annual Report.-
-Calendar Years-- Sept. 25 '22
1923. to Dec.31'22.
1924.
Net profit from oper., exclusive of any
825.102
$22,731
$51.736
provision for depreciation
.A dividend of 50 cents per share was paid Feb.2 1925.-V. 115, p. 2270.
Bethlehem Steel Co.-Certificates Called.-
One thousand ($1,000,000) 15-Year 7% Marine Equipment Trust certificates due Oct. 11935. have been called for redemption April 1 at 102;e and
dividends at the Guaranty Trust Co.. 140 Broadway, New York CI*.
On March 3 1924 one hundred ninety-four (3194,000) certificates previously drawn for redemption, had not been presented for payment.
V. 119, p. 2765.
Bimini Income Properties, Inc.-Bonds Offered.-California Securities Co., Los Angeles, are offering at prices to
according to maturity, $900,000
yield from 6% to 6
1st (Closed) Mtge. VA% Serial Gold bonds.
Dated March 1 1925: due serially, March 1 1927-1940. Int. payable
M. & S. at California Trust Co., LOS Angeles, trustee, and at Anglo &
London Paris National Bank, San Francisco, without deduction for the
normal Federal income tax which will be paid up to 2%. Denom. 31.000
and $500c*. Red. on any int. date until and Incl. March 1 1930. after
60 days' notice at 102H and int.: thereafter the call price to decrease
14 of 1% for each semi-annual interest payment date. Exempt from
California personal property tax.
Data from Letter of J. J. Warrick, President of the Company.
Security.-Bonds will be secured by a closed first mortgage on all of
the company's present and hereafter acquired real estate together with
extensive present and proposed building improvements thereon, and
upon all present and future leases, subleases, easements, furnishings,
and equipment appertaining thereto. The present holdings consist of
approximately 300,000 sq. ft. of business property in the City of Los
Angeles lying between First and Third Sts. and Vermont and Virgil Ayes.,
at present improved with a well diversified class of building improvements.
consisting of two large apartment houses, two fiat buildings, one store
one public garage, and a large bath house
Total
54,256,397
$4.256.397 building, one hotel building,
Total
and its auxiliary buildings including an outdoor plunge, bottling plant.
Arizona Commercial Mining Co.-Copper Output.laundry, dm.
September.
December. November.
October.
January.
Under this financing it is planned to further improve this property by
February.
661000105. 981,410 lbs. 627,000 lbs.1702,600 lbs. 609,370 lbs. 688,500 lbs. the building of a theatre, store and office building, a store and loft building
a public garage.
and
-V. 120. D. 961.
1332
THI41
CHRONICLE
Purpose.-Proceeds will be disbursed by the trustee for construction
of the improvements outlined, completion of payments on
land purchase
contracts, liquidation of outstanding mortgages, and general corporate
PuPlas
rm
eso.-Upon completion of the proposed improvements, the estimated
net income of the company, before Federal taxes, should exceed
maximum interest requirements, and, before depreciation, and2% times
should exceed 3% times maximum annual interest requirements. salaries,
Boott(Cotton) Mills, Lowell, Mass.-Balance Sheet.-
AssetsDec.27'24 Dec.29'23
Plant account_ _ _82,551,234 $2,549,089
Cash
69,574
45.202
Receivables
2,081,506 1,885,854
Inventories
698,655
728,608
Prepaid items_ _ _ _
64,881
73,224
Total
$5,465,850 $5,281,977
-V.104, p. 2554.
LiabilitiesDec.27'24 Dec.29'23
Capital stock
$1,250,000 $1,250,000
Ace'ts & notes pay. 285,760
193,626
Res've for deprec'n 2,353,367 2,174,167
Res. for cont.& ac11 190,466
150,468
Reserve for taxes_
76,536
Surplus
1,386,258 1,437,180
Total
$5,465,850 $5,281,977
Borg & Beck Co.-Annual Report.-
Years ended Dec. 311924.
1923.
1922.
Mfg.& trading prof.. after maint. & deprec'n_ _$745,230 $715,560
Not
Selling, distrib. ez administrative expense
412,552 262,752 available
Operating Profit
$332.677 $452,807 $506,315
Other income
36,742
21,348
44,166
Gross earnings
$369,419 $474,156 $550,481
Interest and other charges
15,767
45,483
Provision for income taxes
44,415
54.493
65.000
Dividends
a237,500 5275,000
Net income
a $2.25 per share.
171,736 $99,180 $485,481
b $2.75 per share.-V.120, p. 1207.
Bunte Brothers, Chicago.-Earnings.--
Calendar YearsNet sales
Other income
1924.
1923. ...
$6,077.004 $6,284.2l
4,962
3,540
Total income
Cost of goods sold and expenses
Federal taxes
Preferred dividends
$6,081.966
5,531.307
70,336
66,500
1922.
$5,347,062
5,854
[VOL. 120.
Butterworth-Judson Corp.-Suit.-
The U. S. Government won an appeal in the U. S. Supreme Court
against this bankrupt company and others, growing out of a war contract
for the manufacture of picric acid. The Supreme Court held that upon
the
insolvency of the company, the Government had an equitable lien upon
money advanced by it for manufacture of the acid, and maintained in a
special bank deposit. The property of the company was recently sold at
receiver's sale for $757,000. See V. 120, P. 83
3.
(A. M.) Byers Co., Pittsburgh.-New Personnel.-
Officers of the company are: E. M. Byers, Chairman; A. H. Beale,
President: J. Frederick Byers, E. L. Ives and L. M. Johnston, VicePresidents; Frank G. Love, Secretary & Treasurer, and H. H. Bryant,
Assistant Secretary-Treasurer.
The new board of directors consists of: J. D. Lyon, E. M. and J. F.
Byers, H. A. Brassert, E. L. Ives, H. H. Springfield, A. H. Beale, J. H.
H_' illman, Jr., Ernest Hillman and A. B. Sheets.-V. 120, p. 457.
California Cotton Mills Co.-Balance Sheet Dec. 31.-Assets1924.
1923.
Liabilities1924.
1923.
Fixed assets
$1,513,926 $1,585,370 Preferred stock__ $500,000 $500,000
Cash
42,486
52,015 Common stock_ _ _ 2,000,000 2,000,000
Accounts receivle_ 410,129
530,679 Notes and accounts
Notes receivable_ _
7,333
payable
901,234 1,373,357
Inventories
1,438,217 1,790,313 Reserves
23,580
Patents
19,222
9,490 Surplus and undiDeferred charges
4,405
9,570
vided profits.._
87,833
27,153
Total
$3,428,387 $3.984,770
Total
83,428,387
x After deducting $1,146,283 reserve for depreciation.-V.114.$3,984,770
p. 525.
Canada Glass Products, Ltd., Hull, P. Q.-Pref. Stock
Offered.-Maunsell & Maunsell, Ottawa, Ont., are offering
at 100 and div. (carrying a bonus of one share of Common
stock, no par value, with each two shares of Prof. purchased)
$450,000 7% Cum. Pref. (a. & d.) stock. A circular shows:
Dividends accrue from March 1 1925 and will be paid annually March 1.
Each and every share of Preferred and Common stock carries with it the
right to one vote at any and all general meetings of the company.
CapitalizationAuthorized.
Issued.
7% Cumulative Preferred stock (par $100)
$600.000
$600,000
Common shares (no par value)
10,000 shs. 10,000 shs.
Company.-Formed for the purpose of manufacturing glass, of all descripSurplus for year
$413.823
$413.359
$3370,790
tions, in Canada. At the present time there is little or no glass manuPrevious surplus
2.300,787
1,893,906
1,530.141 factured in Canada, with the exception of window
Adjustments
glass and bottles. The
Deb.6,434 Deb.7.025 latter this company will not manufacture.
With regard to window glass.
the companies now manufacturing this import chemicals from Europe.
Profit and loss surplus
$2,714,610 $2,300,831 $1,893,906 and in most cases
their
sand,
thereby
paying duty, freight, brokerages,
-V. 118, p. 1523.
&c., whereas local sand is available, and this company will manufacture
its
Burdick Tire & Rubber Co., Noblesville Ind.-Sale.- own chemicals, thereby eliminating these expenses.
Practically
all
other
glass is now imported into Canada (some of which
The Steinbrenner Rubber Co., Noblesville, Ind., lias been organized
with a capital of $650,000 to take over the local plant of the Burdick Tire Is cut, bevelled, bent. &c. in Canada), but, with our new patented machinery, and skilled glass'
engineers, the company will be able to manu& Rubber Co., recently purchased under bankruptcy proceedings by H.
facture this, thereby saving freight, duty, brokerages, &c.
Steinbrenner, President of the new company. S. Homer Federman G.
is
The assets acquired by the company are as follows: (1) Agreements for
Sec. & Treas. of the new company.-V. 119, p. 328.
sale for the purchase of certain lands and of a manufacturing
in H_11.
Burson Knitting Co., Rockford, Ill.-Bonds Offered.- Que. The plant is new and admirably suited to the presentplant
of the company and will be added to immediately. (2) Fifteen requirements
years exempUnion Trust Co., Chicago, is offering at prices ranging from tion of taxes upon this property has been approved
of by the Council of the
Hull. (3) An agreement for sale for the purchase of an area of sand993/ and int. to 100.93 and int., to yield from 5% to over City of
in the Township of East Templeton in the County of Hull, situated
6%, according to maturity, $1,000,000 1st (Closed) Mtge. stone
on the line of the C. P. RR. about 9 miles from the City of Hull,
is also
held by the company. The sand from this sandstone has been tested
6% Serial Gold bonds.
and
Dated March 1 1925: due March 1 1926 to 1935. Int. payable M. & S. found suitable for the manufacture of glass and is estimated to supply the
at Union Trust Co., Chicago, trustee. Normal Federal InC0/110 tax payable company indefinitely. It is composed of 98.75% pure silica sand (Canada
up to 2%. Denom. $1.000, $500 and $100. Red., all or part, on any Department of Mines).
An agreement has been entered into for the sale to the company of newly
int, date on 30 days' notice at 103.
patented machinery valued by Geo. F. Pese at $101,000 for use in the
Data from Letter of President Ralph Hinchliff, Feb. 27.
manufacture of glass products, to be shipped to 1-Lull on demand.
Company.-Company, with its predecessors of the same name, has
An agreement has been entered into for the supply of a large quantity of
been in successful operation for over 30 years. The Burson Mfg Co.,
raw materials and chemicals to the company to be shipped when required.
an affiliated company, manufactures the knitting machines which are
An agreement has also been entered into by the company for the supplyused in this country exclusively by the Burson Knitting Co. The properties ing to the company of 20 competent Bavarian engineers and chemists
are located at Rockford. Ill., and consist of several large mills on the Rock skilled in the manufacture of glass. Their passports and transportation
River with valuable water power facilities and excellent transportation. from Hamburg to Hull have been arranged for and they are awaiting inBurson fashioned hose for many years have been extensively advertised structions to leave. These engineers will operate the machinery of the
In the principal national mediums and have a nation-wide distribution.
company and train local labor.
Security.-A closed first mortgage on all fixed assets, real estate,
All of these assets are set out in a contract between George Frederick Pose
facturing plants and equipment now or hereafter owned. The soundmanuvalue of Ottawa, the vendor to the company of tile assets, and the company.
of these properties as appraised on Feb. 1 1925 is more than $2,600,000.0
dated Feb. 5 1925.
r
$2.600 for each $1.000 bond. All of the stock of the
Estimated Annual Earnings.-Gross earnings. $703,000; net earnings,
owned by the stockholders of the Burson Knitting Co. Burson Mfg. Co.
after payment of all operating expenses, taxes, incl. Dominion of Canada
Earnings.-The average annual net earnings available for interest. income tax, and depreciation, $199,000; reserve account transferred,
after deduction of all State and Federal taxes, depreciation. &c., for the $135,000; amount required for dividends on this Pref. stock
$42,000;
12 years ended Dec. 31 1924 were more than $252,000, or over
times surplus earnings on the Common stock may therefore be estimated at
the greatest annual interest requirements of the bonds now beingfour
approximately $2 20 per share.
issued.
Purpose.-The stock has been owned, with minor exceptions, by several
groups-all members of the Emerson family. The proceeds of this issue
Canadian Conn. Cotton Mills, Ltd.-Reduces Div.
will be used to purchase certain outstanding interests, thereby permitting
The directors have declared a quarterly dividend of 1% on the 8% Cumul.
the centralization of the control of the company in the hands of the Hinchliff Pref.
stock, payable Apr. 1 to holders of record Mar. 20. The stock had
family and their associates.
been paying 2% each quarter.-V.119. p. 2414.
$6.287,803 $5,355.916
5,739,859
4,856,442
65,086
62,184
66,500
66,500
(F. N.) Burt Co., Ltd., Toronto.-Change in Par Value
of Common Shares Proposed.-
Car Lighting & Power Co.-Contract.-
President Fromuth states that the company has closed a contract with
The shareholders will vote March 24 on changing the par value of the the Consolidated Dairy Products Corp. (formerly Chapin Dairy Store,
Common stock from $100 to $25 per share and on approving the issuance Inc.) whereby the latter will purchase 1.000 electrical refrigerating cabinets
of four shares of $25 par value for each share of Common stock, par $100, for use by its distributors, delivery to commence immediately.-V. 116.
p. 2519.
now outstanding.
•
President S. J. Moore announced that, commencing with the July diviCelite Co., Los Angeles.-Stock Increased.dend, the directors propose to place the Common stock on a 12% annual
The company has filed a certificate at Dover, Del.,increasing the authorbasis. The present dividend rate is 10%.-V. 120, p. 1208.
ized capital stock from $2,400,000 to $5,400,000.-V. 120, p. 587.
Butte Copper & Zinc Co.-Balance Sheet Dec. 31.-
Assets1924.
1923.
Mineatmln.claims13,113,496 $3.113,495
Plant dr.enuipment 100,000
100,000
InvestdItnt
378,275
276,992
8,544
Accounts receivle.
33,656
Cash
112,004
41,063
1924.
1923.
Capital stock
$3,000,000 $3,000,000
Acc'ts payable and
reserve for taxes
68,425
58,649
Res've for depr'n _
80,000
70,000
Surplus
x416,782
583,670
Total
Total
$3.565,207 $3,712,319
$3.565.207 $3,712,319
x After paying dividend No. 3 declared Nov. 7 1924, amounting to
.00.
$3000
The usual comparative income account was given in V. 120, p. 586
Butte & Superior Mining Co.-Resumes Dividends.-
Century Ribbon Mills, Inc.-Annual Report.-
President Herman Levy, in the annual report for 1924, says in part:
"The directors have deemed it advisable purely for administrative
reasons to separate the factoring and commission business from the ribbon
business. For this purpose a new corporation known as the Century Factors,
Inc.. all of whose stock is owned by Century Ribbon Mills, Inc., has been
formed. The new company is developing rapidly and has made a number
of advantageous connections with several large manufacturers of textiles
for the distribution of their products."
Balance Sheet Dec. 31 (in 1924 Includes Century Factors, Inc.).
Assets1924.
1923.
Liabilities1924.
1923.
Plant, equip't, &c.$2,487,738 $2,547,178 Preferred stock_ _.$1,872,900 $1,940,000
Cash
254,501
293,093 Common stock.. _ V2,536,814 2,536,814
Investment (cost)_
24,792
23,692 Notes payable_ _ _ 875,000
885,000
Notes&trade accep
27,070
29,460 Accep. agst. letters
Acc'ts receivable
1,323,500 1,149,473
of credit
252,264
197,758
Inventories
2,852.373 2,836,015 Accounts payable_ 214,328
165,318
Treasury stock_ _ _
8,355
26,476 Fed'i income tax_.
52,276
74,066
Prepaid expenses
61,405
66,970 Surplus
1,236,152 1,173.402
Total
$7,039,734 $6,972.359
Total
x Represented by 100,000 shares of no par value. 87,039,734 86,972,359
The usual consolidated income account was given in V. 120,
p. 7013.
The directors have declared a dividend of 50 cents. payable March 31,
to holders of record March 19. This is the first payment since June 30 1923.
Payments which had been at the rate of 50 cents for the three preceding
quarters, were passed Sept. 10 1923.
Vice-President Charles Hayden says: "The report for the fourth quarter
of 1924 recently issued showed earnings for that quarter of $192,000 with
a total for the year of$209.000. The large increase in earnings for the fourth
quarter over previous quarter was principally due to the higher metal prices
In zinc, lead and copper. Worldng capital of the company now being
more than sufficient for its proper needs, the directors feel warranted in
distributing 50 cents a share to stockholders. Should the present metal
Chicago Junction Rys. & Union Stock Yards.prices continue, further distributions will be made. Due, however, to the
fact that recent exploration work has not developed new ore bodies, no pre- Earnings, And. Union Stock Yards & Transit Co. and
Chicago Junction RP.
Calendar Yearsdictions can be made as to how long or how frequently such cash distri1924.
1923.
1921.
1922.
bution can be made."-V. 120, p. 962.
Gross earnings
$7,328,069 $7,071,015 $8,358,610 $10,880,815
Expenses, taxes & int_ - 4,573,153
4,516,g82
8,390,774
5,714,917
Butterick Company, New York.-Earnings.
-
Calendar YearsNet profit
Pref. dividend (8%)- - --
1024.
$577,648
50,000
Balance. surplus
$527,648
Profit & loss surplus- _ $4,294,187
-V. 120. p. 214.
1923.
$629,262
58,000
1922.
$566,913
66,000
1921.
$840.094
74,000
$500,913
$571.262
$766.094
$3,766,539 $3,195,278 $2,842,999
Net income
ReceiptsCattle.
1923
3,157,100
1924
3,202,719
$2,754,916 $2,554,733 82,643,693 $2,490,040
Calves.
Hogs.
Cars.
Horses.
Sheep.
760,751 10,460,134 4.097,833
26,065 303,228
794,350 10,443,175 4,192,265
21,030 298,966
Inc. or dec.inc45,619 1nc33,599
-V. 118. D. 2442.
dec16,959 inc94,432
dec5,035
dec4,262
MAR. 141925.]
THE CHRONICLE
1333
The stockholders on Feb. 25 1925 voted to acquire certain of the assets
and 12.391 Cons, stock
and property of Earl & Wilson and $518,000
be to acquired.
Pref.
to enable the company to pay for the assets so
and sale of
manufacture
the
of
consists
company
the
of
The business
shirts, collars, underwear, handkerchiefs and other articles of apparel.
is as follows:
Output
$3,241,474 $4,041,373 $3,995,778 $1,948,529
Total income
$25,714,618
$19,245,203 1921
$13,515,305 1917
1913
Selling,&c ,exps ,&other
23,656.125
21,490.554 1922
13,109.442 1918
1,128,078 1914
1,690,354 . 1,470,904
charges, incl. deprec_ _ 1,719,732
28,264,902
32,421.816 1923
1919
13,346,005
1915
.
242,179
295,752
173.321
taxes
Reserve for Federal
24,380.979
1924
32,817,629
1920
16,518,717
1916
Divs. paid,
($4 50) 1,260,000($6)1680,000($6)1680.000($7)1960,000 -V. 120, p. 1094.
339,549
,694d1$1
$602
$375,267
$88,420
Net profit
Columbia Phonograph Co., Inc.-English Co. Offers
5.974,105
3,606,449
3,627,918
4,003,185
Previous'surplus
Chandler Motor Car Co.-Annual Report.-
1921.
1922.
1923.
1924.
Calendar Years*Gross profit and sales.._ $3,219,914 $4,012,189 $3,952,572 $1,890,319
58,210
43,206
29,184
21,560
Interest earned,&c
$4,091,605 $4,003,184 $4,209,144 $4,834,556
Total
$448,674
$4,320
Fed, taxes for prey. yrs.
779,434
576,906
adjustment..
Inventory
$4,091,605 $4,003.184 $3,627,918 $3,606.448
Balance, surplus
* Gross profit represents profits from sales of automobiles and parts, after
deducting cost of material, labor and manufacturing expense, exclusive of
depreciation and inventory adjustment.
Balance Sheet Dec. 31.
1923.
1924.
1924.
1923.
AssetsLiabilitiesy7,000,000 7,000,000
Land, bldgs., &e._13,287,171 3,282,712 Capital stock
450,000
5,000,000 5,000,000 Notes payable_
Good-will
395,650
Cash
695,351 Accounts payable_ 471,746 1,170,402
420,000
Cust. accts. recelv. 236,453
214,279 Divs. pay. Jan. 2_ 210,000
225,167
149,323
Accrued taxes_ _ _
Cars & parts sold
135,708
79,548
108,652
for export
77,501 Dealers'deposits__
151,593
68,872
57,012 Unpaid drafts disc.
Misc.accts. recelv. 103,188
2 309,100 3,323,107 Fed'I tax reserve__ 173,321
295,752
Inventory
Sub. co. accounts_
152,000 Res.for employees'
87,072
62,579
818,636 1,095,702
Other assets
bonuses
4,091,605 4,003,185
48,144
Deferred charges__
41,216 Surplus
12,306,994 13,938,880
Total
12,306,994 13,938,880 Total
x Land and buildings, $2,056,005: machinery and equipment, $2,226,339;
total, $4,282,344; less allowance for deprec.. $995,173. y Capital stock
(auth. 300,000 shares) represented by 280,000 shares Common stock, no
par value.-V. 119, p. 1285.
Charlevoix Realty Corp.-Bonds Called.All of the outstanding 1st Mtge. 7% Serial Gold bonds, due Oct. 1 1925
to 1933. have been called for payment April 1 at 102% and interest at the
Union Trust Co., Detroit, Mich. See offering of bonds in V. 117. p. 1996.
Chicago Pneumatic Tool Co.-Annual Report.Calendar YearsNet income after Federal
taxes & depletion_ _
Other income
1924.
1923.
1922.
1921.
$618,330
102,673
$819.218
63,897
$567.526
41,571
$158,107
101,747
Total.income
Int. SZ other charges_ __ _
Dividends
$721,003
90,754
x618,804
$883,116
71,079
552,512
9609,037
103.279
474,818
$259,854
141.490
617,650
Balance, surplus
$11,445
$259,525
$31,000 def$499,286
x Approximate; inserted by Editor.-V. 119, p. 3014.
Childs Co.-Listing.-
to Acquire Control-Earnings, &c.
Mortimer N.Buckner, Chairman,in a letter to the holders of certificates
or voting trust certificates for stock of the company says: Co., Ltd., of
"The directors have received from Constructive Finance the Columbia
of
London (which acquired the English branch of the business
Graphophone Manufacturing Co. in Nov. 1922 and is reported to have
conducted same since that time with marked success) an offer to purchase
51.000
60% of the outstanding capital stock of this company, to wit,
shares, at the price of $50 per share in cash, provided delivery thereof be
made on or before March 25 1925.
"It is the desire of the directors that all of its stockholders be afforded
an opportunity to participate pro rata in such sale and Mortimer N.Buckner
a committee for the
G. L. Burr and F. W. Shibley have agreed to act as
stockholders who desire to avail themselves of such participation.for shares
"Accordingly, holders of certificates or voting trust certificates
participate
of the capital stock of the company are given the opportunity to
in the sale of
pro rata according to the amount of their respective shares
All such holders
the 51.000 shares of the capital stock at $50 per share.or before
March 24
who desire to avail of such opportunity must deposit on
1925 with the committee at New York Trust Co., 100 Broadway, New
York City."
Income Account 10 Months Ended Dec. 31 1924.
[Columbia Phonograph Co., Inc., including Columbia Graphophone Co.]
Net earnings from operations, $184,960; other income. $81.278; $266,239
total
Provision for bad debts,$48#7: provision for obsolete records,
167,368
$118,462
Overhead applicable to unused factory facilities, less amount
134,035
charged to reserve for contingencies
$35,164
Loss for period
Operating expenses amounting to $179,271 considered extraordinary
included in
have been charged to contingency reserve and have not been
above.
Balance Sheet at Dec. 31 1924.
Assetsd$652.659
91,574,170 Current liabilities
Cash
e520,729
Accts. & notes receivable_a1,086,691 Reserve for contingencies_ 58,000,000
b2,837,596 Capital stock
Inventories
plant
c1,597,592
and
Property
42,176
Deferred charges
97,173,388
Total (each side)
35,164
Deficit account
a After deducting doubtful accounts of $440,278. b Raw materials.
c Bridge$4,185.
process.
in
goods
$2,370,772;
finished
goods,
$462,640;
@FedFRASER